2017 ANNUAL REPORT HIGHLIGHTS

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Nicholas Grant Haynes
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1 ANNUAL REPORT HIGHLIGHTS BUILDING A DISTINCTIVE WORLD-CLASS INVESTMENT HOUSE

2 01 WAS AN EVENTFUL YEAR FOR PNB, MARKING THE 1 ST YEAR OF STRIVE-15 IMPLEMENTATION JAN Acquisition of SILK Highway APR Appointment of AmBank as ASNB Agent Minggu Saham Amanah Malaysia in Temerloh, Pahang Issuance of Harus fatwa by Selangor State Mufti Office JUL JUN SEP Completion of demerger between UMW Holdings and UMW Oil & Gas Successful ASNB System Migration exercise Maybank becomes first Malaysian company to breach RM100 billion market capitalisation Issuance of Harus fatwa by Penang State Mufti Office OCT Completion of UMW Oil & Gas recapitalisation exercise NOV Completion of demerger of Sime Darby and separate listings of Sime Darby Plantation and Sime Darby Property DEC Completion of demerger between CCM and CCM Duopharma Divestment of Santos Place, Brisbane Completion of merger between S P Setia and I & P Group

02 PNB S ASSETS UNDER MANAGEMENT GREW BY 4.8% Y-O-Y TO REACH RM279.2 BILLION 2014 2015 y-o-y growth 244.3 RM billion 254.6 RM billion 266.4 RM billion 279.2 RM billion Proprietary 9.2 % UTFs 4.

3 02 PNB S ASSETS UNDER MANAGEMENT GREW BY 4.8% Y-O-Y TO REACH RM279.2 BILLION y-o-y growth RM billion RM billion RM billion RM billion Proprietary 9.2 % UTFs 4.0 % Proprietary 35.2 UTFs Proprietary 36.5 UTFs Proprietary 40.2 UTFs Proprietary 43.9 UTFs WITH ITS UNIT TRUST FUNDS REACHING MORE THAN 13 MILLION ACCOUNTS AND 219 BILLION UNITS IN CIRCULATION PNB GROUP RECORDED GROWTH OF 16.8% IN CONSOLIDATED COTERMINOUS PROFORMA NET INCOME IN TO MORE THAN RM17 BILLION y-o-y growth Gross Income 1 19,978 18,816 17,534 20, % Net Income 1 16,990 15,586 15,160 17, % Total Assets 2 244, , , , % Return on Assets 3 7.1% 6.3% 6.0% 6.7% Units in Circulation (billion units) 2015 Number of Accounts (million) 1 Income figures based on proforma aggregate gross and net income respectively of PNB and its unit trust funds, adjusted to be coterminous according to year ended 31 December 2 Total Assets (Assets Under Management) based on proforma aggregate of PNB s gross investment assets, the Value of Fund (before distribution) of the fixed price funds and the Net Asset Value (before distribution) of the variable price funds 3 Return on Assets = Net Income divided by monthly average total assets

4 05 07 BULK OF ASSETS REMAIN INVESTED IN PUBLIC EQUITIES, WITH CASH BEING RE-ALLOCATED INTO FIXED INCOME AND CONCENTRATED IN THE TRADING/SERVICES AND FINANCE SECTORS 68.9% 2.6% 3.2% 20.4% 4.4% 0.5% Public Equity Private Investments Property Cash & Money Market Fixed Income Others 70.5% 1.9% 2.9% 18.6% 5.8% 0.3% 2.6% 4.3% 5.6% 6.9% 30.2% 44.2% 6.2% Plantations Industrial Products Consumer Products Property / REIT Finance Trading / Services Others 13.0% 5.0% 4.6% 10.3% 29.0% 32.1% 6.0% Note: Based on book value as at 31 December Note: Based on book value as at 31 December 06 MAJOR INVESTOR IN BURSA MALAYSIA, INVESTING MORE THAN RM190 BILLION ACROSS MOST MAJOR LISTED MALAYSIAN CORPORATES Strategic Companies * Core Companies ** RM1,906.8 billion Bursa Malaysia Total Market Capitalisation as at 29 December 48% 52% 54% 21% 20% 18% 18% 55% 65% 58% 16% 15% 14% 13% RM198.9 billion *** 10.4% Investment in Bursa * Strategic: Public listed companies where PNB holds a majority or controlling stake 64% 65% 51% 12% 11% PETRONAS GAS BERHAD 55% 10% 10% 10% PETRONAS DAGANGAN BERHAD 10% 10% 9% ** Core: Public listed companies where PNB has more than 10% shareholding or exposure of more than RM1 billion *** Based on Market Value of PNB & UTFs as at 29 December

5 08 PNB S 12 UNIT TRUST FUNDS MAINTAINED COMPETITIVE RETURNS PERFORMANCE IN Financial Year End (FYE) Distribution (sen per unit) Net income Units in circulation FYE (billion units) Bumiputera 2 Malaysia Didik Wawasan Malaysia Bumiputera 31 Mar 31 Mar 30 Jun 31 Aug 30 Sep 31 Dec , , , Financial Year End (FYE) Distribution (sen per unit) Total return (%) Net income Units in circulation FYE (billion units) Gemilang-Pendidikan Gemilang-Kesihatan Gemilang-Persaraan Nasional 2 Nasional 3 Imbang Nasional 31 Mar 31 Mar 31 Mar 30 Jun 30 Nov 31 Dec RM14.6 BILLION WAS DISTRIBUTED TO UNIT HOLDERS IN, AMOUNTING TO A CUMULATIVE DISTRIBUTION OF RM172.1 BILLION SINCE 1981 Annual Income Distribution Payout (RM billion) Cumulative Income Distribution (RM billion)

6 10 STRONG INCOME GROWTH DRIVEN BY IMPROVED PUBLIC EQUITY, PRIVATE INVESTMENTS & PROPERTY RETURNS Group Gross Yields by Asset Class Education 11 PNB ALSO CONTINUED TO DELIVER ON ITS SOCIAL OBJECTIVES IN PNB Chartered Accountant Initiative Global & Local Scholarships 505 candidates to date 1,803 current scholars 1,000 Bumiputera chartered accountants by ,303 scholars since inception Public Equity 6.9% 8.0% Employability Skim Latihan 1Malaysia More than 460 participants trained More than 1,700 participants since inception Private Investments Property Cash 12.5% 7.4% 9.3% 4.1% 3.8% 18.2% Financial Literacy SINCE INCEPTION 208,000 visitors (Temerloh, Pahang) 85,836 participants 12,000 visitors (Putrajaya) 3.6 million visitors 649,272 participants 22,000 visitors Fixed Income 6.5% 5.3% 201,799 participants 1.25 million participants Affordable Pilot projects in Homes Sg Sedu & Port Dickson 5,000 affordable homes by STRIVE-15 INITIATIVES FOCUSING ON ENHANCING SUSTAINABLE RETURNS, UNDER THE 1 ST STRATEGIC PILLAR, MADE GOOD PROGRESS Increase Exposure in Private Equity and Fixed Income 03 Boosting Domestic Public Equity Performance Optimise Asset Allocation Strategic Pillar I Enhancing Sustainable Returns 04 Rationalise and Enhance Property Investments 05 Diversify into Global Assets

7 13 PNB REBALANCED ITS ASSET ALLOCATION, SHIFTING SOME OF ITS CASH INTO PRIVATE INVESTMENTS AND FIXED INCOME 14 PNB ALSO COMPLETED ALL TRANSFORMATION INITIATIVES TARGETED IN, WITH TOTAL MARKET VALUE IMPROVING BY RM39.5 BILLION 01 Optimise Asset Allocation 02 Boosting Domestic Public Equity Performance 03 Increase Exposure in Private Equity and Fixed Income Sime Darby Pure Play Creation UMW Group Demerger & Recapitalisation CCM Demerger Strategic Asset Allocation Establishment of a centralised and dedicated Strategic Asset Allocation team to develop optimised SAA targets for all funds and asset classes Cash Cash portion of overall portfolio reduced from 20.4% in to 18.6% in Fixed Income Increased investment by more than RM4 billion in order to boost overall portfolio yield, whilst supporting the domestic fixed income market Private Investments Acquisition of SILK Highway and internal restructuring of PROLINTAS for fast track listing As at 29 December Price change (%) TSR (%) Increase in market capitalisation (RM billion) PNB ENHANCED ITS PROPERTY PORTFOLIO THROUGH CONSOLIDATION OF ASSETS AND JUDICIOUS MONETISATION Rationalise and Enhance Property Investments Acquisition of I & P Group by S P Setia for RM3.65 billion - merger creates one of the largest property companies in Malaysia Acquisition of Seriemas Development for RM625 million by PNB Development, PNB s landbanking entity Monetisation of Santos Place, Brisbane for AUD370 million Weighted Average KLCI % 13.2% 1,797/1,642 Note: Sime Darby based on simple aggregate of 3 pure plays; UMW O&G M cap increase due to re-capitalisation exercise; CCM M cap decrease due to share consolidation

8 PERMODALAN NASIONAL BERHAD (38218-X) LEVEL 4, MENARA PNB 201-A, JALAN TUN RAZAK KUALA LUMPUR T F E PNB_CORP@PNB.COM.MY W DISCLAIMER The Master Prospectus of funds of ASNB dated 30 June and First Supplementary Master Prospectus dated 15 December ( Prospectus ), have been registered with the Securities Commission Malaysia. Before investing, investors are advised to read and understand the content of the Prospectus together with the Product Highlights Sheets which are available at any ASNB branches and agents. Units will be issued upon receipt of the registration form referred to and accompanying the Prospectus. Before investing, kindly consider the fees and charges involved. Unit prices and distribution payable, if any, may go down as well as up. Investors are also advised to consider the inherent risk of investing in the funds and other general risk as elaborated in the Prospectus. The past performance of a fund should not be taken as indicative of its future performance.

PNB RECORDS 18.2% RISE IN NET INCOME TO RM6.7 BILLION MARKET VALUE OF STRATEGIC COMPANIES SURGED BY RM31 BILLION

EMBARGO UNTIL 6:00 PM 22 JUNE 2017 PNB RECORDS 18.2% RISE IN NET INCOME TO RM6.7 BILLION MARKET VALUE OF STRATEGIC COMPANIES SURGED BY RM31 BILLION PNB records strong sustained growth in performance with