Shin Corporation and DBS form Joint Venture to offer Unsecured Loans and Credit Cards in Thailand

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Capital OK Company Ltd launched with initial capital of Thai Baht 1 billion

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Partners bring customer base and product skills to serve fast growing Thai consumer market

BANGKOK & SINGAPORE, DECEMBER 11, 2003 - Shin Corporation Public Company Limited (Shin Corporation) and DBS Bank Ltd (DBS) announced today the formation of a joint venture "Capital OK Company Limited" to offer consumer finance in Thailand.

Branded "OK", the joint venture will provide a range of unsecured lending products, including personal term loans, revolving credit facilities and credit cards.

It brings together two of the best-known names in the consumer business in South East Asia, combining Shin Corporation's in-depth market knowledge, extensive consumer base and distribution channels in Thailand through its leading mobile phone operator, Advanced Info Service, and DBS' expertise in financial product development, credit assessment and risk management.

The joint venture agreement was signed at a ceremony in Bangkok this morning by Boonklee Plangsiri, Chairman of the Group Executive Committee & CEO of Shin Corporation, and Jackson Tai, Vice Chairman and Chief Executive Officer of DBS.

Mr. Boonklee said: "This investment is consistent with Shin Corporation's policy to leverage its leadership in the telecoms industry to build high potential, high growth businesses. Through the joint venture, both Shin Corporation and DBS will be able to tap the fast-growing market in consumer finance in Thailand."

"We are very pleased to be working with DBS given its proven track record in consumer finance across Asia, and the shared aspiration which we have developed in forming this joint venture."

He added that the vision is to build the joint venture into one of the Top 3 consumer finance companies in Thailand by the end of 2006. The first personal term loan product is scheduled to be launched in the first quarter of next year and the joint venture will be targeting to have more than 300,000 customers by the end of 2004.

Mr. Tai said: "The partnership brings together Shin Corporation's access to over 12 million AIS subscribers and extensive distribution networks, and DBS' credit and operational expertise. Our combined strengths will make this joint venture a formidable new competitor in Thai consumer finance."

"For DBS, this investment will extend the scale of our operations in Thailand. Our subsidiary, DBS Thai Danu, will have the opportunity to provide operational and distribution services to the joint venture, and to profit from mutual customer referrals."

"Shin Corporation is an acknowledged innovator and leader in Thailand. With their sponsorship, we are confident that the joint venture will provide consumers with new and unconventional options in credit cards and personal finance."

The joint venture will have an initial paid-up capital of Thai Baht 1 Billion with Shin Corporation as majority shareholder with a 60% interest, and DBS contributing the balance of 40%.

About DBS

Headquartered in Singapore, DBS is one of the largest financial services groups in Asia. The largest bank in Singapore and one of the top five in Hong Kong as measured by assets, DBS has dominant positions in consumer banking, treasury and markets, securities brokerage, equity and debt fund raising. Beyond the anchor markets of Singapore and Hong Kong, DBS 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 among 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.

About Shin

Shin Corporation Plc. [????????] is a diversified telecommunications group, based in Thailand, comprising 5 principle lines of businesses: (1) Wireless Communications Business through Advanced Info Service Plc, which operates and provides various cellular services ranging from GSM Advance, GSM 1800 to a pre-paid 1-2-Call! and Datanet--an on-line data communication service via telephone lines; (2) Satellite and International Business through Shin Satellite Plc, which provides C-Band and Ku-Band satellite transponder services from 3 Thaicom satellites, broadband Internet and commercial Internet access, as well as investing in telecommunications services in Indochina; (3) Media and Advertising Business , through ITV Plc, consists of a national television network, ITV Channel, and an advertising and graphics business through SC Matchbox; (4) Electronics Business provides total Internet services in Thailand such as web portal and information provider, web hosting, e-commerce as well as publishing and distributing white and yellow pages telephone directories in Thailand and (5) Transportation Business, through Thai Air Asia, which focuses on "no frill" low cost airline. More information about Shin Corporation can be obtained from www.shincorp.com.