DBS ANNOUNCES SGD 400 MILLION
SHARE BUYBACK PROGRAMME

SINGAPORE, 19 September 2007 - DBS Group Holdings today announced that it was launching a share buyback programme of up to SGD 400 million for on-market purchases of its ordinary shares. A share buyback mandate had been approved by shareholders at an extraordinary general meeting on 4 April 2007.

DBS intends to hold the repurchased shares as treasury shares, which may be used for various corporate purposes including employee benefit plans. DBS has approximately 1,516 million ordinary shares outstanding.

DBS Chief Financial Officer Jeanette Wong said, “Our share buyback programme enhances our ongoing capital management efforts and reaffirms our commitment to improving shareholder returns. It will complement our existing policy of paying progressively rising ordinary dividends to shareholders. DBS continues to be
well-capitalised with sufficient resources to expand our banking franchise in the region.”

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.