31 July 2018 CIMB-Principal Dynamic Growth Fund …

1 31 July 2018 CIMB-Principal Dynamic Growth Fund - Class SGDA S S E T M A N A G E M E N T - 20%- 15%- 10%- 5%0%5%10%15%20%25%30%35%40%45%50%55%60%J un-15 Jul-15 Sep-15 Oct-15 Dec-15 Jan-16 Mar-16 Apr-16 Jun-16 Jul-16 Sep-16 Oct-16 Dec-16 Jan-17 Mar-17 Apr-17 Jun-17 Jul-17 Sep-17 Oct-17 Dec-17 Jan-18 Mar-18 Apr-18 Jun-18 Jul-18 FundBenchmarkFUND OBJECTIVEFUND PERFORMANCE in SGDC umulative Performance (%)Bloomberg TickerISIN CodeCurrencySGDMYU1001FF003 CIMDYGS MKFUND INFORMATIONK uala Lumpur, MalaysiaLocationMalaysiaDomicileUS Dollar (USD)Fund CurrencySGD millionFund Size (SGD) million unitsFund Unit22 July 2015 Fund Launch22 July 2015 Fund Inception (SGD)10% per annumBenchmarkDaily (as per Bursa Malaysia trading day)DealingUp to of the NAV per UnitApplication FeeUp to per annum of the NAV of the ClassManagement per annum of the NAV of the ClassTrustee FeeSGD NAV (SGD)

2 3 Months6 Months3 Years5 YearsSince Inception1 MonthYTD1 2017 2016 2015 2014 2013 2012 FundN/AN/AN/ recommend that you read and understand the contents of the CIMB-Principal Dynamic Growth Information Memorandum dated 22 July 2015 which has been duly registered with the Securities Commission Malaysia, before investing and that you keep the said Information Memorandum for your record. Any issue of units to which the Information Memorandum relates will only be made upon receipt of the completed application form referred to in and accompanying the Information Memorandum, subject to the terms and conditions therein.

3 Investments in the Fund are exposed to stock specific risk, country risk, liquidity risk, currency risk, credit (default) and counterparty risk, interest rate risk and risk of investing in emerging markets. You can obtain a copy of the Information Memorandum from the head office of CIMB-Principal Asset Management Berhad or from any of our approved distributors. Product 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.

4 There are fees and charges involved in investing in the funds. We suggest that you consider these 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 advised to read and understand the contents of the Unit Trust Loan Financing Risk Disclosure Statement before deciding to borrow to purchase units. Where a unit split/distribution is declared, investors 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.

5 And where a unit split is declared, the value of your investment in Singapore Dollar will remain unchanged after the distribution of the additional AWARDS AND ACCOLADESNote: July 2015 to July 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. Source: LipperCalendar Year Performance (%)The Fund aims to achieve capital appreciation over the medium to long Asset Management Berhad10th Floor, Bangunan CIMB, Jalan SemantanDamansara Heights, 50490 Kuala : (603) 2084 8888 Fax: (603) 2084 8899 Website.

6 1 of 231 July 2018 CIMB-Principal Dynamic Growth Fund - Class SGDA S S E T M A N A G E M E N T FUND MANAGER'S REPORTPORTFOLIO ANALYSISASSET ALLOCATIONSECTOR BREAKDOWNTOP HOLDINGSCOUNTRY ALLOCATIONE quities (Foreign) (Local) & Gas Materials / Services Care Fund Kong Korea States Islands 1 BHP Billiton LtdAustralia 2 Tencent Hldg LtdHong Kong 3 Taiwan Semiconducter ManufTaiwan 4 Samsung Electronics Co. LtdSouth Korea 5 Industrial and Commercial BankChina 6 Galaxy Entertainment Grp LtdHong Kong 7 CNOOC LtdHong Kong 8 DBS Group Hldg LtdSingapore 9 Alibaba Group Holding LtdCayman Islands 10 AIA Group LtdHong Kong Fund recorded a loss of in SGD terms over the past month.

7 This was below the target absolute return of over the one month equities as measured by the MSCI Asia-Pacific ex Japan Index gained in July. ASEAN outperformed North Asia as fund outflows appear to have abated. China, on the other hand, declined as investor sentiment remained weak as the trade war escalated further. Fund flows which had been negative for every single month bar January had in the past month seen negative fund flows slowed to a trickle.

8 The Fund declined due to its exposure to certain sectors which had been met with unexpected regulatory changes as well as some weaker than expected results. In the near term, we still expect Asian equities to be range bound. The escalating trade war between the US and China, the slowing Chinese economy and the less accommodative central banks will remain headwinds for Asian equities along with higher volatility.

9 However, we have seen signs that most of the selling foreign fund flows have abated, and China appears also to be ready to stem a further slowdown by easing fiscal and monetary policies if necessary. Valuation is earnings Growth should remain relatively robust expected to be in the low double digit range in 2018 coupled with a relatively attractive PER valuations of 13X FY18 should support stock prices.

10 The Fund shall remain invested with a strong focus on cyclicals including financials, selected technology, basic materials, consumer discretionary while avoiding utilities, REITs, Telecoms and other equities with bond like characteristics as we still see a relatively strong economic outlook within a rising interest rate environment. The current key positions include AIA HK, Tencent, Alibaba, Galaxy Entertainment, Samsung Electronics, BHP, Seven Group, CSL, DBS and 2 of 2