BNP PARIBAS ARBITRAGE ISSUANCE B.V. (Incorporated in the Netherlands with its statutory seat in Amsterdam) NOTICE TO WARRANTHOLDERS To : (1) ALL HOLDERS OF EUROPEAN STYLE CASH SETTLED CALL WARRANTS RELATING TO THE ORDINARY SHARES OF UNITED OVERSEAS BANK LIMITED ISSUED BY BNP PARIBAS ARBITRAGE ISSUANCE B.V. (UOB BNP ECW080711); (2) ALL HOLDERS OF EUROPEAN STYLE CASH SETTLED CALL WARRANTS RELATING TO THE ORDINARY SHARES OF KEPPEL CORPORATION LIMITED ISSUED BY BNP PARIBAS ARBITRAGE ISSUANCE B.V. (KEPCORP BNP ECW080711); (3) ALL HOLDERS OF EUROPEAN STYLE CASH SETTLED CALL WARRANTS RELATING TO THE ORDINARY SHARES OF DBS GROUP HOLDINGS LTD ISSUED BY BNP PARIBAS ARBITRAGE ISSUANCE B.V. (DBS BNP ECW080711); (4) ALL HOLDERS OF EUROPEAN STYLE CASH SETTLED CALL WARRANTS RELATING TO THE ORDINARY SHARES OF SEMBCORP MARINE LTD ISSUED BY BNP PARIBAS ARBITRAGE ISSUANCE B.V. (SEMBCORP MARINE BNP ECW080711); (5) ALL HOLDERS OF EUROPEAN STYLE CASH SETTLED CALL WARRANTS RELATING TO THE ORDINARY SHARES OF SINGAPORE TELECOMMUNICATIONS LIMITED ISSUED BY BNP PARIBAS ARBITRAGE ISSUANCE B.V. (SINGTEL BNP ECW080711); (6) ALL HOLDERS OF EUROPEAN STYLE CASH SETTLED PUT WARRANTS RELATING TO THE ORDINARY SHARES OF UNITED OVERSEAS BANK LIMITED ISSUED BY BNP PARIBAS ARBITRAGE ISSUANCE B.V. (UOB BNP EPW080711); (7) ALL HOLDERS OF EUROPEAN STYLE CASH SETTLED PUT WARRANTS RELATING TO THE ORDINARY SHARES OF DBS GROUP HOLDINGS LTD ISSUED BY BNP PARIBAS ARBITRAGE ISSUANCE B.V. (DBS BNP EPW080711); (8) ALL HOLDERS OF EUROPEAN STYLE CASH SETTLED PUT WARRANTS RELATING TO THE ORDINARY SHARES OF SEMBCORP MARINE LTD ISSUED BY BNP PARIBAS ARBITRAGE ISSUANCE B.V. (SEMBCORP MARINE BNP EPW080711); AND (9) ALL HOLDERS OF EUROPEAN STYLE CASH SETTLED PUT WARRANTS RELATING TO THE ORDINARY SHARES OF SINGAPORE TELECOMMUNICATIONS LIMITED ISSUED BY BNP PARIBAS ARBITRAGE ISSUANCE B.V. (SINGTEL BNP EPW080711). Notice is hereby given by BNP Paribas Arbitrage Issuance B.V. (“BNP”) in respect of: (a) the European Style Cash Settled Call Warrants relating to the ordinary shares of United Overseas Bank Limited (UOB BNP ECW080711) (the “UOB Call Warrants”); (b) the European Style Cash Settled Call Warrants relating to the ordinary shares of Keppel Corporation Limited (KEPCORP BNP ECW080711) (the “Keppel Corporation Call Warrants”); (c) the European Style Cash Settled Call Warrants relating to the ordinary shares of DBS Group Holdings Ltd (DBS BNP ECW080711) (the “DBS Call Warrants”); (d) the European Style Cash Settled Call Warrants relating to the ordinary shares of SembCorp Marine Ltd (SEMBCORP MARINE BNP ECW080711) (the “SembCorp Marine Call Warrants”); (e) the European Style Cash Settled Call Warrants relating to the ordinary shares of Singapore Telecommunications Limited (SINGTEL BNP ECW080711) (the “SingTel Call Warrants”); (f) the European Style Cash Settled Put Warrants relating to the ordinary shares of United Overseas Bank Limited (UOB BNP EPW080711) (the “UOB Put Warrants”); (g) the European Style Cash Settled Put Warrants relating to the ordinary shares of DBS Group Holdings Ltd (DBS BNP EPW080711) (the “DBS Put Warrants”); (h) the European Style Cash Settled Put Warrants relating to the ordinary shares of SembCorp Marine Ltd (SEMBCORP MARINE BNP EPW080711) (the “SembCorp Marine Put Warrants”); and (i) the European Style Cash Settled Put Warrants relating to the ordinary shares of Singapore Telecommunications Limited (SINGTEL BNP EPW080711) (the “SingTel Put Warrants”), (the “Warrants”) on the following: Terms defined or construed in (i) the Supplemental Listing Documents dated 6 December 2007 in relation to the UOB Call Warrants and the UOB Put Warrants, (ii) the Supplemental Listing Documents dated 8 January 2008 in relation to the Keppel Corporation Call Warrants, the DBS Call Warrants and the DBS Put Warrants, (iii) the Supplemental Listing Documents dated 17 January 2008 in relation to the SembCorp Marine Call Warrants and the SembCorp Marine Put Warrants and (iv) the Supplemental Listing Documents dated 29 January 2008 in relation to the SingTel Call Warrants and the SingTel Put Warrants issued by BNP Paribas Arbitrage Issuance B.V. bear the same meaning and construction in this Notice. EXPIRY OF WARRANTS In accordance with the terms and conditions of each of the Warrants, the Warrants have expired on the following date: Exercise Amount Warrant Expiry Date Exercise Price (Number of Warrants Entitlement per Entitlement) UOB Call Warrants 11 July 2008 S$18.68 10 Warrants 1 Keppel Corporation 11 July 2008 S$13.77523 5 Warrants 1.04390 Call Warrants DBS Call Warrants 11 July 2008 S$23.08 5 Warrants 1 SembCorp Marine 11 July 2008 S$3.88 2 Warrants 1 Call Warrants SingTel Call 11 July 2008 S$3.48 2 Warrants 1 Warrants UOB Put Warrants 11 July 2008 S$18.88 10 Warrants 1 DBS Put Warrants 11 July 2008 S$21.68 5 Warrants 1 SembCorp Marine 11 July 2008 S$4.18 2 Warrants 1 Put Warrants SingTel Put Warrants 11 July 2008 S$3.68 2 Warrants 1 The Warrants are cash-settled warrants which entitle a warrantholder to be paid a cash settlement amount (if positive) (the “Cash Settlement Amount”) in accordance with the terms and conditions of the Warrants. Warrantholders will not be required to deliver an exercise notice. If the Cash Settlement Amount is positive, all Warrants will be deemed to have been automatically exercised at 12:00 noon (Singapore time) on the Expiry Date. The Cash Settlement Amount less the Exercise Expenses in respect of the Warrants will be paid in the manner set out in the terms and conditions of the Warrants. In the event the Cash Settlement Amount is zero or negative, all Warrants will be deemed to have expired at 12:00 noon (Singapore time) on the Expiry Date and warrantholders will not be entitled to receive any payment from the Issuer in respect of the Warrants. As the Cash Settlement Amounts for the UOB Put Warrants, the DBS Put Warrants, the SembCorp Marine Call Warrants, the SingTel Call Warrants and the SingTel Put Warrants are positive, the UOB Put Warrants, the DBS Put Warrants, the SembCorp Marine Call Warrants, the SingTel Call Warrants and the SingTel Put Warrants are deemed to have been automatically exercised at 12:00 noon (Singapore time) on 11 July 2008. As the Cash Settlement Amounts for the UOB Call Warrants, the DBS Call Warrants, the Keppel Corporation Call Warrants and the SembCorp Marine Put Warrants are zero, the UOB Call Warrants, the DBS Call Warrants, the Keppel Corporation Call Warrants and the SembCorp Marine Put Warrants are deemed to have expired at 12:00 noon (Singapore time) on 11 July 2008 and warrantholders shall not be entitled to receive any payment from the Issuer in respect of the UOB Call Warrants, the DBS Call Warrants, the Keppel Corporation Call Warrants and the SembCorp Marine Put Warrants. Accordingly, a holder of a Warrant is entitled to receive (less any Exercise Expenses): Warrant Cash Settlement Amount per Warrant 1 UOB Call Warrants S$0 Keppel Corporation Call Warrants S$0 DBS Call Warrants S$0 SembCorp Marine Call Warrants S$0.195 SingTel Call Warrants S$0.01 UOB Put Warrants S$0.038 DBS Put Warrants S$0.5976 SembCorp Marine Put Warrants S$0 SingTel Put Warrants S$0.09 which will be paid in the manner set out in the terms and conditions of each of the Warrants. Issued by BNP PARIBAS ARBITRAGE ISSUANCE B.V. 11 July 2008 1 Warrantholders will be paid the aggregate Cash Settlement Amount less any Exercise Expenses. .