Singapore Exchange Press Statement - Collective Custodial's Offer For Clob Securities

The Central Depository (Pte) Ltd ("CDP") refers to the media reports of 28 December 1999 relating to a direct offer by Collective Custodial Services (Asia) Pte Ltd ("Collective") for the Clob securities held by investors. The reports referred to correspondence between the Stock Exchange of Singapore Limited ("SES") and Collective. The pictures carried in the media reports showed Mr Nazaruddin M. Mohsen of Collective holding up an SES letter. To avoid any misimpression that SES had endorsed or supported the offer, the full text of the SES letter is annexed. The letter had pointed out that the decision whether to accept any offer is that of individual Clob investors alone. However, any private sector offer must be consonant with the Securities Clearing and Automated Network Services Sdn Bhd ("SCANS") agreement and must comply with applicable law. In addition, they must obtain all necessary approvals in Malaysia. CDP is seeking legal advice and will make a further statement on the matter. The Letter to Mr Mohsen dated November 22 1999 was from Ms Soh Sun Oh, Manager, Public Affairs. The text of the letter is: "Dear Mr Mohsen - CLOB - DRAFT PROPOSAL - We refer to your letter dated 4 Nov 99 on the above. Tbe Clob securities are held by the Central Depository (Pte) Ltd (CDP) on behalf of Clob investors. The decision whether or not to accept any offer is that of the individual Clob investors alone. The Stock Exchange of Singapore (SES) and CDP announced previously that they will not stand in the way of any private sector offers. Any private sector offer should be consonant with the Securities Clearing and Automated Network Services (SCANS) Sdn Bhd agreement. There has to be fair and reasonable arrangements for Clob investors who do not wish to accept the offers, to have their securities transferred to individual securities accounts with the Malaysian Central Depository (MCD) Sdn Bhd and thereafter trade these securities on the Kuala Lurnpur Stock Exchange (KLSE) subject to applicable KLSE rules. Such private sector offers must comply with applicable law. In addition to obtaining all necessary confirmations and approvals in Malaysia, you will need to comply with applicable Singapore law. You should also note the Singapore Registrar of Companies' statement of 15 Jul 99 that it will take into account the views of the Securities Investors Association of Singapore (SIAS). Please note that any CDP actions sought by any private sector offeror are subject to terms and conditions of CDP. With regards, yours sincerely, Soh Sun Oh (Ms) Manager, Public Affairs.