Syndicated Loan for Kumpulan Guthrie oversubscribed by 30%

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Largest Offshore Syndicated Loan For Plantation Group

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US$230M Raised, Up from US$218M
Due To Strong Response from Banks

SINGAPORE, August 6, 2003 - DBS Bank announced today its term loan facility for Malaysia-based Kumpulan Guthrie Berhad ("Guthrie") was oversubscribed by over 30% four weeks after the launch of syndication in Malaysia.

Nine leading banks committed almost US$300 million at the close of the facility late last month. DBS was originally mandated by KLSE-listed Guthrie in June 2003 to arrange a US$218 million syndicated facility. This amount was increased to US$230 million due to strong interest from numerous banks in Malaysia, Singapore, Europe and Japan.

Fully underwritten by DBS Bank and Malaysia-based CIMB/ Bumiputra-Commerce Bank as joint lead arrangers, the facility was targeted at Malaysia-based banks. In addition to DBS and CIMB, the seven other members of the syndicate are Public Bank, HSBC, Maybank International, OCBC Bank (Malaysia), RHB Bank, Bank of Tokyo-Mitsubishi, and KBC Bank NV.

The 5-year term loan is Guthrie's largest offshore syndicated loan.

Speaking at a signing ceremony in Kuala Lumpur earlier today, DBS Bank's Vice-Chairman and CEO Jack Tai said the successful financing "proves that there is strong demand among leading banks for a well-structured, and competitively-priced facility for respected industry leaders.

"We share the market's excitement for a financing for such a well-known Malaysian corporate name - one that is also admired in Singapore."

Proceeds from the loan will be used by Guthrie to refinance the remaining portion of a RM 1.5 billion Islamic (Al-Ijarah) facility raised in December 2000 to finance the acquisition of its Indonesian plantation companies.

The Kumpulan Guthrie group of companies ("Guthrie Group") is one of the leading producers of crude palm oil in the world. The Guthrie Group has a plantation land bank measuring 323,000 hectares spanning Malaysia, and Sumatra, Kalimantan and Sulawesi in Indonesia.

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, equity and debt fund raising. With 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. In China, the bank has branches and representative offices in Shanghai, Beijing, Shenzhen, Fuzhou and Tianjin. 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.