RESPONSIBILITY STATEMENT

Transcription

1 30 June 2018 Public Mutual Private Retirement Scheme (PRS) Shariah-based Series Public Mutual PRS Islamic Growth Fund (PRS-IGRF) Public Mutual PRS Islamic Moderate Fund (PRS-IMDF) Public Mutual PRS Islamic Conservative Fund (PRS-ICVF) RESPONSIBILITY STATEMENT This Product Highlights Sheet has been reviewed and approved by the directors or authorised committee and/ or persons approved by the Board of Public Mutual Berhad and they have 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, that there are no false or misleading statements, or omission of other facts which would make any statement in the Product Highlights Sheet false or misleading. STATEMENT OF DISCLAIMER The Securities Commission Malaysia has approved the Public Mutual PRS Shariah-based Series and authorised the, PRS-IGRF, PRS-IMDF and PRS-ICVF, and a copy of this Product Highlights Sheet has been lodged with the Securities Commission Malaysia. The approval and authorisation, as well as the lodgement of this Product Highlights Sheet, should not be taken to indicate that the Securities Commission Malaysia recommends the Public Mutual PRS Shariahbased Series or PRS-IGRF, PRS-IMDF and PRS-ICVF, or assumes responsibility for the correctness of any statement made or opinion or report expressed in this Product Highlights Sheet. The Securities Commission Malaysia is not liable for any non-disclosure on the part of Public Mutual Berhad, responsible for the Public Mutual PRS Shariah-based Series and PRS-IGRF, PRS-IMDF and PRS-ICVF, and takes no responsibility for the contents of this Product Highlights Sheet. The Securities Commission Malaysia makes no representation on the accuracy or completeness of this Product Highlights Sheet, and expressly disclaims any liability whatsoever arising from, or in reliance upon, the whole or any part of its contents. This Product Highlights Sheet (PHS) only highlights the key features and risks of this Public Mutual PRS Shariah-based Series and PRS-IGRF, PRS-IMDF and PRS-ICVF. Investors are advised to request, read and understand the disclosure documents before deciding to invest. BRIEF INFORMATION What is the Public Mutual PRS Shariah-based Series, PRS-IGRF, PRS-IMDF and PRS-ICVF? Public Mutual PRS Shariah-based Series is a private retirement scheme managed by Public Mutual Berhad which is offered to the public for the purpose of building up long-term savings* for retirement. * Funds under PRS are neither capital guaranteed nor capital protected funds. The Scheme consists of the following funds: Core Funds Non-Core Fund Public Mutual PRS Islamic Growth Fund (PRS-IGRF) Public Mutual PRS Islamic Moderate Fund (PRS-IMDF) Public Mutual PRS Islamic Conservative Fund (PRS-ICVF) Public Mutual PRS Islamic Strategic Equity Fund (PRS-ISEQF) The trustee of the Scheme is AmanahRaya Trustees Berhad. The Shariah adviser for the funds is ZICO Shariah Advisory Services Sdn. Bhd. What am I investing in? PRS-IGRF KEY PRODUCT FEATURES Fund Category Investment Objective Core (growth) The fund seeks long-term capital growth and to a lesser extent income. Note: Long-term refers to a period of more than 5 years. 1

2 What am I investing in? (cont d) PRS-IGRF (cont d) Investment Strategy PRS-IGRF seeks to achieve its objective by investing in a diversified portfolio of Shariah-compliant equities and sukuk in the domestic and selected foreign markets. The fund will invest up to 70% of its Net Asset Value (NAV) in Shariah-compliant equities. The balance of the fund s NAV will be invested in sukuk and Islamic liquid assets which include Islamic money market instruments, Islamic investment accounts and Islamic deposits. To achieve increased diversification, the fund may invest up to 70% of its NAV in foreign markets. Asset Allocation Shariah-compliant equities Up to 70% of the fund s NAV Sukuk and Islamic liquid assets At least 30% of the fund s NAV If the outlook for equity market is unfavourable, the Shariah-compliant equity exposure may be reduced to below the range indicated above as a temporary defensive strategy. Shariah-compliant foreign assets Up to 70% of the fund s NAV Location of Assets Malaysia China Singapore South Korea Thailand Taiwan Indonesia Hong Kong Philippines Any other permitted markets where the regulatory authority is an ordinary or associate member of the International Organization of Securities Commissions (IOSCO). Benchmark 35% FTSE Bursa Malaysia Hijrah Shariah Index, 35% customised index by S&P Dow Jones Indices, LLC based on Top 100 constituents by market capitalisation of the S&P Shariah BMI Asia Ex-Japan Index and 30% 3-Month Islamic Interbank Money Market (IIMM) rate. Note: The risk profile of the fund is not the same as the risk profile of the benchmark. Member Profile Risk tolerant Preference for long-term capital growth With at least 15 years to retirement Age below 40 if contribute under the default option PRS-IMDF Fund Category Core (Moderate) Investment Objective The fund seeks income and capital growth over the long-term through a balanced asset allocation approach. Note: Long-term refers to a period of more than 5 years. Investment Strategy PRS-IMDF seeks to achieve its objective by investing in a diversified portfolio of Shariah-compliant equities and sukuk in the domestic and selected foreign markets. The fund will invest up to 60% of its NAV in Shariah-compliant equities. The balance of the fund s NAV will be invested in sukuk and Islamic liquid assets which include Islamic money market instruments, Islamic investment accounts and Islamic deposits. To achieve increased diversification, the fund may invest up to 60% of its NAV in foreign markets. Asset Allocation Shariah-compliant equities Up to 60% of the fund s NAV Sukuk and Islamic liquid assets At least 40% of the fund s NAV If the outlook for equity market is unfavourable, the Shariah-compliant equity exposure may be reduced to below the range indicated above as a temporary defensive strategy. Shariah-compliant foreign assets Up to 60% of the fund s NAV Location of Assets Malaysia China Singapore South Korea Thailand Taiwan Indonesia Hong Kong Philippines Any other permitted markets where the regulatory authority is an ordinary or associate member of the IOSCO. 2

3 What am I investing in? (cont d) PRS-IMDF (cont d) Benchmark 30% FTSE Bursa Malaysia Hijrah Shariah Index, 30% customised index by S&P Dow Jones Indices, LLC based on Top 100 constituents by market capitalisation of the S&P Shariah BMI Asia Ex-Japan Index and 40% 3-Month IIMM rate. Note: The risk profile of the fund is not the same as the risk profile of the benchmark. Member Profile Moderate risk tolerance Preference for capital growth and to a lesser extent income* With at least 10 years to retirement Age 40 to below 50 if contribute under the default option PRS-ICVF Fund Category Investment Objective Investment Strategy Note: * Distribution (if any) will be automatically reinvested into the fund. Core (Conservative) The fund seeks income consistent with capital preservation. Note: This is neither a capital guaranteed nor a capital protected fund. PRS-ICVF seeks to achieve its objective by investing in a diversified portfolio of sukuk, Islamic money market instruments, Islamic investment accounts and Islamic deposits as well as Shariah-compliant equities, all in the domestic market. The fund will invest 60% to 80% of its NAV in sukuk and at least 20% of its NAV in Islamic money market instruments. The fund may invest up to 20% of its NAV in Shariah-compliant equities. Asset Allocation Sukuk 60% to 80% of the fund s NAV Location of Assets Benchmark Islamic money market instruments, Islamic investment accounts and Islamic deposits Shariah-compliant equities 20% to 40% of the fund s NAV (with at least 20% of NAV invested in Islamic money market instruments) Up to 20% of the fund s NAV If the outlook for sukuk market is unfavourable, the sukuk exposure may be reduced to below the range indicated above as a temporary defensive strategy. Shariah-compliant foreign assets Malaysia None 12-Month General Investment Account (GIA) rate quoted by Bank Negara Malaysia. Note: The risk profile of the fund is not the same as the risk profile of the benchmark. Member Profile Generally conservative and risk averse Preference for income* Age 50 and above if contribute under the default option Note: * Distribution (if any) will be automatically reinvested into the fund. How does the Scheme work? You can select to contribute under the default option or non-default option as explained below: Your contribution under the default option will be automatically allocated to the core fund that corresponds to the age group as specified below: Default option Core Funds Age Group* PRS-IGRF Age below 40 PRS-IMDF Age 40 to below 50 PRS-ICVF Age 50 and above * The age group may be subject to changes as may be determined by the relevant authorities from time to time. If you make your first contribution to the Scheme a month before you reach the age of 40 or 50, as the case may be, your contribution will be allocated to PRS-IMDF or PRS-ICVF as the case may be. Unless otherwise instructed, your contribution will be automatically switched (without charge) into the relevant core fund, before the end of the next calendar month from the day you attain the age as specified in the table above. 3

4 You can actively select one or more funds regardless of your age. Nondefault option Where an employer makes a contribution on behalf of an employee whether subject to a vesting schedule or otherwise: - The choice of funds under the Scheme (including the right to switch to another fund) is to be made by the employee. - If an employee does not make a fund selection, the default option applies. Vested units are maintained in two separate sub-accounts by the PRS Provider as follows: i. Sub-account A - holds 70% of all contributions made, reflected in units; and ii. Sub-account B - holds 30% of all contributions made, reflected in units. Opening an account Minimum initial contribution Lump sum contribution : RM1,000* Direct Debit Instruction (DDI) : RM100 If you are a Public Mutual Online (PMO) subscriber, you can register your PRS account opening via PMO and make your contributions online. If you are not an existing PMO subscriber and would like to be one, submit the PMO application form at any Public Mutual Berhad branch/customer Service Centre, Public Bank Berhad branch or via your PRS Consultant. Otherwise, please complete the PRS registration for account opening form and fund application form and submit together with the contribution amount made out in a cheque to any of the Public Bank Berhad branches. For first time member of Public Mutual Berhad, you are also required to complete the new investor form. Adding regularly to your account Minimum additional contribution Lump sum contribution : RM100* DDI : RM100 Additional contributions can be executed via PMO, direct debit authorisation with banks or by depositing your cheque into the collection accounts maintained at Public Bank Berhad. * A lower amount may be accepted if contributions to the fund(s) are made through employers. A minimum amount of RM100 will be accepted for transfers from other PRS providers. The PRS Provider may reduce the minimum initial and additional contribution amount from time to time. How You Should Write Your Cheque Your cheques for contribution are to be issued in the following manner: Initial Contribution Additional Contribution Cheque must be made payable to: Public Mutual Berhad - New NRIC No. Public Mutual Berhad - Account No. of Targeted Fund or Public Mutual Berhad - New NRIC No. Please write down your name, new NRIC/passport number and telephone number at the back of the cheque. DO NOT PAY CASH FOR YOUR CONTRIBUTION PRS CONSULTANTS AND STAFF OF PUBLIC MUTUAL BERHAD ARE NOT AUTHORISED TO COLLECT CONTRIBUTION IN CASH UNDER ANY CIRCUMSTANCES WHATSOEVER. Public Mutual Berhad will not be liable for any loss incurred should you give cash to our PRS consultants or staff. DO NOT PAY CASH TO A PRS CONSULTANT OR STAFF OF PUBLIC MUTUAL BERHAD. BNM/04/ DO NOT ISSUE A CHEQUE IN THE NAME OF A PRS CONSULTANT OR STAFF OF PUBLIC MUTUAL BERHAD. 4

5 Withdrawal of units Minimum units for withdrawal: 1,000 units. Withdrawal upon retirement: Withdrawals from the fund can be made in part or in full. You can execute your withdrawal request by completing and submitting the withdrawal request form on any Business Day to your nearest Public Mutual Berhad branch office or Public Mutual Berhad Head Office. Your withdrawal proceeds will be paid within 10 days from our receipt of your request. Pre-retirement withdrawal: Pre-retirement withdrawals can be made for the following reasons: i. Death of member (withdrawals can be made in part or in full); ii. Permanent departure of a member from Malaysia (withdrawals must be made in full); iii. Permanent total disablement (withdrawals must be made in full); iv. Serious disease (withdrawals must be made in full); v. Mental disability (withdrawals must be made in full); or vi. Withdrawal of accrued benefits from sub-account B (withdrawals can be made in part or in full). Withdrawals from sub-account B can be requested (from one or multiple funds under the Scheme) once per calendar year, provided that no withdrawal can be made from the Scheme where you have been a member of the Scheme for less than a year. First pre-retirement withdrawal request from sub-account B can be made only one year after your first contribution to any fund under the Scheme. You can execute your withdrawal request by completing and submitting the withdrawal request form on any Business Day to your nearest Public Mutual Berhad branch office or Public Mutual Berhad Head Office. Your withdrawal proceeds will be paid within 10 days from our receipt of your request. If the pre-retirement withdrawal is due to death of a member, the request form will be submitted to Private Pension Administrator (PPA). Upon receiving the authorisation from the PPA, the request will be processed and proceeds paid to the nominee, trustee, executor or administrator of the deceased member within 10 days. A tax penalty of 8% will be deducted from the pre-retirement withdrawal proceeds. The tax penalty does not apply to pre-retirement withdrawals due to death, permanent departure from Malaysia, permanent total disablement, serious disease or mental disability. Members who hold conditionally vested units are not permitted to request for a withdrawal of such units. Switching between funds within the Scheme and funds under the Public Mutual PRS Conventional Series Minimum units for switching: 1,000 units. Switching between funds within the Scheme and funds under the Public Mutual PRS Conventional Series can be requested via one application to Public Mutual Berhad, once per calendar year. First switching request can be made only one year after your first contribution to any Public Mutual PRS fund. You can execute your switching request via PMO or by completing and submitting the switching form to your nearest Public Mutual Berhad branch office or Public Mutual Berhad Head Office. There is no switching charge imposed if you switch from one PRS fund to another PRS fund managed by Public Mutual Berhad. Ask about switching before you redeem. The PRS Provider has the discretion to vary the terms and conditions of switching from time to time. Please contact our Customer Service Hotline for the latest terms and conditions on switching. Transfer of vested units to another PRS provider Transfer of vested units to another PRS provider can be requested (from one or multiple funds under the Scheme) once per calendar year provided: i. you have been a member under the Scheme (whether via member contribution or employer contribution) for at least one year; and ii. the transfer of accrued benefits are (a) from one or more funds to one or more funds of another PRS provider on a one-to-one equivalence; or (b) from multiple funds into one fund. (Transfer of accrued benefits from one fund to multiple funds of another PRS provider is not permitted) First transfer request from any fund under the Scheme can be made only one year after your first contribution to any fund under the Scheme. You can execute your transfer request by completing and submitting the transfer request form to the transferee PRS Provider who will then forward the request form to PPA. Upon receiving the completed transfer form from the PPA, the PRS Provider will process and remit the net transfer proceeds to the transferee PRS provider within 5 Business Days. Members who hold conditionally vested units are not permitted to request for a transfer of such units to another PRS provider. 5

6 Minimum account balance (applicable for post-retirement only) Minimum balance of 1,000 units must be maintained at all times to stay invested with the fund. If partial redemption (through withdrawal or switching) of units result in less than 1,000 units being held in your account with the fund, the PRS Provider may redeem the entire account. Cooling-off right Applicable for first time contributors to a PRS. Your request must be submitted to your nearest Public Mutual Berhad branch office or Public Mutual Berhad Head Office within 6 Business Days from the date of receipt of the application form and payment by Public Mutual Berhad. Full refund will be paid within 10 days from the date of receipt of the request by Public Mutual Berhad and authorisation by PPA. The refund for every unit held will be the sum of the price of a unit on the day the units were purchased and the sales charge imposed (and Goods and Services Tax (GST), if any) on the day the units were purchased. Once you have exercised the cooling-off right, the cooling-off right is no longer available for any subsequent contributions to that PRS or other PRS. Staffs of the PRS Provider, persons registered to deal in PRS and contributions made by an employer on behalf of the employee are not entitled to the cooling-off right. Notes: Business Day refers to each weekday in which Bursa Malaysia Securities Berhad (Bursa Securities) is open for dealing. Vested unit means a unit which accords a member with unconditional entitlement to such unit. Conditionally vested unit means a unit which accords a member with entitlement to the unit that is conditional upon fulfilment of condition(s) stipulated in a vesting schedule. Vesting schedule refers to a schedule that determines the entitlement of an employee s accrued benefits based on terms of service. Retirement age refers to age of 55 years or any other age as may be specified under any written law. What are the benefits of contributing to the Scheme? Diversification Your contributions will be pooled for the purchase of a diversified portfolio of Shariahcompliant stocks and/or sukuk that will bring returns at lower risks compared with investing directly in stock and/or sukuk markets. Professional management The funds are managed by professional fund managers with the expertise and resources to manage the assets of the funds. Ease of transactions The funds do not require cumbersome administrative or paperwork or record keeping on your part in managing your investments. Enjoy personal tax relief You are allowed to claim a tax relief on the amount of contribution made to the funds subject to a maximum of RM3,000 per annum (or any other amount as may be determined by the relevant authorities from time to time). Income of the fund is exempt from Malaysian income tax Since income of the funds is exempt from Malaysian income tax, the income* distributed from the funds to you should be exempted from Malaysian income tax as well. * Distribution (if any) will be automatically reinvested into the fund(s). Tax deduction for employers on contribution made Employers who make contributions to the funds on behalf of their employees, are allowed to claim tax deduction against their business income on the contribution made. The allowable tax deduction is, together with the contribution made to any other approved scheme [such as Employees Provident Fund (EPF)], restricted to 19% of the employees remuneration. KEY RISKS What are the key risks associated with these funds? General risks Capital and returns not guaranteed The fund is exposed to a variety of risks by nature of the investments it is engaged in. As such, the fund does not provide a guarantee on capital contributed nor does it guarantee a fixed rate return. Inflation risk Inflation risk refers to the loss in purchasing power of your investment returns due to a general increase in prices of goods and services. If the returns from your investments do not keep pace with the inflation rate, the real rate of returns from these investments will be impacted. 6

7 Legal and regulatory risk Changes in laws and regulations in the countries that the fund is invested in may impact the investments of the fund. Apart from this, there is also the risk that changes in laws/regulations/guidelines relating to PRS could affect your account or accessibility to the monies in the account. Risk associated with the default option Under the default option, your contribution will be automatically switched (regardless of NAV movement trends) into the relevant core fund upon reaching the prescribed age. At the point of switching, the unit price may be lower than the price you paid when you contributed into the fund, and as such, you will incur losses. Specific risks PRS-IGRF PRS-IMDF PRS-ICVF Market risk Market risk refers to the possibility that an investment will lose value because of a general decline in financial markets, due to economic, political and/or other factors, which will result in a decline in the fund s NAV. Specific security risk Prices of a particular security may fluctuate in response to the circumstances affecting individual companies. As such, adverse price movements of a particular security invested by the fund may adversely affect the fund s NAV and unit price. Currency risk If the fund invests in assets denominated in foreign currency, the fund may be exposed to currency fluctuation risks. If the currencies in which the investments are denominated depreciate against the local currency, the fund s NAV may be adversely affected and vice versa. To mitigate such risk, the fund may undertake hedging strategies. However, the fund would not benefit from any potential upside if currencies move in the opposite direction of the hedging strategy. Country risk Funds with foreign investments may be affected by changes in the economic and political climate, restriction on currency repatriation or other developments in the law or regulations of the countries in which the fund invests in. For example, the deteriorating economic condition of such countries may adversely affect the value of the investments undertaken by the fund in those affected countries. This in turn may cause the NAV of the fund or prices of units to fall. Liquidity risk Liquidity risk refers to the ease of liquidating an asset depending on the asset s volume traded in the market. If the fund holds assets that are illiquid, or are difficult to dispose of, the value of the fund will be negatively affected when it has to sell such assets at unfavourable prices. Interest rate risk Interest rate risk refers to the impact of interest rate changes on the valuation of sukuk and Islamic liquid assets. When interest rates rise, sukuk prices generally decline and this may lower the market value of the fund s investment in sukuk. The reverse applies when interest rates fall. The returns of the fund s investments in Islamic liquid assets move in tandem with interest rates. A decline in interest rates will lower the returns of the fund s investments in Islamic liquid assets. For example, when interest rates fall, Islamic deposit placements would be reinvested at lower interest rates and subsequently yield lower returns to the fund. 7

8 Credit risk Credit risk relates to the creditworthiness of the issuer of the sukuk or Islamic liquid assets which is dependent on the issuer s ability to make timely payments of profit and/or principal. In the event that the issuer of a sukuk or Islamic liquid assets defaults in the payment of profit and/or principal, the value of the fund may be adversely affected. Risk of non-compliance with Shariah requirements This risk refers to the risk that the currently held Shariah-compliant equities in the fund may be reclassified as Shariah non-compliant in the periodic review of the equities by the Shariah Advisory Council Securities Commission Malaysia, the Shariah Adviser or the Shariah boards of the relevant Islamic indices. If this occurs, the PRS Provider will take the necessary steps to dispose such equities. There may be opportunity loss to the fund due to the fund not being allowed to retain the excess capital gains derived from the disposal of the Shariah non-compliant equities. The value of the fund may also be adversely affected in the event of a disposal of Shariah non-compliant equities at a price lower than the investment cost. PRS-IGRF PRS-IMDF PRS-ICVF You are advised to read the disclosure document and understand the risks involved and, if necessary, consult your professional adviser before making contributions. What will I be charged by Public Mutual Berhad? FEES AND CHARGES Charges Sales charge Redemption charge Switching fee: i. between funds in this Scheme ii. between funds in another PRS managed by Public Mutual Berhad Transfer fee (to another PRS provider) % / RM PRS-IGRF PRS-IMDF PRS-ICVF Up to 3.0% of NAV per unit. The PRS Provider may, at its discretion, charge a lower sales charge based on criterion as may be determined from time to time. Nil Nil RM25 for each transfer request. What will I be charged by PPA? Charges PPA account opening fee PPA annual fee PPA pre-retirement withdrawal fee PPA transfer fee (to another PRS provider) RM PRS-IGRF PRS-IMDF PRS-ICVF RM10 (one off) RM8 per annum This fee is not payable for the year the account is opened and not payable for the year(s) where no contributions are made. RM25 per transaction (currently waived). RM25 per transaction (currently waived). You are advised to refer to PPA s website, for the latest update on PPA s fees and charges. 8

9 What are the key ongoing fees charged to a fund? Fees Management fee Trustee fee PPA administration fee % / RM PRS-IGRF PRS-IMDF PRS-ICVF 1.50% per annum of the NAV. 0.04% per annum of the NAV, subject to a maximum fee of RM600,000 per annum. 0.04% per annum of the NAV. 1.25% per annum of the NAV. 0.04% per annum of the NAV, subject to a maximum fee of RM600,000 per annum. You can also compare the fees and charges of other PRS by visiting the PPA s website, Note: All the above fees and charges are subject to GST (if any) which are payable by you. 1.0% per annum of the NAV. 0.04% per annum of the NAV, subject to a maximum fee of RM300,000 per annum. There are fees and charges involved and you are advised to consider them before contributing to the Scheme. PERFORMANCE OF THE FUNDS PRS-IGRF Average Annual Returns for the following periods ended 31 March Year 3-Year 5-Year Since Commencement* PRS-IGRF (%) Benchmark index (%)** Annual Total Return for the Financial Years Ended 31 March 2014* PRS-IGRF (%) Benchmark index (%)** Year Fund Performance Review PRS-IGRF registered a total return of +6.98% for the financial year ended 31 March 2018 in comparison to its benchmark s return of +6.40% over the same period. Notes: * The figure shown is for the period since the fund s commencement (16 December 2012). ** Prior to 26 May 2017, the fund s benchmark was a composite index of 70% FTSE Bursa Malaysia EMAS Shariah Index and 30% 3-Month IIMM rate. Effective from 26 May 2017, the fund s benchmark has been replaced with a composite index of 35% FTSE Bursa Malaysia Hijrah Shariah Index, 35% customised index by S&P Dow Jones Indices, LLC based on the Top 100 constituents by market capitalisation of the S&P Shariah BMI Asia Ex-Japan Index and 30% 3-Month IIMM rate. The calculation of the above returns is based on NAV-to-NAV basis, and is sourced from Lipper. Average annual returns of the fund are derived by dividing the total returns of the fund with the number of years under review. Commencement date is the last day of the initial offer period. Portfolio Turnover Ratio (PTR) PTR (time) The fund s PTR decreased from 0.39 times for the financial year ended 2016 to 0.25 times for the financial year ended 2017 due to a lower level of rebalancing activities. For the financial year ended 2018, the fund s PTR subsequently increased to 0.63 times due to a higher level of rebalancing activities undertaken by the fund. 9

10 Distribution Gross distribution per unit (sen) Net distribution per unit (sen) Distribution (if any) will be automatically reinvested into the fund. PRS-IMDF Average Annual Returns for the following periods ended 31 March Year 3-Year 5-Year Since Commencement* PRS-IMDF (%) Benchmark index (%)** Annual Total Return for the Financial Years Ended 31 March 2014* PRS-IMDF (%) Benchmark index (%)** Year Fund Performance Review PRS-IMDF registered a total return of +5.52% for the financial year ended 31 March 2018 in comparison to its benchmark s return of +6.02% over the same period. Notes: * The figure shown is for the period since the fund s commencement (16 December 2012). ** Prior to 26 May 2017, the fund s benchmark was a composite index of 60% FTSE Bursa Malaysia EMAS Shariah Index and 40% 3-Month IIMM rate. Effective from 26 May 2017, the fund s benchmark has been replaced with a composite index of 30% FTSE Bursa Malaysia Hijrah Shariah Index, 30% customised index by S&P Dow Jones Indices, LLC based on the Top 100 constituents by market capitalisation of the S&P Shariah BMI Asia Ex-Japan Index and 40% 3-Month IIMM rate. The calculation of the above returns is based on NAV-to-NAV basis, and is sourced from Lipper. Average annual returns of the fund are derived by dividing the total returns of the fund with the number of years under review. Commencement date is the last day of the initial offer period. Portfolio Turnover Ratio (PTR) PTR (time) The fund s PTR decreased from 0.34 times for the financial year ended 2016 to 0.18 times for the financial year ended 2017 due to a lower level of rebalancing activities. For the financial year ended 2018, the fund s PTR subsequently increased to 0.59 times due to a higher level of rebalancing activities undertaken by the fund. Distribution Gross distribution per unit (sen) Net distribution per unit (sen) Distribution (if any) will be automatically reinvested into the fund. PRS-ICVF Average Annual Returns for the following periods ended 31 March Year 3-Year 5-Year Since Commencement* PRS-ICVF (%) Month GIA (%)**

11 Annual Total Return for the Financial Years Ended 31 March 2014* PRS-ICVF (%) Month GIA (%)** Year Fund Performance Review PRS-ICVF registered a total return of +5.29% for the financial year ended 31 March 2018 in comparison to its benchmark s return of +3.13% over the same period. Notes: * The figure shown is for the period since the fund s commencement (16 December 2012). ** The benchmark 12-Month GIA rate is computed based on the average 12-Month investment account rate quoted by Bank Negara Malaysia. The calculation of the above returns is based on NAV-to-NAV basis, and is sourced from Lipper. Average annual returns of the fund are derived by dividing the total returns of the fund with the number of years under review. Commencement date is the last day of the initial offer period. Portfolio Turnover Ratio (PTR) PTR (time) The fund s PTR increased from 0.33 times for the financial year ended 2016 to 0.60 times for the financial year ended 2017 due to a higher level of rebalancing activities. For the financial year ended 2018, the fund s PTR subsequently decreased to 0.45 times due to a lower level of rebalancing activities undertaken by the fund. Distribution Gross distribution per unit (sen) Net distribution per unit (sen) Distribution (if any) will be automatically reinvested into the fund. PAST PERFORMANCE OF THE FUNDS IS NOT AN INDICATION OF THEIR FUTURE PERFORMANCE. ADDITIONAL INFORMATION Valuation The NAV of the funds is calculated and the price of units published on each business day at What taxes apply? The PRS is an approved scheme for Malaysian income tax purposes pursuant to Section 2 of the Malaysian Income Tax Act, 1967 ( the Act ). The income of the funds is exempt from tax under Paragraph 20, Schedule 6 of the Act. The funds may receive dividends, interest (or profit) and other income from investments outside Malaysia and such income may be subject to tax in the country from which it is derived. Since the income of the funds is exempt from Malaysian income tax, the income* distributed from the funds to you should be exempted from Malaysian income tax as well. * Distribution (if any) will be automatically reinvested into the fund(s). Individual members who are residents in Malaysia and have made contribution to the funds are allowed to claim a tax relief on the amount of the contribution made to the PRS funds, subject to a maximum amount of RM3,000 per annum. Members who make withdrawals prior to the retirement age ( pre-retirement withdrawals ) from the funds would be subject to tax penalty of 8%. The applicable tax penalty will be deducted from the withdrawn amount before payment is made to you. Withdrawals made after reaching retirement age, death, permanent departure of a member from Malaysia, permanent total disablement, serious disease or mental disability will not be subject to tax. 11

12 What taxes apply? (cont d) Employers who make contribution to the funds under the PRS on behalf of their employees, resident or nonresident in Malaysia, are allowed to claim tax deduction against their business income on the contribution made. The allowable tax deduction is, together with the contribution made to any other approved scheme (such as EPF), restricted to 19% of the employees remuneration. CONTACT INFORMATION Who should I contact for further information on the funds? For information pertaining to the funds, you may consult/contact: PRS consultants or corporate representatives of Public Bank Berhad who are registered with the Federation of Investment Managers Malaysia (FIMM); Public Mutual Berhad Customer Service Hotline at ; or us at customer@publicmutual.com.my Who should I contact to lodge a complaint? 1. For internal dispute resolution, you may contact our Customer Service Hotline at If you are dissatisfied with the outcome of the internal dispute resolution process, please refer your dispute to the Securities Industry Dispute Resolution Center (SIDREC): (a) via phone to : (b) via fax to : (c) via to : info@sidrec.com.my (d) via letter to : Securities Industry Dispute Resolution Center (SIDREC) Unit A-9-1, Level 9, Tower A Menara UOA Bangsar No. 5, Jalan Bangsar Utama Kuala Lumpur 3. You can also direct your complaint to Securities Commission Malaysia (SC) even if you have initiated a dispute resolution process with SIDREC. To make a complaint, please contact the SC s Consumer & Investor Office: (a) via phone to the Aduan Hotline at : (b) via fax to : (c) via to : aduan@seccom.com.my (d) via online complaint form available at (e) via letter to : Consumer & Investor Office Securities Commission Malaysia No. 3, Persiaran Bukit Kiara Bukit Kiara Kuala Lumpur 4. FIMM s Complaints Bureau: (a) via phone to : (b) via fax to : (c) via to : complaints@fimm.com.my (d) via online complaint form available at (e) via letter to : Legal, Secretarial & Regulatory Affairs Federation of Investment Managers Malaysia , 6 th Floor Wisma Tune No. 19 Lorong Dungun Damansara Heights Kuala Lumpur This PHS will be updated on 30 June You may refer to our website at for the updated PHS. 12