CORPORATE INFORMATION

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2 CORPORATE INFORMATION Board of Directors Shariah Advisory Board UBL Asset Allocation Fund Launch Date: 20 August 2013 Tariq Kirmani Maulvi Muhammad Hassan Kaleem Chairman Member UBL Stock Advantage Fund Launch Date: 4 August 2006 Yasir Qadri Muhammad Najeeb Khan Chief Executive Member Al-Ameen Islamic Sovereign Fund Launch Date: 07 November 2010 Chief Financial & Operating Officer Syed Furrukh Zaeem Hasnain Raza Nensey Al-Ameen Islamic Aggressive Income Fund Director Company Secretary Launch Date: 20 October 2007 Zia Ijaz Fawaz Taj Siddiqui Director (With effect from: April 11, 2016) Al-Ameen Islamic Cash Fund Registered Office Launch Date: 17 September 2012 Zulfiqar Alavi 8th Floor, State Life Building Al-Ameen Shariah Stock Fund Director No. 1, I. I. Chundrigar Road, Launch Date: 24 December 2006 Karachi, Pakistan. Mirza Muhammad Sadeed (With effect from April 06, 2016 the Al-Ameen Islamic Asset Allocation Fund Hassan Barlas - Director Registered Address is: 4th Floor, STSM Launch Date: 10 December 2013 Building, Beaumont Road, Civil Lines, Karachi, Pakistan. Al-Ameen Islamic Principal Preservation Fund III Shabbir Hussain Hashmi Launch Date: 20 June 2014 Director Corporate Office Al-Ameen Islamic Principal Preservation Fund IV Audit Committee 8th Floor, Executive Tower, Launch Date: 16 October 2014 Dolmen City Building, Block-4, Shabbir Hussain Hashmi Clifton, Karachi, Pakistan. Al-Ameen Islamic Principal Preservation Fund V Chariman Tel: (92-21) Launch Date: 26 December 2014 Fax: (92-21) Zia Ijaz Al- Ameen Financial Planning Fund Member Operations Office Launch Date: 23 June 2015 Syed Furrukh Zaeem 4th Floor, STSM Building, UBL Retirement Savings Fund Member Beaumont Road, Civil Lines, Launch Date: 10 May 2010 Karachi, Pakistan. Zulfiqar Alavi UAN: (92-21) Al-Ameen Islamic Retirement Savings Fund Member Fax: (92-21) Launch Date: 10 May 2010 Mirza Muhammad Sadeed Date of incorporation of the Al-Ameen Islamic Dedidcated Equity Fund Hassan Barlas Management Company Launch Date: 05 Jan 2016 Member Incorporated in Pakistan on Risk Management Committee 3 April 2001 as a Public Limited Investment Plans Company under the Companies Zulfiqar Alavi Ordinance, 1984 UBL Mahana Munafa Plan Chairman Management Quality Rating Conventional & Islamic Syed Furrukh Zaeem AM2+ High Management Quality by UBL Children Savings Plan Member JCR-VIS Credit Rating Company Conventional & Islamic Yasir Qadri Funds Under Management UBL Equity Builder Plan Member Conventional & Islamic UBL Liquidity Plus Fund Tariq Kirmani Launch Date: 21 June 2009 UBL Wealth Builder Plan Member Conventional & Islamic UBL Government Securities Fund Mirza Muhammad Sadeed Launch Date: 27 July 2011 UBL Hajj Savings Plan Hassan Barlas Islamic Member UBL Money Market Fund Launch Date: 14 October 2010 HR & Compensation Committee Tariq Kirmani UBL Financial Sector Bond Fund Chairman (With effect from April 05, 2016 the name of the fund is changed to Shabbir Hashmi UBL Income Opportunity Fund) Member Launch Date: 29 March 2013 Zia Ijaz United Growth & Income Fund Member Launch Date: 2 March 2006 Yasir Qadri UBL Gold Fund Member Launch Date: 13 February 2013

3 Directors Review The Board of Directors of UBL Fund Managers Limited is pleased to present to you the reports of its Al-Amen series represented by Al-Ameen Islamic Sovereign Fund (AISF), Al-Ameen Islamic Aggressive Income Fund (AIAIF), Al-Ameen Shariah Stock Fund (ASSF), Al-Ameen Islamic Cash Fund (AICF), AL-Ameen Islamic Asset Allocation Fund (AIAAF), Al Ameen Islamic Dedicated Equity Fund (AIDEF), Al-Ameen Islamic Principal Preservation Fund - III (AIPPF-III), Al-Ameen Islamic Principal Preservation Fund - IV (AIPPF-IV), Al-Ameen Islamic Principal Preservation Fund - V (AIPPF-V) and Al- Ameen Islamic Financial Planning Fund for the nine months ended March 31, Economy & Money Market Review 9M FY16 Pakistan s economy continued to show signs of improvement underpinned by stable inflation, comfortable external account position backed by ample foreign exchange reserves, better fiscal management and healthy growth in credit to private sector. Keeping a prudent stance, the State Bank of Pakistan in its last monetary policy acknowledged the impact of monetary easing on overall credit expansion. Inflation during 9M FY16 remained benign at 2.6% YoY, decelerating from 5.1% YoY reported during same period last year. The continued decline in commodity prices and stable local currency contributed in keeping inflation in check. Impact of lower oil prices was visible in transport segment prices, where deflation of 7.5% was visible during the period. Despite this, increase was witnessed in housing and utilities, where inflation reached 5.0% during 9M FY16. Alongside, core inflation continued to increase at steady pace, reaching 4.7% by the end of the period, but still leaving real interest rate at comfortable level of 130 bps. Low inflation expectations were further reflected in yields as overnight rates remained contained at just 3 bps above the policy rate compared to 21 basis spread during 1H FY16. Yields further inched down during the quarter by ~20 bps on T-bills and bps on different PIB tenors. During the 9M FY16 period, government raised 651bn from PIBs against target of 525bn and maturities of 675bn. Amid retirement of government borrowing from SBP, the requirement for borrowing from banking sector increased which lead to increased injections via open market operations, with the outstanding amount at PKR 1.0tn by end of 9M FY16. On external front, foreign exchange reserve continued to improve as it reached USD 20.4bn by end of 9M FY16. The reserves were not only higher by USD 1.7bn on FYTD basis, but also improved in terms of better import coverage. This essentially kept the pressure on local currency in check, despite depreciation of 2.8% witnessed in regional currencies. Current account deficit remained at USD 1.9bn during the first 8 months of the FY 16, which was lower, compared to last year both in absolute and relative to GDP terms. Trade deficit remained sticky at USD 11.9bn as decline in import bill due to low oil prices was offset by a similar dip in exports due to weak global demand. The weak global economic conditions were further reflected in slower growth in remittances, increasing by 6%, mainly on account of reduced flows from USA and GCC countries impacted by oil. Despite this, the overall balance of payments remained in surplus due to IMF and other multilateral inflows. During the quarter, the tenth review under the IMF program was successfully concluded. In its review, IMF expressed satisfaction over improvement in economic activity and reduction in short term vulnerabilities to Pakistan. Some concerns were shared regarding delay in implementation of structural reforms and privatization of loss making public sector enterprises. Nevertheless, IMF acknowledged improvement in tax collection on the back of ongoing tax reforms. Tax collection improved to 17% YoY during the year, and despite higher development spending, fiscal deficit is expected to be contained at 4.3%. A more encouraging development during the period was increase in private to credit sector. Overall credit expansion of 10% was visible. Furthermore, shift to fixed capital investments was observed during the period as it grew by 16%, in contrast to growth of 10% in working capital financing. In terms of sectors, double digit credit growth in services, construction, housing, specific manufacturing sector, consumer finance and services pertaining to transport and tourism was evident. In terms of monetary expansion as well, growth in money supply was tilted in favor of Net Foreign Assets as well as private credit growth, as overall growth in government borrowing remained contained. Stock Market Review 9M FY16 The market continued to face a challenging environment during 9M FY16 as PSX-100 index posed a negative return of 3.7% during the period. Bearish outlook on oil prices continued to add uncertainty to earnings outlook of E&P companies, which constitute 10% of the index. Likewise, profitability of the banking sector, which constitutes 23% of PSX-100, remained in question on account of low interest rate environment and slower growth in credit against expected maturities of Pakistan Al Ameen Funds Directors Report March 31, 2016 Page 1

4 Investment Bonds (PIBs) in 2016 and resultant reinvestment risk. Excess global commodity supplies, influx of cheaper imports particularly from China and lower commodity prices also continued to impact domestic sector including steel, chemicals and even fertilizers. In contrast, domestic growth in demand for cement, steel, automobiles and consumer goods resulted in better profitability and improved outlook on these sectors. The market continued to favorably eye developments pertaining to Pakistan China Corridor and remained optimistic regarding its materialization. Pharmaceutical also stayed in the limelight with expectations of higher government spending on health sector going forward. Favorable impact of low crude oil and commodity prices was visible in consumer sector both in terms of better profitability and growth in demand for consumer goods. Developments pertaining to possible reclassification of Pakistan into Emerging Markets remained under consideration. Regulatory reforms to encourage market participation and steps to encourage market depth and liquidity were looked at favorably by market participants, ahead of MSCI Emerging Market review. Despite current spree of net foreign outflow amounting to USD 341mn during the 9M FY16 period, Pakistan is expected to receive net inflows after its expected reclassification. In comparative terms, Pakistan remains at discount against Emerging Markets. Al-Ameen Islamic Cash Fund (AICF): AICF is an open-end Shariah Compliant Money Market Fund which aims to provide high liquidity and competitive returns while seeking maximum possible preservation of capital by investing in low-risk and liquid Shariah-compliant instruments. During the 9M FY16 the fund posted an annualized return of 4.73% against the benchmark return of 5.19% p.a., while the fund size stood at PKR 3,991mn at March-16. AICF Benchmark 9MFY16 Return: 4.75% 5.19% Standard Deviation (12m Rolling): 0.21% 0.80% Sharpe Ratio (12m Rolling): (8.06) (1.33) Asset Allocation (% of Total Assets) Jan'16 Feb'16 Mar'16 Commercial Papers 0% 0% 0% Cash 83% 79% 82% GoP Ijara Sukuks 0% 0% 0% Others 1% 1% 1% Placements with banks 16% 19% 17% Leverage Nil Nil Nil Portfolio Quality Al Ameen Funds Directors Report March 31, 2016 Page 2

5 AICF vs. Benchmark AICF (p.a) Benchmark 3 Months 6 Months 1 Year 3 Years 5 Years 4.71% 4.65% 4.97% 6.06% % 4.84% 4.95% 5.60% 6.55% % Returns are annualized using the Morningstar Methodology Since Inception The Fund earned a net income of PKR million for the nine months ended March 31, 2016 which mainly includes profit on bank balances and GoP Ijarah Sukuks. Net assets of the Fund stood at PKR 3, million as at March 31, 2016 representing net asset value of PKR per unit. JCR-VIS Credit Rating Company Limited (JCR-VIS) has assigned AA (f) rating to the Fund. Al-Ameen Islamic Sovereign Fund (AISF): Al-Ameen Islamic Sovereign Fund generated a return of 4.12% p.a. during 9M FY16, underperforming the benchmark return of 5.51% p.a. The fund returns stood lower owing to lower GoP Ijarah Sukuk secondary market prices during the period. However, the prices are expected to inch up in remainder of the year as issuance of new Ijara will lead to better yields. In-line with the fund s mandate, the Fund manager retained major exposure in GoP Ijarah Sukuks. AISF Benchmark 9MFY16 Return: 4.15% 5.51% Standard Deviation (12m Rolling): 0.53% 0.64% Sharpe Ratio (12m Rolling): (3.75) (1.28) Asset Allocation (% of Total Assets) Jan'16 Feb'16 Mar'16 GoP Ijara Sukuks 73% 89% 55% Cash 25% 10% 42% Others 2% 2% 1% Placements with banks 0% 0% 2% Leverage Nil Nil Nil AISF Portfolio Quality Al Ameen Funds Directors Report March 31, 2016 Page 3

6 AISF vs. Benchmark AISF (p.a) Benchmark 3 Months 6 Months 1 Year 3 Years 5 Years 4.12% 3.92% 4.66% 6.42% 8.13% 8.41% 5.27% 5.35% 5.84% 6.79% 7.06% 7.11% Returns are annualized using the Morningstar Methodology Since Inception The Fund earned a net income of PKR million for the nine months ended March 31, 2016 which mainly includes profit on bank balances and GoP securities. Net assets of the Fund stood at PKR 3, million as at March 31, 2016 representing net asset value of PKR per unit. JCR-VIS Credit Rating Company Limited (JCR-VIS) has maintained the fund rating of AA- (f). Al-Ameen Islamic Aggressive Income Fund (AIAIF): During 9M FY16, the fund posted a return of 7.23% against the benchmark return of 5.91%. The fund manager maintained a diversified mix of asset allocation whereby the allocation was made to Corporate Sukuks, GoP Ijarah Sukuks and Cash & cash equivalents. AIAIF Benchmark 9MFY16 Return: 7.30% 5.91% Standard Deviation (12m Rolling): 1.19% 0.70% Sharpe Ratio (12m Rolling): 0.83 (0.53) Asset Allocation (% of Total Assets) Jan'16 Feb'16 Mar'16 Sukuks 49% 44% 36% GoP Ijara Sukuk 0% 18% 16% Commercial Papers 0% 0% 0% Cash 34% 23% 34% Others 3% 2% 2% Placements with banks 14% 13% 12% Leverage Nil Nil Nil AIAIF Portfolio Quality Al Ameen Funds Directors Report March 31, 2016 Page 4

7 AIAIF vs. Benchmark AIAIF (p.a) 3 Months 6 Months 1 Year 3 Years 5 Years Since Inception 10.45% 8.87% 7.64% 10.24% 7.12% 6.09% Benchmark 5.77% 5.82% 6.29% 7.44% 7.89% 7.88% Returns are annualized using the Morningstar Methodology The Fund earned total income of PKR million for the nine months ended March 31, 2016 which mainly includes income on Government Ijarah and private sector Sukuks, bank balances and placements. After accounting for the expenses of PKR million, the Fund managed to earn a net income of PKR million. The net assets of the Fund were PKR million as at March 31, 2016 representing the net asset value of PKR per unit. JCR-VIS Credit Rating Company Limited (JCR-VIS) has assigned BBB+ (f) rating to the Fund. Al-Ameen Islamic Asset Allocation Fund (AIAAF) AIAAF is an open-end Islamic asset allocation fund which was launched on December 10, The investment objective of the Fund is to earn competitive riba free return by investing in various Shariah compliant asset classes/instruments based on the market outlook For the nine-months ended March 16, AIAAF generated a return of 4.93% vs. the benchmark return of 3.66%. The Fund s equity exposure stood at 35% of total assets as at Mar-16, while the fund manager invested the reaming in a diversified mix of Sukuks, GoP Ijarah and high-yielding bank accounts. AIAAF Benchmark 9MFY16 Return: 4.93% 3.66% Standard Deviation (12m Rolling): 5.76% 4.81% Sharpe Ratio (12m Rolling): Asset Allocation (% of Total Assets) Jan'16 Feb'16 Mar'16 Equities 34% 35% 35% Placements with banks 22% 23% 14% TFC 2% 2% 2% Cash 40% 14% 28% GoP Ijarah 0% 24% 19% Others 1% 3% 2% Leverage Nil Nil Nil AIAAF vs. Benchmark AIAAF Benchmark Returns are on absolute basis 3 Months 6 Months 1 Year 3 Years 5 Years Since Inception 1.16% 3.69% 12.58% % 2.39% 4.29% 9.77% % Al Ameen Funds Directors Report March 31, 2016 Page 5

8 During the nine-months ended March 31, 2016, the fund earned a net income of PKR million (includes profit on investments / saving accounts of PKR million). The net assets of the Fund as at March 31, 2016 were PKR 2, million representing net assets value of PKR per unit. JCR-VIS Credit Rating Company Limited (JCR-VIS) has assigned its MFR 3-star ranking of the Fund. Al-Ameen Shariah Stock Fund (ASSF): The Fund outperformed the benchmark during the 9M FY16 and generated a return of 2.84% against the benchmark return of 1.65%. Within equities, the Fund s major exposure was concentrated in Construction & Materials, Power Generation & Distribution, Fertilizers and Pharmaceuticals. ASSF Benchmark 9MFY16 Return: 2.84% 1.65% Standard Deviation (12m Rolling): 15.46% 16.04% Sharpe Ratio (12m Rolling): Asset Allocation (% of Total Assets) Jan'16 Feb'16 Mar'16 Equities 87% 83% 87% Sukuks 0% 0% 0% GoP Ijarah Sukuks 0% 0% 0% Cash 12% 15% 9% Others 1% 2% 4% Leverage Nil Nil Nil ASSF vs. Benchmark 3 Months 6 Months 1 Year 3 Years 5 Years Since Inception ASSF Benchmark Returns are on absolute basis 1.10% 6.35% 19.82% % % % 4.70% 7.64% 17.94% 84.24% % % The Fund managed to earn a net income of PKR million for the nine months ended March 31, 2016 (including an unrealized gain of PKR million on revaluation of investments) as compared to a net income of PKR million (including an unrealized loss of PKR million on revaluation of investments) during the same period last year. As at March 31, 2016, net assets of the Fund were PKR 3, million representing the net asset value of PKR per unit. JCR-VIS Credit Rating Company Limited (JCR-VIS) has maintained its MFR 4-star ranking of the Fund. Al Ameen Islamic Dedicated Equity Fund (AIDEF): The Fund was launched on 5-Jan-16 and its since inception return was 0.22% vs. the benchmark return of 3.54%. Within equities, the Fund s major exposure was concentrated in Construction & Materials, Power Generation & Distribution, Fertilizers and Pharmaceuticals. Al Ameen Funds Directors Report March 31, 2016 Page 6

9 AIDEF Benchmark 9MFY16 Return: 0.22% 3.54% Standard Deviation (12m Rolling): n/a n/a Sharpe Ratio (12m Rolling): n/a n/a Asset Allocation (% of Total Assets) Jan'16 Feb'16 Mar'16 Equities 57% 90% 91% Sukuks 0% 0% 0% GoP Ijarah Sukuks 0% 0% 0% Cash 43% 10% 8% Others 1% 0% 2% Leverage Nil Nil Nil AIDEF vs. Benchmark 3 Months 6 Months 1 Year 3 Years 5 Years Since Inception AIDEF % Benchmark % Returns are on absolute basis The Fund managed to earn a net income of PKR million for the period from January 5, 2016 to March 31, 2016 (including an unrealized gain of PKR million on revaluation of investments). As at March 31, 2016, net assets of the Fund were PKR 6, million representing the net asset value of PKR per unit. Al-Ameen Islamic Principal Preservation Fund III (AIPPF-III) AIPPF-III is an open-end fund of funds scheme which was launched on June 12, The investment objective of the fund is to earn potentially high returns through dynamic asset allocation between Islamic equities and Shariah Compliant Income based CIS while providing capital preservation of the initial investment value, at completion of the duration of the fund. For the nine months ended March 16, AIPPF-III generated a return of 1.02% vs. the benchmark return of 1.75%. The fund s exposure to local equities (through Al-Ameen Shariah Stock Fund) was kept at 42%. The remaining funds were invested in Al- Ameen Islamic Cash Fund (Shariah Compliant Money Market fund). AIPPF-III Benchmark 9MFY16 Return: 1.02% 1.75% Standard Deviation (12m Rolling): 10.26% 10.37% Sharpe Ratio (12m Rolling): Asset Allocation (% of Total Assets) Jan'16 Feb'16 Mar'16 Equity Funds 49% 40% 42% Money Market Funds 51% 60% 58% Others 0% 0% 0% Cash 0% 0% 0% Leverage Nil Nil Nil Al Ameen Funds Directors Report March 31, 2016 Page 7

10 AIPPF-III vs. Benchmark AIPPF-III Benchmark Returns are on absolute basis 3 Months 6 Months 1 Year 3 Years 5 Years Since Inception 0.34% 3.13% 12.01% % 1.88% 3.78% 13.91% % During the nine-months ended March 31, 2016, the fund earned a net income of PKR million (includes markup income of PKR million). The net assets of the Fund as at March 31, 2016 were PKR 2, million representing net assets value of PKR per unit. The Fund has duration of 24 months from the commencement of the life of the Fund after which the Fund shall automatically stand dissolved. The Fund commenced its operation from 20 June, Accordingly the financial statements are not prepared on the going concern basis. However, no adjustments are required as the assets and liabilities are stated at the values at which they are expected to be realized or settled. Al-Ameen Islamic Principal Preservation Fund IV (AIPPF-IV) AIPPF-IV is an open-end fund of funds scheme which was launched on October 16, The investment objective of the fund is to earn potentially high returns through dynamic asset allocation between Islamic equities and Shariah Compliant Income based CIS while providing capital preservation of the initial investment value, at completion of the duration of the fund. For the nine-months ended March 16, AIPPF-IV generated a return of 1.02% vs. the benchmark return of 2.03%. The fund s exposure to local equities (through Al-Ameen Shariah Stock Fund) was kept at 36%. The remaining funds were invested in Al- Ameen Islamic Cash Fund (Shariah Compliant Money Market fund). AIPPF-IV Benchmark 9MFY16 Return: 1.02% 2.03% Standard Deviation (12m Rolling): 9.75% 9.86% Sharpe Ratio (12m Rolling): Asset Allocation (% of Total Assets) Jan'16 Feb'16 Mar'16 Equity Funds 41% 35% 36% Money Market Funds 59% 65% 63% Others 0% 0% 0% Cash 0% 0% 0% Leverage Nil Nil Nil AIPPF-IV vs. Benchmark Al Ameen Funds Directors Report March 31, 2016 Page 8

11 AIPPF-IV Benchmark Returns are on absolute basis 3 Months 6 Months 1 Year 3 Years 5 Years Since Inception 0.60% 3.16% 11.99% % 1.83% 3.64% 14.16% % During the nine-months ended March 31, 2016, the fund earned a net income of PKR million (includes profit on saving accounts of PKR million). The net assets of the Fund as at March 31, 2016 were PKR 1, million representing net assets value of PKR per unit. The Fund has duration of 24 months from the commencement of the life of the Fund after which the Fund shall automatically stand dissolved. The Fund commenced its operation from 16 October Accordingly the financial statements are not prepared on the going concern basis. However, no adjustments are required as the assets and liabilities are stated at the values at which they are expected to be realized or settled. Al-Ameen Islamic Principal Preservation Fund V (AIPPF-V) AIPPF-V is an open-end fund of funds scheme which was launched on December 26, The investment objective of the fund is to earn potentially high returns through dynamic asset allocation between Islamic equities and Shariah Compliant Income based CIS while providing capital preservation of the initial investment value, at completion of the duration of the fund. For the nine-months ended March 16, AIPPF-V generated a return of 3.08% vs. the benchmark return of 3.97%. The entire funds were invested in Al-Ameen Islamic Cash Fund (Shariah Compliant Money Market fund). AIPPF-V Benchmark 9MFY16 Return: 3.08% 3.97% Standard Deviation (12m Rolling): 4.51% 4.81% Sharpe Ratio (12m Rolling): Asset Allocation (% of Total Assets) Jan'16 Feb'16 Mar'16 Equity Funds 0% 0% 0% Money Market Funds 99% 99% 99% Others 0% 0% 0% Cash 0% 0% 0% Leverage Nil Nil Nil AIPPF-V vs. Benchmark AIPPF-V Benchmark Returns are on absolute basis 3 Months 6 Months 1 Year 3 Years 5 Years Since Inception 0.94% 2.03% 8.18% % 1.21% 2.51% 12.22% % During the nine-months ended March 31, 2016, the fund earned a net income of PKR million (includes profit on saving accounts of PKR million). The net assets of the Fund as at March 31, 2016 were PKR million representing net assets value of PKR per unit. Al Ameen Funds Directors Report March 31, 2016 Page 9

12 The Fund has duration of 24 months from the commencement of the life of the Fund after which the Fund shall automatically stand dissolved. The Fund commenced its operation from 26 December, Accordingly the financial statements are not prepared on the going concern basis. However, no adjustments are required as the assets and liabilities are stated at the values at which they are expected to be realized or settled. Al-Ameen Islamic Financial Planning Fund The Al-Ameen Islamic Financial Planning Fund is an open ended shariah compliant fund of funds scheme. The Fund shall consist of multiple plans and aims to generate return for investors in line with their risk tolerance level. The duration of the fund is perpetual however the allocation plans may have a set time frame. Currently the Fund comprises of four plans which are AIActAP-I, and AIActAP-II, AIActAP-III and AIActAP-IV. The Fund as a whole (currently 4 plans as mentioned above) earned a net income of PKR million during the period while fund size stood at PKR 7, million as at the end of March 31, Al-Ameen Islamic Active Allocation Plan I (AIActAP-I) I The Al-Ameen Islamic Active Allocation Plan -I is an Islamic Allocation Plan under the Al-Ameen Islamic Financial Planning Fund with an objective to earn a potentially high return through active asset allocation between Islamic Equities and Islamic Income based on the Fund Manager s outlook on the asset classes. For the 9M FY16, AIActAP-I generated a return of 1.45% vs. the benchmark return of 1.50%. In line with the equity strategy, the fund s exposure to local equities (through Al-Ameen Islamic Dedicated Equity Fund) as of Mar 16 stood at 85%. The remaining funds were invested in Al-Ameen Islamic Sovereign Fund (Shariah Compliant Income fund). AIActAP-I Benchmark 9MFY16 Return: 1.45% 1.50% Standard Deviation (12m Rolling): n/a n/a Sharpe Ratio (12m Rolling): n/a n/a Asset Allocation (% of Total Assets) Jan'16 Feb'16 Mar'16 Equity Funds 90% 89% 85% Money Market Funds 10% 0% 0% Income Funds 0% 10% 15% Others 0% 0% 0% Cash 1% 1% 1% Leverage Nil Nil Nil AIActAP-I vs. Benchmark AIActAP-I Benchmark Returns are on absolute basis 3 Months 6 Months 1 Year 3 Years 5 Years Since Inception 0.99% 5.77% % 4.32% 7.12% % Al Ameen Funds Directors Report March 31, 2016 Page 10

13 During the nine months ended March 31, 2016, the plan earned a net income of PKR million (includes profit on saving accounts of PKR million). The net assets of the plan as at March 31, 2016 were PKR 2, million representing net assets value of PKR per unit. Al-Ameen Islamic Active Allocation Plan II (AIActAP-II) The Al-Ameen Islamic Active Allocation Plan -II is an Islamic Allocation Plan under the Al-Ameen Islamic Financial Planning Fund with an objective to earn a potentially high return through active asset allocation between Islamic Equities and Islamic Income based on the Fund Manager s outlook on the asset classes. For the period September 28, 2015 through March 31, 2016, AIActAP-II generated a return of 3.51% vs. the benchmark return of 4.89%. In line with the equity strategy, the fund s exposure to local equities (through Al-Ameen Islamic Dedicated Equity Fund) as of Mar 16 stood at 74%. The remaining funds were invested in Cash and Al-Ameen Islamic Sovereign Fund (Shariah Compliant Income fund). AIActAP-II Benchmark 9MFY16 Return: 3.51% 4.89% Standard Deviation (12m Rolling): n/a n/a Sharpe Ratio (12m Rolling): n/a n/a I Asset Allocation (% of Total Assets) Jan'16 Feb'16 Mar'16 Equity Funds 78% 77% 74% Money Market Funds 20% 0% 0% Income Funds 0% 21% 24% Others 0% 0% 0% Cash 2% 2% 2% Leverage Nil Nil Nil AIActAP-II vs. Benchmark AIActAP-II Benchmark Returns are on absolute basis 3 Months 6 Months 1 Year 3 Years 5 Years Since Inception 1.04% 3.60% % 4.24% 4.97% % During the period September 28, 2015 through March 31, 2016, the plan earned a net income of PKR million (includes profit on saving accounts income of PKR million). The net assets of the plan as at March 31, 2016 were PKR 2, million representing net assets value of PKR per unit. Al-Ameen Islamic Active Allocation Plan III (AIActAP-III) The Al-Ameen Islamic Active Allocation Plan -III is an Islamic Allocation Plan under the Al-Ameen Islamic Financial Planning Fund with an objective to earn a potentially high return through active asset allocation between Islamic Equities and Islamic Income based on the Fund Manager s outlook on the asset classes. The fund was launched on 22-Dec-15 and it s since inception return was 0.67% as compared to a benchmark of 2.77%. For the period from 22-Dec-15 through 31-Mar-16, AIActAP-III generated a return of 0.67% vs. the benchmark return of 2.77%. In line with the equity strategy, the plan s exposure to local equities (through Al-Ameen Islamic Dedicated Equity Fund) as of Mar 16 stood at 69%. The remaining funds were invested in Cash and Al-Ameen Islamic Cash Fund (Shariah Compliant Money Market fund). Al Ameen Funds Directors Report March 31, 2016 Page 11

14 AIActAP-III Benchmark 9MFY16 Return: 0.67% 2.77% Standard Deviation (12m Rolling): n/a n/a Sharpe Ratio (12m Rolling): n/a n/a Asset Allocation (% of Total Assets) Jan'16 Feb'16 Mar'16 Equity Funds 99% 68% 69% Money Market Funds 0% 31% 30% Income Funds 0% 0% 0% Others 0% 0% 0% Cash 1% 1% 1% Leverage Nil Nil Nil AIActAP-III vs. Benchmark AIActAP-III Benchmark Returns are on absolute basis 3 Months 6 Months 1 Year 3 Years 5 Years Since Inception 0.49% % 2.65% % During the period December 23, 2015 through March 31, 2016, the plan earned a net income of PKR 9.56 million (includes profit on saving accounts of PKR million). The net assets of the plan as at March 31, 2016 were PKR 1, million representing net assets value of PKR per unit. Al-Ameen Islamic Active Allocation Plan IV (AIActAP-IV) The Al-Ameen Islamic Active Allocation Plan -III is an Islamic Allocation Plan under the Al-Ameen Islamic Financial Planning Fund with an objective to earn a potentially high return through active asset allocation between Islamic Equities and Islamic Income based on the Fund Manager s outlook on the asset classes. The fund was recently launched on 29-Mar-16. For the period from 29-Mar-16 through 31-Mar-16, AIActAP-IV generated a return of 0.37% vs. the benchmark return of 0.23%. In line with the equity strategy, the plan s exposure to local equities (through Al-Ameen Islamic Dedicated Equity Fund) as of Mar 16 stood at 18%. The remaining funds were invested in Cash and Al-Ameen Islamic Sovereign Fund (Shariah Compliant Income Fund). AIActAP-IV Benchmark 9MFY16 Return: 0.37% 0.23% Standard Deviation (12m Rolling): n/a n/a Sharpe Ratio (12m Rolling): n/a n/a Al Ameen Funds Directors Report March 31, 2016 Page 12

15 Asset Allocation (% of Total Assets) Jan'16 Feb'16 Mar'16 Equity Funds 0% 0% 18% Money Market Funds 0% 0% 0% Income Funds 0% 0% 71% Others 0% 0% 0% Cash 0% 0% 11% Leverage Nil Nil Nil AIActAP-IV vs. Benchmark AIActAP-IV Benchmark Returns are on absolute basis 3 Months 6 Months 1 Year 3 Years 5 Years Since Inception % % During the period from March 29, 2016 to March 31, 2016, the plan earned a net income of PKR million (includes profit on saving accounts of PKR million). The net assets of the plan as at March 31, 2016 were PKR 1, million representing net assets value of PKR per unit. Future Outlook We believe recent improvement in economic activities will continue to gain momentum during remainder of FY 16 on the back of low interest rates, low oil prices, ample foreign exchange reserves and growth in credit to private sector. Government s signing of historic pact under China Pakistan Economic Corridor (CPEC) and progress on power projects promise to boost investments in infrastructure. These developments should help Pakistan s economy enter into a sustainable growth phase. Risks to the thesis include non-realization of broad investment inflows in the form of FDIs due to weak global investment conditions, rebound in oil prices and further slowdown in exports and remittances, which can trigger balance of payment concerns and hinder country s growth prospects. Going forward, the impact of low crude and commodity prices is expected to continue reflecting in low domestic inflation. With no immediate balance of payment threat in sight, the local currency is also expected to remain relatively stable. The Government has already managed to attain greater fiscal discipline via improvement in tax collection, reduced spending on subsidies due to low energy fuel prices and higher development spending. Even though SBP is expected to maintain its interest rate at current levels, a comfortable positive real interest rate is expected to help keep level of savings and investments stable in the medium term, despite short term divergence of money supply towards currency in circulation due to withholding tax issue. Despite the short term volatility of the stock market, we have a positive outlook on the local equity market in medium-term. The low interest rates, higher GDP growth and strong corporate earnings growth is expected to fuel the equity market over the long-term. The fundamentals of the stock market are intact and the market is trading at a significant discount as compared to the regional peers. MSCI s probable reclassification of Pakistan into its Emerging market index, progress on China-Pakistan economic corridor and macroeconomic growth can lead to rerating of the market. Thus any corrections in the stock market should be viewed by long-term investors as opportunities to build stock market exposure. Low yields on fixed income securities and the positive outlook of the country s economy make it all the more important for investors to allocate a portion of their portfolios to equity. Acknowledgements We would like to thank our valued unit holders for their confidence and trust in UBL Fund Managers Limited. In addition, we would like to acknowledge the Securities and Exchange Commission of Pakistan, State Bank of Pakistan, Central Depository Al Ameen Funds Directors Report March 31, 2016 Page 13

16 Company of Pakistan Limited (Trustee), MCB Financial Services (Trustee) and Shariah Advisory Board for their continued support, guidance and cooperation. The Board also likes to take this opportunity to express its appreciation to the employees for their dedication, commitment, enthusiasm and hard work. FOR & ON BEHALF OF THE BOARD CHIEF EXECUTIVE Karachi, Dated: April 29, 2016 Yasir Qadri Al Ameen Funds Directors Report March 31, 2016 Page 14

17 Condensed Interim Financial Statements Of Al Ameen Islamic Cash Fund For the nine months period ended March 31, 2016

18 AICF Al-Ameen Islamic Cash Fund INVESTMENT OBJECTIVE AICF is an open end Shariah Compliant Money Market Fund which aims to provide high liquidity and competitive returns while seeking maximum possible preservation of capital by investing in low risk and liquid Shariah Compliant instruments. Management Company Trustee Distribution Company UBL Fund Managers Limited Central Depository Company of Pakistan Limited 99-B, Block-B, S.M.C.H.S., Main Shahra-e-Faisal, Karachi. Tel: (9221) United Bank Limited (for detail of others, please visit our website: Auditors Bankers BDO Ebrahim & Co., Chartered Accountants Bank Alfalah Limited Bank Al-Habib Limited Deutsche Bank A.G. Faysal Bank Limited Habib Bank Limited Habib Metropolitan Bank Limited Meezan Bank Limited United Bank Limited Management Co. Rating Fund Rating AM2+ (JCR VIS) AA (JCR - VIS)

19 Quarterly Report March Al Ameen Islamic Cash Fund CONDENSED INTERIM STATEMENT OF ASSETS AND LIABILITIES As at March 31, 2016 Note (Un-audited) (Audited) March 31, June 30, (Rupees in '000) ASSETS Bank balances 4 3,297,641 4,694,869 Term deposit Musharika 5 675, ,000 Investments 6-176,203 Profit receivable 33,366 19,162 Advance tax 4,784 - Preliminary expenses and floatation costs 816 1,227 Other receivables TOTAL ASSETS 4,011,676 5,316,497 LIABILITIES Payable to UBL Fund Managers Limited - Management Company 3,976 1,746 Payable to the Central Depository Company of Pakistan Limited - Trustee Annual fee payable to the Securities and Exchange Commission of Pakistan 2,657 1,237 Provision for Workers' Welfare Fund 7 6,451 6,451 Accrued expenses and other liabilities 8 7,208 5,302 TOTAL LIABILITIES 20,632 14,978 NET ASSETS 3,991,044 5,301,519 UNIT HOLDERS' FUNDS (AS PER THE STATEMENT ATTACHED) 3,991,044 5,301,519 CONTINGENCIES AND COMMITMENTS 9 Number of units NUMBER OF UNITS IN ISSUE 38,436,615 52,876, (Rupees) NET ASSET VALUE PER UNIT The annexed notes from 1 to 15 form an integral part of this condensed interim financial information. For UBL Fund Managers Limited (Management Company) Chief Executive Officer Director

20 Quarterly Report March Al Ameen Islamic Cash Fund CONDENSED INTERIM INCOME STATEMENT For the nine months and quarter ended March 31, 2016 (un-audited) Note Nine months period ended Quarter ended March 31, March 31, March 31, March 31, (Rupees in '000) (Rupees in '000) Income Profit on bank balances and Term Deposit Musharika 201,236 80,327 63,033 18,662 Income on investments 1,149 4, Capital (loss)/gain on sale of government securities and sukuks (213) (861) - - Other income Total income 202,269 83,862 63,033 18,662 Expenses Remuneration of UBL Fund Managers Limited - Management Company 20,257 8,099 6,307 1,858 Sales tax on remuneration of Management Company 2,836 1, Provision for indirect duties and taxes 8 3,695 1,490 1, Allocated expenses 10 1,566-1,122 - Shariah advisory fee Remuneration of Central Depository Company of Pakistan Limited - Trustee 3,654 1,304 1, Annual fee - Securities and Exchange Commission of Pakistan 2, Auditors' remuneration Amortisation of preliminary expenses and floatation costs Fees and subscription Printing and stationery Bank charges Legal and professional charges Brokerage and settlement expenses Other expenses Total expenses 35,756 13,897 11,844 3,264 Net income from operating activities 166,513 69,965 51,189 15,398 Element of (loss) / gain and capital (losses) / gains included in the prices of units issued less those in units redeemed - net (29,249) 82,232 (65,910) 89,908 Provision for Workers' Welfare Fund - (2,986) - (2,066) Net income/ (loss) for the period before taxation 137, ,211 (14,721) 103,240 Taxation Net income/ (loss) for the period after taxation 137, ,211 (14,721) 103,240 The annexed notes from 1 to 15 form an integral part of this condensed interim financial information. For UBL Fund Managers Limited (Management Company) Chief Executive Officer Director

21 Quarterly Report March Al Ameen Islamic Cash Fund CONDENSED INTERIM STATEMENT OF COMPREHENSIVE INCOME For the nine months and quarter ended March 31, 2016 (un-audited) Nine months period ended Quarter ended March 31, March 31, March 31, March 31, (Rupees in '000) (Rupees in '000) Net income/ (loss) for the period after taxation 137, ,211 (14,721) 103,240 Other comprehensive income Items that may be reclassified subsequently to income statement Items that will not be reclassified subsequently to income statement Total comprehensive income/ (loss) for the period 137, ,211 (14,721) 103,240 The annexed notes from 1 to 15 form an integral part of this condensed interim financial information. For UBL Fund Managers Limited (Management Company) Chief Executive Officer Director

22 Quarterly Report March Al Ameen Islamic Cash Fund CONDENSED INTERIM CASH FLOW STATEMENT For the nine months ended March 31, 2016 (un-audited) Nine months period ended March 31, March 31, (Rupees in '000) CASH FLOWS FROM OPERATING ACTIVITIES Net income for the period 137, ,211 Adjustments: Profit on bank balances and Term Deposit Musharika (201,236) (80,327) Income on investments (1,149) (4,396) Element of (gain) / loss and capital (gains) / losses included in the prices - of units issued less those in units redeemed - net 29,249 (82,232) Capital loss/ (gain) on sale of investment - net Amortization of preliminary expenses & flotation cost Provision for Workers' Welfare Fund - 2,986 Provision for indirect duties and taxes 3,695 1,490 (168,817) (161,207) Net cash flow (used in) operating activities before working capital changes (31,553) (11,996) Decrease / (Increase) in assets Investments 175,990 (861) Advance tax (4,784) - Other receivables (33) ,173 (701) (Decrease) / increase in liabilities Payable to UBL Fund Managers Limited - Management Company 2, Payable to the Central Depository Company of Pakistan Limited - Trustee Annual fee payable to the Securities and Exchange Commission of Pakistan 1, Accrued expenses and other liabilities (1,789) (65) 1,959 1,222 Profit received on bank balances Term deposit Musharika and Investments 188,181 77,511 Net cash flow generated from operating activities 329,760 66,036 CASH FLOWS FROM FINANCING ACTIVITIES Net receipts from issuance of units 12,255,602 11,399,191 Net payments against redemption of units (13,732,590) (10,087,261) Net cash (used in)/ generated from financing activities (1,476,989) 1,311,930 Net (decrease)/ increase in cash and cash equivalents (1,147,228) 1,377,966 Cash and cash equivalent at beginning of the period 5,119,869 1,689,266 Cash and cash equivalents at end of the period 3,972,641 3,067,232 CASH AND CASH EQUIVALENTS Bank Balances 3,297,641 3,067,232 Placements and term deposit musharika 675,000-3,972,641 3,067,232 The annexed notes from 1 to 15 form an integral part of this condensed interim financial information. Chief Executive Officer For UBL Fund Managers Limited (Management Company) Director

23 Quarterly Report March Al Ameen Islamic Cash Fund CONDENSED INTERIM DISTRIBUTION STATEMENT For the nine months ended March 31, 2016 (un-audited) Nine months period ended March 31, March 31, (Rupees in '000) Undistributed (loss)/ income brought forward (854) 922 Net income for the period after taxation 137, ,209 Distributions during the period - - Undistributed income carried forward 136, ,131 The annexed notes from 1 to 15 form an integral part of this condensed interim financial information. For UBL Fund Managers Limited (Management Company) Chief Executive Officer Director

24 Quarterly Report March Al Ameen Islamic Cash Fund CONDENSED INTERIM STATEMENT OF MOVEMENT IN UNIT HOLDER FUND For the nine months ended March 31, 2016 (un-audited) Nine months period ended March 31, March 31, (Rupees in '000) Net assets at beginning of the period 5,301,519 1,693,700 [Rs per unit] (June 30, 2014: Rs per unit) Issue of 120,506,473 units (2015: 11,0440,922 units) 12,255,602 11,399,191 Redemption 134,945,867 of units (2015: 98,180,333 units) (13,732,590) (10,087,261) (1,476,989) 1,311,930 3,824,531 3,005,630 Element of loss/ (gain) and capital losses/ (gains) included in the prices of units issued less those in units redeemed - net 29,249 (82,232) Loss on sale of investments - net (213) (861) Other income for the period 137, , , ,348 Net assets at end of the period 3,991,044 3,071,746 [Rs (March 31, 2015: Rs ) per unit] The annexed notes from 1 to 15 form an integral part of this condensed interim financial information. For UBL Fund Managers Limited (Management Company) Chief Executive Officer Director

25 Quarterly Report March Al Ameen Islamic Cash Fund NOTES TO THE CONDENSED INTERIM FINANCIAL STATEMENTS For the nine months ended March 31, 2016 (un-audited) 1. LEGAL STATUS AND NATURE OF BUSINESS Al-Ameen Islamic Cash Fund was established under the Trust Deed executed between UBL Fund Managers Limited, (wholly owned subsidiary company of United Bank Limited) as its Management Company and the Central Depository Company of Pakistan Limited, as its Trustee. The Trust Deed was executed on May 29, 2012 and the Fund was authorized by the Securities and Exchange Commission of Pakistan ("SECP") on July 26, 2012 in accordance with the Non-Banking Finance Companies (Establishment and Regulation) Rules, 2003 ("NBFC Rules"). The registered office of the Management Company is situated at 8th Floor, State Life Building No. 1, I.I. Chundrigar Road, Karachi, Pakistan (With effect from April 06, 2016 the registered office of the Management Company is 4th Floor, STSM Building, Beaumont Road, Civil Lines, Karachi). The Management Company of the Fund is registered with SECP as a Non-Banking Finance Company under NBFC Rules. The Fund is an open ended mutual fund listed on the Pakistan Stock Exchange Limited (Formerly Islamabad Stock Exchange(Guarantee) Limited). Units are offered for public subscription on a continuous basis. The units are transferable and can be redeemed by surrendering them to the Fund at the option of the unit holders. The Fund provides high liquidity and competitive returns while seeking maximum possible preservation of capital by investing in low risk and liquid Shariah Compliant instruments. Under Circular 07 dated March 6, 2009 issued by the SECP, the Fund has been categorised by the Management Company as Shariah Compliant Money Market Fund. Title to the assets of the Fund are held in the name of the Central Depository Company of Pakistan Limited as the Trustee of the Fund. 2 BASIS OF PRESENTATION Statement of Compliance This condensed interim financial information has been prepared in accordance with the approved accounting standards as applicable in Pakistan for interim financial reporting. The approved accounting standards comprise of such International Financial Reporting Standards ("IFRSs") issued by the International Accounting Standards Board as are notified under the Companies Ordinance, 1984, the requirements of the Trust Deed, the NBFC Rules, the Non-Banking Finance Companies and Notified Entities Regulations, 2008 (the "NBFC Regulations") and the directives issued by the SECP. Wherever the requirements of the Trust Deed, the NBFC Rules, the NBFC Regulations or the directives issued by the SECP differ with the requirements of the IFRS, the requirements of the Trust Deed, the NBFC Rules, the NBFC Regulations or the directives issued by the SECP prevail. The disclosures made in this condensed interim financial information have, however, been limited based on the requirements of International Accounting Standard 34: 'Interim Financial Reporting'. This condensed interim financial information does not include all the information and disclosures required in a full set of financial statements and should be read in conjunction with the annual published audited financial statements of the Fund for the year ended June 30, In compliance with schedule V of the NBFC Regulations the directors of the Management Company hereby declare that this condensed interim financial information gives a true and fair view of the state of the Fund s affairs as at March 31, 2016.

26 Quarterly Report March Al Ameen Islamic Cash Fund 3. SIGNIFICANT ACCOUNTING AND RISK MANAGEMENT POLICIES, ESTIMATES, ASSUMPTIONS AND CHANGES THEREIN The accounting policies applied for the preparation of this condensed interim financial information are the same as those applied in the preparation of the annual published audited financial statements of the Fund for the year ended June 30, 2015.The preparation of this condensed interim financial information in conformity with the approved accounting standards requires management to make estimates, assumptions and use judgments that affect the application of policies and reported amounts of assets and liabilities and income and expenses. Estimates, assumptions and judgments are continually evaluated and are based on historical experience and other factors, including reasonable expectations of future events. Revisions to accounting estimates are recognised prospectively commencing from the period of revision. The significant estimates, judgments and assumptions made by the management in applying the accounting policies and the key sources of estimation of uncertainty were the same as those applied to the annual audited financial statements as at and for the year ended June 30, The financial risk management objectives and policies are consistent with those disclosed in the annual financial statements of the Fund for the year ended June 30, (Un-audited) (Audited) March 31, June 30, Note (Rupees in '000) BANK BALANCES Profit and loss sharing accounts 4.1 3,285,770 4,685,802 Current accounts 10,803 8,200 3,296,573 4,694,002 Balances held in collection account 4.2 1, ,297,641 4,694, Profit rates on these savings accounts range between 3.72 to 6.35% per annum (June 30, 2015: 4.5% to 6.5% per annum). 4.2 This represents cash realised in the centralized collection accounts against the issuance of units of the Fund. The balance held in the centralized collection account is transferred to the Fund's main account on T+1 basis. 5. PLACEMENTS AND TERM DEPOSIT MUSHARIKA Term Deposit Musharika (TDM) , , These TDM carry profit rate between 6.25% to 6.5% (June 30, 2015: 6.5%) per annum with maturity at June 29, 2016 (June 30, 2015: September 29, 2015).

27 Quarterly Report March Al Ameen Islamic Cash Fund 6 INVESTMENTS Government securities designated at fair value through profit or loss GOP- Ijara Sukuk Certificates , Designated at fair value through profit or loss- Government Securities Name of security At the Acquired Sold / Market Market matured At the value as at value as at beginning during during end of March 31, June 30, % of of the period the period period the period investment No. of holdings (Rupees in '000) GOP IJARA GOP- Ijara Sukuk Certificates 1,750-1, ,203-7 PROVISION FOR WORKERS WELFARE FUND Through the Finance Act 2015, the definition of Industrial Establishment is amended to exclude the mutual funds and collective investment schemes. The management is of the view that since the change is brought in the definition it would be effective from July 1, Accordingly the provision for WWF is discontinued from July 1, However there is no change in the status of petition pending with the Honorable Sindh High Court (SHC) as reported in note 13 to the annual financial statements of the Fund for the year ended June 30, Since the matter is pending adjudication, the fund has retained a provision for WWF up to June 30, 2015 amounting to Rs million. Had the provision not been made the net asset value of the fund would have been higher by Rs per unit. 8 ACCRUED AND OTHER LIABILITIES This includes provision for indirect duties and taxes amounting to Rs million. As per the requirements of the Finance Act 2013, Federal Exercise Duty (FED) at the rate of 16% on the remuneration of the Management Company has been applied effective June 13, The Management Company is of the view that since the remuneration is already subject to provincial sales tax, further levy of FED result in double taxation, which does not appear to be the spirit of the law. The matter has been collectively taken up by the Management Company jointly with other Asset Management Companies and Central Depository Company on behalf of schemes through a Constitutional Petition filed in the Honourable Sindh High Court (SHC) during September 2013 which is pending adjudication. However, the SHC has issued a stay order against the recovery of FED. The Fund, as a matter of abundant caution, has made a full provision in respect of FED effective June 13, CONTINGENCIES AND COMMITMENTS There were no contingencies and commitments outstanding as at March 31, 2016.