DBS Will Not Revise Offer For OUB

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Says its current offer represents fair value

SINGAPORE, JULY 30 - DBS Group Holdings Ltd ("DBS") today announced that it will not revise its offer for Overseas Union Bank Ltd ("OUB").

On June 22, 2001, DBS announced its voluntary conditional general offer for OUB with a stock and cash offer worth S$9.50 per OUB share at the time of the announcement.

DBS said that its offer for OUB is attractive and values OUB at a fair price. S. Dhanabalan, Chairman of DBS said: "We thought very carefully about our offer before we made it. We believed at the time that it was the right offer and a fair offer. We continue to believe this today."

Dhanabalan added: "We promised our shareholders that we would take a disciplined and thoughtful approach to domestic consolidation. We are doing just that."

View the Voluntary Conditional Offer - No Revision Of Offer document (22 KB PDF)

The Directors of DBS (including any who may have delegated detailed supervision of this Press Release) have taken all reasonable care to ensure that the facts stated and opinions expressed in relation to the DBS and the offer in this Press Release are fair and accurate and that no material fact have been omitted from this Press Release, and they jointly and severally accept responsibility accordingly. Where any information has been extracted from published or publicly available sources (including, without limitation, information in relation to OUB), the sole responsibility of the Directors of DBS has been to ensure through reasonable enquiries that such information is accurately extracted from such sources or, as the case may be, accurately reflected or reproduced in this Press Release.