Fund Information. Fund Name. Fund Category. Fund Investment Objective. Fund Performance Benchmark. Fund Distribution Policy

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1 Fund Information Fund Name (PCIF) Fund Category Equity (Shariah-compliant) Fund Investment Objective To achieve capital growth over the medium to long-term period by investing in a portfolio of Shariah-compliant investments in the greater China region and the balance in the domestic market. Fund Performance Benchmark The benchmarks of the Fund and their respective percentages are 50% S&P Shariah BMI Hong Kong and China H Shares Index, 30% S&P Shariah BMI Taiwan Index and 20% FTSE Bursa Malaysia Hijrah Shariah Index. The S&P Shariah BMI Hong Kong and China H Shares Index and S&P Shariah BMI Taiwan Index are products of S&P Dow Jones Indices LLC ( SPDJI ), and have been licensed for use by Public Mutual Berhad. Standard & Poor s and S&P are registered trademarks of Standard & Poor s Financial Services LLC ( S&P ); Dow Jones is a registered trademark of Dow Jones Trademark Holdings LLC ( Dow Jones ); Standard & Poor s, S&P and Dow Jones are trademarks of the SPDJI; and these trademarks have been licensed for use by SPDJI and sublicensed for certain purposes by Public Mutual Berhad. Public Mutual Berhad s PCIF is not sponsored, endorsed, sold or promoted by SPDJI, Dow Jones, S&P, their respective affiliates and none of such parties make any representation regarding the advisability of investing in such product(s) nor do they have any liability for any errors, omissions, or interruptions of the S&P Shariah BMI Hong Kong and China H Shares Index and S&P Shariah BMI Taiwan Index. The PCIF is not in any way sponsored, endorsed, sold or promoted by FTSE International Limited ( FTSE ) or by Bursa Malaysia Berhad ( BURSA MALAYSIA ) or by the London Stock Exchange Group companies (the LSEG ) and neither FTSE nor BURSA MALAYSIA nor LSEG makes any warranty or representation whatsoever, expressly or impliedly, either as to the results to be obtained from the use of the FTSE BURSA MALAYSIA HIJRAH SHARIAH INDEX ( the Index ), and/or the figure at which the said Index stands at any particular time on any particular day or otherwise. The Index is compiled and calculated by FTSE. However, neither FTSE nor BURSA MALAYSIA nor LSEG shall be liable (whether in negligence or otherwise) to any person for any error in the Index and neither FTSE nor BURSA MALAYSIA nor LSEG shall be under any obligation to advise any person of any error therein. FTSE, FT-SE and Footsie are trade marks of LSEG and are used by FTSE under licence. BURSA MALAYSIA is a trade mark of BURSA MALAYSIA. Fund Distribution Policy Incidental Breakdown of Unitholdings of PCIF as at 30 November 2017 Size of Holdings No. of % of No. of units unitholders unitholders held (million) 5,000 and below 10, ,001 to 10,000 10, ,001 to 50,000 31, ,001 to 500,000 15, , ,001 and above Total 68, ,321 Note: Excluding Manager s Stock.

2 Fund Performance Fund Performance Average Total Return for the Following Years Ended 30 November 2017 Average Total Return of PCIF (%) 1 Year Years Years Annual Total Return for the Financial Years Ended 30 November Year PCIF (%) 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 ( 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 Unit Prices (MYR)* Highest NAV per unit for the year Lowest NAV per unit for the year Net Asset Value (NAV) and Units in Circulation (UIC) as at the End of the Year Total NAV (MYR 000) 1,044, , ,938 UIC (in 000) 3,330,442 1,222,423 1,381,977 NAV per unit (MYR) Total Return for the Year (%) Capital growth (%) Income (%) Management Expense Ratio (%) Portfolio Turnover Ratio (time) * All prices quoted are ex-distribution. Notes: Management Expense Ratio is calculated by taking the total management expenses expressed as an annual percentage of the Fund s 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. The Portfolio Turnover Ratio for the financial year 2017 rose to 0.61 time from 0.41 time in the previous fi nancial year on account of higher level of rebalancing activities performed by the Fund during the year. - 1 Distribution and Unit Split Financial year Date of distribution Distribution per unit Gross (sen) Net (sen) Unit split Impact on NAV Arising from Distribution (Final) for the Financial Years Sen Sen Sen per unit per unit per unit Net asset value before distribution Less: Net distribution per unit - (0.24) - Net asset value after distribution 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) % % % EQUITY SECURITIES Quoted Malaysia Basic Materials Communications Consumer, Non-cyclical Diversifi ed Energy Industrial Utilities Outside Malaysia Hong Kong Communications Consumer, Cyclical Consumer, Non-cyclical Energy Financial Industrial Technology Utilities

3 Fund Performance Manager s Report Asset Allocation for the Past Three Financial Years (cont d) As at 30 November (Per Cent of Net Asset Value) % % % Taiwan Basic Materials Communications Consumer, Cyclical Energy Industrial Technology United States Communications TOTAL QUOTED EQUITY SECURITIES COLLECTIVE INVESTMENT FUNDS Quoted Outside Malaysia Hong Kong Financial TOTAL QUOTED COLLECTIVE INVESTMENT FUNDS SHARIAH-BASED PLACEMENTS WITH FINANCIAL INSTITUTIONS OTHER ASSETS & LIABILITIES Overview This Annual Report covers the fi nancial year from 1 December 2016 to 30 November (PCIF or the Fund) seeks to achieve capital growth over the medium to long-term period by investing in a portfolio of Shariahcompliant investments in the greater China region and the balance in the domestic market. For the fi nancial year under review, the Fund registered a return of % as compared to its Benchmark s return of %. The Fund s Shariahcompliant equity portfolio registered a return of % while its Islamic money market portfolio registered a return of +2.95% during the fi nancial year under review. A detailed performance attribution analysis is provided in the sections below. For the fi ve fi nancial years ended 30 November 2017, the Fund registered a return of % as compared to the Benchmark s return of % over the same period. Consequently, it is the opinion of the Manager that the Fund has met its objective to achieve capital growth over the said period. Returns from Start of Period 120% 100% 80% 60% 40% 20% Performance of PCIF from 30 November 2012 to 30 November 2017 PCIF BENCHMARK 0% -20% The Fund s Benchmark is a composite index of 50% S&P Shariah BMI Hong Kong and China H Shares Index, 30% S&P Shariah BMI Taiwan Index and 20% FTSE Bursa Malaysia Hijrah Shariah Index. Effect of Distribution Reinvestment on Portfolio Exposures There were no distributions declared for the year ended 30 November Change in Portfolio Exposures from 30-Nov-16 to 30-Nov-17 Average 30-Nov Nov-17 Change Exposure Shariah-compliant Equities & Related Securities 82.0% 85.5% +3.5% 82.97% Islamic Money Market 18.0% 14.5% -3.5% 17.03%

4 Manager s Report Manager s Report Returns Breakdown by Asset Class Market / Returns On Benchmark Benchmark Average Attributed Investments Returns Index Used Exposure Returns Shariahcompliant Equities & Related Securities 25.21% 16.79% Benchmark 82.97% 20.92% Islamic Money Overnight Market 2.95% 2.98% Islamic Rate 17.03% 0.50% less: Expenses -2.19% Total Net Return for the Year 19.23% Overnight Islamic Rate = Overnight Islamic Interbank Money Market Rate Shariah-compliant Equity Portfolio Review For the fi nancial year under review, the Fund s Shariah-compliant equity portfolio registered a return of % as compared to the equity Benchmark s return of %. The Fund s Shariah-compliant equity portfolio outperformed the equity Benchmark as the Fund s selected holdings in the Industrial and Communications sectors outperformed the broader markets during the financial year under review. The Fund commenced the financial year under review with a Shariahcompliant equity exposure of 82.0% and this was increased to around 90% in December 2016 to capitalise on Shariah-compliant investment opportunities in the Greater China and domestic markets. The Fund subsequently reduced its Shariah-compliant equity exposure to lock in profi ts on selected Shariah-compliant equity investments and ended the fi nancial year under review with a Shariah-compliant equity exposure of 85.5%. Based on an average Shariah-compliant equity exposure of 82.97%, the Shariah-compliant equity portfolio is deemed to have registered a return of % to the Fund as a whole for the financial year under review. A full review of the performance of the equity markets is tabled in the following sections. Country Allocation In terms of country allocation within the Shariah-compliant equity portfolio, the Fund s Shariah-compliant equity investments in Malaysia accounted for 6.2% of the Net Asset Value (NAV) of the Fund. Other than Malaysia, the remaining 3 countries accounted for 79.3% of the NAV of the Fund and 92.7% of the Fund s Shariah-compliant equity portfolio. The weightings of the 3 countries excluding Malaysia are in the following order: Hong Kong (39.6%), Taiwan (23.4%) and the United States (16.3%). Islamic Money Market Portfolio Review During the fi nancial year under review, the Fund s Islamic money market portfolio, which was invested primarily in Islamic deposits, yielded a return of +2.95%. In comparison, the Overnight Islamic Interbank Money Market Rate (Overnight Islamic Rate) registered a return of +2.98% over the same period. During the fi nancial year under review, the Fund s exposure to Islamic money market investments decreased from 18.0% to 14.5% as funds were mobilised into Shariah-compliant equity investments. Based on an average exposure of 17.03%, the Islamic money market portfolio is estimated to have contributed +0.50% to the Fund s overall return for the fi nancial year under review. Stock Market Review Commencing the fi nancial year under review at points, the S&P Hong Kong and China H Shares Shariah Index (S&P HKCSI) consolidated in December 2016 amid concerns over capital control measures in China. The Index subsequently rebounded in tandem with the appreciation of the Renminbi in January The S&P HKCSI continued to rally over the next nine months, supported by improving liquidity conditions in China, a brighter global macroeconomic outlook as well as continuous upward corporate earnings revisions. The Index retraced in mid-november in tandem with the rout in Chinese sovereign bonds amid concerns that the government would step up efforts to reduce leverage in the fi nancial sector. The S&P HKCSI closed at points to register a gain of 34.46% (+23.13% in Ringgit terms) for the fi nancial year under review. Index S&P Shariah BMI Hong Kong and China H Shares Index (30 November November 2017) 115% 100% 85% 70% Nov-16 Jan-17 Mar-17 May-17 Jul-17 Sep-17 Nov-17 Commencing the fi nancial year under review at 3, points, the S&P Taiwan Shariah Index (S&P TSI) staged a rally in December 2016 in tandem with global equity markets post the U.S. elections. The Index strengthened for the fi rst 8 months of 2017 on optimism over the launch of the new iphone models as well as robust corporate earnings releases.

5 Manager s Report Manager s Report Post the launch of the three new iphone models in September 2017, the Index pulled back as investors took the opportunity to lock in profi ts. The S&P TSI closed at 4, points for the financial year under review, registering a gain of 17.06% (+13.72% in Ringgit terms). Commencing the financial year under review at 11, points, the FTSE Bursa Malaysia EMAS Shariah Index (FBMS) trended up in December 2016 in tandem with rising oil prices and a stronger U.S. market. The Index moved higher in January 2017 and continued strengthening until April 2017, largely due to positive sentiment arising from the new U.S. president s progrowth policies. The FBMS traded range-bound in May 2017 on the back of softer global energy prices. The market edged higher in early June 2017 amid sustained buying interest in selected blue chips before moving lower in mid-july 2017 due to softer oil prices and a lack of fresh leads. After rising in early September 2017 on the back of buying support for selected blue chips, the Index retraced in November 2017 as market sentiment was dampened by a lack of fresh catalysts and a sell-down in selected blue chips. The FBMS closed at 12, points to register a gain of 8.56% for the financial year under review. Islamic Money Market Review The Overnight Islamic Rate commenced the financial year under review at 2.95% and ranged between 2.95% and 3.05% over the 12-month period, before ending the financial year under review at 3.00%. Economic Review China s GDP growth expanded from 6.7% in 2016 to 6.9% in the fi rst three quarters of 2017, driven by firmer growth in the industrial sector. Industrial sector growth increased from 6.0% in 2016 to 6.4% in the first three quarters of 2017 as manufacturing activities picked up. % Source: Bloomberg China s GDP Growth F 2018F 6.4 Led by higher new orders and production levels, China s manufacturing Purchasing Managers Index (PMI) rose to 51.6 points in the fi rst 11 months of 2017 compared to 50.3 points for the whole of Meanwhile, China s fi xed-asset investment expanded by 6.9% in the fi rst 10 months of 2017 versus the 8.1% growth registered in China s exports grew by 7.4% in the fi rst 10 months of 2017 compared to a contraction of 7.7% in 2016 due to higher demand from the U.S. and Asia. Likewise, imports rose by 17.2% on the back of higher commodity imports compared to a decline of 5.5% over the same period. China s cumulative trade surplus narrowed to US$335 billion in the fi rst 10 months of 2017 from US$427 billion a year ago. To support China s economic activities, the People s Bank of China (PBoC) maintained its lending rate at 4.35%. China s infl ation rate softened to 1.5% in the fi rst 10 months of 2017 from 2.0% in 2016 amid lower food prices. Residential property prices, as measured by average sales price indices of new homes in 70 large and medium-sized cities, rose by 8.9% in the fi rst 10 months of 2017 following a 6.2% increase in To prevent the overheating of property prices in selected cities such as Shanghai and Shenzhen, the Chinese government implemented tightening measures in March These tightening measures were further expanded to more provincial cities and other smaller cities from late August 2016 to May The Chinese Renminbi was included in the International Monetary Fund s Special Drawing Rights (SDR) basket effective 1 October Hong Kong s GDP growth gained pace from 2.0% in 2016 to 3.9% in the fi rst three quarters of 2017 due to higher consumer spending and export growth. The inflation rate slowed to 1.4% in the fi rst 10 months of 2017 from 2.4% in 2016 on the back of moderating food and housing costs. To curb elevated residential property prices, Hong Kong s government introduced additional tightening measures in May Taiwan s GDP growth strengthened from 1.4% in 2016 to 2.7% in the fi rst three quarters of 2017 amid higher export growth. Taiwan s infl ation rate softened to 0.6% in the fi rst 10 months of 2017 from 1.4% in 2016 on the back of lower food prices. Taiwan s central bank left its discount rate unchanged at 1.375% to support domestic demand. Malaysia s GDP growth gained pace from 4.2% in 2016 to 5.9% in the fi rst three quarters of 2017 on the back of higher domestic demand and export growth. Growth in the services sector rose from 5.6% in 2016 to 6.2% in the fi rst three quarters of Meanwhile, growth in manufacturing activities increased from 4.4% to 6.2% over the same period. Malaysia s infl ation rate climbed to 4.0% in the fi rst 10 months of 2017 from 2.1% in 2016 amid higher transportation costs arising from elevated fuel prices. Bank Negara Malaysia (BNM) maintained the Overnight Policy Rate (OPR) at 3.00% to support economic activities.

6 Manager s Report Manager s Report Led by higher investment spending and export growth, U.S. GDP growth rose from 1.5% in 2016 to 2.2% in the first three quarters of Investment spending increased by 3.1% in the first three quarters of 2017 compared to a contraction of 1.6% in 2016 due to higher investment in equipment. Meanwhile, exports expanded by 2.9% compared to a decline of 0.3% over the same period. At the Federal Open Market Committee (FOMC) meeting on 31 October 1 November 2017, the Federal Reserve maintained the Federal funds rate target range at 1.00%-1.25%. Eurozone GDP growth gained pace from 1.8% in 2016 to 2.3% in the fi rst three quarters of 2017 on the back of higher growth in Germany and France. At its monetary policy meeting on 26 October 2017, the European Central Bank (ECB) kept its main refinancing and deposit rates at 0.00% and -0.40% respectively. The ECB has extended its quantitative-easing program from January 2018 until September 2018 or beyond, if necessary. However, it will reduce the monthly pace of bond-buying from 60 billion to 30 billion with effect from January In a referendum held on 23 June 2016, British voters voted in favour of exiting the European Union (EU). The United Kingdom (UK) formally notifi ed of its exit from the EU under Article 50 on 29 March 2017, which commences a 2-year process of trade negotiations with the EU. Outlook and Investment Strategy After trading on a mixed note in 1H 2016, global and regional markets strengthened in 2H 2016 amid an improved outlook for the U.S. and global economies. Global and regional equity markets continued to trend higher in the fi rst 11 months of 2017 on expectations that the global economy would grow at a resilient pace. Looking ahead, the performance of the equity markets will depend on the economic growth momentum and market valuations of the U.S., Europe and the Asia Pacifi c region. U.S. economic growth is projected to edge up from 2.2% in 2017 to 2.5% in 2018, driven by higher investment spending. In the Eurozone, economic growth is envisaged to ease from 2.2% in 2017 to 1.9% in 2018 on expectations of slower export growth. China s GDP growth is estimated to moderate from 6.8% in 2017 to 6.4% in 2018 as China continues to transform from a manufacturing-driven and export-led economy to one underpinned by services and domestic consumption. Consumer spending is expected to be underpinned by the government s ongoing policies to boost household incomes, which include the lowering of import tariffs on popular consumer goods. Meanwhile, China s infl ation rate is projected to increase from 1.6% in 2017 to 2.2% in Hong Kong s GDP growth is expected to ease from 3.4% in 2017 to 2.5% in 2018 amid moderating export growth. Going forward, the Hong Kong government is anticipated to maintain its tightening stance on the residential property market. However, ample liquidity, demand for better living standards and resilient economic growth should lend support to Hong Kong s property market over the long term. Meanwhile, Taiwan s GDP growth is envisaged to fi rm from 2.2% in 2017 to 2.3% in 2018, driven by higher investment spending. On the domestic front, Malaysia s GDP growth is projected to ease from 5.4% in 2017 to 5.0% in 2018 amid moderating export growth. However, domestic demand will be supported by sustained consumer and investment spending backed by government measures to increase disposable incomes as well as the ongoing implementation of infrastructure projects. The budget deficit is projected to narrow to RM39.8 billion (2.8% of GDP) in 2018 from the RM39.9 billion (3.0% of GDP) estimated for 2017 while the federal revenue is forecast to expand by 6.4% to RM239.9 billion in Meanwhile, operating expenditure and net development expenditure are expected to grow by 6.5% to RM234.3 billion and 0.2% to RM45.4 billion respectively in Based on closing prices as at end-november 2017, the China H Shares market was trading at an estimated P/E ratio of about 8.7x compared to its 10-year average of 10.8x. Meanwhile, the Malaysia and Taiwan markets were trading at prospective P/E ratios of 15.6x and 14.7x respectively versus their 10-year averages of 16.4x and 15.3x. Given the above factors, the Fund will continue to rebalance its investment portfolio according to its objective of achieving capital growth over the medium to long-term period by investing in a portfolio of Shariah-compliant investments in the greater China region and the balance in the domestic market. Note: H = Half 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 benefit to the Fund and unitholders. During the fi nancial year under review, PCIF 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.

7 Statement Of Assets And Liabilities As at 30 November 2017 Statement Of Income And Expenditure MYR 000 MYR 000 Assets Investments 892, ,603 Due from the Manager, net 16, Other receivables Shariah-based placements with financial institutions 120,776 16,776 Cash at banks 21,820 44,194 1,052, ,204 Liabilities Due to brokers/financial institutions, net 7,727 2,860 Due to the Trustee Other payables Distribution payable - 2,916 7,973 5,890 Total net assets 1,044, ,314 Net asset value ( NAV ) attributable to unitholders (Total equity) 1,044, ,314 Units in circulation (in 000) 3,330,442 1,222,423 NAV per unit (in sen) MYR 000 MYR 000 Income Profi t from Shariah-based placements 1, Dividend income 11,929 6,145 Dividend income from non-permissible securities Net gain from investments 77,697 23,644 Net realised gain on sale of nonpermissible securities - 58 Net realised/unrealised foreign exchange (loss)/gain (1,183) 2,324 90,414 32,862 Less: Expenses Trustee s fee Management fee 9,349 5,406 Audit fee 7 7 Tax agent s fee 3 3 Brokerage fee 1, Administrative fees and expenses Payment to charitable bodies ,749 6,823 Net income before taxation 78,665 26,039 Taxation (1,226) (618) Net income after taxation 77,439 25,421 Net income after taxation is made up as follows: Realised 6,561 12,271 Unrealised 70,878 13,150 77,439 25,421 Final distribution for the financial year - 2,916

8 Statement Of Changes In Net Asset Value Statement Of Cash Flows Unitholders Accumulated capital loss Total MYR 000 MYR 000 MYR 000 As at 1 December ,295 (196,357) 337,938 Creation of units 9,448-9,448 Cancellation of units (47,577) - (47,577) Net income after taxation - 25,421 25,421 Distribution - (2,916) (2,916) As at 30 November ,166 (173,852) 322,314 As at 1 December ,166 (173,852) 322,314 Creation of units 647, ,187 Cancellation of units (2,207) - (2,207) Net income after taxation - 77,439 77,439 As at 30 November ,141,146 (96,413) 1,044, MYR 000 MYR 000 Cash flows from operating activities Proceeds from sale of investments 51, ,523 Purchase of investments (596,507) (83,298) Subscription of rights (191) (236) Capital distribution received Maturity of Shariah-based placements 16,396,641 3,692,600 Shariah-based placements (16,500,641) (3,700,268) Profit from Shariah-based placements received 1, Net dividend income received 10,451 5,927 Trustee s fee paid (305) (199) Management fee paid (8,379) (5,459) Audit fee paid (7) (7) Tax agent s fee paid (3) (3) Payment of other fees and expenses (134) (170) Payment to charitable bodies - (84) Net cash (outflow)/inflow from operating activities (645,095) 77,837 Cash flows from financing activities Cash proceeds from units created 629,846 8,600 Cash paid on units cancelled (2,207) (48,066) Distribution paid (2,916) - Net cash inflow/(outflow) from financing activities 624,723 (39,466) Net (decrease)/increase in cash and cash equivalents (20,372) 38,371 Effect of change in foreign exchange rates (2,002) 2,209 Cash and cash equivalents at the beginning of the financial year 44,194 3,614 Cash and cash equivalents at the end of the financial year 21,820 44,194

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