CONSTELLATION NOTES
SERIES 2, 3-4, 6-7, 8-9, 10-11, 14-17, 18-21, 22-25, 30-33, 47-50 AND 82-85
(TOGETHER, THE “NOTES” AND EACH, A “SERIES”)

FREQUENTLY ASKED QUESTIONS

14 OCTOBER 2008

This document has been prepared for information only in respect of the Notes,
which were issued under the US$5,000,000,000 Limited Recourse Secured Note
Programme of Constellation Investment Ltd arranged by DBS Bank Ltd.

This document is based on publicly available information, and whilst every effort
has been made to ensure that the response to the FAQ below is accurate as at
the date this document is issued, DBS Bank Ltd makes no representations or
warranties in respect of it.

This document should not be treated as legal or financial advice. No one reading
this document is entitled to rely on it as legal or financial advice. Investors should seek independent professional advice with respect to their own positions.

1. What is the collateral type in respect of each Series of Notes and what are the credit rating(s) of the collateral in respect of each Series of Notes?

Please find below a table setting out the collateral type in respect of each Series of Notes and the credit rating(s) of the collateral in respect of each Series of Notes as published by Standard & Poor’s, a division of The McGraw-Hill Companies, Inc. (“S&P”) and/or Moody’s Investors Service, Inc. (“Moody’s”) and/or Fitch Ratings Ltd. (“Fitch”) both upon the date of issuance of the relevant Series of Notes and as at 13 October 2008:

a-Series
b-Collateral type
c-Rating(s) of collateral upon issuance of Notes
d-Rating(s) of collateral as at 13 October 2008 of

a-Notes 2
b-Deposit with DBS Bank Ltd
c- A+ (S&P), Aa2 (Moody's), AA- (Fitch)
d- AA- (S&P), Aa1 (Moody's), AA- (Fitch)

a-Notes 3,4 (a)
b- Deposit with DBS Bank Ltd
c- A+ (S&P), Aa2 (Moody's), AA- (Fitch)
d- AA- (S&P), Aa1 (Moody's), AA- (Fitch)

a- Notes 6,7 (a)
b- Deposit with DBS Bank Ltd
c- A+ (S&P), Aa2 (Moody's), AA- (Fitch)
d- AA- (S&P), Aa1 (Moody's), AA- (Fitch)

a- Notes 8,9 (a)
b- HKSAR government bonds
c- A+ (S&P), A1 (Moody's), AA- (Fitch)
d- AA+ (S&P), Aa2 (Moody's), AA (Fitch)


a- Notes- 10,11 (b)
b- Bonds guaranteed by the MTR Corporation
c- A+ (S&P), A1 (Moody's), AA- (Fitch)
d- AA+ (S&P), Aa2 (Moody's), AA (Fitch)

a- Notes 14-17 (b) -
b- Synthetic CDO
c- AAA (S&P)
d- AAA *- (S&P)

a- Notes 18-21
b- Synthetic CDO
c- AAA (S&P)
d- AAA *- (S&P)

a- Notes 22-25 (b)
b- Synthetic CDO
c- AAA (S&P)
d- AAA (S&P)

a- Notes 30-33 (b)
b- Synthetic CDO
c- AAA (S&P)
d- AA *- (S&P)

a- Notes 47,48 (b)
b- Synthetic CDO
c- AAA (Fitch)
d- A (Fitch)(c)

a- Notes 49,50 (b)
b- Synthetic CDO
c- AAA (Fitch)
d- A (Fitch) (c)

a- Notes 82,83 (b)
b- Synthetic CDO
c- AAA (Fitch)
d- BB (Fitch) (c)

a- Notes 84,85 (b)
b- Synthetic CDO
c- AAA (Fitch)
d- BB (Fitch)
*- means subject to negative CreditWatch of S&P. (c)
1
Remarks:
(a) Please refer to the relevant issue prospectus for a description of the collateral and how further information relating to the collateral may be obtained.
(b) A synthetic CDO is a type of collateralised debt obligation (CDO). Whilst a CDO is generally a structured debt instrument backed by a pool of assets, a synthetic CDO is a CDO that is not actually invested in a physical pool of assets but rather in a credit default swap referencing a pool of reference assets, identified in the confirmation relating to such credit default swap. Such credit default swap confirmation is available for inspection by investors. Please check with your distributor for further details.
(c) These ratings were last adjusted on 13 October 2008.
Neither Constellation Investment Ltd nor DBS Bank Ltd has any obligation to update, or inform any person of any future changes to, the credit ratings shown in the table above.