DBS BANK, TOGETHER WITH DBS ASSET MANAGEMENT, AND FRANK RUSSELL COMPANY ANNOUNCE STRATEGIC ALLIANCE TO DEVELOP WORLD CLASS INVESTMENT PROGRAM

Singapore, 11 February 1999 – DBS Bank, together with DBS Asset Management, and global investment services firm Frank Russell Company today announced the signing of a letter of intent to jointly develop a world class investment management program for individual investors. The program will guide individuals to build a diversified portfolio of investments that will match their risk tolerance and investment objectives.

The alliance combines three strategic elements: DBS Bank’s strong distribution capability and established customer service; DBS Asset Management’s knowledge of the Singapore and regional investment markets; and Frank Russell's renowned multi-asset, multi-style, multi-manager investment approach, successfully used by retail and institutional investors worldwide.

On the alliance, President of DBS Bank, Mr Ng Kee Choe, said: "In reviewing our approach to servicing the investment needs of retail customers, we came to the conclusion that we need to offer customers a disciplined investment approach to managing their hard earned savings. By leveraging off Frank Russell's multi-asset, multi-style, multi-manager approach, as well as their established portfolio planning technology and educational programs, we are aiming to provide our customers with consistent, above average returns on their investments over the long term."

Frank Russell is one of the world's leading investment services firms, providing investment management and advisory services to clients in more than 30 countries. Over the past 30 years, the group has established a worldwide reputation for its money manager research, which underpins its "multi-asset, multi-style, multi-manager" approach.

Today Frank Russell advises pension funds and other institutional investors on how to invest assets of more than US$1 trillion worldwide. Frank Russell also manages more than US$40 billion globally through its range of multi-manager funds.

Frank Russell’s President and Chief Executive Officer, Mr Michael Phillips, said Frank Russell was looking forward to working with DBS Bank and DBS Asset Management to offer individuals sophisticated investment management techniques used by many of the world's largest institutional investors.

"We are delighted to have a partner of such strength and quality as DBS Bank. Frank Russell's policy has been to form strategic partnerships with the pre-eminent financial intermediaries in each region of the world in which we do business. DBS Bank is a wonderful example of this in action. Additionally we feel a close cultural affinity with our new partners and are certain this is the start of a very long and successful corporate friendship."

Frank Russell will establish an office in Singapore to work with DBS Bank and DBS Asset Management on the investment management program, which is scheduled to be launched by mid-1999. The Singapore office will be headed by Frank Russell's Director, Asia, Mr Bruce Pflaum.

Mr Ng Kee Choe said the mutual goal of the alliance partners was to eventually roll-out the investment program to other parts of Asia.

"These efforts are in line with our goal to become a major Asian financial services institution," he said.