3 Oxford Economics, Global Economic Databank, November 2015 4 oecdobserver.org/news/fullstory.php/aid/3681/An_emerging_middle_class.html 5 WFE 2015 and 2006 data 6 EY global IPO Trends 2015 and PWC Asia IPO Survey Report 2007–2011 7 Dealogic data 8 Based on a March 2014 report by ANZ Research titled “Caged Tiger: The Transformation of the Asian Financial  System”. bluenotes.anz.com/posts/2014/03/unleash-the-tiger/ 9 Statistics are based on Capgemini’s 20th World Wealth Report released in June 2016. 10 Asia-Pacific held USD 17.4 trillion in wealth with a 5.1 million HNWI population compared to North America’s  USD 16.6 trillion in HNWI wealth and 4.8 million in population. 11 US Energy Information Administration, Short-term energy outlook (Table 3d), November 10, 2015. 12 CSRC Vice Chairman Fang Xinghai made these remarks at the Shanghai Futures Exchange annual conference  in May 2016. 13 asean.org/storage/2015/11/AECat-a-glance-2016_web_version2.pdf 14 www.usasean.org/why-asean/asean-economy 15 “Fact Sheet on ASEAN Economic Community (AEC)” published by ASEAN Secretariat, December 2015. 16 www.mckinsey.com/industries/public-sector/our-insights/understanding-asean-seven-things-you-need-to-  know 17 Households with incomes exceeding the level at which they can begin to make significant discretionary  purchases. 18 Recently, Shanghai FTZ launched a pilot scheme to give foreign investors greater access to RMB-denominated  bonds in the FTZ. The Shanghai government will soon issue the first batch of FTZ bonds worth RMB 3 billion. 19 The Shanghai Insurance Exchange, China’s first insurance asset trading platform was launched in June 2016. With an aim of improving insurance asset management channels, its first two insurance asset products were launched a few weeks ago.

7 Built upon a bedrock of strong financial cooperation ties, the Shanghai –Singapore partnership has flourished over the years. I foresee that our partnership will receive a boost under a more dynamic Asian financial landscape. II. Evolving New Asian Financial Landscape 8 Many observers have expressed their opinion that in recent years, a gradual shifting of the world’s economic centre of gravity to Asia has taken place. With the shift, many expect a new Asian Financial Landscape to emerge, presenting tremendous new opportunities ahead. Let us look at how this financial landscape is expected to evolve:  Asia’s economic size and rate of growth will pack a much stronger punch in the new era. In 1990, Asia’s share of global GDP was 23.2%. By 2014, this had increased to 38.8%, much larger than the shares of the U.S. and the E.U. If current growth trends continue, Oxford Economics forecast that Asia’s share will reach nearly 45% by 20253. OECD estimates4 that the size of the global middle class will increase to 4.9 billion by 2030. The bulk of this growth will come from Asia. By 2030, Asia will represent almost two-thirds of the global middle-class population and almost 60% of middle-class consumption. With increasing economic weight, Asia is expected to play a leading role in global financial markets. I made similar observations in a speech last week at the ASIFMA Annual Conference in Singapore: Equity markets in Asia recorded strong growth over the past ten years.