Capital markets

DBS has played a lead role in helping companies tap equity through Initial Public Offerings (IPOs) on the Singapore Exchange. Over a 5-year period from 2001 to 2005, DBS Bank has achieved a market share of 31.24% of the total funds raised through Singapore IPOs during this period.

DBS Bank is also very active in secondary market activities such as share placements, rights issues and bonus issues servicing both multinationals, large corporates as well as small and medium enterprises (SMEs). We have strong relationships with more than 50,000 SMEs in Singapore whom we work with, partnering and advising from inception stages, and in some cases, right up to listing and other post-listing corporate activities.

Equity Capital Markets, together with Debt Capital Markets, was instrumental in the introduction of the Real Estate Investment Trust (REIT) product into the capital markets by successfully completing the first REIT IPO in 2002. As at December 2005, DBS Bank had a 100% market share in the REIT IPO market, having lead managed all the 7 REIT IPOs in Singapore.

• Equity Capital Markets
• Debt Capital Markets
• Mergers & Acquisitions Advisory
• Private Equity

Our Equity Capital Markets team in DBS Bank also played an instrumental role in many historical landmark IPOs such as SingTel, Singapore Airlines, Singapore Exchange, SMRT, United Test and Assembly Center and Singapore Post. DBS Bank also assisted a number of foreign companies, such as Australand, Nera Telecommunications, Tianjin Zhong Xin Pharmaceutical and Want Want, in their Singapore listings.

As recognition of our track record in equity capital markets transactions, the Bank was awarded the following accolades, for Singapore, over the last few years - "Best Investment Bank" and "Best Equity House" by FinanceAsia, "Best Domestic Equity House" by Asiamoney, "Best Bank" and "Best Equity House" by Euromoney, "Best Equity House" by IFR and "Best Domestic Investment Bank" by The Asset.

For more information about DBS Bank's Equity Capital Markets services, please fax at +65 6221 8847 or email cmarkets@dbs.com. Alternatively, you can contact:

• Kan Shik Lum, Managing Director and Head (+65-6878 6382)
• Goh Chyan Pit, Managing Director (+65-6878 2085)
• George Honchoy, Managing Director (+852-2218 8628)
• Cheah Le Sa, Senior Vice President (+65-6878 5344)

The Debt Capital Markets Group provides capital-raising solutions to DBS Bank's corporate and institutional customers thorugh our extensive in local and cross-border debt and structured capital markets solutions.

DBS Bank is a key player in the Asian debt capital markets having managed serveral notable deals for our regionally clients including debt issuances in 2005 including:

• S$400 million inaugural bond issue by Singapore's Public Utilities Board's
• S$700 million guaranteed notes by Hong Kong Treasury Services - largest ever rated Singapore dollar issue by a foreign issuer
• US$150 million debut subordinated debt issue by PT Bank Internasional Indonesia
• US$90 million debut convertible bond issue by Videocon Industrial Limited

In sddition, DBS Bank is a market leader with innovative structuring expertise, having managed many landmark and award-winning deals, namely:

• Suntec REIT IPO of S$830 million in 2004 - largest Singapore REIT IPO
• Mapletree REIT IPO of S$243 million in 2005 - first Asia focused logistics REIT
• Central Pattana Retail Growth Property Fund of US$265 million in 2005 - largest Thai property funds IPO, first Thai REIT offered to international investors
• Starhill REIT of US$135 million in 2005 - largest property trust in Malaysia
• GZI REIT, of US$230 million in 2005 - first Chinese property REIT in Hong Kong

DBS Bank's dominance in the Singapore debt market has earned it various awards, including:

• Finance Asia End of Year Achievement Awards 2005 - Best Local Currency Bond Deal - Hongkong Land's S$700 million bond
• Finance Asia Country Awards for Achievement 2004 - Best Bond House (Singapore)
• Asiamoney Domestic Bank Awards 2004 - Best Domestic Bond House in Singapore
• EuroWeek Asian Review of the Year 2004 - Best Bookrunner of Singapore Dollar Bonds

For more information about DBS Bank's Debt Capital Markets Services, please fax at +65 62256783. Alternatively, you can contact:

• Clifford Lee, Managing Director & Head, Fixed Income (+65 6878 8742)
• Eng-Kwok Seat Moey , Managing Director & Head, Asset-Backed Structured Products (+65 6878 6131)

DBS' Mergers & Acquisitions Advisory group ("M&A Advisory") assists DBS Bank's corporate clients in originating, structuring and executing a wide range of public and private transactions, including mergers, joint-ventures, acquisitions, divestments, strategic investor buy-ins, corporate restructuring, spin-offs and leveraged/management buyouts in Asia. M&A Advisory also undertakes engagements in business valuations and the provision of fairness opinions.

M&A Advisory works closely with the Corporate and Investment Banking Group, which provides client coverage and industry sector knowledge tailored to meet the strategic and business objectives of its clients. M&A Advisory provides sound corporate finance advice and innovative financial solutions to its corporate clients.

M&A Advisory is recognized by various independent league tables as a leading financial advisor on mergers, acquisitions, corporate restructuring and privatizations in Asia. In 2005, based on Thomson Financial's Asian (ex-Japan) M&A league tables, the DBS Group was ranked 9th based on the number of deals completed and 10th based on the number of deals announced, which comprised of 26 transactions totaling U.S.$1.6 billion (S$2.6 billion) and 32 transactions totaling U.S.$2.1 billion (S$3.5 billion) respectively. M&A Advisory's roles in these transactions include advising Tech Group Asia Ltd on its merger with Sunningdale Precision Industries Ltd, the merger of Videocon Industries Ltd and Videocon International Ltd, Speedy-Tech Electronics Ltd on its merger with Integrated Microelectronics Inc, Axis Systems Holdings Limited on its acquisition of Silverlake Adaptive Applications & Continuous Improvement Services Ltd, Great Wall Acquisition Corporation on its take-over of ChinaCast Communication Holdings Limited and CSA Holdings Ltd on its privatization by CSC Computer Sciences International Inc.

M&A Advisory has a core group of M&A advisory professionals in Singapore and Hong Kong to service the needs and requirements of our clients in Asia.

For more information, please fax at +65 6878 5676 or email maadvisory@dbs.com. Alternatively, you can contact:

• Mahesh P. Rupawalla, Managing Director & Head (+65 6878 6172)
• Lynn Goh, Managing Director (+65 6878 5706)
• Jason Wong, Managing Director (+852 2218 8611)