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NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, DIRECTLY OR INDIRECTLY, IN OR INTO THE UNITED STATES. THE MATERIAL SET FORTH HEREIN IS FOR INFORMATIONAL PURPOSES ONLY AND IS NOT INTENDED, AND SHOULD NOT BE CONSTRUED, AS AN OFFER OF SECURITIES FOR SALE IN THE UNITED STATES. THE SECURITIES DESCRIBED HEREIN HAVE NOT BEEN AND WILL NOT BE REGISTERED UNDER THE U.S. SECURITIES ACT OF 1933, AS AMENDED ("U.S. SECURITIES ACT") OR THE LAWS OF ANY STATE, AND MAY NOT BE OFFERED OR SOLD WITHIN THE UNITED STATES, EXCEPT PURSUANT TO AN EXEMPTION FROM OR IN A TRANSACTION NOT SUBJECT TO THE REGISTRATION REQUIREMENTS OF THE U.S. SECURITIES ACT AND APPLICABLE STATE LAWS. THERE IS NO INTENTION TO REGISTER ANY PORTION OF THE RIGHTS ISSUE DESCRIBED HEREIN IN THE UNITED STATES OR TO CONDUCT A PUBLIC OFFERING OF SECURITIES IN THE UNITED STATES. PLEASE SEE "IMPORTANT NOTICE" AT THE END OF THIS ANNOUNCEMENT.

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Unless otherwise defined, all capitalised terms used herein shall bear the same meaning as in the offer information statement dated 31 December 2008 in relation to the Rights Issue.

Subscription Results
Further to the announcement on 21 January 2009, as at the close of the Rights Issue on 20 January 2009, the Rights Issue is over-subscribed. Valid acceptances and excess applications have been received for a total of 903.5 million Rights Shares. This represents approximately 118.8% of the total number of 760,480,229 Rights Shares offered pursuant to the Rights Issue.

Details of valid acceptances and excess applications received are as follows:

Close to 27,500 acceptances and excess applications in total have been received, including Temasek which has taken up its aggregate pro rata 27.6% Rights entitlement in full.

Excess Applications
A total of 8.7 million Rights Shares which were not validly taken up will be allotted to satisfy excess applications. In such allotment, preference will be given to the rounding of odd lots.

Allotment of Rights Shares
Successful subscribers with CDP Securities Accounts, including those who have elected to receive their Rights Shares in their respective Securities Accounts, will receive, on or about 2 February 2009, a notification from CDP stating the number of Rights Shares that have been credited to their respective Securities Accounts.

Other successful subscribers will receive a share certificate representing the number of Rights Shares subscribed by them within 10 Market Days after the Closing Date on 20 January 2009.

Refund
Subscription moneys accompanying invalid acceptances or unsuccessful applications will be refunded, without interest or any share of revenue or other benefit arising therefrom, within 14 days after the Closing Date by a crossed cheque drawn on a bank in Singapore or (where such acceptances or applications have been made through ATMs) by crediting the bank accounts of the relevant applicants.

Distribution of Net Sale Proceeds of Nil-Paid Rights to Foreign Shareholders
A total of 2,643,570 nil-paid Rights which would otherwise have been provisionally allotted to Foreign Shareholders have been sold on the SGX-ST. The net proceeds of such sale will be paid to such Foreign Shareholders in proportion to their respective shareholdings as at the Books Closure Date on 31 December 2008. However, where the amount payable to any single Foreign Shareholder is less than S$10, such amount shall be retained and applied by the Company for its own purposes.

Issue and Listing of Rights Shares
The Rights Shares are expected to be issued on 30 January 2009 and listed on the SGX-ST on 2 February 2009. Completion of the issue of the Rights Shares will be announced via SGXNET in due course.

The Rights Shares will, upon issue, rank pari passu in all respects with the then issued Shares, save for any dividends, rights, allotments or other distributions the record date for which falls before the date of their issue.

Odd-Lot Trading Facility
The temporary counter to facilitate the trading of Shares in board lots of 500 Shares will be maintained for a period of only one calendar month commencing on 2 February 2009 and ending on 2 March 2009. 

By Order of the Board of
DBS GROUP HOLDINGS LTD

Linda Hoon
Group Secretary

23 January 2009

Important Notice

This Announcement is for information purposes only and does not constitute or form part of any offer or invitation to sell or issue, or any solicitation of any offer to acquire, Rights or Rights Shares or to take up any entitlements to Rights Shares in any jurisdiction in which such an offer or solicitation is unlawful.  No person should acquire any Rights or Rights Shares except on the basis of the information contained in the Offer Information Statement.

The information contained in this Announcement is not for release, publication or distribution to persons in the United States and should not be distributed, forwarded to or transmitted in or into any jurisdiction where to do so might constitute a violation of applicable securities laws or regulations.

The issue, exercise or sale of rights and the acquisition or purchase of the Rights Shares are subject to specific legal or regulatory restrictions in certain jurisdictions.  DBS assumes no responsibility in the event there is a violation by any person of such restrictions.

The distribution of this Announcement, the Offer Information Statement, the provisional allotment letters and/or the application form for Rights Shares and excess Rights Shares into jurisdictions other than Singapore may be restricted by law. Persons into whose possession this Announcement and such other documents comes should inform themselves about and observe any such restrictions.  Any failure to comply with these restrictions may constitute a violation of the securities laws of any such jurisdiction.

Neither the content of DBS’ website, the SGX-ST’s website nor any website accessible by hyperlinks on DBS’ website or the SGX-ST’s website is incorporated in, or forms part of, this Announcement.

This Announcement contains or incorporates by reference “forward-looking statements” regarding the belief or current expectations of DBS, the Board and other members of its senior management about the DBS Group’s businesses and the transactions described in this Announcement.   Generally, words such as ‘‘may’’, ‘‘could’’, ‘‘will’’, ‘‘expect’’, ‘‘intend’’, ‘‘estimate’’, ‘‘anticipate’’, ‘‘believe’’, ‘‘plan’’, ‘‘seek’’, ‘‘continue’’ or similar expressions identify forward-looking statements.  These forward-looking statements are not guarantees of future performance.  Rather, they are based on current views and assumptions and involve known and unknown risks, uncertainties and other factors, many of which are outside the control of DBS and are difficult to predict, that may cause actual results to differ materially from any future results or developments expressed or implied from the forward-looking statements.  Such risks and uncertainties include the effects of continued or increasing volatility in international financial markets, economic conditions both internationally and in individual markets in which the DBS Group operates, and other factors affecting the level of the DBS Group’s business activities and the costs and availability of financing for the DBS Group’s activities.  Any forward-looking statement contained in this Announcement based on past or current trends and/or activities of the DBS Group should not be taken as a representation that such trends or activities will continue in the future.  No statement in this Announcement is intended to be a profit forecast or to imply that the earnings of DBS for the current year or future years will necessarily match or exceed the historical or published earnings of DBS.  Each forward-looking statement speaks only as of the date of the particular statement.  DBS expressly disclaims any obligation or undertaking to release publicly any updates or revisions to any forward-looking statements contained herein to reflect any change in DBS’ expectations with regard thereto or any change in events, conditions or circumstances on which any such statement is based.