United Overseas Bank : Circular/Pricing Supplement

PROHIBITION OF SALES TO EEA RETAIL INVESTORS - The Notes are not intended to be offered, sold or otherwise made available to and should not be offered, sold or otherwise made available to any retail investor in the European Economic Area ("EEA"). For these purposes, a retail investor means a person who is one (or more) of: (i) a retail client as defined in point (11) of Article 4(1) of Directive 2014/65/EU (as amended, "MiFID II"); (ii) a customer within the meaning of Directive (EU) 2016/97 (as amended, the "Insurance Distribution Directive"), where that customer would not qualify as a professional client as defined in point (10) of Article 4(1) of MiFID II; or (iii) not a qualified investor as defined in Regulation (EU) 2017/1129 (as amended, the "Prospectus Regulation"). Consequently no key information document required by Regulation (EU) No 1286/2014 (as amended, the "PRIIPs Regulation") for offering or selling the Notes or otherwise making them available to retail investors in the EEA has been prepared and therefore offering or selling the Notes or otherwise making them available to any retail investor in the EEA may be unlawful under the PRIIPs Regulation.

PROHIBITION OF SALES TO UK RETAIL INVESTORS - The Notes are not intended to be offered, sold or otherwise made available to and should not be offered, sold or otherwise made available to any retail investor in the United Kingdom ("UK"). For these purposes, a retail investor means a person who is one (or more) of: (i) a retail client, as defined in point (8) of Article 2 of Regulation (EU) No 2017/565 as it forms part of domestic law by virtue of the European Union (Withdrawal) Act 2018 ("EUWA"); (ii) a customer within the meaning of the provisions of the FSMA and any rules or regulations made under the FSMA to implement Directive (EU) 2016/97, where that customer would not qualify as a professional client, as defined in point (8) of Article 2(1) of Regulation (EU) No 600/2014 as it forms part of domestic law by virtue of the EUWA; or (iii) not a qualified investor as defined in Article 2 of Regulation (EU) 2017/1129 as it forms part of domestic law by virtue of the EUWA. Consequently no key information document required by Regulation (EU) No 1286/2014 as it forms part of domestic law by virtue of the EUWA (the "UK PRIIPs Regulation") for offering or selling the Notes or otherwise making them available to retail investors in the UK has been prepared and therefore offering or selling the Notes or otherwise making them available to any retail investor in the UK may be unlawful under the UK PRIIPs Regulation.

Notification under Section 309B(1)(c) of the Securities and Futures Act (Chapter 289 of

Singapore): The Perpetual Capital Securities are prescribed capital markets products (as defined in the Securities and Futures (Capital Markets Products) Regulations 2018) and Excluded Investment Products (as defined in the Monetary Authority of Singapore ("MAS") Notice SFA 04-N12: Notice on the Sale of Investment Products and MAS Notice FAA-N16: Notice on Recommendations on Investment Products).

Pricing Supplement dated 15 June 2021

UNITED OVERSEAS BANK LIMITED

(incorporated with limited liability in the Republic of Singapore)

(Company Registration Number 193500026Z)

Legal Entity Identifier: IO66REGK3RCBAMA8HR66

acting through its registered office in Singapore

Issue of S$600,000,000 2.55 per cent. Perpetual Capital Securities First Callable 2028 (the

"Perpetual Capital Securities")

under the U.S.$15,000,000,000 Global Medium Term Note Programme

This document constitutes the Pricing Supplement relating to the issue of Perpetual Capital Securities described herein.

Terms used herein shall be deemed to be defined as such for the purposes of the Perpetual Capital Securities Conditions set forth in the Offering Circular dated 6 April 2021 (the "Perpetual Capital Securities Conditions"). This Pricing Supplement contains the final terms of the Perpetual Capital Securities and must be read in conjunction with such Offering Circular.

Pricing Supplement

United Overseas Bank Limited, acting through its registered office in Singapore

50

1

Singapore dollars ("S$")

S$600,000,000

S$600,000,000

100 per cent. of the Aggregate Nominal Amount

Approximately S$598,988,850 (inclusive of any applicable Singapore goods and services tax)

S$250,000

S$250,000

22 June 2021 Issue Date

On the basis that the Perpetual Capital Securities are deemed to be an "AT1 Instrument" as defined in Section 10O of the Income Tax Act, Chapter 134 of Singapore (the "ITA"), where interest, discount income (not including discount income arising from secondary trading), prepayment fee, redemption premium or break cost is derived from any Perpetual Capital Securities by any person who is not resident in Singapore and who carries on any operations in Singapore through a permanent establishment in Singapore, the tax exemption available (subject to certain conditions) under the ITA, shall not apply if such person acquires such Perpetual Capital Securities using the funds and profits of such person's operations through a permanent establishment in Singapore. Any person whose interest, discount income (not including discount income arising from secondary trading), prepayment fees, redemption premium or break cost derived from the Perpetual Capital Securities is not exempt from tax (including for the reasons described above) shall include such income in a return of income made under the ITA.

1 (i) Issuer:

1. (i) Series Number:
2. 1. Tranche Number:
3. Specified Currency or Currencies:
4. Aggregate Nominal Amount:
5. 1. Series:
   2. Tranche:
6. (i) Issue Price:
7. 1. Net Proceeds:
8. (i) Specified Denominations:
9. 1. Calculation Amount
10. (i) Issue Date:
11. 1. Distribution Commencement Date
12. Distribution Distribution Basis:

Distribution Stopper (Perpetual Capital Securities Condition 5(f)):

9 Redemption/Payment Basis:

From (and including):

• The Distribution Commencement Date to (but excluding) the First Reset Date (as defined below), at the Initial Distribution Rate;
• The First Reset Date and each Reset Date falling thereafter to (but excluding) the immediately following Reset Date, the Reset Distribution Rate.

(further particulars specified below) Applicable

Redemption at par

Pricing Supplement

1. Change of Distribution or Redemption/Payment Basis
2. Call Options:
3. Listing:
4. Method of distribution:

See paragraph 8 above

Issuer Call

(further particulars specified below)

SGX-ST

Syndicated

PROVISIONS RELATING TO DISTRIBUTION (IF ANY) PAYABLE

14 Fixed Rate Perpetual Capital Security Provisions:

1. Rate(s) of Distribution:
2. 1. Initial Distribution Rate:
   2. Reset
   3. 1. First Reset Date:
      2. Reset Date(s):
      3. Reference Rate:

1. 1. Initial Spread:
2. Distribution Period:
3. Distribution Payment Date(s):
4. Fixed Distribution Amount:

Applicable

2.55 per cent. per annum payable semi-annually in arrear

Applicable

22 June 2028

The First Reset Date and each date falling every seven years after the First Reset Date, not adjusted for non-Business Days.

7-year SORA OIS, where:

"7-yearSORA OIS" means (a) the 7-year SORA- OIS reference rate available on the "OTC SGD OIS" page on Bloomberg under "BGN" appearing under the column headed "Ask" (or such other substitute page thereof or if there is no substitute page, the screen page which is the generally accepted page used by market participants at that time as determined by an independent financial institution (which is appointed by the Issuer and notified to the Calculation Agent)) at the close of business on the second Business Day preceding the Reset Date (the "SORA OIS Reset Determination Date"), or (b) if a Benchmark Event has occurred in relation to the "7-year SORA OIS", such rate as determined in accordance with Condition 4(c)(i).

1.551%

Each period from and including the Distribution Payment Date to (but excluding) the subsequent Distribution Payment Date, except that the first Distribution Period will commence on (and include) the Issue Date

22 June and 22 December in each year commencing on the Distribution Payment Date falling on 22 December 2021

Not Applicable

Pricing Supplement

1. Broken Amount(s):
2. Day Count Fraction:
3. Determination Dates:

Not Applicable

Actual/365 (fixed)

The determination of the Reset Distribution Rate shall be calculated on the second Business Day prior to such Reset Date in accordance with Condition 4(g)

	(viii) Other terms relating to the	Not Applicable
	method of calculating Distribution
	for Fixed Rate Perpetual Capital
	Securities:
15	Floating Rate Perpetual Capital	Not Applicable
	Securities Provisions:
16	Benchmark Replacement:	Benchmark Replacement (General) (Condition
		4(c)(i))
PROVISIONS RELATING TO REDEMPTION
17	Call Option:	Applicable
	(i) Optional Redemption Date(s):	The First Reset Date and each Distribution
		Payment Date thereafter

1. Optional Redemption Amount(s) of each Perpetual Capital Security and method, if any, of calculation of such amount(s):
2. If redeemable in part:
3. • Minimum Redemption Amount:

S$250,000 per Calculation Amount

Not Applicable

1. • Maximum Redemption Amount:
2. Notice period:

1. Variation instead of Redemption (Perpetual Capital Securities Condition 6(f)):
2. Final Redemption Amount of each Perpetual Capital Security:
3. Early Redemption Amount
   Early Redemption Amount(s) per Calculation Amount payable on redemption for taxation reasons due to a Tax Law change/Change of Qualification Event and/or the method of calculating the same (if required or if different from that set out in the

Not Applicable

In accordance with Condition 6(d), not less than 15 days' irrevocable notice to Securityholders and the Trustee

Applicable

S$250,000 per Calculation Amount

S$250,000 per Calculation Amount

Pricing Supplement

Perpetual Capital Securities

Conditions):

PROVISIONS RELATING TO LOSS ABSORPTION

21 Loss Absorption Measure: Write

Write Down Applicable

Down on a Loss Absorption Event

(Perpetual Capital Securities

Condition 7(a))

GENERAL PROVISIONS APPLICABLE TO THE PERPETUAL CAPITAL SECURITIES

22 Form of Perpetual Capital Securities:

Registered

1. Financial Centre(s) or other special provisions relating to Payment Dates:
2. Other terms or special conditions:

DISTRIBUTION

1. (i) If syndicated, names of Managers:
2. 1. Stabilising Manager (if any):
3. If non-syndicated, name of Dealer:
4. U.S. Selling Restrictions:
5. Additional selling restrictions:

Singapore

Please refer to the annexe to this Pricing Supplement.

Credit Suisse (Singapore) Limited

The Hongkong and Shanghai Banking Corporation Limited, Singapore Branch

Standard Chartered Bank (Singapore) Limited

United Overseas Bank Limited

The Hongkong and Shanghai Banking Corporation Limited, Singapore Branch

Not Applicable

Reg. S Compliance Category 2; TEFRA not applicable

Singapore:

The Perpetual Capital Securities shall not be offered or sold, or be made the subject of an invitation for subscription or purchase, to the Issuer or any of its banking group entities or associates (each as defined in MAS Notice 637), unless with the prior approval of MAS.

OPERATIONAL INFORMATION

1. ISIN Code:
2. Common Code:
3. CUSIP:
4. CINS:
5. CMU Instrument Number:
6. Any clearing system(s) other than The Central Depository (Pte) Limited, The

SGXF73188736

235632225

Not Applicable

Not Applicable

Not Applicable

Not Applicable

Pricing Supplement