News Release

DBS' JV WITH CHANGSHENG FUND MANAGEMENT RECEIVES QDII LICENCE

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JV will launch the Selected Global Sector Fund – Allowing PRC clients to invest in foreign capital markets

SINGAPORE, 12 Oct 2007 – DBS Asset Management ("DBSAM" "星展资金管理有限公司"), a wholly-owned subsidiary of DBS Bank Ltd, announced today that its joint venture with China's Changsheng Fund Management Company Limited has been granted the Qualified Domestic Institutional Investor (QDII) licence by the China Securities Regulatory Commission (CSRC).

Changsheng Fund Management ("Changsheng" "长盛基金管理有限公司") is one of the first six sino-foreign fund management companies (FMCs) to receive approval under the QDII scheme. With this licence, Changsheng will now be able to help its clients invest their funds in overseas markets.

Chief Executive Officer of DBSAM, Ms Deborah Ho (何玉珠) said, "This is exciting news for us. Our strategic investment and partnership with Changsheng combines DBSAM's expertise in investment management and Changsheng's local knowledge and distribution capabilities. This partnership underscores DBSAM's commitment to China and we look forward to helping our clients grow their wealth in a resurgent Asia. "

"We had started to research and prepare for the QDII business much earlier. We are well prepared in the QDII system set up and are ready for business," said Mr Chen Li Hua (陈礼华), General Manager of Changsheng Fund Management.

He added: "The QDII licence symbolises a major step for Changsheng as it aims towards internationalisation. Through the strength and expertise of our joint partners like DBSAM, Changsheng can now offer our local investors choices in foreign securities markets with multiple wealth management options."

Hot on the heels of getting the QDII licence, Changsheng will launch the Selected Global Sector Fund which will focus on varied industries in the fast growing economies.

"The scale of the fund market and diversification of fund products in China have been growing rapidly. New fund products such as the Selected Global Sector Fund will certainly provide China's growing affluent market with wider choices," continued Ms Ho.

DBSAM holds a 33% stake in Changsheng after the joint venture transaction agreements were completed on 6 July 2007. DBSAM is the first Asia-based asset management company to invest in a leading local fund management company in China. Changsheng is also one of the first group of fund management companies approved by the Chinese government to manage the National Social Securities Funds.

About DBS

Headquartered in Singapore, DBS is one of the largest financial services groups in Asia with operations in 15 markets. The largest bank in Singapore as measured by assets, and a leading bank in Hong Kong, DBS' "AA-" and "Aa1" credit ratings are among the highest in the Asia-Pacific region. DBS has leading positions in corporate, SME and consumer banking, treasury and markets, wealth management, 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 China, India, Indonesia, Malaysia, Thailand and The Philippines. More information about DBS Group Holdings and DBS Bank can be obtained from our website www.dbs.com.

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.

About Changsheng Fund Management Company

Changsheng Fund Management Company Limited was founded in March 1999 and operates in Beijing and Shanghai. The Company is one of the first ten fund management companies founded in the PRC. It is also one of the first group of fund management companies approved by the Chinese government to manage the National Social Securities Funds ("NSSF") in China.

DBSAM acquired the 33% shares for a total cash consideration of RMB174, 900,000 (approximately SGD34.4 million) in 2006. The legal completion of the JV was approved in July 2007. Other partners in Changsheng include Guoyuan Securities with a 41% stake, and 13% each held by Anhui Provincial Innovative Investment Company Limited ("Anhui Innovative") and Anhui Provincial Investment Group Company Ltd ("Anhui Investment").

The strategic partnership with DBSAM combines Changsheng's local market knowledge and distribution network and DBSAM's expertise in investment and risk management of mutual funds to build Changsheng into a leading fund management company in China.

Changsheng sponsors, markets and manages mutual and NSSF funds invested in domestic equity, Chinese government and corporate bonds as well as local banks' fixed deposits. The Company's net asset under management ("NAUM") as at 30 September 2007 was RMB 63.7 billion. It is currently managing nine mutual funds and five NSSF's portfolios.