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ANARI WORLDVIEW ASIA

MARCH 1-13, 2012

SINGAPORE || MACAU || HONG KONG || SHANGHAI || BEIJING || TOKYO

04-16-2012

Anari Worldview Asia - March 1-13-, 2012 Trip Report || of 66

NOT FOR PUBLIC RELEASE, ELECTRONIC POSTING OR DISTRIBUTION / LIMITED USE BY ANARI INC. ONLY

MARCH 1-13 2012 Trip Report

In March, 2012, Anari Worldview Asia conducted an extensive institutional investor trip to six major Asia financial centers ranging from Singapore to Tokyo. Over the course of nearly two weeks the Anari group engaged in over fifty meetings and face-to-face in-depth encounters with top level governmental, banking, investment and financial executives, diplomats and scholarly experts. This trip report documents and summarizes the experiences of this major Anari Worldview Asia program.


MARCH 1-13, 2012


04-16-2012


ANARI, INC. Anari Worldview Team & Cooperators

March 2012 Asia Trip

Anari Worldview programs are designed to give top investment executives an immediate first-hand, high-level overview of the current situation and outlook about key economic and financial policy issues in the regions visited. Organized for this purpose by Anari Inc., participating institutions are independent of each other, and have independent interests, concerns, and priorities.

Publication designed by M. Ann Vroom Copyright © 2012 ANARI, Inc. 1 Saint Matthew's Court, NW Washington, DC 20036 USA

All rights reserved

The material in this publication is copyrighted and is not intended for general public release, electronic posting or distribution. Requests for authorized copies of this document should be sent to:

Mr. William Anawaty President 1 Saint Matthew’s Court, NW Washington, DC 20036 USA

Washington DC

Barbara Bennett, CFO, Anari, Inc.

Janalyn Carroll, COO, Anari, Inc.

New York

Alina Kogan, Columbia Business School

Hong Kong

Eric Cheng, Managing Director, Anari Asia Ltd.

Shanghai

Haiying Niu, Anari's China investment collaborator

Jessica Ge, Anari Coordinator, Shanghai

Beijing

Rachel Qiao, Anari Coordinator, Beijing

Tokyo

Yu Serizawa, President, Forma Corp.

Akiko Hamada, Forma Corp.

Chen Su, Anari, Inc., Washington, DC


MARCH 1-13, 2012


04-16-2012


ANARI DELEGATION

The Anari Worldview Asia investors trip delegation, guided by

William Anawaty, President, Anari, Inc.:

Hewlett Foundation

Laurance Hoagland, CIO Palo Alto, California

Acadian Asset Management Ronald Frashure, Chairman Boston, Massachusetts

Acadian Asset Management Richard Barry, Managing Director Singapore Office

Gavekal Research

Anatole Kaletsky, Co-Founder London/Hong Kong

Ontario Teachers Pension Plan

James Davis, Vice President & Chief Economist, Asset Mix and Risk

Toronto, Canada

Ontario Teachers Pension Plan Kevin Zhu Director of Strategy & Asset Mix, Asset Mix and Risk

Toronto, Canada

Fjord Capital Management Laurent Desbois, President Montreal, Canada

Alleghany Capital Partners Anthony Michalak, Research Analyst New York, New York

John Templeton Foundation Jinde Guo, Senior Managing Director, Investments Philadelphia, Pennsylvania

Emerging Sovereign Group Brian McCarthy New York, New York


MARCH 1-13, 2012


04-16-2012


MARCH 1-13, 2012 CITIES

SINGAPORE Thursday-Friday -- March 1-2, 2012

MACAU – HONG KONG Sunday-Monday -- March 4-5, 2012

SHANGHAI Tuesday-Wednesday -- March 6-7, 2012

BEIJING Thursday-Friday -- March 8-9, 2012

TOKYO Monday-Tuesday -- March 12-13, 2012


MARCH 1-13, 2012


04-16-2012


MARCH 1-13, 2012

Companies & Organizations Encountered

Page ABC Capital, Shanghai .................................................................................................................................... 35 ASEAN-AMRO (ASEAN Macroeconomic Monitoring System), Singapore ................................................. 11 Asian Business Council, Hong Kong ............................................................................................................ 21 Asian Development Bank, Beijing .................................................................................................................. 43 Bank of China, Beijing ..................................................................................................................................... 46 Caixin Magazine, Beijing ................................................................................................................................. 48 Chiba University of Commerce, Tokyo .......................................................................................................... 51 China 5e.com, Beijing ..................................................................................................................................... 41 China Development Bank, Hong Kong .......................................................................................................... 24 China Development Research Foundation (CDRF), Beijing ........................................................................ 42 China Investment Corporation (CIC), Beijing ................................................................................................ 45 DBS Bank, Singapore HQ ............................................................................................................................... 10 Dragonomics, Beijing ...................................................................................................................................... 39 Economic Development Board of Singapore ................................................................................................ 12 Embassy of Indonesia, Singapore ................................................................................................................. 14 Embassy of the Philippines in Singapore ....................................................................................................... 9 Fosun Group, Shanghai .................................................................................................................................. 30 Fung Global Institute, Hong Kong ................................................................................................................. 27 GIC – Government Investment Corporation of Singapore ........................................................................... 15 Hong Kong Monetary Authority ..................................................................................................................... 25 Hong Kong S.A.R. Planning Department ....................................................................................................... 23 Industrial Growth Platform, Inc., Tokyo ......................................................................................................... 58 International Monetary Fund, Hong Kong ..................................................................................................... 20 Japan Center for International Finance (JCIF), Tokyo ................................................................................. 57 Japan Institute of International Affairs, Tokyo ............................................................................................. 56 Ministry of Finance of Japan, Tokyo .............................................................................................................. 54 Mizuho Corporate Bank, Tokyo ...................................................................................................................... 56 NTU University / Rajaratnam School of International Studies, Singapore ................................................. 16 Pearl River Delta Development Planning, Hong Kong ................................................................................. 22 People’s Bank of China, HQ Beijing .............................................................................................................. 40 Principal Capital Investors, Shanghai ........................................................................................................... 31 Quintana Energy (US), Beijing ........................................................................................................................ 41 Roppongi Hills, Tokyo / Mori Building Company ......................................................................................... 52 S.A.F.E. - State Administration of Foreign Exchange, HQ, Beijing ............................................................. 47 SAIF Partners, Beijing ..................................................................................................................................... 43 SANKEI Newspaper, Tokyo ............................................................................................................................ 53 Shanghai Stock Exchange .............................................................................................................................. 33 Shui On Land Limited, Shanghai ................................................................................................................... 32 Singapore Institute of International Affairs ..................................................................................................... 8 SJM Holdings, Ltd.- Grand Lisboa Casino, Macau ....................................................................................... 19 SongLin Group, Beijing ................................................................................................................................... 41 Standard Chartered Bank, Shanghai ............................................................................................................. 34 Sumitomo Mitsui Asset Management, Tokyo ............................................................................................... 55 Trinity Corp (listed 100% subsidiary of Li & Fung), Hong Kong ................................................................. 26 U.S. Embassy in Beijing .................................................................................................................................. 44 U.S. Embassy, Singapore ............................................................................................................................... 13 University of Tokyo ......................................................................................................................................... 59


MARCH 1-13, 2012


04-16-2012


Singapore

S

inga

pore

The 2012 Anari Worldview ASIA

program commenced on Thursday,

March 1, 2012 for two days in

Singapore. || One of the original “Four

Asian Tigers” - along with Hong Kong,

South Korea and Taiwan - Singapore’s

economy is ranked as the second

most free in the world by the 2011

Index of Economic Freedoms and,

according to the Corruption

Perceptions Index, Singapore is

consistently ranked as one of the least

corrupt countries and as one of the top

global financial centers per the annual

evaluation prepared for the City of

London; it is currently the only Asian

country to have AAA credit ratings

from all three major credit rating

agencies. Because of its strategic

location, corruption-free environment,

skilled workforce, low tax rates and

advanced infrastructure there are

more than 7,000 multinational

corporations from the United States,

Japan, and Europe in Singapore as

well as reportedly 1,500 companies

from China and 1,500 from India. ||

Recognizing Singapore’s key

strategic and financial positioning,

the Anari Singapore schedule

included meetings with top

officials and executives together

with their senior staff and

advisors at three embassies –

that of the Philippines,

Indonesia, and the U.S.; the

international agency ASEAN-

AMRO (ASEAN Macroeconomic

Monitoring System); two central

Singaporean economic

organizations – the Economic

Development Board of

Singapore (EDB) and the

Government Investment

Corporation of Singapore (GIC)

– the DBS Bank HQ, Singapore,

and leading scholars at two

eminent international advisory

“think tanks”, the Singapore

Institute of International Affairs

(SIIA) and the Rajaratnam

Institute of International Affairs

of Nanyang Technological

University (NTU).


MARCH 1-13, 2012


04-16-2012


SINGAPORE Meetings

Singapore Schedule

Thursday March 1 – Singapore

Anari group meeting with Dr. Simon Tay,

Chairman, Singapore Institute of

International Affairs (SIIA) (see page 8).

8:30 AM

Singapore Institute of International Affairs

Chairman Simon S. C. Tay

10:00 AM

Embassy of the Philippines in Singapore

Charge d’Affaires Neal Imperial

Consul Catherine Torres

Ms. Catherine Ronquillo, Philippine Trade Office

11:30 AM

DBS Bank, Singapore HQ

Mr. Michael Sia, Sr. VP, Investor Relations, Group Finance

Mr. Philip Wee, Sr. VP & Sr. Currency Economist, Group Research

1 PM Lunch, Hokkaido Sushi Restaurant

3:45 PM

ASEAN-AMRO (ASEAN Macroeconomic Monitoring System)

Director Dr. WEI BenHua (former Vice Chairman, China S.A.F.E.)

Mr. Matthew Liu, Deputy Director, Senior Economist

5:00 PM

Economic Development Board of Singapore

Mr. Lim Wey-Len, Head, Americas

Ms. Melissa Wong, Head, International Organizations

Ms. Sheryl Chen, Assistant Head, Biomedical Sciences

Friday March 2 – Singapore

At the Indonesian Embassy, Embassy staff presentation to the visiting Anari group with Mr. Hari Santoso, Indonesia Investment Promotion Centre and Minister-Counselor, Economic Affairs Natalia Soeharso (see page 14).

8:30 AM

US Embassy, Singapore

Mr. Joel Ehrendreich, Counselor, Economic & Political Dept.

Mr. Manu Bhalla, Economic Chief

10:00 AM

Indonesian Embassy

H.E. Ambassador Mr. Andri Hadi (Courtesy Welcome) Presentation and Discussion:

Minister-Counselor, Economic Division Natalia Soeharso

Mr. Peter Jacobs, MacroEconomist, Central Bank of Indonesia

Mr. Hari Santoso, Indonesia Investment Promotion Centre

12 N Lunch

2:00 PM

GIC – Government Investment Corporation of Singapore Economics and Investment Strategy Department

Dr. Yougesh Khatri, Sr. VP, Head, New Horizons Team, Economics & Strategy Department

Mr. TAN Mui Choo, CFA, Co-Head, Enterprise Risk & Performance Risk & Performance Mgt. Dept.

Ms. CHAN May Yee, CFA, Head Risk Control, Risk & Performance Mgt. Department

Ms. TEH Kwee Chin, CFA, Sr. Vice President, Economics & Investment Strategy Department

Ms. Jesley CHUA, Assistant Vice President, Economics & Strategy Department

5:00 PM

NTU University / Rajaratnam School of International Studies

Dr. Joseph Liow Chen Yong, Associate Dean, Professor of Comparative and International Politics


MARCH 1-13, 2012


04-16-2012


THURSDAY MARCH 1, 2012

SINGAPORE Meetings

Singapore Institute of International Affairs

Mr. Simon S.C. Tay, Chairman

The Singapore Institute of

International Affairs (SIIA) is an

independent organization dedicated to the

research, analysis and discussion of

regional and international issues. The

SIIA aims to make Singapore a more

cosmopolitan and global society through

research, policy work and public

education on international affairs.

Founded in 1961, SIIA is Singapore’s

oldest think tank.

Simon SC Tay is a public intellectual

and adviser on political and economic

issues. He

teaches

international law

and public policy

at the National

University of Singapore and is

concurrently chairman of the Singapore

Institute of International Affairs.

Previously, in 2009, he was with the Asia

Society in New York, directing a Task

Force report on US-Asia relations under

the Obama administration. At Harvard

Law School, Mr. Tay was a Fulbright

scholar and, in Jan 2000, the World

Economic Forum (Davos) named him a

“global leader of tomorrow”. He is also an

award winning writer with five books of

stories and poetry.

Pictured Above: Simon Tay welcomes the Anari group to SIAA

At the first meeting of the Asia program, Mr.

Simon Tay, Director of the SIIA, engaged the

Anari group in wide-ranging expert review of

several key geo-economic situations

throughout the SE Asian region including

especially India, Thailand and Vietnam.

Pictured Below: Simon Tay (left) and (seated right) HO YewWeng, Acadian Asset

Management; Laurance Hoagland, Hewlett Foundation; Anthony Michalak,

Alleghany Capital Partners


MARCH 1-13, 2012


04-16-2012



SINGAPORE

Meetings

Embassy of the Philippines in Singapore

Charge d’Affaires Neal Imperial

Secondary Secretary and Consul Catherine Torres

Ms. Catherine Ronquillo, Trade Assistant Philippines Trade Office

Pictured above: At the Philippines

Ambassador’s Residence: Charge d’Affaires

Neal Imperial (center); (left) Second Secretary

and Consul Catherine Torres; and, (right)

Ronald Frashure, Acadian Asset Management,

member of the Anari visiting group.

Above: Flight paths between Singapore and three

major cities of the Philippines Manila, Cebu and

Davao [graphic: www.yoursingapore.com].

This 100-million

(and growing)

population country

is one of the few in

Asia that does not

currently have the

"aging society"

problem.

The Government has introduced credible fiscal

discipline reforms and public-private

partnerships (PPP) for infrastructure

investments as well as population management

and anti-corruption programs. This reform

momentum may translate into greater FDI flows

complementing the rising domestic savings

rate, to produce greater economic growth rates

than experienced in the past. The talks on

wide-ranging economic issues may pave the

way for an Anari Worldview trip to specific

countries in the ASEAN in the future.


MARCH 1-13, 2012


04-16-2012



SINGAPORE

Meetings

DBS Bank, Singapore HQ

• Mr. Michael Sia, Sr. VP, Investor Relations, Group Finance

• Mr. Philip Wee, Sr. VP & Sr. Currency Economist, Group Research

DBS Bank is the largest bank in South

East Asia by assets and among the larger

banks in Asia. It has market-dominant

positions in consumer banking, treasury

and markets, asset management,

securities brokerage, equity and debt

fund-raising in Singapore and Hong Kong.

The bank was set up by Government of

Singapore in June 1968 to take over the

industrial financing activities from the

Economic Development Board. Today, its

branches numbering more than 100 can

be found island-wide.

Philip Wee, Senior

Vice-President &

Senior Currency

Economist Group

Research

DBS BANK, has been

advising on major currency trends in DBS

Bank since 2000. Philip works closely with

the bank's various divisions to service

DBS's diverse retail, corporate and

institutional clients.

Philip was previously a Treasury

Economist at Standard Chartered Bank,

and an Economist at NatWest Markets

and HSBC. In all, he has about twenty

years in analyzing economic and market

trends.

At the DBS Headquarters building, the Anari

group met with Michael Sia, Sr. VP, Investor

Relations, Group Finance, and Philip Wee,

Senior VP and Senior Currency Economist in

DBS’s Group Research department. The

discussion traced the bank’s evolution from a

local development bank for industrialization a

generation ago to its regional presence in

ASEAN and China today, having purchased

local banks in Hong Kong, Taiwan, and the

Philippines, to engage in a wide range of non-

lending businesses.

FX economist Wee gave his views about this

global transition year in which China has a

leadership change and the US has presidential

elections, and the fiscal consolidation taking

place globally. He also shared his simulations

for the US Dollar / Singapore Dollar

relationships under various crisis scenarios.

Pictured left: The main

entrance to the DBS HQ in

Singapore where the Anari

group met with Mr. Philip

Wee, Senior VP & FX

Economist. DBS’s Tower

One is a 50-storey tower

block built in 1973. The

four round concrete

caissons in the building’s

foundation inspired the

original design of the DBS

logo in 1972.


MARCH 1-13, 2012


04-16-2012



SINGAPORE

Meetings

ASEAN-AMRO (ASEAN Macroeconomic Monitoring System)

• Director Dr. WEI BenHua (former Vice Chairman, China S.A.F.E.)

• Mr. Matthew Yiu, Deputy Director and Senior Economist

ASEAN+3 Macroeconomic

Research Office (AMRO) is the

independent macroeconomic surveillance

unit of the Chiang Mai Initiative

Multilateralisation (CMIM) Agreement, a

US$120 billion currency swap

arrangement among the Finance

Ministries and Central Banks of the

ASEAN Member States, China, Japan

and Korea (ASEAN+3 countries). AMRO

is responsible for monitoring the

macroeconomic and financial situation of,

and identifying emerging vulnerabilities

within, the ASEAN+3 region and its

individual economies. AMRO was

established in April 2011.

Mr. Wei Benhua was

unanimously selected by

the Asean+3 Deputy

Ministers and Deputy

Governors as the Director of AMRO in

April 2011. Prior to this appointment, Mr.

Wei was Deputy Chief of China’s State

Administration of Foreign Exchange

(SAFE) and previously served as the

Advisor to Governor of the People’s Bank

of China and Director-General of its

International Department. Mr. Wei holds a

Master’s Degree (Economics) from the

PBOC Graduate School .

In the HQ building of the Monetary Authority of

Singapore, the Anari delegation met with Dr.

WEI BenHua of China, Director of the ASEAN+3

Macroeconomic Research Office, which

undergirds the region’s $120 billion multi-lateral

currency swap pool that stands ready to defend

Asian currencies. Dr. Wei engaged the Anari

group in an excellent discussion of a broad

range of major financial and currency issues

affecting the ASEAN+3 region.

ANARI Context: Anari has known Mr. Wei since his days a decade ago in Washington DC as China’s Executive Director to the IMF, and continuing through his service in Beijing as the Deputy Administrator of S.A.F.E. – managing China’s $3 trillion of foreign exchange reserves.


MARCH 1-13, 2012


04-16-2012



SINGAPORE

Meetings

Economic Development Board of Singapore

Mr. Lim Wey-Len, Head, Americas

Ms. Melissa Wong, Head, International Organizations

Ms. Sheryl Chen, Assistant Head, Biomedical Sciences

The Singapore

Economic

Development

Board (EDB) is

the lead government agency for planning

and executing strategies to enhance

Singapore's position as a global business

centre. EDB “dreams, designs and

delivers solutions that create value for

investors and companies in Singapore”.

Its stated mission is to create for

Singapore sustainable economic growth

with vibrant business and good job

opportunities. EDB's 'Host to Home'

strategy is about extending Singapore's

value proposition to businesses not just to

help them improve their bottom line, but

also to help them grow their top line

through establishing and deepening

strategic activities in Singapore.

Singapore seeks to be the Global Nexus for

ASEAN’s 320 million people and growing

middle class (making it comparable to Coastal

China in size). At the headquarters of the

Singapore Economic Development Board, the

EDB panel presented a comprehensive

overview of trade and investment initiatives

designed to assure long-term real growth of 3-

5% and shape Singapore’s future knowledge-

intensive economy in sectors like:

bio-medical research

new materials

alternative energies

The Anari group’s discussion

with the EDB staff also

referenced Singapore’s

cooperative development of

the adjacent Iskandar region

on the Malaysian peninsula –

which offers sub-urban

developmental potential like

that of New York-New Jersey,

San Francisco-Oakland or

Hong Kong-Pearl River Delta.


MARCH 1-13, 2012


04-16-2012


FRIDAY MARCH 2, 2012

SINGAPORE

Meetings

U.S. Embassy, Singapore

• Mr. Joel Ehrendreich, Counselor, Economic & Political Affairs

• Mr. Manu Bhalla, Economic Chief

Singapore's largely corruption-free

government, skilled work force, and

advanced and efficient infrastructure have

attracted investments from more than

7,000 multinational corporations from the

United States, Japan, and Europe. Also

present are 1,500 companies from China

and another 1,500 from India. Foreign

firms are found in almost all sectors of the

economy. Multinational corporations

account for more than two-thirds of

manufacturing output and direct export

sales, although certain services sectors

remain dominated by government-linked

companies.

Joel Ehrendreich,

Counselor, Economic

and Political Section,

U.S. Embassy

Singapore, is a career

member of the U.S. Foreign

Service, Department of State. He holds

the diplomatic title of Counselor. Currently

stationed in Singapore, he is the chief of

the Economic and Political Section in the

U.S. Embassy. His previous tour was as a

Political Officer in the U.S. Embassy in

New Delhi, where he covered political-

military affairs, non-proliferation issues,

and India’s external relations. Prior to his

tour in India, he was Political Officer in the

U.S. Embassy in Tokyo. Joel is proficient

in both reading and speaking Japanese.

Prior to entering the State Department,

Joel worked in the U.S. Peace Corps, as

well as several years in the private sector.

At the U.S. Embassy in Singapore, the Anari

group conferred with Economic /Political

Counselor Ehrendreich and his colleague Manu

Bhalla. From their on-the-ground perspective,

they reviewed the US’s Trans Pacific

Partnership (TPP) initiative and refreshened

American diplomatic and military cooperation

with Singapore, such as “forward military

deployment” (ship repair facilities but no US

bases) – which China views as US

encroachment and containment.

While the Chinese economic model is attractive

to many Asian nations, the US seeks to

promote free enterprise through finance and

investment in needed sectors like

infrastructure, for which ASEAN-wide

connectivity is a salutary goal. The Singapore

/ASEAN region also provides a useful practical

linkage between the giant emerging economies

of China and India.

Pictured below: The U.S. Embassy in Singapore, venue for the Anari group

meeting with Joel Ehrendreich, Counselor, Economic and Political Section and

Manu Bhalla, Economic Chief.


MARCH 1-13, 2012


04-16-2012



SINGAPORE

Meetings

Embassy of Indonesia, Singapore

H.E. Ambassador Mr. Andri Hadi

Minister-Counselor, Economic Division, Natalia Soeharso

Mr. Peter Jacobs, Central Bank of Indonesia, MacroEconomist

Mr. Hari Santoso, Indonesia Investment Promotion Centre

Pictured above: At the Indonesian Embassy,

visiting Anari group (right to left): Laurance

Hoagland, the Hewlett Foundation and Ronald

Frashure, Acadian Asset Management. The

meeting also included representatives of the

U.S. Changer of Commerce invited by the

Indonesian Embassy.

At the Indonesian Embassy in

Singapore, the Anari delegation was

personally welcomed by His

Excellency the Ambassador Andri

Hadi, and then convened with a

panel of Embassy senior staff and experts from

the Government and the Central Bank, and the

Investment Promotion Centre.

Also in attendance were Indonesia’s ASEAN

Representative in Singapore and the Bank

Negara Indonesia (BNI) Representative in

Singapore. The presentations focused on

Indonesia’s reform, rising middle class, and

6.5% growth, driven by domestic demand and

not exports.

Pictured below: At the Indonesian Embassy, Embassy staff presentation to the

visiting Anari group (left to right): Peter Jacobs, Central Bank of Indonesia,

MacroEconomist ; Hari Santoso, Indonesia Investment Promotion Centre; and,

Natalia Soeharso, Minister-Counselor, Economic Division, Natalia Soeharso.


MARCH 1-13, 2012


04-16-2012



SINGAPORE

Meetings

GIC – Government Investment Corporation of Singapore Dr. Yougesh KHATRI, Sr. VP, Head, New Horizons

Team, Economics & Strategy Dept.

Mr. TAN Mui Choo, CFA, Co-Head, Enterprise Risk & Performance Risk & Performance Mgt. Dept.

Ms. CHAN May Yee, CFA, Head, Risk Control, Risk & Performance Mgt. Dept.

Ms. TEH Kwee Chin, CFA, Sr. Vice President, Economics & Investment Strategy Dept.

Ms. Jesley CHUA, Assistant Vice President, Economics & Strategy Dept.

GIC - the Government

Investment Corporation of

Singapore – is a sovereign wealth fund

incorporated in 1981 under the Singapore

Companies Act and is wholly owned by

the Government of Singapore. By

achieving its returns goals, the GIC views

itself as fulfilling its responsibility to

preserve and enhance Singapore's

foreign reserves which provide a stream

of income that can be spent or invested

for the benefit of present and future

generations.

The GIC has offices in 9 cities worldwide

and are headquartered in Singapore.

GIC's investment portfolio is managed by

its three subsidiaries: GIC Asset

Management Pte Ltd (public markets),

GIC Real Estate Pte Ltd and GIC Special

Investments Pte Ltd (private-equity

investments). In 2008, The Economist

reported that Morgan Stanley had

estimated the fund's assets at US$330

billion, making it the world's third largest

sovereign wealth fund.

At the Government Investment

Corporation headquarters in

Singapore, the Anari group met

with the Economics and Strategy

Department’s “New Horizons

Team” that engages in “future-

gazing” with a 20-year horizon.

Robust exchanges took place about the

changing face of global investment planning,

after the old global paradigm of “developed” vs.

“emerging” economies has shifted, causing

asset allocation methods to lose meaning.

Wide-ranging topics addressed included:

middle-income trap;

geopolitical effects of China’s rise;

how to encounter Africa effectively;

US potential self-sufficiency in energy;

the 40-year deleveraging cycle and consequent global fiscal consolidation;

handling the global debt overhang;

future global financial architecture;

increased volatility of FX rates; and,

the era of lower returns and higher volatility.


MARCH 1-13, 2012


04-16-2012



SINGAPORE

Meetings

NTU University / Rajaratnam School of International Studies

Dr. Joseph Liow Chinyong, Associate Dean, Professor of Comparative and International Politics

Dr. Joseph Liow is currently

Associate Professor and Associate Dean

at the S.

Rajaratnam School

of International

Studies (RSIS),

Nanyang

Technological

University,

Singapore. He received his Ph.D. from

the London School of Economics, U.K.

and his research interests are in Muslim

politics and societies in Southeast Asia,

with a primary focus on Malaysia and

southern Thailand, and international

politics of the Asia-Pacific region. Dr. Liow

has authored or edited 11 books,

including most recently Islam, Education,

and Reform in Southern Thailand:

Tradition and Transformation (Singapore:

ISEAS, 2009). He is currently working on

a comparative book project on

insurgencies across Southeast Asia.

The Institute of Defense and Strategic

Studies (IDSS) at Nanyang Technological

University (NTU) was established in1996

by Dr Tony Tan Keng Yam, then Deputy

Prime Minister and Minister for Defense.

On 1 January 2007, ten years after its

establishment, IDSS was formally

inaugurated to become the S.

Rajaratnam School of

International Studies (RSIS). Since its establishment, the School has

acquired the reputation as a leading

research and graduate teaching institution

in strategic and international affairs in the

Asia Pacific region.

Dr. Joseph Liow, a widely-published expert on

international affairs in the Asian region,

presented an excellent overview and

commentary on the region’s major current

issues:

East Asian Summit;

Arab Spring impact on South East Asia;

Thoughts on Burma, Thailand, Malaysia;

The great submarine construction race;

Potential sectarian conflicts in the region;

Islamic political activity in S.E.A.; and,

South China Sea / Spratly Islands

flashpoint.


MARCH 1-13, 2012


04-16-2012


Macau & Hong Kong

M

acau

& H

ong

Kon

g

Traveling by the Turbo Jet Fast

Boat from Hong Kong to Macau,

the Anari Worldview Asia group

spent Sunday, March 4, 2012 on

a walk-through of the island’s

historic district and luncheon with

the chief financial executive of

SJM Holdings, Ltd., casino

magnate Stanley Ho’s enterprise.

|| Macau is one of the two special

administrative regions (S.A.R.) of

the PRC - Hong Kong is the other

- under the policy of "one country,

two systems" whereby the PRC is

responsible for the territory's

defense and foreign affairs, while

Macau and HK maintain their own

legal systems, police forces,

monetary systems, and customs

and immigration policies. A former

Portuguese colony, Macau's

economy is based largely on

tourism and its gambling revenue

has made Macau the world's top

casino market, surpassing by

fivefold that of Las Vegas. ||

Hong Kong – where the Anari program

included a day-long series of meetings

on Monday, March 5, 2012 - is one of

the world's leading international

financial centers. || Accordingly, the

Anari group met in turn with IMF

officials, top executives of the China

Development Bank as well as the

Hong Kong Monetary Authority.

Also, having established itself as a key

point of entry for trade flowing into the

China mainland, the Anari group

explored this aspect of HK with the

CEO of Trinity Corp., a wholly

owned subsidiary of Li & Fung, the

global consumer products trading giant

and, regarding the infrastructure

development required to support HK’s

ongoing growth, the Anari program

included in-depth presentations by

senior staff of the Pearl River

Development Planning group and the

HK S.A.R. Planning Department. The

program day ended with dinner with

the Director of the Fung Global

Institute, a strategic HK think tank.


MARCH 1-13, 2012


04-16-2012


MACUA & HK Meetings

Macau & Hong Kong Schedule

Sunday March 4 – Macau

Anari group Alina Kogan, Columbia School of Business; Ronald Frashure (right), Acadian Asset Management; and (left) Eric Cheng, Anari HK (see page 19).

9:00 AM Day trip to Macau (Turbo Jet Fast Boat from HK)

Cook’s tour of Old Macau + major casino operations

1:00 PM

Lunch in Macau at Grand Lisboa Casino, 3rd floor, The Kitchen

Mr. Robert E. McBain, CFO, SJM Holdings Ltd (associated with world casino magnate Stanley Ho); President, American Chamber of Commerce of Macau

3:00 PM Return to Hong Kong (fast boat)

7:00 PM Informal Dinner & Program Briefing (Bill Anawaty)

Monday March 5 - Hong Kong

China Development Bank – celebrating it’s centenary anniversity – 1912-2012 - with Dr. Di WeiPing, Global CIO and CEO of the Hong Kong Branch of the CDB and Mr. William Anawaty, Anari Inc. (see page 24)

. Mr. "Sunny" Wong (right), CEO of Trinity Corp, speaking to the Anari group at Li & Fung HQ, Hong Kong; Behind him, the Hong Kong Harbor (see page 26).

7:30 AM

Breakfast International Monetary Fund HK Resident Representatives

Dr. R. Sean Craig & Dr. Andre Meier

9:00 AM

Asian Business Council

Mr. Mark Clifford, Executive Director, ABC; Co-Author, “Through the Eyes of Tiger Cubs: Views of Asia’s Next Generation”

9:45 AM

Pearl River Delta Development Planning

Professor Y.M. Yeung, Chairman, Pearl River Delta Committee of HK Central Policy Unit

11:00 AM

Hong Kong S.A.R. Planning Department @ Planning & Infrastructure Gallery

Mr. Raymond Wong, Deputy Director / Territorial Planning

Ms. Winnie LAU Bo-Lee, Senior Planner / Strategic Planning

12:30 PM

China Development Bank - Luncheon

Dr. Di WeiPing, Global CIO and CEO of Hong Kong Branch, and senior staff

3:00 PM

Hong Kong Monetary Authority

Mr. Peter Pang, Deputy Chief Executive

Mr. Daryl H.K. HO, Head, Market Development Division

Mr. Enoch Fung, Adviser, Market Development

5:00 PM Trinity Corp (listed 100% subsidiary of Li & Fung)

Mr. YatMing “Sunny” WONG, CEO

7:00 PM

Dinner Fung Global Institute

Dr. XIAO Geng, Chief Economist


MARCH 1-13, 2012


04-16-2012


SUNDAY MARCH 4, 2012

MACAU

Meetings

SJM Holdings, Ltd.- Grand Lisboa Casino, Macau (associated with world

casino magnate Stanley Ho)

Mr. Robert E. McBain, CFO, SJM Holdings Ltd. Pres., American Chamber of Commerce Macau

Robert E. McBain

serves as Chief

Financial Officer of

SJM Holdings

Limited. Mr. McBain

joined SJM in 2006 and is responsible for

overseeing the financial performance of

the company; he is also Vice Chairman of

the American Chamber of Commerce in

Macau. He holds a BA degree from

Princeton University and a MBA degree

from Columbia University Graduate

School of Business in New York.

SJM Holdings Limited is the

holding company of Sociedade de Jogos

de Macau S.A. ("SJM"), one of the six

companies authorized to operate casino

games of fortune and other games of

chance in casinos, under the terms of a

concession granted by the government of

the Macau Special Administrative Region

in March 2002.

SJM is the only casino gaming

concessionaire with its roots in Macau,

and is the largest in terms of gaming

revenue and number of casinos. SJM

operates the Grand Lisboa hotel and the

Sofitel Macau at Ponte 16.

Stanley Ho, chairman and chief

executive of SJM Holdings - although

formerly a major holding – has, according

to the company’s financial filings,

transferred nearly all of his 32% stake in

Sociedade de Tourismo e Diversoes de

Macau SA, the company that controls

SJM Holdings, to two firms controlled by

family members.

After taking the Turbo Jet Fast Boat from Hong

Kong to Macau (50 minutes), the Anari group

enjoyed a walk through the

Portuguese “Old Macau” district

and then met for lunch with

Robert E. McBain, CFO of SJM

Holdings, Limited at the Grand

Lisboa Casino/Hotel complex at

SJM property. Discussion points

included:

RMB currency escaping China via Macau,

Dramatic growth of Chinese gambling tourism;

Macau’s primacy in global gambling (Macau casino revenues = 5X Las Vegas’s)

Entertainment plays almost no role in Macau’s appeal to Chinese visitors.

Pictured above: (center right) Robert E. McBain, CFO SJM Holdings, joining the Anari

group at the Grand Lisboa Casino/Hotel complex; the Anari group members pictured

include (to the left of Mr. McBain) Kevin Zhu and James Davis, Ontario Teachers

Pension Plan; (right of Mr. McBain) Anthony Michalak, Alleghany Capital Partners;

and (left side, back to camera): (front) Laurance Hoagland, Hewlett Foundation;

Ronald Frashure, Acadian Asset Management.


MARCH 1-13, 2012


04-16-2012


MONDAY MARCH 5, 2012

HONG KONG

Meetings

International Monetary Fund, Hong Kong

HK Resident Representatives

Dr. R. Sean Craig

Dr. Andre Meier

Dr. R. Sean Craig has been IMF Resident

Representative in Hong

Kong SAR since

January 2011,

representing both the

Asia and Pacific and the Monetary and

Capital Markets Departments. He has

been with the IMF for 11 years, and

before that he worked at the Bank for

International Settlements (4 years) and

the U.S. Federal Reserve Board (10

years). In 2007- 2009, Dr.. Craig spent

several years in the IMF’s London office

doing capital markets surveillance for the

Global Financial Stability Report (GFSR).

Dr. Craig holds a Ph.D. in economics

from Boston University.

Dr. Andre Meier has

been the IMF’s Resident

Representative in Hong

Kong SAR since June

2011. Prior to taking on

this post, Dr. Meier

worked as a contributing author to the

Global Financial Stability Report in the

IMF’s Monetary and Capital Markets

Department. Earlier IMF assignments

include positions as a desk economist for

Cyprus, Norway, Turkey, and the United

Kingdom, among others. He holds a

Ph.D. from the European University

Institute and has published a number of

articles in academic journals, notably on

macroeconomic policy and financial

markets.

Joining the Anari group for a working breakfast

meeting at the Mandarin Oriental, Mr. R. Sean

Craig and Dr. Andre Meier – the International

Monetary Fund’s Resident Representatives in

Hong Kong – talked about the IMF’s work in

Hong Kong (which is not itself an IMF Member).

Pictured above: (left) R. Sean Craig and (right) Dr. Andre Meier, IMF HK

Resident Representatives in conversation with the Anari group.

Their comments included thoughts on Chinese

non-bank lending, latent asset quality

problems, efforts to restrain property prices

especially at the middle class level; China’s

globally novel 48% investment-to-GDP ratio;

the pent-up demand for outbound investment;

the 4th quarter drop in China’s FX reserves; the

sequencing of interest rate liberalization, bank

reform, and opening the RMB capital account.


MARCH 1-13, 2012


04-16-2012



HONG KONG

Meetings

Asian Business Council

Mr. Mark Clifford, Executive Director, ABC; Co-Author, “Through the Eyes of Tiger Cubs”

The Asia Business Council is an

independent organization of top

executives, typically from leading Asian

companies or multinational corporations

with significant Asian operations, who

share an interest in the policies needed to

ensure the continued economic

development and competitiveness of the

region. The Council conducts research on

issues that are important to Asia’s future

and, where appropriate, takes needed

action; it is funded by its members and

has no government affiliation.

Mark L. Clifford is

the executive director of

the Hong Kong-based

Asia Business Council

and co-author with Janet Pau of “Through

the Eyes of Tiger Cubs: Views of Asia’s

Next Generation”. Mark is the former

editor-in-chief of both the South China

Morning Post and The Standard (where

he was also the publisher) and held

senior positions at Business Week and

the Far Eastern Economic Review. He is

also the co-author (with former WTO Dir.

Gen. Supachai) of China and the WTO:

Changing China, Changing World Trade

and wrote “Troubled Tiger: Businessmen,

Bureaucrats and Generals in South Korea

and co-authored “Meltdown” on the 1997-

98 Asian financial crisis.

Prominent journalist and

long-time Hong resident

Mark Clifford presented

the views of “next

generation” Asians as

surveyed and published

in his book “Through the

Eyes of Tiger Cubs” (co-

authored with Janet

Pau).

The Tiger Cub cohort (ages 20-32)

Is pro-globalization;

Wants China to rise, but worries about

being steamrolled;

Believes government has a legitimate role

in the economy, but is intolerant of

government corruption; and,

No longer accepts their Tiger Moms’ and

Dads’ excusing of slow reform.

During Q&A, journalist Clifford also responded

to a question about media-government

relations in China.


MARCH 1-13, 2012


04-16-2012



HONG KONG

Meetings

Pearl River Delta Development Planning

Professor Y.M. Yeung, Chairman, Pearl River Delta Committee of HK Central Policy Unit

The Pearl River Delta is the fastest

growing region of China; it is the main

base for China’s low-cost manufacturing

and accounts for 10 per cent of China’s

gross domestic product and about 30 per

cent of China’s exports.

Recognizing the importance of the

Greater Pearl River Delta, an ambitious

12 year plan sets out how the region will

transform to focus on innovation,

encompassing high-end manufacturing

and high-technology industries. By 2020,

100 state laboratories for engineering

innovation, research & development are

to be established and at least 10 China-

based multinationals with annual sales of

US$20 billion will be developed.

Pictured left: (far right)

Prof. Y. M. Yeung,

Chairman of the Pearl River

Delta planning Committee,

and Anari group members

(left to right): Anthony

Michalak, Alleghany Capital

Partners; Laurent DesBois,

Fjord Investment

Management.

Professor Yeung – the Chairman of a HK

Government study committee on the Pearl

River Delta (“P.R.D.”, China’s provinces

adjacent to Hong Kong) - presented his

overview of plans to develop the region in

concert with Hong Kong.

Hong Kong’s vision is to create a “mega-

urban region” like New York or London.

China’s motivation is to “show Taiwan”.

The advantage that the region has over

other economically liberated zones of

China, says Professor Yeung, is Hong

Kong’s noted

soft power and

already-global

status.

Pictured right: Anari group

members: (examining Pearl

River Delta map) Ronald

Frashure, Acadian Asset

Management; (seated) Anthony

Michalak, Alleghany Capital

Partners; Laurent DesBois,

Fjord Investment Management.


MARCH 1-13, 2012


04-16-2012



HONG KONG

Meetings

Hong Kong S.A.R. Planning Department @ Planning & Infrastructure Gallery

Mr. Raymond WONG Wai-Man Deputy Director / Territorial Planning

Ms. Winnie LAU Bo-Yee

Senior Planner / Strategic Planning

The Hong Kong S.A.R. Planning

Department is responsible for the

preparation of town plans to guide the

proper use and development of land to

make Hong Kong a better place to live

and work. These plans range from

detailed layout plans for individual districts

to development strategies for the entire

territory, like the Hong Kong 2030:

Planning Vision and Strategy project.

The Department works closely with

neighboring cities the Mainland regarding

cross-boundary planning and

development matters.

The Hong Kong Planning and

Infrastructure Exhibition Gallery showcases the planning proposals and

infrastructure projects by the Government

with a wide range of audio-video

presentations and models about the

existing and planned major infrastructure

projects in Hong Kong.

Pictured left: Mr. Raymond Wong, Deputy

Director/Territorial Planning, HK S.A.R. Planning

Dept., addressing the Anari group.

Hosted onsite at the state-of-

the-art interactive Hong Kong

Planning and Infrastructure

Exhibition Gallery, Mr.

Raymond Wong, Deputy

Director/Territorial Planning,

and Ms. Winnie Lau, Senior

Planner/Strategic Planning – both at the HK

S.A.R. Planning Department - presented the

Anari group a first-hand account of the Planning

Department’s function developmental activities to

achieve the “Hong Kong 2030: Planning Vision

and Strategy” project. In particular, Mr. Wong and

Ms. Lau reviewed the extensive transportation

infrastructure designed to link HK, the Mainland,

and Macau in

integrated waves of

ongoing

development.

Pictured right: Ms. Winnie Lau,

Senior Planner/Strategic Planning,

HK S.A.R. Planning Dept.,

presenting to the Anari group.


MARCH 1-13, 2012


04-16-2012



HONG KONG

Meetings

China Development Bank, Hong Kong

Dr. Di WeiPing, Global CIO and CEO of Hong Kong Branch

Based on new powers conferred in 2008,

the strategic goal of the CDB is to

become an international investment bank.

Opening its Hong Kong branch in 2009

was the first step toward “going global”

and provided an effective platform

through which Chinese enterprises could

expand abroad.

Dr. Di WeiPing spearheads the China

Development Bank’s internationalization

effort. During the 1980s as Director of the

People’s Bank of China International

Department Director and later as Vice

Chair of the State Development Bank,

(predecessor of the China Development

Bank) his entire career has been

internationally oriented.

Pictured above: Dr. Di WeiPing, CIO/CEO, CDB, addressing the Anari group; (to

Dr. Di’s left) Laurance Hoagland, the Hewlett Foundation.

Dr. Di WeiPing, Global CIO and CEO of the

Hong Kong Branch of the China Development

Bank, joined the Anari group over lunch,

accompanied by two of his senior CDB officers.

The main theme was the CDB’s major role in

assisting Chinese global business outreach and

expansion for commodities, investment & M&A.

Pictured below: Dr. Di WeiPing (center), CIO/CEO, CDB, shaking hands with Bill

Anawaty, President, Anari Inc. Others, (left to right): Mr. CHEN Gang, CDB Alternate

CEO, Hong Kong; Ms. Alina Kogan , Columbia Business School, NY (previously

Anari Inc. employee); Mr. Wang, CDB HK Corporate Staff; Ronald Frashure, Acadian

Asset Management; Anthony Michalak (obscured), Alleghany Capital Partners;

SONG ZuoJun, CDB Head of Corporate Finance Dept. II; Eric Cheng, Anari Asia Ltd.,

HK; and, (far right) Laurent DesBois, Fjord Capital Management.

ANARI Context: Anari's Bill Anawaty first met DI WeiPing in 1985 at the People’s Bank of China, and has visited him every few years since then in various investment contexts – thereby in effect tracking China’s efforts to internationalize.


MARCH 1-13, 2012


04-16-2012



HONG KONG

Meetings

Hong Kong Monetary Authority

Mr. Peter Pang, Deputy Chief Executive

Mr. Daryl H.K. HO, Head, Market Development Division

Mr. Enoch Fung, Adviser, Market Development

The Hong Kong Monetary

Authority (HKMA) is the government

authority in Hong Kong responsible for

maintaining currency stability within the

framework of the Linked Exchange Rate

system, promoting the stability and

integrity of the financial system, including

the banking system, and helping to

maintain HK's status as an international

financial centre, including by maintaining

and developing Hong Kong’s financial

infrastructure.

Mr. Peter Pang, JP,

Deputy Chief

Executive of the

Hong Kong

Monetary Authority

is responsible for

monetary management, financial

infrastructure and research. Mr. Pang

joined the HKMA as Executive Director

(Banking Policy) in 1994 and was

appointed Executive Director (Monetary

Policy and Markets) in 1996. He was the

Chief Executive Officer of the Hong Kong

Mortgage Corporation, 1997-2007 and

assumed his present position in 2004.

Pictured right: The HK Monetary

Authority occupies 14 floors of HK’s

tallest building, the landmark “2

International Finance Centre” and

venue of the Anari group’s meeting

with Mr. Peter Pang, Dep. Chief

Executive, HKMA.

At the Hong Kong

Monetary Authority’s

impressive offices high

atop Hong Kong’s

tallest building, the Anari group met with Mr.

Peter Pang, the Deputy Chief Executive and

two of his senior colleagues.

Mr. Pang expertly addressed key central bank

issues and answered direct questions from the

investors, providing broad topical coverage

concerning:

The US recovery;

Chinese efforts to achieve a “soft landing”;

China’s property lending measures;

Assessment of China’s ongoing growth;

HK’s ability to combat inflation;

HKMA’s financial autonomy;

Market sentiment about RMB value;

Capital flows in and out of China;

China’s fledgling bond market growth;

Trade financing in RMB and USD; and,

HK banks’ role in EU liquidity.

ANARI Context: Anari Worldview's traveling groups meet periodically with HKMA senior executives -- CEO Norman Chan on several occasions, Peter Pang on two prior occasions, and various other officers and professional staff members in the past fifteen years.


MARCH 1-13, 2012


04-16-2012



HONG KONG

Meetings

Trinity Corp (listed 100% subsidiary of Li & Fung), Hong Kong

Mr. YatMing “Sunny” WONG, CEO

Trinity Corp., is one of the leading

high-to-luxury end menswear retailers

primarily serving Greater China and a

wholly owned entity of the Li & Fung

Group.

Mr. WONG

Yat Ming is

Trinity’s

Group

Managing

Director and

an Executive

Director. He was appointed to the Board

in 2006 and is responsible for the overall

business strategies and business

operation of the Group. Prior to joining the

Li & Fung Group, Mr. Wong was the Chief

Executive, Consumer and Healthcare of

Greater China of Inchcape Marketing

Service and a director of Inchcape Pacific

Limited. He joined Li & Fung Group in

1999 as Regional Director of Li & Fung

(Distribution) Ltd. Mr. Wong holds a B.A.

(Hons) degree in Economics &

Philosophy from the University of HK.

Mr. Yat Ming Wong – known as “Sunny” among

his colleagues and the business press - is a

prominent HK businessman who joined Li &

Fung, the massive Hong-Kong-headquartered

consumer products multi-national trading

conglomerate. Widely recognized as a leading

exponent of international trade exchange and

development, his specific goal is to develop

western brands in China on behalf of Li & Fung.

Meeting at his Trinity Corp. offices in Central

Hong Kong, Mr. Wong talked with the Anari

group about western brand penetration in the

rapidly emerging China Mainland consumer

market and his strategies and techniques for

turning Western brands into major business

victories in China.

Pictured above: (right) Mr. "Sunny" Wong, CEO of Trinity Corp, speaking to the

Anari group at Li & Fung HQ, Hong Kong; (left): Eric Cheng Anari Asia Ltd HK.

Behind them: Hong Kong Harbour.


MARCH 1-13, 2012


04-16-2012



HONG KONG

Meetings

Fung Global Institute, Hong Kong

Dr. XIAO Geng, Director of Research and Senior Fellow

The Fung Global Institute

generates and disseminates innovative

thinking and business-relevant research

on global issues from Asian perspectives.

It aims to inform global policy and actions

towards a prosperous and sustainable

future for all.

Dr. Xiao Geng is

the Director of

Research and Senior

Fellow at the Fung

Global Institute

where he directs,

oversees and

coordinates the

institutes’ research projects. He is also a

Special Advisor for Strategic

Development for the Columbia Global

Centers | East Asia, an Independent

Director of the HSBC Bank (China) and

the London-based Genesis Emerging

Markets Fund.

Professor Xiao has a BSc in Management

Sciences from the University of Science

and Technology of China and obtained

his MA and PhD in Economics from

UCLA.

Joining the Anari group as a special guest for

dinner, Dr. Xiao Geng engaged the group with

a description of the work of the Fung Global

Institute, of which he is the Director of

Research and a Senior Fellow. His current

special focus is on the development of the

“green” economy.

Also joining the dinner as special guests were a

former employee of Ron Frashure’s Acadian

Asset Management, now at Citibank Hong

Kong; and Pierre Gave of GaveKal Research, a

long-time friendly company / collaborator of

Anari Inc.

Pictured above: Dr. Xiao Geng, Director, the Fung Global Institute, in

discussion with the visiting Anari group; (to his left in partial view) Anthony

Michalak, Alleghany Capital Partners.

ANARI Context: Anari’s Bill Anawaty first met this leading Mainland China economist through friends who, along with Dr. Xiao, were in the first wave of Chinese graduate students in the US in the 1980's.


MARCH 1-13, 2012


04-16-2012


Shanghai

S

han

ghai

i

Leaving Hong Kong early, the

Anari Worldview Asia delegation

arrived at Shanghai’s Pudong

Airport mid-morning on Tuesday,

March 6, 2012 for a two-day

program. || Shanghai is a

metropolis of superlatives – it is

one of the four province-level

municipalities of the PRC and is

China’s largest city with a

population of over 23 million. It is

the commercial and financial

center of mainland China where

over 787 financial institutions are

located and the Shanghai Stock

Exchange (SSE) ranks third

among worldwide stock

exchanges in terms of trading

volume. In the last two decades

Shanghai has been one of the

fastest developing cities in the

world with double-digit growth.

The three largest service

industries are financial services,

retail, and real estate. ||

Reflecting Shanghai’s core

energies, the Anari Shanghai

schedule included meetings

with China’s first truly private

global conglomerate, the

FOSUN Group - pharma,

mining, financial services,

retail, and high-tech enterprises

- and the Shui-On Land

company, mainland China’s

leading real estate

development company. In

addition, the Anari group met

with Dr. HU RuYin, prize-

winning economist and Director

of the Research Center of the

Shanghai Stock Exchange

and the managing executives

of two major Shanghai financial

firms, Principle Capital and

ABC Capital as well as the

Senior Economist, Global

Research and Financial

Markets, at Standard

Chartered Bank, Shanghai.


MARCH 1-13, 2012


04-16-2012


SHANGHAI Meetings

Shanghai Schedule

Tuesday March 6 – Shanghai

YuYuan Gardens – redeveloped by the Fosun Group – site of Anari luncheon and walk-through tour following meeting with Fosun executives- (see page 30).

Below: Anari group reviewing model of the XinTianDi project with Shui-On Land Company senior staff (see page 32).

7:40 AM Flight, Hong Kong to Shanghai (PVG – Pudong) Airport

10:00 AM Arrive Shanghai (PVG) (Pudong) Airport

12:00 PM

Fosun Group (Pharma, mining, financial services, retail, high-tech conglomerate)

1:00-1:45

Vice Chairman Xinjun LIANG, CEO

Assistant President, Managing Director Gable GAO

Mr. Harvey Fine, Managing Director, Global Investments & Strategies

Mr. Kurt Jia, Vice Gen Mgr. Fund Management

Dr. Stephanie Shi, Senior Treasury Director

1:45-2:30

Dr. Zhongren Jing, Principle Capital Investors (ventures to IPO)

1:30 PM Lunch hosted by Fosun Holdings at YuYuan Gardens

5:30 PM

Shui-On Land Company

Office meeting – real estate macro issues in China: Michelle SZE KaPing & Tour of XinTianDi (Shui-On’s world class mixed-use development)

Director of Investor Relations Michelle Sze

Mr. Michael Yim, Director of Finance

Mr. Timmy Leung, Head of Treasury

Mr. Patrick Mui, Deputy General Manager - Finance

Mr. Simon Cho, Deputy General Manager - Finance

7:00 PM

Dinner Hosted by Shui-On

Mr. Daniel Y.K. Wan, Managing Director & CFO

Ms. Michelle Sze, Director of Investor Relations

Wednesday March 7 – Shanghai

Shanghai Stock Exchange - Anari group meeting with prize-winning economist Dr. Hu RuyYin, Director of the Capital Market Institute (see page 33).

9:00 AM


Dr. HU RuyYin, Director, Capital Market Institute

Dr. Situ Danian, Senior Research Fellow

Ms. Lynn Wang, Research Associate

10:30 AM

Standard Chartered Bank

Mr. WEI Li, Economist, Global Research and Financial Markets

12:30 PM

Lunch ABC Capital

Chairman Dr. CHEN QiWei

CEO / Managing Partner, Venture Accelerator Haitong ZHU

Executive Director Wayne CHEN

4:00 PM Fast Train, Shanghai to Beijing (5 hrs / 1,069 km / 665 mi)

9:00 PM Arrive Beijing – Peninsula Hotel


MARCH 1-13, 2012


04-16-2012


TUESDAY MARCH 6, 2012

SHANGHAI

Meetings

Fosun Group Vice Chairman Liang, CEO

Assistant President, Managing Dir., Gable GAO

Mr. Harvey Fine, Managing Dir. US, Global Investment & Strategies

Mr. Kurt Jia, Vice Gen Mgr. Fund Management

Dr. Stephanie Shi, Senior Treasury Director

Mr. Liang Xinjun,

is Vice Chairman

and CEO of

Fosun Group.

He has long been studying

China’s economic reform and

development and is a member of the

Eleventh Shanghai Committee of Chinese

People’s Political Consultative

Conference, Vice Chairman of China

Youth Entrepreneurs Association,

Chairman of the Taizhou Chamber of

Commerce in Shanghai and Executive

Chairman of the Shanghai Fudan

University Alumni Association. Mr. Liang

graduated from Fudan University with a

BS in genetic engineering in 1991. He

then obtained a MBA from Cheung Kong

Graduate School of Business.

Shanghai Fosun High

Technology (Group) Co., Ltd.,

established in 1992, has now grown into

the largest private ownership business

entity in Mainland China. Fosun's

business operations cover 5 segments

including pharmaceuticals, property

development, steel, mining, and retail,

services and strategic investments. Fosun

International is among the Top 100

Chinese enterprises and has been the

largest taxpayer among Chinese private

enterprises for 4 consecutive years.

Pictured above: (left table, center) Fosun Vice Chairman Liang and his team

presenting to the visiting Anari group at Fosun Group's private club in Shanghai.

Convening in Shanghai after the morning flight

from Hong Kong, the Anari group was hosted

by Fosun Vice Chairman Liang and his senior

colleagues for presentations on Fosun’s

pharma, mining, financial, retail services and hi-

tech global enterprises. Fosun is China’s first

truly “private’ conglomerate with no government

involvement whatsoever.

Pictured above: (right, speaking) Fosun Vice Chairman Liang hosting luncheon

for the Anari guests including: (immediate left to Mr. Liang) Laurance Hoagland,

Hewlett Foundation; and, (facing camera direction) James Davis and (far left)

Kevin Zhu, Ontario Teachers Pension Fund.


MARCH 1-13, 2012


04-16-2012



SHANGHAI

Meetings

Principle Capital Investors

Dr. Zhongren Jing, Managing Director

Zhong-Ren Jing is a

Managing Director

of Principle Capital a

Shanghai-based

investment firm. He was

formerly a Senior Consultant at the

American Institutes for Research in

Washington DC and Assistant Professor at

Fudan University. He received an MA in

Economics from Fudan University in

Shanghai and a Ph.D.

from the University of

Maryland.

Principle Capital is

one of the most

successful private equity and direct

investment firms in China. It makes equity

investments through controlling ownership

or strategic minority positions, and then

provides strategic and management

support. Since inception in 2002 Principle

Capital has taken 12 companies public

among its 21 portfolio investments,

producing average annual returns greater

than 40%.

Pictured above: (left) Dr. Jing Zhong-Ren, Managing Director of Principle Capital

Investors, in luncheon conversation with Anari group member, James Davis,

Ontario Teachers Pension Plan.

Also joining for the Fosun presentations and

luncheon event was Dr. JING Zhong-Ren,

Managing Director of Principle Capital

Investors.

Principle Capital is independent, but closely

linked with Fosun and its founders, having

initiated Fosun’s external and venture capital

investments for several years before accepting

capital from outside investors as well.

Insert: (middle left) Dr.

Jing Zhong-Ren, Managing

Director of Principle

Capital Investors, in

conversation with Anthony

Michalak, Alleghany

Investment Partners and

Richard Barry, Acadian

Asset Management, during

the Anari walk-through of

YuYuan Gardens.

Left: YuYuan Tourist Mart avenue - In 2002, Fosun Group

acquired 20% of the shares of YuYuan Tourist Mart and

became the largest shareholder; the property had been

previously managed by a government administrative

organization.


MARCH 1-13, 2012


04-16-2012



SHANGHAI

Meetings

Shui On Land Limited Managing Director & CF) Daniel Y.K. Wan

Director of Investor Relations Michelle Sze

Mr. Michael Yim, Director of Finance

Mr. Timmy Leung, Head of Treasury

Mr. Patrick Mui, Deputy General Manager - Finance

Mr. Simon Cho, Deputy General Manager - Finance

Shui On Land Limited is the Shui

On Group's flagship property

development company in the Chinese

Mainland. Headquartered in Shanghai,

The Company is well established as one

of the Chinese Mainland's most visionary

and innovative property developers. Shui

On Land develops, sells, leases,

manages and operates innovative and

high-quality residential, office, retail,

entertainment and cultural properties in

the Chinese Mainland such as

XinTianDi, a well-known world-

class mixed-use development.

Mr. Daniel Y. K. Wan

is Managing Director &

Chief Financial Officer

of Shui-On Land Limited;

he also serves as an

Executive Director of the company. Mr.

Wan joined Shui On in March 2009 prior

to which he was General Manager and

Group Chief Financial Officer of The Bank

of East Asia, Ltd. ("BEA"). Mr. Wan holds

a Bachelor of Business Administration

degree from The Chinese University of

Hong Kong and an MBA from The

University of Wales.

Pictured left: Shui On

corporate staff

reviewing model of

the XinTianDi project

(from left) Anthony

Michalak, Alleghany

Investment Partners;

Richard Barry,

Acadian Asset

Management; and (far

right) Laurent

DesBois, Fjord

Capital Management,

Montreal.

On Tuesday afternoon in Shanghai, the Anari

group proceeded to the offices of the Shui On

Land Company including a personal tour of the

Company’s world-class XinTianDi mixed-use

development followed by dinner hosted by Mr.

Daniel Y.K. Wan, Shui-On’s Managing Director /

CFO together with several of his senior

colleagues.

Pictured above: Mr. Daniel U.K. Wan, Managing Director & CFO, Shui On Land Limited,

who hosted the Anari group for dinner, with (right) Dr. HaiYing Niu, Anari’s China

investment collaborator.


MARCH 1-13, 2012


04-16-2012


WEDNESDAY MARCH 7, 2012

SHANGHAI

Meetings


Dr. HU Ruyin, Director, Capital Market Institute

Dr. Situ Danian, Senior Research Fellow

Ms. Lynn Wang, Research Associate

The Shanghai Stock Exchange

(SSE) was founded and started trading

in 1990. The SSE is directly governed by

the China Securities Regulatory

Commission (CSRC) and is the main

board in China. As of 2011, there were

931 listed companies with a total market

value of RMB 14.8 trillion. Total share

turnover value is RMB 23.7 trillion.

Professor HU Ruyin joined the

Shanghai Stock Exchange (SSE) as

director of the Research Center in 1997.

Prior to joining the SSE, Dr. Hu was The

Director of the Institute of Economic

Development at East China University of

Science & Technology from 1988 to 1993.

As an expert in corporate governance and

the stock market as well as the foremost

proponent of Chinese corporate

governance reform and investor

protection campaign, Dr. Hu participated

in amending China’s Company Law and

Securities Law. He led the efforts to

launch China’s first corporate governance

index and corporate social responsibility

index at the SSE. Dr. Hu publishes

extensively and is the twice winner of

Shen Ye Fang Prize, China’s most

authoritative prize in economics.

On Wednesday morning, the Anari group met

with the Director of the Capital Market Institute

of the Shanghai Stock Exchange, Professor HU

Ruyin – a prize-winning economist – and two of

his senior staff.

Dr. Ruyin and his team made direct remarks

explaining SSE policies and the performance of

the Chinese financial markets, followed by a

substantive Q&A exchange with the group.

Pictured above: (back to camera) Dr. Hu Ruyin, Director, Capital Market Institute of the Shanghai Stock Exchange speaks with the Anari group at the SSE offices; Dr. Hu is flanked on his left by two of his staff colleagues – Dr. Situ Danian, Senior Research Fellow and Ms. Lynn Wang, Research Associate (also pictured right and below).


MARCH 1-13, 2012


04-16-2012



SHANGHAI

Meetings

Standard Chartered Bank, Shanghai

Mr. WEI Li, Economist Global Research and Financial Markets

Standard

Chartered

PLC is a

multinational

financial

services

company

headquartered

in London, United Kingdom with

operations in more than seventy

countries. It operates a network of over

1,700 branches and outlets (including

subsidiaries, associates and joint

ventures) and employs around 80,000

people. It has operations in consumer,

corporate and institutional banking and

treasury services. Standard Chartered

has its primary listing on the London

Stock Exchange and is a constituent of

the FTSE 100 Index. It had a market

capitalization of approximately £33 billion

as of 23 December 2011, making it the

13th-largest company on the London

Stock Exchange. It has secondary listings

on the Hong Kong Stock Exchange and

the Indian Stock Exchanges. Reportedly,

its largest shareholder is the Government

of Singapore-owned Temasek Holdings.

To gain an expert economic assessment of

China distinct from those provided by

Chinese Government entities themselves, the

Anari Worldview group met with Standard

Chartered Bank’s Shanghai-based China

Financial Markets economist WEI Li, by

friendly arrangement of the bank’s London-

based Chief Economist Gerard Lyons, himself

a periodic participant in Anari Worldview’s

investor programs.

WEI Li’s slide presentation and discussion gave

investors input from a Western analytical

perspective and setting the stage for meetings

in Beijing with the PBOC and the SAFE.

Pictured above: (at right, presenting) WEI li, Financial Markets economist, Standard Chartered Bank meeting with Anari group: (left to right): (facing presentation) Anthony Michalak, Alleghany Capital Partners, partially behind Mr. Michalak) Laurent Desbois, Fjord Capital Management; Brian McCarthy, Emerging Sovereign Group, NY; Laurance Hoagland, the Hewlett Foundation, and Ms. Alina Kogan, Columbia Business School, NY.


MARCH 1-13, 2012


04-16-2012



SHANGHAI

Meetings

ABC Capital

Chairman Dr. QiWei CHEN

CEO / Managing Partner, Venture Accelerator, Haitong ZHU

Executive Director Wayne CHEN

Asia

Business

Corporation

Group (ABC Group) is a financial

institution which focuses on value-added

services and investments. The Group

includes ABC Capital, ABC Consulting,

ABC Investment Banking, Venture

Accelerator, etc., and serves its clients

with a full range of venture capital, private

equity, direct investments, financing,

mergers and acquisitions pioneer, and

management consulting. Founded in

1988, ABC Group is one of the China’s

earliest pioneer of mergers and

acquisitions, SOEs’ restructuring, and

venture capital. The Group has a net

worth of 3 billion RMB, and has served

and invested more than 400 companies.

Dr. Qiwei Chen is the

Founder and

Chairman of ABC

Group and a

Founding partner of

ABC Capital. He is an advisor and/or a

Director of numerous financial and

international organizations including the

Asian Development Bank, the China

Development Bank, Heilongjiang

Province, Chengdu, and other local

governments. He is also a member of

Advisory Committee of Shanghai Stock

Exchange. Dr. Chen has published

extensively and for his representative

work, “International Competition Theory”,

won the “Sun Yefang Economics Prize for

Outstanding Work”.

The Anari group met for lunch with Dr. Qiwei

CHEN, Founder and Chairman of the Asia

Business Corp. (ABC) Group and two of his

senior colleagues - CEO / Managing Partner,

Venture Accelerator, Haitong ZHU and

Executive director Wayne CHEN - who

conveyed the story of ABC Capital as pioneers

in corporate finance.

Today, after consulting and/or investing in more

than 400 Chinese companies, ABC Group has

a reported net worth of 3 billion RMB.

Pictured left: Dr. Qiwei

CHEN, Founder and

Chairman of the Asia

Business Corp.

converses with (back to

camera) Brian McCarthy,

Emerging Sovereign

Group and (middle,

obscured) Laurent

Desbois, Fjord Capital

Management

Later in the day, the Anari group traveled from Shanghai

to Beijing by Fast Train, covering 1,069 km / 665 miles

through China’s heartland in 5 hours (average speed 210

kph, top

speed

300 kph

or 186

mph).


MARCH 1-13, 2012


04-16-2012


Beijing

B

eijin

g

Having travelled 665 miles north

from Shanghai on China’s famed

“Fast Train”, the Anari Worldview

Asia group arrived in Beijing for

two full days of meetings,

Thursday and Friday, March 8 and

9, 2012. || Beijing is the capital of

the People's Republic of China -

governed as a direct-controlled

municipality under the national

government - and one of the most

populous cities in the world; it is

China’s political, cultural, and

educational center and home to

the headquarters for most of

China's largest state-owned

companies. || Taking full

advantage of this key location

opportunity, the Anari program

included large-scale meetings with

the top officials, executives and

senior staff of the People’s Bank

of China (PBOC), the China

Investment Corporation (CIC,

China’s huge sovereign wealth

fund) and the highly influential

State Administration of Foreign

Exchange (S.A.F.E.).

The Anari Beijing program also

included a detailed briefing session

with Dr. David Dollar, the U.S.

Treasury Department’s Economic

and Financial Emissary to China at

the U.S. Embassy and, at the Bank

of China celebrating its centennial

year (1912-2012), a discussion

luncheon hosted by BOC’s Chief Risk

Officer Mr. WaiKin Chim. Additionally,

the Anari group engaged in meetings

at various venues with a wide range

of Beijing-based economic and

financial experts including Arthur

Kroeber, Editor, Dragonomics

Research, Secretary General LU Mai

of the China Development Research

Foundation, Mdm. LiWen FENG,

China energy sector entrepreneur,

Founder & President China 5e.com,

Ben Danielson, Quintana Energy

(US), Beijing CFO, Ms. Alma Ge, VP,

SAIF Partners and Dr. Kangbin

Zheng, Asian Development Bank,

Beijing. On its final evening in Beijing,

the Anari group enjoyed dinner with

senior editors and financial journalists

of Caixin Media.


MARCH 1-13, 2012


04-16-2012


Beijing

B

eijin

g

Major Anari meetings: Above: with People’s Bank of China, HQ Beijing, Mr. JIN Zhongxia, Director-General, Finance Research Institute and senior staff (see page 40)

Below: at the State Administration of Foreign Exchange (S.A.F.E), HQ, Beijing with WANG XiaoYi, Deputy Administrator and senior staff (see page 47)


MARCH 1-13, 2012


04-16-2012


BEIJING Meetings

Beijing Schedule

Thursday March 8 – Beijing

Headquarters of the People’s Bank of China (PBOC), where the Anari group met with the Director-General of the Finance Research Institute and other senior PBOC officials (see page 40).

7:30 AM Breakfast

Mr. Arthur Kroeber, Editor, Dragonomics

11:00 AM

People’s Bank of China

Mr. JIN Zhongxia, Director-General, Finance Research Institute

Mr. JI Min, Director, Macro-Economy Division

Dr. SUN Bin, Research Department

12:30 PM

Lunch - Jin He Gu Restaurant; special guests:

Mdm. FENG LiWen –China energy entrepreneur, Founder & President, China 5e.com

Ben Danielson – Quintana Energy (US) Beijing CFO

Dr. LI XiaoLin, Managing Director, SongLin Group

4:00 PM

China Development Research Foundation (CDRF)

Secretary General, Mr. LU Mai Deputy Secretary General Dr. FANG Jin

Program Director Mr. YU Jiantuo

6:30 PM

Dinner

Ms. Alma Ge, VP, SAIF Partners

Dr. Kangbin Zheng, Asian Development Bank, Beijing

Friday March 9 – Beijing

At the China Investment Corporation, China’s sovereign wealth fund, Anari meeting with Vice Chairman and President Gao XiQing and Mr. ZHOU Yuan, Managing Director and Head of the Department of Asset Allocation & Strategic Research (see page 45).

9:00 AM

US Embassy

Dr. David Dollar, U.S. Treasury Department’s Economic and Financial Emissary to China

Mr. Ervin J. Massinga, Internal Unit Chief (Macro, Finance, Rural, Energy, Labor)

Ms. Catherine Yu, Economic Specialist

11:00 AM

China Investment Corporation (CIC)

Vice Chairman and President Gao XiQing

Mr. ZHOU Yuan, Managing Director and Head of the Department of. of Asset Allocation & Strategic Research

12:30 PM

Lunch Bank of China

Chief Risk Officer WaiKin Chim

3:00 PM

S.A.F.E. State Administration of Foreign Exchange

Mr. WANG XiaoYi, Deputy Administrator

Dr. LIU Bin, Deputy Director-General, Senior Economist

7:00 PM

Dinner Caixin Magazine

Mr. Shan HUANG, Chief, International Desk

Mr. Zengxin LI, Deputy Editor / International


MARCH 1-13, 2012


04-16-2012



BEIJING

Meetings

GaveKal Dragonomics

Mr. Arthur Kroeber, Editor

GK Dragonomics provides in-depth

research on the economic, political and

social developments driving the world's

fastest growing major economy, China.

The firm was established in Beijing in

2002 by Joe Studwell and Arthur Kroeber,

and became part of the GaveKal group in

2007. Our Beijing-based team of seven

analysts combines rigorous data analysis

with on-the-ground reportage to produce

unique insights for institutional investors,

multinational corporate strategists, and

governments.

Arthur R.

Kroeber is

managing

director of

GaveKal

Research, an

independent

global economic research firm based in

Beijing, chairman of its subsidiary GK

Dragonomics and chief editor of China

Economic Quarterly. He is also a

nonresident Fellow, Foreign Policy, at the

Brookings-Tsinghua Center. Arthur

focuses on China’s political economy and

its engagement with global economic

institutions. Before joining Dragonomics in

2002, he worked for fifteen years as a

financial journalist and economic analyst

in China, Taiwan and India. He has

written for The Economist, the Far

Eastern Economic Review, Fortune and

Wired and is a contributor to the opinion

pages of the Financial Times, The WSJ &

The Washington Post.

In Beijing, on Thursday

morning, the Anari group

gathered for breakfast with

special guest Arthur

Kroeber, Chairman of

GaveKal Research’s

subsidiary Dragonomics.

Mr. Kroeber,

an eminent

Beijing-

based

western

economic expert, presented a thorough view of

China’s emerging financial situation.

Pictured above: (far right) Arthur Kroeber, Chairman, Dragonomics

speaking with Anari group members (immediately left of Mr. Kroeber)

Brian McCarthy, Emerging Sovereign Group and (far left) James Davis,

Ontario Teachers Pension Plan.


MARCH 1-13, 2012


04-16-2012



BEIJING

Meetings

People’s Bank of China, HQ Beijing

Mr. JIN Zhongxia, Director-General, Finance Research Institute

Mr. JI Min, Director, Macro-Economy Division

Dr. SUN Bin, Research Department

The People's Bank of China (PBC

or PBOC) is the central bank of the

People's Republic of China with the

power to control monetary policy and

regulate financial institutions in mainland

China. The bank was established in1948

based on the consolidation of the Huabei

Bank, the Beihai Bank and the Xibei

Farmer Bank. The headquarters were first

located in Shijiazhuang, Hebei, and then

moved to Beijing. In the 1980s, as part of

economic reform, the commercial banking

functions of the PBC were split off into

four independent but state-owned banks;

in 1983, the State Council promulgated

that the PBC would function as the central

bank of China.

Dr. Jin Zhongxia formerly served as the

Chief Representative of

the Representative

Office of the People's

Bank of China (China's Central Bank) for

America. Dr. Jin graduated from Beijing

University with BA and MA in international

economics and management economics

in the late 1980s; he then embarked on

his career with the People's Bank of

China working on several major projects

financed by international financial

organizations. After several years' work,

he pursued a Ph.D. at the East West

Center, University of Hawaii, and finished

his dissertation on RMB's exchange rate.

Afterwards, he worked as a consultant in

World Bank, Washington DC, focusing on

research of capital inflow in China.

At the People’s Bank

of China the Anari

group met with Dr.

Jin Zhongxia,

Director-General of

the Bank’s Finance Research Institute together

with several of his senior staff and colleagues.

The discussion was wide-ranging and direct

addressing numerous complex financial issues

of major interest to the group.

Pictured above: Anari group in the PBOC HQ entrance (left to right) James Davis, Ontario Teachers Pension Plan; Alina Kogan, Columbia School of Business, NY; Kevin Zhu, Ontario Teachers Pension Plan; Brian McCarthy, Emerging Sovereign Group; Laurent Desbois, Fjord Capital Management; Richard Barry, Acadian Asset Managemet; Anthony Michalak, Alleghany Capital Partners; and Ronald Frashure, Acadian Asset Management.


MARCH 1-13, 2012


04-16-2012



BEIJING

Meetings

Mdm. FENG LiWen – China energy entrepreneur, Founder & President, China 5e.com

Mr. Ben Danielson – Quintana Energy (US), Beijing CFO

Dr. LI XiaoLin, Managing Director, SongLin Group

Mdm. FENG Liwen

is a leading China

energy entrepreneur

whose resume includes

CEO, Falcon Pioneer

Technology Co. Ltd., the

funder of China Energy NetCom

(www.China5e.com), the most well-known

website and information and research

center in Chinese energy sector. She has

also been Senior Financial Advisor for

Eastern Energy Development Ltd, on

developing the “Capital Blue Sky

Cogeneration Project” to renovate a

number of existing coal-fired heating

plants within the City of Beijing to the gas-

turbines CHP plants. She holds a M.S.,

Industrial Engineering and M.S., Physics

from the University of Massachusetts and

a B.S., Mechanical Engineering from

Beijing Polytechnic University.

Benjamin C. Danielson

is the Chief Investment

Officer – China for

Quintana Energy (US). Previously, he was a Vice

President with GE Energy

Financial Services, where he managed

upstream oil and gas investments for GE

Capital, and an associate with the GE

Capital Structured Finance Group in its

global energy division. Prior to GE, Ben

also served as a Field Artillery Officer in

the United States Army. Ben attended the

United States Military Academy, where he

earned a B.S. in Mathematical

Economics, and The University of Texas

at Austin, where he earned an M.B.A.

Over lunch in Beijing, the group was joined by

special guests Ms. LiWen Feng, a recognized

China energy expert and entrepreneur and Mr.

Ben Danielson, CFO/Beijing of the US company

Quintana Energy (a major owner of coal

resources in the US and China). Also joining the

group was Dr. LI XiaoLin, Managing Director of

the SongLin Group, international business

consultants. Discussion noted the movement in

China toward natural gas and “green” energy

alternatives, even as coal remains China’s

overwhelmingly major energy source.

Pictured above: Mdm. FENG Liwen in conversation with Anari group member

Ronald Frashure, Chairman, Acadian Asset Management

Pictured below: (right, speaking) Benjamin Danielson, CIO Quintana Energy and,

(right to left): James Davis, Ontario Teachers Pension Plan; Rachel Qiao, Anari

coordinator, Beijing; Kevin Zhu, Ontario Teachers Pension Plan, and (far left)

Kenneth Ma, China Energy Net Consulting, Ltd.


MARCH 1-13, 2012


04-16-2012



BEIJING

Meetings

China Development Research Foundation

Secretary General, Dr. LU Mai Deputy Secretary General Dr. FANG Jin

Program Director Mr. YU Jintuo

The China

Development

Research Foundation

(CDRF) is a nationwide organization

initiated by the Development Research

Center of the State Council. The stated

aims of the Foundation are: 1) to support

and promote policy consultation and

academic research in China, 2) to render

service to the social and economic

development of China, and 3) to keep the

government decision-making procedure

operating in a scientific and democratic

manner. The CDRF was formally

registered in 1997; in March 2000, under

the leadership of the Development

Research Center of the State Council, the

Foundation successfully

sponsored the "China

Development Forum".

LU Mai has served

as Secretary General

of the CDRF since

1998. Mr. Lu has extensive experience

of rural reform in China. He was Director

of Experimental Area Office for Rural

Reform, Research Center for Rural

Development of the State Council in the

late 1980’s. After obtaining the MA of

Public Administration in 1991 from

Harvard Univ., from 1994 to 1995 he was

senior research fellow in Hong Kong

Polytechnic University. He returned to

Beijing in 1995 and has been working at

the Development Research Center of the

State Council since then. Mr. Lu also

holds a BA in Economics from Beijing

College of Economics.

Pictured right:

CDRF’s Mr. LU

Mai, Secretary

General and Dr

FANG Jin.

Pictured left; Anari group

members at the CDRF: (left to

right) Laurent DuBois, Fjord

Capital Management; Ronald


Management; Rachel Qiao,

Anari Beijing; Alina Kogan,

Columbia Business School,

and James Davis, Ontario

Teachers Pension Plan.

At the Beijing headquarters of the China

Development Research Foundation, the Anari

group met with LU Mai and two of his senior

staff, one of whom participated in preparing a

recently-published joint World Bank report on

the Path of Reform in China.

Key topics discussed included rural reform,

educational reform and poverty as well as the

recent, much-discussed, World Bank report.

Pictured right; Anari

group members at

the CDRF: (far left)

Anthony Michalak,

Alleghany Capital

Partners, Brian

McCarthy, Emerging

Sovereign Group, in

discussion with

CDRF Secretary

General LU Mai and

Dr. FANG Jin.


MARCH 1-13, 2012


04-16-2012



BEIJING

Meetings

Ms. Alma Ge, VP, SAIF Partners

Dr. Kangbin Zheng, Asian Development Bank, Head, Private Sector Coordination Unit, PRC Resident Mission, Beijing

SAIF Partners is a leading private

equity firm that provides growth capital to

companies in Asia. It currently manages

over $3.5 billion and has made over 100

investments since its inception in 2001.

Alma Ge joined SAIF in

June 2009 as a Vice

President. She has more than

20 years of experience across

corporate finance, corporate

operation in China,

international business development,

project management, and information

technology. Ms. Ge is a graduate of The

George Washington University with a

Master of Science in Information

Systems. She also holds a MA and BS in

Engineering from Tsinghua University,

China.

Dr. Kangbin Zheng is currently

Senior Economist at the

Asian Development

Bank (Beijing).

Previously, he had a

distinguished 16-year

career at the World Bank,

where he worked as a senior corporate

planner, risk manager, and financial

economist. Before joining the World Bank,

Dr. Zheng was the founder and Executive

Vice President of the Washington Institute

of Management and Technology. He

holds a MBA from Wuhan University and

a Ph.D. in economics from Georgetown

University. He also finished Doctor of

Science coursework in Operations

Research and Statistics at the George

Washington University.

Pictured right: Alma

Ge, SAIF VP, in

discussion with Anari

group members

Kevin Zhu, Ontario

Teachers Pension

Plan and Dr. HaiYing

Niu.

For Peking

Duck

dinner Thursday evening in Bejing the Anari

group was joined by special guests Alma Ge,

VP at SAIF Partners and Dr. Kangbin Zheng,

Senior Econmist at the Asian Development

Bank in Beijing. After general remarks by both

Ms. Ge and Dr. Zheng about their respective

investment and developmental activities, a

robust exchange of experiences and ideas

ensued.

Pictured below: Dr. Kangbin Zheng addresses the Anari group after dinner.


MARCH 1-13, 2012


04-16-2012



BEIJING

Meetings

U.S. Embassy in Beijing Dr. David Dollar, U.S. Treasury Department’s

Economic and Financial Emissary to China

Mr. Ervin J. Massinga, Chief, MacroEconomic Financial & Energy Policy Unit

Ms. Catherine Yu, Economic Specialist

Dr. David Dollar is

the U.S. Treasury

Department’s

Economic and

Financial Emissary

to China. Dr. Dollar previously served

as the Country Director for China and

Mongolia at the World Bank and has been

based in Beijing since 2004. Under his

leadership, the World Bank launched a

China quarterly report that has become

one of the most respected sources of

information and analysis on the Chinese

economy. Previous to that post, Dr. Dollar

was a country economist for Vietnam from

1989 to 1995, a period of intense reform

and structural adjustment. Before joining

the Bank he was an assistant professor in

the economics department at UCLA,

where he spent the spring 1986 semester

teaching microeconomics at the Chinese

Academy of Social Science Graduate

School in Beijing. Dr. Dollar has a PhD in

economics from NYU and graduated

summa cum laude from Dartmouth

College with a special major focusing on

Chinese language and history.

Building on the consensus reached by

President Hu Jintao and President Barack

Obama during President Hu’s January

2011 state visit to the United States, the

United States and China have affirmed

that the two countries are promoting the

healthy and steady development of the

U.S.-China cooperative partnership.

The Anari group met with a panel of senior

officials at the U.S. Embassy to gain a broader

awareness of politico-economic issues affecting

investments and capital flows.

Dr. Dollar, the U.S. Treasury Department’s

Economic and Financial Emissary

to China, gave an overview of

recent US-China economic issues,

commenting on the transition

China is engaged in from

investment-led to domestic-demand led growth.

Reform appears underway; but at what pace?

Erv Massinga commented on SOE reform,

China’s nuclear energy and alternative energy

development, and issues before the National

People’s Congress currently in session in

Beijing.

In Q&A, Dr. Dollar noted that if and as the US

economy recovers its health, the recent decline

of the Chinese trade surplus may not continue,

enflaming sensitive US domestic and political

interests during a Presidential election year.


MARCH 1-13, 2012


04-16-2012



BEIJING

Meetings

China Investment Corporation (CIC)

Vice Chairman and President GAO XiQing

Mr. ZHOU Yuan, Managing Director and Head of the Department. of Asset Allocation & Strategic Research

The China Investment

Corporation (CIC) was established to

dedicate part of China’s $3.2 trillion of FX

reserves for external investment on behalf

of the State, along the lines of

Singapore’s GIC and Temasek Holdings.

Mr. Gao Xiqing, Vice Chairman

and CEO of CIC, previously served as

Deputy Chairman of the

National Social Security

Fund and Deputy Chair of

the CSRC, China

Securities Regulatory

Commission.

Mr. Gao obtained his BA (1978) and

Master in Law (1981) from the University

of International Business in Beijing and a

law degree in 1986 from Duke University.

Picture above, in the CIC HQ conference room, the Anari group meeting with Gao

Xiqing (second from far right side), CIC Chairman and CEO.

Anari group: (far left) Ronald Frashure, Acadian Asset Management; Anatole

Kaletsky, GaveKal Research; Laurance Hoagland, the Hewlett Foundation; James

Davis, Ontario Teachers Pension Plan; Anthony Michalak, Alleghany Capital

Partners; Richard Barry, Acadian Asset Management and Laurent Desbois, Fjord

Capital Management (end of table).

Convening at the Beijing headquarters of the

the China Investment Corporation, China’s

soverign wealth fund, the Anari group conferred

with Mr. Gao Xiqing, President of the CIC, and

Mr. Zhou Yuan, a senior deputy to Mr. Gao as

well as Mr. SUN Xiaochong, Department of

Asset Allocation & Strategy.

(Picture right); Mr.

Gao and Mr. Zhou

in dicussion with

(pictured below):

James Davis,

Ontario Teachers

Pension Plan;

Richard Barry,

Acadian Asset

Management;

Brian McCarthy,

Emerging

Sovereign

Group, and

Laurent Desbois,

Fjord Capital

Management

(end of table).

ANARI Context: Anari’s Bill Anawaty first met Mr. Gao in 1993 at the CSRC; hosted him in 1995 as a panelist for Institutional Investor Magazine’s first-ever seminar on the Chinese securities markets (chaired by Anawaty) and has visited him in China every few years since then on various matters of interest to institutional investors.


MARCH 1-13, 2012


04-16-2012



BEIJING

Meetings

Bank of China, Beijing

Chief Credit Officer WaiKin Chim

Celebrating its centenary – 1912-2012 -

from 1912 to 1949, the Bank of China

functioned as China’s central bank,

foreign exchange bank and specialized

foreign trade bank. After the founding of

the republic in 1949, the bank became an

international trade bank and in 1994, it

was turned into a wholly state-owned

commercial bank and demutualized. In

2004, Bank of China Ltd. was established

and in 2006 listed on both the Hong Kong

and Shanghai Stock Exchanges - the first

Chinese commercial bank

to be so listed.

Mr. Wai Kin Chim has

been the Chief Credit

Officer at Bank of China

and Bank of China since March 2007.

Previously he held positions at

Standard Chartered Bank,

Bankers Trust and Deutsche

Bank. At the latter he served as

Managing Director and Chief

Credit Officer for Non-Japan Asia.

Mr. Chim has a B.S. from Chinese

University of Hong Kong (1983),

and an MBA from Indiana State

University (1985).

Pictured above: Anari group at formal luncheon with Mr.Wai KinChim (far left)

Bank of China Chief Credit Officer; (left to right) Laurance Hoagland, the Hewlett

Foundation; Brett Johnson, Hewlett Foundation; Kevin Zhu, Ontario Teachers

Pension Plan; and James Davis, Ontario Teachers Pension Plan.

The Anari group was hosted elegantly for lunch

by WaiKin Chim, Chief Credit Officer at Bank of

China, which is having its 100th Anniversary.

At BOC, he has formed an integrated risk

management organization which includes

setting up independent loan due diligence and

approval functions. From his perspective:

(1) loan demand in China appears very solid; (2)

China's required bank capital ratios are more strict than

Basel’s, and (3) China's banking industry is evolving

and growing rapidly, especially as compared with those

of other countries.

Pictured above: Anari group with Mr.WaiKin Chim (center) Bank of China Chief

Credit Officer; (left to right) Richard Barry, Acadian Asset Management; William

Anawaty, Anari, Inc.; Kevin Zhu, Ontario Teachers Pension Plan; Laurance

Hoagland, the Hewlett Foundation – Mr. Chim – James Davis, Ontario Teachers

Pension Plan; Anatole Kaletsky, GaveKal Research; Alina Kogan, Columbia

Business School, NY; and Anthony Michalak, Alleghany Capital Partners.

ANARI Context: While at Deutsche Bank, W.K. Chim was a periodic participant in Anari Worldview’s trips to China, including visits to the Bank of China.


MARCH 1-13, 2012


04-16-2012



BEIJING

Meetings

S.A.F.E. - State Administration of Foreign Exchange, HQ, Beijing

Mr. WANG XiaoYi, Deputy Administrator

Dr. LIU Bin, Deputy Director-General, Senior Economist

Anari group (right side) at SAFE HQs

meeting with Deputy Administrator WANG

Xiaoyi (left center) and senior SAFE

staff.

The State Administration of

Foreign Exchange (SAFE) performs FOREX functions to achieve an

equilibrium Balance of Payments position,

monitors foreign exchange transactions

and manages the country’s foreign

exchange reserves. SAFE also controls

the volume of investment quotas being

given for China’s Qualified Foreign

Institutional Investors (QFII) program.

Mr. WANG Xiaoyi, Deputy

Administrator of SAFE – appointed

in 2007 - is also member

of its Leading Party

Members' Group. Mr.

Wang had been SAFE’s

Chief Economist and, prior

to SAFE, he served in the

Office of Economic Policy Reform; in the

Planning Department of the People's

Bank of China where he was Director-

General of the Statistics Department.

Pictured right: (at left) SAFE

Deputy Director WANG Xiaoyi and William Anawaty, Anari, Inc.

Friday afternoon,

the Anari group

met at China’s

State

Administration of

Foreign Exchange (S.A.F.E) with Mr. WANG,

XiaoYi, the Deputy Administrator of Safe and

several of Mr. Wang’s senior colleagues and

staff including Dr. LIU Bin, SAFE’s Deputy

Director-General, Capital Account Management

Department. At SAFE Deputy Administrator

WANG XiaoYi affirmed that SAFE’s objectives

are first, to achieve macro

stabilization, and second to

achieve returns on invested

assets. Pictured leftt: Dr. LIU Bin, Deputy-Director General, Senior Economist, S.A.F.E.

ANARI Context: Bill Anawaty and Wang XiaoYi have known each other since Mr. Wang’s 2004-2007 service in Wash. DC as China’s Dep. Exec. Director of the IMF.


MARCH 1-13, 2012


04-16-2012



BEIJING

Meetings

Caixin Magazine, Beijing

Mr. Shan HUANG, Chief, International Desk

Mr. Zengxin LI, Deputy Editor / International

Caixin Media Company Limited

is a major global media group dedicated

to providing high-quality and authoritative

financial and business news and

information through periodicals, online

content, mobile apps, conferences, books

and TV/video programs. Ms. Hu Shuli, the

former founding editor of Caijing

Magazine, is one of the founders and

editor-in-chief of Caixin Media.

Huang Shan is the Chief of the

International Desk with Caixin;

having joined Hu Shuli in 2009 at the new

venture. Since joining Caixin, Mr. Huang

Shan has been involved in a wide range

of reporting activities, including the 2011

World Economic Forum in Davos, an

exclusive interview with First Deputy

Prime Minister of Russia, Mr. Igor

Shuvalov, and economic and financial

evolutions in emerging markets as well as

in advanced economies. Mr. Huang Shan

received Master of Arts in Political

Science from the University of Notre

Dame in the U.S. in 2004 and a B.A.in

International Politics from Peking

University in 2001.

At a final dinner at Beijing’s historic FangShan

restaurant on Behai Lake, the Anari group

hosted editors and senior staff of the Caixin

Magazine. Discussion included a wide range of

topics of economic, financial, and political

interest.

Pictured Above: Anari group at dinner with Caixin Media editors and

journalists; (top picture) (left) Dr. HaiYing Niu, James Davis (center), Ontario

Teachers Pension Plan and Shan HUANG, Caixin Chief, International Desk.

(bottom picture) (left) Brian McCarthy, Emerging Sovereign Group ;

(center) Anatole Kaletsky, GaveKal Research; Zengxin LI, Caixin Deputy

Editor / International, and (back to camera) Laurance Hoagland, the

Hewlett Foundation.


MARCH 1-13, 2012


04-16-2012


Tokyo

T

okyo

On the final day of the

2012 Anari Worldview Asia

program - Tuesday, March

13, 2012 - the Anari group

met for in-depth and wide-

ranging discussions with

the leaders of two of

Japan’s most prestigious

Japan economic and

corporate think tanks - Mr.

Takatoshi Kato, President

the Japan Center for

International Finance,

and Mr. Kazuhiko Toyama,

CEO and Representative

Director of Industrial

Growth Platform Inc. –

followed by luncheon with

Professor Kazuo Ueda,

Faculty of Economics,

University of Tokyo, a

frequent advisor to both the

Bank of Japan and the

Ministry of Finance of

Japan and who also chairs

the Investment Committee

of the Government Pension

Investment Fund of Japan

(GPIF).

Tokyo is the largest metropolitan

economy of the world with a population

of over 35 million people with a total

GDP of greater than US$1.5 trillion. ||

In Tokyo for the final two days of the

Anari Worldview Asia program, March

12-13, 2012, the Anari group was

joined for breakfast by Prof. Haruo

Shimada, President of Chiba University

of Commerce, a noted Japan

government bonds skeptic followed by

a guided review of the Roppongi Hills

development from the rooftop garden of

the Keyakizaka Complex next to the

Mori Tower with Ms. Yu Serizawa, an

advisor to Mori Building Co., Ltd.

President. Monday afternoon, the

Anari program then included in-depth

discussion meetings with the Vice

Minister of International Affairs at the

Ministry of Finance of Japan, senior

executives of the Sumitomo Mitsui

Asset Management, and, at the Japan

Institute of International Affairs, a

meeting with the H.E. Ambassador

Yoshiji Nogami, Japan's former

Ambassador to the United Kingdom

and former Vice Minister of Foreign

Affairs.


MARCH 1-13, 2012


04-16-2012


TOKYO Meetings

Tokyo Schedule

Monday March 12 – Tokyo

Mr. Takehiko Nakao, Vice Minister for International Affairs at the Ministry of Finance of Japan speaking to the Anari

group in his office (see page 54).

Ambassador Yoshiji Nogami in discussion with the Anari group at the Japan Institute of International Affairs (see page 56).

8:00 AM

Breakfast meeting:

Prof. Haruo Shimada President, Chiba University of Commerce

9:20 AM Roppongi Hills Tour

10:30 AM SANKEI Shimbun Newspaper

Mr. Hideo Tamura

Lunch

2:00 PM

Ministry of Finance of Japan

Mr. Takehiko Nakao, Vice Minister for International Affairs

Mr. Osamu NAKAMURA, Senior Advisor to the Vice Minister for International Affairs

3:15 PM

Sumitomo Mitsui Asset Management

Mr. Yukichi Itakura, Executive Deputy President

Mr. Hiroaki Kobayashi, Senior Investment Advisor, Investment Management Consulting Department

4:30 PM

Japan Institute of International Affairs (JIIA)

H.E. Ambassador Yoshiji Nogami President and Executive Advisor, Mizuho Corporate Bank (Japan’s former Ambassador to the United Kingdom)

7:00 PM Dinner at Kushihachi Restaurant

Tuesday March 13 - Tokyo

Anari luncheon with (far right) Professor Kazuo Ueda (see page 59).

8:00 AM Breakfast

9:30 AM Japan Center for International Finance (JCIF)

Mr. Takatoshi Kato. President

11:00 AM

Industrial Growth Platform, Inc.

Mr. Kazuhiko Toyama, CEO and Representative Director

12:30 PM

Luncheon

Professor Kazuo Ueda, Faculty of Economics, University of Tokyo; Chair, Investment Committee, Government Pension Investment Fund (GPIF)


MARCH 1-13, 2012


04-16-2012



TOKYO Meetings

Prof. Haruo Shimada

President, Chiba University of Commerce (noted scholarly skeptic concerning Japanese Government Bonds (JBG’s))

Professor Haruo Shimada is

President of

Chiba

University of

Commerce. After completing

graduate studies

at Keio University

he received his Ph. D. from the University

of Wisconsin-Madison, and he had for

forty years been a professor at Keio

University. He has been a visiting

professor at the Massachusetts Institute

of Technology and ESSEC, France. He

also served as chairman of Economic

Research Center Fujitsu Research

Institute from April 2004 to March 2008.

Professor Shimada has been involved in

the formulation of government policy as a

special advisor to the Cabinet Office from

2001 to 2006. He is the author of

numerous books and essays on

Japanese economy, international

management and labor problems; his

most recent books include: “Japan at a

Crossroads: 3.11 and Japan's Recovery”

(NTT Publishing Co., Ltd., 2011 [in

Japanese]) and “We Hear the Sound of

Collapsing Japan (Asahi Shimbun

Publications Inc., 2010 [in Japanese]).

Pictured left: (Counter-clockwise from Professor

Haruo Shimada (leaning forward): Kevin Zhu,

Ontario Teachers Pension Plan; (right side of

table) (left end) Brian McCarthy, Emerging

Sovereign Group; Anthony Michalak, Alleghany

Capital Partners; Jinde Guo, Templeton

Foundation; and (far right) James Davis, Ontario

Teachers Pension Plan.

Professor Haruo Shimada and Yu

Serizawa, Forma Corporation, Anari’s

business partner in Japan.

On the program’s opening

day in Tokyo, the Anari

group met for breakfast

with Professor Haruo

Shimada, President of

Chiba University of Commerce in Tokyo -- a

noted scholarly analyst of Japan’s governmental

financial policies and initiatives. Professor

Shimada thinks Japan suffers, by analogy, from

four unhealthy conditions:

“diabetes” – i.e., outdated corporate model

“circulatory organ problems” – i.e., accumulated

fiscal deficits

“schizophrenia” – i.e., a divided society with one

segment losing hope; and,

“serious injury” – i.e., the Tohoku Earthquake of

March 2011.

Once Japan caught up with the US in GDP per

capita, it has stopped cold. The solutions are

100% political, but politics is still dominated by

agricultural interests.


MARCH 1-13, 2012


04-16-2012



TOKYO Meetings

Roppongi Hills, Tokyo / Mori Building Company Tour

Roppongi Hills is Japan's largest

integrated property re-development

project located in the Roppongi district of

Minato ward, Tokyo. Led by the largest

privately held property developer Mori

Building Co., Ltd., the mega-complex

incorporates office space, apartments,

shops, restaurants, cafés, movie theaters,

a museum, a hotel, a major TV studio, an

outdoor amphitheater, and parks.

The centerpiece is the 54-story Mori

Tower. Mori's stated vision was to build

an integrated mixed-use development

where high-rise inner-urban communities

allow people to live, work, play, and shop

in proximity to eliminate commuting time.

He argued that this would increase leisure

time, quality of life, and benefit Japan's

national competitiveness.

Roppongi Hills cost over $4 billion and is

built on a 27 acre (12.5 hectares) site.

The site amalgamated more than 400

smaller lots Mori assembled over 14

years. Seventeen years after the project's

initial conception, the complex opened to

the public on April 23, 2003.

Pictured Left: Roppongi Hills Mori Tower

is a 54-story skyscraper located in

Roppongi, Minato, Tokyo. Completed in

2003 and named for developer Mori, the

tower is the centerpiece of the Roppongi

Hills mixed-use urban development. It is

currently the fifth-tallest building in Tokyo

at 254 meters (781 ft.).

Guided by Ms. Yu

Serizawa, President,

Forma Corporation and

Advisor at Mori Building

Co., Ltd., the Anari group

toured the Roppongi Hills real estate

development project.

Pictured Below: The Anari group proceeds to the top of the Keyakizaka Complex in

Roppongi Hills for a view of Tokyo.


MARCH 1-13, 2012


04-16-2012



TOKYO Meetings

SANKEI Newspaper, Tokyo Mr. Hideo Tamura, Editor

Sankei Shimbun is a daily

newspaper in Japan published by the

Sankei Shimbun Co., Ltd. It has the sixth

highest circulation for a newspaper in

Japan, and is considered as one of the

five "national" newspapers. Sankei

Shimbun's name literally means

"Industrial and Economic Newspaper". In

2007, Sankei Shimbun's website and

MSN Japan started a content partnership,

MSN Sankei News.

Hideo Tamura is a journalist and

Editor of the SANKEI

Shimbun where he has

worked in numerous

roles since 1970. Mr.

Tamura received his

B.A. in Economics from

the School of Political

Science and Economics at Waseda

University. He has also served as

Chairman, Study Group for the US &

Europe of Japan Economic Research

Institute (2000~2004) and Financial &

Monetary Policy Adviser at National

Vision Institute (Private Advisory Group

for Hatoyama Administration) (2009). His

recent books include ˈThe Future of YEN-

-A Market of Desire and Deception

ˉ(2007, Kobunsha), ˈAn Economical

Aspect of The Trilateral Relations of

Japan, America and Chinaˉ (2008,

Fusosha), ˈHow long does the world

support Dollar regime? ˉ (2009, Fusosha),

and ˈThe Great Urgency of Japanese

Economy ˉ (2009, Rihakusha).

Convening at

the Grand

Hyatt

Roppongi Hills

Hotel, the

Anari group

met with Mr. Hideo Tamura, a well-known

journalist and Editor of the SANKEI, and author

of four books since 2007 on Japan's internal

and external economic situation.

Mr. Tamura asserts

that the Japanese

economy is in a

dangerous deflation

and consequently

opposes an

increase in Japan’s

consumption tax

that is being

advocated by the

Ministry of Finance and other Governmental

bodies. He decries the economy's lack of a

service industry and the under-utilization of

women in the work force -- factors which could

help address Japan's economic fate.


MARCH 1-13, 2012


04-16-2012



TOKYO Meetings

Ministry of Finance of Japan

Mr. Takehiko Nakao, Vice Minister for International Affairs

Mr. Osamu NAKAMURA, Senior Advisor to the Vice Minister for International Affairs

.

Mr. Takehiko Nakao is currently

serving as Vice

Minister of Finance for

International Affairs,

Ministry of Finance,

Japan (August 2011 to

present). Prior to his

current appointment,

Mr. Nakao served as Director-General of

the International Bureau from July 2009,

after he worked as Senior Deputy

Director-General of the International

Bureau, playing the role of Financial Sub

Sherpa for G8 Summit.

Mr. Nakao also served as Minister at the

Embassy of Japan in the United States

between 2005 and 2007. Since he joined

the Ministry of Finance in 1978, he has

held many senior positions including at

the Banking Bureau, the Budget Bureau,

the International Bureau and the Tax

Bureau. Mr. Nakao also worked as a

senior-level economist at the International

Monetary Fund from 1994 through 1997.

Mr. Nakao obtained a B.A. in Economics

from University of Tokyo in 1978 and a

M.B.A from University of California at

Berkeley in 1982. He taught international

finance at University of Tokyo as a

Visiting Professor in 2010 and 2011 and

has published two books, "US Economic

Policies" (2008) and "International

Taxation System" (1989), as well as many

academic papers.

At the Ministry of Finance of Japan, the Anari

group was received by Vice Minister of

International Affairs Mr. Takehiko Nakao and

his Senior Advisor Mr. Osamu Nakamura.

Regarding the proposed increase in the

consumption tax, Mr. Nakao acknowledged that

there will be an effect on consumer behavior,

but that the tax is necessary to achieve a

balanced budget, given Japan's aging society,

and that the increased tax (to 8% then 10% in

two stages) would still be lower than in many

foreign countries.

In response to a question, he averred that the

drop in consumption after the tax was first

introduced in 1997 was caused not by the tax

but by the severe Asian crisis and Japanese

bank failures of that difficult period.

Pictured above: (left) Mr. Takehiko Nakao, Vice Minister for International Affairs at

the Ministry of Finance of Japan speaking to the Anari group in his office; (right)

Mr. Osamu Nakamura, Director and Senior Advisor to Mr. Nakao.


MARCH 1-13, 2012


04-16-2012



TOKYO Meetings

Sumitomo Mitsui Asset Management

Mr. Yukichi Itakura, Executive Deputy President

Mr. Hiroaki Kobayashi, Senior Investment Advisor, Investment Management Consulting Department

Sumitomo Mitsui Asset

Management Company Limited

(SMAM) is one of the leading asset

management specialists in Japan with

AuM of around JPY10 trillion (approx.

USD100 billion). Solid research platform,

focused on Japan and Asia-Pacific, with

more than 160 investment professionals.

Strong commitment to the investment

management of Japanese and Asia-

Pacific securities with around 500 staff.

Stable ownership structure, owned by 4

major firms that are leaders in the

insurance and banking industries in

Japan.

Mr. Yukichi Itakura is Executive

Deputy President at Sumitomo Mitsui

Asset Management Company Limited. An

economics graduate of Keio University,

Mr. Itakura began his career in at Taisho

Marine & Fire Insurance Company

handling guarantees, credit, and fixed

income. Later for successor company

Mitsui Marine he was Managing Director

for international investments, before

becoming head of Group Corporate

Strategy at Sumitomo Mitsui Asset

Management, where he now serves as

Executive Deputy President.

Pictured above: (right) Mr. Yukichi Itakura, Deputy President and (left) Mr. Hiroaki Kobayash, Senior Investment Advisor, Investment Management Consulting.

At the offices of Sumitomo Mitsui Asset

Management overlooking Tokyo Tower, the

group met with two of its senior leaders – Mr.

Yukichi Itakura and Mr. Hiroaki Kobayashi -

and received three substantive reference

papers -

(1) describing SMAM itself, and its domestic and

overseas activities and operations;

(2) setting forth the investing trends and patterns of

Japanese pension fund investment management;

(3) describing a careful method for picking equities in the

Japanese corporate market based on such factors as

their expanding business in Asia, supply chain

effectiveness, mergers and acquisitions in Japan, and

global competitiveness as yen strengthening subsides.


MARCH 1-13, 2012


04-16-2012



TOKYO Meetings

Japan Institute of International Affairs (JIIA) H.E. Yoshiji Nogami, President, JIIA

Executive Advisor, Mizuho Corporate Bank (Japan’s former Ambassador to the UK)

H.E. Ambassador Yoshiji Nogami, President of Japan Institute of

International Affairs and Executive

Advisor of the Mizuho Corporate Bank,

Ltd. He is the former

Japanese Ambassador

to the U.K. and a Vice-

Minister for Foreign

Affairs. He also served

as Director-General of

Japan's Economic

Affairs Bureau. Mr. Nogami graduated

from the Department of Arts, Faculty of

Arts,Tokyo University in 1966. He joined

the Ministry of Foreign Affairs in the same

year where he held numerous

distinguished appointments. Mr. Nogami

is the Standing Advisor for Mizuho

Corporate Bank, Ltd. since June 2008.

The Japan Institute of

International Affairs is Japan's

foremost thinktank for producing and

disseminating ideas on international

relations. As an academically

independent institution affiliated with the

Japanese Ministry of Foreign Affairs, JIIA

is a source of authoritative interpretations

of Japanese foreign policy.

Mizuho Corporate Bank, Ltd., or MHCB, is the corporate

and investment banking subsidiary of Mizuho Financial Group, the second-biggest Japanese financial services conglomerate. MHCB was created in April 2002 by the merger of the Dai-Ichi Kangyo Bank and Fuji Bank's corporate and investment banking division with the Industrial Bank of Japan.

As Japan's former

Ambassador to

the United

Kingdom and

former Vice Minister of Foreign Affairs,

Ambassador Yoshiji Nogami is in a special

position to analyze foreign policy issues

impacting Japan and its future economy. In the

meeting he provided a political tour de force of

current foreign policy issues affecting Japan

regionally and globally. Foremost issues:

Energy: Public sentiment forcing nuclear plant

shutdowns means Japan is importing large amounts

of LNG;

TPP: a major initiative that will likely be expanded to

12 nation membership (he noted that Canada is

applying for TPP membership);

China: concern about China’s expansion of its

declared zone of non-negotiable interest to be any

area "inside the first chain of islands" -- a zone

China is increasing as its power grows.

Pictured left: H.E. Ambassador

Yoshiji Nogami in discussion with

the visiting Anari group at the Japan

Institute of International Affairs;

(seated across from the

Ambassador) (left) Kevin Zhu,

Ontario Teachers Pension Plan;

Ronald Frashure, Acadian Asset

Management; and Anthony Michalak,

Alleghany Capital Partners.


MARCH 1-13, 2012


04-16-2012



TOKYO Meetings

Japan Center for International Finance (JCIF)

Mr. Takatoshi Kato. President

The Japan

Center for International Finance

(JCIF) is a research institution

specializing in international finance,

founded in March 1983 through

contributions by leading Japanese private

financial institutions in cooperation with

the Ministry of Finance.

Mr. Takatoshi

Kato is President of

Japan Center for

International Finance

and Member of the G-

20 High Level Panel for

Infrastructure Investment. Mr. Kato has

served as Deputy Managing Director of

the International Monetary Fund on

February 2, 2004. Prior to taking up his

current position, he was Advisor to the

President, Tokyo-Mitsubishi Bank and a

Visiting Professor at Waseda University.

Mr. Kato has held a series of senior

positions at the Ministry of Finance of

Japan. These include Vice-Minister of

Finance for International Affairs (1995-97)

and Director-General of the International

Finance Bureau (1993-95). From 1985-

87, Mr. Kato served as Executive Director

for Japan at the Asian Development Bank

(ADB). Mr. Kato has a B.A. from Tokyo

University (1964) and M.P.A. from

Princeton University (1968).

At the Japan Center for

International Finance, Mr.

Takatoshi Kato, President of

the JCIF, offered interesting

insights about currency

issues - noting that “judgment

day” for Japanese

government bonds is not this

year or next year but can be anticipated on the

horizon such that Japan has no choice but to

cultivate the Chinese market next year but can

be anticipated on the horizon such that Japan

has no choice but to undertake suitable

financial and economic reforms and cultivate

the Chinese market.

Pictured above: (right) Mr. Taktoshi Kato, JCIF President, in discussion with the

visiting Anari group members; (left to right): (far left) Yu Serizawa, Forma

Corporation; Brian McCarthy, Emerging Sovereign Group; Jinde Guo, the

Templeton Foundation; Ronald Frashure, Acadian Asset Management.


MARCH 1-13, 2012


04-16-2012



TOKYO Meetings

Industrial Growth Platform, Inc. (IGPI), Tokyo

Mr. Kazuhiko Toyama, CEO and Representative Director

The Industrial Growth Platform,

Inc. (IGPI) was founded in April 2007.

IGPI consists of permanent

and affiliate staff members

with a wide range of

professional experience.

With an emphasis on

hands-on assistance, IGPI

has worked on more than

200 management

restructuring and business

growth projects.

Mr. Kazuhiko

Toyama is the CEO

and Representative

Director of IGPI. With

a background in

business and a

reputation as an innovator, Mr. Toyama

founded IGPI in 2007. Before starting

IGPI, Toyama served as a founding

member and later CEO of Corporate

Directions, Inc. (CDI), which successfully

turned around 41 companies in Japan.

Mr. Toyama is also the former COO of

Industrial Revitalization Corporation

Japan, Inc., which was established by the

Japanese government in 2003.

Mr. Toyama is a member of

Japan’s Council on Economic

Fiscal Policy, the Council for the

Promotion of Regulatory Reform,

and the Council for Science and

Technology’s Basic Plan Special

Committee. Mr. Toyama

graduated from the Faculty of

Law, University of Tokyo, and

holds an MBA from Stanford.

Mr. Kazuhiko Toyama, who has led Japanese

corporate restructuring from both senior

Government and private

sector positions, declared

the need for dynamic

revitalization of Japan

corporate thinking.

"The typical 4-year term of Japanese CEO's is not long enough to let them undertake the needed Big Change."

"Japanese corporations tend to have strong brakes (consensus system) but no accelerator (innovation) and outmoded steering (leadership)."

"The system is designed for the establishment and the elderly, not for the future. Progress must be painful to insiders."

"Execution quality is great in Japan. What's needed is to reorganize corporate decision-making, and to accelerate the metabolism of young leaders."

Pictured left: Mr. Kazuhiko

Toyama (far right), CEO,

The Industrial Growth

Platform, Inc., presenting

to Anari group members;

(left to right) James Davis,

the Ontario Teachers

Pension Plan; Anthony

Michalak, Alleghany

Capital partners; Ronald


Management.


MARCH 1-13, 2012


04-16-2012



TOKYO Meetings

Prof. Kazuo Ueda, Faculty of Economics, University of Tokyo

(Chairman, GPIF Investment Committee)

Professor

Kazuo Ueda

graduated from the

School of Science,

University of Tokyo

and received his

Ph.D. from

Massachusetts

Institute of

Technology. After

working as Assistant Professor at the

University of British Columbia, Prof. Ueda

went on to work at Osaka University as

Associate Professor, then served as

Associate Professor, and later as

Professor at the Faculty of Economics,

University of Tokyo in 2005.

Professor Ueda has also served as Chief

Economist, Institute of Fiscal and

Monetary Policy at the Ministry of Finance

and as a member of the Policy Board at

the Bank of Japan. He was the Dean of

the Faculty of Economics, University of

Tokyo from October 2005 to September

2007. His research fields include

Macroeconomics, Financial Theory and

Theory of International Finance.

At the closing luncheon, the group met

with Dr. Kazuo Ueda, a frequent

advisor to both BOJ and MOF who

chairs GPIF's Investment Committee.

In Prof. Ueda's view, BOJ is at a momentous

point, under enormous pressure to change from

within or have change imposed politically.

Potential actions available to BOJ include

buying longer-term bonds; and buying foreign

bonds. GPIF has begun buying emerging

markets securities as a means to increase

returns on its portfolio.

Japan should put more money into overseas

assets. Asia now being its largest trade partner,

Japan is shifting toward holding more Asian

assets.

Pictured above: Professor Kazuo Ueda in conversation with

Ronald Frashure, Acadian Asset Management and Jinde Guo,

Templeton Foundation.


MARCH 1-13, 2012


04-16-2012


Index A

nari

WV

AS

IA D

eleg

atio

n

ANARI WORLDVIEW ASIA - MARCH 1-13, 2012 - DELEGATION

ACADIAN ASSET MANAGEMENT - Barry, Richard - Managing Partner (Singapore Office) 3, 31, 32, 40, 45, 46

ACADIAN ASSET MANAGEMENT - Frashure, Ronald - Chairman (Boston, MA, USA) 3, 14, 18, 19, 22, 24, 40, 41, 42, 45, 56, 57, 58, 59

ACADIAN ASSET MANANGEMENT- HO YewWeng, 8

ALLEGHANY CAPITAL PARTNERS - Michalak, Anthony - Research Analyst (New York, NY, USA) 3, 8, 19, 22, 24, 27, 31, 32, 34, 40, 42, 45, 46, 51, 56

ANARI, Inc. - Anawaty, William - President (Washington, DC, USA) 3, 46, 47

EMERGING SOVEREIGN GROUP - McCarthy, Brian (NY, USA) 34, 35, 39, 40, 42, 45, 48, 51, 57

FJORD CAPITAL MANAGEMENT - Desbois, Laurent - President (Montreal, Canada) 3, 34, 35, 40, 45

GAVEKAL RESEARCH - Kaletsky, Anatole – Co-Founder (London/Hong Kong) 3, 45, 46, 48

HEWLETT FOUNDATION - Hoagland, Laurance - CIO, (Palo Alto, CA, USA) 3, 8, 14, 19, 24, 30, 45, 46, 48

HEWLETT FOUNDATION - Johnson, Brett 46

JOHN TEMPLETON FOUNDATION - Guo, Jinde - Senior Managing Director, Investments (Philadelphia, PA, USA) 3, 51, 57, 59

LI, XiaoLin, Dr. - SongLin Group, Beijing 41

ONTARIO TEACHERS PENSION PLAN - Davis, James – Vice President & Chief Economist, Asset Mix and Risk (Toronto, Canada) 3, 19, 30, 31, 39, 40, 41, 42, 45, 46, 48, 51, 58

ONTARIO TEACHERS PENSION PLAN - Zhu, Kevin - Director of Strategy & Asset Mix, Asset Mix and Risk (Toronto, Ontario) 3, 19, 30, 40, 41, 43, 46, 51, 56


MARCH 1-13, 2012


04-16-2012


Index G

uest

s &

Ana

ri S

taff

ANARI WORLDVIEW ASIA - MARCH 1-13, 2012 - PROGRAM GUESTS & ANARI STAFF

Cheng, Eric - Anari Asia Ltd., Hong Kong 2, 18, 24, 26

Ge, Jessica - Anari Coordinator, Shanghai 2

Kogan, Alina - Columbia Business School (New York, NY, USA) - previously Anari, Inc. staff 2, 18, 24, 34, 40, 42, 46

Niu, HaiYing, Dr. - Anari China investment collaborator 2, 32, 48

Qiao, Rachel - Anari Coordinator, Beijing 2, 41, 42

Serizawa, Yu - President and CEO, Forma Corporation, Tokyo 2, 51, 52, 57

SU, Chen, Anari Coordinator, Tokyo 2


MARCH 1-13, 2012


04-16-2012


Index S

inga

pore

ANARI WORLDVIEW ASIA - MARCH 1-2, 2012 - SINGAPORE PROGRAM

PARTICIPANTS

Bhalla, Manu - Economic Chief, U.S. Embassy in Singapore 13

CHAN May Yee - CFA, Head, Risk Control, Risk &Performance Mgt. Dept, Government Investment Corporation of Singapore (CIC) 15

Chen, Sheryl - Assistant Head, Biomedical Sciences, The Economic Development Board of Singapore (EDB) 12

CHUA, Jesley - Assistant Vice President, Economics & Strategy Dept., Government Investment Corporation of Singapore (GIC) 15

Ehrendreich, Joel – Counselor, Economic &Political Affairs, U.S. Embassy in Singapore 13

Hadi, Andri, Ambassador - Embassy of Indonesia, Singapore 14

Imperial, Neal - Charge d'Affaires, Philippines Embassy, Singapore 9

Jacobs, Peter - MacroEconomist, Embassy of Indonesia, Singapore 14

KAHTRI, Yougesh – Sr. VP, Head, New Horizons Team, Economics & Strategy Dept., Government Investment Corporation of Singapore (GIC) 15

Liow, Joseph, Dr. - Associate Dean, Professor of Comparative and International Politics, NTU University, Rajaratnam School of International Studies (Singapore) 16

Ronquillo, Catherine - Trade Assistant, Philippines Trade Office, Singapore 9

Santoso, Hari - Indonesia Investment Promotion Centre, Singapore 14

Sia, Michael – Sr. VP, Investor Relations, Group Finance, DBS Bank, Singapore 10

Soeharso, Natalia, Minister-Counselor, Economic Division, Embassy of Indonesia, Singapore 14

TAN Mui Choo - Co-Head, Enterprise Risk & Performance Risk & Performance Mgt. Dept., Government Investment Corporation of Singapore 15

Tay, Simon S.C. – Chairman, Singapore Institute of International Affairs (SIIS), Singapore 8

TEH Kwee Chin – CFA, Sr. Vice President, Economics & Investment Strategy Dept., Government Investment Corporation of Singapore (GIC) 15

Torres, Catherine – Secondary Secretary and Consul, Embassy of the Philippines, Singapore 9

Wee, Philip - Sr. VP & Sr. Currency Economist, DBS Bank, Singapore 10

WEI BenHua, Dr., Director, ASEAN-AMRO (former Vice Chairman, China S.A.F.E.), Singapore 11

Wey-Len, Lim - Head, Americas, The Economic Development Board of Singapore (ED) 12

Wong, Melissa - Head, International Organizations, The Singapore Economic Development Board (EDB) 12

Yiu, Mr., Deputy Director and Senior Economist, ASEAN-AMRO, Singapore 11


MARCH 1-13, 2012


04-16-2012


Index M

acau

& H

ong

Kon

g

ANARI WORLDVIEW ASIA - MARCH 4-5, 2012 - MACAU / HONG KONG PROGRAM

PARTICIPANTS

CHEN Gang - Alternate CEO, China Development Bank, Hong Kong 24

Clifford, Mark - Executive Director, Asia Business Council co-author "Through the Eyes of Tiger Cubs" (Hong Kong) 21

Craig, R. Sean, Dr. - IMF Resident Representative, Hong Kong SAR 20

Di WeiPing, Dr. - Global CIO and CEO of Hong Kong Branch, China Development Bank 24

Fung, Enoch - Adviser, Market Development, Hong Kong Monetary Authority (HKMA) 25

HO, Daryl H.K. - Head, Market Development Division, Hong Kong Monetary Authority (HKMA) 25

LAU, Winnie - Senior Planner / Strategic Planning, Hong Kong S.A.R. Planning Department 23

McBain, Robert E. - CFO, SJM Holdings Ltd., Macua 19

Meier, Andre, Dr. - IMF Resident Representative, Hong Kong SAR 20

Pang, Peter - Deputy Chief Executive, Hong Kong Monetary Authority (HKMA) 25

SONG ZuoJun - Head of Corporate Finance Dept. II, China Development Bank, Hong Kong 24

WONG, YatMing "Sunny", CEO, Trinity Corp., listed 100% subsidiary of the Li & Fung Group, Hong Kong 26

WONG, Raymond - Deputy Director / Territorial Planning, Hong Kong S.A.R. Planning Department 23

XIAO Geng, Dr. - Director of Research and Senior Fellow, Fung Global Institute, Hong Kong 27

Yeung, Y.M., Professor - Chairman, Pearl River Delta Committee of HK Central Policy Unit (Hong Kong) 22


MARCH 1-13, 2012


04-16-2012


Index S

hang

hai

ANARI WORLDVIEW ASIA - MARCH 6-7, 2012 - SHANGHAI PROGRAM PARTICIPANTS

CHEN, QiWei, Dr. - Chairman, Asia Business Corporation (ABC), Shanghai 35

CHEN, Wayne - Executive Director, Asia Business Corporation (ABC), Shanghai 35

Cho, Simon – Deputy General Manager, Finance, Shui On Land Limited, Shanghai 32

Fine, Harvey – Managing Director, US,Global Investments & Strategies, Fosun Group, Shanghai 30

GAO, Gable - Assistant President, Managing Director, Fosun Group, Shanghai 30

Hu Ruyin, Professor - Director, Capital Market Institute, Shanghai Stock Exchange (SSE) 33

Jia, Kurt - Vice. General Manager, Fund Management, Fosun Group, Shanghai 30

Jing, Zhongren, Dr. - Managing Director, Principle Capital, Shanghai 31

Leung, Timmy – Head of Treasury, Shui On Land Limited, Shanghai 32

Liang, Xinjun - Vice Chairman and CEO, Fosun Group, Shanghai 30

Mui, Patrick – Deputy General Manager, Finance, Shui On Land Limited, Shanghai 32

Shi, Stephanie, Dr. - Senior Treasury Director, Fosun Group, Shanghai 30

Situ Danian, Dr. - Senior Research Fellow, Capital Market, Shanghai Stock Exchange (SSE) 33

Sze, Michelle - Director of Investor Relations, Shui On Land Limited, Shanghai 32

Wan, Daniel Y.K. – Managing Director & CFO, Shui On Land Limited, Shanghai 32

Wang, Lynn - Research Associate, Capital Market Institute, Shanghai Stock Exchange (SSE) 33

WEI Li, Economist, Global Research and Financial Markets, Standard Chartered Bank, Shanghai 34

Yim, Michael - Director of Finance, Shui On Land Limited, Shanghai 32

ZHU, Haitong - CEO/Managing Partner, Venture Accelerator,Asia Business Corporation (ABC), Shanghai 35


MARCH 1-13, 2012


04-16-2012


Index B

eijin

g

ANARI WORLDVIEW ASIA - MARCH 8-9, 2012 - BEIJING PROGRAM PARTICIPANTS

Chim, WaiKin - Chief Credit Officer, Bank of China, Beijing 46

Danielson, Ben - CFO, Quintana Energy (US), Beijing 41

Dollar, David, Dr. - U.S. Treasury Department Economic and Financial Emissary to China (Beijing) 44

FANG Jin, Dr. - Deputy Secretary General, China Development Research Foundation (CDRF), Beijing 42

FENG LiWen, Mdm. - Energy Entrepreneur, Founder & President, China 5e.com (Beijing) 41

Gao, XiQing - Vice Chairman and President, China Investment Corporation (CIC), Beijing 45

Ge, Alma - VP, SAIF Partners, Beijing 43

HUANG, Shan - Chief, International Desk, CAIXIN Media, Beijing 48

JI Min - Director, Macro-Economy Division, People's Bank of China (PBOC), Beijing 40

JIN Zhongxia - Director-General, People’s Bank of China (PBOC) Finance Research Institute, Beijing 40

Kroeber, Arthur - Editor, Dragonomic and Managing Director, GaveKal Research, Beijing 39

LI, Zengxin - Deputy Editor / International, CAIXIN Media, Beijing 48

LIU Bin, Dr. - Deputy Director-General, Senior Economist, State Administration of Foreign Exchange (S.A.F.E.), Beijing 47

LU Mai, Dr. - Secretary General, China Development Research Foundation (CDRF), Beijing 42

Ma, Kenneth - China Energy Net Consulting, Ltd., Beijing 41

Massinga, Ervin J. - Chief, MacroEconomic Financial & Energy Policy Unit, U.S. Embassy in Beijing 44

SUN Bin, Dr. - Research Department, People's Bank of China (PBOC), Beijing 40

SUN, Xiaochong - Department of Asset Allocation & Strategy, the China Investment Corporation (CIC), Beijing 45

WANG XiaoYi - Deputy Administrator, State Administration of Foreign Exchange (S.A.F.E.), Beijing 47

YU Jintuo, Dr. – Program Director, China Development Research Foundation (CDRF), Beijing 42

Yu, Catherine - Economic Specialist, U.S. Embassy in Beijing 44

Zheng, Kangbin, Dr. - Asian Development Bank, Head, Private Sector Coordination Unit, PRC Resident Mission, Beijing 43

ZHOU Yuan - Managing Director, and Head of Dept. of Asset Allocation & Strategic Research, China Investment Corporation (CIC), Beijing 45


MARCH 1-13, 2012


04-16-2012


Index T

okyo

ANARI WORLDVIEW ASIA - MARCH 12-13, 2012 - TOKYO PROGRAM PARICIPANTS

Itakura, Yukichi - Executive Deputy President, Sumitomo Mitsui Asset Management, Tokyo 55

Kato, Takatoshi - President, Japan Center for International Finance (JCIF), Tokyo 57

Kobayashi, Hiroaki – Senior Investment Advisor, Investment Management Consulting Department, Sumitomo Mitsui Asset Management, Tokyo 55

Nakamura, Osamu –Senior Advisor to the Vice Minister for International Affairs, Ministry of Finance of Japan (Tokyo) 54

Nakao, Takehiko - Vice Minister for International Affairs, Ministry of Finance of Japan (Tokyo) 54

Nogami, Yoshiji, Ambassador - President, Japan Institute of International Affairs and Executive Advisor, Mizuho Corporate Bank, Tokyo 56

Shimada, Haruo, Dr. - President, Chiba University of Commerce, Tokyo 51

Tamura, Hideo - Journalist and Editor, SANKEI Financial Newspaper, Tokyo 53

Toyama, Kazuhiko - CEO and Representative Director, Industrial Growth Platform, Inc. (IGPI), Tokyo 58

Ueda, Kazuo, Dr. - Professor, Faculty of Economics, University of Tokyo 59

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