#1車 UOB UOB Group LI Broad-based growth a strong start to 2021 May 2021 Disclaimer: The material in this presentation contains general background information about United Overseas Bank Limited ("UOB") and its activities as at the date of the presentation. The information is given in summary form and is therefore not necessarily complete. Information in this presentation is not intended to be relied upon as advice or as a recommendation to investors or potential investors to purchase, hold or sell securities and other financial products and does not take into account the investment objectives, financial situation or needs of any particular investor. When deciding if an investment is suitable, you should consider the appropriateness of the information, any relevant offer document and seek independent financial advice. All securities and financial product transactions involve risks such as the risk of adverse or unanticipated market, financial or political developments and currency risk. UOB does not accept any liability including in relation to the use of the material or contents herein. All information contained herein shall not be copied or disseminated for whatever purpose. Private and Confidential#2Agenda 1. Overview of UOB Group 2. Macroeconomic Outlook 3. Strong UOB Fundamentals 4. Our Growth Drivers 5. Latest Financials 2#3UOB Overview of UOB Group 5 3#4UOB Overview Founding Founded in August 1935 by a group of Chinese businessmen and Datuk Wee Kheng Chiang, grandfather of the present UOB Group CEO, Mr. Wee Ee Cheong Expansion UOB has grown over the decades organically and through a series of strategic acquisitions. It is today a leading bank in Asia with an established presence in the Southeast Asia region. The Group has a global network of more than 500 branches and offices in 19 countries and territories. Note: Financial statistics as at 31 March 2021 1. USD 1 = SGD 1.346 as at 31 March 2021 2. Average for 1Q21 3. Calculated based on profit attributable to equity holders of the Bank, net of perpetual capital securities distributions 4. Computed on an annualised basis Gross loans Key Statistics for 1Q21 Customer deposits Loan / Deposit ratio Net stable funding ratio ■ All-currency liquidity coverage ratio ■Common Equity Tier 1 ratio ■ Leverage ratio || UOB : SGD293b (USD218b1) : SGD332b (USD247b¹) : 87.0% : 121% : 139% 2 : 14.3% : 7.5% ◉ Return on equity 3,4 : 10.2% Return on assets 4 : 0.93% Net interest margin 4 : 1.57% ■ Non-interest income / Total income : 38.5% Cost Income : 43.8% ■ Non-performing loan ratio ■Credit Ratings : 1.5% Moody's S&P Fitch Issuer rating (Senior unsecured) Aa1 AA- AA- Outlook Stable Stable Stable Short-term rating P-1 A-1+ F1+#5A leading Singapore bank; Established franchise in #UOB core market segments Group Retail Best Retail Bank in Singapore Strong player in credit cards and private residential home loan business UOB Group Wholesale Banking Best SME Bank in Singapore Seamless access to regional network for our corporate clients UOB Group's recognition in the industry THE ASIAN BANKER EXCELLENCE IN RETAIL FINANCIAL SERVICES INTERNATIONAL AWARDS EUROMONEY AWARDS FOR EXCELLENCE 2020 A Global Markets Strong player in Singapore dollar treasury instruments Sizeable domestic market share BEST BANK AWARDS 2019 SGD deposits 20% ASIAMONEY Best Retail Bank1, 2020 Best SME Bank², 2020 Asia's Best Bank for SMEs, 2020 Best Domestic Bank1, 2020 SGD loans 23% Best Digital Bank1, 2019 Source: Company reports 1. In Singapore 2. In Singapore and Asia Pacific Note: The resident portion of loans and advances as a proxy for total SGD loans in Singapore banking system Source: UOB, MAS, data as of 31 March 2021 5#6Proven track record of execution ☐ ||| UOB UOB Group's management has a proven track record in steering the Group through various global events and crises. Stability of management team ensures consistent execution of strategies Disciplined management style which underpins the Group's overall resilience and sustained performance Acquired ICB in 1987 Acquired FEB in 1984 Acquired LWB in 1973 Acquired CKB in 1971 Acquired Buana in 2005 2019; $4,343m Acquired BOA in 2004 2010; $2,696m Acquired OUB in 2001 2020; $2,915m NPAT Trend 2007; $2,109m 1980; $92m Acquired UOBR in 1999 2000; $913m 1990; $226m 1965 1970 1975 1980 1985 1990 1995 2000 2005 2010 2015 2020 Note: Bank of Asia Public Company Limited ("BOA"), Chung Khiaw Bank Limited ("CKB"), Far Eastern Bank Limited ("FEB"), Industrial & Commercial Bank Limited ("ICB"), Lee Wah Bank Limited ("LWB"), Overseas Union Bank Limited ("OUB"), Radanasin Bank Thailand ("UOBR") 6#7Comprehensive regional banking franchise ☐ Extensive regional footprint with ~500 offices Myanmar 2 offices Thailand 153 offices Malaysia 49 offices Singapore 73 offices Indonesia 176 offices Greater China¹ 27 offices Vietnam 5 offices Philippines 1 office Australia 2 offices Most diverse regional franchise among Singapore banks; effectively full control of regional subsidiaries Integrated regional platform improves operational efficiencies, enhances risk management and provides faster time-to-market and seamless customer service Organic growth strategies in emerging / new markets of China and Indo-China UOB 1Q21 performance by segment Operating profit SGD0.6b |||| UOB SGD136b Assets under management +10% YOY Group retail +2% YoY AUM from overseas -60% Operating profit Group wholesale banking SGD0.8b +9% YoY customers 29% Cross-border income to Group wholesale banking's income 1. Comprise Mainland China, Hong Kong SAR and Taiwan 7#8Why UOB? Stable management Integrated regional platform Strong fundamentals |||| UOB Balance growth with stability Proven track record in steering the bank through various global events and crises Stability of management team ensures consistent execution of strategies ■ Entrenched domestic presence and deep local knowledge to address the needs of our targeted segments ■ Truly regional bank with full ownership and control of regional subsidiaries ■ Sustainable revenue channels as a result of carefully-built core businesses Strong capital and reserves, sound liquidity position and resilient asset quality testament of solid foundation built on the premise of basic banking ■ Continue to diversify portfolio, strengthen balance sheet, manage risks and build core franchise for the future ■ Maintain long-term perspective to growth for sustainable shareholder returns 8#9UOB Macroeconomic Outlook 5 9#10Projected economic rebound across Asia in 2021 2020 GDP growth 2021 GDP growth +2.3 +9.1 China +3.5 +2.9 || UOB Trade volume returning to pre-COVID levels (Dec'19 = 100) 115 100 85 70 +6.7 Feb-19 Jun-19 Oct-19 Feb-20 Jun-20 Oct-20 Feb-21 -World trade Emerging Asia, ex China export Thailand Advanced economies' export Sources: Macrobond, UOB Economic-Treasury Research Vietnam -6.1 +5.0 Retail sales at pre-COVID level in China, to pick up elsewhere 120 (Dec 2019-100, 3mma) CN, 105 +5.5 Malaysia 100 TH, 98 -5.6 MY, 96 SG, 95 +4.0 80 Singapore ID, 81 -5.4 60 Mar-19 Jul-19 Nov-19 Mar-20 Jul-20 Nov-20 Indonesia -2.1 Source: UOB Global Economics & Markets Research forecasts Note: CN: China: ID: Indonesia; MY: Malaysia; SG: Singapore, TH: Thailand; 3mma: 3-month moving average Sources: CEIC, UOB Economic-Treasury Research 10#11Accommodative monetary policy stance || UOB 4Q19 1Q20 2Q20 3Q20 4Q20 1Q21 2Q21f 3Q21f 4Q21f 1Q21f US 10-Year Treasury 1.92 0.67 0.66 0.68 0.91 1.74 1.90 1.95 2.00 2.10 US Fed Funds 1.75 0.25 0.25 0.25 0.25 0.25 0.25 0.25 0.25 0.25 SG 3M SIBOR 1.77 1.00 0.56 0.41 0.41 0.44 0.40 0.40 0.40 0.40 SG 3M SOR 1.54 0.92 0.20 0.18 0.19 0.36 0.25 0.25 0.25 0.25 MY Overnight Policy Rate 3.00 2.50 2.00 1.75 1.75 1.75 1.75 1.75 1.75 1.75 TH 1-Day Repo 1.25 0.75 0.50 0.50 0.50 0.50 0.50 0.50 0.50 0.75 ID 7-Day Reverse Repo 5.00 4.50 4.25 4.00 3.75 3.50 3.50 3.50 3.50 3.75 CH 1-Year Loan Prime Rate 4.15 4.05 3.85 3.85 3.85 3.85 3.85 3.85 3.85 3.85 In response to COVID-19 pandemic, the Fed pursued a "forceful monetary policy" (lowered policy rate to 0.00-0.25%; restarted quantitative easing; introduced credit support measures; and provided US dollar funding). The Fed continued to assure it will not react pre-emptively and provide clear communication well in advance of any bond-buying taper. The Fed is expected to start taper discussions only start in late 2021/early 2022, with policy rates staying at 0.0-0.25% at least until 2023. In its April 2021 Monetary Policy Statement release, the Monetary Authority of Singapore (MAS) kept its policy parameters unchanged. This means that there was no change to the gradient and width of the policy band, as well as the level at which it is centred. The MAS projected that Singapore's GDP growth in 2021 will likely "exceed the upper end of the official 4-6% forecast range, barring any setback to the global economy." In other parts of Asia, monetary policies are expected to be kept accommodative to facilitate the economic recovery. Although economies are expected to have seen their worst, the level of uncertainty remains high and delays in COVID-19 vaccine rollout as well as fresh outbreaks could postpone the reopening of borders. Source: UOB Global Economics & Markets Research forecasts 11#12246 137 109 30 24 26 Improved fundamentals in Southeast Asia Significantly Higher Foreign Reserves (USD billion) 75 382 Healthy Current Account Balances | UOB (% of GDP) 15.6 14.6 3.8 Singapore Thailand Indonesia Malaysia Dec 1998 ■Mar 2021 0.5 -2.0 -1.5-1.3 -5.4 Singapore Malaysia -1997 Thailand ■ 2021F Indonesia Source: International Monetary Fund Sources: World Bank, International Monetary Fund Lower Debt to Equity Ratio (%) 235 209 125 84 102 89 93 48 Malaysia Singapore Thailand Indonesia Jun 1998 ■Mar 2021 Total debt to equity ratio = Lower Foreign Currency Loan Mix (%) 67 52 38 36 21 12 7 5 Singapore* Indonesia Thailand Malaysia Dec 1996 ■Feb 2021 (latest available) total ST and LT borrowings divided by total equity, multiplied by 100; sources: MSCI data from Bloomberg Foreign currency loans in 1996 approximated by using total loans of Asia Currency Units; sources: Central banks 12#13Singapore mortgages remains a low risk asset class #UOB Low Risk of Housing Bubble due to Cooling Measures High National Savings Rate (4Q10 = 100) (% of GDP) HK, 212 CN, 45 CN, 197 SG, 39 US. 170 AU, 145 HK, 25 AU, 25 SG, 114 US, 18 1Q11 1Q13 1Q15 1Q17 1Q19 1Q21 2013 2015 2017 2019 2021F Max mortgage tenor 75%/55%* 35 years Sources: CEIC, UOB Economic-Treasury Research 2011 Sources: IMF, UOB Economic-Treasury Research Note: AU: Australia; CN: China; HK: Hong Kong; SG: Singapore; US: United States Property Cooling Measures in Singapore Loan-to-value (LTV) 1st property 2nd property Thereafter Corporates 45%/25%* 35%/15%* 15% limit Household Income in Line with Property Prices 2010 1Q21 +/(-) Unit costs (SGD m) Interest rate (%) 1.09 1.27 +16% 2.03 1.40 Total debt servicing ratio Seller stamp duty year year 2nd 8% 60% limit, 3.5% interest rate applied on mortgages Sold in 1st 12% Household income² (SGD / mth) Debt servicing ratio³ (%) 13,035 17,250 +34% 23 184 Buyer's stamp duty 1% Additional buyer's stamp duty First $180k Next $180k Next $640k 3% 0 to 20%, depending on nationality and number of properties owned by purchaser * Higher LTV limits applies if mortgage tenor is ≤ 30 years or sum of mortgage tenor and age of borrower ≤ 65 years old 2% 3rd year Thereafter 4% 0% Thereafter 4% Sources: URA, CEIC, Singapore Statistics, UOB Economic-Treasury Research 1. 2. 3. 4. Reflects average price of condominiums in Singapore Reflects median of resident households living in private properties Based on a 30-year housing loan, with a loan-to-value of 75% A housing loan with 5% interest rate would increase DSR to 29% 13#14Global regulators delayed capital rules by a year |||| UOB Year '13 '14 '15 '16 '17 Basel III Phased-in '18 '19 Full '20 '21 '22 '23 '24 '25 '26 '27 capital ratios IFRS 9 | Start LCR1 Phased-in Full NSFR² | Start SACCR³ TLAC4 Start date (pending) Phased-in Full Basel IV5 Phased-in Full -- MCRMR6 | Start Leverage ratio Disclosure phase Start | Revised7 Retained earnings are one of the major sources of ... highest quality capital that banks hold. They have to earn a decent return for intermediating credit, otherwise they will do less of it. " While the reforms are necessary to strengthen the banking system over the long term, they will require banks to make considerable operational adjustments which they would be - Media Release, Monetary Authority of Singapore, 7 April 2020 - Mr Ravi Menon, Managing Director, Monetary Authority of Singapore, 20 April 2017 Source: BCBS 1. Liquidity Coverage Ratio 5. 2. Net Stable Funding Ratio Basel IV: Revised standards for credit risk, market risk, operational risk, leverage ratio, output floor and related disclosure requirements 3. Standardised Approach for measuring Counterparty Credit Risk exposure (MAS has not announced implementation date) 4. Total Loss Absorbing Capacity (not applicable to Singapore banks) 6. Minimum Capital Requirements for Market Risk replaced Fundamental Review of the Trading Book 7. Revised definition on exposure measure 14#15Basel III across the region | UOB Indonesia BCBS Singapore Malaysia Thailand Minimum CET1 CAR 4.5% 6.5%¹ 4.5% 4.5% 4.5% Minimum Tier 1 CAR 6.0% 8.0%¹ 6.0% 6.0% 6.0% Minimum Total CAR 8.0% 10.0%¹ 8.0% 8.5% 8.0% Capital Conservation Buffer 2.5% 2.5% 2.5% 2.5% 2.5% Countercyclical Buffer in 20202 n/a 0% 0% 0% D-SIB Buffer n/a 2.0% 1.0% 1.0% 0% 1.0%-3.5%³ Minimum Leverage Ratio 3.0% 3.0% 3.0% 3.0%4 3.0% Minimum LCR 100% 100% 100% 100% 100% Minimum NSFR 100% 100% 100% 100% 100% Singapore Malaysia Thailand Temporary forbearance to enable banks to provide support to the economies amid COVID-19 The required stable funding factor under NSFR is cut from 50% to 25% for customer loans maturing within 6 months until 30 September 2021. This will be progressively raised back to 50% by 1 April 2022. NSFR was implemented on 1 July 2020, but with a lower minimum of 80%. The 100% minimum will start from 30 September 2021. Banks are able to temporarily maintain LCR and NSFR at lower than 100% until 31 December 2021. Source: Regulatory notifications 1. Includes 2% for D-SIB (domestic-systemically important banks) buffer for the three Singapore banks 2. Each regulator determines its own level of countercyclical capital buffer 3. According to the regulations, Indonesia D-SIBS will initially be subject to a D-SIB buffer of up to 2.5% 4. Compliance by 2022 15#16Impact of Basel IV1 likely to be manageable Retail credit Wholesale credit Others LGD2 floor of Retail Mortgage cut to 5% from 10% Unsecured corporate FIRB5 LGD2 cut to 40% from 45% CCF6 for general commitments cut to 40% from 75% Higher haircuts and lower FIRB5 secured LGD Removal of 1.06 multiplier for IRB8 RWA7 Lower RWA |||| UOB LGD2 and PD³ floors introduced for QRRE4 and Other Retail CCF6 for unconditional cancellable commitments raised to 10% from 0% PD3 floor of bank asset class raised to 5bp from 3bp RWA7 output floor set at 72.5% of that of standardised approach Fundamental review of the trading book Higher RWA Source: BCBS 1. Basel IV: Reducing variation in risk-weighted assets 2. Loss given default 3. Probability of default 4. Qualifying revolving retail exposures 5. Foundation internal rating-based approach 6. Credit conversion factor 7. Risk weighted assets 8. Internal rating-based approach 16#17UOB Strong UOB Fundamentals 5 17#18Strong UOB fundamentals Strong management with proven track record Consistent and focused financial management Disciplined management of balance sheet strengths |||| UOB Delivering on regional strategy Proven track record in steering UOB through various global events and crises Stability of management team ensures consistent execution of strategies Responsible yet prudent approach in extending loan relief to customers ■ Continued investment in talent and technology to build capabilities in a disciplined manner ■ At least 50% of Group earnings from home market of Singapore (AAA sovereign rating) Strong Common Equity Tier 1 capital adequacy ratio of 14.3% as at 31 March 2021 ■ Diversified funding and sound liquidity, with 87.0% loan/deposit ratio Strengthened coverage, with allowances for non- impaired loans covering 1% of performing loans ■ Holistic regional bank, with full control of overseas subsidiaries Focus on profitable niche segments and intra- regional flows ■ Entrenched domestic presence and deep local knowledge to address needs of our targeted segments 18#19|||| UOB Managing risks for stable growth Prudent approach has been key to delivering sustainable returns over the years Institutionalised framework through Group Risk Appetite Statement (GRAS): - - ― Outlines risk and return objectives to guide strategic decision-making Comprises 6 dimensions and 14 metrics Entails instilling prudent culture as well as establishing policies and guidelines Invests in capabilities, leverage integrated regional network to ensure effective implementation across key markets and businesses Nurture core talent Build sound reputation and operating conditions Manage con- centration risk UOB'S GRAS Limit earnings volatility Maintain balance sheet strength Optimise capital usage 19#20Diversified loan portfolio Professionals and private individuals General 9% commerce 13% Fls, investment and holding companies 11% Housing loans 24% Industry Others 11% Greater China 16% Indonesia 4% Manufacturing 8% Geography1 Singapore 52% Thailand 7% Malaysia 10% Note: Financial statistics as at 31 March 2021 Individuals 33% Others |||| UOB 6% Transport, storage and communication 4% Building & construction 25% Segment Large corporates and institutions 53% Small and medium sized enterprises 15% 1. Loans by geography are classified according to where credit risks reside, largely represented by the borrower's country of incorporation / operation (for non-individuals) and residence (for individuals) 20#21Disciplined balance sheet management Return on risk-weighted assets |||| UOB Focus on balance Healthy 1.63% 1.93% 1.90% 1.76% 1.27% portfolio sheet quality FY17 FY18 FY19 FY20 1Q21 efficiency Current Account Saving Account Balances (SGD b) 12% CAGR¹ Proactive 174 178 liability management Robust capitalisation 124 130 141 FY17 FY18 FY19 FY20 1Q21 Common Equity Tier 1 ratio (%) 15.1 13.9 14.3 14.7 14.3 1. Compound annual growth rate over 34 years (FY17 to 1Q21) FY17 FY18 FY19 FY20 1Q21 21 24#22Competitive against peers Standalone Strength Efficient Cost Management Competitive returns |||| UOB Well-Maintained Liquidity Loan/deposit Moody's S&P Fitch Moody's baseline credit assessment Costs/income ratio Return on average assets (annualised) ratio Aa1 AA- AA- UOB a1 44% 0.9% 87% Aa1 AA- AA- OCBC a1 39% 1.4% 85% Aa1 AA- AA- DBS a1 41% 1.3% 81% A2 A- A+ HSBC a2 66% 0.6% 63% A2 BBB+ A SCB baa1 64% 0.6% 63% A2 A- A+ BOA a3 68% 1.1% 47% A3 BBB+ A Citi baa1 57% 1.4% 50% Aa3 AA- A+ CBA a2 47% 0.9% 105% Aa3 AA- A+ NAB a2 46% 0.7% 126% Aa2 AA- AA RBC a3 51% 0.9% 67% Aa1 AA- AA- TD a1 54% 0.8% 63% A3 A- n.r. CIMB baa2 A3 A- BBB+ MBB a3 52% 45% 0.2% 89% 0.8% 90% Source: Company reports, Credit rating agencies (updated as of 7 May 2021) Banks' financials were as of 31 Mar 21, except for those of RBC, TD (31 Jan 21), CBA, CIMB and Maybank (31 Dec 20) 22 22#23Strong capital and leverage ratios Reported Common Equity Tier 1 CAR |||| UOB 15.9% 15.5% 15.3% I 14.3% 14.3% 14.0% 13.6% 13.3% 13.0% 12.6% 12.5% 12.4% 11.7% HSBC OCBC MBB UOB DBS SCB TD CIMB BOA CBA¹ RBC NAB¹ Citi | Return on Average Equity (annualised) 9.0% 12.4% 8.1% 10.2% 15.4% 10.6% 14.3% 12.0% 12.3% 13.2% 18.6% 10.6% 17.2% Reported Leverage Ratio 7.8% 1 7.5% 7.2% 7.0% 6.7% 6.0% 6.0% 5.4% 5.1% 4.8% 4.5% OCBC UOB BOA Citi DBS СВА1 NAB1 HSBC SCB RBC TD Source: Company reports Banks' financials were as of 31 Mar 21, except for those of RBC, TD (31 Jan 21), CBA, CIMB and Maybank (31 Dec 20) 1. NAB's and CBA's Tier 1 CARS based on APRA's standards; their respective internationally comparable ratio was 17.0% (31 Mar 21) and 18.7% (31 Dec 20) 23#24Strong investment grade credit ratings MOODY'S INVESTORS SERVICE Aa1/P-1 Issue Capital good by global standards Deposit-funded and liquid balance sheet ■ Traditional banking presence in Singapore, Malaysia and other markets STANDARD & POOR'S RATINGS SERVICES MCGRAW HILL FINANCIAL AA-/A-1+ ■ Well-established market position, strong funding and prudent management record ■ Will maintain its capitalisation and asset quality while pursuing regional growth Fitch Ratings AA-/F1+ Sound capital and high loan-loss buffers Disciplined funding strategy, supported by its strong domestic franchise 1. AT1: Additional Tier 1 securities 2. Sustainability bonds Note: Table outlines UOB's public rated issues; FXN: Fixed Rate Notes; FRN: Floating Rate Notes; NC: Non-call; Updated as of 7 May 2021. FX rates at 31 March 2021: USD 1 = SGD 1.35; AUD 1 = SGD 1.02; GBP 1 = SGD 1.85; EUR 1 = SGD 1.58; RMB 1 = SGD 0.21 Tier 2 AT11 Senior Covered Debt Issuance History Structure Call Amount Date Jul-19 Perpetual 2026 SGD750m Oct-17 Perpetual 2023 USD650m May-16 Perpetual 2021 SGD750m Apr-212 102NC5½ 2026 USD750m Sep-20 101NC512 2026 USD600m Apr-19 10NC5 2024 USD600m || UOB Debt Maturity Profile (SGD m) Ratings (M/S/F) 2021 2022 2023 2024 2025 2026 2027 750 Baa1/BBB-/BBB+ Baa1/ /BBB+ Baa1/ /BBB+ 875 750 A2/BBB+/A A2/BBB+/A A2/BBB+/A Feb-17 12NC7 2024 SGD750m A2/ - ΙΑ 1,009 807 807 - 750 Sep-16 Mar-16 101NC5½ 2022 USD600m 10½NC5½ 2021 USD700m A2/ /A 807 A2/ ΙΑ 942 Apr-212 3yr FXN USD750m Oct-20 5yr FRN AUD750m Oct-20 3yr FRN AUD500m - Jul-19 Mar-19 3yr FRN AUD500m 3yr FXN RMB2b Jul-18 312yr FRN AUD600m 1,009 768 512 - 512 410 614 Dec-20 7yr FXN Sep-19 3yr FXN Sep-18 5yr FXN EUR1b USD500m EUR500m Feb-18 5yr FRN Jan-18 7yr FXN GBP350m EUR500m Aaa/AAA/- Aaa/AAA/- Aaa/AAA/- Aaa/AAA/- - 673 Mar-17 5yr FXN EUR500m Aaa/AAA/- Aaa/AAA/- - 789 647 789 789 Aa1/AA/AA- Aa1/AA/AA /AA-/ Aa1/AA/AA- AAA (CCXI) Aa1/AA/AA- 1,578 Total 1,692 3,806 2,823 1,557 1,557 3,576 1,578 24#25UOB Our Growth Drivers 5 25#26Our growth drivers Realise full potential of our integrated platform |||| UOB Sharpen regional focus Reinforce fee income growth Long-term growth perspective Provides us with ability to serve expanding regional needs of our customers Improves operational efficiency, enhances risk management, seamless customer experience and faster time to market ■ Global macro ■ environment remains uncertain but the region's long-term fundamentals continue to remain strong Region is our growth engine in view of growing intra-regional flows and rising consumer affluence, leveraging digitalisation and partnerships ■ Grow fee income to offset competitive pressures on loans and improve return on risk weighted assets ■ Increase client wallet share size by intensifying cross-selling efforts, focusing on service quality and expanding range of products and services 090 Disciplined approach in executing growth strategy, balancing growth with stability Focus on risk adjusted returns; ensure balance sheet strength and robust capital through economic cycles 26#27Southeast Asia's immense long-term potential Population (Million persons) GDP1 (USD trillion) 581 656 726 6.6 3.2 1.5 2008 2019 2030 2008 2019 2030 Trade² (USD trillion) FDI³ (USD billion) |||| UOB Southeast Asia's immense growth prospects... Third largest population globally, after China and India Young demographics, with 384 million below 35 years old Fifth largest economic bloc globally by GDP1 ... that UOB is uniquely placed to capture . • Most diverse regional franchise among Singapore banks Full effective control of regional subsidiaries and integrated platform . Fourth largest trading 4.5 328 2.8 161 1.8 | 51 2008 2019 2030 2008 2019 2030 • group globally Third largest recipient of inward FDI³ globally 1. Gross domestic product 2. Comprises exports and imports 3. Foreign direct investments Source: Macrobond, UOB Global Economics and Markets Research 27#28Strong retail presence in high potential regional markets 2019 retail banking pool sizes USD b Denotes UOB'S core markets in Southeast Asia TMRW..ce was launched in Thailand (March 2019) and Indonesia (August 2020) High | I | Banking penetration growth potential UAE 1 9 Malaysia Vietnam 8 12 Thailand |||| UOB 3 Philippines Indonesia 21 21 37 India Taiwan 18 18 35 South Korea 114 Japan Note: UAE and Japan's retail banking market size as of 2017 Source: BCG banking pools (2019), World Bank (2017) Hong Kong Singapore 15 Low Small 53 Australia Population Large 28#29Revenue potential from 'connecting the dots' in the region Industry's potential connectivity revenue |||| UOB (SGD b) (SGD b) Industry's potential connectivity revenue (2025) Markets where UOB has a presence c$66b CAGR c$14b Singapore #Thailand c$51b +5% c$1b c$4b c$10b c$9b +5% Hong ■Wealth c$7b Kong c$3b ■Trade c$43b +4% Malaysia c$3b Others c$41b c$34b Cross-border activities Indonesia c$4b 2019 2025 | China c$10b Note: 'Trade' and 'cross-border activities' capture both inbound and outbound flows of Southeast Asia, with 'trade' comprising exports and imports while 'cross-border activities' comprising foreign direct investments and M&A. 'Wealth' captures offshore and onshore assets booked in Singapore as a wealth hub. Incorporating BCG analysis, these are converted into banking revenue potential Source: Boston Consulting Group's analysis, Boston Consulting Group Global Banking Revenue pool 29#30Wholesale: Record income on regional franchise, capturing cross-border opportunities Strengthening Connectivity Across our ASEAN footprint and global network 101010101011010 101000110100101 010100010001000 010011101101011 111010111001010 Sector Specialisation Building capabilities for greater diversification and risk mitigation Deepening Digitalisation For secure and efficient transactions UOB BUSINESS +7%¹ Cross-border income growth (accounted for 29% of Group Wholesale Banking income) +10%¹ Financial sector income growth +6%² Digital banking transactions by businesses PAY NOW +8%¹ |||| UOB Non-Singapore income growth +1%1 Non-real estate income growth +43%³ Cashless payments to businesses Note: Figures are for 1Q21 and growth rates are relative to same period in 2020 1. Year-on-year growth for 2M21 2. Refers to number of transactions via UOB Infinity across the Group 3. Refers to payments made on Corporate PayNow in Singapore 30#31Consumers: Tapping on rising affluence in Southeast Asia Omni-channel Experience Serving affluent customers across various touchpoints Digital Bank: TMRW... TMRW Specially for mobile-first and mobile-only generation Ecosystem Partnerships Forging collaborations to widen distribution reach and deepen wallet share +5%pt Increase in digitally- engaged customers¹ 314k Total TMRW customers in Indonesia and Thailand (18% of combined retail base of UOBI and UOBT) 100% of car loan applications1 were digital S |||| UOB SGD136b2 Assets under management (AUM) ▲ 10% YoY +24% Growth in total TMRW customer deposits from 4Q20 2 in 3 ✓ ✓ home loan applications1 were digital Note: Figures are for 1Q21 1. In Singapore 2. Around 60% of AUM were from overseas customers 31#32Forging a sustainable future with our customers in ASEAN Sustainable financing and bonds Sustainable growth in priority" sectors driving ASEAN progress Responsible investment Integrate sustainability into wealth management products and advisory framework Delivering tangible impact Platform for one-stop solar solutions across ASEAN SGD12b Total sustainability financing provided to date 54 SGD2.2b Total AUM in ESG- focused investments Solar companies across ASEAN in U-Solar programme |||| UOB USD1.5b Issued Singapore's first sustainability bond and global first dual-tranche sustainability bond 160GWh² Solar energy generated, equivalent to 1.3m new tree seedlings grown over 10 years Note: Figures are for 1Q21 1. Comprise green loans, sustainability-linked loans and loans for green certified buildings 2. Gigawatt hours 32#33UOB Latest Financials 5 33#341Q21 financial overview Net Profit After Tax Movement, 1Q21 vs 4Q20 (SGD m) |||| UOB 194 3 69 105 40 116 17 +46% 1,008 688 +1% +22% +49% +4% -49% -7% +47% 4Q20 net Net interest profit after tax income Net fee and commission Other non- interest Operating expenses income income Total Share of profit Tax and non- allowances of associates controlling and joint interests 1Q21 net profit after tax ventures Key Indicators 1Q21 4Q20 QoQ Change 1Q20 YoY Change Net interest margin (%) 1 1.57 1.57 1.71 -0.14% pt Non-interest income / Income (%) 38.5 32.8 +5.7% pt 33.8 +4.7% pt Cost/Income ratio (%) 43.8 46.7 -2.9% pt 45.1 -1.3% pt Return on equity (%) 1,2 10.2 7.0 +3.2% pt 8.8 +1.4% pt 1. Computed on an annualised basis 2. Calculated based on profit attributable to equity holders of the Bank, net of perpetual capital securities distributions 34#35FY20 financial overview Net Profit After Tax Movement, FY20 vs FY19 |||| UOB (SGD m) 528 35 291 288 1,119 47 210 4,343 2,915 -33% -8% -2% -20% FY19 net Net interest Net fee and profit after tax income commission Other non- interest income income Key Indicators Net interest margin (%) 1 Non-interest income / Income (%) Cost / Income ratio (%) Return on equity (%) 1,2 >100% +91% -25% -6% Operating Total Share of profit Tax and non- expenses allowances of associates controlling interests and joint ventures FY20 FY19 1.57 1.78 34.2 34.6 45.6 44.6 7.4 11.6 1. Computed on an annualised basis 2. Calculated based on profit attributable to equity holders of the Bank, net of perpetual capital securities distributions FY20 net profit after tax YoY Change -0.21% pt -0.4% pt +1.0% pt -4.2% pt 35#36Net interest income rose with asset volumes, while #UOB net interest margin was stable Net interest margin (%) * 2.19% 2.14% 2.16% 2.08% 1.91% 1.87% 1.83% 1.87% 1.90% -Loans - Overall 1.77% 1.82% 1.78% 1.71% 1.57% 1.48% 1.53% 1.57% 1.57% - Interbank & securities 0.89% 0.77% 0.78% 0.71% 0.76% 0.76% 0.78% 0.75% 0.56% 6,562 Net interest income 6,220 6,035 (SGD m) 783 1,593 5,528 866 1,456 1,474 1,512 1,529 778 196 Total 651 164 206 208 207 Interbank & ! securities 5,779 5,354 5,257 1 1,397 4,877 1,292 1,268 1,303 1,322 Loans 2017 2018 2019 2020 1Q20 2Q20 3Q20 4Q20 1Q21 * Computed on an annualised basis, where applicable 36#37Non-interest income supported by diversified revenue engines, with record fees |||| UOB 38.5% % of total income 35.4% 31.8% 34.6% 34.2% 33.8% 35.6% 34.8% 32.8% - - Non-interest income - Net fee income 21.9% 21.6% 20.3% 21.8% 21.4% 22.7% 23.2% 25.7% 19.7% 957 3,467 74 Non-interest income 3,035 319 3,141 813 804 786 2,896 (SGD m) 264 737 75 260 65 62 246 282 63 ☐ Total 1,116 880 224 210 902 647 294 152 Others Trading and investment income 638 1,873 1,967 2,032 1,997 515 514 522 445 Net fee income 2017 2018 2019 2020 1Q20 2Q20 3Q20 4Q20 1Q21 Note: Fee income has been restated where the amounts are net of expenses directly attributable to fee income 37#38Diverse fee base, with strong growth led by loan- related and wealth management activities |||| UOB 2,412 Fee income (SGD m) 2,303 2,313 37 730 4 2,161 63 13 75 297 620 Total 80 280 602 296 581 37 156 272 142 2 72 Others 154 509 74 71 148 41 182 558 5 37 506 33 Trade-related 64 545 471 130 31 108 124 Service charges 144 641 Loan-related 543 710 239 547 188 201 188 Wealth management 133 261 236 239 275 Fund management 99 66 84 90 67 90 57 404 440 488 386 106 76 95 109 104 ☐ Credit card 2017 2018 2019 2020 1Q20 2Q20 3Q20 4Q20 1Q21 Note: The amounts represent fee income on a gross basis 38#39Lower CIR as we pace investments in staff and technology - |||| UOB - Costs / Income 43.7% 43.9% 44.6% 45.6% 46.0% 45.1% 46.7% 44.6% 43.8% ratio (CIR, %) 4,472 Operating expenses 4,184 4,003 1,086 1,089 (SGD m) 1,040 1,049 3,739 1,009 1,253 1,101 ☐ Total 1,142 282 259 270 281 1,150 269 504 □ Others 582 414 132 153 365 146 148 155 IT-related expenses 2,716 ☐ Staff costs 2,224 2,447 2,501 672 624 677 592 613 2017 2018 2019 2020 1Q20 2Q20 3Q20 4Q20 1Q21 Note: Expenses have been restated where the amounts no longer include expenses directly attributable to fee income 39#40A good start to the year with growth across our key #UOB markets in Southeast Asia and North Asia 1Q21 4Q20 YOY 1Q20 QoQ +/(-) +/(-) Operating profit SGD m SGD m % SGD m % Singapore 724 651 +11 713 +2 Rest of Southeast Asia 342 307 +12 345 -1 Malaysia 182 164 +11 195 -7 Thailand 101 94 +7 93 +9 Indonesia 59 51 +16 45 +32 Vietnam -1 -3 +75 9 > -100 Others 1 1 +27 3 -49 North Asia 155 102 +51 112 +39 Greater China 146 100 +47 102 +44 Others 9 3 > +100 10 -16 Rest of the world 176 139 +26 151 +16 Total 1,397 1,200 +16 1,320 +6 Overseas contribution 48% 46% +2%pt 46% +2%pt 40 40#41Strong loan growth, led by term and trade loans in Singapore and North Asia |||| UOB Mar-21 Dec-20 QoQ Mar-20 YOY +/(-) +/(-) Gross Loans SGD b SGD b % SGD b % Singapore 151 143 +5 141 +7 Rest of Southeast Asia 63 63 -0 63 +0 Malaysia 30 30 +0 Thailand 20 21 -2 Indonesia 10 10 -1 Vietnam 2 2 +9 3272 30 +0 20 +3 11 -6 +6 Others 1 1 +4 1 -11 North Asia Greater China Others Rest of the world Total 50 47 47 +7 48 +5 44 +7 45 +5 3 3 +17 3 +5 29 28 +3 26 +11 293 281 +4 278 +5 Note: Loans by geography are classified according to where credit risks reside, largely represented by the borrower's country of incorporation / operation (for non-individuals) and residence (for individuals) 41#42Exposure to Greater China 77.2 73.5 71.8 6.2 69.2 68.3 6.2 7.3 6.1 6.5 45.1 44.1 44.1 44.2 47.2 25.9 23.2 19.0 17.6 17.3 Mar-20 Jun-20 Sep-20 Dec-20 Mar-21 As at 31 March 2021: Mainland China exposure ($25.8b or 6% of total assets) Bank exposure ($11.7b) ~70% to top five domestic banks and three policy banks 99% with <1 year tenor Trade exposures accounting for ~40% of total bank exposure Non-bank exposure ($10.9b) - Target customers include top-tier state-owned enterprises, large local corporates and foreign investment enterprises ~60% denominated in RMB ■ |||| UOB Hong Kong SAR exposure ($37.8b or 9% of total assets) Bank exposure ($2.8b) Majority to foreign banks Non-bank exposure ($31.6b) . Mainly wholesale corporates • ~60% with <1 year tenor NPL ratio at 0.9% ■Bank (SGD b) ■Debt (SGD b) ■Non-bank (SGD b) ~50% with <1 year tenor NPL ratio at 0.4% Note: Classification is according to where credit risks reside, largely represented by the borrower's country of incorporation / operation (for non-individuals) and residence (for individuals) 42#43Exposure to oil and gas sector Total Outstanding O&G Loans (SGD b) 11.8 10.8 3.3 2.1 4.4 4.8 3.7 4.3 Jun-18 ☐ ☐ Mar-21 ■Upstream industries Downstream industries ■ Oil traders |||| UOB As of 31 March 2021, oil and gas (O&G) loans represented 4.0% of total loans as compared with 4.7% at 30 June 2018 Around 80% of O&G exposure is to downstream players and traders, which are mainly national oil companies (NOCs) and global firms, while short-term structured loans account for a significant share of the remainder A considerable portion of upstream exposure is to NOCs and international oil companies, while vulnerable accounts were already classified and their collateral value marked down (by as much as 90%) by end-2017 1. O&G upstream industries include offshore service companies 43#44Loan assistance programmes temper asset quality || UOB deterioration (SGD m) 1Q20 2Q20 3Q20 4Q20 1Q21 NPAs at start of period 4,297 4,590 4,628 4,301 4,608 Non-individuals: New NPAs 573 131 74 622 145 Upgrades and recoveries (101) (126) (216) (175) (250) Write-offs (208) (42) (63) (179) (26) 4,561 4,553 4,423 4,569 4,477 Individuals (Net) 29 75 (122) 39 67 NPAs at end of period 4,590 4,628 4,301 4,608 4,544 NPL ratio (%) 1.6% 1.6% 1.5% 1.6% 1.5% 44#45|| Credit costs eased as macro outlook stabilises and UOB pre-emptive provisions mostly taken in 2020 67bp 68bp 57bp 55bp Average Gross Loans (basis points) * 61bp 36bp 29bp - Allowances for NPLs 28bp - Total allowances for Loans 16bp 18bp 34bp 31bp 24bp 19bp 15bp 17bp 13bp 10bp Total allowances for loans (SGD m) 660 503 390 1,579 468 476 391 244 207 2017 2018 2019 2020 1Q20 2Q20 3Q20 4Q20 1Q21 * Computed on an annualised basis, where applicable 45#46High reserve coverage in anticipation of asset quality risk |||| UOB 111% 107% 112% Coverage ratios (%) 88% 96% - Total allowances* / NPAs 36% 36% 39% 37% 37% - - Allowances for NPAs / NPAs - Allowance for non-impaired loans*/ performing loans (%) 0.8% 0.9% 1.0% 1.0% 1.0% Allowances (SGD m) 4,755 4,944 5,075 ☐ Total 4,434 4,032 379 379 379 ☐ Regulatory loss allowance 379 374 reserve Allowances for non-impaired 1,988 2,391 2,712 2,873 3,003 assets Allowances for impaired assets 1,670 1,664 1,664 1,692 1,693 Mar-20 Jun-20 Sep-20 Dec-20 Mar-21 * Total allowances include regulatory loss allowance reserve pursuant to MAS Notice No. 612 46#47Strong capital and leverage ratios |||| UOB Common equity Tier 1 capital 14.1% 14.0% 14.0% 14.7% 14.3% adequacy ratio (%) 7.4% 7.3% 7.4% 7.4% 7.5% ― Leverage ratio (%) - - Return on risk-weighted assets (%) * 1.49% 1.21% 1.17% 1.22% 1.76% 232 232 231 225 236 Risk weighted assets (SGD b) Mar-20 Jun-20 Sep-20 Dec-20 Mar-21 * Computed on an annualised basis 47#48Sound funding and liquidity positions |||| UOB 119% 122% 125% 121% - - Net stable funding ratio (%) 109% -Group loan-deposit ratio (%) 85.4% 85.8% 86.7% 85.4% 87.0% - USD loan-deposit ratio (%) 62.7% 59.6% 62.5% 58.0% 58.2% 330% Liquidity coverage ratio (%) * □ SGD All-currency 305% 301% 256% 139% 136% 127% 139% 139% 274% Mar-20 Jun-20 Sep-20 Dec-20 Mar-21 * Computed on a quarterly average basis 48#492020 dividend in line with MAS guidance, scrip dividend applied but at no discount Net dividend per ordinary share (c) Special Final 20 20 20 50 60 55 45 45 39 50 55 59 □ Interim 35 39 2017 2018 2019 2020 Payout amount (SGD m) 1,660 2,000 2,170 1,303 Payout ratio (%) 49 50 50 451 Payout ratio (excluding special 39 42 42 451 dividends) (%) |||| UOB 1. FY20 dividends were in line with Monetary Authority of Singapore's call for banks to cap dividends at 60% of 2019 dividends. Note: The Scrip Dividend Scheme was applied to all the dividends for the financial years ended 2017 and 2020 The Scheme provides shareholders with the option to receive Shares in lieu of the cash amount of any dividend declared on their holding of Shares. For more details, please refer to www.uobgroup.com/investor-relations/shares-and-dividends/dividends.html 49#50Thank You | UOB (銀大 RIGHT BY YOU 行華