1. DBS Group Holdings 1Q 2002 Financial Results Presentation to Media and Analysts This presentation is available at www.dbs.com April 29, 2002 Disclaimer: The material that follows is a presentation of general background information about the Bank’s activities current at the date of the presentation. It is information given in summary form and does not purport to be complete. It is not intended to be relied upon as advice to investors or potential investors and does not take into account the investment objectives, financial situation or needs of any particular investor. These should be considered, with or without professional advice when deciding if an investment is appropriate. DBS Bank accepts no liability whatsoever with respect to the use of this document or its contents.

2. 2 Highlights of 2002 progress (YoY incl acqn) ` Total revenue$1,024m (1Q01 : $808m)27% Non-interest income$355m (1Q01 : $319m)11% Net interest income$670m (1Q01 : $489m)37% Operating expenses $459m (1Q01 : $383m)20% Operating profit (a) $565m (1Q01 : $425m)33% (a) Exclude goodwill Fee income $193m (1Q01 : $118m)64% Cash NPAM$346m (1Q01 : $321m)8%

3. 3 Highlights of 2002 progress (YoY excl acqn) ` Total revenue$785m (1Q01 : $808m)3% Non-interest income$254m (1Q01 : $319m)22% Net interest income$532m (1Q01 : $489m)9% Operating expenses $329m (1Q01 : $383m)15% Operating profit $456m (1Q01 : $425m)7% NPAM $321m (1Q01 : $321m)-

4. 4 Highlights of 2002 progress (QoQ) ` Total revenue$1,024m (4Q01 : $966m)6% Non-interest income$355m (4Q01 : $259m)37% Net interest income$670m (4Q01 : $707m)5% Operating expenses $459m (4Q01 : $516m)11% Operating profit (a) $565m (4Q01 : $450m)26% (a) Exclude goodwill Fee income $193m (4Q01 : $207m)7% Cash NPAM$346m (4Q01 : $236m)46%

5. 5 Net interest margin2.02% (2001 : 1.87%) NPLs 5.9% (2001 : 5.7%) Most ratios improved Cost-to-income (a) 44.8% (2001 : 49.1%) Non-interest income / operating income34.6% (2001 : 36.3%) Cash ROA (b) 0.91% (2001 : 0.86%) Cash ROE (b) 10.12% (2001 : 10.07%) Loan-to-deposit 60.5% (2001 : 63.9%) Cash EPS (cents) 94 (2001 : 89) (a) Exclude goodwill (b) Annualized

6. 6 Strong operating income growth (S$ million) DBS 1Q02 DBS 4Q01 % Change DBS 1Q01 % Change Net interest income670707(5.2)48936.9 Fee income193207(7.1)11863.7 Non-interest Income35525936.931911.2 Total revenue1,0249666.180826.8 Operating expenses459516(10.9)38319.9 Operating profit56545025.642533.0 Goodwill6868(0.1)-NM Provisions968710.338154.5 NPAM27816964.8321(13.5) Cash NPAM34623646.23217.6

7. 7 (S$ million) Net interest income Net interest margin (gross basis) Interest margins remain firm

8. 8 Wealth management continues to grow Sales Volume (a) Unit trusts include Horizon, Ei8ht, Up! and other DBSAM programmes while treasury investment products include Growth and structured notes 372 423 484 643 1,058 (S$ million) Unit trusts / Treasury investment products (a) Insurance / asset plan 795 1,127

9. 9 Emphasis on non-interest income produces stronger returns (a) (%) Non-interest Income to Operating Income (a) Exclude extraordinary items

10. 10 DBSH (excl DHB and DBSV) (a) 312333(6.1)366(14.7) DHB96105(8.3)-NM DBSV463823.417172.9 Restructuring costs440(89.8)-NM Total459516(10.9)38319.9 Greater operating efficiency (S$ million) (a) Dao Heng Bank (“DHB”), DBS Vickers (“DBSV”) DBS 1Q02 DBS 4Q01 % Change DBS 1Q01 % Change Group Operating Expenses

11. 11 Cost control initiatives effective (a)Normalized expenses exclude goodwill and impact of acquisitions Period expenses (a) (S$ million)

12. 12 Net interest income162171(5.3) Fee income4750(6.4) Non-interest income665715.3 Total revenue228228(0.1) Operating expenses96124(22.3) Operating profit13110426.3 Provisions37(2)NM Net profit before tax97105(7.7) Net profit after tax80114(30.0) Dao Heng Bank operating profits up (S$ million) (a) DHB 1Q02 % Change DHB 4Q01 (a) Based on Singapore GAAP

13. 13 Net interest income162171(5.3) Fee income4750(6.4) Non-interest income665715.3 Total revenue228228(0.1) Operating expenses96124(22.3) Operating profit13110426.3 Provisions (a) 1030(66.1) Net profit before tax1217463.4 Dao Heng Bank with HK GAAP provisions (S$ million) DHB 1Q02 % Change DHB 4Q01 (a) Based on Hong Kong GAAP

14. 14 DBS Thai Danu Bank operating profits up Net interest income23231.9224.1 Fee income55(1.6)424.7 Non-interest income991.8812.3 Total revenue32321.8306.2 Operating expenses 22222.1223.0 Operating profit10101.3814.4 Non-operating expenses22(1.2)2(13.5) Provisions55-59.1 Net profit after tax326.4181.0 (S$ million) (a) (a) Assume exchange rate of 1 baht to S$0.0423. Based on Thai GAAP DTDB 1Q02 DTDB 4Q01 % Change DTDB 1Q01 % Change

15. 15 NPL quantum down slightly while NPL rate marginally up Dao Heng Bank DBS Thai Danu Bank Regional 5 Countries Others Singapore NBk NPLs / NBk Loans (%) 1,112 4,503 (S$ million) 7,086 8,149 4,834 4,577 4,411 4,305 4,512

16. 16 NPLs improving at major subsidiaries (a) (S$ million) (a) Based on MAS guidelines DBS Thai Danu DBS Hong Kong

17. 17 Provision coverage stable at 60.4% General Provisions (GP) Specific Provisions (SP) SP+GP / NPLs (%) SP+GP / Unsec NPLs (%) 2,286 2,721 (S$ million) 2,274 2,643 2,687 2,719

18. 18 Percentage of doubtful and loss NPLs stable Loss Doubtful (S$ million) Substandard 8,149 4,411 4,512 NPLs / Loans (%) (61%) (8%) (32%) (80%) (12%) (8%) (68%) (12%) (20%) (69%) (11%) (21%) 4,503

19. 19 Mar 02 Proforma for Dao Heng 2nd tranche Well buffered against risks DBS Group Holdings Consolidated Capital Adequacy Ratio (%) 14.6 17.7 17.4 18.9 19.2 5.6 9.0

20. 20 Buy-out of minorities in DBS Kwong On Bank (a) u Minorities agree to sell their 12.68% of DKOB to DBS u Purchase consideration of S$210.7 mm / HK$903.8 mm u Purchase price per share is S$4.43 / HK$19 u Approximately 15 mm new DBSH shares (b) would be issued to the minorities Transaction Highlights Minority shareholders have agreed to exchange their 12.68% stake for new DBSH shares DBS’ shareholding in DKOB (a)DBS owns 87% of DBS Group Holdings HK which in turn owns 100% of DKOB (b) Computed using DBSH share price of S$13.92 (based on simple average closing price from April 10 to 23, 2002) and a cross HK$/S$ exchange rate of 4.2896 DBS’ shareholding (87.26%) Remaining Minorities (0.05%) Shares to be acquired (12.68%)

21. 21 Operating profit 304 19301% Net profit after tax 234 16278% Total Assets 34,647 28,51210% Customer loans 23,979 17,28118% NPL ratio (%) (b) 2.7 15.358% Credit cards in force 100,0000NM DKOB 2001 (HK$ million) DKOB 1999 CAGR 1999 - 2001 DBS Kwong On’s integration success (a) (a) Kwong On Bank became a subsidiary of DBS in March 1999 (b) Based on HKMA standards

22. 22 Achieved 1Q02 Revised Target Synergies to exceed original HK$540 million estimates Key Revenue Initiatives: u Launch of new funds (knowledge sharing) u ALCO Liquidity Management u Cross-selling opportunities (eg, T&M, Private banking, Equipment finance, Credit cards and other existing products) Select Cost Initiatives: u Accelerated implementation of branch closures u Active capacity management largely through vacancies and attrition u Back office and IT centralization Total Synergies HK$147.4 m HK$750 m (a) 46% 54% 60% 40% (a) 60% of synergy target is expected for 2002

23. DBS Group Holdings 1Q 2002 Financial Results Presentation to Media and Analysts This presentation is available at www.dbs.com April 29, 2002 Disclaimer: The material that follows is a presentation of general background information about the Bank’s activities current at the date of the presentation. It is information given in summary form and does not purport to be complete. It is not intended to be relied upon as advice to investors or potential investors and does not take into account the investment objectives, financial situation or needs of any particular investor. These should be considered, with or without professional advice when deciding if an investment is appropriate. DBS Bank accepts no liability whatsoever with respect to the use of this document or its contents.