CMPLT 2004

Commerce Asset - Holding Berhad
(50841-W)
Creating Value
annual report
20
04
Commerce Asset-Holding Berhad (CAHB) is today a leading
financial services group in the region. This year’s annual report
features a traditional game known as ’congkak’. Just as a congkak player
strategises to accumulate as many playing seeds as possible,
CAHB is focused on maximising its strengths to create long-term value.
With well integrated capabilities, the Group will continue to move forward
in an increasingly global and competitive operating environment.
All with the aim of providing the level of returns expected
of a world class financial services group.

Five Year
Group Financial
2004 2003 2002 2001 2000
1. Income (RM’000)
(i) Profit before provision 2,224,085 1,872,388 1,548,366 1,494,666 1,331,025
(ii) Profit before taxation 1,090,124 1,240,867 747,575 515,568 830,032
(iii) Net profit for the financial year 752,227 782,300 565,444 357,546 535,745
2. Balance Sheet (RM’000)
Assets
(i) Total assets excluding contra+ 111,970,661 97,933,977 91,466,723 74,642,055 72,207,468
(ii) Total assets including contra*+ 120,546,815 105,658,371 98,591,949 81,913,336 79,098,983
(iii) Loans and advances 62,603,030 54,496,898 48,771,610 42,214,908 38,800,603
Liabilities and Shareholders’ Funds
(i) Total deposits 81,623,044 71,505,038 69,068,298 55,109,043 53,732,092
(ii) Paid-up capital 2,691,740 2,628,960 2,586,290 1,184,647 1,183,312

+
(iii) Total shareholders’ funds 8,787,739 7,899,587 7,169,199 5,827,597 5,606,424
3. Per share (RM)
(i) Profit before taxation 0.41 0.48 0.29 0.21^ 0.34^
(ii) Net profit for the financial year 0.28 0.31 0.22 0.15^ 0.22^
(iii) Net tangible asset+ 3.13 2.92 2.66 2.31^ 2.23^
(iv) Gross dividend 0.15 0.10 0.05 0.06 0.06
4. Financial Ratios (%)
(i) Return on paid-up capital+ 28.28 30.56 22.19 14.52^ 21.72^
(ii) Return on average shareholders’ funds+ 9.02 10.38 8.70 6.25 10.10
* Including credit equivalent. ^ Adjusted for Based on the weighted average number
1:1 bonus issue. of 2,660,245,301 (2003: 2,560,177,518)
+ Adjusted for the effects ordinary share of RM1.00 each in
of prior year adjustments, issue during the financial year ended
where applicable. 31 December 2004.
Profit Before Provision RM million
1,872
2,224
Highlights 1,331
1,495
1,548
'00 '01 '02 '03 '04
Profit Before Tax RM million Total Assets RM million
1,241
111,971
97,934
1,090
830
72,207 91,467
748 74,642
516
'00 '01 '02 '03 '04 '00 '01 '02 '03 '04
Loans and Advances RM million Return on Paid-up Capital %
62,603
54,497
48,772 22.19 30.56
42,215 28.28
38,801 21.72
14.52
'00 '01 '02 '03 '04 '00 '01 '02 '03 '04
Total Deposits RM million Shareholders' Funds RM million
8,788
81,623
69,068 7,169
53,732 5,606 7,900
71,505
55,109 5,828
'00 '01 '02 '03 '04 '00 '01 '02 '03 '04
Commerce Asset-Holding Berhad (50841-W)
12th Floor, Commerce Square
Jalan Semantan, Damansara Heights
50490 Kuala Lumpur
Tel: (03) 2093 5333
Fax: (03) 2093 3335
www.commerz.com.my
Notice of Annual General Meeting 2 Corporate Social Responsibility 57
• The Group that Cares 58
Statement Accompanying
• CAHB Group 2004
Notice of Annual General Meeting 4
Calendar of Corporate Events 61
Achievements and Awards 9
Corporate Governance 71
Corporate Information 11 • Statement of Corporate Governance 72
• Corporate Profile 12 • Statement on Internal Control 76
• Group Corporate Structure 13 • Audit Committee Report 78
• Corporate Data 14 • Risk Management 80
• Board of Directors 15 • Additional Compliance Information 84
• Profile of the Directors 16 • Statement of Directors’ Responsibility 84
• Senior Management 18
• Profile of the Senior Management 19 Reports and Financial Statements 85
• Profile of Directors for Major Shareholders’ Statistics 213
Operating Units of the Group 20
Properties of the Group 215
Performance Review 25
The Commerce Group 222
• Group Financial Highlights 26
• Group Performance 27 Group Directory 225
• Financial Calendar 28 Directory of BCB Branches 228
• Share Performance 29
Directory of Bank Niaga Branches 236
• Chairman’s Message 30
• Key Business Review 37 Proxy Form
– BCB Group 38
– CIMB Berhad Group 42
– Bank Niaga 46
• Economic Outlook
• Investor Relations
• Balanced Scorecard 2004
50
53
54 contents
for for for the

Shareholders Investors Community
26 Group Financial Highlights 53 Investor Relations 58 The Group that Cares
27 Group Performance 72 Statement of Corporate 61 CAHB Group 2004

Governance Calendar of Corporate Events
28 Financial Calendar
76 Statement on Internal Control
29 Share Performance
78 Audit Committee Report
30 Chairman’s Message
80 Risk Management
37 Key Business Review
50 Economic Outlook
54 Balanced Scorecard 2004

Notice of Annual General Meeting
NOTICE IS HEREBY GIVEN that the Forty Eighth (48th) Annual General Meeting of Commerce Asset-Holding Berhad
will be held at Emerald Room, Mandarin Oriental Hotel, Kuala Lumpur City Centre, 50088, Kuala Lumpur on Monday,
18 April 2005 at 10.00 a.m. to transact the following business:-
AGENDA their absolute discretion deem fit provided that the aggregate
number of shares to be issued does not exceed 10 percent
1. To receive and adopt the Audited Financial Statements for
of the issued share capital of the Company for the time being,
the year ended 31 December 2004 and the Reports of the
subject always to the approval of all the relevant regulatory
Directors and Auditors thereon. Resolution 1
bodies being obtained for such allotment and issue.”
2. To declare a first and final dividend of 10.0 sen less income

9. Proposed renewal of the authority for the purchase of own
tax and special dividend of 5.0 sen less income tax for
ordinary shares. Resolution 10
the year ended 31 December 2004 as recommended by
the Directors payable on 11 May 2005 to shareholders “THAT, subject to the Companies Act, 1965 (as may be
registered in the Company’s books at the close of business amended, modified or re-enacted from time to time), the
on 26 April 2005. Resolution 2 Company’s Articles of Association and the requirements of
the Bursa Malaysia Securities Berhad (“Bursa Securities”)
3. To consider and if thought fit, pass the resolution pursuant and approvals of all relevant governmental and/or regulatory
to Section 129(6) of the Companies Act, 1965 to re-appoint authorities, the Company be and is hereby authorised to
Tan Sri Dato’ Mohd Desa Pachi as Director of the Company, purchase such number of ordinary shares of RM1.00 each
to hold office until the conclusion of the next Annual in the Company (“Proposed Shares Buy-Back”) as may be
General Meeting. Resolution 3 determined by the Board of Directors of the Company from
time to time through Bursa Securities upon such terms and
4. To re-elect the following Directors who retire in accordance conditions as the Board of Directors may deem fit and
with the Company’s Articles of Association: expedient in the interest of the Company provided that the
aggregate number of ordinary shares purchased and/or held
4.1 Dato’ Anwar Aji Resolution 4
pursuant to this resolution does not exceed ten per centum
4.2 Dr. Roslan A. Ghaffar Resolution 5
(10%) of the total issued and paid-up share capital of the
4.3 En. Izlan Izhab Resolution 6 Company at any point in time and an amount not exceeding
the total retained profits of approximately RM735.1 million and/
5. To approve the payment of Directors’ fees amounting to or share premium account of approximately RM1,881.1 million
RM60,000 per director per annum in respect of the year of the Company based on the audited financial statements
ended 31 December 2004. Resolution 7 for the financial year ended 31 December 2004 be allocated
by the Company for the Proposed Shares Buy-Back AND
6. To re-appoint PricewaterhouseCoopers as Auditors of the THAT the ordinary shares of the Company to be purchased
Company and to authorise the Board of Directors to fix their are proposed to be cancelled and/or retained as treasury shares
remuneration. Resolution 8 and subsequently be cancelled, distributed as dividends or
re-sold on Bursa Securities AND THAT the Board of Directors
7. To transact any other ordinary business. of the Company be and are hereby empowered generally
to do all acts and things to give effect to the Proposed
As special business: Shares Buy-Back AND THAT such authority shall commence
To consider and if thought fit to pass the following Ordinary immediately upon passing of this ordinary resolution until:
Resolutions:
i. the conclusion of the next AGM of CAHB in 2006 at
8. Proposed renewal of the authority for the issue of new which time such authority shall lapse unless by ordinary
ordinary shares. Resolution 9 resolution passed at that meeting, the authority is
“THAT pursuant to Section 132D of the Companies Act, renewed either unconditionally or subject to conditions;
1965, the Directors be and are hereby authorised to issue ii. the expiration of the period within which the next AGM
shares in the Company at any time until the conclusion of after that date is required by law to be held; or
the next Annual General Meeting and upon such terms and
iii. revoked or varied by ordinary resolution passed by the
conditions and for such purposes as the Directors may in
shareholders of the Company in a general meeting;
2 commerce asset-holding berhad (50841-W)

NOTICE OF ANNUAL GENERAL MEETING
whichever is the earlier but not so as to prejudice the N OT E S :

completion of purchase(s) by the Company before the
1. A member of the company entitled to attend and vote at
aforesaid expiry date and, in any event, in accordance
the meeting may appoint more than one (1) proxy to attend
with the provisions of the guidelines issued by Bursa
and vote instead of him. Each proxy shall represent a
Securities and/or any other relevant authorities.”
minimum of 100 shares.
N OT I C E O F B O O K S C L O S U R E 2. Where a member appoints more than one (1) proxy, such

appointment shall be invalid unless the member specifies
Notice is hereby given that the register of members will be
the proportion of his shareholding to be represented by
closed from 27 April 2005 to 28 April 2005 (both dates inclusive)
each proxy.
to determine shareholders entitlement to the dividend payment.
The dividend, if approved will be paid on 11 May 2005 to
3. A proxy may but need not be a member of the Company
shareholders whose names appear in the register of members
and the provisions of Section 149(1)(b) of the Companies
and record of depositors on 26 April 2005.
Act, 1965 shall not apply to the Company.
Further notice is hereby given that a depositor shall qualify for

4. The instrument appointing a proxy shall be in writing under
entitlement only in respect of:
the hand of the appointer or of his attorney duly authorised
a. Shares deposited into the depositor’s securities accounts in writing or if the appointer is a corporation, the proxy form
before 12.30 p.m. on 22 April 2005 (in respect of shares must be executed either under seal or under the hand of its
which are exempted from mandatory deposit). attorney.
b. Shares transferred into the depositor’s securities accounts
before 4.00 p.m. on 26 April 2005 in respect of ordinary 5. For a proxy to be valid, all proxy forms should be deposited
transfer. at the Registrar’s Office, Tenaga Koperat Sdn Bhd, 20th
Floor, Plaza Permata, Jalan Kampar, Off Jalan Tun Razak
c. Shares bought on Bursa Securities on a cum entitlement
50400 Kuala Lumpur not less than forty-eight hours before
basis according to the rules of the Bursa Securities.
the time for holding the meeting or any adjournment
thereof.
Shareholders are reminded that pursuant to the Securities
Industry (Central Depositories) (Amendment) (No. 2) Act, 1998
6. For a Form of Proxy executed outside Malaysia, the signature
which came into force on 1 November 1998, all shares not
must be attested by a Solicitor, Notary Public, Consul or
deposited with Malaysian Central Depository Sdn Bhd by 12.30
Magistrate.
p.m. on 1 December 1998 and not exempted from mandatory
deposit, have been transferred to the Minister of Finance
7. Explanatory note on special business:
(“MoF”). Accordingly, the payment for such undeposited
shares will be paid to MoF. Ordinary Resolution 9, if passed, will give the Directors of
the Company authority to issue ordinary shares in the
By Order of the Board Company at any time in their absolute discretion without
convening a General Meeting. The authorisation will, unless
revoked or varied by the Company at a General Meeting,
expire at the next Annual General Meeting.
Jamil Hajar Abdul Muttalib
Secretary (LS. 000656) The details on Resolution 10 on the proposed renewal of
the authority for the purchase of own ordinary shares is
Kuala Lumpur contained in the statement accompanying this Notice of
26 March 2005 Annual General Meeting in this Annual Report.
commerce asset-holding berhad (50841-W) 3

Statement Accompanying Notice of
Annual General Meeting
Pursuant to Paragraph 8.58(2) of the Listing Requirements of the Bursa Malaysia Securities Berhad
1. Directors who are standing for re-appointment and re-elections at the 48th Annual General Meeting of the Company.
The Directors retiring pursuant to the Section 129(6) of the Companies Act, 1965 and the Articles of Association and seeking
re-appointment/re-elections are:-
Tan Sri Dato’ Mohd Desa Pachi
Dato’ Anwar Aji
Dr Roslan A. Ghaffar
A Director was appointed during the year. In accordance with the Articles of Association, he is seeking re-election.
The Director is:-

En Izlan Izhab (Appointed on 26 July 2004)
The details of the four Directors seeking re-appointment/re-elections are set out in the Directors’ profile which appear on pages
16 to 17 of the Annual Report.
The details of the four Directors’ securities holding in the Company and its subsidiaries (if any) are stated on pages 7 and 89.
2. Board meetings held during the financial year ended 31 December, 2004.
A total of fifteen (15) Board Meetings were held during the financial year ended 31 December, 2004 in which four (4) were
Ordinary Board meetings, nine (9) were Special Board meetings and two (2) were Joint Special Board meetings with the Board
of Bumiputra-Commerce Bank Berhad.
Date Hours Location Type

19 January, 2004 10.00 a.m Boardroom, 12th Floor, Commerce Square Special
4 February, 2004 10.00 a.m Boardroom, 12th Floor, Commerce Square Ordinary
12 February, 2004 3.00 p.m Boardroom, 12th Floor, Commerce Square Special
27 February, 2004 9.00 a.m Boardroom, 12th Floor, Commerce Square Special
13 April, 2004 10.00 a.m Boardroom, 12th Floor, Commerce Square Special
26 April, 2004 2.00 p.m Boardroom, 12th Floor, Commerce Square Ordinary
4 June, 2004 8.30 a.m Boardroom, 12th Floor, Commerce Square Special
12 July, 2004 4.00 p.m Boardroom, 12th Floor, Commerce Square Special
6 August, 2004 3.00 p.m Boardroom, 12th Floor, Commerce Square Ordinary
23 August, 2004 2.15 p.m Meeting Room, Kuala Lumpur Golf Country Club Special
27 August, 2004 9.30 a.m Boardroom, 12th Floor, Commerce Square Joint Special
6 October, 2004 8.30 a.m Meeting Room, Kuala Lumpur Golf Country Club Joint Special
29 October, 2004 9.30 a.m Boardroom, 12th Floor, Commerce Square Ordinary
3 November, 2004 2.30 p.m Boardroom, 12th Floor, Commerce Square Special
22 December, 2004 2.30 p.m Boardroom, 12th Floor, Commerce Square Special
3. Details of attendance at Board Meetings held in the financial year ended 31 December, 2004.
Name of Directors Number of meetings attended Percentage of attendance

Tan Sri Dato’ Mohd Desa Pachi 15/15 100%
Dr Rozali Mohamed Ali 15/15 100%
Dato’ Anwar Aji 14/15 93%
En Mohd Salleh Mahmud 15/15 100%
Tan Sri Datuk Asmat Kamaludin 12/15 80%
Dr Roslan A. Ghaffar 14/15 93%
En Izlan Izhab 6/7 (a) 86%
Mr Masayuki Kunishige 5/7 (b) 71%
(a) En Izlan Izhab attended six out of the seven Board Meetings held since his appointment on 26 July 2004.
(b) Mr Masayuki Kunishige attended five out of the seven Board Meetings prior to his resignation on 28 June 2004.

STATEMENT ACCOMPANYING NOTICE OF ANNUAL GENERAL MEETING
Statement of Proposed Renewal of Authority for Commerce Asset-Holding Berhad to Purchase Its Own Shares (“Proposed Shares Buyback”)
1. INTRODUCTION
1.1 Renewal Of Authority For Commerce Asset-Holding Berhad (“the Company” or “CAHB”) To Purchase Its Own Shares
At the Company’s Annual General Meeting (“AGM”) held on April 19, 2004, the Company had obtained approval from the
shareholders, for the Company to purchase its own shares as may be determined by the Board of Directors of the Company from
time to time through Bursa Malaysia Securities Berhad (“Bursa Securities”) upon such terms and conditions as the Board of
Directors may deem fit and expedient in the interest of the Company provided that the aggregate number of ordinary shares
purchased and/or held pursuant to this resolution does not exceed ten per centum (10%) of the total issued and paid-up share
capital of the Company at any point in time and an amount not exceeding the total retained profits of approximately RM641.4
million and/or share premium account of approximately RM1,787.7 million of the Company based on the audited financial
statements for the financial year ended 31 December 2003.
The authority obtained by the Board of Directors for purchasing the Company’s own shares in accordance with the Listing
Requirements of Bursa Securities governing share buy-back by listed companies will lapse at the conclusion of the coming forty-
eighth (48th) AGM.
It is the intention of the Company to renew the authority to purchase its own shares by way of an ordinary resolution.
1.2 Purpose of Statement

The purpose of this Statement is to provide relevant information on the Proposed Shares Buy-Back and to seek your approval for
the ordinary resolution, which is to give effect to the Proposed Shares Buy-Back to be tabled at the coming forty-eighth (48th)
AGM. A notice of the AGM together with the Proxy Form is set out in this Annual Report.
2 . D E TA I L S O F T H E P R O P O S E D S H A R E S B UY B AC K
The Board of Directors proposes to seek shareholders’ approval for a renewal of the authority to purchase and/or hold in aggregate of
up to ten per centum (10%) of the issued and paid-up share capital of the Company at any point of time through Bursa Securities.
Based on the issued and paid up share capital of the Company as at 28 February 2005 of RM2,704,541,260 comprising 2,704,541,260
ordinary shares of RM1.00 each in the Company (“CAHB Shares”), a total of 270,454,126 CAHB Shares may be purchased by the
Company pursuant to the Proposed Shares Buy Back. The maximum number of shares that can be bought back under this renewal will
take into account the number of shares previously brought back and retained as treasury shares.
Such authority, if so approved, would be effective immediately upon passing of this ordinary resolution until:
i. the conclusion of the next AGM of CAHB in 2006 at which time such authority shall lapse unless by ordinary resolution passed at
that meeting, the authority is renewed either unconditionally or subject to conditions;
ii. the expiration of the period within which the next AGM after that date is required by law to be held; or
iii. revoked or varied by ordinary resolution passed by the shareholders of the Company in a general meeting;
whichever is the earlier but not so as to prejudice the completion of purchase(s) by the Company before the aforesaid expiry date and,
in any event, in accordance with the provisions of the guidelines issued by Bursa Securities and/or any other relevant authorities.
The Board of Directors proposed to allocate an amount of up to retained profits and/or share premium account of the Company for the
purchase of own shares subject to the compliance with section 67A of the Act (as may be amended, modified or re-enacted from time
to time) and any prevailing laws, rules, regulations, orders, guidelines and requirements issued by the relevant authorities at the time of
the purchase (“Prevailing Laws”). The actual number of CAHB Shares to be purchased will depend on the market conditions and
sentiments of Bursa Securities as well as the retained profits and the share premium account and financial resources available to the
Company. The audited retained profits of the Company as at 31 December 2004 was RM735.1 million whilst the audited share
premium account of the Company as at 31 December 2004 was approximately RM1,881.1 million.
CAHB may only purchase its own shares at a price which is not more than fifteen per centum (15%) above the weighted average
market price for the past five (5) market days immediately preceding the date of the purchase(s). The Company may only resell the
purchased shares held as treasury shares at a price which is not less than the weighted average market price of CAHB Shares for the
five (5) market days immediately preceding the date of re-sale or not less than 5% below the weighted average market price of CAHB
Shares for the five (5) market day immediately prior to the re-sale provided that the re-sale takes place no earlier than 30 days from the
date of purchase and the re-sale price is not less than the cost of purchase of the CAHB Shares being re-sold. The Company shall, upon
each purchase or re-sale of shares, make the necessary announcements to the Bursa Securities. As at 28 February 2005, all the shares
bought back which have been treated as treasury shares have been cancelled.
The Proposed Shares Buy-Back will allow the Board to exercise the power of the Company to purchase its own shares at any time
within the abovementioned time period using internal funds of the Company and/or external borrowings. The amount of internally
generated funds and/or external borrowings to be utilised will only be determined later depending on the available internally generated
funds, actual number of CAHB Shares to be purchased, the anticipated future cashflows of the Group and other cost factors.
Purchased CAHB Shares held as treasury shares may be distributed as share dividends, re-sold on Bursa Securities in accordance with
the relevant rule of Bursa Securities, cancelled or continue to be retained as treasury shares. The decision whether to retain the
purchased shares as treasury shares, to cancel the shares purchased, distribute the treasury shares as share dividends and/or resell the
treasury shares on Bursa Securities will be made by the Board at the appropriate time.

The distribution of treasury shares as share dividends may be applied as a reduction of the retained profits or the share premium
account of the Company. The treatment of the purchased shares held as treasury shares either distributed as share dividends or resold
by the Company on Bursa Securities or both will in turn, depend on the availability of, among others, retained profits, share premium
account and tax credits (in relation to Section 108 of the Income tax Act 1967) of the Company.
While the purchased shares are held as treasury shares, the rights attached to them as to voting, dividends and participation in any
other distributions or otherwise are suspended and the treasury shares shall not be taken into account in calculating the number of
percentage of shares or of a class of shares in the Company for any purposes including, without limiting the generality of the provision
of Section 67A of the Act, the provisions of any law or requirements of the Articles of Associations of the Company or the Listing
Requirements governing substantial shareholding, takeovers, notices, the requisitioning of meetings, quorum for a meeting and the
result of a vote on a resolution at a meeting.
The Proposed Shares Buy-Back will be carried out in accordance with the Prevailing Laws at the time of the purchase including
compliance with the public shareholding spread as required by the Listing Requirements.
The public shareholding spread of the Company before and after the Proposed Shares Buy-Back are as follows:
Before the Proposed After the Proposed
Shares Buy-Back Shares Buy-Back
Public shareholding spread 53.5%*1 48.3%*2
Notes:
*1 As at 28 February 2005
*2 Based on the assumptions that:
(i) the Proposed Shares Buy-Back involves the aggregate purchase of 270,454,126 CAHB Shares (being an amount of 10% of the issued and paid up
share capital of the Company as at 28 February 2005) which are to be retained as treasury shares; and
(ii) the number of CAHB Shares held by Directors of the CAHB Group, the substantial shareholders of CAHB and persons connected to them
remain unchanged.
3 . R AT I O N A L E FO R T H E P R O P O S E D S H A R E S B UY - B A C K
The Proposed Shares Buy-Back will enable the CAHB Group to utilise any of its surplus financial resources to purchase CAHB Shares.
The increase in earnings per share (“EPS”), if any, arising from the Proposed Shares Buy-Back is expected to benefit the shareholders
of the Company.
The purchased shares can be held as treasury shares and re-sold on Bursa Securities with the intention of realising potential gain
without affecting the total issued and paid-up share capital of the Company. The distribution of the treasury shares as share dividends
also serves to reward the shareholders of the Company.
4 . E VA L UAT I O N O F T H E P R O P O S E D S H A R E S B UY - B AC K
4.1 Advantages
The potential advantages of the Proposed Shares Buy-Back are as follow:
(i) Allows the Company to take preventive measures against excessive speculation, in particular when the Company’ s shares are
undervalued:
(ii) Allows the Company more flexibility in fine-tuning its capital structure;
(iii) The resultant reduction of share capital base is expected to improve the EPS and may strengthen the net tangible assets
(“NTA”) of the remaining shares as well as the probability of declaring a higher quantum of dividend in future;
(iv) To stabilise a downward trend of the market price of the Company’s shares;
(v) Treasury shares can be treated as long-term investments. It makes business sense to invest in our own Company as the Board
of Directors is confident of CAHB’s future prospects and performance in the long term;
(vi) If the treasury shares are distributed as dividend by the Company, it may then serve to reward the shareholders of the Company.
4.2 Disadvantages
The potential disadvantages of the Proposed Shares Buy-Back are as follows:
(i) The purchase can only be made out of distributable reserves resulting in a reduction of the amount available for distribution as
dividends and bonus issues to shareholders; and
(ii) The purchases of existing shares involve cash outflow from the Company which may otherwise be retained in the business to
generate greater profits.
Nevertheless, the Board of Directors will be mindful of the interest of CAHB and its shareholders in undertaking the Proposed
Shares Buy-Back.
5. E F F EC T S O F P R O P O S E D S H A R E S B UY - B AC K
Assuming that the Company purchases up to 270,454,126 CAHB Shares representing approximately ten per centum (10%) of its
issued and paid-up share capital as at 28 February 2005 and such shares purchased are cancelled or alternatively be retained as
treasury shares or both, the effects of the Proposed Shares Buy-Back on the share capital, NTA, working capital, earnings and
substantial shareholders’ and Directors’ shareholdings as well as the implication relating to the Code are as set out below:

5.1 Share Capital

In the event that all the CAHB Shares purchased are to be cancelled, the Proposed Shares Buy-Back will result in the issued and
paid-up share capital of CAHB as at 28 February 2005 be reduced from RM2,704,541,260 comprising 2,704,541,260 CAHB Shares
to RM2,434,087,134 comprising 2,434,087,134 CAHB Shares. However, it is not expected to have any effect on the issued and
paid-up share capital if all the CAHB Shares purchased are to be retained as treasury shares.
The effects of the Proposed Shares Buy-Back on the issued and paid up share capital of CAHB are illustrated below:
As per Audited Financial Statements As at 28 After Share Purchase
At 31 December 2004 February 2005 and Cancellation
Issued and paid up
share capital (RM) 2,691,740,260 2,704,541,260*1 2,434,087,134*2
Notes:
*1 After issuance of 12,801,000 CAHB Shares pursuant to Employee Share Option Scheme.
*2 Assuming approximately 10% or 270,454,126 CAHB Shares are purchased and cancelled.
5.2 NTA and Working Capital
The effects of the Proposed Shares Buy-Back on the NTA per share of the Group are dependent on the purchase prices of CAHB
Shares and the effective funding cost or loss in interest income to the Group.
If all the CAHB Shares purchased are to be cancelled or retained as treasury shares, the Proposed Shares Buy-Back will reduce the
NTA per share when the purchase price exceeds the NTA per share at the relevant point in time. On the contrary, the NTA per
share will be increased when the purchase price is less than the NTA per share at the relevant point in time.
The Proposed Shares Buy-Back will reduce the working capital of the Group, the quantum of which will depend on the amount of
financial resources to be utilised for the purchase of CAHB Shares.
5.3 Earnings
The effects of the Proposed Shares Buy-Back on the EPS of the Group are dependent on the purchase prices of CAHB Shares
purchased and the effective funding cost or loss in interest income to the Group.
5.4 Substantial Shareholders’ and Directors’ Shareholdings
The effects of the Proposed Shares Buy-Back on the substantial shareholders’ and Directors’ shareholdings based on the Register
of Substantial Shareholders and the Register of Directors’ shareholdings respectively as at 28 February 2005 are as follow:
No. of CAHB Shares Held
Substantial Before the Proposed Shares Buy-Back After the Proposed Shares Buy-Back
Shareholders Direct % Indirect % Direct % Indirect %
Employees Provident
Fund Board 655,616,326*1 24.24 – – 655,616,326*1 26.93 – –
Khazanah Nasional Berhad 342,908,900 12.68 – – 342,908,900 14.09 – –
Kumpulan Wang
Amanah Pencen 258,719,172*2 9.57 – – 258,719,172*2 10.63 – –
Notes:
*1 645,135,926 CAHB Shares are held directly and the remaining 10,480,400 CAHB Shares are held through nominees companies.
*2 58,270,000 CAHB Shares are held directly, 5,284,000 CAHB Shares are held through nominee companies and 195,165,172 CAHB Shares are
swap shares with Minister of Finance (“MoF”).
No. of CAHB Shares Held

Before the Proposed Shares Buy-Back After the Proposed Shares Buy-Back
Directors Direct % Indirect % Direct % Indirect %
Tan Sri Dato’ Mohd Desa Pachi – – – – – – – –
Dr Rozali Mohamed Ali 314,800 – *1 – 314,800 – *1 –
Dato’ Anwar Aji – – – – – – – –
Mohd Salleh Mahmud – – – – – – – –
Tan Sri Datuk Asmat Kamaludin – – 26,000 *1 – – 26,000 *1
Dr Roslan A. Ghaffar – – – – – – – –
Izlan Izhab – – – – – – – –
Notes:
*1 Below 0.1% equity interest as at 28 February 2005.
The shareholding of Dr Rozali Mohamed Ali does not include 800,000 share options granted under the employee share option scheme which
have not been exercised.
Save as disclosed above, none of the Directors, substantial shareholders, and persons connected with Directors and/or substantial
shareholders has held any CAHB Shares.

6. SHARE PRICES
The monthly highest and lowest prices of CAHB Shares traded on Bursa Securities for the last twelve (12) months from March 2004 to
February 2005 are as follow:
High (RM) Low (RM)
2004
March 5.65 5.20
April 5.20 4.86
May 5.10 4.46
June 4.90 4.60
July 5.25 4.66
August 4.68 4.18
September 4.80 4.48
October 4.60 4.44
November 4.90 4.46
December 4.90 4.68
2005
January 5.05 4.70
February 4.86 4.66
7. P U R C H A S E S A N D R E - S A L E S M A D E I N T H E P R E V I O U S T W E LV E ( 1 2 ) MO N T H S
There were no share buyback transactions and resale of treasury shares during the previous twelve (12) months. The Company has
cancelled 35,853,000 treasury shares against the share capital on 27 February 2004. The adjusted number of issued and fully paid
shares with voting rights as at 31 December 2004 was 2,691,740,260 shares.
8 . D I R EC TO R S A N D S U B STA N T I A L S H A R E H O L D E R S ’ I N T E R E STS
None of the Directors and substantial shareholders of the Company have any interest, direct or indirect in the Proposed Shares Buy-
Back and, if any, the resale of treasury shares. None of the persons connected to the Directors and substantial shareholders of the
Company have any interest, direct or indirect in the Proposed Shares Buy-Back and if any, the resale of treasury shares.
9 . D I R EC TO R S ’ R EC OM M E N D AT I O N
After careful consideration, your Board of Directors are of the opinion that the Proposed Shares Buy-Back is in the interest of the
Company. Accordingly, they recommend that you vote in favour of the ordinary resolution for the Proposed Share Buy-Back to be tabled
at the forthcoming AGM.
1 0 . M A L AYS I A N C O D E O F TA K E - O V E R S A N D M E R G E R S 1 9 9 8 ( “ C O D E ” )
The Proposed Share Buy-Back if carried out in full (whether shares are cancelled or treated as treasury shares) may result in a
substantial shareholder and/or parties acting in concert with it incurring a mandatory general offer obligation. In this respect, the Board
is mindful of the provision under Practice Note 2.7 and 2.9 of the Code.
1 1 . S TAT E M E N T BY B U R S A S EC U R I T I E S
Bursa Securities takes no responsibility for the contents of this Statement, makes no representation as to its accuracy or completeness
and expressly disclaims any liability whatsoever for any loss howsoever arising from or reliance upon the whole or any part of the
contents of this Statement.

Achievements and Awards
C OM M E R C E A S S E T - H O L D I N G B E R H A D Top Lead Manager 1990 - 2002 for Cumulative

Citra Award for 2003 Annual Report Number of Issues and Cumulative Issue Value
(Private Sector) in Bahasa Malaysia by RAM
by Dewan Bahasa Dan Pustaka – Merit Award Best Debt House, Best Equity House and
Best M & A House – Malaysia by Euromoney
B U M I P U T R A - C OM M E R C E B A N K B E R H A D
Accorded “Superbrand” status by the Best Domestic Equity House and Best
Malaysian Chapter of Superbrands International Domestic Bond House by Asiamoney
Placed in the top 10 in Brand Visibility BANK NIAGA

by the Brand Equity Magazine Award Banking Service Excellence Award
by Marketing Research Indonesia
CIMB BERHAD
(1996 - 2004, 8 years in a row)
Best Provider of Islamic Financial Services in
Asia for 2004 by Euromoney Best Bank of 2004 – Investor Magazine
Best Asian Bond, Best Bookrunner of One of the most admired companies in
Malaysian Ringgit Bonds, Best Malaysian Indonesia by Warta Ekonomi
Ringgit Bond, Best Asian Domestic Currency Indonesia’s Top Ten Value Creator Award
Bond by Euroweek by SWA, University of Indonesia and
Best Local Currency Bond and Best Investment Markplus & Co
Grade Bond by Asiamoney Good Corporate Governance Perception Index
Best Local Currency Bond by The Asset Award 2004 – The Indonesian Institute of
Corporate Governance
Best Malaysia Equity Deal by IFR Asia
Best Annual Report 2003
Multiple awards from The Edge Annual Awards
C OM M E R C E A S S E T F U N D M A N A G E R S S D N B H D
Best Investment Bank, Malaysia and
Best Equity House, Malaysia by The Asset Best Three Years Realised Return Equity
Manager by Employees Provident Fund
Multiple awards by Asiamoney including
Best Overall Country Research and Best Overall Fixed Income Manager 2004
Best Local Brokerage by Employees Provident Fund
Best Malaysia Deal, Best Secondary Offering C OM M E R C E T R U S T B E R H A D

Best Local Investment Bank, Best Equity
Top Performer for Lifetime Bond Fund
House, Best Investor Relations Representative
by The Edge – Malaysian Unit Trust Award
and Best Broker by Finance Asia
Top Lead Manager (Islamic) 1990 - 2002

for Cumulative Number of Issues and
Cumulative Issue Value by RAM

At CAHB, we are committed
to creating long-term value
as an integrated financial
services group.
Corporate Information
Corporate Profile 12
Group Corporate Structure 13
Corporate Data 14
Board of Directors 15
Profile of the Directors 16
Senior Management 18
Profile of the Senior Management 19
Profile of Directors for Major

Operating Units of the Group 20

Corporate Profile
Commerce Asset-Holding Berhad (CAHB) has been listed
on the Kuala Lumpur Stock Exchange (now known as
Bursa Malaysia Securities Berhad) since 1987.
As at 31 December 2004, it is the 11th largest company
by market capitalisation amounting to RM12.651 billion.
CAHB is a diversified financial services group. Its principal
operating entities are the Bumiputra-Commerce Bank Group,
one of Malaysia’s leading commercial banking groups,
CIMB Berhad Group, Malaysia’s premier investment banking
group and PT Bank Niaga, Indonesia’s eighth largest bank
by assets. The CAHB Group is also involved in venture capital,
life & general insurance, unit trust and fund management.

Group Corporate Structure
Commerce Asset-Holding Berhad

Bumiputra-Commerce Bank Berhad
CIMB Berhad EPIC-I Sdn Bhd
Commerce Life Assurance Berhad Bumiputra-Commerce FactorsLease Berhad
(formerly known as Bumiputra-Commerce Leasing Berhad)
Commerce Asset Ventures Sdn Bhd
Bumiputra-Commerce Trustee Berhad
Commerce Asset Realty Sdn Bhd
BBMB Unit Trust Management Berhad
Commerce Asset Nominees Sdn Bhd
Bumiputra-Commerce Bank (L) Limited
Commerce Assurance Berhad
(formerly known as AMI Insurans Berhad) Bumiputra-Commerce International Trust (Labuan) Berhad
Commerce Capital (Labuan) Ltd Bumiputra-Commerce Trust Limited
PT Bank Niaga Tbk (Indonesia) Bumiputra-Commerce Finance Berhad
Rangkaian Segar Sdn Bhd (Associate company) I-Prestige Sdn Bhd
Bumiputra-Commerce Nominees Sdn Bhd
Bumiputra-Commerce Nominees (Tempatan) Sdn Bhd
Bumiputra-Commerce Nominees (Asing) Sdn Bhd
Semerak Services Sdn Bhd
BOC Nominees Sdn Bhd
BOC Nominees (Tempatan) Sdn Bhd
BOC Nominees (Asing) Sdn Bhd
BBMB Securities (Holdings) Sdn Bhd
South East Asian Bank Ltd (Mauritius)
PT Niaga Aset Manajemen Bumiputra-Commerce Corporate Services Limited
PT Saseka Gelora Finance Commerce Tijari Bank Berhad
PT Niaga International Factors Proton Commerce Sdn Bhd (Jointly controlled entity)
Commerce International Merchant Bankers Berhad

• CIMB Holdings Sdn Bhd
• CIMB Securities Sdn Bhd
• CIMSEC Nominees Sdn Bhd
• CIMSEC Nominees (Asing) Sdn Bhd
• CIMSEC Nominees (Tempatan) Sdn Bhd
CAV Private Equity Management Sdn Bhd • CIMB Securities (Hong Kong) Limited
Ekspedisi Yakin Sdn Bhd • CIMB Futures Sdn Bhd
Scan Associates Sdn Bhd • CIMB Nominees (Tempatan) Sdn Bhd
• CIMB Nominees (Asing) Sdn Bhd
• CIMB Discount House Berhad
• CIMB (L) Limited
• Halyconia Asia Fund Limited
• PT CIMB Niaga Securities
• CIMB Private Equity General Partner Limited
• CIMB Mezzanine General Partner Limited
• Navis-CIMB General Partner Ltd (Associate company)
CIMB Private Equity Sdn Bhd
• CIMB Private Equity 1 Sdn Bhd
• CIMB Mezzanine 1 Sdn Bhd (Associate company)
CIMB ShareTech Sdn Bhd
• ShareTech Nominees (Asing) Sdn Bhd
• ShareTech Nominees (Tempatan) Sdn Bhd
Commerce Asset Fund Managers Sdn Bhd
Commerce Trust Berhad
CIMB Real Estate Sdn Bhd

Corporate Data
Major Shareholders
as at 28 February 2005
10%
Public
Khazanah Nasional Berhad

24%
53%
Employees Provident Fund Board
Kumpulan Wang Amanah Pencen
13%
B OA R D O F D I R EC TO R S C H I E F O P E R AT I N G O F F I C E R R EG I S T R A R
Tan Sri Dato’ Mohd Desa Pachi En Mohd Shukri Hussin Tenaga Koperat Sdn Bhd
Chairman Tingkat 20, Plaza Permata
Jalan Kampar
C OM PA N Y S EC R E TA R Y
Dr. Rozali Mohamed Ali Off Jalan Tun Razak
Executive Director/ En Jamil Hajar Abdul Muttalib 50400 Kuala Lumpur
Group Chief Executive Officer (LS. 000656)
Tel: 03-4041 6522
(Effective 1 September 2004)
Fax: 03-4042 6352
G R O U P C O R P O R AT E A D V I S O R
Dato’ Anwar Aji
Dato’ Halim Muhamat S TO C K E XC H A N G E L I S T I N G
En Mohd Salleh Mahmud
Bursa Malaysia Securities Berhad
A U D I TO R S (Commerce Asset-Holding Berhad
Tan Sri Datuk Asmat Kamaludin
was listed on Main Board on
PricewaterhouseCoopers
3 November 1987)
Dr. Roslan A. Ghaffar 11th Floor, Wisma Sime Darby
Jalan Raja Laut
En Izlan Izhab 50350 Kuala Lumpur R EG I S T E R E D O F F I C E
(Appointed on 26 July 2004) Tel: 03-2693 1077
12th Floor, Commerce Square
Fax: 03-2693 0997
Jalan Semantan
Masayuki Kunishige Damansara Heights
(Resigned on 28 June 2004) 50490 Kuala Lumpur
Tel: 03-2093 5333
Fax: 03-2093 3335
www.commerz.com.my

Board of Directors
1. Tan Sri Dato’ Mohd Desa Pachi

1 2 2. Dr Rozali Mohamed Ali
3. Dato’ Anwar Aji
3 4 5
4. Tan Sri Datuk Asmat Bin Kamaludin
5. En Mohd Salleh Mahmud
6 7
6. Dr Roslan A. Ghaffar
7. En Izlan Izhab

Profile of the Directors
Tan Sri Dato’ Mohd Desa Pachi Malaysia from 1990-1995; from 1970-1990 he held various
engineering positions with the National Electricity Board, Malaysia.
Aged 70, Tan Sri Dato’ Mohd Desa was appointed to the Board
of CAHB on 3 September, 1982. He is also the Chairman of the Dr Rozali is currently the Chairman of the Association of Banks
Nomination and Remuneration Committee. Tan Sri Dato’ Mohd in Malaysia. He is a member of the MIDA Council and the
Desa has been identified as the Senior Independent Non- Malaysian Energy Commission. He also serves on the Asia-
Executive Director to whom concerns can be conveyed. Tan Sri Pacific Advisory Council of INSEAD, and on the Board of the
Dato’ Mohd Desa attended all of the 15 Board Meetings held International Centre for Leadership in Finance (ICLIF).
during the year ended 31 December, 2004.
Dr Rozali is a member of the Group Risk Management Committee
He is a Chartered Accountant by profession and is a Fellow of and Building Committee and Chairman of the ESOS Committee.
the Institute of Chartered Accountants in Australia. He studied
Dr Rozali is a Non-Independent Executive Director of the Company.
accountancy in Melbourne, Australia under a Colombo Plan
Scholarship. He joined Shell Group of companies in 1962 and
served in various capacities in Finance/Administration. From
Dato’ Anwar Aji
1970 to 1976, he was in public practice as a Chartered
Accountant and was a partner of Desa Megat & Co and KPMG Aged 54, Dato’ Anwar was appointed as a Non-Independent
Peat Marwick. Subsequently, he was appointed as the first Non-Executive Director of the Company on 1 June, 1999. He
CEO of Permodalan Nasional Berhad (PNB) and later served as graduated from University Malaya with Honours in Economics
Chairman/CEO of Malaysia Mining Corporation Bhd, Executive in 1973 and obtained his Masters in International Studies from
Chairman of Fleet Group Sdn Bhd, Chairman/MD of The New Ohio University, USA in 1982. He started his career with the
Straits Times (Malaysia) Berhad and Chairman of Sistem Televisyen Government and has held various posts in the Ministry of Trade
Malaysia Berhad (TV3). and Industry, the Prime Minister’s Department and the Ministry
of Finance. He joined Khazanah Nasional Bhd in 1994 and left
He sits on the Board of several private companies and the
the company in May, 2004.
following public companies:-
Dato’Anwar is currently the Chairman of Faber Group Bhd and
YA Horng Electronic (M) Berhad, Petaling Garden Berhad,
Inter Heritage (M) Sdn Bhd. He also sits on the Board of the
Leader Steel Holdings Berhad (Chairman), Saujana Consolidated
following companies; STLR Sdn Bhd, Sistem Transit Aliran
Berhad, Xian Leng Holdings Berhad (Chairman), Amanah Saham
Ringan Sdn Bhd, Syarikat Danasaham Sdn Bhd and Bakun
Nasional Berhad and Tracoma Holdings Berhad (Chairman).
Hydro-Electric Corporation Sdn Bhd.
Dato’ Anwar is a member of the Nomination and Remuneration

Dr Rozali Mohamed Ali Committee. He attended 14 out of the 15 Board Meetings held
during the year ended 31 December, 2004.
Aged 56, Dr Rozali was appointed as a Director of the Company
on 6 July 1993 and assumed the post of Executive Director/Group
CEO in September, 2004. He was the Managing Director/Chief
Tan Sri Datuk Asmat Bin Kamaludin
Executive Officer of Bumiputra-Commerce Bank Berhad from
June, 2000 to August, 2004. He is also the Chairman of CIMB Tan Sri Datuk Asmat bin Kamaludin, aged 60, was appointed to the
Berhad. He was appointed as President-Commissioner of PT Bank Board on 14 June, 2001 as an Independent Non-Executive Director.
Niaga Tbk in November 2002. Dr Rozali attended all of the 15 Board
Tan Sri Datuk Asmat obtained a Bachelor of Economics
meetings held during the year ended 31 December, 2004.
(Honours) degree from the University of Malaya and later
Dr Rozali graduated from Brighton Polytechnic in the United attended a special programme on the European Economic
Kingdom in Mechanical Engineering in 1970. He also holds MSc Community in Amsterdam. Tan Sri Datuk Asmat served in the
and Ph.D degrees from the Imperial College of Science and Ministry of International Trade and Industry (MITI) for 35 years,
Technology, University of London. Prior to joining Commerce and retired as its Secretary General, a position he had held for 9
Asset-Holding Berhad, Dr Rozali was Assistant Director-General years. Dealing with both domestic and international trade
at the Institute of Strategic and International Studies (ISIS) sectors at MITI, he has also worked with several international

bodies such as ASEAN, WTO and APEC, representing Malaysia Dr Roslan holds a Bachelor of Science Degree from Louisiana
in relevant negotiations and agreements. Tan Sri Datuk Asmat State University, Baton Rouge and a Ph.D from University of
has also served on the Boards of various companies as MITI’s Kentucky, Lexington. He began his career as a lecturer in
representative including MATRADE, SMIDEC and Perbadanan University Putra Malaysia before his secondment to the EPF in
Johor. 1994 as a Senior Director. Commencing from 1999 he was
transferred permanently to the EPF.
Currently, Tan Sri Datuk Asmat is Chairman of UMW Holdings
Berhad, Matsushita Electric Company (Malaysia) Berhad, Dr Roslan sits on the Board of Directors of several private
Symphony House Berhad and SCOMI Group Berhad. He also companies in the EPF Group and Malaysian Resources
sits on the board of directors of the following public companies: Corporation Berhad. Dr Roslan also sits on the Board of
Malaysian Pacific Industries Berhad, Carlsberg Brewery Berhad, Commissioners of PT Bank Niaga Tbk. He has attended 14 out
Lion Industries Berhad, YTL Cement Berhad (as Vice Chairman), of the 15 Board Meetings held during the year ended 31
Permodalan Nasional Berhad and Salwan Corporation Berhad. December, 2004.
Tan Sri Datuk Asmat is the Chairman of the Audit Committee

and the Group Risk Management Committee. He is also a
En Izlan Izhab
member of the Nomination and Remuneration Committee. Tan
Sri Datuk Asmat attended 12 out of the 15 Board Meetings En Izlan Izhab, 59, was appointed as an Independent
held during the year ended 31 December, 2004. Non-Executive Director of the Company on 26 July, 2004.
En Izlan is also a member of the Audit Committee. En Izlan
attended 6 out of the 7 Board meetings held since his
En Mohd Salleh Mahmud appointment on 26 July 2004.
Aged 53, En Mohd Salleh was appointed as a Non-Independent En Izlan holds a Bachelor of Laws from University of London
Non-Executive Director of the Company on 27 February, 2001. and attended the Advanced Management Program of the
He graduated from University of Malaya with Honours in University of Hawaii. He began his career as an Assistant Legal
Accounting in 1976 and obtained his Masters in Business Officer at Majlis Amanah Rakyat. He was Company Secretary
Administration in 1991. He started his career in 1976 in the of Kompleks Kewangan Malaysia Berhad from 1975 to 1978
Foreign Investment Committee, Economic Planning Unit, Prime and of Permodalan Nasional Berhad from 1978 to 1984.
Minister’s Department and was made the Chief Accountant of
From 1985 to 2000, En Izlan was attached with the Kuala
Pension Division, Public Services Department in 1991. He has
Lumpur Stock Exchange holding the post of Executive Vice
held his current post as Deputy Accountant General in the
President, Corporate and Legal Affairs. He sits on the Board
Accountant General’s Department, Ministry of Finance since
of Directors of the following public companies: Grand United
1996. Currently, En Mohd Salleh sits on the Board of Syarikat
Holdings Berhad, Apex Equity Holdings Berhad, Nexnews Berhad,
Ladang Rakyat Trengganu Sdn Bhd. En Mohd Salleh is a
OSK-UOB Unit Trust Management Berhad and Ramunia
member of the Audit Committee, Group Risk Management
Holdings Berhad. He is a member of Bursa Malaysia Securities
Committee and Chairman of the Building Committee.
Berhad’s Appeals Committee.
En Mohd Salleh attended all of the 15 Board Meetings held
during the year ended 31 December, 2004. Note to Profile of Directors:-
1) All members of the CAHB Board are Malaysians
2) None of the Directors has:-

Dr Roslan A. Ghaffar
• Any family relationship with any Director and/or major
Dr Roslan A. Ghaffar, 52, was appointed as a Non-Independent shareholder of CAHB.
Non-Executive Director of the Company on 3 November, 2003. • Any conflict of interest with CAHB
Dr Roslan is currently the Deputy Chief Executive Officer • Any conviction for offences with the past 10 years other than
traffic offences
(Investments) of the Employees Provident Fund (EPF) a post he
has held since July, 2002.

Senior Management
from left to right
Dato’ Halim Muhamat

Group Corporate Advisor
Dr Rozali Mohamed Ali

Executive Director/
Group Chief Executive Officer
En Mohd Shukri Hussin

Chief Operating Officer
En Jamil Hajar Abdul Muttalib

Executive Vice President/Company Secretary

Profile of the Senior Management
(As per Commerce Asset-Holding Berhad’s Profile of Directors)
En Mohd Shukri Hussin
En Mohd Shukri, aged 50, has been the Chief Operating Officer of CAHB
since February, 2003. He holds a Bachelor of Economics (Hons) Degree from
the University of Malaya and qualified as a Chartered Accountant with the
Institute of Chartered Accountants in England and Wales (ICAEW).
He is also a Director of Commerce Capital (Labuan) Limited since 2 August,

2004 and was appointed as a Non-Independent Non-Executive Director of
Commerce Tijari Berhad on 2 November, 2004. He has held various senior
positions within CAHB Group including as Chief Executive Officer of Bank
Muamalat Malaysia Berhad from 1999 to 2003 and Chief Executive Officer of
CIMB Securities Sdn Bhd from 1992 to 1999.
En Jamil Hajar Abdul Muttalib
En Jamil, aged 54, holds a Bachelor of Laws Degree (University of London)

and is a Barrister-at-Law (Lincoln’s Inn, London). He is currently the Executive
Vice President/Company Secretary of CAHB. He served in the Malaysian
Government’s judicial and legal service for nine years as a magistrate,
sessions judge, deputy public prosecutor and senior federal counsel before
joining Fleet Group Sdn Bhd in 1985 as its legal advisor and company
secretary. He has spent more than 12 years with CAHB Group. He is
presently Chairman of Commerce Asset Ventures Sdn Bhd, a director of
Commerce Assurance Berhad and director of Commerce Life Assurance
Berhad. He is also a Director of Commerce Capital (Labuan) Limited since
2 August, 2004.
(As per Bumiputra-Commerce Bank Berhad’s Profile of Directors)

Profile of Directors for Major Operating Units
of the Group
B U M I P U T R A - C OM M E R C E B A N K B E R H A D From 1989 to 1992 he was President of the Malaysian

International Chamber of Commerce and Industry, Vice President
Tan Sri Radin Soenarno Al-Haj Chairman
of the National Chamber of Commerce and Industry Malaysia
Aged 72, Tan Sri Radin Soenarno Al-Haj has been an Independent
and Council Member of MIDA. In March 1999, he held the post
Non-Executive Chairman of Bumiputra-Commerce Bank Berhad
of Chairman of the Swiss-Malaysian Business Association.
(the Bank) since 1987. Tan Sri Radin holds a Masters degree in
Public and International Affairs in Development Economics and Tan Sri Zulliger is also a director of Nestlé (M) Bhd and a number
Agricultural Economics from University of Pittsburgh, USA and of private companies.
a B.A. (Hons) degree from University of Malaya.
Tan Sri Radin was appointed as Director-General of the Economic
Non-Independent Director of the Bank since 1 September 2004
Planning Unit, Prime Minister’s Department in 1984, a position
which he held till his retirement from the civil service in 1987. (As per Commerce Asset-Holding Berhad’s Profile of Directors)
He has extensive experience in District, State and Ministry level

administration, specialising in development planning, involving
Dato’ Azmi Abdullah
data collecting, processing and project implementation. He was
involved in the implementation phase of the Privatisation Policy Aged 54, Dato’ Azmi Abdulah joined the Board as an Executive
and chaired the Cabinet appointed National Committee on Director in January 2001. In September 2004, he took over
Privatisation and steered through the privatisation of numerous from Dr. Rozali Mohamed Ali as Managing Director/Chief
projects. Executive Officer (MD/CEO) of the Bank. Prior to taking on the
post of MD/CEO, he was an Executive Director/Chief Operating
He is also Chairman of Bumiputra-Commerce Bank (L) Limited,
Officer of the Bank. Dato’ Azmi graduated with a B.A. Hons.
a subsidiary of the Bank and holds directorships in several
(Econs) from Universiti Kebangsaan Malaysia (UKM) in 1974.
private limited companies.
He joined the former Bank of Commerce Berhad in June 1979
and has served the Bank for 24 years, having been exposed in
Tan Sri G. K. Rama Iyer all areas of banking.
Aged 73, Tan Sri G. K. Rama Iyer has been an Independent He is presently a Director on the Board of Commerce Tijari
Non-Executive Director of the Bank since June 1987. Tan Sri Bank Berhad, the newly established Islamic Banking arm of
Rama holds a Masters degree in Public Administration from BCB. He also sits on the Board of Commerce Technology
Harvard University, USA and a B.A. Hons. (Econs) degree from Ventures Sdn Bhd, a subsidiary company of Commerce Asset-
University of Malaya (Singapore). He has also completed the Holding Berhad. In addition, he serves as a Director on the
Advanced Management Programme course at Harvard Business Boards of ERF Sdn Bhd and Universiti Kebangsaan Malaysia.
School. He is also a Council Member of Hospital UKM, Malaysia.
During his 30 years career in the civil service, he had been the
Secretary-General of the Ministry of General Planning and
Social Economic Research, the Ministry of Works and Utilities
and the Ministry of Primary Industries. Aged 57, Dato’ Halim was appointed as an Executive Director
of the Bank in November 1999. Since February 2004, he sits
Tan Sri Rama is also a Director of Bumiputra-Commerce Bank (L)
on the Board as a Non-Independent Non-Executive Director.
Limited, YTR Harta Sdn Bhd and Maritime Institute of Malaysia.
He was the Executive Director/Chief Operating Officer of the Bank
prior to his present appointment as Group Corporate Advisor at
Commerce Asset-Holding Berhad (CAHB) in February 2004.
Tan Sri Dato’ Ernest Zulliger
Dato’ Halim joined the International Banking Division of the
Aged 72, Tan Sri Dato’ Ernest Zulliger has been an Independent
former Bank Bumiputra Malaysia (BBMB) in November 1967.
Non-Executive Director of the Bank since September 1993. He
Since 1967, he has held various positions at the branches of
has wide experience heading a reputable multinational consumer
BBMB, including senior positions in the Los Angeles Agency of
products group of companies. He has spent thirty-seven years
BBMB, Systems Division, Branch Operations, Branch Performance,
with Nestle in Mexico, Ecuador and Chile and as Managing
Consumer, Commercial and other Divisions in Head Office. In July
Director in Malaysia for a total of ten years. He studied Commerce
1998, he was appointed as Chief Operating Officer of BBMB.
and Business Administration in Switzerland and attended
International Management School (IMD) in Lausanne, Switzerland.

Dato’ Halim sits on the Boards of Bumiputra-Commerce accounting practice, Robert Lim & Company, which later
Finance Berhad and EPIC-I Sdn Bhd, subsidiary companies of expanded to Lim Ali & Company and became affiliated to Arthur
the Bank. He is also a Director of Commerce Life Assurance Young and Company. When Arthur Young and Ernst & Whinney
Berhad, CIMB Berhad and Commerce Assurance Berhad and merged to form Ernst & Young in 1990, Dato’ Robert Lim
a member of the Board of Commissioners of PT Bank Niaga became the Partner-in-charge of the combined Ipoh practice.
Tbk, subsidiary companies of Commerce Asset-Holding Berhad. He retired as a Partner of the firm in December 1996.
In addition, Dato’ Halim is a Board member of Labuan
Dato’ Robert Lim has over 30 years of professional experience
Reinsurance (L) Ltd and Financial Park (Labuan) Sdn Bhd.
in all aspects of the accounting profession including auditing,
accounting, company secretarial and tax matters, receivership and
liquidations and corporate planning and services. His special areas
Dato’ Dr. Mohamad Zawawi Ismail
of competence include management studies and loan project
Aged 59, Dato’ Dr. Zawawi joined the Board as an Independent reporting, corporate turnaround, receivership and liquidations and
Non-Executive Director on 9 October, 2001. design and installation of accounting systems and internal controls.
Dato’ Dr. Zawawi gained both his degree and doctorate in Dato’ Robert Lim is a Director of Gopeng Berhad and other
Electronic Engineering from the University of Leeds, England. public and private companies.
In 1996 he was awarded the honorary degree of Doctor of
Engineering by University of Leeds. A professional engineer
and consultant, he is a Member of the Institute of Engineers Datuk Dr. Syed Muhamad bin Syed Abdul Kadir
Malaysia, an honorary Fellow of the Institute of Physics
Aged 58, Datuk Dr. Syed Muhamad was appointed as an
Malaysia and a foundation Fellow of the Academy of Sciences
Independent Non-Executive Director of the Bank on 8 April
Malaysia. Dato’ Dr. Zawawi is also a member of both the
2004. Datuk Dr. Syed graduated with a Bachelor of Arts (Hons)
National Information Technology Council (NTIC) and National
from the University of Malaya in 1971. He obtained a Masters
Aerospace Council (NAC).
of Business Administration from the University of Massachussets,
He was the founding Vice-Chancellor of University Malaysia USA in 1997 and proceeded to obtain a Ph.D (Business
Sarawak (Unimas), a position he held until December 2000. Management) from Virginia Polytechnic Institute and State
Other previous appointments include Deputy Director-General University, USA in 1986.
of Mimos and Deputy Vice-Chancellor of Universiti Kebangsaan
He started his career in 1973 as Senior Project Officer, School
Malaysia.
of Financial Management at the National Institute of Public
He is currently Chairman of EPIC-I Sdn Bhd and a Director of Administration (INTAN) and held various positions before his
Bumiputra-Commerce Finance Berhad, subsidiary of the Bank final appointment as Deputy Director (Academic). In November
and a Director of Commerce Asset Ventures Sdn Bhd, a 1988 he joined the Ministry of Education as Secretary of Higher
subsidiary of CAHB. In addition, Dato’ Dr. Zawawi sits on the Education and thereafter assumed the post of Deputy Secretary
Boards of a number of public and private companies including (Foreign and Domestic Borrowing, Debt Management) Finance
Mesiniaga Berhad. Division Federal Treasury. From 1993 to 1997, he joined the
Board of Directors of Asian Development Bank, Manila, Philippines
first as Alternate Executive Director and later as Executive
Dato’ Robert Lim Git Hooi Director. Datuk Dr. Syed then joined the Ministry of Finance as
Secretary, Tax Analysis Division and later became Deputy
Aged 66, Dato’ Robert Lim joined the Board as an Independent
Secretary General (Operations). Prior to his retirement, Datuk
Non-Executive Director on 15 January, 2002.
Dr. Syed was Secretary General, Ministry of Human Resource.
Dato’ Robert Lim, is a Chartered Accountant. He was a practicing
During his career, he wrote and presented many papers relating
accountant until he retired from the profession in December 1996.
to Human Resources Development. His special achievement
Dato’ Robert Lim started his career in the accounting profession was that his dissertation “A Study on Board of Directors and
as an articled clerk with DCA Robertson & Co., Perth in July Organisational Effectiveness” was published by Garland Publisher,
1960. He later joined Bell, Frost & Aitken, Perth and qualified as Inc. of New York in 1991.
a Chartered Accountant before returning to Malaysia in 1966 to
Datuk Dr. Syed is a Director of Bumiputra-Commerce Bank (L)
join Turquand Young & Company, Kuala Lumpur/Ipoh as an audit
Limited and Bumiputra-Commerce Finance Berhad, subsidiaries
assistant. He worked his way up to the senior auditor level and
of the Bank. He also sits on the Boards of a number of public
left the Company at the end of 1970. In 1971 he set up his own
and private companies.

PROFILE OF DIRECTORS FOR MAJOR OPERATING UNITS OF THE GROUP
CIMB BERHAD Rahah Foundation. He graduated from University of Bristol with

Dr. Rozali bin Mohamed Ali Chairman a Bachelor of Social Science (Hons) and obtained a Master of
(As per Commerce Asset-Holding Berhad’s Profile of Directors) Philosophy from the University of Cambridge. In 2004, Dato’
Nazir was named the winner of the Malaysia’s CEO of the year
award organised by Business Times and American Express
Dato’ Hamzah bin Bakar Global Corporate Services. He was also named as one of the
“25 Stars of Asia” by Business Week magazine and one of the
Dato’ Hamzah bin Bakar, aged 61, was appointed an World Economic Forum’s “Young Global Leaders”.
Independent Non-Executive Director of CIMB Berhad on 28
November 2002 and nominated as the Senior Independent
Director on 16 April 2003. He has been an Independent Non- Mr Robert Cheim Dau Meng
Executive Director of Commerce International Merchant
Mr Robert Cheim Dau Meng, aged 53, was appointed a
Bankers Berhad since 26 September 2000. He is also Chairman
Non-Independent Non-Executive Director of CIMB Berhad on
of the Remuneration Committee and a member of the Audit
11 June 2002. He is presently Executive Director of Commerce
and Nomination Committees of CIMB Berhad. Presently, he is
International Merchant Bankers Berhad and Chairman of its
the Chairman of SapuraCrest Petroleum Berhad (formerly
subsidiaries, CIMB Securities Sdn. Bhd. and CIMB Futures
known as Crest Petroleum Berhad) and its subsidiary, Sapura
Sdn. Bhd. He joined Commerce International Merchant Bankers
Energy Sdn Bhd, a Director of Scomi Group Berhad and its
Berhad in 1984 and held the position of Head of Corporate
subsidiaries, Kota Minerals & Chemicals Sdn Bhd and KMC
Finance, General Manager and Executive Director, before
Oiltools Bermuda Ltd. He is also a member of the Board of
assuming the position of CEO from 1993 to 1999. Prior to
Commissioners of PT Bank Niaga Tbk and sits on the Board of
joining Commerce International Merchant Bankers Berhad,
UEM World Berhad. He served for 20 years in various senior
he served in various capacities with the former United Asian
management and board positions in Petroliam Nasional Berhad
Bank Berhad (now known as Bumiputra-Commerce Bank
(Petronas), including Senior Vice President for Refining and
Marketing, Senior Vice President for Corporate Planning & Berhad) between 1977 to 1984, holding the positions of
Development and Main Board Director. Prior to Petronas, he Operations Manager, Audit Manager, Branch Manager and
was a Director of the Economic Planning Unit in the Prime Senior Manager of the Planning and Accounts division. He has
Minister’s Department. Dato’ Hamzah holds a B.Sc. (Hons) also worked in several accounting firms in London. He is a
in Economics from the Queen’s University of Belfast and Fellow of the Institute of Chartered Accountants of England and
an MA in Public Policy and Administration, with Development Wales and a member of the Malaysian Institute of Accountants.
Economics, from the University of Wisconsin.
Dato’ Nazir Razak (As per Bumiputra-Commerce Bank Berhad’s Profile of Directors)
Dato’ Nazir Razak, aged 38, was appointed a Non-Independent
Non-Executive Director of CIMB Berhad on 11 June 2002 and
Dato’ Zainal Abidin Putih
a member of the Nomination Committee on 30 June 2004.
He was appointed Non-Independent Executive Director of Dato’ Zainal Abidin Putih, aged 59, was appointed an
Commerce International Merchant Bankers Berhad on 5 Independent Non-Executive Director of CIMB Berhad 11 July
November 1996 and has been its Managing Director and Chief 2003 and Independent Non-Executive Director of Commerce
Executive since 1 June 1999. He joined CIMB’s corporate advisory International Merchant Bankers Berhad on 30 June 2004. He is
department in 1989 and had managed various corporatisations, also Chairman of its Audit and Nomination Committees, and a
privatisations, listings and corporate restructuring exercises. member of the Remuneration Committee. Dato’ Zainal was an
He then transferred to CIMB’s wholly-owned subsidiary, CIMB Adviser with Ernst & Young Malaysia until his retirement on
Securities Sdn. Bhd. in 1993 where he rose to Executive Director 31 December 2004. He is presently Chairman of Pengurusan
with responsibility for its institutional business comprising Danaharta Nasional Berhad and the Malaysian Accounting
equities research, sales and dealing. He moved back to Standards Board. He qualified as a Chartered Accountant from
Commerce International Merchant Bankers Berhad as Deputy the Institute of Chartered Accountants of England and Wales
Chief Executive on 1 June 1996 and became Managing and is a member of the Malaysian Institute of Accountants and
Director/Chief Executive on 1 June 1999. He is a Director of the Malaysian Institute of Certified Public Accountants. He has
CIMB Discount House Berhad, CIMB (L) Limited and the extensive experience in audit, management consulting and
Kuala Lumpur Business Club. He is a member of the taxation, having been involved as a practising accountant
Investment Panel of the Employees Provident Fund and the throughout his career. He was formerly the Managing Partner
Securities Commission’s Capital Market Advisory Council. of Hanafiah Raslan & Mohamad, past President of the Malaysian
He was Chairman of the Industry Action Committee to set up Institute of Certified Public Accountants and previously served
MESDAQ, the stock exchange for high growth companies as a member of the Malaysian Communication & Multimedia
and a member of the Advisory Panel for Bank Negara Commission. He is presently a Trustee of the National Heart
Malaysia’s Financial Services Master Plan. He is also President Institute and sits on the Boards of Esso Malaysia Berhad and
of University of Bristol Alumni Association and a trustee of the Tenaga Nasional Berhad.

En Zahardin bin Omardin Mr Cezar Peralta Consing
En Zahardin bin Omardin, aged 60, was appointed an Independent Mr Cezar Peralta Consing, aged 44, was appointed Independent
Non-Executive Director of CIMB Berhad and Commerce Non-Executive Director of CIMB Berhad on 5 October 2004.
International Merchant Bankers Berhad on 5 May 2004. He also He was with JP Morgan for 19 years and headed its
sits on the Boards of other subsidiaries within the CIMB Group, Investment Banking Division for Asia Pacific until May 2004. He
such as CIMB (L) Limited, CIMB Discount House Berhad CIMB is currently a partner of The Rohatyn Group, a New York-based
Securities Sdn. Bhd. He is presently a Partner of Messrs. Chew funds management company specialising in emerging markets,
Kar Meng, Zahardin & Partners and has previously served on where he co-heads its Asian operations from Hong Kong. He
the Boards of various companies including Rakyat First Merchant also sits on the Boards of TRG Management Hong Kong Ltd
Bankers Berhad. He was formerly the Head of Legal and Company and the Bank of the Philipine Islands.
Secretarial Department of Rothmans of Pall Mall Malaysia Berhad
Mr. Consing is a graduate in Economics (Magna Cum Laude) of
(now known as British American Tobacco (M) Berhad). He
De La Salle University and holds an M.A. in Applied Economics
qualified as a Barrister-at-Law from the Inns of Court School of
from The University of Michigan, Ann Arbor, U.S.A.
Law, United Kingdom in 1973. Upon graduation, he worked at
The Royal Courts of Justice and the Tax Office in London, after
which he returned to Malaysia to practice law.
B O A R D O F C OM M I S S I O N E R S O F P T B A N K N I A G A T B K
Dr. Rozali Mohamed Ali Bpk Sigid Moerkardjono
President Commissioner since 25 November 2002
• Commissioner of PT Bank Niaga Tbk, since 2000 - present
• Compliance Director of PT Bank Niaga Tbk, 1999 - 2000
Ibu Gunarni Soeworo • Comptroller PT Bank Niaga Tbk, February 1999 - March 1999
• Vice President Commissioner of PT Bank Niaga Tbk, since • Eastern Region Head, PT Bank Niaga Tbk, 1994 - 1999
2000 - present
• Credit Policy & Administration Group Head and Special
• Member of the Supervisory Team of PT Bank Niaga Tbk, Asset Management Group Head, PT Bank Niaga Tbk, Jakarta,
1999 - 2000 1993 - 1994
• Vice President Commissioner of PT Bank Niaga Tbk, March • Sumatera Region Head, PT Bank Niaga Tbk, Medan, 1990 - 1993
1999 - May 1999
• Branch Manager of PT Bank Niaga Tbk, Semarang, 1989 - 1990
• President Director of PT Bank Niaga Tbk, 1994 - 1999
• Credit Compliance & Support Jakarta Area, PT Bank Niaga Tbk,
• Marketing Director of PT Bank Niaga Tbk, 1988 - 1994 January 1989 - May 1989
• Marketing & Credit Group Head of PT Bank Niaga Tbk, 1987 - • Vice Comptroller of PT Bank Niaga Tbk, 1985 - 1988
1988
• Credit Inspector Head of PT Bank Niaga Tbk, 1983 - 1985
• Citibank NA, Jakarta and New York, 1970 - 1987
• Credit Administration Division Head of PT Bank Niaga Tbk,
• P.T. Unilever, Jakarta, 1968 - 1970 Jakarta, 1981 - 1983
Dato’ Hamzah Bakar • Operation & Service Department Head and Credit Department
Head, PT Bank Niaga Tbk, Yogyakarta, 1979 - 1981
Commissioner since 25 November 2002
(As per CIMB Berhad’s Profile of Directors)
Bpk Ananda Barata
Dato’ Halim Muhamat • Commissioner of PT Bank Niaga Tbk, since 2003 - present
Commissioner since 25 November 2002 • Director of PT Perusahaan Pengelola Aset, 2004 - present
(As per Bumiputra-Commerce Bank Berhad’s Profile of Directors)
• Division Head, Bank Restructuring Unit, Indonesian Bank
Restructuring Agency, 2000 - 2004
Dr Roslan A. Ghaffar • PT Bank Nusa Nasional, 1998 - 2000
Commissioner since 23 August 2004
• PT Bank Nusa International, 1997 - 1998
• The Chase Manhattan Bank, Jakarta, 1984 - 1996

The Group is focused
on maximising its capabilities
to achieve sustainable progress.
Performance Review
Group Financial Highlights 26
Group Performance 27
Financial Calendar 28
Share Performance 29
Chairman’s Message 30
Key Business Review 37
Economic Outlook 50
Investor Relations 53
Balanced Scorecard 2004 54
commerce
commerce asset-holding
asset-holding berhad
berhad (50841-W)
(50841-W) 25
25
Group Financial Highlights
Changes
2004 2003 2004 2003
Income statement and balance sheet RM’000 RM’000 % %
Net interest income 2,703,524 2,546,633 6.16 22.49

Non interest income 1,473,968 1,031,934 42.84 37.68
Overhead expenses 1,953,407 1,706,179 14.49 33.27
Profit before provision 2,224,085 1,872,388 18.78 20.93
Loan loss and provisions 1,122,435 631,916 77.62 (21.92)
Profit before taxation 1,090,124 1,240,867 (12.15) 65.99
Net profit for the financial year 752,227 782,300 (3.84) 38.35
Gross dividends 403,761 259,311 55.71 >100.00
Loans and advances 62,603,030 54,496,898 14.87 11.74
Total assets 111,970,661 97,933,977 14.33 7.07
Deposits from customers 74,105,175 63,154,229 17.34 3.95
Total liabilities 102,155,169 89,202,309 14.52 6.28
Shareholders’ funds 8,787,739 7,899,587 11.24 10.19
Commitments and contingencies 208,351,918 152,373,702 36.74 46.23
Ratios % % % %
Core capital ratio 9.75 10.94 (10.88) 3.89

Risk-weighted capital ratio 13.62 14.79 (7.91) 19.47
Return on average equity 9.02 10.38 (13.10) 19.31
Return on total assets 0.67 0.80 (16.25) 29.03
Cost to income ratio 46.76 47.68 (1.93) 5.35
Cost to total assets 1.74 1.74 0.00 24.29
Gross NPL to gross loans 10.19* 9.05 12.60 (11.71)
Net NPL to net loans
(net of SP and IIS) 6.85* 5.49 24.77 (10.00)
Coverage ratio
[(GP + SP + IIS)/gross NPL] 51.04* 59.98 (14.90) 1.92
Loan deposit ratio 84.48 86.29 (2.10) 7.50
Equity to assets 7.85 8.07 (2.73) 2.93
Equity to loans 14.04 14.50 (3.17) (1.36)
Other information
Earnings per share (Sen)
– Basic 28.28 30.56 (7.46) 37.72
– Fully diluted 27.01 30.01 (10.00) 35.30
Net tangible assets per share (RM) 3.13 2.92 7.19 9.77
Gross dividend per share (Sen) 15.00 10.00 50.00 100.00
Number of shares in issue (‘000) 2,691,740 2,628,960 2.39 1.65
Weighted average number of shares in issue (‘000) 2,660,245 2,560,177 3.91 0.45
Share price at year-end (RM) 4.70 4.10 14.63 26.54
Number of employees 16,240 14,157 13.57 1.94
* Based on 3 months (2003: 6 months) NPL classification.

Group Performance
Loans by Sector
3.6% 2.5%
18.1% Housing Consumption credit
10.6%
Manufacturing Finance, insurance &
business services
3.6%
Others, mining and quarring Real estate
8.3% General commerce Purchase of transport vehicles

18.2%
2.3% Construction Agriculture
5.0% Transport, storage and Electricity, gas and water

communication
5.8% 8.0% Purchase of securities
6.5% 7.5%
Operating Revenue Assets Employed Profit Before Tax
7.3% 1.4% 6.1%

2.4% 14.5%
7.0%
7.9%
8.6% 8.4%
11.4% 48.3% 0.7%
71.0% 76.9%
28.1%
Commercial banking Merchant banking Finance Offshore banking Investment holding and others

Financial Calendar
Friday, 27 February 2004 Announcement of audited consolidated results for the fourth quarter and financial year
ended 31 December 2003 concurrently held with a press/analyst briefing.
Thursday, 26 March 2004 Issue of Notice of 47th Annual General Meeting, Notice of Books Closure and Annual
Report for the financial year ended 31 December 2003.
Monday, 19 April 2004 47th Annual General Meeting.
Monday, 26 April 2004 Date of entitlement to the first and final dividend of 5.0 sen less income tax and special
dividend of 5.0 sen less income tax for the financial year ended 31 December 2003.
Wednesday, 12 May 2004 Date of payment of the first and final dividend of 5.0 sen less income tax and special
dividend of 5.0 sen less income tax for the financial year ended 31 December 2003.
Monday, 17 May 2004 Announcement of the unaudited consolidated results for the first quarter ended 31
March 2004.
Friday, 27 August 2004 Announcement of the unaudited consolidated results for the second quarter and half
year ended 30 June 2004.
Friday, 19 November 2004 Announcement of the unaudited consolidated results for the third quarter ended 30
September 2004.

Share Performance
Commerce Asset-Holding Berhad (Commerz) Price Movement 2004

RM
6
0
Jan Feb Mar Apr May June Jul Aug Sept Oct Nov Dec
The Kuala Lumpur Composite Index (KLCI) which ended 2003 at 793.94 points improved to close at 907.43 points as at end of
2004. This is the second consecutive year that KLCI has ended in positive territory. The KLCI peaked at 909 points on 22 March,
2004 and bottomed out on 17 May, 2004 at 781 points. The interruption to this ascent in March was mainly driven by external
factors such as concerns of US interest rate hike, China hard landing and higher oil prices.
During the year, there were two good periods of equity market performance. One was in the first quarter of the year, when the
global outlook was still positive and foreign investors were warming up very quickly to the changes implemented by the new
administration. The second period of good performance began in early November driven by the falling greenback and the
speculation of a ringgit re-peg.
Through efforts such as the Government Linked Companies (GLC) restructuring, the investor perception of listed Corporate
Malaysia has significantly improved. Significant inflow of portfolio money has occurred beginning third quarter 2003 and up to third
quarter 2004. For this five quarter period, the total net portfolio inflow was RM29.2 billion. It can be surmised that foreign funds are
no longer underweight in Malaysia.
For CAHB, total market capitalisation stood at RM12.7 billion at the end of 2004 compared to RM10.6 billion as at the end of 2003.
Foreign ownership increased from 20.67% at the end of 2003 to 31.11% at the end of 2004.

chairman’s
I am pleased to present the Annual Report and the Audited
Financial Statements of the Commerce Asset-Holding Berhad Group
(the Commerce Group) for the financial year ended 31 December 2004.
T H E O P E R AT I N G E N V I R O N M E N T T H E C OM M E R C E G R O U P
During the first half of 2004, the Malaysian economy The Commerce Group reported an 18.8 percent increase in
accelerated its growth momentum. This was attributable to operating profits before provisions to RM2.224 billion for the
improvements in domestic consumer and business sentiments financial year ended 31 December 2004. Total revenue
as well as growth in exports. The key factors supporting increased by 16.7 percent from RM3.579 billion to RM4.177
exports growth were improved global economic conditions billion. Net interest income grew by 6.2 percent from RM2.547
which saw upsurge in electronics demand and higher billion to RM2.704 billion with stronger loan growth at BCB
commodity prices. There was an easing of the growth Group and Bank Niaga Group. Non interest income rose by 42.8
momentum in the second half of 2004. Global growth percent to RM1.474 billion from RM1.032 billion attributable to
prospects had turned weaker in light of global interest rates improvement in fee and commission income, higher revenue
trending upwards as well as the continued uncertainty in oil from financial advisory, debt and equity business and the
prices. On the regional front, there were concerns on the inclusion of post acquisition results of Commerce Assurance
potential impact from China’s proposed softening of its Berhad (formerly known as AMI Insurans Berhad).
overheating economy.
The Commerce Group reported a decline of 12.1 percent for
For 2004 as a whole, the Malaysian economy expanded by 7.1 profit before taxation to RM1.090 billion for the financial year
percent. Growth was led by private sector activity. Private ended 31 December 2004 from the RM1.241 billion recorded in
investment activity during the fourth quarter was robust on 2003. The decline is attributable to higher loan loss provisions
account of expenditure on replacement of plant and machinery arising from the decision of the Board of Directors to address
in the manufacturing sector and investment for oil exploration any concerns on the asset quality issue at our commercial
activities. banking subsidiary, Bumiputra-Commerce Bank Berhad in the
fourth quarter of the year. This includes the adoption of a three
The banking sector continued to exhibit increased resilience in month classification compared to a six month classification in
the fourth quarter, with a high level of capitalisation, improvement the recognition of non performing loan from the fourth quarter
in profitability and the lowest level of non-performing loans of 2004, accelerating provisions on certain specific accounts
since the Asian financial crisis. The risk-weighted capital ratio and adopting a prudent approach towards non performing loans
(RWCR) and core capital ratio (CCR) of the banking system aged between five and seven years and those aged above
remained high at 13.8 percent and 10.8 percent. The net NPLs seven years. There was a conscious decision to address the
based on the 6-month classification continued trending asset quality issue in the fourth quarter of the year. The other
downwards to account for 5.9 percent of total net loans, the main subsidiaries namely CIMB Berhad and PT Bank Niaga
lowest level since the Asian crisis (3Q2004: 6.1 percent). Based Group registered record profits for the year under review.
on a 3-month classification, the net NPLs showed significant
improvements to 7.6 percent of total net loans (3Q2004: 8.1 Net profit for the financial year declined by 3.8 percent from
percent). The improvement was largely attributed to higher RM782.3 million to RM752.2 million which resulted in a drop in
recoveries, reclassifications and write-offs. earnings per share of 28.28 sen compared to 30.56 sen. Return
on average equity declined to 9.02 percent from 10.38 percent.
message
CHAIRMAN’S MESSAGE
The cost to income ratio improved slightly to 46.76 percent rationale for this major project is to enhance delivery system
from 47.68 percent mainly due to higher revenue. Based on a and customer service in line with the transformation of the
three months classification, the net non-performing loan ratio Bank into a customer centric organisation.
was 6.85 percent at the end of 2004. Loans and advances grew
by 14.9 percent at Group level to RM62.6 billion while Group Efforts were also directed towards strengthening the risk
deposits grew by 17.3 percent for the full year to RM74.1 management system. The focus was mainly on the continued
billion. The Group’s liquidity position was strong with a loans progress towards conforming with Basel II requirements.
to deposits ratio of 84.5 percent. The Commerce Group’s I mentioned in last year’s Report that the Bank had embarked
shareholders funds strengthened to RM8.8 billion (FY 03: RM7.9 on a project to develop an integrated Decision Support System.
billion) while Group net tangible assets per share improved to The enhancement to the decision support infrastructure which
RM3.13 from RM2.92 as at 31 December 2003. would encompass financial management, performance
management, risk management and customer relationship
At the holding company level, Commerce Asset-Holding Berhad management continued in the year under review. This will be
registered slightly lower profit before tax amounting to useful in providing BCB with an integrated insight into its
RM300.4 million compared to RM379.3 million recorded for the customer profiles and enhanced decision making capabilities.
year ended 31 December 2003. Included in the 2003 results
were one off gains arising from the Restricted Offer For Sale Proton Commerce, a joint venture between Bumiputra-Commerce
exercise of CIMB Berhad. Finance Berhad and Proton Edar Sdn Bhd commenced
operations in the year under review. It is still early days for the
business but it is certainly beginning to establish a presence in
T H E B U M I P U T R A - C OM M E R C E B A N K B E R H A D ( B C B )
the auto financing market leveraging on the resources and
GROUP
expertise of its partners.
In 2004, Bumiputra-Commerce Bank embarked on various
strategic initiatives to position the Bank for growth. The faster In terms of new business opportunities going forward, in the
growing business segments namely consumer and Small and second quarter of 2004, BCB received approval in principle by
Medium Enterprises (SME) was a clear area of focus. During Bank Negara Malaysia to operate Islamic banking through a
the year under review, BCB formalised an alliance with the subsidiary. The expectation is for the Islamic banking subsidiary
Small and Medium Industries Development Corporation to commence operations in the second quarter of 2005. The
(SMIDEC) to facilitate the extension of various financing new Islamic bank to be known as Commerce Tijari Bank Berhad
facilities to Small and Medium Enterprises. In addition to will leverage on BCB’s existing IT infrastructure and network
traditional banking products, BCB also focused on generating resources and provide a new platform for earnings growth.
sales from financial planning products, developing new avenues
for fee-based income and improving the cross selling of For the financial year ended 31 December 2004, the Bumiputra-
products of the Commerce Group. Throughout the year, there Commerce Bank Group registered a 46.0 percent decline in
was a continuous emphasis on cost management. Risk Profit Before Tax (PBT) amounting to RM345.8 million compared
management continued to be strengthened in line with BCB’s to the RM640.0 million registered in the previous year. At the
road map to implement Basel II recommendations. Bank level, BCB recorded a 53.9 percent decline in PBT to
RM225.0 million (FY 03: RM488.2 million). The BCB Group
A major initiative that started in 2004 was the nationwide roll contributed 31.7 percent to group profits. The decline in PBT
out of the Branch Transformation Project. This project to be was attributable to the decision to address the asset quality
undertaken over three years in various stages encompasses an position in the fourth quarter of the year. This move should
extensive branch reconfiguration programme. Different branch assist in providing a clearer line of sight for loan loss provisions
formats will be tailored to various customer needs. Among the going forward.

THE CIMB BERHAD GROUP In March 2004, CIMB successfully completed the issuance of
Tier 2 Subordinated Debt of USD100 million. The issue was an
2004 was another record year for the CIMB Berhad Group with
overwhelming success and was oversubscribed by 4.25 times.
Profit Before Tax amounting to RM384.9 million, 9.7 percent
The latest ratings accorded to the notes are Ba1 by Moody’s
higher than that recorded in the year ended 31 December 2003.
and BBB- by both Fitch and S&P. The issue of Subordinated
Total revenue increased by 13.6 percent year on year to
Bonds was part of a two fold exercise whereby Tier 2 capital
RM601.1 million with all core business divisions continuing to
amounting to RM380 million was raised followed by a cash
excel. Net profit for the financial year increased by 11.2 percent
distribution by CIMB to CIMB Berhad amounting to RM350
from RM260.6 million to RM289.7 million, their best ever
million. The capital swap resulted in a cash distribution to
results. The return on equity was 20.7 percent. The CIMB Berhad
shareholders of CIMB Berhad of approximately 40.7 sen per
Group contributed 35.3 percent to Commerce Group profits.
share. This is an illustration of CIMB’s proactive stance in capital
management. This was further reinforced by the announcement
The results were recorded amidst a fiercely competitive
of a target annual dividend payout of 15 sen per share.
operating environment both on the local and regional fronts.
Gross funds raised in the Malaysian Capital Markets were
With its continued market leadership position in the Capital
lower in 2004 amounting to RM91.8 billion compared to
Markets in Malaysia, it is a natural progression for CIMB to look
RM109.1 billion raised in 2003. Although there was
at a regional presence. The initial tentative steps has been
improvement in the trading volumes on Bursa Securities,
taken through the acquisition of PT CIMB Niaga Securities in
average daily trading volume was approximately 25 percent
October 2003. Subsequent to the year end, in January 2005,
lower year on year in the Ringgit Bond Markets. CIMB topped
CIMB Berhad announced the proposal to acquire the
the M&A league table for 2004 with a 48.0 percent market
share by deal size. In the primary bond market and primary stockbroking businesses of Singapore listed GK Goh Holdings. I
will touch on this in the corporate development section of this
equity market, CIMB maintained its leadership position. It was
statement. Of all the awards garnered in 2004, I wish to
a landmark year for secondary equity placements with the
notable deals during the year undertaken by CIMB were for highlight the National CEO of the year award accorded to CIMB
Berhad’s Chief Executive Officer, Dato’ Nazir Razak. It is a
clients such as Telekom Malaysia Berhad, Perusahaan Otomobil
singular honour and we extend our heartfelt congratulations.
Nasional Berhad and Shell Refining Company (FOM) Berhad.
During the year CIMB embarked on a series of strategic THE PT BANK NIAGA GROUP
initiatives to maintain and enhance its competitive edge. In the
Bank Niaga Group reported another record year with PBT
area of product diversification, there was renewed focus on
equivalent to RM307.6 million for the year ended 31 December
structured investment products and other products such as
2004. This was an increase of 55.2 percent from the RM198.2
Ringgit Malaysia Convertible Bonds. Annuity income derived
million recorded in the corresponding year. The PT Bank Niaga
from funds management, private equity, private banking,
Group contributed 28.2 percent to the Commerce group profits.
agency and securities services became a new revenue line
The sterling performance was fuelled by a 46 percent growth in
disclosure in 2004. During the year, CAHB disposed its 70
loans with the commercial and consumer segments leading the
percent stake in Commerce Trust Berhad and Commerce Asset
way. The Group’s net profit for the financial year equivalent of
Fund Managers Sdn Bhd to CIMB Berhad for a total
RM268.1 million was 28.2 percent higher than last year. In only
consideration amounting to RM35.0 million. This disposal by
the second year of inclusion of its full year results, Bank Niaga
CAHB is part of an internal restructuring to place the asset
is becoming a significant contributor to Commerce group results.
management businesses under the purview of the group’s
investment banking business. The annuity income stream
emanating from the asset management businesses will provide
greater earnings stability for CIMB in the future.

The Indonesian economy was stable and registered steady Commerce Asset Fund Managers Sdn Bhd (CAFM) and
growth in 2004. The macro economy stability evident during Commerce Trust Berhad (CTB) collectively have RM5.3 billion
the year saw exports and investments starting to support funds under management at the year end. At CAFM, pretax
domestic consumer consumption as levers of economic profits rose by 17.0 percent to RM5.5 million from RM4.7
growth. Political stability was very much in evidence despite million recorded in 2003. The higher profit was due to higher
the long election process. Consumer confidence was at its revenue from both wholesale and retail business as well as
highest for the past three years and inflation remained at lower expenditure. At CTB, pretax profits rose by 6.1 percent to
manageable levels. The banking sector continued with its RM5.2 million from the RM4.9 million recorded in 2003. This
intermediary role. was due to higher sales during the year with the introduction
of five new unit trust funds to complement the present range
The “Vision 2007” strategic initiative for Bank Niaga continued of funds.
to make good progress. The combined loan and deposits
market share of Niaga stood at 3.1 percent at the end of 2004 Commerce Life Assurance Berhad (Commerce Life) registered
compared to the 5.0 percent target in 2007. As at end a 20.4 percent rise in PBT to RM5.9 million from the RM4.9
September 2004, Bank Niaga was the eight largest bank by million registered in 2003. Gross premium income for the year
assets in Indonesia. Progress on both fee income and net profit ended 31 December 2004 amounted to RM364.9 million, a
growth was very encouraging. Low cost deposits made up 42 significant rise of 157.9 percent from the RM141.5 million
percent of total deposits. The contributions from the consumer recorded in 2003. A new significant contributor to premium
and SME businesses in 2004 clearly indicates that the goal of income came from the sale of investment linked products.
becoming a retail force is gathering momentum.
We have included ten months of the post acquisition results of
Bank Niaga began paying dividends in 2004, the first time after AMI Insurans Berhad (AMI) to the Commerce Group results in
the Asian Financial Crisis. One of the strategic initiatives 2004. At the PBT level, this amounted to RM18.5 million. There
undertaken during the year include the risk management was a concerted emphasis on the retail business during the
system that was enhanced to support rapid loan growth. year in particular personal line of business such as motor
Syariah banking was also launched, an area which has much insurance. Subsequent to the year end AMI changed its name
potential in Indonesia. Bank Niaga received many accolades to Commerce Assurance Berhad. This signifies not only its
during the year. The strong customer service heritage entry into the Commerce family but also the strategic focus on
continued to be recognised with Bank Niaga clinching for the bancassurance.
8th successive year the Banking Services Excellence Award by
Marketing Research Indonesia.
C O R P O R AT E D E V E L O P M E N TS
One of the main themes in Corporate Malaysia for 2004 was

O T H E R C OM PA N I E S I N T H E C OM M E R C E G R O U P
the Government’s initiative towards promoting a culture of high
Commerce Asset Ventures Sdn Bhd (Commerce-Ventures) performance in Government Linked Corporations (GLC). This
registered a strong growth of 48.4 percent in PBT amounting to would involve the implementation of Key Performance
RM18.4 million as at end of 2004 compared to the RM12.4 Indicators and the introduction of Performance Linked
million recorded in 2003. This is attributable mainly to the Compensation. This is a wake up call for all GLCs including the
realisation of gains from disposal of its investments. The focus Commerce Group where execution and performance will be
on 2004 was largely centred on buy-outs. In 2004, Commerce- the prevailing theme going forward. In tandem with this GLC
Ventures went through a re-branding exercise cementing the reform theme, Commerce Asset-Holding Berhad has adopted
leading role it has played in the Malaysian venture capital and finalised its corporate scorecard with both quantitative and
industry. qualitative targets set for 2005 as a start.

Another major initiative undertaken during the year was the to SGD239.14 million or approximately RM554.8 million which
development of the Group Bancassurance Blueprint. This will be satisfied entirely in cash. The proposed acquisition
exercise was taken to provide a platform for the Group which is subject to regulatory and shareholder approvals will
Bancassurance business to grow significantly over the next few transform CIMB into South East Asia’s leading investment
years. We believe this will form an important component of non banking franchise with significant market share in Malaysia,
interest income in the future. This is truly a group-wide initiative Singapore and Indonesia. Inter-conditional with the proposed
led from the centre and supported by a dedicated team acquisition, CIMB will issue 93.66 million new CIMB Berhad
comprising representatives from the commercial bank, finance shares at an issue price of RM4.50 per share to Commerce
company, the two insurance subsidiaries and unit trust Asset-Holding Berhad, thereby raising approximately 75 percent
company in the implementation of the blueprint. of the total purchase consideration amounting to RM421.48
million. CAHB will then carry out a renounceable restricted offer
In September 2004, CAHB via its Labuan incorporated for sale of approximately 26.3 million of the consideration
subsidiary, Commerce Capital (Labuan) Ltd successfully shares to the minority shareholders of CIMB Berhad on a rights
completed the issuance of USD125 million zero-coupon basis of one CIMB share for every nine existing CIMB shares
convertible bonds. The pricing was at the tightest end of the held. We are excited at the prospects of the proposed
marketing range to achieve a yield to maturity/ yield to put of acquisition in particular to the regional footprint that it will
1.5 percent and conversion premium of 30 percent. The provide for the Group’s investment banking activities.
offering is the first US dollar convertible bonds issued by a
Malaysian financial institution post the 1997 financial crisis. The
P R O S P EC TS FO R 2 0 0 5
deal was warmly received with strong demand coming from
investors in Asia, UK and Europe. The books were closed early Though domestic economic conditions are expected to
as the deal was well oversubscribed within 21/2 hours of launch. moderate slightly in 2005, we still expect that the overall
The bonds are listed on the Labuan International Financial environment will provide a conducive platform for growth in the
Exchange Inc and Singapore Exchange Securities Trading banking sector. There will be renewed focus on growing the
Limited. Proceeds from the issue will be used for working core business segments and developing new sources of
capital and other corporate purposes of the Commerce Group. revenue. Continued efforts will be in place to enhance the
asset quality position and to control costs.
I mentioned in last year’s Annual Report that the disposal of our
30 percent equity interest in Bank Muamalat Malaysia Berhad For the Malaysian capital markets, we are expecting higher
would pave the way for BCB to embark on Islamic Banking activity levels and better market conditions for equity and debt.
activities. Approval in principle was given to BCB in July 2004 The Mergers and Acquisitions outlook will likely be driven by
to commence Islamic Banking activities through a subsidiary. At the level of cross border transactions. Despite recent
the CAHB level, approval in principle was also given by Bank announcements on regional aspirations, the prospects for the
Negara Malaysia in October 2004 for the Group to conduct Group’s investment banking activities will be dependant on the
Takaful business. These developments will extend the range of Ringgit capital markets.
products and services offered by the Commerce Group in the
near future. The Indonesian economy is expected to grow by 5.4 percent in
2005 based on official estimates. The credit cycle continues on
Subsequent to the year end, CIMB Berhad announced that it an upward trend and the banking sector has room for growth
had signed a sale and purchase agreement with G.K. Goh with its relatively low loan to deposit ratio. The pro business
Holdings Limited for the acquisition of the latter’s entire government is taking the lead by promoting infrastructure
stockbroking operations for a total purchase consideration of up projects and increasing foreign investment. This augurs well for
the banking sector as a whole.

A C K N O WL E D G E M E N TS DIVIDENDS
On 28 June 2004, Mr Masayuki Kunishige resigned from the Subject to your approval at the forthcoming Annual General
Board of Directors. Mr Kunishige was a representative of UFJ Meeting, the Board has recommended a final gross dividend of
Bank on the Board of Directors. Mr Kunishige had also served 10 sen (2003: 5 sen) gross per ordinary share less tax at 28
as Executive Advisor of Japanese Business at BCB and then as percent. The Board is also recommending a special gross
Director of BCB. I wish to place on record our appreciation and dividend of 5 sen (2003: 5 sen) less income tax at 28 percent.
gratitude to Mr Kunishige for his contributions. On 26 July The payment of special dividend in particular is an illustration of
2004, we welcomed En Izlan Izhab to the Board of Directors as our commitment to maximise shareholders value and our
an Independent Non-Executive Director. En Izlan was also continued pro-active approach to capital management.
appointed as a member of the Audit Committee. A lawyer by
profession, En Izlan had a distinguished career including a
fifteen years stint at the Kuala Lumpur Stock Exchange, the
forerunner to Bursa Malaysia Securities Berhad. Effective 1
September 2004, Dr Rozali was appointed as Executive
Director/Group CEO of the Commerce Group. Dr Rozali ably led
BCB through the transition years post merger.
On behalf of the Board of Directors, I would like to extend our

gratitude to the management and staff of the Commerce Group
for their continued commitment and dedication. I would also
like to extend our appreciation to the regulators namely Bank Tan Sri Dato’ Mohd Desa Pachi
Negara Malaysia, the Securities Commission, the Bursa Chairman
Malaysia Securities Berhad, our business partners, advisers and
customers. We would also like to thank our shareholders for Kuala Lumpur
their continued support. 28 February 2005

Key Business Review
BCB Group 38
CIMB Berhad Group 42
Bank Niaga 46

It’s more than commercial banking…
It’s about listening
BCB Group
C O R P O R AT E A N D I N ST I T U T I O N A L B A N K I N G The Bank’s Branch Transformation Project began in earnest
during the year. Feedback obtained indicated that customer
The main sectors served by the Division during the year were
satisfaction and service level at the branches have been very
Finance, Insurance, Real Estate and Business Services,
favourable since the commencement of the project in mid-
Construction and Manufacturing. The financial facilities
2004. In December 2004, the Bank launched its Preferred
extended comprised largely funded products, which were
Circle service. This service is offered by invitation only to high
mainly term loans and revolving credit. Efforts were also
net worth and high standing individual customers of the Bank.
directed towards improving the customer acquisition rate and
Preferred Circle will be a one-stop center where all banking and
enhancing present business relationships. For fee income, it
financial needs of eligible customers are attended to in an
was mainly derived from facility fees and profit sharing fees.
exclusive environment. The service will be launched in phases
with the initial opening of a Preferred Circle Centre at Jalan Tun
Treasury and International Banking continued to be active
Perak Branch and a Preferred Circle Lounge at Menara Choy
during the year. The Foreign Exchange and Corporate Sales
Fook Onn Branch and Taman Tun Dr Ismail Branch.
Desks performed well. For International Banking, the key
deliverables for the year were diversifying the Division’s loan
The Bank will continue to focus on increasing sales through the
portfolio in terms of country exposure, tenor and industry.
setting up of a centralised call center for consumer loan
There was a clear focus to increase the trade finance volume,
products, redesigning and rebranding products and refining
increase investment portfolio in high-return investment papers
processes. There will also be aggressive marketing to retain or
and introduce new products to boost fee-based income.
acquire market share through for instance the implementation
of loyalty programmes.
BUSINESS BANKING
Efforts were directed at achieving growth in loan assets and RISK MANAGEMENT
better return on these assets, improving loan asset quality and
Efforts continued to be directed towards enhancing the risk
strengthening the Bank’s presence in the small and medium-
management framework in line with the road map to
sized enterprises market. Various programmes were also
implemented to increase the utilisation rate of trade finance implement Basel II recommendations. The Basel II Project
Management Office was established during the year. A number
facilities, improve the contribution of non-interest income from
of initiatives have been in place to improve credit monitoring as
non-borrowing customers and enhance the overall quality of
customer service. well as enhance credit policy management, credit surveillance
and retail process efficiency. Various tools such as risk-pricing
matrix, credit risk management framework and credit data mart
The Business Banking unit recorded the highest loan growth
year on year at 12 percent. Approximately 53 percent of the have been developed to assist in credit monitoring. Policies and
procedures were reviewed to ensure that they are current and
Division’s gross loans comprised loans to small and medium-
are in line with industry practices and comply with regulatory
sized enterprises. The leading sectors for loan disbursement
during the year include manufacturing and wholesale. requirements.
The Bank’s Decision Support System (DSS) project includes

R E TA I L B A N K I N G systems to assist in managing market risk. During the year, the
Retail loans in 2004 amounted to RM13.4 billion, an increase of new Fund Transfer Pricing system, the Asset and Liability
6 percent from the previous year. Housing loans made up Management (ALM) Data Autofeed and the first phase of the
approximately 71 percent of retail loans with a year on year ALM system were completed. Policies, systems and manuals
growth of 7.7 percent. During the year, a number of acquisition have been put in place to enhance risk identification,
programmes have been designed such as a referral incentive measurement and control of treasury risk.
scheme as well as preferential end financing packages.
Operational risk initiatives continued to be directed at driving
During the year, the Division surpassed initial targets for revenue enhancement and improving process efficiency,
approved new Credit Cards and loans for Amanah Saham attaining an acceptable level of operational risk management
Bumiputra (ASB). The Credit Cards business is an area of focus. standards and harnessing the benefits of outsourcing. Charges
Several new initiatives involving special credit card programmes for banking services are being reviewed and realigned to
were introduced during the year. Branches were empowered to industry practice, with revised charges implemented for
process and approve ASB loans during the year. business loans, trade services and nominee services during the
year under review. Various measures were introduced for more
efficient banking services, such as credit scoring scorecards
and statement-based fixed deposits.

I N FO R M AT I O N T EC H N O L O G Y GROUP REVIEW
Information technology (IT) services during the year under The Bank
review aimed to derive benefits from outsourcing initiatives, At the Bank, gross loans growth for the year ended 31
improve IT cost management, conduct a pilot study on shared December, 2004 was 8.9 percent while deposits grew by 16.2
services and support business initiatives. To manage IT costs, percent. In terms of business unit, Business Banking registered
unit pricing for infrastructure, output-based pricing for the highest growth of 12 percent followed by Corporate
applications and benchmarking for competitive market pricing Banking at 8 percent and Retail Banking at 6 percent. There
of IT services have been undertaken. was a change in the fourth quarter in the NPL classification to
three months from six months. The change in the period of
A review of the Bank’s IT network infrastructure was completed classification was made to conform with international standards
during the year. Other projects implemented to support the Bank’s and to be in line with Basel II Accord requirements. The net
business initiatives include Credit Risk Management, e-HR NPL ratio on a three month classification as at end of
Performance Appraisal and DSS Profitability Management. December 2004 was 8.10 percent. The cost to income ratio
improved to 50.41 percent at the end of 2004 from 53.37
percent. There was a focused and concerted effort all year to
I - C OM M E R C E
reduce overall costs. At the end of the year, the core capital
The Bank’s foray into I-Commerce is through products such as ratio and the risk weighted capital adequacy ratio stood at 8.87
Channel-e, mobile banking, BizChannel and eDealer. The percent (2003: 9.49 percent) and 13.17 percent (2003: 14.43
operating environment for I-Commerce continues to be percent) respectively.
promising, particularly in personal Internet Banking and SMS-
based banking. Financial transactions through Channel-e were
B U M I P U T R A - C OM M E R C E F I N A N C E B E R H A D ( B C F )
trending upwards through the year, with funds transfers making
up the major portions of these transactions. Subscribers have It was a challenging year for BCF with intensifying business
begun to increasingly use Channel-e for bill payments. competition from the existing financiers which included
manufacturers who provide in-house financing. Loan growth at
Joint campaigns with the Business Banking Division helped to BCF was strong at 59 percent from RM4.68 billion in 2003 to
increase BizChannel subscriptions for the year under review. RM7.43 billion in 2004 due to aggressive and extensive
Funds transfers formed the major component of transactions marketing efforts. BCF recorded a PBT for the financial year
and there was a doubling of transactions for eTrade Finance. ended 31 December 2004 amounting to RM7.5 million, an 89.9
There was a deliberate attempt for gradual growth in Channel-e percent decline year on year compared to the RM74.7 million
subscriptions. This was to accommodate a new Internet recorded in 2003 mainly due to the change in NPL classification
Banking platform which was completed in December 2004. The from 6 months to 3 months.
Bank provides the web based eDealer service to Bumiputra-
Commerce Finance (BCF) which in turn provides the service to The announcement on the new tariff structure with the
Proton-Commerce. implementation of the Asean Free Trade Area (AFTA) stabilised
the uncertainty in car consumer market behaviour. In widening
its customer reach, BCF has expanded its business outlets to
HUMAN RESOURCES
76 and enhanced the eDealer system to improve its market
Talent management and succession planning are crucial share. BCF continued to improve collection methods by
elements of the Bank’s value driven culture. The process to leveraging on the Credit Scoring Model, establishment of a
determine the Bank’s future leaders is ongoing to ensure dedicated Call Centre and the introduction of Field Operation
continuity in management. Another value promoted by the Officers.
Bank is attention to customer service and to encourage
improvements in this area, the “Teaming2Win” programme
B U M I P U T R A - C OM M E R C E B A N K ( L A B UA N ) L I M I T E D
was introduced in all branches during the year under review.
(BCBL)
The performance-linked rewards scheme was implemented BCBL registered PBT for the year amounting to RM57.0 million,
during the year. The drive within the Bank towards a a 7.8 percent increase from the RM52.9 million recorded in
performance-based culture was promoted through programmes 2003. Loans growth was around 5 percent year on year. The
such as the Assessment Centre which was launched in June modest growth was mainly due to prepayments and principal
2004. This programme which puts participants through a maturity. In terms of country exposure, Malaysia remained the
number of interactive exercises will greatly assist the Bank to highest with 73 percent followed by 16 percent to Indonesia.
assess the capabilities and potential of its employees, As for industry exposure, manufacturing heads the list with 26
particularly at the supervisory and managerial levels. percent followed by purchase of securities at 19 percent.

It’s more than investment banking…
It’s about partnerships
CIMB Berhad Group
INVESTMENT BANKING (IBK) D E B T M A R K E T S A N D D E R I VAT I V E S ( D M D )
During the year, this division continued to play the “front-line” Despite a slow start for 2004, the Ringgit bond markets saw
role in identifying and originating structures and proposals for a decent rally in the second half of the year. Against this
existing and potential clients, making it pivotal to issuer client backdrop, DMD’s businesses performed relatively well in both
flows, an instrumental part in CIMB’s achievements in 2004. the primary and secondary markets.
The structure of having four IBK teams and an independent
research unit within the division was maintained during the DMD notched up a number of significant deals in the primary
year. CIMB was named as the Best Domestic Investment Bank markets this year. CIMB jointly lead managed the first
by The Asset and Finance Asia in 2004. residential mortgage-backed securities issue in Malaysia by
Cagamas MBS, a subsidiary of Cagamas. CIMB also joint-lead
managed the RM500 million Islamic bond issue by the
E Q U I T Y M A R K E TS & D E R I VAT I V E S ( E M D )
International Finance Corporation, the first Islamic bond issue
EMD had an excellent 2004 with CIMB sweeping the awards by a supranational in the world.
in the equity arena and leading all key league tables. EMD also
capitalised on strong foreign interest to generate secondary CIMB was also actively involved in assisting Malaysian
placement deals. corporates raise USD via straight debt as well as convertibles to
take advantage of a perceived trough in the USD interest rate
CIMB maintained its market leadership in the domestic IPO cycle. The flagship USD debt transaction for the year was
market, being the Sole Bookrunner for three out of the six Telekom’s USD500 million global bond issue lead managed by
largest IPOs in 2004 namely KLCC Property Holdings Berhad, CIMB, UBS and Deutsche Bank.
Ornasteel Holdings Berhad and Sin Chew Media Corporation
Berhad. For secondary placements, it was an outstanding year DMD’s new initiative for the year was the launch of structured
with the three major transactions as follows: Khazanah’s sale of products following the issuance of Bank Negara Malaysia’s and
RM2.91 billion worth of Telekom shares; Mitsubishi Motors the Securities Commission’s guidelines on structured products.
Corporation’s sale of Proton shares worth RM396 million and New products launched during the year include range accrual
Shell Overseas Holdings Limited’s RM464 million worth of shares notes, inverse floater notes and equity-linked notes. This
in Shell Refining Company (FOM). The Telekom transaction, in strategy will have to be reviewed in due course as there has
which CIMB was Sole Global Co-ordinator and Joint Bookrunner, been some disappointment with the slow development of
received Finance Asia’s Achievements Awards 2004 for Best investor interest, high cost of product development and
Secondary Offering and Best Malaysia Deal as well as the IFR’s regulatory restrictions.
Award for Best Malaysia Equity Deal.
In the debt market category, CIMB won among others,
Apart from traditional products, CIMB also led the way for Asiamoney’s “Deal of the Year” awards for the Telekom and
convertible bond issuance for Malaysian issuers. Major deals for Cagamas deals and were recognised as “Best Debt House”by
2004 were Tenaga Nasional’s RM200 million convertible issue, Euromoney and Asiamoney.
the first ringgit convertible deal and Khazanah’s USD414.5 million
exchangeable bond issue.

C O R P O R AT E F I N A N C E ( C F ) P R I VAT E E Q U I T Y ( P E )
CF’s portfolio continued to expand in 2004 from advisory, 2004 marks a milestone in the maturation of PE. It has now
mergers and acquisitions, origination and compliance for equity captured sufficient funds under management to be self-financing.
capital market transactions, corporate and retail banking to At the end of 2004, PE funds under management have
include corporate agency and securities services (CASS) and increased to just under RM300 million in two funds namely
development of new investment management opportunities. CIMB Muamalat Fund 1 Ltd. P, a shariah compliant regional
Product widening is part of CF’s strategy to mitigate a general buy-out fund and CIMB Mezzanine Fund focusing on pre-IPO
decline in margins in some of the traditional “bread and butter” investments. One of the most encouraging elements for PE
products. has been its success in raising funds from the Middle-East,
with the support of CIMB Islamic.
CIMB continued to top the M&A league table during the year
and was named the Best M&A House by Euromoney. Thomson
CIMB ISLAMIC (CI)
Financial Publications also recognised CIMB as Number 1 in
Asia ex-Japan for the number of M&A transactions. CI is responsible for ensuring that CIMB is able to offer an
Islamic version of its products and services whenever possible
A new joint venture with Mapletree, signed in November 2004 and to support sales of these products. The success of the
was a major initiative for CIMB. Both CIMB and Mapletree have PE offering in the Middle-East is one such example. Although
each committed RM100 million to anchor a real estate fund, just two years old, CI has built an excellent reputation and
CM-1, which intends to raise a further RM300 million in equity was recognised by Euromoney as the “best provider of Islamic
and about RM1 billion in debt to invest in properties. The financial services in Asia”in 2004.
objective for the venture is to earn annuity income from funds
management and to obtain investor returns. CI broke new ground in 2004 with the International Finance
Corporation (IFC) RM500 million BaiDS facility which CIMB
jointly lead managed. This deal had three historic milestones.
P R I VAT E C L I E N T S E R V I C E S ( P C S )
It was the first Islamic deal by a non-Islamic supranational in
Private Banking’s (PB) assets under management doubled from the world, the first ever Islamic issuance in domestic currency
RM760.3 million at the beginning of the year to RM1.52 billion by a supranational and the first Islamic Ringgit securities issued
at the end of 2004. The number of financial advisors also by a foreign issuer since the liberalisation of exchange control.
increased from 11 to 21. PB also played important distributor
roles in many primary debt and equity transactions during the Another innovative deal was the first Ijarah/Murabahah
year. As a first step in geographical expansion, a Penang branch programme in the domestic market by Dawama Sdn Berhad
was opened during the year. in which CIMB lead managed.
The remisier headcount remained steady at 90 people. There

are plans to expand the retail reach by placing remisiers in
branches in other parts of the country. There has also been
investment in technology to provide alternative investment
tools for customers. In 2004, CIMB enhanced the i-trade
system to incorporate the e-IPO module to enable IPO
subscription via the internet and also launched m-Trade for
customers to trade shares using their mobile phones.

It’s more than extending reach…
It’s about service
Bank Niaga
CONSUMER BANKING Improving customer service is a common feature in the banking
industry. Bank Niaga stands out in having a long standing record
The main thrust of the strategy adopted in a highly competitive
of leadership in customer service excellence. We are pleased
market place during 2004 was to focus on three core product
to report that Marketing Research Indonesia awarded the Bank
lines namely auto loans, housing loans and credit cards. Efforts
as Second Overall in its annual service quality awards, the eight
were also directed towards cross selling other consumer
successive year that Bank Niaga has earned a top three
products. Market segmentation was prevalent in initiating
position in these awards.
specific sales campaign of products such as deposit and
insurance products as well as pension plan. During the year,
there was the successful launch of Mini Visa Cards and Mini BUSINESS BANKING
Debit Cards. Bank Niaga is now the second largest issuer of
This segment covers SME (Small and Medium Enterprises) and
credit cards in this specific lifetime segment which is targeting
other medium-sized enterprises with assets or turnover up to
at young professionals.
IDR500 million. The Bank’s network of individual and
institutional business partners continued to grow throughout
Bank Niaga’s stated aim of becoming a premier retail bank is
the year. These partners include Government institutions and
beginning to take shape as customer response has been
cooperatives, rural banks and multi finance companies and
overwhelming. Consumer loans and deposits now constitute
large corporations through whom Bank Niaga offers financing
28 percent and 49 percent of the Bank’s overall portfolio.
to end users in agriculture, property, trading and local retailing.
Individual customers assets under management, largely
focused on mutual funds, grew at a mammoth pace of 115
Bank Niaga also continued to concentrate in sectors such as
percent to IDR5 trillion. The Bank’s customer base has also
Palm Oil where it has built considerable industry and local
grown by 23 percent to 1.6 million customers.
knowledge. In July 2004, Bank Niaga signed an agreement with
Koperasi Unit Desa in Banjarmasin to provide credit to 2,374
There are no gaps in the range of individual customer products
end users totaling IDR117 billion. Using industry expertise and
offered by Bank Niaga. With the successful launch of Niaga
the value chain approach, the Bank covers the business
Pension Plan during the year, every key segment of financial
banking segment through a total of 34 branches and 20
services from day to day banking services to lifetime needs is
commercial desks.
available at Bank Niaga. Other products offered include life
insurance, credit shield for credit cards and general insurance
Knowledge and understanding of any business is a prerequisite
as well as investment linked products. During the year, Private
to a successful lending relationship. This principle was
Banking was reorganised with expanded products lines in both
extended up and down the value chain during 2004. This
local and foreign currencies and new talents were recruited to
entailed capturing financing opportunities at every stage from
focus on the affluent target market.
manufacturer through distributor, dealer and ultimately to the
end consumer through close cooperation with the Consumer
A key feature in 2004 was the expansion of the distribution
Banking Division. Channel financing as it is known at Bank
network from 156 to 209 branches. The number of shared
Niaga was used effectively in a number of sectors in 2004
network ATMs available to Bank Niaga customers were
including plantation, agriculture, automotive, heavy equipment,
doubled to 5,117 and the dedicated ATM network increased by
commercial property and electronics equipment.
24 percent to 288 units. In the fourth quarter of 2004, self-
service terminals (SST) were launched at 62 locations. Largely
used for non-cash transactions, the SST is also linked to Garuda
Indonesia to facilitate instant purchases of air tickets.

C O R P O R AT E B A N K I N G S YA R I A H B A N K I N G
This segment covers companies or groups that have an annual Syariah Banking services were launched in September 2004.
turnover above IDR500 billion. The activities in this segment Within a short period of its launch, we have witnessed a
cover corporate lending, trade finance, cash management, modest yet encouraging start with almost 1,000 customers to
money market and foreign exchange services. Investment date and deposits of IDR16 Billion. The Syariah banking market
services including custodial services, is a growing contributor to is expected to grow at about 45 percent annually over the next
fee income. few years. In accordance with central bank regulations, the
Syariah Banking operation is completely segregated from
Corporate sector loan represented 30 percent of the Bank’s conventional banking with a separate IT system in place. All
total lending base in 2004 and saw a growth of 31 percent year Syariah Banking customers can benefit from access to the full
on year. This growth was achieved without sacrificing quality. range of E-Banking service including ATM, phone banking and
Fee income increased significantly primarily due to trade access via the internet. Indonesia’s total Islamic Banking assets
finance, investment services commissions and custodial fees. in 2004 were less than 1 percent of total banking assets. Bank
In cooperation with CIMB Niaga Securities, Bank Niaga assisted Niaga expects to play a significant role in the future of this
companies to make effective use of commercial lending, equity market.
and debt capital markets. Growth in lending was well spread
across both primary resource-based sectors as well as general
manufacturing, retailing and consumer goods. Trade finance
volume continued to grow to over USD840 million. Warehouse
financing, pioneered by the Bank has continued to be an area of
success.
In a year in which the Rupiah depreciated, foreign exchange

activities increased significantly and Bank Niaga was one of the
market leaders in this sector. Exchange earnings also benefited
from the increase in trade finance business and fee income
from treasury operation also increased year on year.
Investments in Information Technology during the year included
enhancements to cash management service and improvements
to the treasury dealing systems will contribute to expand the
Bank’s capabilities.
Bank Niaga was voted the most active custodial bank in 2003
and 2004 by Bursa Efek Surabaya. The Bank is a leading local
custodial bank in Indonesia with a market share of almost 40
percent in the local bond trustee agency services market and a
40 percent share among the pension fund custodial client
market. During the year, investment services commission
income was up 40 percent and custodial fees grew by 45
percent. Together with BCB, the Financial Institutions Group
continued to develop the CashLaju remittance service launched
in 2003. There was also collaboration with BCB on new trade
finance arrangements.

Economic Outlook
Operating Environment in 2005
1. GLOBAL ECONOMIC OUTLOOK 2005 Inflation may tick up in most countries as the impact of high oil
prices begin to trickle through to consumers, but the rates are
Global economic growth is expected to moderate to 4.3%
likely to remain at non-threatening levels. The still high excess
in 2005 from its recent peak of 5.0% in 2004 on the back of
capacity, stiff price competition, slower domestic demand and
an anticipated worldwide slowdown in the manufacturing
tighter monetary policy environment would put a check on
sector particularly the tech sector, a less accommodative
excessive upward pressure on prices. In the US, the core
fiscal and monetary policies and the lagged impact of high
inflation is expected to remain low, though the rate may move
oil prices. In the US, real GDP is expected to register a
above 2.0% from 1.6% at end of 2004. In Japan, although
slower growth of 3.5% in 2005 (2004: 4.4%), but this is still
consumer prices may be exhibiting some inflationary pressures
within its optimal growth trend. Consumer spending, the
for the first time in a long while, any y-o-y growth is expected
main driver of the economy, making up about 70% of GDP,
to be marginal. Inflation is likely to remain mild in the euro-
is expected to slow down in 2005 (3.1% vs. 3.7% in 2004),
region on the back of weak domestic demand. On the other
due to the waning effects of the 2001-03 tax cuts, low
hand, in the Asian region, inflation may edge up gradually due
interest rates and mortgage refinancing cash-outs. However,
to the lagged effect of high oil prices.
this is expected to be mitigated by strong capital spending,
with real business fixed investment projected to grow by
Inflation Forecast for Major Economies
9.4% (2004: 10.4%). Meanwhile, the Japanese economy
2003 2004e 2005f
may slow to 2.1% in 2005 after registering a growth of
y-o-y%
2.6% in 2004, its fastest since 1996, on the back of less
US 2.3 3.0 3.0
favourable external developments and a stronger yen.
Japan -0.2 -0.2 -0.1
Furthermore, high private investment growth rate seen in
2004 is likely fizzle off moderately in 2005, resulting in Euro 2.1 2.2 1.9
ASIA 2.5 4.3 3.9
short-lived recovery in the labour market. As a result,
China 1.2 3.9 4.9
household spending may remain anaemic and deflationary
pressure in the economy continues to prevail. In the Euro- Source: IMF World Economic Outlook – September 2004, OECD
Economic Outlook – November 2004, Asian Development
zone, overall growth to remain relatively subdued with real Outlook 2004 Update, various official releases
GDP expected to grow by 1.9% in 2005 (2004: 2.0%). e estimate, f forecast
Economic activity will be restrained by relatively high oil
prices, a strong euro and softer global growth. In the Asian Most major central banks with the exception of the Bank of Japan
region, some moderation is anticipated in 2005 after 3 are likely to step up efforts in tightening their monetary policies.
straight years of accelerating growth. Overall growth is
• US Fed Fund rate likely to rise to 3.50 - 3.75% at the end of
likely to be supported by domestic demand as export
2005 (2004-end: 2.25%).
growth slows down. Within the region, China is expected to
lead, with real GDP growth of 8.5% in 2005 (2004: 9.5%). • Bank of England may continue hiking up its base lending
rate, but at a less aggressive pace than the US, bringing the
Real GDP Growth for Major Economies rate to 5.00 - 5.50% at end of 2005 (2004-end: 4.75%).
2003 2004e 2005f
• European Central Bank to remain focused on supporting
y-o-y%
economic recovery and may move rates upward only in the
World 3.9 5.0 4.3
second half of 2005 (end-2004: 2.00%).
US 3.0 4.4 3.5
Japan 2.5 2.6 2.1 • Asian central banks are likely to push rates higher going into
Euro 0.5 2.0 1.9 2005. In its bid to bring investment spending under control,
ASIA 7.2 7.3 6.5 China’s central bank may continue to put in place restrictive
China 9.3 9.5 8.5 measures in 2005. The central bank may also increase its
interest rate further following its rate hike of 27bp to 5.58%
Source: IMF World Economic Outlook – September 2004, OECD
Economic Outlook – November 2004, Asian Development on October 29, 2004 – the first in 9 years. Nonetheless, the
Outlook 2004 Update, various official releases pace is unlikely to be aggressive so as to ensure the
e estimate, f forecast
economy is still on track for a soft landing.

2. MALAYSIA’S ECONOMIC OUTLOOK 2005 KEY SECTORS
Growth Projection for Key Sectors
REAL GDP
2003 2004 2005
After expanding briskly in 2004, Malaysia’s real GDP is
y-o-y %
expected to trend down slightly in 2005 on the back of
Agriculture 5.7 5.9 8.3
weaker external demand and the public sector’s
Mining 1.9 4.4 5.3
commitment to consolidate its financial position. A number
Manufacturing 5.0 4.1 9.8
of external factors such as the persistent high oil prices,
Construction -1.9 6.7 7.1
China’s slowdown and the anticipated slow down in the US
Services 3.8 5.0 7.5
consumer spending would have a bearing on Malaysia’s
Real GDP 1.5 5.5 5.5 - 6.0
economic performance in 2005. Of the three factors
mentioned above, the concern is more on the impact of the
Growth in the manufacturing sector is expected to moderate
record high oil prices on demand which is likely to slow as
to 7.5% in 2005 (2004: 9.8%) on account of a weak external
consumers in our major trading partners set aside more
demand mainly for electrical and electronic products.
spending on oil and energy related purchases.
Despite this, the sector will remain to be the key engine of
Nevertheless, given that Malaysia is a net oil exporter,
growth in the economy. There is a discernible shift away
higher earnings derived from the exports of crude oil and oil
from labour-intensive production to high value added
related products would likely mitigate any slowdown in
production in the manufacturing sector with knowledge-
external demand. The overall growth in the economy in
based labour of higher productivity and skills. Sub-sectors
2005 would be supported largely by sustained domestic
which have good growth potential in 2005 include:
demand with main contribution to growth emanating from
the private sector as the public sector consolidates its • Resource based industries such as palm oil products,
position. Small-and medium sized enterprises (SMEs) are rubber products and food products.
expected to play an increasingly important role in driving
• Building materials, especially steel and fabricated metals
domestic investments in key sectors of the economy in
industry.
2005. Thus, growth in real GDP is projected to moderate to
• Water-related industries, such as the manufacture of
5.5-6.0% in 2005 from a high of 7.1% in 2004, which was
pipes.
the highest growth recorded since 2001.
• ICT-related equipment industries.
Real GDP by Expenditure New sources of growth to emerge in:
2003 2004 2005
• food processing industries (new market segments such
y-o-y %
as halal food),
Private Consumption 6.6 0.4 10.0
• biotechnology/pharmaceutical industry,
Private Investment 3.9 6.3 5.0
Public Consumption 5.3 10.1 16.1 • marine & aerospace industry, and
Public Investment 8.0 -3.7 18.6 • machinery & equipment industries.
Exports of Goods
Industries likely to be exposed to keener competition during
& Services 21.2 7.1 7.5
the year include:
Imports of Goods
& Services 10.5 4.0 -4.5 • textiles and apparels,
Real GDP 10.5 10.5 5.5 - 6.0 • automotive,
• wood based products especially furniture,
• plastic products, and
• electrical products.

ECONOMIC OUTLOOK
Operating Environment in 2005
The agriculture sector which is to be developed as the third I N F L AT I O N

engine of growth is expected to continue to grow, but at a
Inflation rate is expected to be slightly higher in 2005 following
more moderate pace of 3.8% in 2005 on account of lower
the gradual rise in the consumer price index (CPI) in the last
prices and production of palm oil and rubber following a
few months of 2004. The CPI is expected to rise to above the
high base in 2004. Among factors affecting output of palm
2.0% level averaging at about 2.5% in 2005 (2004: 1.4%) as
oil will include slower demand from importers in China and
excess capacity in the economy is being fully absorbed, and
India, high stockpile brought forward from 2004 and strong
also reflecting the pass through effects of high oil prices in the
output of soybean oil in 2005. Meanwhile, crude palm oil
economy following the gradual reduction in the government’s
price is expected to average between RM1,300 - RM1,400
fuel subsidy.
per tonne in 2005 compared with an average of RM1,650
per tonne in 2004.
B A L A N C E O F PAYM E N TS
The mining sector is expected to record a higher growth of
The country’s balance of payments position is expected to
5.0% in 2005 on account of higher production in both crude
remain healthy in 2005. A sustaining surplus in the merchandise
oil and natural gas. Better demand, firm prices of oil and gas
goods account, is expected to keep the current account in a
and expansion of new oil and gas fields would boost output
favourable surplus position during the year, as the services
of both mineral products.
account remain in deficit.
The construction sector is expected to turnaround to grow
by 1.5% in 2005 (2004: -1.9%) to be supported by the
B A N K I N G SYS T E M
implementation of new and ongoing infrastructure projects
(the Phase 2 of the East-West Highway, the Tanjung Bin In the banking sector, with real GDP expected to grow by about
Power Station in Johor, interstate power projects and 5.5-6.0% in 2005, loan growth can be expected to stabilise in
national sewerage projects in northern area). Higher activities the region of 8.0% (2004: 8.5%), supported by a revival in
in residential property development would also support business loans as investment activities continue to expand.
construction activities during the year. Activity in the
non-residential sub-sectors such as commercial and
MO N E TA R Y P O L I C Y
industrial is expected to remain subdued.
Monetary policy is expected to remain accommodative to
The services sector, the second engine of growth, is ensure domestic demand remains healthy especially in the face
projected to expand by 5.5% in 2005 (2004: 6.7%) of slowing external demand. Interest rates are expected to
supported by continued expansion in trade and tourism remain at current levels at least up to the first half of 2005
activities, communication as well as financial services. given the ample liquidity in the banking system and a relatively
Tourist arrivals are projected to increase to 16 - 17 million in moderate inflation. Any tightening will only be in the second
2005 from about 15.7 million registered in 2004. half of 2005 with the overnight policy rate likely to be raised by
Sub-sectors likely to experience strong growth: 50 bps in two steps bringing the rate up to 3.2% at the end of
the year. No aggressive hike in interest rate is expected as the
• wholesale & retail trade, hotels & restaurants;
central bank’s focus will be to ensure private sector expansion
• transport, storage and communication; and
remains on track.
• finance, insurance & business services sub-sectors.
Government promoted activities include: (Source: BCB’s economic research department)
• ICT-related services
• Business process outsourcing (BPO)
• Healthcare
• Private education
• Tourism

Investor Relations
This is an important platform of communication with investors The coverage on CAHB by brokerages or equity houses is high.
and the investment community at large. This function will
facilitate the transfer of information to investors about Thomson Reuters
corporate issues that they consider relevant to the exercise of
Coverage to earnings estimates 27 28
their rights as shareholders. Feed back on perception and
market concern is also of utmost importance to management.
On December, 17, 2004, Standard & Poor’s assigned a BBB-
rating to both the Company and the USD125 million zero-coupon
Among the activities conducted during the year include:-
five year convertible bonds. In its commentary, Standard &
• Briefing to analyst and press in conjunction with the release of Poor’s cited the company’s financial strength and ability to take
the 2003 financial year audited results on 27 February, 2004. advantage of Malaysia’s economic recovery. The agency further
mentioned that the ratings reflects Commerce Asset’s leading
• In 2004, CAHB had 140 meetings with equity research
franchise in commercial banking with its 12 percent share of
analysts, fund managers and investors. This includes both
the loans market and its stake in leading investment bank,
direct meetings and conference calls.
CIMB Berhad.
• Participated in Invest Malaysia 2004, Bursa Malaysia’s
inaugural investors exposition with a special emphasis on In line with the Government linked companies restructuring
retail investors. initiatives introduced in 2004, there will be specific action plans
• Participated in two overseas non deal road show in London and initiatives that needs to be undertaken by CAHB including
and Hong Kong and one overseas investor conference on in the area of investor relations in 2005. This will be towards
Malaysia in London. enhancing further the investor relations function.
• Provided support to the USD125 million Convertible Bond

issue by Labuan incorporated subsidiary, Commerce Capital
(Labuan) Ltd.
• Attended the Inaugural Asian Banker Investor Relations

conference in March 2004 in Singapore.
The senior management involved in investor relations activities

for CAHB are as follow:-
• Dr Rozali Mohamed Ali

Executive Director/Group Chief Executive Officer
• En Mohd Shukri Hussin

• En Jamil Hajar Abdul Muttalib

Executive Vice President/Company Secretary
• En Aznam Shahuddin
Senior Vice President, Corporate Services

Balanced Scorecard 2004
In recognising the potential benefit of introducing Key Performance Indicators (KPIs) to measure and evaluate performance, and
linking it with the organisation’s compensation package, the Board initiated a Balanced Scorecard (BSC) project in 2004. The BSC
Framework, the BSC and KPIs for senior management of CAHB have been established in December 2004 and currently being
implemented at CAHB. Integrated within the BSC Framework is the establishment of the Corporate Scorecard for which the senior
management of CAHB are accountable for. CAHB’s Corporate Scorecard was approved by the Board in December 2004.
The BSC adopted translates CAHB’s vision and mission into strategic objectives and a coherent set of performance measures.
Those measures span across four different perspectives as depicted in the diagram below.
FINANCIAL
Objectives Indicators
How should CAHB appear to

shareholders?
CUSTOMERS VISION AND INTERNAL BUSINESS

MISSION PROCESS
Objectives Indicators Objectives Indicators Objectives Indicators
How should CAHB appear to How should CAHB look like in How does CAHB create and
customers? the future? manage critical business
processes?
LEARNING AND
GROWTH
Objectives Indicators
To what extent is CAHB

able to change, improve
and innovate?

CAHB aims to be a leading integrated financial services industry player that maximises its shareholder value. In achieving this, as an
active strategic investor CAHB undertakes four key roles.
CAHB’S STRATEGIC ROLES
Strategic Development
Provide strategic oversight
Corporate Development
Promote best practices across the

1
of investments to achieve
long-term growth and
sustainable profitability.
Capital Management
Optimise use of capital resources to
2
Group to achieve group-wide
synergies for revenue and
productivity enhancement.
Shared Platform Development
Provide common operational

3
generate sustainable return from
investment portfolio for long-term
shareholder value creation.
4
functions, talent management and
promote centre of excellence to drive
best practices into the business.
CAHB’s corporate objectives reflect its strategic vision and role. KPIs are tied to these strategic objectives and balanced across the
four BSC perspectives that enable CAHB to track its financial results while simultaneously monitor the progress in building the
capabilities and acquiring the intangible assets it needs for future growth.
C A H B ’ S C O R P O R AT E O B J EC T I V E S
A. Optimise use of capital resources to generate sustainable returns from investment portfolio for long term
shareholder value creation.
B. Create value as an integrated financial services group with emerging regional presence.
C. Provide strategic oversight and monitor performance of investments to ensure sustainable growth.
D. Integrate diverse capabilities to provide innovate and comprehensive financial solutions.
E. Optimise deployment of talents to develop competencies for effective boards and management teams.
Following from the establishment of Corporate Scorecard and BSC for the senior management of CAHB, we are now in the
process of cascading the BSC throughout the organisation. This will assist to integrate and align the overall CAHB’s strategic
direction with individual KPIs and thence develop an integrated performance appraisal that links performance to reward system.
The current implementation of BSC project comprises 3 key components; Performance Management Process, Performance
Management Infrastructure and Performance Management Culture. The Balanced Scorecard will be fully implemented throughout
the organisation in 2005.

We strive to make a difference
by working closely with all stakeholders
in the communities where we operate.
Corporate Social Responsibility

The Group that Cares 58
CAHB Group 2004

– Calendar of Corporate Events 61

The Group that Cares
We are committed to contribute to sustainable and equitable Merchant Bankers Berhad (CIMB) have contributed RM50,000
economic development to improve quality of life. The core and RM25,000 respectively to the domestic disaster fund.
values are economic viability, environmental responsibility and Meanwhile, Commerce Asset Ventures Sdn Bhd contributed
social accountability and these can be translated through RM20,000 to University Sains Malaysia to set up a field
diverse platforms such as community investment, governance, laboratory for infectious diseases in Banda Aceh.
workplace, stakeholder management and accountability. This
objective and aspiration which are in alignment with our PTBN has taken a more active part in their effort to respond to
stakeholders expectation have inspired companies within the the tragedy in Aceh and North Sumatra. In addition to the cash
Group to be involved in many projects of such nature. donation mentioned earlier, PTBN assisted by opening Niaga
Cares account to which people can transfer their donations.
In 2004, we remained an active corporate citizen by carrying This effort is on-going until September 2005 and involves all
out our social responsibility through programmes ranging from employees, customers and the public. The funds collected will
donation, relief effort, scholarship and inspirational programmes, be used for the reconstruction of destroyed educational
some of which are described below. facilities and infrastructure in the disaster affected areas.
T S U N A M I R E L I E F E F FO R T C A N C E R R E S E A R C H I N M A L AYS I A , BY M A L AYS I A N S ,
FO R M A L AYS I A
Our thoughts and prayers are with the victims and survivors of
this ravaging disaster. Cancer is unfortunately a disease of increasing prevalence and
millions have died every year from it. The establishment of
The Commerce Group of companies donated in total RM1.0 Cancer Research Initiatives Foundation (CARIF) in Malaysia was
million cash in response to the initiative coordinated by both timely and essential. CARIF is the first independent cancer
Khazanah Nasional Berhad who spearheaded the effort to invite research unit established in Malaysia. Its mission is to conduct
Malaysian Government Linked Companies (GLCs) and fundamental and pioneering research on cancers prevalent in
corporations to contribute to the Indonesian Tsunami Fund. our country, with potentially far-reaching implications for
Included in this donation is IDR1.0 billion cash contributed by diagnosis and therapy.
our Indonesian subsidiary, PT Bank Niaga (PTBN). The donation
from Commerce Group of companies was presented to the In support to this cause and in line with our aspiration to make
President of Indonesia by Malaysia’s Prime Minister, Dato’ Seri a noble contribution to Malaysian society, Commerce Asset-
Abdullah Ahmad Badawi during his visit to Indonesia. On top of Holding Berhad (CAHB) donated RM10,000 during the year and
their significant contributions to the Commerce Group’s total has further pledged a fixed sum of donation over the next five
RM1.0 million donation, our major subsidiaries, Bumiputra- years on an annual basis beginning 2005 to ensure continuous
Commerce Bank Berhad (BCB) and Commerce International support to CARIF.
Commerce Group of companies donated in total RM1.0 million cash

in response to the initiative coordinated by Khazanah Nasional Berhad
who spearheaded the effort to invite Malaysian Government Linked
Companies (GLCs) and corporations to contribute to the Indonesian
Tsunami Fund. Included in this donation is IDR1.0 billion cash
contributed by our Indonesian subsidiary, PT Bank Niaga (PTBN).

S AY Y O U C A R E W I T H B C B P A R E N T C A R E Malaysian to watch a world class sporting event which they
otherwise would not afford. This year, 450 customers won two
Parents have always loved and cared for their children and
Hillside tickets and for the first time around, 10 lucky BCB
there is no measure for such dedication. There are many ways
credit card holders won two exclusive Garnett grandstand
to demonstrate our gratitude, love and responsibility to them and
tickets worth RM800 each. Indeed, the winners of this contest
providing regular financial support on a monthly basis is one
were in for a special treat as the ‘C1’ Hillside and Garnett
way. However such financial support may be threatened when
grandstand areas are among the best seats to watch the race
an individual is seriously injured resulting in total permanent
live. In addition, the winners and their partners were given a
disability causing loss of earning, or in the event of the
goodie bag each on the race day.
individual predeceasing the parent. Under such circumstances
the aged parents often lose all means of financial support.
S E L F D I S C O V E R Y F O R Y O U N G A D U LTS P R O G R A M M E
BCB understands such predicaments and has taken a proactive
Youths are a significant part of our society and will be future
approach to offer Malaysian with a remarkable solution through
leaders one day. However, there are some youths who are
BCB ParentCare. Developed jointly with Commerce Life Assurance
disadvantaged due to various circumstances. Without a sound
Berhad (Commerce Life), BCB ParentCare guarantees continuous
academic background and other setbacks, they will face more
monthly financial support for as long as the parent lives even
challenges than others.
in the event of total permanent disability of the individual or
in the event that the individual predeceases the parent. This
Realising the needs of this group, BCB embarked on a noble
unique and carefully designed plan offers BCB’s customers
cause with Yayasan Raja Muda Selangor to assist
total security, well-being, comfort and a sense of peace. BCB
disadvantaged youths prepare for their future upon leaving
also does not charge a fee for this service.
school. Towards this aim, BCB hosted a workshop entitled Self
Discovery For Young Adults designed for the fifth formers with
F O R MU L A O N E an attempt to help school leavers develop personal and
For the fourth consecutive year, BCB continued its tradition to interpersonal skills, which, combined with social values would
give them the edge to start a career and stand on their own.
organise the “BCB Formula One Tickets Giveaway” contest for
its five over million loyal customers. Since the Formula One
was staged on our Malaysian shores in 1998, its exhilaration SCHOLARSHIP PROGRAM
and excitement has been increasing over the years. Local FI
PTBN’s scholarship program has provided financial assistance
fans look forward to the fast-paced action and splendid
to 585 outstanding elementary, junior and senior high school
manoeuvres on our world class racing track. BCB supported the
students all over Indonesia. This scholarship will be available for
successful staging of this world class event by promoting
three years.
greater awareness and provided an opportunity for ordinary

THE GROUP THAT CARES
M O B I L E L I B R A RY P R O G R A M M E MAJLIS KANSER NASIONAL (MAKNA)
This program was organised by PTBN in conjunction with In conjunction with our commitment to make a meaningful and
2003’s A Million Book program. This involved financing the noble contribution to the Malaysian society, BCB has agreed to
operation of three mobile library units. They will give free library part-finance MAKNA’s research programme with a total sum of
services at school which lack such facility. RM500,000 over a three-year period beginning last year.
Meanwhile, CIMB sponsored the MAKNA Cross Nation Run 2004

SCHOOL-BASED PROGRAMME
where Suwaibah Muhammad Nasir was the first Malaysian
PTBN organised a School-Based Management Programme in woman to run solo around Peninsular Malaysia with a distance
collaboration with Indonesia’s Department of Education, UNICEF, of 2,004 km. It was held in conjunction with Merdeka Month
UNESCO and the local government, beginning 2002 until 2005. and World Women’s Day, which was also MAKNA’s 10th
The aim is to improve the quality of education through enhanced anniversary.
school management and the application of community-involved
learning.
D O N AT I O N S
Meanwhile, Commerce Life brought smile to the faces of 18 All companies within the Group maintained a substantial and
orphans under the care of Persatuan Ehsan & Anak-anak Kuala active donations and sponsorships programme. BCB’s programme
Lumpur (PEWANIDA) when they were treated to a shopping spanned a broad range of causes, concentrating particularly on
trip at Mid Valley Megamall. the underprivileged and handicapped, and on health-related
issues in Malaysia.
GREEN PROGRAM
CIMB espouses similar causes, including, amongst others,
This replanting program was initiated by PTBN and Bank Kiwanis Down Syndrome Foundation, Tabung Kebajikan
Indonesia. As many as 3,000 trees were planted in an area of 3 Pendidikan Kelab Komunikasi Belia, Yayasan Anak-anak Yatim
hectares in Cibubur Camping Ground. PTTDI, Malaysian Red Crescent Society, Pertubuhan Kanak-Kanak
Kanser Malaysia and Tabung Amanah Pewira Dan Pertahanan
S AV E L I V E S – B E A B L O O D D O N O R Negara. CIMB was also a sponsor for Malaysia’s Aspirations &
Achievements IV, produced in recognition of Malaysians
Every year, a blood donation campaign will be launched at
successful in offering community services, and services above
Commerce Square and CIMB Building. This campaign was
one self, each coming from their respective fields of practice
envisaged to help inculcate the social obligation value amongst
showcased the different aspects of the individuals involved,
employees of the Group.
their efforts and achievements, trials and tribulations.
In conjunction with the Insurance Day, Commerce Life organised

PTBN continued its involvement and contribution to various social
in collaboration with National Blood Centre to appeal for eligible
programmes and charities. It spent a total of up to IDR2.13
donors among its employees and tenants to donate much
billion on aid and donations for all its social activities in 2004.
needed blood for the national supply.
In addition, Commerce Life arranged a charity car wash

C H A R I T Y G AT H E R I N G F O R M E N TA L LY C H A L L E N G E D campaign in November 2004 in aid of an organisation for
CHILDREN HIV-infected women and children. Commerce Assurance Berhad
CIMB organised and hosted a group community service in aid of (formerly known as AMI Insurans Berhad) also raised funds
100 mentally challenged children from Pertubuhan Kanak-kanak from blood donation-cum-jumble sale event at Rumah Solehah
Insan Istimewa Cemerlang (KIIC). A group of 50 CIMB staff helped (Half Way Home for HIV positive women and children).
to upgrade the home, which included the installation of fixtures
and fittings, and painting the home, while others entertained and
minded the children for the afternoon. In addition, the children
of KIIC were also presented with gifts from CIMB.

CAHB Group 2004
Calendar of Corporate Events
D P M L AU N C H E S M E N A R A C OM M E R C E P R O J EC T
3 June 2004 marked a historical day for the Commerce Group. In a simple but
significant ceremony hosted jointly by Commerce Asset-Holding Berhad and
IJM Corporation Berhad (the holding company of the developer), the Menara
Commerce Project was officially launched by our Deputy Prime Minister,
YAB Dato’ Sri Mohd Najib Tun Haji Abdul Razak.
The landmark ceremony underscores the evolution and growth of the Commerce
Group. Over the years, the Group has expanded steadily through both organic
growth and mergers and acquisition to become a leading domestic financial
services group. It has touched the lives of millions of Malaysians, providing
them with the broadest range of financial services and products.
Bumiputra-Commerce Bank Group is expected to be the anchor tenant and

most of the operating subsidiaries of the Commerce Group may also be based
at Menara Commerce.
CAHB had entered into a Sale and Purchase Agreement with IJM Properties
Sdn Berhad on 20 January 2004. It involved the acquisition of a piece of land
measuring approximately 10,149 square meters together with a 39 storey
building to be developed for a cash consideration of RM375 million. The
development project is expected to be completed in the first quarter 2008.
The location of the proposed Menara Commerce is situated at the intersection
of Jalan Raja Laut and Jalan Esfahan.
According to the project’s architect, ATSA Architects, the building’s design

concept is inspired by a unique tropical plant, Heliconia Caribaea. The artistic
element in its architectural design will be integrated with technological, social,
environmental and functional issues to harmonise a unique and attractive style
for Menara Commerce. Upon completion, Menara Commerce will stand as a
new landmark rejuvenating the skyline at the center of the Kuala Lumpur
Business District.

CAHB GROUP 2004 - CALENDAR OF CORPORATE EVENTS
CAHB
20 January
Signing ceremony between CAHB and IJM Corporation Berhad
18 August
CAHB entered into conditional share sale agreements with CIMB
on the Menara Commerce development. Berhad for the disposal of 70% equity interest in both Commerce
Trust Berhad and Commerce Asset Fund Managers Sdn Bhd.
12 February
CAHB entered into a share sale agreement with NSTP Berhad 23 August
and Pitisan Sdn Berhad for the acquisition of the entire issued Extraordinary General Meeting held at Banquet Hall, Kuala
and paid up capital of AMI Insurans Berhad. Lumpur Golf & Country Club.
18 February 26 - 29 August
Completion of the proposed acquisition of 100% of AMI Insurans CAHB took part in the Bursa Malaysia Invest Malaysia Expo in
Berhad by CAHB from NSTP Berhad and Pitisan Sdn Bhd. 2004 at Putra World Trade Centre.
23 - 24 March 15 September
Participated in non-deal roadshow in London organised by CAHB via its Labuan incorporated subsidiary Commerce Capital
ABN AMRO. (Labuan) Ltd successfully completed the sale of USD 110million
zero-coupon convertible bonds (with greenshoe option). CIMB
19 April A was the Sole Global Coordinator and acted together with JP
Annual General Meeting held at Nirwana Ballroom 1, Mutiara Hotel. Morgan and Morgan Stanley as Joint Bookrunners and Joint
Lead Managers for the transaction.
22 - 23 April
Participated in non-deal roadshow in Hong Kong organised 17 September
by ING. Issuance of the additional USD15 million principal amount
(greenshoe option) of the USD125 million convertible bonds issued
13 May by Commerce Capital (Labuan) Limited, a Labuan incorporated
Group Risk Awareness Workshop held at Hyatt Saujana. subsidiary of CAHB.
3 June 22 - 23 September
Official launch of the “Menara Commerce”project officiated by Participated in ABN AMRO Malaysia Conference in London.
Dato’ Sri Najib Bin Tun Haji Abdul Razak, Deputy Prime Minister
of Malaysia. 23 November
Completion of the proposed disposal of CAHB’s 70% equity
14 - 16 August interest in both Commerce Trust Berhad and Commerce Asset
Commerce Group Director’s Retreat in Hanoi, Vietnam. Fund Managers Sdn Bhd to CIMB Berhad.

BCB
13 January
BCB was appointed as Collection Agent for Perbadanan Tabung
17 February
BCB executed an MOU with Perbadanan Tabung Pendidikan
Pendidikan Tinggi Nasional (PTPTN) enabling customers to Tinggi Nasional (PTPTN) together with Bank Simpanan Nasional,
make payments for PTPTN loans via our personal internet Bank Pertanian and Bank Rakyat, paving the way for the
banking service, channel-e.com.my and also at over 280 launching of Skim Simpanan Pendidikan Nasional, a new
branches of the Bank. education savings scheme.
30 January B 25 February C
For the fourth consecutive year, BCB made it possible for 1,000 BCB launched Proton Commerce a 50:50 joint venture between
of its customers and staff to watch the exhilarating Formula subsidiary Bumiputra-Commerce Finance Berhad and Proton
One Grand Prix race live at Sepang International Circuit. The Edar Sdn Bhd, announcing new, attractive financing packages
“BCB Formula One Tickets Giveaway” ensures BCB customers aimed at winning a sizeable share of the auto financing market.
and credit card holders get an opportunity to win free tickets to
the race through a simple contest. It attracted wide participation. 25 March
BCB Labuan formalised the successful arrangement of USD200
16 February million syndicated financing facilities from a consortium of off-
BCB launched Channel-e promotions for the second consecutive shore banks comprising among others, CitiGroup, ABN Amro
year at Universiti Kebangsaan Malaysia, Bangi targeting the and Standard Chartered who acted as the arrangers.
university’s 2004 intake. UKM has endorsed Channel-e as the
payment for its tuition fees from 2004 onwards. 6 April
BCB launched ParentCare, a first of its kind product designed
for individuals who regularly send monetary contributions to
their parents. It ensures parents regularly receive the money
even in the unlikely event of early demise of the individual.

BCB
15 April
BCB formalised an alliance with the Small and Medium Industries
6 August
Prime Minister, Dato’ Seri Abdullah Ahmad Badawi launched Skim
Development Corporation (SMIDEC) to facilitate the extension Simpanan Pendidikan Nasional (SSPN), which aims to encourage
of various SME facilities to SMEs, in particular “BCB Fast Track parents to save for their children’s higher education. BCB was the
SME loans.” only commercial bank appointed in the savings scheme managed
by Perbadanan Tabung Pendidikan Tinggi Nasional (PTPTN).
16 April
In a joint effort with Yayasan Raja Muda Selangor, BCB launched 12 August
and hosted a workshop entitled “Self Discovery for Young BCB and Commerce Life launched Commerce Investment
Adults” designed to assist marginalised and disadvantaged fifth Guarantee 2 (CIG 2), which guarantees investors a minimum
formers develop critical interpersonal and motivational skills return on investment, providing both total security of capital
which, combined with social values will prepare them to rise to and benefits of life insurance protection.
new challenges as they venture out from school.
18 August
5 May BCB sponsored the Inland Revenue Board’s “Pertandingan
BCB was awarded Superbrand status by the Malaysian chapter Pidato Piala Hasil 2004" for secondary schools nation-wide. The
of Superbrands International upon nomination by selection final round concluded at the Inland Revenue’s Board Complex
committee comprising advertising professionals and veterans. in Bangi. The event was officiated by Deputy Minister of Finance,
Datuk Tengku Putera Tengku Awang.
3 June
A ground breaking ceremony was held at the site of CAHB’s 2 December D
proposed new 39 storey office tower officiated by Deputy BCB’s Program Design Centre was awarded the ISO9001:2000
Prime Minister, Dato’ Sri Mohd. Najib Tun Razak. Located in Certification in recognition of its efforts in developing staff
the heart of the golden triangle of banking along Jalan Raja Laut capability by providing the best training that would lead to
and Jalan Esfahan, it will also house BCB’s head office enhancement in services to customers. The award was given
operations and its main branch when completed. by Lloyd’s Register Quality Assurance, London and its Malaysian
counterpart, Akreditasi Malaysia.
28 June
BCB was named as a Top 10 brand in the Brand Visibility 27 December
category during the annual Brand Equity Magazine Awards BCB donated an initial sum of RM50,000 to the Malaysian
2003 “Tribute Nite”. The Visibility award recognizes brands that Tsunami Disaster Relief Fund set up by The New Straits Times
garner high consumer visibility over all TV medium. and Berita Harian Group.

CIMB
13 January
CIMB was conferred Best Debt House, Best Equity House and
E
Best M&A House by Euromoney.
14 January
CIMB was conferred Best Overall Country Research, Best
Overall Sales Services, Best Execution and Best in Sales
Trading by Asiamoney Magazine.
15 January
CIMB participated in the Asian Strategy & Leadership Institute
Malaysia Strategic Outlook 2004 Conference at the Renaissance
Hotel, Kuala Lumpur. The conference was officiated by Deputy
Prime Minister, Dato’ Sri Mohd Najib Tun Razak.
16 April
26 February CIMB was the lead arranger and lead manager for the issuance
CIMB was the joint lead manager and bookrunner for the of the Dawama Sdn Bhd combined Ijarah and Murabahah issue
Guthrie Property Development Holding Bhd’s RM750 million in the domestic debt market. The commercial paper and medium
Murabahah Medium Term Notes Programme in the domestic term note issuance programme under the Islamic-financing
debt capital market. The launch and investor presentation was concept was to raise up to RM150 million in nominal value.
held at the Mandarin Oriental, Kuala Lumpur. A signing ceremony was held at the Kuala Lumpur Golf and
Country Club.
8 March
CIMB launched its Indonesian operations, PT CIMB Niaga 13 May E
Securities. The launch was held at The Grand Hyatt Jakarta and CIMB held it’s Investment Conference on Indonesia entitled
was officiated by the Ambassador of Malaysia to the Republic ‘Evaluating Investment Opportunities’ at the Mandarin Oriental,
of Indonesia, His Excellency Dato’ Hamidon Ali and Chairman of Kuala Lumpur. Jointly organised by PT Danareksa, Indonesia’s
Capital Market Executive Agency of Indonesia (Bapepam), leading securities company and PT CIMB Niaga Securities,
Bapak Herwidayatmo. the two-day conference presented CIMB’s clients with a
comprehensive overview of investment opportunities, risks and
16 March potential returns in Indonesia. The conference was officiated
CIMB organised the Telecommunications Conference 2004 with a keynote address by Second Finance Minister YB Tan Sri
entitled ‘Emerging Drivers of Malaysian Telecommunications’ at Nor Mohamed Yakcop.
The Westin Hotel, Kuala Lumpur. The conference saw six of
the largest telecommunications companies come together to 12 July
discuss strategies and expansion with escalating deregulation CIMB together with Maxis launched its mobile phone share
of the telecommunications industry. trading system (M*trade) which provides real time stock
market information and share portfolio management with
18 March mobile phones. The launch was officiated by Bursa Malaysia
CIMB organised its first Derivatives and Structured Products Securities Berhad’s CEO, En Yusli Mohamed Yusoff.
Conference 2004 entitled, ‘Towards Alternative Investments in
Malaysia’ at Mandarin Oriental Kuala Lumpur. Guest of Honour
at the conference was Acting Chairman and Deputy Chief
Executive of Securities Commission Y Bhg. Datin Zarinah Anwar.

CIMB
F 10 August
CIMB was awarded Best Local Investment Bank, Best Equity
House, Best Broker, Best Investor Relations Representative
and second runner up for Best Investor Relations in Malaysia
by Finance Asia’ Country Awards for Achievements 2004 at
the Ritz Carlton Hotel Kuala Lumpur.
11 August
CIMB co-sponsored the 2nd Asia Economic Summit entitled
“Securing Asia’s Future in an Uncertain World”. The 2nd Asia
Economic Summit organised by the Asian Strategy &
Leadership Institute, a leading private sector Think Tank is
about bringing Asia’s future well-being and assess the strategic
directions for Asian Governments and Companies. The summit
was officiated by Dato’ Seri Abdullah Ahmad Badawi with a
keynote address, “The Rise of A New Asia – Shaping Asia’s
Response to Global Economic Challenges”. The summit was
21 July F
held at Hotel Nikko, Kuala Lumpur.
CIMB was the adviser and sole bookrunner for the Institutional
Offering and Managing Underwriter for the Retail Offering of
19 August
KLCC Property Holdings Berhad. The launch and underwriting
CIMB Private Banking took its first step by expanding to
signing agreement ceremony was held at Mandarin Oriental
Penang. The first branch for CIMB’s Private Banking is aimed at
Kuala Lumpur.
providing personalised financial services to affluent private
investors and organisations based in the northern region.
3 August
CIMB Berhad was one of the co-sponsors of the Euromoney
26 - 29 August
Conference on Malaysia entitled ‘Remaking Malaysia: Investing
CIMB took part in the four day Bursa Malaysia Invest Malaysia
in the New Malaysia’. As a co-sponsor, CIMB hosted a workshop
2004 exposition which featured the Malaysian capital market.
session on ‘Prospects of the Malaysian Capital Market’. The
The exposition held at Putra World Trade Centre (PWTC), Kuala
conference was held at the Mandarin Oriental, Kuala Lumpur.
Lumpur showcased Malaysia’s finest companies and a series of
educational seminars and workshops on smart investing and
3 - 4 August
the financial markets.
CIMB was awarded Best Debt House, Best Equity House and
Best M&A House for Euromoney Magazine Awards for Excellence
4 September
2004 held at the Mandarin Oriental, Kuala Lumpur.
CIMB hosted its fifth Retail Investment Workshop at the
Suruhanjaya Securities.
6 August
CIMB co-sponsored the Faculty of Economics and Administration
16 September
Graduation Nite 2004 & Dinner at the PJ Hilton. The money
CIMB celebrated its 30th Anniversary at Mandarin Oriental Kuala
was used to set up a Memorial Award in recognition of the late
Lumpur. Present at the reception was Deputy Prime Minister,
Datuk Dr Mokhzani Abdul Rahim, which will be given to the
Dato’ Sri Najib Tun Abdul Razak and Datin Seri Dato’ Rosmah
best student in the Master of Economics programme, students
Mansor. In addition, three long serving staff were conferred an
on the Dean’s list and staff who have contributed distinctively.
award for loyal service during the reception.

G 8 November
CIMB was the adviser, sole bookrunner and underwriter of the
Ornasteel Holdings Berhad flotation on the main board of Bursa
Malaysia. The listing involved a public issue of 195.12 million
shares of RM1.00 each. The underwriting agreement signing
ceremony was held at the CIMB auditorium.
10 November
CIMB Real Estate Sdn Bhd formed a joint venture with Mapletree
Capital Management Pte Ltd of Singapore. The joint venture
known as CIMB-Mapletree Management Berhad (CMM) will
undertake real estate investment advisory and real estate fund
20 September management services to a proposed real estate fund. Present
CIMB organised the Sin Chew Media Corporation Berhad at the launch were Deputy Finance Minister, Dato’ Dr Ng Yen
prospectus launch at the Mandarin Oriental Hotel, Kuala Lumpur. Yen and Temasek executive director and chief executive officer,
Miss Ho Ching.
24 September
CIMB was joint lead manager and joint bookrunner for the 1 December
inaugural Cagamas MBS Berhad issuance of their Residential The International Finance Corporation (IFC) mandated CIMB as
Mortgage Back Securities (RMBS). The issue which total value joint lead manager and joint bookrunner to launch its inaugural
RM1.8 billion is the first ever residential mortgage based Ringgit-denominated Bai Bithaman Ajil Islamic Securities in the
securities in the Malaysian capital market history. The investor’s domestic Malaysian Capital Market.
presentation was held at the Mandarin Oriental, Kuala Lumpur.
10 December G
6 - 8 October CIMB’s CEO, Dato’ Nazir Razak was conferred Malaysia’s CEO
CIMB was the co-sponsor of the 2nd Asian Pacific Venture of The Year award. Dato’ Nazir is the youngest ever CEO to
Capital Alliance Forum held at the Renaissance Hotel, Kuala receive the award since its launch in 1994. The award is jointly
Lumpur. The forum highlighted investment opportunities in collaborated between NST/Business Times and American
Southeast Asia, as well as provided an outlook of what is Express. The award was presented by Tan Sri Nor Mohamed
ahead. Deputy Finance Minister, Dato’ Dr Ng Yen Yen was Yakcop, Minister of Finance II.
present at the forum.
30 December H
18 October Launch of Kurnia Asia Berhad prospectus.
CIMB was joint lead arranger and joint lead manager for the
SAJ Holdings Sdn Bhd RM1.28 billion nominal value Bai
H
Bithaman Ajil Islamic Debt Securities issue. A signing ceremony
was held at the Hotel Nikko, Kuala Lumpur.
25 October
CIMB on behalf of WCT Land Berhad hosted a prospectus
launch ceremony at the Renaissance Hotel, Kuala Lumpur.

Bank Niaga
January August
• New Customer Relationship Assistant Service System announced. • Awarded Best Annual Report for 2003 by the Ministry of
State Owned Enterprises, Directorate General of Tax, The
February Indonesian Capital Markets Supervisory Agency, the Jakarta
• New logo unveiled for Bank Niaga Priority Service: Preferred Stock Exchange, the Indonesian Institute of Accountants and
Circle. the National Committee for Corporate Governance.
• 2003 One million book charity officially completed with • Launched mobile library and scholarship program supported
802,621 books. by Bank Niaga & Yayasan Kesejahteraan Anak Indonesia.
• Corporate Governance Perception Index Award – Ranked fifth • SDI Technologies & Cash Tech sign agreement to build Cash
in 2003 from The Indonesian Institute for Corporate Governance. Management System for corporate customers.
• Awarded Best E-Company in Banking Industry category by
Warta Ekonomi Magazine. September
• Syariah Banking service launched.
• Employee Stock Option Program rolled out.
• Makassar SME Centre opened.
March
• Three new UKM (Small Medium Enterprises) Centres opened. October
• Bank Niaga holds blood donation program “Care for others”
• Held Direct Sales Award for Bank Niaga Marketing Representatives
and Telesales. • Three new products was launched.
April November
• Reverse Stock split of ten to one completed. • Self Service Terminal officially launched.
• Awarded Banking Service Excellence in 2004 by Marketing • Awarded the Best E-Corporation in 2004 by SWA Magazine.
Research Indonesia.
December
May • E-Banking Journey Fair held in major Jakarta shopping mall.
• Yogyakarta SME Centre opened. • SME credit signed for 510 oil palm farmers in Jambi.
• Outstanding Performance Award for all Bank Niaga employees • Awarded The Most Active Custodian Bank for 2003 by
held by Bank Niaga nationally. Surabaya Stock Exchange.
• Awarded Best Bank of 2004 by Investor Magazine. • Commenced donation for Aceh and North Sumatra until
September 2005.
June • Awarded one of the Most Admirable Companies by Warta
• Niaga Visa Mini Card launched. Ekonomi Magazine.
• Four new Bank Niaga branches opened. • Awarded Best Website in Indonesia in the Economy &
• Awarded Excellent Financial Performance of Year 2003 by Business category by Computer Active Magazine.
Infobank Magazine. • Indonesia’s Top Ten Value Creator Award by SWA Magazine,
University of Indonesia and Mark Plus & Co.
July
• Major SME Credit signed for 2,374 South Kalimantan oil palm
farmers.
Commerce Life
5 July 29 October
Memorandum of Understanding with Koperasi Pekerja Perbadanan Majlis Berbuka Puasa with staff – Plaza Hotel , Kuala Lumpur.
Pinjaman Sabah Bhd (KOPPS) – Sutera Harbour Resort, Kota
Kinabalu Sabah. 3 December
Commerce Life 1st Anniversary, “NITE OF ALL STARS”– Kuala
12 August Lumpur Golf & Country Club (KLGCC, Bukit Kiara, Kuala Lumpur).
Exchange of MOU for Wasiyah Service between Commerce
Life and Bumiputra Commerce Trustee (BCT) - Commerce Life 22 December
Customer Relationship Management Office, Jalan Medan Commerce Life launches EZLife with Proton Commerce – Crown
Tuanku, Kuala Lumpur. Plaza Mutiara, Kuala Lumpur.
This is a life protection scheme specially designed for individuals
7 - 13 October
taking up a hire purchase facility with Proton Commerce which
Chairman’s Cup 2004 – Kinrara Golf & Country Resort, Saujana
provides protection to the purchaser in the event of death or
Impian Kajang and Tasik Puteri Golf, Rawang.
disability.

Commerce Assurance
February August
An important and significant event that took place in February, A full pledged HR Management System including the ESS
2004, was the disposal of 100% shareholding by The New Straits (Employee Self Service) solution was implemented in August,
Times Press (Malaysia) Berhad to Commerce Asset-Holding Berhad. 2004.
Reorganisation and shift of focus was the strategy established

October
in order to meet new challenges and to enable the company to
Agency Convention was held in Jakarta specially for AMI
position itself to develop the Bancassurance business into a
Agents and Top Achievers for their outstanding achievements.
significant contributor to the Group’s bottomline.
The ceremony is an annual event held to honour their valuable
contribution to the success of AMI. General Insurance Agents
March
remain the main and important channel of distribution for
Opening of new branches in Shah Alam, Kepong and Kajang to
retail business.
prepare for the anticipated expansion of business in coming years.
In terms of the ranking in the insurance industry, AMI was ranked
AMI (now known as Commerce Assurance Berhad) being an
number 16 in the year 2001 and number 5 in the year 2004.
active player not only in large and specialised risks but also one
of the biggest providers of motor insurance in the industry.
I
July I
In July, 2004, AMI officially launched the electronic Agency
Management System. Whilst this system meets JPJ’s initiative
of issuance of electronic covernote, it add more features like
issuance of on-line quote, proposals and finally for a seemless
integration with the back end system for issuance of policies.
Commerce-Ventures
13 - 15 January 25 June J
Commerce-Ventures Annual Executive Conference. Rebranding and launch of new logo of Commerce-Ventures
Sdn Bhd at Mandarin Oriental Hotel.
18 - 24 March
Investment Committee Retreat and participated at CEBIT. September
Roadshow to BCB regional business centers.

The Group will continue to build
on a strong framework for
managing risk and sound
corporate governance practices.
Corporate Governance
Statement of Corporate Governance 72
Statement on Internal Control 76
Audit Committee Report 78
Risk Management 80
Additional Compliance Information 84
Statement of Directors’ Responsibility 84

Statement of Corporate Governance
(Pursuant to Paragraph 15.26 of the Listing Requirements of Bursa Malaysia Securities Berhad)
INTRODUCTION C OM P O S I T I O N O F B O A R D O F D I R EC TO R S /
BOARD BALANCE
The Board of Directors of Commerce Asset-Holding Berhad (CAHB)
is supportive of the adoption of principles and best practices as The Board of CAHB as at the date of this statement consists of
enshrined in the Malaysian Code of Corporate Governance seven (7) members. Three (3) directors are independent as
throughout the Group. It is recognised that the adoption of the defined under the Listing Requirements of Bursa Malaysia
highest standards of governance is imperative for the enhancement Securities Berhad. Three (3) directors represent shareholders
of stakeholders value. namely Employees Provident Fund (EPF), Khazanah Nasional
Berhad and Kumpulan Wang Amanah Pencen (KWAP) and one
The Board is pleased to present the following report on the is an Executive Director.
application of principles and compliance with best practices as set
out in the Malaysian Code of Corporate Governance. There is optimum board balance and there is compliance with
the independent directors criteria of the Bursa Securities Listing
1 . B OA R D O F D I R EC TO R S Requirements. The current set of Directors with their wide
experiences in both the public and private sector and academic
The Board is the ultimate decision making entity. It leads and
background provides a collective range of skills, expertise and
controls the Group. The Board is primarily responsible for
experience. The independent directors fulfill their role by
among other things, the review and adoption of a strategic plan
providing objective judgment and participation in the decision
for the Group, oversight of business performance, ensuring the
making process.
adoption of appropriate risk management systems and ensuring
establishment of proper internal control systems.
Tan Sri Dato’ Mohd Desa Pachi who is the Chairman, has been
identified as the Senior Independent Director to whom concerns
The Board of Directors meets on a scheduled basis at least
may be conveyed. On 1 September, 2004, Dr Rozali Mohamed
once every quarter. When the need arises, Special Board
Ali was appointed as Executive Director/Group CEO. He was
Meetings and Joint Special Board Meetings with subsidiaries
previously the Managing Director/Group Chief Executive Officer
are also convened. The quarterly Board Meetings are scheduled
of Bumiputra-Commerce Bank Berhad, our commercial banking
prior to the commencement of the financial year.
subsidiary as well as a Non-Independent Non-Executive Director
at CAHB. The roles of Chairman and Executive Director are
Among the topics for deliberation include the financial
distinct and separate.
statements and results of the Group and its subsidiaries,
operational activities, strategic and corporate initiatives as well
as matters specifically reserved for the Board’s decision. S U P P LY O F I N FO R M AT I O N
Reports by Board Committees are also presented and Prior to the Board Meetings, all Directors will receive the agenda
discussed. and a set of Board papers containing information relevant to the
matters to be deliberated at the meetings. In 2004, specific
In 2004, there were 4 Board Meetings, 9 Special Board number of days prior to Board Meetings were set as targets
Meetings and 2 Joint Special Board Meetings with the Board of for Management to deliver the respective papers to the
BCB. The dates, venues and time of the Board Meetings can members of the Board. Any deviation from the set timelines
be found in the Statement Accompanying Notice of Annual will require explanation from Management. The Board will
General Meeting on page 4 of this Annual Report. The following receive information that is not only historical or quantitative
are the details of attendance of each individual director in but also those that look at qualitative performance factors.
respect of meetings held. Management is responsible to provide the Board with all
information of which it is aware. The Chairman of the Board
Directors No. of Meetings Percentage shall undertake primary responsibility for organising information
Attended for the agenda of the Board.
Tan Sri Dato’ Mohd Desa Pachi 15/15 100%
Directors have access to all the information within the
Dr Rozali Mohamed Ali 15/15 100%
Company and the Group, whether as a full board or in their
Dato’ Anwar Aji 14/15 93% individual capacity, in the furtherance of their duties. Directors
En Mohd Salleh Mahmud 15/15 100% whether acting as a full board or in their individual capacity can
take independent professional advice at the Company’s expense.
Tan Sri Datuk Asmat Kamaludin 12/15 80%
Dr Roslan A. Ghaffar 14/15 93% All the Directors have direct access to the advice and services
En Izlan Izhab 6/7 86% of the Company Secretary. The Company Secretary is someone
(Appointed on 26 July, 2004) who is capable of carrying out the duties to which the post
entails. The Directors are regularly updated on new statutory as
Mr Masayuki Kunishige 5/7 71% well as regulatory requirements relating to the duties and
(Resigned on 28 June, 2004)
responsibilities of Directors. The Board recognises that the
Chairman is entitled to the full support of the Company
Secretary.

STATEMENT OF CORPORATE GOVERNANCE
A P P O I N T M E N TS TO T H E B O A R D The Board through the Nomination and Remuneration Committee

periodically reviews the relevant mix of skills and experiences
There is in place a formal and transparent procedure for the
inherent in the Board. With regards to assessing the
appointment of new directors to the Board. The proposed
effectiveness of the Board as a whole, the committees of the
appointment of new member (s) of the Board as well as the
Board as a whole, and for assessing the contribution of each
proposed re-appointment/re-election of Directors seeking re-
individual director, an appropriate framework has been put
appointment or re-election at the Annual General Meeting, are
forward to the Board for adoption.
recommended by the Nomination and Remuneration Committee
to the Board for their approval. The Board makes the final
The Company Secretary will ensure that all appointments are
decision on appointment and the approval from Bank Negara
properly made, that all necessary information is obtained from
Malaysia is then sought.
directors, both for the Company’s own records and for the
purposes of meeting statutory obligations, as well as
The Nomination and Remuneration Committee is made up entirely
obligations arising from the Listing Rules or other regulatory
of non-executive directors with the majority being independent.
requirements. The Board will periodically examine the
The members of the Nomination and Remuneration Committee
effectiveness of its present size in discharging its duties.
are as follows:-
Tan Sri Dato’ Mohd Desa Pachi (Chairman) All Directors have attended the Mandatory Accreditation
Independent Non-Executive Director Programme and various courses linked to the Continuing
Dato’ Anwar Aji Education Programme. The Company has on an ongoing basis
Non-Independent Non-Executive Director identified conferences and seminars both locally and regionally
with particular emphasis on the financial services sector which
Independent Non-Executive Director
will be beneficial to the Directors. Bursa Securities has
informed via its circular dated 28 September, 2004, that
In 2004, there were five meetings held by this committee. Two effective 1 January 2005 the Board of public listed companies
Directors were not able to attend one of the five meetings will assume the onus of determining or overseeing the training
scheduled during the year. needs of the directors. For the first quarter 2005, the Board has
identified two executive education programmes on corporate
The terms of reference of the Nomination and Remuneration governance. Further relevant conferences will be identified
Committee with regards to the nomination role are as follows:- throughout 2005. A Commerce Group Director’s retreat was
held in Hanoi, Vietnam in August 2004. The main issues
• To review regularly the Board structure, size and discussed were on risk management initiatives.
composition and make recommendations to the Board with
regard to any adjustments that are deemed necessary All directors are required to submit themselves for re-election in
within the Group and to recommend Directors to the accordance with the Articles of Association that is at regular
Committees of the Board. intervals subject to approval being obtained from Bank Negara
• To be responsible for identifying and nominating candidates Malaysia and at least once every three years.
for the approval of the Board to fill Board vacancies within
the Group as and when they arise as well as to put in place
2 . B O A R D C OM M I T T E E S
plans of succession in particular of the Chairman and the
Managing Director/Executive Director/Chief Executive. The To assist the Board in the discharging of its duties, various
responsibility of the Committee shall be extended to all Board Committees were established. The functions and terms
subsidiaries of CAHB. All subsidiaries shall submit the of references of the Board Committees are clearly defined.
names of new directors proposed for the respective Boards (a) Audit Committee
to the Committee for recommendation. In 2004, the members of the Audit Committee were as
• To review the required mix skills and experience and other follows:-
qualities and competencies, which Non-Executive Directors Tan Sri Datuk Asmat Kamaludin (Chairman)
shall bring to the Board, and to assess the effectiveness of Independent Non-Executive Director
the Board Committees of the Board and contributions of
Directors of the Board within the Group.
Non-Independent Non-Executive Director
• To recommend to the Board for the appointment and
En Izlan Izhab
continued tenure of service of Managing Director/Executive
Director/Chief Executive for the Company and subsidiaries. (Appointed on 26 July, 2004)
• To recommend to the Board for the appointment and
continuation (or otherwise) in service of any Director who The Audit Committee met four (4) times during the year.
has reached the age of 70. The Audit Committee Report is presented on page 86 of
the Annual Report. Its principal function is to assist the
• To recommend directors who are retiring by rotation for
Board in maintaining a sound system of internal control.
re-election.
• To sack the services of such advisors or consultants as it
deems necessary to fulfill its responsibilities.

(b) Building Committee (d) Nomination and Remuneration Committee

The Committee was established in October, 2003 with the This committee was formed on 31 October, 2001. It is made
principal role of reviewing and approving issues pertaining up entirely of non-executive directors as stated on page 73.
to the purchase and development of the new CAHB Group The terms of reference with regards to the remuneration
corporate headquarters before recommending to the Board role are as follows:-
for final approval. In broad terms, the three phases involved
• To determine and recommend to the Board the Company’s
would be firstly, the clarification of design and sale
or the Group’s director fees, allowances and other
agreement documentation, followed by design development
remuneration.
and finally the implementation stage.
• To determine and recommend to the Board the
The members of the Building Committee are as follows: framework or broad policy for the remuneration of the
Company’s or Group Managing Director (MD), Executive
En Mohd Salleh Mahmud (Chairman)
Director (ED), Chief Executive Officer (CEO) and Senior
management reporting directly to the MD/ED/CEO.
• To determine and recommend to the Board of any
Executive Director/Group CEO
performance related scheme for the Company or the
Datuk Hamzah Bakar Group.
Independent Non-Executive Director of CIMB
• To determine the policy for the scope of services and
(c) Group Risk Management Committee terms and conditions of service agreements for the
The Committee was established on 30 July, 2003 with the executive and non-executive directors.
primary responsibility of ensuring the effective functioning • To recommend to the Board the services of such
of the integrated risk management function within the advisers or consultants as it deems necessary to fulfill its
organisation. responsibilities.
The terms of reference of the Committee are as follows:- (e) Employee Share Option Scheme (ESOS) Committee
• Formulating and reviewing the risk strategy of the The CAHB Group ESOS Committee was established to
organisation. administer CAHB’s Employee Share Option Scheme. The
Committee’s principal function is to ensure that the
• Approving and periodically reviewing the organisation’s Scheme is administered in accordance with the by-laws
risk management policies in line with risk strategy. approved by the shareholders of the Company. The present
• Defining the risk management objectives across risk ESOS Scheme (ESOS 2002/2007) was implemented on 20
categories and business lines. November, 2002 and is governed by the by-laws that were
approved by the shareholders on 26 April, 2002.
• Setting the risk appetite (namely the confidence level to
be used for quantifiable risks, maximum size and
frequency of losses for risks, etc) of the organisation 3 . D I R EC TO R S R E M U N E R AT I O N
along specific business lines. The level of remuneration of the Directors is sufficient to attract
• Reviewing the risk-based economic capital of the and retain the Directors needed to run the Group successfully.
organisation. The Nomination and Remuneration Committee will review the
remuneration framework of Directors and senior management
• Reviewing the overall risk profile of the organisation and
of the Group. This will include fee and allowance structure as
specific market risk and credit risk portfolio profile on a
well as performance linked rewards or compensation. External
periodic basis.
advisers or consultants may be engaged by the Nomination and
• Approving the methodology to be followed for risk based Remuneration Committee to advise on specific areas where
economic capital computation. necessary.
• Approving the contingency plan for dealing with various
extreme internal/external events and disasters. The determination of remuneration packages of non-executive
directors is a matter for the Board as a whole. All Non-
• Ensuring a risk aware culture in the organisation. Executive Directors of the Company receive annual fees of
• Any other related issues. RM60,000 per director which are subject to shareholders
approval at the Annual General Meeting. Meeting allowances
The members of the Committee are as follows:- have been fixed at RM1,000 per meeting per director for a
Board/Special Board Meeting and RM500 per meeting per
Tan Sri Datuk Asmat Kamaludin (Chairman)
Director for Board Committee Meetings. For Executive Director
and those who head operating subsidiary, the remuneration will
En Mohd Salleh Mahmud be based on level of responsibilities, skills, experience and job
performance. The remuneration package is also governed by
Dr Rozali Mohamed Ali the relevant human resource policy of the entity. For Non-
Executive Director/Group CEO Executive Directors, the level of remuneration will reflect the
level of responsibilities and experience involved.

The aggregate remuneration of the Directors of the Company Another aspect of effective communications is through early
categorised into the appropriate components are as follows:- and timely dissemination of material information, financial
results, corporate proposals and other announcement to Bursa
Group Company
Securities. Our website www.commerz.com.my can also be
RM’000 RM’000
accessed for the relevant announcement and corporate
Executive Director
information. With regards to the release of quarterly results we
Salary and other remuneration 450 224 will strive to consistently meet the financial results deadline as
Benefits-in-kind 14 14 specified in the Bursa Malaysia Securities Berhad Rules and
464 238 Regulations.
Non-Executive Directors* 5. A C C O U N TA B I L I T Y A N D A U D I T
Fees 1,246 411
Financial Reporting
Other remuneration 1,477 228
The Board intends to present a balanced, clear and understandable
Benefits-in-kind 46 –
assessment of the Group’s financial position and its future
2,769 639
prospects in its reports to shareholders, investment community
3,233 877 and regulators. This is done through the release of quarterly
results accompanying press releases and statement of
* Included in the Non-Executive Directors’ remuneration are amounts paid to responsibility for preparing the financial statements which can
a Director in his capacity as executive director for the subsidiary.
be found on page 84 of this Annual Report. The Audit Committee
The aggregate remuneration of directors of CAHB for the assists the Board in overseeing the financial reporting process.
financial year ended 31 December, 2004, in respective bands of
RM50,000 are as follows:- Audit Committee
Range of Remuneration Number of A report on the Audit Committee and its terms of reference
is included on pages 78 and 79 of this Annual Report.
Non-Executive Directors Directors
The minutes of the Audit Committee meetings are tabled to the
RM50,000 and below 1 Board. The Board and the Audit Committee maintain a formal
RM50,001 - RM100,000 2 and appropriate relationship with the external auditors.
RM100,001 - RM150,000 2
Internal Controls
RM200,001 - RM250,000 1 The Board of Directors have overall responsibility for maintaining
RM400,001 - RM450,000 1 sound internal control systems that cover financial controls,
effective and efficient operations, compliance with law and
Executive Director regulations as well as risk management. The size and complexity
RM2,150,001 - RM2,200,000 1 of the CAHB Group necessitates the managing of a wide and
diverse spectrum of risks. The nature of these risks means that
events may occur which would give rise to unanticipated or
4 . S H A R E H O LD E R S
unavoidable losses. The inherent system of internal control is
CAHB has an Investor Relations Unit which provides a platform designed to provide reasonable assurance but not absolute
for two way communication between the Company with assurance against the risk of material errors, fraud or losses
shareholders and investors. This is described in a separate occurring. The Statement on Internal Control which provides an
section of this Annual Report on page 53. overview of the state of internal control is set out on pages 76
and 77. The internal audit function of the Group which rests
The Annual Report of CAHB is also an important channel of with the group internal audit division (GIAD) which is based at
communication to reach shareholders and investors. There is a Bumiputra-Commerce Bank Berhad is described in the audit
determined effort to enhance the contents of the Annual Report committee report on page 79 of this annual report.
in line with best corporate governance practices.
The Annual General Meeting of the Company is still the CONCLUSION

principal avenue for shareholders to communicate and engage CAHB has been in compliance with the Malaysian Code of Corporate
in dialogue with the Board and senior management. There has Governance during the financial year under review.
always been a reasonable turnout at the Company’s Annual
General Meeting with around 500 shareholders attending the This statement is made in accordance with a resolution of the
meeting held in 2004. Notices and agenda of the meeting are Board of Directors dated 28 February, 2005.
sent in accordance with the rules. There is always a healthy
dialogue and interaction with shareholders, which is greatly
encouraged.

Statement on Internal Control
for the financial year ended 31 December 2004
BOARD RESPONSIBILIT Y • Drive the Group’s risk management through:
The Board acknowledges its responsibility for maintaining sound – Analysing comprehensive and timely information on
internal control systems to safeguard shareholders’ interest and the subsidiaries’ risk and performance status through Group
Group’s assets; and for reviewing the adequacy and integrity of Risk Dashboard
these systems. Such systems, however, are designed to manage
– Building processes to speedily control wayward situations
rather than eliminate the risk of failure to achieve business
in subsidiaries, if required
objectives, and can only provide reasonable rather than absolute
assurance against material misstatement or loss. The process to – Enhancing consistency in risk management approaches
identify, evaluate and manage the significant risks is a concerted through periodic intra-group risk management dialogue
and continuing effort throughout the financial year under review.
• Build the Group’s capabilities for pro-active economic capital
This process is regularly reviewed by the Board and accords with
management
the guidance from the Statement of Internal Control – Guidance for
Directors of Public Listed Companies issued by Bursa Malaysia
Risk management frameworks have also been implemented by the
Securities Berhad and Malaysian Code on Corporate Governance.
major banking subsidiaries such as Bumiputra-Commerce Bank
Berhad (BCB), Commerce International Merchant Bankers Berhad
In addition, as part of the overall assessment of major subsidiaries’
(CIMB) and PT Bank Niaga (PTBN) and other subsidiaries such as
state of internal control, these subsidiaries are required to assess
Commerce Life Assurance Berhad (Commerce Life), Commerce
the state of internal control of their respective companies and
Assurance Berhad (formerly known as AMI Insurans Bhd)
accordingly report and provide due assurance to the holding
(Commerce Assurance) and Commerce Asset Ventures Sdn Bhd.
company. The banking and insurance subsidiaries’ statement of
The frameworks involve a continuous process of risk identification,
internal control were approved by its respective Audit Committee.
assessment, control, monitoring and reporting. A separate section
of the Annual Report will further describe CAHB and its major
The Board is pleased to provide the following statement which
subsidiaries’ risk management framework and initiatives which will
outlines the key processes of the internal control systems of the
also include Basel II efforts where relevant.
Group.
Furthermore, the major banking subsidiaries have specific

RISK MANAGEMENT committees which have been delegated the responsibility to
In January 2004, the Group Risk Management Committee (GRMC) examine all matters within their scope and report to the respective
initiated a Strategic Risk Management Framework (Framework) board of directors on significant matters. The subsidiaries’ Board
project. The project was completed and approved by the Board in Risk Management Committee and specific risk sub-committees
June 2004. The approach taken in this Framework reflects the have been entrusted to manage different types of risks common to
Group’s risk aspiration, profile, philosophy and strategy. financial institutions which include credit risk, market risk,
operational risk and liquidity risk. The risk sub-committees meet
The prime objective of the Framework is to put in place integrated regularly to review and manage the risk and recommend suitable
risk management capabilities that enable the holding company to follow-up actions.
achieve a single view of risks across its various subsidiaries and
business operations and to gain strategic competitive advantage The major banking subsidiaries continuously review its internal
from its risk management capabilities. control policies and practices to be in line with the current
developments in the market and are aiming to comply with Basel II,
The following are the key principles of the Framework: Bank Negara Malaysia (BNM) guidelines and other regulatory
authorities. During the year, several initiatives taken by BCB
• Retain the dynamism of the Group and the subsidiaries’ include, amongst others, the establishment of the Basel Programme
autonomy in managing their risks Office to manage Basel II implementation with its immediate focus

STATEMENT ON INTERNAL CONTROL
of assessing the key issues and identifying critical success factors departments called Corporate Assurance Department and Group
for implementing the Standardised Approach for credit risk; the Internal Auditor respectively. CAHB Group Internal Audit reviews
enhancement to the Treasury Risk Management Policy to incorporate their reports.
Value-at-Risk methodology and Treasury Trading Statement Policy
to comply with BNM’s market risk adequacy framework; and the The Internal Auditors regularly audit the internal controls practices
continuous effort in setting up a Banking Data Warehouse to and report significant findings to the Audit Committee with
ensure comprehensive, accurate and up-to-date data is available for proposed recommendations. The core function of the internal
the Bank’s risk management. At CIMB, its initiative includes the auditors is to perform an independent appraisal of the Group’s
establishment of Group Risk Monitoring during the year to review activity, to provide assurance on and to help management to maintain
compliance with regulatory requirements, compliance to internal an adequate internal control system. The management is responsible
policies and procedures and undertake investigations for breaches. to ensure that corrective actions on reported weaknesses are
During the year, the initiatives at PTBN include the Control Self undertaken within an appropriate time frame.
Assessment Tool for operational risk and development of the
Historical Loss Event Database.
OT H E R K E Y E L E M E N TS O F I N T E R N A L C O N T R O L
• The internal control culture is promoted via the introduction of

AU D I T C OM M I T T E E
various forms of initiatives which include, amongst others,
The Audit Committee which is chaired by an independent emphasis on avoidance of conflict of interest and confidentiality
non-executive director reviews the internal controls system and of information, authorised credit limit, Code of Ethics and
findings of the internal auditors, external auditors and regulatory exceptions management procedure. At CIMB a Group-wide
authorities and accordingly endorses appropriate remedial action. Chinese Wall Policy to manage the conflict of interest arising
from the convergence of various business practices was
The BCB Group, CIMB Group, PTBN Group, Commerce Life and developed.
Commerce Assurance have their own separate Audit Committees.
• Our major banking subsidiaries have established policies and
The summary reports of these committees are forwarded to the
procedures for anti-money laundering to facilitate the detection
CAHB Audit Committee.
and reporting of money laundering activities.
There is a channel available for interaction between the CAHB Audit • Policies and procedures to ensure compliance with internal
Committee and the major subsidiaries’ Audit Committees to controls and the relevant laws and regulations are documented and
discuss specific issues. Further details on the Audit Committee are duly approved by the Board. The policies and procedures of
set out in the Audit Committee Report. major banking subsidiaries are stated in operation manuals,
guidelines and directives issued by the subsidiaries which are
updated from time to time.
I N T E R N A L AU D I T F U N C T I O N
• Group annual budget is prepared and tabled for the Board
For all major subsidiaries under CAHB Group except for CIMB
approval. Actual performance is compared against budget and
Group and PTBN Group, the internal audit function is carried out by
reviewed by the Board with explanation of major variances.
the Internal Audit Division of BCB which is also functioning as
CAHB Group Internal Audit Division. For CIMB Group and PTBN
This statement was made in accordance with a Board of Directors
Group, the internal audit function is entrusted to their own
resolution dated 28 February, 2005.

Audit Committee Report
MEMBERSHIP AND MEETINGS AUTHORIT Y

The Audit Committee members shall be appointed by the Board of The Audit Committee is authorised by the Board to investigate any
Directors based on candidates recommended by the Nomination activity within its terms of reference and shall have unrestricted
and Remuneration Committee. They will be appointed from among access to both the internal and external auditors and to all
the Board Members and shall consist of not less than three employees of the Group. The Committee is also authorised by the
members with the majority being independent non-executive Board to obtain external legal or other professional advice as
directors. The Chairman of the Audit Committee shall be an necessary.
Independent Non-Executive Director.
T E R M S O F R E F E R E N C E O F AU D I T C OM M I T T E E
The members of the Audit Committee during the financial year
ended 31 December, 2004 are as follows:- • Ensure that the financial statements are prepared in a timely
and accurate manner with frequent review of the adequacy of
Tan Sri Datuk Asmat Kamaludin (Chairman)
provisions of commitments and contingencies and bad and
doubtful debts. Review the Balance Sheet and Income
En Mohd Salleh Mahmud Statement for submission to the Board of Directors and ensure
the prompt publication of financial statements.
En Izlan Izhab • Review internal controls, including the scope of the internal
audit programme, internal audit findings and recommend action
(Appointed to the Board of Directors on 26 July 2004)
to be taken by Management.
En Mohd Salleh Mahmud is the member of the Audit Committee • To consider the appointment of external auditors and the audit
which meets the requirements of Section 15.10 (1) of the Bursa fee.
Securities Listing Requirements which requires at least one • To discuss with the external auditors prior to the commencement
qualified accountant as member of the committee. En Mohd Salleh of audit, the nature and scope of audit and to ensure
Mahmud is currently the Deputy Accountant General, Accountant coordination of audit where more than one audit firm is
General Office, Ministry of Finance. involved. To evaluate the performance of the external auditors
and make recommendation to the Board of Directors on their
Meetings shall be held not less than four times a year and appointment and remuneration.
will normally be attended by Management and the Head of Group • To discuss problems and reservations arising from the external
Internal Audit. Due notice is given of issues to be discussed and audits and any matters the external auditors may wish to
conclusions are minuted. The presence of external auditors is also discuss (in the absence of management where necessary).
requested if necessary. Other Board members and management of
• To review the quarterly announcements made to Bursa
subsidiaries will also attend meetings upon the invitation of the
Malaysia Securities Berhad and year end financial statements
Audit Committee. The Audit Committee met with the external
before submission to the Board focusing on:-
auditors without any management representative presence on 31
1. Going concern assumption
January 2005. This is an annual event.
2. Compliance with accounting standards and regulatory
The external auditors may request a meeting if they consider it requirements
necessary with the members of the Audit Committee. 3. Any changes in accounting policies and practices
4. Significant issues arising from the audit
The Secretary of the Audit Committee is the Company Secretary. 5. Major subjective areas
Minutes of each meeting shall be distributed to each member of
• To evaluate the performance of Group Internal Audit Division.
the Board. The Chairman of the Audit Committee shall report on
• To review the external auditors management letter and
each meeting to the Board. The quorum is met by attendance of
management’s response.
any two members. In 2004 there were 4 Audit Committee
meetings. The details of attendance of the meetings are as follows:- • To monitor related party transactions entered into by the
Company and the Group.
Tan Sri Datuk Asmat Kamaludin 4/4
• To review the minutes of other audit committees within the
En Mohd Salleh Mahmud 4/4
Group and be satisfied that all matters arising are being
En Izlan Izhab 2/2 appropriately addressed by these other audit committees.
• To consider any conflict of interest situation that may arise
The Audit Committee meetings were held on the following dates:- within the listed issuer or group including any transaction,
24 February 2004 procedure or course of conduct that raises question of
26 April 2004 management integrity.
30 July 2004 • To consider the assistance given by the employees of the listed
issuer to the external auditors.
27 October 2004

AUDIT COMMITTEE REPORT
• To perform any other functions as authorised by the Board. In 2004, the Group IAD implemented various process engineering
• To review and discuss significant and unusual events. exercises as follows:-
• Reorganised the set up of the division including setting up of
Credit Department to focus on credit risk and the introduction
SUMMARY OF ACTIVITIES
of Central Auditors concept.
During the year under review, the Audit Committee carried its
• The introduction and implementation of certification to Common
duties as set out in the terms of reference. Among the main areas
Audit Findings (CAF).
discussed by the Audit Committee during the year were as follows:-
• The development and implementation of Self-Audit Questionnaires
• Reviewed the audit scopes, programmes, functions and
(SAQ).
resources requirement of the Group Internal Audit Division and
• Recommended on the introduction of Rules of Business
that it has the necesary authority to carry out its work.
Conduct that were implemented.
• Reviewed the annual audit plan, audit report and the scope of
• The development and implementation of new grading system
work with external auditors.
with emphasis on risk and its impact to the financial position
• Reviewed the internal audit reports, audit recommendation and
and business of the audited business units.
management response to these recommendations.
• The introduction of virtual/desktop auditing as part of the audit
• Reviewed the financial statements of the Group on a quarterly
process.
basis and the draft announcement to Bursa Securities before
• Conceptualised the new audit approach of reviewing the whole
recommending them for the approval of the Board of Directors.
business in the region in terms of business prospects and
• Reviewed the statements included in the Annual Report
opportunities.
namely Statement of Corporate Governance and Statement on
Internal Control.
In 2004, 549 reports were issued compared to 414 reports in 2003.
• Initiated a high level review of the Group Internal Audit Function The Division achieved an improvement of 32.6% in reports issued
by an external party. as compared to 2003 with an increase in personnel of 14.7%.
• Monitored and reviewed the action plan timelines for points Other activities in 2004 conducted by Group IAD include:-
raised during Audit. • Various training and development programmes.
• Reviewed the annual audited financial statements of the • Co-sourcing with external consultants in auditing of Treasury,
Company and the Group with external auditors prior to Risk Management and IT.
submission to the Board of Directors for their approval. The
• Special review on specific areas of operations.
review would entail due compliance with provision of the
• Introduce the BCB Young Leaders programme together with BCB.
Companies Act, 1965 and the Banking and Financial Institution
Act, 1989, Listing Requirement of Bursa Securities, applicable
In 2005, Group IAD will strive to enhance its value added assurance
approved accounting standards in Malaysia as well as other
services with emphasis as a change agent and knowledge
legal and regulatory requirements.
repository for best practices.
• In accordance with the new ESOS Guidelines issued by Bursa
Securities in February 2004, the Audit Committee verified that
the allocation of ESOS Options during the year were in
accordance with the relevant criteria set.
INTERNAL AUDIT FUNCTION

The Group Internal Audit Division (Group IAD) is the Group Internal
Audit Division of Bumiputra-Commerce Bank Berhad Group. The
Board will determine the remit of the internal audit function. The
Group IAD assists CAHB Board in discharging its responsibilities.
For CIMB Group and Bank Niaga, the internal audit function is
entrusted to their own departments called Corporate Assurance
Department and Group Internal Auditor respectively. The internal
audit division of Commerce Assurance Berhad (formerly known as
AMI Insurans Berhad) was placed under Group IAD on 17 January,
2005. Oversight is in place as the Group Chief Internal Auditor is
invited to attend CIMB and Bank Niaga Audit Committee meetings
and quarterly reports are forwarded to the CAHB Audit Committee
and Group IAD. The internal audit function is independent of
activities they audit and duties are performed with impartiality,
proficiency and profesional care.

Risk Management
1 . C OM M E R C E A S S E T - H O L D I N G B E R H A D ( C A H B ) The GRMC is chaired by an Independent Non-Executive Director.

The composition of GRMC is as follows:
Risk-taking is an integral part of the financial services business.
We at CAHB believe, that strong corporate governance essentially Tan Sri Datuk Asmat Kamaludin (Chairman)
provides a guiding vision in managing risk in an increasingly Independent Non-Executive Director
dynamic and complex environment. An effective risk management Dr Rozali Mohamed Ali
system that commensurates with the size and complexity of Executive Director/Group CEO
operations will help ensure that the risks undertaken are well
managed within the boundaries of the organisation’s risk appetite.
Strategic Risk Management Framework The GRMC is primarily responsible for the effective functioning
Acknowledging and thus responding to these challenges, in of the integrated risk management function within the Group
January 2004, the Group Risk Management Committee (GRMC) which includes formulating and reviewing the risk strategy,
initiated a Strategic Risk Management Framework (Framework) approving and periodically reviewing the Group’s risk
project. The project was completed and approved by the Board in management policies in line with the risk strategy, defining the
June 2004. The approach taken in this Framework reflects the risk management objectives across risk categories and business
Group’ s risk aspiration, profile, philosophy and strategy. lines, setting appropriate risk appetite, reviewing the risk based
economic capital, reviewing the overall risk profile, approving the
The prime objective of the Framework is to put in place
contingency plan for dealing with various extreme internal/
integrated risk management capabilities that enable the holding
external events and disasters, and ensuring a risk aware culture
company to achieve a single view of risks across CAHB and its
within the Group.
various subsidiaries and business operations and to gain strategic
competitive advantage from its risk management capabilities. The Risk Management Department (RMD) has been entrusted by
GRMC to complement the functions of GRMC and to implement
The framework provides a holistic approach by segmenting
several Group wide risk related initiatives to cultivate and
financial risk management into four areas that covers strategy,
increase the risk awareness within the Group. During the year,
organisation, process and measurement.
RMD has arranged a number of meetings for directors and senior
management of the Group. Internal discussion on and sharing of
3 Key Principles of Strategic Risk Management Framework
risk related matters are encouraged in order to optimise and
improve the Group’s strengths.
Principle 1: Retain the dynamism of the Group and the
subsidiaries’ autonomy in risk management
and risk organisation 2. MAJOR SUBSIDIARIES IN THE GROUP
Principle 2: Drive Holding Company risk management through: At our major subsidiaries, the risk management initiatives
(i) Analysing comprehensive and timely undertaken have advanced further as elaborated in the following
information on subsidiaries’ risk and paragraphs:
performance status through Group Risk a. Bumiputra-Commerce Bank Berhad (BCB) Group
Dashboard At BCB Group, the BCB’s Board Risk Management Committee
(ii) Building processes to speedily control (RMC), which comprises only Non-Executive Directors, sits at
wayward situations if required the apex of the risk management structure of BCB Group. The
RMC provides an oversight and direction of BCB Group’s risk
(iii) Enhancing consistency in risk management
profile and risk appetite, including formulation of risk policies;
approaches through periodic intra-group risk
and reviews and ensures risk exposures are within the defined
management dialogue
parameters and risk limits. Supporting the RMC are three
Principle 3: Build the Group’s capabilities for pro-active specific risk committees, namely Credit Risk Committee,
economic capital management Market Risk Committee and Operational Risk Committee that
meet monthly to review and deliberate on the risk exposure
Integrated within our Framework, we have developed the Group profile reports and accordingly recommend suitable follow-up
Risk Dashboard (Risk Dashboard) to enable CAHB to monitor the actions. These committees are in turn supported by independent
Group’s risk exposure and risk-return performance. The Risk risk management units that report to RMC.
Dashboard is structured to capture the key indicators of CAHB
BCB’s Risk Management Framework includes risk identification,
and its subsidiaries’ risk profile and performance. In combination,
assessment, control, monitoring, and compliance with
the key indicators aim to provide a ‘helicopter’ view of the
regulations, which are duly addressed in the Board-approved
‘health’ of the Group and its subsidiaries.
Risk Management Policy. The implementation of BCB’s
Recognising the fact that the business is dynamic and constantly
Board-approved Risk Management Policy and the monitoring
changing, the Framework also recommends identifying any shifts
of compliance with the policy and limits set are embedded
from the approved strategy and evaluating the resulting impact.
across the risk committees.
Group Risk Management Committee During the year, several new initiatives have been introduced
During the year, the GRMC has sat four times deliberating and and the key risk management initiatives that have been put in
discussing amongst others the Risk Dashboard and various risk place are further refined and improved to be in line with the
related matters. current development in the market and to achieve compliance
with Bank Negara Malaysia (BNM) guidelines, Basel II and
other regulatory authorities.

RISK MANAGEMENT
Credit Risk Operational Risk

Key to the credit risk management is to ensure that structures BCB’s Operational Risk Committee (ORC) has the functions of
and processes are in place to maintain and continuously managing and mitigating operational risk. ORC also ensures
enhance BCB Group’s risk assessment capabilities in major areas that there are clear and predefined roles and responsibilities
of credit. These include sound credit policies and procedures, among ORC and other risk committees, business units as well
quality credit approvals, appropriate risk measurement and as Internal Audit. In order to carry out these functions, ORC is
methodology, strong credit controls with independent reviews guided by a comprehensive Operational Risk Policy that forms
and effective and workable recovery strategies. part of the Board-approved Risk Management Policy which
outlines the risk identification, controls, mitigation and prioritisation
BCB’s Credit Risk Management is vested upon the Credit Risk
issues; and supported by the Operational Risk Management
Committee (CRC). The CRC reports to and assists the Board
Department that acts as the central resource for quantifying
(through the RMC) in its oversight role on management of
and managing the portfolio of risks as a whole.
credit risk of BCB Group. Regular meetings are held to monitor
credit risk exposures and to deliberate on appropriate measures There is ongoing monitoring and reporting on the effectiveness
to minimise any adverse financial implications based on the of operational risk management processes. Some of the
conduct of accounts and on a portfolio basis. initiatives currently undertaken are the introduction of risk
framework for development of new products and services, the
As an initiative to achieve compliance to Basel II, a Basel
development of Internal Watchlist Database and Loss Event
Programme Office has been set up during the year to facilitate
Database to track and monitor actual and potential operational
its implementation at BCB Group. As an immediate focus, the
losses. Other projects being implemented are Control Risk
Basel Programme Office has assessed the key issues and
Self Assessment programme and development of Key Risk
identified critical success factors for implementing the Basel II
Indicators.
Standardised Approach for credit risk. The Basel Programme
Office meets monthly and on a need basis and reports directly Substantial progress has also been achieved in some of the
to the Management Committee and RMC. ongoing initiatives including the implementation of new anti-
money laundering report for tracking of possible money
Market Risk
laundering activities, a cheque fraud management tool for
BCB’s risk management framework, processes and comprehensive
customers who issue large volume of “printed” cheques,
governance surrounding market risk-taking activities are
development of Business Continuity Planning manuals, review
undertaken by the Market Risk Committee (MRC) with the
of controls in outsourced operations at EPIC-I, promotion of a
assistance from Asset and Liability Management (ALM) and
risk culture as well as communication on operational risk alerts.
Treasury Risk Management (TRM).
During the year, TRM has initiated enhancement to the Treasury b. CIMB Berhad (CIMBB) Group
Risk Management Policy to incorporate a new methodology in At CIMBB Group, enterprise-wide risk management framework
risk management (Value-at-Risk) and a Treasury Trading Statement (EWRM) is adopted to manage its risk. The EWRM framework
Policy to comply with the BNM’s market risk adequacy involves the ongoing process of identifying, managing and
framework. ALM has also developed a methodology to compute reporting significant risks that may affect the achievement of its
an Internal Base Lending Rate in response to the introduction business objectives. With EWRM, the Board and management
of BNM’s New Interest Rate Framework. The Funds Transfer are equipped with comprehensive methodology to anticipate
Pricing Policy which was drawn up since last year to centralise and manage both the existing and potential risks. This proactive
the management of interest rate risk, improve performance approach is cascaded down to the rest of the companies in
evaluation and assist asset liability management is currently CIMBB Group through management’s efforts of embedding a
being implemented. strong risk and control culture at the operational level.
For liquidity management, MRC has approved a Liquidity The risk management structure begins with the Board Risk
Contingency Plan and has adopted several measures in Committee which comprises five Non-Executive Directors and
addressing liquidity risk, taking into account market conditions, reports directly to the Board of CIMBB Group. It oversees the
prevailing interest rates, liquidity needs and the desired maturity entire EWRM and provides strategic guidance and reviews
profile of its liabilities. ALM reports to the MRC on maturity decisions made by the various risk committees as well as
mismatches during normal conditions, BCB’s liquidity position establishes the yearly allocation of risk capital to support all
based on BNM’s New Liquidity Framework, concentration of risks taken by CIMBB Group.
funding sources and liquid asset ratio. Additionally, stress test
The day-to-day responsibility for risk management and control
is conducted on the net interest income including worst-case
has been delegated to the Group Risk Committee, which
scenario analysis as well as generation of gap and simulation
reports directly to the Board Risk Committee. The Group Risk
reports which are furnished to MRC on a timely basis. BCB
Committee comprising the senior management of the CIMBB
uses derivative products, such as Interest Rate Swap and
Group performs the oversight function for capital allocations
Cross-Currency Interest Rate Swap, to hedge interest rate risk
and overall risks limit guided by the risk appetite as defined by
in fixed rate loans. All derivative hedgings are done back-to-
the Board. The Group Risk Committee is further supported by
back with counter-parties.
four specialised sub-committees; namely Market Risk
Recognising liquidity risks from treasury activities, BCB’s Committee, Credit Risk Committee, Liquidity Risk Committee
investments portfolios are monitored and marked-to-market by and Operational Risk Committee. These are all Board delegated
TRM regularly and reported to the Investment Committee and committees that meet at least on a monthly basis with respective
MRC on a monthly basis. TRM also monitors the trading cut responsibilities as summarised in the following sub heading.
loss limits and reports to senior management of any breaches
for further escalation.

RISK MANAGEMENT
Market Risk Members of these committees are primarily from the Board of
Market risk arises from changes in market prices such as Directors and senior management of PTBN Group. The Risk
interest rates, exchange rates and share prices. Market risk is Management Committee (which meets at least in every three
managed through risk limits set by the Group Risk Committee. months) determines PTBN Group’s risk appetite based on
The Market Risk Committee oversees the exposure to interest analyses of risk profiles of business within the PTBN Group,
rate, foreign exchange and equity risks and determines that the business opportunities involved and its capital adequacy.
trading, investment and underwriting arrangements are within The decisions made in the executive committees meeting are
defined limits. CIMBB Group has adopted a value-at-risk (VaR) strategic decisions that become operating policies and
approach in the measurement of interest rate, foreign exchange guidelines for all operational level of PTBN Group.
and equity risks.
The Risk Management Committee reviews:
Credit Risk 1. Framework and governance in risk management
Credit risk arises from the losses due to unexpected default
2. Direction, strategy and risk management programme
or a deterioration of business partner’s creditworthiness. The
Credit Risk Committee ensures that the risk exposures 3. Risk profile and capital adequacy analysis
undertaken match the risk appetite of the CIMBB Group, and 4. Policy and implementation for risk management
proper authorisation procedures are adhered to. As an 5. Contingency plans for extraordinary events
immediate effort in implementing Basel II to be inline with
BNM’s requirements, CIMB has adopted Standardised Approach 6. Adequacy of provision made for losses
for credit risk. The responsibility of the other executive committees are
Liquidity Risk summarised under the sub-heading of credit, market, liquidity
Liquidity risk relates to the funding and liquidity management and operational risks below.
of the CIMBB Group’s activities. The Liquidity Risk Committee’s The Risk Management Group supports all risk management
role, amongst others, is to oversee the overall liquidity activities in PTBN Group that include providing data for risk
management of CIMBB Group and to ensure compliance with analysis. The availability of adequate and accurate risk data is
the liquidity framework prescribed by BNM. At CIMBB Group, very crucial for the formulation of the PTBN Group’s policies. In
the liquidity risk management focuses on avoiding over addition, the Risk Management Group is responsible to
dependence on volatile sources of funding, diversification of conduct review of delegation of authority on various limits in
sources of funds and their funding maturity structure, and PTBN Group, including reviewing the quality and progress of
maintenance of sufficient liquid assets. various investment portfolios, improving the system on
Operational Risk internal control, both directly and indirectly through the
Operational risk relates to the potential for losses arising from improvement of the existing policies and procedures.
a breakdown in controls and the implementation of safeguards In addition to the executive committees role, independent
to ensure the proper functioning of people, systems and supervision and control over the PTBN Group’s operations is
facilities. This includes legal and regulatory issues and the conducted by the PTBN Group’s Internal Audit Unit, a working
need to ensure that all work undertaken by CIMBB Group is unit led by the Comptroller.
adequately documented and meets regulatory standards.
These responsibilities have been delegated to the Operational Credit Risk
Risk Committee. In anticipation of the implementation of The credit strategy and goal setting are planned and
Basel II, Operational Risk Sub-Committee has been formed to established by the Credit Risk and Policy Committee who is
develop and implement enterprise-wide operational risk also responsible for managing credit portfolio and credit risk.
framework and initiatives. The Credit Risk and Policy Committee meets at least six times
a year and is chaired by Director of Compliance and Risk
c. PT Bank Niaga (PTBN) Group Management and attended by the President Director and the
At PTBN Group, an integrated risk management policy have other Board of Senior Executive members.
been developed and implemented in which control and
monitoring are conducted through several executive Credit risk is managed based on the review of:
committees which comprise Audit Committee at the level of 1. The diversification of credit risk and portfolio (business
Board Commissioners and the following committees at the segment/ industry sector/ largest borrowers composition)
level of Board of Directors. 2. Credit policy and procedure (including target market and risk
• Risk Management Committee acceptance criteria)
• Credit Risk and Policy Committee 3. Adequacy of provisions for loan losses
• Asset/Liability Committee (ALCO) 4. Other major risk indicators and methods of credit risk
• Market Risk Committee measurement
• Operational and Information Risk Committee In respect of compliance with Basel II, at present PTBN has
opted for Standardised Approach for credit risk.

RISK MANAGEMENT
Liquidity Risk PTBN has a Risk Library and performs operational risk self-
ALCO is responsible for managing liquidity and asset-liability assessment using Control Risk Self Assessment (CRSA) tool
position. The committee meets with business, treasury, credit to identify a specific operational risk profile (high risk potential)
and other relevant units on a monthly basis to ensure that for business lines. The CRSA is also used for identifying
PTBN’s liquidity objectives are met. emerging operational risk issues and determining how these
issues should be managed. PTBN continuously reviews its
PTBN sets the interest rate through interest sensitivity gap
Risk Library and if necessary, revises its policies, procedures
simulation and adjustment between the interest rate of asset
and risk limits to mitigate operational risks arising from data
and liability and source of fund composition.
reconciliation process, money-laundering activities, transaction
PTBN manages its liquidity by focusing on cash inflow and processing, systems interruptions, fraud management and
cash outflow. The gap in cash flow is anticipated through its new product introduction processes.
first tier assets such as reserve requirements and highly liquid
PTBN is in the process of enhancing operational risk
short-term marketable securities. Second tier assets are
management practices through the development of additional
managed through short-term placements with other banks and
operational risk management tools, including Loss Event
available-for-sale long-term marketable securities. Liquidity is
Database, Key Risk Indicator and Risk Dashboard.
also achieved through prudent structuring of PTBN’s funding.
This includes maintaining proper check and balance in the
concentration of the depositors, as well as the amount and 3 . OT H E R S U B S I D I A R I E S I N T H E G R O U P
maturity of deposits. In addition, PTBN assures liquidity by
a. Commerce Life Assurance Berhad (Commerce Life)
maintaining its ability to access the financial market, which is
At Commerce Life, the Risk Management Committee is
dependent upon its credibility and market standing.
responsible to implement the Risk Management Framework
Market Risk which has been approved by the Board of Directors in 2002.
Market risk involves the possibility of losses incurred from The committee is scheduled to meet four times annually.
changes in interest rate and foreign exchange rate due to Additionally, the monthly Board of Directors meeting provides
market volatility. PTBN monitors these changes and their the avenue for the Board to cascade downwards to the
impact on its portfolios as well as net open positions as part of management the level of acceptable risk.
its market risk management, through the Market Risk
Committee. b. Commerce Asset Ventures Sdn Bhd (CAV)
At CAV, a risk management framework has been implemented
The Market Risk Committee defines acceptable limits on during the financial year to manage its risks through a
trading exposures, including daily net open position limits and mechanism of an enterprise-wide Risk Control Report to assist
potential losses on current positions. Factors considered in the Board in reviewing and monitoring the risks. The management
setting these position limits include risk and return levels of the risks is under the overall strategy determined by the
acceptable by management. Position limits are reviewed at CAV’s Risk Management Committee and the implementation
least twice a year, although in periods of extreme volatility they is coordinated by the CAV’s Risk Management Division. Major
are scrutinised more often or suspended altogether momentarily. risks identified will be discussed in the Management Committee
Trading limits are monitored daily on a mark-to-market basis meeting for possible solutions. The implementation of the
and by applying the VaR concept. Thus, by keeping track of its proposed solutions will be carried out by the risk owner and
daily VaR, PTBN is in a position to liquidate its gap, which monitored by the Risk Management Division.
indicates a potential loss greater than the allowable limits.
c. Commerce Assurance Berhad (formerly known as AMI
PTBN is currently preparing the implementation of Treasury Insurans Berhad) (Commerce Assurance)
and Risk Management System Automation to enhance the Commerce Assurance has adopted an Enterprise Risk
effectiveness and efficiency of its treasury and risk management. Management Framework during the financial year intended to
Operational Risk consider the balance between risk and reward in day-to-day
Operational risk includes the risks that arise from failure of planning, execution and monitoring of the strategy and the
internal processes. Operational risk is less direct than credit achievement of its corporate goals in order to optimise the
and market risk but managing them is equally critical. For this rewards gained from business and operational activities. The
purpose, PTBN Group has an Operational and Information Risk approach to the management and control of risks is determined
Committee which defines the roles and responsibilities for by the appetite and tolerance level as defined by the Board.
managing and reporting operational risks arising from the daily The adoption of the Framework is the responsibility of the
operation of PTBN Group. Board, while its implementation is delegated to the Chief
Executive Officer. A Risk Management Committee comprising
a minimum of 3 non-executive directors supports the Board in
carrying out its role. The Risk Management Committee
oversees senior management’s activities in managing key risk
areas and ensures that the risk management process is in
place and functioning effectively.

Additional Compliance Information
as at 31 December 2004
1 . S H A R E B UY B AC K Management by any regulatory body during the financial year

under review.
There were no share buyback transactions and resale of
treasury shares during the financial year. The Company has
cancelled 35,853,000 treasury shares against the share capital 5 . N O N - AU D I T F E E S
on 27 February 2004.
Non-audit fees payable to the external auditors, Messrs
PricewaterhouseCoopers and its affiliates amounted to
2. OPTIONS, WARRANTS OR CONVERTIBLE RM4,226,000 for various audit related work relating to listing
S EC U R I T I E S exercise, reporting accountants work on debt issuance, half
year review and other professional services including tax
On 7 January 2004, 351,000 share options were offered at an
compliance and advisory.
option price of RM3.69 per share option (being the 5 day
weighted average price from 26 December 2003 to 5 January
2004, net of 10% discount). 6 . VA R I AT I O N I N R E S U LT S
There were no variation in results for the fourth quarter and
On 14 October 2004, 37,721,000 share options were offered
year ended 31 December 2004 as the results announced were
at an option price of RM4.05 per share option (being the 5
the audited results.
day weighted average price from 7 October 2004 to 13
October 2004, net of 10% discount).
7 . P R O F I T G UA R A N T E E
The Company has not issued any warrants or convertible
The Company did not give any profit guarantee during the
securities. A wholly owned subsidiary, Commerce Capital
financial year.
(Labuan) Ltd issued USD125 million Convertible Bonds
guaranteed by the Company during the year. The USD
Convertible Bonds are convertible into ordinary shares of 8 . R E VA L UAT I O N P O L I C Y O N L A N D E D P R O P E R T I E S
the Company. Please refer to accounting policy on fixed assets on page 109
of the Annual Report.
3 . A M E R I C A N D E P O S I TO R Y R EC E I P T ( A D R ) O R G L O B A L
D E P O S I TO R Y R EC E I P T ( G D R ) 9 . M AT E R I A L C O N T R AC T S
The Company did not sponsor any ADR or GDR programme There were no material contracts entered into by the Company
during the financial year under review. and its subsidiaries involving directors’ and major shareholders’
interest which were still subsisting as at the end of the financial
4 . I M P O S I T I O N O F S A N C T I O N S A N D / O R P E N A LT I E S year under review or which were entered into since the end
of the previous financial year except as disclosed in Note 45
There were no public sanctions and/or penalties imposed on
and Note 46 to the financial statements.
the Company and its subsidiaries, Directors or the
Statement of Directors’ Responsibility

(in respect of the audited financial statements)
The Directors are required by the Companies Act, 1965 to The Directors have responsibilities for ensuring that the
prepare financial statements for each financial year which give Company and the Group keep accounting records which
a true and fair view of the state of affairs of the Company and disclose with reasonable accuracy the financial position of the
the Group at the end of the financial year and of their results Company and the Group and which enable them to ensure that
and cash flow for the financial year then ended. the financial statements comply with the Companies Act, 1965,
applicable and approved accounting standards in Malaysia and
In preparing the financial statements, the Directors have:- Bank Negara Malaysia Guidelines.
• Considered the applicable approved Malaysian accounting
The Directors have general responsibility for taking such steps
standards.
as are reasonably open to them to safeguard the assets of the
• Adopted and consistently applied appropriate accounting Company and the Group to prevent and detect fraud and other
policies. irregularities.
• Make judgments and estimates that are prudent and reasonable.

Report and
Financial Statements
for the year ended 31 December 2004
Directors’ Report 86
Statement by Directors 92
Statutory Declaration 92
Report of the Auditors 93
Consolidated Balance Sheet 94
Consolidated Income Statement 95
Company Balance Sheet 96
Company Income Statement 97
Consolidated Statement of Changes in Equity 98
Company Statement of Changes in Equity 100
Consolidated Cash Flow Statement 101
Company Cash Flow Statement 103
Summary of Significant Accounting Policies 105
Notes to the Financial Statements 117

Directors’ Report
The Directors have pleasure in submitting their annual report to the members together with the audited financial statements of the
Group and the Company for the financial year ended 31 December 2004.
P R I N C I PA L AC T I V I T I E S
The principal activities of the Company are those of investment holding, management company, property management, provision
of consultancy services and dealing in securities. The principal activities of the subsidiaries are set out in Note 10 to the financial
statements. There was no significant change in the nature of these activities during the financial year.
F I N A N C I A L R E S U LTS
The Group The Company

RM’000 RM’000
Profit after taxation 946,097 285,532

Minority interests (193,870) –
Net profit for the financial year 752,227 285,532
DIVIDENDS
The dividends paid, declared or proposed since the end of the Company’s previous financial year were as follows:
RM’000
(a) In respect of the financial year ended 31 December 2003
• A first and final dividend of 5 sen gross per ordinary share less tax at 28%, paid on 11 May 2004
– as shown in the Directors’ report of that year, dividend on 2,593,107,260 shares 93,352
– dividend on the additional 70,973,000 shares due to exercise of employee share option scheme 2,555
• A special dividend of 5 sen gross per ordinary share less tax at 28%, paid on 11 May 2004
– as shown in the Directors’ report of that year, dividend on 2,593,107,260 shares 93,352
– dividend on the additional 70,973,000 shares due to exercise of employee share option scheme 2,555
191,814
RM’000
(b) In respect of the financial year ended 31 December 2004
• A first and final dividend of 10 sen gross per ordinary share less tax at 28% 193,805
• A special dividend of 5 sen gross per ordinary share less tax at 28% 96,903
290,708
RESERVES AND PROVISIONS
There were no material transfers to or from reserves or provisions during the financial year other than those disclosed in the
financial statements.

DIRECTORS’ REPORT
I S S UA N C E A N D C A N C E L L AT I O N O F S H A R E S
During the financial year, the issued and fully paid ordinary share capital was increased from 2,628,960,260 to 2,691,740,260
ordinary shares of RM1.00 each by the issue of:
(a) Number of
shares Class of
(‘000) Purpose of issue issue Term of issue
93,764 Exercise of Employee Share Option Ordinary At premium of RM2.13 per share
Scheme (“ESOS”)
4,646 Exercise of Employee Share Option Ordinary At premium of RM2.62 per share
Scheme (“ESOS”)
223 Exercise of Employee Share Option Ordinary At premium of RM2.69 per share
Scheme (“ESOS”)
The newly issued shares rank pari passu in all respects with the existing issued shares.
(b) On 27 February 2004, the Company has cancelled 35,853,000 ordinary share capital previously held as treasury shares.
E M P L OYE E S H A R E O P T I O N S C H E M E
On 20 November 2002, the Company implemented an Employee Share Option Scheme (“ESOS 2002/2007”). The ESOS 2002/
2007 is governed by the by-laws which were approved by the shareholders on 26 April 2002.
The main features of the ESOS 2002/2007 scheme are:

(a) Eligible persons are employees of the Group who have been in the employment of the Group (excluding CIMB Berhad Group
and CAHB’s associate companies) when an offer is made in writing to an employee to participate in the Scheme. The
eligibility for participation in the Scheme shall be at the discretion of the Board of Directors.
(b) The total number of new ordinary shares available under the Scheme shall not exceed 10% of the total issued and paid-up
share capital of the Company at any point of time during the existence of the Scheme, which shall be in force for a period of
five years, expiring on 19 November 2007 or any extension thereof.
(c) No option shall be granted for less than 1,000 shares and shall always be in multiples of 1,000 ordinary shares.
(d) The subscription price for each RM1.00 share shall be higher of the following:
(i) the weighted average market price of the shares of the Company as shown in the Daily Official List of the Bursa
Malaysia Securities Berhad (“Bursa Securities”) for the five market days immediately preceding the offer date with an
allowance for a discount of not more than ten per centum therefrom at the Option Committee’s discretion; or
(ii) the par value of the shares of the Company.
(e) The consideration is payable in full on application. The options granted do not confer any right to participate in any share
issue of any other company.
On 22 November 2002, 211,448,000 share options were offered at an option price of RM3.13 per share option to eligible
employees.

DIRECTORS’ REPORT
E M P L OYE E S H A R E O P T I O N S C H E M E ( C O N T I N U E D )
Subsequent share options were offered to eligible employees as follows:

(a) On 29 December 2003, 10,994,000 share options were offered at an option price of RM3.62 per share option (being the
5 days weighted average price from 19 December to 26 December 2003, net of 10% discount).
(b) On 7 January 2004, 351,000 share options were offered at an option price of RM3.69 per share option (being the 5 days
weighted average price from 26 December 2003 to 5 January 2004, net of 10% discount).
(c) On 14 October 2004, 37,721,000 share options were offered at an option price of RM4.05 per share option (being the 5 days
weighted average price from 7 October 2004 to 13 October 2004, net of 10% discount).
These issuances have similar main features with the first issuance and governed by the similar by-laws which were approved by
the shareholders on 26 April 2002.
S H A R E B UY B AC K
The shareholders of the Company, via an ordinary resolution passed at the Annual General Meeting held on 19 April 2004, approved
the Company’s plan and mandate to authorise the Directors of the Company to buy back its own shares up to 10% of existing total
paid-up share capital. The Directors of the Company are committed to enhance the value of the Company to its shareholders and
believe that the share buyback can be applied in the best interests of the Company and its shareholders.
There were no share buyback transactions and resale of treasury shares during the financial year. The Company has cancelled
35,853,000 treasury shares against the share capital on 27 February 2004. The adjusted number of issued and fully-paid shares
with voting rights as at financial year end was 2,691,740,260 shares.
D I R EC TO R S
The Directors of the Company who have held office since the date of the last report and at the date of this report are as follows:
Dr. Rozali Mohamed Ali
Dato’ Anwar Aji
Mohd Salleh Mahmud
Dr. Roslan A. Ghaffar
Izlan Izhab (appointed on 26.7.2004)
Masayuki Kunishige (resigned on 28.6.2004)
Tan Sri Dato’ Mohd Desa Pachi, being over seventy years of age, retires in accordance with Section 129 of the Companies Act,
1965 and offers himself for re-appointment in accordance with Section 129(6) of the Act to hold office until the conclusion of the
next Annual General Meeting of the Company.
In accordance with Article 76 of the Articles of Association, Dato’ Anwar Aji and Dr. Roslan A. Ghaffar, retire from the Board at the
forthcoming Annual General Meeting and being eligible, offer themselves for re-election.
In accordance with Article 83 of the Articles of Association, Izlan Izhab, retires from the Board at the forthcoming Annual General
Meeting and being eligible, offers himself for re-election.

DIRECTORS’ REPORT
D I R EC TO R S ’ B E N E F I T S
During and at the end of the financial year, no arrangements subsisted to which the Company is a party, being arrangements with
the object or objects of enabling Directors of the Company to acquire benefits by means of the acquisition of shares in, or
debentures of, the Company or any other body corporate, other than the Company’s Employee Share Option Scheme (see Note 26
to the financial statements) and other than those disclosed in this report.
Since the end of the previous financial year, no Director has received or become entitled to receive a benefit (other than directors’
remuneration disclosed in Note 35 to the financial statements) by reason of a contract made by the Company or a related
corporation with the Director or with a firm of which he is a member, or with a company in which he has a substantial financial
interest.
D I R EC TO R S ’ I N T E R E S TS I N S H A R E S A N D E M P L OYE E S H A R E O P T I O N S C H E M E
According to the Register of Directors’ Shareholdings, the Directors’ beneficial interests in the shares and share option of the
Company and its subsidiary during the financial year are as follows:
No. of ordinary shares of RM1 each
As at As at
1 January Bought Sold 31 December

– indirect 30,000 5,000 (9,000) 26,000
– direct 314,800 200,000 (200,000) 314,800
CIMB Berhad
Tan Sri Datuk Asmat Kamaludin 50,000 – – 50,000
Dr. Rozali Mohamed Ali 201,000 – – 201,000
Mohd Salleh Mahmud 50,000 – – 50,000
No. of employees’ share option

As at As at
1 January Granted Exercised 31 December

– direct 1,000,000 – (200,000) 800,000
None of the other Directors in office at the end of the financial year held any interest in the shares and employee share option of
the Company and its subsidiaries during the financial year.

DIRECTORS’ REPORT
S TAT U TO RY I N FO R M AT I O N O N T H E F I N A N C I A L STAT E M E N T S
Before the income statements and balance sheets were made out, the Directors took reasonable steps:
(a) to ascertain that proper action had been taken in relation to the writing off of bad debts and the making of provision for
doubtful debts and satisfied themselves that all known bad debts had been written off and that adequate provision had been
made for doubtful debts; and
(b) to ensure that any current assets, other than debts, which were unlikely to realise in the ordinary course of business, their
values as shown in the accounting records of the Group and Company had been written down to an amount which they
might be expected so to realise.
At the date of this report, the Directors are not aware of any circumstances:
(a) which would render the amounts written off for bad debts or the amount of the provisions for doubtful debts in the financial
statements of the Group and Company inadequate to any substantial extent; or
(b) which would render the values attributed to current assets in the financial statements of the Group and Company
misleading; or
(c) which have arisen which render adherence to the existing method of valuation of assets or liabilities of the Group and
Company misleading or inappropriate.
No contingent or other liability has become enforceable or is likely to become enforceable within the period of twelve months after
the end of the financial year which, in the opinion of the Directors, will or may substantially affect the ability of the Group and
Company to meet their obligations when they fall due.
At the date of this report, there does not exist:

(a) any charge on the assets of the Group or Company which has arisen since the end of the financial year which secures the
liability of any other person; or
(b) any contingent liability of the Group or Company which has arisen since the end of the financial year other than in the
ordinary course of business.
At the date of this report, the Directors are not aware of any circumstances not otherwise dealt with in this report or the financial
statements which would render any amount stated in the financial statements misleading.

DIRECTORS’ REPORT
S TAT U TO RY I N FO R M AT I O N O N T H E F I N A N C I A L STAT E M E N TS ( C O N T I N U E D )
In the opinion of the Directors:

(a) the results of the Group’s and Company’s operations for the financial year were not substantially affected by any item,
transaction or event of a material and unusual nature except as disclosed in Note 6, 34 and 45 to the financial statements;
and
(b) except as disclosed in Note 46 to the financial statements, there has not arisen in the interval between the end of the
financial year and the date of this report any item, transaction or event of a material and unusual nature likely to affect
substantially the results of the operations of the Group or Company for the financial year in which this report is made.
A U D I TO R S
The auditors, PricewaterhouseCoopers, have expressed their willingness to continue in office.
Signed on behalf of the Board of Directors in accordance with their resolution.

Director

Director
Kuala Lumpur
28 February 2005

Statement by Directors
pursuant to Section 169(15) of the Companies Act, 1965
We, Tan Sri Dato’ Mohd Desa Pachi and Dr. Rozali Mohamed Ali, two of the Directors of Commerce Asset-Holding Berhad, state
that, in the opinion of the Directors, the financial statements set out on pages 94 to 212 are drawn up so as to give a true and fair
view of the state of affairs of the Group and Company as at 31 December 2004 and of the results and cash flows of the Group and
Company for the financial year ended on that date in accordance with the applicable approved accounting standards in Malaysia,
Bank Negara Malaysia Guidelines and the provisions of the Companies Act, 1965.
Signed on behalf of the Board of Directors in accordance with their resolution.

Director

Director
Kuala Lumpur
28 February 2005
Statutory Declaration
pursuant to Section 169(16) of the Companies Act, 1965
I, Mohd Shukri Hussin, the Officer primarily responsible for the financial management of Commerce Asset-Holding Berhad, do solemnly
and sincerely declare that the financial statements set out on pages 94 to 212 are, in my opinion, correct and I make this solemn
declaration conscientiously believing the same to be true and by virtue of the provisions of the Statutory Declarations Act, 1960.
Mohd Shukri Hussin

Subscribed and solemnly declared by the abovenamed Mohd Shukri Hussin at Kuala Lumpur before me, on 28 February 2005.
Commissioner for Oaths

Report of the Auditors
to the members of Commerce Asset-Holding Berhad
We have audited the financial statements set out on pages 94 to 212. These financial statements are the responsibility of the
Company’s Directors. Our responsibility is to express an opinion on these financial statements based on our audit.
We conducted our audit in accordance with approved auditing standards in Malaysia. Those standards require that we plan and
perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An
audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit
also includes assessing the accounting principles used and significant estimates made by the Directors, as well as evaluating the
overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion.
In our opinion:
(a) the financial statements have been prepared in accordance with the provisions of the Companies Act, 1965, Bank Negara
Malaysia Guidelines and the applicable approved accounting standards in Malaysia so as to give a true and fair view of:
(i) the matters required by Section 169 of the Companies Act, 1965 to be dealt with in the financial statements; and
(ii) the state of affairs of the Group and Company as at 31 December 2004 and of the results and cash flows of the Group
and Company for the financial year ended on that date;
and
(b) the accounting and other records and the registers required by the Act to be kept by the Company and by the subsidiaries of
which we have acted as auditors have been properly kept in accordance with the provisions of the Act.
The names of subsidiaries of which we have not acted as auditors are indicated in Note 10 to the financial statements. We have
considered the financial statements of these subsidiaries and the auditors’ reports thereon.
We are satisfied that the financial statements of the subsidiaries that have been consolidated with the Company’s financial
statements are in form and content appropriate and proper for the purposes of the preparation of the consolidated financial
statements and we have received satisfactory information and explanations required by us for those purposes.
The auditors’ reports on the financial statements of the subsidiaries were not subject to any qualification and did not include any
adverse comment made under subsection 3 of Section 174 of the Act.
PricewaterhouseCoopers Mohammad Faiz bin Mohammad Azmi

(AF: 1146) (2025/03/06 (J))
Chartered Accountants Partner
Kuala Lumpur
28 February 2005

Consolidated Balance Sheet
Note 2004 2003

RM’000 RM’000
Assets
Cash and short-term funds 2 16,634,934 14,054,557
Securities purchased under resale agreements 4,498,908 109,276
Deposits and placements with banks and other financial institutions 3 1,443,047 294,520
Dealing securities 4 8,295,118 10,366,978
Investment securities 5 12,173,949 11,947,433
Loans and advances 6 62,603,030 54,496,898
Other assets 7 2,275,005 3,734,036
Deferred taxation 8 321,347 359,924
Tax recoverable 466,877 44,318
Statutory deposits with Bank Negara Malaysia 9 1,934,890 1,473,860
Associates 11 71,145 55,377
Jointly controlled entities 12 121,416 –
Fixed assets 13 779,492 675,540
Goodwill 14 351,503 321,260
Total assets 111,970,661 97,933,977
Liabilities and shareholders’ funds

Deposits from customers 15 74,105,175 63,154,229
Deposits and placements of banks and other financial institutions 16 7,517,869 8,350,809
Obligations on securities sold under repurchase agreements 5,606,264 4,548,823
Bills and acceptances payable 3,029,937 4,813,454
Floating rate certificates of deposits 17 342,000 –
Other liabilities 18 4,277,563 2,855,311
Taxation 48,772 270,851
Amount due to Cagamas Berhad 2,283,878 1,302,253
Loan stocks 20 762,232 865,830
Bonds 22 912,118 502,964
Irredeemable convertible unsecured loan stocks (“ICULS”) 23 45,216 89,029
Other borrowings 24 1,704,657 1,308,756
Subordinated notes 25 1,519,488 1,140,000
Total liabilities 102,155,169 89,202,309

Minority interests 827,753 832,081
Perpetual preference shares 27 200,000 –
Share capital 26 2,691,740 2,628,960

Reserves 28 6,095,999 5,424,619
Less: Treasury shares, at cost 29 – (153,992)
Shareholders’ funds 8,787,739 7,899,587

Total liabilities and shareholders’ funds 111,970,661 97,933,977
Commitments and contingencies 40 208,351,918 152,373,702

Consolidated Income Statement
Note 2004 2003

RM’000 RM’000
Interest income 30 5,276,500 5,080,361

Interest expense 31 (2,572,976) (2,533,728)
Net interest income 2,703,524 2,546,633
Non-interest income 32 1,473,968 1,031,934
4,177,492 3,578,567
Overhead expenses 33 (1,953,407) (1,706,179)
Profit before provision 2,224,085 1,872,388
Loan loss and provision 34 (1,122,435) (631,916)
Provision for other receivables (11,527) (12,642)
(Provision for)/writeback of commitments and contingencies 18 (259) 2,101
1,089,864 1,229,931
Share of results of jointly controlled entities (3,509) –
Share of results of associates 3,769 10,936
Profit before taxation 1,090,124 1,240,867
Taxation
– Company and subsidiaries 36 (140,637) (285,006)
– Jointly controlled entities 36 (75) –
– Associates 36 (3,315) (1,387)
Profit after taxation 946,097 954,474
Minority interests (193,870) (172,174)
Earnings per share (sen)

– Basic 37 28.3 30.6
– Fully diluted 37 27.0 30.0
Dividends per share (sen)

– First and final dividend of 10 sen less taxation
(2003: 5 sen less taxation) 38 7.2 3.6
– Special dividend 5 sen less taxation

Company Balance Sheet
Note 2004 2003

RM’000 RM’000
Assets
Cash and short-term funds 2 1,328,411 414,514
Dealing securities 4 336,460 152,271
Investment securities 5 218,042 204,845
Loans and advances 6 3,058 2,707
Other assets 7 1,399 581,105
Subsidiaries 10 4,251,770 4,337,820
Amount owing by subsidiaries net of provision
for doubtful debts of RM852,820 (2003: RM852,820) 413,607 494,072
Associates 11 3,834 3,834
Fixed assets 13 100,514 65,346
Total assets 6,657,095 6,256,514
Liabilities and shareholders’ funds

Other liabilities 18 19,020 49,161
Amount owing to subsidiary 817,218 792,669
Deferred taxation 8 12,948 8,650
Bonds 22 500,000 502,964
Total liabilities 1,349,186 1,353,444
Share capital 26 2,691,740 2,628,960

Reserves 28 2,616,169 2,428,102
Less: Treasury shares, at cost 29 – (153,992)
Shareholders’ funds 5,307,909 4,903,070

Total liabilities and shareholders’ funds 6,657,095 6,256,514
Commitments and contingencies 40 250,000 250,000

Company Income Statement
Note 2004 2003

RM’000 RM’000
Interest income 30 33,554 22,077

Interest expense 31 (45,239) (41,264)
Net interest expense (11,685) (19,187)
Non-interest income 32 343,118 414,209
Net income 331,433 395,022
Overhead expenses 33 (31,050) (15,713)
Profit before taxation 300,383 379,309
Taxation 36 (14,851) (74,620)
Dividends per share (sen)

– First and final dividend of 10 sen less taxation
– Special dividend 5 sen less taxation

Consolidated Statement of Changes in Equity
Capital Convertible
reserve Exchange bonds
Share Share Statutory Merger arising on fluctuation Treasury (equity Retained
The Group Note capital premium reserves reserve consolidation reserves shares component) profit Total
RM’000 RM’000 RM’000 RM’000 RM’000 RM’000 RM’000 RM’000 RM’000 RM’000
At 1 January 2004 2,628,960 1,786,730 1,330,562 65,746 15,949 31,754 (153,992) – 2,193,878 7,899,587
Currency translation
differences 28 – – – – – (90,877) – – – (90,877)
Net loss not recognised
in the income statement – – – – – (90,877) – – – (90,877)
Net profit for the financial
year – – – – – – – – 752,227 752,227
Dividend for 2003 38 – – – – – – – – (191,814) (191,814)
Transfer to statutory reserve 28 – – 146,767 – – – – – (146,767) –
Issue of share capital arising
from exercise of Employee
Share Option Scheme 26 98,633 212,488 – – – – – – – 311,121
Cancellation of treasury shares 29 (35,853) (118,139) – – – – 153,992 – – –
Arising from accretion of equity
interests in subsidiary – – – – 11,418 – – – 27,904 39,322
Issue of convertible bonds
– equity component 22 – – – – – – – 68,173 – 68,173
At 31 December 2004 2,691,740 1,881,079 1,477,329 65,746 27,367 (59,123) – 68,173 2,635,428 8,787,739

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
Capital
reserve Exchange
Share Share Statutory Merger arising on fluctuation Treasury Retained
The Group Note capital premium reserves reserve consolidation reserves shares profit Total
RM’000 RM’000 RM’000 RM’000 RM’000 RM’000 RM’000 RM’000 RM’000
At 1 January 2003 2,586,290 1,695,842 1,158,754 65,746 28,233 54,460 (103,114) 1,682,988 7,169,199
Currency translation
differences 28 – – – – – (22,703) – – (22,703)
Net loss not recognised
in the income
statement – – – – – (22,703) – – (22,703)
Net profit for the financial
year – – – – – – – 782,300 782,300
Dividend for 2002 38 – – – – – – – (95,386) (95,386)
Transfer to statutory
reserve 28 – – 239,265 – – – – (239,265) –
Issue of share capital
arising from exercise
of Employee
Share Option Scheme 26 42,670 90,888 – – – – – – 133,558
Purchase of treasury
shares 29 – – – – – – (50,878) – (50,878)
Arising from dilution/
disposal of equity
interests in subsidiary – – (67,457) – (12,284) (3) – 63,241 (16,503)
At 31 December 2003 2,628,960 1,786,730 1,330,562 65,746 15,949 31,754 (153,992) 2,193,878 7,899,587

Company Statement of Changes in Equity
Non-distributable Distributable
Share Share Treasury Retained
The Company Note capital premium shares profit Total
RM’000 RM’000 RM’000 RM’000 RM’000
At 1 January 2004 2,628,960 1,786,730 (153,992) 641,372 4,903,070

Net profit for the financial year – – – 285,532 285,532
Dividend for 2003 38 – – – (191,814) (191,814)
Issue of share capital arising
from exercise of Employee
Share Option Scheme 26 98,633 212,488 – – 311,121
Cancellation of treasury shares 29 (35,853) (118,139) 153,992 – –
At 31 December 2004 2,691,740 1,881,079 – 735,090 5,307,909
At 1 January 2003 2,586,290 1,695,842 (103,114) 432,069 4,611,087

Net profit for the financial year – – – 304,689 304,689
Dividend for 2002 38 – – – (95,386) (95,386)
Issue of share capital arising from
exercise of Employee Share
Option Scheme 26 42,670 90,888 – – 133,558
Purchase of treasury shares 29 – – (50,878) – (50,878)
At 31 December 2003 2,628,960 1,786,730 (153,992) 641,372 4,903,070

Consolidated Cash Flow Statement
Note 2004 2003

RM’000 RM’000
Operating Activities
Profit before taxation 1,090,124 1,240,867
Adjustments for:
Depreciation of fixed assets 128,418 127,393
Gain on disposal of fixed assets (186) (666)
Gain on disposal of leased assets (122) (27)
Fixed assets written off 110 454
Unrealised foreign exchange gain (16,759) (33,684)
Dividends from dealing and investment securities (19,623) (29,524)
Loan loss and provision 1,229,826 683,372
Net interest suspended 226,439 202,968
Gain on sale of investment securities (58,638) (256,309)
Net profit from dealing securities (135,165) (238,017)
(Write back of)/provision for diminution of investment securities (41,358) 285,860
Provision for amounts recoverable from Danaharta – 62,418
Accretion of discounts less amortisation of premium (87,180) (125,638)
Amortisation of goodwill 13,196 14,214
Amortisation of premium of associates 43 1,041
Gain on disposal of associate (5,116) (20,881)
(Gain)/loss on disposal of subsidiary shares (73,371) 18,957
Share of results of associates (3,769) (10,936)
(Write back)/write down of dealing securities (70,692) 74,932
Provision for other receivables 11,527 12,642
Provision for/(write back of) commitments and contingencies 259 (2,101)
Share of results of jointly controlled entities 3,509 –
1,101,348 766,468
2,191,472 2,007,335
(Increase)/decrease in operating assets
Securities purchased under resale agreements (4,389,632) (31,828)
Deposits and placements with banks and other financial institutions (1,014,266) 1,521,698
Dealing securities 2,277,717 517,578
Loans and advances (9,593,760) (6,536,871)
Other assets 976,621 (352,574)
Statutory deposits with Bank Negara Malaysia (461,030) 120,565
(12,204,350) (4,761,432)
Increase/(decrease) in operating liabilities
Deposits from customers 10,950,946 2,274,709
Deposits and placements of banks and other financial institutions (832,940) 39,222
Obligations on securities sold under repurchase agreements 1,057,441 951,788
Amount due to Cagamas Berhad 981,625 (188,264)
Bills and acceptances payable (1,783,517) 1,028,717
Other liabilities 954,183 (299,269)
11,327,738 3,806,903
Cash flows generated from operations 1,314,860 1,052,806
Taxation paid (378,281) (69,875)
Net cash flow generated from operating activities 936,579 982,931

CONSOLIDATED CASH FLOW STATEMENT
Note 2004 2003

RM’000 RM’000
Investing Activities
Proceeds from disposal of fixed assets 15,588 13,983
Dividends received from investment securities 19,623 29,524
Proceeds from disposal of associate 143,449 15,510
Proceeds on disposal of subsidiary shares 106,819 254,890
Proceeds from disposal of investment securities 150,969 4,431,489
Cash (outflow)/inflow from acquisition of subsidiary (174,500) 10,181
Acquisition of additional interest in subsidiary – (17,558)
Purchase of fixed assets (207,663) (139,050)
Issuance of perpetual preference shares 200,000 –
Investment in jointly controlled entities (125,000) –
Net cash flow generated from investing activities 129,285 4,598,969
Financing Activities
Dividends paid to shareholders (191,814) (95,386)
Redemption of ICULS (43,813) (7,032)
Proceeds from issuance of shares of the Company 311,121 133,558
Proceeds from /(repayment of) other borrowings 167,901 (135,103)
Proceeds from subordinated notes 379,488 1,140,000
Net proceeds from syndicated term loan 988,000 190,000
Redemption of loan stocks (103,598) (58,170)
Repayment of syndicated term loans (760,000) –
Redemption of 1.75% Redeemable Euro-Convertible Bonds 1994/2004 (2,964) –
Proceeds from floating rate certificates of deposits 342,000 –
Proceeds from bond issuance 480,291 –
Purchase of treasury shares – (50,878)
Net cash flow generated from financing activities 1,566,612 1,116,989

Net increase in cash and cash equivalents during the financial year 2,632,476 6,698,889
Effect of exchange rate changes (52,099) (29,352)
Cash and cash equivalents at beginning of the financial year 14,054,557 7,385,020
Cash and cash equivalents at end of the financial year 44 16,634,934 14,054,557

Company Cash Flow Statement
Note 2004 2003

RM’000 RM’000
Operating Activities
Profit before taxation 300,383 379,309
Adjustments for:
Depreciation of fixed assets 2,244 2,178
Gain on disposal of fixed assets (304) (92)
Gain on disposal of associate – (39,222)
Gain on disposal of subsidiary shares (40,610) (123,942)
Unrealised foreign exchange loss 1,282 –
Dividends from subsidiaries (246,970) (184,686)
Dividends from dealing and investment securities (6,773) (3,942)
Net profit from dealing securities (10,795) (3,372)
Write back of provision for diminution of investment securities (1,019) –
Write back of dealing securities – (21,948)
Interest expense on short-term borrowings – 729
Interest expense on bonds 45,239 40,535
Accretion of investment gain (30,316) (27,982)
Accretion of discounts less amortisation of premium (13,522) (12,633)
(301,544) (374,377)
(1,161) 4,932
(Increase)/decrease in operating assets
Loans and advances (351) (510)
Dealing securities (194,061) (43,034)
Other assets 438,839 120,034
244,427 76,490
Decrease in operating liabilities
Other liabilities (13,139) (63,445)
(13,139) (63,445)
Cash flows generated from operations 230,127 17,977
Net taxation refund 21,396 23,933
Interest paid on short-term borrowings – (966)
Net cash flow generated from operating activities 251,523 40,944

COMPANY CASH FLOW STATEMENT
Note 2004 2003

RM’000 RM’000
Investing Activities
Proceeds from disposal of fixed assets 1,663 106
Proceeds from disposal of investment securities 333 26,481
Proceeds from disposal of associate 139,590 15,510
Purchase of subsidiary (173,500) –
Proceeds from disposal of subsidiaries 35,000 –
Purchase of preference shares in subsidiary (33,000) –
Proceeds from disposal of dealing securities 21,674 19,050
Purchase of fixed assets (38,771) (967)
Repayment from/(advances to) subsidiaries 135,329 (135,500)
Disposal of interest in subsidiary 35,306 237,332
Capital return on investment in subsidiary 262,854 –
Dividends from subsidiaries 194,234 132,974
Dividends from investment securities 5,743 3,118
Net cash flow generated from investing activities 586,455 298,104
Financing Activities
Dividends paid to shareholders (191,814) (95,386)
Interest paid to bondholders (40,424) (40,758)
Proceeds from issuance of shares of the Company 311,121 133,558
Repayment of short-term borrowings – (50,000)
Redemption of 1.75% Redeemable Euro-Convertible Bonds 1994/2004 (2,964) –
Purchase of treasury shares – (50,878)
Net cash flow generated from/(used in) financing activities 75,919 (103,464)
Net increase in cash and cash equivalents during the financial year 913,897 235,584
Cash and cash equivalents at beginning of the financial year 414,514 178,930
Cash and cash equivalents at end of the financial year 44 1,328,411 414,514
Major non-cash transactions during the previous financial year:

In 2003, the Company had increased its investment in PT Bank Niaga from 51% to 52.83% amounting to RM17,557,000 via the
conversion of amount due from subsidiary.

Summary of Significant Accounting Policies
The following accounting policies have been used consistently in dealing with items that are considered material in relation to the
financial statements and are also consistent with those applied in the previous year.
A B A S I S O F P R E PA R AT I O N O F T H E F I N A N C I A L STAT E M E N T S
The financial statements of the Group and the Company are prepared under the historical cost convention, unless otherwise
indicated in this summary of significant accounting policies.
The financial statements of the Group and the Company have been prepared in accordance with the applicable approved
accounting standards in Malaysia, Bank Negara Malaysia Guidelines and the provisions of the Companies Act, 1965.
B B A S I S O F C O N S O L I DAT I O N
The consolidated financial statements include the audited financial statements of the Company and all its subsidiaries made
up to the end of the financial year. The Company adopts both the acquisition and merger methods of consolidation.
When the acquisition method is adopted, the excess of the fair value of the purchase consideration over the Group’s share of
fair values of separable net assets of subsidiaries at the date of acquisition is included in the consolidated financial
statements as goodwill on consolidation and is amortised on a straight line basis over a period of 25 years. In the case,
where the Group’s share of the fair values of their separable net assets at the date of acquisition is in excess of the purchase
consideration, the difference will be recognised as reserve on consolidation in the balance sheet. The results of subsidiaries
acquired or disposed of during the financial year are included from the date of acquisition up to the date of disposal.
At each balance sheet date, the Company assesses whether there is any indication of impairment. If such indications exist,
an analysis is performed to assess whether the carrying amount of the asset is fully recoverable. A write down is made if the
carrying amount exceeds their recoverable amount. See accounting policy Note X on impairment of assets.
Subsidiaries which were acquired in the past and have met the criteria for merger accounting under the then Malaysian
Accounting Standard 2, Accounting for Acquisitions and Mergers, are accounted for using merger accounting principles.
When the merger method is used, the cost of investment in the Company’s books is recorded as the nominal value of
shares issued and the difference between the carrying value of the investment and the nominal value of shares transferred
is treated as merger reserves in accordance with merger relief provisions under Section 60(4) of the Companies Act, 1965.
The results of the subsidiaries being merged are included for the full financial year. The current applicable approved
accounting standard for business combinations is MASB 21 Business Combinations which is effective for accounting period
commencing 1 July 2001. As allowed under the standard, the provisions of the standard are applied prospectively and no
retrospective changes in respect of the previous merger accounting have been made.
All material transactions and balances between group companies are eliminated and the consolidated financial statements
reflect external transactions only. Where necessary, accounting policies for subsidiaries have been changed to ensure
consistency with the policies adopted by the Group.
The gain or loss on disposal of a subsidiary is the difference between net disposal proceeds and the Group’s share of its net
assets together with any unamortised balance of goodwill on acquisition.
Minority interest is measured at the minorities’ share of the post acquisition fair values of the identifiable assets and
liabilities of the acquiree company. Separate disclosure is made on minority interest.

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
C SUBSIDIARIES
The Company treats as subsidiaries, those companies in which the Company controls the composition of its Board of
Directors or more than half of its voting power, or holds more than half of its issued ordinary share capital.
Investments in subsidiaries are stated at cost. Where an indication of impairment exists, the carrying amount of the
investment is assessed and written down to its recoverable amount.
External costs directly attributable to an acquisition, other than cost of issuing shares and other capital instruments, are
included as part of the cost of acquisition.
D J O I N T LY C O N T R O L L E D E N T I T I E S
Jointly controlled entities are corporations, partnerships or other entities over which there are contractually agreed sharing of
control by the Group with one or more parties. The Group’s interest in jointly controlled entities is accounted for in the
consolidated financial statements by equity method of accounting.
Investment in a jointly controlled entity is stated at cost. Where an indication of impairment exists, the carrying amount of
the investment is assessed and written down to its recoverable amount.
Equity accounting involves recognising the Group’s share of the post acquisition results of jointly controlled entities in the
income statement and its share of post acquisition movements within reserves in reserves. The cumulative post acquisition
movements are adjusted against the cost of the investment and includes goodwill on acquisition. These amounts are taken
from the latest management financial statements of the jointly controlled entities concerned, made up to the financial year of
the Group.
E A S S O C I AT E S
The Group treats as an associate, a company in which the Company has a long term equity interest of between 20% to 50%
and where the Company can exercise significant influence through management participation. Investments in associates are
accounted for in the consolidated financial statements by the equity method of accounting.
Premium arising from the acquisition of associates is amortised over 25 years. The carrying amount of such goodwill is
reassessed when there is an indication of impairment and written down where it is considered necessary.
Investments in associates are stated at cost. Where an indication of impairment exists, the carrying amount of the
investment is assessed and written down to its recoverable amount.
The Group’s share of profits and losses of associates is included in the consolidated income statement and the Group’s
share of post-acquisition retained profits and reserves are added to the cost of investments in the consolidated balance
sheet. These amounts are taken from the latest management financial statements of the associates concerned, made up to
the end of the financial year of the Group.

F R EC O G N I T I O N O F I N T E R E S T I N C OM E
Interest income is recognised on an accrual basis. Interest income on housing and term loans is recognised by reference to
rest periods which are either daily, monthly or yearly. Interest earned on hire purchase, leasing and block discounting
agreements is spread over the terms of the loans, using the “Sum-of-Digit” method so as to produce a constant periodic
rate of interest by reference to monthly rest periods.
Accretion of discount and amortisation of premium for investment securities are recognised on the effective yield basis.
Where an account is classified as non-performing, recognition of interest income is suspended until it is realised on a cash
basis. Customers’ accounts are classified as non-performing where repayments are in arrears for 3 months or more from
first day of default for loans and overdrafts, and after 3 months from maturity date for trade bills, bankers’ acceptances and
trust receipts.
The policy on suspension of interest of Malaysian subsidiary banks is in conformity with the Bank Negara Malaysia’s
“Guidelines on the Classification of Non-Performing Loans and Provision for Substandard, Bad and Doubtful Debts” (“GP3”).
G R EC O G N I T I O N O F F E E S A N D OT H E R I N C OM E
Loan and advances arrangement fees, management and participation fees, commissions and guarantee fees, acceptance
and underwriting commissions are recognised as income when all conditions precedent are fulfilled.
Accretion of investment gain on the debt securities held for investment is recognised on a time proportion basis based on
the effective yield method.
Portfolio management fees, commitment fees and guarantee fees which are material are recognised as income based on
time apportionment.
Brokerage fees which are material are recognised as income based on inception of such transactions.
Fees from advisory and corporate finance activities are recognised as income on completion of each stage of the engagement
and issuance of invoice.
Dividends from subsidiaries are recognised when the shareholder’s right to receive payment is established. Dividends from
dealing securities and investment securities are recognised when received.
H LIFE ASSURANCE REVENUE SURPLUS

The surplus transferable from the life assurance fund to the income statement is based on the surplus determined on the
basis of an annual actuarial valuation of the long term liabilities to policyholders made in accordance with the provisions of
the Insurance Act, 1996 and as declared by the Company’s appointed actuary as being distributable to shareholders.

I P R O V I S I O N FO R B A D A N D D O U B T F U L D E B T S
Specific provisions are made for doubtful debts which have been individually reviewed and specifically identified as bad or
doubtful.
A general provision based on a percentage of the loans portfolio is also made to cover possible losses which are not
specifically identified.
An uncollectible loans or portion of loans classified as bad is written off after taking into consideration the realisable value of
collateral, if any, when in the judgement of the management, there is no prospect of recovery.
The policy on provision for non-performing debts of Malaysian subsidiary banks is in conformity with the minimum
requirements of Bank Negara Malaysia’s “Guidelines on the Classification of Non-Performing Loans and Provision for
Substandard, Bad and Doubtful Debts” (“GP3”) as well as Bursa Securities Schedule 7 requirement.
With regards to provisioning for subordinated debts subscribed by the subsidiary bank arising from its collateralised bond
obligation, the subordinated debts are held at cost and provision is made for any diminution based on the position of the
special purpose vehicle and its underlying assets.
J SALE AND REPURCHASE AGREEMENTS

Securities purchased under resale agreements are securities which the Group had purchased with a commitment to resell at
future dates. The commitment to resell the securities is reflected as an asset in the balance sheet. Securities purchased are
not recognised in the financial statements.
Conversely, obligations on securities sold under repurchase agreements are securities which the Group had sold from its
portfolio, with a commitment to repurchase at future dates. Such financing transactions and the obligation to repurchase the
securities are reflected as a liability in the balance sheet. Securities sold are not recognised in the financial statements.
The difference between sale and repurchase price as well as purchase and resale price is treated as interest and accrued
over the life of the resale/repurchase agreement using effective yield method.
K D E A L I N G S EC U R I T I E S
Dealing securities are marketable securities that are acquired and held with the intention of resale in the short term, and are
stated at the lower of cost and market value. All related realised gains and losses and unrealised losses are included in the
net trading income. Interest earned while holding dealing securities is reported as interest income. Dividends received are
included in dividend income.
Transfers, if any, between dealing and investment securities are made at the lower of cost and market value.

L I N V E S T M E N TS S EC U R I T I E S
Investment securities are securities that are acquired and held for yield or capital growth or to meet minimum liquid assets
requirement pursuant to Bank Negara Malaysia’s New Liquidity Framework. Investment securities are usually held to
maturity.
Malaysian Government securities, Malaysian Government treasury bills, Malaysian Government investment certificates,
Cagamas bonds, other Government securities and bank guaranteed and Bank Negara Malaysia exempted Private Debt
Securities held for investment are stated at cost adjusted for amortisation of premium or accretion of discount to maturity
date. Other private debt securities are valued at the lower of cost and market value. Other investment securities are stated
at cost and provision is made in the event of any permanent diminution in value.
Amortisation of premium or accretion of discount is recognised using effective yield method. Interest earned while holding
investment securities is reported as interest income. Dividends received are included in dividend income.
Transfers, if any, between investment and dealing securities are made at the lower of carrying value and market value.
M F I X E D A S S E TS A N D D E P R EC I AT I O N
Fixed assets are stated at cost less accumulated depreciation and accumulated impairment loss. Fixed assets are not stated
at revalued amount. Freehold land and leasehold land with lease period of 800 years and above and capital work-in-progress
are not depreciated. Depreciation of other fixed assets is calculated to write-off the cost of the assets on a straight line basis
over the expected useful lives of the assets concerned. The principal annual rates of depreciation are as follows:-
Long-term leasehold land – 50 years or more Over the lease period
Short-term leasehold land – less than 50 years Over the lease period
Buildings on freehold land 2% – 2.5%
Buildings on leasehold land 2% or over the balance period of the lease, whichever is shorter
Office equipment, furniture and fixtures 10% – 33 1/3%
Computer equipment and software 20% – 33 1/3%
Computer equipment and software under lease 33 1/3%
Motor vehicles 20%
Renovations to rented premises 20% or over the period of the tenancy, whichever is shorter
General plant and machinery 12.5%
At each balance sheet date, the Group assesses whether there is any indication of impairment. If such indications exist, an
analysis is performed to assess whether the carrying amount of the asset is fully recoverable. Where the carrying amount of
an asset is greater than its estimated recoverable amount, it is written down to its recoverable amount.
Repairs and maintenance are charged to the income statement during the period in which they are incurred. The cost of
major renovations is included in the carrying amount of the asset when it is probable that future economic benefits in excess
of the originally assessed standard of performance of the existing asset will flow to the Group. Major renovations are
depreciated over the remaining useful lives of the related asset.

N ASSETS PURCHASED UNDER LEA SE
Finance lease
Leases of fixed assets where the Group assumes substantially all the benefits and risks of ownership are classified as
finance leases.
Finance leases are capitalised at the estimated present value of the underlying lease payments at the date of inception. Each
lease payment is allocated between the liability and finance charges so as to achieve a constant rate on the finance balance
outstanding. The corresponding rental obligations, net of finance charges, are included in borrowings. The interest element
of the finance charges is charged to the income statement over the lease period.
Fixed assets acquired under finance lease contracts are depreciated over the useful life of the asset. If there is no reasonable
certainty that the ownership will be transferred to the Group, the asset is depreciated over the shorter of the lease term and
its useful life.
Operating lease
Leases of assets under which all the risks and benefits of ownership are retained by the lessor are classified as operating
leases. Payments made under operating leases are charged to the income statement on a straight line basis over the period
of the lease.
When an operating lease is terminated before the lease period has expired, any payment required to be made to the lessor
by way of penalty is recognised as an expense in the period in which termination takes place.
O ASSETS SOLD UNDER LEASE
Finance lease
When assets are sold under a finance lease, the present value of the lease payments is recognised as a debtor. The
difference between the gross debtor and the present value of the debtor is recognised as unearned finance income. Lease
income is recognised over the term of the lease using the net investment method, which reflects a constant periodic rate of
return.
Operating lease
Assets leased out under operating leases are included in fixed assets in the balance sheet. They are depreciated over their
expected useful lives on a basis consistent with similar fixed assets. Rental income is recognised on a straight line basis over
the lease term.
P B I L L S A N D A C C E P TA N C E S PAYA B L E
Bills and acceptances payable represent the Group’s own bills and acceptances rediscounted and outstanding in the market.
Q F O R W A R D E XC H A N G E C O N T R AC T S
Unmatured forward exchange contracts are valued at forward rates as at balance sheet date, applicable to their respective
dates of maturity, and unrealised losses and gains are recognised in the income statement for the financial year.

R D E R I VAT I V E F I N A N C I A L I N ST R U M E N TS
Trading
Derivative financial instruments are initially recognised in the balance sheet at cost and subsequently remeasured at their fair
value.
The fair value of trading derivative financial instruments is included in the balance sheet and gains and losses on these
instruments are taken directly to the income statement and are generally included in net gains or losses from trading
activities.
Foreign exchange and interest rate forwards, futures and forward purchases and sales of securities entered into for trading
purposes are valued at prevailing market rates based on quoted and observable market prices. Interest rate and currency
swap agreements are valued at their net present value based on discounted cash flow models. Interest rate and equity
option contracts are valued using option pricing models.
Hedging
Foreign exchange and interest rate forwards, futures, swaps and options entered into for hedging purposes are accounted
for in a manner consistent with the accounting treatment of the hedged item. To qualify as a hedge, the forwards, futures
and swaps position must be designated as a hedge and be effective in reducing the market risk of an existing asset, liability,
firm commitment, or anticipated transaction where there is a high probability of the transaction occurring and the extent,
term and nature of the exposure is capable of being estimated. The fair value of the hedge must move inversely with
changes in the fair value of the underlying exposure.
Where the hedged item ceases to exist, the corresponding derivative hedge contract is restated at fair value and any
resulting unrecognised gains and losses are taken to the income statement and are generally included in net gains or losses
from trading activities.
S C O L L AT E R A L I S E D B O N D O B L I G AT I O N S
A subsidiary bank through its collateralised bond obligation (“CBO”) programme, packages and sells Private Debt Securities
to a special purpose vehicle (“SPV”). The SPV will in turn issue bonds to raise funds for the purchase of assets. The Group is
also a counterparty to the SPV for certain interest rate swaps contracted on an arms length basis. Correspondingly, the
Group offsets the positions held with the SPV by entering into interest rate swap and futures contracts with external parties
to ensure no material gain or loss is incurred by the Group from the interest rate swap contracts transacted with the SPV.
The interest rate swaps are being measured at their fair values.
The subsidiary bank receives fee income for the various services provided to the SPV. These fees are determined on an arms
length basis and are recognised on an accrual basis. Any subordinated debt or bond obtained under this programme is held
at cost and a provision is made for any diminution in value based on the position of the SPV and its underlying assets.

T BONDS
Bonds issued by the Company are stated at the issue price. When the convertible Bonds are converted, the amount
recognised in the shareholders’ funds in respect of the shares issued will be the amount at which the liability for the Bonds
is stated as at the date of conversion. No gain or loss will be recognised on conversion.
The premium over the principal amount arising from the put option of the Bonds not previously redeemed, purchased and
cancelled, or converted, are provided over the period from the date of initial issue to the date of option to redeem and are set
aside to a non-distributable reserve.
Gains or losses on the redemption or purchase of Bonds by the Company are taken to the income statement in the financial
year it arises.
U I N C OM E TA X E S
Current tax expense is determined according to the tax laws of each jurisdiction in which the Group operates and includes all
taxes based upon the taxable profits.
Deferred income tax is provided in full, using the liability method, on temporary differences arising between the tax bases of
assets and liabilities and their carrying amounts in the financial statements. The principal temporary differences are disclosed
in Note 8 to the financial statements. Tax rates enacted or substantively enacted by the balance sheet are used to determine
deferred income tax.
Deferred tax assets are recognised to the extent that it is probable that future taxable profit will be available against which
the temporary differences can be utilised.
Deferred tax is recognised on temporary differences arising on investments in subsidiaries, associates and joint ventures
except where the timing of the reversal of the temporary difference can be controlled and it is probable that the temporary
differences will not reverse in the forseeable future.
V S H A R E C A P I TA L
(i) Treasury shares

The Company shares repurchased and held are designated as treasury shares. These shares are treated as unissued
shares and are presented as a reduction from shareholders’ equity, at cost. Should such shares be cancelled, their
nominal amounts will be eliminated and the differences between their cost and nominal amounts will be taken to
reserves as appropriate.
(ii) Dividends
Dividends on ordinary shares are recognised as liabilities when approved by the shareholders.

W E M P L OYE E B E N E F I TS
(i) Short term employee benefits

Wages, salaries, paid annual leave and sick leave, bonuses, and non-monetary benefits are accrued in the period in
which the associated services are rendered by employees of the Group and Company.
(ii) Post employment benefits

The Group and Company have various post-employment benefit schemes. These benefits plans are either defined
contribution or defined benefit plans.
Defined contribution plan

A defined contribution plan is a pension plan under which the Group and the Company pay fixed contributions into a
separate entity (a fund) and will have no legal or constructive obligations to pay further contributions if the fund does
not hold sufficient assets to pay all employees benefits relating to employee service in the current and prior periods.
The Group’s and the Company’s contributions to defined contribution plans are charged to the income statement in
the period to which they relate. Once the contributions have been paid, the Group and the Company have no further
payment obligations.
Defined benefit plans

A defined benefit plan is a pension plan that defines an amount of pension benefit to be provided, usually as a function
of one or more factors such as age, years of services or compensation.
The liability in respect of a defined benefit plan is the present value of the defined benefit obligation at the balance
sheet date minus the fair value of plan assets, together with adjustments for actuarial gains/losses and past service
cost. The Group determines the present value of the defined benefit obligation and the fair value of any plan assets
with sufficient regularity such that the amounts recognised in the financial statements do not differ materially from the
amounts that would be determined at the balance sheet date.
The defined benefit obligation, calculated using the projected unit credit method, is determined by independent
actuaries, considering the estimated future cash outflows using market yields at balance sheet date of government
securities which have currency and terms to maturity that approximate the terms of the related liability.
Plan assets in excess of the defined obligation are subject to the asset limitation specified in MASB 29.
Actuarial gains and losses arise from experience adjustments and changes in actuarial assumptions. The amount of
net actuarial gains and losses recognised in the income statement is determined by the corridor method in accordance
with MASB 29 and is charged or credited to income over the average remaining service lives of the related employees
participating in the defined benefit plan.
Upon initial adoption of MASB 29 in the previous financial year, the increase in defined benefit liability is recognised as
an expense on a straight line basis over 2 years in accordance with the transitional provision of the Standard.

W E M P L OYE E B E N E F I TS ( C O N T I N U E D )
(iii) Other long term employee benefits

The cost of long term employee benefits (for example, long term service leave) is accrued to match the rendering of
the services by the employees concerned using an accounting methodology similar to that for defined benefit plans.
(iv) Equity compensation benefits

The share options granted to directors and employees of the Group are disclosed in Note 26 to the financial
statements. The Group does not make a charge to the income statement in connection with share options granted.
When the share options are exercised, the proceeds received, net of any transaction costs, are credited to share
capital and share premium.
X I M PA I R M E N T O F A S S E TS
Fixed assets and other non-current assets, including intangible assets, are reviewed for impairment losses whenever events
or changes in circumstances indicate that the carrying amount may not be recoverable. Impairment loss is recognised for the
amount by which the carrying amount of the asset exceeds its recoverable amount. The recoverable amount is the higher of
an asset’s net selling price and value in use. For the purposes of assessing impairment, assets are grouped at the lowest
level for which there is separately identifiable cash flows.
The impairment loss is charged to the income statement unless it reverses a previous revaluation in which case it is charged
to the revaluation surplus. Any subsequent increase in recoverable amount is recognised in the income statement unless it
reverses an impairment loss on a revalued asset, in which case it is taken to revaluation surplus.
Y C U R R E N C Y T R A N S L AT I O N S
Individual monetary foreign currency assets and liabilities are stated in the balance sheet at rates of exchange which closely
approximate to those ruling at the balance sheet date. Foreign currency transaction items are translated at rates prevailing on
transaction dates. Exchange gains and losses are recognised in the income statement in the year they arise.
The financial statements of foreign branches, foreign subsidiaries, foreign subsidiary bank and subsidiary banks incorporated
in the Federal Territory of Labuan and related foreign currency borrowings are translated into Ringgit Malaysia at the rates of
exchange ruling at the balance sheet date. The results of these entities are translated at the average rates of exchange for
the year. Exchange differences arising from this translation are dealt with through exchange fluctuation reserves account.
Goodwill and fair value adjustments arising on the acquisition of a foreign entity are treated as assets and liabilities of the
Company and are translated accordingly at the exchange rate ruling at the date of the transaction.

Y C U R R E N C Y T R A N S L AT I O N S ( C O N T I N U E D )
The principal closing rates used in translation of foreign currency amounts were as follows:
Foreign currency 2004 2003
RM RM
Australian Dollar 2.9610 2.8540

Canadian Dollar 3.1610 2.9420
Euro 5.1820 4.7920
Hong Kong Dollar (100) 48.9000 48.9000
Indian Rupee (100) 8.7000 8.3000
Indonesian Rupiah (100) 0.0410 0.0450
Japanese Yen (100) 3.7030 3.5530
Mauritius Rupee (100) 13.5000 14.5000
Philippines Peso (100) 6.8000 6.8000
Singapore Dollar 2.3280 2.2350
Sterling Pound 7.3200 6.7760
Swiss Franc 3.3590 3.0730
Thai Baht (100) 9.8000 9.6000
United States Dollar 3.8000 3.8000
Z F O R EC L O S E D P R O P E R T I E S
Foreclosed properties are stated at cost, where an indication of impairment exist, the carrying amount of the asset is
assessed and written down immediately to its recoverable amount.
AA PROVISIONS
Provisions, other than provision for bad and doubtful debts, are recognised when the Group has a present legal or
constructive obligation as a result of past events, when it is probable that an outflow of resources embodying economic
benefits will be required to settle the obligation, and when a reliable estimate of the amount of the obligation can be made.
AB H I R E P U R C H A S E R EC E I VA B L E S S EC U R I T I S AT I O N P R O G R A M M E
The Group through its Hire Purchase Receivables Securitisation Programme, sells undivided share of hire purchase
receivables to a special purpose vehicle (“SPV”). The SPV will in turn issue bonds to raise funds for the purchase of assets.
The Group receives fee income for various services provided to the SPV. These fees are determined on an arms length basis
and are recognised on an accrual basis. Deferred consideration/balance of hire purchase receivables obtained under this
programme is held at cost and a provision is made for any diminution in value based on the position of the SPV and its
underlying assets.
AC C A S H A N D C A S H EQ U I VA L E N TS
Cash and cash equivalents consist of cash and bank balances and short-term funds held for the purpose of meeting short-
term commitments and readily convertible into cash without significant risk of changes in value.

AD F I N A N C I A L I N S T R U M E N TS
(i) Description
A financial instrument is any contract that gives rise to both a financial asset of one enterprise and a financial liability or
equity instrument of another enterprise.
A financial asset is any asset that is cash, a contractual right to receive cash or another financial asset from another
enterprise, a contractual right to exchange financial instruments with another enterprise under conditions that are
potentially favourable, or an equity instrument of another enterprise.
A financial liability is any liability that is a contractual obligation to deliver cash or another financial asset to another
enterprise, or to exchange financial instruments with another enterprise under conditions that are potentially
unfavourable.
(ii) Financial instruments recognised on the balance sheet

Compound financial instruments
On issue of a financial instrument that contains both a liability and an equity component, the fair value of the liability
portion is determined using a market interest rate for an equivalent financial instrument; this amount is carried as
liability on the amortised cost basis until extinguished on conversion or maturity of the instrument. The remainder of
the proceeds is allocated to the conversion option which is recognised and included in shareholders’ equity; the value
of the conversion option is not changed in subsequent periods.
AE GENERAL INSURANCE
General insurance underwriting surplus before management expenses is determined after accounting for net premium,
unearned premium reserves, net claims incurred and net commissions.
Premium income is recognised in the year in respect of risks assumed during that particular year. Unearned premium
reserves are calculated in accordance with the fixed percentage method or time apportionment method, where applicable.
Provision is made for outstanding claims based on the estimated cost of claims, less reinsurance recoveries in respect of
claims notified, and include claims incurred but not reported (“IBNR”) at the balance sheet date. Provision for IBNR is
computed based on an actuarial valuation carried out by a qualified actuary.
Commissions are recognised as incurred and properly allocated to the periods in which it is probable they give rise to
income.

Notes to the Financial Statements
1 G E N E R A L I N FO R M AT I O N
The principal activities of the Company are those of investment holding, management company, property management,
provision of consultancy services and dealing in securities. The principal activities of the subsidiaries are set out in Note 10 to
the financial statements. There was no significant change in these activities during the financial year.
The number of employees at the end of the financial year was 16,240 (2003: 14,157) in the Group and 32 (2003: 24) in the
Company.
The Company is a public limited liability company, incorporated and domiciled in Malaysia, and listed on the Main Board of
the Bursa Malaysia Securities Berhad.
The address of the registered office of the Company is 12th Floor, Commerce Square, Jalan Semantan, Damansara Heights,
50490 Kuala Lumpur, Malaysia.
2 CASH AND SHORT-TERM FUNDS

2004 2003 2004 2003
RM’000 RM’000 RM’000 RM’000
Cash and balances with banks and other

financial institutions 3,352,456 1,902,984 9,840 8,697
Money at call and deposit placements
maturing within one month 13,282,478 12,151,573 1,318,571 405,817
16,634,934 14,054,557 1,328,411 414,514
Included in the Group’s cash and short-term funds are RM12,056,000 (2003: Nil) of money at call and deposit placements
relating to the jointly controlled entity, Proton Commerce Sdn Bhd. The balances are held in the books of a Bank’s subsidiary,
Bumiputra-Commerce Finance Berhad (“BCF”).
3 D E P O S I TS A N D P L A C E M E N TS W I T H B A N K S A N D OT H E R F I N A N C I A L I N ST I T U T I O N S
The Group
2004 2003
RM’000 RM’000
Licensed banks 1,085,570 248,531

Licensed finance companies 36,849 30,000
Other financial institutions 320,628 15,989
1,443,047 294,520

NOTES TO THE FINANCIAL STATEMENTS
4 D E A L I N G S EC U R I T I E S

2004 2003 2004 2003
RM’000 RM’000 RM’000 RM’000
Money market instruments:

Quoted
Malaysian Government securities 800,086 871,978 – –
Cagamas bonds 233,927 137,728 – –
Khazanah bonds 33,865 20,472 – –
Unquoted
Malaysian Government treasury bills 37,940 145,165 – –
Bank Negara Malaysia bills 1,095 292,500 – –
Danaharta bonds – 121,456 – –
Negotiable instruments of deposit 850,000 1,475,547 – –
Bankers’ acceptances 47,771 204,350 – –
Private debt securities 14,925 95,476 – –
Other Government’s securities 88,988 206,240 – –
2,108,597 3,570,912 – –
Quoted securities
In Malaysia
Warrants 11,261 13,504 – 9
Shares 244,964 247,548 103,733 121,840
Loan stocks 7,043 65 – –
Unit Trusts 232,305 30,000 232,305 30,000
Outside Malaysia
Shares 831 5,637 – –
Private debt securities 1,919,310 2,634,365 – –
4,524,311 6,502,031 336,038 151,849
Unquoted securities
In Malaysia
Private debt securities 3,706,667 3,763,971 422 422
Outside Malaysia
Private debt securities 64,140 100,976 – –
8,295,118 10,366,978 336,460 152,271

4 D E A L I N G S EC U R I T I E S ( C O N T I N U E D )

2004 2003 2004 2003
RM’000 RM’000 RM’000 RM’000
Market value of quoted money market

instruments and quoted securities:
Malaysian Government securities 805,019 872,846 – –
Cagamas bonds 234,671 138,196 – –
Khazanah bonds 34,841 20,495 – –
Warrants 15,265 14,825 – 13
Shares in Malaysia 274,632 285,039 115,762 131,847
Loan stocks 7,419 92 – –
Unit trusts 238,861 32,476 238,861 32,476
Shares outside Malaysia 839 6,187 – –
Private debt securities outside Malaysia 2,049,225 2,636,888 – –
Included in the dealing securities held by the Group are:

(a) Shares quoted in Malaysia includes the Company’s portfolio managed by Commerce Asset Fund Managers Sdn Bhd
amounting to RM103,733,000 (2003: RM103,330,000) and unit trusts managed by Commerce Trust Berhad amounting
to RM232,305,000 (2003: RM30,000,000).
(b) Securities amounting to RM60,007,000 (2003: RM50,757,000) invested by assets management companies on behalf
of the Group.
(c) Malaysian Government securities, unquoted private and Islamic debt securities in Malaysia amounting to principal
values of RM61,000,000 (2003: RM25,000,000) of the Group have been pledged as credit support assets for certain
over-the-counter derivative contracts.

5 I N V E S T M E N T S EC U R I T I E S

2004 2003 2004 2003
RM’000 RM’000 RM’000 RM’000
Money market instruments:

Quoted
Malaysian Government securities 1,204,780 1,456,907 – –
Cagamas bonds 610,321 776,829 – –
Khazanah bonds 152,562 135,006 – –
Unquoted
Malaysian Government treasury bills 59,321 313,250 – –
Malaysian Government bonds 70,703 135,320 – –
Bank Negara Malaysia bills – 554,340 – –
Cagamas notes – 50,000 – –
Danaharta bonds – 23,536 – –
Danaharta Urus Sdn Bhd (“DUSB”) bonds 1,904,832 2,091,019 – –
Negotiable instruments of deposit – 30,000 – –
Bankers’ acceptance, Islamic accepted bills
and Islamic debt securities 770 10,577 – –
Private debt securities 3,641,238 2,795,207 – –
Other Government’s securities 97,107 95,020 – –
Floating rate notes 36,781 164,516 – –
Credit-linked notes 342,000 285,000 – –
8,120,415 8,916,527 – –
Quoted securities
In Malaysia
Shares 208,641 157,199 – 300
Bonds 3,490 58,981 – –
Warrants 452 1,168 – –
Property trust 13,556 13,369 – –
Outside Malaysia
Bonds 25,490 118,849 – –

5 I N V E S T M E N T S EC U R I T I E S ( C O N T I N U E D )

2004 2003 2004 2003
RM’000 RM’000 RM’000 RM’000
Unquoted securities
In Malaysia
Shares 403,248 390,904 – –
Bonds 2,251,732 1,824,278 – –
Loan stocks 44,585 46,805 – –
Detachable coupons – – 170,527 170,548
Property trust 2,848 2,848 2,848 2,848
Unit trust 450,135 – – –
Others – 112 – –
Outside Malaysia
Shares 12,888 15,470 – –
Bonds 912,579 660,927 – –
12,450,059 12,207,437 173,375 173,696
Accretion of discount less amortisation of premium 198,725 240,923 44,667 31,149
Provision for diminution in value of
investment securities:
– Private debt securities and bonds (358,767) (379,514) – –
– Quoted shares (16,435) (10,902) – –
– Unquoted shares (16,719) (23,268) – –
– Unquoted bonds (82,914) (87,243) – –
12,173,949 11,947,433 218,042 204,845
(i) Market value of quoted securities and quoted money market instruments:
2004 2003 2004 2003
RM’000 RM’000 RM’000 RM’000
Malaysian Government securities 1,167,960 1,311,234 – –

Cagamas bonds 617,278 642,680 – –
Khazanah bonds 160,432 130,296 – –
Quoted shares in Malaysia 190,439 145,761 – 444
Quoted bonds in Malaysia 1,585 57,025 – –
Quoted warrants in Malaysia 452 179 – –
Quoted property trust in Malaysia 13,820 8,669 – –
Quoted bonds outside Malaysia 21,903 118,849 – –
The carrying value of certain investment securities is higher than the market value. The Directors are of the opinion that no
permanent diminution in value exists.

5 I N V E S T M E N T S EC U R I T I E S ( C O N T I N U E D )
(ii) The maturity structure of money market instruments held for investment is as follows:
2004 2003 2004 2003
RM’000 RM’000 RM’000 RM’000
Maturing within one year 2,036,092 2,031,378 – –

One year to three years 2,783,999 3,775,767 – –
Three years to five years 1,163,604 1,751,938 – –
Over five years 2,136,720 1,357,444 – –
8,120,415 8,916,527 – –
6 L O A N S A N D A D VA N C E S

2004 2003 2004 2003
RM’000 RM’000 RM’000 RM’000
Overdrafts 3,582,754 3,497,672 – –

Term loans
– Fixed rate 9,569,842 9,388,896 – –
– Floating rate 36,346,875 31,788,002 – –
Bills receivable 339,459 331,268 – –
Trust receipts 887,139 894,055 – –
Claims on customers under acceptance credits 6,362,508 5,575,969 – –
Subordinated debt 127,277 127,294 – –
Staff loans [of which RM484,834
(2003: RM418,053) are to directors] 598,704 583,430 3,058 2,707
Factoring receivables 229,760 304,123 – –
Lease receivables 232,769 179,211 – –
Hire purchase receivables 9,238,436 5,826,238 – –
Credit card receivables 340,227 224,827 – –
Other loans 18,448 13,874 – –
67,874,198 58,734,859 3,058 2,707
Less: Unearned interest (1,837,861) (1,111,738) – –
Gross loans and advances 66,036,337 57,623,121 3,058 2,707
Provision for bad and doubtful debts
– Specific provision (SP) (1,919,403) (1,713,758) – –
– General provision (GP) (1,065,735) (956,790) – –
Interest-in-suspense (IIS) (448,169) (455,675) – –
Total net loans and advances 62,603,030 54,496,898 3,058 2,707

6 L O A N S A N D A D VA N C E S ( C O N T I N U E D )
Included in the Group’s loans and advances balances are RM405,497,000 of net loans (2003: RM Nil) relating to the jointly
controlled entity, Proton Commerce Sdn Bhd. The balances are held in the books of a Bank’s subsidiary, Bumiputra-
Commerce Finance Berhad (“BCF”). The revenue and risk of these loan accounts are shared equally between joint venture
parties, BCF and Proton Edar Sdn Bhd pursuant to the terms of the joint venture agreement.
During the year, the Group has changed its basis of provisioning by changing the period of default for non-performing loans
from 6 months to 3 months.
(i) The maturity structure of loans and advances is as follows:

2004 2003 2004 2003
RM’000 RM’000 RM’000 RM’000
Maturing within one year 22,317,804 23,124,392 18 18

One year to three years 10,917,314 7,249,422 95 159
Three years to five years 7,175,858 6,986,558 240 175
Over five years 25,625,361 20,262,749 2,705 2,355
66,036,337 57,623,121 3,058 2,707
(ii) Loans and advances analysed by their economic purposes are as follows:
2004 2003 2004 2003
RM’000 RM’000 RM’000 RM’000
Agriculture 2,365,814 2,156,618 – –

Mining and quarrying 146,295 342,788 – –
Manufacturing 12,049,867 11,358,984 – –
Electricity, gas and water 1,641,463 1,367,443 – –
Construction 4,318,404 3,790,871 – –
Real estate 2,398,982 1,681,940 – –
Purchase of landed property
– Residential 9,606,504 8,920,832 – –
– Non-residential 2,367,874 2,385,255 – –
General commerce 4,964,712 4,048,767 – –
Transport, storage and communication 3,823,604 3,641,027 – –
Finance, insurance and business services 5,453,460 4,734,940 – –
Purchase of securities 3,269,859 2,830,822 – –
Purchase of transport vehicles 7,027,345 4,419,092 – –
Consumption credit 1,490,471 1,847,948 – –
Others 5,111,683 4,095,794 3,058 2,707
66,036,337 57,623,121 3,058 2,707

6 LOANS AND ADVANCES (CONTINUED)
(iii) Movements in the non-performing loans and advances (including interest receivable) are as follows:
The Group
2004 2003
RM’000 RM’000
At 1 January 5,212,499 5,319,933

Non-performing during the year 5,069,003 3,729,582
Performing during the year (1,330,907) (1,595,438)
Recoveries (1,106,377) (1,577,186)
Amount written off (1,098,615) (712,512)
Non-performing loans arising from acquisition of a foreign subsidiary bank – 33,431
Exchange fluctuation (19,405) 14,689
At 31 December 6,726,198 5,212,499
Total loans and advances (net of SP and IIS) 63,668,765 55,453,688

Net non-performing loans 4,358,626 3,043,066
Ratio of net non-performing loans to total loans less SP and IIS 6.8% 5.5%
(iv) Movements in the provision for bad and doubtful debts and interest-in-suspense are as follows:
2004 2003
RM’000 RM’000
General Provision
At 1 January 956,790 838,637
Net provision made during the year 109,166 113,177
Amount transferred to specific provision – (514)
Provision arising from acquisition of a foreign subsidiary bank – 649
Provision for loans in relation to loans in jointly controlled entities 6,202 –
Exchange fluctuation (6,423) 4,841
At 31 December 1,065,735 956,790
(as % of total loans, less SP and IIS) 1.7% 1.7%

6 L O A N S A N D A D VA N C E S ( C O N T I N U E D )
The Group
2004 2003
RM’000 RM’000
Specific provision
At 1 January 1,713,758 1,726,470
Provisions made during the year 1,420,001 919,493
Amount transferred from general provision – 514
Amount written back in respect of recoveries (300,678) (353,343)
Amount written off (884,806) (584,963)
Amount transferred in respect of loan converted to bond (7,777) –
Provision arising from acquisition of a foreign subsidiary bank – 6,682
Provision for loans in relation to loans in jointly controlled entities 2,071 –
Exchange fluctuation (23,166) (1,095)
At 31 December 1,919,403 1,713,758
Interest-in-suspense
At 1 January 455,675 565,732
Interest suspended during the year 438,423 501,680
Amount written back in respect of recoveries (187,668) (235,603)
Amount written back in respect of non-performing
loans reclassified as performing (24,316) (63,109)
Amount written off (234,882) (320,716)
Provision arising from acquisition of a foreign subsidiary bank – 7,424
Interest-in-suspense for loans in relation to loans in jointly controlled entities 154 –
Exchange fluctuation 783 267
At 31 December 448,169 455,675

7 O T H E R A S S E TS

2004 2003 2004 2003
RM’000 RM’000 RM’000 RM’000
Interest receivable 404,639 398,073 – –

Deposits and revaluation of
derivative financial instruments 319,461 319,776 – –
Due from brokers and clients net of provision
for doubtful debts of RM7,924,000
(2003: RM8,058,295) 461,240 281,044 – –
Other debtors, deposits and prepayments net
of provision for doubtful debts of
RM26,113,031(2003: RM14,409,407) (a) 1,023,319 1,776,420 1,399 140,860
Due from insurers, brokers and reinsurers
net of provision for doubtful debts of
RM4,798 (2003: RM Nil) 6,863 – – –
Amount due from shareholder and
Minister of Finance (Incorporation) (b) – 440,245 – 440,245
Amount due from DUSB (c) – 492,011 – –
Foreclosed properties net of
provision for impairment in value 59,483 26,386 – –
Unit trust stock – 81 – –
2,275,005 3,734,036 1,399 581,105
(a) Other debtors, deposits and prepayments net of provision for doubtful debts
There were no trade receivables (2003: RM800,000,000) arising from the forward sale of dealing securities by a
subsidiary bank.
(b) Amount due from shareholder and Minister of Finance (Incorporation) (“MoF”)
This amount represents balance of the full and final settlement amounts agreed in respect of the claims submitted by
a subsidiary bank through the Company to the MoF and Khazanah Nasional Berhad (“Khazanah”) pursuant to the
Share Exchange Agreement (“SEA”) dated 8 February 1999 and the Supplemental Agreement to the SEA dated 16
August 1999. This amount has been fully settled during the year.
(c) Amount due from DUSB

This amount is in respect of the Put Option exercised pursuant to the Share Exchange Agreement between the
Minister of Finance (Incorporation), Khazanah Nasional Berhad and the Company dated 8 February 1999 and a
Supplemental Agreement dated 16 August 1999. Put Option was granted to a subsidiary bank to put to Danaharta’s
special purpose vehicle company, the Qualifying Loans and those assets which are considered Credit Impaired as
defined in the Share Exchange Agreement. The special purpose vehicle company for the purpose was Danaharta Urus
Sdn Bhd (“DUSB”). The Put Option expired on 31 July 2001. In the current financial year, the subsidiary bank has
received the full and final settlement of all amounts due from DUSB.

8 D E F E R R E D TA X AT I O N
Deferred tax assets and liabilities are offset when there is a legally enforceable right to set off current tax assets against
current tax liabilities and when the deferred taxes relate to the same tax authority. The following amounts, determined after
appropriate offsetting, are shown in the balance sheet:
2004 2003 2004 2003
RM’000 RM’000 RM’000 RM’000
Deferred tax assets 336,575 379,272 – –

Deferred tax liabilities (15,228) (19,348) (12,948) (8,650)
321,347 359,924 (12,948) (8,650)
(a) Deferred tax assets

The Group
2004 2003
RM’000 RM’000
General provision for doubtful debts 273,810 317,402

Accelerated tax depreciation (12,162) (6,676)
Unabsorbed tax losses 49,589 11,319
Other temporary differences 25,338 57,227
336,575 379,272
(b) Deferred tax liabilities

2004 2003 2004 2003
RM’000 RM’000 RM’000 RM’000
General provision for doubtful debts 239 524 239 524

Accelerated tax depreciation (787) (3,236) (787) (561)
Other temporary differences (14,680) (16,636) (12,400) (8,613)
(15,228) (19,348) (12,948) (8,650)

8 D E F E R R E D TA X AT I O N ( C O N T I N U E D )
(b) Deferred tax liabilities (continued)

The movements in deferred tax assets and liabilities during the year comprise the following:
General
provision Accelerated Other
The Group for doubtful tax Unabsorbed temporary
debts depreciation tax losses differences Total
RM’000 RM’000 RM’000 RM’000 RM’000
(a) Deferred tax assets

At 1 January 2004 317,402 (6,676) 11,319 57,227 379,272
Acquisition of subsidiary
(Note 48(a)) – – – 2,057 2,057
(Charged)/credited to
income statement (43,592) (5,486) 38,270 (33,946) (44,754)
At 31 December 2004 273,810 (12,162) 49,589 25,338 336,575
At 1 January 2003 280,852 (8,315) 13,271 4,890 290,698

(Charged)/credited to
income statement 36,550 1,639 (1,952) 52,337 88,574
At 31 December 2003 317,402 (6,676) 11,319 57,227 379,272
(b) Deferred tax liabilities

At 1 January 2004 524 (3,236) – (16,636) (19,348)
Acquisition of subsidiary
(Note 48(a)) – – – (140) (140)
Credited/(charged) to
income statement (285) 2,449 – 2,096 4,260
At 31 December 2004 239 (787) – (14,680) (15,228)
At 1 January 2003 239 (2,065) 196 (10,370) (12,000)

Credited/(charged) to income
statement 285 (1,171) (196) (6,266) (7,348)
At 31 December 2003 524 (3,236) – (16,636) (19,348)
General
provision Accelerated Other
The Company for doubtful tax temporary
debts depreciation differences Total
RM’000 RM’000 RM’000 RM’000
Deferred tax liabilities

At 1 January 2004 524 (561) (8,613) (8,650)
Charged to income statement (285) (226) (3,787) (4,298)
At 31 December 2004 239 (787) (12,400) (12,948)
At 1 January 2003 239 (415) (4,944) (5,120)

(Charged)/credited to income statement 285 (146) (3,669) (3,530)
At 31 December 2003 524 (561) (8,613) (8,650)

9 S TAT U TO RY D E P O S I T S W I T H B A N K N EG A R A M A L AYS I A
The non-interest bearing statutory deposits are maintained by certain subsidiaries with Bank Negara Malaysia in compliance
with Section 37(1)(c) of the Central Bank of Malaysia Act, 1958 (revised 1994), the amounts of which are determined at set
percentages of total eligible liabilities.
10 SUBSIDIARIES
The Company
2004 2003
RM’000 RM’000
Shares at cost
Quoted 836,003 1,118,390
Unquoted 3,417,042 3,220,705
Provision for impairment in value of a subsidiary (1,275) (1,275)
4,251,770 4,337,820
Market value of quoted subsidiaries 4,086,949 3,481,396
The direct subsidiaries are:

Percentage
of equity held
2004 2003 Paid-up capital
Name of subsidiary Principal activities % % as at 31.12.2004
Bumiputra-Commerce Bank Berhad Commercial banking and 100 100 RM2,063,956,000

related financial services
CIMB Berhad Investment holding of 72.36 74.22 RM855,905,600

merchant banking group
Commerce Asset Fund Managers Fund management – 70 RM5,500,000

Sdn Bhd (Note 45(n))
Commerce Trust Berhad (Note 45(n)) Unit trust manager – 70 RM7,000,000
Commerce Asset Ventures Sdn Bhd Provision management 100 100 RM500,000
services (ordinary shares)
^ RM6,700,000
(preference shares)
Commerce Asset Realty Sdn Bhd Holding of properties 100 100 RM240,000
for letting to a
related company
Commerce Asset Nominees Sdn Bhd Nominee services 100 100 RM10,000
Commerce Life Assurance Berhad Life assurance business 100 100 RM122,000,000

10 SUBSIDIARIES (CONTINUED)
Percentage
of equity held
Commerce Assurance Berhad General insurance business 100 – RM110,000,000

(formerly known as AMI
Insurans Berhad) (Note 45(c))
PT Bank Niaga Tbk + Commercial banking and 52.59 52.83 IDR748,594,369,200

(Incorporated in the Republic of related financial services
Indonesia)
Commerce Volantia Sdn Bhd Dormant 100 100 RM3
Commerce MGI Sdn Bhd Dormant 51 51 RM2,500,000
Commerce Capital (Labuan) Ltd Special purpose vehicle 100 – USD1

(Incorporated in the Federal
Territory of Labuan)^^
^ Preference shares of RM0.10 each

^^ Commerce Capital (Labuan) Ltd was incorporated on 2 August 2004
+ Audited by a member firm of PricewaterhouseCoopers International
The subsidiaries, held through its subsidiary bank, Bumiputra-Commerce Bank Berhad (“BCB”) are:
Percentage of equity held
Through
Directly by subsidiary
the Bank company
Name of subsidiary Principal activities 2004 2003 2004 2003 Paid up capital
% % % % as at 31.12.2004
BOC Nominees Sdn Bhd Nominee services 100 100 – – RM25,000
BOC Nominees (Tempatan) Nominee services 100 100 – – RM10,000

Sdn Bhd
BOC Nominees (Asing) Sdn Bhd Nominee services 100 100 – – RM10,000
Bumiputra-Commerce Nominee services 100 100 – – RM3,000

Nominees Sdn Bhd

Nominees (Tempatan)
Sdn Bhd


Through
the Bank company
% % % % as at 31.12.2004

Nominees (Asing) Sdn Bhd
Bumiputra-Commerce Nominee services – – 100 100 USD1

Corporate Services Limited
(Incorporated in the Federal
Territory of Labuan)
Bumiputra-Commerce Finance Finance company 100 100 – – RM275,000,000

Berhad (ordinary shares)
RM125,000,000
(redeemable
cumulative
preference
shares)
@RM200,000,000
(perpetual
preference shares)
I-Prestige Sdn Bhd Special purpose vehicle – – 100 100 RM12,750,002
Bumiputra-Commerce Trustee Trustee services 20 20 80 80 RM500,000

Berhad
Bumiputra-Commerce Trust Trustee services 100 100 – – USD40,000

Limited (Incorporated
in the Federal
Territory of Labuan)
BBMB Unit Trust Management Investment holding 100 100 – – RM5,000,000

Berhad
Bumiputra-Commerce Leasing, factoring and 100 100 – – RM50,000,000

FactorsLease Berhad loan management
(formerly known as
Bumiputra-Commerce
Leasing Berhad)
Bumiputra-Commerce Bank (L) Offshore banking 100 100 – – USD50,000,000

Limited (Incorporated in the
Federal Territory of Labuan)


Through
the Bank company
% % % % as at 31.12.2004
Semerak Services Sdn Bhd Service company 100 100 – – RM250,000
BBMB Securities (Holdings) Investment holding 100 100 – – RM175,000,000

Sdn Bhd company
EPIC-I Sdn Bhd Provision of 100 100 – – RM25,000,000

outsourcing
services
South East Asian Bank Ltd # Commercial banking 60 60 – – MUR200,000,000

(Incorporated in Republic and related
of Mauritius) financial services
Bumiputra-Commerce Dormant 100 100 – – RM15,000,000

Factoring Berhad
Bumiputra-Commerce Dormant 100 100 – – RM5,000,000

Properties Sdn Bhd
BBMB Futures Sdn Bhd Dormant – – 100 100 RM10,000,000
BBMB Finance (Hong Kong) Dormant 100 100 – – HK$15

Limited #
(Incorporated in Hong Kong)
BBMB Finance Nominee Dormant – – 100 100 HK$10,000

(Hong Kong) Limited #
Bumiputra Nominee Ltd # Dormant 100 100 – – £2

(Incorporated in the United
Kingdom)
Bumiputra-Commerce Offshore trust 100 100 – – RM150,000

International Trust
(Labuan) Berhad
&
Commerce Tijari Bank Dormant 100 – – – RM2
Berhad


Through
the Bank company
% % % % as at 31.12.2004
BBMB International Bank (L) Under voluntary 100 100 – – USD4,000,000

Ltd (Incorporated in the liquidation
Federal Territory of
Labuan)
# Not audited by PricewaterhouseCoopers

&
Commerce Tijari Bank Berhad was incorporated on 2 November 2004. As at year end, it was dormant. On 11 January
2005, its paid up capital was increased from RM2 to RM100 million.
@ Held by jointly controlled entity, Proton Commerce Sdn Bhd.
All the subsidiaries, unless otherwise stated, are incorporated in Malaysia.
The subsidiaries, held through its subsidiary, CIMB Berhad are:

Through
the company company
% % % % as at 31.12.2004
Commerce International Merchant banking 100 100 – – RM219,242,000

Merchant Bankers Berhad and the provision
(“CIMB”) of related financial
services
CIMB Holdings Sdn Bhd Investment holding – – 100 100 RM10,370,000
CIMB Futures Sdn Bhd Futures broking – – 100 100 RM9,000,000
CIMB Nominees (Tempatan) Nominee services – – 100 100 RM10,000

Sdn Bhd
CIMB Nominees (Asing) Nominee services – – 100 100 RM10,000

Sdn Bhd
CIMB Discount House Bhd Discount House – – 100 100 RM62,900,000

(ordinary shares)
RM116,000,000
(preference shares)

Through
the company company
% % % % as at 31.12.2004
CIMB (L) Limited Offshore banking – – 100 100 USD25,000,000

(Incorporated in the (ordinary shares)
@@
Federal Territory USD6,250,000
of Labuan) (Redeemable
non-cummulative)
(preference shares)
iCIMB Sdn Bhd Dormant – – 100 100 RM2
CIMB Securities Sdn Bhd Stock and sharebroking – – 100 100 RM40,000,000
CIMB Securities (Hong Kong) Trading in securities – – 100 100 HK$5,000,000

Limited (Incorporated in
Hong Kong) +
CIMSEC Nominees (Tempatan) Nominee services – – 100 100 RM10,000

Sdn Bhd
CIMSEC Nominees (Asing) Nominee services – – 100 100 RM10,000

Sdn Bhd
CIMSEC Nominees Sdn Bhd Nominee services – – 100 100 RM10,000
CIMB ShareTech Sdn Bhd Trading in securities 100 – – 100 RM40,003,120

(ordinary shares)
* RM300
(preference shares)
ShareTech Nominees Nominee services – – 100 100 RM10,002

(Tempatan) Sdn Bhd
ShareTech Nominees (Asing) Nominee services – – 100 100 RM10,002

Sdn Bhd
Halyconia Asia Fund Limited Open-ended – – 100 100 USD100

(Incorporated in British investment fund (ordinary shares)
Virgin Islands) **USD2 (redeemable
preference shares)
P.T. CIMB Niaga Securities + Stock and sharebroking – – 51 51 IDR50,000,000,000
* Preference shares of RM1.00 each entirely held by the minority interests

** Redeemable preference shares of USD0.01 each
@@
Redeemable non-cummulative preference shares of USD0.05 each
+ Audited by a member firm of PricewaterhouseCoopers International


Through
the company company
% % % % as at 31.12.2004
Commerce Trust Berhad Unit Trust Manager 70 – – – RM7,000,000

(Note 45(n))
Commerce Asset Fund Fund management 70 – – – RM5,500,000

Managers Sdn Bhd
(Note 45(n))
CIMB Private Equity Sdn Bhd (i) Private equity 100 – – – RM2
(ordinary shares)
RM165,000
(redeemable
preference
shares)
CIMB Private Equity General Fund management – – 100 – USD2

Partner Limited
(Incorporated in the
Federal Territory of Labuan) (ii)
CIMB Mezzanine General Fund management – – 100 – USD2

Partner Limited
(Incorporated in Federal
Territory of Labuan) (ii)
CIMB Private Equity 1 Private equity – – 100 – RM2

Sdn Bhd (i)
CIMB Real Estate Sdn Bhd (iii) Real estate 100 – – – RM2
investment (ordinary shares)
RM2
(redeemable
preference shares)
(i) In April 2004, CIMB incorporated a new subsidiary, CIMB Private Equity Sdn Bhd (“CIMB PE”). CIMB PE then incorporated
CIMB Private Equity 1 Sdn Bhd.
(ii) CIMB’s wholly-owned subsidiary, CIMB (L) Limited, had on 18 June 2004 received the Certificates of Incorporation
dated 15 June 2004 from the Labuan Offshore Financial Services Authority for the incorporation of two new offshore
subsidiaries, CIMB Private Equity General Partner Limited and CIMB Mezzanine General Partner Limited.
(iii) In November 2004, CIMB incorporated a new subsidiary, CIMB Real Estate Sdn Bhd.

The subsidiaries, held through its subsidiary, Commerce Asset Ventures Sdn Bhd are:
Percentage
of equity held
Ekspedisi Yakin Sdn Bhd Leisure and entertainment 100 100 RM1,000,000
services
CAV Private Equity Management Providing management and 100 100 RM100,000
Sdn Bhd advisory services
Scan Associates Sdn Bhd Providing ICT security 55.66 – RM4,285,000

system consultancy
The subsidiaries, held through subsidiary of a subsidiary, Ekspedisi Yakin Sdn Bhd are:
Percentage
of equity held
Radiant Direction Sdn Bhd Dormant 100 100 RM50,000
Quantum Epic Sdn Bhd Dormant 100 100 RM50,000
All the above subsidiaries, unless otherwise stated, are incorporated in Malaysia.
The subsidiaries, held through its subsidiary bank, PT Bank Niaga Tbk are:
Percentage
of equity held
Niaga Finance Company Limited # Money lender – 100 HK$150,000,000

(Note 49)
PT Niaga Aset Manajemen # Investment management 99 99 IDR5,000,000,000
PT Saseka Gelora Finance # Financing services 82 82 IDR40,000,000,000
PT Niaga International Factors # Finance and factoring 53 53 IDR25,000,000,000

services

Percentage
of equity held
Niaga Remittance Limited # Remittance services – 60 HK$1,300,000

(Note 49)
# Not audited by PricewaterhouseCoopers
All the above subsidiaries, unless otherwise stated, are incorporated in the Republic of Indonesia.
11 A S S O C I AT E S
The Company
2004 2003
RM’000 RM’000
Unquoted shares, at cost 3,834 3,834
The Group
2004 2003
RM’000 RM’000
Share of net assets other than premium of associates 57,593 41,874

Premium on acquisition 13,552 13,503
71,145 55,377
The direct associate is:

Percentage
of equity held
2004 2003
Name of associate Principal activities % % Financial year end
Rangkaian Segar Sdn Bhd Establishment, operation and 20 20 30 June

management of an electronic
collection system for toll and
transport operators

11 A S S O C I AT E S ( C O N T I N U E D )
The associates, held through its subsidiary, CIMB Berhad are:

Directly by Through
subsidiary subsidiary
Name of associate Principal activities 2004 2003 2004 2003 Financial year end
% % % %
Banyan Ventures Sdn Bhd (i) Fund management – – – 37 30 June

investment holding
Navis-CIMB General Partner Ltd Fund management – – 25 25 31 December

(Incorporated in the
Federal Territory of Labuan)
CIMB Mezzanine 1 Sdn Bhd (ii) Private equity’s fund – – 100 – 31 December
(i) On 30 January 2004, CIMB had disposed its 37.04% equity interest comprising 1,000,000 ordinary shares of RM1.00
each in Banyan Ventures Sdn Bhd for a total consideration of RM39,338. The Sale and Purchase agreement was
subsequently completed on 16 February 2004.
(ii) CIMB Mezzanine 1 Sdn Bhd (“CIMBM”) is a special purpose entity set up by CIMB Group to facilitate investments in
private companies. The entire paid up ordinary share capital of CIMBM of RM2 is held by CIMB Group.
CIMBM is funded primarily by the issuance of redeemable preference shares (“RPS”) to investors. The terms and
conditions of the RPS and the Memorandum and Articles of Association of CIMBM are structured in such a manner
that the residual risks and rewards of CIMBM are borne by the investors in RPS. As at 31 December 2004, CIMB
Group holds 19% of the RPS of the entity amounting to RM1 million. In addition, CIMB, a subsidiary of CIMB Berhad
has been appointed as the investment advisor to CIMBM and earns management and incentive fees.
Although CIMB Group holds the entire ordinary share capital of CIMBM, CIMB Group does not have control over
CIMBM and therefore does not regard CIMBM as a subsidiary. However, CIMB Group has significant influence over
CIMBM by virtue of its holding of the RPS and its role as an investment advisor to CIMBM. Accordingly, CIMBM has
been accounted for as an associate of CIMB Berhad using the equity method of accounting.

11 A S S O C I AT E S ( C O N T I N U E D )
The associates, held through its subsidiary, Commerce Asset Ventures Sdn Bhd are:
Percentage
of equity held
2004 2003
Carotech Sdn Bhd Production of palm oil based – 24.29 30 June

and pharmaceutical products
Goodway Rubber Industries Sdn Bhd Manufacture of masterbatch and – 30 31 December

other rubber products
Sesama Medical College Learning and education 30 – 31 August

Management Sdn Bhd
Hicks-Woode Corporate Corporate and secretarial 30 – 31 December

Services Sdn Bhd services
On 12 July 2004, Goodway Rubber had been listed on the Second Board of Bursa Malaysia Securities Berhad. Subsequently,
Commerce Asset Ventures Sdn Bhd had disposed part of its equity interest to 9.53%. As such the balance held is now
recorded as simple investment.
Commerce Asset Ventures Sdn Bhd also had disposed its equity interest in Carotech Sdn Bhd to 12.75% during the year. As
such, the balance held is now recorded as simple investment.
The associate, held through subsidiary of a subsidiary, Ekspedisi Yakin Sdn Bhd is:
Percentage
of equity held
2004 2003
Opera Café Sdn Bhd Leisure and entertainment 49 49 31 December

services
The associates, held through its subsidiary bank, PT Bank Niaga Tbk are:
Percentage
of equity held
2004 2003
PT Asuransi Cigna Life assurance business 20 20 31 December

(Incorporated in the Republic
of Indonesia)
P.T. CIMB Niaga Securities Stock and sharebroking 49 49 31 December

(Incorporated in the Republic
of Indonesia)
All the associates, unless otherwise stated, are incorporated in Malaysia.

12 J O I N T LY C O N T R O L L E D E N T I T I E S
The Group
2004 2003
RM’000 RM’000
Share of net assets of the jointly controlled entities 121,416 –
The jointly controlled entity, held through a Bank’s subsidiary, Bumiputra-Commerce Finance Berhad (“BCF”) is:
Percentage
of equity held
2004 2003
Name of Jointly Controlled Entity Principal activities % % Financial year end
Proton Commerce Sdn Bhd Financing of vehicles 50 – 31 March
The jointly controlled entity, held through a subsidiary of a subsidiary, CAV Private Equity Management Sdn Bhd is:
Percentage
of equity held
2004 2003
Name of Jointly Controlled Entity Principal activities % % Financial year end
Commerce-Meridian Capital Sdn Bhd Provision of management and 49.99 49.99 31 December
advisory of venture
capital funds
The Group’s share of the assets and liabilities of Proton Commerce Sdn Bhd other than those that are held in trust by a
subsidiary, BCF is as follows:
2004
RM’000
Non-current assets 100,352

Current assets 23,846
Current liabilities (2,782)
Net assets 121,416
The Group’s share of the income and expenses of the jointly controlled entity is as follows:
2004
RM’000
Income 4,986
Expenses (8,495)
Loss before taxation (3,509)
Taxation (75)
Net loss for the financial period (3,584)

13 F I X E D A S S E TS
Buildings Buildings Renovations,
on on office Computer
Leasehold Leasehold Buildings leasehold leasehold equipment, Computer equipment General
land 50 land less on land 50 land less furniture equipment and plant Capital
Freehold years or than 50 freehold years or than 50 and and software Motor and work in
land more years land more years fixtures software under lease vehicles machinery progress Total
RM’000 RM’000 RM’000 RM’000 RM’000 RM’000 RM’000 RM’000 RM’000 RM’000 RM’000 RM’000 RM’000
The Group
2004
Cost
At 1 January 2004 100,155 20,441 165 113,674 196,934 42,268 317,864 388,547 14,544 40,963 1,671 4,338 1,241,564
Additions 1,432 – 1,827 – 92 8,268 99,157 30,023 14,432 9,354 3 43,075 207,663
Arising from acquisition
of subsidiary – – – 20,518 4,583 – 8,497 22,371 – 3,015 – 3,126 62,110
Disposals/written off (90) – – (3,616) – (12,943) (67,543) (33,289) (9,292) (7,336) (1,410) – (135,519)
Transfer/reclassification 4,387 3,215 – – (5,570) 6,460 (6,465) 7,157 (131) 108 (125) (9,036) –
Exchange adjustments (4,749) – – 842 1,650 (2,982) (4,602) 5,689 – 2,136 – 174 (1,842)
At 31 December 2004 101,135 23,656 1,992 131,418 197,689 41,071 346,908 420,498 19,553 48,240 139 41,677 1,373,976
Depreciation
At 1 January 2004 – 5,419 117 56,969 52,429 14,628 155,140 251,286 12,125 17,221 690 – 566,024
Arising from acquisition
of subsidiary – – – 608 271 – 2,982 12,810 – 1,089 – – 17,760
Charge for the year – 470 3 2,553 3,786 7,908 49,972 49,130 4,696 9,527 373 – 128,418
Disposals/written off – – – (313) – (12,771) (63,400) (30,808) (7,562) (4,365) (898) – (120,117)
Transfer/reclassification – 1,174 – – (1,787) 164 9,632 (8,881) (482) 207 (27) – –
Exchange adjustments – – – 463 235 (961) (1,186) 2,108 – 1,740 – – 2,399
At 31 December 2004 – 7,063 120 60,280 54,934 8,968 153,140 275,645 8,777 25,419 138 – 594,484
Net book value at 31 December 2004 101,135 16,593 1,872 71,138 142,755 32,103 193,768 144,853 10,776 22,821 1 41,677 779,492
At 31 December 2003
Cost 100,155 20,441 165 113,674 196,934 42,268 317,864 388,547 14,544 40,963 1,671 4,338 1,241,564
Accumulated depreciation – 5,419 117 56,969 52,429 14,628 155,140 251,286 12,125 17,221 690 – 566,024
commerce asset-holding berhad

Net book value 100,155 15,022 48 56,705 144,505 27,640 162,724 137,261 2,419 23,742 981 4,338 675,540
(50841-W)
141
13 F I X E D A S S E TS ( C O N T I N U E D )
142
Renovations,
office
Leasehold Buildings Buildings equipment, Computer
land 50 on on furniture equipment Capital
Freehold years or freehold leasehold and and Motor work in
land more land land fixtures software vehicles progress Total
The Company
2004

Cost
At 1 January 2004 18,985 6,787 5,954 44,812 1,643 449 1,903 – 80,533
(50841-W)
Additions – – – – 169 493 609 37,500 38,771
Disposals (90) – (1,519) – – (5) (150) – (1,764)

At 31 December 2004 18,895 6,787 4,435 44,812 1,812 937 2,362 37,500 117,540
Depreciation
At 1 January 2004 – 1,482 1,001 11,276 613 378 437 – 15,187
Charge for the year – 160 166 1,343 108 49 418 – 2,244
Disposals – – (313) – – (5) (87) – (405)
At 31 December 2004 – 1,642 854 12,619 721 422 768 – 17,026
Net book value

at 31 December 2004 18,895 5,145 3,581 32,193 1,091 515 1,594 37,500 100,514
At 31 December 2003
Cost 18,985 6,787 5,954 44,812 1,643 449 1,903 – 80,533
Accumulated depreciation – 1,482 1,001 11,276 613 378 437 – 15,187
Net book value 18,985 5,305 4,953 33,536 1,030 71 1,466 – 65,346
14 GOODWILL
The Group
2004 2003
RM’000 RM’000
At 1 January 321,260 330,035

Goodwill arising from acquisition of subsidiaries 45,037 –
Goodwill arising from acquisition of additional interest in subsidiary – 5,439
Disposal of interest in subsidiary (1,598) –
Less: Amortisation in the year (13,196) (14,214)
At 31 December 351,503 321,260
Goodwill arising from acquisition of subsidiaries 402,556 359,117

Accumulated amortisation (51,053) (37,857)
351,503 321,260
15 D E P O S I TS F R OM C U STOM E R S
The Group
2004 2003
RM’000 RM’000
Demand deposits 17,239,634 14,861,509

Savings deposits 6,966,598 6,121,129
Fixed deposits 47,564,463 40,122,684
Negotiable instruments of deposit 985,302 1,392,060
Others 1,349,178 656,847
74,105,175 63,154,229
(i) Maturity structure of fixed deposits and negotiable instruments of deposit is as follows:
The Group
2004 2003
RM’000 RM’000
Due within six months 38,183,820 32,803,872

Six months to one year 8,235,660 6,089,431
One year to three years 2,075,489 2,615,073
Three years to five years 54,796 6,368
48,549,765 41,514,744

15 D E P O S I TS F R OM C U STOM E R S ( C O N T I N U E D )
(ii) The deposits are sourced from the following customers:

The Group
2004 2003
RM’000 RM’000
Business enterprises 35,889,216 29,130,378

Individuals 18,231,564 16,154,608
Others 19,984,395 17,869,243
74,105,175 63,154,229
16 D E P O S I TS A N D P L A C E M E N TS O F B A N K S A N D OT H E R F I N A N C I A L I N ST I T U T I O N S
The Group
2004 2003
RM’000 RM’000
Licensed banks 5,949,867 6,277,475

Licensed finance companies 75,081 226,561
Other financial institutions 1,492,921 1,846,773
7,517,869 8,350,809
Included in the Group’s deposits and placements of banks and other financial institutions are RM220,000,000 (2003: RM Nil) of
deposits and placements relating to the jointly controlled entity, Proton Commerce Sdn Bhd. These are held in the books of a
Bank’s subsidiary, Bumiputra-Commerce Finance Berhad (“BCF”). The expenses on these deposits and placements are shared
equally between joint venture parties BCF and Proton Edar Sdn Bhd pursuant to the terms of joint venture agreement.
17 F L O AT I N G R AT E C E R T I F I C AT E S O F D E P O S I T S
The Group
2004 2003
RM’000 RM’000
(a) Floating rate certificate of deposit

– USD30 million 114,000 –
(b) Floating rate certificate of deposit

– USD60 million 228,000 –
342,000 –
The main features of the Floating Rate Certificates of Deposit issued during the year are as follows:
(a) The USD30 million Floating Rate Certificates of Deposit issued by a subsidiary Bank carry interest at a fixed rate of
2.04% per annum from 17 August 2004 to 17 February 2005 and, thereafter at a rate per annum at floating rates
calculated with a spread based on London Interbank Offered Rate (“LIBOR”) to maturity on 12 August 2005.
(b) The USD60 million Floating Rate Certificates of Deposit issued by a subsidiary of a subsidiary Bank are guaranteed by the
subsidiary Bank and carry floating interest rates calculated with a spread based on LIBOR. It will mature on 8 April 2007.

18 OTHER LIABILITIES

2004 2003 2004 2003
RM’000 RM’000 RM’000 RM’000
Interest payable 487,395 447,421 9,040 4,225

Due to brokers and clients 454,333 343,782 – –
Short-term borrowings (Note 21) 563,228 363,982 – –
Insurance fund – life insurance business 750,841 514,748 – –
Insurance fund – general insurance business (a) 274,690 – – –
Amount due to Bank Muamalat Malaysia Berhad 22,641 27,296 – –
Revaluation of derivative financial instruments 317,595 212,247 – –
Provision for commitments and contingencies (b) 2,293 2,034 – –
Post employment benefit obligations (Note 19) 76,292 65,670 130 –
Zakat 14 14 – –
Others 1,328,241 878,117 9,850 44,936
4,277,563 2,855,311 19,020 49,161
(a) General Insurance Funds

The Group
2004 2003
RM’000 RM’000
Provision for outstanding claims 151,789 –

Unearned premium reserve 122,901 –
At 31 December 274,690 –
(b) The movement in provision for commitments and contingencies are as follows:
The Group
2004 2003
RM’000 RM’000
At 1 January 2,034 4,135

Provision made during the year 259 –
Write back during the year – (2,101)
At 31 December 2,293 2,034

19 P O S T E M P L OYM E N T B E N E F I T O B L I G AT I O N S

2004 2003 2004 2003
RM’000 RM’000 RM’000 RM’000
Defined contribution plan 10,164 7,453 130 –

Defined benefit plans 66,128 58,217 – –
76,292 65,670 130 –
(a) Defined contribution plan

Group companies incorporated in Malaysia contribute to the Employees Provident Fund, the national defined
contribution plan. Once the contributions have been paid, the Group and the Company have no further payment
obligations.
(b) Defined benefit plans

The Group operates final salary defined benefit plans for its employees in Malaysia and Indonesia, the assets of which
are held in separate trustee – administered funds. The latest actuarial valuations of the plans in Malaysia and Indonesia
were carried out on 26 January 2004 and 25 January 2005 respectively.
The amount recognised in the balance sheet in respect of defined benefit plans is as follows:
The Group
2004 2003
RM’000 RM’000
Present value of funded obligations 272,318 137,027

Fair value of plan assets (209,415) (73,103)
Status of funded plan 62,903 63,924
Unrecognised transition liability 3,225 (5,707)
Liability 66,128 58,217
The amount recognised in the income statement in respect of defined benefit plans is as follows:
The Group
2004 2003
RM’000 RM’000
Current service cost 9,446 8,610

Interest cost 9,436 8,502
Expected return on plan assets (5,377) (6,648)
Amortisation of transition liability 5,707 5,707
Total included in personnel costs (Note 33) 19,212 16,171
The actual return on plan assets of the subsidiary bank group was RM4,418,000 (2003: RM6,518,000).

19 P O S T E M P L OYM E N T B E N E F I T O B L I G AT I O N S ( C O N T I N U E D )
(b) Defined benefit plans (Continued)

The principal actuarial assumptions used in respect of the Group’s defined benefit plans are as follows:
The Group
2004 2003
% %
Discount rates 7.00 7.00

Expected return on plan assets 6.34 6.34
Future salary increases 5.09 5.09
20 L O A N S TO C K S
The Group
2004 2003
RM’000 RM’000
Negotiable Certificates of Deposits (a) 762,232 865,830
The Group
2004 2003
RM’000 RM’000
Maturity structure of loan stocks is as follows:

– One year to two years 100,156 120,000
– Two years to five years 62,076 145,830
– Five years to ten years 600,000 600,000
762,232 865,830
(a) The negotiable certificates of deposits issued are unsecured. The details of the negotiable certificates of deposits are
as follows:
The Group
Principal segregated Range of fixed interest
by maturity year rate per annum 2004 2003
(%) RM’000 RM’000
Year 2005 3.7 – 6.1 – 120,000

Year 2006 5.0 100,156 100,000
Year 2007 3.35 4,000 4,000
Year 2008 – 41,830 41,830
Year 2009 – 16,246 –
Year 2011 6.5 600,000 600,000
762,232 865,830

21 SHORT-TERM BORROWINGS
The Group
2004 2003
RM’000 RM’000
Revolving credit facilities 449,228 363,982

USD term loan 114,000 –
563,228 363,982
The revolving credit facilities from financial institutions are unsecured and carry interest rates of between 1.85% to 7.90%
(2003: 2.45% to 10.65%) per annum for the Group during the financial year.
22 BONDS

2004 2003 2004 2003
RM’000 RM’000 RM’000 RM’000
1.75% Redeemable Euro – Convertible

Bonds 1994/2004 (a) – 2,964 – 2,964
7.85% Redeemable unsecured RM
Bonds 2001/2006 (b) 250,000 250,000 250,000 250,000
8.35% Redeemable unsecured RM
Bonds 2001/2008 (b) 250,000 250,000 250,000 250,000
USD Zero coupon guaranteed
convertible bonds 2004/2009 (c) 412,118 – – –
912,118 502,964 500,000 502,964
(a) 1.75% Redeemable Euro-Convertible Bonds 1994/2004

The 1.75% Redeemable Euro-Convertible Bonds 1994/2004 had the following main features:-
(i) The Bonds were in denominations of USD5,000 or integral multiples thereof, constituted by a Trust Deed,
carried interest at the rate of 1.75% per annum payable annually in arrears on 26 September each year.
(ii) Unless previously redeemed, purchased and cancelled, the Bonds may be converted on or after 26 October
1994 up to and including 19 September 2004 into fully paid-up ordinary shares of RM1.00 each of the Company
at an initial conversion price, subject to adjustment in certain circumstances, of RM13.60 per ordinary share and
with a fixed exchange rate of RM2.554 to USD1.00.
As a result of the bonus issue, rights issue and offer for sale of warrants 1997/2002, the conversion price of the
Bonds had been adjusted in accordance with the Trust Deed dated 26 September 1994 resulting the Bonds
price being changed from RM13.60 per share to RM3.10 per share at the fixed exchange rate of RM2.554 to
USD1.00 with effect from 5 September 2002.

22 BONDS (CONTINUED)
(a) 1.75% Redeemable Euro-Convertible Bonds 1994/2004 (Continued)

(iii) Unless previously redeemed, purchased and cancelled or converted, each Bond will be redeemed on
26 September 2004 at its principal amount. On 26 September 1999, USD34,720,000 was redeemed at the
option of bondholders at 131.75 per cent of principal amount. The Bonds may also be redeemed, in whole or in
part, by the Company at any time on or after 26 September 1996 at fixed redemption prices.
The Bonds have been fully redeemed on 26 September 2004.
(b) 7.85% Redeemable unsecured RM Bonds 2001/2006 and 8.35% Redeemable unsecured RM Bonds 2001/2008
The redeemable unsecured RM Bonds are issued in 2 tranches:
Tranche 1
7.85% RM250 million nominal value redeemable unsecured bonds, 5 years, maturing on 22 May 2006; and
Tranche 2
8.35% RM250 million nominal value redeemable unsecured bonds, 7 years, maturing on 22 May 2008.
The main features of the RM Bonds are as follows:

(i) Nominal values of each tranche of the RM Bonds are RM250 million.
(ii) Each tranche of the RM Bonds is represented by a Global Certificate to be deposited with Bank Negara Malaysia
(“BNM”) and is exchangeable for definitive bearer only in certain limited circumstances.
(iii) The RM Bonds are in the denominations or multiples of RM1,000.
(iv) The RM Bonds are constituted by a Trust Deed dated 4 May 2001 made between the Company and the
Trustees, to act for the benefit of the bondholders.
(v) The RM Bonds bear interest at 7.85% per annum (tranche 1) and 8.35% per annum (tranche 2) on the nominal
value of the outstanding bonds, payable semi annually.
(vi) The RM Bonds will be redeemed by the Company at their nominal value together with interest accrued to the
date of redemption.
(vii) The Bonds shall constitute direct, unconditional, subordinated and unsecured obligations of the Company.

22 BONDS (CONTINUED)
(c) USD Zero Coupon Guaranteed Convertible Bonds 2004/2009 (“USD Convertible Bonds”)
The main features of the USD Convertible Bonds are as follows:
(i) The USD Convertible Bonds are issued by a special purpose vehicle, a subsidiary, Commerce Capital (Labuan)
Ltd and guaranteed by the Company.
(ii) The nominal values of the USD Convertible Bonds are USD125 million.
(iii) The USD Convertible Bonds will mature on 22 September 2009.
(iv) The USD Convertible Bonds are convertible by holders into ordinary shares, par value RM1.00 per shares, of the
Company at any time on or after 22 October 2004 but prior to 8 September 2009. The conversion price will
initially be RM6.03 per shares.
(v) The USD Convertible Bonds are listed on Labuan International Financial Exchange Inc. and Singapore Exchange
Securities Trading Limited.
(vi) Unless the USD Convertible Bonds have been previously redeemed, repurchased and cancelled or converted,
the Issuer will redeem the USD Convertible Bonds on the maturity date at 107.758% of the principal amount.
In accordance with MASB 24 “Financial Instruments : Disclosure and Presentation”, the fair values of the liability
component and the equity conversion component were determined upon the issuance of the USD Convertible Bonds.
The fair value of the liability component was calculated using a market interest rate for an equivalent non-convertible
bond. The residual amount, representing the value of the equity conversion component is included in shareholders’
equity in reserves as detailed in Note 28 to the financial statements.
The USD Convertible Bonds is recognised in the balance sheet as follows:

RM’000
Face value 475,000

Equity conversion component (Note 28) (68,173)
Liability component on initial recognition 406,827
Interest expense 5,291
Liability component at 31 December 2004 412,118
23 I R R E D E E M A B L E C O N V E R T I B L E U N S EC U R E D L O A N STO C K S ( “ I C U L S ” )
The Group
2004 2003
RM’000 RM’000
Detachable coupons from 7.5% irredeemable convertible unsecured

loan stocks (“ICULS”) 2001/2011 45,216 89,029

23 I R R E D E E M A B L E C O N V E R T I B L E U N S EC U R E D LO A N S TO C K S ( “ I C U L S ” ) ( C O N T I N U E D )
7.5% Irredeemable convertible unsecured loan stocks (“ICULS”) with detachable coupons 2001/2011
The 7.5% irredeemable convertible unsecured loan stocks (“ICULS”) 2001/2011 were issued by a subsidiary bank,
Bumiputra-Commerce Bank Berhad (“BCB”).
The Company with Commerce International Merchant Bankers Berhad (“CIMB”) as the arranger purchased the ICULS from
BCB and CIMB restructured the ICULS, where the Coupons were detached from the ICULS and placed out to investors.
The main features of the 7.5% irredeemable convertible unsecured loan stocks (“ICULS”) 2001/2011 are as follows:
(i) Nominal value of the ICULS are RM667,000,000 in denominations or multiples of RM1,000 with detachable coupons.
(ii) The ICULS bear fixed interest at the rate of 7.5% per annum payable annually in arrears by BCB from the date of issue
of the ICULS. The detachable coupons represent the interest of the ICULS and as such, bear no further interest.
(iii) The ICULS are not redeemable for cash except upon the occurrence and declaration of an event of default as provided
in the Trust Deed. All outstanding ICULS will be mandatorily converted by BCB into new ordinary shares of BCB on the
last day of the tenure of the ICULS.
(iv) The ICULS shall constitute unsecured and subordinated obligations of BCB.
(v) All new ordinary shares to be issued upon conversion of ICULS will rank pari passu in all respects with the existing
ordinary shares of BCB save and except that they will not be entitled to any dividend, right, allotment and/or other
distributions, the entitlement date of which is prior to the date of allotment of the new ordinary shares of BCB.
The main features of the Detachable Coupons (“the Coupons”) are as follows:
(i) Nominal value of the Coupons are RM500,250,000 and are issued in bearer form in multiples of RM1,000 and
constituted by the Trust Deed.
(ii) The Coupons mature over ten tranches with tenures ranging from one to ten years from the date of issue of the
ICULS.
(iii) The Coupons represent the interest of the ICULS and as such, bear no further interest.
(iv) Each Coupon entitles the Coupon holder to redeem the Coupon at their respective nominal values.
(v) The Coupons shall constitute direct, unconditional, subordinated and unsecured obligations of BCB.

24 OTHER BORROWINGS
The Group
2004 2003
RM’000 RM’000
Syndicated term loan – USD136 million (a) 516,800 478,800

Syndicated term loan – USD200 million (b) – 760,000
Syndicated term loan – USD120 million (c) 456,000 –
Syndicated term loan – USD140 million (d) 532,000 –
Others (e) 199,857 69,956
1,704,657 1,308,756
Maturity structure of other borrowings is as follows:

– One year to two years 1,108,776 1,239,246
– Two years to five years 532,000 –
– Five years to ten years 63,881 69,510
1,704,657 1,308,756
(a) The syndicated term loan is an unsecured term loan facility which will mature on 24 May 2005. It carried interest rates
of between 1.76% to 2.21% (2003: 1.66% to 1.95%).
(b) On 10 March 2003, a subsidiary Bank secured a 1-year syndicated term loan facility amounted to USD200 million
which matured on 4 March 2004. It was an unsecured term loan facility which carried interest rates at 1.38% (2003:
1.38% to 1.46%) during the financial year.
(c) During the financial year, a subsidiary bank secured a syndicated term loan amounted to USD120 million which will
mature on 12 August 2005. It carried interest rates of 2.04% (2003: nil).
(d) On 8 April 2004, Bumiputra-Commerce Bank (L) Limited secured a 3-year syndicated term loan facility amounted to
USD140 million which will mature on 8 April 2007. It carried interest rates of between 1.48% to 2.47% (2003: nil).
(e) Other borrowings consist of secured and unsecured commercial papers and term loan facilities. The range of interest
rates was between 2.20% to 9.00% (2003: 1.45% to 16.75%). These borrowings mature between 2004 to 2017.
25 S U B O R D I N AT E D N OT E S
The Group
2004 2003
RM’000 RM’000
Subordinated Notes 2003/2013 (a) 1,140,000 1,140,000

Subordinated Notes 2004/2014 (b) 379,488 –
1,519,488 1,140,000

25 S U B O R D I N AT E D N OT E S ( C O N T I N U E D )
(a) Subordinated notes 2003/2013

The Subordinated Notes Callable with Step Up in 2008 were issued by a subsidiary bank, BCB.
The main features of the Subordinated Notes Callable with Step Up in 2008 issued during that year are as follows:
(i) The USD300,000,000 Notes are in bearer form, serially numbered and in denominations of USD1,000,
USD10,000 and USD100,000.
(ii) The Notes will bear interest at the rate of 5.125 per cent per annum from and including 16 October 2003 to, but
excluding, 16 October 2008 and, thereafter, at a rate per annum equal to the US Treasury Rate plus 3.55 per
cent. Interest will be payable semi-annually in arrears on 16 April and 16 October, in each year, commencing
16 April 2004.
(iii) The Notes and Coupons constitute direct and unsecured obligations of the Issuer and are subordinated in the
manner described in the Conditions of the Notes and, for the avoidance of doubt, rank pari passu with the
Issuer’s 7.5 per cent RM667,000,000 ICULS with detachable coupons 2001/2011. The Notes and the Coupons
rank and will rank pari passu without any preference among themselves. The instrument is listed on the
Luxembourg Stock Exchange.
(iv) The principal of, and interest and any additional amounts payable on, the Notes will be subordinate in right of
payment upon occurrence of any Winding Up Proceeding to the prior payment in full of all deposit liabilities and
all other liabilities of the Issuer, except in each case to those liabilities which by their terms rank equally in right
of payment with or subordinate to the Notes.
(v) The subsidiary Bank may at its option, but subject to the prior written approval of BNM, redeem the Notes on 16
October 2008 at their principal amount plus accrued interest.
(b) Subordinated notes 2004/2014

The Subordinated Notes Callable with Step Up in 2009 were issued by a subsidiary bank, CIMB. The main features of
the Subordinated Notes Callable with Step Up in 2009 issued during the year are as follows:
(i) The USD100,000,000 Notes are in bearer form, serially numbered and in denominations of USD100,000 each.
(ii) The Notes will bear interest at the rate of 5 per cent per annum from and including 15 April 2004 to, but excluding,
15 April 2009 and, thereafter, at a rate per annum equal to the US Treasury Rate plus 3.7 per cent. Interest will be
payable semi-annually in arrears on 15 April and 15 October, in each year, commencing on 15 October 2004.
(iii) The Notes and Coupons constitute direct and unsecured obligations of the Issuer and are subordinated in the
manner described in the Conditions of the Notes and rank pari passu without any preference among
themselves. The instrument is listed on the Luxembourg Stock Exchange.
(iv) The principal of, and interest and any additional amounts payable on, the Notes will be subordinate in right of
payment upon occurrence of any Winding Up Proceeding to the prior payment in full of all deposit liabilities and
all other liabilities of the Issuer, except in each case to those liabilities which by their terms rank equally in right
of payment with or subordinate to the Notes.

25 S U B O R D I N AT E D N OT E S ( C O N T I N U E D )
(b) Subordinated notes 2004/2014 (Continued)

(v) CIMB may at its option, but subject to the prior written approval of BNM, redeem the Notes on 15 April 2009 at
their principal amount plus accrued interest.
(vi) The Notes were issued at a price of 99.843 per cent of the principal amount of the Notes.
(vii) The Notes constitute liabilities of CIMB, and are subordinated in right of payment to the deposit liabilities of
CIMB in accordance with the terms and conditions of the issue and qualify as Tier 2 capital for the purpose of
determining the capital adequacy ratios of CIMB.
26 S H A R E C A P I TA L
The Group and The Company

2004 2003
RM’000 RM’000
Ordinary shares of RM1.00 each:

Authorised:
At 1 January/31 December 5,000,000 5,000,000
Issued and fully paid:

At 1 January 2,628,960 2,586,290
Issued upon exercise of Employee Share Option Scheme 98,633 42,670
Cancellation of treasury shares (35,853) –
At 31 December 2,691,740 2,628,960
The issued and paid-up share capital of the Company increased upon the issuance of the new Company shares pursuant to
the exercise of ESOS.
Employee Share Option Scheme

The Company implemented an Employee Share Option Scheme (“ESOS 2002/2007”) on 20 November 2002 replacing the
previous ESOS 1997/2002 which had expired on 20 June 2002. The ESOS 2002/2007 is governed by the by-laws which
were approved by the shareholders on 26 April 2002.
On 22 November 2002, 211,448,000 share options were offered at an option price of RM3.13 per share option to eligible
employees.

26 S H A R E C A P I TA L ( C O N T I N U E D )
Employee Share Option Scheme (Continued)

Subsequent share options were offered to eligible employees as follows:
(a) On 29 December 2003, 10,994,000 share options were offered at an option price of RM3.62 per share option (being
the 5 day weighted average price from 19 December to 26 December 2003, net of 10% discount).
(b) On 7 January 2004, 351,000 share options were offered at an option price of RM3.69 per share option (being the
5 day weighted average price from 26 December 2003 to 5 January 2004, net of 10% discount).
(c) On 14 October 2004, 37,721,000 share options were offered at an option price of RM4.05 per share option (being the
5 day weighted average price from 7 October 2004 to 13 October 2004, net of 10% discount).
The main features of the ESOS 2002/2007 scheme are:

(a) Eligible persons are employees of the Group who have been in the employment of the Group (excluding CIMB Berhad
Group and CAHB’s associate companies employees) when an offer is made in writing to an employee to participate in
the Scheme. The eligibility for participation in the Scheme shall be at the discretion of the Board of Directors.
(b) The total number of new ordinary shares available under the Scheme shall not exceed 10% of the total issued and
paid-up share capital of the Company at any point of time during the existence of the Scheme, which shall be in force
for a period of five years, expiring 19 November 2007 or any extension thereof.
(c) No option shall be granted for less than 1,000 shares and shall always be in multiples of 1,000 ordinary shares.
(d) The subscription price for each RM1.00 share shall be the higher of the following:
(i) the weighted average market price of the shares of the Company as shown in the Daily Official List of the Bursa
Malaysia Securities Berhad (“Bursa Securities”) for the five market days immediately preceding the offer date
with an allowance for a discount of not more than ten per centum therefrom at the Option Committee’s
discretion; or
(ii) the par value of the shares of the Company.
(e) The consideration is payable in full on application. The options granted do not confer any right to participate in any
share issue of any other company.
Set out below are details of options over the ordinary shares of the Company granted under the ESOS:
Exercise At start At end
Grant date Expiry date price of year Granted Exercised of year
RM/share ’000 ’000 ’000 ’000
Year ended
31.12.2004
22 November 2002 19 November 2007 3.13 168,778 – (93,764) 75,014
29 December 2003 19 November 2007 3.62 10,994 – (4,646) 6,348
7 January 2004 19 November 2007 3.69 – 351 (223) 128
14 October 2004 19 November 2007 4.05 – 37,721 – 37,721
179,772 38,072 (98,633) 119,211

26 S H A R E C A P I TA L ( C O N T I N U E D )
Employee Share Option Scheme (Continued)

Exercise At start At end
Grant date Expiry date price of year Granted Exercised of year
RM/share ’000 ’000 ’000 ’000
Year ended
31.12.2003
22 November 2002 19 November 2007 3.13 211,448 – (42,670) 168,778
29 December 2003 19 November 2007 3.62 – 10,994 – 10,994
211,448 10,994 (42,670) 179,772
The Company
2004 2003
’000 ’000
Number of share options vested at balance sheet date 81,139 168,778
Details relating to options exercised during the year are as follows:-

Number of shares issued
Fair value of
shares at share Exercise
issue date price 2004 2003
Exercise date RM/share RM/share ’000 ’000
July 2003 – December 2003 3.48 – 4.40 3.13 – 42,670

January 2004 – December 2004 4.06 – 5.50 3.13 93,764 –
March 2004 – December 2004 4.18 – 5.45 3.62 4,646 –
June 2004 – December 2004 4.18 – 4.88 3.69 223 –
2004 2003
RM’000 RM’000
Ordinary share capital – at par 98,633 42,670

Share premium 212,488 90,888
Proceeds received on exercise of share options 311,121 133,558
Fair value at exercise date of shares issued 489,799 174,572

27 P E R P E T UA L P R E F E R E N C E S H A R E S
The Group
2004 2003
RM’000 RM’000
Perpetual preference shares of RM1.00 each

Authorised
At 1 January – –
Created during the year 200,000 –
Issued and fully paid

At 1 January – –
Issued during the year 200,000 –
On 1 September 2004, a Bank’s subsidiary, Bumiputra-Commerce Finance Berhad (“BCF”) allotted and issued perpetual
preference shares (“PPS”) amounting to RM200,000,000 to the jointly controlled entity, Proton Commerce Sdn. Bhd.
(“PCSB”).
The main features of the PPS are as follows:

(a) The PPS has no right to dividends.
(b) In the event of liquidation, dissolution or winding-up of BCF, PCSB as holder of the PPS will be entitled to receive full
repayment of the capital paid up on the PPS in priority to any payments to be made to the ordinary shareholders of
BCF.
(c) The PPS rank pari passu in all aspects among themselves.
(d) BCF must not redeem or buy back any portion of the PPS and the PPS will be perpetual except for any capital
reduction exercise permitted by the Companies Act, 1965 and as approved by Bank Negara Malaysia.

28 RESERVES

2004 2003 2004 2003
RM’000 RM’000 RM’000 RM’000
Share premium 1,881,079 1,786,730 1,881,079 1,786,730

Statutory reserves (a) 1,477,329 1,330,562 – –
Merger reserve 65,746 65,746 – –
Capital reserve arising on consolidation 27,367 15,949 – –
Exchange fluctuation reserves (b) (59,123) 31,754 – –
Convertible bonds (equity component) (Note 22(c)) 68,173 – – –
Retained profit (c) 2,635,428 2,193,878 735,090 641,372
6,095,999 5,424,619 2,616,169 2,428,102
(a) The statutory reserves of the Group are maintained in compliance with the provisions of the Banking and Financial
Institutions Act, 1989 and include a reserve maintained by a subsidiary in compliance with the Bursa Malaysia
Securities Berhad Rules and Regulations. These reserves are not distributable by way of cash dividends.
(b) Currency translation differences have arisen from translation of net assets of Labuan Offshore subsidiaries, foreign
subsidiary banks and foreign branches.
(c) Subject to agreement by Inland Revenue Board, the Company’s tax credit under Section 108 of the Income Tax Act,
1967 and tax exempt income under Section 12 of the Income Tax (Amendment) Act 1999 are only sufficient to frank
approximately RM422,462,000 (2003: RM641,372,000) of dividends out of its retained profit as at 31 December 2004.
The extent of the retained profit not covered at that date amounted to RM312,628,000 (2003: nil).
29 T R E A S U R Y S H A R E S , AT C O S T
The Group and The Company
2004 2003
Units Units
’000 RM’000 ’000 RM’000
At 1 January 35,853 153,992 18,954 103,114

Purchased during the year – – 16,899 50,878
Cancelled during the year (35,853) (153,992) – –
At 31 December – – 35,853 153,992
The shareholders of the Company, via an ordinary resolution passed at the Annual General Meeting held on 19 April 2004,
approved the Company’s plan and mandate to authorise the Directors of the Company to buy back its own shares up to 10%
of existing total paid-up share capital. The Directors of the Company are committed to enhance the value of the Company to
its shareholders and believe that the share buyback can be applied in the best interests of the Company and its shareholders.
Share buyback transactions were financed by internally generated funds. These shares are being held as treasury shares
under the treasury stock method of accounting for share buybacks. Treasury shares have no rights to vote, dividends and
participation in other distribution.
There were no share buyback transactions and resale of treasury shares during the financial year. The Company has
cancelled 35,853,000 treasury shares against the share capital on 27 February 2004. The adjusted number of issued and
fully-paid shares with voting rights as at financial year end was 2,691,740,260 shares.

30 I N T E R E ST I N C OM E

2004 2003 2004 2003
RM’000 RM’000 RM’000 RM’000
Loans and advances 3,861,038 3,564,622 620 112

Money at call and deposit with financial institutions 542,555 397,099 18,075 8,308
Dealing securities 500,819 653,908 – –
Investment securities 436,926 447,500 – –
Others 74,421 94,562 1,337 1,024
5,415,759 5,157,691 20,032 9,444
Accretion of discounts less amortisation of premium 87,180 125,638 13,522 12,633
Net interest suspended (226,439) (202,968) – –
5,276,500 5,080,361 33,554 22,077
31 I N T E R E ST E X P E N S E
2004 2003 2004 2003
RM’000 RM’000 RM’000 RM’000
Deposits and placements of banks

and other financial institutions 572,528 508,458 – –
Deposits from other customers 1,650,560 1,717,162 – –
Bonds 118,556 62,360 45,239 40,535
Loan stocks/ICULS 56,916 88,340 – –
Others 174,416 157,408 – 729
2,572,976 2,533,728 45,239 41,264
32 N O N - I N T E R E ST I N C OM E

2004 2003 2004 2003
RM’000 RM’000 RM’000 RM’000
Fee income:
Commissions 164,921 157,975 – –
Fee on loans and advances 121,907 108,260 – –
Portfolio management fees 46,013 22,605 – –
Service charges and fees 133,183 121,765 – –
Corporate advisory fees 59,985 60,661 – –
Guarantee fees 57,992 60,938 – –
Other fee income 170,892 75,995 2,068 236
754,893 608,199 2,068 236

32 N O N - I N T E R E S T I N C OM E ( C O N T I N U E D )

2004 2003 2004 2003
RM’000 RM’000 RM’000 RM’000
Investment income:
Accretion of investment gain – – 30,316 27,982
Gain from sale of investment securities 58,638 256,309 – –
Net profit/(loss) from dealing securities:
– Treasury 89,102 258,328 – –
– Equity 46,063 (20,311) 10,795 3,372
Write back of/(provision for) diminution
of investment securities 41,358 (285,860) 1,019 –
Write back/(write down) of dealing securities 70,692 (74,932) – 21,948
Gross dividends from:
Malaysia
– Subsidiaries – – 236,328 184,686
– Investment and dealing securities 19,623 29,524 6,773 3,942
Outside Malaysia
– Subsidiary – – 10,642 –
Gain on disposal of associate 5,116 20,881 – 39,222
Gain/(loss) on disposal of interest in subsidiary 73,371 (18,957) 40,610 123,942
403,963 164,982 336,483 405,094
Other income:
Foreign exchange gain/(loss):
– Realised 72,181 64,266 258 4,586
– Unrealised 16,759 33,684 (1,282) –
Rental income 10,717 9,062 4,106 4,085
Gain on disposal of fixed assets 186 666 304 92
Gain on disposal of leased assets 122 27 – –
Net gain from insurance business 2,224 4,926 – –
Underwriting surplus before management
expenses (Note (a)) 50,171 – – –
Net brokerage fee 95,367 56,886 – –
Other non-operating income 51,645 70,564 1,181 116
Income from business under Shariah principle 15,740 18,672 – –
315,112 258,753 4,567 8,879

1,473,968 1,031,934 343,118 414,209

32 N O N - I N T E R E S T I N C OM E ( C O N T I N U E D )
(a) Underwriting surplus before management expenses is as follows:-

The Group
2004 2003
RM’000 RM’000
Insurance premium earned 172,270 –

Net claims incurred (104,524) –
Net commissions (17,575) –
50,171 –
33 OVERHEAD EXPENSES

2004 2003 2004 2003
RM’000 RM’000 RM’000 RM’000
Personnel costs (a) 933,651 807,884 5,287 2,453

Establishment costs 422,267 337,180 – –
Marketing expenses 145,633 99,106 – –
Administration and general expenses 451,856 462,009 25,763 13,260
1,953,407 1,706,179 31,050 15,713
(a) Personnel costs

Wages and salaries 544,587 490,056 3,714 1,563
Pension costs – defined contribution plans 65,161 54,897 652 266
Pension costs – defined benefit plans 19,212 16,171 – –
Other post-employment medical benefits 1,548 4,901 – –
Other staff related costs 303,143 241,859 921 624
933,651 807,884 5,287 2,453

33 OVERHEAD EXPENSES (CONTINUED)
The above expenditure includes the following statutory disclosures:

2004 2003 2004 2003
RM’000 RM’000 RM’000 RM’000
Directors’ remuneration (Note 35) 3,233 2,258 877 603

Rental of premises 81,686 62,689 – –
Hire of equipment 16,399 6,985 – –
Lease rental 2,745 350 – –
Auditors’ remuneration
– Statutory audit (Malaysian firm) 1,983 1,605 80 70
– Statutory audit (overseas firms) 765 744 – –
– Others (Malaysian firm)
– reporting accountant work 788 305 – –
– other work 2,336 2,144 580 170
– Others (overseas firm) 1,102 420 1,102 –
Depreciation of fixed assets 128,418 127,393 2,244 2,178
Fixed assets written off 110 454 – –
Amortisation of goodwill 13,196 14,214 – –
Amortisation of premium of associates 43 1,041 – –
34 LOAN LOSS AND PROVISION

The Group
2004 2003
RM’000 RM’000
Provision for bad and doubtful debts:

– specific provision (net) 1,119,323 566,150
– general provision 109,166 113,177
Bad debts:
– recovered (107,391) (113,874)
– written off 1,337 4,045
1,122,435 569,498
Provision for amounts recoverable from Danaharta
– provision for impairment during the year – 62,418
1,122,435 631,916
During the year, the Group has changed the default period from 6 months to 3 months. The resulting specific provision in
relation to the change in classification of loan accounts amounted to RM52,858,000. The related interest-in-suspense
required amount is RM33,716,000 which has been included in Note 30.
In addition, a subsidiary Bank has also evaluated its portfolio of non-performing loans that have been in default and remained
uncollected for more than 7 years and also those non-performing loans in default for more than 5 years but less than
7 years. For the loans in default for more than 7 years, no value is assigned as the realisable value of collateral. For the
loans which are in default for more than 5 years but less than 7 years, 50% of the realisable value of asset held has been
assigned as the value of collateral. The effect of this exercise amounted to RM129,416,000.

35 D I R EC TO R S ’ R E M U N E R AT I O N
The Directors of the Company in office during the year are as follows:
Executive Director
Dr. Rozali Mohamed Ali (appointed as Executive Director of the Company on 1.9.2004)
Non-Executive Directors
Dato’ Anwar Aji
Mohd Salleh Mahmud
Dr. Roslan A. Ghaffar
Izlan Izhab (appointed on 26.7.2004)
Masayuki Kunishige (resigned on 28.6.2004)

2004 2003 2004 2003
RM’000 RM’000 RM’000 RM’000
Executive Director
– Salary and other remuneration 450 – 224 –
– Benefits-in-kind 14 – 14 –
– Fees 1,246 1,062 411 408
– Other remuneration 1,477 1,127 228 195
– Benefits-in-kind 46 69 – –
3,233 2,258 877 603
Included in the Non-Executive Directors’ remuneration are amounts paid to a Director in his capacity as executive director for
the subsidiary.
The number of directors whose total remuneration for the financial year which fall within the following bands are as follows:
The Group
Number of Directors
2004 2003
RM’000 RM’000
Range of remuneration
RM50,000 and below 1 1
RM50,001 – RM100,000 2 2
RM100,001 – RM150,000 2 2
RM200,001 – RM250,000 1 1
RM300,001 – RM350,000 – 1
RM400,001 – RM450,000 1 –
RM1,300,001 – RM1,350,000 – 1
Executive Director
RM2,150,001 – RM2,200,000 1 –

36 T A X AT I O N

2004 2003 2004 2003
RM’000 RM’000 RM’000 RM’000
Current tax
Malaysian income tax 218,054 365,582 46,849 71,090
Overaccrual of prior years (114,471) (1,288) (36,296) –
Benefit from previously unrecognised tax loss (44,625) (3,495) – –
Share of tax of associates 3,315 1,387 – –
Share of tax of jointly controlled entities 75 – – –
62,348 362,186 10,553 71,090

Foreign tax 41,185 5,433 – –
Deferred tax
Origination and reversal of temporary differences 110,350 (81,226) 4,298 3,530
Benefit from previously unrecognised tax loss (69,856) – – –
40,494 (81,226) 4,298 3,530

144,027 286,393 14,851 74,620
Reconciliation between tax charge and the Malaysian tax rate:

2004 2003 2004 2003
RM’000 RM’000 RM’000 RM’000
Profit before tax 1,090,124 1,240,867 300,383 379,309
Tax calculated at a rate of 28% (2003: 28%) 305,235 347,443 84,107 106,206
Income not subject to tax (47,900) (57,407) (36,594) (49,612)
Effect of different tax rates in other countries (23,960) (8,027) – –
Expenses not deductible for tax purposes 124,497 7,879 3,634 18,026
Utilisation of previously unrecognised tax losses (114,481) (3,495) – –
Overprovision in prior years (99,364) – (36,296) –
Tax charge of current year 144,027 286,393 14,851 74,620
The Group
2004 2003
RM’000 RM’000
Tax losses
Tax losses which the related tax credit has not been recognised in the
financial statements 898 197,748

37 EARNINGS PER SHARE

(a) Basic earnings per share
Basic earnings per share of the Group is calculated by dividing the net profit for the financial year by the weighted
average number of ordinary shares in issue during the financial year, excluding the average number of ordinary shares
purchased by the Company and held as treasury shares.
2004 2003
Net profit for the financial year (RM’000) 752,227 782,300

Weighted average number of ordinary shares in issue (‘000) 2,660,245 2,560,177
Basic earnings per share (expressed in sen per share) 28.3 30.6
(b) Diluted earnings per share

For the diluted earnings per share calculation, the weighted average number of ordinary shares in issue is adjusted to
assume conversion of all dilutive potential ordinary shares. During the financial year, the Company has three categories
of dilutive potential ordinary shares: 1.75% Redeemable Euro-Convertible Bonds, USD Zero Coupon Guaranteed
Convertible Bonds and Employee Share Option Scheme. The 1.75% Redeemable Euro-Convertible Bonds and USD
Zero Coupon Guaranteed Convertible Bonds are assumed to have been converted into ordinary shares and the net
profit is adjusted to eliminate the applicable interest expense. For the Employee Share Option Scheme, the number of
shares that could have been acquired at market price (determined as the average annual share price of the Company’s
shares) based on the monetary value of the subscription rights attached to outstanding Employee Share Options are
calculated to determine the ‘unpurchased’ shares to be added to ordinary shares outstanding for the purpose of
computing the dilution. No adjustment is made to net profit for the financial year in respect of Employee Share
Options.
2004 2003
RM’000 RM’000

Elimination of interest expense on 1.75% Redeemable
Euro-Convertible Bonds (net of tax effect) 19 25
Elimination of interest expense on USD Zero Coupon Guranteed Convertible Bonds 5,291 –
Net profit used to determine diluted earnings per share 757,537 782,325
2004 2003
Unit ’000 Unit ’000
Weighted average number of ordinary shares in issue 2,660,245 2,560,177

Adjustments for
– Conversion of USD Zero Coupon Guaranteed Convertible Bonds 78,773 –
– Bonus element on conversion of 1.75% Redeemable Euro-Convertible Bonds 475 643
– ESOS 65,335 45,862
Weighted average number of ordinary shares for diluted earnings per share 2,804,828 2,606,682
Diluted earnings per share (expressed in sen per share) 27.0 30.0

38 DIVIDENDS PER SHARE
Dividends declared or proposed in respect of the financial year ended 31 December 2004 are as follows:
The Group and the Company
2004 2003
Amount of Amount of
Gross per dividend Gross per dividend
share net of tax share net of tax
sen RM’000 sen RM’000
• A first and final dividend of 10 sen

gross per ordinary share less tax at 28% 10.0 193,805 5.0 95,907
• A special dividend of 5 sen gross

per ordinary share less tax at 28% 5.0 96,903 5.0 95,907
15.0 290,708 10.0 191,814
The proposed dividends for the previous financial year were approved by the shareholders and paid in this financial year. This
is shown as a deduction from the retained profits in the statement of changes in equity.
In respect of this financial year, the proposed first and final dividend and the special dividend for ordinary shares as detailed
above will be put forth for the shareholders’ approval at the forthcoming Annual General Meeting. The proposed first and
final dividend and the special dividend will be reflected in the financial statements for the next financial year ending 31
December 2005 when approved by the shareholders.
39 S I G N I F I C A N T R E L AT E D PA R T Y T R A N S A C T I O N S A N D B A L A N C E S
In addition to related party disclosures mentioned elsewhere in the financial statements, set out below are other significant
related party transactions and balances. The related party transactions described below were carried out on terms and
conditions obtainable in transactions with unrelated parties unless otherwise stated. Interest rates on fixed and short-term
deposits were at normal commercial rates.
The Company
2004 2003
RM’000 RM’000
Income from subsidiaries:

Interest on fixed deposits and money market 17,943 8,308
Interest on loans and advances 113 112
Interest on preference shares 507 –
Accretion on investment securities 13,522 12,633
Accretion of investment gain 30,316 27,982
Dividend income 246,970 184,686
Rental income 4,106 4,085

39 S I G N I F I C A N T R E L AT E D PA R T Y T R A N S AC T I O N S A N D B A L A N C E S ( C O N T I N U E D )
The Company
2004 2003
RM’000 RM’000
Amount due from/(to) subsidiaries:

Current accounts, deposits and placements 1,328,411 414,514
Amount due from shareholder and Minister of Finance (Incorporation) (a) – (440,245)
Loans and advances 2,610 11,321
ICULS 2001/2011 406,589 376,274
Amount due to Commerce Capital (Labuan) Ltd 463,855 –
Detachable coupons 170,527 170,548
Amount due from shareholder and Minister of Finance (Incorporation):

Amount due from shareholder and Minister of Finance (Incorporation) (a) – 440,245
Units Units
Director
Employee Share Option Scheme (b) 800,000 1,000,000
(a) Amount due from shareholder and Minister of Finance (Incorporation) (“MoF”)
This amount represents balance of the full and final settlement amount agreed in respect of the claims submitted by a
subsidiary bank through the Company to the MoF and Khazanah Nasional Berhad (“Khazanah”) pursuant to the Share
Exchange Agreement (“SEA”) dated 8 February 1999 and the Supplemental Agreement to the SEA dated 16 August
1999. The amount has been fully settled during the year.
(b) The employee share options were granted to a Director on the same terms and conditions as those offered to other
employees of the Company as disclosed in Note 26 to the financial statements.
40 C OM M I T M E N TS A N D C O N T I N G E N C I E S
In the normal course of business, the Group made various commitments and incurred certain contingent liabilities with legal
recourse to its customers. No material losses are anticipated as a result of these transactions. The commitments and
contingencies are not secured against the Group’s assets.

40 C OM M I T M E N T S A N D C O N T I N G E N C I E S ( C O N T I N U E D )
2004 2003
Credit Credit
Principal equivalent Principal equivalent
RM’000 RM’000 RM’000 RM’000
The Group
Direct credit substitutes 3,079,400 3,079,400 3,008,062 3,008,062
Certain transaction-related contingent items 2,865,650 1,432,825 2,668,862 1,334,432
Short-term self-liquidating trade-related contingencies 3,297,660 659,532 2,957,962 591,593
Obligations under underwriting agreement 155,493 77,746 163,546 81,773
Irrevocable commitments to extend credit:
– Maturity not exceeding one year 20,710,988 – 19,139,243 –
– Maturity exceeding one year 3,886,611 1,943,306 3,418,163 1,709,082
Asset sold under recourse – – 66,570 66,570
Miscellaneous commitments and contingencies 5,736,705 – 6,581,943 –
39,732,507 7,192,809 38,004,351 6,791,512
Foreign exchange related contracts:

– less than one year 8,881,841 94,140 10,362,620 193,727
– one year to less than five years 1,882,442 159,820 895,645 111,135
10,764,283 253,960 11,258,265 304,862
Interest rate related contracts:

– less than one year 49,380,750 31,116 30,461,795 10,278
– one year to less than five years 101,282,876 763,814 65,983,075 443,729
– five years and above 7,143,743 334,455 6,586,526 173,988
157,807,369 1,129,385 103,031,396 627,995
Equity related contracts:

– less than one year 25,180 – 19,912 –
– one year to less than five years 22,579 – 59,778 25
47,759 – 79,690 25
208,351,918 8,576,154 152,373,702 7,724,394
The Company
– one year to less than five years 250,000 4,100 250,000 6,600

40 C OM M I T M E N TS A N D C O N T I N G E N C I E S ( C O N T I N U E D )
Breakdown of foreign exchange contracts and interest rate contracts:

2004 2003
Credit Credit
Principal equivalent Principal equivalent
RM’000 RM’000 RM’000 RM’000
The Group
– Forward exchange contracts 9,261,781 90,718 10,323,185 192,886
– Cross currency swaps 1,502,502 163,242 912,335 111,635
– Foreign exchange swaps – – 22,745 341
10,764,283 253,960 11,258,265 304,862

– Interest rate futures 122,512,616 – 85,009,612 –
– Interest rate swaps 35,278,753 1,129,375 18,011,784 627,995
– Interest rate option 16,000 10 10,000 –
157,807,369 1,129,385 103,031,396 627,995

– Future contracts 13,830 – 19,912 –
– Put option 33,929 – 59,778 25
47,759 – 79,690 25
168,619,411 1,383,345 114,369,351 932,882
The Company
– Interest rate swaps 250,000 4,100 250,000 6,600
The Group has also given a continuing guarantee to Bank Negara Malaysia and Labuan Offshore Financial Services Authority
to meet the liabilities and financial obligations and requirements of its subsidiaries, Bumiputra-Commerce Bank (L) Limited
and CIMB (L) Limited respectively, arising from their offshore banking business in the Federal Territory of Labuan.
Foreign exchange and interest rate related contracts are subject to market risk and credit risk.
Included in the Group’s commitments and contingencies is RM34,517,000 of irrevocable commitments to extend credit with
maturity less than one year relating to the jointly controlled entity.
Market risk
Market risk is the potential change in value caused by movement in market rates or prices. The contractual amounts stated
above provide only a measure of involvement in these types of transactions and do not represent the amounts subject to
market risk. Exposure to market risk may be reduced through offsetting on and off-balance sheet positions. As at
31 December 2004, the amount of contracts which were not hedged and, hence, exposed to market risk was
RM1,521,853,000 (2003: RM1,371,158,000).

40 C OM M I T M E N T S A N D C O N T I N G E N C I E S ( C O N T I N U E D )
Credit risk
Credit risk arises from the possibility that a counterparty may be unable to meet the terms of a contract in which the Group
has a gain position. As at end of 2004, the amount of credit risk, measured in terms of the cost to replace the profitable
contracts, was RM1,381,494,000 (2003: RM1,004,255,000). This amount will increase or decrease over the life of the
contracts, mainly as a function of maturity dates and market rates or prices.
41 C A P I TA L C OM M I T M E N TS
Capital expenditure approved by Directors but not provided for in the financial statements amounted to approximately:
2004 2003 2004 2003
RM’000 RM’000 RM’000 RM’000
Capital expenditure:
Authorised and contracted for 466,882 103,368 339,020 160
Authorised but not contracted for 810,671 553,417 421,650 548,500
At 31 December 1,277,553 656,785 760,670 548,660
Analysed as follows:
2004 2003 2004 2003
RM’000 RM’000 RM’000 RM’000
Fixed assets 840,703 474,165 339,020 375,160

Subscription for investments 15,200 9,120 – –
Acquisition of subsidiary – 173,500 – 173,500
Subscription of additional shares in subsidiary 421,650 – 421,650 –
At 31 December 1,277,553 656,785 760,670 548,660
42 L E A S E C OM M I T M E N TS
The lease commitments are in respect of rented premises and hired equipment, all of which are classified as operating
leases. A summary of the non-cancellable long-term commitments net of sub-leases are as follows:
The Group
2004 2003
RM’000 RM’000
Within one year 48,881 43,326

One year to five years 40,446 56,707
Over five years 187,121 –

43 S EGM E N T R E P O R T I N G
(a) Primary reporting format – business segments

Definition of segments
For management purposes, the Group is organised into eight major operating divisions. The divisions form the basis
on which the Group reports its primary segment information.
Corporate Banking
Corporate and institutional banking focuses on the large listed corporations, multinational companies, Federal and
State Government clients. It promotes traditional banking products, project financing, corporate loans, margin lending
and others. Included under Corporate Banking are offshore activities carried out by Bumiputra-Commerce Bank (L)
Limited, the offshore banking arm for the Group. Borrowing and lending facilities are offered in major currencies
mainly to corporate clients.
Business Banking
Business banking focuses on middle market customers. It promotes trade finance and overdraft facilities for small and
medium enterprises. Also, included under this segment is the commercial banking and related financial services of South
East Asian Bank Limited, which focuses predominantly on the middle market customers. Leasing and financing activities
carried out by Bumiputra-Commerce FactorsLease Berhad (“BCFLB”) (previously known as Bumiputra-Commerce
Leasing Berhad) which clientele consist of mainly middle market customers have also been included in this segment.
Retail Banking
Retail banking focuses on individual customers and small businesses. It promotes products such as residential
mortgages, shophouse loans, shares financing and other various type of retail and consumer loans.
Treasury
Treasury focuses on treasury activities and services which include foreign exchange, money market, derivatives and
capital market instruments trading.
Financial advisory and underwriting business

Financial advisory and underwriting business mainly comprise fees derived from structured financial solutions,
origination of capital market products including debt and equity, mergers and acquisitions, secondary offerings, asset
backed securities, debt restructurings, corporate advisory, Islamic capital market products and project advisory. In
addition, this segment also includes underwriting of primary equities and debt products.
Debt related
Debt related mainly comprises proprietary trading and market making in the secondary market for debt, debt related
derivatives and structured products. It includes the origination of lending products such as corporate loans and margin
lending. It also invests in proprietary capital.
Equity related
Equity related mainly comprises institutional and retail broking business for securities listed on Bursa Malaysia
Securities Berhad. It also includes income from trading and investing in domestic and regional equities market.
Support and others

Support comprises all back-office processes, cost centres and non-profit generating divisions in the subsidiary bank.
Other business segments in the Group include investment holding, fund management, unit trust manager, life
assurance business, offshore activities and other related financial services, whose results are not material to the
Group and thus do not render separate disclosure in the financial statements and have been reported in aggregate.

43 S EGM E N T R E P O R T I N G ( C O N T I N U E D )
172
(a) Primary reporting format – business segments (Continued)
2004
Financial
advisory
and under- Support
Retail Business Corporate writing Debt Equity and
banking banking banking Treasury business business business others Total
Group RM’000 RM’000 RM’000 RM’000 RM’000 RM’000 RM’000 RM’000 RM’000

Net interest income
– external 1,126,961 667,414 216,168 597,412 – 197,686 – (102,117) 2,703,524
(50841-W)
– inter-segment 124,183 15,359 208,215 (478,990) – – – 131,233 –

1,251,144 682,773 424,383 118,422 – 197,686 – 29,116 2,703,524
Non interest income 188,495 196,554 174,898 199,946 139,848 110,075 111,697 352,455 1,473,968
1,439,639 879,327 599,281 318,368 139,848 307,761 111,697 381,571 4,177,492
Overhead expenses (655,096) (207,287) (86,915) (25,843) (50,340) (77,574) (26,561) (780,063) (1,909,679)
Profit before provision 784,543 672,040 512,366 292,525 89,508 230,187 85,136 (398,492) 2,267,813
Loan loss and provision (323,047) (538,859) (301,556) 30,122 – 5,221 – 5,684 (1,122,435)
Provision for other receivables – – – – (14,826) – 3,318 (19) (11,527)
Provision for commitment
and contingencies – – – – – – – (259) (259)
Segment result 461,496 133,181 210,810 322,647 74,682 235,408 88,454 (393,086) 1,133,592
Unallocated costs – – – – – – – (43,728) (43,728)
Share of results of jointly
controlled entities (3,509) – – – – – – – (3,509)
Share of results of associates – – – – – – – 3,769 3,769
Profit before taxation 457,987 133,181 210,810 322,647 74,682 235,408 88,454 (433,045) 1,090,124
Taxation – – – – – – – (140,637) (140,637)
Share of tax of associates – – – – – – – (3,315) (3,315)
Share of tax of jointly
controlled entities – – – – – – – (75) (75)
Net profit for the
financial year 457,987 133,181 210,810 322,647 74,682 235,408 88,454 (577,072) 946,097
43 S EG M E N T R E P O R T I N G ( C O N T I N U E D )
2004
Financial
advisory
and under- Support
Segment assets 23,076,044 18,888,971 21,734,356 26,277,090 67,129 13,954,753 607,050 6,286,779 110,892,172
Investment in associates – – – – – – 1,274 69,871 71,145
23,076,044 18,888,971 21,734,356 26,277,090 67,129 13,954,753 608,324 6,356,650 110,963,317
Unallocated assets – – – – – – – 1,007,344 1,007,344
Total assets 23,076,044 18,888,971 21,734,356 26,277,090 67,129 13,954,753 608,324 7,363,994 111,970,661
Segment liabilities 22,889,848 15,927,210 26,159,851 21,875,108 3,085 12,705,903 385,592 2,011,846 101,958,443
Unallocated liabilities – – – – – – – 196,726 196,726
Total liabilities 22,889,848 15,927,210 26,159,851 21,875,108 3,085 12,705,903 385,592 2,208,572 102,155,169
Other segment items

Incurred capital expenditure 39,939 28,059 1,476 509 1,857 6,919 4,642 124,262 207,663
Depreciation 29,341 13,734 1,311 402 1,710 6,486 2,866 72,568 128,418
Amortisation of goodwill – – – – – – – 13,196 13,196
Accretion of discount less
amortisation of premium for
investment securities (1,452) – (304) (85,649) – 632 – (407) (87,180)
(Write back of) / provision for
diminution in value of
investment securities – – 5,362 (19,478) 9,662 (16,220) (14) (20,670) (41,358)
Investment in jointly controlled
entities 121,416 – – – – – – – 121,416

Basis of pricing for inter-segment transfers:
Intersegmental charges are computed on the interest-bearing assets and liabilities of each business segment with rates applied based on
(50841-W)
the interest yield curve according to the term structure of maturity.
173
174
2003
Financial
advisory
and under- Support

Net interest income
– external 631,512 429,063 336,926 688,516 – 206,963 – 253,653 2,546,633
(50841-W)
– inter-segment 217,148 79,754 78,195 (620,855) – – – 245,758 –

848,660 508,817 415,121 67,661 – 206,963 – 499,411 2,546,633
Non interest income 120,860 179,709 83,116 196,943 130,814 68,692 106,462 145,338 1,031,934
969,520 688,526 498,237 264,604 130,814 275,655 106,462 644,749 3,578,567
Overhead expenses (453,055) (185,602) (63,787) (26,754) (34,984) (69,706) (24,821) (807,956) (1,666,665)
Profit before provision 516,465 502,924 434,450 237,850 95,830 205,949 81,641 (163,207) 1,911,902
Loan loss and provision (152,408) (206,780) (81,362) – – 9,995 – (201,361) (631,916)
Provision for other receivables – – – (3,021) (9,621) – – – (12,642)
Writeback of provision for
commitments and
contingencies – – – – – – – 2,101 2,101
Segment result 364,057 296,144 353,088 234,829 86,209 215,944 81,641 (362,467) 1,269,445
Unallocated costs – – – – – – – (39,514) (39,514)
Share of results of associates – – – – – – – 10,936 10,936
Profit before taxation 364,057 296,144 353,088 234,829 86,209 215,944 81,641 (391,045) 1,240,867
Taxation – (2,067) – – – – – (282,939) (285,006)
Share of tax of associates – – – – – – – (1,387) (1,387)
Net profit for the
financial year 364,057 294,077 353,088 234,829 86,209 215,944 81,641 (675,371) 954,474

2003
Financial
advisory
and under- Support
Segment assets 13,497,746 16,241,091 16,536,233 23,787,558 85,939 12,641,888 402,002 14,279,266 97,471,723
Investment in associates – – – – – – 319 55,058 55,377
13,497,746 16,241,091 16,536,233 23,787,558 85,939 12,641,888 402,321 14,334,324 97,527,100
Unallocated assets – – – – – – – 406,877 406,877
Total assets 13,497,746 16,241,091 16,536,233 23,787,558 85,939 12,641,888 402,321 14,741,201 97,933,977
Segment liabilities 16,079,388 14,806,871 17,642,210 20,232,762 2,118 11,163,976 270,506 8,737,780 88,935,611
Unallocated liabilities – – – – – – – 266,698 266,698
Total liabilities 16,079,388 14,806,871 17,642,210 20,232,762 2,118 11,163,976 270,506 9,004,478 89,202,309
Other segment items

Incurred capital expenditure 3,440 5,619 178 21 1,104 1,961 1,487 130,679 144,489
Depreciation 6,633 7,178 353 93 1,512 2,796 2,093 106,736 127,393
Amortisation of goodwill – – – – – – – 14,214 14,214
Accretion of discount less
amortisation of premium for
investment securities (3,750) – (609) (120,768) – (511) – – (125,638)
Provision for diminution in
value of investment securities – – 26,460 83,901 – 58,958 – 116,541 285,860
Basis of pricing for inter-segment transfers:

Intersegmental charges are computed on the interest-bearing assets and liabilities of each business segment with rates applied based on

the interest yield curve according to the term structure of maturity.
(50841-W)
175
(b) Secondary reporting format – geographical segments

The Group’s business segments are managed on a worldwide basis and they operate mainly in three main
geographical areas:
– Malaysia, the home country of the Group, which includes all the areas of operations in the primary business
segments.
– Indonesia, the areas of operation in this country include all the primary business segments of its subsidiary bank,
PT Bank Niaga Tbk.
– Other countries include branch and subsidiary operations in Singapore, Japan, United Kingdom, Hong Kong and
Republic of Mauritius. The overseas operations are involved mainly in corporate lending and borrowing activities.
With the exception of Malaysia and Indonesia, no other individual country contributed more than 10% of the
consolidated net interest income or assets.
Net interest Total Capital

income assets expenditure
The Group RM’000 RM’000 RM’000
2004
Malaysia 2,079,024 88,827,061 169,133
Indonesia 531,464 12,490,787 33,204
Other countries 93,036 10,652,813 5,326
2,703,524 111,970,661 207,663
2003
Malaysia 1,802,736 78,955,751 126,465
Indonesia 415,061 10,597,471 17,466
Other countries 328,836 8,380,755 558
2,546,633 97,933,977 144,489
44 C A S H A N D C A S H EQ U I VA L E N TS
Cash and cash equivalents included in the Group and the Company’s cash flow statement comprise the following:
2004 2003 2004 2003
RM’000 RM’000 RM’000 RM’000
Cash and balances with banks and

other financial institutions 3,352,456 1,902,984 9,840 8,697
Money at call and deposit placements maturing
within one month 13,282,478 12,151,573 1,318,571 405,817
16,634,934 14,054,557 1,328,411 414,514
Included in cash and short term funds of the Group are trust accounts maintained by the securities subsidiaries in trust for
clients’ and dealer’s representatives amounting to RM35,339,000 (2003: RM31,976,044) and RM6,206,000 (2003:
RM5,990,892) respectively.

45 S I G N I F I C A N T E V E N T S D U R I N G T H E F I N A N C I A L YE A R
(a) Acquisition of land for the development of a new corporate headquarters

On 20 January 2004, the Company entered into a Sale and Purchase Agreement (“SPA”) with IJM Properties Sdn Bhd
(“IJMP”), a wholly-owned subsidiary of IJM Corporation Berhad (“IJM”) to acquire three (3) pieces of land held under
Geran 30000 Lot 1724, Geran 7158 Lot 1508 and Geran 7157 Lot 1507 and part of a piece of land held under Geran
7162 Lot 1512, all in Seksyen 46, Bandar Kuala Lumpur, Daerah Kuala Lumpur, Wilayah Persekutuan measuring in area
approximately 10,149 square meters (“Development Land”) together with a thirty-nine storey office building with four
(4) levels of basement office building with an approximate total built up area of 114,744 square meters and an
approximate lettable area of 58,528 square meters together with 1,120 car parks to be erected thereon (“Building”)
for a total cash consideration of RM375,000,000 (“Purchase Consideration”).
The total cash consideration of RM375,000,000 will be financed by the internally generated funds and borrowings. As
at 31 December 2004, the Company has paid RM37,500,000 being the ten per centum (10%) of the total cash
consideration upon signing of the SPA.
(b) Completion of the Acquisition of ShareTech Sdn Bhd

On 6 January 2004, CIMB Berhad had proposed to acquire the entire ordinary equity interest in CIMB ShareTech Sdn
Bhd (“ShareTech”) comprising of 40,003,120 ordinary shares of RM1.00 each from CIMB Securities Sdn Bhd (“CIMB
Securities”), a wholly-owned subsidiary of the Bank, for a cash consideration of RM47.8 million. The acquisition was
completed on 8 September 2004.
ShareTech had been acquired by CIMB Securities in 2001, in line with the industry consolidation drive. Subsequent to
that, its stock-broking business had been merged with that of CIMB Securities, and ShareTech’s stock-broking licence
had been surrendered to the regulators.
(c) Acquisition of the entire paid-up share capital of 110,000,000 ordinary shares of RM1.00 each in Commerce
Assurance Berhad (formerly known as AMI Insurans Berhad) from New Straits Times Press (Malaysia) Berhad
(“NSTP”) and Pitisan Sdn Bhd (“Pitisan”)
On 12 February 2004 the Company entered into a share sale agreement (“Agreement”) with NSTP and Pitisan, a wholly-
owned subsidiary of NSTP (collectively referred to as the “Vendors”) to acquire the entire issued and paid-up share
capital in Commerce Assurance Berhad comprising 110,000,000 shares for a total cash consideration of RM173,500,000.
The purchase consideration of RM173,500,000 was arrived at on a willing-buyer willing-seller basis.
The 110,000,000 Commerce Assurance Berhad shares are acquired free from all encumbrances and together with all
rights attached or attaching thereto (including the right to all dividends or distributions declared, made or paid thereon)
at the date of completion of the acquisition.
The total cash consideration of RM173,500,000 will be satisfied in the following manner:
(i) the sum of RM17,350,000 being ten per centum (10%) of the purchase consideration shall be paid by the
Company to the vendors upon execution of the agreement; and
(ii) the balance sum of RM156,150,000 shall be paid on the date of completion of the acquisition.
The acquisition was completed on 18 February 2004.

45 S I G N I F I C A N T E V E N TS D U R I N G T H E F I N A N C I A L YE A R ( C O N T I N U E D )
(d) Executive Employee Share Option Scheme (“EESOS”)

CIMB Berhad had on 11 February 2004, made an offer to grant options to eligible employees of CIMB Berhad Group
to subscribe for the shares of CIMB Berhad under the EESOS. The number of EESOS options offered to the eligible
employees of CIMB Berhad Group amounted to 24,751,000 new ordinary shares of RM1.00 each of CIMB Berhad.
(e) Joint Venture Agreement entered into between Bumiputra-Commerce Finance Berhad (“BCF”) and Proton
Edar Sdn Bhd (“PESB”) (“Proposed Joint Venture”)
BCF, a Bank’s subsidiary, had earlier in 2003, entered into a Joint Venture Agreement with PESB to set up a Joint
Venture Company with the business objective of gaining access to the customers of PESB. A joint venture entity was
formed, namely Proton Commerce Sdn Bhd (“PCSB”). The shareholding was held in equal proportions between BCF
and PESB.
On 15 January 2004, approval was obtained from the relevant authority on BCF investment in PCSB. As a result, the
Proposed Joint Venture became unconditional on 20 February 2004.
On 20 February 2004, BCF had entered into an Operation Agreement (“OA”) with PESB and PCSB in relation to the
business operation of PCSB and the said OA became effective on the same date.
(f) Cancellation of the Company’s Treasury Shares

On 27 February 2004, the Company had announced that a total of 35,853,000 units of its treasury shares were
cancelled. After the cancellation, the adjusted issued and paid-up share capital was 2,625,158,260 units ordinary
shares at RM1.00 each on that date.
(g) Issuance of Subordinated Notes

On 15 April 2004, CIMB issued USD100 million in aggregate principal amount of Subordinated Notes (“the Notes”)
due 2014 callable with step-up in 2009. The Notes bear interest at the rate of 5% per annum from, and including
15 April 2004 to, but excluding 15 April 2009 and, thereafter, at a rate per annum equal to the US Treasury Rate plus
3.7%. The interest is payable semi-annually in arrears on 15 April and 15 October in each year, commencing on
15 October 2004. The Notes were issued at a price of 99.843 per cent of the principal amount of the Notes. The
Notes will, subject to the prior written approval of Bank Negara Malaysia, be redeemable in whole but not in part, at
the option of CIMB in the event of certain changes affecting taxation in Malaysia at any time at their principal amount
plus accrued interest.
The Notes constitute liabilities of CIMB, and are subordinated in right of payment to the deposit liabilities of CIMB in
accordance with the terms and conditions of the issue and qualify as Tier 2 capital for the purpose of determining the
capital adequacy ratio of CIMB.

45 S I G N I F I C A N T E V E N T S D U R I N G T H E F I N A N C I A L YE A R ( C O N T I N U E D )
(h) Increase in authorised and paid-up share capital of PT Bank Niaga

PT Bank Niaga had, via its shareholders’ approval in its Extraordinary General Meeting dated 23 April 2004, resolved the
followings:
(i) The increase of PT Bank Niaga’s authorised share capital from IDR1,400,000,000 to IDR2,900,000,000.
(ii) The increase of PT Bank Niaga’s issued and paid-up capital by the issuing of new shares without pre-emptive
rights.
(iii) The increase of PT Bank Niaga’s nominal value of ordinary shares through reverse stock split with the ratio of
10 shares to 1 share.
The reverse stock split became effective at the Jakarta and Surabaya Stock Exchange on 21 May 2004.
(i) Capital distribution to CIMB Berhad’s shareholders

On 30 July 2004, CIMB Berhad implemented a cash distribution of approximately RM350 million or 40.7 sen per share
to the shareholders from its share premium account.
(j) Transfer of business from Bumiputra-Commerce Factoring Berhad (“BCFB”) to Bumiputra-Commerce

FactorsLease Berhad (“BCFLB”)
On 30 August 2004, a 100% owned subsidiary of BCB, Bumiputra-Commerce Factoring Berhad (“BCFB”) signed a
sale and purchase agreement with another 100% owned subsidiary of BCB, Bumiputra-Commerce FactorsLease
Berhad (“BCFLB”) (previously known as Bumiputra Commerce Leasing Berhad) for the transfer of its business
encompassing all assets and liabilities for a consideration of RM79,951,993. The consideration was settled via
intercompany between BCFB and BCFLB. BCFLB now assumes the operations of BCFB being debt factoring and loan
management in addition to its existing business activities. BCFB has become dormant as at year end.
(k) Subscription of redeemable non-cumulative preference shares in CIMB (L) Limited

CIMB has on 9 August 2004, subscribed for 125 million redeemable non-cumulative preference shares at USD0.05
each at an issue price of USD1.00 each in its wholly-owned subsidiary, CIMB (L) Limited, for a total consideration of
USD125 million. CIMB is entitled to dividend at the discretion of the Board of Directors of CIMB (L) Limited.
The redeemable non-cumulative preference shares rank in priority to the existing ordinary shares of CIMB (L) Limited
with respect to payment of dividend and amounts recoverable upon liquidation, disolution or winding up of CIMB (L)
Limited.
(l) Issuance of USD125 million nominal value zero coupon guaranteed convertible bonds due 2009 by Commerce
Capital (Labuan) Ltd.
On 20 September 2004, the Company announced that the aggregate principal amount of the guaranteed convertible
bonds to be issued by Commerce Capital (Labuan) Ltd, a subsidiary, is USD125 million.
The five year zero coupon guaranteed convertible bonds are convertible into new ordinary shares of RM1.00 each in
the Company at the option of the bondholders at anytime during the Conversion Period. The bonds may also be
redeemed at the option of the bondholders in whole or in part at any time after three years.

45 S I G N I F I C A N T E V E N TS D U R I N G T H E F I N A N C I A L YE A R ( C O N T I N U E D )
(m) Proposed Joint Venture with Mapletree Capital Management Pte Ltd
On 10 November 2004, CIMB Bhd announced that through its wholly-owned subsidiary, CIMB Real Estate Sdn Bhd
(“CIMB RE”), had formed a joint venture with Mapletree Capital Management Pte Ltd (“Mapletree”), a wholly owned
subsidiary of Mapletree Investments Pte Ltd, which is in turn a wholly-owned subsidiary of Temasek Holdings (Private)
Limited, Singapore (“Temasek”). CIMB RE was incorporated on 5 November 2004.
The joint venture company is known as CIMB-Mapletree Management Bhd (“CMM”) and will undertake real estate
investment advisory and real estate fund management services to a proposed real estate fund to be set up by both
parties to be known as “CM-1” and other real estate funds in Malaysia. CIMB RE will hold a 60% stake in CMM while
Mapletree will hold the balance 40%.
(n) Disposal of Commerce Asset Fund Managers Sdn Bhd (“CAFM”) and Commerce Trust Berhad (“CTB”) to CIMB
Berhad
Pursuant to the Sale and Purchase Agreement between the Company and CIMB Berhad dated 18 August 2004 the
Company had disposed off its direct 70% equity interest in CAFM comprising 3,850,000 ordinary shares of RM1.00
each for a cash consideration of RM18,000,000 and its direct 70% equity interest in CTB comprising 4,900,000
ordinary shares of RM1.00 each for a cash consideration of RM17,000,000 respectively. The disposal was completed
on 23 November 2004.
The disposal of CAFM and CTB resulted in a gain of RM13,875,000 and RM10,960,000 respectively in the Company’s
financial statements.
The effects of the disposal on the results and the financial position of the Group amounted to approximately
RM102,000 and RM138,000 respectively.
(o) Proposed rationalisation of the fund management business of CAFM with unit trust business of CTB
(“Proposed Business Rationalisation”)
On 10 December 2004, CIMB Berhad proposed to undertake a rationalisation of its fund management and unit trust
businesses through CTB. In relation thereto, CAFM had on 9 December 2004, entered into the Business
Rationalisation Agreement with CTB for the purpose of the Proposed Business Rationalisation whereby CAFM shall
sell and transfer to CTB the assets and liabilities in relation to or utilised in the fund management business of CAFM
(“CAFM Business”) to form a single fund management and unit trust entity under CTB.
CTB will assume the obligations and responsibilities in discharging all the liabilities and other obligations of CAFM
pursuant to the CAFM business and in consideration, CAFM will transfer and vest to CTB all its rights, titles and
interests on the assets including all rights of enforcements, demands, claims and entitlements of CAFM arising from
or in connection with the fund management business of CAFM, up to and including the completion date of the
Proposed Business Rationalisation.
The Proposed Business Rationalisation is expected to be completed in the second quarter of the financial year ending
31 December 2005.

45 S I G N I F I C A N T E V E N T S D U R I N G T H E F I N A N C I A L YE A R ( C O N T I N U E D )
(p) Capital injection in P.T. CIMB Niaga Securities

Pursuant to the Ministry of Finance, Indonesia’s decision letter No.179/KMK/010/2003 dated 5 May 2003, the wholly
owned subsidiary of CIMB Berhad, CIMB (L) Limited (“CIMBL”) had on 3 December 2004 made a capital injection
amounting to IDR3,813,158,317 into P.T. CIMB Niaga Securities in order to increase the share capital of the company
to IDR50 billion by 31 December 2004. CIMBL’s equity interest has not changed, and remains at 51% of the total paid
up share capital of P.T. CIMB Niaga Securities.
(q) Disposal of investment in foreign subsidiaries, Niaga Finance Company Ltd., Hong Kong and its subsidiary,
Niaga Remittance Ltd., Hong Kong (“Niaga Finance Group”) by PT Bank Niaga
As at 31 December 2004, PT Bank Niaga has divested all of its ownership of 150,000,000 shares in Niaga Finance
Company Ltd. at the disposal price of HKD147 million. On 31 December 2004, the purchaser, Royal Delight Ltd. has
made payment of HKD10 million whilst the remaining balance will be paid in three installments in 2005. The remaining
balance is secured by all shares of Niaga Finance Company Ltd. and a personal guarantee from the ultimate major
shareholder of Royal Delight Ltd.
Arising from the disposal, PT Bank Niaga has recognised a net income of IDR150,249,000,000 in the current year’s
income statement (from the income of realisation of cumulative translation adjustments, including exchange gain from
dividend received, and the loss on the difference between the disposal price and the carrying value on the date of the
disposal of the investment).
46 S I G N I F I C A N T E V E N T S S U B S EQ U E N T TO B A L A N C E S H E E T D AT E
(a) (i) Proposed acquisition of stock broking business of G. K. Goh Holdings Limited by a wholly-owned
subsidiary (a Special Purpose Vehicle company to be incorporated in Singapore) of CIMB Berhad
On 13 January 2005, the Company had announced on the proposed acquisition of the stockbroking and
stockbroking-related companies of G.K. Goh Holdings Limited by a wholly owned subsidiary of CIMB Berhad to
be incorporated in Singapore (“CIMBB SPV”), for a total cash consideration of Singapore Dollar, SGD239.14
million.
(ii) Proposed issuance of CIMB Berhad ordinary shares to the Company

CIMB Berhad has proposed to issue 93,663,167 new ordinary shares of RM1.00 each in CIMB Berhad (“CIMBB
shares”) at an issue price of RM4.50 per CIMBB share for a total cash consideration of approximately RM421.48
million to the Company.
(iii) Proposed renounceable restricted offer for sale of the CIMB Berhad’s share by the Company
Upon completion of (i) and (ii) above, the Company will offer CIMBB’s shares for sale to the existing CIMB
Berhad’s shareholders, at an offer price of RM4.50 per CIMBB share on the basis of one CIMBB share for every
nine existing CIMBB shares.
(b) Disposal of investment in foreign subsidiaries, Niaga Finance Company Ltd., Hong Kong and its subsidiary,
Niaga Remittance Ltd., Hong Kong (“Niaga Finance Group”) by PT Bank Niaga
On 31 January 2005, PT Bank Niaga has received the second installment payment of HKD25 million from Royal
Delight Ltd.

47 C A P I TA L A D EQ UAC Y
(a) The capital adequacy ratios are as follows:

The Group
2004 2003
RM’000 RM’000
Tier I capital 6,440,158 6,327,117

Eligible Tier II capital 3,291,819 2,889,081
9,731,977 9,216,198
Less:
Investment in subsidiaries and holding of other banking institutions’ capital (737,696) (609,305)
Subordinated term debt – (52,402)
Capital base 8,994,281 8,554,491
Core capital ratio 9.75% 10.94%

Risk-weighted capital ratio 13.62% 14.79%
(b) Components of Tier I and Tier II capital are as follows:

2004 2003
RM’000 RM’000
Tier I capital
Paid-up capital 2,587,839 2,718,341
Share premium 213,867 525,212
Other reserves 3,638,452 3,083,719
Total Tier I capital 6,440,158 6,327,272
Tier II capital
Subordinated loans 718,740 736,510
Subordinated notes issued 1,519,488 1,140,000
General provision for bad and doubtful debts 949,771 862,183
Other 103,820 150,388
Total Eligible Tier II capital 3,291,819 2,889,081
Less:
Investments in subsidiaries (718,696) (609,305)
Subordinated term debt – (52,402)
Holding of other banking institution’s capital (19,000) –
8,994,281 8,554,646

47 C A P I TA L A D EQ UAC Y ( C O N T I N U E D )
(b) Components of Tier I and Tier II capital are as follows: (Continued)

The Group
2004 2003
RM’000 RM’000
Breakdown of risk-weighted assets in the various categories of risk-weights are as follows:

0% 22,763,621 19,322,719
10% 1,212,616 1,827,897
20% 18,641,374 16,474,568
50% 14,234,623 11,950,645
100% 55,085,272 48,402,538
The above capital adequacy ratio calculations are based on the guidelines issued by Bank Negara Malaysia to the
banking institutions. Although the Company is not subject to the above guidelines, disclosure of the capital adequacy
ratios are made on a voluntary basis.
The Group capital adequacy ratios above refer to those of the Company’s banking subsidiaries BCB (includes the
operations of Bumiputra-Commerce Bank (L) Limited), CIMB (includes the operations of CIMB (L) Limited) and
PT Bank Niaga Tbk.
Included in the zero percent risk-weighted assets for a subsidiary bank is an amount due from DUSB amounting to
RMnil (2003: RM375,195,000) that carry zero risk-weight in accordance with Bank Negara Malaysia’s approval letter
dated 16 July 1999.
48 A CQ U I S I T I O N
(a) Acquisition of Commerce Assurance Berhad (formerly known as AMI Insurans Berhad)
On 18 February 2004, the Company completed the acquisition of 100% equity interest in Commerce Assurance
Berhad (formerly known as AMI Insurans Berhad). Total puchase consideration has been settled via cash.
The effect of the acquisition on the financial results of the Group during the financial year is as follows:
2004
RM’000
Breakdown of risk-weighted assets in the various categories of risk-weights are as follows:

Interest income 12,910
Interest expense –
Net interest income 12,910
Loan loss and provision –
Non interest income 53,965
Net income 66,875
Overhead expenses (48,328)
Profit before taxation 18,547
Taxation (6,479)
Profit after taxation 12,068
Minority interest –
Net profit for the financial year 12,068

48 A CQ U I S I T I O N ( C O N T I N U E D )
(a) Acquisition of Commerce Assurance Berhad (formerly known as AMI Insurans Berhad) (Continued)
The effect of the acquisition on the financial position of the Group as at 31 December 2004 is as follows:
2004
RM’000
Cash and short-term funds 480

Deposits and placements with financial institutions 176,897
Investment securities 211,334
Loans and advances 2,199
Other assets 97,287
Taxation recoverable 8,825
Deferred tax assets 631
Fixed assets 44,271
Other liabilities (369,334)
Taxation (10,908)
Increase in Group’s net assets 161,682
Details of net assets acquired, goodwill and cash flow arising from the acquisition are as follows:
At date of
acquisition
RM’000
Cash and short-term funds 3,398

Investment securities 190,310
Other assets 98,893
Taxation recoverable 1,640
Deferred tax assets 1,917
Fixed assets 42,161
Taxation (2,281)
Fair value of total net assets 149,614
Goodwill 23,886
Purchase consideration 173,500
Purchase consideration discharged by cash 173,500

Less: Cash and short-term funds acquired (3,398)
Cash outflow of the Company on acquisition 170,102

(b) Acquisition of Scan Associates Sdn Bhd

On 27 August 2004, a subsidiary company, Commerce Asset Ventures Sdn Bhd has completed the acquisition of
55.66% equity interest in Scan Associates Sdn Bhd. Total purchase consideration has been settled via cash.
The effect of the acquisition on the financial results of the Group during the financial year is as follows:
2004
RM’000
Interest income 278

Interest expense (17)
Net interest income 261
Loan loss and provision –
Net income 13,244
Overhead expenses (2,246)
Taxation (145)
Profit after taxation 10,853
Minority interest (4,783)
Net profit for the financial year 6,070
The effect of the acquisition on the financial position of the Group as at 31 December 2004 is as follows:
2004
RM’000

Investment securities 380
Other assets 15,755
Property, plant and equipment 2,471
Taxation and zakat (131)
Other borrowings (11,364)
Hire-purchase (692)
Minority interest (5,861)
Increase in Group’s net assets 7,306

(b) Acquisition of Scan Associates Sdn Bhd (Continued)

Details of net assets acquired, goodwill and cash flow arising from the acquisition are as follows:
At date of
acquisition
RM’000

Other assets 8,345
Property, plant and equipment 2,189
Taxation and zakat (53)
Other borrowings (17,598)
Hire-purchase (768)
Fair value of total net assets 2,220
Minority interest (984)
Fair value of net asset acquired 1,236
Goodwill 18,033
Purchase consideration 19,269
Purchase consideration discharged by cash 19,269

Less: Cash and short-term funds acquired (14,871)
Cash outflow of the Company on acquisition 4,398
49 DISPOSAL
Disposal of Niaga Finance Company Ltd, Hong Kong and its subsidiary, Niaga Remittance Ltd, Hong Kong (“Niaga
Finance Group”)
On 30 December 2004, PT Bank Niaga has disposed off its 100% equity interest in Niaga Finance Company Limited. The
disposal represents the total equity stake of PT Bank Niaga in Niaga Finance Group.
The effect of the disposal on the financial results of the group is as follows:
At date of
disposal
RM’000
Niaga Finance Group
Interest income 14,340
Interest expense (62)
Net interest income 14,278
Loan loss and provision (4,872)
9,406
Net income 13,160
Overhead expense (9,161)
Taxation (1,165)
Net profit for the financial period 2,834

49 DISPOSAL (CONTINUED)
The effect of the disposal on the financial position of the Group as at 31 December 2004 is as follows:
At date of
disposal
RM’000
Niaga Finance Group

Cash and short term funds 15,928
Deposits and placements with banks and other financial instutitions 7,095
Other assets 4,244
Fixed assets 1,150
Deposits and placements of banks and financial institutions (3,888)
Taxation (629)
Fair value of net assets disposed 74,099
The cash flow on disposal is determined as follows:

Proceeds from disposals – cash considerations 71,446
Cash and cash equivalents of subsidiary diposed (23,023)
Net cash inflow from disposal 48,423
50 U S E O F F I N A N C I A L I N ST R U M E N TS
A Financial risk management objectives and policies

The Group’s financial risk management policy is adopted from the Company and the main operating subsidiaries risk
management policies. Various initiatives and development have been formed at the Company and operating
subsidiaries in order to identify, measure, control and monitor all identifiable risks.
The Group operates within a clearly defined set of principles and guidelines that are approved by the Board. Various
working committees were formed at the operating subsidiaries in carrying out the process to ensure that all
identifiable risks are addressed and managed adequately.
The main areas of financial risks faced by the Group and the policies to address these financial risks in respect of the
Company and the major areas of banking activities represented by the commercial banks, namely Bumiputra-Commerce
Bank Berhad and PT Bank Niaga Tbk and the investment banking group, CIMB Group are set out as follows:-
Market risk
The Company
The Company’s market risk exposures arise mainly from placement of cash at banking subsidiaries such as Bumiputra-
Commerce Bank Berhad, Bumiputra-Commerce Finance Berhad, Commerce International Merchant Bankers Berhad,
PT Bank Niaga, placement of funds managed by Commerce Asset Fund Managers Sdn Bhd and also placement of
funds in the form of unit trusts managed by Commerce Trust Berhad. For these placements, market risks is mitigated
by risk management framework and regulated investment policies and procedures that exist at the respective
subsidiaries. The performance of respective placements is monitored via the monthly statements and reports
submitted and acknowledged by the management.

50 U S E O F F I N A N C I A L I N S T R U M E N TS ( C O N T I N U E D )
A Financial risk management objectives and policies (Continued)

Market risk (Continued)
Bumiputra-Commerce Bank Berhad (“BCB”)
Market risk is the risk that changes in interest rates, foreign exchange rates, debt securities and other financial
contracts, including derivatives, will have an adverse financial effect on the BCB’s financial condition and result.
Market risk arises in BCB during the course of doing business, which is in the form of trading activity and meeting
customer demand, and also in the investment in corporate bond, either in Private Debt Securities (“PDS”) or in the
international bond market where the bonds may be fixed or floating rate bonds.
BCB also transacts in derivatives such as Interest Rate Swap (“IRS”), Currency Swap, Cross Currency Interest Rate
Swap (“CCIRS”), Assets Swap and Futures.
BCB also sets cut loss limit for all trading activities. The cut loss limit set is by day, month and year, where it also takes
into account the realised and unrealised losses. Based on the current low and stable interest, interest rate risk at BCB
is currently assessed as low.
BCB is adopting a strategy by entering into derivative swap transactions to swap the fixed interest rates to floating
rates and to change repricing into shorter and manageable period of 3 or 6 months.
BCB is guided by the Treasury Risk Management policy in governing the trading and other global treasury activities.
BCB has made progress in adopting best practice Value at Risk (“VaR”) methodology in estimating the potential loss
over certain confidence interval (“CI”) and over specific time horizon. A stress testing will also be conducted. BCB will
be adopting the VaR approach in measuring and controlling market risk. VaR is a technique that produces estimate of
potential loss in value over a portfolio over a specified time horizon at a given CI.
The setting up of a banking data warehouse under the Decision Support System (“DSS”) Project has almost come to
its completion for the entire Risk Management and Financial Analysis requirement.
PT Bank Niaga Tbk (“Bank Niaga”)

Market risk involves the possibility of losses incurred from changes in interest rate and foreign exchange rate due to
market volatility. Bank Niaga monitors these changes and their impact on its portfolios as well as net open positions as
part of its market risk management, through the Market Risk Committee (“Marco”).
Marco defines acceptable limits on trading exposures, including daily net open position limits and potential losses on
current positions. Factors considered in setting these position limits include risk and return levels acceptable by
management. Position limits are reviewed at least twice a year, although in periods of extreme volatility they are
scrutinised more often or suspended altogether momentarily.
Trading limits are monitored daily on a mark-to-market basis and by applying the VaR concept. Thus, by keeping track
of its daily VaR, Bank Niaga is in a position to liquidate its gap, which indicates a potential loss greater than the
allowable limits.
Bank Niaga is currently preparing the implementation of Treasury & Risk Management System Automation. The
system which covers front, middle and back office will enable Bank Niaga to have more efficient and effective treasury
and market risk management.


Market risk (Continued)
CIMB Group
Market risk is defined as any fluctuations in value of the portfolio resulting from changes in market prices and market
parameters, such as interest rates, exchange rates and share prices.
Market risk within CIMB Group as a result of CIMB Group’s trading activities can arise either from customer-related
business or from proprietary positions. CIMB and CIMB Discount House Bhd, make markets in debt securities as well
as interest rate and currency derivative instruments; while equity proprietary activities are carried out by CIMB, broking
arm and offshore subsidiary. In general, CIMB Group manages its trading positions by employing a variety of hedging
strategies, including the use of derivative instruments.
CIMB Group manages market risk through risk limits set by the Risk Committee. The Market Risk Committee
(“MRC”), whose role, amongst others, is to oversee CIMB Group’s exposure to interest rate and equity risks and to
consider and determine trading, investment and underwriting proposals within defined limits.
The utilisation of interest rate and equity risk limits is reviewed on a daily basis, by the Risk Management Unit
(“RMU”) who employs statistical methods to measure and monitor the risks associated with CIMB Group’s trading
activities. The RMU also provides independent valuation of portfolios and generates daily and weekly risk position
reports for the information of senior management.
CIMB Group has adopted a VaR approach in the measurement of interest rate and equity risks. VaR is a statistical
measure of the potential losses that could occur due to movements in market rates and prices over a specified time
horizon within a given confidence level.
Credit risk
The Company
Credit risk is the risk of loss due to the failure of a counter party to meet its financial obligations due to the Company.
Except for intercompany balances, the Company is not exposed to any other significant credit risk.

Credit Risk Management forms a key component of the integrated risk management structure, driven by a credit risk
framework designed to be in compliance with Bank Negara Malaysia’s Best Practices and requirements of the Basel II.
Credit risk is the potential for loss due to the failure of a counterparty or borrower to meet its financial obligations. Key
to the credit risk management is to ensure that structures and processes are in place to maintain and continuously
enhance BCB’s risk assessment capabilities in key areas of credit. These include sound credit policies/procedures,
quality credit approvals, appropriate risk measurement/methodology, strong credit controls with independent reviews
and effective/workable recovery strategies. Credit portfolio risk is also monitored through setting and reviewing
concentration limits according to various categories such as customer, industry, segment and product types.


Credit risk (Continued)
Bumiputra-Commerce Bank Berhad (“BCB”) (Continued)
Credit Risk Management is vested in the Credit Risk Committee (“CRC”) which has been established at management
level with clear roles and responsibilities. The CRC reports to and assists the Board (through the Risk Management
Committee) in its oversight role on management of credit risk of BCB. Proactive management is provided to Line
arising from direction and guidance by CRC. At banking divisions, monthly asset quality meetings are held to monitor
credit risk exposures, appropriate measures are also deliberated to minimise any adverse financial implications based
on the conduct of accounts and portfolio basis and ensure timely reporting to risk committees.
BCB has issued board-approved Credit Risk Policy Guide (“CRPG”), which outlines limiting risk, risk pricing, and credit
risk rating and measurement, reporting and Management Information System (“MIS”). Key business unit’s policies
and procedures have been documented and approved by the Board for application across BCB. Regular review and
updates are performed to ensure the documentation is current.
The process of evaluating and categorising risk is at the heart of credit risk management. It is the foundation of good
decisions, good pricing and good control.
BCB has established an internal rating system for corporate and business loans that enable credit officers to classify
the credit risk of individual credit, assists them in making informed decisions on approval and pricing of loans.
Additionally, it assists in tracking and monitoring loans at portfolio basis. For retail exposures, which are defined as
large homogeneous portfolio of low values and the incremental risk of any exposure is small, a credit scoring system
is employed for mortgages and auto financing approval products.

Bank Niaga’s credit policy is used as the main guidance in granting loan. All personnel concerned with credit, including
Board of Commissioners and Directors are required to understand these policies and have the discipline to implement
these policies in their daily activities. Credit risk is managed based on the review of:
1 The diversification of credit risk and portfolio (business segment/industry sector/largest borrowers composition).
2 Credit policy and procedure (including target market and risk acceptance criteria).
3 Adequacy of provisions for loan losses.
4 Other major risk indicators and methods of credit risk measurement.
The credit strategy and goal setting are planned and established by the Credit Risk and Policy Committee who is also
responsible for managing credit portfolio and credit risk. The Credit Risk and Policy Committee meets at least 6 times
a year and is chaired by Director of Compliance and Risk Management and attended by the President Director and the
other Board of Senior Executive members.
The main factor that can control and reduce credit risk is the ability and maturity level of the credit units to analyse the
credit, which will eventually result in a balance between credit risk and business development considerations.


Credit risk (Continued)
CIMB Group
Credit and counterparty risk is defined as the possibility of losses due to an unexpected default or due to deterioration
of a business partner’s credit-worthiness.
Credit risk arises in many of the CIMB Group’s business activities. In lending activities, it occurs primarily through
loans as well as commitments to support clients’ obligations to third parties, i.e. guarantees. In sales and trading
activities, credit risk arises because of the possibility that CIMB Group’s counterparties will not be able or willing to
fulfill their obligation on transactions on or before settlement date. In derivative activities, credit risk arises when
counterparties to derivative contracts, such as interest rate swaps, are obligated to pay CIMB Group the positive fair
value or receivable resulting from the execution of contract terms.
The CRC ensures that the risk exposures undertaken match the risk appetite of CIMB Group, and that proper
authorisation procedures are adhered to. Problematic exposures identified by the business units and management are
carefully monitored and proactive measures taken, where possible, to minimise financial loss to CIMB Group. All
exposures are proactively assessed for potential risk and those identified as potentially problematic are managed
centrally by the Credit & Special Assets Unit, a dedicated and specialised team within the risk management function.
All credit exposures are given an internal rating, based on a combination of ratios and qualitative criteria. Adherence to
set credit limits is monitored on a daily basis by the RMU who combine all exposures for each counterparty, including
off-balance sheet and potential exposures, and ensure that limits are not exceeded. CIMB Group also has in place
credit guidelines that limit its exposure to any one counterparty or group, industry sector and rating classification.
Netting arrangements
CIMB Group also enters into master agreements that provide for close-out and settlement netting with counterparties,
whenever possible. A master agreement that governs all transactions between two parties, creates the greatest legal
certainty that credit exposure will be netted. In effect, it enables the netting of outstanding obligations upon
termination of outstanding transactions if an event of default occurs.
The extent to which the CIMB Group’s overall exposure to credit risk is reduced through a master netting arrangement
may change substantially within a short period following the balance sheet date, as the exposure is affected by each
transaction subject to the agreement.
Liquidity risk
The Company
Liquidity risk is the risk where the Company is unable to meet its obligations when they fall due.
The Company monitors and maintains a level of cash and cash equivalents deemed adequate by the management to
finance the operations of the Company and any potential strategic investments.


Liquidity risk (Continued)
Liquidity risk is defined as the risk that BCB, although solvent, either does not have available sufficient financial
resources to enable it meet its obligations as they fall due, or can secure them only at excessive cost, thereby
affecting profitability. Liquidity risk could also arise from treasury activities from inadequate market depth or market
disruption resulting in positions that cannot be closed out, or have to be closed out at a loss. As part of BCB’s risk
management framework, comprehensive governance and management processes surrounding liquidity activities are
undertaken by the MRC.
Management recognises the high importance of liquidity and interest rate risk management for a commercial banking
institution like BCB. Policy formulation is on-going to clearly outline the risk controls over processes and models used
in response to changes in market environment. Thus, a Liquidity Risk Management Policy and Interest Rate Risk
Management Policy have been formulated and implemented to establish good controls in being able to generate good
interest income and meet financial commitments as they fall due. In addition, a bank-wide Liquidity Contingency Plan
has been developed as an integrated operational plan detailing a list of predetermined contingency plans during a
liquidity crisis.
For liquidity management, the primary tool used is the Bank Negara Malaysia’s New Liquidity Framework (“NLF”).
Besides meeting monthly compliance of the NLF, BCB utilises the NLF to conduct stress test and to monitor maturity
mismatches over successive time bands, concentration of funding sources and liquid asset ratio. Initiative to improve
BCB’s funding structure and the liquidity and interest rate risk management is also on going with the progressive
implementation of a Funds Transfer Pricing System (“FTP”). Meanwhile, BCB has in place an asset liability
management system to measure overall balance sheet performance and under various scenarios. Timely market
valuation, gap analysis, net interest income simulation, stress testing and exception reports are furnished to MRC so
that corrective action could be taken.

The Asset and Liability Committee (“ALCO”) is responsible for managing liquidity and asset-liability position. The
committee meets with business, treasury, credit and other relevant units on a monthly basis to ensure that Bank
Niaga’s liquidity objectives are met.
Bank Niaga sets the interest rate through interest sensitivity gap simulation and adjustment between the interest rate
of asset and liability and source of fund composition.
Bank Niaga manages its liquidity by focusing on cash inflow and cash outflow. The gap in cash flow is anticipated
through its first tier assets such as reserve requirements and highly liquid short-term marketable securities. Second-
tier assets are managed through short-term placements with other banks and available-for-sale long term marketable
securites. Liquidity is also achieved through prudent structuring of Bank Niaga’s funding. This includes maintaining
proper check and balances in the concentration of the depositors, as well as the amount and maturity of deposits. In
addition, Bank Niaga assures liquidity by maintaining its ability to access the financial market, which in large is
dependent upon its credibility and market standing.


Liquidity risk (Continued)
CIMB Group
Liquidity risk is defined as the risk of CIMB Group being unable to fulfill its current or future payment obligations in full
and at the due date.
There is a Liquidity Risk Committee whose main role is to oversee the overall liquidity management of CIMB Group,
ensure compliance with the liquidity framework prescribed by Bank Negara Malaysia, and review periodically the
assumptions underlying the liquidity risk management framework.
CIMB Group’s liquidity risk management focuses on avoiding over dependence on volatile sources of funding,
diversification of funding maturity structure and of sources of funds, and maintenance of sufficient liquid assets. To
ensure that CIMB Group is able to cover all payment obligations on due dates as part of the liquidity management
process, the RMU prepares liquidity analysis for CIMB and CIMB Discount House Bhd in line with Bank Negara
Malaysia’s liquidity framework. In addition, management action triggers are set to provide timely warning on emerging
liquidity pressures. CIMB Group has also developed a contingency funding plan to deal with extreme liquidity crisis
situations.
Operational risk
The Company
Operational risks that arise from inadequacies or failure in internal processes and controls due to fraud, errors,
inefficiencies, systems failures or external events.
In order to reduce or mitigate these risks, the Company established and maintained an internal control environment,
which incorporates various control mechanisms at different levels throughout the organisation. These control
mechanisms ensure that operational policies and procedures are being adhered to. The responsibilities to oversee
compliance with internal control has been delegated to Group Internal Audit division.

Operational risk is the risk resulting from inadequate or failed internal processes, people and systems or from external
events.
To monitor and control such risk, BCB has established the Operational Risk Management policy to provide the
framework and sets the direction of operational risk management activities.
The Operational Risk Support (“ORS”) Department’s role, which is independent of the Internal Audit Department
(“IAD”), is to carry out pre-emptive measures and control activities to identify, assess, monitor and suggest methods
on mitigation.
The key focus of the ORS’s approach is to add value to the operational risk management function. The activities carried
out by the ORS include the development and implementation of an Operational Risk Management framework,
centralised monitoring of money laundering activities, managing data integrity, review and improve work processes and
controls, and to identify and report on bank-wide operational risks to inculcate awareness of high risk areas in operations.


Operational risk (Continued)
Bumiputra-Commerce Bank Berhad (“BCB”) (Continued)
The ORS also reports findings and other operational initiatives to the Operational Risk Committee (“ORC”), who has
the jurisdiction on all operational risk areas of BCB and also to follow closely on the developments of the Basel II
requirements.
The ORC comprises senior executives from the operational and business units who meet monthly to discuss key
operational risk issues and oversees the operational risk management practices within their respective business units.
BCB has made substantial investments in implementing various Operational Risk Management tools and methodologies.
Among the key initiatives undertaken are:
• Implementation of a bankwide centralised Loss Event Database (“LED”) to collate all loss data within BCB. This is
to enable the tracking of internal losses due to operational activities. This will enable BCB to develop appropriate
mitigation measures for various operational functions especially those that are prone to operational losses. In
addition, the LED will also prepare BCB for advance measurement methods for Operational Risk Measurement as
stated in the Basel II Accord.
• BCB has also implemented a pilot Control Risk Self Assessment (“CRSA”) exercise with several key operating
units. This process had allowed the process owners to independently evaluate the risk that are existent in their
own operational environment to enable high stake issues to be identified and remedial actions taken. The
Operational Risk Management function is targeting to have all the major business units of BCB to undergo the
CRSA process by the end of 2005.
• In addition, BCB has also implemented a pilot project to develop Key Risk Indicators (“KRI”) which are to serve as
early warnings to deterioration of effectiveness in major operational functions. This will be an on-going process and
the learnings from the pilot project will enable BCB to develop proficient methods in analysing data collected for
the KRIs.
The objective of the Operational Risk Management function is to enable improvements to corporate governance and
internal control system of BCB. Ultimately, BCB aims to attain and implement all the best practices of Operational Risk
Management.

Bank Niaga’s Operational and Information Risk Committee (“OIRC”) which meets at least three times a year chaired
by the Director of IT and System with participation by the Board of Senior Executives and selected Group Heads,
defines roles and responsibilities for managing and reporting operational risks. In keeping with governance structure,
the Risk Taking Units (“RTU”) are responsible for all the operational risks within the business. Such risks are managed
through bank-wide or business segment specific policies and procedures, operational risk limits, controls and
monitoring tools. To manage operational risks, Bank Niaga maintains a specialised Control Unit to assist the RTUs to
monitor all operational risk exposures from each transaction on daily basis, and to ensure that the execution of
transaction complies with the policies, procedures and limits established by senior management and adhere to
Accounting Principle and Standards applied. Operational Risk Management unit, working in conjunction with senior
business segment executives develops key tools to help manage, monitor and summarise operational risks. Internal
Audit unit attests internal control systems effectiveness, including those of operational risks.


Operational risk (Continued)
PT Bank Niaga Tbk (“Bank Niaga”) (Continued)
Bank Niaga has Risk Library and performs operational risk “self assessment” using Control Risk Self Assessment
(“CRSA”) tool to identify a specific operational risk profile (high risk potential) for business lines. Bank Niaga’s CRSA is
also used for identifying emerging operational risk issues and determining how they should be managed. Focus is on
business efficiency and improvement of control. Bank Niaga continuously reviews Risk Library and if necessary, revises
its policies, procedures and risk limits to mitigate operational risks arising from data reconciliation process, money-
laundering activities, transaction processing, systems interruptions, fraud management and new product introduction
processes. Bank Niaga continues its efforts to minimise operational risk associated with communication, security, data
and processing systems through the development of back-up systems, emergency plans and enhanced information
techonology (“IT”) capability. To strengthen its operational risk management capability, Bank Niaga always places great
importance on its personnel management practices and employee development specially on the implementation and
enforcing good ethics and integrity as stated in Bank Niaga’s code of conduct. Bank Niaga engages in regular employee
training to help limit the operational defects or mistakes. Where appropriate, Bank Niaga purchases insurance against
operational risks.
Going forward, Bank Niaga is in the process of enhancing operational risk management practices through the
development of additional operational risk management tools, including Loss Event Database, Key Risk Indicator and
Risk Dashboard.
CIMB Group
Operational risk includes risks that arise from internal processes of an organisation. These may result from inadequacies
or failures in processes, controls or projects due to fraud, unauthorised activities, error, omission, inefficiency, systems
failures or from external events.
Operational risks are less direct than credit and market risk, but managing them is critical, particularly in a rapidly
changing environment with increasing transaction volumes. In order to reduce or mitigate these risks, CIMB Group
has established and maintained an effective internal control environment, which incorporates various control
mechanisms at different levels throughout the organisation. These control mechanisms are designed to better ensure
that operational policies and procedures are being followed and that CIMB Group’s various businesses are operating
within established corporate policies and limits.
CIMB Group has an Operational Risk Committee with oversight responsibility for all operational and other matters that
affect CIMB Group’s day-to-day activities. The committee also reviews the operating policies and procedures for new
products/businesses to ensure that the supporting infrastructure is in place prior to doing business.
CIMB Group’s aspirations to meet the highest standards in risk, controls and governance are further demonstrated
through its Corporate Risk Scorecard project. This initiative complements the Enterprise Wide Risk Management
(“EWRM”), by capturing and profiling CIMB Group’s risk in a systematic and organised method for identifying,
controlling and monitoring its risk exposure. The scorecard maps out and prioritises the various risks, based on the
possibility of a risk event occurring and its impact on shareholders’ value. It provides the senior management with a
complete view of the enterprise-wide operational risk exposure on a single common platform. This facilitates the
prioritisation of risk issues for CIMB Group to plan its resources and address them accordingly.

50 U S E O F F I N A N C I A L I N ST R U M E N TS ( C O N T I N U E D )
196
B Interest rate risk
The tables below summarise the Group’s and the Company’s exposure to interest rate risks. Included in the tables are the Group’s and the
Company’s assets and liabilities at their full carrying amounts, categorised by the earlier of contractual repricing or maturity dates. The off-balance
sheet gap represents the net notional amounts of all interest rate sensitive derivative financial instruments. As interest rates and yield curves
change over time the Group and the Company may be exposed to a loss in earnings due to the effects of interest rates on the structure of the
balance sheets. Sensitivity to interest rates arises from mismatches in the repricing dates, cash flows and other characteristics of the assets and
their corresponding liabilities funding.
The Group

2004
Non-
(50841-W)
Up to 1–3 3–6 6 – 12 1–5 Over interest Islamic
1 month months months months years 5 years bearing Banking Total

Assets
Cash and short-term funds 14,653,908 – – – – – 1,494,834 486,192 16,634,934
Securities purchased under
resale agreements 2,548,521 1,899,680 18,645 16,032 16,030 – – – 4,498,908
Deposits and placements with
banks and other financial
institutions – 990,793 278,408 63,736 10,110 – – 100,000 1,443,047
Dealing securities 1,532,870 881,697 185,594 264,132 3,642,247 1,173,251 562,117 53,210 8,295,118
Investment securities 630,007 747,442 382,829 1,194,469 4,574,339 3,867,151 777,712 – 12,173,949
Loans and advances 41,308,315 3,638,893 3,081,288 2,115,719 7,363,633 8,528,489 (3,433,307) – 62,603,030
Other assets 603,516 97 – – – – 1,670,438 954 2,275,005
Deferred taxation – – – – – – 321,347 – 321,347
Tax recoverable – – – – – – 466,877 – 466,877
Statutory deposits with Bank
Negara Malaysia – – – – – – 1,934,890 – 1,934,890
Associates – – – – – – 71,145 – 71,145
Jointly controlled entities – – – – – – 121,416 – 121,416
Fixed assets – – – – – – 779,492 – 779,492
Goodwill – – – – – – 351,503 – 351,503
Total assets 61,277,137 8,158,602 3,946,764 3,654,088 15,606,359 13,568,891 5,118,464 640,356 111,970,661
B Interest rate risk (Continued)
The Group
2004
Non-
Liabilities
Deposits from customers 36,029,240 10,054,365 4,967,213 8,327,537 4,145,753 – 10,383,651 197,416 74,105,175
Deposits and placements of
institutions 3,930,746 2,178,214 1,005,613 91,824 – – 4,506 306,966 7,517,869
Obligations on securities sold
under repurchase agreements 5,300,701 305,563 – – – – – – 5,606,264
Bills and acceptances payable 1,278,032 892,998 134,490 117,291 – – 607,126 – 3,029,937
Floating rate certificates of deposits 228,000 114,000 – – – – – – 342,000
Other liabilities 450,700 36 114,051 – – – 3,702,453 10,323 4,277,563
Taxation – – – – – – 48,772 – 48,772
Amount due to Cagamas Berhad – 2,207 – – 1,841,658 440,013 – – 2,283,878
Loan stocks – – – – 120,402 600,000 – 41,830 762,232
Bonds – – – – 912,118 – – – 912,118
ICULS – – – – – 45,216 – – 45,216
Other borrowings 617,377 456,000 586,224 – 45,056 – – – 1,704,657
Subordinated notes – – – – 379,488 1,140,000 – – 1,519,488
Total liabilities 47,834,796 14,003,383 6,807,591 8,536,652 7,444,475 2,225,229 14,746,508 556,535 102,155,169
On balance sheet
– interest rate gap 13,442,341 (5,844,781) (2,860,827) (4,882,564) 8,161,884 11,343,662
Commitments and contingencies
Cross currency interest rate swaps – 38,000 (950,000) – 912,000 –
Interest rate futures – 1,590,850 (1,050,183) 187,733 (207,200) (521,200)
Interest rate swaps 1,812,279 1,925,198 (568,331) (2,226,688) 738,935 (1,681,393)

Off balance sheet
– interest rate gap 1,812,279 3,554,048 (2,568,514) (2,038,955) 1,443,735 (2,202,593)
(50841-W)
Net interest rate gap 15,254,620 (2,290,733) (5,429,341) (6,921,519) 9,605,619 9,141,069
197
198
The Group
2003
Non-
Assets

Cash and short-term funds 12,729,417 – – – – – 1,234,178 90,962 14,054,557
Securities purchased under
(50841-W)
resale agreements 49,612 – – – 59,664 – – – 109,276

Deposits and placements with

institutions – 214,533 35,608 35,130 9,249 – – – 294,520
Dealing securities 1,062,037 1,309,204 828,484 239,810 3,160,008 1,846,033 1,569,660 351,742 10,366,978
Investment securities 606,981 1,005,328 842,623 620,421 6,000,290 2,423,813 417,971 30,006 11,947,433
Loans and advances 38,945,478 2,093,905 4,812,864 220,492 6,642,729 4,894,156 (3,126,223) 13,497 54,496,898
Other assets 1,166,844 – – 111,674 36,478 – 2,416,891 2,149 3,734,036
Deferred taxation – – – – – – 359,924 – 359,924
Tax recoverable – – – – – – 44,318 – 44,318
Statutory deposits with Bank
Negara Malaysia – – – – – – 1,472,599 1,261 1,473,860
Associates – – – – – – 55,377 – 55,377
Fixed assets – – – – – – 675,540 – 675,540
Goodwill – – – – – – 321,260 – 321,260
Total assets 54,560,369 4,622,970 6,519,579 1,227,527 15,908,418 9,164,002 5,441,495 489,617 97,933,977
The Group
2003
Non-
Liabilities
Deposits from customers 33,687,347 7,232,578 5,180,742 5,890,866 2,617,617 – 8,469,502 75,577 63,154,229
Deposits and placements of
institutions 4,404,238 2,502,082 1,035,615 118,000 – – – 290,874 8,350,809
Obligations on securities sold
under repurchase agreements 4,438,397 110,426 – – – – – – 4,548,823
Bills and acceptances payable 1,495,839 1,835,667 801,234 158,567 – – 522,147 – 4,813,454
Other liabilities 367,774 13 – – – – 2,752,583 5,792 3,126,162
Amount due to Cagamas Berhad – 14,336 11,196 31,074 271,044 974,603 – – 1,302,253
Loan stocks – – – – 224,000 600,000 – 41,830 865,830
Bonds – – – 2,964 500,000 – – – 502,964
ICULS – – – – – 89,029 – – 89,029
Other borrowings – 722,000 516,800 – – – 69,956 – 1,308,756
Subordinated notes – – – – – 1,140,000 – – 1,140,000
Total liabilities 44,393,595 12,417,102 7,545,587 6,201,471 3,612,661 2,803,632 11,814,188 414,073 89,202,309
On balance sheet – interest

rate gap 10,166,773 (7,794,132) (1,026,008) (4,973,944) 12,295,757 6,360,370
Cross currency interest rate swaps 5,282 31,917 (401,342) – 364,143 –
Interest rate futures – 324,933 (366,965) – 720,232 (678,200)
Interest rate swaps 1,334,339 1,891,929 283,341 36,850 (2,896,933) (649,526)
Off balance sheet – interest
rate gap 1,339,621 2,248,779 (484,966) 36,850 (1,812,558) (1,327,726)

Net interest rate gap 11,506,394 (5,545,353) (1,510,974) (4,937,094) 10,483,199 5,032,644
(50841-W)
199
200
The Company
2004
Up to 1–3 3–6 6 – 12 1–5 Over Non-interest
1 month months months months years 5 years bearing Total
RM’000 RM’000 RM’000 RM’000 RM’000 RM’000 RM’000 RM’000
Assets

Cash and short-term funds 1,318,571 – – – – – 9,840 1,328,411
Dealing securities – – – – – – 336,460 336,460
Investment securities – – 36,106 – 83,295 51,126 47,515 218,042
(50841-W)
Loans and advances – – – – 336 2,705 17 3,058

Other assets – – – – – – 1,399 1,399
Subsidiaries – – – – – – 4,251,770 4,251,770

Amount owing by subsidiaries – – – – – – 413,607 413,607
Associates – – – – – – 3,834 3,834
Fixed assets – – – – – – 100,514 100,514
Total assets 1,318,571 – 36,106 – 83,631 53,831 5,164,956 6,657,095
Liabilities
Other liabilities – – – – – – 19,020 19,020
Amount owing to subsidiary – – – – – – 817,218 817,218
Deferred tax liability – – – – – – 12,948 12,948
Bonds – – – – 500,000 – – 500,000
Total liabilities – – – – 500,000 – 849,186 1,349,186
On balance sheet
– interest rate gap 1,318,571 – 36,106 – (416,369) 53,831
Commitments and
contingencies
Interest rate swaps – – (250,000) – 250,000 –
rate gap – – (250,000) – 250,000 –
Net interest rate gap 1,318,571 – (213,894) – (166,369) 53,831
The Company
2003
Up to 1–3 3–6 6 – 12 1–5 Over Non-interest
1 month months months months years 5 years bearing Total
Assets
Cash and short-term funds 414,174 – – – – – 340 414,514
Dealing securities – – – – – – 152,271 152,271
Investment securities – – – 21 90,327 80,200 34,297 204,845
Loans and advances – – – 18 334 2,355 – 2,707
Other assets – – – – – – 581,105 581,105
Subsidiaries – – – – – – 4,337,820 4,337,820
Amount owing by subsidiaries – – – – – – 494,072 494,072
Associates – – – – – – 3,834 3,834
Fixed assets – – – – – – 65,346 65,346
Total assets 414,174 – – 39 90,661 82,555 5,669,085 6,256,514
Liabilities
Other liabilities – – – – – – 49,161 49,161
Amount owing to subsidiary – – – – – – 792,669 792,669
Deferred tax liability – – – – – – 8,650 8,650
Bonds – – – 2,964 500,000 – – 502,964
Total liabilities – – – 2,964 500,000 – 850,480 1,353,444
On balance sheet – interest

rate gap 414,174 – – (2,925) (409,339) 82,555

Interest rate swaps (250,000) – (250,000) – – –

rate gap (250,000) – (250,000) – – –
Net interest rate gap 164,174 – (250,000) (2,925) (409,339) 82,555
(50841-W)
201

The table below summarises the effective average interest rate by major currencies for each class of financial asset
and financial liability:
2004 2004
MYR IDR USD MYR
% % % %
Financial assets
Cash and short-term funds 2.76 – 2.37 2.87
Securities purchased under resale agreements 2.87 – – –
Deposits and placements with banks and other
financial institutions 2.90 6.82 3.00 –
Dealing securities 4.13 7.40 4.78 –
Investment securities 4.81 7.10 4.84 –
Loans and advances 6.26 13.33 3.88 3.00
Other assets 9.17 – – –
Financial liabilities
Deposits from customers 2.55 5.72 2.13 –
Deposits and placements of banks and other
Obligations on securities sold under
repurchase agreements 2.53 – – –
Bills and acceptances payable 2.47 – – –
Amount due to Cagamas Berhad 6.33 – – –
Other liabilities 3.23 – – –
ICULS 7.50 – – –
Loan stocks 6.09 – – –
Bonds 8.10 – – 8.10
Other borrowings 3.21 6.86 1.77 –
Subordinated notes – – 3.85 –


2003 2003
MYR IDR USD MYR
% % % %
Financial assets
Cash and short-term funds 2.65 – 1.19 2.69
Securities purchased under resale agreements 8.50 – – –
Deposits and placements with banks and other
Dealing securities 3.72 10.19 4.35 –
Investment securities 4.50 2.72 – –
Loans and advances 5.84 12.28 1.61 1.98
Other assets 8.88 0.73 – –
Deposits from customers 2.32 4.93 1.06 –
Deposits and placements of banks and other
Obligations on securities sold under
repurchase agreements 2.55 – – –
Bills and acceptances payable 2.79 – – –
Amount due to Cagamas Berhad 4.61 – – –
Other liabilities 1.71 8.51 – –
ICULS 7.50 – – –
Loan stocks 5.89 – – –
Bonds – – – 8.06
Other borrowings – – 1.53 –
Subordinated notes – – 5.13 –

204
C Credit risk
The following tables set out the credit risk concentrations:
The Group
2004
Short-term Treasury Credit
funds and Securities related related
placements purchased On- commit- commit-
with under Loans balance ments and ment and

financial resale Dealing Investment and Other sheet contin- contin-
institutions agreeement securities securities advances assets total gencies gencies
(50841-W)
Agricultural – – – 5,014 2,312,010 1,113 2,318,137 93,933 594,966

Mining and quarrying – – – 13,895 1,060,296 10 1,074,201 10,141 1,511,121

Manufacturing – – 253,554 327,855 11,693,377 5,375 12,280,161 1,583,494 7,763,118
Electricity, gas and water – – 776,267 1,127,344 1,417,518 15,727 3,336,856 598,550 1,307,905
Construction – – 343,732 180,048 4,164,868 4,453 4,693,101 36,179 6,152,818
Real estate – – 77,835 198,748 2,353,599 1,806 2,631,988 80 351,582
General commerce – – 28,978 1,072,218 4,733,223 2,490 5,836,909 56,126 3,981,183
Transport, storage and
communication – – 1,247,675 897,517 3,877,554 17,124 6,039,870 361,000 1,713,011
Finance, insurance and business
services 14,864,857 2,022,963 1,749,780 2,998,344 5,357,014 343,253 27,336,211 164,975,884 4,102,920
Purchase of residential, landed
property, securities and
transport vehicles – – 243,626 2,361 20,571,495 358,987 21,176,469 – 2,293,044
Consumption credit – – – – 3,965,538 – 3,965,538 – 1,658,823
Others 3,213,124 2,475,945 3,125,939 4,911,619 2,162,273 691,966 16,580,866 904,024 8,302,016
18,077,981 4,498,908 7,847,386 11,734,963 63,668,765^ 1,442,304 107,270,307 168,619,411 39,732,507
^
Excludes general provision amounting to RM1,065,735,000
C Credit risk (Continued)
The following tables set out the credit risk concentrations:
The Group
2003
Short-term Treasury Credit
funds and Securities related related
placements purchased On- commit- commit-
with under Loans balance ments and ment and
financial resale Dealing Investment and Other sheet contin- contin-
institutions agreeement securities securities advances assets total gencies gencies
Agricultural – – – 57,000 2,137,487 955 2,195,442 59,268 478,253

Mining and quarrying – – 73,302 151,962 295,877 1,764 522,905 – 701,001
Manufacturing – – 194,141 331,350 10,973,653 3,761 11,502,905 1,428,245 7,442,670
Electricity, gas and water – – 1,235,012 1,066,161 1,305,909 13,690 3,620,772 1,090,019 868,358
Construction – – 459,930 199,050 3,491,715 66,114 4,216,809 22,078 5,812,319
Real estate – – 9,993 174,725 1,620,335 2,334 1,807,387 251 83,840
General commerce – – 22,596 22,553 3,880,382 2,844 3,928,375 316,181 3,357,033
Transport, storage and
communication – – 1,042,672 1,185,362 3,578,465 816,154 6,622,653 86,800 1,556,421
Finance, insurance and business
services 13,175,336 109,276 2,654,667 2,460,031 4,724,666 324,104 23,448,080 110,127,710 5,320,578
Purchase of residential, landed
property, securities and
transport vehicles – – 266,737 2,346 17,998,323 255,698 18,523,104 1,004,237 1,825,697
Consumption credit – – – – 1,741,388 – 1,741,388 – 76,038
Others 1,173,741 – 4,307,546 6,008,077 3,705,488 1,423,062 16,617,914 234,562 10,482,143
14,349,077 109,276 10,266,596 11,658,617 55,453,688^ 2,910,480 94,747,734 114,369,351 38,004,351
^
Excludes general provision amounting to RM956,790,000

(50841-W)
205
206
C Credit risk (Continued)
The Company
2004
Short-term
funds and Treasury
placements related
with Amount On-balance commitments
financial Dealing Investment Loans and Other due from sheet and contin-

institutions securities securities advances assets subsidiaries total gencies
(50841-W)
Finance, insurance
and business
services 1,328,411 336,038 215,194 – – 413,607 2,293,250 250,000
Others – 422 – 3,058 733 – 4,213 –
1,328,411 336,460 215,194 3,058 733 413,607 2,297,463 250,000
The Company
2003
Short-term
funds and Treasury
placements related
with Amount On-balance commitments
financial Dealing Investment Loans and Other due from sheet and contin-
institutions securities securities advances assets subsidiaries total gencies
Finance, insurance and

business services 414,514 151,840 201,697 – – 494,072 1,262,123 250,000
Others – 431 – 2,707 440,245 – 443,383 –
414,514 152,271 201,697 2,707 440,245 494,072 1,705,506 250,000
51 F A I R VA L U E O F F I N A N C I A L I N ST R U M E N TS
Financial instruments comprise financial assets, financial liabilities and off-balance sheet financial instruments. Fair value is
the amount at which a financial asset could be exchanged or a financial liability settled, between knowledgeable and willing
parties in an arm’s length transaction. The information presented herein represents the estimates of fair values as at the
balance sheet date.
Where available, quoted and observable market prices are used as the measure of fair values. Where such quoted and
observable market prices are not available, fair values are estimated based on a range of methodologies and assumptions
regarding risk characteristics of various financial instruments, discount rates, estimates of future cash flows and other
factors. Changes in the uncertainties and assumptions could materially affect these estimates and the resulting fair value
estimates.
In addition, fair value information for non-financial assets and liabilities are excluded as they do not fall within the scope of
MASB 24 which requires the fair value information to be disclosed.
A range of methodologies and assumptions have been used in deriving the fair values of the Group’s and the Company’s
financial instruments at balance sheet date. The total fair values by each financial instrument approximates the total carrying
value, except for the following:
2004 2004
On-balance sheet items Carrying Fair Carrying Fair
amount value amount value
RM’000 RM’000 RM’000 RM’000
Financial assets
Dealing securities 8,295,118 8,381,075 336,460 354,936
Investment securities 12,173,949 12,713,548 218,042 259,153
Loans and advances 62,603,030 63,628,852 3,058 3,058

2003 2003
RM’000 RM’000 RM’000 RM’000
Financial assets
Securities purchased under resale agreements 109,276 113,527 – –
Dealing securities 10,366,978 10,433,070 152,271 164,811
Investment securities 11,947,433 12,252,529 204,845 263,808
Loans and advances 54,496,898 55,312,557 2,707 2,707

51 F A I R VA L U E O F F I N A N C I A L I N ST R U M E N TS ( C O N T I N U E D )

2004 2004
RM’000 RM’000 RM’000 RM’000
Amount due to Cagamas Berhad 2,283,878 2,426,748 – –
Loan stocks 762,232 829,025 – –
Bonds 912,118 1,031,843 500,000 539,841

2003 2003
RM’000 RM’000 RM’000 RM’000
Amount due to Cagamas Berhad 1,302,253 1,303,388 – –
Loan stocks 865,830 857,510 – –
Bonds 502,964 523,182 502,964 523,182
The Group
2004
Off-balance sheet items Regulatory Positive Negative
Notional credit mark mark
amount equivalent to market to market
RM’000 RM’000 RM’000 RM’000
Derivative financial instruments

– Foreign exchange contracts 9,261,781 90,718 19,003 (21,363)
– Cross currency interest rate swaps 1,502,502 163,242 9,051 (15,959)
Interest rate contracts:

– Interest rate futures 122,512,616 – 141,634 (201,194)
– Interest rate swaps 35,278,753 1,129,375 246,640 (346,127)
– Interest rate option 16,000 10 872 –

– Future contracts 13,830 – 28 –
– Put option 33,929 – – (602)

The Company
2004
Off-balance sheet items (Continued) Regulatory Positive Negative
RM’000 RM’000 RM’000 RM’000

– Interest rate swaps 250,000 4,100 – (1,061)
The Group
2003
Off-balance sheet items Regulatory Positive Negative
RM’000 RM’000 RM’000 RM’000

– Foreign exchange contracts 10,323,185 192,886 70,851 (84,286)
– Cross currency interest rate swaps 912,335 111,635 832,105 (790,541)
– Foreign exchange swaps 22,745 341 101 (304)

– Interest rate futures 85,009,612 – 48,746 (168,019)
– Interest rate swaps 18,011,784 627,995 600,600 (351,297)
– Interest rate option 10,000 – – –

– Future contracts 19,912 – 117 (4)
The Company
2003
Regulatory Positive Negative
RM’000 RM’000 RM’000 RM’000

– Interest rate swaps 250,000 6,600 – (7,138)

The derivative financial instruments become favourable (positive mark to market) or unfavourable (negative mark to market)
as a result of fluctuation in market interest rates or foreign exchange rates relative to their terms. The extent to which
instruments are favourable or unfavourable and the aggregate fair values of derivative financial assets and liabilities can
fluctuate significantly from time to time.
The fair values are based on the following methodologies and assumptions:
Short-term funds and placements with financial institutions

For short-term funds and placements with financial institutions with maturities of less than six months, the carrying value is a
reasonable estimate of fair value. For deposits and placements with maturities six months and above, estimated fair value is
based on discounted cash flows using prevailing money market interest rates at which similar deposits and placements
would be made with financial institutions of similar credit risk and remaining period to maturity.
Securities purchased under resale agreements

The fair values of securities purchased under resale agreements with maturities of less than six months approximate the
carrying values. For securities purchased under resale agreements with maturities six months and above, estimated fair
value is based on discounted cash flows using market rates for the remaining term to maturity.
Dealing and investment securities

The estimated fair value is generally based on quoted and observable market prices. Where there is no ready market in
certain securities, fair values have been assessed by reference to market indicative interest yields or net tangible asset
backing of the investee.
Loans and advances

For floating rate loans, the carrying value is generally a reasonable estimate of fair value.
For fixed rate loans, the fair value is estimated by discounting the estimated future cash flows using the prevailing market
rates of loans with similar credit risks and maturity.
The fair values of impaired floating and fixed rate loans are represented by their carrying value, net of specific provision and
interest-in-suspense, being the expected recoverable amount.
Other assets
The estimated fair values of other assets identified as financial instruments approximate the carrying values as these assets
constitute receivables due from government related agencies and based on the Directors’ estimate, the realisable value of
the final consideration as at balance sheet date is similar to that of the carrying value.
Amount owing by/to subsidiaries

The estimated fair values of the amount owing by/to subsidiaries approximate the carrying values as the balances are either
recallable on demand or are based on the current rates for such similar loans.

Deposits from customers

For deposits from customers with maturities of less than six months, the carrying amounts are a reasonable estimate of
their fair value. For deposit with maturities of six months or more, fair values are estimated using discounted cash flows
based on prevailing market rates for similar deposits from customers.
Deposits and placements of banks and other financial institutions

The estimated fair values of deposits and placements of banks and other financial institutions with maturities of less than six
months approximate the carrying values. For deposits and placements with maturities six months or more, the fair values are
estimated based on discounted cash flows using prevailing money market interest rates for deposits and placements with
similar remaining period to maturity.
Obligations on securities sold under repurchase agreements

The estimated fair values of obligations on securities sold under repurchase agreements with maturities of less than six
months approximate the carrying values. For obligations on securities sold under repurchase agreements with maturities
more than six months, the fair values are estimated based on discounted cash flows using prevailing money market interest
rates with similar remaining period to maturity.
Floating rate certificates of deposits

For floating rate certificates of deposits, values are estimated based on discounted cash flow using prevailing market interest
rates for floating rate certificates of deposits.
Bills and acceptances payable

The estimated fair values of bills and acceptances payable with maturities of less than six months approximate the carrying
values. For bills and acceptances payable with maturities six months or more, the fair values are estimated based on
discounted cash flows using prevailing money market interest rates for bills and acceptances payable with similar remaining
period to maturity.
Amount due to Cagamas Berhad

The estimated fair values of the amount due to Cagamas Berhad with maturities of less than six months approximate the
carrying values. For amount due to Cagamas Berhad with maturities of six months or more, the fair values are estimated
based on discounted cash flows using prevailing interest rates for loans sold to Cagamas Berhad with similar remaining
period to maturity.
Other liabilities
The fair value of other liabilities approximates the carrying value at the balance sheet date.
Bonds
Bonds comprise redeemable unsecured RM bonds issued by the Company. For bonds with maturities of six months or
more, the fair values are estimated based on discounted cash flows using indicative yields taking into consideration the
credit rating of the Bonds.

ICULS
The estimated fair value of ICULS approximates the carrying value as based on Directors’ estimate, the effective interest
rate of the ICULS is a fair reflection of the current rates for such similar long term borrowings.
Loan stocks
Loan stocks comprise negotiable certificates of deposits issued by a subsidiary bank. The estimated fair values are estimated
based on discounted cash flows using prevailing market rates for similar negotiable certificates of deposits. Where market
rates are not readily available, fair values are estimated by reference to corporate bond indicative yields taking into
consideration the credit rating of the subsidiary bank.
Other borrowings
The estimated fair values of other borrowings with maturities of less than six months approximate the carrying values. For
other borrowings with maturities six months or more, the fair values are estimated based on discounted cash flows using
prevailing market rates for borrowings with similar risk profile.
Subordinated Notes
The fair values for Subordinated Notes are calculated using the trading stock price on the Luxembourg Stock Exchange as
quoted by investment houses.
Foreign exchange rate and interest rate contracts

The fair values of foreign exchange rate and interest rate related contracts are the estimated amounts the Group or the
Company would receive or pay to terminate the contracts at the balance sheet date.
Credit related commitment and contingencies

The net fair value of these items was not calculated as estimated fair values are not readily ascertainable. These financial
instruments generally relate to credit risks and attract fees in line with market prices for similar arrangements. They are not
presently sold nor traded. The fair value may be represented by the present value of fees expected to be received, less
associated costs.
52 A U T H O R I S AT I O N FO R I S S U E O F F I N A N C I A L STAT E M E N T S
The financial statements have been authorised for issue by the Board of Directors in accordance with a resolution of the
Directors on 3 February 2005.

Shareholders’ Statistics
A N A LYS I S O F S H A R E H O LD I N G S
Category Holders % Shares %
1 – 99 295 1.24 7,205 0.00

100 – 1,000 5,985 25.12 5,448,719 0.20
1,001 – 10,000 13,403 56.25 57,739,800 2.13
10,001 – 100,000 3,235 13.58 92,962,404 3.44
100,001 – 135,227,062 906 3.80 1,408,853,134 52.09
135,227,063 and above 3 0.01 1,139,529,998 42.14
23,827 100.00 2,704,541,260 100.00
S U B S TA N T I A L S H A R E H O LD E R S A S AT 2 8 F E B R UA RY 2 0 0 5
According to the register required to be kept under Section 69L of the Companies Act. 1965, the substantial shareholders of the
company are as follows:-
No. of %
shares held of shares
1. Employees Provident Fund Board (EPF) 655,616,326 24.24

2. Khazanah Nasional Berhad 342,908,900 12.68
3. Kumpulan Wang Amanah Pencen 258,719,172 9.57
S H A R E H O L D E R S ’ S TAT I S T I C
As at 28 February 2005 (as per Register of Members and Records of Depositors)

No. of %
1. Employees Provident Fund Board 645,135,926 23.85

2. Khazanah Nasional Berhad 294,408,900 10.89
4. Amanah Raya Nominees (Tempatan) Sdn Bhd 96,249,084 3.56
Skim Amanah Saham Bumiputera

Amanah Saham Malaysia
6. CIMSEC Nominees (Tempatan) Sdn Bhd 48,500,000 1.79

Security Trustee (KCW Issue 2)
7. Cartaban Nominees (Asing) Sdn Bhd 45,560,400 1.68

Government Of Singapore Investment Corporation Pte Ltd
For Government of Singapore (C)
8. HSBC Nominees (Asing) Sdn Bhd 42,833,000 1.58

BBH And Co Boston For GMO Emerging Markets Fund
9. UFJ Bank Limited 35,732,400 1.32

Emerging Markets Growth Fund

SHAREHOLDERS’ STATISTICS
S H A R E H O L D E R S ’ S TAT I S T I C
As at 28 February 2005 (as per Register of Members and Records of Depositors)

No. of %
11. Malaysia Nominees (Tempatan) Sendirian Berhad 24,011,800 0.89

Great Eastern Life Assurance (Malaysia) Berhad (PAR 1)
12. Valuecap Sdn Bhd 22,850,000 0.84

Amanah Saham Wawasan 2020

Abu Dhabi Investment Authority

Capital International Emerging Markets Investment Fund
17. Permodalan Nasional Berhad 14,296,400 0.53

Sekim Amanah Saham Nasional

Government Of Singapore Investment Corporation Pte Ltd
For Monetary Authority Of Singapore (H)

BNY Brussels For The Great Eastern Life Assurance Co Ltd

Investors Bank And Trust Company For Ishares, Inc.

TNTC For Government Of Singapore Investment Corporation Pte Ltd
23. Citicorp Nominees (Tempatan) Sdn Bhd 9,773,000 0.36

ING Insurance Berhad (INV-IL PAR)
24. Citicorp Nominees (Asing) Sdn Bhd 9,608,100 0.36

CBHK For Fortis L Fund-Fortis L Fund Equity Best Selection Asia
25. Citicorp Nominees (Asing) Sdn Bhd 9,533,800 0.35

American International Assurance Company Limited (P Core)

Government of Singapore Investment Corporation Pte Ltd
For Monetary Authority Of Singapore (J)

PICTET And CIE For PICTET Asia Growth Fund FCP (PAM REF 3186)

Stichting Pensioenfonds ABP

PICTET And CIE For PICTET Targeted Fund FCP (PAM REF 0933)
1,762,779,272 65.18

Properties of the Group
Location Description Tenure Remaining Age of NBV as at Year of

Lease Period Property 31 Dec 2004 acquisition
(Years) (Years) (RM’000)
P R O P E R T I E S O F C OM M E R C E A S S E T - H O LD I N G B E R H A D : -
Commerce Square, Jalan Semantan Office Pemises Leasehold 69 12 18,954 1992
Damansara Heights, 50490 Kuala Lumpur
No. 22-24, Commerce House Office Premises Leasehold 68 8 11,960 1996
Jalan Sri Semantan 1, Damansara Heights
50490 Kuala Lumpur
No. 32-33, Khoo Hun Yeang Street Bank Premises for Leasehold 801 32 482 1972
93000 Kuching, Sarawak Kuching Branch
Sibu Laut, 93000 Kuching, Sarawak Staff Bungalow House Leasehold 918 40 5 1964
Lot 83, Jalan Sultan Abdullah Bank Premises for Freehold – 10 282 1994
Pekan, Pahang Pekan Branch
No. 3 & 4, Taman Mewah Bank Premises for Freehold – 10 363 1994
Guar Chempedak Guar Chempedak
08800 Gurun, Kedah Branch
Ground Floor, Menara Choy Fook On Bank Premises for Leasehold 61 11 5,403 1993
IB, Jalan Yong Shook Lin Petaling Jaya Branch
Section 7, Petaling Jaya, 46050 Selangor
Lot 142, Phase 3 Land for proposed Freehold – 8 4,222 1996
Arab-Malaysian Industrial Land BCB Warehouse
Nilai, Negeri Sembilan
Lot 150, Section 3, Bandar Kuala Lumpur Land Freehold – 10 17,181 1994
Wilayah Persekutuan
Lot 904 & 905, Bandar Kuala Pilah Shop/Office lot Freehold – 8 423 1996
72000 Kuala Pilah, Negeri Sembilan
No. 1, Jalan Angkasa Jaya Bank Premises for Leasehold 90 6 524 1998
Bukit Pilah Perdana, 72000 Kuala Pilah Kuala Pilah Branch
Negeri Sembilan
P R O P E R T I E S O F B U M I P U T R A - C OM M E R C E B A N K B E R H A D : -
193B & 193C, Batu 41/2 Bank Premises Freehold – 22 703 1982
Jalan Skudai, Johor
B-A1, A2, A3 & A4, Pusat Perdagangan Bank Premises Leasehold 74 10 1,280 1994
Pasir Gudang, Johor
Sri Lagenda Garden Resort Holiday Apartment Freehold – 9 365 1995
Langkawi (2 units)
1583, Jln Tunku Ibrahim, Alor Star, Kedah Bank Premises Leasehold 9 21 895 1983
No. 1787 A-H, Jln Telok Wan Jah Bank Premises Leasehold 88 11 510 1993
Alor Star, Kedah
Bangunan Bumiputra-Commerce Bank Bank Premises Freehold – 33 198 1971
Jalan Maju, Kota Bharu, Kelantan
Lot 522 & 523, Tanah Merah, Kelantan Bank Premises Freehold – 30 38 1974
PTB 261 & 262, HS (D) 2/85 Bank Premises Leasehold 48 8 294 1996
Bandar Machang, Kelantan
422, 423 & 424, Jln Pasir Puteh Bank Premises Leasehold 44 22 377 1982
Pasir Puteh, Kelantan
Level 1, 2 & 3, Wisma Square Point Bank Premises Leasehold 92 7 3,840 1997
Kota Bharu, Kelantan
No. 2, Jln Kaskas, Taman Cheras Bank Premises Freehold – 10 472 1994
Kuala Lumpur
No. 39 & 40, Jln 9/55A Bank Premises Leasehold 87 12 800 1992
Taman Setiawangsa, Kuala Lumpur

PROPERTIES OF THE GROUP

G21 & 22, Pertama Kompleks Bank Premises Freehold – 25 315 1979
Jln Tuanku Abd Rahman, Kuala Lumpur
No. 138, 140 & 142 Bank Premises Freehold – 22 1,823 1982
Jalan Burhanuddin Helmi, Kuala Lumpur
Ground Floor, Podium Level Bank Premises Leasehold 90 9 5,924 1995
Financial Park, Labuan
Greentop, 7 1/2 Mile, Teluk Kemang Holiday Bungalow Freehold – 28 293 1976
(Lot 1017 Mukim SiRusa, Port Dickson)
Negeri Sembilan
1A & 2B, Kompleks Bumi Negeri Bank Premises Leasehold 91 8 3,672 1996
Seremban, Negeri Sembilan
Lot 23 & 24, Jalan Tahan Bank Premises Freehold – 14 182 1990
Bandar Baru Jerantut, Pahang
177, Jln Engku Muda Mansur Bank Premises Leasehold 32 28 296 1976
Pekan, Pahang
60, GF, Kompleks Teruntum Bank Premises Freehold – 23 545 1981
Kuantan, Pahang
32, Jalan Bank, (Bangunan BCB) Bank Premises Leasehold 65 34 1,463 1970
Kuantan, Pahang
Lot 104 & 105, Jln Besar, Maran, Pahang Bank Premises Leasehold 70 29 34 1975
Lot 32 & 33, Jalan Pasar, Teluk Intan, Perak Bank Premises Leasehold 88 11 491 1993
Lot 1411, 1422 & 1423, Vacant Land Leasehold 77 22 78 1982
Jalan Gopeng, Kampar, Perak
No. 38, 39 & 40, Medan Istana Bank Premises Leasehold 90 9 631 1995
Bandar Raya, Ipoh, Perak
Lot 44, 45, 46 & 47 Bank Premises Leasehold 45 15 1,546 1989
Jalan Penjara, Kangar, Perlis
Sri Sayang Hotel Apartment Holiday Apartment Freehold – 9 400 1995
Batu Feringhi, Pulau Pinang (2 units)
GF, FF & SF, Bangunan DPMM Bank Premises Leasehold 9 21 2,124 1983
No. 37, Leboh Pantai, Pulau Pinang
Level 1, Phase 1B, Komtar, Pulau Pinang Bank Premises Leasehold 70 10 2,879 1994
Lot CL2 (GF & FF) Bank Premises Leasehold 77 12 1,637 1992
Pusat Bandar Bayan Baru, Pulau Pinang
No. 7 & 8, Taman Inderawasih Bank Premises Leasehold 92 7 2,473 1997
Perai, Pulau Pinang
GF, FF, TB 290, 291 & 292, Lot 7-9 Bank Premises Freehold – 7 1,757 1997
Block 30, Fajar Complex, Tawau, Sabah
Lot 1.01, Level 1, Satok Building Bank Premises Freehold – 32 3,208 1972
Jalan Satok, Kuching, Sarawak
Lot 230 & 231, Bandar Serian, Sarawak Bank Premises Leasehold 35 25 523 1979
No. 2 Jln SG 1/2 Bank Premises Freehold – 24 679 1980
Taman Sri Gombak, Selangor
Pusat Putra, Bangi, Selangor Training Centre Leasehold 88 21 7,043 1983
395, Jalan Bandar Baru Bank Premises Leasehold 88 11 194 1993
Sg. Buloh, Selangor
2 units shophouses at Section 18 Bank Premises Leasehold 87 12 306 1992
Shah Alam, Selangor
Green Hill Resort, Tanah Rata Holiday Apartment Freehold – 9 340 1995
Cameron Highlands, Pahang (2 units)


Precint 3.5, Pusat Bandar Shah Alam Vacant Land Leasehold 90 9 4,539 1995
Seksyen 14, Selangor
1519B, Jalan Tunku Ibrahim Bank Premises Leasehold 36 24 176 1980
Alor Star, Kedah
Main Branch & Head Office Bank Premises Freehold – 39 8,179 1965
6, Jalan Tun Perak, Kuala Lumpur
151, Jalan 2/3A, Off 12 km Bank Premises Leasehold 88 11 969 1993
Jalan Ipoh, Batu Caves, Kuala Lumpur
4232, Jalan Besar, Bukit Pelanduk Bank Premises Freehold – 20 851 1984
Negeri Sembilan
41, Jalan Terentang, Rembau Bank Premises Leasehold 74 25 95 1979
Negeri Sembilan
89, Jalan Sultan Yusof, Ipoh, Perak Bank Premises Freehold – 27 823 1977
No. 21-23 China Street Ghaut Vacant Building Freehold – 40 389 1964
Pulau Pinang
64 & 65, Leboh Pantai, Pulau Pinang Vacant Building Freehold – 40 111 1964
15, Leboh Pantai, Pulau Pinang Bank Premises Freehold – 44 264 1960
No. 12, Jalan Dato Hamzah Bank Premises Freehold – 46 66 1958
Klang, Selangor
No. 280, Jalan Besar, Bank Premises Freehold – 26 305 1978
Batang Berjuntai, Selangor
No. 24 Jalan Utas, Seksyen 15 CAD Leasehold 85 14 144 1990
Shah Alam, Selangor
113 & 114, Jalan Genuang Bank Premises Freehold – 6 892 1998
Segamat, Johor
39A, Jalan Rahman, Batu Pahat, Johor Bank Premises Freehold – 16 759 1988
87-89 Jln Pahlawan Bank Premises Freehold – 17 267 1987
Tmn Ungku Tun Aminah
Johor Bharu, Johor
G86, G87, F122, F123 & F124 Bank Premises Leasehold 74 16 622 1988
Holiday Plaza, Johor Bharu, Johor
Plot No. 12, Lot No 1775 Bank Premises Freehold – 5 127 1999
Pekan Kuala Nerang, Kedah
No. 40 & 41, Pusat Bandar Kuah Bank Premises Freehold – 14 359 1990
Pulau Langkawi, Kedah
Lots 1931, 1932 & 1933 Vacant Lots Leasehold 47 19 27 1985
Gua Musang, Kelantan
No. 32, Jln Tun Perak Bank Premises Freehold – 6 3,793 1998
Oriental Building, Kuala Lumpur
Vacant development land Vacant Lots Freehold _ 13 1,000 1992
at Ulu Kelang, Selangor
TL 20753258, 20750388 & 20750389 Vacant Lots Leasehold 76 14 2,198 1990
District of Labuan, Labuan
Lot 295, No. 11, Tmn Bukit Piatu Bank Premises Freehold – 5 299 1999
Seksyen 3, Bukit Baru, Melaka
3690, Jalan Raja Melewar Bank Premises Leasehold 83 6 634 1998
Kuala Pilah, Negeri Sembilan
No. 114 & 115, Jln Besar Bank Premises Leasehold 66 16 126 1988
Bandar Baru Kuala Lipis, Pahang
No. 7 & 8, Rumah Kedai Murah LKNP Bank Premises Leasehold 79 16 239 1988
Jalan Ahmad Shah, Temerloh, Pahang


No. 1 & 1A, Kinta Mansion Bank Premises Freehold – 5 1,222 1999
Medan Kidd, Ipoh, Perak
No. 6 & 7, Jln Kelichap Bank Premises Leasehold 81 5 253 1999
Parit Buntar, Perak
Lot 1872, Bangunan BBMB Bank Premises Freehold – 6 1,725 1998
4228 Jalan Bagan Luar
Butterworth, Pulau Pinang
GF, Lot 8 & 9, Block C Bank Premises Leasehold 75 14 242 1990
Ranau New Town Centre, Sabah
Lot 507 & 508 Block 9 Bank Premises Leasehold 75 17 526 1987
Miri Concession Land District (MCLD)
Jalan Permaisuri, Miri, Sarawak
Lot 2300 & 2301, BDA-Shahida Bank Premises Leasehold 38 14 666 1990
Commercial Centre, Lebuhraya Abang
Gatau, Bintulu, Sarawak
No. 48 & 50, Jln SS 21/35 Bank Premises Freehold – 6 1,194 1998
Damansara Utama, Petaling Jaya, Selangor
Lot 12 & 13, Phase 4 (Metro 1) Bank Premises Freehold – 6 518 1998
Town Centre, Taman Melawati
No 227 & 228, Jalan Bandar 13
Taman Melawati, Hulu Klang, Selangor
No. 9 & 10, Jln Tun Aziz Lim Tan Bank Premises Leasehold 48 6 1,083 1998
Kajang, Selangor
No. 27, 29 & 31, Jln 52/2, Section 52 Bank Premises Leasehold 85 14 1,876 1990
Petaling Jaya, Selangor
No. K712 & 713, Jalan Sulaimani Chukai Bank Premises Freehold – 5 769 1999
Kemaman, Terengganu
Lot 139A-B, Jalan Satok Bank Premises Leasehold 849 33 29 1972
93400 Kuching, Sarawak
No. 22 Taman Fulliwa, Labuan Staff Residence Leasehold 87 11 114 1993
No. 17 Taman Fulliwa (BCB), Labuan Staff Residence Leasehold 87 9 223 1995
No. 6 Taman Fulliwa (BCB), Labuan Staff Residence Leasehold 87 9 211 1995
Alpha Condominium 14-06, Labuan Staff Residence Leasehold 87 9 547 1995
Alpha Condominium 12-05 (BCB), Labuan Staff Residence Leasehold 87 8 451 1996
Kerupang II Apartment D 02-1, Labuan Staff Residence Leasehold 87 8 128 1996
Kerupang II Apartment D 02-6, Labuan Staff Residence Leasehold 87 8 128 1996
Kerupang II Apartment B 04-1 (BCB) Staff Residence Leasehold 87 8 128 1996
Labuan
Kerupang II Apartment B 03-8 (BCB) Staff Residence Leasehold 87 7 126 1997
Labuan
Lot 19 Taman Rancha-Rancha, Labuan Staff Residence Leasehold 87 11 139 1993
Lot 20 Taman Rancha-Rancha, Labuan Staff Residence Leasehold 87 11 139 1993
TL 207512418 (near golf course), Labuan Vacant Land Leasehold 87 11 209 1993


FF Menara Promet, Jalan Sultan Ismail BCB Finance HQ Freehold – 19 5,277 1985
Kuala Lumpur
Lot No. 23, Taman Jasa Manager’s Resident Leasehold 86 21 89 1983
Jalan Tun Mustapha, Labuan
Sublot No. 70 & 71, Greentown Bank Premises Freehold – 8 1,267 1996
Business Centre, Ipoh, Perak
Lot 3083, Jalan Sultan Ismail Bank Premises Freehold – 12 2,949 1992
Kuala Terengganu, Terengganu
Tembeling Resort Apartment, Kuantan Holiday Apartment Freehold – 9 578 1995
Lot PT 7822, Jalan Dato’ Abdullah Vacant Land Leasehold 39 21 12 1983
Raub, Pahang
TB 331B & 332A, Lot 14, Block 42 Vacant Building Leasehold 992 7 986 1997
GF & 1F, Kompleks Fajar, Sabah
Location Country Description Tenure Remaining Age of NBV Year of

Lease Period Property as at Acquisition
(Years) (Years) 31 Dec
I N T E R N AT I O N A L P R O P E R T I E S O F B U M I P U T R A - C OM M E R C E B A N K B E R H A D
2-17-3 Mita, Meguro-ku, Japan 4 bedroom Freehold – 26 JPY 272,242,397 1978
Tokyo 153-0062 house
No. 201 Yoyogi Parkside, Japan Apartment Freehold – 34 JPY 38,228,892 1980
1-33-6 Tomigaya, Shibuya-ku, Tokyo
Flat 10A, Victoria Heights, Hong Kong Apartment Leasehold 40 45 HKD 2,553,962 1979
43A Stubbs Road
Flat 9C, Block 21, Baguio Villa, Hong Kong Apartment Leasehold 855 144 HKD 752,129 1979
555, Victoria Road
Flat 2B Fook Wai Mansion, Hong Kong Apartment Leasehold 68 82 HKD 1,616,912 1981
98 Pokfulam Road
Room 1802 & 1803, 18th Floor, Hong Kong Office Leasehold 49 26 HKD 19,188,287 1980
Tower One Admiralty Centre Premises
7 Temasek Boulevard Singapore Office Leasehold 84 15 SGD 15,138,061 1995
No. 37-01/02/03 Premises
Suntec Tower One (Branch)
Singapore 038987
14 Cavendish Square, United Office Freehold – 205 GBP 1,184,177 1993
London W1G 9HA Kingdom Premises
(Branch)
81 Woodsford Square, United 4 bedroom Leasehold 32 35 GBP 195,583 1986
Addison Road Kingdom house
London W14 5DS
14C Avenue Road, United 3 bedroom Freehold – 40 GBP 26,505 1978
St Johns Woods Kingdom house
London NW9 68P
13 Porchester Square Mews, United Apartment Leasehold 32 35 GBP 47,622 1978
London W2 AG Kingdom
8 Kingston House East, United Apartment Leasehold 49 37 GBP 107,665 1988

London SW7 ILJ Kingdom


P R O P E R T I E S O F C OM M E R C E A S S E T R E A LT Y S D N . B H D .
No. 170-174, Jalan Sungei Besi Bank Premises for Freehold – 51 4,080 1985
57100 Kuala Lumpur Sungei Besi Branch
No. 1271-2, Jalan Baru, Taman Emas Bank Premises for Freehold – 23 808 1990
13600 Prai, Pulau Pinang Prai Branch
Lot 30, Kompleks Munshi Abdullah Bank Premises for Freehold – 13 1,161 1990
Jalan Munshi Abdullah Jalan Munshi
75100 Melaka Abdullah Branch

(Years) (Years) (IDR’000)
PROPERTIES OF PT BANK NIAGA TBK:-

Jalan Gajah Mada, 18, Jakarta Bank premises Freehold – 12 8,131,678 1992
Jalan Roa Malaka Selatan No. 3–5, Jakarta Bank premises Freehold – 12 391,810 1992
Jalan Falatehan 1, No. 7, Kebayoran Bank premises Leasehold 14 12 339,477 1992
Jalan Kwitang, No. 17–18, Jakarta Bank premises Freehold – 12 666,552 1992
Jalan Fatmawati, No. 20, Jakarta Bank premises Freehold – 12 783,647 1992
Jalan Raya Darmo, No. 26, Surabaya Bank premises Freehold – 12 1,247,120 1992
Jalan Pemuda, No. 21B, Semarang Bank premises Leasehold 21 12 2,021,480 1992
Komplek Bank Niaga Warehouse Leasehold 21 10 55,899 1994
Blok D No. 10–11, Semarang
Komplek Bank Niaga Dormitory Leasehold 21 13 137,002 1991
Blok A No. 2–3, Semarang
Jalan Kepondang, No. 2–4, Semarang Warehouse Leasehold 21 29 356,778 1975
Jalan Jend. Sudirman, No. 13, Yogyakarta Bank premises Leasehold 2 13 1,437,760 1991
Jalan Slamet Riyadi, No. 8, Solo Bank premises Leasehold 13 12 989,688 1992
Jalan Lembong, No. 7, Bandung Bank premises Leasehold 10 12 1,627,169 1992
Jalan Riung Mumpulung 2 Warehouse Leasehold 1 8 61,383 1996
No. 136.1C, Bandung
Jalan Bukit Barisan, No. 5, Medan Bank premises Leasehold 15 9 1,593,373 1995
Jalan Turi, Medan Warehouse Leasehold 12 7 171,015 1997
Jalan Buah Batu, No. 143, Bandung Bank premises Leasehold 8 9 417,221 1995
Jalan A. Yani, No. 33, Ujung Pandang Bank premises Leasehold 17 22 884,944 1982
Jalan Laks, Malahayati, No. 24–40, Bank premises Freehold – 14 758,278 1990
Lampung
Jalan Dharmahusada, No. 142, Surabaya Bank premises Freehold – 8 255,991 1996
Jalan Basuki Rachmat, No. 26–28, Malang Bank premises Freehold – 12 359,924 1992
Jalan Jend. A. Yani, No. 31, Kudus Bank premises Leasehold 18 19 690,245 1985
Jalan Siliwangi, No. 110, Cirebon Bank premises Leasehold – 12 640,435 1992
Jalan Melati, No. 29, Denpasar Bank premises Leasehold 6 12 898,117 1992
Jalan Jend. Sudirman Bank premises Leasehold 6 8 653,688 1996
No. 255 CD, Pekan Baru
Jalan Padjajaran, (Gunung Gede) Bank premises Freehold – 11 441,867 1993
No. 33, Bogor
Jalan Daan Mogot, No. 58, Tangerang Bank premises Freehold – 12 947,365 1992


(Years) (Years) (IDR’000)
Jalan Bulevar Raya, Bank premises Freehold – 6 337,546 1998

Blok LB3 No. 34–36, Jakarta
Jalan Tarum Barat, Blok Q No. 2 Bank premises Freehold – 9 376,464 1995
Jakarta Timur
Jalan Panglima, Sudirman No. 59–61 Bank premises Freehold – 12 2,729,893 1992
Surabaya
Jalan Tunjungan, No. 47, Surabaya Bank premises Freehold – 12 987,934 1992
Jalan Tanggul Angin, Sidoarjo Warehouse Leasehold 1 6 110,814 1998
Jalan Kota, No. 60 AB, Surabaya Bank premises Freehold – 10 470,463 1994
Roa Malaka Utara Warehouse Leasehold 18 48 107,800 1956
Gedung Cikarang, Jawa Barat Warehouse Leasehold 15 5 176,987 1999
Pembangunan gudang Cimande Warehouse Leasehold 24 2 635,858 2002
Kios A. Yani, Malang Bank premises Leasehold 20 5 72,461 1999
Gedung kantor, Batam Bank premises Leasehold 19 3 810,013 2001
Pembangungan Gardu Jaga, Warehouse Freehold – 1 7,298 2003
BUM Kemang
Gedung Arsip Tuntang, Semarang Warehouse Freehold – 1 465,779 2003
Gedung Kiostronik ITB Bank premises Freehold – 4 137,106 2000
Gedung Kiostronik Setiabudhi Bank premises Freehold – 4 67,249 2000
Gedung Kantor A. Yani, Ujung Pandang Bank premises Freehold – 22 884,944 1982
Gedung Mess Seminyak Bali Dormitory Freehold – 9 23,001 1995
Bandung Dago Bank premises Freehold – 0 797,724 2004

The Commerce Group
C OM M E R C E A S S E T - H O L D I N G B E R H A D
The Commerce Group of Companies is a leading financial conglomerate in Malaysia’s rapidly growing financial system. At the helm
is Commerce Asset-Holding Berhad (CAHB) listed in the financial section of the Bursa Malaysia Securities Berhad.
The Group’s impeccable reputation, proven track record, excellent domestic and regional connections and wide range of services
make it a sound financial institution suitable for those seeking a high level of professionalism and expertise in their financial partners.
A sound foundation of strength, CAHB is a well-diversified investment and management holding company with interests in
commercial banking, merchant banking, stock broking, offshore banking, finance company, discount house, leasing, factoring,
futures broking, fund management, unit trust management, venture capital and life and general insurance.
Contact details: 12th Floor, Commerce Square, Jalan Semantan, Damansara Heights, 50490 Kuala Lumpur, Malaysia.
Tel: (603) 2093 5333 Fax: (603) 2093 3335 Website: www.commerz.com.my
B U M I P U T R A - C OM M E R C E B A N K B E R H A D
Bumiputra-Commerce Bank Berhad (BCB) is the result of the merger between Bank of Commerce (M) Berhad and Bank Bumiputra
Malaysia Berhad which was officially launched on October 1, 1999. The commercial bank has one of Malaysia’s largest ATM
network in the country. With a customer base of over 3.5 million, it provides a comprehensive range of services that will meet the
needs of small household through to the largest multinational conglomerate.
BCB is the bank for all people and aims to be an efficient, low-cost provider of financial services through superior processing
capabilities. The bank has made substantial investment in information technology subsequent to its merger in a quest to reinvent
itself for greater competitiveness and efficiency ahead of an emerging and globalised financial playing field.
The bank’s strategic thrust towards a customer focussed marketing approach in its business is seen in its organisational set-up
where separate Retail, Business and Corporate bank, each with its own accountability exist within one organisation. Each of these
banks specialises on the differing needs of its own customer group, giving their customers better focus.
The bank has a traditional strength in the financing of trade both locally and internationally. Its specialised business centres located
in all key market centres throughout the country provides business with financial expertise and timely assistance.
Contact details: 6, Jalan Tun Perak, 50050 Kuala Lumpur, Malaysia.
Tel: (603) 2693 1722 Fax: (603) 2698 6628 Website: www.bcb.com.my
B U M I P U T R A - C OM M E R C E B A N K ( L ) L I M I T E D
A wholly-owned subsidiary of Bumiputra-Commerce Bank Berhad, it offers various offshore banking-services from international
finance to advisory and related services.
Contact details: Lot E006, Podium Level, Financial Park Labuan, Jalan Merdeka, 87000 Labuan, Federal Territory of Labuan.
Tel: (087) 451033 Fax: (087) 451032
B U M I P U T R A - C OM M E R C E F I N A N C E B E R H A D
Offers hire purchase facilities through its outlets located at major branches of Bumiputra-Commerce Bank Berhad.
Contact details: Ground Floor, Menara PROMET, Jalan Sultan Ismail, 50250 Kuala Lumpur, Malaysia.
Tel: (603) 2142 6111 Fax: (603) 2148 2184

THE COMMERCE GROUP
CIMB BERHAD
CIMB Berhad is the investment banking arm of Commerce Group and comprises five core companies including Commerce
International Merchant Bankers Berhad (CIMB), CIMB Securities Sdn Bhd (CIMB Securities), CIMB Discount House Berhad (CIMB
Discount), CIMB Futures Sdn Bhd and CIMB (L) Limited (CIMBL). CIMB is a premier Malaysian investment bank and one of the best
capitalised merchant banks in the country, offering a comprehensive range of capital market services. It enjoys a strong reputation
in the equity, debt and derivatives markets. A leading corporate finance house in Malaysia, CIMB has been the top advisory fee
income earner since 1989 and among the leading advisers and underwriters for raising funds through initial public offerings in
Malaysia. CIMB is also the most active originator of Malaysia private debt securities (PDS). Its traditional advisory and origination
business is complemented by corporate banking and syndicated loans services. Further, CIMB’s growing debt markets & derivatives
business offers fixed income, money markets and structured products as well as bond distribution and fixed income research services.
CIMB has impeccable credentials stemming from its track record in engineering innovative financial product to meet the
increasingly broad ranging and sophisticated demands of local as well as international clients. Its professionalism, commitment and
dedication in serving clients’ needs have been the impetus for its impressive and successful growth.
Contact details: 10th Floor, Bangunan CIMB, Jalan Semantan, Damansara Heights, 50490 Kuala Lumpur, Malaysia.
Tel: (603) 2084 8888 Fax: (603) 2084 8899 Website: www.cimb.com.my
C I M B S EC U R I T I E S S D N B H D
A wholly-owned subsidiary of CIMB, CIMB Securities Sdn Bhd (CIMB Securities) ranks among the top broking houses in Malaysia.
CIMB Securities specialises in dealing and trading equities on the Malaysia Securities Exchange Berhad (MSEB) and the Malaysian
Exchange of Securities Dealing & Automated Quotation Bhd (MESDAQ), serving foreign and domestic institutions as well as retail
investors. The CIMB Group Research Centre team comprises dynamic and experienced professionals who are dedicated to providing
high quality research covering in-depth market and company reports, markets reviews and trend analysis, and economic and industry
overviews. CIMB Securities also provides underwriting, share placement, corporate advisory and custodian and nominee services.
Contact details: 9th Floor, Commerce Square, Jalan Semantan, Damansara Heights, 50490 Kuala Lumpur, Malaysia.
Tel: (603) 2084 9999 Fax: (603) 2084 9888
CIMB DISCOUNT HOUSE BERHAD

CIMB Discount House Berhad (CIMB Discount) enhances CIMB Group’s capabilities in debt trading and debt capital market
solutions. CIMB Discount’s core business is the trading and market making of fixed income securities and treasury products. CIMB
Discount also provides conventional and Islamic money market services.
Contact details: 10th Floor, Bangunan CIMB, Jalan Semantan, Damansara Heights, 50490 Kuala Lumpur, Malaysia.
Tel: (603) 2084 8888 Fax: (603) 2084 8899
CIMB (L) LIMITED

CIMB (L) Limited (CIMBL) operates as a licensed offshore bank as permitted by the offshore Companies Act, 1990. Its activities
include non-Ringgit equity and fixed income trading, fund management loan syndication services and origination business. CIMBL
is intended to be the CIMB Group’s arm in its regionalisation plans. The Group has already established its presence in the Indonesia
market through CIMBL’s 51% owned subsidiary, PT CIMB Niaga Securities.
Contact details: Unit 11(B1), Level 11, Main Office Tower, Financial Park Labuan, Jalan Merdeka, 87000 WP Labuan
Tel: (6087) 451 608 Fax: (6087) 451 610 Tel: (603) 2084 8888 (KL Office) Fax: (603) 2095 0080 (KL Office)
C OM M E R C E A S S E T F U N D M A N A G E R S S D N B H D
Commerce Asset Fund Managers Sdn Bhd (CAFM) was incorporated to provide discretionary funds management services covering
local and global equities, bonds, currency management, options and futures. During the year, CAFM was disposed to CIMB.
It represented an internal restructuring to place CAFM under the purview of CIMB, which has the necessary resources to manage
and expand the Group’s asset management business. This would result in CIMB having the full complement of capital markets
activities and enable CAHB and its subsidiaries to synergise all their capital markets operations to extract maximum value.
The Company is held by CIMB Berhad and Principal Financial Group.
CAFM services pension funds, government organisations, statutory bodies, corporations and customers of the Commerce Group
as its client base. CAFM has exceeded RM5.0 billion in funds under management.
Contact details: Level 5, Menara Millenium, 8, Jalan Damanlela, Bukit Damansara, 50490 Kuala Lumpur, Malaysia.
Tel: (603) 2084 2000 Fax: (603) 2084 2002 E-mail: www.cafm.com.my

THE COMMERCE GROUP
C OM M E R C E T R U ST B E R H A D
Commerce Trust Berhad (CTB) specialises in unit trusts management in Malaysia. During the year, CTB was disposed to CIMB.
Similarly to CAFM, it represented an internal restructuring to place CTB under the purview of CIMB, which has the necessary
resources to manage and expand the Group’s asset management business. This would result in CIMB having the full complement
of capital markets activities and enable CAHB and its subsidiaries to synergise all their capital markets operations to extract
maximum value. The Company represents the second company held by CIMB Berhad and Principal Financial Group (a US Fortune
500 company with USD152 billion assets under management) and is committed to developing a family of investment funds
designed to meet the financial needs of individuals and companies in Malaysia. CTB manages twelve different unit trust funds each
tailored to different investor profiles.
Contact details: Level 5, Menara Millenium, 8, Jalan Damanlela, Bukit Damansara, 50490 Kuala Lumpur, Malaysia.
Tel: (603) 2084 2222 Fax: (603) 2084 2233 Website: www.commercetrust.com.my
C OM M E R C E A S S E T V E N T U R E S S D N B H D
Commerce Asset Ventures Sdn Bhd (CAV) is a specialist investment fund and management company wholly-owned by CAHB,
that invests equity capital into emerging small and medium sized business. It seeks to support growth industries with a global
outlook and typically takes an active role in creating value for the investee companies and its shareholders.
Contact details: No. 6, Commerce House, 22-24, Jalan Sri Semantan Satu, Damansara Heights, 50490 Kuala Lumpur, Malaysia.
Tel: (603) 2732 5577 Fax: (603) 2732 1343 Website: www.commerce-ventures.com.my
C OM M E R C E L I F E A S S U R A N C E B E R H A D
Commerce Life Assurance Berhad (Commerce Life) was established in response to a growing need among Malaysians to provide
for the financial security of their families. Commerce Life is committed to meet the life insurance needs of Malaysian public by
introducing policies which can be specially tailored and packaged to meet the specific requirements of customers.
Contact details: 338, Jalan Tunku Abdul Rahman, 50300 Kuala Lumpur, Malaysia.
Tel: (603) 2612 3600 Fax: (603) 2698 0201/2692 6982 Website: www.commerce-life.com.my
BANK NIAGA TBK

Bank Niaga is the 8th largest bank in Indonesia by assets. Established in 1955, it was listed on the Jakarta Stock Exchange in 1989. It
has a distribution network of 210 branches and kiosks predominantly in the main commercial centers of Indonesia. It is an award winning
franchise in the area of service quality by ranking first in service quality for Indonesian banks for six years running from 1996 to 2001.
Bank Niaga was also a recipient of the best practitioner of corporate governance award from Jakarta Stock Exchange in 2001.
Boundless Access becomes the new positioning of Bank Niaga with its advanced technology platform as it focuses on providing virtually
unlimited access to customers via multi channel deliveries which include branch banking, kiosks, ATMs, phone banking, TV banking,
internet banking and mobile banking.
Contact details: P.T Bank Niaga Tbk, Graha Niaga, Jln Jend. Sudirman Kav. 58, Jakarta, 12190, Indonesia.
Tel: (62-21) 250 5151/5252/5353 Fax: (62-21) 250 5205 Website: www.bankniaga.com
C OM M E R C E A S S U R A N C E B E R H A D (Formerly known as AMI Insurans Berhad)

Commerce Assurance Berhad (CAB) has been established since 1959 to serve the multi-national interests in insurance services.
Since then Commerce Assurance has evolved into a reckoning player that has positioned her in the top five insurer in the country.
CAB has a complete range of general insurance products to serve the interests of individual to the huge corporations through their
nationwide network of agencies, intermediaries, branches and bank outlets.
Contact details: Suite 3A-15, Level 15, Block 3A, Plaza Sentral, Jalan Stesen Sentral 5, 50470 Kuala Lumpur, Malaysia.
Tel: (603) 2264 0400 Fax: (603) 2264 0500 Website: www.commerce-assurance.com.my

Group Directory
C OM M E R C E A S S E T - H O LD I N G Koichi Takano CIMB

BERHAD Executive Advisor, Japanese Business
E-mail: takano@mailsvr.bcb.com.my 10th Floor, Bangunan CIMB
12th Floor, Commerce Square Jalan Semantan, Damansara Heights
Jalan Semantan, Damansara Heights Loh Siew Eng 50490 Kuala Lumpur, Malaysia
50490 Kuala Lumpur, Malaysia Senior Vice-President Tel: 03-2084 8888
Tel: 03-2093 5333 E-mail: lse@mailsvr.bcb.com.my Fax: 03-2084 8899
Fax: 03-2093 3335 Telex: MA 30647 PEBSAM
Website: www.commerz.com.my Ooi Cheng Im Website: www.cimb.com.my
Senior Vice-President
Dr. Rozali Mohamed Ali E-mail: oci@mailsvr.bcb.com.my Dato’ Nazir Razak
Executive Director/Group Chief Executive Officer Group Chief Executive
E-mail: rozali@commerz.com.my Mohd Tahir Wahab E-mail: nazir@cimb.com.my
Mohd Shukri Hussin E-mail: tahir@mailsvr.bcb.com.my Charon Wardini Mokhzani
Chief Operating Officer Deputy Chief Executive
E-mail: shukrihussin@commerz.com.my Mohd Badry Jaafar E-mail: charon.mokhzani@cimb.com.my
Jamil Hajar Abdul Muttalib E-mail: badry@mailsvr.bcb.com.my Robert Cheim
Executive Vice President/Company Secretary Executive Director
E-mail: jamilhajar@commerz.com.my Chua Hong Wee E-mail: robert@cimb.com.my
Dato’ Halim Muhamat E-mail: chuahw@mailsvr.bcb.com.my Dr Gan Wee Beng
Group Corporate Advisor Executive Director
E-mail: halim@commerz.com.my Mustafa Ibrahim E-mail: weebeng@cimb.com.my
Muhammad Fikri Mohamad Rawi E-mail: Mustafa@mailsvr.bcb.com.my Lee Kok Kwan
Senior Vice President, Director, CEO’s Office
Planning & Risk Management E-mail: kwan@cimb.com.my
Megat Kamarruddin Megat Shamsuddin
E-mail: fikri@commerz.com.my Senior Vice-President
E-mail: megat@mailsvr.bcb.com.my Loh Shai Weng
Aznam Shahuddin Co-Head, Corporate Finance
Senior Vice President, Corporate Services E-mail: shaiweng@cimb.com.my
Datin Munira M. Salinger
E-mail: aznam@commerz.com.my Senior Vice-President
E-mail: DatinMunira@mailsvr.bcb.com.my Lim Tiang Siew
Zamri Mohd Radzi Co-Head, Corporate Finance
Vice President, Finance and Administration E-mail: tiangsiew@cimb.com.my
Mohd Bashir N. Ali
E-mail: zamri@commerz.com.my Senior Vice-President
E-mail: albashir@mailsvr.bcb.com.my Noripah Kamso
B U M I P U T R A - C OM M E R C E B A N K Director, Corporate Finance
Azami Ghazali E-mail: noripah@cimb.com.my
BERHAD
6, Jalan Tun Perak, 50050 Kuala Lumpur E-mail: azami@mailsvr.bcb.com.my Thomas Meow Yoke Nean
Malaysia Head, Debt Capital Markets & Syndicate
Tel: 03-2693 1722 Liew Choon Ching E-mail: thomas@cimb.com.my
Fax: 03-2693 2663/2697 0389 Senior Vice-President
Website: www.bcb.com.my E-mail: liewcc@mailsvr.bcb.com.my Mabel Gan Pek Huong
Head, Cross Markets Trading and Treasury
Dato’ Azmi Abdullah Tunku Ahmad Burhanuddin E-mail: mabel@cimb.com.my
Managing Director/Chief Executive Officer Senior Vice-President
E-mail: azmi@mailsvr.bcb.com.my E-mail: tab@bcb.com.my Ng Ing Peng
Head, Group Finance
Rosnah Dato’ Hj Kamarulzaman Sulaiman Mohd Tahir E-mail: ingpeng@cimb.com.my
Senior Executive Vice-President, Banking Senior Vice-President
E-mail: rk@mailsvr.bcb.com.my E-mail: Sulaiman@mailsvr.bcb.com.my Iswaraan Suppiah
Head, Group Information and Operation
Zakaria Merican P. Manoharan E-mail: iswaraan@cimb.com.my
Senior Executive Vice-President, Policy & Control Senior Vice-President
E-mail: zakaria@mailsvr.bcb.com.my E-mail: pmano@mailsvr.bcb.com.my Kok Kong Chin
Head, Equity Markets & Derivatives
Nik Hassan Nik Mohd Amin Engku Mohd Fauzan Engku Muhsein E-mail: kckok@cimb.com.my
Executive Vice-President, Senior Vice-President
Corporate & Institutional Banking E-mail: fauzan@mailsvr.bcb.com.my Yeoh Keat Seng
E-mail: nikhassan@mailsvr.bcb.com.my Head, Private Client Services
Toni Lee Wai Meng E-mail: keatseng@cimb.com.my
Abu Bakar Buyong Senior Vice-President
Executive Vice-President, Business Banking E-mail: Toni.Lee@mailsvr.bcb.com.my Badlisyah Abdul Ghani
E-mail: abubakar@mailsvr.bcb.com.my Head, CIMB Islamic
E-mail: badlisyah@cimb.com.my

GROUP DIRECTORY
Hamidah Naziadin Faiz Ishak CIMB HOLDINGS SDN BHD

Head, Corporate Resources 10th Floor, Bangunan CIMB
Executive Director/Head of Group Bancassurance Office
E-mail: hamidah@cimb.com.my Jalan Semantan, Damansara Heights
E-mail: faizishak@commerce-assurance.com.my 50490 Kuala Lumpur
Malaysia
PT BANK NIAGA TBK
C OM M E R C E L I F E A S S U R A N C E Tel: 03-2084 8888
Graha Niaga, Lt 15 Fax: 03-2084 8899
Jl. Jend. Sudirman Kav. 58 BERHAD
Telax: MA 30647 PEBSAM
Jakarta 12190 338, Jalan Tunku Abdul Rahman
Indonesia 50100 Kuala Lumpur
Tel: 6221 2505052 Tel: 03-2612 3600 CIMB (L) LIMITED
Fax: 6221 2505202 Fax: 03-2698 7035 Unit 11(B1), Level 11, Main Office Tower
Website: www.bankniaga.com Website: www.commerce-life.com.my Financial Park Complex
Jalan Merdeka, 87000 W.P. Labuan
Peter B. Stok Ezamshah Ismail Tel: (6087) 451 608
President Director Chief Executive Officer Fax: (6087) 451 610
E-mail: ezamshahi@commerce-life.com.my
Hashemi Albakri Abu Bakar
Vice President Director Oh Guan Han
C OM M E R C E A S S E T F U N D
Chief Operating Officer MANAGERS SDN BHD
Andi Mohammad Hatta E-mail: han@commerce-life.com.my
Level 5, Menara Millenium
Director, IT & Systems
8, Jalan Damanlela, Bukit Damansara
C OM M E R C E A S S E T R E A LT Y 50490 Kuala Lumpur, Malaysia
Tay Un Soo
SDN BHD Tel: 03-2084 2000
Director, Finance & Corporate Planning
Fax: 03-2084 2002
Ground Floor, Commerce Square Website: www.cafm.com.my
C. Heru Budiargo Jalan Semantan, Damansara Heights
Director, Compliance & Risk Management 50490 Kuala Lumpur, Malaysia CIMB FUTURES SDN BHD
Tel: 03-2092 2577 10th Floor, Bangunan CIMB
Daniel James Rompas Fax: 03-2093 8760 Jalan Semantan, Damansara Heights
Director, Business Banking
50490 Kuala Lumpur, Malaysia
C OM M E R C E A S S E T N OM I N E E S Tel: 03-2084 9999
V. Catherinawati Hadiman
Fax: 03-2093 7782
Director, Corporate Banking SDN BHD
12th Floor, Commerce Square CIMB NOMINEES (TEMPATAN) SDN BHD
C OM M E R C E A S S E T V E N T U R E S Jalan Semantan, Damansara Heights 10th Floor, Bangunan CIMB
SDN BHD 50490 Kuala Lumpur, Malaysia Jalan Semantan, Damansara Heights
Tel: 03-2093 5333 50490 Kuala Lumpur, Malaysia
No. 6, Commerce House Fax: 03-2093 3335 Tel: 03-2084 8888
22-24, Jalan Sri Semantan Satu Fax: 03-2084 8899
Damansara Heights
50490 Kuala Lumpur C OM M E R C E V O L A N T I A S D N B H D CIMB NOMINEES (ASING) SDN BHD
Malaysia 10th Floor, Bangunan CIMB
Tel: 03-2732 5577 12th Floor, Commerce Square
Jalan Semantan, Damansara Heights Jalan Semantan, Damansara Heights
Fax: 03-2732 1343 50490 Kuala Lumpur, Malaysia
Website: www.commerce-ventures.com.my 50490 Kuala Lumpur, Malaysia
Tel: 03-2093 5333 Tel: 03-2084 8888
Fax: 03-2093 3335 Fax: 03-2084 8899
Raja Shamsul Kamal
Chief Executive Officer
CIMB SECURITIES (HONG KONG) SDN BHD
E-mail: sham@commerce-ventures.com.my
SUBSIDIARIES OF CIMB 9th Floor, Commerce Square
Lee Yu Lian CIMB SECURITIES SDN BHD 50490 Kuala Lumpur, Malaysia
Chief Operating Officer 9th Floor, Commerce Square Tel: 03-2084 9999
E-mail: yulian@commerce-ventures.com.my Jalan Semantan, Damansara Heights Fax: 03-2084 9888
50490 Kuala Lumpur
Tel: 03-2084 9999
C OM M E R C E A S S U R A N C E B E R H A D Fax: 03-2084 9888 C OM M E R C E T R U ST B E R H A D
(formerly known as AMI Insurans Berhad) Telex: MA 30991 CIMSEC
Level 5, Menara Millenium
Suite 3A-15, Level 15, Block 3A, Website: www.cimb.com.my
8, Jalan Damanlela
Plaza Sentral, Jalan Stesen Sentral 5, Bukit Damansara
CIMB DISCOUNT HOUSE BERHAD
Kuala Lumpur Sentral, 50760, Kuala Lumpur 50490 Kuala Lumpur, Malaysia
10th Floor, Bangunan CIMB
Tel: 03-2264 0400/0600 Tel: 03-2084 222
Fax: 03-2254 0500 Fax: 03-2084 2233
50490 Kuala Lumpur
website: www.commerce-assurance.com.my Website: www.commercetrust.com.my
Malaysia
Tel: 03-2084 8888
Azman Dahlan
Fax: 03-2094 3566
Chief Executive Officer
E-mail: azman@commerce-assurance.com.my

GROUP DIRECTORY
SUBSIDIARIES OF BUMIPUTRA-COMMERCE BANK BERHAD

BUMIPUTRA-COMMERCE FINANCE BUMIPUTRA-COMMERCE CORPORATE
BERHAD SERVICES LIMITED COMMERCE TIJARI BANK BERHAD
No.1, Jalan 51A/219, 46100 Petaling Jaya Level 14 (A), Main Office Tower 1st Floor, Menara Promet
Selangor Darul Ehsan Financial Park Labuan Jalan Sultan Ismail, 50250 Kuala Lumpur
Tel: 03-7688 8118 Jalan Merdeka, 87000 Labuan Tel: 03-2145 5959
Fax: 03-7960 7618 Federal Territory of Labuan Fax: 03-2144 4746
Tel: 087-411 252
I-PRESTIGE SDN BHD Fax: 087-411 855 BUMIPUTRA-COMMERCE NOMINEES
No.1, Jalan 51A/219, 46100 Petaling Jaya (TEMPATAN) SDN BHD
Selangor Darul Ehsan BBMB FINANCE (HONG KONG) LTD 20th Floor, Menara Bumiputra
Tel: 03-7688 8118 Jalan Melaka, 50100 Kuala Lumpur
Suite 3607 & 3608
Fax: 03-7960 7618 Tel: 03-2690 2247
Two Exchange Square
8, Connaught Place Fax: 03-2691 8051
BUMIPUTRA-COMMERCE FACTORING
Central Hong Kong
BERHAD SEMERAK SERVICES SDN BHD
Tel: (00 852) 252 52829
10th Floor, No. 338 Fax: (00 852) 252 33287 4th Floor, Oriental Building
Jalan Tuanku Abdul Rahman 32, Jalan Tun Perak, 50050 Kuala Lumpur
SWIFT: BCBMHKHH
50100 Kuala Lumpur Tel: 03-2072 7888
Tel: 03-2697 0298 BBMB FINANCE NOMINEE Fax: 03-2078 7980
Fax: 03-2697 0092
(HONG KONG) LTD
Telex: FACTOR MA 32225 BOC NOMINEES SDN BHD
Suite 3607 & 3608
Two Exchange Square 6, Jalan Tun Perak, 50050 Kuala Lumpur
BUMIPUTRA-COMMERCE FACTORS LEASE Tel: 03-2693 1722
8, Connaught Place
BERHAD Fax: 03-2694 5948
Central Hong Kong
10th Floor, No. 338 Tel: (00 852) 252 52829
Jalan Tuanku Abdul Rahman BOC NOMINEES (ASING) SDN BHD
Fax: (00 852) 252 33287
50100 Kuala Lumpur 6, Jalan Tun Perak, 50050 Kuala Lumpur
SWIFT: BCBMHKHH
Tel: 03-2697 0298 Tel: 03-2693 1722
Fax: 03-2697 0092 Fax: 03-2694 5948
BUMIPUTRA NOMINEE LTD
14, Cavendish Square
BUMIPUTRA-COMMERCE TRUSTEE London W1G 9HA BOC NOMINEES (TEMPATAN) SDN BHD
BERHAD 6, Jalan Tun Perak, 50050 Kuala Lumpur
United Kingdom
D-2-6, Megan Phileo Promenade Tel: 0044 207 306 6080/6063 Tel: 03-2693 1722
189, Jalan Tun Razak, 50400 Kuala Lumpur Fax: 0044 207 306 6060 Fax: 03-2694 5948
Tel: 03-2161 3282
SWIFT: BCBMGB2L
Fax: 03-2163 4023 EPIC-I SDN BHD
SOUTH EAST ASIAN BANK LIMITED 10th Floor, Menara Atlas, Plaza Pantai
BBMB UNIT TRUST MANAGEMENT 5, Jalan 4/83A Off Jalan Pantai Baru
26, Bourbon Street
BERHAD Port Louis 59200 Kuala Lumpur
6, Jalan Tun Perak, 50050 Kuala Lumpur Republic of Mauritius Tel: 03-2296 0000
Tel: 03-2693 1722 Fax: 03-2710 9570
Tel: 00230 2088826
Fax: 03-2694 5948 Fax: 00230 2114900
BBMB FUTURES SDN BHD
BUMIPUTRA-COMMERCE BANK (L) 6, Jalan Tun Perak, 50050 Kuala Lumpur
BUMIPUTRA-COMMERCE INTERNATIONAL
LIMITED TRUST (LABUAN) BERHAD Tel: 03-2693 1722
Level 14(A), Main Office Tower Level 14 (A), Main Office Tower Fax: 03-2694 5948
Financial Park Labuan, Jalan Merdeka
Financial Park Labuan
87000 Labuan, Federal Territory of Labuan Jalan Merdeka, 87000 Labuan BUMIPUTRA-COMMERCE PROPERTIES
Tel: 087-410 305 Federal Territory of Labuan SDN BHD
Fax: 087-410 313 6, Jalan Tun Perak, 50050 Kuala Lumpur
Tel: 087-411 252
Telex: PUTRA MA 85053 Fax: 087-411 855 Tel: 03-2693 1722
Fax: 03-2694 5948
BUMIPUTRA-COMMERCE CORPORATE
BUMIPUTRA-COMMERCE NOMINEES
SERVICES LIMITED SDN BHD BBMB SECURITIES (HOLDING) SDN BHD
Level 14 (A), Main Office Tower 20th Floor, Menara Bumiputra 6, Jalan Tun Perak, 50050 Kuala Lumpur
Financial Park Labuan Tel: 03-2693 1722
Jalan Melaka, 50100 Kuala Lumpur
Jalan Merdeka, 87000 Labuan Tel: 03-2690 2247 Fax: 03-2694 5948
Federal Territory of Labuan Fax: 03-2691 8051
Tel: 087-411 252
Fax: 087-411 855 BUMIPUTRA-COMMERCE NOMINEES
Telex: PUTRA MA 85093 (ASING) SDN BHD
20th Floor, Menara Bumiputra
BUMIPUTRA-COMMERCE TRUST LIMITED Jalan Merdeka
Level 14 (A), Main Office Tower 50100 Kuala Lumpur
Financial Park Labuan, Jalan Merdeka,
Tel: 03-2690 2247
87000 Labuan, Federal Territory of Labuan Fax: 03-2691 8051
Tel: 087-411 252
Fax: 087-411 855
Telex: PUTRA MA 85093

Directory of BCB Branches
HEAD OFFICE Jalan Tiong, Off Batu 3, Jalan Ipoh Menara Permodalan Nasional Berhad
511, Jalan Tiong, Off Batu 3 1st Floor, Menara PNB
Postal Address Jalan Ipoh, 51100 Kuala Lumpur Jalan Tun Razak, 50400 Kuala Lumpur
P.O. Box 10753, 50724 Kuala Lumpur Tel: 03-4043 7048 Tel: 03-2161 8000
Malaysia Fax: 03-4043 6559 Fax: 03-2162 5152
Visiting Address Jalan Tuanku Abdul Rahman Pearl Point

6, Jalan Tun Perak Bangunan Commerce Life Lot 1.0.1., Pearl Point Shopping Mall
50050 Kuala Lumpur, Malaysia 338, Jalan Tuanku Abdul Rahman Batu 5, Jalan Klang Lama
Tel: 03-2693 1722 (General) 50100 Kuala Lumpur 58000 Kuala Lumpur
03-2698 1166 (Forex) Tel: 03-2698 9276 Tel: 03-7980 3373
03-2693 4433 (Money Market) Fax: 03-2692 2137 Fax: 03-7982 4289
03-2693 6860 (ATM Hotline)
Telex: MA31144, MA33527 (General) Kampung Baru Putrajaya
Fax: 03-2698 6628 (General) 64, Wisma Jayanita Ground & 1st Floor, No. C2 & C3, Block C
SWIFT Code: BCBMMYKL Jalan Raja Muda Abdul Aziz Jalan P8D, Precint 8, 62250 Putrajaya
E-mail: callcenter@bcb.com.my Kampung Baru, 50300 Kuala Lumpur Tel: 03-8889 2330
Tel: 03-2691 8226 Fax: 03-8888 5088
Fax: 03-2691 2802
F E D E R A L T E R R I TO RY O F Putra World Trade Centre
K UA L A L U M P U R Kuala Lumpur City Centre Level 2, Podium Block
Lot G35, Ground Floor Putra World Trade Centre
Jalan Tun Perak
PETRONAS Twin Tower Jalan Tun Ismail, 50480 Kuala Lumpur
6, Jalan Tun Perak, 50050 Kuala Lumpur
Kuala Lumpur City Centre Tel: 03-2693 6033
Tel: 03-2693 3011
Jalan Ampang, 50088 Kuala Lumpur Fax: 03-2693 0067
Fax: 03-2698 2261
Tel: 03-2161 5500
Fax: 03-2161 8284 Selayang
Bandar Baru Seri Petaling
151, Jalan 2/3A Off 12km
28, Jalan Radin Tengah
Kompleks Antarabangsa Jalan Ipoh, 68100 Batu Caves, Kuala Lumpur
Bandar Baru Seri Petaling
Lot G17, Kompleks Antarabangsa Tel: 03-6136 9649
57000 Kuala Lumpur
Jalan Sultan Ismail, 50250 Kuala Lumpur Fax: 03-6136 9645
Tel: 03-9058 6800
Tel: 03-2142 4131
Fax: 03-9057 1966
Fax: 03-2142 5129 Sentul Raya
2 & 4 The Boulevard Shop Office
Damansara Town Centre
Kompleks Dayabumi Jalan 11/48A, Sentul Raya
Level 1, Lot A4, Block A
Lot 112, 1st Floor, Podium Block 51000 Kuala Lumpur
Damansara Town Centre
Kompleks Dayabumi Tel: 03-4041 5259
Damansara Heights
Jalan Sultan Hishamuddin Fax: 03-4041 5427
50490 Kuala Lumpur
50050 Kuala Lumpur
Tel: 03-2095 8866
Tel: 03-2274 8575 Taman Cheras
Fax: 03-2095 7506
Fax: 03-2693 2773 2, Jalan Kaskas, Taman Cheras
Cheras, 56100 Kuala Lumpur
Dang Wangi
Kompleks Pertama Tel: 03-9130 0200
2, Wisma RKT, Jalan Raja Abdullah
G21, Kompleks Pertama Fax: 03-9130 0140
50300 Kuala Lumpur
Jalan Tuanku Abdul Rahman
Tel: 03-2691 5260
50100 Kuala Lumpur Taman Connaught
Fax: 03-2693 4477
Tel: 03- 2698 1132 76, Jalan Cheras, Taman Connaught,
Fax: 03-2692 7723 Cheras, 56000 Kuala Lumpur
Jalan Bukit Bintang
Tel: 03-9101 5500
Plaza Yeoh Tiong Lay
Lucky Garden, Bangsar Fax: 03-9102 4866
55 Jalan Bukit Bintang, 55100 Kuala Lumpur
21, Lorong Ara Kiri Satu, Lucky Garden
Tel: 03-2141 6700
Bangsar, 59100 Kuala Lumpur Taman Danau Kota
Fax: 03-2144 1136
Tel: 03-2095 6600 108, Jalan 2/23A, Taman Danau Kota
Fax: 03-2095 6631 Jalan Genting Klang, Setapak
Jalan Duta
53300 Kuala Lumpur
Block 8, Kompleks Pejabat-Pejabat Kerajaan
Masjid India Tel: 03-4149 1010
Jalan Duta, 50480 Kuala Lumpur
205, Jalan Bunus Off Jalan Masjid India Fax: 03-4142 5348
Tel: 03-6201 7109
50100 Kuala Lumpur
Fax: 03-6201 3733
Tel: 03-2698 1818 Taman Maluri
Fax: 03-2693 2137 279, Jalan Perkasa 1
Jalan Raja Chulan
Taman Maluri, Off Jalan Cheras
Level 1, Menara Olympia
Megamall MidValley 55100 Kuala Lumpur
Jalan Raja Chulan, 50200 Kuala Lumpur
Lot G(E) – 006 & 007 Tel: 03-9284 7900
Tel: 03-2031 5555
Megamall MidValley City Fax: 03-9284 7447
Fax: 03-2031 9077
Batu 21/2, Jalan Klang Lama
58000 Kuala Lumpur Taman Mutiara, Cheras
Jalan Sungei Besi
Tel: 03-2283 5620 2468, Jalan Mutiara Timur Satu
170, Jalan Sungei Besi, 57100 Kuala Lumpur
Fax: 03-2284 3268 Taman Mutiara, Cheras
Tel: 03-9221 3244
56100 Kuala Lumpur
Fax: 03-9221 0784
Tel: 03-9130 3222
Fax: 03-9131 8253

DIRECTORY OF BCB BRANCHES
Taman Setiawangsa Balakong Cyberjaya

1, Jalan 9A/55A, Taman Setiawangsa 29, Jalan PCR 1 G-C, Ground Floor, Block 2320
54200 Kuala Lumpur Kawasan Perniagaan Cheras Raya Century Square, Jalan Usahawan
Tel: 03-4252 0610 Batu 11, 43200 Cheras, Selangor 63000 Cyberjaya, Selangor
Fax: 03-4252 0581 Tel: 03-9076 9159 Tel: 03-8318 9905
Fax: 03-9076 9162 Fax: 03-8318 3421
Taman Tun Dr. Ismail
138, Jalan Burhanuddin Helmi Bandar Baru Ampang Damansara Utama
Taman Tun Dr. Ismail, 60000 Kuala Lumpur 1-A, Jalan Wawasan Ampang 2/2 48, Jalan SS21/35, Damansara Utama
Tel: 03-7729 1630 Bandar Baru Ampang 47400 Petaling Jaya, Selangor
Fax: 03-7727 8580 68000 Ampang, Selangor Tel: 03-7277 4197
Tel: 03-4295 7060 Fax: 03-7729 8278
Universiti Malaya Fax: 03-4295 8559
Lot 5270, Bangunan Pentadbiran Baru Desa Jaya, Kepong
Universiti Malaya, Lembah Pantai Bandar Baru Bangi 4, Jalan 54, Desa Jaya, Kepong
59100 Kuala Lumpur 67, Jalan 8/1, Section 8 52100 Kuala Lumpur
Tel: 03-7957 0550 43650 Bandar Baru Bangi, Selangor Tel: 03-6274 1157
Fax: 03-7957 6021 Tel: 03-8926 3180 Fax: 03-6276 3966
Fax: 03-8926 3186
Wangsa Maju HICOM Industrial Park, Sec. 26, Shah Alam
18, Jalan 1/27A, Section 1 Bandar Baru, Sungai Buloh 2, Wisma Anggerik, Jalan Perbahan 26/2
Wangsa Maju, 53300 Kuala Lumpur Lot 395, Jalan 1A/1 HICOM Industrial Park
Tel: 03-4148 1119 Bandar Baru Sungai Buloh 40400 Shah Alam, Selangor
Fax: 03-4149 0993 47000 Sungai Buloh, Selangor Tel: 03-5191 9916
Tel: 03-6156 3092 Fax: 03-5191 9895
Wisma Cosway Fax: 03-6156 1136
Ground Floor, Wisma Cosway Jalan Dato Hamzah, Klang
Jalan Raja Chulan, 50200 Kuala Lumpur Bandar Sri Damansara 12, Jalan Dato Hamzah
Tel: 03-2142 9177 8, Jalan Cempaka SD 12/1 41000 Klang, Selangor
Fax: 03-2145 6511 Bandar Sri Damansara, 52200 Kuala Lumpur Tel: 03-3371 1771
Tel: 03-6275 7924 Fax: 03-3372 4101
Wisma Indah Fax: 03-6275 8362
498-0-1, Wisma Indah Jalan Kapar, Klang
Jalan Tun Razak, 50400 Kuala Lumpur Bandar Sunway 77, Jalan Kapar, 41700 Klang, Selangor
Tel: 03-9281 3711 22, Jalan PJS 11/28A, Bandar Sunway Tel: 03-3342 6833
Fax: 03-9281 3722 46100 Petaling Jaya, Selangor Fax: 03-3341 4445
Tel: 03-5637 4389
Wisma Koponas, Fax: 03-5637 4396 Jalan Meru, Klang
70, Wisma Koponas, Jalan Tun Sambanthan 99, Wisma NBC, Pusat Perniagaan NBC
50470 Kuala Lumpur Bandar Utama Batu 11/2, Jalan Meru, 41050 Klang, Selangor
Tel: 03-2274 6477 Lot F20, Centre Point, Lebuh Bandar Utama, Tel: 03-3344 2540
Fax: 03-2272 1816 Bandar Utama, 47800 Petaling Jaya, Selangor Fax: 03-3344 2544
Tel: 03-7726 5080
Wisma Segar Fax: 03-7726 5986 Kajang
Jalan Tun Sambanthan 9, Jalan Tun Aziz Lim Tan, 43000 Kajang,
231, Wisma Low Kim Her Bangunan UMNO, Kapar Selangor
Jalan Tun Sambanthan, Brickfields Lot 6, Bangunan UMNO, Jalan Besar Tel: 03-8733 1661
50470 Kuala Lumpur 42200 Kapar, Selangor Fax: 03-8733 2553
Tel: 03-2274 5766 Tel: 03-3250 8500
Fax: 03-2274 5781 Fax: 03-3250 0133 Kelana Jaya
60, Jalan SS6/14, Kelana Jaya
Banting 47301 Petaling Jaya, Selangor
SELANGOR DARUL EHSAN
135, Jalan Besar, 42700 Banting, Selangor Tel: 03-7803 2109
Bangunan Umno, Shah Alam Tel: 03-3187 2101 Fax: 03-7803 4313
Bangunan UMNO Fax: 03-3187 1663
Lot P5.5, Persiaran Perbandaran KLIA, Sepang
Section 14, 40000 Shah Alam, Selangor Batang Berjuntai Block E, Jalan KLIA S3
Tel: 03-5519 8288 280, Jalan Besar, 45600 Batang Berjuntai, Southern Common Amenities Facilities
Fax: 03-5519 8330 Selangor KLIA (Selatan), 64000 KLIA, Selangor
Tel: 03-3271 9322/9321 Tel: 03-8787 2602
Ampang Point Fax: 03-3271 9749 Fax: 03-8787 2485
23, Jalan Mamanda 7/1
Wisma Ampang Triangle II Country Heights, Kajang Lorong Batu Tiga, Klang
Jalan Ampang, 68000 Ampang, Selangor 1, Persiaran Sinar Pagi, Country Heights 1, Lorong Batu 3, Off Jalan Lintang Tiga
Tel: 03-4270 1746 43000 Kajang, Selangor 41300 Klang, Selangor
Fax: 03-4270 1776 Tel: 03-8737 1609 Tel: 03-3341 9001
Fax: 03-8737 1611 Fax: 03-3341 1934

Menara Acmar, Klang Section 18, Shah Alam Universiti Putra Malaysia
Menara Acmar (Wing A) 49, Jalan Pinang B18/B Ground Floor, Block B, Bangunan Pusat Pelajar
1, Jalan Gelugor, 41400 Klang, Selangor Section 18, 40000 Shah Alam, Selangor Universiti Putra Malaysia
Tel: 03-3343 1959 Tel: 03-5541 1909 43400 UPM Serdang, Selangor
Fax: 03-3341 4142 Fax: 03-5541 7299 Tel: 03-8948 6018
Fax: 03-8948 2925
Menara Choy Fook On, Petaling Jaya Section 52, Petaling Jaya
Menara Choy Fook On 27, Jalan 52/2, 46200 Petaling Jaya, Selangor USJ 9, Subang Jaya
1B, Jalan Yong Shook Lin, Section 7 Tel: 03-7956 3642 31-1, Jalan USJ 9/5S, UEP Subang Jaya
46050 Petaling Jaya, Selangor Fax: 03-7955 0695 47620 Petaling Jaya, Selangor
Tel: 03-7954 3478 Tel: 03-8024 1007
Fax: 03-7957 8782 Seri Kembangan Fax: 03-8024 1014
1485, Jalan Besar
Menara MRCB 43300 Seri Kembangan, Selangor Wisma DRB-HICOM, Glenmarie
Ground Floor, 2, Jalan Majlis 14/10 Tel: 03-8948 4027 Suite No. 1.2, Tingkat 1, Wisma DRB-HICOM
Section 14, 40000 Shah Alam, Selangor Fax: 03-8942 4485 2, Jalan Usahawan U1/8, Section U1
Tel: 03-5519 1758 40150 Shah Alam, Selangor
Fax: 03-5511 9377 Sungai Besar Tel: 03-7805 3299
22A, Jalan Menteri, 45300 Sungai Besar Fax: 03-7805 2935
Pandan Indah Sabak Bernam, Selangor
21G, Jalan Pandan Indah 4/34 Tel: 03-3224 1205 Wisma Tractors, Subang Jaya
Pandan Indah, 55100 Kuala Lumpur Fax: 03-3224 1644 Ground Floor, West Wing, Wisma Consplant 2
Tel: 03-4294 3255 7, Jalan SS16/1, Subang Jaya
Fax: 03-4295 3110 Taman Melawati 47500 Petaling Jaya, Selangor
227, Jalan Bandar 13, Taman Melawati Tel: 03-5633 5313
Pandan Jaya 53100 Kuala Lumpur Fax: 03-5635 4276
43, Jalan Pandan 3/3 Tel: 03-4108 1515
Pandan Jaya, 55100 Kuala Lumpur Fax: 03-4107 5477 Kuala Selangor
Tel: 03-9284 5262 30, Jalan Melati 3/1, Bandar Melawati
Fax: 03-9283 7912 Taman Putra 45000 Kuala Selangor, Selangor
29, Jalan Bunga Tanjong 9C, Taman Putra Tel: 03-3289 6991
Pelabuhan Klang 68000 Ampang, Selangor Fax: 03-3281 3709
44, Jalan Chungah, Off Jalan Sekolah Tel: 03-4292 2334
42000 Pelabuhan Klang, Selangor Fax: 03-4292 6696 Batang Kali
Tel: 03-3168 0995 25, Jalan Meranti 1A, Section 3
Fax: 03-3168 2299 Taman SEA, Petaling Jaya Bandar Utama Batang Kali
67, Block A, Jalan SS23/15, Taman SEA 44300 Ulu Selangor, Selangor
Puchong Jaya 47400 Petaling Jaya, Selangor Tel: 03-6057 0558
12, Jalan Kenari 5, Bandar Puchong Jaya Tel: 03-7805 3177 Fax: 03-6057 9539
41700 Puchong, Selangor Fax: 03-7804 2040
Tel: 03-8075 7501 N EG E R I S E M B I L A N D A R U L K H U S U S
Fax: 03-8075 7359 Taman Seri Gombak Seremban
2, Jalan SG 1 /2, Taman Seri Gombak 1A, Wisma Dewan Perniagaan Melayu
Rawang 68100 Batu Caves, Selangor Negeri Sembilan, Jalan Dato’ Bandar Tunggal
1 & 1A, Jalan Bandar, Rawang 2 Tel: 03-6189 5767 70000 Seremban, Negeri Sembilan
Pusat Bandar Rawang, 48000 Rawang Fax: 03-6188 5892 Tel: 06-762 5305
Selangor Fax: 06-763 7680
Tel: 03-6091 3904 Teluk Panglima Garang
Fax: 03-6091 3907 54, Jalan J/U2, Taman Jaya Utama, Phase 1 Bahau
42500 Teluk Panglima Garang , Selangor 21, Jalan Mahligai, 72100 Bahau
Salak Tinggi Tel: 03-3122 8434 Negeri Sembilan
Bangunan UMNO Sepang Fax: 03-3122 7298 Tel: 06-454 5819
Jalan ST1D/2, Bandar Baru Salak Tinggi Fax: 06-454 5064
43900 Sepang, Selangor Terminal 3, Subang
Tel: 03-8706 2197 Lot RB5, Terminal 3 Bandar Baru Nilai
Fax: 03-8706 2202 Lapangan Terbang Sultan Abdul Aziz Shah 7464, Jalan BBN 1/1A, Putra Point 1
47200 Subang, Selangor 71800 Bandar Baru Nilai, Negeri Sembilan
SEA Park, Petaling Jaya Tel: 03-7846 1767 Tel: 06-850 0543
Lot 27, Jalan 21/11A, SEA Park Fax: 03-7846 4026 Fax: 06-850 0514
46300 Petaling Jaya, Selangor
Tel: 03-7876 9072 Universiti Kebangsaan Malaysia Bukit Pelandok
Fax: 03-7874 7314 Lot 1.04 & 1.05, Level 1, Wisma UNIKEB 4232, Jalan Besar, 71960 Bukit Pelandok
Universiti Kebangsaan Malaysia Negeri Sembilan
Section 14, Petaling Jaya 43600 UKM Bangi, Selangor Tel: 06-667 3688
6, Jalan 14/14, Jalan Semangat Tel: 03-8925 0214 Fax: 06-667 2892
46860 Petaling Jaya, Selangor Fax: 03-8925 0177
Tel: 03-7957 6433 Kuala Pilah
Fax: 03-7956 0595 1, Jalan Angkasa Jaya, Bukit Pilah Perdana
72000 Kuala Pilah, Negeri Sembilan
Tel: 06-481 2358
Fax: 06-481 5900

Port Dickson Jalan Munshi Abdullah Lebuhraya Darulaman

745, Bangunan UMNO, Jalan Besar Lot 30, Komplek Munshi Abdullah Kompleks Alor Star, Lebuhraya Darulaman
71000 Port Dickson, Negeri Sembilan Jalan Munshi Abdullah, 75100 Melaka 05100 Alor Star, Kedah
Tel: 06-647 1772 Tel: 06-283 7998 Tel: 04-731 2224
Fax: 06-647 1770 Fax: 06-283 7257 Fax: 04-731 4653
Rembau Jasin Pendang

Bangunan RISDA, 13 & 14, Jalan Terentang 3733, Jalan Kesang, 77000 Jasin, Melaka Bangunan UMNO, Jalan Sungai Tiang
71309 Rembau, Negeri Sembilan Tel: 06-529 8881 06700 Pendang, Kedah
Tel: 06-685 1204 Fax: 06-529 4626 Tel: 04-759 6312
Fax: 06-685 3017 Fax: 04-759 7188
Masjid Tanah
Senawang AG 8871, Wisma Haji Sulong Siban Taman Sejati Indah, Sungai Petani
51, Lorong Sri Mawar 12/2, Taman Sri Mawar Jalan Besar, 78300 Masjid Tanah, Melaka 8, Jalan Matang Gedong, Taman Sejati Indah
70450 Senawang, Negeri Sembilan Tel: 06-384 2301 08000 Sungai Petani, Kedah
Tel: 06-679 2739 Fax: 06-384 3428 Tel: 04-431 2905
Fax: 06-679 2710 Fax: 04-431 2895
P E R L I S I N D E R A K AYA N G A N
Taman Semarak, Nilai Teluk Wan Jah
5717, Jalan TS 2/1D, Taman Semarak Kangar 1787 A, Jalan Teluk Wan Jah
71800 Nilai, Negeri Sembilan 44, Jalan Penjara, 01000 Kangar, Perlis 05200 Alor Star, Kedah
Tel: 06-799 4864 Tel: 04-976 1292 Tel: 04-730 0222
Fax: 06-799 4861 Fax: 04-976 0953 Fax: 04-731 5197
Tampin K E DA H D A R U L A M A N Universiti Utara Malaysia

Bangunan Baru UMNO, Jalan Besar Universiti Utara Malaysia
Bangunan UMNO, Alor Star
73000 Tampin, Negeri Sembilan Kompleks The Mall, Sintok, 06000 Jitra, Kedah
1583, Bangunan UMNO
Tel: 06-441 1588 Tel: 04-924 1929
Jalan Tunku Ibrahim, 05000 Alor Star, Kedah
Fax: 06-441 3163 Fax: 04-924 2075
Tel: 04-733 1906
Fax: 04-733 1170
Titi Wisma RIA, Sungai Petani
68, Wisma Gerakan, Jalan Besar Wisma RIA, Taman RIA
Guar Chempedak
71650 Titi, Negeri Sembilan 08000 Sungai Petani, Kedah
3, Taman Mewah
Tel: 06-611 3166 Tel: 04-422 2486
08800 Guar Chempedak, Kedah
Fax: 06-611 2535 Fax: 04-422 2484
Tel: 04-468 6435
Fax: 04-468 7184
M E L A K A B A N DA R AYA B E R S E J A R A H P U L AU P I N A N G
Taman Melaka Raya Jalan Kampung Baru, Sungai Petani 15 Lebuh Pantai, Penang
188, Taman Melaka Raya A10, Jalan Kampung Baru 15, Lebuh Pantai, 10760 Pulau Pinang
Off Jalan Parameswara, 75000 Melaka 08000 Sungai Petani, Kedah Tel: 04-261 3872
Tel: 06-284 8960 Tel: 04-423 2233 Fax: 04-262 5600
Fax: 06-283 0582 Fax: 04-421 3653
1, Lebuh Pantai, Penang
Alor Gajah Jitra Bangunan Dewan Perniagaan &
Km 3059, Prima Alor Gajah Kompleks UMNO, Bahagian Kubang Pasu Perusahaan Melayu
Jalan Besar, Bandar Alor Gajah Jalan Ibrahim, 06000 Jitra, Kedah 1, Lebuh Pantai, 10300 Pulau Pinang
78000 Alor Gajah, Melaka Tel: 04-917 1091 Tel: 04-262 2921
Tel: 06-556 2200 Fax: 04-917 5171 Fax: 04-263 1921
Fax: 06-556 2119
Kuah, Langkawi AutoCity, Prai
Batu Berendam 1, Jalan Pandak Mayah 1 Unit G5 & G6, 1688, Jalan Perusahaan
30, Jalan Mutiara Melaka 2 07000 Kuah, Pulau Langkawi, Kedah Highway Auto-City, Juru Interchange
Taman Mutiara Melaka Tel: 04-966 6724 13600 Prai, Pulau Pinang
75350 Batu Berendam, Melaka Fax: 04-966 7985 Tel: 04-508 9358
Tel: 06-317 6397 Fax: 04-507 2713
Fax: 06-317 6467 Kuala Nerang
Lot 67 & 68, Pekan Kuala Nerang Ayer Itam
Bukit Baru 06300 Kuala Nerang, Kedah 60, Lintang Angsana, Bandar Baru Ayer Itam
11, Section 3, Taman Bukit Piatu Tel:04-786 6641 11500 Pulau Pinang
75150 Bukit Baru, Melaka Fax: 04-786 6568 Tel: 04-829 1699
Tel: 06-283 8844 Fax: 04-829 5926
Fax: 06-282 8121 Kulim
254A, Wisma Koperasi, Jalan Tuanku Putra Bukit Mertajam
Jalan Hang Tuah 09000 Kulim, Kedah Bangunan Persatuan Bekas-Bekas Polis
Graha UMNO, Jalan Hang Tuah, 75300 Melaka Tel: 04-490 4600 Jalan Che Bee Hoor (Jalan Aston)
Tel: 06-284 0455 Fax: 04-490 1323 14000 Bukit Mertajam, Pulau Pinang
Fax: 06-284 7611 Tel: 04-537 3499
Fax: 04-539 1291

Jalan Mahsuri, Bayan Baru P E R A K D A R U L R I D Z UA N Sitiawan

32, Jalan Mahsuri, Bandar Bayan Baru Jalan Sultan Idris Shah, Ipoh Lot 2871, Off Jalan Kelab
11950 Pulau Pinang 112, Jalan Sultan Idris Shah 32000 Sitiawan, Perak
Tel: 04-644 4144 30740 Ipoh, Perak Tel: 05-691 8776
Fax: 04-644 6169 Tel: 05-254 2316 Fax: 05-692 1121
Fax: 05-255 4058
Kepala Batas Taiping
1283, Jalan Dato Hj Ahmad Badawi Bandar Ipoh Raya Bangunan Majlis Perbandaran Taiping
Taman Gooi Seng Tuck, Kepala Batas 2, Medan Istana, Bandar Ipoh Raya 42, Jalan Kota, 34000 Taiping, Perak
13200 Pulau Pinang 30000 Ipoh, Perak Tel: 05-807 2422
Tel: 04-575 1033 Tel: 05-241 8802 Fax: 05-807 8740
Fax: 04-575 3836 Fax: 05-253 0393
Tanjung Rambutan
Kompleks Tun Abdul Razak (KOMTAR) Batu Gajah Lot 259, Jalan Stesen
Lot 1.05, Level 1, Phase 1B 20, Jalan Pejabat Pos 31250 Tanjung Rambutan, Perak
Kompleks Tun Abdul Razak 31000 Batu Gajah, Perak Tel: 05-533 2182
10000 Pulau Pinang Tel: 05-366 1905 Fax: 05-533 2180
Tel: 04-261 3134 Fax: 05-366 2840
Fax: 04-261 8312 Tapah
Grik Bangunan UMNO, Jalan Raja
Pulau Tikus Wisma Pernida, Jalan Intan, 33300 Grik, Perak 35000 Tapah, Perak
409, Jalan Burmah, 10350 Pulau Pinang Tel: 05-791 2824 Tel: 05-403 3105
Tel: 04-226 1644 Fax: 05-791 2076 Fax: 05-401 2858
Fax: 04-226 3221
Hutan Melintang Teluk Intan
Pusat Bandar Seberang Jaya 6, Lorong Satu, Taman Julaiha 32, Jalan Pasar, 36000 Teluk Intan, Perak
1, Jalan Todak 3, Bandar Baru Seberang Jaya 36400 Hutan Melintang, Perak Tel: 05-621 2711
13700 Seberang Jaya, Pulau Pinang Tel: 05-641 8500 Fax: 05-621 2714
Tel: 04-397 6410 Fax: 05-641 8506
Fax: 04-397 6416 Tanjung Malim
Ipoh Garden 21, Jalan Bunga Anggerek
Raja Uda, Butterworth Lot 73207, Jalan Canning Estate 35900 Tanjung Malim, Perak
6162, Jalan Ong Yi How, Off Jalan Raja Uda Ipoh Garden, 31400 Ipoh, Perak Tel: 05-459 7910
Taman Teras Jaya, 13400 Butterworth Tel: 05-547 5678 Fax: 05-459 5080
Tel: 04-323 2707 Fax: 05-547 6000
Fax: 04-323 2715 K E L A N TA N DA R U L N A I M
Jalan Gopeng, Ipoh Kota Bharu
Taman Emas, Prai 288, Jalan Gopeng, Gunung Rapat
1271, Jalan Baru, Taman Emas Wisma Square Point
31350 Ipoh, Perak Lot 1, Jalan Pengkalan Chepa
13600 Prai, Pulau Pinang Tel: 05-313 5200
Tel: 04-390 1577 15400 Kota Bharu, Kelantan
Fax: 05-313 1316 Tel: 09-741 9009
Fax: 04-399 3103
Fax: 09-743 6914
Jelapang, Ipoh
Taman Selat, Butterworth 64, Persiaran Silibin Utara
91, Jalan Bagan Luar, Taman Selat Bachok
Jalan Jelapang, 30020 Ipoh, Perak Bangunan UMNO, Jalan Tuanku Abdul Hamid
12720 Butterworth, Pulau Pinang Tel: 05-527 8605
Tel: 04-331 2433 16300 Bachok, Kelantan
Fax: 05-527 8604 Tel: 09-778 9367
Fax: 04-332 3943
Fax: 09-778 8780
Kampar
Tanjung Bungah 23, Jalan Idris, 31900 Kampar, Perak
Lot GF-08 Menara Asas Gua Musang
Tel: 05-465 1633 44, Jalan Besar, 18300 Gua Musang, Kelantan
598, Jalan Tanjung Bungah Fax: 05-466 1482
11200 Pulau Pinang Tel: 09-912 1424
Tel: 04-890 6060 Fax: 09-912 2195
Kuala Kangsar
Fax: 04-899 4630 95, Pusat Komersil, Jalan Kangsar Jalan Maju Kota Bahru
33000 Kuala Kangsar, Perak Bangunan BCB, Jalan Maju
Universiti Sains Malaysia Tel: 05-777 7011
Block 32, Minden Campus 15000 Kota Bharu, Kelantan
Fax: 05-777 6372 Tel: 09-741 9033
Universiti Sains Malaysia, Minden
11800 USM Pulau Pinang Fax: 09-743 3887
Lumut
Tel: 04-658 1382 4165, Jalan Sultan Idris Shah
Fax: 04-657 7662 Kuala Krai
32200 Lumut, Perak Lot 1361, Jalan Besar, Guchil Baru
Tel: 05-683 6791 18000 Kuala Krai, Kelantan
Jelutong Fax: 05-683 5844
375, Vantage Point, Jalan Perak Tel: 09-966 7142
11600 Jelutong, Pulau Pinang Fax: 09-966 7133
Parit Buntar
Tel: 04-283 2178 6, Jalan Kelichap, 34200 Parit Buntar, Perak
Fax: 04-282 5596 Tel: 05-716 1505
Fax: 05-716 4199

Machang Kerteh Pelabuhan Kuantan

Lot 261, Jalan Masjid Bangunan PMINT, 10A, Bandar Baru Kerteh Batu 16, Jalan Kuantan-Kemaman
18500 Machang, Kelantan 24300 Kerteh, Terengganu Tanjong Gelang, Pelabuhan Kuantan
Tel: 09-975 7380 Tel: 09-826 1912 25710 Kuantan, Pahang
Fax: 09-975 7386 Fax: 09-826 1998 Tel: 09-583 3345
Fax: 09-583 3393
Pasir Mas Paka
110, Serakai Mas Plaza Lot 120, Jalan Besar Paka Raub
17000 Pasir Mas, Kelantan 23100 Dungun, Terengganu 33, Jalan Lipis, Bandar Raub Perdana
Tel: 09-790 0090 Tel: 09-827 5236 27600 Raub, Pahang
Fax: 09-790 2199 Fax: 09-827 5237 Tel: 09-355 9387
Fax: 09-355 3577
Pasir Puteh PA H A N G D A R U L M A K M U R
Lot 422, Jalan Pasir Puteh Temerloh
16800 Pasir Puteh, Kelantan Jalan Bank, Kuantan 77, Bangunan LKNP, Jalan Ahmad Shah
Tel: 09-786 4367 Bangunan BCB, Lot 32 Jalan Bank 28000 Temerloh, Pahang
Fax: 09-786 7677 25000 Kuantan, Pahang Tel: 09-296 1775
Tel: 09-516 2099 Fax: 09-296 4301
Tanah Merah Fax: 09-516 4116
Lot 522, Jalan Dato’ Nik Mustapha J O H O R DA R U L TA ’ Z I M
17500 Tanah Merah, Kelantan Bandar Muadzam Shah
Tel: 09-955 6084 6, Medan Mewah Taman Pelangi
Fax: 09-955 8328 26700 Bandar Muadzam Shah, Pahang 30, Jalan Serampang
Tel: 09-452 2077 Taman Pelangi, 80050 Johor Bahru, Johor
Wakaf Siku Fax: 09-452 2843 Tel: 07-332 4911
4585-K, Wisma Ibrahim & Sons Fax: 07-332 5266
Jalan Sultan Yahya Petra Jalan Teluk Sisek, Kuantan
Wakaf Siku, 15200 Kota Bharu, Kelantan 67, Jalan Teluk Sisek, 25710 Kuantan, Pahang Bandar Baru Permas Jaya
Tel: 09-748 5229 Tel: 09-555 2855 39, Jalan Pernas 10/2
Fax: 09-744 4364 Fax: 09-514 4008 Bandar Baru Permas Jaya, 81750 Masai, Johor
Tel: 07-386 2519
Jerantut Fax: 07-386 2527
T E R E N G G A N U DA R U L I M A N 23, Jalan Tahan, 27000 Jerantut, Pahang
Jalan Sultan Ismail, Kuala Terengganu Tel: 09-266 2250 Bandar Sri Alam, Masai
Lot 3083, Jalan Sultan Ismail Fax: 09-266 4250 15, Jalan Suria 3
20200 Kuala Terengganu, Terengganu Bandar Baru Seri Alam
Tel: 09-625 1866 Karak 81750 Masai, Johor
Fax: 09-624 0603 16, Jalan Besar, 28600 Karak, Pahang Tel: 07-252 5520
Tel: 09-231 1281 Fax: 07-252 8280
Bandar Al-Muktafibillah Shah Fax: 09-231 1522
Lot K15, Pusat Bandar Bangunan UMNO, Johor Bahru
Bandar Al-Muktafibillah Shah Kompleks Teruntum 51, Jalan Segget, 80000 Johor Bahru, Johor
23400 Dungun, Terengganu Lot G-01, Kompleks Teruntum Tel: 07-222 4833
Tel: 09-822 1006 Jalan Penjara, 25000 Kuantan, Pahang Fax: 07-223 6904
Fax: 09-822 1433 Tel: 09-512 1346
Fax: 09-513 8726 Batu Pahat
Bandar Permaisuri, Setiu 39A, Jalan Rahmat, 83000 Batu Pahat, Johor
Lot P-T 729, Bandar Permaisuri Kuala Lipis Tel: 07-431 1096
22110 Setiu, Terengganu 17, Bangunan LKNP, Jalan Besar Fax: 07-431 7324
Tel: 09-609 9123 27200 Kuala Lipis, Pahang
Fax: 09-609 0123 Tel: 09-312 1907 Gelang Patah
Fax: 09-312 3346 25, Jalan Medan Nusa Perintis 6
Dungun Taman Nusa Perintis 2
3679, Bangunan UMNO Maran 81550 Gelang Patah, Johor
Jalan Besar, 23000 Dungun, Terengganu 47, Bangunan LKNP, 26500 Maran, Pahang Tel: 07-530 0000
Tel: 09-848 1555 Tel: 09-477 1227 Fax: 07-530 0017
Fax: 09-848 5285 Fax: 09-477 1084
Holiday Plaza
Jerteh Mentakab G86, Holiday Plaza, Jalan Dato’ Sulaiman
Bangunan UMNO (Baitul Ehsan) 46, Jalan Temerloh, 28400 Mentakab, Pahang 80250 Johor Bahru, Johor
Jalan Besar, 22000 Jerteh, Terengganu Tel: 09-277 7973 Tel: 07-333 1961
Tel: 09-697 1136 Fax: 09-277 7975 Fax: 07-332 2773
Fax: 09-697 2653
Pekan Kluang
Kemaman Lot 83 Jalan Sultan Abdullah 7, Jalan Syed Abdul Hamid Sagaff
K712, Jalan Sulaimani, Chukai 26600 Pekan, Pahang 86000 Kluang, Johor
24000 Kemaman, Terengganu Tel: 09-422 2024 Tel: 07-771 8080
Tel: 09-859 1655 Fax: 09-422 1146 Fax: 07-772 4657
Fax: 09-859 5823

Kota Tinggi Taman Johor Jaya Kompleks KUWASA

30, Jalan Niaga 1 104, Jalan Dedap 13, Taman Johor Jaya 42, Block B, Kompleks KUWASA
Pusat Dagangan Jalan Mawai 81100 Johor Bahru, Johor Jalan Karamunsing, 88000 Kota Kinabalu
81900 Kota Tinggi, Johor Tel: 07-355 0784 Sabah
Tel: 07-883 7507 Fax: 07-355 0782 Tel: 088-233 214
Fax: 07-883 4322 Fax: 088-242 794
Taman Ungku Tun Aminah
Kulai 87, Jalan Pahlawan 1 Lahad Datu
31-10, Jalan Raya, Kulai Besar Taman Ungku Tun Aminah Lot 8, Block A, Metro Shopping Complex
81000 Kulai, Johor 81300 Johor Bahru, Johor 91100 Lahad Datu, Sabah
Tel: 07-663 2678 Tel: 07-556 7700 Tel: 089-880 609
Fax: 07-663 7716 Fax: 07-557 7711 Fax: 089-880 608
Labis Taman Universiti, Skudai Ranau

81, Taman Orkid Baru, 85300 Labis, Johor 21, Jalan Kebudayaan 4 Ground Floor, Block C, Lot 10,
Tel: 07-925 3836 Taman Universiti, 81300 Skudai, Johor Ranau New Town, 89300 Ranau, Sabah
Fax: 07-925 3840 Tel: 07-521 5055 Tel: 088-875 271
Fax: 07-521 4291 Fax: 088-875 834
Mersing
4, Jalan Ismail, 86800 Mersing, Johor Tampoi Sandakan
Tel: 07-799 1600 193B, Batu 41/2, Jalan Skudai TL 639, Bangunan Harisons & Crosfield
Fax: 07-799 4790 80200 Tampoi, Johor 90000 Sandakan, Sabah
Tel: 07-236 3734 Tel: 089-213 272
Muar Fax: 07-234 0300 Fax: 089-273 087
24, Jalan Maharani, Off Jalan Sisi
84000 Muar, Johor Universiti Teknologi Malaysia, Skudai Tawau
Tel: 06-953 5399 Bangunan Hal Ehwal Pelajar Block 30, Kompleks Fajar
Fax: 06-951 5808 Universiti Teknologi Malaysia Jalan Haji Karim, 91000 Tawau, Sabah
81300 Skudai, Johor Tel: 089-762 200
Parit Raja Tel: 07-557 7103 Fax: 089-761 617
4, Jalan Raja Satu, Taman Sri Raja Fax: 07-557 0855
86400 Parit Raja, Johor SARAWAK
Tel: 07-454 1386 Taman Molek
Fax: 07-454 2377 73, Jalan Molek 3/1, Taman Molek Khoo Hun Yeang Street, Kuching
81100 Johor Bahru, Johor 32, Khoo Hun Yeang Street
Parit Sulong Tel: 07-358 4378 93000 Kuching, Sarawak
76, Jalan Muar, Parit Sulong Fax: 07-358 3877 Tel: 082-422 522
83500 Batu Pahat, Johor Fax: 082-424 598
Tel: 07-418 6258 F E D E R A L T E R R I TO R Y O F L A B UA N
Fax: 07-418 7800 Bandar Sri Aman
Labuan 422, Jalan Hospital
Pontian Kechil Lot E006, Podium Level 95000 Bandar Sri Aman, Sarawak
742, Wisma Koperasi, Jalan Taib Financial Park Labuan Tel: 083-322 007
82000 Pontian Kechil, Johor Jalan Merdeka, 87000 Labuan Fax: 083-320 887
Tel: 07-687 1533 Tel: 087-451 033
Fax: 07-687 4033 Fax: 087-451 032 Boulevard, Miri
Lot 2382, Block 5 MCLD
Pusat Perdagangan, Pasir Gudang SABAH Boulevard Commercial Centre
13A, Pusat Perdagangan, Jalan Bandar Jalan Pujut, 08000 Miri, Sarawak
API-API Centre, Kota Kinabalu Tel: 085-416 559
81700 Pasir Gudang, Johor
API-API Centre, Lot 4/G3 Fax: 085-410 454
Tel: 07-252 4955
88000 Kota Kinabalu, Sabah
Fax: 07-251 2932
Tel: 088-264 287 Jalan Permaisuri, Miri
Fax: 088-211 800 Lot 507, Block 9
Segamat
113, Jalan Genuang, 85000 Segamat, Johor Miri Concession Land District
Inanam Jalan Permaisuri, 98000 Miri, Sarawak
Tel: 07-931 3653
9, Block A, Inanam Plaza Tel: 085-420 371
Fax: 07-931 2121
Phase 3, Inanam New Township Fax: 085-415 379
89357 Inanam, Kota Kinabalu, Sabah
Senai
Tel: 088-437 657 Jalan Satok, Kuching
182, Jalan Belimbing 1, 81400 Senai, Johor
Fax: 088-437 662 Lot 1.1, Bangunan Satok
Tel: 07-599 6214
Fax: 07-599 6219 Jalan Satok / Jalan Kulas
Keningau 93400 Kuching, Sarawak
Industrial Lot 10A, 89007 Keningau, Sabah Tel: 082-413 155
Taman Daya, Johor Bahru
Tel: 087-331 515 Fax: 082-244 553
2, Jalan Sagu 1, Taman Daya
Fax: 087-334 991
81100 Johor Bahru, Johor
Tel: 07-351 1940
Fax: 07-351 1943

Jalan Tunku Abdul Rahman, Kuching Sibu London

Wisma Bukit Mata Kuching 1, Lorong Kampong Datu 5 14, Cavendish Square
Lot 262, Section 48 Jalan Kampong Datu, 96000 Sibu, Sarawak London W1G 9HA
Jalan Tunku Abdul Rahman Tel: 084-342 404 United Kingdom
93100 Kuching, Sarawak Fax: 084-319 984 Tel: 00 44 20 7306 6080/6063
Tel: 082-236 809 Fax: 00 44 20 7306 6060
Fax: 082-236 797 Tanjung Kidurong SWIFT: BCBMGB2L
Lot 17, Medan Jaya Commercial Centre
Petra Jaya Tanjung Kidurong, 97000 Bintulu, Sarawak Tokyo
Bangunan MASJA, Ground Floor Tel: 086-315 015 1F Hibiya Daibiru
Lot 4, Medan Raya, Petra Jaya Fax: 086-315 013 1-2-2, Uchisaiwai-Cho
93050 Kuching, Sarawak Chiyoda-ku, 1 Chome
Tel: 082-443 666 Twin Towers Tokyo 100-0011, Japan
Fax: 082-443 418 2691, Block 10, KCLD, 3rd Mile, Rock Road Tel: 00813-3502 1591/1594
93250 Kuching, Sarawak Fax: 00813-3508 1049
Sarikei Tel: 082-419 072 SWIFT: BCBMJPJT
12, Lorong 1, Jalan Abdul Razak Fax: 082-420 263
96100 Sarikei, Sarawak Singapore
Tel: 084-651 630 OVERSEAS BRANCHES 7, Temasek Boulevard
Fax: 084-653 522 #37-01/02/03, Suntec Tower 1
Hong Kong Singapore 038987
Serian Suite 3607-3608, Tel: 02-6337 5115/7337
Lot 230, Serian Bazaar, 94700 Serian, Sarawak Two Exchange Square Fax: 02-6337 5335
Tel: 082-874 135 8, Connaught Place, SWIFT: BCBMSGSG
Fax: 082-874 431 Central Hong Kong
Tel: 00852-2525 2829/6446/7882
Fax: 00852-2523 3287 YA N G O N R E P R E S E N TAT I V E O F F I C E
Shahida Commercial Centre Bintulu 35 (D), Pyay Road
Lot 2300, BDA-Shahida Commercial Centre SWIFT: BCBMHKHH
7th Miles, Mayangone Tsp
Lebuhraya Abang Galau Yangon, Myanmar
97000 Bintulu, Sarawak Tel: 00 951-660 919
Tel: 086-331 320 Fax: 00 951-650 838
Fax: 086-336 297

Directory of Bank Niaga Branches
HEAD OFFICE Gunung Sahari Gran Melia Kuningan

Graha Niaga Jl. Gunung Sahari, No. 73C, Jakarta Pusat Graha Surya Inter Nusa
Jl. Jend. Sudirman Kav. 58, Jakarta 12190 Tel: 021-421 2582 Jl. HR Rasuna Said Kav. X-O, Kuningan
Tel: 021-250 5151/250 5252/250 5353 Fax: 021-421 2612 Jakarta 12950
Fax: 021-250 5205 Tel: 021-527 2801
http: //www.bankniaga.com Pecenongan Fax: 021-527 2806
e-mail: caniaga@bankniaga.com Jl. Pecenongan Raya
Ruko Pecenongan Raya, No. 17E Metro Pondok Indah I
Jakarta Pusat Jl. Metro Duta Niaga
BRANCH OFFICES Tel: 021-384 8150 Pondok Indah Plaza I
JAKARTA Blok II UA Kav. 67-69, Jakarta 12310
J A K A R TA P U S AT J A K A R TA S E L ATA N Tel: 021-750 3541/750 3543
Fax: 021-751 3915
Gajah Mada Graha Niaga
Jl. Gajah Mada No. 18, Jakarta 10130 Jl. Jend. Sudirman Kav. 58, Jakarta Selatan Cipulir
Tel: 021-6385 7649/6385 7667/6385 7711 Tel: 021-250 5050 Jl. Cipulir Raya No. 17, Jakarta Selatan
Fax: 021-6385 7612 Fax: 021-250 5458 Tel: 021-734 3344
Fax: 021-734 3355
Thamrin Wisma Pondok Indah II
Jl. M.H. Thamrin No. 53, Jakarta 10350 Wisma Pondok Indah, Lt. Dasar ITC Fatmawati
Tel: 021-315 6761/315 6721 Jl. Sultan Iskandar Muda Blok V TA Ruko ITC Fatmawati No. 10
Fax: 021-315 6781 Jakarta 12310 Jakarta Selatan
Tel: 021-769 7101 Tel: 021-7279 3900
Cikini Fax: 021-769 7109 Fax: 021-7279 8300
Jl. Cikini Raya No. 71A, Jakarta 10330
Tel: 021-230 1005 Falatehan RPX Center (Fedex)
Fax: 021-230 1236 Jl. Falatehan I No. 27, Jakarta Selatan Jl. Ciputat Raya Kav. 99, Jakarta Selatan
Tel: 021-270 2888/270 0555 Tel: 021-7590 9101
Gambir Fax: 021-720 0207 Fax: 021-7590 9102
Jl. Kwitang No. 17-18, Gambir, Jakarta 10110
Tel: 021-230 0687 Mahakam Setia Budi Building II
Fax: 021-230 0665 Jl. Mahakam 1 No.14, Jakarta Selatan Setia Budi Building II, Ground Floor
Tel: 021-725 1550 Jl. HR Rasuna Said Kav. 62 Kuningan
Unika Atma Jaya Fax: 021-725 1477 Jakarta Selatan
Kampus Atmajaya, Jl. Jend. Sudirman Kav. 51 Tel: 021-252 3236
Jakarta Pusat Tebet Fax: 021-252 2376
Tel: 021-570 8802/572 2224 Jl. Prof Dr. Supomo SH No. 15 A, Tebet
Fax: 021-572 2224 Jakarta Selatan Veteran
Tel: 021-829 5579/830 1774/830 1776 Jl. RC. Veteran No. 11-E, Bintaro
Kramat Fax: 021-829 9032 Jakarta Selatan
Jl. Kramat Raya, No. 148, Jakarta Pusat Tel: 021-735 4423
Fatmawati Fax: 021-735 5641
Cempaka putih Jl. Fatmawati No. 20, Jakarta 12140
Jl. Cempaka Putih Raya No.102 Tel: 021-765 6523 Kemang 2
Jakarta Pusat Fax: 021-750 4812 Jl. Kemang Raya No. 47-D, Jakarta Selatan
Tel: 021-424 2506, 424 2469 Tel: 021-719 9812/719 9837
Fax: 021-2487 5765 Kemang Fax: 021-719 9732
Jl. Kemang Raya No. 3, Jakarta 12730
ITC Mangga Dua Tel: 021-719 4462 Ambasador
Ruko Tekstil Blok C VI No. 1 Fax: 021-7179 1645 Ruko Mall Ambasador, No. R-5
Jakarta Pusat Jl. Sartio RT 08/03, Jakarta Selatan
Tel: 021-601 1427 Mampang Tel: 021-5793 1047/5793 1048/5793 1049
Fax: 021-601 1425/601 7605 Mampang Plaza, Jl. Buncit Raya No. 100 Fax: 021-5793 1046
Jakarta 12790
Tanah Abang Tel: 021-798 2167, 798 2170 Sucofindo
Komp. Pertokoan Fax: 021-797 0551 Graha Sucofindo, Lt. 1
Tanah Abang Bukit Blok B No. 2, Jakarta Pusat Jl. Raya Ps. Minggu Kav. 34
Tel: 021-345 6218/345 6228 Bursa Efek Jakarta Jakarta Selatan
Fax: 021-345 6223 Gedung Bursa Efek Jakarta II
Lantai Dasar, Suite G.06 Permata Hijau
Wisma Nugra Santana Jl. Jend. Sudirman Kav. 52-53 Jl. Arteri Permata Hijau, Grogol Utara
Jl. Jend. Sudirman Kav. 7-8, Jakarta Pusat Jakarta Selatan Keb. Lama, Ruko Grand Permata Hijau
Tel: 021-5100 0091/5100 0092/5100 0093 Tel: 021-515 4766/515 4768 - Emerald No. 18, Jakarta Selatan
Fax: 021-5100 0096 Fax: 021-515 4763
Arcadia
Benhil Soepomo II (Lapangan Roos) Perkantoran Hijau Arcadia
Ruko Bendungan Hilir Raya, Blok A, No.15 Jl. Lapangan Roos Raya No.8 Tower E, Ground Floor
Jakarta Pusat Jakarta Selatan JI. TB. Simatupang Kav. 88
Tel: 021-829 3751/829 3757 Jakarta Selatan
Fax: 021-829 3758

DIRECTORY OF BANK NIAGA BRANCHES
J A K A R TA B A R AT Sunter Mall Buah Batu

Kota Jl. Danau Sunter Utara BI G7 Kav. 11 Jl. Buah Batu No. 143, Bandung
Jl. Roa Malaka Selatan No. 3-5 Jakarta Utara Tel: 022-730 5703
Kota Jakarta 11230 Tel: 021-640 7418 Fax: 022-730 5701
Tel: 021-260 0260/260 0266 Fax: 021-651 9541
Fax: 021-260 0258 Riau
Pulogadung Jl. RE Martadinata No. 134, Bandung
Tomang Gedung Sapta Mulia Tel: 022-424 1852
Jl Tomang Raya No.25, Jakarta 11440 Jl Rawa Gelong V, Kav.OR.3B Fax: 022-424 1855
Tel: 021-566 0904 Pulogadung, Jakarta Utara
Fax: 021-566 8276 Tel: 021-4682 9134/4682 9135 ITB
Fax: 021-4682 8052 Jl. Ganesha No. 10, Kampus ITB, Bandung
Jakarta Design Center Tel: 022-253 4152/2534149
Gudang Jakarta Design Center Kelapa Gading II Fax: 022-253 4154
Jl. Gatot Subroto Kav. 53, Jakarta 10260 KCP Kelapa Gading II
Tel: 021-549 5131/549 5134 JI. Raya Barat, Boulevard Blok LC 8, No. 6, Univ. Bandung Raya (UNBAR)
Fax: 021-549 5135 Kelapa Gading, Jakarta Utara Jl. Ph Hasan Mustafa No. 25, Bandung
Tel: 021-4585 3533/452 5674/452 5686/453 Tel: 022-727 9975
Puri Indah Mall 3239 Fax: 022-710 3912
Puri Indah Mall (Pintu Timur) Fax: 021-452 5686
Ruko Puri Indah, Blok A, No.9 Pasir Koja
Jl. Puri Agung, Puri Indah Kembangan Kapuk Jl. Terusan Pasir Koja No. 245/193 A
Jakarta Barat Pantai Indah Kapuk Bandung
Tel: 021-5830 4751 Ruko Mediterania Tahap II, Blok K BK, Pluit Tel: 022-604 6641/604 6642
Fax: 021-5803 359 Jakarta Utara Fax: 022-604 6641
Tel: 021-588 4094
Cimahi
Kebon Jeruk Jl. Raya Cibabat No. 310, Cimahi, Bandung
Taman Aries Blok H-1 No.15-16 J A K A R TA T I M U R Tel: 022-663 4801/663 4803
Meruya Utara, Kebon Jeruk, Jakarta Barat Kalimalang Fax: 022-663 4804
Tel: 021-586 5122 Jl. Tarum Barat, Blok Q, No. 2
Fax: 021-586 5127 Kalimalang, Jakarta Timur Sukajadi
Tel: 021-864 9361/864 9364 Jl. Sukajadi No. 184, Bandung
Pasar Puri Fax: 021-865 6029 Tel: 022-203 4412
Ruko Pasar Puri, Blok A, No. 9, Jakarta Barat Fax: 022-203 8061
Jatinegara Cihampelas
Mangga Dua Jl. Jatinegara Timur No. 84, Jakarta 13300
Ruko Mall Mangga Dua, No. 11, Jakarta Barat Jl. Cihampelas, No. 155, Bandung
Tel: 021-8590 8405 Tel: 022-204 2715
Fax: 021-8590 8406 Fax: 022-204 0466
Tanjung Duren
Ruko Tanjung Duren Raya, No. 11 Gedung Pratama
Jakarta Barat Pasar Baru
Jl. Pemuda No. 296, Rawamangun Pusat Perbelanjaan Pasar Baru
Jakarta Timur Lantai 2, Unit kios D203
Green Garden Tel: 021-470 7067
Green Garden, Ruko Green Garden Jl. Otto Iskandardinata, No. 70, Bandung
Fax: 021-470 6360 Tel: 022-424 5002/424 5004
Blok 1-9/19, Jakarta Barat
Tel: 021-581 0331 Fax: 022-424 5001
Cijantung
Jl. Pendidikan I, Cijantung, Jakarta Timur Sentrasari
Roxy Tel: 021-8778 1110/8778 1112 Jl. Dr. Sutami, No. 14
JL. KH. Hasyim Ashari Roxy Mas Fax: 021-8778 1115 Ruko Sentrasari Mall, Blok II, No. 14
Blok D3, No. 15, Jakarta Barat
Bandung
Tel: 021-633 9484 Jayabaya Tel: 022-200 0057
Kampus Jayabaya, JI. Pulomas Selatan Fax: 022-200 1522
Taman Palem Kav. 23, Jakarta Timur
Taman Palem, Ruko Taman Palem Tel: 021-470 0884/470 0886/470 0887 MTC
Blok D1, No. 2, Jakarta Barat Metro Trade Centre, Jl. Soekarno Hatta
Blok C-20, Bandung
J A K A R TA U TA R A JAWA BARAT Tel: 022-753 6453
Fax: 022-753 6253
Kelapa Gading BANDUNG
Jl. Boulevard Raya LB 3 No. 34-36 Center Bandung Lembong
Kelapa Gading, Jakarta 14240 CIREBON
Lembong, Jl. Lembong No. 7, Bandung
Tel: 021-450 0195/450 0196 Cirebon
Tel: 022-423 3360
Fax: 021-450 2365 Jl. Siliwangi No. 110, Cirebon
Fax: 022-423 9158
Tel: 0231-206 981
Mega Mall Pluit Fax: 0231-208 036
Dago
Mega Mall Pluit Ruko No R51 Jl. Ir. H. Juanda No. 46, Dago, Bandung
Jl. Pluit Raya, Jakarta Utara Plered
Tel: 022-424 1511 Jl. Raya Panembahan No. 40
Tel: 021-6667 0399/6667 0395 Fax: 022-420 9743
Fax: 021-6667 0396 Kec. Weru-Plered, Cirebon
Tel: 0231-323 500/323 600
Fax: 0231-323 400

Panembahan DEPOK JAWA TENGAH

Jl. Raya Panembahan No. 40 Depok SEMARANG
Kec. Weru-Plered, Cirebon Jl. Margonda Raya 192, Depok
Tel: 0231-323 500/323 600 Semarang Pemuda
Telp: 021-7721 2080/7721 2082 Pemuda, Jl. Pemuda, No. 21B, Semarang
Fax: 0231-323 400 Fax: 021-7721 2085 Tel: 024-351 5240
Yos Sudarso Fax: 024-354 2421
Cinere
Jl. Yos Sudarso, No. 15 D, E, F, Cirebon Jl. Cinere Raya Blok A, No. 12A & 14 A Yani
Tel: 0231-223 437/223 439 Cinere, Depok Jl. A. Yani No. 136 A, Semarang
Fax: 0231-223 462/223 464 Telp: 021-753 3977, 753 3980 Tel: 024-831 9715
Fax: 021-753 3979 Fax: 024-831 0892
TA S I K M A L AYA
Banyumanik
Tasikmalaya SUKABUMI Mal Harmoni, Jl. Sukun Raya No. 68
Jl. Sutisna Senjaya, No. 77 Blok A-5 Banyumanik, Semarang
Sukabumi
Tasikmalaya, Jawa Barat Tel: 024 747 8766
Jl. Zaenal Zakse, No. 44, Sukabumi
Tel: 0265-323 100 Fax: 024-747 8770
Fax: 0265-324 714
BANTEN Majapahit
BOGOR Cilegon Jl. Majapahit 218C, Semarang
Wisma Permata (Krakatau Steel) Tel: 024-673 3216
Pajajaran Fax: 024-673 3122
Jl. KH Yasin Beji No. 2, Simpang Tiga, Cilegon
Jl. Pajajaran No. 33, Bogor
Telp: 0254-383 550
Tel: 0251-313 456 Jumatan
Fax: 0254-383 551
Fax: 0251-320 845 Jl. H. A. Salim, No. 49, Jumatan, Semarang
Cilegon 2
Bogor Indah Plaza SOLO
Jl. A. Yani, No. 135G, Cilegon, Banten
Jl. Raya Baru, Kedung Badak, Bogor
Tel: 0251-351 804/351 807 Slamet Riyadi
Bintaro Jaya Jl. Slamet Riyadi No. 8, Solo
Fax: 0251-351 812
Jl. Cut Mutia II, Bintaro Jaya Sektor VII Tel: 0271-647 955
Tangerang Fax: 0271-647 391
Citra Grand Cibubur
Tel: 021-745 0539/7455 2223
Citra Grand Cibubur Blok R1/06, Bogor Manahan
Fax: 021-745 2024
Tel: 0251-8459 8592/8459 8594 Jl. L.U. Adisutjipto No. 28, Manahan, Solo
Fax: 0251-8459 8616 Tel: 0271-712 555
Tangerang
Jl Daan Mogot No. 58, Tangerang 15111 Fax: 0271-711 565
Surya Kencana
Tel: 021-552 2830
Jl. Surya Kencana No. 285, Bogor Pasar Legi
Fax: 021-552 1064
Tel: 0251-344 111, 330 555 Jl. S Parman No. 79, Solo
Fax: 0251-352 666 Tel: 0271-642 370/642 371
BSD Serpong
Bumi Serpong Damai, Sektor IV Ext. Blok
BEKASI RE No. 51, Tangerang S A L AT I G A
Bekasi Telp: 021-537 9280 Salatiga
Ahmad Yani Fax: 021-537 9240 Kom. Ruko Tamansari Shopping Center
Jl. A Yani Blok A8 No. 15, Bekasi No. 7 & 8, Jl. Jend Sulaiman, Salatiga
Tel: 021-8885 2401/8885 2403 Pamulang
Fax: 021-8885 2386 Pamulang Permai I, Blok SH 18 No. 10,
Pamulang, Tangerang KUBUS
Samsung Electronic Indonesia Tel: 021-742 0066/742 0480 Center A. Yani Kudus
Jl. Jababeka Raya, Blok F 29-33 Cikarang Fax: 021-742 0056 Jl.A.Yani No.36, Kudus
Bekasi Tel: 0291-432 323/432 325
Tel: 021-898 7114 LG Electronic Fax: 0291-432 326
Fax: 021-893 4273 Jl. Tabri, Desa Cirarab, Bitung, Tangerang
Tel: 021-597 9745/597 9746
Fax: 021-597 9747 MAGELANG
Lippo Cikarang
Ruko Menteng, Blok C No. 1 Center Magelang
Jl. MH Thamrin, Lippo Cikarang, Bekasi Cengkareng Jl. Tidar No. 16, Magelang
Tel: 021-8990 2676 Gedung JPT, Cargo Area Tel: 0293-364 391, 364 160
Fax: 021-8990 2668 Bandar Udara Internasional Fax: 0293-364 121
Sukarno-Hatta, Cengkareng, Tangerang
Pondok Gede Tel: 021-5591 5074 PURWEREJO
Ruko Pondok Gede Baru Fax: 021-5591 5075
Purwerejo
Blok H, No. 9, Bekasi Jl. Ahmad Yani, No. 2, Purwerejo
Karawaci
Cikarang Supermall Karawaci, Lippo
Plaza Jababeka, Jababeka, Cikarang Karawaci 1200, Tangerang 15811 TEMANGGUNG
Temanggung
Bandara
Jl. Jend. Sudirman 45, Temanggung
Bandara Soekarno Hatta
Tel: 0293-491 213
Terminal E, Keberangkatan EOD
Fax: 0293-491 213
68, Cengkareng, Tangerang

K L AT E N Center Jemur Andayani KCP Unair

Klaten Jl. Jemur Andayani No. 53-A, Surabaya Kompus C Unair, Jl. Mulyorejo, Surabaya
Jl. Pemuda No. 234, Klaten Tel: 031-843 8093/843 2125
Fax: 031-843 4669 Kembang Jepun
Tel: 0272-324 968/327 908 Jl. Kembang Jepun, No. 129, Surabaya
Fax: 0272-327 907 Perak
Jl. Perak Barat No. 145, Surabaya Kapas
T EG A L Tel: 031-357 7880 357 7884 Jl. Kapas Krampung, No. 71-A, Surabaya
Center Tegal Fax: 031-357 7885
Jl. Jend. Sudirman, No. 2, Tegal Manyar Mega Indah MALANG
Tel: 0283-343 800/343 801/343 805 Pertokoan Manyar Mega Indah Malang
Fax: 0283-343 814 Jl. Ngagel Jaya Selatan G-3, Surabaya Jl. Basuki Rakhmat No. 26-28, Malang
Tel: 031-502 9780/502 9781/503 9782/503 Telp: 0341-36 3100
D . I . Y O GYA K A R TA 0281/503 0282 Fax: 0341-327 616
Fax: 031-503 0281
Sudirman ITN
Jl. Jend. Sudirman No. 13, Yogyakarta Rungkut Jl. Bendungan Sigura-gura No. 2, Malang
Tel: 0274-565 338 Jl Rungkut Madya No. 57, Surabaya Tel: 0341-577 700
Fax: 0274-565 095 Tel: 031-870 4648/871 1079/871 1004/871
1106 Galunggung
Katamso Jl. Galunggung No. 58, Malang
Fax: 031-871 1120
Jl. Brigjen Katamso No. 118, Yogyakarta Tel: 0341-581 505
Tel: 0274-373 800 Petra Fax: 0341-581 506
Fax: 0274-410 065 Jl. Siwalankerto, Kampus UK Petra, Surabaya
Telp: 031-843 9040/849 4830/849 4831 A. Yani
Cik Ditiro Jl. A. Yani No. 18-E, Malang
Jl. Cik Ditiro No. 7, Yogyakarta Kertajaya Tel: 0341-411 891
Tel: 0274-563 230/565 925 Jl. Raya Kertajaya No. 133-134 A, Surabaya Fax: 0341-411 890
Fax: 0274-584 440 Tel: 031-504 9086/5049072
Fax: 031-504 9087 Unibraw
Banyuraden Fakultas Ekonomi Univeritas Brawijaya
Ruko Banyuraden No. 7 Mulyosari Malang
Jl. Godean Km. 5,5, Yogyakarta Jl Raya Mulyosari No. 166, Surabaya Tel: 0341-586 011/586 012
Tel: 0274-621 779 Tel: 031-593 4815/594 1826/594 7598 Fax: 0341-586 011/586 012
Fax: 0274-621 779 Fax: 031-594 5092
RSSA
Gejayan Graha Pena Rumah Sakit Dr. Saiful Anwar (RSAA)
Jl. Gejayan No 26A, Yogyakarta Gedung Graha Pena, Jl. A Yani No. 88 Jl. Jaksa Agung Suprapto, No. 2, Malang
Tel: 0274-557 620 Surabaya Tel: 0341-359 960
Fax: 0274-557 621 Tel: 031-829 9371/829 9372 Fax: 0341-359 960
STIE Perbanas Soekarno Hatta
JAWA TIMUR
Jl. Nginden Semolo 34-36, Surabaya Ruko Soekarno Hatta
S U R A B AYA Tel: 031-599 7831/592 4759 Jl. Sukarno Hatta No. 2-2A, Malang
Darmo Tel: 0341-404 410/404 416
Jl. Raya Darmo No. 26, Surabaya Kampus UNAIR
JL. Prof. Moestopo no. 47, Surabaya
Tel: 031-568 3060/568 3013 SIDOARJO
Fax: 031-567 4354 Tel: 031-504 2647/504 4646/501 7320
Sidoarjo
Satelite Pasar Atum Jl. A. Yani No. 15-A, Sidoarjo
Kom. Darmo Park I Blk V/2 Pusat Perbelanjaan Pasar Atum Tel: 031-896 1157/896 1159
May. Jen. Sungkono, Surabaya Jl. Bunguran No. 45, Surabaya Fax: 031-896 1327
Tel: 031-567 8200, 566 9501 Tel: 031-357 3672
Fax: 031-357 3743 Gateway Waru
Fax: 031-561 2951 Ruko Gateway B-9 Sawotratap
Kota Rrich Palace Jl. Suparman Waru, Sidoarjo 61256
Jl. Stasiun Kota No. 60 A-B, Surabaya Jl. Mayjen Sungkono, No. 151 Tel: 031-854 2908
Tel: 031-354 2081/354 2085 Ruko Rich Palace, Blok R-22, Surabaya Fax: 031-855 4102
Fax: 031-354 1591 Tel: 031-568 8044/568 7754/568 7834/568
7924/ 568 7945 GRESIK
Husada Fax: 031-568 7649
Jl. Dharmahusada No. 142, Surabaya Gresik
Tel: 031-594 9468 Pakuwon Trade Center Jl. Dr. Sutomo No. 32, Gresik
Fax: 031-594 9480 Komplk Pertokoan Super Mall Lt. 2 Tel: 031 398 2103/398 3995/398 2114
Blok T1, No. 12, Surabaya Fax: 031-398 2605
Tunjungan Tel: 031-739 0562/739 0564/739 0584/739
Jl. Tunjungan No. 47, Surabaya 0603/739 0604
Tel: 031-534 3537/534 3539 Fax: 031-739 0561 JEMBER
Fax: 031-531 5430 Jember
Jemursari
Jl. Gajah Mada No. 74, Jember
Sudirman Jl. Jemursari, No. 161, Surabaya
Tel: 0331-487 311
Jl P. Sudirman No. 59-61, Surabaya Fax: 0331-484 264
Tel: 031-532 0050 Galaxy
Fax: 031-532 5510 Mega Galaxy
Jl. Kertajaya Indah Timur, 16-B/6, Surabaya

KEDIRI SUMATRA UTARA PEKANBARU

Kediri K OTA M A DYA M E D A N Pekanbaru
Jl. Diponegoro No.16, Kediri Center Bukit Barisan Jl. Jend Sudirman Bo.255 CD, Pekanbaru
Propinsi Jawa Timur Jl. Pos (d/h Bukit Barisan) No. 07 Tel: 0761-298 68, 295 65
Tel: 0354-671 777/683 995 Medan 20111 Fax: 0761-298 38
Fax: 0354-671 778 Tel: 061-415 5445/451 2256 Duri
Fax: 061-453 0142 Jl. Hang Tuah No. 410, Duri, Pekanbaru
BALI Tel: 0765-594 760/591 643
Gajah Mada
BADUNG Jl. Gajah Mada No. 11, Medan 20153 Fax: 0765-594 750
Denpasar Tel: 061-415 1100 Nangka
Jl. Melati No. 29, Denpasar Fax: 061-452 4664 Jl. Nangka/Tuanku Tambusai
Tel: 0361-232 929 Komp. Taman Mella Blok B No. 7
Fax: 0361-263 510 Thamrin Plaza
Jl. Thamrin No. 75-R, Medan Pekanbaru
Gatot Subroto Tel: 061-735 1135 Tel: 0761-572 028
Jl. Gatot Subroto No. 777X, Denpasar Fax: 061-735 7232 Fax: 0761-572 023
Tel: 0361 428 585
Fax: 0361 415 844 Juanda KALIMANTAN TIMUR
Jl. Ir. H Juanda No. 14, Medan
Sriwijaya Tel: 061-452 8534 B A L I K PA PA N
Komplek Pertokoan Sriwijaya, A-8, Kuta Fax: 061-452 8551 Center Balikpapan
Tel: 0361-765 175 Kompleks Ruko Bandar Balikpapan
Fax: 0361-759 749 KIM Blok C-12A & 14
Kawasan Industri Medan Jl. Jend. Sudirman, Klandasan Ulu
Jimbaran Jl. Sumatera No. 7, Medan Balikpapan
Jl. Kembar Kampus Unud No. 1, Jimbaran Tel: 061-684 0080 Tel: 0542-739 065/739 066/739 067
Badung, Denpasar Fax: 061-685 0090 Fax: 0542-739 069
Tel: 0361-742 1658
Fax: 0361-704 271 Medan Mall Mall Fantasy
Medan Mall, Jl. Pusat Pasar No. 10A Mall Fantasi , Balikpapan Baru
Teuku Umar Medan Tel: 0542-875 609
Rukan Telkom, Jl. Teuku Umar, No. 4-5 Tel: 061-452 8877 Fax: 0542-876 475
Denpasar Fax: 061-452 4244
Tel: 0361-236 779
Fax: 0361-236 950/236 884 Aksara SULAWESI SELATAN
Jl. Aksara, No. 56, Medan MAKASSAR
G I A N YA R Petisah Center Makassar
Ubud Jl. Gatot Subroto, No. 79, Medan Jl. Ahmad Yani No. 33, Makassar
Jl. Wanara Wana No. 9A Tel: 0411-318 718/310 741/310 742
(Monkey Forest) Ubud, Gianyar BINJAI Fax: 0411-317 049
Tel: 0361-972 339 Binjai Panakkukang
Fax: 0361-972 340 KCP Binjai , Jl. Jend. Sudirman, No. 292-294 Jl. Raya Boulevard Ruko Rubby No. 2
Binjai Panakkukang, Makassar
PAPUA Tel: 0411-456 284, 456 285
MIMIKA LAMPUNG
Fax: 0411-456 286
Center Kuala Kencana LAMPUNG Kakatua
Suite 103, Kuala Kencana Center Jl. Kakatua, No. 150, Makassar
Timika, Papua Center Lampung
Tel: 0901-301 234 Jl. Laksamana Malahayati No. 34-40 Losari
Fax: 0901-301 233 Lampung KCP Losari, Jl. Penghibur, No. 62, Makassar
Tel: 0721-489 630/489 631/485 773
Tembaga Pura I Fax: 0721-483 296
Single Shoping, Mile Post 68 SULAWESI UTARA
Tembagapura, Papua Raden Intan MANADO
Tel: 0901-351 234/404 011 Jl. Raden Intan, No. 140A, Bandar Lampung
Tel: 0721-259 877 Center Manado
Fax: 0901-351 233 Jl. Sam Ratulangi No. 205, Manado
Tembaga Pura II Sulawesi Utara
RIAU Tel: 0431-863 100, 844 008
Family Shoping Center, Mile 68
Tembagapura, Papua B ATA M Fax: 0431-860 400
Tel: 0901-352 333 Center Batam Sisingamangaraja
Fax: 0901-352 352 Jl. Laksamana Bintan, Komp. Executive KCP Sisingamangaraja
Center, Blok I No. 1 ABC, Sei Panas, Batam Jl. Sisingamangaraja, No. 34 Calaca, Manado
Ridge Camp Tel: 0778-426 777
Mile Post 72 Ridge Camp Tel: 0431-878 524
Fax: 0778-454 373 Fax: 0431-878 527
Tembagapura, Papua
Nagoya
Yos Sudarso Komp. Nagoya Business Center
Jl. Yos Sudarso No. 19A, Timika, Irian Jaya Blok 6/26, Nagoya, Batam
Tel: 0901-323 684/323 685/323 686/323 688 Tel: 0778-432 832
Fax: 0901-323 684 Fax: 0778-432 834

Dear Shareholder,
We are pleased to inform you that the Annual Report and Financial Statements for 2004
is also available in Bahasa Malaysia. Should you require a printed copy of the Bahasa Malaysia
version, please fax your request to Corporate Services at (603) 2093 3335.
This page is intentionally left blank
Proxy Form
Commerce Asset - Holding Berhad
(50841-W)
CDS Account No.
Number of Shares
I/We
I.C. No. / I.D. No. (new) (old) being a
member(s) of COMMERCE ASSET-HOLDING BERHAD, hereby appoint
I.C. No. (new) or failing him/her
the Chairman of the Meeting as my/our proxy to vote for me/us and on my/our behalf at the Forty Eight Annual General
Meeting of the Company to be held on Monday, 18 April 2005 and at any adjournment thereof.
As witness my/our hand this day 2005
signed
in the presence of
My/Our proxy vote as indicated below:

Resolution For Against
As ordinary business:
1. Receipt of Audited Financial Statements and Reports
2. Declaration of Dividends
Re-appointment of Director:
3. Tan Sri Dato’ Mohd Desa Pachi
Re-elections of Directors:
4. Dato’ Anwar Aji
5. Dr. Roslan A. Ghaffar
6. En Izlan Izhab
7. Payment of Directors’ fees
8. Re-appointment of Auditors
As special business:
9. Proposed renewal of the authority for the issue of new ordinary shares
10. Proposed renewal of authority for the purchase of own ordinary shares
Notes
1. Please indicate with an “X” in the appropriate boxes how you wish your votes to be cast. If you do not indicate how you wish your proxy to
vote on any resolution, the proxy will vote as he thinks fit, or at his discretion, abstain from voting.
2. A member of the Company entitled to attend and vote at the meeting may appoint more than one (1) to a proxy to attend and vote instead of
him. Each proxy shall represent a minimum of 100 shares.
3. Where a member appoints more than one (1) proxy, such appointment shall be invalid unless the member specifies the proportion of his
shareholding to be represented by each proxy.
4. A proxy may but need not be a member of the Company and the provisions of Section 149(1)(b) of the Companies Act, 1965 shall not apply
to the Company.
5. The instrument appointing a proxy shall be in writing under the hand of the appointer or his attorney duly authorised in writing, or if the
appointer is a corporation, either under seal or under the hand of its attorney.
6. All proxy forms should be deposited at the Registrar’s Office at Tenaga Koperat Sdn Bhd, 20th Floor, Plaza Permata, Jalan Kampar, Off Jalan
Tun Razak, 50400 Kuala Lumpur not less than forty eight hours before the time for holding the meeting or any adjournment thereof.
7. For a Form of Proxy executed outside Malaysia, the signature must be attested by a Solicitor, Notary Public, Consul or Magistrate.
fold here
STAMP
COMMERCE ASSET-HOLDING BERHAD (50841-W)

Registrar’s Office
Tenaga Koperat Sdn Bhd
20th Floor, Plaza Permata
Jalan Kampar, Off Jalan Tun Razak
50400 Kuala Lumpur
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Commerce Asset - Holding Berhad

financial services group in the region. This year’s annual report

features a traditional game known as ’congkak’. Just as a congkak player

strategises to accumulate as many playing seeds as possible,

CAHB is focused on maximising its strengths to create long-term value.

in an increasingly global and competitive operating environment.

All with the aim of providing the level of returns expected

of a world class financial services group.

(i) Profit before provision 2,224,085 1,872,388 1,548,366 1,494,666 1,331,025

(ii) Profit before taxation 1,090,124 1,240,867 747,575 515,568 830,032

2. Balance Sheet (RM’000)

(iii) Loans and advances 62,603,030 54,496,898 48,771,610 42,214,908 38,800,603

Liabilities and Shareholders’ Funds

(i) Total deposits 81,623,044 71,505,038 69,068,298 55,109,043 53,732,092

(ii) Paid-up capital 2,691,740 2,628,960 2,586,290 1,184,647 1,183,312

3. Per share (RM)

(i) Profit before taxation 0.41 0.48 0.29 0.21^ 0.34^

(iii) Net tangible asset+ 3.13 2.92 2.66 2.31^ 2.23^

(iv) Gross dividend 0.15 0.10 0.05 0.06 0.06

4. Financial Ratios (%)

(i) Return on paid-up capital+ 28.28 30.56 22.19 14.52^ 21.72^

'00 '01 '02 '03 '04

Profit Before Tax RM million Total Assets RM million

Loans and Advances RM million Return on Paid-up Capital %

Total Deposits RM million Shareholders' Funds RM million

for for for the

26 Group Financial Highlights 53 Investor Relations 58 The Group that Cares

27 Group Performance 72 Statement of Corporate 61 CAHB Group 2004

54 Balanced Scorecard 2004

2. To declare a first and final dividend of 10.0 sen less income

2 commerce asset-holding berhad (50841-W)

whichever is the earlier but not so as to prejudice the N OT E S :

N OT I C E O F B O O K S C L O S U R E 2. Where a member appoints more than one (1) proxy, such

Further notice is hereby given that a depositor shall qualify for

commerce asset-holding berhad (50841-W) 3

The Director is:-

Date Hours Location Type

Name of Directors Number of meetings attended Percentage of attendance

4 commerce asset-holding berhad (50841-W)

1.2 Purpose of Statement

commerce asset-holding berhad (50841-W) 5

6 commerce asset-holding berhad (50841-W)

5.1 Share Capital

No. of CAHB Shares Held

commerce asset-holding berhad (50841-W) 7

8 commerce asset-holding berhad (50841-W)

C OM M E R C E A S S E T - H O L D I N G B E R H A D Top Lead Manager 1990 - 2002 for Cumulative

Placed in the top 10 in Brand Visibility BANK NIAGA

Best Malaysia Deal, Best Secondary Offering C OM M E R C E T R U S T B E R H A D

Top Lead Manager (Islamic) 1990 - 2002

commerce asset-holding berhad (50841-W) 9

Group Corporate Structure 13

Profile of the Directors 16

Profile of the Senior Management 19

Profile of Directors for Major

commerce asset-holding berhad (50841-W) 11

12 commerce asset-holding berhad (50841-W)

Commerce Asset-Holding Berhad

Commerce International Merchant Bankers Berhad