Unit Price Performance

CMT’s unit price appreciated strongly during the financial year 2003, from the closing price of S$1.01 on 31 December 2002 to the closing price of S$1.43 on 31 December 2003. The weighted average unit price for the year was approximately S$1.17.

In addition, trading liquidity also improved significantly in 2003, averaging around 21.9 million units a month compared to 2002’s 17.7 million units a month.

CMT continued to outperform established market indices such as the Straits Times Index and the Singapore Property Equities Index, which recorded gains of 31.6 percent and 38.3 percent respectively during the year.

Overall, we believe CMT’s strong trading performance was a clear demonstration of investors’ confidence in its attractiveness as an investment product that is able to offer opportunities for capital growth on top of attractive and stable distribution income.