Main operating subsidiaries Consolidated structured entity

| 143 Financial statements 21 Deferred Tax AssetsLiabilities Deferred tax assets and liabilities are offset when there is a legally enforceable right to set off current tax assets against current tax liabilities and when the deferred income taxes relate to the same tax authority. The deferred tax assets and liabilities are determined after appropriate offsetting as shown in “Other assets” Note 20 and “Other liabilities” Note 29 respectively. Deferred tax assets and liabilities comprise the following temporary differences: The Group In millions 2016 2015 Deferred income tax assets Allowances for loan losses 356 310 Available-for-sale financial assets and others 6 1 Other temporary differences 177 146 539 457 Amounts offset against deferred tax liabilities 206 158 Total 333 299 Deferred income tax liabilities Accelerated tax depreciation 114 111 Available-for-sale financial assets and others 7 14 Other temporary differences 118 66 239 191 Amounts offset against deferred tax assets 206 158 Total 33 33 Net deferred tax assets 300 266 22 Subsidiaries and Consolidated Structured Entities The Company In millions 2016 2015 Investment in subsidiaries a Ordinary shares 17,376 16,726 Additional Tier 1 instruments 2,446 344 Other equity instruments 344 344 20,166 17,414 Due from subsidiaries Subordinated term debts 1,699 1,046 Other receivables 420 1,087 2,119 2,133 Total 22,285 19,547 a The carrying amounts of certain investments which are designated as hedged items in a fair value hedge are adjusted for fair value changes attributable to the hedged risks

22.1 Main operating subsidiaries

The main operating subsidiaries within the Group are listed below: Effective shareholding Name of subsidiary Country of incorporation 2016 2015 Commercial Banking DBS Bank Ltd Singapore 100 100 DBS Bank Hong Kong Limited Hong Kong 100 100 DBS Bank China Limited China 100 100 DBS Bank Taiwan Limited Taiwan 100 100 PT Bank DBS Indonesia Indonesia 99 99 Stockbroking DBS Vickers Securities Holdings Pte Ltd Singapore 100 100 Audited by PricewaterhouseCoopers network firms outside Singapore 144 | DBS Annual Report 2016 The Group’s main subsidiaries are regulated banks and non-bank financial institutions. Statutory, contractual or regulatory requirements as well as protective rights of non-controlling interests may restrict the ability of the Company to access and transfer assets freely to or from other entities within the Group and to settle liabilities of the Group. Since the Group did not have any material non-controlling interests as at the balance sheet dates, any protective rights associated with these did not give rise to significant restrictions in 2015 and 2016. Refer to Note 35 for information on non-controlling interests.

22.2 Consolidated structured entity

The structured entity consolidated by the Group is listed below: Name of entity Purpose of consolidated structured entity Country of incorporation Bayfront Covered Bonds Pte Ltd Covered bond guarantor Singapore Bayfront Covered Bonds Pte Ltd is a bankruptcy-remote structured entity established in conjunction with the Bank’s USD 10 billion Global Covered Bond Programme see Note 30.4. As part of the contractual structures that are integral to this programme, the Bank provides funding and hedging facilities to it. 23 Associates The Group In millions 2016 2015 Quoted equity securities a 57 71 Unquoted equity securities b 812 800 Sub-total 869 871 Share of post-acquisition reserves 21 129 Total 890 1,000 a The market value of the quoted associate amounted to 60 million 2015: 51 million and was based on the last traded price on 1 September 2016 prior to its trading suspension b The carrying amounts of certain investments which are designated as hedged items in a fair value hedge are adjusted for fair value changes attributable to the hedged risks The Group’s share of income and expenses, assets and liabilities and off-balance sheet items of the associates at 31 December are as follows: The Group In millions 2016 2015 Income statement Share of income 155 166 Share of expenses 202 152 Balance sheet Share of total assets 1,701 1,721 Share of total liabilities 811 721 Off-balance sheet Share of contingent liabilities and commitments Amount under 500,000

23.1 Main associates