CWT Distribution Limited S$30,000,000 Floating Rate Notes Due 2003

SINGAPORE, NOV. 16 - DBS Bank and CWT Distribution Limited (CWT) today announced the issue of S$30,000,000 Floating Rate Notes due 2003 by CWT.

The issue is lead managed by DBS Bank. The net proceeds will be used by CWT to refinance their existing short-term bank borrowings.

The principal activities of CWT are the provision of integrated logistics solutions encompassing warehousing, inventory management and value added services, shipping and trade documentation, transportation and freight services, container depot services, port and container freight station services, and engineering services.

The Notes will bear an interest rate of Singapore Dollar 6-month Swap Offer Rate above 0.60% per annum. The Notes have been fully placed with institutional investors in Singapore. The Notes will be cleared and settled through The Central Depository (Pte) Limited.

Commenting on the issue, Stephen Finch, Managing Director of Debt Capital Markets, DBS Bank said, "We would like to congratulate CWT on the successful placement of its first Singapore Dollar FRN issue. We are very pleased to work with CWT on this issue. The strong response from the investors reflects not just the strength of the company but also the keenness from the institutional investors to diversify their investments into the logistics sector".

"We would like to thank investors for their most encouraging support and DBS Bank for lead managing the FRN issue for us. It has been a great experience working with DBS Bank on the issue," said Mr Lau Chee Tiun, Chief Executive Officer of CWT.

DBS Bank is one of the leading debt issuance houses in Singapore and a major player in the development of the Singapore dollar bond market. In 1999, DBS Bank was ranked number one by IFR Asia for lead-managing a total of S$2.9 billion worth of domestic bonds and in July 2000, it was awarded the Best Domestic Bond House in Singapore by Euromoney, another leading financial magazine.