UOB OCG Golf VISA Proven a Success
Golf Digest Joins as New Industry Partner

Hong Kong, October 3, 2002 - The UOB OCG Golf VISA, Hong Kong's first theme credit card launched this February, has proven to stand for a novel card business model. Its success was echoed when United Overseas Bank (UOB) and Oriental City Group (OCG) announced this afternoon that Golf Digest would join as a new industry partner.

"Golf Digest, being one of Hong Kong's leading golf publications, means to us a valuable partner. Its readers are precisely the distinctive group, which comprises beginners, pre-eminent golfers and even non-golfers, the UOB OCG Golf VISA pursues," said Mr Lawrence Tsong; Head, Credit Card Centre, UOB.

"The partnership enables us, namely UOB, OCG and Golf Digest, to expand their respective membership profile and customer base. Moreover, members will also be pleased to enjoy more exclusive and unprecedented offers. It therefore represents a win-win-win scenario for all concerned," continued Mr Tsong.

Initiated by OCG, the industry-specific theme card business model has been showing more than satisfactory progressions since its introduction. The accumulated number of cards issued up until September reaches 20,000 and the average monthly spending is recorded at HK$1,500, representing over 50% more than industry average of HK$971.

"To add to that, we are also extremely contented with the zero charge-off rate particularly when some banks has recorded double-digit figures lately," said Mr Henry Yu; OCG's Chief Executive Officer. "It indicates that we have employed the right strategies by penetrating the golfers' segment which is a relatively untapped but yet promising market." Mr Yu also attributed the zero charge-off rate to the bank's stringent approval process and prudent card management.

Mr Tsong complemented that UOB has been taking all necessary steps and procedures to uphold a quality subscriber base. "Not only are we discreet about our subscribers, we are also concerned about the quality of our partners. We choose to work with industry leaders who contribute to delivering the highest quality of credit cards which best fit the bank's business direction and strategies. It is our greatest pleasure to have been holdings hands with OCG and we are committed to pursuing other opportunities with them."

Ms Peony Choi, General Manager of Golf Digest, echoed by saying, "Golf Digest is pleased to be associated with both UOB and OCG. We see tremendous synergies between our publication and the two financial institutions. The UOB OCG Golf VISA represents an ideal platform for us to offer existing and potential subscribers a wide range of exclusive benefits, including substantial discounts to published subscription rates and our GD Golfers' Club membership. I believe no golfers can afford not to subscribe to the UOB OCG Golf VISA which is customer-designed to enhance their golfing pleasures. "

"The addition of Golf Digest as an industry partner shows the theme card concept has gained industry support, largely due to the card's outstanding performance stemmed from a highly viable business model," Mr Yu said.

Looking into the future, Mr Yu was confident about attracting more industry partners to support the UOB OCG Golf VISA and other industry theme cards which were to be launched in the next few months.

"Having joined hands with Singapore's largest bank and the most prestigious golf magazine in Hong Kong, we trust we will be able to pool more partners from within the golf arena to further benefit subscribers and to reinforce the industry specific credit card business platform."

For more information, please contact:

United Overseas Bank Limited Credit Card Centre
Tel: (852) 2209 3399
Email: uob.cardcentrehk@uobgroup.com
URL : www.uob.com.hk

Oriental City Group Limited
Mendy Chung
Tel : (852) 2546 8500
Email: mendy.chung@orientalcitygroup.com
URL: www.orientalcitygroup.com