Media Statement

SINGAPORE, November 1, 2002 - DBS Group Holdings Limited ("DBSGH") confirms that The Development Bank of Singapore Limited ("DBS") has received today from Sanion Enterprises Limited, a company controlled by Mr Oei Hong Leong, an offer to purchase its entire shareholding of 53,905,915 shares in the capital of Natsteel Limited, representing approximately 14.67 per cent. of the issued share capital of NatSteel Limited, at a price of S$2.03 for each share.

DBS will evaluate the offer together with all other options with the view to realising the best value for its holdings in NatSteel Limited in the interests of DBSGH and its shareholders. In this connection, DBSGH has engaged Morgan Stanley Dean Witter Asia (Singapore) Pte as its financial adviser. DBSGH welcomes any other offers for its holdings in NatSteel Limited.

DBSGH is of the view that Mr Oei Hong Leong should extend the offer to all the shareholders of Natsteel Limited.