DBSAM APPOINTS DEBORAH HO AS ITS NEW CEO

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APPOINTMENT TAKES EFFECT IMMEDIATELY

SINGAPORE, 12 SEPTEMBER 2007 - DBS Asset Management (DBSAM), a wholly-owned subsidiary of DBS Bank Ltd, announced today the appointment of Ms Deborah Ho as Chief Executive Officer (CEO) of DBSAM with immediate effect.

Ms Ho takes over from Mr Lau Wing Tat who left the bank to pursue other interests.

Ms Ho brings with her extensive experience in the capital markets at leading global financial institutions, such as Citigroup, Credit Suisse, JP Morgan and UBS. She has a proven track record in building up and directing high performance teams. Prior to joining DBSAM, Ms Ho was a consultant and lecturer at Temasek Holdings' Wealth Management Institute (WMI) in Singapore.

Welcoming Ms Ho to the team, Ms Amy Yip, Chairman of DBSAM, said: "With Deborah's appointment, we aim to further strengthen synergies between the asset management business and the rest of the DBS franchise to bring our businesses to greater heights. The combination of her business knowledge and people experience will be a valuable asset to us."

This year marks DBSAM's Jubilee Year (25th Anniversary). Its strong team of experienced fund managers will continue to build on DBSAM's robust investment process and DBSAM's award-winning performance track record, to deliver reliable and consistent investment returns in Singapore as well as across the region.

About DBS Asset Management

DBS Asset Management (DBSAM) is the investment management subsidiary of DBS Bank Ltd, one of the largest financial services groups in Asia with operations in 15 markets and "AA-" and "Aa1" credit ratings, which are among the highest in the Asia-Pacific region.

An Asian-based investment management company with business operations in Singapore and Hong Kong, and associated companies in Malaysia and China, DBSAM has 25 years of experience in managing a wide array of award-winning funds with consistent performance track records relative to benchmarks. DBSAM and its associated companies manage about SGD 23.5 billion* in assets for retail, private and institutional investors. DBSAM is also the largest provider of Singapore Authorised Funds^.

DBSAM takes pride in its team of seasoned investment professionals operating across Asia and strong in-house research capabilities. With its close proximity to Asian markets and specialist knowledge of Asia, DBSAM provides comprehensive investment solutions to Asia-focused investors, with core competencies in Asian equities, global fixed income and absolute return strategies. 

* Nominal assets under management (AUM) as at 31 July 2007 include AUM from DBSAM, Hwang-DBS Investment Management Berhad in Malaysia, and Changsheng Fund Management Company Limited ( CSFMC) in the People's Republic of China . DBSAM acquired a 33% stake in CSFMC on 6 July 2007.

^Source: Morningstar, Inc, Singapore Registered Funds Authorised as at 31 July 2007 .