MEDIA RELEASE
For Immediate Release

Mr Michael Wong Pakshong to retire
at AGM on 15 April 2008
Great Eastern to have new Chairman

Singapore, 31 March 2008: Great Eastern Holdings Limited said that its Chairman Mr Michael Wong Pakshong has expressed his wish to retire and will not be seeking re-appointment at the Company’s forthcoming Annual General Meeting on 15 April 2008.

Mr Michael Wong has served as Great Eastern Holdings’ Chairman since April 2000, having been appointed to the Board since 1999. He has also served as a Director of Great Eastern Life Assurance Co Ltd since 1983 with the last eight years as its Chairman, and has been one of its longest-serving Directors. Mr Wong is also the Chairman of Overseas Assurance Corporation since January 2001 after its merger with Great Eastern Holdings and is also the Chairman of the Company’s principal Malaysian subsidiaries, Great Eastern Life Assurance (Malaysia) Bhd and OAC (Malaysia) Bhd.

During Mr Wong’s chairmanship, the Group’s net profit after tax grew from $180 million in the year 2000 to a record high of $547 million last year, and total assets grew from $19.1 billion to $46.5 billion during the same period.

Mr Wong said, “I would like to thank my fellow Board members for their constructive comments in our deliberations, and for their unstinting support. It has been a privilege for me to serve as a member of the Board of Great Eastern for the past twenty-five years, eight of which as the Chairman of the Group.

“During this year of Great Eastern’s centennial celebrations, it is opportune for me to pass the baton to Mrs Fang Ai Lian to lead the Group to greater heights as we enter our second century.

I also wish to express my appreciation and thanks to management, staff and agency force whose conscientious commitment, zeal and dedication are important ingredients to the Group’s achievements and success. The able leadership of the Group CEO, Mr Tan Beng Lee, has inspired a vibrant team spirit and the Group is well placed to meet all challenges and competition.”

The management team, staff and agency force extend their best wishes to Mr Wong a well-deserved retirement.

Mr Tan Beng Lee, Director & Group CEO, said “We owe a great debt to Mr Wong as he has always placed the greatest importance on maintaining the highest standards of corporate governance and integrity in our business operations and dealings. We will miss him. My staff and I wish him good health and all the very best in his retirement.”

Mr Michael Wong will be succeeded by Mrs Fang Ai Lian who will be appointed to the Board of Great Eastern Holdings with effect from 1 April 2008 and will take over as its Chairman after Mr Wong retires at the AGM on 15 April 2008.

Mrs Fang is a Fellow of the Institute of Chartered Accountants in England & Wales and Fellow Member of the Institute of Certified Public Accountants of Singapore. She has been with Ernst & Young since 1974 in various positions, with the last two positions as Managing Partner since 1996 and subsequently Chairman. She retires from Ernst & Young on 31 March 2008.

Mrs Fang is a member of a number of professional bodies, societies and statutory boards. She is a Council Member of the Institute of CPA of Singapore and chairs a number of committees in the Institute. She is also a Board Member of IE Singapore and PUB.

An ardent supporter of charities and social concerns, Mrs Fang is the Chairman of the Charity Council, and President of the Breast Cancer Foundation and the Home Nursing Foundation.

Mrs Fang said, "I consider it a privilege to be invited by the Board of Directors of Great Eastern Holdings to join the Board, and to subsequently succeed Mr Michael Wong Pakshong as its Chairman. I like to pay tribute to Mr Wong for the many achievements made by the Company during his chairmanship. I wish him a happy retirement and all the very best for the future.

"I look forward to working with the Board, and the CEO and his management team to bring continued growth and success to Great Eastern."

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About Great Eastern

For 100 years, we have grown with you.
Thank you for your trust and support.
As we journey into the next 100 years and beyond, we remain dedicated to making life great with financial security, good health and meaningful relationships.

Founded on 26 August 1908, Great Eastern Life Assurance Co Ltd has the distinction of being the oldest and most established life insurance company in Singapore and Malaysia.

In November 1999, Great Eastern Holdings Ltd was incorporated and became the holding company of Great Eastern Life. Overseas Assurance Corporation Ltd, incorporated in 1920 as the first composite insurer in Singapore, merged with Great Eastern Holdings in December 2000.

Today, Great Eastern is the largest insurance group and the market leader in Singapore and Malaysia, with $46.5 billion in assets and over 3 million policyholders, and with two successful distribution channels - the tied agency force and bancassurance. The Company also operates in China, Indonesia and Brunei. It will be starting operations in Vietnam by the middle of the year.

Great Eastern is a subsidiary of OCBC Bank, Singapore’s longest established bank with assets of $175 billion and a network of over 460 branches and representative offices in 15 countries and territories. Great Eastern’s subsidiary, Lion Capital Management, is one of the largest asset management companies in Southeast Asia.

Website: www.lifeisgreat.com.sg

For media queries, please contact

Boon-Gek Mudeliar
Head (Corporate Communications)
Tel: 6248 2215
Email: Boon-GekMudeliar@lifeisgreat.com.sg