PT Panin Sekuri tas , Tbk. June 15 , 2009

Previous 2 week NAV:

1 ,817.30

Current NAV:

1986.29

DF PANS Bandung

Strategic Profile:

• Aggressive Trading

• Margin Max. 30%

• Risk: High.

• Diversification (max. 10

stocks)

• Allocation:

•Popular Sector

• Tactical Asset Allocation

•0%-100% cash

•0%-130% stock

DF PANS Bandung Administration Profile

Entry Fee 0%

Exit Fee 0%

Management Fee 3% p.a.

Report Bi-Weekly

Entry Period Anytime

Redemption Period February and

July

Custodian PT Panin

Sekuritas,

Tbk.

D ISCRETIONARY FUND PANS BANDUNG

Previous 2 Week Activity:

1. Reduce stock position.

2. Buy Panin Life

Reasons:

1. Market enter consoli-dation period at level

near 2100.

2. Uptrend and unusual

market activity.

Next 2 Week Activity:

1. Sell Panin Life.

2. Rebuilding portfolio consist of big capitali-

zation stock.

Reasons:

1. Building portfolio, when consolidation period end and level 2100 become support level for market to continue

uptrend path.

DF PANS Bandung

Fund Manager

Dr. Adrian Teja

adrianteja@yahoo.com

(022) 426-7291

PORTFOLIOPORTFOLIOPORTFOLIOPORTFOLIO

RETURNRETURNRETURNRETURN

2008200820082008 2009200920092009

Average Average Average Average

Mutual Mutual Mutual Mutual

FundFundFundFund

-47.54% 61.38%

DF PANSDF PANSDF PANSDF PANS -10.20% 121.18%

IHSGIHSGIHSGIHSG -47.71% 54.27%

PORTFOLIOPORTFOLIOPORTFOLIOPORTFOLIO

RETURN TO RISK RETURN TO RISK RETURN TO RISK RETURN TO RISK

RATIORATIORATIORATIO

2008200820082008 2009200920092009

DF PANSDF PANSDF PANSDF PANS -0.57 11.16

IHSGIHSGIHSGIHSG -4.05 10.61

Average Average Average Average Mutual Mutual Mutual Mutual

FundFundFundFund

-3.95 12.31

Komposisi Saham DF per 12 Juni 2009

Bandung

PNLF, 23.73%

Cash, 76.27%

400.00

600.00

800.00

1,000.00

1,200.00

1,400.00

1,600.00

1,800.00

2,000.00

2,200.00

2/12/2008

4/12/2008

6/12/2008

8/12/2008

10/12/2008

12/12/2008

2/12/2009

4/12/2009

6/12/2009

Discretionary PANS Bandung IHSG Avg Mutual Fund