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February 2014

Phillip Funds Focus A MONTHLY NEWSLETTER EXCLUSIVELY FOR

INVESTMENT PROFESSIONALS

Major equity markets suffered sharp declines in January 2014 after

last month’s strong year end gains. The Fed trimmed its monthly asset purchase program to USD65bln per month from USD75bln per month in the latest Federal Open Market Committee meeting in late January 2014

Japan’s Nikkei 225 Index fell the most among the regional bourses,

tumbling 8.5% in January while Shanghai Composite and Hang Seng Index fell 3.9% and 5.5% respectively. The Japanese Yen strengthened 3.1% month on month, which may have exacerbated the equity decline as the government had been weakening the currency in a bid to boost economic activity in the country.

The major European equity markets also suffered sharp declines for

January 2014. The FTSE, CAC and DAX fell 3.5%, 3.0% and 2.6% respectively for the month. Similarly, over in US, Dow Jones Industrial Average tumbled 5.3% for the month.

The Asian bourses fared better, the Jakarta Composite Index (JCI) rose 3.4% higher while Philippines Composite Index (PCOMP) rose 2.6% in January 2014. The Stock Exchange of Thailand (SET) however fell another 1.9% in January 2014 due to political woes in the country.

The US Purchasing Manager’s Index (PMI) expanded slower in

January 2014 to 51.3 from 56.4 in December 2013 as new orders and shipments declined. New orders plummeted to 51.2 from 64.4 in the previous month. This was the biggest one-month drop since May

2011. Nymex crude oil slipped 0.9% M-o-M to $97.5/barrel while Brent

crude oil fell 4% Mo-M to $116.4/barrel. Gold prices gained 3.1% in January 2014 as volatility returned and equity markets tumbled. CPO prices fell 2.90% to RM2,551 per tonne. Demand for palm oil has been affected as discount of Malaysian RBD palm oil to Argentina soyoil has narrowed to circa $63 per tonne from $300 per tonne a year ago.

We reckon equity markets will remain volatile over the next few

months as investor adapt to the reduction in asset purchase program and differing speeds of recovery among economies. We retain our current asset allocation.

A Brief Synopsis Where to Look Out For… Page

…Window to the World 2

…A Peep into Malaysia 2

…Lighting Up Your Path 3

…Walking With You 3

…PMB Model Portfolio 4

…Tracking Our Recommendations 5

…From the Scoreboard 6-10

…Appendix 11-12

B-3-6, Block B, Level 3 Unit 6 Megan Avenue II 12 Jalan Yap Kwan Seng 50450 Kuala Lumpur Malaysia Contact No: 603 – 2783 0300 E-mail: pcm@poems.com.my

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Tapering continues – Fed will scale back its monetary stimulus by USD10bln to USD75bln. The unemployment rate has come down to 7% in November from 7.3% in October, indicating that the recovery of job market is on track to achieve its threshold of 6.5% while inflation rate has also inched up to 1.2% in November, but still below its threshold of 2% before further monetary tightening.

Eurozone manufacturing (PMI) rose – Eurozone’s final Purchasing Managers Index (PMI) rose to 54.0 in January, higher compared to December’s figure of 52.7 as new orders rose at their fastest pace in nearly three years and factories raised its headcount to meet demand. The upbeat manufacturing data was led by a sharp rise in Germany but France remained a drag in the region. However, euro zone consumer price inflation fell to 0.7% in January as compared to 0.8% in December, pointing a possible trigger for further easing by the European Central Bank to sustain a rather fragile recovery.

Weaker PMI from China – China’s official non-manufacturing PMI dipped for a third straight month in January mainly dragged down by slowdown in real estate sector. The index which tracks non-manufacturing sectors including construction, software, aviation, railway transport and real estate fell to 53.4% in January from 54.6% in December 2013.

Window to the World

A Peep into Malaysia

Source: Bloomberg Note: Percentage changes are in local

currencies

FBM KLCI fell in January 2014 – The FBM KLCI kicked off the

year of 2014 lower and continued to fall to as low as 1,778.88 before rebounded slightly to close above the psychological level of 1,800. The local bourse ended the first month of 2014 with a loss of 3.4% to 1,804.03 as emerging markets’ currencies faced worst face selloff in five years following the decision of Argentina’s government to devalue its currency, Peso. Foreign investors sold Malaysian equity heavily to the tune of RM3.68bn worth of shares. On the other hand, local institutions continued to provide cushion with net buying of RM3.4bn. Local retailers also turned bullish in the New Year with mild net buying of RM235mil in January. Moreover, KL Plantation Index continued to lead the losers with total loss of 5.8% after posted the least gain last year due to weaker crude palm oil (CPO) exports and narrowed discount of CPO prices to soybean oil. However, FBM ACE market gained 4.0% as the trend of mid- and small-cap stocks which have better growth continued to be the spotlight of the market.

First IPO for 2014 –IOI Properties led the first IPO in 2014 with

market capitalization of RM10.2bn and overtook UEM Sunrise as the biggest property counter in terms of market capitalization. IOI Properties have replaced UEM Sunrise as one of the FBMKLCI constituents effective 21 January. According to reports compiled by Reuters, Malaysia’s IPO market could more than double this year to USD7bn led by an up to RM2bn sale of state investor 1Malaysia Development Bhd's energy assets. The IPO of 7-Eleven Holdings is also slated to take place within the first half of 2014 after being rejected by Securities Commission in November last year.

Source: Bloomberg

M-o-M

(%)

YTD (%)

China

-3.9%

-3.9%

Hong Kong

-5.5% -5.5%

Japan

-8.5% -8.5%

Malaysia

-3.4% -3.4%

South Korea

-3.5% -3.5%

US -5.3% -5.3%

Markets Performance

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Walking With You

Scale back in stimulus programme continues, Redemption back to developed market equities, Weather risk

Massive redemption from risky assets back to developed markets remain one of the key risk to equity markets in the emerging economies moving forward as the stimulus programme in US is scaled down. In the near future, we reckon economic data will remain weak as the US, China and Japan are all affected by extreme weather conditions. Thus, downside risk may be present should data appear weaker than expectations. We are also cautious on sales tax increase in Japan to 8% starting April 2014. This may effect local sentiment and overall positive data thus far coming from Japan. Investor’s may want to continue increasing exposure to the US and Malaysian equity funds. We remain positive on the US economy while Malaysia’s resilience to volatility due to local institutions should buffer down side risk. We remain cautious on fixed income as it will be susceptible to fund flowing back to developed equity markets whenever reduction of stimulus is done.

Lighting Up Your Path

Equities Mixed Assets Fixed Income^

Low Risk 25% 50% 25%

Moderate Risk 55% 35% 10%

High Risk 90% 5% 5%

Source: PCM

* The recommendation may vary based on individual's risk profile

^ Fixed Income includes capital protected funds and money market funds

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Actual PMB Model Portfolio* Illustrative PMB Islamic Model Portfolio*

Asset Allocation Return Return

Nov-13 Dec-13 Jan-14 Feb-14 Jan-14 Nov-13 Dec-13 Jan-14 Feb-14 Jan-14

AmBon Islam 10% 10% 0% 0% -0.4% AmBon Islam 25% 25% 0% 0% -0.4%

Kenanga Growth

15% 15% 15% 15% 0.2% Hwang Aiiman Growth

15% 15% 20% 20% -1.7%

Hwang Select Asia Quantum

25% 25% 25% 25% -1.9% Eastspring Investments Dana al-Ilham

15% 15% 15% 15% -1.0

Eastspring Investments Equity Income

15% 15% 25% 25% -1.6% RHB-OSK Mudharabah

30% 30% 20% 20% -0.9

RHB-OSK US Focus Equity

5% 5% 5% 5% -1.9% Kenanga Syariah Growth

15% 15% 20% 20% -1.8

RHB-OSK-GS US Equity

0% 0% 10% 10% -0.7% Eastspring Investments Islamic Income

0% 0% 25% 25% 0.3

Phillip Master Money Market

30% 30% 20% 20% 0.3%

Total: 100% 100% 100% 100% Total: 100% 100% 100% 100%

PMB Model Portfolio

Kenanga Growth fund gained 0.2% in January 2014

despite FBM KLCI’s 3.4% decline for the month. The

fund increased equity exposure to 89.6% in

December from 82.9% in November. Sector wise, the

fund increased exposure in Trading and Services

stocks to 41.5% in December from 33.4% in

November. The fund is also overweight Industrial

Products at 12.5% exposure to the sector.

Hwang Select Asia Quantum fund fell 1.9% in

January 2014, in line with steep losses in regional

equities. The fund increased equity exposure to

87.8% in December from 86.0% in November 2013.

Weighting in Singapore has been lowered to 26.0%

from 26.8% in November while exposure to Hong

Kong was adjusted upward to 18.6% from 15.4%

previously. Exposure to Indonesia and Philippines

are both at 9.9% as at end December 2013.

Source: PCM

Eastspring Investments Equity Income and Eastspring Dana Al-Ilham fell 1.6% and 1.0% respectively in January

2014. Eastspring Investments Equity Income further reduced exposure to the Banking & Finance sector to 18.0% in

January from 18.6% of total asset allocation in December. Cash holdings fell to 14.6% as at end January 2014.

Property and Telecommunication sector were the fund’s other major exposure.

For our exposure to US equities, RHB-OSK-GS US Equity fund fell 0.7% while RHB-OSK US Focus Equity fund fell

1.9% in January, both outperforming Dow Jones’s 5.3% loss for the month.

Phillip Master Money Market fund registered a 0.3% gain for January 2014 relative to Ambon Islam’s negative 0.4%

returns in January 2014, justifying our preference for money market funds in comparison to bond funds as US scale

back on stimulus programs.

Our PMB Model portfolio and PMB Islamic portfolio both fell 1.0% respectively in January 2014. This was still an

outperformance in comparison to FBM KLCI’s 3.4% decline for the month despite having foreign fund exposure

namely US and Asian equity markets.

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Name % Growth

Name % Growth

M-o-M YTD M-o-M YTD

MALAYSIA CONVENTIONAL ASIA

Equity Equity 1 Eastspring Investments Small-

Cap 2.8 2.8 18 Hwang Asia Quantum -1.9 -1.9

2 Kenanga Growth 0.2 0.2 19

RHB-OSK Emerging Opportunity

-2.2 -2.2

3 Eastspring Investments MY Focus

1.8 1.8 20 RHB-OSK Equity -2.5 -2.5

4 CIMB Principal-Equity -2.9 -2.9 21 TA South East Asia Equity 0.0 0.0

5 Eastspring Investments Equity Income

-1.6 -1.6 22 Hwang Select Opportunity -1.2 -1.2

Mixed Assets

6 Hwang Select Balanced -0.6 -0.6 Mixed Assets

23 Eastspring Investments Asia Select Income

-2.2 -2.2

7 RHB-OSK Kid Save -0.9 -0.9

8 Eastspring Investments Balanced

-0.3 -0.3 GLOBAL

Fixed Income Equity

9 AmDynamic Bond 0.2 0.2 24 Eastspring Investments Global Basics MY

-1.8 -1.8

10 AmBond -0.2 -0.2 25 Eastspring Investments Global Emerging Markets

-0.9 -0.9

MALAYSIA (ISLAMIC) 26 AmGlobal Property Equities 0.4 0.4

Equity

11 AmIttikal -2.4 -2.4

12 Hwang AIIMAN Growth -1.7 -1.7

13 Eastspring Investments Dana al-Ilham

-1.0 -1.0

14 Kenanga Syariah Growth -1.8 -1.8

Mixed Assets

15 CIMB Islamic Balanced Growth -1.3 -1.3

16 RHB-OSK Mudharabah -0.9 -0.9

Fixed Income

17 AmBon Islam -0.4 -0.4

Tracking our Recommendations

Our recommended Malaysian equity funds were mixed despite the FBM KLCI tumbling 3.4% in

January 2014. Worst performing fund was CIMB Principal-Equity fund which fell 2.9%, still

outperforming the index. We removed RHB-OSK Smart Treasure and replaced it with Eastspring

Investments MY Focus fund in our Malaysia Conventional equity recommended funds. The fund is

our top performing fund on a 1 year absolute and risk adjusted basis in our scoreboard for Malaysia

Equity Growth category.

In the Mixed Asset Category, all three recommended funds registered declines as both equity and

bond exposure fell. Investors who prefer mixed equity exposure should ensure bond exposure are of

shorter duration and local bonds as foreign bonds could suffer worse declines as Fed trim stimulus.

For the Fixed Asset Category, our stance remains the same. We do not have bond exposure and

urge caution for investors who insist on having bond exposure. We adapted our portfolio by balancing

weighting between equity and money market exposure.

For Asia Equity category, our preferred exposure via Hwang Asia Quantum fell 1.9% for the month.

We are monitoring the fund closely and may reduce exposure within our managed account as fund

redemptions may strengthen moving forward.

.

Note: Preferred * Shariah Compliant # Watch list

Source: Lipper

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Name Launch

Date 6-MTH (%) RETURN YTD

(%) 1-YR (%)

3-YR (%)

STD DEV 1-YR (%)

RTN/ RISK

RANK ABS

(1-YR)

RANK RAR

(1-YR)

Malaysia, Equity-Growth

E Affin Equity 29/4/1993 0.14 (3.74) 11.33 6.90 9.47 1.18 23 23

Affin Quantum 28/6/2011 (0.57) (3.90) 8.26 - 8.63 0.96 27 26

Affin Select Growth 22/7/2009 0.80 (3.38) 10.13 13.03 8.17 1.22 25 19

Alliance Tactical Growth 1/1/1904 - - - - - - - -

E AmDividend income 28/3/2005 3.15 (2.27) 15.00 23.22 9.35 1.55 18 16

AmMalaysia Equity 15/10/2001 5.66 (2.23) 20.63 21.29 11.01 1.77 8 12

E AmTotal Return 10/1/1989 1.25 (2.08) 15.55 29.77 7.83 1.89 17 10

Areca equityTrust 23/4/2007 9.00 1.44 29.75 26.08 15.63 1.75 3 13

ASM First Public 20/4/1992 1.29 (3.90) 7.85 (3.58) 6.84 1.14 29 24

E CIMB-Principal Equity 1/8/1995 6.10 (2.85) 24.28 29.99 10.12 2.21 6 8

E CIMB-Principal Equity Aggressive 3 12/3/1998 5.11 (3.06) 20.27 12.91 9.59 1.98 9 9

E Eastspring Investments Equity Income 18/10/2004 6.76 (1.62) 19.72 41.56 7.99 2.31 10 5

E Eastspring Investments Growth 29/5/2001 10.95 (0.92) 23.64 18.39 9.78 2.23 7 6

Eastspring Investments MY Focus 1/3/2011 20.67 1.77 50.70 - 14.13 3.01 1 1

E Kenanga OA Inv-Kenanga Blue Chip 23/4/2004 1.10 (3.32) 13.46 4.57 11.09 1.19 19 22

E Kenanga Growth 17/1/2000 10.54 0.20 29.05 56.29 11.42 2.31 4 4

Kenanga Malaysian Inc 9/11/2007 4.10 (1.78) 16.27 8.32 10.19 1.53 16 18

Kenanga Premier 26/11/1996 4.40 (2.06) 16.77 11.49 10.27 1.57 14 15

E Libra DividendEXTRA 18/3/2005 2.99 2.15 16.48 25.05 6.73 2.31 15 3

E Libra EquityEXTRA 10/9/1999 1.27 0.39 24.48 21.50 10.14 2.22 5 7

MIDF Amanah Dynamic 5/5/1976 2.54 (1.42) 11.36 (31.27) 10.79 1.05 22 25

MIDF Amanah Growth 2/12/1966 1.14 (2.83) 8.15 (32.50) 10.14 0.82 28 29

E RHB-OSK KLCI Tracker 3/4/2000 2.61 (2.77) 13.09 14.19 7.24 1.74 20 14

E RHB-OSK Malaysia Dividend 4/3/2008 (0.58) (1.65) 10.32 23.76 8.44 1.21 24 21

E RHB-OSK Smart Treasure 7/9/2004 4.06 (0.72) 19.50 22.41 12.11 1.54 12 17

Phillip Master Equity Growth 18/6/2003 8.47 (1.72) 36.04 48.24 12.09 2.63 2 2

E RHB-OSK Capital 12/4/1995 4.79 (1.21) 19.41 17.56 10.17 1.80 13 11

TA Comet 1/10/1999 5.22 (2.33) 9.91 0.64 11.39 0.88 26 27

E TA Growth 1/7/1996 4.18 (2.20) 5.48 5.08 8.76 0.65 30 30

E TA High Growth 7/6/2004 2.32 (1.79) 11.83 1.30 14.12 0.86 21 28

4.37 (1.69) 17.95 15.04 10.31 1.63 - -

Malaysia, Equity-Islamic Growth

Affin Islamic Equity 1/8/2007 1.09 (3.32) 10.33 5.59 8.77 1.17 19 20

Alliance Dana Adib 1/1/1904 - - - - - - - -

AmanahRaya Islamic Equity 23/4/2008 (2.26) (3.36) 7.63 2.13 10.37 0.76 24 24

E AmIslamic Growth 10/9/2004 6.39 (2.91) 24.84 28.63 13.20 1.75 5 5 E AmIttikal 12/1/1993 7.11 (2.36) 21.32 22.60 11.69 1.72 9 7

ASM Dana Al-Aiman 19/5/1997 0.69 (3.38) 7.98 6.98 6.64 1.19 23 19

ASM Dana Bestari 3/10/2002 3.04 (3.39) 9.45 (1.04) 7.84 1.19 20 18

ASM Dana Mutiara 5/8/2004 0.71 (3.99) 11.99 (6.28) 10.21 1.16 18 21

E ASM Shariah Growth 28/12/1972 3.01 (3.86) 28.67 32.31 20.71 1.32 2 15

E ASM Shariah Index 25/3/2002 3.82 (3.41) 12.46 13.58 8.35 1.45 17 14

E ASM Shariah Premier 12/6/1995 0.69 (4.57) 8.05 11.52 8.31 0.97 22 22

ASM Shariah Aggressive 21/11/2005 9.32 (4.63) 42.46 37.78 22.90 1.66 1 9

ASM Syariah Dividend 21/7/2008 0.12 (2.29) 5.52 (1.85) 6.61 0.85 27 23

BIMB i Dividend 18/3/2011 (1.03) (2.84) 4.31 - 8.35 0.54 28 28

BIMB i Growth 30/6/1994 1.30 (2.13) 7.03 9.37 11.03 0.67 25 25

E CIMB Islamic Equity Aggressive 15/6/1995 6.25 (2.97) 22.61 14.06 11.17 1.89 7 4

E Eastspring Investments Dana al-Ilham 14/8/2002 12.35 (0.98) 25.96 41.05 9.76 2.43 3 1

E Hwang AIIMAN Growth 8/10/2002 4.54 (1.65) 23.74 34.10 14.27 1.57 6 12

Kenanga OA Inv-Kenanga Ekuiti Islam 23/4/2004 5.14 (2.43) 18.46 15.58 10.54 1.67 13 8

Kenanga OA Inv-Kenanga Shariah Growth Opps 23/4/2004 6.25 (0.41) 21.37 25.90 12.23 1.65 8 11

InterPac Dana Safi 25/7/2007 (0.03) (3.02) 10.29 10.88 10.82 0.96 8 14

Kenanga Islamic 15/8/2002 4.29 (2.17) 20.52 27.07 11.77 1.65 11 10

E Kenanga Syariah Growth 29/1/2002 4.25 (1.76) 20.77 40.57 9.74 2.00 10 3

Libra Amanah Saham Wanita 4/5/1998 0.90 (1.24) 19.43 5.55 10.58 1.74 12 6

From the Scoreboard

Name Launch

Date 6-MTH (%) RETURN YTD

(%) 1-YR (%)

3-YR (%)

STD DEV 1-YR (%)

RTN/ RISK

RANK ABS

(1-YR)

RANK RAR

(1-YR)

Malaysia, Equity-Growth

Affin Equity 29/4/1993 8.62 0.71 14.66 13.49 7.91 1.78 28 28

E Affin Select Growth 22/7/2009 10.65 (0.07) 17.62 - 8.29 2.01 25 24

Alliance Tactical Growth 2/9/2004 14.71 2.02 23.90 15.81 10.80 2.05 13 23

AmCumulative Growth 24/7/1996 7.28 (2.98) 10.50 (1.26) 11.88 0.90 31 31

E AmDividend income 28/3/2005 9.82 0.82 17.38 26.35 8.43 1.95 26 25

E AmTotal Return 10/1/1989 14.28 1.52 22.29 15.39 7.56 2.72 16 6

Areca Equity Trust 23/4/2007 16.70 2.54 29.70 67.32 8.50 3.13 3 3

E ASM First Public 20/4/1992 10.07 1.56 16.62 15.35 6.37 2.46 27 12

E ASM Index 25/3/2002 12.46 0.51 19.64 15.79 6.60 2.77 19 4

E ASM KMB Dana Pertumbuhan 28/12/1972 8.98 1.70 18.08 10.28 8.23 2.07 23 22

E ASM Premier 12/6/1995 10.43 0.86 18.54 13.16 7.43 2.34 21 15

E Avenue DividendEXTRA 18/3/2005 12.05 0.82 18.30 25.24 6.80 2.52 22 11

E Avenue EquityEXTRA 10/9/1999 10.89 1.11 17.77 20.37 9.27 1.82 24 27

E CIMB-Principal Equity Aggressive 3 12/3/1998 15.45 1.09 25.05 20.89 10.00 2.30 11 17

HwangDBS Select Opportunity 7/9/2001 16.83 2.10 22.54 38.96 10.91 1.93 15 26

E ING OA Inv- ING Blue Chip 23/4/2004 18.33 0.77 25.69 15.27 10.13 2.33 10 16

InterPac Dynamic Equity 25/7/2007 12.11 0.09 30.03 38.01 9.91 2.72 2 5

E Kenanga Growth 17/1/2000 15.26 0.65 32.37 48.70 7.41 3.86 1 1

E Kenanga Malaysian Inc 9/11/2007 9.57 3.30 13.40 1.19 9.74 1.34 30 29

E Kenanga Premier 26/11/1996 9.15 2.80 14.42 (8.26) 11.32 1.25 29 30

E OSK-UOB KLCI Tracker 3/4/2000 12.52 0.01 22.09 20.57 8.91 2.30 17 18

E OSK-UOB Malaysia Dividend 4/3/2008 14.04 0.91 25.99 - 10.66 2.24 9 19

E OSK-UOB Smart Treasure 7/9/2004 17.11 0.96 26.44 22.46 9.91 2.44 8 13

E OSK-UOB Thematic Growth 26/9/2007 18.19 0.70 28.06 26.59 7.48 3.38 6 2

Phillip Master Equity Growth 18/6/2003 9.74 1.31 18.90 52.96 7.95 2.23 20 20

E PRUequity income 18/10/2004 12.73 0.43 21.11 26.19 7.59 2.58 18 10

E PRUgrowth 29/5/2001 18.90 1.63 28.87 37.79 9.77 2.67 4 7

E RHB Capital 12/4/1995 15.73 1.78 24.85 29.71 8.81 2.58 12 9

E TA Comet 1/10/1999 15.31 1.35 23.25 18.30 9.77 2.20 14 21

E TA Growth 1/7/1996 15.86 1.58 28.39 34.56 9.73 2.64 5 8

E TA High Growth 7/6/2004 16.09 0.70 26.86 28.13 10.31 2.38 7 14

AVERAGE (31) 1/1/1904 13.22 1.07 22.04 23.77 8.98 2.32 - -

Malaysia, Equity-Islamic Growth 1/1/1904

E Affin Islamic Equity 1/8/2007 10.11 1.12 14.49 12.20 8.88 1.57 22 22

E Alliance Dana Adib 25/3/2004 9.67 1.33 16.80 9.36 7.40 2.15 20 11

Amanah Saham Wanita 4/5/1998 12.54 0.91 16.09 14.72 9.69 1.59 21 21

AmanahRaya Islamic Equity 23/4/2008 20.45 4.70 27.65 - 12.60 2.02 2 13

E AmIslamic Growth 10/9/2004 12.46 2.31 22.81 15.09 9.69 2.18 8 8

E AmIttikal 12/1/1993 11.94 2.14 19.38 16.98 9.23 1.98 16 15

E ASM Dana Al-Aiman 19/5/1997 9.93 1.76 17.16 11.84 4.98 3.22 19 2

E ASM Dana Bestari 3/10/2002 10.41 2.47 18.60 0.11 6.04 2.87 17 3

E ASM Dana Mutiara 5/8/2004 16.63 1.08 25.95 1.71 10.54 2.26 5 7

E ASM Syariah Aggressive 21/11/2005 6.32 3.00 7.23 (23.36) 10.48 0.72 23 23

E ASM Syariah Dividend 21/7/2008 11.58 2.95 19.41 - 6.56 2.75 15 5

E CIMB Islamic Equity Aggressive 15/6/1995 17.29 3.79 26.86 17.90 11.46 2.15 3 10

E HwangDBS AIIMAN Growth 8/10/2002 17.46 1.98 23.75 45.02 11.44 1.93 6 16

E ING OA Inv- ING Ekuiti Islam 23/4/2004 13.77 1.17 20.07 (1.46) 10.60 1.79 14 18

From the Scoreboard

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7

Name Launch

Date 6-MTH

(%) RETURN YTD

(%) 1-YR (%)

3-YR (%)

STD DEV 1-YR (%)

RTN/ RISK

RANK ABS

(1-YR)

RANK RAR

(1-YR)

Malaysia, Equity-Islamic Growth

MIDF Amanah Islamic 14/5/1971 4.79 (1.41) 13.30 (29.02) 10.82 1.21 16 17

RHB-OSK Dana Islam 26/10/2001 6.97 (1.37) 25.55 26.49 11.20 2.10 4 2

E RHB-OSK Islamic Growth 26/1/2004 6.30 (0.75) 14.38 7.25 9.53 1.46 15 13

TA Dana Fokus 17/6/2008 (0.78) (2.21) 8.39 (5.06) 13.71 0.65 21 26

E TA Islamic 24/4/2001 3.52 (2.59) 6.23 (8.10) 10.59 0.62 26 27

AVERAGE (28) 3.61 (2.55) 16.44 13.64 11.21 1.37 - -

Malaysia, Equity Small Cap

E KAF Vision 1/3/2000 6.10 0.32 38.28 32.36 19.66 1.75 3 5

E CIMB-Principal Small Cap 20/4/2004 3.80 (1.26) 46.42 53.31 22.50 1.82 2 4

E Eastspring Investments Small-cap 29/5/2001 20.21 2.78 69.40 46.14 23.48 2.39 1 1

E Kenanga OA Inv-Kenanga Growth Opportunities 23/4/2004 7.87 0.87 26.73 29.06 11.28 2.17 6 2

MIDF Amanah Strategic 1/6/1970 8.52 2.85 28.52 (19.76) 20.49 1.33 5 6

RHB-OSK Small Cap Opportunity 20/4/1998 9.97 0.49 31.59 38.99 14.10 2.03 4 3

TA Small Cap 9/2/2004 6.42 1.05 12.59 9.65 15.22 0.85 7 7

AVERAGE (7) 8.98 1.01 36.22 27.11 18.10 1.76 - -

Asia, Equity Offshore

AmAsia Pacific REITs 18/7/2011 (0.43) 0.33 (3.39) - 11.35 (0.25) 24 23

AmAsia-Pacific Property Equities 18/7/2006 (1.34) (4.03) 1.68 3.72 16.97 0.18 16 18

AmCumulative Growth 24/7/1996 5.62 (2.75) 1.67 (10.90) 10.64 0.20 17 17

CIMB-Principal ASEAN Equity 12/9/2007 (7.93) (1.25) (1.49) (4.28) 12.56 (0.06) 21 21

CIMB-Principal China-India-Indonesia Equity 21/1/2010 0.21 1.32 (5.11) (10.36) 11.81 (0.39) 27 27

CIMB-Principal Equity Growth & Income 15/5/1991 6.05 (2.70) 18.71 17.76 8.47 2.08 2 1

CIMB-Principal Greater China Equity 12/6/2007 14.03 (0.43) 7.63 (3.67) 13.35 0.61 8 10

Eastspring Investments Asia Pacific Equity MY 21/7/2005 5.75 (4.03) (3.72) (11.69) 10.01 (0.33) 25 25

Eastspring Investments Dinasti Equity 26/10/2009 4.81 (3.50) 3.53 (6.37) 10.80 0.37 14 14

Eastspring Investments Indonesia Equity MY 27/4/2011 (14.80) 7.21 (14.37) - 22.68 (0.57) 31 29

Hwang Select Asia (Ex Japan) Quantum 15/4/2004 (4.29) (1.92) 12.40 43.19 13.20 0.95 6 6

Hwang Select Dividend 28/3/2011 1.04 (1.42) 8.70 - 7.37 1.17 7 4

E Hwang Select Opportunity 7/9/2001 1.21 (2.93) 16.93 36.73 11.75 1.39 3 3

Kenanga China Access 11/1/2008 2.30 1.83 (3.25) (12.35) 8.28 (0.36) 23 26

Libra Consumer and Leisure Asia 18/7/2007 3.93 2.69 3.64 11.79 10.42 0.39 12 12

RHB-OSK ASEAN 2/12/2009 (6.54) (0.91) (1.55) 6.51 13.33 (0.05) 22 20

RHB-OSK Asia Consumer 18/1/2010 4.36 2.76 7.62 10.59 8.81 0.88 9 7

RHB-OSK Asia Financials 11/1/2011 1.60 (4.50) (3.77) (10.38) 11.34 (0.29) 26 24

RHB-OSK Asia Pacific 6/1/2006 3.76 (2.41) 5.23 (11.12) 8.37 0.65 11 9

RHB-OSK Asian Growth Opportunities 8/1/2008 11.30 3.65 16.04 5.84 14.60 1.09 4 5

RHB-OSK Big Cap China Enterprise 3/12/2007 12.02 (4.32) 6.79 (5.91) 14.81 0.51 10 11

RHB-OSK China-India Dynamic Growth 11/3/2010 11.06 (2.18) 2.84 (11.16) 12.62 0.28 15 15

RHB-OSK Equity 8/8/1996 (4.62) (2.46) 14.58 26.76 18.84 0.81 5 8

E RHB-OSK Emerging Opportunity 18/5/2004 1.63 (2.18) 29.95 50.47 16.59 1.67 1 2

RHB-OSK Indonesia Equity Growth 4/4/2011 (15.06) 4.55 (10.93) - 20.90 (0.45) 30 28

RHB-OSK Resources 16/5/2006 3.06 (4.41) (9.18) (21.33) 9.67 (0.95) 29 31

Pacific Focus China 19/5/2009 6.02 (2.74) 3.61 (6.33) 10.37 0.39 13 13

Pheim Asia Ex-Japan 30/6/2006 4.62 (2.56) (1.42) (15.02) 9.73 (0.10) 20 22

RHB-OSK Dividend Valued Equity 13/7/2005 (3.34) (4.04) (8.45) (18.29) 9.46 (0.89) 28 30

TA Asian Dividend Income 15/8/2007 2.27 (2.78) 1.40 - 8.12 0.21 18 16

TA South East Asia Equity 28/11/2005 (5.17) (1.18) 0.21 3.16 10.25 0.07 19 19

AVERAGE (32) 1.39 (1.20) 3.11 2.21 12.18 0.30 - -

- 8 -

8

Name

Launch Date

6-MTH (%)

RETURN YTD (%)

1-YR (%)

3-YR (%)

STD DEV 1-YR (%)

RTN/ RISK

RANK ABS

(1-YR)

RANK RAR

(1-YR)

Asia, Equity Offshore- Others

KAF Global Diversified Property 9/8/2007 1.41 0.60 3.50 10.48 9.95 0.39 17 25

KAF Global Equities 19/5/2006 6.16 (1.77) 11.84 11.26 9.61 1.21 12 14

AmBRIC Equity 9/11/2009 2.73 (7.04) (6.98) (26.78) 15.86 (0.38) 26 26

AmCommodities Equity 19/7/2010 8.83 2.49 9.39 (2.72) 12.78 0.76 13 20

AmGlobal Agribusiness 3/5/2007 5.72 (2.59) (3.92) (5.78) 8.92 (0.41) 24 19

AmGlobal Emerging Market Opportunities 18/3/2008 5.96 (3.22) 2.81 (13.88) 12.87 0.27 20 5

AmGlobal Property Equities 25/10/2005 0.25 0.35 3.04 12.14 10.45 0.33 19 6

AmPan European Property Equities 6/3/2007 17.75 3.30 30.44 33.99 13.46 2.06 1 21

AmSchroder European Equity Alpha 8/8/2006 16.58 0.54 28.82 20.33 13.48 1.96 2 1

CIMB-Principal Australian Equity 20/3/2010 5.11 (2.59) (0.13) 10.27 14.22 0.06 21 15

CIMB-Principal Global Titans 18/7/2005 10.55 (0.66) 24.41 26.21 8.26 2.71 4 23

Eastspring Investments Global Basics MY 17/1/2007 2.93 (1.75) 4.80 (5.34) 9.71 0.53 15 8

Eastspring Investments Global Emerging Markets 11/1/2008 1.76 (5.03) (2.87) (9.30) 12.36 (0.18) 23 30

Eastspring Investments Global Leaders MY 23/3/2006 7.31 (2.17) 22.42 16.91 10.96 1.91 6 -

Hwang Global Commodity 20/8/2007 0.92 0.51 (10.00) (22.68) 11.09 (0.90) 29 7

Hwang Global Property 19/4/2006 - - - - - - - 18

Kenanga Global Dividend 19/3/2007 6.15 (1.16) 16.68 18.12 8.29 1.91 10 31

Kenanga Global Real Estate 18/7/2006 2.30 1.87 3.24 8.38 10.22 0.36 18 9

RHB-OSK Agriculture 11/8/2011 (12.87) (3.58) (25.27) - 6.81 (4.19) 30 29

RHB-OSK Global Equity Yield 9/11/2005 7.49 (2.60) 20.01 15.66 9.99 1.88 9 28

RHB-OSK Global New Stars 24/1/2007 (0.64) (4.55) (8.67) (17.17) 10.43 (0.82) 28 3

RHB-OSK Gold and General 21/7/2009 (1.10) 9.93 (30.89) (54.24) 37.58 (0.79) 31 16

RHB-OSK US Focus Equity 15/10/2010 5.91 (1.93) 21.24 23.37 8.90 2.22 8 13

Pacific Asia Brands 20/1/2006 2.37 (2.70) 3.76 (8.44) 9.08 0.45 16 27

Pacific Focus18 16/6/2005 6.30 (0.91) 7.26 (9.13) 6.52 1.11 14 22

Pacific Global Agriculture, Infrastructure and Res 1/1/1904 - - - - - - - 11

Pacific Global Stars 20/7/2006 5.86 (1.32) (0.42) (3.91) 10.41 0.01 22 24

RHB-OSK Global Themes 5/1/2007 12.14 (2.21) 16.42 9.03 10.31 1.53 11 2

RHB-OSK-GS BRIC Equity 11/1/2011 6.38 (5.79) (6.18) (22.26) 16.62 (0.31) 25 4

RHB-OSK-GS US Equity 18/5/2011 9.25 (0.68) 27.12 - 9.44 2.61 3 10

TA European Equity 20/3/2007 13.79 0.19 23.34 21.55 10.42 2.08 5 -

TA Global Technology 26/5/2011 11.59 (0.71) 22.17 - 11.87 1.75 7

AVERAGE (33) 5.60 (1.20) 6.45 0.65 11.67 0.63 -

Asia, Equity Offshore- Islamic

AmIslamic Greater China 8/11/2010 (2.49) (6.10) (13.05) (34.93) 9.70 (1.39) 11 12

CIMB Islamic Asia Pacific Equity 2/6/2006 3.58 (2.94) (0.33) (9.93) 7.47 (0.01) 6 6

Eastspring Investments Asia Pacific Shariah Equity 22/11/2007 (1.14) (3.71) (4.47) (3.85) 7.15 (0.61) 8 9

Namaa' Asia-Pacific Equity Growth 15/8/2008 (3.22) (2.93) (6.77) (14.51) 6.11 (1.12) 10 11

Pheim Asia Ex-Japan Islamic 1/11/2006 7.70 (0.24) 13.61 5.84 6.77 1.92 2 2

RHB-OSK Asia Pacific Maqasid 23/2/2010 10.59 (2.46) 9.71 (16.09) 10.35 0.95 3 4

AmOasis Global Islamic Equity 21/4/2006 7.56 (1.11) 20.35 12.51 8.01 2.37 1 1

AmPrecious Metals 15/11/2007 (3.80) 11.71 (31.98) (56.58) 41.52 (0.72) 12 10

AmASEAN Equity 6/6/2011 (8.32) (1.37) (4.90) - 10.06 (0.45) 9 8

RHB-OSK Global Food Islamic Equity 11/8/2011 1.67 (1.16) 8.79 - 8.26 1.06 4 3

Pacific Dana Dividen 26/7/2007 1.47 (3.11) 7.50 (1.77) 10.17 0.76 5 5

TA BRIC and Emerging Markets 25/2/2010 6.62 (2.24) (2.10) (21.54) 9.30 (0.19) 7 7

AVERAGE (12) 1.69 (1.31) (0.30) (14.08) 11.24 0.21 - -

Malaysia, Mixed Assets

Affin Tactical 10/8/2010 (0.25) (2.89) 6.64 7.17 6.78 0.98 24 28

E KAF First 16/1/1996 2.52 (0.67) 12.00 9.13 6.58 1.76 10 10

Alliance Moneyplus 1/1/1904 - - - - - - - 29

E AmBalanced 16/9/2003 (0.31) (2.12) 8.58 19.09 6.13 1.37 19 14

E AmConservative 16/9/2003 1.68 0.17 9.35 10.38 4.70 1.93 17 8

ASM Shariah Balanced 6/12/1997 3.14 (1.78) 9.77 (2.67) 3.91 2.41 16 1 CIMB-Principal Lifecycle 2017 12/7/2007 - - - - - - - - CIMB-Principal Lifecycle 2022 12/7/2007 - - - - - - - - CIMB-Principal Lifecycle 2027 12/7/2007 - - - - - - - -

E Eastspring Investments Balanced 29/5/2001 11.03 (0.32) 18.50 20.31 9.25 1.89 6 13 Eastspring Investments Dynamic 6/11/2003 11.30 (0.74) 23.19 19.71 8.09 2.64 3 3

E Hwang Select Balanced 28/7/2003 3.88 (0.64) 10.88 21.38 7.00 1.51 14 16 Hwang Select Income 6/1/2005 1.86 (0.12) 1.71 12.91 4.68 0.38 27 28

- 9 -

9

Name

Launch Date 6-MTH (%)

RETURN YTD (%)

1-YR (%)

3-YR (%)

STD DEV 1-YR (%)

RTN/ RISK

RANK ABS

(1-YR)

RANK RAR

(1-YR)

Malaysia, Mixed Assets

E Kenanga OA Inv-Kenanga Diversified 23/4/2004 3.19 (2.18) 11.64 28.68 8.45 1.35 11 18

Kenanga OA Inv-Kenanga Managed Growth 23/4/2004 2.68 (1.26) 10.26 6.56 7.29 1.38 15 16

InterPac Dynamic Equity 25/7/2007 2.99 (2.38) 11.01 7.60 8.25 1.31 13 19

KAF Jade 1/11/2006 18.71 0.35 22.00 0.88 11.16 1.85 4 9

Kenanga Balanced 23/5/2001 2.14 (1.20) 8.76 6.30 6.70 1.29 18 20

E Libra TacticalEXTRA 18/3/2005 1.18 3.34 15.98 17.09 8.90 1.72 8 12

E RHB-OSK Growth and Income Focus 7/1/2005 5.07 1.38 25.20 26.98 15.54 1.53 2 14

E RHB-OSK KidSave 10/5/1999 1.08 (0.87) 7.90 20.96 6.19 1.26 21 21

E RHB-OSK Smart Balanced 7/9/2004 7.77 1.11 32.20 35.88 15.22 1.92 1 6

E RHB-OSK Smart Income 7/9/2004 2.70 0.10 17.02 14.38 8.42 1.92 7 7

E RHB-OSK Thematic Growth 26/9/2007 1.61 (1.99) 8.31 14.96 9.40 0.89 20 26

E Pacific SELECT Balance 11/8/2003 2.31 (1.01) 12.78 9.82 6.00 2.04 9 3

E Pacific SELECT Income 11/8/2003 0.82 (0.37) 4.17 (0.64) 2.02 2.04 25 4

Pheim Emerging Companies Balanced 28/1/2002 4.03 (0.52) 7.77 7.83 6.57 1.17 22 23

Pheim Income 28/1/2002 1.99 (0.06) 1.43 3.26 2.66 0.55 28 27

E RHB-OSK GoldenLife 2020 21/2/2005 2.09 (1.74) 11.12 9.66 6.66 1.62 12 13

E RHB-OSK GoldenLife 2030 21/2/2005 4.15 (2.40) 20.16 21.86 10.73 1.77 5 10

E RHB-OSK GoldenLife Today 21/2/2005 0.40 (1.18) 3.50 5.28 2.94 1.19 26 22

E TA Income 6/5/2002 1.51 (2.65) 6.90 3.11 6.04 1.13 23 24

AVERAGE (33) 3.47 (0.79) 11.59 12.08 7.20 1.44 - -

Malaysia, Mixed Assets- Islamic

E KAF Dana Alif 26/2/2003 2.78 (1.56) 12.62 9.39 9.65 1.28 5 9

E AmIslamic Balanced 10/9/2004 3.13 (1.30) 11.20 15.97 6.30 1.72 6 6

E BIMB Dana Al-Falah 27/12/2001 0.90 (1.28) 5.80 2.64 9.70 0.63 14 15

BIMB Dana Al-Munsif 27/12/2001 2.00 (1.19) 7.67 3.54 6.88 1.11 11 12

E CIMB Islamic Balanced Growth 26/5/2003 5.08 (1.25) 14.25 19.36 8.17 1.68 4 7

E CIMB Islamic Enhanced Sukuk 19/4/2106 5.18 (0.60) 11.32 9.58 6.02 3.68 17 9

CIMB Islamic Kausar Lifecycle 2017 12/7/2007 - - - - - - - -

CIMB Islamic Kausar Lifecycle 2022 12/7/2007 - - - - - - - -

CIMB Islamic Kausar Lifecycle 2027 12/7/2007 - - - - - - - -

Dana Islamiah Affin 11/11/2001 0.02 (2.31) 6.40 2.33 6.20 1.03 13 13

Dana Makmur Pheim 28/1/2002 7.88 1.35 28.80 23.70 11.24 2.32 1 1

E Eastspring Investments Dana al-Islah 14/8/2002 2.48 (0.52) 6.63 8.95 3.43 1.89 12 4

E Eastspring Investments Dana Dinamik 25/2/2004 8.86 (1.53) 19.57 32.90 9.51 1.94 2 2

Kenanga OA Inv-Kenanga Shariah Balanced 23/4/2004 1.63 (2.22) 8.47 6.84 7.54 1.12 9 11

InterPac Dana Safi 25/7/2007 (0.03) (3.02) 10.29 10.88 10.82 0.96 8 14

Kenanga Islamic Balanced 6/12/2004 1.96 (1.49) 11.12 11.41 6.71 1.61 7 8

Libra SyariahEXTRA 1/1/2003 1.08 (0.79) 15.85 10.50 7.96 1.90 3 3

E RHB-OSK Mudharabah 9/5/1996 3.08 (0.89) 7.69 4.03 6.52 1.17 10 10

TA Asia Pacific Islamic Balanced 7/11/2006 1.53 (0.97) (0.97) (5.46) 6.09 (0.13) 16 17

E TA Dana Optimix 17/1/2005 1.34 (2.55) (1.23) (12.56) 10.51 (0.07) 17 16

AVERAGE (20) 2.72 (1.29) 9.99 8.78 7.66 1.29 - - Mixed Assets- Offshore

E KAF Core Income 2/9/2004 3.50 (0.93) 19.46 30.55 7.84 2.32 2 1

Hwang AUD Income MYR 18/3/2010 1.81 0.33 (4.99) 7.29 9.20 (0.51) 10 10

Hwang Global Financial Institutions 10/7/2008 - - - - - - - -

Hwang US Access 80 12/3/2009 - - - - - - - -

Kenanga Asia Pacific Oriental 24/8/2006 12.88 (2.44) 20.31 15.36 12.40 1.56 1 3

RHB-OSK Golden Dragon 8/5/2007 4.85 (3.53) 3.66 (9.37) 8.02 0.49 5 6

RHB-OSK Muhibbah Income 12/3/2007 2.00 (1.31) 3.21 (4.62) 4.84 0.68 6 5

Pacific Select Income 11/8/2003 0.82 (0.37) 4.17 (0.64) 2.02 2.04 25 4

Eastspring Investments Asia Select Income 18/11/2005 2.65 (2.23) (0.63) (3.60) 5.97 (0.08) 9 9

Eastspring Investments Enhanced Income 28/5/2007 2.27 (1.15) 0.31 (0.19) 2.95 0.12 8 8

TA Asia Pacific Islamic Balanced 7/11/2006 1.53 (0.97) (0.97) (5.46) 6.09 (0.13) 16 17

- 10 -

10

Name

Launch Date 6-MTH (%)

RETURN YTD (%)

1-YR (%)

3-YR (%)

STD DEV 1-YR (%)

RTN/ RISK

RANK ABS

(1-YR)

RANK RAR

(1-YR)

TA Global Asset Allocator 12/6/2006 4.75 (0.90) 2.87 (6.23) 7.55 0.41 7 7

AVERAGE (12) 4.53 (0.63) 6.33 4.65 7.55 0.74 - -

Fixed Income ^

Affin Capital 12/12/2001 0.44 (0.11) 3.46 1.99 1.91 1.79 4 7

E AmanahRaya Unit Trust 21/9/2006 0.31 (0.08) 1.53 3.98 1.56 0.98 13 10

E AmBond 20/1/2000 (0.29) (0.17) 0.40 1.04 1.81 0.23 17 16

AmCommodities Extra 4/8/2008 - - - - - - - -

E AmDynamic Bond 16/9/2003 (1.83) 0.20 1.44 8.68 2.55 0.57 14 14

E AmIncome Plus 17/6/2004 1.24 0.20 2.60 0.15 0.24 10.74 8 1

Areca incomeTrust 23/4/2007 1.23 0.16 2.50 1.30 0.40 6.16 10 2

E CIMB-Principal Bond 15/11/1995 0.76 (0.08) 2.99 3.56 0.94 3.14 7 3

E CIMB-Principal Strategic Bond 23/3/2004 (0.04) (0.20) 3.73 3.79 3.56 1.05 3 8

E Eastspring Investments Bond 29/5/2001 0.76 (0.23) 2.55 7.88 1.27 1.99 9 5

Hwang Select Bond 28/7/2003 2.21 0.44 2.20 9.44 3.61 0.62 11 13

Kenanga OA Inv-Kenanga Income Plus 23/4/2004 (0.10) 0.19 0.85 0.95 1.28 0.67 16 11

KAF Bond 1/11/2006 0.87 0.03 6.17 6.50 3.25 1.86 1 6

Kenanga Bond 15/8/2002 (0.66) 0.09 0.21 0.01 1.36 0.16 19 18

Libra BondEXTRA 8/10/2002 0.64 (0.19) 0.35 5.91 2.75 0.14 18 19

RHB-OSK Emerging Markets Bond 3/1/2012 3.07 1.80 0.97 - 6.99 0.17 15 17

RHB-OSK Energy 23/3/2009 0.74 (3.12) 1.81 (19.38) 8.98 0.24 12 15

E RHB-OSK Income 2 26/2/2003 1.28 0.49 3.02 4.01 1.42 2.11 6 4

RHB-OSK Asian Total Return 26/2/2007 4.23 1.61 4.04 2.74 6.67 0.62 2 12

TA All-Cycle Commodities Income 4/5/2009 2.51 (1.88) 3.07 (7.38) 3.10 0.99 5 9

AVERAGE (20) 0.91 (0.05) 2.31 1.95 2.82 1.80 - -

Fixed Income - Islamic^

E AmanahRaya Syariah Trust

21/9/2006 0.06 (0.35) 1.38 3.98 1.98 0.70 9 9

E AmBon Islam 26/11/2001 0.78 (0.44) 1.48 2.77 1.93 0.77 7 8 E BIMB Dana Al-Fakhim 27/12/2001 1.32 0.23 2.57 - 0.08 33.41 3 1

E CIMB Islamic Enhanced Sukuk

19/4/2106 5.18 (0.60) 11.32 9.58 6.02 3.68 17 9

Eastspring Investments Dana Wafi

21/2/2005 0.45 (0.24) 1.83 0.61 1.17 1.55 6 5

Hwang AIIMAN Income Plus

28/6/2004 0.23 (0.45) 1.42 5.27 1.44 0.99 8 7

Kenanga OA Inv-Kenanga Bon Islam

23/4/2004 (0.06) 0.22 (0.19) (3.51) 1.32 (0.14) 10 10

E Libra ASnitaBOND 18/3/2005 0.91 (0.13) 2.30 5.43 1.12 2.04 4 3 Pacific Dana Murni 25/3/2003 1.05 0.06 2.05 0.43 0.67 3.02 5 2

E

RHB-OSK Islamic Bond

25/8/2000 0.09 (0.66) 8.96 15.49 5.67 1.54 1 6

AVERAGE (10) 0.74 (0.21) 2.75 3.92 1.84 4.57 - -

DISCLAIMER:

This publication is solely for information only. It should not be construed as an offer or solicitation for the subscription, purchase or sale of the securities mentioned herein. The publication has been prepared by Phillip Capital Management Sdn Bhd on the basis of publicly available information, internally developed data and other sources believed to be reliable. Whilst we have taken all reasonable care to ensure that the information contained in this publication is accurate and the opinions are fair and reasonable, it does not guarantee the accuracy or completeness of this publication. Accordingly, no warranty whatsoever is given and no liability whatsoever is accepted for any loss arising whether directly or indirectly as a result of any person or group of persons acting on such information and advice. This publication was prepared without regard to your specific investment objectives, financial situation or particular needs. Whilst views and advice given are in good faith, you should not regard the publication as a substitute for the exercise of your own judgement and should seek other professional advice for your specific investment needs or financial situations.

For Phillip Capital Management Sdn Bhd ____________________________ Nona Salleh

Executive Chairperson

The Mechanism

1) Superior ranking based on risk-adjusted-return.

2) Commendable ranking based on absolute return.

3) Fund size (minimum RM25 million)

4) Check on short-term return (1-month or 3-month returns)

5) Check top holdings and sectors allocation

6) Qualitative evaluations (if needed)

Note: ABS denotes ranking based on absolute return RAR denotes ranking based on risk-adjusted return - YTD is from 31/12/2013 to 31/01/2014.

- 1 and 3 year returns are based on rolling returns.

‘E’ EPF approved

Source: PCM, Lipper

Source: PCM, Lipper

- 11 -

11

Date KLCI m-o-m %

Change PMB Portfolio

m-o-m %

Change

PMB Islamic

Portfolio

m-o-m %

Change

Jan-14 1804.03 -3.4 196.5 -1.0 179.7 -1.0

Dec-13 1866.96 3.0 198.5 1.9 181.5 1.9

Nov-13 1812.72 0.3 194.7 0.9 178.0 0.4

Oct-13 1806.85 2.2 193.0 0.8 177.3 2.5

Sep-13 1768.62 2.4 191.5 1.5 173.1 2.0

Aug-13 1727.58 -2.5 188.7 -1.6 169.7 -1.6

Jul-13 1772.62 -0.1 191.7 +0.8 172.5 +0.1

Jun-13 1773.54 0.2 190.2 -2.4 172.4 -1.2

May-13 1769.22 3.0 195.0 +5.2 174.5 +5.6

Apr-13 1717.65 2.8 185.4 +1.7 165.3 +1.2

Mar-13 1671.63 2.1 182.3 +2.5 163.4 +1.6

Feb-13 1637.63 0.6 177.9 +1.2 160.8 +0.1

Jan-13 1627.55 -3.6 175.8 +0.5 160.7 -1.6

Dec-12 1688.95 4.8 175.0 +2.3 163.3 +3.3

Nov-12 1610.83 -3.7 171.1 -0.2 158.1 -2.4

Oct-12 1673.07 2.2 171.5 +2.0 162.0 +1.3

Sep-12 1636.66 -0.6 168.2 0.0 159.9 -0.2

Aug-12 1646.11 0.9 168.2 +1.0 160.2 +1.6

July-12 1631.60 2.0 166.6 +2.3 157.7 +3.9

Jun-12 1599.15 1.2 162.8 +1.1 151.9 +1.2

May-12 1580.67 0.6 161.0 -0.9 150.1 -0.5

Apr-12 1570.61 -1.6 162.5 +0.3 150.9 -0.1

Mar-12 1596.33 1.7 162.0 +1.4 151.1 +0.2

Feb-12 1569.65 3.0 159.8 +3.0 150.8 +2.3

Jan-12 1521.29 -0.6 155.1 +2.7 147.4 +2.0

Dec-11 1530.73 +4.0 151.1 +1.6 144.5 +4.0

Nov-11 1472.10 -1.3 148.7 +1.9 138.9 +1.0

Oct-11 1491.89 +7.6 145.9 +4.2 137.5 +4.2

Sep-11 1387.13 -4.2 140.0 -3.9 132.0 -3.6

Aug-11 1447.27 -6.6 145.7 -4.9 136.9 -6.0

Jul-11 1518.91 -1.9 153.2 +0.2 145.6 +0.8

Jun-11 1579.07 +1.3 152.9 +1.0 144.5 +1.0

May-11 1558.29 +1.5 151.4 +2.6 143.1 +0.9

Apr-11 1534.95 -0.7 147.6 +1.7 141.8 -0.6

Mar-11 1545.13 +3.6 145.1 +3.6 142.7 +3.7

Feb-11 1491.25 -1.9 140.1 -1.8 137.6 -2.1

Jan-11 1519.94 +0.1 142.7 +1.8 140.5 +2.1

Dec-10 1518.91 +2.3 140.2 +4.3 137.6 +2.6

Nov-10 1485.23 -1.4 135.9 +1.4 135.0 +0.1

Appendix

- 12 -

12

Oct-10 1505.56 +2.9 134.5 +2.6 134.9 +3.5

Sep-10 1,463.50 +2.9 131.9 +2.6 131.4 +3.7

Aug-10 1,422.49 +4.5 129.3 +1.5 127.7 -0.9

Jul-10 1,360.92 +3.6 127.8 +3.2 128.6 +2.5

Jun-10 1,314.02 +2.3 124.6 +0.5 126.1 +1.5

May-10 1,285.01 -4.6 124.1 -4.1 124.6 -4.3

Apr-10 1,346.38 +2.0 128.2 +1.2 128.9 +0.3

Mar-10 1,320.57 +3.9 127.0 +3.3 128.6 +2.9

Feb-10 1,270.78 +0.9 123.7 +0.3 124.9 +0.9

Jan-10 1,259.16 -1.1 123.4 -0.9 123.9 +0.1

Dec-09 1,272.78 +1.1 124.3 +1.4 123.8 +1.6

Nov-09 1,259.11 +1.3 122.9 +0.4 121.9 -0.8

Oct-09 1,243.23 +3.4 122.5 +1.0 122.9 +1.1

Sep-09 1,202.08 +2.4 121.5 +2.4 121.6 +1.8

Aug-09 1,174.27 -0.1 119.1 +0.8 119.4 +1.4

Jul-09 1,174.90 +9.3 118.3 +5.7 117.7 +4.5

Jun-09 1,075.24 +3.0 112.6 +0.9 112.6 +0.4

May-09 1,044.11 +5.4 111.7 +4.5 112.1 +4.7

Apr-09 990.74 +13.6 107.2 +4.6 107.1 +5.4

Mar-09 872.55 -2.0 102.6 +2.9 101.6 +1.6

Feb-09 890.67 +0.7 99.7 +0.1 100.0 -

Jan-09 884.45 +0.9 99.6 +0.5

Dec-08 876.75 +2.6 99.1 -0.9

16/12/2008 854.80 - 100.0 -

* Performance includes income distribution of funds using reinvestment method.