Redemption At The Option Of Noteholders upon Change Of Shareholding Event :

If, for any reason, a Change of Shareholding Event occurs, the Issuer will within seven days of such occurrence give notice to the Noteholders of the occurrence of such event (the “Notice”) and shall, at the option of the holder of any Note, redeem such Note at its Redemption Amount, together with interest accrued to the date fixed for redemption, on the date falling 60 days from the date of the Notice (or if such date is not a business day, on the next day which is a business day). To exercise such option, the holder must deposit (in the case of Bearer Notes) such Note (together with all unmatured Coupons and unexchanged Talons) with any Paying Agent at its specified office or (in the case of Registered Notes) the Certificate representing such Note(s) with the Registrar or any other Transfer Agent at its specified office, together with a duly completed option exercise notice in the form obtainable from the Issuing and Paying Agent or the Issuer (as applicable), no later than 30 days from the date of the Notice. Any Note so deposited may not be withdrawn (except as provided in the Agency Agreement) without the prior consent of the Issuer.

For the purposes of this paragraph:

(i) a “Change of Shareholding Event” occurs when the aggregate interest, whether direct or deemed (as the term is described in Section 7 of the Companies Act, Chapter 50 of Singapore), of Mr Toh Giap Eng and his Immediate Family Members in the shares of the Issuer falls below 40 per cent. of the issued share capital of the Issuer; and

(ii) “Immediate Family Members” means Mr Toh Giap Eng’s father, mother, wife, son(s), daughter(s), siblings and siblings’ spouses, son(s) and daughter(s).