DBS LAUNCHES NEW CREDIT CARD FOR FREQUENT TRAVELLERS

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DBS Altitude American Express® Card offers the fastest way to earn miles

SINGAPORE, 4 July 2007 – DBS Bank (DBS) and American Express unveiled today a credit card targeted at jet-setters who want their card spending to bring them to their next travel destination faster. Recognising how an increasing number of people in Asia are travelling as well as spending more on their trips, DBS and American Express launched the DBS Altitude American Express Card.

With every 83 cents charged to the DBS Altitude Card, a customer qualifies for one KrisFlyer mile, making this the card that gives the best air mile conversion rate, which is three times better than what the market offers on average. Customers have the flexibility to choose from 38 international airlines across the networks of KrisFlyer, Star Alliance, Asia Miles and One World.

Raymond Ang, Managing Director and Head of DBS Cards and Unsecured Loans, said, "The rosy economic climate in Asia has resulted in more and more people in the region travelling for both work and leisure. Our internal research shows a 10 per cent year-on-year growth in this sector over the last two years from 2004 to 2006. Discerning travellers are also on the rise, with more now willing to part with their money to enjoy better flight and hotel arrangements. Asia is experiencing a boom in premium air travel – intra-Asia and Asia-Europe routes now account for about 10 per cent and eight per cent of global international premium traffic respectively.

"There's a need in the market for the DBS Altitude Card as it caters to the aspirations and lifestyle needs of the growing number of jet-setting individuals. Designed with these frequent travellers in mind, we are extending the best mile conversion rate to them because we know they want to get to their next holiday destination in the shortest time possible. And because a lot of these customers fall under the growing affluent travel segment, we are offering them a slew of shopping and dining privileges as well as our exclusive DBS Altitude Butler Service."

Like a personal butler, the DBS Altitude Butler Service is available to cardmembers 24 hours a day, seven days a week, anywhere in the world. From tickets to Broadway musicals to dinner reservations anywhere in the world, this service sees to cardmembers' every need and is only a phone call away. In addition, the American Express Selects™ programme offers them privileges with more than 6000 merchants across 54 countries in the travel, retail and food and beverage industries.

DBS has more than two million credit cards in circulation in the region, and one of the most successful is the POSB Everyday Card, which amassed 150,000 cardmembers within a year of its launch in September 2005. As of early this year, that number grew to 200,000 cardmembers. The DBS Black American Express Card, a strategic tie-up with American Express, was another success story. In the region, there are nearly 200,000 DBS Black cardmembers from Singapore and Hong Kong combined.

Said Ng Siew Choo, American Express Vice President, Business Development and Region Head of Global Network Services, Japan/Asia-Pacific/Australia, "The launch of the DBS Altitude Card marks another historic milestone for the American Express relationship with DBS. After the successful launches of the DBS Black American Express® Card in 2003, the DBS Treasures Black Elite American Express® Card and the DBS Takashimaya Platinum American Express® Card last year, we are taking the partnership to the next level by entering the affluent travel segment to offer a great product for frequent travellers. The launch of the card demonstrates the long-term commitment between DBS and American Express, and an affirmation of our commitment to continuously bring new products to benefit our customers."