DBS Currency Linked Investment

ENJOY POTENTIAL RETURNS OF UP TO 8.8% P.A.*

* Only applicable to the following AUD currency pairs: AUD-SGD, AUD-USD and AUD-NZD for 2-week and 1-month tenors. 8.8% p.a. is
based on an AUD-USD currency pair with 2-week tenor.

This is valid from now till 27 August 2010. To find out more, please contact your Treasures Relationship Manager or visit
www.dbs.com/treasures/sg today!

Scroll down for Important Information on DBS Currency Linked Investment.

3Q 2010 Outlook: Economics-Markets-Strategy is now available!

Please click here to view/download or access more reports at www.dbs.com/research.

Friday, 27 August 2010

MARKET SNAPSHOT
Dow Jones Index breaks below 10000 on economic worries
GLOBAL EQUITIES
 The Dow Jones Industrial Average (DJIA) fell 0.7% to end below the psychologically important 10000
mark on continued worries about economic growth.
 Investors are getting nervous over Friday’s release of the revised Q2 GDP estimates. Economists are
expecting the GDP estimate to be slashed to 1.3% from 2.4%.
 Initial jobless claims fell to 473 000. While this came in below economists’ estimates, the numbers still
depict an unhealthy labour market that would be a drag on the pace of economic recovery.
 The NASDAQ Composite fell 1.1% to end at 2118.69 and S&P 500 shed 0.8% to end at 1047.22. Both
indices are trading close to their lowest this year.
 Brazil’s BOVESPA index fell 1.4% while the Russian RTS Index actually rose 0.3% on the same day.

GLOBAL BONDS
 Investors have soaked up USD 102 billion worth of Treasuries in a series of auctions at record-low yields
this week, demonstrating that demand for low risk debt remains strong despite the yields.
 According to a Dow Jones report (dated 26 Aug), Shanghai Securities News reported that think tank State
Information Center and China development bank said in a joint research that China should raise interest
rates for bank deposits by a "reasonable" amount as part of efforts to curb inflation expectations. This
caused China government bonds to end lower on Thursday.

HONG KONG
 Hong Kong equities, represented by Hang Seng Index, declined a marginal 0.1%. The fall was in contrast
to the positive performance exhibited by most other Asian equity markets.
 Growth of exports slowed to 23.3% in July as compared with 26.7% in June. This is much lower than
consensus estimate, reflecting weak external demand. Trade balance came in smaller than estimates as
imports have also fallen.

SINGAPORE
 Singapore’s Straits Time Index flat, closing at 2925.87. Gains in the consumer services and industrials
countered the losses in financials and telecommunications.
 Industrial production slowed to 9.9% growth, as compared with June’s 26.1%. DBS Group Research
believes that given the uncertainties with regards to pace of recovery in US and slower growth momentum

DBS Bank Ltd Co. Reg. No. 196800306E Aug 10

 in China, headwinds against the manufacturing sector has picked up significantly and will likely weigh in
on production growth going forward.
 DBS Group Research believed that the two IRs have added SGD 470 million (0.3%) to the Singapore
economy in the first half of the year. A full year GDP contribution of SGD 2 billion is expected, accounting
to 0.7%-pt out of a 15% growth this year.

CHINA
 China shares benchmarked by the Shanghai Composite Index, which tracks both A-shares and B-shares,
reversed a steep fall on Wednesday, gaining 0.3%.
 Industrial & Commercial Bank of China Ltd, the world’s largest lender by market value, has posted a 27%
gain in first-half profit.
 PetroChina Co., Asia’s biggest company by market value, posted a 29% gain in first-half profit. As
government controls on gasoline and diesel tariffs curbed gains from higher crude oil prices, the
announced profit missed analysts’ estimates.

TAIWAN
 Taiwan equities, represented by the Taiex, lost 0.6%% with selling across most sectors. HTC Corporation
which manufactures and markets Microsoft Windows powered PC was the largest contributor to the
decline in the index.

INDIA
 Indian equities, as represented by SENSEX 30, gained 0.3%.
 As the government maintained restrictions on the export of farm products such as wheat to cool prices,
food inflation has slowed for a second straight week. However, the gain in food prices from a year ago still
registered a 10.05% growth.

INDONESIA
 Indonesian equities, represented by the JCI, gained 0.2%.
 PT IndofoodSukses Makmur, Indonesia’s biggest instant noodle maker reported a 76% gain in first half
net income from a year ago. Palm oil unit bolstered revenue and costs have declined.
 According to a Bloomberg report (dated 26 Aug), the Finance Minister said that the Indonesian
government plans to sell Samurai bonds in the fourth quarter of this year.

CURRENCIES
 The dollar fell as investors worried that Federal Reserve could take further action to prop up the US
economy, especially in light of recent weak economic data.
 While the dollar retreated against euro and several other high yielding currencies. The dollar decline only
slightly against the yen as Japanese as investors are concerned that Japanese officials may step in to
curb the strength of yen.
 The euro was trading at US$1.2724, up from US$1.2655 in late Wednesday.
 The U.K. pound was at US$1.5528, up from Tuesday’s US$1.5458.

Sources: Dow Jones Newswires, Bloomberg, Reuters

DBS Bank Ltd Co. Reg. No. 196800306E Aug 10

 Market Overview
Relative Movement of SGD versus Major Currencies as of Friday, 27 August 2010

Key indices and prices as of Friday, 27 August 2010

Index Latest Change Change (%) YTD (%)
New York DJIA 9985.81 -74.25 -0.74 -4.24
Nasdaq 2118.69 -22.85 -1.07 -6.63
S&P 500 1047.22 -8.11 -0.77 -6.09
London FTSE 100 5155.84 46.44 0.91 -4.75
Frankfurt Xetra DAX 5912.58 13.08 0.22 -0.75
Tokyo Nikkei 225 8906.48 61.09 0.69 -15.55
Hong Kong Hang Seng 20612.06 -22.92 -0.11 -5.76
Sydney S&P/ASX 200 4356.00 35.90 0.83 -10.57
Europe DJ STOXX 600 249.65 2.11 0.85 -1.67
Europe DJ STOXX 50 2433.68 16.77 0.69 -5.87
Russia RTS 1406.01 -3.50 -0.25 -2.67
Bangkok SET 886.10 1.59 0.18 20.63
Mumbai Sensex 18226.35 46.71 0.26 4.36
Jakarta JSX Comp 3145.14 6.23 0.20 24.10
Kuala Lumpur Composite 1408.00 11.03 0.79 10.62
Seoul Kospi 1729.76 -5.03 -0.29 2.79
Shanghai A Share 2727.53 7.14 0.26 -20.65
Shanghai B Share 254.64 2.20 0.87 0.89
Singapore STI 2925.87 -0.68 -0.02 0.97
Taipei Weighted 7689.74 -47.24 -0.61 -6.09
Wellington NZSX-50 3015.00 -3.25 -0.11 -6.66
Sao Paulo BOVESPA 63867.48 -935.95 -1.44 -6.88

Source: Bloomberg
Note: All figures positive unless otherwise indicated. * Public Holiday and data as of last business day

DBS Bank Ltd Co. Reg. No. 196800306E Aug 10

 Interest, Currency and Commodity Rates as of Friday, 27 August 2010
Commodities
Ticker Last Yesterday’s close 52-wk High 52-wk Low Change (%)
Gold 1235.20 1237.60 1265.25 944.93 -2.40 -0.19
Crude oil 72.99 73.36 87.15 64.24 -0.37 -0.50
Wheat 662.00 656.50 841.00 425.25 5.50 0.84
Corn 418.25 416.50 426.25 296.75 1.75 0.42
Soybean 1014.50 1013.00 1164.75 878.75 1.50 0.15
Sugar 569.90 586.90 625.80 395.90 -17.00 -2.90
Coffee 172.40 166.60 188.65 131.55 5.80 3.48
Interest Rates
Ticker Last Yesterday’s close 52-wk High 52-wk Low Change (%)
2-yr US Treasury 0.5165 0.5165 0.0000 0.00
5-yr US Treasury 1.3700 1.3733 -0.0033 -0.24
10-yr US Treasury 2.4719 2.4755 -0.0036 -0.15
3M Sibor 0.5501 0.5571 -0.0069 -1.25
3M Libor 0.2994 0.3038 -0.0044 -1.44
FX
Ticker Last Yesterday’s close 52-wk High 52-wk Low Change (%)
EUR/USD 1.2704 1.2716 1.5144 1.1877 -0.0012 -0.09
USD/JPY 84.3400 84.4500 94.9900 83.6000 -0.1100 0.13
AUD/USD 0.8848 0.8863 0.9406 0.8067 -0.0015 -0.17
NZD/USD 0.7025 0.7029 0.7635 0.6561 -0.0004 -0.06
GBP/USD 1.5524 1.5528 1.6878 1.4231 -0.0004 -0.03
USD/SGD 1.3565 1.3552 1.4463 1.3457 0.0013 -0.09
EUR/AUD 1.4358 1.4347 1.7231 1.3924 0.0011 -0.08
AUD/SGD 1.2001 1.2012 1.3049 1.1386 -0.0011 0.09
NZD/SGD 0.9529 0.9526 1.0602 0.9296 0.0003 -0.04
GBP/SGD 2.1057 2.1044 2.3805 1.9853 0.0013 -0.06
AUD/NZD 1.2594 1.2608 1.3235 1.1934 -0.0014 0.11
EUR/SGD 1.7232 1.7233 2.0977 1.6853 -0.0001 0.01
EUR/GBP 0.8184 0.8189 0.9412 0.8068 -0.0005 0.06

Source: Bloomberg
Note: All figures positive unless otherwise indicated. * Public Holiday and data as of last business day

General Disclaimer
This document is published for information and general circulation only and does not have regard to the
specific investment objectives, financial situation and the particular needs of any specific person. Investors
should seek advice from a financial adviser regarding the suitability of the investment product, taking into
account the specific investment objective, financial situation or particular needs of each person before making
a commitment to purchase the investment product. Opinions expressed are that of DBS Bank Ltd (“DBS”) and
the opinions are subject to change without notice and may involve a number of assumptions, which may not be
valid. Although the information contained herein has been taken from sources that are believed to be accurate,
no warranty or representation is made as to its correctness, completeness or accuracy by DBS and its related
companies. DBS and its related companies accept no liability whatsoever for any direct, indirect or
consequential loss arising from or in connection with any use or reliance of this document which does not
have any regard to the particular needs of any person. Investments are not deposits or other obligations of, or
guaranteed or insured by DBS and its related companies or any of their affiliates, or by any local government
or insurance agency, and are subject to investment risks, including the possible loss of the principal amount
invested.

Country Specific Disclaimer

China: This report is distributed in China by DBS Bank (China) Ltd.
Hong Kong: This report is distributed in Hong Kong by DBS Bank (Hong Kong) Limited.
Indonesia: This report is made available in Indonesia through PT DBS Indonesia branch. PT DBS Indonesia
Branch is regulated by Bank of Indonesia.
Singapore: This report is distributed in Singapore by DBS Bank Ltd.
India: DBS Bank Ltd, is merely a distributor of the financial products and this report is distributed in India by
DBS Bank Ltd.

DBS Bank Ltd Co. Reg. No. 196800306E Aug 10

Important information on DBS Currency Linked Investment
By purchasing DBS Currency Linked Investment you are giving the issuer of this product the right to repay you at a future date
in an alternate currency that is different from the currency in which your initial investment was made, regardless of whether
you wish to be repaid in this currency at that time.

DBS Currency Linked Investment is subject to foreign exchange fluctuations which may affect the return of your investment.
Exchange controls may also be applicable to the currencies your investment is linked to. You may incur a loss on your
principal sum in comparison with the base amount initially invested.

You may wish to seek advice from a licensed or an exempt financial adviser before making a commitment to purchase this
product. In the event that you choose not to seek advice from a licensed or an exempt financial adviser, you should carefully
consider whether this product is suitable for you.

DBS Bank Ltd Co. Reg. No. 196800306E Aug 10