News Release

Ref No: 06/2006

DBS remains committed to growing in Asia

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SINGAPORE, 23 March 2006 - DBS Bank said today it stood firm on its valuation of Korea Exchange Bank (KEB) and is disappointed that it was not successful in its bid to acquire a majority ownership stake in KEB. DBS Bank will continue to explore both organic and inorganic growth options as it grows in Asia. We remain committed to growing our banking franchise in the region, with the objective of maximising long-term shareholder value.

DBS Bank has held a banking license in Seoul since 1981 and serves a wide range of Korean customers. The Bank is optimistic about growth prospects in Korea's vibrant banking sector.

DBS respects Lone Star's decision and congratulates the successful bidder.

About DBS

Headquartered in Singapore, DBS is one of the largest financial services groups in Asia with almost five million customers and operations in 14 markets. The largest bank in Singapore and the fifth largest banking group in Hong Kong as measured by assets, DBS' "AA-" and "Aa2" credit ratings are among the highest in the Asia-Pacific region. DBS has leading 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 China, India, Indonesia, Malaysia, Thailand and The Philippines. More information about DBS Group Holdings and DBS Bank can be obtained from our website www.dbs.com.