preface - eUnittrust

PREFACE

Dear prospective investors,

Thank you for considering an investment in AMB Shariah Value Plus Fund, an open-ended Shariah-compliant equity fund offering investments in multiple Classes of Units. You may refer to section 3 of this prospectus for details of the different features of each Class.

The Fund aims to provide investors with capital growth through investments in Shariah-compliant securities that are trading at a discount to their intrinsic values. To achieve its objective, the Fund seeks to maximise total returns by providing investors mainly from capital appreciation through diversified investments primarily in Shariah-compliant stocks listed on the Bursa Malaysia. The Fund will invest up to 30% of the Fund’s NAV in the Asia Pacific ex-Japan markets.The countries that the Fund may invest in will include, but not limited to Malaysia, Singapore, Indonesia, Thailand, Philippines, India, Hong Kong and China (via the Hong Kong Stock Exchange), Korea, Taiwan, Australia and Vietnam. The Fund may also invest in Shariah-compliant equities and equities related that derives the majority of their revenue from the Asia Pacific ex-Japan markets.

The investment approach for the Fund emphasises on a “bottom-up” approach that focuses on specific stock selection rather than markets and sectors. Shariah-compliant equities and equities related are selected for their value (value driven approach).

The Fund is suitable for investors who are seeking investments that are in accordance with Shariah Principles, have a long term investment horizon in excess of 5 years and are willing to accept risks for returns presented by the equity markets. Aside from Malaysia, the Fund will also be marketed in Singapore and Japan hence investor’s suitability may further depend on their preference based on the different features of each Class as disclosed in section 3 of this prospectus. The Fund will also be in compliance with the ASEAN CIS Framework in order to access the participating jurisdictions. As with any investment, investors should be aware of the specific risks of investing in this Fund which include equity risk, credit risk, interest rate risk, currency risk, Class currency risk, reclassification of Shariah status risk, country risk and settlement risk. Further information on the risk factors can be found in section 4 of this prospectus.

The Fund imposes a sales charge of a maximum 5.5% of the NAV per Unit for the respective Classes. There is no repurchase charge for this Fund. The annual management fee for this Fund is 1.50% per annum of the NAV for retail Classes and 1.30% per annum of the NAV for institutional Classes. The annual trustee fee for all Classes is 0.06% per annum. Further details of all fees and charges are disclosed in section 6 of this prospectus. GST imposed on the fees and other relevant charges will be borne by the Fund and Unit Holders respectively.

Investments can be made directly at our business office or at any appointed Distribution Channels as listed under section 17 of this prospectus. Should you have any inquiries or require further information, you may call AMB Client Services Unit at +603-2034 0800, email us at [email protected] or browse our company website at www.ambmutual.com.my. Thank 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

RESPONSIBILITY STATEMENT

This 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 enquiries, 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 prospectus false or misleading.

STATEMENTS OF DISCLAIMER

The Securities Commission Malaysia has authorised the Fund and a copy of this prospectus has been registered with the Securities Commission Malaysia.

The authorisation of the Fund, and registration of this prospectus, should not be taken to indicate that the Securities Commission Malaysia recommends the Fund or assumes responsibility for the

correctness of any statement made, opinion expressed or report contained in this prospectus.

The Securities Commission Malaysia is not liable for any non-disclosure on the part of the management company responsible for the said Fund and takes no responsibility for the contents in this prospectus. The Securities Commission Malaysia makes no representation on the accuracy or completeness of this 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. IF INVESTORS ARE UNABLE TO MAKE

THEIR OWN EVALUATION, THEY ARE ADVISED TO CONSULT PROFESSIONAL ADVISERS.

No units will be issued or sold based on this prospectus later than one year after the date of this prospectus.

Investors should note that they may seek recourse under the Capital Markets and Services Act 2007 for breaches of securities laws and regulations including any statement in the prospectus

that is false, misleading, or from which there is a material omission; or for any misleading or deceptive act in relation to the prospectus or the conduct of any person in relation to the Fund.

AMB Shariah Value Trust Fund has been certified as Shariah-compliant by the Shariah adviser appointed for the Fund.

This prospectus does not constitute an offer or solicitation by anyone in any jurisdiction in which an offer or solicitation is not lawful or in which the person making such an offer or solicitation is not qualified to do so or to anyone to whom it is unlawful to make such a solicitation. It is the responsibility of any persons in possession of this prospectus and any persons wishing to apply for Units in the Fund to inform themselves of and to observe all applicable laws and regulations of any relevant jurisdiction. Prospective investors should inform themselves as to the legal requirements of applying for Units and any applicable exchange control regulations and taxes in the countries of their respective citizenship, residence, domicile or incorporation.

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AMB Client Services 03-2034 0800 1

TABLE OF CONTENTS

Section Page

1 GLOSSARY OF TERMS/ABBREVIATIONS 3 2 CORPORATE DIRECTORY 8 3 SUMMARY OF KEY FEATURES OF THE FUND 13

3.1 General Information on the Fund 13 3.2 General Information on Classes of the Fund 15 3.3 Fees and Charges 16 3.4 Information on Transaction 18 3.5 Other Information 19

4 RISK FACTORS 20 4.1 General Risks 20 4.2 Specific Risks Associated with AMBSVPF 21

5 DETAILED INFORMATION ON THE FUND 24 5.1 Investment Objective 24 5.2 Portfolio Investment Strategy and Policy 24 5.3 Permitted Investments for the Fund 27 5.4 Investment Restrictions 27 5.5 Bases of Valuation 29 5.6 Policy on Gearing and Liquid Assets 30 5.7 Shariah Investments 31

6 FEES, CHARGES AND EXPENSES 35 6.1 Direct Charges 35 6.2 Indirect Fees 37 6.3 Fund’s Expenses 37 6.4 Policy on Brokerage Rebates and Soft Commissions 37

7 TRANSACTION INFORMATION 38 7.1 Pricing 38 7.2 Transaction Details on Purchase of Units 42 7.3 Transaction Details on Repurchase of Units 45 7.4 Transfer of Units 46 7.5 Switching 47 7.6 Conversion 48 7.7 Distribution Channel(s) 48 7.8 Income Distribution Policy 48 7.9 Policy on Unclaimed Monies 49

8 THE MANAGEMENT AND ADMINISTRATION OF THE FUND 50 8.1 Corporate Profile of the Manager 50 8.2 Past Performance of the Manager 51 8.3 Profile of the Board of Directors of the Manager 51 8.4 Company Secretary 53 8.5 Senior Compliance Officer 54

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2 AMB Client Services 03-2034 0800

8.6 Profile of the Key Management Staff of the Manager 54 8.7 The Investment Committee of the Fund Managed by the Manager 56 8.8 Profile of the Shariah Committee 56 8.9 Profile of the External Investment Manager 58 8.10 Declaration of Conflict of Interest involving EIM 60 8.11 Manager’s Delegate 61 8.12 Material Litigation and Arbitration 61

9 THE TRUSTEE OF THE FUND 62 9.1 Profile of CIMB Islamic Trustees Berhad 62 9.2 Roles, Duties and Responsibilities of the Trustee 63

10 SALIENT TERMS OF THE DEED 65 10.1 Rights and Liabilities of Unit Holders 65 10.2 Maximum Fees and Charges Permitted by the Deed 65 10.3 Increase in Fees and Charges from the Level Disclosed in the Prospectus

and the Maximum Rate Provided in the Deed 66

10.4 Permitted Expenses Payable out of the Fund’s Property 66 10.5 Retirement, Removal and Replacement of the Manager 66 10.6 Retirement, Removal and Replacement of the Trustee 67 10.7 Termination of the Fund or a Class of Units of the Fund 68 10.8 Unit Holders’ Meeting 68 11 APPROVALS AND CONDITIONS 70 12 RELATED PARTY TRANSACTIONS/CONFLICT OF INTEREST 71 13 TAXATION OF THE FUND 73 14 ADDITIONAL INFORMATION 80 14.1 Customer Information Service 80 14.2 Regular Reports and Statements on your Investment 80 14.3 Register of Unit Holders 81 14.4 Anti-Money Laundering Policy 81 14.5 Material Contracts 81

15 CONSENTS 82 16 DOCUMENTS AVAILABLE FOR INSPECTION 82 17 LIST OF DISTRIBUTION CHANNELS 82

AMBSVPF Prospectus


1. GLOSSARY OF TERMS / ABBREVIATIONS

The following words or abbreviations shall have the following meanings in this prospectus unless otherwise stated:

“Act” or “CMSA” The Capital Markets and Services Act 2007 (Malaysia) including all amendments thereto and all regulations rules and guidelines issued in connection therewith.

“ACMF” ASEAN Capital Markets Forum.

“ACMF Retail MoU” The memorandum of understanding on streamlined authorisation framework for cross-border public offers of ASEAN Collective Investment Schemes.

“ACMF Signatory” Signatory refers to the securities regulator of the ASEAN jurisdiction which has signed the ACMF Retail MoU.

“AMB” or “Manager” Amanah Mutual Berhad (195414-U).

“AMB Family of Funds” All funds under the management of the Manager.

“AMBSVPF” or “Fund” AMB Shariah Value Plus Fund.

“A-MYR” Class of Units denominated in MYR under income distribution policy1 for retail investors.

“ASNB”

Amanah Saham Nasional Berhad (47457-V), the holding company of the Manager.

“Base Currency” The base currency of the Fund i.e. Malaysian Ringgit (MYR).

“B-JPY” Class of Units denominated in JPY under accumulation of Units policy2 for retail investors.

“Bond Pricing Agency Malaysia Sdn. Bhd.” or “BPAM”

A bond pricing agency registered with the SC.

“B-SGD” Class of Units denominated in SGD under accumulation of Units policy2 for retail investors.

“Bursa Malaysia” The Malaysian stock exchange, operated and maintained by Bursa Malaysia Securities Berhad (635998-W).

“B-USD” Class of Units denominated in USD under accumulation of Units policy2 for retail investors.

“Business Day(s)” A day on which the Bursa Malaysia is open for trading in securities.

“Class”

Any class of Units representing similar interests in the assets of the Fund differentiated by currency denomination.

“C-MYR” Class of Units denominated in MYR under income distribution policy1 for institutional investors.

1 Details of the income distribution policy are on pages 14 and 48 of this prospectus.

2 Details of the accumulation of Units policy are on pages 14 and 48 of this prospectus.

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“CIMB Islamic ” CIMB Islamic Bank Berhad (671380-H).

“Collective Investment Scheme”

Has the same meaning as given under the Guidelines which includes among others unit trust funds, real estate investment trusts, exchange-traded funds and closed-end funds.

“Commencement Date”

The date on which investments of the Fund will first be made which is the next Business Day immediately following the end of the IOP.

“Cooling-off Period” The cooling-off period of the Fund is within six (6) Business Days commencing from the date the Manager receives the completed application to purchase Units.

“Cooling-off Right” The right given to an investor who is investing in the AMB Family of Funds for the first time to obtain a refund of the investment in the Fund including the sales charge if requested by the investor within the Cooling-off Period, save and except for a corporation or institution, a staff of the Manager, and a person registered with a body approved by the SC to deal in unit trusts.

“Deed”

The deed in relation to the Fund including any supplementary deed between the Manager, the Trustee and the Unit Holders for the Fund.

“Distribution Branch”

Any branch, outlet or any other premises of the Distribution Channel for the purpose of marketing and distribution of Units.

“Distribution Channel”

An institution, corporation or an organisation that is appointed by AMB for the purpose of marketing and distributing the Fund inside and outside Malaysia as allowed by the applicable laws.

“Eligible Market”

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.

“External Investment Manager” or “EIM”

Kenanga Islamic Investors Berhad (451957-D).

“FiMM” Federation of Investment Managers Malaysia, a self-regulatory organisation (SRO) for the Malaysian unit trust industry.

“Forward Pricing”

The price of a Unit that is the NAV per Unit calculated at the next Valuation Point after an application for purchase or repurchase request is received.

“FSA” The Financial Services Act 2013, including all amendments thereto and all regulations, rules and guidelines issued in connection therewith and will include any successor act.

AMBSVPF Prospectus


“GST” The Goods and Services Tax (GST) implemented effective 1 April 2015 at a rate of 6% to replace the consumption tax i.e. the sales tax and service tax. Unit Holders will be subjected to GST based on the Industry Guide on Fund Management issued by the Royal Malaysian Customs Department.

“Guidelines” The Guidelines on Unit Trust Funds and any other relevant guidelines on unit trust fund issued by the SC as amended, modified or varied by any notes, circulars and guidelines issued from time to time by the SC.

“IFSA” The Islamic Financial Services Act 2013, including all amendments thereto and all regulations, rules and guidelines issued in connection therewith and will include any successor act.

“Initial Offer Period” or “IOP”

The period of time as prescribed in this prospectus where Units are offered for sale.

“Initial Offer Price” The price of Units offered for sale during the IOP.

“Investment Committee” The investment committee of the Fund which is primarily responsible for formulating, implementing and monitoring the investment management strategies of the Fund in accordance with the Fund’s investment objective, the Deed, the Guidelines and applicable laws, the internal investment restrictions and policies, and acceptable and efficacious investment management practices within the unit trust industry.

“Islamic deposits” Has the same meaning as given under the IFSA.

“IUTA” Any institutional unit trust adviser, which is an institution, a corporation or an organisation that is registered with FiMM or other relevant authorities for distribution of unit trust funds.

“JPY” The lawful currency of Japan i.e. Japanese Yen.

“Licensed Financial Institution”

Any bank or financial institution licensed under the FSA or IFSA or if the institution is outside Malaysia, any institution that is licensed/registered/approved/authorised by the relevant banking regulator to provide financial services.

“LPD” The latest practicable date for the purposes of ascertaining the information contained in this prospectus, i.e. 31 March 2015.

“MYR” The lawful currency of Malaysia i.e. Malaysian Ringgit.

“Net Asset Value” or “NAV” 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 should be inclusive of the management fee and trustee fee for the relevant

AMBSVPF Prospectus


day. The NAV of a Class is the NAV of the Fund attributable to a Class at the same Valuation Point.

“NAV per Unit”

The NAV attributable to a Class divided by the number of Units in Circulation for that Class, at the Valuation Point.

“Organised Market” An exchange, government securities market or an over-the-counter market: (a) that is regulated by the relevant competent regulatory

authority of that jurisdiction; (b) that is of good repute; (c) that is open to the public or a substantial number of market

participants; and (d) on which financial instrument are regularly traded.

“PNB”

Permodalan Nasional Berhad (38218-X), the ultimate holding company of the Manager.

“Qualifying CIS” A unit trust fund: (a) constituted or established in a country of an ACMF Signatory

and has been approved for offer to the public in its domicile country; and

(b) has been assessed by the ACMF Signatory whose jurisdiction the fund is domiciled in, as suitable for cross-border offering to the public in other ACMF Signatory countries pursuant to the ACMF Retail MoU.

“RAM”

RAM Rating Services Berhad (208095-U), a credit rating agency in Malaysia.

“Repurchase Price of Units”

The repurchase price of Units by Unit Holders of any Class is calculated at the NAV per Unit as at the next Valuation Point after the complete repurchase request is received by the Manager.

“SC”

Securities Commission Malaysia, a statutory body entrusted with the responsibility of regulating and systematically developing Malaysia's capital markets.

“SGD” The lawful currency of Singapore i.e. Singapore Dollar.

“Shariah Committee” The committee appointed by the Manager for AMBSVPF to ensure that the Fund is managed and administered in accordance with Shariah Principles.

“Shariah Principles”

Shariah principles are based on Islamic law, originating from the Quran as well as practices and explanations rendered by the Prophet Muhammad (PBUH), ijmak (consensus of opinion), qiyas (analogical deduction), maslahah (public interest) and other sources that are in line with Shariah.

AMBSVPF Prospectus


“Standards of Qualifying CIS” Is a set of rules and regulations, as agreed and may be amended from time to time amongst the ACMF Signatories, which applies only to a Qualifying CIS under the ACMF Retail MoU.

“Sukuk” Certificates of equal value which evidence undivided ownership or investment in the assets using Shariah principles and concepts approved by the Shariah Advisory Council (SAC) of the SC. Types of Sukuk include Sukuk bai’ bithamal ajil, Sukuk murabahah, Sukuk istisna’, Sukuk ijarah, Sukuk mudharabah and Sukuk musharakah.

“transferable securities” Refers to: a) equities and other securities equivalent to equities; and b) Sukuk and other forms of securitised debt; but do not include money market instruments or any security the title to which can be transferred only with the consent of a third party.

“Trustee” CIMB Islamic Trustee Berhad (167913-M).

“Unit Holder(s)”

A person(s) registered as holder(s) of Units of any Class and whose name(s) appear(s) in the register of Unit Holders.

“Unit(s)” Unit(s) of any Class of the Fund.

“Units in Circulation” or “UIC”

Units created and fully paid.

“USD” The lawful currency of the United States of America i.e. US Dollar.

“Valuation Point” Such time on a Business Day as may be decided by the Manager wherein the NAV per Unit is calculated. Under normal circumstances, only one (1) valuation is conducted on each Business Day. For foreign investments, valuation of the Fund will be conducted after the close of business of Bursa Malaysia for the relevant day, as certain foreign markets in which the Fund may invest in have yet to close due to the different time zones of these countries. As such, the Valuation Point will be after the close of Bursa Malaysia but not later than 9.00 a.m. (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.

For the avoidance of doubt, any references to time in this prospectus shall refer to Malaysian local time which is Greenwich Mean Time (GMT) + 8:00.

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.

AMBSVPF Prospectus


2. CORPORATE DIRECTORY

MANAGER

Amanah Mutual Berhad (195414-U)

Chief Executive Officer Aldilla @ Zilfalila binti Abdul Halim (Sheila Halim)

Registered Office 4th Floor, Balai PNB 201-A, Jalan Tun Razak 50400 Kuala Lumpur Telephone : (603)-2050 5100 Facsimile : (603)-2163 3477

Business Office 34th Floor, Menara PNB 201-A, Jalan Tun Razak 50400 Kuala Lumpur Telephone : (603)-2034 0800 Facsimile : (603)-2162 5958 / (603)-2163 3212 AMB Client Services Unit : (603)-2034 0800 Email : [email protected] Website : www.ambmutual.com.my

Business Hours : 9.00 a.m. to 6.00 p.m.

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-Executive/Non-Independent Director)

• 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)

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)

AMBSVPF Prospectus


SHARIAH COMMITTEE MEMBERS

Dato’ Dr. Abdul Halim bin Ismail Chairman

Prof. 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 Dr. Wan Abdul Aziz bin Wan Abdullah 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 Dr. Wan Abdul Aziz bin Wan Abdullah 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)

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 Dato’ Seri Ainum binti Mohamed Saaid

COMPANY SECRETARY

Puan Adibah Khairiah binti Ismail @ Daud (MIA 13755) 4th Floor, Balai PNB 201-A, Jalan Tun Razak 50400 Kuala Lumpur

AMBSVPF Prospectus


TRUSTEE

CIMB Islamic Trustee Berhad (167913-M) Registered Office Level 13, Menara CIMB Jalan Stesen Sentral 2 Kuala Lumpur Sentral 50470 Kuala Lumpur Tel: (603) - 2261 8888 Fax: (603) - 2261 0099 Web: www.cimb.com Business Office Level 21, Menara CIMB Jalan Stesen Sentral 2 Kuala Lumpur Sentral 50470 Kuala Lumpur Tel: (603) - 2261 8888 Fax: (603) - 2261 9889 Delegate: CIMB Islamic Nominees (Tempatan) Sdn Bhd (8424-H) Registered Office Level 13, Menara CIMB Jalan Stesen Sentral 2 Kuala Lumpur Sentral 50470 Kuala Lumpur Tel: (603) - 2261 8888 Fax: (603) - 2261 8889 Web: www.cimb.com Business Office Level 21, Menara CIMB Jalan Stesen Sentral 2 Kuala Lumpur Sentral 50470 Kuala Lumpur Tel: (603) - 2261 8888 Fax: (603) - 2261 9892

AMBSVPF Prospectus


EXTERNAL INVESTMENT MANAGER

Kenanga Islamic Investors Berhad (451957-D) Registered Office 8th Floor, Kenanga International Jalan Sultan Ismail 50250 Kuala Lumpur Telephone : (603) - 2162 1490 Facsimile : (603) - 2161 4990 Website : www.kenanga.com.my Business Office Suite 12.03, 12th Floor Kenanga International Jalan Sultan Ismail 50250 Kuala Lumpur, Malaysia Tel: (603) - 20573688 Fax: (603) - 2161 8805 MANAGER’S DELEGATE

Permodalan Nasional Berhad (38218-X) 4th Floor, Balai PNB 201-A, Jalan Tun Razak 50400 Kuala Lumpur Telephone : (603) - 2050 5100 Fax : (603) - 2050 5268 Website : www.pnb.com.my (fund accounting and fund valuation functions) CIMB Islamic Trustee Berhad (167913-M) Registered Office Level 13, Menara CIMB Jalan Stesen Sentral 2 Kuala Lumpur Sentral 50470 Kuala Lumpur Tel: (603) - 2261 8888 Fax: (603) - 2261 0099 Web: www.cimb.com Business Office Level 21, Menara CIMB Jalan Stesen Sentral 2 Kuala Lumpur Sentral 50470 Kuala Lumpur Tel: (603) - 2261 8888 Fax: (603) - 2261 9886

AMBSVPF Prospectus


AUDITORS

Messrs. Ernst & Young Chartered Accountants Level 23A Menara Milenium, Jalan Damanlela Pusat Bandar Damansara, 50490 Kuala Lumpur Telephone : (603) - 7495 8000 Facsimile : (603) - 2095 5332

TAX ADVISOR

Ernst & Young Tax Consultants Sdn Bhd Level 23A Menara Milenium Jalan Damanlela, Pusat Bandar Damansara 50490 Kuala Lumpur Telephone : (603) - 7495 8000 Facsimile : (603) - 2095 5332

PRINCIPAL BANKER

CIMB Islamic Bank Berhad (671380-H) CIMB Islamic Bank Berhad Ground Floor, Menara CIMB No. 1, Jalan Stesen Sentral 2 Kuala Lumpur Sentral 50470 Kuala Lumpur Telephone : 1 300 880 900 Facsimile : (603) - 2261 0566 Website : www.cimbislamic.com

SOLICITORS

Messrs. Zainal Abidin & Co. Suite 1803 – 1806 18th Floor, Plaza Permata Jalan Kampar Off Jalan Tun Razak 50400 Kuala Lumpur Telephone : (603) - 4041 5266 Facsimile : (603) - 4042 7179

FEDERATION OF INVESTMENT MANAGERS MALAYSIA (FiMM) 19-06-1, 6th Floor, Wisma Tune 19, Lorong Dungun, Damansara Heights 50490 Kuala Lumpur Telephone : (603) - 2093 2600 Facsimile : (603) - 2093 2700 Website : www.fimm.com.my

mailto:website

http://www.fimm.com.my/

AMBSVPF Prospectus


3. SUMMARY OF KEY FEATURES OF THE FUND

This section is only a summary of the salient information about the Fund. Investors should read and understand the whole prospectus before making investment decisions. 3.1 GENERAL INFORMATION ON THE FUND

FUND INFORMATION Details

on page:

Name of fund AMB Shariah Value Plus Fund

Base currency MYR

Category of fund Equity (Shariah)

Type of fund Growth

Investment objective of the Fund

The Fund aims to provide investors with capital growth through investments in Shariah-compliant securities that are trading at a discount to their intrinsic values.

24

Investment strategy

The Fund seeks to maximise total returns by providing investors mainly from capital appreciation through diversified investments primarily in Shariah-compliant stocks listed on the Bursa Malaysia that are trading at a discount to their intrinsic values. However, the Fund may also invest up to 30% of the Fund’s NAV in the Asia Pacific ex-Japan markets.

The countries that the Fund may invest in will include, but not limited to Malaysia, Singapore, Indonesia, Thailand, Philippines, India, Hong Kong and China (via the Hong Kong Stock Exchange), Korea, Taiwan, Australia and Vietnam.

The Fund may also invest in Shariah-compliant stocks that derive the majority of their revenue from the Asia Pacific ex-Japan markets.

The investment approach for the Fund emphasises on a “bottom-up” approach that focuses on specific stock selection rather than markets and sectors. Shariah-compliant stocks are selected for their value (value driven approach).

25

Asset allocation (% of NAV)

Min 70% to max. 98% in Shariah-compliant equities and equity related securities i.e. warrants, exchange traded funds, preferred shares, convertible loan stocks, transferable subscription rights and depository receipts.

Min 2% in Islamic deposits and/or Shariah-compliant money market instruments.

24

AMBSVPF Prospectus



on page:

Benchmark The benchmark is an absolute of 8% annualised growth in NAV, compounded over the long term1 period.

Please note that this is not a guaranteed return, but a benchmark against which the performance of the Fund may be measured.

24

Principal risks associated with the Fund

The principal risks of investing in the Fund are equity risk, credit risk, interest rate risk, currency risk, Class currency risk, reclassification of Shariah status risk, country risk and settlement risk.

21

Investors’ profile

The Fund is suitable for investors who : -

are seeking investments that are in accordance with Shariah Principles;

have a long term1 investment horizon; and

are willing to accept risks for returns presented by the equity markets.

Distribution policy

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. Classes with income distribution policy For Classes A-MYR and C-MYR, income distribution, if any, is declared at the end of the financial year of the Fund or for any specified period, as may be determined by the Manager in consultation with the Trustee. Any distribution will be at the discretion of the Manager, and is incidental to carrying out the investment function in accordance with the objective and investment strategy of the Fund. The distribution of the Fund will vary depending on its performance and prevailing economic conditions. Classes with accumulation Units policy For Classes B-JPY, B-SGD and B-USD, there will be no income distributions made to the Unit Holder. However, the value of the Unit Holder’s investment may increase as reflected in the increase in the NAV per Unit (subject to the performance of the Fund) i.e. gains, if any, from the Fund’s investment is retained and accumulated which will be reflected by a higher NAV per Unit and vice versa.

48

Domicility Malaysia

External Investment Manager

Kenanga Islamic Investors Berhad (451957-D)

58

1 ‘long-term’ is a period of more than 5 years.

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on page:

Trustee CIMB Islamic Trustee Berhad (167913-M) 62

Commencement Date

7 July 2015

Financial year end

31 May

3.2 GENERAL INFORMATION ON CLASSES OF THE FUND Classes may differ in terms of currency denomination, rate of fees and charges, income distribution policy and whether offered to retail or institutional investors. A separate NAV per Unit will be calculated for each Class. The NAV per Unit will be denominated in the currency of the respective Class and may differ between Classes as a consequence of the various features of each Class.

The following are the features of each Class:

Class Currency

denomination of Units Category of

investor Distribution policy Initial Offer Price

A-MYR* MYR Retail Distribution of income MYR 0.50 per Unit

C-MYR* MYR Institutional Distribution of income MYR 0.50 per Unit

B-JPY JPY Retail Accumulation Units JPY 10 000 per Unit

B-SGD SGD Retail Accumulation Units SGD 0.50 per Unit

B-USD USD Retail Accumulation Units USD 1.00 per Unit

* These Classes are only offered in Malaysia.

Note: The price after IOP will be based on the NAV per Unit for each Class.

The IOP for all Classes will begin and end concurrently from 16 June 2015 to 6 July 2015.

AMBSVPF Prospectus


3.3 FEES AND CHARGES The following section describes the charges that you may directly incur when you purchase or repurchase Units of the Fund.

(a) Charges

Sales and repurchase charge

Class

Manager/Distribution Channel (% of NAV per Unit)

Maximum sales charge Repurchase charge

A-MYR, C-MYR, B-JPY, B-SGD, B-USD 5.5 Nil

Note: The sales charge is negotiable, subject to the Manager’s discretion.

Transfer charge Details on transfer transaction can be found in section 7.4 on page 46 of this prospectus.

Class Transfer charge

A-MYR, C-MYR MYR 25

B-JPY JPY 1 000

B-SGD SGD 25

B-USD USD 25

Switching charge Details on switching transaction can be found in section 7.5 on page 47 of this prospectus.

Switch out from the following Classes to any other fund within the AMB Family of Funds

Switching charge

A-MYR, C-MYR MYR 25

B-JPY JPY 1 000

B-SGD SGD 25

B-USD USD 25

Conversion charge Details on conversion transaction can be found in section 7.6 on page 48 of this prospectus.

Convert from the following Classes to any other Class

Conversion charge

A-MYR, C-MYR MYR 25

B-JPY JPY 1 000

B-SGD SGD 25

B-USD USD 25

The above charges are subject to GST which is payable by Unit Holders.

AMBSVPF Prospectus


Other administrative charges In addition to the charges expressly allowed to be charged directly by the Manager and/or the Trustee, the Unit Holder may be required to pay a charge as allowed by the Deed, where applicable in respect of: a) any document supplied to the Unit Holder at the Unit Holder’s request; b) bank charges, courier charges and any other relevant charges incurred for repurchase of

Units; or c) any act of administrative nature carried out for the Unit Holder at the Unit Holder’s

request. The above charges are subject to GST which is payable by Unit Holders.

(b) Fees

This table describes the fees that you may indirectly incur when you invest in the Fund.

Class Annual

management fee (%)

Annual trustee fee

Other annual operating expenses

A-MYR 1.50 Up to 0.06% per

annum of the NAV of the Fund.

The NAV is a gross NAV,

before deducting

annual management fee and trustee fee

for the day.

The auditor’s fees, tax agent’s fee and other relevant professional fees; the costs of printing and distribution of annual and interim reports, tax vouchers and warrants; cost of modification of the Deed other than those for the benefit of the Manager and/or Trustee; and other notices to Unit Holders as well as expenses that are directly related and necessary for the administration of the Fund as set out in the Deed (including any applicable GST).

These costs have been factored into the quoted NAV per Unit as they are related and necessary to the business of the Fund.

C-MYR 1.30

B-JPY 1.50

B-SGD 1.50

B-USD 1.50

Note: Each Class is charged at the above mentioned rates per annum respectively. The annual management fee is calculated and accrued on a daily basis before deducting the annual management fee and trustee fee for the day. The annual management fee shall be rounded to the nearest two (2) decimal points.

The above fees are subject to GST which is payable by the Fund.

Please refer to section 6 commencing from page 35 for further details on the fees and charges.

There are fees and charges involved and investors are advised to consider them before investing in the Fund.

AMBSVPF Prospectus


3.4 INFORMATION ON TRANSACTION The following section is a summary of the conditions on the investment transactions in respect of the Fund that investors must take into consideration before making their decision:

Class Minimum initial

investment(inclusive of sales charge)

Minimum additional investment(inclusive of

sales charge)

Minimum balance

requirement(1)

A-MYR MYR 500 MYR 100 100 Units

C-MYR MYR 1 Million MYR 5,000 100 Units

B-JPY JPY 200 000 JPY 100 000 1 Unit

B-SGD SGD 500 SGD 100 100 Units

B-USD USD 500 USD 100 100 Units

Note (1): The Manager is allowed to close the Unit Holder’s account, at the Manager’s

discretion, should the balance in Unit Holder’s account fall below the minimum balance requirement.

Repurchasing of Units

Repurchase of Units during the IOP is not permitted.

The repurchase amount payable to the Unit Holders for the repurchase of Units is calculated at the NAV per Unit.

Minimum repurchase amount

There is no minimum repurchase amount imposed on a Unit Holder. However, for partial repurchase, the minimum balance of Units in the Unit Holder’s account must always be satisfied.

Frequency of repurchase There is no restriction on the frequency of repurchase.

Payment of repurchase proceeds

The Manager will pay the repurchase proceeds to Unit Holders within 7 Business Days or 10 days of the receipt of the completed repurchase application, whichever is earlier.

Cooling-off Period Within six (6) Business Days commencing from the date the Manager receives the completed application to purchase Units.

Please refer to section 7 commencing on page 38 further information on transactions.

AMBSVPF Prospectus


3.5 OTHER INFORMATION (i) Foreign currency account (FCA)

For investment in Classes denominated in currencies other than MYR, you are required to have a FCA denominated in the respective currency in any Licensed Financial Institution. Any payments due to you for transactions in the respective Classes will be made by bank transfer to your FCA.

(ii) Deed

Unit Holders may refer to the Deed dated 17 April 2015 for more specific information on the Fund.

There are fees and charges involved and investors are advised to consider them before investing in the Fund. Unit prices and distributions payable, if any, may go down as well as up. For information concerning certain risk factors which should be considered by prospective investors see “Risk Factors” commencing on page 20.

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4. RISK FACTORS All investments carry some form of risk. In addition to the other information stated in the prospectus, prospective investors should consider the elements of risks before investing in the Fund as the values of the investment in the Fund could fluctuate due to these risks: 4.1 GENERAL RISKS Fund management risk Performance of a fund depends on the experience, expertise, knowledge and investment techniques of the fund manager. Poor management of a fund can cause considerable losses to the fund, and as a result may affect capital invested by unit holders. For this Fund, the fund management function is delegated to the EIM who have experience, expertise and knowledge in managing a fund. Possible poor investment management of the Fund by the EIM can be mitigated through consistent monitoring by the Investment Committee of the Fund which meets with the EIM once a month. The Investment Committee is guided by the relevant rules and regulations, the Deed, the prospectus and the investment management agreement between AMB and the EIM in relation to the Fund. All instruments selected and recommended by the EIM will need the Investment Committee’s approval before it can be part of the Fund’s portfolio. Non-compliance risk This is a risk of non-adherence to the Guidelines e.g. breach of investment restriction and limits, the deed and relevant laws and regulations in the management of a fund. In addition, non-compliance risk also includes not observing company’s internal policy to ensure fund is managed accordingly. As a result, the value or performance of a fund may be adversely affected. To mitigate, the Manager has stringent internal controls which includes automated system with limits and controls in place and ensures that compliance monitoring processes are undertaken. Inflation risk A fund may experience a return rate lower than that of an inflation rate at any point of time. As a result, unit holders’ investment in a unit trust fund may have increased in monetary terms, however the purchasing power of their investment may have decreased due to inflation rate exceeding the investment return rate. Liquidity risk This refers to the ease of liquidating an investment at or close to its fair value and is dependent on the investment’s volume traded in the market. Generally, investments in securities of smaller companies or in smaller markets may expose the fund to greater liquidity risk due to smaller trading volumes as there may be smaller amounts of such securities being issued and traded in the said market. If the fund holds many securities that are illiquid, or difficult to dispose of, the value of the fund may be affected when it has to sell such securities at a discount or a loss, relative to the fair value of such securities.

AMBSVPF Prospectus


The fund may also face inability to honour repurchase request within a time frame stipulated under the Guidelines when the fund holds insufficient liquid assets and/or when the Manager is unable to borrow cash on a temporary basis as permitted by the Guidelines to meet repurchase request. Loan/financing risk When investors apply loan/financing to finance purchase of units of a fund, they may be exposed to the inherent risk of an inability to service the loan repayments/financing payments. Investors may also be subjected to higher loan repayments/financing payments in the event that interest rate increases. In the event units are used as collateral, an investor, may be required by the financier to provide additional collateral if the unit prices fall beyond a certain level due to market conditions. If the investor fails to honour the additional collateral within the prescribed time, the units may be sold towards settling the loan/financing. Operational risk Operational risk is typically associated to human error, system failure, ineffective processes, procedures and controls, and fraud which may cause breakdown, deficiencies or weaknesses in the operational support functions of a management company. This may result in insufficient degree of client services to an investor e.g. possible decrease of personnel to attend to client servicing, delay in attending to clients’ queries/requests due to system breakdown etc., and low internal control implemented by a management company. Force majeure risk The risk of exposure to force majeure events, where events are not within the control of a fund manager. This includes terrorist attacks, political instability, natural disasters and spread of disease where risks are generally unforeseen which may result in the inability of a fund manager to fulfill their obligations as fund manager of a fund. Consequently, this inability may have an adverse impact on the performance of a fund. 4.2 SPECIFIC RISKS ASSOCIATED WITH AMBSVPF Equity risk AMBSVPF is subject to the volatility of prices in the share market. The volatility of prices in each Shariah-compliant stock will affect the Fund’s value daily. The performance of individual Shariah-compliant stocks, which make up the portfolio of the Fund, will fluctuate according to changes in the market value of the investments. The fluctuations can be significant in the short-term and may negatively impact the performance of the Fund. However, this impact is mitigated through portfolio diversification. For equity related securities i.e. warrants, exchange traded funds, preferred shares, convertible loan stocks, transferable subscription rights and depository receipts, price movement is dependent on the price movement of the underlying Shariah-compliant equities. Additionally, equity related securities that are a leveraged form of investment generally carry a higher risk than their underlying Shariah-compliant equities as the price of these equity related securities generally fluctuates more

AMBSVPF Prospectus


than the underlying equities and may consequently affect the volatility of the Fund’s NAV. The risk is mitigated through fundamental analysis and stringent stock selection criteria. Credit risk This is the risk that the issuer of a money market instrument may default and not be able to make timely principal and/or profit payments of the instrument concerned. Instruments with a lower credit rating would normally have greater risk of defaults. In general, this risk can be mitigated by investing in Shariah-compliant money market instruments that carry credit ratings that are at least of investment grade. In the absence of a credit rating for the Shariah-compliant instruments, the credit rating of the financial institution issuing the Shariah-compliant instruments will be used instead. The Fund will seek to mitigate this risk by investing in Shariah-compliant instruments with credit ratings of at least “A3” or “P2” by RAM or “AA” by Standard &Poor’s (S&P) or equivalent ratings by other rating agencies. Interest rate risk This risk refers to how changes in the interest rate environment would affect the performance of a Shariah-compliant money market instrument. In the event of an increasing interest rate environment, the value of Shariah-compliant money market instruments in the Fund’s portfolio generally may decline as yields rise. Interest rate, such as the overnight policy rate set by Bank Negara Malaysia, will have an impact on the investment decisions of the Fund regardless of whether it is a Shariah-compliant fund or otherwise. It does not in any way suggest that the Fund will invest in conventional financial instruments. Currency risk This risk is associated with investments denominated in currencies different from the Base Currency. As the Fund is denominated in MYR, investments in assets denominated in currencies other than MYR will cause the Fund to be exposed to currency risks. If foreign currencies move unfavourably against MYR, these investments may face currency loss in addition to any capital gains or losses, which will affect the NAV of the Fund, and consequently the NAV per Unit of the Fund. The Manager may mitigate this risk by hedging the foreign currency exposure. However, hedging may limit any potential gain that might result from favourable currency fluctuations. Class currency risk AMBSVPF is denominated in MYR. Where investments are made by Unit Holders in Classes denominated in currencies other than MYR, fluctuations to the exchange rate of the respective currency of the Classes against the MYR may affect the value of the Unit Holders’ investment in the relevant Class as expressed in MYR. Reclassification of Shariah status risk This is the risk of securities which were initially classified as Shariah-compliant securities and later classified as Shariah non-compliant. Rectification of the non-compliance i.e. disposal of the Shariah non-compliant securities in the Fund’s portfolio, may result in losses if the disposal of the Shariah non-compliant securities is at a price lower than the initial purchase price and affect the NAV of the Fund. This risk is mitigated by regular review of the Fund’s compliance with the list of securities classified as Shariah-compliant by the Shariah Advisory Council of the SC or any other relevant authorities and monthly review of the invested securities by the Shariah Committee of the Fund.

AMBSVPF Prospectus


Country risk The Fund may be affected by risks specific to the countries in which it invests. Such risks maybe caused by but not limited to changes in the country’s economic fundamentals, social and political instability, currency movements and foreign investment policies. These factors may have an impact on the prices of the Fund’s investments in that country and consequently may also affect the Fund’s NAV. Additionally, in some countries, direct investments in securities may be prohibited and restricted due to regulatory requirements. For instance, the prior application or registration of an investment license or investor code is required in countries such as India, Korea, Taiwan and Vietnam before any investment can be made in these countries. As such, in the event that investments in these countries are undertaken, there may be a risk that such registration or license may be revoked or not renewed by the relevant authority. This may cause the Fund’s investment in these countries to be frozen by the regulator of these countries and result in the investment for the Fund in these countries to be suspended. Settlement risk As the Fund may invest in different countries, the securities markets of certain countries may lack efficiency and regulatory controls. The investments of the Fund in certain countries may be adversely affected by delays in, or refusal to grant relevant approvals for the repatriation of funds which may result in delay in realising investments made by the Fund.

Investors are reminded that the above list of risks may not be exhaustive and if necessary, they should consult their adviser(s), e.g. their bankers, lawyers, stockbrokers or advisers for a better understanding of the risks.

AMBSVPF Prospectus


5. DETAILED INFORMATION ON THE FUND 5.1 INVESTMENT OBJECTIVE The Fund aims to provide investors with capital growth through investments into Shariah-compliant securities that are trading at a discount to their intrinsic values. Any material change to the investment objective of the Fund would require Unit Holders’ approval. 5.2 PORTFOLIO INVESTMENT STRATEGY AND POLICY 1. Asset allocation - based on NAV

Minimum 70% to maximum 98% in Shariah-compliant equities and equity related securities i.e. warrants, exchange traded funds, preferred shares, convertible loan stocks, transferable subscription rights and depository receipts.

Minimum 2% in Islamic deposits and/or Shariah-compliant money market instruments. 2. Benchmark

The performance of AMBSVPF will be an absolute of 8% annualised growth in NAV per annum compounded* over the long term# period. Please note that this is not a guaranteed return, but a benchmark against which the performance of the Fund may be measured. The Fund may or may not achieve the compounded* return of 8% of the NAV per annum but targets to achieve this growth over the long-term. # “long term” is a period of more than 5 years. * The following is a brief explanation on “compounded return”:

Compounded return is the rate of return, usually expressed as a percentage that represents the cumulative effect that a series of gains or losses have on an original amount of capital over a period of time. Compounded return is usually expressed in annualised terms, meaning that the percentage number that is reported represents the annualised rate at which capital has been compounded over time. For example, if an investment fund claims to have produced an 8% annual compounded return over the past five years, this means that at the end of its fifth year, the fund's capital has grown to a size equal to what it would be if the funds on hand at the beginning of each year had earned exactly 8% by the end of each year. In other words, suppose you started with an initial investment of MYR1,000. If you multiply MYR1,000 by 1.08 five times, you will end up with about MYR1,469. If an investment of MYR1,000 ended up being worth MYR1,469 by the end of five years, the investment could be said to have generated an 8% annual compound return over that five year period.

AMBSVPF Prospectus


However, this does not mean that the investment actually appreciated by 8% during each of the five years. Any pattern of growth that led to a final value of MYR1,469 after five years would equate to an 8% annualised return.

Suppose the investment earned nothing for the first four years, and then earned MYR469 in its last year (a 46.9% return for the year). This would still equate to an 8% annual compound return over the five-year measurement period since the final amount is still equal to what the MYR1,000 would have grown to if it had appreciated by a steady 8% each year.

3. Investment strategy

• Shariah-compliant equities and equity related securities The Fund will invest in companies that are competitive and well-managed and that offer good prospects with sustainable growth which contributes to raise the intrinsic value of a company over the long term i.e. over a period of 5 years.

While the main focus will be on long-term value, the Manager will only invest in companies where the value is realisable and the growth potential can be justified. Competitive edge will be defined in terms of: • superiority of products and service; • business franchise; • distribution capability; • forward looking management; • shareholder value orientated management style; • financial strength; • research and development capability; and • high barriers to entry for competitors.

Our investment approach emphasises on a “bottom-up” approach that focuses on specific stock selection rather than markets and sectors. Shariah-compliant stocks are selected for their value (value driven approach).

The equity selection will be based on a rigorous process, which will appraise the fair value of the equity through a discounted cash flow model, market value as well as on a relative value basis. The equity selection is done in terms of price/earnings (P/E), P/E to growth (PEG), dividend growth, dividend yield, price book value, quality of earnings (volatility, sustainability, visibility), financial strength, competitive risks, profit margin, cash flow analysis and quality of management.

The Fund seeks to maximise total returns to investors mainly from capital appreciation through diversified investments primarily in Shariah-compliant stocks listed on the Bursa Malaysia that are trading at a discount to their intrinsic values. However, the Fund may also invest up to 30% of the Fund’s NAV in the Asia Pacific ex-Japan markets.

The countries that the Fund may invest in will include, but not limited to Malaysia, Singapore, Indonesia, Thailand, Philippines, India, Hong Kong and China (via the Hong Kong Stock Exchange), Korea, Taiwan, Australia and Vietnam. The Fund may also invest in Shariah-compliant stocks that derive the majority of their revenue or profits from the Asia Pacific ex-Japan markets.

AMBSVPF Prospectus


• Islamic deposits and Shariah-compliant money market instruments In order to meet repurchase requests, the Fund will retain a minimum of 2% of the NAV in Islamic deposits and/or Shariah-compliant money market instruments.

4. Investment process We adopt a bottom-up approach to investing. Primary research supported by secondary research is extensively used in making investment decisions. Shariah-compliant stocks are selected based on investment criteria such as discount to its intrinsic value, PEG ratio, management quality, profitability, growth prospects, financial strength and dividend yield. We believe superior long-term investment performance can be achieved by exploiting inefficiencies in capital markets through rigorous and intensive research within a disciplined investment process. The investment process in the management of a unit trust portfolio involves the following: - (1) Setting up of investment objective; (2) Establishing an investment policy; (3) Selecting an investment strategy; (4) Allocation of assets; and (5) Measuring and evaluating performance. The investment portfolio of the Fund will comprise of securities which have been permitted by the SC and classified as Shariah-compliant by the Shariah Advisory Council of the SC or have been determined as Shariah-compliant by the Shariah Committee.

5. Policy on active and frequent trading of securities The Fund is actively managed and the frequency of the Fund’s trading strategy is dependent on market opportunities.

6. Temporary defensive positions

When deemed appropriate and for the benefit of the Fund, the EIM may take temporary defensive positions in dealing with adverse market, economic, political and other conditions, that may be inconsistent with the Fund’s principal strategy. In this regard, the Fund may reallocate the Fund’s Shariah-compliant equity investments into other asset classes such as Sukuk, Shariah-compliant money market instruments and Islamic deposits, which are defensive in nature.

7. Portfolio risk management strategies and techniques

The EIM will be applying risk management controls over investment portfolio including asset allocation, liquidity, adherence to investment objective and investment parameters, valuation, monitoring performance etc. The EIM will be reporting to the Investment Committee which meets on a monthly basis to review and approve the investment portfolio and strategies. At the same sitting, the Investment Committee shall ensure that the investment objective of the Fund and compliance to the Guidelines are met.

AMBSVPF Prospectus


5.3 PERMITTED INVESTMENTS FOR THE FUND (i) Islamic deposits; (ii) Shariah-compliant money market instruments with Licensed Financial Institutions; (iii) Shariah-compliant securities of companies listed on the Bursa Malaysia or any other market

considered as an Eligible Market; (iv) Shariah-compliant securities not listed or quoted on a stock exchange but have been

approved by the relevant regulatory authority for such listing or quotation and are offered directly to the Fund by the issuer;

(v) Sukuk that are issued or guaranteed by the Malaysian government, Bank Negara Malaysia, other related government agencies or foreign governments;

(vi) Corporate Sukuk; (vii) Shariah-compliant Collective Investment Schemes (provided consistent with the Fund’s

investment objective); (viii) Shariah-compliant structured products; (ix) Shariah-compliant derivatives (for hedging purposes only); (x) Any other forms of investments that are in line with the Fund’s objective and as may be

agreed upon by the Manager, the Investment Committee and the Trustee that are in compliance with the Shariah Principles.

Note: The investments set out above must comply with the resolution of the Shariah Advisory Council of the SC, if applicable, and the Shariah Committee of the Fund.

5.4 INVESTMENT RESTRICTIONS The Fund is also subject to the following restrictions:

Investment Exposure and Spread Limits Transferable Securities and Money Market Instruments The aggregate value of a Fund’s investments in transferable securities or money market instruments issued by any single issuer must not exceed 10% of the Fund’s NAV. The limit is lowered to 5% of the Fund’s NAV if there are investments in: (a) unlisted equities; and (b) Sukuk or money market instruments not dealt in an Organised Market or issued by an unrated

or non-investment grade issuing body.

Placement of Deposits The value of a Fund’s placement in deposits with any single financial institution must not exceed 20% of the Fund’s NAV. The limit is lowered to 5% of the Fund’s NAV if there are deposits with unrated or of non-investment grade deposit-taking institutions.

Derivatives For investments in derivatives:- a) the global exposure to the underlying assets must not exceed the investments spread limits

stipulated in the Standards of Qualifying CIS; and

AMBSVPF Prospectus


b) the value of a Fund’s over-the-counter (OTC) derivative transaction with any single counter-party must not exceed 10% of the Fund’s NAV where the counter-party must have a minimum long-term rating of ‘A’ by Standard & Poor’s.

Aggregate Value of a Fund’s Investments Spread limit The aggregate value of a Fund’s investments in transferable securities, money market instruments, deposits and OTC derivatives issued by or placed with (as the case may be) any single issuer/institution must not exceed 20% of the Fund’s NAV. Exposure limit

The aggregate value of a Fund’s investments in unlisted equities, Sukuk or money market instruments not dealt in an Organised Market or the issuer is unrated or non-investment grade, deposits placed with unrated or non-investment grade deposit-taking institutions and OTC financial derivatives with non-investment grade or unrated counterparty must not exceed 15% of the Fund’s NAV. The value of a Fund’s investments in unlisted securities must not exceed 10% of the Fund’s NAV as stipulated in the Guidelines.

Collective Investment Scheme The value of a Fund’s investments in units/shares of each Qualifying CIS or non-Qualifying CIS authorised in ACMF Signatory countries for public offers must not exceed 10% of the Fund’s NAV.

The value of a Fund’s investments in all non-Qualifying CIS must not exceed 20% of a Fund’s NAV excluding investments in units of non-Qualifying CIS where the investment policy of the non-Qualifying CIS is such that the invested assets are real estate and/or real estate-related, provided that the units of the non-Qualifying CIS are listed for quotation and traded on an organised exchange in a ACMF Signatory country.

Spread: Group of Companies

Group of Companies The aggregate value of a Fund’s investments in transferable securities, money market instruments, deposits and OTC derivatives issued by any single business group* must not exceed 20% of the Fund’s NAV.

* Single business group refers to a body, its subsidiaries, fellow subsidiaries, holding body, and ultimate holding body.

Investment Concentration Limits

Investment Concentration Limits for Equities or Securities Equivalent to Equities A Fund’s investments in equities or securities equivalent to equities must not exceed 10% of the securities issued by any single issuer.

Investment Concentration Limits for Sukuk and Other Forms of Securitised Debts A Fund’s investments in Sukuk and other forms of securitised debts must not exceed 10% of the securities issued by any single issuer.

AMBSVPF Prospectus


Investment Concentration Limits for Money Market Instruments A Fund’s investments in money market instruments must not exceed 10% of the instruments issued by any single issuer.

Investment Concentration Limits for Collective Investment Schemes The Fund’s investments in collective investment schemes must not exceed 25% of the units/shares in any one collective investment schemes. Note: Ratings referred to in this section 5.4 refer to those issued by Fitch, Moody’s or Standard and Poor’s. References to “investment grade” are defined as a rating falling within the top 4 long-term credit ratings or the top 3 short-term credit ratings provided on an international scale. Exceptions and Exclusions Applicable to the Fund The investments restrictions and limits must be complied with at all times based on the most up-to-date value of the Funds' property except for the following conditions: The limits and restrictions above may be increased to a maximum of 35% of the Fund’s NAV for securities and money market instruments issued by, or backed by, the Malaysian government or Bank Negara Malaysia. The holding of an investment and/or other instrument by the Fund (whether by way of repurchase, exchange, conversion, rights, bonus, capital reorganisation or other forms of entitlement) may exclude any entitlement accruing on the investment and/or instrument held. Notwithstanding, the entitlement should not be exercised if the exercise results in the breach of any limit or restriction. The right of convertibility, may be exercised if it results in a breach of any limit or restriction, provided there are justifiable reasons and prior approval of the Trustee has been obtained. Nonetheless, the EIM should, within a time frame of not more than one month from the date of the breach, take all necessary action to rectify the breach. A 5% allowance in excess of any limit or restriction may be permitted where the limit or restriction is breached through an appreciation or depreciation of the NAV of the Fund (whether as a result of an appreciation or depreciation in value of the investments or as a result of repurchase of Units or payment made from the Fund). The EIM should not make any further acquisitions where the relevant limit is breached, and the EIM should within a reasonable period of not more than 3 months from the date of the breach take all necessary steps and actions to rectify the breach. 5.5 BASES OF VALUATION The Manager and EIM will ensure that all the assets of the Fund will be valued at fair value at the end of each Business Day in compliance with the Guidelines and all relevant laws as follows:-

(a) Listed Shariah-compliant securities will be valued based on the last done market price of the respective exchanges.

(b) Islamic deposits are valued each day by reference to the principal value of such investments and the profits accrued thereon, if any, for the relevant period.

AMBSVPF Prospectus


(c) Shariah-compliant money market instruments placed with Licensed Financial Institutions are valued each day at original purchase yields. The original purchase yields refer to the original price at the point of purchase and adjusted for amortisation or premiums or accretion of discounts.

(d) Sukuk are stated at the indicative market value quoted by Bond Pricing Agency Malaysia Sdn. Bhd. (BPAM) registered with the SC. Where the Manager is of the view that the price quoted by BPAM for a specific Sukuk differs from the “market price/market yield” by more than 20 basis points, the Manager or EIM may use the “market price”, provided that the Manager or EIM: (a) records its basis for using a non-BPAM price; (b) obtains necessary internal approvals to use the non-BPAM price; and (c) keeps an audit trail of all decisions and basis for adopting the “market yield”. “Market yield” of a particular Sukuk is usually determined by industry players in the bond market. There could be a time when the “market yield” differs from the price quoted by BPAM of that particular Sukuk.

(e) Other Sukuk that is not quoted by BPAM, the fair value by reference to the average indicative yield quoted by three (3) independent and reputable institutions.

(f) Where no market values are publicly available, including in the event of a suspension in the quotation of the securities for a period exceeding 14 days, or such shorter period as agreed by the Trustee or where the use of quoted market values is not appropriate, investments shall be valued at fair value, as determined in good faith by the Manager or EIM, which have been verified by the Fund’s auditor and approved by the Trustee.

(g) Shariah-compliant derivatives are marked to market using valuation prices quoted by the Shariah-compliant derivatives provider. The fair values of the financial assets are valued at least once a week.

(h) Units in listed Collective Investment Schemes will be valued at last done price and unlisted Collective Investment Schemes will be valued based on the last published repurchase price.

The foreign investment will be valued based on the last done prices at the close of the respective foreign exchanges. All foreign investments will be converted into MYR based on the bid exchange rate quoted by Reuters at 4.00pm London time, the same business day. 5.6 POLICY ON GEARING AND LIQUID ASSETS The Fund may use Islamic financing facilities from Licensed Financial Institutions. The aggregate borrowings of the Fund should not exceed 10% of the NAV at the time it is incurred. Except for securities lending provided by the Guidelines, none of the cash or investments of the Fund may be lent. Further, the Fund may not assume, guarantee, endorse or otherwise become directly or contingently liable for or in connection with any obligation or indebtedness of any person. There shall be at all times a level of sufficient liquid assets in the Fund to pay for the repurchase of Units. The Fund is allowed to borrow cash for the purpose of meeting repurchase requests for

AMBSVPF Prospectus


Units. However the Manager should ensure that the Fund’s cash borrowing is only on a temporary basis which should not exceed one (1) month. 5.7 SHARIAH INVESTMENTS AMBSVPF is a Shariah-compliant fund. The Fund will invest in Shariah-compliant equities and equity related securities, and Shariah-compliant money market instruments. Investments 1. Investment in Malaysia

Equity: The Fund will invest based on a list of Shariah-compliant equities and equity related securities by the Shariah Advisory Council (SAC) of the SC or any other relevant authorities. For Initial Public Offering (IPO) companies that have yet to be determined the Shariah status by the SAC of the SC, the Shariah Committee adopts the following analysis as a temporary measure in determining its Shariah status until the SAC of the SC releases the Shariah status of the respective companies. 1) Core business activities analysis

Companies whose activities are not contrary to the Shariah will be classified as Shariah-compliant securities. On the other hand, companies will be classified as Shariah non-compliant if they are involved in the following core business activities: a) Conventional financial services; b) Gambling and gaming; c) Manufacture or sale of non-halal products or related products (e.g. pork and liquor); d) Manufacture or sale of tobacco-based products or related products; e) Pornography; f) Weaponry; g) Entertainment activities that are not permitted by the Shariah; and h) Other activities considered non-permissible according to the Shariah.

2) Mixed business activities analysis

For companies with activities comprising both permissible and non-permissible elements, the Shariah Committee applies two (2) analyses before they can be classified as Shariah-compliant. The analyses are as follows:

i) Qualitative analysis In this analysis, the Shariah Committee will look into aspects of general public perception of the companies’ images, core businesses which are considered important and maslahah (beneficial) to the Muslim ummah (nation) and the country, the non-permissible elements are very small and involve matters like umum balwa (common plight and difficult to avoid), ‘uruf (custom) and rights of the non-Muslim community which are accepted by the Shariah.

AMBSVPF Prospectus


ii) Quantitative analysis Companies which passed the above qualitative analysis will be further subjected to quantitative analysis. The Shariah Committee deduces the following to ensure that they are lower than the Shariah tolerable benchmarks: a) Business activity benchmarks

The 5% benchmark would be applicable to the following business activities: • Conventional banking; • Conventional insurance; • Gambling; • Liquor and liquor-related activities; • Pork and pork-related activities; • Non-halal food and beverages; • Shariah non-compliant entertainment; • Interest income from conventional accounts and instruments; • Tobacco and tobacco-related activities; and • Other activities considered non-compliant according to Shariah.

The 20% benchmark would be applicable to the following activities: • Hotel and resort operations; • Share trading; • Stockbroking business; • Rental received from Shariah non-compliant activities; and • Other activities considered non-compliant according to Shariah.

The contribution of Shariah non-compliant activities to the overall revenue/sales/turnover/income and profit before tax of the companies will be calculated and compared against the relevant business activity benchmarks.

b) Financial ratio benchmarks

The financial ratios applied are as follows: • Cash over total assets

Cash will only include cash placed in conventional accounts and instruments, whereas cash placed in Islamic accounts and instruments will be excluded from the calculation.

• Debt over total assets

Debt will only include interest-bearing debt whereas Islamic debt/financing or Sukuk will be excluded from the calculation.

Both ratios, which are intended to measure riba and riba-based elements within a companies’ balance sheet, must be lower than 33%.

AMBSVPF Prospectus


Should any of the above deductions fail to meet the benchmarks, the Shariah Committee will not accord Shariah-compliant status for the companies.

Shariah-compliant money market instruments: The Shariah Committee will review any Shariah-compliant money market instruments to be invested by the Fund based on the data available at Bond Info Hub (www.bondinfo.bnm.gov.my) and Fully Automated System for Issuing / Tendering (https://fast.bnm.gov.my).

2. Investment in foreign markets

Quantitative Analysis: The Shariah Committee takes into account the following parameters in determining the Shariah status of the listed securities.

1) Shariah non-compliant income of the companies arising from the following business

activities must not exceed certain designated benchmarks*: a) Conventional financial services; b) Gambling and gaming; c) Manufacture or sale of non-halal products or related products (e.g. pork and liquor); d) Manufacture or sale of tobacco-based products or related products; e) Weaponry; f) Entertainment activities that are not permitted by the Shariah; and g) Other activities deemed non-permissible according to the Shariah Principles.

2) The following financial ratios of the companies must not exceed certain benchmarks*:

a) Interest income over total income; b) Total debts including all interest-bearing loans/Sukuk and their respective payables

such as short term/long term debts, short term/long term Sukuk and all Sukuk payables divided by total assets;

c) Total sum of company’s cash divided by total assets; and d) Total account receivables including trade receivables divided by total assets.

* These benchmarks may vary in accordance with the development of Islamic finance and

the jurisdiction of respective screening authorities or the Islamic indices that are being referred to. Should any of the parameters fail to satisfy the benchmarks, the Shariah Committee will not accord a Shariah-compliant status for such equities.

Qualitative Analysis Companies which have passed the above quantitative test will be further subjected to qualitative screening before the equities of such companies can be classified as Shariah compliant. In this secondary analysis, the Shariah Committee will look into aspects of the general public perception of the respective companies’ image, core businesses which are considered important and maslahah (beneficial) to the Muslim ummah (nation) and the country, the non permissible elements are very small and involve matters such as umum balwa (common plight

AMBSVPF Prospectus


and difficult to avoid), ‘uruf (custom) and rights of the non-Muslim community which are accepted by the Shariah.

Function of the Shariah Committee The Shariah Committee will:

Advise and interpret issues of Islamic nature.

Set investment guidelines in compliance with Shariah Principles.

Monitor the Fund’s activity to ensure adherence to the above guidelines.

Formally meet at least four (4) times a year to review the Fund’s compliance towards the Shariah Principles.

Be responsible for reviewing the compliance and transactions report to ensure investments are in line with Shariah Principles.

Issue a report of the Shariah Committee to the Unit Holders which shall be enclosed in the Fund’s interim and annual reports.

Cleansing process

Wrong investment This refers to a Shariah non-compliant investment inadvertently made by the Manager. The said investment will be disposed/withdrawn with immediate effect. Any gain made in the form of capital gain or dividend received during or after the disposal of the investment is to be channeled to baitulmal or any other charitable bodies as advised by the Shariah Committee. If the disposal of the investment results in loss to the Fund, the loss is to be borne by the Manager.

Reclassification of Shariah status Equities which were earlier classified as Shariah-compliant securities may subsequently be reclassified as Shariah non-compliant due to certain reasons such as changes in the companies’ operations. If at the time the announcement is made, the value of the equities held exceeds the original investment cost, such non-compliant equities will be liquidated. The Fund may keep any capital gains arising from the disposal of the non-compliant equities made at the time of the announcement. However, any excess capital gains made from the disposal after the announcement day at a market price that is higher than the closing price on the announcement day is to be channelled to baitulmal or any other charitable bodies as advised by the Shariah Committee. If the market price of the said equities is below the original investment cost, the Fund may hold the non-compliant equities and keep dividends received during the holding period until such time when the total amount of dividends received and the market value of the non-compliant equities held equal the original investment cost. At this stage, the Fund will dispose of the said equities.

Purification process This refers to the purification by way of payment of zakat (tithe) by Muslims. AMBSVPF does not pay zakat on behalf of Muslim Unit Holders of AMBSVPF. Thus, Muslim Unit Holders are advised to pay zakat on their own.

AMBSVPF Prospectus


6. FEES, CHARGES AND EXPENSES

6.1 DIRECT CHARGES (i) Sales charge

Unit Holders have to pay a sales charge upon purchasing Units in each Class. The maximum sales charge of the respective Classes is as follows and is negotiable, subject to the discretion of the Manager:

Class

Manager/Distribution Channel (% of NAV per Unit)

Maximum sales charge Repurchase charge

A-MYR, C-MYR, B-JPY, B-SGD, B-USD

5.5

Nil

Illustration on how the sales charge is calculated:

For Class A-MYR For Class B-SGD

1. Investment amount

MYR 10,000.00

SGD 10,000.00

2. NAV per Unit* MYR 0.5000

SGD 0.5000

3. Sales charge 5.5%

5.5%

Units issued to Unit Holder = Investment amount NAV per Unit

= MYR 10,000.00 MYR 0.5000 = 20,000 Units

= SGD 10,000.00 SGD 0.5000 = 20,000 Units

Sales charge per Unit = NAV per Unit x Sales charge (%)

= MYR 0.5000 x 5.5% = MYR 0.0275

= SGD 0.5000 x 5.5% = SGD 0.0275

Total sales charge

= 20,000 Units x MYR 0.0275 = MYR 550.00

= 20,000 Units x SGD 0.0275 = SGD 550.00

* During the IOP, the NAV per Unit is the Initial Offer Price.

Total sales charge is rounded up to the nearest 2 decimal points. Please note that the above example is for illustration purposes only and does not include GST which is payable by Unit Holders.

AMBSVPF Prospectus


(ii) Repurchase charge

No repurchase charge is applicable for the Fund. (iii) Transfer charge

Class Transfer charge

A-MYR, C-MYR MYR 25

B-USD USD 25

B-SGD SGD 25

B-JPY JPY 1 000

(iv) Switching charge

Switch out from the following Classes to any other fund within the AMB Family of Funds

Switching charge

A-MYR, C-MYR MYR 25

B-JPY JPY 1 000

B-SGD SGD 25

B-USD USD 25

(v) Conversion charge

Convert from the following Classes to any other Class Conversion charge

A-MYR, C-MYR MYR 25

B-JPY JPY 1 000

B-SGD SGD 25

B-USD USD 25

(vi) Other administrative charges

In addition to the charges expressly allowed to be charged directly by the Manager and/or the Trustee, the Unit Holder may be required to pay a charge as allowed by the Deed, where applicable in respect of: a) any document supplied to the Unit Holder at the Unit Holder’s request; b) bank charges, courier charges and any other relevant charges incurred for repurchase

of Units; or c) any act of administrative nature carried out for the Unit Holder at the Unit Holder’s

request. The above charges do not include GST which is payable by the Unit Holders.

AMBSVPF Prospectus


6.2 INDIRECT FEES Annual management fee & annual trustee fee

Class Annual management fee

Current year charge (percentage of NAV) (%)*

Annual trustee fee

A-MYR 1.50

Up to 0.06% per annum of the NAV of the Fund. The NAV is a gross NAV, before deducting annual

management fee and trustee fee for the day.

C-MYR 1.30

B-JPY 1.50

B-SGD 1.50

B-USD 1.50

Note: * Each Class is charged at the above mentioned rates per annum respectively. The annual management fee is calculated and accrued on a daily basis before deducting the annual management fee and trustee fee for the day. The annual management fee shall be rounded to the nearest two (2) decimal points.

The above fees do not include GST which is payable by the Fund. 6.3 FUND’S EXPENSES The management fee and trustee fee, the auditor’s fees and other relevant professional fees, the costs of distribution of annual and interim reports, tax vouchers, distribution warrants, cost of modification of Deed and other notices to Unit Holders as well as expenses that are directly related and necessary to the business of the Fund as set out in the Deed (including any applicable GST) shall be paid out of the Fund. These costs are already factored into the NAV per Unit. All the Fund’s expenses are apportioned accordingly to each Class based on the multiclass ratio on a daily basis. 6.4 POLICY ON BROKERAGE REBATES AND SOFT COMMISSIONS It is the policy of the Manager, with consent from the Trustee to channel all rebates, if any, received from brokers and dealers to the Fund. The Manager will not receive any soft commissions from brokers, and/or any related body corporate in relation to its investment of AMBSVPF. However, the EIM will subscribe but not limited to the goods and services which are demonstrably beneficial to Unit Holders such as financial wire services and stock quotation system incidental to investment of AMBSVPF.

There are fees and charges involved and investors are advised to consider them before investing in the Fund.

AMBSVPF Prospectus


7. TRANSACTION INFORMATION

7.1 PRICING The Manager adopts a single pricing policy, i.e. the selling price and the repurchase price is the NAV per Unit of the respective Class. However, the selling price is fixed at the Initial Offer Price of the respective Class during the Initial Offer Period of that Class. 1. Valuation of Units Calculation of NAV and NAV per Unit The valuation of Units is based on the NAV. Due to the different time zone of the countries, the NAV is calculated after the end of the Business Day and at the close of the respective exchanges. The daily NAV per Unit will be published on the next Business Day after the close of the respective exchanges (two (2) preceeding days). The NAV is determined by deducting the value of the Fund’s liabilities from the value of the Fund’s assets at a Valuation Point. The NAV is in the Base Currency. The NAV per Unit of each Class is computed on Forward Pricing basis and is determined by dividing NAV attributed to each Class based on multiclass ratio by the number of Units in Circulation of that Class. For non-MYR-denominated Classes, the respective NAV per Unit will be converted to the currency of the respective Classes using the prevailing exchange rate. Multiclass ratio (MCR) MCR is the apportionment of the NAV to each Class over the NAV before income and expenses, for the day. The MCR is expressed as a ratio and calculated as a percentage. This percentage is used to apportion daily income or expenses for the respective Class. Illustration of computation of the NAV per Unit at each Valuation Point:

Assuming: Day 1 Last day of IOP Day 2 Day after IOP Initial Offer Price for Class A-MYR MYR 0.5000 Initial Offer Price for Class B-SGD SGD 0.5000 Investment amount for Class A-MYR MYR 7,000,000 Investment amount for Class B-SGD SGD 1,000,000

AMBSVPF Prospectus


Day 1 – Last day of IOP

Fund Class A-MYR Class B-SGD

Initial Offer Price for Day 1 - MYR 0.5000 SGD 0.5000

Net Asset Value MYR 9,500,000 MYR 7,000,000 SGD 1,000,000

Units in Circulation 16,000,000 14,000,000 2,000,000

Exchange rate

2.5000

Creation for Day 1 (in MYR) 9,500,000 7,000,000 (1)2,500,000 (1) Translation of the creation of Units for Class B-SGD is by taking the creation amount in SGD times the exchange rate; ( SGD 1,000,000 x 2.5000 = MYR 2,500,000) Day 2 – Valuation after IOP

Multiclass ratio (MCR) computation:

Class A-MYR Class B-SGD (MYR) (MYR)

Creation for Day 1 (in MYR)

x 100 7,000,000 x 100 2,500,000 x 100

NAV for Day 1 9,500,000 9,500,000

= 73.68% = 26.32%

Fund (MYR)

Class A-MYR (MYR)

Class B-SGD (MYR)

NAV for Day 2 9,500,000 7,000,000 2,500,000

% MCR 100% 73.68% 26.32%

Add: Income 5,000 (2)3,684 (2)1,316

Less: Expenses (2,000) (2) (1,474) (2) (526)

NAV before management and trustee fee for Day 1

9,503,000 7,002,210 2,500,790

Less: Management fee

1.5% p.a 1.5% p.a

(391) (288) (103) Less: Trustee fee

0.06% p.a 0.06% p.a

(16) (12) (4)

NAV for Day 2 9,502,593 7,001,910 2,500,683

Units in Circulation for Day 2 16,000,000 14,000,000 2,000,000

NAV per Unit (in MYR) 0.5001 1.2503

Exchange rate for Day 2 2.4998

NAV per Unit for Day 2 MYR 0.5001 SGD 0.5002

AMBSVPF Prospectus


(2)Apportionment based on MCR is as follows:

Class A-MYR Class B-SGD (MYR) (MYR) (MYR)

Add: Income 5,000 MCR x Income = Income for Class A-MYR

MCR x Income = Income for Class B-SGD

= 73.68% x MYR 5,000 = MYR 3,684

= 26.32% x MYR 5,000 = MYR 1,316

Less: Expenses (2,000) MCR x Expenses = Expenses for Class A-MYR

MCR x Expenses = Expenses for Class B-SGD

= 73.68% x MYR 2,000 = MYR 1,474

= 26.32% x MYR 2,000 = MYR 526

NAV per Unit is rounded to 4 decimal places Please note the above is for illustration purpose only. 2. Purchase and repurchase of Units (a) Purchase of Units Units can be purchased at AMB’s office or at any Distribution Branches. The Investment Application Form, the Fund’s prospectus and product highlights sheet (PHS) can also be obtained from these offices. Completed documentation accompanied by the supporting documents such as copies of identity card, passport and bank remittance will be processed accordingly. During the IOP, the purchase price for all Classes will be the Initial Offer Price. After the IOP, the purchase price will be based on the NAV per Unit of the respective Classes. Illustration of computation for purchase in AMBSVPF: Assuming:

Class A-MYR

(i) Amount invested by Unit Holder MYR 10,000.00

(ii) NAV per Unit MYR 0.5000

(iii) Sales charge of a Class 5.5% of NAV per Unit

(iv) GST 6.0% of sales charge

Units issued to Unit Holder = Investment amount NAV per Unit

= MYR 10,000.00 MYR 0.5000

= 20,000 Units

Total amount of sales charge incurred of a Class

= Unit issued to Unit Holder x Sales charge

= 20,000 Units x (5.5% x MYR 0.5000)

= 20,000 Units x MYR 0.0275

= MYR 550.00

AMBSVPF Prospectus


GST: Total sales charge x 6% = MYR 550.00 x 6%

= MYR 33.00

Total amount payable by Unit Holder = Investment amount + Sales charge + GST

= MYR 10,000.00 + MYR 550.00 + MYR 33.00

= MYR 10,583.00

Total amount payable by Unit Holder is rounded to 2 decimal places. Please note the above example is for illustration purpose only. (b) Repurchase of Units Unit Holders can make repurchase requests at AMB’s office or at Distribution Branches after the end of IOP. There is a standard repurchase form that is to be completed by Unit Holders before the transaction can be processed successfully. Any repurchase would be based on the NAV per Unit of the respective Class. The NAV per Unit of each Class of AMBSVPF is available on our website daily (www.ambmutual.com.my), AMB’s office and Distribution Branches. No repurchase charge is applicable for the Fund. Illustration of computation for repurchase of AMBSVPF: Assuming a Unit Holder makes a repurchase of MYR 10 000 and SGD 10 000 he would receive proceeds of repurchase as follows:

Class A-MYR Class B-SGD Repurchase amount Less : Repurchase charge

MYR 10 000 Nil

SGD 10 000 Nil

Nett amount payable to Unit Holder MYR 10, 000 SGD 10 000

Nett repurchase proceeds of a Class paid to Unit Holder is rounded to 2 decimal places. Please note the above example is for illustration purpose only. Incorrect pricing If there is any incorrect calculation of NAV per Unit, the Manager will take immediate remedial action to rectify the error. The Manager’s remedial action will extend to the reimbursement of money to the Unit Holders if the error is at or above the threshold of 0.5% of the NAV per Unit unless the impact on the individual Unit Holder’s account is equivalent to MYR 10.00 or less in absolute amount, in which case no reimbursement is required. The Manager will ensure that the prices forwarded to the press for publication are accurate. However, the Manager cannot be liable for any error in prices finally published in the press. Investors may contact AMB or any Distribution Channel to further confirm the Unit prices.

There are fees and charges involved and investors are advised to consider the fees and charges before investing in the Fund.

AMBSVPF Prospectus


7.2 TRANSACTION DETAILS ON PURCHASE OF UNITS The following transaction details are applicable for transactions direct with AMB. Kindly contact AMB or the relevant Distribution Channel on transaction details through Distribution Channel. 1. Transaction details on initial investment

Step 1 - Eligibility i. Individual investors investing in single or joint names (jointholders) of up to three (3) names

inclusive of the principal holder. Persons under the age of 18 are to jointly hold the investment with at least one (1) adult.

ii. Corporate investors which include registered businesses, corporate entities, trusts, co-operatives and foundations.

Step 2 - Forms to be completed i. Investment Application Form; ii. Pre-Investment Form; and iii. Investor Suitability Assessment Form. Step 3 – Documents needed i. Individual investor:

a) Photocopy of National Registration Identity Card (NRIC) or passport; b) Photocopy of NRIC or passport of joint applicants (if any); c) Photocopy of birth certificate (if joint applicant is a minor); and d) Details of foreign currency account denominated in the relevant currency (For investments

in Classes B-JPY, B-SGD and B-USD only).

ii. Corporate investor: a) A certified true copy of the memorandum and articles of association or its equivalent; b) A certified true copy of form 9, 24 and 49 or its equivalent; c) A certified true copy of a board resolution, or its equivalent, approving investments in the

respective Class; d) List of authorised signatories and their specimen signatures to effect any instructions

pertaining to the Fund if not mentioned in the board resolution or its equivalent; e) Any other documents as may be required; and f) Details of foreign currency account denominated in the relevant currency (For investments

in Classes B-JPY, B-SGD and B-USD only).

Step 4 – Payment method Subscribe an amount at least meeting the minimum initial investment requirements of the respective Classes:

Class Minimum initial investment (inclusive of sales charge)

A-MYR MYR 500

C-MYR MYR 1 Million

B-JPY JPY 200 000

B-SGD SGD 500

B-USD USD 500

AMBSVPF Prospectus


Investors are advised not to make payment in cash to any individual agent when purchasing Units of the Fund.

i. Via telegraphic transfer, bank transfer or online transfer:

Applicants may transfer the subscription proceeds directly into AMB's bank account via telegraphic transfer, bank transfer or online transfer. Please include applicant's name in the transaction description, where applicable, for reference. All charges incurred to be borne by Unit Holders.

ii. Via cheque, bank draft or money order:

Payments can be made using cheque, bank draft or money order made payable to: "Amanah Mutual Berhad". Applicants are to write their name and NRIC number, passport number or institutional registration number at the back of the cheque, draft or money order. Application shall be processed based on the nett amount received. Where payment is by cheque, the cheque must be issued by the investor. Payments by third party cheque must be accompanied with further confirmation that the issuer is aware of the payment. In the case of bank draft or money order, a copy of the application for the bank draft or money order as approved by the relevant bank/post office must be submitted with the bank draft or money order.

Applicants may either mail the application with complete documentation and payment to AMB or come personally to AMB. If we do not receive complete documents with the payment, we reserve the right to reject the application. If applicant deposits payment into AMB's bank account and does not notify or provide us with the complete documents, AMB reserves the right to reject the application and hold such amount until claimed. The Manager has the discretion to reject any application for Units without assigning any reasons. An investor is recognised as a registered Unit Holder by AMB upon receipt of payment (in AMB’s account) together with completed application form and other relevant supporting documents. The Manager will then issue a letter confirming the investment within 14 days of receipt of the aforesaid documents provided that the application monies have cleared.

AMBSVPF Prospectus


Investors are advised not to make payment in cash to any individual agent when purchasing Units of the Fund.

2. Transaction details on additional investment

Step 1 – Document(s) to be completed Investment Application Form or any other documents. Step 2 – Payment Method Subscribe an amount at least meeting the minimum additional investment requirements of the respective Classes:

Class Minimum additional investment (inclusive of sales charge)

A-MYR MYR 100

C-MYR MYR 5,000

B-JPY JPY 100 000

B-SGD SGD 100

B-USD USD 100

Payment for additional investment can be made by the same mode of payment as Step 4 for initial investment. The Manager has the discretion to reject any application for Units without assigning any reasons. The additional investment is recognised by the Manager upon its receipt of payment together with the relevant supporting document. The Manager will then issue a letter confirming the investment within 14 days upon receipt of the aforesaid documents provided that the application monies have cleared.

3. Other relevant information on investment

Unit pricing & cut-off time for purchase of Units When you invest in the Fund you are issued with Units. These Units represent your holding in the Fund. The number of Units that you will receive is determined by NAV per Unit of the respective Classes. Applications to purchase Units will be processed on the same Business Day if received by 2.30 p.m. with cleared payment. Cooling-off Period The Cooling-off Period of the Fund is within six (6) Business Days commencing from the date the Manager receives the completed application to purchase Units. Cooling-off Right A Cooling-off Right refers to the right of the Unit Holder to obtain a refund of the investment in the Class including the sales charge and GST, if any, if requested by the Unit Holder within the Cooling-off Period. A Cooling-off Right is only given to an investor, other than those listed below, who is investing in any Class within the AMB Family of Funds for the first time:

(a) a corporation or institution; (b) staff of the Manager; and (c) persons registered to deal in unit trusts of the Manager.

AMBSVPF Prospectus


The refund for every Unit held by the investor pursuant to the exercise of the Cooling-off Right shall be the sum of:

(a) the NAV per Unit on the day the Units were first purchased; and (b) the sales charge per Unit and GST, if any, originally imposed on the day the Units were

purchased. Example : 1 April 2015 : Investor purchases Units. 3 April 2015 : Investor exercises Cooling-off Right by submitting a request for a refund on the

investment (within the Cooling-off Period). The cooling-off amount/proceeds due to the investor is computed based on the NAV per Unit at the close of business on 1 April 2015 including the sales charge and GST, if any. When a Cooling-off Right is exercised, the money will be refunded to the applicant within 10 days of receipt of the notice or exercise of Cooling-off Right by the Manager. The request to exercise your Cooling-off Right must be submitted either to the Manager or any Distribution Channel within the Cooling-off Period. 7.3 TRANSACTION DETAILS ON REPURCHASE OF UNITS Repurchase can be made in part or entirety at any time after the end of IOP by completing the repurchase form, which can be obtained at AMB or any Distribution Channel. Repurchase request must be made in terms of Units due to Forward Pricing policy. There is no restriction on frequency of repurchase and number of Units a Unit Holder can repurchase subject to the applicable minimum balance requirement. Minimum repurchase amount There is no minimum repurchase amount imposed on a Unit Holder. Partial repurchase of Units is permitted provided the minimum balance of Units of the respective Classes is maintained in Unit Holders’ account.

Class Minimum balance requirement

A-MYR 100 Units

C-MYR 100 Units

B-JPY 1 Unit

B-SGD 100 Units

B-USD 100 Units

Forms to be completed Completed repurchase form or any other documents as may be required. Documents needed (Individual investors only)

a) Photocopy of NRIC or passport (if necessary); b) Photocopy of NRIC or passport of joint applicants (if any or if necessary); and c) Photocopy of NRIC or birth certificate (if joint applicant is a minor) (if any or if necessary).

AMBSVPF Prospectus


Payment for repurchase of Units (i) Transfer to a bank account

Payment of the nett repurchase proceeds will be made via bank transfer to Unit Holders’ respective foreign currency account for Classes denominated in currencies other than MYR. Unit Holders are required to provide AMB with the relevant bank account details in order for AMB to proceed with the payment for repurchase. Unit Holders may give AMB an instruction in writing to transfer the repurchase proceeds to Unit Holders' bank account (local or overseas) held in Unit Holders' own name. All bank charges for the transfer will be borne by the Unit Holders. The charge will be deducted from the repurchase amount before being paid to the Unit Holders’ relevant bank account. It is possible for delays in the banking system to occur which are beyond our control. If the proceeds cannot be transferred, AMB may draw a cheque payable to the Unit Holders.

(ii) By cheque (For Classes denominated in MYR only)

Unit Holders will receive payment of the nett repurchase proceeds by cheque payable to the applicable Unit Holder's and/or jointholders' names only. The cheques will be mailed to the address of the Unit Holders based on the application form or as may be subsequently notified in writing to the Manager. Any charges incurred such as charges for outstation cheque will be borne by the Unit Holders.

Note : No repurchase proceeds will be paid in cash under any circumstances. Unit pricing & cut-off time for repurchase of Units Completed application to repurchase Units will be processed on the same Business Day if AMB receives it by 2.30 p.m. and the Repurchase Price of Units will be based on the NAV per Unit at the end of the same Business Day. Any application deemed to have been received after this cut-off time will be considered as being transacted on the next Business Day and would be subjected to the NAV per Unit of the next Business Day. The Manager will pay the nett repurchase proceeds to the Unit Holder within 7 Business Days or 10 days from the receipt of the completed application to repurchase Units, whichever is earlier. 7.4 TRANSFER OF UNITS A Unit Holder may fully or partially transfer his Units in any Class to any other Unit Holder in the same Class. For partial transfer, Units in the transferor’s or transferee’s account must not be less than the minimum balance requirement. Every transfer form must be accompanied by such evidence as the Manager may require of proof of title of the transferor and is subject to a transfer charge. For transfers done with Distribution Channels, kindly refer to the relevant Distribution Channel.

AMBSVPF Prospectus


Below are the requirements for transfer of Units:

(a) Transfer from individual investor’s account (single or joint applicants) i. Completed transfer form; ii. Investment Suitability Assessment form iii. A copy of NRIC or passport of transferor and transferee; and iv. Payment or a copy of proof of payment of transfer charge.

(b) Transfer from a deceased individual investor’s account

i. Completed transmission form; ii. Certified copy of grant of probate or letter of administration; iii. Certified copy of death certificate; iv. Indemnity letter to be signed by administrator or executor and endorsed by the

commissioner for oaths (affixed with MYR 10 stamp duty); v. A copy of NRIC or passport of transferee; vi. Pre-Investment Form and Investor Suitability Assessment Form (provided that the

transferee is a new Unit Holder); and vii. Payment or a copy of proof of payment of transfer charge.

(c) Transfer from a corporate investor’s account

i. Completed transfer form; ii. Board resolution or any other relevant authorisation approving the transfer; iii. Certified copy of the company’s memorandum & articles of association, form 9,

form 49, form 24 and board resolution (if the transferee is a corporate investor); iv. A copy of the NRIC/passport of the transferee (if individual); and v. Payment or a copy of proof of payment of transfer charge.

The Manager will then issue a transaction statement confirming the transaction within 14 days upon receipt of the required documents. 7.5 SWITCHING Switching is a request to withdraw all or a specified part of your investment in the Fund, at NAV applicable to Units in that Fund at the time of the switch, and use the proceeds to buy Units in any other AMB Family of Funds. To switch between the AMB Family of Funds, simply complete a switching form at AMB or any Distribution Channel (Please refer to section 6.1 (iv) on page 36 for switching charges). Distribution units of conventional funds within the AMB Family of Funds cannot be switched to the Fund as it is not permitted from the Shariah perspective. Only the principal amount of conventional funds is allowed to be switched to the Fund. The Manager has the discretion to reject any switching request: i. that it regards as disruptive to the efficient portfolio management; or ii. if deemed by the Manager to be contrary to the best interest of the Fund.

AMBSVPF Prospectus


7.6 CONVERSION Conversion is a request to use all or a part of your investment in any Class for Units in another Class at the applicable NAV per Unit (Please refer to section 6.1 (v) on page 36 for conversion charges).

7.7 DISTRIBUTION CHANNEL(S) The Distribution Channels distributing the Fund are listed in section 17 on page 82.

7.8 INCOME DISTRIBUTION POLICY 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. (a) Distribution of income for Classes A-MYR and C-MYR

Income distribution, if any, is declared at the end of the financial year of the Fund or for any specified period, as may be determined by the Manager in consultation with the Trustee. Any distribution will be at the discretion of the Manager, which if at all possible is incidental to carrying out the investment function in accordance with the objective and investment strategy of the Fund. The distribution of the Fund will vary depending on its performance and prevailing economic conditions.

It is intended that distributions to Unit Holders, if any, will be based on the number of Units held by Unit Holders as at the date that the income is declared.

Income distribution, if any, will be paid in the currency in which the Classes are denominated in. Any distribution will be automatically reinvested as additional Units in that Class based on the NAV per Unit of the Class at the close of the first Business Day immediately following the distribution date. No sales charge will be imposed for reinvestment of distribution Units.

(b) Accumulation Units for Classes B-JPY, B-SGD and B-USD

For accumulation Units, there will be no distributions made to the Unit Holder. However, the value to the Unit Holder’s investment may increase as reflected in the increase in the NAV per Unit (subject to the performance of the Fund) i.e. gains, if any, from the Fund’s investment is retained and accumulated which will be reflected by a higher NAV per Unit and vice versa.

The following illustrates the difference between Classes with income distribution policy and Classes with accumulation Units policy:

Class with income distribution policy

Class with accumulation Units policy

Assuming: Initial Offer Price (MYR) 0.5000 0.5000 No. of Units held by Unit Holder 10,000 Units 10,000 Units Value of investment (MYR) 5,000.00 5,000.00 NAV per Unit as at 31 May 2015 (MYR) 1.0000 1.0000

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Class with income distribution policy

Class with accumulation Units policy

Distribution (sen) per Unit declared on 31 May 2015

5.00

N/A

NAV per Unit after distribution (MYR) (if any) = NAV per Unit before distribution

– distribution (sen) per Unit

1.0000 - 0.0500 = 0.9500

N/A

Total income distribution received (MYR) = Distribution (sen) per Unit

x no. of units held by Unit Holder as at income distribution date (31 May 2015)

0.0500 x 10,000 Units

= 500.00

N/A

NAV per Unit on the next Business Day (1 June 2015) (MYR)* Reinvestment Units received (rounded to 4 decimal places) = Income distribution received NAV per Unit on 1 June 2015

0.9600

500.00 0.9600

= 520.8333 Units

1.0100

Total no. of Units held on 1 June 2015 after reinvestment date **

10,000 + 520.83333 = 10,520.83

10,000

Value of investment held on 1 June 2015 after reinvestment date (MYR)** = NAV per Unit x no. of Units held

10,520.83 x 0.9600

= 10,100.00

10,000 Units x 1.0100

= 10,100.00

* Assuming there is an increase in NAV per Unit, if any.

** Assuming there is no purchase or repurchase of units on 1 June 2015.

Value of Unit Holder’s investment is rounded to 2 decimal places.

Please note the above is for illustration purpose only.

7.9 POLICY ON UNCLAIMED MONIES Any amount of monies payable to Unit Holders which remain unclaimed for such period of time as prescribed by the Unclaimed Monies Act 1965 after the date for payment shall be paid by the Manager to the consolidated trust account in accordance with the provisions of the Unclaimed Monies Act 1965.

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8. THE MANAGEMENT AND ADMINISTRATION OF THE FUND

8.1 CORPORATE PROFILE OF THE MANAGER AMB is a unit trust management company regulated by the SC. AMB is a subsidiary of ASNB since 2006 and is a member of the PNB group of companies. It was incorporated on 22 March 1990. It has an authorised capital of MYR5 million and a paid-up capital of MYR5 million. As at LPD, AMB has total assets under management of MYR2.31 billion. AMB is in the business of developing and promoting unit trust funds and its objective is to provide investors with an opportunity to participate in good performing funds with diversified investments such as equities, bonds, short-term money market instruments and other capital market instruments. AMB has a 25-year track record in managing unit trust funds in Malaysia. As at LPD, AMB manages 15 funds under four (4) categories of funds, namely equity fund (7 funds), bond fund (4 funds), balanced fund (3 funds) and money market fund (1 fund). There are currently six (6) external investment managers. AMB staff strength AMB has a total strength of 49 experienced personnel in unit trust business, comprising 40 executives and nine (9) non-executives as at LPD, and is responsible for the day-to-day management of the Fund in accordance with the provisions of the Deed. Full details of the Manager’s duties are set out in the Deed, which is available for inspection at our business office. Roles, duties and responsibilities of AMB The general functions, duties and responsibilities of the Manager include, but are not limited to, the following: 1. Carry out and conduct its unit trust business in a proper and diligent manner and manage and

administer the Fund in a proper, diligent and efficient manner in accordance with the Deed, the Act, the Guidelines and other applicable laws at all times and acceptable and efficacious business practice within the unit trust industry;

2. Observe high standards of integrity and fair dealing in managing the Fund to the best and exclusive interest of the Unit Holders;

3. Act with due care, skill and diligence in managing the Fund, and effectively employ the resources and procedures necessary for the proper performance of the Fund;

4. Not in any manner make any inequitable or illegal profit from its fiduciary position;

5. Ensure that the Deed and this prospectus are at all times in compliance with all relevant laws;

6. From time to time modify or propose such modifications to the Deed and/or the prospectus as may be necessary or desirable in the interests of the Unit Holders;

7. Take all necessary steps to ensure that the investments and other assets of the Fund are adequately protected and properly segregated; and

8. Unless otherwise specified in writing by the SC, ensure that the Fund has, at all times, an appointed trustee.

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8.2 PAST PERFORMANCE OF THE MANAGER The following is the summary of the past performance of the Manager based on the audited financial statements for the past three (3) financial years ended 31 December:

2014 2013 2012 MYR’000 MYR’000 MYR’000 Paid up capital 5,000 5,000 5,000 Shareholders' funds 50,222 75,450 74,968 Operating revenue 46,375 50,029 46,602 Pre-tax profit 6,329 17,495 24,222 Profit after tax 4,852 13,116 18,230

8.3 PROFILE OF THE BOARD OF DIRECTORS OF THE MANAGER The Manager The Manager has an experienced board of directors, several of whom have background in financial markets. They are responsible for overseeing the activities of the Manager and the establishment of the Fund’s policies. Board meetings are held formally at least four (4) times a year and more frequently should circumstances require. There are five (5) members on the board of directors including two (2) independent directors. Board of directors

Tun Ahmad Sarji bin Abdul Hamid (Chairman) (Non-Executive/Non-Independent)

Tun Ahmad Sarji bin Abdul Hamid was appointed as a Director of AMB on 30 November 2006, by virtue of his position as the Chairman of PNB, the holding company of ASNB. Prior to his appointment as the Chairman of PNB, Tun Ahmad Sarji was the Chief Secretary to the Government from 1990 to 1996. He was the President of the Commonwealth Association for Public Administration and Management, from 1996 to 1998. He was also the Chairman of the Institute of Islamic Understanding Malaysia (1992-2009). He was conferred by the government the "Tokoh Maal Hijrah" for the Islamic year 1420 (1999) and the Director of the Year Award by the Malaysian Institute of Directors in 1999. Tun Ahmad Sarji also represents the PNB Group as chairman of several other companies. In 2012, he was conferred by the Europe Business Assembly the Queen Victoria Commemorative Medal. Tun Ahmad Sarji is a graduate of the University of Malaya, the Harvard University of the United States of America, and the Institute of Social Studies, The Hague, Netherlands. He was conferred the Honorary Degree of Doctor of Science (Management) by Universiti Utara Malaysia, Doctor of Business Administration by the Nottingham-Trent University, the United Kingdom, Doctor of Letters by the Universiti Malaysia Sarawak, Doctor of Management by the International Islamic University Malaysia and Doctor of Management by the University Malaysia Perlis.

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He was appointed Chairman of the Second National Economic Consultative Council on 4 August 1999. Tun Ahmad Sarji is a member of the Board of Trustees, Oxford Centre for Islamic Studies and the Asian Institute of Management, Manila, the Philippines, and joint-Chairman, Malaysia Centre for Commonwealth Studies, Cambridge, the United Kingdom. Tun Ahmad Sarji sits on the Board of Directors ASNB and Pelaburan Hartanah Nasional Berhad (PHNB), both of which are under the PNB group of companies. In addition, he is an investment committee member for all funds managed by ASNB except Amanah Saham Wawasan 2020.

Tan Sri Dato' Sri Hamad Kama Piah bin Che Othman (Non executive/Non-independent)

Tan Sri Dato' Sri Hamad Kama Piah bin Che Othman was appointed as a Director of AMB on 30 November 2006. On 26 February 2002, Tan Sri Dato' Sri Hamad Kama Piah was appointed as the Group Managing Director/Group Chief Executive of PNB, and subsequently renamed President and Group Chief Executive. Tan Sri Dato' Sri Hamad Kama Piah has been with PNB since 1979. Prior to his present appointment, Tan Sri Dato’ Sri Hamad Kama Piah held various senior positions at PNB. Tan Sri Dato' Sri Hamad Kama Piah sits on the board of directors of a number of Malaysian public and private companies. A graduate of Universiti Teknologi MARA, Tan Sri Dato' Sri Hamad Kama Piah also holds an Honorary Doctorate in Business Administration from Universiti Tenaga Nasional, Malaysia and Masters Degree from Swansea University, United Kingdom. Tan Sri Dato' Sri Hamad Kama Piah is also a Senior Fellow of the Financial Services Institute of Australasia, a Certified Financial Planner with the Financial Planning Association of Malaysia and a Registered Financial Planner with the Malaysia Financial Planning Council.

Tan Sri Dato' Dr. Wan Mohd. Zahid bin Mohd. Noordin (Non-executive/Independent)

Tan Sri Dato' Dr. Wan Mohd. Zahid bin Mohd. Noordin was appointed as a Director of AMB on 30 November 2006, and as a member of the investment committee for all the funds managed by AMB on 9 February 2007. Tan Sri Dato' Dr. Wan Mohd. Zahid holds a Bachelor of Arts Degree from the University of Malaya, Master of Arts Degree from Stanford University, Palo Alto, California and Ph.D. from the University of California, Berkeley, California. He also attended the Advanced Management Programme at Harvard University Business School. In 1997, Tan Sri Dato' Dr. Wan Mohd Zahid was conferred the Doctor of Laws "Honoris Causa" by the University of Lancaster, the United Kingdom. Tan Sri Dato' Dr. Wan Mohd. Zahid has more than 30 years of experience in the Malaysian education service. He held the post of Director-General of Education of Malaysia in 1993, and upon his retirement, he was appointed as advisor with special functions to the Minister of Education. He had served as consultant to the Institute of Innovation and Technology, Manila, the Philippines, and the UNICEF Research Project on Pre-School Education. He had also served as a Council Member of the International Bureau of Education in Geneva, Switzerland, and the Islamic Scientific, Education, Social and Cultural Organisation (ISESCO) in Rabat, Morocco. In September 1999, he was appointed

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by UNESCO to serve as a consultant to the Ministry of Education, Saudi Arabia, when the country embarked on an education reform initiative. In 2008 Tan Sri Dato' Dr. Wan Mohd. Zahid was appointed as Chairman of the Higher Education Academy of the Ministry of Higher Education. In 2011 he was appointed to serve as Chairman of the Education Advisory Council of the Ministry of Education.

Tan Sri Dato' Dr. Wan Mohd. Zahid sits on the Board of Directors of Sime Darby Berhad, SP Setia Berhad and ASNB. He had also served as Deputy Chairman of Berger International Singapore and Deputy Chairman of the International Bank of Malaysia Berhad until the merger of the bank.

Tan Sri Dato' Md Desa bin Pachi (Non-executive/Independent)

Tan Sri Dato' Md. Desa bin Pachi was appointed as a Director of AMB on 30 November 2006, and as a member of the investment committee for all the funds managed by AMB. On 12 July 2010 he was also appointed as a member of the Risk Management Committee of the Board of Directors of PNB.

Tan Sri Dato' Md. Desa was a Chartered Accountant and was admitted as an Associate Member of the Institute of Chartered Accountants, Australia, in 1962, and a Fellow of the Institute of Chartered Accountants, Australia in 1974. He studied accountancy in Melbourne, Australia, under a Colombo Plan Scholarship. He joined Shell Group of Companies in 1962 and served in various capacities in the Finance Administration. From 1970 to 1976, he was in public practice as Chartered Accountant and was a partner of Desa Megat & Co and KPMG Peat Marwick. He is a Fellow Member of Malaysian Institute of Management.

Subsequently, he was appointed as the first Chief Executive Officer of PNB and served as Chairman/Chief Executive Officer of Malaysia Mining Corporation Berhad, Executive Chairman of Fleet Group Sdn Bhd, Chairman/Managing Director of The New Straits Times Press (Malaysia) Berhad and Chairman of Sistem Televisyen Malaysia Berhad. From 1982 to 2006, he was the Chairman of Bumiputra-Commerce Holdings Berhad. He also sits on the board of directors of several other companies which include ASNB. In addition, he is an investment committee member for all funds managed by ASNB except Amanah Saham Wawasan 2020.

8.4 COMPANY SECRETARY Puan Adibah Khairiah binti Ismail@Daud (MIA 13755) Company Secretary

With effect from 30 November 2006, Puan Adibah Khairiah binti Ismail@Daud was appointed as the Company Secretary of AMB. She holds Bachelor of Commerce from Australian National University. She is a Chartered Accountant and is a member of the Malaysian Institute of Accountants since 1999.

Puan Adibah started her career with Messrs. Coopers & Lybrand, Public Accountants, from 1988 to 1994. She had served Sapura Holdings Sdn Berhad as Audit Manager from 1994 to 1997, and subsequently served Sapura Industrial Berhad (formerly known as Sapura Motors Berhad) from 1997 to 1999, as Head of Internal Audit. She had also served Percon Corporation Sdn Berhad as

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Financial Controller cum Company Secretary in 2002 to 2005. She joined PNB in 2005 and was seconded to Pelangi Berhad, as Chief Financial Officer. Puan Adibah is presently attached to the Company Secretary's Department of PNB since October 2006. She sits on the board of directors of several companies. 8.5 SENIOR COMPLIANCE OFFICER Encik Paisol bin Ahmad Senior Compliance Officer

Encik Paisol bin Ahmad is a registered compliance officer with the SC and the designated Senior Compliance Officer of AMB. He has been the designated Senior Compliance Officer of funds of AMB which includes five (5) Shariah funds, i.e. AMB Dana Yakin, AMB Dana Ikhlas, AMB Dana Arif, AMB Dana Aqeel – Capital Protected Series 2 and AMB Dana Nabeel. He is a Fellow of the Association of Chartered Certified Accountants, the United Kingdom, a member of the Malaysian Institute of Accountants and a Fellow of Financial Services Institute of Australasia (FINSIA). Encik Paisol has more than 15 years of experience in the unit trust industry, having served in various senior positions within the PNB Group since 1993. Encik Paisol bin Ahmad is a Certified Financial Planner. He sits on the board of directors of several companies. 8.6 PROFILE OF THE KEY MANAGEMENT STAFF OF THE MANAGER Puan Aldilla @ Zilfalila binti Abdul Halim (Sheila Halim) Chief Executive Officer

Puan Sheila is the Chief Executive Officer of AMB since March 2008. Prior to joining AMB, Puan Sheila assumed a position as the Executive Director of CMS Asset Management Sdn Bhd, a subsidiary of Cahya Mata Sarawak Berhad (CMS). Later, she was seconded as the Acting Chief Executive Officer of CMS Trust Management Berhad. She was overall responsible for developing business strategies, marketing & sales plans and structuring products for CMS financial-related businesses in fund management and unit trust industry. She brings with her more than 15 years of marketing and investment management experience which includes having being an equity portfolio manager of PFM Capital, a subsidiary of PNB and later to having served as Director of Fund Management with Towry Law International. She holds a Bachelor of Science Degree in Mathematics & Statistics from the University of Western Ontario, Canada.

Encik Abdul Rani bin Hj Mohd Salleh Head of Business Strategy, CEO’s Office

Encik Abdul Rani Hj Mohd Salleh has more than 10 years of experience with financial institutions before joining ASNB in 2001. He was the Head of ASNB Office in Kota Bharu and ASNB Kangar (under Marketing & Investment Services Department) before joining Customer & Agent Relation Department, ASNB Head Office and was responsible for the overall ASNB customers’ feedback and special functions. Encik Abdul Rani joined AMB on 1 December 2006. He holds a Diploma in Banking Studies from Universiti Teknologi MARA (UiTM).

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Puan Ahirah Binti Abdul Rahman Head of Accounts Department

Puan Ahirah binti Abdul Rahman had more than eight (8) years of audit experience with an established audit firm before joining PNB in 1991. She was in the Finance Department, PNB and was subsequently transferred to the Accounts Department, ASNB in 2001 and was responsible for the overall accounting functions of the unit trust Fund. On 1 December 2006, Puan Ahirah joined AMB as a Head of Accounts Department. She holds a Diploma in Accountancy from UiTM.

Encik Sudin bin Samad Head of Operations Department

Encik Sudin bin Samad is the Head, Operations Department. He joined AMB on 1 November 2011. He has more than 30 years of working experience in PNB and ASNB in various departments such as Financial and Management Audit Department, Information Technology Department and Unit Trust Operation Department. He holds a Diploma in Accountancy from UiTM. He is responsible for the overall operations and administration of AMB.

Puan Ross Liza Binti Othman Head of Product Development & Administration Department

Puan Ross Liza binti Othman has more than 10 years experience in the financial market. Prior to joining AMB in December 2009, she was attached to the Fixed Income team in the Investment Department of a multinational insurance company for more than eight (8) years where she was involved in various fixed income investment dealing which included bonds dealing, money market, forex as well as cash management and funding. Prior to that, she was with a stockbroking company and a bank. She holds an Executive-MBA (Hons) from UiTM and B.A. (Hons) Degree in Business Administration (Finance) from Michigan State University, East Lansing, the United States of America. She is responsible for product development which includes new product creation, existing product enhancement as well as product administration.

Encik Haniff bin Ab. Hamid Head of Business & Prime Channel Department

Encik Haniff bin Ab. Hamid has 20 years of experience in Sales & Marketing Management in the financial industry. He joined AMB in April 2012. He has served in senior position in large corporations such as Syarikat Takaful Malaysia and Etiqa Insurance. His role involved developing business and strategies, sales and marketing plans for corporate market. His clients included those in corporate business, bancassurance and agencies. He worked as a Project Consultant for property development, and at the same time prior to joining AMB, he was a trainer/lecturer for Malaysian Insurance Institute (MII). He is Malaysian Insurance Institute (AMII) Associate and holds a Diploma in Risks Management and a Diploma in Australian Insurance Institute from UiTM.

Cik Zuwita binti Ibrahim Head of Direct & Foreign Channel Department

Zuwita Ibrahim has over 10 years experience in the field of Product Development. Prior to joining ASNB in April 2005, she was with RHB Bank Berhad involved in the developing of retail deposit products of the bank and marketing plans to support the product sales & marketing strategy. After

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six years with the bank, she joined ASNB and was then seconded to AMB in June 2006 handling product development and administration. As the Head of Direct Client & Marketing of AMB, she is currently responsible for securing and generating new sales for the company’s business growth. She holds a B.A. (Hons) Degree in Business Administration (Finance) from DeMonfort University, Leicester, the United Kingdom. During her tenure in ASNB, she has completed her graduate diploma in Applied Finance from Kaplan Professional, Australia. 8.7 THE INVESTMENT COMMITTEE OF THE FUND The Investment Committee members

Tun Ahmad Sarji bin Abdul Hamid (as afore-mentioned)

Tan Sri Dato’ Dr. Wan Mohd. Zahid bin Mohd. Noordin (as afore-mentioned)

Tan Sri Dato’ Md. Desa bin Pachi (as afore-mentioned) Roles and responsibilities The Investment Committee (IC) is primarily responsible for formulating, implementing and monitoring the investment management strategies of the Fund in accordance with the investment objective set out for the Fund, the Deed, the prospectus, the Guidelines and applicable laws, the internal investment restrictions and policies and acceptable and efficacious investment management practices within the unit trust industry. The IC is also responsible for the overall performance of the Fund by ensuring that the Fund is managed professionally. In addition, the IC reviews and approves the portfolio strategies recommended by the EIM. The IC meets once a month and more frequently should circumstances require. The EIM will report on the activities and performance of the Fund directly to the IC at monthly intervals for overall reviews. 8.8 PROFILE OF THE SHARIAH COMMITTEE The Shariah Committee members Dato’ Dr. Abdul Halim bin Ismail

Dato’ Dr. Abdul Halim bin Ismail was appointed as a member of the Shariah Committee of the Shariah funds managed by AMB on 30 November 2006. Dato’ Dr. Abdul Halim was the Managing Director of Bank Islam Malaysia Berhad (1983-1994), Chairman of the Board of Directors of Syarikat Takaful Malaysia Berhad (1984-1994), and the Executive Director Dealing of BIMB Securities Sdn. Berhad (1994-2010). He holds a Bachelor of Arts (Hons.), Degree in Economics from the University of Malaya and Doctor of Philosophy (D. Phil.) in Economics from the University of Oxford, the United Kingdom. Dato’ Dr. Abdul Halim sits on the board of directors of several companies.

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Prof. Datuk Dr. Syed Othman bin Syed Hussin Alhabshi

Prof. Datuk Dr. Syed Othman bin Syed Hussin Alhabshi was appointed as a member of the Shariah Committee of the Shariah funds managed by AMB on 30 November 2006. He holds a Bachelor of Economics Degree in Statistics from University of Malaya, Master of Science in Statistics from University of Wisconsin, the United States of America and Ph.D in Econometrics from University of Birmingham, the United Kingdom. Prof. Datuk Dr. Syed Othman has more than 30 years experience in the Malaysian education service. He was Professor, Dean of Graduate School and Acting Dean of Matriculation Centre of International Islamic University Malaysia and Deputy Vice-Chancellor (Academic) of Universiti Utara Malaysia. He also held the post of Deputy Director-General of Institute of Islamic Understanding Malaysia (IKIM) and had also previously served as the founding President and Chief Executive Officer of University Tun Abdul Razak. He is currently The Chief Academic Officer of the International Centre for Education in Islamic Finance (INCEIF), a university dedicated to Islamic Finance. He is currently a member of the Board of Directors of Pak-Kuwait Takaful Pte Ltd Pakistan; Maybank Islamic Berhad; Prima Prai Sdn Bhd.; Epen Bina Sdn Bhd.; Universiti Teknikal MARA and Institut Kefahaman Islam Malaysia (IKIM). He now sits on Shariah Advisory Committee for Labuan Reinsurance (L) Ltd. and Singapore Unit Trusts Ltd. (SUT). He is also a Shariah advisor for Nomura Asset Management, a member of the Board of Trustees for Yayasan Bank Rakyat and a Certified Shariah Individual by the SC.

Prof. Dato’ Dr. Abdul Monir bin Yaacob

Prof. Dato’ Dr. Abdul Monir bin Yaacob was appointed as a member of the Shariah Committee of the Shariah funds managed by AMB on 30 November 2006. Prof. Dato’ Dr. Abdul Monir obtained first Degree “al-Aliyah” from Al-Azhar University and a Diploma in Law and later a Master of Philosophy (Law) from University of London. He later completed his Ph.D at the International Islamic University of Malaysia in 1991. Prof. Dato’ Dr. Abdul Monir has more than 10 years experience as a lecturer and held the post of Associate Professor, Faculty of Law, Universiti Kebangsaan Malaysia. He was appointed as Assistant Director General of Institut Kefahaman Islam Malaysia (IKIM) in November 1997 and was later made Director General of IKIM from April 2002 to March 2005. He was appointed as Professor at the Department of Syariah and Law, Academy of Islamic Studies, the University of Malaya from January 2006 to May 2007 and as the Academic Advisor to Sultan Sharif Ali Islamic University, Brunei Darussalam from May 2007 to May 2009. His present position is in Chief of Administration Council of the University of Malaya. Prof. Dato’ Dr. Abdul Monir is also a member of Shariah Committee of Singapore Unit Trust Limited.

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Prof. Dato’ Dr. Mahmood Zuhdi bin Hj Ab. Majid

Prof. Dato’ Dr. Mahmood Zuhdi bin Hj Ab. Majid was appointed as a member of the Shariah Committee of the Shariah funds managed by AMB on 30 November 2006. Prof. Dato’ Dr. Mahmood Zuhdi holds a Bachelor Degree in Shariah from Yayasan Pengajian Tinggi Islam Kelantan, and later obtained a Masters in Shariah from University Al-Azhar, Cairo, as well as a Masters in Philosophy from University of Kent. He went on to complete his Ph.D at the University of Malaya. He was the Dean of the Faculty of Syariah as well as Director of Academy of Islamic Studies, University Malaya and the Dean of the Kuliyyah of Islamic Revealed Knowledge and Human Sciences, International Islamic University Malaysia (IIUM). He is currently the Dean of the International Institute of Islamic Thought and Civilization (ISTAC), IIUM. Prof. Dato’ Dr. Mahmood Zuhdi also sits on various advisory boards. He is the Chairman of the Shariah Committee of Public Bank Berhad and Shariah advisor of As-Salihin Trustee. He is also the author of more than 20 Islamic publications. Roles and responsibilities • To ensure that the Fund is managed and administered in accordance with Shariah Principles; • To provide expertise and guidance in all matters relating to Shariah Principles, including on the

Fund’s Deed and prospectus, the Fund’s structure and investment processes, and other operational and administrative matters;

• Where there is any ambiguity or uncertainty as to an investment, instrument, system, procedure and/or process, to consult the SC;

• To act with due care, skill and diligence in carrying out their duties and responsibilities; • To review the Fund’s compliance reports as provided by the compliance officer, and investment

transaction reports provided by, or duly approved by, the Trustee to ensure that the Fund’s investments are in line with Shariah Principles; and

• To review the Fund’s property during the Shariah Committee meetings and to prepare a report to be included in the Fund’s interim and annual reports certifying whether the Fund has been managed and administered in accordance with Shariah Principles for the respective periods concerned.

The Shariah Committee meetings are held formally at least once every three (3) months and more frequently should circumstances require. 8.9 PROFILE OF THE EXTERNAL INVESTMENT MANAGER KENANGA ISLAMIC INVESTORS BERHAD (KIIB)

Kenanga Islamic Investors Berhad (“KIIB”) was incorporated as a public company in 1997 under the Companies Act 1965 as Kenanga Unit Trust Berhad (“KUTB”) to solely conduct a unit trust business in Malaysia. In 2009, pursuant to the rationalization and re-organization of the asset and unit trust management businesses of the K & N Kenanga Holdings Berhad group of companies (“Kenanga Group”), the business and assets of Kenanga Asset Management Sdn Bhd (“KAM”) a fund management company

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within the Kenanga Group was transferred to KUTB. KUTB subsequently applied for and was licensed as a fund manager under the Act. KUTB was renamed as Kenanga Fund Management Berhad (“KFMB”) following the completion of the rationalization and re-organization exercise. In November 2010, KFMB transferred its business and employees to Kenanga Investors Berhad (“KIB”) and subsequently changed its name to Kenanga Islamic Investors Berhad in August 2011. Pursuant to the Kenanga Group business plans for KIIB to become a fully operational Islamic fund management business, KIIB applied for and received its Islamic fund management licence from the SC in April 2012. KIIB is the Kenanga Group’s asset management arm focused on exclusively providing Shariah-compliant investment products to both domestic and regional markets. Effective 1 April 2013, KIIB is a wholly-owned subsidiary of KIB. As at 31 October 2014, the total asset under management of KIIB stands at approximately MYR1.46 billion. The profile of KIIB’s key personnel are as follows: Shahariah Binti Shaharudin Chief Executive Officer/ Executive Director

Shahariah binti Shaharudin joined KIIB as the Chief Executive Officer / Executive Director in March 2014. She was in Kenanga Investors Berhad (KIB) from April 2011 as the Head of Institutional Business. Shahariah brings with her twenty (20) years of experience in the financial services industry. She began her career in a local bank and has extensive experience in both retail and corporate banking. Subsequently she joined a stock broking company as Head of Dealing managing institutional trade. In 2006, she joined a local fund management company under Strategic Business and Market Development Division where her core responsibility is sourcing business and servicing both retail and wholesale clients ranging from unit trust, corporate and government agencies to insurance companies. She graduated with Bachelor of Arts Degree in Business Studies from Knox College, Illinois and Master of Arts in Economics from University of Illinois, Springfield, USA. She holds the Capital Markets Services Representative’s Licence. Chung Yee Wah Chief Investment Officer

Yee Wah joined KIIB as the Chief Investment Officer in February 2012. He brings with him more than 18 years of experience in the investment field, managing domestic and regional equity portfolios. Yee Wah started off as an investment analyst in 1993 and had worked in UMBC Securities Sdn Bhd and James Capel (Malaysia) Sdn Bhd (later known as HSBC Securities (Malaysia) Sdn Bhd) before he joined Abu Dhabi Investment Authority as a fund manager in 1998. He returned to Malaysia in 2007 and joined AmInvestment Bank Berhad as an Associate Director for institutional sales (equity). Yee Wah then moved on to UOB-OSK Asset Management Sdn Bhd as an Associate Director to manage institutional funds before he joined KIIB. Yee Wah earned a BBA from the National University of Malaysia with a major in finance. He holds the Capital Markets Services Representative’s Licence.

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Mohd Ezani Bin Abu Yazid Senior Portfolio Manager

Mohd Ezani bin Abu Yazid joined KIB in March 2011 and was transferred to KIIB in July 2012. He has eighteen (18) years experience in the disciplines of treasury & money market management. In 1993, he began his career in the Treasury Department of Bank Utama (M) Berhad and in 1996, joined Bolton Finance Berhad (later known as Alliance Finance Berhad). He moved into the funds management industry in 2001 when he joined BHLB Asset Management Sdn Bhd (“BAM”). BAM later merged with SBB Asset Management (“SBBAM”) (later known as SBB Investment Management Sdn Bhd) and Ezani retained his position until he joined RHB Investment Management Sdn Bhd (“RHBIM”) in May 2006. During his tenure in RHBIM he managed wholesale and retail cash funds. His other wide experience includes central dealing of equity, fixed income and foreign exchange. He has a Diploma in AgriBusiness from University Putra Malaysia. Ezani is a holder of the Capital Markets Services Representative’s Licence. Designated investment manager of the Fund The designated fund manager for the Fund is Chung Yee Wah whose profile is disclosed above. He is supported by the other members of the investment team. Roles and duties of the EIM The main duties of the EIM are as follows: -

To comply with the operation procedures and invest the Fund in accordance with the Guidelines.

- To exercise due diligence and vigilance in carrying out its function and duties as agreed between the Manager and the EIM, and comply with the Act, directives and guidelines issued by the relevant authorities from time to time.

- To conduct market, technical and economic research to identify suitable investments and to facilitate optimal asset allocations for the Fund.

- To endeavour to use its professional discretion to reallocate assets at the most appropriate times with the aim to optimising returns for the Unit Holders.

- To seek to invest in the most suitable assets within each class of assets. To submit recommendation to the Investment Committee for review and approval of portfolio

strategies, at the Investment Committee meeting to be held monthly. 8.10 DECLARATION OF CONFLICT OF INTEREST INVOLVING EIM The Manager has in place policies and procedures to deal with any conflict of interest situations. In making an investment transaction for the Fund, the EIM will not make improper use of its positions in managing the Fund to gain, directly or indirectly, any advantage or to cause detriment to the interests of Unit Holders. As at LPD, to the best of the Manager’s knowledge, there has been no occurrence of conflict of interest involving the EIM. The EIM is a company independent from the Manager.

AMBSVPF Prospectus


8.11 MANAGER’S DELEGATE

Fund accounting and fund valuation functions CIMB Islamic Trustee Berhad

The Manager has appointed CIMB Islamic Trustee Berhad (CITB) as the fund accounting and valuation agent for the Fund. The profile for CITB is provided for under section 9.1 on page 62 of this prospectus.

Under the terms of the agreement, CITB will record and maintain proper financial accounting records of the Fund, carry out daily portfolio valuation and fund pricing and provide the unit prices for publications, in accordance with the requirements of the prospectus and the Deed.

Permodalan Nasional Berhad Permodalan Nasional Berhad (PNB) is a holder of Capital Markets Services Licence under the Act. Established in 1978 as one of the vehicles of the New Economic Policy, PNB has had considerable success in promoting share ownership of the Bumiputera in the corporate sector through its unit trust funds. As at LPD, PNB has a staff strength of 760 persons. PNB manages total funds of MYR 273.1 billion as at 28 February 2015.

The Manager outsources the following functions to PNB: Compliance Risk management Internal audit Legal Human resource operations and administration Human resource planning and development Procurement Information technology Corporate communication

8.12 MATERIAL LITIGATION AND ARBITRATION As at LPD, there is no material litigation or arbitration, including any pending or threatened and there are no facts likely to give rise to any proceedings, which might materially affect the business and/or financial position of the Manager or any of its delegates.

AMBSVPF Prospectus


9. THE TRUSTEE OF THE FUND

9.1 PROFILE OF CIMB ISLAMIC TRUSTEE BERHAD CIMB Islamic Trustee Berhad was incorporated on 19 January 1988 and registered as a trust company under the Trust Companies Act, 1949 and having its registered office at Level 13, Menara CIMB, Jalan Stesen Sentral 2, Kuala Lumpur Sentral 50470, Kuala Lumpur, Malaysia. The Trustee is qualified to act as a trustee for collective investment schemes approved under the Capital Markets and Services Act 2007. CIMB Islamic Trustee Berhad has an authorised capital of MYR5,000,000 divided into 500,000 ordinary shares of MYR10 each of which the total issued capital is MYR2,000,000 divided into 200,000 ordinary shares of MYR10 each, and the total paid up capital is MYR1,000,000 divided into 200,000 ordinary shares of MYR10 each and partly paid-up at MYR5 each. Experience in trustee business

As at 31 March 2015, CIMB Islamic Trustee Berhad acts as trustee to one (1) real estate investment trust fund, twenty four (24) unit trust funds, seventeen (17) wholesale funds and one (1) private retirement scheme (consisting of three (3) funds) and has more than twenty five (25) years of experience as a trustee to unit trust funds. In addition to overseeing these funds, CIMB Islamic Trustee Berhad also acts as trustee to private debt securities issues such as sukuk, bonds and notes. Other than being the administrator of deceased’s estates, executor of wills, trustee for minors or incapacitated persons, CIMB Trustee also acts as trustee for public, charitable, staff retirement, and pension/ gratuity fund scheme, custodian trustee for associations, clubs and others. CIMB Islamic Trustee Berhad is supported by nineteen (19) staff, comprising of twelve (12) executives and seven (7) non-executives as at 31 March 2015. Financial performance

The following is a summary of the past performance of CIMB Islamic Trustee Berhad based on the audited accounts for the past three (3) financial years ended 31 December:-

Year Ended 31

December 2013 Year Ended 31

December 2012 Year Ended 31

December 2011 MYR'000 MYR'000 MYR'000 Paid-up share capital 1,000 1,000 1,000 Shareholders' funds 6,573 6,311 5,317 Turnover 2,788 4,000 5,164 Pretax profit 370 1,386 2,322 Profit after taxation 263 993 1,740

* Only Shariah-compliant income are recognised since the entity's conversion to Islamic in 2012.

AMBSVPF Prospectus


Board of Directors

The following table sets out information regarding the Board of Directors of CIMB Islamic Trustee Berhad:-

Name Directorship

Zahardin Bin Omardin

Non-Executive, Independent Director & Chairman

Mohamad Safri Bin Shahul Hamid Liew Pik Yoong

Non-Executive, Non-Independent Director Executive, Non-Independent Director

Head/Director, Group Trustee Services Liew Pik Yoong Chief Operating Officer Lee Kooi Yoke 9.2 ROLES, DUTIES AND RESPONSIBILITIES OF THE TRUSTEE

The Trustee’s functions, duties and responsibilities are set out in the Deed. The general functions, duties and responsibilities of the Trustee include, but are not limited to, the following:

(a) Take into custody the investments of the Fund and hold the investments in trust for the Unit Holders;

(b) Ensure that the Manager operates and administers the Fund in accordance with the provisions of the Deed, Guidelines and acceptable business practice within the unit trust industry;

(c) As soon as practicable, notify the SC of any irregularity or breach of the provisions of the Deed, Guidelines and any other matters which in the Trustee's opinions may indicate that the interests of Unit Holders are not served;

(d) Exercise reasonable diligence in carrying out its functions and duties, actively monitoring the operations and management of the Fund by the Manager to safeguard the interests of Unit Holders;

(e) Maintain, or cause the Manager to maintain, proper accounting records and other records as are necessary to enable a complete and accurate view of the Fund to be formed and to ensure that the Fund is operated and managed in accordance with the Deed, prospectus, the Guidelines and securities law; and

(f) Require that the accounts be audited at least annually.

The Trustee has covenanted in the Deed that it will exercise all due diligence and vigilance in carrying out its functions and duties, and in safeguarding the rights and interests of Unit Holders.

Trustee’s responsibility statement The Trustee has given its willingness to assume the position as Trustee of the Fund and all the obligations in accordance with the Deed, all relevant laws and rules of law.

AMBSVPF Prospectus


Trustee’s Declaration The Trustee is independent of the Manager. The Trustee will carry out transactions on an arm’s length basis and on terms which are best available for the Fund, as well as act at all times in the best interest of the Fund’s Unit Holders. The Trustee also has adequate procedures and processes in place to prevent or control conflicts of interest.

Trustee’s obligation The Trustee’s obligation in respect of monies paid by an investor for the application of Units arises when the monies are received in the relevant account of the Trustee for the Fund and the Trustee’s obligation is discharged once it has paid the redemption amount to the Manager. Trustee’s disclosure of material litigation and arbitration As at LPD, CIMB Islamic Trustee Berhad is not engaged in any material litigation and arbitration, including those pending or threatened, and is not aware of any facts likely to give rise to any proceedings which might materially affect the business and/or financial position of the Trustee or any of its delegates. Trustee’s Delegate CIMB Islamic Trustee Berhad has appointed CIMB Islamic Nominees (Tempatan) Sdn Bhd (8424H) as the Trustee’s delegate to perform custodial function. CIMB Islamic Nominees (Tempatan) Sdn Bhd is a wholly owned subsidiary of CIMB Islamic Bank Berhad. Its custodial function includes safekeeping, settlement and corporate action related processing and cash and security reporting, All investments are automatically registered in the name of the Fund. CIMB Islamic Nominees (Tempatan) Sdn Bhd acts only in accordance with instructions from the Trustee.

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10. SALIENT TERMS OF THE DEED

Recipients of this prospectus and all prospective investors in the Units should refer to the Deed to confirm specific information and to obtain a detailed understanding of the Fund. The Deed is available for inspection at the business office of the Manager and the business office of the Trustee. Please be advised that if you invest in Units through a Distribution Channel which adopts the nominee system of ownership, you would not be considered as a Unit Holder under the Deed and you may consequently not have all the rights ordinarily exercisable by a Unit Holder (for example, the right to call for a Unit Holders’ meeting and to vote thereat and the right to have your particulars appearing in the register of Unit Holders of the Fund). The Deed AMBSVPF is a unit trust fund constituted by the Deed, as entered into between the Trustee and AMB. The Deed came into effect on the date of registration by the SC. Each Unit Holder shall be entitled to the benefit of and shall be bound by the terms and conditions of the Deed. Pursuant to the Deed, the Trustee shall take into its custody or control all the assets of the Fund and hold the same in trust for the Unit Holders in accordance with the Deed and all relevant laws. The Deed is governed by, and shall be construed in accordance with, the laws of Malaysia. 10.1 RIGHTS AND LIABILITIES OF UNIT HOLDERS Unit Holders shall, inter alia, have the right to attend and vote at meetings of Unit Holders. However no Unit Holder shall be entitled to require the transfer of him of any investment or other property comprised in the Fund or to interfere with or question the exercise by the Trustee or the Manager on his behalf of the rights of the Trustee as owner of such Fund. The liability of Unit Holders is limited to the purchase price paid for the Units. Unit Holders are not under any obligation to indemnify the Manager and/or the Trustee for liabilities incurred on behalf of the Fund which exceeds the gross asset value of the Fund, and any right of indemnity of the Trustee and/or the Manager shall be limited to recourse to the Fund. 10.2 MAXIMUM FEES AND CHARGES PERMITTED BY THE DEED

Class Annual

management fee (% of NAV)

Annual trustee fee (% of NAV)

Sales charge (% of NAV per

Unit )

Repurchase charge (% of NAV per Unit)

A-MYR 1.50

0.06 5.5 Nil

C-MYR 1.30

B-JPY 1.50

B-SGD 1.50

B-USD 1.50

AMBSVPF Prospectus


10.3 INCREASE IN FEES AND CHARGES FROM THE LEVEL DISCLOSED IN THE PROSPECTUS AND THE MAXIMUM RATE PROVIDED IN THE DEED

The annual management fee and trustee fee shall not exceed the maximum stated in the Deed. The annual management fee and the trustee fee cannot be charged at a rate higher than that disclosed in the prospectus unless the Manager and the Trustee have agreed on a higher rate in accordance with the Deed and all relevant laws and Unit Holders have been notified of the higher rate and the effective date. The sales charge shall not exceed the maximum as set out in the Deed. The Manager may only charge a higher sales charge than that disclosed in the prospectus in accordance with the Deed and all relevant laws. 10.4 PERMITTED EXPENSES PAYABLE OUT OF THE FUND’S PROPERTY Only expenses which are directly related and necessary may be charged to the Fund. These include (but are not limited to) the following: (i) commissions/fees paid to brokers in effecting dealings in the investments of the Fund

shown on the contract notes or confirmations notes; (ii) taxes and other duties charged to the Fund by the government and/or other authorities; (iii) fees and other expenses properly incurred by the auditor and/or tax agent appointed for the

Fund; (iv) costs, fees and expenses incurred for the valuation of any investment of the Fund by

independent valuers for the benefit of the Fund; (v) costs, fees and expenses incurred for any modification of the Deed save where such

modification is for the benefit of the Manager and/or the Trustee; and (vi) costs, fees and expenses incurred for any meetings of Unit Holders save where such meeting

is convened for the benefit of the Manager and/or the Trustee.

The Deed provides that expenses such as overheads, costs for services expected to be provided by the Manager, promotional expenses and expenses incurred in the registering and issuing of the prospectus (unless no sales charge is levied on the Units sold) and the remuneration of any delegate of the Manager, shall not be charged to the Fund. The Trustee shall ensure that all expenses charged to the Fund are legitimate, not excessive and does not go beyond standard commercial rates. 10.5 RETIREMENT, REMOVAL AND REPLACEMENT OF THE MANAGER The Manager may retire from its post and be replaced with some other qualified management company approved by the Trustee after the following conditions under the relevant laws have been satisfied:

AMBSVPF Prospectus


(i) the retiring Manager shall appoint another corporation to be the new manager of the Fund, in writing and under the seal of the retiring Manager. The new manager will be assigned all the rights and duties of the former Manager;

(ii) the newly appointed manager must enter into the Deed; (iii) once the retiring Manager pays all sums due to the Trustee, the retiring Manager shall be

absolved and released from all further obligations hereunder but without prejudice to the rights of the Trustee or any Unit Holder or other person in respect of any act or omission on the part of the retiring manager prior to such retirement and the new management company may and shall thereafter exercise all the powers and enjoy all the rights and shall be subject to all the duties and obligations of the Manager hereunder as fully as though such new management company had been originally a party to the Deed.

The present Manager may be removed in any of the following events: (i) According to the Deed and applicable law, the Manager may be removed by the Trustee as

soon as the Trustee becomes aware that the Manager: (a) has failed or is unable to carry out its duties as required by the Trustee, and for any

other reasons to ensure the interest of the Unit Holders are protected; (b) is in liquidation; (c) is under receivership or has ceased to carry on business; or (d) has failed to comply with any provisions of the Deed, the Act and other relevant laws.

(ii) If a special resolution is passed by the Unit Holders that the Manager be removed. The appointment of the new manager must first be authorised by the SC. Once authorisation is obtained, the new manager will enter into a deed or deeds (on the advice of the Trustee) to ensure that the manager performs its duties as manager during the remainder of the period of the Fund. 10.6 RETIREMENT, REMOVAL AND REPLACEMENT OF THE TRUSTEE The Trustee may retire upon giving 6 months’ notice to the Manager of its desire to do so, or such shorter period as the Manager and the Trustee may agree, and may by Deed appoint in its stead or as an additional trustee a new trustee authorised by the relevant authorities and under any relevant law. Pursuant to section 299(1) of the Act, it is the duty of the Manager to remove the Trustee as soon as it becomes aware that the Trustee: (ii) has ceased to exist; (iii) has not been validly appointed; (iv) is not eligible to be appointed or to act as Trustee under section 290 of the Act; (v) has failed or refused to act as Trustee in accordance with the provisions or covenants of the

Deed or the provisions of the Act; (vi) is under investigation for conduct that contravenes the Trust Companies Act, 1949, the

Trustee Act, 1949, the Companies Act, 1965, or any securities law; or (vii) when a receiver is appointed over the whole or a substantial part of the assets or

undertaking of the existing trustee and has not ceased to act under the appointment or a petition is presented for the winding up of the existing trustee (other than for the purpose

AMBSVPF Prospectus


of and followed by a reconstruction, unless during or following such reconstruction the existing trustee becomes or is declared to be insolvent).

The Trustee may be removed and another trustee (duly authorised as aforesaid) may be appointed by a special resolution of the Unit Holders at a duly convened meeting of which notice has been given to the Trustee and the Manager. The Manager will summon a meeting of the Unit Holders for the purpose of considering and if thought fit, passing a resolution for the removal of the Trustee in the event that the Unit Holders request the Manager to do so, in the manner as stated in the Deed. 10.7 TERMINATION OF THE FUND OR A CLASS OF UNITS OF THE FUND The Fund shall continue until determined by the Trustee under the provisions of the Deed. The Trustee shall as soon as practicable after the determination of the Fund give to each Unit Holder notice of such determination. The Trustee may, inter alia, in any but not limited to the following circumstances determine the Fund: a) if the Manager shall go into liquidation (except a voluntary liquidation for the purpose of

reconstruction or amalgamation upon terms previously approved in writing by SC); or b) if in the opinion of the Trustee, the Manager has ceased to carry on business; or c) if in the opinion of the Trustee, the Manager has failed to comply with the Deed to the

prejudice of the Unit Holders; and shall summon a meeting of Unit Holders in accordance with the provisions of the Deed for the purpose of seeking directions from the Unit Holders. If at any such meeting a special resolution to terminate and wind up the Fund is passed by the Unit Holders, the Trustee shall apply to the court for an order confirming such resolution. The Fund or any Class may be terminated if a special resolution is passed at a meeting of Unit Holders of the Fund or that particular Class to terminate the Class provided always that such termination does not prejudice the interest of Unit Holders of any other Class. 10.8 UNIT HOLDERS’ MEETING The Unit Holders may apply to the Manager to summon a meeting for any purpose. Unless otherwise required by law, the Manager shall, not later than 21 days of receiving an application from not less than 50 or 1/10 in number of all Unit Holders, convene a meeting of the Unit Holders. The Trustee and the Manager may convene a Unit Holders’ meeting in accordance with the Deed for any purpose. The quorum required for a meeting of the Unit Holders shall be five (5) Unit Holders, whether present in person or by proxy, provided always that the quorum for a meeting of the Unit Holders convened for the purpose of voting on a special resolution shall be five (5) Unit Holders, whether present in person or by proxy, who must hold in aggregate at least twenty five per centum (25%)of the Units in Circulation at the time of the meeting except that where such special resolution is only

AMBSVPF Prospectus


in respect of a particular Class of Units, the relevant quorum shall be twenty five per centum (25%) of the Units in Circulation of that Class at the time of the meeting and provided further that if the Fund has five (5) or less Unit Holders, the quorum required for a meeting of the Unit Holders of the Fund shall be two (2) Unit Holders (or of the relevant Class), whether present in person or by proxy provided that if the meeting has been convened for the purpose of: (a) voting on a special resolution, the Unit Holders present in person or by proxy must hold in

aggregate at least 25% of the Units in Circulation at the time of the meeting except that where such special resolution is only in respect of a particular Class, the relevant quorum shall be 25% of the Units in Circulation of that Class at the time of the meeting; and

(b) removing the Manager and/or the Trustee, the Unit Holders present in person or by proxy must hold in aggregate at least 50% of the Units in Circulation at the time of the meeting.

No business shall be transacted at any meeting unless the requisite quorum is present at the commencement of business. Unless otherwise prescribed by law, a Unit Holders’ meeting summoned pursuant to the Deed shall be held not later than two (2) months after the notice was given, at the time and place stipulated in the notice and advertisement. At a meeting of Unit Holders of any Class, every Unit Holder who is present in person or by proxy shall have one (1) vote in a vote taken by show of hands. If voting proceeds by way of a poll, every Unit Holder present in person or by proxy shall have one (1) vote for every Unit held. At a meeting of Unit Holders of the Fund where voting proceeds by way of a poll, the NAV per Unit of each Unit held by a Unit Holder present in person or by proxy shall be determined and converted to the Base Currency as at the date of issue of the notice of meeting (or such other date as may be agreed by the Trustee and the Manager) and the vote of each Unit Holder present in person or by proxy shall be determined by the said value of the Units.

AMBSVPF Prospectus


11. APPROVALS AND CONDITIONS

Exemptions from the Guidelines (i) Shareholders, Directors and Key Personnel Clause 3.05

“A director of a management company should not: (a) hold office as director of more than one management company at any one time; and (b) hold office as member of the investment committee of funds managed and

administered by another management company.”

Exemption from this clause was extended to allow all of the directors of AMB to remain as directors and member of the investment committee of other funds and administered by other management companies. Exemption from Clause 3.05 of the Guidelines has been granted to AMB for the above purpose via a letter dated 23 November 2006.

(ii) Members of Investment Committee Clause 6.04(a) & 6.04(b)

“A member of the investment committee should not hold office as: (a) member of an investment committee of funds managed and administered by another

management company; (b) director of another management company.”

Exemption from clause 6.04(a) & 6.04(b) was granted to the Investment Committee members of the Fund subject to the following conditions by the SC: (1) AMB, ASNB and Pelaburan Hartanah Nasional Berhad (PHNB) remain controlled by the

same ultimate shareholder. (2) Exemption is granted to the following committee members of the Fund:

(i) Exemption from clause 6.04(a) of the Guidelines was extended to allow:

(c) Tun Ahmad Sarji bin Abdul Hamid; and (d) Tan Sri Dato’ Md. Desa bin Pachi; to remain as investment committee members of funds managed by ASNB.

(ii) Exemption from clause 6.04(b) of the Guidelines was extended to allow:

(a) Tun Ahmad Sarji bin Abdul Hamid to remain as director of ASNB and PHNB; and

(b) Tan Sri Dato’ Dr. Wan Mohd. Zahid bin Mohd. Noordin and Tan Sri Dato’ Md. Desa bin Pachi to remain as directors of ASNB.

(3) There must be clear disclosure in the prospectus of the Fund on the abovementioned

Investment Committee members’ appointment as members of the investment committee of funds operated by ASNB as well as their directorships at ASNB and PHNB, as proposed.

AMBSVPF Prospectus


12. RELATED PARTY TRANSACTIONS/CONFLICT OF INTEREST Conflict of interest AMB and its holding company, ASNB are both unit trust management companies managing unit trust funds. In relation to the above: (i) The following directors of AMB are also directors of ASNB:

• Tun Ahmad Sarji bin Abdul Hamid; • Tan Sri Dato’ Sri Hamad Kama Piah bin Che Othman; • Tan Sri Dato’ Dr. Wan Mohd. Zahid bin Mohd. Noordin; and • Tan Sri Dato’ Md. Desa bin Pachi.

(ii) The following investment committee members of all the unit trust funds managed by AMB are

also investment committee members for the following unit trust funds managed by ASNB: • Tun Ahmad Sarji bin Abdul Hamid for all unit trust funds managed by ASNB except for

Amanah Saham Wawasan 2020; and • Tan Sri Dato’ Md Desa bin Pachi for all unit trust funds managed by ASNB except for Amanah

Saham Wawasan 2020. Previously, the appointment of the investment committee members for all the other unit trust funds managed by ASNB and AMB had been authorised by the SC. Policies on dealing with conflict of interest situations The Manager has in place policies and procedures to deal with any conflict of interest situations. In making an investment transaction for the Fund, the EIM will not make improper use of its position in managing the Fund to gain, directly or indirectly, any advantage or to cause detriment to the interests of Unit Holders. As at LPD, to the best of the Manager’s knowledge, there has been no occurrence of conflict of interest involving the Manager. Where a conflict or potential conflict of interest is identified, this must be evaluated by the Senior Compliance Officer and disclosed to the Chief Executive Officer (CEO) of the Manager for the next course of action. Conflict of interest situations involving the CEO will be disclosed to the board of directors of the Manager for a decision on the next course of action. Directors or staff who are in advisory positions such as portfolio managers or staff who have access to information on transactions are not allowed to engage in dealings on their own account. Investment Committee members who hold substantial shareholdings or directorships in public companies shall refrain from any decision making if the Fund invest in the particular share or stocks of such companies. Details of AMB’s directors’ direct and indirect interest in other corporations carrying on a similar business As at the LPD, AMB’s directors do not have any direct or indirect interest in other corporations carrying on a similar business save for Tun Ahmad Sarji bin Abdul Hamid and Tan Sri Dato’ Sri Hamad Kama Piah bin Che Othman who each hold one (1) subscriber share in PHNB but have no beneficial interest in the same.

AMBSVPF Prospectus


Details of AMB’s substantial shareholders’ direct and indirect interest in other corporations carrying on a similar business As at the LPD, ASNB, the holding company of AMB does not have any direct or indirect interest in other corporations carrying on a similar business. Statement of conflict of interest of experts The Manager is not aware of any existing or potential conflicts of interest involving the solicitors save and except that Messrs Zainal Abidin & Co are also panel solicitors for PNB and ASNB. The Manager is not aware of any existing or potential conflicts of interest involving the tax advisors. Related party transactions/conflict of interest in relation to the Trustee As Trustee for the Fund, there may be related party transaction involving or in connection with the Fund in the following events: 1) Where the Fund invests in instruments offered by the related party of the Trustee (e.g

placement of monies, structured products, etc); 2) Where the Fund is being distributed by an IUTA which is a related party of the Trustee; 3) Where the assets of the Fund are being custodised by the related party of the Trustee both as

sub-custodian and/or global custodian of the Fund; and 4) Where the Fund obtains financing as permitted under the Guidelines, from the related party of

the Trustee. The Trustee has in place policies and procedures to deal with conflict of interest, if any. The Trustee will not make improper use of its position as the owner of the Fund's assets to gain, directly or indirectly, any advantage or cause detriment to the interests of Unit Holders. Any related party transaction is to be made on terms which are best available to the Fund and which are not less favourable to the Fund than an arms-length transaction between independent parties. Subject to the above and any local regulations, the Trustee and/or its related group of companies may deal with each other, the Fund or any Unit Holder or enter into any contract or transaction with each other, the Fund or any Unit Holder or retain for its own benefit any profits or benefits derived from any such contract or transaction or act in the same or similar capacity in relation to any other scheme.

AMBSVPF Prospectus


13. TAXATION OF THE FUND

Taxation adviser’s letter in respect of the taxation of the unit trust and the Unit Holders

(prepared for inclusion in this first prospectus) Ernst & Young Tax Consultants Sdn Bhd 26 February 2015 Level 23A Menara Milenium Pusat Bandar Damansara 50490 Kuala Lumpur

The Board of Directors Amanah Mutual Berhad 34th Floor, Menara PNB 201-A, Jalan Tun Razak 50400 Kuala Lumpur

Dear Sirs Taxation of the unit trust and unit holders

This letter has been prepared for inclusion in this first prospectus in connection with the offer of units in the unit trust known as AMB Shariah Value Plus Fund (hereinafter referred to as “the Fund”).

The purpose of this letter is to provide prospective unit holders with an overview of the impact of taxation on the Fund and the unit holders.

Taxation of the Fund The taxation of the Fund is subject to the provisions of the Malaysian Income Tax Act 1967 (“MITA”), particularly Sections 61 and 63B.

Under Section 2(7) of the MITA, any reference to interest shall apply, mutatis mutandis, to gains or profits received and expenses incurred, in lieu of interest, in transactions conducted in accordance with the principles of Syariah.

The effect of this is that any gains or profits received (hereinafter referred to as “profits”) and expenses incurred, in lieu of interest, in transactions conducted in accordance with the principles of Syariah, will be accorded the same tax treatment as if they were interest.

Subject to certain exemptions, the income of the Fund comprising profits and other investment income derived from or accruing in Malaysia after deducting tax allowable expenses, is subject to Malaysian income tax, which is currently imposed at the rate of 25%1.

1 In the 2014 Budget announcement, it was proposed that this income tax rate be reduced to 24% with

effect from the year of assessment 2016. This proposal has yet to be legislated.

AMBSVPF Prospectus


Tax allowable expenses would comprise expenses falling under Section 33(1) and Section 63B of the MITA. Section 33(1) permits a deduction for expenses that are wholly and exclusively incurred in the production of gross income. In addition, Section 63B allows unit trusts a deduction for a portion of other expenses (referred to as ‘permitted expenses’) not directly related to the production of income, as explained below. “Permitted expenses” refer to the following expenses incurred by the Fund which are not deductible under Section 33(1) of the MITA:

the manager's remuneration,

maintenance of the register of unit holders,

share registration expenses,

secretarial, audit and accounting fees, telephone charges, printing and stationery costs and postage.

These expenses are given a partial deduction under Section 63B of the MITA, based on the following formula:

A x B 4C where A is the total of the permitted expenses incurred for that basis period;

B is gross income consisting of dividend2, interest and rent chargeable to tax for that basis period; and

C is the aggregate of the gross income consisting of dividend2 and interest (whether

such dividend or interest is exempt or not) and rent, and gains made from the realisation of investments (whether chargeable to tax or not) for that basis period,

provided that the amount of deduction to be made shall not be less than 10% of the total permitted expenses incurred for that basis period. Exempt income The following income of the Fund is exempt from income tax:

Malaysian sourced dividends

Tax exempt dividends received from investments in companies which had previously enjoyed or are currently enjoying certain tax incentives provided under the relevant legislation.

2 Pursuant to Section 15 of the Finance Act 2011, with effect from the year of assessment 2011, dividend

income is deemed to include income distributed by a unit trust which includes distributions from Real Estate Investment Trusts.

AMBSVPF Prospectus


Any dividends paid, credited or distributed to any person where the company paying such dividends is not entitled to deduct tax under Section 108 of the MITA (commonly referred to as single tier dividends).

Malaysian sourced interest (profits)

(i) interest from securities or bonds issued or guaranteed by the Government of Malaysia;

(ii) interest from debentures or Islamic securities, (other than convertible loan stock) approved by the Securities Commission;

(iii) interest from Bon Simpanan Malaysia issued by Bank Negara Malaysia;

(iv) interest derived from Malaysia and paid or credited by banks or financial institutions licensed under the Banking and Financial Institutions Act 1989 or the Islamic Banking Act 19833;

(v) interest from Islamic securities originating from Malaysia, other than convertible loan stock issued in any currency other than Ringgit and approved by the Securities Commission or the Labuan Offshore Financial Services Authority (LOFSA)4

(vi) interest received from bonds or securities issued by Pengurusan Danaharta Nasional Berhad; and

(vii) interest derived from bonds (other than convertible loan stock) paid or credited by any company listed on the Malaysian Exchange of Securities Dealing and Automated Quotation Berhad (MESDAQ)5.

Discount

Tax exemption is given on discount paid or credited to any unit trust in respect of investments as specified in items (i), (ii) and (iii) above.

3 The Banking and Financial Institutions Act 1989 and the Islamic Banking Act 1983 were repealed and

replaced with the Financial Services Act 2013 and the Islamic Financial Services Act 2013, respectively, with effect from 30 June 2013. Pursuant to Section 272(h) of the Financial Services Act 2013 and Section 283(h) of the Islamic Financial Services Act 2013, any reference to the Banking and Financial Institutions Act 1989 and the Islamic Banking Act 1983 in any written law shall generally be construed as a reference to the Financial Services Act 2013 or the Islamic Financial Services Act 2013, respectively.

4 Pursuant to Section 4 of the Finance Act 2011, with effect from 11 February 2010, ‘LOFSA’ refers to Labuan Financial Services Authority (LFSA).

5 MESDAQ was replaced by FTSE Bursa Malaysia ACE with effect from 3 August 2009, therefore any interest derived from bonds (other than convertible loan stock) paid or credited by any company listed on the MESDAQ should still qualify for an exemption up to 2 August 2009. However, from 3 August 2009 and up to the date of this letter, there is no new gazette order issued to exempt interest derived from bonds paid or credited by a company listed in the new FTSE Bursa Malaysia ACE.

AMBSVPF Prospectus


Foreign sourced income

Dividends, profits and other income derived from sources outside Malaysia and received in Malaysia by a resident unit trust is exempt from Malaysian income tax. However, such income may be subject to tax in the country from which it is derived.

Gains from the realisation of investments

Pursuant to Section 61(1) (b) of the MITA, gains from the realisation of investments will not be treated as income of the Fund and hence, are not subject to income tax. Such gains may be subject to real property gains tax ("RPGT") under the Real Property Gains Tax Act 1976 (“RPGT Act”), if the gains are derived from the sale of chargeable assets, as defined in the RPGT Act. Goods and Services Tax (“GST”)

It was announced in the Malaysian Budget 2014 that GST will be implemented on 1 April 2015 at the rate of 6% to replace the existing sales tax and services tax. Based on the GST Act 2014, the Fund, being collective investment scheme vehicles, will be making exempt supplies. Hence, they are not required to be registered for GST purposes. However, the Fund will incur expenses such as management fees, trustee fees and other administrative charges which will be subjected to 6% GST. The 6% input tax incurred on such expenses will not be claimable by the Fund. Taxation of unit holders

For Malaysian income tax purposes, unit holders will be taxed on their share of the distributions received from the Fund. The income of unit holders from their investment in the Fund broadly falls under the following categories: 1. taxable distributions; and

2. non-taxable and exempt distributions. In addition, unit holders may also realise a gain from the sale of units. The tax implications of each of the above categories are explained below: 1. Taxable distributions

Distributions received from the Fund will have to be grossed up to take into account the underlying tax paid by the Fund and the unit holder will be taxed on the grossed up amount.

Such distributions carry a tax credit, which will be available for set-off against any Malaysian income tax payable by the unit holder. Should the tax deducted at source exceed the tax liability of the unit holder, the excess is refundable to the unit holder.

AMBSVPF Prospectus


Please refer to the paragraph below for the income tax rates applicable to the grossed up distributions.

2. Non-taxable and exempt distributions

Tax exempt distributions made out of gains from the realisation of investments and other exempt income earned by the Fund will not be subject to Malaysian income tax in the hands of the unit holders.

Rates of tax The Malaysian income tax chargeable on the unit holders depends on their tax residence status and whether they are individuals, corporations or trust bodies. The relevant income tax rates are as follows:

Unit holders Malaysian income tax rates

Malaysian tax resident:

Individual and non-corporate unit holders (such as associations and societies)

Co-operatives6

Trust bodies

Progressive tax rates ranging from 0% to 26%7

Progressive tax rates ranging from 0% to 25%8

25%1

6 Pursuant to Paragraph 12(1), Schedule 6 of the MITA, the income of any co-operative society— (a) in respect of a period of five years commencing from the date of registration of such co-operative

society; and (b) thereafter where the members’ funds *as defined in Paragraph 12(2)+ of such co-operative society as

at the first day of the basis period for the year of assessment is less than seven hundred and fifty thousand ringgit

is exempt from tax. 7 In the 2014 Malaysian Budget announcement, it was proposed that the top Malaysian income tax rate for

resident individuals be reduced from 26% to 25%, with effect from the year of assessment 2015. This proposal has yet to be legislated.

8 In the 2014 Malaysian Budget announcement, it was proposed that the top Malaysian income tax rate for co-operatives be reduced from 25% to 24%, with effect from the year of assessment 2015. This proposal has yet to be legislated.

AMBSVPF Prospectus


Unit holders Malaysian income tax rates

Corporate unit holders (i) A company with paid up capital in

respect of ordinary shares of not more than RM2.5 million (at the beginning of the basis period for the year of assessment)9

(ii) Companies other than (i) above

For every first RM500,000 of chargeable income @ 20%10

Chargeable income in excess of RM500,000 @ 25%10

25%1

Non-Malaysian tax resident (Note):

Individual and non-corporate unit holders

Corporate unit holders and trust bodies

26%11

25%1

Note: Non-resident unit holders may be subject to tax in their respective countries depending on the provisions of the tax legislation in the respective countries and any existing double taxation arrangements with Malaysia.

Gains from sale of units Gains arising from the realisation of investments will not be subject to income tax in the hands of unit holders unless they are insurance companies, financial institutions or traders/ dealers in securities.

9 A company would not be eligible for the 20% tax rate on the first RM500,000 of chargeable income if:- (a) more than 50% of the paid up capital in respect of the ordinary shares of the company is directly or

indirectly owned by a related company which has paid up capital in respect of ordinary shares of more than RM2.5 million at the beginning of a basis period for a year of assessment;

(b) the company owns directly or indirectly more than 50% of the paid up capital in respect of the ordinary shares of a related company which has paid up capital in respect of ordinary shares of more than RM2.5 million at the beginning of a basis period for a year of assessment;

(c) more than 50% of the paid up capital in respect of the ordinary shares of the company and a related company which has a paid up capital in respect of ordinary shares of more than RM2.5 million at the beginning of a basis period for a year of assessment is directly or indirectly owned by another company.

10 In the 2014 Malaysian Budget announcement, it was proposed that the income tax rate be reduced to 19% on chargeable income up to RM500,000 and 24% on the remaining chargeable income, with effect from the year of assessment 2016. This proposal has yet to be legislated.

11 In the 2014 Malaysian Budget announcement, it was proposed that the income tax rate for non-resident individuals be reduced from 26% to 25%, with effect from the year of assessment 2015. This proposal has yet to be legislated.

AMBSVPF Prospectus


Unit splits and reinvestment of distributions Unit holders may also receive new units as a result of unit splits or may choose to reinvest their distributions. The income tax implications of these are as follows:

Unit splits – new units issued by the Fund pursuant to a unit split will not be subject to income tax in the hands of the unit holders.

Reinvestment of distributions – unit holders may choose to reinvest their income distribution in new units by informing the Manager. In this event, the unit holder will be deemed to have received the distribution and reinvested it with the Fund.

**********************************************

We hereby confirm that, as at the date of this letter, the statements made in this report correctly reflect our understanding of the tax position under current Malaysian tax legislation and the related interpretation and practice thereof, all of which are subject to change, possibly on a retrospective basis. We have not been retained (unless specifically instructed hereafter), nor are we obligated to monitor or update the statements for future conditions that may affect these statements. The statements made in this letter are not intended to be a complete analysis of the tax consequences relating to an investor in the Fund. As the particular circumstances of each investor may differ, we recommend that investors obtain independent advice on the tax issues associated with an investment in the Fund. Yours faithfully Ernst & Young Tax Consultants Sdn Bhd Farah Rosley Partner Ernst & Young Tax Consultants Sdn Bhd has given its consent to the inclusion of the Taxation Adviser's Letter in the form and context in which it appears in this Prospectus and has not withdrawn such consent before the date of issue of this Prospectus.

AMBSVPF Prospectus


14. ADDITIONAL INFORMATION

14.1 CUSTOMER INFORMATION SERVICE You can seek assistance on any issue relating to the Fund on Business Days by contacting: • AMB Client Services Unit: +603-2034 0800 from 9.00 a.m. to 6.00 p.m. • Distribution Channels from 9.00 a.m. to 4.30 p.m. Alternatively, you may also: • Email at [email protected] • Visit AMB’s website at www.ambmutual.com.my Unit price Unit Holders can also view the NAV per Unit on our website. The Manager has taken necessary procedures to ensure accuracy of information of pricing sent to Bernama and the respective newspapers. 14.2 REGULAR REPORTS AND STATEMENTS ON YOUR INVESTMENT There are three (3) main types of information that you will receive about your investment. You should read these documents carefully. 1. Transaction statement

When you make an investment in the Fund, you will receive a copy of the application form showing details of the amount you have invested in the Fund. The Manager will subsequently forward a transaction statement to confirm the number of Units you have invested in the Fund within 14 days from the receipt of the completed application by the Manager. Similarly for any other transactions you make in the Fund, you will receive a copy of the transaction statement within 14 days showing details of the transaction be it repurchase, switching or transfer of Units.

2. Interim and annual reports AMB publishes strategies and performance of the Fund twice a year in interim and annual reports and distributes to Unit Holders such reports within two (2) months from the end of the half-year and financial year of the Fund respectively. AMB shall submit the interim report and lodge the annual report with the SC.

3. Interim and annual investment statement The Manager will forward to the Unit Holders the interim and annual investment statement showing all transactions performed and balance of the Units within two (2) months from the end of the half year and financial year of the Fund respectively.

AMBSVPF Prospectus


14.3 REGISTER OF UNIT HOLDERS The principal register of Unit Holders will be kept at the business office of the Manager and will be available for inspection by Unit Holders from 9.00 a.m. to 6.00 p.m., on Business Days. 14.4 ANTI-MONEY LAUNDERING POLICY In complying with the Anti Money Laundering and Anti-Terrorism Financing Act 2001, the Board of the Directors of AMB has approved the following policies and procedures to be administered by AMB: (a) Screening of transactions equal and above the threshold level from time to time in any of the

Funds; (b) Conducting review on the transactions equal and above the threshold level; (c) Reporting of the suspicious transaction to Bank Negara Malaysia by the designated reporting

officer. 14.5 MATERIAL CONTRACTS Save as disclosed below, there are no other material contracts (including contracts not reduced into writing), not being contracts entered into in the ordinary course of business, which have been entered into that relates to the Fund within two (2) years preceding the date of this prospectus: (a) The Deed dated 17 April 2015, constituting AMBSVPF, entered into between AMB and the

Trustee, for the benefit of the Unit Holders. (b) The Investment Management Agreement dated 17 April 2015, in relation to AMBSVPF setting

out the terms and conditions upon which the EIM has been appointed and has agreed to act as the EIM of AMBSVPF entered into between AMB and the EIM.

AMBSVPF Prospectus


15. CONSENTS

The consents of the Trustee, the principal banker, the solicitors, the EIM, the auditor and the tax advisor for the inclusion of their names in the form and context in which such names appear in this prospectus have been given before the issue of this prospectus and have not been subsequently withdrawn. The consent of the tax advisor for the inclusion of their tax advisor’s letter in the form and context in which it appears in this prospectus has been given before the issue of this prospectus and has not been subsequently withdrawn.

16. DOCUMENTS AVAILABLE FOR INSPECTION

For a period of at least 12 months from the date of issuance of this prospectus, copies of the following documents (where applicable) may be inspected at the business office of the Manager without charge: - (i) The Deed; (ii) Each material contract disclosed in this prospectus; (iii) The audited financial statements of the Fund for the current financial year (where

applicable) and for the last three (3) financial years or if the Fund has been established/incorporated for a period of less than three years, the entire period preceding the date of this prospectus;

(iv) All reports, letters or other documents, valuations and statements by any expert, any part of which is extracted or referred to in this prospectus;

(v) Writ and relevant cause papers for all current material litigation and arbitration disclosed in this prospectus; and

(vi) All consents given by experts in this prospectus.

17. DISTRIBUTION CHANNELS

MALAYAN BANKING BERHAD 1st Floor Menara Maybank 100 Jalan Tun Perak 50 050 Kuala Lumpur Maybank Group Call Centre:1-300-88-6688 Email : [email protected] Website : www.maybank2u.com

AMANAH SAHAM NASIONAL BERHAD Jabatan Perhubungan Pelanggan & Ejen UG Balai PNB 201-A Jalan Tun Razak 50400 Kuala Lumpur Hotline : 03-2057 3000 / 03-20573111 Fax : 03-2050 5220 Email : [email protected] Website : www.asnb.com.my

Any other appointed Distribution Channels from time to time.

mailto:[email protected]

http://www.asnb.com.my/