UOB Annual Report 2014

UNITED OVERSEAS BANK LIMITED
Annual Report 2014
Wait at Terminal 21
Hong Sek Chern
Contents
Overview
02 About United Overseas Bank Limited
04 Market Overview and Growth Drivers
06 Financial Highlights
08 Five-Year Group Financial Summary
09 Chairman Emeritus Statement
10 Chairmans Statement
11 Deputy Chairman and CEOs Report
14 Board of Directors
19 Group Management Committee
Year in Review
22 2014 in Review
35 UOB in the Community
37 UOBs Awards and Accolades in 2014
Governance
40 Corporate Governance
47 Capital Management
49 Risk Management
58 Human Resource
61 Pillar 3 Disclosure
Financial Report
71 Management Discussion and Analysis
Financial Statements
82 Directors Report
87 Statement by Directors
88 Independent Auditors Report
89 Income Statements
90 Statements of Comprehensive Income
91 Balance Sheets
92 Statements of Changes in Equity
94 Consolidated Cash Flow Statement
95 Notes to the Financial Statements
Investor Reference
164 UOB Share Price and Turnover
165 Statistics of Shareholdings
167 Five-Year Ordinary Share Capital Summary
168 Our International Network
172 Notice of Annual General Meeting
177 Appendix to the Notice of Annual
GeneralMeeting
189 Proxy Form
Corporate Information
For more information on UOB, please visit: www.UOBGroup.com

All gures in this Annual Report are in Singapore dollars unless otherwise specied.
Wait at Terminal 21
by Hong Sek Chern
Chinese ink on rice paper
Ms Hong Sek Cherns Wait at Terminal 21 is the design inspiration for the cover of
this years UOB Group Annual Report. The painting received the Gold Award for
the Established Artist category in the 2014 UOB Painting of the Year (Singapore)
Competition. It is symbolic of the beliefs and actions that can bind people and
shape their future.
Ms Hong was inspired by the determination, persistence and resilience of the
Thai people and sought to capture these qualities in her painting. She portrayed
a democracy movement at Bangkoks Terminal 21 shopping mall, employing her
signature style which is a complex interplay of architectural blocks and lines.
The UOB Painting of the Year Competition, now in its 33rd year, promotes
awareness and appreciation of art and challenges artists to produce works that
inspire audiences across Southeast Asia.
UNITED OVERSEAS BANK LIMITED ANNUAL REPORT 2014 | 1

About United Overseas Bank Limited
United Overseas Bank Limited (UOB) is a leading bank in Asia with a global network of more
than500offices in 19 countries and territories in Asia Pacific, Western Europe and North America.
Since its incorporation in 1935, UOB has grown organically and through a series of strategic
acquisitions. UOB is rated among the worlds top banks: Aa1 by Moodys and AA- by Standard
&Poors and Fitch Ratings respectively.
Operating Segments
UOB provides a wide range of nancial services including personal nancial services, private banking, business banking,
commercial and corporate banking, transaction banking, investment banking, corporate nance, capital market activities,
treasuryservices,brokerage and clearing services, asset management, venture capital management and insurance.
Group Retail Group Wholesale Banking Global Markets and

Investment Management
The Group Retail business is focused on The Group Wholesale Banking business Global Markets and Investment
providing personal and business banking is dedicated to providing businesses and Management oversees the Banks
customers with nancial solutions to corporates with solutions to optimise liquidity, assets, investments and market
help them manage their money wisely to their business operations and cash making across a wide array of nancial
achieve their nancial goals. Its suite of ow, to manage risk, to enter into or to instruments. It also provides nancial
retail deposits, loans, insurance, cards and expand in a market, and to raise capital. risk management solutions, brokerage
investment products is complemented by The Banks deep knowledge of Asia and clearing, investment and treasury
a 500-strong integrated branch network and its extensive integrated network products and services.
and 1,700 automated teller and cash are harnessed to connect customers to
deposit machines across the region, as regional opportunities.
well as online and mobile banking options.
See page 26 for more information See page 29 for more information See page 32 for more information
UOB in the Community

UOB plays an active role in the community, focusing on art, children and education. It has, over more than three decades, held the
longest-running art competition in Singapore, the UOB Painting of the Year, which has since been extended across SoutheastAsia.
In recognition of its contribution to the arts, UOB was conferred the Singapore National Arts Councils Distinguished Patron of the
Arts Award for the tenth consecutive year in 2014. UOB also encourages its employees across the region to be involved in its regular
volunteer activities. This includes the annual UOB Heartbeat Run which is held in China, Indonesia, Malaysia, Singapore and Thailand.
See page 35 for more information
2 | UNITED OVERSEAS BANK LIMITED ANNUAL REPORT 2014

Asia Pacific
In Asia, UOB operates through its banking
subsidiaries in China, Indonesia, Malaysia,
the Philippines, Singapore and Thailand, as
well as branches and representative ofces.
530
branches and offices
Japan 2
South Korea 1
China 20
Hong Kong 3 Taiwan 3
India 1 Myanmar 2
Vietnam 1
Thailand 156 Philippines 1
Malaysia 47
Brunei 2
Singapore 76
Indonesia 211
Australia 4
Canada 3
USA 3 United Kingdom 1

France 1
North America Western Europe

6 2
branches and offices branches and offices

Market Overview and Growth Drivers
With its strong fundamentals and long-term prospects, Southeast Asia is set
togrow at a faster pace than the rest of the world in 2015.
2014 Review 2015 Outlook

Economy Economy
Global economic performance was muted. Despite signs Moderate and uneven growth is expected as the US, Europe,
of recovery in the US, other major economies fared poorly. Japan and China pursue divergent growth paths. As their
The weak economic growth and deationary pressure in the central banks respond to these challenges, uncertainty will
eurozone prompted the European Central Bank to consider increase, leading to greater price volatility in nancial markets.
further monetary measures through quantitative easing. Japan Nonetheless, the International Monetary Fund (IMF) forecasts
avoided its rst recession since 2012, but reported no growth marginally higher global gross domestic product growth of
for the full year. Chinas economy expanded 7.4 per cent, 3.5per cent in 2015, up from the 3.3 per cent in 2014. China is
the slowest rate since 1990. The lack of global growth and also expected to remain as a stabiliser for the global economy
demand is reected by the decline in commodity prices across as it takes on a more balanced approach to growth. Southeast
the board, with crude oil prices falling by more than half by Asia is a bright spot and is set to grow at a faster pace relative
end-2014. However, with most Asian countries being net oil to the rest of the world at 5.6 per cent according to the IMFs
importers, low oil prices also meant cost savings for the region. projections. This is due to its deepening economic integration
which should help buffer the region against the volatility in
Banking sector
external demand.
Loan growth slowed with Indonesia, Singapore and Thailand
experiencing the sharpest year-on-year declines. The Banking sector
domestic property market slowdown and weak business Moderate loan growth is expected due to tighter liquidity
and consumer loan growth affected Singapore while Thailand conditions, slowing economic growth, and measures aimed at
had to work through the effects of rapid consumer credit curbing the rise in household debt. The increasing competitive
expansion. Indonesian banks were pressured by tight liquidity pressure on funding and associated costs is due partly to the
and compressed margins as they sought to safeguard funding implementation of the Basel III Liquidity Coverage Ratio capital
sources. Malaysian banks experienced moderate loan growth requirements. In Singapore, capital requirements have been
amid a slowing economy and margin compression in the set above the Basel Committees minimum, and the robust
face of competition for deposits. Credit quality trends were regulatory framework and macro-prudential measures have
largely benign for Singapore and Malaysia while asset quality minimised risks through credit cycles. Although maintaining
weakened in Thailand and Indonesia. However, the banking higher levels of capital may temper returns and growth,
sector remained largely stable as banks have been prudent this is likely to be positive for Southeast Asian banks credit
and increasing their provision cover. fundamentals over time. Against this backdrop, maximising
operational efciency, maintaining low credit costs and
reinforcing fee income growth are key to enhancing protability.
Growth opportunities
With the ASEAN Economic Community taking shape in 2015,
more growth opportunities are anticipated for banks and their
customers. Intra-regional trade remains integral to Southeast
Asias economic growth and is anticipated to account for
30 per cent of the regions total trade by 2030. Trade with
China will also continue to rise. These trends, coupled with
increasing consumer afuence, will lead to greater demand for
cross-border nancing and personal banking products and
services, as well as drive broader nancial development in
theregion.

UOB is focused on the basics We are confident of the long-term
of banking: growth potential of Asia:
Strong Fundamentals Growth Strategy

Emphasis on pursuing stable and sustainable Capitalising on regional growth drivers
growth Strengthening our geographical footprint and
Holds a long-term perspective to building our regional coverage to support our customers as
business, focusing on creating value and sustainable they grow in their home markets and expand
returns for our shareholders. throughout Asia; and
Experienced and stable management with Maintaining our focus on seizing the
proven track record opportunities offered by rising intra-regional
Proven track record in steering the Bank through trade and investments, and higher consumer
various global, regional and local events and crises. incomes in Asia.
Strong credit ratings and prudent nancial Reinforcing fee income growth
management Deepening customer relationships by providing
Strong capital base and Common Equity Tier 1 comprehensive and customised personal
Capital Adequacy Ratio at 13.9 per cent, well nancial solutions and value-added advisory
above Basel III capital requirements. services; and
Funding mix is liquid and well-diversied; asset Enhancing our wholesale segment coverage,
quality is stable, with low risk-weighted assets and with specialised, industry-driven focus in
a well-diversied loan portfolio. providing integrated nancial solutions.
Integrated regional branch network across Asia Investing in enablers to support business
Established presence in Asia with one of the growth
most comprehensive regional branch networks Enhancing our technology infrastructure to
(500branches). provide seamless connectivity and delivery of
products and services;
Common operating platform offers customers a
seamless intra-regional banking experience and Capitalising on automation and digitisation to
access to a wide range of products and services. improve consistency in the customer experience
and support faster time-to-market; and
Developing the potential of our people to build
capabilities for the long term.
Balancing growth with stability
Pursuing sustainable risk-adjusted returns with
our customers long-term interests in focus; and
Ensuring balance sheet strength to weather
volatilities as we continue to build our franchise.

Financial Highlights
Our performance demonstrates our continued focus on generating steady growth backed by
disciplined risk management and a strong balance sheet.
Total Income Net Profit After Tax Customer Loans/Deposits

39.7% 38.7% 38.9% 79.0% 83.3% 84.0% 83.4% 83.8%
35.9% 35.5%
2,900 3,249
3,008 234
2,578 2,600 2,803 215
2,426 196
2,021 2,327 182 179
1,975 169
142 153
4,558 141
3,917 4,120 112
3,532 3,678
20101 2011 2012 2013 2014 20101 2011 2012 2013 2014 2010 2011 2012 2013 2014
Net interest Non-interest Non-interest Net profit after tax Loans Deposits Loan/Deposit
income income income/Total ($ million) ($ billion) ($ billion) (%)
($ million) ($ million) income (%)
Total Income Net Profit After Tax Customer Loans Customer Deposits
$7,457 million $3,249 million $196 billion $234 billion
+11.0% +8.0% +9.5% +9.0%
The Groups total income rose 11.0% year-on- The Group posted net earnings of $3.25 billion Loan/Deposit
year, crossing a new record at $7.46 billion, for 2014, an increase of 8.0% from the year
driven by robust loan growth and higher trading before. The new high fullyear performance was 83.8%
and investment income. contributed by broad-based growth across core +0.4%pt
income streams.
Net interest income grew strongly at 10.6% to Net loans grew 9.5% for the year to reach
$4.56 billion on the back of loan growth across $196 billion in 2014.
various geographies and industries.
Customer deposits rose 9.0% to $234 billion,
Non-interest income rose 11.5% to $2.90billion. in line with loan growth and mainly contributed
Fee and commission income increased by Singapore-dollar and US-dollar deposits. The
1.1% to $1.75 billion from a year ago with Groups loan-to-deposit ratio stood healthy at
increased contributions from credit card, wealth 83.8% in 2014.
management, trade and loan-related activities,
but partly offset by lower fund management and Note: Net loans were net of cumulative impairment.
corporate finance fees. Trading and investment From 2013, customer deposits include deposits from
income surged 50.1% to $817million on higher financial institutions relating to fund management and
treasury customer income, investment gains operating accounts. Previously, these deposits were
classified as Deposits and balances of banks.
and trading income on the back of improved
marketsentiment.
Loans by Geography
$ billion Loans by Geography

Singapore 109.7
$199 billion
Malaysia 25.8 +9.5%
Gross loans rose 9.5% year-on-year to $199 billion in 2014 across
Thailand 10.8
industries and geographies. In Singapore, loan base expanded 5.8%
2014 Indonesia 11.1
to $110 billion while loans from regional countries grew 16.2% to
$73 billion as at 31 December 2014.
Greater China 25.3 Note: With effect from 2014, loans by geography is classified according to where
credit risks reside, largely represented by the borrowers country of incorporation/
operation (for non-individuals) and residence (for individuals).
Others 16.6
6| UNITED OVERSEAS BANK LIMITED ANNUAL REPORT 2014

Shareholders Equity/Return on Equity Total Assets/Return on Assets Capital Adequacy Ratio (CAR)
12.9% 11.1% 12.4% 12.3% 12.3% 1.24% 1.06% 1.18% 1.12% 1.10%
307
29.6 284 19.8%
253 19.1%
25.1 26.4 237
23.0 214 16.7% 16.9%
21.5 16.6%
15.3%
14.7%
13.5% 13.9%
13.2%
20101 2011 2012 2013 2014 20101 2011 2012 2013 2014 2010 2011 2012 2013 2014
Shareholdersequity Return on equity Total assets Return on assets CET1/Tier Total CAR
($ billion) (%) ($ billion) (%) 1 CAR (%) (%)
Shareholders Equity Return on Equity Total Assets Return on Assets CET1/Tier 1 CAR Total CAR
$30 billion 12.3% $307 billion 1.10% 13.9% 16.9%
+12.1% +7.9% -0.02%pt +0.7%pt +0.3%pt
Shareholders equity increased 12.1% to The Groups total assets grew 7.9% to The Groups capital position remained well above
$29.6 billion in 2014, largely led by higher net $307 billion in 2014 backed by strong loan the Monetary Authority of Singapores minimum
prot, improved valuation on the available-for- volume. Return on assets for 2014 was 1.10%. requirements with Common Equity Tier 1 (CET1)
sale investments and issuance of new ordinary and Total CAR at 13.9% and 16.9% respectively
shares pursuant to the scrip dividend scheme. as at 31 December 2014.
Return on equity remained stable at 12.3%
Note: With effect from January 2013, the Group
in 2014. adopted the Basel III framework for its CAR computation
in accordance with the revised MAS Notice 637 and
CET1 is mandated under MAS Notice 637.
1 Excluded one-time gain on sale of UOB Life Assurance Limited and United Industrial Corporation Limited.
Overseas Prot Contribution
Overseas Profit Contribution

Singapore 61.3%
38.7%
Malaysia 15.5% -0.4%pt
The Groups net prot before tax reached $3.83 billion with improved
Thailand 4.1%
performance registering across most territories. Singapore posted an
2014 Indonesia 2.6%
increase of 7.5% year-on-year to $2.35 billion, as it continues to be an
important booking centre for the regional franchise, supporting large deals
that originated outside of Singapore.
Greater China 8.0%
Overseas prot contribution was stable at 38.7%.
Others 8.5%

Five-Year Group Financial Summary
20101 2011 2012 2013 2014

Selected Income Statement Items ($ million)
Total income 5,507 5,699 6,495 6,720 7,457
Total expenses 2,258 2,450 2,747 2,898 3,146
Operating profit 3,249 3,248 3,748 3,822 4,311
Net profit after tax2 2,426 2,327 2,803 3,008 3,249
Selected Balance Sheet Items ($ million)

Net customer loans 112,440 141,191 152,930 178,857 195,903
Customer deposits3 142,299 169,460 182,029 214,548 233,750
Total assets 213,778 236,958 252,900 284,229 306,736
Shareholders' equity2 21,473 22,967 25,080 26,388 29,569
Financial Indicators (%)

Expense/Income ratio 41.0 43.0 42.3 43.1 42.2
Non-performing loans ratio 1.8 1.4 1.5 1.1 1.2
Return on average total assets 1.24 1.06 1.18 1.12 1.10
Return on average ordinary shareholders' equity 12.9 11.1 12.4 12.3 12.3
Capital adequacy ratios4
Common Equity Tier 1 / Tier 1 15.3 13.5 14.7 13.2 13.9
Total 19.8 16.7 19.1 16.6 16.9
Per ordinary share
Basic earnings ($) 1.52 1.43 1.72 1.84 1.98
Net asset value ($) 12.51 13.23 14.56 15.36 17.09
Net dividend (cents)5 70 60 70 75 75
Dividend cover (times)5 2.25 2.47 2.54 2.54 2.70
1 Excluded one-time gain on sale of UOB Life Assurance Limited and United Industrial Corporation Limited.
2 Attributable to equity holders of the Bank.
3 From 2013, customer deposits include deposits from financial institutions relating to fund management and operating accounts. Previously, these deposits were classified as
Deposits and balances of banks.
4 With effect from January 2013, the Group adopted the Basel III framework for its capital adequacy ratio computation in accordance with the revised Monetary Authority of
Singapore (MAS) Notice 637 and Common Equity Tier 1 is mandated under MAS Notice 637.
5 Included special dividend of 10 cents in 2010 and 2012 respectively, and 5 cents in 2013 and 2014 respectively.

Chairman Emeritus Statement
We will stay focused on delivering

quality growth, while remaining
watchful over emerging risks.
Global growth in 2014 was lacklustre and this sluggishness UOB is committed to supporting Asian enterprise and innovation,
is expected to continue in 2015. Divergent strategies from central through the right mix of conservatism and entrepreneurship. I have
banks on interest rates, foreign exchange volatility and commodity every condence that by maintaining this balance, the Group will
price swings have contributed to increased uncertainty in the remain resilient to economic headwinds and continue creating
global market. sustainable value for our shareholders and customers.
We will stay the course in these challenging times by continuing to I would like to thank the management and staff at UOB for their
practise prudence and be disciplined in managing our business. contributions in 2014 and encourage their continued commitment.
We will stay focused on delivering quality growth, while remaining
watchful over emerging risks. Wee Cho Yaw
Chairman Emeritus and Adviser
February 2015

Chairmans Statement
We deepened our presence across

the region with our usual steadfast
approach to managing and to
growing the business.
2014 was another good year for UOB and we deepened our concerns, especially in the emerging markets, around interest rate
presence across the region with our usual steadfast approach and currency risks.
to managing and to growing the business. Through the years, Much as we are watchful of competitive threats from within the industry,
UOB has invested resources and energy into realising its regional we are also mindful of the longer-term trend the industry is facing from
ambitions. We have been guided by the premise that the long-term disruptors with digital business models. Digitisation and social media
interests of shareholders are best served by an expansion strategy have opened new avenues for meeting the needs of consumers. Only
that is considered. We rst established our regional presence in by harnessing the potential of new trends will traditional players, such
Malaysia in 1971, followed by Indonesia, Thailand and Greater as ourselves, be able to respond. As a Group, we must think ahead to
China. In 2015, we will reach yet another milestone when we address the future needs of our customers.
ofcially open our doors in Myanmar. Financial Performance and Dividend
The Bank has advanced by being patient and waiting for the right UOB recorded an operating prot of $4.31 billion for the year,
time and right opportunities. As an example, at a recent UOB Board up 12.8 per cent over 2013. For the second consecutive year,
offsite held in Thailand, we took the opportunity to review our progress UOB maintained a net prot after tax of more than $3 billion at
since our entry there in 1995. With our acquisition of Radanasin $3.25billion for 2014.
Bank in 1999, we had 68 branches and a team of 1,250. Bolstered I am pleased to announce that the Board has recommended anal
by the purchase of the Bank of Asia in 2004, our operations grew one-tier tax-exempt dividend of 50 cents per ordinary share and
to154 branches and 4,400 people. In 2013, UOB (Thai) recorded a special dividend of 5 cents per ordinary share. Together with
its most protable year and remained protable in 2014 despite the the interim dividend of 20 cents per ordinary share paid in the rst
challenging environment. It was certainly heartening to see the steady half of the year, the 2014 total dividend amounts to 75 cents per
developments we have made over the last 20 years and the strong ordinary share.
commitment of our Thai colleagues to UOBs growth in thecountry.
The Board keenly welcomes the second female director in the
What matters most in any strategy is having the capability and Banks history, Mrs Lim Hwee Hua. She brings with her considerable
the right people to execute it. Our standing as a regional bank experience including that of a Minister in the Singapore Government
enables us to attract and to retain many talented people whose and private sector expertise in equity research andinvestments.
desire to achieve UOBs vision is palpable. With our people at the
heart ofimplementing UOBs strategy, the Board and management I would like to thank my fellow Directors, Chairman Emeritus, the
have rened the Banks compensation framework. Our objective CEO and his management team, for their active contributions in a
was to ensure the framework was consistent with UOBs strong year of challenge and change. On behalf of the Board, I commend
risk management and long-term performance culture. The revised our colleagues across the UOB network for their efforts throughout
structure promotes increased productivity, high performance and the year. Finally, to our customers and shareholders, I thank them
fair compensation. For senior management, incentives are long-term for their continued loyal support of UOB.
and are linked to the achievement of the Banks business goals.
Ultimately, UOB employees will continue to be rewardedfairly. Hsieh Fu Hua
Chairman
Looking at the wider environment, the Board and management
remain anxious about 2015 and the key macroeconomic issues February 2015
as outlined by Chairman Emeritus. We are keeping watch on our
credit exposure and asset-liability mix, bearing in mind heightened

Deputy Chairman and CEOs Report
Our deep understanding of the

dynamic region enables us to
seize opportunities selectively.
We continue to focus on the core
fundamentals of banking ensuring
balance sheet strength and building
capabilities for the future.
Determination, persistence and resilience these ideas were the 2014 Financial Performance
inspiration for the cover of this years Annual Report. They also Amid a volatile global environment, we continued to achieve steady
describe the approach we take in managing our business a returns and to maintain a resilient portfolio. Net prot after tax
considered approach that our shareholders appreciate as one that increased to $3.25 billion, an eight per cent increase over 2013.
is distinctly UOBs. This set of results was driven by double-digit growth in net interest
income and non-interest income.
Our shareholders know that UOB is a long-term investment. A
review of our performance over many decades testies to the fact Net interest income for 2014 rose 10.6 per cent to
that UOB has pursued stable and sustainable growth over the $4.56 billion, as loans expanded 9.5 per cent to reach $199 billion
years. This can be seen in the journey we have taken in building on relatively stable margins. The increase in non-interest income by
11.5 per cent was driven largely by higher trading and investment
and running our 500-strong regional branch network. This network
income on the back of favourable market sentiment.
enables us to compete at a regional level and will fuel UOBs next
phase of growth. Our cost-to-income ratio improved to 42.2 per cent, down from
43.1 per cent in 2013. Our long-term target remains around
Expanding beyond our home market brings opportunities, but also
40 per cent as we look to enhance productivity and improve
challenges. Our patience and perseverance help us understand
efciencies across our various business lines and network.
each local business environment the different cultures, operating
policies and competitive play. The effort required to manage We have maintained a strong balance sheet and our overall
through the complexities, to stay locally relevant and to provide portfolio is resilient in the face of market uncertainties. Key asset
sustainable value for our customers in each market cannot be quality indicators were stable, with non-performing loans ratio at
overstated. We know we have to be nimble and thorough to do it 1.2 per cent and total loan charge-off rate at 32 basis points. We
well. This in-depth appreciation of the regions diversity has put us are monitoring closely selected industries, conducting stress tests
in good stead in the more difcult task of integration transforming and performing regular credit reviews.
us from a collection of banks to a single whole. On funding, our Group loan-to-deposit ratio remained healthy at
83.8 per cent as we paced our loans and deposits growth. We
While we have made signicant progress in our regionalisation
remain predominantly deposit-funded, supported by our regional
strategy, we know there is much more to be done. This again, we
branch network. We are also well-prepared for the introduction of
will undertake with determination, persistence and resilience.
the new Liquidity Coverage Ratio (LCR), with our LCR well above
Today, ours is a network of unparalleled on-the-ground presence, the regulatory minimum of 100 per cent.
customer franchise and distribution capabilities. With the whole Our capital position is solid with Common Equity Tier 1 and Total
being greater than the sum of its parts, our priority now is toharness Capital Adequacy Ratios at 13.9 per cent and 16.9 per cent as at
the tremendous potential of this connectivity to strengthen our 31 December 2014 respectively.
position for tomorrow.
Our prudent and disciplined approach was again recognised by the
ratings agencies. We maintained our position as one of the worlds
top-rated banks with a rating of Aa1 by Moodys and AA- by both
Standard & Poors and Fitch Ratings.

Deputy Chairman and CEOs Report
Making Progress Across the Region And the third is our client franchise which we will continue to
We are excited about the long-term growth potential of the region. broaden and to deepen by enhancing our segment coverage,
In 2014, we continued to invest in new product capabilities with specialised, industry-driven focus in providing integrated
and infrastructure to seize the opportunities offered by rising nancialsolutions.
intra-regional trade and investments as well as higher consumer
Just as we support the ambitions of businesses across the
incomes in Asia.
region, we continue to invest in our retail banking capabilities to
Asia, and within it Southeast Asia, is one of the most dynamic meet thenancial needs of individuals.Our focus is to create new
growth regions in the world. We believe we are in a unique position products and solutions that are right for our customers long-term
to ride on the opportunities of the upcoming ASEAN Economic nancial future.
Community (AEC) as we are one of only a handful of banks
For instance, we launched an investment solution called UOB
with a broad and deep Southeast Asian presence. In 2014, this
Income Builder in 2014. This back-to-basics product is built on
competitive advantage was recognised when we were named
the fundamental investment principles of time, diversication and
the Most Admired ASEAN Enterprise for ASEAN Centricity at the
the compounding effect to help people, regardless of their income,
ASEAN Business Awards.We will build on this advantage when we
invest wisely for their future. As the needs of our retail customers
ofcially open our branch in Myanmar in 2015, reinforcing UOBs
evolve and grow in sophistication, we are sharpening our focus on
strength as having one of the most comprehensive regional branch
private banking.In this regard, we are also tapping our strengths as
networks in Asia.
a commercial bank with a strong retail and distribution network and
Our wholesale banking strategy is focused on three key pillars customer franchise in the region.
to support our clients as they grow in their home markets and
2014 saw us stepping up our efforts in automating and digitising
expand throughout Asia. The rst is our geographical footprint and
our 500 branches region-wide to serve all our customers better.
regional coverage which we will continue to strengthen to serve
The programme includes branch redesigns, investment in new
clients across the full spectrum of their domestic and regional
generation smart self-service machines, and the digitisation of
needs. In 2014, we deepened our presence in China through
processes and transactions to make banking easier, faster and
new branches in the Shanghai Free Trade Zone and the countrys
friendlier for our customers. While we use digital technology to
westernprovinces.
make banking more convenient for our customers, we also know
The second pillar is our product solutions and advisory capabilities. the importance of making each engagement feel a personal one.
During the year, we began the roll-out of a fully integrated, regional We will continue to raise the standards of customer service as we
electronic banking platform that provides leading capabilities in cash know it is the human touch that makes all the difference.Our brand
management and trade nance. Our product suite was expanded has been built on the spirit of the handshake; it is a promise that
to include regional liquidity solutions and supply chainnancing. customers can rely on us to do what is right, now and in the future.

2014 Net Profit After Tax
+8% to
$3.25 billion
2014 Net Interest Income
+10.6% to
$4.56 billion
As we continue to make progress on our regional strategy, we We enter 2015 condent of the mid- to long-term prospects of the
look for people with the right talent in all the markets in which region and of our ability to achieve sustainable growth. Southeast
we operate. We have also made concerted efforts to provide our Asia, a fast-growing region with more than 600 million consumers,
people with international exposure so they can gain expertise and is poised to be the fourth largest economy in the world by 2025.
new perspectives through cross-functional and cross-country The setting up of the AEC this year ties in well with our belief in
assignments. We will do more of this in the coming years as it will providing seamless connectivity and consistent quality service to
encourage our people to develop their potential and add to the our customers across our regional network.
bench strength of UOB.
Our steady progress over the years was made possible through the
2015 Outlook guidance of the Board and the tireless efforts of our teams across
All this is set against the backdrop of moderating and uneven the region. I would like to thank them as well as our customers and
global economic growth. While the US economy is recovering, investors for their trust and condence in UOB.
the eurozones and Japans are still fragile and Chinas is in a
managed slowdown. Wee Ee Cheong
Deputy Chairman and Chief Executive Ofcer
Divergent monetary policies in the major economies have increased
the risks of disruptive capital outows and volatility in interest rates February 2015
and exchange rates. Even as the world becomes more integrated,
we see a rise in policy intervention as countries attempt to
shield their economies from the policy impact of other countries.
Commodity shocks, such as the recent plunge in oil prices, create
further uncertainty with repercussions on related industries and the
wider economy.
Heightened volatility is to be expected.
Given this context, our disciplined approach and steadfastness
in pursuing balanced and sustainable growth provide a strong
foundation, enabling us to stay resilient in riding through volatilities.
Our deep understanding of the dynamic region enables us to
seize opportunities selectively. We continue to focus on the core
fundamentals of banking ensuring balance sheet strength and
building capabilities for the future.

Board of Directors
Wee Cho Yaw

Chairman Emeritus and Adviser
Dr Wee, 85, was first appointed to the Board in May 1958 and
last re-appointed as Director on 24 April 2014. A banker with
more than 50 years experience, Dr Wee was conferred the title of
Chairman Emeritus in 2013 after stepping down as Chairman,
a position he was appointed to in 1974. Between 1974 and 2007,
he was concurrently the Chief Executive Officer of UOB.
A non-independent and non-executive director, Dr Wee chairs the
UOB Executive, Remuneration and Board Risk Management
Committees and is a member of the Nominating Committee.
Dr Wee also acts as Chairman Emeritus and Adviser of
Far Eastern Bank and United Overseas Bank (Malaysia), and is the
President Commissioner of PT Bank UOB Indonesia, Supervisor
of United Overseas Bank (China) and Chairman of United
Overseas Bank (Thai) Public Company and United Overseas
Insurance. His other board chairmanships include Haw Par
Corporation, UOL Group and its subsidiary, Pan Pacific Hotels
Group, United Industrial Corporation, Marina Centre Holdings and
Wee Foundation. Previously, he chaired the boards of United
International Securities and Singapore Land.
Dr Wee was named Businessman of the Year at the Singapore
Business Awards in 2001 and 1990. In 2006, he received the
inaugural Credit Suisse-Ernst & Young Lifetime Achievement
Award for his exceptional achievements in the Singapore business
community. The Asian Banker presented the Lifetime
Achievement Award to him in 2009. Dr Wee is the Pro-Chancellor
of the Nanyang Technological University and the Honorary
President of the Singapore Chinese Chamber of Commerce &
Industry, the Singapore Federation of Chinese Clan Associations
and the Singapore Hokkien Huay Kuan. He received Chinese high
school education and was conferred Honorary Doctor of Letters
degrees by the National University of Singapore in 2008 and by
the Nanyang Technological University in 2014. For his outstanding
contributions in community work, he was bestowed the
Distinguished Service Order, Singapores highest National Day
Award, in 2011.

Hsieh Fu Hua Wee Ee Cheong
Chairman Deputy Chairman and Chief Executive Officer
Mr Hsieh, 64, was appointed to the Board on 16 January 2012 Mr Wee, 62, was appointed to the Board on 3 January 1990 and
and last re-elected as Director on 26 April 2012. He was last re-elected as Director on 25 April 2013. Mr Wee joined UOB
appointed as Chairman of UOB and its subsidiary Far Eastern in 1979 and served as Deputy Chairman and President of the
Bank on 25 April 2013. An independent and non-executive Bank from 2000 to 2007. On 27 April 2007, he assumed the
director, he is a member of the Executive, Nominating, position of Chief Executive Officer. A non-independent and
Remuneration and Board Risk Management Committees. executive director, he is a member of the Executive and
Board Risk Management Committees.
Currently an adviser to PrimePartners Group which he
co-founded, Mr Hsieh is also a director of GIC and Chairman of A career banker with more than 30 years experience, Mr Wee
Tiger Airways Holdings. He had previously served as Chief holds directorships in several UOB subsidiaries including
Executive Officer and director of Singapore Exchange and as a Far Eastern Bank (where he is also Deputy Chairman), United
member of the Temasek Holdings board. Overseas Insurance, United Overseas Bank (Malaysia) and United
Overseas Bank (Thai) Public Company. He is Chairman of United
Active in the community, Mr Hsieh also serves on the boards of
Overseas Bank (China) and Vice President Commissioner of
several non-profit organisations and chairs National Gallery
PT Bank UOB Indonesia.
Singapore, National Council of Social Service and Stewardship
Asia Centre. Active in industry development, Mr Wee serves as a council
member of The Association of Banks in Singapore, a director of
Mr Hsieh holds a Bachelor of Business Administration (Hons) from
The Institute of Banking & Finance (IBF) and Chairman of the IBF
the University of Singapore.
Standards Committee. He is a member of the Board of Governors
of the Singapore-China Foundation and Visa APCEMEA Senior
Client Council and an honorary council member of the Singapore
Chinese Chamber of Commerce & Industry. He was previously
deputy chairman of the Housing & Development Board and a
director of the Port of Singapore Authority, UOL Group,
Pan Pacific Hotels Group and United International Securities.
In 2013, he was awarded the Public Service Star for his
contributions to the financial industry.
A keen art enthusiast, Mr Wee is the Patron of the Nanyang
Academy of Fine Arts. He is also a director of the Wee Foundation.
Mr Wee holds a Bachelor of Science (Business Administration)
and a Master of Arts (Applied Economics) from American
University, Washington, DC.

Board of Directors
Wong Meng Meng Franklin Leo Lavin
Mr Wong, 66, was appointed to the Board on 14 March 2000 and Mr Lavin, 57, was appointed to the Board on 15 July 2010 and
last re-elected as Director on 24 April 2014. A non-independent last re-elected as Director on 25 April 2013. An independent and
and non-executive director, Mr Wong is the chairman of the non-executive director, he is a member of the Executive and
Nominating Committee. He is also a director of Far Eastern Bank, Nominating Committees. He is also a director of Far Eastern
a UOB subsidiary. Bank, a UOB subsidiary.
He is the Chairman of Mapletree Industrial Trust Management. Currently the Chairman and Chief Executive Officer of Export Now,
an e-commerce business which he founded, Mr Lavin also holds
A lawyer by profession, Mr Wong was among the pioneer batch
directorships in Globe Specialty Metals and Consistel. He was the
of Senior Counsel appointed in January 1997. While in active
Chairman of the Steering Committee of the Shanghai 2010 World
practice, he was widely acknowledged as one of the worlds
Expo USA Pavilion. Earlier in his career, Mr Lavin held senior finance
leading lawyers in premier directories including The International
and management positions at Citibank and Bank of America.
Whos Who of Commercial Litigators, The Guide to the Worlds
Leading Experts in Commercial Arbitration, Asialaw Leading Mr Lavin has extensive experience in public administration, having
Lawyers, PLC Cross-border Dispute Resolution: Arbitration served as Under-Secretary for International Trade at the
Handbook, The International Whos Who of Construction Lawyers Department of Commerce and as US Ambassador to Singapore
and Best Lawyers International: Singapore. where he helped to negotiate the landmark US-Singapore Free
Trade Agreement.
Retired from WongPartnership LLP, Mr Wong remains as its
Founder-Consultant. He is a member of the Public Guardian Mr Lavin holds a Bachelor of Science from the School of Foreign
Board, and had previously served as the President of The Law Service at Georgetown University, a Master of Science in Chinese
Society of Singapore, the Vice President of the Singapore Language and History from Georgetown University, a Master of
Academy of Law and member of the Military Court of Appeal and Arts in International Relations and International Economics from
the Advisory Committee of Singapore International Arbitration the School of Advanced International Studies at Johns Hopkins
Centre. In recognition of his contributions to public service in University, and a Master of Business Administration in Finance at
Singapore, he was awarded the Public Service Medal in 2001. Wharton School at the University of Pennsylvania.
Mr Wong holds a Bachelor of Law (Hons) from the University of

Singapore and was admitted to the Singapore Bar in 1972.

Willie Cheng Jue Hiang James Koh Cher Siang
Mr Cheng, 61, was appointed to the Board on 15 July 2010 and Mr Koh, 69, was appointed to the Board on 1 September 2012
last re-elected as Director on 24 April 2014. An independent and and last re-elected on 25 April 2013. An independent and
non-executive director, he is the chairman of the Audit Committee non-executive director, he is a member of the Executive,
and a member of the Nominating Committee. Remuneration and Audit Committees.
He is also a director of FEO Hospitality Asset Management, Currently Chairman of the Housing & Development Board, the
Singapore Health Services, Integrated Health Information Systems MechanoBiology Institute and Singapore Island Country Club,
and NTUC Health Co-operative. Mr Koh also holds directorships in CapitaLand and CapitaLand
Hope Foundation. He is a former director of Pan Pacific Hotels
Formerly a managing partner of Accenture, Mr Cheng retired after
Group, Singapore Airlines and UOL Group, and former Chairman
26 years with the firm.
of CapitaMall Trust Management.
A well-respected figure in the non-profit sector, Mr Cheng is a
In the span of his illustrious 35-year career with the Singapore
director of Caritas Humanitarian Aid & Relief Initiatives, Singapore,
Civil Service, Mr Koh held various appointments including
SymAsia Foundation, Council for Third Age and ApVentures. He is
Permanent Secretary in the Ministries of National Development,
also the Chairman of Singapore Institute of Directors and a
Community Development and Education. He retired as the
member of the Singapore Exchanges Diversity Action
Comptroller of Income Tax, where he was both Commissioner of
Committee. He is a former director of Singapore Press Holdings,
Inland Revenue and Commissioner of Charities. Prior to these
NTUC Fairprice Co-operative, Singapore Cooperation Enterprise
appointments, he had served in the Ministry of Finance and the
and Lien Centre for Social Innovation. For his contributions to
Prime Ministers Office. He was awarded the Public Administration
public service in Singapore, he was awarded the Public Service
Medal (Gold) in 1983 and the Meritorious Service Medal in 2002
Medal in 2008.
for his contributions to public service.
Mr Cheng holds a Bachelor of Accountancy (First Class Hons)
Mr Koh graduated from Oxford University, UK with a Bachelor of
from the University of Singapore. He is a Fellow of the Institute of
Arts (Hons) in Philosophy, Political Science and Economics.
Singapore Chartered Accountants and an Honorary Fellow of the
He also holds a Master of Arts from Oxford University, UK and a
Singapore Computer Society.
Master in Public Administration from Harvard University, USA.

Board of Directors
Ong Yew Huat Lim Hwee Hua
Mr Ong, 59, was appointed to the Board on 2 January 2013 and Mrs Lim, 56, was appointed to the Board on 1 July 2014.
last re-elected as Director on 25 April 2013. An independent and An independent and non-executive director, she is a member of
non-executive director, he is a member of the Audit and Board the Board Risk Management Committee.
Risk Management Committees. He also chairs the board of
Currently an executive director of Tembusu Partners and a
United Overseas Bank (Malaysia), a UOB subsidiary.
non-executive director of Jardine Cycle & Carriage and Stamford
A director of Singapore Power, Mr Ong is the Chairman of the Land Corporation, Mrs Lim is also a senior advisor to Kohlberg
boards of the Tax Academy of Singapore and the National Kravis & Roberts, a member of the Asia Advisory Board of Westpac
Heritage Board. Institutional Bank, a non-executive director of BW Group, and
Honorary Chairman of Securities Investors Association, Singapore.
He retired as the Executive Chairman of Ernst & Young Singapore
after 33 years with the firm. She was first elected to Parliament in December 1996 and served
till May 2011, last as Minister in the Prime Ministers Office, and
A known supporter of the arts, Mr Ong is Chairman of the
concurrently as Second Minister for Finance and Transport.
Singapore Tyler Print Institute. In 2011, he was awarded the
Between April 2002 and July 2004, she was Deputy Speaker of
Public Service Medal for his contributions to the arts in Singapore.
Parliament and Chairman of the Public Accounts Committee.
Mr Ong holds a Bachelor of Accounting (Hons) from the University
Mrs Lim holds a Master of Arts (Hons) in Mathematics/Engineering
of Kent at Canterbury. He is a member of the Institute of
from the University of Cambridge and a Master of Business
Chartered Accountants in England and Wales and the Institute of
Administration in Finance from Anderson School of Management,
Singapore Chartered Accountants.
University of California at Los Angeles.
See Page 39 for more information on Governance

Group Management Committee
The Group Management Committee comprises a total of 17 members, including members of the
Management Executive Committee.
Management Executive Committee Lee Wai Fai

Group Chief Financial Officer
Wee Ee Cheong
Mr Lee joined UOB in 1989. He leads the Groups financial and
Deputy Chairman and Chief Executive Officer
management accounting, investor relations and corporate
Chan Kok Seong services divisions. He holds a Bachelor of Accountancy (Hons)
Group Chief Risk Officer from the National University of Singapore and a Master of
Business Administration in Banking and Finance from Nanyang
Mr Chan joined UOB in 1998. He is the Head of Group Risk Technological University, Singapore. He has more than 20 years
Management. Prior to his appointment in Singapore in September of experience in banking.
2012, Mr Chan was the CEO of UOB (Malaysia). He holds a
Bachelor of Accounting from the University of Malaya, Malaysia Terence Ong Sea Eng
and is a member of The Malaysian Institute of Certified Public Global Markets and Investment Management
Accountants. He has more than 25 years of experience
Mr Ong joined UOB in 1982. He leads the Groups Global
in banking.
Markets and Investment Management and Asset Management
Frederick Chin Voon Fat businesses. He holds a Bachelor of Accountancy from the
Group Wholesale Banking University of Singapore. Mr Ong has more than 30 years of
experience in treasury services and operations.
Mr Chin joined UOB in 2013. He heads the Groups Wholesale
Banking business comprising commercial banking, corporate Management Committee
banking, transaction banking, structured trade and commodity
finance, special asset-based finance, financial institutions Armand B. Arief
business and investment banking. He holds a Bachelor of President Director, PT Bank UOB Indonesia
Commerce (Accounting and Econometrics) from the University of
Mr Arief was appointed President Director of PT Bank UOB Buana
Melbourne, Australia. Mr Chin has more than 28 years of
in 2007. PT Bank UOB Buana has since merged with
experience in banking operations and risk management.
PT Bank UOB Indonesia. He holds a Bachelor of Business
Susan Hwee Wai Cheng Administration from Curry College, Milton, Massachusetts, USA
Group Technology and Operations and a Master of Business Administration from Suffolk University,
Boston, Massachusetts, USA. He has more than 25 years of
Ms Hwee joined UOB in 2001. She is the Head of Group experience in the banking industry.
Technology and Operations. She holds a Bachelor of Science
from the National University of Singapore and has more than Cheo Chai Hong
30 years of experience in banking and operations. Group Credit (Middle Market)
Francis Lee Chin Yong Mr Cheo joined UOB in 2005. He oversees the credit approval
Group Retail function for middle market corporations. He previously headed the
Groups corporate planning and strategy division. Mr Cheo holds
Mr Lee joined UOB in 1980. He leads the Groups consumer and a Bachelor of Business Administration (Hons) from the University
small business retail divisions. Prior to his appointment in of Singapore and has more than 30 years of experience in
Singapore in 2003, he was the CEO of UOB (Malaysia). He holds corporate and investment banking, project and ship finance and
a Malaysian Certificate of Education and has more than 30 years credit management.
of experience in the financial industry.

Group Management Committee
Chew Mei Lee Wong Kim Choong

Group Compliance Chief Executive Officer, United Overseas Bank
(Malaysia) Berhad
Ms Chew joined UOB in 2006. She is the Head of Group
Compliance. She holds a Bachelor of Laws (Hons) from the Mr Wong was appointed CEO of UOB (Malaysia) in 2012. Prior to
University of Malaya, Malaysia and has 30 years of experience in this, Mr Wong served as President and CEO of UOB (Thai) from
bank compliance. 2004. Mr Wong holds a Bachelor of Commerce from the
University of Toronto, Canada. He has more than 30 years of
Peter Foo Moo Tan banking experience.
President and Chief Executive Officer, United Overseas Bank
(Thai) Public Company Limited Jenny Wong Mei Leng
Group Human Resources
Mr Foo joined UOB in 2011. He was appointed President and
CEO of UOB (Thai) in 2012. Prior to this role, he was the Head of Ms Wong joined UOB in 2005 and heads Group Human
the Groups Treasury and Global Markets business for its Resources. She holds a Bachelor of Arts (Hons) from the
overseas subsidiaries and branches. Mr Foo holds a Bachelor of University of Singapore and a Graduate Diploma in Personnel
Estate Management (Hons) from the National University of Management from the Singapore Institute of Management. Ms
Singapore and is a Chartered Financial Analyst. He has more Wong has more than 25 years of experience in human
than 25 years of experience in managing banking and financial resource management.
markets businesses.
Ian Wong Wah Yan
Christine Ip Group Strategy and International Management
Chief Executive Officer, UOB Hong Kong Branch
Mr Wong joined UOB in 2012. He heads the Group Strategy and
Mrs Ip was appointed CEO of UOB Hong Kong Branch in 2011. International Department and is responsible for the Groups
She holds a Master in Business Administration from the Hong overseas banking subsidiaries and branches. Mr Wong holds a
Kong University of Science and Technology and a Bachelor of Bachelor of Business Administration from the National University
Arts from the University of Hong Kong. She has more than of Singapore and a Master of Business Administration from the
20 years of experience in consumer and corporate banking. J.L. Kellogg School of Management, USA and the Hong Kong
University of Science and Technology. He has more than 20 years
Eric Lian Voon Fui of experience in corporate, institutional and investment banking.
President and Chief Executive Officer, United Overseas Bank
(China) Limited Janet Young Yoke Mun
Group Channels and Digitalisation
Mr Lian was appointed President and CEO of UOB (China) in 2013.
He holds a Bachelor of Engineering (Hons) and a Master of Ms Young joined UOB in 2014 and heads Group Channels and
Business Administration (Banking & Finance) from Nanyang Digitalisation. She holds a Bachelor of Business Administration from
Technological University, Singapore. Mr Lian has more than the National University of Singapore and a Master of
20 years of wholesale banking experience in the Asia Pacific region. Business Administration from Nanyang Technological University,
Singapore. Ms Young has more than 25 years of banking and
corporate experience.

United Overseas Bank Limited (Incorporated in Singapore)
and its subsidiaries
31 December 2014
Year in Review
22 2014 in Review
35 UOB in the Community
37 UOBs Awards and Accolades in 2014
2014 in Review
Group Review
In 2014, UOB continued to make progress
on our regional strategy by increasing
the reach and strength of our network in
Southeast Asia and Greater China, and
introducing lines of business to meet the
changing needs of our customers. We are
focused on helping them seek business and
personal investment opportunities that deliver
long-term, sustainable growth.
The awarding of a Foreign Bank Licence in Myanmar to UOB opens up access to one of
Southeast Asias newest emerging economies.
Highlights
Awarded a Foreign Bank Licence in Myanmar in
October 2014 that enables us to work even more closely
with the Central Bank of Myanmar and local banks Delivering on Our Regional Strategy
to provide financial solutions for the banking community The awarding of a Foreign Bank Licence in Myanmar in October
and multinational companies with interests in was an important advancement in the Banks regionalisation
thecountry. strategy as it opened up access to one of Southeast Asias newest
emerging economies. UOB was one of only nine international banks
Deepened and extended our 500-strong branch to be awarded such a licence in Myanmar. While we have had a
network to serve our growing customer base. Representative Ofce in the country since 1994, the new licence
Established a dedicated Renminbi (RMB) Solutions enables us to deepen our onshore banking relationships. We are now
team to capture opportunities arising from working even more closely with the Central Bank of Myanmar and
RMBinternationalisation. local banks to provide nancial solutions for the banking community
and multinational companies with interests in the country.
Advanced the quality and range of our products, and
internet and mobile banking services through our With China being one of Southeast Asias largest trading partners,
enhanced technology infrastructure. we expanded our branch network in China to 16 branches and
sub-branches with the addition of three branches in the Shanghai
Named the Most Admired ASEAN Enterprise for ASEAN
Pilot Free Trade Zone (FTZ), Beijing and Chongqing, which is the
Centricity at the ASEAN Business Awards 2014 for our
heart of the developing region of Western China.
role in supporting economic growth in Southeast Asia
through our integrated regional franchise. The increasing use of RMB as an international currency was also one
of the main factors driving trade, cash management, investment and
Recognised with the Singapore Quality Award for
nancing activities between Greater China and Southeast Asia in
our outstanding performance in enhancing the
2014. To serve customers looking to capture opportunities from the
customer experience at branches and through
increasing RMB ows, we established a dedicated RMB Solutions
self-service channels.
team with a presence in Hong Kong, Shanghai and Singapore. The
Commended for service excellence at The Association RMB Solutions team draws on the expertise of product specialists
of Banks in Singapore Excellent ServiceAwards. from Global Markets and Investment Management, Transaction
Banking and Debt Capital Markets to provide foreign exchange
(FX) and RMB investment and hedging solutions to customers with
cross-border business needs. We also opened a new sub-branch
in the Shanghai Pilot FTZ to support customers cross-border
nancingneeds.

To serve our customers better on the ground, we stepped up our
efforts in automating and digitising our 500 branches region-wide.
The programme includes branch redesigns, investment in new
smart self-service machines and the digitisation of processes and
transactions to make banking easier and faster.
The rst of these new branches is being piloted in Singapore. The
branch features interactive touch screen displays that help investors
plan their nances. It also has a oor-to-ceiling multi-media wall
displaying educational videos on how customers may start to invest
for their future.
In recognition of our role in supporting economic growth in
Southeast Asia through our integrated regional franchise, UOB was
named the Most Admired ASEAN Enterprise for ASEAN Centricity
Our new digital branch design includes educational multi-media features to encourage at the ASEAN Business Awards. UOB was the only Singapore bank
customers to invest wisely. to be honoured at the 2014 awards which were run by the ASEAN
Business Advisory Council.
We were also recognised on a national-level with the Singapore
The engine behind these solutions for our customers is our Quality Award for our outstanding performance in enhancing the
technology infrastructure. The investments made in enhancing our customer experience at branches and through self-service channels.
systems over the past ve years enable us to make steady progress We were among only ve organisations in Singapore to receive
across the region. With the integration of the common operating this top honour conferred by national standards agency, SPRING
platform completed last year, we now offer our customers a more Singapore, in 2014. The judging panel said that UOB stood out
seamless intra-regional banking experience and access to a wider among the nalists for its strong leadership, continuous investment
range of products and services. For instance, we extended the in technology to improve processes and focus on customers.
convenience of UOB Personal Internet Banking and UOB Mobile
Banking to retail customers in Thailand and China respectively. Putting Our Customers First
Business customers in China, Hong Kong and Singapore have Good customer service is about doing what is right for the
access to UOB Business Internet Banking Plus which enables customer and we believe that it is the responsibility of all UOB
efcient management of their day-to-day cash ow, treasury, supply employees at all levels of the organisation to maintain the highest
chain and trade requirements. professional and ethical standards. This philosophy is embedded
in our orientation programme for new employees and in training
and development courses for existing employees. Every year, all
employees are required to complete a comprehensive e-learning
training course on fair dealing.
In 2014, UOB received more than 12,000 customer compliments
in Singapore because of the good service and care shown to our
customers. Our efforts have also been recognised consistently at
The Association of Banks in Singapore (ABS) Excellent Service
Awards (EXSA). In 2014, 947 UOB employees were commended
for their service excellence, nine per cent more than the year
before. UOB received the highest number of Star Awards for the
fourth consecutive year and had the highest number of EXSA
award winners for the second consecutive year. We were awarded
the rst runner-up prize in the ABS Service Excellence Champion
award category.
UOB also scored 71.4 in the Customer Satisfaction Index of
We were recognised on a national-level with the Singapore Quality Award for our
Singapore, a respected industry benchmark administered by
outstanding performance in enhancing the customer experience at branches and
through self-service channels. the Singapore Workforce Development Agency and Singapore

2014 in Review
Management University (SMU). The score was an improvement

over the Banks 71.2 score from the previous year and above the
national average of 70.7. It was also above the overall Finance and
Insurance sectors score of 69.1.
Nurturing Our Talent
We take a long-term view to developing our people and are
committed to nurturing them through continuous training and
job exposure. Our programmes are designed for professional
enrichment as well as to prepare them to meet the changing needs
of customers.
UOB was the rst bank in Singapore to develop training
programmes with academic institutions and we continue to build The 2014 graduating class of the SMU Executive Certicate in Commercial
Banking Course.
on this foundation to ensure that our people are trained to the
highest standards. For example, UOB partners with the SMU to
provide the UOB-SMU Executive Certicate in Wealth Management
and the UOB-SMU Advanced Diploma in Private Banking. The
in the course for the SMU Executive Certicate in Commercial
UOB-SMU Executive Certicate in Wealth Management is the rst
Banking which equips them with broad-based capabilities and
such programme in Singapore to be accredited by The Institute
foundational competencies.
of Banking and Finance (IBF) Singapore for satisfying industry
trainingstandards. Grooming Future Leaders
Our talent management programmes are designed to groom future
As the quality of nancial advisory can only be as good as the
leaders with a breadth of exposure and depth of experience across
people who provide it, we continue to invest in enhancing the skills
disciplines and countries. Our Management Associate Programme,
and knowledge of our advisory teams. We have invested more than
now into its tenth annual intake, continues to develop early-career
$4 million in the past seven years in the development and training of
talent for UOB. The UOB Leadership Academy runs a suite of
relationship managers in our wealth management business.
programmes designed to equip talented individuals with leadership
Our commercial bankers undergo the IBF-accredited Financial skills, prepare middle managers to implement and to manage
Industry Competency Standards certication programme in change, and coach senior leaders on making strategic impact and
Corporate Relationship Management. New employees are enrolled in making transformational change across the organisation.
947 of our employees were commended for service excellence at the ABS Service Excellence Awards 2014.

In 2014, we developed further our Strategise, Engage, Execute, Our leadership team meets analysts and media at quarterly
Develop (SEED) competency framework to launch a two-tiered luncheons and half-yearly results briengs. Investors and overseas
SEED Foundation Programme (SFP) for executives and managers. analysts have dialogues with the management team via conference
The SFP aims to improve our managers self-awareness, personal call during the half-yearly results briengs. We also meet ratings
effectiveness, interpersonal skills and essential managerial skills in agencies regularly.
line with our SEED competencies.
General information on UOB, including our annual reports, quarterly
To ensure we have sustainable succession for our leadership, we results, news releases, presentation slides and recorded webcasts
have also enhanced our efforts through the Group Organisation of results briengs are available on our corporate website. All nancial
and People Review programme. Each year, we identify employees results news releases and announcements are also available on the
with the most potential to take up senior leadership roles across Singapore Exchange (SGX) Securities Trading Limited website.
geographies and business departments. They are placed on job
Registered Shareholders
rotations across our regional network to gain the experience and
According to an independent analysis conducted by NASDAQ
insight required to take on senior positions in the future.
OMX as at 31 December 2014, more than half (54.1 per cent)
Preserving Strong Investor Condence of UOB shares were held by institutional investors, while related
UOB has solid investment-grade credit ratings of Aa1 by Moodys parties owned another 23.3 per cent. Corporates and non-prot
and AA- by both Standard & Poors and Fitch Ratings because organisations also accounted for 7.7 per cent of the shareholdings
of our robust capital position, steady nancial performance and while retail investors constituted 6.5 per cent. By geography,
conservative risk prole. investors from Singapore, North America and Europe held the largest
portions of UOB shareholdings at 48.4 per cent, 22.2 per cent and
Backed by strong investor condence in UOB, we successfully
15.4 percent respectively. Investors from other parts of the world
issued US$800 million of Basel III-compliant Tier 2 bonds in March
accounted for the rest of the shareholdings.
2014 and were the rst bank to do so in Southeast Asia. In May
2014, we issued our second series of Basel III-compliant Tier 2 Please refer to the Statistics of Shareholdings on page 165 for the
notes, totalling S$500 million. most recent details on UOBs registered shareholders.
Both issuances saw strong investor demand, with the rst issuance
approximately ve times oversubscribed, and the second issuance
between two and three times oversubscribed. These transactions,
alongside our issuances of senior unsecured notes, have broadened
the Banks base of xed income investors.
Maintaining Strong Stakeholder Relationships
In 2014, we met close to 600 analysts and investors, and shared
with them the Groups corporate strategy, operational performance
and business outlook. We also participated in investor conferences
and roadshows in Australia, Europe, Hong Kong, Japan, Singapore
and the US. In September, we held a Corporate Day event in
Kuala Lumpur for 40 analysts and investors. Investor interest in
UOB is high with the Bank being well-researched by more than
20brokerage rms globally.

2014 in Review
Group Retail
Our Group Retail business is focused on
providing our personal and business banking
customers with nancial solutions to help
them manage their money wisely. Our suite
of retail deposits, loans, insurance, cards
and investment products is complemented
by our 500-strong integrated branch network
and 1,700 automated teller and cash deposit
machines across the region, as well as online
and mobile banking options.
Highlights To give our customers more condence in investing wisely, we introduced a

back-to-basics investment solution called the UOB Income Builder.
Introduced a back-to-basics investment solution,
the UOB Income Builder, to help consumers invest
morewisely.
Meeting the Changing Needs of Asian Consumers
Achieved eight per cent growth in our total Ongoing economic uncertainty in 2014 meant many risk-averse
Group-wide mortgage portfolio as we supported Asian consumers focused on safeguarding their assets in
customers dreams of home ownership. Added savings, current and xed deposit accounts. This strengthened
international loan options in Japan. UOBs deposit base, with contributions from regional markets
Included Visa payWave on the UOB Delight card and the growing strongly.
UOB Visa Infinite card to enable contactless payments. In a low interest rate environment, however, customers face
Sharpened our focus on our boutique UOB Private Bank the pressures of declining returns on cash and the rising cost
by investing in people and systems. of living. To address these concerns and to give our customers
more condence to invest wisely, we introduced a back-to-basics
First bank in Southeast Asia to offer a dedicated investment solution called the UOB Income Builder.
foreign exchange advisory and trading service to small
business customers. The UOB Income Builder uses the basic investment principles of
time, diversication and the compounding effect to help customers
Awarded Best Retail Bank in Asia Pacific at The Asian achieve a regular income stream and fulll their nancial aspirations.
Banker International Excellence in Retail Financial It comprises three investment funds that have been selected by the
Services Awards 2014 in recognition of our outstanding Banks investment specialists. Each invests in various geographical
performance and customer-focused approach. markets and asset classes. The funds exible asset-allocation
approach allows fund managers to move investments among
different asset classes quickly, thereby helping to mitigate the risks
from volatile market conditions.
With one of the aspirations of our customers being to purchase
their own home, we offer a range of private home, public housing
and commercial property mortgages. Despite tougher market
conditions, we grew our total loan portfolio across the Group by
eight per cent in 2014.
During the year, we helped customers make more informed
decisions about their mortgages. Following the introduction of
the total debt servicing ratio (TDSR) framework designed by the

From 2014, all newly-issued UOB Visa credit and debit cards
featured a contactless payment functionality. This includes
our UOB Visa Innite Card which is the rst high-end card in
Singapore that has Visa payWave. As a result of the increased
accessibility to contactless payments, we have seen more than
a three-fold increase in contactless payments in Singapore
from April 2013 to April 2014, which equates to more than
500contactless card payments a day.
In Singapore, where a fth of our card customers hold a ONE
card, we issued a special limited edition design in celebration of
Singapores National Day and golden jubilee countdown. During
the celebration period, the average number of new cards issued
increased by 60 per cent compared with the rst half of the year.
We made it even easier for customers to pay all their bills with the
addition of more than 400 billing organisations to the UOB Personal
Internet Banking online bill payment service. Organisations include
We celebrated Singapores golden jubilee with our customers with the introduction of telecommunication providers, insurance providers and government
a limited edition UOB One card.
agencies. The service is also available on UOBs award-winning
mobile application for Android and Apple smartphones.
Singapore government to help reduce consumer over-leverage, Our efforts to help our retail customers meet their nancial goals
we introduced a property loan calculator for our customers. It is a were recognised when we were awarded the top honour of Best
simple online tool that helps potential home owners determine their Retail Bank in Asia Pacic at The Asian Banker International
total TDSR for mortgage loan applications. Excellence in Retail Financial Services Awards 2014. In its citation
of UOBs performance, The Asian Banker said the Bank had
We also expanded our international property nancing programme
distinguished itself through the outstanding performance of its retail
to the Japanese cities of Fukuoka, Kyoto, Osaka and Yokohama
business and its customer-focused approach.
in response to more customer requests to purchase overseas
properties in Japan. These complement our existing international Asian Perspectives for Managing Wealth
programmes in Australia, Japan, Malaysia, Thailand and the UK. Asias steady economic growth has made the region home to a
large population with rising personal wealth including the second
We continued to expand our unsecured lending offerings with more
largest group of high net worth individuals in the world1. We help
card products to match our customers lifestyle needs. We have
customers grow their wealth as they move through different life
more than three million UOB cards on issue across Southeast Asia,
stages using a segmented approach from Core Banking through
up 5.1 per cent over 2013. Our cards business in Malaysia remained
to Private Bank.
strong with billings in our Visa card portfolio up by double-digits
while Thailand continued to demonstrate a healthy growth rate Teams of dedicated relationship managers and product specialists
despite a challenging economic situation in the rst half of 2014. are located in our 48 dedicated wealth management centres across
the region. They provide advice on investment opportunities,
Across the region, we signed strategic partnerships with leading
portfolio management and retirement planning for each life stage.
lifestyle, dining and retail companies to provide our customers with
privileges and benets. Through such partnerships, for example, Prot contribution from wealth management to the retail business
our UOB Ladys cardmembers in Malaysia now enjoy rebates increased from 24 per cent in 2010 to 47 per cent in 2014 while
at major grocery stores such as Tesco and Giant, and rewards assets under management grew from $48 billion to $80 billion over
points at leading departmental stores such as AEON store and the same period.
Parkson. Similarly, the UOB Delight card in Singapore offers special
To meet growing customer needs for more sophisticated nancing
rewards and savings on everyday household items from Dairy Farm
options in 2014, we extended our existing product portfolio with
Singapore groceries and pharmacies.
a new Unit Trust Leverage Facility. This facility provides Privilege
Banking and Privilege Reserve customers who prefer to invest in
professionally-managed funds an additional nancing option to
purchase selected unit trusts.
1 World Wealth Report 2014, Capgemini, RBC Wealth Management, https://www.worldwealthreport.com/reports/population/asia_pacic

2014 in Review
In 2014, Group Business Banking achieved 45 per cent growth

in operating prot, its highest growth rate since the unit was
started in 2009. It was the fastest-growing business unit within
the UOB Group in 2014, and a signicant contributor to the
GroupRetail business. The strong growth was the result of prudent
cost management, better-than-expected performance of credit
portfolios and improvements in sales productivity.
More than 50 per cent of Business Bankings prot came
from Malaysia, Thailand and Indonesia, where our customers
businesses expanded in tandem with the increasing afuence and
domestic consumption in these countries.
One of the products in strong demand by customers
seeking additional loans for working capital and capital investment
was the BizMoney loan. With a three-day application processing
The new UOB Private Banking Suites. timeline, BizMoney offers speed and convenience to customers
who need working capital urgently. The product saw another
year of strong growth in 2014, contributing to 10 per cent of
Sharpening Our Focus on Private Banking Business Banking income.
Many of our UOB Private Bank customers are Asian entrepreneurs
with special banking needs. They draw regularly on the Banks full To continue helping our customers run their businesses efciently,
suite of services from our retail, commercial, corporate, corporate UOB enhanced its suite of lending, cash management products
nance to our investment banking arms as part of our one-bank and FX capabilities across the region in 2014. We also boosted the
service approach. capabilities of our dedicated FX advisory and trading service with
the addition of 40 FX specialists across the region. UOB is the rst
In 2014, we invested in building the capabilities of our advisory bank in Southeast Asia to offer such a dedicated FX advisory and
team to include new senior hires such as the Head of Private Bank, trading service to small businesses.
Chief Investment Ofcer and Credit Advisory Head. We also
increased the number of Senior Client Advisers by 23 per cent from We improved our customer engagement and satisfaction levels by
the year before. This investment was also supported by a new UOB enhancing our portfolio management capabilities across the region.
Private Bank regional advertising campaign. Using advanced analytics, our business teams anticipate the
business needs of our customers across Southeast Asia through
In the second half of the year, we began serving customers at the sharper identication of customer behaviour trends and targeted
new UOB Private Bank Suites at our headquarters at UOB Plaza. delivery of customer solutions. We manage our portfolio actively
The Suites comprise 12 private rooms where customers can have through identication and monitoring of risks.
all their banking and investment needs met.
In 2014, our private bank income and net prot after tax both
increased by 31 per cent year on year.
UOB Private Bank was recognised by Private Banker International
as being among the 20 largest private banks in Asia. We were 17th
on the list in terms of assets under management, rising three spots
from the year before.
Helping Small Businesses Realise Their Potential
UOB has more than 110 Business Banking centres and branches
across Southeast Asia that are dedicated to meeting small
businesses nancial needs, from cash ow management to
nancing options. In Singapore, UOB is the only bank offering the
convenience of business banking services alongside retail services
in every branch so customers can attend to their personal and
business nancial needs in one location. A new FX advisory team was set up to help small businesses manage their currency
exposure and risk more effectively.

Group Wholesale Banking
The Group Wholesale Banking business
is dedicated to providing businesses and
corporates with solutions to optimise their
business operations and cash ow, to manage
risk, to enter into or to expand in a market, and
to raise capital. The Banks deep knowledge
of Asia and its extensive integrated network
are harnessed to connect customers to
regional opportunities.
Highlights
Doubled our cross-border loans over the past three We work with the China Council for the Promotion of International Trade to help
years as we supported our customers investing and Chinese companies explore business expansion opportunities in Southeast Asia.
expanding in Asia.
More than tripled Commercial Banking revenue in Hong Connecting Our Customers with Opportunities Across Asia
Kong as we captured business flows between the Pearl Our Group Commercial Banking business grew strongly as Asias
River Delta and Southeast Asia. economic transformation continued to open up new avenues for
long-term growth and as intra-regional trade and income levels
Renewed our Memorandum of Understanding (MOU)
rose. Many of our customers in the construction, infrastructure
with the China Council for the Promotion of International
upgrading and manufacturing sectors as well as those who cater to
Trade aimed at increasing foreign investment and trade
the booming middle class are driving the regions economic growth.
between China and Southeast Asia.
Our support of such businesses investing and expanding in Asia
Won a full-suite cash management mandate from has seen our cross-border loans double over the past three years.
Koreas Shilla Retail Company Pte Ltd. for its
Our nine Foreign Direct Investment (FDI) Advisory Units based
duty-free chain at Singapores Changi Airport.
in China, Hong Kong, Indonesia, India, Malaysia, Myanmar,
Introduced UOB Business Internet Banking Plus Singapore, Thailand and Vietnam were set up to help our customers
and Singapores first Corporate Deposit Card to give realise their expansion ambitions across the region through UOBs
customers more convenience in banking. extensive network. In addition to offering these customers our full
suite of corporate, commercial and personal banking products, we
Ranked among the top mandated arrangers,
also draw upon the strengths of our relationship with our strategic
bookrunners, lead managers and underwriters in Asia.
partners in the legal, audit and business consultancy professions
as well as key government agencies.
In Hong Kong, our FDI Advisory Unit has been active in capturing
business ows between Chinese state-owned enterprises and
private companies in the Pearl River Delta and Southeast Asia.
As a result, Commercial Banking revenue in Hong Kong more than
tripled in 2014 over the previous year on the back of strong loan
growth and cross-selling.
In 2014, we renewed our MOU with the China Council for the
Promotion of International Trade (CCPIT). This agreement is
aimed at increasing foreign investment and trade between China
and Southeast Asia and it remains the only MOU that CCPIT
has reached with a bank from Southeast Asia. Since 2012,

2014 in Review
UOB and CCPIT have helped more than 1,000 Chinese companies Supporting the Ambitions of Our Corporate Customers
explore expansion opportunities in Southeast Asia. As we deepened Backed by a generally stable credit environment in 2014, the
and broadened these customer relationships, UOBs cross-border Corporate Banking Singapore team registered healthy growth
loans to Chinese companies increased at a satisfactory pace. in topline revenue. Net interest income benetted from robust
growth in trade nance assets while non-interest income showed
In the past year, more businesses increased their interest in
a healthy year-on-year increase driven by investment banking,
investing in Myanmar because of its favourable geographical
treasury-related and trade fees. This was achieved through
position and large consumer base. One such customer, US-based
greater cross-selling efforts with our top and middle-tier customer
APR Energy, won a large-scale turnkey power contract to build
segments, and our close partnership with UOBs Investment
one of Myanmars largest thermal power plants. We also signed a
Banking team. We also sustained a single-digit cost-income
nancing agreement with Singapore company, Asiatech Energy to
ratio through disciplined expense management as we enhanced
build a combined cycle gas-red power plant in Monstate.
productivity and prot contribution.
With the gradual recovery of developed economies and positive
Overseas investment activities by large Singapore corporates
growth trends for global FDI ows, we have also been serving an
picked up as more of them sought to diversify into overseas
increasing number of European and US companies looking to
markets. One of the signicant deals that we led in 2014 was the
expand in Southeast Asia.
nancing of Pontiac Land Groups multi-million dollar property
Intra-regional trade continues to contribute signicantly to the investment in New York.
growth of our loan book. Loans booked by our Global Business
In a competitive market, the Singapore and Korea Corporate
Development Unit, which helps Singapore customers expand into
Banking teams won a full-suite cash management mandate from
the region, have almost trebled from 2005 to 2014.
Koreas Shilla Retail Company Pte Ltd. for its chain of duty-free
On the product front, our partnership with insurance company shops at Singapores Changi Airport. The package of services
Prudential to offer a suite of Universal Life and term insurance comprises operating accounts, working capital facilities, merchant
policies for key-men is growing well. Our regional income from these cards, corporate cards, bulk cash collection, payment solutions
products increased as more companies invested in safeguarding and banknotes.
business continuity and managing risk. Income from our factoring
nancing product in Singapore and the region also grew as
customers sought alternative nancing to fund their businesses.
Our branch in Chongqing supports customers expanding into the developing region of Western China in addition to providing personal banking services.

Optimising Working Capital and Cash Flow for Providing Structured Trade and Commodity Financing
Our Customers Solutions to Global Businesses
Our Transaction Banking business registered another successful From declining commodity prices to the slowdown in Chinas
year, with solid growth on the back of increased customer demand economy, 2014 was a challenging year for the commodities
for cash and trade product solutions. We helped our Asian market. Through prudent management of risk exposure and by
customers and multi-national corporations expanding in Asia to drawing on the deep knowledge and structuring capabilities of its
optimise their working capital and to manage risk and cash ow team, Structured Trade and Commodity Finance achieved robust
with solutions for receivables, payables and trade nance, as well revenue growth. This approach enabled us to advance our market
as liquidity and nancial supply chain management. position in global commodities nancing for energy, metals and
agri-commodities.
We continued to invest in our capabilities to make banking more
efcient for our customers across the region. We introduced an Our growth continued to be driven by the cross-border trade ows
internet banking service, UOB Business Internet Banking Plus facilitated by an increasing number of global traders and supply
which helps customers streamline the origination, approval and chain managers establishing their footprint in Asia.
control processes for their transactions. These can be done across Utilising our extensive regional network, we provided solutions
multiple locations, in real-time, at any time. The service allows covering the entire supply chain, including origination, processing,
customers to achieve greater efciency in their day-to-day cash storage and distribution, to customers. A major win was the
ow, treasury, supply chain and trade management. successful closure of a landmark multi-billion US dollar transaction
In China, the new Cross-Border Sweeping liquidity management for a global energy and commodities customer for their acquisition
solution was made available to corporate customers with of downstream assets in the region.
operations in the Shanghai Pilot FTZ. It helps businesses maximise Strengthening Our Investment Banking Capabilities
their intra-group RMB liquidity through improved cash ow and Group Investment Banking delivered a strong performance in
working capital management. 2014, deepening product capabilities and entrenching its lead in
We also introduced Singapores rst Corporate Deposit Card regional markets.
which gives customers and their employees the convenience of We were ranked among the top mandated arrangers across Asia
making cash deposits around the clock at self-service machines. (ex-Japan), Southeast Asia and Singapore. In the area of local
Customers have oversight of the cash deposited by employees currency xed income, the Bank established itself as a leading
as the amount is reected against the deposit reference assigned regional player. We were among the top ve bookrunners in the
to each card. It also allows companies to reconcile accounts Singapore dollar bond market, the top three lead managers based
more efciently. on the number of issues in the Malaysian ringgit bond market, and
To meet the growing needs of customers, we expanded our team of top six underwriters for corporate bond issuances in the Thai baht
transaction banking specialists in cash management, trade nance bond market.
and liabilities management. We also established teams of supply In Singapore, our Corporate Finance team emerged as one of the
chain management specialists in China, Hong Kong, Singapore top three nancial advisers by Initial Public Offering (IPO) deal count
and the US to provide on-the-ground advice and solutions to and one of the top ten underwriters for IPOs for 2014. The Mergers
address our clients working capital needs. and Acquisitions team also capped the year by being ranked as
one of the top three nancial advisers by market share.
We received resounding endorsements from customers and
accolades for our cash management and trade nance services, In 2014, UOB also successfully lead-managed more than 50local
garnering 27 prestigious awards in 2014. This included a record bond transactions in Asia. Notably, UOB acted as the sole lead
of 23 awards from the Asiamoney Cash Management Polls for manager for Sun Hung Kai Properties Ltd.s S$320 million
our excellent solutions and service delivery to customers in China, seven-year xed rate notes and the National University of
Malaysia, Singapore and Thailand; the Indonesia Domestic Trade Singapores S$250 million ve-year xed rate notes in Singapore.
Finance Bank of the Year award from Asian Banking & Finance; We were also a joint-lead manager for Frasers Centrepoint
and three The Asset Triple A Treasury, Trade and Risk Management Limiteds S$600million perpetual issuance and CapitaMall Trusts
Awards for UOB (Thai) and UOB Indonesia. S$350 million seven-year retail bond. In the public sector, UOB
clinched several Housing & Development Board mandates, jointly
lead-managing note issuances of S$1.6 billion in aggregate.

2014 in Review
With respect to UOBs own bond issuances, we led three deals

of an aggregate US$1.8 billion including two Basel III-compliant
subordinated Tier 2 notes. Global Markets and
In Thailand, UOB successfully lead-managed and jointly-lead Investment Management
managed more than 30 Thai baht (THB) bond issuances including
UOB (Thai)s rst THB bond issuance in the country, a Global Markets and Investment Management
two-to-three-year bond issuance of aggregate THB6.0 billion. In is responsible for managing the banks liquidity,
Malaysia, UOB jointly lead-managed the inaugural cross-border assets, investments, and market making
debt issuance for Bumitama Agri. Ltd with a RM2.0 billion Sukuk across a wide array of nancial instruments.
Musharakah Programme.
It also provides nancial risk management
Our Corporate Finance team sustained the strong momentum from solutions, treasury products and services,
2013 with robust fund raising and advisory service efforts. The team brokerage and clearing services, as well as
managed and successfully listed several companies on the SGX,
investment opportunities for customers.
including IPS Securex Holdings Limited, Serrano Limited and MS
Holdings Limited. UOB was the joint bookrunner and underwriter
for the S$368 million IPO of Frasers Hospitality Trust and managed Highlights
the S$79 million rights issue of Singapura Finance Limited. Launched UOBs first Formosa Bond issuance in the
Taiwan onshore market.
Our Mergers and Acquisitions team had another successful year
with numerous high-prole transactions. We advised Breedens Joined Chicago Mercantile Exchange (CME) Groups
Investments Pte. Ltd. in its take-over of Olam International clearing house, giving the Bank the ability to provide
Limited, valuing the company at S$5.3 billion, and acted as the clearing services for CMEs benchmark US futures
nancial adviser to Perennial Real Estate Holdings Limited in its products to its customers.
S$600 million voluntary conditional general offer for Perennial Set up UOB Bullion and Futures IT in the Shanghai Pilot
China Retail Trust. We also advised Fraser and Neave Limited FTZ to provide trading infrastructure to traders in the
in relation to the demerger and listing of Frasers Centrepoint developing zone.
Limited on the SGX. In addition, we were the sole nancial adviser
to our clients in the take-overs of Singapore Land Limited and UOB Asset Management launched its first retail multi-
ECS Holdings Limited. asset fund in Singapore, the United Global Asset
Rotator, to help investors seize opportunities from
changing market trends.
Received strong industry recognition for UOB Asset
Management which won a total of 16 awards for its
excellent performance in 2014.

In 2014, expectations of the impending rate increase by the Our GMS FX and Rates team seized upon favourable regulatory
US Federal Reserve saw more customers putting on interest changes in Taiwan to launch UOBs rst Formosa Bond issuance
rate hedges to protect against their exposures. The return of in the Taiwan onshore market in September 2014. The team also
currency volatility towards the second half of the year, especially in launched UOBs rst gold exotic product, the Gold Accumulator,
the US-dollar and offshore RMB, led to good FX ows and increased which allows customers to receive enhanced returns on their
demand for FX derivatives products, as well as an increase in investment when they take a specic view on the gold market. One
commodity hedging activities. of the largest gold trading companies in Thailand was the rst to
take up this offering in 2014.
In response, the Global Markets (GM) sales team introduced new
products and solutions to customers across the region including GMS Equities saw strong demand from Private Bank and Privilege
FX hedging solutions to support the regional expansion plans of Banking customers for non-principal guaranteed structured
small and medium-sized enterprises and long-dated structured products. Volumes in structured notes increased signicantly by
investment products to help Non-Bank Financial Institution (FI) 30 per cent year-on-year to another record high as interest rates
customers achieve their target yield amid the low interest rate stayed low and investors continued to look for yield enhancement
environment. The team, in particular those serving Corporates and products. During the short spike in interest rates in April, we
FIs, had a record year in 2014 through proactive engagement with seized the opportunity to issue a number of equity-linked retail
the Retail and Wholesale business segments, and the expansion of structured deposits to retail customers and corporates which were
the GM sales team. In addition, a regional sales team was also set well-received.
up to enhance the cross-border collaboration between head ofce
GMS Commodity also saw signicant growth in trade volume and
and overseas centres.
price competitiveness. Margins and efciency improved with the
Global Markets Structuring addition of an enhanced trading platform that allows the team
During the year, we merged our Fixed Income, Currencies and to be a market-maker of selected commodity prices to
Commodities team and Equities Product team to form the Global customers directly.
Markets Structuring (GMS) unit. This team provides structured
GMS Credit had a solid year due to strong institutional ows in
asset and liability solutions to UOBs corporate, institutional and
credit default, total return and market access products. Such
retail clients across all asset classes. GMS had a strong year
products allow clients to enter overseas onshore debt markets
across all of its units as the integration allowed for an optimisation
which they normally would not be able to access.
of resources, capabilities and knowledge in serving our customers.
UOB was honoured with more than 80 industry awards, many of which were presented to our Wholesale Banking and Global Markets and Investment Management teams.

2014 in Review
UOB Bullion and Futures UOB Asset Management

To meet the growing needs of Asian investors and corporates seeking UOB Asset Management (UOBAM) took signicant steps to grow
to diversify their investments to grow their wealth and to optimise its regional franchise by expanding distribution channels and
their working capital, UOB Bullion and Futures (UOBBF)expanded developing new business lines. In Singapore, we launched our rst
its derivatives services beyond Asian currency-denominated retail multi-asset fund, the United Global Asset Rotator, to help
products into US-dollar and Euro-denominated derivatives offered investors seize opportunities from changing market trends. The
on global bourses. fund invests in a diversied portfolio of exchange-traded funds
selected from a wide range of asset classes such as equities, xed
In May, UOB became the rst bank in Asia to obtain a General
income, cash, commodities, foreign exchange and money market
Clearing Membership from Eurex Clearing, the clearing house
instruments across different geographies and sectors.
of Deutsche Brse Group. This membership allows UOB to
offer clearing services for transactions conducted on the Eurex UOBAM (Malaysia) launched its rst retail fund since receiving a
Exchange, Europes largest derivatives exchange, as well as in licence to manage retail unit trusts in early 2014. The United Bond &
Bund, Bobl and Schatz German government bond futures. The Equity Strategic Trust allows investors to benet from opportunities
contracts are among the most widely-traded futures in the world. arising from the positive investment outlook for Malaysia. In Taiwan,
UOB Group also joined Chicago Mercantile Exchange (CME) UOB Investment Advisor continued to enhance its offshore third
Groups clearing house, giving the Bank the ability to provide party product offerings for local distributors by offering the full suite
clearing services for CMEs benchmark US futures products to of Singapore-registered funds.
its customers. UOBAM continued to build on its strategic partnership with
In addition, UOBBF attained Dubai Gold & Commodities Exchange Ping An UOB Fund Management Company to develop new
clearing membership, ICE Europe trading membership, as well businesses. We also deepened our collaboration with Sumitomo
as in-principle approval for SGX Securities Trading membership, Mitsui Asset Management through the joint venture, UOB-SM Asset
establishing it as the Asian brokerage of choice for its wide-ranging Management, and continued to extend cross-selling initiatives in
connectivity to global markets. Japan and across Southeast Asia. The integration of UOBAM (Thai)
and ING Funds (Thailand) to form UOBAM (Thailand) led to the
As there was an increasing need for international trading services expansion of our distribution network in Thailand and growth of
in the developing Shanghai Pilot FTZ, we set up UOBBF IT, an IT assets under management.
company providing trading infrastructure to traders in the zone. Our
dedicated lease lines provide professional traders with low latency UOBAMs performance in 2014 garnered strong industry
connectivity into major global markets. recognition. We won a total of 18 awards including those for the
United Asian Bond Fund, United Global Healthcare Fund and
UOBBF continued to support the development of the futures United SGD Fund at The Edge-Lipper Singapore Fund Awards.
markets in Asia Pacic when it became one of the pioneer brokers In addition, we were named the Best Asian Fixed Income House
to provide trading services to the Eurex-TAIFEX Link, with trades by the Global Banking & Finance Review as well as Best Asset
cleared through UOB. The link enables international investors Management Company and Best Asia Fixed Income House by
and traders to access the TAIFEX index derivatives market during
International Finance Magazine. UOBAM and UOBAM (Thailand)
European and US core trading hours.
were also named among the Top Investment Houses in Asian G3
As a result of our commitment to improving the services we provide bonds and Thai baht bonds respectively at The Asset Benchmark
our customers, UOBBF was named Commodities Broker of the Research Awards.
Year and Proprietary Traders Broker of The Year at the Futures
and Options World Magazine Awards for Asia 2014. We were also
named Top Volume SGX Derivatives Trading Member 2014 at the
SGX Brokers Appreciation and Awards.

(Clockwise, from left) UOB CEO Mr Wee Ee Cheong leads the Banks Mid-Autumn festival painting session with children from Fei Yue Community Services; 2013 Painting of
the Year winner Stefanie Hauger shares techniques with Towner Garden School students; and Mexican sculptor Jorge Marin with UOB Heartbeat volunteers and children from
APSNKatong School on expressing themselves through clay.
At UOB, sharing our success with the communities in which we organise the annual UOB Painting of the Year competition.
work is an important part of our business philosophy. From the Established in 1982, this agship art programme identies and
arts, to children, to education, we have long been in support of promotes artists from across Southeast Asia and has developed
these causes as we believe they are essential to the progress and into one of the most prestigious and longest-running art contests
success of a country, its economy and its people. for emerging and established artists in the region.
Recognising and Nurturing Southeast Asias Artists The competition has provided the winners with avenues to share
Just as we help our customers grow their businesses across their works with a wider audience, such as displaying their art
Southeast Asia, UOB has been encouraging the development and pieces at our ofces in Singapore and regionally, and on the cover
appreciation of art through our community projects across the of our Annual Reports.
region. We believe that art draws together people from different
Making Art Accessible to the Community
backgrounds and cultures. It celebrates what makes us different
In 2014, and in celebration of the competitions 33rd year, we set
and special, and what makes us similar.
up the UOB Art Gallery at our Groups headquarters to give our
Arts ability to transcend language, culture and time, even as employees and members of the community easy access to the
geography sets us apart, is one of the reasons we continue to artworks of our local artists. Located in the atrium of UOB Plaza 1,
the UOB Art Gallery features special exhibitions by UOB Painting of
the Year competition alumnae. The UOB Art Gallery also showcases
the winning entries from the UOB Painting of the Year competition.
UOB invests in art education programmes that benet those who
may not have an opportunity to be exposed to the arts. We hold
workshops with artists to help special-needs children express
themselves through the medium and gain condence. Among the
classes held last year were a painting workshop with 2013 UOB
Painting of the Year winner Ms Stefanie Hauger, a clay moulding
session with celebrated Mexican sculptor Mr Jorge Marn and
2014 UOB Southeast Asian Painting of the Year winner Mr Antonius Subiyanto (second lantern painting with two-time UOB Painting of the Year winner
from left) is among the artists the competition has helped discover and nurture. Ms Kit Tan.

Education in the Community

We believe that education is essential for communities to thrive.
Over the year, we helped equip students with the relevant skills to
help them establish themselves in their professions.
In Singapore, UOB Bullion and Futures worked with the Singapore
Institute of Management Global Education to set up a new Financial
Training Centre for undergraduate banking and nance students.
The centre helps students increase their knowledge and sharpen
their trading skills, and gives them the opportunity to learn directly
from industry professionals.
UOB employees and their families raise funds for charity at the annual UOB In Myanmar, we collaborated with two leading universities to
Heartbeat Run.
help broaden the local banking talent pool with the launch of a
three-year scholarship programme. The UOB University
Making a Difference to the Lives of Children Scholarship Programme will fully fund the tertiary education of
Central to our community involvement is the annual UOB Heartbeat 45 top students from the University of Yangon and the Yangon
Employee Volunteer Programme. Each year, we raise funds University ofEconomics.
for charities in the key markets in which we operate China,
Caring for Our Environment
Hong Kong, Indonesia, Malaysia, Singapore and Thailand. In
An important part of running a sustainable business is ensuring
2014, our people and customers from across the region raised
that we manage our resources responsibly to minimise the direct
more than $1 million that was used to fund art and developmental
impact of our operations on the environment.
programmes with the following charities:
In 2014, energy efciency improvements that were made to
China Unilove Rehabilitation Centre for Disabled Children and
our Alexandra Road building won the Singapore Building and
Youth, Shanghai Jiuqian Volunteer Centre and New Chapter
Construction Authoritys (BCA) Green Mark GoldPlus Award. The
Organisation for childrens education; BCA Green Mark Award is given to organisations that incorporate
Hong Kong The Childrens Cancer Foundation and the Evangel internationally recognised best practices in environment design
Childrens Home; andperformance.
Indonesia Education for the Blind Children Foundation and the We also completed the overhaul of the central air-conditioning
Kick Andy Foundation for womens and childrens education; system in UOB Plaza 1. Initial reductions in energy consumption
indicate that we are making progress towards achieving our target
Malaysia The Angels Childrens Home and the Shelter Home of 6,250,000 kilowatt-hours per year in energy savings. This is
for abandoned children; Penang Cheshire Home for children equivalent to three months power consumption of UOB Plaza 1.
with disabilities; and the Dignity Foundation, an education
centre for underprivileged children; We will continue to carry out energy improvement works at UOB
Plaza 2 in 2015. The proposed energy-saving initiatives include
Singapore APSN Katong School, Metta School, Pathlight replacing the buildings central air-conditioning system and
School and Towner Gardens School, for special-needs replacing existing uorescent and halogen lights with LED lights for
children;and car park areas, staircases, lift lobbies and ofces. The project aims
Thailand The Ramathibodi Foundation for cancer patients. to achieve another Green Mark GoldPlus Award for the building and
will take 12 to 14 months to complete, resulting in further energy
UOB was recognised for its community efforts by Singapores savings of 2,100,000 kilowatt-hours per year.
Community Chest with two awards for its long-term community
support through the UOB Heartbeat Run and for raising $1 million
to help children in need. UOB was also the only bank in Singapore
to receive the Top Community Care Company in Asia award at the
Asia Corporate Excellence and Sustainability Awards.

UOBs Awards and Accolades in 2014
ASEAN Business Advisory The Asian Banker SPRING Singapore

Council The International Excellence in Retail Business Excellence Awards 2014
ASEAN Business Awards 2014 Financial Services Awards 2014 Singapore Quality Award
Best Retail Bank in Asia Pacific
Most Admired ASEAN Enterprise for
ASEAN Centricity Best Retail Bank in Singapore
(Regional and Singapore winner)
Asia Asset Management Foreign Exchange (FX) Poll

Ranked 2nd in Best for Overall FX Services, FX Options and FX
2014 Best of the Best Awards
Products and Services, Domestic FX Providers, Singapore
Best of the Best Regional CEO of the Year in Asia
Ranked 3rd in Best for FX Options, Foreign FX Providers, Malaysia
Thio Boon Kiat, UOB Asset Management
Best of the Best Performance Asian Bonds, 10 Years
Best of the Best Country Most Innovative Product, Thailand

Asian Banking & Finance
Wholesale Banking Awards 2014
Indonesia Domestic Trade Finance Bank of the Year
Asiamoney
Cash Management Polls
Best Foreign Cash Management Bank in China as voted by Small
Building and Construction Authority, Singapore
and Large-Sized Corporates Green Mark Awards
GoldPlus Award for Existing Non-Residential Buildings
Best Foreign Domestic Cash Management Services in China as
voted by Small-Sized Corporates 396 Alexandra Road (UOB Tower Block)
Best Foreign Cross-Border Cash Management Services in China
as voted by Small-Sized Corporates China Banking Regulatory Commission
Best Foreign Cash Management Bank in Malaysia as voted by Outstanding Information Technology Management Award
Small, Medium and Large-Sized Corporates
Best Foreign Domestic Cash Management Services in Malaysia as China Foreign Exchange Trade System
voted by Small, Medium and Large-Sized Corporates Best SGD/RMB Market Maker
Best Foreign Cross-Border Cash Management Services in
Malaysia as voted by Small and Medium-Sized Corporates Community Chest Singapore
Best Local Cash Management Bank in Singapore as voted by 5-Year Outstanding Special Events Award
Small, Medium and Large-Sized corporates Special Events Platinum Award
Best Overall Domestic Cash Management Services in Singapore
as voted by Small and Medium-Sized Corporates
Deutsche Bank
Best Overall Cross-Border Cash Management Services in
USD STP (Straight Through Processing) Excellence Award
Singapore as voted by Small, Medium and Large-Sized
Corporates
Best Local Currency Cash Management Services in Singapore for
Euromoney
SGD as voted by Financial Institutions Private Banking and Wealth Management Survey 2014
Ranked 1st in Net-Worth-Specific Services for Super Affluent
Best Foreign Domestic Cash Management Services in Thailand as
voted by Medium-Sized Corporates Clients (US$500,000 to US$1 million), Thailand
Ranked 1st in Specialised Services for Inherited Wealth and
Best Foreign Cross-Border Cash Management Services in
Thailand as voted by Medium-Sized Corporates Business, Thailand
Ranked 1st in Bespoke Wealth Planning, Brunei
Fixed Income Poll
Ranked 2nd in Regional Credit Research and Market Coverage on
G3 High Yield Bonds
Ranked 3rd in Overall Best for Interest Rates and Best for Interest
Rate Research, Indonesia

UOBs Awards and Accolades in 2014
Futures and Options World Magazine Retail Banker International (RBI)

Awards for Asia 2014 RBI Asia Trailblazers Awards 2014
Commodities Broker of the Year Channel Excellence in Mobile Banking Payments
Proprietary Traders' Broker of the Year

Shanghai Gold Exchange
Global Banking & Finance Review Outstanding Financial Institutions Members Award
Awards 2014 Outstanding Contribution Price Making Award
Best Asian Fixed Income House, Singapore
Singapore Exchange (SGX)

Global Finance SGX AsiaClear Awards
2014 Worlds Safest Banks Ranked 2nd in Top Oil Inter-Dealer Brokers
Ranked 3rd in Safest Banks in Asia SGX Brokers Appreciation and Awards
Top Volume SGX Derivatives Trading Member
Institute of Singapore Chartered Accountants,
Singapore Institute of Directors and Singapore National Arts Council
The Business Times Distinguished Patron of the Arts Award
Singapore Corporate Awards 2014
Best Chief Financial Officer Award for companies with market Taipei Foundation of Finance (TFF) Bloomberg
capitalisation of $1 billion and above Lee Wai Fai TFF-Bloomberg Best Fund Award 2014
Best Fund Over 10 Years, Global Emerging Markets Fixed Income
International Finance Magazine Fund United Emerging Markets Bond Fund

2014 Financial Awards
Best Asset Management Company The Asset
Best Asia Fixed Income House Benchmark Research Awards 2014
Ranked 2nd in Top Investment Houses in Thai Baht Bonds
Marketing Magazine Ranked 6th in Top Investment Houses in Asian G3 bonds
Mob-Ex Awards 2014 Triple A Treasury, Trade and Risk Management Awards 2014
Gold Best Service Provider, Trade Finance, Thailand
Best User Experience Best Service Provider, Structured Trade Finance, Thailand
Best Integration of Mobile Best Trade Finance Solution, Indonesia
Silver
Best Direct Response Campaign The Association of Banks in Singapore (ABS)
Bronze
2014 ABS Excellent Service Awards
Best Use of Multiple Mobile Channels Service Excellence Champion 1st Runner-up
Best Brand Awareness Campaign
703 Star Awards
Marketing Excellence Awards 2014
131 Gold Awards
Silver Excellence in Digital Marketing
113 Silver Awards
The Loyalty & Engagement Awards 2014
Bronze Best Use of Rewards and Incentives
The Edge-Lipper
Morningstar Singapore Fund Awards 2014
Best Fund Over 3, 5 and 10 Years, Bond Asia Pacific
Thailand Fund Awards 2014
United Asian Bond Fund (Class SGD)
Long Term Equity Fund Big Cap Dividend Long Term
Best Fund Over 5 and 10 Years, Equity Sector Pharmaceuticals
Equity Fund
and Health Care United Global Healthcare Fund
Retirement Mutual Fund, Equity Equity Retirement Mutual Fund
Best Fund Over 5 and 10 Years, Bond Singapore Dollar
United SGD Fund, Class A (Acc) SGD
MORS Group
Asia Corporate Excellence and Sustainability Awards 2014
Visa
Top 5 Community Care Companies in Asia
Malaysia Bank Awards
Highest Payment Volume Growth Total Credit in Malaysia
RAM Rating Services Berhad
Highest Payment Volume Growth UOB Malaysia Visa Classic
RAM Award of Distinction
Ranked 3rd in Lead Manager Award by Number of Issues

31 December 2014
Governance
40 Corporate Governance
47 Capital Management
49 Risk Management
58 Human Resource
61 Pillar 3 Disclosure
Corporate Governance
Good corporate governance is fundamental to UOB, which is approve major acquisitions and divestments;
guided in this regard by the:
review risk management framework and processes;
Banking (Corporate Governance) Regulations (Banking
oversee the performance of Management;
Regulations);
set company values and standards; and
Guidelines on Corporate Governance for Financial Holding
Companies, Banks, Direct Insurers, Reinsurers and Captive perform succession planning.
Insurers which are incorporated in Singapore, which comprise
The approval of the Board is required for material matters that fall
the Code of Corporate Governance for companies listed on
within the scope of the Boards functions. These include business
the Singapore Exchange and supplementary principles and
plans and annual budgets, major acquisitions and divestments,
guidelines issued by the Monetary Authority of Singapore
dividend payments and other distributions, and announcements
(MAS Guidelines); and
of quarterly and full-year financial results.
Singapore Exchange Securities Trading Limited Listing Manual The Board has established five Board Committees to perform
(SGX-ST Listing Manual).
certain duties. They are the Nominating Committee (NC),
Remuneration Committee (RC), Audit Committee (AC),
Boards Conduct of Affairs Executive Committee (EXCO) and Board Risk Management
The Boards key responsibilities are to: Committee (BRMC). Each Board Committee has written terms
provide strategic direction; of reference which are reviewed annually.
provide entrepreneurial leadership and guidance; Board and Board Committee meetings and the annual general
meeting (AGM) for each calendar year are scheduled well in
approve business plans and annual budgets; advance. Additional Board and Board Committee meetings are
ensure true and fair financial statements; held as and when necessary. Directors who are unable to attend
a meeting in person may participate via telephone and/or video
monitor financial performance;
conference, or communicate their views through another director
determine capital/debt structure; or the Company Secretary. The number and frequency of
meetings attended by the directors in 2014 are set out in the
set dividend policy and declare dividends;
table below.
Number of meetings attended in 2014

Board Risk
Board of Nominating Remuneration Audit Executive Management
Name of director Directors Committee Committee Committee Committee Committee
Wee Cho Yaw 4/4 2/2 2/2 4/4 4/4
Hsieh Fu Hua 4/4 2/2 2/2 4/4 4/4
Wee Ee Cheong 4/4 4/4 4/4
Wong Meng Meng 4/4 2/2
Cham Tao Soon 1/1 3/3 2/2
(Retired on 24 April 2014)
Franklin Leo Lavin 4/4 2/2 3/4
Willie Cheng Jue Hiang 4/4 2/2 6/6
Tan Lip-Bu 1/1 1/1
(Retired on 24 April 2014)
James Koh Cher Siang 4/4 1/1 6/6 4/4
(Appointed to the Remuneration Committee
on 13 June 2014)
Ong Yew Huat 4/4 3/3 4/4
(Appointed to the Audit Committee
on 13 June 2014)
Lim Hwee Hua 2/2 2/2
(Appointed to the Board and Board Risk
Management Committee on 1 July 2014)
Number of meetings held in 2014 4 2 2 6 4 4

Board Composition Chairman Emeritus, Chairman and
There are nine directors on the Board. A majority of them Chief Executive Officer
are independent: Dr Wee Cho Yaw has more than 50 years of experience in
Wee Cho Yaw Non-executive and non-independent banking. He provides advice and guidance to the Board and
Management in his capacity as Chairman Emeritus and Adviser.
(Chairman Emeritus
and Adviser) There is appropriate division of responsibilities between the
Hsieh Fu Hua Non-executive and independent Chairman and the CEO. Mr Hsieh Fu Hua, the Chairman, provides
(Chairman) leadership to the Board, promotes open and constructive board
deliberation, oversees corporate governance matters and ensures
Wee Ee Cheong Executive and non-independent
that directors receive timely and comprehensive information for
(Deputy Chairman and
them to discharge their duties. Mr Wee Ee Cheong, the CEO, is
Chief Executive Officer
responsible for the Banks daily operations.
(CEO))
Wong Meng Meng Non-executive and non-independent Nominating Committee
Franklin Leo Lavin Non-executive and independent The NCs main responsibilities are to:
Willie Cheng Jue Hiang Non-executive and independent
recommend the appointment and re-election/re-appointment
James Koh Cher Siang Non-executive and independent
of directors;
Ong Yew Huat Non-executive and independent
assess the performance of the Board, Board Committees and
Lim Hwee Hua Non-executive and independent
each director;
(Appointed on 1 July 2014)
assess the independence of directors;
The NC has assessed that six out of the nine directors are
independent. They are Messrs Hsieh Fu Hua, Franklin Leo Lavin, review the size and composition of the Board and
Willie Cheng Jue Hiang, James Koh Cher Siang and Board Committees;
Ong Yew Huat, and Mrs Lim Hwee Hua. They are not substantial establish a development programme for the continuous
shareholders and do not have management or business education of directors;
relationships with the Bank or any relationship with any substantial
shareholder. None of these six directors has served on the Board nominate candidates for the key positions of CEO, chief
for nine years or more. financial officer (CFO) and chief risk officer (CRO); and
Three directors are not independent. They are: perform succession planning.
Dr Wee Cho Yaw who is a substantial shareholder of the Bank; The NC consists of Messrs Wong Meng Meng (NC chairman),
Wee Cho Yaw, Hsieh Fu Hua, Franklin Leo Lavin and
Mr Wee Ee Cheong who is a substantial shareholder and the Willie Cheng Jue Hiang. Mr Wee Ee Cheong acts as an alternate
CEO of the Bank; and member to Dr Wee Cho Yaw on the NC. The Banking Regulations
Mr Wong Meng Meng who has served on the Board for more require the chairman of a nominating committee to be an
than nine years. independent director but make an exception for an incumbent.
The NC is of the view that Mr Wong Meng Meng, the incumbent
The NC is of the view that each director remains fit and proper
NC chairman and a non-independent director, is qualified to
and qualified for office. The directors as a group have experience
continue to chair the NC.
in banking, accounting, management and law. They provide the
Board and Board Committees with an appropriate balance and The NC is responsible for ensuring that the Board has a majority
diversity of skills, experience and knowledge. The directors of independent directors and comprises directors who, as a
profiles can be found in the Board of Directors section. group, have the appropriate skills, experience and knowledge.
The NC conducts discreet searches for new directors. Any
While the NC considers the current Board of nine members
director may nominate candidates. In evaluating nominations, the
effective, it would look to expand the Board size as the business
NC considers factors including the current composition and
expands. The NC also reviews the composition of the Board
collective skills and expertise of the Board, as well as the
Committees at least annually.
candidates personal qualities such as integrity and financial
soundness, qualification for office, and ability to commit time and
effort to perform board duties. The NC recommends the
candidates to the Board for appointment.

New directors receive briefings from Senior Management on the Remuneration Committee
Banks business and risk management. Each new director also The main responsibilities of the RC are to:
receives an induction package which contains, inter alia, the
articles of directorship, terms of reference of the Board and Board establish a remuneration policy and framework that is in line
Committees and guidance on directors duties. with the strategic objectives and corporate values of the Bank
and prudent risk-taking;
Through the Banks continuous development programme, new
and existing directors receive appropriate training on a continuing determine a level and structure of remuneration that is linked to
basis. Briefings on risk management as well as developments and the Banks performance and longterm interest and which is
trends in the banking and financial industry were organised for reasonable and appropriate to attract, retain and motivate
directors during the year. Directors also took part in quarterly directors and key management personnel; and
business strategy discussions to gain better insight into the review and recommend the remuneration for directors and key
Banks business, and had an offsite meeting in Thailand to gain a management personnel.
better understanding of the Groups business and operations in
Thailand. The NC is of the view that the topics covered met The RC consists of Messrs Wee Cho Yaw (RC chairman),
the objective of equipping directors with the appropriate Hsieh Fu Hua and James Koh Cher Siang. Except for an
skills and knowledge to perform their duties. In addition, incumbent, the Banking Regulations require the chairman of a
directors may approach Management should they require remuneration committee to be an independent director. The NC is
any further information. of the opinion that Dr Wee Cho Yaw, the incumbent RC chairman
and a non-independent director, should continue to chair the RC
The NC assesses each directors contribution to the Boards as he has in-depth experience in remuneration matters.
effectiveness according to the directors commitment, attendance
record, overall preparedness, participation, candour and clarity in In recommending the level and structure of fees for directors, the
communication, skills and expertise, strategic insight, financial RC takes into consideration the responsibilities of directors,
literacy, business judgement and sense of accountability, and frequency of Board and Board Committee meetings as well
whether the director continues to be a fit and proper person for as industry practices. For the year under review, the RC has also
office. The NC has not set a limit on the number of directorships recommended the payment of an advisory fee to Dr Wee Cho Yaw
that a director may hold. This is because the contribution of each for his guidance and advice to the Board and Management. The
director depends on individual circumstances, as directors have proposed fees for directors and Dr Wee Cho Yaw are subject to
different abilities and companies are of different complexities. In shareholders approval. Directors fees and other remuneration are
evaluating the effectiveness of the Board and Board Committees, set out in the Directors Report section.
the NC considers the work performed by the Board and The employee compensation framework is designed to maintain
Board Committees. competitive remuneration to attract, retain and motivate a
Having considered each directors performance and known highly-skilled global workforce, while encouraging behaviours
directorships and responsibilities, the NC is satisfied with the that strengthen the long-term financial strength of the Bank.
commitment and contributions of each director. It is also satisfied Remuneration for employees is commensurate with their
that all directors were actively engaged in the discharge of their performance and contributions. The employee remuneration
duties on the Board and Board Committees in the year under package comprises base salaries, performance bonuses, benefits
review, contributing to the effectiveness of the Board and and, where applicable, share-based incentives. The RC approves
Board Committees. the overall performance bonus and the share-based incentive
plan. More information on the share-based plan can be found in
The NC takes into account the performance of each director in its the Directors Report section.
review of the Board composition and re-nomination of directors.
At each AGM, one-third of the directors retire from office by While the MAS Guidelines recommend the disclosure of the
rotation and are eligible for re-election, while directors who are remuneration of the top five non-director executives, the Bank
over 70 years old are subject to annual reappointment. New believes that it is not to its advantage or best interest to do so
directors submit themselves for reelection at the first AGM especially given the highly competitive market for talent. Except
following their appointment to the Board. for the CEO, who is the son of Dr Wee Cho Yaw, no immediate
family member of a director or the CEO was an employee of the
Bank and whose remuneration exceeded $50,000 in 2014.
Further details on the Groups remuneration policy, systems and
structures, including the remuneration mix and deferred
remuneration for senior executives and employees, can be found
in the Human Resource and Pillar 3 Disclosure sections.

Audit Committee In assessing the external auditor for re-appointment, the AC is
The AC members are Messrs Willie Cheng Jue Hiang guided by the Guidance to Audit Committees on Evaluation of
(AC chairman), James Koh Cher Siang and Ong Yew Huat. The Quality of Work Performed by External Auditors issued by the
AC oversees matters relating to the following: Accounting and Corporate Regulatory Authority and the
Singapore Exchange, and the External Audits of Banks issued by
financial statements, and internal and external audit plans and the Basel Committee on Banking Supervision. The AC takes into
audit reports; account feedback from the internal auditor and Management in
adequacy and effectiveness of internal accounting control its evaluation.
systems and material internal controls; During the year, the external auditor provided quarterly
quality of, and any significant change in, accounting policies affirmations of its independence to the AC. The fees paid to the
and practices; external auditor for audit and non-audit services for the financial
year are contained in the Notes to the Financial
adequacy, effectiveness and efficiency of the internal Statements section.
audit function;
Having assessed the external auditors work and non-audit
scope and results of the internal and external audits; services provided to the Bank and the audit and non-audit fees
effectiveness, independence, knowledge, competence and paid to the external auditor in 2014, the AC is satisfied that the
objectivity of the external auditor; external auditor was effective, independent and objective in its
audit of the Bank. The AC is also satisfied that the external auditor
appointment of the external auditor and its remuneration and has the requisite expertise and resources to perform its duties. It
terms of engagement; has nominated Ernst & Young LLP for re-appointment at the
interested person transactions and material related forthcoming AGM. UOB has complied with Rules 712 and 715 of
party transactions; the SGX-ST Listing Manual with regard to the appointment of
auditing firms for the Bank and its subsidiaries.
a policy and procedures for handling fraud and whistle-blowing
cases; and The AC oversees Group Audit, the Banks internal audit function.
It reviews and approves the Internal Audit Charter which sets out
appointment, remuneration and resignation of the Head of
the authority and responsibilities of Group Audit. It also reviews
Group Audit.
the adequacy and effectiveness of Group Audit. After reviewing
Through the continuous development programme and quarterly the scope of internal audit for the financial year, the progress and
discussions with the external and internal auditors, the AC is kept results of the audits and the auditees response to audit findings,
abreast of changes in accounting standards and developments the AC is satisfied that Group Audit has carried out its
in corporate governance which may have a direct impact on responsibilities effectively and efficiently. The Head of Group Audit
financial statements. has confirmed to the AC that Group Audit is
adequately resourced.
The AC has authority to investigate any matter within its terms of
reference. It is entitled to the full co-operation of Management and
the internal and external auditors in the discharge of its duties.
Executive Committee
The internal and external auditors report their findings and The EXCO consists of Messrs Wee Cho Yaw (EXCO chairman),
recommendations to the AC independently. The AC meets the Hsieh Fu Hua, Wee Ee Cheong, Franklin Leo Lavin and
external and internal auditors separately in the absence of James Koh Cher Siang. Its main responsibilities are to:
Management at least annually. assist the Board to oversee the Banks performance in
Before the Bank announces the financial results, the AC reviews specific businesses and review medium- and long-term
the financial statements. The process includes assessing the business objectives;
accounting policies and practices applied and any judgement approve certain credit facilities, treasury and investment
made that may have a significant impact on the activities, and capital expenditure;
financial statements.
review and recommend the budget and business plans;
The AC reviews the external auditors audit plan, audit reports and
non-audit services provided to the Bank. It also approves the monitor the Banks financial performance and review the Banks
terms of engagement of the external auditor. capital and debt structure; and
perform such other functions and exercise such other power
and authority as may be delegated by the Board.

Board Risk Management Committee Group Risk Management

The BRMC members are Messrs Wee Cho Yaw (BRMC chairman), The CRO, who reports functionally to the BRMC and
Hsieh Fu Hua, Wee Ee Cheong and Ong Yew Huat and administratively to the CEO, is responsible for the day-to-day
Mrs Lim Hwee Hua. The BRMC oversees risk management operations of Group Risk Management. An independent function,
matters including the following: Group Risk Management works with business and support units
and the relevant senior management committees to develop and
establishment and operation of a robust and independent risk implement the appropriate risk management strategies,
management system to identify, measure, monitor, control and frameworks, policies and processes. It also oversees the risk
report risks on an enterprise-wide basis; management functions of overseas banking subsidiaries and
adequacy of the risk management functions resources; branches. More information on the Banks risk management can
be found in the Risk Management and Pillar 3 Disclosure sections.
overall risk appetite, risk profile, risk limits and tolerance, and
risk-return strategy; Senior Management Committees
Senior management committees assist the CEO to maintain the
adequacy and effectiveness of the risk management process relevance and effectiveness of the Banks frameworks, policies,
and system; processes and procedures. The committees are the Asset and
risk measurement models and approaches; Liability Committee, Brand Implementation Committee, Credit
Committee, Human Resources Committee, Information and
appropriateness of the remuneration and incentive structure; and Technology Committee, Investment Committee, Management
appointment, remuneration and resignation of the CRO. Committee, Management Executive Committee, Operational Risk
Management Committee, and Risk and Capital Committee.
Internal Controls and Risk Management Ethical Standards
Group Audit The Bank has a whistle-blowing policy which provides for any
Group Audit performs independent assessment of the reliability, individual to report in good faith, without fear of reprisal, any
adequacy and effectiveness of the Banks system of internal suspected wrongdoing to the Head of Group Audit, AC chairman,
controls, risk management and governance processes. It adopts CEO or Chairman of the Board. All reports received are accorded
the Standards for the Professional Practice of Internal Auditing set confidentiality and investigated independently by Group Audit. The
by the Institute of Internal Auditors and other relevant best AC receives whistle-blowing reports from Group Audit which
practices, and is guided by The Internal Audit Function in Banks administers the policy.
issued by the Basel Committee on Banking Supervision. The
internal audit plan, which is reviewed annually and approved by All employees have to observe a code of conduct which guides
the AC, is developed using a risk-based approach. Audit projects them on their conduct at the workplace and with stakeholders.
are prioritised and scoped based on Group Audits assessment of The Banks core values of integrity, performance excellence,
the Banks risks and controls over the risk types. Significant audit teamwork, trust and respect are embodied in the code
findings are highlighted to the AC through audit reports and at AC of conduct.
meetings. The Head of Group Audit reports functionally to the AC Directors and employees are also guided by a code which
and administratively to the CEO. prohibits dealings in securities:
Group Audit also oversees the internal audit functions of overseas on short-term considerations;
banking subsidiaries. The Head of Group Audit is invited to attend
during the period commencing two weeks before the
the overseas banking subsidiaries audit committee meetings.
announcement of the Banks financial statements for each of
Group Compliance the first three quarters of the financial year and one month
Group Compliance provides independent compliance support to before the announcement of the Banks full-year financial
business units and subsidiaries in Singapore, and governance statements; and
oversight of the compliance functions of overseas branches and
whenever they are in possession of price-sensitive information.
subsidiaries. It works with business and support units to identify,
assess, monitor and manage regulatory compliance risks, and The Bank is committed to delivering fair dealing outcomes to
guides the units to adhere to approved compliance policies and customers. In addition to employee training, policies, guidelines
procedures and ethical standards in the conduct of business. and best practices are in place to embed fair dealing principles
Group Compliance highlights significant compliance issues and into UOBs organisational culture and daily operations.
regulatory developments to the Board and Senior Management Procedures have also been established to handle customer
through regular reports. It also monitors regulatory developments complaints independently, effectively and promptly, and to
and provides advisories where appropriate. communicate decisions to customers clearly.

Assessment the Bank, the work performed by the internal and external
The AC and the Head of Group Audit have reviewed the Banks auditors, and the reviews performed by Senior Management and
internal controls, including financial, operational, compliance and the relevant Board Committees.
information technology controls, and the BRMC has reviewed the
risk management processes with the CRO.
Access to Information
Directors have unfettered access to information and
The Board has received assurance from the CEO and CFO that Management. They are provided with comprehensive and timely
the system of risk management and internal controls is effective, financial, risk management and operational reports. In discharging
and that the financial records have been properly maintained and their duties, directors may seek independent professional advice
the financial statements give a true and fair view of UOBs at the Banks expense.
operations and finances.
Directors also have access to the Company Secretary, who
With the concurrence of the AC and BRMC, the Board is of the assists them in the discharge of their duties and advises them on
opinion that the system of risk management and internal controls, governance matters. The Company Secretary also organises
including financial, operational, compliance and information the induction of new directors and the Banks continuous
technology controls, was adequate and effective as at development programme for directors.
31 December 2014. The Board notes that no system of risk
management and internal controls can provide absolute Interested Person Transactions
assurance against material error, loss or fraud. UOBs current
The AC reviews all interested person transactions. The particulars
system of risk management and internal controls provides
of interested person transactions entered into during the year are
reasonable but not absolute assurance that the Bank will not be
set out in the table below.
adversely affected by any reasonably foreseeable event. The
Board has formed the opinion after conducting its review of the Related party transactions are disclosed in the Notes to the
internal controls and risk management processes maintained by Financial Statements section.
Aggregate value of all interested person transactions Aggregate value of all interested
during the financial year under review (excluding person transactions conducted
transactions less than $100,000 and transactions under shareholders mandate
conducted under shareholders mandate pursuant pursuant to Rule 920 (excluding
Name of interested person to Rule 920) transactions less than $100,000)
Haw Par Corporation Limited UOB Travel Planners Pte Ltd, a wholly-owned subsidiary Nil
and its subsidiaries of UOB, sold travel products and services to the Haw Par
(Haw Par Group) Group. The total value of these transactions was $218,517.
Kheng Leong Company UOB Travel Planners Pte Ltd sold travel products and Nil
(Private) Limited services to Kheng Leong Company (Private) Limited.
The total value of these transactions was $137,468.
PT UOB Kay Hian Securities PT UOB Property, a wholly-owned subsidiary of UOB, Nil
leased its premises at 36th floor unit 1, UOB Plaza,
Jalan M.H. Thamrin, Kav 8-10, Jakarta 10230, Indonesia
to PT UOB Kay Hian Securities for 13 months at a total
rent of US$84,370. The rent for the lease was supported
by an independent valuation.
UOL Group Limited and its UOB Travel Planners Pte Ltd sold travel products and Nil
subsidiaries (UOL Group) services to and acted as hotel services agent for the UOL
Group. The total value of these transactions was $811,037.
Yangon Hotel Limited The Bank rented the premises at #01-L1 Parkroyal Nil
Yangon, Myanmar from Yangon Hotel Limited, a subsidiary
of UOL Group Limited, for two years at a total rent of
US$318,274.80. The rent for the lease was supported
by an independent valuation.
UOL Property Investments The Bank rented the premises at 101 Thomson Road, Nil
Pte Ltd #15-01, United Square, Singapore 307591 from UOL
Property Investments Pte Ltd, a subsidiary of UOL Group
Limited, for two years at a total rent of $232,560. The rent
for the lease was supported by an independent valuation.

Shareholder Rights and Communication

UOB has an investor relations policy on communicating with
shareholders, investors and analysts, and discloses pertinent
information via SGXNet and the UOB website on a timely basis.
The Bank announces the quarterly financial results within 45 days
from the end of each quarter and the full-year financial results
within 60 days from the financial year-end. The financial results
and dividends recommended or declared for payment are
announced on SGXNet. The annual report on the Banks
performance is sent to shareholders in a compact disc at least
14 days before the AGM. The annual report is also available on
SGXNet and the UOB website.
Shareholders may give their views and feedback to the Board and
Management at general meetings. The Bank issues the notice of a
general meeting at least 14 days before the meeting. All
shareholders are entitled to attend general meetings and may
appoint up to two proxies to attend and vote in their place.
Investors who hold shares through nominees and custodian
banks may vote through their nominees or custodian banks, or
attend general meetings as observers. Electronic poll-voting is
conducted at general meetings, and shareholders and proxies are
briefed on the voting procedures. The votes cast for or against
each resolution are tallied and displayed at the close of voting,
and announced on SGXNet after the general meeting.
Shareholders may also provide feedback through the Banks
Investor Relations unit whose contact details can be found in the
Corporate Information section.

Capital Management
Our approach to capital management is to ensure that the Group and and anticipates possible implications in relation to the management of
all banking entities maintain strong capital levels to support the capital, risks, funding and liquidity.
business franchise and growth, to meet regulatory capital
The table below shows the consolidated capital position of the Group
requirements at all times and to uphold rating agencies confidence
as at 31 December 2014 and 31 December 2013. The approaches
in UOB.
for the computation of risk-weighted assets can be found in the Risk
We achieve these objectives through the Groups Internal Capital Management and Pillar 3 Disclosure sections.
Adequacy Assessment Process (ICAAP) whereby we actively monitor
2014 2013
and manage the Groups capital position over a medium-term
$ million $ million
horizon, involving the following:
Common Equity Tier 1 Capital
setting capital targets for the Bank and its banking subsidiaries,
Share capital 3,715 3,155
taking into account anticipated future regulatory changes and
Disclosed reserves/others 23,590 20,981
stakeholder expectations;
Regulatory adjustments (2,408) (2,348)
forecasting capital demand for material risks based on the
Common Equity Tier 1 Capital 24,897 21,788
Groups risk appetite. This is evaluated across all business
segments and banking entities and includes the Groups capital Additional Tier 1 Capital
position before and after mitigation actions under adverse
Preference shares/others 2,180 2,180
economic conditions; and
Regulatory adjustments capped (2,180) (2,180)
determining the requirements for capital issuance and the
Tier 1 Capital 24,897 21,788
maturity profiles of capital securities.
Two committees oversee the capital planning and assessment Tier 2 Capital
process. The Board Risk Management Committee (BRMC) assists Subordinated notes 4,405 4,692
the Board with the management of risks arising from the business of Provisions/others 918 867
the Group, while the Risk and Capital Committee manages the Regulatory adjustments (12) (37)
Groups ICAAP, overall risk profile and capital requirements. Each
Eligible Total Capital 30,208 27,310
quarter, the BRMC and senior management are updated on the
Groups capital position. The capital management plan, the
Risk-Weighted Assets (RWA)
contingency capital plan as well as any capital management action,
Credit risk 148,627 140,470
are submitted to senior management and/or the BRMC/Board
for approval. Market risk 18,295 13,657
Operational risk 11,870 10,784
The Bank is the primary equity capital provider to entities within the
Group. The investments made in Group entities are funded mainly by Total RWA 178,792 164,911
the Banks retained earnings and capital issuance. The banking
Capital Adequacy Ratios (%)
subsidiaries manage their own capital to support their planned
business growth and to meet regulatory requirements within the CET1 13.9 13.2
context of the Groups capital plan. Capital generated by subsidiaries Tier 1 13.9 13.2
that is in excess of planned requirements is returned to the Bank by Total 16.9 16.6
way of dividends. During the year, none of the subsidiaries faced any
impediment in the distribution of dividends. Disclosure on the regulatory capital composition, reconciliation of
regulatory capital to the published balance sheet and key features of
Capital Adequacy Ratios (CAR) capital instruments is available on the UOB website at
The Group is subject to the Basel III capital adequacy standards www.UOBGroup.com.
required by the Monetary Authority of Singapore (MAS). For the year Our capital is divided into three tiers, each net of
of 2014, we are required to maintain minimum Common Equity Tier 1 regulatory adjustments:
(CET1) CAR of 5.5 per cent, Tier 1 CAR of 7 per cent and Total CAR
of 10 per cent at both the Bank and Group levels. The capital CET1 Capital comprises paid-up ordinary share capital,
requirements will increase progressively over time to 9 per cent, disclosed reserves and qualifying minority interest;
10.5 per cent and 12.5 per cent by 1 January 2019. While there is Additional Tier 1 (AT1) Capital comprises eligible non-cumulative
now greater clarity on regulatory capital requirements, there remains non-convertible perpetual securities, and preference shares
some uncertainty as regulatory frameworks continue to evolve. The ineligible as capital instruments that are subject to partial
Bank conducts a regular review of the evolving regulatory landscape recognition under the Basel III transitional rules; and

Capital Management
Tier 2 Capital comprises eligible subordinated notes, subordinated Dividend

notes ineligible as capital instruments that are subject to partial Our aim is to continue to pay consistent and sustainable dividends to
recognition under the Basel III transitional rules, and accounting shareholders over the long term by balancing growth with prudent
provisions in excess of Basel expected loss. capital management. Dividends are payable at least on a half-yearly
basis. For the financial year ended 31 December 2014, the Board
In addition, under the phased-in timeline for Basel III implementation,
has recommended a final one-tier tax-exempt dividend of 50 cents
regulatory adjustments consisting of goodwill, other intangible assets
and a special one-tier tax-exempt dividend of 5 cents per ordinary
and deferred tax assets are deducted against CET1 Capital at
share, bringing the full-year dividend to 75 cents per ordinary share.
zero per cent in 2013, progressing to 100 per cent by 2018. The
This represents a payout of $1,202 million, representing 37 per cent
remaining amount is deducted against available AT1 Capital with the
of the Groups net profit of $3,249 million.
shortfall taken against CET1 Capital. Other regulatory adjustments
include corresponding deductions on investment in own shares as Share Buyback and Treasury Shares
well as phased-in corresponding deductions on investments in Ordinary shares repurchased by the Bank are held as treasury
private equity and venture capital entities, and investments approved shares. These are recorded as a deduction against share capital and
under section 32 of the Banking Act that exceed the threshold may be sold, cancelled, distributed as bonus shares, or used to meet
for deduction. the obligations under its employee long-term incentive plans.
A description of the key terms of the capital instruments included as During the year, 2.2 million treasury shares were delivered to meet the
eligible capital can be found in Notes 14 and 21 of the obligations under the employee long-term incentive plans. There was
financial statements. no share buyback in 2014.
Our banking operations outside Singapore are also required to Regulatory Developments
comply with the regulatory requirements in the country of operation.
The table below shows the CAR of major banking subsidiaries as at Disclosure Requirement for Assessing Global Systemically
Important Banks (G-SIBs)
31 December 2014, based on local requirements of the
The Basel Committee on Banking Supervision assesses the systemic
respective countries.
importance of banks in a global context and has developed an
2014 indicator-based methodology for identifying G-SIBs, upon which the
Total Capital Adequacy Ratios higher capital requirements will be applied. The 12 indicators are
Risk- based on the following five categories: size, interconnectedness,
Weighted substitutability/financial institution infrastructure, cross-jurisdictional
Assets CET1 Tier 1 Total activity and complexity.
$ million % % % Although the Group is not a G-SIB, it is required under
United Overseas MAS Notice 637 to disclose these 12 indicators on an annual basis.
Bank (Malaysia) Bhd 16,871 15.7 15.7 18.1 The Groups 12 G-SIB indicators will be made available on the UOB
website at www.UOBGroup.com.
United Overseas
Bank (Thai) Public Disclosure Requirement for Leverage Ratio
Company Limited 9,739 15.2 15.2 18.0 The Basel III framework introduced a leverage ratio as a non-risk
based backstop limit intended to supplement the risk-based capital
PT Bank UOB
requirements. It aims to constrain the build-up of excess leverage in
Indonesia 7,119 NA 13.2 15.7
the banking sector, introducing additional safeguards against model
United Overseas risk and measurement errors. The introduction of this ratio started
Bank (China) Limited 5,781 14.7 14.7 15.6 with a supervisory monitoring period in 2011, followed by a parallel
run period from January 2013 to January 2017. A minimum ratio of
Capital Management Initiatives in 2014 3 per cent is applied initially, with a view to migrate to a Pillar 1
Tier 2 Capital requirement from January 2018.
Issue of US$800 million 3.75% fixed rate subordinated notes While the MAS has not set the minimum leverage ratio for
and S$500 million 3.5% fixed rate subordinated notes by the Singapore-incorporated banks, the Group is required under
Bank on 19 March and 22 May 2014 respectively; and MAS Notice 637 to disclose the leverage ratio along with the quarterly
Redemption of US$1 billion 5.375% subordinated notes and financial results from 2015.
S$1 billion 4.1% subordinated notes by the Bank on
3 September 2014.

Risk Management
Risk Management Overview Risk Appetite

Effective risk management is integral to the Groups business The Group has established a risk appetite framework to define the
success. The Groups approach to risk management is to ensure amount of risk that the Group is able and willing to take in pursuit
that risks are managed within the levels established by the various of its business objectives. The risk appetite defines suitable
senior management committees and approved by the Board thresholds and limits across key areas including but not limited to
and/or its committees. credit risk, country risk, market risk, liquidity risk, operational risk
and reputational risk. The objective of establishing a risk appetite
The Group has established a comprehensive framework of policies
framework is not to limit risk-taking but to ensure that the Groups
and procedures to identify, measure, monitor and control risks.
risk profile is aligned with its business strategy. Our risk-taking
These are guided by the Groups Risk Management Principles
approach is focused on businesses which we understand and are
which advocate:
well equipped to manage the risk involved. The Group will continue
delivery of sustainable long-term growth using sound risk to upgrade its risk management, information technology and other
management principles and business practices; capabilities to support its strategic aspirations.
continual improvement of risk discovery capabilities and risk UOBs risk appetite framework is updated and approved annually
controls; and by the Board. Management monitors and reports the risk limits to
the Board.
business development based on a prudent, consistent and
efficient risk management framework.
Basel Framework
Risk Management Governance and Framework The Group has adopted the Basel Framework and observes the
Monetary Authority of Singapore (MAS) Notice to Banks No. 637
The Board oversees a governance structure that is designed to
ensure that the Groups business activities are: Notice on Risk Based Capital Adequacy Requirements for Banks
incorporated in Singapore. UOB continues to adopt a prudent and
conducted in a safe and sound manner and in line with the proactive approach in navigating the evolving regulatory
highest standards of professionalism; landscape, with emphasis on sound risk management principles in
consistent with the Groups overall business strategy and risk delivering sustainable returns.
appetite; and The Group has adopted the Foundation Internal Ratings-Based
subjected to adequate risk management and internal controls. (FIRB) approach for its non-retail exposures and the Advanced
Internal Ratings-Based (AIRB) approach for its retail exposures. For
In this regard, the Board is supported by the Board Risk Market and Operational risks, the Group has adopted the
Management Committee (BRMC). Standardised Approach (SA).
The CEO has established senior management committees to The Group has adopted the Internal Capital Adequacy Assessment
assist in making business decisions with due consideration to risks Process (ICAAP) to assess on an ongoing basis the amount of
and returns. The main senior management committees involved in capital necessary to support its activities. The ICAAP is reviewed
this are the Management Executive Committee, Asset and Liability periodically to ensure that the Bank remains well-capitalised after
Committee (ALCO), Credit Committee (CC), Operational Risk considering all material risks. Stress testing is conducted to
Management Committee (ORMC) and the Risk and Capital determine capital adequacy under stressed conditions.
Committee (RCC). These committees also assist the BRMC in
specific risk areas. The Groups Pillar 3 Disclosure Policy addresses the disclosure
requirements specified in MAS Notice 637. Please refer to the Pillar
The BRMC reviews the overall risk appetite and level of risk capital 3 Disclosure section in the Annual Report for further information.
to maintain for the Group. Senior management and the senior
management committees are authorised to delegate risk appetite Credit Risk
limits by location, business lines, and/or broad product lines. Credit risk is the risk of loss arising from any failure by a borrower
or counterparty to meet its financial obligations when such
obligations fall due. Credit risk is the single largest risk that the
Group faces in its core business as a commercial bank, arising
primarily from loans and other lending-related commitments to
retail, corporate and institutional borrowers. Treasury and capital
market operations, and investments also expose the Group to
counterparty and issuer credit risks.

Risk Management
Integral to the management of credit risk is a framework that mainly to the high home ownership rate. The Group remains
clearly defines policies and processes relating to the measurement vigilant about risks in the sector and has taken active steps to
and management of credit risk. The Groups portfolio is also manage its exposure while continuing to maintain a prudent stance
reviewed and stress-tested regularly, and the Group continuously in approving real estate-related loans.
monitors the operating environment to identify emerging risks and
Regular assessments of emerging risks and in-depth reviews on
to formulate mitigating action.
industry trends are performed to provide a forward-looking view on
Credit Risk Governance and Organisation developments that could impact the Groups portfolio. The Group also
The CC is the key oversight committee for credit risk and supports conducts frequent stress testing to assess the resilience of the portfolio
the CEO and BRMC in managing the Groups overall credit risk in the event of a marked deterioration in operating conditions.
exposures. The committee serves as an executive forum for
discussions on all credit-related issues including the credit risk Credit Stress Test
management framework, policies, processes, infrastructure, Credit stress testing is a core component of the Groups credit
methodologies and systems. The CC also reviews and assesses portfolio management process. The three objectives of stress
the Groups credit portfolios and credit risk profiles. testing are to (i) assess the profit and loss and balance sheet
impact of business strategies, (ii) quantify the sensitivity of
The Country and Credit Risk Management Division is responsible performance drivers under various macroeconomic and business
for the reporting, analysis and management of all elements of planning scenarios, and (iii) evaluate the impact of management
credit risk. It develops Group-wide credit policies and guidelines, decisions on capital, funding and leverage. Under stress scenarios
and focuses on facilitating business development within a prudent, such as a severe recession, significant losses from the credit
consistent and efficient credit risk management framework. portfolio may occur. Stress tests are used to assess if the Groups
Credit Risk Policies and Processes capital can withstand such losses and their impact on profitability
The Group has established credit policies and processes to and balance sheet quality. Stress tests also help the Group to
manage credit risk in the following key areas: identify the vulnerability of various business units and would enable
the Group to formulate appropriate mitigating actions.
Credit Approval Process
To maintain the independence and integrity of the credit approval The Groups stress test scenarios consider potential and plausible
process, the credit origination and approval functions are clearly macroeconomic and geopolitical events in varying degrees of
segregated. Credit approval authority is delegated to officers likelihood and severity. The Group also considers varying strategic
based on their experience, seniority and track record, and credit planning scenarios where the impact of different business
approval is based on a risk-adjusted scale according to a scenarios and managerial actions are assessed. These are
borrowers credit rating. All credit approval officers are guided by developed through consultation with relevant business units and
credit policies and credit acceptance guidelines that are are approved by senior management.
periodically reviewed to ensure their continued relevance to the Credit Risk Mitigation
Groups business strategy and the business environment. Potential credit losses are mitigated by using a variety of
instruments such as collateral, derivatives, guarantees and netting
Credit Concentration Risk arrangements. As a fundamental credit principle, the Group
Credit concentration risk may arise from a single large exposure or generally does not grant credit facilities solely on the basis of the
from multiple exposures that are closely correlated. This is collateral provided. All credit facilities are granted based on the
managed by setting exposure limits on obligors, portfolios, credit standing of the borrower, source of repayment and debt
borrowers, industries and countries, generally expressed as a servicing ability.
percentage of the Groups eligible capital base.
Collateral is taken whenever possible to mitigate the credit risk
While the Group proactively minimises undue concentration of assumed and the value of the collateral is monitored periodically.
exposures in its portfolio, its credit portfolio remains concentrated The frequency of valuation depends on the type, liquidity and
in Singapore and Malaysia. UOBs cross-border exposure to China volatility of the collateral value. The main types of collateral taken
has seen a pronounced increase over the years, consistent with by the Group are cash, marketable securities, real estate,
rising trade flows between China and Southeast Asia. The Group equipment, inventory and receivables. Policies and processes are
manages its country risk exposures within an established in place to monitor collateral concentration. Appropriate haircuts
framework that involves setting limits for each country. Such limits are applied to the market value of collateral, reflecting the
are based on the countrys risk rating, economic potential underlying nature of the collateral, quality, volatility and liquidity. In
measured by its gross domestic product and the Groups addition, collateral taken by the Group has to fulfill certain eligibility
business strategy. criteria (such as legal certainty across relevant jurisdictions) in order
UOBs credit exposures are well-diversified across industries, with to be eligible for Internal Ratings-Based (IRB) purposes.
the exception of the Singapore real estate sector which is due
In extending credit facilities to small- and medium-sized enterprises Classification and Loan Loss Impairment
(SMEs), personal guarantees are also often taken as a form of The Group classifies its credit portfolios according to the
moral support to ensure moral commitment from the principal borrowers ability to repay the credit facility from their normal
shareholders and directors. For IRB purposes, the Group does not source of income. There is an independent credit review process
recognise personal guarantees as an eligible credit risk protection. to ensure the appropriateness of loan grading and classification in
Corporate guarantees are often obtained when the borrowers accordance with MAS Notice 612.
credit worthiness is not sufficient to justify an extension of credit. All borrowing accounts are categorised as Pass, Special
To recognise the effects of guarantees under the FIRB approach, Mention or Non-Performing. Non-Performing accounts are
the Group adopts the Probability of Default (PD) substitution further categorised as Substandard, Doubtful or Loss in
approach whereby the PD of an eligible guarantor of an exposure accordance with MAS Notice 612. Any account which is
will be used for calculating the capital requirement. delinquent (or in excess for a revolving credit facility such as an
The Group has also established policies and processes to mitigate overdraft) for more than 90 days will be categorised automatically
counterparty credit risk, in particular for cases where default risk as Non-Performing. In addition, any account that exhibits
and credit exposure increase together (wrong-way risk). weaknesses which are likely to jeopardise repayment on existing
Transactions that exhibit such characteristics will be identified and terms may be categorised as Non-Performing.
reported to senior management on a regular basis. In addition, Upgrading and declassification of a Non-Performing account to
transactions with specific wrong-way risk are generally rejected at Pass or Special Mention status must be supported by a credit
the underwriting stage. assessment of the repayment capability, cash flows and financial
Exposures arising from foreign exchange and derivatives are position of the borrower. The Group must also be satisfied that
typically mitigated through agreements such as the International once the account is declassified, the account is unlikely to be
Swaps and Derivatives Association (ISDA) Master Agreements and classified again in the near future.
the Credit Support Annex (CSA). Such agreements help to A restructured account is categorised as Non-Performing and
minimise credit exposure by allowing the Bank to offset what it placed on the appropriate classified grade based on the Groups
owes to a counterparty against what is due from that counterparty assessment of the financial condition of the borrower and the
in the event of a default. ability of the borrower to repay under the restructured terms. A
The Groups foreign exchange-related settlement risk has been restructured account must comply fully with the restructured terms
reduced significantly through its participation in the Continuous in accordance with MAS Notice 612 before it can be declassified.
Linked Settlement (CLS) system. This system allows transactions The Group provides for impairment for its overseas operations
to be settled irrevocably on a delivery versus payment basis. based on local regulatory requirements for local reporting purposes.
As at 31 December 2014, UOB was required to post additional Where necessary, additional impairment is provided for to comply
collateral of US$17.4 million with its counterparties if its credit with the Groups impairment policy and the MAS requirements.
rating was downgraded by two notches.
Group Special Asset Management
Credit Monitoring and Remedial Management Group Special Asset Management (GSAM) manages the
The Group regularly monitors credit exposures, portfolio non-performing portfolios of the Group. GSAM Restructuring Group
performance and emerging risks that may impact its credit risk proactively manages a portfolio of non-performing loan (NPL)
profile. The Board and senior management are updated on credit accounts, with the primary intention of nursing these accounts back
trends through internal risk reports. The reports also provide alerts to health and transferring them back to the respective business
on key economic, political and environmental developments across units. GSAM Recovery Group manages accounts that the Group
major portfolios and countries, so that mitigating actions can be intends to exit in order to maximise debt recovery.
taken if necessary.
Write-Off Policy
Delinquency Monitoring A classified account that is not secured by any realisable collateral
The Group monitors closely the delinquency of borrowing will be written off either when the prospect of a recovery is
accounts as it is a key indicator of credit quality. An account is considered poor or when all feasible avenues of recovery have
considered delinquent when payment is not received on the due been exhausted.
date. Any delinquent account, including a revolving credit facility
(such as an overdraft) with limit excesses, is closely monitored and
managed through a disciplined process by officers from business
units and the risk management function. Where appropriate, such
accounts are also subject to more frequent credit reviews.

Risk Management
Internal Credit Rating System Credit risk models are independently validated before they are
The Group employs internal rating models to support the implemented to ensure that they are fit for the purpose. The
assessment of credit risk and the assignment of exposures to robustness of these rating models is monitored on an ongoing
rating grades or pools. Internal ratings are used pervasively by the basis, and all models are subject to annual reviews conducted by
Group in the areas of credit approval, credit review and monitoring, model owners to ascertain that the chosen risk factors and
credit stress testing, limits setting, pricing and collections. assumptions continue to remain relevant for the respective
portfolios. All new models, model changes and annual reviews are
The Group has established a credit rating governance framework
approved by the CC or BRMC, depending on the materiality of
to ensure the reliable and consistent performance of the Groups
the portfolio.
rating systems. The framework defines the roles and
responsibilities of the various parties in the credit rating process, The Groups internal rating structure is illustrated below.
including independent model performance monitoring, annual
model validation and independent reviews by Group Audit.
Internal Rating Structure
Large Corporate SME Specialised Lending

Bank Sovereign Retail
Specialised Lending (IPRE)a (CF, PF and SF)
Customer Risk
Borrower Risk Customer Risk Risk
Rating
Rating Rating Drivers
Expected Loss Ratingb
16 Pass Grades Supervisory 15 Pass Homogenous

4 Default Grades Grades Grades Risk Pools
Derive Risk Estimates
Use of Internal Estimates
Credit Approval Stress Test Collections
Credit Review Limits Setting Risk-based

& Monitoring & Monitoring Pricing
a A 20-rating grade structure applies to the Groups Income Producing Real Estate (IPRE) exposures, with the exception of UOB (Thai) where the internal risk grades are
mapped to five prescribed supervisory grades.
b Does not apply to Specialised Lending (IPRE).

Non-Retail Exposures The rating grade structure for IPRE exposures follows that of the
The Group has adopted the FIRB approach for its non-retail Corporate asset class, with 16 pass grades and four default
exposures. Under this approach, the probability of default (PD) for grades. Risk grades derived for CF, PF and SF exposures are
each borrower is estimated using internal models. These PD mapped to five supervisory slotting categories as prescribed under
models employ qualitative and quantitative factors to provide an MAS Notice 637, which determines the risk weights to be applied
assessment of the borrowers ability to meet its financial to such exposures.
obligations, and are calibrated to provide an estimate of the
Sovereign Asset Class
likelihood of default over a one-year time horizon. A default is The Group has developed an internal Sovereign scorecard to rate
considered to have occurred if:
exposures in this asset class. Public debt levels, balance of
the obligor is unlikely to pay its credit obligations in full to the payments, fiscal budgets and other macroeconomic, stability and
Group, without recourse by the Group to actions such as political risk factors are considered in the scorecard to assess
realising the security; or sovereign credit risk in a structured and holistic manner. The
scorecard has an internal rating grade structure consisting of
the obligor is past due for more than 90 days on any credit
15 pass grades.
obligation to the Group.
Bank Asset Class
Supervisory loss given default (LGD) and exposure at default (EAD) The Group has developed an internal Bank scorecard to rate
parameters prescribed by the MAS are used together with the exposures in this asset class which takes into account the asset
internal credit ratings to calculate risk weights and regulatory quality, capital adequacy, liquidity, management, regulatory
capital requirements. environment and robustness of the overall banking system. The
While the Groups internal risk rating grades may show some scorecard has an internal rating grade structure consisting of 15
correlation with the rating grades of External Credit Assessment pass grades.
Institutions (ECAIs), they are not directly comparable or equivalent Equity Asset Class
to the ECAI ratings. The Group adopts the following approaches for its
Corporate Asset Class equity investments:
The Group has developed models to rate exposures in the Large Simple Risk Weight (SRW) Method for its equity investment
Corporate and SME asset classes. Credit risk factors used to portfolio; and
derive a borrowers risk rating include the borrowers financial
strength, quality of management, business risks, and the industry Probability of Default/Loss Given Default (PD/LGD) Method for its
in which it operates. The borrower risk rating process is investments in Tier 1 and Tier 2 perpetual securities issued by
augmented by facility risk ratings, which take into account the type banks and funds.
and structure of the facility, availability and type of collateral, and Investment exposures adopting the SRW Method are subject to
seniority of the exposure. the supervisory risk weights as prescribed by MAS Notice 637,
The Groups internal rating grade structure for the Corporate asset while investment exposures adopting the PD/LGD Method are
class consists of 16 pass grades and four default grades. The rated using the Groups internal Bank scorecard.
Large Corporate and SME models are mapped to the rating scale Retail Exposures
by calibration that takes into account the Groups long-term The Group has adopted the AIRB approach for its retail exposures
average portfolio default rate. which comprise residential mortgages, qualifying revolving retail
Specialised Lending Asset Class exposures and other retail exposures.
Within the Corporate asset class, the Bank has four sub-classes Exposures within each of these asset classes are not managed
for Specialised Lending: Income Producing Real Estate (IPRE), individually, but as part of a pool of similar exposures based on
Commodities Finance (CF), Project Finance (PF) and Ship Finance borrower and transaction characteristics. Internal risk
(SF). Internal risk grades are derived based on a comprehensive segmentation models are used to estimate the PD, LGD and EAD
assessment of financial and non-financial risk factors using parameters for each of these exposure pools based on historical
internal scorecards. internal loss data. Where internal loss data is insufficient to provide
robust risk estimates, the segmentation models may incorporate
internal and/or external proxies and, where necessary, may be
augmented with appropriate margins of conservatism.

Risk Management
Residential Mortgage Asset Class Market Risk

This includes any credit facility (such as housing loan, term loan,
Market risk is governed by the ALCO, which meets monthly to
overdraft) secured against a mortgage of a residential property or
review and provide directions on market risk matters. The Market
properties which meet the criteria stipulated by the MAS.
Risk Management (MRM) and Balance Sheet Risk Management
Residential mortgage exposures are assessed and managed using
(BSRM) Divisions support the BRMC, RCC and ALCO with
the Groups framework of credit policies, procedures and risk
independent assessment of the market risk profile of the Group.
segmentation models.
Qualifying Revolving Retail Exposures (QRRE) Asset Class The Groups market risk framework comprises market risk policies,
This includes credit card exposures and unsecured credit lines practices, and the control structure with appropriate delegation of
which meet the criteria stipulated by the MAS. QRRE are assessed authority and market risk limits. The valuation methodologies
and managed using a combination of application and behavioural employed by the Group are in line with sound market practices.
scorecards, risk segmentation models, as well as internal credit Valuation and risk models are independently validated. In addition,
policies and procedures. a New Product/Service Programme process ensures that market
risk issues identified are adequately addressed prior to the launch
Other Retail Asset Class of products and services. Management of derivatives risks is
This includes commercial properties, car loans, share financing continually reviewed and enhanced to ensure that the complexities
and any other retail exposure not classified as Residential of the business are appropriately controlled.
Mortgage or QRRE. These exposures are assessed and managed
using the Groups framework of credit policies, procedures and Overall market risk appetite is balanced at the Group, Bank and
risk segmentation models. business unit levels with targeted revenue and takes into account
the capital position of the Group and the Bank. This ensures that
Securitisation Exposures
the Group and the Bank remain well-capitalised, even under stress
The Group has investments in collateralised debt obligations
conditions. The risk appetite is translated into risk limits that are
(CDOs) and asset-backed securities (ABSs) classified under
delegated to business units. These risk limits have proportional
available-for-sale in its investment portfolio. Full provision has
returns that are commensurate with the risks taken.
been made for the investments in CDOs, which have matured
during the year. Securitised assets are valued at average bid prices Market risk appetite is provided for all trading exposure within the
sourced through brokers, banks and independent third party Group as well as the Groups non-trading FX exposures. Majority
pricing vendors. This is based on the assumption that the asset of the non-trading FX exposures are arising from the investment in
can be sold at these bid prices. There is no change to the the overseas subsidiaries in Asia.
methods and key assumptions for valuing positions from the
Standardised Approach
previous period. UOB Asset Management, a subsidiary of UOB,
The Group currently adopts the SA for the calculation of regulatory
manages structured finance assets, such as CDOs and ABSs as
market risk capital but uses the Internal Models Approach to
part of its asset management activities.
measure and control trading market risks. The financial products
Risk weights for securitisation exposures are computed using the warehoused, measured and controlled with internal models include
Ratings-Based Method for such exposures as prescribed under FX and FX options, plain vanilla interest rate contracts and interest
MAS Notice 637. rate options, government and corporate bonds, equities and equity
options, commodity contracts and commodity options.
Credit Exposures Subject to Standardised Approach
The Group applies the SA for portfolios which are immaterial in Internal Models Approach
terms of both size and risk profile and for transitioning portfolios. The Group estimates a daily Value-at-Risk (VaR) within a 99 per cent
The transitioning portfolios, such as UOB Indonesia and exposures confidence interval, using the historical simulation method, as a
to non-bank financial institutions will be progressively migrated to control for market risk. The method assumes that possible future
the IRB approach over the next few years, subject to the approval changes in market rates may be implied by observed historical
of the MAS. market movements.
For exposures subject to the SA, approved ECAI ratings and
prescribed risk weights based on asset class are used in the
computation of regulatory capital.
The ECAI used by the Group are Fitch Ratings, Moodys Investors
Service and Standard & Poors. ECAI ratings are mapped to a
common credit quality grade prescribed by the MAS.

Group Trading Backtesting Chart
(Hypothetical daily profit and loss versus VaR at 99% confidence interval)
Prot/Loss
($000)
10,000
8,000
6,000
4,000
2,000
(2,000)
(4,000)
(6,000)
(8,000)
(10,000)
(12,000)
30 Jan 14 28 Feb 14 31 Mar 14 30 Apr 14 30 May 14 30 Jun 14 30 Jul 14 30 Aug 14 30 Sep 14 30 Oct 14 30 Nov 14 30 Dec 14
Hypothetical daily prot and loss ($000) VaR at 99% condence interval ($000)
As VaR is the statistical measure for potential losses, the VaR Group Trading VaR for General Market Risk by Risk Classa
measures are backtested against profit and loss of the trading
book to validate the robustness of the methodology. The
backtesting process analyses whether the exceptions are due to Interest rate
model deficiencies or market volatility. All backtest exceptions are
tabled at the ALCO with recommended actions and resolutions. Foreign exchange
To complement the VaR measure, stress and scenario tests are Equity
performed to identify the Groups vulnerability to event risk. These
tests serve to provide early warnings of plausible extreme losses to Commodity
facilitate proactive management of market risk.
Specific risk
The Groups daily VaR on 31 December 2014 was $3.96 million.
a The contributions from equity and commodity risks are insignificant.

Risk Management
Interest Rate Risk in the Banking Book Liquidity Risk

The ALCO maintains oversight of the effectiveness of the interest The Group maintains sufficient liquidity to fund its day-to-day
rate risk management structure. The BSRM Division supports the operations, to meet deposit withdrawals and loan disbursements,
ALCO in monitoring the interest rate risk profile of the to participate in new investments, and to repay borrowings.
banking book. Hence, liquidity is managed in a manner to address known as well
as unanticipated cash funding needs.
The primary objective of interest rate risk management is to protect
and enhance capital or economic net worth through adequate, Liquidity risk is managed in accordance with a framework of
stable and reliable growth in net interest earnings under a broad policies, controls and limits approved by the ALCO. These policies,
range of possible economic conditions. controls and limits enable the Group to monitor and manage
liquidity risk to ensure that sufficient sources of funds are available
Banking book interest rate risk exposure is quantified on a monthly
over a range of market conditions. These include minimising
basis using a combination of static analysis tools and dynamic
excessive funding concentrations by diversifying the sources and
simulation techniques. Static analysis tools include repricing
terms of funding as well as maintaining a portfolio of high quality
schedules and sensitivity analysis. They provide indications of the
and marketable debt securities.
potential impact of interest rate changes on interest income and
price value through the analysis of the sensitivity of assets and The Group takes a conservative stance in its liquidity management
liabilities to changes in interest rates. Interest rate sensitivity varies by continuing to gather core deposits, ensuring that liquidity limits
with different repricing periods, currencies and embedded options. are strictly adhered to and that there are adequate liquid assets to
Mismatches in the longer tenor will experience greater change in meet cash shortfall.
the price-value of interest rate positions than similar positions in the
The distribution of deposits is managed actively to ensure a
shorter tenor.
balance between cost effectiveness, continued accessibility to
In the dynamic simulation process, both the earnings and funds and diversification of funding sources. Important factors in
Economic Value of Equity (EVE) approaches are applied to assess ensuring liquidity are competitive pricing, proactive management of
interest rate risk. The potential effects of interest rate change on the Groups core deposits and the maintenance of
interest income are estimated by simulating the possible future customer confidence.
course of interest rates, expected changes in business activities
Liquidity risk is aligned with the regulatory liquidity risk
over time, as well as the effects of embedded options. Embedded
management framework and is measured and managed on a
options may be in the form of loan prepayment and deposit
projected cash flow basis. The Group is monitored under
pre-upliftment. Changes in interest rates are simulated using
business-as-usual and stress scenarios. Cash flow mismatch limits
different interest rate scenarios such as changes in the shape of
are established to limit the Groups liquidity exposure. The Group
the yield curve, including high and low rates, as well as positive
also employs liquidity early warning indicators and trigger points to
and negative tilt scenarios.
signal possible contingency situations. With regard to the
In EVE sensitivity simulations, the present values for repricing cash regulatory requirements on Liquidity Coverage Ratio (LCR) which
flows are computed, with the focus on changes in EVE under are effective from 1 January 2015, the Groups ratios were above
different interest rate scenarios. This economic perspective 100 per cent for both the All Currency LCR and the Singapore
measures interest rate risks across the full maturity profile of the Dollar LCR as at 31 December 2014.
balance sheet, including off-balance sheet items.
Contingency funding plans are in place to identify potential liquidity
Stress testing is also performed regularly to determine the crises using a series of warning indicators. Crisis escalation
adequacy of capital in meeting the impact of extreme interest rate processes and various strategies including funding and
movements on the balance sheet. Such tests are also performed communication have been developed to minimise the impact of
to provide early warnings of potential extreme losses, facilitating any liquidity crunch.
the proactive management of interest rate risks in an environment
of rapid financial market changes.
The risks arising from the trading book, such as interest rates,
foreign exchange rates and equity prices are managed and
controlled under the market risk framework that is discussed under
the Market Risk section.

Operational Risk A key component of the operational risk management framework
Operational risk is the risk of loss resulting from inadequate or is risk identification and control self-assessments. This is achieved
failed internal processes, people and systems, or from external through the Group-wide implementation of a set of operational risk
events. Operational risk includes reputation, legal and regulatory tools. Several risk mitigation policies and programmes are in place
risks but excludes strategic risk. to maintain a sound operating environment.
The objective is to manage operational risk at appropriate levels The Group has a business continuity and crisis management
relative to the markets in which the businesses operate. programme in place to ensure prompt recovery of critical business
functions should there be unforeseen events. Senior management
Operational Risk Governance, Framework and Tools provides an annual attestation to the Board on the state of
Operational risk is managed through a framework of policies and business continuity readiness of the Group.
procedures by which business and support units properly identify,
assess, monitor, mitigate and report their risks. The ORMC meets A technology risk management framework has been established,
monthly to provide oversight of operational risk matters across enabling the Group to manage technology risks in a systematic
the Group. and consistent manner.
The Operational Risk Governance structure adopts the Three Lines Regulatory risk refers to the risk of non-compliance with laws,
of Defence Model. The businesses, as the first line of defence, are regulations, rules, standards and codes of conduct. This risk is
responsible for establishing a robust control environment as part of identified, monitored and managed through a structured
their day-to-day operations. Each business is responsible for framework of policies, procedures and guidelines maintained by
implementing the operational risk framework and policies, the Group. The framework also manages the risk of breaches and
embedding appropriate internal controls into processes and sanctions relating to Anti-Money Laundering and Countering the
maintaining business resilience for key activities. Financing of Terrorism.
Operational Risk Management Division, as the second line of The Group actively manages fraud risk and bribery risks. Tools and
defence, oversees the management of operational risk. It exercises policies, including a whistle-blowing programme, a material risk
governance over operational risk through providing relevant notification protocol and a fraud risk awareness training
frameworks, policies, tools and systems, quality assurance of programme, have been developed to manage such risks.
internal controls as well as operational risk measurement. It All employees are guided by a Code of Conduct, which includes
also monitors and reports operational risk issues to senior anti-bribery and corruption provisions.
management, the relevant management committees and Reputation risk is the risk of adverse impact on earnings, liquidity
the Board. or capital arising from negative stakeholder perception or opinion
Group Audit acts as the third line of defence by providing an of the Groups business practices, activities and financial condition.
independent and objective assessment on the overall effectiveness The Group recognises the impact of reputation risk and a
of the risk governance framework and internal controls through framework has been developed to identify and manage the risk
periodic audit reviews. across the Group.
To mitigate operational losses resulting from significant risk events,
a Group insurance programme covering crime, fraud, civil liability,
property damage, public liability, as well as directors and officers
liability has been put in place.

Human Resource
Group Total Compensation Framework The Group continues to make use of economic profit as a
The Group's total compensation framework is designed to provide risk-adjusted measure to take into account the costs of capital in
competitive compensation to employees. It is adjusted for the determining the performance of the Group and individual business
underlying risks that the Group undertakes for the performance that units. Economic profit is also used as a metric to determine the
the Group delivers. performance bonus for senior executives of the Group. The following
table summarises the various types of performance metrics used in
Group Total Compensation Framework the funding of compensation and performance measurement for
distribution of compensation within the Group.
Types of Portfolio Economic
metrics used Revenue Profit Liquidity quality Return profit
Risk and Performance Levers Remuneration Levers
For compensation
funding 9 9
Governance For performance
Affordability measurement 9 9 9 9 9 9
Internal control and
Sustainable capital strength
governance culture Remuneration Governance
The Remuneration Committee (RC) comprises three non-executive
Performance metrics Compensation structure directors, two of whom are independent. In determining
Financial outcomes and Mix between xed and compensation for the Group, the RC takes into account various
business drivers variable pay factors, including expected future prospects, performance, income
stream and business outlook to ensure that the compensation
Risk and reputation Deferred rewards framework for the Group is appropriately aligned with shareholders
Risk Appetite Statement Alignment with risk over a interests. Details of the composition of the RC and a summary of its
outcomes long-term time horizon key roles and responsibilities are contained in the Corporate
Governance section of this report.
Under the framework, remuneration programmes are contingent on Two meetings of the RC were convened during the year. Directors
the outcomes of risk and performance levers at the Group level. The fees in respect of 2014 totalling $1,285,000 have been proposed for
remuneration is then apportioned based on the outcomes of the three members of the RC. This amount includes the directors
appropriate risk and performance levers relevant to the business unit basic fees, as well as allowances for the various Board Committees
and individuals. These levers work in unison to ensure alignment of on which they serve.
individual employees performance and remuneration with the
business outcomes at the Group level. Salary surveys conducted by external compensation consultants
were used in 2014 for employee salary benchmarking purposes. In
2014, the Human Resources Committee engaged risk management
and compensation consultants, Oliver Wyman and Mercer, to
conduct an independent review of and to design the Groups total
compensation framework to ensure compliance with the
compensation principles set by the Financial Stability Board.

Remuneration Policy and Processes Variable Compensation and Performance Adjustment
The remuneration policy is applicable Group-wide and includes Mechanisms
overseas subsidiaries and branches. The policy covers the The Group gives variable compensation to employees in the form of
remuneration of non-executive directors and employees, including annual performance bonus and long-term share-based awards under
senior executives and material risk takers. Senior executives include the Executive Equity Plan (EEP). EEP awards are made based on the
the Group Chief Executive Officer and employees at the corporate seniority level, the role performed and the actual performance of the
grade of Managing Director. In 2014, the Group updated the employee. This ensures that a substantial proportion of the total
definition of material risk takers to include senior executives, compensation awarded to such employees is made in the form of
employees who head risk-taking businesses, control functions and equity-linked instruments which are aligned with long-term value
branches with high risk mandates in the form of risk-weighted assets, creation and prudent risk-taking. Eligible participants are granted
and senior traders with high desk limits. performance-contingent restricted shares under the EEP.
The objective of the Groups remuneration policy is to specify a From 2014, a larger portion of EEP awards will vest on the third
remuneration framework to attract, retain and motivate employees by anniversary of the grant in line with the Groups focus on longer-term
remunerating competitively and appropriately, commensurate with performance. Subject to the achievement of future performance
their performance and contributions. The remuneration framework targets, 30 per cent of the award will vest on the second anniversary
further aims to align rewards with prudent risk-taking and balance of the grant while the remaining 70 per cent will vest on the third
short-term remuneration with longer-term performance. The anniversary. In the event of overachievement of the performance
remuneration policy sets out the policies governing total targets, up to 130 per cent of the initial number of restricted shares
compensation and employee benefits. Total compensation includes granted may be vested. Conversely, in the event of
fixed pay, performance-based variable pay and share-based underperformance, the grants may be partially or fully forfeited. The
long-term incentives. To manage fixed pay, the Group instituted RC is the approving authority for the EEP.
salary ranges in 2014. The Group also conducts regular reviews of
Performance bonuses paid to employees under the total
the remuneration policy to ensure that compensation practices and
compensation framework are designed to ensure that employees are
programmes are consistent with regulatory requirements and are
fairly compensated for the productivity delivered. The bonus pool for
responsive to market developments. The Groups remuneration
each financial year is subject to the outcomes of the Group scorecard
policy was last reviewed and approved by the RC in February 2015.
which measures performance under three categories, namely
To avoid conflict of interest, employees in control functions, namely, financial outcomes, business drivers and, risk and reputation. Under
Risk Management, Audit, Credit and Compliance are compensated financial outcomes are KPIs that focus on profitability, risk and capital
independently of the performance of any business lines or business efficiency, and cross-selling. These financial KPIs include net profit,
units that they oversee. Compensation for employees in control risk-adjusted return on capital (which incorporates economic profit)
functions takes into consideration the market pay levels for the control and collaboration income. Under business drivers are KPIs that focus
function and the individual jobs/roles, the overall performance of the on the Groups regionalisation strategy, liquidity and portfolio quality.
Group, achievement of operational key performance indicators (KPIs) These business drivers KPIs include overseas profit contribution,
of the control function, as well as the performance of individual loan-to-deposit ratio (LDR) and non-performing loans (NPL).
employees. To further strengthen the independence of control Depending on the achievement of all these KPIs, the bonus pool of
functions, performance bonuses for control functions are capped at no the Group may be increased by up to a maximum of 20 per cent in
more than 10 per cent variance from the on-target performance levels. the event of outperformance or be reduced to zero in the event of
underperformance. In addition, the bonus pool is subject to the risk
The Group does not award guaranteed bonuses as part of normal
and reputation outcomes under the Groups Risk Appetite
operations. However as a recruitment strategy, sign-on bonuses
Statement, which are separately assessed by the Board Risk
and/or guaranteed bonuses may be offered selectively to key hires for
Management Committee (BRMC). The RC may further reduce the
the initial year.
bonus pool as it deems fit. Upon the RCs approval of the bonus pool
There is no accelerated payment of deferred compensation for for the Group, the bonus for each business unit is then allocated
employees leaving the Group other than in exceptional cases, such based on the scorecard achievement by the business unit.
as death in service. Retiring and retired employees are subject to the
same performance conditions on their deferred compensation as
other employees in service. There is no special retirement plan,
golden parachute or special severance package for senior executives
and material risk takers.

Human Resource
Since 2010, the Group has adopted economic profit as a key In the case of the Group Chief Executive Officer who is an associate
risk-adjusted metric in determining performance and compensation. of a controlling shareholder, 60 per cent of the variable pay is
Economic profit takes into account the risks that the Group is deferred. Of the deferred variable pay, 40 per cent will be in deferred
exposed to, and the resulting costs of capital usage. Exposure to cash, while the remaining 60 per cent is deferred in the form of
businesses or geographies of a higher risk profile will result in lower share-linked performance units. Subject to the achievement of
economic profit, thus reducing the overall compensation of the predetermined performance conditions, 30 per cent of the units will
Group. Liquidity risk is incorporated into the cost of funds under the vest after two years, and 70 per cent will vest after three years.
Groups funds transfer pricing framework. A higher liquidity risk
In addition to predetermined performance conditions for the vesting
premium reduces the economic profit of the business unit and will
of deferred compensation (i.e. deferred cash and share-based
therefore result in a lower performance level and compensation for
EEP awards), unvested deferred compensation is subject to malus as
the business. The Group believes that the use of economic profit as a
the RC may deem necessary in the event of misconduct, material
performance metric will better align employees behaviours with
restatement of financial results, bank-wide losses or any other events.
shareholders expectations in value creation.
In cases of material risks, financial misstatements, gross misconduct,
The Groups variable pay deferral policy applies to all employees malfeasance or fraud, the RC may in its absolute discretion, require
regardless of role or seniority, with a specific focus on the variable pay clawback of any paid compensation.
of senior executives, material risk takers and high earners. The
objective of the deferral policy is to enhance alignment of
compensation payment schedules with the time horizon of risks and
to focus employees on sustainable longer-term performance.
Employees who may not have been identified as material risk takers
but may similarly expose the Group to reputational and other
qualitative risks are also included under the variable pay deferral
policy. Under the deferral policy, variable pay, including performance
bonus and share-based EEP awards, received by an employee that
is above a predetermined threshold is subject to deferral ranging from
20 per cent to 60 per cent, with the proportion of deferral increasing
with the amount of variable pay received. Where the quantum of
variable pay deferral exceeds the EEP awards granted, the excess
will be deferred in the form of cash. Deferred cash will vest equally
over three years subject to predetermined performance conditions. In
the event that such performance conditions are not met, unvested
deferred cash may be fully or partially forfeited.

Pillar 3 Disclosure
In compliance with the requirements under Basel Pillar 3 and the Summary of Exposure at Default (EAD) and Risk-Weighted
MAS Notice 637 Public Disclosure, various additional quantitative Assets (RWA)
and qualitative disclosures have been included in the annual EAD RWA
report under the sections on Capital Management, Risk $ million $ million
Management, Human Resource, Pillar 3 Disclosure*, Credit Risk
Management Discussion and Analysis and Notes to the Financial IRB Approach
Statements. The disclosures are to facilitate the understanding of Corporate 126,001 90,799
the UOB Groups risk profile and assessment of the Groups
Sovereign 49,310 1,151
capital adequacy.
Bank 35,451 6,506
Residential Mortgagea 65,045 8,949
Scope of Application
Qualifying Revolving Retaila 6,255 2,329
In accordance with the accounting standards for financial
Other Retaila 18,999 3,813
reporting, all subsidiaries of the Group are fully consolidated from
Equity 2,290 7,712
the date the Group obtains control until the date such control
Securitisation 81 269
ceases. The Groups investment in associates is accounted for
Total IRB Approach 303,432 121,528
using the equity method from the date the Group obtains
significant influence over the associates until the date such Standardised Approachb
significant influence ceases. Corporate 9,132 8,151
However, for the purpose of computing capital adequacy Sovereign 1,721 306
requirements at the Group level, investments in a subsidiary that Bank 1,826 247
carries out insurance business as an insurer are excluded from Regulatory Retail 1,203 919
the consolidated financial statements of the Group. In compliance Residential Mortgage 1,496 626
with MAS Notice 637 on capital adequacy, such investments are Commercial Real Estate 2,458 2,494
deducted from regulatory capital. Fixed Assets 2,830 2,830
The transfer of funds or regulatory capital within the Group is Other Exposures 4,635 2,556
generally subject to regulatory approval. Total Standardised Approach 25,301 18,129
* Semi-annual updates are available on UOBs website at www.UOBGroup.com Credit Valuation Adjustment 2,397
Central Counterparties 120
Investments approved under
section 32 of the Banking Act
(below threshold for
deduction) 6,453
Total Credit Risk 148,627
Market Risk
Standardised Approach 18,295
Operational Risk
Standardised Approach 11,870
Total 178,792
a Credit exposures under Advanced Internal Ratings-Based Approach.

b Amount under Standardised Approach refers to credit exposure where IRB
Approach is not applicable, or portfolios that will eventually adopt IRB Approach.
IRB: Internal Ratings-Based
Based on the Groups Total RWA, the Groups minimum capital

requirement as at 31 December 2014 is $17,879 million.

Pillar 3 Disclosure
Credit Risk Exposures Credit Exposures Secured by Eligible Collateral,

Counterparty Credit Risk Exposures Guarantees and Credit Derivatives
$ million Amount by which total
exposures are covered by:
Gross positive fair value of contracts 10,175
Netting effects (3,101) Eligible Credit
Exposure under current exposure method 7,074 Collaterala Protection
$ million $ million
Analysed by type: Standardised
Interest rate contracts 2,503 Corporate 1,602 34
Foreign exchange contracts and gold 3,404 Bank 5
Equity contracts 682 Retail 178
Credit derivative contracts 94 Commercial Real Estate 13 3
Precious metals and other commodity contracts 391 Others 689
Standardised Total 2,487 37
Collateral held
Financial Collateral (175) FIRB
Others (7) Corporate 17,034b 11,957
Sovereign 1,847
Net derivatives credit exposure 6,892
Bank 1,834
FIRB Total 20,715 11,957
Credit Derivative Exposures
Notional Notional Total 23,202 11,994
amounts amounts
a The Group currently uses supervisory prescribed haircuts for eligible financial
bought sold collateral.
$ million $ million b Include other eligible IRBA collateral of $10,658 million.
Own credit portfolio 802
Intermediation portfolio 220 220 Credit Exposures Subject to Standardised Approach
Net Exposuresa
Total credit default swaps 1,022 220 Risk Weights $ million
0% to 35% 6,118
50% to 75% 3,856
100% and above 15,327
Total 25,301
a Net exposures after credit mitigation and provisions.
RWA based on the Assessments of Each Recognised ECAI

RWA
ECAI $ million
Moodys 639
S&P 758
Fitch 22
Total 1,419
ECAI: External Credit Assessment Institution

Credit Exposures Subject to Supervisory Risk Weight under Specialised Lending (CF, PF, SF and UOB Thailands IPRE)
IRB Approach Exposures
Specialised Equity (SRW Exposure-
Lending Method) weighted
Risk Weights $ million $ million Average
0% to 50% 2,004 Credit RWA EAD Risk Weights
51% to 100% 2,530 CRR Band $ million $ million %
101% and above 601 1,683 Strong 1,129 1,898 60
Good 1,753 1,947 90
Total 5,135 1,683 Satisfactory 710 582 122
SRW: Simple Risk Weight Weak 49 18 265
Default 690
Securitisationa
Risk Weights $ million Total 3,641 5,135 71
0% to 50% 60
1250% 21 CF: Commodities Finance
PF: Project Finance
Total 81 SF: Ship Finance
a Securitisation exposures purchased. Sovereign Exposures

Exposure-
Credit Risk Profile weighted
The following tables show the breakdown of exposures by RWA Credit Average
and EAD using the respective internal rating scale for the model RWA EAD Risk Weights
applicable to the asset classes: CRR Band PD Range $ million $ million %
19 Up to 0.28% 1,033 49,186 2
Large Corporate, SME and Specialised Lending (IPRE)
10 16 > 0.28% 118 124 95
Exposures
Default NA
Exposure-
weighted Total 1,151 49,310 2
Credit Average
RWA EAD Risk Weights Bank Exposures
CRR Band PD Range $ million $ million % Exposure-
19 Up to 2.37% 71,690 108,064 66 weighted
10 16 > 2.37% 15,468 12,008 129 Credit Average
Default 786 RWA EAD Risk Weights
CRR Band PD Range $ million $ million %
Total 87,158 120,858 72
19 Up to 0.28% 4,374 31,654 14
SME: Small- and Medium-sized Enterprises 10 16 > 0.28% 2,132 3,797 56
IPRE: Income Producing Real Estate Default NA
CRR: Customer Risk Rating
Total 6,506 35,451 18

Pillar 3 Disclosure
Equity (PD/LGD Method) Exposures Expected Loss and Actual Loss by Asset Class
Exposure- Actual loss consists of impairment loss allowance and write-off
weighted to the Groups income statement for the financial year ended
Credit Average 31 December 2014.
RWA EAD Risk Weights
Expected Lossa
CRR Band PD Range $ million $ million %
(as at 31
19 Up to 0.28% 531 375 141 December
10 16 > 0.28% 1,044 232 451 Actual loss 2013)
Default NA Asset Class $ million $ million
Corporate 45 507
Total 1,575 607 259
Sovereign 1
PD: Probability of Default Bank 37
LGD: Loss Given Default Retail 126 301
Retail (Residential Mortgage) Exposures Total 171 846

Exposure-
weighted Exposure- a Excludes defaulted exposures.
Credit Average Risk weighted
RWA EAD Weights Average LGD Undrawn
Comparison of Actual Loss and Expected Loss by
PD Band $ million $ million % % $ million
Asset Class
Up to 1% 3,925 48,762 8 11 1,951
The actual loss for the Groups IRB portfolio in 2014 was lower
> 1 to 2% 1,153 6,839 17 10 40
than the Expected Loss (EL) that was estimated for 2014 at the
> 2% 3,591 8,923 40 12 75
Default 280 521 54 14 end of December 2013. The Group continues to be proactive in
its risk management approach to ensure that actual losses
Total 8,949 65,045 14 11 2,066 remained within the Groups expectations.
EL is the estimated credit loss from defaults over a one-year
Retail (QRRE) Exposures
horizon. EL is the product of PD, LGD and EAD. A comparison of
Exposure-
weighted Exposure- actual loss and expected loss provides an indication of the
Credit Average Risk weighted predictive power of the IRB models used by the Group. However,
RWA EAD Weights Average LGD Undrawn they are not directly comparable due to the following reasons:
Up to 1% 393 3,567 11 41 1,638 EL as at 31 December 2013 is a measure of expected credit
> 1 to 2% 166 964 17 29 666 loss based on the credit exposure as at that date. On the other
> 2% 1,687 1,679 101 64 245 hand, impairment loss allowance and write-offs are accounting
Default 83 45 185 73 entries relating to a fluctuating portfolio over the course of the
financial year. Moreover, write-offs may relate to defaults from
Total 2,329 6,255 37 45 2,549 prior years.
QRRE: Qualifying Revolving Retail Exposures EL is estimated based on non-default exposures only, while
impairment loss allowance is an accounting estimate of likely
Retail (Other Retail) Exposures
loss from defaulted exposures. Write-offs are recorded on
Exposure-
weighted Exposure- defaulted exposures when no further recovery is possible.
Credit Average Risk weighted
RWA EAD Weights Average LGD Undrawn
Up to 1% 1,489 12,870 12 15 1,695
> 1 to 2% 528 1,995 26 22 391
> 2% 1,651 3,978 42 26 447
Default 145 156 93 32
Total 3,813 18,999 20 18 2,533

Credit Exposures by Residual Contractual Maturity
The following table shows the Groups credit exposures by remaining contractual maturities.
Over Over Over Over No

Up to 7 days to 1 to 3 3 to 12 1 to 3 Over specific
7 days 1 month months months years 3 years maturity Total
$ million $ million $ million $ million $ million $ million $ million $ million
Balances and placements with central banks 13,213 3,561 5,751 4,169 21 6,842 33,557
Singapore Government treasury bills and
securities 1,138 1,411 2,304 2,569 335 7,757
Other government treasury bills and securities 501 452 1,504 3,249 2,695 1,755 (15) 10,141
Trading debt securities 1 5 68 53 529 37 693
Placements and balances with banks 7,819 4,714 7,498 6,448 600 1,613 28,692
Loans to non-bank customers 7,751 14,712 13,184 14,848 31,533 107,907 5,968 195,903
Derivative financial assets 6,306 6,306
Investment debt securities 12 247 1,734 2,375 3,756 271 8,395
Others 1,579 1,579
Total 29,284 23,452 29,327 31,927 39,581 116,516 22,936 293,023
Ageing Analysis of Loans and Advances (by Performing and Non-Performing)

$ million
Performing Loans
Neither past due nor impaired 193,344
Past due but not impaired 3,641
Non-Performing Loans 2,358
Total Gross Loans 199,343
Past Due but not Impaired Loans

< 30 days 30 59 days 60 90 days Total
$ million $ million $ million $ million
Analysed by past due period and geographya
Singapore 1,417 634 48 2,099
Malaysia 528 319 74 921
Thailand 127 22 5 154
Indonesia 94 70 6 170
Greater China 25 32 57
Others 173 54 13 240
Total 2,364 1,131 146 3,641

a By borrowers country of incorporation / operation (for non-individuals) and residence (for individuals).
< 30 days 30 59 days 60 90 days Total

Analysed by past due period and industry
Transport, storage and communication 38 27 65
Building and construction 224 100 15 339
Manufacturing 348 23 9 380
Financial institutions 227 17 244
General commerce 857 99 26 982
Professionals and private individuals 311 229 32 572
Housing Loans 293 625 53 971
Others 66 11 11 88
Total 2,364 1,131 146 3,641

Pillar 3 Disclosure
Past Due Non-Performing Assets

90 180
< 90 days days > 180 days Total
Analysed by past due period and geographya
Singapore 388 119 357 864
Malaysia 115 60 211 386
Thailand 46 50 171 267
Indonesia 10 54 234 298
Greater China 28 17 80 125
Others 12 19 387 418
Non-performing loan 599 319 1,440 2,358
Debt securities, contingent items and others 89 141 230
Total 688 319 1,581 2,588
a By borrowers country of incorporation / operation (for non-individuals) and residence (for individuals).
90 180
< 90 days days > 180 days Total
Analysed by past due period and industry
Transport, storage and communication 239 475 714
Building and construction 116 28 48 192
Manufacturing 21 24 235 280
Financial institutions 44 27 72 143
General commerce 69 32 164 265
Professionals and private individuals 51 58 100 209
Housing Loans 54 121 332 507
Others 5 29 14 48
Non-performing loan 599 319 1,440 2,358
Debt securities, contingent items and others 89 141 230
Total 688 319 1,581 2,588
Movements in Individual and Collective Impairment

Net Charge to Exchange Balance at
Balance as at income and other 31 December
1 January 2014 statementa Write-off movements 2014
$ million $ million $ million $ million $ million
Individual impairment 798 174 (323) 8 657
Collective impairment 2,323 388 72 2,783
Total 3,121 562 (323) 80 3,440
a Excludes direct charge-offs and recoveries of $160 million and $80 million respectively.

Movement of Individual Impairment by Industry
Net charge to Exchange Balance at
Balance as at income and other 31 December
1 January 2014 statement Write-off movements 2014
Transport, storage and communication 366 29 (173) 4 226
Building and construction 28 23 (8) 1 44
Manufacturing 123 36 (33) 126
Financial institutions 4 2 6
General commerce 126 31 (48) 1 110
Professionals and private individuals 91 35 (36) 2 92
Housing Loans 28 13 (1) 40
Others 32 5 (24) 13
Total 798 174 (323) 8 657
Market Risk Equity Exposures in the Banking Book

The following table shows the value of the equity exposures under
Capital requirements by market risk type under Standardised
IRB Approach in the banking book:
Approach:
SRW Method PD/LGD Method
Analysed by Risk Type $ million
Interest rate 607 Exposure- Exposure-
Equity 1 weighted weighted
Foreign exchange 832 Average Average
Risk Risk
Commodity 24
EAD Weights EAD Weights
Total 1,464 $ million % $ million %
Listed
This comprises all trading book, non-trading commodity and securities 942 318 476 270
non-trading FX exposures. Other equity
holdings 741 424 131 222
Total 1,683 607
Total equity exposures that were deducted from capital amounted

to $20 million.
Gains and Losses

Unrealised
Gains/(Losses) Realised
Eligible as Gains/(Losses)
CET1 Capital during the Period
$ million $ million
Total 1,112 178

Pillar 3 Disclosure
Remuneration Disclosures
The following tables show the breakdown of remuneration for Senior Executives (SEs) and Material Risk Takers (MRTs) for the year
ended 31 December 2014. The Bank believes that it is not to its advantage or best interest to disclose absolute remuneration amounts
especially given the highly competitive market for talent, hence the breakdown of remuneration awarded has been reflected
in percentages.
Guaranteed Bonuses, Sign-On Awards and Severance Payments
Category of Remuneration SEs MRTs

Number of guaranteed bonuses 5 -
Number of sign-on awards 10 2
Number of severance payments - -
Total amounts of above payments made for the financial year ($000) 4,330 30
Number of employees 65 119
Number of employees that received variable pay 63 116
Breakdown of Remuneration Awarded to SEs and MRTs in the Current Financial Year
SEs MRTs
Category of Remuneration Unrestricted % Deferred % Unrestricted % Deferred %
Fixed Cash-based 38 - 58 -
Shares and share-linked - - - -
instruments
Other forms of - - - -
remuneration
Variable Cash-based 38 3 32 -
Shares and share-linked - 21 - 10
instruments
Other forms of - - - -
remuneration
Total 100 100

Breakdown of Long-Term Remuneration Awards
SEs MRTs
Category of Remuneration % %
Change in deferred remuneration paid out in current financial year 3 5
Change in amount of outstanding deferred remuneration from previous financial year 25 16
Outstanding deferred remuneration (breakdown)
Cash 16 1
Shares and share-linked instruments 84 99
Other forms of remuneration - -
Total 100 100
Outstanding deferred remuneration (performance adjustments)

Of which exposed to ex-post adjustments 100 100
Reductions in current year due to ex-post adjustments (explicit1) - -
Reductions in current year due to ex-post adjustments (implicit2) - -
Outstanding retained remuneration (performance adjustments)

Of which exposed to ex-post adjustments - -
Reductions in current year due to ex-post adjustments (explicit) - -
Reductions in current year due to ex-post adjustments (implicit) - -
1 Examples of explicit ex-post adjustments include malus, clawbacks or similar reversals or downward revaluations of awards.
2 Examples of implicit ex-post adjustments include fluctuations in the value of the shares or performance units.

31 December 2014
Financial Report
71 Management Discussion and Analysis
Financial Statements
82 Directors Report
87 Statement by Directors
88 Independent Auditors Report
89 Income Statements
90 Statements of Comprehensive Income
91 Balance Sheets
92 Statements of Changes in Equity
94 Consolidated Cash Flow Statement
95 Notes to the Financial Statements
Notes:
Certain comparative gures have been restated to conform with the current years presentation.
Certain gures in this section may not add up to the relevant totals due to rounding.
Amounts less than $500,000 in absolute term are shown as 0.
NM denotes not meaningful.
Management Discussion and Analysis
Overview
2014 2013 +/(-) %
Selected Income Statement Items ($ million)
Net interest income 4,558 4,120 10.6
Fee and commission income 1,749 1,731 1.1
Other non-interest income 1,151 870 32.3
Total income 7,457 6,720 11.0
Less: Total expenses 3,146 2,898 8.6
Operating profit 4,311 3,822 12.8
Less: Impairment charges 635 429 48.1
Add: Share of profit of associates and joint ventures 149 191 (21.9)
Net profit before tax 3,825 3,584 6.7
Less: Tax and non-controlling interests 576 576 (0.1)
1
Net profit after tax 3,249 3,008 8.0
Selected Balance Sheet Items ($ million)

Net customer loans 195,903 178,857 9.5
Customer deposits 233,750 214,548 9.0
Total assets 306,736 284,229 7.9
Shareholders equity1 29,569 26,388 12.1
Key Financial Ratios (%)

Net interest margin 1.71 1.72
Non-interest income/Total income 38.9 38.7
Expense/Income ratio 42.2 43.1
Overseas profit before tax contribution 38.7 39.1
Loan charge off rate (bp)
Exclude collective impairment 12 8
Include collective impairment 32 30
Non-performing loans ratio2 1.2 1.1
Return on average total assets 1.10 1.12
Return on average ordinary shareholders equity3 12.3 12.3
Loan/Deposit ratio4 83.8 83.4
Capital adequacy ratios
Common Equity Tier 1 13.9 13.2
Tier 1 13.9 13.2
Total 16.9 16.6
Earnings per ordinary share ($)3
Basic 1.98 1.84
Diluted 1.97 1.84
5
Net asset value (NAV) per ordinary share ($) 17.09 15.36
Revalued NAV per ordinary share ($)5 19.73 17.96
1 Relate to amount attributable to equity holders of the Bank.

2 Refer to non-performing loans as a percentage of gross customer loans.
3 Calculated based on profit attributable to equity holders of the Bank net of preference share dividend and capital securities distributions.
4 Refer to net customer loans and customer deposits.
5 Preference shares and capital securities are excluded from the computation.

Performance Review
The Group delivered strong net earnings of $3.25 billion, an increase of 8.0% from a year ago. Total income rose 11.0% year-on-year,
crossing a new record at $7.46 billion, driven by robust loan growth and higher trading and investment income.
Net interest income registered a double-digit growth of 10.6% from a year ago to $4.56 billion on strong loan growth. Net interest
margin was stable at 1.71%.
Non-interest income rose 11.5% to $2.90 billion in 2014. Fee and commission income increased 1.1% to $1.75 billion from a year ago
with increased contributions from credit card, wealth management, trade and loan-related activities, but partly offset by lower fund
management and corporate finance fees. Trading and investment income surged 50.1% to $817 million on higher treasury customer
income, investment gains and trading income on the back of improved market sentiment, after concerns over quantitative easing
tapering in 2013.
Operating expenses increased 8.6% from a year ago to $3.15 billion mainly due to higher staff costs, revenue and IT-related expenses
to support the Group's growing franchise and increased business volume. With a stronger revenue growth, expense-to-income ratio
improved from 43.1% to 42.2%.
Total impairment charges of $635 million was 48.1% higher than a year ago due to a larger loan book coupled with an increase in the
total charge off rate to 32 basis points. Individual impairment on loans increased due to a few isolated non-performing accounts in
Thailand and Indonesia.
The share of associates' profits decreased 21.9% from a year ago to $149 million, as some associates realised non-recurring gain on
investments in 2013.
Gross customer loans rose 9.5% year-on-year to $199 billion as at 31 December 2014. Loan growth was broad-based across most of
the territories and industries.
With the Group's ongoing efforts to build a sustainable funding base, customer deposits increased 9.0% from a year ago to $234 billion
as at 31 December 2014. Total and SGD loan-to-deposit ratios stayed healthy at 83.8% and 93.0% respectively as at
31 December 2014.
Asset quality remained sound with non-performing loans (NPL) ratio at 1.2% while NPL coverage was strong at 145.9%. NPL increased
to $2.36 billion in 2014, as compared with 2013, due to a few isolated NPL accounts in Singapore, Thailand and Indonesia.
Shareholders' equity was $29.6 billion as at 31 December 2014, up 12.1% due to net profit, improved valuation on the available-for-
sale investments and issuance of new ordinary shares pursuant to the scrip dividend scheme. Return on equity for 2014 was 12.3%.
As at 31 December 2014, the Group's capital position remained strong and well above the Monetary Authority of Singapore's minimum
requirements with Common Equity Tier 1, Tier 1 and Total CAR at 13.9%, 13.9% and 16.9% respectively.

Net Interest Income
Net Interest Margin

2014 2013
Average Average Average Average
balance Interest rate balance Interest rate
$ million $ million % $ million $ million %
Interest Bearing Assets
Customer loans 190,773 5,913 3.10 168,787 5,297 3.14
Interbank balances 48,851 693 1.42 41,225 654 1.59
Securities 27,176 584 2.15 29,846 557 1.86
Total 266,801 7,189 2.69 239,858 6,508 2.71
Interest Bearing Liabilities

Customer deposits 217,548 2,252 1.04 200,890 2,040 1.02
Interbank balances/others 40,438 380 0.94 31,961 348 1.09
Total 257,986 2,632 1.02 232,851 2,388 1.03
Net Interest Margin1 1.71 1.72

1 Net interest margin represents net interest income as a percentage of total interest bearing assets.
Volume and Rate Analysis

2014 vs 2013 2013 vs 2012
Volume Rate Net Volume Rate Net
change change change change change change
$ million $ million $ million $ million $ million $ million
Interest Income
Customer loans 690 (74) 616 767 (442) 324
Interbank balances 121 (83) 38 135 (80) 54
Securities (50) 77 27 14 (86) (72)
Total 761 (80) 681 915 (608) 307
Interest Expense
Customer deposits 169 42 212 222 (118) 104
Interbank balances/others 103 (72) 32 120 (120) (0)
Total 273 (29) 243 342 (238) 104
Net Interest Income 489 (51) 438 573 (370) 203
Net interest income rose 10.6% from a year ago to $4.56 billion, driven largely by robust loan growth of 9.5%. Net interest margin was
stable at 1.71%.

Non-Interest Income
2014 2013 +/(-)
$ million $ million %
Fee and Commission Income
Credit card 281 262 7.0
Fund management 156 172 (9.6)
Investment-related 431 420 2.8
Loan-related 448 442 1.4
Service charges 113 111 1.8
Trade-related 273 268 2.0
Others 47 56 (15.8)
1,749 1,731 1.1
Other Non-Interest Income

Net trading income 599 511 17.2
Net gain from investment securities 218 33 >100.0
Dividend income 48 53 (9.4)
Rental income 115 114 1.3
Other income 170 159 7.4
1,151 870 32.3
Total 2,900 2,600 11.5
Non-interest income rose 11.5% year-on-year to $2.90 billion in 2014. Fee and commission income increased 1.1% to $1.75 billion
from a year ago with increased contribution from credit card, wealth management, trade and loan-related activities, but partly offset by
lower fund management and corporate finance fees. Trading and investment income surged 50.1% to $817 million on higher treasury
customer income, investment gains and trading income on the back of favourable market sentiment.

Operating Expenses
2014 2013 +/(-)
Staff Costs 1,825 1,712 6.6
Other Operating Expenses

Revenue-related 672 570 17.9
Occupancy-related 287 291 (1.5)
IT-related 199 160 24.5
Others 163 164 (0.9)
1,321 1,186 11.4
Total 3,146 2,898 8.6
Total operating expenses increased 8.6% to $3.15 billion from a year ago mainly due to higher staff costs, revenue and IT-related
expenses in support of the Group's growing franchise and increased business volume. With a stronger revenue growth, expense-to-
income ratio improved from 43.1% in 2013 to 42.2% in 2014.
Impairment Charges
2014 2013 +/(-)
Individual Impairment on Loans1
Singapore 53 50 5.8
Malaysia 28 18 52.0
Thailand 73 7 >100.0
Indonesia 49 (21) >100.0
Greater China2 6 7 (18.8)
Others 29 74 (60.1)
238 136 75.8
Individual Impairment on Securities and Others 63 22 >100.0
Collective Impairment 334 272 22.8
Total 635 429 48.1
1 With effect from 2014, individual impairment charges on loans by geography is classified according to where credit risks reside, largely represented by the borrower's
country of incorporation/operation (for non-individuals) and residence (for individuals). Prior year comparatives have been restated to conform with the current presentation.
2 Comprise China, Hong Kong and Taiwan.
Total impairment charges for 2014 were $635 million, an increase of 48.1% from a year ago due to a larger loan book coupled with an
increase in the total charge-off rate to 32 basis points. Individual impairment on loans increased due to a few isolated non-performing
accounts in Thailand and Indonesia.

Customer Loans
2014 2013
$ million $ million
Gross customer loans 199,343 181,978
Less: Individual impairment 657 798
Collective impairment 2,783 2,323
Net customer loans 195,903 178,857
By Industry
Transport, storage and communication 10,014 7,983
Building and construction 25,160 23,845
Manufacturing 17,139 15,999
Financial institutions 29,551 29,173
General commerce 27,119 22,159
Professionals and private individuals 26,008 24,611
Housing loans 54,711 50,487
Others 9,641 7,722
Total (gross) 199,343 181,978
By Currency
Singapore dollar 106,785 101,538
US dollar 33,471 26,923
Malaysian ringgit 24,364 23,308
Thai baht 10,155 9,148
Indonesian rupiah 4,777 4,242
Others 19,791 16,819
Total (gross) 199,343 181,978
By Maturity
Within 1 year 66,066 59,256
Over 1 year but within 3 years 39,220 37,508
Over 3 years but within 5 years 24,341 20,620
Over 5 years 69,715 64,595
Total (gross) 199,343 181,978
By Geography1
Singapore 109,700 103,726
Malaysia 25,768 24,196
Thailand 10,836 9,883
Indonesia 11,100 9,607
Greater China 25,308 19,134
Others 16,631 15,431
Total (gross) 199,343 181,978
1 With effect from 2014, loans by geography is classified according to where credit risks reside, largely represented by the borrower's country of incorporation/operation (for
non-individuals) and residence (for individuals). Prior year comparatives have been restated to conform with the current presentation.
Gross customer loans rose 9.5% year-on-year to $199 billion as at 31 December 2014. Loan growth was broad-based
across most of the territories and industries. In Singapore, customer loans base expanded 5.8% over a year ago to $110 billion as
at 31 December 2014. Regional countries continued to contribute a strong loan growth of 16.2% over a year ago to $73.0 billion
as at 31 December 2014.

Non-Performing Assets
2014 2013
$ million $ million
Non-Performing Assets (NPA)
Loans (NPL) 2,358 2,074
Debt securities and others 230 240
Total 2,588 2,314
By Grading
Substandard 1,855 1,265
Doubtful 197 462
Loss 536 587
Total 2,588 2,314
By Security Coverage
Secured 1,387 1,088
Unsecured 1,201 1,226
Total 2,588 2,314
By Ageing
Current 536 295
Within 90 days 152 197
Over 90 to 180 days 319 241
Over 180 days 1,581 1,581
Total 2,588 2,314
Cumulative Impairment
Individual 819 958
Collective 2,910 2,450
Total 3,729 3,408
As a % of NPA 144.1% 147.3%

As a % of unsecured NPA 310.5% 278.0%
2014 2013
NPL NPL ratio NPL NPL ratio
$ million % $ million %
NPL by Industry
Transport, storage and communication 714 7.1 819 10.3
Building and construction 192 0.8 123 0.5
Manufacturing 280 1.6 223 1.4
Financial institutions 143 0.5 102 0.3
General commerce 265 1.0 265 1.2
Professionals and private individuals 209 0.8 192 0.8
Housing loans 507 0.9 311 0.6
Others 48 0.5 39 0.5
Total 2,358 1.2 2,074 1.1

Non-Performing Assets (continued)

Total cumulative impairment
NPL as a % of as a % of
NPL ratio NPL unsecured NPL
$ million % % %
NPL by Geography1
Singapore
2014 864 0.8 249.9 817.8
2013 521 0.5 355.9 986.2
Malaysia
2014 386 1.5 135.0 505.8
2013 408 1.7 120.8 359.9
Thailand
2014 267 2.5 121.3 241.8
2013 203 2.1 140.4 285.0
Indonesia
2014 298 2.7 55.4 150.0
2013 147 1.5 40.1 118.0
Greater China
2014 124 0.5 109.7 191.5
2013 126 0.7 88.9 177.8
Others
2014 419 2.5 32.2 45.0
2013 669 4.3 47.5 62.8
Group
2014 2,358 1.2 145.9 350.3
2013 2,074 1.1 150.5 298.9
1 With effect from 2014, non-performing loans by geography is classified according to where credit risks reside, largely represented by the borrower's country of
incorporation/operation (for non-individuals) and residence (for individuals). Prior year comparatives have been restated to conform with the current presentation.
The Group's asset quality remained sound. NPL ratio was stable at 1.2% with a strong NPL coverage of 145.9%.
NPL increased to $2.36 billion from a year ago due to a few isolated NPL accounts in Singapore, Thailand and Indonesia.

Customer Deposits
2014 2013
$ million $ million
By Product
Fixed deposits 129,787 120,773
Savings deposits 51,654 45,492
Current accounts 45,482 40,289
Others 6,827 7,993
Total 233,750 214,548
By Maturity
Within 1 year 226,593 210,750
Over 1 year but within 3 years 5,521 2,488
Over 3 years but within 5 years 646 488
Over 5 years 989 822
Total 233,750 214,548
By Currency
Singapore dollar 112,608 106,573
US dollar 49,068 40,902
Thai baht 10,970 9,235
Others 29,082 26,997
Total 233,750 214,548
Group Loan/Deposit ratio (%) 83.8 83.4

SGD Loan/Deposit ratio (%) 93.0 93.6
USD Loan/Deposit ratio (%) 67.7 65.2
Compared to a year ago, customer deposit growth was 9.0%, in line with loan growth and mainly contributed by Singapore-dollar and
US-dollar deposits.
As at 31 December 2014, Group's loan-to-deposit ratio and SGD loan-to-deposit ratio was healthy at 83.8% and 93.0% respectively.
Debts Issued (Unsecured)

2014 2013
$ million $ million
Subordinated debts 4,640 5,357
Commercial papers 10,502 9,734
Fixed and floating rate notes 4,211 2,080
Others 1,601 1,810
Total 20,953 18,981
Due within one year 12,393 11,507

Due after one year 8,560 7,474
Total 20,953 18,981
The Group continued to tap on alternative sources of funding to strengthen its funding base and issued $10.5 billion under the
US$10 billion US commercial paper programme in 2014.

Shareholders Equity
2014 2013
$ million $ million
Shareholders equity 29,569 26,388
Add: Revaluation surplus 4,224 4,098
Shareholders equity including revaluation surplus 33,793 30,486
Shareholders equity was $29.6 billion as at 31 December 2014, up 12.1% from a year ago. The increase was largely led by higher
net profits, improved valuation on the available-for-sale investments and issuance of new ordinary shares pursuant to the scrip
dividend scheme.
As at 31 December 2014, revaluation surplus of $4.22 billion relates to Groups properties, which are not recognised in the
Performance by Operating Segment1

GR GWB GMIM Others Elimination Total
2014
Operating income 3,017 3,023 884 705 (172) 7,457
Operating expenses (1,631) (674) (410) (603) 172 (3,146)
Impairment charges (139) (131) (59) (306) (635)
Share of profit of associates and
joint ventures 37 112 149
Profit before tax 1,247 2,218 452 (92) 3,825
Tax (561)
Profit for the financial year 3,264
2013
Share of profit of associates and
joint ventures 3 188 191
Tax (559)
1 Transfer prices between operating segments are on arms length basis in a manner similar to transactions with third parties.

Performance by Operating Segment (continued)
The Group is organised to be segment-led across key markets. Global segment heads are responsible for driving business, with
decision-making balanced with a geographical perspective. For internal management purposes, the following segments represent the
key customer segments and business activities:
Group Retail (GR)

Segment profit increased 6.8% to $1,247 million in 2014, mainly driven by higher net interest income as well as higher non-interest
income from treasury and credit cards products. The increase was partly negated by higher business volume-related costs.
Group Wholesale Banking (GWB)

Segment profit grew 5.3% to $2,218 million in 2014, driven by net interest income and increased cross-sell income from transaction
banking and treasury products. The growth was partly negated by higher impairment charges and higher operating expenses. Higher
operating expenses were resulted from the continued investment in product capabilities and hiring of new talents as the business
expanded regionally.
Global Markets and Investment Management (GMIM)

Segment profit increased 15.6% to $452 million in 2014, mainly attributed to higher gain on investment securities and market making
activities as well as higher share of associates profits.
Others
Other segment recorded a loss of $92 million in 2014, as compared to a loss of $82 million in 2013, mainly due to lower
associates profits.
Performance by Geographical Segment1

Total operating income Profit before tax Total assets
2014 2013 2014 2013 2014 2013
Singapore 4,313 3,775 2,345 2,181 187,529 176,590
Malaysia 1,047 969 593 555 37,269 35,647
Thailand 691 632 159 146 15,915 15,608
Indonesia 410 436 99 178 8,143 7,173
Greater China 587 502 305 272 31,977 27,395
Others 409 406 324 252 21,754 17,672
7,457 6,720 3,825 3,584 302,587 280,085
Intangible assets 4,149 4,144
Total 7,457 6,720 3,825 3,584 306,736 284,229
1 Based on the location where the transactions and assets are booked, which approximates that based on the location of the customers and assets. Information is stated
after elimination of inter-segment transactions.
In 2014, the Groups total operating income grew 11.0% to $7.46 billion, which largely contributed by Singapore growth of 14.3% to
$4.31 billion and regional growth of 7.7% to $2.74 billion. In terms of pre-tax profit, improved performance was seen across most
territories except for Indonesia due to currency depreciation and higher impairment on loans. Overseas profit before tax contribution
was 38.7% of total Group's pre-tax profit.
Capital Adequacy Ratios

The Group's CET1, Tier 1 and Total CAR as at 31 December 2014 were well above the regulatory minimum requirements with
Common Equity Tier 1, Tier 1 and Total CAR at 13.9%, 13.9% and 16.9% respectively.
Compared to a year ago, the improvement in capital ratios was mainly attributed to retained earnings partially offset by higher RWA resulting
from asset growth.

Directors Report
for the financial year ended 31 December 2014
The directors are pleased to present their report to the members together with the audited financial statements of United Overseas
Bank Limited (the Bank) and its subsidiaries (collectively, the Group) for the financial year ended 31 December 2014.
Directors
The directors of the Bank in office at the date of this report are:
Wee Cho Yaw (Chairman Emeritus and Adviser)
Hsieh Fu Hua (Chairman)
Wee Ee Cheong (Deputy Chairman and Chief Executive Officer)
Wong Meng Meng
Franklin Leo Lavin
Willie Cheng Jue Hiang
James Koh Cher Siang
Ong Yew Huat
Lim Hwee Hua (Appointed on 1 July 2014)
Arrangements to Enable Directors to Acquire Shares or Debentures

Neither at the end of nor at any time during the financial year was the Bank a party to any arrangement whose objects are, or one of
whose objects is, to enable the directors of the Bank to acquire benefits by means of the acquisition of shares or debentures of the
Bank or any other body corporate.

Directors Interests in Shares or Debentures
The following directors, who held office at the end of the financial year, had, according to the register of directors shareholdings
required to be kept under Section 164 of the Singapore Companies Act, Chapter 50, interests in shares and debentures of the Bank or
its related corporations as stated below:
Direct interest Deemed interest

At 1.1.2014 At 1.1.2014
At or date of At or date of
31.12.2014 appointment 31.12.2014 appointment
The Bank
Ordinary shares
Wee Cho Yaw 19,301,917 18,820,027 270,070,084 263,395,874
Hsieh Fu Hua 25,000 25,000
Wee Ee Cheong 3,125,918 3,047,878 161,463,970 157,432,871
Willie Cheng Jue Hiang 50,467 50,467
James Koh Cher Siang 3,900 3,900
4.90% non-cumulative non-convertible perpetual capital securities

Wee Cho Yaw $7,000,000
Wee Ee Cheong $7,000,000
United Overseas Insurance Limited

Ordinary shares
Wee Cho Yaw 38,100 38,100
There was no change in any of the above-mentioned interests between the end of the financial year and 21 January 2015.
Directors Contractual Benefits

Except as disclosed in the financial statements, since the end of the previous financial year, no director of the Bank has received or
become entitled to receive a benefit by reason of a contract made by the Bank or a related corporation with the director, or with a firm
of which the director is a member, or with a company in which the director has a substantial financial interest.

Directors Report
Directors Remuneration
The basic fee for service on the Board and additional fees for membership of Board Committees are based on the following annual
fee structure:
Chairman Member
Fee Structure $ $
Basic Fee 700,000 80,000
Executive Committee 60,000 50,000
Board Risk Management Committee 60,000 50,000
Audit Committee 50,000 40,000
Nominating Committee 35,000 20,000
Remuneration Committee 35,000 20,000
Details of the total fees and other remuneration paid/payable to the directors of the Bank for the financial year ended 31 December 2014
are as follows:
Benefits-
Advisory Directors in-kind
fee fees Salary Bonus and others3 Total
$000 $000 $000 $000 $000 $000
Wee Cho Yaw1 800 255 7 1,062
Hsieh Fu Hua 840 10 850
Wee Ee Cheong2 1,200 9,000 20 10,220
Wong Meng Meng 115 115
Franklin Leo Lavin 150 150
Willie Cheng Jue Hiang 150 150
James Koh Cher Siang 190 190
Ong Yew Huat 170 170
Lim Hwee Hua (Appointed on 1 July 2014) 65 65
Cham Tao Soon (Retired on 24 April 2014) 85 85
Tan Lip-Bu (Retired on 24 April 2014) 50 50
1 The advisory fee of $800,000 recommended by the Remuneration Committee for Dr Wee Cho Yaw is subject to shareholders' approval at the Annual General
Meeting to be held on 24 April 2015.
2 60% of the variable pay to Mr Wee Ee Cheong will be deferred and vest over the next three years, subject to predetermined performance conditions. Of the
deferred variable pay, 40% will be issued in deferred cash, while the remaining 60% will be in the form of share-linked performance units.
3 Include transport-related allowance and provision of drivers for Dr Wee Cho Yaw, and Messrs Hsieh Fu Hua and Wee Ee Cheong.

Share-Based Compensation Plans
The share-based compensation plans, which are administered by the Remuneration Committee (RC), comprise the UOB Restricted
Share Plan and UOB Share Appreciation Rights Plan. Details of these plans are found below and in Note 39 to the financial statements.
UOB Restricted Share Plan and UOB Share Appreciation Rights Plan (the Plans)
Following a review of the remuneration strategy across the Group, the Bank implemented the Plans on 28 September 2007, with a view
to aligning the interests of participating employees with that of shareholders and the Group by fostering a culture of ownership and
enhancing the competitiveness of the Groups remuneration for selected employees.
The RC determined the number of Restricted Shares (RS) and Share Appreciation Rights (SAR) to be granted, the vesting period and
the conditions for vesting. In 2014, no SAR was granted as an instrument for share-based compensation.
RS represent UOB shares that are restricted by time and performance conditions as to when they vest. Upon vesting, participants will
receive UOB shares represented by the RS.
SAR are rights, which upon exercise, confer the right to receive such number of UOB shares (or by exception, cash) equivalent to the
difference between the prevailing market value and the grant value of the underlying UOB shares comprised in the SAR, divided by the
prevailing market value of a UOB share. The grant value is determined with reference to the average of the closing prices of UOB shares
over the three days preceding the grant date. Upon vesting of SAR, participants have up to six years from the date of grant to exercise
their rights.
Grants made in 2011 to 2013 are subject to the achievement of predetermined return on equity (ROE) targets as shown below, half of
the grants will vest after two years, and the remainder after three years from the dates of grant.
Percentage of award to be vested

Percentage of ROE target achieved 2011 and 2012 grants 2013 grant
115% 130% 130%
110% 120% 120%
105% 110% 110%
100% 100% 100%
95% 100% 100%
90% 90% 90%
85% 80% 80%
80% At the discretion of the RC 70%
< 80% At the discretion of the RC At the discretion of the RC
For grants made in 2014, 30 per cent will vest after two years, subject to the achievement of two-year ROE targets. The remaining
70 per cent will vest after three years, subject to the achievement of the three-year ROE targets. The vesting levels for the 2014 grant
are shown below.
Percentage of ROE target achieved Percentage of award to be vested* for 2014 grant
Stretch: 115% 130%
Target: 100% 100%
Threshold: 80% 70%
Below Threshold At the discretion of the RC
* For intermediate ROE level achieved, the percentage of award to be vested will be interpolated.
Participating employees who leave the Group before vesting of the RS and SAR will forfeit their rights unless otherwise decided by
the RC.
The Plans shall be in force for a period of ten years or such other period as the RC may determine. The Plans only allow the delivery of
UOB ordinary shares held in treasury by the Bank.

Directors Report
Audit Committee
The Audit Committee comprises three members, all of whom are non-executive and independent directors. The members of the Audit
Committee are:
Willie Cheng Jue Hiang (Chairman)
Ong Yew Huat
The Audit Committee has reviewed the financial statements, the internal and external audit plans and audit reports, the external
auditors evaluation of the system of internal accounting controls, the scope and results of the internal and external audit procedures,
the adequacy of internal audit resources, the cost effectiveness, independence and objectivity of the external auditor, the significant
findings of internal audit investigations and interested person transactions. The reviews were made with the internal and external
auditors, the Chief Financial Officer and/or other senior management staff, as appropriate.
Auditor
The Audit Committee has nominated Ernst & Young LLP for re-appointment as auditor of the Bank and Ernst & Young LLP has
expressed its willingness to be re-appointed.
On behalf of the Board of Directors,

Singapore
12 February 2015

Statement by Directors
We, Hsieh Fu Hua and Wee Ee Cheong, being two of the directors of United Overseas Bank Limited, do hereby state that in the opinion
of the directors:
(a) the accompanying balance sheets, income statements, statements of comprehensive income, statements of changes in equity and
consolidated cash flow statement together with notes thereto are drawn up so as to give a true and fair view of the state of affairs
of the Bank and of the Group as at 31 December 2014, the results of the business and changes in equity of the Bank and the
Group and cash flows of the Group for the financial year then ended; and
(b) at the date of this statement, there are reasonable grounds to believe that the Bank will be able to pay its debts as and when they
fall due.
On behalf of the Board of Directors,

Singapore
12 February 2015

Independent Auditors Report
Independent Auditors Report to the Members of United Overseas Bank Limited
Report on the Financial Statements

We have audited the accompanying financial statements of United Overseas Bank Limited (the Bank) and its subsidiaries (collectively,
the Group) set out on pages 89 to 162, which comprise the balance sheets of the Bank and Group as at 31 December 2014, the
income statements, the statements of comprehensive income, and the statements of changes in equity of the Bank and Group and
consolidated cash flow statement of the Group for the year then ended, and a summary of significant accounting policies and other
explanatory information.
Managements Responsibility for the Financial Statements

Management is responsible for the preparation of financial statements that give a true and fair view in accordance with the provisions of
the Singapore Companies Act, Chapter 50 (the Act) and Singapore Financial Reporting Standards, and for devising and maintaining a
system of internal accounting controls sufficient to provide a reasonable assurance that assets are safeguarded against loss from
unauthorised use or disposition; and transactions are properly authorised and that they are recorded as necessary to permit the
preparation of true and fair profit and loss accounts and balance sheets and to maintain accountability of assets.
Auditors Responsibility
Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit in accordance
with Singapore Standards on Auditing. Those standards require that we comply with ethical requirements and plan and perform the
audit to obtain reasonable assurance about whether the financial statements are free from material misstatement.
An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The
procedures selected depend on the auditors judgement, including the assessment of the risks of material misstatement of the financial
statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the
entitys preparation of the financial statements that give a true and fair view in order to design audit procedures that are appropriate in
the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the entitys internal control. An audit also
includes evaluating the appropriateness of accounting policies used and the reasonableness of accounting estimates made by
management, as well as evaluating the overall presentation of the financial statements.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion.
Opinion
In our opinion, the consolidated financial statements of the Group and the financial statements of the Bank are properly drawn up in
accordance with the provisions of the Act and Singapore Financial Reporting Standards, including the modification of the requirements
of FRS 39 Financial Instruments: Recognition and Measurement in respect of loan loss provisioning by Notice to Banks No. 612 Credit
Files, Grading and Provisioning issued by the Monetary Authority of Singapore, so as to give a true and fair view of the state of affairs
of the Group and of the Bank as at 31 December 2014, of the results and changes in equity of the Group and of the Bank and cash
flows of the Group for the year ended on that date.
Report on Other Legal and Regulatory Requirements

In our opinion, the accounting and other records required by the Act to be kept by the Bank and by those subsidiaries incorporated in
Singapore of which we are the auditors have been properly kept in accordance with the provisions of the Act.
ERNST & YOUNG LLP

Public Accountants and Chartered Accountants
Singapore
12 February 2015

Income Statements
The Group The Bank

2014 2013 2014 2013
Note $000 $000 $000 $000
Interest income 3 7,189,330 6,508,197 3,889,959 3,467,326
Less: Interest expense 4 2,631,597 2,388,405 1,084,135 991,533
Net interest income 4,557,733 4,119,792 2,805,824 2,475,793
Fee and commission income 5 1,748,893 1,730,645 1,132,029 1,117,470

Dividend income 48,014 53,020 260,492 276,630
Rental income 115,403 113,912 97,994 97,385
Net trading income 6 598,831 511,006 543,483 471,623
Net gain/(loss) from investment securities 7 218,107 33,297 213,593 2,300
Other income 8 170,355 158,548 185,306 139,462
Non-interest income 2,899,603 2,600,428 2,432,897 2,104,870
Total operating income 7,457,336 6,720,220 5,238,721 4,580,663
Less: Staff costs 9 1,825,041 1,712,311 1,000,375 939,620

Other operating expenses 10 1,321,319 1,185,868 839,184 759,076
Total operating expenses 3,146,360 2,898,179 1,839,559 1,698,696
Operating profit before impairment charges 4,310,976 3,822,041 3,399,162 2,881,967

Less: Impairment charges 11 635,303 428,850 350,626 243,798
Operating profit after impairment charges 3,675,673 3,393,191 3,048,536 2,638,169
Share of profit of associates and joint ventures 149,195 190,943

Profit before tax 3,824,868 3,584,134 3,048,536 2,638,169
Less: Tax 12 560,675 559,059 357,325 339,898

Profit for the financial year 3,264,193 3,025,075 2,691,211 2,298,271
Attributable to:
Equity holders of the Bank 3,249,101 3,007,900 2,691,211 2,298,271
Non-controlling interests 15,092 17,175
3,264,193 3,025,075 2,691,211 2,298,271
Earnings per share ($) 13

Basic 1.98 1.84
Diluted 1.97 1.84
The accounting policies and explanatory notes form an integral part of the financial statements.

Statements of Comprehensive Income
The Group The Bank

2014 2013 2014 2013
$000 $000 $000 $000
Profit for the financial year 3,264,193 3,025,075 2,691,211 2,298,271
Currency translation adjustments 109,535 (263,676) 8,717 11,010

Change in available-for-sale reserve
Change in fair value 648,968 (200,957) 564,205 (163,165)
Transfer to income statement on disposal/impairment (92,101) 40,553 (101,857) 54,103
Tax relating to available-for-sale reserve (17,400) (17,004) (11,781) (16,253)
Change in shares of other comprehensive income of associates
and joint ventures 19,130 (96,843)
Remeasurement of defined benefit obligation1 (4,801) (4,306) (268)
Other comprehensive income for the financial year, net of tax 663,331 (542,233) 459,284 (114,573)
Total comprehensive income for the financial year, net of tax 3,927,524 2,482,842 3,150,495 2,183,698
Attributable to:
Equity holders of the Bank 3,908,631 2,468,257 3,150,495 2,183,698
3,927,524 2,482,842 3,150,495 2,183,698
1 Refers to item that will not be reclassified subsequently to Income Statement.

Balance Sheets
as at 31 December 2014
The Group The Bank

2014 2013 2014 2013
Note $000 $000 $000 $000
Equity
Share capital and other capital 14 5,892,165 5,332,735 5,060,615 4,501,185
Retained earnings 15 14,064,092 12,002,525 10,808,566 9,255,114
Other reserves 16 9,613,093 9,052,656 9,780,486 9,445,651
Equity attributable to equity holders of the Bank 29,569,350 26,387,916 25,649,667 23,201,950
Total equity 29,772,005 26,577,262 25,649,667 23,201,950
Liabilities
Deposits and balances of:
Banks 11,226,347 13,706,153 10,665,592 13,131,356
Non-bank customers 18 233,749,644 214,547,542 179,122,889 163,492,289
Subsidiaries 2,767,302 2,630,069
Bills and drafts payable 950,727 1,035,208 190,704 254,462
Derivative financial liabilities 35 6,383,979 5,877,773 5,928,255 5,196,506
Other liabilities 19 3,157,723 2,928,495 1,472,185 1,640,851
Tax payable 381,926 488,929 359,715 452,570
Deferred tax liabilities 20 160,489 86,385 83,188
Debts issued 21 20,953,303 18,981,322 21,138,545 18,546,107
Total liabilities 276,964,138 257,651,807 221,728,375 205,344,210
Total equity and liabilities 306,736,143 284,229,069 247,378,042 228,546,160
Assets
Cash, balances and placements with central banks 22 35,082,908 26,880,581 24,807,369 13,853,975
Singapore Government treasury bills and securities 7,756,709 9,654,911 7,627,828 9,525,928
Other government treasury bills and securities 10,140,942 7,943,497 3,982,141 3,628,447
Trading securities 23 738,262 628,131 738,262 566,338
Placements and balances with banks 28,692,051 31,411,740 24,332,571 28,032,297
Loans to non-bank customers 24 195,902,563 178,856,863 149,529,653 136,538,266
Placements with and advances to subsidiaries 7,726,981 7,690,587
Derivative financial assets 35 6,305,928 5,779,497 5,710,358 5,030,302
Investment securities 26 11,439,549 12,139,906 10,294,346 10,969,254
Other assets 27 2,718,439 3,212,523 1,465,432 2,099,375
Deferred tax assets 20 231,636 287,710 101,736 66,396
Investment in associates and joint ventures 28 1,189,449 996,605 523,138 269,233
Investment in subsidiaries 29 4,980,738 4,752,499
Investment properties 31 960,292 984,905 1,229,216 1,280,779
Fixed assets 32 1,428,135 1,308,390 1,146,454 1,060,665
Intangible assets 33 4,149,280 4,143,810 3,181,819 3,181,819
Total assets 306,736,143 284,229,069 247,378,042 228,546,160
Off-balance sheet items

Contingent liabilities 34 18,514,991 24,097,852 12,694,796 15,860,231
Financial derivatives 35 605,486,659 451,573,062 520,163,287 375,040,281
Commitments 37 99,592,819 69,756,557 79,891,814 53,983,741

Statements of Changes in Equity
The Group
Attributable to equity holders of the Bank
Share
capital and Non-
other Retained Other controlling Total
capital earnings reserves Total interests equity
$000 $000 $000 $000 $000 $000
2014
Balance at 1 January 5,332,735 12,002,525 9,052,656 26,387,916 189,346 26,577,262
Profit for the financial year 3,249,101 3,249,101 15,092 3,264,193

Other comprehensive income for the financial year (4,801) 664,331 659,530 3,801 663,331
Total comprehensive income for the financial year 3,244,300 664,331 3,908,631 18,893 3,927,524
Transfers 95,811 (95,811)

Change in non-controlling interests 1,304 1,304 713 2,017
Dividends (1,278,624) (1,278,624) (6,297) (1,284,921)
Issue of shares under scrip dividend scheme 516,594 516,594 516,594
Share-based compensation 33,529 33,529 33,529
Reclassification of share-based compensation
reserves on expiry 80 (80)
Issue of shares under share-based
compensation plans 42,836 (42,836)
Balance at 31 December 5,892,165 14,064,092 9,613,093 29,569,350 202,655 29,772,005
2013
Balance at 1 January 5,271,932 10,221,670 9,586,005 25,079,607 192,214 25,271,821
Profit for the financial year 3,007,900 3,007,900 17,175 3,025,075

Other comprehensive income for the financial year (4,306) (535,337) (539,643) (2,590) (542,233)
Total comprehensive income for the financial year 3,003,594 (535,337) 2,468,257 14,585 2,482,842
Transfers (23,058) 23,058

Change in non-controlling interests (9,374) (9,374) (9,954) (19,328)
Dividends (1,205,719) (1,205,719) (7,499) (1,213,218)
Share-based compensation 28,559 28,559 28,559
Reclassification of share-based compensation
reserves on expiry 6,038 (6,038)
compensation plans 32,221 (32,221)
Increase in statutory reserves 593 593 593
Issue of perpetual capital securities 1,345,993 1,345,993 1,345,993
Redemption of preference shares (1,317,411) (2,589) (1,320,000) (1,320,000)
Balance at 31 December 5,332,735 12,002,525 9,052,656 26,387,916 189,346 26,577,262
Note 14 15 16

The Bank
Share
capital and
other Retained Other
capital earnings reserves Total equity
$000 $000 $000 $000
2014
Balance at 1 January 4,501,185 9,255,114 9,445,651 23,201,950
Profit for the financial year 2,691,211 2,691,211

Other comprehensive income for the financial year 459,284 459,284
Total comprehensive income for the financial year 2,691,211 459,284 3,150,495
Transfers 115,062 (115,062)

Dividends (1,252,901) (1,252,901)
Issue of shares under scrip dividend scheme 516,594 516,594
Share-based compensation 33,529 33,529
Reclassification of share-based compensation reserves on expiry 80 (80)
Issue of shares under share-based compensation plans 42,836 (42,836)
Balance at 31 December 5,060,615 10,808,566 9,780,486 25,649,667
2013
Profit for the financial year 2,298,271 2,298,271

Other comprehensive income for the financial year (268) (114,305) (114,573)
Total comprehensive income for the financial year 2,298,003 (114,305) 2,183,698
Dividends (1,169,409) (1,169,409)

Reclassification of share-based compensation reserves on expiry 6,038 (6,038)
Issue of shares under share-based compensation plans 32,221 (32,221)
Issue of perpetual capital securities 1,345,993 1,345,993
Redemption of preference shares (1,317,411) (2,589) (1,320,000)
Note 14 15 16

Consolidated Cash Flow Statement
2014 2013
$000 $000
Cash flows from operating activities
Operating profit before impairment charges 4,310,976 3,822,041
Adjustments for:
Depreciation of assets 163,361 130,038
Net gain on disposal of assets (271,324) (56,025)
Operating profit before working capital changes 4,235,501 3,924,409
Increase/(decrease) in working capital
Deposits and balances of banks (2,479,806) 4,709,483
Deposits and balances of non-bank customers 19,202,102 19,977,389
Bills and drafts payable (84,481) (536,633)
Other liabilities 803,542 (263,709)
Restricted balances with central banks 257,956 (873,341)
Government treasury bills and securities (286,291) 4,960,546
Trading securities (92,274) (355,688)
Placements and balances with banks 2,719,689 (15,420,710)
Loans to non-bank customers (17,672,018) (26,443,516)
Investment securities 1,169,504 (1,023,463)
Other assets (99,990) 228,340
Cash generated from/(used in) operations 7,673,434 (11,116,893)
Income tax paid (562,586) (578,222)
Net cash provided by/(used in) operating activities 7,110,848 (11,695,115)
Cash flows from investing activities
Capital injection into associates and joint ventures (435)
Proceeds from disposal of associates and joint ventures 18,108
Distribution from associates and joint ventures 282,154 43,486
Acquisition of properties and other fixed assets (258,570) (221,322)
Proceeds from disposal of properties and other fixed assets 40,495 87,278
Change in non-controlling interests (3,044) 1,439
Net cash provided by/(used in) investing activities 60,600 (71,011)
Cash flows from financing activities
Issuance of perpetual capital securities 1,345,993
Redemption of preference shares (1,320,000)
Issuance of subordinated notes 1,543,922
Redemption of subordinated notes (2,252,150) (1,265,350)
Issuance of other debts 2,680,209 7,446,238
Change in non-controlling interests 5,061 (20,767)
Dividends paid on ordinary shares (670,907) (1,102,566)
Dividends paid on preference shares (36,714) (103,046)
Distribution for perpetual capital securities (65,400)
Dividends paid to non-controlling interests (6,297) (7,499)
Net cash provided by financing activities 1,197,724 4,973,003
Currency translation adjustments 91,111 (255,884)
Net increase/(decrease) in cash and cash equivalents 8,460,283 (7,049,007)
Cash and cash equivalents at beginning of the financial year 21,244,035 28,293,042
Cash and cash equivalents at end of the financial year (Note 38) 29,704,318 21,244,035

Notes to the Financial Statements
These notes form an integral part of and should be read in conjunction with the accompanying financial statements.
1. Corporate Information
United Overseas Bank Limited (the Bank) is a limited liability company incorporated and domiciled in Singapore. The registered
office of the Bank is at 80 Raffles Place, UOB Plaza, Singapore 048624.
The Bank is principally engaged in the business of banking in all its aspects. The principal activities of its major subsidiaries are set
out in Note 29b to the financial statements.
2. Summary of Significant Accounting Policies
(a) Basis of preparation

The financial statements of the Bank and its subsidiaries (collectively, the Group) have been prepared in accordance with
Singapore Financial Reporting Standards (FRS) as required by the Singapore Companies Act, with modification to FRS39
Financial Instruments: Recognition and Measurement in respect of loan loss provisioning, as provided in Monetary Authority
of Singapore (MAS) Notice 612 Credit Files, Grading and Provisioning.
The financial statements have been prepared under the historical cost convention except as otherwise stated in Notes 2d to
2f and are presented to the nearest thousand in Singapore dollars unless otherwise indicated.
(b) Changes in accounting policies

The Group adopted the following new/revised FRS during the financial year. The adoption of these FRS did not have any
significant effect on the financial statements of the Group.
FRS27 Separate Financial Statements
FRS28 Investments in Associates and Joint Ventures
FRS110 Consolidated Financial Statements
FRS111 Joint Arrangements
FRS112 Disclosure of Interests in Other Entities
Amendments to FRS32 Offsetting Financial Assets and Financial Liabilities
Amendments to FRS36 Recoverable Amount Disclosures for Non-Financial Assets
Amendments to FRS39 Novation of Derivatives and Continuation of Hedge Accounting
Other than the above changes, the accounting policies applied by the Group in the financial year were consistent with those
adopted in the previous financial year.
Future changes in accounting policies

The following new/revised FRS that are in issue will apply to the Group for the financial years as indicated:
Effective for financial year beginning on or after 1 January 2015
Amendments to FRS19 Defined Benefit Plans: Employee Contributions
Amendments to FRS16 and FRS38 Clarification of Acceptable Methods of Depreciation and Amortisation
Amendments to FRS27 Equity Method in Separate Financial Statements
Amendments to FRS110 and FRS28 Sale or Contribution of Assets between an Investor and its Associate
or Joint Venture
Amendments to FRS111 Accounting for Acquisitions of Interests in Joint Operations
FRS115 Revenue from Contracts with Customers
FRS109 Financial Instruments
The above pronouncements are not expected to have a significant impact on the Groups financial statements when
adopted with the exception of FRS109 which is under review and assessment.

2. Summary of Significant Accounting Policies (continued)
(c) Interests in other entities
(i) Subsidiaries
Subsidiaries are entities over which the Group has control. The Group controls an investee when it is exposed, or has
rights, to variable returns from its involvement with the investee and has the ability to affect those returns through its
power over the investee.
Acquisition of subsidiaries is accounted for using the acquisition method. Consideration for the acquisition includes
fair value of the assets transferred, liabilities incurred, equity interests issued, contingent consideration and existing
equity interest in the acquiree. Identifiable assets acquired and liabilities and contingent liabilities assumed are, with
limited exceptions, measured at fair values at the acquisition date. Non-controlling interests are measured at fair value
or the proportionate share of the acquirees net identifiable assets at the acquisition date, determined on a case by
case basis. Acquisition-related costs are expensed off when incurred. Goodwill is determined and accounted for in
accordance with Note 2h(i).
Subsidiaries are consolidated from the date the Group obtains control until the date such control ceases.
Intra-company transactions and balances are eliminated. Adjustments are made to align the accounting policies of the
subsidiaries to those of the Group. The portion of profit or loss and net assets of subsidiaries that belong to the
non-controlling interests is disclosed separately in the consolidated financial statements. Gain or loss arising from
changes of the Banks interest in subsidiaries is recognised in the income statement if they result in loss of control in
the subsidiaries, otherwise, in equity.
In the Banks separate financial statements, investment in subsidiaries is stated at cost less allowance for impairment,
if any, determined on an individual basis.
(ii) Associates and joint ventures

Associates are entities in which the Group has significant influence but not control or joint control. This generally
coincides with the Group having 20% or more of the voting power of the investees. Joint ventures are entities in which
the Group and its joint venturers have joint control and rights to the net assets of the investees.
The Groups investment in associates and joint ventures is accounted for using the equity method from the date the
Group obtains significant influence or joint control over the entities until the date such significant influence or joint
control ceases. Unrealised gains on transactions with associates and joint ventures are eliminated to the extent of the
Groups interest in the entities. Unrealised losses are also eliminated unless they relate to impairment of the assets
transferred. Adjustments are made to align the accounting policies of the associates and joint ventures to those
of the Group.
Under the equity method, the Groups investment in associates and joint ventures is carried in the balance sheet at
cost (including goodwill on acquisition), plus post-acquisition changes in the Groups share of net assets of the
associates and joint ventures, less allowance for impairment, if any, determined on an individual basis. The Group
recognises its share of the results of operations and changes in other comprehensive income of the associates and
joint ventures in the consolidated income statement and in equity respectively. Where the share of losses of an
associate or joint venture exceeds the Groups interest in the associate or joint venture, such excess is not recognised
in the consolidated income statement.
Upon loss of significant influence over the associates or joint control over the joint ventures, any resulting gain or loss
is recognised in the income statement and the related share of reserves is accounted for in the same manner as if the
associates or joint ventures have directly disposed of the related assets and liabilities. Any retained investment is
measured at its fair value.
In the Banks separate financial statements, investment in associates and joint ventures is stated at cost less
allowance for impairment, if any, determined on an individual basis.

(c) Interests in other entities (continued)
(iii) Joint operations

Joint operations are arrangements over which the Group and its joint operators have joint control and rights to the
assets, and obligations for the liabilities, relating to the arrangements.
The Bank and the Group account for joint operations by taking their share of the relevant assets, liabilities, income
and expenses accordingly.
(iv) Special purpose entities

Special purpose entities are entities set up for a narrowed objective and predetermined activities. These entities are
consolidated or equity accounted for accordingly if it is assessed that the Group has control, joint control or significant
influence over them in substance.
(d) Financial assets and financial liabilities
(i) Classification
Financial assets and financial liabilities are classified as follows:
At fair value through profit or loss

Financial instruments are classified at fair value through profit or loss if they are held for trading or designated as such
upon initial recognition.
Financial instruments are classified as held for trading if they are acquired for short-term profit taking.
Financial instruments are designated as fair value through profit or loss if they meet the following criteria:
the designation eliminates or significantly reduces the inconsistent treatment that would otherwise arise from
measuring the assets or liabilities on a different basis;
the assets and liabilities are managed on a fair value basis in accordance with a documented risk management or
investment strategy; or
the financial instrument contains an embedded derivative that would otherwise require bifurcation.
Held-to-maturity
Non-derivative financial assets with fixed or determinable payments and fixed maturity are classified as held-to-
maturity when the Group has the intention and ability to hold the assets till maturity.
Loans and receivables

Non-derivative financial assets with fixed or determinable payments that are not quoted in an active market are
classified as loans and receivables.
Available-for-sale
Non-derivative financial assets that are not classified into any of the preceding categories and are available-for-sale
are classified in this category.
Non-trading liabilities
Non-derivative financial liabilities that are not held for active trading or designated as fair value through profit or loss
are classified as non-trading liabilities.

(d) Financial assets and financial liabilities (continued)
(ii) Measurement
Initial measurement
Financial instruments are recognised initially at their fair value which is generally the transaction price. Directly
attributable transaction costs are included as part of the initial cost for financial instruments that are not measured at
fair value through profit or loss.
Subsequent measurement
Financial instruments classified as held for trading and designated as fair value through profit or loss are measured at
fair value with fair value changes recognised in the income statement.
Available-for-sale assets are measured at fair value with fair value changes taken to the fair value reserve, and
subsequently to the income statement upon disposal or impairment of the assets.
All other financial instruments are measured at amortised cost using the effective interest method less
allowance for impairment.
Interest and dividend on all non-derivative financial instruments are recognised as such accordingly.
Fair value determination

Fair values of financial assets and financial liabilities with active markets are determined based on the market bid and
ask prices respectively at the balance sheet date. For financial instruments with no active markets, fair values are
established using valuation techniques such as making reference to recent transactions or other comparable financial
instruments, discounted cash flow method and option pricing models. Valuation inputs include spot and forward
prices, volatilities, correlations and credit spreads.
(iii) Recognition and derecognition

Financial instruments are recognised when the Group becomes a party to the contractual provision of the
instruments. All regular way purchases and sales of financial assets that require delivery within the period generally
established by regulation or market convention are recognised on the settlement date.
Financial instruments are derecognised when the contractual rights to cash flows and risks and rewards associated
with the instruments are substantially transferred, cancelled or expired. On derecognition, the difference between the
carrying amount of the instruments and the consideration received/paid, less the accumulated gain or loss that has
been recognised in equity are taken to the income statement.
(iv) Offsetting
Financial assets and financial liabilities are offset and presented net in the balance sheet if there is a current,
unconditional and legally enforceable right and intention to settle them simultaneously or on a net basis.
(v) Impairment
Individual impairment
Financial assets, other than those measured at fair value through profit or loss, are subject to impairment review at
each balance sheet date. Impairment loss is recognised when there is objective evidence such as significant financial
difficulty of the issuer/obligor, significant or prolonged decline in market prices and adverse economic indicators that
the recoverable amount of an asset is below its carrying amount.
Financial assets that are individually significant are assessed individually. Those not individually significant are grouped
based on similar credit risks and assessed on a portfolio basis.
For financial assets carried at amortised cost, impairment loss is determined as the difference between the assets
carrying amount and the present value of estimated future cash flows discounted at the original effective interest rate.
The loss is recognised in the income statement.

(d) Financial assets and financial liabilities (continued)
(v) Impairment (continued)
Individual impairment (continued)

For available-for-sale assets, impairment loss is determined as the difference between the assets cost and the current
fair value, less any impairment loss previously recognised in the income statement. The loss is transferred from the fair
value reserve to the income statement. For available-for-sale equity instruments, subsequent recovery of the
impairment loss is written back to the fair value reserve.
Financial assets are written off when all avenues of recovery have been exhausted.
Collective impairment
Collective impairment is made for estimated losses inherent in but not currently identifiable to the individual financial
assets. The allowance is made based on managements experience and judgement and taking into account country
and portfolio risks. A minimum of 1% of credit exposure net of collateral and individual impairment is maintained by
the Group in accordance with the transitional provision set out in MAS Notice 612.
(e) Financial derivatives

Financial derivatives are recognised initially, and measured subsequently, at fair value. Derivatives with positive and negative
fair values are presented under assets and liabilities in the balance sheet respectively. Fair value changes of derivatives are
recognised in the income statement unless they are designated as hedging instruments and accounted for in accordance
with Note 2f.
Financial derivatives embedded in non-derivative host contracts are bifurcated and accounted for separately if their
economic characteristics and risks are not closely related to those of the host contracts and the combined contracts are
not carried at fair value through profit or loss.
(f) Hedge accounting
(i) Fair value hedge

Fair value changes of the hedging instrument are recognised in the income statement. Fair value changes of the
hedged item attributable to the hedged risk are taken to the income statement with corresponding adjustment made
to the carrying amount of the hedged item. The adjustment is amortised over the expected life of the hedged item
when the hedge is terminated.
(ii) Cash flow hedge

Fair value changes of the hedging instrument relating to the effective portion of the hedge are taken to the hedge
reserve under equity while those relating to the ineffective portion are recognised in the income statement. The
amount in the hedge reserve is transferred to the income statement (a) at the same time as the cash flow of the
hedged item is recognised in the income statement and (b) immediately when the forecasted hedge item is no longer
expected to occur.
(iii) Hedge of net investment in a foreign operation

Fair value changes of the hedging instrument relating to the effective portion of the hedge are taken to the foreign
currency translation reserve under equity while those relating to the ineffective portion are recognised in the income
statement. The amount taken to the reserve is transferred to the income statement upon disposal of the
foreign operation.
(g) Investment properties and fixed assets

Investment properties and fixed assets are stated at cost less accumulated depreciation and allowance for impairment.
Investment properties are properties held for rental income and/or capital appreciation while owner-occupied properties are
those for office use.

(g) Investment properties and fixed assets (continued)

Freehold land and leasehold land exceeding 99 years tenure are not depreciated. Other leasehold land is depreciated on a
straight-line basis over the lease period. Buildings are depreciated on a straight-line basis over 50 years or the lease period,
whichever is shorter. Other fixed assets are depreciated on a straight-line basis over their expected useful lives of five to ten
years. The expected useful life, depreciation method and residual value of investment properties and fixed assets are
reviewed annually.
Investment properties and fixed assets are reviewed for impairment when events or changes in circumstances indicate that
their recoverable amounts, being the higher of fair value less cost to sell and value in use, may be below their
carrying amounts.
Investment properties and fixed assets are derecognised upon disposal and the resulting gain or loss is recognised in the
income statement.
(h) Intangible assets
(i) Goodwill
Goodwill in a business combination represents the excess of (a) the consideration transferred, the amount of any non-
controlling interest in the acquiree and the acquisition-date fair value of any previously held equity interest in the
acquiree over (b) the net fair value of the identifiable assets acquired and liabilities and contingent liabilities assumed.
Where (b) exceeds (a) and the measurement of all amounts has been reviewed, the gain is recognised in the income
statement. Goodwill is measured at cost less accumulated impairment losses, if any.
Goodwill is reviewed for impairment annually or more frequently if the circumstances indicate that its carrying amount
may be impaired. At the date of acquisition, goodwill is allocated to the cash-generating units (CGU) expected to
benefit from the synergies of the business combination. The Groups CGU correspond with the operating segments
reported in Note 41a. Where the recoverable amount, being the higher of fair value less cost to sell and value in use,
of a CGU is below its carrying amount, the impairment loss is recognised in the income statement and subsequent
reversal is not allowed.
(ii) Other intangible assets

Other intangible assets acquired are measured at cost on initial recognition. Subsequent to initial recognition, they are
measured at cost less accumulated amortisation and impairment losses, if any.
Intangible assets with finite useful lives are amortised on a straight-line basis over their estimated useful lives and
assessed for impairment whenever there is an indication of impairment. The amortisation charges are recognised in
the income statement. The useful life and amortisation method are reviewed annually.
Intangible assets with indefinite useful lives are not amortised but reviewed for impairment annually or more frequently
if the circumstances indicate that the recoverable amounts, being the higher of fair value less cost to sell and value in
use, may be below their carrying amounts.
(i) Foreign currencies
(i) Foreign currency transactions

On initial recognition, transactions in foreign currencies are recorded in the respective functional currencies of the
Bank and its subsidiaries at the exchange rate ruling at the transaction date. Subsequent to initial recognition,
monetary assets and monetary liabilities denominated in foreign currencies are translated at the closing rate of
exchange ruling at the balance sheet date. Non-monetary items that are measured at historical cost in a foreign
currency are translated using the exchange rate at the date of the initial transaction. Non-monetary items measured at
fair value in a foreign currency are translated using the exchange rate at the date when the fair value is determined.

(i) Foreign currencies (continued)
(i) Foreign currency transactions (continued)

Exchange differences arising on the settlement of monetary items or on translating monetary items at balance sheet
date are recognised in the income statement. Exchange differences arising from monetary items that form part of the
net investment in foreign operations, or on foreign currency borrowings that provide a hedge against a net investment
in a foreign operation, are recognised initially in the foreign currency translation reserve in the consolidated balance
sheet, and subsequently in the consolidated income statement on disposal of the foreign operation.
(ii) Foreign operations

Revenue and expenses of foreign operations are translated into Singapore dollars at the weighted average exchange
rate for the financial year which approximates the exchange rate at the transaction date. Foreign operations assets
and liabilities are translated at the exchange rate ruling at the balance sheet date. All resultant exchange differences
are recognised in the foreign currency translation reserve, and subsequently to the consolidated income statement
upon disposal of the foreign operations. In the case of a partial disposal without loss of control of a subsidiary, the
proportionate share of the accumulated exchange differences are not recognised in the income statement but re-
attributed to the non-controlling interests. For partial disposal of an associate or joint venture, the proportionate share
of the accumulated exchange differences is reclassified to income statement.
Goodwill and fair value adjustments arising on the acquisition of foreign operations are recorded in the functional
currency of the foreign operations and translated at the exchange rate ruling at the balance sheet date. For
acquisitions prior to 1 January 2005, goodwill and fair value adjustments were recorded in Singapore dollars at the
exchange rate prevailing at the date of acquisition.
(j) Tax
(i) Current tax

Current tax is measured at the amount expected to be recovered from or paid to the tax authorities. The tax rate and
tax law applied are those that are enacted or substantively enacted by the balance sheet date.
(ii) Deferred tax

Deferred tax is provided on temporary differences between the tax bases and carrying amounts of assets and
liabilities. Deferred tax is measured at the tax rate that is expected to apply when the assets are realised or the
liabilities are settled, based on the tax rate and tax law that have been enacted or substantively enacted by the
balance sheet date.
Deferred tax is not provided for temporary differences arising from initial recognition of goodwill or an asset or liability
that does not affect accounting or taxable profit, and taxable temporary differences related to investments in
subsidiaries, associates and joint ventures where the timing of the reversal of the temporary differences can be
controlled and it is probable that the temporary differences will not reverse in the foreseeable future.
Deferred tax assets are recognised to the extent that it is probable that future taxable profit will be available against
which the deductible temporary differences can be utilised. Where gains and losses are recognised directly in equity,
the related deferred tax is also taken to equity.
(iii) Offsetting
Current and deferred tax assets are offset with current and deferred tax liabilities respectively if (a) there is a legally
enforceable right and intention to settle them simultaneously or on a net basis, (b) they are of the same tax reporting
entity or group and (c) they relate to the same tax authority.

(k) Provisions
Provisions are recognised when the Group has a present legal or constructive obligation as a result of past events and an
outflow of resources to settle the obligation is probable and can be reliably estimated. At each balance sheet date,
provisions are reviewed and adjusted to reflect the current best estimate. When an outflow of resources to settle the
obligation is no longer probable, the provision is reversed.
(l) Undrawn credit facilities

Undrawn credit facilities (both revocable and irrevocable) are recorded under commitments and the amount is adjusted for
subsequent drawdowns.
(m) Contingent liabilities

Contracts on financial and performance guarantees and letters of credit are recorded under contingent liabilities. These
liabilities are recognised initially at their fair value which is generally the fees received. The fees are amortised over the
contractual terms. Subsequent to initial recognition, the liabilities are measured at the higher of their carrying amount and
the estimated expenditure required to settle the obligations.
(n) Revenue recognition

Interest income is recognised using the effective interest method.
Dividend income is recognised when the right to receive it is established.
Fee and commission income is recognised when services are rendered. For services that are provided over a period of time,
fee and commission income is recognised over the service period.
Rental income is recognised on a time proportion basis.
(o) Employee compensation/benefits

Base pay, cash bonuses, allowances, commissions and defined contributions under regulations are recognised in the
income statement when incurred. Leave entitlements are recognised when they accrue to employees based on contractual
terms of employment.
Cost of share-based compensation, being fair value of the equity instrument at grant date, is expensed to the income
statement over the vesting period with a corresponding adjustment to the share-based compensation reserve. The cost is
reviewed and adjusted accordingly at each balance sheet date to reflect the number of equity instruments expected to be
vested ultimately.
(p) Dividend payment

Dividends are accounted for as an appropriation of retained earnings. Interim dividends on ordinary shares and dividends on
preference shares are recorded when declared payable while final dividends on ordinary shares are recognised upon
approval of equity holders.
(q) Treasury shares

Ordinary shares reacquired are accounted for as treasury shares. Consideration paid, including directly attributable costs, is
presented as a deduction from the equity. Subsequent cancellation, sale or reissuance of treasury shares is recognised as
changes in equity.
(r) Significant accounting estimates and judgements

Preparation of the financial statements in conformity with the FRS requires certain accounting estimates and judgements
to be made. Areas where such estimates and judgements could have significant effects on the financial statements are
as follows:
Individual impairment of financial assets assessment of the timing and amount of future cash flows and collateral value
and determination of prolonged decline in market prices.
Collective impairment of financial assets assessment of country, industry and other portfolio risk, historical loss
experience and economic indicators.

(r) Significant accounting estimates and judgements (continued)

Impairment review of goodwill estimation of future cash flows and determination of growth rates and discount rates.
Fair valuation of financial instruments selection of valuation models and data inputs for financial instruments with no
active markets.
Provision of income taxes interpretation of tax regulations on certain transactions and computations.
As the estimates and judgements are made based on the information available at the time the financial statements are
prepared, the ultimate results could differ from those disclosed in the statements due to subsequent changes in the
information.
3. Interest Income
The Group The Bank
2014 2013 2014 2013
$000 $000 $000 $000
Loans to non-bank customers 5,912,819 5,297,221 3,113,374 2,778,870
Placements and balances with banks 692,530 654,448 392,810 299,808
Government treasury bills and securities 279,812 270,238 120,796 146,664
Trading and investment securities 304,169 286,290 262,979 241,984
7,189,330 6,508,197 3,889,959 3,467,326
Of which, interest income on:
Impaired financial assets 13,204 16,922 12,496 16,660
Financial assets at fair value through profit or loss 145,465 125,502 87,416 47,560
4. Interest Expense
The Group The Bank
2014 2013 2014 2013
$000 $000 $000 $000
Deposits of non-bank customers 2,252,056 2,040,470 728,030 677,975
Deposits and balances of banks and debts issued 379,541 347,935 356,105 313,558
2,631,597 2,388,405 1,084,135 991,533
Of which, interest expense on financial liabilities at fair value
through profit or loss 45,141 32,001 12,056 15,680
5. Fee and Commission Income

The Group The Bank
2014 2013 2014 2013
$000 $000 $000 $000
Credit card 280,657 262,327 184,182 177,448
Fund management 155,548 171,973 259 2,933
Investment-related 431,348 419,796 321,825 334,169
Loan-related 448,207 441,970 360,958 345,656
Service charges 112,756 110,789 80,733 76,597
Trade-related 273,262 267,810 175,071 171,459
Others 47,115 55,980 9,001 9,208
1,748,893 1,730,645 1,132,029 1,117,470
Of which, fee and commission from:
Financial assets not measured at fair value through profit
or loss 1,748,391 1,729,963 1,131,527 1,116,788
Provision of trust and other fiduciary services 11,833 10,078 10,423 8,192

6. Net Trading Income

The Group The Bank
2014 2013 2014 2013
$000 $000 $000 $000
Net trading income 77,215 (3,883) 63,096 (10,456)
Net gain from financial assets designated at fair value 398,573 470,105 332,160 430,545
Net gain from financial liabilities designated at fair value 123,043 44,784 148,227 51,534
598,831 511,006 543,483 471,623
7. Net Gain/(Loss) from Investment Securities

The Group The Bank
2014 2013 2014 2013
$000 $000 $000 $000
Investment securities
Available-for-sale 218,889 22,823 212,097 (4,371)
Loans and receivables (782) 10,474 1,496 6,671
218,107 33,297 213,593 2,300
8. Other Income
The Group The Bank
2014 2013 2014 2013
$000 $000 $000 $000
Net gain/(loss) from:
Disposal of investment properties 19,884 38,754 19,884 38,754
Disposal of fixed assets 6,148 914 4,981 (1,788)
Disposal/liquidation of subsidiaries/associates/joint ventures 14,965 6,603 36,299 49
Others 129,358 112,277 124,142 102,447
170,355 158,548 185,306 139,462
9. Staff Costs
The Group The Bank
2014 2013 2014 2013
$000 $000 $000 $000
Salaries, bonus and allowances 1,488,096 1,403,721 822,099 783,119
Employers contribution to defined contribution plans 123,049 109,482 64,629 57,447
Share-based compensation 32,488 28,355 24,031 21,594
Others 181,408 170,753 89,616 77,460
1,825,041 1,712,311 1,000,375 939,620
Of which, the Banks directors remuneration 10,220 9,116 10,220 9,116

10. Other Operating Expenses
The Group The Bank
2014 2013 2014 2013
$000 $000 $000 $000
Revenue-related 672,448 570,446 361,805 301,795
Occupancy-related 287,066 291,302 182,807 193,763
IT-related 199,080 159,848 213,840 186,803
Others 162,725 164,272 80,732 76,715
1,321,319 1,185,868 839,184 759,076
The Group The Bank

2014 2013 2014 2013
$000 $000 $000 $000
Of which:
Advisory/Directors fees 4,330 4,245 2,870 2,855
Depreciation of assets 163,361 130,038 105,738 78,248
Rental expenses 125,009 121,876 82,048 79,999
Auditors remuneration paid/payable to:
Auditors of the Bank 2,454 2,282 1,807 1,662
Affiliates of auditors of the Bank 1,903 2,024 516 570
Other auditors 302 229 160 106
Non-audit fees paid/payable to:
Auditors of the Bank 101 255 87 220
Affiliates of auditors of the Bank 530 117 214 53
Other auditors 35 35
Expenses on investment properties 52,086 43,886 38,684 30,632
Fee expenses arising from financial liabilities not at fair value
through profit or loss 105,118 85,552 27,843 18,912
11. Impairment Charges

The Group The Bank
2014 2013 2014 2013
$000 $000 $000 $000
Individual impairment on/(write-back) of:
Loans 238,256 135,563 96,021 85,451
Investments 64,507 76,014 27,353 65,911
Other assets (1,304) (54,511) (3,521) (12,124)
Collective impairment 333,844 271,784 230,773 104,560
635,303 428,850 350,626 243,798
Included in the impairment charges is the following:

Bad debts written off 159,976 106,610 241,313 46,831

12. Tax
Tax charge to the income statements comprises the following:
The Group The Bank

2014 2013 2014 2013
$000 $000 $000 $000
On profit of the financial year
Current tax 599,966 575,837 404,690 399,210
Deferred tax 43,514 31,668 27,901 2,485
643,480 607,505 432,591 401,695
(Over)/under-provision of prior year tax
Current tax (134,448) (79,480) (80,076) (62,531)
Deferred tax 59,676 14,068 4,810 734
Share of tax of associates and joint ventures (8,033) 16,966
560,675 559,059 357,325 339,898
Tax charge on profit for the financial year differs from the theoretical amount computed using Singapore corporate tax rate due to
the following factors:
The Group The Bank

2014 2013 2014 2013
$000 $000 $000 $000
Operating profit after impairment charges 3,675,673 3,393,191 3,048,536 2,638,169
Prima facie tax calculated at tax rate of 17% (2013: 17%) 624,864 576,842 518,251 448,489
Effect of:
Income taxed at concessionary rates (62,999) (54,648) (62,185) (42,806)
Different tax rates in other countries 106,018 111,272 42,708 36,428
Losses of foreign operations not offset against taxable
income of Singapore operations 132 56 132
Income not subject to tax (52,891) (66,604) (72,500) (66,494)
Expenses not deductible for tax 27,468 39,694 6,101 26,034
Others 1,020 817 160 (88)
Tax expense on profit of the financial year 643,480 607,505 432,591 401,695
13. Earnings Per Share

Basic and diluted earnings per share (EPS) are determined as follows:
The Group
2014 2013
Profit attributable to equity holders of the Bank ($000) 3,249,101 3,007,900
Dividends on preference shares ($000) (36,799) (103,153)
Distribution of perpetual capital securities ($000) (65,400)
Adjusted profit ($000) 3,146,902 2,904,747
Weighted average number of ordinary shares (000)

In issue 1,591,208 1,575,192
Adjustment for potential ordinary shares under share-based compensation plans 5,580 4,580
Diluted 1,596,788 1,579,772
EPS ($)
Basic 1.98 1.84
Diluted 1.97 1.84

14. Share Capital and Other Capital
(a)
2014 2013
Number of Number of
shares Amount shares Amount
000 $000 000 $000
Ordinary shares
Issue of shares under scrip dividend scheme 24,050 516,594
Treasury shares
Balance at 1 January (14,069) (272,446) (15,733) (304,667)
Issue of shares under share-based compensation plans 2,212 42,836 1,664 32,221
Balance at 31 December (11,857) (229,610) (14,069) (272,446)
Ordinary share capital 1,602,687 3,714,622 1,576,425 3,155,192
4.90% non-cumulative non-convertible perpetual capital

securities issued on 23 July 2013 847,441 847,441
4.75% non-cumulative non-convertible perpetual capital

securities issued on 19 November 2013 498,552 498,552
Share capital and other capital of the Bank 5,060,615 4,501,185
Non-cumulative non-convertible guaranteed SPV-A

preference shares at 1 January and 31 December 5 831,550 5 831,550
Share capital and other capital of the Group 5,892,165 5,332,735
Ordinary shares held by associates and joint ventures of
the Group 778
(b) The ordinary shares have no par value and were fully paid. The holders of ordinary shares (excluding treasury shares) have
unrestricted rights to dividends, return of capital and voting.
(c) During the financial year, the Bank issued 2,212,000 (2013: 1,664,000) treasury shares to participants of the share-based
compensation plans.
(d) The 4.90% non-cumulative non-convertible perpetual capital securities were issued by the Bank on 23 July 2013. The
capital securities are perpetual securities but may be redeemed at the option of the Bank on 23 July 2018 or any
distribution payment date thereafter or upon the occurrence of certain redemption events. The principal of the capital
securities can be written down in full or in part upon notification of non-viability by MAS.
The capital securities bear a fixed distribution rate of 4.90% per annum, subject to a reset on 23 July 2018 (and every five
years thereafter) to a rate equal to the prevailing five-year SGD SOR plus the initial margin of 3.195%. Distributions are
payable semi-annually on 23 January and 23 July of each year, unless cancelled by the Bank at its sole discretion or unless
the Bank has no obligation to pay the distributions.
The capital securities constitute direct, unsecured and subordinated obligations of the Bank and rank pari passu without
preference among themselves.

14. Share Capital and Other Capital (continued)

(e) The 4.75% non-cumulative non-convertible perpetual capital securities were issued by the Bank on 19 November 2013.
The capital securities are perpetual securities but may be redeemed at the option of the Bank on 19 November 2019 or any
distribution payment date thereafter or upon the occurrence of certain redemption events. The principal of the capital
securities can be written down in full or in part upon notification of non-viability by MAS.
The capital securities bear a fixed distribution rate of 4.75% per annum, subject to a reset on 19 November 2019 (and every
six years thereafter) to a rate equal to the prevailing six-year SGD SOR plus the initial margin of 2.92%. Distributions are
payable semi-annually on 19 May and 19 November of each year, unless cancelled by the Bank at its sole discretion or
unless the Bank has no obligation to pay the distributions.
The capital securities constitute direct, unsecured and subordinated obligations of the Bank and rank pari passu without
preference among themselves.
(f) The non-cumulative non-convertible guaranteed SPV-A preference shares of US$0.01 each with liquidation preference of
US$100,000 per share were issued on 13 December 2005 by the Bank via its wholly-owned subsidiary, UOB Cayman I
Limited. The entire proceeds were used by the subsidiary to subscribe for the US$500 million subordinated note (Note
21b(vi)) issued by the Bank.
The shares are perpetual securities with no maturity date. They are redeemable in whole but not in part, (a) at the discretion
of the subsidiary for cash on any dividend payment date on or after 15 March 2016 or (b) at the discretion of the Bank, for
cash or for one Class A preference share per SPV-A preference share in the event of certain changes in the tax laws of
Singapore or the Cayman Islands, or on any day after 13 December 2010 on the occurrence of certain special events. The
SPV-A preference shares will be automatically redeemed upon the occurrence of certain specific events.
The shares are guaranteed by the Bank on a subordinated basis in respect of dividends and redemption payments. In the
event any dividend or guaranteed payment with respect to the shares is not paid in full, the Bank and its subsidiaries (other
than those carrying on banking business) that have outstanding preference shares or other similar obligations that constitute
Tier 1 capital of the Group on an unconsolidated basis are estopped from declaring and paying any dividend or other
distributions in respect of their ordinary shares or any other security or obligation of the Group ranking pari passu with or
junior to the subordinated guarantee.
Dividends on the shares are payable at the sole discretion of the Bank semi-annually at an annual rate of 5.796% of the
liquidation preference from 15 March 2006 to and including 15 March 2016. After 15 March 2016, dividends are payable
quarterly at a floating rate per annum equal to the three-month LIBOR plus 1.745%.
(g) The perpetual capital securities and SPV-A preference shares qualify as Tier 1 capital for the calculation of the Group's
capital adequacy ratios.

15. Retained Earnings
(a)
The Group The Bank

2014 2013 2014 2013
$000 $000 $000 $000
Profit for the financial year attributable to equity holders of
the Bank 3,249,101 3,007,900 2,691,211 2,298,271
Remeasurement of defined benefit obligation (4,801) (4,306) (268)
Transfer from/(to) other reserves 95,811 (23,058) 115,062
Reclassification of share-based compensation reserves on
expiry 80 6,038 80 6,038
Dividends
Ordinary shares
Final dividend of 50 cents one-tier tax-exempt and
special dividend of 5 cents one-tier tax-exempt
(2013: 40 cents one-tier tax-exempt and special
dividend of 10 cents one-tier tax-exempt) per share
paid in respect of prior financial year (867,243) (787,521) (867,243) (787,521)
Interim dividend of 20 cents one-tier tax-exempt
(2013: 20 cents one-tier tax-exempt) per share paid
in respect of the financial year (320,258) (315,045) (320,258) (315,045)
Semi-annual dividends at 5.796% per annum on non-
cumulative non-convertible guaranteed SPV-A
preference shares (25,723) (36,310)
Semi-annual dividends at 5.05% per annum on Class E
non-cumulative non-convertible preference shares (66,843) (66,843)
4.90% non-cumulative non-convertible perpetual
capital securities issued on 23 July 2013 (41,650) (41,650)
4.75% non-cumulative non-convertible perpetual
capital securities issued on 19 November 2013 (23,750) (23,750)
(1,278,624) (1,205,719) (1,252,901) (1,169,409)
(b) The retained earnings are distributable reserves except for an amount of $487,579,000 (2013: $565,044,000), being the
Groups share of revenue reserves of associates and joint ventures which is distributable only upon realisation by way of
dividend from or disposal of investment in the associates and joint ventures.
(c) In respect of the financial year ended 31 December 2014, the directors have proposed a final one-tier tax-exempt dividend
of 50 cents and a special one-tier tax-exempt dividend of 5 cents per ordinary share amounting to a total dividend of
$881,477,000. The proposed dividend will be accounted for in Year 2015 financial statements upon approval of the equity
holders of the Bank.

16. Other Reserves

(a)
The Group
Share of
Foreign reserves of
currency Share-based associates
Fair value translation compensation Merger Statutory General and joint
reserve reserve reserve reserve reserve reserve ventures Others Total
$000 $000 $000 $000 $000 $000 $000 $000 $000
2014
Balance at 1 January 478,578 (1,199,851) 45,191 3,266,744 3,267,989 3,416,316 51,909 (274,220) 9,052,656
Other comprehensive income
for the financial year
attributable to equity
holders of the Bank 536,051 102,624 25,656 664,331
Transfers (115,062) 25,902 (6,651) (95,811)
Reclassification of share-
based compensation
reserves on expiry (80) (80)
Issue of shares under share-
based compensation plans (32,941) (9,895) (42,836)
Change in non-controlling
interests 1,304 1,304
Balance at 31 December 1,014,629 (1,097,227) 45,699 3,151,682 3,293,891 3,416,316 77,565 (289,462) 9,613,093
2013
Balance at 1 January 658,222 (940,527) 50,400 3,266,744 3,235,861 3,422,847 148,278 (255,820) 9,586,005
Other comprehensive income
for the financial year
attributable to equity
holders of the Bank (179,644) (259,324) (96,369) (535,337)
Transfers 31,535 (6,531) (1,946) 23,058
Reclassification of share-
based compensation
reserves on expiry (6,038) (6,038)
Issue of shares under share-
based compensation plans (27,730) (4,491) (32,221)
Increase in statutory reserves 593 593
Change in non-controlling
interests (9,374) (9,374)
Redemption of preference
shares (2,589) (2,589)
Balance at 31 December 478,578 (1,199,851) 45,191 3,266,744 3,267,989 3,416,316 51,909 (274,220) 9,052,656

16. Other Reserves (continued)
(a) (continued)
The Bank
Foreign
currency Share-based
Fair value translation compensation Merger Statutory General
reserve reserve reserve reserve reserve reserve Others Total
$000 $000 $000 $000 $000 $000 $000 $000
2014
Balance at 1 January 548,319 (76,236) 45,191 3,266,744 2,752,922 2,930,499 (21,788) 9,445,651
Other comprehensive income for the
financial year 450,818 8,466 459,284
Transfer to retained earnings (115,062) (115,062)
Reclassification of share-based
compensation reserves on expiry (80) (80)
compensation plans (32,941) (9,895) (42,836)
Balance at 31 December 999,137 (67,770) 45,699 3,151,682 2,752,922 2,930,499 (31,683) 9,780,486
2013
Balance at 1 January 675,064 (88,676) 50,400 3,266,744 2,752,922 2,930,499 (14,708) 9,572,245
Other comprehensive income for the
financial year (126,745) 12,440 (114,305)
Reclassification of share-based
compensation reserves on expiry (6,038) (6,038)
compensation plans (27,730) (4,491) (32,221)
Redemption of preference shares (2,589) (2,589)
Balance at 31 December 548,319 (76,236) 45,191 3,266,744 2,752,922 2,930,499 (21,788) 9,445,651
(b) Fair value reserve contains cumulative fair value changes of outstanding available-for-sale financial assets.
(c) Foreign currency translation reserve represents differences arising from the use of year end exchange rates versus historical
rates in translating the net assets of foreign operations, net of effective portion of the fair value changes of related
hedging instruments.
(d) Share-based compensation reserve reflects the Banks and the Groups commitments under the share-based
compensation plans.
(e) Merger reserve represents the premium on shares issued in connection with the acquisition of Overseas Union
Bank Limited.
(f) Statutory reserve is maintained in accordance with the provisions of applicable laws and regulations. This reserve is non-
distributable unless otherwise approved by the relevant authorities.
Under the Singapore Banking (Reserve Fund) (Transitional Provision) Regulations 2007, the Bank may distribute or utilise its
statutory reserve provided that the amount distributed or utilised for each financial year does not exceed 20% of the reserve
as at 30 March 2007.
(g) General reserve has not been earmarked for any specific purpose.

16. Other Reserves (continued)

(h) Share of reserves of associates and joint ventures comprises the Groups share of associates and joint ventures post-
acquisition revenue reserve at 1 January 1998 and other reserves, adjusted for goodwill arising from acquisition of
associates and joint ventures prior to 1 January 2001. These reserves are non-distributable until they are realised by way of
dividend from or disposal of investment in the associates and joint ventures.
The Groups share of profit of associates and joint ventures is included in the retained earnings with effect from
1 January 1998.
(i) Other reserves include amounts transferred from retained earnings pertaining to gains on sale of investments by certain
subsidiaries in accordance with their memorandums and articles of association, bonus shares issued by subsidiaries, gains
and losses on issue of treasury shares under the share-based compensation plans, as well as the difference between
consideration paid and interest acquired from non-controlling interests of subsidiaries.
17. Classification of Financial Assets and Financial Liabilities

(a)
The Group
Designated
as fair value Loans and
through receivables/
Held for profit or Available- amortised
trading loss for-sale cost Total
$000 $000 $000 $000 $000
2014
Cash, balances and placements with central
banks 789,859 10,875,320 23,417,729 35,082,908
securities 234,757 7,521,952 7,756,709
Other government treasury bills and securities 1,553,900 8,587,042 10,140,942
Trading securities 738,262 738,262
Placements and balances with banks 1,342,976 131,024 2,842,986 24,375,065 28,692,051
Loans to non-bank customers 230,128 195,672,435 195,902,563
Derivative financial assets 6,305,928 6,305,928
Debt 579,697 7,642,006 173,496 8,395,199
Equity 3,044,350 3,044,350
Other assets 578,797 107,032 1,877,602 2,563,431
Total financial assets 11,774,607 710,721 40,620,688 245,516,327 298,622,343
Non-financial assets 8,113,800
Total assets 306,736,143
Deposits and balances of banks, non-bank

customers and subsidiaries 1,518,454 2,750,963 240,706,574 244,975,991
Bills and drafts payable 950,727 950,727
Derivative financial liabilities 6,383,979 6,383,979
Other liabilities 194,938 2,654,157 2,849,095
Debts issued 494,888 20,458,415 20,953,303
Total financial liabilities 8,097,371 3,245,851 264,769,873 276,113,095
Non-financial liabilities 851,043
Total liabilities 276,964,138

17. Classification of Financial Assets and Financial Liabilities (continued)
(a) (continued)
The Group
Designated Loans and
as fair value receivables/
Held for through Available- amortised
trading profit or loss for-sale cost Total
$000 $000 $000 $000 $000
2013
banks 657,019 4,116,101 22,107,461 26,880,581
securities 134,097 9,520,814 9,654,911
Other government treasury bills and securities 1,345,110 6,598,387 7,943,497
Placements and balances with banks 558,666 2,019,391 28,833,683 31,411,740
Loans to non-bank customers 178,856,863 178,856,863
Debt 655,873 7,916,068 194,337 8,766,278
Equity 3,373,628 3,373,628
Other assets 587,234 151,127 2,389,466 3,127,827

Bills and drafts payable 1,035,208 1,035,208
Debts issued 16,461 18,964,861 18,981,322


(a) (continued)
The Bank
Designated
Held for profit or Available- amortised
trading loss for-sale cost Total
$000 $000 $000 $000 $000
2014
banks 268,965 9,195,840 15,342,564 24,807,369
securities 234,756 7,393,072 7,627,828
Other government treasury bills and securities 205,919 3,776,222 3,982,141
Placements and balances with banks 1,276,083 51,049 1,515,460 21,489,979 24,332,571
Loans to non-bank customers 230,128 149,299,525 149,529,653
Placements with and advances to subsidiaries 38,577 7,688,404 7,726,981
Debt 348,877 6,655,942 649,084 7,653,903
Equity 2,640,443 2,640,443
Other assets 756,379 4,661 714,322 1,475,362

Debts issued 494,888 20,643,657 21,138,545

(a) (continued)
The Bank
Designated
Held for profit Available- amortised
trading or loss for-sale cost Total
$000 $000 $000 $000 $000
2013
banks 400,423 3,616,857 9,836,695 13,853,975
securities 134,097 9,391,831 9,525,928
Other government treasury bills and securities 47,993 3,580,454 3,628,447
Placements and balances with banks 347,088 2,019,391 25,665,818 28,032,297
Loans to non-bank customers 136,538,266 136,538,266
Placements with and advances to subsidiaries 736,198 6,954,389 7,690,587
Debt 394,335 6,928,188 608,463 7,930,986
Equity 3,038,268 3,038,268
Other assets 642,062 41,448 1,348,053 2,031,563

Debts issued 16,461 18,529,646 18,546,107
(b) Certain financial derivatives were designated as hedging instruments for fair value hedges as set out in Note 36a.


(c) For the financial instruments designated as fair value through profit or loss, the amounts payable at maturity are as follows:
The Group The Bank

2014 2013 2014 2013
$000 $000 $000 $000
Financial liabilities
Deposits and balances of banks, non-bank customers
and subsidiaries 2,774,509 2,080,785 1,606,736 1,390,067
Debts issued 475,154 16,550 475,154 16,550
3,249,663 2,097,335 2,081,890 1,406,617
(d) Fair values of the financial instruments

The valuation process adopted by the Group is governed by the valuation, market data, and reserves policies. These
policies set the methodologies and controls for the valuation of financial assets and liabilities where mark-to-market or
mark-to-model is required. The valuation process incorporating the market rates, the methodologies and models, including
the analysis of the valuation are regularly reviewed by Group Market Risk Control (MRC) within Group Risk Management.
Further independent assurances are provided by internal auditors.
The rates and parameters utilised for valuation purposes are independently verified by the MRC. The market rates and
parameters verification involves checks against available market providers or sources. These are applicable to products or
instruments with liquid market or those traded within an exchange. Where market prices are not liquid, MRC will utilise
additional techniques such as historical estimation or available proxy market rates and parameters to provide an additional
layer of reasonableness checks. Where products or instruments are complex, the Group utilises approved valuation model.
All valuation models are independently validated by Group Risk Analytics Division (RAD) within Group Risk Management.
The model validation provides the assurance of conceptual soundness of models used including the model inputs and
outputs under normal market conditions and stressed market conditions.
In instances where unobservable inputs are used in the valuation models that are classified under Level 3 of the fair value
hierarchy, apart from utilising market proxy instruments or prices, MRC could utilise available financial disclosures such as
cash flow, profit and loss or net asset value in financial statements as a reasonableness check.
The valuation process is supplemented by valuation reserves to adjust for valuation uncertainties. MRC proposes the
valuation reserve methodologies and adjustments which are rigorously discussed at the Market Risk Models & Reserves
Working Group. This working group provides the support to Group Asset and Liability Committee (ALCO) for matters
relating to model validation issues and valuation reserves.
The valuation adjustments or reserves set aside include bid/offer rate adjustments for long or short positions, illiquidity
adjustments for less liquid or where proxies are utilised, concentration adjustments for larger positions, model or parameter
adjustments where complex models or estimated parameters are utilised, and other adjustments such as day 1 profit or
loss for transactions that are longer term.
For financial instruments carried at cost or amortised cost, their fair values are assessed as follows:
For cash, balances, placements and deposits of central banks, banks and subsidiaries, deposits of non-bank customers
with short-term or no stated maturity, as well as interest and other short-term receivables and payables, fair values are
expected to approximate the carrying amounts.
For loans and deposits of non-bank customers, non-subordinated debts issued and investment debt securities, fair
values are estimated based on independent broker quotes or using discounted cash flow method.
For subordinated notes issued, fair values are determined based on quoted market prices.
.

(d) Fair values of the financial instruments (continued)
Except for the following items, fair values of the financial instruments carried at cost or amortised cost were assessed to be
not materially different from their carrying amounts.
The Group The Bank

Carrying Carrying
amount Fair value amount Fair value
$000 $000 $000 $000
2014
Investment debt securities 173,496 170,677 649,084 646,264
Debts issued 20,458,415 20,560,845 20,643,657 20,746,069
2013
Debts issued 18,964,861 19,003,217 18,529,646 18,567,834
(e) The Group classified financial instruments carried at fair value by level of the following fair value measurement hierarchy:
Level 1 Unadjusted quoted prices in active markets for identical financial instruments
Level 2 Inputs other than quoted prices that are observable either directly or indirectly
Level 3 Inputs that are not based on observable market data
The Group
2014 2013
Level 1 Level 2 Level 3 Level 1 Level 2 Level 3
$000 $000 $000 $000 $000 $000
Cash, balances and placements with
central banks 11,665,179 4,773,120
Singapore Government treasury bills
and securities 7,756,709 9,654,911
Other government treasury bills and
securities 10,140,942 7,943,497
Placements and balances with banks 4,316,986 2,578,057
Loans to non-bank customers 230,128
Derivative financial assets 12,496 6,094,346 199,086 20,356 5,590,918 168,223
Debt 6,830,538 1,390,259 906 6,760,491 1,809,448 2,002
Equity 973,312 2,071,038 1,410,737 883,551 92,005
Other assets 685,829 690,549 47,812
27,138,088 23,696,898 2,271,030 27,108,672 15,682,906 262,230
Total financial assets carried at fair

value 53,106,016 43,053,808
Deposits and balances of banks, non-

bank customers and subsidiaries 4,269,417 3,255,100
Derivative financial liabilities 11,209 6,173,684 199,086 1,247 5,708,303 168,223
Other liabilities 194,938 285,456
Debts issued 494,888 16,461
206,147 10,937,989 199,086 286,703 8,979,864 168,223
Total financial liabilities carried at fair

value 11,343,222 9,434,790


(e) (continued)
The Bank
2014 2013
Level 1 Level 2 Level 3 Level 1 Level 2 Level 3
$000 $000 $000 $000 $000 $000
Cash, balances and placements with
central banks 9,464,805 4,017,280
Singapore Government treasury bills
and securities 7,627,828 9,525,928
Other government treasury bills and
securities 3,982,141 3,628,447
Placements and balances with banks 2,842,592 2,366,479
Loans to non-bank customers 230,128
Placements with and advances to
subsidiaries 38,577 736,198
Derivative financial assets 5,567 5,505,705 199,086 26,493 4,835,586 168,223
Debt 5,649,002 1,354,911 906 5,610,061 1,710,460 2,002
Equity 818,934 1,821,509 1,248,866 770,307 60,963
Other assets 761,040 652,846 30,664
19,621,351 19,398,141 2,021,501 21,995,177 13,730,776 231,188
Total financial assets carried at fair

value 41,040,993 35,957,141
Deposits and balances of banks, non-

bank customers and subsidiaries 3,116,441 2,574,247
Derivative financial liabilities 5,195 5,723,974 199,086 1,114 5,027,169 168,223
Other liabilities 194,847 51,043 287,309 47,296
Debts issued 494,888 16,461
200,042 9,386,346 199,086 288,423 7,665,173 168,223
Total financial liabilities carried at fair

value 9,785,474 8,121,819

(f) The following table presents the changes in Level 3 instruments for the financial year ended:
The Group
Fair value gains or (losses)

Unrealised
Other Balance gains included
Balance at Income comprehensive at 31 in income
1 January statement income Purchases Settlements Transfer in December statement
$000 $000 $000 $000 $000 $000 $000 $000
2014
Assets
Derivative financial
assets 168,223 30,863 199,086 30,863
Investment securities-
debt 2,002 (73) 904 (1,927) 906
equity 92,005 12,504 318,867 17,275 (63,064) 1,693,451 2,071,038
Liabilities
liabilities 168,223 30,863 199,086 30,863
2013
Assets
assets 168,223 168,223 168,223
debt 2,028 75 1,927 (2,028) 2,002
equity 82,181 (257) (805) 15,726 (4,840) 92,005
Liabilities
liabilities 168,223 168,223 168,223


(f) (continued)
The Bank
Fair value gains or (losses)

Unrealised
gains
Other Balance included in
Balance at 1 Income comprehensive at 31 income
January statement income Purchases Settlements Transfer in December statement
$000 $000 $000 $000 $000 $000 $000 $000
2014
Assets
assets 168,223 30,863 199,086 30,863
debt 2,002 (73) 904 (1,927) 906
equity 60,963 12,580 264,157 12,708 (58,779) 1,529,880 1,821,509
Liabilities
liabilities 168,223 30,863 199,086 30,863
2013
Assets
assets 168,223 168,223 168,223
debt 1,996 75 1,927 (1,996) 2,002
equity 61,280 (850) 138 2,414 (2,019) 60,963
Liabilities
liabilities 168,223 168,223 168,223
(g) Effect of changes in significant unobservable inputs to reflect reasonably possible alternatives
As at 31 December 2014, financial instruments measured with valuation techniques using significant unobservable inputs
(Level 3) included unquoted equity investments and funds, unquoted debt securities, and long dated equity derivatives,
summarised as follows:
Classification Valuation technique Unobservable inputs

2014
Assets
Derivative financial assets FVPL1 Option Pricing Model Standard deviation
Investment securities-debt AFS2 Discounted Cash Flow Credit spreads
Investment securities-equity AFS2 Multiples and Net Net asset value,
Asset Value Earnings and financial
ratios multiples
Liabilities
Derivative financial liabilities FVPL1 Option Pricing Model Standard deviation
1 Financial instruments classified as fair value through profit or loss.

2 Financial instruments classified as available-for-sale.

(g) (continued)
There are limited inter-relationships between unobservable inputs as the financial instruments are usually categorised into
Level 3 because of a single unobservable input.
In estimating significance, the Group performed sensitivity analysis based on methodologies applied for fair value
adjustments. These adjustments reflect the values which the Group estimates to be appropriate to reflect uncertainties in
the inputs used (e.g. based on stress testing methodologies on the unobservable input). The methodologies used can be
statistical or based on other relevant approved techniques.
The movement in fair value arising from reasonably possible changes to the significant unobservable input is assessed as
not significant.
18. Deposits and Balances of Non-Bank Customers

The Group The Bank
2014 2013 2014 2013
$000 $000 $000 $000
Fixed deposits 129,787,002 120,773,293 94,341,385 86,357,748
Savings deposits 51,654,000 45,491,566 41,246,101 37,349,034
Current accounts 45,481,692 40,289,443 38,691,177 34,210,913
Others 6,826,950 7,993,240 4,844,226 5,574,594
233,749,644 214,547,542 179,122,889 163,492,289
19. Other Liabilities

The Group The Bank
2014 2013 2014 2013
$000 $000 $000 $000
Accrued interest payable 552,135 541,313 276,164 259,333
Accrued operating expenses 648,304 640,794 351,195 366,991
Sundry creditors 1,419,410 1,359,588 451,510 651,846
Others 537,874 386,800 393,316 362,681
3,157,723 2,928,495 1,472,185 1,640,851

20. Deferred Tax

Deferred tax comprises the following:
The Group The Bank

2014 2013 2014 2013
$000 $000 $000 $000
Deferred tax liabilities on:
Unrealised gain on available-for-sale financial assets 97,677 72,420 76,143 64,271
Accelerated tax depreciation 88,223 78,216 78,902 68,651
Fair value of depreciable assets acquired in business
combination 28,045 29,249 28,045 29,249
Others 71,245 83,630 808 519
285,190 263,515 183,898 162,690
Amount offset against deferred tax assets (124,701) (177,130) (100,710) (162,690)
160,489 86,385 83,188
Deferred tax assets on:

Unrealised loss on available-for-sale financial assets 614 513 297 209
Allowance for impairment 155,377 268,671 115,030 171,619
Tax losses 49,719 7,682 48,050
Unrealised loss on financial instruments fair value to profit
and loss 70,803 84,480 4,289 7,284
Others 79,824 103,494 34,780 49,974
356,337 464,840 202,446 229,086
Amount offset against deferred tax liabilities (124,701) (177,130) (100,710) (162,690)
231,636 287,710 101,736 66,396
Net deferred tax assets 71,147 201,325 18,548 66,396
Movements in the deferred tax during the financial year are as follows:
The Group The Bank

2014 2013 2014 2013
$000 $000 $000 $000
Balance at 1 January 201,325 275,024 66,396 94,001
Currency translation adjustments (3,115) (13,832) (3,356) (8,133)
Charge to income statement (103,190) (45,736) (32,711) (3,219)
Charge to equity (23,873) (14,131) (11,781) (16,253)
Balance at 31 December 71,147 201,325 18,548 66,396
The Group has not recognised deferred tax asset in respect of tax losses of $23,353,000 (2013: $15,088,000) which can be
carried forward to offset against future taxable income, subject to meeting certain statutory requirements of the relevant tax
authorities. These tax losses have no expiry date except for an amount of $334,000 (2013: $115,000) which will expire between
the years 2017 and 2034 (2013: 2024 and 2031).

21. Debts Issued
(a)
The Group The Bank

2014 2013 2014 2013
$000 $000 $000 $000
Subordinated notes
S$1 billion 4.100% subordinated notes due 2014 1,018,864 1,018,864
S$1 billion 3.45% subordinated notes due 2021
callable in 2016 1,012,708 1,026,388 1,012,708 1,026,388
S$1.2 billion 3.15% subordinated notes due 2022
callable in 2017 1,187,170 1,194,512 1,187,170 1,194,512
S$500 million 3.50% subordinated notes due 2026
callable in 2020 495,315 495,315
US$1 billion 5.375% subordinated notes due 2014 1,306,585 1,306,585
US$800 million 3.75% subordinated notes due 2024
callable in 2019 1,058,346 1,058,346
US$500 million 2.875% subordinated notes due 2022
callable in 2017 651,687 618,555 651,687 618,555
US$500 million 5.796% subordinated note 660,700 632,350
RM500 million 4.88% subordinated notes due 2020
callable with step-up in 2015 189,003 192,553
IDR433 billion 11.35% subordinated notes due 2021 45,320
4,639,549 5,357,457 5,065,926 5,797,254
Of which, fair value hedge (gain)/loss (765) 72,632 (765) 72,632
Other debts issued

Credit-linked notes 74,725 16,461 74,725 16,461
Interest rate-linked notes 559,835 7,209 559,835 7,209
Equity-linked notes 962,905 897,229 962,905 897,229
Floating rate notes 2,031,646 860,152 2,031,646 860,152
Fixed rate notes 2,179,156 1,219,803 1,938,021 1,219,803
US commercial papers 10,502,137 9,733,808 10,502,137 9,733,808
Others 3,350 889,203 3,350 14,191
16,313,754 13,623,865 16,072,619 12,748,853
Of which, fair value hedge (gain)/loss 11,333 5,455 11,333 5,455
Total debts issued 20,953,303 18,981,322 21,138,545 18,546,107
(b) Subordinated notes

(i) The S$1 billion 3.45% subordinated notes were issued by the Bank at par on 1 April 2011 and will mature on
1 April 2021. The notes may be redeemed at par at the option of the Bank, in whole but not in part, on 1 April 2016 or
any subsequent interest payment date, or on any date in the event of certain changes in the tax laws of Singapore,
subject to the prior approval of the MAS and certain other conditions. Interest is payable semi-annually at a fixed rate
of 3.45% per annum up to and including 31 March 2016. From and including 1 April 2016, the interest rate shall
be reset to a fixed rate equal to the prevailing 5-year Singapore Dollar Interest Rate Swap Offer Rate on 1 April 2016
plus 1.475%.

21. Debts Issued (continued)

(b) Subordinated notes (continued)
(ii) The S$1.2 billion 3.15% subordinated notes were issued by the Bank at par on 11 July 2012 and will mature on
11 July 2022. The notes may be redeemed at par at the option of the Bank, in whole but not in part, on 11 July 2017
or any subsequent interest payment date, or on any date in the event of certain changes in the tax laws of Singapore,
subject to the prior approval of the MAS and certain other conditions. Interest is payable semi-annually at a fixed rate
of 3.15% per annum up to and including 10 July 2017. From and including 11 July 2017, the interest rate shall be
reset to a fixed rate equal to the prevailing 5-year Singapore Dollar Interest Rate Swap Offer Rate on 11 July 2017
plus 2.115%.
(iii) The S$500 million 3.50% subordinated notes were issued by the Bank at par on 22 May 2014 and will mature on
22 May 2026. The notes may be redeemed at par at the option of the Bank, in whole but not in part, on 22 May 2020,
or at the occurrence of a tax event or change of qualification event, subject to the prior approval of the MAS and other
redemption conditions. Interest is payable semi-annually at a fixed rate of 3.50% per annum up to but excluding
22 May 2020. From and including 22 May 2020, the interest rate shall be reset to a fixed rate equal to the prevailing
Singapore 6-year Swap Offer Rate on 22 May 2020 plus 1.607%. As a Basel III capital instrument, the subordinated
notes can be written off in whole or in part if the Bank was determined by the MAS to be non-viable.
(iv) The US$800 million 3.75% subordinated notes were issued by the Bank at 99.357 on 19 March 2014 and will mature
on 19 September 2024. The notes may be redeemed at par at the option of the Bank, in whole but not in part, on
19 September 2019, or at the occurrence of a tax event or change of qualification event, subject to the prior approval
of the MAS and other redemption conditions. Interest is payable semi-annually at a fixed rate of 3.75% per annum up
to but excluding 19 September 2019. From and including 19 September 2019, the interest rate shall be reset to a
fixed rate equal to the prevailing United States Dollar 5-year Mid Swap Rate on 19 September 2019 plus 1.995%. As
a Basel III capital instrument, the subordinated notes can be written off in whole or in part if the Bank was determined
by the MAS to be non-viable.
(v) The US$500 million 2.875% subordinated notes were issued by the Bank at 99.575 on 17 October 2012 and will
mature on 17 October 2022. The notes may be redeemed at par at the option of the Bank, in whole but not in part,
on 17 October 2017 or any subsequent interest payment date, or on any date in the event of certain changes in the
tax laws of Singapore, subject to the prior approval of the MAS and certain other conditions. Interest is payable semi-
annually at a fixed rate of 2.875% per annum up to and excluding 17 October 2017. From and including
17 October 2017, the interest rate shall be reset to a fixed rate equal to the prevailing 5-year U.S. Treasury Rate on
17 October 2017 plus initial spread of 2.30%.
(vi) The US$500 million 5.796% subordinated note was issued by the Bank at par to UOB Cayman I Limited on
13 December 2005. It matures on 12 December 2055 which is subject to extension. The note may be redeemed, in
whole but not in part, at the option of the Bank, on 15 March 2016 or any interest payment date thereafter, subject to
the approval of MAS and certain other conditions. Interest is payable semi-annually at 5.796% per annum beginning
15 March 2006. From and including 15 March 2016, interest is payable quarterly at a floating rate per annum equal to
the three-month LIBOR plus 1.745%.
The S$ and US$ subordinated notes issued by the Bank are unsecured obligations with the US$500 million 5.796%
subordinated note ranking junior to all other S$ and US$ subordinated notes. All other liabilities of the Bank outstanding at
the balance sheet date rank senior to all the S$ and US$ subordinated notes. Except for the US$500 million 5.796%
subordinated note, the S$ and US$ subordinated notes qualify for Tier 2 capital.
(vii) The RM500 million 4.88% subordinated notes were issued by United Overseas Bank (Malaysia) Bhd (UOBM) on
29 March 2010 and will mature on 27 March 2020. The notes may be redeemed at par at the option of UOBM, in
whole but not in part, on 30 March 2015 or at any interest payment date thereafter. Interest is payable semi-annually
at 4.88% per annum beginning 29 September 2010. From and including 30 March 2015, interest is payable semi-
annually at 5.88% per annum.
(viii) The IDR433 billion 11.35% subordinated notes were issued by PT Bank UOB Indonesia on 28 May 2014 and will
mature on 28 May 2021. Interest is payable quarterly at a fixed rate of 11.35% per annum beginning 28 August 2014.

21. Debts Issued (continued)
(c) Other debts issued
(i) The credit-linked notes, with embedded credit default swaps, were issued at par with maturity on
23 September 2015. The notes will be redeemed at face value on the maturity date provided there is no occurrence
of a credit event. If there is an occurrence of a credit event, the underlying assets or the market values of the
underlying assets in cash term, depending on the terms and conditions of the contracts will be delivered to the
holders of the notes.
(ii) The interest rate-linked notes, with embedded interest rate derivatives, were issued at par with maturity ranging from
15 August 2015 to 26 September 2044. The periodic payouts and redemptions of the notes are linked to the interest
rate indices.
(iii) The equity-linked notes, with embedded equity derivatives, were issued at par with maturity ranging from
5 January 2015 to 2 December 2016. The periodic payments and payouts of the notes at maturity are linked to the
closing value of certain underlying equities or equity indices.
(iv) The floating rate notes comprise mainly notes issued at par with maturity ranging from 12 March 2015 to 11 March
2019. Interest is payable quarterly at a floating rate.
(v) The fixed rate notes comprise mainly notes issued by the Bank with maturity ranging from 24 June 2016 to 18 March
2020. Interest is payable semi-annually and quarterly at a fixed rate ranged from 2.2% to 2.5% per annum.
(vi) The US commercial papers were issued by the Bank with maturity ranging from 2 January 2015 to 10 July 2015.
Interest rates of the papers ranged from 0.17% to 0.31% per annum (2013: 0.17% to 0.25% per annum).
(vii) Others comprise mainly foreign exchange-linked note issued by the Bank with maturity ranging from 3 March 2015 to
22 May 2018.
22. Cash, Balances and Placements with Central Banks

The Group The Bank
2014 2013 2014 2013
$000 $000 $000 $000
Cash on hand 1,526,271 1,592,055 1,185,177 1,300,306
Balances with central banks
Restricted balances 5,378,590 5,636,546 3,429,404 3,724,637
Non-restricted balances 28,178,047 19,651,980 20,192,788 8,829,032
35,082,908 26,880,581 24,807,369 13,853,975
23. Trading Securities

The Group The Bank
2014 2013 2014 2013
$000 $000 $000 $000
Quoted securities
Debt 678,682 554,176 678,682 500,110
Equity 45,275 48,198 45,275 48,198
Unquoted securities
Debt 14,305 25,757 14,305 18,030
738,262 628,131 738,262 566,338

24. Loans to Non-Bank Customers

(a)
The Group The Bank

2014 2013 2014 2013
$000 $000 $000 $000
Loans to non-bank customers (gross) 199,342,620 181,977,609 151,945,533 138,753,959
Individual impairment (Note 24d) (656,977) (797,853) (374,437) (529,592)
Collective impairment (Note 24d) (2,783,080) (2,322,893) (2,041,443) (1,686,101)
Loans to non-bank customers (net) 195,902,563 178,856,863 149,529,653 136,538,266
Comprising:
Trade bills 2,861,326 2,501,182 896,803 407,106
Advances to customers 193,041,237 176,355,681 148,632,850 136,131,160
195,902,563 178,856,863 149,529,653 136,538,266
(b) Gross loans to non-bank customers analysed by industry
The Group The Bank

2014 2013 2014 2013
$000 $000 $000 $000
Transport, storage and communication 10,014,207 7,982,519 8,559,673 6,616,853
Building and construction 25,160,490 23,845,072 20,395,180 19,788,728
Manufacturing 17,138,603 15,998,638 10,465,496 9,559,855
Financial institutions 29,550,701 29,172,602 26,663,781 26,623,001
General commerce 27,118,835 22,159,012 19,116,404 15,000,009
Professionals and private individuals 26,007,428 24,610,845 18,293,684 17,732,965
Housing loans 54,711,159 50,486,511 40,442,405 37,589,734
Others 9,641,197 7,722,410 8,008,910 5,842,814
199,342,620 181,977,609 151,945,533 138,753,959
(c) Gross loans to non-bank customers analysed by currency
The Group The Bank

2014 2013 2014 2013
$000 $000 $000 $000
Singapore dollar 106,784,698 101,538,336 106,451,643 101,245,958
US dollar 33,471,284 26,922,643 29,769,476 23,888,206
Malaysian ringgit 24,364,127 23,307,587 5,342
Thai baht 10,154,988 9,147,796 351 142
Indonesian rupiah 4,776,767 4,242,116
Others 19,790,756 16,819,131 15,724,063 13,614,311
199,342,620 181,977,609 151,945,533 138,753,959

24. Loans to Non-Bank Customers (continued)
(d) Movements of allowance for impairment on loans
2014 2013
Individual Collective Individual Collective
impairment impairment impairment impairment
$000 $000 $000 $000
The Group
Balance at 1 January 797,853 2,322,893 960,369 1,964,347
Currency translation adjustments 8,972 1,098 (38,142) (19,742)
Write-off/disposal (322,960) (226,459)
Reclassification (983) 71,027 2,627 (2,619)
Net charge to income statement 174,095 388,062 99,458 380,907
Balance at 31 December 656,977 2,783,080 797,853 2,322,893
The Bank
Balance at 1 January 529,592 1,686,101 640,137 1,470,802
Currency translation adjustments 3,772 351 (26,740) (46)
Write-off/disposal (230,870) (140,415)
Reclassification 70,000
Net charge to income statement 71,943 284,991 56,610 215,345
Balance at 31 December 374,437 2,041,443 529,592 1,686,101
25. Financial Assets Transferred

The Group transfers financial assets to third parties in the ordinary course of business. Transferred assets where the
Group retains substantially all the risks and rewards of the transferred assets, continues to be recognised on the Groups
(a) Assets pledged or transferred
Assets transferred under repurchase agreements are conducted under terms and conditions that are usual market practice.
The counterparty is typically allowed to sell or re-pledge the securities but has an obligation to return them. Assets pledged
or transferred are summarised in the table below:
The Group The Bank

2014 2013 2014 2013
$000 $000 $000 $000
Assets pledged and transferred, at carrying amount
Singapore Government treasury bills and securities 673,269 447,534 673,269 447,534
Other government treasury bills and securities 632,293 950,715 510,445 716,946
Placements and balances with banks
Negotiable certificates of deposit 523,449 1,183,455 523,449 1,183,455
Bankers acceptances 27,094 39,524 27,094 39,524
Investment securities 79,113 33,878 79,113 33,878
1,935,218 2,655,106 1,813,370 2,421,337
The amount of the associated liabilities approximates the carrying amount of the assets pledged.

25. Financial Assets Transferred (continued)

(b) Collateral received
For repurchase agreements (Repo) where the Group receives assets as collateral is as follows:
The Group The Bank

2014 2013 2014 2013
$000 $000 $000 $000
Assets received for reverse Repo transactions, at fair value 3,179,044 3,886,401 2,469,795 1,890,097
Of which, sold or repledged 63,161 20,658 63,161 20,658
(c) Repo and reverse Repo transactions subject to netting agreements

To mitigate credit risk, the Bank and the Group enter into global master repurchase agreements which allow the Bank and
the Group to settle all amounts with a counterparty on a net basis in the event of default by that counterparty.
The table below shows the Banks and the Groups Repo and reverse Repo transactions that are not offset in the balance
sheet but are subject to enforceable netting agreements:
2014 2013
Reverse Reverse
Repo Repo Repo Repo
$000 $000 $000 $000
The Group
Amount before/after unconditional netting agreements as
included in the balance sheet 3,076,500 1,859,436 3,757,258 3,093,716
Amount subject to conditional netting agreements (3,076,500) (1,859,436) (3,757,258) (3,093,716)
Of which: Amount nettable (555,426) (555,426) (374,154) (374,154)
Financial collateral (2,516,957) (1,303,478) (3,382,095) (2,715,954)
Amount not subject to netting agreements
The Bank
Of which: Amount nettable (555,439) (555,439) (374,154) (374,154)
Financial collateral (1,810,368) (1,182,923) (1,391,345) (2,484,677)
26. Investment Securities

(a)
The Group The Bank

2014 2013 2014 2013
$000 $000 $000 $000
Quoted securities
Debt 6,411,242 6,519,002 5,849,179 5,945,380
Equity 1,022,769 1,659,732 849,317 1,478,789
Unquoted securities
Debt 2,158,720 2,420,797 1,964,378 2,158,178
Equity 2,130,274 2,017,828 1,868,805 1,833,125
Allowance for impairment (Note 30) (283,456) (477,453) (237,333) (446,218)
11,439,549 12,139,906 10,294,346 10,969,254

26. Investment Securities (continued)
(b) Investment securities analysed by industry
The Group The Bank

2014 2013 2014 2013
$000 $000 $000 $000
Transport, storage and communication 794,124 992,584 782,013 888,931
Building and construction 282,339 365,150 210,784 294,883
Manufacturing 1,175,105 1,287,296 1,146,771 1,251,520
Financial institutions 5,340,325 5,609,591 4,744,712 5,081,342
General commerce 609,651 607,471 488,104 471,854
Others 3,238,005 3,277,814 2,921,962 2,980,724
11,439,549 12,139,906 10,294,346 10,969,254
27. Other Assets

The Group The Bank
2014 2013 2014 2013
$000 $000 $000 $000
Interest receivable 808,701 740,279 523,483 496,218
Sundry debtors 770,400 1,550,985 47,068 874,078
Foreclosed properties 128,513 131,197
Others 1,272,461 1,077,326 909,656 764,910
Allowance for impairment (Note 30) (261,636) (287,264) (14,775) (35,831)
2,718,439 3,212,523 1,465,432 2,099,375
28. Investment in Associates and Joint Ventures

(a)
The Group The Bank

2014 2013 2014 2013
$000 $000 $000 $000
Material associates:
UOB-Kay Hian Holdings Limited 491,723 460,339 51,763 32,916
Network for Electronic Transfers (Singapore) Pte Ltd 54,819 52,832 7,399 7,399
546,542 513,171 59,162 40,315
Other associates/joint ventures 647,894 483,434 485,496 272,123
1,194,436 996,605 544,658 312,438
Allowance for impairment (Note 30) (4,987) (21,520) (43,205)
1,189,449 996,605 523,138 269,233
Market value of quoted equity securities at 31 December 456,824 478,419 456,824 478,419
Effective equity interest

of the Group
Country of 2014 2013
Name of associate Principal activities incorporation % %
Quoted
UOB-Kay Hian Holdings Limited Stockbroking Singapore 40 40
Unquoted
Network for Electronic Transfers (Singapore)
Pte Ltd Electronic funds transfer Singapore 33 33

28. Investment in Associates and Joint Ventures (continued)

(b) Aggregate information about the Groups investments in associates that are not individually material are as follows:
The Group
2014 2013
$000 $000
Profit for the financial year 120,002 133,335
Other comprehensive income 23,717 (96,416)
Total comprehensive income 143,719 36,919
(c) The summarised financial information in respect of UOB-Kay Hian Holdings Limited and Network for Electronic Transfers
(Singapore) Pte Ltd, based on its FRS financial statements and a reconciliation with the carrying amount of the investment in
the consolidated financial statements are as follows:
Summarised statements of comprehensive income

Network for Electronic
UOB-Kay Hian Transfers (Singapore)
Holdings Limited Pte Ltd
2014 2013 2014 2013
$000 $000 $000 $000
Operating income 408,897 423,000 147,890 132,148
Profit for the financial year 73,318 89,728 23,243 14,235
Other comprehensive income 4,149 660 43 16
Total comprehensive income 77,467 90,388 23,286 14,251
Summarised balance sheets

Network for Electronic
UOB-Kay Hian Transfers (Singapore)
Holdings Limited Pte Ltd
2014 2013 2014 2013
$000 $000 $000 $000
Current assets 2,438,234 2,873,188 311,511 301,153
Non-current assets 173,270 211,812 43,526 35,699
Total assets 2,611,504 3,085,000 355,037 336,852
Current liabilities 1,389,110 1,929,801 180,969 173,211

Non-current liabilities 3,185 4,619 9,611 5,145
Total liabilities 1,392,295 1,934,420 190,580 178,356
Net assets 1,219,209 1,150,580 164,457 158,496
Proportion of the Groups ownership 40% 40% 33% 33%

Groups share of net assets 491,659 460,339 54,819 52,832
Other adjustments 64
Carrying amount of the investment 491,723 460,339 54,819 52,832
Dividend of $18,847,000 (2013: $11,598,000) and $5,775,000 (2013: $5,756,000) were received from UOB-Kay Hian
Holdings Limited and Network for Electronic Transfers (Singapore) Pte Ltd respectively.

29. Investment in Subsidiaries
(a)
The Bank
2014 2013
$000 $000
Quoted equity securities 45,024 45,024
Unquoted equity securities 5,249,508 5,033,531
5,294,532 5,078,555
Allowance for impairment (Note 30) (313,794) (326,056)
4,980,738 4,752,499
Market value of quoted equity securities at 31 December 163,183 153,185
(b) Major subsidiaries of the Group as at the balance sheet date are as follows:

of the Group
Name of subsidiary incorporation % %
Commercial Banking
Far Eastern Bank Limited Singapore 79 79
United Overseas Bank (Malaysia) Bhd Malaysia 100 100
United Overseas Bank (Thai) Public Company Limited Thailand 99.7 99.7
PT Bank UOB Indonesia Indonesia 99 99
United Overseas Bank (China) Limited China 100 100
United Overseas Bank Philippines Philippines 100 100
Money Market
UOB Australia Limited Australia 100 100
Insurance
United Overseas Insurance Limited Singapore 58 58
Investment
UOB Capital Investments Pte Ltd Singapore 100 100
UOB Capital Management Pte Ltd Singapore 100 100
UOB International Investment Private Limited Singapore 100 100
UOB Property Investments Pte. Ltd. Singapore 100 100
UOB Venture Management (Shanghai) Co., Ltd1 China 100 100
UOB Holdings (USA) Inc.2 United States 100 100
UOB Property Investments China Pte Ltd Singapore 100
Investment Management
UOB Asset Management Ltd Singapore 100 100
UOB Venture Management Private Limited Singapore 100 100
UOB Asset Management (Malaysia) Berhad Malaysia 70 100
UOB Asset Management (Thailand) Co., Ltd. Thailand 100 100
UOB Investment Advisor (Taiwan) Ltd Taiwan 100 100
UOB Global Capital LLC1 United States 70 70
UOB Asia Investment Partners Pte Ltd Singapore 100 100

29. Investment in Subsidiaries (continued)

(b) (continued)

of the Group
Name of subsidiary incorporation % %
Bullion, Brokerage and Clearing
UOB Bullion and Futures Limited Singapore 100 100
Property
Industrial & Commercial Property (S) Pte Ltd Singapore 100 100
PT UOB Property Indonesia 100 100
UOB Realty (USA) Ltd Partnership2 United States 100 100
Travel
UOB Travel Planners Pte Ltd Singapore 100 100
Note:
Except as indicated, all subsidiaries incorporated in Singapore are audited by Ernst & Young LLP, Singapore and those incorporated in overseas are
audited by member firms of Ernst & Young Global Limited.
1 Audited by other auditors.
2 Not required to be audited.
(c) Interest in subsidiaries with material non-controlling interest (NCI)

The Group has the following subsidiaries that have NCI that are material to the Group:
Proportion of Accumulated
ownership Profit allocated NCI at the end
Principal interest held by to NCI during the of reporting Dividends
place of NCI reporting period period paid to NCI
Name of subsidiary business % $000 $000 $000
2014
United Overseas Insurance Limited Singapore 42 12,633 126,004 4,326
Far Eastern Bank Limited Singapore 21 401 41,167 423
2013
United Overseas Insurance Limited Singapore 42 11,422 114,527 4,326
Far Eastern Bank Limited Singapore 21 307 41,477 425

29. Investment in Subsidiaries (continued)
(d) Summarised financial information about subsidiaries with material NCI
Summarised financial information including goodwill on acquisition and consolidation adjustments but before intercompany
eliminations of subsidiaries with material non-controlling interests are as follows:
Summarised statements of comprehensive income

United Overseas Far Eastern Bank
Insurance Limited Limited
2014 2013 2014 2013
$000 $000 $000 $000
Operating income 49,571 45,867 12,429 11,755
Profit before tax 35,579 30,583 2,272 1,663
Tax 5,220 3,135 375 220
Profit for the financial year 30,359 27,448 1,897 1,443
Other comprehensive income 7,619 (68) (85) (1,492)
Total comprehensive income 37,978 27,380 1,812 (49)
Summarised balance sheets

2014 2013 2014 2013
$000 $000 $000 $000
Total assets 576,748 563,151 1,012,755 1,040,581
Total liabilities 273,939 287,922 817,873 845,511
Net assets 302,809 275,229 194,882 195,070
Other summarised information

2014 2013 2014 2013
$000 $000 $000 $000
Net cash flows from operations 3,293 19,778 1,266 (8,600)
Acquisition of property, plant and equipment 175 59
(e) Interests in unconsolidated structured entities

As at 31 December 2014, the Group had interests in certain investment funds where the Group was the fund manager and
the investors had no or limited removal rights over the fund manager. These funds were primarily financed by the investors.
The Groups maximum exposure to loss approximates the carrying amount of the Groups investment in the funds. The
table below summarises the Groups involvement in the funds.
The Group
2014
$000
Assets under management * 11,207,464
Investment in funds 57,373
Fee income 106,596
Investment income 3,100
* Based on the latest available financial reports of the structured entities.

30. Movements of Allowance for Impairment on Investments and Other Assets

Investments Other assets
2014 2013 2014 2013
$000 $000 $000 $000
The Group
Currency translation adjustments 2,816 10,190 5,793 (3,742)
Write-off/disposal (143,547) (94,049) (22,494) (9,600)
Net charge/(write-back) to income statement 10,289 (33,109) 2,549 (35,009)
Reclassification (58,568) (8,188) (11,476) 8,180
Investment
in
associates Investment
Investment and joint in Other
securities ventures subsidiaries assets
$000 $000 $000 $000
The Bank
2014
Currency translation adjustments 2,933 6 100
Write-off/disposal (141,337) (7,569) (22,368)
Net (write-back)/charge to income statement (481) (21,685) (4,699) 1,212
Reclassification (70,000)
2013
Currency translation adjustments 10,558 5 (82)
Write-off/disposal (75,909) (374)
Net (write-back)/charge to income statement (44,873) 196 7,242

31. Investment Properties
The Group The Bank
2014 2013 2014 2013
$000 $000 $000 $000
Balance at 1 January 984,905 1,015,858 1,280,779 1,289,807
Currency translation adjustments (4,532) (14,446) (2,005) (1,443)
Additions 31,283 8,709 5,773
Disposals (5,616) (3,883) (5,616) (2,164)
Depreciation charge (18,929) (15,553) (17,202) (17,792)
Write-back of impairment 547 2 547 2
Transfers (27,366) (5,782) (27,287) 6,596
Balance at 31 December 960,292 984,905 1,229,216 1,280,779
Represented by:
Cost 1,226,197 1,239,072 1,441,164 1,480,294
Accumulated depreciation (265,905) (252,735) (211,948) (198,083)
Allowance for impairment (1,432) (1,432)
Net carrying amount 960,292 984,905 1,229,216 1,280,779
Freehold property 420,146 418,561 810,130 834,179

Leasehold property 540,146 566,344 419,086 446,600
960,292 984,905 1,229,216 1,280,779
Market values of the investment properties of the Bank and the Group as at 31 December 2014 were estimated to be
$2,771 million and $3,146 million (2013: $2,821 million and $3,146 million) respectively. The valuation was performed by internal
valuers with professional qualifications and experience, taking into account market prices and rentals of comparable properties
using market comparison approach or using a combination of comparable sales and investment approach. These properties are
classified under Level 2 of the fair value hierarchy as the valuation is derived primarily from market observable inputs.

32. Fixed Assets

2014 2013
Owner- Owner-
occupied occupied
properties Others Total properties Others Total
$000 $000 $000 $000 $000 $000
The Group
Balance at 1 January 687,931 620,459 1,308,390 704,368 529,393 1,233,761
Currency translation adjustments 12,434 4,438 16,872 (6,642) (14,265) (20,907)
Additions 407 226,880 227,287 7,546 205,067 212,613
Disposals (4,837) (4,107) (8,944) (4,530) (3,844) (8,374)
Depreciation charge (14,893) (129,539) (144,432) (18,593) (95,892) (114,485)
Write-back of impairment 1,596 1,596
Transfers 27,366 27,366 5,782 5,782
Balance at 31 December 710,004 718,131 1,428,135 687,931 620,459 1,308,390
Represented by:
Cost 962,400 1,817,538 2,779,938 922,083 1,648,859 2,570,942
Accumulated depreciation (252,314) (1,099,407) (1,351,721) (233,668) (1,028,400) (1,262,068)
Allowance for impairment (82) (82) (484) (484)
Net carrying amount 710,004 718,131 1,428,135 687,931 620,459 1,308,390
Freehold property 479,094 475,732

Leasehold property 230,910 212,199
710,004 687,931
The Bank
Balance at 1 January 661,174 399,491 1,060,665 677,147 323,822 1,000,969
Currency translation adjustments 1,556 255 1,811 (212) (357) (569)
Additions 147,160 147,160 128,805 128,805
Disposals (424) (2,627) (3,051) (1,488) (1,488)
Depreciation charge (9,640) (78,896) (88,536) (9,165) (51,291) (60,456)
Write-back of impairment 1,118 1,118
Transfers 27,287 27,287 (6,596) (6,596)
Balance at 31 December 681,071 465,383 1,146,454 661,174 399,491 1,060,665
Represented by:
Cost 807,640 1,118,524 1,926,164 777,956 1,017,205 1,795,161
Accumulated depreciation (126,569) (653,141) (779,710) (116,526) (617,714) (734,240)
Allowance for impairment (256) (256)
Net carrying amount 681,071 465,383 1,146,454 661,174 399,491 1,060,665
Freehold property 568,031 532,418

Leasehold property 113,040 128,756
681,071 661,174
Market values of the owner-occupied properties of the Bank and the Group as at 31 December 2014 were estimated to be
$1,837 million and $2,748 million (2013: $1,789 million and $2,624 million) respectively. The valuation was performed by internal
valuers with professional qualifications and experience, taking into account market prices and rentals of comparable properties
using market comparison approach or using a combination of comparable sales and investment approach. These properties are
classified under Level 2 of the fair value hierarchy as the valuation is derived primarily from market observable inputs.
Others comprise mainly computer equipment, application software and furniture and fittings.

33. Intangible Assets
(a)
Goodwill
2014 2013
$000 $000
The Group
Balance at 1 January 4,143,810 4,168,332
Currency translation adjustments 5,470 (24,522)
Balance at 31 December 4,149,280 4,143,810
Represented by:
Cost 4,149,280 4,143,810
Accumulated impairment
Net carrying amount 4,149,280 4,143,810
(b) Goodwill is allocated on the date of acquisition to the reportable operating segments expected to benefit from the synergies
of business combination. The recoverable amount of the operating segments is based on their value in use, computed by
discounting the expected future cash flows of the segments. The key assumptions in computing the value in use include the
discount rates and growth rates applied. Discount rates are estimated based on current market assessments of time value
of money and risks specific to the Group as a whole and to individual countries such as Thailand and Indonesia. The growth
rates used does not exceed the historical long term average growth rate of the major countries. Cash flow projections are
based on most recent five-year financial forecasts provided by key business segments and approved by management.
These cash flows are derived based on outlook of macro-economic conditions from external sources, in particular, interest-
rates and foreign currency, taking into account managements past experience on impact of such changes to the cash
flows of the Group. Long-term growth rate is imputed on fifth-year cash flow and then discounted to determine the terminal
value. Key assumptions are as follows:
Discount rate Growth rate

2014 2013 2014 2013
Singapore 7.37 7.41 3.72 3.13
Thailand 11.75 11.64 3.37 4.27
Indonesia 12.65 12.39 5.81 5.68
Impairment is recognised in the income statement when the carrying amount of an operating segment exceeds its
recoverable amount. Management believes that any reasonably possible change in the key assumptions would not cause
the carrying amount of the operating segments to exceed their recoverable amount.
34. Contingent Liabilities

In the normal course of business, the Bank and the Group conduct businesses involving guarantees, performance bonds and
indemnities. The bulk of these liabilities are backed by the corresponding obligations of the customers. No assets of the Bank and
the Group were pledged as security for these contingent liabilities at the balance sheet date.
The Group The Bank

2014 2013 2014 2013
$000 $000 $000 $000
Direct credit substitutes 5,022,165 6,025,304 3,079,419 2,296,770
Transaction-related contingencies 7,267,863 6,181,043 4,647,314 3,877,386
Trade-related contingencies 6,223,766 11,881,078 4,966,866 9,684,920
Others 1,197 10,427 1,197 1,155
18,514,991 24,097,852 12,694,796 15,860,231

35. Financial Derivatives

Financial derivatives, such as forwards, swaps, futures and options, are instruments whose values change in response to the
change in prices of the underlying instruments.
In the normal course of business, the Bank and the Group transact in customised derivatives to meet specific needs of their
customers. The Bank and the Group also transact in these derivatives for proprietary trading purposes, as well as to manage their
assets, liabilities and structural positions. Risks associated with the use of derivatives and policies for managing these risks are set
out in Note 42.
(a) The table below shows the Banks and the Groups financial derivatives and their fair values at the balance sheet date.
These amounts do not necessarily represent future cash flows and amounts at risk of the derivatives.
2014 2013
Contract/ Contract/
notional Positive Negative notional Positive Negative
amount fair value fair value amount fair value fair value
$000 $000 $000 $000 $000 $000
The Group
Foreign exchange contracts
Forwards 39,133,210 817,848 439,200 29,025,186 481,150 332,853
Swaps 158,348,409 1,280,803 1,483,875 141,205,352 1,145,522 1,172,207
Futures 15,911
Options purchased 9,150,276 131,611 7,725,440 102,358
Options written 11,134,020 134,744 7,437,378 103,433
Interest rate contracts

Swaps 367,004,380 3,518,624 3,711,277 244,357,862 3,484,324 3,705,365
Futures 496,609 744 439 4,600,007 20,105 957
Options purchased 878,576 6,705 819,897 12,680
Options written 3,418,000 11,458 3,909,749 18,857
Equity-related contracts
Swaps 1,735,206 16,219 27,639 2,385,025 152,554 162,845
Options written 5,442,300 442,717 4,150,024 375,240
Credit-related contracts
Swaps 1,242,421 2,022 40,942 437,804 1,300 688
Others
Forwards 793,871 960 711 697,416 613 1,061
Swaps 950,169 75,269 79,275 221,327 2,427 2,787
Futures 286,104 11,575 10,757 125,209 136 282
Options purchased 8,797 721 161,498 1,198
Options written 8,816 945 161,521 1,198
605,486,659 6,305,928 6,383,979 451,573,062 5,779,497 5,877,773

35. Financial Derivatives (continued)
(a) (continued)
2014 2013
Contract/ Positive Negative Contract/ Positive Negative
notional fair fair notional fair fair
amount value value amount value value
$000 $000 $000 $000 $000 $000
The Bank
Foreign exchange contracts
Forwards 32,095,309 471,659 210,789 23,286,983 285,129 165,860
Swaps 119,675,217 1,194,382 1,395,838 112,329,287 905,033 998,836
Futures 15,911
Options written 8,570,345 163,094 6,862,781 86,129
Interest rate contracts

Swaps 325,575,251 3,403,366 3,583,906 205,739,833 3,222,741 3,422,556
Futures 496,609 744 439 4,582,769 20,105 839
Options purchased 6,531,449 6,705 819,897 12,680
Options written 4,270,352 11,458 3,663,357 18,857
Equity-related contracts
Swaps 715,945 7,154 10,759 1,132,084 125,101 124,863
Futures
Options written 5,334,634 442,667 4,037,354 374,587
Credit-related contracts
Swaps 1,242,421 2,022 40,942 437,804 1,300 688
Others
Forwards 573,134 1,083 914 238,450 1,237 1,169
Swaps 818,539 62,353 62,331 248,216 865 657
Futures 200,468 4,542 4,743 107,438 128 267
Options purchased 5,807 375 159,276 1,198
Options written 5,807 375 159,276 1,198
520,163,287 5,710,358 5,928,255 375,040,281 5,030,302 5,196,506

35. Financial Derivatives (continued)

(b) Financial derivatives subject to netting agreements
The Bank and the Group enter into derivative master agreements (including the International Swaps and Derivatives
Association Master Agreement) to mitigate credit exposure. Such agreements allow the Bank and the Group to offset what
is owed to a counterparty against what is due from that counterparty in the event of default by that counterparty.
The table below shows the Banks and the Groups financial derivatives that are not offset in the balance sheet but are
subject to enforceable netting agreements.
2014 2013
Positive Negative Positive Negative
fair value fair value fair value fair value
$000 $000 $000 $000
The Group
Of which: Amount nettable (4,336,034) (4,336,034) (4,095,130) (4,095,130)
Financial collateral (139,884) (1,122,446) (232,249) (801,150)
Amount not subject to netting agreements 317,317 41,120 66,927 22,121
The Bank
Of which: Amount nettable (4,320,806) (4,320,806) (3,929,424) (3,929,424)
Financial collateral (112,586) (1,110,593) (172,957) (792,977)
36. Hedge Accounting

(a) Fair value hedge
Interest rate swap was contracted to hedge certain of the Groups loans, investment in debt securities and debts issued
against interest rate risk. As at 31 December 2014, the cumulative net fair value of such interest rate swap was a loss of
$82 million (2013: loss of $34 million) at the Bank and a loss of $84 million (2013: loss of $34 million) at the Group. During
the financial year, fair value loss of $46 million (2013: gain of $27 million) and fair value loss of $48 million (2013: gain of
$27 million) on the swaps was recognised in the Banks and the Groups income statements respectively which was offset
by an equal amount of fair value gain (2013: loss) attributable to the interest rate risk on the hedged items.
As at 31 December 2014, non-bank customer deposits of $699 million (2013: $809 million) were designated to hedge the
foreign exchange risk arising from certain of the Banks available-for-sale equity securities. During the financial year, foreign
exchange loss of $53 million (2013: loss of $48 million) on the deposits were recognised in the Banks and the Groups
income statements respectively. These were offset by equal amounts of foreign exchange gain (2013: gain) on the
hedged items.
(b) Hedge of net investment in foreign operations
As at 31 December 2014, non-bank customer deposits of $1,128 million (2013: $821 million) were designated to hedge
foreign exchange risk arising from the Banks foreign operations. During the financial year, no foreign exchange gain or loss
(2013: nil) arising from hedge ineffectiveness was recognised in the Banks and the Groups income statements.

37. Commitments
(a)
The Group The Bank

2014 2013 2014 2013
$000 $000 $000 $000
Undrawn credit facilities 92,119,645 68,264,502 73,667,443 52,957,263
Spot/forward contracts 3,232,880 658,450 3,510,259 627,772
Capital commitments 421,748 68,380 53,789 52,946
Operating lease commitments 134,482 95,218 65,847 35,604
Others 3,684,064 670,007 2,594,476 310,156
99,592,819 69,756,557 79,891,814 53,983,741
(b) Operating lease commitments

The aggregate minimum lease payments under non-cancellable operating leases at the balance sheet date are as follows:
The Group The Bank

2014 2013 2014 2013
$000 $000 $000 $000
Minimum lease payable
Within 1 year 60,232 46,499 25,738 16,744
Over 1 to 5 years 65,984 46,052 33,795 18,803
Over 5 years 8,266 2,667 6,314 57
134,482 95,218 65,847 35,604
Minimum lease receivable

Within 1 year 106,421 105,455 86,778 86,554
Over 1 to 5 years 169,726 156,133 129,479 135,683
Over 5 years 8,452 11,488 3,708 7,187
284,599 273,076 219,965 229,424
38. Cash and Cash Equivalents

Cash equivalents are highly liquid assets that are subject to an insignificant risk of changes in value and are readily convertible into
known amount of cash. Cash and cash equivalents in the consolidated cash flow statement comprise the following:
The Group
2014 2013
$000 $000
Cash on hand 1,526,271 1,592,055
Non-restricted balances with central banks 28,178,047 19,651,980
29,704,318 21,244,035

39. Share-Based Compensation Plans

Share-based compensation plans of the Group comprise the UOB Restricted Share Plan and UOB Share Appreciation
Rights Plan.
Restricted Shares (RS) represent UOB shares that are restricted by time and performance conditions as to when they vest. Upon
vesting, participants will receive UOB shares represented by the RS.
Share Appreciation Rights (SAR) are rights, which upon exercise, confer the right to receive such number of UOB shares (or by
exception, cash) equivalent to the difference between the prevailing market value and the grant value of the underlying UOB
shares comprised in the SAR, divided by the prevailing market value of a UOB share. The grant value is determined with reference
to the average of the closing prices of UOB shares over the three days preceding the grant date. Upon vesting of SAR,
participants have up to six years from the date of grant to exercise their rights.
Grants made in 2011 to 2013 are subject to the achievement of predetermined return on equity (ROE) targets as shown below,
half of the grants will vest after two years, and the remainder after three years from the dates of grant.
Percentage of award to be vested

Percentage of ROE target achieved 2011 and 2012 grants 2013 grant
115% 130% 130%
110% 120% 120%
105% 110% 110%
100% 100% 100%
95% 100% 100%
90% 90% 90%
85% 80% 80%
80% At the discretion of the 70%
< 80% Remuneration Committee At the discretion of the
Remuneration Committee
For grants made in 2014, thirty per cent will vest after two years, subject to the achievement of two-year ROE targets. The
remaining seventy per cent will vest after three years, subject to the achievement of the three-year ROE targets. The vesting levels
for the 2014 grant are shown below.
Percentage of ROE target achieved Percentage of award to be vested * for 2014 grant
Stretch: 115% 130%
Target: 100% 100%
Threshold: 80% 70%
Below Threshold At the discretion of the Remuneration Committee
* For intermediate ROE level achieved, the percentage of award to be vested will be interpolated.
Participating employees who leave the Group before vesting of the RS and SAR will forfeit their rights unless otherwise decided by
the Remuneration Committee.
Movements and outstanding balances of these plans are as follows:
UOB Restricted Share Plan and UOB Share Appreciation Rights Plan
The Group and The Bank
Restricted shares
2014 2013
000 000
Balance at 1 January 2,351 2,575
Granted 1,843 943
Additional shares awarded arising from targets met 103
Forfeited/cancelled (38) (138)
Vested (945) (1,132)
Balance at 31 December 3,211 2,351

39. Share-Based Compensation Plans (continued)
Share appreciation rights
2014 2013
000 000
Granted 4,126
Additional rights awarded arising from targets met 316
Forfeited/cancelled (158) (497)
Vested (3,753) (3,482)
Exercisable rights
2014 2013
000 000
Vested 3,753 3,482
Forfeited/lapsed (28) (1,677)
Exercised (4,794) (2,716)
Number of
Fair value per grant outstanding grants
at grant date 2014 2013
Year granted Expiry date $ 000 000
Restricted shares
2011 15 Dec 2013 and 15 Dec 2014 14.53 517
2012 14 Dec 2014 and 14 Dec 2015 18.52 436 891
2013 13 Dec 2015 and 13 Dec 2016 18.96 932 943
2014 19 Sep 2016 and 19 Sep 2017 20.70 1,843
3,211 2,351
Share appreciation rights
2011 15 Dec 2017 2.46 2,024
2012 14 Dec 2018 3.04 1,761 3,596
2013 13 Dec 2019 2.87 4,074 4,126
5,835 9,746
Fair values of the restricted shares and share appreciation rights were estimated at the grant date using the Trinomial valuation
methodology. The key assumptions were as follows:
Restricted shares Share appreciation rights

2014 2013 2014 2013
Exercise price ($) Not applicable Not applicable 20.43
Expected volatility (%)1 18.81 19.06 Not applicable 19.06
Risk-free interest rate (%) 0.80 1.12 0.37 0.58 Not applicable 1.46
Contractual life (years) 2 and 3 2 and 3 Not applicable 6
Expected dividend yield (%) Managements forecast in line with dividend policy
1 Based on past three years historical volatility.

40. Related Party Transactions

Related parties cover the Groups subsidiaries, associates, joint ventures and their subsidiaries, and key management personnel
and their related parties.
Key management personnel refer to the Banks directors and members of its Management Executive Committee.
All related party transactions of the Group were done in the ordinary course of business and at arms length. In addition to the
information disclosed elsewhere in the financial statements, other related party transactions that may be of interest are as follows:
The Group The Bank

2014 2013 2014 2013
(a) Interest income
Subsidiaries 81 52
Associates and joint ventures 6 7 6 6
Interest expense
Subsidiaries 11 19
Dividend income
Subsidiaries 146 200
Associates and joint ventures 79 36
Rental income
Subsidiaries 4 4
Rental and other expenses

Fee and commission and other income

Subsidiaries 68 96
Associates and joint ventures 4 7 2 *
Placements, securities, loans and advances

Subsidiaries 8,203 8,105
Deposits
Subsidiaries 2,767 2,630
Associates and joint ventures 680 1,030 543 851
Off-balance sheet credit facilities 1

Associates and joint ventures 1 * 1 *
(b) Compensation of key management personnel

Short-term employee benefits 17 11 17 11
Long-term employee benefits 6 6 6 6
Share-based payment 2 2 2 2
Others * * * *
25 19 25 19
1 Includes guarantees issued of the Group $1 million (2013: $*) and the Bank $211 million (2013: $322 million).
* Less than $500,000.

41. Segment Information
(a) Operating segments
The Group is organised to be segment-led across key markets. Global segment heads are responsible for driving business,
with decision-making balanced with a geographical perspective. For internal management purposes, the following
segments represent the key customer segments and business activities:
Group Retail (GR)

GR segment covers Consumer, Privilege, Business and Private Banking. Consumer Banking serves the individual
customers, while Business Banking serves small enterprises with a wide range of products and services, including deposits,
loans, investments, credit and debit cards and insurance products. Privilege Banking provides an extended range of
financial services, including wealth management, and restricted products such as structured notes, funds of hedge funds,
and insurance plans to the wealthy and affluent customers. Private Banking caters to the high net worth individuals and
accredited investors, offering financial and portfolio planning, including investment management, asset management and
estate planning.
Group Wholesale Banking (GWB)

GWB segment encompasses Commercial Banking, Corporate Banking, Financial Institutions Group (FIG), Corporate
Finance and Debt Capital Markets. Commercial Banking serves the medium and large enterprises, while Corporate Banking
serves large local corporations, government-linked companies and agencies, and FIG serves financial institutions.
Commercial Banking, Corporate Banking and FIG provide customers with a broad range of products and services that
include current accounts, deposits, lending, asset finance, ship finance, trade finance, structured finance, cash
management and cross-border payments. Corporate Finance provides services that include lead managing and
underwriting equity offerings and corporate advisory services. Debt Capital Markets specialises in solution-based structures
to meet clients financing requirements in structuring, underwriting and arranging syndicated loans for general corporate
needs, leveraged buy-outs, project and structured finance, and underwriting and lead managing bond issues.
Global Markets and Investment Management (GMIM)

GMIM segment provides a comprehensive range of global markets products and services, including foreign exchange,
money market, fixed income, derivatives, margin trading, futures broking, precious metals products, as well as an array of
structured products. It is a dominant player in Singapore dollar instruments as well as a provider of banknote services in the
region. It also engages in asset management, proprietary investment activities and management of excess liquidity and
capital funds. Income from global markets products and services offered to customers of other operating segments, such
as GR and GWB is reflected in the respective customer segments.
Others
Others include property-related activities, insurance businesses and income and expenses not attributable to other
operating segments mentioned above.

41. Segment Information (continued)

(a) Operating segments (continued)
The Group
GR GWB GMIM Others Elimination Total
2014
Share of profit of associates and joint ventures 37 112 149
Tax (561)
Segment assets 88,706 126,424 87,743 2,605 (4,080) 301,398

Intangible assets - goodwill 1,319 2,090 660 80 4,149
Investment in associates and joint ventures 333 856 1,189
Total assets 90,025 128,514 88,736 3,541 (4,080) 306,736
Segment liabilities 108,874 110,574 52,731 9,526 (4,741) 276,964
Other information
Inter-segment operating income 346 (336) (412) 574 (172)
Gross customer loans 88,571 109,853 909 10 199,343
Non-performing assets 784 1,697 25 82 2,588
Capital expenditure 20 6 14 219 259
Depreciation of assets 10 5 4 144 163
2013
Share of profit of associates and joint ventures 3 188 191
Tax (559)
Segment assets 82,721 118,766 79,907 2,185 (4,491) 279,088

Intangible assets goodwill 1,317 2,087 660 80 4,144
Investment in associates and joint ventures 9 988 997
Total assets 84,038 120,853 80,576 3,253 (4,491) 284,229
Segment liabilities 103,492 90,641 59,777 8,865 (5,123) 257,652
Other information
Inter-segment operating income 392 (257) (342) 393 (186)
Gross customer loans 82,114 99,509 330 25 181,978
Non-performing assets 577 1,637 20 80 2,314
Capital expenditure 11 5 9 196 221
Depreciation of assets 9 4 3 114 130
Notes:
No operating income from transactions with a single external customer or counterparty amounted to 10% or more of the Groups operating income in
2014 or 2013.
Transfer prices between operating segments are on arms length basis in a manner similar to transactions with third parties.
Long term investment has been reclassified from Others to GMIM and prior year comparatives have been restated accordingly.

41. Segment Information (continued)
(b) Geographical segments
The following geographical segment information is based on the location where the transactions and assets are booked,
which approximates that based on the location of the customers and assets. The information is stated after elimination of
inter-segment transactions.
The Group
Total operating income Profit before tax Total assets
2014 2013 2014 2013 2014 2013
Singapore 4,313 3,775 2,345 2,181 187,529 176,590
Malaysia 1,047 969 593 555 37,269 35,647
Thailand 691 632 159 146 15,915 15,608
Indonesia 410 436 99 178 8,143 7,173
Greater China 587 502 305 272 31,977 27,395
Others 409 406 324 252 21,754 17,672
7,457 6,720 3,825 3,584 302,587 280,085
7,457 6,720 3,825 3,584 306,736 284,229
42. Financial Risk Management

The Groups business activities involve the use of financial instruments, including derivatives. These activities expose the Group to
a variety of financial risks, mainly credit risk, foreign exchange risk, interest rate risk, equity risk and liquidity risk.
The Groups financial risks are centrally managed by the various specialist committees within the delegated authority by the Board
of Directors. These various specialist committees formulate, review and approve policies and limits to monitor and manage risk
exposures under their respective supervision. The major policy decisions and proposals approved by these committees are
subject to further review by the Group Board Risk Management Committee.
The Group Risk Management Sector assumes the independent oversight of risks undertaken by the Group, and takes the lead in
the formulation and approval of risk policies, controls and processes. The Group Market Risk Management and Group Market
Risk Control within the Risk Management Sector monitor Global Markets and Investment Managements compliance with trading
policies and limits. This is further enhanced by the periodic risk assessment audit carried out by the Group Audit.
The main financial risks that the Group is exposed to and how they are being managed are set out below:
(a) Credit risk
Credit risk is defined as the risk of loss arising from any failure by a borrower or a counterparty to fulfil its financial obligations
as and when they fall due.
The Group Credit Committee is delegated the authority by the Board of Directors to oversee all credit matters. It maintains
oversight on the effectiveness of the Groups credit and country risk management structure including framework, people,
processes, information, infrastructure, methodologies and systems.
Credit risk exposures are managed through a robust credit underwriting, structuring and monitoring process. The process
includes monthly review of all non-performing and special mention loans, ensuring credit quality and the timely recognition
of asset impairment. In addition, credit review and audit are performed regularly to proactively manage any delinquency,
minimise undesirable concentrations, maximise recoveries, and ensure that credit policies and procedures are complied
with. Past dues and credit limit excesses are tracked and analysed by business and product lines.
Country risk arises where the Group is unable to receive payments from customers as a result of political or economic
events in the country. These events include political and social unrest, nationalisation and expropriation of assets,
government repudiation of external indebtedness, and currency depreciation or devaluation.

42. Financial Risk Management (continued)

(a) Credit risk (continued)
(i) Credit exposure

The Groups maximum exposure to credit risk of on-balance sheet and off-balance sheet financial instruments, before
taking into account any collateral held, other credit enhancements and netting arrangements, is shown in the
table below:
The Group
Average Average
2014 2013 2014 2013
Balances and placements with central banks 30,871 28,469 33,557 25,289
Singapore Government treasury bills and securities 8,138 10,827 7,757 9,655
Other government treasury bills and securities 10,258 9,313 10,141 7,943
Trading debt securities 784 412 693 580
Loans to non-bank customers 190,863 165,893 195,903 178,857
Derivative financial assets 5,592 5,618 6,306 5,779
Others 1,831 2,259 1,579 2,291
286,975 254,857 293,023 270,572
Contingent liabilities 20,339 21,257 18,514 24,087
Commitments (excluding operating lease
and capital commitments) 88,745 64,587 99,037 68,923
396,059 340,701 410,574 363,582
As a fundamental credit principle, the Group generally does not grant credit facilities solely on the basis of the
collateral provided. All credit facilities are granted based on the credit standing of the borrower, source of repayment
and debt servicing ability.
Collateral is taken whenever possible to mitigate the credit risk assumed. The value of the collateral is monitored
periodically. The frequency of valuation depends on the type, liquidity and volatility of the collateral value. The main
types of collateral taken by the Group are cash, marketable securities, real estate, equipment, inventory and
receivables. Policies and processes are in place to monitor collateral concentration.
In extending credit facilities to small and medium enterprises, personal guarantees are often taken as a form of moral
support to ensure moral commitment from the principal shareholders and directors.
Corporate guarantees are often obtained when the borrowers credit worthiness is not sufficient to justify an extension
of credit.
For internal risk management, agreements such as International Swaps and Derivatives Association Master
Agreements and Credit Support Annex have been established with active counterparties to manage counterparty
credit risk arising from foreign exchange and derivative activities. The agreements allow the Group to settle all
outstanding transactions in the event of counterparty default, resulting in a single net claim against or in favour of
the counterparty.

(ii) Major on-balance sheet credit exposures

The exposures are determined based on country of incorporation/operation for non-individuals and residence
for individuals.
The Group
Loans to Government
non-bank treasury Placements
customers bills and and balances Debt
(gross) securities with banks securities Total
Analysed by geography
2014
Singapore 109,700 7,757 1,491 2,743 121,691
Malaysia 25,768 1,466 2,748 1,236 31,218
Thailand 10,836 3,521 720 119 15,196
Indonesia 11,100 389 1,029 44 12,562
Greater China 25,308 2,026 12,406 1,385 41,125
Others 16,631 2,739 10,298 3,561 33,229
Total 199,343 17,898 28,692 9,088 255,021
2013
Singapore 103,726 9,655 1,873 2,953 118,207
Malaysia 24,197 907 2,487 1,376 28,967
Thailand 9,883 2,978 661 99 13,621
Indonesia 9,607 674 704 24 11,009
Greater China 19,134 1,237 17,225 1,187 38,783
Others 15,431 2,147 8,462 3,707 29,747
Total 181,978 17,598 31,412 9,346 240,334
Analysed by industry
2014
Transport, storage and communication 10,014 801 10,815
Building and construction 25,160 248 25,408
Manufacturing 17,139 1,229 18,368
Financial institutions 29,551 28,692 3,358 61,601
General commerce 27,119 494 27,613
Government 17,898 17,898
Others 9,641 2,958 12,599
Total 199,343 17,898 28,692 9,088 255,021
2013
Transport, storage and communication 7,982 920 8,902
Building and construction 23,845 259 24,104
Manufacturing 15,999 1,172 17,171
Financial institutions 29,173 31,412 3,533 64,118
General commerce 22,159 456 22,615
Government 17,598 17,598
Others 7,722 3,006 10,728
Total 181,978 17,598 31,412 9,346 240,334

(iii) Major off-balance sheet credit exposures

The exposures are determined based on country of incorporation for non-individuals and residence for individuals.
The Group
2014 2013
Contingent Contingent
liabilities Commitments1 liabilities Commitments1
Analysed by geography
Singapore 7,858 54,453 11,154 44,809
Malaysia 2,452 8,917 2,636 7,091
Thailand 1,270 6,459 1,282 5,994
Indonesia 618 3,684 759 2,572
Greater China 2,498 15,100 3,783 2,985
Others 3,818 10,424 4,473 5,472
Total 18,514 99,037 24,087 68,923
1 Excluding operating lease and capital commitments.
(iv) Credit quality of gross loans and debt securities

Gross loans are graded in accordance with MAS Notice 612 as follows:
The Group
2014 2013
$ million $ million
Pass 196,311 179,157
Special mention 674 747
Substandard 1,791 1,179
Doubtful 178 461
Loss 389 434
199,343 181,978
Credit quality of Government treasury bills and securities and debt securities
The table below presents an analysis of Government treasury bills and securities and debt securities that neither past
due nor impaired for the Group by rating agency designation as at 31 December:
The Group
2014 2013
Singapore Other Singapore Other
Government government Government government
treasury treasury treasury treasury
bills and bills and Debt bills and bills and Debt
securities securities securities securities securities securities
External rating:
Investment grade (AAA
to BBB-) 7,757 10,047 5,632 9,655 7,907 5,666
Non-investment grade
(BB+ to C) 66 357 18 337
Unrated 28 3,099 18 3,343
Total 7,757 10,141 9,088 9,655 7,943 9,346

(v) Ageing analysis of past due but not impaired and non-performing assets
The Group
2014 2013
Past due Past due
but not Non- but not Non-
impaired performing impaired performing
loans assets loans assets
Current 536 295
Within 90 days 3,641 152 4,110 197
Over 90 to 180 days 319 241
Over 180 days 1,581 1,581
3,641 2,588 4,110 2,314
(vi) Past due but not impaired and non-performing assets analysed by geographical1 segment
The Group
2014 2013
Past due Past due
impaired performing Individual impaired performing Individual
loans assets impairment loans assets impairment
Singapore 2,099 882 209 2,358 548 181
Malaysia 921 412 92 1,219 409 109
Thailand 154 364 210 359 312 191
Indonesia 170 306 87 53 155 57
Greater China 57 151 81 34 148 78
Others 240 473 140 87 742 342
3,641 2,588 819 4,110 2,314 958
1 By the borrowers country of incorporation/operation (for non-individuals) and residence (for individual).


(vii) Past due but not impaired and non-performing assets analysed by industry
The Group
2014 2013
Past due Past due
impaired performing Individual impaired performing Individual
loans assets impairment loans assets impairment
Transport, storage and
communication 65 745 256 243 849 395
Building and
construction 339 269 63 304 149 33
Manufacturing 380 282 128 443 227 125
Financial institutions 244 234 89 224 240 99
General commerce 982 267 111 742 272 129
Professionals and private
individuals 572 209 74 758 192 90
Housing loans 971 507 59 1,346 311 28
Others 88 75 39 50 74 59
3,641 2,588 819 4,110 2,314 958
(viii) Security coverage of non-performing assets

The Group
2014 2013
$ million $ million
Non-performing assets secured by:
Properties 1,052 772
Marketable securities, fixed deposits and others 336 316
Unsecured non-performing assets 1,200 1,226
2,588 2,314
(ix) Collateral possessed during the financial year

The Group
2014 2013
$ million $ million
Properties 6 5
Collateral possessed are disposed of in an orderly manner in accordance with target prices set. Proceeds from sale of
collateral are used to reduce the outstanding loans.
(b) Foreign exchange risk and equity risk
Foreign exchange risk is the risk to earnings and economic value of foreign currency assets, liabilities and financial
derivatives caused by fluctuations in foreign exchange rates.
The Groups foreign exchange exposures comprise trading and banking (non-trading and structural) foreign exchange
exposures. Non-trading foreign exchange exposures are principally derived from investments and funding activities and
customer businesses. Structural foreign currency exposures are represented by the net asset values of overseas branches
and subsidiaries, share of the net asset values of its overseas associates and joint ventures, intangible assets attributable to
overseas subsidiaries, and long-term investment in overseas properties used for banking purposes, which are strategic in
nature. The Group utilises foreign currency contracts and foreign exchange derivatives to hedge its foreign exchange
exposures.

(b) Foreign exchange risk and equity risk (continued)
Foreign exchange risk is managed through policies and market risk limits approved by the Asset and Liability Committee
(ALCO). The limits are independently monitored by Market Risk Management and Market Risk Control.
At 31 December 2014, banking book foreign currency Value-at-Risk (VaR) inclusive of structural foreign currency VaR was
$45.2 million (2013: $31.3 million).
Equity price risk in the banking book arises from equity investment held for long-term strategic reasons and management
does not assess the viability of such strategic investments from an equity price volatility perspective.
(i) The following table sets out the Groups assets, liabilities and financial derivatives by currency as at the balance sheet
date. The off-balance sheet gap represents the net contract or notional amount of derivatives which is used principally
to reduce the Groups exposure to foreign exchange risk.
The Group
Singapore US Malaysian Thai Indonesian
dollar dollar ringgit baht rupiah Others Total
$ million $ million $ million $ million $ million $ million $ million
2014
Cash, balances and placements
with central banks 14,822 5,313 6,293 1,034 1,100 6,521 35,083
Securities 11,492 6,314 1,934 3,559 160 6,616 30,075
Placements and balances with
banks 600 20,392 785 181 5 6,729 28,692
Loans to non-bank customers 104,728 33,229 23,843 9,836 4,650 19,617 195,903
Investment in associates and
joint ventures 816 320 41 12 1,189
Intangible assets 3,181 723 245 4,149
Derivative financial assets 1,918 2,926 180 204 10 1,068 6,306
Others 3,078 1,054 84 630 280 213 5,339
Total assets 140,635 69,548 33,160 16,167 6,450 40,776 306,736
Deposits and balances of non-

bank customers 112,608 49,068 27,199 10,970 4,822 29,083 233,750
Deposits and balances of banks,
and bills and drafts payable 2,401 2,163 742 384 15 6,472 12,177
Debts issued 3,192 15,638 189 241 45 1,648 20,953
Derivative financial liabilities 1,972 2,785 161 198 14 1,254 6,384
Others 1,340 1,176 362 241 79 502 3,700
Total liabilities 121,513 70,830 28,653 12,034 4,975 38,959 276,964
On-balance sheet open position 19,122 (1,282) 4,507 4,133 1,475 1,817
Off-balance sheet open position (3,065) 7,418 (35) (1,598) (1) (2,718)
Net open position 16,057 6,136 4,472 2,535 1,474 (901)


(i) (continued)
The Group
Singapore US Malaysian Thai Indonesian
dollar dollar ringgit baht rupiah Other Total
$ million $ million $ million $ million $ million $ million $ million
2013
Cash, balances and placements
with central banks 8,751 1,773 8,417 2,172 868 4,900 26,881
Securities 13,316 7,059 1,573 3,038 143 5,237 30,366
Placements and balances with
banks 428 22,110 67 169 76 8,562 31,412
Loans to non-bank customers 99,790 26,685 22,817 8,877 4,213 16,475 178,857
Investment in associates and
joint ventures 885 1 103 8 997
Intangible assets 3,182 720 242 4,144
Derivative financial assets 1,722 2,391 114 351 5 1,196 5,779
Others 3,019 1,480 146 413 158 577 5,793
Total assets 131,093 61,499 33,237 15,740 5,705 36,955 284,229
Deposits and balances of non-

bank customers 106,573 40,902 26,521 9,235 4,320 26,997 214,548
Deposits and balances of banks,
and bills and drafts payable 3,756 2,066 746 548 59 7,566 14,741
Debts issued 2,971 14,125 193 660 1,032 18,981
Derivative financial liabilities 1,671 2,641 102 281 19 1,164 5,878
Others 1,078 805 407 199 42 973 3,504
Total liabilities 116,049 60,539 27,969 10,923 4,440 37,732 257,652
On-balance sheet open position 15,044 960 5,268 4,817 1,265 (777)
Off-balance sheet open position (677) 18,151 (2,873) (2,455) * (12,146)
Net open position 14,367 19,111 2,395 2,362 1,265 (12,923)
* Less than $500,000.

(ii) Structural currency exposures of the Group as at the balance sheet date were as follows:
The Group
Total Hedged Unhedged
$ million $ million $ million
2014
Chinese renminbi 942 942
Thai baht 2,298 2,298
US dollar 1,209 1,209
Others 1,436 890 546
9,829 2,099 7,730
2013
Chinese renminbi 859 859
Thai baht 2,103 2,103
US dollar 724 724
Others 1,129 759 370
8,306 1,483 6,823
(c) Banking book interest rate risk

Interest rate risk is the impact to earnings and economic value of the Group due to fluctuations in interest rates. Interest rate
exposure arises from differences in the maturity and repricing dates of assets, liabilities and off-balance sheet items. These
mismatches are actively monitored and managed as part of the overall interest rate risk management process which is
conducted in accordance with the Groups policies as approved by the ALCO.
The economic value of equity (EVE) sensitivity at 100 and 200 basis points parallel interest rate shocks were negative $146
million and $280 million (2013: negative $212 million and $390 million) respectively, computed based on the worst case of
upward and downward parallel shifts of each yield curve. EVE is the present value of assets less present value of liabilities of
the Group. The repricing profile of loans is generally based on the earliest possible repricing dates, taking into account the
notice period to be served to the customers. Loan prepayment is estimated based on past statistics and trends where
possible and material. Behavioural assumptions based on historical trends are applied where appropriate, for deposits that
do not have maturity dates. There may be some differences in the assumptions across geographical locations due to
variation in local conditions.
(d) Liquidity risk
Liquidity risk is the risk that the Group is unable to meet its financial obligations as and when they fall due, such as upon
maturity of deposits and draw-down of loans.
The Group manages liquidity risk in accordance with the liquidity framework approved by the ALCO. This framework
comprises policies, controls and limits. These controls and policies include setting of cash flow mismatch limits, monitoring
of liquidity early warning indicators, stress test analysis of cash flows in liquidity crisis scenarios and establishment of a
comprehensive contingency funding plan. The Group is also required by the respective local regulators to maintain a certain
percentage of its liability base in the form of cash and other liquid assets as a buffer against unforeseen liquidity
requirements. The main objectives are honouring all cash outflow commitments on an on-going basis, satisfying statutory
liquidity and reserve requirements, and avoiding raising funds at market premiums or through forced sale of assets.


(d) Liquidity risk (continued)
(i) The following table shows the cash flow analysis of the Groups assets and liabilities by remaining contractual
maturities on an undiscounted basis. Actual maturity dates may differ from contractual maturity dates due to
behavioural patterns such as prepayment of loans. In particular, the Group has a significant amount of core deposits
of non-bank customers which are contractually at call (included in the Up to 7 days time band) but historically a
stable source of long-term funding for the Group.
The Group
Over 7 Over 1 Over Over No
Up to days to 3 3 to 12 1 to 3 Over specific
7 days to 1 month months months years 3 years maturity Total
2014
Cash, balances and
placements with central
banks 14,032 3,992 6,474 4,694 21 5,873 35,086
Securities 774 407 2,821 6,791 8,256 9,791 3,250 32,090
Placements and balances
with banks 7,618 5,216 7,742 6,028 739 1,376 18 28,737
Loans to non-bank
customers 7,338 13,875 14,861 24,050 44,266 110,485 1,255 216,130
Investment in associates
and joint ventures 1,189 1,189
Others 791 363 79 73 1 954 2,527 4,788
Total assets 30,553 23,853 31,977 41,636 53,283 122,606 24,567 328,475
Deposits and balances of

non-bank customers 117,324 37,416 30,945 41,136 5,590 1,740 (11) 234,140
banks, and bills and
drafts payable 2,794 4,724 3,458 877 318 4 6 12,181
Debts issued 360 886 5,449 5,790 5,804 3,570 10 21,869
Derivative financial liabilities 6,384 6,384
Others 697 166 155 84 118 549 1,682 3,451
Total liabilities 121,175 43,192 40,007 47,887 11,830 5,863 8,071 278,025
Equity attributable to:

Equity holders of the
Bank 21 44 131 1,439 28,219 29,854
Non-controlling interests 203 203
Total equity 21 44 131 1,439 28,422 30,057
Net on-balance sheet

position (90,622) (19,360) (8,030) (6,295) 41,322 115,304 (11,926)
Net off-balance sheet
position (16,763) (1,108) (1,006) (999) (107) (1,372) (3,850)
Net maturity mismatch (107,385) (20,468) (9,036) (7,294) 41,215 113,932 (15,776)

(i) (continued)
The Group
Over 7 Over Over No
Up to days Over 1 3 to 12 1 to 3 Over specific
7 days to 1 month to 3 months months years 3 years maturity Total
2013
Cash, balances and
placements with central
banks 10,280 6,017 2,655 1,839 6,090 26,881
Securities 121 698 1,519 7,487 8,489 10,792 3,458 32,564
Placements and balances
with banks 6,789 5,243 8,616 9,231 684 837 50 31,450
Loans to non-bank
customers 5,904 13,443 13,306 21,714 42,322 98,964 2,049 197,702
Investment in associates
and joint ventures 997 997
Others 884 95 90 115 49 1,236 2,381 4,850
Total assets 23,978 25,496 26,186 40,386 51,544 111,829 24,948 304,367

non-bank customers 104,039 42,350 30,737 33,816 2,520 1,355 6 214,823
banks, and bills and
drafts payable 5,670 4,214 4,049 740 24 49 1 14,747
Debts issued 482 1,412 4,256 7,895 2,470 3,024 49 19,588
Derivative financial liabilities 5,878 5,878
Others 299 2 117 54 49 1,778 664 2,963
Total liabilities 110,490 47,978 39,159 42,505 5,063 6,206 6,598 257,999

Equity holders of the
Bank 21 44 131 1,505 25,038 26,739
Non-controlling interests 189 189
Total equity 21 44 131 1,505 25,227 26,928
Net on-balance sheet

position (86,512) (22,503) (12,973) (2,163) 46,350 104,118 (6,877)
Net off-balance sheet
position (16,917) (570) (1,208) (1,097) (272) (1,392) (1,832)
Net maturity mismatch (103,429) (23,073) (14,181) (3,260) 46,078 102,726 (8,709)
The Group is subject to liquidity requirements to support calls under outstanding contingent liabilities and undrawn
credit facility commitments as disclosed in Notes 34 and 37a. These have been incorporated in the net off-balance
sheet position for years ended 31 December 2014 and 2013. The total outstanding contractual amounts of these
items do not represent future cash requirements since the Group expects many of these contingent liabilities and
commitments (such as direct credit substitutes and undrawn credit facilities) to expire without being called or drawn
upon, and many of the contingent liabilities (such as letters of credit) are reimbursable by customers. The behavioural
adjustments based on historical trends are disclosed in Note 42d(ii).


(ii) The following table shows the cash flow analysis of the Groups assets and liabilities for a one-year period, with
behavioural adjustments on significant balance sheet items on an undiscounted basis. The maturity profile for loans
and deposits that do not have maturity dates, and fixed deposits that are frequently rolled over, is estimated based on
past statistics and historical trends. Other balance sheet items such as credit cards are generally estimated based on
the behavioural patterns of the customers. There may be some differences in the assumptions across geographical
locations due to variations in local conditions.
The Group
Over 7 Over Over
Up to days to 1 1 to 3 3 to 12
7 days month months months
2014
Cash, balances and placements with central banks 14,186 3,981 6,383 4,641
Securities 1,218 672 3,078 6,161
Others 791 370 79 73
Total assets 31,547 25,374 33,430 44,254
Deposits and balances of non-bank customers1 22,247 25,100 11,572 6,420

Deposits and balances of banks, and bills and drafts
payable 2,757 4,761 3,458 877
Debts issued 360 886 5,449 5,790
Others 553 148 126 32

Equity holders of the Bank 21 44
Non-controlling interests
Total equity 21 44
Net on-balance sheet position 5,630 (5,542) 12,825 31,091

Net off-balance sheet position (2,759) (3,270) (2,132) (2,891)
Net maturity mismatch 2,871 (8,812) 10,693 28,200
1 Excludes interest cash flows which are negligible within the time horizon against which the Group manages its liquidity risk.

(ii) (continued)
The Group
Over 7 Over Over
Up to days to 1 1 to 3 3 to 12
7 days month months months
2013
Cash, balances and placements with central banks 10,452 6,040 2,460 1,839
Securities 787 555 1,896 6,473
Others 884 103 90 115
Total assets 25,242 26,787 28,029 44,053
Deposits and balances of non-bank customers1 16,230 16,221 8,116 6,691

Deposits and balances of banks, and bills and drafts
payable 8,532 10,264 6,933 849
Debts issued 482 1,412 4,256 7,895
Others 231 11 117 54

Equity holders of the Bank 21 44
Non-controlling interests
Total equity 21 44
Net on-balance sheet position (233) (1,142) 8,607 28,520

Net off-balance sheet position (1,844) (4,130) (2,789) (2,587)
Net maturity mismatch (2,077) (5,272) 5,818 25,933
1 Excludes interest cash flows which are negligible within the time horizon against which the Group manages its liquidity risk.


(e) Value-at-Risk
The Group adopts a daily VaR to estimate market risk within a 99% confidence interval using the historical simulation
method for its trading book. This methodology does not make assumptions on the distribution of returns and the
correlations between risk classes. The method assumes that possible future changes in market rates may be implied by
observed historical market movements. The level of VaR is dependent on the exposures, as well as market prices and
volatilities. The Group computes market risk based on historical simulation VaR, this entails the estimation of tail loss based
on the most recent historical data, which may not always reflect the extreme loss event. The Group runs market risk stress
to complement the market risk historical simulation VaR.
The table below shows the trading book VaR profile by risk classes.
The Group
Year end High Low Average
2014
Interest rate 2.72 5.92 1.64 3.14
Foreign exchange 1.18 6.24 0.97 2.82
Equity 0.03 0.27 0.01 0.06
Commodity 0.23 1.12 * 0.24
Specific risk1 0.21 0.64 0.08 0.24
Total VaR 3.96 10.40 2.46 4.84
2013
Interest rate 2.44 4.23 1.40 2.65
Foreign exchange 0.88 4.43 0.51 1.65
Equity 0.02 0.54 0.02 0.19
Commodity 0.01 0.54 * 0.05
Specific risk1 0.35 0.72 0.09 0.42
Total VaR 2.33 5.67 1.61 3.37
1 Specific risk encompasses specific equity market risk and specific credit market risk. It is computed from the residual volatility implied from the
movement of individual assets and their corresponding indices.
* Less than $5,000.

43. Capital Management
The Groups approach to capital management is to ensure that the Group and all banking entities maintain strong capital levels to
support businesses and growth, to meet regulatory capital requirements at all times and to maintain, a good credit rating. The
Group and all banking subsidiaries have met the regulatory capital requirements throughout the financial year.
The Group is subject to the Basel III capital adequacy standards required by the MAS. The Groups Common Equity Tier 1 capital
comprises mainly paid up ordinary share capital, disclosed reserves and qualifying minority interest; Additional Tier 1 capital
includes eligible non-cumulative non-convertible perpetual securities and preference shares (subject to partial recognition under
Basel III transitional rules), while Tier 2 capital comprises subordinated notes and excess of accounting provisions over Basel
expected loss. Risk-weighted assets include both on-balance sheet and off-balance sheet exposures adjusted for credit, market
and operational risks.
The Group
2014 2013
$ million $ million
Share capital 3,715 3,155
Disclosed reserves/others 23,590 20,981
Regulatory adjustments (2,408) (2,348)
Common Equity Tier 1 Capital 24,897 21,788
Preference shares/others 2,180 2,180

Regulatory adjustments-capped (2,180) (2,180)
Additional Tier 1 Capital
Tier 1 Capital 24,897 21,788
Subordinated notes 4,405 4,692

Provisions/others 918 867
Regulatory adjustments (12) (37)
Tier 2 Capital 5,311 5,522
Eligible Total Capital 30,208 27,310
Risk-Weighted Assets 178,792 164,911
Capital Adequacy Ratios (%)

Common Equity Tier 1 13.9 13.2
Tier 1 13.9 13.2
Total 16.9 16.6

44. Comparatives
During the year, the Group reviewed the nature of deposits from financial institutions to distinguish deposits relating to fund
management and operating accounts from those relating to interbank money market activities. Consequently, the definition of
"Deposits and balances from customers" has been expanded to include the former.
Prior period comparatives have been restated to conform with the current period presentation.
As previously
reported Reclassification As restated
$000 $000 $000
2013
The Group
Deposits and balances from banks 26,247,399 (12,541,246) 13,706,153
Deposits and balances from customers 202,006,296 12,541,246 214,547,542
The Bank
Deposits and balances from banks 24,998,782 (11,867,426) 13,131,356
Deposits and balances from customers 151,624,863 11,867,426 163,492,289
45. Authorisation of Financial Statements

The financial statements were authorised for issue by the Board of Directors on 12 February 2015.

31 December 2014
Investor Reference
164 UOB Share Price and Turnover
165 Statistics of Shareholdings
167 Five-Year Ordinary Share Capital Summary
168 Our International Network
172 Notice of Annual General Meeting
177 Appendix to the Notice of Annual
GeneralMeeting
189 Proxy Form
UOB Share Price and Turnover
Monthly turnover (000) $ per share
250,000 25
200,000 20
150,000 15
100,000 10
50,000 5
0 0
2010 2011 2012 2013 2014
Monthly turnover (000) $ per share
2010 2011 2012 2013 2014
Share price ($)

Highest 21.08 21.00 20.23 22.10 24.72
Lowest 17.80 14.42 15.15 18.63 19.40
Average 19.44 17.71 17.69 20.37 22.06
Last done 18.20 15.27 19.81 21.24 24.53
Price/Earning ratio (times)1,2 11.97 12.38 10.28 11.07 11.14
Dividend cover (times)2 2.25 2.47 2.54 2.54 2.70
Net dividend yield (%)1 3.60 3.39 3.96 3.68 3.40
1 Average share prices are used in computing price/earning ratio and net dividend yield.
2 Excluded one-time gain on sale of UOB Life Assurance Limited and United Industrial Corporation Limited in 2010.

Statistics of Shareholdings
as at 5 March 2015
Distribution of Shareholdings
No. of shares
No. of (excluding
Size of shareholdings shareholders % treasury shares) %
1 99 3,661 13.27 126,904 0.01
100 1,000 7,863 28.50 5,102,665 0.32
1,001 10,000 13,326 48.30 41,761,468 2.60
10,001 1,000,000 2,689 9.75 122,090,284 7.62
1,000,001 and above 51 0.18 1,433,752,958 89.45
Total 27,590 100.00 1,602,834,279 100.00
Public float
Rule 723 of the Listing Manual of the Singapore Exchange Securities Trading Limited requires that at least 10% of the total number of issued
shares (excluding treasury shares, preference shares and convertible equity securities) of a listed company in a class that is listed is at all times
held by the public.
Based on information available to the Company as at 5 March 2015, approximately 76% of the issued shares of the Company was held by the
public and therefore, Rule 723 of the Listing Manual has been complied with.
Twenty Largest Shareholders (as shown in the Register of Members and Depository Register)
No. Name of shareholders No. of shares %*

1. Citibank Nominees Singapore Pte Ltd 278,721,396 17.39
2. DBS Nominees (Private) Limited 261,474,265 16.31
3. United Overseas Bank Nominees (Private) Limited 147,341,338 9.19
4. DBSN Services Pte Ltd 138,301,168 8.63
5. Wee Investments Private Ltd 124,093,276 7.74
6. HSBC (Singapore) Nominees Pte Ltd 83,615,262 5.22
7. Wah Hin and Company Private Limited 81,223,402 5.07
8. Tai Tak Estates Sendirian Berhad 67,450,000 4.21
9. UOB Kay Hian Private Limited 40,049,230 2.50
10. BNP Paribas Securities Services Singapore Branch 37,742,894 2.35
11. C Y Wee & Co Pte Ltd 35,177,960 2.19
12. Raffles Nominees (Pte) Limited 30,460,346 1.90
13. Wee Cho Yaw 19,301,917 1.20
14. Tee Teh Sdn Berhad 10,590,307 0.66
15. UOB Nominees (2006) Private Limited 8,700,093 0.54
16. Estate of Lo Kwang Pheng Deceased 4,369,500 0.27
17. SG Investments Pte Ltd 4,360,000 0.27
18. Sat Pal Khattar, Chew Hwee Ming & Jerry Lee Kian Eng 3,191,228 0.20
19. Bank of Singapore Nominees Pte. Ltd. 3,187,737 0.20
20. Wee Ee Cheong 3,125,918 0.20
Total 1,382,477,237 86.24
* Percentage is calculated based on the total number of issued ordinary shares, excluding treasury shares, of the Bank.

Statistics of Shareholdings
as at 5 March 2015
Ordinary Shares
Substantial Shareholders (as shown in the Register of Substantial Shareholders)
Other
Shareholdings shareholdings in
registered in the which substantial
name of shareholders are
substantial deemed to have
shareholders an interest Total interest
Substantial shareholder No. of shares No. of shares No. of shares %
(1)
Estate of Lien Ying Chow, deceased 316,516 81,334,262 81,650,778 5.09
Lien Ying Chow Private Limited - 81,233,515(1) 81,233,515 5.07
(2)
Wah Hin and Company Private Limited 81,223,402 10,113 81,233,515 5.07
Sandstone Capital Pte Ltd 10,113 81,223,402(3) 81,233,515 5.07
(4)
Wee Cho Yaw 19,301,917 267,332,518 286,634,435 17.88
Wee Ee Cheong 3,125,918 161,426,620(4) 164,552,538 10.27
(4)
Wee Ee Chao 153,199 128,449,211 128,603,210 8.02
Wee Ee Lim 1,760,658 161,356,642(4) 163,117,300 10.18
Wee Investments (Pte) Limited 124,093,113 186,570 124,279,683 7.75
* Percentage is calculated based on the total number of issued shares, excluding treasury shares, of the Bank.
Notes:
(1) Estate of Lien Ying Chow, deceased and Lien Ying Chow Private Limited are each deemed to have an interest in the 81,233,515 UOB shares in which Wah Hin and Company
Private Limited has an interest.
(2) Wah Hin and Company Private Limited is deemed to have an interest in the 10,113 UOB shares held by Sandstone Capital Pte. Ltd.
(3) Sandstone Capital Pte. Ltd. is deemed to have an interest in the 81,223,402 UOB shares held by Wah Hin and Company Private Limited.
(4) Wee Cho Yaw, Wee Ee Cheong, Wee Ee Chao and Wee Ee Lim are each deemed to have an interest in Wee Investments (Pte) Limiteds total direct and deemed interests of
124,279,683 UOB shares.

Five-Year Ordinary Share Capital Summary
Number of ordinary shares

Held in
Year Particulars Issued treasury In circulation
2010 Balance at beginning of year 1,524,193,625 (18,174,929) 1,506,018,696
Issue of shares under share-based compensation plans 659,879
Issue of shares under scrip dividend scheme 35,945,762
Balance at end of year 1,560,139,387 (17,515,050) 1,542,624,337
2011 Issue of shares under share-based compensation plans 1,514,902

Share buyback and held in treasury (570,186)

Share buyback and held in treasury (684,385)



Our International Network
Banking Services UOB Brisbane Office China

Level 34, Riparian Plaza United Overseas Bank (China) Limited
Singapore
71 Eagle Street (a subsidiary)
United Overseas Bank Limited
Brisbane, QLD 4000 Unit 105, 2F, 3F
80 Raffles Place
Phone: (61)(7) 3229 1188 111 Dongyuan Road
UOB Plaza
Fax: (61)(7) 3229 1188 Pudong New Area
Singapore 048624
Chief Executive Officer, Australia and Shanghai 200120
Phone: (65) 6533 9898
New Zealand: John Liles Phone: (86)(21) 6061 8888
Fax: (65) 6534 2334
General Manager, Operations and Fax: (86)(21) 6886 0908
SWIFT: UOVBSGSG
Corporate Services: Eric Yeo SWIFT: UOVBCNSH
Website: www.UOBGroup.com
State Manager: Gregory Thompson Email: CustomerExperience.UOBC@
United Overseas Bank Limited has UOBGroup.com
Brunei
66 branches in Singapore. Website: www.UOBChina.com.cn
UOB Bandar Seri Begawan Branch
President and Chief Executive Officer:
Far Eastern Bank Limited Units 10 and 11, Bangunan DAmin Jaya
Eric Lian Voon Fui
(a subsidiary) Lot 54989, Kampong Kiarong
80 Raffles Place Bandar Seri Begawan BE1318 United Overseas Bank (China) Limited has
UOB Plaza Phone: (673) 222 5477/222 2210/ 16 branches/sub-branches in China.
Singapore 048624 222 0380
Hong Kong S.A.R.
Phone: (65) 6533 9898 Fax: (673) 224 0792
UOB Main Branch
Fax: (65) 6534 2334 SWIFT: UOVBBNBB
25/F Gloucester Tower
SWIFT: UOVBSGSG Email: [email protected]
The Landmark, 15 Queens Road
Website: www.UOBGroup.com Country Manager:
Central, Hong Kong S.A.R.
Abdul Razak Abdul Malek
Australia Phone: (852) 2910 8888
UOB Sydney Branch Canada Fax: (852) 2810 5506
United Overseas Bank Building UOB Vancouver Branch Telex: 74581 TYHUA HX
Level 9, 32 Martin Place Suite 2400, 650 West Georgia Street SWIFT: UOVBHKHH
Sydney, NSW 2000 Vancouver, British Columbia Email: [email protected]
Phone: (61)(2) 9221 1924 Canada V6B 4N9 Chief Executive Officer: Christine Ip
Fax: (61)(2) 9221 1541 Phone: (1)(604) 662 7055
Fax: (1)(604) 662 3356 UOB Sheung Wan Branch
SWIFT: UOVBAU2S
SWIFT: UOVBCA8V Unit 1601, 1603-15, 16/F
Email: [email protected]
Email: [email protected] Cosco Tower, 183 Queens Road
Chief Executive Officer, Australia and
Country Manager: K. Jin Koh Central, Hong Kong S.A.R.
New Zealand: John Liles
Phone: (852) 2910 8833
General Manager, Operations and
UOB Toronto Office Fax: (852) 2810 5773
Corporate Services: Eric Yeo
Suite 2500, 120 Adelaide Street West Email: [email protected]
UOB Melbourne Office Toronto, Ontario Chief Executive Officer: Christine Ip
Level 7, 350 Collins Street Canada M5H 1T1
Phone: (1)(416) 644 1208 UOB Tsim Sha Tsui Branch
Melbourne, VIC 3000
Fax: (1)(416) 367 1954 Suites 2110-13, 21/F
Phone: (61)(3) 9642 4808
Country Manager: K. Jin Koh Tower 6, The Gateway, Harbour City
Fax: (61)(3) 9642 4877
Head of Corporate Banking: John Gleason Kowloon, Hong Kong S.A.R.
Chief Executive Officer, Australia and
Phone: (852) 3970 7788
New Zealand: John Liles
UOB Calgary Office Fax: (852) 3970 7798
General Manager, Operations and
Suite 2600, 144-4 Avenue SW Email: [email protected]
Corporate Services: Eric Yeo
Calgary, Alberta Chief Executive Officer: Christine Ip
State Manager: Geoff Luxton
Canada T2P 3N4
India
Phone: (1)(587) 702 5800
UOB Mumbai Branch
Fax: (1)(403) 716 3637
Units 31, 32 and 37, 3rd Floor
Country Manager: K. Jin Koh
C Wing Bandra Kurla Complex
Manager: Tan Yee Ho
3 North Avenue, Maker Maxity
Bandra (East)
Mumbai 400 051
Phone: (91)(22) 4247 2828/2829
Fax: (91)(22) 2659 1133
Country Manager: PV Ananthakrishnan
Indonesia United Overseas Bank (Malaysia) Bhd Taiwan
UOB Jakarta Representative Office (a subsidiary) UOB Taipei Branch
38th Floor, UOB Plaza Menara UOB 16th Floor, Union Enterprise Plaza
Jalan M.H. Thamrin No. 10 Jalan Raja Laut 109 Minsheng East Road, Section 3
Jakarta Pusat 10230 P.O. Box 11212 Taipei 10544
Phone: (62)(21) 2993 7317 50738 Kuala Lumpur, Malaysia Phone: (886)(2) 2715 0125
Fax: (62)(21) 2993 7318 Phone: (60)(3) 2692 7722 Fax: (886)(2) 2713 7456
Chief Representative: Utami Dewi Suhadi Fax: (60)(3) 2691 0281 Email: [email protected]
SWIFT: UOVBMYKL Country Manager: Steven Chung Kok Kai
PT Bank UOB Indonesia Email:
(a subsidiary) Thailand
[email protected]
UOB Plaza United Overseas Bank (Thai) Public
Website: www.UOB.com.my
Jalan M.H. Thamrin No. 10 Company Limited
Chief Executive Officer: Wong Kim Choong
Jakarta Pusat 10230 (a subsidiary)
Phone: (62)(21) 2350 6000 United Overseas Bank (Malaysia) Bhd has 191 South Sathon Road
Fax: (62)(21) 2993 6632 45 branches in Malaysia. Sathon, Bangkok 10120
SWIFT: BBIJIDJA Phone: (66)(2) 343 3000
Myanmar
Website: www.UOB.co.id Fax: (66)(2) 287 2973/287 2974
UOB Yangon Representative Office
President Director: Armand B. Arief SWIFT: UOVBTHBK
Unit #01-L-1, Park Royal Hotel
Deputy President Director: Website: www.UOB.co.th
Yaw Min Gyi Street, Dagon Township
Iwan Satawidinata President and Chief Executive Officer:
Yangon, Myanmar
Deputy President Director: Tan Chin Poh Peter Foo Moo Tan
Phone: (95)(1) 250388 Ext: 8180
PT Bank UOB Indonesia has Fax: (95)(1) 253318 United Overseas Bank (Thai) Public
209 branches in Indonesia. Country Head, Vietnam and Myanmar: Company Limited has 154 branches in
Thng Tien Tat Thailand.
Japan Email: [email protected]
UOB Tokyo Branch United Kingdom
Chief Representative: U Hla Thaung
13F Sanno Park Tower UOB London Branch
Email: [email protected],
2-11-1 Nagatacho, Chiyoda-ku 19 Great Winchester Street
[email protected]
Tokyo 100-6113, Japan London EC2N 2BH
Phone: (81)(3) 3596 7200 Philippines Phone: (44)(20) 7448 5800
Fax: (81)(3) 3596 7201 United Overseas Bank Philippines Fax: (44)(20) 7628 3433
SWIFT: UOVBJPJT (a Thrift Bank) (a subsidiary) SWIFT: UOVBGB2L
Email: [email protected] 17th Floor, Pacific Star Building Email: [email protected]
Country Manager: Wong Kwong Yew Sen. Gil Puyat Avenue corner Country Manager: Andy Cheah
Makati Avenue
Malaysia United States of America
1200 Makati City
United Overseas Bank Limited, UOB New York Agency
Phone: (63)(2) 548 6400
Labuan Branch UOB Building
Fax: (63)(2) 811 6196
Level 6A, Main Office Tower 592 Fifth Avenue
SWIFT: UOVBPHMM
Financial Park Labuan Complex 10th Floor, 48th Street
Jalan Merdeka New York, NY 10036
President and Chief Executive Officer:
87000 Labuan F.T., Malaysia Phone: (1)(212) 382 0088
Emmanuel T Mangosing
Phone: (60)(87) 424 388 Fax: (1)(212) 382 1881
Fax: (60)(87) 424 389 South Korea SWIFT: UOVBUS33
Swift: UOVBMY2L UOB Seoul Branch Email: [email protected]
Email: [email protected] 3(A)F, Seoul Finance Center Agent and General Manager: George Lim
General Manager: 136, Sejong-daero
Lourdes Premkumar Sinnappan Jung-Gu, Seoul 100-768
Phone: (82)(2) 739 3916/739 3919
Fax: (82)(2) 730 9570
SWIFT: UOVBKRSE
Country Manager: Tan Kian Huat

Our International Network
UOB Los Angeles Agency Taiwan Investment Management

Suite 518 UOB Bullion and Futures Limited, Taiwan
Singapore
777 South Figueroa Street Branch
United Orient Capital Pte. Ltd.
Los Angeles, California 90017 16th Floor, Union Enterprise Plaza
(a joint venture)
Phone: (1)(213) 623 8042 109 Minsheng East Road, Section 3
c/o Augentius (Singapore) Pte. Ltd.
Fax: (1)(213) 623 3412 Taipei 10544
112 Robinson Road, #04-02
Email: [email protected] Phone: (886)(2) 2545 6163
Singapore 068902
Agent and General Manager: Michael Liu Fax: (886)(2) 2719 9434
Phone: (65) 6420 6990
Vietnam Fax: (65) 6420 6999
Branch Manager: Vincent Cheng Chih
UOB Ho Chi Minh City Branch Email: [email protected]
Jung
1st Floor, Central Plaza Office Building Website: www.UnitedOrientCapital.com
17 Le Duan Boulevard Thailand Executive Director: Yeo Wee Yap
District 1, Ho Chi Minh City UOB Bullion and Futures (Thai) Company
Phone: (8428) 3825 1424 Limited UOB Asia Investment Partners Pte. Ltd.
Fax: (8428) 3825 1423 (a subsidiary) (a subsidiary)
SWIFT: UOVBVNVX 7th Floor, 191 South Sathon Road 80 Raffles Place, #10-21
Email: [email protected] Sathon, Bangkok 10120 UOB Plaza 2
Country Head, Vietnam and Myanmar: Phone: (66)(0) 2343 3903/3906 Singapore 048624
Thng Tien Tat Fax: (66)(0) 2213 2614 Phone: (65) 6539 2492
Country Manager: Ho Sze Ming Email: [email protected] Fax: (65) 6532 7558
Website: www.UOBFT.co.th Email: [email protected]
Correspondents Website: www.UOBAIP.com
Chief Executive Officer: Mark Lim Tiong
In all principal cities of the world Chief Executive Officer: Low Han Seng
Huat
Related Financial Services Insurance UOB Asset Management Ltd

Singapore (a subsidiary)
Bullion, Brokerage and Clearing
United Overseas Insurance Limited 80 Raffles Place, 3rd Floor
Singapore (a subsidiary) UOB Plaza 2
UOB Bullion and Futures Limited 3 Anson Road, #28-01 Singapore 048624
(a subsidiary) Springleaf Tower Phone: (65) 6532 7988
80 Raffles Place, 5th Floor Singapore 079909 Fax: (65) 6535 5882
UOB Plaza 1 Phone: (65) 6222 7733 Email: [email protected]
Singapore 048624 Fax: (65) 6327 3869/6327 3870 Website: www.UOBAM.com.sg
Phone: (65) 6751 5791/5792/5793 Email: [email protected] Managing Director and Group Chief
Fax: (65) 6534 1984/6535 6312 Website: www.UOI.com.sg Executive Officer: Thio Boon Kiat
Email: [email protected] Managing Director and Chief Executive:
Website: www.UOBFutures.com David Chan Mun Wai UOB-SM Asset Management Pte. Ltd.
Chief Executive Officer: (a subsidiary)
Matthew Png Bee Seng Myanmar 80 Raffles Place, #15-22
United Overseas Insurance Myanmar UOB Plaza 2
UOBBF Clearing Limited Representative Office Singapore 048624
(a subsidiary) Room No. 1401, 14th Floor Phone: (65) 6589 3850
80 Raffles Place, 5th Floor Olympic Tower Fax: (65) 6589 3849
UOB Plaza 1 Corner of Mahar Bandoola Street and Chief Executive Officer: Masashi Ohmatsu
Singapore 048624 Bo Aung Kyaw Street
Phone: (65) 6539 4362 Kyauktada Township UOB Venture Management Private
Email: [email protected] Yangon, Myanmar Limited
Chief Executive Officer: Telephone: (95)(1) 392 917 (a subsidiary)
Dennis Seet Choon Seng Fax: (95)(1) 392 916 80 Raffles Place, #30-20
Representative: Khin Maung Win UOB Plaza 2
Singapore 048624
Phone: (65) 6539 3044
Fax: (65) 6538 2569
Managing Director: Seah Kian Wee

Brunei France Thailand
UOB Asset Management (B) Sdn Bhd UOB Global Capital SARL UOB Asset Management (Thailand)
(a subsidiary) (a subsidiary) Co. Ltd.
Unit FF03-FF05, 1st Floor 40 rue La Perouse (a subsidiary)
The Centrepoint Hotel 75116 Paris Asia Centre Building, 23A, 25th Floor
Jalan Gadong Phone: (33)(1) 5364 8400 173/27-30, 32-33 South Sathon Road
Bandar Seri Begawan BE3519 Fax: (33)(1) 5364 8409 Thungmahamek
Phone: (673) 242 4806 Email: [email protected] Sathon, Bangkok 10120
Fax: (673) 242 4805 Managing Director: Michael Landau Phone: (66)(2) 786 2000
General Manager: Fax: (66)(2) 786 2377
Indonesia
Kamal Haji Muhammad Website: www.UOBAM.co.th
UOB Venture Management Private
Chief Executive Officer: Vana Bulbon
China Limited Representative Office
UOB Investment (China) Limited UOB Plaza, 22nd Floor United States of America
(an associate) Jalan M.H. Thamrin No. 10 UOB Global Capital LLC
8/F Taiji Building Jakarta Pusat 10230 (a subsidiary)
No. 211, Bei Si Huan Middle Road Phone: (62)(21) 2938 8441 UOB Building
Haidian District Email: [email protected] 592 Fifth Avenue
Beijing 100083 Chief Representative: Edwin David Liem Suite 602
Phone: (86)(10) 8905 6671 New York, NY 10036
Japan
Fax: (86)(10) 8905 6700 Phone: (1)(212) 398 6633
UOB Asset Management (Japan) Ltd
Email: [email protected] Fax: (1)(212) 398 4030
(a subsidiary)
Contact: Seah Kian Wee Email: [email protected]
13F Sanno Park Tower
Managing Director: David Goss
UOB Venture Management (Shanghai) 2-11-1 Nagatacho, Chiyoda-ku
Limited Tokyo 100-6113, Japan Money Market
(a subsidiary) Phone: (81)(3) 3500 5981
Australia
Room 3307, United Plaza Fax: (81)(3) 3500 5985
UOB Australia Limited
1468 Nanjing Road West Chief Executive Officer: Hideaki Mochizuki
(a subsidiary)
Shanghai 200040 Malaysia United Overseas Bank Building
Phone: (86)(21) 6247 6228 UOB Asset Management (Malaysia) Level 9, 32 Martin Place
Fax: (86)(21) 6289 8817 Berhad Sydney, NSW 2000
Email: [email protected] (a subsidiary) Phone: (61)(2) 9221 1924
Managing Director: Seah Kian Wee Level 22, Vista Tower, The Intermark Fax: (61)(2) 9221 1541
348 Jalan Tun Razak SWIFT: UOVBAU2S
SZVC-UOB Venture 50400 Kuala Lumpur, Malaysia Email: [email protected]
Management Co., Ltd Phone: (60)(3) 2732 1181 Director and Country Head, Australia and
(an associate) Fax: (60)(3) 2732 1100 New Zealand: John Liles
FL. 11 Investment Building Email: [email protected] Director and General Manager,
No. 4009 Shennan Road Website: www.UOBAM.com.my Operations: Eric Yeo
Futian Centre District Chief Executive Officer: Lim Suet Ling
Shenzhen 518048 Stockbroking
Phone: (86)(755) 8291 2888 Taiwan
Singapore
Fax: (86)(755) 8291 2880 UOB Investment Advisor (Taiwan) Ltd
UOB-Kay Hian Holdings Limited
Email: [email protected] (a subsidiary)
(an associate)
Deputy General Manager: Alina Tao Union Enterprise Plaza, 16th Floor
8 Anthony Road, #01-01
109 Minsheng East Road, Section 3
Singapore 229957
Ping An UOB Fund Management Taipei 10544
Phone: (65) 6535 6868
Company Ltd Phone: (886)(2) 2719 7005
Fax: (65) 6532 6919
(an associate) Fax: (886)(2) 2545 6591
Website: www.uobkayhian.com
5F Galaxy Center Email: [email protected]
Managing Director: Wee Ee Chao
Fuhua Road, Futian District Greater China Chief Executive Officer:
Shenzhen 518048 William Wang
Phone: (86)(755) 2262 2289
Fax: (86)(775) 2399 7878
Deputy General Manager: Jasmine Lim

Notice of Annual General Meeting
(Incorporated in the Republic of Singapore)
Company Registration No. 193500026Z
Notice is hereby given that the 73rd Annual General Meeting of members of the Company will be held at Pan Pacific Singapore,
Pacific 2-3, Level 1, 7 Raffles Boulevard, Marina Square, Singapore 039595 on Friday, 24 April 2015, at 3.00 pm to transact the
following business:
AS ORDINARY BUSINESS
Resolution 1 To receive the Financial Statements, the Directors Report and the Auditors Report for the year ended 31 December
2014.
Resolution 2 To declare a final one-tier tax-exempt dividend of 50 cents per ordinary share and a special one-tier tax-exempt
dividend of five cents per ordinary share for the year ended 31 December 2014.
Resolution 3 To approve Directors fees of $2,070,000 for 2014 (2013: $2,055,000).
Resolution 4 To approve an advisory fee of $800,000 to Dr Wee Cho Yaw, the Chairman Emeritus and Adviser, for the period
from January 2014 to December 2014 (2013: $800,000).
Resolution 5 To re-appoint Ernst & Young LLP as Auditor of the Company and authorise the Directors to fix its remuneration.
To re-elect the following Directors:
Resolution 6 Mr Hsieh Fu Hua
Resolution 7 Mr Wee Ee Cheong
Resolution 8 Mrs Lim Hwee Hua
Resolution 9 To re-appoint Dr Wee Cho Yaw under Section 153(6) of the Companies Act, Cap 50, to hold office from the date of
this Annual General Meeting until the next Annual General Meeting.
AS SPECIAL BUSINESS
To consider and, if thought fit, pass the following ordinary resolutions:
Resolution 10 THAT authority be and is hereby given to the Directors to:
(a) (i) issue ordinary shares in the capital of the Company (Shares) whether by way of rights, bonus or otherwise;
and/or
(ii) make or grant offers, agreements or options (collectively, Instruments) that might or would require Shares to
be issued, including but not limited to the creation and issue of (as well as adjustments to) warrants,
debentures or other instruments convertible into Shares,
at any time and upon such terms and conditions and for such purposes and to such persons as the Directors
may in their absolute discretion deem fit; and
(b) issue Shares in pursuance of any Instrument made or granted by the Directors while this Resolution was in force,
notwithstanding that the authority conferred by this Resolution may have ceased to be in force,
provided that:
(1) the aggregate number of Shares to be issued pursuant to this Resolution (including Shares to be issued in
pursuance of Instruments made or granted pursuant to this Resolution) does not exceed 50 per cent of the total
number of issued shares, excluding treasury shares, in the capital of the Company (as calculated in accordance
with paragraph (2) below), of which the aggregate number of Shares to be issued other than on a pro-rata basis
to shareholders of the Company (including Shares to be issued in pursuance of Instruments made or granted
pursuant to this Resolution) does not exceed 20 per cent of the total number of issued shares, excluding treasury
shares, in the capital of the Company (as calculated in accordance with paragraph (2) below);

Resolution 10 (2) (subject to such manner of calculation as may be prescribed by the Singapore Exchange Securities Trading
(continued) Limited (SGX-ST)) for the purpose of determining the aggregate number of Shares that may be issued under
paragraph (1) above, the percentage of issued Shares shall be based on the total number of issued shares,
excluding treasury shares, in the capital of the Company at the time this Resolution is passed, after adjusting for:
(i) new Shares arising from the conversion or exercise of any convertible securities or share options or vesting of
share awards which are outstanding or subsisting at the time this Resolution is passed; and
(ii) any subsequent bonus issue, consolidation or subdivision of Shares;
(3) in exercising the authority conferred by this Resolution, the Company shall comply with the provisions of the
Listing Manual of the SGX-ST for the time being in force (unless such compliance has been waived by the
SGX-ST) and the Articles of Association for the time being of the Company; and
(4) (unless revoked or varied by the Company in general meeting) the authority conferred by this Resolution shall
continue in force until the conclusion of the next AGM of the Company or the date by which the next AGM of the
Company is required by law to be held, whichever is earlier.
Resolution 11 THAT authority be and is hereby given to the Directors to allot and issue from time to time such number of ordinary
Shares as may be required to be allotted and issued pursuant to the UOB Scrip Dividend Scheme.
Resolution 12 THAT
(a) for the purposes of Sections 76C and 76E of the Companies Act, the exercise by the Directors of the Company
of all the powers of the Company to purchase or otherwise acquire issued ordinary shares in the capital of the
Company not exceeding in aggregate the Maximum Limit (as hereafter defined), at such price or prices as may
be determined by the Directors from time to time up to the Maximum Price (as hereafter defined), whether by
way of:
(i) market purchase(s) (Market Purchase) on the SGX-ST; and/or
(ii) off-market purchase(s) (Off-Market Purchase) (if effected otherwise than on SGX-ST) in accordance with any
equal access scheme(s) as may be determined or formulated by the Directors as they consider fit, which
scheme(s) shall satisfy all the conditions prescribed by the Companies Act,
and otherwise in accordance with all other laws, regulations and rules of SGX-ST as may for the time being
be applicable, be and is hereby authorised and approved generally and unconditionally (Share Purchase
Mandate);
(b) the authority conferred on the Directors pursuant to the Share Purchase Mandate may be exercised by the
Directors at any time and from time to time during the period commencing from the date of the passing of this
Resolution and expiring on the earliest of:
(i) the date on which the next Annual General Meeting (AGM) of the Company is held or required by law to be
held;
(ii) the date on which the purchases or acquisitions of Shares pursuant to the Share Purchase Mandate are
carried out to the full extent mandated; or
(iii) the date on which the authority conferred by the Share Purchase Mandate is revoked or varied by the
Company in a general meeting;

Resolution 12 (c) In this Resolution 12:

(continued)
Relevant Period means the period commencing from the date on which the last AGM of the Company was
held and expiring on the date the next AGM of the Company is held or is required by law to be held, whichever
is the earlier, after the date of this Resolution;
Maximum Limit means that number of Shares representing five per cent of the total number of issued Shares
(excluding any Shares which are held as treasury shares) as at the date of the passing of this Resolution unless
the Company has effected a reduction of the share capital of the Company in accordance with the applicable
provisions of the Companies Act, at any time during the Relevant Period, in which event the issued Shares shall
be taken to be the total number of the issued Shares as altered by such capital reduction (excluding any Shares
which are held as treasury shares as at that date); and
Maximum Price in relation to a Share to be purchased or acquired, means the purchase price (excluding
brokerage, commission, applicable goods and services tax and other related expenses) which shall not exceed:
(i) in the case of a Market Purchase, 105 per cent of the Average Closing Price of the Shares; and
(ii) in the case of an Off-Market Purchase, 110 per cent of the Average Closing Price of the Shares,
where:
Average Closing Price means the average of the last dealt prices of the Shares over the five consecutive
market days on which the Shares were transacted on the SGX-ST immediately preceding the date of the Market
Purchase by the Company or, as the case may be, the date of the making of the offer pursuant to the
Off-Market Purchase, and deemed to be adjusted in accordance with the listing rules of the SGX-ST for any
corporate action which occurs after the relevant five-day period; and
date of the making of the offer means the date on which the Company announces its intention to make an
offer for an Off-Market Purchase, stating therein the purchase price (which shall not be more than the Maximum
Price calculated on the foregoing basis) for each Share and the relevant terms of the equal access scheme for
effecting the Off-Market Purchase; and
(d) the Directors and/or any of them be and are hereby authorised to complete and do all such acts and things
(including executing such documents as may be required) as they and/or he may consider expedient or
necessary to give effect to the transactions contemplated and/or authorised by this Resolution.

Notes to Resolutions
Resolution 2 is to approve the final and special dividends. The Transfer Books and Register of Members will be closed from
5 May 2015 to 6 May 2015, both dates inclusive, for the preparation of the final and special dividends. Registrable transfers received up
to 5.00 pm on 4 May 2015 will be entitled to the final and special dividends. If approved, the final and special dividends will be paid on
13 May 2015.
Resolution 4 is to approve a fee of $800,000 for the period from January 2014 to December 2014 to Dr Wee Cho Yaw, Chairman
Emeritus and Adviser of the Bank, for providing advice and guidance to Management drawn from his vast experience, knowledge and
expertise acquired over more than 50 years with the Bank.
Resolution 6 is to re-elect Mr Hsieh Fu Hua who will, if re-elected, continue as chairman of the Board and an independent member of
the Executive, Nominating, Remuneration and Board Risk Management Committees.
Resolution 7 is to re-elect Mr Wee Ee Cheong who will, if re-elected, continue as deputy chairman and non-independent member of
the Executive, Nominating and Board Risk Management Committees.
Resolution 8 is to re-elect Mrs Lim Hwee Hua who will, if re-elected, continue as an independent member of the Board Risk
Management Committee.
Resolution 9 is to re-appoint Dr Wee Cho Yaw who will, if re-appointed, remain as Chairman Emeritus and Adviser and continue as the
non-independent chairman of the Executive, Remuneration and Board Risk Management Committees and a non-independent member
of the Nominating Committee.
Resolution 10 is to empower the Directors to issue ordinary shares in the capital of the Company and to make or grant instruments
(such as warrants or debentures or options) convertible into ordinary shares, and to issue ordinary shares in pursuance of such
instruments, up to an amount not exceeding in total 50 per cent of the total number of issued shares, excluding treasury shares, in the
capital of the Company, but with a sub-limit of 20 per cent for issue of shares other than on a pro-rata basis to shareholders (General
Mandate). For the purpose of determining the aggregate number of ordinary shares that may be issued pursuant to the General
Mandate, the percentage of issued shares in the capital of the Company shall be based on the total number of issued shares, excluding
treasury shares, in the capital of the Company at the time that Resolution 10 is passed, after adjusting for (a) new ordinary shares
arising from the conversion or exercise of any convertible securities or share options or vesting of share awards which are outstanding
or subsisting at the time that Resolution 10 is passed, and (b) any subsequent bonus issue, consolidation or subdivision of ordinary
shares.
Resolution 11 is to authorise the directors to issue ordinary shares pursuant to the UOB Scrip Dividend Scheme (Scheme) should the
Company decide to apply the Scheme to any dividend declared by the Company from the date of this AGM until the date of the next
AGM of the Company.
Resolution 12 is to renew the Share Purchase Mandate, which was originally approved by shareholders on 29 April 2004 and was last
renewed at the annual general meeting of the Company on 24 April 2014.
The Company intends to use its internal sources of funds to finance its purchase or acquisition of the shares. The amount of financing
required for the Company to purchase or acquire its shares and the impact on the Companys financial position, cannot be ascertained
as at the date of this Notice of AGM as these will depend on, inter alia, the aggregate number of shares purchased or acquired and the
consideration paid at the relevant time.
Based on the total number of issued shares as at 5 March 2015 (Latest Practicable Date), the purchase by the Company of five per
cent of its issued shares (excluding the shares held in treasury) will result in the purchase or acquisition of 80,141,713 shares.

Assuming that the Company purchases or acquires 80,141,713 Shares at the Maximum Price, the maximum amount of funds required
is approximately:
(a) in the case of Market Purchases of Shares, $1,941,833,706 based on $24.23 for one Share (being the price equivalent to five per
cent above the Average Closing Price of the Shares immediately preceding the Latest Practicable Date); and
(b) in the case of Off-Market Purchases of Shares, $2,034,798,093 based on $25.39 for one Share (being the price equivalent to ten
per cent above the Average Closing Price of the Shares immediately preceding the Latest Practicable Date).
The financial effects of the purchase or acquisition of such Shares by the Company pursuant to the proposed Share Purchase Mandate
on the audited financial accounts of the UOB Group for the financial year ended 31 December 2014, based on certain assumptions, are
set out in paragraph 2.8 of the Appendix to this Notice of AGM to shareholders of the Company dated 1 April 2015.
Please refer to the Appendix to this AGM Notice for details.
BY ORDER OF THE BOARD
Vivien Chan
Secretary
Singapore
1 April 2015
Notes
1 A member entitled to attend and vote at the AGM is entitled to appoint not more than two proxies to attend and vote in his stead. A proxy need not be a member of the
Company.
2 To be effective, the instrument appointing a proxy must be deposited at 80 Raffles Place, #04-20, UOB Plaza 2, Singapore 048624 (Attention: The Company Secretary)
not less than 48 hours before the time set for holding the AGM of the Company.

If you have any doubt as to the action you should take, you should consult your stockbroker,
bank manager, solicitor, accountant or other professional adviser immediately. If you have
sold or transferred all your shares in the capital of United Overseas Bank Limited, you should
immediately forward this Annual Report/Appendix to the purchaser or the transferee or to the bank,
stockbroker or agent through whom the sale or transfer was effected for onward delivery to the
purchaser or the transferee.
The Singapore Exchange Securities Trading Limited takes no responsibility for the accuracy of any
statements or opinions made in this Appendix.
UNITED OVERSEAS BANK LIMITED

(Company Registration No.: 193500026Z)
APPENDIX TO THE NOTICE OF ANNUAL GENERAL MEETING
DATED 1 APRIL 2015

Appendix
Renewal of Share Purchase Mandate
1. Introduction
1.1 General. The purpose of this Appendix is to provide Shareholders1 with information relating to Resolution 12 set out in the Notice of
Annual General Meeting of United Overseas Bank Limited (UOB) in respect of the proposed renewal of the mandate (Share Purchase
Mandate) enabling UOB to purchase or otherwise acquire its issued ordinary shares in the capital of UOB (Shares).
1.2 SGX-ST. The Singapore Exchange Securities Trading Limited (SGX-ST) takes no responsibility for the accuracy of any statement or
opinion made in this Appendix.
2. The Renewal of the Share Purchase Mandate

2.1 Background. The Companies Act requires a company to obtain the approval of its shareholders to purchase or otherwise acquire its
own Shares. The Share Purchase Mandate was first approved by Shareholders on 29 April 2004 and was last renewed at the annual
general meeting (2014 AGM) of UOB held on 24 April 2014 (2014 Share Purchase Mandate).
The 2014 Share Purchase Mandate will expire on the date of the forthcoming 73rd annual general meeting of UOB to be held on
24 April 2015 (73rd Annual General Meeting). The approval of Shareholders is being sought for the renewal of the Share Purchase
Mandate at the 73rd Annual General Meeting.
2.2 Rationale for the Proposed Renewal of the Share Purchase Mandate. The proposed renewal of the Share Purchase Mandate
would give UOB the flexibility to undertake the purchase or acquisition of its issued Shares as and when appropriate to:
(a) manage the capital structure of UOB, with a view to achieving an efficient capital mix;
(b) manage surplus capital, such that surplus capital and funds which are in excess of UOBs requirements may be returned to
Shareholders in an expedient and cost-efficient manner; and
(c) improve return on equity (ROE), which is one of the key objectives of UOB.
In addition, the issued Shares which are purchased or acquired pursuant to the Share Purchase Mandate may be held as treasury
shares which may be used for the purposes of or pursuant to any staff incentive scheme as may be implemented by UOB from time
to time.
The Share Purchase Mandate will be exercised by the Directors of UOB (Directors) in circumstances where it is considered to be in the
best interests of UOB after taking into account factors such as the amount of surplus cash available and working capital requirements of
UOB, the prevailing market conditions, liquidity and orderly trading of the Shares.
2.3 Authority and Limits on the Share Purchase Mandate. The authority and limits on the Share Purchase Mandate are
summarised below.
2.3.1 Maximum Number of Shares
The total number of Shares that may be purchased or acquired by UOB pursuant to the Share Purchase Mandate is limited to
that number of Shares representing five per cent of the total number of issued Shares of UOB as at the date of the 73rd Annual
General Meeting at which this renewal of the Share Purchase Mandate is approved (Approval Date) unless UOB has effected a
reduction of the share capital of UOB in accordance with the applicable provisions of the Companies Act, at any time during the
period commencing from the date of the 73rd annual general meeting (AGM) and expiring on the date the next AGM is held or is
required by law to be held, whichever is the earlier, in which event the issued Shares shall be taken to be the total number of the
issued Shares as altered by such capital reduction. Only Shares which are issued and fully paid-up may be purchased or
acquired by UOB. The Shares which are held as treasury shares will be disregarded for the purposes of computing the five per
cent limit.
While the Share Purchase Mandate would authorise the purchase or acquisition of Shares up to the five per cent limit,
Shareholders should note that purchases or acquisitions of Shares pursuant to the Share Purchase Mandate may not
be carried out up to the full five per cent as authorised, or at all. In particular, no purchase or acquisition of the Shares
would be made in circumstances which would have or may have a material adverse effect on the financial position
of UOB.
1 Refers to registered holders of Shares, except that where the registered holder is The Central Depository (Pte) Limited (CDP), the term Shareholders shall, in relation to such Shares
and where the context admits, mean the Depositors (as defined in Section 130A of the Companies Act, Chapter 50 of Singapore (Companies Act)) whose securities accounts are
maintained with CDP (but not including securities sub-accounts maintained with a Depository Agent (as defined in Section 130A of the Companies Act)) and credited with Shares.

2.3.2 Duration of Authority
Purchases or acquisitions of Shares may be made, at any time and from time to time, on and from the Approval Date up to:
(a) the date on which the next AGM of UOB is held or required by law to be held;
(b) the date on which the purchases or acquisitions of Shares pursuant to the Share Purchase Mandate are carried out to the
full extent mandated; or
(c) the date on which the authority conferred by the Share Purchase Mandate is revoked or varied by UOB in a general
meeting,
whichever is the earliest.
2.3.3 Manner of Purchase or Acquisition of Shares
Purchases or acquisitions of Shares may be made by:
(a) on-market purchases (Market Purchases) transacted on the SGX-ST through the SGX-STs trading system, through one
or more duly licensed dealers appointed by UOB for the purpose; and/or
(b) off-market purchases (Off-Market Purchases) effected pursuant to an equal access scheme.
The purchases or acquisitions in connection with or in relation to any equal access scheme or schemes may be subject to such
terms and conditions as the Directors may consider fit in the interests of UOB provided that such terms and conditions are
consistent with the relevant provisions of the Share Purchase Mandate, the listing manual of the SGX-ST (Listing Manual) and
the Companies Act.
Off-Market Purchases must satisfy all the following conditions:
(i) offers for the purchase or the acquisition of Shares shall be made to every person who holds Shares to purchase or acquire
the same percentage of their Shares;
(ii) all of those persons shall be given a reasonable opportunity to accept the offers made; and
(iii) the terms of the offers shall be the same, except that:
(1) differences in consideration attributable to the fact that offers may relate to Shares with different accrued dividend
entitlements; and
(2) differences in the offers introduced solely to ensure that each person is left with a whole number of Shares,
shall be disregarded.
If UOB wishes to make an Off-Market Purchase in accordance with an equal access scheme, it will issue an offer document
containing at least the following information:
(I) the terms and conditions of the offer;
(II) the period and procedures for acceptances; and
(III) the information required under Rules 883(2), (3), (4), (5) and (6) of the Listing Manual.

Appendix
2.3.4 Maximum Purchase Price

The purchase price (excluding brokerage, commission, applicable goods and services tax and other related expenses) to be paid
for a Share will be determined by the Directors. The purchase price to be paid for the Shares as determined by the Directors
must not exceed:
(a) in the case of a Market Purchase, 105 per cent of the Average Closing Price of the Shares; and
(b) in the case of an Off-Market Purchase, 110 per cent of the Average Closing Price of the Shares,
in either case, the Maximum Price.
For the above purposes:
Average Closing Price means the average of the last dealt prices of the Shares over the five consecutive market days on
which the Shares were transacted on the SGX-ST immediately preceding the date of the Market Purchase by UOB or, as the
case may be, the date of the making of the offer pursuant to the Off-Market Purchase, and deemed to be adjusted in
accordance with the listing rules of the SGX-ST for any corporate action which occurs after the relevant five-day period; and
date of the making of the offer means the date on which UOB announces its intention to make an offer for an Off-Market
Purchase, stating the purchase price (which shall not be more than the Maximum Price calculated on the foregoing basis) for
each Share, and the relevant terms of the equal access scheme for effecting the Off-Market Purchase.
2.3.5 No Purchases During Certain Periods.
The share buy-back will not be carried out during the period commencing two weeks before the announcement of the financial
statements for each of the first three quarters of its financial year and one month before the announcement of UOBs full year
2.4 Source of Funds. The Companies Act permits UOB to purchase or acquire its own Shares out of capital, as well as from its
distributable profits.
UOB intends to use its internal sources of funds to finance its purchase or acquisition of the Shares. The Directors do not propose to
exercise the Share Purchase Mandate in a manner and to such extent that the liquidity and capital of UOB and its subsidiaries (Group)
would be materially adversely affected.
2.5 Reporting Requirements. Pursuant to Rule 886 of the Listing Manual, UOB will notify the SGX-ST of any purchase or acquisition of
Shares under the proposed Share Purchase Mandate as follows:
(a) in the case of a Market Purchase, by 9.00 am on the market day following the day on which it purchased the Shares; and
(b) in the case of an Off-Market Purchase, by 9.00 am on the second market day after the close of acceptances of the offer.
The announcement (in the form prescribed under the Listing Manual) shall include, inter alia, details of the maximum number of Shares
authorised for purchase, the date of purchase, the total number of Shares purchased, the number of Shares cancelled, the number of
Shares held as treasury shares, the purchase price per Share or the highest and lowest prices paid for such Shares (as applicable), the
total consideration (including stamp duties, brokerage and clearing charges, and other related expenses) paid or payable for the Shares,
the cumulative number of Shares purchased to date, the number of issued Shares excluding treasury shares, and the number of
treasury shares held after the purchase.
2.6 Status of Purchased Shares. Under the Companies Act, Shares purchased or acquired by UOB shall be deemed cancelled
immediately upon purchase or acquisition (and all rights and privileges attached to the Shares will expire on cancellation) unless such
Shares are held by UOB as treasury shares. Accordingly, in the event that the purchased Shares are cancelled, the total number of
issued Shares will be reduced by the number of Shares so cancelled.
Depending on the needs of UOB, the Directors will decide whether the Shares purchased will be cancelled or kept as treasury shares, or
partly cancelled and partly kept as treasury shares.

2.7 Treasury Shares. The Shares purchased or acquired may be held or dealt with as treasury shares. Some of the provisions on treasury
shares under the Companies Act are summarised below.
2.7.1 Maximum Holdings
The number of Shares held as treasury shares cannot at any time exceed ten per cent of the total number of Shares.
2.7.2 Voting and Other Rights
UOB cannot exercise any right in respect of treasury shares, including any right to attend or vote at meetings.
In addition, treasury shares are not entitled to dividends or other distribution of UOBs assets but fully paid bonus shares may be
allotted in respect of treasury shares and such bonus shares shall be treated for the purposes of the Companies Act as if they
were purchased by UOB at the time they were allotted. Accordingly, such bonus shares may be held as treasury shares or dealt
with in the manner described in paragraphs 2.7.3(a) to 2.7.3(e) below. A subdivision or consolidation of any treasury share is also
allowed so long as the total value of the treasury shares after the subdivision or consolidation is the same as before.
2.7.3 Disposal and Cancellation
Where Shares purchased or acquired by UOB are held as treasury shares, UOB may at any time but subject always to the
Singapore Code on Take-overs and Mergers (Take-over Code):
(a) sell the treasury shares for cash;
(b) transfer the treasury shares for the purposes of or pursuant to an employee share scheme;
(c) transfer the treasury shares as consideration for the acquisition of shares in or assets of another company or assets of
a person;
(d) cancel the treasury shares; or
(e) sell, transfer or otherwise use the treasury shares for such other purposes as may be prescribed by the Minister for Finance.
Under Rule 704(28) of the Listing Manual, an immediate announcement containing, inter alia, the following details must be made
in respect of any sale, transfer, cancellation and/or use of the treasury shares (each an event):
(i) date and purpose of event;
(ii) number and value of treasury shares involved in the event;
(iii) number of treasury shares involved before and after the event; and
(iv) percentage of the number of treasury shares against the total number of Shares (of the same class as the treasury shares)
before and after the event.

Appendix
2.8 Financial Effects. The financial effects on the Group arising from purchases or acquisitions of Shares which may be made pursuant to
the proposed Share Purchase Mandate will depend on, inter alia, the aggregate number of Shares purchased or acquired and the
consideration paid at the relevant time, and whether the Shares purchased or acquired are held in Treasury or cancelled. The financial
effects on the Group for the financial year ended 31 December 2014 are based on the assumptions set out below.
2.8.1 Purchase or Acquisition out of Capital or Profits
Where the consideration paid by UOB for the purchase or acquisition of Shares is made out of capital, the amount available for
the distribution of dividends by UOB will not be reduced.
Where the consideration paid by UOB for the purchase or acquisition of Shares is made out of profits, such consideration will
correspondingly reduce the amount available for the distribution of dividends by UOB.
2.8.2 Number of Shares Acquired or Purchased
The maximum number of Shares which can be purchased by UOB will depend on the number of Shares, excluding treasury
shares, of UOB as at the Approval Date. As at the Latest Practicable Date prior to the printing of this Appendix, being
5 March 2015 (Latest Practicable Date), the issued share capital of UOB comprised 1,602,834,279 Shares, excluding
treasury shares.
Purely for illustrative purposes, on the basis of 1,602,834,279 Shares in issue, excluding treasury shares, as at the Latest
Practicable Date, not more than 80,141,713 Shares (representing five per cent of the Shares in issue, excluding treasury shares,
as at that date) may be purchased or acquired by UOB pursuant to the proposed Share Purchase Mandate.
2.8.3 Maximum Price Paid for Shares Acquired or Purchased
Assuming that UOB purchases or acquires the maximum number of Shares at the Maximum Price, the amount of funds required
is approximately:
(a) in the case of Market Purchases of Shares, S$1,941,833,706 based on S$24.23 for one Share (being the price equivalent to
five per cent above the Average Closing Price of the Shares immediately preceding the Latest Practicable Date); and
(b) in the case of Off-Market Purchases of Shares, S$2,034,798,093 based on S$25.39 for one Share (being the price
equivalent to ten per cent above the Average Closing Price of the Shares immediately preceding the Latest
Practicable Date).
2.8.4 Illustrative Financial Effects
For illustrative purposes only, on the basis of the assumptions set out in paragraphs 2.8.2 and 2.8.3 above, as well as
the following:
(a) the Share Purchase Mandate had been effective on 1 January 2014 and UOB had on 1 January 2014 purchased
80,141,713 Shares (representing five per cent of the total Shares in issue as at the Latest Practicable Date, excluding the
Shares held in treasury);
(b) no Shares were purchased by UOB after the Latest Practicable Date; and
(c) the purchase consideration was funded by UOB from excess funds deployed in the inter-bank market with an effective
pre-tax yield of 0.69 per cent, being the inter-bank one-month offer rate as at 5 March 2015, and at the tax rate of
17 per cent,
the financial effects on the audited financial accounts of the Group for the financial year ended 31 December 2014 are set
out below:

Market Purchases
Before Share After Share
As at 31 December 2014 Purchases Purchases(1)
Total Shareholders equity (S$000) 29,569,350 27,616,377
Number of issued and paid-up Shares (000) 1,602,834 1,522,692
Weighted average number of issued and paid-up Shares (000) 1,591,356 1,511,214
Net profit attributable to Shareholders (S$000) 3,249,101 3,237,962
Financial Ratios
Net Tangible Assets (NTA) per Share (S$)(2) 14.50 13.98
Earnings per Share Basic (S$)(3) 1.98 2.07
Return on Equity (ROE) (%)(3) 12.3 13.2
Total Capital Adequacy Ratio (%) 16.9 15.8
Notes:
(1) The above financial effects remain the same irrespective of whether:
(a) the purchases of Shares are effected out of capital or profits; and
(b) the Shares repurchased are held in treasury or cancelled.
(2 ) Preference shares and capital securities are excluded from the computation.
(3) Calculated based on profit attributable to Shareholders net of preference share dividends and capital securities distributions for other capital for the financial year.
Off-Market Purchases
Before Share After Share
As at 31 December 2014 Purchases Purchases(1)
Total Shareholders equity (S$000) 29,569,350 27,522,880
Number of issued and paid-up Shares (000) 1,602,834 1,522,692
Weighted average number of issued and paid-up Shares (000) 1,591,356 1,511,214
Net profit attributable to Shareholders (S$000) 3,249,101 3,237,429
Financial Ratios
Net Tangible Assets (NTA) per Share (S$)(2) 14.50 13.92
Earnings per Share Basic (S$)(3) 1.98 2.07
Return on Equity (ROE) (%)(3) 12.3 13.3
Total Capital Adequacy Ratio (%) 16.9 15.8
Notes:
(1) The above financial effects remain the same irrespective of whether:
(a) the purchases of Shares are effected out of capital or profits; and
(b) the Shares repurchased are held in treasury or cancelled.
(2) Preference shares and capital securities are excluded from the computation.
(3) Calculated based on profit attributable to Shareholders net of preference share dividends and capital securities distributions for other capital for the financial year.

Appendix
The financial effects set out above are for illustrative purposes only. Although the Share Purchase Mandate would authorise
UOB to purchase or acquire up to five per cent of the issued Shares (excluding the Shares held in treasury), UOB may not
necessarily purchase or acquire or be able to purchase or acquire any or all of the five per cent of the issued Shares (excluding
the Shares held in treasury). In addition, UOB may cancel all or part of the Shares repurchased and/or hold all or part of the
Shares repurchased as treasury shares.
UOB will take into account both financial and non-financial factors (for example, stock market conditions and the performance of the
Shares) in assessing the relative impact of a purchase or acquisition of Shares before execution.
2.9 Details of Shares Purchased in the last 12 months. As at the Latest Practicable Date, UOB had not repurchased or acquired any
Shares in the preceding 12 months.
2.10 Listing Status of the Shares. The Listing Manual requires a listed company to ensure that at least ten per cent of the total number of
issued shares (excluding preference shares, convertible equity securities and treasury shares) in a class that is listed, be held by public
shareholders. The public, as defined in the Listing Manual, are persons other than the directors, chief executive officer, substantial
shareholders or controlling shareholders of a listed company and its subsidiaries, as well as associates (as defined in the Listing Manual)
of such persons. As at the Latest Practicable Date, 1,221,889,509 Shares, or approximately 76 per cent of the total Shares (excluding
the Shares held in treasury), are held by public shareholders. Assuming UOB had purchased or acquired Shares from the public up to
the full five per cent limit pursuant to the proposed Share Purchase Mandate on the Latest Practicable Date and these Shares had been
held as treasury shares, the percentage of issued Shares held by public shareholders would be reduced to 1,141,747,796 Shares, or
approximately 75 per cent of the total Shares (excluding the Shares held in treasury).
Accordingly, UOB is of the view that there is a sufficient number of Shares in issue held by public shareholders which would permit UOB
to undertake purchases or acquisitions of its Shares through Market Purchases up to the full five per cent limit pursuant to the
Share Purchase Mandate without affecting the listing status of the Shares on the SGX-ST, and that the number of Shares remaining in
the hands of the public will not fall to such a level as to cause market illiquidity.
2.11 Shareholding Limits. Under the Banking Act, Chapter 19 of Singapore (Banking Act):
(a) no person shall enter into any agreement or arrangement, whether oral or in writing and whether express or implied, to act
together with any person with respect to the acquisition, holding or disposal of, or the exercise of rights in relation to, their interests
in voting shares of an aggregate of five per cent or more of the total votes attached to all voting shares in a designated financial
institution, without first obtaining the approval of the Minister designated for the purposes of the Banking Act (Minister)
(Five Per Cent Limit); and
(b) no person shall be a 12 per cent controller (as defined below) or a 20 per cent controller (as defined below) of a designated
financial institution without first obtaining the approval of the Minister.
For the purposes of the Banking Act:
designated financial institution means (i) a bank incorporated in Singapore; or (ii) a financial holding company;
total number of issued shares, in relation to a company, does not include treasury shares;
12 per cent controller means a person, not being a 20 per cent controller, who alone or together with his associates, (i) holds not less
than 12 per cent of the total number of issued shares in the designated financial institution; or (ii) is in a position to control voting power of
not less than 12 per cent in the designated financial institution; and
20 per cent controller means a person who, alone or together with his associates, (i) holds not less than 20 per cent of the total
number of issued shares in the designated financial institution; or (ii) is in a position to control voting power of not less than 20 per cent in
the designated financial institution.

For the purposes of the Banking Act, the percentage of the total number of Shares held by a Shareholder (whose Shares were not the
subject of a share purchase or acquisition by UOB) and the percentage voting rights of a Shareholder (whose Shares were not the
subject of a share purchase or acquisition by UOB) immediately following any purchase or acquisition of Shares will increase should UOB
hold in treasury or cancel the Shares purchased or acquired by UOB.
UOB wishes to draw the attention of Shareholders to the following consequences of a purchase or acquisition of Shares by
UOB pursuant to the Share Purchase Mandate, if the proposed renewal of the Share Purchase Mandate is approved by Shareholders:
A PURCHASE OR ACQUISITION OF SHARES BY UOB MAY INADVERTENTLY CAUSE THE INTEREST IN THE SHARES OF
ANY PERSON TO REACH OR EXCEED THE FIVE PER CENT LIMIT OR CAUSE ANY PERSON TO BECOME A 12 PER CENT
CONTROLLER OR A 20 PER CENT CONTROLLER.
Shareholders whose shareholdings are close to the limits set out in the Banking Act are advised to seek the prior approval of the
Monetary Authority of Singapore (MAS) to continue to hold, on such terms as may be imposed by the MAS, the number of Shares
which they may hold in excess of any of such limits, as a consequence of a purchase or acquisition of Shares by UOB. Shareholders
who are in doubt as to the action that they should take should consult their professional advisers at the earliest opportunity.
2.12 Take-over Implications. Appendix 2 to the Take-over Code contains the Share Buy-back Guidance Note. The take-over implications
arising from any purchase or acquisition by UOB of its Shares are set out below.
2.12.1 Obligation to make a Take-over Offer
If, as a result of any purchase or acquisition by UOB of its Shares, a Shareholders proportionate interest in the voting rights of
UOB increases, such increase will be treated as an acquisition for the purposes of the Take-over Code. If such increase results
in a Shareholder or group of Shareholders acting in concert acquiring or consolidating effective control of UOB, such
Shareholder or group of Shareholders acting in concert could become obliged to make a take-over offer for UOB under
Rule 14 of the Take over Code.
2.12.2 Persons Acting in Concert
Under the Take-over Code, persons acting in concert comprise individuals or companies who, pursuant to an agreement or
understanding (whether formal or informal), co-operate, through the acquisition by any of them of shares in a company to
obtain or consolidate effective control of that company.
In addition, the Take-over Code presumes certain persons to be acting in concert with each other unless the contrary
is established. For example, the following individuals and companies will be presumed to be acting in concert with each other:
(a) the following companies:
(i) a company;
(ii) the parent company of (i);
(iii) the subsidiaries of (i);
(iv) the fellow subsidiaries of (i);
(v) the associated companies of any of (i), (ii), (iii) or (iv);
(vi) companies whose associated companies include any of (i), (ii), (iii), (iv) or (v); and
(vii) any person who has provided financial assistance (other than a bank in the ordinary course of business) to any of the
above for the purchase of voting rights;

Appendix
(b) a company with any of its directors (together with their close relatives, related trusts as well as companies controlled by any
of the directors, their close relatives and related trusts);
(c) a company with any of its pension funds and employee share schemes;
(d) a person with any investment company, unit trust or other fund whose investment such person manages on a discretionary
basis, but only in respect of the investment account which such person manages;
(e) a financial or other professional adviser, including a stockbroker, with its client in respect of the shareholdings of the adviser
and the persons controlling, controlled by or under the same control as the adviser and all the funds which the adviser
manages on a discretionary basis, where the shareholdings of the adviser and any of those funds in the client total ten per
cent or more of the clients equity share capital;
(f) directors of a company, together with their close relatives, related trusts and companies controlled by any of them, which is
subject to an offer or where they have reason to believe a bona fide offer for their company may be imminent;
(g) partners; and
(h) an individual, his close relatives, his related trusts, and any person who is accustomed to act in accordance with his
instructions, companies controlled by any of the above persons, and any person who has provided financial assistance
(other than a bank in the ordinary course of business) to any of the above for the purchase of voting rights.
2.12.3 Effect of Rule 14 and Appendix 2
The circumstances under which Shareholders, including Directors and persons acting in concert with them respectively, will incur
an obligation to make a take-over offer under Rule 14 of the Take-over Code after a purchase or acquisition of Shares by UOB
are set out in Appendix 2 to the Take-over Code.
In general terms, the effect of Rule 14 and Appendix 2 to the Take-over Code is that, unless exempted, Directors and persons
acting in concert with them will incur an obligation to make a take-over offer under Rule 14 if, as a result of UOB purchasing or
acquiring Shares, the voting rights of such Directors and their concert parties would increase to 30 per cent or more, or in the
event that such Directors and their concert parties hold between (and including) 30 per cent and 50 per cent of UOBs voting
rights, the voting rights of such Directors and their concert parties would increase by more than one per cent in any period of
six months. In calculating the percentage of voting rights of such Directors and their concert parties, treasury shares shall
be excluded.
Under Appendix 2 to the Take-over Code, a Shareholder not acting in concert with the Directors will not be required to make a
take-over offer under Rule 14 if, as a result of UOB purchasing or acquiring its Shares, the voting rights of such Shareholder
would increase to 30 per cent or more, or, if such Shareholder holds between (and including) 30 per cent and 50 per cent of
UOBs voting rights, the voting rights of such Shareholder would increase by more than one per cent in any period of six months.
Such Shareholder need not abstain from voting in respect of the resolution authorising the Share Purchase Mandate.
Based on the information in the Register of Shareholders as at the Latest Practicable Date, no Shareholder will be obliged
to make a take-over offer for UOB under Rule 14 of the Take-over Code as a result of the purchase or acquisition of Shares
by UOB pursuant to the Share Purchase Mandate of the maximum limit of five per cent of its Shares.
Shareholders who are in doubt as to their obligations, if any, to make a mandatory take-over offer under the Take-over
Code as a result of any purchase or acquisition of Shares by UOB should consult the Securities Industry Council and/or
their professional advisers at the earliest opportunity.

3. Directors Recommendation
The Directors are of the opinion that the renewal of the Share Purchase Mandate is in the best interests of UOB. Accordingly, they
recommend that Shareholders vote in favour of the proposed ordinary resolution for the renewal of the Share Purchase Mandate at the
73rd Annual General Meeting.
4. Directors Responsibility Statement

The Directors collectively and individually accept full responsibility for the accuracy of the information given in this Appendix and confirm
after making all reasonable enquiries that, to the best of their knowledge and belief, this Appendix constitutes full and true disclosure of all
material facts about the Share Purchase Mandate and UOB and its subsidiaries in relation to the Share Purchase Mandate, and the
Directors are not aware of any facts the omission of which would make any statement in this Appendix misleading. Where information in
the Appendix has been extracted from published or otherwise publicly available sources or obtained from a named source, the sole
responsibility of the Directors has been to ensure that such information has been accurately and correctly extracted from those sources
and/or reproduced in the Appendix in its proper form and context.

This page has been intentionally left blank

Proxy Form IMPORTANT
1. The Annual Report 2014 is sent to investors who have used their CPF monies
tobuy shares of United Overseas Bank Limited, FOR INFORMATION ONLY.
UNITED OVERSEAS BANK LIMITED 2. This Proxy Form is not valid for use by CPF investors and shall be ineffective
forallintents and purposes if used or purported to be used by them.
3. CPF investors who wish to vote should contact their CPF Approved Nominees.
Company Registration No. 193500026Z
I/We (Name), NRIC/Passport No.

of (Address)
being a member/members of United Overseas Bank Limited (Company), hereby appoint
Name Proportion of Shareholdings

NRIC/Passport No. No. of Shares %
Address
and/or *
Name Proportion of Shareholdings
NRIC/Passport No. No. of Shares %
Address
* Please delete as appropriate.
or failing him/her, the Chairman of the Meeting as my/our proxy, to attend and vote for me/us on my/our behalf at the 73rd Annual
General Meeting of members of the Company, to be held at Pan Pacic Singapore, Pacic 2-3, Level 1, 7 Rafes Boulevard, Marina
Square, Singapore 039595 on Friday, 24 April 2015 at 3.00 pm and at any adjournment thereof.
(Please indicate with an X in the space provided how you wish your proxy to vote. In the absence of specic directions, the proxy will
vote as the proxy deems t.)
No. Ordinary Resolutions For Against
Resolution 1 Financial Statements, Directors Report and Auditors Report
Resolution 2 Final and Special Dividends
Resolution 3 Directors Fees
Resolution 4 Advisory fee to Dr Wee Cho Yaw, Chairman Emeritus and Adviser
Resolution 5 Auditor and its remuneration
Resolution 6 Re-election (Mr Hsieh Fu Hua)
Resolution 7 Re-election (Mr Wee Ee Cheong)
Resolution 8 Re-election (Mrs Lim Hwee Hua)
Resolution 9 Re-appointment (Dr Wee Cho Yaw)
Resolution 10 Authority to issue ordinary shares
Resolution 11 Authority to issue shares pursuant to the UOB Scrip Dividend Scheme
Resolution 12 Renewal of Share Purchase Mandate
By submitting this form, I/we represent and warrant that the consent of the named proxy(ies)/representative(s) has been obtained for the
collection, use and disclosure of his/her personal data for the purpose of processing and administration by the Company (or its agents)
of proxies and representatives appointed for the Annual General Meeting (including any adjournment thereof) and the preparation and
compilation of the attendance lists, minutes and other documents relating to the said meeting, and in order for the Company (or its agents)
to comply with any applicable laws, listing rules, regulations and/or guidelines.
Shares in: No. of Shares
Dated this day of 2015.
(i) Depository Register
(ii) Register of Members
Signature(s) or Common Seal of Shareholder(s) Total

IMPORTANT: PLEASE READ NOTES OVERLEAF
Notes:
1. Please insert the number of shares held by you and registered in your name in the Register of 7. A corporation which is a member may authorise by a resolution of its directors or other
Members and in the Depository Register of The Central Depository (Pte) Limited. If no number governing body, such person as it thinks t to act as its representative at the Meeting,
is inserted, the instrument of proxy will be deemed to relate to all the shares held by you. in accordance with its Articles of Association and Section 179 of the Companies Act,
2. A member of the Company entitled to attend and vote at a Meeting of the Company is Chapter 50 of Singapore.
entitled to appoint not more than two proxies to attend and vote in his stead. Aproxy need 8. The Company shall be entitled to reject the instrument of proxy if it is incomplete,
not be a member of the Company. improperly completed or illegible or where the true intentions of the appointor are not
3. Where a member appoints two proxies, the appointment shall be invalid unless he ascertainable from the instructions of the appointor specied in the instrument of proxy.
species the proportion of his shareholding (expressed as a percentage of the whole) to In addition, in the case of shares entered in the Depository Register, the Company may
be represented by each proxy. reject any instrument of proxy if the member, being the appointor, is not shown to have
4. Completion and return of this instrument appointing a proxy shall not preclude a member shares entered against his name in the Depository Register as at 48 hours before the time
from attending and voting at the Meeting. Any appointment of a proxy or proxies shall be appointed for holding the Meeting, as certied by The Central Depository (Pte) Limited to
deemed to be revoked if a member attends the Meeting in person, and in such event, the the Company.
Company reserves the right to refuse to admit any person or persons appointed under this 9. Agent Banks acting on the request of CPF Investors who wish to attend the Meeting as
instrument of proxy, to the Meeting. observers are required to submit in writing, a list with details of the investors names,
5. The instrument appointing a proxy or proxies must be deposited at 80 Rafes Place, NRIC/Passport numbers, addresses and numbers of shares held. The list, signed by an
#04-20, UOB, Plaza 2, Singapore 048624 (Attention: The Company Secretary) not less authorised signatory of the agent bank, should reach the Company Secretarys ofce not
than 48 hours before the time appointed for the Meeting. later than 48 hours before the time appointed for holding the Meeting.
6. The instrument appointing a proxy or proxies must be signed under the hand of the
appointor or of his attorney duly authorised in writing. Where the instrument appointing
a proxy or proxies is executed by a corporation, it must be executed under its common
seal or under the hand of an ofcer or attorney duly authorised. Where an instrument
appointing a proxy is signed on behalf of the appointor by an attorney, the letter or power
of attorney or a duly certied copy thereof (failing previous registration with the Company)
must be lodged with the instrument of proxy, failing which the instrument may be treated
as invalid.
1st fold
2nd fold
Postage will be
paid by
BUSINESS REPLY SERVICE

PERMIT NO. 07399
The Company Secretary

80 Rafes Place #04-20 UOB Plaza 2
Singapore 048624
3rd fold
Fold and glue overleaf. Do not staple.


Board of Directors Secretary

Wee Cho Yaw (Chairman Emeritus and Adviser) Vivien Chan
Hsieh Fu Hua (Chairman)
Share Registrar
Wee Ee Cheong (Deputy Chairman and Chief Executive Officer) Boardroom Corporate & Advisory Services Pte Ltd
Wong Meng Meng 50 Raffles Place #32-01
Franklin Leo Lavin Singapore Land Tower
Willie Cheng Jue Hiang Singapore 048623
James Koh Cher Siang Phone: (65) 6536 5355
Ong Yew Huat Fax: (65) 6536 1360
Auditor
Executive Committee Ernst & Young LLP
Wee Cho Yaw (Chairman) One Raffles Quay
Hsieh Fu Hua North Tower Level 18
Wee Ee Cheong Singapore 048583
Franklin Leo Lavin Partner-in-charge: Winston Ngan (Appointed on 24 April 2014)
Registered Office
Audit Committee 80 Raffles Place
Willie Cheng Jue Hiang (Chairman) UOB Plaza
James Koh Cher Siang Singapore 048624
Ong Yew Huat (Appointed on 12 June 2014)
Company Registration Number: 193500026Z
Nominating Committee Phone: (65) 6533 9898
Wong Meng Meng (Chairman) Fax: (65) 6534 2334
Wee Cho Yaw SWIFT: UOVBSGSG
Hsieh Fu Hua Website: UOBGroup.com
Franklin Leo Lavin
Investor Relations
Willie Cheng Jue Hiang 80 Raffles Place #05-00
Wee Ee Cheong (Alternate to Wee Cho Yaw)
UOB Plaza 2
Remuneration Committee Singapore 048624
Wee Cho Yaw (Chairman) Fax: (65) 6538 0270
Hsieh Fu Hua Email: [email protected]
James Koh Cher Siang (Appointed on 12 June 2014)
Board Risk Management Committee
Wee Cho Yaw (Chairman)
Hsieh Fu Hua
Wee Ee Cheong
Ong Yew Huat
Company Registration No.: 193500026Z
Head Ofce
80 Raffles Place,
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UOB Annual Report 2014

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UOB Annual Report 2014

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UNITED OVERSEAS BANK LIMITED

Annual Report 2014

For more information on UOB, please visit: www.UOBGroup.com

UNITED OVERSEAS BANK LIMITED ANNUAL REPORT 2014 | 1

Group Retail Group Wholesale Banking Global Markets and

UOB in the Community

See page 35 for more information

2 | UNITED OVERSEAS BANK LIMITED ANNUAL REPORT 2014

Hong Kong 3 Taiwan 3

USA 3 United Kingdom 1

North America Western Europe

UNITED OVERSEAS BANK LIMITED ANNUAL REPORT 2014 | 3

2014 Review 2015 Outlook

4 | UNITED OVERSEAS BANK LIMITED ANNUAL REPORT 2014

Strong Fundamentals Growth Strategy

UNITED OVERSEAS BANK LIMITED ANNUAL REPORT 2014 | 5

Total Income Net Profit After Tax Customer Loans/Deposits

$ billion Loans by Geography

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Overseas Prot Contribution

Overseas Profit Contribution

UNITED OVERSEAS BANK LIMITED ANNUAL REPORT 2014 | 7

20101 2011 2012 2013 2014

Selected Balance Sheet Items ($ million)

Financial Indicators (%)

8 | UNITED OVERSEAS BANK LIMITED ANNUAL REPORT 2014

We will stay focused on delivering

UNITED OVERSEAS BANK LIMITED ANNUAL REPORT 2014 | 9

We deepened our presence across

10 | UNITED OVERSEAS BANK LIMITED ANNUAL REPORT 2014

Our deep understanding of the

UNITED OVERSEAS BANK LIMITED ANNUAL REPORT 2014 | 11

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UNITED OVERSEAS BANK LIMITED ANNUAL REPORT 2014 | 13

Wee Cho Yaw

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UNITED OVERSEAS BANK LIMITED ANNUAL REPORT 2014 | 15

Wong Meng Meng Franklin Leo Lavin

Mr Wong holds a Bachelor of Law (Hons) from the University of

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Ong Yew Huat Lim Hwee Hua

See Page 39 for more information on Governance

18 | UNITED OVERSEAS BANK LIMITED ANNUAL REPORT 2014

Management Executive Committee Lee Wai Fai

UNITED OVERSEAS BANK LIMITED ANNUAL REPORT 2014 | 19

Chew Mei Lee Wong Kim Choong

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Management University (SMU). The score was an improvement

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Highlights To give our customers more condence in investing wisely, we introduced a

26 | UNITED OVERSEAS BANK LIMITED ANNUAL REPORT 2014

1 World Wealth Report 2014, Capgemini, RBC Wealth Management, https://www.worldwealthreport.com/reports/population/asia_pacic

UNITED OVERSEAS BANK LIMITED ANNUAL REPORT 2014 | 27

In 2014, Group Business Banking achieved 45 per cent growth

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