News Release

DBS DECLINES PARTICIPATION IN
PROPOSED RECAPITALISATION OF TMB BANK

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DBS to remain a significant shareholder

SINGAPORE, 14 SEPTEMBER 2007 - DBS Group Holdings Ltd ("DBS") today announced that, under the current circumstances, DBS does not intend to participate in the proposed recapitalisation plan of TMB Bank PCL of Thailand ("TMB"). In the event that TMB raises capital from new shares issued to existing or new shareholders, DBS expects its existing 16.1% stake to be diluted but nevertheless remains committed as a significant shareholder of TMB.

DBS had indicated its interest in playing a greater role in improving TMB's performance; however, after several months of extensive discussions with Thailand 's Ministry of Finance as well as the Board and management of TMB, DBS did not receive adequate assurance on its position going forward, and thus intends to decline participation in TMB's proposed capital raising exercise.

"Our decision was not an easy one as we spent many months exploring ways in which DBS could help TMB. Unfortunately we did not receive adequate assurance that we would have sufficient management control to effect the business and operational changes necessary to improve TMB's performance," explained DBS Chief Financial Officer Jeanette Wong.

Thailand is an important market in Asia and DBS will continue to look for opportunities to grow its footprint in Asia, deepen its customer franchise and create shareholder value.

Note to Editors

DBS took an impairment charge of approximately SGD 159 million for its existing investment in TMB against its 2Q 2007 performance.

About DBS

Headquartered in Singapore, DBS is one of the largest financial services groups in Asia with operations in 15 markets. The largest bank in Singapore as measured by assets, and a leading bank in Hong Kong, DBS' "AA-" and "Aa1" credit ratings are among the highest in the Asia-Pacific region. DBS has leading positions in corporate, SME and consumer banking, treasury and markets, wealth 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.