DBS Vickers Securities To Close Its Philippines Operations

SINGAPORE, JULY 22, 2002 - Following a review of its operations in the region, DBS Vickers Securities Group has decided to cease its securities business in the Philippines with effect from 31 August 2002. DBS Vickers Securities (Philippines), Inc. will subsequently be liquidated at an appropriate time.

The closure of the business is based purely on commercial reasons and was taken after due consideration. The final decision was made in the best interests of its shareholders, clients and employees.

In preparation of the cessation of business, DBS Vickers Securities (Philippines), Inc. will cease to take trade orders from clients with effect from 29 July 2002. To ensure continuity of securities trading for its customers, DBS Vickers Securities (Philippines), Inc. has appointed SB Equities, Inc. to take over its securities business.

As part of this process, there will be redundancies of staff and DBS Vickers Securities (Philippines) Inc. has put in place a fair redundancy package and an outplacement service to support all staff affected.

With the closure of its Philippines office, DBS Vickers Securities Group remains one of the largest brokerage firms in the region, headquartered in Singapore with offices in Hong Kong, Thailand, Indonesia, and Malaysia, and institutional sales offices in the USA and UK. The Group conducts business for both institutional and retail clients. The cessation of the Philippines business is not material in the context of DBS Group Holdings Ltd's operations.

DBS Vickers Securities Holdings Pte Ltd, the holding company in the DBS Vickers Securities Group, is owned approximately 60% by The Development Bank of Singapore Ltd, itself a wholly owned subsidiary of DBS Group Holdings Ltd.