CIMB-PRINCIPAL DEPOSIT FUND UNAUDITED FINANCIAL STATEMENTS ... · PDF fileCIMB-PRINCIPAL...

CIMB-PRINCIPAL DEPOSIT FUND

UNAUDITED FINANCIAL STATEMENTS

FOR THE SIX MONTHS FINANCIAL PERIOD ENDED 28 FEBRUARY 2018


CONTENTS PAGE(S) INVESTORS’ LETTER 1 MANAGER’S REPORT 2 - 7

Fund Objective and Policy Performance Data Market Review Fund Performance Portfolio Structure Market Outlook Investment Strategy Unit Holdings Statistics Soft Commissions and Rebates

STATEMENT BY MANAGER 8 TRUSTEE'S REPORT 9 UNAUDITED STATEMENT OF COMPREHENSIVE INCOME 10 UNAUDITED STATEMENT OF FINANCIAL POSITION 11 UNAUDITED STATEMENT OF CHANGES IN EQUITY 12 UNAUDITED STATEMENT OF CASH FLOWS 13 NOTES TO THE FINANCIAL STATEMENTS 14 - 28 DIRECTORY 29


1

INVESTORS' LETTER Dear Valued Investor, Thank you for your continued support and for the confidence that you have placed in us. We are pleased to share that CIMB-Principal Asset Management Berhad ("CIMB-Principal") Malaysia concluded the 1st Quarter of 2018 with RM52.06 billion in Asset under Management (“AUM”). Our AUM for Private Retirement Scheme ("PRS") business increased by 33% year-on-year to RM541 million as at 31 March 2018. We continue to achieve prestigious recognitions from The Edge | Thomson Reuters Lipper Fund Awards as follows: The Edge| Thomson Reuters Lipper Malaysia Fund Awards 2018

Best Fund Over 5 Years, Equity Global - Malaysia : CIMB-Principal Global Titans Fund

Best Fund Over 5 Years, Equity Asia Pacific ex Japan - Malaysia : CIMB-Principal Asian Equity Fund

Best Fund Over 5 Years, Equity Asia Pacific ex Japan - Malaysia : CIMB Islamic Asia Pacific Equity Fund

Best Fund Over 5 Years, Equity Malaysia Diversified - Malaysia : CIMB-Principal Equity Growth & Income Fund

Best Fund Over 5 Years, Mixed Asset MYR Bal - Malaysia : CIMB-Principal Income Plus Balance

Best Fund Over 3 Years, Equity Global - Malaysia : CIMB-Principal Global Titans Thomson Reuters Lipper Fund Award Global Islamic 2017

Best Equity Asia Pacific Ex-Japan (Islamic), Best Fund over 5 years : CIMB Islamic Asia Pacific Equity Fund

These prestigious awards are a celebration of the trust that you have placed in us and testament to our capability in bringing potential value to your financial goals and needs. CIMB-Principal was also awarded Fund House of the Year in Malaysia by AsianInvestor for the Asset Management Awards 2017, its second consecutive win and The Employees' Provident Fund ("EPF") External Portfolio Managers Awards 2017 for the Best Global Bond Portfolio Manager. These industry recognitions reflect our success in scaling up our investment capabilities while building a solid track record and earning the trust of our clients over time. Thank you. Yours faithfully, for CIMB-Principal Asset Management Berhad

Munirah Khairuddin Chief Executive Officer


2

MANAGER’S REPORT FUND OBJECTIVE AND POLICY What is the investment objective of the Fund? The Fund aims to generate regular income for investors through investments primarily in the money market. Has the Fund achieved its objective? For the six months financial period under review, the Fund is in line with its stated objective. What are the Fund investment policy and principal investment strategy? The Fund will place at least 95% of its Net Asset Value ("NAV") in Deposits. Up to 5% of the Fund’s Net Asset Value (“NAV”) may be invested in money market instruments, short-term bonds and/or notes with a minimum credit rating of “BBB3” or “P2” by RAM or equivalent rating by MARC or by local rating agency(ies) of the country of issuance or “BBB-” by S&P or equivalent rating by Moody’s or Fitch, all of which have a remaining maturity period of less than 365 days. The Fund will be actively managed. The investment policy and strategy is to invest in liquid and low risk short-term investments for capital preservation*. Note: *The Fund is neither a capital guaranteed fund nor a capital protected fund.

Fund category/type Money Market/Income How long should you invest for? Recommended one (1) year or more Indication of short-term risk (low, moderate, high) Low When was the Fund launched? 8 July 2004 What was the size of the Fund as at 28 February 2018? RM1,641.88 million (1,641.89 million units) What is the Fund’s benchmark? CIMB Bank Overnight Rate Note: Given that the Fund is an income fund, the Fund shall benchmark itself against the overnight rate for performance comparison purpose only. Therefore, investors are cautioned that the risk profile of the Fund is higher than investing in fixed deposits.

What is the Fund distribution policy? Monthly, depending on the level of income (if any) the Fund generates.


3

FUND OBJECTIVE AND POLICY (CONTINUED) What was the net income distribution for the six months financial period ended 28 February 2018? The Fund distributed a total net income of RM25.37 million to unit holders for the six months financial period ended 28 February 2018. The Fund’s NAV per unit are as follows:

Date NAV per unit

(Before distribution) NAV per unit

(After distribution)

29.09.2017 1.0027 1.0000

31.10.2017 1.0027 1.0000

30.11.2017 1.0027 1.0000

29.12.2017 1.0028 1.0000

30.01.2018 1.0028 1.0000

28.02.2018 1.0025 1.0000 PERFORMANCE DATA Details of portfolio composition of the Fund for the last three unaudited financial periods are as follows: 28.02.2018 28.02.2017 29.02.2016 % % % Deposits with licensed financial institutions 100.00 99.91 100.00 Cash and other net assets - 0.09 -

100.00 100.00 100.00

Performance details of the Fund for the last three unaudited financial periods are as follows: 28.02.2018 28.02.2017 29.02.2016 NAV (RM Million)* 1,641.88 1,064.46 514.93 Units in circulation (Million) 1,641.89 1,064.46 514.95 NAV per unit (RM)* 0.9999 0.9999 0.9999 01.09.2017

to 28.02.2018 01.09.2016

to 28.02.2017 01.09.2015

to 29.02.2016

Highest NAV per unit (RM) 1.0027 1.0024 1.0028 Lowest NAV per unit (RM)* 0.9999 0.9999 0.9999 Total return (%) 1.65 1.52 1.68 - Capital growth (%) - - - - Income distribution (%) 1.65 1.52 1.68 *Ex-Distribution Management Expense Ratio (“MER”) (%) 0.26 0.26 0.27 Portfolio Turnover Ratio (“PTR”) (times) # 4.63 4.53 11.96

# The Fund's PTR was higher at 4.63 times which reflected the higher number of transactions

recorded for the period under review.


4

PERFORMANCE DATA (CONTINUED)

Date of distribution 01.09.2017

to 28.02.2018 01.09.2016

to 28.02.2017 01.09.2015

to 29.02.2016

Distribution on 29 September 2017 Gross/Net distribution per unit (sen) 0.27

-

-

Distribution on 31 October 2017 Gross/Net distribution per unit (sen) 0.28

-

-

Distribution on 30 November 2017 Gross/Net distribution per unit (sen) 0.27

-

-

Distribution on 29 December 2017 Gross/Net distribution per unit (sen) 0.28

-

-

Distribution on 30 January 2018 Gross/Net distribution per unit (sen) 0.28

-

-

Distribution on 28 February 2018 Gross/Net distribution per unit (sen) 0.25

-

-

Distribution on 30 September 2016 Gross/Net distribution per unit (sen) -

0.24

-

Distribution on 31 October 2016 Gross/Net distribution per unit (sen) -

0.26

-

Distribution on 30 November 2016 Gross/Net distribution per unit (sen) -

0.25

-

Distribution on 31 December 2016 Gross/Net distribution per unit (sen) -

0.25

-

Distribution on 31 January 2017 Gross/Net distribution per unit (sen) -

0.26

-

Distribution on 28 February 2017 Gross/Net distribution per unit (sen) -

0.24

-

Distribution on 30 September 2015 Gross/Net distribution per unit (sen) -

-

0.27

Distribution on 30 October 2015 Gross/Net distribution per unit (sen) -

-

0.28

Distribution on 30 November 2015 Gross/Net distribution per unit (sen) -

-

0.28

Distribution on 31 December 2015 Gross/Net distribution per unit (sen) -

-

0.30

Distribution on 29 January 2016 Gross/Net distribution per unit (sen) -

-

0.29

Distribution on 29 February 2016 Gross/Net distribution per unit (sen) -

-

0.26

28.02.2018 28.02.2017 29.02.2016 28.02.2015 28.02.2014

% % % % %

Annual total return 3.33 3.18 3.30 3.05 2.80

(Launch date: 8 July 2004) Past performance is not necessarily indicative of future performance and that unit prices and investment returns may go down, as well as up. All performance figures for the financial period have been extracted from Lipper.


5

MARKET REVIEW (1 SEPTEMBER 2017 TO 28 FEBRUARY 2018) Bank Negara Malaysia’s (“BNM”) Monetary Policy Committee (“MPC”) met three times from the month of September 2017 to February 2018. The MPC decided to maintain the Overnight Policy Rate (“OPR”) at 3.00% at the last two MPC meetings held in 2017. However, at the last meeting held on 9 November 2017, the MPC commented that the stance of monetary policy remains accommodative, but added that “given the strength of the global and domestic macroeconomic conditions, the MPC may consider reviewing the current degree of monetary accommodation. This is to ensure the sustainability of the growth prospects of the Malaysian economy”. This statement signalled the Central Bank’s readiness to review the OPR and follows their bullish assessment that growth prospects are expected to remain strong in 2018. Following this, BNM decided to raise the OPR by 25 basis points (“bps”) to 3.25% at the first MPC meeting held on 25 January 2018. The MPC cited that with the economy firmly on a steady growth path, they have decided to normalise the degree of monetary accommodation. Consecutively, they have also recognised the need to pre-emptively ensure that the stance of monetary policy is appropriate to prevent the build-up of risks that could arise from interest rates being too low for a prolonged period of time. The Central Bank also cited that at the current level of OPR, the stance of monetary policy remains accommodative and that inflation will be dependent on oil prices. They expect inflation to average lower in 2018 on expectations of a smaller effect from global cost factors. On the Malaysian economy, BNM stated that the latest indicators reaffirmed the strength in exports and domestic activity. It is expected that domestic demand will remain the key driver of growth, underpinned by favourable income and labour market conditions. GDP growth for third quarter of 2017 was 6.20% y-o-y (second quarter of 2017: 5.80%; first quarter of 2017: 5.60%) with the economy continuing to surprise us on the private consumption front. The World Bank expects Malaysia’s GDP growth to moderate to 5.20% in 2018 from an estimated 5.80% in 2017 on the back of a gradual slowdown in China which offsets a pickup of activity in the entire region. In terms of inflation, core inflation remained stable in the third quarter of 2017 at 2.50% but headline inflation declined to 3.80% from 4.00% in the preceding quarter mainly due to lower average domestic fuel prices. Despite domestic fuel prices trending upward due to rising global oil prices, domestic fuel prices on average were lower in comparison to the previous quarter. (RON95 petrol in third quarter of 2017: RM2.09 per litre; RON95 petrol in second quarter of 2017: RM2.10 per litre). The slightly lower headline inflation was also due to adjustment of satellite TV charges which contributed to lower inflation for the quarter. Meanwhile, rental and non-durable household goods recorded higher inflation during the quarter. In 2018, inflation rose by a significant 2.70% on a y-o-y basis in January 2018 but rose only by 1.4% in February 2018. In February 2018, the overall index was mainly affected by an increase in food and non-alcoholic beverages (+3.00% y-o-y) and a decrease in the transport group (-0.3%), clothing and footwear (-0.70%) and communication (-0.50%). FUND PERFORMANCE

6 months to 28.02.2018

1 year to to 28.02.2018

3 years to

28.02.2018

5 years to

28.02.2018

Since inception to

to 28.02.2018 % % % % %

Income 1.65 3.33 10.13 16.66 44.26

Capital - - - - -

Total Return 1.65 3.33 10.13 16.66 44.26

Benchmark 0.75 1.58 5.09 8.31 30.49

Average Total Return

N/A

3.33 3.27 3.13 2.72

As at 28 February 2018, the Fund gave a 6-month return of 1.65%, outperforming the benchmark by 90 bps. Since inception, the Fund has delivered a return of 44.26% to unit holders.


6

FUND PERFORMANCE (CONTINUED)

Changes in NAV

28.02.2018

28.02.2017

Changes

%

NAV (RM Million) 1,641.88

1,064.46

54.25

NAV/Unit (RM)* 0.9999

0.9999

-

*Ex-distribution The Fund’s NAV increased by 54.25% from RM1,064.46 million on 28 February 2017 to RM1,641.88 million on 28 February 2018. During the same period, the Fund’s NAV per unit was RM0.9999 per unit. Performance data represents the combined income and capital return as a result of holding units in the Fund for the specified length of time, based on NAV to NAV price. The performance data assumes that all earnings from the Fund are reinvested and are net of management and trustees fees. Past performance is not reflective of future performance and is not guaranteed. Unit prices may fall and rise. All performance figures for the financial period have been extracted from Lipper. PORTFOLIO STRUCTURE Asset allocation

(% of NAV) 28.02.2018 28.02.2017

Deposit with licensed financial institutions 100.00 99.91

Cash and other net assets - 0.09

TOTAL 100.00 100.00

The Fund remained fully invested in deposits with licensed financial institutions.

0.00%

5.00%

10.00%

15.00%

20.00%

25.00%

30.00%

35.00%

40.00%

45.00%

50.00%

CIMB-Principal Deposit Fund

CIMB Bank Overnight Rate


7

MARKET OUTLOOK* BNM raised the OPR by 25 bps at the first MPC meeting in 2018 which was held on 25 January 2018. The next upcoming MPC meeting which is the first amongst the remaining five scheduled for the year will be held on 7 March 2018 and subsequently on 10 May 2018. We do not expect any further rate hikes in 2018 but believe the outlook for the second-half of 2018 will need to be reassessed following the release of GDP numbers and core inflation in the first half of the year. Investors will also be closely monitoring the impending 14th Malaysian General Elections which could provide the Malaysian Ringgit (“MYR”) with headwinds in the first half of the year, but good economic and financial fundamentals are expected to be supportive of the MYR. Inflation is expected to moderate in 2018 on expectations of a smaller effect from global cost factors. * This market outlook does not constitute an offer, invitation, commitment, advice or recommendation to make a purchase of any investment. The information given in this article represents the views of CIMB-Principal or based on data obtained from sources believed to be reliable by CIMB-Principal. Whilst every care has been taken in preparing this, CIMB-Principal makes no guarantee, representation or warranty and is under no circumstances liable for any loss or damage caused by reliance on, any opinion, advice or statement made in this market outlook.

INVESTMENT STRATEGY The Fund’s objective is to provide investors with liquidity and regular income hence it will continue to maintain its investment primarily in deposits. UNIT HOLDINGS STATISTICS Breakdown of unit holdings by size as at 28 February 2018 are as follows:

Size of unit holdings (units) No. of unit holders No of units Held % of units held

(million)

5,000 and below 12,228 0.00 0.00

5,001 - 10,000 44 0.35 0.02

10,001 - 50,000 250 6.09 0.37

50,001 - 500,000 101 11.80 0.71

500,001 and above 69 1,623.65 98.90

Total 12,692 1,641.89 100.00

SOFT COMMISSIONS AND REBATES CIMB-Principal Asset Management Berhad (the “Manager”) and the Trustee (including their officers) will not retain any form of rebate or soft commission from, or otherwise share in any commission with, any broker in consideration for directing dealings in the investments of the Funds unless the soft commission received is retained in the form of goods and services such as financial wire services and stock quotations system incidental to investment management of the Funds. All dealings with brokers are executed on best available terms. During the financial period under review, the Manager and the Trustee did not receive any rebates from the brokers or dealers but have retained soft commissions in the form of goods and services such as financial wire services and stock quotations system incidental to investment management of the Funds.


8

STATEMENT BY MANAGER TO THE UNIT HOLDERS OF CIMB-PRINCIPAL DEPOSIT FUND We, being the Directors of CIMB-Principal Asset Management Berhad (the “Manager”), do hereby state that, in the opinion of the Manager, the accompanying unaudited financial statements set out on pages 10 to 28 are drawn up in accordance with the provisions of the Deeds and give a true and fair view of the financial position of the Fund as at 28 February 2018 and of its financial performance, changes in equity and cash flows for the financial period then ended in accordance with Malaysian Financial Reporting Standards (“MFRS”) 134 - Interim Financial Reporting and International Accounting Standards ("IAS") 34 - Interim Financial Reporting. For and on behalf of the Manager CIMB-Principal Asset Management Berhad (Company No.: 304078-K) MUNIRAH KHAIRUDDIN ALEJANDRO ECHEGORRI Chief Executive Officer/Executive Director Executive Director Kuala Lumpur 16 April 2018


9

TRUSTEE’S REPORT TO THE UNIT HOLDERS OF CIMB-PRINCIPAL DEPOSIT FUND

We have acted as Trustee of CIMB-Principal Deposit Fund (the “Fund”) for the financial period ended 28 February 2018. To the best of our knowledge, CIMB-Principal Asset Management Berhad, (the “Manager”), has operated and managed the Fund in accordance with the following:- a) limitations imposed on the investment powers of the Manager and the Trustee under the Deeds,

the Securities Commission’s Guidelines on Unit Trust Funds, the Capital Markets and Services Act 2007 and other applicable laws;

b) valuation/pricing is carried out in accordance with the Deeds and any regulatory requirements;

and

c) creation and cancellation of units are carried out in accordance with the Deeds and any regulatory requirements.

During this financial period, a total distribution of 1.64 sen per unit (gross) has been distributed to the unit holders of the Fund. We are of the view that the distributions are not inconsistent with the objective of the Fund. For HSBC (Malaysia) Trustee Berhad Tan Bee Nie Head, Trustee Operations Kuala Lumpur 16 April 2018


10

UNAUDITED STATEMENT OF COMPREHENSIVE INCOME FOR THE SIX MONTHS FINANCIAL PERIOD ENDED 28 FEBRUARY 2018

01.09.2017 to 28.02.2018

01.09.2016 to 28.02.2017

Note RM RM

INVESTMENT INCOME

Interest income from deposits with licensed financial institutions

29,637,831

13,224,694

EXPENSES

Management fee 4 3,489,098 1,662,169

Trustee’s fee 5 310,142 147,749

Audit fee

5,500 4,775

Tax agent’s fee

2,000 4,000

Other expenses

231,335 111,164

4,038,075 1,929,857

PROFIT BEFORE TAXATION

25,599,756 11,294,837

Taxation 7 - -

PROFIT AFTER TAXATION AND TOTAL COMPREHENSIVE INCOME FOR THE FINANCIAL PERIOD

25,599,756

11,294,837

Profit after taxation is made up as follows:

Realised amount

25,599,756 11,294,837

The accompanying notes to the financial statements form an integral part of the unaudited financial statements.


11

UNAUDITED STATEMENT OF FINANCIAL POSITION AS AT 28 FEBRUARY 2018

28.02.2018 31.08.2017

Audited

Note RM RM

ASSETS

Cash and cash equivalents 9 23,195 11,028

Financial assets at fair value through profit or loss 8 1,642,286,058 1,658,123,160

Amount due from Manager

342,165 520,000

TOTAL ASSETS

1,642,651,418 1,658,654,188

LIABILITIES

Amount due to Manager

60,030 309,220

Accrued management fee

569,506 649,401

Amount due to Trustee

50,623 57,725

Distribution payable

36,150 36,901

Other payables and accruals

50,974 59,388

TOTAL LIABILITIES

767,283 1,112,635

NET ASSET VALUE OF THE FUND

1,641,884,135 1,657,541,553

EQUITY

Unit holders’ capital

1,641,027,827 1,657,110,103

Retained earnings

856,308 431,450

NET ASSETS ATTRIBUTABLE TO UNIT HOLDERS

1,641,884,135

1,657,541,553

NUMBER OF UNITS IN CIRCULATION (UNITS) 10 1,641,892,658 1,657,579,668

NET ASSET VALUE PER UNIT (RM) (EX-DISTRIBUTION)

0.9999

0.9999

. The accompanying notes to the financial statements form an integral part of the unaudited financial statements.


12

UNAUDITED STATEMENT OF CHANGES IN EQUITY FOR THE SIX MONTHS FINANCIAL PERIOD ENDED 28 FEBRUARY 2018

Unit holders’ Retained

capital Earnings Total

Note RM RM RM

Balance as at 1 September 2017

Movement in unit holders’

1,657,110,103 431,450 1,657,541,553

contributions:

- Creation of units from applications 1,017,014,365 - 1,017,014,365

- Creation of units from distributions 25,140,319 - 25,140,319

- Cancellation of units

(1,058,039,327) - (1,058,039,327)

Total comprehensive income

for the financial period

- 25,599,756 25,599,756

Distributions 6 (197,633) (25,174,898) (25,372,531)

Balance as at 28 February 2018 1,641,027,827 856,308 1,641,884,135

Balance as at 1 September 2016

Movement in unit holders’

635,985,807 443,952 636,429,759

contributions:

- Creation of units from applications 1,142,483,681 - 1,142,483,681

- Creation of units from distributions 11,249,093 - 11,249,093

- Cancellation of units

(725,694,614) - (725,694,614)

Total comprehensive income

for the financial period

- 11,294,837 11,294,837

Distributions 6 (4,792) (11,294,837) (11,299,629)

Balance as at 28 February 2017 1,064,019,175 443,952 1,064,463,127



13

UNAUDITED STATEMENT OF CASH FLOWS FOR THE SIX MONTHS FINANCIAL PERIOD ENDED 28 FEBRUARY 2018

01.09.2017 to 28.02.2018

01.09.2016 to 28.02.2017

RM RM

CASH FLOWS FROM OPERATING ACTIVITIES

Proceeds from maturity of deposits with licensed financial institutions

7,279,366,103

3,174,834,131

Placement of deposits with licensed financial institutions

(7,263,529,000)

(3,595,627,000)

Interest income received from deposits with licensed financial institutions

29,637,831

13,224,694

Management fee paid

(3,568,993) (1,554,901)

Trustee’s fee paid

(317,244) (138,214)

Payments for other fees and expenses

(247,250) (112,543)

Net cash generated/(used in) from operating activities

41,341,447

(409,373,833)

CASH FLOWS FROM FINANCING

ACTIVITIES

Cash proceeds from units created

1,017,192,200 1,145,199,681

Payments for cancellation of units

(1,058,288,517) (735,799,179)

Distributions paid

(232,963) (26,208)

Net cash (used in)/generated from financing activities

(41,329,280)

409,374,294

Net increase in cash and cash equivalents

12,167 461 Cash and cash equivalents at the

beginning of the financial period

11,028

11,163

Cash and cash equivalents at the end of the financial period

23,195

11,624

Cash and cash equivalents comprised of:

Bank balances 23,195 11,624

Cash and cash equivalents at the end of the financial period 23,195 11,624



14

NOTES TO THE FINANCIAL STATEMENTS FOR THE SIX MONTHS FINANCIAL PERIOD ENDED 28 FEBRUARY 2018 1. THE FUND, THE MANAGER AND ITS PRINCIPAL ACTIVITY

CIMB-Principal Deposit Fund (the “Fund”) is governed by a Principal Master Deed dated 15

May 2008, a First Supplemental Master Deed dated 25 June 2008, a Third Supplemental Master Deed dated 14 July 2008, a Fifth Supplemental Master Deed dated 16 July 2009, a Thirteenth Supplemental Master Deed dated 26 June 2012, a Fourteenth Supplemental Master Deed dated 21 September 2012 and an Eighteenth Supplemental Master deed dated 25 March 2015 (collectively referred to as the “Deeds”), made between CIMB-Principal Asset Management Berhad (the “Manager”) and HSBC (Malaysia) Trustee Berhad (the “Trustee”).

The Fund will place at least 95% of its NAV in Deposits. Up to 5% of the Fund’s Net Asset Value (“NAV”) may be invested in money market instruments, short-term bonds and/or notes with a minimum credit rating of “BBB3” or “P2” by RAM or equivalent rating by MARC or by local rating agency(ies) of the country of issuance or “BBB-” by S&P or equivalent rating by Moody’s or Fitch, all of which have a remaining maturity period of less than 365 days. The Fund will be actively managed. The investment policy and strategy is to invest in liquid and low risk short-term investments for capital preservation. All investments are subjected to the Securities Commissions Malaysia (“SC”) Guidelines on Unit Trust Funds, SC requirements, the Deeds, except where exemptions or variations have been approved by the SC, internal policies and procedures and the Fund’s objective.

The Manager, a company incorporated in Malaysia, is a subsidiary of CIMB Group Sdn Bhd and regards CIMB Group Holdings Berhad as its ultimate holding company. The company is also an associate of Principal International (Asia) Limited, which is a subsidiary of Principal Financial Group Inc. The principal activities of the Manager are the establishment and the management of unit trust funds and fund management activities.

2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

The following accounting policies have been used consistently in dealing with items which are considered material in relation to the financial statements: (a) Basis of preparation

The financial statements have been prepared in accordance with the provisions of the MFRS and International Financial Reporting Standards (“IFRS”).

The financial statements have been prepared under the historical cost convention, as modified by financial assets at fair value through profit or loss. The preparation of financial statements in conformity with MFRS and IFRS requires the use of certain critical accounting estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reported period. It also requires the Manager to exercise their judgment in the process of applying the Fund’s accounting policies. Although these estimates and judgment are based on the Manager’s best knowledge of current events and actions, actual results may differ.


15

2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)

(a) Basis of preparation (continued) The areas involving a higher degree of judgment or complexity, or areas where estimates and assumptions are significant to the financial statements are disclosed in Note 2(j).

Standards, amendments to published standards and interpretations to existing standards that are effective: The Fund has applied the following amendments for the first time for the financial year beginning 1 September 2017:

Amendments to MFRS 107 “Statement of Cash Flows – Disclosure Initiative” introduce an additional disclosure on changes in liabilities arising from financing activities.

The adoption of these amendments did not have any impact on the current financial period or any prior period and is not likely to affect future years. The standards, amendments to published standards and interpretations to existing standards that are applicable to the Fund but not yet effective and have not been early adopted are as follows: (i) Financial year beginning on/after 1 September 2018

MFRS 9 “Financial Instruments” (effective from 1 January 2018) will replace MFRS 139 “Financial Instruments: Recognition and Measurement”.

MFRS 9 retains but simplifies the mixed measurement model in MFRS 139 and establishes three primary measurement categories for financial assets: amortised cost, fair value through profit or loss and fair value through other comprehensive income (“OCI”). The basis of classification depends on the entity's business model and the contractual cash flow characteristics of the financial asset. Investments in equity instruments are always measured at fair value through profit or loss with an irrevocable option at inception to present changes in fair value in OCI (provided the instrument is not held for trading). A debt instrument is easured at amortised cost only if the entity is holding it to collect contractual cash flows and the cash flows represent principal and interest. For liabilities, the standard retains most of the MFRS 139 requirements. These include amortised cost accounting for most financial liabilities, with bifurcation of embedded derivatives. The main change is that, in cases where the fair value option is taken for financial liabilities, the part of a fair value change due to an entity’s own credit risk is recorded in OCI rather than the income statement, unless this creates an accounting mismatch. MFRS 9 introduces an expected credit loss (“ECL”) model on impairment that replaces the incurred loss impairment model used in MFRS 139. The expected credit loss model is forward-looking and eliminates the need for a trigger event to have occurred before credit losses are recognised.


16


(a) Basis of preparation (continued)

(i) Financial year beginning on/after 1 September 2018 (continued)

The Fund has reviewed its financial assets and liabilities and is expecting the following impact from the adoption of the new standard on 1 January 2018:

There will be no impact on the Fund's accounting for financial assets as the Fund's equity investments currently measured at fair value through profit or loss will continue to be measured on the same basis under MFRS 9.

There will be no impact on the Fund's accounting for financial liabilities as the new requirements only affect the accounting for financial liabilities that are designated at fair value through profit or loss and the Fund does not have any such liabilities.

The new impairment model requires the recognition of impairment provisions based on ECL rather than only incurred credit losses as is the case under MFRS 139. It applies to financial assets classified at amortised cost. Based on the assessments undertaken to date, the Fund does not expect any loss allowance to be recognised upon adoption of MFRS 9.

Classification

The Fund designates its investments in deposits with licensed financial institution as financial assets at fair value through profit or loss at inception.

Financial assets are designated at fair value through profit or loss when they are

managed and their performance evaluated on a fair value basis. Loans and receivables are non-derivative financial assets with fixed or

determinable payments that are not quoted in an active market and have been included in current assets. The Fund’s loans and receivables comprise cash and cash equivalents and amount due from Manager.

Financial liabilities are classified according to the substance of the contractual

arrangements entered into and the definitions of a financial liability. The Fund classifies amount due to Manager, accrued management fee, amount

due to Trustee, distribution payable and other payables and accruals as other financial liabilities.


17

2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED) (b) Financial assets and financial liabilities (continued)

Recognition and measurement Regular purchases and sales of financial assets are recognised on the trade-date, the date on which the Fund commits to purchase or sell the asset. Deposits with licensed financial institutions are initially recognised at fair value. Financial liabilities, within the scope of MFRS 139, are recognised in the statement of financial position when, and only when, the Fund becomes a party to the contractual provisions of the financial instrument. Financial assets are derecognised when the rights to receive cash flows from the investments have expired or have been transferred and the Fund has transferred substantially all risks and rewards of ownership. Financial liabilities are derecognised when it is extinguished, i.e. when the obligation specified in the contract is discharged or cancelled or expired. Loans and receivables and other financial liabilities are subsequently carried at amortised cost using the effective interest method.

Impairment on assets carried at amortised costs For assets carried at amortised cost, the Fund assesses at the end of the reporting period whether there is objective evidence that a financial asset or group of financial assets is impaired. A financial asset or a group of financial assets is impaired and impairment losses are incurred only if there is objective evidence of impairment as a result of one or more events that occurred after the initial recognition of the asset (a ‘loss event’) and that loss event (or events) has an impact on the estimated future cash flows of the financial asset or group of financial assets that can be reliably estimated. The amount of the loss is measured as the difference between the asset’s carrying amount and the present value of estimated future cash flows (excluding future credit losses that have not been incurred) discounted at the financial asset’s original effective interest rate. The asset’s carrying amount is reduced and the amount of the loss is recognised in statement of comprehensive income. If ‘loans and receivables’ has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract. As a practical expedient, the Fund may measure impairment on the basis of an instrument’s fair value using an observable market price. If, in a subsequent financial period, the amount of the impairment loss decreases and the decrease can be related objectively to an event occurring after the impairment was recognised (such as an improvement in the debtor’s credit rating), the reversal of the previously recognised impairment loss is recognised in statement of comprehensive income.

When an asset is uncollectible, it is written off against the related allowance account. Such assets are written off after all the necessary procedures have been completed and the amount of the loss has been determined.


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(c) Income recognition

Interest income from deposits with licensed financial institutions is recognised on a time proportionate basis using the effective interest rate method on an accrual basis.

(d) Functional and presentation currency

Items included in the financial statements of the Fund are measured using the currency of the primary economic environment in which the Fund operates (the “functional currency”). The financial statements are presented in Ringgit Malaysia (“RM) which is the Fund’s functional and presentation currency.

(e) Cash and cash equivalents

For the purpose of statement of cash flows, cash and cash equivalents comprise bank balances which are subject to an insignificant risk of changes in value.

(f) Taxation Current tax expense is determined according to Malaysian tax laws at the current rate

based upon the taxable profit earned during the financial period. (g) Distribution

A distribution to the Fund’s unit holders is accounted for as a deduction from realised reserve. A proposed distribution is recognised as a liability in the financial period in which it is approved by the Trustee.

(h) Unit holders’ capital

The unit holders’ contributions to the Fund meet the criteria to be classified as equity instruments under MFRS 132 “Financial Instruments: Presentation”. Those criteria include: • the units entitle the holder to a proportionate share of the Fund’s NAV; • the units are the most subordinated class and class features are identical; • there is no contractual obligations to deliver cash or another financial asset

other than the obligation on the Fund to repurchase; and • the total expected cash flows from the units over its life are based substantially

on the profit or loss of the Fund. The outstanding units are carried at the redemption amount that is payable at each financial period if unit holder exercises the right to put the unit back to the Fund. Units are created and cancelled at prices based on the Fund’s NAV per unit at the time of creation or cancellation. The Fund’s NAV per unit is calculated by dividing the net assets attributable to unit holders with the total number of outstanding units.

(i) Segment information

Operating segments are reported in a manner consistent with the internal reporting used by the chief operating decision-maker. The chief operating decision-maker is responsible for allocating resources and assessing performance of the operating segments.


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(j) Critical accounting estimates and judgments in applying accounting policies The Fund makes estimates and assumptions concerning the future. The resulting

accounting estimates will, by definition, rarely equal the related actual results. To enhance the information content of the estimates, certain key variables that are anticipated to have material impact to the Funds’ results and financial position are tested for sensitivity to changes in the underlying parameters.

Estimates and judgment are continually evaluated by the Manager and are based on

historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

In undertaking any of the Fund’s investment, the Manager will ensure that all assets of the Fund under management will be valued appropriately, that is at fair value and in compliance with the SC Guidelines on Unit Trust Funds. However, the Manager is of the opinion that there are no accounting policies which require significant judgement to be exercised.

3. RISK MANAGEMENT OBJECTIVES AND POLICIES

The Fund aims to generate regular income for investors through investments primarily in the money market. The Fund is exposed to a variety of risks which include market risk (inclusive of interest rate risk), credit risk and liquidity risk. Financial risk management is carried out through internal control process adopted by the Manager and adherence to the investment restrictions as stipulated in the Deeds and SC Guidelines on Unit Trust Funds.

(a) Market risk

(i) Interest rate risk

Fair value interest rate risk is the risk that the value of a financial instrument will fluctuate due to changes in market interest rates. Interest rate is a general economic indicator that will have an impact on the management of the Fund. The Fund’s exposure to fair value interest rate risk arises from investment in money markets instruments. The interest rate risk is expected to be minimal as the Fund’s investments comprise mainly short term deposits with approved licensed financial institutions. As at the end of each financial period, the Fund is not exposed to a material level of interest rate risk.

The Fund is not exposed to cash flow interest rate risk as the Fund does not hold any financial instruments at variable interest rate.


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3. RISK MANAGEMENT OBJECTIVES AND POLICIES (CONTINUED)

(b) Credit risk

Credit risk refers to the risk that counterparty will default on its contractual obligation resulting in financial loss to the Fund.

The credit risk arising from placements of deposits with licensed financial institutions is

managed by ensuring that the Fund will only place deposits in reputable licensed financial institutions. The settlement terms of the proceeds from the creation of units receivable from the Manager are governed by the SC Guidelines on Unit Trust Funds.

(c) Liquidity risk

Liquidity risk is the risk that the Fund will encounter difficulty in meeting its financial obligations. The Manager manages this risk by maintaining sufficient level of liquid assets to meet anticipated payments and cancellations of the units by unit holders. Liquid assets comprise bank balances and deposits with licensed financial institutions, which are capable of being converted into cash within 7 business days. This is expected to reduce the risks for the entire portfolio without limiting the Fund’s growth potentials.

The table below summarises the Fund’s financial liabilities into relevant maturity groupings based on the remaining period as at the statement of financial position date to the contractual maturity date. The amounts in the table are the contractual undiscounted cash flows.

(d) Capital risk management

The capital of the fund is represented by equity consisting of unit holders’ capital of RM1,641,027,827 (31.08.2017: RM1,657,110,103) and retained earnings of RM856,308 (31.08.2018: RM431,450).The amount of capital can change significantly on a daily basis as the Fund is subject to daily subscriptions and redemptions at the discretion of unit holders. The Fund’s objective when managing capital is to safeguard the Fund’s ability to continue as a going concern in order to provide returns to unit holders and benefits for other stakeholders and to maintain a strong capital base to support the development of the investment activities of the Fund.

(e) Fair value estimation

Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (i.e. an exit price). The fair value of financial assets traded in active markets (such as trading securities) are based on quoted market prices at the close of trading on the financial period end date. The Fund utilises the last traded price for financial assets where the last traded price falls within the bid-ask spread. In circumstances where the last traded price is not within the bid-ask spread, the Manager will determine the point within the bid-ask spread that is most representative of the fair value. An active market is a market in which transactions for the asset or liability take place with sufficient frequency and volume to provide pricing information on an ongoing basis.


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3. RISK MANAGEMENT OBJECTIVES AND POLICIES (CONTINUED) (e) Fair value estimation (contined)

The fair value of financial assets that are not traded in an active market is determined by using valuation techniques.

The table below analyses financial instruments carried at fair value. The different levels have been defined as follows:

Quoted prices (unadjusted) in active market for identical assets or liabilities (Level 1)

Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly (that is, as prices) or indirectly (that is, derived from prices) (Level 2)

Inputs for the asset and liability that are not based on observable market data (that is, unobservable inputs) (Level 3)

The level in the fair value hierarchy within which the fair value measurement is categorised in its entirety is determined on the basis of the lowest level input that is significant to the fair value measurement in its entirety. For this purpose, the significance of an input is assessed against the fair value measurement in its entirety. If a fair value measurement uses observable inputs that require significant adjustment based on unobservable inputs, that measurement is a Level 3 measurement. Assessing the significance of a particular input to the fair value measurement in its entirety requires judgment, considering factors specific to the asset or liability. The determination of what constitutes ‘observable’ requires significant judgment by the Fund. The Fund considers observable data to be that market data that is readily available, regularly distributed or updated, reliable and verifiable, not proprietary, and provided by independent sources that are actively involved in the relevant market.

Level 1 Level 2 Level 3 Total

RM RM RM RM

28.02.2018 Financial assets at fair value through profit or loss: - Deposits

with licensed financial institutions - 1,642,286,058 - 1,642,286,058


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3. FINANCIAL INSTRUMENTS AND RISK MANAGEMENT OBJECTIVES AND POLICIES (CONTINUED)

(e) Fair value estimation (continued)

(i) Fair value hierarchy (continued)

Level 1 Level 2 Level 3 Total

RM RM RM RM

31.08.2017

Audited Financial assets at fair value through profit or loss: - Deposits

with licensed financial institutions - 1,658,123,160 - 1,658,123,160

Financial instruments that trade in markets that are not considered to be active but are valued based on quoted market prices, dealer quotations or alternative pricing sources supported by observable inputs are classified within Level 2. This includes deposits with licensed financial institutions. As Level 2 instruments include positions that are not traded in active markets and/or are subject to transfer restrictions, valuations may be adjusted to reflect illiquidity and/or non-transferability, which are generally based on available market information. The Fund’s policies on valuation of these financial assets are stated in Note 2(b).

(ii) The carrying values of cash and cash equivalents, amount due from Manager, other receivables and all current liabilities are a reasonable approximation of their fair values due to their short term nature.

4. MANAGEMENT FEE In accordance with the Deeds, the Manager is entitled to a maximum management fee of 3.00% per annum, calculated daily based on the NAV of the Fund. For the six months financial period ended 28 February 2018, the management fee is recognised at a rate of 0.45% per annum (29.02.2017: 0.45% per annum). There will be no further liability to the Manager in respect of management fee other than the amount recognised above.

5. TRUSTEE’S FEE In accordance with the Deeds, the Trustee is entitled to a maximum fee of 0.04% per annum, calculated daily based on the NAV of the Fund. For the six months financial period ended 28 February 2018, the Trustee fee is recognised at a rate of 0.04% per annum (29.02.2017: 0.04% per annum). There will be no further liability to the Trustee in respect of Trustee’s fee other than the amount recognised above.


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6. DISTRIBUTION Distribution to unit holders is derived from the following sources:

01.09.2017 to 28.02.2018

01.09.2016 to 28.02.2017

RM RM

Interest income 29,637,831 13,224,694

Distribution equalisation (197,633) 4,792

29,440,198 13,229,486

Less:

Expenses (4,067,667) (1,929,857)

Net distribution amount 25,372,531 11,299,629

Date of distribution

Gross/net distribution per unit (sen)

Distribution on 29 September 2017 0.27 -

Distribution on 31 October 2017 0.28 -

Distribution on 30 November 2017 0.27 -

Distribution on 29 December 2017 0.28 -

Distribution on 30 January 2018 0.28 -

Distribution on 28 February 2018 0.25 -

Distribution on 30 September 2016 - 0.24

Distribution on 31 October 2016 -

0.26

Distribution on 30 November 2016 -

0.25

Distribution on 31 December 2016 -

0.25

Distribution on 31 January 2017 -

0.26

Distribution on 28 February 2017 - 0.24 Gross distribution is derived using total income less total expenses. Net distribution above is mainly sourced from current financial period’s realised income. Gross distribution per unit is derived from gross realised income less expenses, divided by the number of units in circulation. Net distribution per unit is derived from gross realised income less expenses and taxation, divided by the number of units in circulation.


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7. TAXATION

01.09.2017 to 28.02.2018

01.09.2016 to 28.02.2017

RM RM

Tax charged for the financial period:

- Current taxation - -

A numerical reconciliation between the profit before taxation multiplied by the Malaysian statutory income tax rate and tax expense of the Fund is as follows:

01.09.2017 to 28.02.2018

01.09.2016 to 28.02.2017

RM RM

Profit before taxation 25,599,756 11,294,837

Taxation at Malaysian statutory rate of 24%

(28.02.2017: 24%)

6,143,941 2,710,761

Tax effects of:

Investment income not subject to tax (7,113,079) (3,173,927)

Expenses not deductible for tax purposes 1,858,730 38,733 Restriction on tax deductible expenses for

Unit Trust Funds

(889,592) 424,433

Taxation - -

8. FINANCIAL ASSETS AT FAIR VALUE THROUGH PROFIT OR LOSS

28.02.2018 31.08.2017

Audited

RM RM Designated at fair value through profit or loss

at inception:

- Deposits with licensed financial institutions*

1,642,286,058 1,658,123,160

* Includes interest receivables of RM7,112,058 (31.08.2017: RM7,872,160). The weighted average effective interest rate per annum is as follows:

28.02.2018 31.08.2017

Audited

% %

Deposits with licensed financial institutions 3.91 3.87

Deposits with licensed financial institutions of the Fund have an average maturity of 45 days (31.08.2017: 43 days).

9. CASH AND CASH EQUIVALENTS

28.02.2018 31.08.2017

Audited

RM RM

Bank balances 23,195 11,028


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10. NUMBER OF UNITS IN CIRCULATION (UNITS)

01.09.2017 to 28.02.2018

01.09.2016 to 31.08.2017

Audited

No. of units No. of units

At the beginning of the financial period/year 1,657,579,668 636,436,550

Add: Creation of units from applications 1,015,612,401 2,909,116,238

Add: Creation of units from distribution 25,140,319 35,160,006

Less: Cancellation of units (1,056,439,730) (1,923,133,126)

At the end of the financial period/year 1,641,892,658 1,657,579,668

11. MANAGEMENT EXPENSE RATIO (“MER”)

01.09.2017 to 28.02.2018

01.09.2016 to 28.02.2017

% %

MER 0.26 0.26

MER is derived from the following calculation: MER = (A + B + C + D + E) x 100 F A = Management fee B = Trustee’s fee C = Audit fee D = Tax agent’s fee E = Other expenses F = Average NAV of the Fund calculated on a daily basis The average NAV of the Fund for the financial period calculated a on daily basis is RM1,563,139,124 (28.02.2017: RM748,251,864).

12. PORTFOLIO TURNOVER RATIO (“PTR”)

01.09.2017 to 28.02.2018

01.09.2016 to 28.02.2017

PTR (times) 4.63 4.53

PTR is derived based on the following calculation:

(Total placement for the financial period + total maturity for the financial period) 2 Average NAV of the Fund for the financial period calculated on a daily basis where: total placement for the financial period = RM7,263,529,000 (28.02.2017: RM3,595,627,000) total maturity for the financial period = RM7,198,548,933 (28.02.2017: RM3,177,524,000)


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13. UNITS HELD BY THE MANAGER AND PARTIES RELATED TO THE MANAGER, AND SIGNIFICANT RELATED PARTIES TRANSACTIONS AND BALANCES The related parties and their relationships with the Fund are as follows: Related parties Relationship CIMB-Principal Asset Management Bhd The Manager CIMB Group Sdn Bhd Holding company of the Manager CIMB Group Holdings Bhd (“CIMB”) Ultimate holding company of the Manager CIMB Bank Bhd Fellow related party of the Manager

CIMB Islamic Bank Bhd Fellow related party of the Manager Subsidiaries and associates of CIMB as Subsidiary and associated companies of the disclosed in its financial statements ultimate holding company of the Manager Units held by the Manager and parties related to the Manager:

28.02.2018

31.08.2017

Audited

No. of units RM No. of units RM Manager CIMB-Principal Asset

Management Bhd 280,925 280,897

265,405 265,378

In the opinion of the Manager, the above units were transacted at the prevailing market price. The units are held beneficially by the Manager for booking purposes. Other than the above, there were no units held by the Directors or parties related to the Manager. In addition to related party disclosures mentioned elsewhere in the financial statements, set out below are other significant related party transactions and balances. The Manager is of the opinion that all transactions with the related companies have been entered into in the normal course of business at agreed terms between the related parties.

01.09.2016 to 28.02.2017

01.09.2016 to 28.02.2017

RM RM

Significant related party transactions

Interest income from deposits with licensed financial institutions:

- CIMB Bank Bhd 68,689 1,249,448

There is no significant related party balance for the financial period.


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14. TRANSACTIONS WITH FINANCIAL INSTITUTIONS

Details of transactions with the top 10 financial institutions for the six months financial period ended 28 February 2018 are as follows:

Financial Institutions

Value of placements

Percentage of total placements

RM %

Malayan Banking Bhd 2,289,925,000 31.53

Hong Leong Bank Bhd 1,083,701,000 14.92

Public Bank Bhd 777,706,000 10.71

Affin Bank Bhd 626,169,000 8.62

AmBank Bhd 597,059,000 8.22

CIMB Bank # 380,201,000 5.23

Affin Hwang Investment Bk Bhd 353,416,000 4.87

RHB Bank Bhd 283,822,000 3.91

RHB Islamic Bank Bhd 197,644,000 2.72

Hong Leong Islamic Bank Bhd 174,212,000 2.40

Others 499,674,000 6.87

7,263,529,000 100.00

Details of transactions with the top 10 financial institutions for the six months financial period ended 28 February 2017 are as follows:

Financial Institutions Value of

placements Percentage

of total placements

RM %

Maybank Islamic Bhd 890,360,000 24.76

CIMB Bank Bhd # 580,241,000 16.14

Hong Leong Bank Bhd 401,529,000 11.17

Public Bank Bhd 383,693,000 10.67

Affin Bank Bhd 357,329,000 9.94

United Overseas Bank (Malaysia) Bhd 279,166,000 7.76

AmBank (M) Bhd 205,981,000 5.73

RHB Islamic Bank Bhd 187,059,000 5.20

Malayan Banking Bhd 116,569,000 3.24

RHB Bank Bhd 103,308,000 2.87

Others 90,392,000 2.52

3,595,627,000 100.00

# Included in the transactions are trades conducted with CIMB Bank Bhd, fellow subsidiaries of

the Manager amounting to RM380,201,000 (28.02.2017: RM580,241,000). The Manager is of the opinion that all transactions with the related companies have been entered into in the normal course of business at agreed terms between the related parties.


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15. SEGMENT INFORMATION The internal reporting provided to the chief operating decision-maker for the Fund’s assets, liabilities and performance is prepared on a consistent basis with the measurement and recognition principles of MFRS and IFRS. The chief operating decision-maker is responsible for the performance of the Fund and considers the business to have a single operating segment located in Malaysia. Asset allocation decisions are based on a single, integrated investment strategy and the Fund’s performance is evaluated on an overall basis. The investment objective of the Fund is to generate regular income for investors through investments primarily in the money market. The reportable operating segment derives its income by seeking investments to achieve targeted returns consummate with an acceptable level of risk within the portfolio. These returns consist of interest income earned from investments, which is derived from Ringgit-denominated deposits with licensed financial institutions in Malaysia. There were no changes in reportable operating segment during the financial period.


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DIRECTORY Head office of the Manager CIMB-Principal Asset Management Berhad (Company No.: 304078-K) 10th Floor, Bangunan CIMB, Jalan Semantan, Damansara Heights, 50490 Kuala Lumpur, MALAYSIA. Tel: (03) 2084 8888 Postal address CIMB-Principal Asset Management Berhad (Company No.: 304078-K) P.O.Box 10571, 50718 Kuala Lumpur, MALAYSIA. Website http://www.cimb-principal.com.my E-mail address [email protected] General investment enquiries (03) 7718 3100 Trustee for the CIMB-Principal Deposit Fund HSBC (Malaysia) Trustee Berhad (Company No. 001281-T) 13th Floor, HSBC South Tower, No. 2, Lebuh Ampang, 50100 Kuala Lumpur, MALAYSIA. Tel: (03) 2075 7800 Fax: (03) 2179 6511

http://www.cimb-principal.com.my/

mailto:[email protected]

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