Pinnacle Notes value as at 14 Nov 2008

Bid Side Valuation (including Accrued Interest) based on Morgan Stanley’s discretion
as 14 Nov 2008:

Pinnacle Series 9         0%       
Pinnacle Series 10        0%      

                          USD            SGD
Pinnacle Series 1         1.83%          1.47%
Pinnacle Series 2         3.79%          3.26%
Pinnacle Series 3        10.32%         10.03%
Pinnacle Series 5         8.61%          8.35%
Pinnacle Series 6         2.95%          1.26%
Pinnacle Series 7         1.67%          1.48%

The above notes lost more than 89% of value

                          USD             SGD
Pinnacle Series 8        69.50%         66.28%
Pinnacle Series 12       79.97%         80.28%
Pinnacle Series 15                      84.87%     
Pinnacle Series 16                      82.15%