22 66 2.17 22 68 4Q 22 66 1.91 1.87 2.20 2.23 2.06 1.84 analyst presentation 4q06

14 Key ratios improve on year Net interest margin Fee income total income Non-interest total income Costincome ratio ROE Loansdeposit NPL ratio Excluding one-time gains

2.18 22

33 45

12.2 66

1.7 2.17

22 31 44 12.3 67 1.8

2.06 22

28 49

8.8 68

2.1 4Q

2006 3Q 2006 4Q 2005 2006 2005

2.20 22

33 44

12.3 66

1.7 1.91

23 32 47 9.7 68 2.1 15 Interest income at annual and quarterly record Sm 2005 Net interest margin 2,507 2,691 2,943 3,591 932 912 897 850 800 746 712 685 2.18

1.88 1.87

1.91 2.20

2.17 2.23

2.23 2.06

1.92 1.84

1.82 2003 2004 2005 2006 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 2006 16 Loans up 9 on year Sm DTDB loans 86,630 85,254 83,410 78,818 62,424 67,216 69,659 71,055 78,712 78,776 79,462 65,048 2,915 Mar Jun Sep Dec Mar Jun Sep Dec Mar Jun Sep Dec 4 3 4 2 11 1 1 6 2 2004 2005 2 2006 17 855 751 330 526 114 129 47 40 153 134 87 104 79 72 304 131 108 10 33 18 18 33 5 27 7 293 296 262 241

242 274

229 1,155 986 933 825 33 31 28 34 33 33 34 32 41 40 37 29 2003 2004 2005 2006 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q Full-year fee income up 17 on broad-based growth Dividends and rentals Other income Fee income Non-interest income total income 1,767 1,788 1,395 Sm 353 421 307 314 420 2005 457 1,753 408 468 2006 Excluding one-time gains 18 2,905 575 1,262 962 653 931 2,847 3,808 752 653 868 254 253 52 44 53 121 41 41 612 247 429 695 680 1,245 514 603 683 1,249 1,157 2,492 4,334 5,908 2004 2005 2006 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q Sales all products S’pore 3,874 3,560 3,476 963 794 1,128 675 1,031 786 718 942 HK 5,368 3,868 3,436 1,103 1,070 914 782 886 743 868 938 Fees unit trusts and bancassurance only S’pore + HK 119 129 170 32 35 30 32 42 38 53 37 Structured deposits Unit trusts Bancassurance Wealth management fees improve on year as unit trust sales rise 9,242 7,428 Sm 1,864 2,042 1,457 1,917 2,066 6,912 1,529 1,586 2005 1,880 2006 19 Full-year cost-income ratio at 44 Sm 1,801 1,956 2,026 2,369 627 486 484 505 551 564 594 584 45 44 44 44 44 49 48 43 47 47 44 42 2003 2004 2005 2006 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q CostIncome 2005 2006 12,670 12,907 Headcount 12,144 11,454 12,728 11,649 12,090 12,562 12,728 12,907 12,673 12,453 317 306 Staff expenses Sm 876 993 1,052 265 253 255 279 1,244 300 321 Cost-income ratio excluding one-time gains 20 All business units record strong growth in profit before allowances 2006 YoY 1,294 728 801 458 Sm 50 42 30 98 Consumer Banking Enterprise Banking Corporate and Investment Banking Global Financial Markets Profit before allowances is total income excluding one-time gains less expenses 21 Franchise delivering higher returns T Operating trends sustained T Improved performance in Hong Kong T Balance sheet remains strong 22 Hong Kong’s 4Q profit before allowances up 39 on year and 4 on quarter Sm 11 2 4 7 4 5 62 16 4 39 16 39 4Q 2006 YoY QoQ 290 105 395 171 224 29 163 Net interest income Non-interest income Income Expenses Profit before allowances Allowances for credit other losses Net profit Figures for Hong Kong geographical basis and converted to S using monthly closing rates. Based on Singapore GAAP. Excluding one-time gains 23 Hong Kong’s full-year net profit up 30 Sm 21 18 20 2 39 100 30 2006 YoY 1,145 377 1,522 668 854 100 626 Net interest income Non-interest income Income Expenses Profit before allowances Allowances for credit other losses Net profit Figures for Hong Kong geographical basis and converted to S using monthly closing rates. Based on Singapore GAAP. Excluding one-time gains 24 Hong Kong’s key ratios better on year Net interest margin Non-interest total income Costincome ratio ROA Loansdeposit 2.18 25 52 1.00 79 2.53 25 44 1.26 73 2.42 20 53 0.94 79 2.49 25 44 1.22 74 2.44 27 43 1.27 73 4Q 2006 3Q 2006 4Q 2005 2006 2005 Excluding one-time gains 25 Franchise delivering higher returns T Operating trends sustained T Improved performance in Hong Kong T Balance sheet remains strong 26 NPL rate improves to 1.7

1.7 1.8