News Release

DBS APPOINTS CHRISTOPHER CHENG TO ITS BOARDS

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CY Leung to step down as director

SINGAPORE, 30 May 2007 – DBS Group Holdings (DBSH) said today that Mr. Leung Chun Ying will step down as a director of the DBSH and DBS Bank (together "DBS") boards and the DBS Bank (Hong Kong) Limited ("DBSHK") board on 31 May, 2007. Mr. Christopher Cheng Wai Chee, a director of DBSHK and DBS Bank (China) Limited, will join the DBS boards on 1 June 2007.

Mr. Leung, 52, Chairman of DTZ Debenham Tie Leung Asia Pacific ("DTZ"), has been a director of the DBS boards since July 2002. He was concurrently Chairman of the DBS Nominating Committee and member of the DBS Compensation and Management Development Committee. As Chairman of the Nominating Committee, Mr. Leung led the review of all director and senior management appointments of DBS Group.

Chairman Koh Boon Hwee said: "CY had wanted to step down earlier given the increasing demands in his extended role as chairman of DTZ, and as Convenor, Executive Council of the Hong Kong Special Administrative Region, but we persuaded him to stay on for a while more. I am grateful to CY for his valuable insights and perspective on our business strategy deliberations for Hong Kong and China. I thank CY for his sterling contributions on the Board and in the Nominating, and Compensation and Management Development committees."

Mr. Cheng, 58, is the Chairman of USI Holdings Limited and Winsor Properties Holdings Limited, both part of the Wing Tai Group, a leading property and lifestyle group in the region.

Welcoming Mr. Cheng to the Boards, Mr. Koh said: "With Wing Tai Group's extensive business interests in Hong Kong and China and Christopher's numerous civic appointments in Hong Kong, he is well-qualified to advise on the business and political environment in Greater China, where DBS is seeking to expand its franchise.

"His appointment will also serve to fill the gap created by CY's departure. Furthermore, as a long-standing director of DBSHK, he is already familiar with our operations in Hong Kong and China."

Apart from his business endeavours, Mr. Cheng is noted for his active civic interest involvement in Hong Kong including his membership in the Exchange Fund Advisory Committee [the de facto board of the Hong Kong Monetary Authority ("HKMA")], his positions as chairman of the HKMA Governance Committee, chairman of the Standing Committee on Judicial Salaries and Conditions of Service of the SAR, and as a director of the Hong Kong Securities & Futures Commission. Outside of the SAR, he is a member of the International Council of INSEAD and Yale University's President's Council on International Activities.

With the appointment of Mr. Cheng and retirement of Mr. Leung, the DBS Board of Directors remains at 12 members, including two executive directors and six non-Singaporeans. They are:

With the retirement of Mr. Leung and the appointment of Mr. Cheng, DBSH has also taken the opportunity to re-constitute the Board Audit Committee ("AC"). Mr. Peter Ong steps down as a member, while Mr. Wong Ngit Liong and Mr. Christopher Cheng are new appointees to the AC. Despite certain business relationships between companies where Mr. Wong and Mr. Cheng are directors and DBS Group, the Board considers both gentlemen to be independent directors, as these business relationships are not material. The AC now comprises Mr. Ang Kong Hua (Chairman), Mr. Christopher Cheng, Mr. Goh Geok Ling and Mr. Wong Ngit Liong.