UNIT FUNDS ANNUAL REPORT - Great Eastern Life · its quantitative easing, while Europe and Japan were at the beginning stages of monetary policy easing. Locally, as the Malaysian

UNIT FUNDS ANNUAL REPORT For The Period 1 January 2014 to 31 December 2014

• Smart Invest Gain Fund • Lion AU-i Fund • Lion Progressive Fund• Dana Gemilang • Lion Balanced Fund • Lion Strategic Fund• Dana Restu • Lion Enhanced Equity Fund • Lion UK-i Fund• Dana Sejati • Lion Fixed Income Fund • Lion US-i Fund• Lion Asia Pac Fund • Lion Growth Fund

37 Cash Flow Statement for Financial Year Ended 31 December 2014

44 Details of Investment as at 31 December 2014

70 Notes to the Financial Statements

158 Statement by Manager

159 Independent Auditors’ Report

161 Corporate Shariah Advisor’s Report

162 Comparative Performance Table

186 Branch Network

3 CEO’s Message

5 Funds Objectives

7 Investment Review and Outlook

9 Funds Performance Year 2014

16 Statement of Comprehensive Income for Financial Year Ended 31 December 2014

23 Balance Sheet as at 31 December 2014

30 Statement of Changes in Equity for Financial Year Ended 31 December 2014

CONTENTS

Note:Some of the data contained herein have been extracted from the following Source: FTSE International Limited (“FTSE”) ©FTSE [2014]. FTSE is a trade mark of London Stock Exchange Plc and The Financial Times Limited and is used by FTSE under licence. All rights in the FTSE Indices vest in FTSE and/or its licensors. Neither FTSE nor its licensors accept any liability for any errors or omissions in the FTSE indices or underlying data. No further distribution of FTSE data is permitted without FTSE’s express written consent.

2

CEO’SMESSAGE

Dear Investment-Linked Policy Owner

We are pleased to present the 2014 Annual Report of Great Eastern’s Unit Funds (“UFs”) consisting of Dana Restu (DR), Dana Sejati (DS), Lion Balanced Fund (LBF), Lion Fixed Income Fund (LFIF), Lion Growth Fund (LGF), Lion Progressive Fund (LPF), Lion Strategic Fund (LSF), Lion US-i Fund, Lion UK-i Fund, Lion AU-i Fund, Smart Invest Gain Fund, Lion Asia Pac Fund, Lion Enhanced Equity Fund (LEEF) and Dana Gemilang (DG), for year ended 31 December 2014.

DATO KOH YAW HUIDirector & Chief Executive Officer

UNIT FUNDS ANNUAL REPORT 2014

3

CEO’SMESSAGE (CONT’D)

In 2014, Great Eastern’s equity UFs’ registered mixed performance relative to their respective benchmarks due to the unforeseen plunge in oil prices. Looking at the recent 1-year performance, LGF, LPF, and LEEF registered a decline of -9.8%, -9.9%, and -6.6% vs. FTSE Bursa Malaysia Top 100 Index (“FBM100”) which fell -6.2%. LSF fell -3.7% and LBF gained +2.8% vs. their weighted benchmark’s decline of -1.5%. In addition, DG and DR also fell -7.2% and -4.7%, and underperformed the FTSE Bursa Malaysia Emas Shariah (“FBMS”) Index which fell -4.2% in 2014.

The fixed income funds recorded another year of positive returns. Fixed income funds continued to exceed expectations versus the 12-month fixed deposit benchmark of 3.3%. LFIF returned +4.4% in 2014, while over 3 years and 5 years, the fund registered +4.3% and +5.4% annualised returns respectively. For DS, the annualised returns were +4.4%, +4.7% and +5.9% over 1, 3 and 5 years respectively.

Global and domestic bond market ended the year better than expected despite volatility from the divergence in monetary policies around the world, with the U.S. ending its quantitative easing, while Europe and Japan were at the beginning stages of monetary policy easing. Locally, as the Malaysian economy grew by 6.3% in 1H14, supported by sustained domestic investment activities, Bank Negara Malaysia (“BNM”) increased the Overnight Policy Rate (“OPR”) by 0.25% to 3.25% in July. BNM kept OPR unchanged for the remaining part of the year as economic growth slowed to 5.6% in 3Q14, coupled with the slower

export growth and moderating private consumption in 2H14. Nonetheless, market confidence was shaken by oil price which plunged more than 40% in 4Q14. Concerns on budget deficit and risks to downward revision of Malaysia’s sovereign rating outlook caused foreign investors to reduce their holdings in both Malaysian equities and bonds.

Global growth outlook in 2015 is expected to remain sluggish due to the mild recovery in Europe and Japan whilst China is also facing a slowing economy. With low inflation outlook on the back of declining commodity prices, monetary policies in major economies are expected to ease further. U.S. rates may also stay low for an extended period until wage growth is more sustainable and the Fed’s inflation target is met. Locally, BNM’s focus will likely be on domestic growth prospect and external risks as well as keeping monetary policy accommodative of growth. Barring significant downside risks to growth and inflationary pressure following the implementation of Goods and Services Tax in Apr15, OPR is likely to stay unchanged at 3.25% in 2015. In short, the domestic bond market is expected to remain volatile influenced by macro data including GDP growth, fiscal deficits, currency movements and sovereign ratings, notwithstanding benign inflation and stable interest rate outlook.

Dato Koh Yaw huiDirector & Chief Executive Officer

GREAT EASTERN LIFE ASSURANCE (MALAYSIA) BERHAD

4

FUNDSOBJECTIVES

1. Lion Balanced Fund

A fund which invests in a mixture of equities (ranging from 40% to 60%) and fixed income securities. This fund seeks to provide medium to long-term capital appreciation, with a moderate level of volatility.

2. Lion Growth Fund

A fund where 70% to 100% of the investment instruments are equities, which may be volatile in the short term. This fund seeks to provide medium to long-term capital appreciation.

3. Dana Restu*

A fund where 70% to 100% of the investment instruments are equities, which may be volatile in the short term. This fund seeks to provide medium to long-term capital appreciation. Dana Restu invests in Shariah-approved securities.

4. Lion Fixed income Fund

A fund which invests in fixed income securities like government and corporate bonds (ranging from 40% to 95%) with the balance invested in cash and cash equivalent. This fund seeks to provide consistent return at low levels of volatility.

5. Lion Progressive Fund

A fund which invests in a mixture of equities (ranging from 50% to 90%) and fixed income securities. This fund seeks to provide medium to long-term capital appreciation, with a moderate-to-high level of volatility.

6. Dana Sejati*

A fund which invests in Shariah approved debt securities, for example government and corporate sukuk (ranging from 40% to 95%) with the balance invested in Islamic money market papers/deposits. This fund seeks to provide consistent return at low levels of volatility.

7. Lion Strategic Fund

A fund which invests in a mixture of equities, fixed income securities and money market instruments. There is flexibility in asset allocation as this fund may invest solely in fixed income securities or equities. This fund seeks to provide medium to long-term capital appreciation, with a moderate level of volatility.


5

FUNDSOBJECTIVES (CONT’D)

8. Lion uS-i Fund

A fund which is passively managed and aims to track the performance of S&P500 over the medium to long term (indexing strategy), which may be volatile in the short term. This fund seeks to provide medium to long-term capital appreciation.

9. Lion uK-i Fund

A fund which is passively managed and aims to track the performance of FTSE100 over the medium to long term (indexing strategy), which may be volatile in the short term. This fund seeks to provide medium to long-term capital appreciation.

10. Lion au-i Fund

A fund which is passively managed and aims to track the performance of S&P/ASX200 over the medium to long term (indexing strategy), which may be volatile in the short term. This fund seeks to provide medium to long-term capital appreciation.

11. Lion asia Pac Fund

A feeder fund that aims to achieve long-term capital appreciation by investing primarily in the equities markets of the Asia Pacific (ex-Japan) region. The Fund invests in emerging and developed markets. There is no target industry or sector.

12. Lion Enhanced Equity Fund

A fund where 80% to 100% of the investments are in equities, which may be volatile in the short term. This fund seeks to achieve medium to long-term capital appreciation. Although the fund invests mainly in Malaysia (50% to 100%), it may also partially invest in Singapore (up to 25%) and Hong Kong (up to 25%), if and when necessary, to enhance the fund’s returns.

13. Dana Gemilang*

A fund where 80% to 100% of the investments are in equities, which may be volatile in the short term. This fund seeks to achieve medium to long-term capital appreciation. Although the fund invests mainly in Malaysia (50% to 100%), it may also partially invest in Singapore (up to 25%) and Hong Kong (up to 25%), if and when necessary, to enhance the fund’s returns. The fund only invests in Shariah-approved securities.

14. Smart invest Gain

The fund is a 4-year closed-end fund, which invests in a 4-year Structured Product, embedded with an option linked to the performance of a volatility-controlled strategy on iShares MSCI All Country Asia ex-Japan Index Fund. The Fund aims to provide a guaranteed one-off coupon payment of 7.166% of Single Premium at the end of the 6th policy month and 100% capital guarantee at maturity. It also seeks to participate in a non-guaranteed upside return at maturity generated by the option. After deduction of Upfront Fee, the Fund invests 97.0% of the total collected premium in the Structured Product.

Note: * Although this fund invests in Shariah-approved securities,

the investment-linked insurance plan that utilises this fund is not classified as a Shariah-compliant product.


6

INVESTMENT REVIEWAND OUTLOOK

2014 Equity Market Review

2014 was a mildly positive year for equities with the MSCI World Index recording a +2.9% gain. Developed markets outperformed emerging markets, driven mainly by the economic recovery in the US. Accommodative interest rate policies globally and the strengthening outlook in the US helped pull global markets higher despite a less than sanguine outlook in Europe and Japan as well as plummeting commodity prices in the latter half of the year. Over in Asia, the Morgan Stanley Capital International Asia Ex Japan (“MSCI Asia Ex Japan”) Index ended the year marginally higher at +2.2%. Most markets performed well in the first half of the year but lost momentum as the strengthening US dollar and fall in oil price caused the Asian markets to plummet, erasing earlier gains. Nevertheless, most Asian markets managed to close in positive territory except for Malaysia and Korea.

Domestically, Malaysia underperformed the region as the FTSE Bursa Malaysia Top 100 Index (FBM100) fell 6.2% during the year. The index started the year with a fair bit of optimism and hit a high in July. However, things took a turn in the second half of the year with concerns over Malaysia’s oil revenue dependence amidst falling oil prices, weakening currency, higher budget deficit and lower GDP growth forecasts.

2014 Fixed income Market Review

Global bond market ended the year better than expected, despite expectations of the U.S. ending its stimulus programme. 2014 started off with a broad sell-off in Emerging Markets (“EM”) triggered by anticipation of a shift of capital flow to the U.S. as the U.S. Federal Reserve (“Fed”) ends its quantitative easing (“QE”) programme. Sentiment took a turn with the Fed conveying its dovish stance to keep a low interest rate environment longer than expected on the back of slow wage growth and inflation staying below its official target of 2%. In addition, Europe and Japan’s easing policies partially alleviated concerns on diminishing global liquidity due to the end of U.S.’s QE.

On the domestic front, bond market investors were cautious ahead of the 25bps hike in the Overnight Policy Rate (“OPR”) by Bank Negara Malaysia (“BNM”) in Jul14. OPR was raised from 3.00% to 3.25% as the Malaysian economy grew 6.3% in 1H14, supported by sustained domestic investment activities. Subsequently, BNM paused further rate hikes as Malaysia’s economic growth slowed to 5.6% in 3Q14. In addition, the central bank’s expectations of slower export growth and moderating private consumption in 2H14 signaled no more interest rate hike for the year. Market sentiment improved thereafter, driving both sovereign and corporate bonds yields lower across the curves. Global market sentiment however took a beating when the Brent crude oil price plunged about 40% in 4Q14 on signs of oversupply amidst shale gas productions in the U.S and weaker demand outlook due to slowing world major economies including China, Europe and Japan. As oil-related revenues account for about 30% of total government revenue for Malaysia, concerns on budget deficit and risks to downward revision of the country’s sovereign rating outlook caused foreign investors to reduce their holdings in both Malaysian equities and sovereign bonds particularly the short-term bills. The 10-year benchmark MGS yield increased to 4.34% from 3.88% end Nov14, before closing the year at 4.10%. Ringgit ended the year as the worst performing currency in Asia ex-Japan.

On a year-on-year basis, long-term MGS yields (maturities 10-year and above) fell 2-10 bps on better relative valuations against the short to medium term MGS (maturities below 10-year). Short to medium term MGS yields however, rose 6-26 bps due to the 25 bps OPR hike and the weaker Ringgit. In the Corporate Bonds market, overall yields rose 6-25 bps across tenures. Short-term credit spreads tightened marginally whilst credit spreads from mid to long tenures widened 4-18 bps as corporate yields lagged movements in MGS.

Meanwhile, in response to the tumbling oil price, the Malaysian government revised up the 2015 budget deficit target from 3.0% to 3.2%, while the growth forecast was being revised down from 5% - 6% to 4.5% - 5.5%.


7

2015 Equity Market outlook

Going into 2015 we are of the view that global economic recovery remains fragile. The low oil price, which saw transfer of wealth from the net oil exporter to net importer, has a slight positive impact to the global economy as consumers have more disposable income to spend. This year, we see monetary policies divergence between the US and other countries. In a deflationary and fragile economic recovery environment, most of the major central banks such as ECB, BOJ, and BOC are adopting an accommodative monetary policy, while the US, on the other hand, will be embarking on its interest rate tightening mode later part of the year. This divergence will continue to lend support to the US dollar strength and net inflow of funds into the US from the other regions.

Domestically, we are cautious on the stock market this year as Malaysia’s economic outlook pales in comparison to its peers given its net oil and gas exporter status. The domestic economy faces headwinds as a low oil price weakens the country’s fiscal deficit, current account and GDP growth. With a weaker fiscal and current account position, the Ringgit will continue to be under pressure while Bank Negara is likely to keep interest rate unchanged. Consumption spending is expected to be lacklustre in view of the high household debt, weak consumer sentiment, and the impact of GST. In addition, government spending is constrained by the need to strengthen the fiscal position. On the other hand, export which has seen a decent recovery last year from a low base, is very much dependent on the extent of the global economic recovery. In terms of valuation, although Malaysia’s PER has adjusted downwards in the recent market selldown, it remains unattractive as it is trading at a slight premium to its long term average and its Asian peers. Furthermore, we expect negative earnings momentum as consensus expectation on corporate earnings is too optimistic. In short, Malaysia lacks rerating catalyst and hence, it is expected to underperform its Asian peers this year.

2015 Fixed income Market outlook

Sluggish global growth recovery coupled with low inflation outlook, if not deflation for some countries, due to expectation of low commodity prices, some economies around the globe will continue to ease monetary policies, including Europe, Japan, Canada, Australia and the Asia region such as China, India and South Korea. U.S. rates may also stay low for an extended period until a more sustained wage growth is in sight and Fed’s inflation target is met. This may lend support to U.S. Treasuries this year.

While the Fed has ended its QE programme, the European Central Bank as well as Bank Of Japan will continue easing their monetary policies. This could mitigate fears on shrinking global liquidity following the end of the U.S. QE programme. Monetary policies of the world’s major economies will continue to affect sentiment and expectation of capital flows to and from the EM including Malaysia. Risk of potential unwinding of positions in MGS by foreign investors given the current high foreign ownership of about 44% of total outstanding MGS may also cause some volatility in the domestic bond market in 2015. On the back of lower oil prices and government revenue which will reduce infrastructure spending, Malaysia is expected to expand at a slower pace in 2015. While the Malaysian government remains committed to its fiscal consolidation efforts via removal of fuel subsidies and implementation of Goods and Services Tax (“GST”) in Apr 15, Malaysia’s growth trajectory, current account positions, high contingent liability and budget deficit forecast will be closely monitored by international rating agencies. Barring significant downside risks to growth, BNM is likely to keep OPR stable at 3.25% for 2015. In short, the domestic bond market is expected to remain volatile influenced by macro data including GDP growth, fiscal deficits, currency movements and sovereign ratings. The only positive scenario would probably involve Malaysia’s benign inflation and stable interest rate outlook.

INVESTMENT REVIEWAND OUTLOOK (CONT’D)


8

-15%

-10%

-5%

0%

5%

10%

1/1/

2014

1/2/

2014

1/3/

2014

1/4/

2014

1/5/

2014

1/6/

2014

1/7/

2014

1/8/

2014

1/9/

2014

1/10

/201

4

1/11

/201

4

1/12

/201

4

Dana Gemilang

DanaGemilang

FBMS

FUNDS PERFORMANCEYEAR 2014

DaNa REStu

DaNa GEMiLaNG

01/0

1/20

14

10%

5%

0%

-5%

-10%

-15%

01/0

2/20

14

01/0

3/20

14

01/0

4/20

14

01/0

5/20

14

01/0

6/20

14

01/0

7/20

14

01/0

8/20

14

01/0

9/20

14

01/1

0/20

14

01/1

1/20

14

01/1

2/20

14

Dana Restu

Dana Gemilang

FBMS

FBMS

-15%

-10%

-5%

0%

5%

10%

1/1/

2014

1/2/

2014

1/3/

2014

1/4/

2014

1/5/

2014

1/6/

2014

1/7/

2014

1/8/

2014

1/9/

2014

1/10

/201

4

1/11

/201

4

1/12

/201

4

Dana Restu

Dana Restu

FBMS

10%

5%

0%

-5%

-10%

-15%

01/0

1/20

14

01/0

2/20

14

01/0

3/20

14

01/0

4/20

14

01/0

5/20

14

01/0

6/20

14

01/0

7/20

14

01/0

8/20

14

01/0

9/20

14

01/1

0/20

14

01/1

1/20

14

01/1

2/20

14


9

FUNDS PERFORMANCEYEAR 2014 (CONT’D)

LioN aSia PaC FuND

DaNa SEJati

01/0

1/20

14

10%

5%

0%

-5%

01/0

2/20

14

01/0

3/20

14

01/0

4/20

14

01/0

5/20

14

01/0

6/20

14

01/0

7/20

14

01/0

8/20

14

01/0

9/20

14

01/1

0/20

14

01/1

1/20

14

01/1

2/20

14

10%

15%

5%

0%

-5%

-10%

-15%

01/0

1/20

14

01/0

2/20

14

01/0

3/20

14

01/0

4/20

14

01/0

5/20

14

01/0

6/20

14

01/0

7/20

14

01/0

8/20

14

01/0

9/20

14

01/1

0/20

14

01/1

1/20

14

01/1

2/20

14

Dana Sejati

Benchmark - 12 month Mudharabah Deposit

Lion Asia Pac Fund

MSCIAC AP ex Japan

-5%

0%

5%

10%

1/1/

2014

1/2/

2014

1/3/

2014

1/4/

2014

1/5/

2014

1/6/

2014

1/7/

2014

1/8/

2014

1/9/

2014

1/10

/201

4

1/11

/201

4

1/12

/201

4

Dana Sejati Dana Sejati

Benchmark- 12monthMudharabahDeposit

-15%

-10%

-5%

0%

5%

10%

15%

01/0

1/20

14

01/0

2/20

14

01/0

3/20

14

01/0

4/20

14

01/0

5/20

14

01/0

6/20

14

01/0

7/20

14

01/0

8/20

14

01/0

9/20

14

01/1

0/20

14

01/1

1/20

14

01/1

2/20

14

Lion Asia Pac Fund

Lion Asia PacFund

MSCI AC AP exJapan


10

-10%

-8%

-6%

-4%

-2%

0%

2%

4%

6%

8%

10%

01/0

1/20

14

01/0

2/20

14

01/0

3/20

14

01/0

4/20

14

01/0

5/20

14

01/0

6/20

14

01/0

7/20

14

01/0

8/20

14

01/0

9/20

14

01/1

0/20

14

01/1

1/20

14

01/1

2/20

14

Lion AUI Fund

Lion AUI Fund

S&P / ASX 200Index

LioN au-i FuND

10%

8%

6%

4%

2%

0%

-2%

-4%

-6%

-8%

-10%

Lion AU-i Fund

S&P/ASX 200 Index

01/0

1/20

14

01/0

2/20

14

01/0

3/20

14

01/0

4/20

14

01/0

5/20

14

01/0

6/20

14

01/0

7/20

14

01/0

8/20

14

01/0

9/20

14

01/1

0/20

14

01/1

1/20

14

01/1

2/20

14

LioN BaLaNCED FuND

Note:

Weighted Benchmark is derived from 50% weight on 12 months Fixed Deposits return and 50% weight on FBM100 index return

Lion Balanced Fund

Weighted Benchmark

15%

10%

5%

0%

-5%

-10%

01/0

1/20

14

01/0

2/20

14

01/0

3/20

14

01/0

4/20

14

01/0

5/20

14

01/0

6/20

14

01/0

7/20

14

01/0

8/20

14

01/0

9/20

14

01/1

0/20

14

01/1

1/20

14

01/1

2/20

14

-10%

-5%

0%

5%

10%

15%

1/1/

2014

1/2/

2014

1/3/

2014

1/4/

2014

1/5/

2014

1/6/

2014

1/7/

2014

1/8/

2014

1/9/

2014

1/10

/201

4

1/11

/201

4

1/12

/201

4

Lion Balanced Fund

Lion BalancedFund

WeightedBenchmark

Note :



11

-5%

0%

5%

10%

01/0

1/20

14

01/0

2/20

14

01/0

3/20

14

01/0

4/20

14

01/0

5/20

14

01/0

6/20

14

01/0

7/20

14

01/0

8/20

14

01/0

9/20

14

01/1

0/20

14

01/1

1/20

14

01/1

2/20

14

Lion Fixed Income Fund

Lion FixedIncome Fund

Benchmark -12 month FD

LioN ENhaNCED EquitY FuND

-15%

-10%

-5%

0%

5%

10%

15%

1/1/

2014

1/2/

2014

1/3/

2014

1/4/

2014

1/5/

2014

1/6/

2014

1/7/

2014

1/8/

2014

1/9/

2014

1/10

/201

4

1/11

/201

4

1/12

/201

4

Lion Enhanced Equity Fund

LionEnhancedEquity Fund

FBM100

15%

10%

0%

5%

-10%

-5%

-15%


FBM 100

LioN FiXED iNCoME FuND


Benchmark - 12 month FD

10%

5%

0%

-5%

01/0

1/20

14

01/0

2/20

14

01/0

3/20

14

01/0

4/20

14

01/0

5/20

14

01/0

6/20

14

01/0

7/20

14

01/0

8/20

14

01/0

9/20

14

01/1

0/20

14

01/1

1/20

14

01/1

2/20

14

01/0

1/20

14

01/0

2/20

14

01/0

3/20

14

01/0

4/20

14

01/0

5/20

14

01/0

6/20

14

01/0

7/20

14

01/0

8/20

14

01/0

9/20

14

01/1

0/20

14

01/1

1/20

14

01/1

2/20

14



12

-15%

-10%

-5%

0%

5%

10%

1/1/

2014

1/2/

2014

1/3/

2014

1/4/

2014

1/5/

2014

1/6/

2014

1/7/

2014

1/8/

2014

1/9/

2014

1/10

/201

4

1/11

/201

4

1/12

/201

4

Lion Growth Fund

Lion GrowthFund

FBM100

LioN GRowth FuND

Lion Growth Fund

FBM100

10%

5%

0%

-5%

-10%

-15%

01/0

1/20

14

01/0

2/20

14

01/0

3/20

14

01/0

4/20

14

01/0

5/20

14

01/0

6/20

14

01/0

7/20

14

01/0

8/20

14

01/0

9/20

14

01/1

0/20

14

01/1

1/20

14

01/1

2/20

14

LioN PRoGRESSivE FuND

Lion Progressive Fund

FBM100

-15%

-10%

-5%

0%

5%

10%

01/0

1/20

14

01/0

2/20

14

01/0

3/20

14

01/0

4/20

14

01/0

5/20

14

01/0

6/20

14

01/0

7/20

14

01/0

8/20

14

01/0

9/20

14

01/1

0/20

14

01/1

1/20

14

01/1

2/20

14


Lion ProgressiveFund

FBM100

01/0

1/20

14

01/0

2/20

14

01/0

3/20

14

01/0

4/20

14

01/0

5/20

14

01/0

6/20

14

01/0

7/20

14

01/0

8/20

14

01/0

9/20

14

01/1

0/20

14

01/1

1/20

14

01/1

2/20

14

10%

5%

0%

-5%

-10%

-15%


13

Lion Strategic Fund

Weighted Benchmark

Note:


Lion UK-i Fund

FTSE 100 Index


LioN StRatEGiC FuND

10%

0%

5%

-5%

-10%

01/0

1/20

14

01/0

2/20

14

01/0

3/20

14

01/0

4/20

14

01/0

5/20

14

01/0

6/20

14

01/0

7/20

14

01/0

8/20

14

01/0

9/20

14

01/1

0/20

14

01/1

1/20

14

01/1

2/20

14

LioN uK-i FuND

10%

0%

5%

-5%

-10%

01/0

1/20

14

01/0

2/20

14

01/0

3/20

14

01/0

4/20

14

01/0

5/20

14

01/0

6/20

14

01/0

7/20

14

01/0

8/20

14

01/0

9/20

14

01/1

0/20

14

01/1

1/20

14

01/1

2/20

14

-10%

-5%

0%

5%

10%

1/1/

2014

1/2/

2014

1/3/

2014

1/4/

2014

1/5/

2014

1/6/

2014

1/7/

2014

1/8/

2014

1/9/

2014

1/10

/201

4

1/11

/201

4

1/12

/201

4

Lion Strategic Fund

Lion Strategic Fund

WeightedBenchmark

Note : Weighted Benchmark is derived from 50% weight on 12 months Fixed Deposits return and 50% weight on FBM100 index return

-10%

-5%

0%

5%

10%

01/0

1/20

14

01/0

2/20

14

01/0

3/20

14

01/0

4/20

14

01/0

5/20

14

01/0

6/20

14

01/0

7/20

14

01/0

8/20

14

01/0

9/20

14

01/1

0/20

14

01/1

1/20

14

01/1

2/20

14

Lion UKI Fund

Lion UKI Fund

FTSE 100Index


14

-10%

-5%

0%

5%

10%

15%

20%

25%

01/0

1/20

14

01/0

2/20

14

01/0

3/20

14

01/0

4/20

14

01/0

5/20

14

01/0

6/20

14

01/0

7/20

14

01/0

8/20

14

01/0

9/20

14

01/1

0/20

14

01/1

1/20

14

01/1

2/20

14

Lion USI Fund

Lion USI Fund

S&P 500Index

LioN uS-i FuND

25%

20%

15%

10%

5%

0%

-5%

-10%

Lion US-i Fund

S&P 500 Index

SMaRt iNvESt GaiN FuND

10%

0%

5%

-5%

-10%

-15%

01/0

1/20

14

01/0

2/20

14

01/0

3/20

14

01/0

4/20

14

01/0

5/20

14

01/0

6/20

14

01/0

7/20

14

01/0

8/20

14

01/0

9/20

14

01/1

0/20

14

01/1

1/20

14

01/1

2/20

14

01/0

1/20

14

01/0

2/20

14

01/0

3/20

14

01/0

4/20

14

01/0

5/20

14

01/0

6/20

14

01/0

7/20

14

01/0

8/20

14

01/0

9/20

14

01/1

0/20

14

01/1

1/20

14

01/1

2/20

14

Smart Invest Gain Fund

Benchmark - 12 month FD

-15%

-10%

-5%

0%

5%

10%

01/0

1/20

14

01/0

2/20

14

01/0

3/20

14

01/0

4/20

14

01/0

5/20

14

01/0

6/20

14

01/0

7/20

14

01/0

8/20

14

01/0

9/20

14

01/1

0/20

14

01/1

1/20

14

01/1

2/20

14


Smart InvestGain Fund

Benchmark - 12month FD


15

STATEMENT OF COMPREHENSIVE INCOMEFor financial year ended 31 December 2014

SmArT INvEST GAIN FuNd dANA 01.01.2014

to 31.12.2014

30.08.2013to

31.12.2013 2014 2013rm rm rm rm

Net Investment Income Fair value Through Profit Or Loss (“FvTPL”) - Held For Trading: dividend Income - - 19,520,617 22,999,662 Loans And receivables (“LAr”): Interest Income 19,589 27,208 2,206,167 3,701,980 Cash And Bank Balances

- - 423 372

Interest Income Investment Expenses - - (2,106,331) (2,320,030)Net Gain On disposal Of Securities 672 - - - Net unrealised Investment Gain 825,367 - - 107,857,859 Total Income 845,628 27,208 19,620,876 132,239,843

management Expenses 241 104 7,785 8,844 Net Loss On disposal Of Securities - - 15,133,960 1,011,417 Net unrealised Investment Loss - 741,000 61,406,118 - Investment Charge - 1 11,982,420 11,074,855 Other Expenses - - 5,345,201 695 Total Expenses 241 741,105 93,875,484 12,095,811

Excess Of Income Over Expenditure/ (Expenditure Over Income) Before Taxation 845,387 (713,897) (74,254,608) 120,144,032 Taxation (Note 9) (67,650) 57,103 7,073,779 (7,926,263)

Excess Of Income Over Expenditure/ (Expenditure Over Income) After Taxation, representing Total Comprehensive Income For The Year/Period 777,737 (656,794) (67,180,829) 112,217,769


16

dANA SEJATI LION BALANCEd FuNd2014 2013 2014 2013

rm rm rm rm

Net Investment Income FvTPL - Held For Trading: Interest Income 3,778,000 3,137,993 2,552,760 2,194,775 dividend Income - - 3,194,576 3,056,594 LAr: Interest Income 507,172 392,915 2,328,849 1,217,504 Cash And Bank Balances Interest Income 119 99 - - Investment Expenses - - (1,356,393) (1,091,516)Net Gain On disposal Of Securities 273,953 462,379 - 3,201,572 Net unrealised Investment Gain 414,987 - 8,337,321 36,273,577 Total Income 4,974,231 3,993,386 15,057,113 44,852,506

management Expenses 954 1,072 4,108 3,787 Net Loss On disposal Of Securities - - 7,826,369 - unrealised Investment Loss - 767,984 - - Investment Charge 473,460 402,073 3,025,450 1,983,339 Other Expenses - - - 39 Total Expenses 474,414 1,171,129 10,855,927 1,987,165

Excess Of Income Over Expenditure Before Taxation 4,499,817 2,822,257 4,201,186 42,865,341 Taxation (Note 9) (360,062) (304,978) (80,865) (3,256,701)

Excess Of Income Over Expenditure After Taxation, representing Total Comprehensive Income For The Year 4,139,755 2,517,279 4,120,321 39,608,640


17

STATEMENT OF COMPREHENSIVE INCOME (CONT’D)For financial year ended 31 December 2014

LION FIXEd INCOmE FuNd LION GrOWTH FuNd2014 2013 2014 2013

rm rm rm rm

Net Investment Income FvTPL - Held For Trading: Interest Income 22,958,378 18,141,134 51,243 58,224 dividend Income - - 15,999,175 22,927,520 LAr: Interest Income 1,935,930 2,032,796 2,321,914 2,828,430 Investment Expenses - - (2,612,248) (1,845,205)Net Gain On disposal Of Securities 1,124,194 1,000,985 - 134,313 Net unrealised Investment Gain 2,335,211 - - 87,656,565 Total Income 28,353,713 21,174,915 15,760,084 111,759,847

management Expenses 5,886 5,779 7,156 8,296 Net Loss On disposal Of Securities - - 34,887,906 - Net unrealised Investment Loss - 2,149,891 50,857,182 - Investment Charge 2,685,462 2,350,990 10,532,927 9,907,372 Other Expenses - 548 - 151 Total Expenses 2,691,348 4,507,208 96,285,171 9,915,819

Excess Of Income Over Expenditure/ (Expenditure Over Income) Before Taxation 25,662,365 16,667,707 (80,525,087) 101,844,028 Taxation (Note 9) (2,053,460) (1,720,019) 7,721,361 (6,610,299)

Excess Of Income Over Expenditure/ (Expenditure Over Income) After Taxation, representing Total Comprehensive Income For The Year 23,608,905 14,947,688 (72,803,726) 95,233,729


18

LION PrOGrESSIvE FuNd LION STrATEGIC FuNd2014 2013 2014 2013

rm rm rm rm

Net Investment Income FvTPL - Held For Trading: Interest Income 1,818,567 3,878,994 2,185,865 5,380,856 dividend Income 14,636,619 22,250,205 19,636,010 18,025,761 LAr: Interest Income 2,831,357 2,144,843 3,877,226 3,360,642 Investment Expenses (2,561,541) (2,448,564) (1,065,083) (1,406,499)Net Gain On disposal Of Securities - 519,482 - 2,786,854 Net unrealised Investment Gain - 95,208,924 - 80,801,839 Total Income 16,725,002 121,553,884 24,634,018 108,949,453

management Expenses 8,677 9,167 8,237 8,085 Net Loss On disposal Of Securities 31,684,954 - 13,834,738 - Net unrealised Investment Loss 69,269,793 - 41,220,834 - Investment Charge 11,255,131 10,023,123 10,840,533 8,329,304 Other Expenses - 550 - 165 Total Expenses 112,218,555 10,032,840 65,904,342 8,337,554

Excess Of (Expenditure Over Income)/ Income Over Expenditure Before Taxation (95,493,553) 111,521,044 (41,270,324) 100,611,899 Taxation (Note 9) 8,809,712 (7,444,276) 4,871,840 (6,935,241)

Excess Of (Expenditure Over Income)/ Income Over Expenditure After Taxation, representing Total Comprehensive Income For The Year (86,683,841) 104,076,768 (36,398,484) 93,676,658


19


LION uS-i FuNd LION uK-i FuNd2014 2013 2014 2013

rm rm rm rm

Net Investment Income FvTPL - Held For Trading: dividend Income 110,380 94,276 122,664 105,449 LAr: Interest Income 127 752 - - Cash And Bank Balances Interest Income - - - 75 Investment Expenses (2,654) (1,233) (3,307) (1,031)Net Gain On disposal Of Securities - - - 1,347 Net unrealised Investment Gain 957,603 1,399,784 - 686,871 Other Income - - - 3,225 Total Income 1,065,456 1,493,579 119,357 795,936

management Expenses 1,158 1,814 1,356 1,139 Net Loss On disposal Of Securities 6,556 3,712 59 - Net unrealised Investment Loss - - 65,341 - Investment Charge 38,553 31,323 26,881 22,770 Others Expenses 6,508 2,706 1,704 - Total Expenses 52,775 39,555 95,341 23,909

Excess Of Income Over Expenditure Before Taxation 1,012,681 1,454,024 24,016 772,027 Taxation (Note 9) (114,283) (144,237) (2,125) (60,698)

Excess Of Income Over Expenditure After Taxation, representing Total Comprehensive Income For The Year 898,398 1,309,787 21,891 711,329


20

LION Au-i FuNd LION ASIA PAC FuNd2014 2013 2014 2013

rm rm rm rm

Net Investment Income FvTPL - Held For Trading: dividend Income 354,897 434,927 - - LAr: Interest Income 11,499 14,128 1,789 6,460 Cash And Bank Balances Interest Income 664 635 7,116 9,393 Investment Expenses (21,821) (30,698) - - Net Gain On disposal Of Securities 56,130 39,762 589 - Net unrealised Investment Gain - 75,027 40,547 63,572 Total Income 401,369 533,781 50,041 79,425

management Expenses 2,420 2,934 414 424 Net Loss On disposal Of Securities - - - 58,623 Net unrealised Investment Loss 91,041 - - - Investment Charge 62,736 65,538 15,309 13,539 Others Expenses 301,315 63,634 53,632 26,631 Total Expenses 457,512 132,106 69,355 99,217

Excess Of (Expenditure Over Income)/ Income Over Expenditure Before Taxation (56,143) 401,675 (19,314) (19,792)Taxation (Note 9) (3,085) (33,589) 2,081 2,345

Excess Of (Expenditure Over Income)/ Income Over Expenditure After Taxation, representing Total Comprehensive Income For The Year (59,228) 368,086 (17,233) (17,447)


21

LION ENHANCEd EQuITY FuNd dANA GEmILANG2014 2013 2014 2013

rm rm rm rm

Net Investment Income FvTPL - Held For Trading: Interest Income 1,400 1,400 - - dividend Income 4,008,877 3,289,728 1,497,930 876,312 LAr: Interest Income 717,724 367,264 198,063 121,292 Cash And Bank Balances Interest Income - 242 147 135 Investment Expenses (1,539,766) (490,349) (318,994) (219,107)Net Gain On disposal Of Securities - 348,444 - - Net unrealised Investment Gain - 31,803,635 - 9,676,216 Other Income 410,055 86,763 23,129 38,521 Total Income 3,598,290 35,407,127 1,400,275 10,493,369

management Expenses 3,218 2,764 1,200 1,160 Net Loss On disposal Of Securities 17,782,335 - 1,478,878 136,653 Net unrealised Investment Loss 7,850,304 - 3,689,609 - Investment Charge 3,606,029 1,791,322 993,394 532,388 Total Expenses 29,241,886 1,794,086 6,163,081 670,201

Excess Of (Expenditure Over Income)/ Income Over Expenditure Before Taxation (25,643,596) 33,613,041 (4,762,806) 9,823,168 Taxation (Note 9) 2,362,632 (2,485,367) 500,755 (722,526)

Excess Of (Expenditure Over Income)/ Income Over Expenditure After Taxation, representing Total Comprehensive Income For The Year (23,280,964) 31,127,674 (4,262,051) 9,100,642



22

BALANCE SHEET

As at 31 December 2014

SmArT INvEST GAIN FuNd dANA rESTu2014 2013 2014 2013

rm rm rm rm

Assets Investments (Note 5) 26,973,675 28,344,000 807,059,436 886,196,186 Equity Securities - - 657,129,436 811,738,787 Financial Instruments With Embedded derivatives 26,673,675 25,944,000 - 3,988,762 unit And Property Trust Funds - - - 10,318,637 deposits With Financial Institutions 300,000 2,400,000 149,930,000 60,150,000 deferred Tax Assets (Note 6) - 57,148 - - Other Assets (Note 7) 271 26,653 5,694,116 8,113,288 Cash And Bank Balances 11,021 15,538 65,180 51,407 Total Assets 26,984,967 28,443,339 812,818,732 894,360,881

Liabilities Provision for Taxation 3,590 45 4,959,828 2,712,302 deferred Tax Liabilities (Note 6) 6,956 - 4,729,255 14,050,559 Other Payables (Note 8) 13,803 3,294 842,238 52,918,771 Total Liabilities 24,349 3,339 10,531,321 69,681,632

Net Assets value of Funds (“NAv”) 26,960,618 28,440,000 802,287,411 824,679,249

Equityunitholders’ Capital 26,839,675 29,096,794 524,731,299 479,942,308 undistributed Income/(deficit) 120,943 (656,794) 277,556,112 344,736,941 Total Equity 26,960,618 28,440,000 802,287,411 824,679,249

No. Of units 29,889,820 30,000,000 292,698,800 279,268,286

NAv Per unit 0.902 0.948 2.741 2.953


23

dANA SEJATI LION BALANCEd FuNd2014 2013 2014 2013

rm rm rm rm

Assets Investments (Note 5) 106,337,050 88,925,915 348,851,362 250,674,187 malaysian Government Securities - 10,610,045 - - debt Securities 92,457,050 62,765,870 124,847,650 52,024,796 Equity Securities - - 147,613,029 133,075,609 Financial Instruments With Embedded derivatives - - 890,683 3,183,782 deposits With Financial Institutions 13,880,000 15,550,000 75,500,000 62,390,000 deferred Tax Assets (Note 6) - - 31,863 - Other Assets (Note 7) 1,409,340 2,167,446 10,142,838 6,406,123 Cash And Bank Balances 43,942 172,639 242,465 60,964 Total Assets 107,790,332 91,266,000 359,268,528 257,141,274

Liabilities Provision for Taxation 2,002,434 1,669,586 5,664,992 3,625,770 deferred Tax Liabilities (Note 6) 61,577 34,363 - 1,926,494 Other Payables (Note 8) 783 355 342,886 2,999,463 Total Liabilities 2,064,794 1,704,304 6,007,878 8,551,727


Equityunitholders’ Capital 83,214,212 71,190,125 256,059,847 155,509,065 undistributed Income 22,511,326 18,371,571 97,200,803 93,080,482 Total Equity 105,725,538 89,561,696 353,260,650 248,589,547

No. Of units 53,996,700 47,740,776 93,678,242 67,790,986

NAv Per unit 1.958 1.876 3.771 3.667

BALANCESHEET (CONT’D)As at 31 December 2014


24

LION FIXEd INCOmE FuNd LION GrOWTH FuNd2014 2013 2014 2013

rm rm rm rm

Assets Investments (Note 5) 610,521,039 518,452,046 704,048,991 762,562,897 malaysian Government Securities 40,036,500 42,205,000 - - debt Securities 475,004,539 433,947,046 - - Equity Securities - - 492,728,342 720,430,169 Financial Instruments With Embedded derivatives - - 1,344,389 4,123,060 unit And Property Trust Funds - - 3,526,260 6,759,668 deposits With Financial Institutions 95,480,000 42,300,000 206,450,000 31,250,000 Other Assets (Note 7) 11,548,635 7,836,285 24,925,583 1,553,093 Cash And Bank Balances 81,216 54,452 394,909 54,736 Total Assets 622,150,890 526,342,783 729,369,483 764,170,726

Liabilities Provision for Taxation 11,237,095 9,226,747 5,864,590 5,860,674 deferred Tax Liabilities (Note 6) 342,961 299,849 2,086,637 9,811,913 Other Payables (Note 8) 110,770 111,097 47,002,361 2,282,874 Total Liabilities 11,690,826 9,637,693 54,953,588 17,955,461



No. Of units 247,450,370 218,664,871 369,340,578 368,683,432

NAv Per unit 2.467 2.363 1.826 2.024


25


LION PrOGrESSIvE FuNd LION STrATEGIC FuNd2014 2013 2014 2013

rm rm rm rm

Assets Investments (Note 5) 798,860,247 848,368,251 922,985,561 842,380,391 debt Securities 74,962,950 45,007,096 85,866,360 76,071,596 Equity Securities 524,966,570 734,322,997 524,858,170 609,276,785 Financial Instruments With Embedded derivatives 2,501,388 6,502,260 1,699,200 2,096,800 unit And Property Trust Funds 339,339 3,245,898 52,851,831 46,235,210 deposits With Financial Institutions 196,090,000 59,290,000 257,710,000 108,700,000 Other Assets (Note 7) 10,504,493 4,291,329 8,599,719 6,658,509 Cash And Bank Balances 424,387 63,769 159,953 66,740 Total Assets 809,789,127 852,723,349 931,745,233 849,105,640

Liabilities Provision for Taxation 2,971,406 3,305,299 3,623,646 3,759,919 deferred Tax Liabilities (Note 6) 2,566,050 11,041,868 3,870,946 8,606,514 Other Payables (Note 8) 6,928,968 2,297,239 7,172 29,705,187 Total Liabilities 12,466,424 16,644,406 7,501,764 42,071,620



No. Of units 230,840,389 218,069,625 412,792,974 347,260,766

NAv Per unit 3.454 3.834 2.239 2.324


26

LION uS-i FuNd LION uK-i FuNd2014 2013 2014 2013

rm rm rm rm

Assets Investments (Note 5) 6,603,869 5,474,314 3,719,299 3,574,499 Equity Securities 6,603,644 5,474,314 3,719,290 3,574,499 derivatives 225 - 9 - Other Assets (Note 7) 74,507 34,537 4,973 3,794 Cash And Bank Balances 132,716 23,440 28,310 39,206 Total Assets 6,811,092 5,532,291 3,752,582 3,617,499

Liabilities Provision for Taxation 51,799 23,982 20,570 10,040 deferred Tax Liabilities (Note 6) 182,120 128,766 50,703 59,110 Other Payables (Note 8) 43 20 30 14 Total Liabilities 233,962 152,768 71,303 69,164


Equityunitholders’ Capital 4,029,020 3,729,811 2,858,509 2,747,456 undistributed Income 2,548,110 1,649,712 822,770 800,879 Total Equity 6,577,130 5,379,523 3,681,279 3,548,335

No. Of units 4,384,754 4,255,951 3,459,848 3,353,815

NAv Per unit 1.500 1.264 1.064 1.058


27


LION Au-i FuNd LION ASIA PAC FuNd2014 2013 2014 2013

rm rm rm rm

Assets Investments (Note 5) 7,755,171 10,020,671 1,315,752 899,392 Equity Securities 7,755,171 8,200,671 - - unit And Property Trust Funds - - 1,315,752 899,392 deposits With Financial Institutions - 1,820,000 - -Other Assets (Note 7) 195,077 2,276,527 31,669 13,509 Cash And Bank Balances 1,263,751 50,611 19,138 76,320 Total Assets 9,213,999 12,347,809 1,366,559 989,221

Liabilities Provision for Taxation 104,329 78,096 - - deferred Tax Liabilities (Note 6) 2,442 31,886 3,410 7,096 derivatives - - 10 - Other Payables (Note 8) 1,240,647 2,927,776 17,998 67,861 Total Liabilities 1,347,418 3,037,758 21,418 74,957

Net Assets value of Funds (“NAv”) 7,866,581 9,310,051 1,345,141 914,264

Equityunitholders’ Capital 6,741,219 8,125,461 1,416,983 968,873 undistributed Income/(deficit) 1,125,362 1,184,590 (71,842) (54,609)Total Equity 7,866,581 9,310,051 1,345,141 914,264

No. Of units 7,463,549 8,440,663 2,050,519 1,344,505

NAv Per unit 1.054 1.103 0.656 0.680


28


rm rm rm rm

Assets Investments (Note 5) 304,262,368 191,598,546 78,607,118 55,881,468 Equity Securities 234,800,280 171,374,926 63,057,118 48,970,067 Financial Instruments With Embedded derivatives 352,937 288,536 - 86,683 unit And Property Trust Funds 6,509,151 1,365,084 - 384,718 deposits With Financial Institutions 62,600,000 18,570,000 15,550,000 6,440,000 deferred Tax Assets (Note 6) 303,990 - - - Other Assets (Note 7) 7,080,239 7,851,318 1,120,871 145,737 Cash And Bank Balances 539,114 329,613 419,267 610,488 Total Assets 312,185,711 199,779,477 80,147,256 56,637,693

Liabilities Provision for Taxation 938,979 413,093 286,280 123,373 deferred Tax Liabilities (Note 6) - 2,588,629 107,927 771,592 Other Payables (Note 8) 25,011,732 352,713 1,585,410 2,999,968 Total Liabilities 25,950,711 3,354,435 1,979,617 3,894,933



No. Of units 166,803,613 106,868,902 49,379,430 31,753,618

NAv Per unit 1.716 1.838 1.583 1.661


29

SmArT INvEST GAIN FuNdunitholders’

capitalundistributed

(deficit)/income Total equityrm rm rm

At 30 August 2013 - - - Total Comprehensive Income For The Period - (656,794) (656,794)Amounts received From units Created 29,100,000 - 29,100,000 Amounts Paid For units Cancelled (3,206) - (3,206)At 31 december 2013 29,096,794 (656,794) 28,440,000

At 1 January 2014 29,096,794 (656,794) 28,440,000 Total Comprehensive Income For The Year - 777,737 777,737 Amounts Paid For units Cancelled (2,257,119) - (2,257,119)At 31 december 2014 26,839,675 120,943 26,960,618

dANA rESTuunitholders’


income Total equityrm rm rm

At 1 January 2013 454,817,567 232,519,172 687,336,739 Total Comprehensive Income For The Year - 112,217,769 112,217,769 Amounts received From units Created 82,981,203 - 82,981,203 Amounts Paid For units Cancelled (57,856,462) - (57,856,462)At 31 december 2013 479,942,308 344,736,941 824,679,249

At 1 January 2014 479,942,308 344,736,941 824,679,249 Total Comprehensive Income For The Year - (67,180,829) (67,180,829)Amounts received From units Created 69,651,897 - 69,651,897 Amounts Paid For units Cancelled (24,862,906) - (24,862,906)At 31 december 2014 524,731,299 277,556,112 802,287,411

STATEMENT OF CHANGES IN EqUITYFor financial year ended 31 December 2014


30

dANA SEJATIunitholders’





LION BALANCEd FuNdunitholders’






31

STATEMENT OFCHANGES IN EqUITY (CONT’D)For financial year ended 31 December 2014

LION FIXEd INCOmE FuNdunitholders’





LION GrOWTH FuNdunitholders’






32

LION PrOGrESSIvE FuNdunitholders’





LION STrATEGIC FuNdunitholders’






33

LION uS-i FuNdunitholders’



At 1 January 2013 2,880,498 339,925 3,220,423 Total Comprehensive Income For The Year - 1,309,787 1,309,787 Amounts received From units Created 1,487,623 - 1,487,623 Amounts Paid For units Cancelled (638,310) - (638,310)At 31 december 2013 3,729,811 1,649,712 5,379,523

At 1 January 2014 3,729,811 1,649,712 5,379,523 Total Comprehensive Income For The Year - 898,398 898,398 Amounts received From units Created 873,337 - 873,337 Amounts Paid For units Cancelled (574,128) - (574,128)At 31 december 2014 4,029,020 2,548,110 6,577,130

LION uK-i FuNdunitholders’



At 1 January 2013 2,595,469 89,550 2,685,019 Total Comprehensive Income For The Year - 711,329 711,329 Amounts received From units Created 487,651 - 487,651 Amounts Paid For units Cancelled (335,664) - (335,664)At 31 december 2013 2,747,456 800,879 3,548,335

At 1 January 2014 2,747,456 800,879 3,548,335 Total Comprehensive Income For The Year - 21,891 21,891 Amounts received From units Created 500,223 - 500,223 Amounts Paid For units Cancelled (389,170) - (389,170)At 31 december 2014 2,858,509 822,770 3,681,279



34

LION Au-i FuNdunitholders’


(deficit)/income Total equityrm rm rm

At 1 January 2013 6,791,193 816,504 7,607,697 Total Comprehensive Income For The Year - 368,086 368,086 Amounts received From units Created 2,750,406 - 2,750,406 Amounts Paid For units Cancelled (1,416,138) - (1,416,138)At 31 december 2013 8,125,461 1,184,590 9,310,051

At 1 January 2014 8,125,461 1,184,590 9,310,051 Total Comprehensive Income For The Year - (59,228) (59,228)Amounts received From units Created (421,653) - (421,653)Amounts Paid For units Cancelled (962,589) - (962,589)At 31 december 2014 6,741,219 1,125,362 7,866,581

LION ASIA PAC FuNdunitholders’


deficit Total equityrm rm rm

At 1 January 2013 1,034,604 (37,162) 997,442 Total Comprehensive Income For The Year - (17,447) (17,447)Amounts received From units Created 285,944 - 285,944 Amounts Paid For units Cancelled (351,675) - (351,675)At 31 december 2013 968,873 (54,609) 914,264

At 1 January 2014 968,873 (54,609) 914,264 Total Comprehensive Income For The Year - (17,233) (17,233)Amounts received From units Created 619,042 - 619,042 Amounts Paid For units Cancelled (170,932) - (170,932)At 31 december 2014 1,416,983 (71,842) 1,345,141


35

LION ENHANCEd EQuITY FuNdunitholders’





dANA GEmILANGunitholders’







36

SmArT INvEST GAIN FuNd dANA rESTu01.01.2014

to31.12.2014

30.08.2013to

31.12.2013 2014 2013 rm rm rm rm

Cash Flows From Operating ActivitiesExcess of Income Over Expenditure/ (Expenditure Over Income) Before Taxation 845,387 (713,897) (74,254,608) 120,144,032 Adjustments for: unrealised Investment (Gain)/Loss (825,367) 741,000 61,406,118 (107,857,859) (Gain)/Loss On disposal Of Investments (672) - 15,133,960 1,011,417 Gross dividend Income - - (19,520,617) (22,999,662) Interest Income (19,589) (27,208) (2,206,590) (3,702,352)Excess of Expenditure Over Income From Operations Before Changes In Operating Assets And Liabilities (241) (105) (19,441,737) (13,404,424)Net Proceeds From disposal/(Purchase) of Investments 96,363 (26,685,000) 92,376,670 (185,242,404)decrease/(Increase) In deposits With Financial Institutions 2,400,000 (2,400,000) - - Increase/decrease In Amount From/To Life Fund 10,381 3,207 (1,921,313) 849,794 decrease/(Increase) In Amount due From Brokers - - 3,494,096 (5,548,442)(decrease)/Increase In Amount due To Brokers - - (19,327,681) 15,693,935 (decrease)/Increase In Outstanding Claims - - (32,410,013) 5,991,710 decrease In Amount due To Intermediaries - - - (61,352)Increase/(decrease) In Sundry Payables 129 87 3,506 (19,600)Cash Generated From/(used In) Operations 2,506,632 (29,081,811) 22,773,528 (181,740,783)dividend received - - 20,093,385 20,903,164 Interest received 45,970 555 2,137,869 3,858,611 Net Cash Generated From/ (used In) Operating Activities 2,552,602 (29,081,256) 45,004,782 (156,979,008)

Cash Flows From Financing ActivitiesCreation Of units - 29,100,000 69,651,897 82,981,203 Cancellation Of units (2,257,119) (3,206) (24,862,906) (57,856,462)Net Cash(used In)/ Generated From Financing Activities (2,257,119) 29,096,794 44,788,991 25,124,741

Net Increase/(decrease) In Cash And Cash Equivalents 295,483 15,538 89,793,773 (131,854,267)Cash And Cash Equivalents At Beginning Of Year/Period 15,538 - 60,201,407 192,055,674 Cash And Cash Equivalents At End Of Year/Period 311,021 15,538 149,995,180 60,201,407

Cash And Cash Equivalents Comprise:

Cash and Bank Balances 11,021 15,538 65,180 51,407 Short Term deposits With maturity Periods Of Less Than 3 months 300,000 - 149,930,000 60,150,000 311,021 15,538 149,995,180 60,201,407

CASH FLOWSTATEMENT

For financial year ended 31 December 2014


37

CASH FLOWSTATEMENT (CONT’D)For financial year ended 31 December 2014

dANA SEJATI LION BALANCEd FuNd2014 2013 2014 2013 rm rm rm rm

Cash Flows From Operating ActivitiesExcess of Income Over Expenditure Before Taxation 4,499,817 2,822,257 4,201,186 42,865,341 Adjustments for: unrealised Investment (Gain)/Loss (414,987) 767,984 (8,337,321) (36,273,577) (Gain)/Loss On disposal Of Investments (273,953) (462,379) 7,826,369 (3,201,572) Gross dividend Income - - (3,194,576) (3,056,594) Interest Income (4,285,291) (3,531,007) (4,881,609) (3,412,279)Excess of Expenditure Over Income From Operations Before Changes In Operating Assets And Liabilities (474,414) (403,145) (4,385,951) (3,078,681)Net Purchase of Investments (18,392,195) (4,382,575) (84,556,224) (7,360,885)Increase In deposits With Financial Institutions - - (15,000,000) - Increase/decrease In Amount due From/To Life Fund 1,053,096 (28,641) (602,812) (2,142,831)Increase/(decrease) In Amount due From Brokers - - (2,418,286) 240,934 decrease In Amount due To Brokers - - (2,657,839) (245,398)(decrease)/Increase In Outstanding Claims - - (328) 307 decrease In Amount due to Intermediaries - (5,979) - (32,333)Increase/(decrease) In Sundry Payables 428 (1,810) 1,591 (3,217)Cash used In Operations (17,813,085) (4,822,150) (109,619,849) (12,622,104)dividend received - - 3,122,633 2,759,554 Interest received 3,990,301 3,466,258 4,237,935 3,807,975 Net Cash used In Operating Activities (13,822,784) (1,355,892) (102,259,281) (6,054,575)

Cash Flows From Financing ActivitiesCreation Of units 20,069,366 18,721,484 126,913,904 69,367,323 Cancellation Of units (8,045,279) (6,820,058) (26,363,122) (28,176,780)Net Cash Generated From Financing Activities 12,024,087 11,901,426 100,550,782 41,190,543

Net (decrease)/Increase In Cash And Cash Equivalents (1,798,697) 10,545,534 (1,708,499) 35,135,968 Cash And Cash Equivalents At Beginning Of Year 15,722,639 5,177,105 62,450,964 27,314,996 Cash And Cash Equivalents At End Of Year 13,923,942 15,722,639 60,742,465 62,450,964


Cash and Bank Balances 43,942 172,639 242,465 60,964 Short Term deposits With maturity Periods Of Less Than 3 months 13,880,000 15,550,000 60,500,000 62,390,000 13,923,942 15,722,639 60,742,465 62,450,964


38

LION FIXEd INCOmE FuNd LION GrOWTH FuNd2014 2013 2014 2013 rm rm rm rm

Cash Flows From Operating ActivitiesExcess of Income Over Expenditure (Expenditure Over Income) Before Taxation 25,662,365 16,667,707 (80,525,087) 101,844,028 Adjustments for: unrealised Investment (Gain)/Loss (2,335,211) 2,149,891 50,857,182 (87,656,565) (Gain)/Loss On disposal Of Investments (1,124,194) (1,000,985) 34,887,906 (134,313) Gross dividend Income - - (15,999,175) (22,927,520) Interest Income (24,894,308) (20,173,930) (2,373,157) (2,886,654)Excess of Expenditure Over Income From Operations Before Changes In Operating Assets And Liabilities (2,691,348) (2,357,317) (13,152,331) (11,761,024)Net Proceeds From (Purchase)/disposal of Investments (35,429,589) (69,246,834) 147,968,818 (124,017,290)(Increase)/decrease In deposits With Financial Institutions (20,000,000) - (20,000,000) 51,230,000 Increase/decrease In Amount due From/To Life Fund (838,019) 1,654,484 1,768,917 (10,670)Increase In Amount due From Brokers (1,971,992) - (23,249,321) - Increase In Amount due To Brokers - - 42,947,483 2,141,239 (decrease)/Increase In Outstanding claims (2,723) 3,415 - - (decrease)/Increase In due To Intermediaries - (10,500) - (146,334)Increase/(decrease) In Sundry Payables 2,397 (10,394) 3,087 (18,884)Cash (used In)/Generated From Operations (60,931,274) (69,967,146) 136,286,653 (82,582,963)dividend received - - 16,096,480 21,038,058 Interest received 23,991,969 19,371,643 2,152,684 3,030,456 Net Cash (used In)/Generated From Operating Activities (36,939,305) (50,595,503) 154,535,817 (58,514,449)

Cash Flows From Financing ActivitiesCreation Of units 113,788,815 103,709,482 44,402,739 47,052,814 Cancellation Of units (43,642,746) (49,416,834) (43,398,383) (39,181,642)Net Cash Generated From Financing Activities 70,146,069 54,292,648 1,004,356 7,871,172

Net (decrease)/Increase In Cash And Cash Equivalents 33,206,764 3,697,145 155,540,173 (50,643,277)Cash And Cash Equivalents At Beginning Of Year 42,354,452 38,657,307 31,304,736 81,948,013 Cash And Cash Equivalents At End Of Year 75,561,216 42,354,452 186,844,909 31,304,736


Cash and Bank Balances 81,216 54,452 394,909 54,736 Short Term deposits With maturity Periods Of Less Than 3 months 75,480,000 42,300,000 186,450,000 31,250,000 75,561,216 42,354,452 186,844,909 31,304,736


39

LION PrOGrESSIvE FuNd LION STrATEGIC FuNd2014 2013 2014 2013 rm rm rm rm

Cash Flows From Operating ActivitiesExcess of (Expenditure Over Income)/ Income Over Expenditure Before Taxation (95,493,553) 111,521,044 (41,270,324) 100,611,899 Adjustments for: unrealised Investment Loss/(Gain) 69,269,793 (95,208,924) 41,220,834 (80,801,839) Loss/(Gain) On disposal Of Investments 31,684,954 (519,482) 13,834,738 (2,786,854) Gross dividend Income (14,636,619) (22,250,205) (19,636,010) (18,025,761) Interest Income (4,649,924) (6,023,837) (6,063,091) (8,741,498)Excess of Expenditure Over Income From Operations Before Changes In Operating Assets And Liabilities (13,825,349) (12,481,404) (11,913,853) (9,744,053)Net Proceeds From disposal/(Purchase) of Investments 85,353,257 (73,237,168) 13,349,257 (164,648,020)Increase In deposits With Financial Institutions (15,000,000) - (10,000,000) (25,000,000)Increase/decrease In Amount due From/To Life Fund 1,732,358 (2,851,828) 2,095,103 (1,211,397)(Increase)/decrease In Amount due From Brokers (7,525,813) (932,556) (3,435,199) 2,009,756 Increase/(decrease) In Amount due To Brokers 5,502,954 1,416,499 (29,702,142) 28,619,008 decrease/(Increase) In Outstanding Claims (874,865) 128,069 - - decrease in Amount due From Intermediaries - 7 - - (decrease) in Amount due to Intermediaries - - - (50,332)Increase/(decrease) In Sundry Payables 3,639 (17,240) 4,127 (11,865)

Cash Generated From/(used In) Operations 55,366,181 (87,975,621) (39,602,707) (170,036,903)

dividend received 14,408,332 21,189,122 19,311,998 16,543,124

Interest received 4,458,504 7,419,134 5,785,989 9,466,677

Net Cash Generated from (used In) Operating Activities 74,233,017 (59,367,365) (14,504,720) (144,027,102)

Cash Flows From Financing Activities

Creation Of units 95,195,816 97,241,954 206,505,024 184,433,811

Cancellation Of units (47,268,215) (42,206,393) (52,897,091) (47,794,401)

Net Cash Generated From Financial Activities 47,927,601 55,035,561 153,607,933 136,639,410

Net Increase/(decrease) In

Cash And Cash Equivalents 122,160,618 (4,331,804) 139,103,213 (7,387,692)

Cash And Cash Equivalents At Beginning Of Year 59,353,769 63,685,573 83,766,740 91,154,432

Cash And Cash Equivalents At End Of Year 181,514,387 59,353,769 222,869,953 83,766,740


Cash and Bank Balances 424,387 63,769 159,953 66,740

Short Term deposits With maturity Periods Of Less Than 3 months 181,090,000 59,290,000 222,710,000 83,700,000

181,514,387 59,353,769 222,869,953 83,766,740



40

LION uS-i FuNd LION uK-i FuNd2014 2013 2014 2013 rm rm rm rm

Cash Flows From Operating ActivitiesExcess of Income Over Expenditure Before Taxation 1,012,681 1,454,024 24,016 772,027 Adjustments for: unrealised Investment (Gain)/Loss (957,603) (1,399,784) 65,341 (686,871) Loss/(Gain) On disposal Of Investments 6,556 3,712 59 (1,347) Gross dividend Income (110,380) (94,276) (122,664) (105,449) Interest Income (127) (752) - (75)Excess of Expenditure Over Income From Operations Before Changes In Operating Assets And Liabilities (48,873) (37,076) (33,248) (21,715)Net Purchase of Investments (178,506) (823,481) (210,202) (215,713)Increase/decrease In Amount due From/To Life Fund (34,657) (105,759) (1,179) 2,355 Increase/(decrease) In Sundry Payables 23 (97) 16 (70)Cash used In Operations (262,013) (966,413) (244,613) (235,143)dividend received 71,953 61,964 122,664 105,450 Interest received 127 751 - 75 Net Cash used In Operating Activities (189,933) (903,698) (121,949) (129,618) Cash Flows From Financing ActivitiesCreation Of units 873,337 1,487,623 500,223 487,651 Cancellation Of units (574,128) (638,310) (389,170) (335,664)Net Cash Generated From Financing Activities 299,209 849,313 111,053 151,987

Net Increase/(decrease) In Cash And Cash Equivalents 109,276 (54,385) (10,896) 22,369 Cash And Cash Equivalents At Beginning Of Year 23,440 77,825 39,206 16,837Cash And Cash Equivalents At End Of Year 132,716 23,440 28,310 39,206


Cash and Bank Balances 132,716 23,440 28,310 39,206 132,716 23,440 28,310 39,206


41

LION Au-i FuNd LION ASIA PAC FuNd2014 2013 2014 2013 rm rm rm rm

Cash Flows From Operating ActivitiesExcess of (Expenditure Over Income)/ Income Over Expenditure Before Taxation (56,143) 401,675 (19,314) (19,792)Adjustments for: unrealised Investment Loss/(Gain) 91,041 (75,027) (40,547) (63,572) (Gain)/Loss On disposal Of Investments (56,130) (39,762) (589) 58,623 Gross dividend Income (354,897) (434,927) - - Interest Income (12,163) (14,763) (8,905) (15,853)Excess of Expenditure Over Income From Operations Before Changes In Operating Assets And Liabilities (388,292) (162,804) (69,355) (40,594)Net Proceeds From disposal/ (Purchase) of Investments 410,589 348,747 (375,214) 689,841 Increase/decrease In Amount due From/To Life Fund (1,681,884) 1,265,185 (87,623) (545,827)(decrease)/Increase In Amount due From Brokers 2,018,241 (2,018,241) - - Increase In Amount due To Brokers - - 17,990 - (Increase)/decrease In Sundry Payables (5,244) 4,999 5 (24)Cash Generated From/(used In) Operations 353,410 (562,114) (514,197) 103,396

dividend received 411,633 400,125 - -

Interest received 12,339 14,783 8,905 15,853

Net Cash Generated From/

(used In) Operating Activities 777,382 (147,206) (505,292) 119,249


Creation Of units (421,653) 2,750,406 619,042 285,944

Cancellation Of units (962,589) (1,416,138) (170,932) (351,675)

Net Cash (used In)/Generated

From Financing Activities (1,384,242) 1,334,268 448,110 (65,731)

Net (decrease)/Increase In

Cash And Cash Equivalents (606,860) 1,187,062 (57,182) 53,518

Cash And Cash Equivalents At Beginning Of Year 1,870,611 683,549 76,320 22,802

Cash And Cash Equivalents At End Of Year 1,263,751 1,870,611 19,138 76,320


Cash and Bank Balances 1,263,751 50,611 19,138 76,320

Short Term deposits With maturity Periods Of Less Than 3 months - 1,820,000 - - 1,263,751 1,870,611 19,138 76,320



42

LION ENHANCEd EQuITY FuNd dANA GEmILANG2014 2013 2014 2013 rm rm rm rm

Cash Flows From Operating ActivitiesExcess of (Expenditure Over Income)/ Income Over Expenditure Before Taxation (25,643,596) 33,613,041 (4,762,806) 9,823,168 Adjustments for: unrealised Investment Loss/(Gain) 7,850,304 (31,803,635) 3,689,609 (9,676,216) Loss/(Gain) On disposal Of Investments 17,782,335 (348,444) 1,478,878 136,653 Gross dividend Income (4,008,877) (3,289,728) (1,497,930) (876,312) Interest Income (719,124) (368,906) (198,210) (121,427)Excess of Expenditure Over Income From Operations Before Changes In Operating Assets And Liabilities (4,738,958) (2,197,672) (1,290,459) (714,134)Net Purchase of Investments (94,266,462) (71,109,976) (18,784,138) (18,094,721)Increase/decrease In Amount due From/To Life Fund 4,230,389 (4,541,385) (1,864,512) 1,855,876 (Increase)/decrease In Amount due From Brokers (3,200,471) 2 (205,070) - Increase/(decrease)/In Amount due To Brokers 24,658,316 (510,489) (284,872) 1,869,144Increase In Outstanding Claims - - 593 - decrease In Amount due From Intermediaries - 20 - - Increase/(decrease) In Sundry Payables 703 94 209 (98)Cash (used In) Operations (73,316,483) (78,359,406) (22,428,249) (15,083,933)dividend received 3,754,940 3,010,993 1,462,306 735,639

Interest received 710,122 368,544 197,792 121,883

Net Cash used In Operating Activities (68,851,421) (74,979,869) (20,768,151) (14,226,411)


Creation Of units 145,277,330 103,146,577 35,700,706 22,987,963

Cancellation Of units (32,186,408) (23,365,666) (6,013,776) (5,857,646)

Net Cash Generated From Financing Activities 113,090,922 79,780,911 29,686,930 17,130,317

Net Increase In Cash And Cash Equivalents 44,239,501 4,801,042 8,918,779 2,903,906

Cash And Cash Equivalents At Beginning Of Year 18,899,613 14,098,571 7,050,488 4,146,582

Cash And Cash Equivalents At End Of Year 63,139,114 18,899,613 15,969,267 7,050,488


Cash and Bank Balances 539,114 329,613 419,267 610,488

Short Term deposits With maturity Periods Of Less Than 3 months 62,600,000 18,570,000 15,550,000 6,440,000 63,139,114 18,899,613 15,969,267 7,050,488


43

Smart invest Gain Funddetails of Investment as at 31 december 2014

FINANCIAL INSTrumENTSWITH EmBEddEd dErIvATIvES

Quantity Held (in unit of shares)

Cost(rm)

market value (rm)

marketvalue as a% of NAv

(%)

Financial Services 29,889,820 26,586,995 26,673,675 98.94% CImB BANK BErHAd 29,889,820 26,586,995 26,673,675 98.94%TOTAL FINANCIAL INSTrumENTSWITH EmBEddEd dErIvATIvES 29,889,820 26,586,995 26,673,675 98.94%

dEPOSITS WITH FINANCIAL INSTITuTIONS

Short Term money market Clean deposit 300,000 300,000 300,000 1.11%TOTAL dEPOSITS WITH FINANCIAL INSTITuTIONS 300,000 300,000 300,000 1.11%

TOTAL INvESTmENTS 30,189,820 26,886,995 26,973,675 100.05%

Dana Restudetails of Investment as at 31 december 2014

Quantity Held Cost market value

marketvalue as a% of NAv

EQuITY SECurITIES (in unit of shares) (rm) (rm) (%)

Building materials / Construction 31,567,600 101,561,223 103,994,971 12.96% GAmudA BHd 7,000,000 31,540,692 35,070,000 4.37% HOCK SENG LEE BErHAd 13,567,300 26,615,968 23,064,410 2.87% IJm COrPOrATION BErHAd 5,500,000 29,777,941 36,135,000 4.50% muHIBBAH ENGINEErING m BErHAd 3,500,300 8,282,338 6,545,561 0.82% WCT HOLdINGS BErHAd 2,000,000 5,344,284 3,180,000 0.40%Conglomerates 2,800,793 25,238,341 25,739,288 3.21% SImE dArBY BErHAd 2,800,793 25,238,341 25,739,288 3.21%media 1,500,000 5,225,149 3,465,000 0.43% STAr PuBLICATIONS m BErHAd 1,500,000 5,225,149 3,465,000 0.43%Others 10,970,000 46,084,019 63,659,100 7.94% HArTALEGA HOLdINGS BErHAd 2,670,000 12,970,883 18,770,100 2.34% KOSSAN ruBBEr INduSTrIES BErHAd 7,100,000 23,654,330 31,737,000 3.96% umW HOLdINGS BErHAd 1,200,000 9,458,806 13,152,000 1.64%Petroleum, Chemical & Gas 46,732,288 132,678,725 111,832,793 13.95% dAYANG ENTErPrISE HOLdINGS BErHAd 11,000,000 34,010,702 31,900,000 3.98% dIALOG GrOuP BErHAd 17,000,788 15,626,665 25,501,182 3.18% m’SIA mArINE & HEAvY ENG HLdGS 6,500,000 25,084,483 11,570,000 1.44% PETrA ENErGY BErHAd 3,481,200 10,494,373 6,022,476 0.75% PETrONAS CHEmICALS GrOuP BErHAd 5,250,300 35,122,485 28,614,135 3.57%

umW OIL & GAS COrPOrATION BErHAd 3,500,000 12,340,017 8,225,000 1.03%

DETAILS OF INVESTMENTAs at 31 December 2014


44

Dana Restu (Cont’d)details of Investment as at 31 december 2014


market value as a % of NAv

EQuITY SECurITIES (Cont’d) (in unit of shares) (rm) (rm) (%)

Properties 44,020,800 97,741,686 84,782,396 10.56%EASTErN & OrIENTAL BErHAd 12,750,000 33,546,870 28,687,500 3.58%GABuNGAN AQrS BErHAd 4,500,000 8,127,203 5,625,000 0.70%GLOmAC BErHAd 10,654,200 12,211,408 10,441,116 1.30%KSL HOLdINGS BErHAd 9,200,000 19,656,415 17,204,000 2.14%S P SETIA BErHAd 6,916,600 24,199,790 22,824,780 2.84%

resource Based 6,048,751 23,433,127 33,791,935 4.21%GENTING PLANTATIONS BErHAd 1,800,300 11,262,967 18,003,000 2.24%IJm PLANTATIONS BErHAd 2,673,287 6,725,495 9,677,299 1.21%TA ANN HOLdINGS BErHAd 1,575,164 5,444,665 6,111,636 0.76%

Telecommunication & Cable 16,250,210 82,341,114 109,688,953 13.67%AXIATA GrOuP BErHAd 5,500,050 28,561,462 38,775,352 4.83%dIGI.COm BErHAd 4,250,000 21,044,035 26,222,500 3.27%mAXIS BErHAd 1,000,000 5,672,053 6,850,000 0.85%TELEKOm mALAYSIA BErHAd 5,500,160 27,063,564 37,841,101 4.72%

Transport Services 5,250,000 36,252,512 37,905,000 4.72%mISC BErHAd 5,250,000 36,252,512 37,905,000 4.72%

utilities/ Infrastructure 7,650,000 47,541,403 82,270,000 10.26%CYPArK rESOurCES BErHAd 2,000,000 5,600,000 4,300,000 0.54%TENAGA NASIONAL BErHAd 5,650,000 41,941,403 77,970,000 9.72%

TOTAL EQuITY SECurITIES 172,790,442 598,097,299 657,129,436 81.91%


Short Term money market Clean deposit 149,930,000 149,930,000 149,930,000 18.69%TOTAL dEPOSITS WITHFINANCIAL INSTITuTIONS 149,930,000 149,930,000 149,930,000 18.69%


Dana Sejatidetails of Investment as at 31 december 2014



dEBT SECurITIES (in unit of shares) (rm) (rm) (%)

Commercial - Prop 5,000,000 5,048,000 5,019,800 4.75% WESTPOrTS mALAYSIA SdN BErHAd - 4.68% 201100025 rm2.0B Sukuk due 01.04.2022 5,000,000 5,048,000 5,019,800 4.75%Construction 5,000,000 5,016,300 4,984,000 4.71% WCT HOLdINGS BErHAd - 5.05% 201400052 rm1.5B Sukuk due 21.10.2022 5,000,000 5,016,300 4,984,000 4.71%


45

Dana Sejati (Cont’d)details of Investment as at 31 december 2014



dEBT SECurITIES (Cont’d) (in unit of shares) (rm) (rm) (%)

Financial Institutions 5,000,000 5,000,000 4,990,500 4.72% HSBC AmANAH mALAYSIA BErHAd - 4.22% 201200069 rm3.0B Sukuk due 16.10.2019 5,000,000 5,000,000 4,990,500 4.72%Financial Services 15,000,000 15,000,000 15,060,600 14.25% AmISLAmIC BANK BErHAd - 5.05% 201400009 rm1.5B AISL ImTN due 25.03.2019 5,000,000 5,000,000 5,022,650 4.75% rHB ISLAmIC BANK BErHAd - 4.95% 201400022 rm1.0B Sukuk due 15.05.2019 5,000,000 5,000,000 5,037,950 4.77% SurIA KLCC SdN BErHAd - 4.73% 201400068 rm600m ImTN PrOG due 31.12.2014 5,000,000 5,000,000 5,000,000 4.73%Highway KONSOrTIum LEBuHrAYA 3,000,000 3,006,300 2,975,580 2.81% uTArA TImur (KL) SdN BErHAd - 5.25% 201300098 rm2300m Sukuk due 02.12.2030 3,000,000 3,006,300 2,975,580 2.81%Plantation 15,000,000 15,080,200 15,198,150 14.38% BumITAmA AGrI LImITEd - 5.25% 201400012 rm2B 15 Sukuk Ijarah due 05.07.2016 10,000,000 10,065,500 10,199,900 9.65% FIrST rESOurCES LImITEd - 4.85% 201200043 rm2B Sukuk due 27.10.2014 5,000,000 5,014,700 4,998,250 4.73%Power 18,800,000 19,474,325 19,116,090 18.08% KAPAr ENErGY vENTurES SdN BErHAd - 4.12% 201300053 rm2B Sukuk Ijarah due 05.07.2016 5,500,000 5,546,365 5,497,690 5.20% mALAKOFF POWEr BErHAd - 5.05% 201300107 rm5.4B ImTN PrOG due 17.12.2019 3,000,000 3,007,800 3,011,910 2.85% muKAH POWEr GENErATION SdN BErHAd - 8.15% 200600125 rm665m Senior Sukuk due 27.12.2018 2,300,000 2,847,860 2,583,590 2.44% SArAWAK ENErGY BErHAd - 4.40% 201100040 rm15B ImTN due 23.06.2016 5,000,000 5,057,000 5,022,750 4.75% TANJuNG BIN POWEr SdN BErHAd - 4.66% 201200060 rm4.5B ImTN due 14.08.2020 3,000,000 3,015,300 3,000,150 2.84%

DETAILS OFINVESTMENT (CONT’D)As at 31 December 2014


46

Dana Sejati (Cont’d)details of Investment as at 31 december 2014




Properties 8,000,000 8,126,950 8,055,370 7.62% ENCOrP SYSTEmBILT SdN BErHAd - 4.54% 201200022 rm1.575B Sukuk due 17.05.2019 5,000,000 5,146,750 5,031,700 4.76% ENCOrP SYSTEmBILT SdN BErHAd - 4.69% 201200022 rm1.575B Sukuk due 18.05.2020 3,000,000 2,980,200 3,023,670 2.86%Transport 5,000,000 5,000,000 5,014,850 4.74% mALAYSIA AIrPOrTS HOLdINGS BErHAd - 5.75% 201400062 rm2.5B PErP Subordinated Sukuk due 14.12.2114 5,000,000 5,000,000 5,014,850 4.74%utilites / Infrastructure 8,000,000 7,799,800 8,011,670 7.57% TNB NOrTHErN ENErGY BErHAd - 4.42% 201300043 rm2.0 B Sukuk due 29.05.2030 3,000,000 2,782,800 2,795,820 2.64%utilites / Infrastructure TNB WESTErN ENErGY - 5.76% 201400004 rm4.0B Sukuk due 28.01.2033 5,000,000 5,017,000 5,215,850 4.93%Infrastructure-QGov 4,000,000 4,000,000 4,030,440 3.81% dANAINFrA NASIONAL - 4.40% 201200042 ImTN due 21.04.2021 4,000,000 4,000,000 4,030,440 3.81%TOTAL dEBT SECurITIES 91,800,000 92,551,875 92,457,050 87.44%


Short Term money market Clean deposit 13,880,000 13,880,000 13,880,000 13.13%TOTAL dEPOSITS WITH FINANCIAL INSTITuTIONS 13,880,000 13,880,000 13,880,000 13.13%



47

Lion Balanced Funddetails of Investment as at 31 december 2014




Construction 30,000,000 29,946,377 29,944,650 8.48% SuNWAY BErHAd - 0.00% 201300096 rm2.0B CP/mTN PrOG due 19.01.2015 10,000,000 9,968,151 9,982,300 2.83% SuNWAY BErHAd - 0.00% 201300096 rm2.0B CP/mTN PrOG due 30.01.2015 15,000,000 14,952,226 14,956,050 4.23% TEKNOLOGI TENAGA PErLIS - 4.15% 201300013 rm835m Sukuk due 29.07.2016 5,000,000 5,026,000 5,006,300 1.42%Financial Institutions 10,000,000 9,967,726 9,979,600 2.82% PAC LEASE BErHAd - 0.00% 201100055 rm500m CP/mTN PrOG due 22.01.2015 10,000,000 9,967,726 9,979,600 2.82%Financial Services 60,000,000 59,691,637 59,872,100 16.94% CImB BANK BErHAd - 4.30% 201000059 rm5.0B 10NC5 due 23.12.2015 5,000,000 5,014,500 4,998,000 1.41% CImB BANK BErHAd - 4.15% 201000059 rm5.0B 10NC5 due 30.11.2017 5,000,000 4,940,500 4,945,500 1.40% CImB BANK BErHAd - 4.80% 201300079 rm10B Subordinated due 13.09.2018 5,000,000 5,000,000 5,016,450 1.42% - 4.85% 201000031 rm1.7B TIEr 2 due 10.08.2015 5,000,000 5,048,000 5,018,250 1.42% PuBLIC BANK BErHAd - 4.28% 200800044 rm5B Subordinated mTN PrOG due 03.08.2017 5,000,000 5,003,000 5,003,000 1.42% rHB BANK BErHAd - 5.00% 200700131 rm3B mTN PrOG due 29.04.2015 10,000,000 10,097,000 10,033,300 2.84% rHB BANK BErHAd - 4.25% 201100066 rm3.0B Tier 2 Subordinated due 31.10.2016 5,000,000 4,976,500 4,986,800 1.41% CImB GrOuP HOLdINGS BErHAd - 4.30% 200700090 rm6.0B Conventional due 28.12.2015 10,000,000 10,000,000 10,001,500 2.83% OrIX LEASING mALAYSIA - 0.00% 201300037 rm500 m CP/mTN PrOG due 30.04.2015 10,000,000 9,612,137 9,869,300 2.79%

DETAILS OFINVESTMENT (CONT’D)As at 31 December 2014


48

Lion Balanced Fund (Cont’d)details of Investment as at 31 december 2014




Power 10,000,000 10,043,000 10,005,300 2.83% TANJuNG BIN POWEr SdN BErHAd - 4.54% 201200060 rm4.5B ImTN due 16.08.2019 10,000,000 10,043,000 10,005,300 2.83%Properties 10,000,000 10,013,000 10,001,600 2.83% ArA BINTANG BErHAd - 4.48% 201000022 rm330m Senior mTNs due 17.09.2019 10,000,000 10,013,000 10,001,600 2.83%Transport - QGov 5,000,000 5,087,500 5,044,400 1.43% SYArIKAT PrASArANA NEGArA BErHAd - 4.27% rm1.914B Prasarana New Bonds due 30.11.2016 5,000,000 5,087,500 5,044,400 1.43%TOTAL dEBT SECurITIES 125,000,000 124,749,240 124,847,650 35.33%

EQuITY SECurITIES

Building materials/Construction 19,923,150 27,294,392 26,869,939 7.60% CrEST BuILdEr HOLdINGS BErHAd 868,000 1,302,684 1,171,800 0.33% ENGTEX GrOuP BErHAd 2,180,250 2,586,471 2,420,078 0.69% HOCK SENG LEE BErHAd 1,798,300 3,475,667 3,057,110 0.87% JAKS rESOurCES BErHAd 3,237,400 1,670,634 1,424,456 0.40% KKB ENGINEErING BErHAd 1,138,900 2,454,014 1,708,350 0.48% muHIBBAH ENGINEErING m BErHAd 1,283,100 2,409,485 2,399,397 0.68% PrESS mETAL BErHAd 4,180,400 8,461,933 10,827,236 3.06% SALCON BErHAd 4,700,000 3,783,700 3,008,000 0.85% WCT HOLdINGS BErHAd 536,800 1,149,804 853,512 0.24%Conglomerates mAGNum BErHAd 2,685,000 7,646,030 7,088,208 2.01%

muLTI-PurPOSE HOLdINGS BHd 1,973,700 5,879,198 5,388,201 1.53%mmC COrPOrATION BErHAd 711,300 1,766,832 1,700,007 0.48%

Financial Services 3,415,151 17,175,468 16,420,633 4.64% ALLIANCE FINANCIAL GrOuP BErHAd 800,000 3,686,765 3,760,000 1.06% HONG LEONG BANK BErHAd 130,000 1,826,945 1,817,400 0.51% mALAYAN BANKING BErHAd 809,751 7,586,873 7,425,417 2.10% mPHB CAPITAL BErHAd 1,675,400 4,074,885 3,417,816 0.97%Gaming/Leisure 310,000 1,259,403 1,261,700 0.36% GENTING mALAYSIA BErHAd 310,000 1,259,403 1,261,700 0.36%media 1,860,000 3,638,150 3,273,600 0.93% mEdIA PrImA BErHAd 1,860,000 3,638,150 3,273,600 0.93%Others TOP GLOvE 735,000 3,481,507 3,322,200 0.94% COrPOrATION BErHAd 735,000 3,481,507 3,322,200 0.94%


49





Petroleum, Chemical & Gas 7,813,814 15,336,959 15,340,371 4.34% dIALOG GrOuP BErHAd 1,718,018 3,114,378 2,577,027 0.73% PErdANA PETrOLEum BErHAd 1,000,000 1,179,350 1,110,000 0.31% PETrA ENErGY BErHAd 1,768,400 5,047,060 3,059,332 0.87% SAPurAKENCANA PETrOLEum BErHAd 550,496 1,382,293 1,277,151 0.36%

umW OIL & GAS COrPOrATION BErHAd 450,000 1,358,336 1,057,500 0.30% YINSON HOLdINGS BErHAd 2,326,900 3,255,542 6,259,361 1.77%Properties 13,426,400 28,857,896 26,215,006 7.43% dAImAN dEvELOPmENT BErHAd 563,500 2,076,831 1,493,275 0.42% EASTErN & OrIENTAL BErHAd 1,871,100 4,821,867 4,209,975 1.19% GABuNGAN AQrS BErHAd 2,985,700 5,343,483 3,732,125 1.06% IJm LANd BErHAd 1,308,700 3,783,570 4,384,145 1.24% KSL HOLdINGS BErHAd 1,812,800 4,072,159 3,389,936 0.96% NAIm HOLdINGS BErHAd 410,100 1,225,415 1,222,098 0.35% S P SETIA BErHAd 1,045,800 3,500,637 3,451,140 0.98% SENTOrIA GrOuP BErHAd 3,133,800 3,439,245 3,854,574 1.09% TAmBuN INdAH LANd BErHAd 294,900 594,689 477,738 0.14%resource Based 3,059,400 7,427,093 7,225,300 2.05% IJm PLANTATIONS BErHAd 1,190,600 4,126,296 4,309,972 1.22% TANAH mAKmur BErHAd 1,868,800 3,300,797 2,915,328 0.83%Technology 8,233,200 6,610,348 6,798,663 1.92% dAGANG NEXCHANGE BErHAd 5,883,600 1,911,641 1,500,318 0.42% INArI AmErTrON BErHAd 1,975,500 4,376,200 5,017,770 1.42% WILLOWGLEN mSC BErHAd 374,100 322,507 280,575 0.08%Telecommunication & Cables 6,196,700 11,645,737 11,777,136 3.34% AXIATA GrOuP BErHAd 464,000 3,294,995 3,271,200 0.93% OCK GrOuP BErHAd 5,088,000 3,806,681 4,070,400 1.15% TELEKOm mALAYSIA BErHAd 644,700 4,544,061 4,435,536 1.26%Transport Services 8,375,700 6,495,504 6,504,883 1.85% HuBLINE BErHAd 5,868,300 299,086 234,732 0.07% INTEGrAX BErHAd 2,395,400 5,410,600 5,461,511 1.55% mISC BErHAd 112,000 785,818 808,640 0.23%utilities / Infrastucture 2,107,800 11,967,822 15,515,390 4.39% CYPArK rESOurCES BErHAd 1,165,000 2,067,151 2,504,750 0.71% TENAGA NASIONAL BErHAd 942,800 9,900,671 13,010,640 3.68%TOTAL EQuITY SECurITIES 78,141,315 148,836,309 147,613,029 41.80%

DETAILS OFINVESTMENTS (CONT’D)As at 31 December 2014


50


FINANCIAL INSTrumENTS WITH EmBEddEd dErIvATIvES



(in unit of shares) (rm) (rm) (%)

Building materials/Construction 2,597,900 448,634 374,645 0.11% WCT HOLdINGS BErHAd 522,900 241,134 104,895 0.03% PANTECH GrOuP HOLdINGS BErHAd - 0.00% 7% Irredeemable Convertible unsecured Loan Stock due 21.12.2017 2,075,000 207,500 269,750 0.08%Gaming/Leisure 40,750 61,125 113,693 0.03% GENTING BErHAd 40,750 61,125 113,693 0.03%Properties 693,700 646,036 402,345 0.11% SENTOrIA GrOuP BErHAd 693,700 646,036 402,345 0.11%TOTAL FINANCIAL INSTrumENTS WITH EmBEddEd dErIvATIvES 3,332,350 1,155,795 890,683 0.25%


Short Term money market Clean deposit 75,500,000 75,500,000 75,500,000 21.37%TOTAL dEPOSITS WITH FINANCIAL INSTITuTIONS 75,500,000 75,500,000 75,500,000 21.37%TOTAL INvESTmENTS 281,973,665 350,241,344 348,851,362 98.75%

Lion Fixed income Funddetails of Investment as at 31 december 2014



mALAYSIAN GOvErNmENT SECurITIES (in unit of shares) (rm) (rm) (%)

Government 40,000,000 40,207,500 40,036,500 6.56% GOvErNmENT INvESTmENT ISSuE - 3.70% 200500022 rm1.0T PrOFIT BASEd due 2022-11-15 10,000,000 9,500,000 9,696,500 1.59% GOvErNmENT INvESTmENT ISSuE - 4.94% 201300054 rm1.0T GII murabahah due 06.12.2028 10,000,000 10,209,000 10,180,000 1.67% GOvErNmENT OF mALAYSIA - 4.18% 199600011 rm1.0T mGS due 2024-07-15 20,000,000 20,498,500 20,160,000 3.30%TOTAL mALAYSIAN GOvErNmENT SECurITIES 40,000,000 40,207,500 40,036,500 6.56%


51

Lion Fixed income Fund (Cont’d)details of Investment as at 31 december 2014




Commercial - Prop 20,000,000 19,843,700 19,912,350 3.26% CENTrAL ImPrESSION SdN BErHAd - 5.55% 201400060 rm120m FIXEd rATE Sr due 2024-11-21 5,000,000 4,924,400 4,899,900 0.80% CENTrAL ImPrESSION SdN BErHAd - 5.55% 201400060 rm120m FIXEd rATE Sr due 2025-11-21 5,000,000 4,919,300 4,896,650 0.80% KINABALu CAPITAL SdN BHd - 4.90% 201100059 KCSB rm270m CP/mTN due 2016-09-05 10,000,000 10,000,000 10,115,800 1.66%Conglomerate 6,000,000 5,725,800 5,768,160 0.94% SImE dArBY BErHAd - 4.35% 200900058 rm4.5B ICP/ImTN due 2027-12-10 6,000,000 5,725,800 5,768,160 0.94%Construction 35,400,000 35,421,400 35,200,214 5.77% IJm COrPOrATION BErHAd - 5.50% 200900054 rm1.0B CP/mTN PrOG due 2015-10-23 5,000,000 5,172,000 5,060,750 0.83% IJm COrPOrATION BErHAd - 4.85% 201400016 rm3.0B Sukuk due 2021-04-09 400,000 400,000 404,064 0.07% WCT HOLdINGS BErHAd - 4.20% 201300033 rm1.0B mTNS PrOG due 2018-04-09 5,000,000 4,937,000 4,950,700 0.81% WCT HOLdINGS BErHAd - 4.40% 201300033 rm1.0B mTNS PrOG due 2020-04-09 5,000,000 4,932,500 4,901,650 0.80% WCT HOLdINGS BErHAd - 4.60% 201300033 rm1.0B mTNS PrOG due 2020-08-28 5,000,000 4,931,000 4,931,050 0.81% WCT HOLdINGS BErHAd - 5.05% 201400052 rm1.5B Sukuk due 2022-10-21 15,000,000 15,048,900 14,952,000 2.45%development - Prop 4,500,000 4,632,075 4,528,530 0.74% ENCOrP SYSTEmBILT SdN BErHAd - 4.54% 201200022 rm1.575B Sukuk due 2019-05-17 4,500,000 4,632,075 4,528,530 0.74%Financial Institutions 15,000,000 15,000,000 14,816,550 2.43% SABAH dEvELOPmENT BANK - 4.15% 201200055 rm1.0B mTN PrOG due 2017-08-08 15,000,000 15,000,000 14,816,550 2.43%



52





Financial Services 212,000,000 212,680,900 212,184,290 34.77% ImPIAN EKSPrESI SdN BErHAd - 4.75% 201300094 rm300m mTm (FG) due 2020-11-27 20,000,000 19,867,400 19,843,000 3.25% OrIX LEASING mALAYSIA - 4.65% 201300037 rm500 m CP/mTN PrOG due 2015-04-30 5,000,000 5,023,500 5,009,450 0.82% SILvEr SPArrOW BErHAd - 4.15% 201100078 rm515m mTN due 2016-04-08 10,000,000 10,014,000 10,001,400 1.64% SurIA KLCC SdN BErHAd - 4.73% 201400068 rm600m ImTN PrOG due 2024-12-31 10,000,000 10,000,000 10,000,000 1.64% TrOPICANA COrOrATION BErHAd - 4.22% 201200077 rm500m BG CP/mTN due 2016-11-02 10,000,000 10,059,000 9,981,900 1.64% BANK PEmBANGuNAN mALAYSIA BErHAd - 4.75% 200600027 rm7.0B Islamic mTN due 2029-09-12 5,000,000 4,979,000 5,007,550 0.82% ALLIANCE BANK mALAYSIA BErHAd - 4.82% 201100022 rm1.5B Subordinated due 08-04-2016 23,000,000 23,505,600 23,183,310 3.80% AmBANK (m) BErHAd - 5.20% 201300113 rm4.0B Subordinated Notes due 2018-12-31 20,000,000 20,000,000 20,097,200 3.29% AmBANK (m) BErHAd - 6.25% 200800009 rm2.0B mTN Programme due 2018-04-09 AmISLAmIC BANK BErHAd 5,000,000 5,355,500 5,248,850 0.86% - 5.05% 201400009 AISL ImTN due 2019-03-25 5,000,000 5,000,000 5,022,650 0.82% CImB BANK BErHAd - 4.15% 201000059 rm5.0B 10NC5 due 2017-11-30 5,000,000 4,940,500 4,945,500 0.81% CImB BANK BErHAd - 4.80% 201300079 rm10B Subordinated due 2018-09-13 10,000,000 10,000,000 10,032,900 1.64% CImB BANK BErHAd - 4.70% 201000059 rm5.0B 15NC10 due 2021-08-09 5,000,000 4,935,000 4,923,200 0.81% HONG LEONG BANK BErHAd - 4.35% 201000031 rm1.7B TIEr 2 due 2016-05-05 5,000,000 5,005,000 4,993,000 0.82%


53





Financial Services (Cont’d) HONG LEONG BANK BErHAd - 4.50% 201200032 rm1.5B TIEr 2 due 2019-06-24 15,000,000 14,783,000 14,727,750 2.41% HONG LEONG BANK BErHAd - 4.75% 200900007 rm2.0B mTN 10NC5 due 2015-12-30 4,000,000 4,092,400 4,013,680 0.66% mALAYAN BANKING BErHAd - 4.25% 201200019 rm7.0B Subordinated due 2019-05-10 10,000,000 10,000,000 9,861,600 1.62% mALAYAN BANKING BErHAd - 6.30% 200800077 rm4B Subordinated-Bonds due 25/09/2018 5,000,000 5,000,000 5,259,250 0.86% PrOmINIC BErHAd - 5.05% 201100028 Prominic Series1 due 2016-05-05 5,000,000 5,000,000 5,015,100 0.82% PuBLIC BANK BErHAd - 5.10% 200600122 rm1.2B Tier1 due 2016-12-22 5,000,000 5,121,000 5,070,100 0.83% rHB BANK BErHAd - 4.40% 201100066 rm3.0B Tier 2 Subordinated due 30/11/2017 10,000,000 10,000,000 9,943,900 1.63% rHB BANK BErHAd - 4.99% 200700131 rm3B mTN PrOG due 2019-07-08 20,000,000 20,000,000 20,003,000 3.28%Highway - Infrastructure 20,500,000 20,262,700 20,192,330 3.31% ANIH BErHAd - 5.00% 201100073 rm2.5B Sukuk PrOG due 2020-11-27 2,500,000 2,540,000 2,554,300 0.42% KONSOrTIum LEBuHrAYA uTArA TImur (KL) SdN BErHAd - 4.75% 201300098 rm2300m Sukuk due 2029-11-30 5,000,000 4,726,000 4,743,850 0.78% KONSOrTIum LEBuHrAYA uTArA TImur (KL) SdN BErHAd - 5.25% 201300098 rm2300m Sukuk due 2030-12-02 13,000,000 12,996,700 12,894,180 2.11%media 15,000,000 15,084,250 15,126,350 2.48% mEdIA CHINESE INTErNATIONAL LImITEd - 4.58% 201400008 rm500m CP/mTN PrOG due 2017-02-24 5,000,000 5,018,050 5,019,150 0.82% mEdIA CHINESE INTErNATIONAL LImITEd - 4.80% 201400008 rm500m CP/mTN PrOG due 2019-02-25 10,000,000 10,066,200 10,107,200 1.66%



54





Others - utilities 34,500,000 33,890,200 34,553,480 5.65% mANJuNG ISLANd ENErGY BErHAd - 4.58% 201100070 rm3.86B ISLAmIC SEC due 2027-11-25 5,000,000 4,902,500 4,913,300 0.80% TNB NOrTHErN ENErGY BErHAd - 4.42% 201300043 rm2.0B Sukuk due 2030-05-29 4,500,000 4,174,200 4,193,730 0.69% TNB NOrTHErN ENErGY BErHAd - 4.39% 201300043 rm2.0B Sukuk due 2029-11-29 5,000,000 4,692,500 4,704,950 0.77% TNB NOrTHErN ENErGY BErHAd - 5.06% 201400004 rm4.0B Sukuk due 2024-07-30 5,000,000 5,044,500 5,150,900 0.84% TNB NOrTHErN ENErGY BErHAd - 5.10% 201400004 rm4.0B Sukuk due 2025-01-30 5,000,000 5,042,000 5,152,750 0.84% TNB NOrTHErN ENErGY BErHAd - 5.76% 201400004 rm4.0B Sukuk due 2033-01-28 5,000,000 5,017,000 5,215,850 0.85% TNB NOrTHErN ENErGY BErHAd - 5.78% 201400004 rm4.0B Sukuk due 2033-07-29 5,000,000 5,017,500 5,222,000 0.86%Plantation 29,500,000 29,515,700 29,558,355 4.84% BumITAmA AGrI LImITEd - 5.25% 201400012 rm2B 15 YEAr ImTN due 2019-03-18 9,000,000 9,117,900 9,179,910 1.50% FIrST rESOurCES LImITEd - 4.30% 201200043 rm2B Sukuk due 2017-12-08 3,500,000 3,500,000 3,486,105 0.57% FIrST rESOurCES LImITEd - 4.35% 201200043 rm2B Sukuk due 2020-06-05 7,000,000 6,868,400 6,895,840 1.13% FIrST rESOurCES LImITEd - 4.85% 201200043 rm2B Sukuk due 2021-10-27 10,000,000 10,029,400 9,996,500 1.64%Power 47,000,000 48,505,900 48,116,180 7.88% mALAKOFF POWEr BErHAd - 5.05% 201300107 rm5.4B ImTN PrOG due 2019-12-17 5,000,000 5,013,000 5,019,850 0.82% mALAKOFF POWEr BErHAd - 5.25% 201300107 rm5.4B ImTN PrOG due 2021-12-17 5,000,000 5,022,500 5,005,050 0.82% mALAKOFF POWEr BErHAd - 5.45% 201300107 rm5.4B ImTN PrOG due 2023-12-15 5,000,000 5,038,500 5,001,250 0.82%


55





Power (Cont’d) muKAH POWEr GENErATION SdN BErHAd - 8.05% 200600125 rm665m Senior Sukuk due 2018-06-27 2,000,000 2,211,400 2,215,480 0.36% muKAH POWEr GENErATION SdN BErHAd - 8.15% 200600125 rm665m Senior Sukuk due 2018-12-27 5,000,000 6,191,000 5,616,500 0.92% SArAWAK ENErGY BErHAd - 4.40% 201100040 rm15B ImTN due 2016-06-23 5,000,000 5,057,000 5,022,750 0.82% SArAWAK ENErGY BErHAd - 5.50% 201100040 rm15B ImTN due 2029-07-04 10,000,000 10,000,000 10,244,400 1.68% TANJuNG BIN POWEr SdN BErHAd - 4.66% 201200060 rm4.5B ImTN due 2020-08-14 5,000,000 5,010,500 5,000,250 0.82% TANJuNG BIN POWEr SdN BErHAd - 5.01% 201200060 rm4.5B ImTN due 2024-08-16 5,000,000 4,962,000 4,990,650 0.82%retail - Prop 20,000,000 20,037,500 20,003,200 3.28% ArA BINTANG BErHAd - 4.48% 201000022 rm330m Senior mTNs due 2019-09-17 20,000,000 20,037,500 20,003,200 3.28%Transport 15,000,000 15,000,000 15,044,550 2.46% mALAYSIA AIrPOrTS HOLdINGS BErHAd - 5.75% 201400062 rm2.5B PErP Subordinated Sukuk due 2114-12-14 15,000,000 15,000,000 15,044,550 2.46%TOTAL dEBT SECurITIES 474,400,000 475,600,125 475,004,539 77.81%




EQuITY SECurITIES

Building materials / Construction 12,354,180 37,792,548 39,066,243 5.78% GAmudA BErHAd 2,207,900 9,018,348 11,061,579 1.64% IJm COrPOrATION BErHAd 3,278,680 19,071,195 21,540,928 3.19% KKB ENGINEErING BErHAd 2,405,200 6,048,764 3,607,800 0.53% SALCON BErHAd 4,462,400 3,654,241 2,855,936 0.42%



56

Lion Growth Fund details of Investment as at 31 december 2014




Conglomerates 874,043 7,784,348 8,032,455 1.19% SImE dArBY BErHAd 874,043 7,784,348 8,032,455 1.19%Financial Services 20,775,914 137,503,233 130,085,125 19.28% ALLIANCE FINANCIAL GrOuP BErHAd 1,600,000 7,820,690 7,520,000 1.12% CImB GrOuP HOLdINGS BErHAd 4,462,696 31,397,808 24,812,590 3.68% mALAYAN BANKING BErHAd 4,231,451 37,717,092 38,802,406 5.75% mPHB CAPITAL BErHAd 5,663,250 11,858,092 11,553,030 1.71% PuBLIC BANK BErHAd 1,000,000 18,085,960 18,300,000 2.71% rHB CAPITAL BErHAd 3,818,517 30,623,591 29,097,100 4.31%Gaming / Leisure 7,328,200 24,839,038 31,311,854 4.65% GENTING BErHAd 309,600 1,333,700 2,746,152 0.41% GENTING mALAYSIA BErHAd 7,018,600 23,505,338 28,565,702 4.24%media 20,302,400 34,444,338 28,525,823 4.22% ASTrO mALAYSIA HOLdINGS BErHAd 1,925,200 6,387,458 5,833,356 0.86% mEdIA CHINESE INT’L LImITEd 10,975,500 9,137,581 8,231,625 1.22% mEdIA PrImA BErHAd 4,794,700 9,823,929 8,438,672 1.25% STAr PuBLICATIONS m BErHAd 2,607,000 9,095,370 6,022,170 0.89%Others 2,633,200 10,522,292 12,638,756 1.87% HArTALEGA HOLdINGS BErHAd 339,200 2,003,577 2,384,576 0.35% KOSSAN ruBBEr INduSTrIES BErHAd 2,294,000 8,518,715 10,254,180 1.52%Petroleum, Chemical & Gas 17,900,470 37,988,231 36,490,333 5.40% dIALOG GrOuP BErHAd 12,608,870 16,627,520 18,913,305 2.80% PETrA ENErGY BErHAd 1,405,600 4,253,944 2,431,688 0.36% PETrONAS CHEmICALS GrOuP BErHAd 1,700,000 11,873,754 9,265,000 1.37% YINSON HOLdINGS BErHAd 2,186,000 5,233,013 5,880,340 0.87%Properties 15,792,300 36,809,477 35,681,979 5.29%

EASTErN & OrIENTAL BErHAd 4,526,300 10,595,620 10,184,175 1.51% IJm LANd BErHAd 4,290,800 12,383,704 14,374,180 2.13% KSL HOLdINGS BErHAd 3,975,200 9,326,853 7,433,624 1.10% SENTOrIA GrOuP BErHAd 3,000,000 4,503,300 3,690,000 0.55%resource Based 17,257,049 60,613,548 60,896,450 9.03% GENTING PLANTATIONS BErHAd 1,582,300 13,763,722 15,823,000 2.35% HAP SENG PLANTATIONS HOLdGS BErHAd 753,300 2,295,763 1,890,783 0.28% IJm PLANTATIONS BErHAd 4,584,700 14,748,439 16,596,614 2.46% KuLIm m BErHAd 2,297,700 9,662,112 6,893,100 1.02% SArAWAK OIL PALmS BErHAd 602,800 3,865,673 3,110,448 0.46% TA ANN HOLdINGS BErHAd 3,038,349 10,751,905 11,788,794 1.75% WTK HOLdINGS BErHAd 4,397,900 5,525,934 4,793,711 0.71%Technology 7,781,800 8,672,399 13,851,604 2.05% uNISEm m BErHAd 7,781,800 8,672,399 13,851,604 2.05%Telecommunication & Cables 5,050,000 35,333,530 35,194,500 5.22% AXIATA GrOuP BErHAd 2,650,000 18,755,975 18,682,500 2.77% TELEKOm mALAYSIA BErHAd 2,400,000 16,577,555 16,512,000 2.45%


57

Lion Growth Fund (Cont’d) details of Investment as at 31 december 2014




utilities/Infrastructure 4,416,900 37,017,378 60,953,220 9.04% TENAGA NASIONAL BErHAd 4,416,900 37,017,378 60,953,220 9.04%TOTAL EQuITY SECurITIES 132,466,456 469,320,360 492,728,342 73.02%


Gaming/Leisure 77,400 116,100 215,946 0.03% GENTING BErHAd 77,400 116,100 215,946 0.03%resource Based 464,380 766,227 1,128,443 0.17% GENTING PLANTATIONS BErHAd 464,380 766,227 1,128,443 0.17%TOTAL FINANCIAL INSTrumENTS WITH EmBEddEd dErIvATIvES 541,780 882,327 1,344,389 0.20%

uNIT ANd PrOPErTY TruST FuNdS

Properties 974,105 1,545,121 3,526,260 0.52% AXIS rEAL ESTATE INv TruST 974,105 1,545,121 3,526,260 0.52%TOTAL uNIT ANd PrOPErTY TruST FuNdS 974,105 1,545,121 3,526,260 0.52%




Lion Progressive Fund details of Investment as at 31 december 2014




Construction 15,000,000 14,952,226 14,956,050 1.88% SuNWAY BErHAd - 0.00% 201300096 rm2.0B CP/mTN PrOG due 2015-01-30 15,000,000 14,952,226 14,956,050 1.88%Financial Institutions 10,000,000 9,968,066 9,986,800 1.26% PAC LEASE BErHAd - 0.00% 201100055 rm500m CP/mTN PrOG due 2015-01-08 5,000,000 4,984,203 4,997,000 0.63% PAC LEASE BErHAd - 0.00% 201100055 rm500m CP/mTN PrOG due 2015-01-22 5,000,000 4,983,863 4,989,800 0.63%



58

Lion Progressive Fund (Cont’d)details of Investment as at 31 december 2014




Financial Services 35,000,000 35,014,400 35,015,850 4.40% CImB BANK BErHAd - 4.30% 201000059 rm5.0B 10NC5 due 2015-12-23 10,000,000 10,019,000 9,996,000 1.25% CImB BANK BErHAd - 4.80% 201300079 rm10B Subordinated due 2018-09-13 5,000,000 5,000,000 5,016,450 0.63% PrOmINIC BErHAd - 5.05% 201100028 Prominic Series1 due 2016-05-05 5,000,000 5,018,900 5,015,100 0.63% rHB BANK BErHAd - 4.25% 201100066 rm3.0B Tier 2 Subordinated due 2016-10-31 5,000,000 4,976,500 4,986,800 0.63% rHB BANK BErHAd - 4.99% 200700131 rm3B mTN PrOG due 2019-07-08 5,000,000 5,000,000 5,000,750 0.63% CImB GrOuP HOLdINGS BErHAd - 4.30% 200700090 rm6.0B CONvENTIONAL due 2015-12-28 5,000,000 5,000,000 5,000,750 0.63%Power 5,000,000 5,021,500 5,002,650 0.63% TANJuNG BIN POWEr SdN BErHAd - 4.54% 201200060 rm4.5B ImTN due 2019-08-16 5,000,000 5,021,500 5,002,650 0.63%Properties 10,000,000 10,013,000 10,001,600 1.25% ArA BINTANG BErHAd - 4.48% 201000022 rm330m Senior mTNs due 2019-09-17 10,000,000 10,013,000 10,001,600 1.25%TOTAL dEBT SECurITIES 75,000,000 74,969,192 74,962,950 9.42%

EQuITY SECurITIES

Building materials / Construction 12,121,000 29,241,011 28,126,433 3.52% CrEST BuILdEr HOLdINGS BErHAd 1,073,700 1,610,550 1,449,495 0.18% GAmudA BErHAd 3,006,800 13,354,664 15,064,068 1.89% HOCK SENG LEE BErHAd 1,710,600 3,106,520 2,908,020 0.36% KKB ENGINEErING BErHAd 2,329,900 5,497,026 3,494,850 0.44% SALCON BErHAd 3,000,000 2,478,400 1,920,000 0.24% SuNWAY BErHAd 1,000,000 3,193,850 3,290,000 0.41%Conglomerates 1,194,100 4,567,856 4,456,659 0.56% mmC COrPOrATION BErHAd 958,400 2,435,125 2,290,576 0.29% SImE dArBY BErHAd 235,700 2,132,731 2,166,083 0.27%


59





Financial Services 18,868,780 116,111,655 111,926,205 14.03% ALLIANCE FINANCIAL GrOuP BErHAd 2,182,500 10,471,460 10,257,750 1.29% CImB GrOuP HOLdINGS BErHAd 3,829,479 29,568,759 21,291,903 2.67% mALAYAN BANKING BErHAd 3,366,141 28,399,185 30,867,513 3.87% mPHB CAPITAL BErHAd 5,365,950 6,857,634 10,946,538 1.37% PuBLIC BANK BErHAd 667,810 10,530,757 12,220,923 1.53% rHB CAPITAL BErHAd 3,456,900 30,283,860 26,341,578 3.30%Gaming / Leisure 10,766,888 61,819,485 57,111,089 7.17% BErJAYA SPOrTS TOTO BErHAd 2,124,688 8,366,683 7,457,655 0.94% GENTING BErHAd 3,016,600 29,714,652 26,757,242 3.36% GENTING mALAYSIA BErHAd 5,625,600 23,738,150 22,896,192 2.87%media 7,669,300 19,770,406 15,442,243 1.94% ASTrO mALAYSIA HOLdINGS BErHAd 500,000 1,610,000 1,515,000 0.19% mEdIA PrImA BErHAd 4,788,800 9,878,396 8,428,288 1.06% STAr PuBLICATIONS m BErHAd 2,380,500 8,282,010 5,498,955 0.69%Others 6,095,520 20,922,509 30,208,552 3.79% FImA COrPOrATION BErHAd 1,474,800 1,196,279 3,569,016 0.45% FITTErS dIvErSIFIEd BErHAd 911,720 657,686 565,266 0.07% HArTALEGA HOLdINGS BErHAd 3,709,000 19,068,544 26,074,270 3.27%Petroleum, Chemical & Gas 34,193,538 79,002,162 82,045,861 10.28%

dAYANG ENTErPrISE HOLdINGS BErHAd 5,848,900 15,011,464 16,961,810 2.13%dIALOG GrOuP BErHAd 7,828,638 8,312,044 11,742,957 1.47%m’SIA mArINE & HEAvY ENG HLdGS 591,000 2,179,166 1,051,980 0.13%PErdANA PETrOLEum BErHAd 5,846,200 7,102,919 6,489,282 0.81%

PETrA ENErGY BErHAd 1,613,400 4,854,819 2,791,182 0.35% PETrONAS CHEmICALS GrOuP BErHAd 1,036,900 6,514,810 5,651,105 0.71% PETrONAS GAS BErHAd 370,100 5,142,544 8,201,416 1.03% umW OIL & GAS COrPOrATION BErHAd 1,201,500 4,112,146 2,823,525 0.35%

uZmA BErHAd 188,100 196,900 323,532 0.04% YINSON HOLdINGS BErHAd 9,668,800 25,575,350 26,009,072 3.26%Properties 25,926,549 67,246,314 64,051,950 8.04% EASTErN & OrIENTAL BErHAd 7,607,200 16,101,953 17,116,200 2.15% ECO WOrLd dEvELOPmENT GrOuP 2,535,100 11,626,625 10,596,718 1.33% IJm LANd BErHAd 5,700,700 17,736,923 19,097,345 2.40% IOI PrOPErTIES GrOuP BErHAd 1,134,349 2,773,239 2,745,125 0.34% KSL HOLdINGS BErHAd 2,591,200 6,098,016 4,845,544 0.61% TAmBuN INdAH LANd BErHAd 3,267,800 6,576,150 5,293,836 0.66% uEm SuNrISE BErHAd 3,090,200 6,333,408 4,357,182 0.55%resource Based 6,145,300 21,900,634 21,957,922 2.76% GENTING PLANTATIONS BErHAd 128,800 1,216,981 1,288,000 0.16% IJm PLANTATIONS BErHAd 4,313,700 14,543,162 15,615,594 1.96% KuLIm m BErHAd 975,500 3,726,610 2,926,500 0.37% SArAWAK OIL PALmS BErHAd 275,900 1,553,541 1,423,644 0.18% TANAH mAKmur BErHAd 451,400 860,340 704,184 0.09%



60





Telecommunication & Cables 3,011,800 19,730,125 20,498,346 2.57% AXIATA GrOuP BErHAd 891,500 6,217,585 6,285,075 0.79% dIGI.COm BErHAd 518,800 2,481,842 3,200,996 0.40% mAXIS BErHAd 201,500 1,298,098 1,380,275 0.17% TELEKOm mALAYSIA BErHAd 1,400,000 9,732,600 9,632,000 1.21%Transport Services 5,744,480 8,124,481 9,277,750 1.16% FrEIGHT mANAGEmENT HLdGS BErHAd 2,433,180 1,075,514 4,185,070 0.52% mALAYSIAN BuLK CArrIErS BErHAd 3,130,600 5,824,796 3,788,026 0.48% mISC BErHAd 180,700 1,224,171 1,304,654 0.16%utilities / Infrastucture 7,857,200 46,214,623 79,863,560 10.02% CYPArK rESOurCES BErHAd 2,452,000 4,734,389 5,271,800 0.66% TENAGA NASIONAL BErHAd 5,405,200 41,480,234 74,591,760 9.36%TOTAL EQuITY SECurITIES 139,594,455 494,651,262 524,966,570 65.84%


Building materials/Construction 6,929,500 692,950 900,835 0.11% PANTECH GrOuP HOLdINGS BErHAd - 0.00% 7% Irredeemable Convertible unsecured Loan Stock due 2017-12-21 6,929,500 692,950 900,835 0.11%Gaming/Leisure 356,350 534,525 994,217 0.12% GENTING BErHAd 356,350 534,525 994,217 0.12%Others 273,720 - 60,218 0.01% FITTErS dIvErSIFIEd BErHAd 273,720 - 60,218 0.01%resource Based 224,740 370,821 546,118 0.07% GENTING PLANTATIONS BHd 224,740 370,821 546,118 0.07%TOTAL FINANCIAL INSTrumENTS WITH EmBEddEd dErIvATIvES 7,784,310 1,598,296 2,501,388 0.31%


unit Trust 93,740 165,729 339,339 0.04% AXIS rEAL ESTATE INv TruST 93,740 165,729 339,339 0.04%TOTAL uNIT ANd PrOPErTY TruST FuNdS 93,740 165,729 339,339 0.04%


Short Term money market Clean deposit 196,090,000 196,090,000 196,090,000 24.59%

TOTAL dEPOSITS WITH FINANCIAL INSTITuTIONS 196,090,000 196,090,000 196,090,000 24.59%



61

Lion Strategic Funddetails of Investment as at 31 december 2014




Construction 25,000,000 24,876,226 24,863,250 2.69% SuNWAY BErHAd - 0.00% 201300096 rm2.0B CP/mTN PrOG due 2015-01-19 5,000,000 4,984,075 4,991,150 0.54%Construction SuNWAY BErHAd - 0.00% 201300096 rm2.0B CP/mTN PrOG due 2015-01-30 10,000,000 9,968,151 9,970,700 1.08% WCT HOLdINGS BErHAd - 4.20% 201300033 rm1.0B mTNS PrOG due 2018-04-09 10,000,000 9,924,000 9,901,400 1.07%Financial Institutions 10,000,000 9,968,066 9,986,800 1.08% PAC LEASE BErHAd - 0.00% 201100055 rm500m CP/mTN PrOG due 2015-01-08 5,000,000 4,984,203 4,997,000 0.54% PAC LEASE BErHAd - 0.00% 201100055 rm500m CP/mTN PrOG due 2015-01-22 5,000,000 4,983,863 4,989,800 0.54%Financial Services 30,000,000 29,996,400 30,003,000 3.24% CImB BANK BErHAd - 4.30% 201000059 rm5.0B 10NC5 due 2015-12-23 5,000,000 5,009,500 4,998,000 0.54% CImB BANK BErHAd - 4.80% 201300079 rm10B Subordinated due 2018-09-13 5,000,000 5,000,000 5,016,450 0.54% PrOmINIC BErHAd Series1 due 2016-05-05 5,000,000 5,018,900 5,015,100 0.54% rHB BANK BErHAd - 4.40% 201100066 rm3.0B Tier 2 Subordinated due 2017-11-30 5,000,000 4,968,000 4,971,950 0.54% rHB BANK BErHAd - 4.99% 200700131 rm3B mTN PrOG due 2019-07-08 5,000,000 5,000,000 5,000,750 0.54% CImB GrOuP HOLdINGS BErHAd - 4.30% 200700090 rm6.0B CONvENTIONAL due 2015-12-28 5,000,000 5,000,000 5,000,750 0.54%Investment Holding 6,000,000 6,075,000 6,009,060 0.65% dANGA CAPITAL BErHAd - 4.35% 200900021 rm10B ISLAmIC SEC due 2015-04-13 6,000,000 6,075,000 6,009,060 0.65%Power 5,000,000 5,021,500 5,002,650 0.54% TANJuNG BIN POWEr SdN BErHAd - 4.54% 201200060 rm4.5B ImTN due 2019-08-16 5,000,000 5,021,500 5,002,650 0.54%



62

Lion Strategic Fund (Cont’d)details of Investment as at 31 december 2014




Properties 10,000,000 10,013,000 10,001,600 1.08% ArA BINTANG BErHAd - 4.48% 201000022 rm330m Senior mTNs due 2019-09-17 10,000,000 10,013,000 10,001,600 1.08%TOTAL dEBT SECurITIES 86,000,000 85,950,192 85,866,360 9.28%

EQuITY SECurITIES

Building materials / Construction 15,132,625 44,829,038 47,344,874 5.13% GAmudA BErHAd 2,000,000 8,515,296 10,020,000 1.08% IJm COrPOrATION BErHAd 3,300,000 17,755,414 21,681,000 2.35% SALCON BErHAd 5,000,000 4,091,667 3,200,000 0.35% SuNWAY BErHAd 2,800,000 8,729,500 9,212,000 1.00% WCT HOLdINGS BErHAd 2,032,625 5,737,161 3,231,874 0.35%Conglomerates 10,483,700 28,161,526 27,206,985 2.95% mAGNum BErHAd 6,326,300 16,645,398 17,270,799 1.87% mmC COrPOrATION BErHAd 4,157,400 11,516,128 9,936,186 1.08%Financial Services 18,297,778 153,526,452 137,487,378 14.88% AFFIN HOLdINGS BErHAd 493,700 1,747,573 1,431,730 0.15% BurSA mALAYSIA BErHAd 1,500,700 12,180,906 12,155,670 1.32% CImB GrOuP HOLdINGS BErHAd 6,848,177 49,891,491 38,075,864 4.12% HONG LEONG BANK BErHAd 1,208,300 16,987,818 16,892,034 1.83% mALAYAN BANKING BErHAd 3,929,480 36,656,611 36,033,332 3.90% rHB CAPITAL BErHAd 4,317,421 36,062,053 32,898,748 3.56%Gaming / Leisure 5,264,000 31,490,752 29,952,480 3.25% BErJAYA SPOrTS TOTO BErHAd 200,000 717,120 702,000 0.08% GENTING BErHAd 1,800,000 17,778,699 15,966,000 1.73% GENTING mALAYSIA BErHAd 3,264,000 12,994,933 13,284,480 1.44%media 6,572,500 12,419,445 8,942,475 0.96% mEdIA CHINESE INT’L LImITEd 4,000,000 3,530,000 3,000,000 0.32% STAr PuBLICATIONS m BErHAd 2,572,500 8,889,445 5,942,475 0.64%Others 4,372,700 23,252,747 26,615,526 2.88% KOSSAN ruBBEr INduSTrIES BErHAd 3,283,400 13,609,935 14,676,798 1.59% umW HOLdINGS BErHAd 1,089,300 9,642,812 11,938,728 1.29%Petroleum, Chemical & Gas 15,722,900 31,557,071 49,741,703 5.39% m’SIA mArINE & HEAvY ENG HLdGS 3,130,400 12,091,144 5,572,112 0.60% PETrONAS CHEmICALS GrOuP BErHAd 63,500 355,581 346,075 0.04% PETrONAS GAS BErHAd 519,800 7,005,498 11,518,768 1.25% YINSON HOLdINGS BErHAd 12,009,200 12,104,848 32,304,748 3.50%Properties 20,649,400 47,006,752 38,488,385 4.17% ECO WOrLd dEvELOPmENT GrOuP 936,000 4,118,400 3,912,480 0.42% GLOmAC BErHAd 5,844,800 5,481,434 5,727,904 0.62% IJm LANd BErHAd 2,000,000 6,476,810 6,700,000 0.72% S P SETIA BErHAd 2,619,600 7,900,566 8,644,680 0.94% TAmBuN INdAH LANd BErHAd 2,201,100 5,361,109 3,565,782 0.39% uEm SuNrISE BErHAd 7,047,900 17,668,433 9,937,539 1.08%


63

Lion Strategic Fund (Cont’d)details of Investment as at 31 december 2014




resource Based 9,087,800 37,093,411 45,616,246 4.94% GENTING PLANTATIONS BErHAd 1,300,000 8,163,028 13,000,000 1.41% IJm PLANTATIONS BErHAd 5,343,300 16,401,513 19,342,746 2.09% KuALA LumPur KEPONG BErHAd 300,000 4,236,447 6,840,000 0.74% KuLIm m BErHAd 2,144,500 8,292,423 6,433,500 0.70%Telecommunication & Cables 3,766,000 20,922,658 24,981,100 2.70% dIGI.COm BErHAd 1,200,000 5,695,037 7,404,000 0.80% mAXIS BErHAd 2,566,000 15,227,621 17,577,100 1.90%Transport Services 3,459,900 6,194,331 4,186,478 0.45% mALAYSIAN BuLK CArrIErS BErHAd 3,459,900 6,194,331 4,186,478 0.45%utilities / Infrastucture 6,108,300 50,317,484 84,294,540 9.12% TENAGA NASIONAL BErHAd 6,108,300 50,317,484 84,294,540 9.12%TOTAL EQuITY SECurITIES 118,917,603 486,771,667 524,858,170 56.82%


Gaming/Leisure 400,000 600,000 1,116,000 0.12% GENTING BErHAd 400,000 600,000 1,116,000 0.12%resource Based 240,000 396,000 583,200 0.06% GENTING PLANTATIONS BHd 240,000 396,000 583,200 0.06%TOTAL FINANCIAL INSTrumENTS WITH EmBEddEd dErIvATIvES 640,000 996,000 1,699,200 0.18%


Properties 37,469,700 44,280,583 52,851,831 5.72% CAPITAmALLS mALAYSIA TruST 6,312,700 8,589,993 9,027,161 0.98% IGB rEAL ESTATE INv TruST 13,017,000 16,350,050 17,052,270 1.84% PAvILION rEAL ESTATE INv TruST 13,340,000 13,559,500 19,476,400 2.11% SuNWAY rEAL ESTATE INv TruST 4,800,000 5,781,040 7,296,000 0.79%TOTAL uNIT ANd PrOPErTY TruST FuNdS 37,469,700 44,280,583 52,851,831 5.72%






64

Lion uS-i Funddetails of Investment as at 31 december 2014

EQuITY SECurITIES Quantity Held Cost market value



Others 9,174 4,357,950 6,603,644 100.40% SPdr S&P 500 ETF TruST 9,174 4,357,950 6,603,644 100.40%TOTAL EQuITY SECurITIES dErIvATES 9,174 4,357,950 6,603,644 100.40%

Others - 225 225 0.00% FOrWArd EXCHANGE CONTrACT - 225 225 0.00%TOTAL dErIvATIvES - 225 225 0.00%

TOTAL INvESTmENTS 9,174 4,358,175 6,603,869 100.40%

Lion uK-i Funddetails of Investment as at 31 december 2014




Others 104,798 3,071,144 3,719,290 101.03% ISHArES PLC 104,798 3,071,144 3,719,290 101.03%TOTAL EQuITY SECurITIES dErIvATIvES 104,798 3,071,144 3,719,290 101.03%

Others - 9 9 0.00% FOrWArd EXCHANGE CONTrACT - 9 9 0.00%TOTAL dErIvATIvES - 9 9 0.00%


Lion au-i Funddetails of Investment as at 31 december 2014




Others 54,560 7,712,671 7,755,171 98.58% SPdr 54,560 7,712,671 7,755,171 98.58%TOTAL EQuITIY SECurITIES 54,560 7,712,671 7,755,171 98.58%



65

Lion asia Pac Funddetails of Investment as at 31 december 2014

uNIT ANd PrOPErTY TruST FuNdS Quantity Held Cost market value



unit trust 251,491 1,272,580 1,315,752 97.82% LIONGLOBAL ASIA PACIFIC FuNd 251,491 1,272,580 1,315,752 97.82%TOTAL uNIT ANd PrOPErTY TruST FuNdS 251,491 1,272,580 1,315,752 97.82%


Lion Enhanced Equity Funddetails of Investment as at 31 december 2014




Building materials / Construction 24,475,050 30,363,734 26,444,030 9.23% CHINA STATE CONSTruCTION INT 554,000 2,759,492 2,722,201 0.95% CrEST BuILdEr HOLdINGS BErHAd 1,340,000 2,010,000 1,809,000 0.63% ENGTEX GrOuP BErHAd 3,976,950 4,720,151 4,414,415 1.54% IJm COrPOrATION BErHAd 838,600 5,376,384 5,509,602 1.92% JAKS rESOurCES BErHAd 8,114,300 4,439,417 3,570,292 1.25% KKB ENGINEErING BErHAd 2,230,700 4,935,639 3,346,050 1.17% SALCON BErHAd 5,460,800 4,456,744 3,494,912 1.22% YLI HOLdINGS BErHAd 1,959,700 1,665,907 1,577,558 0.55%Conglomerates 600,000 1,710,510 1,638,000 0.57% mAGNum BErHAd 600,000 1,710,510 1,638,000 0.57%Financial Services 7,288,948 48,091,531 45,108,472 15.75% ALLIANCE FINANCIAL GrOuP BErHAd 1,450,000 7,073,180 6,815,000 2.38% CImB GrOuP HOLdINGS BErHAd 912,892 5,712,006 5,075,680 1.77% mALAYAN BANKING BErHAd 1,550,000 14,952,550 14,213,500 4.97% mPHB CAPITAL BErHAd 2,166,300 5,506,064 4,419,252 1.54% PuBLIC BANK BErHAd 502,500 9,229,283 9,195,750 3.21% rHB CAPITAL BErHAd 707,256 5,618,449 5,389,290 1.88%Gaming / Leisure 4,039,200 15,745,664 15,393,688 5.38% BErJAYA SPOrTS TOTO BHd 1,867,600 6,738,877 6,555,276 2.29% GENTING mALAYSIA BHd 2,171,600 9,006,787 8,838,412 3.09%media 5,493,400 9,746,539 8,535,350 2.99% ASTrO mALAYSIA HOLdINGS BErHAd 970,000 3,195,500 2,939,100 1.03% mEdIA CHINESE INT’L LImITEd 2,440,900 2,253,471 1,830,675 0.64% mEdIA PrImA BErHAd 1,900,000 3,666,490 3,344,000 1.17% STAr PuBLICATIONS m BErHAd 182,500 631,078 421,575 0.15%Others 1,780,400 7,184,128 9,716,596 3.40% HArTALEGA HOLdINGS BErHAd 686,800 3,615,087 4,828,204 1.69% KOSSAN ruBBEr INduSTrIES BErHAd 1,093,600 3,569,041 4,888,392 1.71%



66

Lion Enhanced Equity Fund (Cont’d)details of Investment as at 31 december 2014

EQuITY SECurITIES (Cont’d) Quantity Held Cost market value



Petroleum, Chemical & Gas 12,064,434 20,982,256 20,447,657 7.14% dIALOG GrOuP BErHAd 3,472,034 4,177,526 5,208,051 1.82% PErdANA PETrOLEum BErHAd 3,713,700 5,445,963 4,122,207 1.44% PETrA ENErGY BErHAd 2,089,900 6,222,002 3,615,527 1.26% YINSON HOLdINGS BErHAd 2,788,800 5,136,765 7,501,872 2.62%Properties 20,000,900 40,085,801 37,230,625 13.01% EASTErN & OrIENTAL BErHAd 1,103,100 2,691,965 2,481,975 0.87% ECO WOrLd dEvELOPmENT GrOuP 856,800 3,879,106 3,581,424 1.25% GABuNGAN AQrS BErHAd 3,870,000 7,178,372 4,837,500 1.69% IJm LANd BErHAd 2,953,300 8,874,263 9,893,555 3.46% KSL HOLdINGS BErHAd 2,960,000 6,735,781 5,535,200 1.93% SENTOrIA GrOuP BErHAd 7,057,700 8,487,367 8,680,971 3.03% TITIJAYA LANd BErHAd 1,200,000 2,238,947 2,220,000 0.78%resource Based 2,622,700 12,996,153 12,323,028 4.31% IJm PLANTATIONS BErHAd 1,587,600 5,422,607 5,747,112 2.01% KuALA LumPur KEPONG BErHAd 70,000 1,550,892 1,596,000 0.56% SArAWAK OIL PALmS BErHAd 965,100 6,022,654 4,979,916 1.74%Technology 2,371,400 2,120,075 1,778,550 0.62% WILLOWGLEN mSC BErHAd 2,371,400 2,120,075 1,778,550 0.62%Telecommunication & Cables 5,647,900 20,241,495 20,286,944 7.10% AXIATA GrOuP BErHAd 1,620,000 11,576,766 11,421,000 3.99%

mAXIS BErHAd 420,000 2,885,064 2,877,000 1.01% OCK GrOuP BErHAd 3,097,600 2,255,544 2,478,080 0.87% TELEKOm mALAYSIA BErHAd 510,300 3,524,121 3,510,864 1.23%Transport Services 1,499,500 7,678,419 8,013,060 2.80% INTEGrAX BErHAd 569,500 1,246,436 1,298,460 0.45% mISC BErHAd 930,000 6,431,983 6,714,600 2.35%


67

Lion Enhanced Equity Fund (Cont’d)details of Investment as at 31 december 2014

EQuITY SECurITIES (Cont’d) Quantity Held Cost market value



utilities / Infrastucture 2,124,600 21,621,575 27,884,280 9.74% CHINA rESOurCES POWEr HOLdINGS 300,000 2,835,284 2,704,800 0.94% TENAGA NASIONAL BErHAd 1,824,600 18,786,290 25,179,480 8.80%TOTAL EQuITY SECurITIES 90,008,432 238,567,879 234,800,280 82.04%


Properties 500,000 359,300 290,000 0.10% SENTOrIA GrOuP BErHAd 500,000 359,300 290,000 0.10%resource Based 25,900 42,735 62,937 0.02% GENTING PLANTATIONS BHd 25,900 42,735 62,937 0.02%TOTAL FINANCIAL INSTrumENTS WITH EmBEddEd dErIvATIvES 525,900 402,035 352,937 0.12%


unit Trust 4,505,700 6,531,184 6,509,151 2.28% CAPITAmALLS mALAYSIA TruST 3,305,700 4,724,084 4,727,151 1.65% PAvILION rEAL ESTATE INv TruST 700,000 1,020,350 1,022,000 0.36% SuNWAY rEAL ESTATE INv TruST 500,000 786,750 760,000 0.27%TOTAL uNIT ANd PrOPErTY TruST FuNdS 4,505,700 6,531,184 6,509,151 2.28%






68

Dana Gemilangdetails of Investment as at 31 december 2014




Building materials / Construction 2,645,000 8,719,201 9,039,250 11.57% GAmudA BHd 600,000 2,659,154 3,006,000 3.85% HOCK SENG LEE BErHAd 1,520,000 2,876,440 2,584,000 3.31% IJm COrPOrATION BHd 525,000 3,183,607 3,449,250 4.41%Conglomerates 325,408 3,070,990 2,990,500 3.83% SImE dArBY BHd 325,408 3,070,990 2,990,500 3.83%Others 900,600 3,795,310 4,539,218 5.80% HArTALEGA HOLdINGS BHd 200,600 1,233,928 1,410,218 1.80% KOSSAN ruBBEr INduSTrIES BHd 700,000 2,561,382 3,129,000 4.00%Petroleum, Chemical & Gas 3,875,000 11,337,549 9,019,250 11.53% dAYANG ENTErPrISE HOLdINGS BHd 850,000 2,854,807 2,465,000 3.15% dIALOG GrOuP BHd 1,400,000 2,043,736 2,100,000 2.69% PETrA ENErGY BErHAd 850,000 2,466,466 1,470,500 1.88% PETrONAS CHEmICALS GrOuP BErHAd 375,000 2,529,520 2,043,750 2.61% umW OIL & GAS COrPOrATION BHd 400,000 1,443,020 940,000 1.20%Properties 5,600,000 11,738,358 10,068,000 12.89% EASTErN & OrIENTAL BErHAd 1,100,000 3,239,148 2,475,000 3.17% GABuNGAN AQrS BErHAd 300,000 395,790 375,000 0.48% GLOmAC BErHAd 2,000,000 2,204,646 1,960,000 2.51% KSL HOLdINGS BErHAd 1,400,000 3,277,463 2,618,000 3.35% S P SETIA BErHAd 800,000 2,621,311 2,640,000 3.38%resource Based 552,900 2,520,191 2,339,964 3.00% IJm PLANTATIONS BErHAd 250,000 857,717 905,000 1.16% SArAWAK OIL PALmS BErHAd 202,900 1,273,474 1,046,964 1.34% TA ANN HOLdINGS BErHAd 100,000 389,000 388,000 0.50%Technology 450,000 982,981 1,935,000 2.48% GLOBETrONICS TECHNOLOGY BErHAd 450,000 982,981 1,935,000 2.48%Telecommunication & Cables 2,907,267 9,344,675 10,792,436 13.81% AXIATA GrOuP BErHAd 500,000 3,306,843 3,525,000 4.51% dIGI.COm BErHAd 400,000 1,742,057 2,468,000 3.16% OCK GrOuP BErHAd 1,482,000 1,293,425 1,185,600 1.52% TELEKOm mALAYSIA BErHAd 525,267 3,002,350 3,613,836 4.62%Transport Services 525,000 3,611,101 3,790,500 4.85% mISC BErHAd 525,000 3,611,101 3,790,500 4.85%utilities / Infrastucture 1,210,000 6,621,564 8,543,000 10.93% CYPArK rESOurCES BErHAd 700,000 1,952,440 1,505,000 1.93% TENAGA NASIONAL BErHAd 510,000 4,669,124 7,038,000 9.00%TOTAL EQuITY SECurITIES 18,991,175 61,741,919 63,057,118 80.69%





69

NOTES TO THE FINANCIAL STATEMENTS

1. the Manager and its Principal activities Smart Invest Gain Fund, dana restu, dana Sejati, Lion Balanced Fund, Lion Fixed Income Fund, Lion Growth

Fund, Lion Progressive Fund, Lion Strategic Fund, Lion uS-i Fund, Lion uK-i Fund, Lion Au-i Fund, Lion Asia Pac Fund, Lion Enhanced Equity Fund and dana Gemilang (collectively referred to as “the Funds”) are managed by Great Eastern Life Assurance (malaysia) Berhad (“manager”). The manager is a public limited liability company, incorporated and domiciled in malaysia and licensed under the Financial Services Act, 2013. Its principal activity is the underwriting of life insurance business including investment-linked business.

The financial statements were authorised for issue by the Board of directors of the manager in accordance with a resolution dated 30 January 2015.

2. Summary of Significant accounting Policiesa. Basis of Preparation

The financial statements have been prepared in accordance with malaysian Financial reporting Standards (“mFrS”), Guidelines/Circulars issued by Bank Negara malaysia (“BNm”), and the Financial Services Act, 2013. These financial statements also comply with International Financial reporting Standards (“IFrS”) as issued by the International Accounting Standards Board (“IASB”).

The financial statements are presented in ringgit malaysia (“rm”).

At the beginning of the current financial year, the Funds had fully adopted new and revised mFrSs, amendments to mFrS and Issues Committee (“IC”) Interpretations as described fully in Note 4(a).

The financial statements of the Company have been prepared on a historical cost basis except as disclosed in the accounting policies below.

Financial assets and financial liabilities are offset and the net amount reported in the statement of financial position only when there is a legally enforceable right to offset the recognised amounts and there is an intention to settle on a net basis, or to realise the assets and settle the liability simultaneously. Income and expenses are not offset in the income statement unless required or permitted by any accounting standard or interpretation, as specifically disclosed in the accounting policies of the Funds.

b. Revenue Recognition

revenue is recognised when it is probable that the economic benefits associated with the transactions will flow to the Funds and the amount of the revenue can be measured reliably.

i. Interest income is recognised on a time proportion basis that reflects the effective yield on the asset.

ii. dividend income is recognised on a declared basis when the shareholders’ right to receive payment is established.

iii. Proceeds arising from disposal of investments are set off against the weighted average cost of investments. The resulting gains or losses are taken to the Statement of Comprehensive Income.


70


71

2. Summary of Significant accounting Policies (Cont’d)c. Financial instruments

Financial instruments are recognised in the Balance Sheet when a fund has become a party to the contractual provisions of the instruments.

Financial instruments are classified as liabilities or equity in accordance with the substance of the contractual arrangements. Financial instruments are offset when the fund has a legally enforceable right to offset and intends to settle either on a net basis or to realise the asset and settle the liability simultaneously.

regular way purchase and sales of all categories of investments in financial instruments are recognised on trade dates i.e. dates on which the Funds commit to purchase or sell the financial instruments.

The Funds classify the investments in accordance to mFrS 139 (Financial Instruments - recognition and measurement) at fair value through profit or loss (“FvTPL”) or loans and receivables (“LAr”), as appropriate. Financial assets are classified as FvTPL where the Funds’ documented investment strategy is to manage financial assets on a fair value basis.

i. FvTPL Financial assets classified as FvTPL are all financial assets acquired with the intention to sell in the near

future. These investments are recorded at fair value at inception. Subsequent to initial recognition, these investments are re-measured at fair value in which changes in fair value and realised gains and losses are recognised in the Statement of Comprehensive Income. Transaction costs are recognised in the Statement of Comprehensive Income as incurred.

Financial assets classified as FvTPL include equities, fixed income securities, derivatives and embedded derivatives.

derivatives are financial instruments or contracts where its values vary according to changes in interest rates, foreign exchange rates, credit spreads or other variables. Embedded derivatives are hybrid financial instruments that include a non-derivative host contract.

ii. LAr LAr are non-derivative financial assets with fixed or determinable payments that are not quoted in an

active market. These investments are initially recognised at cost, being the fair value consideration paid for the acquisition of the investment. All transaction costs directly attributable to the acquisition are also included in the cost of investment. Subsequent to initial measurement, LAr are measured at amortised cost, using the effective yield method, less a provision for impairment. Gains and losses are recognised in the Statement of Comprehensive Income when assets are derecognised or impaired, as well as through the amortisation process.


72Notes to the fiNaNcial statemeNts (coNt’d)

2. Summary of Significant accounting Policies (Cont’d)c. Financial instruments (Cont’d) Fair value of Financial Assets

The fair value of financial assets that are actively traded in organised financial markets is determined by reference to quoted market prices at the Balance Sheet date.

The fair value for investments in quoted unit and property trusts is determined by reference to published Net Asset values.

For financial instruments where there is no active market such as unquoted fixed income securities i.e. unquoted bonds, the estimated fair values are based on the average indicative yield to maturity obtained from licensed financial institutions.

The fair value of floating rate and over-night deposits with financial institutions is its carrying value. The carrying value is the cost of the deposit/placement.

Financial Instruments : derecognition of Financial Assets and Liabilities

A financial asset is derecognised when:

i. The contractual right to receive cash flows from the financial asset has expired.

ii. The fund retains the contractual rights to receive cash flows from the asset but has assumed an obligation to pay them in full without material delay to a third party.

iii. The fund has transferred its rights to receive cash flows from the asset and either (a) has transferred substantially all the risks and rewards of the asset, or (b) has neither transferred nor retained substantially all the risks and rewards of the asset, but has transferred control of the asset.

Impairment of Financial Assets

The fund assess at the Balance Sheet date whether there is any objective evidence that a financial asset or group of financial assets is impaired.

Objective evidence that a financial asset is impaired includes observable data about loss events like significant financial difficulty of the issuer or obligor; significant adverse changes in the business environment in which the issuer or obligor operates and the disappearance of an active market for that financial asset because of financial difficulties which indicate that there is measurable decrease in the estimated future cash flows. However, it may not be possible to identify a single, discrete event that caused the impairment. rather, the combined effect of several events is considered in determining whether an asset is impaired.

Assets carried at Cost

If there is objective evidence that an impairment loss on a financial asset carried at cost has been incurred, the carrying amount will be written down to the recoverable amount. Such impairment losses are not reversed in subsequent periods.


73

2. Summary of Significant accounting Policies (Cont’d)c. Financial instruments (Cont’d) Assets carried at Amortised Cost

If there is objective evidence that an impairment loss on a financial asset carried at amortised cost has been incurred, the amount of the impairment loss is measured as the difference between the asset’s carrying amount and the present value of estimated future cash flows discounted at the financial asset’s original effective interest rate/yield. The carrying amount of the asset is reduced and the loss is recorded in the Statement of Comprehensive Income.

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, the previously recognised impairment loss is reversed to the extent that the carrying amount of the asset does not exceed its amortised cost at the reversal date. The amount of loss is recognised in the Statement of Comprehensive Income.

d. Fair value Measurement

The Funds measure financial instruments, such as, derivatives, and non-financial assets such as investment properties, at fair value at each balance sheet date. Also, fair values of financial instruments measured at amortised cost are disclosed in Note 5(a).

Fair value is 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. The fair value measurement is based on the presumption that the transaction to sell the asset or transfer the liability takes place either:

- In the principal market for the asset or liability; or- In the absence of a principal market, in the most advantageous market for the asset or liability.

The principal or the most advantageous market must be accessible to the Funds.

The fair value of an asset or a liability is measured using the assumptions that market participants would use when pricing the asset or liability, assuming that market participants act in their economic best interest.

A fair value measurement of a non-financial asset takes into account a market participant’s ability to generate economic benefits by using the asset in its highest and best use or by selling it to another market participant that would use the asset in its highest and best use.

The Funds use valuation techniques that are appropriate in the circumstances and for which sufficient data are available to measure fair value, maximising the use of relevant observable inputs and minimising the use of unobservable inputs.

All assets and liabilities for which fair value is measured or disclosed in the financial statements are categorized within the fair value hierarchy, described as follows, based on the lowest level input that is significant to the fair value measurement as a whole:

- Level 1 - Quoted (unadjusted) market prices in active markets for identical assets or liabilities

- Level 2 - valuation techniques for which the lowest level input that is significant to the fair value measurement is directly or indirectly observable including quotes from brokers and market makers, discounted cash flows and other valuation techniques commonly used by market participants

- Level 3 - valuation techniques for which the lowest level input that is significant to the fair value measurement is unobservable.



2. Summary of Significant accounting Policies (Cont’d)d. Fair value Measurement (Cont’d) Impairment of Financial Assets (Cont’d)

For assets and liabilities that are recognised in the financial statements on a recurring basis, the Funds determine whether transfers have occurred between Levels in the hierarchy by re-assessing categorization (based on the lowest level input that is significant to the fair value measurement as a whole) at the end of each reporting period.

For the purpose of fair value disclosures, the Funds have determined classes of assets and liabilities on the basis of the nature, characteristics and risks of the asset or liability and the level of the fair value hierarchy as explained above.

e. other Receivables

Other receivables are non-derivative financial assets with fixed or determinable payments. These include balances due from brokers and other investment receivables. receivables are recognised initially at fair value.

receivables that are individually determined to be impaired at the reporting date relate to debtors that are in significant financial difficulties and have defaulted on payments. These receivables are not secured by any collateral or credit enhancements.

f. Financial Liabilities

Financial liabilities within the scope of mFrS 139 are recognised in the Balance Sheet when a fund becomes a party to the contractual obligations of the financial instrument.

Financial liabilities are recognised when due and measured on initial recognition at the fair value of the consideration received plus directly attributable transaction costs. Subsequent to initial recognition, financial liabilities are measured at amortised cost using the effective yield method, except for derivatives, which are measured at fair value.

A financial liability is derecognised when the obligation under the liability is discharged, cancelled or has expired. Gains and losses are recognised in the Statement of Comprehensive Income.

g. other Payables

Other payables are recognised initially at fair value plus directly attributable transaction costs and is subsequently measured at amortised cost using the effective interest method.

Payables are derecognised when the obligation under the liability is extinguished. Gains and losses are recognised in Statement of Comprehensive Income when the liabilities are derecognised, and through the amortisation process.


75

2. Summary of Significant accounting Policies (Cont’d)h. income tax

Income tax on the Statement of Comprehensive Income for the year comprises current and deferred tax. Current tax is the expected amount of income taxes payable in respect of the taxable profit/surplus for the year and is measured using the tax rates that have been enacted at the Balance Sheet date.

deferred tax is provided for, using the liability method, on temporary differences at the Balance Sheet date between the tax bases of assets and liabilities and their carrying amounts in the financial statements. In principle, deferred tax liabilities are recognised for all taxable temporary differences and deferred tax assets are recognised for all deductible temporary differences, unused tax losses and unused tax credits to the extent that it is probable that taxable profits will be available against which the deductible temporary differences, unused tax losses and unused tax credits can be utilised.

deferred tax is measured at the tax rates that are expected to apply in the period when the asset is realised or the liability is settled, based on tax rates that have been enacted or substantively enacted at the Balance Sheet date. deferred tax is recognised in the Statement of Comprehensive Income.

i. Foreign Currency transactions

In preparing the financial statements of the Funds, transactions in currencies other than the Funds’ functional currency (foreign currencies) are recorded in the functional currency using the exchange rates prevailing at the dates of transactions. At each Balance Sheet date, monetary items denominated in foreign currencies are translated at the rates prevailing on the Balance Sheet date. Non-monetary items carried at fair value that are denominated in foreign currencies are translated at the rates prevailing on the date when the fair value was determined.

Exchange differences arising on the settlement of monetary items and on the translation of monetary items are included in the Statement of Comprehensive Income for the year.

The principal exchange rates of foreign currency ruling at Balance Sheet date used are as follows:

2014 2013 rm rm

i. united States dollar 3.50 3.28ii. British Pound 5.44 5.42iii. Australian dollar 2.84 2.92iv. Singapore dollar 2.65 2.59v. Hong Kong dollar 0.45 0.42

j. amounts Received from units Created Amounts received from units created represent premiums paid by policyholders as payment for a new contract

or subsequent payments to increase the amount of that contract. Net creation of units is recognised on a receipts basis.



2. Summary of Significant accounting Policies (Cont’d)k. amounts Paid for units Cancelled

Amounts paid for units cancelled represent cancellations of units arising from surrenders and withdrawals.

l. investment Charge

Investment charge is calculated in accordance with the provisions of the policy document.

m. Cash and Cash Equivalents

Cash and cash equivalents comprise cash at bank and on hand and short-term, highly liquid investments with maturity of three months or less that are readily convertible to a known amount of cash and which are subject to an insignificant risk of changes in value.

3. Contingent Liabilities and Commitments

At 31 december 2014, the Funds have no material contingent liabilities or commitments that are not included in the financial statements.

4. Change in accounting Policies and Disclosures(a) amended standards and interpretations

The new accounting standards, amendments and improvements to published standards and interpretations that are effective for the fund’s financial year beginning on or after 1 January 2014 are as follows:

- Amendments to mFrS 10, mFrS 12 and mFrS 127: Investment Entities- Amendments to mFrS 132: Offsetting Financial Assets and Financial Liabilities- Amendments to mFrS 136: recoverable Amount disclosures for Non-Financial Assets- Amendments to mFrS 139: Novation of derivatives and Continuation of Hedge Accounting- IC Interpretation 21 Levies

The adoptions of these standards and interpretations did not have any effect on the financial performance or position of the funds.


77

4. Change in accounting Policies and Disclosures (Cont’d)(b) Standards issued but Not Yet Effective

As at the date of authorisation of these financial statements, the following Standards, Amendments to standards and improvements to published standards have been issued by the malaysian Accounting Standards Board (“mASB”) but are not yet effective and have not been adopted by the funds.

Effective for financial periods beginning on or after 1 July 2014• Amendments to mFrS 119 defined Benefit Plans: Employee Contributions• Annual Improvements to mFrSs 2010-2012 Cycle: Amendments to mFrS 2 Share-based Payment• Annual Improvements to mFrSs 2010-2012 Cycle: Amendments to mFrS 3 Business Combinations• Annual Improvements to mFrSs 2010-2012 Cycle: Amendments to mFrS 8 Operating Segments• Annual Improvements to mFrSs 2010-2012 Cycle: Amendments to mFrS 116 Property, Plant and

Equipment and mFrS 138 Intangible Assets• Annual Improvements to mFrSs 2010-2012 Cycle: Amendments to mFrS 124 related Party disclosures• Annual Improvements to mFrSs 2011-2013 Cycle: Amendments to mFrS 3 Business Combinations • Annual Improvements to mFrSs 2011-2013 Cycle: Amendments to mFrS 13 Fair value measurement• Annual Improvements to mFrSs 2011-2013 Cycle: Amendments to mFrS 140 Investment Property

Effective for financial periods beginning on or after 1 January 2016• Amendments to mFrS 11 Accounting for Acquisitions of Interests in Joint Operations• mFrS 14 regulatory deferral Accounts• Amendments to mFrS 116 and mFrS 138 Clarification of Acceptable methods of depreciation and

Amortisation• Amendments to mFrS 116 and mFrS 141 Agriculture: Bearer Plants

Effective for financial periods beginning on or after 1 January 2017• mFrS 15 revenue from Contracts with Customers

Effective for financial periods beginning on or after 1 January 2018• mFrS 9 Financial Instruments

The manager expects that the adoption of the above standards and interpretations will have no material impact on the financial statements in the period of initial application except as discussed below:

i. MFRS 9 Financial instruments mFrS 9 reflects the first phase of the work on the replacement of mFrS 139 Financial Instruments:

recognition and measurement and applies to classification and measurement of financial assets and financial liabilities as defined in mFrS 139 Financial Instruments: recognition and measurement. The adoption of the first phase of mFrS 9 will have an effect on the classification and measurement of the Fund’s financial assets. However, it is not practicable to provide a reasonable estimate of the effect of mFrS 9 until the Funds undertakes a detailed review.

(c) Reclassification of comparative to conform with current year presentation

Short term deposits which mature within three months was previously not included as part of Cash and Cash Equivalents in the Cash Flow Statement, and was disclosed as part of the increase or decrease in Loans and receivables (LAr) under Cash used in operating activities. However, for the current year presentation, the short term deposits will be presented as part of Cash and cash equivalents, in line with mFrS 107 Statement of cash flows.



4 Change in accounting Policies and Disclosures (Cont’d)(c) Reclassification of comparative to conform with current year presentation (Cont’d)

Reconciliation of cash flow statement

dana restu

As Previously state reclassification As restated (rm) (rm) (rm)

31 december 2013decrease In deposits With Financial Institutions 131,820,000 (131,820,000) -

Cash used In Operations (49,920,783) (131,820,000) (181,740,783)

Net Cash used In Operating Activities (25,159,008) (131,820,000) (156,979,008)

Net decrease In Cash And Cash Equivalents (34,267) (131,820,000) (131,854,267)

Cash And Cash Equivalents At Beginning Of Year 85,674 191,970,000 192,055,674

Cash And Cash Equivalents At End Of Year 51,407 60,150,000 60,201,407

dana Sejati


31 december 2013Increase In deposits With Financial Institutions (10,400,000) 10,400,000 -

Cash used In Operations (15,222,150) 10,400,000 (4,822,150)

Net Cash used In Operating Activities (11,755,892) 10,400,000 (1,355,892)

Net Increase In Cash And Cash Equivalents 145,534 10,400,000 10,545,534




79



Lion Balanced Fund




















Lion Growth Fund


31 december 2013Increase In deposits With Financial Institutions 101,830,000 (50,600,000) 51,230,000








31 december 2013Increase In deposits With Financial Institutions 4,290,000 (4,290,000) -







81



Lion Strategic Fund


31 december 2013Increase In deposits With Financial Institutions (17,580,000) (7,420,000) (25,000,000)



Net Increase/(decrease) In Cash And Cash Equivalents 32,308 (7,420,000) (7,387,692)



Lion Au-i Fund



Cash used In Operations (1,782,114) 1,220,000 (562,114)

Net Cash used In Operating Activities (1,367,206) 1,220,000 (147,206)

Net (decrease)/Increase In Cash And Cash Equivalents (32,938) 1,220,000 1,187,062

Cash And Cash Equivalents At Beginning Of Year 83,549 600,000 683,549











Net Increase In Cash And Cash Equivalents (918,958) 5,720,000 4,801,042

Cash And Cash Equivalents At Beginning Of Year 1,248,571 12,850,000 14,098,571


dana Gemilang









83

5. investments

SmArT INvEST GAIN FuNd dANA rESTu dANA SEJATI2014 2013 2014 2013 2014 2013

rm rm rm rm rm rm

The Fund’s investments are summarised by categories as follows:

Loans and receivables (“LAr”) 300,000 2,400,000 149,930,000 60,150,000 13,880,000 15,550,000

Fair value through profit and loss (“FvTPL”) 26,673,675 25,944,000 657,129,436 826,046,186 92,457,050 73,375,915

26,973,675 28,344,000 807,059,436 886,196,186 106,337,050 88,925,915

The following investments mature after 12 months:

Fair value through profit and loss (“FvTPL”) 26,673,675 25,944,000 - 2,426,659 92,457,050 65,634,185

None of the investments held under LAr mature after 12 months.

(a) LAr Cost / Fair value

Fixed and call deposits with licensed banks 300,000 2,400,000 149,930,000 60,150,000 13,880,000 15,550,000

The carrying value of the fixed and call deposits with licensed banks approximates fair value due to relatively short term maturities.



5. investments (Cont’d)

LION BALANCEd FuNd LION FIXEd INCOmE FuNd LION GrOWTH FuNd 2014 2013 2014 2013 2014 2013

rm rm rm rm rm rm


Loans and receivables (“LAr”) 75,500,000 62,390,000 95,480,000 42,300,000 206,450,000 31,250,000


348,851,362 250,674,187 610,521,039 518,452,046 704,048,991 762,562,897





Fixed and call deposits with licensed banks 75,500,000 62,390,000 95,480,000 42,300,000 206,450,000 31,250,000



85


LION PrOGrESSIvE FuNd LION STrATEGIC FuNd LION uS-I FuNd 2014 2013 2014 2013 2014 2013

rm rm rm rm rm rm


Loans and receivables (“LAr”) 196,090,000 59,290,000 257,710,000 108,700,000 - -


798,860,247 848,368,251 922,985,561 842,380,391 6,603,869 5,474,314


Fair value through profit and loss (“FvTPL”) 37,524,738 21,542,761 46,609,100 28,241,800 - -



Fixed and call deposits with licensed banks 196,090,000 59,290,000 257,710,000 108,700,000 - -





LION uK-i FuNd LION Au-i FuNd LION ASIA PAC FuNd 2014 2013 2014 2013 2014 2013

rm rm rm rm rm rm


Loans and receivables (“LAr”) - - - 1,820,000 - -

Fair value through profit and loss (“FvTPL”) 3,719,299 3,574,499 7,755,171 8,200,671 1,315,752 899,392

3,719,299 3,574,499 7,755,171 10,020,671 1,315,752 899,392



Fixed and call deposits with licensed banks - - - 1,820,000 - -



87



rm rm rm rm


Loans and receivables (“LAr”) 62,600,000 18,570,000 15,550,000 6,440,000

Fair value through profit and loss (“FvTPL”) 241,662,368 173,028,546 63,057,118 49,441,468 304,262,368 191,598,546 78,607,118 55,881,468


Fair value through profit and loss (“FvTPL”) 352,937 199,036 - 22,243



Fixed and call deposits with licensed banks 62,600,000 18,570,000 15,550,000 6,440,000





SmArT INvEST GAIN FuNd dANA rESTu dANA SEJATI

2014 2013 2014 2013 2014 2013 rm rm rm rm rm rm

(b) FvTPLCostHeld-for-Tradingmalaysian government

securities - - - - - 10,412,354 debt securities: unquoted in malaysia - - - - 92,551,875 63,103,575 Equity securities: Quoted in malaysia - - 598,097,299 641,551,318 - - Financial Instruments

with embedded derivatives 26,586,995 26,685,000 - 2,133,953 - -

unit and property trust funds:

Quoted in malaysia - - - 6,743,762 - - 26,586,995 26,685,000 598,097,299 650,429,033 92,551,875 73,515,929

Fair valueHeld-for-Tradingmalaysian government

securities - - - - - 10,610,045 debt securities: unquoted in malaysia - - - - 92,457,050 62,765,870 Equity securities: Quoted in malaysia - - 657,129,436 811,738,787 - - Financial Instruments

with embedded derivatives 26,673,675 25,944,000 - 3,988,762 - -


Quoted in malaysia - - - 10,318,637 - - 26,673,675 25,944,000 657,129,436 826,046,186 92,457,050 73,375,915


89


LION BALANCEd FuNdLION FIXEd

INCOmE FuNd LION GrOWTH FuNd 2014 2013 2014 2013 2014 2013

rm rm rm rm rm rm

(b) FvTPL (Cont’d)CostHeld-for-Tradingmalaysian government

securities - - 40,207,500 41,938,000 - - debt securities: unquoted in malaysia 124,749,240 51,795,510 475,600,125 434,617,196 - - Equity securities: Quoted in malaysia 148,836,309 109,818,987 - - 469,320,360 602,291,947 Financial Instruments

with embedded derivatives 1,155,795 2,936,541 - - 882,327 2,749,500


Quoted in malaysia - - - - 1,545,121 3,633,851 274,741,344 164,551,038 515,807,625 476,555,196 471,747,808 608,675,298

Fair valueHeld-for-Tradingmalaysian government

securities - - 40,036,500 42,205,000 - - debt securities: unquoted in malaysia 124,847,650 52,024,796 475,004,539 433,947,046 - - Equity securities: Quoted in malaysia 147,613,029 133,075,609 - - 492,728,342 720,430,169 Financial Instruments

with embedded derivatives 890,683 3,183,782 - - 1,344,389 4,123,060


Quoted in malaysia - - - - 3,526,260 6,759,668 273,351,362 188,284,187 515,041,039 476,152,046 497,598,991 731,312,897




LION PrOGrESSIvE FuNd LION STrATEGIC FuNd LION uS-i FuNd

2014 2013 2014 2013 2014 2013 rm rm rm rm rm rm

(b) FvTPL (Cont’d)CostHeld-for-Tradingdebt securities: unquoted in malaysia 74,969,192 44,833,500 85,950,192 75,783,522 - - Equity securities: Quoted in malaysia 494,651,261 599,835,292 486,771,667 506,964,776 - - Quoted outside

malaysia - - - - 4,357,950 3,887,916 Financial Instruments

with embedded derivatives 1,598,296 4,936,827 996,000 996,000 - -

derivatives - - - - 225 - unit and property trust

funds: Quoted in malaysia 165,729 1,947,720 44,280,583 43,187,283 - -

571,384,478 651,553,339 617,998,442 626,931,581 4,358,175 3,887,916

Fair valueHeld-for-Tradingdebt securities: unquoted in malaysia 74,962,950 45,007,096 85,866,360 76,071,596 - - Equity securities: Quoted in malaysia 524,966,570 734,322,997 524,858,170 609,276,785 - - Quoted outside

malaysia - - - - 6,603,644 5,474,314 Financial Instruments

with embedded derivatives 2,501,388 6,502,260 1,699,200 2,096,800 - -

derivatives - - - - 225 - unit and property trust

funds: Quoted in malaysia 339,339 3,245,898 52,851,831 46,235,210 - -

602,770,247 789,078,251 665,275,561 733,680,391 6,603,869 5,474,314


91



rm rm rm rm rm rm

(b) FvTPL (Cont’d)CostHeld-for-TradingEquity securities: Quoted outside malaysia 3,071,144 2,821,863 7,712,671 7,841,501 - - derivatives 9 - - - - - unit and property trust

funds: Quoted outside malaysia - - - - 1,272,580 810,156

3,071,153 2,821,863 7,712,671 7,841,501 1,272,580 810,156

Fair valueHeld-for-TradingEquity securities: Quoted outside malaysia 3,719,290 3,574,499 7,755,171 8,200,671 - - derivatives 9 - - - - - unit and property trust

funds: Quoted outside malaysia - - - - 1,315,752 899,392

3,719,299 3,574,499 7,755,171 8,200,671 1,315,752 899,392




LION ENHANCEd EQuITY FuNd dANA GEmILANG 2014 2013 2014 2013

rm rm rm rm

(b) FvTPL (Cont’d)CostHeld-for-TradingEquity securities: Quoted in malaysia 232,973,103 138,252,497 61,741,919 39,423,600 Quoted outside malaysia 5,594,776 1,129,940 - - Financial Instruments with

embedded derivatives 402,035 236,097 - 98,805 unit and property trust funds: Quoted in malaysia 6,531,184 1,073,203 - 311,716 Quoted outside malaysia - 4,981 - -

245,501,098 140,696,718 61,741,919 39,834,121

Fair valueHeld-for-TradingEquity securities: Quoted in malaysia 229,373,279 170,074,188 63,057,118 48,970,067 Quoted outside malaysia 5,427,001 1,300,738 - - Financial Instruments with

embedded derivatives 352,937 288,536 - 86,683 unit and property trust funds: Quoted in malaysia 6,509,151 1,359,687 - 384,718 Quoted outside malaysia - 5,397 - -

241,662,368 173,028,546 63,057,118 49,441,468


93

6. Deferred tax assets/(Liabilities)

SmArT INvEST GAIN FuNd dANA rESTu dANA SEJATINote 2014 2013 2014 2013 2014 2013

rm rm rm rm rm rm

At 1 January 57,148 - (14,050,559) (9,682,800) (34,363) (109,047)recognised in the

Statement of Comprehensive Income 9 (64,104) 57,148 9,321,304 (4,367,759) (27,214) 74,684

At 31 december (6,956) 57,148 (4,729,255) (14,050,559) (61,577) (34,363)

LION BALANCEd FuNd LION FIXEd INCOmE FuNd LION GrOWTH FuNdNote 2014 2013 2014 2013 2014 2013

rm rm rm rm rm rm

At 1 January (1,926,494) (583,573) (299,849) (822,364) (9,811,913) (7,685,483)recognised in the

Statement of Comprehensive Income 9 1,958,357 (1,342,921) (43,112) 522,515 7,725,276 (2,126,430)

At 31 december 31,863 (1,926,494) (342,961) (299,849) (2,086,637) (9,811,913)

LION PrOGrESSIvE FuNd LION STrATEGIC FuNd LION uS-i FuNdNote 2014 2013 2014 2013 2014 2013

rm rm rm rm rm rm

At 1 January (11,041,868) (7,136,455) (8,606,514) (3,756,366) (128,766) (31,887)recognised in the

Statement of Comprehensive Income 9 8,475,818 (3,905,413) 4,735,568 (4,850,148) (53,354) (96,879)

At 31 december (2,566,050) (11,041,868) (3,870,946) (8,606,514) (182,120) (128,766)

LION uK-i FuNd LION Au-i FuNd LION ASIA PAC FuNdNote 2014 2013 2014 2013 2014 2013

rm rm rm rm rm rm

At 1 January (59,110) (5,929) (31,886) (31,281) (7,096) (5,495)recognised in the

Statement of Comprehensive Income 9 8,407 (53,181) 29,444 (605) 3,686 (1,601)

At 31 december (50,703) (59,110) (2,442) (31,886) (3,410) (7,096)



6. Deferred tax assets/(Liabilities) (Cont’d)

LION ENHANCEd EQuITY FuNd dANA GEmILANG

Note 2014 2013 2014 2013 rm rm rm rm

At 1 January (2,588,629) (482,147) (771,592) (254,798)recognised in the Statement of

Comprehensive Income 9 2,892,619 (2,106,482) 663,665 (516,794)At 31 december 303,990 (2,588,629) (107,927) (771,592)

7. other assets

SmArT INvEST GAIN FuNd dANA rESTu dANA SEJATI 2014 2013 2014 2013 2014 2013

rm rm rm rm rm rm

Amount due From Other Funds - - 1,578,968 - 544,799 1,597,895

Interest, dividend and Other receivables 271 26,653 2,060,802 2,564,846 864,541 569,551

Amount due From Brokers - - 2,054,346 5,548,442 - -

Total Other Assets 271 26,653 5,694,116 8,113,288 1,409,340 2,167,446


rm rm rm rm rm rm

Amount due From Other Funds 6,204,181 5,601,369 4,523,028 3,685,009 - -

Interest, dividend and Other receivables 1,189,702 474,085 5,053,615 4,151,276 1,676,262 1,553,093

Amount due From Brokers 2,748,955 330,669 1,971,992 - 23,249,321 -

Total Other Assets 10,142,838 6,406,123 11,548,635 7,836,285 24,925,583 1,553,093

LION PrOGrESSIvE FuNd LION STrATEGIC FuNd LION uS-i FuNd 2014 2013 2014 2013 2014 2013

rm rm rm rm rm rm

Amount due From Other Funds 255,011 1,987,369 2,813,300 4,908,403 48,815 14,159

Interest, dividend and Other receivables 1,764,695 1,344,986 2,351,220 1,750,106 25,692 20,378

Amount due From Brokers 8,484,787 958,974 3,435,199 - - -

Total Other Assets 10,504,493 4,291,329 8,599,719 6,658,509 74,507 34,537


95

7. other assets (Cont’d)


rm rm rm rm rm rm

Amount due From Other Funds 4,973 3,794 - - 19,765 -

Interest, dividend and Other receivables - - 195,077 258,285 - -

Amount due From Brokers - - - 2,018,242 - -

Tax recoverable - - - - 11,904 13,509 Total Other Assets 4,973 3,794 195,077 2,276,527 31,669 13,509


rm rm rm rm

Amount due From Other Funds 3,393,332 7,623,721 734,024 - Interest, dividend and Other receivables 486,435 227,596 181,777 145,737 Amount due From Brokers 3,200,472 1 205,070 - Total Other Assets 7,080,239 7,851,318 1,120,871 145,737

8. Financial Liabilities/other Payables

SmArT INvEST GAIN FuNd dANA rESTu dANA SEJATI 2014 2013 2014 2013 2014 2013

rm rm rm rm rm rm

Sundry Creditors and Other Liabilities 216 87 6,889 3,383 783 355

Amount due to Broker - - - 19,327,681 - - Provision for

Outstanding Claims - - 835,349 33,245,362 - - Amount due to

Other Funds 13,587 3,207 - 342,345 - - 13,803 3,294 842,238 52,918,771 783 355



8. Financial Liabilities/other Payables (Cont’d)


rm rm rm rm rm rm

Sundry Creditors and Other Liabilities 2,518 927 4,446 2,049 6,101 3,014

Amount due to Broker 338,996 2,996,835 - - 45,088,722 2,141,239 Provision for

Outstanding Claims 1,372 1,701 106,324 109,048 - - Amount due to

Other Funds - - - - 1,907,538 138,621 342,886 2,999,463 110,770 111,097 47,002,361 2,282,874


rm rm rm rm rm rm

Sundry Creditors and Other Liabilities 6,946 3,307 7,172 3,045 43 20

Amount due to Broker 6,919,453 1,416,499 - 29,702,142 - - Provision for

Outstanding Claims 2,569 877,433 - - - - 6,928,968 2,297,239 7,172 29,705,187 43 20


rm rm rm rm rm rm

Sundry Creditors and Other Liabilities 30 14 69 5,313 8 3

Amount due to Broker - - - - 17,990 - Amount due to

Other Funds - - 1,240,578 2,922,463 - 67,858 30 14 1,240,647 2,927,776 17,998 67,861


rm rm rm rm

Sundry Creditors and Other Liabilities 1,977 1,274 545 336 Amount due to Broker 25,009,755 351,439 1,584,272 1,869,144 Provision for Outstanding Claims - - 593 - Amount due to Other Funds - - - 1,130,488

25,011,732 352,713 1,585,410 2,999,968


97

9. taxation

SmArT INvEST GAIN FuNd dANA rESTu dANA SEJATI

Note

01.01.2014to

31.12.2014

30.08.2013to

31.12.2013 2014 2013 2014 2013 rm rm rm rm rm rm

Income Tax: Current Year’s

Provision 3,546 45 2,247,525 3,558,504 332,848 379,662 deferred Tax: relating to

Origination and reversal of Temporary differences 6 64,104 (57,148) (9,321,304) 4,367,759 27,214 (74,684)

Tax Expense/(Credit) for the Year/ Period 67,650 (57,103) (7,073,779) 7,926,263 360,062 304,978

LION BALANCEd FuNd LION FIXEd INCOmE FuNd LION GrOWTH FuNdNote 2014 2013 2014 2013 2014 2013

rm rm rm rm rm rm


Provision 2,039,222 1,913,780 2,010,348 2,242,534 3,915 4,483,869 deferred Tax: relating to

Origination and reversal of Temporary differences 6 (1,958,357) 1,342,921 43,112 (522,515) (7,725,276) 2,126,430

Tax Expense/(Credit) for the Year/ Period 80,865 3,256,701 2,053,460 1,720,019 (7,721,361) 6,610,299



9. taxation (Cont’d)

LION PrOGrESSIvE FuNd LION STrATEGIC FuNd LION uS-i FuNdNote 2014 2013 2014 2013 2014 2013

rm rm rm rm rm rm


Provision (333,894) 3,538,863 (136,272) 2,085,093 60,929 47,358 deferred Tax: relating to

Origination and reversal of Temporary differences 6 (8,475,818) 3,905,413 (4,735,568) 4,850,148 53,354 96,879

Tax (Credit)/Expense for the Year (8,809,712) 7,444,276 (4,871,840) 6,935,241 114,283 144,237

LION uK-i FuNd LION Au-i FuNd LION ASIA PAC FuNdNote 2014 2013 2014 2013 2014 2013

rm rm rm rm rm rm


Provision 10,532 7,517 32,529 32,984 1,605 (3,946)deferred Tax: relating to

Origination and reversal of Temporary differences 6 (8,407) 53,181 (29,444) 605 (3,686) 1,601

Tax Expense/(Credit) for the Year 2,125 60,698 3,085 33,589 (2,081) (2,345)


99



Note 2014 2013 2014 2013 rm rm rm rm

Income Tax: Current Year’s Provision 529,987 378,885 162,910 205,732 deferred Tax: relating to Origination and reversal

of Temporary differences 6 (2,892,619) 2,106,482 (663,665) 516,794 Tax (Credit)/Expense for the Year (2,362,632) 2,485,367 (500,755) 722,526

The tax charge for the year is in respect of investment income and net gains on disposal of investments, net of investment expenses at the rate applicable to that of the Fund.

A reconciliation of income tax expense applicable to the excess of income over expenditure/(expenditure over income) before taxation at the income tax rate applicable to the Fund, to income tax expense at the effective income tax rate is as follows:

SmArT INvEST GAIN FuNd dANA rESTu dANA SEJATI01.01.2014

to31.12.2014

30.08.2013to

31.12.2013 2014 2013 2014 2013rm rm rm rm rm rm

Excess of Income Over Expenditure/ (Expenditure Over Income) Before Taxation 845,387 (713,897) (74,254,608) 120,144,032 4,499,817 2,822,257

Tax at rate 8% (2013: 8%) 67,631 (57,112) (5,940,369) 9,611,523 359,985 225,781

Non-deductible Expenses/(Income Not Subject to Tax) 19 9 (1,133,410) (1,685,260) 77 79,197

Tax Expense/(Credit) for the Year/Period 67,650 (57,103) (7,073,779) 7,926,263 360,062 304,978





rm rm rm rm rm rm

Excess of Income Over Expenditure/ (Expenditure Over Income) Before Taxation 4,201,186 42,865,341 25,662,365 16,667,707 (80,525,087) 101,844,028

Tax at rate 8% (2013: 8%) 336,095 3,429,227 2,052,989 1,333,417 (6,442,007) 8,147,522

(Income Not Subject to Tax)/Non-deductible Expenses (255,230) (172,526) 471 386,602 (1,279,354) (1,537,223)

Tax Expense/(Credit) for the Year 80,865 3,256,701 2,053,460 1,720,019 (7,721,361) 6,610,299

LION PrOGrESSIvE FuNd LION STrATEGIC FuNd LION uS-i FuNd2014 2013 2014 2013 2014 2013

rm rm rm rm rm rm

Excess of (Expenditure Over Income)/Income Over Expenditure Before Taxation (95,493,553) 111,521,044 (41,270,324) 100,611,899 1,012,681 1,454,024

Tax at rate 8% (2013: 8%) (7,639,484) 8,921,684 (3,301,626) 8,048,952 81,014 116,322

(Income Not Subject to Tax)/Non-deductible Expenses (1,170,228) (1,477,408) (1,570,214) (1,113,711) 33,269 27,915

Tax (Credit)/Expense for the Year (8,809,712) 7,444,276 (4,871,840) 6,935,241 114,283 144,237

LION uK-i FuNd LION Au-i FuNd LION ASIA PAC FuNd

2014 2013 2014 2013 2014 2013rm rm rm rm rm rm

Excess of Income Over Expenditure/ (Expenditure Over Income) Before Taxation 24,016 772,027 (56,143) 401,675 (19,314) (19,792)

Tax at rate 8% (2013: 8%) 1,921 61,762 (4,491) 32,134 (1,545) (1,583)

Non-deductible Expenses/(Income Not Subject to Tax) 204 (1,064) 7,576 1,455 (536) (762)

Tax Expense/(Credit) for the Year 2,125 60,698 3,085 33,589 (2,081) (2,345)


101



2014 2013 2014 2013 rm rm rm rm

Excess of (Expenditure Over Income) Income Over Expenditure Before Taxation (25,643,596) 33,613,041 (4,762,806) 9,823,168

Tax at rate 8% (2013: 8%) (2,051,488) 2,689,043 (381,024) 785,853 Income Not Subject to Tax (311,144) (203,676) (119,731) (63,327)Tax (Credit)/Expense for the Year (2,362,632) 2,485,367 (500,755) 722,526

10. Related Party Disclosures

The transactions of the Funds with related parties of the manager during the financial year and amounts due from related parties of the manager were as follows:

SmArT INvEST GAIN FuNd dANA rESTu dANA SEJATI2014 2013 2014 2013 2014 2013

rm rm rm rm rm rm

Significant related Party Transactions:Interest Income 7,750 27,208 2,206,167 1,483,612 500,949 304,664

Cash and Cash Equivalents

Interest Income - - 423 372 119 99 Investment

Expenses - - (17,332) (19,095) - - Bank Charges (25) (18) (880) (1,438) (170) (295)

Significant related Party Balances:Fixed and Call

deposits 300,000 2,400,000 149,930,000 60,150,000 13,880,000 15,550,000 Income due and

Accrued - 26,653 83,565 14,842 1,198 3,010 Bank Balances 11,021 15,538 65,180 51,407 43,942 172,639



10. Related Party Disclosures (Cont’d)


rm rm rm rm rm rm

Significant related Party Transactions:Interest Income 1,785,216 475,234 211,196 285,784 2,011,758 472,767

Investment Expenses (14,342) (15,914) - - (17,911) (16,910)

Bank Charges (1,590) (1,862) (1,440) (1,240) (1,055) (1,610)


deposits 50,500,000 34,890,000 4,530,000 42,300,000 206,450,000 17,050,000 Income due and

Accrued 61,298 5,501 410 6,144 231,783 3,255 Bank Balances 242,465 60,964 81,216 54,452 394,909 54,736 Investment in

redeemable Subordinated Bonds - Pac Lease Bhd 9,979,600 4,977,500 - 9,955,000 - -


rm rm rm rm rm rm

Significant related Party Transactions:Interest Income 2,221,658 573,012 2,732,088 642,418 127 752

Investment Expenses (24,354) (22,922) (13,548) (10,706) - -

Bank Charges (1,730) (1,957) (1,065) (1,662) (1,115) (1,089)


deposits 96,090,000 39,590,000 97,910,000 47,520,000 - - Income due and

Accrued 107,259 5,530 179,059 6,653 - - Bank Balances 424,387 63,769 159,953 66,740 130,678 16,462 Investment in

redeemable Subordinated Bonds - Pac Lease Bhd 9,986,800 - 9,986,800 9,955,000 - -


103

10. Related Party Disclosures (Cont’d)


rm rm rm rm rm rm

Significant related Party Transactions:Interest Income - - 11,295 14,128 1,789 6,460 Bank Charges (1,326) (924) (2,351) (955) (406) (416)


deposits - - - 1,820,000 - - Income due and

Accrued - - - 177 - - Bank Balances 24,765 5,713 57,354 46,176 19,138 76,320

LION ENHANCEd EQuITY FuNd dANA GEmILANG 2014 2013 2014 2013

rm rm rm rm

Significant related Party Transactions:Interest Income 695,879 317,469 198,063 121,292 Cash and Bank Balances Interest Income - - 147 135 Investment Expenses (11,480) (5,880) (5,259) (4,762)Bank Charges (1,241) (1,004) (655) (730)

Significant related Party Balances:Fixed and Call deposits 62,600,000 18,570,000 15,550,000 6,440,000 Income due and Accrued 12,235 3,233 1,404 987 Bank Balances 237,920 86,035 54,728 44,458

The manager is of the opinion that the transactions above have been entered into in the normal course of business and have been established on terms and conditions that are not materially different from those obtainable in transactions with unrelated parties.

The related company is OCBC (m) Berhad, OCBC Al-Amin Bank Berhad and Pac Lease Bhd.



11. Financial Risk Management Frameworka. The Funds are exposed to different financial risks arising from the use of financial instruments. The key financial

risks include interest rate risk, foreign currency risk, equity price risk, credit spread risk, cash flow and liquidity risk, credit risk and concentration risk.

(i) Interest rate risk The Funds are exposed to interest rate risk through its investments in fixed income instruments and as

such will incur an economic loss when interest rates rise. In the event of rising interest rates, prices of fixed income securities will decrease and vice versa. This risk can be mitigated by managing the duration structure of the fixed income portfolio.

(ii) Foreign currency risk Investments denominated in foreign currencies are limited to 50% of the sum of all Investment-linked

funds’ net asset value as prescribed by the regulator. Fluctuations of exchange rates may affect the net asset value attributable to unit holders of the Funds. (refer to table no.11(a)).

(iii) Equity price risk Exposure in equity price risk exists in funds that have direct equity investment, where the fund bears all

of the volatility in returns and investment performance risk.

(iv) Credit spread risk Exposure to credit spread risk exists in the Funds that invest in bonds. Credit spread is the difference

between the corporate yields against risk-free rate of the same tenure. When spreads widen, it generally implies that the market is factoring more risk of default. A widening in credit spreads will result in a fall in the values of the Funds’ bond portfolio.

(v) Cash flow and liquidity risk Cash flow and liquidity risk arises when a company is unable to meet its obligations at reasonable

cost when required to do so. This typically happens when the investments in the portfolio are illiquid. demands for funds can usually be met through ongoing normal operations, premiums received, and sale of assets or borrowings. unexpected demands for liquidity may be triggered by negative publicity, deterioration of the economy, reports of problems in other companies in the same or similar lines of business, unanticipated policy withdrawals, or other unexpected cash demands from unitholders.

Expected liquidity demands are managed through a combination of treasury, investment and asset-liability management practices, which are monitored on an ongoing basis.

Actual and projected cash inflows and outflows are monitored and a reasonable amount of assets are kept in liquid instruments at all times.

unexpected liquidity demands are managed through a combination of product design, diversification limits, investment strategies and systematic monitoring. (refer to tables no. 11(b)(i) and (b)(ii)).


105

11. Financial Risk Management Framework (Cont’d)

(vi) Credit risk Funds are exposed to credit risk through investment in bonds, which may result in financial loss due to

credit default by the borrower or counterparty. In addition, financial loss may also materialise as a result of the widening credit spread or downgrade of credit rating.

The task of evaluating and monitoring credit risk is undertaken by the manager’s Credit risk Committee, which in turn reports to its Asset Liability Committee (“ALC”). The credit limits are actively monitored and reviewed on a regular basis. The creditworthiness of banks is assessed on an annual basis by reviewing their financial strength through published credit ratings and other publicly available financial information. (refer to table no. 11(c)).

(vii) Concentration risk An important element of managing both market and credit risk is to actively manage concentration

to specific issuers, counterparties, industry sectors, countries and currencies. The manager’s internal procedures are in place to ensure compliance with regulatory limits.

b. Sensitivity analysis on financial risks The analysis shown in Table 11(d) is performed for reasonably possible movements in key variables with all

other variables constant. The correlation of variables will have a significant effect in determining the ultimate fair value and/or amortised cost of financial assets, but to demonstrate the impact due to changes in variable, these variables have to be changed on an individual basis. It should be noted that the movements in these variables are non-linear.

The impact on net realised income/loss represents the effect caused by changes in fair value of financial assets whose fair values are recorded in Statement of Comprehensive Income.




The following tables show the various financial risks of the funds.a. Foreign currency risk All Investment-linked funds are not exposed to foreign currency risks other than the following Funds as shown

in the table below:

The tables below summarises the assets and liabilities position for Funds with foreign currency risk exposure by currencies as at the reporting date.

rm uSd Total Lion uS-i Fund 2014 2013 2014 2013 2014 2013

Investments Equity securities - - 6,603,644 5,474,314 6,603,644 5,474,314 derivatives - - 225 - 225 -

- - 6,603,869 5,474,314 6,603,869 5,474,314Other assets 48,816 14,159 25,691 20,378 74,507 34,537 Cash and bank

balances 130,678 16,462 2,038 6,978 132,716 23,440 Total assets 179,494 30,621 6,631,598 5,501,670 6,811,092 5,532,291

Total liabilities 233,962 152,768 - - 233,962 152,768

rm GBP TotalLion uK-i Fund 2014 2013 2014 2013 2014 2013

Investments Equity securities - - 3,719,290 3,574,499 3,719,290 3,574,499 derivatives - - 9 - 9 -

- - 3,719,299 3,574,499 3,719,299 3,574,499 Other assets 4,973 3,794 - - 4,973 3,794 Cash and bank

balances 24,764 5,713 3,546 33,493 28,310 39,206 Total assets 29,737 9,507 3,722,845 3,607,992 3,752,582 3,617,499



107

11. Financial Risk Management Framework (Cont’d)a. Foreign currency risk (Cont’d)

rm Aud Total Lion Au-i Fund 2014 2013 2014 2013 2014 2013

Investments Equity securities - - 7,755,171 8,200,671 7,755,171 8,200,671 deposits with financial institutions - 1,820,000 - - - 1,820,000

- 1,820,000 7,755,171 8,200,671 7,755,171 10,020,671Other assets - 177 195,077 2,276,350 195,077 2,276,527 Cash and bank

balances 1,250,616 46,176 13,135 4,435 1,263,751 50,611 Total assets 1,250,616 1,866,353 7,963,383 10,481,456 9,213,999 12,347,809

Total liabilities 1,347,418 3,037,758 - - 1,347,418 3,037,758

rm SGd Total Lion Asia Pac Fund 2014 2013 2014 2013 2014 2013

Investments unit and property trust funds - - 1,315,752 899,392 1,315,752 899,392 Other assets 31,669 13,509 - - 31,669 13,509 Cash and bank

balances 19,138 76,320 - - 19,138 76,320 Total assets 50,807 89,829 1,315,752 899,392 1,366,559 989,221





rm SGd HKd TotalLion Enhanced Equity Fund 2014 2013 2014 2013 2014 2013 2014 2013

Investments Equity securities 229,373,279 170,074,188 - 637,040 5,427,001 663,698 234,800,280 171,374,926 Financial Instruments With Embedded derivatives 352,937 288,536 - - - - 352,937 288,536 unit and property trust funds 6,509,151 1,359,687 - 5,397 - - 6,509,151 1,365,084 deposits with financial institutions 62,600,000 18,570,000 - - - - 62,600,000 18,570,000

298,835,367 190,292,411 - 642,437 5,427,001 663,698 304,262,368 191,598,546Other assets 7,384,229 7,851,318 - - - - 7,384,229 7,851,318 Cash and bank balances 237,921 86,035 255,283 210,884 45,910 32,694 539,114 329,613 Total assets 306,457,517 198,229,764 255,283 853,321 5,472,911 696,392 312,185,711 199,779,477

Total liabilities 25,950,711 3,354,435 - - - - 25,950,711 3,354,435

rm SGd HKd Totaldana Gemilang 2014 2013 2014 2013 2014 2013 2014 2013

Investments Equity securities 63,057,118 48,970,067 - - - - 63,057,118 48,970,067 Financial Instruments With Embedded derivatives - 86,683 - - - - - 86,683 unit and property trust funds - 384,718 - - - - - 384,718 deposits with financial institutions 15,550,000 6,440,000 - - - - 15,550,000 6,440,000

78,607,118 55,881,468 - - - - 78,607,118 55,881,468Other assets 1,120,871 145,737 - - - - 1,120,871 145,737 Cash and bank balances 54,728 44,458 323,568 316,558 40,971 249,472 419,267 610,488 Total assets 79,782,717 56,071,663 323,568 316,558 40,971 249,472 80,147,256 56,637,693



109


rm SGd HKd TotalLion Enhanced Equity Fund 2014 2013 2014 2013 2014 2013 2014 2013

Investments Equity securities 229,373,279 170,074,188 - 637,040 5,427,001 663,698 234,800,280 171,374,926 Financial Instruments With Embedded derivatives 352,937 288,536 - - - - 352,937 288,536 unit and property trust funds 6,509,151 1,359,687 - 5,397 - - 6,509,151 1,365,084 deposits with financial institutions 62,600,000 18,570,000 - - - - 62,600,000 18,570,000

298,835,367 190,292,411 - 642,437 5,427,001 663,698 304,262,368 191,598,546Other assets 7,384,229 7,851,318 - - - - 7,384,229 7,851,318 Cash and bank balances 237,921 86,035 255,283 210,884 45,910 32,694 539,114 329,613 Total assets 306,457,517 198,229,764 255,283 853,321 5,472,911 696,392 312,185,711 199,779,477


rm SGd HKd Totaldana Gemilang 2014 2013 2014 2013 2014 2013 2014 2013

Investments Equity securities 63,057,118 48,970,067 - - - - 63,057,118 48,970,067 Financial Instruments With Embedded derivatives - 86,683 - - - - - 86,683 unit and property trust funds - 384,718 - - - - - 384,718 deposits with financial institutions 15,550,000 6,440,000 - - - - 15,550,000 6,440,000

78,607,118 55,881,468 - - - - 78,607,118 55,881,468Other assets 1,120,871 145,737 - - - - 1,120,871 145,737 Cash and bank balances 54,728 44,458 323,568 316,558 40,971 249,472 419,267 610,488 Total assets 79,782,717 56,071,663 323,568 316,558 40,971 249,472 80,147,256 56,637,693





11. Financial Risk Management Framework (Cont’d)b. Cash flow and liquidity risk

i. The following table shows the maturity profile of the Funds’ financial liabilities and the expected recovery or settlement of financial assets based on contractual undiscounted cash flow.

CArrYING vALuE uP TO A YEAr 1 - 5 YEArS > 5 YEArS NO mATurITY dATE TOTAL 2014 2013 2014 2013 2014 2013 2014 2013 2014 2013 2014 2013

Smart Invest Gain Fund rm rm rm rm rm rm rm rm rm rm rm rm

Financial investments LAr 300,000 2,400,000 300,407 2,433,922 - - - - - - 300,407 2,433,922 FvTPL 26,673,675 25,944,000 - - 29,889,820 30,000,000 - - - - 29,889,820 30,000,000 Other assets 271 83,801 271 83,801 - - - - - - 271 83,801 Cash and bank balances 11,021 15,538 11,021 15,538 - - - - - - 11,021 15,538 Total undiscounted financial assets 26,984,967 28,443,339 311,699 2,533,261 29,889,820 30,000,000 - - - - 30,201,519 32,533,261

Other payables 13,803 3,294 13,803 3,294 - - - - - - 13,803 3,294Total undiscounted financial liabilities 13,803 3,294 13,803 3,294 - - - - - - 13,803 3,294Total liquidity surplus 26,971,380 28,440,045 297,896 2,529,967 29,889,820 30,000,000 - - - - 30,187,716 32,529,967


dana restu rm rm rm rm rm rm rm rm rm rm rm rm

Financial investments LAr 149,930,000 60,150,000 150,120,144 60,176,439 - - - - - - 150,120,144 60,176,439 FvTPL 657,129,436 826,046,186 - 1,562,104 - 1,008,662 - 1,417,997 657,129,436 822,057,423 657,129,436 826,046,186 Other assets 5,694,116 8,113,288 5,694,116 8,113,288 - - - - - - 5,694,116 8,113,288 Cash and bank balances 65,180 51,407 65,180 51,407 - - - - - - 65,180 51,407 Total undiscounted financial assets 812,818,732 894,360,881 155,879,440 69,903,238 - 1,008,662 - 1,417,997 657,129,436 822,057,423 813,008,876 894,387,320

Other payables 842,238 52,918,771 842,238 52,918,771 - - - - - - 842,238 52,918,771Total undiscounted financial liabilities 842,238 52,918,771 842,238 52,918,771 - - - - - - 842,238 52,918,771Total liquidity surplus 811,976,494 841,442,110 155,038,202 16,984,467 - 1,008,662 - 1,417,997 657,129,436 822,057,423 812,166,638 841,468,549


dana Sejati rm rm rm rm rm rm rm rm rm rm rm rm

Financial investments LAr 13,880,000 15,550,000 13,883,594 15,554,249 - - - - - - 13,883,594 15,554,249 FvTPL 92,457,050 73,375,915 5,399,493 10,966,656 61,239,067 42,987,832 57,535,777 40,261,128 - - 150,066,666 94,215,616 Other assets 1,409,340 2,167,446 1,409,340 2,167,446 - - - - - - 1,409,340 2,167,446 Cash and bank balances 43,942 172,639 43,942 172,639 - - - - - - 43,942 172,639 Total undiscounted financial assets 107,790,332 91,266,000 20,736,369 28,860,990 61,239,067 42,987,832 57,535,777 40,261,128 - - 139,511,213 112,109,950

Other payables 783 355 783 355 - - - - - - 783 355Total undiscounted financial liabilities 783 355 783 355 - - - - - - 783 355Total liquidity surplus 107,789,549 91,265,645 20,735,586 28,860,635 61,239,067 42,987,832 57,535,777 40,261,128 - - 139,510,430 112,109,595


111

11. Financial Risk Management Framework (Cont’d)b. Cash flow and liquidity risk

i. The following table shows the maturity profile of the Funds’ financial liabilities and the expected recovery or settlement of financial assets based on contractual undiscounted cash flow.


Smart Invest Gain Fund rm rm rm rm rm rm rm rm rm rm rm rm

Financial investments LAr 300,000 2,400,000 300,407 2,433,922 - - - - - - 300,407 2,433,922 FvTPL 26,673,675 25,944,000 - - 29,889,820 30,000,000 - - - - 29,889,820 30,000,000 Other assets 271 83,801 271 83,801 - - - - - - 271 83,801 Cash and bank balances 11,021 15,538 11,021 15,538 - - - - - - 11,021 15,538 Total undiscounted financial assets 26,984,967 28,443,339 311,699 2,533,261 29,889,820 30,000,000 - - - - 30,201,519 32,533,261

Other payables 13,803 3,294 13,803 3,294 - - - - - - 13,803 3,294Total undiscounted financial liabilities 13,803 3,294 13,803 3,294 - - - - - - 13,803 3,294Total liquidity surplus 26,971,380 28,440,045 297,896 2,529,967 29,889,820 30,000,000 - - - - 30,187,716 32,529,967


dana restu rm rm rm rm rm rm rm rm rm rm rm rm

Financial investments LAr 149,930,000 60,150,000 150,120,144 60,176,439 - - - - - - 150,120,144 60,176,439 FvTPL 657,129,436 826,046,186 - 1,562,104 - 1,008,662 - 1,417,997 657,129,436 822,057,423 657,129,436 826,046,186 Other assets 5,694,116 8,113,288 5,694,116 8,113,288 - - - - - - 5,694,116 8,113,288 Cash and bank balances 65,180 51,407 65,180 51,407 - - - - - - 65,180 51,407 Total undiscounted financial assets 812,818,732 894,360,881 155,879,440 69,903,238 - 1,008,662 - 1,417,997 657,129,436 822,057,423 813,008,876 894,387,320

Other payables 842,238 52,918,771 842,238 52,918,771 - - - - - - 842,238 52,918,771Total undiscounted financial liabilities 842,238 52,918,771 842,238 52,918,771 - - - - - - 842,238 52,918,771Total liquidity surplus 811,976,494 841,442,110 155,038,202 16,984,467 - 1,008,662 - 1,417,997 657,129,436 822,057,423 812,166,638 841,468,549


dana Sejati rm rm rm rm rm rm rm rm rm rm rm rm


Other payables 783 355 783 355 - - - - - - 783 355Total undiscounted financial liabilities 783 355 783 355 - - - - - - 783 355Total liquidity surplus 107,789,549 91,265,645 20,735,586 28,860,635 61,239,067 42,987,832 57,535,777 40,261,128 - - 139,510,430 112,109,595




11. Financial Risk Management Framework (Cont’d)b. Cash flow and liquidity risk (Cont’d)

i. The following table shows the maturity profile of the Funds’ financial liabilities and the expected recovery or settlement of financial assets based on contractual undiscounted cash flow. (Cont’d)

CArrYING vALuE uP TO A YEAr 1 - 5 YEArS > 5 YEArS NO mATurITY dATE TOTAL2014 2013 2014 2013 2014 2013 2014 2013 2014 2013 2014 2013

Lion Balanced Fund rm rm rm rm rm rm rm rm rm rm rm rm

Financial investments LAr 75,500,000 62,390,000 75,847,764 62,422,620 - - - - - - 75,847,764 62,422,620 FvTPL 273,351,362 188,284,187 78,997,484 33,443,969 58,175,086 29,142,677 - - 147,613,029 133,075,609 284,785,599 195,662,255 Other assets 10,142,838 6,406,123 10,142,838 6,406,123 - - - - - - 10,142,838 6,406,123 Cash and bank balances 242,465 60,964 242,465 60,964 - - - - - - 242,465 60,964 Total undiscounted financial assets 359,236,665 257,141,274 165,230,551 102,333,676 58,175,086 29,142,677 - - 147,613,029 133,075,609 371,018,666 264,551,962

Other payables 342,886 2,999,463 342,886 2,999,463 - - - - - - 342,886 999,463Total undiscounted financial liabilities 342,886 2,999,463 342,886 2,999,463 - - - - - - 342,886 999,463Total liquidity surplus 358,893,779 254,141,811 164,887,665 99,334,213 58,175,086 29,142,677 - - 147,613,029 133,075,609 370,657,780 261,552,499


Lion Fixed Income Fund rm rm rm rm rm rm rm rm rm rm rm rm


Other payables 110,770 111,097 110,770 111,097 - - - - - - 110,770 111,097Total undiscounted financial liabilities 110,770 111,097 110,770 111,097 - - - - - - 110,770 111,097Total liquidity surplus 622,040,120 526,231,686 150,796,575 154,439,508 336,995,393 307,331,302 298,133,654 187,140,822 - - 785,925,622 648,911,632


Lion Growth Fund rm rm rm rm rm rm rm rm rm rm rm rm

Financial investments LAr 206,450,000 31,250,000 206,870,904 31,266,003 - - - - - - 206,870,904 31,266,003 FvTPL 497,598,991 731,312,897 - 1,385,898 1,344,389 9,301,505 - 1,634,618 496,254,602 727,189,837 497,598,991 739,511,858 Other assets 24,925,583 1,553,093 24,925,583 1,553,093 - - - - - - 24,925,583 1,553,093 Cash and bank balances 394,909 54,736 394,909 54,736 - - - - - - 394,909 54,736 Total undiscounted financial assets 729,369,483 764,170,726 232,191,396 34,259,730 1,344,389 9,301,505 - 1,634,618 496,254,602 727,189,837 729,790,387 772,385,690

Other payables 47,002,361 2,282,874 47,002,361 2,282,874 - - - - - - 47,002,361 2,282,874Total undiscounted financial liabilities 47,002,361 2,282,874 47,002,361 2,282,874 - - - - - - 47,002,361 2,282,874Total liquidity surplus 682,367,122 761,887,852 185,189,035 31,976,856 1,344,389 9,301,505 - 1,634,618 496,254,602 727,189,837 682,788,026 770,102,816


113




Lion Balanced Fund rm rm rm rm rm rm rm rm rm rm rm rm

Financial investments LAr 75,500,000 62,390,000 75,847,764 62,422,620 - - - - - - 75,847,764 62,422,620 FvTPL 273,351,362 188,284,187 78,997,484 33,443,969 58,175,086 29,142,677 - - 147,613,029 133,075,609 284,785,599 195,662,255 Other assets 10,142,838 6,406,123 10,142,838 6,406,123 - - - - - - 10,142,838 6,406,123 Cash and bank balances 242,465 60,964 242,465 60,964 - - - - - - 242,465 60,964 Total undiscounted financial assets 359,236,665 257,141,274 165,230,551 102,333,676 58,175,086 29,142,677 - - 147,613,029 133,075,609 371,018,666 264,551,962

Other payables 342,886 2,999,463 342,886 2,999,463 - - - - - - 342,886 999,463Total undiscounted financial liabilities 342,886 2,999,463 342,886 2,999,463 - - - - - - 342,886 999,463Total liquidity surplus 358,893,779 254,141,811 164,887,665 99,334,213 58,175,086 29,142,677 - - 147,613,029 133,075,609 370,657,780 261,552,499


Lion Fixed Income Fund rm rm rm rm rm rm rm rm rm rm rm rm


Other payables 110,770 111,097 110,770 111,097 - - - - - - 110,770 111,097Total undiscounted financial liabilities 110,770 111,097 110,770 111,097 - - - - - - 110,770 111,097Total liquidity surplus 622,040,120 526,231,686 150,796,575 154,439,508 336,995,393 307,331,302 298,133,654 187,140,822 - - 785,925,622 648,911,632


Lion Growth Fund rm rm rm rm rm rm rm rm rm rm rm rm

Financial investments LAr 206,450,000 31,250,000 206,870,904 31,266,003 - - - - - - 206,870,904 31,266,003 FvTPL 497,598,991 731,312,897 - 1,385,898 1,344,389 9,301,505 - 1,634,618 496,254,602 727,189,837 497,598,991 739,511,858 Other assets 24,925,583 1,553,093 24,925,583 1,553,093 - - - - - - 24,925,583 1,553,093 Cash and bank balances 394,909 54,736 394,909 54,736 - - - - - - 394,909 54,736 Total undiscounted financial assets 729,369,483 764,170,726 232,191,396 34,259,730 1,344,389 9,301,505 - 1,634,618 496,254,602 727,189,837 729,790,387 772,385,690

Other payables 47,002,361 2,282,874 47,002,361 2,282,874 - - - - - - 47,002,361 2,282,874Total undiscounted financial liabilities 47,002,361 2,282,874 47,002,361 2,282,874 - - - - - - 47,002,361 2,282,874Total liquidity surplus 682,367,122 761,887,852 185,189,035 31,976,856 1,344,389 9,301,505 - 1,634,618 496,254,602 727,189,837 682,788,026 770,102,816







Lion Progressive Fund rm rm rm rm rm rm rm rm rm rm rm rm

Financial investments LAr 196,090,000 59,290,000 196,553,219 59,322,793 - - - - - - 196,553,219 59,322,793 FvTPL 602,770,247 789,078,251 43,134,801 32,260,223 48,768,088 31,232,083 - 791,085 525,305,909 737,568,895 617,208,798 801,852,286 Other assets 10,504,493 4,291,329 10,504,493 4,291,329 - - - - - - 10,504,493 4,291,329 Cash and bank balances 424,387 63,769 424,387 63,769 - - - - - - 424,387 63,769 Total undiscounted financial assets 809,789,127 852,723,349 250,616,900 95,938,114 48,768,088 31,232,083 - 791,085 525,305,909 737,568,895 824,690,897 865,530,177

Other payables 6,928,968 2,297,239 6,928,968 2,297,239 - - - - - - 6,928,968 2,297,239Total undiscounted financial liabilities 6,928,968 2,297,239 6,928,968 2,297,239 - - - - - - 6,928,968 2,297,239Total liquidity surplus 802,860,159 850,426,110 243,687,932 93,640,875 48,768,088 31,232,083 - 791,085 525,305,909 737,568,895 817,761,929 863,232,938


Lion Strategic Fund rm rm rm rm rm rm rm rm rm rm rm rm


Other payables 7,172 29,705,187 7,172 29,705,187 - - - - - - 7,172 29,705,187Total undiscounted financial liabilities 7,172 29,705,187 7,172 29,705,187 - - - - - - 7,172 29,705,187Total liquidity surplus 931,738,061 819,400,453 311,506,765 138,769,498 52,178,484 30,975,432 - 844,800 577,710,002 655,511,995 941,395,251 826,101,725


Lion uS-i Fund rm rm rm rm rm rm rm rm rm rm rm rm

Financial investments FvTPL 6,603,869 5,474,314 225 - - - - - 6,603,644 5,474,314 6,603,869 5,474,314 Other assets 74,507 34,537 74,507 34,537 - - - - - - 74,507 34,537 Cash and bank balances 132,716 23,440 132,716 23,440 - - - - - - 132,716 23,440 Total undiscounted financial assets 6,811,092 5,532,291 207,448 57,977 - - - - 6,603,644 5,474,314 6,811,092 5,532,291

Other payables 43 20 43 20 - - - - - - 43 20Total undiscounted financial liabilities 43 20 43 20 - - - - - - 43 20Total liquidity surplus 6,811,049 5,532,271 207,405 57,957 - - - - 6,603,644 5,474,314 6,811,049 5,532,271


115




Lion Progressive Fund rm rm rm rm rm rm rm rm rm rm rm rm


Other payables 6,928,968 2,297,239 6,928,968 2,297,239 - - - - - - 6,928,968 2,297,239Total undiscounted financial liabilities 6,928,968 2,297,239 6,928,968 2,297,239 - - - - - - 6,928,968 2,297,239Total liquidity surplus 802,860,159 850,426,110 243,687,932 93,640,875 48,768,088 31,232,083 - 791,085 525,305,909 737,568,895 817,761,929 863,232,938


Lion Strategic Fund rm rm rm rm rm rm rm rm rm rm rm rm


Other payables 7,172 29,705,187 7,172 29,705,187 - - - - - - 7,172 29,705,187Total undiscounted financial liabilities 7,172 29,705,187 7,172 29,705,187 - - - - - - 7,172 29,705,187Total liquidity surplus 931,738,061 819,400,453 311,506,765 138,769,498 52,178,484 30,975,432 - 844,800 577,710,002 655,511,995 941,395,251 826,101,725


Lion uS-i Fund rm rm rm rm rm rm rm rm rm rm rm rm

Financial investments FvTPL 6,603,869 5,474,314 225 - - - - - 6,603,644 5,474,314 6,603,869 5,474,314 Other assets 74,507 34,537 74,507 34,537 - - - - - - 74,507 34,537 Cash and bank balances 132,716 23,440 132,716 23,440 - - - - - - 132,716 23,440 Total undiscounted financial assets 6,811,092 5,532,291 207,448 57,977 - - - - 6,603,644 5,474,314 6,811,092 5,532,291








Lion uK-i Fund rm rm rm rm rm rm rm rm rm rm rm rm

Financial investments FvTPL 3,719,299 3,574,499 - - - - - - 3,719,290 3,574,499 3,719,299 3,574,499 Other assets 4,973 3,794 4,973 3,794 - - - - - - 4,973 3,794 Cash and bank balances 28,310 39,206 28,310 39,206 - - - - - - 28,310 39,206 Total undiscounted financial assets 3,752,582 3,617,499 33,292 43,000 - - - - 3,719,290 3,574,499 3,752,552 3,617,485



Lion Au-i Fund rm rm rm rm rm rm rm rm rm rm rm rm

Financial investments LAr - 1,820,000 - 1,820,354 - - - - - - - 1,820,354 FvTPL 7,755,171 8,200,671 - - - - - - 7,755,171 8,200,671 7,755,171 8,200,671 Other assets 195,077 2,276,527 195,077 2,276,527 - - - - - - 195,077 2,276,527 Cash and bank balances 1,263,751 50,611 1,263,751 50,611 - - - - - - 1,263,751 50,611 Total undiscounted financial assets 9,213,999 12,347,809 1,458,828 4,147,492 - - - - 7,755,171 8,200,671 9,213,999 12,348,163

Other payables 1,240,647 2,927,776 1,240,647 2,927,776 - - - - - - 1,240,647 2,927,776 Total undiscounted financial liabilities 1,240,647 2,927,776 1,240,647 2,927,776 - - - - - - 1,240,647 2,927,776 Total liquidity surplus 7,973,352 9,420,033 218,181 1,219,716 - - - - 7,755,171 8,200,671 7,973,352 9,420,387


Lion Asia Pac Fund rm rm rm rm rm rm rm rm rm rm rm rm

Financial investments FvTPL 1,315,752 899,392 - - - - - - 1,315,752 899,392 1,315,752 899,392 Other assets 31,669 13,509 31,669 13,509 - - - - - - 31,669 13,509 Cash and bank balances 19,138 76,320 19,138 76,320 - - - - - - 19,138 76,320 Total undiscounted financial assets 1,366,559 989,221 50,807 89,829 - - - - 1,315,752 899,392 1,366,559 989,221

Other payables 17,998 67,861 17,998 67,861 - - - - - - 17,998 67,861 Total undiscounted financial liabilities 17,998 67,861 17,998 67,861 - - - - - - 17,998 67,861 Total liquidity surplus 1,348,561 921,360 32,809 21,968 - - - - 1,315,752 899,392 1,348,561 921,360


117




Lion uK-i Fund rm rm rm rm rm rm rm rm rm rm rm rm

Financial investments FvTPL 3,719,299 3,574,499 - - - - - - 3,719,290 3,574,499 3,719,299 3,574,499 Other assets 4,973 3,794 4,973 3,794 - - - - - - 4,973 3,794 Cash and bank balances 28,310 39,206 28,310 39,206 - - - - - - 28,310 39,206 Total undiscounted financial assets 3,752,582 3,617,499 33,292 43,000 - - - - 3,719,290 3,574,499 3,752,552 3,617,485



Lion Au-i Fund rm rm rm rm rm rm rm rm rm rm rm rm

Financial investments LAr - 1,820,000 - 1,820,354 - - - - - - - 1,820,354 FvTPL 7,755,171 8,200,671 - - - - - - 7,755,171 8,200,671 7,755,171 8,200,671 Other assets 195,077 2,276,527 195,077 2,276,527 - - - - - - 195,077 2,276,527 Cash and bank balances 1,263,751 50,611 1,263,751 50,611 - - - - - - 1,263,751 50,611 Total undiscounted financial assets 9,213,999 12,347,809 1,458,828 4,147,492 - - - - 7,755,171 8,200,671 9,213,999 12,348,163

Other payables 1,240,647 2,927,776 1,240,647 2,927,776 - - - - - - 1,240,647 2,927,776 Total undiscounted financial liabilities 1,240,647 2,927,776 1,240,647 2,927,776 - - - - - - 1,240,647 2,927,776 Total liquidity surplus 7,973,352 9,420,033 218,181 1,219,716 - - - - 7,755,171 8,200,671 7,973,352 9,420,387


Lion Asia Pac Fund rm rm rm rm rm rm rm rm rm rm rm rm

Financial investments FvTPL 1,315,752 899,392 - - - - - - 1,315,752 899,392 1,315,752 899,392 Other assets 31,669 13,509 31,669 13,509 - - - - - - 31,669 13,509 Cash and bank balances 19,138 76,320 19,138 76,320 - - - - - - 19,138 76,320 Total undiscounted financial assets 1,366,559 989,221 50,807 89,829 - - - - 1,315,752 899,392 1,366,559 989,221

Other payables 17,998 67,861 17,998 67,861 - - - - - - 17,998 67,861 Total undiscounted financial liabilities 17,998 67,861 17,998 67,861 - - - - - - 17,998 67,861 Total liquidity surplus 1,348,561 921,360 32,809 21,968 - - - - 1,315,752 899,392 1,348,561 921,360







Lion Enhanced Equity Fund rm rm rm rm rm rm rm rm rm rm rm rm

Financial investments LAr 62,600,000 18,570,000 62,637,770 18,575,039 - - - - - - 62,637,770 18,575,039 FvTPL 241,662,368 173,028,546 - 103,500 352,937 266,828 - 142,208 241,309,431 172,740,010 241,662,368 173,252,546 Other assets 7,080,240 7,851,318 7,080,240 7,851,318 - - - - - - 7,080,240 7,851,318 Cash and bank balances 539,114 329,613 539,114 329,613 - - - - - - 539,114 329,613 Total undiscounted financial assets 311,881,721 199,779,477 70,257,124 26,859,470 352,937 266,828 - 142,208 241,309,431 172,740,010 311,919,492 200,008,516

Other payables 25,011,732 352,713 25,011,732 352,713 - - - - - - 25,011,732 352,713 Total undiscounted financial liabilities 25,011,732 352,713 25,011,732 352,713 - - - - - - 25,011,732 352,713 Total liquidity surplus 286,869,989 199,426,764 45,245,392 26,506,757 352,937 266,828 - 142,208 241,309,431 172,740,010 286,907,760 199,655,803


dana Gemilang rm rm rm rm rm rm rm rm rm rm rm rm

Financial investments LAr 15,550,000 6,440,000 15,554,274 6,441,498 - - - - - - 15,554,274 6,441,498 FvTPL 63,057,118 49,441,468 - 64,440 - 22,243 - - 63,057,118 49,354,785 63,057,118 49,441,468 Other assets 1,120,871 145,737 1,120,871 145,737 - - - - - - 1,120,871 145,737 Cash and bank balances 419,267 610,488 419,267 610,488 - - - - - - 419,267 610,488 Total undiscounted financial assets 80,147,256 56,637,693 17,094,412 7,262,163 - 22,243 - - 63,057,118 49,354,785 80,151,530 56,639,191

Other payables 1,584,410 2,999,968 1,585,410 2,999,968 - - - - - - 1,585,410 2,999,968 Total undiscounted financial liabilities 1,584,410 2,999,968 1,585,410 2,999,968 - - - - - - 1,585,410 2,999,968 Total liquidity surplus 78,561,846 53,637,725 15,509,002 4,262,195 - 22,243 - - 63,057,118 49,354,785 78,566,120 53,639,223


119




Lion Enhanced Equity Fund rm rm rm rm rm rm rm rm rm rm rm rm

Financial investments LAr 62,600,000 18,570,000 62,637,770 18,575,039 - - - - - - 62,637,770 18,575,039 FvTPL 241,662,368 173,028,546 - 103,500 352,937 266,828 - 142,208 241,309,431 172,740,010 241,662,368 173,252,546 Other assets 7,080,240 7,851,318 7,080,240 7,851,318 - - - - - - 7,080,240 7,851,318 Cash and bank balances 539,114 329,613 539,114 329,613 - - - - - - 539,114 329,613 Total undiscounted financial assets 311,881,721 199,779,477 70,257,124 26,859,470 352,937 266,828 - 142,208 241,309,431 172,740,010 311,919,492 200,008,516

Other payables 25,011,732 352,713 25,011,732 352,713 - - - - - - 25,011,732 352,713 Total undiscounted financial liabilities 25,011,732 352,713 25,011,732 352,713 - - - - - - 25,011,732 352,713 Total liquidity surplus 286,869,989 199,426,764 45,245,392 26,506,757 352,937 266,828 - 142,208 241,309,431 172,740,010 286,907,760 199,655,803


dana Gemilang rm rm rm rm rm rm rm rm rm rm rm rm

Financial investments LAr 15,550,000 6,440,000 15,554,274 6,441,498 - - - - - - 15,554,274 6,441,498 FvTPL 63,057,118 49,441,468 - 64,440 - 22,243 - - 63,057,118 49,354,785 63,057,118 49,441,468 Other assets 1,120,871 145,737 1,120,871 145,737 - - - - - - 1,120,871 145,737 Cash and bank balances 419,267 610,488 419,267 610,488 - - - - - - 419,267 610,488 Total undiscounted financial assets 80,147,256 56,637,693 17,094,412 7,262,163 - 22,243 - - 63,057,118 49,354,785 80,151,530 56,639,191

Other payables 1,584,410 2,999,968 1,585,410 2,999,968 - - - - - - 1,585,410 2,999,968 Total undiscounted financial liabilities 1,584,410 2,999,968 1,585,410 2,999,968 - - - - - - 1,585,410 2,999,968 Total liquidity surplus 78,561,846 53,637,725 15,509,002 4,262,195 - 22,243 - - 63,057,118 49,354,785 78,566,120 53,639,223





ii. The following tables show the current/non-current classification of assets and liabilities.


CurrENT* NON-CurrENT TOTAL 2014 2013 2014 2013 2014 2013

rm rm rm rm rm rm

Investments LAr 300,000 2,400,000 - - 300,000 2,400,000 FvTPL - - 26,673,675 25,944,000 26,673,675 25,944,000 deferred tax assets - 57,148 - - - 57,148 Other assets 271 26,653 - - 271 26,653 Cash and bank

balance 11,021 15,538 - - 11,021 15,538 Total assets 311,292 2,499,339 26,673,675 25,944,000 26,984,967 28,443,339

Provision for taxation 3,590 45 - - 3,590 45

deferred tax liabilities 6,956 - - - 6,956 -

Others payables 13,803 3,294 - - 13,803 3,294 Total liabilities 24,349 3,339 - - 24,349 3,339

dana restu


rm rm rm rm rm rm

Investments LAr 149,930,000 60,150,000 - - 149,930,000 60,150,000 FvTPL 657,129,436 823,619,527 - 2,426,659 657,129,436 826,046,186 Other assets 5,694,116 8,113,288 - - 5,694,116 8,113,288 Cash and bank

balance 65,180 51,407 - - 65,180 51,407 Total assets 812,818,732 891,934,222 - 2,426,659 812,818,732 894,360,881

Provision for taxation 4,959,828 2,712,302 - - 4,959,828 2,712,302

deferred tax liabilities 4,729,255 14,050,559 - - 4,729,255 14,050,559

Others payables 842,238 52,918,771 - - 842,238 52,918,771 Total liabilities 10,531,321 69,681,632 - - 10,531,321 69,681,632

* Expected utilisation or settlement within 12 months from the Balance Sheet date.


121


ii. The following tables show the current/non-current classification of assets and liabilities. (Cont’d)

dana Sejati


rm rm rm rm rm rm

Investments LAr 13,880,000 15,550,000 - - 13,880,000 15,550,000 FvTPL - 7,741,730 92,457,050 65,634,185 92,457,050 73,375,915 Other assets 1,409,340 2,167,446 - - 1,409,340 2,167,446 Cash and bank

balances 43,942 172,639 - - 43,942 172,639 Total assets 15,333,282 25,631,815 92,457,050 65,634,185 107,790,332 91,266,000


deferred tax liabilities 61,577 34,363 - - 61,577 34,363

Others payables 783 355 - - 783 355 Total liabilities 2,064,794 1,704,304 - - 2,064,794 1,704,304

Lion Balanced Fund


rm rm rm rm rm rm

Investments LAr 75,500,000 62,390,000 - - 75,500,000 62,390,000 FvTPL 222,451,329 164,980,904 50,900,033 23,303,283 273,351,362 188,284,187 deferred tax assets 31,863 - - - 31,863 - Other assets 10,142,838 6,406,123 - - 10,142,838 6,406,123 Cash and bank



deferred tax liabilities - 1,926,494 - - - 1,926,494









rm rm rm rm rm rm

Investments LAr 95,480,000 42,300,000 - - 95,480,000 42,300,000 FvTPL 14,083,880 82,996,796 500,957,159 393,155,250 515,041,039 476,152,046 Other assets 11,548,635 7,836,285 - - 11,548,635 7,836,285 Cash and bank




Others payables 110,770 111,097 - - 110,770 111,097 Total liabilities 11,690,826 9,637,693 - - 11,690,826 9,637,693

Lion Growth Fund


rm rm rm rm rm rm





Others payables 47,002,361 2,282,874 - - 47,002,361 2,282,874 Total liabilities 54,953,588 17,955,461 - - 54,953,588 17,955,461



123





rm rm rm rm rm rm





Others payables 6,928,968 2,297,239 - - 6,928,968 2,297,239 Total liabilities 12,466,424 16,644,406 - - 12,466,424 16,644,406

Lion Strategic Fund


rm rm rm rm rm rm











Lion uS-i Fund


rm rm rm rm rm rm

Investments FvTPL 6,603,644 5,474,314 - - 6,603,644 5,474,314 derivatives 225 - - - 225 - Other assets 74,507 34,537 - - 74,507 34,537 Cash and bank

balances 132,716 23,440 - - 132,716 23,440 Total assets 6,811,092 5,532,291 - - 6,811,092 5,532,291

Provision for taxation 51,799 23,982 - - 51,799 23,982


Others payables 43 20 - - 43 20 Total liabilities 233,962 152,768 - - 233,962 152,768

Lion uK-i Fund


rm rm rm rm rm rm

Investments FvTPL 3,719,290 3,574,499 - - 3,719,290 3,574,499 derivatives 9 - - - 9 - Other assets 4,973 3,794 - - 4,973 3,794 Cash and bank

balances 28,310 39,206 - - 28,310 39,206 Total assets 3,752,582 3,617,499 - - 3,752,582 3,617,499



Others payables 30 14 - - 30 14 Total liabilities 71,303 69,164 - - 71,303 69,164



125



Lion Au-i Fund


rm rm rm rm rm rm

Investments LAr - 1,820,000 - - - 1,820,000 FvTPL 7,755,171 8,200,671 - - 7,755,171 8,200,671 Other assets 195,077 2,276,527 - - 195,077 2,276,527 Cash and bank

balances 1,263,751 50,611 - - 1,263,751 50,611 Total assets 9,213,999 12,347,809 - - 9,213,999 12,347,809



Other liabilities 1,240,647 2,927,776 - - 1,240,647 2,927,776 Total liabilities 1,347,418 3,037,758 - - 1,347,418 3,037,758

Lion Asia Pac Fund


rm rm rm rm rm rm

Investments FvTPL 1,315,752 899,392 - - 1,315,752 899,392 Other assets 31,669 13,509 - - 31,669 13,509 Cash and bank

balances 19,138 76,320 - - 19,138 76,320 Total assets 1,366,559 989,221 - - 1,366,559 989,221


derivatives 10 - - - 10 - Other payables 17,998 67,861 - - 17,998 67,861 Total liabilities 21,418 74,957 - - 21,418 74,957







Current* Non-current Total 2014 2013 2014 2013 2014 2013

rm rm rm rm rm rm

Investments LAr 62,600,000 18,570,000 - - 62,600,000 18,570,000 FvTPL 241,309,431 172,829,510 352,937 199,036 241,662,368 173,028,546 deferred tax assets 303,990 - - - 303,990 - Other assets 7,080,239 7,851,318 - - 7,080,239 7,851,318 Cash and bank

balances 539,114 329,613 - - 539,114 329,613 Total assets 311,832,774 199,580,441 352,937 199,036 312,185,711 199,779,477


deferred tax liabilities - 2,588,629 - - - 2,588,629

Other liabilities 25,011,732 352,713 - - 25,011,732 352,713 Total liabilities 25,950,711 3,354,435 - - 25,950,711 3,354,435

dana Gemilang

Current* Non-current Total 2014 2013 2014 2013 2014 2013

rm rm rm rm rm rm

Investments LAr 15,550,000 6,440,000 - - 15,550,000 6,440,000 FvTPL 63,057,118 49,419,225 - 22,243 63,057,118 49,441,468 Other assets 1,120,871 145,737 - - 1,120,871 145,737 Cash and bank

balances 419,267 610,488 - - 419,267 610,488 Total assets 80,147,256 56,615,450 - 22,243 80,147,256 56,637,693



Other payables 1,585,410 2,999,968 - - 1,585,410 2,999,968 Total liabilities 1,979,617 3,894,933 - - 1,979,617 3,894,933



127

11. Financial Risk Management Framework (Cont’d)c. Credit risk

The table below provides information regarding the credit risk exposure of the Funds by classifying assets according to the Company’s credit ratings of counterparties.

Neither past-due nor impairedInvestment grade*

(BBB to AAA) Not rated Total

2014 2013 2014 2013 2014 2013

rm rm rm rm rm rmSmart Invest Gain Fund

LArdeposits with a financial

institution 300,000 2,400,000 - - 300,000 2,400,000 Financial Investment

at FvTPLFinancial instruments

with embedded

derivatives 26,673,675 25,944,000 - - 26,673,675 25,944,000 Other assets 271 26,653 - - 271 26,653

26,973,946 28,370,653 - - 26,973,946 28,370,653


(BBB to AAA) Not rated Total 2014 2013 2014 2013 2014 2013

rm rm rm rm rm rmdana restu


institution 149,930,000 60,150,000 - - 149,930,000 60,150,000 Other assets 83,565 14,842 5,610,551 8,098,446 5,694,116 8,113,288

150,013,565 60,164,842 5,610,551 8,098,446 155,624,116 68,263,288

* Investment grades are based on public ratings assigned by external rating agencies including ratings Agency of malaysia (rAm) and malaysian rating Corporation Berhad (mArC). There are no non-investment grade assets.



11. Financial Risk Management Framework (Cont’d)c. Credit risk (Cont’d)

The table below provides information regarding the credit risk exposure of the Funds by classifying assets according to the Company’s credit ratings of counterparties. (Cont’d)



2014 2013 2014 2013 2014 2013

rm rm rm rm rm rmdana Sejati


institution 13,880,000 15,550,000 - - 13,880,000 15,550,000 Financial investments at

FvTPLmalaysian government

securities - 10,610,045 - - - 10,610,045 debt securities 92,457,050 62,765,870 - - 92,457,050 62,765,870

Other assets 864,541 569,551 544,799 1,597,895 1,409,340 2,167,446

107,201,591 89,495,466 544,799 1,597,895 107,746,390 91,093,361


(BBB to AAA) Not rated Total 2014 2013 2014 2013 2014 2013

rm rm rm rm rm rmLion Balanced Fund



FvTPL debt securities 124,847,650 52,024,796 - - 124,847,650 52,024,796 Other assets 955,655 311,980 9,187,184 6,094,143 10,142,838 6,406,123

201,303,305 114,726,776 9,187,184 6,094,143 210,490,488 120,820,919



129





2014 2013 2014 2013 2014 2013

rm rm rm rm rm rmLion Fixed Income Fund



FvTPLmalaysian government

securities 40,036,500 42,205,000 - - 40,036,500 42,205,000 debt securities 475,004,539 433,947,046 - - 475,004,539 433,947,046

Other assets 5,053,615 4,151,276 6,495,020 3,685,009 11,548,635 7,836,285 615,574,654 522,603,322 6,495,020 3,685,009 622,069,674 526,288,331

Lion Growth Fund



206,681,783 31,261,308 24,693,800 1,541,785 231,375,583 32,803,093




FvTPLdebt securities 74,962,950 45,007,096 - - 74,962,950 45,007,096

Other assets 618,738 427,318 9,885,755 3,864,011 10,504,493 4,291,329 271,671,688 104,724,414 9,885,755 3,864,011 281,557,443 108,588,425








2014 2013 2014 2013 2014 2013

rm rm rm rm rm rmLion Strategic Fund



FvTPLdebt securities 85,866,360 76,071,596 - - 85,866,360 76,071,596

Other assets 1,109,701 832,599 7,490,018 5,825,910 8,599,719 6,658,509 344,686,061 185,604,195 7,490,018 5,825,910 352,176,079 191,430,105

Lion uS-i Fund

Other assets - - 74,507 34,537 74,507 34,57 - - 74,507 34,537 74,507 34,57

Lion uK-i Fund

Other assets - - 4,973 3,794 4,973 3,794 - - 4,973 3,794 4,973 3,794

Lion Au-i Fund


institution - 1,820,000 - - - 1,820,000 Other assets - 177 195,077 2,276,350 195,077 2,276,527

- 1,820,177 195,077 2,276,350 195,077 4,096,527



131





2014 2013 2014 2013 2014 2013

rm rm rm rm rm rmLion Asia Pac Fund

Other assets - - 31,669 13,509 31,669 13,509 - - 31,669 13,509 31,669 13,509




62,612,235 18,573,233 7,068,004 7,848,085 69,680,239 26,421,318

dana Gemilang


institution 15,550,000 6,440,000 - - 15,550,000 6,440,000 Other assets 1,404 987 1,119,467 144,750 1,120,871 145,737

15,551,404 6,440,987 1,119,467 144,750 16,670,871 6,585,737




11. Financial Risk Management Framework (Cont’d)d. Sensitivity analysis on financial risk

2014RM (million)

Smart Invest

Gain FundDana Restu

Dana Sejati

LionBalanced

Fund

Lion FixedIncome

Fund

Lion Growth

Fund

LionProgressive

fund

Change in variablesa) Equity + 20% - +131.43 - +29.70 - +98.81 +105.49 - 20% - -131.43 - -29.70 - -98.81 -105.49b) Alternative investments +/- 10% - - - - - +/- 0.35 +/- 0.03c) Foreign currency +/- 5% - - - - - - - d) Interest rate Yield curve +100 bps - - - 4.70 - 1.73 - 24.61 - - 1.28 Yield curve -100 bps - - + 5.12 + 1.80 + 26.76 - + 1.34 e) Credit spread Spread +100 bps - - - 4.70 - 1.73 - 21.78 - - 1.28 Spread -100 bps - - + 5.12 + 1.80 + 23.65 - + 1.34

2014RM (million)

LionStrategic

FundLion US-i

FundLion UK-i

FundLion AU-i

FundLion AsiaPac Fund

LionEnhanced

EquityFund

DanaGemilang

Change in variablesa) Equity + 20% +105.31 +1.32 +0.74 +1.55 +0.26 +47.03 +12.61 - 20% -105.31 -1.32 -0.74 -1.55 -0.26 -47.03 -12.61

b) Alternative investments +/- 10% +/- 5.29 - - - - +/- 0.65 -

c) Foreign currency +/- 5% - +/- 0.34 +/- 0.19 +/- 0.39 +/- 0.07 +/- 0.29 +/- 0.02

d) Interest rate Yield curve +100 bps - 1.57 - - - - - - Yield curve -100 bps + 1.64 - - - - - -

e) Credit spread Spread +100 bps - 1.57 - - - - - - Spread -100 bps + 1.64 - - - - - -


133

11. Financial Risk Management Framework (Cont’d) d. Sensitivity analysis on financial risk (Cont’d)

2013RM (million)

Smart Invest

Gain FundDana Restu

Dana Sejati

LionBalanced

Fund

Lion FixedIncome

Fund

Lion Growth

Fund

LionProgressive

Fund

Change in variablesa) Equity + 20% - +163.15 - +27.25 - +144.91 +148.17 - 20% - -163.15 - -27.25 - -144.91 -148.17b) Alternative investments +/- 10% - +/- 1.03 - - - +/- 0.68 +/- 0.32 c) Foreign currency +/- 5% - - - - - - - d) Interest rate Yield curve +100 bps - - - 3.14 - 0.82 - 17.88 - 0.02 - 0.76 Yield curve -100 bps - - + 3.43 + 0.86 + 19.39 + 0.02 + 0.79 e) Credit spread Spread +100 bps - - - 2.49 - 0.82 - 15.05 - 0.02 - 0.76 Spread -100 bps - - + 2.70 + 0.86 + 16.27 + 0.02 + 0.79

2013RM (million)

LionStrategic

FundLion US-i

FundLion UK-i

FundLion AU-i

FundLion AsiaPac Fund

LionEnhanced

Equity FundDana

Gemilang

Change in variablesa) Equity + 20% +122.27 +1.09 +0.71 +1.64 +0.18 +34.33 +9.81 - 20% -122.27 -1.09 -0.71 -1.64 -0.18 -34.33 -9.81b) Alternative investments +/- 10% +/- 4.62 - - - - +/- 0.14 +/- 0.04 c) Foreign currency +/- 5% - +/- 0.27 +/- 0.18 +/- 0.41 - +/- 0.03 +/- 0.01 d) Interest rate Yield curve +100 bps - 0.95 - - - - - - Yield curve -100 bps + 0.99 - - - - - - e) Credit spread Spread +100 bps - 0.95 - - - - - - Spread -100 bps + 0.99 - - - - - -



12. Fair value of Financial assets

The following table shows an analysis of financial instruments that are carried at fair value by level of fair value hierarchy:

Level 1 - Quotedmarket Price

Level 2 - valuationTechniques -

market ObservableInputs


unobservableInputs Total Fair value

Smart Invest Gain Fund rm rm rm rm

2014Financial AssetsFvTPL - Held for TradingFinancial Instruments with Embedded derivatives: unquoted in malaysia - 26,673,675 - 26,673,675

2013Financial AssetsFvTPL - Held for TradingFinancial Instruments with Embedded derivatives: unquoted in malaysia - 25,944,000 - 25,944,000

dana restu

2014Financial AssetsFvTPL - Held for TradingEquity securities: Quoted in malaysia 657,129,436 - - 657,129,436

657,129,436 - - 657,129,436

2013Financial AssetsFvTPL - Held for TradingEquity securities: Quoted in malaysia 811,738,787 - - 811,738,787 Financial Instruments with embedded derivatives 3,988,762 - - 3,988,762 unit and property trust funds: Quoted in malaysia 10,318,637 - - 10,318,637

826,046,186 - - 826,046,186


135

12. Fair value of Financial assets (Cont’d)






dana Sejati rm rm rm rm

2014Financial AssetsFvTPL - Held for Tradingdebt securities: unquoted in malaysia - 92,457,050 - 92,457,050

- 92,457,050 - 92,457,050

2013Financial AssetsFvTPL - Held for Tradingmalaysian government securities - 10,610,045 - 10,610,045 debt securities: unquoted in malaysia - 62,765,870 - 62,765,870

- 73,375,915 - 73,375,915









Lion Balanced Fund rm rm rm rm

2014Financial AssetsFvTPL - Held for Tradingdebt securities: unquoted in malaysia - 124,847,650 - 124,847,650 Equity securities: Quoted in malaysia 147,613,029 - - 147,613,029 Financial Instruments with embedded derivatives 890,683 - - 890,683

148,503,712 124,847,650 - 273,351,362

2013Financial AssetsFvTPL - Held for Tradingdebt securities: unquoted in malaysia - 52,024,796 - 52,024,796 Equity securities: Quoted in malaysia 133,075,609 - - 133,075,609 Financial Instruments with embedded derivatives 3,183,782 - - 3,183,782

136,259,391 52,024,796 - 188,284,187


137







Lion Fixed Income Fund rm rm rm rm

2014Financial AssetsFvTPL - Held for Tradingmalaysian government securities - 40,036,500 - 40,036,500 debt securities: unquoted in malaysia - 475,004,539 - 475,004,539

- 515,041,039 - 515,041,039

2013Financial AssetsFvTPL - Held for Tradingmalaysian government

securities - 42,205,000 - 42,205,000 debt securities: unquoted in malaysia - 433,947,046 - 433,947,046

- 476,152,046 - 476,152,046

Lion Growth Fund


497,598,991 - - 497,598,991


731,312,897 - - 731,312,897









Lion Progressive Fund rm rm rm rm

2014Financial AssetsFvTPL - Held for Tradingdebt securities: unquoted in malaysia - 74,962,950 - 74,962,950 Equity securities: Quoted in malaysia 524,966,570 - - 524,966,570 Financial Instruments with embedded derivatives 2,501,388 - - 2,501,388 unit and property trust funds: Quoted in malaysia 339,339 - - 339,339

527,807,297 74,962,950 - 602,770,247

2013Financial AssetsFvTPL - Held for Tradingdebt securities: unquoted in malaysia - 45,007,096 - 45,007,096 Equity securities: Quoted in malaysia 734,322,997 - - 734,322,997 Financial Instruments with embedded derivatives 3,245,898 - - 3,245,898 unit and property trust funds: Quoted in malaysia 3,245,898 - - 3,245,898

744,071,155 45,007,096 - 789,078,251


139







Lion Strategic Fund rm rm rm rm

2014Financial AssetsFvTPL - Held for Tradingdebt securities: unquoted in malaysia - 85,866,360 - 85,866,360 Equity securities: Quoted in malaysia 524,858,170 - - 524,858,170 Financial Instruments with Embedded derivatives 1,699,200 - - 1,699,200 unit and property trust funds: Quoted in malaysia 52,851,831 - - 52,851,831

579,409,201 85,866,360 - 665,275,561

2013Financial AssetsFvTPL - Held for Tradingdebt securities: unquoted in malaysia - 76,071,596 - 76,071,596 Equity securities: Quoted in malaysia 609,276,785 - - 609,276,785 Financial Instruments with Embedded derivatives 2,096,800 - - 2,096,800 unit and property trust funds: Quoted in malaysia 46,235,210 - - 46,235,210

657,608,795 76,071,596 - 733,680,391









Lion uS-i Fund rm rm rm rm

2014Financial AssetsFvTPL - Held for TradingEquity securities: Quoted outside malaysia 6,603,644 - - 6,603,644 derivatives - 225 - 225

6,603,644 225 - 6,603,869

2013Financial AssetsFvTPL - Held for TradingEquity securities: Quoted outside malaysia 5,474,314 - - 5,474,314

Lion uK-i Fund

2014Financial AssetsFvTPL - Held for TradingEquity securities: Quoted outside malaysia 3,719,290 - - 3,719,290 derivatives - 9 - 9

3,719,290 9 - 3,719,299



141







Lion Au-i Fund rm rm rm rm



Lion Asia Pac Fund

2014Financial AssetsFvTPL - Held for Tradingunit and property trust funds: Quoted outside malaysia 1,315,752 - - 1,315,752

2013Financial AssetsFvTPL - Held for Tradingunit and property trust funds: Quoted outside malaysia 899,392 - - 899,392









Lion Enhanced Equity Fund rm rm rm rm

2014Financial AssetsFvTPL - Held for TradingEquity securities: Quoted in malaysia 229,373,279 - - 229,373,279 Quoted outside malaysia 5,427,001 - 5,427,001 Financial Instruments with embedded derivatives 352,937 - - 352,937 unit and property trust funds: Quoted in malaysia 6,509,151 - - 6,509,151

241,662,368 - - 241,662,368

2013Financial AssetsFvTPL - Held for TradingEquity securities: Quoted in malaysia 170,074,188 - - 170,074,188 Quoted outside malaysia 1,300,738 - - 1,300,738 Financial Instruments with embedded derivatives 288,536 - - 288,536 unit and property trust funds: Quoted in malaysia 1,359,687 - - 1,359,687 Quoted outside malaysia 5,397 - - 5,397

173,028,546 - - 173,028,546


143







dana Gemilang rm rm rm rm

2014Financial AssetsFvTPL - Held for TradingEquity securities: Quoted in malaysia 63,057,118 - - 63,057,118

63,057,118 - - 63,057,118

2013Financial AssetsFvTPL - Held for TradingEquity securities: Quoted in malaysia 48,970,067 - - 48,970,067 Financial Instruments with embedded derivatives 86,683 - - 86,683 unit and property trust funds: Quoted in malaysia 384,718 - - 384,718

49,441,468 - - 49,441,468



13. Financial instruments by Category

FvTPL LAr Sub-total

Assets not in scope of mFrS 139 Total

Smart Invest Gain Fund Note rm rm rm rm rm

2014AssetsInvestments 5 26,673,675 300,000 26,973,675 - 26,973,675 Other assets 7 - 271 271 - 271 Cash and bank balances - 11,021 11,021 - 11,021 Total assets 26,673,675 311,292 26,984,967 - 26,984,967

FvTPL

Other financial liabilities Sub-total

Liabilitiesnot in scopeof mFrS 139 Total

rm rm rm rm rm

LiabilitiesProvision for taxation - - - 3,590 3,590 deferred tax liabilities 6 - - - 6,956 6,956 Other payables 8 - 13,803 13,803 - 13,803 Total liabilities - 13,803 13,803 10,546 24,349

FvTPL LAr Sub-total


Smart Invest Gain Fund Note rm rm rm rm rm

2013AssetsInvestments 5 25,944,000 2,400,000 28,344,000 - 28,344,000 deferred tax assets 6 - - - 57,148 57,148 Other assets 7 - 26,653 26,653 - 26,653 Cash and bank balances - 15,538 15,538 - 15,538 Total assets 25,944,000 2,442,191 28,386,191 57,148 28,443,339

FvTPL



rm rm rm rm rm

LiabilitiesProvision for taxation - - - 45 45 Other payables 8 - 3,294 3,294 - 3,294Total liabilities - 3,294 3,294 45 3,339


145

13. Financial instruments by Category (Cont’d)

FvTPL LAr Sub-total


dana restu Note rm rm rm rm rm

2014AssetsInvestments 5 657,129,436 149,930,000 807,059,436 - 807,059,436 Other assets 7 - 5,694,116 5,694,116 - 5,694,116 Cash and bank balances - 65,180 65,180 - 65,180 Total assets 657,129,436 155,689,296 812,818,732 - 812,818,732

FvTPL



rm rm rm rm rm LiabilitiesProvision for taxation - - - 4,959,828 4,959,828 deferred tax liabilities 6 - - - 4,729,255 4,729,255 Other payables 8 - 842,238 842,238 - 842,238 Total liabilities - 842,238 842,238 9,689,083 10,531,321

FvTPL LAr Sub-total


dana restu Note rm rm rm rm rm


FvTPL



rm rm rm rm rm

LiabilitiesProvision for taxation - - - 2,712,302 2,712,302 deferred tax liabilities 6 - - - 14,050,559 14,050,559 Other payables 8 - 52,918,771 52,918,771 - 52,918,771 Total liabilities - 52,918,771 52,918,771 16,762,861 69,681,632




FvTPL LAr Sub-total


dana Sejati Note rm rm rm rm rm


FvTPL



rm rm rm rm rm

LiabilitiesProvision for taxation - - - 2,002,434 2,002,434 deferred tax liabilities 6 - - - 61,577 61,577 Other payables 8 - 783 783 - 783 Total liabilities - 783 783 2,064,011 2,064,794

FvTPL LAr Sub-total


dana Sejati Note rm rm rm rm rm


FvTPL



rm rm rm rm rm

LiabilitiesProvision for taxation - - - 1,669,586 1,669,586 deferred tax liabilities 6 - - - 34,363 34,363 Other payables 8 - 355 355 - 355 Total liabilities - 355 355 1,703,949 1,704,304


147


FvTPL LAr Sub-total


Lion Balanced Fund Note rm rm rm rm rm

2014AssetsInvestments 5 273,351,362 75,500,000 348,851,362 - 348,851,362 deferred tax assets 6 - - - 31,863 31,863 Other assets 7 - 10,142,838 10,142,838 - 10,142,838 Cash and bank balances - 242,465 242,465 - 242,465 Total assets 273,351,362 85,885,303 359,236,665 31,863 359,268,528

FvTPL



rm rm rm rm rm

LiabilitiesProvision for taxation - - - 5,664,992 5,664,992 Other payables 8 - 342,886 342,886 - 342,886 Total liabilities - 342,886 342,886 5,664,992 6,007,878

FvTPL LAr Sub-total


Lion Balanced Fund Note rm rm rm rm rm


FvTPL



rm rm rm rm rm





FvTPL LAr Sub-total


Lion Fixed Income Fund Note rm rm rm rm rm


FvTPL



rm rm rm rm rm

LiabilitiesProvision for taxation - - - 11,237,095 11,237,095 deferred tax liabilities 6 - - - 342,961 342,961 Other payables 8 - 110,770 110,770 - 110,770 Total liabilities - 110,770 110,770 11,580,056 11,690,826

FvTPL LAr Sub-total


Lion Fixed Income Fund Note rm rm rm rm rm


FvTPL



rm rm rm rm rm

LiabilitiesProvision for taxation - - - 9,226,747 9,226,747 deferred tax liabilities 6 - - - 299,849 299,849 Other payables 8 - 111,097 111,097 - 111,097 Total liabilities - 111,097 111,097 9,526,596 9,637,693


149


FvTPL LAr Sub-total


Lion Growth Fund Note rm rm rm rm rm


FvTPL



rm rm rm rm rm


FvTPL LAr Sub-total


Lion Growth Fund Note rm rm rm rm rm


FvTPL



rm rm rm rm rm





FvTPL LAr Sub-total


Lion Progressive Fund Note rm rm rm rm rm


FvTPL



rm rm rm rm rm


FvTPL LAr Sub-total


Lion Progressive Fund Note rm rm rm rm rm


FvTPL



rm rm rm rm rm



151


FvTPL LAr Sub-total


Lion Strategic Fund Note rm rm rm rm rm


FvTPL



rm rm rm rm rm

LiabilitiesProvision for taxation - - - 3,623,646 3,623,646 deferred tax liabilities 6 - - - 3,870,946 3,870,946 Other payables 8 - 7,172 7,172 - 7,172 Total liabilities - 7,172 7,172 7,494,592 7,501,764

FvTPL LAr Sub-total


Lion Strategic Fund Note rm rm rm rm rm


FvTPL



rm rm rm rm rm





FvTPL LAr Sub-total


Lion uS-i Fund Note rm rm rm rm rm

2014AssetsInvestments 5 6,603,869 - 6,603,869 - 6,603,869 Other assets 7 - 74,507 74,507 - 74,507 Cash and bank balances - 132,716 132,716 - 132,716 Total assets 6,603,869 207,223 6,811,092 - 6,811,092

FvTPL



rm rm rm rm rm

LiabilitiesProvision for taxation - - - 51,799 51,799 deferred tax liabilities 6 - - - 182,120 182,120 Other payables 8 - 43 43 - 43 Total liabilities - 43 43 233,919 233,962

FvTPL LAr Sub-total


Lion uS-i Fund Note rm rm rm rm rm


FvTPL



rm rm rm rm rm



153


FvTPL LAr Sub-total


Lion uK-i Fund Note rm rm rm rm rm


FvTPL



rm rm rm rm rm


FvTPL LAr Sub-total


Lion uK-i Fund Note rm rm rm rm rm


FvTPL



rm rm rm rm rm





FvTPL LAr Sub-total


Lion Au-i Fund Note rm rm rm rm rm

2014AssetsInvestments 5 7,755,171 - 7,755,171 - 7,755,171 Other assets 7 - 195,077 195,077 - 195,077 Cash and bank balances - 1,263,751 1,263,751 - 1,263,751 Total assets 7,755,171 1,458,828 9,213,999 - 9,213,999

FvTPL



rm rm rm rm rm

LiabilitiesProvision for taxation - - - 104,329 104,329 deferred tax liabilities 6 - - - 2,442 2,442 Other payables 8 - 1,240,647 1,240,647 - 1,240,647 Total liabilities - 1,240,647 1,240,647 106,771 1,347,418

FvTPL LAr Sub-total


Lion Au-i Fund Note rm rm rm rm rm


FvTPL



rm rm rm rm rm



155


FvTPL LAr Sub-total


Lion Asia Pac Fund Note rm rm rm rm rm


FvTPL



rm rm rm rm rm

Liabilitiesdeferred tax liabilities 6 - - - 3,410 3,410 derivatives - - - 10 10 Other payables 8 - 17,998 17,998 - 17,998 Total liabilities - 17,998 17,998 3,420 21,418

FvTPL LAr Sub-total


Lion Asia Pac Fund Note rm rm rm rm rm

2013AssetsInvestments 5 899,392 - 899,392 - 899,392 Other assets 7 - 13,509 13,509 - 13,509 Cash and bank balances - 76,320 76,320 - 76,320 Total assets 899,392 89,829 989,221 - 989,221

FvTPL



rm rm rm rm rm

Liabilitiesdeferred tax liabilities 6 - - - 7,096 7,096 Other payables 8 - 67,861 67,861 - 67,861 Total liabilities - 67,861 67,861 7,096 74,957




FvTPL LAr Sub-total


Lion Enhanced Equity Fund Note rm rm rm rm rm

2014AssetsInvestments 5 241,662,368 62,600,000 304,262,368 - 304,262,368 deferred tax assets 6 - - - 303,990 303,990 Other assets 7 - 7,080,239 7,080,239 - 7,080,239 Cash and bank balances - 539,114 539,114 - 539,114 Total assets 241,662,368 70,219,353 311,881,721 303,990 312,185,711

FvTPL



rm rm rm rm rm

LiabilitiesProvision for taxation - - - 938,979 938,979 Other payables 8 - 25,011,732 25,011,732 - 25,011,732 Total liabilities - 25,011,732 25,011,732 938,979 25,950,711

FvTPL LAr Sub-total


Lion Enhanced Equity Fund Note rm rm rm rm rm

2013AssetsInvestments 5 173,028,546 18,570,000 191,598,546 - 191,598,546 deferred tax assets 6 - - - - - Other assets 7 - 7,851,318 7,851,318 - 7,851,318 Cash and bank balances - 329,613 329,613 - 329,613 Total assets 173,028,546 26,750,931 199,779,477 - 199,779,477

FvTPL



rm rm rm rm rm

LiabilitiesProvision for taxation - - - 413,093 413,093 deferred tax liabilities 6 - - - 2,588,629 2,588,629 Other payables 8 - 352,713 352,713 - 352,713 Total liabilities - 352,713 352,713 3,001,722 3,354,435


157


FvTPL LAr Sub-total


dana Gemilang Note rm rm rm rm rm


FvTPL



rm rm rm rm rm


FvTPL LAr Sub-total


dana Gemilang Note rm rm rm rm rm

2013AssetsInvestments 5 49,441,468 6,440,000 55,881,468 - 55,881,468 Other assets 7 - 145,737 145,737 - 145,737 Cash and bank balances - 610,488 610,488 - 610,488 Total assets 49,441,468 7,196,225 56,637,693 - 56,637,693

FvTPL



rm rm rm rm rm


STATEMENTBY MANAGER

We, Koh Yaw Hui and Yeoh Beow Tit, being two of the directors of Great Eastern Life Assurance (malaysia) Berhad, do hereby state that, in the opinion of the manager, the accompanying financial statements set out on pages 16 to 157 have been drawn up in accordance with malaysian Financial reporting Standards, International Financial reporting Standards and the Guidelines on Investment-linked Insurance/Takaful Business issued by Bank Negara malaysia so as to give a true and fair view:

(a) of the financial position of Smart Invest Gain Fund, dana restu, dana Sejati, Lion Balanced Fund, Lion Fixed Income Fund, Lion Growth Fund, Lion Progressive Fund, Lion Strategic Fund, Lion uS-i Fund, Lion uK-i Fund, Lion Au-i Fund, Lion Asia Pac Fund, Lion Enhanced Equity Fund and dana Gemilang as at 31 december 2014; and

(b) of their financial performance and cash flows of Smart Invest Gain Fund, dana restu, dana Sejati, Lion Balanced Fund, Lion Fixed Income Fund, Lion Growth Fund, Lion Progressive Fund, Lion Strategic Fund, Lion uS-i Fund, Lion uK-i Fund, Lion Au-i Fund, Lion Asia Pac Fund, Lion Enhanced Equity Fund and dana Gemilang for the year ended 31 december 2014.

On behalf of the Board

Koh Yaw hui Yeoh Beow tit

Kuala Lumpur, malaysia30 January 2015


158

INDEPENDENT AUDITORS’REPORT TO THE UNITHOLDERS

of Investment-linked Funds of Great Eastern Life Assurance (Malaysia) Berhad (Incorporated in Malaysia)

We have audited the financial statements of Smart Invest Gain Fund, dana restu, dana Sejati, Lion Balanced Fund, Lion Fixed Income Fund, Lion Growth Fund, Lion Progressive Fund, Lion Strategic Fund, Lion uS-i Fund, Lion uK-i Fund, Lion Au-i Fund, Lion Asia Pac Fund, Lion Enhanced Equity Fund and dana Gemilang (collectively referred to as “the Funds”), which comprise the balance sheets of the Funds as at 31 december 2014 and the statements of comprehensive income, statements of changes in equity and cash flow statements of the Funds for the year ended 31 december 2014 and a summary of significant accounting policies and other explanatory information, as set out on pages 16 to 157.

Directors’ responsibility for the financial statementsThe directors of the manager are responsible for the preparation of financial statements so as to give a true and fair view in accordance with malaysian Financial reporting Standards, International Financial reporting Standards and the Guidelines on Investment-linked Insurance/Takaful Business issued by Bank Negara malaysia. The directors are also responsible for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

Auditors’ responsibilityOur responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit in accordance with approved standards on auditing in malaysia. Those standards require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether the financial statements are free from material misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on our judgment, including the assessment of risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, we consider internal control relevant to the Funds’ preparation of financial statements that give a true and fair view in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Funds’ internal control. An audit also includes evaluating the appropriateness of the accounting policies used and the reasonableness of accounting estimates made by the directors, as well as evaluating the overall presentation of the financial statements.

We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion.


159

OpinionIn our opinion, the financial statements have been properly drawn up in accordance with malaysian Financial reporting Standards, International Financial reporting Standards and the Guidelines on Investment-linked Insurance/Takaful Business issued by Bank Negara malaysia so as to give a true and fair view of the financial position of the Funds as at 31 december 2014 and of their financial performance and cash flows for the year then ended.

other mattersThis report is made solely to the unitholders’ of the Funds, as a body, in accordance with Guidelines on Investment-linked Insurance/Takaful Business issued by Bank Negara malaysia and for no other purpose. We do not assume responsibility to any other person for the content of this report.

Ernst & Young Brandon Bruce Sta Maria AF: 0039 No. 2937/09/15(J) Chartered Accountants Chartered Accountant Kuala Lumpur, malaysia 30 January 2015

INDEPENDENT AUDITORS’REPORT TO THE UNITHOLDERS (CONT’D)of Investment-linked Funds of Great Eastern Life Assurance (Malaysia) Berhad (Incorporated in Malaysia)


160

CORPORATE SHARIAH ADVISOR’S REPORT

To the Investment-Linked Policy Owners of Great Eastern Life assurance (Malaysia) Berhad

I, DR oBiYathuLLa iSMath BaCha being the Shariah Advisor of the DaNa REStu, DaNa GEMiLaNG and DaNa SEJati (the “Funds”) am of the opinion that GREat EaStERN LiFE aSSuRaNCE (MaLaYSia) BERhaD (the “Company”), has fulfilled their duties in the following manner for the financial year ended 31 December 2013.

In my opinion:

a. For the period under review, the Dana Restu and Dana Gemilang were invested in accordance with the list of Shariah-approved securities published by Securities Commission; and

b. The Dana Sejati was invested in accordance with the list of Shariah-approved instruments rated by Rating Agency Malaysia Berhad or Malaysia Rating Corporation Berhad.

..........................................................DR oBiYathuLLa iSMath BaCha

Date: 31 December 2014


161

COMPARATIVEPERFORMANCE TABLE

Smart invest Gain FundComparative Performance Table

2013 2014

I) Composition of fund according to industry sectors and category of investments

Financial Instruments with Embedded derivatives 91.22% 98.94%

91.22% 98.94%

deposits With a Financial Institution 8.44% 1.11%

Bank Balances 0.05% 0.04%

Other Assets/(Liabilities) 0.29% -0.09%

Total 100.00% 100.00%

II) Total unitholders’ Capital 28,440,000 26,960,618

III) Number of units 30,000,000 29,889,820

Iv) unitholders’ Capital Per unit 0.948 0.902

v) Highest unitholders’ Capital Per unit during the financial year 0.970 0.946

vI) Lowest unitholders’ Capital Per unit during the financial year 0.941 0.875

vII) Total annual return of the fund (%) -2.3% -4.9% Capital growth -2.3% -4.9% Income distribution - -

vIII) Total return One-year -2.3% -4.9% Three-years - - Five-years - -

IX) Performance of relevant benchmark indices One-year * 1.7% 4.2% Three-years - - Five-years - -

Note : * Total return & fund performance are calculated since inception on 30 August 2013.


162

Dana RestuComparative Performance Table

2010 2011 2012 2013 2014


Equity Securities

Building materials/Construction 7.80% 9.01% 6.85% 14.11% 12.96%

Conglomerates 2.05% 4.14% 4.00% 7.25% 3.21% media 3.27% 3.26% 2.43% 0.65% 0.43% Petroleum, Chemical & Gas 20.49% 17.37% 14.06% 25.25% 13.95% Properties 2.14% 2.53% 0.00% 3.72% 10.56% resource Based 19.08% 18.21% 14.12% 10.97% 4.21% Technology 3.69% 2.27% 1.27% 0.00% 0.00% Telecommunication & Cables 11.58% 13.59% 17.57% 12.07% 13.67% Transport Services 3.60% 1.67% 0.24% 0.00% 4.72% utilities/Infrastructure 9.21% 0.00% 5.98% 10.67% 10.26% Others 5.78% 6.09% 9.33% 13.72% 7.94%

88.69% 78.14% 75.85% 98.41% 81.91%

Financial Instruments with Embedded derivatives

Building materials/Construction 0.39% 0.23% 0.16% 0.19% 0.00% Petroleum, Chemical and Gas 0.00% 0.00% 0.03% 0.07% 0.00% resource Based 0.10% 0.05% 0.05% 0.21% 0.00% Technology 0.10% 0.04% 0.01% 0.01% 0.00%

0.59% 0.32% 0.25% 0.48% 0.00%

unit and Property Trust Funds Properties 1.60% 1.59% 1.59% 1.25% 0.00% Plantation 0.00% 0.00% 0.00% 0.00% 0.00%

1.60% 1.59% 1.59% 1.25% 0.00%

deposits With a Financial Institution 12.08% 24.72% 27.93% 7.29% 18.69%

Bank Balances 0.04% 0.01% 0.01% 0.01% 0.01%

Other Assets/(Liabilities) -3.00% -4.78% -5.63% -7.44% -0.61%Total 100.00% 100.00% 100.00% 100.00% 100.00%

II) Total unitholders’ Capital 500,230,113 570,982,822 687,336,739 824,679,249 802,287,411

III) Number of units 223,516,582 246,964,888 268,490,914 279,268,286 292,698,800

Iv) unitholders’ Capital Per unit 2.238 2.312 2.560 2.953 2.741

v) Highest unitholders’ Capital Per unit during the financial year 2.251 2.402 2.560 2.953 3.075


163

Dana Restu (Cont’d)Comparative Performance Table (Cont’d)

2010 2011 2012 2013 2014

vI) Lowest unitholders’ Capital Per unit during the financial year 1.900 2.063 2.303 2.477 2.622

vII) Total annual return of the fund (%) 17.4% 3.3% 10.7% 15.4% -7.2% Capital growth 17.4% 3.3% 10.7% 15.4% -7.2% Income distribution - - - - -

vII) Total return One-year 17.4% 3.3% 10.7% 15.4% -7.2% Three-year 1.1% 62.5% 34.2% 31.9% 18.6% Five-years 71.2% 40.9% 15.6% 107.5% 43.7%

IX) Performance of relevant benchmark indices-FBmS One-year 18.2% 2.4% 11.8% 13.3% -4.2% Three-years -4.5% 73.1% 35.4% 29.8% 21.4% Five-years 75.9% 42.3% 9.4% 119.4% 47.0%

Note : * KLSI - replaced by FBmS effective 1 November 2007

COMPARATIVEPERFORMANCE TABLE (CONT’D)


164

Dana Sejati Comparative Performance Table

2010 2011 2012 2013 2014


malaysian Government Securities 10.90% 3.39% 15.57% 11.85% 0.00%

debt Securities Commercial - Prop 0.00% 0.00% 0.00% 0.00% 4.75% Building materials/Construction 13.57% 5.12% 0.00% 3.41% 4.71% Conglomerates 0.00% 0.00% 4.12% 0.00% 0.00% Fin. Institutions 0.00% 0.00% 0.00% 0.00% 4.72% Financial Services 0.00% 6.67% 6.65% 5.56% 14.25% Highway 36.86% 27.56% 12.65% 6.43% 2.81% Plantation 0.00% 0.00% 4.00% 0.00% 14.38% Power 12.77% 18.19% 13.54% 18.15% 18.08% Properties 10.70% 4.95% 10.89% 9.07% 7.62% Transport 0.00% 0.00% 0.00% 0.00% 4.74% utilities/Infrastructure 0.00% 0.00% 0.00% 5.42% 7.57% Infrastructure - Qgov 0.00% 0.00% 0.00% 5.51% 3.81% Investment Holding 0.00% 0.00% 7.28% 14.62% 0.00% Transportation - Qgov 0.00% 0.00% 6.82% 0.00% 0.00% Government 0.00% 0.00% 6.65% 0.00% 0.00% Water 9.57% 5.83% 0.00% 1.91% 0.00% Others 0.00% 0.00% 4.05% 0.00% 0.00%

83.47% 68.32% 76.65% 70.08% 87.44%


Bank Balances 0.11% 0.09% 0.04% 0.19% 0.04%

Other Assets/(Liabilities) -0.35% 0.91% 0.89% 0.52% -0.61% Total 100.00% 100.00% 100.00% 100.00% 100.00%

II) Total unitholders’ Capital 45,802,132 60,746,402 75,142,991 89,561,696 105,725,538 III) Number of units 28,698,078 35,565,809 41,332,778 47,740,776 53,996,700 Iv) unitholders’ Capital Per unit 1.596 1.708 1.818 1.876 1.958 v) Highest unitholders’s Capital Per unit

during the financial year 1.596 1.708 1.818 1.876 1.958

vI) Lowest unitholders’s Capital Per unit during the financial year 1.472 1.596 1.708 1.818 1.875


165

Dana Sejati (Cont’d)Comparative Performance Table

2010 2011 2012 2013 2014 vII) Total annual return of the fund (%) 8.4% 7.0% 6.4% 3.2% 4.4% Capital growth 8.4% 7.0% 6.4% 3.2% 4.4% Income distribution - - - - -

vIII) Total return One-year 8.4% 7.0% 6.4% 3.2% 4.4% Three-years 17.4% 20.3% 23.5% 17.5% 14.6% Five-years 37.6% 34.3% 33.7% 32.1% 33.0%

IX) Performance of relevant benchmark indices 12 months mudharabah deposit One-year 2.8% 3.1% 3.2% 3.2% 3.2% Three-years 9.7% 9.0% 9.4% 9.8% 9.9% Five-years 18.0% 17.3% 16.7% 16.1% 16.5%



166

Lion Balanced FundComparative Performance Table

2010 2011 2012 2013 2014



debt Securities Construction 0.00% 0.00% 1.20% 4.82% 8.48% Commercial - Prop 0.00% 0.00% 0.00% 4.00% 0.00% Financial Institutions 0.00% 0.00% 0.00% 2.00% 2.82% Financial Services 3.56% 0.00% 9.58% 8.06% 16.94% Highway 11.02% 0.00% 11.14% 0.00% 0.00% Government 0.00% 0.00% 0.60% 0.00% 0.00% Leisure 0.00% 0.00% 0.32% 0.00% 0.00% Power 0.00% 0.00% 3.22% 0.00% 2.83% Properties 3.65% 0.00% 6.04% 0.00% 2.83% Water 10.48% 0.00% 0.00% 0.00% 0.00% Transportation - QGov 0.00% 0.00% 0.00% 2.04% 1.43% Others 0.08% 0.00% 0.00% 0.00% 0.00%

28.79% 0.00% 32.10% 20.92% 35.33%

Equity Securities Building materials/Construction 4.26% 5.30% 5.20% 6.70% 7.60% Conglomerates 0.00% 1.50% 0.99% 3.76% 2.01% Financial Services 4.35% 5.66% 6.50% 2.63% 4.64% Gaming/Leisure 2.12% 0.86% 2.39% 2.24% 0.36% media 5.26% 3.23% 3.37% 0.00% 0.93% Petroleum, Chemical & Gas 14.56% 4.62% 7.62% 13.60% 4.34% Properties 0.00% 2.57% 1.23% 3.72% 7.43% resource Based 10.14% 8.34% 3.09% 5.54% 2.05% Technology 0.00% 0.00% 2.39% 2.99% 1.92% Telecommunication & Cables 2.04% 2.71% 1.22% 0.42% 3.34% Transport Services 3.03% 1.53% 1.08% 1.28% 1.85% utilities/Infrastructure 1.68% 0.00% 5.50% 6.15% 4.39% Others 6.50% 6.73% 4.80% 4.49% 0.94%

53.94% 43.05% 45.38% 53.52% 41.80%

Financial Instruments with Embedded derivatives Building materials/Construction ** 0.92% 0.22% 0.10% 0.29% 0.11% media 0.04% 0.00% 0.00% 0.00% 0.00% Gaming/Leisure 0.00% 0.00% 0.00% 0.05% 0.03% Properties 0.00% 0.00% 0.00% 0.00% 0.11% Technology 0.04% 0.00% 0.01% 0.94% 0.00% Others 0.23% 1.06% 0.81% 0.00% 0.00%

1.23% 1.28% 0.92% 1.28% 0.25%


167

Lion Balanced Fund (Cont’d)Comparative Performance Table (Cont’d)

2010 2011 2012 2013 2014

unit and Property Trust Funds Properties 0.00% 2.11% 2.34% 0.00% 0.00%

deposits With a Financial Institution 15.79% 55.21% 16.26% 25.10% 21.37% Bank Balances 0.05% 0.05% 0.01% 0.02% 0.07% Other Assets/(Liabilities) 0.20% -1.70% -0.58% -0.84% 1.18% Total 100.00% 100.00% 100.00% 100.00% 100.00%

II) Total unitholders’Capital 85,850,016 119,010,514 167,790,364 248,589,547 353,260,650





vII) Total annual return of the fund (%) 18.2% 6.6% 8.5% 22.0% 2.8% Capital growth 18.2% 6.6% 8.5% 22.0% 2.8% Income distribution - - - - -

vI) Average annual return One-year 18.2% 6.6% 8.5% 22.0% 2.8% Three-years 22.4% 62.9% 36.7% 41.2% 36.2% Five-years 103.5% 75.4% 41.6% 115.7% 71.6%

IX) Performance of relevant benchmark indices - FBmKLCI & FBm100 *

One-year 21.8% 1.9% 9.6% 11.4% -6.2% Three-years 7.6% 80.8% 36.0% 24.4% 14.5% Five-years 72.8% 44.6% 20.2% 120.7% 42.2%

X) Performance of Weighted Benchmark 50% weight on 12-months Fixed deposit return and 50% weight on FBmKLCI & FBm100* return

One-year 12.0% 2.7% 6.4% 7.3% -1.5% Three-years 9.5% 40.9% 22.4% 17.3% 12.5% Five-years 44.7% 32.0% 19.7% 60.9% 29.4%

Note : * 2006 - Jun 2009 : KLCI * Jul 2009 - dec 2010 : Time weighted of FBmKLCI & FBm100 ** Pantech ICuLS which is reclassified as equity hybrid from 2011 onwards.



168

Lion Fixed income FundComparative Performance Table

2010 2011 2012 2013 2014



debt Securities Commercial - Properties 0.00% 1.45% 1.13% 1.92% 3.26% Building materials/Construction 9.27% 3.34% 4.92% 4.27% 5.77% Conglomerates 0.00% 0.00% 0.00% 0.00% 0.94% development - Prop 0.00% 0.00% 0.00% 0.00% 0.74% Financial Institution 0.00% 0.00% 3.35% 5.79% 2.43% Financial Services 21.90% 22.49% 28.47% 47.14% 34.77% Government 0.00% 0.00% 2.23% 0.00% 0.00% Highway 16.30% 10.20% 4.88% 3.64% 3.31% media 0.00% 0.00% 0.00% 0.00% 2.48% Investment Holding 0.00% 0.00% 2.45% 3.06% 0.00% Plantation 0.00% 0.00% 2.24% 0.68% 4.84% Power 6.46% 12.17% 9.64% 9.36% 7.88% Properties 14.46% 5.27% 5.70% 1.85% 0.00% retail - Prop 0.00% 0.00% 0.00% 0.00% 3.28% Transport 0.00% 0.00% 3.61% 0.00% 2.46% Infrastructure-QGov 0.00% 0.00% 0.00% 2.85% 0.00% utilities/Infrastructure 0.37% 0.27% 0.00% 0.94% 5.65% Water 6.16% 3.62% 0.00% 0.59% 0.00% Leisure 0.00% 3.04% 6.94% 0.00% 0.00% Others 4.06% 2.85% 4.54% 1.91% 0.00%

78.98% 64.70% 80.10% 84.00% 77.81%


Bank Balances 0.02% 0.02% 0.01% 0.01% 0.01%

Other Assets/(Liabilities) -0.01% -0.36% 0.15% -0.36% -0.02% Total 100.00% 100.00% 100.00% 100.00% 100.00%


169

Lion Fixed income Fund (Cont’d)Comparative Performance Table (Cont’d)

2010 2011 2012 2013 2014







vIII) Total return One-year 7.2% 6.8% 5.4% 3.2% 4.4% Three-years 17.6% 19.3% 20.7% 16.2% 13.6% Five-years 39.1% 34.6% 32.4% 29.8% 30.0%

IX) Performance of relevant benchmark indices - 12 months Fd One-year 2.8% 3.1% 3.2% 3.2% 3.3% Three-years 9.5% 8.7% 9.3% 9.8% 10.0% Five-years 18.0% 17.1% 16.5% 15.8% 16.5%



170

Lion Growth FundComparative Performance Table

2010 2011 2012 2013 2014


Equity Securities


Conglomerates 3.28% 3.97% 5.17% 3.12% 1.19%

Financial Services 14.90% 12.41% 9.60% 8.76% 19.28%

Gaming/Leisure 9.25% 8.38% 4.13% 4.39% 4.65%

media 5.37% 4.75% 5.43% 4.45% 4.22%

Petroleum, Chemical & Gas 15.89% 10.35% 9.74% 28.56% 5.40%

Properties 0.99% 0.80% 0.00% 1.87% 5.29%

resource Based 9.26% 9.22% 12.03% 12.56% 9.03%

Technology 0.00% 0.00% 0.00% 0.72% 2.05%

Telecommunication & cables 10.97% 8.52% 7.02% 3.39% 5.22%

utilities/Infrastructure 5.15% 0.00% 4.95% 15.13% 9.04%

Others 6.73% 5.94% 7.43% 5.16% 1.87%

86.98% 68.79% 70.92% 96.55% 73.02%

Financial Instruments with Embedded derivatives


Gaming/Leisure 0.00% 0.00% 0.00% 0.03% 0.03%

media 0.02% 0.00% 0.00% 0.00% 0.00%

Petroleum, Chemical and Gas 0.00% 0.00% 0.01% 0.03% 0.00%

resource Based 0.01% 0.01% 0.01% 0.22% 0.17%

Others** 0.19% 0.16% 0.16% 0.16% 0.00%

0.71% 0.38% 0.27% 0.56% 0.20%

unit and Property Trust Funds

Properties 6.44% 9.37% 9.59% 0.91% 0.52%


Bank Balances 0.04% 0.01% 0.02% 0.01% 0.06%

Other Assets/(Liabilities) -1.33% -1.32% -1.49% -2.22% -4.41%

Total 100.00% 100.00% 100.00% 100.00% 100.00%


171

Lion Growth Fund (Cont’d)Comparative Performance Table (Cont’d)

2010 2011 2012 2013 2014







vIII) Total return One-year 20.9% 8.0% 10.5% 14.7% -9.8% Three-years 12.4% 79.2% 44.2% 36.8% 14.3% Five-years 82.8% 61.3% 34.0% 127.2% 49.3%

IX) Performance of relevant benchmark indices - FBmKLCI & FBm100 * One-year 21.8% 1.9% 9.6% 11.4% -6.2% Three-years 7.6% 80.8% 36.0% 24.4% 14.5% Five-years 72.8% 44.6% 20.2% 120.7% 42.2%

Note :* 2005 - Jun 2009 : KLCI* Jul 2009 - dec 2010 : Time weighted of FBmKLCI & FBm100** Pantech ICuLS which is reclassified as equity hybrid from 2011 onwards



172

Lion Progressive FundComparative Performance Table

2010 2011 2012 2013 2014



debt Securities Construction 0.00% 0.00% 0.74% 0.60% 1.88% Commercial - Prop 0.00% 0.00% 0.00% 1.19% 0.00% Fin. Institution 0.00% 0.00% 0.00% 0.00% 1.26% Financial Services 0.00% 0.00% 3.26% 3.60% 4.40% Government 0.00% 0.00% 1.48% 0.00% 0.00% Highway 5.45% 0.00% 9.22% 0.00% 0.00% Leisure 0.00% 0.00% 0.60% 0.00% 0.00% Properties 4.71% 0.00% 0.75% 0.00% 1.25% Power 0.00% 0.00% 1.60% 0.00% 0.63% Water 4.19% 0.00% 0.00% 0.00% 0.00% media 0.00% 0.00% 0.00% 0.00% 0.00% Others 0.00% 0.00% 0.00% 0.00% 0.00%

14.35% 0.00% 17.65% 5.39% 9.42% Equity Securities Building materials/Construction 4.63% 4.47% 2.51% 3.81% 3.52% Conglomerates 1.69% 2.60% 4.95% 1.04% 0.56% Financial Services 16.78% 11.92% 6.55% 15.39% 14.03% Gaming/Leisure 7.39% 6.24% 3.40% 5.37% 7.17% media 6.24% 5.41% 7.44% 2.19% 1.94% Petroleum, Chemical & Gas 13.62% 8.77% 8.66% 25.83% 10.28% Properties 0.00% 0.54% 0.01% 5.17% 8.04% resource Based 3.97% 5.24% 8.50% 6.49% 2.76% Technology 0.00% 0.00% 0.16% 0.57% 0.00% Telecommunication & cables 10.53% 7.11% 7.43% 2.33% 2.57% Transport Services 0.60% 0.55% 0.30% 0.88% 1.16% utilities/Infrastructure 5.31% 0.65% 5.11% 8.71% 10.02% Others 8.72% 7.39% 8.31% 10.04% 3.79%

79.48% 60.89% 63.33% 87.82% 65.84% Financial Instruments with Embedded derivatives Building materials/Construction ** 0.04% 0.03% 0.00% 0.00% 0.11% Gaming/Leisure 0.00% 0.00% 0.00% 0.13% 0.12% resource Based 0.00% 0.00% 0.00% 0.09% 0.07% Technology 0.00% 0.00% 0.00% 0.42% 0.00% Transport Services 0.00% 0.00% 0.01% 0.00% 0.00% Others 0.16% 0.12% 0.11% 0.13% 0.01%

0.20% 0.15% 0.12% 0.77% 0.31%


173

Lion Progressive Fund (Cont’d)Comparative Performance Table (Cont’d)

2010 2011 2012 2013 2014

unit and Property Trust Funds Properties 4.50% 7.00% 8.85% 0.39% 0.04% Plantation 0.00% 0.00% 0.00% 0.00% 0.00%

4.50% 7.00% 8.85% 0.39% 0.04%


Bank Balances 0.01% 0.01% 0.02% 0.01% 0.05%

Other Assets/(Liabilities) -0.76% -1.00% -1.01% -1.47% -0.25% Total 100.00% 100.00% 100.00% 100.00% 100.00%







vIII) Total return One-year 18.2% 8.2% 10.6% 14.9% -9.9% Three-years 13.4% 70.4% 41.5% 37.5% 14.5% Five-years 88.8% 63.9% 35.8% 116.5% 46.4%

IX) Performance of relevant benchmark indices - FBmKLCI & FBm100 * One-year 21.8% 1.9% 9.6% 11.4% -6.2% Three-years 7.6% 80.8% 36.0% 24.4% 14.5% Five-years 72.8% 44.6% 20.2% 120.7% 42.2%

Note :* 2005 - Jun 2009 : KLCI* Jul 2009 - dec 2010 : Time weighted of FBmKLCI & FBm100** reclassified ICuLS as equity hybrid from 2011 onwards



174

Lion Strategic FundComparative Performance Table

2010 2011 2012 2013 2014



debt Securities Construction 0.00% 0.00% 0.00% 0.00% 2.69% Financial Instuitutions 0.00% 0.00% 1.74% 2.47% 1.08% Financial Services 0.00% 0.00% 8.69% 4.34% 3.24% Commercial - Prop 0.00% 0.00% 0.00% 1.23% 0.00% Investment Holding 0.00% 0.00% 0.00% 1.38% 0.65% Government 0.00% 0.00% 1.73% 0.00% 0.00% Highway 1.48% 0.00% 3.59% 0.00% 0.00% Leisure 0.00% 0.00% 2.69% 0.00% 0.00% Power 0.00% 0.00% 1.87% 0.00% 0.54% Properties 0.36% 0.00% 4.39% 0.00% 1.08% Transport - Quoted Government 0.00% 0.00% 1.72% 0.00% 0.00% Water 2.48% 0.00% 0.00% 0.00% 0.00%

4.32% 0.00% 26.43% 9.42% 9.28%

Equity Securities Building materials/Construction 5.94% 5.94% 3.60% 4.29% 5.13% Conglomerates 1.48% 1.94% 3.11% 3.07% 2.95% Financial Services 16.62% 7.41% 4.85% 16.20% 14.88% Gaming/Leisure 2.07% 0.00% 0.37% 3.36% 3.25% media 3.53% 2.71% 1.73% 1.19% 0.96% Petroleum, Chemical & Gas 12.88% 3.48% 5.80% 17.12% 5.39% Properties 4.23% 2.74% 1.16% 4.58% 4.17% resource Based 17.71% 10.94% 10.16% 6.94% 4.94% Technology 0.00% 0.33% 0.00% 0.86% 0.00% Telecommunication & cables 7.05% 4.19% 5.35% 4.23% 2.70% Transport Services 0.00% 0.00% 0.00% 0.77% 0.45% utilities/Infrastructure 0.00% 0.00% 5.53% 8.43% 9.12% Others 5.52% 7.71% 7.53% 4.43% 2.88%

77.03% 47.39% 49.19% 75.47% 56.82%

Financial Instruments with Embedded derivatives Building materials/Construction 0.13% 0.19% 0.10% 0.00% 0.00% Gaming/Leisure 0.00% 0.00% 0.00% 0.16% 0.12% resource Based 0.00% 0.00% 0.00% 0.10% 0.06% Others 0.00% 0.27% 0.21% 0.00% 0.00%

0.13% 0.46% 0.31% 0.26% 0.18%

unit And Property Trust Funds Properties 1.01% 3.84% 6.49% 5.74% 5.72%

1.01% 3.84% 6.49% 5.74% 5.72%


175

Lion Strategic Fund (Cont’d)Comparative Performance Table (Cont’d)

2010 2011 2012 2013 2014


Bank Balances 0.01% 0.02% 0.01% 0.01% 0.02%

Other Assets/(Liabilities) 1.04% 0.35% 0.02% -4.37% 0.10% Total 100.00% 100.00% 100.00% 100.00% 100.00%







vIII) Total return One-year 19.8% 6.5% 9.3% 14.8% -3.7% Three-years 18.3% 62.7% 39.4% 33.6% 20.8% Five-years - 64.4% 37.7% 104.0% 54.1%

IX) Performance of relevant benchmark indices - FBmKLCI & FBm100 * One-year 21.8% 1.9% 9.6% 11.4% -6.2% Three-years 7.6% 80.8% 36.0% 24.4% 14.5% Five-years - 44.6% 20.2% 120.7% 42.2%

X) Performance of Weighted Benchmark One-year 7.8% 2.7% 6.4% 7.3% -1.5% Three-years 8.8% 40.9% 22.4% 17.3% 12.5% Five-years - 32.0% 19.7% 60.9% 29.4%

Note :* 2006 - Jun 2009 : KLCI* Jul 2009 - dec 2010 : Time weighted of FBmKLCI & FBm100



176

Lion uS-i FundComparative Performance Table

2010 2011 2012 2013 2014


Equity Securities SPdr S&P 500 ETF TruST 98.81% 97.16% 101.07% 101.76% 100.40%

98.81% 97.16% 101.07% 101.76% 100.40%

Bank Balances 2.67% 15.56% 2.41% 0.44% 2.02%

Other Assets/(Liabilities) -1.48% -12.72% -3.48% -2.20% -2.42% Total 100.00% 100.00% 100.00% 100.00% 100.00%







vIII) Total return One-year 2.4% 2.1% 9.3% 38.1% 18.7% Three-years -17.0% 23.1% 14.2% 54.1% 79.2% Five-years - -17.3% -7.4% 85.9% 87.3%

IX) Performance of relevant benchmark indices - S&P 500 Index One-year 12.8% 0.0% 11.3% 44.2% 11.4% Three-years -14.4% 39.2% 27.9% 47.0% 63.7% Five-years - -11.3% -2.9% 104.6% 84.6%

X) Performance of relevant benchmark indices - S&P 500 Index (with currency fluctuation) One-year 0.8% 3.4% 7.4% 54.5% 18.9% Three-years -20.8% 27.2% 14.1% 57.2% 80.7% Five-years - -20.4% -10.3% 93.3% 88.5%


177

Lion uK-i FundComparative Performance Table

2010 2011 2012 2013 2014


Equity Securities ISHArES PLC 96.48% 94.22% 99.46% 100.74% 101.03%

96.48% 94.22% 99.46% 100.74% 101.03%

Bank Balances 1.24% 18.39% 0.63% 1.10% 0.77%

Other Assets/(Liabilities) 2.28% -12.61% -0.09% -1.84% -1.80% Total 100.00% 100.00% 100.00% 100.00% 100.00%






vII) Total annual return of the fund (%) -5.3% -3.4% 11.6% 25.4% 0.6% Capital growth -5.3% -3.4% 11.6% 25.4% 0.6% Income distribution - - - - -

vIII) Total return One-year -5.3% -3.4% 11.6% 25.4% 0.6% Three-years -21.4% 23.9% 2.1% 35.1% 40.7% Five-years - -24.0% -15.3% 73.4% 28.7%

IX) Performance of relevant benchmark indices - FTSE 100 Index One-year 9.0% -5.6% 5.8% 14.4% -2.7% Three-years -8.6% 25.7% 9.0% 14.4% 17.8% Five-years - -10.4% -8.7% 52.2% 21.3%

X) Performance of relevant benchmark indices - FTSE 100 Index (with currency fluctuation) One-year -5.9% -2.8% 6.3% 25.3% -2.1% Three-years -33.4% 22.7% -2.8% 29.5% 30.3% Five-years - -36.2% -31.2% 63.4% 19.2%



178

Lion au-i FundComparative Performance Table

2010 2011 2012 2013 2014


Equity Securities SPdr 97.86% 86.49% 110.87% 88.08% 98.58%

97.86% 86.49% 110.87% 88.08% 98.58%


Bank Balances 0.22% 11.97% 1.10% 0.54% 16.06%

Other Assets/(Liabilities) 1.92% 1.54% -19.85% -8.17% -14.64% Total 100.00% 100.00% 100.00% 100.00% 100.00%






vII) Total annual return of the fund (%) 4.5% -10.0% 11.6% -0.1% -4.4% Capital growth 4.5% -10.0% 11.6% -0.1% -4.4% Income distribution - - - - -

vIII) Total return One-year 4.5% -10.0% 11.6% -0.1% -4.4% Three-years -7.3% 48.7% 4.9% 0.4% 6.6% Five-years - -3.8% -6.9% 65.9% 0.2%

IX) Performance of relevant benchmark indices - S&P / ASX 200 Index One-year -2.6% -14.5% 14.6% 15.1% 1.1% Three-years -25.2% 9.0% -4.6% 12.8% 33.4% Five-years - -28.5% -26.7% 43.8% 11.1%

X) Performance of relevant benchmark indices - S&P / ASX 200 Index (with currency fluctuation) One-year -0.7% -11.8% 12.5% 5.9% -0.8% Three-years -18.9% 45.2% -1.5% 5.1% 18.2% Five-years - -16.9% -19.6% 73.1% 3.5%


179

Lion asia Pac FundComparative Performance Table

2010 2011 2012 2013 2014


unit and Property TrustFunds 92.24% 95.54% 158.83% 98.37% 97.82% Lion Global Asia Pacific Fund 92.24% 95.54% 158.83% 98.37% 97.82%


Bank Balances 5.61% 5.80% 2.29% 8.35% 1.42%

Other Assets/(Liabilities) 2.15% -20.84% -61.12% -6.72% 0.76% Total 100.00% 100.00% 100.00% 100.00% 100.00%

II) Total unitholders’ Capital 1,072,599 871,643 997,442 914,264 1,345,141



v) Highest unitholders’ Capital Per unit during the financial period/year 1.114 1.061 0.812 0.833 0.68

vI) Lowest unitholders’ Capital Per unit during the financial period/year 0.906 0.740 0.713 0.617 0.615

vII) Total annual return of the fund (%) * 10.7% -27.8% 2.5% -12.7% -3.5% Capital growth 10.7% -27.8% 2.5% -12.7% -3.5% Income distribution - - - - -

vIII) Total return One-year * 10.7% -27.8% 2.5% -12.7% -3.5% Three-years - - - -35.4% -13.7% Five-years - - - - -



180

Lion asia Pac Fund (Cont’d) Comparative Performance Table

2010 2011 2012 2013 2014

IX) Performance of relevant benchmark indices - mSCI AC AP ex Japan (SGd) One-year * 3.7% -14.6% 15.2% 6.9% 7.9% Three-years - - - 1.7% 9.9% Five-years - - - 13.9% 4.1%

X) Performance of relevant benchmark indices - (with currency fluctuation) One-year * 6.3% -13.2% 18.0% 10.8% 9.8% Three-years - - - 4.3% 12.8% Five-years - - - 15.6% 5.8%

Note : * Total return & fund performance are calculated since inception on 15 April 2010.


181

Lion Enhanced Equity FundComparative Performance Table

2010 2011 2012 2013 2014


Equity Securities Building materials/Construction 7.67% 7.74% 3.98% 10.95% 9.23% Conglomerates 1.56% 4.09% 0.71% 0.32% 0.57% Financial Services 5.39% 12.11% 11.69% 6.02% 15.75% Gaming / Leisure 0.98% 0.55% 1.74% 1.49% 5.38% media 5.51% 3.58% 5.41% 2.79% 2.99% Petroleum, Chemical & Gas 20.08% 11.39% 13.68% 29.96% 7.14% Properties 16.46% 2.65% 1.84% 2.29% 13.01% resource Based 6.91% 8.11% 10.32% 8.18% 4.31% Technology 0.00% 0.00% 2.79% 4.72% 0.62% Telecommunication & cables 1.43% 18.23% 9.15% 3.02% 7.10% Transport Services 3.50% 1.61% 0.03% 0.10% 2.80% utilities/Infrastructure 8.81% 1.04% 6.47% 9.90% 9.74% Others 0.00% 7.49% 6.02% 7.53% 3.40%

78.30% 78.59% 73.83% 87.27% 82.04%

Financial Instruments with Embedded derivatives Building materials/Construction 2.73% 0.20% 0.08% 0.06% 0.00% Properties 0.00% 0.00% 0.00% 0.00% 0.10% Petroleum, Chemical & Gas 0.00% 0.00% 0.01% 0.01% 0.00% resource Based 0.00% 0.00% 0.00% 0.07% 0.02% Others 0.09% 1.01% 0.03% 0.02% 0.00%

2.82% 1.21% 0.12% 0.16% 0.12%

unit And Property Trust Funds Properties 5.54% 6.48% 7.63% 0.69% 2.28%

deposits With Financial Institutions 24.82% 19.12% 15.03% 9.45% 21.87%

Bank Balances 0.29% 3.95% 1.46% 0.17% 0.19%

Other Assets/(Liabilities) -11.77% -9.35% 1.93% 2.26% -6.50% Total 100.00% 100.00% 100.00% 100.00% 100.00%



182

Lion Enhanced Equity Fund (Cont’d)Comparative Performance Table (Cont’d)

2010 2011 2012 2013 2014


III) Number of units 21,051,145 37,664,566 60,095,894

106,868,902 166,803,613




vII) Total annual return of the fund (%) * 17.1% 12.1% 14.1% 29.2% -6.6% Capital growth 17.1% 12.1% 14.1% 29.2% -6.6% Income distribution - - - - -

vIII) Total return One-year * 17.1% 12.1% 14.1% 29.2% -6.6% Three-years - - - 65.3% 37.6% Five-years - - - - -

IX) Performance of relevant benchmark indices - FBm100 One-year * 14.5% 1.9% 9.6% 11.4% -6.2% Three-years - - - 24.4% 14.5% Five-years - - - 42.2% 42.2%



183

Dana GemilangComparative Performance Table

2010 2011 2012 2013 2014


Equity Securities Building materials/Construction 7.91% 10.20% 9.23% 11.90% 11.57% Conglomerates 5.02% 3.51% 4.76% 7.79% 3.83% media 18.47% 2.59% 1.40% 0.00% 0.00% Petroleum, Chemical & Gas 14.04% 14.21% 19.88% 28.50% 11.53% resource Based 2.57% 16.39% 9.26% 8.80% 3.00% Properties 8.05% 4.22% 1.58% 1.94% 12.89% Technology 3.94% 0.00% 2.30% 6.37% 2.48% Telecommunication & cables 6.82% 16.85% 15.29% 8.24% 13.81% Transport Services 7.97% 1.76% 0.00% 0.00% 4.85% utilities/Infrastructure 0.00% 0.86% 8.63% 10.32% 10.93% Others 0.00% 10.67% 8.04% 8.96% 5.80%

74.79% 81.26% 80.37% 92.82% 80.69%

Financial Instruments with Embedded derivatives Building materials/Construction 0.95% 0.60% 0.19% 0.14% 0.00% Petroleum, Chemical & Gas 0.00% 0.00% 0.02% 0.02% 0.00% Others 0.00% 0.00% 0.14% 0.00% 0.00%

0.95% 0.60% 0.34% 0.16% 0.00%

unit And Property Trus Funds Properties 1.68% 2.14% 1.55% 0.73% 0.00%


Bank Balances 0.53% 0.55% 1.27% 1.16% 0.54%

Other Assets/(Liabilities) 6.31% -4.73% 2.10% -7.08% -1.12% Total 100.00% 100.00% 100.00% 100.00% 100.00%



184

Dana Gemilang (Cont’d)Comparative Performance Table (Cont’d)

2010 2011 2012 2013 2014






vII) Total annual return of the fund (%) * 14.5% 5.6% 13.1% 27.8% -4.7% Capital growth 14.5% 5.6% 13.1% 27.8% -4.7% Income distribution - - - - -

vIII) Total return One-year * 14.5% 5.6% 13.1% 27.8% -4.7% Three-years - - - 52.7% 37.8% Five-years - - - - -

IX) Performance of relevant benchmark indices - FBmS One-year * 10.7% 2.4% 11.8% 13.3% -4.2% Three-years - - - 29.8% 21.4% Five-years - - - 119.4% 47.0%



185

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188

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UNIT FUNDS ANNUAL REPORT - Great Eastern Life · its quantitative easing, while Europe and Japan were at the beginning stages of monetary policy easing. Locally, as the Malaysian