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UNITED OVERSEAS BANK GROUP SETS UP JOINT INVESTMENT COMPANY IN BEIJING

Singapore, 20 September 2002 - United Overseas Bank ("UOB") is pleased to announce that it has, through its wholly-owned subsidiary, UOB Venture Management (Shanghai) Co., Ltd ("UOBVM Shanghai"), entered into a joint venture agreement with Oxford Cambridge Investment Group, Beijing, China ("OCIG"), and Shandong Hi-Tech Investment Company Limited, Jinan, Shandong, China ("SDIC"), on 17 September 2002, to set up an investment company in Beijing, China.

A signing ceremony was held at the office of and witnessed by the Executive Vice Governor of Shandong, Mr Han Yu Qun in Shandong. Also present at the ceremony were Mr Quek Cher Teck, Managing Director of UOB Venture Management Private Limited ("UOBVM") and Chairman of UOBVM Shanghai, Dr Hua Sheng, Chairman of OCIG and Mr Zhao Kui, Chairman of SDIC.

The investment company will be set-up with an initial target capital of Renminbi ("RMB") 300 million by the three parties. UOB will participate RMB 60 million in this joint venture. It shall seek to invest in Chinese companies that have the potential to achieve high growth over a medium-term to long-term period. These companies are likely to be those in high-growth technology sectors and traditional industries that are adopting new technology in its production process.

Mr Wee Ee Cheong, Group Deputy Chairman & President said, "We are optimistic about the private equity business in China as Chinese enterprises are increasingly looking to this form of financing. The setting up of the investment company is in line with UOB's strategy to focus on Greater China as one of the key areas contributing towards the growth of the Bank. It also reaffirms our commitment to provide a wider range of products and quality services to our customers."

Said Mr Quek Cher Teck, Managing Director of UOBVM Singapore, "UOB Venture Management, leveraging on its diverse investment portfolios and UOB's strong regional presence, will introduce foreign strategic partners to these high growth companies and help them to explore overseas markets and gain access to capital markets outside China. We will also value-add by introducing our portfolio companies seeking to expand their presence in China."

The investment company shall appoint an investment consultancy company in Beijing to manage its investments. The consultancy company shall source, evaluate and recommend investments. UOBVM Shanghai will have a 60% equity interest in the consultancy company.

About United Overseas Bank Group
The United Overseas Bank ("UOB") Group has an international network that currently comprises more than 250 offices in 18 countries in the Asia-Pacific region, Western Europe and North America.

In China, UOB has four branches in China (in Guangzhou, Shanghai, Shenzhen and Xiamen) and Representative Offices in Beijing and Chengdu. UOB has received approval to upgrade its Beijing office to a branch, thus making its banking network in China one of the most comprehensive among foreign banks in China.

About Oxford Cambridge Investment Group
Oxford Cambridge Investment Group ("OCIG") is a diversified investment company set up in 1993 by Chinese students and teachers returning from the renowned Oxford University and Cambridge University in United Kingdom. The Managing Director and Chairman of OCIG, Dr Hua Sheng, is highly recognised for his outstanding contributions by the Chinese government. He is also the Principal of Yan Jing Overseas Chinese University - an overseas Chinese university set-up by OCIG. Besides its core business of investing in Chinese companies, OCIG has an ISO9000 and ISO14000 Certification Center and a business school - Oxford-Cambridge College on Business Administration. It owns majority stakes in two A-share listed Chinese companies in China.

About Shandong Hi-Tech Investment Company Limited
Shandong Hi-Tech Investment Company Limited ("SDIC") is an investment company wholly-owned by the Shandong provincial government. SDIC is one of the leading Chinese venture capital investor in China.

For more information, please contact:

Geraldine Leong

Corporate Affairs Tel: (65) 6539 3981 Fax: (65) 6538 2559 Email: Geraldine.LeongWL@UOBgroup.com

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