Securities and Futures (Market Conduct) (Exemption for Stabilising Action in respect of Dealings in Notes) Regulations

These Regulations may be cited as the Securities and Futures (Market Conduct) (Exemption for Stabilising Action in respect of Dealings in Notes) Regulations.

In these Regulations, unless the context otherwise requires —“Notes” means the Exchangeable Notes due January 2009 issued by Somerset Global Corporation Limited, which are guaranteed by Temasek Holdings (Private) Limited and are exchangeable into ordinary shares in Singapore Telecommunications Limited;“stabilising action” means an action taken in Singapore or elsewhere by Merrill Lynch (Singapore) Pte. Ltd., or any of its related corporations, to buy, or to offer or agree to buy any of the Notes in order to stabilise or maintain the market price of the Notes in Singapore or elsewhere.

“Notes” means the Exchangeable Notes due January 2009 issued by Somerset Global Corporation Limited, which are guaranteed by Temasek Holdings (Private) Limited and are exchangeable into ordinary shares in Singapore Telecommunications Limited;

“stabilising action” means an action taken in Singapore or elsewhere by Merrill Lynch (Singapore) Pte. Ltd., or any of its related corporations, to buy, or to offer or agree to buy any of the Notes in order to stabilise or maintain the market price of the Notes in Singapore or elsewhere.

Subject to paragraph (2), sections 197 and 198 of the Act shall not apply to any stabilising action carried out in respect of any of the Notes with —

a person referred to in section 274 of the Act; or

a sophisticated investor as defined in section 275(2) of the Act.

Paragraph (1) shall not apply to any stabilising action carried out at any time after the expiry of the period of 30 calendar days from the date of the issuance of the Notes.

Subject to paragraph (2), sections 197 and 198 of the Act shall not apply to any stabilising action carried out in respect of any of the Notes with —

a person referred to in section 274 of the Act; or

a sophisticated investor as defined in section 275(2) of the Act.

Paragraph (1) shall not apply to any stabilising action carried out at any time after the expiry of the period of 30 calendar days from the date of the issuance of the Notes.