UOB Healthcare Fund To Close For Subscriptions

UNITED GLOBAL HEALTHCARE FUND TO CLOSE FOR NEW SUBSCRIPTIONS*

United Global Healthcare Fund (the "Fund")
UOB Asset Management Ltd, ("Managers")

Due to recent strong inflows into the Fund, we would like to restrict new investments into the Fund to protect performance and existing unitholders’ interests by suspending all new subscriptions into the Fund until further notice (the “Suspension”). To ensure that the investment focus and approach that has delivered positive performance is maintained and in the interest of existing unitholders, we feel that the Suspension is necessary. We will suspend all new subscriptions into the Fund after 29 October 2004, the last business day of this month.

No action is required from you. You can remain invested in the Fund. You will continue to receive future dividends (if declared) as well as your statements, and semi-annual and annual reports. You can choose to realise your investments in the Fund at any time. Unit holders who are currently participating in any existing Regular Savings Plan arrangements in relation to the Fund will be able to continue with such arrangements. Also, if you had chosen to reinvest all dividends when you first purchased the Fund, dividends (if declared) during the Suspension will continue to be reinvested into the Fund. We may lift the Suspension and accept new subscriptions in the future.

We take this opportunity to thank you for investing with UOB Asset Management and look forward to your continued support. Should you have any question, please do not hesitate to contact our Call Centre at 1800 22 22 228 (24-hour) or email us at uobam@uobgroup.com.

*Provided by UOB Asset Management Ltd

MORE ABOUT THE FUND'S CLOSURE

Generally, a fund manager that wishes to close his fund to further subscriptions is being responsible. When a fund is suddenly subject to large inflows of money, this can disrupt the efficient running of the fund if the inflows of money are too large. A good fund manager wants to be left alone to do his job. However, if he finds that he has to constantly look for new investments in order to invest the large amounts of money being given to him from the large fund inflows, this may distract him or divert his attention from properly running the fund. Also, there are times during which the fund manager may not necessarily a lot of cash on hand. He may prefer to be fully invested. However, the constant influx of cash may mean that the fund may hold a larger proportion of cash than the fund manager wishes simply because the money is coming in too fast for him to invest. In such situations, the decision to close a fund temporarily to further subscriptions is a good one. This allows the fund manager to properly concentrate on running the fund to the best of his ability.

The UOB Global Healthcare Fund will be closed by 29 October 2004. The UOB Global Healthcare Fund is our recommended healthcare fund. Investors who wish to invest in a global healthcare fund that has an excellent performance track record and run by a good fund manager should take this opportunity to buy this fund before it closes.There is a possibility that the fund may open for further subscription in the future.