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RHB EMERGING OPPORTUNITY UNIT TRUST

INTERIM REPORT 2017

Incorporating The Unaudited Financial Statements

For the six months financial period ended 30 September 2017

RHB Asset Management Sdn Bhd (174588-X)

Head OfficeLevel 8, Tower 2 & 3, RHB Centre Jalan Tun Razak50400 Kuala Lumpur, Malaysia

Tel : +603 9205 8000

Fax : +603 9205 8100

www.rhbgroup.com

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GENERAL INFORMATION ABOUT THE FUND

Commencement Date

RHB Emerging Opportunity Unit Trust (“the Fund”) commenced operations on 18 May 2004.

Fund Category and Type

Fund Category - Equity fundFund Type - Aggressive growth fund

Investment Objective, Policy and Strategy

Objective of the Fund

The Fund aims to achieve superior long term* capital appreciation through investments in companies with high growth potential.

* Note: “long term” in this context refers to a period of between 5 – 7 years.

Strategy

The asset allocation of the Fund will be as follows:-

95% - 98% of Net Asset Value

- Investments in securities of companies with market capitalisation of not more than RM1.50 billion.

2% - 5% ofNet Asset Value

- Investments in liquid assets including bonds, money market instruments and deposits with financial institutions.

The above asset allocation is only indicative and will be reviewed from time to time depending on economic and market conditions.

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Investment Philosophy

Our investment philosophy describes the approach that the investment team will adhere to when constructing an equity or fixed income portfolio. The portfolio managers invest in well-managed companies with strong balance sheets that possess competitive advantages that should enable them to outperform their peers over economic cycles. The portfolio managers are active investors that make high conviction security selection decisions, but at the same time do not take unnecessary or excessive risks nor take speculative positions. The portfolio managers seek to outperform their peers and beat their benchmark by buying mispriced or cheap securities. Following our disciplined sell strategy, they would then exit positions when our target price is reached. Concurrently, the portfolio managers understand the Fund’s risk profile and act within the Fund’s mandate.

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Investment Approach

Whenever the Fund invests in equities and/ or fixed income securities, the Manager’s investment approach will evolve around the following principles:-

Equities

Fixed Income Securities

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Investment Approach


Equities


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Investment Approach


Equities


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Performance Benchmark

The performance of the Fund is benchmarked against the FBM Small Cap Index.

Investment Policies and Restrictions

This Fund may invest in securities traded on Bursa Malaysia or any other market considered as an Eligible Market, securities not listed in or traded under the rules of an Eligible Market (“Unlisted Securities”), collective investments schemes, financial derivatives, structured products, liquid assets (including money market instruments and deposits with any financial institutions), participate in the lending of securities and any other investments permitted by the Securities Commission from time to time.

Fund Distribution Policy

Consistent with the Fund’s objective to achieve capital growth, distributions will therefore be of secondary importance. Distributions, if any, after deduction of taxation and expenses are generally declared annually and will be reinvested.

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MANAGER’S REPORT

MARKET REVIEW

In the second quarter of year 2017, the FTSE Bursa Small Cap Index (“FBMSC”) in April 2017 increased by +3.4% on the month-on-month (“MoM”) basis to end at 17,661.72 points. The FBMSC continued its positive momentum in tandem with the strength of the Malaysian Ringgit and increasing fund inflows into the Asian region. In May 2017, the FBMSC declined by -2.35% on the MoM basis amidst better than expected first quarter of year 2017 Gross Domestic Product (“GDP”) growth of +5.6% Year-on-Year (“YoY”) and lower oil prices. However, towards the end of second quarter, in June 2017, the FBMSC increased by +1.14% MoM basis.

The FBMSC decreased by -0.97% MoM in the month of July 2017 due to lack of news flow and macro data. In August 2017, the FBMSC continued to decline by -3.05%, due to concerns over external issue like the geopolitical tensions in the Korean peninsula and uninspiring August 2017 domestic results season, despite the strong domestic second quarter of year 2017 GDP growth of 5.8% (first quarter of year 2017:5.6%). However, towards the end of the September, the FBMSC managed to increase by +1.22% MoM to end at 16,950.99 points.

ECONOMIC REVIEW

On the local economic front, July 2017 trade surplus narrows despite export surge – In Malaysian Ringgit (“MYR”) terms, July 2017 exports accelerated more than expected to 30.9% YoY (consensus: 23.00%, June 2017: 10.00%), while imports rose more than anticipated to 21.8% (consensus: 11.30%, June 2017: 3.70%). Official estimates show that exports rebounded by 8.70% MoM (June 2017: -9.20%) and imports by 7.70% (June2017: -14.40%) These bring July 2017 levels for exports and imports 4.80% and 0.10%above second quarter of year 2017 levels. Consequently, trade surplus narrowed to RM8.03 billion (consensus: 8 billion, June 2017: 9.89 billion). Broad-based sequential rise in exports led by Electrics & Electronics (“E&E) and petroleum products, with imports led by consumption and capital goods. During the Monetary Policy Committee (“MPC) meeting, the committee maintains Overnight Policy Rate (“OPR”) at 3.00% as widely expected, incrementally more positive on global growth — The MPC sounded a tad more confident on “synchronized” global growth, adding that growth is becoming “more entrenched”, and momentum expected to be “sustained”. As compared to July 2017,commodity prices and financial market conditions were removed from the list of risk factors. MPC noted that the earlier emerging risks from “positive” spillovers from exports into domestic demand were now likely to be “stronger”. Private consumption is now expected to be supported by an improvement in “wages and overall labour market conditions” (vs “wages and employment” in July 2017), which also implies the MPC’s optimism over a more broad-based recovery in the labour market. Meanwhile, investment

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is expected to be supported by “sustained capital investment by firms” (vs “stronger capacity expansion” in July 2017). Overall, the MPC expects in year 2017 growth to be“stronger than earlier expected”. July 2017 Industrial Production (“IP”) rose more than expected by 6.10% YoY (Consensus: 5.10%, June 2017: 4.00%). Official seasonally adjusted data show a 1.40% MoM seasonally adjusted (“SA”) increase (June 2017: 1.90%), with July 2017 levels 2.90% above second quarter of year 2017. Within manufacturing, all major categories expanded sequentially, with most pronounced gains seen in food & beverages and motor vehicles. Although mining fell by 2.20% MoM SA, it is still up by 3.30% against second quarter of year 2017, reflecting the impact of a technical pullback from elevated levels in June 2017. Meanwhile the sharp pick up in electricity production could be a sign of the ongoing broad based recovery. Lastly, August 2017 headline CPI picks up to 3.7% YoY, (Consensus: 3.40%, May 2017: 3.20%), but core moderates to 2.4% – Firmer August CPI was led by pump price related pick-up in transport Consumer Price Index (“CPI”) (August 2017: 11.70%; July 2017: 7.70%). Most of the other components were slightly firmer, offsetting the sharp moderation in recreation & culture. Sequentially, CPI rebounded by 0.90% MoM SA (July 2017: -0.10%), the first expansion in six months. In contrast to rising headline, official core CPI moderated to 2.40% (July 2017: 2.60%, June 2017: 2.50%). Going forward, with RON 95 prices in the first three weeks of September 2017 averaging 3.50% higher than in August 2017, headline inflation could rise further to 4.30% in September 2017. Assuming relatively stable pump prices for the rest of the year, headline could stay above 4.00% till October2017, moderating to 3.00% – 3.50% in November 2017 - December 2017, such that full year average headline CPI inflation remains at near the upper bound of Bank Negara Malaysia (“BNM”)’s 3.00% – 4.00% forecast.

MARKET OUTLOOK & STRATEGY

The underlying economic growth around the world has been solid. The major economies has been experiencing synchronise growth, like the United States (“US”), European Union(“EU”) Japan, and even China’s growth has been robust despite the focus on generating more quality growth going forward. Global central bankers have articulated intention for more tighter tightening bias, but not in an autopilot mode, but will be dependent on economic data for any actions. Geopolitical tension in Korean Peninsular will dent short term sentiment, but global accommodative policies remains in place to support global growth going forward.

Domestically, Malaysia’s GDP has been on the positive path and on track to achieve better growth than its last two years. As for corporate earnings, despite the recent uninspiring quarter result season, they were on track to achieve their first year of positive earnings growth after two years of negative growth. Strong domestic liquidity and an impending general election would continue to be supportive of the equity market. In addition, the coming Budget 2018 may be interesting to watch as we expect the government will have some positive goodies to stimulate the economy and lessen the burden of the people.

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Concurrently, with the accommodative monetary and fiscal policies, this will help to improve corporate earnings and consumer sentiment. In addition, the stabilisation of the Malaysian Ringgit, improving corporate earnings and valuations, and growing interest from foreign investors will continue to provide catalysts for the equity market.

In terms of strategy, stock selections have become more important in the current market condition. We will continue to focus in value investing. Some of the factors that we look for in companies includes long term earnings visibility, derived from unique product.

REVIEW OF FUND PERFORMANCE AND STRATEGY DURING THE PERIOD

For the six months ended 30 September 2017, the Fund’s total return was at 1.87%, outperformed its benchmark return of -0.76% over the same period. The Fund's outperformance was due to strength in the underlying equity holdings. The Fund has achieved its investment objective during the period under review.

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PERFORMANCE REVIEW

For the financial period under review, the Fund registered a gain of 1.87%* in net asset value term, while the benchmark, EOUT Index recorded a loss of 0.76%*. The Fund has met its objective during the period under review.

*Source: Lipper Investment Management (“Lipper IM”), 12 October 2017

PERFORMANCE DATA

Total Return1-Month

31.08.2017-30.09.2017

%

3-Month30.06.2017-30.09.2017

%

6-Month31.03.2017-30.09.2017

%RHB Emerging Opportunity Unit Trust 1.79 (0.13) 1.87

EOUT Index*** 1.22 (2.83) (0.76)

Average Annual Return1 Year

30.09.2016-30.09.2017

%

3 Years30.09.2014-30.09.2017

%

5 Years30.09.2012-30.09.2017

%

10 Years30.09.2007-30.09.2017

%RHB Emerging Opportunity

Unit Trust 7.03 (0.95) 8.86 8.04

EOUT Index *** 10.11 (3.16) 7.61 3.31

Annual Total ReturnsYear ended 31 March

2017%

2016%

2015%

2014%

2013%

RHB Emerging Opportunity Unit Trust

- Capital Return (10.11) (15.86) 0.83 15.21 13.96- Income Return 11.85 20.25 - 9.99 9.51- Total Returns 0.54 1.18 0.83 26.72 24.80

EOUT Index*** 9.42 (4.15) (4.88) 41.21 (1.93)

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Performance of RHB Emerging Opportunity Unit Trustfor the period from 30 September 2007 to 30 September 2017

Cumulative Return Over The Period (%)

Source: Lipper IM, 12 October 2017

The abovementioned performance figures are indicative returns based on daily Net Asset Value of a unit (as per Lipper Database) since inception.

The calculation of the above returns is based on computation methods of Lipper.

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Performance of RHB Emerging Opportunity Unit Trustfor the period from 30 September 2007 to 30 September 2017

Cumulative Return Over The Period (%)

Source: Lipper IM, 12 October 2017

The abovementioned performance figures are indicative returns based on daily Net Asset Value of a unit (as per Lipper Database) since inception.

The calculation of the above returns is based on computation methods of Lipper.

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*** Following the cessation of the KLSE Second Board Index in the year 2007, the Fund’s composite benchmark (EOUT Index) was replaced with the FBM Second Board Index and the Fund’s composite benchmark performance has been adjusted to reflect the new benchmark.

On 3 August 2009, Bursa Malaysia Securities Berhad (BMSB) implemented a new framework which combined the Second Board with the Main Board to form a new unified board, the “Main Market”. Consequently, the Manager changed the Fund’s component benchmark to the FBM Small Cap Index to best reflect the Fund’s underlying investments.

Accordingly, a combination of benchmark/ composite benchmark has been used for the performance computation as follows:

From Since Launch – October 2007 70% KLSE Second Board Index + 30% FBM EMAS Index

November 2007 – July 2009 70% FBM Second Board + 30% FBM EMAS Index

August 2009 onwards FBM Small Cap Index

Note : Past performance is not necessarily indicative of future performance and unit prices and investment returns may go down, as well as up.

The abovementioned performance computations have been adjusted to reflect distribution payments and unit splits wherever applicable.

Fund SizeAs at As at 31 March

30.09.2017 2017 2016 2015Net Asset Value (RM million) 43.39 36.04* 40.01* 49.91Units In Circulation (million) 72.55 61.38* 61.26* 64.27Net Asset Value Per Unit (RM) 0.5981 0.5871* 0.6531* 0.7766

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01.04.2017- Year Ended 31 MarchHistorical Data 30.09.2017 2017 2016 2015Unit PricesNAV - Highest (RM) 0.6104 0.6773* 0.7887* 0.8527 - Lowest (RM) 0.5790 0.5817* 0.6150* 0.6833

Distribution and Unit SplitGross Distribution Per Unit (sen) - 6.9000 7.0000 -Net Distribution Per Unit (sen) - 6.9000 7.0000 -Ex Date - 22 March 2017 15 April 2015 -NAV before distribution (cum) - 0.6526 0.7884 -NAV after distribution (ex) - 0.5826 0.7225 -

Gross Distribution Per Unit (sen) - - 6.2900 -Net Distribution Per Unit (sen) - - 6.2900 -Ex Date - - 28 March

2016 -

NAV before distribution (cum) - - 0.7137 -NAV after distribution (ex) - - 0.6494 -

Unit Split - - - -

OthersManagement Expense Ratio

(MER) (%) # 0.87 1.73 1.72 1.63Portfolio Turnover Ratio (times)

(PTR) ## 0.51 0.34 1.17 0.90

* The figures quoted are ex-distribution

# The MER for the financial period was higher compared with previous financial period due to higher expenses incurred during the financial period under review (refer to Note 12).

## The PTR for the financial period was higher compared with previous financial period due to increase in transactional activities during the financial period under review(refer to Note 13).

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DISTRIBUTION

For the financial period under review, no distribution has been proposed by the Fund.

PORTFOLIO STRUCTURE AS AT 30 SEPTEMBER 2017

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The asset allocations of the Fund as at reporting date was as follows:

SectorsAs at

30.09.2017As at 31 March

2017 2016 2015Equities % % % %Construction 6.34 1.17 - -Consumer Products 19.58 25.79 26.71 13.85Finance 0.90 3.85 3.51 2.86Industrial Products 20.12 17.59 21.19 15.39Infrastructure Project Companies - - - 4.03Plantation 3.40 5.09 5.75 6.16Properties 5.71 3.41 1.06 11.83Technology 10.24 1.34 1.09 3.82Trading/Services 23.52 32.75 35.52 34.94TSR & Warrants 0.47 - - -

90.28 90.99 94.83 92.88

Real Estate Investment Trust (REITs) 4.81 1.70 - 1.73

Liquid assets and other net current assets 4.91 7.31 5.17 5.39

100.00 100.00 100.00 100.00

The asset allocation was reflective of the Fund’s investment strategy.

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FUND SIZE AND PROFILE OF UNIT HOLDINGS BY SIZE

As at 30 September 2017, the Fund’s units in circulation stood at 72.55 million units with a total of 1,563 accounts.

Account Holders No. Of Units Held*Size of Holdings No. % (‘000) %5,000 and below 367 23.48 845 1.175,001 to 10,000 304 19.45 2,237 3.0910,001 to 50,000 652 41.72 15,440 21.3150,001 to 500,000 229 14.65 24,515 33.84500,001 and above 11 0.70 29,415 40.59Total 1,563 100.00 72,452 100.00

* Excluding Manager’s stock

REBATES AND SOFT COMMISSION

Dealings on investments of the Fund through brokers or dealers will be on terms which are best available for the Fund. Any rebates from brokers or dealers will be directed to the account of the Fund.

The Fund Manager may only receive soft commission in the form of research and advisory services that assist in the decision-making process relating to the Fund’s investments.

During the financial period under review, the Manager did not receive or utilise any soft commission from brokers/dealers in consideration for directing dealings in the investment of the Fund. However, in the event the Manager were to receive any soft commission in the future, these will only be retained by the Manager if they are in the form of goods and services which are of demonstrable benefit to the unitholders.

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RHB EMERGING OPPORTUNITY UNIT TRUSTUNAUDITED STATEMENT OF FINANCIAL POSITIONAS AT 30 SEPTEMBER 2017

Note 30.09.2017 31.03.2017RM RM

ASSETSFinancial assets at fair value through profit

or loss (“FVTPL”) 5 41,255,384 33,407,064Amount due from Manager 159 714,352Deposits with a licensed financial

institution 6 2,079,362 1,137,684Bank balances 6 194,331 663,923Dividends receivable 100,214 175,451TOTAL ASSETS 43,629,450 36,098,474

LIABILITIESAmount due to stockbroker 167,642 -Amount due to Manager 5,952 -Accrued management fee 56,524 46,775Amount due to Trustee 2,261 1,871Other payables and accruals 7 11,175 13,800TOTAL LIABILITIES 243,554 62,446

NET ASSET VALUE 43,385,896 36,036,028

UNITHOLDERS’ FUNDSUnitholders’ capital 37,808,592 31,602,189Retained earnings 5,577,304 4,433,839

43,385,896 36,036,028

UNITS IN CIRCULATION (UNITS) 8 72,545,000 61,382,000

NET ASSET VALUE PER UNIT (EX-DISTRIBUTION*) (RM) 0.5981 0.5871*

The accompanying notes are an integral part of the financial statements.

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RHB EMERGING OPPORTUNITY UNIT TRUSTUNAUDITED STATEMENT OF FINANCIAL POSITIONAS AT 30 SEPTEMBER 2017

Note 30.09.2017 31.03.2017RM RM

ASSETSFinancial assets at fair value through profit

or loss (“FVTPL”) 5 41,255,384 33,407,064Amount due from Manager 159 714,352Deposits with a licensed financial

institution 6 2,079,362 1,137,684Bank balances 6 194,331 663,923Dividends receivable 100,214 175,451TOTAL ASSETS 43,629,450 36,098,474

LIABILITIESAmount due to stockbroker 167,642 -Amount due to Manager 5,952 -Accrued management fee 56,524 46,775Amount due to Trustee 2,261 1,871Other payables and accruals 7 11,175 13,800TOTAL LIABILITIES 243,554 62,446

NET ASSET VALUE 43,385,896 36,036,028

UNITHOLDERS’ FUNDSUnitholders’ capital 37,808,592 31,602,189Retained earnings 5,577,304 4,433,839

43,385,896 36,036,028

UNITS IN CIRCULATION (UNITS) 8 72,545,000 61,382,000

NET ASSET VALUE PER UNIT (EX-DISTRIBUTION*) (RM) 0.5981 0.5871*


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RHB EMERGING OPPORTUNITY UNIT TRUSTUNAUDITED STATEMENT OF COMPREHENSIVE INCOMEFOR THE SIX MONTHS FINANCIAL PERIOD ENDED 30 SEPTEMBER 2017

Note01.04.2017-30.09.2017

01.04.2016-30.09.2016

RM RMINVESTMENT INCOME/(LOSS)Dividend income 393,814 747,929Interest income 47,317 14,020Net gain/(loss) on financial assets at fair

value through profit or loss (“FVTPL”) 5 1,257,602 (2,013,266)Net gain on foreign currency exchange 1,902 -

1,700,635 (1,251,317)

EXPENSESManagement fee 9 (342,667) (290,435)Trustee’s fee 10 (13,707) (11,617)Audit fee (2,425) (2,750)Tax agent’s fee (1,600) (1,600)Transaction costs (154,504) (16,972)Other expenses (35,598) (25,320)

(550,501) (348,694)

Profit/(loss) before taxation 1,150,134 (1,600,011)Taxation 11 (6,669) (4,610)Profit/(loss) after taxation and total

comprehensive income/(loss) for the financial period 1,143,465 (1,604,621)

Profit/(loss) after tax is made up as follows: Realised amount (713,214) 408,403

Unrealised amount 1,856,679 (2,013,024)1,143,465 (1,604,621)


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RHB EMERGING OPPORTUNITY UNIT TRUSTUNAUDITED STATEMENT OF COMPREHENSIVE INCOMEFOR THE SIX MONTHS FINANCIAL PERIOD ENDED 30 SEPTEMBER 2017

Note01.04.2017-30.09.2017

01.04.2016-30.09.2016

RM RMINVESTMENT INCOME/(LOSS)Dividend income 393,814 747,929Interest income 47,317 14,020Net gain/(loss) on financial assets at fair

value through profit or loss (“FVTPL”) 5 1,257,602 (2,013,266)Net gain on foreign currency exchange 1,902 -

1,700,635 (1,251,317)

EXPENSESManagement fee 9 (342,667) (290,435)Trustee’s fee 10 (13,707) (11,617)Audit fee (2,425) (2,750)Tax agent’s fee (1,600) (1,600)Transaction costs (154,504) (16,972)Other expenses (35,598) (25,320)

(550,501) (348,694)

Profit/(loss) before taxation 1,150,134 (1,600,011)Taxation 11 (6,669) (4,610)Profit/(loss) after taxation and total

comprehensive income/(loss) for the financial period 1,143,465 (1,604,621)

Profit/(loss) after tax is made up as follows: Realised amount (713,214) 408,403

Unrealised amount 1,856,679 (2,013,024)1,143,465 (1,604,621)


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RHB EMERGING OPPORTUNITY UNIT TRUSTUNAUDITED STATEMENT OF CHANGES IN NET ASSET VALUEFOR THE SIX MONTHS FINANCIAL PERIOD ENDED 30 SEPTEMBER 2017

Unitholders’ capital

Retained earnings

Total netasset value

RM RM RMBalance as at 1 April 2016 31,970,078 8,042,863 40,012,941Total comprehensive loss for the

period - (1,604,621) (1,604,621)Creation of units arising from

applications 771,417 - 771,417Cancellation of units (4,602,990) - (4,602,990)Balance as at 30 September 2016 28,138,505 6,438,242 34,576,747

Balance as at 1 April 2017 31,602,189 4,433,839 36,036,028Total comprehensive income for the

period - 1,143,465 1,143,465Creation of units arising from

applications 27,579,102 - 27,579,102Cancellation of units (21,372,699) - (21,372,699)Balance as at 30 September 2017 37,808,592 5,577,304 43,385,896


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RHB EMERGING OPPORTUNITY UNIT TRUSTUNAUDITED STATEMENT OF CHANGES IN NET ASSET VALUEFOR THE SIX MONTHS FINANCIAL PERIOD ENDED 30 SEPTEMBER 2017

Unitholders’ capital

Retained earnings

Total netasset value

RM RM RMBalance as at 1 April 2016 31,970,078 8,042,863 40,012,941Total comprehensive loss for the

period - (1,604,621) (1,604,621)Creation of units arising from

applications 771,417 - 771,417Cancellation of units (4,602,990) - (4,602,990)Balance as at 30 September 2016 28,138,505 6,438,242 34,576,747

Balance as at 1 April 2017 31,602,189 4,433,839 36,036,028Total comprehensive income for the

period - 1,143,465 1,143,465Creation of units arising from

applications 27,579,102 - 27,579,102Cancellation of units (21,372,699) - (21,372,699)Balance as at 30 September 2017 37,808,592 5,577,304 43,385,896


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RHB EMERGING OPPORTUNITY UNIT TRUSTUNAUDITED STATEMENT OF CASH FLOWS FOR THE SIX MONTHS FINANCIAL PERIOD ENDED 30 SEPTEMBER 2017

01.04.2017-30.09.2017

01.04.2016-30.09.2016

RM RMCASH FLOWS FROM OPERATING

ACTIVITIESProceeds from sale of investments 19,882,395 8,339,610Purchase of investments (26,455,601) (5,589,999)Dividends received 462,340 683,349Interest received 47,317 14,028Management’s fee paid (332,918) (296,956)Trustee’s fee paid (13,317) (11,878)Auditors’ remuneration paid (5,850) -Payment for other fees and expenses (36,398) (6,095)Net cash (used in)/generated from operating

activities (6,452,032) 3,132,059

CASH FLOWS FROM FINANCING ACTIVITIES

Cash proceeds from units created 28,293,295 1,150,247Payment for cancellation of units (21,366,747) (4,496,196)Net cash generated from/(used in) financing

activities 6,926,548 (3,345,949)

Net increase/(decrease) in cash and cash equivalents 474,516 (213,890)

Foreign currency translation differences (2,430) -Cash and cash equivalents at the beginning of the

financial period 1,801,607 1,650,560Cash and cash equivalents at the end of the

financial period 2,273,693 1,436,670

Cash and cash equivalents comprise: Deposits with a licensed financial institution 2,079,362 1,090,982 Bank balances 194,331 345,688

2,273,693 1,436,670


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RHB EMERGING OPPORTUNITY UNIT TRUSTUNAUDITED STATEMENT OF CASH FLOWS FOR THE SIX MONTHS FINANCIAL PERIOD ENDED 30 SEPTEMBER 2017

01.04.2017-30.09.2017

01.04.2016-30.09.2016

RM RMCASH FLOWS FROM OPERATING

ACTIVITIESProceeds from sale of investments 19,882,395 8,339,610Purchase of investments (26,455,601) (5,589,999)Dividends received 462,340 683,349Interest received 47,317 14,028Management’s fee paid (332,918) (296,956)Trustee’s fee paid (13,317) (11,878)Auditors’ remuneration paid (5,850) -Payment for other fees and expenses (36,398) (6,095)Net cash (used in)/generated from operating

activities (6,452,032) 3,132,059

CASH FLOWS FROM FINANCING ACTIVITIES

Cash proceeds from units created 28,293,295 1,150,247Payment for cancellation of units (21,366,747) (4,496,196)Net cash generated from/(used in) financing

activities 6,926,548 (3,345,949)

Net increase/(decrease) in cash and cash equivalents 474,516 (213,890)

Foreign currency translation differences (2,430) -Cash and cash equivalents at the beginning of the

financial period 1,801,607 1,650,560Cash and cash equivalents at the end of the

financial period 2,273,693 1,436,670

Cash and cash equivalents comprise: Deposits with a licensed financial institution 2,079,362 1,090,982 Bank balances 194,331 345,688

2,273,693 1,436,670


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RHB EMERGING OPPORTUNITY UNIT TRUSTNOTES TO THE UNAUDITED FINANCIAL STATEMENTSFOR THE SIX MONTHS FINANCIAL PERIOD ENDED 30 SEPTEMBER 2017

1. THE FUND, THE MANAGER AND THEIR PRINCIPAL ACTIVITIES

The RHB Emerging Opportunity Unit Trust (hereinafter referred to as “the Fund”) was constituted pursuant to the execution of a Master Deed dated 27 April 2004 and as modified by its First Supplemental Master Deeds dated 8 June 2004, Second SupplementalDeed dated 19 October 2005, Third Supplemental Deed dated 8 December 2005, Fourth Supplemental Deed dated 28 February 2006, Fifth Supplemental Deed dated 9 March 2006, Sixth Supplemental Deed dated 22 September 2006, Seventh Supplemental Deed dated 15 December 2006, Eighth Supplemental Deed dated 30 January 2007, Ninth Supplemental Deed dated 9 April 2007, Tenth Supplemental Deed dated 14 May 2007,Eleventh Supplemental Deed dated 15 May 2007, Twelfth Supplemental Deed dated 27 June 2007, Thirteenth Supplemental Deed dated 24 December 2007, Fourteenth Supplemental Deed dated 28 February 2013, Fifteenth Supplemental Deed dated 4 September 2013, Sixteenth Supplemental Deed dated 2 March 2015, SeventeenthSupplemental Deed dated 8 May 2015 and Eighteenth Supplemental Deed dated 25 May 2015 (hereinafter referred to as “the Deeds”) between RHB Asset Management Sdn Bhd (“the Manager”) and HSBC (Malaysia) Trustee Berhad (“the Trustee”).

The Fund commenced operations on 18 May 2004 and will continue its operations until terminated according to the conditions provided in the Deed.

The principal activity of the Fund is to invest in Permitted Investments as defined underthe Deed.

The main objective of the Fund is to achieve superior long term capital appreciation through investments in companies with high growth potential.

All investments will be subject to the Securities Commission’s (“SC”) Guidelines on Unit Trust Funds, SC requirements, the Deeds, except where exemptions or variations have been approved by the SC, internal policies and procedures and objective of the Fund.

The Managers is a company incorporated in Malaysia and is a wholly-owned subsidiary of RHB Investment Bank Berhad, effective from 6 January 2003. Its principal activities include rendering of investment management services, management of unit trust funds and private retirement schemes and provision of investment advisory services.

These financial statements were authorised for issue by the Manager on 20 November 2017.

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2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

2.1 Basis of preparation of the financial statements

The financial statements have been prepared under the historical cost convention, as modified by financial assets and financial liabilities (including derivative instruments) at fair value through profit or loss, except as disclosed in the summary of significant accounting policies, and in accordance with Malaysian Financial Reporting Standards (“MFRS”) and International Financial Reporting Standards (“IFRS”).

The preparation of financial statements in conformity with MFRS and IFRS requires the use of certain critical accounting estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reported period. It also requires the Manager to exercise their judgement in the process of applying the Fund’s accounting policies. Although these estimates and judgement are based on the Manager’s best knowledge of current events and actions, actual results may differ.

(a) The Fund has applied the following amendments for the first time for the financial period beginning on 1 April 2017:

Amendments to MFRS 107 “Statement of Cash Flows – Disclosure Initiative” (effective from 1 January 2017) introduce an additional disclosure on changes in liabilities arising from financing activities.

The adoption of these amendments did not have any impact on the current period or any prior period and is not likely to affect future period.

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2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)

2.1 Basis of preparation of the financial statements (continued)

(b) The new standards and amendments to published standards which are relevant to the Fund but not yet effective and have not been early adopted are as follows:

(i) Financial period beginning on/after 1 April 2018

MFRS 15 “Revenue from Contracts with Customers” (effective from 1 January 2018) replaces MFRS 118 “Revenue” and MFRS 111 “Construction Contracts” and related interpretations. The standard deals with revenue recognition and establishes principles for reporting useful information to users of financial statements about the nature, amount, timing and uncertainty of revenue and cash flows arising from an entity’s contracts with customers.

Revenue is recognised when a customer obtains control of a good or service and thus has the ability to direct the use and obtain the benefits from the good or service. The core principle in MFRS 15 is that an entity recognises revenue to depict the transfer of promised goods or services to the customer in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services.

MFRS 9 “Financial Instruments” (effective from 1 January 2018) will replace MFRS 139 “Financial Instruments: Recognition and Measurement”.

MFRS 9 retains but simplifies the mixed measurement model in MFRS 139 and establishes three primary measurement categories for financial assets: amortised cost, fair value through profit or loss and fair value through other comprehensive income (“OCI”). The basis of classification depends on the entity’s business model and the cash flow characteristics of the financial asset. Investments in equity instruments are always measured at fair value through profit or loss with an irrevocable option at inception to present changes in fair value in OCI (provided the instrument is not held for trading). A debt instrument is measured at amortised cost only if the entity is holding it to collect contractual cash flows and the cash flows represent principal and interest.

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2.1 Basis of preparation of the financial statements (continued)

(b) The new standards and amendments to published standards which are relevant to the Fund but not yet effective and have not been early adopted are as follows: (continued)

(i) Financial period beginning on/after 1 April 2018

For liabilities, the standard retains most of the MFRS 139 requirements. These include amortised cost accounting for most financial liabilities, with bifurcation of embedded derivatives. The main change is that, in cases where the fair value option is taken for financial liabilities, the part of a fair value change due to an entity’s own credit risk is recorded in other comprehensive income rather than the profit or loss, unless this creates an accounting mismatch.

MFRS 9 introduces an expected credit loss model on impairment that replaces the incurred loss impairment model used in MFRS 139. The expected credit loss model is forward-looking and eliminates the need for a trigger event to have occurred before credit losses are recognised.

The above standards and amendments to published standards are not expected to have a significant impact on the Fund’s financial statements.

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2.2 Financial assets

Classification

Financial assets are designated as fair value through profit or loss when they are managed and their performance evaluated on a fair value basis.

The Fund designates its investments in quoted investments as financial assets at fair value through profit or loss at inception.

Loans and receivables are non-derivative financial assets with fixed or determinable payments that are not quoted in an active market and have been included in current assets. The Fund’s loans and receivables comprise cash and cash equivalents, amount due from Manager and dividends receivable which are all due within 12 months.

Recognition and measurement

Regular purchases and sales of financial assets are recognised on the trade date, the date on which the Fund commits to purchase or sell the asset. Financial assets at fair value through profit or loss are initially recognised at fair value. Subsequent to initial recognition, financial assets at fair value through profit or loss are measured at fair value.

Transaction costs are costs incurred to acquire or dispose financial assets or liabilities at fair value through profit or loss. They include fees and commissions paid to agents, advisors, brokers and dealers. Transaction costs, when incurred, are immediately recognised in profit or loss as expenses.

Financial assets are derecognised when the rights to receive cash flows from theinvestments have expired or have been transferred and the Fund has transferred substantially all risks and rewards of ownership.

Unrealised gains or losses arising from changes in the fair value of the financial assets at fair value through profit or loss, including the effects of currency translation, are presented in the statement of comprehensive income within net gain or loss on financial assets at fair value through profit or loss in the period which they arise.

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2.2 Financial assets (continued)

Recognition and measurement (continued)

Quoted investments are initially recognised at fair value and subsequently re-measured at fair value based on the market price quoted on the relevant stock exchanges at the close of the business on the valuation day, where the close price falls within the bid-ask spread. In circumstances where the close price is not within the bid-ask spread, the Manager will determine the point within the bid-ask spread that is most representative of the fair value.

If a valuation based on the market price does not represent the fair value of the securities, for example during abnormal market conditions or when no market price is 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, then the securities are valued as determined in good faith by the Manager, based on the methods or bases approved by the Trustee after appropriate technical consultation.

Deposit with a licensed financial institution is stated at cost plus accrued interest calculated on the effective interest method over the period from the date of placement to the date of maturity of the respective deposits, which is reasonable estimate of fair value due to the short-term nature of the deposits.

Loans and receivables are subsequently carried at amortised cost using the effectiveinterest method.

Impairment of financial assets

For assets carried at amortised cost, the Fund assesses at the end of the reporting period whether there is objective evidence that a financial asset or group of financial assets is impaired. A financial asset or a group of financial assets is impaired and impairment losses are incurred only if there is objective evidence of impairment as a result of one or more events that occurred after the initial recognition of the asset (a ‘loss event’) and that loss event (or events) has an impact on the estimated future cash flows of the financial asset or group of financial assets that can be reliably estimated.

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2.2 Financial assets (continued)

Impairment of financial assets (continued)

The amount of the loss is measured as the difference between the asset’s carrying amount and the present value of estimated future cash flows (excluding future credit losses that have not been incurred) discounted at the financial asset’s original effective interest rate. The asset’s carrying amount of the asset is reduced and the amount of the loss is recognised in the statement of comprehensive income. If ‘loans and receivables’ has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract. As a practical expedient, the Fund may measure impairment on the basis of an instrument’s fair value using an observable market price.

If, in a subsequent period, the amount of the impairment loss decreases and the decrease can be related objectively to an event occurring after the impairment was recognised (such as an improvement in the debtor’s credit rating), the reversal of the previously recognised impairment loss is recognised in profit or loss. When an asset is uncollectible, it is written off against the related allowance account. Such assets are written off after all the necessary procedures have been completed and the amount of the loss has been determined.

2.3 Financial liabilities

Financial liabilities are classified according to the substance of the contractual arrangements entered into and the definitions of a financial liability.

Financial liabilities, within the scope of MFRS 139, are recognised in the statement of financial position when, and only when, the Fund becomes a party to the contractual provisions of the financial instrument.

The Fund’s financial liabilities which include amount due to stockbroker, amount due to Manager, accrued management fee, amount due to Trustee and other payables and accruals are recognised initially at fair value plus directly attributable transaction costs and subsequently measured at amortised cost using the effective interest method.

A financial liability is de-recognised when the obligation under the liability is extinguished. Gains and losses are recognised in the profit or loss when the liabilities are de-recognised, and through the amortisation process.

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2.4 Unitholder’s capital

The unitholders’ contributions to the Fund meet the criteria to be classified as equity instruments under MFRS 132 “Financial Instruments: Presentation”. Those criteria include:

the units entitle the holder to a proportionate share of the Fund’s net assets value; the units are the most subordinated class and class features are identical; there is no contractual obligations to deliver cash or another financial asset other than

the obligation on the Fund to repurchase; and the total expected cash flows from the units over its life are based substantially on the

profit or loss of the Fund.

The outstanding units are carried at the redemption amount that is payable at each financial period if unitholder exercises the right to put the unit back to the Fund.

Units are created and cancelled at prices based on the Fund’s net asset value per unit at the time of creation or cancellation. The Fund’s net asset value per unit is calculated by dividing the net assets attributable to unitholders with the total number of outstanding units.

2.5 Income recognition

Dividend income from unquoted investments is recognised when the Fund’s right to receive payment is established.

Interest income from deposits with licensed financial institutions is recognised on an accrual basis using the effective interest method.

Realised gain or loss on sale of quoted investments is arrived at after accounting for cost of investments, determined on the weighted average cost method.

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2.6 Taxation

Current tax expense is determined according to Malaysian tax laws and includes all taxes based upon the taxable income earned during the financial period.

Tax on dividend income from foreign quoted investments is based on the tax regime of the respective countries that the Fund invests in.

2.7 Cash and cash equivalents

For the purpose of the statement of cash flows, cash and cash equivalents comprise bank balances and deposits with a licensed financial institution which are subject to an insignificant risk of changes in value.

2.8 Amount due from/to stockbrokers

Amounts due from/to stockbrokers represent receivables for securities sold and payables for securities purchased that have been contracted for but not yet settled or delivered on the date of the statement of financial position respectively.

These amounts are recognised initially at fair value and subsequently measured at amortised cost using the effective interest method, less impairment for amounts due from stockbrokers. The Fund’s policies on impairment of financial assets are stated in Note 2.2.

2.9 Presentation and functional currency

Items included in the financial statements of the Fund are measured using the currency of the primary economic environment in which the Fund operates (the “functional currency”). The financial statements are presented in Ringgit Malaysia, which is the Fund’s presentation and functional currency.

2.10 Foreign currency translation

Foreign currency transactions in the Fund are accounted for at exchange rates prevailing at the transaction dates. Foreign currency monetary assets and liabilities are translated at exchange rates prevailing at the reporting date. Exchange differences arising from the settlement of foreign currency transactions and from the translation of foreign currency monetary assets and liabilities are recognised in statement of comprehensive income.

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2.11 Segmental information

Operating segments are reported in a manner consistent with the internal reporting used by the chief operating decision-maker. The operating results are regularly reviewed by the Manager and the Investment Committee. The Investment Committee assumes the role of chief operating decision maker, for performance assessment purposes and to make decisions about resources allocated to the investment segment based on the recommendation by the Investment & Security Selection Committee.

3. FINANCIAL RISK MANAGEMENT OBJECTIVES AND POLICIES

Financial risk management is carried out through internal control processes adopted by the Manager and adherence to the investment restrictions as stipulated in the Securities Commission Malaysia Guidelines on Unit Trust Funds.

(a) Management risk

Poor management of the Fund may jeopardise the investment of each unitholder. Therefore, it is important for the Manager to set the investment policies and appropriate strategies to be in line with the investment objective before any investment activities can be considered. However, there can be no guarantee that these measures will produce the desired results.

(b) Stock market risk

The value of the Fund’s investments is subject to the fluctuations of the markets it invests in and the performance of those investments. The risk is managed through portfolio diversification whereby investments are diversified in a portfolio of securities from different market sectors. The risk is also managed via asset allocation whereby the equity exposure will be reduced in the event of an anticipated weakness in the stock market.

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3. FINANCIAL RISK MANAGEMENT OBJECTIVES AND POLICIES (CONTINUED)

(c) Price risk

Price risk is the risk that the fair value of an investment of the Fund will fluctuate because of changes in market prices (other than those arising from interest rate risk).

The Fund’s overall exposure to price risk was as follows:

30.09.2017 31.03.2017RM RM

Financial assets at fair value through profit or loss:- Quoted investments 41,255,384 33,407,064

The table below summarises the sensitivity of the Fund’s profit or loss and net asset valueto movements in prices of investments. The analysis is based on the assumption that the price of the investments fluctuates by 5% with all other variables held constant.

Changes in price of

investments Market value

Impact onprofit or loss

andnet asset value

% RM RM30.09.2017

-5 39,192,615 (2,062,769)0 41,255,384 -

+5 43,318,153 2,062,769

31.03.2017-5 31,736,711 (1,670,353)0 33,407,064 -

+5 35,077,417 1,670,353

(d) Interest rate risk

Interest rate risk is the risk that the value of the Fund’s investments and its return will fluctuate because of changes in market interest rates.

Interest rate is a general economic indicator that will have an impact on the management of the Fund. The Fund’s exposure to the interest rate risk is mainly confined to short term placements with financial institutions. The Manager overcomes the exposure by way of maintaining deposits on short term basis.

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(e) Currency risk

Currency risk is associated with financial instruments that are priced in foreign currency denomination. Malaysian based investor should be aware that if the Ringgit Malaysia appreciates against the currencies in which the portfolio of the investment is denominated, this will have an adverse effect on the net asset value of the Fund and vice versa. Investors should note any gains or losses arising from the movement of foreign currencies against its home currency may therefore increase/decrease the capital gains of the financial instruments. Nevertheless, investors should realise that currency risk is considered as one of the major risks to financial instruments in foreign assets due to the volatile nature of the foreign exchange market.

The Manager or its fund management delegate could utilise two pronged approaches in order to mitigate the currency risk; firstly by spreading the investments across different currencies (i.e. diversification) and secondly, by hedging the currencies when it deemed necessary.

The following table sets out the foreign currency risk concentrations of the Fund:

Financial assetsat fair value

throughprofit or loss

Cash and cash equivalents Total

RM RM RM30.09.2017SGD 1,475,048 168,921 1,643,969KRW - 6 6THB 1,709,100 - 1,709,100

3,184,148 168,927 3,353,075

31.03.2017SGD 2,851,084 422,702 3,273,786HKD - 3 3KRW - 7 7IDR 640,596 - 640,596THB 1,718,777 - 1,718,777

5,210,457 422,712 5,633,169

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(e) Currency risk (continued)

The table below summarises the sensitivity of the Fund's profit or loss and net asset valueto changes in foreign exchange movements at the end of each financial period. The analysis is based on the assumption that the foreign exchange rate fluctuates by 5%, with all other variables remain constants. This represents management's best estimate of a reasonable possible shift in the foreign exchange rate, having regard to historical volatility of this rate. Disclosures below are shown in absolute terms, changes and impacts could be positive or negative.

Change in foreign

exchange rate

Impact on profit or loss and

net asset value30.09.2017 31.03.2017

% RM RM

SGDIDRTHB

555

82,198-

85,455

163,68932,03085,939

167,653 281,658

(f) Credit risk

Credit risk refers to the ability of an issuer or a counter party to make timely payments of profit, principal and proceeds from realisation of investments. The credit risk arising from placements of deposits in licensed financial institutions is managed by ensuring that the Fund will only place deposits in reputable licensed financial institutions. Credit risk arising from amount due from stockbrokers, the settlement terms are governed by the relevant rules and regulations as prescribed by the respective foreign stock exchanges. The settlement terms of proceeds from the creation of units receivable from the Manager are governed by the SC guidelines on Unit Trust Funds.

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(f) Credit risk (continued)

The following table sets out the credit risk concentrations of the Fund:

Cash andcash

equivalents

Otherfinancial

assets* Total30.09.2017 RM RM RMAAA 2,273,693 - 2,273,693Others - 100,373 100,373

2,273,693 100,373 2,374,066

31.03.2017AAA 1,801,607 - 1,801,607Others - 891,694 891,694

1,801,607 891,694 2,693,301

* Comprise amount due from Manager and dividends receivable.

The financial assets of the Fund are neither past due nor impaired.

(g) Liquidity risk

Liquidity risk is the risk that the Fund will encounter difficulty in meeting its financial obligations.

Liquidity risk exists when particular investments are difficult to sell. As such, the Fund may not be able to sell such illiquid investments at an advantageous time or price to meet its liquidity requirements. Unit trust funds with principal investment strategies that involve securities or securities with substantial market and/or credit risk tend to have the greater exposure to liquidity risk. As part of its risk management, the Manager will attempt to manage the liquidity of the Fund through asset allocation and diversification strategies within the portfolio. The Manager will also conduct constant fundamental research and analysis to forecast future liquidity of its investments.

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(g) Liquidity risk (continued)

The table below summarises the Fund’s financial liabilities into relevant maturity groupings based on the remaining period from the statement of financial position date to the contractual maturity date. The amounts in the table are the contractual undiscounted cash flows.

Less than 1 month

Between 1 month to 1 year

RM RM30.09.2017Amount due to stockbroker 167,642 -Amount due to Manager 5,952 -Accrued management fee 56,524 -Amount due to Trustee 2,261 -Other payables and accruals - 11,175

232,379 11,175

Less than 1 month

Between 1 month to 1 year

RM RM31.03.2017Accrued management fee 46,775 -Amount due to Trustee 1,871 -Other payables and accruals - 13,800

48,646 13,800

(h) Individual stock risk

The performance of each individual stock that a unit trust fund invests is dependent upon the management quality of the particular company and its growth potential. Hence, this would have an impact on the unit trust fund’s prices and its dividend income. The Manager aims to reduce all these risks by using diversification that is expected to reduce the volatility as well as the risk for the Fund’s portfolio. In addition, the Manager will also perform continuous fundamental research and analysis to aid its active asset allocation management especially in its stock selection process.

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(i) Inflation risk

Inflation reduces purchasing power of money. In an inflationary environment, fixed rate securities are exposed to higher inflation risks than inflation-linked securities. This risk can be minimised by investing in securities that can provide positive real rate of return.

(j) Non-compliance risk

This is the risk of the Manager not complying with the internal policies, the Deeds of the Fund, all applicable laws or guidelines issued by the regulators. This may occur as a result of system failure or the inadvertence of the Manager. The magnitude of such risk and its impact on the Fund and/or unitholders are dependent on the nature and severity of the non-compliance. Non-compliance may adversely affect the Fund especially if the investment of the Fund has to be disposed at a lower price to rectify the non-compliance.

(k) Capital risk

The capital of the Fund is represented by equity consisting of unitholders’ capital of RM37,808,592 (31.03.2017: RM31,602,189) and retained earnings of RM5,577,304 (31.03.2017: RM4,433,839). The amount of equity can change significantly on a daily basis as the Fund is subject to daily subscriptions and redemptions at the discretion of unitholders. The Fund’s objective when managing capital is to safeguard the Fund’s ability to continue as a going concern in order to provide returns for unitholders and benefits for other stakeholders and to maintain a strong capital base to support the development of the investment activities of the Fund.

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4. FAIR VALUE ESTIMATION

Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (i.e. an exit price).

The fair value of financial assets traded in an active market (such as publicly traded derivatives and trading securities) are based on quoted market prices at the close of trading on the financial period end date.

An active market is a market in which transactions for the asset or liability take place with sufficient frequency and volume to provide pricing information on an ongoing basis.

The fair value of financial assets that are not traded in an active market is determined by using valuation techniques. The Fund uses a variety of methods and makes assumptions that are based on market conditions existing at each period end date.

Valuation techniques used for non-standardised financial instruments such as options, currency swaps and other over-the-counter derivatives, include the use of comparable recent arm’s length transactions, reference to other instruments that are substantially the same, discounted cash flow analysis, option pricing models and other valuation techniques commonly used by market participants making the maximum use of market inputs and relying as little as possible on entity-specific inputs.

For instruments for which there is no active market, the Fund may use internally developed models, which are usually based on valuation methods and techniques generally recognised as standard within the industry. Valuation models are used primarily to value unlisted equity, debt securities and other debt instruments for which market were or have been inactive during the financial period. Some of the inputs to these models may not be market observable and are therefore estimated based on assumptions.

The output of a model is always an estimate or approximation of a value that cannot be determined with certainty, and valuation techniques employed may not fully reflect all factors relevant to the positions the Fund holds.

Valuations are therefore adjusted, where appropriate, to allow for additional factors including model risk, liquidity risk and counterparty risk.

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4. FAIR VALUE ESTIMATION (CONTINUED)

The fair values are based on the following methodologies and assumptions:

(i) For bank balances, deposits and placements with financial institutions with maturities less than 1 year, the carrying value is a reasonable estimate of fair value.

(ii) The carrying value less impairment of receivables and payables are assumed to approximate their fair values due to their short term nature.

Fair value hierarchy

The Fund adopted MFRS 13 “Fair Value Measurement” in respect of disclosures about the degree of reliability of fair value measurement. This requires the Fund to classify fair value measurements using a fair value hierarchy that reflects the significance of the inputs used in making the measurements. The fair value hierarchy has the following levels:

Level 1: Quoted prices (unadjusted) in active market for identical assets or liabilities Level 2: Inputs other than quoted prices included within level 1 that are observable

for the asset or liability, either directly (that is, as prices) or indirectly (that is, derived from prices)

Level 3: Inputs for the asset and liability that are not based on observable market data (that is, unobservable inputs)

The level in the fair value hierarchy within which the fair value measurement is categorised in its entirety is determined on the basis of the lowest level input that is significant to the fair value measurement in its entirety. For this purpose, the significance of an input is assessed against the fair value measurement in its entirety. If a fair value measurement uses observable inputs that require significant adjustment based on unobservable inputs, that measurement is a level 3 measurement. Assessing the significance of a particular input to the fair value measurement in its entirety requires judgement, considering factors specific to the asset or liability.

The determination of what constitutes ‘observable’ requires significant judgement by the Fund. The Fund considers observable data to be that market data that is readily available, regularly distributed or updated, reliable and verifiable, not proprietary, and provided by independent sources that are actively involved in the relevant market.

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4. FAIR VALUE ESTIMATION (CONTINUED)

Fair value hierarchy (continued)

The following table analyses within the fair value hierarchy the Fund’s financial assets (by class) measured at fair value:

Level 1 Level 2 Level 3 Total RM RM RM RM

30.09.2017Financial assets at fair value

through profit or loss : - Quoted investments - Local 38,071,236 - - 38,071,236

- Quoted investments - Foreign 3,184,148 - - 3,184,14841,255,384 - - 41,255,384

31.03.2017Financial assets at fair value

through profit or loss :- Quoted investments - Local 28,196,607 - - 28,196,607- Quoted investments - Foreign 5,210,457 - - 5,210,457

33,407,064 - - 33,407,064

Investments in active listed equities, i.e. quoted investments whose values are based on quoted market prices in active markets are classified within Level 1. The Fund does not adjust the quoted prices for these instruments. The Fund’s policies on valuation of these financial assets are stated in Note 2.2.

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5. FINANCIAL ASSETS AT FAIR VALUE THROUGH PROFIT OR LOSS (CONTINUED)

30.09.2017 31.03.2017RM RM

Financial assets designated as FVTPL:Quoted investments - local 38,071,236 28,196,607Quoted investments - foreign 3,184,148 5,210,457

41,255,384 33,407,064

01.04.2017-30.09.2017

01.04.2016-30.09.2016

RM RMNet gain/(loss) on financial assets at FVTPL comprised:- net realised loss on sale of financial assets at FVTPL (601,507) (242)- net unrealised gain/(loss) on changes in fair values 1,859,109 (2,013,024)

1,257,602 (2,013,266)

Financial assets designated as FVTPL as at 30 September 2017 are as follows :

Name of Counter Quantity Cost

Fair valueas at

30.09.2017

Fair value as at 30.09.2017expressed

as a percentage of value of the

FundRM RM %

QUOTED INVESTMENTS - LOCAL

MalaysiaConsumer ProductsCocoaland Holdings Bhd 519,000 986,711 1,453,200 3.35Hup Seng Industries Bhd 720,000 936,000 835,200 1.92Lii Hen Industries Bhd 135,000 448,374 496,800 1.14NTPM Holdings Bhd 300,000 290,430 228,000 0.53Oriental Food Industries

Holdings Bhd 538,000

798,392 844,660 1.95Pecca Group Bhd 577,600 900,109 895,280 2.06Power Root Bhd 420,000 1,000,800 873,600 2.01Salutica Bhd 520,000 869,364 722,800 1.67SLP Resources Bhd 349,200 682,492 663,480 1.53Yong Tai Bhd 910,000 1,338,601 1,483,300 3.42

8,251,273 8,496,320 19.58

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Financial assets designated as FVTPL as at 30 September 2017 are as follows: (continued)


Fair valueas at

30.09.2017



FundRM RM %

QUOTED INVESTMENTS - LOCAL (CONTINUED)

MalaysiaContructionGadang Holdings Bhd 775,000 992,672 953,250 2.20Kimlun Corporation Bhd 545,882 1,255,396 1,217,317 2.80Pintaras Jaya Bhd 150,000 566,774 582,000 1.34

2,814,842 2,752,567 6.34

FinanceSCC Holdings Bhd 649,110 407,323 389,466 0.90

Industrial ProductsC.I. Holdings Bhd 230,000 651,935 512,900 1.18KESM Industries Bhd 100,500 1,162,926 1,608,000 3.71Pantech Group Holdings Bhd 660,000 426,732 445,500 1.03P.I.E. Industrial Bhd 633,700 926,135 1,413,151 3.26Rohas Techic Bhd 475,000 622,159 627,000 1.44Sunsuria Bhd 1,120,000 1,561,256 1,624,000 3.74Techfast Holdings Bhd 530,000 451,429 516,750 1.19United U-Li Corporation

Bhd 457,500 2,015,298 1,980,975 4.577,817,870 8,728,276 20.12

PropertiesLBS Bina Group Bhd 680,000 1,345,525 1,217,200 2.81Malton Bhd 140,000 167,067 165,200 0.38Metro Kajang Holdings Bhd 500,000 1,184,286 1,095,000 2.52

2,696,878 2,477,400 5.71

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Fair valueas at

30.09.2017



FundRM RM %


MalaysiaReal Estate Investment

TrustAlaqar KPJ Real Estate

Investment Trust

858,000

1,343,838

1,244,100 2.87Amanahraya Real Estate

Investment Trust

890,000

832,732

841,050 1.942,176,570 2,085,150 4.81

TechnologyElsoft Research Bhd 670,000 1,446,558 1,728,600 3.99Excel Force MSC Bhd 706,800 634,399 1,003,656 2.31

2,080,957 2,732,256 6.30

Trading/Services Awc Bhd 1,110,000 1,152,561 1,154,400 2.66Engtex Group Bhd 480,000 611,811 542,400 1.25ES Ceramics Technology

Bhd

1,650,000

507,824

594,000 1.37

Hai-O Enterprise Bhd 300,000 1,140,437 1,551,000 3.57Kawan Food Bhd 330,666 672,086 1,127,571 2.60Oka Corporation Bhd 857,000 1,020,088 1,422,620 3.28

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Fair valueas at

30.09.2017



FundRM RM %


MalaysiaTrading/Services

(continued)Opensys (M) Bhd 1,400,000 521,574 448,000 1.03Perak Transit Bhd 3,740,000 925,285 1,084,600 2.50Rhone Ma Holdings Bhd 220,300 281,814 242,330 0.56Salcon Bhd 2,079,444 1,243,136 842,174 1.94Sasbadi Holdings Bhd 76,100 71,748 66,588 0.15SCGM Bhd 180,400 416,804 532,180 1.23Solution Engineering

Holdings Bhd

2,100,000

626,089

598,500 1.389,191,257 10,206,363 23.52

TSR & WarrantsPerak Transit Bhd-Warrant 1,700,000 - 195,500 0.45SCGM Bhd - Warrant 18,040 - 7,938 0.02

- 203,438 0.47

TOTAL QUOTED INVESTMENTS

- LOCAL 35,436,970 38,071,236 87.75

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Fair valueas at

30.09.2017



FundRM RM %

QUOTED INVESTMENTS - FOREIGN

SingaporePlantationKencana Agriculture Ltd 1,266,000 3,163,872 1,475,048 3.40TOTAL SINGAPORE 3,163,872 1,475,048 3.40

ThailandTechnologyNetbay PCL-Foreign 500,000 1,003,544 1,709,100 3.94TOTAL THAILAND 1,003,544 1,709,100 3.94


- FOREIGN 4,167,416 3,184,148 7.34

TOTAL QUOTED INVESTMENTS 39,604,386 41,255,384 95.09

ACCUMULATED UNREALISED GAIN 1,650,998

TOTAL FINANCIAL ASSET AT FVTPL 41,255,384

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Financial assets designated as FVTPL as at 31 March 2017 are as follows :


Fair valueas at

31.03.2017

Fair value as at 31.03.2017 expressed


FundRM RM %

QUOTED INVESTMENTS - LOCAL

MalaysiaConsumer ProductsCocoaland Holdings Bhd 754,000 1,433,488 1,854,840 5.15Comfort Glove Bhd 250,000 183,867 177,500 0.49Hup Seng Industries Bhd 1,400,000 1,820,000 1,666,000 4.62NTPM Holdings Bhd 400,000 387,240 340,000 0.94Oriental Food Industries

Holdings Bhd 600,000 890,400 936,000 2.60Power Root Bhd 550,000 1,310,571 1,281,500 3.56Pecca Group Bhd 852,600 1,328,658 1,338,582 3.71SLP Resources Bhd 291,000 682,492 753,690 2.09Salutica Bhd 110,000 170,005 182,600 0.51Yong Tai Bhd 520,000 689,406 764,400 2.12

8,896,127 9,295,112 25.79

ConstructionChin Hin Group Bhd 180,000 166,608 232,200 0.64Kimlun Corporation Bhd 85,000 173,681 190,400 0.53

340,289 422,600 1.17

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Financial assets designated as FVTPL as at 31 March 2017 are as follows: (continued)


Fair valueas at

31.03.2017

Fair value as at 31.03.2017 expressedas a percentage of value of the

FundRM RM %


MalaysiaFinanceSCC Holdings Bhd 779,600 1,614,384 1,387,688 3.85

Industrial ProductsC.I. Holdings Bhd 230,000 651,935 540,500 1.50KESM Industries Bhd 35,000 338,006 413,000 1.15P.I.E. Industrial Bhd 963,700 1,408,421 2,206,873 6.12Rohas Techic Bhd 245,000 341,720 213,150 0.59Sunsuria Bhd 270,000 350,190 367,200 1.02United U-Li Corporation

Bhd 546,000 2,405,143 2,598,960 7.215,495,415 6,339,683 17.59

PropertiesLBS Bina Group Bhd 290,000 518,610 588,700 1.63

Trading/ServicesBerjaya Food Bhd 274,800 441,423 480,900 1.33BP Plastics Holdings Bhd 700,000 1,047,977 966,000 2.68ES Ceramics Technology

Bhd 2,150,000 661,711 999,750 2.77Engtex Group Bhd 200,000 256,160 256,000 0.71Kawan Food Bhd 248,000 672,086 1,036,640 2.88OKA Corporation Bhd 757,000 795,721 1,105,220 3.07Opensys (M) Bhd 1,400,000 521,574 490,000 1.36

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Fair valueas at

31.03.2017

Fair value as at 31.03.2017 expressedas a percentage of value of the

FundRM RM %


MalaysiaTrading/Services

(continued)Salcon Bhd 1,410,000 883,505 965,850 2.68Sasbadi Holdings Bhd 117,400 166,028 183,144 0.51SCGM Bhd 135,300 416,804 530,376 1.47SKP Resources Bhd 970,000 1,338,600 1,231,900 3.42Solution Engineering

Holdings Bhd 2,100,000 626,089 672,000 1.86UMS-Neiken Group Bhd 120,000 158,800 151,200 0.42

7,986,478 9,068,980 25.16

Real Estate Investment Trust

Amanahraya Real Estate Investment Trust 650,000 588,912 611,000 1.70

TechnologyExcel Force MSC Bhd 173,400 155,913 287,844 0.80Elsoft Research Bhd 100,000 179,697 195,000 0.54

335,610 482,844 1.34


- LOCAL 25,775,825 28,196,607 78.23

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Fair valueas at

31.03.2016



FundRM RM %

QUOTED INVESTMENTS - FOREIGN

IndonesiaPropertiesPT Ciputra Development

TBK 1,568,705 549,232 640,596 1.78TOTAL INDONESIA 549,232 640,596 1.78

SingaporePlantationKencana Agriculture Ltd 1,414,100 3,533,990 1,835,181 5.09

Trading/ServicesStarburst Holdings Ltd 1,310,000 2,086,204 1,015,903 2.82TOTAL SINGAPORE 5,620,194 2,851,084 7.91

ThailandTrading/ServicesInterlink Communication

PCL - Foreign 680,000 1,600,848 1,565,319 4.34Interlink Telekom PCL -

Foreign 112,575 69,076 153,458 0.43TOTAL THAILAND 1,669,924 1,718,777 4.77


- FOREIGN 7,839,350 5,210,457 14.46

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Name of Counter Cost

Fair valueas at

31.03.2016



FundRM RM %

TOTAL QUOTED INVESTMENTS 33,615,175 33,407,064 92.69

ACCUMULATED UNREALISED LOSS (208,111)

TOTAL FINANCIAL ASSET AT FVTPL 33,407,064

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6. CASH AND CASH EQUIVALENTS

30.09.2017 31.03.2017RM RM

Deposits with a licensed financial institution 2,079,362 1,137,684Bank balances 194,331 663,923

2,273,693 1,801,607

Deposits with a licensed financial institution include interest receivable of RM336(01.04.2016-31.03.2017: RM94).

30.09.2017 31.03.2017

Weighted average rate of return 2.95% 3.00%

Average maturity 2 days 3 days

7. OTHER PAYABLES AND ACCRUALS

30.09.2017 31.03.2017RM RM

Audit fee payable 2,925 6,350Tax agent's fee payable 4,550 2,950Sundry payables and accruals 3,700 4,500

11,175 13,800

8. UNITS IN CIRCULATION

30.09.2017 31.03.2017Units Units

At beginning of the financial period/year 61,382,000 61,263,000Creation of units arising from applications during the

financial period/year 46,557,000 5,104,512Creation of units arising from distribution during the

financial period/year - 6,336,488Cancellation of units during the financial period/year (35,394,000) (11,322,000)At end of the financial period/year 72,545,000 61,382,000

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9. MANAGEMENT FEE

In accordance with the Deed, the Manager shall be entitled to a fee at a rate agreed between the Manager and the Trustee which the rate shall not exceed 2.00% per annum of the net asset value of the Fund, calculated on a daily basis.

The management fee provided in the financial statements is 1.50% (01.04.2016-30.09.2016: 1.50%) per annum based on the net asset value of the Fund, calculated on a daily basis for the financial period.

There will be no further liability to the Manager in respect of management fee other than the amount recognised above.

10. TRUSTEE’S FEE

In accordance with the Deed, the Trustee shall be entitled to a fee at a rate agreed between the Manager and the Trustee which the rate shall not exceed 0.15% per annum of the net asset value, calculated on a daily basis subject to a minimum of RM18,000.

The Trustee’s fee provided in the financial statements is 0.06% (01.04.2016-30.09.2016: 0.06%) per annum based on the net asset value of the Fund, calculated on a daily basis for the financial period. The minimum Trustee fee is entitled to waived as agreed by the Trustee and Manager.

There will be no further liability to the Trustee in respect of Trustee’s fee other than the amount recognised above.

11. TAXATION

(a) Tax charge for the financial period

01.04.2017-30.09.2017

01.04.2016-30.09.2016

RM RMCurrent taxation- Foreign 1,700 4,610- Under provision in prior year 4,969 -

6,669 4,610

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11. TAXATION (CONTINUED)

(b) Numerical reconciliation of income tax expense

The numerical reconciliation between the profit/(loss) before taxation multiplied by the Malaysian statutory income tax rate and the tax expense of the Fund is as follows:

01.04.2017-30.09.2017

01.04.2016-30.09.2016

RM RMProfit/(loss) before taxation 1,150,134 (1,600,011)

Tax calculated at a tax rate of 24% 276,032 (384,003)Tax effects of:-(Investment income not subject to

tax)/investment loss not deductible for tax purpose (392,148) 136,339

-Expenses not deductible for tax purposes 47,997 12,510-Restriction on tax deductible expenses 68,119 235,154-Foreign tax in other countries 1,700 4,610-Under provision in prior year 4,969 -Tax expense 6,669 4,610

12. MANAGEMENT EXPENSE RATIO (“MER”)

01.04.2017-30.09.2017

%

01.04.2016-30.09.2016

%MER 0.87 0.86

Management expense ratio includes management fee, Trustee’s fee, audit fee, tax agent's fee and other administrative expenses which is calculated as follows:

MER = (A + B + C + D + E) x 100 F

A = Management feeB = Trustee’s feeC = Audit feeD = Tax agent’s feeE = Other expenses excluding Goods and Services Tax (GST) on transaction

costF = Average net asset value of the Fund for the financial period, calculated

on a daily basis

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12. MANAGEMENT EXPENSE RATIO (“MER”) (CONTINUED)

The average net asset value of the Fund for the financial period, calculated on a daily basis is RM45,536,118 (01.04.2016-30.09.2016: RM38,617,317).

13. PORTFOLIO TURNOVER RATIO (“PTR”)

01.04.2017-30.09.2017

01.04.2016-30.09.2016

The portfolio turnover ratio for the financial period (times) 0.51 0.18

The portfolio turnover ratio is derived from the following calculation:

(Total acquisition for the financial period + total disposal for the financial period) 2Average net asset value of the Fund for the financial period calculated on a daily basis

where:

total acquisition for the financial period = RM26,678,835(01.04.2016-30.09.2016: RM5,588,362)

total disposal for the financial period = RM19,965,104(01.04.2016-30.09.2016: RM8,305,110)

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14. UNITS HELD BY THE MANAGER AND PARTIES RELATED TO THE MANAGER

The related parties and their relationship with the Fund are as follows:

Related parties RelationshipRHB Asset Management Sdn Bhd The Manager

RHB Investment Bank Berhad Holding company of the Manager

RHB Bank Berhad Ultimate holding company of the Manager

RHB Securities Hong Kong Ltd Related company of the Manager

The number of units held by the Manager is as follows:

30.09.2017 31.03.2017Units RM Units RM

The Manager 94,186 56,333 694,471 407,724

The units are held beneficially by the Manager for booking purposes and were transacted at the prevailing market price.

Other than the above, there were no units held by Directors or parties related to the Manager.

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15. TRANSACTIONS BY THE FUND

Details of transactions by the Fund for the financial period ended 30 September 2017 are as follows:

Brokers/Financial institutionValue of

trades

Percentageof totaltrades

Brokeragefees

Percentage of total

brokeragefees

RM % RM %RHB Investment Bank Bhd* 8,889,481 19.07 26,702 24.12 Alliance Investment Bank

Bhd

7,296,134

15.65

14,592

13.18 CIMB Investment Bank Bhd 6,891,399 14.78 16,528 14.93 TA Securities Holdings Bhd 5,609,128 12.03 11,218 10.13 Public Investment Bank Bhd 4,115,680 8.83 8,231 7.44 Maybank Investment Bank

Bhd

3,772,849

8.09

11,319

10.22 Macquarie Capital Securities

Ltd

3,747,476 8.04

7,495 6.77 Hong Leong Investment Bank

Bhd

2,417,614

5.19

4,835

4.37 MIDF Amanah Investment

Bank Bhd

1,888,633 4.05

3,777

3.41 Credit Suisse (HK) Ltd 1,003,544 2.15 4,014 3.63 Others 995,109 2.12 1,990 1.80

46,627,047 100.00 110,701 100.00

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15. TRANSACTIONS BY THE FUND (CONTINUED)

Details of transactions (including money market placements) by the Fund for the financial year ended 31 March 2017 are as follows:

* Included in transactions by the Fund are trades with RHB Investment Bank Bhd, theholding company of the Manager and RHB Securities Hong Kong Ltd, the related company of the Manager. The Manager is of the opinion that all transactions with the related companies have been entered into in the normal course of business at agreed terms between the related parties.

Brokers/Financial institutionValue of

trades

Percentageof totaltrades

Brokeragefees

Percentage of total

brokeragefees

RM % RM %CIMB Bank Bhd 10,071,000 29.79 - -RHB Investment Bank Bhd* 4,945,143 14.63 14,475 28.40MIDF Amanah Investment

Bank Bhd 2,449,855 7.25 4,900 9.61RHB Securities Hong Kong

Ltd* 2,154,148 6.37 3,629 7.12J.P.Morgan Securities (S) Pte

Ltd 2,002,264 5.92 4,024 7.90Public Bank Bhd 1,847,000 5.46 - -Macquarie Capital Securities

Ltd 1,245,001 3.68 2,490 4.89Credit Suisse First Boston

(Spore) 1,233,381 3.65 2,038 4.00Maybank Investment Bank

Bhd 1,050,457 3.11 3,151 6.18Public Investment Bank Bhd 1,048,892 3.10 3,147 6.17Others 5,764,182 17.04 13,109 25.73

33,811,323 100.00 50,963 100.00

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16. SEGMENT INFORMATION

The Investment & Security Selection Committee of the Manager recommends strategic resource allocations of the Fund to the Investment Committee of the Manager (collectively referred to as "Committee"). The Investment Committee of the Manager will then endorse the strategic decision recommended by the Investment & Security Selection Committee for adoption on behalf of the Fund. The operating segments are determined based on the recommendation by the Investment & Security Selection Committee and reviewed by the Investment Committee.

The internal reporting provided to the Committee for the Fund’s assets, liabilities and performance is prepared on a consistent basis with the measurement and recognition principles of MFRS. The Committee is responsible for the Fund’s entire portfolio and considers the business from both geographic and investment perspective. Geographically, the Committee considers the performance in overall basis.

The reportable operating segments derive their income by seeking investments to achieve targeted returns commensurate with an acceptable level of risk within each portfolio. These returns consist of dividend, interest and gains on the appreciation in the value of investments which are derived from Malaysia and outside Malaysia.

There were no changes in the reportable segments during the financial period.

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STATEMENT BY MANAGER

We, Patrick Chin Yoke Chung and Abdul Aziz Peru Mohamed, two of the Directors of RHB Asset Management Sdn Bhd, do hereby state that in the opinion of the Directors of the Manager, the accompanying unaudited financial statements set out on pages 15 to 55are drawn up in accordance with the provisions of the Deeds and give a true and fair view of the financial position of the Fund as at 30 September 2017 and of its financial performance and cash flows for the financial period then ended in accordance with Malaysian Financial Reporting Standards and International Financial Reporting Standards.

On behalf of the Manager

PATRICK CHIN YOKE CHUNG ABDUL AZIZ PERU MOHAMEDDirector Director

Kuala Lumpur20 November 2017

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TRUSTEE’S REPORT

We have acted as Trustee of RHB Emerging Opportunity Unit Trust (“the Fund”) for the financial period ended 30 September 2017. To the best of our knowledge, RHB Asset Management Sdn Bhd (“the Management Company”), has operated and managed the Fund in accordance with the following:

a) limitations imposed on the investment powers of the Management Company and the Trustee under the Deeds, the Securities Commission’s Guidelines on Unit Trust Funds, the Capital Markets and Services Act 2007 and other applicable laws;

b) valuation/pricing is carried out in accordance with the Deeds and any regulatory requirements; and

c) creation and cancellation of units are carried out in accordance with the Deeds and any regulatory requirements.

For HSBC (Malaysia) Trustee Berhad

Tan Bee NieHead, Trustee Operations

Kuala Lumpur20 November 2017

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CORPORATE INFORMATION

MANAGERRHB Asset Management Sdn Bhd

REGISTERED AND PRINCIPAL OFFICELevel 8, Tower Two & Three, RHB Centre, Jalan Tun Razak, 50400 Kuala Lumpur

BUSINESS OFFICE AND OFFICE OF THE REGISTRARLevel 8, Tower Two & Three, RHB Centre, Jalan Tun Razak, 50400 Kuala Lumpur

E-mail Address : [email protected]: 03 – 9205 8000Fax: 03 – 9205 8100Website: www.rhbgroup.com

BOARD OF DIRECTORSMr Patrick Chin Yoke Chung (Non-Independent Non-Executive Chairman)Encik Abdul Aziz Peru Mohamed (Senior Independent Non-Executive Director)Mr Chin Yoong Kheong (Independent Non-Executive Director)Ms Ong Yin Suen (Managing Director)Dr. Ngo Get Ping (Independent Non-Executive Director)Ms Choo Shan (Independent Non-Executive Director) (Appointed on 3 July 2017)

INVESTMENT COMMITTEE MEMBERSMr Patrick Chin Yoke Chung (Chairman) (Re-designated on 1 November 2017)YBhg Datuk Haji Faisal SirajEncik Abdul Aziz Peru Mohamed (Appointed on 1 November 2017)Ms Choo Shan (Appointed on 1 November 2017)YBhg Dato’ Khairussaleh Ramli (Chairman) (Resigned on 1 November 2017)Mr Ong Seng Pheow (Resigned on 1 November 2017)

CHIEF EXECUTIVE OFFICER Mr Ho Seng Yee

SECRETARYEncik Azman Shah Md Yaman (LS No. 0006901)

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BRANCHESKuala Lumpur Office B-9-6, Megan Avenue 1

No. 189, Jalan Tun Razak50400 Kuala LumpurTel: 03-2171 2755 Fax: 03-2770 0022

Sri Petaling Office No. 53-1 & 53-2 Jalan Radin TengahBandar Baru Sri Petaling57000 Kuala LumpurTel: 03-9054 2470 Fax: 03-9054 0934

Penang Office 64-D, Level 5, Lebuh Bishop10200 PenangTel: 04-264 5639 / 04-263 4848Fax: 04-264 5640 / 04-262 8844

Butterworth Office 2677, Jalan Chain FerryTaman Inderawasih13600 Prai, PenangTel: 04-390 0022 Fax: 04-390 0023

Ipoh Office 4th Floor, 21-25Jalan Seenivasagam, Greentown30450 Ipoh, PerakTel: 05-242 4311 Fax: 05-242 4312

Johor Bahru Office 2nd Floor, 21 & 23Jalan Molek 1/30, Taman Molek81100 Johor Bahru, JohorTel: 07-358 3587 Fax: 07-358 3581

Kuantan Office B 32-34, 2nd Floor, Lorong Tun Ismail 8Sri Dagangan II25000 Kuantan, PahangTel: 09-517 3611 Fax: 09-517 3612

Kota Bharu Office No 3953-H, 1st FloorJalan Kebun Sultan15350 Kota Bharu, KelantanTel: 09-741 8539 Fax: 09-741 8540

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Kota Kinabalu Office Lot No. C-02-04, 2nd FloorBlock C, Warisan SquareJalan Tun Fuad Stephens88000 Kota Kinabalu, SabahTel: 088-528 686/692 Fax: 088-528 685

Melaka Office 581B, Taman Melaka Raya75000 MelakaTel: 06-284 4211 Fax: 06-292 2212

Batu Pahat Office 53, 53-A and 53-B Jalan Sultanah83000 Batu Pahat, JohorTel: 07-438 0271 Fax: 07-438 0277

Miri Office Lot 1268, First FloorCentre Point Commercial CentreJalan Melayu98000 Miri, SarawakTel: 085-422 788 Fax: 085-415 243

Kuching Office Lot 172, Section 49, K.T.L.DJalan Chan Chin Ann93100 Kuching, SarawakTel: 082-245 611 Fax: 082-242 712

TRUSTEE HSBC (Malaysia) Trustee Berhad

BANKER RHB Bank Berhad

AUDITORS PricewaterhouseCoopers

TAX ADVISER PricewaterhouseCoopers Taxation Services Sdn Bhd

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DISTRIBUTORS Affin Bank BhdAmBank (M) BhdAmInvestment Bank BhdApex Investment Services BhdAreca Capital Sdn BhdCIMB Investment Bank BhdCIMB Wealth AdvisorCitibank BhdCUTA-Standard Financial AdviserHong Leong Bank BhdiFAST Capital Sdn BhdKenanga Investment Bank BhdManulife Asset Management Services BhdOCBC Bank (Malaysia) BhdPhillip Mutual BhdRHB Bank BhdRHB Investment Bank BhdStandard Chartered Bank Malaysia BhdUnited Overseas Bank (Malaysia) Bhd

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