1.68 Loan and non-trading debt securities 1.72 1.87 1.77 4.6 24.3 6.9 12.9 6.7 14.3

6 Non-interest inc. operating inc. 58 38 43 50 Cost income 31 46 47 40 Net interest margin 1.79

1.79 1.68

1.79 GAAP ROE 12 9 5 13 Cash ROE 15 12 8 16 Loans deposits 60 60 59 58 Most key operating ratios better than a year ago 2Q 2003 2Q 2004 1Q 2004 a Excluding exceptional gains of 497m in 2Q04 a 2Q 2004 NPL ratio 3.0

3.0 5.9

4.6 Loan and non-trading debt securities

deposits 81 81 77 78 7 599 588 634 651 1,285 1,216 1,159 560 628 1.79 1.79

1.81 1.72

1.68 1.87

1.79 1.77

1.78 1H 2003 2H 2003 1H 2004 1Q 2Q 3Q 4Q 1Q 2Q Net interest margin Interest income highest in seven quarters, margins steady Sm 2003 2004 8 Customer loans 9 higher than a year ago, loan mix improves 2,883 2,915 2,915 65,053 59,940 61,019 61,420 62,429 2,774 3,275 68,328 65,344 64,335 63,902 62,714 Jun Sep Dec Mar Jun Sm 2003 2004 DTDB loans 4 9 458 394 960 275 183 241 153 342 618 374 510 213 121 44 44 13 21 25 28 13 57 46 41 240 240 277 251 259 160 517 1,534 405 902 632 950 425 525 424 448 873 58 38 54 40 44 47 43 43 43 45 50 300 600 900 1200 1500 1800 1H 2003 2H 2003 1H 2004 1Q 2Q 3Q 4Q 1Q 2Q 2Q Recurrent non-interest income declined as a result of difficult trading markets Dividend rental Other income Fee income Sm Non-interest income total income 2003 2004 a a Excluding exceptional gains of 497m in 2Q04 a a 10 1,068 1,078 1,224 891 1,396 4,824 2,686 1,047 1,004 1,370 1,403 1,518 1,168 1,061 775 880 2,115 3,982 3,039 1,552 379 65 453 8,806 2,059 2,742 2,481 2,438 2,065 1,822 4,801 4,434 2,005 1998 1998 2000 2001 2002 2003 1H 2004 1Q 2Q 3Q 4Q 1Q 2Q Singapore Hong Kong Sm 2003 2004 Retail wealth management sales moderate in 2Q 11 Treasury income muted by interest rate uncertainty T Difficult trading environment from interest rate uncertainty T Client activities remained strong, our business model is intact T Rise in DEaR was temporary, due to interest rate volatility and block purchase of SGS in June Interest rate FX Equity Diversification effect Total 26.1

6.9 4.6

13.3 24.3

Sm

24.5 6.9

3.8 12.9

22.3 July 1, 2003 to June 30, 2004 April 1, 2003 to March 31, 2004 Average DEaR DEaR as at June 30, 2004

39.8 6.7

6.2 14.3

38.4 12 Change Consumer Banking Enterprise Banking Investment Banking Treasury Markets Funding Portfolio Central Operations a Total 2Q 2004 386 1Q 2004 183 189 13 104 181 1,056 384 182 176 191 1,266 348 153 169 88 81 145 984 38 30 20 36 72 Change 2 1 13 10 210 2Q 2003 Total TM 117 333 169 52 216 a Including Central Treasury Unit, DBS Vickers and DBS Asset Management and other subsidiaries and associates but excluding exceptional gains of 497m in 2Q04 Revenue by businesses Sm Revenues for core activities continue to grow 75 23 246 87 232 17 13 We continue to maintain cost discipline 146 157 159 102 145 142 156 68 74 77 79 99 104 92 48 51 48 54 46 46 429 436 83 76 84 75 75 71 48 54 53 48 49 33 101 82 74 71 476 226 250 217 219 210 219 985 482 503 482 458 459 442 940 901 31 46 35 40 46 41 47 42 44 42 43 1H 2003 2H 2003 1H 2004 1Q 2Q 3Q 4Q 1Q 2Q Staff Occupancy Technology Revenue-related Others Cost Income Cost average assets 1.17

1.20 1.16