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The Committee will be assisted by consultants Accenture (for integration and rationalisation of the IT platforms and systems) and Towers Perrin (for human resource issues). The consultants will work closely with senior executives of UOB and OUB at the working group level.

Dr Lien Ying Chow Appointed Honorary Life Counsellor
We are also delighted to announce that Dr Lien Ying Chow has kindly consented to be the Honorary Life Counsellor of the Combined Group.

Mr Wee Cho Yaw Assumes Post Of CEO Of OUB
Mr Wee Cho Yaw has been appointed Chief Executive Officer of OUB with effect from 1 October 2001 while Mr Lee Hee Seng remains as Chairman of the OUB Board.

Pursuant to Section 153 of the Companies Act, EGMs will be convened to obtain shareholders' approval for the appointments of Mr Wee and Mr Lee to the Boards of OUB and UOB respectively. Following their appointments to the respective boards, Mr Lee will retire as Chairman of OUB, and Mr Wee will become the Chairman in his place. Mr Lee will then be appointed as Senior Deputy Chairman of OUB and UOB.

Other Changes At Board Level
As indicated in the joint announcement of the takeover on 29 June 2001, all OUB directors have been invited to join the UOB Board. The UOB Board will be enlarged by the inclusion of Mrs Margaret Lien and Messrs Lee Hee Seng, Tan Kok Quan, Lim Pin, Ngiam Tong Dow and Ng Boon Yew. Dr Andrew Chew, a director of OUB, had earlier indicated that he would not be able to join the UOB Board because of his other commitments.

The OUB Board will be enlarged to include Messrs Wee Cho Yaw, Wee Ee Cheong, Koh Beng Seng and Cham Tao Soon.

When the board appointments are fully implemented, the top management teams of UOB and OUB will be as follows:

Wee Cho Yaw	:	Chairman of the Board and Chief Executive Officer;
Lee Hee Seng	:	Senior Deputy Chairman;
Wee Ee Cheong	:	Deputy Chairman and President; and
Koh Beng Seng	:	Deputy President

UOB Board Committees
Mr Lee Hee Seng will be appointed to the Executive Committee, Nominating Committee, and Compensation Committee of UOB as soon as shareholders' approval has been obtained for his appointment as director of UOB.

Mr Ngiam Tong Dow has been appointed to the Executive Committee.

Mr Philip Yeo and Professor Lim Pin have been appointed to the Compensation Committee.

Mr Wee Ee Cheong and Mr Tan Kok Quan have been appointed to the Audit Committee.

Mr Koh Beng Seng has stepped down from the Nominating Committee.

OUB Board Committees
Mr Wee Cho Yaw will be appointed as the Chairman of the Executive Committee and a member of the Nominating Committee and Compensation Committee as soon as shareholders' approval has been obtained for his appointment as director of OUB.

Messrs Wee Ee Cheong and Koh Beng Seng will be appointed to the Executive Committee of OUB. Professor Lim Pin will step down from the Executive Committee.

Mr Lee Hee Seng will step down from the Audit Committee of OUB. Professor Lim Pin and Dr Cham Tao Soon will be appointed to the Audit Committee of OUB with the former as chairman of the Audit Committee in place of Mr Tan Kok Quan who remains a member of the committee.

Dr Cham Tao Soon will be appointed to the Compensation Committee.

Retirement Of Mr Peter Seah
Mr Peter Seah, Director, Vice Chairman and Chief Executive Officer of OUB, has decided to retire to pursue other interests. He will step down as Director, Vice Chairman and CEO of OUB on 30 September 2001. The OUB Board has accepted his decision with deepest regret. Mr Peter Seah has served OUB with distinction for 24 years, the last 10 of which was as Chief Executive Officer. OUB wishes to place on record its sincere appreciation to Mr Peter Seah for his able management of the OUB Group and wishes him success in his future endeavours.

UOB regrets that Mr Peter Seah is not joining the Combined Group and wishes him all the very best.

Reorganisation And Restructuring Of The Combined Group
Notice has been served, under Section 215 of the Companies Act, on the remaining OUB shareholders who have not accepted UOB's Offer as at the close of the Offer, to compulsorily acquire their shares. When the compulsory acquisition is completed, OUB will become a wholly-owned subsidiary of UOB.

During the next six to 12 months, we will reorganise and restructure the companies within the Combined Group for maximum business and capital efficiencies. In line with our determination to reduce costs by discarding unnecessary duplication, our priority will be to merge all overseas operations as well as support functions of the two banks.

We assure all UOB and OUB customers that their interests remain paramount and service levels will not be compromised throughout the entire integration and rationalisation process. The management and staff of Singapore's largest banking group will ensure that every customer continues to receive the highest quality services.

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