PSA appoints new chairman and positions for further growth

PSA International Pte Ltd (PSAI) announced that Mr Stephen Lee would step down

as Chairman of PSAI Board with effect from 1 November 2005. Mr Fock Siew Wah

will assume the position as Chairman of PSAI Board.

Mr Lee presided as PSAI Chairman at a time when PSA embarked on a major corporate transformation programme to improve its competitiveness vis-a-vis other regional and global terminal operators. The series of initiatives included working with the unions to right-size the company in Singapore, adopting an even more flexible and incentive-based wage system and bringing together a new management team, led by Group CEO Mr Eddie Teh, to steer towards further organisational growth. Under Mr Lee's guidance, PSA handled record volumes in Singapore and overseas for the year 2004 and thus far in the first half of 2005 and further expanded its footprint globally.

Mr Lee said, "PSA is a dynamic and resilient organisation with a global product offering and advanced value proposition backed by a strong management team, dedicated staff and constructive unions. I saw it evolve and transform itself into a more customer-focused and responsive organisation in the face of intense competition both in Singapore and globally. With the successful transformation and improved competitiveness at PSA, my role is largely fulfilled. It is therefore timely now to hand PSA over into the good hands of Siew Wah. I am fully confident that Siew Wah, together with PSA Board and management, will bring the company to greater heights and prosperity."

Mr Fock brings to PSA his diverse experience from the banking, finance and transportation sectors. Currently a Board Member of Temasek Holdings, Mr Fock is closely associated with DBS Group Holdings and DBS Bank, having served in the DBS Board for seven years, until April 2005, and is presently acting as Special Advisor to the DBS Chairman on matters relating to the Bank's expansion plans and business in China. Mr Fock is concurrently Chairman of Singapore Airlines Cargo Pte Ltd, a Director of Singapore Airlines Limited and Senior Advisor to Nuri Holdings(S) Pte Ltd. He has also served as Special Advisor to the Singapore Minister for Finance, Chairman of Singapore’s Land Transport Authority and Singapore MRT Ltd, President & CEO of Overseas Union Bank Ltd and Deputy Chairman of Fraser & Neave Ltd.