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Constellation Credit Linked Notes

Status Update

Constellation Credit Linked Notes – Status Update as at 15 October 2008

Please note that this message is only for customers who have purchased the following Credit Linked Notes with us.

Callable Credit Linked Notes Series 34-37, 43-46, 55-58, 59-62, 63-66, 67-70, 71-74 and 78-81 (the “Notes”) issued by Constellation Investment Ltd. – regarding the Credit Event in respect of Lehman Brothers Holdings Inc.

We would like to give you an update. We understand your anxiety and we would like to assure you that we will act as expeditiously as possible to handle your Notes redemption with the Issuer. DBS Bank Ltd. has appointed an independent institution, international accounting firm KPMG, to ensure a fair and transparent valuation process of the credit event redemption amounts for customers. As the facts pertaining to each case are unique, in the specific case when mis-selling by DBS ( Hong Kong) Limited (the “Bank”) is proven, our Bank will take responsibility.

We will inform you at our earliest possible time once we receive the notice on the credit event redemption amount from the Issuer. As you may understand that this is an unusual period that we may need time to deal with the situation, we would appreciate your patience and understanding to allow us to follow through each and every case for our customers.

Meanwhile, should you have any further enquiries, please call our Investor Care Centre Hotline on (852) 2290 8123. The hotline service hours are 9:00 a.m. – 6:00 p.m. from Monday to Friday and 9:00 a.m. – 1:00 p.m. on Saturday in Hong Kong time.

Frequently Asked Questions

Constellation Notes Series 34-37, 43-46, 55-58, 59-62, 63-66, 67-70, 71-74 & 78-81 – Credit Event In Respect Of Lehman Brothers Holdings Inc.:

Constellation Notes Series 39-42 – Credit Event In Respect Of Fannie Mae:

Constellation Notes Series 2, 3-4, 6-7, 8-9, 10-11, 14-17, 18-21, 22-25, 30-33, 47-50 & 82-85:

Disclaimer: The above information is provided by DBS Bank (Hong Kong) Limited (the ‘Bank’) as distributor of the Notes to you as an after-sales service. In providing you with copies of materials issued by the Issuer/ the Arranger, the Bank takes no responsibility for any of their contents. The information is for your reference only and the Bank is not acting as your financial advisor. For details of the Notes, you should refer to the relevant offering documents, including but not limited to Issue Prospectus, Programme Prospectus, Addendum, Further Addendum, Programme Memorandum and Base Disclosure Document, whenever applicable. Please consult your independent professional investment advisor if necessary.


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