30 June 2018 CIMB Islamic Al-Azzam Equity Fund

1 31 December 2017. cimb Islamic Al-Azzam Equity fund A S S E T MA N A GE ME N T. Available under the EPF Members Investment Scheme. INVESTMENT VOLATILITY fund OBJECTIVE. The fund aims to achieve consistent capital growth over the medium to long-term. 3-year fund Volatlity High Lipper Analytcs fund PERFORMANCE in MYR. 15 Dec 2017. 50%. 45%. fund INFORMATION 40%. 35%. Location Kuala Lumpur, Malaysia Domicile Malaysia 30%. fund Currency Ringgit Malaysia 25%. fund Size (MYR) MYR million 20%. fund Benchmark fund Unit million units 15%. 10%. fund Launch 1 August 2012. fund Inception (MYR) 1 August 2012 5%. 0%. D - 12. Fe - 12. M - 13. A - 13.

2 O - 13. Ja t- 13. Ap - 14. Ju - 14. Se - 14. N - 14. Fe - 14. M - 15. Ju 15. O l- 15. Ja - 15. M - 16. Ju - 16. Au - 16. No - 16. Fe - 16. Ap - 17. Ju 17. O - 17. De t- 17. 17. Benchmark FTSE Bursa Malaysia EMAS Shariah Index - r- c- - 5%. ec ay ov ay v l r ar p b ug n n p b n n g b ct c c Se Dealing Daily (as per Bursa Malaysia trading day). - 10%. Application Fee IUTAs: of NAV per unit Cumulative Performance (%). CWA: of NAV per unit Since YTD 1 Month 3 Months 6 Months 1 Year 3 Years 5 Years Inception Management Fee of the NAV. Trustee Fee of the NAV fund Benchmark Unit NAV (MYR) MYR Calendar Year Performance (%). 2016 2015 2014 2013 2012 2011.

3 fund N/A N/A. Benchmark N/A N/A. Most Recent fund Distributions 2016. Apr Gross (Sen/Unit) Yield (%) Note: August 2012 to December 2017. Performance data represents the combined income & capital return as a result of holding units in the fund for the specified length of time, based on bid to bid prices. Earnings are assumed to be reinvested. cimb -PRINCIPAL AWARDS AND ACCOLADES. ^Based on the fund 's portfolio returns as at 15 December 2017, the Volatility Factor (VF) for this fund is and is classified as "High" (source: Lipper). "High" includes funds with VF that are above but not more than Currency ISIN Code Bloomberg Ticker The VF means there is a possibility for the fund in generating an upside return or downside return around this VF.

4 The Volatility Class (VC) is assigned by Lipper based on quintile ranks of VF for qualified funds. VF is subject to monthly MYR MYU1000DS002 CIMIAAE MK revision and VC will be revised every six months. The fund 's 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. We recommend that you read and understand the contents of the Master Prospectus (Shariah-Compliant Funds) Issue No. 10 dated 30 June 2017, which has been duly registered with the Securities Commission Malaysia, before investing and that you keep the said Master Prospectus (Shariah-Compliant Funds) for your records.

5 Any issue of units to which the Master Prospectus (Shariah-Compliant Funds) relates will only be made upon receipt of the completed application cimb -Principal Asset Management Berhad form referred to in and accompanying the Master Prospectus (Shariah-Compliant Funds), subject to the terms and conditions therein. Investments in the fund are exposed to credit (default) and counterparty risk, interest rate risk*, 10th Floor, Bangunan cimb , Jalan Semantan liquidity risk and stock specific risk. You can obtain a copy of the Master Prospectus (Shariah-Compliant Funds) from the head office of cimb -Principal Asset Management Berhad or from any of our approved distributors.

6 Product Damansara Heights, 50490 Kuala Lumpur. Highlight Sheet ("PHS") is available and that investors have the right to request for a PHS; and the PHS and any other product disclosure document should be read and understood before making any investment decision. There are fees and charges involved in investing in the funds. We suggest that you consider these fees and charges carefully prior to Tel: (603) 2084 8888 making an investment. Unit prices and income distributions, if any, may fall or rise. Past performance is not reflective of Fax: (603) 2084 8899 future performance and income distributions are not guaranteed. You are also advised to read and understand the contents of the Financing for Investment in Unit Trust Risk Disclosure Statement before deciding to obtain financing to Website: purchase units.

7 Where a unit split/distribution is declared, you are advised that following the issue of additional units/distribution, the NAV per unit will be reduced from pre-unit split NAV/cum-distribution NAV to post-unit split NAV/ex-distribution NAV; and where a unit split is declared, the value of your investment in Malaysian ringgit will remain unchanged after the distribution of the additional units. Page 1 of 2. 31 December 2017. cimb Islamic Al-Azzam Equity fund A S S E T MA N A GE ME N T. Available under the EPF Members Investment Scheme. fund MANAGER'S REPORT PORTFOLIO ANALYSIS. The fund rose by in December 2017, ASSET ALLOCATION.

8 Underperforming the benchmark by The underperformance came mainly from the fund ' s Shariah-compliant Equities (Local) exposure to the Basic Materials sector. At the stock Cash level, key detractors were Chemical Co. of Malaysia, Petronas Gas and Success Transformer. For 2017, the Total fund has outperformed the benchmark by December was a good month as the FTSE Bursa Malaysia EMAS Shariah Index (FBMS) jumped 383 pts or to 13, pts on the back of window dressing activities. For the year, the FBMS rose 1, pts or , outperforming the conventional FTSE Bursa Malaysia Kuala Lumpur Composite Index which increased Foreign investors were net buyers of in 2017 versus net sellers of in 2016.

9 Brent crude oil price rose m-o-m or SECTOR BREAKDOWN COUNTRY ALLOCATION. y-o-y to USD67/barrel, while the Ringgit closed the year stronger at , up 10% y-o-y. We remain positive on Malaysia in the run up to the 14th General Election (GE14) this year. The stronger-than-expected Gross Domestic Product (GDP). should lift street earnings. Portfolio inflows have pushed the Ringgit up to versus the US Dollar as foreign funds are still underweighted Malaysia. Firmer commodity prices are also a positive for Malaysia. In Trading / Services Malaysia terms of valuation, MSCI Malaysia is the worst Industrials Cash performing market, as we currently trade at a 14% Construction premium to the region vs the average of 24%.

10 Overall, Properties there is no change to our view of an improving global economy in 2018. The risk to our view will come from a Technology more volatile market due to the reversal of Quantitative Plantation Easing in the developed markets. In terms of strategy, IPC we will participate selectively in GE14 plays. Certain Finance large-cap beneficiaries of higher oil price have also Consumer seen a good run up. In addition, we will hold on to our Second Board longer-term themes, construction, e-commerce/logistics, Chinese tourism, consumer and REITS technology. Our base case is that there is no political Cash upheaval arising from GE14.