Published January 30, 2009

Koh Boon Hwee's memo to DBS staff

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Facing adversity with colleagues

Dear colleagues

It is with a heavy heart that DBS announced today that Chief Executive Officer Richard Stanley has been diagnosed with acute myelogenous leukemia.

The prognosis comes as a shock to all of us, as Rich was busy at work till last Friday. Rich recently concluded a series of investor meetings with Sok Hui our CFO, in Singapore, Hong Kong, US and Europe, to market our successful S$4 billion rights issue.

Rich had a cough and was running a fever after his Lunar New Year reunion dinner. He sought treatment for what appeared to be ordinary flu-like symptoms on early Monday, Jan 26 morning, and was warded the following day. After conducting a series of tests, his doctors confirmed his medical condition this morning.

Rich begins chemotherapy immediately, and is expected to take a leave of absence from the bank for about 3-6 months. We convened an urgent board meeting last night and it was decided that while Rich is away, with immediate effect, I will assume an active management oversight role and work closely with the management committee.

When I spoke to Rich yesterday, he was in good spirits and being the fighter that he is, I expect him to overcome the illness and return to DBS. We are glad that his medical doctors are of the opinion that his cancer is treatable and full remission is possible.

Just as Rich is facing his illness with great courage, I urge all of us at DBS to rally together to take the bank forward during these challenging times. This is what Rich wants all of us to do and I want us all to do him proud. We have a strong management team in place; and have made the necessary organisational changes last year to position DBS well to take on the challenges ahead.

Rich has asked me to tell you that he believes that crises make or break people. Likewise for organisations. When we take things in our stride and refuse to allow the challenges we face to break our spirits, we become stronger . . . both as individuals and more importantly as a team.

During this time, let us remember Rich and his family in our thoughts and prayers. Let us also emulate his fortitude and resilience, and commit ourselves to walking alongside customers, investors and each other, to emerge from the present challenges as an even stronger bank, firmly focused in Asia.

Last but not least, please know that Rich's immunity will drop to an extremely low level while he is undergoing treatment. As such, his doctors have imposed a strict 'no visitor' policy during this period and we ask that you kindly observe this policy . . . however, do feel free to email your thoughts and well wishes to him here.

Thank you.

Boon Hwee