NETS Makes Board Changes

Ajit Kanagasundram appointed as Chairman; Davy Wee made Board Director

Singapore, 24 Jun 2008 – Singapore’s leading electronic payments provider NETS has appointed Ajit Kanagasundram, DBS Managing Director for Consumer Bank Regional Technology and Operations, as its Chairman.

Mr Kanagasundram’s appointment comes nearly two years after he joined the NETS Board of Directors on 8 August 2006. He replaces Mr Edmund Koh, former NETS Chairman and DBS Managing Director and Head of Regional Consumer Banking, who resigned on 19 March 2008.

Mr Kanagasundram joined DBS in 2006 and is responsible for its Consumer Bank Regional Technology and Operations. Prior to DBS, he was Managing Director of International Card Services, a consultancy he founded to provide card and payment consultancy services to international banks and payment service providers.

With more than two decades of experience in the financial services industry, Mr Kanagasundram has served in senior management positions in retail banking and card technology, including at Citibank.

“NETS is a trusted brand that has spread it wings into the region. From a single product 23 years ago, NETS is today a group of companies that provide a range of payment and processing services. We are a market leader in many of the areas that we compete in,” said Mr Kanagasundram.

“In the last five years, in particular, we have seen NETS grow in leaps and bounds, building core competencies in marketing and new technologies. As NETS’ Chairman, I will work with the management team to build on this success to help NETS realise its vision of being the leading payment services powerhouse in Asia,” he added.

Mr Kanagasundram’s appointment takes immediate effect.

Joining the NETS Board with immediate effect is Davy Wee Choh Hwee, Managing Director and Head of POSB Franchise and Strategy at DBS Bank.

The NETS Board now comprises Mr Ajit Kanagasundram (NETS Board Chairman), Mr Davy Wee (DBS), Mr Andrew Lee (OCBC), Mr Ching Wei Hong (OCBC), Mr Eddie Khoo (UOB) and Ms Susan Hwee (UOB).

The Board and Management of NETS express their sincere appreciation to Mr Edmund Koh for his valued contributions to NETS.

“We thank Mr Edmund Koh for his steadfast commitment and support to NETS over the past two years. His sound leadership was instrumental to seeing NETS through a period of strong domestic and regional growth, including our successful rebranding,” said NETS CEO, Ms Poh Mui Hoon.