CONSOLIDATION OF DBS BANK'S USA OPERATIONS IN DBS LOS ANGELES OFFICE

Arising from a recent initiative to review the strategic directions of our overseas branches, it was assessed that we should move out of New York (in the East Coast) and consolidate our USA operations in Los Angeles (in the West Coast). A decision has hence been taken to move the entire operations of DBS New York to our Los Angeles Office with effect from 1 October 1999. To ensure smooth integration, the demand draft operations of DBS New York will continue in New York until end January 2000 before being transferred to our Los Angeles Office.

From the strategic perspective, the West Coast (vis-?vis the East Coast) offers better business potential for us in areas of corporate banking and trade finance, due to the historically strong trade links between the West Coast of the USA and Asia.

Our review indicated that most of our existing business in New York could be transferred and serviced out of our Los Angeles Office. In other words, a continued presence in New York is not critical or of strategic importance. On the other hand, the consolidation of our USA activities in our Los Angeles Office has enormous strategic value as it will provide us with an enlarged and hence more meaningful business platform in the West Coast to complement and strengthen our Asia-Pacific regional coverage, dovetailing with our aim of becoming a world class regional Bank.

For enquires on the move, customers can call our 24-hour hotline in Singapore at 1800-222-8333. Alternatively, customers can call our New York Office at (1-212) 997 7500 or our Los Angeles Office at (1-213) 627 0222.