United Overseas Bank Limited And Japan Asia Investment Co., Ltd.
Raise US$12 Million In First Closing Of Joint Biomedical Sciences Venture Capital Fund

Singapore and Japan, 17 August 2004
United Overseas Bank Limited ("UOB") and Japan Asia Investment Co., Ltd. ("JAIC") have jointly set up a biomedical sciences venture capital investment fund called the UOB JAIC Venture Bio Investments Ltd (the "Fund”). 

The Fund will invest in unlisted biomedical sciences companies worldwide, with a focus on Asia (including Japan ) and North America . It is jointly managed by UOB Bioventures Management Pte Ltd - a subsidiary of UOB, and JAIC Asia Capital Pte Ltd - a wholly-owned Singapore subsidiary of JAIC.

The Fund had a first closing of US$12 million on 31 July 2004 with capital commitments from the UOB Group, JAIC and private investors. The Fund targets to raise up to US$20 million in the next six to nine months.

About UOB
UOB is a leading bank in Singapore that provides a wide range of financial services through its global network of 380 branches, offices and subsidiaries in 18 countries and territories in Asia-Pacific, Western Europe and North America . It has banking subsidiaries in Singapore , Malaysia , Indonesia , Tha ilan d and the Philip pines .

The UOB Group achieved a record Net Profit After Tax of S$1.2 billion (US$706.8 million) in 2003, representing a growth of 19.5%. Its return on average shareholders' funds (ROE) stood at 9.3% while its return on average total assets (ROA) was 1.1%. Group total assets were S$113.4 billion (US$66.7 billion) and Group shareholders' funds were S$13.3 billion (US$7.8 billion) as at 31 December 2003 .

UOB is rated among the world's top banks by Moody's Investors Service, receiving B+ for Bank Financial Strength, Aa2 for long-term deposits and Prime-1 for short-term deposits.

For more information, visit www.uobgroup.com

About UOB Bioventures Management Pte Ltd
UOB Bioventures Management Pte Ltd is an investment management subsidiary of UOB. The company was established in 2001 to manage venture capital funds in the biomedical sciences sector.

About JAIC  
JAIC was established in 1981 by the Japan Association of Corporate Executives (Keizai Doyukai) as an independent venture capital company and is now ranked as one of Japan's largest venture capital firms. JAIC helps unlisted venture companies with high growth potential to procure capital and contributes to their growth and improvement of corporate value by offering information, supporting initial public offerings, and providing consultation, along with merger and acquisition and management buyout proposals. 

Since its establishment in 1981, JAIC has invested in over 1,000 companies in Asia (including Japan ) and USA , with funds totalling over US$1 billion. JAIC shares have been trading on JASDAQ in Japan since 1996. The JAIC Group employs over 180 professionals in Asia and USA . It has seven branches in Japan , and offices in Hong Kong , Indonesia , Korea , Malaysia , Singapore , Taiwan , Tha ilan d and the USA .

For more information on JAIC, visit www.jaic-vc.co.jp

About JAIC Asia Capital Pte Ltd
JAIC Asia Capital Pte Ltd (JAC), a wholly-owned entity of JAIC, is a Singapore-based Japanese venture capital firm that has, since 1995, dedicated itself to investing in promising Asian SMEs.

For more information on JAC, visit www.jaic.com.sg

Ms Jean Thoh
UOB Bioventures Management Pte Ltd
Tel: (65) 6539 3593
Email: Jean.ThohJH@UOBgroup.com

Mr Tham Poh Weng
JAIC Asia Capital Pte Ltd
Tel: (65) 6557 0342
Email: pwtham@jaic.com.sg

Ms Vivian Song
UOB Corporate Affairs Division
Tel: (65) 6539 3990
Email: Vivian.SongKY@UOBgroup.com