31 December 2010

CIMB-Principal Australian Equity Fund

FUND INFORMATION

FUND OBJECTIVE The Fund aims to achieve medium to long term capital appreciation predominantly through investment in a portfolio of Australian securities.

Portfolio Manager Location Domicile Fund Currency Fund Size Fund Unit Fund Launch Fund Inception

Nurzita Abdul Wahab Kuala Lumpur, Malaysia Malaysia Ringgit Malaysia RM154.60 million 579.94 million units 20 March 2010 12 April 2010

FUND STRATEGY In order to achieve its objective, the Fund will invest at least 95% of its NAV in the Schroder Australian Equity Fund (the Target Fund); an Australian-domiciled fund established on 3 March 1964 which invests predominantly in Australian equities, with an emphasis on investments in companies with sustainable competitive advantage in the long term. The Fund will also maintain up to a maximum of 5% of its NAV in liquid assets.

S&P/ASX 200 Accumulation Index Benchmark Dealing Daily (as per Bursa Malaysia trading day) Application Fee: Institutional Unit Trust Advisers Up to 5.5% CIMB Wealth Advisors Berhad Up to 6.5% Management Fee Up to 1.80% p.a. Trustee Fee 0.08% p.a. (min RM18,000 p.a.) Unit NAV Currency RM ISIN Code MYU1000DL008 RM0.2665 Bloomberg Ticker CIMBPAE MK

In compliance with the SC Guidelines, the fund's historical performance has been removed from the fund fact sheet and will be re-included only after the fund has been incepted for more than 1 year.

CIMB-Principal Asset Management Berhad Level 5 Menara Milenium 8 Jalan Damanlela Bukit Damansara 50490 Kuala Lumpur Malaysia Tel: +603-7718 3100 Email: ffs@cimb-principal.com.my Website: www.cimb-principal.com.my

We recommend that you read and understand the contents of the CIMB-Principal Australian Equity Fund Prospectus dated 20 March 2010 and which has been duly registered with the Securities Commission, before investing and that you keep the said Prospectus for your records. Any issue of units to which the Prospectus relates will only be made upon receipt of the completed application form referred to in and accompanying the Prospectus, subject to the terms and conditions therein. Investments in the Fund are exposed to Fund managers risk, legal and tax risk, currency risk, credit/default risk, liquidity risk, market risk, equities risk, international investment risk, currency risk, company risk, derivatives risk and liquidity risk. You can obtain a copy of the Prospectus from the head office of CIMB-Principal Asset Management Berhad or from any of our approved distributors. There are fees and charges involved in investing in the funds. We suggest that you consider these fees and charges carefully prior to making an investment. Unit prices and income distributions, if any, may fall or rise. Past performance is not reflective of future performance and income distributions are not guaranteed. You are also advised to read and understand the contents of the Unit Trust Loan Financing Risk Disclosure Statement before deciding to borrow to purchase units. All performance figures have been verified by Mercer Zainal Consulting Sdn. Bhd. (35090-H).

Page 1 of 2

31 December 2010

CIMB-Principal Australian Equity Fund

FUND MANAGERS REPORT In December, the Fund gained 7.42% compared to the benchmarks gain of 7.64%. Detractors to the performance over the quarter include Downer EDI, provider of engineering and infrastructure management services; Woolsworths, operator of supermarket and Suncorp, provider of among others retail and business banking. YTD, the Fund is up 6.17%, outperforming the benchmarks gain of 3.39%. The December quarter proved largely an action replay of the third quarter, as optimism on renewed global growth and the diminutive returns available on most other forms of investment, saw improving enthusiasm for equities. Momentum was the order of the day at a sector level also, with increased stimulus seeing continued US Dollar weakness and continuing commodity strength. There are a number of cycles that we could point to in Australia which will be crucial to the performance of both the Australian market overall and sectors within it. Obvious ones include interest rates, unemployment, house prices, commodity prices and the Australian Dollar, but others, such as the balance between consumption and investment within the economy are becoming increasingly important. Our optimism would increase markedly if both governments and companies could renew focus on profitably deploying capital and provide comfort to voters and shareholders. We remain positioned for a world which will hopefully shift back towards equilibrium, as current global efforts at manipulation will only become more difficult as the scale increases. More speculative elements of the market will not fare well in this adjustment, however, we believe the broader and longer term impact will be very positive.

PORTFOLIO ANALYSIS

ASSET ALLOCATION

Schroder - Australian Equity Fund Cash

99.46% 0.54%

Total SECTOR BREAKDOWN

100.00%

Materials Financials Ex Property Industrials Consumer Staples Consumer Discretionary Telecommunication Services Energy Health Care Utilities Information Technology Property Trusts Cash

31.09% 27.85% 8.91% 7.72% 5.67% 5.42% 4.59% 2.61% 1.80% 1.64% 1.18% 1.51%

Total TOP HOLDINGS

100.00%

1 2 3 4 5 6 7 8 9 10

BHP Billiton Limited National Australia Bank ANZ Banking Group Commonwealth Bank Woolworths Limited Telstra Corporation Limited Westpac Banking Corporation News Corporation Brambles Limited Suncorp Group Limited Total

12.51% 6.91% 5.71% 5.06% 4.86% 3.85% 3.78% 3.69% 3.25% 3.25% 52.86%

*Of the target fund. Page 2 of 2