Income and Growth Fund

Smart Investment Choice for Constant Capital Growth

Fund Factsheet 28 February 2017

Fund Inception : 6 June 2006

Financial Year : 30 April

Unit In Circulation : 1,093.21 Million

Unit NAV : RM 0.2221

Fund Category : Equity Fund

Initial Sales Charge : Up to 5.50% of NAV per unit (not inclusive of GST)

Annual Management Fee : 1.50% of NAV

Benchmark : 70% of FBM KLCI + 30% of MSCI Asia Pacific ex-Japan Index

Asset Allocation : Min. 70% Max. 99.80% in equities

: Max. 20% in listed REITs

: Min. 0.20% Max. 30% in fixed income and cash

(Up to 30% may be invested in Asian ex-Japan markets)

3 Years Growth Total Return from 28 February 2014 to 28 February 2017

Source : Lipper(G) - Equity Malaysia Diversified

Cumulative Total Return Asset Allocation as at 28 February 2017

Fund (%) Rank % of

YTD (1 January 2017 - 28 February 2017) 2.30 Equities portfolio

1 - Month (31 January 2017 - 28 February 2017) 1.79 Quoted Equity Securities

6 - Month (31 August 2016 - 28 February 2017) 2.35 Consumer 15.55

1 - Year (29 February 2016 - 28 February 2017) 9.03 8 / 14 Finance 17.58

3 - Year (28 February 2014 - 28 February 2017) 18.75 2 / 13 Foreign Investment 26.18

5 - Year (29 February 2012 - 28 February 2017) 53.80 3 / 12 Industrial 5.59

10 - Year (28 February 2007 - 28 February 2017) 184.00 2 / 11 Infrastructure/IPC 5.28

Source : Lipper(G) - Equity ASEAN Oil & Gas 3.88

Properties 6.97

Trading/services 8.79

Plantations 0.92

High/Low Unit NAV (RM) Total 90.75

High Low Collective Investment Schemes

6 - Month (31 August 2016 - 28 February 2017) 0.2223 0.2105 Foreign REITs 0.00

1 - Year (29 February 2016 - 28 February 2017) 0.2426 0.2047 REITs 2.57

3 - Year (28 February 2014 - 28 February 2017) 0.2876 0.2047 Total 2.57

5 - Year (29 February 2012 - 28 February 2017) 0.3024 0.2047 Grand total 93.32

10 - Year (28 February 2007 - 28 February 2017) 0.3652 0.2047

Price as at 28 February 2017 RM 0.2221

Top 10 Largest Holdings in Equity Country

1) MALAYAN BANKING BERHAD MALAYSIA

Income Distribution 2) SIME DARBY BERHAD MALAYSIA

Net (sen per unit) Yield (%) 3) CIMB GROUP HOLDINGS BERHAD MALAYSIA

2013 3.95 15.83 4) TENAGA NASIONAL BERHAD MALAYSIA

2014 2.98 11.42 5) IGB CORPORATION BERHAD MALAYSIA

2015 3.50 13.57 6) BURSA MALAYSIA BERHAD MALAYSIA

2016 3.40 13.78 7) CHINA MOBILE LIMITED CHINA

Source : Lipper for Investment Management 8) TELEKOMUNIKASI INDONESIA TBK INDONESIA

9) NESTLE (MALAYSIA) BERHAD MALAYSIA

10) GENTING PLANTATIONS BERHAD MALAYSIA

Email: ambcare@pnb.com.my Website: www.ambmutual.com.my

34th Floor Menara PNB, 201-A Jalan Tun Razak, 50400 Kuala Lumpur. Tel: +603-2034 0800 Fax: +603 2163 3212

INVESTMENT COMMITTEE MEMBERS

INVESTORS' PROFILE

FUND DETAILS AS AT 28 FEBRUARY 2017

PERFORMANCE RECORD

• Tan Sri Abdul Wahid bin Omar (Chairman)• Dato' Abdul Rahman bin Ahmad• Dato' Noorizah binti Hj Abd Hamid• Puan Norlin binti Samad

The fund's objective is to provide investors with a regular income streamand to attain *medium to **long-term capital appreciation through investingin high (and potential high) dividend yielding equities (including foreignequities).*(medium term - a period between 3 to 5 years)

**(long term - a period of more than 5 years)

This fund is suitable for investors who:-

are conservative and prefers receiving regular and steady income in the form of distribution.

have a moderate risk appetite.

Based on the fund's portfolio returns as at 15 February 2017, the Volatility Factor (VF) for this fund is 5.4 and its Volatility Class (VC) is classified as "Low" (source: Lipper). "Low" includes funds with VF that are between 1.8 to 6.0 (source:Lipper). The VF means there is a possibility for the fund in generating an upside return or downside return around this VF. The VC is assigned by Lipper based on quintile ranks of VF for qualified funds. VF is subject to monthly revision and VCwill be revised every six months. The fund's portfolio may have changed and there is no guarantee that the fund will continue to have the same VF or VC in the future. Presently, only funds launched in the market for at least 36 months willdisplay the VF and its VC.

Investors are advised to read and understand the contents of the Master Prospectus for Conventional Funds dated 17 September 2016, and the Product Highlight Sheet (PHS) before investing. The Prospectus has been registered and lodgedwith the Securities Commission Malaysia. Among others, investor should consider the fees and charges involved. The price of units and distributions payable, if any, may go down as well as up. Past performances of the fund should not be takenas indicative of its future performance. Where a distribution is declared, investors are advised that following the distribution, the NAV per unit will be reduced from cum-distribution NAV to ex-distribution NAV. Investments in the fund isexposed to equity specific risk,credit and default risk, interest rate risk, currency risk and country risk . Units will only be issued on receipt of an application form referred to and accompanying the Prospectus which can be obtained at AmanahMutual Berhad and any distribution channels as mentioned in the Prospectus.

26%

67%

7%

Foreign Equities Investment

Local Equities Investment

Cash & cash equivalent

Asset Allocation as at 28 February 2017

Page 1 of 2

Income and Growth FundSmart Investment Choice for Constant Capital GrowthFund Review as at 28 February 2017

3- Year 5-Year Lipper Total Return 5 5Lipper Consistent Return 5 5Lipper Preservation Return 5 5

Email: ambcare@pnb.com.my Website: www.ambmutual.com.my

34th Floor Menara PNB, 201-A Jalan Tun Razak, 50400 Kuala Lumpur. Tel: +603-2034 0800 Fax: +603 2163 3212

INVESTORS' PROFILE

REVIEW

RATING

The fund's objective is to provide investors with a regular income streamand to attain *medium to **long-term capital appreciation through investingin high (and potential high) dividend yielding equities (including foreignequities).*(medium term - a period between 3 to 5 years)**(long term - a period of more than 5 years)

Investors are advised to read and understand the contents of the Master Prospectus for Conventional Funds dated 17 September 2016, and the Product Highlight Sheet (PHS) before investing. TheProspectus has been registered and lodged with the Securities Commission Malaysia. Among others, investor should consider the fees and charges involved. The price of units and distributionspayable, if any, may go down as well as up. Past performances of the fund should not be taken as indicative of its future performance. Where a distribution is declared, investors are advised thatfollowing the distribution, the NAV per unit will be reduced from cum-distribution NAV to ex-distribution NAV. Investments in the fund is exposed to equity specific risk,credit and defaultrisk, interest rate risk, currency risk and country risk. Units will only be issued on receipt of an application form referred to and accompanying the Prospectus which can be obtained at AmanahMutual Berhad and any distribution channels as mentioned in the Prospectus.

Page 2 of 2

This fund is suitable for investors who:-are conservative and prefers receiving regular and steady income in the form of distribution.have a moderate risk appetite.

Market Outlook

Positive momentum was carried through to February with Kuala Lumpur Composite Index (KLCI) gaining 1.3% for the month. Generally, market was in positivemood focusing on improving global growth. The Purchasing Managers Index (PMI) and industrial production data displayed positive trends. Key index movers werebanking and gaming stocks.

There were 2 major factors which led to positive market performance. Firstly, we observed strong foreign inflows of more than RM1 billion since the beginning of theyear. This compares favourably against our Association of Southeast Asia Nation (ASEAN) peers. Foreign funds are beginning to appreciate the resiliency of oureconomy and believe Ringgit is cheap after major depreciation last year. Secondly, Corporate Malaysia reported strong set of results for fourth quarter of 2016. Thisled to consensus raising forecasts for 60% of the companies covered. Following latest earnings revision, street is projecting 6-8% growth this year. This bodes wellafter 3 years of earnings contraction since 2014. Similarly in the regional markets, the results season has been surprising on the upside leading to positive earningsrevision. Economic data released has also surprised on the upside. The combination of better economic data and earnings has resulted in markets moving higher tocatch up the revised earnings expectations.

Investment Strategy

We remain sanguine on market due to solid earnings momentum. However, we are mindful of market valuation after recent run up. Right now, we will maintain highequity exposure in view of strong foreign inflows. Key risk to our view is rising interest rates but we think market will accept this as long as the hike is gradual andglobal growth is supportive. Key events to watch are European elections which may have implications on European Union (EU).

Overall, we continue to favour restructuring plays dominated by Permodalan Nasional Berhad (PNB). These companies are deeply undervalued trading at deepdiscount to book value. We are also well positioned for recovery in commodity prices. We also seek to play increased market activities through Bursa Malaysia.Within the regional markets, we are positive on the Hong Kong/China markets given their lower valuations. Economic data is surprising on the upside and earningsare being revised upwards, and this is leading to their outperformance year to date. Leading indicators like excavator sales, heavy duty truck sales and PMIs aresuggesting that the economic momentum is continuing. As investor positioning is low in those markets, we believe that the market can continue to outperform.

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