CIMB Islamic Global Equity Fund 09 June 2008

Investment Services Department +60 (3) 7718 5043

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

70% to 99% of the Fund’s NAV can be invested in Shariah-compliant global equities; with the balance
of the Fund’s NAV will be invested in Shariah-compliant liquid assets.

Fund Performance

Source: Bloomberg

1 The fund has registered a profit of 11.26% YTD since inception.

Effective Stock Selection: - Technology, Consumer Staples, Consumer Discretionary, Energy,

Materials, Industrials and Telecommunications Services
Less Effective Stock Selection: - Health Care

2 From a region perspective, stock selection contributed most positively to performance in the
United States, Canada, and Singapore.

3 The Fund has a beta of 0.9718 vs. the benchmark, and remains overweight in the energy and
consumer discretionary sectors. The Fund continues to overweight stocks with improving
business fundamentals, rising investor expectations and attractive relative valuations. Superior
stock selection is the primary source of outperformance.

This commentary has been based on information obtained from sources believed to be reliable, no representation or warranty is made by
CIMB Wealth Advisors Berhad and its investment managers, CIMB-Principal Asset Management Berhad nor the acceptance of any
responsibility or liability is made as to its accuracy, completeness or correctness of the information contained herein. Expressions of opinion
contained herein are those entirely of CIMB Wealth Advisors and the information is subject to change without notice. This commentary is
provided for information purposes only and should not be construed as an offer or a solicitation of an offer to purchase or subscribe or sell
securities. It may not be reproduced, distributed or published by any recipient for any other purpose.
CIMB Islamic Global Equity Fund 09 June 2008

Investment Services Department +60 (3) 7718 5043

Market Outlook

Fund Manager View

Oil prices that won’t quit are our biggest concern for the U.S. and global economy. Long term oil
prices near or above current levels would mean a big readjustment of consumer spending. The bulk
of U.S. credit problems are probably behind us. Economic growth in the Eurozone is robust
considering the slowing U.S. economy. Emerging markets performed well in May. Commodity
exporters, especially fuel exporters, have reaped the benefits of rising oil prices. On the other hand,
countries that subsidize commodity prices have seen their fiscal balances fall under increased
pressure.

Global economy
Despite the anticipated slowdown in the US economy, the International Monetary Fund (IMF) recently
upgraded its global economic forecasts on the strength of emerging markets, as their strong
performance is increasingly a critical driver of global growth. Since 1998, GDP per capita in the
emerging markets has risen 4.5% a year, twice the rate of the developed economies. Economic
statistics also show that ASEAN countries and Japan have grown less dependent on the United
States, with direct trade links to the world’s largest economy diminishing as a percentage of GDP. In
Europe, improved consumer confidence and lower unemployment will continue to drive domestic
demand growth, while continued integration of new member states into the European Union should
fuel exports. (Source: TheStar)

Benefits of Investing in the Fund

Diversification
With a geographically diversified portfolio, investors can minimize exposure to the downturn in the
subprime market as well as capitalize on the rising oil prices. Diversification implies a lower
correlation of investment performance which leads to a lower volatility, resulting in potentially higher
risk-adjusted returns.

DJIM (DOW JONE Islamic Markets) Benchmark Index

This Fund invests in securities listed under DJIM indexes. DJIM has higher return/risk ratio over 3
years and lowly correlated with KLCI which is ideal for Malaysian Investors. DJIM index was
performing well by generating an annualized performance of 16.08% over the past 5 years.

Shariah- Compliant
The fund invests in securities in accordance to Shariah principles. This Fund excludes companies in
the alcohol, tobacco, manufacturing of pork, selected financial services, defense/weapons and
entertainment line of business. Shariah-compliant equities are lowly geared and have downside
protection during an economic downturn.

This commentary has been based on information obtained from sources believed to be reliable, no representation or warranty is made by
CIMB Wealth Advisors Berhad and its investment managers, CIMB-Principal Asset Management Berhad nor the acceptance of any
responsibility or liability is made as to its accuracy, completeness or correctness of the information contained herein. Expressions of opinion
contained herein are those entirely of CIMB Wealth Advisors and the information is subject to change without notice. This commentary is
provided for information purposes only and should not be construed as an offer or a solicitation of an offer to purchase or subscribe or sell
securities. It may not be reproduced, distributed or published by any recipient for any other purpose.
CIMB Islamic Global Equity Fund 09 June 2008

Investment Services Department +60 (3) 7718 5043

Top 10 Holdings

This fund looks for companies with expected sales growth, change in operating margin and expected
EPS growth.

CIMB Islamic Global Equity Fund RM Exposure %

Exxon Mobil Corporation 2,532,918.51 2.31
AT & T Inc 1,892,452.75 1.72
Microsoft Corporation 1,799,547.30 1.64
Johnson & Johnson 1,570,130.55 1.43
International Business Machines Corp 1,543,592.40 1.41
BHP Billiton Plc 1,515,700.17 1.38
Vodafone Group Plc 1,423,480.38 1.29
E.ON AG 1,404,875.20 1.28
ConocoPhillips 1,392,556.33 1.27
Total SA 1,349,074.16 1.23
Source: CIMB-Principal Asset Management

Portfolio Breakdown by Country

COUNT RY % in Portfolio
USA 50.65
Indonesia 0.40
Singapore 0.51
Denmark 0.61
Taiwan 0.81
Mexico 0.88
Norway 1.31
Hong Kong 1.45
Thailand 1.51
South Afrika 2.47
Korea 2.73
Switzerland 3.12
Australia 4.11
Canada 5.93
Japan 6.25
Europe 8.21
United Kingdom 9.83
Liquids -0.78
100.00
Source: CIMB-Principal Asset Management

This commentary has been based on information obtained from sources believed to be reliable, no representation or warranty is made by
CIMB Wealth Advisors Berhad and its investment managers, CIMB-Principal Asset Management Berhad nor the acceptance of any
responsibility or liability is made as to its accuracy, completeness or correctness of the information contained herein. Expressions of opinion
contained herein are those entirely of CIMB Wealth Advisors and the information is subject to change without notice. This commentary is
provided for information purposes only and should not be construed as an offer or a solicitation of an offer to purchase or subscribe or sell
securities. It may not be reproduced, distributed or published by any recipient for any other purpose.
CIMB Islamic Global Equity Fund 09 June 2008

Investment Services Department +60 (3) 7718 5043

Portfolio breakdown by Top 5 Sectors

PERF SECTOR Portfolio Weight Benchmark Weight Difference

Energy 19.58 18.96 0.62
Information Technology 18.36 19.17 -0.81
Materials 13.88 14.30 -0.42
Industrials 12.18 12.27 -0.09
Health Care 11.58 13.96 -2.38
Source: CIMB-Principal Asset Management

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