2. Personal manager and Internet access – A portfolio manager will personally manage and allocate the client’s funds in the Phillip Growth Fund, Phillip Income Fund and Phillip Money Market Fund in his PLCP account. Clients will be able to access a daily valuation of their account on line at www.phillip.com.sg, in addition to a monthly statement from PCM.

3. Comprises top-ranking asset class funds - Both the Phillip Income Fund and the Phillip Growth Fund are ranked number one by Standard & Poor’s Fund Services over the period 31 December 2002 to 30 September 2003 in their respective fund categories; namely ‘Asset Allocation Global Defensive, Singapore Unit Trusts’ and ‘Asset Allocation Global Neutral, Singapore Unit Trusts’. They were ranked number one and two respectively, by Standard & Poor’s Fund Services in 2002*

4. Consistent, low volatile returns - Asset allocation is the process of determining optimal allocations for the various classes of assets ( such as money markets, bonds, equities, currencies etc ) that meet your investment time horizon and risk tolerance. Asset allocation serves to mitigate the excessive volatility seen in single asset-class funds and achieve consistent total returns in the medium to long term on an investment portfolio. Through the judicious application of asset allocation, we were able to achieve consistent low volatile returns.

The following table sets out the historic returns of the Phillip Life Cycle Portfolios:

HISTORIC RETURNS** OF THE PHILLIP LIFE CYCLE PORTFOLIOS

Clients will require only SGD 10,000 to open the account once their investment risk return profile is determined with the assistance of a PhillipCapital financial advisor representative.

PCM holds a Capital Markets Services licence granted by the Monetary Authority of Singapore, and provides fund management and investment advisory services to both institutional and retail clients. It is a member of PhillipCapital, an integrated financial services group providing a comprehensive range of financial services to retail and institutional customers.

The team of fund managers led by Jeffrey Lee has consistently delivered good performance over many investment cycles. In addition, PCM has been profitable every year since inception and is backed by PhillipCapital, which was established in 1975. Today PhillipCapital is firmly established in the financial centres of Singapore, London, Tokyo, Hong Kong, and Australia. It has over 2200 employees representing diverse cultures across 10 different countries in Asia and Europe with approximately US$250 million in shareholders’ funds.

* Past performance is not necessarily indicative of future performance.
** The historic returns of the Phillip Life Cycle Portfolios are calculated on a Bid-to-Bid basis in SGD of the underlying sub funds on the assumption that you had invested in any of the 5 Phillip Life Cycle Portfolios.

27 November 2003
Contact:-
Mr. Jeffrey Lee
Managing Director and Chief Investment Officer, Phillip Capital Management (S) Ltd
250 North Bridge Road, #06-00, Raffles City Tower, Singapore 179101
Tel: 6 538 3638 Fax: 6 538 3066