MCT – Lim and Tan

• Citigroup Global has, after buying 6.228 mln units on Friday (68% of total trades on the day) under the stabilizing action program, ceased such action with the expiry of the option period.

• Citigroup has bought a total of 37.669 mln units, representing 31% of the total granted.

• We do not expect MCT’s unit price to come under undue stress just because the stabilizing action has ceased. Fact is MCT’s unit price has been rather resilient without need for stepped-up buying by Citigroup, ever since it fell below the IPO price of 88 cents on May 4th.

• We maintain BUY, especially should the unit price drop this morning on the above news.