MARKET WRAP: WEEK ENDED 3 FEBRUARY12

Bursa Securities vs Public Mutuals performance*

FBM KLCI FBMS Shariah MSCI FEXJ# MSCI World# Local Fund PSF PGF PIX PIF PAGF PRSF PBF P SmallCap PEF PFSF PDSF PSSF PSA30F POGF PBBF PBGF PBGSQF Local Islamic Funds P Ittikal PIEF PIOF PIMXAF PIDF PISSF PISTF PIOGF PISEF PIA40GF PISVF PITGF PITSEQ PBIEF Foreign Funds PFES PRSEC PGSF PFEDF PFEBF PTAF PCSF PFEPRF PSEASF PFECTF PCTF PFETIF PNREF PAUEF PFA30F PINDOSF PBAEF PBADF PBEPEF PBCPEF PBCAEF PBCAUEF PBSGA30EF PBAPENTF PBAREIF PBADBF PBINDOBF PSGEF PBAEGF Foreign Islamic Funds PAIF PIADF PIATAF PCIF PIALEF PBIAEF PBIASSF 3 Feb'12 1,538.77 10,676.20 487.36 325.12 0.5623 0.4798 0.6811 0.5201 0.6571 0.6529 0.6816 0.7188 0.2700 0.2612 0.2901 0.2888 0.3077 0.2910 0.7781 0.7726 0.2536 0.8612 0.3442 0.3194 0.2811 0.3642 0.2925 0.3124 0.2810 0.3768 0.2679 0.2521 0.2739 0.2593 0.2416 0.2199 0.1915 0.1799 0.2094 0.2021 0.1971 0.1571 0.2428 0.2513 0.2474 0.2058 0.2859 0.2254 0.2492 0.2131 0.2684 0.2028 0.2705 0.1655 0.1453 0.2255 0.1831 0.2421 0.2143 0.2498 0.2823 0.2629 0.2411 0.2681 0.2533 0.2413 0.2195 0.1707 0.2375 0.2112 0.1738 27 Jan'12 1,520.90 10,515.01 478.13 317.68 0.5553 0.4779 0.6737^^ 0.5141 0.6528 0.6496 0.6780 0.7135 0.2686 0.2575 0.2865 0.2871 0.3043 0.2883 0.7718 0.7610 0.2522 0.8521 0.3405 0.3139 0.2800 0.3609 0.2905 0.3081 0.2781^^ 0.3712 0.2638 0.2507 0.2698 0.2572 0.2378 0.2175 0.1901 0.1782 0.2051 0.2012 0.1964 0.1506^ 0.2402 0.2496 0.2479 0.2012^ 0.2835 0.2249 0.2511 0.2104 0.2702 0.2009 0.2684 0.1641 0.1413^ 0.2239 0.1824 0.2428 0.2130 0.2480 0.2838 0.2640 0.2418 0.2648 0.2519 0.2385 0.2185 0.1682^ 0.2367 0.2100 0.1735 % chng +1.2 +1.5 +1.9 +2.3 +1.3 +0.4 +1.1 +1.2 +0.7 +0.5 +0.5 +0.7 +0.5 +1.4 +1.3 +0.6 +1.1 +0.9 +0.8 +1.5 +0.6 +1.1 +1.1 +1.8 +0.4 +0.9 +0.7 +1.4 +1.0 +1.5 +1.6 +0.6 +1.5 +0.8 +1.6 +1.1 +0.7 +1.0 +2.1 +0.4 +0.4 +4.3 +1.1 +0.7 -0.2 +2.3 +0.8 +0.2 -0.8 +1.3 -0.7 +0.9 +0.8 +0.9 +2.8 +0.7 +0.4 -0.3 +0.6 +0.7 -0.5 -0.4 -0.3 +1.2 +0.6 +1.2 +0.5 +1.5 +0.3 +0.6 +0.2

WEEKLY HIGHLIGHTS The FBM KLCI climbed to a 6-month intraday high of 1,541.3 points on Friday before closing at 1,538.8 points to register a gain of 1.2% for the week. Regional markets closed higher on expectations that U.S. and regional economic activities will continue to be sustained. Looking ahead, the local market is anticipated to move in tandem with overseas markets as investors continue to monitor the outlook for global economic activities. STOCKMARKET COMMENTARY After a weak start to the week, the local market moved higher to touch a 6-month intraday high of 1,541.3 points on Friday in tandem with the resilient tone in offshore markets. The FBM KLCI closed at 1,538.8 points to register a gain of 1.2% for the week. Average daily trading volume increased to 2.4bil from 2.0bil in the preceding week while daily turnover in value terms fell to RM2.3bil from RM2.6bil over the same period. On Wall Street, the Dow moved in a trading range as investors awaited the release of January non-farm jobs data on Thursday. Share prices subsequently rose on Friday upon the release of robust jobs data for January. The Dow closed at 12,862 points to register a weekly gain of 1.6% while the broader-based S&P 500 Index rose by 2.2% to close at 1,345 points. The Nasdaq was up by a wider margin of 3.2% to a 11-year high of 2,906 points over the same period.

# *Buying Price in USD ^NAV as at 18 Jan12. Non Business day from 19 to 27 Jan12 ^^Adjusted for distribution

In the U.S., macroeconomic data released over the week were upbeat with new nonfarm jobs surging to a 9-month high of 243,000 jobs in January 2012 from 203,000 jobs in December 2011 as hiring across all the sectors increased. Private sector jobs continued to gain pace for the third consecutive month. The unemployment rate eased to a 3-year low of 8.3% in January 2012 from 8.5% in December 2011. Meanwhile, the Institute for Supply Managements (ISM) Manufacturing Index rose to a 7-month high of 54.1 in January 2012 from 53.1 in December 2011 on the back of higher new orders and input prices. However, consumer confidence as measured by the Conference Board eased to 61.1 in January 2012 from 64.8 in December 2011 due to lower consumers assessment of current business and labour market conditions. Crude oil prices eased to US$97.84/brl to register a weekly loss of 1.7% following an increase in U.S. oil stockpiles. On the local front, Malaysias loans growth rose to a 3-month high of 13.6% in December from 12.8% in November due to higher growth of corporate loans. Meanwhile, money supply (M3) growth rose to 14.4% in December from 12.4% over the same period on higher deposits. On a weekly basis, the Ringgit strengthened by 0.9% to close at RM3.011 against the US$ while on a year-to-date basis, the Ringgit appreciated by 4.9% against the greenback.

Looking ahead, the local market is anticipated to move in tandem with overseas markets as investors continue to monitor the outlook for global economic activities. As at 3rd February 2012, the local stock market is valued at a P/E of about 15.3x on 2012 earnings, which is lower than its 10-year average P/E ratio of 16.7x but higher than the regional 2012 P/E of 11.3x. However, the local market is supported by a gross dividend yield of 3.6%, which is in line with the 10-year average of 3.7% and the 12-month fixed deposit rate of 3.15%.
Other Markets Performance 3 Feb'12 27 Jan'12 Dow Jones 12,862 12,661 Nasdaq 2,906 2,817 TOPIX 760.7 761.1 SH Comp 2,330 2,319^ China*, H share 11,606 11,447 MSCI China 6,112 6,025 Hong Kong 20,757 20,502 Taiwan 7,675 7,234^^ South Korea 1,972 1,965 Singapore 2,918 2,916 Thailand 1,099 1,076 Indonesia 4,016 3,986
* Hang Seng China Enterprises Index ^ Index as at 20 Jan12 ^^ Index as at 18 Jan12

% chng +1.6 +3.2 -0.1 +0.5 +1.4 +1.4 +1.2 +6.1 +0.4 +0.1 +2.1 +0.7

Bursa Securities Market Valuations^ 3 Feb'12 27 Jan'12 FBM KLCI 1,538.77 1,520.90 PER'12 (x) 15.11 15.31 Price/NTA(x) 5.22 5.43 3mth InterBk 3.22% 3.22% 12mth Fix Dep, % 3.15% 3.15%
*2002-2011 average ^PMB In-House Statistics

10 yr ave* 16.67 2.79 3.12% -

Malaysias Economic Snapshot 2010 2011F GDP growth, % 7.2 5.0 Inflation, % 1.7 3.2
F=forecast

2012F 4.5 2.7

Bursa Securities 10 year P/E Ratio

30 25 20 15 Average: 16.7x 10
01 02 03 04 05 06 07 08 09 10 11 12

3 Feb'12 P/E on 2012 earnings: 15.3x

P/E Ratio (x)

REGIONAL MARKET WRAP: WEEK ENDED 3 FEBRUARY12

Regional Markets Performance 3 Feb'12 27 Jan'12 FBM KLCI 1,539 1,521 MSCI FEXJ# 487 478 China*, H share 11,606 11,447 SH Comp 2,330 2,319^ MSCI China 6,112 6,025 Hong Kong 20,757 20,502 Taiwan 7,675 7,234^^ TOPIX 760.7 761.1 South Korea 1,972 1,965 Singapore 2,918 2,916 Thailand 1,099 1,076 Indonesia 4,016 3,986 Philippines 4,759 4,680 Australia 4,251 4,288
in USD

FORTNIGHTLY REGIONAL MARKETS COMMENTARY WEEKLY HIGHLIGHTS Regional markets closed higher on expectations that U.S. and regional economic activities will continue to be sustained. Manufacturing activities in China showed signs of resilience while inflationary pressures in the region continued to moderate in January. Regional markets are anticipated to continue moving in tandem with global markets as investors monitor the outlook for global economic activities and developments in the Eurozone. STOCKMARKET COMMENTARY In North Asian, the Taiwan market topped the gainers with a weekly gain of 6.1% to a 5-month high of 7,675 points on expectations that Taiwans tech stocks will benefit from the upturn in economic activities in the U.S. Buying was also driven by the end of the long lunar holidays. The China H shares and Hong Kong markets rose by 1.4% and 1.2% respectively for the week. South-East Asian markets remained firm with the Thailand and Philippine markets rising by 2.1% and 1.7% respectively on the back of higher offshore markets. Down under, the Australian market moved in a trading range before ending the week on a loss of 0.9%.

% chng +1.2 +1.9 +1.4 +0.5 +1.4 +1.2 +6.1 -0.1 +0.4 +0.1 +2.1 +0.7 +1.7 -0.9

* Hang Seng China Enterprises Index

^ Index as at 20 Jan12

^^ Index as at 18 Jan12

Regional Economies Snapshot GDP Growth (%) 2010 2011f China 10.4 9.2 Indonesia 6.1 6.3 Singapore 14.5 5.0 Thailand 7.8 2.5 Philippines 7.6 5.0 Taiwan 10.9 4.8 Hong Kong 7.0 5.0 South Korea 6.1 3.8 Japan 4.4 -0.6 Australia 2.7 1.2

2012f 8.0 6.5 4.0 4.0 4.5 3.5 3.8 3.6 2.0 1.5

Source: International Monetary Fund, f=consensus forecast

Regional Markets Valuations Estimated Prospective Dividend P/E Yield (%) (x) Australia 12.08 5.03 Taiwan 13.93 4.80 Thailand 11.59 3.84 Hong Kong 10.51 3.78 China H Shares 8.60 3.61 Singapore 13.57 3.32 Shanghai Comp 9.60 2.92 Philippines 14.43 2.74 Indonesia 13.63 2.43 Japan 17.82 2.42 South Korea 9.65 1.43
Source: Bloomberg, 3 Feb12
PER 26 23 20 17 14 11 8 5 1987 1991

MSCI AC Far-East Ex-Japan- P/E RATIO

Average: 15.57

3 February'12 = 11.25x
1995 1999 2003 2007 2011

Chinas manufacturing activities as measured by the China Federation of Logistics and Purchasings Purchasing Managers Index for Manufacturing rose to a 4-month high of 50.5 in January 2012 from 50.3 in December 2011 due to higher production and new orders. Indonesias inflation rate moderated to 3.7% in January 2012 from 3.8% in December 2011 on lower food prices. In South Korea, the inflation rate eased to a 12-month low of 3.4% in January 2012 from 4.2% in December 2011 on lower food and transportation costs. Thailands inflation rate moderated to 3.4% in January 2012 from 3.5% in December 2011 on lower food prices. As at 3rd February 2012, the valuations of regional markets, as proxied by the MSCI Far East ex-Japan Index, is at a P/E of 11.3x on 2012 earnings, which is 28% lower than its 22year average P/E ratio of 15.6x. Despite the recent rebound in regional markets, selected markets are currently trading at P/E valuations of 10x and below.

You are advised to read and understand the contents of the Master Prospectus of Public Series of Funds dated 30th April 2011 and expires on 29th April 2012, Master Prospectus of Public Series of Shariah-Based Funds dated 30th April 2011 and expires on 29th April 2012, Master Prospectus of PB Series of Funds dated 30th April 2011 and expires on 29th April 2012, Information Memorandum of PB Cash Plus Fund and PB Islamic Cash Plus Fund dated 1st March 2010, Information Memorandum of PBB MTN Fund 1 dated 10th November 2009 and expires on 24th December 2009, Prospectus of Public Singapore Equity Fund dated 7th June 2011 and expires on 29th April 2012, Prospectus of Public Islamic Treasures Growth Fund and Public Sukuk Fund dated 19th July 2011 and expires on 29th April 2012, Prospectus of PB Asia Emerging Growth Fund, PB Bond Fund & PB Sukuk Fund dated 6th September 2011 and expires on 29th April 2012, Prospectus of Public Ittikal Sequel Fund dated 11th October 2011 and expires on 29th April 2012, Prospectus of PB Growth Sequel Fund dated 15th November 2011 and expires on 29th April 2012, Prospectus of Public Islamic Savings Fund dated 15th December 2011 and expires on 29th April 2012, Supplemental Prospectus of Public Tactical Allocation Fund dated 12th December 2011 and expires on 29th April 2012 and Supplemental Prospectus of Public Islamic Mixed Asset Fund and Public Islamic Asia Tactical Allocation Fund dated 12th December 2011 and expires on 29th April 2012. These prospectus have been registered with the Securities Commission who takes no responsibility for their contents, and neither should their registration be interpreted to mean that the Commission recommends the investment. You should note that there are fees and charges involved; and that the prices of units and distribution payable, if any, may go down as well as up. Applications to purchase must come in the form of a duly completed application form referred to in and accompanying the prospectus. A copy of the prospectus can be obtained from your attending agent, corporate representative or nearest Public Mutual Office. Past performance should not be taken as an indication of future performance.

4 Block B, Sri Damansara Business Park, Persiaran Industri, Bandar Sri Damansara, 52200 Kuala Lumpur, Malaysia. P.O. Box 10045, 50700 Kuala Lumpur Tel: 03-62796800 Fax: 603-62779800 Website:http://www.publicmutual.com.my

Public Mutual Berhad (23419-A)