IMPORTANT NOTICE: You must read the following before continuing. The following applies to the oåering circular dated June 9, 2006 attached to this

Transcription

1 IMPORTANT NOTICE: You must read the following before continuing. The following applies to the oåering circular dated June 9, 2006 attached to this , and you are therefore advised to read this carefully before reading, accessing or making any other use of the oåering circular. In accessing the oåering circular, you agree to be bound by the following terms and conditions, including any modiñcations to them, any time you receive any information from us as a result of such access. This oåering circular has been prepared in connection with the oåer and sale of the Notes described therein. The oåering circular and its contents are conñdential and should not be distributed, published or reproduced (in whole or in part) or disclosed by recipients to any other person. THE ATTACHED OFFERING CIRCULAR MAY NOT BE FORWARDED OR DISTRIBUTED OTHER THAN AS PROVIDED BELOW AND MAY NOT BE REPRODUCED IN ANY MANNER WHATSOEVER. THE OFFERING CIRCULAR MAY ONLY BE DISTRIBUTED IN CONNECTION WITH AN ""OFFSHORE TRANSACTION'' AS DEFINED IN, AND AS PERMITTED BY, REGULA- TION S UNDER THE US SECURITIES ACT OF 1933 (THE ""SECURITIES ACT'') OR WITHIN THE UNITED STATES TO QUALIFIED INSTITUTIONAL BUYERS (""QIBs'') IN ACCORDANCE WITH RULE 144A UNDER THE SECURITIES ACT (""RULE 144A''). ANY FORWARDING, DIS- TRIBUTION OR REPRODUCTION OF THE OFFERING CIRCULAR IN WHOLE OR IN PART IS UNAUTHORIZED. FAILURE TO COMPLY WITH THIS DIRECTIVE MAY RESULT IN A VIOLA- TION OF THE SECURITIES ACT OR THE APPLICABLE LAWS OF OTHER JURISDICTIONS. NOTHING IN THIS ELECTRONIC TRANSMISSION CONSTITUTES AN OFFER OF NOTES FOR SALE IN ANY JURISDICTION WHERE IT IS UNLAWFUL TO DO SO. THE NOTES HAVE NOT BEEN AND WILL NOT BE REGISTERED UNDER THE SECURITIES ACT OR WITH ANY OTHER SECURITIES REGULATORY AUTHORITY OF ANY STATE OR OTHER JURISDICTION OF THE UNITED STATES AND MAY NOT BE OFFERED, SOLD, PLEDGED OR OTHERWISE TRANSFERRED EXCEPT (1) IN ACCORDANCE WITH RULE 144A TO A PERSON THAT THE HOLDER AND ANY PERSON ACTING ON ITS BEHALF REASONABLY BELIEVES IS A QIB WITHIN THE MEANING OF RULE 144A IN ACCORDANCE WITH ANY APPLICABLE SECURI- TIES LAWS OF ANY STATE OF THE UNITED STATES THAT (A) WAS NOT FORMED FOR THE PURPOSE OF INVESTING IN THE NOTES AND (B) IS ACQUIRING THE NOTES FOR ITS OWN ACCOUNT OR FOR THE ACCOUNT OF A QIB, OR (2) IN AN OFFSHORE TRANSACTION IN ACCORDANCE WITH RULE 903 OR RULE 904 OF REGULATION S UNDER THE SECURITIES ACT. ConÑrmation of your Representation: In order to be eligible to view the attached oåering circular or make an investment decision with respect to the Notes, investors must be (i) a person that is outside the United States (within the meaning of Regulation S under the Securities Act) or (ii) a QIB. By accepting this and accessing the oåering circular, you shall be deemed to have represented to us that you are a person that is outside the United States or that you are a QIB; and that you consent to the delivery of such oåering circular by electronic transmission. You are reminded that the oåering circular has been delivered to you on the basis that you are a person into whose possession the oåering circular may be lawfully delivered in accordance with the laws of the jurisdiction in which you are located and you may not, nor are you authorized to, deliver the oåering circular to any other person or make copies of the oåering circular. Under no circumstances shall the oåering circular constitute an oåer to sell or the solicitation of an oåer to buy, nor shall there be any sale of Notes, in any jurisdiction in which such oåer, solicitation or sale would be unlawful. If a jurisdiction requires that the oåering and sale of the Notes be made by a licensed broker or dealer and Morgan Stanley Dean Witter Asia (Singapore) Pte., J.P. Morgan (S.E.A.) Limited and Deutsche Bank AG, Singapore Branch or any açliate thereof is a licensed broker or dealer in that jurisdiction, the oåering and sale of the Notes shall be deemed to be made by Morgan Stanley Dean Witter Asia (Singapore) Pte., J.P. Morgan (S.E.A.) Limited and Deutsche Bank AG, Singapore Branch or such açliate on behalf of the issuer in such jurisdiction. By accepting and opening the attached document, you also acknowledge and agree to the following restrictions: United Kingdom: This and the oåering circular is being directed solely at and may only be communicated to persons: (i) who have professional experience in matters relating to investments being deñned in Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (as amended) (the ""FPO''), (ii) who fall within Article 49(2)(a)-(d) of the FPO, (iii) are outside the

2 United Kingdom, or (iv) are persons to whom an invitation or inducement to engage in an investment activity (within the meaning of section 21 of the Financial Services and Markets Act 2000) in connection with the issue or sale of any notes may otherwise be lawfully communicated or caused to be communicated (all such persons together being referred to as ""Relevant Persons''). This and the oåering circular is directed only at Relevant Persons and must not be acted on or relied on by persons who are not Relevant Persons. Any investment or investment activity to which this document relates is available only to Relevant Persons and will be engaged in only with Relevant Persons. The oåering circular and its contents are conñdential and should not be distributed, published or reproduced (in whole or in part) or disclosed by recipients to any other person. Any person who is not a Relevant Person should not act or rely on the oåering circular or any of its contents. United States: The Notes have not been registered under the United States Securities Act of 1933, as amended (the ""Securities Act''). This and the attached oåering circular, or any copy thereof, may not be taken or transmitted into the United States or any of its territories or possessions or to U.S. persons or distributed, directly or indirectly, in the United States or to any employee or açliate of the recipient located therein except to qualiñed institutional buyers as such term is deñned in Rule 144A under the Securities Act. Japan: The Notes have not been and will not be registered under the Securities and Exchange Law of Japan and may not be oåered or sold, directly or indirectly, in Japan or to a resident of Japan except pursuant to an exemption from the registration requirements of, and otherwise in compliance with, the Securities and Exchange Law and other relevant laws and regulations of Japan. Singapore: This oåering circular has not been registered as a prospectus with the Monetary Authority of Singapore. Accordingly, this oåering circular and any other document or material in connection with the oåer or sale, or invitation for subscription or purchase, of the Notes may not be circulated or distributed, nor may the Notes be oåered or sold, or be made the subject of an invitation for subscription or purchase, whether directly or indirectly, to persons in Singapore other than (i) to an institutional investor under Section 274 of the Securities and Futures Act, Chapter 289 of Singapore (the ""SFA''), (ii) to a relevant person pursuant to Section 275(1), or any person pursuant to Section 275(1A), and in accordance with the conditions speciñed in Section 275, of the SFA or (iii) otherwise pursuant to, and in accordance with the conditions of, any other applicable provision of the SFA. Where the Notes are subscribed or purchased under Section 275 of the SFA by a relevant person which is: (a) a corporation (which is not an accredited investor (as deñned in Section 4A of the SFA)) the sole business of which is to hold investments and the entire share capital of which is owned by one or more individuals, each of whom is an accredited investor; or (b) a trust (where the trustee is not an accredited investor) whose sole purpose is to hold investments and each beneñciary of the trust is an individual who is an accredited investor, shares, debentures and units of shares and debentures of that corporation or the beneñciaries' rights and interest (howsoever described) in that trust shall not be transferred within six months after that corporation or that trust has acquired the Notes pursuant to an oåer made under Section 275 of the SFA except: (1) to an institutional investor (for corporations, under Section 274 of the SFA) or to a relevant person deñned in Section 275(2) of the SFA, or to any person pursuant to an oåer that is made on terms that such shares, debentures and units of shares and debentures of that corporation or such rights and interest in that trust are acquired at a consideration of not less than S$200,000 (or its equivalent in a foreign currency) for each transaction, whether such amount is to be paid for in cash or by exchange of securities or other assets, and further for corporations, in accordance with the conditions speciñed in Section 275 of the SFA; (2) where no consideration is or will be given for the transfer; or (3) where the transfer is by operation of law. Hong Kong: (i) The Notes may not be oåered or sold in Hong Kong by means of any document, other than (a) to ""professional investors'' as deñned in the Securities and Futures Ordinance (Cap. 571) of Hong Kong and any rules made under that Ordinance; or (b) in other circumstances which do not result in the document being a ""prospectus'' as deñned the Companies Ordinance (Cap. 32) of Hong Kong or which do

3 not constitute an oåer to the public within the meaning of that Ordinance; and (ii) no advertisement, invitation or document may be made in Hong Kong or elsewhere relating to the Notes, which is directed at, or the contents of which are likely to be accessed or read by, the public of Hong Kong (except if permitted to do so under the securities laws of Hong Kong) other than with respect to Notes which are or are intended to be disposed of only to persons outside Hong Kong or only to ""professional investors'' as deñned in the Securities and Futures Ordinance and any rules made under that Ordinance. * * * * * * * The oåering circular has been sent to you in an electronic form. You are reminded that documents transmitted via this medium may be altered or changed during the process of electronic transmission and consequently neither Morgan Stanley Dean Witter Asia (Singapore) Pte., Deutsche Bank AG, Singapore Branch nor J.P. Morgan (S.E.A.) Limited nor any person who controls them nor any director, oçcer, employee nor agent of them or açliate of any such person accepts any liability or responsibility whatsoever in respect of any diåerence between the oåering circular distributed to you in electronic format and the hard copy version available to you on request from Morgan Stanley Dean Witter Asia (Singapore) Pte., Deutsche Bank AG, Singapore Branch and J.P. Morgan (S.E.A.) Limited. This and the attached document are intended only for use by the addressee named herein and may contain legally privileged and/or conñdential information. If you are not the intended recipient of this , you are hereby notiñed that any dissemination, distribution or copying of this and the attached document, is strictly prohibited. If you have received this in error, please immediately notify the sender by reply and permanently delete all copies of this and destroy any printouts of it.

4 STRICTLY CONFIDENTIAL DBS Bank Ltd. (incorporated with limited liability under the laws of the Republic of Singapore) (registered in Singapore under registration number E) U.S.$900,000,000 FLOATING RATE SUBORDINATED NOTES DUE 2021 CALLABLE WITH STEP-UP IN 2016 Issue Price: 100% DBS Bank Ltd. (""DBS Bank'') is offering U.S.$900,000,000 Floating Rate Subordinated Notes due 2021 Callable with Step-up in 2016 (the ""Notes'') outside the United States to non-u.s. persons in reliance on Regulation S (""Regulation S'') under the United States Securities Act of 1933, as amended (the ""Securities Act''). In addition, Morgan Stanley Dean Witter Asia (Singapore) Pte., J.P. Morgan (S.E.A.) Limited and Deutsche Bank AG, Singapore Branch (the ""Underwriters''), through their respective selling agents, are offering the Notes inside the United States to qualified institutional buyers in reliance on Rule 144A under the Securities Act (""Rule 144A''). DBS Bank will pay interest on the Notes initially at the rate of three-month LIBOR plus 0.61% on January 15, April 15, July 15 and October 15 of each year. The Ñrst such interest payment will be made on October 15, 2006 and will be in respect of the period from and including June 16, 2006 to but excluding October 15, 2006 as described herein. The Notes will mature on the Interest Payment Date falling on or nearest to July 15, 2021, if not earlier redeemed or purchased and canceled. If the Notes are not earlier redeemed or purchased and canceled the interest rate from the Interest Payment Date falling on or nearest to July 15, 2016 will be reset at a Öoating rate per annum equal to three-month LIBOR plus 1.61%. Investors should note the following with respect to the terms and conditions of the Notes (as explained more fully under ""Description of the Notes''): (1) the Notes are not redeemable prior to their maturity date except on the Interest Payment Date falling on or nearest to July 15, 2016 or except in the event of certain developments relating to taxation, and any such redemption is subject to (a) the approval of the Monetary Authority of Singapore (including any successor entity, ""MAS'') and (b) DBS Bank being solvent at the time thereof and immediately thereafter as described herein; (2) payments of interest on the Notes may be subject to deferral in certain circumstances if DBS Bank has not paid or determines not to declare or pay dividends on its share capital or Tier I Capital Securities (as deñned herein); (3) except in a winding-up of DBS Bank, payments of principal of and interest (including Arrears of Interest (as deñned herein) and Additional Interest (as deñned herein)) on the Notes are conditional to the extent that DBS Bank is solvent at the time of such payment and immediately thereafter as described herein; (4) the sole remedy of the Trustee upon a default in the payment of principal of or interest on the Notes when due is the right to institute a winding-up of DBS Bank in Singapore (but not elsewhere); (5) the claims of the Noteholders are subordinated in right of payment to claims of DBS Bank's creditors (including DBS Bank's depositors) other than those claims that are pari passu with or junior to the Notes and will rank senior to all share capital of DBS Bank and Tier I Capital Securities; and (6) upon the winding-up of DBS Bank, there shall be payable on the Notes, after payment in full of all claims of all DBS Bank's senior creditors (including DBS Bank's depositors), but in priority to shareholders (including preference shareholders) and holders of Tier I Capital Securities, such amount remaining after the payment in full of all claims of all DBS Bank's senior creditors (including DBS Bank's depositors) up to, but not exceeding, the principal amount of the Notes together with interest accrued to the date of repayment and any Arrears of Interest and Additional Interest thereon as described herein. The Notes will be denominated in the principal amount of U.S.$100,000 and integral multiples of U.S.$1,000 thereafter. The Notes have been rated A by Standard and Poor's Ratings Group, a division of the McGraw-Hill Companies Inc. (""Standard and Poor's''), Aa3 by Moody's Investors Service, Inc. (""Moody's'') and A by Fitch Ratings Ltd (""Fitch''). A security rating is not a recommendation to buy, sell or hold securities and may be subject to suspension, reduction or withdrawal at any time by the assigning rating agency. Investing in the Notes involves risks that are described in the ""Investment Considerations'' section beginning on page 14 of this OÅering Circular. The Notes have not been and will not be registered under the Securities Act and, subject to certain exceptions, may not be oåered or sold within the United States or to, or for the account or beneñt of, U.S. persons (as deñned in Regulation S). Accordingly, the Notes are being oåered and sold in the United States only to qualiñed institutional buyers in reliance on the exemption from registration provided by Rule 144A and outside the United States to non-u.s. persons in oåshore transactions in reliance on Regulation S. The Notes are not transferable except in accordance with the restrictions described herein. See ""Plan of Distribution''. Approval in-principle has been received to list the Notes on the Singapore Exchange Securities Trading Limited (""SGX-ST''). The SGX-ST takes no responsibility for the correctness of any statements made or opinions expressed herein. Admission to the OÇcial List of the SGX-ST is not to be taken as an indication of the merits of DBS Bank or the Notes. The Underwriters, through their respective selling agents, expect to deliver the Notes through the facilities of the Depository Trust Company (""DTC'') against payment on June 16, Morgan Stanley Dean Witter Asia (Singapore) Pte. has been appointed as the sole bookrunner and Morgan Stanley Dean Witter Asia (Singapore) Pte., J.P. Morgan (S.E.A.) Limited, DBS Bank Ltd. and Deutsche Bank AG, Singapore Branch have been appointed as the joint lead managers (""Joint Lead Managers'') for this offering. Morgan Stanley JPMorgan DBS Bank Ltd. Deutsche Bank Sole Bookrunner and Joint Lead Manager Joint Lead Manager Joint Lead Manager Joint Lead Manager OÅering Circular dated June 9, 2006

5

6 TABLE OF CONTENTS Summary ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 1 Summary Selected Financial Information of the DBS Group ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 4 The OÅering ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 7 Investment Considerations ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 14 Exchange Rates ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 20 Use of ProceedsÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 21 Capitalization and Indebtedness of the DBS Group ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 22 Selected Financial Information of the DBS GroupÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 23 Management's Discussion and Analysis of Financial Condition and Results of Operations of the DBS GroupÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 26 Description of the Business of the DBS Group ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 47 Description of Assets and Liabilities of the DBS Group ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 65 Management and Employees ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 88 Principal Shareholders of DBS Bank ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 98 Regulation and Supervision ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 99 Related Party Transactions ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 103 Description of the Notes ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 104 Certain Tax Considerations ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 119 ERISA Considerations ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 124 Plan of DistributionÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 125 Legal Matters ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 128 Independent Auditors ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 129 General Information ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 130 Summary of SigniÑcant DiÅerences Between Singapore FRS and U.S. GAAP ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 131 Index to Financial Statements ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ F-1 Annex A Global Clearance and SettlementÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ A-1 Page i

7 No person has been authorized to give any information or to make any representations other than those contained in this OÅering Circular, and, if given or made, such information or representations must not be relied upon as having been authorized. This OÅering Circular does not constitute an oåer to sell or the solicitation of an oåer to buy any securities other than the securities to which it relates or an oåer to sell or the solicitation of an oåer to buy such securities by any person in any circumstances in which such oåer or solicitation is unlawful. Neither the delivery of this OÅering Circular nor any sale made hereunder shall, under any circumstances, create any implication that there has been no change in the aåairs of DBS Bank since the date hereof or that the information contained herein is correct as of any time subsequent to its date. DBS Bank accepts responsibility for the information contained in this OÅering Circular (including the Audited Financial Statements but excluding the annex attached hereto). DBS Bank, having made all reasonable inquiries, conñrms that this OÅering Circular contains all information with respect to DBS Bank and its subsidiaries and the Notes which is material in the context of the issue and oåering of the Notes, that the information contained herein is true and accurate in all material respects and is not misleading in any material respect, that the opinions and intentions expressed herein are honestly held and have been reached after considering all relevant circumstances and are based on reasonable assumptions, that there are no other facts the omission of which would, in the context of the issue and oåering of the Notes, make this OÅering Circular as a whole or any of such information or the expression of any such opinions or intentions misleading in any material respect, that all reasonable inquiries have been made by DBS Bank to verify the accuracy of such information and that this OÅering Circular does not contain any untrue statement of a material fact or omit to state a material fact required to be stated herein or necessary in order to make the statements herein, in the light of the circumstances under which they are made, not misleading. The Notes are being oåered and sold outside the United States to non-u.s. persons in reliance on Regulation S and within the United States to ""qualiñed institutional buyers'' in reliance on Rule 144A. Prospective purchasers are hereby notiñed that sellers of the Notes may be relying on the exemption from the provisions of Section 5 of the Securities Act provided by Rule 144A. For a description of these and certain further restrictions on oåers, sales and transfers of the Notes and distribution of this OÅering Circular, see ""Plan of Distribution''. The Notes have not been approved or disapproved by the U.S. Securities and Exchange Commission, any State securities commission in the United States or any other U.S. regulatory authority, nor have any of the foregoing authorities passed upon or endorsed the merits of the oåering of the Notes or the accuracy or adequacy of this OÅering Circular. Any representation to the contrary is a criminal oåense in the United States and may be a criminal oåense in other jurisdictions. This OÅering Circular has been prepared by DBS Bank solely for use in connection with the proposed oåer and sale of the Notes described herein. DBS Bank and the Underwriters (as deñned herein) reserve the right to reject any oåer to purchase Notes in whole or in part, for any reason. The distribution of this OÅering Circular and the oåer, sale and delivery of the Notes in certain jurisdictions may be restricted by law. Persons into whose possession this OÅering Circular comes are required by DBS Bank and the Joint Lead Managers to inform themselves about and to observe any such restrictions. For a further description of certain restrictions on the oåering and sale of the Notes, see ""Plan of Distribution''. This OÅering Circular does not constitute an oåer of, or an invitation to purchase, any of the Notes in any jurisdiction in which such oåer or invitation would be unlawful. No action is being taken to permit a public oåering of the Notes or the distribution of this document (in preliminary or Ñnal form) in any jurisdiction where action would be required for such purposes. No representation or warranty, express or implied, is made as to the accuracy or completeness of the information set forth herein, and nothing contained in this OÅering Circular is, or shall be relied upon as, a promise or representation, whether as to the past or the future. Each person receiving this OÅering Circular acknowledges that (i) this OÅering Circular does not contain all the information that would be included in a prospectus for this oåering were this oåering registered under the Securities Act, (ii) the Ñnancial statements included herein relating to the DBS Group (as deñned herein) have been prepared in accordance with Singapore Ñnancial reporting standards (""Singapore FRS''), ii

8 which diåer in certain signiñcant respects from United States generally accepted accounting principles (""U.S. GAAP''), and thus are not comparable to the Ñnancial statements of a United States bank (see ""Summary of SigniÑcant DiÅerences Between Singapore FRS and U.S. GAAP''), and (iii) no person has been authorized to give any information or to make any representation concerning DBS Bank, the DBS Group (as deñned herein) or the Notes other than as contained herein and, if given or made, any such information or representation should not be relied upon as having been authorized by DBS Bank or any of the Joint Lead Managers. For the year ended December 31, 2005, the consolidated Ñnancial statements of DBS Group were prepared in accordance with Singapore FRS, including the modiñcation of the requirements of FRS 39 Financial Instruments: Recognition and Measurement in respect of loan loss provisioning by Notice to banks No. 612 ""Credit Files, Grading and Provisioning'' issued by the Monetary Authority of Singapore.'' The Ñnancial statements of DBS Group and DBS Bank for the year ended December 31, 2005 and the Ñrst quarter of 2005 and 2006 referred to in this OÅering Circular were prepared in accordance with such modiñcation. In connection with this issue the Underwriters or any person acting for them may, to the extent permitted by applicable laws and regulations, over-allot or eåect transactions with a view to supporting the market price of the Notes at a level higher than that which might otherwise prevail for a limited period. However, there may be no obligation on the Underwriters or any person acting for them to do this. Such stabilizing, if commenced, may be discontinued at any time, and must be brought to an end after a limited period. FORWARD-LOOKING STATEMENTS Certain statements under the captions ""Summary'', ""Use of Proceeds'', ""Management's Discussion and Analysis of Financial Condition and Results of Operations of the DBS Group'', ""Description of the Business of the DBS Group'' and elsewhere in this OÅering Circular constitute ""forward-looking statements'' within the meaning of the United States Private Securities Litigation Reform Act of 1995 (the ""Reform Act''). Such forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance and achievements of DBS Bank, the DBS Group (as deñned herein), DBS Bank (Hong Kong) Limited or industry results, to be materially diåerent from any future results, performance or achievements, expressed or implied by such forward-looking statements. Such factors include, among other things, the following: economic and political considerations in Singapore, the People's Republic of China (""China''), China including Hong Kong (""Greater China'') and Southeast Asia, changes in interest rates or exchange rates, various business and regulatory factors aåecting the banking sector in Singapore, Hong Kong and Southeast Asia, the lack of an established market for the Notes and other factors referenced in this OÅering Circular. See ""Investment Considerations''. AVAILABLE INFORMATION For so long as the Notes remain outstanding and are ""restricted securities'' within the meaning of Rule 144(a)(3) of the Securities Act, DBS Bank will furnish, upon the request of any holder of Notes, such information as is speciñed in paragraph (d)(4) of Rule 144A, to such holder or beneñcial owner or to a prospective purchaser of such Note or interest therein who is a ""qualiñed institutional buyer'' within the meaning of Rule 144A, in order to permit compliance by such holder or beneñcial owner with Rule 144A in connection with the resale of such Note or beneñcial interest therein in reliance on Rule 144A unless, at the time of such request, DBS Bank is subject to the reporting requirements of Section 13 or 15(d) of the United States Securities Exchange Act of 1934, as amended (the ""Exchange Act''), or is included in the list of foreign private issuers that claim exemption from the registration requirements of Section 12(g) of the Exchange Act (and therefore is required to furnish the United States Securities and Exchange Commission with certain information pursuant to Rule 12g-3-2(b) under the Exchange Act). ENFORCEABILITY OF CIVIL LIABILITIES DBS Bank is a company incorporated in Singapore. Substantially all of the directors and oçcers of DBS Bank reside outside the United States. All or substantially all of the assets of such persons and of DBS Bank are located outside the United States. As a result, it may not be possible for investors to enforce against such persons or DBS Bank in the United States the Federal securities laws of the United States, or to enforce iii

9 judgments obtained in the United States courts predicated upon the civil liability provisions of the Federal securities laws of the United States, including the Securities Act and the Exchange Act. DBS Bank has been advised by its Singapore counsel that judgments based upon the civil liability provisions of the Federal securities laws of the United States are not enforceable in Singapore courts and that there is doubt as to whether Singapore courts will enter judgments in original actions brought in Singapore courts based only upon the civil liability provisions of the Federal securities laws of the United States. DBS Bank will irrevocably submit to the non-exclusive jurisdiction of any New York State or Federal court sitting in The City of New York for the purpose of any action or proceeding with respect to the Notes or the Indenture. See ""Description of the Notes Ì Subordination'' and ""Description of the Notes Ì Governing Law, Consent to Jurisdiction, Service of Process and Immunity''. CERTAIN DEFINED TERMS AND CONDITIONS In this OÅering Circular, unless otherwise speciñed or the context otherwise requires, all references to ""Singapore dollars'' and ""S$'' are to the lawful currency of Singapore, all references to ""U.S. dollars'' and ""U.S.$'' are to the lawful currency of the United States of America, all references to ""Hong Kong dollars'' and ""HK$'' are to the lawful currency of Hong Kong, all references to ""RMB'' and ""Renminbi'' are to the lawful currency of China, all references to ""Indonesian Rupiah'', ""IDR'' and ""Rp.'' are to the lawful currency of the Republic of Indonesia, all references to ""RM'' and ""Malaysian Ringgit'' are to the lawful currency of Malaysia, all references to ""Philippine Peso'' and ""PHP'' are to the lawful currency of the Philippines and all references to ""baht'' and ""Bt'' are to the lawful currency of Thailand. For convenience, certain U.S. dollar amounts have been translated into Singapore dollars based on the prevailing exchange rate of S$1.62 U.S.$1.00, the noon buying rate in New York City as certiñed for customs purposes by the Federal Reserve Bank of New York for cable transfers (the ""Noon Buying Rate'') in Singapore dollars on March 31, Such translations should not be construed as representations that the Singapore dollar or U.S. dollar amounts referred to herein could have been, or could be, converted into U.S. dollars or Singapore dollars, as the case may be, at that or any other rate or at all. The Noon Buying Rate for Singapore dollars on June 9, 2006 was S$1.59 U.S.$1.00. For convenience, (i) certain Hong Kong dollar amounts have been translated into Singapore dollars based on the prevailing exchange rate of HK$4.79 S$1.00, (ii) certain Renminbi amounts have been translated into Singapore dollars based on the prevailing exchange rate of RMB4.95 S$1.00, (iii) certain Indonesian Rupiah amounts have been translated into Singapore dollars based on the prevailing exchange rate of Rp.5,609 S$1.00, (iv) certain Philippine Peso amounts have been translated into Singapore dollars based on the prevailing exchange rate of PHP S$1.00 and (v) certain Malaysian Ringgit amounts have been translated into Singapore dollars based on the prevailing exchange rate of RM2 S$1.00, as quoted on Bloomberg on March 31, Such translations should not be construed as representations that the Singapore dollar, Hong Kong dollar, Indonesian Rupiah or Philippine Peso amounts referred to herein could have been, or could be, converted into Hong Kong dollars, Indonesian Rupiah, Philippine Peso or Singapore dollars, as the case may be, at that rate or any other rate at all. As used in this OÅering Circular, ""DBS Bank'' refers to DBS Bank Ltd., ""DBS Group'' refers to DBS Bank and its consolidated subsidiaries, ""DBSH'' refers to DBS Group Holdings Ltd, ""DBSH Group'' refers to DBSH and its consolidated subsidiaries and ""DBS Bank Hong Kong'' refers to DBS Bank (Hong Kong) Limited. References in this OÅering Circular to ""2003'', ""2004'' and ""2005'' refer to the DBS Group's Ñscal years ended December 31, 2003, 2004 and 2005, respectively. Unless speciñed otherwise or the context otherwise requires, all references to ""loans'' refer to loans net of cumulative provisions. Any discrepancies in the tables included herein between the listed amounts and totals thereof are due to rounding. iv

10 NOTICE TO NEW HAMPSHIRE RESIDENTS NEITHER THE FACT THAT A REGISTRATION STATEMENT OR AN APPLICATION FOR A LICENSE HAS BEEN FILED UNDER CHAPTER 421-B OF THE NEW HAMPSHIRE REVISED STATUTES (""RSA 421-B'') WITH THE STATE OF NEW HAMPSHIRE NOR THE FACT THAT A SECURITY IS EFFECTIVELY REGISTERED OR A PERSON IS LICENSED IN THE STATE OF NEW HAMPSHIRE CONSTITUTES A FINDING BY THE SECRETARY OF STATE OF NEW HAMPSHIRE THAT ANY DOCUMENT FILED UNDER RSA 421-B IS TRUE, COMPLETE AND NOT MISLEADING. NEITHER ANY SUCH FACT NOR THE FACT THAT AN EXEMPTION OR EXCEPTION IS AVAILABLE FOR A SECURITY OR A TRANSACTION MEANS THAT THE SECRETARY OF STATE HAS PASSED IN ANY WAY UPON THE MERITS OR QUALIFICATIONS OF, OR RECOMMENDED OR GIVEN APPROVAL TO, ANY PERSON, SECURITY OR TRANSAC- TION. IT IS UNLAWFUL TO MAKE, OR CAUSE TO BE MADE, TO ANY PROSPECTIVE PURCHASER, CUSTOMER OR CLIENT ANY REPRESENTATION INCONSISTENT WITH THE PROVISIONS OF THIS PARAGRAPH. v

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12 SUMMARY The following summary is qualiñed in its entirety by, and is subject to, the detailed information contained or referred to elsewhere in this OÅering Circular. You should read the entire OÅering Circular, including the sections entitled ""Investment Considerations'' and ""Management's Discussion and Analysis of Financial Condition and Results of Operations of the DBS Group'' and the Ñnancial statements and related notes thereto, before making an investment decision. The DBS Group is the largest commercial banking group in Singapore and the Ñfth largest in Hong Kong, in each case measured by assets, and has operations in other countries in Asia as well as other parts of the world. It is engaged in a range of commercial banking and Ñnancial services. The DBS Group's principal operations are in Singapore and Hong Kong. In Singapore, the DBS Group has leading positions in consumer banking, corporate banking, small and medium sized enterprise (""SME'') banking, investment banking, treasury, asset management and securities brokerage. In Hong Kong, the DBS Group has an established SME and consumer business, among others. The DBS Group also provides services to corporates, SMEs and consumers through its operations in Indonesia, Thailand, the Philippines, Greater China, India and other countries. As at March 31, 2006, the DBS Group had S$184.0 billion in total assets, S$78.8 billion in customer loans and advances, S$119.1 billion in customer deposits and S$18.5 billion in total shareholders' funds. As at December 31, 2005, the DBS Group had S$180.3 billion in total assets, S$79.5 billion in customer loans and advances, S$116.9 billion in customer deposits, and S$17.9 billion in total shareholders' funds. A signiñcant portion of the DBS Group's assets and operations are held and conducted through DBS Bank. As at March 31, 2006 and December 31, 2005, DBS Bank accounted for approximately 79% of the DBS Group's consolidated total assets. DBS Bank is one of the highest rated commercial banks in Asia by Standard and Poor's, Moody's and Fitch. DBS Bank was incorporated in July 1968 by the Singapore Government as an industrial development Ñnancing institution to support Singapore's industrialization. In June 1969, DBS Bank began commercial banking operations. In September 1999, DBS Bank was restructured to become a wholly-owned subsidiary of DBSH, which is listed on the SGX-ST. On July 21, 2003, DBS Bank changed its legal name from The Development Bank of Singapore Ltd to DBS Bank Ltd. As at June 7, 2006, DBSH had a market capitalization of approximately S$25,863 million based on the closing price per ordinary share on the main board of the SGX-ST. This market capitalization makes DBSH one of the largest listed companies and the largest listed Ñnancial services company in Singapore. As at March 31, 2006, the Singapore Government controlled 28.0% of DBSH's outstanding ordinary shares and held non-voting preference shares which, if converted, would bring such ownership to 31.1%. Recent Development On June 1, 2006, DBS Asset Management Ltd (""DBSAM Ltd'') entered into an agreement to acquire 33 per cent. of Changsheng Fund Management Company Limited (""Changsheng''), a China fund management company with operations in Beijing and Shanghai, for a total purchase price of RMB174.9 million (approximately S$35.3 million), payable in cash. This investment will be funded by internal sources and the transaction is expected to be completed by the fourth quarter of

13 Strategy The DBS Group's goal is to capitalize on its leading positions in Singapore and Hong Kong to be one of the most respected Ñnancial services institutions anchored in Asia. The major components of the DBS Group's strategy are as follows: Increase the scale of operations by growing and diversifying its regional franchise The DBS Group recognizes that a leading Asia-based bank is built on scale, distribution capability and customer access. With two principal operations in Singapore and Hong Kong, the DBS Group is focused on expanding its franchise to other parts of Asia. Its priority markets are Southeast Asia, South Asia and Greater China, although it also pursues opportunities from time to time in other parts of Asia. The DBS Group believes that its strategy can be achieved through organic growth as well as inorganic growth through acquisitions in high growth markets. The DBS Group has a 99.0% interest in PT Bank DBS Indonesia (""DBS Indonesia''), a 20.4% interest in the Bank of the Philippine Islands (""BPI'') in the Philippines, a 16.1% interest in TMB Bank PCL (""TMB Bank''), a 40.0% interest in the Capital OK Company Limited (""Capital OK'') in Thailand and a 37.5% interest in Cholamandalam DBS Finance Ltd (""Cholamandalam'') in India. In China, the DBS Group's presence is centered in three key regions Ì the Pearl River Delta, the Yangtze River Delta and the Beijing-Tianjin Corridor. It currently has Ñve branches in China, namely Beijing, Shanghai, Guangzhou, Shenzhen and Suzhou, and four representative oçces in Tianjin, Fuzhou, Dongguan and Hangzhou. These branches collectively can oåer Renminbi and foreign currency services to foreign individuals and enterprises, as well as local companies, in addition to foreign currency transactions to citizens of China. The DBS Group's diversiñcation in the region has resulted in a more balanced geographical distribution of its assets and total operating income. As at and for the year ended December 31, 2005, Singapore accounted for approximately 66.6% and 65.4% of the DBS Group's assets and total operating income, respectively. As at and for the year ended December 31, 2005, Hong Kong accounted for approximately 23.7% and 27.3% of the DBS Group's assets and total operating income, respectively. Have a customer-ñrst orientation with emphasis on consumers and small and medium sized enterprises The DBS Group maintains a customer-ñrst orientation and its priority is to ensure that it meets and exceeds its customers' expectations. Customer service metrics are being developed to measure and track customer service standards regularly. The DBS Group has a comprehensive range of interest and fee-based products to meet the various needs of its diverse customer base. It places an emphasis on serving the consumer and SME customer segments while sustaining its treasury and corporate franchise. The DBS Group also has a leading consumer franchise in Singapore that has signiñcant market share in deposits and certain consumer loan segments. The DBS Group believes its SME franchise is well recognized in Hong Kong and Singapore. The DBS Group aims to leverage on its skills and experience from its consumer and SME franchises to target similar customer segments in other parts of Asia. Leverage the DBS Group's end to end capital intermediation capabilities The DBS Group has extensive Asian-banking expertise in treasury, capital markets and distribution to intermediate growing capital Öows into and within Asia, leveraging its customer franchise. The DBS Group has the ability to originate and structure products for individual, SME and corporate customers who have capital or funding needs and subsequently oåer such products through the DBS Group's distribution network to private or institutional investors. The DBS Group utilizes its capital markets, treasury and derivatives origination and structuring capabilities to package these funding needs through public listings, private placements, real estate investment trusts and bond issues, among others. 2

14 The DBS Group distributes the products that it structures to institutional investors, private banking customers and the mass market. As at March 31, 2006, the DBS Group had a network of 84 branches (comprised of DBS branded and POSB branded branches) and 818 automated teller machines (""ATMs'') in Singapore, which the DBS Group believes was larger than the combined ATM network of its two domestic competitors. The DBS Group believes that it processed a signiñcant share of all electronic banking transactions in Singapore in 2005, including applications made for shares in the retail tranche of IPOs listed on the SGX-ST. DBS Bank Hong Kong operated 63 branches and 81 ATMs as at March 31, The DBS Group distributes securities, bonds and other products to institutions and sophisticated investors through its Corporate and Investment Banking (""CIB'') and Private Banking units. Capitalize on the DBS Group's ability to work horizontally across businesses, functions and regions to serve customers The DBS Group has the ability to work horizontally across businesses and functions to serve its customers across the region. This approach allows the DBS Group to oåer integrated and customized Ñnancial products and services to its customers. The DBS Group seeks to achieve a closer collaboration and inter-dependence among all of its businesses and support groups through joint ownership of, and accountability for, goals and performance indicators. Build eçcient, agile and responsive support operations The DBS Group has made signiñcant investments over the years in systems, processes and people to build an eçcient, up-to-date technology and operations platform. The DBS Group has centralized back oçce processing in selected operations such as trade Ñnance in Hong Kong and remittances, treasury processing and credit cards in Singapore. To achieve economies of scale and to build a scalable platform, the DBS Group has also outsourced selected technology functions to IBM under a ten-year contract executed in late 2002 to obtain the beneñts of a global service provider. The DBS Group regularly tracks its cost productivity using a range of measures, such as the amount of revenue per dollar of staå costs, and compares them against industry benchmarks to ascertain where it can improve cost eçciency. 3

15 SUMMARY SELECTED FINANCIAL INFORMATION OF THE DBS GROUP The following tables present selected consolidated Ñnancial information for the DBS Group as at and for each of the years ended December 31, 2005 and 2004, which have been extracted from the audited consolidated Ñnancial statements of the DBS Group for the year ended December 31, 2005, as at and for the year ended December 31, 2003, which have been restated under the new Singapore FRS (which diåer from the audited Ñnancials included in the F-pages to this OÅering Circular), and as at and for the three months ended March 31, 2006 and 2005, which have been extracted from the unaudited consolidated Ñnancial statements of the DBS Group for the three months ended March 31, 2006 and Such information should be read in conjunction with the DBS Group's consolidated Ñnancial statements and the related notes thereto which are included elsewhere in this OÅering Circular and the section entitled ""Management's Discussion and Analysis of Financial Condition and Results of Operations of the DBS Group''. In addition, the DBS Group prepared its consolidated Ñnancial statements as at and for the year ended December 31, 2005 and as at and for the three months ended March 31, 2006 and 2005 in accordance with new Singapore FRS, which resulted in certain changes to the DBS Group's accounting policies, and further restated comparative Ñnancial results as at and for the year ended December 31, The Ñnancial information below as at and for the year ended December 31, 2003 has been restated for the new Singapore FRS in the OÅering Circular but is presented without restatement in the F-pages to this OÅering Circular. As a result, the DBS Group's Ñnancial results as at and for the years ended December 31, 2004 (as restated) and 2005 may not be directly comparable to the Ñnancial results as at and for the year ended December 31, 2003 and 2004 (without restatement) that are contained in the F-pages to this OÅering Circular. See ""Management's Discussion and Analysis of Financial Condition and Results of Operations of the DBS Group Ì Changes in Accounting Policies'' and ""Management's Discussion and Analysis of Financial Condition and Results of Operations of the DBS Group Ì New Financial Reporting Standards (""FRS'') adopted''. Certain signiñcant diåerences between Singapore FRS and U.S. GAAP are discussed in ""Summary of SigniÑcant DiÅerences Between Singapore FRS and U.S. GAAP''. As at and for the As at and for the Years ended Three Months ended December 31, March 31, (S$ in millions, except percentages) Selected statement of proñt and loss data Operating income Interest income ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 3,677 4,043 5,542 1,177 1,735 Interest expenseïïïïïïïïïïïïïïïïïïïïïïïïïïïïïïï 1,170 1,352 2, Net interest income ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 2,507 2,691 2, Non-interest income ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 1,759 2,285 1, Total operating incomeïïïïïïïïïïïïïïïïïïïïïïïïï 4,266 4,976 4,641 1,038 1,270 Operating expenses ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 1,787 1,956 2, Goodwill chargesïïïïïïïïïïïïïïïïïïïïïïïïïïïïïï ,128 Ì Ì Provisions for credit and other losses ÏÏÏÏÏÏÏÏÏÏÏÏÏ Total operating expenses ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 2,735 2,459 3, Operating proñt ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 1,531 2,517 1, Share of proñts of associates ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ Operating proñt before taxïïïïïïïïïïïïïïïïïïïïïï 1,569 2,566 1, Income tax expense ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ Net proñt ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 1,232 2,

16 As at and for the As at and for the Years ended Three Months ended December 31, March 31, (S$ in millions, except percentages) Attributable to: Shareholders ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 1,119 2, Minority interest ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ ,232 2, Selected balance sheet data Total assets ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 159, , , , ,987 Due from banks (1) ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 27,469 25,169 23,816 27,851 22,647 Loans and advances to customers (2) ÏÏÏÏÏÏÏÏÏÏÏÏ 64,330 69,656 79,462 71,052 78,818 Investment in securities and shares (3) ÏÏÏÏÏÏÏÏÏÏÏ 40,699 47,098 50,317 50,237 51,573 Total liabilitiesïïïïïïïïïïïïïïïïïïïïïïïïïïïïïïïï 142, , , , ,197 Due to banks (4) ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 7,497 10,939 8,959 13,708 10,674 Due to non-bank customers ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 108, , , , ,067 Other debt securities in issueïïïïïïïïïïïïïïïïïï 5,180 7,132 8,002 7,325 7,956 Subordinated term debts ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 4,362 5,081 5,365 5,372 5,077 Total equity ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 17,398 18,897 19,249 19,360 19,790 Shareholders' fundsïïïïïïïïïïïïïïïïïïïïïïïïïï 16,023 17,573 17,889 18,045 18,492 Minority interests ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 1,375 1,324 1,360 1,315 1,298 Financial ratios Return on average assets (5) ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 1.00% 1.48% 1.13% 0.86% 1.16% Return on average equity (6) ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 9.94% 14.82% 11.31% 8.67% 11.65% Cost-to-income ratio (7) ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 41.9% 39.3% 43.7% 46.8% 44.4% Net interest margin (8) ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 1.87% 1.87% 1.91% 1.82% 2.23% Net interest spread (9) ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 1.83% 1.84% 1.84% 1.76% 2.11% As % of total operating income: Net interest income ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 58.8% 54.1% 63.4% 66.0% 66.9% Non-interest income ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 41.2% 45.9% 36.6% 34.0% 33.1% Customer NPL (10) as % of gross customer loans and advances ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 5.2% 2.5% 2.1% 2.4% 2.1% Total NPAs (11) as % of total assets ÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 2.4% 1.1% 1.0% 1.0% 1.0% Total cumulative provisions as % of Total assets ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 1.5% 1.0% 1.0% 1.0% 1.0% Total NPAs (11) ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 63.2% 88.9% 96.5% 90.3% 99.9% Notes: (1) Balances, placements with, and loans and advances to banks, net of cumulative provisions. (2) Loans and advances to customers (including government and quasi-government entities), net of cumulative provisions. (3) Singapore Government Securities and treasury bills, other Ñnancial securities at fair value through proñt or loss, non-trading investments and securities pledged. Excludes investments in associates. (4) Deposits and balances of banks. (5) Net proñt attributable to shareholders divided by average total assets (excluding goodwill amortization). Average assets are computed based on the average of opening and closing balances for the relevant 5