Securities and Futures (Market Conduct) (Exemption for Stabilising Action in respect of Dealings in Notes) (No. 39) Regulations 2004

These Regulations may be cited as the Securities and Futures (Market Conduct) (Exemption for Stabilising Action in respect of Dealings in Notes) (No. 39) Regulations 2004 and shall come into operation on 23rd September 2004.

In these Regulations, unless the context otherwise requires —“Notes” means the subordinated notes due November 2019 issued by DBS Bank Ltd. for a principal amount of up to US$1.2 billion;“stabilising action” means an action taken in Singapore or elsewhere by Morgan Stanley & Co. International Limited, or any of its related corporations, to buy, or to offer or agree to buy, any of the Notes in order to stabilise or maintain the market price of the Notes in Singapore or elsewhere.

“Notes” means the subordinated notes due November 2019 issued by DBS Bank Ltd. for a principal amount of up to US$1.2 billion;

“stabilising action” means an action taken in Singapore or elsewhere by Morgan Stanley & Co. International Limited, or any of its related corporations, to buy, or to offer or agree to buy, any of the Notes in order to stabilise or maintain the market price of the Notes in Singapore or elsewhere.

Sections 197 and 198 of the Act shall not apply to any stabilising action taken in respect of any of the Notes, within 30 days from the date of issue of the Notes, with —

a person referred to in section 274 of the Act; or

a sophisticated investor as defined in section 275(2) of the Act.