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February 2013

Phillip Funds Focus A MONTHLY NEWSLETTER EXCLUSIVELY FOR

INVESTMENT PROFESSIONALS

Major equity markets rallied in January 2013 after US averted the

“fiscal cliff” while previous easing measures have started to feed through the economy.

Most regional equity markets registered strong gains in January.

Nikkei 225 rose the most among regional indices, rising 7.2% for the month after the Japanese Yen further declined 5.7% against the US dollar in January. In the latest monetary policy meeting, Bank of Japan had agreed to raise its inflation target rate to 2% and would buy USD134bn worth of government debt each month from 2014. Similarly, Shanghai Composite Index and Hang Seng Index rose 5.1% and 4.7% respectively in January. The Korean Kospi was among the few equity markets which declined, falling 1.8% for the month.

Major European equity markets edged higher for the fourth

consecutive month. The FTSE, DAX and CAC rose 6.4%, 2.1% and 2.5% respectively for the month. Over in US, Dow Jones Industrial Average rose 5.8% for the month to close at a year high of 13,860 points.

The World Bank recently cut its global GDP growth forecast for 2013

to 2.4%. This was much lower compared to its previous forecast of 3.0% for 2013. Global growth is however envisaged to strengthen to 3.1% in 2014.

Commodity prices were mostly higher in January, buoyed by China’s

4Q’12 GDP which rebounded to 7.9% in 4Q’12 from 7.4% in 3Q’12. Nymex crude gained 6.2% m-o-m while Brent crude gained 4.0% m-o-m to close at $97.5/barrel and $115.5/barrel respectively. Precious metals namely gold however slipped 0.9% in January to close at USD 1,660 per troy ounce, as investors adopted a “risk on” approach in search of yield.

The US real GDP growth for 4Q’12 unexpectedly contracted by 0.1%

after rebounding to 3.1% in the 3Q from 1.3% in 2Q. This was the first contraction in more than 3 years due to plunge in military spending and steep slowdown in build-up of inventories by businesses.

Equity markets may continue to rally on the back of improving

economic data while pitfalls moving forward maybe the sequestration or spending cuts in United States due in March 2013. This will likely induce further volatility. Overall we remain positive on equity markets excluding Malaysia due to the pending general elections.

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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Improvement in global manufacturing activities – Global Purchasing Managers Index (PMI) for manufacturing sector inched up to 51.5 in January from 50.1 in December. This indicates that global manufacturing activities are expanding at a faster pace. The pickup in manufacturing was observed in US, Russia, Taiwan and Brazil. In US, PMI for manufacturing was 53.1 in January, from 50.2 in December. The much stronger figure was due to increase in new orders, employment readings and inventory numbers. Meanwhile, manufacturing activities in Eurozone and Japan have also fallen by a smaller magnitude.

China’s services and manufacturing still expanding – China’s PMI for manufacturing slipped lower to 50.4 in January 2013 from 50.6 in November 2012 and December 2012. This was the fourth consecutive month of expansion despite the moderation. In contrary, PMI for non-manufacturing inched higher to 56.2 in January 2013 from 56.1 in December 2012, suggesting services activities expanded at a faster pace during the month.

Reserve Bank of India (RBI) cut its interest rate – RBI reduced its interest rates by 0.25% to 7.75% on 29 January 2013 in a bid to revive economic growth. Cash reserve ratio for lenders were also reduced to 4.0% from 4.5% effective 9 February 2013, adding US$3.3bn into the banking system.

Window to the World

A Peep into Malaysia

Source: Bloomberg Note: Percentage changes are in local

currencies

Sharp correction in the local bourse – The January effect

was not apparent for FBM KLCI as the local equity market contracted 3.6% to close at 1627.5 point. Jitters over the pending general elections continued to cause some investors to reduced equity positions. Trading volume for FBM KLCI however rose to 3.1bln shares in January from 2.5bln shares in December. Foreign institutions remained net buyers, providing support to the local equity market with a net purchase of RM2.5bln worth of shares while local institutions and retailers were net sellers in January 2013.

Overnight Policy Rate (OPR) unchanged – OPR was maintained at 3.0% on 31 January 2013. This was the tenth successive meeting the Central Bank kept OPR unchanged, highlighting its intention to maintain accommodative monetary policy to support growth amid external headwinds.

Asian currencies declined – Most Asian currencies declined against the US dollar. The Malaysian ringgit was down 1.57% to close at RM3.10 per US dollar.

Source: Bloomberg

M-o-M

(%)

YTD (%)

China

5.1%

5.1%

Hong Kong

4.7% 4.7%

Japan

7.2% 7.2%

Malaysia

-3.6% -3.6%

South Korea

-1.8% -1.8%

US 5.8% 5.8%

Markets Performance

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Walking With You

Ample liquidity, Persistent Eurozone woes, improving economic data in US and China.

Equity markets may continue to edge higher buoyed by ample liquidity while economic data globally have held firm thus far. Although economic data in Europe still indicate contraction, the contraction seems to have troughed. Risk ahead maybe the sequestration or spending cuts in United States due in March 2013 followed by the debt ceiling in May 2013 while Eurozone woes may also emanate from off and on. Investors may want to continue increasing equity exposure to the Asian region with exception to the Malaysian equity market in view of heightened volatility with the general elections looming.

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 Asset Allocation Return

Nov-12 Dec-12 Jan-13 Feb-13 Jan-13 Nov-12 Dec-12 Jan-13 Feb-13 Jan-13

AmBon Islam 15% 15% 10% 10% 0.2% AmBon Islam 5% 5% 5% 25% 0.2%

Kenanga Growth

20% 20% 15% 15% -1.9% Hwang Aiiman Growth

30% 30% 25% 15% -1.1%

Hwang Asia Quantum

20% 20% 25% 25% 6.0% Eastspring Investments Dana al-Ilham

35% 35% 25% 15% -3.1%

Hwang Select Income

15% 15% 25% 25% 1.0% RHB Mudharabah

30% 30% 30% 30% -2.4%

Eastspring Investments Equity Income

20% 20% 15% 15% -1.3% Kenanga Syariah Growth

- - 15% 15% -2.0%

OSK-UOB US Focus Equity

5% 5% 5% 5% 6.8%

Phillip Master Money Market

5% 5% 5% 5% 0.3%

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

PMB Model Portfolio

Hwang Asia Quantum fund rose 6.0% in January

2013, after rising 2.8% in December 2012. The fund

remained 90% fully invested as at end December

2012. The fund’s country allocation to Malaysia has

been further reduced to 26.2% from 30.5%

previously. Country allocation to Hong Kong was the

second largest after Malaysia, at 19.6% of total

portfolio followed by Singapore at 18.0% of total

portfolio.

Kenanga Growth fund declined 1.9% in January

2013, still outperforming FBM KLCI’s 3.6% decline

for the month. The cash holding for the fund

decreased to 9.6% in end December 2012 from

27.1% as at end November 2012. The fund recently

included IGB REIT and Oldtown Berhad. Recently

included in the Islamic Model Portfolio, Kenanga

Syariah Growth fund fell 2.0% for the month. The

fund recently added KLCC Property Holdings Bhd

and Syarikat Takaful Malaysia Berhad into its

portfolio.

Source: PCM

Both Eastspring Investments Equity Income and Dana Al-Ilham declined 1.3% and 1.1% respectively in January

2013. Both the funds are overweight in Telecommunication sector with a 16.2% and 23.0% weighting respectively.

Cash holding for Eastspring Investments Equity Income was at 16.6% at end December 2012.

For the Mixed Asset category, Hwang Select Income rose 1.0% in January 2013. The fund’s bond holding has

increase to 70.1% in December 2012 from 67.0% of total fund size at end November 2012. The fund is overweight

in financials at 12.3% of total portfolio for its equity exposure.

Our exposure to US equities via OSK-UOB US Focus Equity fund gained 6.8% in January 2013, as the “fiscal cliff”

was averted. As at end Nov 2012, the fund is overweight in financial services sector at 17.5% of total fund holdings.

The fund is also overweight in Technology sector and Producer Durable stocks at 13.4% and 14.3% respectively of

total fund holdings.

Our portfolio PMB Model portfolio performance rose 0.5% for January 2013 while PMB Islamic portfolio declined

1.6% for the month. PMB Models portfolio’s superior returns were buffered by exposure to the foreign equity

markets which tend to be more volatile. As a whole, both portfolios still outperformed the FBM KLCI’s sharp 3.6%

decline for the month.

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Name % Growth

Name % Growth

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

MALAYSIA CONVENTIONAL ASIA

Equity Equity 1 CIMB-Principal Small Cap -3.2 -3.2 19 Hwang Asia Quantum 6.0 6.0

2 Kenanga Growth -1.9 -1.9 20

OSK-UOB Emerging Opportunity

1.7 1.7

3 OSK-UOB Smart Treasure -3.5 -3.5 21 OSK-UOB Equity 1.9 1.9

4 Eastspring Investments Growth -3.3 -3.3 22 TA South East Asia Equity 2.3 2.3

5 Eastspring Investments Equity Income

-1.3 -1.3 23 Hwang Select Opportunity 0.7 0.7

24

OSK-UOB Big Cap China Enterprise

4.3 4.3 #

Mixed Assets 25 OSK-UOB Resources 3.0 3.0 #

6 Hwang Select Balanced -0.4 -0.4 Mixed Assets

7 Hwang Select Income 1.0 1.0 26 Eastspring Investments Asia Select Income

2.1 2.1

8 OSK-UOB KidSave 0.2 0.2

9 Eastspring Investments Balanced

-2.1 -2.1 GLOBAL

Fixed Income Equity

10 AmDynamic Bond 0.4 0.4 27 Eastspring Investments Global Basics MY

5.5 5.5

11 AmBond 0.2 0.2 28 Eastspring Investments Global Emerging Markets

2.6 2.6

MALAYSIA (ISLAMIC) 29 AmGlobal Property Equities 5.5 5.5

Equity

12 AmIttikal -3.9 -3.9

13 Hwang AIIMAN Growth -1.1 -1.1

14 Eastspring Investments Dana al-Ilham

-3.1 -3.1

15 Kenanga Syariah Growth -2.0 -2.0

Mixed Assets

16 CIMB Islamic Balanced Growth -1.9 -1.9

17 RHB Mudharabah -2.4 -2.4

Fixed Income

18 AmBon Islam 0.2 0.2

Tracking our Recommendations

All of our recommended Malaysian equity funds were in negative territory as FBM KLCI declined

3.6% for January 2013 due to election jitter. As a whole, we advocate reducing exposure to

Malaysian equity funds due to pending General Elections slated by June 2013.

For Asia Equity category, our preferred exposure via Hwang Asia Quantum rose 6.0% for the

month. Contrary to our Malaysia Equity recommended funds, all our Asia Equity recommended

funds were positive. We retained OSK-UOB Big Cap China Enterprise and OSK-UOB Resources in

the recommendation list for now after the recent improvement in performance for both funds. These

funds maybe suited for investors who want to ride on the recovering Chinese economy and

commodities theme play.

For the Fixed Asset category, AmDynamic Bond rose 0.4% for December 2012. The other bond

fund recommended namely Ambon Islam and Ambond only gained circa 0.2%. In line with our view

for more Asian exposure, we had allocated our exposure to Asian bonds, namely in Hwang Select

Income fund.

On the global equity category, both Eastspring Investments Global Emerging Markets and

Eastspring Investments Global Basics MY rose 5.5% and 2.6%. We add in AmGlobal Property

Equities fund to our recommended list. Investors with high risk appetite and keen on having

exposure to the global property related securities including REITs may invest into this fund.

Currently the fund has a 44% target fund country allocation to US while Hong Kong and Japan are

13.1% and 9.6% respectively. The fund’s target fund is Henderson Horizon Global Property Equities

fund.

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

Affin Equity 29/4/1993 0.57 (2.53) 4.23 32.12 5.20 0.82 26 24

Affin Quantum 28/6/2011 (0.08) (3.49) 9.47 - 7.96 1.18 10 14

Affin Select Growth 22/7/2009 (1.04) (3.72) 7.35 44.86 7.47 0.99 20 19

Alliance Tactical Growth 2/9/2004 (1.02) (2.81) 2.41 30.45 8.37 0.32 27 27

AmDividend income 28/3/2005 2.76 (2.37) 12.00 50.93 7.56 1.54 5 6

AmMalaysia Equity 15/10/2001 0.86 (2.50) 9.56 - 7.79 1.21 9 12

AmTotal Return 10/1/1989 4.26 (1.79) 13.86 64.82 6.30 2.10 3 1

Areca equityTrust 23/4/2007 (1.23) (1.78) 10.40 51.26 9.59 1.08 7 17

ASM First Public 20/4/1992 (2.51) (2.56) 0.74 25.12 7.02 0.14 30 30

CIMB-Principal Equity 1/8/1995 1.44 (2.63) 8.21 61.32 6.38 1.27 17 -

CIMB-Principal Equity Aggressive 3 12/3/1998 (1.53) (4.14) 1.14 40.88 8.10 0.18 28 -

Eastspring Investments Equity Income 18/10/2004 4.62 (1.27) 14.33 71.85 6.96 1.97 2 -

Eastspring Investments Growth 29/5/2001 1.74 (3.26) 8.44 48.09 8.11 1.04 16 -

ING OA Inv-ING Blue Chip 23/4/2004 (2.79) (2.40) 0.40 39.03 7.86 0.09 31 10

Kenanga Growth 17/1/2000 4.04 (1.90) 12.05 94.60 7.21 1.62 4 28

Kenanga Malaysian Inc 9/11/2007 (2.70) (2.08) 0.87 26.79 6.61 0.16 29 3

Kenanga Premier 26/11/1996 0.73 (1.83) 5.57 35.58 7.50 0.76 24 18

Libra DividendEXTRA 18/3/2005 2.30 (1.53) 8.78 52.41 5.31 1.61 13 31

Libra EquityEXTRA 10/9/1999 (1.18) (2.60) 4.67 37.95 7.15 0.67 25 4

MIDF Amanah Dynamic 5/5/1976 (16.08) (1.79) (22.20) (11.15) 8.91 (2.75) 33 29

MIDF Amanah Growth 2/12/1966 (15.98) (1.84) (21.93) (9.41) 8.99 (2.68) 32 25

OSK-UOB KLCI Tracker 3/4/2000 0.44 (3.77) 8.61 47.95 9.00 0.96 15 5

OSK-UOB Malaysia Dividend 4/3/2008 1.77 (1.88) 16.94 69.60 7.90 2.03 1 26

OSK-UOB Smart Treasure 7/9/2004 (0.53) (3.49) 8.67 55.42 9.04 0.96 14 33

Phillip Master Equity Growth 18/6/2003 (0.53) (1.10) 9.02 55.48 7.40 1.20 12 32

RHB Capital 12/4/1995 (0.37) (3.73) 6.31 47.51 7.24 0.88 22 21

TA Comet 1/10/1999 6.98 0.61 6.19 35.43 7.11 0.88 23 2

TA Growth 1/7/1996 6.26 (0.21) 8.17 53.49 6.64 1.22 18 20

TA High Growth 7/6/2004 8.19 (0.53) 9.57 37.90 7.31 1.29 8 13

AVERAGE (33) (0.06) (2.25) 6.03 44.07 7.46 0.84 - 22

Malaysia, Equity-Islamic Growth

Affin Islamic Equity 1/8/2007 (1.60) (3.02) 3.62 31.49 6.79 0.56 18 15

Alliance Dana Adib 25/3/2004 (1.22) (2.97) 3.65 32.88 7.34 0.52 17 17

AmanahRaya Islamic Equity 23/4/2008 (0.87) (2.54) 4.13 45.36 8.15 0.54 15 16

AmIslamic Growth 10/9/2004 (0.33) (3.14) 7.60 51.85 8.26 0.93 9 10 AmIttikal 12/1/1993 0.43 (3.93) 6.42 44.66 8.68 0.76 11 13

ASM Dana Al-Aiman 19/5/1997 (0.72) (2.14) 4.68 39.30 6.20 0.77 13 12

ASM Dana Bestari 3/10/2002 (0.12) (2.56) 2.88 28.69 6.83 0.45 20 19

ASM Dana Mutiara 5/8/2004 (2.32) (1.74) (0.78) 26.48 5.66 (0.11) 25 26

ASM Shariah Growth 28/12/1972 (2.87) (1.98) 9.31 45.71 8.44 1.10 6 7

ASM Shariah Index 25/3/2002 0.18 (3.08) 8.13 44.99 7.44 1.09 8 8

ASM Shariah Premier 12/6/1995 1.38 (2.44) 10.89 46.82 7.17 1.48 3 4

ASM Syariah Aggressive 21/11/2005 (4.97) (0.98) 4.51 24.46 8.42 0.56 14 14

ASM Syariah Dividend 21/7/2008 (3.73) (1.65) 1.91 33.29 5.34 0.38 22 20

BIMB i Dividend 18/3/2011 (1.87) 0.55 10.04 - 6.13 1.59 4 1

BIMB i Growth 30/6/1994 1.21 (2.70) 7.53 46.91 7.25 1.04 10 9

CIMB Islamic Equity Aggressive 15/6/1995 (0.30) (2.71) 2.27 41.61 8.90 0.29 21 22

Eastspring Investments Dana al-Ilham 14/8/2002 2.28 (3.07) 12.24 66.28 8.71 1.37 2 5

Hwang AIIMAN Growth 8/10/2002 1.93 (1.06) 12.29 60.94 7.78 1.53 1 2

ING OA Inv-ING Ekuiti Islam 23/4/2004 (3.51) (3.18) 1.19 40.59 9.68 0.17 24 24

ING OA Inv-ING Shariah Growth Opportunities 23/4/2004 (2.50) (2.88) 2.94 50.44 9.64 0.35 19 21

InterPac Dana Safi 25/7/2007 1.48 (1.38) 5.52 52.11 6.69 0.84 7 11

Kenanga Islamic 15/8/2002 1.76 (2.76) 6.31 57.48 7.86 0.82 12 11

Kenanga Syariah Growth 29/1/2002 2.58 (1.97) 9.68 82.78 6.24 1.51 5 3

Libra Amanah Saham Wanita 4/5/1998 (2.31) (2.76) (3.58) 23.12 6.02 (0.58) 27 27

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 (16.68) (1.73) (22.67) (11.53) 9.15 (2.74) 28 28

OSK-UOB Dana Islam 26/10/2001 (1.16) (1.06) 8.34 47.63 7.25 1.14 7 6

RHB Islamic Growth 26/1/2004 (1.58) (4.05) 3.99 37.97 8.49 0.50 16 18

TA Dana Fokus 17/6/2008 (2.12) (3.85) 1.25 23.79 10.36 0.17 23 23

TA Islamic 24/4/2001 0.30 (2.92) (1.02) 25.09 8.26 (0.09) 26 25

AVERAGE (28) (1.38) (2.44) 4.20 40.34 7.73 0.57 - -

Malaysia, Equity Small Cap

Alliance Vision 1/3/2000 0.80 (1.62) 5.09 43.82 9.03 0.59 4 3

CIMB-Principal Small Cap 20/4/2004 (3.24) (3.15) 13.45 52.14 10.87 1.22 1 1

Eastspring Investments Small-cap 29/5/2001 (0.12) (0.48) 5.26 42.06 10.93 0.52 3 4

ING OA Inv-ING Growth Opportunities 23/4/2004 (1.81) (2.37) 3.21 52.36 7.89 0.44 5 5

MIDF Amanah Strategic 1/6/1970 (16.17) (1.76) (22.05) (10.07) 8.98 (2.70) 7 7

OSK-UOB Small Cap Opportunity 20/4/1998 0.25 1.17 12.00 44.36 12.35 0.98 2 2

TA Small Cap 9/2/2004 1.13 (0.95) 2.92 34.93 9.58 0.34 6 6

AVERAGE (7) (2.74) (1.31) 2.84 37.09 9.95 0.20 - -

Asia, Equity Offshore

AmAsia Pacific REITs 18/7/2011 10.21 4.52 27.37 - 7.66 3.22 3 3

AmAsia-Pacific Property Equities 18/7/2006 21.66 6.00 37.31 39.94 13.70 2.41 1 6

AmCumulative Growth 24/7/1996 11.64 2.69 6.44 16.21 10.79 0.63 28 28

CIMB-Principal ASEAN Equity 12/9/2007 4.11 2.48 9.88 28.76 8.39 1.17 24 21

CIMB-Principal Asia Infrastructure Equity 25/3/2008 - - - - - - - -

CIMB-Principal China-India-Indonesia Equity 21/1/2010 21.44 6.33 11.84 9.96 14.55 0.84 21 24

CIMB-Principal Equity Growth & Income 15/5/1991 4.31 (0.82) 9.81 35.16 5.17 1.84 26 11

CIMB-Principal Greater China Equity 12/6/2007 18.16 4.61 13.54 16.07 11.46 1.17 17 20

Eastspring Investments Asia Pacific Equity MY 21/7/2005 12.07 4.09 9.83 21.50 12.23 0.83 25 25

Eastspring Investments Dinasti Equity 26/10/2009 14.89 2.94 10.33 20.47 9.09 1.13 22 22

Eastspring Investments Indonesia Equity MY 27/4/2011 2.54 4.38 4.75 - 12.49 0.43 30 30

Hwang AIIMAN A20 China Access 26/3/2010 14.56 8.83 (6.43) - 24.66 (0.16) 32 32

Hwang Asia Quantum 15/4/2004 18.28 6.01 28.65 93.06 7.35 3.50 2 2

Hwang Select Dividend 28/3/2011 6.96 0.57 25.96 - 6.58 3.57 4 1

Hwang Select Opportunity 29/3/2011 8.71 0.73 19.14 71.96 6.20 2.87 10 4

ING China Access 11/1/2008 17.49 4.14 10.09 13.68 14.70 0.72 23 27

Libra Consumer and Leisure Asia 18/7/2007 13.41 6.26 17.13 52.41 8.77 1.85 13 10

OSK-UOB Asean 2/12/2009 7.57 3.14 16.63 58.34 10.49 1.52 14 15

OSK-UOB Asia Consumer 18/1/2010 11.87 1.27 19.21 39.18 10.21 1.78 8 12

OSK-UOB Asia Financials 11/1/2011 16.05 5.47 16.48 - 12.35 1.30 15 16

OSK-UOB Asia Pacific 6/1/2006 9.73 3.18 6.57 4.81 9.06 0.75 27 26

OSK-UOB Asian Growth Opportunities 8/1/2008 19.79 4.82 19.85 13.34 8.94 2.08 7 7

OSK-UOB Big Cap China Enterprise 3/12/2007 17.99 4.25 14.51 15.70 11.13 1.28 16 17

OSK-UOB China-India Dynamic Growth 11/3/2010 17.31 5.39 13.10 - 13.25 0.99 19 23

OSK-UOB Equity 8/8/1996 6.10 1.89 22.58 60.09 8.67 2.41 6 5

OSK-UOB Emerging Opportunity 18/5/2004 0.61 1.73 18.59 68.96 9.09 1.93 11 9

OSK-UOB Indonesia Equity Growth 4/4/2011 5.74 4.48 22.64 - 13.72 1.56 5 14

OSK-UOB Resources 16/5/2006 9.69 3.02 3.55 19.01 13.02 0.33 31 31

Pacific Focus China 19/5/2009 14.78 4.83 13.33 13.58 10.26 1.27 18 18

Pheim Asia Ex-Japan 30/6/2006 11.88 3.56 5.46 10.27 12.81 0.47 29 29

RHB Dividend Valued Equity 13/7/2005 9.97 4.22 17.30 24.51 9.66 1.71 12 13

TA Asian Dividend Income 15/8/2007 12.53 5.42 19.21 - 8.98 2.01 9 8

TA South East Asia Equity 28/11/2005 4.24 2.27 11.97 46.05 9.30 1.26 20 19

AVERAGE (33) 11.76 3.83 14.89 33.04 10.77 1.52 - -

- 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

Alliance Global Diversified Property 9/8/2007 9.31 5.28 21.54 43.38 8.51 2.35 4 3

Alliance Global Equities 19/5/2006 15.43 4.71 17.71 33.30 10.20 1.66 10 6

AmBRIC Equity 9/11/2009 11.73 5.34 2.91 (5.94) 15.62 0.26 28 28

AmCommodities Equity 19/7/2010 12.93 9.82 6.03 - 15.83 0.44 23 24

AmGlobal Agribusiness 3/5/2007 11.75 9.34 20.61 25.77 14.43 1.37 5 13

AmGlobal Emerging Market Opportunities 18/3/2008 10.18 3.07 7.18 2.72 9.67 0.76 22 21

AmGlobal Property Equities 25/10/2005 10.98 5.51 25.24 57.75 8.77 2.63 1 1

AmPan European Property Equities 6/3/2007 10.66 1.55 23.20 22.68 8.12 2.63 3 2

AmSchroder European Equity Alpha 8/8/2006 20.59 7.17 24.76 12.19 15.88 1.48 2 9

CIMB-Principal Australian Equity 20/3/2010 14.91 7.10 20.60 - 13.92 1.42 6 12

CIMB-Principal Global Titans 18/7/2005 10.70 7.14 16.15 25.39 10.64 1.46 13 10

Eastspring Investments Global Basics MY 17/1/2007 11.01 5.47 3.00 21.10 11.99 0.30 27 27

Eastspring Investments Global Emerging Markets 11/1/2008 10.10 2.62 12.17 16.33 11.57 1.05 18 18

Eastspring Investments Global Leaders MY 23/3/2006 13.84 8.60 17.29 20.47 11.41 1.46 11 11

Hwang Global Commodity 20/8/2007 (1.48) 3.83 0.64 23.79 14.77 0.11 30 30

Hwang Global Property 19/4/2006 6.81 4.74 19.21 52.45 7.86 2.29 7 4

ING Global Dividend 19/3/2007 9.88 6.72 14.52 19.57 10.52 1.34 14 14

ING Global Real Estate 18/7/2006 7.50 3.63 17.27 38.32 7.48 2.18 12 5

OSK-UOB Agriculture 11/8/2011 (6.18) 0.25 (5.78) - 13.19 (0.39) 31 31

OSK-UOB Global Equity Yield 9/11/2005 6.66 6.45 12.49 22.08 9.77 1.26 17 16

OSK-UOB Global New Stars 24/1/2007 2.10 1.02 12.54 9.56 10.03 1.23 16 17

OSK-UOB Gold and General 21/7/2009 (2.28) (5.51) (20.84) (4.38) 20.06 (1.06) 32 32

OSK-UOB US Focus Equity 15/10/2010 11.16 6.77 11.12 - 11.65 0.96 19 20

Pacific Asia Brands 20/1/2006 11.45 4.68 5.74 11.48 9.06 0.66 24 23

Pacific Focus18 16/6/2005 5.97 1.20 1.41 10.78 8.05 0.21 29 29

Pacific Global Agriculture, Infrastructure and Res 12/4/2010 11.92 3.12 4.52 - 11.38 0.44 26 25

Pacific Global Stars 20/7/2006 10.87 3.67 10.95 25.23 8.57 1.26 20 15

RHB Global Themes 5/1/2007 15.08 7.30 13.31 17.79 13.19 1.01 15 19

RHB-GS BRIC Equity 11/1/2011 16.85 4.19 5.60 - 15.79 0.42 25 26

RHB-GS US Equity 18/5/2011 9.25 7.63 17.73 - 11.31 1.50 9 8

TA European Equity 20/3/2007 17.38 6.62 18.63 17.09 11.72 1.52 8 7

TA Global Technology 26/5/2011 4.59 5.07 9.80 - 13.73 0.75 21 22

AVERAGE (32) 9.74 4.82 11.48 21.62 11.71 1.09 - -

Asia, Equity Offshore- Islamic

AmIslamic Greater China 8/11/2010 9.99 1.02 4.13 - 13.95 0.36 7 9

CIMB Islamic Asia Pacific Equity 2/6/2006 11.22 3.02 12.61 11.29 10.18 1.22 2 4

Eastspring Investments Asia Pacific Shariah Equity 22/11/2007 12.06 2.65 14.53 27.80 8.42 1.66 1 1

Namaa' Asia-Pacific Equity Growth 15/8/2008 7.17 (0.03) 5.17 19.50 8.28 0.65 6 6

Pheim Asia Ex-Japan Islamic 1/11/2006 6.94 1.34 4.07 18.08 11.78 0.39 8 8

RHB Asia Pacific Maqasid 23/2/2010 6.70 2.06 (1.61) - 9.18 (0.13) 10 10

AmOasis Global Islamic Equity 21/4/2006 7.54 5.82 11.08 8.84 7.98 1.36 3 3

AmPrecious Metals 15/11/2007 (3.57) (3.46) (23.53) (14.62) 19.98 (1.24) 12 12

AmASEAN Equity 6/6/2011 2.72 1.95 7.74 - 8.81 0.89 5 5

OSK-UOB Global Food Islamic Equity 11/8/2011 5.48 0.64 9.05 - 5.34 1.65 4 2

Pacific Dana Dividen 26/7/2007 0.95 0.04 3.13 26.65 5.75 0.56 9 7

TA BRIC and Emerging Markets 25/2/2010 10.53 2.22 (5.69) - 14.30 (0.34) 11 11

AVERAGE (12) 6.48 1.44 3.39 13.93 10.33 0.59 - -

Malaysia, Mixed Assets

Affin Tactical 10/8/2010 (0.53) (2.26) 6.08 - 5.11 1.18 22 22

Alliance First 16/1/1996 1.32 (0.82) 6.10 34.40 4.41 1.37 21 18

Alliance Moneyplus 30/1/2002 0.73 0.04 2.11 17.55 0.96 2.18 29 7

AmBalanced 16/9/2003 3.69 (1.41) 11.01 48.07 4.68 2.26 6 6

AmConservative 16/9/2003 0.53 0.06 4.00 25.63 2.75 1.44 28 16

ASM Balanced 1/1/1904 - - - - - - - - CIMB-Principal Lifecycle 2017 12/7/2007 5.79 0.73 8.88 40.66 3.96 2.17 11 8 CIMB-Principal Lifecycle 2022 12/7/2007 4.75 0.88 8.49 30.05 5.14 1.62 14 10 CIMB-Principal Lifecycle 2027 12/7/2007 5.68 0.99 9.28 25.34 5.78 1.57 9 13 Eastspring Investments Balanced 29/5/2001 1.68 (2.13) 7.10 44.62 5.93 1.19 17 21 Eastspring Investments Dynamic 6/11/2003 2.95 (2.01) 9.15 42.81 6.26 1.43 10 17 Eastspring Investments MY Focus 1/3/2011 1.84 (1.83) 9.56 - 9.18 1.04 8 26

Hwang Select Balanced 28/7/2003 2.81 (0.43) 12.91 58.24 4.77 2.58 4 4

- 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

Hwang Select Income 6/1/2005 5.54 1.03 14.35 46.93 2.14 6.30 3 1

ING OA Inv-ING Diversified 23/4/2004 1.31 (0.94) 15.32 54.60 8.44 1.74 2 9

ING OA Inv-ING Managed Growth 23/4/2004 (0.44) (1.25) 1.96 37.15 4.61 0.44 31 32

InterPac Dynamic Equity 25/7/2007 (2.26) (1.94) (0.76) 51.25 4.64 (0.14) 33 33

KAF Jade 1/11/2006 6.87 1.75 4.10 (2.41) 7.15 0.60 27 30

Kenanga Balanced 23/5/2001 1.78 (1.86) 4.96 37.95 5.67 0.88 25 29

Libra TacticalEXTRA 18/3/2005 0.55 (2.23) 6.28 37.53 6.40 0.98 20 27

OSK-UOB Growth & Income Focus 1/1/1904 - - - - - - - -

OSK-UOB KidSave 10/5/1999 6.91 0.23 16.74 55.14 4.05 3.87 1 3

OSK-UOB Smart Balanced 7/9/2004 (2.76) 1.13 6.94 40.81 7.94 0.88 18 28

OSK-UOB Smart Income 7/9/2004 (1.09) 0.21 4.75 30.78 4.44 1.07 26 25

OSK-UOB Thematic Growth 26/9/2007 3.13 (1.95) 12.11 63.12 7.58 1.55 5 14

Pacific SELECT Balance 11/8/2003 0.47 (0.58) 5.06 32.99 3.67 1.37 24 19

Pacific SELECT Income 11/8/2003 0.51 0.12 2.10 21.50 1.30 1.61 30 11

Pheim Emerging Companies Balanced 28/1/2002 5.81 1.94 8.57 33.60 6.29 1.34 13 20

Pheim Income 28/1/2002 3.79 1.77 7.34 27.81 2.96 2.41 16 5

RHB GoldenLife 2020 21/2/2005 1.49 (1.44) 6.86 42.21 4.45 1.51 19 15

RHB GoldenLife 2030 21/2/2005 1.14 (3.14) 8.87 51.14 8.15 1.08 12 24

RHB GoldenLife Today 21/2/2005 2.33 - 5.98 34.01 1.44 4.04 23 2

TA Income 6/5/2002 1.49 (1.86) 7.51 30.53 4.63 1.59 15 12

AVERAGE (33) 2.05 (0.50) 7.44 37.00 5.07 1.66 - -

Malaysia, Mixed Assets- Islamic

Alliance Dana Alif 26/2/2003 (1.11) (1.68) 3.21 31.85 4.65 0.70 15 14

AmIslamic Balanced 10/9/2004 1.31 (1.67) 8.32 42.37 4.88 1.66 2 5

BIMB Dana Al-Falah 27/12/2001 0.66 (1.18) 4.99 30.45 4.52 1.10 9 9

BIMB Dana Al-Munsif 27/12/2001 (0.17) (1.55) 3.40 28.27 4.25 0.81 14 12

CIMB Islamic Balanced Growth 26/5/2003 0.89 (1.90) 7.21 47.08 5.10 1.39 3 7

CIMB Islamic Enhanced Sukuk 19/4/2106 2.80 (0.26) 8.24 64.92 3.06 5.32 16 9

CIMB Islamic Kausar Lifecycle 2017 12/7/2007 3.11 1.02 6.44 30.73 2.63 2.39 5 2

CIMB Islamic Kausar Lifecycle 2022 12/7/2007 3.86 1.07 6.18 20.05 4.60 1.33 6 8

CIMB Islamic Kausar Lifecycle 2027 12/7/2007 3.35 1.36 7.12 25.45 3.73 1.87 4 4

Dana Islamiah Affin 11/11/2001 (1.31) (1.85) 1.83 25.31 4.62 0.41 18 17

Dana Makmur Pheim 28/1/2002 (0.33) (0.47) 1.46 29.35 5.03 0.31 19 19

Eastspring Investments Dana al-Islah 14/8/2002 1.60 (0.79) 5.08 42.11 2.33 2.14 8 3

Eastspring Investments Dana Dinamik 25/2/2004 3.12 (2.62) 13.24 54.87 8.13 1.57 1 6

ING OA Inv-ING Shariah Balanced 23/4/2004 (1.00) (1.93) 2.08 30.99 5.77 0.38 17 18

InterPac Dana Safi 25/7/2007 1.48 (1.38) 5.52 52.11 6.69 0.84 7 11

Kenanga Islamic Balanced 6/12/2004 1.53 (1.56) 4.76 38.32 5.69 0.84 10 10

Libra SyariahEXTRA 1/1/2003 (1.86) (1.86) (0.87) 28.57 4.53 (0.17) 20 20

RHB Mudharabah 9/5/1996 0.70 (2.38) 3.82 35.81 5.33 0.73 12 13

TA Asia Pacific Islamic Balanced 7/11/2006 6.59 (0.19) 2.52 21.13 6.22 0.43 16 16

TA Dana Optimix 17/1/2005 3.85 (0.67) 3.45 28.40 7.84 0.47 13 15

AVERAGE (20) 1.38 (1.02) 4.69 33.78 4.90 1.09 - -

Mixed Assets- Offshore

Alliance Optimal Income 2/9/2004 4.23 13.72 13.72 64.23 4.59 2.84 2 2

Hwang AUD Income MYR 18/3/2010 3.72 7.37 7.37 - 6.33 1.16 8 8

Hwang Global Financial Institutions 10/7/2008 11.94 20.84 20.84 12.28 10.11 1.93 1 4

Hwang US Access 80 12/3/2009 0.54 3.24 3.24 16.28 4.25 0.73 11 10

Kenanga Asia Pacific Oriental 24/8/2006 7.49 8.08 8.08 8.22 9.44 0.87 7 9

OSK-UOB Golden Dragon 8/5/2007 8.40 11.94 11.94 4.94 6.62 1.74 4 5

OSK-UOB Muhibbah Income 12/3/2007 1.14 1.96 1.96 13.78 4.34 0.47 12 12

Pacific Select Income 11/8/2003 0.84 2.37 2.37 24.28 1.31 1.79 33 18

Eastspring Investments Asia Select Income 18/11/2005 6.85 9.16 9.16 18.14 5.51 1.62 5 6

Eastspring Investments Enhanced Income 28/5/2007 3.44 5.89 5.89 25.34 2.38 2.42 9 3

TA Asia Pacific Islamic Balanced 7/11/2006 6.68 6.68 6.68 17.82 7.17 0.94 12 19

- 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 6.04 3.93 6.36 18.36 7.37 0.87 9 11

AVERAGE (12)3 6.63 2.50 9.25 23.56 6.21 1.53 - -

Fixed Income ^

Affin Capital 12/12/2001 1.02 0.17 2.57 18.88 0.59 4.29 16 10

AmanahRaya Unit Trust 21/9/2006 2.02 0.39 4.20 31.45 0.59 7.00 10 7

AmBond 20/1/2000 1.74 0.24 3.47 28.39 0.47 7.30 13 6

AmCommodities Extra 4/8/2008 6.25 4.96 1.07 11.06 12.41 0.14 18 18

AmDynamic Bond 16/9/2003 1.95 0.37 5.44 40.41 1.66 3.19 6 14

AmIncome Plus 17/6/2004 1.64 0.28 3.21 20.95 0.27 11.54 14 2

Areca incomeTrust 23/4/2007 1.62 0.31 3.13 24.41 0.31 9.90 15 3

CIMB-Principal Bond 15/11/1995 1.46 0.43 3.69 27.64 1.06 3.43 12 11

CIMB-Principal Strategic Bond 23/3/2004 1.76 0.17 4.45 33.44 1.30 3.36 9 12

Eastspring Investments Bond 29/5/2001 2.41 0.38 5.16 33.16 0.63 7.95 7 4

Hwang Select Bond 28/7/2003 4.88 0.60 11.28 34.37 0.87 12.33 2 1

ING OA Inv-ING Income Plus 23/4/2004 1.64 0.26 3.83 27.50 0.51 7.34 11 5

KAF Bond 1/11/2006 (2.20) 0.40 1.41 31.08 3.65 0.40 17 17

Kenanga Bond 15/8/2002 2.73 0.34 4.47 28.54 1.31 3.35 8 13

Libra BondEXTRA 8/10/2002 1.50 0.53 6.39 29.86 2.59 2.41 4 15

OSK-UOB Emerging Markets Bond 3/1/2012 5.21 1.14 15.27 - 3.27 4.39 1 9

OSK-UOB Energy 23/3/2009 8.90 5.65 (0.96) 12.22 18.17 0.03 19 19

OSK-UOB Income 26/2/2003 1.77 0.14 5.74 27.58 1.14 4.90 5 8

RHB Asian Total Return 26/2/2007 2.93 0.41 7.55 10.84 4.21 1.75 3 16

TA All-Cycle Commodities Income 4/5/2009 2.33 (0.29) (2.42) 6.42 3.53 (0.68) 20 20

AVERAGE (20) 2.58 0.84 4.45 25.17 2.93 4.72 - -

Fixed Income - Islamic^

AmanahRaya Syariah Trust

21/9/2006 1.98 0.39 4.58 31.29 0.98 4.59 4 5

AmBon Islam 26/11/2001 1.46 0.24 3.52 28.29 0.71 4.88 7 4

ASBI Dana Al-Fakhim 27/12/2001 - - - - - - - -

CIMB Islamic Enhanced Sukuk

19/4/2106 2.80 (0.26) 8.24 64.92 3.06 5.32 16 9

Eastspring Investments Dana Wafi

21/2/2005

1.95 0.33 3.66 22.10 0.84 4.29 6 6

Hwang AIIMAN Income Plus

28/6/2004 1.88 0.32 4.63 - 0.74 6.14 3 2

ING OA Inv-ING Bon Islam

23/4/2004 1.18 0.26 2.83 19.63 0.87 3.21 9 7

Libra ASnitaBOND 18/3/2005 2.33 0.34 5.50 29.76 0.96 5.59 2 3

Pacific Dana Murni 25/3/2003 1.49 0.35 3.31 23.22 0.45 7.23 8 1

RHB Islamic Bond 25/8/2000 11.17 1.01 15.40 39.55 7.58 1.93 1 9 AVERAGE (10) 2.76 0.33 5.28 28.29 1.63 4.50 - -

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 31/12/2012 to 31/1/2013.

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

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-12 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

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

Appendix

- 12 -

12

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.