WEEKLY HIGHLIGHTS

MARKET WRAP: WEEK ENDED • The FBM KLCI touched an 8-week

7 AUGUST’09 intraday high of 1,191.6 points on
Bursa Securities vs Public Mutual’s performance*
buying of selected large cap index-
7 Aug'09 31 July'09 % chng
FBM KLCI 1,184.88 1,174.90 +0.8 linked stocks on Friday before closing
FBMS Shariah 8,239.44 8,107.56 +1.6 at 1,184.9 points to register a gain of
MSCI FEXJ# 399.82 406.18 -1.6 0.8% for the week.
MSCI World# 270.61 266.14 +1.7
Local Funds
PSF 0.6574 0.6537 +0.6 • Regional markets closed on a mixed
PGF 0.4677 0.4619 +1.3 note with North Asian markets easing
PIX 0.6452 0.6389 +1.0 on fears that Chinese authorities may
PIF 0.5377 0.5412 -0.6
tighten lending policies to curb
PAGF 0.6552 0.6545 +0.1
PRSF 0.5196 0.5140 +1.1 speculative activities.
PBF 0.7276 0.7234 +0.6
P SmallCap 0.7351 0.7221 +1.8 • Looking ahead, the outlook for regional
PEF 0.2956 0.2939 +0.6
PFSF 0.2094 0.2054 +1.9 equity markets will depend on the trend
PDSF 0.2589 0.2557 +1.3 of regional exports, the impact of fiscal
PSSF 0.2282 0.2263 +0.8 stimulus in each country, the outlook
PSA30F 0.2941 0.2908 +1.1 for U.S. economy and reforms in the
PBBF 0.8035 0.8067 -0.4
PBGF 0.7535 0.7566 -0.4
U.S. financial sector.
Local Islamic Funds
P Ittikal 0.8541 0.8379 +1.9 STOCKMARKET COMMENTARY
PIEF 0.2973 0.2930 +1.5
PIOF 0.2917 0.2784 +4.8 Led by buying of selected large cap index-
PIBF 0.2553 0.2528 +1.0
PIDF 0.2902 0.2859 +1.5 linked stocks, the FBM KLCI rose to an 8-
PISSF 0.2270 0.2238 +1.4 week intraday high of 1,191.6 points
PISTF 0.2575 0.2529 +1.8 amidst higher U.S. markets. Some profit-
PIOGF 0.2385 0.2357 +1.2
PISEF 0.2930 0.2891 +1.3
taking caused the index to close at 1,184.9
PBIEF 0.2350 0.2318 +1.4 points to register a gain of 0.8% for the
Foreign Funds week.
PFES 0.2808 0.2841 -1.2
PRSEC 0.2595 0.2602 -0.3
PGSF 0.1932 0.1916 +0.8
Average daily trading volume decreased to
PFEDF 0.2334 0.2380 -1.9 1.0 bil units compared to 1.1bil units in the
PFEBF 0.2215 0.2232 -0.8 preceding week while daily turnover in
PGBF 0.2040 0.2030 +0.5 value terms eased to RM1.6bil from
PCSF 0.1873 0.1927 -2.8
PFEPRF 0.2153 0.2231 -3.5 RM1.7bil over the same period.
PSEASF 0.2121 0.2136 -0.7
PFECTF 0.2858 0.2913 -1.9 Regional markets closed on a mixed note
PCTF 0.2595 0.2666 -2.7
with North Asian markets easing on fears
PFETIF 0.3556 0.3538 +0.5
PNREF 0.2493 0.2520 -1.1 that the Chinese authorities may tighten
PBAEF 0.2821 0.2846 -0.9 lending policies. The Hang Seng China
PBADF 0.2196 0.2206 -0.5 Enterprise Index and Shanghai Composite
PBEPEF 0.1794 0.1809 -0.8
PBCPEF 0.1746 0.1789 -2.4
Index fell by more than 4% respectively for
PBCAEF 0.3257 0.3312 -1.7 the week.
PBAREIF 0.2386 0.2461 -3.0
PBADBF 0.2681 0.2666 +0.6 On Wall Street, share prices advanced to
Foreign Islamic Funds
PAIF 0.2597 0.2607 -0.4
the year’s highs as sentiment was lifted by
PIADF 0.2116 0.2123 -0.3 the slowest decline in non-farm jobs of
PIABF 0.2204 0.2216 -0.5 247,000 jobs for July since August 2008.
PCIF 0.1991 0.2011 -1.0 The Dow closed at a 9-month high of 9,370
PBIAEF 0.2240 0.2254 -0.6
PBIASSF 0.1806 0.1826 -1.1 points for a weekly gain of 2.2%. The
Capital Protected Funds Nasdaq was 1.1% higher at 2,000 points
PCPSPF 1.0522 1.0547 -0.2 over the week.
PBCPDF 1.0186 1.0202 -0.2
PBCPRF 1.0451 1.0475 -0.2
#
*Buying Price, in USD

1
On the economic front, U.S. non farm jobs At the KLCI’s closing level of 1,184.9
declined by a lower-than-expected 247,000 points on 7th August 2009, the local stock
jobs in July compared with expectations of market is trading at a P/E of 19.6x on 2009
325,000 job losses and 443,000 job losses earnings and 17.1x on 2010 earnings. Thus,
registered in June. The improvement in the P/E valuations for 2010 earnings is
jobs data was due to lower retrenchments in comparable to the market’s 9-year average
the services and manufacturing sectors. The P/E ratio of 16.6x. The local market is also
unemployment rate edged down to 9.4% in supported by a gross dividend yield of about
July from 9.5% in June. The Institute of 3.4%, which is in line with the 9-year
Supply Management’s Purchasing average of 3.4% and exceeds the current 12-
Managers Index continued to rise to 48.9 in month fixed deposit rate of 2.5%.
July from 44.8 in June due to higher new
orders and production. A reading above Other Markets’ Performance
41.2 indicates that the overall economic 7 Aug'09 31 July'09 % chng
activities in the U.S. are expanding. Dow Jones 9,370 9,172 +2.2
Nasdaq 2,000 1,979 +1.1
Nikkei 10,412 10,357 +0.5
Expectations of higher global fuel demand
SH Comp 3,261 3,412 -4.4
caused crude oil prices to rise to a 2-month China*, H share 11,612 12,124 -4.2
high of US$71.97/brl before closing at Hong Kong 20,375 20,573 -1.0
US$70.93/brl to register a weekly gain of Taiwan 6,869# 7,078 -3.0
2.1%. South Korea 1,576 1,557 +1.2
Singapore 2,549 2,659 -4.1
On the local front, Malaysia’s exports Thailand 644 624 +3.2
declined at a slower pace of 22.6% in June Indonesia 2,349 2,323 +1.1
after contracting by 29.7% in May as * Hang Seng China Enterprises Index
#
Index as at 6th August 2009
exports to U.S., China and other Asian
countries declined at a slower pace. Bursa Securities Market Valuations^
Meanwhile, imports fell by 20.8% after 7 Aug'09 31 July'09 9 yr ave*
declining by 27.8% over the same period. KLCI 1,184.88 1,174.90 -
As exports declined by a larger margin than PER'09(x) 19.50 19.34 16.63
imports, the cumulative trade surplus for PER'10(x) 16.88 16.67 -
1H2009 narrowed by 12.2% to RM59.2 Price/NTA(x) 3.30 3.29 2.33
billion compared to the same period last 3mth InterBk 2.14% 2.14% 3.27%
year. *2000-2008 average
^PMB In-House Statistics

Malaysia’s foreign reserves rose by 1.5% on Malaysia’s Economic Snapshot

a year-to-date basis to RM321.5 as at end 2008 2009F 2010F#
July 2009. GDP growth, % 4.6 -4.0 to -5.0* 3.0
Inflation, % 5.4 1.0# 1.6
On a weekly basis, the Ringgit registered a 12mth Fix Dep, % 3.70 2.50 2.50
*
marginal gain of 0.3% against the U.S. #
Ministry of Finance forecast
Consensus forecast
dollar to close at RM3.502 on 7th August
2009. On a year-to-date basis, the Ringgit
depreciated by 1.4% against the greenback. Bursa Securities 9 year P/E Ratio
30
28
Looking ahead, the local market is
26
P/E Ratio (x)

anticipated to move in tandem with 24 Average: 16.6x

overseas markets. With global markets 22
having rebounded from their lows in early 20
March 2009 on the back of higher liquidity 18
and easing conditions in credit markets, 16
long-term investors will continue to 14
monitor the outlook for the U.S. and global 12
economic activities and interest rates. 10
00 01 02 03 04 05 06 07 08 09

2
 BOND MARKET REVIEW: BOND MARKET COMMENTARY
FORTNIGHT ENDED
7 AUGUST’09 For the fortnight ended 7th August 2009,
Public Mutual's Bond Funds Performance U.S. Treasury prices weakened following
7 Aug'09 24 July'09 % chng the release of the better-than-expected U.S.
P BOND 0.9236 0.9190 +0.5 employment data, indicating further signs
PI BOND 1.0412 1.0304 +1.0 of stabilisation in the U.S. economy. The 3,
PIN BOND 1.0085 1.0037 +0.5 5 and 10-year U.S. Treasury yields rose by
PEBF 0.9986 0.9916 +0.7
PSBF 1.0101 1.0062 +0.4
between 19 basis points (bps) and 29 bps to
PIEBF 1.0255 1.0117 +1.4 1.84%, 2.82% and 3.85% respectively over
PISBF 1.0301 1.0208 +0.9 the fortnight.
PIINCOME 1.0305 1.0297 +0.1
PBFI 0.9971 0.9931 +0.4 The Malaysian Government Securities
PBIBF 1.0392 1.0308 +0.8 (MGS) market closed higher on the back of
a stronger Ringgit, which touched a 2-
Public Mutual's Money Market Funds Performance month high of RM3.487 against the US$ on
7 Aug'09 24 July'09 % chng 3rd August 2009. The 3, 5 and 10-year
PMMF 1.0015 1.0006 +0.1
PIMMF 1.0111 1.0104 +0.1
MGS yields fell by between 1 bps and 8
PBCMF 1.0057 1.0050 +0.1 bps to 2.87%, 3.74% and 4.21%
PBCPF 1.0006 0.9999 +0.1 respectively over the fortnight.
PBICMF 1.0001 0.9995 +0.1
PBICPF 1.0007 1.0000 +0.1 The local corporate bond market
Change in Interest Rates & Bond Yields
strengthened in line with the MGS market
7 Aug'09 24 July'09 Chng* with the yield on the 3, 5 and 10-year AAA
3 Month Interest Rates corporate bonds declining by between 3
KLIBOR 2.14 2.13 +1.0 bps and 4 bps to 3.93%, 4.60% and 5.45%
U.S. T Bill 0.17 0.18 -1.0 respectively over the fortnight.
3 Year
'AAA'Corp. 3.93 3.97 -4.0
In the money market, the spread of the 3-
MGS 2.87 2.90 -3.0
U.S. T Note 1.84 1.55 +29.0
month Kuala Lumpur Interbank Offer Rate
5 Year (KLIBOR) over the yield on the 3-month
'AAA'Corp. 4.60 4.63 -3.0 U.S. Treasury bill widened marginally by 2
MGS 3.74 3.75 -1.0 bps to 197 bps over the fortnight.
U.S. T Note 2.82 2.53 +29.0
10 Year Looking ahead, the U.S. Treasury bond
'AAA'Corp. 5.45 5.49 -4.0 market may experience volatility in the
MGS 4.21 4.29 -8.0
medium term due to concerns over the
U.S. T Bond 3.85 3.66 +19.0
*in basis points stability of the U.S. dollar and potential
6
MGS Yield inflationary pressures due to pump-priming
10 Years MGS
initiatives amidst higher commodities
prices.
4
On the domestic front, the MGS market is
3 Years M GS
expected to be supported by continued
2
demand for sovereign debt amid the global
J a n- S e p- M a y- J a n- S e p- M a y- J a n- S e p- M a y- J a n-
03 03 04 05 05 06 07 07 08 09
economic slowdown, easing inflationary
pressures and Bank Negara’s
6
US Treasury Bond Yield accommodative monetary policy to support
economic growth.
5

4
Over the longer term, the local bond market
is projected to be underpinned by resilient
3
10 Years US T Bond demand for quality corporate bonds and
2
sustained liquidity in the domestic
J a n-
03
S e p- M a y- J a n-
03 04 05
S e p- M a y- J a n-
05 06 07
S e p- M a y- J a n-
07 08 09
economy.

3
 You are advised to read and understand the contents of the Master Prospectus of Public Series of
Funds dated 30th April 2009 and expires on 29th April 2010, Master Prospectus of Public Series of
Shariah-Based Funds dated 30th April 2009 and expires on 29th April 2010, Master Prospectus of
PB Series of Funds dated 30th April 2009 and expires on 29th April 2010, Information
Memorandum of PB Cash Plus Fund and PB Islamic Cash Plus Fund dated 1st March 2009 and
expires on 28th February 2010, Prospectus of PB Capital Protected Dragon Fund dated 24th
March 2008 and expires on 7th May 2008, Propectus of Public Capital Protected Select Portfolio
Fund dated 29th July 2008 and expires on 11th September 2008, Prospectus of PB Capital
Protected Resources Fund dated 20th August 2008 and expires 3rdOctober 2008, PB Australia
Dynamic Balanced Fund dated 12th May 2009 and expires on 29th April 2010, Public Natural
Resources Equity Fund dated 30th June 2009 and expires on 29th April 2010 before investing.
These prospectuses 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
Public Mutual Berhad (23419-A)
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