Front row (Left to right) Cecilia Zecha, Programming Director, Forbes Asia; Prof. Dr. Steve H. Hanke, Professor of Applied Economics, The Johns Hopkins University and Senior Fellow, The Cato Institute; Dr. Jim Walker, MD, Asianomics Ltd.; Rich Karlgaard, Publisher, Forbes magazine; Mukhriz Tun Mahathir, Deputy Minister, Ministry of International Trade and Industry Malaysia; Steve Forbes, Chairman & CEO, Forbes and Editor-in-Chief, Forbes magazine; YB Dato’ Mustapa Bin Mohamed, Minister, Ministry of International Trade and Industry Malaysia; Kiran Mazumdar-Shaw, Chairman & MD, Biocon Ltd.; S. Robson Walton, Chairman of the Board, Wal-Mart Stores, Inc. and Chairman, The Center for Environmental Leadership in Business, Conservation International; Rebecca Fatima Sta Maria, Deputy Secretary General (Trade), Ministry of International Trade and Industry Malaysia; Jalilah Baba, Director General, Malaysian Investment Development Authority; Christopher Forbes, Vice Chairman, Forbes; Liang Xinjun, Vice Chairman & CEO, Fosun International Ltd.; Patrick Zhong, MD, Fosun International Ltd.

Second row (Left to right) Wang Shuai Ting, President & CEO, China Resources Power Holdings; J. Todd Morley, Chairman, G2 Investment Group; Dr. Gary Shilling, President, A. Gary Shilling & Co. and Forbes ‘Financial Strategy’ columnist; Dr. Vinod K. Aggarwal, Professor & Director, Berkeley APEC Study Center, University of California, Berkeley, and Chief Economist, Frost & Sullivan; Dr. Dennis Gillings, Chairman & CEO, Quintiles Transnational Corp.; Dr. Mireille Gingras, President & CEO, HUYA Bioscience International; Naveen Jain, CEO, Intelius; Mark Dunhill, CEO, Fabergé Ltd.; James E. Thompson, Chairman, Crown Worldwide Holdings Ltd.;Dr. Cyrus S. Poonawalla, Chairman, Poonawalla Group, Serum Institute of India and Poonawalla Stud Farms; Vincent Lo, Chairman & CEO, Shui On Group; William Adamopoulos, President & Publisher, Forbes Asia; Richard Garriott, Chairman of the Board, Space Adventures Inc.

Back row (Left to right) Michael Hintze, CEO, CQS; Christophe Bourrié, Director, Head of Asia Pacific, Ficofi Grands Crus Services; Ken Fisher, Chairman & CEO, Fisher Investments and Forbes ‘Portfolio Strategy’ columnist; Philippe Capdouze, CEO & Founder, Ficofi; Olivier Halley, CEO, Halley Family Office; Richard A. Muller, Professor of Physics, Faculty Senior Scientist, University of California, Berkeley; Admiral William A. Owens, Chairman, AEA Investors Asia and Intelius; Vikrom Kromadit, CEO, Amata Corporation; Abdul Rahman Mamat, Secretary General, Ministry of International Trade and Industry Malaysia; Steven Leonard, President, APJ, EMC Corporation; William J. Teuber, Jr., Vice Chairman, EMC Corporation; Anu Jain, Co-founder, Community Relations, Intelius; Raza Jafar, Vice Chairman, Emirates Investments Group; Raymond Warhola, Executive Director, Forbes Asia; Peter A. Seligmann, Chairman of the Board & CEO, Conservation International; Dr. Finian Tan, Chairman, Vickers Capital Group Ltd.; Hon. Gov. Haley Barbour, Governor of Mississippi; Russell Flannery, Senior Editor, Forbes magazine; Marsha Barbour, First Lady, State of Mississippi; Richard Eu, Group CEO, Eu Yan Sang International Ltd.; Lindsay Fox, Founder, Linfox

Speakers and sponsors gathered for a Private Speakers Cocktail before the start of the conference

At the opening press conference (Left to right) Abdul Rahman Mamat, Secretary-General, Ministry of International Trade and Industry Malaysia; YB Dato’ Mustapa Bin Mohamed, Minister, Ministry of International Trade and Industry Malaysia; William Adamopoulos, President & Publisher, Forbes Asia; Steve Forbes, Chairman & CEO, Forbes and Editor-in-Chief, Forbes magazine

GAME CHANGESeptember 28 – 30, 2009

This year, it’s all about Game ChangeOn September 28 – 30, 2009, the ninth

Forbes Global CEO Conference took place

in Kuala Lumpur, Malaysia. Gathering some

420 global business and thought leaders,

the conference revolved around the theme

“Game Change”, examining how the

financial crisis has reshaped the global

playing field and how business leaders

should adapt to succeed in a new economic

landscape.

AS PUBLISHED IN FORBES ASIA NOVEMBER 30, 2009 ISSUE

Following his welcome address, Fact and Comment, on the US economy, Steve Forbes led a debate on US politics and the ‘Game Change’ in Washington with two distinguished US governors, Gov. Bill Richardson of New Mexico and Gov. Haley Barbour of Mississippi. Steve Forbes and the governors critiqued the leadership of the Obama administration, and the way in which it managed important economic issues in the US such as free trade, monetary and fiscal policy, energy, taxes, and healthcare reforms. The governors also highlighted trade and investment opportunities between New Mexico, Mississippi and Asia.

Hon. Gov. Bill Richardson with Jack Leslie, Chairman, Weber Shandwick

(Left to right) William Adamopoulos; Hon. Gov. Bill Richardson; Y.A.B. Tan Sri Dato’ Haji Muhyiddin Bin Mohd. Yassin, Deputy Prime Minister & Minister of Education, Malaysia; Steve Forbes; Hon. Gov. Haley Barbour

(Left to right) Hon. Gov. Haley Barbour; Richard A. Muller, Professor of Physics, Faculty Senior Scientist, University of California, Berkeley; Ken Fisher, Chairman & CEO, Fisher Investments and Forbes ‘Portfolio Strategy’ columnist

GAME CHANGESeptember 28 – 30, 2009

Hon. Gov. Bill Richardson with William J. Teuber, Jr., Vice Chairman, EMC Corporation

(Left to right) Hon. Gov. Bill Richardson; Steve Forbes; Hon. Gov. Haley Barbour

Hon. Gov. Haley Barbour with Hayan Merchant, Group CEO, Ruwaad Holdings LLC

(Left to right) Peter A. Seligmann, Chairman of the Board & CEO, Conservation International; S. Robson Walton; Steve Forbes; YB Dato’ Mustapa Bin Mohamed, Minister, Ministry of International Trade and Industry Malaysia; Jeffrey R. Immelt, Chairman & CEO, General Electric; William Adamopoulos

Steve Forbes presented this year’s Malcolm S. Forbes Lifetime Achievement to S. Robson Walton, Chairman of the Board of Wal-Mart Stores Inc. The award honors Mr. Walton as a hero of entrepreneurial capitalism who embodies and exemplifies the ideals of free enterprise. At the award ceremony,Mr. Walton shared his insights on Wal-Mart’s journey from a national retailer in the US to becoming one of the world’s largest companies with $400 billion in sales and 2 million employees worldwide. Mr. Walton also described Wal-Mart’s initiatives in sustainability and corporate philanthropy as well as its partnership with Conservation International.

S. Robson Walton in an interview with Steve Forbes after receiving the Malcolm S. Forbes Lifetime Achievement Award

(Left to right) S. Robson Walton; William Adamopoulos; Ananda Krishnan, Chairman, Maxis Communications

GAME CHANGESeptember 28 – 30, 2009

(Left to right) Liang Xinjun, Vice Chairman & CEO, Fosun International Ltd.; S. Robson Walton; Patrick Zhong, MD, Fosun International Ltd.

S. Robson Walton with Naveen Jindal, Executive Vice Chairman & MD, Jindal Steel and Power Ltd.

Under the theme of Game Change, this year’s panels discussed how thecrisis is a turning point for globalization and for sectors such as trade, finance, real estate, energy, commodities, technology, healthcare and luxury. They also highlighted how dynamic economic regions such as China, India, ASEAN and the Gulf are gearing up to play a bigger role in the global economy.

Game change: taking stock of a new global landscape (Left to right) Dr. Vinod K. Aggarwal, Professor & Director, Berkeley APEC Study Center, University of California, Berkeley; Prof. Dr. Steve H. Hanke, Professor of Applied Economics, The Johns Hopkins University; Prof. Eisuke Sakakibara, Professor, Waseda University and former Vice Minister of Finance for International Affairs of Japan; Prof. Michael Spence, 2001 Nobel laureate in economics, Chairman, Commission on Growth in Developing Countries; Dr. Jim Walker, MD, Asianomics Ltd.; Tim Ferguson, Executive Editor, Forbes and Editor, Forbes Asia magazine

Changing your game: the making of the fittest (Left to right) Marty J. Beard, President, Sybase 365; Tony Fernandes, Group CEO, AirAsia; Lindsay Fox, Founder, Linfox; Eizo Kobayashi, President & CEO, ITOCHU Corporation; S. Ramadorai, CEO & MD, Tata Consultancy Services; Cecilia Zecha, Programming Director, Forbes Asia

Steve H. Hanke

GAME CHANGESeptember 28 – 30, 2009

On the money (Left to right) Ken Fisher, Chairman & CEO, Fisher Investments and Forbes ‘Portfolio Strategy’ columnist; Michael Hintze, CEO, CQS; J. Todd Morley, Chairman, G2 Investment Group; Dr. Gary Shilling, President, A. Gary Shilling & Co. and Forbes ‘Financial Strategy’ columnist; Dr. Finian Tan, Chairman, Vickers Capital Group Ltd.; Rich Karlgaard, Publisher, Forbes magazine

Eisuke Sakakibara

Michael Spence

Ken Fisher

Michael Hintze

Lindsay Fox

S. Ramadorai

Play of the day: technology to lead recovery? (Left to right) Amit Midha, President, Dell Greater China, President, Dell South Asia and President & Corporate VP, Dell APJ SMB; Hiroshi Mikitani, CEO, Rakuten Inc.; Gary Rieschel, MD, Qiming Venture Partners; Kiran Mazumdar-Shaw, Chairman & MD, Biocon Ltd.; William J. Teuber, Jr., Vice Chairman, EMC Corporation; Rich Karlgaard, Publisher, Forbes magazine

From the ground up: a real estate resurgence? (Left to right) Grant Kelley, CEO, Holdfast Capital; Kim S. Joon, Chairman & CEO, SsangYong Engineering and Construction Co.; Vikrom Kromadit, CEO, Amata Corporation; Vincent Lo, Chairman & CEO, Shui On Group; Paul Marcel Rogers, Executive Chairman, Skylan Group; Russell Flannery, Senior Editor, Forbes magazine

Where the action is: the new arenas of growth (Left to right) Raza Jafar, Vice Chairman, Emirates Investments Group; Liang Xinjun, Vice Chairman & CEO, Fosun International Ltd.; Peter N. Loukianoff, Managing Partner, Almaz Capital Partners; Robyn Meredith, Senior Editor Asia, Forbes magazine; Atul Punj, Chairman, Punj Lloyd Group; Dr. Zeti Akhtar Aziz, Governor, Bank Negara Malaysia

Liang Xinjun

Atul Punj

Vincent Lo

Kiran Mazumdar-Shaw

Hiroshi Mikitani

Vikrom Kromadit

Raza Jafar

GAME CHANGESeptember 28 – 30, 2009

Volatile mix: energy and commodities in flux (Left to right) Tom MacNeill, President & CEO, 49 North Resources Inc.; Richard A. Muller, Professor of Physics, Faculty Senior Scientist, University of California, Berkeley; Jing Ulrich, MD & Chairman, China Equities & Commodities, J.P. Morgan; Wang Shuai Ting, President & CEO, China Resources Power Holdings; Tim Ferguson, Executive Editor, Forbes and Editor, Forbes Asia magazine

Skin in the game: wealth in wellness (Left to right) Richard Eu, Group CEO, Eu Yan Sang International Ltd.; Dr. Dennis Gillings, Chairman & CEO, Quintiles Transnational Corp.; Dr. Mireille Gingras, President & CEO, HUYA Bioscience International; Dr. Cyrus S. Poonawalla, Chairman, Poonawalla Group, Serum Institute of India and Poonawalla Stud Farms; Jung-Jin Seo, Chairman & CEO, Celltrion, Inc.; Rich Karlgaard, Publisher, Forbes magazine

The big spender economy: glitter in the gloom? (Left to right) Edward Dolman, CEO, Christie’s International; Mark Dunhill, CEO, Fabergé Ltd.; Richard Garriott, Chairman of the Board, Space Adventures Inc.; David Michaels, Creative Director, BOKKS and CEO, BEE Design; Mario Moretti Polegato, Chairman, GEOX; Robyn Meredith, Senior Editor Asia, Forbes magazineMario Moretti Polegato

Cyrus S. Poonawalla

Edward Dolman

Mark Dunhill

Richard Garriott

Dennis Gillings

Richard A. Muller

GAME CHANGESeptember 28 – 30, 2009

Our planet: an asset in crisis? (Left to right) Peter A. Seligmann, Chairman of the Board & CEO, Conservation International; S. Robson Walton, Chairman of the Board, Wal-Mart Stores, Inc. and Chairman, The Center for Environmental Leadership in Business, Conservation International; Steve Forbes, Chairman & CEO, Forbes and Editor-in-Chief, Forbes magazine; Dr. Enki Tan, Executive Chairman, Giti Tire Pte Ltd, Board Member, Conservation International

Agents of change in social responsibility and philanthropy (Left to right) Timothy Beardson, Albert Place Holdings Ltd.; Melissa Kwee, Chairperson, Halogen Foundation, Director & Co-founder, Good Company; Jack Leslie, Chairman, Weber Shandwick; Rohini Nilekani, Chairperson, Arghyam Foundation; Gary White, Executive Director & Co-Founder, Water.org; Cecilia Zecha, Programming Director, Forbes Asia

Leadership: back from the brink (Left to right) Dr. Fredrick Chien, Chairman, Cathay Charity Foundation; Naveen Jindal, Executive Vice Chairman & MD, Jindal Steel and Power Ltd.; Dr. Helmut Panke, Former Chairman of the Board of Management, BMW AG, and Director, Microsoft; Admiral William A. Owens, Chairman, AEA Investors Asia and Intelius; James E. Thompson, Chairman, Crown Worldwide Holdings Ltd.; Francis Yeoh, MD, YTL Corporation; Tim Ferguson, Executive Editor, Forbes and Editor, Forbes Asia magazine

GAME CHANGESeptember 28 – 30, 2009

Melissa Kwee

Rohini Nilekani

Naveen Jindal

Helmut Panke

William A. Owens

Peter A. Seligmann

Francis Yeoh

(Left to right) Dr. Cyrus S. Poonawalla, Chairman, Poonawalla Group, Serum Institute of India and Poonawalla Stud Farms; S. Robson Walton, Chairman of the Board, Wal-Mart Stores, Inc. and Chairman, The Center for Environmental Leadership in Business, Conservation International; Dato’ Sri Najib

GAME CHANGESeptember 28 – 30, 2009

A Meeting of Minds with Y.A.B. Dato’ Sri Mohd Najib bin Tun Abdul Razak, Prime Minister of Malaysia. At agala dinner held at the Kuala Lumpur Convention Centre, the Prime Ministerof Malaysia Y.A.B. Dato’ Sri Mohd Najib bin Tun Abdul Razak addressed the audience of global business and thought leaders through a dialogue with Steve Forbes, on issues such as Malaysia’s economic reforms, openness to trade and investment, liberalization of the services sector, and his government’s blueprintfor transforming Malaysia into a developed and high-income nation.

A Meeting of Minds between Dato’ Sri Najib and Steve Forbes

Dato’ Sri Najib with Dr. Finian Tan, Chairman, Vickers Capital Group Ltd.

(Left to right) William Adamopoulos; Steve Forbes; Mario Moretti Polegato, Chairman, GEOX; Dato’ Sri Najib

Dato’ Sri Najib with Prof. Michael Spence, 2001 Nobel laureate in economics, Chairman, Commission on Growth in Developing Countries

Dato’ Sri Najib with Raza Jafar, Vice Chairman, Emirates Investments Group

GAME CHANGESeptember 28 – 30, 2009

A Meeting of Minds with Y.A.B. Tan Sri Dato’ Haji Muhyiddin Bin Mohd. Yassin, Deputy Prime Minister & Minister of Education, Malaysia. Steve Forbes conducted a Meeting of Minds with Malaysian Deputy Prime Minister Muyhiddin Yassin on Malaysia’s economic prospects and growth strategies amid a global downturn. Steve engaged the Deputy Prime Minister on how best to develop important industries such as Malaysia’s small and medium-sized enterprises, agriculture, tourism and conservation of natural resources. The dialogue also discussed the ease of setting up a business in Malaysia and the measures taken by the government to combat terrorism.

An interview with Tun Dr. Mahathir bin Mohamad, former Prime Minister of Malaysia. As a closing finale, Tun Dr. Mahathir shared his views with Steve Forbes on managing economic crises, world trade, the development of ASEAN as a regional economic bloc, China, and Malaysia serving as a model for other Muslim nations. Tun Mahathir also answered questions from the audience such as investment opportunities in the Iskandar region in Johor.

The 3-day conference provided an excellent platform for networking.

GAME CHANGESeptember 28 – 30, 2009

(Left to right) Atul Punj, Chairman, Punj Lloyd Group; S. Ramadorai, CEO & MD, Tata Consultancy Services; Dr. Cyrus S. Poonawalla, Chairman, Poonawalla Group, Serum Institute of India and Poonawalla Stud Farms

(Left to right) Michael Hintze, CEO, CQS; Lindsay Fox, Founder, Linfox; Dr. Mireille Gingras, President & CEO, HUYA Bioscience International; Dr. Helmut Panke, Former Chairman of the Board of Management, BMW AG, and Director, Microsoft

(Left to right) Arlida Ariff, President/CEO, Iskandar Investment Berhad; Vincent Lo, Chairman & CEO, Shui On Group

(Left to right) Steve Forbes; Christopher Forbes, Vice Chairman, Forbes; Francis Yeoh, MD, YTL Corporation Berhad; Ruth Yeoh, Director of Investments, YTL Corporation Berhad

(Left to right) William J. Teuber, Jr., Vice Chairman, EMC Corporation; Kiran Mazumdar-Shaw, Chairman & MD, Biocon Ltd.; Hiroshi Mikitani, CEO, Rakuten Inc.

(Left to right) Thapana Sirivadhanabhakdi, President & CEO, Thai Beverage PLC; J. Todd Morley, Chairman, G2 Investment Group

(Left to right) Jung-Jin Seo, Chairman & CEO, Celltrion, Inc.; Dr. Dennis Gillings, Chairman & CEO, Quintiles Transnational Corp.; Richard Eu, Group CEO, Eu Yan Sang International Ltd.

(Left to right) George Wang, Vice President, Zhonglu Inc.; Steve Forbes; Wang Chaobin, Chairman, Zhonglu Inc.

(Left to right) Lee Shin Cheng, Group Executive Chairman, IOI Corporation Berhad; Susie Chiang, Chairman, C S Culture Foundation Ltd.; Yap Yong Seong, Group MD, Dutaland Berhad

GAME CHANGESeptember 28 – 30, 2009

(Left to right) Peter Lyngdorf, Founder, Steinway Lyngdorf A/S; Marty J. Beard, President, Sybase 365

(Left to right) Tan Kim Leong, Director, RHB Capital Berhad; Peter A. Seligmann, Chairman of the Board & CEO, Conservation International; Vincent Tan, Chairman & CEO, Berjaya Corporation Berhad; Dr. Enki Tan, Executive Chairman, Giti Tire Pte Ltd, Board Member, Conservation International

(Left to right) Mark Dunhill, CEO, Fabergé Ltd.; Christopher Forbes; David Michaels, Creative Director, BOKKS and CEO, BEE Design

(Left to right) Vikrom Kromadit, CEO, Amata Corporation; Steven Leonard, President, APJ, EMC Corporation

(Left to right) Tom MacNeill, President & CEO, 49 North Resources Inc.; James E. Thompson, Chairman, Crown Worldwide Holdings Ltd.; Philippe Capdouze, CEO & Founder, Ficofi; Dr. Jim Walker, MD, Asianomics Ltd.

(Left to right) Eizo Kobayashi, President & CEO, ITOCHU Corporation; Hong Seok Hyun, Publisher, Chairman & CEO, JoongAng IIbo

(Left to right) Admiral William A. Owens, Chairman, AEA Investors Asia and Intelius; Douglas Hsu, Chairman & CEO, Far Eastern Group

(Left to right) Ronaldo Camargo Veirano, Senior Partner, Veirano Advogados Associados; Sebastien Delasnerie, Advisor, and Hamad Al Mass, Executive Director, Department of Economic Development, Abu Dhabi

Forbes would like to thank all the speakers, delegates and sponsors of theninth Forbes Global CEO Conference who made this a very successful event.

GAME CHANGESeptember 28 – 30, 2009

(Left to right) Lee Yeow Chor, Executive Director, IOI Group of Companies; Haji Abdul Ghani Bin Othman, Chief Minister of Johore and Co-Chairman, IRDA

(Left to right) William Adamopoulos; Amit Midha, President, Dell Greater China, President, Dell South Asia and President & Corporate VP, Dell APJ SMB

(Left to right) Edward Dolman, CEO, Christie’s International; Richard Garriott, Chairman of the Board, Space Adventures Inc.

(Left to right) Gary Rieschel, MD, Qiming Venture Partners; Badlisham Ghazali, CEO, Multimedia Development Corporation Sdn Bhd

(Left to right) Ivan Qi, General Partner, Bonfire Group; Cherie Nursalim, Chair, Three on the Bund and Executive Director, Giti Group; Melani Walton,Wal-Mart Stores, Inc.