“THE MUTUAL FUND INDUSTRY -WHERE IS IT GOING ?”

17th November 2004, Wednesday

SINGAPORE INVESTMENT FORUM (SIF)

IntroductionThe SIF was initiated by Mr Ng Kok Song, Managing Director (Public Markets), GIC to amplifythe buzz for the fund management industry in Singapore. Working in close partnership with theInvestment Management Association of Singapore (IMAS), Financial Association of Singapore(ACI), Singapore Exchange Limited (SGX), Bloomberg and Reuters, the SIF strives to bringtogether local and foreign investment professionals on a common platform regularly to exchange views on market issues, outlook and ideas. Since its inception in April 2002, the SIF has organised 9 investment forums covering a range of topics spanning global themes as wellas Asia-centric issues.

ObjectivesTo extend and deepen the knowledge of local investment professionals with respect tomarket opportunities, risks and product innovation ;

To create a platform for active discussion and debate ;

To facilitate interaction among industry professionals and associates, locally and globally

The SIF Committee members:Mr Lennie Lim ABN Amro Asset Management Singapore Ltd

Dr Aaron Low ACI Singapore – The Financial Markets Association

Mr Phoon Chiong Tuck ACI Singapore – The Financial Markets Association

Ms Jennifer Leong Capital International Research & Management Inc.

Mr Mark P. Speciale Capital International Research & Management Inc.

Mr Ng Kok Song (Chairman) Government of Singapore Investment Corporation Pte Ltd

Ms Wee Sau Ling Government of Singapore Investment Corporation Pte Ltd

Ms Loh Wei Ling Government of Singapore Investment Corporation Pte Ltd

Mr Andrew Kwek Investment Management Association of Singapore

Mr Joseph Tern Investment Management Association of Singapore

Mr Adrian Tan Morgan Stanley Investment Management

Ms Joyce Chua Pacific Asset Management (S) Pte Ltd

List of Forums

First Forum 19 April 2002

Topic : Prospects for Asian Equity Markets Relative to Global Markets

Panel : Low Seow Che (JPMIM), Wong Kok Hoi (APS Asset Mgt), Hugh Young(Aberdeen Asset Mgt), Jim Walker (CLSA), Jeffrey Jaensubhakij (GIC - moderator)

Second Forum 21 June 2002

Topic : Whither the Asian Currencies?

Panel : Jim O’Neill (Goldman Sachs), James Loh (Barclays Bank), Lam KunKin (Citibank), Ho Tian Yee (Pacific Asset Mgt), Chan Chia Lin(Temasek Holdings - Moderator)

Third Forum 2 August 2002

Topic : Asian Bonds – The Emerging Asset Class?

Panel : Mohamed El Erian (PIMCO), Tung Siew Hoong (GIC), DavidFernandez (JP Morgan Chase Bank), Loh Boon Chye (Deutsche BankAG), Guan Ong (Prumerica Asia - Moderator)

Fourth Forum 28 October 2002

Topic : Japan : Structural Reform, Muddling Along or Crisis –Implications for Japanese and Other Financial Markets

Panel : Tadashi Nakamae (Nakamae International Economic Research),Jesper Koll (Merrill Lynch Japan Securities), Garry Evans (HSBC Securities (Japan)), Lim Heong Chye (DBS Asset Mgt), GraemeSinclair (Aberdeen Asset Mgt - moderator)

Fifth Forum 28 February 2003

Topic : The Global Economy at the Crossroads : Deflation or Reflation?

Panel : Stephen Roach (Morgan Stanley), Paddy Jilek (CSFB), Paul Donovan(UBS Warburg), Yeong Phick Fui (DBS), Jeffrey Jaensubhakij (GIC - moderator)

Sixth Forum 22 May 2003

Topic : An Afternoon with Charles Ellis – Investment Management,Past, Present & Future

Keynote Speaker : Charles Ellis (Greenwich Associates)Panel : Gary L. Bergstrom (Acadian AM), Audrey Marie Chin (Pacific AM) and

Aje Saigal (GIC - moderator)

Seventh Forum 26 September 2003

Topic : Prospects For Wealth Management & Financial Markets In Asia

Keynote Speaker : DPM, Lee Hsien LoongPanel : Paul Bateman (JP Morgan Fleming), Joachim Straehle (Credit Suisse),

Deepak Sharma (Citigroup), Robert Lloyd-George (Lloyd George), andDominic Nixon (PWC - moderator)

Eighth Forum 2 April 2004

Topic : Active Alpha Investing - A New Paradigm for Today’s Challenges

Keynote Speaker : Dr Bob Liiterman (Goldman Sachs)Moderator : Guan Ong (Prumerica Asia)

Ninth Forum 12 July 2004

Topic : China and India : Investment Opportunities as the Asian Giants awake

Keynote Speakers: Gurcharan Das (GCD Consultants) Andy Xie (Morgan Stanley)Moderator : Manu Bhaskaran (Centennial Group)Panel: Lim Hwee Hua (Temasek), Shaw Wagener (Capital International), and

Leo Puri (McKinsey & Company, India)

CONTENTS

PROGRAMME 2

“THE MUTUAL FUND INDUSTRY - WHERE IS IT GOING?” 3

BIODATA OF THE MODERATOR & PANELISTS 4

Speaker Mr Robert Pozen, Chairman - MFS International Limited 5

Moderator Mr Andrew Kwek, Executive Director - IMAS 7

Panelist Ms Grace Chong, Deputy Director - MAS 8

Panelist Mr Rich Nuzam, Managing Director - Mercers 9

Panelist Mr Hou Wey Fook, Executive Director - OCBC Asset Management 10

PARTNERS OF THE SINGAPORE INVESTMENT FORUM 11

Investment Management Association of Singapore (IMAS) 12

ACI Singapore - The Financial Markets Association 13

Government of Singapore Investment Corporation Pte Ltd (GIC) 14

Reuters 15

Bloomberg 16

Singapore Exchange Limited (SGX) 17

LIST OF PARTICIPANTS 18

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PROGRAMME

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10th Singapore Investment Forum (SIF) Seminar on“THE MUTUAL FUND INDUSTRY – WHERE IS IT GOING ?”

SGX Auditorium,Level 2, SGX Centre 1,2 Shenton Way,Singapore 068804

17 November 2004, Wednesday

Programme

4.00 pm Registration

4:30 pm “The Mutual Fund Industry – Where is it going ?”Mr Robert PozenChairmanMFS Investment Management

5:10 pm Panel Discussion

Moderator:Mr Andrew KwekExecutive Director Investment Management Association of Singapore

Panelists:Mr Robert PozenChairmanMFS Investment Management

Ms Grace ChongDeputy DirectorSecurities & Futures Supervision DepartmentMonetary Authority of Singapore

Mr Rich Nuzum Managing DirectorMercer Investment Consulting

Mr Hou Wey FookExecutive Director &Chief Investment OfficerOCBC Asset Management Ltd

5:40 pm Refreshments

6.15 pm End of Seminar

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BIODATA OF THE

MODERATOR & PANELISTS

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SpeakerRobert Pozen ChairmanMFS International Limited

Robert Pozen is Chairman of MFS Investment Management®, which manages approximately $130 billion in assets for over six million investors worldwide.

During 2002 and 2003, Bob was the John Olin Visiting Professor at Harvard Law School,teaching law--business courses on corporate governance and financial institutions.

In late 2001 and 2002, Bob also served on President Bush’s Commission to StrengthenSocial Security. He developed two models for closing the system’s long-term deficit: “Retiring on a Budget”, New York Times (Feb 2004), and “Arm Yourself for the ComingBattle over Social Security,” Harvard Business Review (Nov 2002).

In 2003, Bob also served as Secretary of Economic Affairs for Massachusetts GovernorMitt Romney. He helped the Governor close the state’s large budget gap and reorganizeits functions in business and technology, labor and workforce training and consumeraffairs. He supervised the banking, insurance and utilities departments.

Bob was formerly vice chairman of Fidelity Investments and president of Fidelity Management & Research Company, the investment advisor to the Fidelity mutual funds;he also ran the board process for over 200 funds. During Bob’s tenure as president fromearly 1997 through late 2001, Fidelity’s assets under management rose from $500 billion to $900 billion.

From 1987 to 1996, Bob served as managing director and general counsel of FidelityInvestments, responsible for its government relations, legislation and litigationworldwide. In that role, he created Fidelity’s Charitable Gift Fund and launched Fidelity’sentry into the Japanese mutual fund business. He also served as a director of Fidelity’s credit card bank, its life insurance company and its Canadian investment managementbusiness.

Before joining Fidelity, Bob was a partner at the Washington, D.C., law firm of Caplin & Drysdale, where he was in charge of the banking/securities department, from 1981 to1986. Prior to that, Bob was associate general counsel to the Securities and ExchangeCommission from 1978 to 1980, and was a law professor at New York University from 1974 through 1977.

Born in 1946, Bob earned a Bachelor of Arts degree from Harvard College in 1968. Hegraduated summa cum laude and Phi Beta Kappa and was awarded a Knox TravelingFellowship. In 1972 and 1973, Bob received a law degree as well as a J.S.D. for a bookon state enterprises in Africa from Yale Law School, where he served on the editorialboard of the Yale Law Journal.

Bob is a director of several corporate boards. In addition, he is involved in various non-profits, such as the American Academy in Berlin and The Commonwealth Fund.

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His major publications include: Mutual Fund Business (2nd ed., Houghton Mifflin, 2002),“Continental Shift,” 80 Foreign Affairs 9 (May/June 2001), and “Institutional Investors:The Reluctant Activists,” 72 Harvard Business Review 140 (Jan/Feb 1994). In addition, he has published many editorials on economic topics.

Bob lives in Boston, MA, with his wife Liz, a psychotherapist and painter. They have twochildren, both of whom attended Yale College and won graduate fellowships.

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ModeratorMr Andrew KwekExecutive DirectorInvestment Management Association of Singapore

Executive Director of the Investment Management Association of Singapore. In this capacity, he seeks to fulfil the 3 fold objectives of the association i.e. a partner in industry developments, raising the technical competencies of the professionals in thebusiness and bringing investor education and awareness closer to the public. He is theindustry spokesperson when engaging with the authorities and collaborates with otherassociations in activities where interests overlap.

24 years in the finance industry with last 10 in the asset management business. Lastposition before joining IMAS, as Managing Director of Morley Fund Management, asubsidiary of Aviva, one of UK’s largest insurers. His working experience would advisehands on work in foreign exchange trading, treasury products sales and developing the sales and marketing strategies for the companies he represented with Asian central banks and governmental investment agencies.

PanelistMs Grace Chong Deputy DirectorSecurities & Futures Supervision Department Monetary Authority of Singapore

Grace is the Deputy Director of the Capital Markets Intermediaries Division in theSecurities and Futures Supervision Department of the Monetary Authority of Singapore. She joined MAS in September 2000.

The Securities and Futures Supervision Department has supervisory responsibilities forthe capital markets and administers the Securities and Futures Act. The Capital Markets Intermediaries Division is responsible for the licensing and on-going supervision of intermediaries in the capital markets, to promote financial soundness and good business conduct of intermediaries and their representatives.

Prior to joining MAS, Grace was the Assistant General Manager of a stockbroking firmafter having been an Auditor with one of the international accounting firm.

Grace earned her MBA from the Nanyang Business School and was on the Dean’sHonours List of the Graduating Class of 1998. She received her Accounting Degree fromthe Nanyang Technological University. She is also a Certified Public Accountant of theInstitute of Certified Public Accountants of Singapore

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PanelistMr Rich Nuzum Managing Director Mercer Investment Consulting

Rich is Regional Practice Leader for Asia at Mercer Investment Consulting (Mercer).

Rich joined Mercer in 1991 in Japan. Subsequently, he worked with Mercer in Chicago for 3 years before relocating back to Asia in 1996 as investment consulting practiceleader for the region. Rich consults on investment of long-term marketable securities by Asian central banks, national social security funds, public and corporate pension plan sponsors, insurance companies, corporations, foundations, endowments and high networth individuals. His clients include both tax-exempt and non-tax-exempt funds, andrange in assets from US$7 million up to US$100 billion+.

Rich’s investment consulting advice typically covers establishment of a strategic long-term asset allocation target based on the client’s objectives in terms of expected returnand ability to tolerate expected risk, as well as selection and monitoring of investmentmanagers and investment vehicles through which to implement that allocation.

Rich holds an MBA with high honors in analytic finance and accounting from theUniversity of Chicago, and a BA cum laude in mathematical sciences and mathematical economic analysis from Rice University. Before joining Mercer, he studied international economics at Tokyo University as a post-graduate Monbusho Research Scholar. Rich is a Chartered Financial Analyst (CFA) and a member of the CFA Institute.

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PanelistMr Hou Wey Fook Executive Director &Chief Investment Officer OCBC Asset Management Ltd

Wey Fook is responsible for the overall direction and implementation of the investmentprocess at OCBC AM. He heads a team of 25 investment professionals managingdiverse portfolios and investing in a wide range of Asian and international markets. He chairs strategy meetings that decide on asset, country and currency allocations.

Wey Fook has over 17 years of investment management experience. Prior to becomingCIO in 1999, he was heading the bond division at OCBC AM. He started his career as an investment officer with the Government of Singapore Investment Corporation. Hegraduated from the National University of Singapore in 1987 with a Bachelor ofEngineering (Honours) degree and obtained the Chartered Financial Analyst (CFA) in1992.

Wey Fook had served in the Executive Committee of IMAS from year 2000 to 2003 asChairman of its Standards and Practices Committee. He is currently serving in the Financial Industry Competency Standards Committee of the Institute of Banking & Finance (IBF), and chairs the sub-committee for the Fund Management industry.

OCBC AM is 100%-owned by the OCBC Bank Group and currently has S$7bn of assets under management. It’s client base include Singapore statutory boards, government-linked and private corporations, insurance companies, charity organisations andindividual investors.

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PARTNERS OF THE

SINGAPORE INVESTMENT FORUM

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Investment Management Association of Singapore (IMAS)

The Investment Management Association of Singapore (IMAS) is a representative body of investment managers spearheading the development and growth of the industry in Singapore.

The idea of an investment body was first mooted in November 1995 by the then FinanceMinister Richard Hu. On 22nd September 1997, it was registered as a society in Singapore.

By fostering high standards of professionalism and promoting exemplary practice amongmembers, IMAS seeks to set the benchmark for the investment and fund managementindustry in Singapore. It also serves as a forum for members in discussions as well as acollective voice where representation is needed on behalf of the investment managementindustry.

For more information on IMAS, visit www.imas.org.sg.

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ACI Singapore - The Financial Markets Association

ACI Singapore - The Financial Markets Association (ACI Singapore), formerly known as theForex Association of Singapore, is the standard bearer for financial markets' professionals inSingapore. The Association was formed in 1973. Its mission is to be the leading associationrepresenting the interests of the financial markets in Singapore, and to promote theeducational and professional interests of the markets and the industry.

Its objectives are to:

Keep members informed of changes in the financial industry and provide a forum for discussion on issues affecting the markets.

Provide feedback to industry and official authorities on ways to foster the growth ofSingapore as a financial centre.

Enhance educational value and working knowledge of market professionals by providing appropriate educational services to those with a legitimate interest in financial markets.Primary efforts are geared towards helping members maintain their relevance and skillsas professionals.

Cultivate greater communication channels among members, markets and other similarbodies so as to give members the opportunity to widen market contacts.

Help enhance the professional standards of financial markets practitioners in Singapore,and to assist in the resolution of cross-border disputes.

Its key activities includes:

Education skill enhancement courses and certification.

Research collaboration with renowned academic institutions.

Organising congresses and international events. In 2001, ACI Singapore hosted the ACIWorld Congress.

Social and community projects like the Annual Charity Golf Fund-raising Project.

Participation in Code of Professional Ethics Committees.

ACI Singapore is affiliated to ACI – The Financial Markets Association (ACI), the global umbrella body of national associations. The Paris-based body has 19,000 membersworldwide in 83 countries, making ACI the largest international association in the wholesalefinancial markets. ACI was founded in France in 1955 following an agreement betweenforeign exchange dealers in Paris and London.

For more information on ACI Singapore, please visit its website www.acisin.com.

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Government of Singapore Investment Corporation Pte Ltd (GIC)

GIC is a fund management company established in 1981 to manage the foreign reserves ofSingapore by investing globally. With offices in key financial centres around the world, GICmanages a fund size of over US$100 billion.

GIC is an active investor in global equity, fixed income, and foreign exchange markets.Through its subsidiaries, GIC Real Estate Pte Ltd and GIC Special Investments Pte Ltd, GIC is also engaged in real estate and private equity investments.

While GIC manages most of its funds in-house, it also awards investment mandates toexternal fund managers. In 1997, GIC committed to place out S$25 billion to Singapore-based fund managers. As at end 2002, S$26 billion has been placed out.

For more information on GIC, visit www.gic.com.sg.

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Reuters

Reuters is a global information company providing indispensable information tailored for professionals in the financial services, media and corporate markets. Our information is trusted and drives decision making across the globe. We have a reputation for speed,accuracy and freedom from bias.

Although we are best known as the world’s largest international multimedia news agency,more than 90% of our revenue derives from our financial services business. Some 458,000financial market professionals working in the equities, fixed income, foreign exchange,money, commodities and energy markets around the world use Reuters products. They relyon Reuters services to provide them with the information and tools they need to help them bemore productive.

Our core strengths lie in providing the content, analytics, trading and messaging capabilities needed by financial professionals. Our open technology, based on industry standards,enables our customers to search, store and integrate our information with content from othersources, facilitating the way they work. We provide financial institutions with speciallydesigned tools to help them reduce risk and distribute and manage the ever-increasingvolumes of market data. We also offer bespoke automated trading products for the treasurymarket.

We supply news – text, graphics, video and pictures – to media organisations and websitesaround the world. We also provide news and research services to businesses outsidefinancial services.

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Bloomberg

Bloomberg L.P., founded in 1981 by Michael R. Bloomberg, is a leading financial informationservices, news, and media company, serving customers around the world. Headquartered inNew York, the company employs 8,000 people globally in 110 offices around the world.Bloomberg leverages its data and news resources through related media products, includingtelevision and radio programming, Web sites, books, and publications, to meet the financialinformation needs of professionals and consumers globally.

The BLOOMBERG PROFESSIONAL® service is the interactive, financial information networkthat is Bloomberg’s core business. Available 24 hours a day, to more than 260,000professionals in 126 countries, the service seamlessly integrates data, news, analytics, multimedia reports, e-mail and trading capabilities into a single sophisticated platform.Corporations, issuers, financial intermediaries, and institutional investors rely on theBLOOMBERG PROFESSIONAL service to help them make informed decisions and completetransactions every day.

BLOOMBERG NEWS® is a global news leader and the driving force behind all Bloombergmedia content. The news division generates more than 4,000 stories daily that are syndicatedto over 350 newspapers and publications worldwide.

BLOOMBERG TRADEBOOK® is a global brokerage agency that gives institutional equity andfixed-income professionals everything they need to meet the challenge of today’s electronictrading marketplace. A leading consolidator of liquidity, BLOOMBERG TRADEBOOK unites ahead-of-the-curve trading technology and expertise, including specialized trading and STPtools, along with news, data, and analytics — in one integrated solution. BLOOMBERGTRADEBOOK is fully supported by Bloomberg’s world-class customer service.

BLOOMBERG.COMSM is one of the top multimedia sites for breaking financial news, investortools, and data on the Internet. Drawing from the data power of the BLOOMBERGPROFESSIONAL service and strengths of Bloomberg media products, BLOOMBERG.COMprovides the highest quality news and information.

BLOOMBERG TELEVISIONSM is a 24-hour business and news channel that is broadcast via 10 networks in seven languages, as well as via syndicated programming. Through anchoredreports and a multi-screen format, BLOOMBERG TELEVISION keeps viewers on top of theirmoney with a continuous stream of stock prices, financial data, and breaking businessheadlines. BLOOMBERG® Interactive Television enables digital viewers to customize theirviewing and track their portfolios at a glance.

BLOOMBERG RADIOSM keeps listeners who are serious about their money abreast ofbreaking financial, business, national, and global news, along with a special focus onpersonal finance. Its syndicated reports are broadcast through more than 600 affiliatesworldwide. The company’s flagship station is BLOOMBERG® 1130 (WBBR–AM) in New York.

BLOOMBERG MARKETS™ is the magazine for and about professional investors andcorporate executives — the places they work and the companies they invest in. Writtenspecifically for users of the BLOOMBERG PROFESSIONAL service, content focuses on new functions, trends, and strategies, as well as in-depth features on current areas of interest.

BLOOMBERG PRESS™ publishes practical books for consumers, professionals, individual investors, and entrepreneurs, authored by leading authorities from the financial and businesssectors.

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Singapore Exchange Limited (SGX)

The Singapore Exchange (SGX) is an integrated securities and derivatives exchangeestablished in 1999 with the merger of the Stock Exchange of Singapore (SES) and the Singapore International Monetary Exchange (SIMEX). SGX is listed on its own Mainboard.

The SGX securities market helps companies and investors achieve their capital andinvestment objectives within a sound, transparent and efficient marketplace. Its securitiesproducts include stocks, warrants, bonds, debentures, loan stock, exchange traded funds andreal estate investment trusts (REITs). The Exchange also has a securities borrowing andlending facility.

As part of the Exchange's move to open up global access to its market participants, a newsecurities trading platform, SGXAccess, was introduced. This allows SGX member firms andtheir customers to access the Exchange's securities market from anywhere in the world.SGXLink, a multi-lateral cross border trading gateway was also established to facilitate direct access to foreign markets. Together with the Australian Stock Exchange (ASX), SGXestablished the world's first trading link allowing investors to trade stocks in each other'smarket directly.

SGX's derivatives market offers the widest range of international and Asian derivatives in theAsia-Pacific. These instruments include futures and options on equities, stock indices, interestrates and energy.

The SGX derivatives market provides an efficient electronic trading infrastructure tocomplement its active open outcry market. The SGX Electronic Trading System (ETS) isglobally accessible via Members’ in-house systems, Bloomberg and other ISVs such as EasyScreen, GL Trade, Nyfix and Patsystems. In line with SGX’s commitment to serve itscustomers better, a new integrated trading engine, SGX Quotation and Execution System for Trading (SGX Quest), is being developed. SGX Quest will be implemented in the derivativesmarket by the 3rd quarter of 2004, and the securities market by the first half of 2005.

For more information on SGX, please visit www.sgx.com

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LIST OF PARTICIPANTS

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LIST OF PARTICIPANTS

NO. INSTITUTION NAME DESIGNATION1 ABN AMRO Asset Management Mr Lennie Lim Deputy Chief Executive Officer2

Alliance Capital Management (S) Ltd Mr Ajai Kaul Senior Vice President, Asia Region Head - Retail Sales

3 APS Asset Management Pte Ltd Mr Pieter van Putten Managing Director4 Barclays Global Investors Southeast

Asia Ltd Ms Lee Yuit Chieng Regional Director, Southeast Asia5 Bloomberg Ms Chen Shi Yin Correspondent6

Central Provident Fund Board Mr Soh Chin HengDirector, Retirement & InvestmentScheme

7Central Provident Fund Board Ms Dawne Siau

Senior Executive, InvestmentScheme Department

8Central Provident Fund Board Ms Wong Ai Leng

Senior Executive, InvestmentScheme Department

9 Citigroup Mr Chung Shaw Bee Assistant Vice President10 Citigroup Mr Tay Han Chong Vice President, Investments11 Citigroup Ms Cheryl Chua Manager12 Citigroup Ms Florence Tan Assistant Vice President 13 Citigroup Ms Janice Poon Assistant Vice President 14 Citigroup Ms Marilene Tang Assistant Vice President 15 Citigroup Ms Regine Tan Product Coordinator16 Citigroup Ms Vicky Zhuang Manager17 DBS Asset Management Ltd Mr Goh Tee Ngee Assistant Manager18 DBS Asset Management Ltd Mr Peter Chiang Senior Manager19 DBS Asset Management Ltd Ms Leah Cheng Senior Manager20 DBS Asset Management Ltd Ms Lilian Soh Manager21 DBS Asset Management Ltd Ms Mira Kashinath Manager22 Deutsche Asset Management Mr Phoon Chiong Tuck Chief Investment Officer 23 Deutsche Bank AG, Singapore

Branch Mr Loh Boon ChyeManaging Director & Head ofGlobal Markets - Asia

24 Fidelity Investments (S) Ltd Mr Andrew Jenkins General Manager 25 Financial Times Mr John Burton Singapore Bureau Chief 26 Fischer Francis Trees & Watts (S) Pte

Ltd Mr Roy Diao Managing Director27 GMO Mr Glen Howard Managing Director28 GMO Mr Jonathan Goll Portfolio Manager29 Government of Singapore Investment

Corporation Pte Ltd Dr Sung Cheng Chih Director, Risk ManagementDepartment

30 Government of Singapore InvestmentCorporation Pte Ltd Mr Johnny Heng

Assistant Director, EquitiesDepartment

31 Government of Singapore InvestmentCorporation Pte Ltd Mr Ng Kok Song

Managing Director (Public Markets)

32 Government of Singapore InvestmentCorporation Pte Ltd Mr Quah Wee Ghee Director, Equities Department

33 Government of Singapore InvestmentCorporation Pte Ltd Mr Sandy Lim

Senior Officer, External FundManagement Department

34 Government of Singapore InvestmentCorporation Pte Ltd Ms Chen Soon Bin

Assistant Director, External Fund Management Department

35 Government of Singapore InvestmentCorporation Pte Ltd Ms Eva Tan

Senior Officer, External FundManagement Department

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NO. INSTITUTION NAME DESIGNATION36 Government of Singapore Investment

Corporation Pte Ltd Ms Lena Lim Senior Officer, External FundManagement Department

37 Government of Singapore InvestmentCorporation Pte Ltd Ms Loh Wei Ling

Manager, Admin & PersonnelDepartment

38 Government of Singapore InvestmentCorporation Pte Ltd Ms Puah Toh Lim

Senior Manager, External Fund Management Department

39 Government of Singapore InvestmentCorporation Pte Ltd Ms Ruth Pang

Head of Secretariat of ExternalFund Management Department

40 Government of Singapore InvestmentCorporation Pte Ltd Ms Wee Sau Ling

Director, Corporate Affairs & Planning Department

41 Investment Management Associationof Singapore Mr Andrew Kwek Executive Director

42 JP Morgan Fleming Asset Management Ms Kwee Liang Sze Associate

43 Legg Mason Asset Management(Asia) Pte Ltd Mr Joseph Tern Deputy Chief Investment Officer

44 Lumen Advisors LLC Dr Aaron Low Principal45

MFS International Ltd Mr Gokhan Unal Vice President46 MFS International Ltd Mr Stephen Teoh 47 Morgan Stanley Investment Company Mr Adrian Tan Manager48 MWM Student at WMI Programme at

SMU Mr Alex Chan King Fai 49 MWM Student at WMI Programme at

SMU Mr Derrick Loh Kwang Ming50 MWM Student at WMI Programme at

SMU Mr Desmond Loh Tse Yang51 MWM Student at WMI Programme at

SMU Mr Eric Teo Chin Hong 52 MWM Student at WMI Programme at

SMU Mr George Lam Kuen Tat 53 MWM Student at WMI Programme at

SMU Mr John Koh Piew54 MWM Student at WMI Programme at

SMU Mr Justin Sng Jin Yang 55 MWM Student at WMI Programme at

SMUMr Kenneth Quek Boon Hiong

56 MWM Student at WMI Programme at SMU Mr Kwong Hong Huat

57 MWM Student at WMI Programme at SMU Mr Lim Koh Sang

58 MWM Student at WMI Programme at SMU Mr Quek Tzu Chye

59 MWM Student at WMI Programme at SMU Mr Sofwan Kurnia

60 MWM Student at WMI Programme at SMU Mr Thomas Tai Kah Mun

61 MWM Student at WMI Programme at SMU Mr Tyo Choon Seng

62 MWM Student at WMI Programme at SMU Mr Wu Chong

63 MWM Student at WMI Programme at SMU Ms Inez Kwok Shiu May

64 MWM Student at WMI Programme at SMU Ms Penluk Lothuvachai

65 MWM Student at WMI Programme at SMU Ms Yin Xiao Bei

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NO. INSTITUTION NAME DESIGNATION66

National Council of Social Service Ms Bernadette Lau Director, Corporate ServicesMembership

67 OCBC Asset Management Ltd Mr Hou Wey Fook Chief Investment Officer 68 OCBC Asset Management Ltd Ms Gina Chan Head, Global Equities 69

OCBC Securities Pte Ltd Mr Yeow Chin Yee Executive Director / GeneralManager

70 Pheim Asset Management (Asia) Pte Ltd

Mr Teng Cheong Kwee Executive Director

71 Pacific Asset Management (S) Pte Ltd Dr Audrey Chin Partner, Asset Allocation Strategy72 Pacific Asset Management (S) Pte Ltd Mr Desmond Soon Investment Manager 73

Pacific Asset Management (S) Pte Ltd Mr Ho Tian YeeManaging Partner & Chief Investment Officer

74 Pacific Asset Management (S) Pte Ltd Ms Joyce Chua Partner, Business Development75 Pheim Asset Management (Asia) Pte

Ltd Mr Teng Cheong Kwee Executive Director76 Phillip Securities Pte Ltd Mr Anthony Lim Assistant Manager, Unit Trust 77 Phillip Securities Pte Ltd Mr Damian Tan Manager, Unit Trust 78 Phillip Securities Pte Ltd Mr Jeffrey Lee Managing Director79 Phillip Securities Pte Ltd Mr Lim Hua Min Chairman80 Phillip Securities Pte Ltd Mr Lim Wah Tong Executive Director81 Phillip Securities Pte Ltd Mr Victor Lai Fund Manager 82 Phillip Securities Pte Ltd Ms Lisa Lee Head of Financial Advisory83 Russell Investment Group Pte Ltd Mr Bruce Pflaum Managing Director84

Singapore Exchange Ltd Ms Louise Chua

Assistant Vice President,Institutions & Traders MarketsGroup

85

Singapore Exchange Ltd Ms Sharon Ang

Assistant Vice President,Institutions & Traders MarketsGroup

86 Singapore Management University Dr Francis Koh Associate Professor, Finance 87

Singapore Management University Mr Ang Ser Keng Head, Graduate Programmes Office / Adjunct Faculty

88 Singapore Management University Mr Sim Teow Hong Director of Finance 89 Singapore Press Holdings Ltd Mr Albert Loh Assistant Manager, Treasury

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Singapore Press Holdings Ltd Mr Oo Wooi Cheng

Assistant Vice President,Treasury & CorporateDevelopment

91Singapore Press Holdings Ltd Mr Tan Teck Huat

Senior Vice President, CorporateDevelopment

92 Singapore Press Holdings Ltd Ms Lisa Jeo Assistant Manager, Treasury 93 Standard & Poor Fund Services Mr Dowson Chan Business Development Manager 94 Standard & Poor Fund Services Ms Cynthia Case Director95 Temasek Holdings (Pte) Ltd Ms Ong Guat Cheng Associate Director96 The Business Times Ms Genevieve Cua Executive Money Editor 97 UOB Asset Management Ltd Mr Daniel Chan Managing Director98 UOB Kay Hian Pte Ltd Mr Tang Wee Loke Deputy Managing Director 99 Urban Redevelopment Authority Mr Teo Jwee Liang Head, Investments100 Wealth Management Institute Mrs Annie Wee Executive Director101 Wealth Management Institute Mrs Sok Lee Chandran Director, MWM Programme

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NO. INSTITUTION NAME DESIGNATION 102 Wealth Management Institute Ms Evenlyn Yong Associate Director 103 Wealth Management Institute Ms Siau Leong Associate Director

Every effort has been made to include every registered participant as of 16 November 2004. We apologise for any omissions or errors in this listing.