Clarification on China Aviation Oil (Singapore) Corp

SINGAPORE, December 1, 2004 – There are incorrect reports that DBS Group holds an equity stake in China Aviation Oil (Singapore) Corp. (China Aviation).

We wish to clarify that neither DBS Group Holdings Ltd nor its subsidiaries hold any shares in China Aviation.

There are China Aviation shares registered in the name of DBS Nominees Pte Ltd. However, these shares are beneficially owned by third parties that use DBS Nominees Pte Ltd as their nominee and custodian agent.

About DBS

Headquartered in Singapore, DBS is one of the largest financial services groups in Asia. The largest bank in Singapore and the fifth largest banking group in Hong Kong as measured by assets, DBS has dominant positions in consumer banking, treasury and markets, asset 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 Thailand, Malaysia, Indonesia, India and The Philippines. In China, the bank has branches and representative offices in Shanghai, Beijing, Guangzhou, Shenzhen, Fuzhou, Tianjin and Dongguan. The Bank's credit ratings are among the highest in the Asia-Pacific region. More information about DBS Group Holdings and DBS Bank can be obtained from our website www.dbs.com.