FUND MANAGER S REPORT JULY 2018 FUND FOCUS. A Wholly Owned Subsidiary of

Transcription

1 FUND MANAGER S REPORT JULY FUND FOCUS A Wholly Owned Subsidiary of

2 ECONOMY AND CAPITAL MARKETS UPDATE Chinese Loan to Rescue CPI for the month of July clocked in at 5.8% YoY as compared to an increase of 5.2% in June and 2.9% in July. On a sequential basis, the increase in CPI was predominantly higher due to prices of Fresh Vegetables which increased by 22.98%, followed by increase in prices of tomatoes and eggs by 15.63% and 12.01%, respectively. However, a 17% decrease in chicken prices restrained CPI from further rise. On a YoY basis, higher inflation was due to increase in housing, water, electricity, gas & fuels which contributed 1.61% to overall increase in CPI followed by nonperishable food items which contributed 1.20%. On the other hand, pressure on external account relieved a bit as current account deficit declined from USD 2,011mn in May to clock in at USD 1,840mn in June. The overall deficit for FY18 stood at USD 17,994mn (5.7% of GDP), registering an increase of 43%YoY from USD 12,621mn Policy Rate up by 100bps The State bank of Pakistan (SBP) in its Monetary Policy Statement (MPS) on July 14, has increased policy rate by 100bps to 7.5%. The money market remained fairly liquid throughout the month amid regular (5x) OMO injections by the SBP. There was active participation of PKR 4,024bn in the TBills against the target and maturity of PKR 3,000bn and PKR 3,374bn, respectively. Out of this, the central bank accepted Post Election Rally During July, KSE100 index increased by 801 points (i.e. 1.91%MoM) to close the month at 42,712 points. Market remained positive during majority of the trading sessions (12 out of total 21) on back of positive sentiments of local investors after timely completion of electoral process. Moreover, USD 2.5bn loan from china and activation of USD 4.5bn credit facility to Pakistan by Islamic Development Bank (IDB) helped in managing the surmounting macroeconomic challenges for the time being which further enhanced investor s confidence. Average daily volumes increased by 15%MoM to 186mn shares while average daily value traded remained almost flat at USD 60mn. On the local front, Individuals and Insurance companies remained the major local investors with a net buying of USD 65mn and USD 32mn respectively, while Mutual Funds and Banks remained net sellers of USD 42mn and USD 9mn, (4.1% of GDP) in SPLY. In FY18, total goods import of the country amalgamated to USD 56bn (up 15%YoY) while total exports clocked in at USD 25bn (up 13%YoY). On the other hand, recent available figures show that foreign exchange reserves alleviated to USD 17.1bn from USD 16.4bn in June, thanks to reported ~USD2bn inflow from China. Reserves held by the SBP increased by USD 561mn to USD 10.3bn, whereas banks' foreign exchange reserves increased slightly by USD 112mn to USD 6.7bn. On the fiscal side, tax collection in July was PKR 255bn (up 20.9%YoY) against PKR 211bn collected in SPLY. The surge in tax collection was due to inclusion of approximately PKR30bn inflows from the amnesty scheme. Looking ahead, the country would need to borrow significant funds from international lenders to make outstanding debt payments and support foreign currency reserves. bids worth PKR 3,531bn in total, with the majority being for 3month tenor where the cutoff rate was increased from 6.76% to 7.75%. On the other hand, no activity was witnessed on the PIB s front in the month of July, whereas secondary market PKRVs increased between 89 to 92bps across all tenors. respectively. On the other hand, Foreigners were net sellers for the month of July with the total outflow of USD 64mn, however, the outflow was down by 13%MoM. Volumes were mainly concentrated in mid cap stocks like KEL, BOP, FCCL and PAEL. On sectoral front, commercial banks contributed 535 points on the back of increase in the policy rate by 100 bps in the recent MPS, Fertilizer sector contributed 278 points due recent increase in the both Urea and DAP price while cement sector contributed 187points due to increase in bag prices. Going forward, uncertainty would prevail until the newly elected government takes charge of the office and define its policies. Overall, KSE100 has provided a decent return of 5.54% CYTD and is trading at P/E of 9.3x with a dividend yield of 5.00%. ECONOMIC SUMMARY GOVERNMENT SECURITIES Last Reported Month Current Month Previous Month YTD PKRV Yields (%) 6 M 1 Yr 3 Yr 5 Yr 10 Yr CPI Inflation Trade Deficit (USD mn) Remittances (USD mn) Current A/C (USD mn) FDI (USD mn) July June June June June 5.83% (3,121) 1,595 (1,840) % (2,883) 1,771 (1,934) % (31,074) 19,625 (17,994) 2,770 June 29, Change (bps) Source : FMA EQUITY MARKET Tax Collection ** (PKR bn) M2 Growth* July July (1.92%) Jul18 Jun18 M/M 1 Yr Low 1 Yr High FX Reserves* (USD bn) Source SBP, FBS * Latest monthly figures ** Provisional figures July 17.1 KSE 100 Index Avg. Daily Vol. (mn) Avg. Daily Val. (USD mn) E PE(X) E DY 42, % 41, % 15% (1%) 37, , Source: KSE, Bloomberg REPORT, JULY

3 ABL INCOME FUND The objective is to earn competitive risk adjusted rate of return by investing in a blend of short, medium, and longterm fixed income and debt instruments, both within and outside Pakistan. COMMENTS During the month of Jul 18, ABL Income Fund posted a return of 1.62% against the benchmark return of 7.5%. The fund underperformed the benchmark owing to mark to market losses on TFCs portfolio. On the Asset Allocation side, fund s exposure in reduced from 67.61% to 27.42%. The fund continued to avoid exposure in PIBs whereas exposure in TFCs increased to 28.93% in Jul 18 from 27.65% in Jun 18. Exposure in Government Guaranteed TFCs also increased marginally to 2.58% from 2.46% in Jun 18. Fund s Net Assets for the month of Jul 18 closed at PKR 2, million. The Scheme has maintained the provision against Sindh Workers Welfare Fund s Liability to the tune of Rs million, had the same not been made, the per unit of the scheme would have been higher by Rs per unit. The Scheme has also maintained expense ratio (TER) 0.21% (0.03% representing Government Levies and SECP Fee etc). ABL IF Vs (MOM Returns) Alee Khalid Ghaznavi CEO Kashif Rafi CIO Saqib Matin, ACA CFO & CS M. Abdul Hayee, CFA Tanweer Haral Head of Risk Management Ali Ahmed Tiwana Head of Equity Abdul Rehman Tahir Fund Mananger Net Assets Net Assets (Excluding FoF Investments) Cutoff time Fund Stability Rating TECHNICAL INFORMATION Weighted average time to maturity of net assets Openend Income Scheme September 20, 2008 PKR mn as at PKR mn as at Jul 31, PKR as at 6 Months KIBOR As Per Banking Days 4:00 PM 1.5 % p.a upto 1.5%(Frontend),(Backend) Central Depository Company of Pakistan Ltd (CDC) A.F. Ferguson Chartered Accountants AM2 ++ (Stable Outlook) (JCRVIS) Low A(f) (JCRVIS) Fahad Aziz 636 TOP TFCs / SUKUK HOLDING (% OF TOTAL ASSETS) JSBL TFC The Bank of Punjab TFC (231216) MCB Bank TFC (190614) Formerly NIB Bank TFC II JSCL TFC X (180717) DHCL SUKUK I (161117) WAPDA PPTFC III (270913) 7.4% 6.8% 5.95% 5.64% 3.14% 2.58% 31.51% % July August ABLIF July 31, 1.62% 7.57% YTD* St. Dev** Ratio*** Sharpe Alpha 1.62% 0.62% (9.5) (5.97%) 7.57% 0.02% 4.00 *Funds returns computed on to with the dividend reinvestment (excluding sales load) ** 12M Trailing Data ***3MPKRV used as RFR TBills TFCs WAPDA PPTFC III including Receivables September Amount Invested by Fund of Funds is Rs million. ABLIF 3.64% 7.04% 4.25% 6.76% 4.39% 6.47% 6% 6.36% 67.61% 0% 27.65% 2.46% 2.28% 100% 9.26% 7.72% 27.42% 38.83% 28.93% 2.58% 2.24% 100% 15.04% 10.08% *Funds returns computed on Simple annualized basis / Performance data does not include cost incurred by investor in the form of sales load PORTFOLIO QUALITY (% OF TOTAL ASSETS) / Unrated, 2.24% AA, 3.19% ABLIF 6 Months KIBOR October November December January Credit Quality of Portfolio (% of Assets) AA+, 8.15% AAA, 8.6% February March April May June Govt Securities, 38.83% July *DETAILS OF NONCOMPLIANT INVESTMENT WITH THE INVESTMENT CRITERIA OF ASSIGNED CATEGORY Non Type Exposure % of Net % of Excess Exposure Exposure Compliant of Investment Investment Limit Assets Assets (% of Net Asset) (% of Asset) A+, 31.49% AA, 7.47% REPORT, JULY to understand the investment policies and the risk involved including risk disclosures for special features.

4 ABL STOCK FUND To provide higher risk adjusted returns over the long term by investing in a diversified portfolio of equity instruments offering capital gain and dividends. COMMENTS ABLSF increased by 1.92% in July against 1.91% increase of the benchmark, reflecting a slight outperformance of 1 basis points. During the period under review, allocation to Commercial Banks decreased from 29.18% to 27.22%. As at, ABLSF was 84.24% invested in equities and remaining in bank deposits. The KSE100 Index increased by 1.91% in July mainly owning to peaceful conclusion of general elections. Foreigners, Mutual Funds and Brokers were net sellers while Insurance Companies & Corporates absorbed the selling. Going forward, sectors like Banks, E&P, IPPs, Textile etc. having positive impact on revenues with currency depreciation are expected to perform well. Market is currently trading at P/E multiple of ~9.3x as compared to regional average of ~13.4x portraying a significant upside potential. The Scheme has maintained the provision against Sindh Workers Welfare Fund s Liability to the tune of Rs. 56.6million, had the same not been made, the per unit of the scheme would have been higher by Rs per unit. The Scheme has total expense ratio (TER) of 0.28% (0.04% representing Government Levies and SECP Fee etc.). TER also includes the provision of sales & marketing expenses with 0.4% p.a. of Net Assets amounting to PKR 2.1 million. Alee Khalid Ghaznavi CEO Kashif Rafi CIO Saqib Matin, ACA CFO & CS M. Abdul Hayee, CFA Tanweer Haral Head of Risk Management Ali Ahmed Tiwana Head of Equity Abdul Rehman Tahir Fund Mananger 10% 0% 10% 20% 30% 1Aug17 15Aug17 29Aug17 12Sep17 26Sep17 10Oct17 ABLSF vs BENCHMARK (12m ROLLING RETURNS) KSE100 ABL SF 27Mar18 13Mar18 27Feb18 13Feb18 30Jan18 16Jan18 2Jan18 19Dec17 5Dec17 21Nov17 7Nov17 24Oct17 10Apr18 24Apr18 8May18 22May18 5Jun18 19Jun18 3Jul18 17Jul18 31Jul18 Openend Equity Scheme June 27, 2009 Net Assets Rs mn as at Net Assets (Net of FoF Inv) Rs mn as at Rs as at KSE100 Index As Per Local Stock Exchanges Cutoff time 4:00 PM Management Fee 2% p.a Upto 2% (Frontend), (Backend) Central Depositary Company of Pakistan Limited(CDC) M/S. A.F. Ferguson & Co, Chartered Accountants AM2++ (Stable outlook) (JCRVIS) December 29, High Performance Ranking Ali Ahmed Tiwana ABLSF July 31 * 1.92% 1.91% 1.92% 1.91% 16.66% 16.67% % *Funds returns computed on to with the dividend reinvestment (excluding sales load) ** 12M Trailing Data ***3MPKRV Used as RFR Stock/Equities Bank Balances TBills Note: Amount invested by Fund of Fund is Rs mn ABLSF (4.64%) (6.10%) (3.29%) (3.03%) (13.47%) (7.17%) YTD* St. Dev** Beta*** Alpha 19.56% 9.55% 92.38% 6.79% 0.83% % 34.14% 84.24% 15.34% 0.42% % % *Funds returns computed on Absolute basis. Performance data does not include cost incurred by investor in the form of sales load. TOP TEN HOLDINGS (% OF TOTAL ASSETS) Oil and Gas Development Co. Ltd. Habib Bank Limited Mari Petroleum Company Limited Pakistan Petroleum Limited United Bank Limited Bank AlFalah Limited Engro Corporation Limited Hub Power Company Limited MCB Bank Limited Engro Fertilizers Limited 5.27% 5.71% 5.99% 6.11% 5.39% 5.02% 5.30% 3.50% 3.61% 3.42% 5.83% 5.63% 5.23% 5.17% 4.93% 4.87% 4.74% 3.38% 3.38% 3.20% SECTOR ALLOCATION (% OF TOTAL ASSETS) Commercial Banks Oil & Gas Exploration Companies Bank Balance & Fertilizer Cement Textile Composite Oil & Gas Marketing Companies Chemical Power Generation & Distribution Insurance Engineering Automobile Assembler Technology & Communication Paper & Board Automobile Parts & Accessories Food & Personal Care Products Pharmaceuticals 9.14% 5.59% 4.28% 4.17% 3.70% 3.38% 1.98% 1.56% 1.16% 1.05% 0.87% 0.58% 0.38% 0.28% 18.88% 15.76% 27.22% 0% 5% 10% 15% 20% 25% 30% REPORT, JULY to understand the investment policies and the risk involved including risk disclosure for special feature.

5 ABL CASH FUND The objective of ABLCF is to provide investors, consistent returns with a high level of liquidity, through a blend of money market and sovereign debt instruments. COMMENTS During the month of Jul'18, ABL Fund posted a return of 6.37% against the benchmark return of 6.27 %. thereby outperforming the benchmark on YTD basis by 10 bps. On the Asset Allocation side, the fund shifted almost the entire exposure from into Tbills closing the exposure in Tbills at 74.45%. The move was made in order to take full advantage of increased Tbills cut off yields in the secondary market after increase in policy rate by State Bank of Pakistan. The Scheme has maintained the provision against Sindh Workers Welfare Fund s Liability to the tune of Rs million, had the same not been made, the per unit of the scheme would have been higher by Rs per unit. The Scheme has also maintained expense ratio (TER) 0.10% (0.02% representing Government Levies and SECP Fee etc). ABL CF Vs (MOM Returns) 7 ABLCF 70% Avg of 3M PKRV Rates + 30% 3M Avg Deposit Rate of 3 AA Rated Banks Alee Khalid Ghaznavi CEO Kashif Rafi CIO Saqib Matin, ACA CFO & CS M. Abdul Hayee, CFA Tanweer Haral Head of Risk Management Ali Ahmed Tiwana Head of Equity Abdul Rehman Tahir Fund Mananger % July August September October November December January February March April May June July Openend Money Market Scheme 2010 Net Assets PKR mn as at Net Assets (Excluding FoF investments) PKR mn as at PKR as at 70%Avg of 3M PKRV rates + 30% 3M Avg Deposit Rate of 3 AA rated banks As Per Banking Days Cutoff time 4:00 PM Backward 10% of gross earnings subject to a minimum fee of 0.75% and a maximum fee of 1.00% of average daily net assets (Frontend), (Backend) Central Depository Company of Pakistan Ltd (CDC) A.F. Ferguson Chartered Accountants AM2 ++ (Stable Outlook) (JCRVIS) Decemebr 29, Low Fund Stability Rating AA(f) (JCRVIS) Fahad Aziz ABLCF July 31, 6.37% 6.27% YTD* St. Dev** Ratio*** Sharpe 6.37% 0.05% (22.80) 6.27% 0.02% (66.81) 0.09% *Fund returns computed on to with dividend reinvestment (excluding sales load) ** 12M Trailing Data ***3MPKRV used as RFR TBills including Receivables Amount Invested by Fund of Funds is Nil. ABLCF 5.65% 5.93% 5.54% 5.7% 5.5% 5.44% 7.07% 4.76% 99.59% 0% 0.41% 100% 8.64% 5.36% Alpha 1.15% 74.4% 24.45% 100% 11.75% 6.03% *Funds returns computed on Simple annualized basis / Performance data does not include cost incurred by investor in the form of sales load TECHNICAL INFORMATION Weighted average time to maturity of net assets 53.5 *DETAILS OF NONCOMPLIANT INVESTMENT WITH THE INVESTMENT CRITERIA OF ASSIGNED CATEGORY Non Compliant Investment Type of Investment Exposure Limit % of Net Assets % of Assets Excess Exposure Excess Exposure (% of Net Asset) (% of Asset) PORTFOLIO QUALITY (% OF TOTAL ASSETS) AAA, 0.02% Credit Quality of Portfolio (% of Assets) Govt Securities, 74.4% / Unrated, 24.44% AA+, 1.13% REPORT, JULY to understand the investment policies and the risk involved including risk disclosures for special features.

6 ABL GOVERNMENT SECURITIES FUND The objective of the scheme is to deliver optimal risk adjusted returns by investing mainly in mix of short to long term Government Securities and other debt Instruments. COMMENTS During the month of Jul 18, ABL Government Securities Fund posted a return of 3.71% against the benchmark return of 7.35%.. The fund underperfromed the benchmark owing to mark to market losses on Corporate Debt portfolio. On the Asset Allocation side, the fund reduced its exposure in cash to 21.64% whereas exposure in Tbills increased to 59.53%. The fund 's exposure in TFCs also increased marginally from 8.73% in Jun'18 to 11.15% in Jul'18 The Scheme has maintained the provision against Sindh Workers Welfare Fund s Liability to the tune of Rs million, had the same not been made, the per unit of the scheme would have been higher by Rs per unit. The Scheme has also maintained expense ratio (TER) 0.18% (0.02% representing Government Levies and SECP Fee etc). ABL GSF Vs (MOM Returns) Alee Khalid Ghaznavi CEO Kashif Rafi CIO Saqib Matin, ACA CFO & CS M. Abdul Hayee, CFA Tanweer Haral Head of Risk Management Ali Ahmed Tiwana Head of Equity Abdul Rehman Tahir Fund Mananger Net Assets Net Assets (Excluding FoF Investments) Cutoff time Fund Stability Rating Openend Income Scheme November 28, 2011 PKR mn as at PKR mn as at PKR as at 6 Months PKRV rates As Per Banking Days 4:00 PM ClassB unit 1.25% p.a. Upto 1.5% (Frontend), Nil (Backend) Central Depository Company of Pakistan Ltd (CDC) A.F. Ferguson Chartered Accountants AM2 ++ (Stable Outlook) (JCRVIS) December 29, Low A(f) (JCRVIS) January 16, Fahad Aziz % July August ABLGSF September *Funds returns computed on to with the dividend reinvestment (excluding sales load) ** 12M Trailing Data ***3MPKRV used as RFR ABLGSF 6 Months PKRV October November December Placements with Banks(TDRs) TBills PIBs including Receivables TFCs Amount Invested by Fund of Funds is Rs million. January July 31, 3.71% 7.35% February YTD* St. Dev** Ratio*** Sharpe Alpha 3.71% 0.39% (9.63) (3.67%) 7.35% March April 0.02% 44.68% 5.55% 40.7% 0% 0.34% 8.73% 100% May June (5.57) July 21.64% 7.18% 59.53% 0% 0.5% 11.16% 100% TECHNICAL INFORMATION Weighted average time to maturity of net assets TOP TFCs / SUKUK HOLDING (% OF TOTAL ASSETS) The Bank of Punjab TFC(231212) JSCL TFC X (187) DHCL SUKUK I (1611) DHCL SUKUK II (0103) % 3.63% 2.4% 1.08% 11.16% *DETAILS OF NONCOMPLIANT INVESTMENT WITH THE INVESTMENT CRITERIA OF ASSIGNED CATEGORY Non Type Exposure % of Net % of Excess Exposure Excess Exposure Compliant of Investment Investment Limit Assets Assets (% of Net Asset) (% of Asset) ABLGSF 4.61% 6.87% 5.06% 6.62% 5% 6.31% PORTFOLIO QUALITY (% OF TOTAL ASSETS) 6.77% 5.94% 10.35% 6.89% 12.18% 7.52% *Funds returns computed on Simple annualized basis / Performance data does not include cost incurred by investor in the form of sales load AA+, 5.18% AAA, 0.01% AA, 3.48% Credit Quality of Portfolio (% of Assets) Govt Securities, 59.53% AA, 31.3% / Unrated, 0.5% REPORT, JULY to understand the investment policies and the risk involved including risk disclosures for special features.

7 ABL ISLAMIC INCOME FUND To provide investors with an opportunity to earn higher income over the medium to longterm by investing in a diversified portfolio consisting of different money market and debt instruments permissible under the Shariah principles. COMMENTS During the month of Jul 18, ABL Islamic Income Fund posted a return of 5.05% against the benchmark return of 2.56%, the fund continued to significantly outperform the benchmark return on monthly basis. On the asset allocation side, the exposure in cash changed marginally to 60.62% from 59.32% whereas the exposure in TDRs reduced to 10%. On the corporate debt side, exposure in Sukuks increased to 28.27% from 22.00% in Jun 18. Alee Khalid Ghaznavi CEO Kashif Rafi CIO Saqib Matin, ACA CFO & CS M. Abdul Hayee, CFA Tanweer Haral Head of Risk Management Ali Ahmed Tiwana Head of Equity Abdul Rehman Tahir Fund Mananger % July August The Scheme has maintained the provision against Sindh Workers Welfare Fund s Liability to the tune of Rs 4.67 million, had the same not been made, the per unit of the scheme would have been higher by Rs per unit. The Scheme has also maintained expense ratio (TER) 0.16% (0.02% representing Government Levies and SECP Fee etc). Septemb er October ABL IIF Vs (MOM Returns) ABLIIF Average of 6 Month Deposit Rate of 3 A Rated Islamic Banks Novembe r Decembe r January February March April May June July Net Assets Net Assets (Excluding FoF Investment) Cutoff time Fund Stability Rating TECHNICAL INFORMATION Weighted average time to maturity of net assets Openend Islamic Income Scheme 2010 PKR mn as at PKR mn as at PKR as at Jul 31, Average of 6 Month Deposit Rate of 3 A rated Islamic Banks As Per Banking Days 4:00 PM 1 % p.a upto 1.5% (Frontend), (Backend) Central Depository Company of Pakistan Ltd (CDC) Deloitte Yousuf Adil. Chartered Accountants AM2 ++ (Stable Outlook) (JCRVIS) Low A(f) (JCRVIS) Abdul Rehman Tahir 549 TOP TFCs / SUKUK HOLDING (% OF TOTAL ASSETS) DHCL SUKUK I (1611) 13.93% DIB SUKUK (1407) 6.02% DHCL SUKUK II (0103) 4% FFCL SUKUK ( ) 3.74% K Electric Ltd SUKUK (170615) 0.34% K Electric Ltd SUKUK (170615) 0.22% Meezan Bank ltd Sukuk ( ) 0.02% 28.27% *DETAILS OF NONCOMPLIANT INVESTMENT WITH THE INVESTMENT CRITERIA OF ASSIGNED CATEGORY Non Type Exposure % of Net % of Excess Exposure Excess Exposure Compliant of Investment Investment Limit Assets Assets (% of Net Asset) (% of Asset) ABLIIF *Funds returns computed on to with the dividend reinvestment (excluding sales load) ** 12M Trailing Data ***3MPKRV used as RFR Placements with Banks(TDRs) Corporate Sukuk including Receivables Amount Invested by Fund of Funds is Rs million. ABLIIF 4.66% 2.43% 4.45% 2.44% July 31, 5.05% 2.56% 4.5% 2.48% YTD* St. Dev** Ratio*** Sharpe 5.05% 0.79% (3.12) 2.56% 5.49% 3.45% 0.01% 59.32% 17.82% 22.01% 0.85% 100% 7.56% 4.73% (942.65) 2.48% 60.62% 10% 28.27% 1.11% 100% 10.48% 5.89% *Funds returns computed on Simple annualized basis / Performance data does not include cost incurred by investor in the form of sales load PORTFOLIO QUALITY (% OF TOTAL ASSETS) Credit Quality of Portfolio (% of Assets) AA, 18.15% AAA, 0.31% / Unrated, 1.12% AA+, 0.39% A, 0.56% A+, 13.46% Alpha AA, 66.01% REPORT, JULY to understand the investment policies and the risk involved including risk disclosures for special features.

8 ABL ISLAMIC STOCK FUND To provide higher risk adjusted returns over the long term by investing in a diversified Islamic portfolio of equity instruments offering capital gain and dividends. COMMENTS ABLISF increased by 1.53% in July against 1.80% increase of the benchmark, reflecting an underperformance of 27 basis points. During the period under review, allocation to Banks decreased from 18.74% to 15.38%. As at, ABLISF was 84.62% invested in equities and remaining in bank deposits. The KMI30 Index increased by 1.80% in July mainly owning to peaceful conclusion of general elections. Foreigners, Mutual Funds and Brokers were net sellers while Insurance Companies & Corporates absorbed the selling. Going forward, sectors like Banks, E&P, IPPs, Textile etc. having positive impact on revenues with currency depreciation are expected to perform well. Market is currently trading at Alee Khalid Ghaznavi CEO Kashif Rafi CIO Saqib Matin, ACA CFO & CS M. Abdul Hayee, CFA Tanweer Haral Head of Risk Management Ali Ahmed Tiwana Head of Equity Abdul Rehman Tahir Fund Mananger Net Assets Net Assets (Excluding FoF Investments) Cutoff time Performance Ranking TOP TEN HOLDINGS (% OF TOTAL ASSETS) Oil and Gas Development Co. Ltd. Engro Corporation Limited Pakistan Petroleum Limited Mari Petroleum Company Limited Engro Fertilizers Limited Pakistan Oilfields Limited Meezan Bank Limited Lucky Cement Limited Hub Power Company Limited Nishat Mills Limited Openend Islamic Equity Scheme June 12, 2013 Rs mn as at Rs mn as at Rs as at KMI30 Index As Per Local Stock Exchanges 4:00 PM 2% p.a Upto 2% (Frontend), (Backend) MCB Financial Services Limited(MCBFSL) M/S. A.F. Ferguson & Co, Chartered Accountants AM2++ (Stable outlook) (JCRVIS) December 29, High M. Abdul Hayee, CFA 7.38% 8.17% 7.62% 6.34% 4.74% 5.02% 4.23% 3.35% 3.25% 4.09% 5.0% 0.0% 5.0% 10.0% 15.0% 20.0% 25.0% 8.89% 8.32% 7.66% 6.06% 5.64% 4.86% 4.58% 4.33% 4.02% 3.94% 1Aug17 12Aug17 23Aug17 P/E multiple of ~9.3x as compared to regional average of ~13.4x portraying a significant upside potential. The Scheme has maintained the provision against Sindh Workers Welfare Fund s Liability to the tune of Rs million, had the same not been made, the per unit of the scheme would have been higher by Rs per unit. The Scheme has total expense ratio (TER) of 0.27% (0.04% representing Government Levies and SECP Fee etc.). TER also includes the provision of sales & marketing expenses with 0.4% p.a. of Net Assets amounting to PKR million. 3Sep17 14Sep17 25Sep17 6Oct17 17Oct17 ABLISF 28Oct17 8Nov17 *Funds returns computed on to with the dividend reinvestment (excluding sales load) ** 12M Trailing Data *** 3MPKRV used as RFR Stock/Equities Bank Balances 19Nov17 Note: Amount invested by Fund of Fund is Rs mn 30Nov17 11Dec17 July 31, * 1.53% 1.80% YTD* St. Dev** Beta*** Alpha 1.53% 1.80% SECTOR ALLOCATION (% OF TOTAL ASSETS) 16.60% 19.42% 81.33% 17.35% 1.33% % (2.23%) 84.62% 13.68% 1.69% 10 ABLISF (3.92%) (6.08%) (3.09%) (3.04%) (14.00%) (8.62%) 14.34% 23.55% 70.16% 77.42% 83.98% 92.51% *Funds returns computed on Absolute basis. Performance data does not include cost incurred by investor in the form of sales load. Oil & Gas Exploration Companies Fertilizer Bank Balance & Cement Oil & Gas Marketing Companies Commercial Banks Chemical Textile Composite Power Generation & Distribution Engineering Paper & Board Automobile Assembler Technology & Communication Automobile Parts & Accessories Food & Personal Care Products Pharmaceuticals Sugar & Allied Industries ABLISF vs BENCHMARK (12m ROLLING RETURNS) 22Dec17 KMI30 2Jan18 13Jan18 24Jan18 4Feb18 ABL ISF 15Feb18 26Feb18 9Mar % 5.54% 4.58% 4.19% 4.14% 4.02% 3.53% 2.33% 2.00% 1.25% 1.03% 0.33% 0.13% 0.01% 20Mar18 31Mar18 11Apr18 22Apr18 3May % 15.38% 0% 2% 4% 6% 8% 10%12%14%16%18%20%22%24%26%28% 14May18 25May18 5Jun18 16Jun18 27Jun18 8Jul18 19Jul18 30Jul % REPORT, JULY to understand the investment policies and the risk involved including risk disclosure for special feature.

9 ABL ISLAMIC DEDICATED STOCK FUND To provide capital appreciation to investors of Fund of Funds schemes by investing in Shariah compliant equity securities. COMMENTS ABLIDSF increased by 1.46% in July against 1.80% increase of the benchmark, reflecting an underperformance of 34 basis points. During the period under review, allocation to Cements decreased from 9.96% to 8.30%. As at, ABLIDSF was 87.83% invested in equities and remaining in bank deposits. The KMI30 Index increased by 1.80% in July mainly owning to peaceful conclusion of General elections. Foreigners, Mutual Funds and Brokers were net sellers while Insurance Companies & Corporates absorbed the selling. Going forward, sectors like Banks, E&P, IPPs, Textile etc. having positive impact on revenues with currency depreciation are expected to perform well. Market is currently trading at P/E multiple of ~9.3x as compared to regional average of ~13.4x portraying a significant upside potential. The Scheme has maintained the provision against Sindh Workers Welfare Fund s Liability to the tune of Rs million, had the same not been made, the per unit of the scheme would have been higher by Rs per unit. The Scheme has total expense ratio (TER) of 0.27% (0.04% representing Government Levies and SECP Fee etc.). TER also includes the provision of sales & marketing expenses with 0.4% p.a. of Net Assets amounting to PKR million. Alee Khalid Ghaznavi CEO Kashif Rafi CIO Saqib Matin, ACA CFO & CS M. Abdul Hayee, CFA Tanweer Haral Head of Risk Management Ali Ahmed Tiwana Head of Equity Abdul Rehman Tahir Fund Mananger 25.00% % % 5.00% % % 1Aug17 15Aug17 29Aug17 12Sep17 26Sep17 10Oct17 ABLIDSF vs BENCHMARK (12m ROLLING RETURNS) KMI30 ABL IDSF 10Apr18 27Mar18 13Mar18 27Feb18 13Feb18 30Jan18 16Jan18 2Jan18 19Dec17 5Dec17 21Nov17 7Nov17 24Oct17 24Apr18 8May18 22May18 5Jun18 19Jun18 3Jul18 17Jul18 31Jul18 Net Assets Net Assets (Net of FoF Investments) Cutoff time Performance Ranking Openend Islamic Equity Scheme December 20, 2016 Rs mn as at Rs as at Rs as at KMI30 Index As Per Local Stock Exchanges 4:00 PM 2% p.a (Frontend), (Backend) MCB Financial Services Limited(MCBFSL) M/S. A.F. Ferguson & Co, Chartered Accountants AM2++ (Stable outlook) (JCRVIS) December 29, High M. Abdul Hayee, CFA TOP TEN HOLDINGS (% OF TOTAL ASSETS) Pakistan Petroleum Limited Engro Corporation Limited Mari Petroleum Company Limited Oil and Gas Development Co. Ltd. Engro Fertilizers Limited Meezan Bank Limited Pakistan Oilfields Limited Nishat Mills Limited Lucky Cement Limited I.C.I. Pakistan Limited 8.41% 7.63% 8.22% 6.91% 4.83% 5.19% 6.25% 4.77% 3.89% 3.75% 8.36% 8.21% 7.95% 7.87% 5.84% 5.71% 5.45% 4.67% 3.96% 3.61% ABLIDSF *Funds returns computed on to with the dividend reinvestment (excluding sales load) ** 12M Trailing Data *** 3MPKRV used as RFR Stock/Equities Bank Balances Note: Amount invested by Fund of Fund is Rs. 1,692.24mn ABLIDSF (4.39%) (6.08%) (4.16%) (3.04%) June 30, * 1.46% 1.80% (14.77%) (8.62%) YTD* St. Dev** Beta*** Alpha 1.46% 1.80% 17.30% 19.42% 88.65% 10.70% 0.65% (2.29%) 87.83% 11.62% 0.55% 10 SECTOR ALLOCATION (% OF TOTAL ASSETS) *Funds returns computed on Absolute basis. Performance data does not include cost incurred by investor in the form of sales load. Oil & Gas Exploration Companies Fertilizer Bank Balance & Cement Commercial Banks Textile Composite Oil & Gas Marketing Companies Chemical Engineering Power Generation & Distribution Automobile Assembler Paper & Board Automobile Parts & Accessories Technology & Communication Food & Personal Care Products Pharmaceuticals 5.71% 4.97% 4.52% 4.18% 4.15% 3.49% 2.57% 2.51% 1.29% 1.04% 0.36% 0.34% 8.30% 14.78% 12.17% (12.75%) (10.38%) 4.00% 8.00% 12.00% 16.00% % REPORT, JULY to understand the investment policies and the risk involved including risk disclosure for special feature.

10 ABL PENSION FUND To provide a secure source of savings and regular income after retirement to the Participants COMMENTS ABL Fund Debt Sub Fund posted an annualized yield of 0.20% during the month of Jul'18. At month end, portfolio comprised of 82.08% in Tbills, while cash at bank, investment in Corporate TFC / Sukuks and PIB's (Floater) stood at 3.79%, 13.74% and 0.0% respectively. Going forward, we intend to actively trade Tbills and Corporate TFC's in order to improve fund's return while simultaneously maintain a low duration portfolio to avoid volatility. The Scheme has maintained the provision against Sindh Workers Welfare Fund s Liability to the tune of Rs. 169,489, had the same not been made, the per unit of the scheme would have been higher by Rs per unit. ABL Pension Fund Money Market Sub Fund generated an annualized return of 4.85% in Jul 18. At month end portfolio comprised of 83.78% in Tbills, while cash at bank stood at 16.0%. Going forward, we intend to actively trade in the money market in order to improve returns while maintain a low duration portfolio to avoid volatility. The Scheme has maintained the provision against Sindh Workers Welfare Fund s Liability to Alee Khalid Ghaznavi CEO Kashif Rafi CIO Saqib Matin, ACA CFO & CS M. Abdul Hayee, CFA Tanweer Haral Head of Risk Management Ali Ahmed Tiwana Head of Equity Abdul Rehman Tahir Fund Mananger Cutoff time Front end Fund Stability Rating TECHNICAL INFORMATION APFDSF APFMMSF APFESF Fund Size (PKR Millions) Openend Voluntary Pension Scheme August 20th,2014 As Per Banking Days 4.00 pm 1.5 % p.a. on average Net Assets of each SubFund Maximum of 3 % on all Contributions, unless exempt under the Offering Document Central Depository Company of Pakistan Ltd (CDC) Deloitte Yousuf Adil Chartered Accountants AM2++(Stable Outlook) (JCRVIS) December 29, NA Investor dependent Ali Ahmed Tiwana EQUITY SUBFUND (% OF TOTAL ASSETS) Habib Bank Limited United Bank Limited Pakistan Petroleum Limited Mari Petroleum Company Limited Engro Corporation Limited Oil and Gas Development Co. Ltd. Nishat Mills Limited MCB Bank Limited Thal Limited I.C.I. Pakistan Limited 7.22% 6.78% 6.58% 6.22% 5.27% 5.65% 4.60% 3.95% 4.45% 4.12% DISCLOSURE IN COMPLIANCE WITH SECP'S DISCRETION NO # 23 OF % 6.95% 6.46% 5.97% 5.61% 5.42% 4.45% 4.08% 3.94% 3.91% APF DEBT SUB FUND The Scheme has also mantained expense ratio (TER) 0.19% (0.02% representing Government Levies and SECP Fee etc.). APF MONEY MARKET SUB FUND Scheme has also mantained expense ratio (TER) 0.18% (0.02% representing Government Levies and SECP Fee etc). APF EQUITY SUB FUND The Scheme has also mantained expense ratio (TER) 0.19% (0.03% representing Government Levies and SECP Fee etc.). *DETAILS OF NONCOMPLIANT INVESTMENT WITH THE INVESTMENT CRITERIA OF ASSIGNED CATEGORY Name of Fund Exposure Type Exposure Limit % of Net Assets % of Assets Excess Exposure (% of Net Asset) Excess Exposure (% of Asset) the tune of Rs. 88,030, had the same not been made, the per unit of the scheme would have been higher by Rs per unit. ABL Pension Fund Equity Sub Fund increased by 1.81% in the month of July 18. The KSE100 Index increased by 1.91% in July mainly owning to peaceful conclusion of general elections. Foreigners, Mutual Funds and Brokers were net sellers while Insurance Companies & Corporates absorbed the selling. Going forward, sectors like Banks, E&P, IPPs, Textile etc. having positive impact on revenues with currency depreciation are expected to perform well. Market is currently trading at P/E multiple of ~9.3x as compared to regional average of ~13.4x portraying a significant upside potential. The Scheme has maintained the provision against Sindh Workers Welfare Fund s Liability to the tune of Rs. 629,693, had the same not been made, the per unit of the scheme would have been higher by Rs per unit. July18 YTD *Funds returns computed on to with the dividend reinvestment (excluding sales load) APF DEBT SUB FUND Placements with Banks (TDRs) Corporate TFC / Sukuk TBills PIBs Including Receivables Corporate Sukuk PIBs TBills Including Receivables 6.06% 13.42% 48.05% 32.00% 0.47% % 71.12% 0.22% % 13.74% 82.08% 0.39% 10 APF MONEY MARKET SUB FUND Stock/Equities Bank Balances TBills 90.22% 9.51% 0.27% % 83.78% 0.22% 10 APF EQUITY SUB FUND APFDSF* APF MMSF* APF ESF** 2.47% 3.80% (6.59%) 3.12% 4.12% (6.54%) 3.41% 3.91% (11.56%) 6.65% 4.13% 18.70% SECTOR ALLOCATION (% OF EQUITY SUBFUND) APFDSF APFMMSF APFESF 0.20% 4.85% 1.81% 0.20% 4.85% 1.81% 92.04% 6.53% 1.44% % 4.76% 59.42% *Fund returns are computed on simple annualized basis. Performance data does not include cost incurred by investor in the form of sales load. **Fund returns are computed on absolute basis. Performance data does not include cost incurred by investor in the form of sales load. Commercial Banks Oil & Gas Exploration Companies Fertilizer Bank Balance & Chemical Oil & Gas Marketing Companies Cement Textile Composite Automobile Parts & Accessories Engineering Technology & Communication Insurance Power Generation & Distribution Paper & Board Pharmaceuticals 8.98% 7.97% 6.96% 5.89% 5.40% 4.45% 4.32% 3.12% 1.94% 1.61% 1.36% 1.02% 0.14% 3.00% 6.00% 9.00% 12.00% 15.00% 18.00% 26.29% 20.55% REPORT, JULY to understand the investment policies and the risk involved including risk disclosures for special features.

11 ABL ISLAMIC PENSION FUND To provide a secure source of savings and regular income after retirement to the Participants COMMENTS ABL Islamic Pension Fund Debt Sub Fund posted a return of 3.80% during the month of Jul'18 primarily because of revaluation losses in the Corporate Sukuk portfolio. Other than GoP Ijarah Sukuk, portfolio comprised of 9.31% in Corporate Sukuk and 8.34% placed as cash at banks. Going forward, we intend to maintain the current portfolio allocations as we expect price appreciation in both Corporate and GOP Ijarah Sukuks in the near term owing to the lack of shariah complaint instruments in the market. The Scheme has maintained the provision against Sindh Workers Welfare Fund s Liability to the tune of Rs. 73,755, had the same not been made, the per unit of the scheme would have been higher by Rs per unit. ABL Islamic Pension Fund Money Market SubFund generated an annualized return of 0.80% during the month of Jul 18. Fund size remained largely stable and closed at PKR million. During the month significant allocation was maintained as bank deposits (i.e %) owing to better deposit rates offered by banks while remaining 26.78% of the portfolio was placed in GoP Ijarah Sukuks. Alee Khalid Ghaznavi CEO Kashif Rafi CIO Saqib Matin, ACA CFO & CS M. Abdul Hayee, CFA Tanweer Haral Head of Risk Management Ali Ahmed Tiwana Head of Equity Abdul Rehman Tahir Fund Mananger Cutoff time Front end Openend Voluntary Pension Scheme August 20th,2014 As Per Banking Days 4.00 pm 1.5 % p.a. on average Net Assets of each SubFund Maximum of 3 % on all Contributions, unless exempt under the Offering Document Fund Stability Rating Central Depository Company of Pakistan Ltd (CDC) Deloitte Yousuf Adil Chartered Accountants AM2++ (Stable Outlook) (JCRVIS) Decenmber 29, NA Investor dependent M. Abdul Hayee, CFA TECHNICAL INFORMATION APFIDSF APFIMMSF APFIESF Fund Size (PKR Millions) EQUITY SUBFUND (% OF TOTAL ASSETS) Engro Corporation Limited Oil and Gas Development Co. Ltd. Pakistan Petroleum Limited Mari Petroleum Company Limited Nishat Mills Limited Engro Fertilizers Limited I.C.I. Pakistan Limited Pakistan State Oil Company Limited Meezan Bank Limited Thal Limited 7.76% 8.23% 7.82% 7.60% 6.67% 5.71% 5.06% 4.70% 1.91% 5.23% DISCLOSURE IN COMPLIANCE WITH SECP'S DISCRETION NO # 23 OF % 8.04% 7.82% 7.43% 6.57% 6.06% 4.89% 4.84% 4.78% 4.71% APF ISLAMIC DEBT SUB FUND The Scheme has also mantained expense ratio (TER) 0.19% (0.03% representing Government Levies and SECP Fee etc). APF ISLAMIC MONEY MARKET SUB FUND The Scheme has also mantained expense ratio (TER) 0.19% (0.03% representing Government Levies and SECP Fee etc). APF ISLAMIC EQUITY SUB FUND The Scheme has also mantained expense ratio (TER) 0.24% (0.03% representing Government Levies and SECP Fee etc). *DETAILS OF NONCOMPLIANT INVESTMENT WITH THE INVESTMENT CRITERIA OF ASSIGNED CATEGORY Name of Fund Exposure Type % of Net Assets & % of Assets Exposure Limit Excess Exposure (% of Net Assets & % of Assets) The Scheme has maintained the provision against Sindh Workers Welfare Fund s Liability to the tune of Rs. 39,909, had the same not been made, the per unit of the scheme would have been higher by Rs per unit. ABL Islamic Pension Fund Equity Sub Fund increased by 0.45% in the month of July 18. The KMI30 Index increased by 1.80% in July mainly owning to peaceful conclusion of general elections. Foreigners, Mutual Funds and Brokers were net sellers while Insurance Companies & Corporates absorbed the selling. Going forward, sectors like Banks, E&P, IPPs, Textile etc. having positive impact on revenues with currency depreciation are expected to perform well. Market is currently trading at P/E multiple of ~9.3x as compared to regional average of ~13.4x portraying a significant upside potential. The Scheme has maintained the provision against Sindh Workers Welfare Fund s Liability to the tune of Rs. 633,377, had the same not been made, the per unit of the scheme would have been higher by Rs per unit. July18 YTD *Funds returns computed on to with the dividend reinvestment (excluding sales load) APF ISLAMIC DEBT SUB FUND GoP Ijarah Sukuk Corporate Sukuk Including Receivables GoP Ijarah Sukuk Corporate Sukuk Including Receivables 8.02% 81.74% 9.58% 0.66% % 27.01% 0.30% % 81.31% 9.31% 1.04% 10 APF ISLAMIC MONEY MARKET SUB FUND Shariah Compliant Equities Bank Balances 87.26% 12.18% 0.56% % 26.78% 0.49% 10 APF ISLAMIC EQUITY SUB FUND APFIDSF* APF IMMSF* APF IESF** (0.28%) 1.71% (6.69%) 0.73% 1.63% (6.41%) 1.24% 1.72% (10.33%) 2.92% 2.29% 21.94% SECTOR ALLOCATION (% OF EQUITY SUBFUND) APFIDSF APFIMMSF APFIESF (3.80%) 0.80% 0.45% (3.80%) 0.80% 0.45% 89.74% 9.68% 0.58% % 3.35% 65.29% *Fund returns are computed on simple annualized basis. Performance data does not include cost incurred by investor in the form of sales load. **Fund returns are computed on Absolute Basis. Performance data does not include cost incurred by investor in the form of sales load. Oil & Gas Exploration Companies Fertilizer Bank Balance & Oil & Gas Marketing Companies Cement Chemical Textile Composite Automobile Parts & Accessories Commercial Banks Power Generation & Distribution Engineering Technology & Communication Paper & Board Pharmaceuticals 14.46% 10.26% 8.82% 7.82% 7.59% 6.57% 5.13% 4.78% 2.13% 2.04% 1.45% 1.20% 0.25% 27.50% 4.00% 8.00% 12.00% 16.00% % 28.00% The scheme holds certain noncompliant investments. Before making any investment decision, investors should review this document and latest Financial Statements. REPORT, JULY to understand the investment policies and the risk involved including risk disclosures for special features.

12 ABL FINANCIAL PLANNING FUND To generate returns on investment as per the respective allocation plan by investing in mutual funds in line with the risk tolerance of the investor. ** Cutoff time TER Openend Fund of funds scheme December 31st,2015 Weighted average return of KSE30 Index and average 6 month deposit rate of three Banks Monday to Friday 4.00 pm (upto 1.50% p.a. on the value of underlying Funds not managed by ABLAMC) Up to 2% (Frontend), (Backend Contingent) MCB Financial Services Limited (MCBFSL) Deloitte Yousuf Adil. Chartered Accountants AM2++ (Stable Outlook) (JCRVIS) December 29, Low to High Ali Ahmed Tiwana Conv: 0.05% (0.01% including Gop Levy and SECP FEE etc) Active: 0.03% (0.01% including Gop Levy and SECP FEE etc) Strategic: 0.03% (0.01% including Gop Levy and SECP FEE etc) CONSERVATIVE PLAN Govt. Securities Funds Money Market Funds ACTIVE ALLOCATION PLAN Govt. Securities Funds Money Market Funds Govt. Securities Funds Money Market Funds *Plan 31Dec15 31Dec15 STRATEGIC ALLOCATION PLAN 30Dec % 65.30% 13.34% 3.17% 0.42% % 65.15% 13.33% 3.05% 0.43% % 68.84% 30.44% 30.39% 1.32% 0.71% 0.05% 0.07% % 38.22% 38.53% 55.55% 55.05% 6.17% 6.14% 0.06% 0.27% 0.01% TECHNICAL INFORMATION Net Assets (PKR) (PKR) Conv: The Scheme has maintained the provision against Sindh Workers Welfare Fund s Liability to the tune of Rs million, had the same not been made, the per unit of the scheme would have been higher by Rs per unit. Active: The Scheme has maintained the provision against Sindh Workers Welfare Fund s Liability to the tune of Rs million, had the same not been made, the per unit of the scheme would have been higher by Rs per unit. Strategic: The Scheme has maintained the provision against Sindh Workers Welfare Fund s Liability to the tune of Rs million, had the same not been made, the per unit of the scheme would have been higher by Rs per unit. Conservative Allocation Plan Active Allocation Plan Strategic Allocation Plan is for all Plans Alee Khalid Ghaznavi CEO Kashif Rafi CIO Saqib Matin, ACA CFO & CS M. Abdul Hayee, CFA Tanweer Haral Head of Risk Management Ali Ahmed Tiwana Head of Equity Abdul Rehman Tahir Fund Mananger 264,273, ,256, ,233, July18 YTD 3 Months 6 Months 1 Year Since Inception Conservative Allocation Active Allocation Strategic Allocation Returns* Returns* Returns* 0.45% 0.45% (0.22%) 0.90% 0.56% 15.76% 0.96% 0.96% 0.33% 2.30% 4.19% 19.16% 1.41% 1.41% (3.00%) (1.74%) (8.37%) 12.75% 1.64% 1.64% (3.69%) (0.95%) (2.46%) 16.00% 0.80% 0.80% (1.09%) 0.41% 0.54% (1.09%) 1.27% 1.27% (1.01%) 1.32% 3.60% 1.94% *Funds returns computed on to with the dividend reinvestment (excluding sales load) *Funds returns computed on Absolute basis. Performance data does not include cost incurred by investor in the form of sales load REPORT, JULY to understand the investment policies and the risk involved including risk disclosures for special features.

13 ABL ISLAMIC FINANCIAL PLANNING FUND To generate returns on investment as per the respective allocation plan by investing in Shariah compliant mutual funds in line with the risk tolerance of the investor. *** Openend Shariah compliant fund of funds scheme December 23rd,2015 Weighted average return of KMI30 Index and average 6 month deposit rate of three Islamic Banks Cutoff time Monday to Friday 4.00 pm (upto 1.50% p.a. on the value of underlying Funds not managed by ABLAMC) TER Up to 2% (Frontend), **(Backend Contingent) MCB Financial Services Limited (MCBFSL) Deloitte Yousuf Adil. Chartered Accountants AM2++ (Stable Outlook) (JCRVIS) December 29, Low to High Ali Ahmed Tiwana Conv: 0.08% (0.01% including Gop Levy and SECP FEE etc) Aggressive: 0.03% (0.01% including Gop Levy and SECP FEE etc) Active: 0.03% (0.01% including Gop Levy and SECP FEE etc) Strategic: 0.03% (0.01% including Gop Levy and SECP FEE etc) Strategic II: 0.03% (0.01% including Gop Levy and SECP FEE etc) Strategic III: 0.03% (0.01% including Gop Levy and SECP FEE etc) Strategic IV: 0.03% (0.01% including Gop Levy and SECP FEE etc) Conv: The Scheme has maintained the provision against Sindh Workers Welfare Fund s Liability to the tune of Rs million, had the same not been made, the per unit of the scheme would have been higher by Rs per unit. Aggressive: The Scheme has maintained the provision against Sindh Workers Welfare Fund s Liability to the tune of Rs million, had the same not been made, the per unit of the scheme would have been higher by Rs per unit. Active: The Scheme has maintained the provision against Sindh Workers Welfare Fund s Liability to the tune of Rs million, had the same not been made, the per unit of the scheme would have been higher by Rs per unit. Strategic: The Scheme has maintained the provision against Sindh Workers Welfare Fund s Liability to the tune of Rs million, had the same not been made, the per unit of the scheme would have been higher by Rs per unit. Strategic II: The Scheme has maintained the provision against Sindh Workers Welfare Fund s Liability to the tune of Rs million, had the same not been made, the per unit of the scheme would have been higher by Rs per unit. Strategic III: The Scheme has maintained the provision against Sindh Workers Welfare Fund s Liability to the tune of Rs million, had the same not been made, the per unit of the scheme would have been higher by Rs per unit. Strategic IV: The Scheme has not maintained the provision against Sindh Workers Welfare Fund s Liability. Had the same not been made, the per unit of the scheme would have been higher by Rs. 0 per unit. Alee Khalid Ghaznavi CEO M. Abdul Hayee, CFA Investment Kashif Rafi CIO Tanweer Haral Head of Risk Management Committee Members: Saqib Matin, ACA CFO & CS Ali Ahmed Tiwana Head of Equity Fahad Aziz Head of Fixed Income Abdul Rehman Tahir Fund Mananger Period July18 YTD 3 Months 6 Months 1 Year Since Inception Period July18 YTD 3 Months 6 Months 1 Year Since Inception ***Plan CONSERVATIVE PLAN 23Dec15 AGGRESSIVE PLAN ACTIVE ALLOCATION PLAN STRATEGIC ALLOCATION PLAN 23Dec15 23Dec15 31Mar16 STRATEGIC ALLOCATION PLANII 9Sep16 STRATEGIC ALLOCATION PLANIII 3Mar17 STRATEGIC ALLOCATION PLANIV 18Sep17 TECHNICAL INFORMATION Conservative Allocation Plan Aggressive Allocation Plan Active Allocation Plan Strategic Allocation Plan Strategic Allocation Plan II Strategic Allocation Plan III Strategic Allocation Plan IV is for all Plans 17.52% 78.93% 2.27% 1.28% % 30.33% 1.87% 0.02% % 35.13% 0.54% % 46.49% 0.43% (0.01%) % 51.61% 0.27% 0.01% % 66.54% 0.16% % 70.59% 0.28% 10 Net Assets (PKR) 136,011, ,245,281 1,182,100, ,564, ,089, ,476, ,155, % 78.05% 3.38% 1.37% % 29.77% 3.10% 99.99% 64.73% 34.99% 0.28% % 46.29% 0.53% % 51.45% 0.12% % 66.33% 0.14% % 70.49% 0.13% 10 ( PKR) Conservative Aggressive Active Allocation Strategic Strategic II Strategic III Returns* Returns* Returns* Returns* Returns* Returns* 0.50% 0.91% 1.10% 2.78% 1.08% 2.64% 0.95% 2.23% 0.90% 2.05% 0.74% 1.52% 0.50% 0.91% 1.10% 2.78% 1.08% 2.64% 0.95% 2.23% 0.90% 2.05% 0.74% 1.52% (0.06%) (0.25%) (2.64%) (2.69%) (2.56%) (2.45%) (1.64%) (1.74%) (1.40%) (1.52%) (0.57%) (0.77%) 0.66% 0.91% (2.17%) (0.22%) (2.14%) (0.09%) (0.96%) 0.23% (0.74%) 0.14% 0.43% 0.61% (0.12%) 0.97% (9.35%) (3.54%) (9.32%) (3.88%) (6.12%) (2.07%) (4.08%) (0.99%) 0.33% 1.07% 13.76% 14.31% 17.21% 27.07% 10.24% 15.53% 6.37% 7.78% (5.21%) (5.04%) (0.65%) (0.56%) Strategic IV Returns* 0.70% 1.36% 0.70% 1.36% *Funds returns computed on to with the dividend reinvestment (excluding sales load) *Funds returns computed on Absolute basis. Performance data does not include cost incurred by investor in the form of sales load (0.28%) 0.57% (0.55%) 0.64% ** SAP II: 1.0% till 6M, 0.5% More than 6M to 1Yr and 0.0% thereon ** SAP IV: 1.0% till 6M, 0.5% More than 6M to 1Yr and 0.0% thereon 2.52% 2.67% REPORT, JULY to understand the investment policies and the risk involved including risk disclosures for special features.

14 DISCLOSURE AS PER ALLIED SECP S CAPITAL SCD CIRCULAR. PROTECTED 16, FUND 2014 To protect the principal investment upon maturity by placing a significant portion of the Trust Property as TDR with Banks or DFIs, and remaining in equity market or any other SECP permitted investments to provide investors with better returns. COMMENTS ABLACPF increased by 0.66% in July against 0.50% increase of the benchmarks, reflecting an outperformance of 16 basis points. At month end, the total exposure in Equities, TDRs and stood at 9.31%, 88.55% and 0.61% respectively. The Scheme has not maintained the provision against Sindh Workers Welfare Fund s Liability due to the fund registration in punjab region where SWWF is not applicable. The Scheme has total expense ratio (TER) of 0.15% (0.02% representing Government Levies and SECP Fee etc.). TER also includes the provision of sales & marketing expenses with 0.4% p.a. of Net Assets amounting to PKR million. Alee Khalid Ghaznavi CEO Kashif Rafi CIO Saqib Matin, ACA CFO & CS M. Abdul Hayee, CFA Tanweer Haral Head of Risk Management Ali Ahmed Tiwana Head of Equity Abdul Rehman Tahir Fund Mananger 4.0% 3.0% 2.0% 1.0% 0.0% 1.0% 2.0% 3.0% 4.0% 18Feb18 25Feb18 4Mar18 11Mar18 18Mar18 25Mar18 1Apr18 8Apr18 (ABLACPF vs BENCHMARK**) 27May18 20May18 13May18 6May18 29Apr18 22Apr18 15Apr18 3Jun18 10Jun18 17Jun18 24Jun18 1Jul18 8Jul18 15Jul18 22Jul18 29Jul18 Net Assets ** Cutoff time Management Fee Fund Rating *** Applicable on redemptions of units before maturity of the fund Openend Capital Protected Scheme February 19, Rs mn as at Rs as at KSE 100 Index & 3M Deposit (AA or above Rated Banks/DFI on fund's actual proportion in the inv. segment & Capital protection segment Monday to Friday 4:00 PM 0.75% of Net Assets Upto 0.75% (Frontend), 2% for 1 Year and 1% thereon (Contingent)*** MCBFinancial Services Limited (MCBFSL) M/S. A.F. Ferguson & Co, Chartered Accountants AM2++ (Stable outlook) (JCRVIS) December 29, Low Ali Ahmed Tiwana Not yet rated TOP TEN HOLDINGS (% OF TOTAL ASSETS) Mari Petroleum Company Limited Habib Bank Limited Engro Corporation Limited Allied Bank Limited Bank AlFalah Limited Pakistan Petroleum Limited MCB Bank Limited Oil and Gas Development Co. Ltd. Habib Metropolitan Bank Limited United Bank Limited *DETAILS OF NONCOMPLIANT INVESTMENT WITH THE INVESTMENT CRITERIA OF ASSIGNED CATEGORY Name of Entity Exposure Type Limit % of Net Assets 1.24% 0.94% 0.88% 0.79% 1.01% 0.80% 1.05% 0.71% 0.50% 1.23% 1.02% 0.83% 0.83% 0.82% 0.80% 0.75% 0.61% 0.56% 0.53% Excess Exposure (% of Net Assets ABLACPF *Fund returns computed on to with the dividend reinvestment (excluding sales load) Stock/Equities Bank Balances TDR ABLACPF 2.05% 0.59% ** July 31, * 0.66% 0.50% PORTFOLIO QUALITY (% OF TOTAL ASSETS) YTD* St. Dev Beta Alpha 0.66% 0.50% 10.27% 1.49% 87.20% 1.03% 10 Credit Quality of Portfolio (% of Assets) *Funds returns computed on absolute basis. Performance data does not include cost incurred by investor in the form of sales load. Unrated/ 10.83% ABL ACPF AA % 9.31% 0.61% 88.55% 1.52% % 1.25% REPORT, JULY to understand the investment policies and the risk involved including risk disclosure for special feature. Capital protection only applies to unit holders who hold their investments until initial maturity date.

15 ABL ISLAMIC ASSET ALLOCATION FUND BLIAAF ABL Islamic Asset Allocation Fund The investment objective of the Fund is to earn a potentially high return through asset allocation between Shari ah Compliant Equity Instruments, Shari ah Compliant Fixed Income Instruments, Shari ah Compliant Money Market Instruments and any other Shari ah Compliant instrument as permitted by the SECP and Shari ah Advisor. COMMENTS ABLACPF increased by 0.56% in July'18 against an increase of 0.75% in benchmark, reflecting an underperformance of 19 basis points. At month end, the total exposure in Equities, Corporate Sukuks and stood at 15.61%, 17.01% and 66.31% respectively. The Scheme has not maintained the provision against Sindh Workers Welfare Fund s Alee Khalid Ghaznavi CEO Kashif Rafi CIO Saqib Matin, ACA CFO & CS M. Abdul Hayee, CFA Tanweer Haral Head of Risk Management Ali Ahmed Tiwana Head of Equity Abdul Rehman Tahir Fund Mananger Net Assets ** Cutoff time TOP TEN HOLDINGS (% OF TOTAL ASSETS) Engro Corporation Limited Mari Petroleum Company Limited Oil and Gas Development Co. Ltd. Pakistan Petroleum Limited Meezan Bank Limited Sui Northern Gas Pipelines Limited Hub Power Company Limited Fauji Fertilizer Company Limited Engro Fertilizers Limited Lucky Cement Limited Openend Shariah Complaint Asset Allocation Fund May 31, Rs mn as at Rs as at Weighted average daily return of KMI 30 Index and 6M avg 6M Ave. Deposit rates of three A rated (and above) scheduled Islamic Banks or Islamic Banking windows of scheduled commercial banks based on actual proportion of Investment in Equity & Fixed Income Monday to Friday 4:00 PM 2.00% of Net Assets Upto 3.00% (Frontend), (Backend) MCBFinancial Services Limited (MCBFSL) M/S. A.F. Ferguson & Co, Chartered Accountants AM2++ (Stable outlook) (JCRVIS) December 29, Low to Moderate Abdul Rehman Tahir 1.72% 1.59% 1.15% 1.20% 0.65% 0.85% 0.41% 1.0% 0.5% 0.0% 0.5% 1.0% 3.32% 2.49% 2.34% 2.33% 2.08% 1.10% 1.10% 0.36% 0.23% 0.21% 31May18 2Jun18 Liability due to the registration of the fund in punjab region where SWWF is not applicable. The Scheme has total expense ratio (TER) of 0% (0.09% representing Government Levies and SECP Fee etc.). TER also includes the provision of sales & marketing expenses with 0.4% p.a. of Net Assets amounting to PKR million. 4Jun18 6Jun18 8Jun18 10Jun18 12Jun18 14Jun18 ABLAIAAF 16Jun18 18Jun18 *Fund returns computed on to with the dividend reinvestment (excluding sales load) Stock/Equities Placement with Banks (TDRs) Corporate Sukuks (including receiveables) July 31, * 0.56% 0.75% YTD* St. Dev Beta Alpha 0.56% 0.75% SECTOR ALLOCATION (% OF TOTAL ASSETS) 7.62% 85.70% 1.83% 4.85% % 66.31% 17.01% 1.08% 10 ABLIAAF 0.63% 0.72% *Funds returns computed on absolute basis. Performance data does not include cost incurred by investor in the form of sales load. TOP TEN SUKUK HOLDINGS (% OF TOTAL ASSETS) DHCL SUKUK II (0103) FFCL KELECTRIC DHCL SUKUK II (0611) ABLIAAF vs BENCHMARK** (12M Rolling Returns) 20Jun18 22Jun18 24Jun18 26Jun18 28Jun18 ** Bank Balance & Fertilizer Oil & Gas Exploration Companies 30Jun18 2Jul % 7.15% 4Jul18 6Jul18 ABL IAAF 8Jul18 10Jul18 12Jul18 14Jul18 16Jul18 18Jul18 20Jul18 22Jul18 24Jul % 5.74% 5.35% 3.06% 17.01% 67.38% 26Jul18 28Jul18 30Jul18 *DETAILS OF NONCOMPLIANT INVESTMENT WITH THE INVESTMENT CRITERIA OF ASSIGNED CATEGORY Name of Entity Exposure Type Limit % of Net Assets Excess Exposure (% of Net Assets Power Generation & Distribution Commercial Banks Oil & Gas Marketing Companies 6.44% 2.08% 1.10% Cement 0.21% Chemical 0.06% 0% 50% 100% REPORT, JULY to understand the investment policies and the risk involved including risk disclosure for special feature.

16 DISCLOSURE AS PER SECP S SCD CIRCULAR. 16, 2014 Last 5 Years Performance Since Inception Performance ABL IF FY 14 FY 15 FY 16 FY 17 FY % 14.20% 7.19% 5.85% 4.67% 9.81% 9.01% 6.54% 6.10% 6.35% FY 09 FY 10 FY % 11.29% 12.26% 13.48% 12.90% 13.05% FY 12 FY 13 FY 14 FY 15 FY 16 FY % 13.50% 13.50% 15.24% 15.16% 15.60% 12.87% 12.26% 11.84% 11.42% 10.79% 10.48% FY % 9.99% ABL SF 32.90% 25.96% 27.11% 5.67% 9.91% 0.37% 33.21% 22.44% (16.84%) (1) (0.17%) (0.42%) 32.43% 25.69% 71.06% 52.39% % 56.81% % % % % % % % % % % % % ABL CF 8.18% 6.57% 9.37% 6.06% 5.78% 3.81% 5.41% 4.96% 5.41% 5.35% 11.88% 7.49% 12.18% 7.49% 11.87% 7.19% 11.65% 7.03% 12.06% 6.83% 11.58% 6.32% 12.01% 6.13% 11.75% 6.03% ABL IIF 8.88% 6.78% 8.69% 6.61% 5.82% 5.10% 5.68% 3.05% 4.37% 2.46% 10.16% 9.30% 11.12% 8.34% 11.15% 7.75% 11.30% 7.51% 11.56% 7.32% 11.15% 6.94% 10.90% 6.38% 10.53% 5.89% ABL GSF 9.17% 8.82% 15.14% 8.00% 8.03% 5.67% 5.10% 5.85% 5.09% 6.20% 10.68% 10.52% 11.85% 9.46% 11.48% 9.21% 13.75% 8.87% 13.37% 8.17% 12.88% 7.76% 12.25% 7.52% ABL ISF 24.66% 29.89% 29.03% 20.10% 5.58% 15.53% 31.18% 18.80% (15.93%) (9.59%) (3.24%) (2.30%) 20.63% 26.90% 55.64% 52.40% 64.32% 76.07% % % 81.22% 89.10% ABL IDSF 2.86% (2.62%) (16.40%) (9.59%) 2.86% (2.62%) (14.01%) (11.96%) ABL PF DSF MMSF ESF 20.92% 6.14% 28.79% 12.14% 4.15% 10.56% 4.42% 3.89% 31.31% 3.72% 3.85% (16.26%) 20.92% 6.14% 28.79% 17.37% 5.18% 42.39% 13.35% 4.86% 86.97% 11.22% 4.74% 56.58% ABL IPF DSF MMSF ESF 6.56% 6.31% 30.84% 3.52% 2.24% 11.31% 4.52% 3.22% 28.01% 1.26% 1.68% (11.98%) 6.56% 6.31% 30.84% 5.03% 4.18% 45.65% 5.00% 3.93% 86.96% 4.08% 3.40% 64.56% ABL FPF Conservative Plan Active Plan SAP 4.41% 4.17% 5.29% 6.99% 10.35% 9.44% 19.28% 13.56% 0.57% (0.25%) 0.01% 3.45% (11.47%) (5.21) (2.43%) 0.98% 4.41% 4.17% 5.29% 6.99% 15.22% 14.01% 25.59% 20.32% 0.57% (0.25%) 15.23% 18.02% 11.18% 14.21% (1.88%) 0.67% ABL IFPF SAP Conservative Plan Aggressive Fund Active Plan SAP II SAP III SAP IV 1.69% 4.00% 3.52% 5.92% 6.46% 14.58% 3.53% 10.27% 12.18% 5.73% 10.08% 6.51% 21.85% 14.12% 18.26% 10.06% 1.22% (2.84%) 0.34% (0.95%) (7.64%) (3.62%) (0.67%) 0.40% (10.64%) (5.46%) (10.92%) (6.14%) (7.18%) (4.22%) (1.72%) (0.99%) 1.80% 1.30% 1.69% 4.00% 3.52% 5.92% 6.46% 14.58% 3.53% 10.27% 14.08% 9.37% 13.96% 12.82% 29.72% 30.77% 22.44% 19.88% 1.22% (2.84%) 0.34% (0.95%) 5.37% 5.43% 13.19% 13.27% 15.93% 23.63% 9.07% 12.56% (6.06%) (6.95%) (1.38%) (2.05%) 1.80% 1.30% ABL IAAF 0.07% (0.02%) ABL ACPF 2.83% 0.75% REPORT, JULY to understand the investment policies and the risk involved including risk disclosures for special features.

17 REGISTERED ADDRESS Plot No. 14. Sector MB, DHA, Phase 6, Lahore KARACHI 2nd Floor, Main Khayaban eittehad DHA, Karachi. Tel: Mobile: , LAHORE Plot # 24B Mezznine Floor, Main Market Gulberg 111, Lahore. Tel: Mobile: , RAWALPINDI Plot # 171 A1 Phase 1 DHA, Rawalpindi. Tel: Fax: Mobile: FAISALABAD 15 Club Road, Main Faisal Lane, Off Club Road, Cilvil. Lines, Faislabad. Tel: , Mobile: PESHAWAR Plot # 19, Pc10918, Sector08 Phase VII Stage1 Office Enclave, Hayatabad Peshawar. Mobile: SIALKOT Aziz Shaheed Road, Cantt. Branch Sialkot. Mobile:

18 SMS Call : : Website : INVEST to ABLAM ( ) contactus@ablamc.com ABLAssetManagement ABLAssetManagement ablamcl Rating as per JCRVIS