LETTER OF CHINA BANKING REGULATORY COMMISSION CONCERNING APPROVING THE CHINA-BASED BRANCHES OF DBS BANK (HONG KONG) LIMITED TO LAUNCH OUT ON-LINE BANKING BUSINESS

Letter of China Banking Regulatory Commission concerning Approving the China-based Branches of DBS Bank (Hong Kong) Limited to Launch
out On-line Banking Business

DBS Bank (Hong Kong) Limited,

Our commission has received the letter which was signed by Mr. Randolph Sullivan, administrative president of your Bank.

The following reply is hereby given to you according to the Regulation of the People’s Republic of China on the Administration of
Foreign-funded Financial Institutions (Order No. 340 of the State Council), the Detailed Rules for the Implementation of the Regulation
of the People’s Republic of China on the Administration of Foreign-funded Financial Institutions (Order No. 4,2004 of China Banking
Regulatory Commission) and the Interim Measures for Controlling On-line Banking Operations (Order No. 6, 2001 of the People’s Bank
of China):

1.

The branches set up by your bank within China are hereby approved to launch out the on-line banking business, the business scope and
clients shall be limited under the approved scope of each branch.

2.

The on-line banking business to be approved to launch out shall comply with the Interim Measures for Controlling On-line Banking Operations
and other related provisions.

3.

The branches of your bank approved to be established within China to launch out on-line banking business shall, with the strength
of this Reply and the authorization document issued by your bank, report the type and nature of the business to be launched, the
rules on managing the risks of on-line banking business and the operating procedures to the local organ dispatched by China Banking
Regulatory Commission, and shall be supervised and inspected by it.

4.

According to the Regulation of Management on Commercial Cipher, your bank shall hand in an application to the state cipher administrative
organ for an approval of using cipher products, or using equipment containing cipher technologies.

China Banking Regulatory Commission

February 9, 2006