“active alpha investing - a new paradigm for today’s ...€¦ · contents programme 2 “active...

“Active Alpha Investing - A New Paradigm

for Today’s Challenges”

2 April 2004, Friday

CONTENTS

PROGRAMME 2

“Active Alpha Investing – A New Paradigm for Today’s Challenges” 3

BIODATA OF THE MODERATOR & PANELISTS 4

Speaker Bob Litterman, Managing Director 5

Moderator Mr Guan Ong, Director 6 SINGAPORE INVESTMENT FORUM 7

Introduction 8

List of Forums 9

PARTNERS OF THE SINGAPORE INVESTMENT FORUM 11

Investment Management Association of Singapore (IMAS) 12

ACI Singapore - The Financial Markets Association 123

Government of Singapore Investment Corporation Pte Ltd (GIC) 124

Reuters 15

Bloomberg 16

Singapore Exchange Limited (SGX) 17

LIST OF PARTICIPANTS 18

1

PROGRAMME

2

“Active Alpha Investing – A New Paradigm for Today’s Challenges”

4:30 pm Presentation by

Mr Robert Litterman

Managing Director,

Head of Quantitative Resources Group

Goldman Sachs Asset Management

5:10 pm Floor discussion

Moderator:

Mr Guan Ong

Director

Prumerica Asia Fund Management (S) Ltd

5:40 pm Refreshments

3

BIODATA OF THE

MODERATOR & PANELISTS

4

Speaker Bob Litterman

Managing Director

Goldman Sachs Asset Management

Bob is the co-developer, along with the late Fischer Black, of the Black-Litterman Global Asset Allocation Model, a key tool in the Investment Management Division’s asset allocation process. As Director of Quantitative Resources, Bob oversees Quantitative Equities under the leadership of Bob Jones; the Quantitative Strategies group, co-headed by Mark Carhart and Ray Iwanowski; the Global Investment Strategies Group, led by Danny Truell and Kurt Winkelmann, and the PACE Group, led by Jacques Longerstaey and Peter Zangari, which develops and markets portfolio management and risk analysis tools. In total, these groups include over 90 professionals. Prior to moving to the Investment Management Division, Bob was the head of the Firmwide Risk department since becoming a Partner in 1994. Preceding his time in the OT&F Division, Bob spent eight years in the Fixed Income Division's research department where he was co-director, with the late Fischer Black, of the research and model development group. Bob and Fischer co-wrote two papers, Asset Allocation: Combining Investor Views with Market Equilibrium, September 1990; and Global Asset Allocation With Equities, Bonds, and Currencies, October 1991. Additionally, Bob and Guang-Liang He wrote a third paper, The Intuition Behind Black-Litterman Model Portfolios, which was published in December 1999. These Goldman Sachs publications describe the Black-Litterman Global Asset Allocation Model. Three other papers that discuss the use of modern portfolio theory in risk management are Managing Market Exposure, which was co-authored with Kurt Winkelmann and published in January 1996, and Hot Spots and Hedges, which was published in October 1996, and The Green Zone, which was co-authored with Jacques Longerstaey, Jacob Rosengarten and Kurt Winkelmann and published in March 2000. Bob and Kurt also published Estimating Covariance Matrices in January 1998. Additionally in 1998, The Firmwide Risk department of Goldman Sachs, under Bob’s leadership and in collaboration with SBC Warburg Dillon Read, co-authored the book, The Practice of Risk Management. Before joining Goldman Sachs in 1986, Bob was an Assistant Vice President in the Research Department of the Federal Reserve Bank of Minneapolis and an Assistant Professor in the Economics Department at the Massachusetts Institute of Technology. Bob received a B.S. from Stanford University in 1973 and a Ph.D. in Economics from the University of Minnesota in 1980.

5

Moderator Mr Guan Ong

Director

Prumerica Asia Fund Management (S) Ltd

Guan Ong is the Head of Prumerica Asia Fund Management’s Singapore office where he is responsible for a team which focuses on trading and research activities in Asian fixed income. He is also involved with Prudential Financial’s M&A activities in asset management businesses in Taiwan and Korea. He joined Prumerica Financial in Hong Kong as a fixed income portfolio manager in 1998 and started Prumerica Financial’s Singapore office in 2000. Guan began his career in 1990 with Credit Suisse First Boston (London) where he spent over six years. He was involved with CSFB’s role as the financial advisor to the Kingdom of Sweden in the evaluation and the restructuring of Swedish banks during its banking crisis of 1993/94. In addition, he was responsible for structuring mortgage and asset backed products for CSFB before focussing in Asian corporate credits in 1995. In 1996, he moved to Hong Kong to join Lehman Brothers where he was responsible for corporate credit research and worked with Lehman’s Asian proprietary distressed asset team. Guan graduated from Imperial College, London in 1986 with a PhD in Electrical Engineering. For the past two years, Guan has been voted No. 1 by The Asset magazine as the most astute investor in Asian dollar bonds.

6

SINGAPORE INVESTMENT FORUM

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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 six 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

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 Guan Ong Prumerica Asia Fund Management (S) Ltd

Mr Aaron Low PIMCO Asia Pte Ltd

Mr Adrian Tan Schroder Investment Management (Singapore) Ltd

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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)

9

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)

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PARTNERS OF THE


PARTNERS OF THE


11

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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 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.

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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.

15

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.

16

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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http://www.sgx.com/

LIST OF PARTICIPANTS

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LIST OF PARTICIPANTS NO. COMPANY NAME DESIGNATION 1 Aberdeen Asset Management Asia

Limited Mr Patrick Corfe Marketing Business Development

Director 2 ABN AMRO Asset Management Mr Lennie Lim Deputy Chief Executive Officer 3 ABN AMRO Asset Management Mr Bo Kratz Chief Executive Officer 4 ACI Singapore - The Financial

Markets Association Mr Mervyn Fong President

5 Alliance Capital Management (S) Ltd Mr Manish Singhai Vice President 6 Allianz Dresdner Asset Management

Limited Mr Ken Goh Chief Investment Officer

7 APS Asset Management Pte Ltd Mr Chong Kah Loong Analyst 8 AXA Rosenberg Investment

Management Ltd Mr Cheng Liao CEO/CIO

9 AXA Rosenberg Investment Management Ltd

Mr Mark On Director of Model Implementation.

10 AXA Rosenberg Investment Management Ltd

Mr Ken K C Yeo Portfolio Engineer

11 Capital International Mr Mark P. Speciale Vice President 12 DBS Asset Management Ltd Mrs Yeong Phick Fui Managing Director (Private Banking)13 DBS Asset Management Ltd Mr Peter Chiang Snr Manager 14 DBS Asset Management Ltd Mr Lim Heong Chye Executive Director 15 DBS Bank Dr Fong Cheng Hong Managing Director & Head of

Economics, Markets Research 16 Deutsche Asset Management Mr Phoon Chiong Tuck CIO 17 First State Investments Mr Lindsay Mann CEO 18 Fischer Francis Trees & Watts (S)

Pte Ltd Mr Roy Diao Managing Director

19 Government of Singapore Investment Corporation P L

Mr Ng Kok Song Managing Director


Mr Saigal Aje Kumar Director, Investment Policy & Strategy


Ms Wee Sau Ling Director, Corporate Affairs & Planning


Ms Lee Yuit Leng Assistant Director, Corporate Affairs & Planning


Ms Loh Wei Ling Manager, Corporate Communications & Administration

24 GMO Mr Glen Howard Managing Director 25 Goldman Sachs (S) Pte Mr Philip Gardner Vice President 26 Goldman Sachs (S) Pte Ms Kok Tsui Li Vice President 27 Goldman Sachs (S) Pte Ms Teo Mui Kiang Vice President 28 Goldman Sachs (S) Pte Ms Hedy Tan Associate 29 Great Eastern Life Insurance Mr Joachim Toh Senior Manager

Head, Treasury & Fixed Income 30 Great Eastern Life Assurance Co Ltd Mr Tan Yeow Hau Product & Marketing Manager 31 Investment Management Association

of Singapore Mr Andrew Kwek Executive Director

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NO. COMPANY NAME DESIGNATION 32 Info Comm Devt Authority of

Singapore Ms Magdelene Chua Dy Director, Finance

(Fund Management) 33 International Enterprise Singapore Ms Gina Lim Assistant Director, Finance 34 International Enterprise Singapore Ms Sim Wee Yi Assistant Manager 35 International Enterprise Singapore Ms Cheryl Chiong Senior Financial Officer 36

Invesco Asset Management S'pore Ltd

Mr Quah Hong Chye Director

37 Investment Co Of The People's Republic of China

Mr Luo Qing Managing Director

38 JP Morgan Investment Management Mr Greg Barnes Vice President 39 JP Morgan Investment Management Mr Nitin Bhambhani Vice President 40 JP Morgan Investment Management Mr Yong Chee Ram Vice President 41 JTC Corporation Mr Patrick Tan Asst Director, Corp Finance 42 Keppel Corporation Ltd Ms Lynn Koh General Manager, Treasury 43 Land and Transport Authority Ms Marianne Nai Manager, Corporate Finance 44 Land and Transport Authority Mr Nicholas Loh Investment Executive 45

Legg Mason Asset Management (Asia) Pte Ltd

Mr Joseph Tern Deputy Chief Investment Officer

46 Legg Mason Asset Management (Asia) Pte Ltd

Mr Patrick Tan Chief Investment Officer

47 Maritime & Ports Authority of Singapore

Mr Leong Chee Kheong Asst Director, Finance

48 Media Developmemt Authority Mr Jeffrey Tan Senior Asst Director, Finance 49 Monetary Authority of Singapore Mr Ng Nam Sin Executive Director 50 Monetary Authority of Singapore Mr Thomas Lim Deputy Director 51 Monetary Authority of Singapore Ms Cheryl Tan Senior Assistant Director 52 Monetary Authority of Singapore Ms Kwan Li Ling Assistant Director 53 Monetary Authority of Singapore Mr Qwee Eng Leong Assistant Director 54 Monetary Authority of Singapore Mrs Loh Mun Su Director 55 Monetary Authority of Singapore Mr The Khim Swee Associate 56 Monetary Authority of Singapore Mr Koh Kok Beng Associate 57 Ministry Of Finance Mr Ow Fook Chuen Director, Goverance & Investment 58 Nikko Global Asset Management (S)

Ltd Ms Samantha Teo CIO, Director

59 NTUC Income Insurance Co-operative Limited

Mr Liong Tong Kap General Manager, Investment


Mr John Loh Manager, Investment


Ms Jenny Koh Investment Manager

62 OCBC Asset Management Ltd Mr Hou Wey Fook Chief Investment Officer 63 OCBC Asset Management Ltd Ms Gina Chan Head, Global Equities 64 OCBC Asset Management Ltd Mr Herbert Wong Senior Fund Manager, Equities 65 OCBC Securities Private Limited Mr Yap Teong Keat Executive Director 66 Pacific Asset Management (S) Pte

Ltd Ms Joyce Chua Partner, Business Development

20

NO. COMPANY NAME DESIGNATION 67 Pacific Asset Management (S) Pte

Ltd Mr Desmond Soon Investment Manager

68 Pacific Asset Management (S) Pte Ltd

Mr Steven Tay Currency Strategist

69 Pheim Asset Management (Asia) Pte Ltd

Dr Tan Chong Koay Chief Executive

70 Pheim Asset Management (Asia) Pte Ltd

Mr Teng Cheong Kwee Executive Director

71 PIMCO Asia Pte Ltd Dr Aaron Low Vice President 72 Reuters Asia Pte Ltd Ms Tay Liam Hwee Corporate Comunications Manager 73 Reuters Asia Pte Ltd Ms Celine Lim Marketing Communications

Executive 74 Reuters Asia Pte Ltd Mr Nick Evershed Business Manager

Focus Group Accounts 75 Schroder Investment Management (S)

Ltd Ms Corinne Teo Associate Director

76 Schroder Investment Management (S) Ltd

Mr Leong Wah Kheong Chief Investment Officer


Mr Adrian Tan Manager


Mr Jonathan Goll Manager

79 Singapore Exchange Limited Mr Patrick Kong Vice President Markets Group

80 Singapore Exchange Limited Ms Louise Chua Assistant Vice President Institutions & Traders Markets Group

81 Singapore Exchange Limited Mr Joseph Ho Snr Associate (Financial Accounting Dept)

82 Singapore Exchange Limited Ms Stephanie Lee Senior Associate Marketing Communications Markets Group

83 Singapore Management University, Senior Management

Prof Annie Koh Dean, Executive Education

84 Singapore Management University Dr Francis Koh Associate Professor, Finance 85 Singapore Management University Mr Phoa Kia Kee Treasury Manager

Investment And Treasury 86 Singapore Mass Rapid Transit Ltd Ms Catherine Kuan General Manager, Finance 87 Singapore Press Holdings Ltd Mr Tan Teck Huat Senior Vice President

Corporate Development 88 Singapore Press Holdings Ltd Mr Oo Wooi Cheng Assistant Vice President

Treasury, Corporate Development 89 Singapore Press Holdings Ltd Mr Albert Loh Assistant Manager, Treasury 90 Singapore Tourism Board Mr Kelvin Ang Assistant Director

Corporate Finance & Fund Management

91 Singapore Tourism Board Mr Yong Yean Chau Chief Financial Officer 92 State Street Global Advisors Spore

Ltd Mr Gerard Yeo Investment Manager

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NO. COMPANY NAME DESIGNATION 93 Straits Lion Asset Management Mr Tong Foo Cheong Vice President 94 Straits Lion Asset Management Ms Ngu Siew Eng Investment Manager 95 Target Asset Management Pte Ltd Mr Teng Ngiek Lian Chief Investment Officer 96 Temasek Holdings (Pte Ltd) Ms Chan Chia Lin Managing Director

Fund Management 97 Temasek Holdings (Pte Ltd) Ms Yeo Lian Sim Managing Director 98 Temasek Holdings (Pte Ltd) Ms Shirin Ismail Vice President 99 Temasek Holdings (Pte Ltd) Ms Nyan Hwei Fern Associate Director 100 Temasek Holdings (Pte Ltd) Mr Ong Guat Cheng Associate Director 101 Temasek Holdings (Pte Ltd) Mr Teo Joo Wah Director 102 Temasek Holdings (Pte Ltd) Mr Alvin Goh Associate 103 Templeton Asset Management Ltd Mr Dennis Lim Director / Senior Executive Vice

President 104 The Siam Commerical Bank PCL Mr Nattapong Samit-

Ampaipisarn Snr Vice President & General Manager

105 The Siam Commerical Bank PCL Ms Lanlana Klangsap Assistant General Manager Treasury & Corporate Institional Banking

106 UOB Asset Management Ltd Mr Daniel Chan Managing Director 107 Urban Redevelopment Authority Mr Teo Jwee Liang Head, Investments 108 Urban Redevelopment Authority Ms Tan Yin Hoon Executive Investment officer 109 UT Asset Management (S) Pte Ltd Mr Patrick Yeo Head of Fixed Income 110 UT Asset Management (S) Pte Ltd Mr Soon Kian Lee Head Of Equities

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