THE DEVELOPMENT BANK OF SINGAPORE LTD RECEIVES FAVOURABLE RATINGS FOR PROPOSED SUBORDINATED DEBT ISSUE

In a press release dated 6 Jul 99, the Development Bank of Singapore Ltd (‘the Bank’) announced that it is exploring its options to raise Tier 2 capital in the international fixed income markets.

Among the options considered is a medium-term subordinated debt issue. The Bank and its proposed subordinated debt issue have been awarded credit ratings by three of the world’s leading international rating agencies, Moody’s Investors Service, Standard & Poor’s and Fitch IBCA, as follows:

The proposed subordinated debt issue will be subject to market and other considerations as deemed appropriate by the Bank, and will have features that are consistent with the Monetary Authority of Singapore (MAS)’s Upper Tier 2 Capital guidelines. The Bank is the first Singapore bank to receive an official credit rating for subordinated debt and is among a select group of financial institutions worldwide with high ratings from all three rating agencies.

DBS Group is one of the largest banking groups in Singapore and ASEAN in terms of shareholders funds’ and total assets, being approximately S$10.5 billion and S$111.4 billion respectively as at 30 June 1999. Internationally, the Bank is ranked among the top 100 banks.

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This document is not an offer of securities for sale in the United States; securities may not be offered or sold in the United States absent registration or exemption from registration; and any public offering of securities to be made by the Development Bank of Singapore Ltd (The ‘Bank’) in the United States will be made by means of a document that may be obtained from the Bank and will contain detailed information about the Bank, management and its financial statements.