DBS & TD Waterhouse Bring Global Online Brokerage To Investors In Singapore For The First Time

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40,000 Self-Directed Customers Of DBS Vickers To Have Access To Six Stock Markets

SINGAPORE, APRIL 8, 2002 - Thinking about investing directly in the US or in other global or regional markets? Imagine having access to more than 9,000 stocks across global and regional markets, in addition to the stocks listed in Singapore, through one account. DBS and TD Waterhouse offer you a world-class solution with their new joint venture, DBS TD Waterhouse.

Today DBS TD Waterhouse brings global online brokerage services to investors in Singapore for the first time with the launch of business in the country. Targeting self-directed investors in Singapore, the joint venture offer investors access to six global and regional markets with the convenience of a single consolidated trading account.

"Investors here can get convenient and direct access to global markets, world-class research, and a comprehensive range of investment products. Our goal is to democratize investing for the retail investors and help them achieve their financial goals," said Ian Struthers, CEO of DBS TD Waterhouse.

Self-directed investors are typically individuals who desire to have complete control over their investment portfolio. They need the support of a brokerage that can provide them with direct access to the investment markets as well as high quality tools and research to assist them with their investment decisions.

DBS TD Waterhouse customers can trade online in Hong Kong (Mainboard & GEM board), Singapore (SGX & SESDAQ), U.S. (NYSE, NASDAQ & AMEX) and Canada (TSE & CDNX) markets, as well as invest in Shenzhen and Shanghai B-Shares by phone. Using the investment tools available on the DBS TD Waterhouse web site, they can manage their account, track portfolio performance, get real-time market news and quotes, as well as world-class research like Briefing.com's market commentaries and Zacks Earnings estimates.

"We are able to execute and settle trades directly, across markets and countries, rather than through a third-party brokerage. This provides us with greater control and reliability, and ultimately better service and overall value for our customers," said Struthers. To afford customers more flexibility, DBS TD Waterhouse gives customers the choice and convenience of trading and settling their transactions in HKD, SGD, USD or CAD. Customers can tap DBS TD Waterhouse's Investment Service Centre 24 hours a day, toll-free, to place orders, obtain immediate assistance with their trading accounts and get answers to technical questions regarding their accounts. DBS TD Waterhouse customers can also access account services at Customer Centers located at selected DBS branches. The first DBS TD Waterhouse location opened today at DBS' China Square branch.

"Our experience in the various countries where we have presence, such as Canada, the US, Australia, Luxembourg and Japan, has been very positive," said Bharat Masrani, Vice Chair of TD Waterhouse Group, Inc.

"We believe that there is a largely untapped market for global self-directed brokerage services in Singapore and throughout Asia and we are confident that DBS TD Waterhouse can be an influential provider for this customer segment in this region. One main reason is our choice of partners. We will be leveraging on DBS' understanding and reach in Asia through this joint venture, " continued Masrani.

More than 40,000 DBS Vickers Securities online customers will be given immediate access to DBS TD Waterhouse's online service, benefiting from its multi-market, multi-product and multi-channel platform.

"The launch of DBS TD Waterhouse here is an important milestone in DBS' efforts to build an Asian Securities powerhouse. It adds a world-class, self-directed online retail component to DBS' established retail advisory and institutional businesses through DBS Vickers Securities," said Greg Seow, Chairman of DBS TD Waterhouse.

"We are confident that more investors in Asia will choose to trade online over time, and we want to be there to help them do it well. Our two online hubs - in Singapore and Hong Kong - are well-positioned to serve the needs of the self-directed investors in North East and South East Asia," continued Seow.

DBS TD Waterhouse has an experienced management team in place, which includes Chairman Greg Seow, who is also Executive Chairman of DBS Vickers Securities. Seow also chairs the Wealth Management Operating Committee for DBS Group, which includes DBS' asset management, bancassurance, private banking and securities business regionally.

CEO Ian Struthers was the Managing Director of TD Waterhouse in Australia prior to joining DBS TD Waterhouse. DBS TD Waterhouse's Singapore Country Manager Richard Wilks joined the company earlier this year from Tokyo Mitsubishi TD Waterhouse, the company's joint venture with Tokyo Mitsubishi Bank in Japan. Chief Operating Officer and Country Manager for Hong Kong Josephine Lam was the executive director and head of Retail Brokerage in DBS Securities Hong Kong where she was responsible for the online brokerage services in the region.

Note to Editors:

International Data Corporation has predicted that the total number of online trading accounts in Asia Pacific (excluding Japan) will likely increase from 8 million in 2000 to over 42 million in 2005 at a 39% compound annual growth rate. In addition, there is also a considerable potential for alternative form of investments in Singapore, with vast majority of funds remaining un-invested in deposits and CPF savings. Singapore has demonstrated a strong potential for online investing. According to the Information Development Authority, 42% of all homes in Singapore are already hooked up to the Internet. Out of these, an estimated one in three Internet users already bank online.

This release may contain forward-looking statements, including statements with respect to our operating goals. These statements, which reflect management's current beliefs and expectations, are subject to risks and uncertainties that may cause actual results to differ materially from these statements. Such risks and uncertainties include, but are not limited to, market volatility, decreased trading activity, the development and acceptance of new products and services, system delays and failures, competition, and general economic conditions. For a discussion of risks and uncertainties that may cause actual results to differ from those reflected in such forward-looking statements, please refer to our filings with the Securities and Exchange Commission, including the information included under the heading "Item 1. Business-Risk Factors" in our Annual Report on Form 10-K for the fiscal year ended October 31, 2000.

About DBS TD Waterhouse

DBS TD Waterhouse is a joint venture between DBS Group, one of the largest banking groups in Southeast Asia, and TD Waterhouse Group, Inc. This new joint venture provides self-directed investors with access to a broad range of global investment services through the Internet, call centers, customer centers, and other distribution channels. The joint venture combines TD Waterhouse's leading-edge technology and successful track record in online financial services with DBS' strong regional franchise and network.

DBS TD Waterhouse provides customers with investment services through a multi-market, multi-product and multi-channel platform. Initially the joint venture will serve customers in Hong Kong and Singapore with plans to expand into other Asian markets. Hong Kong will serve as the hub for North Asia and Singapore the hub for Southeast Asia.

About DBS

DBS Group Holdings Ltd is the holding company of DBS Bank and is one of the largest banking groups in Southeast Asia. Ranked among the top banks in Asia, DBS Bank is a recognised leader in Internet banking and e-commerce. Beyond Singapore, DBS Group serves corporate, institutional and retail customers through subsidiaries and associated companies in Hong Kong, the Philippines, Indonesia and Thailand, and offers international banking services through a network of overseas branches and offices. With its acquisition of Dao Heng Bank in June 2001, DBS is the fourth largest bank in Hong Kong by assets. DBS Group can be found on the internet at www.dbs.com/dbsgroup.

About TD Waterhouse Group, Inc.

TD Waterhouse Group, Inc. provides investors and financial advisors with a broad range of brokerage, mutual fund, banking and other consumer financial products on an integrated basis. Worldwide, TD Waterhouse currently services 3.3 million active customer accounts in the United States, Canada, the United Kingdom and Australia. The firm also has joint ventures in Hong Kong, Japan, Luxembourg and India to serve investors in those countries. TD Waterhouse can be found on the Internet at www.tdwaterhouse.com and on America Online at Keyword: TD Waterhouse. TD Waterhouse is a wholly owned subsidiary of The Toronto-Dominion Bank (NYSE/TSE: TD) and part of TD Bank Financial Group. Headquartered in Toronto, Canada, with offices around the world, TD Bank Financial Group offers a full range of financial products and services to approximately 13 million customers worldwide.