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Singapore, 2 May 2000 - United Overseas Bank Limited (UOB) today announces the launch of the UOB Nikkei Deposit, a unique product that guarantees the principal amount deposited and that is linked to the performance of the Nikkei 225*.

Available till 15 May 2000, the UOB Nikkei Deposit gives retail customers the opportunity to participate in the performance of the Nikkei 225 when they place a minimum sum of US$5,000 for 12 months. The performance of the Nikkei 225 will then determine the final interest payable.

Mr Wee Kang Keng, Vice President and Head of Treasury Marketing & Sales at UOB, explains the rationale behind the launch of the UOB Nikkei Deposit, "The Japanese economy is poised for higher growth after stagnating for years. Corporate restructuring and various fiscal stimulus measures carried out by the government over the past few years are beginning to take effect. Hence, the timing to participate in the Japanese economic recovery and the Nikkei 225 upmove could not be better."

"The benefits of the UOB Nikkei Deposit are many. Interest, pegged to the performance of the Nikkei 225 Index, gives a potentially higher return than a normal time deposit. In the event that the Nikkei 225 goes down, the principal remains 100% guaranteed. What's more, there is no sales charge or management fee, unlike investing in a unit trust. In other words, when customers place their money in the UOB Nikkei Deposit, they enjoy the advantages of investing in a unit trust fund plus the security of placing their money in a time deposit," elaborated Mr Wee.

Customers can place their funds in the UOB Nikkei Deposit at any UOB branch or Invest Shop, or call 1800 22 22 121 for more information.

* The Nikkei 225 is a price-weighted index of 225 top-rated Japanese companies listed in the First Section of the Tokyo Stock Exchange.

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