1.72 1.76 Cash ROE 11.9 13.3 Loansdeposits 3.0 2.6 1.79 1.81 1.68 1.81 1.99 Presentation: Sustained Regional Growth Across Businesses

5 Most key operating ratios were better 9M 2004 3Q 2003 3Q 2004 a 2Q 2004 a 9M 2003 Net interest margin 1.83

1.79 1.72

1.81 1.76

Non-interest incometotal income 41 38 47 43 45 Costincome 45 46 41 43 43 GAAP ROE 9.0 9.0

8.0 10.5

6.8 Cash ROE

11.7 11.9

10.9 13.3

9.7 Loansdeposits

63 60 60 63 60 Loan + non-trading debt securities deposits 84 81 78 84 78 NPL ratio

2.6 3.0

5.7 2.6

5.7 a Excluding one-time gains of 497m in 2Q04 6 Interest margins highest in six quarters Sm Net interest margin 599 588 634 651 645 1,930 2,375 2,645 560 628

1.83 1.79

1.79 1.81

1.72 1.68

1.87 1.81

1.78 1.99

2002 2003 9M 2004 1Q 2Q 3Q 4Q 1Q 2Q 3Q 2003 2004 If DTDB had been deconsolidated, net interest income would have been 566m in 3Q03 and 627m in 2Q04. Net interest margin would have been 1.70 and 1.77 respectively. 7 Customer loans rose 10 from year ago ex-DTDB Sm DTDB loans 2,883 2,915 2,915 67,221 65,053 59,940 61,019 61,420 62,429 2,774 3,275 Jun Sep Dec Mar Jun Sep 3 62,714 63,902 64,335 65,344 68,328 2003 2004 4 2 1 8 Non-interest income boosted by better treasury income and wealth management revenue in 3Q 548 852 627 275 183 241 153 342 121 213 164 31 44 13 21 25 28 13 88 87 60 797 884 247 240 277 251 259 160 764 442 405 632 425 525 424 448 41 58 51 40 43 47 43 43 36 38 44 50 300 600 900 1200 1500 2002 2003 9M 2004 1Q 2Q 3Q 4Q 1Q 2Q 3Q Dividend rental Other income Fee income Sm Non-interest income total income b 2003 2004 1,405 1,823 b 1,479 b b 35 a a a Excluding one-time gains of 96m b Excluding one-time gains of 497m 9 1,068 1,078 1,224 891 710 1,396 4,824 4,199 1,047 1,004 1,370 1,403 1,515 1,168 1,516 1,061 775 880 2,826 3,982 3,039 1,552 379 65 453 2,226 8,806 2,059 2,739 2,481 2,438 2,065 1,822 7,025 4,434 2,005 1998 1999 2000 2001 2002 2003 9M 2004 1Q 2Q 3Q 4Q 1Q 2Q 3Q Singapore Hong Kong Sm Retail wealth management sales picked up in 3Q 2003 2004 10 Treasury income better than 2Q04 T Better Treasury non-interest income compared to 2Q04 from higher trading gains T Treasury non-interest income lower compared to favourable 3Q03 base T DEaR returned to more normal levels after temporary rise at end-2Q04 1 Jul 2003 to 30 Jun 2004 1 Oct 2003 to 30 Sep 2004 Average DEaR DEaR as at 30 Sep 2004 Sm

26.1 6.9