AlphaGrowth

PUBLIC ISLAMICALPHA-40 GROWTH

FUNDANNUAL REPORT 2013for the financial year ended 30 November 2013

Public Islamic Alpha-40 Growth Fund 1

Contents

Fund Information 2

Fund Performance 3

Managers Report 6

Trustees Report 14

Shariah Advisers Report 15

Statement By Manager 16

Independent Auditors Report 17

Statement Of Assets And Liabilities 19

Statement Of Income And Expenditure 20

Statement Of Changes In Net Asset Value 21

Statement Of Cash Flows 22

Notes To The Financial Statements 23

Corporate Information 40

Directors And Senior Management 42

Network Of Public Mutual Branch Offi ces 47

Network Of Public Mutual Agency Offi ces 49

2 Public Islamic Alpha-40 Growth Fund Public Islamic Alpha-40 Growth Fund 3

Fund Information Fund PerformanceFor the Financial Year Ended 30 November 2013

( )

Fund Name

Public Islamic Alpha-40 Growth Fund (PIA40GF)

Fund Type

Capital Growth

Fund Category

Equity Fund (Shariah-compliant)

Fund Investment Objective

To achieve capital growth by investing in stocks which comply with Shariah requirements.

Fund Performance Benchmark

The benchmarks of the Fund and their respective percentages are 75% FTSE Bursa Malaysia EMAS Shariah Index (FBMS), 15% customised index by S&P Opco, LLC based on Top 100 constituents by market capitalisation of the S&P Shariah BMI Asia Ex-Japan Index and 10% 3-Month Islamic Interbank Money Market (IIMM) rate.

FTSE, FT-SE and Footsie are trade marks of London Stock Exchange Group companies and are used by FTSE International Limited (FTSE) under licence. BURSA MALAYSIA is a trade mark of Bursa Malaysia Berhad (BURSA MALAYSIA).

The FTSE BURSA MALAYSIA EMAS SHARIAH INDEX is calculated by FTSE. All intellectual property rights in the index values and constituent vests in FTSE and BURSA MALAYSIA. Neither FTSE nor BURSA MALAYSIA sponsor, endorse or promote this product and are not in any way connected to it and do not accept any liability. Public Mutual Berhad has obtained full licence from FTSE to use such intellectual property rights in the creation of this product.

The S&P Shariah BMI Asia Ex-Japan Index (the Index) is the exclusive property of S&P Opco, LLC, a subsidiary of S&P Dow Jones Indices LLC (S&P Dow Jones Indices) and/or its affi liates. Public Mutual has contracted with S&P Dow Jones Indices to calculate and maintain the Index. Neither S&P Dow Jones Indices nor any of its affi liates shall be liable for any errors or omissions in calculating the Index.

Fund Distribution Policy

Incidental

Breakdown of Unitholdings of PIA40GF as at 30 November 2013

Size of holdings No. of % of No. of units unitholders unitholders held (million)

5,000 and below 1,084 15.53 45,001 to 10,000 1,082 15.50 810,001 to 50,000 3,694 52.91 9350,001 to 500,000 1,099 15.74 130500,001 and above 22 0.32 36

Total 6,981 100.00 271

Note: Excluding Managers Stock.

Average Total Return for the Following Year Ended 30 November 2013

Average Total Return of PIA40GF (%)

1 Year 14.12

Annual Total Return for the Financial Years Ended 30 November

Year 2013 2012 2011PIA40GF (%) 14.12 13.65 0.36*

* The fi gure shown is for period since Fund commencement (6 December 2010).

The calculation of the above returns is based on computation methods of Lipper.

Notes:

1. Total return of the Fund is derived by this formulae:

End of Period FYCurrent Year NAV per unit - 1

End of Period FYPrevious Year NAV per unit

(Adjusted for unit split and distribution paid out for the period)

The above total return of the Fund was sourced from Lipper.

2. Average total return is derived by this formulae:

Total Return

Number of Years Under Review

Other Performance Data for the Past Three Financial Years Ended 30 November

2013 2012 2011

Unit Prices (MYR)*Highest NAV per unit for the year 0.3000 0.2861 0.2701Lowest NAV per unit for the year 0.2600 0.2455 0.2266

Net Asset Value (NAV) and Units in Circulation (UIC) as at the End of the YearTotal NAV (MYR000) 77,748 83,781 105,466UIC (in 000) 271,237 320,121 433,264NAV per unit (MYR) 0.2866 0.2617 0.2434

Total Return for the Year (%) 14.12 13.65 0.36Capital growth (%) 12.82 12.45 -0.80Income (%) 1.15 1.07 1.17

Management Expense Ratio (MER) (%) 1.65 1.61 1.64Portfolio Turnover Ratio (time) 0.42 0.42 1.28

* All prices quoted are ex-distribution.

Notes: MER is calculated by taking the total management expenses expressed as an annual percentage of the Funds average net asset value.

Portfolio Turnover Ratio is calculated by taking the average of the total acquisitions and disposals of the investments in the Fund for the year over the average net asset value of the Fund calculated on a daily basis.


Distribution and Unit Split

Financial year 2013 2012 2011Date of distribution 29.11.13 30.11.12 30.11.11

Distribution per unitGross (sen) 1.25 1.50 0.75Net (sen) 1.20 1.50 0.75

Unit split - - -

Impact on NAV Arising from Distribution (Final) for the Financial Years

2013 2012 2011 Sen Sen Sen per unit per unit per unit

Net asset value before distribution 29.86 27.67 25.09Less: Net distribution per unit (1.20) (1.50) (0.75)

Net asset value after distribution 28.66 26.17 24.34

Past performance is not necessarily indicative of future performance and unit prices and investment returns may go down, as well as up.

Asset Allocation for the Past Three Financial Years

As at 30 November (Per Cent of Net Asset Value)

2013 2012 2011 % % %

EQUITY SECURITIESQuoted

MalaysiaBasic Materials 4.0 4.4 2.4Communications 20.6 27.1 22.6Consumer, Cyclical 2.1 - -Consumer, Non-cyclical 14.5 6.0 6.0Diversifi ed 7.6 10.1 8.8Energy 10.5 16.5 13.6Financial 3.1 3.3 2.7Industrial 7.6 5.7 7.7Technology - 2.1 1.9Utilities 11.0 10.8 9.9

81.0 86.0 75.6

Outside MalaysiaHong KongCommunications - - 3.9Energy 1.2 0.6 2.4

1.2 0.6 6.3

IndonesiaIndustrial - - 2.1

Asset Allocation for the Past Three Financial Years (contd)

As at 30 November (Per Cent of Net Asset Value)

2013 2012 2011 % % %

KoreaBasic Materials - 1.8 1.5Communications - 1.7 1.9Consumer, Cyclical 1.2 2.1 2.9Industrial - - 1.7Technology 1.3 2.3 -

2.5 7.9 8.0

SingaporeCommunications 1.4 - -Diversifi ed - - 0.5Industrial 1.3 - -

2.7 - 0.5

TaiwanTechnology 1.6 1.3 1.0

ThailandCommunications 0.6 - -

TOTAL QUOTED EQUITY SECURITIES 89.6 95.8 93.5

COLLECTIVE INVESTMENT FUNDS

QuotedOutside MalaysiaHong KongFinancial 0.4 - -

TOTAL QUOTED COLLECTIVE INVESTMENT FUNDS 0.4 - -

MUDHARABAH DEPOSITS WITHA FINANCIAL INSTITUTION 9.1 4.1 6.1

OTHER ASSETS & LIABILITIES 0.9 0.1 0.4

Fund PerformanceFund PerformanceFor the Financial Year Ended 30 November 2013For the Financial Year Ended 30 November 2013


Managers Report Managers Report

Overview

This Annual Report covers the fi nancial year from 1 December 2012 to 30 November 2013.

Public Islamic Alpha-40 Growth Fund (PIA40GF or the Fund) seeks to achieve capital growth by investing in stocks which comply with Shariah requirements.

For the fi nancial year under review, the Fund registered a return of +14.12% as compared to its Benchmarks return of +14.25%. The Funds Shariah-compliant equity portfolio registered a return of +17.06% while its Islamic money market portfolio registered a return of +2.94% during the fi nancial year under review. A detailed performance attribution analysis is provided in the sections below.

From its commencement on 6 December 2010 (being the last day of the initial offer period) to 30 November 2013, the Fund registered a return of +30.16% and outperformed its Benchmarks return of +24.90% over the same period. Consequently, it is the opinion of the Manager that the Fund has met its objective to achieve capital growth by investing in stocks which comply with Shariah requirements.

Effect of Distribution Reinvestment on Portfolio Exposures

30-Nov-13 Before Distribution After Distribution Reinvestment* Reinvestment*

Shariah-compliant Equities &Islamic Derivatives 90.0% 86.4%

Islamic Money Market 10.0% 13.6%

* Assumes full reinvestment.

Change in Portfolio Exposures from 30-Nov-12 to 30-Nov-13

Average 30-Nov-12 30-Nov-13 Change Exposure

Shariah-compliant Equities &Islamic Derivatives 90.6% 86.4% -4.2% 92.96%

Islamic Money Market 9.4% 13.6% +4.2% 7.04%

Returns Breakdown by Asset Class

Market / Returns On Benchmark Benchmark Average Attributed Investments Returns Index Used Exposure Returns

Shariah-compliant Equities & Islamic EquityDerivatives 17.06% 15.50% Benchmark 92.96% 15.86%

Islamic Money Market 2.94% 3.09% 1M-IIMMR 7.04% 0.21%

less: Expenses -1.95%

Total Net Return for the Year 14.12%

1M-IIMMR = 1-Month Islamic Interbank Money Market Rate

Shariah-compliant Equity Portfolio Review

For the fi nancial year under review, the Funds Shariah-compliant equity portfolio registered a return of +17.06% and outperformed its equity Benchmarks return of +15.50%. The Funds Shariah-compliant equity portfolio outperformed the equity Benchmark as it was overweighted in stocks within the Energy and Utilities sectors which performed strongly during the fi nancial year under review.

The Benchmark of the Fund is a composite index of 75% FTSE Bursa Malaysia EMAS Shariah Index (FBMS), 15% customised index based on Top 100 constituents by market capitalisation of the S&P Shariah BMI Asia Ex-Japan Index and 10% 3-Month Islamic Interbank Money Market (IIMM) rate.

Income Distribution and Impact on NAV Arising from Distribution

The gross distribution of 1.25 sen per unit (net distribution of 1.20 sen per unit) for the fi nancial year ended 30 November 2013 had the effect of reducing the Net Asset Value (NAV) of the Fund after distribution. As a result, the NAV per unit of the Fund was reduced to RM0.2866 from RM0.2986 after distribution.

PIA40GF BENCHMARK

Ret

urns

from

Sta

rt of

Per

iod

-20%

-10%

0%

10%

20%

30%

40%

Dec-10 Sep-11 May-12 Feb-13 Nov-13

Performance of PIA40GF from 6 December 2010 (Commencement Date) to 30 November 2013


The Fund commenced the fi nancial year under review with a Shariah-compliant equity exposure of 90.6% and subsequently increased its Shariah-compliant equity exposure to above 95% by May 2013. The Fund maintained a relatively high Shariah-compliant equity exposure throughout the fi nancial year to capitalise on Shariah-compliant investment opportunities in the domestic and regional markets. At the end of the fi nancial year under review, the Funds Shariah-compliant equity exposure was reduced to 86.4% as the Fund locked in profi ts. Based on an average Shariah-compliant equity exposure of 92.96%, the Shariah-compliant equity portfolio is deemed to have registered a return of +15.86% to the Fund as a whole for the fi nancial year under review. A full review of the performance of the equity markets is tabled in the following sections.

Sector Allocations

In terms of sector allocation within the Shariah-compliant equity portfolio, the top 5 sectors account for 64.2% of the Net Asset Value (NAV) of the Fund and 71.3% of the Funds Shariah-compliant equity portfolio. The weightings of the top 5 sectors in Malaysia (unless otherwise indicated) are in the following order: Communications (20.6%), Consumer, Non-cyclical (14.5%), Utilities (11.0%), Energy (10.5%) and Industrial (7.6%).

Islamic Money Market Portfolio Review

During the fi nancial year under review, the Funds Islamic money market portfolio, which was invested primarily in Shariah-based deposits, yielded a return of +2.94%. In comparison, the 1-Month Islamic Interbank Money Market Rate (1M-IIMMR) registered a return of +3.09% over the same period.

During the fi nancial year under review, the Funds exposure to the Islamic money market investments increased from 9.4% to 13.6% following the disposal of selected Shariah-compliant equity investments. Based on an average exposure of 7.04%, the Islamic money market portfolio is estimated to have contributed +0.21% to the Funds overall returns for the fi nancial year under review.

Stock Market Review

Commencing the fi nancial year under review at 10,957.26 points, the FTSE Bursa Malaysia EMAS Shariah (FBMS) Index rose towards the end of 2012 amid positive sentiment in regional markets and further strengthened to a high of 11,590.89 points in early January 2013 before profi t-taking caused the market to ease to the years low of 10,935.32 points in early February 2013. The FBMS Index subsequently rebounded beginning from mid-March 2013 on selected buying and broke above the 12,500-point level in mid-May 2013.

Cautious offshore sentiment and Fitch Ratings downgrade of Malaysias sovereign outlook caused the market to fall below 12,500 points in late July 2013. A sell-down in emerging markets over their weakening current account balances caused the FBMS Index to ease to a 3-month low of 11,722.02 points in late August 2013 before subsequently rebounding in tandem with global equity markets on the back of the U.S. Federal Reserves decision to delay tapering its monetary stimulus program in mid-September 2013.

Global equity markets pulled back in early October 2013 amidst the partial shutdown of the U.S. governments operations and the debt ceiling deadline before rallying in mid-October 2013 on the resolution of the U.S. budget. Expectations that Malaysias 2014 Budget would address concerns about Malaysias fi scal sustainability helped the local market to register a new all-time high of 12,785.27 points in late October 2013. Malaysias better-than-expected 3Q 2013 GDP growth helped the local market to remain fi rm in November 2013 and the FBMS Index closed at 12,734.18 points to register a gain of 16.22% for the fi nancial year under review.


Starting the fi nancial year under review at 81.07 points, regional equity markets as proxied by the S&P Shariah BMI Asia Ex-Japan (S&P SAEJ) Index rose in December 2012 on improving outlook for Chinas economy and commenced 2013 on a positive note in tandem with gains in global equity markets. Renewed economic uncertainty in the Eurozone and concerns over the impending automatic government spending cuts in the U.S. caused the index to remain in a trading range in 1Q 2013 and early 2Q 2013.

Subsequently, the S&P SAEJ Index rose to a high of 85.80 points in mid-May 2013 before retracing in June 2013 after the Federal Reserve stated that the quantitative easing program may be scaled down. The Index rebounded to around the 80-point level in July 2013 before retreating in late August 2013 amidst a sell-down in emerging markets over their weakening current account balances. The Index subsequently rebounded in tandem with global equity markets on the back of the U.S. Federal Reserves decision to delay tapering its monetary stimulus program in mid-September 2013.

Regional equity markets pulled back in early October 2013 amidst the partial shutdown of the U.S. governments operations and debt ceiling deadline before rallying to a new 2-year high of 87.13 points in late October 2013. Optimism from the sweeping economic reforms outlined by China and positive U.S. economic data helped the Index to remain fi rm in November 2013 and the S&P SAEJ Index closed at 86.22 points to register a gain of 6.35% (+12.77% in Ringgit terms) for the fi nancial year under review.

Regional markets, namely the South Korea, Taiwan, Singapore, Thailand and Hong Kong markets registered returns of +15.47%, +14.43%, +7.74%, +3.90% and +1.31% (in Ringgit terms) respectively for the fi nancial year under review.

Inde

x

10,500

11,000

11,500

12,000

12,500

13,000

Nov-12 Jan-13 Mar-13 May-13 Jul-13 Sep-13 Nov-13

FTSE Bursa Malaysia EMAS Shariah Index(30 November 2012 - 30 November 2013)


Money Market Review

Short-term interest rates remained generally stable as Bank Negara Malaysia kept the Overnight Policy Rate (OPR) at 3.00%, unchanged since May 2011. The 1-Month Islamic Interbank Money Market Rate inched up from 3.07% to 3.11% during the fi nancial year under review.

Economic Review

Malaysias GDP growth rose to 5.6% in 2012 from 5.1% in 2011 on account of resilient private consumption and investment growth. Subsequently, the economy slowed to 4.5% in the fi rst three quarters of 2013 amidst lower growth in the services and manufacturing sectors. The construction sectors growth eased to 11.3% from 18.1% over the same period.


Source: Bank Negara Malaysia

On the regional front, Singapores GDP growth rebounded to 3.5% for the fi rst three quarters of 2013 from 1.3% in 2012 due to stronger services sector activities. Following a growth of 6.5% in 2012, Thailands GDP growth eased to 3.6% over the fi rst three quarters of 2013 as consumption and investment growth decelerated.

Chinas GDP growth was sustained at 7.7% for the fi rst three quarters of 2013 which was the same rate of growth in 2012 amid resilient domestic activities. Hong Kongs GDP growth accelerated to 3.0% over the same period from 1.5% in 2012 as consumer spending growth recovered. Led by a recovery in investment spending, Koreas GDP growth gained pace to 2.4% for the fi rst three quarters of 2013 from 2.0% in 2012. For Taiwan, GDP growth rebounded to 1.9% in the fi rst three quarters of 2013 from 1.3% in 2012 due to stronger manufacturing and construction activities.

On the international front, growth of the U.S. economy moderated to 1.5% for the fi rst three quarters of 2013 from 2.8% in 2012 on the back of a slowdown in investment spending and a decline in government spending. The Eurozones GDP contracted by 0.7% for the fi rst three quarters of 2013 which was the same rate of decline in 2012 amidst sluggish investment spending.

Outlook and Investment Strategy

After remaining generally resilient in 1Q 2013, regional equity markets generally eased in early 2Q 2013 as demand for emerging market stocks was dampened by the Federal Reserves intention to scale back its monetary stimulus program in the later part of 2013. However, following the U.S. Federal Reserves decision to maintain its Quantitative Easing program, regional markets rebounded in September. Looking ahead, the direction of global and regional markets will depend on the pace of global economic growth in the year ahead.

Depending on the impact of higher interest rates on consumer and investment spending, the U.S. economy is expected to grow at 2.6% in 2014 compared to 1.7% estimated for 2013 on the back of the ongoing recovery in the housing and job markets in the year ahead.

Source: Bank Negara Malaysia/Ministry of Finance

Led by lower exports of electrical and electronics goods and weak commodity prices, Malaysias exports contracted by 0.2% for the fi rst nine months of 2013 versus a growth of 0.7% in 2012. Import growth was sustained at 5.5% for the fi rst nine months of 2013 versus 5.8% in 2012. As imports outpaced exports, Malaysias cumulative trade surplus for the fi rst nine months of 2013 narrowed by 37.4% to RM43.2 billion compared to RM69.0 billion in the same period last year. Due to the positive trade surplus and fund infl ows, Malaysias foreign reserves increased to RM446.2 billion as at end of October 2013 from RM427.2 billion at the end of 2012.

Malaysias infl ation rate inched up to 1.9% in the fi rst ten months of 2013 compared to 1.7% in 2012 on account of higher prices for food, tobacco and transportation. However, the core infl ation rate was sustained at 1.2% over the same period.

-3.0

-2.0

-1.0

0.0

1.0

2.0

3.0

4.0

5.0

6.0

7.0

9.0

8.0

2008 2009 2010 2011 2012 2013F 2014F

%

4.8

-1.5

7.4

5.15.6

4.7 5.0 - 5.5

Malaysias Annual GDP Growth

RM

bill

ion

250

300

350

400

450

2008 2009 2010 2011 2012 2013 YTD

Malaysias International Reserves


The Eurozones economy is envisaged to register a modest recovery of 1.0% in 2014 after a contraction of 0.3% estimated for 2013 as investment and exports strengthen. The Eurozones real consumer spending has benefi ted from the recent easing of infl ationary pressures while exports have also stabilised.

On the regional front, Chinas GDP is projected to grow at a slower pace of 7.4% in 2014 compared to 7.8% estimated for 2013 as manufacturing and construction activities continue to moderate. In the event of a steeper-than-expected slowdown in external demand, the Chinese government has the fl exibility to apply moderate fi scal stimulus to support domestic economic growth. Over in Hong Kong, GDP growth is projected to gain pace to 3.5% in 2014 from 3.0% in 2013 on expectations that the economy will benefi t from the recovery in regional trade.

Meanwhile, an improvement in global demand for electronics exports is expected to help South Korea and Taiwan register stronger GDP growth of 3.5% and 3.6% respectively in 2014 compared to 2.7% and 2.5% respectively in 2013.

For Singapore, GDP is projected to gain pace to 3.7% in 2014 from 2.6% estimated for 2013 as consumer spending and export demand recover in the year ahead. Thailands GDP growth is projected at 4.5% in 2014 compared to 3.3% estimated for 2013 on higher private consumer spending. The anticipated recovery in regional trade coupled with the competitive Thai baht is envisaged to help lift Thailands exports in the year ahead.

On the domestic front, Malaysias 2014 GDP growth is anticipated to fi rm moderately to 5.0% from 4.7% estimated for 2013 amid an improvement in exports. Private consumption is envisaged to be supported by an environment of accommodative interest rates and stable job market conditions.

Meanwhile, the Ministry of Finance projected the 2014 Federal Government budget defi cit to improve to -3.5% of GDP from -4.0% estimated for 2013. With effect from 1 April 2015, the government will replace the current Sales & Services Tax with a 6% Goods & Services Tax (GST). The Federal Governments revenue is projected to grow by 1.7% in 2014 while total expenditure is envisaged to be slightly higher by 0.3%. The Federal Governments debt is estimated to increase by 7.9% to RM541.3 billion which is equivalent to 54.8% of GDP as at end-2013 compared to 53.3% of GDP as at end-2012.

At the end of November 2013, the local stock market is trading at a prospective P/E of 17.2x, which is above its 10-year average P/E ratio of 16.5x. The markets dividend yield of 3.41% is higher than the 12-month fi xed deposit rate of 3.15%.

Regional markets are generally trading at a discount to their historical average following their respective performances over the fi nancial year under review.

Given the above factors, the Fund will continue to rebalance its investment portfolio accordingly with the objective of achieving capital growth by investing in stocks which comply with Shariah requirements.

Note: Q = Quarter


Policy on Soft Commissions

The management company may receive goods or services which include research materials, data and quotation services and investment related publications by way of soft commissions provided they are of demonstrable benefi t to the Fund and unitholders.

During the fi nancial year under review, PIA40GF has received data and quotation services by way of soft commissions. These services were used to provide fi nancial data on securities and price quotation information to the Fund Manager during the fi nancial year under review.


Shariah Advisers Report

To the Unitholders ofPUBLIC ISLAMIC ALPHA-40 GROWTH FUND

We have acted as the Shariah Adviser of PUBLIC ISLAMIC ALPHA-40 GROWTH FUND. Our responsibility is to ensure that the procedures and processes employed by PUBLIC MUTUAL BERHAD and that the provisions of the Master Deed dated 28 January 1999 and subsequent Supplemental Master Deeds (collectively referred to as Deeds) are in accordance with Shariah principles.

In our opinion, PUBLIC MUTUAL BERHAD has managed and administered PUBLIC ISLAMIC ALPHA-40 GROWTH FUND in accordance with Shariah principles and complied with the applicable guidelines, rulings and decisions issued by the Securities Commission of Malaysia pertaining to Shariah matters for the fi nancial year ended 30 November 2013.

In addition, we also confi rm that the investment portfolio of PUBLIC ISLAMIC ALPHA-40 GROWTH FUND comprises securities which have been classifi ed as Shariah-compliant by the Shariah Advisory Council of the Securities Commission of Malaysia and/or the Shariah Supervisory Board of Standard & Poors Shariah Indexes. As for the securities which are not certifi ed by the Shariah Advisory Council of the Securities Commission of Malaysia and/or the Shariah Supervisory Board of Standard & Poors Shariah Indexes, we have reviewed the said securities and confi rm that these securities are Shariah-compliant.

For ZICOlaw Shariah Advisory Services Sdn Bhd (formerly known as ZI Shariah Advisory Services Sdn Bhd)

DR. AIDA OTHMAN DR. MOHAMAD AKRAM LALDINDirector Designated Person Responsible for Shariah Advisory

Kuala Lumpur, Malaysia23 December 2013

To the Unitholders ofPUBLIC ISLAMIC ALPHA-40 GROWTH FUND

We, AMANAHRAYA TRUSTEES BERHAD, have acted as Trustee of PUBLIC ISLAMIC ALPHA-40 GROWTH FUND for the fi nancial year ended 30 November 2013. In our opinion, PUBLIC MUTUAL BERHAD, the Manager, has managed PUBLIC ISLAMIC ALPHA-40 GROWTH FUND in accordance with the limitations imposed on the investment powers of the management company and the Trustee under the Deed, other provisions of the Deed, the applicable Guidelines on Unit Trust Funds, the Capital Markets and Services Act 2007 and other applicable laws during the fi nancial year then ended.

We are of the opinion that:

(a) the procedures and processes employed by the Manager to value and/or price the units of PUBLIC ISLAMIC ALPHA-40 GROWTH FUND are adequate and that such valuation/pricing is carried out in accordance with the Deed and other regulatory requirement;

(b) creation and cancellation of units are carried out in accordance with the Deed and other regulatory requirement; and

(c) the distribution of returns made by PUBLIC ISLAMIC ALPHA-40 GROWTH FUND as declared by the Manager is in accordance with the investment objective of PUBLIC ISLAMIC ALPHA-40 GROWTH FUND.

Yours faithfullyAMANAHRAYA TRUSTEES BERHAD

HABSAH BINTI BAKARChief Executive Offi cer


Trustees ReportFor the Financial Year Ended 30 November 2013


Statement By Manager

We, TAN SRI DATUK SERI UTAMA THONG YAW HONG and TAN SRI DATO SRI TAY AH LEK, being two of the directors of PUBLIC MUTUAL BERHAD, do hereby state that in the opinion of the Manager, the accompanying statement of assets and liabilities as at 30 November 2013 and the related statement of income and expenditure, statement of changes in net asset value and statement of cash fl ows for the fi nancial year ended on that date together with the notes thereto, are drawn up in accordance with Malaysian Financial Reporting Standards and International Financial Reporting Standards so as to give a true and fair view of the fi nancial position of PUBLIC ISLAMIC ALPHA-40 GROWTH FUND as at 30 November 2013 and of its fi nancial performance, changes in net asset value and cash fl ows for the fi nancial year then ended and comply with the requirements of the Deeds.

For and on behalf of the Manager

TAN SRI DATUK SERI UTAMA THONG YAW HONG

TAN SRI DATO SRI TAY AH LEK


Independent Auditors Report

Independent auditors report to the Unitholders ofPUBLIC ISLAMIC ALPHA-40 GROWTH FUND

Report on the fi nancial statements

We have audited the fi nancial statements of PUBLIC ISLAMIC ALPHA-40 GROWTH FUND, which comprise the statement of assets and liabilities as at 30 November 2013, and statement of income and expenditure, statement of changes in net asset value and statement of cash fl ows for the fi nancial year then ended, and a summary of signifi cant accounting policies and other explanatory information, as set out on pages 19 to 39.

Managers and Trustees responsibility for the fi nancial statements

The Manager of the Fund is responsible for the preparation of fi nancial statements so as to give a true and fair view in accordance with Malaysian Financial Reporting Standards and International Financial Reporting Standards. The Manager is also responsible for such internal control as the Manager determines is necessary to enable the preparation of fi nancial statements that are free from material misstatement, whether due to fraud or error. The Trustee is responsible for ensuring that the Manager maintains proper accounting and other records as are necessary to enable true and fair presentation of these fi nancial statements.

Auditors responsibility

Our responsibility is to express an opinion on these fi nancial statements based on our audit. We conducted our audit in accordance with approved standards on auditing in Malaysia. Those standards require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether the fi nancial statements are free from material misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the fi nancial statements. The procedures selected depend on our judgement, including the assessment of risks of material misstatement of the fi nancial statements, whether due to fraud or error. In making those risk assessments, we consider internal control relevant to the Funds preparation of the fi nancial statements that give a true and fair view in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Funds internal control. An audit also includes evaluating the appropriateness of the accounting policies used and the reasonableness of accounting estimates made by the Manager, as well as evaluating the overall presentation of the fi nancial statements.

We believe that the audit evidence we have obtained is suffi cient and appropriate to provide a basis for our audit opinion.


Independent Auditors Report (contd)

Opinion

In our opinion, the fi nancial statements give a true and fair view of the fi nancial position of the Fund as at 30 November 2013 and of its fi nancial performance, changes in net asset value and cash fl ows for the fi nancial year then ended in accordance with Malaysian Financial Reporting Standards and International Financial Reporting Standards.

Other matters

This report is made solely to the unitholders of the Fund, as a body, in accordance with Securities Commissions Guidelines on Unit Trust Funds in Malaysia and for no other purpose. We do not assume responsibility to any other person for the content of this report.

Ernst & Young Yeo Beng YeanAF: 0039 No. 3013/10/14 (J)Chartered Accountants Chartered Accountant


Statement Of Assets And LiabilitiesAs at 30 November 2013

Note 30.11.2013 30.11.2012 1.12.2011 MYR000 MYR000 MYR000

AssetsInvestments 4 70,008 80,243 98,657Tax recoverable 71 89 48Other receivables 108 375 315Cash and cash

equivalents 7 11,208 8,286 11,171

81,395 88,993 110,191

LiabilitiesDue to brokers/fi nancial

institutions, net 8 321 - 1,097Due to the Manager, net 9 13 352 306Due to the Trustee 4 4 7Other payables 69 55 66Distribution payable 3,240 4,801 3,249

3,647 5,212 4,725

Total net assets 77,748 83,781 105,466

Net asset value (NAV) attributable to unitholders (Total equity) 10 77,748 83,781 105,466

Units in circulation (in 000) 11 271,237 320,121 433,264

NAV per unit, ex-distribution (in sen) 28.66 26.17 24.34

The accompanying notes are an integral part of this statement.


Statement Of Income And ExpenditureFor the Financial Year Ended 30 November 2013

Note 2013 2012 MYR000 MYR000

IncomeProfi t from Mudharabah deposits 106 95Dividend income 2,161 2,526Net gain from investments 4 9,869 13,700Net realised/unrealised foreign

exchange gain/(loss) 117 (164)

12,253 16,157

Less: ExpensesTrustees fee 13 49 72Management fee 14 1,226 1,557Audit fee 7 6Tax agents fee 3 3Brokerage fee 243 242Administrative fees and expenses 64 47

1,592 1,927

Net income before taxation 10,661 14,230Taxation 15 (23) (57)

Net income after taxation 10,638 14,173

Net income after taxation is made up as follows:Realised 2,116 6,382Unrealised 8,522 7,791

10,638 14,173

Final distribution for the fi nancial year 16 3,240 4,801


For the Financial Year Ended 30 November 2013Statement Of Changes In Net Asset Value

Unitholders Retained Note capital earnings Total MYR000 MYR000 MYR000

As at 1 December 2011 108,848 (3,382) 105,466Creation of units 15,855 - 15,855Cancellation of units (46,912) - (46,912)Net income after taxation - 14,173 14,173Distribution 16 - (4,801) (4,801)

As at 30 November 2012 77,791 5,990 83,781

As at 1 December 2012 77,791 5,990 83,781Creation of units 10,582 - 10,582Cancellation of units (24,013) - (24,013)Net income after taxation - 10,638 10,638Distribution 16 - (3,240) (3,240)

As at 30 November 2013 64,360 13,388 77,748



For the Financial Year Ended 30 November 2013Statement Of Cash Flows

Note 2013 2012 MYR000 MYR000

Cash fl ows from operating and investing activitiesProceeds from sale of investments 43,927 59,112Purchase of investments (23,739) (29,584)Subscription of rights - (421)Cash received from capital distribution - 1,631Profi t from Mudharabah deposits

received 105 96Interest received from foreign currency

accounts 1 3Net dividend income received 2,374 2,389Trustees fee paid (49) (75)Management fee paid (1,238) (1,580)Audit fee paid (6) (6)Tax agents fee paid - (3)Taxation recovered 49 -Payment of other fees and expenses (54) (58)Payment to charitable bodies 6(b) (1) (3)

Net cash infl ow from operating and investing activities 21,369 31,501

Cash fl ows from fi nancing activitiesCash proceeds from units created 10,492 15,911Cash paid on units cancelled (24,250) (46,899)Distribution paid (4,801) (3,249)

Net cash outfl ow from fi nancing activities (18,559) (34,237)

Net increase/(decrease) in cash and cash equivalents 2,810 (2,736)

Effect of change in foreign exchange rates 112 (149)

Cash and cash equivalents at the beginning of the fi nancial year 8,286 11,171

Cash and cash equivalents at the end of the fi nancial year 11,208 8,286

Cash and cash equivalents comprise:Cash at banks 4,129 4,837Mudharabah deposits with a fi nancial

institution 7,079 3,449

11,208 8,286


Notes To The Financial Statements30 November 2013

1. The Fund, The Manager and Their Principal Activities

The Public Islamic Alpha-40 Growth Fund (hereinafter referred to as the Fund) was set up pursuant to the execution of a Supplemental Master Deed dated 12 November 2009 between the Manager, Public Mutual Berhad, the Trustee, AmanahRaya Trustees Berhad and the registered unitholders of the Fund. The Fund is governed by a Master Deed dated 28 January 1999 and subsequent Supplemental Master Deeds (collectively referred to as Deeds).

The Funds objective is to seek to achieve capital growth by investing in up to a maximum of 40 stocks which comply with Shariah requirements. The Fund invests in investments as defi ned in the Deeds. The Fund was launched on 16 November 2010 and will continue its operations until terminated by the Trustee as provided in the Master Deed.

The Manager of the Fund is Public Mutual Berhad, a company incorporated in Malaysia. Its principal activities are the management of unit trusts and the sale of trust units. Its ultimate holding company is Public Bank Berhad, a licensed bank incorporated in Malaysia and listed on the Main Market of Bursa Malaysia Securities Berhad (Bursa Malaysia).

2. Summary of Significant Accounting Policies

(a) Basis of Preparation

The fi nancial statements of the Fund have been prepared under the historical cost convention, as modifi ed by the revaluation of fi nancial assets and fi nancial liabilities at fair value and comply with Malaysian Financial Reporting Standards (MFRS) and International Financial Reporting Standards (IFRS).

(b) First time Adoption of MFRS

For the periods up to and including the fi nancial year ended 30 November 2012, the Fund prepared its fi nancial statements in accordance with Financial Reporting Standards in Malaysia (FRS). These financial statements, for the financial year ended 30 November 2013 are the Funds fi rst fi nancial statements prepared in accordance with MFRS; and MFRS 1 - First Time Adoption of Malaysian Financial Reporting Standards has been applied. In preparing these fi nancial statements, the Funds opening Statement of Assets and Liabilities was prepared as at 1 December 2011, the date of transition to MFRS.

The Fund has applied the exemption provided by MFRS 1 to designate all its investments held at the date of transition at fair value through profi t or loss. An explanation of how the transition from FRS to MFRS has affected the Funds Statement of Income and Expenditure is set out below. The transition from FRS to MFRS has no impact on the Statement of Assets and Liabilities and Statement of Cash Flows.


2. Summary of Significant Accounting Policies (contd)

(b) First time Adoption of MFRS (contd)

Effect of transition to FRS MFRS MFRS MYR000 MYR000 MYR000

Other investment income 2,621 - 2,621Net gain from investments 9,347 4,353 13,700Net realised/unrealised

foreign exchange loss (149) (15) (164)

11,819 4,338 16,157Less: Expenses 1,927 - 1,927

Net income before taxation 9,892 4,338 14,230Taxation (57) - (57)

Net income after taxation 9,835 4,338 14,173Other comprehensive

income 4,338 (4,338) -

Total income 14,173 - 14,173

In addition, the Fund has early adopted MFRS 13 - Fair Value Measurement. The adoption of MFRS 13 has no signifi cant impact on the fi nancial statements of the Fund.

The Fund has not early adopted the following MFRS, Amendments and IC Interpretations which have effective dates as follows:

Effective datesfor fi nancial periods

beginning on or after

MFRS 3 - Business Combination * 1 January 2013MFRS 10 - Consolidated Financial 1 January 2013 Statements * MFRS 11 - Joint Arrangement * 1 January 2013MFRS 12 - Disclosure of Interests in Other 1 January 2013 Entities * MFRS 119 - Employee Benefi ts * 1 January 2013MFRS 127 - Separate Financial Statements * 1 January 2013MFRS 128 - Investments in Associates and 1 January 2013 Joint Ventures * MFRS 9 - Financial Instruments 1 January 2015Amendments to MFRS contained in the 1 January 2013 document entitled Annual Improvements 2009-2011 CycleGovernment Loans (Amendments to 1 January 2013

MFRS 1) * Disclosures - Offsetting Financial Assets 1 January 2013 and Financial Liabilities (Amendments to

MFRS 7)Offsetting Financial Assets and Financial 1 January 2014 Liabilities (Amendments to MFRS 132)



(b) First time Adoption of MFRS (contd)

Effective datesfor fi nancial periods

beginning on or after

Investment Entities (Amendments to 1 January 2014MFRS 10, MFRS 12 and MFRS 127) *

Recoverable Amount Disclosures for 1 January 2014Non-Financial Assets (Amendments toMFRS 136) *

Novation of Derivatives and Continuation of 1 January 2014Hedge Accounting (Amendments toMFRS 139) *

IC Interpretation 20 - Stripping Costs in the 1 January 2013 Production Phase of a Surface Mine *IC Interpretation 21 - Levies * 1 January 2014

* These MFRS, Amendments and IC Interpretations are not relevant to the Fund.

(c) Accounting Estimates and Judgements

The preparation of the Funds fi nancial statements requires the Manager to make judgements, estimates and assumptions that affect the reported amounts of revenues, expenses, assets and liabilities, and the disclosure of contingent liabilities at the reporting date. However, uncertainty about these assumptions and estimates could result in outcome that could require a material adjustment to the carrying amount of an asset or a liability in the future.

There are no major judgements nor key assumptions concerning the future and other key sources of estimation uncertainty at the reporting date, that may cast signifi cant doubt upon the Funds ability to continue as a going concern. Therefore, the fi nancial statements continue to be prepared on the going concern basis.

(d) Financial Assets and Liabilities

Financial assets and fi nancial liabilities are recognised in the Statement of Assets and Liabilities when, and only when, the Fund becomes a party to the contractual provisions of the instrument.

i) Financial Assets

The Fund determines the classifi cation of its fi nancial assets at initial recognition, and the categories include fi nancial assets at fair value through profi t or loss (FVTPL) and loans and receivables.

When fi nancial assets are recognised initially on trade date, they are measured at fair value, plus, in the case of fi nancial assets not at FVTPL, directly attributable transaction costs.

Financial assets are derecognised on trade date when the rights to receive cash fl ows from the investments have expired or the Fund has transferred substantially all risks and rewards of ownership.




(d) Financial Assets and Liabilities (contd)

i) Financial Assets (contd)

Financial assets at FVTPL

Financial assets are classifi ed as fi nancial assets at FVTPL if they are held for trading or are designated as such upon initial recognition. Financial assets held for trading are those acquired principally for the purpose of selling in the near term. Subsequent to initial recognition, fi nancial assets at FVTPL are measured at fair value. Changes in the fair value of those fi nancial instruments are recorded in Net gain or loss on fi nancial assets at FVTPL. Interest earned and dividend revenue elements of such instruments are recorded separately in Interest income and Dividend income respectively. Exchange differences on fi nancial assets at FVTPL are not recognised separately in profi t or loss but are included in net gain or net loss on changes in fair value of fi nancial assets at FVTPL.

Loans and Receivables

The Fund does not have any loans throughout the fi nancial year. Financial assets with fi xed or determinable payments that are not quoted in an active market are classifi ed as receivables. Such receivables include amount due from brokers/fi nancial institutions, amount due from the Manager and other receivables. Subsequent to initial recognition, these are measured at amortised cost.

For fi nancial assets carried at amortised cost, the Fund assesses at each reporting date whether there is any objective evidence that a fi nancial asset is impaired. If any such evidence exists, the amount of impairment loss is measured as the difference between the assets carrying amount and the present value of estimated future cash fl ows discounted at the fi nancial assets original effective interest rate. The carrying amount of the fi nancial asset is reduced and the amount of the loss is recognised in profi t or loss with the exception of receivables.

If in a subsequent period, the amount of the impairment loss decreases and the decrease can be related objectively to an event occurring after the impairment was recognised, the previously recognised impairment loss is reversed to the extent that the carrying amount of the asset does not exceed its amortised cost at the reversal date. The amount of reversal is recognised in profi t or loss.



(d) Financial Assets and Liabilities (contd)

ii) Financial Liabilities

Financial liabilities are classifi ed according to the substance of the contractual arrangements entered into and the defi nitions of a fi nancial liability.

Financial liabilities are recognised initially at fair value and subsequently stated at amortised cost. The Fund includes in this category amount due to brokers/fi nancial institutions, amounts due to the Manager and the Trustee, and other payables. A fi nancial liability is derecognised when it is settled.

(e) Foreign Currency

i) Functional and presentation currency

The fi nancial statements of the Fund are measured using the currency of the primary economic environment in which the Fund operates (the functional currency). The fi nancial statements are presented in Malaysian Ringgit (MYR), which is also the Funds functional currency.

ii) Foreign currency transactions

Transactions in foreign currencies are measured and recorded in the functional currency of the Fund on initial recognition at exchange rates approximating those ruling at the transaction dates. Monetary assets and liabilities denominated in foreign currencies are translated at the rate of exchange ruling at the reporting date. Non-monetary items denominated in foreign currencies that are measured at historical cost are translated using the exchange rates as at the dates of the initial recognition.

Exchange differences arising from translation of monetary items at the reporting date are recognised in profi t or loss. Exchange differences arising from the translation of non-monetary fi nancial assets at FVTPL are included in profi t or loss.

(f) Unitholders Capital

The Unitholders contributions to the Fund meet the defi nition of puttable instruments and are classifi ed as equity instruments.

Distribution equalisation represents the average distributable amount included in the creation and cancellation prices of units. This amount is either refunded to Unitholders by way of distribution and/or adjusted accordingly when units are cancelled.

(g) Cash and Cash Equivalents

Cash and cash equivalents comprise cash at banks and Mudharabah deposits with fi nancial institutions which have an insignifi cant risk of changes in value.




(h) Income

Income is recognised to the extent that it is probable that the economic benefits will flow to the Fund and the income can be reliably measured. Income is measured at the fair value of consideration received or receivable.

Dividend income is recognised when the Funds right to receive payment is established.

Profi t from Mudharabah deposits, income from sukuk, accretion of discount and amortisation of premium are recognised using the effective interest method.

(i) Taxation

Current tax assets and liabilities are measured at the amount expected to be recovered from or paid to the tax authorities. The tax rate and tax laws used to compute the amount are those that are enacted or substantively enacted by the reporting date. The Fund also incurs foreign withholding taxes imposed by certain countries on dividend and interest income derived from foreign fi nancial instruments.

(j) Interest from Foreign Currency Accounts

A portion of the cash is maintained in foreign currency accounts outside Malaysia to facilitate the settlement of purchase and selling of foreign securities in a particular country. Interest earned, if any, from these accounts is not recognised as income to the Fund. Such interest will be channelled to charitable bodies as part of the Funds cleansing process in line with the advice of the Shariah Adviser.

(k) Related Parties

Related parties refer to Public Bank Berhad and its subsidiaries.

3. Financial Risk and Capital Management Policies

The Fund is exposed to a variety of fi nancial risks, which include market risk (such as price risk and currency risk), credit risk, single issuer risk, liquidity risk and reclassifi cation of Shariah status risk. The overall fi nancial risk management objective of the Fund is to mitigate capital loss.

Financial risk management is carried out through policy reviews, internal control systems and adherence to the investment powers and restrictions stipulated in the Securities Commissions Guidelines on Unit Trust Funds in Malaysia.

(a) Market Risk

Market risk arises when the value of the securities fl uctuates in response to the activities of individual companies, and general market or economic environments. Market risk is managed through portfolio diversifi cation and changes in asset allocation. It comprises the following risks:


3. Financial Risk and Capital Management Policies (contd)

(a) Market Risk (contd)

i) Price Risk

Price risk is the risk that prices of equity securities and collective investment funds rise or fall as a result of changes in factors specifi c to a particular security or general market conditions.

The increase/(decrease) in the NAV attributable to unitholders as at reporting date, assuming equity and collective investment funds prices change by +/(-) 5% with all other variables held constant, is +/(-) MYR3,500,000 (2012: +/(-) MYR4,012,000). This analysis is for illustration purpose only and not an indication of future variances.

ii) Currency Risk

The Fund invests in fi nancial instruments denominated in currencies other than its functional currency. Consequently, the Fund is exposed to risks arising from changes in the exchange rate of its functional currency relative to other foreign currencies that might signifi cantly impact the value of the Funds assets or liabilities denominated in currencies other than Malaysian Ringgit.

The increase/(decrease) in the NAV attributable to unitholders as at reporting date, assuming exchange rates of foreign currencies fl uctuate by +/(-) 5% with all other variables held constant, is +/(-) MYR554,000 (2012: +/(-) MYR650,000). This analysis is for illustration purpose only and not an indication of future variances.

(b) Credit Risk

Credit risk refers to the ability of an issuer or a counterparty to make timely payments of profi t, principals and proceeds from realisation of investments. The Fund invests only in debt securities with at least investment grade credit rating by the relevant credit rating agencies. The Manager manages credit risk by setting counterparty limits and undertaking credit evaluation to assess such risk.

(c) Single Issuer Risk

The Fund is restricted to invest in securities issued by any issuer of not more than a certain percentage of its net asset value. Under such restriction, the exposure risk to the securities of a single issuer is minimised.

(d) Liquidity Risk

The Fund maintains a suffi cient level of liquid assets to meet anticipated payments and redemption by unitholders. Liquid assets comprise cash, Mudharabah deposits with licensed fi nancial institutions and other instruments, which can be converted into cash within 7 days. The Funds policy is to maintain a prudent level of liquid assets and monitoring of the daily creation and cancellation of units so as to manage liquidity risk.



3. Financial Risk and Capital Management Policies (contd)

(d) Liquidity Risk (contd)

The Funds fi nancial liabilities have contractual maturities of not more than six (6) months.

(e) Reclassification of Shariah Status Risk

The currently held Shariah-compliant securities in the portfolio of Shariah-based funds may be reclassifi ed to be Shariah non-compliant in the periodic review of the securities by the Shariah Advisory Council of the Securities Commission (SACSC), the Shariah Adviser or the Shariah Boards of the relevant Islamic Indices. If this occurs, the value of the Fund may be adversely affected where the Manager will take the necessary steps to dispose of such securities in accordance with the advice from the SACSC and/or the Shariah Adviser.

(f) Capital Management

The capital is represented by unitholders subscription to the Fund. The amount of capital can change signifi cantly on a daily basis as the Fund is subject to daily redemption and subscription at the discretion of unitholders. The Manager manages the Funds capital in accordance to its objective as stated in Note 1, while maintaining suffi cient liquidity to meet unitholders redemption as explained in Note (d) above.

4. Investments

30.11.2013 30.11.2012 1.12.2011 MYR000 MYR000 MYR000

Financial assets at FVTPL- Equity securities 69,676 80,243 98,657- Collective investment funds 332 - -

70,008 80,243 98,657

The Funds investments are carried at fair value, which were determined using prices in active markets for identical assets.

Quoted equity securities and collective investment fundsFair value is determined directly by reference to the published market price at the reporting date.

The market prices of the above quoted financial instruments are determined by reference to information made publicly available by the respective stock exchanges.

FINANCIAL INSTRUMENTS - 30 NOVEMBER 2013

The equity securities and collective investment funds held by the Fund are categorised based on their principal business activities according to the Bloomberg Sector Classifi cation System as at the date of the Statement of Assets and Liabilities.


4. Investments (contd) Per Cent of Net Fair Asset Quantity Cost Value Value (in 000) MYR000 MYR000 %

EQUITY SECURITIES

Malaysia

Basic MaterialsPetronas Chemicals Group

Berhad 461 2,866 3,112 4.0

CommunicationsAxiata Group Berhad 934 4,759 6,276 8.1DiGi.Com Berhad 649 1,839 3,161 4.1Maxis Berhad 496 3,236 3,487 4.5Media Chinese

International Limited 178 200 177 0.2Star Publications

(Malaysia) Berhad 144 381 354 0.4Telekom Malaysia Berhad 503 1,620 2,585 3.3

12,035 16,040 20.6

Consumer, CyclicalUMW Holdings Berhad 133 1,771 1,655 2.1

Consumer, Non-cyclicalFelda Global Ventures

Holdings Berhad 400 2,105 1,784 2.3IHH Healthcare Berhad 556 2,141 2,252 2.9IOI Corporation Berhad 710 3,987 4,006 5.2KPJ Healthcare Berhad 188 1,088 1,147 1.5Kuala Lumpur Kepong

Berhad 83 1,808 2,041 2.6

11,129 11,230 14.5

Diversifi edIJM Corporation Berhad 224 1,225 1,310 1.7Sime Darby Berhad 473 4,318 4,565 5.9

5,543 5,875 7.6

EnergyDialog Group Berhad 252 567 751 1.0Perisai Petroleum Teknologi

Berhad 314 286 458 0.6Petronas Dagangan Berhad 51 737 1,597 2.0SapuraKencana Petroleum

Berhad 876 2,516 3,759 4.8UMW Oil & Gas

Corporation Berhad 472 1,478 1,604 2.1

5,584 8,169 10.5




EQUITY SECURITIES(contd)

Malaysia (contd)

FinancialIJM Land Berhad 417 1,199 1,084 1.4UEM Sunrise Berhad 578 1,569 1,330 1.7

2,768 2,414 3.1

IndustrialGamuda Berhad 458 1,867 2,180 2.8Hartalega Holdings Berhad 136 786 1,002 1.3MISC Berhad 118 612 650 0.8WCT Holdings Berhad 930 2,593 2,093 2.7

5,858 5,925 7.6

UtilitiesPetronas Gas Berhad 140 1,884 3,340 4.3Tenaga Nasional Berhad 526 3,477 5,185 6.7

5,361 8,525 11.0

Hong Kong

EnergyCNOOC Limited 74 484 489 0.6PetroChina Company

Limited 126 581 480 0.6

1,065 969 1.2

Korea

Consumer, CyclicalHyundai Mobis 1 558 562 0.7Kia Motors Corporation 2 361 419 0.5

919 981 1.2

TechnologySamsung Electronics

Company Limited * 581 982 1.3

Singapore

CommunicationsM1 Limited 42 293 354 0.4Singapore

Telecommunications Limited 39 339 372 0.5

StarHub Limited 33 330 360 0.5

962 1,086 1.4

* Denote less than 1,000 units of shares.



EQUITY SECURITIES(contd)

Singapore (contd)

IndustrialSembCorp Marine Limited 88 1,029 1,002 1.3

Taiwan

TechnologyTaiwan Semiconductor

Manufacturing CompanyLimited 109 876 1,247 1.6

Thailand

CommunicationsAdvance Info Service

Public Company Limited- Foreign 20 546 464 0.6

COLLECTIVE INVESTMENT FUNDS

Hong Kong

FinancialThe Link Real Estate

Investment Trust 21 351 332 0.4

TOTAL 59,244 70,008 90.0

The cost is translated to the Funds functional currency based on the exchange rate at the date of the Statement of Assets and Liabilities.

2013 2012 MYR000 MYR000

Net gain from investments:Financial assets at FVTPL

- realised gain on disposal 1,445 5,871- unrealised gain on changes in fair value 8,424 7,829

9,869 13,700



5. Fair Value of Financial Instruments

The Fund uses the following hierarchy for determining and disclosing the fair value of fi nancial instruments by valuation technique:

Level 1: Quoted prices per respective stock markets for identical assets or liabilities.

Level 2: Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly (as prices) or indirectly (derived from prices).

Level 3: Inputs for the asset or liability other than observable market data.

As at 30 November 2013, the Fund held the following fi nancial instruments carried at fair value on the Statement of Assets and Liabilities.

Level 1 Total MYR000 MYR000

As at 30 November 2013Financial assets at FVTPL

- Equity securities 69,676 69,676- Collective investment funds 332 332

70,008 70,008

As at 30 November 2012Financial assets at FVTPL

- Equity securities 80,243 80,243

6. Shariah Information of the Fund

(a) Reclassifi cation of Shariah Status of Securities

Media Chinese International Limited was reclassifi ed as Shariah non-compliant on 29 November 2013 by the Shariah Advisory Council of the Securities Commission of Malaysia. These securities will be disposed of in accordance with the advice of the Shariah Adviser.

(b) Payment to Charitable Bodies

Payment which must be made to charitable bodies comprised the interest income of MYR358.38 derived from foreign currency accounts. The Manager has channelled the total amount of MYR358.38 to charitable bodies as part of the Funds cleansing process.

In addition, the Shariah Adviser confi rmed that the investment portfolio of the Fund is Shariah-compliant, which comprises:

i) equity securities listed on Bursa Malaysia which have been classifi ed as Shariah-compliant by the Shariah Advisory Council of the Securities Commission of Malaysia;


6. Shariah Information of the Fund (contd)

ii) equity securities in foreign markets which have been classifi ed as Shariah-compliant either by the Shariah Supervisory Board of Standard & Poors Shariah Indexes and duly verifi ed by the Shariah Adviser and/or those securities which have been reviewed and classifi ed as Shariah-compliant by the Shariah Adviser;

iii) investment in collective investment funds which was verifi ed as Shariah-compliant by the Shariah Adviser; and

iv) cash placements and liquid assets in local market, which are placed in investments and/or instruments.

7. Cash and Cash Equivalents

2013 2012 MYR000 MYR000

Mudharabah deposits with a related licensed Islamic bank 7,079 3,449

Cash at banks- related parties 804 4,058- others 3,325 779

4,129 4,837

11,208 8,286

Weighted average rates of return for the fi nancial year and the average remaining maturities of Mudharabah deposits as of end of the fi nancial year are as follows: Weighted Average Average Remaining Rates of Return Maturities

2013 2012 2013 2012 % % Days Days

Mudharabah deposits, less than 1 year 2.94 2.95 2 3

8. Due to Brokers/Financial Institutions, Net

2013 2012 MYR000 MYR000

Amount due to- a related fi nancial institution 162 -- other stockbroking companies 159 -

321 -




9. Due to the Manager, Net

The net amount due to the Manager represents amount payable for units cancelled and/or amount payable for management fee, net of amount receivable for the units created. Amounts for units created/cancelled are receivable/payable within 10 days of creation/cancellation. Management fee is payable on a monthly basis.

10. Net Asset Value Attributable to Unitholders (Total Equity)

2013 2012 MYR000 MYR000

Unitholders capital 64,360 77,791Retained earnings 13,388 5,990

77,748 83,781

Retained earnings- realised reserves 2,266 3,390- unrealised reserves 11,122 2,600

13,388 5,990

11. Units in Circulation

As of end of the fi nancial year, the total number of units in circulation is as follows:

2013 2012 No. of units No. of units (in 000) (in 000)

At beginning of the fi nancial year 320,121 433,264Creation of units 38,326 59,810Cancellation of units (87,210) (172,953)

At end of the fi nancial year 271,237 320,121

12. Holdings of Units by the Manager

As of end of the fi nancial year, the total number and value of units held legally by the Manager are as follows:

2013 2012 No. of units No. of units (in 000) MYR000 (in 000) MYR000

The Manager 224 64 152 40

13. Trustees Fee

The Trustees fee is computed daily based on 0.06% per annum of the net asset value, subject to a minimum fee of MYR18,000 per annum and a maximum fee of MYR600,000 per annum. Prior to 30 April 2012, the Trustees fee was computed daily based on 0.08% per annum of the net asset value, subject to a minimum fee of MYR18,000 per annum.


14. Management Fee

The management fee is computed daily based on 1.50% per annum of the net asset value.

15. Taxation

2013 2012 MYR000 MYR000

Malaysian tax - 14Foreign withholding tax 23 43

23 57

Domestic income tax is calculated at the Malaysian statutory tax rate of 25% of the estimated assessable income for the fi nancial year.

The Malaysian taxation charge for the current fi nancial year is on taxable dividend income after deducting tax allowable expenses.

A reconciliation of income tax expense applicable to net income before taxation at the statutory income tax rate to income tax expense at the effective income tax rate of the Fund is as follows:

2013 2012 MYR000 MYR000

Net income before taxation 10,661 14,230

Taxation at Malaysian statutory rate of 25% 2,665 3,558Tax effects of:

- income not subject to tax, net (3,031) (3,985)- expenses not deductible for tax purposes 79 81- restriction on tax deductible expenses

for unit trust funds 287 360

- 14Foreign withholding tax 23 43

Tax expense 23 57

16. Distribution

Final distribution declared on 29 November 2013 (2012: 30 November 2012) to unitholders is derived from the following sources:

2013 2012 MYR000 MYR000

Profi t from Mudharabah deposits 83 59Dividend income 1,979 1,926Net realised gain on sale of investments 1,379 3,872Net realised gain/(loss) on foreign exchange 15 (111)Previous fi nancial years net realised income 1,527 983

4,983 6,729


16. Distribution (contd)

2013 2012 MYR000 MYR000

Less:Expenses (1,592) (1,927)Attributable tax (unitholders) (151) (1)

(1,743) (1,928)

3,240 4,801

Gross distribution per unit (sen) 1.25 1.50

Net distribution per unit (sen) 1.20 1.50

Included in distribution for the financial year is an amount of MYR1,527,000 (2012: MYR983,000) made from previous fi nancial years net realised income.

17. Transactions with Related and Other Brokers/Financial Institutions

Value of Per Cent Brokerage Per Cent Trade of Total Fees and of Total Trade Commissions Fees and Name Commissions

MYR000 % MYR000 %

Public Investment Bank Berhad (related party) 29,725 44 68 43

Mercury Securities Sdn Bhd 27,085 40 61 38

CLSA Securities Korea Limited 2,969 4 9 6

Public Securities Limited (related party) 1,756 3 4 3

TA Securities Holdings Berhad 1,185 2 3 2

Kenanga Investment Bank Berhad 1,146 2 3 2

J.P. Morgan Securities Limited 780 1 2 1

Deutsche Securities Korea Co. (DSK) 648 1 2 1

UBS Securities Malaysia Sdn Bhd 601 1 2 1

Public Bank (Hong Kong) Limited (related party) 397 - 1 -

Others 1,638 2 4 3

67,930 100 159 100



17. Transactions with Related and Other Brokers/Financial Institutions (contd)

The directors of the Manager are of the opinion that transactions with related parties have been entered into in the normal course of business and have been established on terms and conditions that are not materially different from that obtainable in transactions with unrelated parties.

18. Management Expense and Portfolio Turnover Ratios

(a) Management Expense Ratio (MER)

The MER for the fi nancial year is 1.65% (2012: 1.61%). It is the total management expenses expressed as an annual percentage of the Funds average net asset value.

(b) Portfolio Turnover Ratio (PTR)

The PTR for the fi nancial year is 0.42 time (2012: 0.42 time). It represents the average of the total acquisitions and disposals of the investments in the Fund for the fi nancial year over the average net asset value of the Fund calculated on a daily basis.

19. Segment Information

For management purposes, the Fund is organised into one main operating segment, which invests in various fi nancial instruments and the analysis of the Funds investment income by segments is as follows:

2013 2012 MYR000 MYR000

(a) Investment TypeEquity securities 12,088 15,957Collective investment funds 12 -Warrants 47 105Mudharabah deposits 106 95

12,253 16,157

(b) Regional LocationMalaysia 11,492 15,938Asia Pacifi c region 761 219

12,253 16,157


Corporate Information

ManagerPublic Mutual Berhad (23419-A)

Registered OfficeBlock B, Sri Damansara Business ParkPersiaran Industri, Bandar Sri Damansara52200 Kuala LumpurTel: 603-62796800Fax: 603-62779800

SecretariesMs. Tang Pueh Fong (MIA 8078)Ms. Pang Siew Han (MIA 6968)

BankerPublic Bank Berhad

Trustee of the FundAmanahRaya Trustees BerhadTingkat 2, Wisma TASNo. 21, Jalan Melaka50100 Kuala Lumpur

Shariah AdviserZICOlaw Shariah Advisory Services Sdn Bhd(formerly known as ZI Shariah Advisory Services Sdn Bhd)Suite 2-4, Level 2Tower Block, Menara MileniumJalan DamanlelaPusat Bandar Damansara50490 Kuala Lumpur

Auditor of the Manager and the FundErnst & YoungLevel 23A, Menara MileniumJalan DamanlelaPusat Bandar DamansaraDamansara Heights50490 Kuala Lumpur

Tax AdviserKPMG Tax Services Sdn BhdLevel 10, KPMG Tower 8, First AvenueBandar Utama47800 Petaling JayaSelangor

Corporate Information

Management Staff

Yeoh Kim HongChief Executive Offi cer / Executive Director

Lum Ming JangSenior General Manager - Investment

Richard Tan Koon EamGeneral Manager - Information Technology

Lee Kean GieGeneral Manager - Agency Operations

Alex Sito Kok ChauGeneral Manager - Marketing & Financial Planning

Hang Siew EngGeneral Manager - Customer Administration & Service

Tang Pueh FongGeneral Manager - Finance & Operations

Evelyn Chu Swee YinGeneral Manager - Agency Development & Training

Senior Compliance Officer

Abdul Samad Bin JaafarAssistant General Manager - Compliance


Directors And Senior Management

Tan Sri Dato Sri Dr. Teh Hong PiowNon-independent Director / Chairman

Tan Sri Dato Sri Dr. Teh Hong Piow, is a Director of Public Mutual since September 2006. He began his banking career in 1950 and has 63 years experience in the banking and fi nance industry. He founded Public Bank Bhd. in 1965 at the age of 35. He was appointed as a Director of Public Bank Bhd. on 30 December 1965 and had been the Chief Executive Offi cer of Public Bank Bhd. since its commencement of business operations in August 1966. He was re-designated as Chairman of Public Bank Bhd. and Chairman of Public Bank Group with effect from 1 July 2002.

Tan Sri Dato Sri Dr. Teh Hong Piow had won both domestic and international acclaim for his outstanding achievements as a banker and the Chief Executive Offi cer of a leading fi nancial services group. Awards and accolades that he had received include:

Asias Commercial Banker of the Year 1991 The ASEAN Businessman of the Year 1994 Malaysias Business Achiever of the Year 1997 Malaysias CEO of the Year 1998 Best CEO in Malaysia 2004 The Most PR Savvy CEO 2004 The Asian Banker Leadership Achievement Award 2005 for Malaysia Award for Outstanding Contribution to the Development of Financial

Services in Asia 2006 Lifetime Achievement Award 2006 Award for Lifetime Achievement in Corporate Excellence, Dedication

and Industry 2006 Asias Banker of High Distinction Award 2006 The BrandLaureate Brand Personality Award 2007 ASEAN Most Astute Banker Award 2007 Lifetime Entrepreneurship Achievement Award 2007 The Pila Recognition Award 2007 Asian Banker Par Excellence Award 2008 Best CEO in Malaysia 2009 Asias Banking Grandmaster 2010 Asian Corporate Director Recognition Award 2010 for Malaysia Value Creator: Malaysias Outstanding CEO 2010 The BrandLaureate - Tun Dr. Mahathir Mohamad Man of the Year

Award 2010 - 2011 Best CEO (Investor Relations) 2011 for Malaysia Asian Corporate Director Recognition Award 2011 for Malaysia The BrandLaureate Premier Brand Icon Leadership Award 2011 Best CEO (Investor Relations) 2012 for Malaysia Asian Corporate Director Recognition Award 2012 for Malaysia Best CEO (Investor Relations) 2013 for Malaysia Asian Corporate Director Recognition Award 2013 for Malaysia BrandLaureate Banker of the Year Award

Tan Sri Dato Sri Dr. Teh Hong Piow was awarded the Medal For the Course of Vietnamese Banking by the State Bank of Vietnam in 2002 for his contributions to the Vietnamese banking industry over the past years. Tan Sri Dato SriDr. Teh Hong Piow was conferred the Recognition Award 2007 by the National Bank of Cambodia in appreciation of his excellent achievement and signifi cant contribution to the banking industry in Cambodia.

In recognition of his contributions to society and the economy, he was conferred the Doctor of Laws (Honorary) from University of Malaya in 1989.

He had served in various capacities in public service bodies in Malaysia; he was a member of the Malaysian Business Council from 1991 to 1993;a member of the National Trust Fund from 1988 to 2001; a founder member of the Advisory Business Council since 2003; and is a member of the IPRM Accreditation Privy Council. He is an Emeritus Fellow of the Malaysian Institute of Management and is a Fellow of the Institute of Bankers Malaysia; the Chartered Institute of Bankers, United Kingdom; the Institute of Administrative Management, United Kingdom; and the Institute of Chartered Secretaries and Administrators, Australia.


Tan Sri Datuk Seri Utama Thong Yaw HongIndependent Director / Co-Chairman

Tan Sri Datuk Seri Utama Thong Yaw Hong is a Director of Public Mutual since September 2006. He was appointed as a Director of Public Bank Bhd. on 23 June 1986 and was made its Chairman in October 1986. He was re-designated as Co-Chairman of Public Bank Bhd. with effect from 1 July 2002.

He graduated with a Bachelor of Arts (Hons) degree in Economics from University of Malaya and a Masters degree in Public Administration from Harvard University. He attended the Advanced Management Program at Harvard Business School. In June 1998, he was appointed a Pro-Chancellor of University Putra Malaysia from which he had retired in end June 2006. In September 2006, he was conferred the Doctor of Economics (Honorary) from University Putra Malaysia.

He has had a distinguished career with the Government of Malaysia, primarily in the fi elds of socio-economic development planning and fi nance. He had served in the Economic Planning Unit in the Prime Ministers Department since 1957 and became its Director-General from 1971 to 1978 and served as Secretary-General, Ministry of Finance from 1979 until his retirement in 1986.

Tan Sri Datuk Seri Utama Thong Yaw Hong also serves as member on the Boards of Trustees of Program Pertukaran Fellowship Perdana Menteri Malaysia and Tun Razak Foundation, among others. He is a member of the National Economic Council and is also a Senior Member of the Working Group of the Executive Committee for the National Economic Council. Tan Sri Datuk Seri Utama Thong Yaw Hong is a Distinguished Fellow of the Institute of Strategic and International Studies (ISIS) Malaysia and is also a Fellow of the Institute of Bankers Malaysia.

Tan Sri Dato Sri Tay Ah Lek Non-independent Director

Tan Sri Dato Sri Tay Ah Lek is a Director of Public Mutual since August 1995. He has 52 years experience in the banking and fi nance industry. He was appointed as an Executive Director of Public Bank Bhd. on 18 June 1997 and was re-designated as Managing Director with effect from 1 July 2002. He joined the Public Bank Group as a pioneer staff in 1966. He was the Executive Vice-President of Public Bank Bhd. from 1995 to 1997 and prior to this appointment, he was the Executive Vice-President of the former Public Finance Bhd.

Tan Sri Dato Sri Tay Ah Lek holds a Masters degree in Business Administration from Henley, United Kingdom and attended the Advanced Management Program at Harvard Business School. He is an Emeritus Fellow of the Malaysian Institute of Management and is a Fellow of CPA Australia, the Financial Services Institute of Australasia and the Institute of Bankers Malaysia.

He is presently the Chairman of the Association of Hire Purchase Companies Malaysia and is a Member of the National Payments Advisory Board.



Mr. Quah Poh Keat Non-independent Director

Mr. Quah Poh Keat, is a Director of Public Mutual since 1 September 2009. He was appointed as Deputy Chief Executive Offi cer II of Public Bank Bhd. on 1 October 2013 and was redesignated as Deputy Chief Executive Offi cer on 28 November 2013. He is a Fellow of the Malaysian Institute of Taxation and the Association of Chartered Certifi ed Accountants; and a Member of the Malaysian Institute of Accountants, the Malaysian Institute of Certifi ed Public Accountants and the Chartered Institute of Management Accountants.

He was a partner of KPMG since October 1982 and appointed Senior Partner (also known as Managing Partner in other practices) in October 2000 until 30 September 2007. He retired from the fi rm on 31 December 2007. He is experienced in auditing, tax and insolvency practices and had worked in Malaysia and United Kingdom; his experiences include restructuring, demergers and privatisation.

Mr. Quah also sits as a Director on the Boards of Directors of Public Financial Holdings Ltd, Public Bank (Hong Kong) Ltd, Cambodian Public Bank Plc, Campu Lonpac Insurance Plc, LPI Capital Bhd. and Lonpac Insurance Bhd.

Ms. Yeoh Kim Hong Chief Executive Officer / Executive Director

Ms. Yeoh Kim Hong, CA(M), CPA, CFP has more than 17 years experience in the unit trust industry. Ms. Yeoh is the Chief Executive Offi cer of Public Mutual since July 2007. She is also a member of the Board of Directors and the Investment Committee of Public Mutual.

Ms. Yeoh has played an active role in the development of the unit trust industry. She holds the position of Director in the Federation of Investment Managers Malaysia (FIMM) and is a member of the Rules Committee and Audit Committee. Prior to that, Ms. Yeoh was a member of the Board of Governors as well as the Chairman of the Education and Examination Committee in the Financial Planning Association Malaysia (FPAM).

Prior to joining Public Mutual, Ms. Yeoh was with an international public accounting fi rm for more than 12 years during which she gained exposures in auditing and management consultancy and advisory, both locally and in the United States. She is a member of the Malaysian Institute of Certifi ed Public Accountants and the Malaysian Institute of Accountants.


Dato Sri Lee Kong Lam Non-independent DirectorDato Sri Lee Kong Lam, is a Director of Public Mutual since July 1999. He has 46 years experience in the banking and fi nance industry. He joined Public Bank Bhd. in November 1996 as General Manager and was subsequently appointed Senior General Manager in 1997 and Executive Vice-President in 1998. He was appointed as an Executive Director of Public Bank Bhd. on 28 November 2001 and was re-designated as Non-Independent Non-Executive Director of Public Bank Bhd. with effect from 28 November 2013, following his retirement as Executive Director/Deputy Chief Executive Offi cer of Public Bank Bhd. Prior to joining Public Bank Bhd., he was with Bank Negara Malaysia (BNM) and was involved primarily in the supervision and examination of banking institutions. He retired in August 1996 as the Head of BNMs Examination Department and as a member of BNMs Management Committee. He is a Fellow of CPA Australia and the Chartered Institute of Bankers, United Kingdom; and a Chartered Accountant of the Malaysian Institute of Accountants.

Dato (Dr) Haji Mohamed Ishak Bin Haji Mohamed Ariff Independent Director

Dato (Dr) Haji Mohamed Ishak Bin Haji Mohamed Ariff is a Director of Public Mutual since December 1993. He is a qualifi ed Professional Chartered Town Planner and a Professional Landscape Architect from the University of Newcastle-upon-Tyne, England. He was honoured by the University of Newcastle-upon-Tyne, England with the Honorary Degree of Doctor in Civil Law in May 1993. He is a Fellow of the Royal Town Planning Institute London; Fellow of Malaysian Institute of Planners; and Fellow of Institute of Landscape Architects Malaysia.

He had served in various State and Federal Governments before retiring in 1993. He was a member of the Advisory Board of the City of Kuala Lumpur (Dewan Bandaraya Kuala Lumpur) until December 2004. Over the years and through his involvement as a Director of several public listed companies, he has accumulated vast experiences in various sectors namely, property and housing development, hotel management, food manufacturing and expressway management.

Dato Mohamed Ishak is the Chairman of Yee Lee Corporation Berhad. He is also a Trustee of Yayasan Seni Selangor (Galeri Shah Alam) and Director of MIMA Holdings Enterprise Sdn Bhd.

Dato Haji Abdul Aziz Bin Dato Dr. Omar Independent Director

Dato Haji Abdul Aziz Bin Dato Dr. Omar is a Director of Public Mutual since December 1993. He qualifi ed as a Chartered Accountant from the Institute of Chartered Accountants in England & Wales, and is also a Chartered Accountant of the Malaysian Institute of Accountants.

During his previous banking experiences, he became a Fellow of the Institute of Bankers Malaysia. He was the President and Chief Executive Offi cer of a Malaysian bank from 1986 to 1993. His 44 years experience also include the areas of audit and accounting, taxation, property, plantation, hotelling, trading and manufacturing, both locally and abroad.

Dato Haji Abdul Aziz sits as an Independent Non-Executive Director on the Boards of Directors of Public Bank Bhd., Public Investment Bank Bhd., Public Islamic Bank Bhd. (Co-Chairman), PB Trustee Services Berhad, LPI Capital Bhd., Lonpac Insurance Bhd. and AIA PUBLIC Takaful Berhad. In addition, he is the Co-Chairman of the Audit Committee, Risk Management Committee and Credit Risk Management Committee and a member of the Nomination Committee and Remuneration Committee of Public Bank Bhd. He is the Chairman of Audit Committee of Public Islamic Bank Bhd. and Co-Chairman of Audit Committee of Public Investment Bank Bhd.



Mr. Lum Ming Jang Senior General Manager - Investment

Mr. Lum Ming Jang, holds an honours degree in Accountancy from the National University of Singapore and is a Chartered Financial Analyst. He joined Public Mutual in 2001 as Senior Manager - Investment Research and assumed the position of Senior Manager - Fund Management and co-designated fund manager of various funds in 2003. He was promoted to General Manager - Investment in 2004 and subsequently Senior General Manager - Investment in 2007.

Mr. Lum has more than 25 years of experience in fund management, investment research and stockbroking. Prior to joining Public Mutual, Mr. Lum held management positions at various established local and foreign stockbroking houses, overseeing their investment research functions and institutional sales.Mr. Lums investment research experience include assessing corporate earnings growth prospects, evaluating management track record, computation of stock valuations and fi nancial analysis of listed companies on the Bursa Securities. He is also familiar with analysis of fi nancial and economic trends which affect stock market movements. On the fund management side,Mr. Lum has served as a co-fund manager of selected unit trust funds managed by Public Mutual since 2003 before assuming the position of General Manager - Investment in 2004 and subsequently Senior General Manager - Investment in 2007.

Network Of Public Mutual Branch Offices

Head Office Block B, Sri Damansara Business Park, Persiaran Industri,Bandar Sri Damansara, 52200 Kuala Lumpur.Tel: 03-62796800 Fax: 03-62779800Hotline: 03-62075000Web: http://www.publicmutual.com.my

Alor Star 1888A & 1888B, Jalan Stadium,05100 Alor Star, Kedah.Tel: 04-3055000 Fax: 04-7310178Senior Branch Manager:Khaw Bee Ruh

Bangsar 11, 15 & 17, Jalan Bangsar Utama 3,Bangsar Utama,59000 Kuala Lumpur.Tel: 03-62075000 Fax: 03-22835739Senior Branch Manager: Chooi Chan Yen

Batu Pahat 119, Jalan Chengal,Taman Makmur,83000 Batu Pahat, Johor.Tel: 07-4325688 Fax: 07-4326588Branch Manager: Rui Lee Chong Siew

Bukit Mertajam 2646-2648, 2nd Floor,Jalan Che Bee Noor,14000 Bukit Mertajam,Seberang Prai Tengah, Penang.Tel: 04-3055000 Fax: 04-5376580Branch Manager: Cheryl Oon Lay Pheng

Butterworth4223, Jalan Bagan Luar,12000 Butterworth, Penang.Tel: 04-3055000 Fax: 04-3317775Senior Branch Manager: Charmane Chew Hui Hsia

Cheras 44-2, 44-3, 44-4 & 34-2,Cheras Commercial Centre,Jalan 5/101C, Off Jalan Kaskas, 56100 Cheras, Kuala Lumpur.Tel: 03-62075000 Fax: 03-91321022Senior Branch Manager: Khoo Peng Seng

Damansara Perdana 1 & 3, Jalan PJU 8/5 I,Perdana Business Centre,Bandar Damansara Perdana,47820 Petaling Jaya, Selangor.Tel: 03-62075000 Fax: 03-77222475Senior Branch Manager: Michelle Wong Mong Sien

Ipoh 37 & 39, Persiaran Greentown 4,Greentown Business Centre,30450 Ipoh, Perak.Tel: 05-2105000 Fax: 05-2559859Senior Branch Manager: Foong Kuan Mun

Johor Bahru 30th Floor, Public Bank Tower,19, Jalan Wong Ah Fook,80000 Johor Bahru, Johor.Tel: 07-2281098 Fax: 07-2271098Senior Branch Manager:Teng Lee Yen

Klang 28, 30 & 32,Lorong Batu Nilam 3B,Bandar Bukit Tinggi,41200 Klang, Selangor.Tel: 03-62075000 Fax: 03-33235632Branch Manager:Bryan Koh Yi Earl

Kluang 3, Jalan Dato Teoh Siew Khor,86000 Kluang, Johor.Tel: 07-7736193/4 Fax: 07-7736195Branch Manager: Tan Kheng Aun

Kota Bharu PT 304 and PT 305,Jalan Kebun Sultan,15300 Kota Bharu, Kelantan.Tel: 09-7476021 Fax: 09-7476026Branch Manager:Puan Abiesharni Abdul Kadir

Kuala Terengganu 1-C, Jalan Air Jernih,20300 Kuala Terengganu,Terengganu.Tel: 09-6317020/40 Fax: 09-6317030Branch Manager: Wee Suat Hwee

Kuantan 71 & 73, Jalan Haji Abdul Aziz,25000 Kuantan, Pahang.Tel: 09-5178115 Fax: 09-5161223Branch Manager: Melvin Tan Wee Kuan

West Malaysia

AlphaGrowth

Documents

Transcript of AlphaGrowth