1 NTU ANNUAL REPORT 2011 Vision and Mission A great global university founded on science and technology, nurturing creative and entrepreneurial leaders through a broad education in diverse disciplines.

Contents

At a Glance 5 Highlights 52 Chairman’s Message: On the Rise 6 t(MPCBM4UBOEJOH President’s Message: The New NTU 8 t-FBEFSTIJQ Board of Trustees 12 t&EVDBUJPO University Leadership 14 t/FX$FOUSFTBOE*OTUJUVUFT Learning 16 t*OOPWBUJPOT t6OEFSHSBEVBUF&EVDBUJPO t(JGUTUPUIF6OJWFSTJUZ t(SBEVBUF&EVDBUJPO t"MVNOJ t4UVEFOU&YQFSJFODF t$BNQVT-JGF Discovery 30 t&NJOFOU7JTJUPST t3FTFBSDI t#FOFGBDUPST t8PSMEDMBTT'BDVMUZ Financial Review 60 t3FTFBSDI4QPUMJHIU t$PSQPSBUF(PWFSOBODF Honours 44 t'JOBODJBM4UBUFNFOUT t4FOJPS.BOBHFNFOUBOE'BDVMUZ t(SBEVBUF4UVEFOUT t6OEFSHSBEVBUFT t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ýWF UIFMBSHFTUDBNQVTJO4JOHBQPSF 3,600 GBDVMUZBOESFTFBSDIFST

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NTU ANNUAL REPORT 2011 6 7 NTU ANNUAL REPORT 2011 PRESIDENT’S MESSAGE i/56IBT DPOTJTUFOUMZCFFO SBOLFEBNPOH UIFXPSMETUPQ VOJWFSTJUJFT /PUFXPSUIZJOUIF THE MBTUBDBEFNJDZFBS XBTPVSRVJDLBTDFOU NEW VQWBSJPVTSFQVUBCMF HMPCBMZBSETUJDLTw NTU

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NTU ANNUAL REPORT 2011 8 9 NTU ANNUAL REPORT 2011 PRESIDENT’S MESSAGE

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NTU ANNUAL REPORT 2011 10 11 NTU ANNUAL REPORT 2011 BOARD OF TRUSTEES "TBU+VMZ

Mr Koh Boon Hwee (Chairman) Mr Alwi Bin Abdul Ha!z Mr Edmund Cheng Mr Lim Chee Onn Mr Lim Chuan Poh Sir Keith O’Nions $IBJSNBO .BOBHJOH%JSFDUPS "4&"/ %FQVUZ$IBJSNBOBOE $IBJSNBO $IBJSNBO 1SFTJEFOUBOE3FDUPS 4VOOJOHEBMF5FDI-UE #4*(SPVQ4JOHBQPSF1UF-UE %FQVUZ.BOBHJOH%JSFDUPS 4JOHCSJEHF*OUFSOBUJPOBM "HFODZGPS4DJFODF 5FDIOPMPHZBOE *NQFSJBM$PMMFHF-POEPO :FP)JBQ4FOH-UE 8JOH5BJ)PMEJOHT-UE 4JOHBQPSF1UF-UE 3FTFBSDI

Mr Chia Ban Seng Ms Jennie Chua Mr Goh Geok Ling Prof Haresh Shah Mr Inderjit Singh Mrs Tan Ching Yee .BOBHJOH%JSFDUPS $IJFG$PSQPSBUF0GýDFS $IBJSNBO 1SPGFTTPS &NFSJUVT $IJFG&YFDVUJWF0GýDFS 1FSNBOFOU4FDSFUBSZ *OEPDFNFOU4JOHBQPSF1UF-UE $BQJUB-BOE-UE 4FNC$PSQ.BSJOF-UE 4UBOGPSE6OJWFSTJUZ *OýOJUJ4PMVUJPOT-UE .JOJTUSZPG&EVDBUJPO

Mr Kwek Leng Joo Mrs Lee Suet Fern Ms Lien Siaou-Sze Mr Wong Yew Meng Mr Ernest Wong Prof Alexander JB Zehnder .BOBHJOH%JSFDUPS 4FOJPS%JSFDUPS 4FOJPS&YFDVUJWF$PBDI #PBSE.FNCFS $IBJSNBO 1SFTJEFOUBOE'PVOEFS $JUZ%FWFMPQNFOUT-UE 4UBNGPSE-BX$PSQPSBUJPO .PCMFZ(SPVQ1BDJýD 1FPQMFT"TTPDJBUJPO 'VMMFSUPO'JOBODJBM)PMEJOHT1UF-UE 5SJQMF;-UE

* Following the end of Prof ’s term as President of NTU, Prof Bertil Andersson succeeded him on the NTU Board of Trustees.

Prof Bertil Andersson* 1SFTJEFOU /BOZBOH5FDIOPMPHJDBM6OJWFSTJUZ NTU ANNUAL REPORT 2011 12 13 NTU ANNUAL REPORT 2011 UNIVERSITY LEADERSHIP

Senior Management Team

From left: Prof Kam Chan Hin, Prof Lam Khin Yong, Prof Angela Goh, Assoc Prof Kwok Kian Woon, Prof Er Meng Hwa, Prof Peter Rainer Preiser and Prof Stephen Kevin Smith

5IFPUIFSNFNCFSTPGUIFTFOJPSNBOBHFNFOUUFBNBSF Deans of Colleges

Prof Lam Khin Yong Prof Gillian Yeo $IJFGPG4UBGG *OUFSJN%FBO /BOZBOH#VTJOFTT4DIPPM

Prof Er Meng Hwa Prof Janie Fouke 7JDF1SFTJEFOU *OUFSOBUJPOBM"GGBJST  %FBO $PMMFHFPG&OHJOFFSJOH Prof Bertil Andersson Prof Freddy Boey President Provost Prof Stephen Kevin Smith Prof Alan Chan 7JDF1SFTJEFOU 3FTFBSDI BOE%FBO -FF,POH$IJBO %FBO $PMMFHFPG)VNBOJUJFT "SUT 4PDJBM4DJFODFT 1SPG"OEFSTTPOýSTUCFDBNF1SPWPTUJO XIFSFIF #FGPSFBTTVNJOHUIFSPMFPG1SPWPTU 1SPG#PFZTFSWFE 4DIPPMPG.FEJDJOF IFMQFEUPTUSFOHUIFO/56TSFQVUBUJPOBTPOFPGUIFGBTUFTU BTUIF$IBJSPG/56T4DIPPMPG.BUFSJBMT4DJFODF Prof Ling San HSPXJOHSFTFBSDIJOUFOTJWFVOJWFSTJUJFTJOUIFXPSME)FXBT &OHJOFFSJOHGSPNUP MFBEJOHJUTUSBOTGPSNBUJPO Prof Angela Goh %FBO $PMMFHFPG4DJFODF JOTUBMMFEBT/56TUIJSE1SFTJEFOUPO+VMZ)FXBT JOUPPOFPGUIFXPSMETMBSHFTUNBUFSJBMTFOHJOFFSJOH "TTPDJBUF1SPWPTU 'BDVMUZ"GGBJST  GPSNFSMZ1SFTJEFOUPG-JOLÚQJOH6OJWFSTJUZ 4XFEFO GSPN JOTUJUVUJPOT"EFEJDBUFEFEVDBUPSBOEBENJOJTUSBUPS IF Heads of Autonomous Institutes UP BOEUIF$IJFG&YFDVUJWFPGUIF&VSPQFBO BMTPIBTBTUFSMJOHUSBDLSFDPSEPGCSFBLUISPVHIDPNNFSDJBM Prof Peter Rainer Preiser 4DJFODF'PVOEBUJPOGSPNUP"TUIFNBOBUUIF BQQMJDBUJPOTUIBUIBWFHJWFOUIFiNBEFJO4JOHBQPSFw "TTPDJBUF1SPWPTU (SBEVBUF&EVDBUJPO  Prof Lee Sing Kong IFMNPGUIF&VSPQFBO4DJFODF'PVOEBUJPOJO4USBTCPVSH  MBCFMQSJEFPGQMBDFPOUIFHMPCBMTUBHF*OUIFUISFFZFBST %JSFDUPS /BUJPOBM*OTUJUVUFPG&EVDBUJPO 'SBODF IJTMBTUQPTUCFGPSFKPJOJOH/56 IFDPOTPMJEBUFE CFGPSFIFCFDBNF/56T1SPWPTU IFIBEXPOBCPVU4 Assoc Prof Kwok Kian Woon Ambassador Barry DeskeS SFTFBSDIFGGPSUTBDSPTT&VSPQFBODPVOUSJFT"XPSME NJMMJPOJODPNQFUJUJWFGVOEJOHGPSSFTFBSDI JODMVEJOHB "TTPDJBUF1SPWPTU 4UVEFOU-JGF %FBO 43BKBSBUOBN4DIPPMPG*OUFSOBUJPOBM4UVEJFT SFOPXOFEQMBOUCJPDIFNJTUXJUIBMPOHTUBOEJOHBTTPDJBUJPO 4NJMMJPOJOEJWJEVBMHSBOUUPEFWFMPQGVMMZCJPEFHSBEBCMF XJUIUIF/PCFM'PVOEBUJPO XIFSFIFIBEBMTPDIBJSFE DBSEJPWBTDVMBSJNQMBOUTGPSIPMFJOUIFIFBSUDPOEJUJPOT1SPG Prof Kam Chan Hin Prof Kerry Sieh JUT$IFNJTUSZ$PNNJUUFF 1SPG"OEFSTTPOIBTQJPOFFSFE #PFZIBTýMFEPSJHJOBMQBUFOUTXJUI/56 UIFNBKPSJUZ "TTPDJBUF1SPWPTU 6OEFSHSBEVBUF&EVDBUJPO %JSFDUPS &BSUI0CTFSWBUPSZPG4JOHBQPSF SFTFBSDIPOUIFBSUJýDJBMMFBG BQSPNJTJOHBSFBPGTVTUBJOBCMF PGXIJDIIBWFCFFOMJDFOTFE5IFTFQBUFOUTIBWFSFTVMUFE JOýWFTQJOPGGDPNQBOJFT GPSNFEUPMJDFOTFIJTWBSJPVT FOFSHZSFTFBSDIUIBUVTFTTVOMJHIUUPQSPEVDFDMFBO MPX Prof Staffan Kjelleberg MJGFHJWJOHCJPNFEJDBMTPMVUJPOT/PUKVTU/56TSPMFNPEFM DPTUTPVSDFTPGFOFSHZ)FJTQBSUPGBHMPCBMMFBHVFPG %JSFDUPS 4JOHBQPSF$FOUSFPO&OWJSPONFOUBM-JGF GPSSFTFBSDI FEVDBUJPOBOEFOUFSQSJTF 1SPG#PFZBDUJWFMZ MFBEJOHTDJFOUJTUT KPJOJOH/PCFM1SJ[FXJOOFSTBNPOH 4DJFODFT&OHJOFFSJOH PUIFSTTJODFXIPIBWFCFFOBXBSEFEUIF8JMIFMN DIBNQJPOTUIFNBSSJBHFPGBMMUISFFPODBNQVT &YOFS.FEBMGPSTIBQJOHUIFXPSMEUISPVHISFTFBSDI

NTU ANNUAL REPORT 2011 14 15 NTU ANNUAL REPORT 2011 A CAMPUS TO NURTURE

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NTU ANNUAL REPORT 2011 16 17 NTU ANNUAL REPORT 2011 Photo LEARNING

UNDERGRADUATE EDUCATION

Preparing Students for the Knowledge $&0TBOE$50T5IFQSPHSBNNFPGGFSTUXPEFHSFFT Economy oB#BDIFMPSPG&OHJOFFSJOH4DJFODFBOEB.BTUFSPG 4DJFODFJO5FDIOPMPHZ.BOBHFNFOUoJOKVTUZFBST  *O": /56CFHBOJNQMFNFOUJOHUIFSFDPNNFOEBUJPOT XJUIBZFBSTQFOUBUBUPQPWFSTFBTVOJWFSTJUZ5IFýSTU PGJUT#MVF3JCCPO$PNNJTTJPO3FQPSUPO6OEFSHSBEVBUF DPIPSUXJMMTQFOEBZFBSBUUIF6OJWFSTJUZPG$BMJGPSOJB  &EVDBUJPO6OWFJMFEJO.BSDI JUTFUTPVUBOFX #FSLFMFZ5IFQSPHSBNNFIBTBUUSBDUFENBOZIJHI QBSBEJHNGPSMFBSOJOHUISPVHIBSFWBNQFEDVSSJDVMVNXJUI BDIJFWFSTBOEBDDFQUFEJUTýSTUDPIPSUJO": BCFUUFSCBMBODFPGEFQUI CSFBEUIBOEGSFFFMFDUJWFT XJUI GSFTIPQQPSUVOJUJFTGPSTUVEFOUTUPTUVEZ SFTFBSDI XPSLBOE TQFOETPNFUJNFPWFSTFBT"NPOHUIFIJHIMJHIUT

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t 5IFOFXDVSSJDVMVNBMTPPGGFSTBbroader selection of electives JODMVEJOHDSPTTEJTDJQMJOBSZNPEVMFTTVDI BT-JCFSBM4UVEJFTBOE/BUVSBM)B[BSETBOE4PDJFUZ BT At the Lee Wee Nam Library Learning Commons and other spaces NTU graduates are equipped to excel in the new innovation-driven economy XFMMBTBDPVSTFPO&OUSFQSFOFVSTIJQ across the campus, new study con!gurations and technologies help students to learn more effectively "OFEVDBUJPOBU/56PGGFST CFDPNJOHBXPSMEDMBTTSFTFBSDI /BOZBOH4DIPMBSTIJQBXBSEFECZ t $MPTFUP20 new academic programmes JODMVEJOH JOUFSEJTDJQMJOBSZLOPXMFEHFBOEB JOUFOTJWFVOJWFSTJUZXIJMFTUBZJOH UIFVOJWFSTJUZ5IJSUFFOPGUIFNXFSF EPVCMFEFHSFFPGGFSJOHT IBWFCFFOBEEFE DPWFSJOHB HMPCBMQFSTQFDUJWF HJWJOHTUVEFOUT USVFUPJUTLFZNJTTJPOPGQSPWJEJOHB BMTPBDDFQUFEJOUPUIF$/:BOH SBOHFPGFNFSHJOHHSPXUIBSFBT UIFUPPMTUPTVDDFFEJOBOJODSFBTJOHMZ TUSPOHGPVOEBUJPOJOVOEFSHSBEVBUF 4DIPMBST1SPHSBNNFGPSTDJFODFBOE t New minorsUIBUIBWFCFFOJOUSPEVDFEUPBEE DPNQMFY CPSEFSMFTTXPSME#FTJEFT FEVDBUJPO FOHJOFFSJOHUBMFOUT JOUFSEJTDJQMJOBSZCSFBEUIDPWFSýFMETTVDIBTFOFSHZ  BDRVJSJOHUIFDPSFUFOFUTPGUIFJS /56QSPEVDFTHSBEVBUFTUIBU TQPSUTTDJFODF BOEFOWJSPONFOUBMBOEVSCBOTUVEJFT DIPTFOýFMETBOEBOVOEFSTUBOEJOH i5IFXPSLJOHXPSMEPGUIF NFFUUIFOFFETPGJOEVTUSJFTBOE GVUVSFXJMMSFRVJSFA5TIBQFE t /56JTDPNNJUUFEUPHJWJOHTUVEFOUTBSBOHFPG PGCSPBEJTTVFT UIFZBMTPEFWFMPQ CVTJOFTTFT"HSBEVBUFFNQMPZNFOU QSPGFTTJPOBMTXJUIJOEFQUI JOUFSOBUJPOBMFYQFSJFODFT)BWJOHBDIJFWFEPVSUBSHFU DSJUJDBMUIJOLJOH SFBTPOJOHBOE TVSWFZPGUIF$MBTTPGGPVOEUIBU LOPXMFEHFPGPOFEJTDJQMJOFBOEB UPIBWFBUMFBTUPGFBDITUVEFOUDPIPSUBUUFOE DPNNVOJDBUJPOTLJMMTUIBUDBOCF TFDVSFEFNQMPZNFOUXJUIJO CSPBELOPXMFEHFCBTFJOBEKBDFOU overseas learning, research and work programmes  BQQMJFEUPBSBOHFPGQSPGFTTJPOBM BNPOUIPGHSBEVBUJPOwhile 99.9% BSFBT5IFTFQSPGFTTJPOBMT /56JTOPXXPSLJOHUPXBSETBNPSFBNCJUJPVTUBSHFU SPMFT received a job offer within four BSFOVNFSBUFBOEBEFQUBU PG 0VSBQQSPBDIIBTSFDFJWFEHMPCBM months of graduation UFDIOPMPHZ FWFOBTUIFZBSFHPPE t *OUFHSBUJOHFOHJOFFSJOHTDJFODF CVTJOFTTNBOBHFNFOU BGýSNBUJPO*O'FCSVBSZ UIF NBOBHFST QSPCMFNTPMWFSTBOE .PSFUPQTUVEFOUTBSFCFOFýUJOHGSPN DPNNVOJDBUPSTw BOEMJCFSBMTUVEJFT UIFRenaissance Engineering 2VBMJUZ"TTVSBODF'SBNFXPSLGPS The Renaissance Engineering Programme bridges engineering, NBLJOH/56UIFJSDIPJDFPGVOJWFSTJUZ ProgrammeJTBVOJRVFEVBMEFHSFFPGGFSJOHXJUIB business and the liberal arts, offering the breadth of knowledge that 6OJWFSTJUJFTSFQPSUDPODMVEFEUIBU o1SPG#FSUJM"OEFSTTPO  *O": BCVNQFSDSPQPG /561SFTJEFOU TUSPOHPWFSTFBTDPNQPOFOU BJNFEBUHSPPNJOHGVUVSF future CEOs and CTOs will need /56IBENBEFHSFBUQSPHSFTTJO GSFTINFOSFDFJWFEUIFQSFTUJHJPVT

NTU ANNUAL REPORT 2011 18 19 NTU ANNUAL REPORT 2011 4JOHBQPSFTOFXFTU NFEJDBMTDIPPM NBSLTUIFýSTUUJNF UIBU*NQFSJBM$PMMFHF -POEPOJTEFMJWFSJOH The Lee Kong Chian School /56TTUSFOHUITJOFOHJOFFSJOHBOE MJUFSBSZMVNJOBSJFTVOEFSUIF BOVOEFSHSBEVBUF of Medicine CVTJOFTT*UXJMMCFCBTFEBUtwo Writing Residencies TDIFNF locations/56T:VOOBO(BSEFO -BVODIFEJO"QSJM UIJTUISFFZFBS  DPVSTFPVUTJEFUIF "OOPVODFEJO4FQUFNCFS  DBNQVTBOEUIFOFX/PWFOBDBNQVT 4NJMMJPOQSPHSBNNFJTDPGVOEFE 4JOHBQPSFTOFXFTUNFEJDBMTDIPPM CFJOHEFWFMPQFEOFYUUP5BO5PDL4FOH CZUIF/BUJPOBM"SUT$PVODJM 6OJUFE,JOHEPN JTNBLJOHHPPEQSPHSFTTUPXBSET )PTQJUBM"SFTFBSDITUSBUFHZHSPVQ XFMDPNJOHJUTýSTUJOUBLFPG *O UIFQJPOFFSDMBTTPG XBTFTUBCMJTIFEJO+VOFBOE TUVEFOUTJO"VHVTU*UNBSLTUIF UIFBachelor of Engineering in SFDSVJUNFOUPGUPQGBDVMUZJTVOEFSXBZ ýSTUUJNFUIBU*NQFSJBM$PMMFHF-POEPO Information Engineering and JTEFMJWFSJOHBOVOEFSHSBEVBUFDPVSTF Other Highlights Media QSPHSBNNFHSBEVBUFE'JSTU PVUTJEFUIF6OJUFE,JOHEPN PGGFSFEJOCZUIF4DIPPMPG 5PFODPVSBHFNPSFVOEFSHSBEVBUFT &MFDUSJDBM&MFDUSPOJD&OHJOFFSJOH  5IFTDIPPMTFFLTUPenhance UPQVSTVFSFTFBSDI UIFURECA UIFNVMUJEJTDJQMJOBSZ JOUFSDPMMFHF excellence in medical education, (Undergraduate Research QSPHSBNNFHJWFTFOHJOFFSTB healthcare and science in Singapore Experience on CAmpus) QSPHSBNNF  TUSPOHFSVOEFSTUBOEJOHPGUIF BOEIBTSFDFJWFETJHOJýDBOUTVQQPSU XIJDIPGGFSTBDDFTTUP  DSFBUJWFEFTJHOQSPDFTT(SBEVBUFT GSPNUIFDPNNVOJUZ*O+BOVBSZ  JOUFSEJTDJQMJOBSZQSPKFDUT JTOPXPQFO IBWFCFFOFNQMPZFECZMFBEJOH JUXBTOBNFEUIF-FF,POH$IJBO UPBMBSHFSDPIPSUPGQPUFOUJBM'JSTU DPNQBOJFTBOEPSHBOJTBUJPOTTVDI 4DIPPMPG.FEJDJOFBGUFS5BO4SJ $MBTT)POPVSTTUVEFOUT4JODFUIJT BT*#. 0SBDMF 4JOH5FM -VDBTýMN %BUP-FF,POH$IJBOJOSFDPHOJUJPO DIBOHFJO": UIFSFIBTCFFOB 4JOHBQPSF .FEJB$PSQ 4JOHBQPSF PGB4NJMMJPOHJGUGSPNUIF-FF SJTFJOUIFQBSUJDJQBUJPOSBUF 1SFTT)PMEJOHT UIF(PWFSONFOUPG 'PVOEBUJPO XIJDIBNPVOUTUP4 4JOHBQPSF*OWFTUNFOU$PSQPSBUJPOBOE NJMMJPOBGUFSHPWFSONFOUNBUDIJOH 4UVEFOUTPGUIF&OHMJTI%JWJTJPOT $SFBUJWF8SJUJOHNJOPSQSPHSBNNF NBKPSCBOLT 5IFTDIPPMXJMMDPNCJOF*NQFSJBMT DBOMPPLGPSXBSEUPMFBSOJOHGSPN SFOPXOFENFEJDBMQSPHSBNNFXJUI

Part of the medical school will be housed in a historic building at the Novena campus, which is in a prime medical district to facilitate students’ integration into clinical settings

NTU ANNUAL REPORT 2011 20 21 NTU ANNUAL REPORT 2011 LEARNING

GRADUATE EDUCATION

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Quality, Diversity and Standards

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t Research scholarship block funding GPS /56GSPN4JOHBQPSFT.JOJTUSZPG&EVDBUJPO The proportion of PhD students admitted with a First Class Honours degree rose to 51% in AY2010 JODSFBTFEGSPN4NJMMJPOJO': UP4NJMMJPOJO':5IJTSJTF IBTSFTVMUFEJOBOBWFSBHFJOUBLFPGBCPVU QFSDFOUJMFBWFSBHFE UP NBUSJDVMBUFETUVEFOUTBHBJOTUUPUBM 3BOLJOHT/BOZBOH.#"BMVNOJBMTP /56SFTFBSDITDIPMBSTGSPN":UP  GPS(3& GPS(."5 PGGFST SPTFGSPNJO": IBWFUIFIJHIFTUBWFSBHFTBMBSZBNPOH ": BOEGPS("5& DPNQBSBCMF UPJO":5IJTJOEJDBUFT UIPTFXIPBUUFOE4JOHBQPSFBO.#" XJUITPNF*WZ-FBHVFVOJWFSTJUJFT BHSFBUFSUBLFVQSBUFGPS/56T QSPHSBNNFT XJUIBOBWFSBHFTBMBSZPG t /56IBTCSPBEFOFEUIF global diversity PGJUT 5IFQSPQPSUJPOPG1I%TUVEFOUT QSPHSBNNFT 64  1I%QPQVMBUJPO5IF4JOHBQPSF*OUFSOBUJPOBM BENJUUFEXJUIB'JSTU$MBTT t /56T1I%HSBEVBUFTDPOUJOVFUP /56TInterdisciplinary Graduate (SBEVBUF"XBSE BDPMMBCPSBUJPOXJUIUIF )POPVSTEFHSFFSPTFGSPNJO CFhighly employablePG School TFFLTUPTUSFOHUIFO "HFODZGPS4DJFODF 5FDIOPMPHZ3FTFBSDI  ":UPJO": IBTBUUSBDUFEJOUFSOBUJPOBMTUVEFOUTUPQVSTVF UIF$MBTTPGXFSFFNQMPZFE JOUFSEJTDJQMJOBSZSFTFBSDIJO GVMMUJNF1I%TIFSF*O": TUVEFOUT t Graduate research standards POBGVMMUJNFCBTJTXJUIJOTJY QSPHSBNNFTSFMBUFEUPUIF'JWF1FBLT GSPNOPOUSBEJUJPOBMDPVOUSJFTKPJOFE IBWFBMTPCFFOSBJTFE/56T NPOUITPGSFDFJWJOHUIFJSEFHSFFT  PG&YDFMMFODF5IFýSTUDPIPSUPG /56UISPVHIUIFQSPHSBNNF VQGSPNJO QPTUHSBEVBUFSFTFBSDI XIJMFIBESFDFJWFE JOUFSEJTDJQMJOBSZ1I%TUVEFOUTXBT ":5IF4VNNFS3FTFBSDI*OUFSOTIJQ TVCTDSJQUJPOSBUF BNFBTVSF KPCPGGFST BENJUUFEJO":5IFHPBMJTUP 1SPHSBNNFBMTPDSFBUFTBXBSFOFTTBNPOHTU PGUPUBMBQQMJDBUJPOTBHBJOTU IBWFPGUIFVOJWFSTJUZT1I% JOUFSOBUJPOBMTUVEFOUTUISPVHIBOFJHIU NBUSJDVMBUFETUVEFOUT SPTF Other Highlights TUVEFOUTFEVDBUFEUISPVHIUIFTDIPPM GSPNJO":UPJO CZ XFFLSFTFBSDIJOUFSOTIJQBU/565IFSF /56TNanyang MBADPOUJOVFTUP ": VQ5IJTJOEJDBUFT XFSFBQQMJDBUJPOTGPSUIFVOJWFSTJUZT ESBXBDDPMBEFT*O4FQUFNCFS  5IF/56Industrial Postgraduate HSFBUFSTFMFDUJWJUZJOBENJTTJPOT +VOFJOUBLF BUISFFGPMEJODSFBTFGSPN The EconomistSBOLFEJUUIJOBHMPCBM Programme XBTEFWFMPQFEXJUIUIF 5IFQPTUHSBEVBUFDPVSTFXPSL ":/56T1I%QPQVMBUJPOOPXIBT TVSWFZPGGVMMUJNF.#"QSPHSBNNFT TVQQPSUPG4JOHBQPSFT&DPOPNJD TVCTDSJQUJPOSBUFTIPXFEUIF SFQSFTFOUBUJWFTGSPNDPVOUSJFT 5IJTNBLFTJUTJYUIJO"TJBBOEOVNCFS %FWFMPQNFOU#PBSEUPPGGFSFYUFOTJWF TBNFUSFOE VQGSPNJO POFJO4JOHBQPSF*O+BOVBSZ  JOEVTUSZSFMFWBOUFYQPTVSFUP1I% t Student qualityIBTBMTPJNQSPWFE'SPN ":UPJO": B UIFQSPHSBNNFDBNFJOSEPOThe TUVEFOUT5IFýSTUJOUBLFXBT ":UP": BENJTTJPOTDPSFT JODSFBTF/56TQPTUHSBEVBUF NTU is on track to reach its target of 3,500 PhD students by 2015 UI Financial Times’ 5PQ(MPCBM.#" JO": PGNBUSJDVMBUFE1I%TUVEFOUTBUUIF SFTFBSDIZJFMESBUF BNFBTVSFPG

NTU ANNUAL REPORT 2011 22 23 NTU ANNUAL REPORT 2011 LEARNING

Management Programme in Air Transport XIJDIBMMPXTQBSUJDJQBOUT UPFBSODSFEJUTUPXBSETUIF/BOZBOH &YFDVUJWF.BTUFSPG#VTJOFTT "ENJOJTUSBUJPOQSPHSBNNFBU/56 8JUIJUTGPDVTPOBWJBUJPONBOBHFNFOU  5IF%JWJTJPOPG&BSUI UIFDPVSTFXJMMEFWFMPQBWJBUJPOMFBEFST GPSUIFXPSME

4DJFODFTBUUIF4DIPPMPG 5IF/BOZBOH#VTJOFTT4DIPPMMFOET 1IZTJDBM.BUIFNBUJDBM JUTFYQFSUJTFUPUIFMaster in Business Studies (Asian Business)QSPHSBNNF  4DJFODFTBDDFQUFE XIJDIJODMVEFTBTFHNFOUXJUIDPVSTFT BOEXPSLTIPQTBU/56GPSHSBEVBUF JUTýSTUJOUBLFPG1I% TUVEFOUTPG6OJWFSTJUZ$PMMFHF$PSL  TUVEFOUTJO"VHVTU *SFMBOE /56TMaster of Arts in Contemporary ChinaQSPHSBNNF DFMFCSBUFEJUTýGUIBOOJWFSTBSZJO"VHVTU XJUIUIFFTUBCMJTINFOUPGUIF 8POH8BJ-JOH4DIPMBSTIJQ

Renowned earth scientist Prof Kerry Sieh, Director of the Earth Observatory of Singapore at NTU *O+BOVBSZ /56TQPQVMBS Mayors’ ClassXFMDPNFEJUT UI /FXjoint and dual graduate t "HFODZGPS4DJFODF 5FDIOPMPHZ t (SB[6OJWFSTJUZPG5FDIOPMPHZ HSBEVBUF5IF.BZPST$MBTTBMTP programmesCFUXFFO/56BOE 3FTFBSDI KPJOU1I%SFTFBSDI KPJOU1I%QSPHSBNNFJO7JTVBM SFDFJWFEJUTNPTUTFOJPSDPIPSUPG PUIFSMFBEJOHVOJWFSTJUJFTMFWFSBHF QSPHSBNNFJO*NNVOPMPHZ  $PNQVUJOH  $IJOFTFPGýDJBMTBOEBENJOJTUSBUPST DPNQMFNFOUBSZTUSFOHUITJOLFZ JO.BSDI5IJTNJMFTUPOFOPU t 5FDIOJDBM6OJWFSTJUZPG.VOJDI 5IFDivision of Earth SciencesBU SFTFBSDIBSFBT*O": UIF POMZEFNPOTUSBUFTUIFTUSFOHUIPGUIF KPJOU1I%QSPHSBNNFJO&MFDUSJDBM UIF4DIPPMPG1IZTJDBM.BUIFNBUJDBM VOJWFSTJUZTBXUIFýSTUJOUBLFPG/56 VOJWFSTJUZT$IJOBGPDVTFENBTUFST &MFDUSPOJD&OHJOFFSJOH 4DJFODFTBDDFQUFEJUTýSTUJOUBLFPG TUVEFOUTFOSPMMFEXJUI QSPHSBNNFT CVUBMTPIJHIMJHIUT/56T 1I%TUVEFOUTJO"VHVTU t 1BSJT*OTUJUVUFPG5FDIOPMPHZ KPJOU VOJRVFSPMFBTBHMPCBMIVCPGUIF&BTU t $BSOFHJF.FMMPO6OJWFSTJUZ EVBM 1I%QSPHSBNNFJO&MFDUSJDBM *O": UPHFUIFSXJUIUIF6OJWFSTJUZ BOEUIF8FTU 1I%QSPHSBNNFJO&OHJOFFSJOH  &MFDUSPOJD&OHJOFFSJOH PG8BSXJDL /56MBVODIFEBdouble 5IF/BOZBOH#VTJOFTT4DIPPMTJHOFE t 5FDIOJPO*TSBFM*OTUJUVUFPG Masters programmeDPWFSJOHDSPTT t )FCSFX6OJWFSTJUZPG+FSVTBMFN OFXBHSFFNFOUTGPSUIFFYDIBOHFPG 5FDIOPMPHZ KPJOU1I%QSPHSBNNF EJTDJQMJOBSZBQQSPBDIFTUPHMPCBM KPJOU1I%QSPHSBNNFJO .#"TUVEFOUTXJUI.D(JMM6OJWFSTJUZ  JO.BUFSJBMT4DJFODFBOE JTTVFT JODMVEJOHFDPOPNJD QPMJUJDBM  &OWJSPONFOUBM-JGF4DJFODFT 6OJWFSTJUË$PNNFSDJBMF-VJHJ &OHJOFFSJOH  TPDJBMBOETUSBUFHJDJOþVFODFT5IF #PDDPOJ 6OJWFSTJUZPG.JDIJHBOBOE t 6OJWFSTJUZPG4PVUIBNQUPO JOBVHVSBMCBUDIPGTUVEFOUTKPJOFEUIF t 6OJWFSTJUZPG5FDIOPMPHZPG /PSUIXFTUFSO6OJWFSTJUZ KPJOU1I%QSPHSBNNFJO 43BKBSBUOBN4DIPPMPG*OUFSOBUJPOBM 5SPZFT KPJOU1I%QSPHSBNNFJO 0QUPFMFDUSPOJDTBOE$IFNJTUSZ  4UVEJFTJO": &OHJOFFSJOH  t 5FDIOJDBM6OJWFSTJUZPG%BSNTUBEU /56BOEUIF(FOFWBCBTFE /56BMTPFTUBCMJTIFEnew The Interdisciplinary Graduate School will bring together multiple academic perspectives KPJOU1I%QSPHSBNNFJO7JTVBM *OUFSOBUJPOBM"JS5SBOTQPSU"TTPDJBUJPO programmes XJUI related to sustainability, new media and healthcare $PNQVUJOH  UJFEVQUPMBVODIUIFKPJOUAdvanced

NTU ANNUAL REPORT 2011 24 25 NTU ANNUAL REPORT 2011 Inter-hall competitions like this dance !esta LEARNING add to the vibrancy of life at Singapore’s largest residential campus STUDENT EXPERIENCE : Cheah Wei Chun : Cheah Wei Art direction : Kevin Yang : Kevin Yang Photo

More e-learning opportunities with 80% of lectures recorded and placed online

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NTU ANNUAL REPORT 2011 26 27 NTU ANNUAL REPORT 2011 6OWFJMFEJO'FCSVBSZ  /56T$BNQVT.BTUFS1MBO BJNTUPFOIBODFMFBSOJOH  UFBDIJOHBOESFTFBSDICZ USBOTGPSNJOHUIF:VOOBO (BSEFODBNQVT(VJEFECZ TVTUBJOBCJMJUZQSJODJQMFT UIF QMBOTFFLTUPUVSO/56JOUP Pedestrian areas with shops and restaurants will be a feature of the BNJOJDJUZXJUIOBUVSBMHSFFO new campus centre at the heart of NTU DPSSJEPST*UXJMMQSPNPUFDSPTT WBSTJUZJOUFSBDUJPOBOETVQQPSU MFBSOJOHOFFETUPDPNF

New learning and relaxation spaces at the redeveloped campus spines The new Campus Master Plan sustains and enriches NTU’s natural setting, best described as a “university in a park”

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NTU ANNUAL REPORT 2011 28 29 NTU ANNUAL REPORT 2011 At the state-of-the-art Immersive Room, a 320-degree seamless rounded screen blurs the line between virtual and reality

DISCOVERING TOMORROW

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NTU ANNUAL REPORT 2011 30 31 NTU ANNUAL REPORT 2011 DISCOVERY

RESEARCH

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Competitive Funding

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NTU ANNUAL REPORT 2011 32 33 NTU ANNUAL REPORT 2011 DISCOVERY

,POH %JSFDUPSPGUIF/BUJPOBM*OTUJUVUFPG&EVDBUJPO  iBSUJýDJBMMFBGwTPMVUJPOTUIBUVTFTVOMJHIUUPFYUSBDU UIJTCPEZJTBDDSFEJUFECZ'FEFSBMXJEF"TTVSBODFBOE IZESPHFOGSPNXBUFS/56SFTFBSDIFSTXJMMCF UIF0GýDFGPS)VNBO3FTFBSDI1SPUFDUJPOT/56JTBMTP DPMMBCPSBUJOHXJUIUIFJSDPVOUFSQBSUTBU*NQFSJBM$PMMFHF XPSLJOHXJUI&QJHFVNUPEFWFMPQBOPOMJOFDPVSTFUIBU -POEPO1MBZJOHBOBEWJTPSZSPMFBUUIFMBCPSBUPSZJT1SPG UFBDIFTLFZFMFNFOUTPGSFTFBSDIJOUFHSJUZ +BNFT#BSCFS &SOTU$IBJO1SPGFTTPSPG#JPDIFNJTUSZBU *NQFSJBM$PMMFHF-POEPO t Core research facilities and infrastructureUIBU TFSWFUIF/56SFTFBSDIDPNNVOJUZJODMVEFUIF t 4PMBSFOFSHZJTBMTPUIFJNQFUVTCFIJOE/56T4 )JHI1FSGPSNBODF$PNQVUJOH$FOUSF PVSTUSVDUVSBM NJMMJPOCentre for Nanostructured Photosystems HFOPNJDTGBDJMJUZ UIF/BOZBOH/BOP'BCSJDBUJPO$FOUSF "MTPMBVODIFEJO+VMZ JUJTMFECZUIFQJPOFFSJOH BOEUIF'BDJMJUZGPS"OBMZTJT $IBSBDUFSJTBUJPO 5FTUJOH CJPDIFNJTU1SPG.JDIBFM(SÊU[FMBOEXJMMUFTUCFETPMBS 4JNVMBUJPO5IFTFFOIBODF/56TBCJMJUZUPBUUSBDU DFMMJOOPWBUJPOTBOEDMFBOFOFSHZTZTUFNT MFBEJOHSFTFBSDIFST BOEBDUBTGPDBMQPJOUTBSPVOE t /56MBVODIFEUIFTUM-CREATE Centre for XIJDIOFXMBCPSBUPSJFTBOESFTFBSDIDFOUSFTDBOCF ElectromobilityXJUIUIF5FDIOJDBM6OJWFSTJUZPG.VOJDI FTUBCMJTIFE UPESJWFSFTFBSDIJOFMFDUSJDWFIJDMFTTPMVUJPOTGPSUSPQJDBM t #FTJEFTQSPWJEJOHIJHIMFWFMTVQQPSUUP/56TSFTFBSDI DJUJFT*UTJOEVTUSZQBSUOFSTJODMVEF&"%44JOHBQPSF  DPNNVOJUZ UIFResearch Support Of!ceJTXPSLJOH (FNBMUP *#.4JOHBQPSF *OýOFPO5FDIOPMPHJFT"TJB UPFOIBODFSFTFBSDIBENJOJTUSBUJPOFYDFMMFODFUISPVHI 1BDJýD 3PCFSU#PTDI 4&" -UE 4JFNFOT"( 45 UIFResearch Administrators’ Network BVOJWFSTJUZ ,JOFUJDTBOEUIF4PMBS&OFSHZ3FTFBSDI*OTUJUVUF The Institute on Asian Consumer Insight will answer questions such as how unique Asian tastes and cultures impact buying decisions XJEFBSSBOHFNFOUGPSSFTFBSDIBENJOJTUSBUPSTUPCF PG4JOHBQPSF FRVJQQFEUPTVQQPSUGBDVMUZUPQSFQBSFDPNQFUJUJWF t "OFX4NJMMJPOJOUFSOBUJPOBMSFTFBSDIDFOUSFGPS t /56IBTBMTPBDIJFWFETVDDFTTJOTFDVSJOH5JFS *OTUJUVUFGPS.FEJB*OOPWBUJPOTBeingThere CentreIBWF SFTFBSDIQSPQPTBMT UFMFQSFTFODFBOEUFMFDPMMBCPSBUJPOLOPXOBTUIF HSBOUTGSPN4JOHBQPSFTMinistry of Education  SFDFJWFE4NJMMJPO 4NJMMJPOBOE4NJMMJPO BeingThere CentreJTTUVEZJOHXBZTUPSFWPMVUJPOJTF XJUIJUTTVDDFTTSBUFEPVCMJOHGSPNJO'FCSVBSZ SFTQFDUJWFMZGSPNUIF.FEJB%FWFMPQNFOU"VUIPSJUZ New Centres and Institutes DPNNVOJDBUJPOJOUIFTUDFOUVSZ"DPMMBCPSBUJPO  4   UPJO'FCSVBSZ CFUXFFO/56 &5);VSJDIBOEUIF6OJWFSTJUZPG/PSUI 4    Building Excellence *O": /56GVSUIFSCPPTUFEJUTQBSUOFSTIJQTXJUIMFBEJOH VOJWFSTJUJFT DPNQBOJFTBOEHPWFSONFOUCPEJFT"TBMXBZT  t *OUIFJOUFSOBUJPOBMBSFOB /56SFDFJWFE&63NJMMJPO /56TSFTFBSDITDFOFIBTCFOFýUFEGSPNUIFJODSFBTFJO UIFFNQIBTJTIBTCFFOPOSFTFBSDIXJUITPDJFUBMSFMFWBODF 4NJMMJPO GSPNUIF"9"3FTFBSDI'VOEUPDSFBUFB FYUFSOBMGVOEJOHBOECPPTUJOSFTFBSDIUBMFOU DPVQMFEXJUI BOEJNQBDU QFSNBOFOUChair in Natural HazardsIFMECZ1SPG,FSSZ DPMMBCPSBUJPOTXJUIMFBEJOHHMPCBMVOJWFSTJUJFTBOEJOEVTUSZ t /56BOEUIF&DPOPNJD%FWFMPQNFOU#PBSEBSF 4JFI %JSFDUPSPGUIF&BSUI0CTFSWBUPSZPG4JOHBQPSF QBSUOFST 5IJTJTUIFýSTU"9"$IBJSJO"TJB QBSUOFSTPOUIFInstitute on Asian Consumer Insight t *NQMFNFOUJOHresearch proposal quality controlIBT 5IJTOBUJPOBMDFOUSFBU/56JTUIFýSTUPSHBOJTBUJPOJO t /56SFDFJWFEGSPNUIF&DPOPNJD%FWFMPQNFOU#PBSE CFFODSJUJDBM5IFNTU Research Council DIBJSFE UIFXPSMEUPGPDVTPO"TJBODPOTVNFSCFIBWJPVS*U 4NJMMJPOGPSUIFEFWFMPQNFOUPGVIRTUS, IC CZ1SPG#FOHU/PSEÏOGSPN$IBMNFST6OJWFSTJUZPG XJMMIFMQFTUBCMJTI4JOHBQPSFBTBQBO"TJBODPOTVNFS Design Centre of Excellence 5FDIOPMPHZ 4XFEFO BOEGPSNFS$IBJSPGUIF/PCFM SFTFBSDIIVCCZFYBNJOJOHUIFXBOUTBOEQSFGFSFODFT $PNNJUUFFGPS$IFNJTUSZ DPOUJOVFTUPQMBZBNBKPSSPMF t /56BOEUIF&DPOPNJD%FWFMPQNFOU#PBSEIBWF PG"TJBODPOTVNFSTTPCVTJOFTTFTDBOCFUUFSEFWFMPQ JOSFWJFXJOHSFTFBSDIQSPQPTBMT5IFDPVODJMBMTPIFMQT BMTPKPJOUMZGVOEFEUIFInstitute on Asian Consumer UIFJSTUSBUFHJFTGPS"TJBONBSLFUT5IFJOTUJUVUFXJMMBMTP UPSFWJFXBQQMJDBUJPOTGPSUIFQSFNJFS/BOZBOH"TTJTUBOU Insight BOFXHMPCBMDFOUSFTUVEZJOHQBO"TJBO PGGFSFYFDVUJWFUSBJOJOHBOEB.BTUFSTQSPHSBNNFJO 1SPGFTTPSTIJQ/56TJOUFSEJTDJQMJOBSZSFTFBSDIDFOUSFT DPOTVNFSCFIBWJPVS#BTFEBUUIF/BOZBOH#VTJOFTT .BSLFUJOH BOEJOTUJUVUFTBSFSFHVMBSMZSFWJFXFECZSFOPXOFE 4DIPPM UIFOBUJPOBMDFOUSFXJMMSFDFJWFTVQQPSUPGVQUP t *O+VMZ /56FTUBCMJTIFEUIFSolar Fuels JOUFSOBUJPOBMFYQFSUTGPSUIFJSDPOUJOVFEWJBCJMJUZ 4NJMMJPOPWFSýWFZFBST Laboratory4FUVQXJUITFFEGVOEJOHPG4NJMMJPO  The Centre for Nanostructured Photosystems is led by Prof Michael t /56TUSJWFTUPSBJTFSFTFBSDIJOUFHSJUZUISPVHIJUTOFX t Fraunhofer IDM@NTU COSMIC (the Centre of UIFDFOUSFJTUIFýSTUPGJUTLJOEJO"TJBBOEBJNTUP Grätzel, the Swiss pioneer of “arti!cial photosynthesis” and a key Institutional Review Board$IBJSFECZ1SPG-FF4JOH Social Media Innovations for Communities)BOEUIF DSFBUFTVTUBJOBCMFFOFSHZTPVSDFTCZEFWFMPQJOH !gure in NTU’s sustainable energy initiatives

NTU ANNUAL REPORT 2011 34 35 NTU ANNUAL REPORT 2011 DISCOVERY

Energy5PHFUIFSXJUIUIF Research Centre TQPOTPST "VTUSJBO*OTUJUVUFPG5FDIOPMPHZ  BOEEJSFDUTQSJNBSZSFTFBSDI UIFDFOUSFXJMMTUVEZXBZTUP POJOTVSBODFSJTL "TJBODBQJUBM IBSWFTUTPMBSUIFSNBMFOFSHZNPSF NBSLFUTBOEPUIFSJNQPSUBOU FGýDJFOUMZ ýOBODFSFMBUFEJTTVFTJOUIF "TJB1BDJýD5IFDFOUSFTXPSL t VIRTUS, IC Design Centre JTTVQQPSUFECZ3FHB$BQJUBM of Excellence JTB4 .BOBHFNFOUBOEPUIFSDPSQPSBUF NJMMJPOJOUFHSBUFEDJSDVJUEFTJHO TQPOTPST SFTFBSDIDFOUSFTFUVQCZ/56 BOE4JOHBQPSFT&DPOPNJD t /56BOEUIF4JOHBQPSF&YDIBOHF %FWFMPQNFOU#PBSE*UTFFLT KPJOFEGPSDFTUPTUBSUUIFNTU- UPEFWFMPQUFDIOPMPHJFTGPS SGX Centre for Financial JOUFHSBUFEDJSDVJUTBOETZTUFNT EducationBUUIF/BOZBOH GPSBQQMJDBUJPOTJONFEJDBM #VTJOFTT4DIPPM5IFDFOUSF UFDIOPMPHJFT DMFBOUFDIOPMPHJFT QSPWJEFTBOFOWJSPONFOUUIBU BOEDPOTVNFSFMFDUSPOJDT IFMQTTPQIJTUJDBUFENBSLFU "NPOHUIFDFOUSFTQBSUOFST QBSUJDJQBOUTBOEJOWFTUPSTJO BSFUIF6OJWFSTJUZPG.JDIJHBO  ýOBODJBMNBSLFUTQMBOOJOH  1VSEVF6OJWFSTJUZ UIF6OJWFSTJUZ EFWFMPQNFOUBOEHPWFSOBODF PG$BMJGPSOJB -PT"OHFMFT  The NTU-SGX Centre for Financial *OBEEJUJPOUPOFXDFOUSFTBOE 5FDIOJDBM6OJWFSTJUZPG.VOJDI  Education – Asia’s !rst “live” trading lab JOTUJUVUFT /56BMTPMBVODIFEB -JOLÚQJOH6OJWFSTJUZ ;IFKJBOH within a university GSFTIQBSUOFSTIJQXJUIUIFGerman 6OJWFSTJUZBOE'VEBO6OJWFSTJUZ  Aerospace Centre UPDPOEVDU BTXFMMBT"HJMFOU5FDIOPMPHJFT  Fraunhofer IDM@NTU conducts research on interactive and digital media with real-world applications in education, entertainment and t 8JOEFOFSHZJTBOPUIFSFNFSHFOU SFTFBSDIJOTBUFMMJUFTBOEHVJEFE tourism. It is jointly set up with Fraunhofer-Gesellschaft, the largest organisation for applied research in Europe &YQMPJU5FDIOPMPHJFT *OýOFPO ýFMEBU/564QFBSIFBEFEXJUI OBWJHBUJPO SFNPUFTFOTJOHBOETJHOBM 5FDIOPMPHJFT .FEJBUFL*OD  4QBOJTIXJOEUFDIOPMPHZHJBOU QSPDFTTJOH BOEVONBOOFEBFSJBM 4JMJDPO$PSF5FDIOPMPHZ 4ZTUFNT (BNFTB UIF Gamesa Advanced WFIJDMFT BTXFMMBTTVTUBJOBCJMJUZ $BSPMJOBBU$IBQFM)JMM UIFDFOUSFSFDFJWFTTVQQPSUGSPN PO4JMJDPO.BOVGBDUVSJOH$PBOE Materials Research CentreJTUIF SFTFBSDI 4JOHBQPSFT.FEJB%FWFMPQNFOU"VUIPSJUZ 7FSJHZ ýSTUJO4PVUIFBTU"TJBUPDPOEVDU "OBHSFFNFOUXBTBMTPTJHOFE t "KPJOUJOJUJBUJWFPG/56BOE'SBVOIPGFS(FTFMMTDIBGU  SFTFBSDIJOUPXJOEUVSCJOFCMBEF t 5IF&DPOPNJD%FWFMPQNFOU XJUI(FSNBOUFDIOPMPHZDPNQBOZ Fraunhofer IDM@NTUEFWFMPQTSFBMXPSME DPBUJOHTUIBUDBOXJUITUBOE #PBSEXJMMCFGVOEJOHUIF Institute memsysUPSFTFBSDIXBUFS UFDIOPMPHJFTBOEBQQMJDBUJPOTCBTFEPOWJTVBM FYUSFNFDPOEJUJPOT for Sports Research BKPJOU EFTBMJOBUJPOUFDIOPMPHJFT XJUIBGPDVT DPNQVUJOH"NPOHUIFDFOUSFTSFTFBSDIQBSUOFST DPMMBCPSBUJPOCFUXFFO/56BOE t /56BOE40-*%"4*" POFPGUIF PONFNCSBOFT5IFKPJOUQSPKFDUJT BSF(SB[6OJWFSTJUZPG5FDIOPMPHZBOE6OJWFSTJUZPG -PVHICPSPVHI6OJWFSTJUZ XPSMETMFBEJOHTPMBSFRVJQNFOU TVQQPSUFECZB4 HSBOUGSPN %BSNTUBEU XJUIUIF.FEJB%FWFMPQNFOU"VUIPSJUZ DPNQBOJFT QPPMFEUIFJSFYQFSUJTF t 8JUIHMPCBMJOTVSBODFDPNQBOZ UIF&OWJSPONFOU8BUFS*OEVTUSZ QSPWJEJOHGVOEJOHTVQQPSU5IFDFOUSFJT'SBVOIPGFST UPTUBSUUIF4NJMMJPOCentre 4$03BTJUTQBSUOFS /56T 1SPHSBNNF0GýDF ýSTUEJHJUBMNFEJBSFTFBSDIGBDJMJUZPVUTJEFPG&VSPQFBOE of Excellence in Solar Thermal Insurance Risk & Finance UIF6OJUFE4UBUFT

t MicroVision BMFBEFSJOJOOPWBUJWFVMUSBNJOJBUVSF EJTQMBZUFDIOPMPHZ IBTBMTPFTUBCMJTIFEJUTýSTUHMPCBM

SFTFBSDIBOEEFWFMPQNFOUDFOUSFBU/56*UXJMMJODMVEF Sustainable transport solutions are being developed at the TUM- BDVTUPNJTFEMBCPSBUPSZBU/56T*OOPWBUJPO$FOUSF CREATE Centre for Electromobility

NTU ANNUAL REPORT 2011 36 37 NTU ANNUAL REPORT 2011 DISCOVERY

WORLD-CLASS FACULTY

t Prof Krishna V Palem t Asst Prof Ali Miserez t Asst Prof Hirotaka Sato /BOZBOH7JTJUJOH1SPGFTTPS  4DIPPMPG.BUFSJBMT4DJFODF 4DIPPMPG.FDIBOJDBM"FSPTQBDF 4DIPPMPG1IZTJDBM.BUIFNBUJDBM &OHJOFFSJOH &OHJOFFSJOH 4DJFODFT BOE%JSFDUPSBOE t Asst Prof Wang Xianfeng t Asst Prof Ivan Shelykh 'PVOEFS *4"*% UIF*OTUJUVUF &04 4DIPPMPG1IZTJDBM.BUIFNBUJDBM PG4VTUBJOBCMF"QQMJFE i8FWFSFDSVJUFEGBOUBTUJD 4DJFODFT *OGPEZOBNJDT  /56TPXOQSFNJFSZPVOHGBDVMUZ TFOJPSBOEZPVOH SFDSVJUNFOUQSPHSBNNF UIFFMJUF 5IFSFDJQJFOUTPGUIFJOBVHVSBMEFGFODF BDBEFNJDTy5IFCFTU t Prof Michael Kuhl Nanyang Assistant Professorship  TDIPMBSTIJQTBXBSEFECZ4JOHBQPSFT SFTFBSDIFSTBOEBMTPUIF 7JTJUJOH1SPGFTTPS 4DIPPMPG IBTSFDFJWFENPSFUIBO  .JOJTUSZPG%FGFODFBSF CFTUUFBDIFSTUIBUDPNFUP #JPMPHJDBM4DJFODFT BQQMJDBUJPOTGSPNPWFSDPVOUSJFT 4JOHBQPSFDPNFUP/56w t Dr Oleg Vasylkiv (Temasek t Prof Daniel Hamlet Huson TJODFJUTMBVODIJO5IF Research Fellowship) o1SPG#FSUJM"OEFSTTPO  7JTJUJOH1SPGFTTPS 4DIPPMPG QSPGFTTPSTIJQBXBSET4NJMMJPO 5FNBTFL-BCPSBUPSJFT!/56 /561SFTJEFOU 4UBUF #JPMPHJDBM4DJFODFT PWFSUISFFZFBSTGPSSFTFBSDIBOE PGUIF6OJWFSTJUZ"EESFTT IBTBUUSBDUFEFYDFQUJPOBMZPVOH t Dr Edwin Teo (Nanyang-DSO t Prof Abeyaratne Rohan Chandra SFTFBSDIFSTGSPNEJWFSTFEJTDJQMJOFT Post-Doctoral Fellowship) 7JTJUJOH1SPGFTTPS 4DIPPMPG UP/565IFSFBSFOPX/BOZBOH 5FNBTFL-BCPSBUPSJFT!/56 1IZTJDBM.BUIFNBUJDBM4DJFODFT "TTJTUBOU1SPGFTTPSTBU/565IF GPVSUIDBMMTBXBQQMJDBUJPOT PVU Prof Stephen Kevin Smith, Vice President (Research) and Founding Dean of the Lee Kong Chian School of Medicine Other Appointments PGXIJDITFWFOXFSFTFMFDUFE0VS /56JTUIFDIPJDFPGUIFMJPOTTIBSFPG /BOZBOH"TTJTUBOU1SPGFTTPSTIJQ &YDFMMFOUGBDJMJUJFT BTVQQPSUJWFFOWJSPONFOUBOESFTPVSDFT t Prof Michael Givskov UIFCSJHIUFTUZPVOHGBDVMUZXIPDBNF SFDJQJFOUTBSF UPGVMýMUIFJSBDBEFNJDBOESFTFBSDIHPBMToUIFTFBSFKVTU $MVTUFS-FBEFS 4$&-4& UP4JOHBQPSFUISPVHIUIF4JOHBQPSF t Asst Prof Cao Fan TPNFPGUIFSFBTPOT/56DPOUJOVFTUPBUUSBDUUIFCFTU /BUJPOBM3FTFBSDI'PVOEBUJPOTFMJUF t Prof Janie Fouke 4DIPPMPG)VNBOJUJFT4PDJBM NJOETGSPNBSPVOEUIFXPSME ZPVOHJOWFTUJHBUPSTDIFNF*O+BOVBSZ %FBO $PMMFHFPG&OHJOFFSJOH 4DJFODFT  ýWFPVUPGUIFNational Senior Appointments t Prof Liu Hong Research Foundation FellowsDIPTF t Asst Prof Hajime Hirao $IBJS 4DIPPMPG)VNBOJUJFT4PDJBM4DJFODFT "OVNCFSPGXPSMEDMBTTBDBEFNJDTSFOPXOFEJOUIFJS /56PWFSPUIFSVOJWFSTJUJFTBOEQVCMJD 4DIPPMPG1IZTJDBM.BUIFNBUJDBM SFTQFDUJWFýFMETPGTUVEZKPJOFE/56TBDBEFNJDBOE t Prof Anthony Hayes BHFODJFTJO4JOHBQPSF0VS 4DJFODFT 'FMMPXTBSF SFTFBSDIDPNNVOJUZ )FBE %JWJTJPOPG1TZDIPMPHZ 4DIPPMPG)VNBOJUJFT t Asst Prof Li Mo 4PDJBM4DJFODFT t Prof Stephen Kevin Smith7JDF1SFTJEFOU 3FTFBSDI  t Assoc Prof Cho Nam-Joon 4DIPPMPG$PNQVUFS&OHJOFFSJOH 4DIPPMPG.BUFSJBMT4DJFODF BOE%FBO -FF,POH$IJBO4DIPPMPG.FEJDJOF t Assoc Prof Charles M Rubin t Asst Prof Loh Zhi Heng )FBE %JWJTJPOPG&BSUI4DJFODFT 4DIPPMPG1IZTJDBM &OHJOFFSJOH t Prof Staffan Kjelleberg 4DIPPMPG1IZTJDBM.BUIFNBUJDBM .BUIFNBUJDBM4DJFODFT %JSFDUPS 4JOHBQPSF$FOUSFPO&OWJSPONFOUBM-JGF t Asst Prof Emma Hill 4DJFODFT &BSUI0CTFSWBUPSZPG4JOHBQPSF 4DJFODFT&OHJOFFSJOH 4$&-4& Visiting Professors t Asst Prof Rei Kinjo &04 4DIPPMPG1IZTJDBM.BUIFNBUJDBM t Prof Yehuda Cohen t Prof Michael Grätzel t Asst Prof Kimberly Kline 4DJFODFT Prof Janie Fouke, Dean of the College of %FQVUZ%JSFDUPS 4$&-4& "EWJTPS $FOUSFGPS/BOPTUSVDUVSFE1IPUPTZTUFNT 4$&-4& Engineering t Prof Stephan Schuster t Prof Atila Alvandpour $MVTUFS-FBEFS 4$&-4& 7JTJUJOH1SPGFTTPS 4DIPPMPG&MFDUSJDBM&MFDUSPOJD t Prof Stefan Wuertz &OHJOFFSJOH BOE%JSFDUPSPG7*3564 *$%FTJHO$FOUSF $MVTUFS-FBEFS 4$&-4& PG&YDFMMFODF

NTU ANNUAL REPORT 2011 38 39 NTU ANNUAL REPORT 2011 DISCOVERY

RESEARCH SPOTLIGHT

*O": /56TUISJWJOHSFTFBSDI The world’s smallest on-chip low- TDFOFFODPNQBTTFEUIFXJEFFYQBOTF pass !lter EFWFMPQFECZ1SPG:FP PGPVUFSTQBDFUPUIFOBOPTDBMF ,JBU4FOHPGUIF4DIPPMPG&MFDUSJDBM )FSFTBTIPXDBTFPGJOUFSEJTDJQMJOBSZ &MFDUSPOJD&OHJOFFSJOH JT UJNFT SFTFBSDIFGGPSUTBOEJOJUJBUJWFTUIBU TNBMMFSUIBOFYJTUJOHPGGDIJQýMUFST Chun : Cheah Wei EFNPOTUSBUFUIFVOJWFSTJUZTEJWFSTF *UDBOMFBEUPBWBTUJNQSPWFNFOUJO i"U/56 XFIBWF TUSFOHUIT TJHOBMRVBMJUZBTJUSFNPWFTOFBSMZBMM HPPEXBZTPGUVSOJOH Art direction VOXBOUFEJOUFSGFSFODFBOEOPJTFJOUIF Sustainable Earth FOWJSPONFOU5IJTSFTVMUTJOFOIBODFE JEFBTJOUPSFBMJUZw DMBSJUZGPSVTFSTPGNPCJMFQIPOFTBOE : Kevin Yang 5IJTXBTUIFZFBS/56NBEFJU

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NTU ANNUAL REPORT 2011 40 41 NTU ANNUAL REPORT 2011 DISCOVERY

UIBUJUJTQPTTJCMFUP predict business fraud with better )FBMUIDBSF/BUJPOBM)FBMUI4FSWJDF5SVTU"HZOBFDPMPHJTU Asst Prof Emma Hill accuracy4UVEJFTTIPXUIBUJGPOFBWPJEFEJOWFTUJOHXJUI CZUSBJOJOHBOEBQSPMJýDSFTFBSDIFS IFIBTQVCMJTIFEPWFS National Research Foundation Research Fellow and UIFPGýSNTXJUIUIFIJHIFTUGSBVESJTL BTDBMDVMBUFECZ QBQFSTPOSFQSPEVDUJWFNFEJDJOFBOEDBODFS)F Principal Investigator, Tectonics Group, Earth Observatory UIFSFTFBSDINPEFM POFXPVMEBWPJEPGGSBVEoBOE  MFEUIFGPSNBUJPOPGUIF6OJUFE,JOHEPNTýSTU"DBEFNJD of Singapore NPSFTUSJLJOHMZ NPSFUIBOPGUIFEPMMBSMPTTFTGSPN )FBMUI4DJFODF$FOUSFBOETQFBSIFBEFEUIFEFWFMPQNFOU "HFPEFTJTUXJUIBOJOUFSFTUJODMJNBUFDIBOHFBOE GSBVEDPVMECFQSFWFOUFE5IFHSPVOECSFBLJOHTUVEZXBT PGUIF(MPCBM.FEJDBM&YDFMMFODF$MVTUFSGPS-POEPOBOE DSVTUBMEFGPSNBUJPO "TTU1SPG)JMMPCUBJOFEIFS1I%JO POFPGPOMZýWF GSPN SFTFBSDIQBQFSTTVCNJUUFE UP 4PVUI&BTU&OHMBOE1SPG4NJUIJTBGPVOEFSNFNCFSPG HFPQIZTJDTGSPNUIF6OJWFSTJUZPG/FWBEB 3FOP CFGPSF SFDFJWFBOBXBSEGSPNUIF&VSPQFBO'JOBODF"TTPDJBUJPO .FUSJT5IFSBQFVUJDT-UEBOE(/*(SPVQ*O IFXBT DPNQMFUJOHBQPTUEPDUPSBMGFMMPXTIJQBUUIF)BSWBSE SFDPHOJTFEBUUIF/BUJPOBM)FBMUI4FSWJDF-FBEFSTIJQ A vein pattern recognition systemEFWFMPQFECZ"TTU1SPG 4NJUITPOJBO$FOUFSGPS"TUSPQIZTJDT .BTTBDIVTFUUT  "XBSETJO&OHMBOE XIFSFIFXBTOBNFE*OOPWBUPSPGUIF "EBNT,POHPGUIF4DIPPMPG$PNQVUFS&OHJOFFSJOHIBT XIFSFTIFTVCTFRVFOUMZTFSWFEBTBSFTFBSDITDJFOUJTU :FBS*OBEEJUJPO IFXBTUIFPOMZ/BUJPOBM)FBMUI4FSWJDF NBEFJUQPTTJCMFUPJEFOUJGZDSJNJOBMTCBTFEPOUIFWFJOTPO "/BOZBOH"TTJTUBOU1SPGFTTPS TIFJTDVSSFOUMZTUVEZJOH DIJFGFYFDVUJWFUPCFMJTUFEJOHealth Service Journal’T UIFJSCPEJFT"XBSEFEB4 1SPPGPG$PODFQUHSBOU UIFUFDUPOJDTPGUIF4VNBUSBOTVCEVDUJPO[POF BTXFMMBT SBOLJOHTPGUIFUPQNPTUQPXFSGVMQFPQMFJO GSPNUIF/BUJPOBM3FTFBSDI'PVOEBUJPO UIJTSFTFBSDIIBT HMBDJFSNFMUJOHBOESFHJPOBMWBSJBUJPOTJOTFBMFWFMDIBOHF IFBMUINBOBHFNFOUQPMJDZBOEQSBDUJDFJO&OHMBOE1SPG BQQMJDBUJPOTJOMBXFOGPSDFNFOU 4NJUICSJOHTBXFBMUIPGFYQFSJFODFUPIJTEVBMSPMFBT /56T Incubation and MentoringQSPHSBNNFDPNCJOFT 7JDF1SFTJEFOU 3FTFBSDI BOE%FBOPGUIF-FF,POH Prof Stephan Schuster FOUSFQSFOFVSTIJQFEVDBUJPOBOENFOUPSJOHXJUIFYJTUJOH $IJBO4DIPPMPG.FEJDJOF Cluster Leader, Singapore Centre on Environmental Life JOJUJBUJWFTUPIFMQQSPTQFDUJWFFOUSFQSFOFVSTTVDDFFE Sciences Engineering World-beaters 1SPG4DIVTUFSTSFTFBSDIJTGPDVTFEPOUIFHFOFUJD EJWFSTJUZPGOBUVSBMQPQVMBUJPOT)FDPNQMFUFEIJT1I%BU .FFUTPNFPGUIFOFXFTUNFNCFSTPG/56TMFBEJOHFEHF UIF.BY1MBODL*OTUJUVUFGPS#JPDIFNJTUSZ (FSNBOZ BOE SFTFBSDIDPNNVOJUZ IBTQSFWJPVTMZIFMETFOJPSSFTFBSDIQPTJUJPOTUIFSFBT XFMMBTBU1FOOTZMWBOJB4UBUF6OJWFSTJUZ1SPG4DIVTUFST HSPVOECSFBLJOHXPSLPOTFRVFODJOHUIF%/"PGUIF FYUJODUXPPMMZNBNNPUIDBQUVSFEUIFQVCMJDJNBHJOBUJPO BOEIFXBTTFMFDUFEGPSTimeNBHB[JOFTMJTUPGi5IF 8PSMET.PTU*OþVFOUJBM1FPQMFwJO)JTDVSSFOU SFTFBSDIJOUFSFTUTJODMVEFNFUBHFOPNJDT FWPMVUJPOBSZ Prof Staffan Kjelleberg CJPMPHZBOEBODJFOU%/" Asst Prof Kimberly Kline Director, Singapore Centre on Environmental Life National Research Foundation Research Fellow, Sciences Engineering Singapore Centre on Environmental Life Sciences Engineering and School of Biological Sciences "OJOUFSOBUJPOBMMZSFOPXOFEBVUIPSJUZJOUIFýFME PGCJPýMNT 1SPG,KFMMFCFSHDPGPVOEFEUIF$FOUSF *OIFSSFTFBSDIJOWFTUJHBUJPOT "TTU1SPG,MJOFVTFT GPS.BSJOF#JP*OOPWBUJPOBUUIF6OJWFSTJUZPG/FX HFOFUJD CJPDIFNJDBMBOEDFMMCJPMPHJDBMBQQSPBDIFTUP 4PVUI8BMFT "VTUSBMJB XIFSFIFTFSWFTBT%JSFDUPS TUVEZIPTUQBUIPHFOJOUFSBDUJPOTEVSJOHJOGFDUJPOT4IF Prof Stephen Kevin Smith 5IFDFOUSFJTBHMPCBMGPDBMQPJOUGPSJOUFSEJTDJQMJOBSZ DPNQMFUFEIFS1I%BU/PSUIXFTUFSO6OJWFSTJUZ *MMJOPJT" Vice President (Research) and Dean, Lee Kong Chian SFTFBSDIJOUPCJPýMNTBOEDIFNJDBMTJHOBMMJOH)JT /BOZBOH"TTJTUBOU1SPGFTTPS TIFJTXPSLJOHUPEFWFMPQ School of Medicine QSPGFTTJPOBMFYQFSJFODFJODMVEFTQPTJUJPOTPOOBUJPOBM BOUJCBDUFSJBMBHFOUTBOEUIFSBQFVUJDQSPHSBNNFTGPS BOEJOUFSOBUJPOBMTDJFOUJýDTPDJFUJFT SFTFBSDIDPVODJMT  NBKPSIVNBOQBUIPHFOT JOPSEFSUPýHIUEJTFBTFTJOUIF 1SPG4NJUIXBTUIF1SJODJQBMPGUIF'BDVMUZPG.FEJDJOF BOEHPWFSONFOUBMDPNNJUUFFT BTXFMMBTUIFBEWJTPSZ GVUVSF4IFBMTPIPQFTUPDSFBUFBWJCSBOUBOETVQQPSUJWF BOE1SP3FDUPS )FBMUI BU*NQFSJBM$PMMFHF-POEPOBOE CPBSETPGCJPUFDIOPMPHZDPNQBOJFT FEJUPSJBMCPBSETBOE FOWJSPONFOUGPSVOEFSHSBEVBUFT HSBEVBUFTUVEFOUTBOE TFSWFEBTUIFýSTU$IJFG&YFDVUJWFPG*NQFSJBM$PMMFHF TDJFOUJýDKPVSOBMT QPTUEPDUPSBMSFTFBSDIFST

NTU ANNUAL REPORT 2011 42 43 NTU ANNUAL REPORT 2011 LEADING THE WAY

5IF/56DBOEPTQJSJUVOJUFTBDIJFWFSTPO PVSDBNQVTXIPEJTUJOHVJTIUIFNTFMWFT BTTDIPMBSTBOEPVUTUBOEJOHJOEJWJEVBMT oBOEBTUIPVHIUMFBEFSTBOEHBNF DIBOHFST.BOZPGUIFNSFBDIPVUBOE HJWFCBDLUPUIFVOJWFSTJUZBOEUIFXJEFS DPNNVOJUZ

NTU ANNUAL REPORT 2011 44 45 NTU ANNUAL REPORT 2011 HONOURS

SENIOR MANAGEMENT GRADUATE AND FACULTY STUDENTS

Prof Bertil Andersson Assoc Prof Goh Wang Ling 1SFTJEFOU /56 "TTPDJBUF%FBO 0VUSFBDI&YUFSOBM3FMBUJPOT $PMMFHFPG t 8JMIFMN&YOFS.FEBM "VTUSJB &OHJOFFSJOH t 1VCMJD"ENJOJTUSBUJPO.FEBM #SPO[F Prof Freddy Boey %FQVUZ1SFTJEFOUBOE1SPWPTU Asst Prof Madhavi Srinivasan t 1VCMJD"ENJOJTUSBUJPO.FEBM 4JMWFS  4DIPPMPG.BUFSJBMT4DJFODF&OHJOFFSJOH t -0SÏBM4JOHBQPSF'PS8PNFOJO4DJFODF/BUJPOBM Prof Eddie Kuo 'FMMPXTIJQ 'PVOEJOH%FBO 8FF,JN8FF4DIPPMPG$PNNVOJDBUJPO *OGPSNBUJPO BOE'PVOEJOH*OUFSJN%FBO 4DIPPMPG Asst Prof Andy Khong )VNBOJUJFT4PDJBM4DJFODFT 4DIPPMPG&MFDUSJDBM&MFDUSPOJD&OHJOFFSJOH t $POGFSSFE&NFSJUVT1SPGFTTPSTUBUVTCZ/56 t +VOJPS$IBNCFS*OUFSOBUJPOBM5FO0VUTUBOEJOH:PVOH Law Jia Yan was accepted into the IEEE Magnetics Society 1FSTPOTPGUIF8PSME)POPVSFF Summer School at the University of New Orleans Prof Lim Chong Yah Wilhelm Exner Medal 2010 recipient Prof Bertil Andersson (second Feng Shu from right) with (from left) Dr Uwe Sleytr, President of the Wilhelm "MCFSU8JOTFNJVT$IBJS1SPGFTTPSPG&DPOPNJDT 4DIPPMPG Dr Adrian Yeo 4DIPPMPG#JPMPHJDBM4DJFODFT Exner Foundation; Ms Margarete Kriz-Zwittkovits, President of the )VNBOJUJFT4PDJBM4DJFODFT 3FTFBSDI'FMMPX 4JOHBQPSF.FNCSBOF5FDIOPMPHZ$FOUSF Austrian Association of Small and Middle-sized Enterprises; and Dr t 4QFDJBM3FDPHOJUJPO"XBSE UI"OOJWFSTBSZPGUIF t 8BUFSNBSL"XBSE t $IPTFOCZUIF4DJFOUJýD3FWJFX1BOFMPGUIF$PVODJMGPS Beatrix Karl, Austrian Federal Minister of Science & Research /BUJPOBM5SBEFT6OJPO$POHSFTT UIF-JOEBV/PCFM-BVSFBUF.FFUJOHTUPQBSUJDJQBUFJOUIF TUNFFUJOHPGUIF/PCFM-BVSFBUFT Prof Pan Tso-Chien &YFDVUJWF%JSFDUPS *OTUJUVUFPG$BUBTUSPQIF3JTL V Cholan Kopparumsolan .BOBHFNFOU 4DIPPMPG)VNBOJUJFT4PDJBM4DJFODFT t %FGFODF5FDIOPMPHZ1SJ[F *OEJWJEVBM3%"XBSE  t "NFSJDBO1PMZHSBQI"TTPDJBUJPO1SFTJEFOUT"XBSE

Prof Ang Soon Law Jia Yan )FBE %JWJTJPOPG4USBUFHZ .BOBHFNFOU0SHBOJTBUJPO  4DIPPMPG.BUFSJBMT4DJFODF&OHJOFFSJOH /BOZBOH#VTJOFTT4DIPPM t "DDFQUFEUPUIF*&&&.BHOFUJDT4PDJFUZ4VNNFS t 1VCMJD"ENJOJTUSBUJPO.FEBM 4JMWFS  4DIPPM 6OJWFSTJUZPG/FX0SMFBOT -PVJTJBOB 64"

Prof Kang Jun-Koo Benjamin Li )FBE %JWJTJPOPG#BOLJOH'JOBODF /BOZBOH#VTJOFTT 8FF,JN8FF4DIPPMPG$PNNVOJDBUJPO*OGPSNBUJPO TU 4DIPPM t 5PQ1BQFS"XBSEBUUIF *OUFSOBUJPOBM t 3BUFEUIFUPQýOBODFSFTFBSDIFSJOUIF"TJB1BDJýDCZ $PNNVOJDBUJPO"TTPDJBUJPO$POGFSFODF #PTUPO  UIFPaci!c-Basin Finance Journal .BTTBDIVTFUUT 64"

Prof Tan Hun Tong Dilip Kumar Prasad /BOZBOH#VTJOFTT4DIPPM 4DIPPMPG$PNQVUFS&OHJOFFSJOH t 3BUFEUIFXPSMETUPQBDDPVOUJOHSFTFBSDIFSCZ t 4FMFDUFEGPSUIF,BVGGNBO(MPCBM4DIPMBST #SJHIBN:PVOH6OJWFSTJUZ 1SPHSBNNF

Assoc Prof Geraldine Chen Nagarajan Raghavan %JSFDUPS 4UVEFOU%FWFMPQNFOUBOE0VUSFBDI /BOZBOH 4DIPPMPG&MFDUSJDBM&MFDUSPOJD&OHJOFFSJOH Prof Eddie Kuo, the second person at NTU to be named Emeritus #VTJOFTT4DIPPM t *&&&&MFDUSPO%FWJDFT4PDJFUZ1I%4UVEFOU'FMMPXTIJQ Professor t 1VCMJD"ENJOJTUSBUJPO.FEBM #SPO[F  Dr Adrian Yeo, winner of the Watermark Award 2010 "XBSE

NTU ANNUAL REPORT 2011 46 47 NTU ANNUAL REPORT 2011 HONOURS

UNDERGRADUATES

Ernest Chen, Peh Chong Yi, Peng DongHong and Wong Zi Yuan $PMMFHFPG&OHJOFFSJOH t 3VOOFSTVQ 4UBQMFT(MPCBM&DP&BTZ$IBMMFOHF

Doan Tuan Anh, Khuc Anh Tuan and Pham Quang Vu 4DIPPMPG$PNQVUFS&OHJOFFSJOH t 'JOBMJTUT "TTPDJBUJPOGPS$PNQVUJOH.BDIJOFSZ *OUFSOBUJPOBM$PMMFHJBUF1SPHSBNNJOH$POUFTU

Business and Enterprise

Neo Liat Beng and Alvin Wee /BOZBOH#VTJOFTT4DIPPM t 8VOEFSNBOT;"DBEFNZ4..BSLFUFSTPGUIF:FBS  XJUITQPOTPSFEUSJQTUPUXP$BOOFT-JPO*OUFSOBUJPOBM 'FTUJWBMTPG$SFBUJWJUZ

Alex Chan, Jonathan Goh, Eddy Ho and Nicholas Lee /BOZBOH#VTJOFTT4DIPPM t $IBNQJPOT #BJO$PNQBOZ$BTF$IBMMFOHF L’Oréal Brandstorm 2011 global champions Heng Xue-Li, Chye Nyit National sailor Victoria Chan clinched Singapore’s !rst medal at the World University Games Fhen and Jonathan Chan Jonathan Chan, Chye Nyit Fhen and Heng Xue-Li /BOZBOH#VTJOFTT4DIPPM t 4*'&4UVEFOUPGUIF:FBS"XBSE "OH+VO$IFOH 4*'& t 4QPSUTXPNBOPGUIF:FBS%JQOB-JN1SBTBE USBDLBOE t $IBNQJPOT -0SÏBM#SBOETUPSN*OUFSOBUJPOBM 4JOHBQPSF/BUJPOBM$PNQFUJUJPO ýFME Engineering and Innovation 'JOBMT t 4QFDJBM"DIJFWFNFOU"XBSE7JDUPSJB$IBO TBJMJOH Nanyang Venture IVFDPDBS Sports t 4QJSJU"XBSE GPSDPBDIFT *MZBT)BLJN+BNBMVEJO TJMBU  4DIPPMPG.FDIBOJDBM"FSPTQBDF&OHJOFFSJOH Kanesh Balasubramaniam, Lau Seo Wang, Tan Sing Nan 0VSTUVEFOUBUIMFUFTIJUOFXIFJHIUTJO XJOOJOHUIFJS BOE4FMWBLVNBS4SFFOJWBTBO XPNFOTGPPUCBMM t 'JSTUQSJ[F %JFTFM'VFMDBUFHPSZ BOE0GG5SBDL"XBSEGPS and Xu Wei ýSTUPWFSBMMDIBNQJPOTIJQBUUIFSingapore University 4BGFUZ 4IFMM&DPNBSBUIPO"TJB /BOZBOH#VTJOFTT4DIPPM Games/56XPOUIFNPTUOVNCFSPGDIBNQJPOTIJQ t $IBNQJPOT .D(JMM.BOBHFNFOU*OUFSOBUJPOBM$BTF UJUMFT BOEJOUPUBM TUVEFOUBUIMFUFTDPNQFUFEJOUIF Nanyang Venture II FDPDBS $PNQFUJUJPO DIBNQJPOTIJQFWFOUT 4DIPPMPG.FDIBOJDBM"FSPTQBDF&OHJOFFSJOH t 8JOOFSPGUIF4IFMM&DPDBS3BDF$IBMMFOHFBOEi#FTU Chen Xinyi, Gabriel Lee, Liu Xinyi and Yeo Shi Yuan NTU Women’s Football Team 0WFSBMM4QFFEwQSJ[FBUUIFJOBVHVSBM4JOHBQPSF( /BOZBOH#VTJOFTT4DIPPM t $IBNQJPOT 'PPUCBMM"TTPDJBUJPOPG4JOHBQPSF8PNFOT t 3VOOFSTVQ $IBSUFSFE*OTUJUVUFPG.BOBHFNFOU :PVUI-FBHVF X-5QSPUPUZQFQMBOF "DDPVOUBOUT(MPCBM#VTJOFTT$IBMMFOHF +PTIVB$IBP 4DIPPMPG.FDIBOJDBM"FSPTQBDF Colleen Goh, Lee Cyn Li, Lee Yi Shi and Dipna Lim &OHJOFFSJOH &VOJDF-JN 4DIPPMPG"SU %FTJHO.FEJB  NTU Students in Free Enterprise Prasad UI .B9JBP 4DIPPMPG.BUFSJBMT4DJFODF&OHJOFFSJOH BOE t $IBNQJPOT 1SPKFDU+BSJ+FNBSJ 3PUBSZ:PVUI4PDJBM t #SPO[FNFEBMMJTUTBUUIF "4&"/6OJWFSTJUZ(BNFT :VBO4IFOHIBJ 4DIPPMPG&MFDUSJDBM&MFDUSPOJD&OHJOFFSJOH &OUSFQSFOFVSTIJQ$IBMMFOHF NTU Sportspeople of the Year (2011) t 8JOOFS /BWJHBUJPO'MJHIU%FTJHO-FWFM 5BJXBO t 4QJSJUPG4*'&"XBSE (PVSNFU(VSV 4*'&4JOHBQPSF t 4QPSUTNBOPGUIF:FBS"ESJFM$IVB BSDIFSZ XIPBMTP 6ONBOOFE"JSDSBGU%FTJHO$PNQFUJUJPO /BUJPOBM$PNQFUJUJPO QMBDFEUIBUUIFUI8PSME6OJWFSTJUZ$IBNQJPOTIJQTPVU The NTU Women’s Football Team, champions of the Football Association of Singapore Women’s Youth League 2010 PGBOJOUFSOBUJPOBMýFMEPG

NTU ANNUAL REPORT 2011 48 49 NTU ANNUAL REPORT 2011 HONOURS

NTU AND UNIVERSITY ENTITIES

Artistic, Cultural, Community and Chua Ang Hong Environmental Achievements /BOZBOH#VTJOFTT4DIPPM t )4#$/BUJPOBM:PVUI"DIJFWFNFOU"XBSE:PVUI Wendy Cheng, Han Xuemei, Flora Man and Lim Chee &OWJSPONFOUBM"XBSE Harn 8FF,JN8FF4DIPPMPG$PNNVOJDBUJPO*OGPSNBUJPO Christopher Ngoi t Epiphany#FTUPG'JMNBOE#FTUPG4IPX $SPXCBS /BOZBOH#VTJOFTT4DIPPM "XBSET t 5PQUP5PQ(MPCBM$MJNBUF4PMVUJPO"XBSE

Wang Wei Yang 8FF,JN8FF4DIPPMPG$PNNVOJDBUJPO*OGPSNBUJPO t HaloReach#FTUPG"EWFSUJTJOH $SPXCBS"XBSET

Subi Le 4DIPPMPG"SU %FTJHO.FEJB t Ethereal Visage#FTUPG1IPUPHSBQIZ $SPXCBS"XBSET 2010

David Lee 4DIPPMPG"SU %FTJHO.FEJB t Living It"DDFQUFEBUUIF1VTBO*OUFSOBUJPOBM'JMN 'FTUJWBM

Harry Zhuang and Henry Zhuang 4DIPPMPG"SU %FTJHO.FEJB Chua Ang Hong, HSBC/National Youth Achievement Award Youth Environmental Award winner t &ODPVSBHFNFOU"XBSEBU%JHJ$PO

NTU DanceSport Academy t 0OFHPME POFTJMWFSBOEGPVSCSPO[FNFEBMT .BMBZTJB The School of Art, Design & Media, winner of the Green Mark Platinum Award for adopting best practices in environmental sustainability /BUJPOBM%BODF4QPSU$IBNQJPOTIJQT

Chan Wai Ping, Sun Yiru, Yu Jianqi and Zhang Zhaohong NTU Confucius Institute, NTU /56$IJOFTF%FCBUJOH4RVBE t -FBEJOH)31SBDUJDFT"XBSE 4USBUFHJD)3 BOE-FBEJOH t $POGVDJVT*OTUJUVUFPGUIF:FBS  BUUIFUI t 3VOOFSTVQ UI*OUFSWBSTJUZ$IJOFTF%FCBUF5PVSOBNFOU )3-FBEFS .ST"OHFMB-JN $IJFG)VNBO3FTPVSDF $POGVDJVT*OTUJUVUF$POGFSFODF "TJB1BDJýD0QFO 0GýDFS BUUIF4JOHBQPSF)3"XBSET Lien Aid BOPOHPWFSONFOUBMPSHBOJTBUJPOGPVOEFECZ/56 Jayesh Kannan, Anindita Pal and Arun Shankar School of Art, Design & Media BOEUIF-JFO'PVOEBUJPO /56&OHMJTI%FCBUJOH4RVBE t (SFFO.BSL1MBUJOVN"XBSEGSPN4JOHBQPSFT#VJMEJOH t (MPCBM$IBSJUZ"XBSEGPSOPOHPWFSONFOUBM t $IBNQJPOT 4JOHBQPSF$PVODJMPG8PNFOT $POTUSVDUJPO"VUIPSJUZGPSJOOPWBUJPOTJOTVTUBJOBCMF PSHBOJTBUJPOTGSPN$IJOB4PPOH$IJOH-JOH'PVOEBUJPO 0SHBOJTBUJPOT4JOHBQPSF.BOBHFNFOU6OJWFSTJUZ CVJMEJOHEFTJHO BOE$IJOBT.JOJTUSZPG$JWJM"GGBJST *OUFSWBSTJUZ%FCBUJOH$IBNQJPOTIJQT

Red Cross Youth NTU Chapter Christopher Ngoi, one of seven global winners of the inaugural t #MPPENPCJMF0SHBOJTFST(PME"XBSE ToptoTop Global Climate Solution Award

NTU ANNUAL REPORT 2011 50 51 NTU ANNUAL REPORT 2011 MAKING OUR MARK

*UXBTBQJWPUBMZFBSPGDPOTPMJEBUJPO BOEFYQBOTJPOBZFBSPGQSPHSFTTBOE BDIJFWFNFOU8FXJMMDPOUJOVFUPTUSFUDI IPSJ[POTBOETIBQFUIFGVUVSFBTBHSFBU HMPCBMVOJWFSTJUZGPVOEFEPOTDJFODFBOE UFDIOPMPHZ : Cheah Wei Chun : Cheah Wei Art direction : Kevin Yang : Kevin Yang

NTU ANNUAL REPORT 2011 52 53 NTU ANNUAL REPORT 2011 Photo HIGHLIGHTS

Global Standing GPS/56BOE4JOHBQPSFXJUI PGUIFHSBEVBUJOHDPIPSU t NTU jumps 16 placesUPUIQPTJUJPOJOUIF248PSME DPOUSJCVUJOHUP/56TiGave 6OJWFSTJUZ3BOLJOHTUPCFUIFGBTUFTUSJTJOH"TJBO Graduation Giving DBNQBJHOoB VOJWFSTJUZJOUIFXPSMETUPQVOJWFSTJUJFTCFUXFFO DPNNFOEBCMFBDIJFWFNFOUFWFO BOE CZJOUFSOBUJPOBMTUBOEBSET5IF t 5IFNanyang Business SchoolJTSBOLFEBNPOHUIF UPUBM$MBTT(JGUPG4  XPSMETUPQCVTJOFTTTDIPPMTCZThe Financial Times. JTUIFCJHHFTUTVNSBJTFECZ HSBEVBUJOHTUVEFOUT t 5IFNanyang MBAJTDPOTJTUFOUMZSBOLFEJOUIFUPQ CZThe Economist t 5IFClass of 1985DFMFCSBUFT JUTUISFVOJPOXJUIBGVOESBJTJOH t /56JTUIFýSTU4JOHBQPSFBOVOJWFSTJUZUPCFSBUFE5 FGGPSUUIBUOFUT4NJMMJPO StarsCZUIF244UBSTSBOLJOHTZTUFN Passing the baton: Prof Bertil Andersson, the third President of NTU, with his predecessor, Prof Su Guaning, President Emeritus of JODMVEJOHHPWFSONFOUNBUDIJOH  t 5IFInternational Academic Advisory PanelOPUFTUIF NTU GPSTUVEFOUCVSTBSJFT TDIPMBSTIJQT iSFNBSLBCMFQSPHSFTTw/56IBTNBEFJOCFDPNJOHB BOECPPLQSJ[FTGPSFOHJOFFSJOH XPSMEDMBTTSFTFBSDIJOUFOTJWFVOJWFSTJUZ t "UUIF$POWPDBUJPO /56QSPEVDFTBSFDPSE VOEFSHSBEVBUFT OVNCFSPG9,066 graduates Making local philanthropic history: Dr Lee Seng Tee (second from right) of the Lee t "MVNOVTTan Chade-Meng Leadership Foundation, which donated S$150 million to NTU for the Lee Kong Chian School of FTUBCMJTIFTUIFFOEPXFE5BO5FP Medicine t Prof Bertil Andersson UIFQSFWJPVT/561SPWPTU JT New Centres and Institutes 4DIPMBSTIJQXJUIBEPOBUJPOPG JOBVHVSBUFEBTUIF third President of NTU TVDDFFEJOH 4 5XPTDIPMBSTIJQT  t NTU-SGX Centre for Financial Education XJUIUIF t Institute on Asian Consumer Insight 1SPG4V(VBOJOH)FCFDPNFTUIFOFX$IBJSNBOPGUIF 4JOHBQPSF&YDIBOHF  FBDIXPSUI4  XJMMCF (MPCBM"MMJBODFPG5FDIOPMPHJDBM6OJWFSTJUJFT t Centre for Nanostructured Photosystems NBEFBWBJMBCMFBOOVBMMZUP t TUM-CREATE Centre for Electromobility XJUI t Prof Freddy Boey UIFQSFWJPVT$IBJSPGUIF4DIPPM TUVEFOUT POFGSPNUIF4DIPPMPG 5FDIOJDBM6OJWFSTJUZPG.VOJDI Innovations PG.BUFSJBMT4DJFODF&OHJOFFSJOH UBLFTPWFSGSPN $PNQVUFS&OHJOFFSJOHBOEUIF 1SPG"OEFSTTPOBT1SPWPTU)FJTBMTPBQQPJOUFE/56T t Berkeley Education Alliance for Research in t 4JOHBQPSFTýSTUMPDBMMZCVJMUTBUFMMJUF X-SAT JTTVDDFTTGVMMZMBVODIFEJOUP PUIFSGSPNBOZTDIPPMJO/56 %FQVUZ1SFTJEFOU Singapore XJUI6OJWFSTJUZPG$BMJGPSOJB #FSLFMFZ TQBDF/56TFOHJOFFSJOHTUVEFOUTCFHJOCVJMEJOHOBOPBOEQJDPTBUFMMJUFT t .PSFGBDVMUZBOETUBGGHJWFCBDL  t 5IF senior leadership team is restructured UPTVQQPSU t CREATE collaborationXJUI#FO(VSJPO6OJWFSTJUZPG t /56BOEUIF"DUJPO$PNNVOJUZGPS&OUSFQSFOFVSTIJQKPJOUMZCFDPNFUIF EFNPOTUSBUJOHUIFJSEFEJDBUJPOUP OFXTUSBUFHJDEJSFDUJPOTBOEQSJPSJUJFT UIF/FHFWBOE)FCSFX6OJWFSTJUZPG+FSVTBMFN UIJSEGPVOEJOHNFNCFSPGUIFWorld Entrepreneurship Forum BHMPCBM /565IFFaculty and Staff GivingDBNQBJHOSFUVSOTBSFDPSE t VIRTUS, IC Design Centre of Excellence JOOPWBUJPOUIJOLUBOL Education QBSUJDJQBUJPOSBUFPG VQGSPN t BeingThere Centre XJUI&5);VSJDIBOE6OJWFSTJUZPG t "O“innovators’ nest” JTEFWFMPQFEBUUIF*OOPWBUJPO$FOUSFBTBDBNQVT JO t 5IF Lee Kong Chian School of MedicineJT /PSUI$BSPMJOBBU$IBQFM)JMM IPUTQPUGPSBDUJWJUJFTSFMBUFEUPJOOPWBUJPOBOEFOUSFQSFOFVSTIJQ t 5IF FTUBCMJTIFE Business and Community t Solar Fuels Laboratory t 0SHBOJTFECZUIF/BOZBOH5FDIOPQSFOFVSTIJQ$FOUSF UIFIdeas.inc. Partners QSPHSBNNFJTBQMBUGPSN t /56VOWFJMTJUTýWFZFBSTUSBUFHJDCMVFQSJOU NTU 2015  Business ChallengeVODPWFSTJOOPWBUJWFJEFBT QSPEVDUTBOETPMVUJPOTCZ GPSDPNQBOJFTBOEDPNNVOJUZ t Centre of Excellence in Solar Thermal Energy XJUI XJUIBGPDVTPOýWFQFBLTPGFYDFMMFODF TUVEFOUFOUSFQSFOFVST PSHBOJTBUJPOTUPQSPWJEFýOBODJBM 40-*%"4*"  t 5IFOFXCampus Master PlanTIPXDBTFTIPX/56 BTTJTUBODFUPOFFEZ/56 t Insurance Risk & Finance Research Centre XJUI Gifts to the University XJMMCFUSBOTGPSNFEJOUPBTVTUBJOBCMFBOEWJCSBOU TUVEFOUT*OJUTJOBVHVSBMZFBS UIF 4$03 NJOJDJUZ t /56TUBOETTIPVMEFSUPTIPVMEFSXJUITPNFPGUIFCFTUVOJWFSTJUJFTJO QSPHSBNNFHBSOFSFEUIFTVQQPSU t MicroVision’sýSTUHMPCBMSFTFBSDIBOEEFWFMPQNFOU UIFXPSMEXJUIMPOHUSBEJUJPOTPGHJWJOH"4NJMMJPOHJGUGSPNUIF-FF PGEPOPST XIPHBWFNPSF t A new undergraduate experiencePGGFSJOHNPSF DFOUSF 'PVOEBUJPOUPOBNFUIFOFX-FF,POH$IJBO4DIPPMPG.FEJDJOFDSFBUFT UIBO4NJMMJPOGSPN+BOVBSZUP CSFBEUI DIPJDFBOEþFYJCJMJUZJTBOOPVODFE MPDBMQIJMBOUISPQJDIJTUPSZ5IF$MBTTPGBMTPTFUTBOFXNJMFTUPOF %FDFNCFS t Fraunhofer IDM@NTU XJUI'SBVOIPGFS(FTFMMTDIBGU

NTU ANNUAL REPORT 2011 54 55 NTU ANNUAL REPORT 2011 HIGHLIGHTS

t "TBUSJCVUFUP.ST8FF,JN8FF  WBSJPVTFEVDBUJPOBOESFTFBSDI 4UVEJFTBUUIF43BKBSBUOBN BDPGGFFUBCMFDPPLCPPL Cooking QSPHSBNNFT5IFTFJODMVEF 4DIPPMPG*OUFSOBUJPOBM4UVEJFT for the President XBTQVCMJTIFE UIF5FNBTFL'PVOEBUJPO t "4NJMMJPO 4NJMMJPO /56UPPLUIFMFBEJOGVOESBJTJOH /*&&EVDBUJPOBM-FBEFSTIJQ

BGUFSNBUDIJOH FOEPXFEHJGU Chun : Cheah Wei BOESBJTFE4NJMMJPOGSPN 1SPHSBNNF 7JFUOBN 5SBJOJOH GSPNMediaTek FTUBCMJTIJOH UIFQSPDFFETPGUIFTBMFPGUIF BOE$BQBDJUZ#VJMEJOH1SPHSBNNF UIF.FEJB5FL1SPGFTTPSTIJQJO CPPLUPCFOFýUýWFPG.ST8FFT PO4FJTNJD4USFOHUIFOJOH UIF *OUFHSBUFE$JSDVJU%FTJHO Art direction GBWPVSJUFDIBSJUJFTUIBUJODMVEFUIF 1IJMJQQJOFT i5SBJOJOHPG5SBJOFSTw Wee Kim Wee Legacy Fund at 1SPHSBNNFJO(PWFSOBODFBOE t 4NJMMJPOGSPNWilmar

NTU 1VCMJD"ENJOJTUSBUJPO $IJOB  International LtdUPFTUBCMJTI : Kevin Yang 8JMNBS*OUFSOBUJPOBM$IJOB UIF"TJBO+PVSOBMJTN'FMMPXTIJQ Photo Gifts of signi!cant impact received in 1SPHSBNNFBOEUIF-&B3/ -FBEFSTIJQ4DIPMBSTIJQTGPS/56T FY2010/2011 (April 2010 to March -FBEFSTIJQ&OSJDINFOUBOE .BZPST$MBTT 2011): 3FHJPOBM/FUXPSLJOH 1SPHSBNNF t 4NJMMJPOGSPNKuok Khoon t 4NJMMJPOGSPNUIF Lee t 4NJMMJPOGSPNUIFBakrie HongUPDSFBUF,,)0QQPSUVOJUZ FoundationUPTVQQPSUUIF-FF Centre FoundationUPFTUBCMJTI 4DIPMBSTIJQTGPSTUVEFOUTPGUIF ,POH$IJBO4DIPPMPG.FEJDJOFJO UIF#BLSJF1SPGFTTPSTIJQJO /BOZBOH#VTJOFTT4DIPPMUP UIFBSFBTPGCVSTBSJFT FEVDBUJPO 4PVUIFBTU"TJBO1PMJDZ"O WFOUVSFJOUPFNFSHJOHFDPOPNJFT BOESFTFBSDI BEEJUJPOBM4 GVOET GPSJOUFSOTIJQ t "UPUBMPG4NJMMJPOGSPN #BLSJF(SBEVBUF4DIPMBSTIJQT t 4NJMMJPOGSPNPrima Ltd UIFTemasek FoundationGPS GPSTUVEFOUTUBLJOH*OEPOFTJBO SingaporeGPSUIF$IFOH5TBOH

The Student Activities Centre is a hub for students with its central NTU, the world’s !rst Youth Olympic Village, hosted over 5,000 location and long opening hours from 7am to 2am athletes and team of!cials taking part in the inaugural Youth Olympic Games

.BO$IBJS1SPGFTTPSTIJQJO&OFSHZ5IF1SPGFTTPSTIJQ Campus Life IBTJUTPSJHJOTJOXIFO1SJNBNBEFB4NJMMJPO t /56XFMDPNFT JOUFSOBUJPOBMBUIMFUFTBOEPGýDJBMT HJGUUP/56UPTFUVQB7JTJUJOH1SPGFTTPSTIJQ BTUIFYouth Olympic VillageGPSUIFJOBVHVSBM:PVUI 0MZNQJD(BNFT IFMEGSPNUP"VHVTU Alumni t New social spacesTVDIBTBPOFTUPQ4UVEFOU t /56DPOOFDUTXJUIJUT TUSPOHBMVNOJUISPVHI "DUJWJUJFT$FOUSFBOE(MPCBM-PVOHFPQFO 65 local and global alumni chapters5XFMWFOFX BMVNOJBTTPDJBUJPOTBSFFTUBCMJTIFEoUISFFJO4JOHBQPSF t 5IFTUVEFOUSVONanyang Arts Festival IFMEPWFS BOEOJOFBCSPBE FJHIUJO$IJOBBOEPOFJOUIF64"  UISFFNPOUIT CSJOHTEBODF NVTJDBOEUIFBUSFUPUIF DBNQVTQPQVMBUJPOBOECFZPOE t .PSFUIBO40 eventsBSFPSHBOJTFE BNPOHUIFN XFMDPNFQBSUJFT HBUIFSJOHT SFVOJPOT EJBMPHVF t 0SHBOJTFECZUIF/56(SBEVBUF4UVEFOUT$MVC UIF TFTTJPOT EJOOFSTBOEGPSVNT0OMJOFBOETPDJBMNFEJB TEDx conferenceTFFTJOUFSOBUJPOBMMFBEJOHMJHIUT DIBOOFMTBMTPIFMQBMVNOJLFFQJOUPVDI DPNJOHUPHFUIFSUPTIBSFJEFBTXPSUITQSFBEJOH

80% of the Class of 2011 gave back to NTU, setting a new record in graduation giving

NTU ANNUAL REPORT 2011 56 57 NTU ANNUAL REPORT 2011 HIGHLIGHTS

Eminent Visitors Benefactors $IBOH-POH+POH "QSJMUP.BSDI %SBOE.ST"MFY5BO1BOH,FF "NPOHUIFXPSMESFOPXOFETDJFOUJTUTBOEUPQJOUFSOBUJPOBM %4./VUSJUJPOBM1SPEVDUT"TJB1BDJýD1UF-UE S$100 million and Above EJHOJUBSJFTXIPWJTJUFE/56XFSF %71BSUOFST1UF-UE -FF'PVOEBUJPO )C(MBTTBOE"MVNJOJVN1UF-UE Heads of State *"*"TJB1UF-UE S$1 million and Above *$"&84PVUI&BTU"TJB-UE t Dr Heinz Fischer #BLSJF$FOUSF'PVOEBUJPO *OEFSKJU4JOHI 1SFTJEFOUPG"VTUSJB ,VPL,IPPO)POH *OTUJUVUFPG.BUFSJBMT &BTU"TJB .FEJB5FL'PVOEBUJPO t Mr Por!rio Lobo Sosa +VSPOH$POTVMUBOUT1UF-UE 4$033FJOTVSBODF"TJB1BDJýD1UF-UE 1SFTJEFOUPG)POEVSBT ,BI)POH1UF-UE 5FNBTFL'PVOEBUJPO$-(-UE ,FQQFM'FMT-UE 8JMNBS*OUFSOBUJPOBM-UE t Dr Navinchandra Ramgoolam -#8$POTVMUBOUT--1 1SJNF.JOJTUFSPG.BVSJUJVT -JN$IPOH:BI S$250,000 and Above Dr Heinz Fischer, President of Austria (centre) -JN&OH1JOH "PO#FOýFME"TJB1UF-UE Distinguished Scientists -JN,BZ)VB $JUJ'PVOEBUJPO -JN,BZ,PL t Prof Jerome Friedman *OUFSOBUJPOBM"JS5SBOTQPSU"TTPDJBUJPO -JN,BZ4FOH /PCFM-BVSFBUFJO1IZTJDT   /*&*OUFSOBUJPOBM1UF-UE -JN,BZ5JPOH 3FHB$BQJUBM.BOBHFNFOU-UE t Prof Michael Grätzel -JN4PP1FOH 5BO5FP$IBSJUBCMF'PVOEBUJPO .JMMFOOJVN5FDIOPMPHZ1SJ[F-BVSFBUF  -JOEB0FJ4XBO$IV 5JO,B1JOH'PVOEBUJPO -FF,POH$IJBO%JTUJOHVJTIFE1SPGFTTPS -VCSJUSBEF5SBEJOH1UF-UE 8BO#PP4PX'BNJMZ .BUFSJBMT3FTFBSDI4PDJFUZPG4JOHBQPSF t Prof Kerson Huang .JDSPO5FDIOPMPHZ'PVOEBUJPO *OD S$100,000 and Above 1SPGFTTPSPG1IZTJDT&NFSJUVT .BTTBDIVTFUUT*OTUJUVUF .PMFY4JOHBQPSF1UF-UE #%$SBOF5FDI1UF-UE PG5FDIOPMPHZ /BUJPOBM*OTUSVNFOUT4JOHBQPSF1UF-UE $"%*5$POTVMUBOUT "TJB 1UF-UE /BOZBOH1SPGFTTPS 0$#$ $IBSMFT,VP 1SPGFTTJPOBM&OHJOFFST#PBSE4JOHBQPSF t Prof Rudolph Marcus )J1*OUFSOBUJPOBM-UE 1SVEFOUJBM"TTVSBODF$PNQBOZ4JOHBQPSF1UF-UE /PCFM-BVSFBUFJO$IFNJTUSZ  )P/HJBQ,VN 3JTL.BOBHFNFOU4PMVUJPOT *OD +JBOHTV)VBJMPOH.BUFSJBMT$PNQBOZ-UE -FF,POH$IJBO%JTUJOHVJTIFE1SPGFTTPS Prof Kerson Huang from the Massachusetts Institute of Technology 4JOHBQPSF$IJOFTF$IBNCFSPG$PNNFSDF'PVOEBUJPO ,IPP)PDL5JO 4JOHBQPSF5FDIOPMPHJFT&MFDUSPOJDT-UE t Prof Robert Richardson -JBO)P-FF$POTUSVDUJPO1UF-UE 4POOZ#FOTJMZ /PCFM-BVSFBUFJO1IZTJDT   -JN$IFOH&OH 4QSJOH4JOHBQPSF .PUPSPMB'PVOEBUJPO t Prof Vladimir Voevodsky 5BO+PP,FF4DIPMBSTIJQ'VOE 0OH5JPOH5BU 5SVTUFFPGUIF&TUBUFPG,PI$IPPO+PP 'JFMET.FEBMMJTU   5BO8PJ!5BO4JFX)XB 4JOHBQPSF5FDIOPMPHJFT&OHJOFFSJOH-UE 5BOH4FF$IJN t Prof John Walker 4JOHBQPSF5PUBMJTBUPS#PBSE 5IZF)POH.BOBHFNFOU4FSWJDFT1UF-UE /PCFM-BVSFBUFJO$IFNJTUSZ  4VHJPOP84VHJBMBN 7FSUFY7FOUVSF.BOBHFNFOU1UF-UE -FF,POH$IJBO%JTUJOHVJTIFE1SPGFTTPS 5BO,XBOH)XFF 5IF'PSE'PVOEBUJPO 8POH)JOH-POH5FDIOPMPHJFT1UF-UE 5IF6OJWFSTJUZPG/PSUI$BSPMJOBBU$IBQFM)JMM 8PSME'VUVSF'PVOEBUJPO-UE 'PVSBOPOZNPVTEPOPST S$25,000 and Above "ODPSB'PVOEBUJPO "TTPDJBUJPOPG1SPDFTT*OEVTUSZ Prof Rudolph Marcus, Arthur Amos Noyes Professor of Chemistry at $BQJUB-BOE-UE the California Institute of Technology

NTU ANNUAL REPORT 2011 58 59 NTU ANNUAL REPORT 2011 CORPORATE FINANCIAL GOVERNANCE

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NTU ANNUAL REPORT 2011 62 63 NTU ANNUAL REPORT 2011 REPORT OF TRUSTEES

5IF #PBSE PG 5SVTUFFT QSFTFOU UIFJS SFQPSU UP UIF NFNCFST UPHFUIFS XJUI UIF BVEJUFE ýOBODJBM TUBUFNFOUT PG /BOZBOH Auditors 5FDIOPMPHJDBM6OJWFSTJUZ UIF6OJWFSTJUZ$PNQBOZ GPSUIFýOBODJBMZFBSFOEFE.BSDI 5IFSFUJSJOHBVEJUPST ,1.(--1 XJMMOPUCFTFFLJOHSFBQQPJOUNFOU

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Arrangements to Enable Trustees to Acquire Shares and Debentures /FJUIFSBUUIFFOEPGOPSBUBOZUJNFEVSJOHUIFýOBODJBMZFBSXBTUIF6OJWFSTJUZ$PNQBOZBQBSUZUPBOZBSSBOHFNFOUXIPTF PCKFDUXBTUPFOBCMFUIF5SVTUFFTPGUIF6OJWFSTJUZ$PNQBOZUPBDRVJSFCFOFýUTCZNFBOTPGUIFBDRVJTJUJPOPGTIBSFTJO PS EFCFOUVSFTPG UIF6OJWFSTJUZ$PNQBOZPSBOZPUIFSCPEZDPSQPSBUF

Trustees’ Interests "TUIF6OJWFSTJUZ$PNQBOZJTMJNJUFECZHVBSBOUFF UIFSFBSFOPNBUUFSTUPCFEJTDMPTFEVOEFS4FDUJPO  G BOE H 4FDUJPO  " H BOE I 4FDUJPO  BOE4FDUJPO  PGUIF4JOHBQPSF$PNQBOJFT"DU $IBQUFS

Trustee Contractual Bene!ts 4JODFUIFFOEPGUIFQSFWJPVTýOBODJBMZFBS OP5SVTUFFIBTSFDFJWFEPSCFDPNFFOUJUMFEUPSFDFJWFBCFOFýUCZSFBTPOPGB DPOUSBDUNBEFCZUIF6OJWFSTJUZ$PNQBOZPSBSFMBUFEDPSQPSBUJPOXJUIUIF5SVTUFFPSXJUIBýSNPGXIJDIIFJTBNFNCFSPS XJUIBDPNQBOZJOXIJDIIFIBTBTVCTUBOUJBMýOBODJBMJOUFSFTU FYDFQUBTEJTDMPTFEJO/PUFUPUIFýOBODJBMTUBUFNFOUT

NTU ANNUAL REPORT 2011 64 65 NTU ANNUAL REPORT 2011 STATEMENT BY TRUSTEES INDEPENDENT AUDITORS’ REPORT

Members of the University Company Nanyang Technological University

*OPVSPQJOJPO Report on the !nancial statements B  UIFýOBODJBMTUBUFNFOUTTFUPVUPOQBHFTUPBSFESBXOVQTPBTUPHJWFBUSVFBOEGBJSWJFXPGUIFTUBUFPGBGGBJST 8FIBWFBVEJUFEUIFBDDPNQBOZJOHýOBODJBMTUBUFNFOUTPG/BOZBOH5FDIOPMPHJDBM6OJWFSTJUZ UIF6OJWFSTJUZ$PNQBOZ BOEJUT PGUIF(SPVQBOEUIF6OJWFSTJUZ$PNQBOZBTBU.BSDI BOEUIFSFTVMUT DIBOHFTJOGVOETBOESFTFSWFTBOEDBTI TVCTJEJBSJFT UIF(SPVQ XIJDIDPNQSJTFUIFCBMBODFTIFFUTPGUIF(SPVQBOEUIF6OJWFSTJUZ$PNQBOZBTBU.BSDI  þPXTPGUIF(SPVQBOEPGUIFDIBOHFTJOGVOETBOESFTFSWFTPGUIF6OJWFSTJUZ$PNQBOZGPSUIFZFBSUIFOFOEFEPOUIBU BOEUIFTUBUFNFOUPGDPNQSFIFOTJWFJODPNF TUBUFNFOUPGDIBOHFTJOGVOETBOESFTFSWFTBOETUBUFNFOUPGDBTIþPXTPGUIF EBUFJOBDDPSEBODFXJUIUIFQSPWJTJPOTPGUIF4JOHBQPSF$PNQBOJFT"DU $IBQUFSBOE4JOHBQPSF'JOBODJBM3FQPSUJOH (SPVQBOEUIFTUBUFNFOUPGDIBOHFTJOGVOETBOESFTFSWFTPGUIF6OJWFSTJUZ$PNQBOZGPSUIFZFBSUIFOFOEFEBOEBTVNNBSZ 4UBOEBSETBOE PGTJHOJýDBOUBDDPVOUJOHQPMJDJFTBOEPUIFSFYQMBOBUPSZOPUFT BTTFUPVUPOQBHFTUP

C  BUUIFEBUFPGUIJTTUBUFNFOU UIFSFBSFSFBTPOBCMFHSPVOETUPCFMJFWFUIBUUIF6OJWFSTJUZ$PNQBOZXJMMCFBCMFUPQBZJUT Management’s responsibility for the !nancial statements EFCUTBTBOEXIFOUIFZGBMMEVF .BOBHFNFOUJTSFTQPOTJCMFGPSUIFQSFQBSBUJPOBOEGBJSQSFTFOUBUJPOPGUIFTFýOBODJBMTUBUFNFOUTJOBDDPSEBODFXJUIUIF 5IF#PBSEPG5SVTUFFTIBT POUIFEBUFPGUIJTTUBUFNFOU BVUIPSJTFEUIFTFýOBODJBMTUBUFNFOUTGPSJTTVF QSPWJTJPOT PG UIF 4JOHBQPSF $PNQBOJFT "DU  $IBQUFS  UIF "DU  BOE 4JOHBQPSF 'JOBODJBM 3FQPSUJOH 4UBOEBSET  BOE GPS EFWJTJOHBOENBJOUBJOJOHBTZTUFNPGJOUFSOBMBDDPVOUJOHDPOUSPMTTVGýDJFOUUPQSPWJEFBSFBTPOBCMFBTTVSBODFUIBUBTTFUT BSFTBGFHVBSEFEBHBJOTUMPTTGSPNVOBVUIPSJTFEVTFPSEJTQPTJUJPOBOEUSBOTBDUJPOTBSFQSPQFSMZBVUIPSJTFEBOEUIBUUIFZBSF 0OCFIBMGPGUIF#PBSEPG5SVTUFFT SFDPSEFEBTOFDFTTBSZUPQFSNJUUIFQSFQBSBUJPOPGUSVFBOEGBJSQSPýUBOEMPTTBDDPVOUTBOECBMBODFTIFFUTBOEUPNBJOUBJO BDDPVOUBCJMJUZPGBTTFUT

Auditors’ responsibility 0VS SFTQPOTJCJMJUZ JT UP FYQSFTT BO PQJOJPO PO UIFTF ýOBODJBM TUBUFNFOUT CBTFE PO PVS BVEJU 8F DPOEVDUFE PVS BVEJU JO BDDPSEBODFXJUI4JOHBQPSF4UBOEBSETPO"VEJUJOH5IPTF4UBOEBSETSFRVJSFUIBUXFDPNQMZXJUIFUIJDBMSFRVJSFNFOUTBOEQMBO Mr Koh Boon Hwee BOEQFSGPSNUIFBVEJUUPPCUBJOSFBTPOBCMFBTTVSBODFXIFUIFSUIFýOBODJBMTUBUFNFOUTBSFGSFFGSPNNBUFSJBMNJTTUBUFNFOU Chairman of the Board of Trustees Trustee "OBVEJUJOWPMWFTQFSGPSNJOHQSPDFEVSFTUPPCUBJOBVEJUFWJEFODFBCPVUUIFBNPVOUTBOEEJTDMPTVSFTJOUIFýOBODJBMTUBUFNFOUT 5IFQSPDFEVSFTTFMFDUFEEFQFOEPOUIFBVEJUPSTKVEHFNFOUT JODMVEJOHUIFBTTFTTNFOUPGUIFSJTLTPGNBUFSJBMNJTTUBUFNFOU PGUIFýOBODJBMTUBUFNFOUT XIFUIFSEVFUPGSBVEPSFSSPS*ONBLJOHUIPTFSJTLBTTFTTNFOUT UIFBVEJUPSDPOTJEFSTJOUFSOBM DPOUSPMSFMFWBOUUPUIFFOUJUZTQSFQBSBUJPOPGUIFýOBODJBMTUBUFNFOUTUIBUHJWFBUSVFBOEGBJSWJFXJOPSEFSUPEFTJHOBVEJU QSPDFEVSFTUIBUBSFBQQSPQSJBUFJOUIFDJSDVNTUBODFT CVUOPUGPSUIFQVSQPTFPGFYQSFTTJOHBOPQJOJPOPOUIFFGGFDUJWFOFTT PG UIF FOUJUZTJOUFSOBM DPOUSPM "O BVEJU BMTP JODMVEFT FWBMVBUJOH UIF BQQSPQSJBUFOFTT PG BDDPVOUJOH QPMJDJFT VTFE BOE UIF Prof Bertil Andersson SFBTPOBCMFOFTTPGBDDPVOUJOHFTUJNBUFTNBEFCZNBOBHFNFOU BTXFMMBTFWBMVBUJOHUIFPWFSBMMQSFTFOUBUJPOPGUIFýOBODJBM President of Nanyang Technological University TUBUFNFOUT Trustee 8FCFMJFWFUIBUUIFBVEJUFWJEFODFXFIBWFPCUBJOFEJTTVGýDJFOUBOEBQQSPQSJBUFUPQSPWJEFBCBTJTGPSPVSBVEJUPQJOJPO +VMZ

NTU ANNUAL REPORT 2011 66 67 NTU ANNUAL REPORT 2011 BALANCE SHEETS "TBU.BSDI

Opinion Group University Company *OPVSPQJOJPO UIFDPOTPMJEBUFEýOBODJBMTUBUFNFOUTPGUIF(SPVQBOEUIFCBMBODFTIFFUBOETUBUFNFOUPGDIBOHFTJOGVOET 2011 2010 2011 2010 Note $’000 $’000 $’000 $’000 BOESFTFSWFTPGUIF6OJWFSTJUZ$PNQBOZBSFQSPQFSMZESBXOVQJOBDDPSEBODFXJUIUIFQSPWJTJPOTPGUIF"DUBOE4JOHBQPSF Non-current assets 'JOBODJBM3FQPSUJOH4UBOEBSETUPHJWFBUSVFBOEGBJSWJFXPGUIFTUBUFPGBGGBJSTPGUIF(SPVQBOEPGUIF6OJWFSTJUZ$PNQBOZ 1SPQFSUZ QMBOUBOEFRVJQNFOU              BTBU.BSDIBOEUIFSFTVMUT DIBOHFTJOGVOETBOESFTFSWFTBOEDBTIþPXTPGUIF(SPVQBOEDIBOHFTJOGVOETBOE 1SFQBJEMFBTF          SFTFSWFTPGUIF6OJWFSTJUZ$PNQBOZGPSUIFZFBSFOEFEPOUIBUEBUF 4VCTJEJBSJFT      "WBJMBCMFGPSTBMFýOBODJBMBTTFUT      Report on other legal and regulatory requirements 4UVEFOUMPBOT          'JOBODFMFBTFSFDFJWBCMFT 7         *OPVSPQJOJPO UIFBDDPVOUJOHBOEPUIFSSFDPSETSFRVJSFECZUIF"DUUPCFLFQUCZUIF6OJWFSTJUZ$PNQBOZBOECZUIPTF             TVCTJEJBSJFTJODPSQPSBUFEJO4JOHBQPSFPGXIJDIXFBSFUIFBVEJUPSTIBWFCFFOQSPQFSMZLFQUJOBDDPSEBODFXJUIUIFQSPWJTJPOT Current assets PGUIF"DU %FSJWBUJWFýOBODJBMJOTUSVNFOUT 8       %VSJOHUIFDPVSTFPGPVSBVEJU OPUIJOHIBTDPNFUPPVSOPUJDFUIBUDBVTFEVTUPCFMJFWFUIBU -PBOUPBTVCTJEJBSZ        4UVEFOUMPBOT          B  UIF6OJWFSTJUZ$PNQBOZEJEOPUDPNQMZXJUIUIFSFRVJSFNFOUTPGSFHVMBUJPO 'VOESBJTJOHFYQFOTFT JOUIF$IBSJUJFT 5SBEFBOEPUIFSSFDFJWBCMFT          *OTUJUVUJPOTPGB1VCMJD$IBSBDUFS 3FHVMBUJPOTBOE 'JOBODJBMBTTFUTBUGBJSWBMVFUISPVHIJODPNF BOEFYQFOEJUVSF          C  UIFEPOBUJPOTBOEPUIFSSFDFJQUTPGUIF6OJWFSTJUZ$PNQBOZXFSFOPUVTFEGPSBQQSPWFEQSPKFDUTBOEUIFQVSQPTFT 'JOBODFMFBTFSFDFJWBCMFT 7     JOUFOEFE $BTIBOEDBTIFRVJWBMFOUT                        Total assets            

Current liabilities %FSJWBUJWFýOBODJBMJOTUSVNFOUT 8     KPMG LLP 5SBEFBOEPUIFSQBZBCMFT          Public Accountants and (SBOUSFDFJWFEJOBEWBODFo0QFSBUJOH(SBOUT      (SBOUSFDFJWFEJOBEWBODFo*5BOE'&          Certi!ed Public Accountants 4IPSUUFSNCPSSPXJOHT          %FGFSSFEUVJUJPOBOEPUIFSGFFT         3FTFBSDIHSBOUTSFDFJWFEJOBEWBODF          4JOHBQPSF $VSSFOUZFBSUBYQBZBCMF     +VMZ         Non-current liabilities %FGFSSFEDBQJUBMHSBOUT          0UIFSOPODVSSFOUMJBCJMJUJFT         4JOLJOHGVOESFDFJWFEJOBEWBODF                      Total liabilities             Net assets            

$BQJUBMBDDPVOU          "DDVNVMBUFETVSQMVT (FOFSBMGVOE         &OEPXNFOUGVOE          0UIFSSFTUSJDUFEGVOE         Funds and reserves            

'VOETNBOBHFEPOCFIBMGPGUIF.JOJTUSZ          3FQSFTFOUFECZ /FUBTTFUTNBOBHFEPOCFIBMGPGUIF.JOJTUSZ         

5IFBDDPNQBOZJOHOPUFTGPSNBOJOUFHSBMQBSUPGUIFTFýOBODJBMTUBUFNFOUT

NTU ANNUAL REPORT 2011 68 69 NTU ANNUAL REPORT 2011 STATEMENT OF COMPREHENSIVE INCOME STATEMENT OF COMPREHENSIVE INCOME :FBSFOEFE.BSDI :FBSFOEFE.BSDI

General fund Endowment fund Other restricted fund Total General fund Endowment fund Other restricted fund Total 2011 2010 2011 2010 2011 2010 2011 2010 2011 2010 2011 2010 2011 2010 2011 2010 Note $’000 $’000 $’000 $’000 $’000 $’000 $’000 $’000 Note $’000 $’000 $’000 $’000 $’000 $’000 $’000 $’000 Group Income Group 5VJUJPOBOE Balance brought PUIFSGFFT               forward                  3FOUBMJODPNF               3FTFBSDIHSBOUT              $BQJUBMFYQFOEJUVSF *OUFSFTUJODPNF              OPUDBQJUBMJTFE               %POBUJPOT               -PTTPOEJTQPTBMPG 0UIFSHSBOUT               QSPQFSUZ QMBOU 4VOESZJODPNF               BOEFRVJQNFOU          %FGFSSFEDBQJUBM 0UIFSFYQFOTFT  877             HSBOUTBNPSUJTFE 5PUBMFYQFOTFT                    OPONJOJTUSZ                Surplus/(De!cit) 5PUBM*ODPNF before grants CFGPSFQSPýUPO from ministries                  JOWFTUNFOUT                 1SPýUPO Grants from JOWFTUNFOUT                ministries 5PUBMJODPNF %FWFMPQNFOU BGUFSQSPýUPO HSBOUT              JOWFTUNFOUT                 0QFSBUJOHHSBOUT              0UIFSHSBOUT                Expenditure %FGFSSFEDBQJUBM &YQFOEJUVSFPO HSBOUTBNPSUJTFE                NBOQPXFS               5PUBMHSBOUTGSPN 5FBDIJOH NJOJTUSJFT                 3FTFBSDI               Surplus/(De!cit) "ENJOJTUSBUJPO               after grants .BJOUFOBODF               from ministries                 -JCSBSZCPPLT 5BYBUJPO          BOE Surplus/(De!cit) QFSJPEJDBMT             for the year                 %FQSFDJBUJPOPG 0UIFSDPNQSFIFOTJWF QSPQFSUZ JODPNF OFUPGUBY         QMBOUBOE Total FRVJQNFOU                comprehensive "NPSUJTBUJPOPG income / (loss) QSFQBJEMFBTF          for the year                 Balance carried forward                 

5IFBDDPNQBOZJOHOPUFTGPSNBOJOUFHSBMQBSUPGUIFTFýOBODJBMTUBUFNFOUT 5IFBDDPNQBOZJOHOPUFTGPSNBOJOUFHSBMQBSUPGUIFTFýOBODJBMTUBUFNFOUT

NTU ANNUAL REPORT 2011 70 71 NTU ANNUAL REPORT 2011 STATEMENTS OF CHANGES IN FUNDS AND RESERVES STATEMENTS OF CHANGES IN FUNDS AND RESERVES :FBSFOEFE.BSDI :FBSFOEFE.BSDI

Accumulated surplus Accumulated surplus Other Other Capital General Endowment restricted Capital General Endowment restricted account fund fund fund Total account fund fund fund Total $’000 $’000 $’000 $’000 $’000 $’000 $’000 $’000 $’000 $’000

Group University Company

"U"QSJM            "U"QSJM            5PUBMDPNQSFIFOTJWFJODPNF MPTT GPSUIFZFBS          5PUBMDPNQSFIFOTJWFJODPNF MPTT GPSUIFZFBS          5SBOTGFSGSPNFOEPXNFOUGVOE         5SBOTGFSGSPNFOEPXNFOUGVOE         5SBOTGFSUPSFTFBSDIHSBOUTSFDFJWFEJOBEWBODF        5SBOTGFSUPSFTFBSDIHSBOUTSFDFJWFEJOBEWBODF        5SBOTGFSUPEFGFSSFEDBQJUBMHSBOUT      5SBOTGFSUPEFGFSSFEDBQJUBMHSBOUT      6UJMJTBUJPOPGPUIFSSFTUSJDUFEGVOE      6UJMJTBUJPOPGPUIFSSFTUSJDUFEGVOE      5SBOTGFSUPPUIFSSFTUSJDUFEGVOE        5SBOTGFSUPHFOFSBMGVOE        5SBOTGFSUPPUIFSSFTUSJDUFEGVOE        'BJSWBMVFBEKVTUNFOU      5SBOTGFSUPHFOFSBMGVOE        "U.BSDI            'BJSWBMVFBEKVTUNFOU      "U.BSDI           

"U"QSJM            5PUBMDPNQSFIFOTJWFJODPNF MPTT GPSUIFZFBS          "U"QSJM            5SBOTGFSGSPNFOEPXNFOUGVOE         5PUBMDPNQSFIFOTJWFJODPNF MPTT GPSUIFZFBS          5SBOTGFSUPSFTFBSDIHSBOUTSFDFJWFEJOBEWBODF        5SBOTGFSGSPNFOEPXNFOUGVOE         5SBOTGFSUPEFGFSSFEDBQJUBMHSBOUT      5SBOTGFSUPSFTFBSDIHSBOUTSFDFJWFEJOBEWBODF        6UJMJTBUJPOPGPUIFSSFTUSJDUFEGVOEHFOFSBMGVOE      5SBOTGFSUPEFGFSSFEDBQJUBMHSBOUT      5SBOTGFSUPPUIFSSFTUSJDUFEGVOE        6UJMJTBUJPOPGPUIFSSFTUSJDUFEGVOEHFOFSBMGVOE      5SBOTGFSUPHFOFSBMGVOE        5SBOTGFSUPPUIFSSFTUSJDUFEGVOE        'BJSWBMVFBEKVTUNFOU      5SBOTGFSUPHFOFSBMGVOE        "U.BSDI            'BJSWBMVFBEKVTUNFOU      "U.BSDI           

5IFBDDPNQBOZJOHOPUFTGPSNBOJOUFHSBMQBSUPGUIFTFýOBODJBMTUBUFNFOUT 5IFBDDPNQBOZJOHOPUFTGPSNBOJOUFHSBMQBSUPGUIFTFýOBODJBMTUBUFNFOUT

NTU ANNUAL REPORT 2011 72 73 NTU ANNUAL REPORT 2011 CONSOLIDATED CASH FLOWS STATEMENT NOTES TO THE FINANCIAL STATEMENTS :FBSFOEFE.BSDI :FBSFOEFE.BSDI

2011 2010 5IFTFOPUFTGPSNBOJOUFHSBMQBSUPGUIFýOBODJBMTUBUFNFOUT Note $’000 $’000 5IFýOBODJBMTUBUFNFOUTXFSFBVUIPSJTFEGPSJTTVFCZUIF#PBSEPG5SVTUFFTPO+VMZ

Operating activities 1 Domicile and Activities %FýDJUCFGPSFHSBOUTGSPNNJOJTUSJFT      /BOZBOH5FDIOPMPHJDBM6OJWFSTJUZ UIF6OJWFSTJUZ$PNQBOZ FTUBCMJTIFEVOEFSUIF4JOHBQPSF$PNQBOJFT"DU $IBQUFS "EKVTUNFOUTGPS  JTEPNJDJMFEJO4JOHBQPSF5IF6OJWFSTJUZ$PNQBOZTSFHJTUFSFEPGýDFBOEQMBDFPGCVTJOFTTJTMPDBUFEBU/BOZBOH 3FTFBSDIHSBOUJODPNF     "WFOVF 4JOHBQPSF %FQSFDJBUJPOPGQSPQFSUZ QMBOUBOEFRVJQNFOU     "NPSUJTBUJPOPGQSFQBJEMFBTF    5IF6OJWFSTJUZ$PNQBOZJTQSJODJQBMMZFOHBHFEJOUIFBEWBODFNFOUBOEEJTTFNJOBUJPOPGLOPXMFEHF UIFQSPNPUJPOPG -PTTPOEJTQPTBMPGQSPQFSUZ QMBOUBOEFRVJQNFOU    SFTFBSDIBOETDIPMBSTIJQTBOEUIFDPOGFSSJOHBOEBXBSEJOHPGEFHSFFT EJQMPNBTBOEDFSUJýDBUFT5IFQSJODJQBMBDUJWJUJFT 1SPýUPOJOWFTUNFOUT     PGUIFTVCTJEJBSJFTBSFTFUPVUJO/PUFø %FGFSSFEDBQJUBMHSBOUTBNPSUJTFE OPONJOJTUSZ      "TUIFPQFSBUJPOTPGUIF6OJWFSTJUZ$PNQBOZJTTVCTUBOUJBMMZGVOEFECZUIF.JOJTUSZPG&EVDBUJPO .0&PSUIF.JOJTUSZ  *OUFSFTUJODPNF     UISPVHIHPWFSONFOUHSBOUT XJUI.0&IBWJOHUIFQPXFSUPBQQPJOUBOESFNPWFNFNCFSTUPUIF#PBSEPG5SVTUFFTPG 1SPWJTJPO NBEF SFWFSTFE     UIF6OJWFSTJUZ$PNQBOZ .0&JTSFHBSEFEBTUIFQBSFOUFOUJUZ     $IBOHFTJOXPSLJOHDBQJUBM  5IFDPOTPMJEBUFEýOBODJBMTUBUFNFOUTSFMBUFUPUIF6OJWFSTJUZ$PNQBOZBOEJUTTVCTJEJBSJFT SFGFSSFEUPBTUIF(SPVQ  0UIFSQBZBCMFT     5SBEFBOEPUIFSSFDFJWBCMFT     2 Summary of Signi"cant Accounting Policies %FGFSSFEUVJUJPOBOEPUIFSGFFT     2.1 Basis of preparation -PBOTFYUFOEFEUPTUVEFOUT     B  4UBUFNFOUPGDPNQMJBODF $BTIHFOFSBUFEGSPNPQFSBUJOHBDUJWJUJFT      5IF ýOBODJBM TUBUFNFOUT IBWF CFFO QSFQBSFE JO BDDPSEBODF XJUI 4JOHBQPSF 'JOBODJBM 3FQPSUJOH *ODPNFUBYFTQBJE   4UBOEBSET '34  Cash !ows used in operating activities     C  #BTJTPGNFBTVSFNFOU  5IFýOBODJBMTUBUFNFOUTIBWFCFFOQSFQBSFEJOIJTUPSJDBMDPTUCBTJTFYDFQUPUIFSXJTFEJTDMPTFECFMPX Financing activities 4JOLJOHGVOESFDFJWFE     D  'VODUJPOBMBOEQSFTFOUBUJPODVSSFODZ *5BOE'&HSBOUSFDFJWFE      5IFýOBODJBMTUBUFNFOUTBSFQSFTFOUFEJO4JOHBQPSFEPMMBSTXIJDIJTUIF(SPVQTGVODUJPOBMDVSSFODZ"MM 3FTFBSDIHSBOUTSFDFJWFE     ýOBODJBM JOGPSNBUJPO QSFTFOUFE JO 4JOHBQPSF EPMMBST IBT CFFO SPVOEFE UP UIF OFBSFTU UIPVTBOE  VOMFTT 0QFSBUJOHHSBOUTSFDFJWFE OFUPGQBZNFOUPGHPPETBOETFSWJDFUBYFYQFOTFPO PUIFSXJTFTUBUFE UVJUJPOGFFTBOEUVJUJPOHSBOUT     E  6TFPGFTUJNBUFTBOEKVEHFNFOUT %FWFMPQNFOUHSBOUTBOESFMBUFEJODPNFSFDFJWFE      5IFQSFQBSBUJPOPGýOBODJBMTUBUFNFOUTJODPOGPSNJUZXJUI'34SFRVJSFTNBOBHFNFOUUPNBLFKVEHFNFOUT  .JOJTUSZHSBOUTSFDFJWFE     FTUJNBUFTBOEBTTVNQUJPOTUIBUBGGFDUUIFBQQMJDBUJPOPGBDDPVOUJOHQPMJDJFTBOEUIFSFQPSUFEBNPVOUTPG 6UJMJTBUJPOPGPUIFSSFTUSJDUFEGVOET   BTTFUT MJBCJMJUJFT JODPNFBOEFYQFOTFT"DUVBMSFTVMUTNBZEJGGFSGSPNUIFTFFTUJNBUFT /FUSFQBZNFOUGSPNCPSSPXJOHT     Cash !ows from "nancing activities       &TUJNBUFTBOEVOEFSMZJOHBTTVNQUJPOTBSFSFWJFXFEPOBOPOHPJOHCBTJT3FWJTJPOTUPBDDPVOUJOHFTUJNBUFT BSFSFDPHOJTFEJOUIFQFSJPEJOXIJDIUIFFTUJNBUFTBSFSFWJTFEBOEJOBOZGVUVSFQFSJPETBGGFDUFE Investing activities  *OQBSUJDVMBS JOGPSNBUJPOBCPVUTJHOJýDBOUBSFBTPGFTUJNBUJPO VODFSUBJOUZBOEDSJUJDBMKVEHFNFOUTJOBQQMZJOH "DRVJTJUJPOPGQSPQFSUZ QMBOUBOEFRVJQNFOU     BDDPVOUJOHQPMJDJFTUIBUIBWFUIFNPTUTJHOJýDBOUFGGFDUPOUIFBNPVOUSFDPHOJTFEJOUIFýOBODJBMTUBUFNFOUT 1VSDIBTFPGPUIFSýOBODJBMBTTFUT     BSFEFTDSJCFEJOUIFGPMMPXJOHOPUFT 1SPDFFETGSPNTBMFPGPUIFSýOBODJBMBTTFUT     *ODSFBTF EFDSFBTF JODBTIIFMECZGVOENBOBHFST      t /PUFoNFBTVSFNFOUPGUIFSFDPWFSBCMFBNPVOUTPGOPOýOBODJBMBTTFUT *OUFSFTUSFDFJWFE      5IFWBMVBUJPOPGQSPQFSUZ QMBOUBOEFRVJQNFOUJTNFBTVSFECBTFEPOUIFJSSFDPWFSBCMFBNPVOUTBT Cash !ows used in investing activities     EFTDSJCFEJO/PUF8IFSFUIFDBSSZJOHWBMVFTPGUIFQSPQFSUZ QMBOUBOEFRVJQNFOUFYDFFEUIF Net (decrease)/ increase in cash and cash equivalents     SFDPWFSBCMFBNPVOUT UIFBTTFUTBSFXSJUUFOEPXOUPUIFJSSFDPWFSBCMFBNPVOUT $BTIBOEDBTIFRVJWBMFOUTBUCFHJOOJOHPGUIFZFBS      Cash and cash equivalents at end of the year      

5IFBDDPNQBOZJOHOPUFTGPSNBOJOUFHSBMQBSUPGUIFTFýOBODJBMTUBUFNFOUT

NTU ANNUAL REPORT 2011 74 75 NTU ANNUAL REPORT 2011 NOTES TO THE FINANCIAL STATEMENTS NOTES TO THE FINANCIAL STATEMENTS :FBSFOEFE.BSDI :FBSFOEFE.BSDI

2 Summary of Signi!cant Accounting Policies (cont’d) 2 Summary of Signi!cant Accounting Policies (cont’d) 2.1 Basis of preparation (cont’d) 2.2 Consolidation (cont’d) E  6TFPGFTUJNBUFTBOEKVEHFNFOUT DPOUE  Subsidiaries t /PUFT BOEoWBMVBUJPOPGýOBODJBMJOTUSVNFOUT  4VCTJEJBSJFT BSF FOUJUJFT DPOUSPMMFE CZ UIF (SPVQ 5IF ýOBODJBM TUBUFNFOUT PG TVCTJEJBSJFT BSF JODMVEFE JO UIF Derivative !nancial instruments DPOTPMJEBUFEýOBODJBMTUBUFNFOUTGSPNUIFEBUFUIBUDPOUSPMDPNNFODFTVOUJMUIFEBUFUIBUDPOUSPMDFBTFT  5IF GBJS WBMVF PG EFSJWBUJWFT GPSFJHO DVSSFODZ GPSXBSET  JT FTUJNBUFE CZ EJTDPVOUJOH UIF EJGGFSFODF  5IF BDDPVOUJOH QPMJDJFT PG TVCTJEJBSJFT IBWF CFFO DIBOHFE XIFSF OFDFTTBSZ UP BMJHO UIFN XJUI UIF QPMJDJFT CFUXFFOUIFDPOUSBDUVBMGPSXBSEQSJDFBOEUIFDVSSFOUGPSXBSEQSJDFGPSUIFSFTJEVBMQFSJPEUPNBUVSJUZ PGUIFDPOUSBDU BEPQUFECZUIF(SPVQ

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NTU ANNUAL REPORT 2011 76 77 NTU ANNUAL REPORT 2011 NOTES TO THE FINANCIAL STATEMENTS NOTES TO THE FINANCIAL STATEMENTS :FBSFOEFE.BSDI :FBSFOEFE.BSDI

2 Summary of Signi!cant Accounting Policies (cont’d) 2 Summary of Signi!cant Accounting Policies (cont’d) 2.4 Funds(cont’d) 2.5 Grants and sinking fund (cont’d) General and restricted funds (cont’d) Jobs credit scheme  5IFGPMMPXJOHGVOETUFSNFEBTi0UIFS3FTUSJDUFE'VOEwBSFTFUVQBOEEJTDMPTFETFQBSBUFMZGSPNUIF6OJWFSTJUZ  $BTIHSBOUTSFDFJWFEGSPNUIFHPWFSONFOUJOSFMBUJPOUPUIF+PCT$SFEJU4DIFNFBSFSFDPHOJTFEVQPOSFDFJQU $PNQBOZTHFOFSBMGVOE 4VDI HSBOUT BSF QSPWJEFE UP EFGSBZ UIF XBHF DPTUT JODVSSFE BOE BSF PGGTFU BHBJOTU TUBGG DPTUT JO UIF ýOBODJBM TUBUFNFOUT J  GVOETDSFBUFEGSPNEPOBUJPOTGSPNFYUFSOBMCPEJFTGPSTQFDJBMQVSQPTFT

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NTU ANNUAL REPORT 2011 78 79 NTU ANNUAL REPORT 2011 NOTES TO THE FINANCIAL STATEMENTS NOTES TO THE FINANCIAL STATEMENTS :FBSFOEFE.BSDI :FBSFOEFE.BSDI

2 Summary of Signi!cant Accounting Policies (cont’d) 2 Summary of Signi!cant Accounting Policies (cont’d) 2.6 Property, plant and equipment (cont’d) 2.8 Financial instruments  Depreciation (cont’d) Non-derivative !nancial assets  &YDFQU GPS GSFFIPME MBOE BOE CVJMEJOHT VOEFS DPOTUSVDUJPO XIJDI BSF OPU EFQSFDJBUFE  EFQSFDJBUJPO PO PUIFS  5IF(SPVQJOJUJBMMZSFDPHOJTFTMPBOTBOESFDFJWBCMFTBOEEFQPTJUTPOUIFEBUFUIBUUIFZPSJHJOBUFE"MMPUIFSýOBODJBM QSPQFSUZ QMBOUBOEFRVJQNFOUJTSFDPHOJTFEJOUIFTUBUFNFOUPGDPNQSFIFOTJWFJODPNFPOBTUSBJHIUMJOFCBTJT BTTFUT JODMVEJOHBTTFUTEFTJHOBUFEBUGBJSWBMVFUISPVHIJODPNFBOEFYQFOEJUVSF BSFSFDPHOJTFEJOJUJBMMZPOUIF PWFSUIFFTUJNBUFEVTFGVMMJWFT PSMFBTFUFSN JGTIPSUFS PGFBDIQBSUPGBOJUFNPGQSPQFSUZ QMBOUBOEFRVJQNFOU USBEFEBUF XIJDIJTUIFEBUFUIBUUIF(SPVQCFDPNFTBQBSUZUPUIFDPOUSBDUVBMQSPWJTJPOTPGUIFJOTUSVNFOU

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Loans and receivables FRVJUZ*NQBJSNFOUMPTTFTSFDPHOJTFEJOSFTQFDUPGDBTIHFOFSBUJOHVOJUTBSFBMMPDBUFEýSTUUPSFEVDFUIFDBSSZJOH  -PBOTBOESFDFJWBCMFTBSFýOBODJBMBTTFUTXJUIýYFEPSEFUFSNJOBCMFQBZNFOUTUIBUBSFOPURVPUFEJOBOBDUJWF BNPVOUPGBOZHPPEXJMMBMMPDBUFEUPUIFVOJUTBOEUIFOUPSFEVDFUIFDBSSZJOHBNPVOUPGUIFPUIFSBTTFUTJOUIFVOJU NBSLFU4VDIBTTFUTBSFSFDPHOJTFEJOJUJBMMZBUGBJSWBMVFQMVTBOZEJSFDUMZBUUSJCVUBCMFUSBOTBDUJPODPTUT4VCTFRVFOU HSPVQPGVOJUT POBQSPSBUBCBTJT UPJOJUJBMSFDPHOJUJPO MPBOTBOESFDFJWBCMFTBSFNFBTVSFEBUBNPSUJTFEDPTUVTJOHUIFFGGFDUJWFJOUFSFTUNFUIPE MFTT  5IFSFDPWFSBCMFBNPVOUPGBOBTTFUPSDBTIHFOFSBUJOHVOJUJTUIFHSFBUFSPGJUTWBMVFJOVTFBOEJUTGBJSWBMVFMFTT BOZJNQBJSNFOUMPTTFT DPTUTUPTFMM*OBTTFTTJOHWBMVFJOVTF UIFFTUJNBUFEGVUVSFDBTIþPXTBSFEJTDPVOUFEUPUIFJSQSFTFOUWBMVFVTJOH  -PBOT BOE SFDFJWBCMFT DPNQSJTF USBEF BOE PUIFS SFDFJWBCMFT  TUVEFOU MPBOT  ýOBODF MFBTF SFDFJWBCMFT  HSBOU BQSFUBYEJTDPVOUSBUFUIBUSFþFDUTDVSSFOUNBSLFUBTTFTTNFOUTPGUIFUJNFWBMVFPGNPOFZBOEUIFSJTLTTQFDJýDUP SFDFJWBCMFTBOEDBTIBOEDBTIFRVJWBMFOUT UIFBTTFUPSDBTIHFOFSBUJOHVOJU'PSUIFQVSQPTFPGJNQBJSNFOUUFTUJOH BTTFUTUIBUDBOOPUCFUFTUFEJOEJWJEVBMMZ  $BTIBOEDBTIFRVJWBMFOUTDPNQSJTFDBTICBMBODFTBOECBOLEFQPTJUT BSFHSPVQFEUPHFUIFSJOUPUIFTNBMMFTUHSPVQPGBTTFUTUIBUHFOFSBUFTDBTIJOþPXTGSPNDPOUJOVJOHVTFUIBUBSF MBSHFMZJOEFQFOEFOUPGUIFDBTIJOþPXTPGPUIFSBTTFUTPSDBTIHFOFSBUJOHVOJU Available-for-sale !nancial assets  5IF(SPVQTJOWFTUNFOUTJODFSUBJOFRVJUZTFDVSJUJFTBSFDMBTTJýFEBTBWBJMBCMFGPSTBMFýOBODJBMBTTFUTJGUIFZBSF  *NQBJSNFOUMPTTFTSFDPHOJTFEJOQSJPSQFSJPETBSFBTTFTTFEBUFBDISFQPSUJOHEBUFGPSBOZJOEJDBUJPOTUIBUUIFMPTT OPUDMBTTJýFEJOBOZPGUIFPUIFSDBUFHPSJFT4VCTFRVFOUUPJOJUJBMSFDPHOJUJPO UIFZBSFNFBTVSFEBUGBJSWBMVF IBTEFDSFBTFEPSOPMPOHFSFYJTUT"OJNQBJSNFOUMPTTJTSFWFSTFEJGUIFSFIBTCFFOBDIBOHFJOUIFFTUJNBUFT BOEDIBOHFTUIFSFJO PUIFSUIBOGPSJNQBJSNFOUMPTTFT BSFSFDPHOJTFEEJSFDUMZJOFRVJUZ8IFOBOJOWFTUNFOUJT VTFEUPEFUFSNJOFUIFSFDPWFSBCMFBNPVOU"OJNQBJSNFOUMPTTJTSFWFSTFEPOMZUPUIFFYUFOUUIBUUIFBTTFUT EFSFDPHOJTFE UIFDVNVMBUJWFHBJOPSMPTTJOFRVJUZJTUSBOTGFSSFEUPUIFTUBUFNFOUPGDPNQSFIFOTJWFJODPNF DBSSZJOHBNPVOUEPFTOPUFYDFFEUIFDBSSZJOHBNPVOUUIBUXPVMEIBWFCFFOEFUFSNJOFE OFUPGEFQSFDJBUJPOPS BNPSUJTBUJPO JGOPJNQBJSNFOUMPTTIBECFFOSFDPHOJTFE

NTU ANNUAL REPORT 2011 80 81 NTU ANNUAL REPORT 2011 NOTES TO THE FINANCIAL STATEMENTS NOTES TO THE FINANCIAL STATEMENTS :FBSFOEFE.BSDI :FBSFOEFE.BSDI

2 Summary of Signi!cant Accounting Policies (cont’d) 2 Summary of Signi!cant Accounting Policies (cont’d) 2.8 Financial instruments (cont’d) 2.9 Employee bene!ts Non-derivative !nancial liabilities De!ned contribution plans  5IF(SPVQSFDPHOJTFTýOBODJBMMJBCJMJUJFT JODMVEJOHMJBCJMJUJFTEFTJHOBUFEBUGBJSWBMVFUISPVHIJODPNFPSFYQFOEJUVSF  " EFýOFE DPOUSJCVUJPO QMBO JT B QPTUFNQMPZNFOU CFOFýU QMBO VOEFS XIJDI BO FOUJUZ QBZT ýYFE DPOUSJCVUJPOT POUIFUSBEFEBUFBUXIJDIUIF(SPVQCFDPNFTBQBSUZUPUIFDPOUSBDUVBMQSPWJTJPOTPGUIFJOTUSVNFOU JOUP B TFQBSBUF FOUJUZ BOE XJMM IBWF OP MFHBM PS DPOTUSVDUJWF PCMJHBUJPO UP QBZ GVSUIFS BNPVOUT 0CMJHBUJPOT GPS DPOUSJCVUJPOTUPEFýOFEDPOUSJCVUJPOQFOTJPOQMBOTBSFSFDPHOJTFEBTBOFNQMPZFFCFOFýUFYQFOTFJOUIFTUBUFNFOU  5IF(SPVQEFSFDPHOJTFTBýOBODJBMMJBCJMJUZXIFOJUTDPOUSBDUVBMPCMJHBUJPOTBSFEJTDIBSHFEPSDBODFMMFEPSFYQJSF PGDPNQSFIFOTJWFJODPNFJOUIFQFSJPETEVSJOHXIJDITFSWJDFTBSFSFOEFSFECZFNQMPZFFT  'JOBODJBMBTTFUTBOEMJBCJMJUJFTBSFPGGTFUBOEUIFOFUBNPVOUQSFTFOUFEJOUIFCBMBODFTIFFUXIFO BOEPOMZXIFO  Short-term employee bene!ts UIF(SPVQIBTBMFHBMSJHIUUPPGGTFUUIFBNPVOUTBOEJOUFOETFJUIFSUPTFUUMFPOBOFUCBTJTPSUPSFBMJTFUIFBTTFU  4IPSUUFSNFNQMPZFFCFOFýUPCMJHBUJPOT JODMVEJOHBDDVNVMBUFEDPNQFOTBUFEBCTFODFT BSFNFBTVSFEPOBO BOETFUUMFUIFMJBCJMJUZTJNVMUBOFPVTMZ VOEJTDPVOUFECBTJTBOEBSFFYQFOTFEBTUIFSFMBUFETFSWJDFTBSFQSPWJEFE  5IF (SPVQ DMBTTJýFT OPOEFSJWBUJWF ýOBODJBM MJBCJMJUJFT JOUP UIF PUIFS ýOBODJBM MJBCJMJUJFT DBUFHPSZ 4VDI ýOBODJBM MJBCJMJUJFTBSFSFDPHOJTFEJOJUJBMMZBUGBJSWBMVFQMVTBOZEJSFDUMZBUUSJCVUBCMFUSBOTBDUJPODPTUT4VCTFRVFOUUPJOJUJBM 2.10 Provisions SFDPHOJUJPO UIFTFýOBODJBMMJBCJMJUJFTBSFNFBTVSFEBUBNPSUJTFEDPTUVTJOHUIFFGGFDUJWFJOUFSFTUNFUIPE  "QSPWJTJPOJTSFDPHOJTFEJG BTBSFTVMUPGBQBTUFWFOU UIF(SPVQIBTBQSFTFOUMFHBMPSDPOTUSVDUJWFPCMJHBUJPO  /POEFSJWBUJWFýOBODJBMMJBCJMJUJFTDPNQSJTFMPBOTBOECPSSPXJOHT BOEUSBEFBOEPUIFSQBZBCMFT UIBUDBOCFFTUJNBUFESFMJBCMZ BOEJUJTQSPCBCMFUIBUBOPVUþPXPGFDPOPNJDCFOFýUTXJMMCFSFRVJSFEUPTFUUMFUIF PCMJHBUJPO1SPWJTJPOTBSFEFUFSNJOFECZEJTDPVOUJOHUIFFYQFDUFEGVUVSFDBTIþPXTBUBQSFUBYSBUFUIBUSFþFDUT  #BOLPWFSESBGUTUIBUBSFSFQBZBCMFPOEFNBOEBOEGPSNBOJOUFHSBMQBSUPGUIF(SPVQTDBTINBOBHFNFOUBSF DVSSFOUNBSLFUBTTFTTNFOUTPGUIFUJNFWBMVFPGNPOFZBOEUIFSJTLTTQFDJýDUPUIFMJBCJMJUZ JODMVEFEBTBDPNQPOFOUPGDBTIBOEDBTIFRVJWBMFOUTGPSUIFQVSQPTFPGUIFTUBUFNFOUPGDBTIþPXT

Derivative !nancial instruments and hedging instruments 2.11 Income tax  5IF(SPVQIPMETEFSJWBUJWFýOBODJBMJOTUSVNFOUT UISPVHIJUTJOUFSOBUJPOBMGVOENBOBHFST UPIFEHFJUTGPSFJHO  *ODPNFUBYFYQFOTFDPNQSJTFTDVSSFOUBOEEFGFSSFEUBY*ODPNFUBYFYQFOTFJTSFDPHOJTFEJOUIFTUBUFNFOUPG DVSSFODZ BOE JOUFSFTU SBUF SJTL FYQPTVSFT &NCFEEFE EFSJWBUJWFT BSF TFQBSBUFE GSPN UIF IPTU DPOUSBDU BOE DPNQSFIFOTJWFJODPNFFYDFQUUPUIFFYUFOUUIBUJUSFMBUFTUPJUFNTSFDPHOJTFEEJSFDUMZJOFRVJUZ JOXIJDIDBTFJUJT BDDPVOUFE GPS TFQBSBUFMZ JG UIF FDPOPNJD DIBSBDUFSJTUJDT BOE SJTLT PG UIF IPTU DPOUSBDU BOE UIF FNCFEEFE SFDPHOJTFEJOFRVJUZ EFSJWBUJWFBSFOPUDMPTFMZSFMBUFE BTFQBSBUFJOTUSVNFOUXJUIUIFTBNFUFSNTBTUIFFNCFEEFEEFSJWBUJWFXPVME  $VSSFOUUBYJTUIFFYQFDUFEUBYQBZBCMFPOUIFUBYBCMFJODPNFGPSUIFZFBS VTJOHUBYSBUFTFOBDUFEPSTVCTUBOUJWFMZ NFFUUIFEFýOJUJPOPGBEFSJWBUJWF BOEUIFDPNCJOFEJOTUSVNFOUJTOPUNFBTVSFEBUGBJSWBMVFUISPVHIJODPNFBOE FOBDUFEBUUIFSFQPSUJOHEBUF BOEBOZBEKVTUNFOUUPUBYQBZBCMFJOSFTQFDUPGQSFWJPVTZFBST FYQFOEJUVSF  %FGFSSFEUBYJTSFDPHOJTFEJOSFTQFDUPGUFNQPSBSZEJGGFSFODFTCFUXFFOUIFDBSSZJOHBNPVOUTPGBTTFUTBOEMJBCJMJUJFT  %FSJWBUJWFTBSFSFDPHOJTFEJOJUJBMMZBUGBJSWBMVFBUUSJCVUBCMFUSBOTBDUJPODPTUTBSFSFDPHOJTFEJOUIFTUBUFNFOUPG GPS ýOBODJBM SFQPSUJOH QVSQPTFT BOE UIF BNPVOUT VTFE GPS UBYBUJPO QVSQPTFT %FGFSSFE UBY JT OPU SFDPHOJTFE DPNQSFIFOTJWFJODPNFXIFOJODVSSFE4VCTFRVFOUUPJOJUJBMSFDPHOJUJPO EFSJWBUJWFTBSFNFBTVSFEBUGBJSWBMVF BOE GPSUFNQPSBSZEJGGFSFODFTPOUIFJOJUJBMSFDPHOJUJPOPGBTTFUTPSMJBCJMJUJFTJOBUSBOTBDUJPOUIBUJTOPUBCVTJOFTT DIBOHFTUIFSFJOBDDPVOUFEGPSJOUIFTUBUFNFOUPGDPNQSFIFOTJWFJODPNF DPNCJOBUJPOBOEUIBUBGGFDUTOFJUIFSBDDPVOUJOHOPSUBYBCMFJODPNFPSFYQFOEJUVSFUFNQPSBSZEJGGFSFODFTSFMBUFE Impairment of !nancial assets UPJOWFTUNFOUTJOTVCTJEJBSJFTBOEKPJOUMZDPOUSPMMFEFOUJUJFTUPUIFFYUFOUUIBUJUJTQSPCBCMFUIBUUIFZXJMMOPUSFWFSTF  "ýOBODJBMBTTFUJTBTTFTTFEBUFBDISFQPSUJOHEBUFUPEFUFSNJOFXIFUIFSUIFSFJTBOZPCKFDUJWFFWJEFODFUIBUJU JOUIFGPSFTFFBCMFGVUVSFBOEUBYBCMFUFNQPSBSZEJGGFSFODFTBSJTJOHPOUIFJOJUJBMSFDPHOJUJPOPGHPPEXJMM JTJNQBJSFE"ýOBODJBMBTTFUJTDPOTJEFSFEUPCFJNQBJSFEJGPCKFDUJWFFWJEFODFJOEJDBUFTUIBUPOFPSNPSFFWFOUT  %FGFSSFEUBYJTNFBTVSFEBUUIFUBYSBUFTUIBUBSFFYQFDUFEUPCFBQQMJFEUPUIFUFNQPSBSZEJGGFSFODFTXIFOUIFZ IBWFIBEBOFHBUJWFFGGFDUPOUIFFTUJNBUFEGVUVSFDBTIþPXTPGUIBUBTTFU SFWFSTF CBTFEPOUIFMBXTUIBUIBWFCFFOFOBDUFEPSTVCTUBOUJWFMZFOBDUFECZUIFSFQPSUJOHEBUF  "O JNQBJSNFOU MPTT JO SFTQFDU PG B ýOBODJBM BTTFU NFBTVSFE BU BNPSUJTFE DPTU JT DBMDVMBUFE BT UIF EJGGFSFODF  %FGFSSFEUBYBTTFUTBOEMJBCJMJUJFTBSFPGGTFUJGUIFSFJTBMFHBMMZFOGPSDFBCMFSJHIUUPPGGTFUDVSSFOUUBYMJBCJMJUJFTBOE CFUXFFOJUTDBSSZJOHBNPVOU BOEUIFQSFTFOUWBMVFPGUIFFTUJNBUFEGVUVSFDBTIþPXTEJTDPVOUFEBUUIFPSJHJOBM BTTFUT BOEUIFZSFMBUFUPJODPNFUBYFTMFWJFECZUIFTBNFUBYBVUIPSJUZPOUIFTBNFUBYBCMFFOUJUZ PSPOEJGGFSFOU FGGFDUJWFJOUFSFTUSBUF"OJNQBJSNFOUMPTTJOSFTQFDUPGBOBWBJMBCMFGPSTBMFýOBODJBMBTTFUJTDBMDVMBUFECZSFGFSFODF UBYFOUJUJFT CVUUIFZJOUFOEUPTFUUMFDVSSFOUUBYMJBCJMJUJFTBOEBTTFUTPOBOFUCBTJTPSUIFJSUBYBTTFUTBOEMJBCJMJUJFT UPJUTDVSSFOUGBJSWBMVF XJMMCFSFBMJTFETJNVMUBOFPVTMZ  *OEJWJEVBMMZTJHOJýDBOUýOBODJBMBTTFUTBSFUFTUFEGPSJNQBJSNFOUPOBOJOEJWJEVBMCBTJT5IFSFNBJOJOHýOBODJBM  "EFGFSSFEUBYBTTFUJTSFDPHOJTFEGPSVOVTFEUBYMPTTFT UBYDSFEJUTBOEEFEVDUJCMFUFNQPSBSZEJGGFSFODFT UPUIF BTTFUTBSFBTTFTTFEDPMMFDUJWFMZJOHSPVQTUIBUTIBSFTJNJMBSDSFEJUSJTLDIBSBDUFSJTUJDT FYUFOUUIBUJUJTQSPCBCMFUIBUGVUVSFUBYBCMFQSPýUTXJMMCFBWBJMBCMFBHBJOTUXIJDIUIFZDBOCFVUJMJTFE%FGFSSFE  "MM JNQBJSNFOU MPTTFT BSF SFDPHOJTFE JO UIF TUBUFNFOU PG DPNQSFIFOTJWF JODPNF "OZ BDDVNVMBUFE MPTT JO UBYBTTFUTBSFSFWJFXFEBUFBDISFQPSUJOHEBUFBOEBSFSFEVDFEUPUIFFYUFOUUIBUJUJTOPMPOHFSQSPCBCMFUIBUUIF SFTQFDUPGBOBWBJMBCMFGPSTBMFýOBODJBMBTTFUSFDPHOJTFEQSFWJPVTMZJOFRVJUZJTUSBOTGFSSFEUPUIFTUBUFNFOUPG SFMBUFEUBYCFOFýUXJMMCFSFBMJTFE DPNQSFIFOTJWFJODPNF

 *NQBJSNFOUMPTTFTPODFSFDPHOJTFEJOUIFTUBUFNFOUPGDPNQSFIFOTJWFJODPNFJOSFTQFDUPGBWBJMBCMFGPSTBMF FRVJUZTFDVSJUJFTBSFOPUSFWFSTFEUISPVHIUIFTUBUFNFOUPGDPNQSFIFOTJWFJODPNF"OZTVCTFRVFOUJODSFBTFJO GBJSWBMVFPGTVDIBTTFUTJTSFDPHOJTFEEJSFDUMZJOFRVJUZ

NTU ANNUAL REPORT 2011 82 83 NTU ANNUAL REPORT 2011 NOTES TO THE FINANCIAL STATEMENTS NOTES TO THE FINANCIAL STATEMENTS :FBSFOEFE.BSDI :FBSFOEFE.BSDI

2 Summary of Signi!cant Accounting Policies (cont’d) 2 Summary of Signi!cant Accounting Policies (cont’d) 2.14 Lease payments (cont’d) 2.12 Income recognition  Determining whether an arrangement contains a lease (cont’d) Student fees  "UJODFQUJPOPSVQPOSFBTTFTTNFOUPGUIFBSSBOHFNFOU UIF(SPVQTFQBSBUFTQBZNFOUTBOEPUIFSDPOTJEFSBUJPO *ODPNFGSPNUVJUJPOBOEPUIFSGFFTBSFSFDPHOJTFEJOUIFQFSJPEJOXIJDIUIFTFSWJDFTBSFSFOEFSFE SFRVJSFECZTVDIBOBSSBOHFNFOUJOUPUIPTFGPSUIFMFBTFBOEUIPTFGPSPUIFSFMFNFOUTPOUIFCBTJTPGUIFJSSFMBUJWF Management fees GBJSWBMVFT*GUIF(SPVQDPODMVEFTGPSBýOBODFMFBTFUIBUJUJTJNQSBDUJDBCMFUPTFQBSBUFUIFQBZNFOUTSFMJBCMZ UIFO .BOBHFNFOUGFFTBSFSFDPHOJTFEVQPOTFSWJDFTSFOEFSFE BOBTTFUBOEBMJBCJMJUZBSFSFDPHOJTFEBUBOBNPVOUFRVBMUPUIFGBJSWBMVFPGUIFVOEFSMZJOHBTTFU4VCTFRVFOUMZ  Donations UIFMJBCJMJUZJTSFEVDFEBTQBZNFOUTBSFNBEFBOEBOJNQVUFEýOBODFDIBSHFPOUIFMJBCJMJUZJTSFDPHOJTFEVTJOHUIF 6ODPOEJUJPOBMEPOBUJPOTBSFSFDPHOJTFEVQPOSFDFJQU (SPVQTJODSFNFOUBMCPSSPXJOHSBUF

Licence fees 2.15 Finance lease receivables -JDFODFGFFTBSFSFDPHOJTFEJOBDDPSEBODFXJUIUFSNTPGMJDFOTJOHBHSFFNFOU  "TTFUTIFMEVOEFSýOBODFMFBTFBSFSFDPHOJTFEJOUIFCBMBODFTIFFUBOEQSFTFOUFEBTSFDFJWBCMFTOFUPGVOFBSOFE Royalties JOUFSFTUBOEBGUFSEFEVDUJPOPGBMMPXBODFGPSQPTTJCMFMPTTFT 3PZBMUJFTBSFSFDPHOJTFEPOTBMF CZMJDFOTPS PGQSPEVDUTVTJOHUIFUFDIOPMPHZHSBOUFE 2.16 Key management personnel Dividends  ,FZNBOBHFNFOUQFSTPOOFMPGUIF(SPVQBSFUIPTFQFSTPOTIBWJOHUIFBVUIPSJUZBOESFTQPOTJCJMJUZGPSQMBOOJOH  %JWJEFOETBSFSFDPHOJTFEJOUIFýOBODJBMZFBSJOXIJDIUIFSJHIUUPSFDFJWFQBZNFOUJTFTUBCMJTIFE EJSFDUJOH BOE DPOUSPMMJOH UIF BDUJWJUJFT PG UIF FOUJUZ 5IF #PBSE PG 5SVTUFFT BOE TFOJPS NBOBHFNFOU UFBN BSF Rental income DPOTJEFSFEBTLFZNBOBHFNFOUQFSTPOOFMPGUIF(SPVQ  3FOUBMJODPNFSFDFJWBCMFVOEFSPQFSBUJOHMFBTFTJTSFDPHOJTFEJOUIFTUBUFNFOUPGDPNQSFIFOTJWFJODPNFPOB TUSBJHIUMJOFCBTJTPWFSUIFUFSNPGUIFMFBTF 2.17 New standards and on interpretations not yet adopted  " OVNCFS PG OFX TUBOEBSET  BNFOENFOUT UP TUBOEBSET BOE JOUFSQSFUBUJPOT BSF FGGFDUJWF GPS BOOVBM QFSJPET 2.13 Finance income and !nance costs CFHJOOJOHBGUFS"QSJM BOEIBWFOPUCFFOBQQMJFEJOQSFQBSJOHUIFTFýOBODJBMTUBUFNFOUT/POFPGUIFTFBSF  'JOBODFJODPNFDPNQSJTFTJOUFSFTUJODPNFPOGVOETJOWFTUFEBOEUIFýOBODFMFBTF*OUFSFTUJODPNFPOGVOET FYQFDUFEUPIBWFBTJHOJýDBOUFGGFDUPOUIFýOBODJBMTUBUFNFOUTPGUIF(SPVQ JOWFTUFEJTSFDPHOJTFEBTJUBDDSVFTJOUIFTUBUFNFOUPGDPNQSFIFOTJWFJODPNF VTJOHUIFFGGFDUJWFJOUFSFTUNFUIPE *OUFSFTUJODPNFPOUIFýOBODFMFBTFJTSFDPHOJTFEJOUIFTUBUFNFOUPGDPNQSFIFOTJWFJODPNFPWFSUIFQFSJPEPG UIFMFBTFTPBTUPFBSOBOBQQSPYJNBUFMZDPOTUBOUQFSJPEJDSBUFPGSFUVSOPOUIFSFNBJOJOHCBMBODFPGUIFýOBODF MFBTFSFDFJWBCMFTGPSFBDISFQPSUJOHQFSJPE

 'JOBODFDPTUTDPNQSJTFJOUFSFTUFYQFOTFPOCPSSPXJOHT#PSSPXJOHDPTUTUIBUBSFOPUEJSFDUMZBUUSJCVUBCMFUPUIF BDRVJTJUJPO DPOTUSVDUJPOPSQSPEVDUJPOPGBRVBMJGZJOHBTTFUBSFSFDPHOJTFEJOUIFTUBUFNFOUPGDPNQSFIFOTJWF JODPNFVTJOHUIFFGGFDUJWFJOUFSFTUNFUIPE

2.14 Lease payments  1BZNFOUTNBEFVOEFSPQFSBUJOHMFBTFTBSFSFDPHOJTFEJOUIFTUBUFNFOUPGDPNQSFIFOTJWFJODPNFPOBTUSBJHIU MJOFCBTJTPWFSUIFUFSNPGUIFMFBTF-FBTFJODFOUJWFTSFDFJWFEBSFSFDPHOJTFEBTBOJOUFHSBMQBSUPGUIFUPUBMMFBTF FYQFOTF PWFSUIFUFSNPGUIFMFBTF

Determining whether an arrangement contains a lease  "UJODFQUJPOPGBOBSSBOHFNFOU UIF(SPVQEFUFSNJOFTXIFUIFSTVDIBOBSSBOHFNFOUJTPSDPOUBJOTBMFBTF" TQFDJýDBTTFUJTUIFTVCKFDUPGBMFBTFJGGVMýMNFOUPGUIFBSSBOHFNFOUJTEFQFOEFOUPOUIFVTFPGUIBUTQFDJýFE BTTFU"OBSSBOHFNFOUDPOWFZTUIFSJHIUUPVTFUIFBTTFUJGUIFBSSBOHFNFOUDPOWFZTUPUIF(SPVQUIFSJHIUUP DPOUSPMUIFVTFPGUIFVOEFSMZJOHBTTFU

NTU ANNUAL REPORT 2011 84 85 NTU ANNUAL REPORT 2011      Total Total  $’000 $’000                                                       $’000               Others  $’000       Others           $’000                 $’000       equipment equipment Transportation Transportation ce  ! ce    ! $’000 $’000                 Furniture             and of     Furniture equipment       and of equipment  and   and $’000   $’000                               workshop laboratory equipment       Machinery, workshop laboratory equipment Machinery,      $’000    $’000                               Renovation Renovation              $’000 under $’000 under                     Buildings Buildings construction construction   and and      $’000 $’000               Buildings         Buildings                infrastructure infrastructure                  land land $’000 $’000 Freehold Freehold             Property, Plant and Equipment Property, Plant and Equipment (cont’d) Property, Group Accumulated depreciation "U"QSJM %FQSFDJBUJPOGPSUIFZFBS %JTQPTBMT 3FDMBTTJýDBUJPOT "U.BSDI %FQSFDJBUJPOGPSUIFZFBS %JTQPTBMT 3FDMBTTJýDBUJPOT "U.BSDI Carrying amount "U"QSJM "U.BSDI "U.BSDI Group Cost "U"QSJM "EEJUJPOT "EKVTUNFOUT %JTQPTBMT 3FDMBTTJýDBUJPOT "U.BSDI "EEJUJPOT "EKVTUNFOUT %JTQPTBMT 3FDMBTTJýDBUJPOT "U.BSDI 

NOTES TO THE FINANCIAL STATEMENTS :FBSFOEFE.BSDI NOTES TO THE FINANCIAL STATEMENTS :FBSFOEFE.BSDI 3 3

NTU ANNUAL REPORT 2011 86 87 NTU ANNUAL REPORT 2011      Total Total  $’000 $’000                                                      $’000        Others    $’000             Others            $’000          $’000             equipment equipment Transportation Transportation ce ce    ! !  $’000 $’000                           Furniture Furniture             and of and of equipment equipment   and and    $’000 $’000                               workshop laboratory       equipment workshop Machinery, laboratory equipment Machinery,        $’000      $’000                           Renovation Renovation             $’000 under        $’000 under Buildings               Buildings construction construction  and    $’000   and        $’000 Buildings                       Buildings infrastructure          infrastructure          land $’000         Freehold land       $’000 Freehold       Property, Plant and Equipment (cont’d) Property, %JTQPTBMT University Company Cost "U"QSJM "EEJUJPOT "EKVTUNFOUT %JTQPTBMT 3FDMBTTJýDBUJPOT "U.BSDI "EEJUJPOT "EKVTUNFOUT 3FDMBTTJýDBUJPOT "U.BSDI Property, Plant and Equipment (cont’d) Property, "U.BSDI "U.BSDI Carrying amount "U"QSJM "U.BSDI 3FDMBTTJýDBUJPOT %FQSFDJBUJPOGPSUIFZFBS %JTQPTBMT 3FDMBTTJýDBUJPOT "U.BSDI %FQSFDJBUJPOGPSUIFZFBS %JTQPTBMT University Company Accumulated depreciation "U"QSJM

NOTES TO THE FINANCIAL STATEMENTS :FBSFOEFE.BSDI NOTES TO THE FINANCIAL STATEMENTS :FBSFOEFE.BSDI 3 3

NTU ANNUAL REPORT 2011 88 89 NTU ANNUAL REPORT 2011 NOTES TO THE FINANCIAL STATEMENTS NOTES TO THE FINANCIAL STATEMENTS :FBSFOEFE.BSDI :FBSFOEFE.BSDI

3 Property, Plant and Equipment (cont’d) 5 Subsidiaries (cont’d)  5IFGSFFIPMEMBOEPGUIF(SPVQBOEUIF6OJWFSTJUZ$PNQBOZXFSFTUBUFEBUWBMVBUJPODBSSJFEPVUJO%FDFNCFS Country of Ownership interest CBTFEPOWBMVFTJOBWBMVBUJPOSFQPSUGSPNUIF$PNNJTTJPOFSPG-BOET5IFSFWBMVBUJPOXBTEPOFPOBPOFPGGCBTJT incorporation 2011 2010 Name of subsidiary % % BOEBDDPSEJOHMZ UIFUSBOTJUJPOBMQSPWJTJPOJO'341SPQFSUZ 1MBOUBOE&RVJQNFOUXBTBEPQUFEUPDPOUJOVFXJUIJUT FYJTUJOHQPMJDZPGTUBUJOHUIFGSFFIPMEMBOEBUEFFNFEDPTU Held by NTU Ventures Private Limited @ $POGVDJVT*OTUJUVUF /561UF-UE 4JOHBQPSF   4 Prepaid Lease @ 5FDI#J[9DDFMFSBUPS1UF-UE 4JOHBQPSF   Group and @ *OTUJUVUFPG&OWJSPONFOUBM4DJFODFBOE&OHJOFFSJOH *&4& 1UF-UE 4JOHBQPSF   University Company @ 4ZTUFNFE1UF-UE GPSNFSMZ/BOPGSPOUJFS1UF-UE 4JOHBQPSF   2011 2010 @ /567*OUFSOBUJPOBM1UF-UE 4JOHBQPSF   $’000 $’000 Cost @ *OUFSBDUJWF%JHJUBM.FEJB-UE 4JOHBQPSF   "U.BSDI     Held by NTUV International Pte Ltd Accumulated amortisation ^ /BOZBOH7FOUVSF$POTVMUJOH 4IBOHIBJ $P -UE $IJOB   "U"QSJM     "NPSUJTBUJPODIBSHFGPSUIFZFBS   Held by IESE Pte Ltd "U.BSDI     ## *&4&8BUFS "TJB 1UF-UE 4JOHBQPSF  

@ Audited by KPMG LLP (with effect from the !nancial year ended 31 March 2011) Carrying amount * Audited by TeoFoongWong LC Loong, Singapore "U"QSJM     ^ Audited by Jingdu Tinwha CPAs Shanghai Branch "U.BSDI     # No audit is required ## De-registered with effect from 13 April 2010 5 Subsidiaries University Company 2011 2010 6 Student Loans $’000 $’000 Group and University Company 2011 2010 &RVJUZJOWFTUNFOUTBUDPTU   $’000 $’000 -PBOTUPTVCTJEJBSJFT     4UVEFOUMPBOT     3FQSFTFOUFECZ  5IFMPBOTUPTVCTJEJBSJFTBSFVOTFDVSFEBOEJOUFSFTUGSFF5IFTFUUMFNFOUPGUIFBNPVOUTBSFOFJUIFSQMBOOFEOPSMJLFMZ "NPVOUSFQBZBCMFXJUIJONPOUIT     UPPDDVSJOUIFGPSFTFFBCMFGVUVSF"TUIFBNPVOUTBSF JOTVCTUBODF BQBSUPGUIF6OJWFSTJUZ$PNQBOZTOFUJOWFTUNFOU "NPVOUSFQBZBCMFBGUFSNPOUIT     JOUIFTVCTJEJBSJFT UIFZBSFTUBUFEBUDPTUMFTTJNQBJSNFOUMPTTFT      %FUBJMTPGTVCTJEJBSJFTBSFBTGPMMPXT  *ODMVEFEJOTUVEFOUMPBOTBSFQFSTPOBMDPNQVUFSMPBOTPG      XIJDIBSFJOUFSFTUGSFF Country of Ownership interest BOEBSFSFQBZBCMFCZNPOUIMZJOTUBMNFOUTXJUIJOBQFSJPEPGZFBSTBGUFSUIFCPSSPXFSTHSBEVBUJPO5IFGBJSWBMVF incorporation 2011 2010 Name of subsidiary % % BUJODFQUJPOXBTEFUFSNJOFECBTFEPOFYQFDUFEGVUVSFQSJODJQBMSFQBZNFOUDBTIþPXT EJTDPVOUFEBUUIFBWFSBHF JOUFSFTUSBUFPG  QFSBOOVN5IFTFMPBOTBSFTVCTFRVFOUMZNFBTVSFEBUBNPSUJTFEDPTU VTJOHUIF Held by the University Company FGGFDUJWFJOUFSFTUNFUIPE @ /567FOUVSFT1SJWBUF-JNJUFE 4JOHBQPSF   @ 4JOHBQPSF$FOUSFGPS$IJOFTF-BOHVBHF-JNJUFE 4JOHBQPSF   * /*&*OUFSOBUJPOBM1SJWBUF-JNJUFE 4JOHBQPSF   # 'SJFOETPG/56 6OJUFE4UBUFT  

NTU ANNUAL REPORT 2011 90 91 NTU ANNUAL REPORT 2011 NOTES TO THE FINANCIAL STATEMENTS NOTES TO THE FINANCIAL STATEMENTS :FBSFOEFE.BSDI :FBSFOEFE.BSDI

7 Finance Lease Receivables 9 Loan to a Subsidiary Group and  5IFMPBOUPBTVCTJEJBSZJTVOTFDVSFE JOUFSFTUGSFFBOESFQBZBCMFPOEFNBOE University Company 2011 2010 $’000 $’000 10 Trade and Other Receivables

Group University Company (SPTTSFDFJWBCMFTEVF 2011 2010 2011 2010 /PUMBUFSUIBOPOFZFBS     Note $’000 $’000 $’000 $’000 #FUXFFOUXPUPýWFZFBST     -BUFSUIBOýWFZFBST     5SBEFSFDFJWBCMFT             "MMPXBODFGPSEPVCUGVMSFDFJWBCMFT     -FTT6OFBSOFEJOUFSFTU             /FUJOWFTUNFOUJOýOBODFMFBTF     *OUFSFTUSFDFJWBCMFT         0QFSBUJOHHSBOUSFDFJWBCMFT        5IFOFUJOWFTUNFOUJOýOBODFMFBTFSFDFJWBCMFTBSFBOBMZTFEBTGPMMPXT 3FTFBSDIHSBOUSFDFJWBCMFT        

Group and &OEPXNFOUNBUDIJOHHSBOUSFDFJWBCMFT         University Company (SBOUTSFDFJWBCMFT          2011 2010 0UIFSSFDFJWBCMFT         $’000 $’000 "NPVOUTEVFGSPNTVCTJEJBSJFT USBEF     "MMPXBODFGPSEPVCUGVMSFDFJWBCMFT     $VSSFOU       /PODVSSFOU     "NPVOUTEVFGSPNTVCTJEJBSJFT OPOUSBEF           "MMPXBODFGPSEPVCUGVMSFDFJWBCMFT        5IJTSFMBUFTUPUIFMFBTFPGMBOEBOECVJMEJOHUP/56"MVNOJ$MVCPWFSBMFBTFQFSJPEPGøZFBST     -PBOTBOESFDFJWBCMFT         8 Derivative Financial Instruments 1SFQBZNFOUT          5IFUBCMFCFMPXTFUTPVUUIFOPUJPOBMQSJODJQBMBNPVOUTBOEUIFQPTJUJWFBOEOFHBUJWFGBJSWBMVFTPGUIF(SPVQBOE         6OJWFSTJUZ$PNQBOZTPVUTUBOEJOHEFSJWBUJWFý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ontractual maturity Carrying amount Within Derivative Derivative UIFTFGBDUPST NBOBHFNFOUCFMJFWFTUIBUOPBEEJUJPOBMDSFEJUSJTLCFZPOEBNPVOUTQSPWJEFEGPSDPMMFDUJPOMPTTFTJT 1 year Total asset liabilities JOIFSFOUJOUIF(SPVQTUSBEFSFDFJWBCMFT $’000 $’000 $’000 $’000  $SFEJUSJTLGPSPUIFSSFDFJWBCMFTJODMVEJOHUIFWBSJPVTHSBOUSFDFJWBCMFTJTMJNJUFEBTUIFTFSFMBUFNBJOMZUPSFDFJWBCMFTGSPN Group and University Company UIF.JOJTUSZ

2011 'PSFJHODVSSFODZGPSXBSET       

2010 'PSFJHODVSSFODZGPSXBSET      

 5IFGBJSWBMVFPGGPSXBSEFYDIBOHFDPOUSBDUTJTFTUJNBUFECZEJTDPVOUJOHUIFEJGGFSFODFCFUXFFOUIFDPOUSBDUVBMGPSXBSE QSJDFBOEUIFDVSSFOUGPSXBSEQSJDFGPSUIFSFTJEVBMQFSJPEUPNBUVSJUZPGUIFDPOUSBDU

NTU ANNUAL REPORT 2011 92 93 NTU ANNUAL REPORT 2011 NOTES TO THE FINANCIAL STATEMENTS NOTES TO THE FINANCIAL STATEMENTS :FBSFOEFE.BSDI :FBSFOEFE.BSDI

11 Financial Assets at Fair Value through Income and Expenditure 12 Cash and Cash Equivalents Group University Company Group and 2011 2010 2011 2010 University Company Note $’000 $’000 $’000 $’000 2011 2010 $’000 $’000 Investments 'JYFEJODPNFJOWFTUNFOUT     $BTIBUCBOLBOEJOIBOE         2VPUFEFRVJUZJOWFTUNFOUT     %FQPTJUXJUIýOBODJBMJOTUJUVUJPOT         6ORVPUFEFRVJUZJOWFTUNFOUT             0UIFSJOWFTUNFOUT     "EE$BTIIFMECZGVOENBOBHFST                      Others  5IF(SPVQBOE6OJWFSTJUZ$PNQBOZTJOWFTUNFOUTBSFNBOBHFECZQSPGFTTJPOBMGVOENBOBHFST5IFGBJSWBMVFTPGUIF $BTIBUCBOLBOEJOIBOE         ýOBODJBMJOTUSVNFOUTUSBEFEJOBDUJWFNBSLFUT TVDIBTFYDIBOHFUSBEFEBOEPWFSUIFDPVOUFSTFDVSJUJFTBOEEFSJWBUJWFT  %FQPTJUXJUIýOBODJBMJOTUJUVUJPOT         BSFCBTFEPORVPUFENBSLFUQSJDFTBUUIFCBMBODFTIFFUEBUF5IFJOWFTUNFOUTJOVORVPUFEFRVJUJFTSFQSFTFOUJOWFTUNFOUT         JOQSJWBUFFRVJUZGVOET IFEHFGVOET MJNJUFEQBSUOFSTIJQTBOEQPPMFEWFIJDMFT5IFGBJSWBMVFTPGUIFTFVORVPUFEFRVJUZ $BTIBOEDBTIFRVJWBMFOUT           JOWFTUNFOUTBSFCBTFEPOOFUBTTFUWBMVFTQSPWJEFECZGVOENBOBHFSTVTJOHUIFJSWBMVBUJPONFUIPEPMPHJFT  5IF6OJWFSTJUZ$PNQBOZNBOBHFTCBOLBDDPVOUTPOCFIBMGPGUIF/564UVEFOUT6OJPO"TBUCBMBODFTIFFUEBUF   5IF(SPVQBOE6OJWFSTJUZ$PNQBOZTJOWFTUNFOUTDPNQSJTFýOBODJBMJOTUSVNFOUT ýYFEJODPNF RVPUFEFRVJUZ VORVPUFE UIFCBOLCBMBODFPG      IBTOPUCFFOJODMVEFEJOUIFDBTIBOEDBTIFRVJWBMFOUTPGUIF FRVJUZBOEPUIFSJOWFTUNFOUT NBOBHFECZQSPGFTTJPOBMGVOENBOBHFSTBOEDBTICBMBODFTBOECBOLEFQPTJUTBTGPMMPXT 6OJWFSTJUZ$PNQBOZ

Group and University Company 13 Trade and Other Payables 2011 2010 Group University Company Note $’000 $’000 2011 2010 2011 2010 Note $’000 $’000 $’000 $’000 'JOBODJBMBTTFUTBUGBJSWBMVFUISPVHIJODPNFBOEFYQFOEJUVSF     $BTICBMBODFTBOECBOLEFQPTJUT      1SPWJTJPOGPSVOVUJMJTFEDPNQFOTBUFEMFBWF              0UIFSQBZBCMFTBOEBDDSVBMT  B                  5IFDBTICBMBODFTBOECBOLEFQPTJUTBSFJODMVEFEBTBDPNQPOFOUJOUIFDBTIBOEDBTIFRVJWBMFOUTJOOPUFGPSUIF QVSQPTFPGEJTDMPTVSF B  5IJT BNPVOU JODMVEFT UIF QSPWJTJPO GPS VOEFSHSBEVBUF GVOEJOH PG         1SPWJTJPO GPS VOEFSHSBEVBUF GVOEJOH SFMBUFT UP UIF BEKVTUNFOU UP UIF VOEFSHSBEVBUF PVUQVU GVOEJOH GSPN UIF .JOJTUSZ PG  5IFXFJHIUFEBWFSBHFJOUFSFTUSBUFTPGýYFEJODPNFTFDVSJUJFTBUUIFCBMBODFTIFFUEBUFBOEUIFQFSJPETJOXIJDIUIFZ &EVDBUJPO i.0&w  JO UIF FWFOU UIF 6OJWFSTJUZ BDIJFWFT GFXFS VOEFSHSBEVBUFT UIBO .0&TPVUQVU UBSHFU 5IF  NBUVSF BSFBTGPMMPXT QSPWJTJPOJTCBTFEPOUIF6OJWFSTJUZTBDUVBMBOEQSPKFDUFEOVNCFSPGVOEFSHSBEVBUFT

Fixed interest rate maturing 5IFNPWFNFOUJOUIFQSPWJTJPOPGVOEFSHSBEVBUFGVOEJOHJTBTGPMMPXT Effective Within In 1 to 5 After interest rate 1 year years 5 years Total Group University Company % p.a. $’000 $’000 $’000 $’000 2011 2010 2011 2010 $’000 $’000 $’000 $’000 Group and University Company "U"QSJM         2011 o        1SPWJTJPONBEFEVSJOHUIFZFBS       1SPWJTJPOSFWFSTFEEVSJOHUIFZFBS       2010 o        "U.BSDI        

NTU ANNUAL REPORT 2011 94 95 NTU ANNUAL REPORT 2011 NOTES TO THE FINANCIAL STATEMENTS NOTES TO THE FINANCIAL STATEMENTS :FBSFOEFE.BSDI :FBSFOEFE.BSDI

14 Operating Grant Received in Advance 16 Short-term Borrowings Group  5IFCPSSPXJOHTBSFVOTFDVSFE CFBSJOUFSFTUBU  QFSBOOVNBOEBSFSFQBZBCMFXJUIJOUIFOFYUUXFMWF 2011 2010 NPOUITGSPNUIFýOBODJBMZFBSFOE $’000 $’000

"U"QSJM   17 Research Grants Received in Advance (SBOUTSFDFJWFEEVSJOHUIFZFBS     Group University Company 2011 2010 2011 2010     Note $’000 $’000 $’000 $’000 -FTT "NPVOUTUBLFOUPTUBUFNFOUPGDPNQSFIFOTJWFJODPNF     "U"QSJM         "NPVOUTUSBOTGFSSFEUPEFGFSSFEDBQJUBMHSBOUT    (SBOUTSFDFJWFEEVSJOHUIFZFBS         "U.BSDI           -FTT  5IJT SFMBUFT UP HSBOUT SFDFJWFE GSPN UIF .JOJTUSZ UP ýOBODF UIF TVCTJEJBSZTPQFSBUJPOT 5IF CBMBODF JO UIJT BDDPVOU "NPVOUTUSBOTGFSSFEUPEFGFSSFEDBQJUBMHSBOUT OPUF         SFQSFTFOUTHSBOUSFDFJWFECVUOPUVUJMJTFEBUUIFFOEPGUIFýOBODJBMZFBS "NPVOUTUBLFOUPTUBUFNFOUPGDPNQSFIFOTJWFJODPNF         "NPVOUTSFGVOEFEUPUIF.JOJTUSZ PUIFSNJOJTUSJFTBOE 15 Grants Receivable/IT and F&E Grants/Sinking Fund Received in Advance TUBUVUPSZCPBSET     Group University Company "NPVOUTUSBOTGFSSFEUPHSBOUSFDFJWBCMFT         2011 2010 2011 2010 Note $’000 $’000 $’000 $’000 "U.BSDI        

 5IFTFBSFHSBOUTSFDFJWFEGSPNUIFNJOJTUSJFT TUBUVUPSZCPBSET " 4UBSBOEPUIFSTPVSDFTGPSSFTFBSDIBDUJWJUJFT5IF (SBOUTSFDFJWBCMFXJUIJONPOUIT %FWFMPQNFOUHSBOU         CBMBODFJOUIJTBDDPVOUSFQSFTFOUTHSBOUTSFDFJWFECVUOPUVUJMJTFEBUUIFFOEPGUIFýOBODJBMZFBS5IFTFHSBOUTBSF *5BOE'&HSBOU       SFQBZBCMFPOEFNBOE 4JOLJOHGVOE                *5BOE'&HSBOUSFDFJWFEJOBEWBODF  B         4JOLJOHGVOESFDFJWFEJOBEWBODF  C                

.PWFNFOUTJOHSBOUT SFDFJWFEJO BEWBODF SFDFJWBCMF

"U"QSJM         (SBOUTSFDFJWFEEVSJOHUIFZFBS                 -FTT "NPVOUTUSBOTGFSSFEUPEFGFSSFEDBQJUBMHSBOUT          "NPVOUTUBLFOUPTUBUFNFOUPGDPNQSFIFOTJWF JODPNF         "U.BSDI        

 5IFTFBSFHSBOUTGSPNUIF.JOJTUSZGPSýOBODJOHEFWFMPQNFOUQSPKFDUT

B  5IJTBNPVOUSFMBUFTUPHSBOUTSFDFJWFEJOBEWBODFGPSUIFQVSDIBTFPG*5BOE'&JUFNTUPTVQQPSUUFBDIJOHBOE BENJOJTUSBUJWFGVODUJPOT

C  5IJTBNPVOUSFMBUFTUPBTJOLJOHGVOESFDFJWFEJOBEWBODFGSPNUIF.JOJTUSZGPSUIFQVSQPTFPGNBJOUFOBODFBOE SFQMBDFNFOUPGQSPQFSUZ QMBOUBOEFRVJQNFOU

NTU ANNUAL REPORT 2011 96 97 NTU ANNUAL REPORT 2011         2010 2010 $’000 $’000                                         Total Total           2011 2011 $’000 $’000                                                         2010 2010 $’000 $’000                 Others Others                  2011      $’000 2011 $’000                   8 8      2010  2010 $’000 $’000                                     Statutory boards       Statutory boards 2011 $’000 2011 $’000                              7   7    2010   $’000 2010 $’000                                     Ministries Ministries          2011  2011 $’000 $’000                                     EFWFMPQNFOUQSPKFDUUSBOTGFSSFEGSPN 0QFSBUJOHHSBOUT OPUF 3FTFBSDIHSBOUT OPUF %FWFMPQNFOUHSBOUT OPUF "DDVNVMBUFETVSQMVT 0UIFSHSBOUT EFWFMPQNFOUQSPKFDUUSBOTGFSSFEGSPN 0QFSBUJOHHSBOUT 3FTFBSDIHSBOUT OPUF %FWFMPQNFOUHSBOUT OPUF "DDVNVMBUFETVSQMVT 0UIFSHSBOUT Deferred Capital Grants Deferred %FGFSSFEDBQJUBMHSBOUTBNPSUJTFE OPONJOJTUSZ SFGFSTUPBNPSUJTBUJPOPGHSBOUTSFDFJWFEGSPNTUBUVUPSZCPBSETBOEPUIFSPSHBOJTBUJPOT Group "U"QSJM "EE (SBOUTSFDFJWFEGPSDBQJUBMFYQFOEJUVSFBOE "TTFUTEPOBUFECZWBSJPVTPSHBOJTBUJPOT "EKVTUNFOUT3FDMBTTJýDBUJPOT -FTT (SBOUTUBLFOUPTUBUFNFOUPGDPNQSFIFOTJWFJODPNF "NPSUJTBUJPODIBSHFGPSUIFZFBS 0OEJTQPTBMPGýYFEBTTFUT "EKVTUNFOUT3FDMBTTJýDBUJPOT "U.BSDI Deferred Capital Grants (cont’d) Deferred University Company "U"QSJM "EE (SBOUTSFDFJWFEGPSDBQJUBMFYQFOEJUVSFBOE "TTFUTEPOBUFECZWBSJPVTPSHBOJTBUJPOT "EKVTUNFOUT3FDMBTTJýDBUJPOT -FTT (SBOUTUBLFOUPTUBUFNFOUPGDPNQSFIFOTJWFJODPNF "NPSUJTBUJPODIBSHFGPSUIFZFBS 0OEJTQPTBMPGýYFEBTTFUT "EKVTUNFOUT3FDMBTTJýDBUJPOT "U.BSDI

NOTES TO THE FINANCIAL STATEMENTS :FBSFOEFE.BSDI NOTES TO THE FINANCIAL STATEMENTS :FBSFOEFE.BSDI 18  18

NTU ANNUAL REPORT 2011 98 99 NTU ANNUAL REPORT 2011 NOTES TO THE FINANCIAL STATEMENTS NOTES TO THE FINANCIAL STATEMENTS :FBSFOEFE.BSDI :FBSFOEFE.BSDI

19 Capital Account 22 Interest Income  5IFDBQJUBMBDDPVOUSFQSFTFOUTUIFSFWBMVBUJPOPGUIFGSFFIPMEMBOEBMJFOBUFEUP/BOZBOH5FDIOPMPHJDBM6OJWFSTJUZ EFUBJMT Group BSFTFUPVUJOOPUF  2011 2010 $’000 $’000

20 Endowment Fund *OUFSFTUSFDFJWFESFDFJWBCMF  5IFGVOEDPNQSJTFTEPOBUJPOT HSBOUT HJGUT UFTUBNFOUBSZEJTQPTJUJPOBOEQSPDFFETGSPNHJGUTPGNPWBCMFPSJNNPWBCMF ýYFEEFQPTJUT QMBDFEXJUIýOBODJBMJOTUJUVUJPOT     QSPQFSUJFT5IFPCKFDUJWFTPGUIJTGVOEJODMVEFUIFQSPWJTJPOPGGBDJMJUJFTGPSUFBDIJOH USBJOJOHBOESFTFBSDI UIFBEWBODFNFOU CBOLCBMBODFT   BOEEJTTFNJOBUJPOPGLOPXMFEHFBOEUIFQSPNPUJPOPGSFTFBSDI ýOBODFMFBTFT    5IF(PWFSONFOUIBTVOEFSUBLFOUPNBUDIBMMEPOBUJPOTUPUIF/BOZBOH5FDIOPMPHJDBM6OJWFSTJUZ&OEPXNFOU'VOE     4VDIHPWFSONFOUHSBOUTBSFBDDPVOUFEGPSPOBOBDDSVBMCBTJT 23 Pro!t on Investments Group 21 Funds Managed on Behalf of the Ministry 2011 2010  1VSTVBOUUPUIF5VJUJPO'FF-PBO 5'- 4UVEZ-PBO 4- BOE0WFSTFBT4UVEFOU1SPHSBN-PBOGVOEFECZ.0& $’000 $’000 041 TDIFNFT UIF6OJWFSTJUZ$PNQBOZBDUTBTBHFOUGPSUIFTFMPBOTTDIFNFTBOEUIF.JOJTUSZBTUIFýOBODJFSQSPWJEJOH UIFBEWBODFT *OUFSFTUJODPNF     %JWJEFOEJODPNF     Group and University Company 'BJSWBMVFHBJOPOýOBODJBMBTTFUTUISPVHIJODPNFBOEFYQFOEJUVSF     2011 2010 'BJSWBMVFHBJOPOEFSJWBUJWFýOBODJBMJOTUSVNFOUT     $’000 $’000     "EWBODFTGSPNUIF.JOJTUSZ "U"QSJM     24 De!cit Before Grants from Ministries "EWBODFTSFDFJWFE      5IFGPMMPXJOHJUFNTIBWFCFFOJODMVEFEJOBSSJWJOHBUEFýDJUCFGPSFHSBOUTGSPNNJOJTUSJFT *OUFSFTUJODPNF    Group "EWBODFTSFQBJE    2011 2010 #BEEFCUT JODVSSFE SFDPWFSFE   $’000 $’000 *OUFSFTUFYQFOTF        "MMPXBODFGPSEPVCUGVMSFDFJWBCMFT   3FQSFTFOUFECZ &YDIBOHFMPTT   $BTIBOECBOLCBMBODFTIFMEPO QBJEPO CFIBMG     0QFSBUJOHMFBTFFYQFOTF     5'- 4-BOE041     $POUSJCVUJPOUPEFýOFEDPOUSJCVUJPOQMBOTJODMVEFEJOFYQFOEJUVSFPONBOQPXFS     /FUBTTFUT     (PWFSONFOUHSBOUTo+PC$SFEJU4DIFNF PGGTFUBHBJOTUTUBGGDPTUT    

 $BTIBOECBOLCBMBODFTPG  BSFIFMEPOCFIBMGPGUIF.JOJTUSZJOXIJMF  XBTQBJEPOCFIBMG 25 Operating Grants from Ministry PGUIF.JOJTUSZJOGPSUIFQVSQPTFPGFYUFOEJOHTUVEZMPBOTUPTUVEFOUT Group Note 2011 2010  4UVEFOUTPO5'- 4-BOE041BSFUPDPNNFODFSFQBZNFOUVQPOHSBEVBUJPO4UVEFOUTBSFHJWFOBOPQUJPOUPSFQBZCZ $’000 $’000 NPOUIMZJOTUBMNFOUTPGNJOJNVNBNPVOUPGPWFSBQFSJPEPGVQUPZFBST GPS5'-BOE4- BOEZFBST GPS041  0QFSBUJOHHSBOUTSFDFJWFEBOESFDFJWBCMFEVSJOHUIFZFBS     BGUFSUIFCPSSPXFSTHSBEVBUJPO*OUFSFTUJTDIBSHFEBUUIFBWFSBHFQSJNFSBUFTPGUISFFMPDBMCBOLTQSFWBJMJOHPOUIFýSTU 1BZNFOUGPSHPPETBOETFSWJDFTUBYPOUVJUJPOGFFTBOEUVJUJPOHSBOUT     EBZPGFBDIRVBSUFS PSTVDIPUIFSSBUFTBTNBZCFEFUFSNJOFEGSPNUJNFUPUJNF*OUFSFTUDIBSHFEJOJT "NPVOUTUSBOTGFSSFEUP  QFSBOOVN EFGFSSFEDBQJUBMHSBOUT       5IFJOUFSFTUPOUIF5'- 4-BOE041JTSFNJUUFEJOGVMMUPUIF.JOJTUSZPOBIBMGZFBSMZCBTJT HSBOUSFDFJWFEJOBEWBODF    1SPWJTJPOGPSBUUSJUJPO     0QFSBUJOHHSBOUTUBLFOUPTUBUFNFOUPGDPNQSFIFOTJWFJODPNF    

NTU ANNUAL REPORT 2011 100 101 NTU ANNUAL REPORT 2011 NOTES TO THE FINANCIAL STATEMENTS NOTES TO THE FINANCIAL STATEMENTS :FBSFOEFE.BSDI :FBSFOEFE.BSDI

26 Taxation 27 Commitments (cont’d)  5IF6OJWFSTJUZ$PNQBOZJTSFHJTUFSFEBTBDIBSJUBCMFJOTUJUVUJPOCZWJSUVFPG4FDUJPO.  C PGUIF*ODPNF5BY"DU  Capital commitments $IBQUFS 2011 2010  5IFTVCTJEJBSJFTPGUIF(SPVQIBWFVOVUJMJTFEDBQJUBMBMMPXBODFTBOEVOBCTPSCFEUBYMPTTFTPGBQQSPYJNBUFMZ  $’000 $’000   BOE      SFTQFDUJWFMZXIJDIBSFBWBJMBCMFGPSPGGTFUBHBJOTUGVUVSFUBYBCMF $POUSBDUFECVUOPUQSPWJEFEGPS     JODPNF%FGFSSFEUBYBTTFUTIBWFOPUCFFOSFDPHOJTFEJOSFTQFDUPGUIFTFJUFNTCFDBVTFJUJTOPUQSPCBCMFUIBUGVUVSF "VUIPSJTFECVUOPUDPOUSBDUFEGPS     UBYBCMFQSPýUXJMMCFBWBJMBCMFBHBJOTUXIJDIUIFTVCTJEJBSJFTDBOVUJMJTFUIFCFOFýU

 5IFVOBCTPSCFEUBYMPTTFTBOEVOVUJMJTFEDBQJUBMBMMPXBODFTPGUIFTVCTJEJBSJFTBSFTVCKFDUUPBHSFFNFOUCZUIFUBY  5IFDBQJUBMDPNNJUNFOUTBSFGVOEFEGSPNHSBOUTGSPNNJOJTUSJFT TVCKFDUUPTBUJTGZJOHDFSUBJOUFSNTBOEDPOEJUJPOT BVUIPSJUJFTBOEDPNQMJBODFXJUIUIFUBYSFHVMBUJPOTJOUIFSFTQFDUJWFDPVOUSJFTJOXIJDIDFSUBJOTVCTJEJBSJFTPQFSBUF 2011 2010 5IFTFUFNQPSBSZEJGGFSFODFTEPOPUFYQJSFVOEFSDVSSFOUUBYMFHJTMBUJPO $’000 $’000

Group 1VSDIBTFPGVORVPUFEFRVJUZJOWFTUNFOUT 2011 2010 DPOUSBDUFECVUOPUQSPWJEFEGPS     $’000 $’000 Joint Program in Hospitality Management with Cornell University Current tax expense  6OEFSUIFBHSFFNFOUXJUI$PSOFMM6OJWFSTJUZ /BOZBOH5FDIOPMPHJDBM6OJWFSTJUZ /56 XJMMFTUBCMJTIBKPJOUQSPHSBNJO $VSSFOUZFBS   IPTQJUBMJUZNBOBHFNFOUXJUI$PSOFMM6OJWFSTJUZUISPVHIUIF$PSOFMM/BOZBOH*OTUJUVUFPG)PTQJUBMJUZ.BOBHFNFOU $/*  5IF $/* QSPHSBNT JODMVEF EFHSFF BOE OPOEFHSFF QSPHSBNT  TIPSU DPVSTFT  SFTFBSDI BOE PUIFS SFMBUFE BDBEFNJD Reconciliation of effective tax BDUJWJUJFT/56IBTQSPWJEFEB4UBOECZ-FUUFSPG$SFEJUPG64%NJMMJPOSFOFXBCMFVQUP+VOFUPDPWFSUVJUJPO GFFTBOESFJNCVSTBCMFFYQFOTFTEVFUP$PSOFMM6OJWFSTJUZ 4VSQMVTCFGPSFJODPNFUBY     Agreements entered into with Massachusetts Institute of Technology (MIT) and the National University of Singapore (NUS) *ODPNFUBYVTJOH4JOHBQPSFUBYSBUFTPG     *ODPNFOPUTVCKFDUUPUBY      5IF6OJWFSTJUZ$PNQBOZIBTFOUFSFEJOUPB4JOHBQPSF.*5"MMJBODF 4." BHSFFNFOUXJUI.*5BOE/64UPFTUBCMJTI   DPMMBCPSBUJWFFGGPSUTJOSFTFBSDIBOEFEVDBUJPOJOFOHJOFFSJOH TDJFODFBOEUFDIOPMPHZ JODMVEJOHJOUFSGBDFXJUICVTJOFTT BOEJOEVTUSZ5IFBHSFFNFOUXBTFGGFDUJWFGSPN4FQUFNCFSBOEBTBU.BSDI /56TPVUTUBOEJOH 27 Commitments DPNNJUNFOUVOEFS4."JTFTUJNBUFEBU64%NJMMJPO 64%NJMMJPO UJMMUIFFYQJSZPGUIFBHSFFNFOU Operating lease commitments Collaboration with  5IFGVUVSFMFBTFQBZNFOUTDPOUSBDUFEBUUIFSFQPSUJOHEBUFCVUOPUSFDPHOJTFEBTMJBCJMJUJFTBSFBOBMZTFEBTGPMMPXT  5IF6OJWFSTJUZ$PNQBOZBOE4UBOGPSE6OJWFSTJUZIBWFFOUFSFEJOUPBDPMMBCPSBUJWF4JOHBQPSF4UBOGPSE1BSUOFSTIJQ 441 

2011 2010 QSPHSBNGPSUIFEFWFMPQNFOUPGQPTUHSBEVBUFFEVDBUJPOBOESFTFBSDIJOFOWJSPONFOUBMTDJFODFBOEFOHJOFFSJOH5IF $’000 $’000 441QSPHSBNXJMMPGGFS.BTUFSPG4DJFODFBOE%PDUPSPG1IJMPTPQIZEFHSFFTJOFOWJSPONFOUBMTDJFODFBOEFOHJOFFSJOH XIFSFCZTUVEFOUTXJMMCFJOUFHSBUFEJOUPUIF4UBOGPSEFYQFSJFODF"TBU.BSDI /56TPVUTUBOEJOHDPNNJUNFOUT /PUMBUFSUIBOPOFZFBS     VOEFSUIFQSPHSBNBSFFTUJNBUFEBU64%NJMMJPO 64%NJMMJPO  -BUFSUIBOPOFZFBSCVUOPUMBUFSUIBOýWFZFBST     Collaboration with Imperial College of Science, Technology and Medicine  5IF(SPVQBOEUIF6OJWFSTJUZ$PNQBOZMFBTFTQFSTPOBMDPNQVUFSTBOETFSWFSTVOEFSPQFSBUJOHMFBTFT5IFMFBTFT  0O"VHVTU UIF6OJWFSTJUZ$PNQBOZBOE*NQFSJBM$PMMFHFPG4DJFODF 5FDIOPMPHZBOE.FEJDJOFFOUFSFEJOUP UZQJDBMMZSVOGPSBQFSJPEPGZFBST BOBHSFFNFOUJOSFMBUJPOUPBDPMMBCPSBUJPOGPSUIFFTUBCMJTINFOUBOEPQFSBUJPOPGBNFEJDBMTDIPPMJO4JOHBQPSF"T BU.BSDI /56TPVUTUBOEJOHDPNNJUNFOUVOEFSUIFDPMMBCPSBUJPOJTFTUJNBUFEBUbNJMMJPOUJMMUIFFYQJSZ  4JODF UIF (SPVQ EPFT OPU QBSUJDJQBUF JO UIF SFTJEVBM WBMVF PG UIF DPNQVUFST BOE TFSWFST  JU XBT EFUFSNJOFE UIBU PGUIFBHSFFNFOU TVCTUBOUJBMMZBMMUIFSJTLTBOESFXBSETPGUIFDPNQVUFSTBSFXJUIUIFTVQQMJFST"TTVDI UIF(SPVQEFUFSNJOFEUIBUUIF MFBTFTBSFPQFSBUJOHMFBTFT 28 Signi!cant Related Party Information Related party transactions  'PS UIF QVSQPTFT PG UIFTF ýOBODJBM TUBUFNFOUT  QBSUJFT BSF DPOTJEFSFE UP CF SFMBUFE UP UIF (SPVQ JG UIF (SPVQ IBT UIFBCJMJUZ EJSFDUMZPSJOEJSFDUMZ UPDPOUSPMUIFQBSUZPSFYFSDJTFTJHOJýDBOUJOþVFODFPWFSUIFQBSUZJONBLJOHýOBODJBM BOEPQFSBUJOHEFDJTJPOT PSWJDFWFSTB PSXIFSFUIF(SPVQBOEUIFQBSUZBSFTVCKFDUUPDPNNPODPOUSPMPSDPNNPO TJHOJýDBOUJOþVFODF3FMBUFEQBSUJFTNBZCFJOEJWJEVBMTPSPUIFSFOUJUJFT

NTU ANNUAL REPORT 2011 102 103 NTU ANNUAL REPORT 2011 NOTES TO THE FINANCIAL STATEMENTS NOTES TO THE FINANCIAL STATEMENTS :FBSFOEFE.BSDI :FBSFOEFE.BSDI

28 Signi!cant Related Party Information (cont’d) 29 Financial Instruments (cont’d) Related party transactions (cont’d) Credit risk (cont’d)  0UIFSUIBOEJTDMPTFEFMTFXIFSFJOUIFýOBODJBMTUBUFNFOUT UIF(SPVQIBEUIFGPMMPXJOHTJHOJýDBOUUSBOTBDUJPOTXJUI  #BTFEPOIJTUPSJDBMEFGBVMUSBUFT UIF(SPVQCFMJFWFTUIBUOPBMMPXBODFGPSEPVCUGVMSFDFJWBCMFTJTOFDFTTBSZJOSFTQFDUPG SFMBUFEQBSUJFTEVSJOHUIFZFBSPOUFSNTBHSFFECFUXFFOUIFQBSUJFTBTGPMMPXT MPBOTBOESFDFJWBCMFTOPUQBTUEVF5IFTFMPBOTBOESFDFJWBCMFTBSFEVFGSPNDVTUPNFSTUIBUIBWFBHPPESFDPSEXJUI UIF(SPVQ 2011 2010 $’000 $’000 Liquidity risk  5IFDPOUSBDUFEVOEJTDPVOUFEDBTIPVUþPXTPOýOBODJBMMJBCJMJUJFTBQQSPYJNBUFUIFJSDBSSZJOHBNPVOUTBOEHFOFSBMMZTFUUMF Related parties XJUIJOPOFZFBS 1VSDIBTFPGHPPETBOETFSWJDFT     4BMFPGTFSWJDFT     Interest risk  4VSQMVTGVOETGSPNUIF(SPVQTPQFSBUJPOTBSFJOWFTUFEJOCBOLEFQPTJUTBOEXJUIGVOENBOBHFST5IF(SPVQIBTOP Key management personnel compensation NBUFSJBMFYQPTVSFUPJOUFSFTUSBUFSJTLGSPNýYFEEFQPTJUTBOECPSSPXJOHTBTUIFJOUFSFTUSBUFTBSFPOBýYFESBUFCBTJT 4IPSUUFSNFNQMPZFFCFOFýUT     5IF(SPVQTJOWFTUNFOUTJOýYFEJODPNFTFDVSJUJFTUIBUBSFNBOBHFECZGVOENBOBHFST DMBTTJýFEBTýOBODJBMBTTFUTBU GBJSWBMVFUISPVHIJODPNFBOEFYQFOEJUVSF BSFFYQPTFEUPJOUFSFTUSBUFSJTL

29 Financial Instruments Sensitivity analysis for interest risk Credit risk  *G NPWFNFOUT JO JOUFSFTU SBUFT SFTVMU JO B     BQQSFDJBUJPOEFQSFDJBUJPO JO UIF WBMVF PG UIF ýYFE JODPNF  5IFDBSSZJOHBNPVOUPGýOBODJBMBTTFUTSFQSFTFOUTUIFNBYJNVNDSFEJUFYQPTVSF"UUIFCBMBODFTIFFUEBUF UIFSFJTOP JOWFTUNFOUT BMMPUIFSWBSJBCMFTCFJOHIFMEDPOTUBOU UIF(SPVQTTVSQMVTXPVMEIBWFCFFOIJHIFSMPXFSCZ   TJHOJýDBOUDPODFOUSBUJPOPGDSFEJUSJTLPUIFSUIBOHSBOUSFDFJWBCMFT      5IFBHJOHPGMPBOTBOESFDFJWBCMFTBUUIFSFQPSUJOHEBUFJT Price risk 2011 2010  5IF(SPVQJTFYQPTFEUPFRVJUZTFDVSJUJFTQSJDFSJTLGSPNJOWFTUNFOUTDMBTTJýFEBTýOBODJBMBTTFUTBUGBJSWBMVFUISPVHI Allowance Allowance JODPNFBOEFYQFOEJUVSFBOEBWBJMBCMFGPSTBMFýOBODJBMBTTFUT5IFNBSLFUWBMVFTPGUIFTFJOWFTUNFOUTBSFBGGFDUFECZ  for doubtful for doubtful Gross receivables Gross receivables BNPOHTUPUIFST DIBOHFTJONBSLFUQSJDFTBTBSFTVMUPGDIBOHFTJOUIFHMPCBMFDPOPNJDDPOEJUJPOT NBDSPBOENJDSP $’000 $’000 $’000 $’000 FDPOPNJDGBDUPSTBGGFDUJOHUIFDPVOUSZXIFSFUIFJOWFTUNFOUTBSFRVPUFE BOEGBDUPSTTQFDJýDUPUIFJOWFTUFFDPSQPSBUJPOT

 5PNBOBHFUIFQSJDFSJTLBSJTJOHGSPNJOWFTUNFOUJOFRVJUZTFDVSJUJFT UIF(SPVQEJWFSTJýFTJUTQPSUGPMJPBDSPTTEJGGFSFOU Group NBSLFUTBOEJOEVTUSJFTXIFOFWFSJUJTBQQSPQSJBUF /PUQBTUEVF       1BTUEVFoEBZT      Sensitivity analysis for price risk 1BTUEVFoEBZT        *GNPWFNFOUTJOýOBODJBMNBSLFUTSFTVMUJOB  BQQSFDJBUJPOEFQSFDJBUJPOJOUIFWBMVFPGUIFRVPUFEFRVJUZ .PSFUIBOEBZT       BOEPUIFSJOWFTUNFOUT BMMPUIFSWBSJBCMFTCFJOHIFMEDPOTUBOU UIF(SPVQTTVSQMVTXPVMEIBWFCFFOIJHIFSMPXFSCZ              University Company  *GNPWFNFOUTJOýOBODJBMNBSLFUTSFTVMUJOB  BQQSFDJBUJPOEFQSFDJBUJPOJOUIFWBMVFPGUIFVORVPUFEFRVJUZ /PUQBTUEVF       JOWFTUNFOUT BMMPUIFSWBSJBCMFTCFJOHIFMEDPOTUBOU UIF(SPVQTTVSQMVTXPVMEIBWFCFFOIJHIFSMPXFSCZ   1BTUEVFoEBZT          1BTUEVFoEBZT      .PSFUIBOEBZT         Foreign currency risk          5IF (SPVQT JOWFTUNFOUT XIJDI BSF NBOBHFE CZ GVOE NBOBHFST NBZ CF JO JOTUSVNFOUT EFOPNJOBUFE JO GPSFJHO DVSSFODJFT$VSSFODZFYQPTVSFBSJTJOHGSPNTVDIJOWFTUNFOUTJTNBOBHFECZGVOENBOBHFST"EEJUJPOBMJOGPSNBUJPOJT  5IFNPWFNFOUJOUIFBMMPXBODFGPSEPVCUGVMSFDFJWBCMFTJOSFTQFDUPGMPBOTBOESFDFJWBCMFTEVSJOHUIFZFBSJTBTGPMMPXT TFUPVUJOOPUF Group University Company 2011 2010 2011 2010  5IFNBJOGPSFJHODVSSFODZFYQPTVSFPGJOWFTUNFOUT OFUPGGPSFJHODVSSFODZGPSXBSET CBTFEPOJOGPSNBUJPOQSPWJEFEUP $’000 $’000 $’000 $’000 NBOBHFNFOUJTBTGPMMPXT

US Dollar Euro Japanese Yen Pound Sterling Others "U"QSJM  887     $’000 $’000 $’000 $’000 $’000 "MMPXBODFSFWFSTFE     "U.BSDI       2011           2010          

NTU ANNUAL REPORT 2011 104 105 NTU ANNUAL REPORT 2011 NOTES TO THE FINANCIAL STATEMENTS NOTES TO THE FINANCIAL STATEMENTS :FBSFOEFE.BSDI :FBSFOEFE.BSDI

29 Financial Instruments (cont’d) 29 Financial Instruments (cont’d) Foreign currency risk (cont’d) Interest rates used in determining fair values Sensitivity analysis for currency risk  5IF(SPVQVTFTUIFHPWFSONFOUZJFMEDVSWFBTPG.BSDIQMVTBOBEFRVBUFDPOTUBOUDSFEJUTQSFBEUPEJTDPVOU  *GUIFSFMFWBOUGPSFJHODVSSFODZDIBOHFTBHBJOTUUIF4JOHBQPSFEPMMBSCZ  BMMPUIFSWBSJBCMFTCFJOHIFME ýOBODJBMJOTUSVNFOUT5IFJOUFSFTUSBUFTVTFEBSFBTGPMMPXT DPOTUBOU UIFFGGFDUTXJMMCFBTGPMMPXT 2011 2010 Income and expenditure % p.a. % p.a. 2011 2010 $’000 $’000 'JOBODFMFBTFSFDFJWBCMFT   Increase/(Decrease) 3FDFJWBCMFT  

US Dollar against Singapore Dollar Fair value hierarchy 4USFOHUIFOFE      5IFUBCMFCFMPXBOBMZTFTýOBODJBMJOTUSVNFOUTDBSSJFEBUGBJSWBMVF CZWBMVBUJPONFUIPE5IFEJGGFSFOUMFWFMTIBWFCFFO 8FBLFOFE     EFýOFEBTGPMMPXT t Level 1RVPUFEQSJDFT VOBEKVTUFE JOBDUJWFNBSLFUTGPSJEFOUJDBMBTTFUTPSMJBCJMJUJFT Euro against Singapore Dollar 4USFOHUIFOFE     t Level 2JOQVUTPUIFSUIBORVPUFEQSJDFTJODMVEFEXJUIJO-FWFMUIBUBSFPCTFSWBCMFGPSUIFBTTFUPSMJBCJMJUZ FJUIFS 8FBLFOFE     EJSFDUMZ JF BTQSJDFT PSJOEJSFDUMZ JF EFSJWFEGSPNQSJDFT t Level 3JOQVUTGPSUIFBTTFUPSMJBCJMJUZUIBUBSFOPUCBTFEPOPCTFSWBCMFNBSLFUEBUB VOPCTFSWBCMFJOQVUT Japanese Yen against Singapore Dollar 4USFOHUIFOFE    Level 1 Level 2 Level 3 Total $’000 $’000 $’000 $’000 8FBLFOFE    

Group Pound Sterling against Singapore Dollar 4USFOHUIFOFE   31 March 2011 8FBLFOFE    "WBJMBCMFGPSTBMFýOBODJBMBTTFUT     Estimating the fair values 'JOBODJBMBTTFUTBUGBJSWBMVFUISPVHIJODPNFBOEFYQFOEJUVSF         Financial assets at fair value through income and expenditure %FSJWBUJWFýOBODJBMBTTFUT        5IFGBJSWBMVFTPGýOBODJBMJOTUSVNFOUTUSBEFEJOBDUJWFNBSLFUT TVDIBTFYDIBOHFUSBEFEBOEPWFSUIFDPVOUFSTFDVSJUJFT         BOE EFSJWBUJWFT  BSF CBTFE PO RVPUFE NBSLFU QSJDFT BU UIF CBMBODF TIFFU EBUF 5IF GBJS WBMVFT PG VORVPUFE FRVJUZ %FSJWBUJWFýOBODJBMMJBCJMJUJFT     JOWFTUNFOUTBSFCBTFEPOOFUBTTFUWBMVFTQSPWJEFECZGVOENBOBHFSTVTJOHUIFJSWBMVBUJPONFUIPEPMPHJFT

Non-derivative !nancial liabilities 31 March 2010  'BJSWBMVF XIJDIJTEFUFSNJOFEGPSEJTDMPTVSFQVSQPTFT JTDBMDVMBUFECBTFEPOUIFQSFTFOUWBMVFPGGVUVSFQSJODJQBMBOE "WBJMBCMFGPSTBMFýOBODJBMBTTFUT       JOUFSFTUDBTIþPXT EJTDPVOUFEBUUIFNBSLFUSBUFPGJOUFSFTUBUSFQPSUJOHEBUF 'JOBODJBMBTTFUTBUGBJSWBMVFUISPVHIJODPNFBOEFYQFOEJUVSF         Other !nancial assets and liabilities %FSJWBUJWFýOBODJBMBTTFUT              5IFDBSSZJOHBNPVOUTPGýOBODJBMBTTFUTBOEMJBCJMJUJFTXJUIBNBUVSJUZPGMFTTUIBOPOFZFBS JODMVEJOHMPBOUPBTVCTJEJBSZ  USBEFBOEPUIFSSFDFJWBCMFT DBTIBOEDBTIFRVJWBMFOUT USBEFBOEPUIFSQBZBCMFT BOETIPSUUFSNCPSSPXJOHT BSFBTTVNFE %FSJWBUJWFýOBODJBMMJBCJMJUJFT     UPBQQSPYJNBUFUIFJSGBJSWBMVFT"MMPUIFSýOBODJBMBTTFUTBOEMJBCJMJUJFTBSFEJTDPVOUFEUPEFUFSNJOFUIFJSGBJSWBMVFT

NTU ANNUAL REPORT 2011 106 107 NTU ANNUAL REPORT 2011 NOTES TO THE FINANCIAL STATEMENTS NOTES TO THE FINANCIAL STATEMENTS :FBSFOEFE.BSDI :FBSFOEFE.BSDI

29 Financial Instruments (cont’d) 29 Financial Instruments (cont’d) Fair value hierarchy (cont’d) Assets measured at fair value based on Level 3: (cont’d) Level 1 Level 2 Level 3 Total Financial assets $’000 $’000 $’000 $’000 designated at fair value through income Available-for-sale and expenditure !nancial assets Total University Company

Unquoted equity Unquoted equity 31 March 2011 investments investments "WBJMBCMFGPSTBMFýOBODJBMBTTFUT     $’000 $’000 $’000 'JOBODJBMBTTFUTBUGBJSWBMVFUISPVHIJODPNFBOEFYQFOEJUVSF         %FSJWBUJWFýOBODJBMBTTFUT       Group         (BJOTPSMPTTFTJODMVEFEJOTUBUFNFOU PGDPNQSFIFOTJWFJODPNFGPSUIF %FSJWBUJWFýOBODJBMMJBCJMJUJFT     QFSJPE BCPWF BSFQSFTFOUFEBTGPMMPXT

5PUBMHBJOTPSMPTTFTJODMVEFEJOTUBUFNFOUPG 31 March 2010 DPNQSFIFOTJWFJODPNFGPSUIFQFSJPE   "WBJMBCMFGPSTBMFýOBODJBMBTTFUT     'JOBODJBMBTTFUTBUGBJSWBMVFUISPVHIJODPNFBOEFYQFOEJUVSF         %FSJWBUJWFýOBODJBMBTTFUT     5PUBMHBJOTPSMPTTFTGPSUIFQFSJPEJODMVEFE         JOTUBUFNFOUPGDPNQSFIFOTJWFJODPNFGPS BTTFUTIFMEBUUIFFOEPGUIFSFQPSUJOHQFSJPE  

%FSJWBUJWFýOBODJBMMJBCJMJUJFT     University Company Assets measured at fair value based on Level 3: "UPQFOJOHCBMBODF      Financial assets 5PUBMHBJOTPSMPTTFTJOTUBUFNFOUPG designated at fair DPNQSFIFOTJWFJODPNF      value through income Available-for-sale and expenditure !nancial assets Total 4VCTDSJQUJPOT$POUSJCVUJPOT      3FEFNQUJPOT%JTUSJCVUJPOT      Unquoted Unquoted "UDMPTJOHCBMBODF      equity investments equity investments $’000 $’000 $’000 Group 5PUBMHBJOTPSMPTTFTGPSUIFQFSJPEJODMVEFE "UPQFOJOHCBMBODF      JOTUBUFNFOUPGDPNQSFIFOTJWFJODPNFGPS 5PUBMHBJOTPSMPTTFTJOTUBUFNFOUPG BTTFUTIFMEBUUIFFOEPGUIFSFQPSUJOHQFSJPE      DPNQSFIFOTJWFJODPNF      4VCTDSJQUJPOT$POUSJCVUJPOT      (BJOTPSMPTTFTJODMVEFEJOTUBUFNFOUPG 3FEFNQUJPOT%JTUSJCVUJPOT      DPNQSFIFOTJWFJODPNFGPSUIFQFSJPE BCPWF  "UDMPTJOHCBMBODF      BSFQSFTFOUFEBTGPMMPXT

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NTU ANNUAL REPORT 2011 108 109 NTU ANNUAL REPORT 2011 NOTES TO THE FINANCIAL STATEMENTS NOTES TO THE FINANCIAL STATEMENTS :FBSFOEFE.BSDI :FBSFOEFE.BSDI

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NTU ANNUAL REPORT 2011 110 111 NTU ANNUAL REPORT 2011 Produced by NTU Corporate Communications Of!ce Printed on eco-friendly paper in support of a sustainable planet Designed by Coal Creative Consultants 3FH/P3 /BOZBOH"WFOVF 4JOHBQPSF 5FM  'BY   XXXOUVFEVTH

NTU ANNUAL REPORT 2011 60