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BULL EQUITY-LINKED INVESTMENT (“Bull ELI”)

BULL EQUITY-LINKED INVESTMENT (“Bull ELI”). Issuer. Arranger Calculation Agent Manager. RISK STATEMENT. WARNING THIS IS A STRUCTURED PRODUCT. THIS INVESTMENT IS LINKED TO THE PERFORMANCE OF ONE OR MORE MARKET PRICES, RATES, INDICES,

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BULL EQUITY-LINKED INVESTMENT (“Bull ELI”)

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  1. BULL EQUITY-LINKED INVESTMENT (“Bull ELI”) Issuer Arranger Calculation Agent Manager

  2. RISK STATEMENT WARNING THIS IS A STRUCTURED PRODUCT. THIS INVESTMENT IS LINKED TO THE PERFORMANCE OF ONE OR MORE MARKET PRICES, RATES, INDICES, SECURITIES AND OTHER FINANCIAL INSTRUMENTS THAT INTRODUCE SIGNIFICANT RISK THAT WILL AFFECT THE PERFORMANCE OF THIS INVESTMENT 1

  3. E L I TABLE OF CONTENTS • Introduction • Key Features • General Terms • Trading/Settlement Timeline • Procedures • Trade Example • Benefits • Potential Investors • Price Quotes • Risk Statement • Contact Persons 2

  4. INTRODUCTION 1 Bull ELI is a structured product issued by Bumiputra-Commerce Bank Berhad (the “Issuer”). The arranger, calculation agent and manager of Bull ELI is Commerce International Merchant Bankers Berhad (“CIMB”). Bull ELI is marketed to Investors who want to: (a) earn higher interest rates(5% to 10%) than the rates of ordinary time deposits; and/or (b) buy Underlying Reference Asset at a cheaper price (5% lower from the prevailing market price). However, investors have to accept the risk of repayment in the form of the Underlying Reference Asset, value of which may go below the purchase price i.e. Strike Price. 2 3 Bull ELI is an investment product that uses a publicly referable stock market index, an individual security or a basket of securities as the Underlying Reference Asset. The Underlying Reference Asset will comprise selected stocks on the Kuala Lumpur Composite Index or foreign indices. 4 5 The tenure of Bull ELI is between one (1) and six (6) months. 3

  5. KEY FEATURES General Terms Issuer : BCB Underlying Reference Asset : AirAsia Bhd Trade Date : 3-Jan-06 Payment Date : 3-May-06 Maturity Date : 29-Jun-06 Final Settlement Date : 4-Jul-06 Initial Reference Asset Price : RM1.590 Strike Price : RM1.510 Issue Price : 98.4% of Investment Amount i.e. RM295,200 Reference Asset Price (RM) : RM1.48 on Maturity Date Yield to Maturity : 9.57% per annum Investment Amount : 300,000 Shares/ Indices Amount : Investment Amount divided by Strike Price 198,675.50 shares in Underlying Reference Asset Reference Asset Price Strike Price at maturity Redemption Amount : Redemption Amount = Investment Amount = RM300,000 Reference Asset Price < Strike Price at maturity Redemption Amount is as follows: i. Shares in Underlying Reference Asset = 198,600 ii. Cash = 75.50 shares x RM1.48 i.e. RM111.74 4

  6. Earns Yield from Bull ELI i.e. 5% to 10% p.a. Reference Asset Price  Strike Price, Investor receives cash. Reference Asset Price < Strike Price, Investor receives numbers of the Underlying Reference Asset The Issuer will settle Investor’s trade either by cash payment or pre-agreed numbers of the Underlying Reference Asset Investor buys Bull ELI Investor pays for Bull ELI TRADE DATE PAYMENT DATE MATURITYDATE FINAL SETTLEMENT DATE The Issuer issues Trade Confirmation to Investor confirming that the Issuer has filled orders. No cancellation shall occur upon issuance of Trade Confirmation. KEY FEATURES Trade / Settlement Timeline 5

  7. PROCEDURES (...before executing Bull ELI) Selling Agents need to perform the following: a. To ascertain the eligible amount for Investor to subscribe for Bull ELI (please refer to Potential Investors); b. Investor needs to open: i. Stock Trading Account with CIMSEC Nominees; and ii. Savings account with the Issuer. 6

  8. INVESTOR ISSUER PROCEDURES (...Trade Date) The Issuer issues Bull ELI at a discount to its Investment Amount to Investor. Strike Price and Payment Date shall be pre-agreed between Investor and the Issuer and the pre-determined quantity of the Underlying Reference Asset in Bull ELI (“Shares/ Indices Amount”) is calculated based on Investment Amount divided by Strike Price. Selling Agents needs to fill up Purchase Order Form. Example: The investor wishes to buy RM320,000 worth of Air Asia shares at RM1.55 per share. However, the Initial Reference Asset Price of ABC share is RM1.59 per share. The Issuer can offer the investor a six-month Bull ELI at a Strike Price of RM1.51 per share (5% from the Initial Reference Asset i.e. RM1.59) for an Investment Amount of RM300,000. Upon completion of the order, the Issuer will issue a trade confirmation to Investor confirming the orders filled for the day. Trade Date Payment Date Maturity Date Final Settlement Date 7

  9. INVESTOR ISSUER Trade Date Payment Date Maturity Date Final Settlement Date PROCEDURES (...Payment Date) 2. Investor will pay the Issuer the Subscription Amount, which is at a discount to the Investment Amount of Bull ELI on Payment Date. Payment Date is a pre-agreed date determined by the Issuer and the Investor on Trade Date. On Payment Date, the investor only pays the Issuer the Subscription Amount i.e. the discounted Investment Amount and not the entire price of the Investment Amount. The Subscription Amount is 98.40% of the Investment Amount i.e. 98.40% x RM300,000 = RM295,200. 8

  10. INVESTOR ISSUER Cash INVESTOR ISSUER Shares Trade Date Payment Date Maturity Date Final Settlement Date PROCEDURES (...Maturity Date) Scenario A (Reference Asset Price  Strike Price) If Reference Asset Price of the Underlying Reference Asset determined on Maturity Date of Bull ELI EQUALS TO OR EXCEEDS Strike Price, Investor shall receive in cash, the redemption proceeds which is the Investment Amount on Final Settlement Date. The Reference Asset Price is RM1.53, which is above the Strike Price. The investor receives cash payment amount of RM300,000 on Final Settlement Date. The Reference Asset Price is RM1.51, which is equivalent to the Strike Price. The investor receives cash payment amount of RM300,000 on Final Settlement Date. Scenario B (Reference Asset Price < Strike Price) If Reference Asset Price of the Underlying Reference Asset determined on Maturity Date is BELOW Strike Price, Investor shall receive the Shares/ Indices Amount on Final Settlement Date. The method used to calculate the Shares/ Indices Amount is as follows: Investment Amount of Bull ELI Strike Price If the Reference Asset Price on Maturity Date is RM1.48 which is below the Strike Price, the investor shall receive RM300,000/ RM1.51 = 198,675.50 shares as the redemption amount. 9

  11. Trade Date Payment Date Maturity Date Final Settlement Date PROCEDURES (...Final Settlement Date) Scenario B (Reference Asset Price < Strike Price) Receives Underlying Reference Asset. For odd lots, it shall be settled in cash Scenario A (Reference Asset Price  Strike Price) Receives Cash Example: The Issuer delivers RM300,000 in cash to the investor. Example: The investor shall receive 198,675.50 shares as the redemption amount. The Issuer shall deliver to the investor 198,600 shares and for the odd lots, it shall be paid in cash to the investor i.e. 75.50 shares x RM1.48 (Reference Asset Price on Maturity Date) = RM111.74. NOTE: Final Settlement Date shall be Maturity Date + 5 Market Days Example: Maturity Date falls on 7th April 2006, which is a Friday. Therefore, the Final Settlement Date shall be on 14th April 2006. 10

  12. TRADE DATE (T) Underlying Reference Asset : AIRASIA BHD Initial Reference Asset Price : RM1.59 Investment Amount : RM300,000 Strike Price : RM1.51 @ 5% discount from RM1.59 Issue Price : 98.40% of the Investment Amount Subscription Amount : Discounted Investment Amount = 98.40% x RM300,000 = RM295,200 PAYMENT DATE (T + 120 Calendar days) (Investor to pay the Issuer) Subscription Amount : Discounted Investment Amount = 98.40% x RM300,000 = RM295,200 TRADE EXAMPLE 11

  13. MATURITY DATE (T + 177 Calendar Days) Scenario A (Reference Asset Price ≥ Strike Price) Reference Asset Price : RM1.53 Strike Price : RM1.51 Cash to be delivered to Investor : 100% of Investment Amount = RM300,000 Scenario B (Reference Asset Price < Strike Price) Reference Asset Price : RM1.48 Strike Price : RM1.51 Shares/ Indices Amount : Investment Amount = RM300,000 (Shares to be delivered to Investor) Strike Price RM1.51 = 198,675.50 shares TRADE EXAMPLE 12

  14. FINAL SETTLEMENT DATE (T + 182 Calendar Days) Scenario A (Reference Asset Price  Strike Price) The Issuer delivers RM300,000 in cash to Investor Scenario B (Reference Asset Price < Strike Price) Total Shares to be delivered to Investoris 198,675.50 shares a) Physical Delivery: The Issuer delivers 198,600 shares to Investor b) Cash Delivery: The Issuer delivers odd lots in cash to Investor = Number of odd lots x Reference Asset Price on Maturity Date = 75.50 shares x RM1.48 = RM111.74 TRADE EXAMPLE 13

  15. ANNUALISED YIELD/ TOTAL RETURN ON BULL ELI 100% - Issue Price_ x 365_______________ Issue Price Final Settlement Date – Payment Date = 100% - 98.40% x 365 98.40% 62 = 9.57% TRADE EXAMPLE Earning yields from Bull ELI i.e. 9.57% p.a. Final Settlement Date of Bull ELI Trade Date Bull ELI Payment Date of Bull ELI Maturity Date of Bull ELI 14

  16. BENEFITS • Investors earn higher yield than ordinary time deposit. • Fixed Deposit: In general, a one-month to a six-month Fixed Deposit rate is approximately 3% p.a. • Bull ELI: Depending on the Underlying Reference Asset, a one-month to a six-month Bull ELI yields between 5% and 10% p.a. • Bull ELI is a short-term investment, i.e. less than 6 months • Investor subscribes BULL ELI at a discount to the Investment Amount • Investor pays for Bull ELI at a later date i.e. Payment Date and not on Trade Date. 15

  17. BENEFITS • An alternative buying strategy for investors who want to buy Underlying Reference Asset at a cheaper price i.e. 5% below prevailing market price on Trade Date. Example An investor wants to buy RM300,000 of AirAsia shares at RM1.51. However, the initial reference asset price is RM1.59. • Conventional Strategy • Earns FD yield (3% p.a.) • Leaves order with stockbroker to buy RM300,000 AirAsia shares at RM1.51 per share. Buying Strategy • Bull ELI • Earns FD yield (3% p.a.) before Payment Date • Buys Bull ELI with strike price at RM1.51. •  Earns Bull ELI yield of 9.57% p.a. • If on maturity, the AirAsia share price is below the strike price i.e. RM1.51, Investor will get to buy AirAsia shares at RM1.51 per share. 16

  18. POTENTIAL INVESTORS • Individual and/or corporation whose total net personal assets/ net assets are as set out under items 10 and 11 of Schedule 2 and 3 of Securities Commission Act 1993, respectively. The minimum transaction for each Bull ELI is RM50,000 • For Individual and/or corporation who does not fall within items 10 and 11 of Schedule 2 and 3 of the SCA 1993, the minimum transaction amount for each Bull ELI is RM250,000 • Investors like a particular stock/index and anticipate the market price of the stock/index to be steady, if not slightly bullish • Investors who wish to earn high yield while waiting to buy at a cheaper level on Maturity Date • Investors who traditionally are fixed depositors and are conservative. The particular stocks selected by investors are stock of their choice 17

  19. Last updated: 04-01-06 Final Underlying Min. Trading Payment Maturity Settlement Holding Strike Offer Annualised Security Currency Size Trade Date Date Date Date Days Price Price Yield Ref T-00001 Tenaga MYR 50,000 03-Jan-06 05-Feb-06 25-Feb-06 02-Mar-06 25 95.00% 99.2% 11.77% A-00001 Air Asia MYR 50,000 03-Jan-06 03-May-06 29-Jun-06 04-Jul-06 62 95.00% 98.4% 9.57% PRICE QUOTES Number of days between Payment Date and Final Settlement Date (“FSD”) Amount to be paid by Investor to the Issuer on Payment Date = 98.4% of the Investment Amount (e.g. RM295,200) Selling Agents will need to quote the reference code first when calling Equity Derivatives Unit 95% of Initial Reference Asset Price determined on Trade Date (eg. RM1.51) 100% - Issue Price X 365 Issue Price FSD – Payment Date 18

  20. RISK STATEMENT WARNING THIS IS A STRUCTURED PRODUCT. THIS INVESTMENT IS LINKED TO THE PERFORMANCE OF ONE OR MORE MARKET PRICES, RATES, INDICES, SECURITIES AND OTHER FINANCIAL INSTRUMENTS THAT INTRODUCE SIGNIFICANT RISK THAT WILL AFFECT THE PERFORMANCE OF THIS INVESTMENT 19

  21. Megan Chong Secretary Tel: 03 - 2084 8632 Kok Kong Chin Head Tel : 03 - 2084 8633 Lim Jong Hau Director Tel: 03 - 2084 8942 Fauziah Apandi Secretary Tel: 03 - 2084 8888 Larry Ch’ng Assistant Director Tel: 03 - 2084 9622 Email: larry@cimb.com.my Murni Azmi Associate Tel: 03 - 2084 9272 Email: murni@cimb.com.my Eunice Saw Associate Tel: 03 - 2084 9636 Email: eunicesaw@cimb.com.my CONTACT PERSONS EQUITY MARKETS & DERIVATIVES 20

  22. This presentation has been prepared by Commerce International Merchant Bankers Berhad (“CIMB”) exclusively for the benefit and internal use of investor in order to indicate, on a preliminary basis, the feasibility of possible transactions. Terms contained in this presentation are intended for discussion purposes only and are subject to a definitive agreement. All information contained in this presentation belongs to CIMB and may not be copied, distributed or otherwise disseminated in whole or in part without the written consent of CIMB. This presentation has been prepared on the basis of information that is believed to be correct at the time the presentation was prepared, but that may not have been independently verified. makes no express or implied warranty as to the accuracy or completeness of any such information. CIMB is not acting as an advisor or agent to any person to whom this presentation is directed. Such persons must make their own independent assessment of the contents of this presentation, should not treat such content as advice relating to legal, accounting, taxation or investment matters and should consult their own advisers. CIMB or its affiliates may act as a principal or agent in any transaction contemplated by this presentation, or any other transaction connected with any such transaction, and may as a result earn brokerage, commission or other income. Nothing in this presentation is intended to be, or should be construed as an offer to buy or sell, or invitation to subscribe for, any securities. Neither CIMB nor any of its their directors, employees or representatives are to have any liability (including liability to any person by reason of negligence or negligent misstatement) from any statement, opinion, information or matter (express or implied) arising out of, contained in or derived from or any omission from the presentation, except liability under statute that cannot be excluded. IMPORTANT NOTICE 21

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