Adjustment Of Fund Price By DBSAM

Adjustment Of Fund Price For
DBS Shenton Thrift & Other Funds

As a result of the investigations, Citiraya shares were suspended last week at a price of $1.08 a share. Citiraya is a key holding in the DBS Shenton Thrift Fund. Other DBS Asset Management funds that have this holding are Shenton Twin City Fund, Shenton Asia Pacific Fund, Shenton Global Advantage Fund, Asia Knowledge Fund and Horizon Singapore Equity Fund.

In view of its trading suspension, DBSAM has adjusted the value of Citiraya shares in its fund holdings, to $0.59 cents per share, with effect from trade date 31st January 2005. This was done in concurrence with their trustee. The value of S$0.59 per share is established based on the average value quoted by three broking houses which cover Citiraya, in line with market practice. The lower share valuation is now reflected in the respective fund's unit price.

According to DBSAM the adjustment is done so as to reflect the current fair value of the funds to investors, and does not reflect their views on the company's situation. The fund house adds that it will continue to monitor the situation closely.

Citiraya Industries provides a one-stop service to global MNCs, recycling and processing their electronic components and products to extract precious metals like gold, silver, palladium and platinum. It has a global presence across Asia, Europe and South America.