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Four DBS directors to retire at April AGM

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Chairman pays tributes to Fock Siew Wah, Bernard Chen, Gail Fosler and LP Thean

SINGAPORE, April 4, 2005 - DBS Group Holdings (DBSH) announced today the planned retirements of four of its Board members at its upcoming Annual General Meeting on April 29.

The retiring directors are Bernard Chen Tien Lap, Fock Siew Wah, Gail D Fosler and Thean Lip Ping.

Mr Chen, 62, joined the DBS Bank Board in April 1996 and became a member of the DBSH Board when the holding company was formed in July 1999. He is concurrently Chairman of the DBSH Audit Committee and Chairman of the Nominating Committee.

He is also a member of the Executive Committee and the Board Risk Management Committee. As Chairman of the Audit Committee, Mr Chen has been closely involved in reviewing audit and internal control issues with the management and in providing guidance and advice on such issues.

Mr Fock, 64, joined the DBS Bank Board in June 1998 and became a DBSH Board member in July 1999. He is Chairman of the Board Risk Management Committee and a member of the Compensation Committee. He is also a member of the six-member Executive Committee, which reviews the Bank's major strategies and operations and provides oversight of executive management decisions. He has provided useful and constructive advice on the development of the Group's treasury and markets business and the Group's regional expansion strategy. As Chairman of the Board Risk Management Committee, he has been instrumental in helping the Group frame its risk management policies.

Said Mr Dhanabalan, Chairman of DBSH:" Both Bernard and Siew Wah had wanted to retire last year and were persuaded by me to serve another year. I am grateful to them for their sterling contributions on the Board and in the Executive, Audit and Risk Committees."

Mr Fock has agreed to continue to serve as special advisor to the Chairman on matters relating to the Bank's expansion plans and business in China.

Ms Gail D Fosler, 57, joined the DBSH Board in October 1999. She serves as a member of the Nominating Committee. Ms Fosler is Executive Vice President and Chief Economist of The Conference Board. She brought a broad macro-economic perspective and a keen and enquiring mind to bear on Board deliberations. She has been a frequent keynote speaker on economic issues at conferences held for DBS clients and other business forums in Singapore.

Mr Dhanabalan added: "I will miss Gail's challenging and incisive questions and her insight on economic issues."

Mr Thean, 72, joined the DBSH Board in September 2002. He serves as Chairman of the Compensation Committee and is also a member of the Nominating Committee. Mr Thean was a former High Court Judge and a Judge of Appeal of the Supreme Court. He is currently the Chairman of the Securities Industry Council of Singapore.

Mr Dhanabalan said: "I am grateful to LP who agreed to come on to the Board of DBS in 2002 even though he was looking forward to a less stressful life after many distinguished years on the Bench. I appreciate his balanced views as Chairman of the Compensation Committee. His legal experience and focus on customer issues were invaluable in helping the Board make sound decisions."

Following the retirement of the four directors at the DBSH Annual General Meeting on April 29, DBSH Board of Directors will comprise 11 members, including five non-Singaporeans of whom two are executive directors. They are:

• Mr S Dhanabalan - Chairman
• Mr Jackson Tai - Vice Chairman and Executive Director
• Mr Frank Wong Kwong Shing - Executive Director
• Mr Ang Kong Hua
• Mr Goh Geok Ling
• Mr Kwa Chong Seng
• Mr Leung Chun Ying
• Mr N R Narayana Murthy
• Mr Peter Ong Boon Kwee
• Mr John A. Ross
• Mr Wong Ngit Liong

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.