APS ALPHA FUND (CPFIS-OA Included)

INVESTMENT OBJECTIVE

The fund’s aim is to provide medium to long-term capital appreciation by investing in the stocks of companies listed in Far East ex-Japan markets.

FUND FACTS

The fund does not charge any management and administrative fees: APS absorbs all expenses which are normally charged to investors, namely, management fee, trustee fee, administration fee, accounting and valuation fees, custodian and depository fees, registrar fee, legal and professional fees, audit fee, printing and distribution costs, and other setup costs.

Launch Date	23rd July 2003	Manager’s Investment	SGD 10 million
Minimum Investment	SGD 5,000 or USD equivalent	Dividends	Will be reinvested in the fund
Subscription Type	Cash / CPFIS-OA / SRS	Dealing Frequency/ Dealing Price	Daily / Dealing price published is the purchase price
CPF Risk Classification	Higher Risk - Narrowly Focused (Regional/Asia)	Price Publications	The Straits Times, The Business Times, Reuters and Bloomberg
Fees & Charges   Service providers   - Management fee Zero - Trustee / Custodian RBC Dexia Trust Services Singapore Ltd - Performance fee 25%* of the annualised returns over the relevant PF Period1, if annualised returns exceed the 6% p.a. performance hurdle in any calendar year - Registrar RBC Dexia Fund Services Singapore Pte Ltd - Realisation Charge 1%2 - Auditors KPMG - Initial Sales Charge Up to 5%3 - Solicitors Rodyk & Davidson
Domicile/ Manager	Singapore / APS Asset Management Pte Ltd	Financial Year End	31st December
Key Fund Managers	Wong Kok Hoi (CFA), James Liu (CFA)

^* The applicable rate for any performance period ending on or before 31 Dec 2003 is 30%.

1 A “PF Period” for each Unit is a period commencing from the initial date the Unit is issued and ending at the close of business on (1) the 31st day of every December, or (2) the date the Unit is realised, whichever is the earlier, and thereafter, each PF Period commences on the 1st day of January of the following year and ending at the close of business on (1) the 31st day of every December, or (2) the date the Unit is realised, whichever is the earlier.

2 The Realisation Charge will be waived if an investor has held Units in the fund for more than 2 consecutive years or has paid performance fee in respect of any PF Period.

3 The Initial Sales Charge may be retained for the benefit of the Manager or utilised by the Manager to pay for any distribution fees payable to third-party distributors or any other fees payable in relation to the selling of the Units.

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Disclaimer

The above is strictly for information purposes only and should not be construed as an offer or solicitation to deal in the securities/investments mentioned herein. Unless stated otherwise, any opinions expressed are based on our internal forecasts and should not be relied upon as indicating any guarantee of return from an investment in our products. Past performance of the Fund and the Manager and any forecasts made are not necessarily indicative of future or likely performance of the Fund or the Manager. Investors may wish to seek advice from a financial advisor before making a commitment to purchase the Fund. In the event that the investor chooses not to seek advice from a financial advisor, he should consider whether the Fund in question is suitable for him. We have made every effort to ensure that the information provided herein is accurate. Please note, however, that some data has been derived from sources that we believe to be reliable but its correctness is not guaranteed. Investments in unit trusts are not obligations of, deposits in, guaranteed or insured by APS Asset Management Pte Ltd (the "Manager") and are subject to investment risks, including the possible loss of principal amount invested. Investors should refer to the prospectus for a full disclosure of all risk factors.  All applications for units in the Fund must be made on the application form accompanying the prospectus. Investors may obtain a copy of the prospectus from the Manager or any of its appointed distributors. Investors should read the prospectus before deciding to purchase units in the Fund. The value of the units and the income derived from them may fall as well as rise.