Singapore legislation

Regulation 2

of Securities and Futures (Market Conduct) (Exemption for Stabilising Action in respect of Dealings in Preference Shares) Regulations 2006

Regulation 2

Definitions

In these Regulations, unless the context otherwise requires —“Preference Shares” means the US$ Step-Up Non-Cumulative Perpetual Preferred Securities issued in February 2006 by Shinsei Finance (Cayman) Limited for a principal amount of up to US$1,000,000,000;“securities” has the same meaning as in section 239(1) of the Act;“stabilising action” means an action taken in Singapore or elsewhere by Morgan Stanley & Co. International Limited, or any of its related corporations, to buy, or to offer or agree to buy, any of the Preference Shares in order to stabilise or maintain the market price of the Preference Shares in Singapore or elsewhere.

Definition

“Preference Shares” means the US$ Step-Up Non-Cumulative Perpetual Preferred Securities issued in February 2006 by Shinsei Finance (Cayman) Limited for a principal amount of up to US$1,000,000,000;

Definition

“securities” has the same meaning as in section 239(1) of the Act;

Definition

“stabilising action” means an action taken in Singapore or elsewhere by Morgan Stanley & Co. International Limited, or any of its related corporations, to buy, or to offer or agree to buy, any of the Preference Shares in order to stabilise or maintain the market price of the Preference Shares in Singapore or elsewhere.