Singatrust Limited

(Incorporated in the Republic of Singapore on 15 November 1994)

Invitation in respect of 50,000,000 ordinary shares of $0.25 each comprising 42,000,000 New Shares and 8,000,000 Vendor Shares as follows:-

(a) 12,000,000 Offer Shares comprising:-

(i) 7,000,000 Offer Shares at $1.20 for each Offer Share by way of public offer; and

(ii) 5,000,000 Reserved Shares at $1.20 for each Reserved Share reserved for employees, Directors and business associates of the Group and those who have contributed to the success of the Group; and

(b) 38,000,000 Placement Shares at $1.20 for each Placement Share by way of placement,
payable in full on application.

The Board of Directors of SingaTrust Limited ("SingaTrust" or the "Company") is pleased to announce that, at the close of the Application List at 12.00 noon on 4 July 2000, there were 10,912 applications for the 7,000,000 Offer Shares available to the public for subscription. In total, these subscribers applied for 78,141,000 Offer Shares, with application moneys received amounting to approximately $93.8 million.

Based on the 7,000,000 Offer Shares, the offer to the public is approximately 11.2 times subscribed.

To ensure a reasonable spread of shareholders of the Company, the Board of Directors of the Company has decided on the following basis of allotment:-

The 38,000,000 Placement Shares have been successfully subscribed for. The spread of placees is as follows:-

The 5,000,000 Reserved Shares have also been fully taken up by employees, Directors and business associates of the Group and those who have contributed to the success of the Group. The spread of the Reserved Shares is as follows:-

The Company's Shares will commence trading on a "ready" basis on 6 July 2000. There will be NO trading on a "when-issued" basis.

The return of unsuccessful applications using printed Application Forms by ordinary post at the risk of the unsuccessful applicants, together with the full amount of the application moneys (without interest or any share of revenue or other benefit arising therefrom), will commence today and is expected to be completed by 7 July 2000. For unsuccessful Electronic Applications, it is expected that the full amount of the application moneys (without interest or any share of revenue or other benefit arising therefrom) will be credited to the applicants' accounts with their Participating Banks (as defined in the Prospectus dated 24 June 2000) within three market days after the close of the Application List.

In respect of partially successful applications, the balance of the application moneys is expected to be refunded (without any interest or any share of revenue or other benefit arising therefrom) to the applicants, by ordinary post at their own risk (in the case of applications made using printed Application Forms) or through the crediting of the relevant amount to the applicants' accounts with their Participating Banks (in the case of Electronic Applications) within 14 days after the close of the Application List.

The Board of Directors of SingaTrust is pleased to advise that CPF members may, with effect from the date on which the Company's Shares are traded as indicated above, use their CPF savings (subject to the 50 per cent. sub-limit) to purchase the Company's Shares under and subject to the requirements of the CPF Investment Scheme.

The Company wishes to thank the public who have applied for the Offer Shares and the Placement Shares, the relevant authorities and all who have helped in one way or another in the Company's initial public offering, for their support and assistance.

DBS Bank and POSBank customers may call the DBS IPO Results Enquiry Service at 327 4767 to check the provisional results of their IPO applications. Customers will be required to enter their CDP Securities Account Number when utilising the automated service.

Issued by
The Development Bank of Singapore Ltd

For and on behalf of
Singatrust Limited