The Board of United Overseas Australia Ltd. announced that a member of the United Overseas Australia Group ("UOA Group"), UOA Vietnam BDC Pte Ltd. ("UOAV"), has entered into a Joint Venture Agreement with CapitaLand (Vietnam) Holdings Pte Ltd. ("CLV"). The Joint Venture Agreement is the culmination of discussions between the parties pursuant to the Memorandum of Understanding ("Memorandum") announced on 15 December 2021, to identify and acquire a project suitable for the Company and CLV, which discussions continued beyond the period contemplated in the Memorandum. As intended under the Memorandum, UOAV will hold a 30% stake in the joint venture entity with CLV holding the remaining 70%.

The joint venture has capital commitments to fund the project totaling USD247.1 million, which will be contributed by each party in their respective proportions, with UOAV's share being USD 74.13 million. The proposed project is a mixed-use development in Vietnam with an initial proposal consisting of the construction of 4 high rise towers comprising residential, commercial and retail space, 1 medium rise tower comprising residential and retail space and 2 low rise towers comprising residential space. The Company looks forward to being a part of the project as Vietnam continues to engage in development and construction activities, which may provide further opportunities for the Company, including engagement with CapitaLand, in future development projects that may arise.