MAS IMPOSES A COMPOSITION AMOUNT OF $5,000 ON UOB ASSET MANAGEMENT LTD FOR USE OF AN EXPIRED PROSPECTUS

1  On 2 February 2006, UOB Asset Management Ltd paid a composition amount of $5,000 for offering units in United Asia Top-50 Fund [the "Fund"] to six investors on 26 and 27 September 2005, using a prospectus that had expired on 24 September 2005. This is a breach of section 299 of the Securities and Futures Act.

2  On being alerted that distributors had not been informed to suspend sales of units in the Fund pending registration of an updated prospectus, UOB Asset Management Ltd took corrective actions on 27 September 2005 to ensure that no further offers of units in the Fund were made using the expired prospectus. UOB Asset Management Ltd reached a settlement agreement with the six affected investors with all costs borne by UOB Asset Management Ltd.

Fund managers should provide investors with updated and valid prospectuses that contain accurate material information. This is important for investors to be able to make informed investment decisions.