OCTOBER 9 - 10, 2008 MANILA, PHILIPPINESwww.apafs.org • admin@apafs.org

In association with

Grand Ballroom, Renaissance Makati City Hotel • Esperanza Street corner Makati Avenue, Makati City

www.apafs.org • admin@apafs.orgP.O. Box 3191 Hagåtña, Guam 96932

Platinum Sponsors

Gold Sponsors

Silver Sponsors

Bronze Sponsors

Income Research & Management

CFA PHILIPPINES

Who should attend the 2008 Pacific RegionInvestment Conference?

• All financial executives in the money management and investment field

• All those entrusted with the guardianship and performance of funds

• Members of boards of public pension funds

• Members of boards of public retirement funds

• Trustees and directors of private trusts

• Students with a keen interest on current fiduciary trends and practices within the region

Why attend this year’s conference?

• Listen to financial experts and professionals from the U.S. and around the Pacific Rim

• Learn about the latest trends and practices in fiduciary management

• Meet, greet, and network with hundreds of individualsand organizations from the fiduciary industry

• Enjoy the five-star luxuries and first-class services ofManila’s Renaissance Makati City Hotel

• Get a taste of Philippine Contemporary Art with a special tour of the Ayala Museum

• Go on an exclusive visit to the Philippine Stock Exchange Headquarters

• Get complimentary membership from the Asia Pacific Association for Fiduciary Studies

What do I need to know about the conference host?

The Asia Pacific Association for Fiduciary Studies was formedin 2000.

It is a non-profit educational and charitable association thathas seen membership rise to around 300 members.

APAFS was founded for and by representatives from public andprivate funds from around the Asia Pacific region.

Its goal is to raise the level of understanding and standards ofpractice among fiduciaries in the region, so that they may providethe most prudent stewardship of funds entrusted to their care.

Schedule-at-a-glance

Registration & Breakfast

Welcome Remarks

Session 1

Break

Session 2

Session 3

Featured Speaker Luncheon

Session 4

Dr. Marc Faber Keynote Speaker Presentation

Dr. Marc Faber Q&A

Dr. Marc Faber photo opportunity with delegates

Cocktail Reception

7:00 AM

8:45 AM

9:00 AM

10:00 AM

10:15 AM

11:15 AM

12:00 NN

1:30 PM

2:25 PM

3:15 PM

4:15 PM

5:00 PM

Thursday, 9 October 2008

Registration & Breakfast

Session 1

Break

Session 2

Session 3

Featured Speaker Luncheon

Session 4

Break

Session 5

Session 6

Closing Remarks

7:00 AM

8:30 AM

9:15 AM

9:30 AM

10:30 AM

12:00 NN

1:15 PM

2:30 PM

2:45 PM

3:30 PM

5:00 PM

Friday, 10 October 2008

The Chartered Financial Analyst (CFA) Institute is a global, non-profit member organization of financial analysts,portfolio managers, and other investment professionals.

In 1995, the CFA exam was first introduced in the Philippines with the support of the Capital Markets DevelopmentCouncil, Inc. (CMDCI). On July 1997, a group of CFA candidates, practitioners from the investment community andmembers of the academe gathered to form a society in response to the growing need to set higher standards in theinvestment community - in terms of knowledge, competence, professionalism and, above all, ethics. Thus, the Associationof Investment Professionals - Manila (CFA Philippines) was established.

CFA Philippines' mission and vision is to be a premier association in the Philippine investment and finance professionby promoting competence, professionalism and the highest ethical standards. The CFA Philippines, or CFAP, promotesethical and professional standards within the investment industry, encourages professional development through the CFAProgram, and facilitates the open exchange of information and opinions. As of April 2008, CFAP has 92 regular membersand 2 affiliate members.

In Association With

CFA PHILIPPINES

The Financial Executives Institute of the Philippines (FINEX) is a non-stock, non-profit, non-political association,formally organized on January 15, 1968 with twelve financial executives as its founders: Elmer D. Aguilar, Reneo A. Albano,Edgardo Bacani, Romeo Y. Co, Romeo C. Esteban, Ramon K. Ilusorio, Jaime Y. Ladao, Vicente J. Muro, Vicente Pacis,Jr., Joaquin R. Olaño, Antonio Sta. Ana, and Arsenio J. Vistro. The organization was formed in response to the pressingneed for a professional association devoted to the continuing development and improvement of financial managementtechniques and the promotion of efficiency in business enterprises.

Through the years, FINEX has gone to form a foundation with activities geared towards the fulfillment of the objectivesfor which it was established. It has continuously given its members the latest in concepts, programs and policies ofbusiness finance and management through its various services. The government formally recognized the immensecontributions of financial executives in the development of financial management as well as the promotion of efficiencyin government operations and in the business enterprises through Executive Order No. 34 which declares the secondweek of October of every year as FINANCIAL EXECUTIVES WEEK. To date, the membership of FINEX totals 755 and isstill growing.

The Trust Officers Association of the Philippines (TOAP), organized in 1964, is one of the oldest professionalassociations in the financial industry. TOAP’s primary objective is to unite, professionalize and promote the PhilippineTrust and Investment Management Industry.

With member-institutions managing over 500 billion of total assets, TOAP has grown to be the biggest associationof Investment Professionals with over 220 individual members coming from 47 banks and investment houses. All member-institutions are licensed by the Bangko Sentral ng Pilipinas (BSP) to perform trust, investment management, and otherfiduciary functions.

TOAP works in close coordination with the BSP. Prospective regulations and current issues are discussed to ensurethat the industry can progressively evolve with the best interest of the investing public as its paramount concern. TOAPis also involved in various symposia and conferences as well as projective legislation that will promote and encouragesavings and investments and the development of the Philippine capital market.

The Philippine Stock Exchange (PSE) is the only existing stock exchange in the Philippines and is one of the largestin Southeast Asia. The PSE Composite Index (made up of 30 stocks) is the key indicator of share price movement in themarket’s six sub indices: Financials Index, the Industrial Index, the Holding Firms index, the Property Index, the ServicesIndex, and the Mining & Oil Index.

The PSE is composed of two trading floors: one in Makati City; the other in Pasig City. Despite this, it is still capableof achieving one stock price and one Market Exchange through the MakTrade system. This single order book systemwarrants that a customer's order is matched with the best bid/offer, irrespective of which floor it was placed through.MakTrade facilitates the trading of securities through a broker-to-broker market with automatic order, trade routing, andconfirmation.

The stock exchange corporation is overseen by a Board of Directors. It consists of 15 members elected annuallyby stockholders. Additionally, at least 51% of the members must always remain non-brokers as set out by the SecuritiesRegulation Code. The remaining Board members are broker-directors who represent brokerage firms. The managementof the Exchange is composed of the President/CEO and a few other professional managers who ensure that the policiesand resolutions of the Board are carried out. They are also responsible for the daily activities and operations of theExchange and that the public's investments and transactions are protected.

As the global arm of the Graduate School, it is the mission of the International Institute to facilitate the exchangeof knowledge and skills through a wide range of educational, exchange and observational study programs. The Instituteworks with international organizations and government agencies worldwide to promote professional learning andinternational cooperation and understanding.

Established in 1961, the Institute has provided professional training and educational services to more than 50,000participants from over 120 countries. Learning programs are performance-based and designed to meet the often complexdevelopment needs of government and international organizations.

Programs are built on a foundation of results-oriented curricula, extensive faculty and staff expertise, and partnershipswith institutions around the world. Where English is not the preferred language of instruction, or where English proficiencyof the participant group warrants instruction in another language, we provide faculty or consultants fluent in the targetlanguage or experienced with simultaneous and consecutive interpretation. Languages we have used to deliver recentprograms include Chinese, Russian, Arabic, French and Spanish.

Our services include:• Delivery of the full range of Graduate School curricula• Tailored and customized courses• Observational study programs• Educational exchange• Needs assessment, program design and development• Organizational development• Project management

We work with a variety of clients, including:• U.S. government agencies with international

responsibilities• Multilateral organizations• Government agencies and organizations located

abroad• Non-governmental organizations

Established in 1991, the Pacific Islands Training Initiative (PITI) provides customized, results-oriented professional andorganizational development services that enable Pacific Island governments to strengthen performance and accountabilityin financial management and program delivery. PITI is a joint program of the United States Department of the Interior’sOffice of Insular Affairs, and the Graduate School, USDA’s International Institute.

The goals of the PITI program are to assist insular governments to:• Improve financial management systems and practices• Strengthen organizational process to increase effectiveness and program results• Build leadership and management capacity to improve government program performance• Enhance the capacity of human resources development organizations in planning, delivering and

evaluating public sector professional development programs

101

Hafa Adai! I am proud to welcome you to thisyear’s Pacific Region Investment Conference. It seemsthat it was just yesterday when we presented ourfirst conference in Guam. At the time, Asia was goingthrough a terrible financial crisis and we sat andlistened to experts explain that tomorrow would comeand we would all make it through the crisis. Fastforward eight years and we again are faced withuncertainty of a weakening US economy and risingoil prices. Again, we look to experts to provide insightinto our duty as trustee and fiduciary.

To say this Conference is packed with activities wouldbe an understatement as we have filled two dayswith high caliber presentations from world-renownedfinancial experts. Our keynote speaker is legendarycontrarian investor Dr. Marc Faber, writer, editorand publisher of “The Gloom, Boom & Doom Report,”a monthly newsletter on unusual investmentopportunities. He also makes regular appearanceson CNBC.

We will also get an update on trends in global definedcontribution retirement plans and how these trendscan be advantageous to new emerging retirementmarkets. As always, you can take advantage of thisunique opportunity to network with colleagues andindustry leaders.

This is our third year in the Philippines, and we hopeyou continue to enjoy the rich culture and the warmthof hospitality this country offers.

On behalf of the Association, thank you for yourcontinued support. See you at the venue!

Sincerely,

Gerard A. CruzCHAIRMAN

Welcome to the 8th Annual Pacific Region InvestmentConference. We at the Asia Pacific Association forFiduciary Studies organize this conference every yearas a means of providing a regional resource forreviewing the latest trends, practices, and issues infiduciary management, as well as to give our delegatesthe chance to meet and interact with variouscolleagues from the investment industry.

Since its founding eight years ago, starting out withonly a handful of Micronesian members, APAFSmembership has grown to over 300 and has expandedto a fair number of participating countries. As anAPAFS member, we further encourage you to spreadthe word and invite more colleagues and businesspartners to take part in the continued exchange ofpertinent investment knowledge and fiduciary bestpractices.

I am confident that APAFS’ commitment to raise thelevel of understanding and standards of practiceamong regional fiduciaries will be strengthened evenmore this year. But of course, we also like to mix abit of pleasure with business.

Get the chance to mingle, network and build contactswith your associates from the fiduciary industryduring our special cocktail reception. Prizes of up to$1000 will also be raffled off on Day 2 of the conference,another thing you’ll surely look forward to.

As always, I am eager to greet returning delegatesand meet new ones. Thank you for participating inthe 2008 Annual Investment Conference, and hopeto see you in the coming days!

Sincerely,

Daniel A. Roland, CIMAEXECUTIVE DIRECTOR

Message from the Chairman

BOARD OF GOVERNORSCHAIRMANGerard CruzTrusteeGov Guam Retirement Fund

VICE CHAIRMANMark A. AguonAdministratorNMI Retirement Fund

TREASURERDavid O’BrienVP Finance & AdministrationUniversity of Guam

SECRETARYDr. Patrick U. TelleiPresidentPalau Community College

Jackson AdingMayorEnewetak Local Government Council

Ron CenicolaVP FinanceRMI Telecommunications Authority

Joy CerveroVice PresidentMetrobank Philippines

Masa-Aki EmesiochlChairmanBoard of RegentsCollege of Micronesia Land Grant

Sergie FerrerTreasurerSDA Southern Asia-Pacific Division

Benjamin GrahamBusiness ConsultantGraham Consulting

Raaj S. KurapatiVP FinanceNorthern Marianas College

Mathias LawrenceVP FinanceFSM Telecommunication Corporation

Anna MendiolaPresidentFSM Development Bank

Alexander R. NarruhnAdministratorFSM Social Security Administrator

Mary OkadaVP FinanceGuam Community College

Aren PalikPresidentPacific Islands Development Bank

Elbuchel SadangMinister of FinanceRepublic of Palau

Alan SeidChairmanWays & Means CommitteeOEK Senate, Republic of Palau

John UntalanTrusteeMarianas Public Land Trust

EXECUTIVE DIRECTORDaniel A. Roland, CIMASenior Vice PresidentConsulting GroupCiti Smith Barney

DEPUTY EXECUTIVE DIRECTORMark J. HeathSenior Vice PresidentMetropolitan West Capital Management LLC

Message from the Executive Director

Media Sponsors

Silver Sponsors

Bronze Sponsors

Robeco Investment Management, Inc. (“RIM”) is a SEC-registered Investment Adviser that is comprised of threeU.S.-based investment divisions: Robeco Boston Partners, Robeco Weiss, Peck & Greer and Robeco Sage. The firm’sparent company, Robeco Groep, N.V. (“Robeco Group”), is a global investment management company with headquartersin Rotterdam, the Netherlands. The Robeco Group was founded in 1929 and, as of March 31, 2008, it currently managesover $212 billion worth of investments worldwide. Robeco Group is wholly-owned by Rabobank Group (“Rabobank”),the Netherlands. Rabobank is a full-range financial service provider that enjoys the highest credit rating (AAA) awardedby renowned international rating agencies, Moody’s and Standard & Poor’s.

With an integrated sales team and support structure, RIM’s three investment platforms operate independently,enabling the firm’s clients to benefit from the specialist expertise of each. The firm’s goal is to offer institutional and retailinvestors a comprehensive product line complemented by dedicated client service. Clients include Taft-Hartley plans,public and corporate pension plans, insurance entities, endowments/foundations, individuals and family groups, andfinancial intermediaries and their clients.

Milliman, whose corporate offices are in Seattle, serves the full spectrum of business, financial, government, andunion organizations. Founded in 1947 as Milliman & Robertson, the company has 48 offices in principal cities in the UnitedStates and worldwide. Milliman employs more than 2,100 people, including a professional staff of more than 1,000 qualifiedconsultants and actuaries. The firm has consulting practices in employee benefits, healthcare, life insurance/financialservices, and property and casualty insurance. Milliman’s employee benefits practice is a member of Abelica Global, aninternat ional organizat ion of independent consult ing f i rms serving cl ients around the globe.

Glimpses of Guam Inc. is Micronesia’s largest communication company, and was established in 1974.Glimpses Publications includes the bimonthly Guam Business—celebrating its 25th anniversary—which

analyzes industries and economies of the Pacific Rim; and the Marianas Business Journal, a biweekly print and electronicjournal with exclusive breaking news and data of interest to business communities of the region. Marine Drive Magazineand Beach Road Magazine are lifestyle publications and R&R Pacific serves the military market. The award-winning newsteam is supported by a variety of regional correspondents.

Guam Business can be found at www.guambusinessmagazine.com and the Marianas Business Journal atwww.mbjguam.net. The sites offer a variety of links to useful sites. Glimpses Publications also produces a variety ofspecialty publications and has coordinated a number of events and symposiums. Glimpses Publications is a sought-aftersponsor for conferences and major events.

Richmond Capital Management is an independent fixed-income only investment advisory firm. Founded in 1982,the firm serves public, corporate and Taft-Hartley retirement funds as well as insurance companies, endowments andfoundations throughout the United States and the Pacific region. It focuses on value, using a disciplined process and teamapproach.

The Renaissance Group LLC, dba Renaissance Investment Management, is a registered investment advisor foundedin 1978 and based in Cincinnati, Ohio. Renaissance is a majority owned affiliate of Affiliated Managers Group (AMG), aBoston-based holding company. We currently manage $8 billion in assets (as of 3/31/08) for a variety of clients includingpublic pension, corporate, endowment/foundation, union and individuals. Renaissance offers local and internationalstrategies covering the entire range of market capitalization. We are proud to have managed assets in the Asia Pacificregion these past 20 years.

We believe that the utilization of disciplined and systematic methods for identifying attractive growing companiesthat exhibit business and earnings momentum and whose stock is trading at reasonable valuations will result in superiorreturns over time. The name Renaissance evokes the spirit of an age where the interdependence of art and science firstemerged. It also defines our approach to investing, which is built on a foundation of quantitative disciplines, but guidedby experience and judgment. The foundation of the Renaissance investment process is our proprietary quantitativemodeling, employing factors that we regularly test and validate for effectiveness. This modeling process allows us tosystematically identify the most quantitatively attractive stocks in the market. Once we have identified a subset of companiesthat are candidates for inclusion in one of our portfolios, we “turn off” our computers and subject each purchase candidateto an intensive fundamental review process, drawing upon our experience and judgment to select only the most attractivestocks for our portfolios.

Payden & Rygel is one of the largest independent global investment managers in the United States, with more than$50 billion in assets under management. Founded in 1983, the firm is a leader in the active management of fixed-incomeand equity portfolios for a diversified client base. Payden & Rygel advises corporations, foundations, endowments, pensionplans, public funds and individual investors on their overall investment strategies.

THE ESSENCE OF INDEPENDENCE: Investment management that is truly independent is increasingly rare in aworld of pervasive corporate consolidation. The firm’s independent status eliminates the potential for conflicts of interest.Fully-owned by employees, Payden & Rygel is solely accountable to one interest — that of its clients.

TEAM APPROACH: Payden & Rygel believes in a team approach that utilizes the collective wisdom of a highlyqualified, diverse group of professionals. The investment policy committee, comprised of the firm’s principals and mostexperienced professionals, oversees the investment process: strategic planning, sector allocation and portfolio riskmanagement. Sector strategists and traders carry out policy decisions: sector strategists provide research, industry focusand security selection; traders deliver the most competitive price for each transaction. A dedicated client service advisorunites all of these elements. This experienced investment professional oversees the portfolio and attends to client needs.The client service advisor’s thorough understanding of each client’s specific objectives and tolerance for risk ensurescompliance with portfolio guidelines.

CUSTOMIZATION: Payden & Rygel is process driven, not product driven. In each of our client engagements, westrive to create a customized portfolio that meets a multitude of needs, some of which may be investment related andsome which may be related to reporting and operational needs. We strive to deliver a “no surprises” portfolio which valuestransparency in the portfolio management process. Each client receives access to Juneau, the firm’s proprietary onlinesystem, for an in-depth summary of individual holdings on a real-time, secure basis.

Louis G. Navellier, Chairman and Founder of Navellier and Associates, Inc., began managing private stock portfoliosfor public plans, Taft-Hartley plans, corporate pension funds, endowments, foundations, and high net worth individualsin 1987.

Navellier has been successful at applying its disciplined, quantitative investment process to a broad range of growthequity capitalization products. Navellier currently applies its stock selection process to several strategies including Smallto Mid Cap Growth, Mid Cap Growth, Large Cap Growth, All Cap Growth, International Growth, International Small Cap,and Global Growth. Navellier also manages a variety of other portfolios including value and core separate accounts,mutual funds, hedge funds, and limited partnerships.

Navellier employs 50 full-time employees including 11 investment professionals. The firm's sole office is locatedin Reno, Nevada.

9 2

Margaret Ang Edgardo AngaraKeith Basso is Vice President of Marketing andBoard Member of Navellier.

Keith Basso joined Navellier in 1992 as anOperations Manager and has 22 years ofexperience in marketing, operations, and clientservices. Mr. Basso is responsible for developingrelationships with brokers and high net worthindividuals and is instrumental in focusing thefirm’s marketing efforts. He also lecturesnationwide about Navellier’s investmentphilosophy and the benefits of utilizing aquantitative investment strategy.

Prior to joining Navellier, Mr. Basso was anOperations Supervisor for E.F. Hutton andShearson Lehman Brothers.

Mr. Basso received a B.S. in Liberal Arts fromSyracuse University.

Keith Basso

Dr. Marc Faber studied Economics at theUniversity of Zurich and, at the age of 24,obtained a PhD in Economics, magna cum laude.

Dr. Faber publishes a widely read monthlyinvestment newsletter “The Gloom Boom &Doom” report which highlights unusualinvestment opportunities, and is the author ofseveral books including “Tomorrow’s Gold –Asia’s Age of Discovery” which was firstpublished in 2002 and highlights futureinvestment opportunities around the world.The book was included for several weeks onAmazon’s best seller list. A regular speaker atvarious investment seminars, Dr. Faber is wellknown for his “contrarian” investment approach.

A book on Dr. Faber, “Riding The MillennialStorm”, by Nury Vittachi, was published in 1998.

Marc Faber Ph.D.

Brian Houle is a Senior Vice President at IncomeResearch & Management (IR&M), which hejoined in 2005. In his present role, he workswith varying types of Institutional clients includingpublic pension funds, corporate pension funds,insurance companies, endowment andfoundations, and their advisors. He is a memberof the firm’s Investment Team with responsibilitiesin portfolio oversight, product management,developing client communications andrelationship management. He has focused onthe fixed income markets throughout hiscareer. Prior to joining IR&M, Mr. Houle wasemployed at Gannett, Welsh and Kotler LLC,aiding both private and institutional clients in asimilar capacity to his present role at IR&M. He also worked for MFS Investment Managementin a client service capacity. Mr. Houle receivedhis BS in Business from Wake Forest Universityin Winston-Salem, NC. He is a CFA charterholderand member of the Boston Security AnalystsSociety and CFA Institute.

Brian HouleDavid J. John is President of ASC TrustCorporation. He was educated at the Universityof Saint Thomas in St. Paul Minnesota. He has17 years experience working with qualifiedretirement plans. Ten of these years have comefrom Micronesia, where he was one of theoriginal members of the ASC staff. Additionally,he is an active board member of the RotaryClub of Guam, the Employers Council andis a founding member of the Committee toGet Guam Working, a political actioncommittee on the island.

David John

Ralph J. Capio is an attorney specializing ingovernment contract law, international law,transportation law, foreign military sales, andcorporate affairs.

Mr. Capio holds a teaching position at SaintLouis University and Webster University andteaches various legal and contracting relatedcourses. He holds a Professional Designationin Contract Management (PDCM) as well as topsecret clearance. He is admitted to practice inthe United States Supreme Court, the NewYork Court of Appeals, the United StatesDistrict Court (NDNY), the United StatesCourt of Federal Claims, and the UnitedStates Court of Appeals for the ArmedForces.

Mr. Capio currently serves as an instructor withthe Graduate School, USDA's Pacific IslandsTraining Initiative (PITI).

Ralph CapioFrank Crawford is President of Crawford &Associates, P.C., Certified Public Accountants.Crawford & Associates is a 16-person firm withits lead office located in Oklahoma City,Oklahoma.

Mr. Crawford is currently the Chair of theGovernment Accounting and Auditing Committeeof the Oklahoma Society of CPA. He is alsocurrently the Chair of the AICPA's GASB LiaisonTask Force.

Mr. Crawford is a frequent lecturer, trainer anddiscussion leader for numerous groups, firms,and State Societies, and has appeared in severalAICPA continuing professional education videosand live satellite broadcasts related togovernmental accounting and auditing.

Frank Crawford Gerard CruzGerard A. Cruz is Chairman of the Board ofGovernors of the Asia Pacific Association ofFiduciary Studies. In addition, he serves asTreasurer and a senior member of the Boardof Trustees to the Government of Guam StateRetirement Fund and as President and CEOof Community First Guam FCU, a full servicefinancial institution.

He has provided a number of financial relatedseminars and has presented lectures throughoutthe region. He was a speaker during the 2006Asian Investment Summit held in Hong Kongand was again invited to speak during the 2007Asian Investment Summit.

Mr. Cruz received a BA in Economics and anMBA in Finance from the University of SanFrancisco, and has attended the Pacific CoastBanking School at the University of Washington,Seattle.

Incumbent Philippine Senator Edgardo Angara firstheld his senate position in 1987 until 1998 andwas Senate President from 1993 to 1995. In1999, as Secretary of the Department ofAgriculture, he authored the Agriculture andFisheries Modernization Act.

Now on his second term since 2001, he has beenresponsible for many important legislative measures:Senior Citizens Financial Assistance Act,Child Nutrition Act, Child Health InsuranceProgram, the PERA Law, Student Loans Actand Grants Program Act. Financial reform is alsohigh on Senator Angara’s agenda, one which he isworking hard to achieve through pioneering lawssuch as the Real Investment Act, CreditInformation Bureau Systems Act and CorporateRecovery Act.

A recipient of the Commandeur dans l’ordre desPalmes citation from France, Senator Angara hasbeen a director of the Global Organization ofParliamentarians Against Corruption since2002. He is also to be credited for theProcurement Reform Act, the biggest anti-corruption law in Philippine history.

Speakers Profile

Donald AmstadDonald Amstad is a Director of BusinessDevelopment based in Singapore. He joinedAberdeen in 2007 as Head of Fixed Income,Asia where he was responsible for both fixedincome assets managed in Asia as well as forrepresenting the group's fixed income expertisein the region. Prior to his work at Aberdeen, hewas a Senior Fixed Income Manager at JPMorgan Asset Management in London andwas in charge of central bank portfolios. Thisfollowed various posts in fixed income, mainlyin product management or sales, with Bank ofAmerica, JP Morgan Securities and NomuraInternational which he joined shortly aftergraduation. He has 25 years of experience infixed income markets and has over 10 yearsexperience working in both Japan and Singapore.Mr. Amstad holds a BA in Philosophy, Politicsand Economics from Trinity College, Oxford.

Gold Sponsors

Silver Sponsors

Aberdeen Asset Management Asia Limited (’Aberdeen Asia’) is a 100%-owned subsidiary of Aberdeen AssetManagement PLC (’Aberdeen’ or ‘the Group’).

Aberdeen is the holding company for a global asset management group managing equity and fixed income securities,private equity and property; clients include state and corporate pension funds, central banks, insurance companies, globalfinancial institutions and discretionary managers (including other fund managers) through segregated and pooled fundproducts. It was formed in 1983 via the MBO of an investment management contract for a small investment trust and waslisted on the London Stock Exchange in 1991. Over the years, Aberdeen has expanded through a combination of acquisitionand organic growth. Asset management for third parties remains its only business. It is independently operated with noties to larger financial institutions. Aberdeen Asia, the Group’s regional headquarters in Singapore, has been a wholly-ownedsubsidiary of the Group since its establishment in Singapore in 1992 and oversees about US$45 billion assets across theregion.

Bank of Hawaii, founded in 1897, is the largest independent financial institution in Hawaii, with assets of $10.5 billion(as of December 31, 2007). Outside of Hawaii, the Bank has provided, for over 40 years, a broad range of financial andinvestment products and services to clients in American Samoa, the Federated States of Micronesia, Guam, theCommonwealth of the Northern Mariana Islands, and the Republic of Palau.

Bank of Hawaii is also the largest full-service trust institution in Hawaii, managing investments for its clients since1898. It administers over $12.4 billion (as of March 31, 2008) in client assets through trustee, custodial and safekeeping,escrow, individual portfolio investment management, and mutual fund services. Trust and investment services for American Samoa and Micronesia is headed by Kamani Kuala‘au out of Honolulu,and Marilyn Megofna provides client service from Guam.

Cornerstone Real Estate Advisers LLC was founded in 1994 to serve as the investment manager for the Mass MutualInsurance Company's real estate equity portfolio and with the intent to grow an investment management business forother institutional investors over time.

Cornerstone registered with the SEC as an Investment Adviser on April 1, 1996. Even with headquarters in Hartford,CT, Cornerstone has regional offices across the U.S and is in the midst of expanding its operationsglobally, establishing the first Cornerstone foreign office in Hong Kong in early 2008. The establishment of a Europeanoffice is expected before the year’s end.

Cornerstone manages a variety of real estate closed-end, commingled funds; separate accounts; REIT separateaccounts and a REIT mutual fund; in addition to the open-end, commingled Patriot Fund. These funds arestructured as limited partnerships, LLCs, insurance company separate accounts or other structures depending upon thefund and/or client specific requirements. As of March 31, 2008, the firm managed $3.8 billion in realestate investments for 25 tax-exempt institutions and had over $9.6 billion in properties and real estate securities undermanagement.

Fisher Investments (FI) is a global equity manager with headquarters in the San Francisco Bay Area. FI is 100%Fisher family and employee-owned. It services a globally diverse client base with over $45 billion in assets under managementas of March 31, 2008. The firm’s competitive advantages are the stability of its Investment Policy Committee and itsunique investment process. FI’s portfolios provide meaningful diversification benefits in a multi-manager platform andhave outperformed their benchmarks in a variety of market conditions. Our consistently applied investment disciplineassists clients in achieving their objectives and further emphasizes the integrity of our organization.

GAMCO Asset Management, founded in 1977 by Mario J. Gabelli, manages approximately $31 billion on behalf ofinstitutions, public and private endowments, government entities, and high net worth individuals. Since inception, assetsmanaged in our traditional value style have delivered outstanding performance with below market volatility by utilizingour proprietary Private Market Value with a Catalyst approach to security analysis. In addition to our flagship All-Cap valueproduct, GAMCO manages portfolios in a number of investment styles in both traditional managed accounts and investmentpartnerships, including Smallcap, Growth, International, Socially Responsive, Merger Arbitrage, Gold, Energy, and HighYield Fixed Income.

Our firm is well known for its intensive, bottoms-up research process. Our team of 35 analysts follow over two dozenindustries on a global basis, constantly monitoring news flow, meeting with managements, customers, and competitors.The analysts maintain detailed models that emphasize a company’s balance sheet, income statement, and cash flow, withat least a 10 year historical and future time horizon.

GAMCO Asset Management is a subsidiary of GAMCO Investors, Inc. (NYSE: GBL), a publicly listed firm since 1999.We have a professional staff of over 200, with roughly two-thirds dedicated to investment and client service responsibilities.We maintain research and marketing offices in New York, Chicago, Reno, Palm Beach, Minneapolis, London, Shanghai,and Singapore.

BPI Asset Management is the independent unit of the Bank of the Philippine Islands administering the fiduciarybusiness of the Institution. BPI Asset Management leads the industry with over Php 260 Billion of Assets under management.As Fund Manager, BPI Asset Management has the largest market share of total employee benefit plans. It was also thefirst to offer the only multi-currency Family of Mutual Funds, Family of Index-Tracker Funds, and also the first to managemarket-to-market funds prior to Banko Sentral ng Pilipinas’ Circular No. 447.

BPI is the only local bank to be accredited as 3rd party custodian bank, and also the first bank to act as such throughits Asset Management and Trust Group (AMTG). Backed by over 130 seasoned investment professionals and the mostadvanced multi-currency investment accounting and reporting system, BPI Asset Management is the first and only localfund manager offering clients with innovative 24/7 online access to their Investment Account through the BPI AssetManagement Online.

Chris DavisWith five years of investment experience underhis belt, Chris Davis is the current Vice Presidentof Fisher Investments and serves as a liaisonbetween the Investment Policy Committee andthe company's institutional clients andconsultants. In this role, Mr. Davis communicatesportfolio strategy, market outlook, performance,stock analysis, and conducts independentresearch projects. He has been with FisherInvestments for two years. Prior to this, heworked as a Financial Advisor for UBS FinancialServices.

Mr. Davis obtained his B.A. in Economics fromthe University of Virginia.

Atty. Francis LimAtty. Francisco Ed. Lim is the President, Directorand Chief Executive Officer of the Philippine StockExchange, President and Chief Executive Officerof Securities Clearing Corporation of the Philippines,and Chairman of the Philippine Stock ExchangeFoundation, Inc., and Capital Market DevelopmentCenter, Inc. He is Director of the Philippine DealingSystem Holdings Corporation and Trustee of theSecurities Investors Protection Fund. A professor atthe Ateneo de Manila’s College of Law and the GraduateSchool of Law of San Beda College, he is also aProfessional Lecturer at the Philippine JudicialAcademy. Lim is also Chairman of the TechnicalWork Group on the Revision of the InvestmentCompany Act of the Senate of the Republic of thePhilippines in addition to being a member of the CapitalMarket Development Council and Financial Executivesof the Philippines.

Prior to his role at PSE, Atty. Lim was previously aSenior Partner and Co-Managing Partner at AngaraAbello Concepcion Regala and Cruz Law Offices. Hereceived his Bachelor of Laws degree from the Ateneode Manila University and his Master of Laws degreefrom the University of Pennsylvania, USA.

3 8

Margaret Ang is Co-Head of Janus Capital’sAsia Pacific ex-Japan region, which isresponsible for institut ional businessdevelopment and consultant relations. She hasover 20 years of sales and businessdevelopment experience in the fundmanagement industry.

Ms. Ang joins Janus Capital Asia from UOBAsset Management Ltd in Singapore whereshe was Senior Director, Head of InstitutionalSales covering inst itut ional businessdevelopment in Singapore. With her wide rangeof product knowledge and investment expertise,she has taken on senior roles in other foreignfinancial institutions before UOB such as Directorof Business Development & Regional ResearchAnalyst for Batterymarch FinancialManagement and Deputy General Managerfor Daiwa Securities Hong Kong Ltd.

Founded in 1969, Janus Capital Group is a leading global asset management firm which today manages over US$190billion in assets for clients around the world. At Janus, we believe there is more than one way to add value in investmentmarkets, therefore we maintain two distinct, but complementary investment approaches: Janus’ fundamental investmentapproach applies intensive first-hand research and bottom-up portfolio construction to build portfolios which areconcentrated in Janus’ highest conviction research ideas. Whereas INTECH, a subsidiary of Janus Capital Group, employsa unique mathematical process which draws on the inherent volatility of share prices to deliver risk-adjusted excess returnsover the long term.

Janus Capital Group’s international business offers US and global specialist investment disciplines to institutionaland professional investors in their local markets delivering both fundamental and mathematical investment expertise. Ourfirm has managed money for almost 40 years and investment management is still our only business. We are proud of ourcommitment to our core competency – applying intensive research, disciplined process and active management to helpour clients achieve meaningful long-term returns on the assets they entrust to us.

Platinum Sponsors

Catherine Woodruff is the Managing Partner andDirector of Equity Investments for DavisHamilton Jackson & Associates. She waspreviously a Finance Professor at the Universityof Houston, and formerly Assistant Vice Presidentand Senior Portfolio Manager for CiticorpInvestment Management Inc., and Assistant VicePresident and Trust Investment Officer withTexas Commerce Bank. Ms. Woodruff is aChartered Financial Analyst, CharteredInvestment Counselor and a member of theCFA Institute and the Houston Society ofFinancial Analysts. She is a former memberof the Board of Trustees for the Texas GrowthFund where she served as Treasurer. Ms.Woodruff holds a Bachelor of Arts and Masterof Science in Economics from Louisiana StateUniversity and a PhD in Finance from theUniversity of Texas at Austin.

Catherine Woodruff Ph.D.

Daniel Urquico is the President of Child andFamily Service Philippines (CFSPI), a non-government organization based in Baguio Cityin the Cordillera Region. He co-founded theorganization to address the needs of abusedand disadvantaged children in his city. Startingwith a minimal contribution, CFSPI is now thelargest social development agency in Baguioand runs innovative programs in multiple sites.

His work in Baguio was instrumental in thedecision of Consuelo Zobel Alger to create theConsuelo Foundation, which has sincesupported thousands of disadvantaged childrenand families in the Philippines and Hawaii.

Mr. Urquico is known for his adept ability toforge strategic alliances and relationships thatbring additional resources and solutions toissues and problems.

Daniel UrquicoMs. Anna Zhong is the lead manager for Asiafor the Cornerstone Global Real Estate Fund.She is Director of Pan-Asian Real Estate forBaring Asset Management, a sister companyto Cornerstone Real Estate Advisers LLC, andfully dedicated to the research and investmentof Asian Real Estate stocks for the CornerstoneGlobal Real Estate Securities fund.

Ms. Zhong has more than 10 years of experiencein real estate research and investment in theAsia Pacific region. She has an MBA fromColumbia Business School and BS and MSdegrees from the University of Maryland. Shehas earned the right to use the CFA designation.

Anna Zhong

Michael E. Salvay, CFA, is a principal and asenior portfolio manager at Payden & Rygel.He is the senior portfolio manager on a numberof major accounts including public clients aswell as corporate and endowment clients. As asenior strategist he works closely with thestrategy groups such as mortgages, municipals,high-yield and corporate bonds. A frequentspeaker on many aspects of the fixed-incomemarket place both in the U.S. and internationally,Mr. Salvay has authored several articles onbond strategies.

Mr. Salvay holds the Chartered Financial Analystdesignation, and is a member of the CFAInstitute. He earned an MBA from the AmosTuck School at Dartmouth College and a BA inEconomics from the University of California,San Diego.

Michael Salvay CFA William ThomsonRay Dean SalvosaRay Dean Salvosa is currently the ManagingDirector for Philippine Operations of ConsueloFoundation Philippine Branch.

A Professor of Political Science and PoliticalPhilosophy, he is a member of the Board ofTrustees of the Jaime V. Ongpin Foundation,Inc. (JVOFI). He is currently the Chair of theEducation & Skills Alliance (ELSA) and theEducation & Employment Alliance (EEA),both in partnership with USAID to support andimplement programs for disadvantaged youthin the conflict areas of Mindanao. He is also aMember of the Executive Committee of theInternational Forum for Child Welfare(IFCW). He serves as a member of the JuvenileJustice & Welfare Council which has beentasked to oversee the implementation of theJuvenile Justice & Welfare Act (RA9344) of2006.

Simon Rudolph ACA

Simon Rudolph is the Executive Vice Presidentand Portfolio Manager for Templeton GlobalEquities at Franklin Templeton Investments(Asia) Ltd. in Hong Kong. He joined theTempleton organization in 1997 as a portfoliomanager and research analyst. He has globalresearch responsibility for the property sectorand also has country research coverage of Indiaand Japan. Previously, Mr. Rudolph researchedglobal shipping, as well as the Food, PersonalCare and Household Products sector and hadjoint coverage of the small cap consumer goodsindustries. He manages global, internationaland Asia Pacific mandates, as well as specificcountry portfolios.

Mr. Rudolph holds a BA degree in EconomicHistory from Durham University in England. Heis a Chartered Accountant and a member of theInstitute of Chartered Accountants ofEngland and Wales.

Anna MendiolaPresidentFSM DEVELOPMENT BANK

Anthony BlazAdministratorGUAM ECONOMIC DEVELOPMENT

& COMMERCE AUTHORITY

Oscar CamachoExecutive DirectorCOMMONWEALTH

DEVELOPMENT AUTHORITY

Utu Abe MalaePresidentDEVELOPMENT BANK

OF AMERICAN SAMOA

Aren PalikPresidentPACIFIC ISLAND

DEVELOPMENT BANK

Amon TibonPresidentMARSHALL ISLANDS

DEVELOPMENT BANK

Kaleb Udui, Jr.President/CEONATIONAL DEVELOPMENT BANK

OF PALAU

Round TableDiscussionLead Participants

Speakers Profile

Metropolitan West Capital Management LLC is an independent, SEC-registered investment management firm basedin Newport Beach, California. The firm also has offices in Guam and Morris Plains, N.J. MetWest Capital manages Value-oriented Equity, Balanced, International and Global portfolios for individual and institutional clients. Its team of seniorinvestment professionals have been working together since 1992 to manage long-term portfolios for their base of UnitedStates and international clients.

ASC is the leading provider of Retirement Plan Services in the Asia Pacific Region. Founded in Guam in 1990 withthe objective to service the private sector during the unprecedented growth in the regional economy. It pioneered thedesign of a retirement plan system that would be supported locally.

Today, ASC is the choice among majority of fiduciaries who run retirement plans in the region. ASC currently managesover 1,000 Retirement Plans in 13 countries with a client base of large multinational companies, small regional, localcompanies, as well as government and non-profit organizations. It has regional offices in Guam, Saipan and the Philippines.

Atalanta Sosnoff is an independent registered investment advisor that provides investment advisory services on adiscretionary basis to corporations, tax exempt funds such as pension and other plans, charitable organizations such asendowments and foundations, Taft-Hartley funds, governmental entities, broker-sponsored wrap programs and high networth individuals. Founded in 1976, Atalanta Sosnoff is a private entity owned by active employees. The Firm is definedby our proprietary investment research, dedicated client service and high standards on corporate ethics.Atalanta Sosnoff, with over $7.5 billion under management, has been managing money for over 30 years with a significantpresence in the Pacific Rim. Atalanta Sosnoff is proud to be a Platinum Sponsor for the 8th Annual Pacific RegionInvestment Conference. It is our chance to further the education of our loyal clients in the Western Pacific.

Citi, the leading global financial services company, has some 200 million customer accounts and does business in more than100 countries, providing consumers, corporations, governments and institutions with a broad range of financial products andservices, including consumer banking and credit, corporate and investment banking, securities brokerage, and wealth management.Major brand names under the trademark red arc include: Citibank, Citi Smith Barney, CitiFinancial and Primerica. Additionalinformation may be found at www.citi.com.

Citi Smith Barney is a leading provider of wealth management services to individual investors, foundations, companies andinstitutions, offering a full suite of investment services, including asset allocation, private investments and lending services, hedgefunds, stock and retirement plan services, cash and portfolio management, as well as philanthropic, education and estate planning.Additional information may be found at: www.smithbarney.com.

Citi Smith Barney’s Consulting Group is an industry leader in investment management consulting services, currently consultingto over $250 billion globally. Founded in 1973, the Consulting Group works with clients, both institutional and individual, to developcustomized investment and asset allocation strategies. A hallmark of the Consulting Group’s services is its proprietary investmentmanager research process, enabling clients to make thoughtful and informed investment decisions. Additional information maybe found at: www.smithbarney.com/consultinggroup.

Asia Pacific Group of Citi Smith Barney’s Guam office provides institutions and high net worth individuals with customizedeconomic, investment and asset allocation strategies based on their individual financial objectives. The team is headed by DanielA. Roland, CIMA, Senior Vice President - Wealth Management/Citi Smith Barney and Senior Institutional Consultant/ConsultingGroup. Dan has over 30 years of experience in the institutional marketplace. Jason B. Miyashita, CRPS, Second Vice President -Wealth Management and Financial Planning Specialist/Citi Smith Barney and Investment Management Specialist/Consulting Groupspearheads the teams’ efforts in the corporate and individual high net worth marketplace. Maree Pelkey, Registered Client ServiceAssociate, serves as technical analyst and heads client service. Additional information may be found at:http://fa.smithbarney.com/asiapacificgroup.

Davis Hamilton Jackson & Associates (DHJA), founded in 1988, offers equity, fixed income and balanced strategiesfor both institutional and individual investors. Its diversified client base includes public funds, universities and endowments,Taft-Hartley plans, religious organizations and corporations, with current assets under management of approximately $2.2billion. Since DHJA’s inception, the firm has followed a consistent investment philosophy in both the equity and fixedincome products that emphasizes high quality, diversification and risk control which has allowed us to achieve superiorlong-term returns with less risk.

DHJA has a long and distinguished history in building meaningful partnerships with clients. This partnershipperspective uniquely positions the firm to fully understand clients’ specific investment needs and to structure investmentsolutions to address those requirements. This is the basis on which the firm was established and one of the ways wehave consistently differentiated ourselves from our competitors.

Franklin Templeton Institutional offers a full range of institutional investment capabilities from the six distinct investmentmanagement platforms. While each investment platform’s process and approach remain autonomous, they share a singledistribution platform incorporating business development, relationship management, and consultant relations. With officesin New York, San Mateo, Fort Lauderdale, Hong Kong, London, Melbourne, Tokyo, and Toronto, Franklin TempletonInstitutional offers its clients access to more than 400 investment professionals worldwide and, through its investmentplatforms, manages over US$173.8 billion in institutional asset as of 31 March 2008.

Income Research & Management (IR&M) has been providing investment advisory services for 21 years. We began managingassets in 1987 for institutional clients, and as of March 31, 2008, IR&M had $12.4 billion in assets under management. IR&Mfocuses on the fixed income arena, specifically concentrating on the US investment grade markets. Within the investment gradeuniverse, our products span the yield curve as well as including TIPS and Convertibles. Our clients’ portfolios are managed bythe founders and principals of the firm, and the vast majority are managed on a separate account basis, customized to meet theneeds of each individual client.

IR&M’s investment philosophy de-emphasizes macro bets such as interest rate calls and focuses on uncovering value throughdiligent, rigorous bottom-up security selection in niche areas of the market. Our research, trading and portfolio managementfunctions are fully integrated. Portfolio managers perform their own trading and research bringing their extensive experience tobear on all investment decisions. A team of analysts helps leverage our most senior investment professionals with idea generationcoming from both internal discussions and research as well as constant interaction with the street. Furthermore, all 8 seniorinvestment professionals perform these functions as a team, enabling discussion of ideas and nimble decision making whennecessary.

An open office environment further fosters this process by ensuring consistency of management and performance acrossportfolios of similar mandates. We have no investment committees, enabling us to act swiftly when attractive investment opportunitiespresent themselves and to discuss investment ideas on an ongoing basis. Our process has been consistent over time benefittingfrom a steady team as no Senior Portfolio Manager has ever left IR&M.

We pride ourselves on both providing solid, consistent investment results and exceptional client service with the goal ofbuilding fruitful, long-standing client partnerships.

Continental Micronesia, a wholly owned subsidiary of Continental Airlines, is headquartered in Guam and operates a Pacific hubfrom the A.B. Won Pat International Airport. Continental Micronesia employs 1,400 professional men and women, and offers morethan 246 departures each week between 22 cities throughout the Pacific Rim, Micronesia, and Hawaii.

Celebrating 40 years in 2008, Continental Micronesia operates a safe, clean, reliable, and on-time operation every day, servingthousands of our friends and neighbors with a unique blend of island hospitality and the backing of the world’s fifth largest airline.No other airline in our region can make that claim.

Continental’s position as Micronesia’s hometown carrier is unlike any other airline in the Pacific. Our marketing and sales officesin the U.S., Guam, Japan, Hong Kong, and Manila actively promote the region, helping national travel organizations bring visitorsto our islands. Thanks to the marketing dollars of Continental Airlines, we successfully encourage vacationers from around theworld to consider a memorable and enjoyable trip to the beautiful destinations in Micronesia.

As a subsidiary of Continental Airlines, our customers enjoy award-winning products and service, and benefit from the airline’sgoal of operating the youngest jet fleet in the industry. We’ve invested nearly $1 billion in our 12 next-generation Boeing 737narrowbody and 767 widebody aircraft. Our investment reflects more than our dedication to flying jets with the latest avionicstechnology and passenger amenities like larger overhead bins and improved entertainment systems; it solidifies our steadfastcommitment to provide only the best for our customers.

Continental Micronesia’s success is a product of the reliability and dedication of our employees in Guam, Micronesia, Japan,and throughout the Pacific. Whether at the Guam hub or our stations throughout the region, our 1,400 employees shine in allaspects of our operation – from flight operations to maintenance, airport services, cargo, ramp, reservations and more. Ourteamwork reflects in the operational performance of the airline’s statistics of regularly beating all of the major national carriers whenit comes to on-time performance.

Income Research & Management

7

Connie Mullis is the current Vice President ofMarketing and Communications of ProfitSharing/401k Council of America, a national,non-profit association of companies that sponsorprofit sharing and 401(k) plans for 6 millionemployees.

Before joining PSCA, Ms. Mullis was VicePresident of two national employee benefitproviders and served as Director of HumanResources/Benefits for two Internationalconstruction/engineering companies. In 1998,after graduating from Employee Benefits School,she received her Certified Retirement ServicesProfessional designation and in 2000, becamea Certified Retirement Counselor. Since then,Ms. Mullis has been a frequent speaker for tradegroups, benefits, training seminars and is aregular contributor for national benefitspublications.

Connie Mullis CRSP, CRC Patton Roark CFADan MillerDan Miller is Vice President and Head ofInstitutional Equities at GAMCO AssetManagement, based in Rye, New York. Since2002, he has been responsible for managingthe firm’s institutional brokerage business, andhas led various research and investment bankingrelated projects. He also manages several ofthe firm’s endowment and public fundrelationships, including those in the Asia Pacificregion.

In addition to his role at Gabelli, Mr. Millerremains an active member of the community.He served as Deputy Director for theCommission on Presidential Debates in2004, and previously, with the Office of Advanceat the White House. He is also currently thePresident of the Soundview Towers Associationin Stamford, Connecticut. He graduated MagnaCum Laude from the University of Miami, Wherehe was a representative on the Board ofTrustees.

Geri Marullo Ph.D.

Geri Marullo is the current President and CEOof Consuelo Foundation heading operationsboth in Honolulu and Manila. She holds a master’sdegree in Medical Surgical Nursing and adoctorate degree in Public Health from theUniversity of Hawaii. From 1989 to 1994, sheserved as Deputy Director of Health under JohnWaihee’s term and was the first Nurse Deputyever appointed by the Hawaii State Government.Afterwards, she became the Executive Directorand CEO of the American Nurses Associationin Washington, D.C., representing over 250,000nurse members in 53 state and territoriallocations all across America. From 1998-2005,she served as President and CEO of Child andFamily Service, the largest human serviceagency in Hawaii, and was the recipient of the“Businesswoman of the Year” award by PacificBusiness News in 2004.

Patton Roark currently serves as managingdirector and portfolio manager for RichmondCapital Management and has 15 years offixed income money management experience.He joined Richmond Capital as a PortfolioManager in 2003. Prior to this appointment,he was the Executive Vice-President and SeniorPortfolio Manager for the AFL-CIO HousingInvestment Trust for over ten years. Mr. Roarkalso worked for Price Waterhouse for threeyears. As a Portfolio Manager, Mr. Roarkspecializes in residential and commercialmortgage-backed securities and possesses abroad knowledge of fixed income instruments.

Mr. Roark is a graduate of Shepherd Collegeand earned his B.S. degree in Accounting in1989. He is a Chartered Financial Analyst.

4

William Thomson is the Chairman of PrivateCapital Limited, a Hong Kong-based wealthmanagement company, and advisor to theLondon-based Axiom hedge fund group. Hewas also a senior advisor to FranklinTempleton, served as Vice President and Boardmember at the Asian Development Bank inManila, and was a senior economist with theUS Treasury in Washington, D.C. He is agraduate of the universities of Manchester,Washington and the George WashingtonUniversity, and has attended most of the APAFSconferences since its founding.

Registration & Continental Breakfast

Welcome Remarks Atty. Francis Ed Lim - President, Philippine Stock Exchange

Session 1 Connie Mullis - Vice President, PROFIT SHARING/401k COUNCIL OF AMERICADavid J. John, President - ASC (PHILIPPINES) & ASC TRUST CO. (GUAM)Trends in the Global Defined Contribution (DC) Retirement Plan MarketplaceHow These Trends Can Redefine & Enhance Emerging Economy Retirement Markets

Networking Refreshment Break

Session 2 Panel participants: Dr. Geri Marullo, RN, DrPH - President & CEO, CONSUELO FOUNDATIONDaniel Urquico - Senior Advisor to the President, CONSUELO FOUNDATION PHILIPPINE BRANCHRay Dean Salvosa - Managing Director, CONSUELO FOUNDATION PHILIPPINE BRANCHBest Practices in NGO Service Delivery through NGO Networks:Good for Beneficiaries, Good for Funders, Good for NGOs?

Session 3 Margaret Ang - JANUS CAPITAL ASIA LTD.Power Plays: Opportunities in Alternative Energy

Featured Speaker Luncheon The Honorable Ed Angara - Philippine SenatorReal Estate Investment Act & Personal Equity and Retirement Account Act (PERA)

Session 4 Anna Zhong, CFA - CORNERSTONE REAL ESTATE ADVISORS Benefits & Risks of Investing in REITs & Outlook For The Future

Dr. Marc Faber Keynote Speaker Presentation

Dr. Marc Faber Q&A

Dr. Marc Faber photo opportunity with delegates

Cocktail Reception & Entertainment - Cats Disco, G/F, The Renaissance Makati City Hotel

7:00 AM 8:45 AM

8:45 AM 9:00 AM

9:00 AM 10:00 AM

10:00 AM 10:15 AM

10:15 AM 11:15 AM

11:15 AM 12:00 NN

12:00 NN 1:30 PM

1:30 PM 2:25 PM

2:25 PM 3:15 PM

3:15 PM 4:15 PM

4:15 PM 4:30 PM

BEGIN END

Program DetailsThursday OCTOBER 9

Registration & Continental Breakfast

Session 1 Simon Rudolph, ACA - FRANKLIN TEMPLETON INVESTMENTS (ASIA)How to find Opportunities in Distressed Asian Stock Markets

Networking Refreshment Break & Raffle Draw - $200

Session 2 Frank W. Crawford, CPA - USDA GRADUATE SCHOOLEthics presentation citing real-life examples, with a series of ethical guidelinesfor finance professionals.

Session 3 Equity Markets Outlook Panel DiscussionKeith M. Basso, Moderator - NAVELLIER & ASSOCIATESU.S. Equity Markets Catherine Woodruff - DAVIS HAMILTONPrivate Equity & Hedge Fund Markets Dan Miller - GABELLI ASSET MANAGEMENTInternational Equity Markets Chris Davis - FISHER INVESTMENTS

Featured Speaker Luncheon Brian Houle, CFA - INVESTMENT RESEARCH & MANAGEMENTSub-Prime Market Meltdown: What Really Happened & What Does it Mean Going Forward

Raffle Draw - $300

Session 4 Fixed Income Markets Outlook Panel DiscussionWilliam Thomson, Moderator - PRIVATE CAPITAL LIMITED

Global Fixed Income Donald Amstad- ABERDEEN ASSET MANAGEMENT Securitized Fixed Income Credit Patton Roark - RICHMOND CAPITAL Corporate & Government Credit Michael Salvay - PAYDEN & RYGEL

Networking Refreshment Break & Raffle Draw - $500

Session 5 Ralph J. Capio - USDA GRADUATE SCHOOLOverview of the procurement process and standards of conduct andethical rules applicable to the procurement process

Session 6 Development Bank Round Table Aren Palik - President, PACIFIC ISLAND DEVELOPMENT BANKAmerican Samoa DEVELOPMENT BANK OF AMERICAN SAMOA - Utu Abe Malae, PresidentCNMI COMMONWEALTH DEVELOPMENT AUTHORITY - Oscar Camacho, Executive DirectorFederated States of Micronesia FSM DEVELOPMENT BANK - Anna Mendiola, PresidentGuam GUAM ECONOMIC DEVELOPMENT & COMMERCE AUTHORITY - Anthony Blaz, AdministratorRepublic of the Marshall Islands MARSHALL ISLANDS DEVELOPMENT BANK - Amon Tibon, PresidentRepublic of Palau NATIONAL DEVELOPMENT BANK OF PALAU - Kaleb Udui, Jr, President/CEO

Closing Remarks Gerard A. Cruz - Chairman, APAFS

Raffle Draw - Grand Prize - $1,000

Friday OCTOBER 10

7:00 AM 8:30 AM

8:30 AM 9:15 AM

9:15 AM 9:30 AM

9:30 AM 10:30 AM

10:30 AM 12:00 NN

12:00 NN 1:00 PM

1:00 PM 1:15 PM

1:15 PM 2:30 PM

2:30 PM 2:45 PM

2:45 PM 3:30 PM

3:30 PM 5:00 PM

5:00 PM 5:15 PM

BEGIN END

Program Details

5:00 PM 9:00 PM

65

Registration & Continental Breakfast

Welcome Remarks Atty. Francis Ed Lim - President, Philippine Stock Exchange

Session 1 Connie Mullis - Vice President, PROFIT SHARING/401k COUNCIL OF AMERICADavid J. John, President - ASC (PHILIPPINES) & ASC TRUST CO. (GUAM)Trends in the Global Defined Contribution (DC) Retirement Plan MarketplaceHow These Trends Can Redefine & Enhance Emerging Economy Retirement Markets

Networking Refreshment Break

Session 2 Panel participants: Dr. Geri Marullo, RN, DrPH - President & CEO, CONSUELO FOUNDATIONDaniel Urquico - Senior Advisor to the President, CONSUELO FOUNDATION PHILIPPINE BRANCHRay Dean Salvosa - Managing Director, CONSUELO FOUNDATION PHILIPPINE BRANCHBest Practices in NGO Service Delivery through NGO Networks:Good for Beneficiaries, Good for Funders, Good for NGOs?

Session 3 Margaret Ang - JANUS CAPITAL ASIA LTD.Power Plays: Opportunities in Alternative Energy

Featured Speaker Luncheon The Honorable Ed Angara - Philippine SenatorReal Estate Investment Act & Personal Equity and Retirement Account Act (PERA)

Session 4 Anna Zhong, CFA - CORNERSTONE REAL ESTATE ADVISORS Benefits & Risks of Investing in REITs & Outlook For The Future

Dr. Marc Faber Keynote Speaker Presentation

Dr. Marc Faber Q&A

Dr. Marc Faber photo opportunity with delegates

Cocktail Reception & Entertainment - Cats Disco, G/F, The Renaissance Makati City Hotel

7:00 AM 8:45 AM

8:45 AM 9:00 AM

9:00 AM 10:00 AM

10:00 AM 10:15 AM

10:15 AM 11:15 AM

11:15 AM 12:00 NN

12:00 NN 1:30 PM

1:30 PM 2:25 PM

2:25 PM 3:15 PM

3:15 PM 4:15 PM

4:15 PM 4:30 PM

BEGIN END

Program DetailsThursday OCTOBER 9

Registration & Continental Breakfast

Session 1 Simon Rudolph, ACA - FRANKLIN TEMPLETON INVESTMENTS (ASIA)How to find Opportunities in Distressed Asian Stock Markets

Networking Refreshment Break & Raffle Draw - $200

Session 2 Frank W. Crawford, CPA - USDA GRADUATE SCHOOLEthics presentation citing real-life examples, with a series of ethical guidelinesfor finance professionals.

Session 3 Equity Markets Outlook Panel DiscussionKeith M. Basso, Moderator - NAVELLIER & ASSOCIATESU.S. Equity Markets Catherine Woodruff - DAVIS HAMILTONPrivate Equity & Hedge Fund Markets Dan Miller - GABELLI ASSET MANAGEMENTInternational Equity Markets Chris Davis - FISHER INVESTMENTS

Featured Speaker Luncheon Brian Houle, CFA - INVESTMENT RESEARCH & MANAGEMENTSub-Prime Market Meltdown: What Really Happened & What Does it Mean Going Forward

Raffle Draw - $300

Session 4 Fixed Income Markets Outlook Panel DiscussionWilliam Thomson, Moderator - PRIVATE CAPITAL LIMITED

Global Fixed Income Donald Amstad- ABERDEEN ASSET MANAGEMENT Securitized Fixed Income Credit Patton Roark - RICHMOND CAPITAL Corporate & Government Credit Michael Salvay - PAYDEN & RYGEL

Networking Refreshment Break & Raffle Draw - $500

Session 5 Ralph J. Capio - USDA GRADUATE SCHOOLOverview of the procurement process and standards of conduct andethical rules applicable to the procurement process

Session 6 Development Bank Round Table Aren Palik - President, PACIFIC ISLAND DEVELOPMENT BANKAmerican Samoa DEVELOPMENT BANK OF AMERICAN SAMOA - Utu Abe Malae, PresidentCNMI COMMONWEALTH DEVELOPMENT AUTHORITY - Oscar Camacho, Executive DirectorFederated States of Micronesia FSM DEVELOPMENT BANK - Anna Mendiola, PresidentGuam GUAM ECONOMIC DEVELOPMENT & COMMERCE AUTHORITY - Anthony Blaz, AdministratorRepublic of the Marshall Islands MARSHALL ISLANDS DEVELOPMENT BANK - Amon Tibon, PresidentRepublic of Palau NATIONAL DEVELOPMENT BANK OF PALAU - Kaleb Udui, Jr, President/CEO

Closing Remarks Gerard A. Cruz - Chairman, APAFS

Raffle Draw - Grand Prize - $1,000

Friday OCTOBER 10

7:00 AM 8:30 AM

8:30 AM 9:15 AM

9:15 AM 9:30 AM

9:30 AM 10:30 AM

10:30 AM 12:00 NN

12:00 NN 1:00 PM

1:00 PM 1:15 PM

1:15 PM 2:30 PM

2:30 PM 2:45 PM

2:45 PM 3:30 PM

3:30 PM 5:00 PM

5:00 PM 5:15 PM

BEGIN END

Program Details

5:00 PM 9:00 PM

65

Platinum Sponsors

Catherine Woodruff is the Managing Partner andDirector of Equity Investments for DavisHamilton Jackson & Associates. She waspreviously a Finance Professor at the Universityof Houston, and formerly Assistant Vice Presidentand Senior Portfolio Manager for CiticorpInvestment Management Inc., and Assistant VicePresident and Trust Investment Officer withTexas Commerce Bank. Ms. Woodruff is aChartered Financial Analyst, CharteredInvestment Counselor and a member of theCFA Institute and the Houston Society ofFinancial Analysts. She is a former memberof the Board of Trustees for the Texas GrowthFund where she served as Treasurer. Ms.Woodruff holds a Bachelor of Arts and Masterof Science in Economics from Louisiana StateUniversity and a PhD in Finance from theUniversity of Texas at Austin.

Catherine Woodruff Ph.D.

Daniel Urquico is the President of Child andFamily Service Philippines (CFSPI), a non-government organization based in Baguio Cityin the Cordillera Region. He co-founded theorganization to address the needs of abusedand disadvantaged children in his city. Startingwith a minimal contribution, CFSPI is now thelargest social development agency in Baguioand runs innovative programs in multiple sites.

His work in Baguio was instrumental in thedecision of Consuelo Zobel Alger to create theConsuelo Foundation, which has sincesupported thousands of disadvantaged childrenand families in the Philippines and Hawaii.

Mr. Urquico is known for his adept ability toforge strategic alliances and relationships thatbring additional resources and solutions toissues and problems.

Daniel UrquicoMs. Anna Zhong is the lead manager for Asiafor the Cornerstone Global Real Estate Fund.She is Director of Pan-Asian Real Estate forBaring Asset Management, a sister companyto Cornerstone Real Estate Advisers LLC, andfully dedicated to the research and investmentof Asian Real Estate stocks for the CornerstoneGlobal Real Estate Securities fund.

Ms. Zhong has more than 10 years of experiencein real estate research and investment in theAsia Pacific region. She has an MBA fromColumbia Business School and BS and MSdegrees from the University of Maryland. Shehas earned the right to use the CFA designation.

Anna Zhong

Michael E. Salvay, CFA, is a principal and asenior portfolio manager at Payden & Rygel.He is the senior portfolio manager on a numberof major accounts including public clients aswell as corporate and endowment clients. As asenior strategist he works closely with thestrategy groups such as mortgages, municipals,high-yield and corporate bonds. A frequentspeaker on many aspects of the fixed-incomemarket place both in the U.S. and internationally,Mr. Salvay has authored several articles onbond strategies.

Mr. Salvay holds the Chartered Financial Analystdesignation, and is a member of the CFAInstitute. He earned an MBA from the AmosTuck School at Dartmouth College and a BA inEconomics from the University of California,San Diego.

Michael Salvay CFA William ThomsonRay Dean SalvosaRay Dean Salvosa is currently the ManagingDirector for Philippine Operations of ConsueloFoundation Philippine Branch.

A Professor of Political Science and PoliticalPhilosophy, he is a member of the Board ofTrustees of the Jaime V. Ongpin Foundation,Inc. (JVOFI). He is currently the Chair of theEducation & Skills Alliance (ELSA) and theEducation & Employment Alliance (EEA),both in partnership with USAID to support andimplement programs for disadvantaged youthin the conflict areas of Mindanao. He is also aMember of the Executive Committee of theInternational Forum for Child Welfare(IFCW). He serves as a member of the JuvenileJustice & Welfare Council which has beentasked to oversee the implementation of theJuvenile Justice & Welfare Act (RA9344) of2006.

Simon Rudolph ACA

Simon Rudolph is the Executive Vice Presidentand Portfolio Manager for Templeton GlobalEquities at Franklin Templeton Investments(Asia) Ltd. in Hong Kong. He joined theTempleton organization in 1997 as a portfoliomanager and research analyst. He has globalresearch responsibility for the property sectorand also has country research coverage of Indiaand Japan. Previously, Mr. Rudolph researchedglobal shipping, as well as the Food, PersonalCare and Household Products sector and hadjoint coverage of the small cap consumer goodsindustries. He manages global, internationaland Asia Pacific mandates, as well as specificcountry portfolios.

Mr. Rudolph holds a BA degree in EconomicHistory from Durham University in England. Heis a Chartered Accountant and a member of theInstitute of Chartered Accountants ofEngland and Wales.

Anna MendiolaPresidentFSM DEVELOPMENT BANK

Anthony BlazAdministratorGUAM ECONOMIC DEVELOPMENT

& COMMERCE AUTHORITY

Oscar CamachoExecutive DirectorCOMMONWEALTH

DEVELOPMENT AUTHORITY

Utu Abe MalaePresidentDEVELOPMENT BANK

OF AMERICAN SAMOA

Aren PalikPresidentPACIFIC ISLAND

DEVELOPMENT BANK

Amon TibonPresidentMARSHALL ISLANDS

DEVELOPMENT BANK

Kaleb Udui, Jr.President/CEONATIONAL DEVELOPMENT BANK

OF PALAU

Round TableDiscussionLead Participants

Speakers Profile

Metropolitan West Capital Management LLC is an independent, SEC-registered investment management firm basedin Newport Beach, California. The firm also has offices in Guam and Morris Plains, N.J. MetWest Capital manages Value-oriented Equity, Balanced, International and Global portfolios for individual and institutional clients. Its team of seniorinvestment professionals have been working together since 1992 to manage long-term portfolios for their base of UnitedStates and international clients.

ASC is the leading provider of Retirement Plan Services in the Asia Pacific Region. Founded in Guam in 1990 withthe objective to service the private sector during the unprecedented growth in the regional economy. It pioneered thedesign of a retirement plan system that would be supported locally.

Today, ASC is the choice among majority of fiduciaries who run retirement plans in the region. ASC currently managesover 1,000 Retirement Plans in 13 countries with a client base of large multinational companies, small regional, localcompanies, as well as government and non-profit organizations. It has regional offices in Guam, Saipan and the Philippines.

Atalanta Sosnoff is an independent registered investment advisor that provides investment advisory services on adiscretionary basis to corporations, tax exempt funds such as pension and other plans, charitable organizations such asendowments and foundations, Taft-Hartley funds, governmental entities, broker-sponsored wrap programs and high networth individuals. Founded in 1976, Atalanta Sosnoff is a private entity owned by active employees. The Firm is definedby our proprietary investment research, dedicated client service and high standards on corporate ethics.Atalanta Sosnoff, with over $7.5 billion under management, has been managing money for over 30 years with a significantpresence in the Pacific Rim. Atalanta Sosnoff is proud to be a Platinum Sponsor for the 8th Annual Pacific RegionInvestment Conference. It is our chance to further the education of our loyal clients in the Western Pacific.

Citi, the leading global financial services company, has some 200 million customer accounts and does business in more than100 countries, providing consumers, corporations, governments and institutions with a broad range of financial products andservices, including consumer banking and credit, corporate and investment banking, securities brokerage, and wealth management.Major brand names under the trademark red arc include: Citibank, Citi Smith Barney, CitiFinancial and Primerica. Additionalinformation may be found at www.citi.com.

Citi Smith Barney is a leading provider of wealth management services to individual investors, foundations, companies andinstitutions, offering a full suite of investment services, including asset allocation, private investments and lending services, hedgefunds, stock and retirement plan services, cash and portfolio management, as well as philanthropic, education and estate planning.Additional information may be found at: www.smithbarney.com.

Citi Smith Barney’s Consulting Group is an industry leader in investment management consulting services, currently consultingto over $250 billion globally. Founded in 1973, the Consulting Group works with clients, both institutional and individual, to developcustomized investment and asset allocation strategies. A hallmark of the Consulting Group’s services is its proprietary investmentmanager research process, enabling clients to make thoughtful and informed investment decisions. Additional information maybe found at: www.smithbarney.com/consultinggroup.

Asia Pacific Group of Citi Smith Barney’s Guam office provides institutions and high net worth individuals with customizedeconomic, investment and asset allocation strategies based on their individual financial objectives. The team is headed by DanielA. Roland, CIMA, Senior Vice President - Wealth Management/Citi Smith Barney and Senior Institutional Consultant/ConsultingGroup. Dan has over 30 years of experience in the institutional marketplace. Jason B. Miyashita, CRPS, Second Vice President -Wealth Management and Financial Planning Specialist/Citi Smith Barney and Investment Management Specialist/Consulting Groupspearheads the teams’ efforts in the corporate and individual high net worth marketplace. Maree Pelkey, Registered Client ServiceAssociate, serves as technical analyst and heads client service. Additional information may be found at:http://fa.smithbarney.com/asiapacificgroup.

Davis Hamilton Jackson & Associates (DHJA), founded in 1988, offers equity, fixed income and balanced strategiesfor both institutional and individual investors. Its diversified client base includes public funds, universities and endowments,Taft-Hartley plans, religious organizations and corporations, with current assets under management of approximately $2.2billion. Since DHJA’s inception, the firm has followed a consistent investment philosophy in both the equity and fixedincome products that emphasizes high quality, diversification and risk control which has allowed us to achieve superiorlong-term returns with less risk.

DHJA has a long and distinguished history in building meaningful partnerships with clients. This partnershipperspective uniquely positions the firm to fully understand clients’ specific investment needs and to structure investmentsolutions to address those requirements. This is the basis on which the firm was established and one of the ways wehave consistently differentiated ourselves from our competitors.

Franklin Templeton Institutional offers a full range of institutional investment capabilities from the six distinct investmentmanagement platforms. While each investment platform’s process and approach remain autonomous, they share a singledistribution platform incorporating business development, relationship management, and consultant relations. With officesin New York, San Mateo, Fort Lauderdale, Hong Kong, London, Melbourne, Tokyo, and Toronto, Franklin TempletonInstitutional offers its clients access to more than 400 investment professionals worldwide and, through its investmentplatforms, manages over US$173.8 billion in institutional asset as of 31 March 2008.

Income Research & Management (IR&M) has been providing investment advisory services for 21 years. We began managingassets in 1987 for institutional clients, and as of March 31, 2008, IR&M had $12.4 billion in assets under management. IR&Mfocuses on the fixed income arena, specifically concentrating on the US investment grade markets. Within the investment gradeuniverse, our products span the yield curve as well as including TIPS and Convertibles. Our clients’ portfolios are managed bythe founders and principals of the firm, and the vast majority are managed on a separate account basis, customized to meet theneeds of each individual client.

IR&M’s investment philosophy de-emphasizes macro bets such as interest rate calls and focuses on uncovering value throughdiligent, rigorous bottom-up security selection in niche areas of the market. Our research, trading and portfolio managementfunctions are fully integrated. Portfolio managers perform their own trading and research bringing their extensive experience tobear on all investment decisions. A team of analysts helps leverage our most senior investment professionals with idea generationcoming from both internal discussions and research as well as constant interaction with the street. Furthermore, all 8 seniorinvestment professionals perform these functions as a team, enabling discussion of ideas and nimble decision making whennecessary.

An open office environment further fosters this process by ensuring consistency of management and performance acrossportfolios of similar mandates. We have no investment committees, enabling us to act swiftly when attractive investment opportunitiespresent themselves and to discuss investment ideas on an ongoing basis. Our process has been consistent over time benefittingfrom a steady team as no Senior Portfolio Manager has ever left IR&M.

We pride ourselves on both providing solid, consistent investment results and exceptional client service with the goal ofbuilding fruitful, long-standing client partnerships.

Continental Micronesia, a wholly owned subsidiary of Continental Airlines, is headquartered in Guam and operates a Pacific hubfrom the A.B. Won Pat International Airport. Continental Micronesia employs 1,400 professional men and women, and offers morethan 246 departures each week between 22 cities throughout the Pacific Rim, Micronesia, and Hawaii.

Celebrating 40 years in 2008, Continental Micronesia operates a safe, clean, reliable, and on-time operation every day, servingthousands of our friends and neighbors with a unique blend of island hospitality and the backing of the world’s fifth largest airline.No other airline in our region can make that claim.

Continental’s position as Micronesia’s hometown carrier is unlike any other airline in the Pacific. Our marketing and sales officesin the U.S., Guam, Japan, Hong Kong, and Manila actively promote the region, helping national travel organizations bring visitorsto our islands. Thanks to the marketing dollars of Continental Airlines, we successfully encourage vacationers from around theworld to consider a memorable and enjoyable trip to the beautiful destinations in Micronesia.

As a subsidiary of Continental Airlines, our customers enjoy award-winning products and service, and benefit from the airline’sgoal of operating the youngest jet fleet in the industry. We’ve invested nearly $1 billion in our 12 next-generation Boeing 737narrowbody and 767 widebody aircraft. Our investment reflects more than our dedication to flying jets with the latest avionicstechnology and passenger amenities like larger overhead bins and improved entertainment systems; it solidifies our steadfastcommitment to provide only the best for our customers.

Continental Micronesia’s success is a product of the reliability and dedication of our employees in Guam, Micronesia, Japan,and throughout the Pacific. Whether at the Guam hub or our stations throughout the region, our 1,400 employees shine in allaspects of our operation – from flight operations to maintenance, airport services, cargo, ramp, reservations and more. Ourteamwork reflects in the operational performance of the airline’s statistics of regularly beating all of the major national carriers whenit comes to on-time performance.

Income Research & Management

7

Connie Mullis is the current Vice President ofMarketing and Communications of ProfitSharing/401k Council of America, a national,non-profit association of companies that sponsorprofit sharing and 401(k) plans for 6 millionemployees.

Before joining PSCA, Ms. Mullis was VicePresident of two national employee benefitproviders and served as Director of HumanResources/Benefits for two Internationalconstruction/engineering companies. In 1998,after graduating from Employee Benefits School,she received her Certified Retirement ServicesProfessional designation and in 2000, becamea Certified Retirement Counselor. Since then,Ms. Mullis has been a frequent speaker for tradegroups, benefits, training seminars and is aregular contributor for national benefitspublications.

Connie Mullis CRSP, CRC Patton Roark CFADan MillerDan Miller is Vice President and Head ofInstitutional Equities at GAMCO AssetManagement, based in Rye, New York. Since2002, he has been responsible for managingthe firm’s institutional brokerage business, andhas led various research and investment bankingrelated projects. He also manages several ofthe firm’s endowment and public fundrelationships, including those in the Asia Pacificregion.

In addition to his role at Gabelli, Mr. Millerremains an active member of the community.He served as Deputy Director for theCommission on Presidential Debates in2004, and previously, with the Office of Advanceat the White House. He is also currently thePresident of the Soundview Towers Associationin Stamford, Connecticut. He graduated MagnaCum Laude from the University of Miami, Wherehe was a representative on the Board ofTrustees.

Geri Marullo Ph.D.

Geri Marullo is the current President and CEOof Consuelo Foundation heading operationsboth in Honolulu and Manila. She holds a master’sdegree in Medical Surgical Nursing and adoctorate degree in Public Health from theUniversity of Hawaii. From 1989 to 1994, sheserved as Deputy Director of Health under JohnWaihee’s term and was the first Nurse Deputyever appointed by the Hawaii State Government.Afterwards, she became the Executive Directorand CEO of the American Nurses Associationin Washington, D.C., representing over 250,000nurse members in 53 state and territoriallocations all across America. From 1998-2005,she served as President and CEO of Child andFamily Service, the largest human serviceagency in Hawaii, and was the recipient of the“Businesswoman of the Year” award by PacificBusiness News in 2004.

Patton Roark currently serves as managingdirector and portfolio manager for RichmondCapital Management and has 15 years offixed income money management experience.He joined Richmond Capital as a PortfolioManager in 2003. Prior to this appointment,he was the Executive Vice-President and SeniorPortfolio Manager for the AFL-CIO HousingInvestment Trust for over ten years. Mr. Roarkalso worked for Price Waterhouse for threeyears. As a Portfolio Manager, Mr. Roarkspecializes in residential and commercialmortgage-backed securities and possesses abroad knowledge of fixed income instruments.

Mr. Roark is a graduate of Shepherd Collegeand earned his B.S. degree in Accounting in1989. He is a Chartered Financial Analyst.

4

William Thomson is the Chairman of PrivateCapital Limited, a Hong Kong-based wealthmanagement company, and advisor to theLondon-based Axiom hedge fund group. Hewas also a senior advisor to FranklinTempleton, served as Vice President and Boardmember at the Asian Development Bank inManila, and was a senior economist with theUS Treasury in Washington, D.C. He is agraduate of the universities of Manchester,Washington and the George WashingtonUniversity, and has attended most of the APAFSconferences since its founding.

Margaret Ang Edgardo AngaraKeith Basso is Vice President of Marketing andBoard Member of Navellier.

Keith Basso joined Navellier in 1992 as anOperations Manager and has 22 years ofexperience in marketing, operations, and clientservices. Mr. Basso is responsible for developingrelationships with brokers and high net worthindividuals and is instrumental in focusing thefirm’s marketing efforts. He also lecturesnationwide about Navellier’s investmentphilosophy and the benefits of utilizing aquantitative investment strategy.

Prior to joining Navellier, Mr. Basso was anOperations Supervisor for E.F. Hutton andShearson Lehman Brothers.

Mr. Basso received a B.S. in Liberal Arts fromSyracuse University.

Keith Basso

Dr. Marc Faber studied Economics at theUniversity of Zurich and, at the age of 24,obtained a PhD in Economics, magna cum laude.

Dr. Faber publishes a widely read monthlyinvestment newsletter “The Gloom Boom &Doom” report which highlights unusualinvestment opportunities, and is the author ofseveral books including “Tomorrow’s Gold –Asia’s Age of Discovery” which was firstpublished in 2002 and highlights futureinvestment opportunities around the world.The book was included for several weeks onAmazon’s best seller list. A regular speaker atvarious investment seminars, Dr. Faber is wellknown for his “contrarian” investment approach.

A book on Dr. Faber, “Riding The MillennialStorm”, by Nury Vittachi, was published in 1998.

Marc Faber Ph.D.

Brian Houle is a Senior Vice President at IncomeResearch & Management (IR&M), which hejoined in 2005. In his present role, he workswith varying types of Institutional clients includingpublic pension funds, corporate pension funds,insurance companies, endowment andfoundations, and their advisors. He is a memberof the firm’s Investment Team with responsibilitiesin portfolio oversight, product management,developing client communications andrelationship management. He has focused onthe fixed income markets throughout hiscareer. Prior to joining IR&M, Mr. Houle wasemployed at Gannett, Welsh and Kotler LLC,aiding both private and institutional clients in asimilar capacity to his present role at IR&M. He also worked for MFS Investment Managementin a client service capacity. Mr. Houle receivedhis BS in Business from Wake Forest Universityin Winston-Salem, NC. He is a CFA charterholderand member of the Boston Security AnalystsSociety and CFA Institute.

Brian HouleDavid J. John is President of ASC TrustCorporation. He was educated at the Universityof Saint Thomas in St. Paul Minnesota. He has17 years experience working with qualifiedretirement plans. Ten of these years have comefrom Micronesia, where he was one of theoriginal members of the ASC staff. Additionally,he is an active board member of the RotaryClub of Guam, the Employers Council andis a founding member of the Committee toGet Guam Working, a political actioncommittee on the island.

David John

Ralph J. Capio is an attorney specializing ingovernment contract law, international law,transportation law, foreign military sales, andcorporate affairs.

Mr. Capio holds a teaching position at SaintLouis University and Webster University andteaches various legal and contracting relatedcourses. He holds a Professional Designationin Contract Management (PDCM) as well as topsecret clearance. He is admitted to practice inthe United States Supreme Court, the NewYork Court of Appeals, the United StatesDistrict Court (NDNY), the United StatesCourt of Federal Claims, and the UnitedStates Court of Appeals for the ArmedForces.

Mr. Capio currently serves as an instructor withthe Graduate School, USDA's Pacific IslandsTraining Initiative (PITI).

Ralph CapioFrank Crawford is President of Crawford &Associates, P.C., Certified Public Accountants.Crawford & Associates is a 16-person firm withits lead office located in Oklahoma City,Oklahoma.

Mr. Crawford is currently the Chair of theGovernment Accounting and Auditing Committeeof the Oklahoma Society of CPA. He is alsocurrently the Chair of the AICPA's GASB LiaisonTask Force.

Mr. Crawford is a frequent lecturer, trainer anddiscussion leader for numerous groups, firms,and State Societies, and has appeared in severalAICPA continuing professional education videosand live satellite broadcasts related togovernmental accounting and auditing.

Frank Crawford Gerard CruzGerard A. Cruz is Chairman of the Board ofGovernors of the Asia Pacific Association ofFiduciary Studies. In addition, he serves asTreasurer and a senior member of the Boardof Trustees to the Government of Guam StateRetirement Fund and as President and CEOof Community First Guam FCU, a full servicefinancial institution.

He has provided a number of financial relatedseminars and has presented lectures throughoutthe region. He was a speaker during the 2006Asian Investment Summit held in Hong Kongand was again invited to speak during the 2007Asian Investment Summit.

Mr. Cruz received a BA in Economics and anMBA in Finance from the University of SanFrancisco, and has attended the Pacific CoastBanking School at the University of Washington,Seattle.

Incumbent Philippine Senator Edgardo Angara firstheld his senate position in 1987 until 1998 andwas Senate President from 1993 to 1995. In1999, as Secretary of the Department ofAgriculture, he authored the Agriculture andFisheries Modernization Act.

Now on his second term since 2001, he has beenresponsible for many important legislative measures:Senior Citizens Financial Assistance Act,Child Nutrition Act, Child Health InsuranceProgram, the PERA Law, Student Loans Actand Grants Program Act. Financial reform is alsohigh on Senator Angara’s agenda, one which he isworking hard to achieve through pioneering lawssuch as the Real Investment Act, CreditInformation Bureau Systems Act and CorporateRecovery Act.

A recipient of the Commandeur dans l’ordre desPalmes citation from France, Senator Angara hasbeen a director of the Global Organization ofParliamentarians Against Corruption since2002. He is also to be credited for theProcurement Reform Act, the biggest anti-corruption law in Philippine history.

Speakers Profile

Donald AmstadDonald Amstad is a Director of BusinessDevelopment based in Singapore. He joinedAberdeen in 2007 as Head of Fixed Income,Asia where he was responsible for both fixedincome assets managed in Asia as well as forrepresenting the group's fixed income expertisein the region. Prior to his work at Aberdeen, hewas a Senior Fixed Income Manager at JPMorgan Asset Management in London andwas in charge of central bank portfolios. Thisfollowed various posts in fixed income, mainlyin product management or sales, with Bank ofAmerica, JP Morgan Securities and NomuraInternational which he joined shortly aftergraduation. He has 25 years of experience infixed income markets and has over 10 yearsexperience working in both Japan and Singapore.Mr. Amstad holds a BA in Philosophy, Politicsand Economics from Trinity College, Oxford.

Gold Sponsors

Silver Sponsors

Aberdeen Asset Management Asia Limited (’Aberdeen Asia’) is a 100%-owned subsidiary of Aberdeen AssetManagement PLC (’Aberdeen’ or ‘the Group’).

Aberdeen is the holding company for a global asset management group managing equity and fixed income securities,private equity and property; clients include state and corporate pension funds, central banks, insurance companies, globalfinancial institutions and discretionary managers (including other fund managers) through segregated and pooled fundproducts. It was formed in 1983 via the MBO of an investment management contract for a small investment trust and waslisted on the London Stock Exchange in 1991. Over the years, Aberdeen has expanded through a combination of acquisitionand organic growth. Asset management for third parties remains its only business. It is independently operated with noties to larger financial institutions. Aberdeen Asia, the Group’s regional headquarters in Singapore, has been a wholly-ownedsubsidiary of the Group since its establishment in Singapore in 1992 and oversees about US$45 billion assets across theregion.

Bank of Hawaii, founded in 1897, is the largest independent financial institution in Hawaii, with assets of $10.5 billion(as of December 31, 2007). Outside of Hawaii, the Bank has provided, for over 40 years, a broad range of financial andinvestment products and services to clients in American Samoa, the Federated States of Micronesia, Guam, theCommonwealth of the Northern Mariana Islands, and the Republic of Palau.

Bank of Hawaii is also the largest full-service trust institution in Hawaii, managing investments for its clients since1898. It administers over $12.4 billion (as of March 31, 2008) in client assets through trustee, custodial and safekeeping,escrow, individual portfolio investment management, and mutual fund services. Trust and investment services for American Samoa and Micronesia is headed by Kamani Kuala‘au out of Honolulu,and Marilyn Megofna provides client service from Guam.

Cornerstone Real Estate Advisers LLC was founded in 1994 to serve as the investment manager for the Mass MutualInsurance Company's real estate equity portfolio and with the intent to grow an investment management business forother institutional investors over time.

Cornerstone registered with the SEC as an Investment Adviser on April 1, 1996. Even with headquarters in Hartford,CT, Cornerstone has regional offices across the U.S and is in the midst of expanding its operationsglobally, establishing the first Cornerstone foreign office in Hong Kong in early 2008. The establishment of a Europeanoffice is expected before the year’s end.

Cornerstone manages a variety of real estate closed-end, commingled funds; separate accounts; REIT separateaccounts and a REIT mutual fund; in addition to the open-end, commingled Patriot Fund. These funds arestructured as limited partnerships, LLCs, insurance company separate accounts or other structures depending upon thefund and/or client specific requirements. As of March 31, 2008, the firm managed $3.8 billion in realestate investments for 25 tax-exempt institutions and had over $9.6 billion in properties and real estate securities undermanagement.

Fisher Investments (FI) is a global equity manager with headquarters in the San Francisco Bay Area. FI is 100%Fisher family and employee-owned. It services a globally diverse client base with over $45 billion in assets under managementas of March 31, 2008. The firm’s competitive advantages are the stability of its Investment Policy Committee and itsunique investment process. FI’s portfolios provide meaningful diversification benefits in a multi-manager platform andhave outperformed their benchmarks in a variety of market conditions. Our consistently applied investment disciplineassists clients in achieving their objectives and further emphasizes the integrity of our organization.

GAMCO Asset Management, founded in 1977 by Mario J. Gabelli, manages approximately $31 billion on behalf ofinstitutions, public and private endowments, government entities, and high net worth individuals. Since inception, assetsmanaged in our traditional value style have delivered outstanding performance with below market volatility by utilizingour proprietary Private Market Value with a Catalyst approach to security analysis. In addition to our flagship All-Cap valueproduct, GAMCO manages portfolios in a number of investment styles in both traditional managed accounts and investmentpartnerships, including Smallcap, Growth, International, Socially Responsive, Merger Arbitrage, Gold, Energy, and HighYield Fixed Income.

Our firm is well known for its intensive, bottoms-up research process. Our team of 35 analysts follow over two dozenindustries on a global basis, constantly monitoring news flow, meeting with managements, customers, and competitors.The analysts maintain detailed models that emphasize a company’s balance sheet, income statement, and cash flow, withat least a 10 year historical and future time horizon.

GAMCO Asset Management is a subsidiary of GAMCO Investors, Inc. (NYSE: GBL), a publicly listed firm since 1999.We have a professional staff of over 200, with roughly two-thirds dedicated to investment and client service responsibilities.We maintain research and marketing offices in New York, Chicago, Reno, Palm Beach, Minneapolis, London, Shanghai,and Singapore.

BPI Asset Management is the independent unit of the Bank of the Philippine Islands administering the fiduciarybusiness of the Institution. BPI Asset Management leads the industry with over Php 260 Billion of Assets under management.As Fund Manager, BPI Asset Management has the largest market share of total employee benefit plans. It was also thefirst to offer the only multi-currency Family of Mutual Funds, Family of Index-Tracker Funds, and also the first to managemarket-to-market funds prior to Banko Sentral ng Pilipinas’ Circular No. 447.

BPI is the only local bank to be accredited as 3rd party custodian bank, and also the first bank to act as such throughits Asset Management and Trust Group (AMTG). Backed by over 130 seasoned investment professionals and the mostadvanced multi-currency investment accounting and reporting system, BPI Asset Management is the first and only localfund manager offering clients with innovative 24/7 online access to their Investment Account through the BPI AssetManagement Online.

Chris DavisWith five years of investment experience underhis belt, Chris Davis is the current Vice Presidentof Fisher Investments and serves as a liaisonbetween the Investment Policy Committee andthe company's institutional clients andconsultants. In this role, Mr. Davis communicatesportfolio strategy, market outlook, performance,stock analysis, and conducts independentresearch projects. He has been with FisherInvestments for two years. Prior to this, heworked as a Financial Advisor for UBS FinancialServices.

Mr. Davis obtained his B.A. in Economics fromthe University of Virginia.

Atty. Francis LimAtty. Francisco Ed. Lim is the President, Directorand Chief Executive Officer of the Philippine StockExchange, President and Chief Executive Officerof Securities Clearing Corporation of the Philippines,and Chairman of the Philippine Stock ExchangeFoundation, Inc., and Capital Market DevelopmentCenter, Inc. He is Director of the Philippine DealingSystem Holdings Corporation and Trustee of theSecurities Investors Protection Fund. A professor atthe Ateneo de Manila’s College of Law and the GraduateSchool of Law of San Beda College, he is also aProfessional Lecturer at the Philippine JudicialAcademy. Lim is also Chairman of the TechnicalWork Group on the Revision of the InvestmentCompany Act of the Senate of the Republic of thePhilippines in addition to being a member of the CapitalMarket Development Council and Financial Executivesof the Philippines.

Prior to his role at PSE, Atty. Lim was previously aSenior Partner and Co-Managing Partner at AngaraAbello Concepcion Regala and Cruz Law Offices. Hereceived his Bachelor of Laws degree from the Ateneode Manila University and his Master of Laws degreefrom the University of Pennsylvania, USA.

3 8

Margaret Ang is Co-Head of Janus Capital’sAsia Pacific ex-Japan region, which isresponsible for institut ional businessdevelopment and consultant relations. She hasover 20 years of sales and businessdevelopment experience in the fundmanagement industry.

Ms. Ang joins Janus Capital Asia from UOBAsset Management Ltd in Singapore whereshe was Senior Director, Head of InstitutionalSales covering inst itut ional businessdevelopment in Singapore. With her wide rangeof product knowledge and investment expertise,she has taken on senior roles in other foreignfinancial institutions before UOB such as Directorof Business Development & Regional ResearchAnalyst for Batterymarch FinancialManagement and Deputy General Managerfor Daiwa Securities Hong Kong Ltd.

Founded in 1969, Janus Capital Group is a leading global asset management firm which today manages over US$190billion in assets for clients around the world. At Janus, we believe there is more than one way to add value in investmentmarkets, therefore we maintain two distinct, but complementary investment approaches: Janus’ fundamental investmentapproach applies intensive first-hand research and bottom-up portfolio construction to build portfolios which areconcentrated in Janus’ highest conviction research ideas. Whereas INTECH, a subsidiary of Janus Capital Group, employsa unique mathematical process which draws on the inherent volatility of share prices to deliver risk-adjusted excess returnsover the long term.

Janus Capital Group’s international business offers US and global specialist investment disciplines to institutionaland professional investors in their local markets delivering both fundamental and mathematical investment expertise. Ourfirm has managed money for almost 40 years and investment management is still our only business. We are proud of ourcommitment to our core competency – applying intensive research, disciplined process and active management to helpour clients achieve meaningful long-term returns on the assets they entrust to us.

Hafa Adai! I am proud to welcome you to thisyear’s Pacific Region Investment Conference. It seemsthat it was just yesterday when we presented ourfirst conference in Guam. At the time, Asia was goingthrough a terrible financial crisis and we sat andlistened to experts explain that tomorrow would comeand we would all make it through the crisis. Fastforward eight years and we again are faced withuncertainty of a weakening US economy and risingoil prices. Again, we look to experts to provide insightinto our duty as trustee and fiduciary.

To say this Conference is packed with activities wouldbe an understatement as we have filled two dayswith high caliber presentations from world-renownedfinancial experts. Our keynote speaker is legendarycontrarian investor Dr. Marc Faber, writer, editorand publisher of “The Gloom, Boom & Doom Report,”a monthly newsletter on unusual investmentopportunities. He also makes regular appearanceson CNBC.

We will also get an update on trends in global definedcontribution retirement plans and how these trendscan be advantageous to new emerging retirementmarkets. As always, you can take advantage of thisunique opportunity to network with colleagues andindustry leaders.

This is our third year in the Philippines, and we hopeyou continue to enjoy the rich culture and the warmthof hospitality this country offers.

On behalf of the Association, thank you for yourcontinued support. See you at the venue!

Sincerely,

Gerard A. CruzCHAIRMAN

Welcome to the 8th Annual Pacific Region InvestmentConference. We at the Asia Pacific Association forFiduciary Studies organize this conference every yearas a means of providing a regional resource forreviewing the latest trends, practices, and issues infiduciary management, as well as to give our delegatesthe chance to meet and interact with variouscolleagues from the investment industry.

Since its founding eight years ago, starting out withonly a handful of Micronesian members, APAFSmembership has grown to over 300 and has expandedto a fair number of participating countries. As anAPAFS member, we further encourage you to spreadthe word and invite more colleagues and businesspartners to take part in the continued exchange ofpertinent investment knowledge and fiduciary bestpractices.

I am confident that APAFS’ commitment to raise thelevel of understanding and standards of practiceamong regional fiduciaries will be strengthened evenmore this year. But of course, we also like to mix abit of pleasure with business.

Get the chance to mingle, network and build contactswith your associates from the fiduciary industryduring our special cocktail reception. Prizes of up to$1000 will also be raffled off on Day 2 of the conference,another thing you’ll surely look forward to.

As always, I am eager to greet returning delegatesand meet new ones. Thank you for participating inthe 2008 Annual Investment Conference, and hopeto see you in the coming days!

Sincerely,

Daniel A. Roland, CIMAEXECUTIVE DIRECTOR

Message from the Chairman

BOARD OF GOVERNORSCHAIRMANGerard CruzTrusteeGov Guam Retirement Fund

VICE CHAIRMANMark A. AguonAdministratorNMI Retirement Fund

TREASURERDavid O’BrienVP Finance & AdministrationUniversity of Guam

SECRETARYDr. Patrick U. TelleiPresidentPalau Community College

Jackson AdingMayorEnewetak Local Government Council

Ron CenicolaVP FinanceRMI Telecommunications Authority

Joy CerveroVice PresidentMetrobank Philippines

Masa-Aki EmesiochlChairmanBoard of RegentsCollege of Micronesia Land Grant

Sergie FerrerTreasurerSDA Southern Asia-Pacific Division

Benjamin GrahamBusiness ConsultantGraham Consulting

Raaj S. KurapatiVP FinanceNorthern Marianas College

Mathias LawrenceVP FinanceFSM Telecommunication Corporation

Anna MendiolaPresidentFSM Development Bank

Alexander R. NarruhnAdministratorFSM Social Security Administrator

Mary OkadaVP FinanceGuam Community College

Aren PalikPresidentPacific Islands Development Bank

Elbuchel SadangMinister of FinanceRepublic of Palau

Alan SeidChairmanWays & Means CommitteeOEK Senate, Republic of Palau

John UntalanTrusteeMarianas Public Land Trust

EXECUTIVE DIRECTORDaniel A. Roland, CIMASenior Vice PresidentConsulting GroupCiti Smith Barney

DEPUTY EXECUTIVE DIRECTORMark J. HeathSenior Vice PresidentMetropolitan West Capital Management LLC

Message from the Executive Director

Media Sponsors

Silver Sponsors

Bronze Sponsors

Robeco Investment Management, Inc. (“RIM”) is a SEC-registered Investment Adviser that is comprised of threeU.S.-based investment divisions: Robeco Boston Partners, Robeco Weiss, Peck & Greer and Robeco Sage. The firm’sparent company, Robeco Groep, N.V. (“Robeco Group”), is a global investment management company with headquartersin Rotterdam, the Netherlands. The Robeco Group was founded in 1929 and, as of March 31, 2008, it currently managesover $212 billion worth of investments worldwide. Robeco Group is wholly-owned by Rabobank Group (“Rabobank”),the Netherlands. Rabobank is a full-range financial service provider that enjoys the highest credit rating (AAA) awardedby renowned international rating agencies, Moody’s and Standard & Poor’s.

With an integrated sales team and support structure, RIM’s three investment platforms operate independently,enabling the firm’s clients to benefit from the specialist expertise of each. The firm’s goal is to offer institutional and retailinvestors a comprehensive product line complemented by dedicated client service. Clients include Taft-Hartley plans,public and corporate pension plans, insurance entities, endowments/foundations, individuals and family groups, andfinancial intermediaries and their clients.

Milliman, whose corporate offices are in Seattle, serves the full spectrum of business, financial, government, andunion organizations. Founded in 1947 as Milliman & Robertson, the company has 48 offices in principal cities in the UnitedStates and worldwide. Milliman employs more than 2,100 people, including a professional staff of more than 1,000 qualifiedconsultants and actuaries. The firm has consulting practices in employee benefits, healthcare, life insurance/financialservices, and property and casualty insurance. Milliman’s employee benefits practice is a member of Abelica Global, aninternat ional organizat ion of independent consult ing f i rms serving cl ients around the globe.

Glimpses of Guam Inc. is Micronesia’s largest communication company, and was established in 1974.Glimpses Publications includes the bimonthly Guam Business—celebrating its 25th anniversary—which

analyzes industries and economies of the Pacific Rim; and the Marianas Business Journal, a biweekly print and electronicjournal with exclusive breaking news and data of interest to business communities of the region. Marine Drive Magazineand Beach Road Magazine are lifestyle publications and R&R Pacific serves the military market. The award-winning newsteam is supported by a variety of regional correspondents.

Guam Business can be found at www.guambusinessmagazine.com and the Marianas Business Journal atwww.mbjguam.net. The sites offer a variety of links to useful sites. Glimpses Publications also produces a variety ofspecialty publications and has coordinated a number of events and symposiums. Glimpses Publications is a sought-aftersponsor for conferences and major events.

Richmond Capital Management is an independent fixed-income only investment advisory firm. Founded in 1982,the firm serves public, corporate and Taft-Hartley retirement funds as well as insurance companies, endowments andfoundations throughout the United States and the Pacific region. It focuses on value, using a disciplined process and teamapproach.

The Renaissance Group LLC, dba Renaissance Investment Management, is a registered investment advisor foundedin 1978 and based in Cincinnati, Ohio. Renaissance is a majority owned affiliate of Affiliated Managers Group (AMG), aBoston-based holding company. We currently manage $8 billion in assets (as of 3/31/08) for a variety of clients includingpublic pension, corporate, endowment/foundation, union and individuals. Renaissance offers local and internationalstrategies covering the entire range of market capitalization. We are proud to have managed assets in the Asia Pacificregion these past 20 years.

We believe that the utilization of disciplined and systematic methods for identifying attractive growing companiesthat exhibit business and earnings momentum and whose stock is trading at reasonable valuations will result in superiorreturns over time. The name Renaissance evokes the spirit of an age where the interdependence of art and science firstemerged. It also defines our approach to investing, which is built on a foundation of quantitative disciplines, but guidedby experience and judgment. The foundation of the Renaissance investment process is our proprietary quantitativemodeling, employing factors that we regularly test and validate for effectiveness. This modeling process allows us tosystematically identify the most quantitatively attractive stocks in the market. Once we have identified a subset of companiesthat are candidates for inclusion in one of our portfolios, we “turn off” our computers and subject each purchase candidateto an intensive fundamental review process, drawing upon our experience and judgment to select only the most attractivestocks for our portfolios.

Payden & Rygel is one of the largest independent global investment managers in the United States, with more than$50 billion in assets under management. Founded in 1983, the firm is a leader in the active management of fixed-incomeand equity portfolios for a diversified client base. Payden & Rygel advises corporations, foundations, endowments, pensionplans, public funds and individual investors on their overall investment strategies.

THE ESSENCE OF INDEPENDENCE: Investment management that is truly independent is increasingly rare in aworld of pervasive corporate consolidation. The firm’s independent status eliminates the potential for conflicts of interest.Fully-owned by employees, Payden & Rygel is solely accountable to one interest — that of its clients.

TEAM APPROACH: Payden & Rygel believes in a team approach that utilizes the collective wisdom of a highlyqualified, diverse group of professionals. The investment policy committee, comprised of the firm’s principals and mostexperienced professionals, oversees the investment process: strategic planning, sector allocation and portfolio riskmanagement. Sector strategists and traders carry out policy decisions: sector strategists provide research, industry focusand security selection; traders deliver the most competitive price for each transaction. A dedicated client service advisorunites all of these elements. This experienced investment professional oversees the portfolio and attends to client needs.The client service advisor’s thorough understanding of each client’s specific objectives and tolerance for risk ensurescompliance with portfolio guidelines.

CUSTOMIZATION: Payden & Rygel is process driven, not product driven. In each of our client engagements, westrive to create a customized portfolio that meets a multitude of needs, some of which may be investment related andsome which may be related to reporting and operational needs. We strive to deliver a “no surprises” portfolio which valuestransparency in the portfolio management process. Each client receives access to Juneau, the firm’s proprietary onlinesystem, for an in-depth summary of individual holdings on a real-time, secure basis.

Louis G. Navellier, Chairman and Founder of Navellier and Associates, Inc., began managing private stock portfoliosfor public plans, Taft-Hartley plans, corporate pension funds, endowments, foundations, and high net worth individualsin 1987.

Navellier has been successful at applying its disciplined, quantitative investment process to a broad range of growthequity capitalization products. Navellier currently applies its stock selection process to several strategies including Smallto Mid Cap Growth, Mid Cap Growth, Large Cap Growth, All Cap Growth, International Growth, International Small Cap,and Global Growth. Navellier also manages a variety of other portfolios including value and core separate accounts,mutual funds, hedge funds, and limited partnerships.

Navellier employs 50 full-time employees including 11 investment professionals. The firm's sole office is locatedin Reno, Nevada.

9 2

Who should attend the 2008 Pacific RegionInvestment Conference?

• All financial executives in the money management and investment field

• All those entrusted with the guardianship and performance of funds

• Members of boards of public pension funds

• Members of boards of public retirement funds

• Trustees and directors of private trusts

• Students with a keen interest on current fiduciary trends and practices within the region

Why attend this year’s conference?

• Listen to financial experts and professionals from the U.S. and around the Pacific Rim

• Learn about the latest trends and practices in fiduciary management

• Meet, greet, and network with hundreds of individualsand organizations from the fiduciary industry

• Enjoy the five-star luxuries and first-class services ofManila’s Renaissance Makati City Hotel

• Get a taste of Philippine Contemporary Art with a special tour of the Ayala Museum

• Go on an exclusive visit to the Philippine Stock Exchange Headquarters

• Get complimentary membership from the Asia Pacific Association for Fiduciary Studies

What do I need to know about the conference host?

The Asia Pacific Association for Fiduciary Studies was formedin 2000.

It is a non-profit educational and charitable association thathas seen membership rise to around 300 members.

APAFS was founded for and by representatives from public andprivate funds from around the Asia Pacific region.

Its goal is to raise the level of understanding and standards ofpractice among fiduciaries in the region, so that they may providethe most prudent stewardship of funds entrusted to their care.

Schedule-at-a-glance

Registration & Breakfast

Welcome Remarks

Session 1

Break

Session 2

Session 3

Featured Speaker Luncheon

Session 4

Dr. Marc Faber Keynote Speaker Presentation

Dr. Marc Faber Q&A

Dr. Marc Faber photo opportunity with delegates

Cocktail Reception

7:00 AM

8:45 AM

9:00 AM

10:00 AM

10:15 AM

11:15 AM

12:00 NN

1:30 PM

2:25 PM

3:15 PM

4:15 PM

5:00 PM

Thursday, 9 October 2008

Registration & Breakfast

Session 1

Break

Session 2

Session 3

Featured Speaker Luncheon

Session 4

Break

Session 5

Session 6

Closing Remarks

7:00 AM

8:30 AM

9:15 AM

9:30 AM

10:30 AM

12:00 NN

1:15 PM

2:30 PM

2:45 PM

3:30 PM

5:00 PM

Friday, 10 October 2008

The Chartered Financial Analyst (CFA) Institute is a global, non-profit member organization of financial analysts,portfolio managers, and other investment professionals.

In 1995, the CFA exam was first introduced in the Philippines with the support of the Capital Markets DevelopmentCouncil, Inc. (CMDCI). On July 1997, a group of CFA candidates, practitioners from the investment community andmembers of the academe gathered to form a society in response to the growing need to set higher standards in theinvestment community - in terms of knowledge, competence, professionalism and, above all, ethics. Thus, the Associationof Investment Professionals - Manila (CFA Philippines) was established.

CFA Philippines' mission and vision is to be a premier association in the Philippine investment and finance professionby promoting competence, professionalism and the highest ethical standards. The CFA Philippines, or CFAP, promotesethical and professional standards within the investment industry, encourages professional development through the CFAProgram, and facilitates the open exchange of information and opinions. As of April 2008, CFAP has 92 regular membersand 2 affiliate members.

In Association With

CFA PHILIPPINES

The Financial Executives Institute of the Philippines (FINEX) is a non-stock, non-profit, non-political association,formally organized on January 15, 1968 with twelve financial executives as its founders: Elmer D. Aguilar, Reneo A. Albano,Edgardo Bacani, Romeo Y. Co, Romeo C. Esteban, Ramon K. Ilusorio, Jaime Y. Ladao, Vicente J. Muro, Vicente Pacis,Jr., Joaquin R. Olaño, Antonio Sta. Ana, and Arsenio J. Vistro. The organization was formed in response to the pressingneed for a professional association devoted to the continuing development and improvement of financial managementtechniques and the promotion of efficiency in business enterprises.

Through the years, FINEX has gone to form a foundation with activities geared towards the fulfillment of the objectivesfor which it was established. It has continuously given its members the latest in concepts, programs and policies ofbusiness finance and management through its various services. The government formally recognized the immensecontributions of financial executives in the development of financial management as well as the promotion of efficiencyin government operations and in the business enterprises through Executive Order No. 34 which declares the secondweek of October of every year as FINANCIAL EXECUTIVES WEEK. To date, the membership of FINEX totals 755 and isstill growing.

The Trust Officers Association of the Philippines (TOAP), organized in 1964, is one of the oldest professionalassociations in the financial industry. TOAP’s primary objective is to unite, professionalize and promote the PhilippineTrust and Investment Management Industry.

With member-institutions managing over 500 billion of total assets, TOAP has grown to be the biggest associationof Investment Professionals with over 220 individual members coming from 47 banks and investment houses. All member-institutions are licensed by the Bangko Sentral ng Pilipinas (BSP) to perform trust, investment management, and otherfiduciary functions.

TOAP works in close coordination with the BSP. Prospective regulations and current issues are discussed to ensurethat the industry can progressively evolve with the best interest of the investing public as its paramount concern. TOAPis also involved in various symposia and conferences as well as projective legislation that will promote and encouragesavings and investments and the development of the Philippine capital market.

The Philippine Stock Exchange (PSE) is the only existing stock exchange in the Philippines and is one of the largestin Southeast Asia. The PSE Composite Index (made up of 30 stocks) is the key indicator of share price movement in themarket’s six sub indices: Financials Index, the Industrial Index, the Holding Firms index, the Property Index, the ServicesIndex, and the Mining & Oil Index.

The PSE is composed of two trading floors: one in Makati City; the other in Pasig City. Despite this, it is still capableof achieving one stock price and one Market Exchange through the MakTrade system. This single order book systemwarrants that a customer's order is matched with the best bid/offer, irrespective of which floor it was placed through.MakTrade facilitates the trading of securities through a broker-to-broker market with automatic order, trade routing, andconfirmation.

The stock exchange corporation is overseen by a Board of Directors. It consists of 15 members elected annuallyby stockholders. Additionally, at least 51% of the members must always remain non-brokers as set out by the SecuritiesRegulation Code. The remaining Board members are broker-directors who represent brokerage firms. The managementof the Exchange is composed of the President/CEO and a few other professional managers who ensure that the policiesand resolutions of the Board are carried out. They are also responsible for the daily activities and operations of theExchange and that the public's investments and transactions are protected.

As the global arm of the Graduate School, it is the mission of the International Institute to facilitate the exchangeof knowledge and skills through a wide range of educational, exchange and observational study programs. The Instituteworks with international organizations and government agencies worldwide to promote professional learning andinternational cooperation and understanding.

Established in 1961, the Institute has provided professional training and educational services to more than 50,000participants from over 120 countries. Learning programs are performance-based and designed to meet the often complexdevelopment needs of government and international organizations.

Programs are built on a foundation of results-oriented curricula, extensive faculty and staff expertise, and partnershipswith institutions around the world. Where English is not the preferred language of instruction, or where English proficiencyof the participant group warrants instruction in another language, we provide faculty or consultants fluent in the targetlanguage or experienced with simultaneous and consecutive interpretation. Languages we have used to deliver recentprograms include Chinese, Russian, Arabic, French and Spanish.

Our services include:• Delivery of the full range of Graduate School curricula• Tailored and customized courses• Observational study programs• Educational exchange• Needs assessment, program design and development• Organizational development• Project management

We work with a variety of clients, including:• U.S. government agencies with international

responsibilities• Multilateral organizations• Government agencies and organizations located

abroad• Non-governmental organizations

Established in 1991, the Pacific Islands Training Initiative (PITI) provides customized, results-oriented professional andorganizational development services that enable Pacific Island governments to strengthen performance and accountabilityin financial management and program delivery. PITI is a joint program of the United States Department of the Interior’sOffice of Insular Affairs, and the Graduate School, USDA’s International Institute.

The goals of the PITI program are to assist insular governments to:• Improve financial management systems and practices• Strengthen organizational process to increase effectiveness and program results• Build leadership and management capacity to improve government program performance• Enhance the capacity of human resources development organizations in planning, delivering and

evaluating public sector professional development programs

101

OCTOBER 9 - 10, 2008 MANILA, PHILIPPINESwww.apafs.org • admin@apafs.org

In association with

Grand Ballroom, Renaissance Makati City Hotel • Esperanza Street corner Makati Avenue, Makati City

www.apafs.org • admin@apafs.orgP.O. Box 3191 Hagåtña, Guam 96932

Platinum Sponsors

Gold Sponsors

Silver Sponsors

Bronze Sponsors

Income Research & Management

CFA PHILIPPINES