The world’s climate is changing … it’s real

 Heat waves and periods of

unusually warm weather

 Ocean warming, sea-level rising

and coastal flooding

 Arctic and Antarctic warming,

glaciers melting

 Increasingly random and

extreme nature of weather
(hurricanes, flooding, droughts,
tsunamis)

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The heat is on ….
ppm Ice cores Current Projections

CO2 Composition in
the atmosphere
Historical data Current data Projections
Source: Intergovernmental Panel on Climate Change

There is concern that it could rise from 381 ppm (2005) to over 1,000 ppm (2100)

Changes in temperature in °C (compared with 1990 reference period)

Temperature
Increases

Source: Intergovernmental Panel on Climate Change

Temperature could rise by over 6°C

Parts per million ("ppm") denotes one particle of a given substance for every 999,999 other particles.

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Impact of temperature increases …..

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World is concerned- people’s opinions
Is global warming a threat?

Source: Deutsche Asset Management 5

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The world needs to act on climate change
• According to Sir Nicholas Stern*, overall cost of global warming
may be equivalent to losing 5% of global GDP annually* (approx.
€2.000 bn)
• Proceeding without action to reduce emissions could increase
costs up to 20% of global GDP annually!!!**
• Cost of action in reducing greenhouse emissions to avoid the worst
impact is limited to only 1% per year of global GDP (Investment
phase of 10-20 years)***
• This will lead to potential market sales exceeding several 100bn
US$

The world needs to create a low-carbon economy.

* Stern Review on the Economics of Climate Change from 30th October, 2006
** Stern report
*** World GDP was approx. €37 trillion in 2006, Source: World Economic Indicators (IMF)
**** Center of Defense Information

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Milestones in climate policy

1988 UNEP and WMO establish the IPCC

1992 UN convention on climate change
1995 2nd IPCC report stresses anthropogenic effect
1997 Kyoto Protocol passed
2001 USA refuses to ratify Kyoto Protocol
2004 Russia ratifies Kyoto Protocol
2005 1st meeting of Kyoto Protocol participants
2006 Stern calculates costs of climate change
2007 4th IPCC Report emphasizes the threat

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Political support & political will growing
Political and social awareness at all time
high
■ Kyoto Protocol is covering 163
countries. Countries actively working to
meet the emissions standards set for
2008 – 2012 timeframe.

■ Countries globally moving to reduce

their carbon footprint e.g. European
emissions limits.

■ U.S. States like California taking

initiative to set standards in absence of
Federal legislation
…This is only a taste of things to come
Climate Change is now at the forefront of all political campaigns and debates -
the realisation that we need to act now has come

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 Effects on companies
Climate change
Direct effects
• Losses due to natural events
(insurance companies, tourism)
• Change in the climate
(agriculture)
• Extreme weather events
(forestry, hydroelectric power)
Indirect effects
• Regulatory & government
intervention in volumes and pricing
- Power utilities
- Automotive industry
- Transportation
- Manufacturing industry
(partic. chemicals, steel, cement)
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Investment opportunity: look at who’s who in emissions
Increase in composition
since pre-industrial age:
Other • Carbon dioxide – 30%
Industry
energy • Methane – 150%
14% • Nitrous oxide – 17%
related Power
5% 24%
Global energy consumption
Waste will increase dramatically
3%
Transport 60% of greenhouse gas
Agriculture emissions are from fossil
14%
14% energies
Land use Buildings
18% 75% of greenhouse gas
8% emissions are from OECD
countries

Source: World Resources Institute (2006) 10

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Key investment themes in climate change
Climate change

Mitigation Adaptation
Protecting the climate by Protection against
Reducing greenhouse consequences by
gases Reducing economic, social
susceptibility

Cleaner Energy- Environmental

Technologies Efficiency Management/
Damage Limitation

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CIMB-Principal Climate Change Equity Fund
 CIMB-Principal Climate Change Equity Fund
are in the process of finding ways
to support the reduction of
Climate environmental pollution
Change have growth supported by
focuses on environmental regulations
companies
that: help to reduce or manage climate
risk
help to increase energy efficiency

help to address non-reversible

changes
Fund focus will be on companies which have profitable business
models based upon climate changes or are in the process forefront
of finding and/ or implementing friendly environmental solutions

Source: Deutsche Asset Management 13

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Fund Objective & Investment Focus
The objective of the Fund is to feed into the DWS Global Climate
Change Fund which aims to achieve an above average
appreciation of capital invested in euros.
Investment focus on companies that deal with:

Reduction of CO2 emissions – to reduce greenhouse effect.

Energy –solar, wind, bio, fuel cells, hydro, geothermal and geoenergy
Disasters – products/services for monitoring and disaster prevention in
vulnerable and costal areas. As well as emergency relief services or support
rebuilding efforts.

Efficiency – products that help to make the flow of goods and people more
efficient. For example means of transport, reducing fuel consumption and
optimizing transport streams.

Source: Deutsche Asset Management 14

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CIMB-Principal Climate Change Equity Fund
MANAGER TARGET FUND’S
INVESTMENT MANAGER
CIMB-Principal Asset
Management Deutsche Asset Management
95%
of NAV
CIMB Principal DWS Invest
Unitholders Climate Change Climate Change

Investment Objective : The objective of the Fund is to feed into the DWS Invest Climate
Change Fund which aims to achieve an above average appreciation of
capital invested in euros.

NOTE !
The CIMB-Principal Climate Change Equity Fund is not available for
Distribution; Subject to Malaysian Securities Commission’s Approval

15

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Investment Process
Target Fund’s Investment Concept
Climate Change
Mitigation Adaptation
Protecting the climate by Protection against consequences by
Reducing greenhouse gases Reducing economic, social
susceptibility

Cleaner Energy- Environmental Management/

Technologies Efficiency Damage Limitation
„ Lower-emission / „ Facility management „ Waste management (e.g. Covanta)
(e.g. Johnson Controls)
Emission efficient
„ Health / Biotechnology (e.g.
power generation „ Air-conditioning and
Diversa)
(e.g. Verbund) heating systems (e.g.
Emerson Electric) „ Geological services (e.g.
„ Mobility (e.g. Skysails)
„ Lighting systems Grontmij)
„ Filter systems (e.g. (e.g. Aixtron) „ Climate Impact Management /
Johnson Matthey)
„ Insulation (e.g. Rockwool) Infrastructure (e.g. Boskalis)
„ Natural resources
„ Consumer electronics „ Reconstruction (e.g. Chicago
(e.g. Rayonier)
(e.g. Philips) Bridge)
„ New materials (e.g. BASF) Source: Deutsche Asset Management 17

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 Cleaner technologies
• Companies whose products make significant contributions
toward reducing greenhouse-gas emissions
• Low-emission / emission efficient power generation:
Accounts for 30 percent of global CO2 emissions e.g.
Verbund
• Mobility: Because around 20 percent of all emissions come
from the transportation sector. Improving passenger
and freight flows is very important. Also includes things such
as new drive systems, lightweight components, fuel cells and
hydrogen technology e.g. Skysails
• Filter systems: For industrial power generation and in the
domestic sector e.g. Johnson Matthey
• Natural resources: Exploiting the potential of renewable
resources (biomass in general, timber in particular) to produce
carbon-neutral materials and energy e.g. Rayonier

Source: DeAM
18

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Energy efficiency
• "Factor Four - Doubling Wealth, Halving Resource
Use" is the title of a book by Prof. von Weizsäcker.
It sounds too good to be true, but it is real.

• Companies in this investment area work with

techniques and processes that improve the
efficiency of energy use. These include the
following:
• Facility management e.g Johnson Controls
• Air-conditioning and heating systems e.g. Emerson
Electric
• Lighting systems e.g. Aixtron
• Insulation e.g. Rockwool
• Consumer electronics e.g. Phillips
• New materials such as supraconductors e.g BASF

19

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Environmental management / damage limitation
• Measures taken now can no longer stop climate
change that is already taking place. Adaptation is
the top priority.

• Estimates for OECD countries calculate the cost of

infrastructure projects for combating its major effects
will total about €100 billion in the next 15 to 20
years.*

• Companies in this investment area are in the

following segments:
Waste management e.g. Coventa
Health / Biotechnology e.g. Diversa
Geological services e.g. Grontmij
Disaster protection / infrastructure e.g. Boskalis
Reconstruction e.g. Chicago Bridge

*Source: Organisation for Economic Cooperation and Development, OECD

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 Top 10 holdings of target fund

As of end June 2007

Source: Deutsche Asset Management 21

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 Theme & sector allocation (target fund)
Theme Allocation Sector Allocation

Cash Information Financials Energy

2.0% Technology 2% 1%
Damage Limitation
Consumer 6%
20.0%
Discretionary
8%

Materials
9%

Clean
Energy Efficiency Technologies Industrials
18.0% Utilities 62%
60.0% 12%

Source: Deutsche Asset Management, End-July 2007

Source: Deutsche Asset Management 22

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Geographic allocation (target fund)

Emerging Cash
Markets 4.0%
1.0%

Europe
North America 49.0%
43.0%

Japan
3.0%

Source: Deutsche Asset Management; End-July 2007 23

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Investment manager’s track record
121

118

115

112
11.20
DWS %
Klimawandel
109

106

103

100
1.81 %
MSCI World
97

28-Jun-07

28-Jul-07
DWS Klimawandel has no
28-Feb-07

28-Mar-07

28-Apr-07

28-May-07

benchmark.
The MSCI World Index is
DWS Klimawandel MSCI World shown for information
purposes only
Note:
• DWS Klimawandel (Climate Change) is domiciled in Germany and was launched 28 February 2007
• DWS Invest Climate Change mirrors the investment strategy of DWS Klimawandel
• Past performance is no guarantee for future performance
* DWS Klimawandel (Climate Change) is domiciled in Germany and was launched 28 February 2007
As of 14 August 2007 24

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 Investment Manager
Deutsche Asset Management / DWS Investments
• Europe’s No. 1 fund-award winner*
• Europe’s No. 3 mutual fund company by AuM**
• Offers more than 500 funds
• Ranked “Best Mutual Fund Company” in Germany by S&P for 12
consecutive years since 1995

Nicolas Huber, Director, Senior global equities portfolio manager, Frankfurt

• Nicolas Huber has been with DWS since 2002 when he started in the healthcare team. He has been a member of the global equity
management team since June 2003. From 1999 to 2002, Nicolas Huber was a senior portfolio manager at Zurich Invest in Frankfurt
(Deutsche Bank Group) where he was head of the life sciences / bioscience department.
• Between 1997 and 1999, he worked as a senior fund manager and director for a major German bank in Hamburg. Prior to 1997,
Nicolas Huber was managing director of an independent asset management company in Frankfurt and London. Nicolas Huber
successfully manages the DWS Zukunftsressourcen and DWS Invest New Resources funds.
• He completed his banking training at Berliner Bank in Frankfurt and Berlin and is a licensed stockbroker on the Frankfurt Stock
Exchange. He attended a comprehensive investment analysis course and worked for several major US investment houses in
Chicago and New York.

Susana Peñarrubia Fraguas, CFA, Vice President, Equity investment manager, Frankfurt
• Susana started her investment career with Dresdner Bank in the fixed income division from 1997-2001. She joined DeAM/DWS in
2001 and was previously head of the European infrastructure group
• Sasana has been the co-fund manager of the DWS Zukunftsressourcen and the DWS Invest New Resources funds since 1 April
2006.
• Susana studied economics at Alcalá de Henares/Leeds/Pforzheim/Frankfurt universities. Holds a degree in economics from the
University of Alcalá de Henares, Spain. She was named best European buy-side analyst by Institutional Investor magazine in 2005
and 2006 - -
* Total awards based on S&P sector awards for 2005 across Europe excluding institutional funds
-
** Source: FERI Fund Market Information (FERI FMI) as at 30 June 2006.
. FERI FMI is a mutual fund market analysis and
research publishin company specialising in all aspects of the domestic, Pan European and cross border fund market
25
places. FERI FMI is a subsidiary company of FERI Rating
- & Research GmbH
- one of Europe's leading fund
analysis and independent wealth management companies.
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Investment Process

Fundamental
Established analysis
Invest. Market businesses in Alpha
cap. relevant Research
Universe Approx. areas
pool input
>$100
mil. 600 co’s Must have >300 Management
>1,000 visits
co’s
growth companies
potential Conviction
analysis
Narrowing Constructing
down portfolio
universe

Source: Deutsche Asset Management 26

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 Investment Process
Investment Universe: >1000 Companies
Size: Market Cap > 100 Mill. US $
700 Companies
Significant turnover or
growth in relevant areas
400 Companies
Qualitative Factors
Fund (80-120 companies)
Source: Deutsche Asset Management
Sound and proven management with an established
track record in their area, close relationship to
management
A certain barrier of entry and if not at least a strategic
or regional advantage in comparison to peer group
Companies with an established market share or at
least 25% revenue in investment themes
Companies with a unique and promising approach to
solutions in our investment universe. If sales is less
than 25% sales must be compensated by strong
growth potential (justified by niche, high growth
products)
Margin development, financing, security of intellectual
property, cost structure, sales growth, sales units,
earnings development
Monitoring of over/ undervaluation in regards to our
growth assumptions for overall sectors or themes
Source: Deutsche Asset Management 27
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Results in a Sound Portfolio
• With ideal sector exposure, diversification and optimal risk
management

• Well-positioned individual stocks are selected, based on

fundamentals and environmental sector

• The investment selection process results in:

ÆOptimal exposure in all the existing investment areas

of climate-change solutions (using top-down and bottom-up analysis)

ÆAchieving the long-term goal of creating assets,

coupled with earnings power generated by active management, while
still being able to exploit current market sentiment to make short-term,
opportunistic investments. This results in the generation of alpha.

Source: Deutsche Asset Management 28

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Common questions
Is this a Socially Responsible Investment (SRI) fund?
• No, this is not a SRI fund with SRI limitations.
• We invest in companies that will profit from climate change grouped
under ‘mitigation’ and ‘adaptation’.

Are there enough companies to choose from?

• Over 1000 companies to choose from.

What makes this fund so potentially profitable?

• We invest in companies with existing products that are already profitable
with the demand of climate change.
• Companies in the portfolio should have at least 20% market share, e.g.
Toyota

How about unproven/smaller companies?

• If Fund Manager decides to invest, will be < 0.5% of the portfolio
• This way risk will be managed.
Source : 20/8/07 The Edge Singapore (Nicholas Huber, Fund Manager) 29

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Fund Information
Fund Details

Annual
1.80% Management
Minimum Investment of Fee
RM1,000
To Start Trustee
0.08%* Fee

5.5%: IUTA
6.5%:
Application
Agency Fee

*subject to minimum of RM18,000 p.a.

Source: CIMB-Principal 31

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Withdrawal fee

Institutional Unit Trust

Agents (IUTAs) Up to 1.0%

Agencies Up to 1.0%

Direct investment
via CIMB-Principal
Up to 1.0%

Withdrawal fee is chargeable within six (6) months from the Commencement Date.
Thenceforth, no Withdrawal fee will be charged.

32

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