ConstellationInvestmentLtd.5,000,000,000ConstellationInvestmentLtd.5,000,000,000(a)(b)(c)(i)(ii)(d)3030(e)(a)(e)1032342C––DBSGroupHoldingsLtdDBSGroupHoldingsLtdDBSGroupHoldingsLtd342C(a)(b)EuroclearBankS.A./N.V.ClearstreamBanking,sociétéanonyme––32342A(1)(7)32L8(2)8(3)45612(1)(a)12(1)(b)13141516192226(b)45ThisProgrammeProspectusisavailableinseparateChineseandEnglishlanguageversions.CopiesofboththeChineseandEnglishlanguageversionsofthisProgrammeProspectuswillbeavailableforcollectionfreeofchargeasdescribedunder“WheretoObtainCopiesoftheProgrammeProspectusandIssueProspectus”below.––342CDBSGroupHoldingsLtd99991010HardcopiesofthisProgrammeProspectus(includinganyaddendainrespectthereof)andtherelevantIssueProspectusmaybeobtainedfreeofchargeduringtheOfferPeriod(asdefinedintherelevantIssueProspectus)fortheNotesfromtheDistributorsduringnormalbusinesshoursonanyweekdays(Saturdays,Sundaysandpublicholidaysexcepted).AftertheendoftheOfferPeriodfortherelevantNotesandforsolongasanyNotesremainoutstanding,hardcopiesofthisProgrammeProspectus(includinganyaddendainrespectthereof)andtherelevantIssueProspectusmaybeobtainedfreeofchargeduringnormalbusinesshoursonanyweekdays(Saturdays,Sundaysandpublicholidaysexcepted)onrequestatthefollowinglocations:DBSBankLtd,HongKongBranchDBSBank(HongKong)Limited10thFloor10thFloorTheCenterTheCenter99QueensRoadCentral99QueensRoadCentralCentralCentralHongKongHongKongThisProgrammeProspectusisavailableinseparateChineseandEnglishlanguageversions.CopiesofboththeChineseandEnglishlanguageversionsofthisProgrammeProspectuswillbeavailableforcollectionasdescribedabove.––/––.................................................................................................................................................7...........................................................................................................20........................................................................................................................................22.......................................................................................................................30................................................................................................................................66................................................................................................................................67...................................................................................................................69............................................................................................................................71...........................................................................................................73.......................................................................................................................76.................................................................................................................................................78....................................................................................................................................81........................................................................................................................................84DBSGROUPHOLDINGSLTDDBSGROUPHOLDINGSLTD––5,000,000,0003065ConstellationInvestmentLtd.DeutscheBank(Cayman)Limited(DeutscheBank(Cayman)Limited5,000,000,0003––3DBSGroupHoldingsLtd––––DeutscheBankLuxembourgS.A.DeutscheBankLuxembourgS.A./––(a)(b)14(c)(d)––(a)(b)(a)(b)––7(b)7(d))23––7(c)(a)(b)7(c)(a)(b)(i)––(ii)(i)()()(ii)(iii)5McGraw-HillCompaniesInc.––––ISDA5,000,000,000––––1850%30%10%––––––1,000––––(i)(ii)(iii)22––––7(d)(i)(ii)––(iii)(iv)––––(i)(ii)8––(i)(ii)(iii)(iv)ConstellationInvestmentLtd.ConstellationInvestmentLtd.DeutscheBankLuxembourgS.A.––(i)(ii)3(a)910––1.(a)(b)(a)(b)(i)S.A./N.V.(ii)(i)40(ii)S––(c)(i)(ii)(v)(i)(A)(B)(ii)––(iii)7(iv)(v)2.2(b)(a)314(b)3.(a)(i)(A)––(B)(ii)(A)(B)(A)(B)(C)(D)3(e)(ii)(i)(ii)(A)(D)(b)––(i)(ii)18117137(b)7(d)7(h)1314(c)––117(c)7(d)1314(d)71113(i)71311(ii)13––(ii)(i)(i)(A)(I)(II)(B)(I)(II)(C)(iii)13(e)(i)7(f)11(a)(b)(c)(A)––(B)(C)(D)(A)(B)(C)(ii)7(f)11(iii)3(e)(A)(B)(C)––(f)(A)(i)(ii)3(a)(a)(b)(B)(a)(b)(C)(i)(A)(A)(B)(ii)(iii)(iv)4.(a)(i)(A)(B)(1)(2)––(3)(4)(ii)(iii)(iv)(v)(vi)(b)(c)(a)11(d)(e)(f)(g)(h)5.(a)5(a)(i)ISMA(a)––(1)(2)(b)(1)(x)(y)(2)(x)(y)(ii)303603601230360(TransEuropeanAutomatedReal-TimeGrossSettlementExpressTransfer(TARGET)System(b)(i)(A)(B)((––(x)(y)(1)5(b)(i)(B)(i)(x)(B)(ii)(y)(A)(B)(2)(3)(4)(A)(B)(1)(2)(ii)(A)ISDAISDAISDA(A)ISDA2000ISDAInternationalSwapsandDerivativesAssociation,Inc.ISDA(1)(2)(3)(i)(ii)––(A)ISDA(B)(1)(2)0.000005(1)(2)(iii)(ii)(ii)(iv)––5(b)(i)365365(A)366(B)365(ii)365365(iii)365365366(iv)360360(v)303603603601230(a)31303130(b)30(vi)30360360360123030(v)1818(vi)(ii)(B)(iii)(iv)(A)(ii))(B)(iv)(vii)5(b)-––(c)(d)(1)(2)(e)5(a)(b)5(a)(c)136.(a)(i)(ii)(b)(a)––(a)(a)1210(c)––(d)(i)(ii)250,000(e)––6(i)(ii)(iii)6910(f)12(i)(A)(B)(C)(ii)(1)(2)––(g)(i)(ii)(iii