HOLLAND-BT PANJANG TOWN COUNCIL

Investments: $5 million in Jubilee Series 3 LinkEarner Notes and $3 million in Lehman Brothers Minibond Series 3 Notes. Another $3 million is in Pinnacle Notes Series 6.

Sinking fund: Has grown from $62.6 million in 2002 to $118.8 million, as at March 31 this year. Of the $56 million increase, $24 million is from investment income. Average annual investment return is 4.1 per cent.

PASIR RIS-PUNGGOL TOWN COUNCIL

Investments: $4 million in Minibond Series 2 and 3.

Sinking fund: $150 million. Average annual investment income over the last five years is $4.36 million, and return is 3.4 per cent.

OTHER TOWN COUNCILS also have exposure to Lehman Brothers. Their appointed fund managers invested $4 million in Lehman Brothers through their investment portfolios:

Ang Mo Kio-Yio Chu Kang: $1.5 million

Hong Kah: About $1 million

Tampines: $250,000

Aljunied: $120,000

Marine Parade and Tanjong Pagar town councils did not reply to queries at press time, but their exposure is estimated to be about $1 million in total.