Asnb Prospectus

ASNB MASTER PROSPECTUS 2010/2011
PREFACE
TABLE OF CONTENTS
The
1.
Unitholders and potential Unitholders of Sekim Amanah Saham Nasional (“ASN”), Amanah Saham
GLOSSARY OF TERMS/ABBREVIATION........................................................................................................... 1
Nasional 2 (“ASN 2”), Amanah Saham Nasional 3 Imbang (“ASN 3”), Amanah Saham Gemilang (“ASG”)
and
2. the three unit trust
CORPORATE funds under
DIRECTORY its umbrella namely, Amanah Saham Pendidikan (“ASG-Pendidikan”),
................................................................................................................................ 5
Amanah Saham Kesihatan (“ASG-Kesihatan”) and Amanah Saham Persaraan (“ASG-Persaraan”), Skim
3.
Amanah KEY DATABumiputera
Saham ........................................................................................................................................................
(“ASB”), Amanah Saham Wawasan 2020 (“ASW 2020”), Amanah Saham 7
3.1 ASN .........................................................................................................................................................................
Malaysia (“ASM”) and Amanah Saham Didik (“ASD”) and Amanah Saham 1Malaysia (“AS 1Malaysia”) 7
3.2 ASNknown
(collectively 2 ......................................................................................................................................................................
as “Unit Trust Funds” or “Funds”). 8
3.3 ASN 3 ...................................................................................................................................................................... 9
3.4 ASG - PENDIDIKAN .............................................................................................................................................. 10
Dear Valued Investor,
3.5 ASG - KESIHATAN ................................................................................................................................................ 12
3.6 ASG - PERSARAAN .............................................................................................................................................. 14
On
3.7 behalf
ASBof........................................................................................................................................................................
the Board of Directors of Amanah Saham Nasional Berhad (“The Manager”), we wish 16 to
inform
3.8 you
ASW that
2020 each of the Funds mentioned above has its own objective which is mentioned in Sections
............................................................................................................................................................. 17
3.1
3.9 to 3.11 of this Prospectus. In order to achieve the investment objectives of the respective Funds,
ASM ...................................................................................................................................................................... 18
various
3.10 strategies will be adopted, which is suitable with the Funds objective as mentioned in Sections 3.1
ASD ....................................................................................................................................................................... 19
to 3.11 and
3.11 Section 5.1.....................................................................................................................................................
AS 1MALAYSIA of this Prospectus. 20
3.12 FEES & CHARGES – VARIABLE PRICE (ASN, ASN 2, ASN 3 AND ASG) ............................................................. 21
3.13 FEES
Notwithstanding& CHARGES
the above, – FIXED PRICE (ASB,
Unitholders of the ASW Fund2020, ASM, also
should ASD AND AS 1MALAYSIA
be aware of the )inherent
.........................................
risks of investing 22
3.14
in TRANSACTION
the Funds which include, INFORMATION among others, ..........................................................................................................................
market risk, stock specific risk, fluctuation in NAV and credit 23
risk/default risk. Further information on the risk factors is detailed in Section 4 of this Prospectus.
4. RISK FACTORS………………………………………………………………………………… ....................... …….27
Therefore,
4.1 investors
GENERAL RISKSshould take into IN
OF INVESTING consideration the investment objectives, strategies and risks
UNIT TRUST FUND………………………………………………… before
............... 27
4.2
investingSPECIFIC
in the Funds.INVESTMENT PleaseRISKS……………………………………………………………………
refer to Sections 3.1 to 3.11 for more information on the ............................. profile of investors 28
for each Fund. There are fees and charges that will be incurred by investors when purchasing or
5. INFORMATION ON THE FUNDS ..................................................................................................................... 30
redeeming
5.1 units ofINFORMATION
GENERAL the Funds such ON THE as FUNDS’
sales charge, OBJECTIVE repurchase
AND STRATEGY charge, annual management fee and
.................................................. 30
annual
5.2 Trustee
GENERALfee. Further details
INFORMATION ON THEofBENCHMARKthese fees ............................................................................................
and charges are disclosed in Section 8 of this 32
Prospectus.
5.3 ASN Units of the Funds may be acquired at any of our ASNB offices or branches of our agents
....................................................................................................................................................................... 33
throughout
5.4 ASNMalaysia. Please refer to Sections 18 and 19 of this Prospectus for more information on the
2 .................................................................................................................................................................... 35
Directory.
5.5 ASN 3 .................................................................................................................................................................... 37
5.6 THE THREE FUNDS UNDER THE UMBRELLA OF ASG ..................................................................................... ....39
5.7 ASB ........................................................................................................................................................................
We recommend that potential investors read this Prospectus in its entirety before making an investment 41
5.8 ASW 2020 .............................................................................................................................................................
decision and if you have any doubts, consult a professional adviser. If you have any queries on our Funds, 43
5.9
please ASMfree
feel ......................................................................................................................................................................
to contact our Customer and Agent Relations Department at 03-20573000/03-20573111 45
5.10 ASD ....................................................................................................................................................................... 47
or email us at asnbcare@pnb.com.my.
5.11 AS 1MALAYSIA..................................................................................................................................................... 49
5.12 BASES OF VALUATION FOR INVESTMENTS ....................................................................................................... 51
Thank
5.13
you.
POLICY IN RESPECT OF VALUATION POINT(S) TO DETERMINE THE NAV OF THE FUND ............................. 52
Yours
6. faithfully,
PERFORMANCE OF THE FUNDS .................................................................................................................... 53
For
6.1 and on behalf of
PERFORMANCE OF ASN .................................................................................................................................... 55
The
6.2 Board of Directors OF ASN 2 ................................................................................................................................. 56
PERFORMANCE
6.3
Amanah PERFORMANCE
Saham Nasional OF ASN 3 ................................................................................................................................. 57
Berhad
6.4 PERFORMANCE OF ASG.................................................................................................................................... 58
6.5 PERFORMANCE OF ASB ..................................................................................................................................... 60
6.6 PERFORMANCE OF ASW 2020 .......................................................................................................................... 61
6.7 PERFORMANCE OF ASM ................................................................................................................................... 62
6.8 PERFORMANCE OF ASD .................................................................................................................................... 63
Tun Ahmad Sarji bin Abdul Hamid
6.9 PERFORMANCE OF AS 1MALAYSIA ................................................................................................................. 63
Chairman
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www.asnb.com.my | Preface i iii
RESPONSIBILITY STATEMENT
TABLE OF CONTENTS
This
1. Prospectus
GLOSSARY OF has been reviewed and
TERMS/ABBREVIATION approved by the directors of the Management 1
...........................................................................................................
Company and they collectively and individually accept full responsibility for the
2. CORPORATE
accuracy DIRECTORY ................................................................................................................................
of the information. Having made all reasonable inquiries, they confirm to the 5
best of their knowledge and belief, there are no false or misleading statements, or
3. KEY DATA ........................................................................................................................................................ 7
omission of other facts which would make any statement in the Prospectus false or
3.1 ASN ......................................................................................................................................................................... 7
misleading.
3.2 ASN 2 ...................................................................................................................................................................... 8
3.3 ASN 3 ...................................................................................................................................................................... 9
3.4 STATEMENTS OF DISCLAIMER
ASG - PENDIDIKAN .............................................................................................................................................. 10
3.5 ASG - KESIHATAN ................................................................................................................................................ 12
3.6 ASG - PERSARAAN .............................................................................................................................................. 14
The
3.7 Securities Commission has approved the issue of, offer for subscription or 16
ASB ........................................................................................................................................................................
purchase,
3.8 or issue an invitation to subscribe for or purchase units of the unit trust fund 17
ASW 2020 .............................................................................................................................................................
and
3.9 a copy of this Prospectus has been registered with the Securities Commission.
ASM ...................................................................................................................................................................... 18
3.10 ASD ....................................................................................................................................................................... 19
The
3.11 approval,
AS 1MALAYSIA and .....................................................................................................................................................
registration of this Prospectus, should not be taken to indicate that 20
3.12 FEES & CHARGES
the Securities Commission – VARIABLE PRICE (ASN, ASN
recommends the 2, ASN
Funds 3 ANDor ASG) .............................................................
assumes responsibility for the 21
3.13 FEES & CHARGES – FIXED PRICE (ASB, ASW 2020, ASM, ASD AND AS 1MALAYSIA)......................................... 22
correctness of any statement made or opinion or report expressed in this Prospectus.
3.14 TRANSACTION INFORMATION .......................................................................................................................... 23
The
4. Securities Commission is not liable for any non-disclosure on the
RISK FACTORS………………………………………………………………………………… part of …….27
....................... the
Management Company responsible for the Funds and takes no responsibility for the
contents
4.1 in thisRISKS
GENERAL Prospectus.
OF INVESTINGThe Securities
IN UNIT Commission makes no representation
TRUST FUND………………………………………………… on 27
...............
4.2 SPECIFIC INVESTMENT RISKS……………………………………………………………………............................. 28
the accuracy or completeness of this Prospectus, and expressly disclaims any liability
whatsoever
5. arising ON
INFORMATION from,
THE or in reliance
FUNDS upon, the whole or any part of its contents.
..................................................................................................................... 30
5.1 GENERAL INFORMATION ON THE FUNDS’ OBJECTIVE AND STRATEGY .................................................. 30
5.2 GENERAL INFORMATION ON THE BENCHMARK ............................................................................................ 32
INVESTORS
5.3 SHOULD RELY ON THEIR OWN EVALUATION TO ASSESS THE 33
ASN .......................................................................................................................................................................
MERITS
5.4 AND RISKS OF THE INVESTMENT. IN CONSIDERING THE 35
ASN 2 ....................................................................................................................................................................
INVESTMENT,
5.5 INVESTORS WHO ARE IN DOUBT ON THE ACTION TO BE TAKEN 37
ASN 3 ....................................................................................................................................................................
SHOULD
5.6 THE CONSULT
THREE FUNDS UNDER PROFESSIONAL THE UMBRELLA OF ADVISERS IMMEDIATELY.
ASG ..................................................................................... ....39
5.7 ASB ........................................................................................................................................................................ 41
5.8 ASW 2020 ............................................................................................................................................................. 43
5.9 ASM ...................................................................................................................................................................... 45
5.10 ASD ....................................................................................................................................................................... 47
5.11 AS 1MALAYSIA..................................................................................................................................................... 49
5.13 POLICY IN RESPECT OF VALUATION POINT(S) TO DETERMINE THE NAV OF THE FUND ............................. 52
No units will be issued or sold based on this Prospectus later than one
6. PERFORMANCE OF THE FUNDS .................................................................................................................... 53
year after the date of this Prospectus.
6.1 PERFORMANCE OF ASN .................................................................................................................................... 55
6.2 PERFORMANCE OF ASN 2 ................................................................................................................................. 56
6.3
Investors are advised to note that recourse for false or misleading
PERFORMANCE OF ASN 3 ................................................................................................................................. 57
6.4
statements or acts made in connection with the Prospectus is directly
PERFORMANCE OF ASG.................................................................................................................................... 58
6.5 available through
PERFORMANCE sections
OF ASB 248, 249 and 357 of the Capital Markets and
..................................................................................................................................... 60
6.6 Services Act 2007.
PERFORMANCE OF ASW 2020 .......................................................................................................................... 61
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www.asnb.com.my | Preface ii iii
TABLE OF CONTENTS
1. GLOSSARY OF TERMS/ABBREVIATION........................................................................................................... 1
2. CORPORATE DIRECTORY ................................................................................................................................ 5
3. KEY DATA ........................................................................................................................................................ 7

3.1 ASN ......................................................................................................................................................................... 7
3.2 ASN 2 ...................................................................................................................................................................... 8
3.3 ASN 3 ...................................................................................................................................................................... 9
3.4 ASG - PENDIDIKAN .............................................................................................................................................. 10
3.5 ASG - KESIHATAN ................................................................................................................................................ 12
3.6 ASG - PERSARAAN .............................................................................................................................................. 14
3.7 ASB ........................................................................................................................................................................ 16
3.8 ASW 2020 ............................................................................................................................................................. 17
3.9 ASM ...................................................................................................................................................................... 18
3.10 ASD ....................................................................................................................................................................... 19
3.11 AS 1MALAYSIA..................................................................................................................................................... 20
3.12 FEES & CHARGES – VARIABLE PRICE (ASN, ASN 2, ASN 3 AND AND ASG) ASG)............................................................. 21
3.13 FEES & CHARGES – FIXED PRICE (ASB, ASW 2020, ASM, ASD AND ANDAS AS1M 1 ALAYSIA
MALAYSIA) )......................................... 22
3.14 TRANSACTION INFORMATION .......................................................................................................................... 23
4. RISK FACTORS………………………………………………………………………………… ....................... …….27
4.1 GENERAL RISKS OF INVESTING IN UNIT TRUST FUND………………………………………………… ............... 27

4.2 SPECIFIC INVESTMENT RISKS……………………………………………………………………............................. 28
5. INFORMATION ON THE FUNDS ..................................................................................................................... 30

5.1 GENERAL INFORMATION ON THE FUNDS’ OBJECTIVE AND STRATEGY .................................................. 30
5.2 GENERAL INFORMATION ON THE BENCHMARK ............................................................................................ 32
5.3 ASN ....................................................................................................................................................................... 33
5.4 ASN 2 .................................................................................................................................................................... 35
5.5 ASN 3 .................................................................................................................................................................... 37
5.6 THE THREE FUNDS UNDER THE UMBRELLA OF ASG ..................................................................................... ....39
5.7 ASB ........................................................................................................................................................................ 41
5.8 ASW 2020 ............................................................................................................................................................. 43
5.9 ASM ...................................................................................................................................................................... 45
5.10 ASD ....................................................................................................................................................................... 47
5.11 AS 1MALAYSIA..................................................................................................................................................... 49
5.13 POLICY IN RESPECT OF VALUATION POINT(S) TO DETERMINE THE NAV OF THE FUND ............................. 52
6. PERFORMANCE OF THE FUNDS .................................................................................................................... 53

6.1 PERFORMANCE OF ASN .................................................................................................................................... 55
6.4 PERFORMANCE OF ASG.................................................................................................................................... 58
6.5 PERFORMANCE OF ASB ..................................................................................................................................... 60
6.6 PERFORMANCE OF ASW 2020 .......................................................................................................................... 61
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7. HISTORICAL FINANCIAL HIGHLIGHTS OF THE FUNDS……………………………………………......................64

7.1 AN EXTRACT ON THE FUNDS’ AUDITED FINANCIAL STATEMENTS FOR THE LAST THREE
FINANCIAL YEARS .............................................................................................................................................. 64
7.2 ASN ....................................................................................................................................................................... 64
7.3 ASN 2 .................................................................................................................................................................... 65
7.4 ASN 3 .................................................................................................................................................................... 65
7.5 ASG ....................................................................................................................................................................... 66
7.6 ASB ........................................................................................................................................................................ 67
7.7 ASW 2020 ............................................................................................................................................................. 67
7.8 ASM ...................................................................................................................................................................... 68
7.9 ASD ....................................................................................................................................................................... 68
7.10 AS 1MALAYSIA..................................................................................................................................................... 68
7.11 TOTAL ANNUAL EXPENSES INCURRED BY THE FUNDS ...................................................................................... 69
7.12 MANAGEMENT EXPENSE RATIO ........................................................................................................................ 70
8. FEES, CHARGES AND EXPENSES................................................................................................................... 72

8.1 CHARGES AND FEES DIRECTLY INCURRED WHEN PURCHASING OR REDEEMING UNITS OF THE FUNDS . 72
8.2 CHARGES AND FEES INDIRECTLY INCURRED ................................................................................................... 73
9. TRANSACTION INFORMATION ..................................................................................................................... 76

9.1 VALUATION POINTS FOR THE PURPOSE OF DETERMINING THE NAV ............................................................. 76
9.2 NAV FOR ASN, ASN 2, ASN 3, ASG-PENDIDIKAN, ASG-KESIHATAN AND ASG-PERSARAAN .................................. 76
9.3 PRICING POLICY ................................................................................................................................................. 76
9.4 SINGLE PRICING POLICY FOR ASN, ASN 2, ASN 3, ASG-PENDIDIKAN, ASG-KESIHATAN AND
ASG - PERSARAAN
ASG-P ERSARAAN …………………………………………………… ..... ………………………………...…………..77
9.5 TRANSACTION DETAILS....................................................................................................................................... 80
9.6 PAYMENT OF INCOME DISTRIBUTION............................................................................................................... 81
9.7 ADDITIONAL INFORMATION……………………………………………………………………………………… .. 83
10. MANAGEMENT AND ADMINISTRATION ...................................................................................................... 85

10.1 GENERAL INFORMATION ON ASNB .................................................................................................................. 85
10.2 THE BOARD OF DIRECTORS................................................................................................................................ 85
10.3 COMPANY SECRETARY ...................................................................................................................................... 88
10.4 KEY MANAGEMENT STAFF .................................................................................................................................. 88
10.5 SENIOR COMPLIANCE OFFICER ........................................................................................................................ 89
10.6 FINANCIAL INFORMATION ON ASNB ............................................................................................................... 90
10.7 ROLES, DUTIES AND RESPONSIBILITIES OF THE MANAGEMENT COMPANY .................................................. 90
10.8 FUNCTIONS OF THE INVESTMENT COMMITTEES OF THE FUNDS .................................................................... 90
10.9 THE INVESTMENT MANAGER .............................................................................................................................. 93
10.10 RETIREMENT, REMOVAL OR REPLACEMENT OF THE MANAGEMENT COMPANY........................................ 97
10.11 POWERS OF THE MANAGEMENT COMPANY TO REMOVE THE TRUSTEE ...................................................... 98
10.12 DISCLOSURE OF CURRENT MATERIAL LITIGATION AND ARBITRATION ......................................................... 98
11. TRUSTEE .......................................................................................................................................................... 99

11.1 GENERAL INFORMATION ................................................................................................................................... 99
11.2 FINANCIAL INFORMATION ................................................................................................................................. 99
11.3 BOARD OF DIRECTORS....................................................................................................................................... 99
11.4 KEY MANAGEMENT STAFF ................................................................................................................................ 100
11.5 DUTIES AND OBLIGATIONS ............................................................................................................................... 100
11.6 RETIREMENT, REMOVAL AND REPLACEMENT ................................................................................................ 101
11.7 POWER OF TRUSTEE TO REMOVE OR REPLACE THE MANAGER .................................................................. 101
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12. SALIENT TERMS OF THE DEED ...................................................................................................................... 102
12.
12.1 SALIENTAND
RIGHTS TERMS OF THE DEED
LIABILITIES ......................................................................................................................
OF UNITHOLDERS ...................................................................................................... 102
12.2
12.1 MAXIMUM
RIGHTS AND FEES AND CHARGES
LIABILITIES OF UNITHOLDERS PERMITTED BY THE DEED ........................................................................... 102
...................................................................................................... 104
12.3
12.2 INCREASE IN
MAXIMUM FEES
FEES ANDAND CHARGES
CHARGES FROM THEBY
PERMITTED LEVEL
THE DEEDDISCLOSED IN THE PROSPECTUS AND THE
........................................................................... 104
12.3 MAXIMUM
INCREASE IN RATE
FEESPROVIDED
AND CHARGES IN THEFROM DEED...................................................................................................
THE LEVEL DISCLOSED IN THE PROSPECTUS AND THE 106
12.4 PERMITTED
MAXIMUM RATE EXPENSES PROVIDEDPAYABLE OUTDEED...................................................................................................
IN THE OF THE FUNDS' PROPERTY.........................................................
ASNB MASTER PROSPECTUS 2010/2011 ...... 106
12.5
12.4 REMOVAL, EXPENSES
PERMITTED RETIREMENT AND REPLACEMENT
PAYABLE OUT OF THE FUNDS' OF THEPROPERTY.........................................................
MANAGER AND THE TRUSTEE ................................ ...... 106
12.6
12.5 TERMINATION OF THE FUND.
REMOVAL, RETIREMENT AND...........................................................................................................................
REPLACEMENT OF THE MANAGER AND THE TRUSTEE ................................ 106
12.7
12.6 UNITHOLDERS' OF
TERMINATION MEETING
THE FUND. ................................................................................................................................... 116
........................................................................................................................... 106
11.8 STATEMENT OF RESPONSIBILITY ........................................................................................................................ 101
12.7 UNITHOLDERS' MEETING ................................................................................................................................... 116
11.9
11.8 DISCLOSUREOF
STATEMENT OFRESPONSIBILITY
CURRENT MATERIAL LITIGATION AND ARBITRATION ....................................................... 101
........................................................................................................................
13.
11.9 RELATED PARTY TRANSACTIONS/CONFLICT
DISCLOSURE OF CURRENT MATERIAL LITIGATION OF INTEREST
AND ARBITRATION......................................................................... 119
....................................................... 101
13.
12.
13.1 RELATED
SALIENT
EXISTING PARTY
TERMS
ANDOF TRANSACTIONS/CONFLICT
THE DEEDRELATED
POTENTIAL OF INTEREST .........................................................................
......................................................................................................................
PARTY TRANSACTIONS 119
.......................................................................102
13.2
13.1
12.1
12. CONFLICT
EXISTING
RIGHTS
SALIENT AND OF
AND
TERMS INTEREST
POTENTIAL
LIABILITIES
OF OF
THE DEED ....................................................................................................................................
RELATED
UNITHOLDERS PARTY TRANSACTIONS .......................................................................102
......................................................................................................
...................................................................................................................... 119
12.2
13.3
13.2
12.1 MAXIMUM
POLICIES
CONFLICT
RIGHTS AND FEES
ON
OF AND CHARGES
DEALING
INTEREST
LIABILITIES OF WITH PERMITTED
CONFLICT OFBYINTEREST
THE DEED ...........................................................................
SITUATIONS 104
............................................................102
....................................................................................................................................
UNITHOLDERS ...................................................................................................... 119
13.4
12.3
13.3
12.2 DETAILS
POLICIESOF
INCREASE
MAXIMUM IN
ONASNB’S
FEES
FEES AND
DEALING
AND DIRECTORS’
CHARGES
WITH CONFLICT
CHARGES DIRECT
FROM THE
PERMITTED AND
OFBY INDIRECT
LEVEL
INTEREST
THE DEEDDISCLOSEDINTEREST
SITUATIONS ININTHE OTHER CORPORATIONS
PROSPECTUS AND THE
............................................................
........................................................................... 119
104
13.4
12.3 CARRYING
DETAILS
MAXIMUM OF ON
ASNB’S
RATE A SIMILAR
DIRECTORS’
PROVIDED BUSINESS
IN THE DIRECT............................................................................................................
AND INDIRECT INTEREST IN OTHER CORPORATIONS
DEED...................................................................................................
INCREASE IN FEES AND CHARGES FROM THE LEVEL DISCLOSED IN THE PROSPECTUS AND THE 120
106
13.5
12.4 DETAILS
CARRYING
PERMITTED
MAXIMUM OF ASNB’S
ON
EXPENSES
RATE SUBSTANTIAL
A SIMILAR
PROVIDEDPAYABLE BUSINESS SHAREHOLDERS’ DIRECT AND INDIRECT INTEREST
............................................................................................................
OUTDEED...................................................................................................
IN THE OF THE FUNDS' PROPERTY......................................................... 120
...... 106
12.5
13.5
12.4 REMOVAL,
IN OTHEROF
DETAILS
PERMITTED RETIREMENT
CORPORATIONS
ASNB’S SUBSTANTIAL
EXPENSES ANDCARRYING
PAYABLE REPLACEMENT
OUTSHAREHOLDERS’
OF THE OF
ONFUNDS' THEPROPERTY.........................................................
A SIMILAR MANAGER
DIRECTBUSINESS ANDAND THE TRUSTEE
...............................................................
INDIRECT INTEREST ................................
...... 106
120
13.6
12.6
12.5 DECLARATION
TERMINATION
IN OFOF
OTHER CORPORATIONS
REMOVAL, RETIREMENTTHE CONFLICT
FUND.
ANDCARRYING OF INTEREST
REPLACEMENT ON...................................................................................................
...........................................................................................................................
A SIMILAR
OF THE MANAGER BUSINESSAND ...............................................................
THE TRUSTEE ................................ 106 120
12.7
13.6
12.6 UNITHOLDERS'
DECLARATION
TERMINATION MEETING
OF OFTHE ...................................................................................................................................
CONFLICT
FUND. OF INTEREST ...................................................................................................106
........................................................................................................................... 116
120
12.7
14. UNITHOLDERS'
TAXATION OFMEETINGTHE FUNDS ...................................................................................................................................
...........................................................................................................................116 121
15.
14. CONSENTS...................................................................................................................................................
TAXATION OF THE FUNDS ........................................................................................................................... 122 121
13. RELATED PARTY TRANSACTIONS/CONFLICT OF INTEREST ......................................................................... 119
15. CONSENTS................................................................................................................................................... 122
13.1
13. EXISTING AND POTENTIAL
RELATED PARTY RELATED PARTY TRANSACTIONS
TRANSACTIONS/CONFLICT ....................................................................... 119
OF INTEREST .........................................................................
16. APPROVAL AND CONDITIONS................................................................................................................... 123
13.2
13.1 CONFLICTAND
EXISTING OF INTEREST
POTENTIAL ....................................................................................................................................
RELATED PARTY TRANSACTIONS ....................................................................... 119
16.
16.1 APPROVAL AND CONDITIONS...................................................................................................................
EXEMPTIONS/VARIATIONS FROM THE SC GUIDELINES ................................................................................ 123
13.3
13.2 POLICIES ON
CONFLICT OFDEALING WITH CONFLICT OF INTEREST SITUATIONS ............................................................ 119
INTEREST ....................................................................................................................................
16.1 EXEMPTIONS/VARIATIONS FROM THE SC GUIDELINES ................................................................................ 123
13.4
13.3 DETAILS
POLICIESOF ON ASNB’S
DEALING DIRECTORS’
WITH CONFLICT DIRECT AND INDIRECT
OF INTEREST INTEREST IN
SITUATIONS OTHER CORPORATIONS
............................................................ 119
17. DOCUMENTS
CARRYING AVAILABLE FOR INSPECTION ............................................................................................. 138
13.4 DETAILS OF ON A SIMILAR
ASNB’S DIRECTORS’ BUSINESS DIRECT............................................................................................................
AND INDIRECT INTEREST IN OTHER CORPORATIONS 120
17.
13.5 DOCUMENTS
DETAILS OF ON AVAILABLE
ASNB’S FOR
SUBSTANTIAL INSPECTION .............................................................................................
SHAREHOLDERS’ DIRECT AND INDIRECT INTEREST 138
CARRYING A SIMILAR BUSINESS ............................................................................................................ 120
13.5 IN OTHEROF
DETAILS CORPORATIONS
ASNB’S SUBSTANTIAL CARRYING ON A SIMILAR
SHAREHOLDERS’ DIRECTBUSINESS AND...............................................................
INDIRECT INTEREST 120
18.
13.6 ASNB OFFICES.............................................................................................................................................
DECLARATION OF CONFLICT OF INTEREST 139
IN OTHER CORPORATIONS CARRYING ON...................................................................................................
A SIMILAR BUSINESS ............................................................... 120
18.
18.1
13.6 ASNB OFFICES.............................................................................................................................................
OFFICES ...................................................................................................................................................
DECLARATION OF CONFLICT OF INTEREST ................................................................................................... 120 139
18.2
18.1
14. CUSTOMER
ASNB OFFICESAND AGENT RELATIONS DEPARTMENT ......................................................................................
...................................................................................................................................................
TAXATION OF THE FUNDS ........................................................................................................................... 121 141
139
18.2
15.
14. CUSTOMER OFAND
THE AGENT RELATIONS DEPARTMENT ......................................................................................122
CONSENTS...................................................................................................................................................
TAXATION FUNDS ........................................................................................................................... 141
121
19.
15. LIST OF AGENTS .................................................................................................................................
CONSENTS................................................................................................................................................... 122 142
19.
16. AND.................................................................................................................................
LIST OF AGENTS
APPROVAL CONDITIONS................................................................................................................... 123 142
20.
16.1
16. EXEMPTIONS/VARIATIONS
APPROVAL
APPLICATION AND
FORMS FROM THE SC GUIDELINES STATEMENT ................................................
................................................................................
CONDITIONS...................................................................................................................
AND LOAN FINANCING RISK DISCLOSURE 143
123
20.
16.1 EXEMPTIONS/VARIATIONS
APPLICATION FORMS AND LOAN FROM THE SC GUIDELINES
FINANCING RISK DISCLOSURE STATEMENT ................................................
................................................................................ 143
123
17. DOCUMENTS AVAILABLE FOR INSPECTION ............................................................................................. 138
17. DOCUMENTS AVAILABLE FOR INSPECTION ............................................................................................. 138
18. ASNB OFFICES............................................................................................................................................. 139

18.1
18. ASNB OFFICES ................................................................................................................................................... 139
OFFICES.............................................................................................................................................
18.2
18.1 CUSTOMER
ASNB AND
OFFICES AGENT RELATIONS DEPARTMENT ...................................................................................... 139
................................................................................................................................................... 141
18.2 CUSTOMER AND AGENT RELATIONS DEPARTMENT ...................................................................................... 141
19. LIST OF AGENTS ................................................................................................................................. 142
19. LIST OF AGENTS ................................................................................................................................. 142
20. APPLICATION FORMS AND LOAN FINANCING RISK DISCLOSURE STATEMENT ................................................ 143
20. APPLICATION FORMS AND LOAN FINANCING RISK DISCLOSURE STATEMENT ................................................ 143
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1. GLOSSARY OF TERMS/ABBREVIATION
In this Prospectus, except where the context otherwise requires, the following words and expressions shall
bear the following meanings:
Act The Capital Markets and Services Act, 2007, including all amendments thereto and all
regulations, rules and guidelines issued in connection therewith
AMB Amanah Mutual Berhad (195414-U)
ASN Sekim Amanah Saham Nasional
ASN 2 Amanah Saham Nasional 2
ASN 3 Amanah Saham Nasional 3 Imbang
ASG Amanah Saham Gemilang, the umbrella fund for Amanah Saham Pendidikan, Amanah
Saham Kesihatan and Amanah Saham Persaraan
ASG-Pendidikan Amanah Saham Pendidikan
ASG- Kesihatan Amanah Saham Kesihatan
ASG- Persaraan Amanah Saham Persaraan
ASB Skim Amanah Saham Bumiputera
ASW 2020 Amanah Saham Wawasan 2020
ASM Amanah Saham Malaysia
ASD Amanah Saham Didik
AS 1Malaysia Amanah Saham 1Malaysia
ASNB Amanah Saham Nasional Berhad (47457-V)
Bursa Malaysia Bursa Malaysia Securities Berhad (635998-W)
Business Day A day on which the Bursa Malaysia is open for dealings
Deed For each of the Funds, the respective Principal Deed and Supplementary Deeds
particularly:
In respect of ASN, the Deed dated April 14, 1981, made between the Manager, the
Trustee and the Unitholders, together with the Supplementary Deeds dated December
30, 1981, November 15, 1990, December 30, 1991, July 10, 1993, November 1, 1997,
February 13, 2004, November 17, 2006, May 18, 2007, May 28, 2008, July 10, 2008
and June 10, 2010
In respect of ASN 2, the Deed dated June 8, 1999, made between the Manager, the
Trustee and the Unitholders, together with the Supplementary Deeds dated November
23, 2000, February 13, 2004, November 17, 2006, May 28, 2008, July 10, 2008 and
June 10, 2010
www.asnb.com.my |1. GLOSSARY OF TERMS/ABBREVIATION 1

In respect of ASN 3, the Deed dated September 24, 2001, made between the Manager
the Trustee, and the Unitholders, together with the Supplementary Deeds dated
November 17, 2006, May 28, 2008, July 10, 2008 and June 10, 2010
In respect of ASG, the Deed dated March 11, 2003, between the Manager, the Trustee
and the Unitholders, together with the Supplementary Deeds dated November 17,
2006, May 28, 2008, July 10, 2008 and June 10, 2010
In respect of ASB, the Deed dated October 21, 1989, made between the Manager, the
Trustee and the Unitholders, together with the Supplementary Deeds dated December
18, 1993, November 1, 1997, November 23, 2000, February 13, 2004, November 17,
2006, May 28, 2008, July 10, 2008, October 29, 2008 and June 10, 2010
In respect of ASW 2020, the Deed dated August 14, 1996, made between the Manager,
the Trustee and the Unitholders, together with the Supplementary Deeds dated
February 13, 2004, December 3, 2004, August 11, 2006, November 17, 2006, May 28,
2008, July 10, 2008 and June 10, 2010
In respect of ASM, the Deed dated April 13, 2000, made between the Manager, the
Trustee and the Unitholders, together with the Supplementary Deeds dated February
13, 2004, November 17, 2006, May 28, 2008, July 10, 2008 and June 10, 2010
In respect of ASD, the Deed dated April 14, 2001, made between the Manager, the
Trustee and the Unitholders, together with the Supplementary Deeds dated February
13, 2004, November 17, 2006, May 28, 2008, July 10, 2008 and June 10, 2010
In respect of AS 1Malaysia, the Deed dated June 25, 2009 and June 10, 2010 made
between the Manager and the Trustee for the benefit of the Unitholders
Eligible Market Any market, such as the stock market, futures market, money market and over-the-
counter private debt securities market, as agreed in writing from time to time by the
Manager and Trustee, which falls within the definition of an eligible market as defined in
the Guidelines
EPF Employees Provident

Provident Fund
FundBoard,
B oard,established
establishedunder
underthethe Employees
Employees P rovident
Provident F und
Fund
Act, 1991
EPF Members’ Part of a Unitholder’s contribution in the EPF which may be invested in ASN 2, ASD,
Investment ASN 3, ASG and ASW 2020, subject to the rules and regulations of the EPF
Scheme
FBM 100 FTSE Bursa Malaysia Top 100 Index
FRS Financial Reporting Standards, as issued and approved by the Malaysian Accounting
Standards Board and amended from time to time
Guidelines Guidelines on Unit Trust Funds of the Securities Commission
KLIBOR Kuala Lumpur Interbank Offered Rates
LPD May 31, 2010, being the latest practicable date for the purposes of ascertaining the
information contained in this Prospectus
www.asnb.com.my | 1. GLOSSARY OF TERMS/ABBREVIATION 2

Manager/ Manager of ASN, ASN 2, ASN 3, ASG-Pendidikan, ASG-Kesihatan, ASG-Persaraan,

Management ASB, ASW 2020, ASM, ASD and AS 1Malaysia namely Amanah Saham Nasional
Company Berhad
Management For ASN, ASN 2, ASN 3, ASG-Pendidikan, ASG-Kesihatan and ASG-Persaraan, the
Expense ratio of the sum of fees and recovered expenses of the respective Fund to the average
Ratio (MER) Net Asset Value of the Fund that is calculated on daily basis
For ASB, ASW 2020, ASM, ASD and AS 1Malaysia the ratio of the sum of fees and
recovered expenses of the respective Fund to the average Value of the Fund at cost
that is calculated on daily basis
MARC Malaysian Rating Corporation Berhad (364803-V)
Minimum Initial The minimum number of units that an eligible investor shall purchase as an initial
Investment investment in the Fund
Net Asset Value For ASN, ASN 2, ASN 3, ASG-Pendidikan, ASG-Kesihatan and ASG-Persaraan, the
(NAV) NAV is determined by deducting the value of the Fund’s liabilities from the value of the
Fund’s assets, at the Valuation Point
NAV per unit The NAV of the Fund divided by the UIC
PHNB Pelaburan Hartanah Nasional Berhad (175967-W)
PNB Permodalan Nasional Berhad (38218-X), the holding company of ASNB, and the
Investment Manager of ASN, ASN 2, ASN 3, ASG-Pendidikan, ASG-Kesihatan and
ASG-Persaraan, ASB, ASW 2020, ASM, ASD and AS 1Malaysia
Portfolio For ASN, ASN 2, ASN 3, ASG-Pendidikan, ASG-Kesihatan and ASG-Persaraan, the
Turnover ratio of the average total acquisitions and disposals of the Fund for the year to the
Ratio (PTR) average Net Asset Value of the Fund that is calculated on daily basis
ASB, ASW 2020, ASM, ASD and AS 1Malaysia the ratio of the average total
acquisitions and disposals of the Fund for the year to the average Value of the Fund at
cost that is calculated on daily basis
RAM RAM Holdings Berhad (208095-U)
RM and sen The currency of Malaysia
SC Securities Commission of Malaysia
Trustee AmanahRaya Trustees Berhad (766894-T)
UIC Units in circulation
Unit Trust ASN or ASN 2 or ASN 3 or ASG-Pendidikan, or ASG-Kesihatan, or ASG-Persaraan or

Fund/Fund ASB or ASW 2020 or ASM, or ASD or AS 1Malaysia, as the case may be

Unit Trusts/ All or any of ASN, ASN 2, ASN 3, ASG-Pendidikan, ASG-Kesihatan, ASG-Persaraan,
Unit Trust ASB, ASW 2020, ASM, ASD and AS 1Malaysia
Schemes/Unit
Trust Funds/
Funds
Unitholder/ The person registered for the time being as a holder of units in any Fund in accordance
Registered with the provisions of the Deed
Holder
Valuation Point Valuation is done at mid-day and at the end of each Business Day
Value of the For ASB, ASW 2020, ASM, ASD and AS 1Malaysia the VOF at cost is determined by
Fund (VOF) deducting the value of the Fund’s liabilities from the value of all the Fund’s assets
Definitions or meanings of words not otherwise expressed above shall follow the meaning or interpretation
as ascribed in the Guidelines and any other relevant laws governing unit trust funds.

2. CORPORATE DIRECTORY
Manager/ Management Company Board of Directors of PNB

ASNB (47457-V) (Investment Manager of the Funds)
1. Tun Ahmad Sarji bin Abdul Hamid
Registered Office of ASNB Chairman (Non-Executive/Non-Independent Director)
4th Floor, Balai PNB 2. Tan Sri Dato’ Sri Hamad Kama Piah bin Che Othman
201-A, Jalan Tun Razak Director (Executive/Non-Independent Director)
50400 Kuala Lumpur 3. Tan Sri Asmat bin Kamaludin
Tel: 03-2050 5100 Director (Non-Executive/Independent Director)
Website: www.asnb.com.my 4. Tan Sri Datuk Amar Bujang bin Mohammed Bujang
Mohammed Nor
Business Office
Director (Non-Executive/Independent Director)
ASNB Main Counter
5. Tan Sri Dato’ Dr. Wan Mohd. Zahid bin Mohd. Noordin
First Floor, Balai PNB
201-A, Jalan Tun Razak
6. Dato’ Seri Ainum binti Mohamed Saaid
50400 Kuala Lumpur
Tel: 03-2050 5100
Website: www.asnb.com.my Members of Investment Committee of ASB, ASM, ASD,
AS 1Malaysia, ASN, ASN 2, ASN 3, ASG-Pendidikan,
Trustee ASG-Kesihatan and ASG-Persaraan
AmanahRaya Trustees Berhad (766894-T) 1. Tun Ahmad Sarji bin Abdul Hamid
Registered Office Chairman (Non-Independent Member)
11th Floor, Wisma AmanahRaya 2. Tan Sri Dato’ Sri Hamad Kama Piah bin Che Othman
No. 2, Jalan Ampang (Non-Independent Member)
50508 Kuala Lumpur 3. Tan Sri Dato’ Md. Desa bin Pachi
Tel : 03-2055 7388 (Independent Member)
Website: www.amanahraya.com.my 4. Dato’ Dr. Abdul Halim bin Haji Ismail
(Independent Member)
Business Office
AmanahRaya Trustees Berhad (766894-T) Members of Investment Committee of ASW 2020
Tingkat 2, Wisma TAS 1. Dato’ Dr. Abdul Halim bin Haji Ismail
No. 21, Jalan Melaka Chairman (Independent Member)
50100 Kuala Lumpur 2. Tan Sri Dato’ Sri Hamad Kama Piah bin Che Othman
Tel : 03-2036 5000 (Non-Independent Member)
Website: www.amanahraya.com.my 3. Tan Sri Faizah binti Mohd Tahir
Board of Directors of ASNB
4. Encik Sreesanthan a/l Eliathamby
Chairman (Non-Executive/Non-Independent Director)
2. Tan Sri Dato’ Sri Hamad Kama Piah bin Che Othman
Audit Committee of the Board of Directors of PNB
Director (Executive/Non-Independent Director)
Chairman (Independent Member)
2. Tan Sri Dato’ Md. Desa bin Pachi
3. Tan Sri Datuk Amar Bujang bin Mohammed Bujang
5. Dato’ Seri Ainum binti Mohamed Saaid Mohammed Nor
Director (Non-Executive/Independent Director) (Independent Member)
6. Encik Idris bin Kechot
Director (Executive/Non-Independent Director)
www.asnb.com.my | 2. CORPORATE DIRECTORY 5

Compliance Committee of the Board of Directors of PNB Solicitors

1. Tan Sri Dato’ Dr. Wan Mohd. Zahid bin Mohd. Noordin 1. Messrs. Zain & Co.
Chairman (Independent Member) 6th & 7th Floors, Menara Etiqa
2. Tan Sri Dato’ Sri Hamad Kama Piah bin Che Othman 23, Jalan Melaka
(Non-Independent Member) 50100 Kuala Lumpur
3. Tan Sri Dato’ Md. Desa bin Pachi Tel: 03-2698 6255
4. Encik Paisol bin Ahmad 2. Messrs. Zainal Abidin & Co.
Member )
(Non-Independent Member) Suite 1803 - 1806, 18th Floor, Plaza Permata
Jalan Kampar Off Jalan Tun Razak
President and Group Chief Executive, PNB 50400 Kuala Lumpur
Tan Sri Dato’ Sri Hamad Kama Piah bin Che Othman Tel: 03-4041 5266
Deputy President - Unit Trust/ 3. Messrs. Hamzah & Ong Advocates

Executive Director of ASNB Lot 216, Tingkat 1
Encik Idris bin Kechot Jalan Haji Taha
93400 Kuching
Company Secretary Sarawak
Puan Adibah Khairiah binti Ismail @ Daud (MIA 13755) Tel: 082-246 876
4th Floor, Balai PNB
201-A, Jalan Tun Razak 4. Messrs. Marzuki Spawi & Co.
nd
50400 Kuala Lumpur 2 Floor, Lot 5, Block D, Sinsuran Complex
Tel: 03-2050 5100 P.O Box 14795
88855, Kota Kinabalu
Investment Manager of the Funds Sabah
Permodalan Nasional Berhad (38218-X) Tel: 088 -246 142 / 088-234 937
4th Floor, Balai PNB
201-A, Jalan Tun Razak Principal Bankers
50400 Kuala Lumpur 1. Malayan Banking Berhad (3813-K).
Tel: 03-2050 5100 14th Floor, Menara Maybank
Website: www.pnb.com.my 100, Jalan Tun Perak
50050 Kuala Lumpur
Auditors Tel: 03-2070 8833
Messrs. Hanafiah Raslan & Mohamad (AF 0002)
Level 23A, Menara Milenium 2. CIMB Bank Berhad (13491-P)
Jalan Damanlela, Pusat Bandar Damansara 5th Floor, Bangunan CIMB
50490 Kuala Lumpur Jalan Semantan, Damansara Heights
Tel: 03-7495 8000 50490 Kuala Lumpur
Tel: 03-2093 0379
ASNB Offices and Agents
Please refer to Sections 18 and 19 for further details
FEDERATION OF INVESTMENT MANAGERS MALAYSIA

(FiMM)
th
19-07-03, 7 Floor
PNB Damansara
19, Lorong Dungun
Damansara Heights
50490 Kuala Lumpur
Tel: 03-2093 2600
Website: www.fimm.com.my
www.asnb.com.my | 2. CORPORATE DIRECTORY 6

3. KEY DATA
Investors are advised that this section is only a summary of the salient information about the Funds.
Investors should read and understand the whole Prospectus, before making any investment decisions.
3.1 ASN
Name of the Fund ASN Page
Fund Category/Type Equity/Growth

Date of Launching April 20, 1981
Investment The Fund seeks to generate reasonable level of distribution income and capital 30
Objective appreciation to the Unitholders through a diversified portfolio of investments.
Principal Investment The Fund will diversify its portfolio through asset allocation in equities, fixed income 33
Strategy securities and money market instruments and diversify its equity portfolio through
sectoral allocation in order to minimise the volatility of the portfolio and generate
competitive returns in the long run.
Asset Allocation The Fund will invest up to 90% of its NAV in equities, while maintaining at least 10% 33
in other capital market instruments, inclusive of liquid assets.
Performance 80% of FBM 100 and 20% of 3-month KLIBOR 32
Benchmark
The performance of the Fund is expressed in terms of the respective Fund’s Total
Returns benchmarked against a pre-determined Customised Benchmark, which is a
composition of FBM 100 or any equivalent Bursa Malaysia indices and the 3-month
KLIBOR. Both benchmarks are obtainable at Bursa Malaysia and commercial banks
respectively.
Principal Risks of Market risk 27-29
Investing Stock specific risk
Fluctuation in NAV
Distribution of income depends on the performance of the Fund, and distribution
may vary from time to time. It is not the policy of the Fund to guarantee any
distribution of income.
Investors’ Profile Have a medium to long-term investment horizon.
Understand investment risk and reward.
Seek capital growth
Distribution Policy The Fund will distribute earnings from its income, if any, to you, at our discretion,
subject to approval from the Trustee.
Approved Fund Size 2.5 billion units.
UIC as at LPD 1.57 billion units

Pricing NAV per unit which is determined based on historical pricing and calculated at the 76
end of the preceding Business Day. However, sales charge of 5% of the NAV per
unit is imposed, at our discretion, subject to approval from the Trustee.
Financial Year End December 31
Deed The Deed dated April 14, 1981, made between the Manager, the Trustee and the 84
Unitholders, together with the Supplementary Deeds dated December 30, 1981,
November 15, 1990, December 30, 1991, July 10, 1993, November 1, 1997,
February 13, 2004, November 17, 2006, May 18, 2007, May 28, 2008, July 10, 2008
and June 10, 2010.
Eligibility Malaysian Bumiputera aged 18 years and above. Others as specified by the Deed.
Fund Allocation Nil.
www.asnb.com.my | 3. KEY DATA 7

3.2 ASN 2
Name of the Fund ASN 2 Page

Date of Launching June 9, 1999
Investment To provide Unitholders with a reasonable dividend yield as well as capital 30
Objective appreciation at an acceptable level of risk through investments made in accordance
with the Deed, the Guidelines and securities law in a diversified portfolio of
securities, principally in Malaysian equity securities.
Asset Allocation The Fund will invest up to 90% of its NAV in equities, while maintaining at least 10% 35

Benchmark
The performance of the Fund is expressed in terms of the Fund’s Total Returns
benchmarked against a pre-determined Customised Benchmark, which is a
respectively.
Fluctuation in NAV
distribution of income
Seek capital growth.
UIC as at LPD 215.33 million units
Financial Year End June 30
Deed The Deed dated June 8, 1999, made between the Manager, the Trustee and the 84
Unitholders, together with the Supplementary Deeds dated November 23, 2000,
February 13, 2004, November 17, 2006, May 28, 2008, July 10, 2008 and June 10,
2010.
Eligibility Malaysian Bumiputera aged 18 years and above. Others as specified by the Deed.

3.3 ASN 3
Name of the Fund ASN 3 Page
Fund Category/Type Equity and other capital market instruments/Balanced

Date of Launching October 16, 2001
Investment To generate capital growth over the medium to long-term period by investing in a 30
Objective balanced portfolio of investments and through re-investment of distribution, if any.
Asset Allocation The Fund will invest up to 75% of its NAV in equities while maintaining at least 25% 37

Benchmark
respectively.
Credit risk/default risk
Fluctuation in NAV
Seek balanced growth.
UIC as at LPD 127.49 million
Financial Year End November 30
Deed The Deed dated September 24, 2001, made between the Manager the Trustee, and 84
the Unitholders, together with the Supplementary Deed dated November 17, 2006,
May 28, 2008, July 10, 2008 and June 10, 2010.
Eligibility Malaysians aged 18 years and above. Others as specified by the Deed.

3.4 ASG - PENDIDIKAN
Name of the Fund ASG - PENDIDIKAN Page
Fund Category/Type Fixed income securities and other capital market instruments/Growth and Income
Date of Launching March 17, 2003
Investment To provide investment opportunity which generates reasonable long-term growth 30
Objective and returns to meet part or all of the periodic liquidity requirements of the
Unitholders and enable them to fulfil the financial planning needs for education of
the Unitholders and/or their children and/or charges.
Asset Allocation The Fund will invest between 20% and 70% of its NAV in fixed income securities 39
and cash equivalent, and the remaining in equities and other capital market
instruments.
Benchmark
KLIBOR. Both benchmarks are obtainable at Bursa Malaysia and commercial
banks respectively.
Investing Credit risk/default risk
Fluctuation in NAV
Investors’ Profile Have a long-term investment horizon.
This Fund would be suitable for:

Those who wish to have an avenue to save in a fund specially meant to finance
part or all of their expected educational expenses, and/or
Those who wish to start long-term saving for each of their children or charges
under their guardianship, in a fund specifically meant to finance their expected
educational expenses, and/or
Those who wish to utilise the proceeds from distribution of income, if any, to
finance the insurance premium for education purposes.
Approved Fund Size Collectively the three unit trust funds under the umbrella of ASG have cumulative
maximum size of 1.0 billion units.
end of the preceding Business Day. However, an initial sales charge of 5% of the
NAV per unit is imposed, at our discretion, subject to approval from the Trustee.
Financial Year End March 31

Name of the Fund ASG - PENDIDIKAN Page
Deed The Deed dated March 11, 2003, between the Manager, the Trustee and the 84
Unitholders, together with the Supplementary Deed dated November 17, 2006,
May 28, 2008, July 10, 2008 and June 10, 2010.
Eligibility • Malaysians.
- Akaun Dewasa (18 years and above).
- Akaun Bijak (18 years and above as guardian for minors age 6 months old
and above but below 18 years. Both guardian and minor must be Malaysian).
Others as specified by the Deed.

3.5 ASG – KESIHATAN
Name of the Fund ASG - KESIHATAN Page
Fund Category/Type Equity/Growth and Income

Objective and returns to fulfil part or all of the immediate liquidity requirements to enable the
Unitholders and/or their children and/or charges to continuously meet their ongoing
medical requirements in the long-term.
Asset Allocation The Fund will invest up to 90% of its NAV in equities, while maintaining at least 39
10% in other capital market instruments, inclusive of liquid assets.
Benchmark
banks respectively.
Fluctuation in NAV
Understand investment risk and reward

Those who are not insured for medical purposes, and/or
Those who wish to have a fund specially meant to finance their expected future
medical expenses, and/or
Those who have limited cashflow and find it difficult to participate in any medical
insurance policy which requires regular and fixed monthly premium payment,
and/or
Those who wish to start saving for each of their children or charges under their
guardianship so that the children would have funds meant to finance their
expected future medical expense.

Name of the Fund ASG - KESIHATAN Page
May 28, 2008, July 10, 2008 and June 10, 2010.

3.6 ASG – PERSARAAN
Name of the Fund ASG - PERSARAAN Page
Fund Category/Type Fixed income securities and other capital market instruments/Growth and Income
Objective and returns, and a reliable income stream to enable the Unitholders and/or their
children and/or charges to meet part or all of their retirement needs.
Asset Allocation The Fund will invest between 20% and 80% of its NAV in fixed income securities 39
and cash equivalent, and the remaining in equities and other capital market
instruments.
Benchmark
banks respectively.
Fluctuation in NAV
Seek balanced growth.
Those who are self-employed and wish to have an avenue to save for their
retirement, and/or
Those who already have retirement benefits but wish to have additional avenue
for long-term saving in a fund specifically meant to finance their retirement
expenses, and/or
Those who wish to start long-term saving for the future retirement of their
children or charges under their guardianship.
May 28, 2008, July 10, 2008 and June 10, 2010.

Name of the Fund ASG - PERSARAAN Page

3.7 ASB
Name of the Fund ASB Page
Fund Category/Type Equity/Income

Date of Launching January 2, 1990
Investment To generate long-term, consistent and competitive returns to the Unitholders whilst
Objective ensuring the preservation of capital at minimal risk tolerance level.
sectoral allocation in order to preserve the value of the capital and generate
Asset Allocation The Fund seeks to achieve its objective by investing up to 95% of its VOF in 41
equities, while maintaining at least 5% in other capital market instruments,
inclusive of liquid assets. The investment strategy will also be designed to preserve
the capital of the Fund in the long-term period while at the same time to seek
potential income from its investment.
Performance 3-month KLIBOR 41
Benchmark
Being fixed-price Fund, the performance of the Fund is expressed in terms of the
Fund’s Annual Income Distribution Yield, benchmarked against the 3-month
KLIBOR, which is obtainable at any commercial bank.
Investors’ Profile Those who understand investment risk and reward and expect to benefit from long-
term growth of the Fund through re-investment of distribution (if any) as well as to
receive regular income (if any) on their capital.
subject to approval from your Trustee. For ASB, PNB, at its discretion, may pay out
of its own income, bonus units to you.
Approved Fund Size Unlimited.
Pricing Fixed at RM1.00 per unit. 77
Financial Year End December 31
Deed The Deed dated October 21, 1989, made between the Manager, the Trustee and 84
the Unitholders, together with the Supplementary Deeds dated December 18,
1993, November 1, 1997, November 23, 2000, February 13, 2004, November 17,
2006, May 28, 2008, July 10, 2008, October 29, 2008 and June 10, 2010.
Eligibility Malaysian Bumiputera.
- Akaun Remaja (18 years and above as guardian for minors age 12 years old
and above but below 18 years. Both guardian and minor must be Malaysian
Bumiputera).

3.8 ASW 2020
Name of the Fund ASW 2020 Page

Date of Launching August 28, 1996
Investment To provide reasonable level of regular distribution income to Unitholders from 31
Objective investments in a selected portfolio of authorised investments.
Performance 3-month KLIBOR 27-29
Benchmark
Principal Risks of Market risk
We would distribute the income, depending on the performance of the Fund and
subject to approval from your Trustee.
Financial Year End August 31
Deed The Deed dated August 14, 1996, made between the Manager, the Trustee and 84
the Unitholders, together with the Supplementary Deeds dated February 13, 2004,
December 3, 2004, August 11, 2006, November 17, 2006, May 28, 2008, July 10,
2008 and June 10, 2010.
- Akaun Remaja (18 years and above as guardian for minors age 6 months old
Fund Allocation Minimum of 51% of the approved Fund size is for eligible Malaysian Bumiputera,
while the remaining 49% is for eligible Malaysians.

3.9 ASM
Name of the Fund ASM Page

Investment To provide Unitholders with a long-term investment opportunity that generates 31
Objective regular and competitive returns through a diversified portfolio of investments.
Benchmark
Distribution of income, depends on the performance of the Fund, and distribution
Unitholders, together with the Supplementary Deeds dated February 13, 2004,
November 17, 2006, May 28, 2008, July 10, 2008 and June 10, 2010.

3.10 ASD
Name of the Fund ASD Page

Investment To provide investment opportunity that generates reasonable long-term growth and 31
Objective return.
Asset Allocation The Fund seeks to achieve its objective by investing up to 95% of its VOF in equities, 47
while maintaining at least 5% in other capital market instruments, inclusive of liquid
assets. The investment strategy will also be designed to preserve the capital of the
Fund in the long-term period while at the same time to seek potential income from its
investment.
Benchmark
Fund’s Annual Income Distribution Yield, benchmarked against the 3-month KLIBOR,
which is obtainable at any commercial bank.
Distribution of income depends on the performance of the Fund, and distribution may
vary from time to time. It is not the policy of the Fund to guarantee any distribution of
income.
Investors’ Profile Those who understand investment risk and reward and are seeking growth of capital
over the long-term period through re-investment of distribution (if any), for providing
future financial needs for education expenses of the investors and those of their
families.
Financial Year End June 30
Unitholders, together with the Supplementary Deeds dated February 13, 2004,
November 17, 2006, May 28, 2008, July 10, 2008 and June 10, 2010.
Eligibility • Malaysian Bumiputera.
- Akaun Bijak (18 years and above as guardian for minors age 6 months old and
above but below 18 years. Both guardian and minor must be Malaysian
Bumiputera).

3.11 AS 1MALAYSIA
Name of the Page

AS 1MALAYSIA
Fund
Fund Equity/Income
Category/Type
Date of August 5, 2009

Launching
Investment The Fund seeks to provide regular and consistent income stream whilst preserving the 31
Objective Unitholders’ investment capital over a long term horizon through a diversified portfolio
of investment.
Principal The Fund will invest in a mix of assets comprising primarily in equities, fixed income 49
Investment securities and other capital market instruments to generate the expected competitive
Strategy returns at reasonable risk level.
Asset Allocation The Fund seeks to achieve its objective by investing up to 90% of its VOF in equities, 49
while maintaining at least 10% in other capital market instruments, inclusive of liquid
assets.The investment strategy will also be designed to preserve the capital of the
Fund in the long-term period while at the same time to seek potential income from its
investment.
Performance Average 5-year MGS yield 32
Benchmark
Fund’s Annual Income Distribution Yield, benchmarked against the average 5-year
MGS yield which can be obtained at Bank Negara Malaysia’s (BNM) website and
Bloomberg.
Principal Risks Market risk 27-29
of Investing Credit Risk/Default Risk
Currency Risk
Individual Asset Risk
Distribution of income depends on the performance of the Fund, and distribution may
vary from time to time. It is not the policy of the Fund to guarantee any distribution of
income.
Investors’ Profile Investors who:
Have a medium to long-term investment horizon.
Seek regular income (if any) for their investments.
Distribution The Fund will distribute its income, if any, to you, at our discretion, subject to approval
Policy from the Trustee.
Approved Fund 10 billion units.
Size
Financial Year September 30

End
Deed The Deed dated June 25, 2009 and June 10, 2010 made between the Manager and the 84
Trustee for the benefits of Unitholders.
Eligibility Malaysians aged 18 years and above.
Fund Allocation The Manager has the absolute discretion to offer the units in any manner deemed
appropriate.

Name of the Page
AS 1MALAYSIA
Fund
Other Condition ASNB to convert AS 1Malaysia to a variable price fund by marking the value of its
investments to market prices by December 31, 2012.
3.12 FEES & CHARGES – VARIABLE PRICE (ASN, ASN 2, ASN 3 AND ASG)
Name of the Page
AS 1MALAYSIA
Fund
You must understand that there are fees and charges that are directly and indirectly charged to you before investing
Other Condition ASNB to convert AS 1Malaysia to a variable price fund by marking the value of its
in the Funds. All charges are non-negotiable.
investments to market prices by December 31, 2012.
This table describes the charges that you may DIRECTLY incur when you buy or redeem units of the Funds.
ChargesFEES & CHARGES

3.12 ASN – VARIABLE
ASN 2 PRICEASN 3 ASN
(ASN, ASG-
2,Pendidikan
ASN 3 AND ASG-
ASG)
Kesihatan ASG-Persaraan
1
1
Sales Charge 5% of NAV 5% of NAV per unit.
You must understand that there are fees EPF
per unit Members’
and charges Investment
that Scheme:
are directly Up to 3%
and indirectly of NAV
charged to per
you unit.
before investing
2
inEPF ServiceAll
the Funds. Charge Nil Average
charges are non-negotiable. net asset value of the Fund, calculated on monthly basis x 0.125% x
1/12, deducted from distribution of income, if any, at the end of financial year.
Redemption
This Chargethe charges
table describes Nil that youNil
may DIRECTLY Nil incur when
Nil you buy or redeemNil units of the Funds.
Nil
Switching Fee Nil Nil Nil Nil Nil Nil
Transfer
Charges Fee Nil
ASN Nil
ASN 2 Nil
ASN 3 Nil
ASG-Pendidikan Nil
ASG-Kesihatan Nil
ASG-Persaraan
1
Sales Charge 5% of NAV 5% of NAV per unit.
per unit EPF Members’ Investment Scheme: Up to 3% of NAV per unit.
2 fees that you may INDIRECTLY incur when you invest in the Funds.
This table describes the
EPF Service Charge Nil Average net asset value of the Fund, calculated on monthly basis x 0.125% x
1/12, deducted from distribution of income, if any, at the end of financial year.
Fees
Redemption Charge ASN
Nil ASNNil 2 ASNNil 3 NilASG-Pendidikan NilASG-Kesihatan ASG-Persaraan
Nil
Annual Management
Switching Fee UpNil to a maximum
Nil of Up to
Nil a maximum
Nil of 1.5% per annum
Nil of the NAVNilof the Fund,
Fee
Transfer Fee 1.0%
Nil per annum Nil of the calculated
Nil andNilaccrued daily, as may
Nil be agreed between the
Nil
NAV of the Fund, Trustee and Manager.
calculated and accrued
daily, as may be agreed
This table describes the fees that you
between the INDIRECTLY incur when you invest in the Funds.
mayTrustee
and Manager.
Annual Trustee's
Fees RM500,000 ASN
ASN or 0.08%
2 RM300,000
ASN 3 RM450,000 or 0.07%
ASG-Pendidikan per annum of
ASG-Kesihatan the NAV of
ASG-Persaraan
Fee
Annual Management per Up annum of the NAV
to a maximum of or
Up0.08% per the ofFund,
to a maximum 1.5% whichever
per annumisof lower, calculated
the NAV and
of the Fund,
Fee of the Fund, whichever annum of accrued daily.
1.0% per annum of the calculated and accrued daily, as may be agreed between the
is
NAVlower,ofcalculated
the Fund, and the NAV
Trustee andofManager.
accrued daily.
calculated and accrued the Fund,
daily, as may be agreed whichever is
between the Trustee lower,
and Manager. calculated
Annual Trustee's RM500,000 or 0.08% and accrued RM450,000 or 0.07% per annum of the NAV of
RM300,000
Fee daily.
per annum of the NAV or 0.08% per the Fund, whichever is lower, calculated and
Fund Expenses These includewhichever
of the Fund, the annualannummanagement fee, the
of accrued annual Trustee’s fee, the auditors’
daily.
remuneration and other
is lower, calculated and relevant
the NAV professional
of fees, costs, charges and expenses in the
printing
accrued anddaily.distribution oftheannualFund,
reports and notices, as well as expenses which are
directly related to and necessarywhicheverfor the
is business of the respective Fund as set out in the
Deed of the Fund, will be paid out
lower, of the Fund.
calculated
Note: and accrued
1. The Deed of each Fund above allows us to charge daily.a sales charge of up to a maximum of 10% of the NAV per
Fund
unitExpenses
of each Fund. These include the annual management fee, the annual Trustee’s fee, the auditors’
remuneration and other relevant professional fees, costs, charges and expenses in the
2. In the event that anyprinting and distribution of annual reports and notices, as well as expenses which are
of these Funds is unable to distribute its income, the EPF Service Charge will be deducted
directly related to and necessary for the business of the respective Fund as set out in the
from the account of the
Deedaffected
of the Unitholder. Please
Fund, will be refer
paid out of to
theSection
Fund. 8.1 under Service Charge Payable to EPF for
further details.
Note:
1. The Deed of each Fund above allows us to charge a sales charge of up to a maximum of 10% of the NAV per
unit of each Fund. www.asnb.com.my | 3. KEY DATA 21
2. In the event that any of these Funds is unable to distribute its income, the EPF Service Charge will be deducted
from the account of the affected Unitholder. Please refer to Section 8.1 under Service Charge Payable to EPF for
further details.

3.13 FEES & CHARGES – FIXED PRICE (ASB, ASW 2020, ASM, ASD AND AS 1MALAYSIA)
This table describes the charges that you may DIRECTLY incur when you buy or redeem units of the Funds.
Charges ASB ASW 2020 ASM ASD AS 1Malaysia

Sales Charge Nil Nil Nil Nil Up to 1.0% of the
invested amount.
However, the
Manager has the
discretion either to
waive or to reduce
the sales charge.
EPF Service Charge Nil Average net asset Nil Average net asset Nil
value of the Fund, value of the Fund,
calculated on monthly calculated on monthly
basis x 0.125% x 1/12, basis x 0.125% x 1/12,
deducted from deducted from
distribution of income, distribution of income,
if any, at the end of if any, at the end of
financial year. financial year.
Redemption Charge Nil Nil Nil Nil Nil
Switching Fee Nil Nil Nil Nil Nil
Transfer Fee Nil Nil Nil Nil Nil
This table describes the fees that you may INDIRECTLY incur when you invest in the Funds.
Fees ASB ASW 2020 ASM ASD AS 1Malaysia

Annual Management Up to a maximum of 1.0% per annum of the Up to a maximum of 1.5% per annum of
Fee VOF, calculated and accrued daily, as may the VOF, calculated and accrued daily, as
be agreed between the Trustee and may be agreed between the Trustee and
Manager. Manager.
Annual Trustee's RM500,000 RM500,000 RM300,000 or 0.08% per Up to 0.08% per annum
Fee annum of the VOF, whichever of the VOF, subject to
is lower. minimum of RM18,000
per annum.
Fund Expenses These include the annual management fee, the annual Trustee’s fee, the auditors’
remuneration and other relevant professional fees, costs, charges and expenses in the
printing and distribution of annual reports and notices, as well as expenses which are
directly related to and necessary for the business of the respective Funds as set out in the
Deeds of the respective Funds, will be paid out of the respective Funds. Statutory
payments such as stamp duties and taxes imposed by the authority will also be paid by the
Fund.
For details on Fees, Charges and Expenses of the Funds, you may refer to Chapter 8: Fees, Charges and
Expenses commencing on page 72.
There are fees and charges involved and investors are advised to consider them before investing in the
Funds. Unit prices and distributions payable, if any, may go down as well as up. Past performance of the
Fund is not an indication of its future performance.
For information concerning certain risk factors which should be considered by prospective investors, see
“RISK FACTORS” commencing on page 27.

3.14 TRANSACTION INFORMATION
Table 1: Investment/Subscription of Units

Minimum
Initial Minimum Additional Investment
3
Investment
Funds 4 Maximum Investment
Investment Investment Certificate4 EPF Members’
Book Book Investment
5
Scheme
Variable Price
ASN 10 units 1 unit Multiples of 1,000 Not applicable Unlimited, subject to availability
units of units of the Fund.
ASN 2 100 units 100 units Not applicable RM1,000
ASN 3 100 units 1 unit Not applicable RM1,000
ASG- 100 units 1 unit Not applicable RM1,000 Unlimited, subject to the
PENDIDIKAN cumulative maximum size of 1.0
billion units and availability of
ASG- 100 units 1 unit Not applicable RM1,000
units.
KESIHATAN
ASG- 100 units 1 unit Not applicable RM1,000
PERSARAAN
Fixed Price
ASB 10 units 1 unit Multiples of 1,000 Not applicable Akaun Dewasa
units 200,000 units. The maximum
investment may exceed 200,000
units due to re-investment of
distribution of income, if any.
Akaun Remaja
10,000 units. The maximum
investment may exceed 10,000
units due to reinvestment of
distribution of income, if any.
6
ASW 2020 100 units 1 unit Not applicable 6 RM1,000 Unlimited, subject to availability
of units of the Fund.
ASM 100 units 1 unit Not applicable Not applicable
ASD 100 units 1 unit Not applicable RM1,000
AS 1Malaysia 100 units 1 unit Not applicable Not applicable
Note:
3. All investors are required to invest the stipulated Minimum Initial Investment in the Investment Book prior to
investing through certificate or EPF Members’ Investment Schemes.
4. The certificate issued to Unitholders would be a physical certificate or such other form as agreed by the Manager
and Trustee from time to time.
5. Investment in ASW 2020, ASN 2, ASD, ASN 3, ASG-Pendidikan, ASG-Kesihatan and ASG-Persaraan through
the EPF Members’ Investment Scheme will be reflected in a statement, subject to the rules and regulations of the
EPF and the availability of units of the Funds.
6. No physical certificates will be issued in respect of purchases of ASW 2020 units with effect from June 30, 2010.
Certificates issued before this date are still valid. From June 30, 2010 all dealings in ASW 2020 units will be
evidenced in an investment book to be issued to each unit holder.
Investors are advised not to make payment in cash when purchasing units of the Funds via any institutional/
retail agent.

Table 2: Redemption Amount

Funds Minimum Balance Maximum Redemption
Minimum Redemption
Requirement
The following Investment Certificate
Investment 7 minimum number of Book Unlimited,
Certificate EPF Members’ units are to be
Book Investment but in
maintained. multiples of
Scheme Otherwise you are the following
advised to request for amount
8
total redemption
Variable Price
ASN 1 unit 1,000 units Not applicable 10 units Unlimited, 1,000 units
but subject to
ASN 2 100 units Not Amount invested 1000 units minimum Not applicable
applicable on each application balance
ASN 3 1 unit Not plus free units, 100 units requirement.
applicable income distribution
ASG- PENDIDIKAN 1 unit and capital
appreciation, if any.
ASG- KESIHATAN 1 unit
ASG- PERSARAAN 1 unit
Fixed Price
ASB 1 unit 1,000 units Not applicable 10 units Unlimited, 1,000 units
but subject to
ASW 2020 1 unit Not Amount invested 100 units minimum 1,000 units
9
applicable on each application balance
plus free units, requirement.
income distribution
and capital
ASM 1 unit Not Not applicable 100 units Not applicable
applicable
ASD 1 unit Not Amount invested 100 units Not applicable
applicable on each application
plus free units,
income distribution
and capital
AS 1Malaysia 1 unit Not Not applicable 100 units Not applicable
applicable
Note:
7. The certificate issued to Unitholders would be a physical certificate or such other form as agreed by the Manager
and Trustee from time to time.
8. Premised on the Deed we are allowed to close your account, at our discretion, should the balance in your
account fall below the minimum balance requirement.
9. No physical certificates will be issued in respect of purchases of ASW 2020 units with effect from June 30, 2010.
Certificates issued before this date are still valid. From June 30, 2010 all dealings in ASW 2020 units will be
evidenced in an investment book to be issued to each unit holder.
retail agent.

Table 3: Frequency and Payment of Redemption

Funds Frequency of Redemption Payment of Redemption Money
ASN Unlimited. On-the-spot.
ASN 2 and ASN 3 Unlimited. On-the-spot. Redemption amount for
EPF Members’ Investment Scheme,
ASG- PENDIDIKAN Unlimited, however you are advised to consider is payable to EPF only.
redeeming only when you need the money to pay
tuition fees or college expenses for yourselves or
your children or charges under your guardianship.
ASG- KESIHATAN Unlimited, however you are advised to consider
redeeming only when you need to pay for hospital
bills or to cover your medical insurance premium, or
those of your children or charges.
ASG- PERSARAAN Unlimited, however you are advised to consider
redeeming only when you or your children/charges
reach retirement age.
ASB, ASM and Unlimited. On-the-spot.
AS 1Malaysia
ASW 2020 and Unlimited. On-the-spot. Redemption amount for
ASD EPF Members’ Investment Scheme,
is payable to EPF only.
Table 4: Salary deduction, Standing Instruction, Switching Between Funds, EPF Members’ Investment
Scheme and Distribution Re-Investment Option
Funds Salary Standing Switching EPF Members’ Distribution Re-
10 11 12 13 14
Deduction Instruction Between Funds Investment Scheme Investment Option
ASN Nil Allowed Allowed Nil Allowed
ASN 2 Nil Allowed Not Applicable Allowed Allowed
ASN 3 Nil Allowed Not Applicable Allowed Allowed
ASG- PENDIDIKAN Nil Allowed Allowed Allowed Allowed
ASG- KESIHATAN Nil Allowed Allowed Allowed Allowed
ASG- PERSARAAN Nil Allowed Allowed Allowed Allowed
ASB Allowed Allowed Allowed Nil Allowed
ASW 2020 Allowed Allowed Not Applicable Allowed Allowed
ASM Nil Allowed Not Applicable Nil Allowed
ASD Allowed Allowed Not Applicable Allowed Allowed
AS 1Malaysia Allowed Nil Not Applicable Nil Allowed
ASNB provides on-the-spot transaction at ASNB offices and appointed agents.
Note:
10. You may invest through monthly salary deduction, provided your employer has registered with us for this facility.
The salary deduction facility is subject to our terms and conditions. Presently, we do not impose any charge on
this facility.
11. Investment through standing instruction shall be subject to rules and regulations of the banks that have been
appointed as our agents.
Investors are advised not to make payment in cash when purchasing units of the Fund via any institutional/
retail agent.

Note:
12. Switching can only be made from ASN to ASB, or vice versa, or among the three Funds under ASG, namely
ASG-Pendidikan, ASG-Kesihatan and ASG-Persaraan.
Switching is a facility provided to you whereby you can redeem your investment in ASN and re-invest in ASB, or
vice versa, by filling in the appropriate form. This eliminates the normal process of redemption and re-investment
since only one form is involved. There is no limit to the frequency of switching between ASN and ASB. However,
switching from ASB to ASN is subject to the sales charge, at the discretion of the Manager.
If you have subscribed in any of the Funds under ASG, you may switch between these Funds by filling in the
appropriate form. The switching facility in ASG is limited to 4 times in any financial year.
13. Subject to rules and regulations of the EPF Members’ Investment Scheme. Presently, investment in a Fund will
be charged with a service fee that is payable to the EPF on an annual basis. Please refer to Section 8.1 for more
information. All investors are required to invest in the stipulated Minimum Initial Investment in the Investment
Book prior to investing through the EPF Members’ Investment Scheme.
14. Dividend Re-investment option for Investment Book:

Re-invested as additional units in your account, at NAV per unit or at RM1.00 a unit (whichever relevant), subject
to availability of the units of the Fund.
Dividend Reinvestment option for EPF Members’ Investment Scheme:

Re-invested as additional units, at NAV per unit or at RM1.00 a unit (whichever relevant), to the EPF investment,
subject to availability of the units of the Fund. If the units of the Fund are fully subscribed, the distribution amount
will be paid to the EPF and to be credited into Account 1 of your EPF Members’ account.
For details on transaction information of the Funds, you may refer to Chapter 9: Transaction Information.
retail agent.

4. RISK FACTORS
Any investment carries with it an element of risk. Therefore, prior to making an investment, prospective
INVESTORS should consider the following risk factors in addition to the other information set out in this
prospectus.
4.1 GENERAL RISKS OF INVESTING IN UNIT TRUST FUND
1. Fund Management Risk
The selection of securities which make up the assets of the Funds is a subjective process. Securities
selected by the investment manager may perform better or worse than the overall stock market, or as
compared to portfolios selected by their competitors.
This risk is managed by having a professional and experienced fund manager who is responsible to
make fully informed decisions regarding investment.
2. Liquidity Risk
Liquidity risk refers to the Fund’s ability to convert an investment into cash without incurring an overly
significant loss in value, If a security encounters a liquidity crunch, the security may need to be sold at a
discount to the fair market value of the security. This in turn may affect the performance of the Funds or
the ability of the Fund to honour requests for redemption by unitholders.
The risk can be minimised by actively managing asset allocation of the Fund and maintaining sufficient
level of liquid assets to meet anticipated payments and cancellation of units by Unitholders.
3. Inflation/Purchasing
Inflation / PurchasingPower
PowerRisk
Risk
A unit trust fund is subject to the risk of an investor’s investment not growing proportionately to the
inflation rate thus decreasing the investor’s purchasing power even though the investment in monetary
terms has increased. The risk can be minimised by investing in securities that can provide a real rate of
return that equals or exceed the inflation rate.
4. Loan Financing Risk
The risk occurs when you take a loan provided by a financial institution to finance your purchase of
units. Investing in a Fund using borrowed money is more risky than investing using your own money.
The inherent risk of investing with borrowed money includes the ability to service loan repayments and
the effect of increases in interest rates and your ability to provide additional collateral should the return
or the unit price of a Fund falls beyond certain level.
The Unit Trust Loan Financing Risk Disclosure Statement Form attached (please refer to page 144)
sets out the risks in detail.
www.asnb.com.my | 4. RISK FACTORS 27

5. Non-Compliance Risk
The operations and administration of the Funds by the Manager are governed by the Deed, all
applicable laws and regulations. Non-adherence may potentially affect the performance of Fund. The
risk could be minimised by imposing stringent internal controls and ensuring that compliance monitoring
are undertaken through regular audit and cross-departmental checking. The risk is mitigated further with
the presence of the Trustee who is appointed to oversee the functions of the management of the Funds.
6. Operational Risk
The risk of loss to you arising from inadequacies in, or failures of, our internal procedures and controls
for monitoring and quantifying the risks and contractual obligations associated with investments in a
Fund. Although the occurrence of such events is very unlikely, the Manager seeks to mitigate the risk
through the establishment of systematic operational procedures and stringent internal controls.
4.2 SPECIFIC INVESTMENT RISKS
1. Capital Market Risk
The performance of unit trust funds is subject to fluctuations in the capital market, which includes the
stock market and other securities market which may affect the value of investments positively or
negatively. The capital market is influenced by certain factors such as changes in the economic climate,
movement in interest rates, changes in the political and social environment and the performance of
overseas capital markets.
The risk is managed through constant monitoring of the asset allocation and to undertake prompt
response of any adverse condition to ensure minimum impact. The Funds also will be constructed in a
manner that the portfolio is well diversified across securities, asset classes and market sectors.
2. Specific Risk or Stock Risk
Specific risk or stock risk is the portion of risk which is unique to the issuer of the securities. Typically,
specific risk can be associated with management errors, shift in consumer taste, advertising campaigns,
lawsuits and competitive industry conditions. The risk is minimised through investing in wide range of
companies in different sectors and thus function independently from one another.
3. Credit/Default Risk
Credit risk refers to the possibility that the issuer of a fixed income security or bond may not be able to
make interest payments or repay the principal in a timely manner. This will translate to losses that will
reduce the value of a Fund.
The credit risk is managed by ensuring the Funds will only invest in fixed income instruments which are
considered safe and have good credit ratings.

4. Currency Risk (if applicable)
Currency risk or foreign exchange risk is a risk associated investments that are in foreign currencies
denomination. When foreign currencies fluctuate in an unfavourable movement against the RM, the
investment may face currency loss in addition to the capital gains/losses. This may in turn affect the
performance of the Funds. The risks could be minimised by diversifying the investments across differing
currencies or by hedging the currencies when it is deemed necessary.
5. Fluctuation in NAV (where applicable)
The fluctuations in the prices of securities held in the investment portfolio of a variable-price Fund may
cause the NAV or prices of units to be volatile as well. Therefore, the income produced by the Fund
particularly income from sale of investments may also fluctuate. This risk can be managed by the very
nature of the Fund that invest in a well diversified portfolio of securities across asset classes and market
sectors so that the volatility of the NAV could be minimised.
Please refer to the specific Fund for details of principal risks on investing in each Fund in Sections 3.1 to
3.10.

5. INFORMATION ON THE FUNDS

5.1 GENERAL INFORMATION ON THE FUNDS’ OBJECTIVE AND STRATEGY
15
Funds Investment Objective15 Asset Allocation Strategy
ASN To generate reasonable level of distribution The Fund will invest up to 90% of its NAV in
income and capital appreciation to the equities, while maintaining at least 10% in
Unitholders through a diversified portfolio of other capital market instruments, inclusive of
investments. liquid assets.
ASN 2 To provide Unitholders with a reasonable The Fund will invest up to 90% of its NAV in
dividend yield as well as capital appreciation equities, while maintaining at least 10% in
at an acceptable level of risk through other capital market instruments, inclusive of
investments made in accordance with the liquid assets.
Deed, the Guidelines and securities law in a
diversified portfolio of securities, principally in
Malaysian equity securities.
ASN 3 To generate capital growth over the medium The Fund will invest up to 75% of its NAV in
to long-term period by investing in a equities while maintaining at least 25% in
balanced portfolio of investments and other capital market instruments, inclusive of
through re-investment of distribution, if any. liquid assets.
ASG- To provide investment opportunity which The Fund will invest between 20% and 70%
PENDIDIKAN generates reasonable long-term growth and of its NAV in fixed income securities and
returns to meet part or all of the periodic cash equivalent, and the remainder in
liquidity requirements of the Unitholders and equities and other capital market instruments.
enable them to fulfil the financial planning
needs for education of the Unitholders and/or
their children and/or charges.
ASG- To provide investment opportunity which The Fund will invest up to 90% of its NAV in
KESIHATAN generates reasonable long-term growth and equities, while maintaining at least 10% in
returns to fulfil part or all of the immediate other capital market instruments, inclusive of
liquidity requirements to enable the liquid assets.
Unitholders and/or their children and/or
charges to continuously meet their ongoing
medical requirements in the long-term.
ASG- To provide investment opportunity which The Fund will invest between 20% and 80%
PERSARAAN generates reasonable long-term growth and of its NAV in fixed income securities and
returns, and a reliable income stream to cash equivalent, and the remainder in
enable the Unitholders and/or their children equities and other capital market instruments.
and/or charges to meet part or all of their
retirement needs.
ASB To generate long-term, consistent and The Fund seeks to achieve its objective by
competitive returns to the Unitholders whilst investing up to 95% of its VOF in equities,
ensuring the preservation of capital at while maintaining at least 5% in other capital
minimal risk tolerance level. market instruments, inclusive of liquid assets.
The investment strategy will also be designed
to preserve the capital of the Fund in the
long-term period while at the same time to
seek potential income from its investment.
www.asnb.com.my | 5.INFORMATION ON THE FUNDS 30

15
Funds Investment Objective 15 Asset Allocation Strategy
ASW 2020 To provide reasonable level of regular The Fund seeks to achieve its objective by
distribution income to Unitholders from investing up to 95% of its VOF in equities,
investments in a selected portfolio of while maintaining at least 5% in other capital
authorised investments. market instruments, inclusive of liquid assets.
ASM To provide Unitholders with a long-term The Fund seeks to achieve its objective by
investment opportunity that generates regular investing up to 95% of its VOF in equities,
and competitive returns through a diversified while maintaining at least 5% in other capital
portfolio of investments. market instruments, inclusive of liquid assets.
ASD To provide investment opportunity that The Fund seeks to achieve its objective by
generates reasonable long-term growth and investing up to 95% of its VOF in equities,
return. while maintaining at least 5% in other capital
market instruments, inclusive of liquid assets.
AS 1Malaysia To provide regular and consistent income The Fund seeks to achieve its objective by
stream whilst preserving the Unitholders’ investing up to 90% of its VOF in equities,
investment capital over a long term horizon while maintaining at least 10% in other
through a diversified portfolio of investment. capital market instruments, inclusive of liquid
assets.The investment strategy will also be
designed to preserve the capital of the Fund
in the long-term period while at the same
time to seek potential income from its
investment.
Note:
15. Any material change to the investment objectives of the Funds would require Unitholders’ approval.

5.2 GENERAL INFORMATION ON THE BENCHMARK
Funds Benchmark
ASB, ASW 2020, ASM, ASD The performance of these Funds is benchmarked against the performance of
and AS 1Malaysia other instruments that have similar features with that of the Funds. Being a fixed
price Funds, the return to Unitholders of the Funds will mainly be in the form of
the Fund’s
Fund’s income
income distribution
distribution yield.
yield.For
ForASB,
ASB,ASW
ASW2020,
2020, ASM,
ASM andASD
ASD and
the
AS 1Malaysia
return the return will
will be benchmarked be benchmarked
against against the
the 3-month KLIBOR which3-month KLIBOR
is obtainable at
any commercial
which bank.
is obtainable For commercial
at any AS 1Malaysia the For
bank. return
ASwill be benchmarked
1Malaysia the returnagainst
will be
the average ofagainst
benchmarked the 5-year
the MGS yieldofwhich
average can beMGS
the 5-year obtained
yieldatwhich
Bank can
Negarabe
Malaysia’s
obtained at(BNM) websiteMalaysia’s
Bank Negara and Bloomberg.
(BNM) website and Bloomberg.
ASN, ASN2, ASN3, The performance of these Funds is expressed in terms of the respective Fund’s
ASG-Pendidikan, Total Returns, benchmarked against a pre-determined customised benchmark,
ASG-Kesihatan and which is a composition of FBM 100 or any equivalent Bursa Malaysia indices and
ASG-Persaraan the 3-month KLIBOR. Both benchmarks are obtainable at Bursa Malaysia and
commercial banks respectively.
Funds Customised Benchmark

FBM 100 (%) 3-month KLIBOR (%)
ASN 80 20
ASN2 80 20
ASN3 50 50
ASG-Pendidikan 60 40
ASG-Kesihatan 70 30
ASG-Persaraan 40 60

5.3 ASN
INVESTMENT POLICIES AND PRINCIPAL INVESTMENT STRATEGIES
The investment policy of ASN is to invest in a diversified portfolio of listed securities, primarily on the Bursa Malaysia,
unlisted securities, fixed income and money market instruments as well as other capital market instruments such as
structured products and derivatives. The Fund may also invest in fixed income securities carrying at least “BBB”
rating by RAM, or any equivalent rating agency. The types of structured products that the Fund may invest include
structured products with exposure linked to one or more assets such as equities, interest rates indices or any other
underlying. For the derivatives, the Fund may invest in warrants, options and any other derivatives as approved by
the Deed. The Fund may adopt a defensive strategy depending on changes in economic and stock market
conditions.
The Fund’s strategy is to diversify among asset classes between equity and other instruments depending on the
country’s economic situation, stock market conditions and interest rate movements. The Fund also stresses on
diversifying its equity portfolio through sectoral allocation. The strategy is to minimize the volatility of the portfolio and
generate competitive returns in the long term.
Asset Allocation
The Fund will invest up to 90% of its NAV in equities, while maintaining at least 10% in other capital market
instruments, inclusive of liquid assets.
Permitted Investments
The Fund may invest in equities quoted on any recognised stock exchange and any other capital market
instruments, deposits at calls, Government securities, bankers’ acceptances, negotiable certificates of deposit
and any other kind of investment as prescribed under the definition of Authorised Investments in the Deed.
Sectors/stock selection
• Sectors are selected by adopting a top-down approach in sectors with growth potential and higher returns,
whilst a bottom-up approach is applied for selection of investment.
• Stock selection for listed and unlisted securities will be based on fundamental analysis of the companies,
which include among others the financial strength, management capability, prospects of the industry as well
as its business cycle.
• The selection for fixed income securities is based on the interest rate outlook, potential returns, tenor and
yields at reasonable level of risks.
• The Fund may invest in structured products; selection of structured products will only be made after a
thorough analysis has been conducted using prevailing analytical tools. The Fund will place particular
emphasis on diversity in terms of strategy of the underlying assets for each structured product.
Temporary Defensive Position

The Fund may take temporary defensive positions such as reducing exposure in respective permitted
investments and increasing the exposure in cash in response to adverse economic and any other market
conditions such as changes in interest rate policy.

RISK MANAGEMENT STRATEGIES
The Fund’s risks are actively managed through the diversification of the portfolio in terms of asset allocation and
sectoral allocation. The risks are minimised through the exposure limit on the sectoral and securities weightings
depending on the economic and stock market conditions. The Fund adopts an active trading strategy through
portfolio rebalancing depending on the expected risk and return on securities invested and changes in the market.
ASN INVESTMENT RESTRICTIONS AND LIMITS
Investment Exposure/Spread Limits

1. Investments in unlisted securities. 40% of NAV.
2. Investments in ordinary shares issued by any single issuer. 40% of NAV.
3. Investments in transferable securities and money market instruments issued by 40% of NAV.
any single issuer.
4. Placement in deposits with any single institution. 20% of NAV.
5. Over-the-counter (OTC) derivative transaction with any single counter-party. 10% of NAV.
6. Investments in structured products issued by a single counter-party. 15% of NAV.
7. Aggregate investments in transferable securities, money market instruments, 25% of NAV.
deposits, OTC derivatives and structured products issued by or placed with any
single issuer/ institution.
8. Investments in units/shares of any collective investment scheme. 20% of NAV.

any group of companies.
10. Cash borrowings. 33.3% of NAV.

Investment Concentration Limits
11. Investments in transferable securities (other than debentures). 40% of securities issued.
12. Investments in debentures. 40% of securities issued.
13. Investments in money market instruments. 40% of instruments issued.
14. Investments in collective investment schemes. 40% of units/shares issued.

5.4 ASN 2
The investment policy of ASN 2 is to invest in a diversified portfolio of listed securities, primarily on the Bursa
Malaysia, unlisted securities, fixed income and money market instruments as well as other capital market instruments
such as structured products and derivatives. The Fund may also invest in fixed income securities carrying at least
“BBB” rating by RAM, or any equivalent rating agency. The types of structured products that the Fund may invest
include the structured product with exposure linked to one or more assets such as equities, interest rates indices or
any other underlying. For the derivatives, the Fund may invest in warrants, options and any other derivatives as
approved by the Deed. The Fund may adopt a defensive strategy depending on changes in economic and stock
market conditions.
Asset Allocation


ASN 2 INVESTMENT RESTRICTIONS AND LIMITS

any single issuer.

10. Cash borrowings. 10% of NAV.

5.5 ASN 3
The investment policy of ASN 3 is to invest in a diversified portfolio of listed securities, primarily on the Bursa
market conditions.
Asset Allocation
The Fund will invest up to 75% of its NAV in equities while maintaining at least 25% in other capital market


ASN 3 INVESTMENT RESTRICTIONS AND LIMITS

any single issuer.

10. Cash borrowings. 33.3% of NAV.


5.6 THE THREE FUNDS UNDER THE UMBRELLA OF ASG

(ASG – Pendidikan, ASG – Kesihatan, ASG – Persaraan)
The investment policy of ASG is to invest in a diversified portfolio of listed securities, primarily on the Bursa Malaysia,
structured products and derivatives. The Fund may also invest in fixed income securities carrying at least “A” rating
by RAM, or any equivalent rating agency. The types of structured products that the Fund may invest include the
structured product with exposure linked to one or more assets such as equities, interest rates indices or any other
conditions.
Asset Allocation
ASG-Pendidikan
The Fund will invest between 20% and 70% of its NAV in fixed income securities and cash equivalent, and the
remainder in equities and other capital market instruments.
ASG-Kesihatan
ASG-Persaraan
The Fund will invest between 20% and 80% of its NAV in fixed income securities and cash equivalent, and the
remainder in equities and other capital market instruments.


ASG INVESTMENT RESTRICTIONS AND LIMITS

any single issuer.

10. Cash borrowings. 10% of NAV.
Investment Concentration – Collectively Limits

5.7 ASB
The investment policy of ASB is to invest in a diversified portfolio of listed securities, primarily on the Bursa Malaysia,
the structured product with exposure linked to one or more assets such as equities, interest rates indices or any other
conditions.
diversifying its equity portfolio through sectoral allocation. The strategy is to preserve the value of the capital and
Asset Allocation
The Fund seeks to achieve its objective by investing up to 95% of its VOF in equities, while maintaining at least
5% in other capital market instruments, inclusive of liquid assets. The investment strategy will also be designed
to preserve the capital of the Fund in the long-term period while at the same time to seek potential income from
its investment.
The Fund may invest in stocks, shares or debentures of any company listed on the Bursa Malaysia or on any
Eligible Market, units of unit trust fund, and/or deposits at call with any financial institution. The Fund may also
invest in bankers’ acceptances, negotiable certificate of deposits and other negotiable instruments approved by
Bank Negara Malaysia from time to time and any other kind of investment as prescribed under the definition of
Authorised Investments in the Deed.


ASB INVESTMENT RESTRICTIONS AND LIMITS

1. Investments in unlisted securities. 20% of VOF.
2. Investments in ordinary shares issued by any single issuer. 30% of VOF.
3. Investments in transferable securities and money market instruments issued by 40% of VOF.
any single issuer.
4. Placement in deposits with any single institution. 20% of VOF.

5. Over-the-counter (OTC) derivative transaction with any single counter-party. 10% of VOF.
6. Investments in structured products issued by a single counter-party. 15% of VOF.
7. Aggregate investments in transferable securities, money market instruments, 40% of VOF.
single issuer/institution.
8. Investments in units/shares of any collective investment scheme. 20% of VOF.

10. Cash borrowings. 10% of VOF.


5.8 ASW 2020
The investment policy of ASW 2020 is to invest in a diversified portfolio of listed securities, primarily on the Bursa
market conditions.
Asset Allocation
its investment.


ASW 2020 INVESTMENT RESTRICTIONS AND LIMITS

any single issuer.




5.9 ASM
The investment policy of ASM is to invest in a diversified portfolio of listed securities, primarily on the Bursa Malaysia,
conditions.
Asset Allocation
its investment.


ASM INVESTMENT RESTRICTIONS AND LIMITS

any single issuer.

10. Cash borrowings. 33.3% of VOF.


5.10 ASD
The investment policy of ASD is to invest in a diversified portfolio of listed securities, primarily on the Bursa Malaysia,
conditions.
Asset Allocation
its investment.


ASD INVESTMENT RESTRICTIONS AND LIMITS

any single issuer.

10. Cash borrowings. 33.3% of VOF.


5.11 AS 1MALAYSIA
The investment policy of AS 1Malaysia is to invest in a diversified portfolio of listed securities, on the Bursa Malaysia
or on recognised overseas stock exchange, unlisted securities, fixed income and money market instruments as well
as other capital market instruments in Malaysia, and in any recognised market as approved in the Deed of AS
1Malaysia. The Fund may also invest in fixed income securities carrying at least “BBB” rating by RAM or MARC for
domestic issues, or by international rating agencies such as Moody or Standard & Poors for international issues.
To achieve the Fund’s objective of providing regular and consistent return, whilst outperforming the 5-year MGS
return, the Fund will diversify its investments among asset classes between equities, fixed income and other financial
instruments depending on the country’s economic situation, stock market conditions, interest rate movements and
other relevant fundamental factors. The Fund stresses on diversifying its portfolio through asset allocation in equities,
money market and fixed income securities. The strategy is to preserve the value of the capital and generate
competitive returns in the long-term.
Asset Allocation
The Fund seeks to achieve its objective by investing up to 90% of its VOF in equities, while maintaining at
least 10% in other capital market instruments, inclusive of liquid assets. The investment strategy will also be
designed to preserve the capital of the Fund in the long-term period while at the same time to seek potential
income from its investment.
The Fund is allowed to invest in securities of companies listed on the Bursa Malaysia or on any Eligible
Market, or which has obtained approval for listing from relevant authorities, unlisted equities, units of unit
trust funds or collective investment schemes, Government securities, private debt securities, and/or dep osits
at call with any financial institution. The Fund may also invest in banker’s acceptances, negotiable certificate
of deposits or any other kind of investment as prescribed under the definition of Permitted Investments in the
Deed.
The investment in equities may include primarily blue chip stocks as well as high yielding and value shares
which could generate more regular income stream and maintaining the volatility of portfolio at reasonably
low level.
The Fund may also diversify its portfolio into international markets as permitted under the Guidelines and by
its Deed to mitigate its risk level as well as to generate enhanced return to the Fund.
Country allocation is done via top-down approach based on economic factors such as economic growth,
interest rates, currency, as well as other fundamental factors such as market valuation, earnings growth
potential and expected returns from the country.
Sectors are selected by adopting a top-down approach in sectors with growth potential and higher returns.
The Fund adopts a bottom-up approach in stock selection. Stock selection for listed and unlisted securities
will be based on fundamental analysis of the companies, which include among others the financial strength,
management capability, prospects of the industry as well as its business cycle.
The selection for fixed income securities is based on the interest rate outlook, potential returns, investment
ratings, tenor and yields at reasonable level of risk.
The Fund may invest in structured products where selection of structured products will only be made after a
thorough analysis has been conducted based on prevailing analytical tools. The Fund will place particular


• The Fund may take temporary defensive positions such as reducing exposure in respective permitted
The Fund’s risks are actively managed through diversification of the portfolio in terms of asset allocation, country
allocation and sectoral allocation. The risks are minimised through the exposure limit in equity as well as on the
sectoral and company weightings depending on the economic and stock market conditions. The Fund adopts an
active trading strategy through portfolio rebalancing depending on the expected risk and return on securities invested
and changes in the market.
AS 1MALAYSIA INVESTMENT RESTRICTIONS AND LIMITS

any single issuer.



5.12 BASES OF VALUATION FOR INVESTMENTS
Valuation bases for all types of assets invested or to be invested by the Fund, including treatment for suspended
counters.
5.12.1 Bases of Valuation on Investments for ASN, ASN2, ASN3, ASG-Pendidikan, ASG-Kesihatan and
ASG-Persaraan
Types Valuation
Quoted investments and Fixed Income Valuation is conducted at mid-day and the end of each Business
Securities Day based on the last done market price primarily listed on the
Bursa Malaysia or any Eligible Market approved by the relevant
authorities.
Unquoted Fixed Income and Debt Securities Valuations are carried out on a daily basis using fair value prices
quoted by a Bond Pricing Agency (BPA) registered with the SC. If
the Manager is of the view that the price quoted by the BPA for a
specific bond differs from the ‘market price’ by more than 20 basis
points, the Manager may use the ‘market price’ provided that the
Manager adheres to the requirements stipulated by the SC. The
net change in the unrealised gain/(loss) is credited/charged to the
investment revaluation reserve.
Unlisted Collective Investment Scheme Valuation is based on the last published repurchase price.
Other Unquoted Investments Valuation is based on methods deemed fair and reasonable,
determined by the Manager, verified by the Auditors and approved
by the Trustee.
Money Market Instruments Valuation is at cost, adjusted for amortization of premium on

accretion of discount over their par value at the time of acquisition,
less provision for any diminution in value.
Deposits with Financial Institutions Valuation is done based on the nominal value and accrued
interest.
Suspended counters Valuation is based on their last traded price.
Overseas Investment (if applicable) Valuation is based on the last done market price of the respective
stock market, translated based on the latest prevailing foreign
exchange rate as at reporting date.
5.12.2 Bases of Valuation on Investments for ASB, ASW 2020, ASM, ASD and AS 1Malaysia
Types Valuation
Quoted investments and Fixed Income Valuation is at cost less provision for permanent diminution in value
Securities of investment.
Unquoted Fixed Income and Debt Securities Valuation is at cost less provision for any permanent diminution in
value and where applicable, adjusted for amortisation of premium
or accretion of discount from acquisition date to maturity dates.

Types Valuation
Unlisted Collective Investment Scheme Valuation is at cost less provision for any permanent diminution in
value.
Other Unquoted Investments Valuation is at cost less provision for permanent diminution in value
of investment.
Money Market Instruments Valuation is at cost, adjusted for amortization of premium on

accretion of discount over their par value at the time of acquisition,
less provision for any diminution in value.
Deposits with Financial Institutions Valuation is done based on the nominal value and accrued interest.
Suspended counters Valuation is at cost less provision for permanent diminution in value
of investment.
Overseas Investment (if applicable) Carrying value in Ringgit Malaysia is translated based on the latest
prevailing foreign exchange rate as at reporting date.
5.13 POLICY IN RESPECT OF VALUATION POINT(S) TO DETERMINE THE NAV OF THE FUND
To determine the NAV of the Fund including policy in respect of timing for valuation of a Fund’s foreign investment
and frequency of valuation of the Fund’s objective.
For ASN, ASN2, ASN3, ASG-Pendidikan, ASG-Kesihatan and ASG-Persaraan
Valuation is done at mid-day and at the end of each Business Day. As the NAV per unit is determined using historical
pricing, the NAV per unit published today is based on the valuation of the Funds at the end of the preceding Business
Day, at the close of the Bursa Malaysia.
Please take note that the Manager may re-price the units, if their respective NAVs differ by more than 5% from their
NAVs at the previous valuation point due to material market movement. Upon such event, you are advised to refer to
any ASNB office or agents to get the latest update.
For ASB, ASW 2020, ASM, ASD and AS 1Malaysia
As the units are transacted at a fixed price of RM1.00 per unit, it is not necessary to value the units on each Business
Day.

6. PERFORMANCE OF THE FUNDS

This section covers the following Funds:
Funds Refer
ASN Page 55
ASN2 Page 56
ASN3 Page 57
ASG-Pendidikan Page 58 - 59
ASG-Kesihatan Page 58 - 59
ASG-Persaraan Page 58 - 59
ASB Page 60
ASW 2020 Page 61
ASM Page 62
ASD Page 63
AS 1Malaysia Page 63
Notes:
The following are the basis of calculation and any assumption made in calculating the returns:
1. The average total return and average annual returns of the Funds presented on pages 55 to 59 are
calculated on NAV-to-NAV basis with the following assumptions:
The NAV reflects the actual amount of Funds a fund manager has to invest/ work with.
Income Distribution is re-invested.
No purchase and redemption.
No sales charge.
2. Annualised returns for all variable-price funds are derived by the rate of returns on an annual basis over
the entire period of investment.
The formula for annualised return is as follows:

1/n
[(1 + r1) (1 + r2)…..(1 + r n )] - 1 x 100
Whereby, r = annual return n = number of years
3. The annual total return is computed as follows:-
Capital Return : NAV per unit after dividend distribution - 1 x 100

NAV per unit beginning of the year
Income Return : Dividend Distribution per unit x 100

NAV per unit after dividend
Total Return : ( 1 + Capital Return ) x ( 1 + Income Return ) - 1 x 100

100 100
www.asnb.com.my | 6. PERFORMANCE OF THE FUNDS 53

4. The average total returns for all fixed-price Funds presented on pages 60 to 63 are calculated as follows:
a) 1 - year return is income distribution for that year.
b) 3 - year return is income distribution for that year plus the dividend distribution for the previous two
years divided by 3.
c) 5 - year return is income distribution for that year plus the dividend distribution for the previous four
years divided by 5.
d) Since inception return is the income distribution made by the Fund since launched.
e) The rate for 3-month KLIBOR which is more than one year will be computed based on the average
rate at the end of financial year of respective Fund.
f) The average total return of the Funds refers to the average distribution of income in sen per unit.
Distribution of bonus of ASB, paid by PNB (if any), is based on minimum monthly balance for 10
years. PNB does not guarantee that bonus payments will be made every year.
Please visit our website at www.asnb.com.my for the latest updates on Fund performance.
Past performance of the Funds is not an indication of future performance.

6.1 PERFORMANCE OF ASN
 Annualised Total Return

ASN (financial year ended December 31, 2009)
1-year 3-year 5-year 10-year
ASN (%) 43.41 6.59 9.73 10.57
Benchmark (%) 37.80 5.17 6.30 4.56
 Annual Total Return

ASN (financial year ended December 31)
2009 2008 2007 2006 2005 2004 2003 2002 2001 2000 Since
Inception
ASN (%) 43.41 -34.04 28.03 35.60 -3.13 11.30 22.23 -1.38 9.68 16.67 87.61
Benchmark (%) 37.80 -33.58 27.09 18.93 -1.90 12.59 17.66 -1.11 2.26 -14.05 45.17
Distribution Record
2009 2008 2007
Gross and Net Distribution Per Unit (sen) 5.20 5.50 6.25
Distribution was re-invested as additional units in your account.
 Portfolio Turnover Ratio

(financial year ended December 31)
2009 2008 2007
PTR (times) 0.52 0.23 0.38
The Portfolio Turnover Ratio for 2009 has increased due to higher acquisitions and disposals of investments.
 The asset allocation of ASN for the last three financial years ended December 31 are as follows:
Asset Allocation 2009 (%) 2008 (%) 2007 (%)
Equity investments 85.65 77.74 83.00

Other capital market instruments 14.35 22.26 17.00
Total 100.00 100.00 100.00

Significant change due to:
2009 - 2008: Acquisition of equities and increase in value of equities as the stock market performed positively.
2008 - 2007: Lower return on equity investment.

6.2 PERFORMANCE OF ASN 2

ASN 2 (financial year ended June 30, 2009)
ASN 2 (%) -2.53 10.84 8.12 5.88
Benchmark (%) -6.16 5.50 5.05 3.42

ASN 2 (financial year ended June 30)
2009 2008 2007 2006 2005 2004 2003 2002 2001 2000 Since
Inception
ASN 2 (%) -2.53 -0.39 40.24 3.19 5.16 14.00 1.69 20.67 -18.22 4.75 77.05
Benchmark (%) -6.16 -9.88 38.85 4.06 4.68 14.53 -0.76 22.12 -25.01 5.14 39.98
Distribution Record
2009 2008 2007
Distribution was re-invested as additional units in your account, including investments made through EPF Members’
Investment Scheme.

(financial year ended June 30)
2009 2008 2007
PTR (times) 0.28 0.35 0.64
The Portfolio Turnover Ratio for 2009 has decreased compared to the previous year due to lower acquisition and
disposal of investment.
 The asset allocation of ASN 2 for the last three financial years ended June 30 are as follows:

Total 100.00 100.00 100.00

2008 - 2007: Lower return on equity investment.

6.3 PERFORMANCE OF ASN 3

ASN 3 (financial year ended November 30, 2009)
1-year 3-year 5-year Since
Inception
ASN 3(%) 21.96 6.61 6.23 6.86
Benchmark (%) 23.43 4.81 5.08 6.46

ASN 3 (financial year ended November 30)
2009 2008 2007 2006 2005 2004 2003 2002 2001 2000 Since
Inception
ASN 3(%) 21.96 -17.96 21.10 13.41 -1.54 6.63 18.77 -0.80 - - 69.98
Benchmark (%) 23.43 -19.92 16.48 11.96 -0.59 9.72 13.38 3.51 - - 65.00
Distribution Record
2009 2008 2007
Distribution was re-invested as additional units in your account, including investments made through the EPF
Members’ Investment Scheme.

(financial year ended November 30)
2009 2008 2007
PTR (times) 0.45 0.30 0.53
The Portfolio Turnover Ratio for 2009 has increased compared to the previous year due to higher acquisitions and
disposals of investments.
 The asset allocation of ASN 3 for the last three financial years ended November 30 are as follows:

Total 100.00 100.00 100.00
2008 - 2009: Net acquisition of equities and increase in value of equities as the stock market performed positively.
2008 - 2007: Higher disposals of shares.

6.4 PERFORMANCE OF ASG

(financial year ended March 31, 2010)
ASG 1-year 3-year 5-year Since
Inception
ASG-Pendidikan (%) 33.98 5.68 7.58 6.69
Benchmark (%) 31.82 2.87 6.79 8.01
ASG-Kesihatan (%) 37.42 4.66 7.78 7.33
Benchmark (%) 37.37 2.71 7.31 8.76
ASG-Persaraan (%) 31.06 5.68 7.75 6.89
Benchmark (%) 21.28 3.08 5.67 6.44

ASG (financial year ended March 31)
Since
2010 2009 2008 2007 2006 2005 2004 2003 2002 2001
Inception
ASG-Pendidikan (%) 33.98 -15.45 4.20 17.87 3.59 -3.75 13.44 - - - 57.36
Benchmark (%) 31.82 -18.97 1.92 22.51 4.13 -1.53 25.37 - - - 71.46
ASN-Kesihatan (%) 37.42 -20.22 4.58 21.89 4.07 -3.12 16.46 - - - 64.09
Benchmark (%) 37.37 -22.32 1.55 25.92 4.29 -2.29 29.43 - - - 79.96
ASN-Persaraan (%) 31.06 -14.47 5.28 18.53 3.84 -1.05 10.92 - - - 59.43
Benchmark (%) 21.28 -11.96 2.60 15.89 3.79 -0.03 17.53 - - - 54.80
Distribution Record
Gross and Net Distribution Per Unit (sen) 2010 2009 2008
ASG-Pendidikan 5.50 5.50 7.00
ASG-Kesihatan 6.00 6.00 7.25
ASG-Persaraan 5.00 5.00 6.75
Distribution was re-invested as additional units in your account, including investments made through the EPF
Members’ Investment Scheme.

(financial year ended March 31)
PTR (times) 2010 2009 2008
ASG-Pendidikan 0.34 0.26 0.33
ASG-Kesihatan 0.36 0.26 0.37
ASG-Persaraan 0.32 0.19 0.33
The Portfolio Turnover Ratio for 2010 has increased compared to the previous year due to higher acquisitions and
disposals of investments.

 The asset allocation of ASG for the last three financial years ended March 31 are as follows:
ASG-Pendidikan 2010 (%) 2009 (%) 2008 (%)

Total 100.00 100.00 100.00

2009 - 2008: Net acquisitions of equities and increase in value of equities as the stock market performed positively.
ASG-Kesihatan 2010 (%) 2009 (%) 2008 (%)

Total 100.00 100.00 100.00
2009 - 2008: Net acquisitions of equities and increase in value of equities as the stock market performed positively.
ASG-Persaraan 2010 (%) 2009 (%) 2008 (%)

Total 100.00 100.00 100.00
2009 - 2008: Positive performance of equities market.

6.5 PERFORMANCE OF ASB
 Average Total Return

ASB (financial year ended December 31, 2009)
Distribution (in sen) 7.30 7.43 7.37 7.51
Bonus (in sen) 1.25 1.33 1.40 1.80
Benchmark (%) 2.23 3.14 3.25 3.16
The average annual return for the Fund refers to the distribution of income in sen per unit. Distribution of bonus of
ASB, paid by PNB (if any), is based on minimum monthly balance for 10 years. PNB does not guarantee that bonus
payment will be made every year.

(financial year ended December 31)
Since
ASB 2009 2008 2007 2006 2005 2004 2003 2002 2001 2000
Inception
Distribution (in sen) 7.30 7.00 8.00 7.30 7.25 7.25 7.25 7.00 7.00 9.75 164.60
Bonus (in sen) 1.25 1.75 1.00 1.25 1.75 2.00 2.00 2.00 3.00 2.00 55.25
Benchmark (%) 2.23 3.61 3.57 3.65 3.20 2.80 2.87 3.13 3.27 3.25 99.76
The annual total return for the Fund refers to the distribution of income in sen per unit as at the end of the financial
year.
Distribution Record
2009 2008 2007
Distribution was re-invested as additional units of ASB in your ASB account. Bonus payment is made by PNB. PNB
does not guarantee that bonus payment will be made every year.

(financial year ended 31 December)
2009 2008 2007
PTR (times) 0.29 0.17 0.18
The Portfolio Turnover Ratio for 2009 has increased compared to the previous year due to a higher percentage
increase in the average transactional value compared to the percentage increase in the VOF.
 The asset allocation of ASB for the last three financial years ended December 31 are as follows:

Total 100.00 100.00 100.00
2008-2007: Increase in Fund size and higher percentage fall in market value of equity investment compared to
percentage fall in the market value of fixed income and other capital market securities.

6.6 PERFORMANCE OF ASW 2020

ASW 2020 (financial year ended August 31, 2009)
Bonus (in sen) - - - -
Benchmark (%) 2.16 3.12 3.09 3.06
The average total return for the Fund refers to the average distribution of income in sen per unit.

ASW 2020 (financial year ended August 31)
2009 2008 2007 2006 2005 2004 2003 2002 2001 2000 Since
Inception
Bonus (in sen) - - - - - - - - - - 2.00
Benchmark (%) 2.16 3.63 3.57 3.22 2.89 2.81 2.90 2.86 3.28 3.30 50.87
year.
Distribution Record
2009 2008 2007
Distribution was re-invested as additional units of ASW 2020 in your ASW 2020 account.

(financial year ended August 31)
2009 2008 2007
PTR (times) 0.20 0.24 0.40
The Portfolio Turnover Ratio for 2009 has decreased compared to the previous year due to a lower percentage
 The asset allocation of ASW 2020 for the last three financial years ended August 31 are as follows:

Total 100.00 100.00 100.00

2009 - 2008: Higher disposals of shares through the stock market.
2008 - 2007: Increase in Fund size.

6.7 PERFORMANCE OF ASM

ASM (financial year ended March 31, 2010)
Benchmark (%) 2.54 2.74 3.01 2.99

ASM (financial year ended March 31)
2010 2009 2008 2007 2006 2005 2004 2003 2002 2001 Since
Inception
Benchmark (%) 2.54 2.08 3.60 3.59 3.22 2.80 2.85 2.90 3.24 3.04 29.86
year.
Distribution Record
2010 2009 2008
Distribution was re-invested as additional units of ASM in your ASM account.

(financial year ended March 31)
2010 2009 2008
PTR (times) 0.42 0.23 0.31
The Portfolio Turnover Ratio for 2009 has increased compared to the previous year due to a higher percentage
increase in the average transactional value compared to the percentage increase in the VOF. Higher acquisition and
disposal of investment.
 The asset allocation of ASM for the last three financial years ended March 31 are as follows:
Total 100.00 100.00 100.00
2009 - 2008: Higher disposals of shares through the stock market.

6.8 PERFORMANCE OF ASD

ASD (financial year ended June 30, 2009)
1-year 3-year 5-year Since Inception
Bonus (in sen) - - - 0.25
Benchmark (%) 2.15 3.09 3.07 2.98


ASD (financial year ended June 30)
2009 2008 2007 2006 2005 2004 2003 2002 2001 2000 Since
Inception
Distribution (in sen) 6.30 7.00 7.00 6.80 7.20 7.00 6.80 8.00 - - 56.10
Bonus (in sen) - - - - - - - 2.00 - - 2.00
Benchmark (%) 2.15 3.54 3.59 3.22 2.84 2.83 2.88 2.78 - - 23.83
year.
Distribution Record
2009 2008 2007
Distribution was re-invested as additional units of ASD in your ASD account, including investments made through
the EPF Members’ Investment Scheme.

(financial year ended June 30)
2009 2008 2007
PTR (times) 0.31 0.46 0.47
The Portfolio Turnover Ratio for 2009 has decreased compared to the previous year due to a lower percentage
 The asset allocation of ASD for the last three financial years ended June 30 are as follows:

Total 100.00 100.00 100.00
2009 - 2008: Decrease in its equities values as the stock market performed negatively and increase in Fund size
during the year.
2008 - 2007: The Fund increased purchase of shares during the year.
6.9 PERFORMANCE OF AS 1MALAYSIA
There is no performance comparison for AS 1Malaysia as its first financial year will fall on September 30,
2010.

7. HISTORICAL FINANCIAL HIGHLIGHTS OF THE FUNDS

7.1 AN EXTRACT ON THE FUNDS’ AUDITED FINANCIAL STATEMENTS FOR THE LAST THREE
FINANCIAL YEARS
This section covers the extracts of the following funds’ audited Statement of Income and
Expenditure and Statement of Assets and Liabilities for the past three (3) financial years
preceding the date of this Prospectus:
ASN Page 64
ASN2 Page 65
ASN3 Page 65
ASG-Pendidikan Page 66
ASG-Kesihatan Page 66
ASG-Persaraan Page 67
ASB Page 67
ASW 2020 Page 67
ASM Page 68
ASD Page 68
AS 1Malaysia Page 68
7.2 ASN
Extract of Statements of Income and Expenditure for the year ended December 31
2009 2008 2007

RM’000 RM’000 RM’000
Total investment income 86,660 98,641 133,340
Total expenses 14,413 13,089 14,270
Net income before taxation 72,247 85,552 119,070
Net income after taxation 72,247 85,552 119,070
Extract of Statements of Assets and Liabilities as at December 31

2009 2008 2007
RM’000 RM’000 RM’000
Investments 1,284,497 873,504 1,354,863
Other assets 25,311 23,996 32,778
Total Assets 1,309,808 897,500 1,387,641
Liabilities excluding net asset value attributable
to Unitholders: 128,050 81,178 88,645
Net asset value 1,181,758 816,322 1,298,996
www.asnb.com.my 7. HISTORICAL | 6. PERFORMANCE

FINANCIAL
www.asnb.com.my HIGHLIGHTS OF THE FUNDS 64
7.3 ASN 2
Extract of Statements of Income and Expenditure for the year ended June 30
2009 2008 2007

RM’000 RM’000 RM’000
Total expenses 2,203 2,846 5,068
Extract of Statements of Assets and Liabilities as at June 30

2009 2008 2007
RM’000 RM’000 RM’000
Investments 209,048 225,988 255,590
Other assets 7,307 5,305 23,473
Total Assets 216,355 231,293 279,063
to Unitholders: 11,717 11,601 13,248
Net asset value 204,638 219,692 265,815
7.4 ASN 3
Extract of Statements of Income and Expenditure for the year ended November 30
2009 2008 2007

RM’000 RM’000 RM’000
Total expenses 1,348 1,201 1,144
Extract of Statements of Assets and Liabilities as at November 30

2009 2008 2007
RM’000 RM’000 RM’000
Investments 133,495 103,779 105,710
Other assets 1,353 3,514 1,674
Total Assets 134,848 107,293 107,384
to Unitholders: 7,632 8,587 7,000
Net asset value 127,216 98,706 100,384
www.asnb.com.my 7. HISTORICAL FINANCIAL

www.asnb.com.my HIGHLIGHTS OF THE FUNDS
| 6. PERFORMANCE 65
7.5 ASG
a. ASG-PENDIDIKAN
Extract of Statements of Income and Expenditure for the year ended March 31
2010 2009 2008

RM’000 RM’000 RM’000
Total expenses 852 392 360
Extract of Statements of Assets and Liabilities as at March 31

2010 2009 2008
RM’000 RM’000 RM’000
Investments 42,125 33,500 30,595
Other assets 418 640 453
Total Assets 42,543 34,140 31,048
to Unitholders: 2,350 2,340 2,128
Net asset value 40,193 31,800 28,920
b. ASG-KESIHATAN
2010 2009 2008

RM’000 RM’000 RM’000

2010 2009 2008
RM’000 RM’000 RM’000
Investments 37,933 24,835 24,936
Total Assets 38,310 25,470 25,427
to Unitholders: 2,211 1,868 1,676
Net asset value 36,099 23,602 23,751

FINANCIAL
c. ASG-PERSARAAN
2010 2009 2008

RM’000 RM’000 RM’000

2010 2009 2008
RM’000 RM’000 RM’000
Investments 22,440 18,941 21,700
Total Assets 22,678 19,399 22,116
to Unitholders: 1,102 1,152 1,410
Net asset value 21,576 18,247 20,705
7.6 ASB
Extract of Statements of Income and Expenditure for the year ended December 31
2009 2008 2007

RM’000 RM’000 RM’000
Total investment income 5,514,051 5,277,052 5,376,622
Total expenses 450,236 235,303 207,284
Net income before taxation 5,063,815 5,041,749 5,169,338
Net income after taxation 5,063,815 5,041,749 5,169,338
7.7 ASW 2020
Extract of Statements of Income and Expenditure for the year ended August 31
2009 2008 2007

RM’000 RM’000 RM’000
Total expenses 122,254 86,341 45,244

FINANCIAL
7.8 ASM
2009 2008 2007

RM’000 RM’000 RM’000
Total expenses 144,339 69,099 60,820
7.9 ASD
Extract of Statements of Income and Expenditure for the year ended June 30
2009 2008 2007

RM’000 RM’000 RM’000
Total expenses 27,579 32,575 40,847
The audited financial statements of the Funds are disclosed in the respective Fund’s
annual report which is available upon request.
The past performance of a Fund is not an indication of its future performance.
7.10 AS 1MALAYSIA
There are no extracts of Statement of Income and Expenditure and Statement of Assets and
Liabilities for the AS 1Malaysia as its first financial year will fall on September 30, 2010.

| 6. PERFORMANCE 68
7.11 TOTAL ANNUAL EXPENSES INCURRED BY THE FUNDS
The MER indicates the costs that are incurred in the course of administering the Fund. It is calculated by taking the
fees and expenses paid out of a particular Fund as a percentage of the average NAV of that Fund determined on a
daily basis over the financial period. For fixed-price Funds, MER is computed based on average VOF. A lower MER
indicates the effectiveness of the Manager in managing the costs of the Fund. The MER of the Fund is then
calculated as follows:
(Fees + Recovered expenses) of the Fund

MER = X 100
Average daily NAV or daily VOF of the Fund for the financial year
Where:
1. Fees refer to all ongoing fees deducted/deductible directly from the Fund in respect of the period covered by the
management expense ratio, expressed as a fixed amount. This would include the annual management fee, the
annual trustee fee and any other fees deducted/deductible directly from the Fund.
2. Recovered expenses of the Fund refer to all expenses recovered from/charged to the Fund as a result of the
expenses incurred by the operation of the Fund expressed as a fixed amount. This should not include expenses
that would otherwise be incurred by an individual investor (e.g. brokerage, taxes and levies).
3. Average daily NAV or daily VOF of the Fund refers to the total of the daily NAV or VOF of the Fund, including net
income less expenses on an accrued basis, in respect of the Fund for the period covered by the MER, calculated
on a daily basis.
The annual expenses incurred by the Funds for the last financial year (FYE) are as follows:
Annual Annual Total Annual

Other Expenses
Funds Management Fee Trustee Fee Expenses
RM’000 % RM’000 % RM’000 % RM’000 %

16 10,626 1.00 500 0.08 3,287 0.28 14,413 1.36
ASN
16 1,990 1.00 159 0.08 54 0.03 2,203 1.11
ASN 2
16 1,204 1.00 96 0.08 47 0.04 1,348 1.12
ASN 3
20
16 398 1.00 28 0.07 53 0.13 479 1.20
ASG-PENDIDIKAN
20
16 337 1.00 24 0.07 40 0.11 401 1.18
ASG-KESIHATAN
20
16 221 1.00 15 0.07 36 0.16 272 1.23
ASG-PERSARAAN
19 20 19
17 255,425 0.35 500 - 5,213 - 261,138 0.35
ASB
19 20
17 99,500 1.00 500 - 1,123 0.01 101,123 1.01
ASW 2020
19 20 19
17 108,652 1.00 300 - 524 - 109,476 1.00
ASM
19
17 27,013 1.50 300 0.08 266 - 27,579 1.58
ASD
18 n/a n/a n/a n/a n/a n/a n/a n/a
AS 1Malaysia

| 6. PERFORMANCE 69
Note:
16. Reflected as a percentage of average NAV .
17. Reflected as a percentage of average VOF.
18. There are no figures for AS 1Malaysia as its first financial year will fall on September 30, 2010.
19. Less than 0.01%.
20. Other expenses do not include permanent diminution in value of investments.
7.12 MANAGEMENT EXPENSE RATIO
The MER incurred by the Funds for the last 3 financial years are as follows:
MER (times) (Financial year ended 31 December) Remarks

2009 2008 2007
ASN 1.36 1.21 1.08 The significant increase between 2009 and 2008 is
due to under accrued of distribution expenses now
taken up in 2009.
MER (times) (Financial year ended 30 June) Remarks

2009 2008 2007
ASN 2 1.11 1.11 1.10 -
MER (times) (Financial year ended 30 November) Remarks

2009 2008 2007
ASN 3 1.12 1.13 1.12 -
MER (times) (Financial year ended 31 March) Remarks

2010 2009 2008
ASG- Pendidikan 1.20 1.19 1.14 -

2010 2009 2008
ASG- Kesihatan 1.18 1.21 1.14 -

2010 2009 2008
ASG- Persaraan 1.23 1.23 1.14 -
MER (times) (Financial year ended 31 December) Remarks

2009 2008 2007
ASB 0.35 0.36 0.37 -

www.asnb.com.my HIGHLIGHTS OF
| 6. PERFORMANCE OF THE
THE FUNDS
FUNDS 70
MER (times) (Financial year ended 31 August) Remarks

2009 2008 2007
ASW 2020 1.01 1.02 0.94 -

2010 2009 2008
ASM 1.00 1.01 1.01 -
MER (times) (Financial year ended 30 June) Remarks

2009 2008 2007
ASD 1.58 1.53 1.50 -
MER (times) (Financial year ended 30 September) Remarks

- - -
AS 1Malaysia n/a n/a n/a Not available, as its first financial year will
willfall
fallonon
September 30, 2010.
The audited financial statements of the Funds are disclosed in the respective Funds’ annual report which is
available upon request. Past performance of the Funds is not an indication of future performance.
www.asnb.com.my 7. HISTORICAL FINANCIAL HIGHLIGHTS OF THE FUNDS|

www.asnb.com.my 71
8. FEES, CHARGES AND EXPENSES

Before investing, you must understand that there are fees and charges that are directly and indirectly charged to you.
All charges are non-negotiable.
8.1 CHARGES AND FEES DIRECTLY INCURRED WHEN PURCHASING OR REDEEMING

UNITS OF THE FUNDS
Charges directly incurred when you purchase or redeem units of the Funds are as follows:
Sales Charge ASB, ASM, ASW 2020 and ASD

No sales charge imposed.
AS 1Malaysia
Up to 1.0% of the invested amount. However, the Manager has the discretion either to waive or to reduce
the sales charge.
Variable-price Fund
5% of the invested amount. The sales charge is subject to change based on Manager’s discretion. The
rounding up of the NAV per unit will be up to four decimal places.
Please refer to Section 9.4 on page 77 for an illustration on the calculation of the sales charge.
EPF Members’ Investment Scheme

Up to 3% of the invested amount. Only charged when you subscribe/purchase units of ASN 2, ASN 3 and
ASG.
Redemption No redemption charge will be imposed for the redemption of units.

Charge
Service Charge Service charge payable to EPF for investments made through EPF Members’ Investment Scheme is
Payable to EPF calculated monthly based on average closing market value of the individual application received under the
EPF Members’ Investment Scheme. The formula for monthly service charge is as follows:
(b/f Market Value + Market Value for the current month) x rate as imposed by EPF to UTMC*
2 x 1/12
* Currently the rate imposed by EPF to UTMC is 0.125% p.a. This rate is subject to change as may be
imposed by EPF.
Whereby,
Market Value = Accumulated Units as at end of the month multiplied with NAV at last
working day of the month.
Accumulated = The total unit balance of application received including distribution/bonus (if
Units any), as at end of each month.
The monthly service charge will then be summed up for the 12 months, before being deducted from the
distribution/ bonus received (if any) out of the investment made through EPF Members’ Investment
Scheme, at the end of the financial year of the respective Fund. In the event that any of these Funds is
unable to distribute its income, the service fee will be deducted from the investment of the affected
Unitholders.
Illustration:
Assumption : Based on ASN 2
i. Balance of accumulated units brought forward from March, 2010 is 30,000 units.
ii. Market value for the month of March 2010 will be :

NAV per Unit on March 31, 2010 x Accumulated units
= RM1.0797 x 30,000
= RM32,391 (a)
www.asnb.com.my | 8.FEES, CHARGES AND EXPENSES 72

iii. Market value for the month of April 2010 is:

NAV per Unit on April 30, 2010 x Accumulated balance of units
= RM1.0905 x 30,000
= RM32,715 (b)
iv. The service charge for the month of April, 2010 is:
(RM32,391 (a) + RM32,715 (b)) x 1/12 x 0.125% = RM3.3909
2
In two (2) decimal places = RM3.39
v. Therefore, service charge for the month of April, 2010 is RM3.39
vi. Hence, the annual service charge for the year would be the total of the monthly service charges (as
illustrated above).
8.2 CHARGES AND FEES INDIRECTLY INCURRED
8.2.1 Annual Management Fee
The annual management fee is calculated and accrued daily and payable monthly to the Manager. The
Manager is entitled to the following annual management fee:
Fund Annual Management Fee

ASN, ASN 2, ASN 3,
ASG-Kesihatan, 1.0% per annum of the NAV of the Fund calculated and accrued daily.
ASG-Pendidikan,
ASG-Persaraan
ASB 0.35% per annum of the VOF calculated and accrued daily.
ASW 2020, ASM 1.0% per annum of the VOF calculated and accrued daily.
ASD 1.5% per annum of the VOF calculated and accrued daily.
AS 1Malaysia Up to a maximum of 1.5% per annum of the VOF, calculated and accrued
daily, as may be agreed between the Trustee and Manager.
Illustration:
The Manager of ASN 2 is entitled to a fee of 1.0% per annum of the NAV of ASN 2, calculated and
accrued daily.
The NAV of ASN 2 (before deducting annual management fees and annual trustee fees for the day)
RM250,000,000
Annual management fee accrued = 1.0% x NAV

365
= 1.0% x RM250,000,000
365
Annual management fee charged = RM6,849.32

==========
The annual management fee will be the cumulative daily management fee for that financial year.

8.2.2 Annual Trustee’s Fee
The annual Trustee’s fee is subject to the Deed of the respective Fund. The table below depicts the
Trustee’s annual fee for each Fund.
Fund Annual Trustee’s Fee

ASN RM500,000 or 0.08% per annum of the NAV of the Fund, whichever is lower,
calculated and accrued daily.
ASN 2 RM500,000 or 0.08% per annum of the NAV of the Fund, whichever is lower,
ASN 3 RM300,000 or 0.08% per annum of the NAV of the Fund, whichever is lower,
ASG-Pendidikan RM450,000 or 0.07% per annum of the NAV of the Fund, whichever is lower,
ASG-Kesihatan RM450,000 or 0.07% per annum of the NAV of the Fund, whichever is lower,
ASG-Persaraan RM450,000 or 0.07% per annum of the NAV of the Fund, whichever is lower,
ASB RM500,000 per annum.
ASW 2020 RM500,000 per annum.
ASM RM300,000, or 0.08% per annum of the Value of the Fund, whichever is lower,
ASD RM300,000 or 0.08% per annum of the Value of the Fund, whichever is lower,
AS 1Malaysia Up to 0.08% per annum of the VOF, subject to a minimum of RM18,000 per
annum, calculated and accrued daily.
Illustration:
The Trustee of ASG-Pendidikan is entitled to a fee of RM450,000 or 0.07% per annum of the NAV of
ASG-Pendidikan, whichever is lower, calculated and accrued daily.
The NAV of ASG-Pendidikan (before deducting annual management fees and annual trustee fees for
the day) RM35,000,000
The Trustee’s fee accrued = 0.07% x RM35,000,000

365
The Trustee’s fee charged = RM67.12

=========
The Trustee’s annual fee will be the lower of the cumulative daily Trustee’s fee for that financial year
compared to RM450,000.

8.2.3 Funds’ other expenses
The Deed provides certain other fees and expenses to be paid out of the Fund. These include auditors’
remuneration, custodian and other administration costs such as the printing of interim and annual reports,
distribution expenses, postage and other operating expenses. Statutory payments such as stamp duties and
taxes imposed by the authority will also be paid by the Fund.
8.2.4 Policy on Stockbroking Rebates and Soft Commissions
Funds ASN, ASN 2, ASN 3, ASG-Pendidikan, ASG-Kesihatan,

ASG-Persaraan, ASB, ASW 2020, ASM, ASD and AS 1Malaysia
Policy on Stockbroking Rebates, if any, arising from share transactions will be paid back to the
Rebates Fund.
Policy on Soft Commissions Our policy is not to receive any soft commission.
There are fees and charges involved and investors are advised to consider them before
investing in the Funds.

9. TRANSACTION INFORMATION
9.1 VALUATION POINTS FOR THE PURPOSE OF DETERMINING THE NAV
NAV per unit is determined based on historical pricing and calculated at the end of the preceding Business
Day.
We will revalue the Fund’s NAV as at the mid-day Valuation Point and re-price the units where the NAV of
the Fund differs by more than 5% from the NAV as at the last Valuation Point. The mid-day Valuation Point
is the time of the mid-day close of business of the Eligible Market.
Unitholders are advised to note that all transactions are subject to a rounding mechanism, whereby the total
investment amount or total proceeds/redemption is rounded upwards or downwards to the nearest multiple
of 5 sen effective April 1, 2008.
9.2 NAV FOR ASN, ASN 2, ASN 3, ASG-Pendidikan, ASG-Kesihatan AND ASG-Persaraan
The valuation of units is based on the NAV of the Fund. The NAV per unit of the Fund is calculated by
dividing the Fund’s NAV by the number of UIC, rounded to four decimal places. The NAV per unit forms the
basis for the computation of the Unit Price.
Illustration:
Computation of the NAV per unit at each valuation point is illustrated below:
RM
Quoted Investments 231,000,000
Liquid Assets 34,500,000
Other Assets 6,100,000
271,600,000
Less:Liabilities (16,500,000)
Net Asset Value 255,100,000
Units in Circulation (units) 326,500,000
Net Asset Value per Unit NAV

=
Units in circulation
RM255,100,000
=
326,500,000 units
= RM0.781317
NAV per unit, rounded to 4 decimal places = RM0.7813
9.3 PRICING POLICY

(a) Pricing of Variable-Price Unit Trust Funds
The price of ASN, ASN 2, ASN 3, ASG-Pendidikan, ASG-Kesihatan and ASG-Persaraan NAV per unit is
determined based on historical pricing and calculated at the end of the preceding Business Day.
The Manager will re-price the units if the NAV per unit of the Fund, if revalued, differs by more than
5% from the NAV per unit at the last valuation point.
www.asnb.com.my | 9. TRANSACTION INFORMATION 76

If there is any incorrect calculation of the NAV per Unit, the Manager will take immediate remedial action to
rectify the error. The Manager’s remedial action will extend to the reimbursement of money to the
Unitholders if the error is at or above the threshold of 0.5% of the NAV per Unit unless the total impact on
the individual Unitholder’s account is RM10.00 or less in absolute amount.
(b) Pricing of Fixed-Price Unit Trust Funds
(i) As the units of ASB, ASW 2020, ASM, ASD and AS 1Malaysia are transacted at a fixed price of RM1.00
a unit, it is not necessary to value the units on each Business Day.
(ii) Prices and Charges for Fixed-Price Funds.
For ASB, ASW 2020, ASM, ASD and AS 1Malaysia, the buying and selling price of unit is fixed at
RM1.00.
There are no charges imposed for buying and selling of units of ASB, ASW 2020, ASM and ASD. For
AS 1Malaysia the sales charge is up to 1.0% of the invested amount. However, the Manager has the
discretion either to waive or to reduce the sales charge.
9.4 SINGLE PRICING POLICY FOR ASN, ASN 2, ASN 3, ASG-Pendidikan, ASG-Kesihatan AND
ASG-Persaraan
The Manager adopts the single pricing policy in calculating your investment and repurchase of Units. “Single
pricing” which equates to sales and repurchases quoted and transacted on a single price (i.e NAV per unit),
is easier to understand and facilitate investors in comparing the different charges imposed and assist
investors in making an informed decision about their choice of investment products.
Under the single pricing policy, the selling price for units of a Fund is the NAV per unit. However you will be
imposed a sales charge for making an investment in the Fund. As the basis of calculation is historical
pricing, the price will be the NAV per unit, calculated at the end of the previous Business Day. Sales Charge
of 5% of the NAV per unit will be added as part of the purchase cost.
1. Making an investment
Illustration 1: If you are making an investment:

(i) Assuming amount you wish to invest (“Investment amount”): RM10,000.00 in ASN.
(ii) NAV per unit : RM0.5000
(iii) Sales charge : 5%
(a) Units issued to you = Investment amount

NAV per unit
= RM10,000
RM0.5000
= 20,000 units
(b) Total sales charge incurred = Investment amount x 5%

= RM10,000 X 5%
= RM500.00
(c) Total amount payable by you = Investment amount + total sales charge
= RM10,000 + RM500.00
= RM10,500.00
The rounding up of the NAV per unit will be up to four decimal places. The total amount paid will be subjected to
the rounding mechanism.
Please note that the example above is for illustrative purposes only.
2. Redeeming an investment
Illustration 2: If you are redeeming your investment:
(i) Assuming amount you wish to redeem: RM10,000.00 in ASN.
(ii) NAV per unit : RM0.5000
(iii) Redemption charge : Nil
(a) No of units redeemed = Redemption amount

NAV per unit
= RM10,000
RM0.5000
= 20,000 units
(b) Redemption charge = Nil
(c) Total amount payable to you = No of units redeemed x NAV per unit
= 20,000 x RM0.5000
= RM10,000.00
The rounding up of the NAV per unit will be up to four decimal places. The total amount paid will be subjected to
a rounding mechanism.
3. Making an Investment at Re-Priced NAV
Illustration 3: Re-Price:
However, if the Fund’s NAV as at the mid-day Valuation Point differs by more than 5% from the NAV as at last
Valuation Point, the unit will be re-priced after the start of business of the Bursa Malaysia at 2.30 p.m.
You submit an application to invest RM10,000 in ASN 3 at 2.15 p.m.:

NAV of ASN 3: Published Price - NAV per unit : RM0.5000 (rounded to 4 decimal places).
After the mid-day close of business of the Bursa Malaysia, the NAV of ASN 3 has reduced by 7% compared to
the NAV at end of the previous Business Day.
Effectively the unit price for the afternoon session (after 2.30 p.m.) will be re-priced as follows:
NAV of ASN 3: Re-Priced NAV - NAV per unit : RM0.4650 (rounded to 4 decimal places).
Your application will only be processed after 2.35 p.m. (The transactions are suspended from 2.15 p.m. – 2.30
p.m. to enable the information on new pricing be transmitted to all ASNB branches and agents) and will be re-
priced with the new unit price. You can either cancel or proceed with the application at the new price. If you
decide to proceed with the transaction, your cost of purchase will be as follows:
Your cost of purchase
(a) Investment Amount = RM10,000.00

= Investment Amount
(b) Units allotted
NAV
RM10,000
=
RM0.4650
= 21,505.38 units
(c) Total sales charge incurred = Investment amount x 5%

= RM10,000 X 5%
= RM500.00
(d) Total amount paid Investment amount + total sales charge
=
= RM10,000 + RM500
4. Redee = RM10,500.00

4. Redeeming an investment at Re-Priced NAV
Illustration 4: Redemption
You submit an application to redeem RM10,000 of your investments in ASN 3 at 2.15 p.m. After the mid-day
close of business of the Bursa Malaysia, the NAV of ASN 3 has reduced by 7% compared to the NAV at end of
the previous Business Day.
Effectively the unit price for the afternoon session (after 2.30 p.m.) will be re-priced as follows:
Re-Priced NAV
NAV per unit, rounded to 4 decimal places : RM0. 4650
Your application will only be processed after 2.35 p.m. (The transactions are suspended from 2.15 p.m. – 2.30
p.m. to enable the information on new pricing be transmitted to all ASNB branches and agents) and will be re-
priced with the new unit price. You can either cancel or proceed with the application at the new price. If you
decide to proceed with the transaction, the amount you will receive for the redemption will be as follows:
Total units redeemed

RM10,000
(a) Redemption Units =
RM0. 4650
= 21,505.38 units
(b) Net Redemption proceeds = Redemption units X NAV per unit

= 21,505.38 units X 0.4650
= RM10,000.00

9.5 TRANSACTION DETAILS
9.5.1 Minimum Initial Investment/Subscription of Units, Additional Investment and Maximum Investment:
• Subscription of units shall be made at our ASNB offices (which provide full range of services,
including cash transactions) and branches of our agents throughout Malaysia by completing
a registration form.
• The Minimum Initial Investment is required upon registration.
• You will need to pay for the purchase on-the-spot. Please refer to Section 3.14 on page 23
for details.
9.5.2 Repurchase/Redemption of Units

Redemption of units shall be made by simply completing the redemption form at any of
our ASNB offices (which provide full range of services, including cash transactions) or
branches of our agents throughout Malaysia.
Payment is made on the spot, except for those who subscribed through EPF Members’
Investment Scheme where payment is to be made to EPF only.
There is no restriction on the frequency of redemption.
9.5.3 Switching of Units Betweens Funds

Switching can only be made from ASN to ASB, or vice versa, or among the three funds under
ASG, namely ASG-Pendidikan, ASG-Kesihatan and ASG-Persaraan.
You must complete a switching form to proceed with the switching. There is no fee chargeable
for the switching facility. There is no limit for frequency of switching between ASN and ASB.
Switching from ASB to ASN is subject to sales charge. However, the switching facility in ASG
is limited to 4 times in any financial year.
9.5.4 Transfer Ownership of Units

Transfer of ownership from the account of the deceased Unitholder to his/her next of kin’s
account will only be undertaken through the process of estate administration which is subject
to death claims procedures, as applied by us from time to time.
9.5.5 Type of Distribution Channel

You can subscribe/purchase and redeem/sell units of ASN, ASN 2, ASN 3, ASG-Pendidikan,
ASG-Kesihatan, ASG-Persaraan, ASB, ASW 2020, ASM, ASD and AS 1Malaysia at any of our
ASNB offices or branches of our agents throughout Malaysia. For further details on addresses,
please refer to the Directory on Sections 18 and 19.
You may perform transactions through the online facility via agents’ websites that have been
approved by the SC and subject to the terms and conditions imposed by the agents and
ASNB. All transactions made after 5:00 p.m. or on non-Business Day shall be processed on
the next Business Day or in accordance with the terms and conditions imposed by the agents.
Currently the online facilities are available at Maybank2U and CIMB Clicks website.
The transactions are subject to Funds availability and eligible limit. However, the Manager
reserves the right to offer the online facility for any Funds to any of its appointed agents which
is subject to change from time to time. Please refer to the respective agent's websites for the
details of services provided.
9.5.6 Allocation of Units

The Manager has the absolute discretion to offer the units in any manner deemed appropriate.

9.5.7 Cooling-Off Policy

There is no cooling-off period for initial subscription in the Funds.
9.5.8 Creation of units for purchase applications made under the EPF Members’ Investment Scheme
(All investors are required to invest the stipulated Minimum Initial Investment in the Investment
Book prior to investing).
(a) Condition to be met before unit creation

Units for applications made under the EPF Members’ Investment Scheme shall be created at
the point the EPF payments or other official confirmations from the EPF on the approval of
such payments are received by the Manager and not on the day the applications are received.
(b) Criteria for determination of NAV per unit

The NAV per unit is ascertained after such applications, complete with payments or other
official confirmations from the EPF on the approval of such payments are received by the
Manager. Units are created and allocated to the Unitholders in accordance with the standard
procedures in processing Unit purchase applications made in cash/cheques.
9.5.9 Unitholder’s right

You are recognised as a Unitholder of the respective Funds upon receipt of the respective
application form and payment (in the case of cheques, upon clearance of cheques) by us. For
investment through EPF Members’ Investment Scheme, you are recognised as a Unitholder of the
respective Funds upon clearance of cheques from EPF. Your investments will be evidenced in an
Investment Book or certificate, unless the investment was made under the EPF Members’
Investment Scheme, in which case, the investments will be reflected in a statement, which will be
sent to you.
9.6 PAYMENT OF INCOME DISTRIBUTION
9.6.1 Method of Computation of Income Distribution

Funds Method of Computation
ASN, ASN 2, ASN 3, Distributions, if any, are based on units held at the end of the
ASG-Pendidikan, distribution period.
ASG-Kesihatan,
ASG-Persaraan
ASB, ASM, ASW 2020, ASD Distributions, if any, are based on the average sum of the minimum
and AS 1Malaysia monthly balance of your units during the distribution period.
Minimum monthly balance for ASB, ASW 2020, ASM, ASD and
AS 1Malaysia means the minimum holding of your units during a
calendar month from the first day until the end of the month.
For AS 1Malaysia only Unitholders at the distribution date are entitled

for the distribution.
Any transaction made during the period when the sale and repurchase of units are suspended shall not be
eligible for calculation of the income distribution, if any.

9.6.2 Policy on Unclaimed Monies
Funds Unclaimed Monies

ASN, ASN 2, ASN 3
(i) You are advised to present your distribution cheques for payment within six
ASG-Pendidikan,
(6) months of issuance of the distribution cheques.
ASG-Kesihatan,
ASG-Persaraan,
(ii) All outstanding unpresented payments will be filed and paid to the Registrar
ASB, ASW 2020,
of Unclaimed Monies after the lapse of 12 months from the date of payment,
ASM, ASD and
under the provision of The Unclaimed Monies Act, 1965 (Revised 2002). After
AS 1Malaysia
which any subsequent claims will have to be made directly to the Registrar of
Unclaimed Monies.
9.6.3 Reinvestment of Units
9.6.3.1 For ASN, ASN 2, ASN 3, ASG-Pendidikan, ASG-Kesihatan and ASG-Persaraan (Investment Book)
Any distribution declared, may automatically be re-invested as additional units in your

accounts, without additional cost, subject to availability of the Fund’s units at our discretion.
st
Distribution through re-investment of units in your accounts will be effected on the 1 Business
Day after the end of the financial year, based on the NAV at the closing of the end of the
financial year adjusted for the income distribution.
Issuance of free additional units or unit splits arising from capital appreciation during any
specified period of the financial year may be made at our discretion, and as approved by the
Trustee, subject to availability of units.
If all units are fully subscribed, any suitable method of distribution may be considered such as
switching to other Funds managed by us at the prevailing NAV or price per unit of the Fund.
Alternatively, cheques will be issued and sent to your latest registered address.
9.6.3.2 EPF Members’ Investment Scheme for ASN 2, ASN 3, ASG-Pendidikan, ASG-Kesihatan and ASG-
Persaraan
Any distribution will automatically be re-invested as additional units to the EPF Members’
st
Investment Scheme and will be effected on the 1 Business Day after the end of the financial
year, based on NAV at the closing of the end of the financial year, adjusted for the income
distribution. If the Fund’s units are fully subscribed, the distribution amount will be paid to the
EPF and be credited into your Account 1.
9.6.3.3 For ASB, ASM, ASW 2020, ASD and AS 1Malaysia (Investment Book)
Any distribution declared may automatically be re-invested as additional units of the relevant
Fund in your Fund’s accounts subject to availability of the Fund’s units.
Any distribution declared, at our discretion, may automatically be directly credited to your bank
account, without additional cost, subject to your approval and instruction in writing.
If all units are fully subscribed, any suitable method of distribution may be considered such as
switching to other Funds managed by us at the prevailing selling price of the units of the Fund.
Alternatively, cheques will be issued and sent to your latest registered address.
9.6.3.4 EPF Members’ Investment Scheme for ASW 2020 and ASD
Any distribution will automatically be re-invested as additional units of the relevant Fund to the
EPF Members’ Investment Scheme. If the Fund’s units are fully subscribed, the distribution
amount will be paid to the EPF and be credited into your Account 1.

9.7 ADDITIONAL INFORMATION
9.7.1 Dissemination of Information to Unitholders
The annual report of the respective Funds and the interim report of the variable-price Funds which contains
the Manager's report, the Trustee's report, the summarised audited financial statement for the year and the
Auditors' report, will be distributed to you within two (2) months of the Funds’ financial year-end or interim
period.
9.7.2 Information on Current Price per Unit/NAV per Unit
The daily prices of units of ASB, ASW 2020, ASM, ASD and AS 1Malaysia, the NAV per unit of ASN, ASN 2,
ASN 3, ASG-Pendidikan, ASG-Kesihatan and ASG-Persaraan are published in at least one national Bahasa
Melayu newspaper and one national English newspaper and/or ASNB website at www.asnb.com.my. The
Manager has taken necessary procedures to ensure accuracy of information of pricing sent to the Bernama,
the agency responsible for disseminating the pricing to major newspapers. However, the Manager, would
not be held liable for the errors or omission of the printed information on the prices of its Funds in the
newspapers. Please take note that we may re-price the prices of ASN, ASN 2, ASN 3, ASG-Pendidikan,
ASG-Kesihatan and ASG-Persaraan at 2.30 p.m., if their respective NAVs differ by more than 5% due to
material market movement from their NAVs at the previous Valuation Point. If such an event occurs, you are
advised to refer to any ASNB office and branch of our agents, to get the latest update.
9.7.3 Customer Service
We also provide customer services through our Jabatan Perhubungan Pelanggan dan Ejen (“JPPE”). You
may call the JPPE, at telephone number 03-2057 3000/03-2057 3111 (direct lines) or 03-2050 5500
(general line) and our staff would attend to any queries which you may have.
You may also visit our website at www.asnb.com.my for further services and product information or call our
ASNB offices located in major towns throughout the country, (please refer to Directory on Section 18), that
provides the following services:
Cash transactions or subscription and redemption of units.

Non-cash transactions such as up-dating your personal particulars, replacement of passbook, switching
between ASB and ASN and vice versa, switching between funds under the umbrella of ASG, namely
ASG-Pendidikan, ASG-Kesihatan and ASG-Persaraan, bantuan khairat, estate claims, eligibility,
updating account and etc.
Promotions and marketing of our Unit Trust products.
Processing of investment made through EPF Members’ Investment Scheme and Salary Deduction
Scheme.
9.7.4 Policies Adopted by ASNB to avoid Money Laundering Activities
In complying with the Anti Money Laundering and Anti-Terrorism Financing Act 2001, the Board of Directors
has approved the following policies and procedures to be administered by ASNB:
Screening of transactions equal and above the threshold level from time to time in any of the Funds;
Conducting review on the transactions equal and above the threshold level;
Reporting of the “suspicious” transaction to Bank Negara Malaysia by the designated reporting officer.

9.7.5 Material Contracts
Save as disclosed below, there are no other material contracts (including contracts not reduced into writing),
not being contracts entered into in the ordinary course of business, which have been entered into that relate
to each of the Funds within two (2) years preceding the date of this Prospectus:
Funds Supplemental Deeds

ASN Ninth Supplemental Deed (Substitution of Trustee) dated May 28, 2008, Tenth
Supplemental Deed dated July 10, 2008, and Eleventh Supplemental Deed dated June
10, 2010, entered into between ASNB and the Trustee, for the benefit of the Unitholders.
ASN 2 Fourth Supplemental Deed (Substitution of Trustee) dated May 28, 2008, Fifth
Supplemental Deed dated July 10, 2008, and Sixth Supplemental Deed dated June 10,
2010, entered into between ASNB and the Trustee, for the benefit of the Unitholders.
ASN 3 Second Supplemental Deed (Substitution of Trustee) dated May 28, 2008, Third
Supplemental Deed dated July 10, 2008, and Fourth Supplemental Deed dated June 10,
ASG - Pendidikan Second Supplemental Deed (Substitution of Trustee) dated May 28, 2008, Third
ASG - Kesihatan Supplemental Deed dated July 10, 2008, and Fourth Supplemental Deed dated June 10,
ASG - Persaraan 2010, entered into between ASNB and the Trustee, for the benefit of the Unitholders.
ASB Sixth Supplemental Deed (Substitution of Trustee) dated May 28, 2008, Seventh
Supplemental Deed dated July 10, 2008, Eigth Supplemental Deed dated October 29,
2008, and Ninth Supplemental Deed dated June 10, 2010, entered into between ASNB
and the Trustee, for the benefit of the Unitholders.
ASW 2020 Fifth Supplemental Deed (Substitution of Trustee) dated May 28, 2008, Fifth
Supplemental Deed dated July 10, 2008, and Sixth Supplemental Deed dated June 10,
ASM Third Supplemental Deed (Substitution of Trustee) dated May 28, 2008, Fourth
Supplemetal Deed dated July 10, 2008, and Fifth Supplemental Deed dated June 10,
ASD Third Supplemental Deed (Substitution of Trustee) dated May 28, 2008, Fourth
Supplemental Deed dated July 10, 2008, and Fifth Supplemental Deed dated June 10,
AS 1Malaysia Deed entered into between ASNB and the Trustee, on June 25, 2009, and First
Supplemental Deed dated June 10, 2010, for the benefit of the Unitholders.
9.7.6 Other Benefits of Investing in Unit Trust Funds
• If you have ASB, ASW 2020 ASD and AS 1Malaysia accounts, you may invest through a Salary
Deduction Scheme. Under this a Salary Deduction Scheme, monthly deductions may be made from
your salaries for investments in ASB, ASW 2020, ASD and AS 1Malaysia subject to availability of units
and terms and conditions of the Scheme.
• If you have ASN 2, ASN 3, ASG-Pendidikan, ASG-Kesihatan, ASG-Persaraan, ASW 2020 and ASD
accounts, you may invest through the EPF Members’ Investment Scheme subject to availability of units
and to the terms and conditions of the EPF Members’ Investment Scheme.
• Bantuan khairat to assist the families of deceased Unitholders which is not an entitlement under the
Deed but given under the discretion of the Manager to eligible Unitholders.

10. MANAGEMENT AND ADMINISTRATION

10.1 GENERAL INFORMATION ON ASNB
The Management Company of ASN, ASN 2, ASN 3, ASG-Pendidikan, ASG-Kesihatan, ASG-Persaraan,

ASB, ASW 2020, ASM, ASD and AS 1Malaysia is ASNB, a wholly-owned subsidiary company of PNB.
ASNB was established on May 22, 1979, to manage the Funds launched by PNB. Having been in the
industry for more than 30 years, ASNB has a total of 11 funds with total value of Funds of RM118.29
RM112.48 billion
billion
as at LPD.
10.2 THE BOARD OF DIRECTORS
ASNB has experienced members on its Board of Directors with backgrounds in investment, finance and
management of the public sector. The Board of Directors oversees and ensures that the objectives of the
Funds are achieved. It is responsible for establishing the company's policies and guidelines towards meeting
the objectives. The Board of Directors meets every two months and more frequently should circumstances
require.
Profile of the Board Members
Board Members Profile
Tun Ahmad Sarji bin Abdul Tun Ahmad Sarji bin Abdul Hamid was appointed to the Board of Directors of
Hamid ASNB on February 4, 1997, by virtue of his position as the Chairman of PNB. He
was appointed as a member of the Investment Committee of ASB on March 4,
(Chairman) 1998, of ASM on May 3, 2000, of ASD on April 20, 2001 and of ASN, ASN 2, ASN
(Non-Executive/ 3, ASG-Pendidikan, ASG-Kesihatan, ASG-Persaraan on June 30, 2006 and
Non-Independent) AS 1Malaysia on July 7, 2009. Prior to his appointment as the Chairman of PNB,
Tun Ahmad Sarji was the Chief Secretary to the Government from 1990 to 1996.
He was President, Commonwealth Association for Public Administration and
Management, from 1996 to 1998.
He was conferred by the Government the “Tokoh Maal Hijrah” for the Islamic year
1420 (1999) and the Director of the Year Award by the Malaysian Institute of
Directors in 1999. Tun Ahmad Sarji also represents the PNB Group as Chairman
of several other companies.
Tun Ahmad Sarji is a graduate of the University of Malaya, Harvard University, the
United States of America, and the Institute of Social Studies, The Hague,
Netherlands. He was conferred the Honorary Degrees of Doctor of Science
(Management) by Universiti Utara Malaysia, Doctor of Business Administration by
the Nottingham-Trent University, the United Kingdom, Doctor of Letters by the
University Malaysia Sarawak, and Doctor of Management by the International
Islamic University, Malaysia.
He was appointed Chairman of the Second National Economic Consultative

Council.
Tun Ahmad Sarji is a member of the Board of Trustees, Oxford Centre for Islamic
Studies and the Asian Institute of Management, Manila, the Philippines; and joint-
Chairman, Malaysia Centre for Commonwealth Studies, University of Cambridge,
the United Kingdom.
www.asnb.com.my | 10. MANAGEMENT AND ADMINISTRATION 85

Tan Sri Dato’ Sri Hamad Tan Sri Dato’ Sri Hamad Kama Piah bin Che Othman was appointed an Executive
Kama Piah bin Che Director of ASNB on June 3, 1998, following his appointment as the Group Chief
Othman Executive of PNB on January 24, 1998. On February 26, 2002, Tan Sri Dato’ Sri
Hamad Kama Piah was appointed the Group Managing Director/Group Chief
(Executive/ Executive of PNB, and subsequently renamed President and Group Chief
Non-Independent) Executive. He was appointed as a member of the Investment Committee of ASN
on February 27, 1998, of ASB on March 4, 1998, of ASW 2020 on November 27,
1996, of ASN 2 on June 30, 1999, of ASM on May 3, 2000, of ASD on April 20,
2001, of ASN 3 on September 28, 2001, and of ASG-Pendidikan, ASG-Kesihatan,
ASG-Persaraan on March 12, 2003 and AS 1Malaysia on July 7, 2009. Tan Sri
Dato’ Sri Hamad Kama Piah has been with PNB since 1979. Prior to his present
appointment, Tan Sri Dato’ Sri Hamad Kama Piah held various senior positions at
PNB.
Tan Sri Dato’ Sri Hamad Kama Piah sits on the Board of Directors of a number of
Malaysian public and private companies. A graduate of Universiti Teknologi Mara,
Tan Sri Dato’ Sri Hamad Kama Piah also holds a Masters Degree from the
University of Wales, Swansea, United Kingdom. Tan Sri Dato’ Sri Hamad Kama
Piah is also a Senior Fellow of the Financial Services Institute of Australasia, a
certified Financial Planner with the Financial Planning Association of Malaysia
and a Registered Financial Planner with the Malaysian Financial Council.
Tan Sri Dato’ Dr. Wan Tan Sri Dato’ Dr. Wan Mohd. Zahid bin Mohd. Noordin was appointed as a
Mohd. Zahid bin Mohd. Director of PNB on October 22, 1998, and as a Director of ASNB on August 3,
Noordin 1999.
(Non-Executive/ Tan Sri Dato’ Dr. Wan Mohd. Zahid holds a Bachelor of Arts Degree from the
Independent) Universiti of Malaya, Master of Arts Degree from Stanford University, Palo Alto,
California, the United States of America, and Ph.D. from the University of
California, Berkeley, United States of America. He also attended the Advanced
Management Programme at Harvard Business School, the United States of
America. In 1997, Tan Sri Dato’ Dr. Wan Mohd. Zahid was conferred the Doctor
of Law “Honoris Causa” by the University of Lancaster, the United Kingdom.
Tan Sri Dato’ Dr. Wan Mohd. Zahid has more than 30 years of experience in the
Malaysian education service. He held the post of Director-General of Education
of Malaysia in 1993, and was appointed Advisor with Special Functions to the
Minister of Education in 1998. He was also an advisor to Sekolah Bahasa Teikyo.
He was a consultant to the Institute of Innovation and Technology, Manila, the
Philippines, the UNICEF Research Project on Pre-school Education in Malaysia,
and had been a Council Member of the International Bureau of Education in
Geneva, Switzerland, and the Islamic Scientific, Educational, Social and Cultural
Organisation in Rabat, Morocco. In September 1999, he was appointed by
UNESCO to serve as consultant to the Ministry of Education, Saudi Arabia, when
that country embarked on an education reform initiative.
Tan Sri Dato’ Dr. Wan Mohd. Zahid is the Chairman of several companies. He
had also served as Deputy Chairman of International Bank Malaysia Berhad until
the merger of the bank.

Tan Sri Dato’ Md. Desa Tan Sri Dato’ Md. Desa bin Pachi was appointed to the Board of Directors of
bin Pachi ASNB on July 13, 1979. Tan Sri Dato’ Md. Desa is a Chartered Accountant and
was admitted as an Associate Member of the Institute of Chartered Accountants,
(Non-Executive/ Australia, in 1962, and a Fellow of the Institute of Chartered Accountants,
Independent) Australia in 1974. He studied accountancy in Melbourne, Australia, under a
Colombo Plan Scholarship. He joined Shell Group of Companies in 1962 and
served in various capacities in the Finance Administration. From 1970 to 1976,
he was in public practice as a Chartered Accountant and was a partner of Desa
Megat & Co and KPMG Peat Marwick.
Subsequently, he was appointed as the first Chief Executive Officer of PNB and
later served as Chairman/Chief Executive Officer of Malaysia Mining Corporation
Berhad, Executive Chairman of Fleet Group Sdn. Berhad, Chairman/ Managing
Director of The New Straits Times Press (Malaysia) Berhad, Chairman of Sistem
Televisyen Malaysia Berhad and Chairman of Bumiputra-Commerce Holdings
Berhad. He is also a Director on the Boards of Directors of several other
companies.
He was appointed as a member of the Investment Committee of ASN, ASN 2,

ASN 3, ASG-Pendidikan, ASG-Persaraan and ASG-Kesihatan on June 30, 2006
and, of ASB, ASM, ASD on March 17, 2009 and AS 1Malaysia on July 7, 2009.
Dato’ Seri Ainum binti Dato’ Seri Ainum binti Mohamed Saaid was appointed to the Board of Directors of
Mohamed Saaid ASNB on April 8, 2009. She also sits on the Board of Directors of PNB and
Pelaburan Hartanah Nasional Berhad. Dato’ Seri Ainum holds a Bachelor Degree
(Non-Executive/ in Law from the University of Singapore and a Masters Degree in Law (Magna
Independent) Cum Laude) from the University of Brussels.
Dato’ Seri Ainum was Deputy Chief Executive in the SC from 1999 to 2001, and
served as Attorney General in 2001. She joined the private sector as an
Executive Director in Pengkalan Holdings Berhad in 1996. She served as Group
Legal Advisor for the Corus Hotels Group UK and later joined Laura Ashley UK in
2002. She was then appointed Laura Ashley UK’s Joint Chief Executive Officer
and resigned as its Chief Executive Officer in January 2005. Dato’ Seri Ainum
was appointed as an Independent Non-Executive Director of Sime UEP
Properties Berhad from March 2005, to November 2007.
Encik Idris bin Kechot Encik Idris bin Kechot was appointed as an Executive Director of ASNB on April
1, 2005. He obtained his Bachelor of Science Degree in Agribusiness from the
(Executive/ Universiti Putra Malaysia in 1983. In 1987, Encik Idris secured his Master Degree
Non-Independent) in Business Administration specialising in Finance from the University of Stirling,
United Kingdom. In 2006, he attended an Accelerated Development Programme
at London Business School, United Kingdom.
He started his career in 1983 as an Investment Analyst at the Corporate

Research Department of PNB, undertaking industry and sectoral research. In
1988, he joined the Investment Division of PNB as an Equity Dealer, responsible
for the equity investment activities. His 21-year experience incorporates equity
valuation, equity trading and portfolio management of the proprietary and the unit
trust portfolios.

He had also undergone extensive training and attachment programs both locally
and overseas, in the areas of equity valuation, portfolio management and general
management development. To further strengthen his skills and knowledge in the
area of investment management, Encik Idris had obtained qualification as a
Certified Financial Planner (CFP). He sits on the Boards of Directors of several
other companies.
10.3 COMPANY SECRETARY
Company Secretary Profile
Puan Adibah Khairiah binti With effect from October 3, 2006, , Puan Adibah Khairiah binti Ismail @ Daud was
Ismail @ Daud (MIA 13755) appointed as the Company Secretary of ASNB. She holds a Bachelor of
Commerce from Australian National University. She is a Chartered Accountant
- Company Secretary and is a member of the Malaysian Institute of Accountant since 1999.
Puan Adibah started her career with Coopers & Lybrand, Public Accountants,
from 1988 to to 1994.
1994. She
She had
had served
servedSapura
SapuraHoldings
HoldingsSdn.
Sdn.Berhad as Audit
Bhd. as Audit
Manager from 1994 to 1997, and subsequently served Sapura Industrial Berhad
(formerly known as Sapura Motors Berhad) from 1997 to 1999, as Head of
Internal Audit. She had also served Percon Corporation Sdn. Berhad as Financial
Controller cum Company Secretary from 2002 to 2005. She joined PNB in 2005
and was seconded to Pelangi Berhad, as Chief Financial Officer. Puan Adibah is
presently attached to the Company Secretary’s Department of PNB since October
2006. She sits on the Board of Directors of several companies.
10.4 KEY MANAGEMENT STAFF
Profile of the Key Management Staff
Key Management Profile
Encik Idris bin Kechot (as afore-mentioned)
- Executive Director
Encik Kamarul Baharin bin Encik Kamarul Baharin bin Mohd. Daud holds a Masters in Business
Mohd. Daud Administration Degree from the Asian Institute of Management. He joined PNB in
1984 and has served as investment analyst, money market dealer, share trading
- Senior Vice-President II, dealer and portfolio manager in the Investment Operations Division. In 1997, he
Unit Trust Operations has served as head of the Investment Processing and Procurement Department.
Department Presently, he is in charge of the Unit Trust Operations Department, ASNB. He
sits on the Board of Directors of several companies. He is also a Certified
Financial Planner.

Key Management Profile
Encik Mohammad bin Encik Mohammad bin Hussin holds a Master in Business Administration from
Hussin Cranfield University, United Kingdom in 1990 and BBA (Marketing) from
University of Portland, Oregon, United States of America in 1984.
- Vice-President I,
Marketing and Branch He has served in several organisations prior to the current position in ASNB. He
Operations Department was the
the Corporate
Corporate Planning
Planning Manager
ManagerofofFederal
FederalPower
PowerSdn.
Sdn.Berhad in 1990,
Bhd. in 1990,
and later moved to Edaran Otomobil Nasional Berhad (EON) as the Special
Assistant to Managing Director in 1993 to 1998. He was attached to UMW
Toyota Motor in 2000 as Head of Corporate Communications Department before
moving to PNB as the Vice-President II of Corporate Communications
Department. In August, 2005 he was among the first batch of PR Practitioners in
Malaysia who was accorded Accredited Practitioner Status APR from Institute of
Public Relation Malaysia (IPRM). He is also a Registered Financial a Registered
Financial Planner with Malaysian Financial Planning Council (MFPC).
Puan Siti Norilah binti Puan Siti Norilah binti Shamsul Bahri holds a Bachelor of Business
Shamsul Bahri Administration Degree majoring in Finance and Economics from Memphis State
University, United States of America (USA).
- Assistant Vice-President,
Customer and Agent Prior to joining PNB in 2006, she was an Assistant Vice-President with CIMB
Relations Department Bank in the Retail Banking Department. She started her career in banking with
RHB Bank (then Kwong Yik Bank) more than 20 years ago, and had been
exposed in many different departments namely Branch Operations, Marketing &
Product Management, Investment Services and Branch Network/Channel
Management. Currently, she heads the Customer and Agent Relations
Department of ASNB.
Encik Kamaldeen bin NM Encik Kamaldeen bin NM Abdul Kader is a member of the Malaysian Institute of
Abdul Kader Certified Public Accountants (MICPA). He joined PNB in 1989 as a consultant of
PNB Corporate Development Sdn. Berhad, and subsequently worked in the
- Assistant Vice-President, Investment Division of PNB. He was transferred to the Accounts Department,
Accounts Department ASNB, in January 2002.
10.5 SENIOR COMPLIANCE OFFICER
Senior Compliance Officer Profile
Encik Paisol bin Ahmad Encik Paisol bin Ahmad is the designated Senior Compliance Officer. He is the
Senior Vice-President I, the Head of Financial Management Audit and Risk
- Senior Vice-President I/ Management Division of PNB. Encik Paisol is a Fellow of the Association of
Senior Compliance Officer Chartered Certified Accountants (United Kingdom), a member of the Malaysian
Institute of Accountants and a Fellow of Financial Services Institute of
Australasia (FINSIA). Encik Paisol has more than 15 years of experience in the
unit trust industry having served in various senior positions within PNB since
1993. Encik Paisol is a Certified Financial Planner. He is also a registered
compliance officer with the Securities Commission. He sits on the Board of
Directors of several companies.

10.6 FINANCIAL INFORMATION ON ASNB
The following is the summary of the past performance of ASNB based on its audited accounts for the last
three years from 2007 to 2009:
Year Ended December 31,

RM’000 RM’000 RM’000
2009 2008 2007
Paid-up capital 30,000 30,000 30,000
Shareholders’ funds 276,858 256,130 167,422
Revenue 529,220 429,993 363,635
Pre-tax profit 209,054 157,587 202,602
Profit After Tax & Zakat 155,474 114,708 145,466
10.7 ROLES, DUTIES AND RESPONSIBILITIES OF THE MANAGEMENT COMPANY
• To manage and administer the Funds in a proper, diligent and efficient manner, in accordance with the
Deeds and prospectus of the Funds, the Guidelines and securities laws, and acceptable and
efficacious business practice within the unit trust industry.
• To act with due care, skill and diligence in managing the Funds, and effectively employ the resources
and procedures necessary for the proper performance of the Funds.
• To observe high standards of integrity and fair dealing in managing the Funds to the best and exclusive
interest of unitholders.
• To take all necessary steps to ensure that the assets of the Funds are adequately protected and
properly segregated.
• To account to the Trustee for any loss suffered by the Funds as a result of our failure to exercise the
degree of care and diligence required in managing the Funds.
10.8 FUNCTIONS OF THE INVESTMENT COMMITTEES OF THE FUNDS
10.8.1 The Investment Committees of Funds are responsible for the following:
• To provide broad investment policies and guidelines for effective and efficient management of the
Funds, incorporating good corporate governance and best practices in managing the Funds.
• To provide guidance in meeting the objectives of the Funds and ensure competitive returns to the
Unitholders.
• To approve investment plans and strategies for the short-term, medium-term and long-term horizons so
as to enhance and maximise the value of the investment portfolio.

• To approve the proposed allocation of Funds between different categories of assets so as to be in line
with the prevailing investment strategy under varying economic and market conditions.
• To approve the selection of the investment universe for the portfolio.
• To approve guidelines for the trading activities, including the setting of exposure limits of stocks or bond
holding, daily purchases and sales and cash placements.
• To approve the appointment or termination of panel of stockbrokers and financial institutions.
• To consider all matters deemed appropriate.
On average, the respective Investment Committee meets once a month but may meet more frequently if
necessary.
10.8.2 Members of the Investment Committees
ASN, ASN 2, ASN 3, ASG-Pendidikan, ASG-Kesihatan, ASG-Persaraan, ASB, ASM, ASD and
AS 1Malaysia

Chairman, (Non-Independent Member)
(Non-Independent Member)

4. Dato’ Dr. Abdul Halim bin Ismail

ASW 2020
1. Dato’ Dr. Abdul Halim bin Haji Ismail

Chairman (Independent Member).
(Non-Independent Member).
3. Tan Sri Faizah binti Mohd Tahir

(Independent Member).
4. Encik Sreesanthan a/l Eliathamby

(Independent Member).

10.8.3 Profile of Members of the Investment Committees of ASB, ASM, ASD,

AS 1Malaysia, ASN, ASN 2, ASN 3, ASG-Pendidikan, ASG-Kesihatan and ASG-
Persaraan
Members Profile
Tun Ahmad Sarji bin Abdul Hamid (as afore-mentioned)
Tan Sri Dato’ Sri Hamad Kama Piah (as afore-mentioned)

bin Che Othman
Tan Sri Dato’ Md. Desa bin Pachi (as afore-mentioned)
Dato’ Dr. Abdul Halim bin Ismail Dato’ Dr. Abdul Halim bin Ismail was appointed as a member of the
Investment Committee of ASB on March 4, 1998, of ASM on May 3, 2000,
of ASD on April 20, 2001, and of ASN, ASN 2, ASN 3, ASG-Pendidikan,
ASG-Kesihatan, ASG-Persaraan on March 17, 2009, AS 1Malaysia on
July 7, 2009 and ASW 2020 on April 27, 2010.
Dato’ Dr. Abdul Halim is the Executive Director Dealing of BIMB Securities
Sdn. Berhad. He has been deeply involved in Islamic Banking, Takaful and
Capital Market. He holds a Bachelor of Arts (Hons.) Degree in Economics
from the University of Malaya and Doctor of Philosophy (D. Phil.) in
Economics from University of Oxford, the United Kingdom.
Dato’ Dr. Abdul Halim sits on the Board of Directors of several companies.
10.8.4 Profile of the Members of the Investment Committee of ASW 2020
Members Profile
Dato’ Dr. Abdul Halim bin Ismail (as afore-mentioned)
Tan Sri Dato’ Sri Hamad Kama Piah (as afore-mentioned)

bin Che Othman
Tan Sri Faizah binti Mohd Tahir Tan Sri Faizah binti Mohd. Tahir was appointed as a member of the
Investment Committee of ASW 2020 on April 27, 2010. She is a graduate
with a Bachelor in Economics from the University of Malaya and obtained
her Masters in Development Economics from William College, the United
States of America.
Tan Sri Faizah was the Secretary General of the Ministry of Women,
Family and Community Development of Malaysia since the establishment
of the ministry in 2001 until 2009. She had served in government
departments for more than 35 years, in the administration and diplomatic
service. She has vast experience in the area of public administration
management.
Tan Sri Faizah also sits on the Board of Directors of Goodyear (Malaysia)
Berhad.

Members Profile
Encik Sreesanthan a/l Eliathamby Encik Sreesanthan was appointed as a member of the Investment
Committee of ASW 2020 on June 5, 2001.
Encik Sreesanthan is an Advocate & Solicitor and a Partner with the legal
firm of Messrs. Kadir, Andri & Partners. He was formerly a Legal Assistant
and later a Partner with the legal firm of Messrs. Zain & Co. Subsequent to
that, he was a Partner in the legal firm of Messrs. Zul Rafique & Partners.
He is an accredited mediator of the Malaysian Mediation Centre, a member
of the Listing Committee of Bursa Malaysia Berhad and a member of the
Investigating Tribunal Panel of the Advocates and Solicitors’ Disciplinary
Board.
Encik Sreesanthan graduated with a first class honours Degree in Law

from the University of Malaya in 1987 and was called to the Malaysian Bar
in March 1988. He later obtained a post-graduate Degree in Law at the
University of Oxford, the United Kingdom, and was conferred the B.C.L in
1991.
10.9 THE INVESTMENT MANAGER
10.9.1 PERMODALAN NASIONAL BERHAD (Investment Manager of the Funds)
PNB has been entrusted by ASNB to manage the investments of the Funds. Established in 1978 as one of
the vehicles of the New Economic Policy, PNB has made considerable success in promoting share
ownership of the Bumiputera in the corporate sector through its Funds. With more than 30 years of
experience in fund management, PNB has a proven track record whereby returns from its Funds have
benefited Malaysians from all walks of life from the age of six months and above. As at LPD, PNB manages
total funds of RM156.61 billion.
ASNB assesses the performance of PNB as the Investment Manager of the Funds based on the investment
mandates, objectives and other functions as stipulated in the Investment Management Agreements signed
between ASNB and PNB, taking into consideration the relevant market and industry benchmarks.
Profile of the Key Management Staff of PNB
Key Management Staff Profile
Tan Sri Dato’ Sri Hamad Kama (as afore-mentioned)

Piah bin Che Othman
Puan Adibah Khairiah binti Ismail (as afore-mentioned)

@ Daud (MIA 13755)
Company Secretary

Datin Paduka Jamiah binti Abdul Datin Paduka Jamiah binti Abdul Hamid started her career in 1982 as the first
Hamid batch of management trainee with PNB. Having served 28 years in the
Deputy President, organization, Datin Paduka Jamiah has accumulated extensive experience
Corporate and International and expertise through the various positions held in the areas of investment
operations, corporate finance, corporate communication, human resource
and international fund. She received her tertiary education abroad (University
of Northern IIIinois, B.Sc (Finance) and locally (UKM, MBA). Currently, she is
a director of several of PNB investee companies and also a holder of a
Capital Market Services Representative’s Licence and is a Certified Financial
Planner. Today, Datin Paduka Jamiah is the Deputy President, Corporate
and International of PNB.
INVESTMENT DIVISION OF PNB
The Investment Division of PNB’s main responsibility is in managing the variable-price and fixed- price
Funds namely ASN, ASN 2, ASN 3, ASG-Pendidikan, ASG Kesihatan, ASG-Persaraan, ASB, ASW 2020,
ASM, ASD, AS 1Malaysia and PNB structured Investment Fund. Its investment process incorporates
fundamental, research-driven and team-based investment decisions which are guided by the Investment
Committee of the abovementioned unit trust funds. The portfolio management team formulates and
recommends the investment strategies of the funds in accordance with the investment mandates based on
optimal asset allocation strategies and diversification. These strategies are executed by the equity and fixed-
income dealing teams. The division is well supported by a team of analysts that performs the securities
evaluation process which incorporates economic, industry, sector, financial and credit analysis. As at LPD,
the investment Division has staff strength of 65 persons. The investment professional are segregated into a
team of 17 professionals in the portfolio management team, 8 professionals in the equities trading team,
5 professionals in the fixed-income investment team, 26 analysts in the Investment Evaluation Department
and 8 support staff. These professionals continually strive to meet the expectation of unitholders of funds
under PNB’s management in carrying out their duties.
The Investment Division of PNB and its related areas have been awarded MS ISO 9001-2000 certification
for its investment process.
Profile of Key Management Staff of the Investment Division of PNB

(Investment Manager of the Funds)
Encik Wan Roshdi bin Wan Musa Encik Wan Roshdi bin Wan Musa, the designated Fund Manager for the
Executive Vice President/ investment management of the Funds. Encik Wan Roshdi bin Wan Musa, is
Chief Investment Officer presently the Head of Investment Division of PNB. He holds a Masters
PNB Degree in Business Administration, a Bachelor of Science in Finance from
United States of America and a Diploma in Accountancy from Universiti
Teknologi MARA. Encik Wan Roshdi is a licensed fund manager and also a
qualified Certified Financial Planner (CFP). He started his career in 1985 at
the Corporate Finance and Corporate Services Department of PNB, rising to
a position of Head of Department. In 2003, Encik Wan Roshdi was
transferred to the Investment Division of PNB to assist the Senior Vice-
President in supervising the investment evaluations, market operations and
portfolio management of the proprietary and unit trust funds. He also sits on
the Board of Directors of several companies.

Encik Abdul Rahim bin Ahmad Encik Abdul Rahim Ahmad, Vice-President I, is presently the Head of
Vice-President I, Portfolio Management Department of Investment Division of PNB. He holds
Portfolio Management Department a Bachelor Degree in Statistics from Universiti Kebangsaan Malaysia and a
Graduate Diploma in Applied Finance and Investment from Financial
Services Institute of Australasia.
Encik Abdul Rahim is a holder of Capital Market Services Representative’s

Licence, a fellow member of Financial Services Institute of Australasia
(F.Fin) and a qualified Certified Financial Planner (CFP). He started his
career at PNB in 1991 as an Investment Analyst in the Investment
Operations Department. Presently, he is responsible for the overall
operations of Portfolio Management Department and supervises the daily
fund management of PNB’s proprietary fund and all funds managed by PNB.
FINANCE AND INVESTMENT PROCESSING DIVISION OF PNB
The Finance and Investment Processing Division that consists of the Finance Department and the
Investment Processing Department is headed by its Senior Vice-President I, Dato’ Mohd. Nizam bin
Zainordin. The Finance Department carries the main finance and accounting functions of PNB while the
Investment Processing Department carries the responsibility of settling the transactions related to equities
trading, money market and various corporate actions for investments of all the Unit Trust Funds.
Profile of Key Management Staff of the Finance and Investment Processing Division of PNB
Dato' Mohd Nizam bin Zainordin Dato' Mohd Nizam bin Zainordin holds an Executive Masters in Business
Executive Vice President/ Administration from the Asian Institute of Management. He is also a Fellow of
Chief Financial Officer the Association of Chartered Certified Accountants, the United Kingdom
PNB (FCCA) and is a member of the Malaysian Institute of Accountants. He first
joined PNB in 1994. Dato’ Mohd Nizam Zainordin sits on the Board of Directors
of several listed and unlisted companies. He is also a qualified Certified
Financial Planner (CFP).
FINANCIAL MANAGEMENT AUDIT AND RISK MANAGEMENT DIVISION OF PNB
Profile of Key Management Staff of the Financial Management Audit and Risk Management Division
of PNB
Encik Paisol bin Ahmad (as afore-mentioned)

Senior Vice-President I /
Senior Compliance Officer

LEGAL DIVISION OF PNB
Profile of Key Management Staff of the Legal Department of PNB
Puan Norlin binti Puan Norlin binti Abdul Samad holds a LLB (Hons) from the University of
Abdul Samad London and a Barrister-At-Law, Lincoln's Inn. She has been called to both the
Vice-President I, English and Malaysian Bars. Puan Norlin has also attended the Advanced
Legal Department Management Programme (AMP) at INSEAD, France.
Puan Norlin was appointed the Head of Legal Department, PNB in November
2007.
Prior to joining PNB, Puan Norlin held the position of Company

Secretary/Director, Group Legal and Human Resources of Golden Hope
Plantations Berhad where she served for more than 16 years. She was an
Associate Partner in a legal firm and Company Secretary/Head of Personnel of
Komplek Kewangan Malaysia Berhad prior to joining Golden Hope Plantations
Berhad.
Puan Norlin is also a Licensed Company Secretary and sits on the Board of
Directors of an associate company of PNB.
INFORMATION TECHNOLOGY DIVISION OF PNB
Profile of Key Management Staff of the InformationTechnology Division of PNB
Encik Mohd Zaki bin Talib Encik Mohd Zaki bin Talib is presently the Head of Information Technology
Vice-President I, Division in PNB. He holds a Bachelor's Degree in Computer and
IT Division Communication Science from the University of Michigan, Ann Arbor, USA and a
Diploma in Computer Science from the University Technology MARA (UiTM).
Prior to joining PNB in 2005, he was the Chief Operating Officer (COO) of UMW
E-Technologies Sdn Bhd, a subsidiary of the UMW Group. He had also served
in various positions in CELCOM, MAXIS and Petroliam Nasional Berhad.
He is also a PNB nominee board member in CARSEM (M) Sdn Bhd and
RECAMS Sdn Bhd (formally known as Carsem Semiconductor Sdn Bhd).

10.9.2 FUNCTIONS OF THE INVESTMENT MANAGER
The main functions of the Investment Manager of the Funds are as follows:
 To manage the Funds in accordance with the investment guidelines, Deeds, securities laws and
Guidelines.
 To meet the objectives of the Funds through the formulation of appropriate investment strategies, asset
allocation and selection of stocks and other investment instruments in order to ensure you receive
competitive returns.
 To continuously enhance and maximise value of the Funds through regular restructuring and
rebalancing of the investment portfolios.
 To abide by the internal investment policies and procedures in safeguarding and promoting your best
interests.
 To provide accurate information to enable us to deal with and report to all necessary authorities and
bodies on all matters pertaining to or arising out of the management of the Funds as requested by the
relevant laws, regulations and guidelines.
 To maintain proper up-to date records of all acts and matters undertaken related to the management of
the Funds.
The Investment Manager of the Funds reports to the Board of Directors of ASNB and the respective
Investment Committees of the Funds.
10.10 RETIREMENT, REMOVAL OR REPLACEMENT OF THE MANAGEMENT COMPANY
The Management Company may retire from its post and be replaced with some other qualified management
company approved by the Trustee after the following conditions under the law have been satisfied:
i. The retiring Management Company shall appoint a corporation to replace in writing and under the seal
of the retiring Management Company as the new Manager of the Fund. The new Manager will be
assigned all the rights and duties of the former Management Company;
ii. The qualified and approved newly appointed management company must enter into the deed;
iii. Once the retiring Management Company pays all sums due to the Trustee, the retiring Management
Company will no longer be held accountable and be released from any future obligations as a
Management Company of the Fund.
The present Management Company may be removed in any of the following events:
i. According to Section 301 of the Act, the Management Company may be removed by the Trustee as
soon as the Trustee becomes aware that the Management Company:
Has failed or is unable to carry out its duties as required by the Trustee, and for any other reasons
to ensure the interest of the Unitholders are protected; or
Is in liquidation; or
Is under receivership or has ceased to carry on business; or
Has failed to comply with any provisions of the Deed, the Act and other relevant laws.

ii. If an extraordinary resolution is passed by the Unitholders that the Management Company be removed.
The appointment of the new Management Company must first be approved by the SC. Once approval is
obtained, the new Management Company will enter into a deed or deeds (on the advice of the Trustee) to
ensure that the Management Company performs its duties as Manager during the remainder of the period of
the Fund.
10.11 POWERS OF THE MANAGEMENT COMPANY TO REMOVE THE TRUSTEE
The Trustee may be removed and another Trustee may be appointed by an extraordinary resolution of the
Registered Holders at a duly convened meeting of which notice has been given to the Trustee and
Management Company. The Management Company will summon a meeting of Registered Holders for the
purpose of considering and if thought fit, passing a resolution for the removal of the Trustee in the event that
the Registered Holders request the Management Company to do so, in the manner as stated in the Deed of
the respective Funds.
Pursuant to Section 299 of the Act, it is the duty of the Management Company to remove the Trustee as
soon as it becomes aware that the Trustee:
i. Has ceased to exist;
ii. Has not been validly appointed;
iii. Is not eligible to be appointed or to act as trustee under Section 290 of the Act;
iv. Has failed or refused to act as trustee in accordance with the provisions or covenants of the Deed or the
provisions of the Act;
v. Is under investigation for conduct that contravenes the Trust Companies Act 1949, the Trustee Act
1949, the Companies Act 1965, or any securities law;
vi. When a receiver is appointed over the whole or substantial part of the assets or undertaking of the
existing trustee and has not ceased to act under that appointment; or
vii. A petition is presented for the winding up of the Trustee.
10.12 DISCLOSURE OF CURRENT MATERIAL LITIGATION AND ARBITRATION
The Management Company and the Investment Manager are not engaged in any material litigation, claims
or arbitration, either as a plaintiff or defendant, and the Management Company and the Investment Manager
have no knowledge of any proceedings pending or threatened or of any material facts likely to give rise to
any proceedings which might materially and adversely affect their financial positions or businesses.

11. TRUSTEE
11.1 GENERAL INFORMATION
AmanahRaya Trustees Berhad (“ART”) was incorporated under the Companies Act 1965 on March 23, 2007
and registered as a trust company under the Trust Companies Act 1949. ART is a subsidiary of Amanah
Raya Berhad (ARB) which is wholly owned by the Minister of Finance (Incorporated). ART took over the
corporate trusteeship functions of ARB and acquired ARB’s experience of more than 44years in trustee
business. ART has been registered and approved by the SC to act as Trustee to unit trust funds. ART will
subsequently substitute for ARB as the existing trustee for the 1 unit trust fund under ARB’s trusteeship and
has 139 unit trust funds under ART’s trusteeship. As at LPD, ART has 70 staff (49 Executives and 21 Non-
Executives).
ART has an authorised capital of RM5,000,000. Its issued and paid-up share capital is RM2,000,000 and
RM1,000,000 respectively.
The shareholders of ART are: % of equity

Amanah Raya Berhad (344986-V) 20
Amanah Raya Nominees (Tempatan) Sdn Bhd (434217-U) 20
Amanah Raya Capital Sdn Bhd (549057-K) 20
AmanahRaya Capital Group Sdn Bhd (760289-U) 20
AmanahRaya Modal Sdn Bhd (760322-X) 10
Amanah Raya Nominees (Asing) Sdn Bhd (684546-P) 10
11.2 FINANCIAL INFORMATION
The following is a summary of the past performance of ART based on audited financial statements for
financial year ended 31 December since its incorporation on March 23, 2007:
December 31, 2007 December 31, 2008 December 31, 2009

(RM ‘000) (RM ‘000) (RM ‘000)
Paid-up share capital 1,000 1,000 1,000
Shareholders’ funds 6,511 5,999 3,624
Turnover 10,343 17,282 20,024
Pre-tax profit/loss 7,638 11,783 14,340
After tax profit/loss 5,511 8,597 10,625
11.3 BOARD OF DIRECTORS
Datuk Idrus bin Harun – Chairman (Independent)

Hajjah Habsah binti Bakar – Director / Chief Executive Officer (Non-Independent)
Dato’ Ahmad Rodzi bin Pawanteh – Director (Non-Independent)
Datin Aminah binti Pit Abd Raman – Director (Independent)
Puan Alina binti Hashim – Director (Non-Independent)
Tuan Haji Ab. Gani bin Haron – Director (Independent)
Dato‘ Haji Ahmad Kamal bin Abdullah Al – Yafii – Director (Independent)
Encik Zainudin bin Hj. Suhaimi – Alternate Director to Hajjah Habsah binti Bakar
www.asnb.com.my | 11. TRUSTEE 99

11.4 KEY MANAGEMENT STAFF
Hajjah Habsah binti Bakar – Chief Executive Officer

Encik Zainudin bin Hj. Suhaimi – General Manager
Encik Arzlee bin Abdul Rahman – Assistant General Manager
Encik Zainul Abidin bin Hj. Ahmad – Company Secretary
Encik Abbas bin Nejamdeen – Legal Manager
Encik Azril bin Abd Kadir – Compliance Manager
Encik Mohd Sofian bin Hj. Kamaruddin – Debt Capital Markets and Trusts Section Manager
Encik Mohd Aziyan bin Abdullah – Finance and Corporate Services Manager
11.5 DUTIES AND OBLIGATIONS
The role of ART, as the Trustee, is to safeguard the rights and interests of the Unitholders by ensuring that
the Manager performs its duties and obligations in accordance with the Deed, the Act, the Guidelines and
other relevant laws. The Trustee acts on behalf of each Unitholder by monitoring the actions of the Manager,
and by having custodianship of the Fund through the holding of the investments of the Fund in trust for the
Unitholders.
The Trustee is responsible:

To act as custodian of the assets of the Fund;
To act with due care, skill, diligence and vigilance, and act in accordance with the Act, the Deed, the
Guidelines and securities laws in carrying out its duties and responsibilities;
To ensure at all times, through proper and adequate supervision, ensure that the Fund is managed and
administered by the Manager in accordance with the Act, the Deed, the Guidelines and securities laws
and acceptable and efficacious business practices within the unit trust industry;
To ensure that it is fully informed of the investment policies of the Fund as set by the Manager, and of
any changes made thereto;
To notify the SC immediately of any irregularity, any breach of the provisions of the Act, the Deed, the
Guidelines or securities laws and any other matter properly regarded by the Trustee as not being in the
interests of the Unitholders;
To ensure that the systems, procedures and processes employed by the Manager to value and/or price
the Fund or the Units of the Fund are adequate, and that such valuation/pricing is carried out in
accordance with the Act, the Deed, the Guidelines and securities laws;
To ensure that the sale, repurchase, creation and cancellation of Units of the Fund are carried out in
accordance with the Act, the Deed, the Guidelines and securities laws;
To submit or make available any statements, documents, books, records and other information relating
to the Fund and the business of the Trustee or such periodical returns, as may be required by the SC
from time to time;
To take all steps to effect any instructions properly given by the Manager as to the acquisition or
disposal of, or the exercise of the rights attaching to, the assets of the Fund; and
To maintain and ensure that the Manager maintains proper accounting records and other records as are
necessary to enable a complete and accurate view of the Fund to be formed and to ensure that the
Fund is managed and administered in accordance with the Deed of the Fund, the guidelines and
securities laws.

11.6 RETIREMENT, REMOVAL AND REPLACEMENT
The Trustee may retire upon giving 12 months notice to the Manager of its desire to do so, or such shorter
period as the Manager and the Trustee shall agree, and may by deed appoint in its stead a new trustee
approved by the SC. Pursuant to Section 299 of the Act, it is the duty of the Manager to remove the Trustee
as soon as it becomes aware that the Trustee:
Has ceased to exist;
Has not been validly appointed;
Is not eligible to be appointed or to act as Trustee under Section 290 of the Act;
Has failed or refused to act as Trustee in accordance with the provisions or covenants of the Deed or
the provisions of the Act;
Is under investigation for conduct that contravenes the Trust Companies Act, 1949, the Trustee Act,
1949, the Companies Act, 1965, or any securities laws;
When a receiver is appointed over the whole or a substantial part of the assets or undertaking of the
existing trustee and has not ceased to act under the appointment or a petition is presented for the
winding up of the existing Trustee (other than for the purpose of and followed by a reconstruction,
unless during or following such reconstruction the existing trustee becomes or is declared to be
insolvent).
The Trustee may be removed and another trustee (duly approved as aforesaid) may be appointed by a
special resolution of the Unitholders at a duly convened meeting of which notice has been given to the
Trustee and the Manager. The Manager will summon a meeting of the registered holders for the purpose of
considering and if thought fit, passing a resolution for the removal of the Trustee in the event that the
Unitholders request the Manager to do so, in the manner as stated in the Deed.
11.7 POWER OF TRUSTEE TO REMOVE OR REPLACE THE MANAGER
The Trustee of the Funds may remove and replace the Manager if the Manager has failed or neglected to
carry out its duties to the satisfaction of the Trustee, and for such other reasons desirable in the interest of
the Unitholders.
The Manager may also be removed if the Manager is in liquidation, is under receivership or ceases
operations, or has to the prejudice of the Unitholders failed to comply with any provisions of the Deed or the
Act, and other relevant laws. The Manager may also be removed if a special resolution is passed by the
Unitholders that the Manager be removed.
The appointment of the new manager is subject to the new manager entering into a deed or deeds as the
Trustee may be advised to be necessary in order to secure that the manager performs its duties as Manager
during the remainder of the period of the Fund.
11.8 STATEMENT OF RESPONSIBILITY
The Trustee consents and agrees to assume the position as Trustee of the Funds and undertakes all the
obligations in accordance with the Deeds, all relevant laws and rules of law for the benefit of the registered
Unitholders of the Funds.
11.9 DISCLOSURE OF CURRENT MATERIAL LITIGATION AND ARBITRATION
As at LPD, theTrustee
LD, the Trusteeisisnot
notengaged
engagedininany
anymaterial
material litigation
litigation and
and arbitration
arbitration either
either as
as plaintiff or defendant,
and the Trustee is not aware of any proceedings, pending or threatened or of any facts likely to give rise to
any proceedings which might materially affect the business financial position of the Trustee or any of its
delegates.

12. SALIENT TERMS OF THE DEED

The Deed is a complex document and the following is a summary only. Certain salient terms of the Deed are
summarised in other sections of this Prospectus. Recipients of this Prospectus and all prospective investors of the
Units should refer to the Deed itself to confirm specific information or for a detailed understanding of the Fund. The
Deed is available for inspection at the principal place of business of the Manager at all ASNB Offices (refer to Section
18) and the principal place of business of the Trustee (refer to section 2).
12.1 RIGHTS AND LIABILITIES OF UNITHOLDERS
Funds Rights and Liabilities of Unitholders
ASN Unitholders shall, inter alia have the right to attend and vote at meetings of Unitholders and
receive distributions. However no Unitholder shall be entitled to require the transfer to him of
any of the property comprised in the Fund or to interfere with or question the exercise by the
Trustee or the Manager on his behalf of the rights of the Trustees as owner of such property.
The liability of Unitholders is limited to the purchase price paid for the units. Unitholders are
not under any obligation to indemnify the Manager and/or the Trustee for liabilities incurred on
behalf of the Fund which exceeds the net asset value of the Fund, and any right of indemnity
of the Trustee and/or the Manager shall be limited to recourse to the Fund.
ASN 2 Unitholders shall, inter alia have the right to attend and vote at meetings of Unitholders and
behalf of the Fund which exceeds the gross asset value of the Fund, and any right of
indemnity of the Trustee and/or the Manager shall be limited to recourse to the Fund.
ASN 3 Unitholders shall, inter alia have the right to attend and vote at meetings of Unitholders and
behalf of the Fund which exceeds Net Asset Value of the Fund, and any right of indemnity of
the Trustee and/or the Manager shall be limited to recourse to the Fund.
ASG: Unitholders shall, inter alia have the right to attend and vote at meetings of Unitholders and
ASG- any of the property comprised in the Fund or to interfere with or question the exercise by the
Pendidikan Trustee or the Manager on his behalf of the rights of the Trustees as owner of such property.
ASG-
Kesihatan The liability of Unitholders is limited to the purchase price paid for the units. Unitholders are
ASG- not under any obligation to indemnify the Manager and/or the Trustee for liabilities incurred on
Persaraan behalf of the Fund which exceeds the value of such Fund, and any right of indemnity of the
Trustee and/or the Manager shall be limited to recourse to such Fund.
www.asnb.com.my | 12. SALIENT TERMS OF THE DEED 102

Funds Rights and Liabilities of Unitholders
ASB Unitholders shall, inter alia have the right to attend and vote at meetings of Unitholders and
receive distributions. However, no Unitholder shall be entitled to require the transfer to him of
behalf of the Fund which exceeds the Gross Asset Value of the Fund, and any right of
ASM Unitholders shall, inter alia have the right to attend and vote at meetings of Unitholders and
behalf of the Fund which exceeds the value of the Fund, and any right of indemnity of the
Trustee and/or the Manager shall be limited to recourse to the Fund.
ASW 2020 Unitholders shall, inter alia have the right to attend and vote at meetings of Unitholders and
behalf of the Fund which exceeds the gross asset value of the Fund, and any right of
ASD Unitholders shall, inter alia have the right to attend and vote at meetings of Unitholders and
behalf of the Fund which exceeds the value of the Fund, and any right of indemnity of the
Trustee and/or the Manager shall be limited to recourse to the Fund.
AS 1Malaysia Unitholders shall, inter alia have the right to attend and vote at meetings of Unitholders, to
participate in any increase in the value of the Units and receive distributions. However no
Unitholder shall be entitled to require the transfer to him of any of the investments or assets of
the Fund or to interfere with or question the exercise by the Trustee of the rights of the Trustee
as the registered owner of such investments and assets. Ownership of Units shall not confer
on a Unitholder an interest in any particular part or asset of the Fund but only in the Fund as a
whole.
The liability of Unitholders is limited to the purchase price paid for the Units. Unitholders are
not under any obligation to indemnify the Manager and/or the Trustee for losses incurred on
behalf of the Fund which exceeds the value of the assets of the Fund, and any right of
indemnity of the Manager and/or the Trustee shall be limited to recourse to the Fund.

12.2 MAXIMUM FEES AND CHARGES PERMITTED BY THE DEED
Funds Maximum Fees and Charges Permitted by the Deed
ASN The Manager is permitted to charge an annual Management Fee at a rate not exceeding 1.0% of
the NAV of the Fund calculated and accrued on a daily basis.
The Trustee shall be entitled to an annual Trustee Fee of RM500,000 or 0.08% per annum of
the NAV of the Fund, whichever is lower, calculated and accrued daily.
Details of the annual Management Fee and the Trustee Fee are set out in Section 8.2 of this
Prospectus.
A sales charge of 5% on the NAV per Unit is payable by Unitholders upon purchasing of units
and retained by the Manager. Details of the sales charge are set out in Section 8.1 of this
Prospectus.
ASN 2 The Manager is permitted to charge an annual Management Fee at a rate not exceeding 1.0% of
the NAV of the Fund calculated and accrued on a daily basis.
Prospectus.
Prospectus.
ASN 3 The Manager is permitted to charge an annual Management Fee at a rate not exceeding 1.5%
of the NAV of the Fund calculated and accrued on a daily basis.
The Trustee shall be entitled to an annual Trustee Fee of RM300,000 or 0.08 % per annum of
Prospectus.
Prospectus.
ASG: The Manager is permitted to charge an annual Management Fee at a rate not exceeding 1.5%
of the NAV of the Fund calculated and accrued on a daily basis.
ASG-
Pendidikan The Trustee shall be entitled to an annual Trustee Fee of RM450,000 or 0.07% per annum of
ASG- the NAV of the Fund, whichever is lower, calculated and accrued daily.
Kesihatan
ASG- Details of the annual Management Fee and the Trustee Fee are set out in Section 8.2 of this
Persaraan Prospectus.
Prospectus.

ASB The Manager is permitted to charge an annual Management Fee at a rate not exceeding 1% per
annum of the Value of the Fund calculated and accrued on a daily basis.
The Trustee shall be entitled to an annual Trustee Fee of RM500,000.
Prospectus.
Currently no sales charge is imposed upon purchasing of units.
ASW 2020 The Manager is permitted to charge an annual Management Fee at a rate not exceeding 1% per
The Trustee shall be entitled to an annual Trustee Fee of RM500,000.
Prospectus.
Currently no sales charge is imposed upon purchasing of units.
ASM The Manager is permitted to charge an annual Management Fee at a rate not exceeding 1% per
the Value of the Fund, whichever is lower.
Prospectus.
No sales charge is imposed upon purchasing of units.
ASD The Manager is permitted to charge an annual Management Fee at a rate not exceeding 1.5%
per annum of the Value of the Fund calculated and accrued on a daily basis.
the Value of the Fund, whichever is lower.
Prospectus.
No sales charge is imposed upon purchasing of units.
AS 1Malaysia The Manager is permitted to charge an annual management fee at a rate not exceeding 1.5%
per annum of the VOF, calculated and accrued on a daily basis.
The Trustee shall be entitled to an annual trustee fee not exceeding 0.08% per annum of the
VOF (before deducting management fees and trustee fees for the day) of the Fund subject to
a minimum of RM18,000 per annum, calculated and accrued daily.

Details of the annual management fee and the trustee fee are set out in Section 8.2 of this
Prospectus.
The sales charge for AS 1Malaysia is up to 1% of the invested amount. The Manager may
reduce or waive the sales charge at its discretion.
Although the Deed allows the Manager to charge a repurchase charge in respect of requests
for repurchase of Units, the Manager presently does not impose any repurchase charge for
redemption of Units.
12.3 INCREASE IN FEES AND CHARGES FROM THE LEVEL DISCLOSED IN THE PROSPECTUS
AND THE MAXIMUM RATE PROVIDED IN THE DEED
Funds Increase in Fees and Charges from the Level Disclosed in the Prospectus and the
Maximum Rate Provided in the Deed
ASN The Management Fee shall not exceed the amount stated in the Deed. The Manager may not
charge an annual Management Fee at a rate higher than that disclosed in the Prospectus
ASN 2 unless the Manager and the Trustee have agreed on a higher rate in accordance with the Deed.
The Manager must notify Unitholders of the higher rate and the effective date.
ASN 3
The Trustee Fee shall not exceed the amount stated in the Deed. The Trustee may not charge
ASG: an annual Trustee Fee at a rate higher than that disclosed in the Prospectus unless the
ASG- Manager and the Trustee have agreed on a higher rate. The Manager must notify Unitholders of
Pendidikan the higher rate and the effective date.
ASG-
Kesihatan The sales charge shall not exceed that as set out in the Deed. Manager may only charge a
ASG- higher sales charge than that disclosed in the Prospectus in accordance with the Deed and all
Persaraan relevant laws.
ASB The Management Fee shall not exceed the amount stated in the Deed. The Manager may not
charge an annual Management Fee at a rate higher than that disclosed in the Prospectus
ASW 2020 unless the Manager and the Trustee have agreed on a higher rate in accordance with the Deed.
The Manager must notify Unitholders of the higher rate and the effective date.
ASM
The Trustee Fee shall not exceed the amount stated in the Deed. The Trustee may not charge
ASD an annual Trustee Fee at a rate higher than that disclosed in the Prospectus unless the
Manager and the Trustee have agreed on a higher rate. The Manager must notify Unitholders of
the higher rate and the effective date.
AS 1Malaysia Currently no sales charge shall be payable on the sale of any unit.
12.4 PERMITTED EXPENSES PAYABLE OUT OF THE FUNDS’ PROPERTY
Funds Permitted Expenses Payable Out of the Funds’ Property
ASN Only expenses which are directly related and necessary may be charged to the Fund. These
include (but not limited to) the following:

(i) all fees authorised by this Deed to be paid out of the Fund to the Trustee and the
Manager;
(ii) all fees and disbursements of the Auditor;
(iii) professional and accounting fees and disbursements approved by the Trustee;
(iv) the costs of printing and despatching to Unitholders, the accounts of the Fund, tax
certificates, distribution warrants, notices of meeting of Registered Holders, newspaper
advertisements required by the Deed and such other similar costs as may be approved by
the Trustee;
(v) valuation fees payable in respect of the Fund;
(vi) duties and taxes payable in respect of the Fund;
(vii) all expenses incurred by the Trustee in effecting registration, insurance or safe custody of
the documents of title to all investments held upon the trusts of this Deed; and
(viii) all duties and charges and any other expenses (including interest) incurred in negotiating,
entering into, varying, carrying into effect with or without variation, maintaining and
terminating of any borrowings of the Fund.
The Trustee may accept the certificate of the Auditor as satisfactory evidence of the amounts
properly chargeable for such outgoings and expenses.
ASN 2 Only expenses which are directly related and necessary may be charged to the Fund. These
Manager;
(iv) the cost of printing and dispatching to Unitholders, the accounts of the Fund, tax
certificates, distribution, warrants, cheques notices of meeting of Unitholders, newspaper
advertisements required by Deed and such other similar costs as may be approved by the
Trustee;
terminating any borrowings by the Fund.

ASN 3 Only expenses which are directly related and necessary may be charged to the Fund. These
Manager;
certificates, distribution, warrants, notices of meeting of Unitholders, newspaper
advertisements required by Deed and such other similar costs as may be approved by the
Trustee;
terminating any borrowings by the Fund.
ASG: Only expenses which are directly related and necessary may be charged to the Fund. These
• ASG-
Pendidikan (i) all fees authorised by this Deed to be paid out of the Fund to the Trustee and the
Manager;
• ASG-
Kesihatan (ii) all fees and disbursement of the Auditor;
• ASG-
Persaraan (iii) professional and accounting fees and disbursements approved by the Trustee;
(iv) the cost of printing and despatching to Unitholders, the accounts of the Fund, tax
certificates,distribution, warrants, notices of meeting of Unitholders, newspaper
advertisements required by this Deed and such other similar costs as may be approved
by the Trustee;
(vi) duties and taxes payable in respect of the Fund; and
the documents of title to all investments of the Fund held upon the trusts of this Deed.

ASB The Trustee shall pay out of the gross income of the Fund, in addition to the reimbursements of
the expenses of the Fund, all outgoings (including all Federal and State Government taxes or
duties) which are necessary and incidental to the investments of the Fund and without limiting
the foregoing:
(i) rates, land tax, water rates, repairs and maintenance, insurance, electricity for common
areas and cleaning of common areas and all management fees paid to managing
agents employed by the Manager to manage any immovable property investments;
(ii) all expenses incurred by the Trustee in effecting registration, insurance or safe custody
of the documents of title to all investments held upon the trusts of this Deed;
(iii) all duties, fees and charges and any other expenses (including interest) incurred in
negotiating, entering into, varying, carrying into effect with or without variation,
maintaining and terminating any borrowings by the Fund;
(iv) all fees authorised by this Deed to be paid out of the Fund to the Trustee and the
Manager;
(v) the cost of the Auditor’s reasonable fees and expenses;
(vi) the cost of keeping or causing to be kept proper books of account and all expenses and
disbursements relating thereto;
(vii) all valuation fees and the costs of newspaper and other advertisements and sending
out statements of account, distribution cheques, tax certificates, correspondence,
circulars and other notices to Unitholders and others; and
(viii) all other costs and expenses incurred in connection with the duties of the Trustee and
the Manager in the administration of the trusts of this Deed.
ASW 2020 The Trustee shall pay out of the gross income of the Fund, in addition to the reimbursements of
the expenses of the Fund, all outgoings (including all Federal and State Government taxes and
duties) which are necessary and incidental to the investments of the Fund and without limiting
the foregoing:-
(i) rates, quit rents, water rates, repairs and maintenance, insurance, electricity for
common areas and cleaning of common areas and all management fees paid to
managing Agents employed by the Manager to manage any immovable property
investments;
(ii) all expenses incurred by the Trustee in effecting registration, insurance or safe custody
of the documents of title to all investments held upon the trusts of this Deed;

(iii) all duties, fees and charges and any other expenses (including interest) incurred in
maintaining and terminating any borrowings by the Fund;
(iv) all fees authorised by this Deed to be paid out of the Fund to the Trustee and the
Manager;
(v) the cost of the Auditor’s reasonable fees and expenses;
(vi) the cost of keeping or causing to be kept proper books of account and all expenses and
disbursements relating thereto;
(vii) all valuation fees and the costs of newspaper and other advertisements and sending
out statements of account, distribution cheques, tax certificates, correspondence,
circulars and other notices to Unitholders and others; and
(viii) all other costs and expenses incurred in connection with the duties of the Trustee and
the Manager in the administration of the trusts of this Deed.
ASM Only expenses which are directly related and necessary may be charged to the Fund. These
Manager;
certificates, distribution warrants cheques, notices of meeting of Unitholders, newspaper
advertisements required by Deed and such other similar costs as may be approved by
the Trustee;
(vii) all expenses incurred by the Trustee in effecting registration, insurance or safe custody
of the documents of title to all investments held upon the trusts of this Deed; and
(viii) all duties and charges and any other expenses (including interest) incurred in
maintaining and terminating any borrowings by the Fund.

ASD Only expenses which are directly related and necessary may be charged to the Fund. These
Manager;
certificates, distribution, warrants, cheques notices of meeting of Unitholders, newspaper
advertisements required by Deed and such other similar costs as may be approved by
the Trustee;
(vii) all expenses incurred by the Trustee in effecting registration, insurance or safe custody
of the documents of title to all investments held upon the trusts of this Deed; and
(viii) all duties and charges and any other expenses (including interest) incurred in
maintaining and terminating any borrowings by the Fund.
AS 1Malaysia Only expenses which are directly related and necessary may be charged to the Fund. These
include (but are not limited to) the following:
(i) commissions/fees paid to brokers in effecting dealings in the investments of the Fund;
(ii) taxes and other duties;
(iii) Auditor’s and valuer’s costs and fees;
(iv) costs incurred for modification of the Deed or for meetings of Unitholders (save where such
modification or meeting is convened is for the benefit of the Manager and/or the Trustee);
(v) costs, commissions, fees and expenses for the sale, purchase, insurance and any other
dealing of any asset of the Fund;
(vi) costs, fees and expenses incurred in engaging any specialist, valuer, or adviser for the
benefit of the Fund;
(vii) remuneration and out of pocket expenses of the independent members of the Investment
Committee; and
(viii) costs, fees and expenses incurred in connection with any change or the need to comply

with any change or introduction of any law, regulation or requirement (whether or not
having the force of law) of any governmental or regulatory authority.
The Deed provides that expenses associated with the management and administration of the
Fund, such as general overheads and costs for services expected to be provided by the
Manager, shall not be charged to the Fund. The Trustee shall ensure that all expenses charged
to the Fund are legitimate, not excessive or beyond standard commercial rates.
12.5 REMOVAL, RETIREMENT AND REPLACEMENT OF THE MANAGER AND THE TRUSTEE
Please refer to Section 10.10 of this Prospectus (in relation to the retirement, removal and replacement of
the Manager) and Section 11.6 of this Prospectus (in relation to the retirement, removal and replacement of
the Trustee).
12.6 TERMINATION OF THE FUND
Funds Termination of the Fund

ASN The Fund shall commence from the date mentioned in the Deed and continue until determined by
the Trustee under the provisions in the Deed. The Trustee shall as soon as practicable after the
determination of the Fund give to each of the Unitholder notice of such determination.
The Trustee may in any of the following events determine the Fund:
a) if the Manager shall go into liquidation (except a voluntary liquidation for the purpose of
reconstruction or amalgamation upon terms previously approved in writing by the Trustee);
b) if the Manager shall cease to carry on business;
c) if a receiver is appointed of the undertaking or assets of the Manager or if an

encumbrancer shall take possession of any of their assets; or
d) if it becomes illegal or in the reasonable opinion of the Trustee impracticable or inadvisable

to continue the Fund.
The Trustee shall comply with the provisions of the Act and if at the meeting of the Unitholders an
extraordinary resolution is passed at the meeting that the Fund be determined, determine the Fund
accordingly.
ASN 2 The Fund shall commence from the date mentioned in the Deed and continue until determined by
The Trustee shall in any of the following events determine the Fund:
b) if in the opinion of the Trustee the Manager has ceased to carry on business;
c) if in the opinion of the Trustee, the Manager has to the prejudice of Unitholders failed to


comply with the provisions in the Deed.
accordingly.
ASN 3 The Fund shall commence from the date mentioned in the Deed and continue until determined by
The Trustee shall inter alia in any of the following events determine the Fund:

encumbrancer shall take possession of the assets of the Manager; or
d) if it becomes in the reasonable opinion of the Trustee impracticable or inadvisable to

continue the Fund.
accordingly after obtaining from the Court an order confirming the resolution.
ASG: The Fund shall commence from the date mentioned in the Deed and continue until determined by
ASG- determination of the Fund give to each of the Unitholder notice of such determination.
Pendidikan
ASG- The Trustee shall inter alia in any of the following events determine the Fund:
Kesihatan
ASG- a) if the Manager shall go into liquidation (except a voluntary liquidation for the purpose of
Persaraan reconstruction or amalgamation upon terms previously approved in writing by the Trustee);


continue the Fund.
ASB The Fund shall commence from the date mentioned in the Deed and continue until determined by




accordingly.
ASW 2020 The Fund shall commence from the date mentioned in the Deed and continue until determined by


extraordinary resolution is passed at the meeting that the Fund be determined, determine the
Fund.
ASM The Fund shall commence from the date mentioned in the Deed and continue until determined by



continue the Fund.
after obtaining from the Court an order confirming the resolution.
ASD The Fund shall commence from the date mentioned in the Deed and continue until determined by


continue the Fund.
AS 1Malaysia The Manager may in its absolute discretion determine the Trust hereby created and wind up the
Fund at any time. Upon the termination of the Trust by the Manager, the Trustee shall as soon as
practicable, give to each Unitholder of the Fund notice of such termination and the Manager shall
notify the existing Unitholders of the Fund in writing of the options availed to them.
The Trustee shall in any of the following events:

(a) if the Manager has gone into liquidation, except for the purpose of reconstruction or
amalgamation upon terms previously approved in writing by the Trustee and the relevant
authorities;
(b) if, in the opinion of the Trustee, the Manager has ceased to carry on business; or
(c) if, in the opinion of the Trustee, the Manager has to the prejudice of Unitholders failed to
comply with the provisions of the Deed or contravened any of the provisions of any relevant
law;
Summon a meeting of Unitholders in accordance with the provisions of the Deed for the purpose of
seeking directions from the Unitholders. If at any such meeting a Special Resolution to terminate
the Trust in respect to the Fund and to wind-up the Fund is passed by the Unitholders, the
Trustee shall apply to the Court for an order confirming such Special Resolution.

12.7 UNITHOLDERS’ MEETING
Funds Unitholders’ Meeting

ASN Unless otherwise required or allowed by the relevant laws, the Manager shall, within twenty-one
(21) days of receiving an application from not less than fifty (50) or one-tenth (1/10) in number of
all the Unitholders, whichever is the less, convene a meeting of the Unitholders. The Unitholders
may apply to the Manager to summon a meeting for any purpose.
The Trustee and the Manager may convene a Unitholders' meeting in accordance with the Deed
for any purpose.
The quorum for a meeting shall be Unitholders present in person or by proxy registered as
holding not less than one-quarter (1/4) of the Units in issue. No business shall be transacted at
any meeting unless the requisite quorum is present at the commencement of business.
Unless otherwise prescribed by the relevant laws, a Unitholders' meeting summoned pursuant to
the Deed shall be held not later than two (2) months after the notice was given, at the time and
place stipulated in the notice and advertisement (if any).
ASN 2 Unless otherwise required or allowed by the relevant laws, the Manager shall, within twenty-one
all the Unitholders, whichever is the less, convene a meeting of the Unitholders. The Unitholders
for any purpose.
The quorum for a meeting shall be one hundred (100) Unitholders present in person or by proxy.
No business shall be transacted at any meeting unless the requisite quorum is present at the
commencement of business.
ASN 3 Unless otherwise required or allowed by the relevant laws, the Manager shall, within twenty-one
all the Unitholders, whichever is less, convene a meeting of the Unitholders. The Unitholders
for any purpose.
The quorum for a meeting shall be five hundred (500) of the number of Unitholders on the
Register. No business shall be transacted at any meeting unless the requisite quorum is present
at the commencement of business.


ASG: Unless otherwise required or allowed by the relevant laws, the Manager shall, within twenty-one
ASG- all the Unitholders, whichever is the less, convene a meeting of the Unitholders. The Unitholders
Pendidikan may apply to the Manager to summon a meeting for any purpose.
ASG-
Kesihatan The Trustee and the Manager may convene a Unitholders' meeting in accordance with the Deed
ASG- for any purpose.
Persaraan
Register. No business shall be transacted at any meeting unless the requisite quorum is present
at the commencement of business.
ASB Unless otherwise required or allowed by the relevant laws, the Manager shall, within twenty-one
(21) days of receiving an application from not less than fifty (50) or one-tenth (1/10) in number
of all the Unitholders, whichever is the less, convene a meeting of the Unitholders. The
Unitholders may apply to the Manager to summon a meeting for any purpose.
for any purpose.
Unless otherwise prescribed by the relevant laws, a Unitholders' meeting summoned pursuant
to the Deed shall be held not later than two (2) months after the notice was given, at the time and
ASW 2020 Unless otherwise required or allowed by the relevant laws, the Manager shall, within twenty-one
for any purpose.


ASM Unless otherwise required or allowed by the relevant laws, the Manager shall, within twenty-one
for any purpose.
The quorum for a meeting shall be five hundred (500) Unitholders present in person or by
proxy. No business shall be transacted at any meeting unless the requisite quorum is present at
the commencement of business.
ASD Unless otherwise required or allowed by the relevant laws, the Manager shall, within twenty-one
of all the Unitholders, whichever is less, convene a meeting of the Unitholders. The Unitholders
for any purpose.
Register. No business shall be transacted at any meeting unless the requisite quorum is
present at the commencement of business.
AS 1Malaysia Unless otherwise required or allowed by the relevant laws, the Manager shall, within twenty one
(21) days of receiving an application from not less than fifty (50) or one-tenth (1/10) of all the
Unitholders, whichever is less, convene a meeting of the Unitholders. The Unitholders may apply
to the Manager to summon a meeting for any purpose.
The Trustee and the Managers may convene a Unitholders' meeting in accordance with the Deed
for any purpose.
The quorum required for a meeting of the Unitholders shall be one hundred (100) Unitholders or
one-half (1/2) in number of the Unitholders if the Fund has less than one hundred (100)
Unitholders standing in the Register of Unitholders at the time of the meeting, whether present in
person or by proxy, provided always that the quorum for a meeting of the Unitholders convened
for the purpose of removing the Manager and/or Trustee shall be the aforesaid number of
Unitholders who must hold in aggregate at least seventy five per centum (75%) of the units in
circulation at the time of the meeting, whether present in person or by proxy. If the Fund has five
(5) or less Unitholders, the quorum required for a meeting of the Unitholders of the Fund shall be
two (2) Unitholders, whether present in person or by proxy; if the meeting has been convened for
the purpose of removing the Manager and/or the Trustee, the Unitholders present in person or
by proxy must hold in aggregate at least seventy five per centum (75%) of the units in circulation
at the time of the meeting.

13. RELATED PARTY TRANSACTIONS/CONFLICT OF INTEREST
13.1 EXISTING AND POTENTIAL RELATED PARTY TRANSACTIONS
PNB has been appointed as the Investment Manager of the Funds. As ASNB is a wholly-owned subsidiary
of PNB, the appointment of PNB as the Investment Manager is deemed a related party transaction.
13.2 CONFLICT OF INTEREST
ASNB and its wholly-owned subsidiary company, AMB are both unit trust management companies
managing unit trust funds. In relation to this, Tun Ahmad Sarji bin Abdul Hamid, Tan Sri Dato’ Sri Hamad
Kama Piah bin Che Othman and Tan Sri Dato’ Md. Desa bin Pachi are also the investment committee
members of all the funds managed by ASNB and AMB. The appointment of the investment committee
members for all funds managed by ASNB and AMB had been approved by the SC. In addition, PNB the
holding company of ASNB and the penultimate holding company of AMB has been appointed as the
Investment Manager of PNB Structured Investment Fund managed by AMB and all the Funds managed by
ASNB.
13.3 POLICIES ON DEALING WITH CONFLICT OF INTEREST SITUATIONS
The Manager has in place policies and procedures to deal with any conflict of interest situations. In making
an investment transaction for the Fund, the Investment Manager will not make improper use of its position in
managing the Funds to gain, directly or indirectly, any advantage or to cause detriment to the interests of
Unitholders.
As at LPD, to the best of the Manager’s knowledge, there has been no event of conflict of interest by the
Manager. Where a conflict or potential conflict of interest is identified, this must be evaluated by the
Compliance Department and disclosed to the Executive Director (“ED”) of the Manager for the next course
of action. Conflict of interest situations involving the ED will be disclosed to the Board of Directors of the
Manager for a decision on the next course of action. Directors or staff, who are in advisory positions such as
portfolio managers or staff who have access to information on transactions are not allowed to engage in
dealings on their own account. Investment Committee members who hold substantial shareholdings or
directorships in public companies shall refrain from any decision making if the Fund invests in the particular
share or stocks of such companies.
We, and the Investment Manager have formulated policies and adopted certain procedures to prevent
conflicts of interest and potential conflicts of interest situations.
These include the following:
i. The adoption of the PNB Group’s policy on ownership of shares and stocks of limited companies by its
employees. The policy includes a requirement for all employees to submit a written declaration of their
interests in the securities of limited companies; prohibition of employees involved in share trading on the
stock market, from trading in the open market in their private capacity, except with approval from the
President and Group Chief Executive, or for the purpose of disposing shares in quoted limited
companies acquired through sources permitted by the company.
ii. Limits set when using brokers or/and financial institutions for dealings of the investments of the unit trust
funds.
iii. Duties for making investment decisions, raising accounting entries, and making payments are properly
segregated and carried out by different departments which are headed by separate persons.
www.asnb.com.my | 13. RELATED PARTY TRANSACTIONS/CONFLICT OF INTEREST 119

iv. Investment procedures, authorised signatories and authorised limits are properly documented in the
ISO Manual of the PNB Group.
v. The setting up of the Compliance Committee of the PNB Group, a committee of the Board of Directors
of PNB, whose duties include reviewing compliance issues, including conflicts of interest situations.
vi. Holding regular meetings with the Trustee to discuss issues related to the management of the unit trust
fund, including conflicts of interest situations.
vii. The establishment of appropriate “Chinese Walls” to prevent conflict of interest situations.
In addition, as required by the Guidelines, we have appointed a Senior Compliance Officer whose duties
include monitoring and resolving conflicts of interest situations in relation to unit trust funds managed and
administered by us, and within the Management Company itself. To-date, we and the Investment Manager
are not aware of any conflict of interest situation which has arisen.
13.4 DETAILS OF ASNB’S DIRECTORS’ DIRECT AND INDIRECT INTEREST IN OTHER

CORPORATIONS CARRYING ON A SIMILAR BUSINESS
As at the LPD, ASNB’s Directors’ do not have any direct or indirect interest in other corporations carrying on
a similar business save for Tun Ahmad Sarji bin Abdul Hamid and Tan Sri Dato’ Sri Hamad Kama Piah bin
Che Othman who each hold one (1) subscriber share in PHNB the real estate investment trust manager, but
have no beneficial interest in the same.
13.5 DETAILS OF ASNB’S SUBSTANTIAL SHAREHOLDERS’ DIRECT AND INDIRECT INTEREST

IN OTHER CORPORATIONS CARRYING ON A SIMILAR BUSINESS
As at the LPD, PNB has 69.99% direct equity interest in PHNB and through ASNB holds 100% equity
interest in AMB.
13.6 DECLARATION OF CONFLICT OF INTEREST
Messrs. Zainal Abidin & Co has confirmed that there is no conflict of interest in their capacity as legal
advisors to ASNB.
Messrs. Hanafiah Raslan & Mohamad has confirmed that there is no conflict of interest in their capacity as
reporting accountants to ASNB.
www.asnb.com.my | 13. RELATED PARTY TRANSACTIONS/CONFLICT OF INTEREST 120

14. TAXATION OF THE FUNDS
The Funds managed by us are granted an exemption from income tax under Section 127(3)(b) of the
Income Tax Act, 1967.
Funds Taxation Status
ASB The Fund is exempted from income tax for the year of assessment 1991 and
subsequent years.
ASN The Funds are granted an extension on the period of exemption from income
tax for the year of assessment 2006 to the year of assessment 2016.
ASN 2
ASN 3
ASG-Pendidikan
ASG-Kesihatan
ASG-Persaraan
ASW 2020
ASM
ASD
AS 1Malaysia The Fund is exempted from income tax for the year of assessment 2009 to the
year of assessment 2018.
www.asnb.com.my | 14. TAXATION OF THE FUNDS 121

15. CONSENTS
1. The consent of the Trustee, the Auditors, the Bankers and the Solicitors to the inclusion in the
Prospectus of their names in the manner and form in which such names appear, have been given
before the issue of this Prospectus and none of them have subsequently withdrawn their written
consents.
2. Messrs. Hanafiah Raslan & Mohamad have given and have not withdrawn their consent to the
issue of the Prospectus with the inclusion therein of their report in the form and context in which it is
included.
www.asnb.com.my | 15. CONSENTS 122

16. APPROVAL AND CONDITIONS

16.1 EXEMPTIONS/VARIATIONS FROM THE SC GUIDELINES
ASNB and the Funds have been given exemptions/variations from certain provisions of the Guidelines
issued in 1997 (“Guidelines 1997”), subject to certain conditions. Clauses referred to in this section are
therefore based on the above Guidelines 1997. Relevant clauses in the revised Guidelines dated March 3,
2008 (“Guidelines 2008”), are also stated. For AS 1Malaysia the exemptions/variations are from certain
clauses of Guidelines 2008 and subject to certain conditions.
16.1.1 The exemptions/variations from Guidelines 1997 for ASN, ASB, ASW 2020, ASN 2,
ASM, ASD, ASN 3, and ASG are as follows:
No Clause Contents
1 Clause 4.4.8 Shareholders, directors and key personnel
(Guidelines 1997)
A person should not hold office as director of more than one management company
Revised: at any one time. In addition, a director of the management company should not hold
Clause 3.07 office as member of the investment committee of schemes managed and
(Guidelines 2008) administered by another management company.
Exemption from this Clause was extended to allow several directors of ASNB to
remain as directors of other management companies.
For ASN 3 and ASG, exemption from Clause 4.4.8 is limited to Tun Ahmad Sarji bin
Abdul Hamid and Tan Sri Dato’ Sri Hamad Kama Piah bin Che Othman.
2 Clause 6.2.7 Members of investment committee
(Guidelines 1997)
(ASN, ASB, ASW 2020, ASN 2, ASM, ASD, ASN 3 and ASG are exempted)
Revised:
Clauses 6.04 (a) A member of the investment committee of the scheme should not hold office as
and (b) member of the investment committee of schemes managed and administered by
(Guidelines 2008) another management company. In addition, a member of the investment committee
should not hold office as director of another management company.
For ASN, ASB, ASW 2020, ASN 2 and ASD, exemption from this clause is limited to
Tun Ahmad Sarji bin Abdul Hamid and Tan Sri Dato’ Sri Hamad Kama Piah bin Che
Othman, to allow them to be directors of PHNB, the management company of
Amanah Harta Tanah PNB and Amanah Harta Tanah PNB 2, and to Dato’ Dr.
Abdul Halim bin Haji Ismail, to allow him to be director of BIMB Unit Trust
Management Berhad.
For ASN 3 and ASG, exemption from this clause is limited to Tan Sri Dato’ Sri
Hamad Kama Piah bin Che Othman, who is an investment committee member of
ASN 3 and ASG and a Director of PHNB.
3 Clause 7.2.9 Delegation of function
(Guidelines 1997)
(ASN, ASB, ASW 2020, ASN 2, ASM, ASD, ASN 3 and ASG are exempted)
Revised:
Clause 5.09 (a) An officer of the investment manager or investment adviser external to the
(Guidelines 2008) management company should not hold office as member of the investment
www.asnb.com.my | 16. APPROVAL AND CONDITIONS 123

No Clause Contents
committee of any scheme the investment manager or investment adviser is
appointed for.
Exemption from this Clause was extended to Tan Sri Dato’ Sri Hamad Kama Piah bin
Che Othman, the President and Group Chief Executive of PNB, to allow him to be
appointed as:
(a) Director and Chief Executive Officer for ASNB and PHNB.
(b) Investment Committee member for ASN, ASB, ASW 2020, ASN 2, ASM, ASD,
ASN 3 and ASG and as Director on the Board of Directors of companies in the
PNB Group which have been appointed as the investment manager for these
funds.
4 Clause 8.1.4 Remuneration of management company
(Guidelines 1997)
(only ASN, ASB, ASW 2020, ASM and ASD are exempted)
Revised:
Clause 9.09 The annual management fee should be accrued daily (and charged to the scheme)
(Guidelines 2008) by dividing the gross asset value of the scheme by the number of days in the year,
and multiplying the total with the rate of the annual management fee disclosed in
the current prospectus of the scheme.
5 Remuneration of trustee and reimbursement of trustee’s expenses
Clause 8.2.2 (only ASN, ASB, ASW 2020, ASM, ASD, ASN 3 and ASG are exempted)
(Guidelines 1997)
The annual trustee fee may only be charged if permitted by the trust deed of the
Revised : scheme. In this regard, the deed should stipulate the maximum rate of the annual
Clauses 9.08 trustee fee chargeable to the scheme.
and 9.14(c)
(Guidelines 2008)
(Guidelines 1997)
The annual trustee fee should be set by the Trustee, on the advice of the
Revised: Management Company, within the maximum rate stipulated by the deed of the
Clauses 9.14 (a) scheme. The annual trustee fee should be fair and commensurate, having regard
and (b) to:
(Guidelines 2008) (a) the role, duties and responsibilities of the trustee; and
(b) the interests of the Unitholders.

Clause 8.2.5 (only ASN, ASB, ASW 2020, ASM and ASD are exempted)
(Guidelines 1997)
The annual trustee fee should be accrued daily (and charged to the scheme) by
Revised: dividing the gross asset value of the scheme by the number of days in the year, and
Clause 9.09 multiplying the total with the rate of the annual trustee fee disclosed in the current
(Guidelines 2008) prospectus of the scheme.
For ASN, ASB and ASW 2020, exemption to Clauses 8.1.4, 8.2.2, 8.2.3, 8.2.4 and 8.2.5 is given subject to the
basis of computation of the management fee and the trustee’s fee being disclosed in the deed and prospectus
of the respective schemes. The annual trustee’s fee agreed upon for the year should also be disclosed in the
prospectus.

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For ASM and ASD, exemption from Clauses 8.2.2 to 8.2.5 is given subject to the annual trustee’s fee agreed
upon for the year be disclosed in the prospectus.
6 Clause 10.3.2(c) Investment in securities that are not traded in or under the rules of an eligible
(Guidelines 1997) market
Revised: (only ASN, ASB, ASW 2020, ASM, ASD and ASN 3 are exempted)
Clause 8.12 and
Schedule A – Para 3 The value of the scheme's holding in securities that are not traded in or under the
(Guidelines 2008) rule of an eligible market must not exceed 10% of the scheme's NAV.
7 Investment restrictions
Clause 10.8.1 (only ASN, ASB, ASW 2020, ASM, ASD and ASN 3 are exempted)
(Guidelines 1997)
The value of the scheme's holding in the share capital of any single issuer must not
Revised: exceed 10% of the scheme's NAV.
Schedule A – Para 4
(Guidelines 2008)
(Guidelines 1997)
The value of the scheme's holding in the securities of, and the securities relating to,
Revised: any single issuer must not exceed 15% of the scheme's NAV.
Schedule A – Para 5
(Guidelines 2008)
Schedule A – Para 6 (only ASB, ASW 2020, ASM and ASD are exempted)
(Guidelines 2008)
The value of a fund’s placement in deposits with any single institution must not
exceed 20% of the fund’s NAV.
Schedule A – Para 7(b) (only ASB, ASW 2020, ASM and ASD are exempted)
(Guidelines 2008)
The value of a fund’s over-the counter (OTC) derivative transaction with any single
counter-party must not exceed 10% of the fund’s NAV.
(Guidelines 2008)
The value of a fund’s investment in structured products issued by a single counter-
party must not exceed 15% of the fund’s NAV.
(Guidelines 2008)
The aggregate value of a fund’s investment in transferable securities, money market
instruments, deposits, OTC derivatives and structured products issued by or placed
with any single issuer/institution must not exceed 25% of the fund’s NAV.
(Guidelines 2008)
The value of fund’s investments in units/shares of any collective investment scheme
must not exceed 20% of the funds NAV.
(Guidelines 1997)
Revised : Subject to Clause 10.8.4, the value of the scheme's holding in the securities of, and
Schedule A – Para 11 the securities relating to any group of companies should not exceed 20% of the
(Guidelines 2008) scheme's NAV.

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(Guidelines 1997)
The scheme's holding of any class of security of any single issuer must not exceed
Revised: 10% of the securities issued.
Schedule A - Para 21
to Para 24
(Guidelines 2008)
Exemption from Clauses 10.3.2(c), 10.8.1, 10.8.2, 10.8.3, 10.8.4 and 10.8.5 is given subject to ASNB setting a
limit for each requirement and disclosing it in the prospectus of the respective schemes. The Securities
Commission should be informed of the limit prior to inclusion in the respective prospectuses.
8 Clause 10.9.1 Restriction on borrowing and lending

(Guidelines 1997)
(only ASN, ASB, ASW 2020, ASM, ASD and ASN 3 are exempted)
Revised:
Clause 8.34 The scheme may not borrow cash or other assets (including the borrowing of
(Guidelines 2008) securities within the meaning of the Guidelines on Securities Borrowing and
Lending) in connection with its activities.
Exemption from Clause 10.9.1 is given subject to ASNB setting a limit for each
requirement and disclosing it in the prospectus of the respective schemes. The
Securities Commission should be informed of the limit prior to inclusion in the
prospectuses. For ASM, ASD and ASN 3, ASNB is also required to disclose the
limit in the deed of ASM, ASD and ASN 3, respectively.
9 Creation of units
(Guidelines 1997)
The trustee must create units only for cash.
Revised:
Clause 10.06]
(Guidelines 2008)
Clause 11.2.6 (ASN, ASB, ASW 2020, ASN 2, ASM, ASD, ASN 3 and ASG are exempted)
(Guidelines 1997)
Subject to Clause 11.2.7, the creation price for units (created other than during the
Revised: period of the initial offer) is equal to the net asset value per unit in the scheme as at
Clause 10.13 the next valuation point after instructions from the management company is
(Guidelines 2008) received by the trustee (“forward pricing”).
10 Cancellation of units
(Guidelines 1997)
The trustee must pay the management company only in cash for the cancellation of
Revised: units.
Clause 10.06
(Guidelines 2008)
(Guidelines 1997)
Subject to Clause 11.3.6, the cancellation price for units (cancelled other than
Revised: during the period of the initial offer) is equal to the net asset value per unit in the
Clause 10.13 scheme as at the next valuation point after instructions from the management
(Guidelines 2008) company is received by the trustee (“forward pricing”).

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11 Sale of units
(Guidelines 1997)
The selling price for units should be based on the net asset value per unit in the
Revised: scheme as at the next valuation point after the request for units is received by the
Clause 10.38 management company (“forward pricing”).
(Guidelines 2008)
For ASB and ASW 2020, exemption from Clause 11.5.3 is given subject to ASNB
stating the basis of valuation of units in the deed of ASB and ASW 2020
respectively.
(Guidelines 1997)
Although Clause 11.5.3 is preferred, the selling price for units may be based on the
Revised: net asset value per unit in the scheme as at the valuation point immediately before
Clauses 10.39 the request for units is received by the management company (“historic pricing”),
and 10.41 provided that:
(Guidelines 2008)
(a) There are acceptable reasons for adopting this basis; and
(b) The management company must reprice the units at times where the net asset
value of the scheme, if revalued, would differ by more than 5% as at the last
valuation point (“material market movement”).
Clause 11.5.5 (only ASB, ASW 2020, ASM and ASD are exempted)
(Guidelines 1997)
The selling price of units is based on the net asset value per unit in the scheme (as
Revised: determined either under Clause 11.5.3 or Clause 11.5.4) add the sales charge (if
Clauses 10.37 any). The sales charge (if any) should be determined by the management company
and 9.02(c)] and adequately disclosed in the prospectus of the scheme.
(Guidelines 2008)
12 Loan financing in the sale of units
(Guidelines 1997)
The management company should ensure that the margin of finance for loans in the
Revised: sale of units does not exceed 67% of the selling price for units.
Clause 10.22
(Guidelines 2008)
(Guidelines 1997)
The management company should not, directly or indirectly, encourage the sale of
[The provision of this units through loans.
Clause is deleted in the
revised Guidelines)
Exemption from Clauses 11.6.1 and 11.6.2 is given subject to ASNB ensuring that it receives the loan
financing risk disclosure statement from each unitholder who purchases units through loans.
13 Repurchase of units
(Guidelines 1997)
The re-purchase price for units should be based on the net asset value per unit in
Revised: the scheme as at the next valuation point after the request for repurchase is
Clause 10.38 received by the management company (“forward pricing”).
(Guidelines 2008)

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(Guidelines 1997)
Although Clause 11.7.5 is preferred, the repurchase price for units may be based on
Revised: the net asset value per unit in the scheme as at the valuation point immediately
Clauses 10.39 before the repurchase request is received by the management company (“historic
and 10.41 pricing”), provided that:
(Guidelines 2008)
(a) There are acceptable reasons for adopting this basis; and
(b) The management company must reprice the units at times where the net asset
value of the scheme, if revalued, would differ by more than 5% as at the last
valuation point (“material market movement”).
14 Clause 11.9.1 Holding of units by management company
(Guidelines 1997)
(only ASN, ASB, ASW 2020, ASM, ASD, ASN 3 and ASG are exempted)
Revised:
Clause 3.32 The management company or its nominees should not hold any unit in the scheme,
(Guidelines 2008) other than when complying with re-purchase requests and/or in creating new units
to meet requests for units by investors, subject to a maximum of:-
(a) 3 million units, or

(b) 10% of the units in circulation, whichever is the lower.
These limits shall not apply to the creation of new units to meet requests for units by
investors under EPF Members’ Investment Scheme.
For ASN, ASB and ASW 2020, exemption given is subject to ASNB's policy of
holding units being expressed in the deed. The Securities Commission should be
informed of the limit prior to inclusion in the prospectus and deed of the respective
schemes.
15 Valuation
(Guidelines 1997)
The valuation of the scheme and the determination of the selling and repurchase
Revised: prices for units must be carried out at least once each Business Day.
Clause 10.32
(Guidelines 2008)
(Guidelines 1997)
Whether or not there are more valuations than once a day, a valuation must be
[The provision of this carried out at the time of the close of business of the Bursa Malaysia for the day.
revised Guidelines]
For ASB, ASW 2020, ASM and ASD, exemption to Clauses 11.10.1 and 11.10.3 is given subject to the assets
and quoted investments with “ready value” being revalued at least once a month. The net asset value should
be disclosed in the monthly reports to the Securities Commission. For ASB, ASW 2020 and ASM, unquoted
assets and investments must be revalued at least twice a year and valued at fair value which is determined on
the bases of valuation which have been verified by the auditor of the scheme and approved by the trustee.
(Guidelines 1997)
The valuation of the assets and liabilities for the purpose of determining the
Revised: scheme’s net asset value should be based upon a process which is consistently
Clause 10.31 and applied, and which leads to valuations that are objective and independently
Schedule B verifiable. The general principle of valuation is that investments should be stated at

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(Guidelines 2008) market value (or some value which is representative of their market value).
The exemption given is for a period of up to December 31, 2012, and is subject to
PNB submitting detailed action plan to comply with the requirements before
December 31, 2012.
Clause 11.10.5 (only ASB, ASW 2020 and ASM are exempted)
(Guidelines 1997)
Where no market values are publicly available or where the use of quoted market
Revised: values is not appropriate, investments should be valued at fair value, as determined
Clause 3.23 and in good faith by the management company. For unquoted investments, fair value
Schedule B should be determined on methods or bases which have been verified by the auditor
(Guidelines 2008) of the scheme, approved by the trustee and adequately disclosed in the prospectus
of the scheme. For quoted investments, any valuation based on fair value should be
verified by the auditor of the scheme and specifically approved by the trustee. The
permitted valuation bases for investments are set out in Schedule V.
For ASB and ASW 2020, the exemption given is subject to the investment of these schemes being revalued at
least twice a year for inclusion in their reports. The need for periodic valuations and the bases (which must be
verified by the auditors) to be adopted must be contained in the deed. The Securities Commission should be
informed of the bases before inclusion in the respective schemes' deed.
ASNB is also required to disclose the value of investment of ASB and ASW 2020 in their reports according to
class of securities and economic sectors it represents.
For ASM, the exemption to Clauses 11.10.4 and 11.10.5 is subject to the assets and investments of ASM to
be valued at market value for purposes of reporting to the Securities Commission. The investments should be
valued at fair value which is determined on the bases of valuation which have been verified by the auditor of
the scheme and approved by the trustee. The bases should be disclosed in the prospectus, the deed and the
notes to the financial statement.
16 Notification of prices to trustee
(Guidelines 1997)
Upon completion of any valuation, the management company must immediately
Revised: notify the trustee of :
Clause 10.36
(Guidelines 2008) (a) the creation price for units;
(b) the cancellation price for units;
(c) the selling price for units; and
(d) the repurchase price for units.
(Guidelines 1997)
The prices notified to the trustee under Clause 11.11.1 should remain valid until the
[The provision of this management company informs the trustee of new prices.
revised Guidelines]
17 Publication of prices
(Guidelines 1997)
The management company must publish:
Revised:
Clause 10.51 (a) the selling price for units;
(Guidelines 2008)
(b) the repurchase price for units; and

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(c) the net asset value per unit in the scheme;
daily in at least one national Bahasa Melayu newspaper and one national English
newspaper.
(Guidelines 1997)
The prices published under Clause 11.12.1 should be the latest prices notified to
Revised: the trustee under Clause 11.11.1 before the relevant newspaper ceased to accept
Clause 10.52 material for publication in the relevant edition.
(Guidelines 2008)
18 Reporting requirement
Clauses 12.1.1 (only ASB, ASW 2020, ASM and ASD are exempted)
and 12.1.3
(Guidelines 1997) The management company must publish at least two reports of the scheme in
respect of each financial year of the scheme. The interim reports should be
Revised: distributed to the unitholders within two months of the end of periods they cover. A
Clause 12.07 printed copy of the reports shall be delivered to the Securities Commission within
(Guidelines 2008) two months after the end of the period they cover.
The exemption to Clauses 12.1.1 and 12.1.3 which relate to the publishing and
dissemination of interim reports, are given for a period of up to December 31, 2012,
and is subject to PNB submitting detailed action plan to comply with the
requirements before December 31, 2012.
(Guidelines 1997)
The minimum information to be included in the annual or interim reports of the
Revised: scheme is stipulated under Schedule VI.
Clause 12.06
ASB and ASW 2020 are exempted from disclosing the following information in their
(Guidelines 2008)
reports:
(a) performance analysis using unit prices.
(b) effect of income distribution and additional distribution on NAV.
(c) statement of assets and liabilities.
(d) statement of changes in NAV.
(e) total NAV.
(f) NAV per unit and the number of units in circulation.
(g) the composition of the investment portfolio showing the quantity held, the cost
of investment, the market value of each holding as a percentage of net asset
value.
ASB and ASW 2020, however, should disclose the following information:
(a) the list of 20 largest investment in terms of total market value as a percentage
of total market value of the fund.
(b) asset allocation by sector based on market value as a percentage of total

market value of the fund.

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ASM are exempted from disclosing the following information in their reports:
(a) performance analysis using unit prices.
(b) effect of income distribution and additional distribution on NAV.
(c) statement of assets and liabilities.
(d) statement of changes in NAV.
(e) total NAV.
(f) NAV per unit and the number of units in circulation.
(g) selling price and repurchase price for units.
(h) total return in terms of capital growth and income distribution.
(i) the composition of the investment portfolio showing the quantity held, the cost of
investment, the market value of each holding as a percentage of net asset value.
(j) management expenses ratio (MER).
(k) portfolio turnover ratio (PTR).
ASM is required to disclose the following information:

(a) units in circulation.
(b) cost of each investment (from investment portfolio) as percentage of total cost
of fund.
(c) market value of each investment as percentage of total market value of the
fund.
(d) statement that the calculation of MER and PTR do not follow the method
recommended by the Securities Commission, and thus may not be an accurate
comparison with the MER and PTR of other unit trust funds.
ASD is exempted from disclosing the following in its reports:
(a) the selling price for units.
(b) the repurchase price for units.
(c) the highest / lowest selling and repurchase price.
(d) the total return of scheme in terms of the breakdown into capital growth and
income distribution (ASD, however, is required to disclose the “total return
amount” in the reports).
(e) management expense ratio (MER).
(f) portfolio turnover ratio (PTR).

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For (e) and (f), ASD is required to disclose the statement that the calculation of
MER and PTR do not follow the method recommended by the Securities
Commission, and thus may not be an accurate comparison with the MER and PTR
of other unit trust funds.
19 Cooling-off right
Clauses 14.1.1 to 14.1.3) (ASN, ASB, ASW 2020, ASN 2, ASM, ASD, ASN 3 and ASG are exempted)
(Guidelines 1997)
The management company must provide every investor with a cooling-off right. The
Revised: cooling-off right refers to the right of the unitholder/investor to obtain a refund of his
Clauses 11.09 investment in the scheme (of not less than the minimum stipulated under Clause
and 11.11 14.1.4) if he so requests within a cooling-off period, which must not be less than six
(Guidelines 2008) Business Days.
(Guidelines 1997)
The refund for every unit held by the unitholder/investor pursuant to the exercise of
Revised: his cooling-off right must not be less than the sum of:
Clause 11.12
(Guidelines 2008) (a) the higher of the net asset value per unit or the repurchase price for units on
the day the cooling-off right is exercised; and
(b) the sales charge per unit originally imposed on the day the units were
purchased.
20 Distribution of returns
(Guidelines 1997)
Subject to Clause 14.2.3, the management company must send to every unitholder
Revised: a statement detailing the nature and the amount of the returns distributed (whether
Clause 11.18 in the form of income/dividend and/or unit splits) in every distribution of the annual
(Guidelines 2008) and interim returns to unitholders. In this regard, the management company must
declare in the statement:
(a) the net asset value per unit prior to and subsequent to the distribution; and
(b) the effects of the distribution on the selling price and repurchase price for units.
ASB, ASW 2020, ASM and ASD are exempted from disclosing its net asset value
prior to and subsequent to the distribution in its distribution returns.
(Guidelines 1997)
In the case of an interim distribution of returns to unitholders, the management
Revised: company may choose not to send the statement under Clause 14.2.2 provided that
Clause 11.19 the same information is published in an advertisement in at least one national
(Guidelines 2008) Bahasa Melayu newspaper and one national English newspaper.

16.1.2 ASNB and AS 1Malaysia have been given exemptions/variations from certain
clauses of Guidelines 2008, subject to certain conditions. The
exemptions/variations from Guidelines 2008 for AS 1Malaysia are as follows:
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1 Clause 3.07 Directors
A director of a management company should not:
a) hold office as director of more than one management company at any one time;
and
b) hold office as member of the investment committee of funds operated by

another management company.
a) Exemption from this Clause was extended to allow Tun Ahmad Sarji bin Abdul
Hamid, Tan Sri Dato’ Sri Hamad Kama Piah bin Che Othman, Tan Sri Dato’ Dr.
Wan Mohd. Zahid bin Mohd. Nordin, Tan Sri Dato’ Md. Desa bin Pachi, Dato’
Seri Ainum binti Mohamed Saaid and Encik Idris bin Kechot to remain as
directors of other management companies, namely PHNB and AMB.
b) Exemption from this Clause was extended to allow Tun Ahmad Sarji bin Abdul
Hamid, Tan Sri Dato’ Sri Hamad Kama Piah bin Che Othman, Tan Sri Dato’ Dr.
Wan Mohd. Zahid bin Mohd. Nordin, and Tan Sri Dato’ Md. Desa bin Pachi to
remain as members of investment committees of funds operated by AMB.
2 Clause 3.23 Valuation and Pricing
A management company should take all reasonable steps and exercise due
diligence to ensure that the Fund and the Fund’s units are correctly valued and
priced, in line with the provisions of Chapter 10 and Schedule B of the Guidelines,
the Deed and the Prospectus.
Exemption is given subject to compliance with the requirements of Schedule B of

the Guidelines by December 31, 2012.
3 Clause 3.32 Holding of Units by Management Company
The management company or its nominees should not hold any unit in the Fund,
other than when complying with repurchase request and/or in creating new units to
meet anticipated requests for units by investors (“manager’s box”), subject to a
maximum of :
a) three (3) million units, or
b) 10% of the units in circulation, whichever is lower.

4 Clause 5.09(a) Delegation of Function by Management Company
An officer of the delegate (whether foreign or otherwise) should not hold office as
member of the investment committee of any Fund for which the fund manager is
appointed to manage.
Exemption from this Clause was extended to allow several directors of PNB, the

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investment manager of the Fund, this being Tun Ahmad Sarji bin Abdul Hamid and
Tan Sri Dato’ Sri Hamad Kama Piah Che Othman, to be members of the Investment
Committee of the Fund.
5 Clause 6.04(a), (b) and Investment Committee
(e)
A member of the investment committee should not hold office as:
a) member of the investment committee of funds managed and administered by

another management company,
b) director of another management company, and
e) an officer of the delegate that carry on the fund management function for the
fund.
a) Exemption was extended to allow Tun Ahmad Sarji bin Abdul Hamid, Tan Sri
Dato’ Sri Hamad Kama Piah bin Che Othman and Tan Sri Dato’ Md. Desa bin
Pachi to be members of the investment committee of funds managed and
administered by AMB.
b) Exemption was extended to allow Tun Ahmad Sarji bin Abdul Hamid, Tan Sri
Dato’ Sri Hamad Kama Piah bin Che Othman and Tan Sri Dato’ Md Desa bin
Pachi to be directors of PHNB and AMB.
e) Exemption was extended to allow Tun Ahmad Sarji bin Abdul Hamid and Tan
Sri Dato’ Sri Hamad Kama Piah bin Che Othman to be directors of PNB, the
investment manager of the Fund.
6 Clause 8.36 (b) and (c) Borrowings
The Management Company should ensure that:
b) the borrowing period should not exceed one month, and
c) the aggregate borrowings of Fund should not exceed 10% of the Funds’ NAV at
the time the borrowing is incurred.
Variation to Clause 8.36 (c) is given subject to the aggregate borrowings not
exceeding 10% of the Fund’s VOF. The limit is to be disclosed in the Prospectus.
7 Clause 8.37 Investment Limits
The fund manager should ensure that the investment limits and restrictions set out
in Schedule A of the Guidelines are complied with at all times based on the most
up-to-date value of the fund’s property.
Variations to Clause 8.37 and relevant Paragraphs of Schedule A are given subject to AS 1Malaysia to set its
own limit and to disclose it in the Prospectus.
Schedule A – Para 3 Exposure Limits
The value of the fund’s investments in unlisted securities must not exceed 10% of
the fund’s NAV.

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Investment Spread Limits
Schedule A - Para 4 The value of the fund’s investments in ordinary shares issued by any single issuer
must not exceed 10% of the Fund’s NAV.
Schedule A – Para 5 The value of the fund’s investments in transferable securities and money market
instruments issued by any single issuer must not exceed 15% of the fund’s NAV.
Schedule A – Para 6 The value of a fund’s placement in deposits with any single institution must not
exceed 20% of the fund’s NAV.
Schedule A – Para 7(b) For investments in derivatives, the value of the Fund’s over-the-counter (OTC)
derivative transaction with any single counter-party must not exceed 10% of the
fund’s NAV.
Schedule A – Para 8 The value of a fund’s investments in structured products issued by a single counter-
party must not exceed 15% of the fund’s NAV.
Schedule A – Para 9 The aggregate value of a fund’s investments in transferable securities, money
market instruments, deposits, OTC derivatives and structured products issued by or
placed with (as the case may be) any single issuer/institution must not exceed 25%
of the fund’s NAV.
Schedule A – Para 10 The value of a fund’s investments in units/shares of any collective investment
scheme must not exceed 20% of the fund’s NAV.
Schedule A – Para 11 The value of the fund’s investments in transferable securities and money market
instruments issued by any group of companies must not exceed 20% of fund’s NAV.
Schedule A - Para 21 The fund’s investments in transferable securities (other than debentures) must not
exceed 10% of the securities issued by any single issuer.
Schedule A - Para 22 The fund’s investments in debentures must not exceed 20% of the debentures
issued by any single issuer.
Schedule A - Para 23 The fund’s investment in money market instruments must not exceed 10% of the
instruments issued by any single issuer.
Schedule A - Para 24 The fund’s investments in collective investment schemes must not exceed 25% of
the units/shares in any one collective investment scheme.
8 Clause 9.09 Management Fee and Trustee Fee
The fees should be accrued daily and calculated based on the NAV of the fund. The
number of days in a year should be used in calculating the accrued fees.
Variation is given for the fees to be calculated based on the VOF.

9 Clause 9.14(c) Remuneration of Trustee
The trustee fee should be reasonable, considering the maximum rate stipulated in
the deed.
10 Creation and Cancellation of Units
Clause 10.06 A trustee should create or cancel units immediately on receipt of, and in accordance
with, the instructions given by the management company and only for cash.
Variation given to allow the Trustee to create or cancel units for cash or investment
or both.

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Clause 10.13 The creation and cancellation of units should be at NAV per unit of the fund as at
the next valuation point after an instruction from the management company is
received by the trustee.
Exemption is given subject to compliance with the requirements of Schedule B of

the Guidelines by December 31, 2012.
11 Clause 10.22 Loan Financing in the Sale of Units
The management company should ensure that the margin of finance for loans in the
sale of units does not exceed 67% of the amount invested.
12 Valuation
Clause 10.31 and To determine the fund’s NAV, a fair and accurate valuation of all assets and
Schedule B liabilities of the Fund should be conducted. Valuation should be based on a process
which is consistently applied and leads to objective and independently verifiable
valuations.
Clause 10.32 The valuation points for a fund must be at least once every business day.
Clause 10.36 Upon completion of a valuation, the trustee should be immediately notified of the
NAV per unit of the fund.
Exemption from Clauses 10.31, 10.32, 10.36 and Schedule B was given subject to compliance with the
requirements of Schedule B of the Guidelines by December 31, 2012.
13 Price of a Unit
Clause 10.37 The price of a Fund’s unit should be the NAV per unit of the Fund.
Clause 10.38 Any dealing in units of the funds should at a price that is the NAV per unit of the
fund as at the next valuation point after the request for sale of repurchase of units is
received by the management company (forward price).
Exemptions from Clauses 10.31, 10.32, 10.36, 10.37, 10.38 and Schedule B are
sought to allow valuation to be based on VOF at cost. This is because units are
sold at a fixed price of RM1.00 per unit.
Exemption from Clauses 10.37 and 10.38 was given subject to compliance with the requirements of Schedule
B of the Guidelines by December 31, 2012.
14 Clause 11.09 Cooling-off right
A cooling-off right should be given to an investor who is investing in any unit trust
fund managed by a particular management company for the first time.
15 Clause 11.18(b) Distribution of income
Where distribution is made, the management company should send to every

unitholder a statement detailing the nature (whether in the form of cash or units in
lieu of cash) and the amount of income distributed. The statement should include
the NAV per unit prior to, and subsequent to, the distribution.

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16 Clause 12.06 Content of Fund Report
The minimum and detailed information to be included in the fund’s reports are
stipulated in Schedule D of these Guidelines.
Exemption given from disclosing the following information in the report :

a) NAV of the Fund
b) NAV per unit
c) Highest/lowest NAV
d) Total return of the Fund, and break down into capital growth and income
distribution
e) Effect of income distribution and additional distribution in terms of NAV per unit
before and after distribution
f) Analysis on Fund’s performance based on NAV per unit
g) NAV per unit before and after unit split exercise
h) Statement of Balance Sheet
i) Statement of Changes in NAV
j) The composition of the investment portfolio showing the quantity held, the cost
of investment, the market value of each holding as a percentage of net asset
value.
but only AS 1Malaysia is required to disclose the following information:

a) Units in circulation
b) Total return on the Fund based on income distribution
c) Cost of each investment (from investment portfolio) as percentage of total cost

of Fund
d) Market value of each investment as percentage of total market value of the

Fund
17 Clause 12.07(c) Publication of Report
The management company should send the interim report without charge to
unitholders within two months after the end of the financial period of the report
covers.

17. DOCUMENTS AVAILABLE FOR INSPECTION

We and the Trustee, shall make available, the following documents or copies thereof, where applicable,
which may be inspected without charge during a period of not less than 12 months during normal business
hours at the registered office of the management company or such other place as the SC may determine:
1. The Deed of the Funds.
2. Material contracts or documents referred to in the Prospectus, if any.
3. Latest annual and interim reports of the Funds.
4. All reports, letters or other documents, valuations and statements by any expert, any part of which is
extracted or referred to in the Prospectus.
5. Our audited financial statements and the audited financial statements of the Funds for the last 3
financial years, preceding the date of Prospectus.
6. Our latest audited financial statements and the latest audited financial statements of the Funds for the
current financial year (where applicable); and
7. Consents given by experts or persons whose statement appear in the Prospectus.
www.asnb.com.my | 17. DOCUMENTS AVAILABLE FOR INSPECTION 138

18. DIRECTORY
18.1 ASNB OFFICES
KUALA LUMPUR* SELANGOR*

ASNB Main Counter Amanah Saham Nasional Bhd
First Floor, Balai PNB Lot 2-1 & 2-2
201-A, Jalan Tun Razak Pusat Dagangan UMNO Shah Alam
50400 Kuala Lumpur Persiaran Damai Seksyen 11
Tel: 03-2050 5500 40000 Shah Alam
Fax: 03-2161 8852 Selangor
Tel: 03-5512 1366/5510 3155
Fax: 03-5513 7155
PUTRAJAYA* KEDAH*
Amanah Saham Nasional Bhd Amanah Saham Nasional Bhd
Lot 27, Kompleks Perbadanan Putrajaya 27, Kompleks Shahab Perdana
Persiaran Perdana, Presint 3 Jalan Sultanah Sambungan
62675 Putrajaya 05200 Alor Setar
Selangor Kedah
Tel : 03-8890 4880 Tel: 04-731 0770/731 1012/733 4603
Fax : 03-8890 4890 Fax: 04-731 4140
PERLIS* JOHOR*
Lot 7, Jalan Indera Kayangan 49, Bangunan Tabung Haji, Jalan Segget
01000 Kangar 80000 Johor Bahru, Johor
Perlis Tel: 07-224 0077/227 2277
Tel: 04- 978 1110/978 1111/977 5702 Fax: 07-223 2533
Fax: 04-976 0800
NEGERI SEMBILAN* TERENGGANU*

36, Jalan Tunku Hassan No 15, Jalan Batas Baru
70000 Seremban 20300 Kuala Terengganu
Negeri Sembilan Terengganu
Tel: 06-762 6239/763 8546/761 8451 Tel: 09-630 1500/630 1501
Fax: 06-763 3384 Fax: 09-630 1506
PAHANG* MELAKA*
71& 73, Tingkat Bawah No. 11 & 13
Jalan Tun Ismail Kompleks Perniagaan Al Azim
25000 Kuantan Jalan KPAA 1, Bukit Baru
Pahang 75150 Melaka
Tel: 09-517 8340/517 8341 Tel: 06-282 7361/284 0690
Fax: 09-513 6694 Fax: 06-283 9940
www.asnb.com.my | 18. DIRECTORY 139

PULAU PINANG KELANTAN*

2777, Jalan Chain Ferry 2983-V, Jalan Parit Dalam
Taman Inderawasih 15000 Kota Bharu
13600 Perai Kelantan
Pulau Pinang Tel: 09-741 9900/741 9909
Tel: 04-399 4378/399 4381 Fax: 09-744 6663
Fax: 04-399 4404
Amanah Saham Nasional Berhad* SARAWAK

A-12A-1 Amanah Saham Nasional Bhd*
Lorong Bayan Indah 4 Tingkat Bawah & 1
11900 Bayan Lepas Lot 335 Seksyen 9 KTLD
Pulau Pinang Jalan Rubber
Tel: 04-640 6522/640 6523 93400 Kuching
Fax: 04-640 6520 Sarawak
Tel: 082-250 389/410 210
Fax: 082-250 313
PERAK*
Amanah Saham Nasional Bhd Amanah Saham Nasional Bhd*
No.8 & 8A, Persiaran Greentown 1 Lot 886, Block 9
Greentown Business Centre MCLD Miri Waterfront
30450 Ipoh Commercial Centre
Perak 98000 Miri
Tel: 05-255 5500/255 5505 Sarawak
Fax: 05-255 5506 Tel: 085-423 746/419 984
Fax: 085-423 384
SABAH Amanah Saham Nasional Bhd

Amanah Saham Nasional Bhd* 4C, Ground Floor
Tkt Bawah & 1, Blok G Lot 55 Lot 832 Jalan Sabu
Asiacity Phase 1B 95000 Sri Aman
Peti Surat 12149 Sarawak
88000 Kota Kinabalu Tel: 083-321 742
Sabah Fax: 083-323 233
Tel: 088-257 725/241 011
Fax: 088-218 814 Amanah Saham Nasional Bhd*
Lot 1007 & 1008
Amanah Saham Nasional Bhd Jalan Kampung Nyabor
TB 4287 & TB 4280 96000 Sibu
Tkt Bawah & 1 Town Ext II Sarawak
Jalan Masjid Kompleks Fajar Tel: 084-314 967
91000 Tawau Fax: 084-322 497
Sabah
Tel: 089-779 389/779 390/779 391
Fax: 089-776 600
Amanah Saham Nasional Bhd*

Lot 15, Tingkat Bawah
Bandar Pasaraya Fasa 1
90000 Sandakan, Sabah
Tel: 089-210486/223530
Fax: 089-210597
Note:* ASNB offices which provide full range of services including cash transaction.

18.2 CUSTOMER AND AGENT RELATIONS DEPARTMENT
Amanah Saham Nasional Berhad

Jabatan Perhubungan Pelanggan & Ejen
UG, Balai PNB
201-A, Jalan Tun Razak
50400 Kuala Lumpur
Hotline : 03-2057 3000/03-2057 3111
Fax : 03-2050 5220
Website : www.asnb.com.my
Email : asnbcare@pnb.com.my

19. LIST OF AGENTS
MALAYAN BANKING BERHAD - 403 BRANCHES
RHB BANK BERHAD - 186 BRANCHES
CIMB BANK BERHAD - 362 BRANCHES
POS MALAYSIA BERHAD - 707 BRANCHES
www.asnb.com.my | 19.LIST OF AGENTS 142

20. APPLICATION FORMS AND LOAN FINANCING RISK

DISCLOSURE STATEMENT
The application forms for investment in ASN, ASN 2, ASN 3, ASG, ASB, ASW 2020, ASM, ASD and
AS 1Malaysia and the loan financing risk disclosure statement are enclosed.
www.asnb.com.my | 20.APPLICATION FORMS AND LOAN FINANCING RISK DISCLOSURE 143

STATEMENT
KOD PEKERJAAN (KLASIFIKASI TERPERINCI SKOP DAN JENIS)
SALINAN
KOD PEKERJAAN (KLASIFIKASI TERPERINCI SKOP DAN JENIS)
SALINAN

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ASNB MASTER PROSPECTUS 2010/2011

www.asnb.com.my | TABLE OF CONTENTS

www.asnb.com.my | TABLE OF CONTENTS

2. CORPORATE DIRECTORY ................................................................................................................................ 5

3. KEY DATA ........................................................................................................................................................ 7

4. RISK FACTORS………………………………………………………………………………… ....................... …….27

4.1 GENERAL RISKS OF INVESTING IN UNIT TRUST FUND………………………………………………… ............... 27

5. INFORMATION ON THE FUNDS ..................................................................................................................... 30

6. PERFORMANCE OF THE FUNDS .................................................................................................................... 53

www.asnb.com.my | TABLE OF CONTENTS iii

7. HISTORICAL FINANCIAL HIGHLIGHTS OF THE FUNDS……………………………………………......................64

8. FEES, CHARGES AND EXPENSES................................................................................................................... 72

9. TRANSACTION INFORMATION ..................................................................................................................... 76

10. MANAGEMENT AND ADMINISTRATION ...................................................................................................... 85

11. TRUSTEE .......................................................................................................................................................... 99

www.asnb.com.my | TABLE OF CONTENTS iv

18. ASNB OFFICES............................................................................................................................................. 139

www.asnb.com.my | TABLE OF CONTENTS v

www.asnb.com.my | TABLE OF CONTENTS v

AMB Amanah Mutual Berhad (195414-U)

ASN Sekim Amanah Saham Nasional

ASN 2 Amanah Saham Nasional 2

ASN 3 Amanah Saham Nasional 3 Imbang

ASG-Pendidikan Amanah Saham Pendidikan

ASG- Kesihatan Amanah Saham Kesihatan

ASG- Persaraan Amanah Saham Persaraan

ASB Skim Amanah Saham Bumiputera

ASW 2020 Amanah Saham Wawasan 2020

ASM Amanah Saham Malaysia

ASD Amanah Saham Didik

AS 1Malaysia Amanah Saham 1Malaysia

ASNB Amanah Saham Nasional Berhad (47457-V)

Bursa Malaysia Bursa Malaysia Securities Berhad (635998-W)

www.asnb.com.my |1. GLOSSARY OF TERMS/ABBREVIATION 1

EPF Employees Provident

FBM 100 FTSE Bursa Malaysia Top 100 Index

Guidelines Guidelines on Unit Trust Funds of the Securities Commission

KLIBOR Kuala Lumpur Interbank Offered Rates

www.asnb.com.my | 1. GLOSSARY OF TERMS/ABBREVIATION 2

Manager/ Manager of ASN, ASN 2, ASN 3, ASG-Pendidikan, ASG-Kesihatan, ASG-Persaraan,

MARC Malaysian Rating Corporation Berhad (364803-V)

PHNB Pelaburan Hartanah Nasional Berhad (175967-W)

RAM RAM Holdings Berhad (208095-U)

RM and sen The currency of Malaysia

SC Securities Commission of Malaysia

Trustee AmanahRaya Trustees Berhad (766894-T)

UIC Units in circulation

Unit Trust ASN or ASN 2 or ASN 3 or ASG-Pendidikan, or ASG-Kesihatan, or ASG-Persaraan or

www.asnb.com.my | 1. GLOSSARY OF TERMS/ABBREVIATION 3

www.asnb.com.my | 1. GLOSSARY OF TERMS/ABBREVIATION 4

Manager/ Management Company Board of Directors of PNB

www.asnb.com.my | 2. CORPORATE DIRECTORY 5

Compliance Committee of the Board of Directors of PNB Solicitors

Deputy President - Unit Trust/ 3. Messrs. Hamzah & Ong Advocates

FEDERATION OF INVESTMENT MANAGERS MALAYSIA

www.asnb.com.my | 2. CORPORATE DIRECTORY 6

Name of the Fund ASN Page

Fund Category/Type Equity/Growth

Approved Fund Size 2.5 billion units.

UIC as at LPD 1.57 billion units

Fund Allocation Nil.

www.asnb.com.my | 3. KEY DATA 7

Name of the Fund ASN 2 Page