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Proposed Scheme Of Arrangement To Reorganise The Share Capital Of United Overseas Finance Limited ("The Scheme") For The Purpose Of Privatising United Overseas Finance Limited ("UOF" Or The "Company")

Court Approval And Confirmation Of Reduction Of Share Capital
The Board of Directors of the Company is pleased to announce that the Scheme has been sanctioned by, and the reduction of the share capital of the Company pursuant to the Scheme has been confirmed by, the High Court of Singapore. Subject to the delivery of a copy of the Court Order to the Registrar of Companies and Businesses for registration on 2 February 2000, the Scheme will become effective on 2 February 2000.

Unless otherwise defined, terms used in this Announcement shall have the same meanings as defined in the Scheme.

Important Events And Dates
Shareholders should note the following important events and dates:

Event	Date
Last Day For Trading Of UOF Shares	24 January 2000 at 5.00 pm
Books Closure Date	31 January 2000 at 5.00 pm
Relevant Date	1 February 2000
Effective Date Of The Scheme	2 February 2000
Date Of Delisting Of UOF Shares	3 February 2000
Date Of Payment Of Consideration Of S$2.00 Per UOF Share	11 February 2000

By Order Of The Board

Mrs Vivien Chan
Company Secretary

Singapore, 20 January 2000

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