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1. Assets under management hit US$1.2 billion.

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1. Pheim Singapore was appointed to manage a Vietnam Fund by Aizawa Securities Co. Ltd, Japan. The fund was launched on October 1, 2006. As of end of 2006, the fund size was US$ 80 million.

2. Named "Southeast Asia’s Small-Cap King” by Bloomberg in August 2006."

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1. Pheim Singapore was appointed to manage an Asia Ex-Japan small cap fund by Aizawa Securities Co. Ltd, Japan.

2. Pheim ASEAN Emerging Companies Growth Fund, managed by Pheim Singapore with an ASEAN mandate, was ranked No. 1 among regional and international firms in the offshore Equity ASEAN category by Standard & Poor’s in terms of returns for 5 consecutive 3-year and 5-year periods ending December of 2000, 2001, 2002, 2003 and 2004. The Fund return for the 5-year period ending December of 2004 was 67.85% versus 8.35% for the FTSE All World Series ASEAN USD Index.

3. Pheim Vittoria Fund, managed by Pheim Singapore under a Far East Ex-Japan mandate, ranked well among regional and international firms in the offshore Equity Asia Pacific ex-Japan category in competition with about 190 other regional and institutional players. It was ranked 18th and 11th by Standard and Poor’s for the 3- year and 5-year periods ending 2004 respectively. The Fund return for the 5-year ending December 2004 was 47.55% versus 18.62% in MSCI AC Asia Pacific Ex-Japan USD Index.

4. In July 2004, Aizawa Securities Co. Ltd, Japan acquired a 5% stake each in Pheim Singapore and Pheim Malaysia.

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1. As verified by Watson Wyatt Investment Consulting in conformity with the Level 1 verification of compliance in accordance with the AIMR Performance Presentation Standards (AIMR-PPS®), Pheim Singapore out-performed the respective benchmark every year for every Composite for 9 consecutive years (1995-2003) since inception.

2. Pheim Singapore was appointed to manage an Asia Ex-Japan Equity Fund by New Private Bank in Zurich, Switzerland.

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1. Pheim Singapore was the first boutique fund manager in Singapore to be granted full Investment Adviser’s License, currently known as Capital Markets Services (Fund Management) License.

2. Sumitomo Life Insurance Co., Japan sold off their stake in Pheim Singapore in April.

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1. Pheim Singapore became one of the first two boutique fund managers in Singapore to be granted the Investment Adviser Boutique Fund Manager License by the Monetary Authority of Singapore (MAS).

2. At year end, Sumitomo Life Insurance Company agreed to acquire a 10% stake in Pheim Singapore.

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1. Dr Tan Chong Koay founded Pheim Singapore and assumed the role of Chief Executive Officer/Chief Strategist.