“Skating on Thin Ice – Surviving in A World of

Overpriced Assets”

3rd March 2005, Thursday

SINGAPORE INVESTMENT FORUM (SIF) Introduction The SIF was initiated by Mr Ng Kok Song, Managing Director (Public Markets), GIC to amplify the buzz for the fund management industry in Singapore. Working in close partnership with the Investment Management Association of Singapore (IMAS), Financial Association of Singapore (ACI), Singapore Exchange Limited (SGX), Bloomberg and Reuters, the SIF strives to bring together 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 well as Asia-centric issues. Objectives • To extend and deepen the knowledge of local investment professionals with respect to

market 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

Ms Jennifer Leong Capital International Research & Management Inc.

Mr Mark P. Speciale Capital International Research & Management Inc

Mr Phoon Chiong Tuck Deutsche Asset Management (Asia) Ltd

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

Ms Lena Lim Government of Singapore Investment Corporation Pte Ltd

Mr Andrew Kwek Investment Management Association of Singapore

Mr Joseph Tern Legg Mason Asset Management (Asia) Pte Ltd

Ms Joyce Chua Pacific Asset Management (S) Pte Ltd

Mr Aaron Low Financial Association of Singapore (ACI)

Mr Adrian Tan Morgan Stanley Investment Management

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 Kun

Kin (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), David

Fernandez (JP Morgan Chase Bank), Loh Boon Chye (Deutsche Bank AG), 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), Graeme Sinclair (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 Loong Panel : Paul Bateman (JP Morgan Fleming), Joachim Straehle (Credit Suisse),

Deepak Sharma (Citigroup), Robert Lloyd-George (Lloyd George), and Dominic 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) Tenth Forum 17 Nov 2004 Topic : The Mutual Fund Industry – Where is it going? Keynote Speakers: Robert Pozen (MFS International) Moderator : Andrew Kwek (IMAS) Panel: Grace Chong (MAS), Rich Nuzam (Mercers), and Hou Wey Fook

(OCBC Asset Management)

CONTENTS

PROGRAMME 2

“SKATING ON THIN ICE – SURVIVING IN A WORLD OF OVERPRICED ASSETS” 3

BIODATA OF THE MODERATOR & PANELISTS 4

Speaker Mr Jeremy Grantham, Chairman - GMO 5

Moderator Mr Steve Nelson, Managing Director - Cambridge Associates 6

Panelist Mr Juerg Kiener, Chief Investment Officer - Swiss Asia Capital 7

PARTNERS OF THE SINGAPORE INVESTMENT FORUM 8

Investment Management Association of Singapore (IMAS) 9

ACI Singapore - The Financial Markets Association 10

Government of Singapore Investment Corporation Pte Ltd (GIC) 11

Reuters 12

Bloomberg 13

Singapore Exchange Limited (SGX) 14

LIST OF PARTICIPANTS 15

1

PROGRAMME

2

“SKATING ON THIN ICE – SURVIVING IN A WORLD OF OVERPRICED ASSETS”

2.30 pm Registration

3.00 pm “Skating on Thin Ice – Surviving in A World of Overpriced Assets”

Opening Speech: Andrew Kwek Executive Director IMAS Speaker: Mr Jeremy Grantham Chairman GMO

4.00 pm Panel Discussion:

Moderator: Mr Steven Nelson

Managing Director Cambridge Associates Asia Pte Ltd

Panelist:

Mr Juerg Kiener Chief Investment Officer Swiss Asia Capital

5:00 pm Q & A 5.30 pm Refreshments

3

BIODATA OF THE

MODERATOR & PANELISTS

4

Speaker Mr Jeremy Grantham Chairman GMO Jeremy Grantham is a Founding Partner of Grantham, Mayo, van Otterloo (GMO), a privately-owned global investment manager based in Boston. He serves as GMO’s Chairman, sits on its Executive Committee, and oversees its quantitative products and investment strategies. GMO manages over US$80 billion in assets worldwide for institutional clients such as Harvard, Yale, Princeton and Stanford Universities, CalPERS, and the World Bank. Jeremy is probably best known for his success in asset allocation, where his views are closely followed by some of the most sophisticated institutional investors, academics and media. Most famously, Jeremy was one of the first investors to identify the US technology bubble and moved to increasingly underweight US equities from the fall of 1995 onwards. Although Jeremy received much of his reputation for avoiding the excesses of the NASDAQ hysteria, his asset allocation career includes other significant allocation decisions including overweighting emerging country debt in 1994; underweighting Japanese equities in 1988; overweighting REITs in 1996; and overweighting US small cap value stocks in 1972, the famous Nifty Fifty market. Jeremy was recently named in SmartMoney’s 30 most influential people on Wall Street. In 1971, Jeremy recommended commercial indexing, one of several claims to being first in the industry during his career. Jeremy was also one of the first investors to move to a quantitative stock selection model in the early 1980s as a means of scaling the business, and one of the first institutional officials to oversee the creation of truly global asset allocation portfolios. Jeremy has a well earned reputation for speaking out against the hidden agendas of the finance industry, and has been the most vocal advocate that increased levels of assets detrimentally impacts on a manager’s performance. Aside from his duties with GMO, Jeremy serves on the investment board of several Boston-based, non-profit organizations. He has been featured in Forbes, Fortune, Business Week and Barron’s, is a much sought after speaker, and is regularly quoted by the financial press. (Earlier this year, Jeremy received the Lifetime Achievement Award from the newsletter of Institutional Investor magazine.) Jeremy’s investment career began as an economist with Royal Dutch Shell after earning his undergraduate degree from the University of Sheffield (UK) and his M.B.A. from Harvard Business School. After working as a portfolio manager at Keystone Custodian Funds and a management consultant with Cresap McCormick & Paget, he co-founded Batterymarch Financial Management in 1969.

5

Moderator Mr Steven Nelson Managing Director Cambridge Associates Asia Pte Ltd Mr. Nelson is the founding employee and Managing Director of the Singapore office of Cambridge Associates, having relocated to Asia in early 2001. He is responsible for augmenting the firm’s research program and consulting practice in Asia and charting the course of the Singapore office. Mr. Nelson previously worked in the firm’s Arlington, Virginia office where he played a central role in approximately fifteen client relationships, representing aggregate assets of more than US$4.0 billion. These clients represented a broadly diversified group of institutions, which included colleges and universities, foundations, hospitals and family offices. Mr. Nelson’s scope of work during this time reflected the comprehensive approach Cambridge Associates takes in designing, implementing and monitoring investment programs. Mr. Nelson is a member of the Financial Services Committee with the Singapore chapter of the American Chamber of Commerce. He earned his B.S. with a concentration in Finance from Boston College (Cum Laude).

6

Panelist Mr Juerg Kiener Chief Investment Officer Swiss Asia Capital Juerg has more than twenty-five years experience in the banking industry, with extensive knowledge in the private banking, asset management and securities industries. Juerg has gained considerable global investment experience, having taken up positions in Zurich, Geneva, Johannesburgh, London, Guernsey, Hong Kong and Singapore with two leading Swiss banks, Credit Suisse and Union Bancaire Privee. At these banks, Juerg was involved in a significant amount of project work, integrating various businesses, including the derivatives business, into the Bank’s networks and was also responsible for setting up the Asian ex-Japan private banking product teams. He also has a good knowledge of alternative asset management, and as Chief Investment Officer incorporates it successfully into Global Investment Products. Juerg is the Chief Investment Officer of Swiss Asia Capital (Singapore) Private Limited.

7

PARTNERS OF THE

SINGAPORE INVESTMENT FORUM

8

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 Finance Minister Richard Hu. On 22nd September 1997, it was registered as a society in Singapore. By fostering high standards of professionalism and promoting exemplary practice among members, IMAS seeks to set the benchmark for the investment and fund management industry in Singapore. It also serves as a forum for members in discussions as well as a collective voice where representation is needed on behalf of the investment management industry. For more information on IMAS, visit www.imas.org.sg.

9

ACI Singapore - The Financial Markets Association ACI Singapore - The Financial Markets Association (ACI Singapore), formerly known as the Forex Association of Singapore, is the standard bearer for financial markets' professionals in Singapore. The Association was formed in 1973. Its mission is to be the leading association representing the interests of the financial markets in Singapore, and to promote the educational 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 of Singapore 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 skills as professionals.

• Cultivate greater communication channels among members, markets and other similar bodies 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 ACI World 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 members worldwide in 83 countries, making ACI the largest international association in the wholesale financial markets. ACI was founded in France in 1955 following an agreement between foreign 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 of Singapore by investing globally. With offices in key financial centres around the world, GIC manages 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 to external 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 458,000 financial market professionals working in the equities, fixed income, foreign exchange, money, commodities and energy markets around the world use Reuters products. They rely on Reuters services to provide them with the information and tools they need to help them be more 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 other sources, facilitating the way they work. We provide financial institutions with specially designed tools to help them reduce risk and distribute and manage the ever-increasing volumes of market data. We also offer bespoke automated trading products for the treasury market. We supply news – text, graphics, video and pictures – to media organisations and websites around the world. We also provide news and research services to businesses outside financial services.

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Bloomberg Bloomberg L.P., founded in 1981 by Michael R. Bloomberg, is a leading financial information services, news, and media company, serving customers around the world. Headquartered in New 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, including television and radio programming, Web sites, books, and publications, to meet the financial information needs of professionals and consumers globally. The BLOOMBERG PROFESSIONAL® service is the interactive, financial information network that is Bloomberg’s core business. Available 24 hours a day, to more than 260,000 professionals 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 the BLOOMBERG PROFESSIONAL service to help them make informed decisions and complete transactions every day. BLOOMBERG NEWS® is a global news leader and the driving force behind all Bloomberg media content. The news division generates more than 4,000 stories daily that are syndicated to over 350 newspapers and publications worldwide. BLOOMBERG TRADEBOOK® is a global brokerage agency that gives institutional equity and fixed-income professionals everything they need to meet the challenge of today’s electronic trading marketplace. A leading consolidator of liquidity, BLOOMBERG TRADEBOOK unites ahead-of-the-curve trading technology and expertise, including specialized trading and STP tools, along with news, data, and analytics — in one integrated solution. BLOOMBERG TRADEBOOK is fully supported by Bloomberg’s world-class customer service. BLOOMBERG.COMSM is one of the top multimedia sites for breaking financial news, investor tools, and data on the Internet. Drawing from the data power of the BLOOMBERG PROFESSIONAL service and strengths of Bloomberg media products, BLOOMBERG.COM provides 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 anchored reports and a multi-screen format, BLOOMBERG TELEVISION keeps viewers on top of their money with a continuous stream of stock prices, financial data, and breaking business headlines. BLOOMBERG® Interactive Television enables digital viewers to customize their viewing and track their portfolios at a glance. BLOOMBERG RADIOSM keeps listeners who are serious about their money abreast of breaking financial, business, national, and global news, along with a special focus on personal finance. Its syndicated reports are broadcast through more than 600 affiliates worldwide. The company’s flagship station is BLOOMBERG® 1130 (WBBR–AM) in New York. BLOOMBERG MARKETS™ is the magazine for and about professional investors and corporate executives — the places they work and the companies they invest in. Written specifically 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 business sectors.

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Singapore Exchange Limited (SGX) The Singapore Exchange (SGX) is an integrated securities and derivatives exchange established 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 and investment objectives within a sound, transparent and efficient marketplace. Its securities products include stocks, warrants, bonds, debentures, loan stock, exchange traded funds and real estate investment trusts (REITs). The Exchange also has a securities borrowing and lending facility. As part of the Exchange's move to open up global access to its market participants, a new securities trading platform, SGXAccess, was introduced. This allows SGX member firms and their 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), SGX established the world's first trading link allowing investors to trade stocks in each other's market directly. SGX's derivatives market offers the widest range of international and Asian derivatives in the Asia-Pacific. These instruments include futures and options on equities, stock indices, interest rates and energy. The SGX derivatives market provides an efficient electronic trading infrastructure to complement its active open outcry market. The SGX Electronic Trading System (ETS) is globally 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 its customers 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 derivatives market 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

15

LIST OF PARTICIPANTS NO. COMPANY NAME DESIGNATION

1. Aberdeen Asset Management Asia Limited Patrick Corfe Marketing Business Development

Director 2. ABN AMRO Asset Management Lennie Lim Chief Executive Officer 3. Acadian Asset Management Richard Barry Managing Director 4. APS Asset Management Pte Ltd Ken Goh Director of Investment 5. AXA Rosenberg Investment

Management Ltd Cheng Liao Chief Executive Officer / Chief Investment Officer

6. Barclays Global Investors Southeast Asia Ltd Lee Yuit Chieng Regional Director, Southeast Asia

7. Cambridge Associates Asia Pte Ltd Steven Nelson Managing Director 8. Capital International Jennifer Leong Relationship Manager / Assistant

Vice President 9. Capital International Mark P Speciale Vice President 10. Central Provident Fund Board Eugene Aoi Soon Thiam Senior Executive, Investment

Schemes Department 11. Central Provident Fund Board Lim Yia Kian Karen Senior Executive Assistant, Fund

Management Department 12. Central Provident Fund Board Margaret Lim Deputy Director, Investment Scheme

Department 13. Central Provident Fund Board Mow Khong Ling

Kathleen Executive Officer, Fund Management Department

14. Citigroup Asset Management Kedar Wagle Director, Equity Research 15. Credit Agricole Asset Management

Singapore Limited Jenny Sofian Managing Director

16. DBS Asset Management Ltd Lau Wing Tat Managing Director 17. Defence Finance Organisation Chester Wong Investment Associate 18. Defence Finance Organisation Lawrence Goh Finance Executive 19. Defence Finance Organisation Phan Hsiu Chen Investment Associate 20. Defence Finance Organisation Tan Soo Chuan Head, Saver Premium Fund

Executive Unit 21. Defence Finance Organisation Teo Hui Ling Investment Associate 22. Deutsche Asset Management Phoon Chiong Tuck Chief Investment Officer 23. First State Investments Lindsay Mann Chief Executive Officer 24. GMO Amit Bhartia Portfolio Manager 25. GMO Cindy Tan Operations Manager 26. GMO Glen Howard Managing Director 27. GMO Jason Halliwell Head of TAA Research 28. GMO Jeremy Grantham Chairman 29. GMO Jonathan Goll Portfolio Manager 30. GMO Paul Chadwick Executive Director 31. GMO Irish Kulkarni Managing Director 32. GMO Nilesh Wagle Principal 33. Government of Singapore Investment

Corporation Pte Ltd Choo Wing Kwong Senior Officer

34. Government of Singapore Investment Corporation Pte Ltd Elizabeth Chau Assistant Director

35. Government of Singapore Investment Corporation Pte Ltd Eva Tan Senior Officer

36. Government of Singapore Investment Corporation Pte Ltd Justina Koh Policy Officer

37. Government of Singapore Investment Corporation Pte Ltd Lee Yuit Leng Assistant Director

38. Government of Singapore Investment Corporation Pte Ltd Lena Lim Senior Officer

39. Government of Singapore Investment Corporation Pte Ltd Lim Chow Kiat Director

Fixed Income

16

NO. COMPANY NAME DESIGNATION 40. Government of Singapore Investment

Corporation Pte Ltd Sandy Lim Officer

41. Government of Singapore Investment Corporation Pte Ltd Tan Wei Lu Policy Officer

42. Government of Singapore Investment Corporation Pte Ltd Wee Sau Ling Director

43. Government of Singapore Investment Corporation Pte Ltd Wong Mui San Officer

44. Investment Co Of The People's Republic of China Wang Ping Jiao Managing Director

45. Investment Management Association of Singapore Andrew Kwek Executive Director

46. Investment Management Association of Singapore Jeane Chow Associate Director

47. JP Morgan Fleming Asset Management Kwee Liang Sze Associate

48. Keppel Corporation Ltd Lynn Koh General Manager, Treasury 49. Legg Mason Asset Management

(Asia) Pte Ltd Joseph Tern Deputy Chief Investment Officer

50. Legg Mason Asset Management (Asia) Pte Ltd Patrick Tan Chief Investment Officer

51. Land and Transport Authority Alice Tan Senior Manager

52. Land and Transport Authority Nicholas Loh Investment Executive 53. Land and Transport Authority Ow Chien Tin Investment Executive 54. Lumen Advisors LLC Aaron Low Principal 55. Maritime & Ports Authority of

Singapore Leong Chee Kheong Assistant Director, Finance

56. MFS International Ltd Stephen J Teoh Vice President 57. Ministry of Community Development,

Sports and Youth William Tan Chief Financial Officer Finance and Facilities Division

58. Ministry of Community Development, Sports and Youth Oh Chong Onn Assistant Director, Finance and

Administration 59. Ministry Of Finance Ow Fook Chuen Director, Goverance & Investment 60. Ministry of Home Affairs Mr Khoo Kah Bee Senior Asst Director, A&F 61. Ministry of Home Affairs Mrs Lim-Tan Hui Kheng Deputy Director (HR Systems)/HRD 62. Monetary Authority of Singapore Benedict Yap Associate

Investor Services Division 63. Monetary Authority of Singapore Celestine Khoo Director (External Fund Management

Div) 64.

Monetary Authority of Singapore Daryl Ee

Assistant Industry Development Manager Marketing Division Financial Sector Promotion Dept.

65. Monetary Authority of Singapore Foo Li Nee Assistant Director 66. Monetary Authority of Singapore Ricco Chan Portfolio Manager (External Fund

Management Div) 67. Monetary Authority of Singapore Alison Lim Deputy Director

Investor Services 68. Monetary Authority of Singapore Connie Chu Assistant Director 69. Monetary Authority of Singapore Chua Shih Guan Associate 70. Monetary Authority of Singapore Shirley Ng Associate 71. Monetary Authority of Singapore So Seong Meng Assistant Director

Investor Services 72. Morgan Stanley Investment

Management Adrian Tan Senior Associate

73. Nanyang Technological University Mr Edwin Ang Financial Controller 74. Nanyang Technological University Tan - Goh Hwee Oon Senior Assistant Director(Fin) 75. National Council of Social Service Bernadette Lau Director, Corp Services Membership

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NO. COMPANY NAME DESIGNATION 76. Nikko Global Asset Management (S)

Ltd Samantha Teo Chief Investment Officer, Director

77. NTUC Income Insurance Co-operative Limited Heng Chee Meng Head, Fixed Income Department

78. NTUC Income Insurance Co-operative Limited Liong Tong Kap General Manager, Investment

79. OCBC Asset Management Ltd Hou Wey Fook Chief Investment Officer 80. Pacific Asset Management (S) Pte Ltd Desmond Soon Investment Manager 81. Pacific Asset Management (S) Pte Ltd Joyce Chua Partner, Business Development 82. Pheim Asset Management (Asia) Tan Chong Koay Chief Executive 83. Pricewaterhouse Coopers Justin Ong Partner 84. Pramerica Fixed Income (Asia)

Ltd Alan Lim Managing Director

85. Singapore Exchange Limited Gordan Lam Vice President & Head, Financial Accounting Department

86. Singapore Management University Francis Koh Associate Professor, Finance 87. SPH Teh Hooi Ling Senior Correspondent from the

Business Times 88. Singapore Totalisator Board Loretta Boon Mei Lin Board Secretary 89. Singapore Tourism Board Kelvin Ang Assistant Director, Corporate

Finance And Fund Management 90. Singapore Tourism Board Yong Yean Chau Chief Financial Officer 91. ST Asset Management Pte Ltd Jason See Senior Vice President 92. State Street Global Advisors Spore

Ltd Hon Cheung Managing Director

93. Swiss Asia Capital (S) Pte Ltd Juerg Kiener Managing Director 94. Temasek Holdings (Pte Ltd) Teo Joo Wah Director, Equity Team 95. UOB Asset Management Thio Boon Kiat CIO 96. Urban Redevelopment Authority Teo Jwee Liang Head, Investments 97. Wealth Management Institute Annie Wee Executive Director 98. Wealth Management Institute Siau Leong Associate Director 99. Wiser Asset Management Pte Ltd Mrs Chin Ean Wah CEO 100. WMI Inez Kwok Shiu May Student 101. WMI Lam Kuen Tat Student 102. WMI Quek Tzu Chye Student 103. WMI Teo Chin Hong Eric Student 104. WMI Carolyn Eng Student 105. WMI Ng Sze Tieng Student