DBS Group Holdings Successfully Completes SGD 2.2 Billion Equity Placement

SINGAPORE, NOV. 6 - DBS Group Holdings (DBS) today announced that it had successfully raised S$2.2 billion of capital through a placement of 228.83 million fully paid ordinary shares to local and offshore investors. Due to the overwhelming response from investors, DBS and Deutsche Bank agreed to increase the transaction size by S$100 million to S$2.2 billion.

The two-part programme consists of a first portion of S$1.15 billion, which has been purchased by two large U.S. institutional investors. Brandes Investment Partners, L.P. and Capital Group International, Inc. have committed to purchase, on behalf of accounts managed by them, S$1.15 billion of ordinary DBS shares through a restricted Depositary Receipt programme. The second portion of S$1.05 billion was sold to investors globally on November 5, 2001.

The placement was underwritten by Deutsche Bank and lead managed by Deutsche Bank and DBS Bank. Deutsche Bank was also the sole bookrunner on the transaction, which was completed by a global overnight bookbuild. The deal was 3.3 times subscribed, with the final price set at S$9.60 per share.

The total number of DBS ordinary shares to be issued forms approximately 19% of the outstanding DBS ordinary shares, and is subject to the approval of the Singapore Exchange (SGX) for their listing and quotation.

THIS PRESS RELEASE IS NOT AN OFFER OF SECURITIES FOR SALE IN THE UNITED STATES. SECURITIES MAY NOT BE OFFERED OR SOLD IN THE UNITED STATES ABSENT REGISTRATION OR AN EXEMPTION FROM REGISTRATION, AND ANY PUBLIC OFFERING OF SECURITIES TO BE MADE IN THE UNITED STATES WILL BE MADE BY MEANS OF A PROSPECTUS THAT MAY BE OBTAINED FROM THE ISSUER AND THAT WILL CONTAIN DETAILED INFORMATION ABOUT THE COMPANY AND MANAGEMENT, AS WELL AS FINANCIAL STATEMENTS. “UNITED STATES” MEANS THE UNITED STATES OF AMERICA, ITS TERRITORIES AND POSSESSIONS, ANY STATE OF THE UNITED STATES, AND THE DISTRICT OF COLUMBIA.