MASTER PROSPECTUS. MANAGER Amanah Mutual Berhad ( U) TRUSTEES. This prospectus is dated 17 September 2011 and expires on 16 September 2012

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1 MASTER PROSPECTUS This prospectus is dated 17 September 2011 and expires on 16 September 2012 MANAGER Amanah Mutual Berhad ( U) TRUSTEES AmanahRaya Trustees Berhad ( T) HSBC (Malaysia) Trustee Berhad ( T) Universal Trustee (Malaysia) Berhad (17540-D) Malaysian Trustees Berhad (21666-V) Funds Date of Constitution 7 March March September May April February May December October October May October September March April 2011 INVESTORS ARE ADVISED TO READ AND UNDERSTAND THE CONTENTS OF THE PROSPECTUS. IF IN DOUBT, PLEASE CONSULT A PROFESSIONAL ADVISER. FOR INFORMATION CONCERNING CERTAIN RISK FACTORS WHICH SHOULD BE CONSIDERED BY PROSPECTIVE INVESTORS, SEE RISK FACTORS COMMENCING ON PAGE 38.

2 PREFACE The Unit Holders of AMB Family of Funds Dear Valued Investors and Prospective Clients, We, at Amanah Mutual Berhad are pleased to offer a full spectrum of investment solutions to meet your specific investment needs and objectives through our comprehensive range of funds in Conventional, Shariah and Ethical. Our funds are in various categories depending upon the underlying assets of each respective Fund, namely Equity Funds, Fixed Income Funds and Balanced Funds. This Master Prospectus represents AMB s 15 Funds namely: 1) PNB Structured Investment Fund (PNB SIF), 2) AMB Unit Trust Fund (AMBUTF), 3) AMB Balanced Trust Fund (AMBBTF), 4) AMB Income Trust Fund (AMBITF), 5) AMB Index-Linked Trust Fund (AMBILTF), 6) AMB Ethical Trust Fund (AMBETF), 7) AMB Enhanced Bond Trust Fund (AMBEBTF), 8) AMB SmallCap Trust Fund (AMBSCTF), 9) AMB Lifestyle Trust Fund Today (AMBLTF Today), 10) AMB Lifestyle Trust Fund 2014 (AMBLTF 2014), 11) AMB Dividend Trust Fund (AMBDTF), 12) AMB Dana Arif (AMBDA), 13) AMB Dana Ikhlas (AMBDI), 14) AMB Dana Yakin (AMBDY) and 15) AMB Dana Nabeel (AMBDN). In order to understand how our Funds work, investors are encouraged to refer to Chapter 1 on the Summary of Key Features which detail out the Funds objectives, asset allocation, investment policies and strategies. This way, investors will know which Funds are suitable for their investment profile. All investments carry some form of risks and the risk profile of a particular fund will very much depend on the underlying investments or assets composition of the fund and market conditions. Investors can refer to Chapter 2 of this Master Prospectus for the inherent risks of investing in AMB Funds. There are fees and charges that will be directly and indirectly incurred by investors when Units of the respective Funds are purchased or repurchased. Further details of these fees and charges are disclosed in Chapter 7 of this Master Prospectus. Investments in our Funds can be made directly at our office at 34 th Floor, Menara PNB, Jalan Tun Razak, Kuala Lumpur or at any Maybank branches nationwide. For Shariah Funds, investments may also be made at Bank Kerjasama Rakyat branches nationwide. Apex Investment Services Bhd distributes all AMB Funds except for AMBDA, AMBITF, AMBEBTF, and AMBLTF Today. In addition, for PNB SIF, AMBETF, and AMBDN you could also invest at ASNB branches nationwide. Corporate details of our distributors are available on page 212 of this Master Prospectus. We hope you will find the information in this Master Prospectus useful. For your investment consideration, should you have any further inquiries, you may call AMB Client Services at or us at ambcare@pnb.com.my. As always, thanking you for allowing us to be of service to you. Yours faithfully, For and On Behalf of Amanah Mutual Berhad Aldilla@Zilfalila binti Abdul Halim (Sheila Halim) Chief Executive Officer

3 RESPONSIBILITY STATEMENT This Master Prospectus has been reviewed and approved by the Directors of Amanah Mutual Berhad, and they collectively and individually accept full responsibility for the accuracy of the information. Having made all reasonable inquiries, they confirm to the best of their knowledge and belief, there are no false or misleading statements, or omission of other facts which would make any statement in the Master Prospectus false or misleading. STATEMENTS OF DISCLAIMER The Securities Commission Malaysia has approved the issue of, offer for subscription or purchase,or issue an invitation to subscribe for or purchase units of the unit trust fund and a copy of this Master Prospectus has been registered with the Securities Commission Malaysia. The approval, and registration of this Master Prospectus, should not be taken to indicate that the Securities Commission Malaysia recommends the Funds or assumes responsibility for the correctness of any statement made or opinion or report expressed in this Master Prospectus. The Securities Commission Malaysia is not liable for any non-disclosure on the part of the management company responsible for the Funds and takes no responsibility for the contents in this Master Prospectus. The Securities Commission Malaysia makes no representation on the accuracy or completeness of this Master Prospectus, and expressly disclaims any liability whatsoever arising from, or in reliance upon,the whole or any part of its contents. INVESTORS SHOULD RELY ON THEIR OWN EVALUATION TO ASSESS THE MERITS AND RISKS OF THE INVESTMENT. IN CONSIDERING THE INVESTMENT, INVESTORS WHO ARE IN DOUBT ON THE ACTION TO BE TAKEN SHOULD CONSULT PROFESSIONAL ADVISERS IMMEDIATELY. No units will be issued or sold based on this Master Prospectus later than one year after the date of this Master Prospectus. Investors are advised to note that recourse for false or misleading statements or acts made in connection with the Master Prospectus is directly available through sections 248, 249 and 357 of the Capital Markets and Services Act AMB Dana Yakin, AMB Dana Ikhlas, AMB Dana Arif, and AMB Dana Nabeel have been certified as being Shariah compliant by the Shariah adviser appointed for the Funds.

4 Contents Glossary of Terms/Abbreviations... 4 Corporate Information Summary of Key Features of the Funds General Information on Conventional Funds General Information on Shariah Funds Fees and Charges Other Information Information on Transactions Special Benefits Details of Deeds Investment via EPF Members Investment Scheme Regular Saving Plan Risk Factors Risks of Investing in Unit Trusts Detailed Information on the Funds Introduction. PNB Structured Investment Fund AMB Unit Trust Fund. 47 AMB Balanced Trust Fund.. 49 AMB Income Trust Fund.. 52 AMB Index-Linked Trust Fund. 55 AMB SmallCap Trust Fund.. 59 AMB Enhanced Bond Trust Fund 61 AMB Ethical Trust Fund 63 AMB Lifestyle Trust Fund Today. 67 AMB Lifestyle Trust Fund AMB Dividend Trust Fund 73 AMB Dana Yakin AMB Dana Ikhlas AMB Dana Arif. AMB Dana Nabeel Permitted Investments for Conventional Funds Permitted Investments for Shariah Funds Investment Restrictions Exceptions and Exclusions Applicable to the Funds Zakat for Shariah Funds (AMBDY, AMBDI, AMBDA, & AMBDN) 92 4 Investment Process of the Funds Investment Process of the Funds Bases of Valuation of Investments Policy on Gearing and Liquid Assets Funds Performance PNB Structured Investment Fund. 107 AMB Unit Trust Fund. 108 AMB Balanced Trust Fund AMB Income Trust Fund AMB Index-Linked Trust Fund. 111 AMB SmallCap Trust Fund AMB Enhanced Bond Trust Fund 113 AMB Ethical Trust Fund 114 AMB Lifestyle Trust Fund Today. 115 AMB Lifestyle Trust Fund AMB Dividend Trust Fund 117 AMB Dana Yakin 118 AMB Client Services

5 AMB Dana Ikhlas AMB Dana Arif. AMB Dana Nabeel Historical Financial Highlights of the Funds Extracts of the Financial Statements of the Funds PNB Structured Investment Fund AMB Unit Trust Fund AMB Balanced Trust Fund AMB Income Trust Fund AMB Index-Linked Trust Fund AMB SmallCap Trust Fund AMB Enhanced Bond Trust Fund AMB Ethical Trust Fund AMB Lifestyle Trust Fund Today AMB Lifestyle Trust Fund AMB Dividend Trust Fund AMB Dana Yakin AMB Dana Ikhlas AMB Dana Arif. AMB Dana Nabeel 6.2 Total Annual Expenses incurred by the Funds in the last Financial Year Management Expense Ratio Fees, Charges and Expenses Charges Sales Charge Repurchase Charge Switching Charge Transfer Charge Other Administrative Charges Fees Management Fee Trustee Fee Custodian Fee Fund s Expenses Others Policy on Brokerage Rebates and Soft Commissions Transaction Information Valuation of Units Pricing of Units Single Pricing Policy Forward Pricing Transactions Making an Initial Investment Making an Additional Investment How to Repurchase Units of the Fund Transfer of Units Switching Error in Pricing Determination of Prices and Charges Minimum Initial Investment Minimum Additional Investment Minimum Balance of Investment Cooling-off Right Where to Purchase, Repurchase, Transfer, and Switch Transfer of Units AMB Client Services

6 9 Understanding Income Distributions Income Distribution Policy What Comprises Income Distribution? Mode of Payment for the income distribution Auto-Reinvestment of Distribution Cheques upon Lapse of Six Months Cheques Validity Period Policy on Unclaimed Monies Communications with Unit Holders Customer Information Service Regular Reports and Statements on your Investment Register of Unit Holders Policies Adopted by AMB to Avoid Money Laundering Activities Material Contracts The Management and Administration of the Funds Corporate Profile of the Manager Past Performance of the Manager Profile of the Board of Directors of the Manager Company Secretary Senior Compliance Officer Profile of the Key Management Staff of the Manager The Investment Committee of the Funds managed by the Manager Roles and Resposibilities of the Investment Committee The Ethical Panel of Advisors Roles and Resposibilities of the Ethical Panel of Advisors Profile of Ethical Panel of Advisors The Shariah Committee Roles and Resposibilities The Shariah Committee Members Shariah Committee Members The External Investment Managers Roles and Resposibilities of The External Investment Managers Permodalan Nasional Berhad (PNB) Mayban Investment Management Sdn Bhd (MIM) UOB-OSK Asset Management Sdn Bhd (UOB-OSKAM) HwangDBS Investment Management Berhad (HwangDBS IM) CIMB-Principal Asset Management Berhad (CIMB-Principal) Designated Investment Managers of the Funds Management Company s Delegates Declaration of Absence of Conflict of Interest involving EIMs Material Litigation and Arbitration The Trustees of the Funds Profile of Universal Trustee (Malaysia) Berhad (UTMB) Profile of HSBC (Malaysia) Trustee Berhad (HSBC) Profile of Malaysian Trustees Berhad (MTB) Profile of AmanahRaya Trustees Berhad (ART) Duties and Obligations of Trustees Retirement, Removal or Replacement of the Trustee Powers of the Trustee to Remove or Replace the Manager Statement of Disclaimer Salient Terms of Deeds Exemptions and Variations Granted by the SC Related Party Transactions/Conflict of Interest Tax Advisors Letter Consents Documents Available for Inspection List of Distributions Channels 212 AMB Client Services

7 Glossary of Terms / Abbreviations The following words or abbreviations shall have the following meanings in the current Master Prospectus unless otherwise stated: Act or CMSA AMB or Manager AMB Family of Funds ASNB PNB SIF AMBUTF AMBBTF AMBITF AMBILTF AMBSCTF AMBEBTF AMBETF AMBLTF Today AMBLTF 2014 AMBDTF AMBDY AMBDI AMBDA AMBDN Bursa Malaysia Business Day(s) BAFIA The Capital Markets and Services Act, 2007 including all amendments thereto and all regulations rules and guidelines issued in connection therewith. Amanah Mutual Berhad ( U). All Funds under the management of the Manager. Amanah Saham Nasional Berhad (47457-V), the holding company of the Manager. PNB Structured Investment Fund AMB Unit Trust Fund AMB Balanced Trust Fund AMB Income Trust Fund AMB Index-Linked Trust Fund AMB SmallCap Trust Fund AMB Enhanced Bond Trust Fund AMB Ethical Trust Fund AMB Lifestyle Trust Fund Today AMB Lifestyle Trust Fund 2014 AMB Dividend Trust Fund AMB Dana Yakin AMB Dana Ikhlas AMB Dana Arif AMB Dana Nabeel Bursa Malaysia Securities Berhad ( W). A day on which the Bursa Malaysia is open for trading in securities. Banking and Financial Institutions Act 1989, including all amendments thereto and all regulations, rules and guidelines issued in connection therewith. Cooling-off Period The cooling-off period of any of the AMB Family of Funds is within 6 Business Days commencing from the date of purchase i.e. the date on which the Manager receives the application form and the investment amount. Cooling-off Right DBMB Deeds The right given to an investor who is investing in any of the AMB Family of Funds for the first time, save and except for a corporation or institution, a staff of that management company, and a person registered with a body approved by the SC to deal in unit trusts. Deutsche Bank (Malaysia) Berhad ( W). The Deeds including any supplementary Deeds between the Manager, the Trustees and the Unit Holders for the AMB Family of Funds. 4 AMB Client Services

8 Distribution Branch Eligible Market Ethical Panel of Advisors EPF External Investment Manager or EIM FBM Top 100 Index FBM KLCI FiMM Forward Pricing FBM EMAS Index FBM EMAS Shariah Index FBM SmallCap Index Fund Funds GIA GII Guidelines Investment Committee Investment Management Agreement Any branch, outlet or any other premises of the Distribution Channel (IUTA) used as distribution channel for the purpose of marketing and distribution of Units. Any market, such as the stock market, futures market, money market, any over-the-counter private debt securities market, as agreed in writing from time to time by the Manager and Trustee, which falls within the definition of an Eligible Market as defined in the Guidelines. The Panel of Advisors appointed by the Manager to AMBETF. Employees Provident Fund. Permodalan Nasional Berhad (PNB) for PNB SIF and AMBDN; Mayban Investment Management Sdn Bhd (MIM) for AMBILTF, UOB-OSK Asset Management Sdn Bhd (UOB-OSKAM) for AMBETF, AMBLTF Today, AMBLTF 2014, AMBUTF, AMBSCTF and AMBDY; HwangDBS Investment Management Bhd (HwangDBS IM) for AMBDTF and CIMB-Principal Asset Management Berhad (CIMB-Principal) for AMBBTF, AMBITF, AMBEBTF, AMBDI and AMBDA. FTSE Bursa Malaysia Top 100 Index. FTSE Bursa Malaysia KLCI. Federation of Investment Managers Malaysia. The price of a unit that is the NAV per Unit calculated at the next valuation point after an instruction or a request is received. FTSE Bursa Malaysia EMAS Index. FTSE Bursa Malaysia EMAS Shariah Index. FTSE Bursa Malaysia SmallCap Index. Any of the Funds under the management of the Manager. PNB SIF, AMBUTF, AMBBTF, AMBITF, AMBILTF, AMBETF, AMBEBTF, AMBSCTF, AMBLTF Today, AMBLTF 2014, AMBDTF, AMBDY, AMBDI, AMBDA and AMBDN. General Investment Account Government Investment Issues. The Guidelines on Unit Trust Funds and any other relevant guidelines on unit trust funds issued by the SC as amended, modified or varied by any notes, circular and guidelines issued from time to time by the SC. The Investment Committee of the Funds which is primarily responsible for formulating, implementing and monitoring the investment management strategies of the Funds in accordance with the respective investment objectives of the Funds. The agreement between AMB and the EIM setting out the terms and conditions upon which the respective EIM has been appointed and has agreed to act as the EIM of the respective Fund. AMB Client Services

9 IUTA or Distribution Channel KLIBOR Licensed Financial Institution Liquid Assets Long Term LPD Management Expense Ratio or MER Any Institutional Unit Trust Advisers, which is an institution, a corporation or an organisation that is registered with FIMM in accordance with their guidelines to distribute the Units. Kuala Lumpur Inter-Bank Offered Rates. Any bank or financial institution licensed under BAFIA or the Islamic Banking Act Financial assets with characteristics including, but not limited to, the following: (i) easily convertible in large sums into cash at short notice; (ii) low counter party credit risks; and (iii) have sufficiently deep secondary market which continues to exist during tight liquidity situations. (Source: Bank Negara Liquidity Framework 1998) Means a period of more than five years The latest practicable date for the purposes of ascertaining the information contained in this Master Prospectus, i.e. 30 June The ratio of the sum of the fees and the recovered expenses of the Fund to the average value of the Fund calculated on a daily basis, i.e.: Fees of the Fund Average value of the Fund Where: recovered expenses of the Fund calculated on a daily basis x 100 Fees = All ongoing fees deducted/deductible directly from the Fund in respect of the period covered by the management expense ratio expressed, as a fixed amount calculated on a daily basis. This would include the annual management fee, the annual trustee fee and any other fees deducted/deductible directly from the Fund; Recovered Expenses Average Value of The Fund = All expenses recovered from /charged to the Fund as a result of the expenses incurred by the operation of the Fund, expressed as a fixed amount. This should not include expenses that would otherwise be incurred by an individual investor (e.g. brokerage, taxes and levies);and = The NAV of the Fund, including Funds' net income valueof the Fund less expenses on an accrued basis, in respect of the period covered by the management expense ratio, calculated on a daily basis. Maturity Date Maybank Maybank Islamic Medium Term MGS NAV The respective Maturity Date of the Funds (where applicable) as stated in the Deeds. Malayan Banking Berhad (3813-K). Maybank Islamic Berhad ( M) Means a period between three to five years Malaysia Government Securities. Net Asset Value of the Fund. 6 AMB Client Services

10 NAV of the Fund NAV per Unit PHNB PNB PNB REIT Portfolio Turnover Ratio or PTR The NAV of the Fund is determined by deducting the value of all the Fund s liabilities from the value of all the Fund s assets, at the Valuation Point. For the purpose of computing the annual management fee and annual trustee fee, the NAV of the Fund should be inclusive of the management fee and trustee fee for the relevant day. The NAV of the Fund divided by the number of Units in Circulation, at the valuation point. Pelaburan Hartanah Nasional Berhad ( W), being the manager of PNB REIT. Permodalan Nasional Berhad (38218-X), the ultimate holding company of the Manager. PNB Real Estate Investment Trust, a private and unlisted REIT. The ratio of the average sum of the acquisitions and disposals of the Fund for the year to the average value of the Fund for the year calculated on a daily basis, i.e.: [Total acquisitions of the Fund Total disposals Average value of the Fund of the Fund for the year for the year] / 2 for the year calculated on a daily basis Purchase Price of Units Quantshop MGS Medium Index RAM REIT REITs Guidelines RM or Ringgit Repurchase Price of Units SC Shariah Committee Members Shariah Principles Short Term Structured Products The buying of Units by Unit Holders in a Fund is calculated at NAV per Unit as at the next valuation point after the application is received by the Manager. Quantshop MGS Bond Index (Medium 3-7). RAM Rating Services Berhad ( U). Real Estate Investment Trust. The Guidelines on Real Estate Investment Trusts issued by the SC as may be amended from time to time. Ringgit Malaysia. The repurchasing of Units by Unit Holders in a Fund is calculated at NAV per Unit as at the next valuation point after the repurchase request is received by the Manager. Securities Commission Malaysia. The Committee appointed by the Manager to AMBDY, AMBDI, AMBDA and AMBDN. Shariah principles are based on Islamic law, originating from the Quran as well as practices and explanations rendered by the Prophet Muhammad (PBUH), Ijma, Qiyas and Ijtihad of ulama (personal reasoning of Islamic jurists). Means a period of less than three years. Structured products which have been issued in accordance with such relevant regulatory requirements as may be imposed by the SC and Bank Negara Malaysia. AMB Client Services

11 Sukuk Trustees Means a document or certificate, documenting the undivided pro-rated ownership of underlying assets. The sak (singular of sukuk) is freely traded at par, premium or discount. In Malaysia, the term sukuk is used for fixed income securities which comply with Shariah requirements. However, it is normally used together with Shariah principles applied in the structure, such as Bai Bithaman Ajil, Murabahah, and Istisna for underlying transactions based on indebtedness, or Musyarakah and Mudharabah for underlying transactions based on partnerships. Universal Trustee (Malaysia) Berhad (UTMB) (17540-D) as trustee for AMBUTF, AMBBTF and AMBITF; HSBC (Malaysia) Trustee Berhad (HSBC) ( T) as trustee for AMBILTF, AMBETF, AMBLTF Today, AMBLTF 2014 and AMBDTF; Malaysian Trustees Berhad (MTB) (21666-V) as trustee for AMBSCTF and AMBEBTF; and AmanahRaya Trustees Berhad (ART) ( T) as trustee for PNB SIF, AMBDY, AMBDI, AMBDA and AMBDN. Trustee" Unit Holder(s) Units Units in Circulation or UIC Valuation Point Any of the Trustees. A person or persons registered as holder(s) of a Unit or Units of the Funds and whose name(s) appear(s) in the Register of Unit Holders. Units of any Fund. Units of the Fund created and fully paid. Such time(s) on a Business Day as may be decided by the Manager wherein the NAV of the Funds is calculated. Under normal circumstances, only one valuation is conducted on each Business Day. For Funds with no foreign investments, the valuation of NAV of the Funds is conducted on each Business Day at the close of Bursa Malaysia. For Funds with foreign investments, the valuation of the Funds will be conducted after the close of business of Bursa Malaysia for the relevant day, as certain of the foreign markets in which the Funds may invest in have yet to close due to the different time zones of these countries. As such, the valuation point will thus be after the close of Bursa Malaysia but not later than 9.00 am (or any other such time as may be permitted by the relevant authorities from time to time) on the following day in which the Manager is open for business. Definitions or meanings of words not otherwise expressly defined above shall have the meaning or interpretation as ascribed in the Act, the Guidelines and any other relevant laws governing unit trust funds. 8 AMB Client Services

12 Corporate Information Master Prospectus 2011/2012 MANAGER Amanah Mutual Berhad ( U) Registered Office 4th Floor, Balai PNB 201-A, Jalan Tun Razak Kuala Lumpur Telephone : (603) Facsimile : (603) Business Office 34th Floor, Menara PNB 201-A, Jalan Tun Razak Kuala Lumpur Telephone : (603) Facsimile : (603) / (603) AMB Client Services : (603) ambcare@pnb.com.my Website : BOARD OF DIRECTORS Tun Ahmad Sarji bin Abdul Hamid Chairman (Non-Executive/Non-Independent Director) Tan Sri Dato' Sri Hamad Kama Piah bin Che Othman (Non-Independent member) Tan Sri Dato' Dr. Wan Mohd. Zahid bin Mohd. Noordin (Non-Executive/Independent Director) Tan Sri Dato' Md. Desa bin Pachi (Non-Executive/Independent Director) Dato Idris bin Kechot (Non-Executive/Non-Independent Director) INVESTMENT COMMITTEE MEMBERS Tun Ahmad Sarji bin Abdul Hamid Chairman (Non-Independent member) Tan Sri Dato' Dr. Wan Mohd. Zahid bin Mohd. Noordin (Independent member) Tan Sri Dato' Md. Desa bin Pachi (Independent member) Dato Idris bin Kechot (Non-Executive/Non-Independent Director) ETHICAL PANEL OF ADVISORS (for AMBETF) Dato Seri Haji Arshad bin Haji Hashim Chairman Dato Noor Farida binti Mohd Ariffin Datuk Ibrahim bin Muhammad SHARIAH COMMITTEE MEMBERS (for AMBDA, AMBDI, AMBDY, and AMBDN) Dato Dr. Abdul Halim bin Ismail Chairman Datuk Dr. Syed Othman bin Syed Hussin Alhabshi Prof. Dato Dr. Abdul Monir bin Yaacob Prof. Dato Dr. Mahmood Zuhdi bin Hj Ab Majid AUDIT COMMITTEE Tan Sri Dato' Dr. Wan Mohd. Zahid bin Mohd. Noordin Chairman (Independent member) Tan Sri Dato' Md Desa bin Pachi (Independent member) Tan Sri Datuk Amar Bujang bin Mohammed Bujang Mohammed Nor (Independent member) COMPLIANCE COMMITTEE Tan Sri Dato' Dr. Wan Mohd. Zahid bin Mohd. Noordin Chairman (Independent member) Tan Sri Dato Sri Hamad Kama Piah bin Che Othman (Non-Independent member) Tan Sri Dato' Md. Desa bin Pachi (Independent member) Encik Paisol bin Ahmad (Non-Independent member) AMB Client Services

13 RISK MANAGEMENT COMMITTEE Tan Sri Datuk Amar Bujang bin Mohammed Bujang Mohammed Nor Chairman Tan Sri Asmat bin Kamaluddin Tan Sri Dato Md. Desa bin Pachi Tan Sri Ainum binti Mohamed Saaid COMPANY SECRETARY Puan Adibah Khairiah binti Daud (MIA 13755) 4th Floor, Balai PNB 201-A, Jalan Tun Razak Kuala Lumpur TRUSTEES AmanahRaya Trustees Berhad ( T) (for PNB SIF, AMBDA, AMBDI, AMBDY, and AMBDN) Registered Office: Tingkat 11, Wisma AmanahRaya No. 2, Jalan Ampang Kuala Lumpur Telephone: (603) Website: Business Office: Tingkat 2, Wisma TAS No. 21, Jalan Melaka 50100, Kuala Lumpur Telephone : (603) Facsimile : (603) Website : AmanahRaya Trustees Berhad s Delegate (AMBDA) Malayan Banking Berhad (Custody & Services Dept) 3 rd Floor, Menara Maybank 100 Jalan Tun Perak Kuala Lumpur Telephone : (603) Facsimile : (603) / Universal Trustee (Malaysia) Berhad(17540-D) (for AMBUTF, AMBBTF and AMBITF) Registered and Business Office: No. 1, 3rd Floor Jalan Ampang, Kuala Lumpur Telephone: (603) Facsimile : (603) / Address: info@utmb.com.my Website : HSBC (Malaysia) Trustee Berhad ( T) (for AMBILTF, AMBETF, AMBLTF Today, AMBLTF 2014 and AMBDTF) Registered and Business Office : 13 th Floor, Bangunan HSBC, South Tower No. 2, Leboh Ampang Kuala Lumpur. Telephone : (603) (General Line) Facsimile : (603) HSBC (Malaysia) Trustee Berhad s Delegate The Hongkong and Shanghai Banking Corporation Limited (as custodian ) and assets held through : HSBC Nominees (Tempatan) Sdn Bhd ( D) No 2 Leboh Ampang Kuala Lumpur. Telephone : (603) Facsimile : (603) HSBC Institutional Trust Services (Asia) Limited 6th Floor, Tower One HSBC Centre No 1 Sham Mong Road Kowloon, Hong Kong Telephone : (852) Facsimile : (852) Malaysian Trustees Berhad (21666-V) (for AMBSCTF and AMBEBTF) Registered and Business Office: Level 2, Menara Prudential No.10, Jalan Sultan Ismail Kuala Lumpur Telephone: (603) Facsimile : (603) mtb@mytrustees.com.my Malaysian Trustees Berhad s Delegate Mayban Custody & Services 3 rd Floor Menara Maybank 100 Jalan Tun Perak Kuala Lumpur Telephone: (603) Facsimile : (603) AMB Client Services

14 EXTERNAL INVESTMENT MANAGERS Permodalan Nasional Berhad (38218-X) (for PNB SIF and AMBDN) 4th Floor, Balai PNB 201-A, Jalan Tun Razak Kuala Lumpur Telephone : (603) Website : Mayban Investment Management Sdn Bhd( M) (for AMBILTF) Business Office Address : Level 13, Tower C, MaybanLife Tower Dataran Maybank No.1, Jalan Maarof Kuala Lumpur Telephone : (603) Facsimile : (603) UOB-OSK Asset Management Sdn Bhd ( X) (for AMBETF, AMBLTF Today, AMBLTF 2014, AMBSCTF, AMBUTF and AMBDY) Level 3, Plaza OSK Jalan Ampang Kuala Lumpur Telephone: (603) Facsimile : (603) HwangDBS Investment Management Berhad( T) (for AMBDTF) Suite 12-03, 12th Floor, Menara Keck Seng 203, Jalan Bukit Bintang Kuala Lumpur Telephone : (603) Facsimile : (603) / (603) CIMB-Principal Asset Management Berhad ( K) (for AMBBTF, AMBITF, AMBEBTF, AMBDI and AMBDA) Level 5, Menara Milenium 8, Jalan Damanlela Bukit Damansara Kuala Lumpur Telephone : (603) Facsimile : (603) Website : AUDITORS Messrs. Ernst & Young Chartered Accountants Level 23A Menara Milenium, Jalan Damanlela Pusat Bandar Damansara, Kuala Lumpur TAX ADVISORS PricewaterhouseCoopers Taxation Services Sdn Bhd (for AMBUTF, AMBITF, AMBBTF and AMBDY) Level 10, 1 Sentral, Jalan Travers, Kuala Lumpur Sentral P.O. Box 10192, Kuala Lumpur. Ernst & Young Tax Consultants Sdn Bhd (AMBILTF, AMBETF, AMBEBTF, AMBSCTF, AMBLTF TODAY, AMBLTF 2014, AMBDTF, PNB SIF, AMBDA, AMBDI, and AMBDN) Level 23A Menara Milenium Jalan Damanlela, Pusat Bandar Damansara, Kuala Lumpur PRINCIPAL BANKER Malayan Banking Berhad (3813-K) Kuala Lumpur Main Office, 100 Jalan Tun Perak, Kuala Lumpur. Maybank Islamic Berhad ( M) Level 10, Tower A, Dataran Maybank, 1, Jalan Maarof Kuala Lumpur Telephone: (603) Facsimile : (603) Website: SOLICITORS Messrs. Zainal Abidin & Co. Suite , 18th Floor, Plaza Permata, Jalan Kampar Off Jalan Tun Razak Kuala Lumpur. Messrs. Othman Hashim & Co (for AMBDY and AMBDA) Suite Menara MAA No. 12, Jalan Dewan Bahasa Kuala Lumpur FEDERATION OF INVESTMENT MANAGERS MALAYSIA (FiMM) , 7th Floor, PNB Damansara, 19, Lorong Dungun, Damansara Heights, Kuala Lumpur. Telephone: (603) Facsimile : (603) Website : AMB Client Services

15 1 Summary of Key Features of the Funds This section is only a summary of the salient information about the Funds. Investors should read and understand the whole Master Prospectus before making investment decisions. 1.1 General Information on Conventional Funds PNB Structured Investment Fund Further details on page : Fund Category / Type Investment Objective of the Fund Investment Strategy Investors Profile Distribution Policy Asset Allocation Mixed Assets / Income and Growth Fund The Fund aims to provide investment opportunities that generate reasonable returns and growth over the tenure of the Fund while endeavouring to provide capital protection to Unit Holders. To achieve this objective, the Fund will be investing in RM-denominated Structured Products, PNB REIT, listed & unlisted securities, fixed income securities, any other investments permitted by the Deed in Malaysia or any other Eligible Market and cash equivalent instruments to meet its liquidity requirements. The Structured Products are principal protected upon maturity. The Fund will be investing in Units of PNB REIT which offer potential regular income and upside potential through exposure in properties. PNB REIT has principal protection features whereby its properties have a buy-back option from the respective vendors to repurchase the properties at the highest price offered by third party purchasers or the original purchase price plus capital expenditure on the respective property, whichever is the higher, and subject to the REITs Guidelines. The Fund is suitable for investors with the following profile:- Seek capital protection; Wish to participate in the potential upside of global equities, interest rates, indices or any other underlying(s) as may be permitted under the Deed; and Have low risk tolerance and a medium-term investment horizon. Income (if any) is expected to be distributed at the Manager s discretion, subject to the approval from the Trustee. Up to 80% in Structured Products Up to 50% in PNB REIT Up to 80% in any other investments permitted by the Deed which include a diversified portfolio of listed securities, primarily on the Bursa Malaysia, unlisted securities and fixed income securities; and Min 2% in cash and money market instruments for liquidity purposes , , 107 Benchmark 12-month Maybank fixed deposit rate. 40, 107 Principal risks of investing in the Fund Maximum Approved Fund Size The potential risks associated with securities and instruments invested by PNB SIF are counterparty risk, market risk, structured product risk, currency risk, liquidity risk, early repurchase risk, individual asset risk/specific risk, legal risk, prepayment/commitment risk, funding risk and operational risk. 3 billion Units AMB Client Services

16 External Investment Manager Trustee Permodalan Nasional Berhad (38218-X) AmanahRaya Trustees Berhad ( T) Launch Date 12 May 2008 Maturity Date 5 July 2013 Financial Year End Tenure UIC as at LPD 31 July 5 Years 2.43 billion Units Note : During the tenure of PNB SIF, only Units repurchased by the Manager may be resold based on the NAV per unit at that point of time. AMB Client Services

17 AMB Unit Trust Fund Further details on page : Fund Category / Type Equity Fund / Growth Fund Investment Objective of the Fund Investment Strategy Asset Allocation Benchmark Principal risks of investing in the Fund Investors Profile Distribution Policy Maximum Approved Fund Size External Investment Manager Trustee To achieve a steady long-term income and capital growth through a diversified portfolio of larger capitalization equity investments. The Fund invests primarily in blue chip and high growth stocks that can increase the potential for better long-term returns. Min 40% Max 90% in equities Min 10% in liquid assets 90% of the performance of the FBM KLCI. 10% of the 1-month fixed deposit rate of commercial banks. The principal risks of investing in the Fund are market risk, individual stock risk, liquidity risk and operational risk. The Fund is suitable for all investors with the following profile: Whose primary interest is in investments for the long term and capital growth of their investment; and Those who are seeking investment in larger blue chips and growth stocks. Income (if any) is expected to be distributed annually at the Manager s discretion, subject to the approval from the Trustee. 1.5 billion Units UOB-OSK Asset Management Sdn Bhd (UOB-OSK) ( X) Universal Trustee (Malaysia) Berhad (17540-D) , , , 148 Launch Date 26 March 1992 Financial Year End UIC as at LPD 30 June million Units 14 AMB Client Services

18 AMB Balanced Trust Fund Further details on page : Fund Category / Type Balanced Fund / Growth and Income Fund Investment Objective of the Fund To provide a balance between income and long-term capital appreciation. 49 Investment Strategy Asset Allocation Benchmark Principal risks of investing in the Fund Investors Profile The Fund invests in a wide variety of assets, balancing its investment across potentially high yielding share investments aiming to increase long term returns. Min 20% Max 60% in equities Min 20% Max 60% in fixed income securities Min 2% in liquid assets 50% of the performance of the FBM KLCI. 50% Quantshop MGS Medium Index. The principal risks of investing in the Fund are market risk, individual stock risk, credit/ default risk, interest rate risk, liquidity risk and operational risk. The Fund is suitable for all investors with the following profile: Who are seeking a fully managed and balanced portfolio of investments; and Who have a long-term investment horizon of 5 years or more , , Distribution Policy Maximum Approved Fund Size External Investment Manager Trustee Income (if any) is expected to be distributed annually at the Manager s discretion, subject to the approval from the Trustee billion Units CIMB-Principal Asset Management Berhad ( K) Universal Trustee (Malaysia) Berhad (17540-D) 147, 148 Launch Date 19 September 1994 Financial Year End UIC as at LPD 30 September million Units AMB Client Services

19 AMB Income Trust Fund Further details on page : Fund Category / Type Bond Fund / Income Fund Investment Objective of the Fund Investment Strategy Asset Allocation To maximise returns over the medium term and while at the same time offer stability of capital and regular consistent income. The Fund s investment strategy is to create a prudent mix in its portfolio to comply with its investment objective and to provide professional assessment of investment prospects by its External Investment Manager in line with the economic outlook. Min 40% Max 98% in fixed income securities Max 60% in liquid assets , 110 Benchmark 12-month fixed deposit rate of commercial banks. 52, 110 Principal risks of investing in the Fund Investors Profile Distribution Policy Maximum Approved Fund Size External Investment Manager Trustee The principal risks of investing in the Fund are market risk, credit / default risk, interest rate risk, liquidity risk and operational risk. The Fund is suitable for investors who: seek a medium term investment with regular consistent income; and seek investment with potential for moderate capital growth. Income (if any) is expected to be distributed annually at the Manager s discretion, subject to the approval from the Trustee. 600 million Units CIMB-Principal Asset Management Berhad ( K) Universal Trustee (Malaysia) Berhad (17540-D) , 148 Launch Date 19 June 1996 Financial Year End UIC as at LPD 30 June million Units 16 AMB Client Services

20 AMB Index-Linked Trust Fund Further details on page : Fund Category / Type Equity Fund / Index Fund Investment Objective of the Fund Investment Strategy Asset Allocation To achieve an investment result that tracks the performance of the benchmark FBM KLCI. The Fund s policy is to remain fully invested at all times to minimize the tracking error. Min 90.0% Max 99.5% in equities Min 0.5% Max 10.0% in liquid assets , 111 Benchmark FBM KLCI 55, 111 Principal risks of investing in the Fund The principal risks of investing in the Fund are market risk, individual stock risk, liquidity risk and operational risk. 57 Investors Profile The Fund is suitable for investors who: - Desire returns that are consistent with the performance of the FBM KLCI; and Have a medium to high-risk tolerance. Distribution Policy Maximum Approved Fund Size External Investment Manager Trustee It is not the main objective of the Fund to distribute income as the main focus of the Fund is to secure capital growth in line with the performance of the FBM KLCI. Income (if any) is expected to be distributed at the Manager s discretion, subject to the approval from the Trustee. 400 million Units Mayban Investment Management Sdn Bhd ( M) HSBC (Malaysia) Trustee Berhad ( T) 147 Launch Date 16 May 2002 Financial Year End UIC as at LPD 31 October million Units AMB Client Services

21 AMB SmallCap Trust Fund Further details on page : Fund Category / Type Investment Objective of the Fund Investment Strategy Asset Allocation Benchmark Principal risks of investing in the Fund Investors Profile Distribution Policy Maximum Approved Fund Size External Investment Manager Trustee Equity Fund / Growth Fund To achieve medium to long-term capital growth by primarily investing into securities of small and medium sized companies : - i) listed on the Bursa Malaysia s Main Market, ACE Market and/or any other boards approved by the SC; ii) with market capitalisation of not more than the limit considered by the SC to be appropriate for fund similar to this Fund; and iii) which have the potential for capital appreciation over the medium to long term. The Fund invests primarily in selected small and medium sized companies listed on the Main Market and ACE Market of the Bursa Malaysia with market capitalization of not more than RM750 million which have the potential for capital appreciation over the medium to long term. Criteria for selection include companies that operate in the high growth sector, which are expected to register high earnings per share growth and have sound management. Min 40% Max 95% in stocks and shares of small and medium cap companies. Min 5% Max 60% in liquid assets and short-term money market investments. 60% of the performance of the FBM SmallCap Index. 35% of the performance of the FBM Top 100 Index. 5% of the 1-month fixed deposit rate of commercial banks. The principal risks of investing in the Fund are market risk, individual stock risk, liquidity risk and operational risk. The Fund is suitable for investors who: Seek medium to long term capital growth through investment in small to medium sized companies; Are willing to accept higher level of risk in order to obtain higher growth of their capital; and Have a medium to long term investment horizon. It is not the main objective of the Fund to distribute income as the main focus of the Fund is to secure capital growth in line with the performance of the Fund s benchmark. Income (if any) is expected to be distributed at the Manager s discretion, subject to the approval from the Trustee. 600 million Units UOB-OSK Asset Management Sdn Bhd ( X) Malaysian Trustees Berhad (21666-V) , , Launch Date 3 March 2004 Financial Year End UIC as at LPD 31 July million Units 18 AMB Client Services

22 AMB Enhanced Bond Trust Fund Further details on page : Fund Category / Type Bond Fund / Income and Growth Fund Investment Objective of the Fund Investment Strategy Asset Allocation The objective of the Fund is to provide investors with a stable income stream and an opportunity for capital appreciation over the medium to long term horizon through investments in securities issued by corporations, governmental and/or statutory bodies as provided in this Master Prospectus. The Fund seeks to achieve its objective through a policy of diversified investment in convertible debt securities, redeemable debt securities, government backed bonds/ securities, rated private debt securities, money market instruments and equities. Min 85% in fixed income securities Max 15% in equities Min 2% in liquid assets , 113 Benchmark 100% Quantshop MGS Medium Index. 61, 113 Principal risks of investing in the Fund Investors Profile Distribution Policy Maximum Approved Fund Size External Investment Manager Trustee The principal risks of investing in the Fund are market risk, individual stock risk, credit/default risk, interest rate risk, liquidity risk and operational risk. The Fund is suitable for investors who: Prefer a conservative investment approach but are willing to exploit opportunities presented in the capital markets; and Possess an investment horizon in excess of 5 years. Income (if any) is expected to be distributed annually at the Manager s discretion, subject to the approval from the Trustee. 500 million Units CIMB-Principal Asset Management Berhad ( K) Malaysian Trustees Berhad (21666-V) , 148 Launch Date 27 May 2003 Financial Year End UIC as at LPD 31 March million Units AMB Client Services

23 AMB Ethical Trust Fund Further details on page : Fund Category / Type Equity Fund / Income and Capital Growth Fund Investment Objective of the Fund Investment Strategy Asset Allocation To provide investors with income and capital growth for medium to long term through investments that comply with ethical principles. The Fund seeks to maximise total returns by providing investors with income from high yielding securities and capital appreciation through diversified investments mainly in equities listed in the Bursa Malaysia that comply with ethical principles. 50% - 98% in equities 2 % - 50% in cash or bonds (or a combination of both) , 114 Benchmark 80% FBM EMAS Shariah Index + 20% KL Finance Index. 63, 114 Principal risks of investing in the Fund Investors Profile Distribution Policy Maximum Approved Fund Size External Investment Manager Trustee The principal risks of investing in the Fund are market risk, individual stock risk, credit/ default risk, interest rate risk, liquidity risk and operational risk. The Fund is suitable for investors who: Desire income and capital returns from the equity and bond markets; and Would like to channel their resources to companies that demonstrate socially responsible practices relating to the environment and community. Income (if any) is expected to be distributed annually at the Manager s discretion, subject to the approval from the Trustee. 300 million Units UOB-OSK Asset Management Sdn Bhd ( X) HSBC (Malaysia) Trustee Berhad ( T) Launch Date 7 January 2003 Financial Year End UIC as at LPD Ethical Panel of Advisors 31 August million Units Dato Seri Haji Arshad bin Haji Hashim (Chairman) Dato Noor Farida binti Mohd Ariffin Datuk Ibrahim bin Muhammad 20 AMB Client Services

24 AMB Lifestyle Trust Fund Today Further details on page : Fund Category / Type Investment Objective of the Fund Investment Strategy Asset Allocation Benchmark Principal risks of investing in the Fund Investors Profile Distribution Policy Maximum Approved Fund Size Fixed Income Fund / Income Fund To seek regular income stream and moderate capital growth through investments into fixed income securities and dividend yielding equities. To achieve its investment objective of a regular income stream, the Fund will allocate at least 80% of its assets into the Malaysian fixed income markets with the balance in dividend yielding equities to enhance the returns for the portfolio. To reduce the volatility of our equity investments, we may diversify by investing in both the local and Asian markets. The equity portion can and will be reduced to zero point in times of market uncertainties. Futures may also be employed from time to time to hedge the portfolio. In formulating the investment strategy, the Manager will consider the following to determine the portion of investment to be in foreign markets (within permitted amounts): (a) Comparison of economic outlook of Asian economies against the Malaysian economy to determine the growth prospects and economic cycles. (b) Assess country, political and social risks. (c) Determine liquidity flows in all the Asian countries. (d) Identify risks or attractions specific to countries/region. (e) Assess currency risks. Max 20% in equities Min 80% Max 100% in bonds and money market Min 2% in liquid assets 80% of the Quantshop MGS Medium Index 20% of the performance of the FBM Emas Index. The principal risks of investing are market risk, individual stock risk, credit/default risk, interest rate risk, liquidity risk, operational risks, currency risk and country risk. The Fund is suitable for investors who:- Seek a defensive investment solution that comprises fixed income instruments and a minor portion of equity; and Seek returns that is well diversified across various asset classes. Income (if any) is expected to be distributed annually at the Manager s discretion, subject to the approval from the Trustee. 250 million Units , , External Investment Manager UOB-OSK Asset Management Sdn Bhd ( X) Trustee HSBC (Malaysia) Trustee Berhad ( T) Launch Date 25 November 2004 Financial Year End 30 September UIC as at LPD million Units AMB Client Services

25 Fund Category/ Type Investment Objective of the Fund Balanced Fund / Growth Fund AMB Lifestyle Trust Fund 2014 To provide capital growth for investors through a well-diversified balanced portfolio that is specially catered for a 10 years investment period. The Fund, over its investment period, shall progressively adopt more defensive investment strategies as the Fund approaches closer to maturity. Further details on page : 69 Investment Strategy Asset Allocation To achieve its investment objectives, the Fund will invest in Malaysian equities and fixed income securities where appropriate. Foreign equities may be included to further diversify the Fund. In formulating the investment strategy, the Manager will consider the following to determine the portion of asset class to be in foreign investments (within permitted amounts):- (a) Comparison of economic outlook of Asian economies against the Malaysian economy to determine the growth prospects and economic cycles for each country. (b) Assess country, political, currency and social risks. (c) Determine liquidity flows in all the Asian countries. (d) Identify risks or attractions specific to countries/region. TAA 1 (23 December June 2007) TAA 2 (23 June December 2009) TAA 3 (23 December June 2012) TAA 4 (23 June December 2014) 41% - 46% in equities 54% - 59% in bonds and money market 35% - 40% in equities 60% - 65% in bonds and money market 29% - 34% in equities 66% - 71% in bonds and money market 22% - 27% in equities 73% - 78% in bonds and money market 69 71, 116 Benchmark TAA 1 46% of the performance of the FTSE Bursa Malaysia EMAS Index (FBM EMAS) + 54% of the Quantshop MGS Medium Index. (23 December June 2007). 40% of the performance of the FBM EMAS + 60% of the Quantshop MGS Medium Index. (23 June December 2009). 69, 116 TAA 2 TAA 3 34% of the performance of the FBM EMAS + 66% of the Quantshop MGS Medium Index (23 December June 2012). TAA 4 27% of the performance of the FBM EMAS + 73% of the Quantshop MGS Medium Index. (23 June December 2014) Principal risks of investing in the Fund The principal risks of investing are market risk, individual stock risk, credit/default risk, interest rate risk, liquidity risk, operational risks, currency risk and country risk. 71 Investors Profile The Fund is suitable for investors who: - Seek an investment solution for a period of 10 years from the commencement date of the Fund; and Seek returns that is well diversified across various asset classes and that would automatically become more defensive over time. Distribution Policy Maximum Approved Fund Size Income (if any) is expected to be distributed at the Manager s discretion, subject to the approval from the Trustee. 250 million Units AMB Client Services