Tommy Koh Steps Down As Director

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SINGAPORE, APRIL 21, 2003 - DBSH announced today that Professor Tommy Koh Thong-Bee has stepped down as director of DBS Group Holdings Ltd ("DBSH") and The Development Bank of Singapore Ltd ("DBS Bank") on April 21, 2003.

Professor Koh has been a DBS Bank Board member for nine years since 1994 and a DBSH Board member since 1999 when DBSH was formed. During his term, he served as Chairman of the Nominating Committee and as a member of the Audit Committee and the Board Risk Management Committee. Professor Koh contributed significantly to the DBS Group's expansion strategy through his invaluable global and political insight in discussions of business strategy and his strong advocacy of cultural sensitivity. He also consistently championed customer needs and employee welfare.

Professor Koh, 65, is one of Singapore's senior diplomats. Over the course of his career, he has served as Dean of the Faculty of Law, National University of Singapore, and as Singapore's Ambassador to the United Nations and the United States. He is currently an Ambassador-at-Large, Director of the Institute of Policy Studies and Chairman of the National Heritage Board.

The Board expresses its deepest appreciation to Professor Koh for his dedicated and invaluable service over the years.

DBSH Board of Directors now comprises:

• Mr S Dhanabalan - Chairman
• Mr Jackson Tai - CEO & Vice Chairman
• Mr Ng Kee Choe - Vice Chairman
• Mr Bernard Chen Tien Lap
• Mr Fock Siew Wah
• Ms Gail D. Fosler
• Mr Moses Lee Kim Poo
• Mr Leung Chun Ying
• Mr Peter Ong Boon Kwee
• Mr John A. Ross
• Mr Thean Lip Ping
• Dr Yeo Ning Hong

About DBS
DBS Bank is the largest bank in Singapore as measured by assets, with dominant positions in consumer banking, treasury and markets, securities brokerage, Singapore dollar loans, deposits, and equity and debt fund raising. With the receipt of executive and legislative approval for the merger of its wholly-owned Dao Heng Bank and DBS Kwong On Bank operations in Hong Kong, DBS Bank is now the fourth largest banking group in Hong Kong. Beyond the anchor markets of Singapore and Hong Kong, DBS Bank serves corporate, institutional and retail customers through its operations in Thailand, The Philippines, and Indonesia. The bank's credit ratings are amongst the highest in the Asia-Pacific region. More information about DBS Group Holdings and DBS Bank can be obtained from our website www.dbs.com.