United Overseas Bank : Circular/Pricing Supplement

EXECUTION VERSION

UK MIFIR product governance / Professional investors and ECPs only target market - Solely for the purposes of the manufacturer's product approval process, the target market assessment in respect of the Covered Bonds has led to the conclusion that: (i) the target market for the Covered Bonds is only eligible counterparties, as defined in the FCA Handbook Conduct of Business Sourcebook, and professional clients, as defined in Regulation (EU) No 600/2014 as it forms part of domes tic law by virtue of the European Union (Withdrawal) Act 2018 ("UK MiFIR"); and (ii) all channels for distribution of the Covered Bonds to eligible counterparties and professional clients are appropriate. Any person subsequently offering, selling or recommending the Covered Bonds (a "distributor") should take into consideration the manufacturer's target market assessment; however, a distributor subject to the FCA Handbook Product Intervention and Product Governance Sourcebook (the " UK MiFIR Product Governance Rules") is responsible for undertaking its own target market assessment in respect of the Covered Bonds (by either adopting or refining the manufacturer's target market assessment) and determining appropriate distribution channels.

PROHIBITION OF SALES TO EEA RETAIL INVESTORS - The Covered Bonds 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 purpos es, 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 MiFID II; or (ii) a customer within the meaning of Directive (EU) 2016/97 (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. Consequently no key information document required by Regulation (EU) No 1286/2014 (as amended, the "PRIIPs Regulation") for offering or selling the Covered Bonds or otherwise making them available to retail investors in the EEA has been prepared and therefore offering or selling the Covered Bonds 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 Covered Bonds 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"); or (ii) a customer within the meaning of the provisions of the FSMA and any rules or regulations made under the FSMA to implement the Insurance Distribution Direc tive, 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. Consequently no key information document required by the PRIIPs Regulation as it forms part of domestic law by virtue of the EUWA (the "UK PRIIPs Regulation") for offering or selling the Covered Bonds or otherwise making them available to retail investors in the UK has been prepared and therefore offering or selling the Covered Bonds 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, as modified or amended from time to time (the "SFA") - In connec tion with Sec tion 309B of the SFA and the Securities and Futures (Capital Markets Products) Regulations 2018 of Singapore (the "CMP Regulations 2018"), the Issuer has determined the classification of the Covered Bonds as capital markets products other than prescribed capital markets products (as defined in the CMP Regulations 2018) and Specified Investment Products (as defined in 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 14 September 2021

UNITED OVERSEAS BANK LIMITED (the "Issuer")

(incorporated with limited liability in the Republic of Singapore)

(Company Registration Number 193500026Z)

Legal Entity Identifier: IO66REGK3RCBAMA8HR66

Issue of

£850,000,000 Floating Rate Covered Bonds due 2026 (the "Covered Bonds") unconditionally and irrevocably guaranteed as to payments of interest and principal by

Glacier Eighty Pte. Ltd. ("CBG")

(incorporated with limited liability in the Republic of Singapore)

(Company Registration Number 201531119W)

under the U.S.$8,000,000,000 Global Covered Bond Programme

PART A - CONTRACTUAL TERMS

Terms used herein shall be deemed to be defined as such for the purposes of the Conditions set forth in the Offering Circular dated 6 April 2021 (the "Offering Circular"). This document constitutes the Pricing Supplement of the Covered Bonds described herein and must be read in conjunction with the Offering Circular. Full information on the Issuer, the CBG and the offer of the Covered Bonds is only available on the basis of the combination of this Pricing Supplement and the Offering Circular. The Offering Circular has been published on the website of the Singapore Exchange Securities Trading Limited ("SGX-ST").

Where interest, discount income, prepayment fee, redemption premium or break cost is derived from any of the Covered Bonds 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 for qualifying debt securities (subject to certain conditions) under the Income Tax Act, Chapter 134 of Singapore (the "Income Tax Act"), shall not apply if such person acquires such Covered Bonds using the funds and profits of such person's operations through a permanent establishment in Sing apore. Any person whose interest, discount income, prepayment fee, redemption premium or break cost derived from the Covered Bonds is not exempt from tax (including for the reasons described above) shall include such income in a return of income made under the Income Tax Act.

1

2

3

4

1. Issuer:
2. Covered Bond Guarantor:
3. Calculation Agent:

1. Series Number:
2. Tranche Number:
3. Date on which the Covered Bonds become fungible:

Specified Currency or Currencies:

Aggregate Nominal Amount:

United Overseas Bank Limited

Glacier Eighty Pte. Ltd.

Deutsche Bank AG, Hong Kong Branch

10

1

Not Applicable

Sterling (GBP or £)

£850,000,000

2

5

6

7

8

9

10

Issue Price:

1. Specified Denominations:
2. Calculation Amount:

1. Issue Date:
2. Interest Commencement Date

1. Maturity Date:
2. Extended Due for Payment Date of
   GuaranteedAmounts corresponding to the Final Redemption Amount under the Covered Bond Guarantee:

Interest Basis:

Redemption/Payment Basis:

103.520 per cent. of the Aggregate Nominal Amount

£100,000 and integral multiples of £1,000 in excess thereof

£1,000

21 September 2021

Issue Date

Interest Payment Date falling on or nearest to 21 September 2026

Applicable

Interest Payment Date falling on or nearest to 21 September 2027

For the period from and including the Issue Date up to but excluding the Maturity Date:

Compounded Daily SONIA plus 1 per cent. per annum Floating Rate payable quarterly in arrear (further particulars specified below)

(see paragraph 15 below)

For the period from and including the Maturity Date up to but excluding the Extended Due for Payment Date:

Compounded Daily SONIA plus 1 per cent. per annum payable monthly in arrear (further particulars specified below)

(see paragraph 15 below)

Subject to any purchase and cancellation or early redemption, the Covered Bonds will be redeemed on the Maturity Date at 100 per cent. of their nominal amount.

11

12

13

Change of Interest:

Put/Call Options:

Covered Bond Swap:

1. Covered Bond Swap Provider:
2. Nature of Covered Bond Swap:

Applicable, see paragraph 9 above

Not Applicable

United Overseas Bank Limited

Forward Starting (i.e. entered into on the Issue Date but no cashflows will be exchanged under such Covered Bond Swap unless and until service of a Notice to Pay on the CBG)

PROVISIONS RELATING TO INTEREST (IF ANY) PAYABLE

14

Fixed Rate Covered Bond Provisions:

Not Applicable

3

15 Floating Rate Covered Bond Provisions

1. Interest Period(s):

(ii) Specified Interest Payment Dates:

1. Interest Period Date:
2. First Specified Interest Payment Date:
3. Business Day Convention:
4. Business Centre(s):
5. Manner in which the Rate(s) of Interest is/are to be determined:
6. Party responsible for calculating the Rate(s) of Interest and/or Interest Amount(s) (if not the Agent):
7. Screen Rate Determination:
8. • Reference Rate:
   • Index Determination:
   • Interest Determination Date(s):

Applicable

The period beginning from and including the Issue Date and ending on but excluding the first Specified Interest Payment Date and each successive period beginning on and including a Specified Interest Payment Date and ending on but excluding the next succeeding Specified Interest Payment Date, subject to adjustment in accordance with the Business Day Convention set out in (v) below

21 March, 21 June, 21 September and 21 December in each year up to the Maturity Date, provided that after the Extension Determination Date, the Specified Interest Payment Dates shall be the 21st calendar day of each month commencing on but excluding the Maturity Date and ending on the Extended Due for Payment Date, in each case subject to adjustment in accordance with the Business Day Convention set out in (v) below

Specified Interest Payment Date

21 December 2021, subject to adjustment in accordance with the Business Day Convention set out in (v) below

Modified Following Business Day Convention

London, Singapore

Screen Rate Determination

Not Applicable

SONIA

Not Applicable

The London Banking Day immediately following the end of each Observation Period.

1. • Relevant Screen Page:
   • Observation Method:
   • "p":
2. ISDA Determination:
3. Margin(s):

Reuters Screen SONIA (or any replacement thereto)

Lag

5 London Banking Days

Not Applicable

+1 per cent. per annum

4

1. Minimum Rate of Interest:
2. Maximum Rate of Interest:
3. Day Count Fraction:
4. Fall back provisions, rounding provisions, denominator and any other terms relating to the method of calculating interest on Floating Rate Covered Bonds, if different from those set out in the Conditions:
   - Lookback/Suspension Period:

PROVISIONS RELATING TO REDEMPTION

1. Call Option
2. Put Option
3. Final Redemption Amount of each Covered Bond:
4. Early Redemption Amount:
   Early Redemption Amount(s) per Calculation Amount payable on redemption for taxation reasons or on event of default or other early redemption:
5. Details relating to redemption by Instalments: amount of each instalment
   ("Instalment Amount"), date on which each payment is to be made
   ("Instalment Date"):

Not Applicable

Not Applicable

Actual/365 (Fixed)

Condition 4(b)(iii)(C)(bb) applies

Not Applicable

Not Applicable

Not Applicable

£1,000 per Calculation Amount

£1,000 per Calculation Amount

Not Applicable

PROVISIONS RELATING TO UOB SUSTAINABLE COVERED BONDS

21

UOB Sustainable Covered Bonds:

Not Applicable

GENERAL PROVISIONS APPLICABLE TO THE COVERED BONDS

1. Form of Covered Bonds:
2. Financial Centre(s):
3. Talons for future Coupons to be attached to Definitive Covered Bonds (and dates on which such Talons mature):

Registered Covered Bonds:

Regulation S Global Covered Bond

(£850,000,000 nominal amount) registered in the name of a nominee for a common depositary for Euroclear and Clearstream, Luxembourg

London, Singapore

Not Applicable

5