Singapore Exchange Limited

(Incorporated in the Republic of Singapore with limited liability on 21 August 1999)

Invitation in respect of 278,000,000 existing shares of par value S$0.01 each comprising:

(1) 88,000,000 Offer Shares at S$1.10 each, comprising:

(a) 75,000,000 Offer Shares by way of public offer; and

(b) 13,000,000 Offer Shares reserved for employees and business associates of, and others who have contributed to the success and development of, our Group (the "Reserved Shares"); and

(2) 190,000,000 Placement Shares at S$1.10 each by way of placement,

(subject to an Over-allotment Option of up to 41,700,000 shares)

payable in full on application.

SEL Holdings Pte Ltd ("SEL Holdings" or the "Selling Shareholder") is pleased to announce that, at the close of the Application List at 12.00 noon on 21 November 2000, there were 39,705 applications for the 75,000,000 Offer Shares available to the public for purchase. In total, these purchasers applied for 462,259,000 Offer Shares, with application moneys received amounting to approximately $508.5 million.

Based on the 75,000,000 Offer Shares available to the public for purchase, the offer to the public is approximately 6.2 times subscribed.

To ensure a reasonable spread of shareholders of Singapore Exchange Limited ("SGX" or the "Company"), SEL Holdings has decided on the following basis of allotment:-

The applicants for the Offer Shares (excluding the Reserved Shares) include two of our Directors, namely Messrs Joseph Yuvaraj Pillay and Robert Michael Stein, who had applied for 200,000 and 90,000 shares respectively. Should the applications of these Directors become successful, they may dispose of or transfer all or part of their respective shareholdings in our Company after the admission of our Company to the Official List of the SGX-ST.

Had the two Directors not applied for the Offer Shares, the offer to the public would still be approximately 6.2 times subscribed.

One of the Co-Underwriters, Lum Chang Securities Pte Ltd, applied for 2,000,000 Offer Shares. A related corporation of another Co-underwriter, namely Kim Eng Securities (Private) Limited had also applied for 1,000,000 Offer Shares. Had these Co-Underwriters and their related corporations not applied for the Offer Shares, the offer to the public would have been approximately 6.1 times subscribed.

All the 190,000,000 Placement Shares have been purchased. The spread of placees is as follows:-

Of the 13,000,000 Reserved Shares available, 12,287,000 Reserved Shares have been applied for by the employees, business associates and others who have contributed to the success and development of SGX. The balance of 713,000 Reserved Shares have been re-allocated to satisfy applications for the Offer Shares by the public. The spread of the Reserved Shares is as follows:-

The Shares will commence trading on a "ready" basis on 23 November 2000. There will be NO trading on a "when-issued" basis.

The return of unsuccessful applications using printed Application Forms by ordinary post at the risk of the unsuccessful applicants, together with the full amount of the application moneys (without any interest or any share of revenue or other benefit arising therefrom), will commence today and is expected to be completed by 24 November 2000. For unsuccessful Electronic Applications, it is expected that the full amount of the application moneys (without any interest or any share of revenue or other benefit arising therefrom) will be credited to the applicants' accounts with their Participating Banks (as defined in the Prospectus dated 16 November 2000) within three market days after the close of the Application List.

In respect of partially successful applications, the balance of the application moneys is expected to be refunded (without any interest or any share of revenue or other benefit arising therefrom) to the applicants, by ordinary post at their own risk (in the case of applications made using printed Application Forms) or through the crediting of the relevant amount to the applicants' accounts with their Participating Banks (in the case of Electronic Applications) within 14 days after the close of the Application List.

Pursuant to Regulation 37A(2)(e) of the Securities Industry Regulations, it is hereby announced that a total number of 41,700,000 shares are the subject of the Over-allotment Option referred to in, and in accordance with, the Prospectus dated 16 November 2000.

SEL Holdings has made a separate but concurrent private placement which is referred to as the Strategic Private Placement in the Prospectus dated 16th November 2000, of 150,000,000 shares at S$1.10 to (but not limited to) existing shareholders of SGX and others who may contribute to the success and development of SGX. The Strategic Private Placement does not constitute part of the Invitation. All 150,000,000 shares have been purchased by investors procured by Merrill Lynch (Singapore) Pte. Ltd. as Strategic Private Placement Agent.

SEL Holdings and SGX wish to thank the public who have applied for the Offer Shares and the Placement Shares, the relevant authorities and all who have helped in one way or another in the SGX's initial public offering, for their support and assistance.

DBS Bank and POSBank customers who APPLY USING CASH ONLY, may call the DBS IPO Results Enquiry Service at 327 4767 to check the provisional results of their IPO applications. Customers will be required to enter their CDP Securities Account Number when utilising the automated service.

DBS Bank and POSBank customers who APPLY USING CPF or CASH AND CPF, may call the DBS Autophone 1800-222 2222 to check the provisional results of their IPO applications. Customers must have an Autophone Account to utilise the automated service.

For and on behalf of
Singapore Exchange Limited and SEL Holdings Pte Ltd