Laws of the People's Republic of China

Letter of China Banking Regulatory Commission concerning Approving DBS Bank (Hong Kong) Limited to Establish Suzhou Branch

DBS Bank (Hong Kong) Limited,

The letter which was signed by Wang Xipei, the person-in-charge of the preparatory establishment team of Suzhou Branch, and the related documents concerning the establishment of Suzhou Branch have been received.

Your bank is hereby approved to establish Suzhou Branch whose name is DBS Bank (Hong Kong) Limited Suzhou Branch and whose address is Rooms 1b, 2, 3, 5 of the 7th floor of International Tower, No. 2 of Suhua Lu, Suzhou Industrial Park, Suzhou City 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, hereinafter referred to as the Regulation) and 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, hereinafter referred to as the Detailed Rules). Ang Mob Chuan is approved to have the qualifications as the president of this Branch. The working capital of this Branch is in convertible currencies which is equivalent to 200 million Yuan. According to Article 32 of the Detailed Rules, this Branch may trade in the foreign exchange business to various clients under the following the scope: pooling public deposits, granting short term, medium-term and long-term loans, transacting acceptance and discount of negotiable instruments, buying and selling government bonds and financial bonds, buying and selling non-stock negotiable instruments denominated in a foreign currency, providing services on letter of credit and guaranties, transacting domestic and overseas settlements, buying and selling foreign currencies, buying and selling foreign currencies on a commissioned basis, converting foreign currencies, inter-bank funding, bank card business, safety-deposit box, providing credit-standing investigation and consultation services, as well as other business upon the approval of China Banking Regulatory Commission.

Before going into the business by Suzhou Branch, your bank shall go through the related formalities according to this Regulation and the Detailed Rules.

China Banking Regulatory Commission

March 13, 2006