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IPO with text.eps 15/11/2000 3:53 PM Page 1 C M Y CM MY CY CMY K Prospectus Dated November 16, 2000 Application has been made to the Monetary Authority of Singapore (the ‘‘MAS’’) for permission to deal in, and for quotation of, all the ordinary shares of par value S$0.01 each (each a ‘‘share’’) in the capital of Singapore Exchange Limited (the ‘‘Company’’) on the Singapore Exchange Securities Trading Limited (the ‘‘SGX-ST’’). Such permission will be granted when our Company has been admitted to the Official List of the SGX-ST. Acceptance of applications for our Shares will be conditional upon permission being granted to deal in, and for quotation of, all our shares. Moneys paid in respect of any application accepted will be returned, without interest or any share of revenue or other benefit arising therefrom and at the applicant’s own risk, if the said permission is not granted. All the Shares are being offered by SEL Holdings Pte Ltd, a special purpose entity ultimately owned by Temasek Holdings (Private) Limited. SEL Holdings Pte Ltd holds the shares for the benefit of the Financial Sector Development Fund of Singapore and will transfer the net proceeds of any sale of shares made pursuant to the Invitation (as defined herein) to the Financial Sector Development Fund of Singapore (the ‘‘FSDF’’). We will not receive any of such net proceeds except to the limited extent described herein. The shares offered by SEL Holdings Pte Ltd pursuant to the Invitation are referred to herein as the ‘‘Shares’’. We have received in-principle approval of the MAS for the listing and quotation of our shares on the SGX-ST. The MAS assumes no responsibility for the correctness of any of the statements made, opinions expressed or reports contained in this prospectus. Admission to the Official List of the SGX-ST is not to be taken as an indication of the merits of the Invitation, our Company, our subsidiaries or our shares. A copy of this prospectus together with copies of the Application Forms (as defined herein), have been lodged with, and registered by, the Registrar of Companies and Businesses in Singapore who takes no responsibility for its contents. Investing in our Shares involves risks which are described in the ‘‘Risk Factors’’ section beginning on page 16 of this prospectus. In conjunction with the public offering in Singapore, there is a placement of 190,000,000 Placement Shares (as defined herein) (i) to qualified institutional buyers in the United States in reliance on Rule 144A under the United States Securities Act of 1933, as amended, and (ii) to certain persons outside the United States (including investors in Singapore) in offshore transactions in reliance on Regulation S under the United States Securities Act of 1933, as amended, and other applicable laws. SEL Holdings Pte Ltd is also making a separate but concurrent strategic private placement of up to 150,000,000 shares in Singapore Exchange Limited which does not constitute part of the Invitation. In connection with the Invitation, SEL Holdings Pte Ltd has granted to the Global Coordinators an over-allotment option (the ‘‘Over-allotment Option’’) exercisable by Merrill Lynch (Singapore) Pte. Ltd., in consultation with The Development Bank of Singapore Ltd, in whole or in part, on or before the date which is 30 days after the commencement of trading in our shares on the SGX-ST, to purchase up to an aggregate of 41,700,000 shares (which is equal in number to 15.0 per cent. of the total Invitation Shares) at the Offering Price (as defined herein), solely to cover over-allotments, if any. 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 (as defined herein) 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 (as defined herein) (the ‘‘Reserved Shares’’); and (2) 190,000,000 Placement Shares (as defined herein) at S$1.10 each by way of placement, (subject to an Over-allotment Option of up to 41,700,000 shares as described herein) payable in full on application. Joint Lead Managers and Global Coordinators Merrill Lynch (Singapore) Pte. Ltd. Composite Underwriters Merrill Lynch (Singapore) Pte. Ltd. THE DEVELOPMENT BANK OF SINGAPORE LTD Co-underwriters ABN AMRO ASIA MERCHANT BANK KIM ENG SECURITIES (PRIVATE) (SINGAPORE) LIMITED LIMITED BNP PARIBAS PEREGRINE SECURITIES LIM TAN SECURITIES PTE LTD PTE LTD LUM CHANG SECURITIES PTE LTD BT BROKERAGE ASSOCIATES PTE LTD MILLENNIUM SECURITIES PTE LTD CLSA SINGAPORE PTE LTD N M ROTHSCHILD SONS CREDIT SUISSE FIRST BOSTON (SINGAPORE) LIMITED (SINGAPORE) SECURITIES PTE LIMITED NOMURA SECURITIES SINGAPORE DAIWA SECURITIES SB CAPITAL PTE LTD MARKETS INVESTMENT SERVICES PTE LTD OCBC SECURITIES PRIVATE LIMITED DMG PARTNERS SECURITIES PTE LTD ONG COMPANY PRIVATE LIMITED FRASER SECURITIES PTE LTD OUB SECURITIES PTE LTD G K GOH STOCKBROKERS PTE LTD PHILLIP SECURITIES PTE LTD GRAND ORIENT SECURITIES PTE LTD RHB-CATHAY SECURITIES PTE LTD ING BARINGS SOUTH EAST ASIA LIMITED SUMMIT SECURITIES (S) PTE LTD JARDINE FLEMING SINGAPORE UBS WARBURG ASSOCIATES SECURITIES PTE LTD (SINGAPORE) PTE LTD J M SASSOON CO (PTE) LTD UOB SECURITIES PTE LTD KAY HIAN PRIVATE LIMITED VICKERS BALLAS CO PTE LTD KEPPEL SECURITIES PTE LTD TABLE OF CONTENTS Page Corporate Information ................................................................. 5 Summary .......................................................................... 7 Risk Factors ........................................................................ 16 Forward Looking Statements ............................................................ 24 Use of Proceeds ..................................................................... 25 Dividend Policy ..................................................................... 25 Capitalization ....................................................................... 26 Dilution ........................................................................... 27 Selected Historical Financial Data ........................................................ 28 Selected Pro Forma Financial and Other Data . ............................................. 29 Management’s Discussion and Analysis of Financial Condition and Results of Operations . 31 Industry Overview .................................................................... 42 Business ........................................................................... 47 TheMerger......................................................................... 74 TheEGM.......................................................................... 76 Regulatory Oversight of the Exchanges .................................................... 79 Management ........................................................................ 83 Principal Shareholders and Selling Shareholder ............................................... 93 Related Party Transactions .............................................................. 94 Description of Share Capital ............................................................ 95 The Republic of Singapore . .......................................................... 100 Shares Eligible for Future Sale . ......................................................... 101 Certain Income Tax Consequences ........................................................ 102 Clearing and Settlement ................................................................ 110 Notice to Investors ................................................................... 111 Plan of Distribution ................................................................... 115 Independent Accountants ............................................................... 120 Legal Matters ....................................................................... 120 Available Information ................................................................. 120 Summary of Significant Differences Between Generally Accepted Accounting Principles in Singapore and the United States ...................................................... 121 Glossary ........................................................................... 123 Index to Pro Forma Combined Financial Statements . ......................................... A-1 Index to Financial Statements . ......................................................... F-1 Details of the Invitation ................................................................ S-1 Indicative Time-Table for Listing ......................................................... S-3 Invitation Statistics ................................................................... S-4 Directors’ Report .................................................................... S-5 General and Statutory Information ........................................................ S-6 Appendix S-A Current and Past Principal Directorships of Directors . ...................... S-21 Appendix S-B Current and Past Principal Directorships of Executive Officers . .................. S-25 Appendix S-C Rules of SGX Share Option Plan .............................................. S-26 Appendix S-D Terms and Conditions and Procedures For Applications . ............................ S-43 Appendix S-E Additional Terms and Conditions for Applications Using Printed

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