Realisation of residual values for Minibond investors

Date: February 3, 2010

SIAS is pleased to hear of the successful unwinding of the complex structures of the Minibond Notes Series and the realization of residual values for investors.

While it has taken some time for the Receivers to liquate the underlying collateral, it could have been a longer, convoluted and costlier litigation journey. I applaud investors in having the foresight to allow the negotiated process to work its way out.

This process now provides a closure to the Minibond episode. Nevertheless, as with all investment products, investors must identify the appropriate risks and to walk away from such products if the risks do not meet their appetite.

David Gerald

President & CEO
Securities Investors Association (Singapore)