The Housing & Development Board ("HDB") has issued S$675 million, 5-year Fixed Rate Notes (the “Notes”) under its S$32 billion Multicurrency Medium Term Note ("MTN") Programme.

2          The Notes have a coupon of 1.75% per annum payable semi-annually in arrear. The Notes were issued on 26 April 2016 and will mature on 26 April 2021. The Notes are rated Aaa by Moody’s Investors Service.

3          The Notes are in denominations of S$250,000 and were offered by way of placement to investors who fall within Sections 274 and/or 275 of the Securities and Futures Act, Chapter 289 of Singapore. Approval in principle for the listing of the Notes on the Singapore Exchange Securities Trading Limited ("SGX-ST") has been obtained. Admission of the Notes to the Official List of the SGX-ST is not to be taken as an indication of the merits of HDB, its subsidiaries or the Notes. The Notes are cleared through The Central Depository (Pte) Limited.

4          The Joint Lead Managers are DBS Bank Ltd., Industrial and Commercial Bank of China, Singapore Branch and Standard Chartered Bank.

5          Under HDB's MTN programme, HDB may from time to time, issue bonds (or notes) to finance its development programmes and working capital requirements as well as to refinance the existing borrowings.

6          HDB was set up as a statutory board on 1 February 1960. HDB houses over 80% of Singapore's resident population, with more than 9 in 10 HDB dwellers owning the flats they live in. This has made Singapore one of the highest home ownership nations in the world. Providing affordable and quality housing, creating vibrant and sustainable towns, and promoting active and cohesive communities, will remain the focus for HDB.

NOT FOR DISTRIBUTION, DIRECTLY OR INDIRECTLY, IN OR INTO THE UNITED STATES OR TO U.S. PERSONS

This announcement is not an offer for sale of securities in the United States. The Notes have not been and will not be registered under the U.S. Securities Act of 1933 (as amended), and may not be offered or sold in the United States or to U.S. persons absent registration under, or an applicable exemption from, the registration requirements of the U.S. securities laws. No public offering of securities is being made in the United States or in any other jurisdiction where such an offering is restricted or prohibited. A rating is not a recommendation to buy, sell or hold any securities and may be subject to suspension, reduction or withdrawal at any time by the rating agencies.