8/14/2019 update 8 july 08

1/5

This commentary has been based on information obtained from sources believed to be reliable, no representation or warranty is made byCIMB Wealth Advisors Berhad and its investment managers, CIMB-Principal Asset Management Berhad nor the acceptance of anyresponsibility or liability is made as to its accuracy, completeness or correctness of the information contained herein. Expressions of opinioncontained herein are those entirely of CIMB Wealth Advisors and the information is subject to change without notice. This commentary isprovided for information purposes only and should not be construed as an offer or a solicitation of an offer to purchase or subscribe or sellsecurities. It may not be reproduced, distributed or published by any recipient for any other purpose.

CIMB Islamic Global Equity Fund

Investment Services Department +60 (3) 7718 5043

8 July 2008

CIMB ISLAMIC GLOBAL EQUITY FUND was launched in Jan 2008, The Fund seeks to achieve itsobjective by investing principally in equity securities which are Shariah-compliant selected frominvestment markets around the world, which the fund manager believes are undervalued and havethe potential for significant growth.

70% to 99% of the Funds NAV can be invested in Shariah-compliant global equities; with the balanceof the Funds NAV will be invested in Shariah-compliant liquid assets.

Fund Performance since inception

Source: Bloomberg

The slowdown of global economy has caused the fund to drop after one month, registering a totalreturn of 3.58% since inception. However, compared to Dow Jones Islamic Market Index, the fund

has slightly outperformed its benchmark by 0.04%. Fund manager has made changes on theweighting of the Top 10 holdings, country and sectors in order to improve the performance of thefund.

8/14/2019 update 8 july 08

2/5

This commentary has been based on information obtained from sources believed to be reliable, no representation or warranty is made byCIMB Wealth Advisors Berhad and its investment managers, CIMB-Principal Asset Management Berhad nor the acceptance of anyresponsibility or liability is made as to its accuracy, completeness or correctness of the information contained herein. Expressions of opinioncontained herein are those entirely of CIMB Wealth Advisors and the information is subject to change without notice. This commentary isprovided for information purposes only and should not be construed as an offer or a solicitation of an offer to purchase or subscribe or sellsecurities. It may not be reproduced, distributed or published by any recipient for any other purpose.

CIMB Islamic Global Equity Fund

Investment Services Department +60 (3) 7718 5043

8 July 2008

Top 10 Holdings (as at 30 June 2008)

6/30/2008 Portfolio Weight Benchmark Weight Difference

Exxon Mobil Corp. 2.40 3.15 -0.75

Chevron Corp. 1.73 1.37 0.36

Microsoft Corp. 1.67 1.52 0.14

AT&T Inc. 1.52 1.33 0.19

BHP Billiton PLC 1.45 0.57 0.88

Johnson & Johnson 1.44 1.21 0.23

International Business Machines 1.35 1.09 0.26ConocoPhillips 1.35 0.89 0.45

E.ON AG 1.27 0.85 0.43

Novartis AG 1.27 0.90 0.37 Source: CIMB-Principal Asset Management

Vodafone Group Plc and Total SA were dropped out from Top 10 Holdings and instead, fundmanager replaced them with Chevron Corp and Novartis AG.

Chevron Corpo Achieved another year of record earnings and continued to build on its financial

strength.o Chevron's technology leadership in sour natural gas led to a new opportunity with the

China National Petroleum Corporation in developing the Chuandongbei natural gasarea in central China.

o In 2007 the company also opened two new global technology centers to expand itsR&D capability and established alliances with government and academic institutionsto pursue technology to convert nonfood sources into commercially viable biofuels.

Novartis AGo Novartis AG is a Switzerland-based company, which is engaged in the research,

development, manufacture and marketing of medicineso At the end of 2007, the Group's continuing operations achieved net sales of USD

38.1 billion and net income of USD 6.5 billion. Approximately USD 6.4 billion was

invested in R&D activities throughout the Group.

8/14/2019 update 8 july 08

3/5

This commentary has been based on information obtained from sources believed to be reliable, no representation or warranty is made byCIMB Wealth Advisors Berhad and its investment managers, CIMB-Principal Asset Management Berhad nor the acceptance of anyresponsibility or liability is made as to its accuracy, completeness or correctness of the information contained herein. Expressions of opinioncontained herein are those entirely of CIMB Wealth Advisors and the information is subject to change without notice. This commentary isprovided for information purposes only and should not be construed as an offer or a solicitation of an offer to purchase or subscribe or sellsecurities. It may not be reproduced, distributed or published by any recipient for any other purpose.

CIMB Islamic Global Equity Fund

Investment Services Department +60 (3) 7718 5043

8 July 2008

Portfolio Breakdown by Country

6/30/08 Portfolio Weight(Previous)

Portfolio Weight(Current)

Benchmark Weight(Current) Difference (Current)

United States 50.65 50.49 51.41 -0.93

United Kingdom 9.83 10.29 8.21 2.08

Canada 5.93 6.33 5.48 0.85

Japan 6.25 4.61 6.34 -1.73

Switzerland 3.12 3.59 3.20 0.39 Source: CIMB-Principal Asset Management*Yellow indicates underweight*Purple indicates overweight

In June, reflecting the slowdown in global economy, stock selection contributes most positively to UK,Canada and Switzerland. The heavy weighting on US has been revised and fund manager reducesthe weighting by 0.16% As for Japan, fund manager has reduced its weighting by 1.64%.

Market review

Reduce weighting -

United States Profits at U.S. companies probably shrank as Citigroup Inc. and Merrill Lynch & Co. suffered

more losses from the collapse of the mortgage market. (Bloomberg) There were further signs of economic weakness. Non-farm payrolls continued to decline for

the sixth consecutive month, bringing job cuts to 438,000 in 1H08 (CIMB research reports)

Japan Japan's core consumer price index, excluding volatile fresh food prices, accelerated 1.5% in

May from the previous year - the quickest pace in more than 15 years. There was a slowdown in private consumption and Bank of Japan survey released that eight

of nine regions in the country slightly downgraded their economic assessments from the lastreport in April. (Bloomberg)

8/14/2019 update 8 july 08

4/5

This commentary has been based on information obtained from sources believed to be reliable, no representation or warranty is made byCIMB Wealth Advisors Berhad and its investment managers, CIMB-Principal Asset Management Berhad nor the acceptance of anyresponsibility or liability is made as to its accuracy, completeness or correctness of the information contained herein. Expressions of opinioncontained herein are those entirely of CIMB Wealth Advisors and the information is subject to change without notice. This commentary isprovided for information purposes only and should not be construed as an offer or a solicitation of an offer to purchase or subscribe or sellsecurities. It may not be reproduced, distributed or published by any recipient for any other purpose.

CIMB Islamic Global Equity Fund

Investment Services Department +60 (3) 7718 5043

8 July 2008

Increase weighting -

UK UK consumers seem immune to the pressure from rising inflation, higher mortgage borrowing

costs, falling house prices and lower confidence. Retail spending refuses to fall, rising by 3.5% in May to stand 8.1% higher in volume terms

than in the year before. Employment growth is the key to this and as some people give up on owning a home, or

moving near term, and spend instead, leading to lower savings and strong growth in sales. (Bloomberg)

Portfolio breakdown by Top 5 Sectors

6/30/08Portfolio Weight

(Previous)

Portfolio Weight(Current)

Benchmark Weight(Current)

Difference(Current)

Energy 19.58 22.60 21.44 1.16

Information Technology 18.36 15.50 17.46 -1.96

Materials 13.88 14.98 13.99 0.98

Health Care 12.18 13.15 15.06 -1.91

Industrials 11.58 10.13 12.27 -2.14 Source: CIMB-Principal Asset Management*Yellow indicates underweight

*Purple indicates overweight

The Fund has a beta of 0.9718 vs. the benchmark, and remains overweight in the energy sector. TheFund continues to overweight stocks with improving business fundamentals, rising investorexpectations and attractive relative valuations. Superior stock selection is the primary source ofoutperformance.

Overweight

Energy:

Energy investment is growing strongly because of record prices and increased exploration. Energy company profits probably increased 25 percent, the most of any industry. Exxon Mobil Corp. and Schlumberger Ltd., made up almost half the income growth reported

by S&P 500 companies in the first three months of 2008 as crude oil prices surged past $100a barrel. (Bloomberg)

8/14/2019 update 8 july 08

5/5

This commentary has been based on information obtained from sources believed to be reliable, no representation or warranty is made byCIMB Wealth Advisors Berhad and its investment managers, CIMB-Principal Asset Management Berhad nor the acceptance of anyresponsibility or liability is made as to its accuracy, completeness or correctness of the information contained herein. Expressions of opinioncontained herein are those entirely of CIMB Wealth Advisors and the information is subject to change without notice. This commentary isprovided for information purposes only and should not be construed as an offer or a solicitation of an offer to purchase or subscribe or sellsecurities. It may not be reproduced, distributed or published by any recipient for any other purpose.

CIMB Islamic Global Equity Fund

Investment Services Department +60 (3) 7718 5043

8 July 2008

Materials:

Price increase for steel has been rampant as steel demand was solid, driven by developingcountries, especially China and Middle East. (Bloomberg)

Underweighting -

Technology

Prices of the technology equipment, eg, LCD computer monitors has fallen due to the slowerdemand from China. (Bloomberg)