PROPOSED REORGANISATION OF THE SHARE CAPITAL OF THE INSURANCE CORPORATION OF SINGAPORE LIMITED FOR THE PURPOSE OF RESTRUCTURING THE INSURANCE CORPORATION OF SINGAPORE LIMITED AS A WHOLLY-OWNED SUBSIDIARY OF DBS GROUP HOLDINGS LTD PURSUANT TO A SCHEME OF ARRANGEMENT UNDER SECTION 210 OF THE COMPANIES ACT, CHAPTER 50 (THE "SCHEME")

The respective Boards of DBS Group Holdings Ltd ("DBSH"), The Development Bank of Singapore Ltd ("DBS") and The Insurance Corporation of Singapore Limited ("ICS") are pleased to announce that in-principle approval has been received from the Stock Exchange of Singapore Ltd for the listing of and quotation of a maximum of 8,464,019 new ordinary shares of $1 each in the capital of DBSH to be issued in connection with the Scheme.

A circular setting out details of the Scheme, and convening the relevant meetings of the shareholders of ICS to seek approval for the Scheme, will be despatched in due course.