26/09/2005(Media Release)

Launch of Lion Capital Management Ltd

Singapore, 26 September 2005: OCBC Asset Management Ltd and Straits Lion Asset Management Ltd have today joined forces to create one of the largest asset management companies in Singapore and the region.

Known as Lion Capital Management Ltd, the merged entity is 70% owned by Great Eastern Holdings Ltd and 30% held by Orient Holdings Pte Ltd, a wholly-owned subsidiary of OCBC Bank.

This integration is the result of the restructuring of the shareholding and the transfer by Straits Lion of its asset management businesses to OCBC Asset Management. Discussions to merge the two asset management companies started in February this year by parent companies, OCBC Bank and Great Eastern Holdings Ltd.

Lion Capital will have a staff strength of 120. The investment team comprises 40 professionals, each with an average of more than 10 years of investment experience. It will manage over $30 billion worth of assets.

200 guests including clients, distributors and business partners witnessed the unveiling of the name and corporate identity of Lion Capital at a launch event held today at the Fullerton Hotel.

Lion Capital’s Chief Executive Officer and Chief Investment Officer, Mr Daniel Chan says, “By combining forces, we have become an even larger asset manager offering greater value to our clients. Lion Capital has one of the largest and most experienced teams specialising in Asia Pacific equities and fixed income markets. The investment approach will be team-based and research-intensive, combining in-depth market insights with comprehensive sector knowledge. Lion Capital will also be an active investor in hedge funds and through its 65%-owned joint venture, Fairfield Straits Lion, will also participate actively in Asian fund of hedge funds. With a dedicated team of people, the strong backing of the shareholders and the support of our clients, we are confident that Lion Capital will become a premier asset management company, not only in Singapore, but also in the region.”

Lion Capital will build up its own corporate identity. The name of the company is encased in a rich burgundy rectangle with a perfect proportion of 1 to 1.62, reflecting the stability and strength of the new entity, and its vision to make its mark as the leader in asset management.

Mr Chan adds,” We are excited about the possibilities that will result from this merger. We will be in the position to scale greater heights. Our vision is to further develop the business in the region, namely in ASEAN and North Asia including China and also beyond to the markets of Middle East, Europe and the US.”

_______________________________________________________

About OCBC Asset Management Ltd
OCBC Asset Management was established in 1986 as an extension to OCBC Bank’s in-house investment activities with the objective of managing third-party funds. OCBC Asset Management manages about $7 billion worth of assets for a wide clientele base including government agencies and statutory boards, major corporations, universities, charities and private individuals. An award-winning fund manager, OCBC Asset Management offers more than 50 unit trusts including the widest range of Asian single-country funds.

About Straits Lion Asset Management Ltd
Straits Lion Asset Management was incorporated in 1996. It was set up primarily to support the investment activities relating to Great Eastern’s life insurance business, with the objective of developing Straits Lion into a leading Asian asset manager. It has total assets under management of about $25 billion, making it one of Singapore’s largest asset managers.

About OCBC Bank
OCBC Bank is Singapore’s longest established local bank. It has assets of $137 billion and a network of 113 branches and representative offices in 15 countries and territories including Singapore, Malaysia, Indonesia, Brunei, China, Hong Kong SAR, Japan, Australia, UK and USA. OCBC Bank offers a range of specialist financial services including consumer, corporate, investment, private and transaction banking, global treasury, asset management and stockbroking services to meet the needs of its customers across communities.

In 2004, OCBC Bank was named Lafferty Group’s Retail Bank of the Year in Asia-Pacific and South East Asia and Global Finance magazine’s Best Bank in Singapore. Additional information may be found in www.ocbc.com.

About Great Eastern Holdings
Great Eastern Holdings is the largest insurance group in Singapore and Malaysia, with nearly $38 billion in assets and 2.4 million policyholders. With two successful distribution channels – the tied agency force and bancassurance – it is the market leader in both Singapore and Malaysia. It is a subsidiary of OCBC Bank. Additional information may be found in www.lifeisgreat.com.sg.

For more information, please contact:

Daniel Chan
Chief Executive Officer & Chief Investment Officer
Lion Capital Management Ltd
Tel: 6417 6888
or email: Danielchan@lioncapital.com.sg