AmPan European Property Equities

April 2012

The Fund seeks long - term capital appreciation by investing its assets in quoted equities securities of companies or Real Estate Investment Trusts (REITs) (or its equivalents) having their registered office in the European Economic Area (EEA) listed or traded on a regulated market which derive the main part of their revenue from the ownership, management and/or development of real estate in the Europe. The Fund is denominated in Ringgit Malaysia. The Fund is suitable for investors who : seek long term capital appreciation through Pan European property related securities seek income and medium level capital growth through exposure to property related security Investment Strategy Minimum of 95% of its NAV will be invested in the Target Fund (Henderson HF Pan European Property Equities Fund) based in Luxembourg. Asset Allocation Henderson Horizon Fund Pan European Property Equities Fund Liquid assets 97.40% 2.60%

Target Fund's Top Holdings* (as at 31 March 2012)

Land Securities Unibail-Rodamco Hammerson Corio Derwent London Great Portland Estates Icade Wihlborgs Fastigheter LXB Retail Properties GSW Immobilien 9.90% 9.30% 7.30% 5.70% 5.60% 4.80% 4.80% 4.40% 4.30% 3.90%

Fund Details
Fund Category / Type Fund Launch Date Offer Price at Launch NAV (31 Mar 2012) Total Units (31 Mar 2012) Fund Size (31 Mar 2012) 1-year NAV Low (31 Mar 2012) 1-year NAV High (31 Mar 2012) Annual Management Fee Annual Trustee Fee Entry Charge Exit Fee Redemption Payment Period Investment Manager Income Distribution Feeder (European property equity) / Capital growth & income 6 March 2007 RM 1.00 RM 0.3631 140.58 million RM 51.05 million 0.3100 (25/11/2011) 0.4303 (05/07/2011) Up to 1.80% p.a. of the NAV of the Fund 0.08% p.a. of the NAV of the Fund Up to 5% of the NAV per unit Up to 1% if redeemed within 90 days of purchase By the 10th day of receipt of a repurchase notice AmInvestment Management Sdn Bhd Income distribution (if any) is paid at least once every year

* As percentage of NAV. Please note that asset exposure for the fund is subject to frequent change on a daily basis.

Target Fund's Sector Allocation* (as at 31 March 2012)

Retail Office Residential Industrial Hotel Other 43.50% 35.20% 7.50% 3.00% 1.40% 9.40%

Income Distribution History

FY 2009 Interim Final Total 0.95 sen 0.95 sen

* As percentage of NAV. Please note that asset exposure for the fund is subject to frequent change on a daily basis.

Target Fund's Country Allocation* (as at 31 March 2012)

United Kingdom France Sweden Netherlands Germany Finland Switzerland Bermuda Norway Cash 43.70% 16.20% 11.60% 10.30% 7.30% 4.60% 2.20% 1.90% 1.50% 0.70%

Target Fund Manager's Commentary

European equity markets moderated in March after a strong start to the year. The threat of a rising oil price and its impact on the global economic recovery affected sentiment, although fears of systemic risk in European markets receded a little. In property equities both corporate and transactional activity was plentiful. US retail real estate investment trust (REIT), Simon Property Group, surprised the market by acquiring 28.7% in Continental retail REIT Klpierre from its major shareholder BNP Paribas, paying a 20% premium to the previous days closing price and stoking general investor interest. In the UK there continues to be strong demand for prime investment property. Boston Properties (a US REIT) is said to be interested in a City office building and several sovereign wealth funds are interested in acquiring a large out-of-town shopping centre, Meadowhall, near Sheffield. Elsewhere, Hammerson disposed of a prime retail property, Rue du Faubourg St Honor in Paris, and Land Securities made several disposals. French property companies attracted interest on the funding side, with Unibail-Rodamco and Mercialys issuing longer-terms bonds at attractive margins, which were several times over-subscribed. Overall, the funds benchmark index (FTSE EPRA/NAREIT Developed Europe Capped Net Total Return Index (in Euros)) rose 4.5%.

Overview

* As percentage of NAV. Please note that asset exposure for the fund is subject to frequent change on a daily basis.

Fund Performance (as at 31 March 2012)

Cumulative performance over the period (%)
0.00 -10.00 -20.00 -30.00 -40.00 -50.00 -60.00 -70.00 -80.00 Apr-07
FTSE EPRA/NAREIT Europe (UK Restricted) TR (IN) % Growth TR Def LC

Performance and activity

Fund performance was slightly behind that of the index for the month. An underweight in Klpierre was detrimental as its price appreciated as a result of the Simon Property Group transaction.However, other European retail stocks benefited from broader interest in the sector and our positions in Corio and Eurocommercial Properties benefited. The funds holding in German residential owner GSW Immobilien also performed well following positive results. However, news that the City of Dresden had settled a legal dispute with Gagfah caused the stock to jump almost 50%. An underweight position here was the biggest detractor in the fund. In the UK, the funds positioning in the majors was particularly beneficial being overweight in the two outperformers, Land Securities and Hammerson, while not owning laggards Segro and British Land. The UK Budget dealt the selfstorage industry a blow, proposing changes that would make value added tax payable on self-storage charges. Both Big Yellow and Safestore reacted negatively to the news; the fund has no position in Big Yellow, having taken profits last month, but an overweight in Safestore weighed on performance. Trading activity in the portfolio was subdued during March. Late in the month we increased our UK exposure, initiating a position in British Land after a sustained period of underperformance relative to the other UK majors. We also added to Swedens Wihlborgs and took some profits in GSW Immobilien after a strong run.

Mar-12

Outlook
The possibility of a European recession and the need for governments to deleverage is likely to make 2012 a challenging year for the property sector. In this scenario, the negative effects on employment and consumer expenditure will have an impact on property values, but not symmetrically. Some assets and companies will do relatively well and, in an uncertain market, prime assets are likely to remain a safe haven. Management initiatives will also be key factors in generating income growth. Equity market volatility is likely to persist in the coming months, but markets are pricing in significant weakness already. This will present opportunities, but, for now, we take comfort in the dividends of the sector and the fact that many listed property companies are in a strong position to take advantage of the opportunities presented by banks, receivers and others.

AmPan European Property Equities (MF) % Growth TR Def LC

1m Fund (%) Benchmark (%) 5.83 6.42

6m 5.55 5.32

1 yr -8.59 -9.07

3 yrs 49.28 55.15

5 yrs -60.99 -54.59

Source: Lipper The value of units may go down as well as up. Past performance is not indicative of future result.
Note: Source of the Fund's information from AmInvestment Service Bhd Note: Source of Target Funds information from Henderson Global Investors Ltd. (Target Funds Investment Manager). Based on the funds portfolio returns as at 31 March 2012, the Volatility Factor (VF) for this fund is 23.99 and is classified as Very High (source: Lipper). Very High includes funds with VF that are above 17.535 The VF means there is a possibility for the fund in generating an upside return or downside return around this VF. The Volatility Class (VC) is assigned by Lipper based on quintile ranks of VF for qualified funds. VF is subject to monthly revision and VC will be revised every six months. The funds portfolio may have changed since this date and there is no guarantee that the fund will continue to have the same VF or VC in the future. Presently, only funds launched in the market for at least 36 months will display the VF and its VC. The information contained in this promotional material is general information only and does not take into account your individual objectives, financial situations or needs. You should seek your own financial advice from an appropriately licensed adviser before investing. We recommend that you read and understand the contents of the Master Prospectus dated 10 September 2011 (expires 9 September 2012) that is registered with the Securities Commission, who takes no responsibility for its contents. For copies of the master prospectus, visit us at our nearest representative office. You should be aware that investments in unit trust funds carry risks. The specific risk of the Fund is currency risk, securities risk, industry specific risk, regulatory, legal & taxation risk, country risk, risk of a passive strategy, risk of investing in a feeder fund, derivatives risk, credit & counterparty risk and liquidity risk as contained in the master prospectus. Unit prices and income distribution, if any, may go down as well as up. Past performance of a fund is not indicative of future performance. Please consider the fees and charges involved before investing. Units will be issued upon receipt of completed application form accompanying the prospectus and subject to terms and conditions therein. AmInvestment Services Berhad does not guarantee any returns on the investments. In the event of any dispute or ambiguity arising out of the other language translation in this leaflet, the English version shall prevail.