AMOUNTS OWING BY SUBSIDIARY COMPANIES The investments in associated and joint venture companies at December 31 are as

44

29.5 AMOUNTS OWING BY SUBSIDIARY COMPANIES

These amounts mainly comprise secured loans and advances to subsidiary companies. 30 ASSOCIATED AND JOINT VENTURE COMPANIES

30.1 The investments in associated and joint venture companies at December 31 are as

follows: In S’million 2002 2001 Quoted equity securities at cost 1,194 1,192 Unquoted equity securities at cost 21 9 1,215 1,201 Less : Provision for diminution in value Note 26 341 - 874 1,201 Market value of quoted equity securities 423 656 30.2 The associated companies held by DBS Bank and its subsidiary companies at December 31 are as follows: Interest Held by DBS Group Associated Companies Country of Incorporation Business Principal Activities 2002 2001 Quoted Held by DBS Bank Bank of the Philippine Islands The Philippines Commercial banking and financial services 20.8 20.8 Held By Subsidiary Companies Hwang – DBS Malaysia Bhd Malaysia Investment holding 23.1 23.3 Unquoted Held by DBS Bank Clearing and Payment Services Pte Ltd Singapore Provides service infrastructure for clearing payment and settlement of financial transactions 33.3 33.3 Fujitec Singapore Corporation Ltd Singapore Manufactures elevators, escalators and related components 26.3 26.0 Network for Electronic Transfers Singapore Pte Ltd Singapore Electronic funds transfer 33.3 20.0 Orix Leasing Singapore Ltd Singapore Lease and hire-purchase financing of equipment 30.0 30.0 Spray’s Shipping Pte Ltd Singapore Dormant - 26.0 Venture Investment Management S Pte Ltd Singapore Investment management services 24.5 24.5 Yamaha Music Asia Pte Ltd Singapore Distributor and retailer of all kinds of musical instruments, operator and franchise of music schools - 20.0 Investment and Capital Corporation of the Philippines The Philippines Financial services 20.0 20.0 Nextmall Holdings Corporation Cayman Islands Supermarket Venture capital investment 27.3 - 45 Interest Held by DBS Group Associated Companies Country of Incorporation Business Principal Activities 2002 2001 Held By Subsidiary Companies Asia Converge Pte Ltd Singapore Securities transaction processing 39.0 39.0 Singapore Africa Investment Management Pte Ltd Singapore Investment management 30.0 30.0 Southern Africa Investment Pte Ltd Singapore Venture capital investment 25.0 25.0 Singapore Consortium Investment Management Ltd Singapore Investment management services 33.3 20.0 Transtech Capital Investment I Ltd Singapore Venture capital investment - 41.5 Venture Investment Management II Ltd Singapore Investment manager for venture capital 30.0 30.0 Transtech Venture Management Pte Ltd Singapore Investment manager for venture capital 40.0 40.0 Hwang-DBS Unit Trust Berhad Malaysia Investment management services 30.0 30.0 Olympia Thailand b Thailand Wholesale and retail 26.9 - Thailand Carpet Manufacturing Public Company Limited b Thailand Carpet manufacturer 40.5 46.0 a The associated company is under a court-approved scheme of arrangement. Consequently, equity accounting was not applied for this associated company. b The investment in this associated company was acquired as a result of debt restructuring, and is not intended to be a long-term investment. Consequently, equity accounting was not applied for this associated company.

30.3 The joint venture companies indirectly held by DBS Bank at December 31 are as follows: