Equity Market Review & Outlook

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2 Market Review & Outlook From the CIO's Desk ThemonthofDecembermarkedtheendofCalendarYear2013(CY13)whichprovedtobeanotherbullishyearforthestockmarket.KSE 100Index earnedatotalreturnof49.6% incy13afterearning 49.0%inCY12.Consideringthatstockmarketisaleadingindicatoroftheeconomyandisreflectiveoffutureexpectations,thehugerallyinthestockmarketisanindicationthatthemarketparticipants expect the economy in general and the listed companies in particular to perform well over the next few years. The Stock Fund performed well during CY13. It earned a net return of 50.07%during the year and was able to beat KSE 100 Index. The impressive performance of the fund has sent a strong signal to the investors that they should always allocate a portion of their investment portfolios to stockfunds. Although the short term interest rates remained volatile during December because of changing liquidity conditions, the long term interest rates gradually declined which indicates that future inflationary expectations are, to a great extent, already priced in the yields of longer term bonds. The lower inflation numbers for the month of December suggest that State Bank of Pakistan may not increase the Policy Rate in the next Monetary Policy Statement expected during January The Money Market Fund(ULPF) and the low volatility Income Fund(USIF) earned decent returns of 7.72% and 7.47% during CY13. These funds are focused on providing stable returns to the investors by making short term investments mainly in Treasury Bills and short term Fixed Deposits(Term Depository Receipts).Bothof thesefunds investedasignificantproportionof theirfundsizes intdrs indecemberinorderto benefitfromhigherrates beingofferedbycommercialbanks towards the endof the Calendar Year. The Government Securities Fund(UGSF) is an Income Fund which can potentially invest in long term government bonds. Its return of 6.68% during CY13 is lower than the Money Market Fund mainly due to volatility in yields of long term government bonds (Pakistan Investment Bonds). bond funds are expected to be volatile over shorter periods, the investors should evaluate the performance of such funds on a relatively longer term basis i.e. two to three years. The Principal Protection Funds provide a unique solution to investors who want stock market exposure while avoiding negative returns over an investment horizonof two years.uppf I earned a return of27.47%duringcy13 which isaveryattractivereturnforafundwhichmustavoid negativereturns.uppf IIwaslaunchedinmidofJuly2013andhasearned3.64% untiltheendofdecember2013as thestockmarketremainedveryvolatileduringlatterpartoftheyear(15jul 31Dec).TheAssetAllocationFundhasaflexibleinvestmentpolicytowardsstocksandcouldinvestbetween0 40%ofits assets in stocks with a preference for high dividend yielding stocks. We aim to manage it as a high income fund which earns above inflation returns while striving to provide regular dividends. This fund is suitable for investors with relatively longer time horizons of two to three years but a low risk appetite. The performance of Equity, Debt and Money Market sub funds of the Voluntary Pension Scheme(VPS) has also been good during CY13 as these sub funds earned 53.95%, 7.73% and 7.07% respectively. Investors usually perceive stock market as risky but a careful analysis of the stock market returns shows that the risk must be seen in the context of time horizon and liquidity needs. Over long periods of time, stock market has earned much higher returns compared with government securities or bank deposits. Thus, investors with long time horizons and low liquidity needs should understand the risk of not investing in the stock market and missing out on the above inflation returns offered by the market over longer investment horizons. Money Market Review & Outlook Equity Market Review & Outlook Secondary Market Yields 1st 31st Dec2013 Performance of 10 stocks with highest weights in KSE 100 index 31 Dec High Low Avg Company Price % Change 0 7 Days 10.20% 10.24% 8.66% 9.91% Oil & Gas Development % 03 Months 10.12% 10.12% 9.74% 9.88% MCB Bank Ltd % 06 Months 10.15% 10.15% 9.97% 10.00% Pakistan Petroleum Limited % 12 Months 10.22% 10.23% 10.05% 10.09% Fauji Fertilizer Company % 03 Years 11.84% 12.16% 11.80% 12.00% Pak Oilfields Limited % 05 Years 12.40% 12.66% 12.40% 12.54% Hub Power Company % 10 Years 12.75% 13.08% 12.71% 12.90% Engro Corporation % United Bank Ltd % Inflation December 2013 Lucky Cement % CPI Core Inflation Pakistan State Oil % NFNE Trimmed Mean Year on Year 9.2% 8.2% 8.7% Foreign Investors Portfolio Investment (USD Mn) 12 Monthly Moving Avg 7.7% 8.6% 8.2% Month to date Months High 10.9% 9.9% 9.9% From 1 July' 13 to Date (13.31) 12 Months Low 5.1% 7.8% 6.7% Treasury Bills Auction 24th Dec 2013 Amount in PKR Billions Accepted Latest Cut of Previous Cut off P/E DY 3 Months % 9.91% KSE 100 Index 8.49x 6.08% 6 Months % 9.98% USF 8.22x 4.89% 1 Year 0.0 N/A N/A KMI x 6.51% Total USSF 8.23x 5.05% Analysis In Dec 13, CPI came down to 9.18% YoY from 10.89% in Nov 13, surprisingly beating the market consensus of 9.8% 10.2%. Drop in prices of Food & Nonalcoholic Beverages maximum weight in CPI index was the main driver to simmer down the headline inflation. However, during 1HFY14, CPI clocked in at 8.9% YoY, slightly higher when compared to inflation of the same period last year (8.31% YoY). Core inflation measured by non food non energy CPI (Core NFNE) was recorded at 8.2% YoY in Dec 13 as compared to 8.5% YoY innov 13. WhiletrimmedmeanCPIshowedanincreaseof8.7%inDec 13. Government intervention to support the deteriorating rupee/dollar parity caused for appreciation of rupee against dollar by approximately 2.86% during Dec 13. Foreign exchange reserves improved slightly to reach at USD ~8.5bn from USD ~8.3bn at the end of last month. Home remittances continued to strong with total inflows of USD ~6.4bn during 5M FY14 showingagrowthof~7.1%yoy. Significant drop in inflation has faded away the expectation of interest rate hike in the upcoming monetary policy. Keeping in view the stable oil and food prices, CPI is expected to remain in the 9.5% 11% for the remainder of FY14. In line with inflation, discount rate is anticipated to surge by another 50 bps during 2H FY14. Analysis KSE 100 index depicted a stellar performance during CY13 with a return of 49.6% outperforming the regional markets. Despite depreciation of PkR against the USD of 8.3% during the calendar year, KSE 100 index still managed to earn a lucrative USD based return of 37.6% highest among Asian peers. Active participation of foreign investors, healthy earnings growth and improvement in business sentiment were the main triggers formarketappreciationincy 13. During CY13, Pharmaceutical sector outperformed generated the highest return of 92%, this was followed by construction & materials sector which generated a return of 79%. Scrip wise highest return was recorded in FCCL (CY 13 return: +168%), followed by NML (+108%) and LUCK(+105%). In Dec 13, cotton prices reversed the trend and increased by ~7% (Nov 13: ~ 4.1)% to reach a rate of 6,852/maund. This is positive for textile manufacturing companies, majority of which have already completed their cotton procurement. Over the coming months renewed government interest in privatization of public sector entities and improvement in economic growth trajectory are expected to result in rerating of market multiples. This along with healthy growth in corporate profitability could result in decent returns in the equity market.

3 Sr. No. Fund Category Fund Name Symbol Fund size date Return (net of all expenses including Management Fee) CYTD (%) CAGR (%) Fund Benchmark Fund Benchmark 1 Money Market UBL Liquidity Plus Fund ULPF 13, Jun % 7.93% 10.29% 9.46% 2 Income UBL Government Securities Fund UGSF 1, Jul % 8.52% 9.83% 9.56% 3 Income UBL Savings Income Fund USIF 2, Oct % 9.36% 10.43% 11.31% 4 Income UBL Financial Sector Bond Fund UFBF Mar % 8.56% 6.93% 8.56% 5 Aggressive Income United Growth & Income Fund UGIF 3,253 2 Mar % 9.40% 4.04% 11.45% 6 Commodity UBL Gold Fund UGF Feb % 16.73% 17.47% 16.73% 7 Asset Allocation UBL Asset Allocation Fund UAAF 1, Aug % 4.68% 3.84% 4.68% 8 Equity UBL Stock Advantage Fund USF 2,209 4 Aug % 44.91% 14.59% 10.97% 9 10 Fund of Funds Scheme Fund of Funds Scheme UBL Principal Protected Fund I UPPF I Feb % 30.63% 28.40% 37.17% UBL Principal Protected Fund II UPPF II Jul % 4.90% 3.64% 4.90% 11 Voluntary Pension Scheme UBL Retirement Savings Fund URSF 19 May 10 Equity Sub Fund % N.A 32.27% N.A Debt Sub Fund % N.A 9.89% N.A Money Market Sub Fund % N.A 9.27% N.A

4 UBL Liquidity Plus Fund InvestmentObjective ULPFisanopen endmoneymarketfund,investinginadiversifiedportfoliooflowriskassets.thefundseekstoprovideattractivedailyreturnswhilemaintainingcomparativelyhigh liquidity. ULPF 1 ULPF 2 Benchmark Fund Type Open end FY YTD (p.a.) 7.37% 7.51% 7.98% Fund Categorization Money Market December 2013 (p.a.) 7.87% 8.16% 8.41% Risk Profile Low (CAGR) 10.29% 9.46% Launch Date 21 Jun 09 Standard Deviation* 0.12% 0.21% Benchmark 50% 3M PKRV + 50% 3M TDR (with AA or Sharpe Ratio** (13.10) (6.23) better banks) Weighted Avg Time to Maturity 33 Days Listing Islamabad Stock Exchange (ISE) Trustee A.F. Ferguson & Co. Management Co.Rating AM2 (JCR VIS) Fund Rating AA Plus (JCR VIS) Minimum Investment Rs. 500 Load Nil (Front end) Nov'13 Dec'13 % Dealing Days Monday to Friday Fund Size (PKR Mn) 12,651 13, % Cut off times Issuance: 1:00 PM (Mon Fri) NAV (PKR) ^ 0.67% Redemption: 9:30 AM (Mon Fri) Pricing Mechanism Backward 1 Simple Annualized Return 2 Morning Star Return * 12m Trailing ** 12m Trailing, 3M PKRV yield is used as a risk free rate ^ NAV adjusted for PkR 0.56/unit Dividend payout in Dec'13 Management Fee Investment Committee Members 10% of all gross earnings (with min. fee of 1% p.a. & max. fee of 1.25% p.a.) Usama Bin Razi Mir Muhammad Ali CFA, Hasnain Raza Nensey, Abdul Rehman Warraich CFA, Ali Alvi, Usama Bin Razi, Ali Asghar Portfolio Quality (% of Total Assets) AA, 17.9% AA+, 31.3% Others, 0.5% AAA, 50.4% Placements with Banks 0% 34% 67% Placements with DFIs 0% 0% 0% Placements with NBFCs 0% 0% 0% Reverse Repo 0% 0% 0% T Bills 79% 65% 31% Cash 21% 1% 1% Others 0% 0% 0% Key Interest Rates KIBOR (1M, 6M, 1Y, 3Y)* 9.76% 10.01% 10.06% 12.13% ULPF (p.a) 7.86% 7.51% 7.72% 10.06% 10.29% T Bill Cut Off (3M, 6M, 12M) 9.96% 9.98% N/A Benchmark 8.18% 7.98% 7.93% 9.08% 9.46% PIB Cut Off (3Yr, 5Yr, 10Yr) 12.10% 12.60% 13.00% Returns are annualized using the Morningstar Methodology Repo Rate (Overnight, 1M, 3M) 9.85% 9.79% 9.83% Discount Rate 10.00% Disclosures In compliance with SECP's "Circular# 17 of 2012" CPI(Dec) Y o Y Basis 9.18% * Average during month UBL s Limited (Management Company) in case the said accumulated Value of 100 Rupees invested 12 months ago the tune of Rs. 12,217,595, if the same were not made the NAV per unit/return of the Scheme would be higher by Rs. 0.09/0.09%. Monthly Yield* Jan'13 Feb'13 Mar'13 Apr'13 May'13 Jun'13 Jul'13 Aug'13 Sep'13 Oct'13 Nov'13 Dec'13 CYTD ULPF 7.99% 7.60% 7.73% 8.02% 7.67% 8.55% 7.29% 7.21% 6.94% 8.13% 7.29% 8.16% 7.72% Benchmark 7.60% 7.75% 7.96% 8.01% 8.03% 7.96% 7.75% 7.78% 7.81% 7.99% 8.15% 8.41% 7.93% *Returns are annualized using the Morningstar Methodology Disclaimer: This publication is for informational purpose only and nothing herein should be construed as a solicitation, recommendation or an offer to buy or sell any fund. All investments in mutual funds are subject to market risks. The NAV based prices of units and any dividends/returns thereon are dependent on forces and factors affecting the capital markets. These may go up or down based on market conditions. Past performance is not necessarily indicative of future results.

5 UBL Government Securities Fund InvestmentObjective The objective of the fund is to generate a competitive return with minimum risk, by investing primarily in Government Securities. UGSF 1 UGSF 2 Benchmark Fund Type Open end FY YTD (p.a.) 5.53% 5.60% 8.58% Fund Categorization Income December 2013 (p.a.) 7.31% 7.56% 9.09% Risk Profile Low (CAGR) 9.83% 9.56% Launch Date 27 Jul 11 Standard Deviation* 0.51% 0.26% Benchmark 70% 6M PKRV rate + 30% average of 3M Sharpe Ratio** (5.06) (2.92) Deposit rates of AA and above rated Weighted Avg Time to Maturity 0.12 Years scheduled banks for the period of return Listing Islamabad Stock Exchange (ISE) Trustee KPMG Taseer Hadi and Co. Management Co.Rating AM2 (JCR VIS) Fund Rating A Plus (JCR VIS) Minimum Investment Rs. 500 Nov'13 Dec'13 % Load 1.00% (Front end), Nil (Back end) Fund Size (PKR Mn) 1,188 1, % Dealing Days Monday to Friday NAV (PKR) ^ 0.62% Cut off times 1:00 PM Pricing Mechanism Forward 1 Simple Annualized Return 2 Morning Star Return * 12m Trailing ** 12m Trailing, 3M PKRV yield is used as a risk free rate ^ NAV adjusted for PkR 0.54/unit Dividend payout in Dec'13 Management Fee Investment Committee Members 10% of all gross earnings (with min. fee of 1% p.a. & max. fee of 1.25% p.a.) Usama Bin Razi Mir Muhammad Ali CFA, Hasnain Raza Nensey, Abdul Rehman Warraich CFA, Ali Alvi, Usama Bin Razi, Ali Asghar Portfolio Quality (% of Total Assets) AA, 12.7% A, 0.0% Others, 0.9% AA, 0.5% AA+, 13.3% AAA, 72.6% Placements with Banks 0% 13% 25% PIB 2% 2% 2% GOP Ijarah Sukuk 0% 0% 0% Reverse Repo 0% 0% 0% T Bills 66% 83% 70% Cash 31% 2% 1% Others 1% 1% 1% UGSF (p.a) 7.20% 5.60% 6.68% 9.83% Value of 100 Rupees invested 12 months ago Benchmark 8.85% 8.58% 8.52% 9.56% Returns are annualized using the Morningstar Methodology Disclosures In compliance with SECP's "Circular # 17 of 2012" UBL s Limited (Management Company) in case the said accumulated the tune of Rs. 971,842, if the same were not made the NAV per unit/return of the Scheme would be higher by Rs. 0.08/0.08%. Monthly Yield* Jan'13 Feb'13 Mar'13 Apr'13 May'13 Jun'13 Jul'13 Aug'13 Sep'13 Oct'13 Nov'13 Dec'13 CYTD UGSF 8.85% 3.65% 8.74% 7.99% 9.09% 8.09% 3.31% 5.36% 3.41% 7.15% 6.88% 7.56% 6.68% Benchmark 8.26% 8.34% 8.58% 8.59% 8.54% 8.38% 8.21% 8.32% 8.38% 8.63% 8.85% 9.09% 8.52% *Returns are annualized using the Morningstar Methodology Disclaimer: This publication is for informational purpose only and nothing herein should be construed as a solicitation, recommendation or an offer to buy or sell any fund. All investments in mutual funds are subject to market risks. The NAV based prices of units and any dividends/returns thereon are dependent on forces and factors affecting the capital markets. These may go up or down based on market conditions. Past performance is not necessarily indicative of future results.

6 UBL Savings Income Fund InvestmentObjective UBL Savings Income Fund is an open end Income fund which aims to provide a competitive rate of return, with a moderate level of risk to its investors by investing in fixed income securities/ instruments. USIF 1 USIF 2 Benchmark Fund Type Open end FY YTD (p.a.) 7.10% 7.23% 9.36% Fund Categorization Income December 2013 (p.a.) 7.82% 8.10% 10.01% Risk Profile Low (CAGR) 10.43% 11.31% Launch Date 14 Oct 10 Standard Deviation* 0.17% 0.29% Benchmark Sharpe Ratio** (10.62) 0.32 Listing Weighted Avg Time to Maturity 0.09 Years Trustee Management Co.Rating Fund Rating Average of 6M KIBOR Islamabad Stock Exchange (ISE) Ernst & Young Ford Rhodes Sidat Hyder AM2 (JCR VIS) AA Minus (JCR VIS) Minimum Investment Rs. 500 Load 1% (Front end) Dealing Days Monday to Friday Nov'13 Dec'13 % Cut off times 1:00 PM Fund Size (PKR Mn) 2,914 2, % Pricing Mechanism Forward NAV (PKR) ^ 0.66% Management Fee 10% of all gross earnings (with min. fee of 1% p.a. & max. fee of 1.25% p.a.) Jawad Naeem Simple Annualized Return 2 Morning Star Return Investment Committee Mir Muhammad Ali CFA, Hasnain Raza Nensey, * 12m Trailing ** 12m Trailing, 3M PKRV yield is used as a risk free rate Members Abdul Rehman Warraich CFA, Ali Alvi, ^ NAV adjusted for PkR 0.54/unit Dividend payout in Dec'13 Ali Asghar, Jawad Naeem Portfolio Quality (% of Total Assets) Disclosure of Excess/Short Exposure (Per Asset Class) as at December 31, 2013 Name of Asset Class Deposit/Lending to Bank/DFI, COD, COI, LOP, COM, any other marketable security over 6M Value of 100 Rupees invested 12 months ago AA, 23.0% AA+, 35.7% Exposure Type Others, 0.6% AAA, 40.7% % of Net Assets Limit Asset Class 70.4% 70.0% Excess / (Short) 0.4% Placements with Banks 0% 34% 70% Placements with NBFCs 0% 0% 0% PIB 0% 0% 0% GoP Ijarah Sukuk 0% 0% 0% T Bills 69% 64% 28% Cash 31% 2% 1% Others 0% 0% 1% USIF (p.a) Benchmark 7.59% 7.23% 7.47% 10.35% 10.43% 9.69% 9.36% 9.36% 11.16% 11.31% Returns are annualized using the Morningstar Methodology Disclosures In compliance with SECP's "Circular # 17 of 2012" UBL s Limited (Management Company) in case the said accumulated the tune of Rs. 2,342,516, if the same were not made the NAV per unit/return of the Scheme would be higher by Rs. 0.09/0.09%. Monthly Yield* Jan'13 Feb'13 Mar'13 Apr'13 May'13 Jun'13 Jul'13 Aug'13 Sep'13 Oct'13 Nov'13 Dec'13 CYTD USIF 8.51% 5.10% 8.23% 7.98% 7.66% 8.63% 6.84% 7.02% 6.73% 7.43% 7.25% 8.10% 7.47% Benchmark 9.23% 9.30% 9.42% 9.46% 9.47% 9.28% 8.95% 9.00% 9.14% 9.42% 9.63% 10.01% 9.36% *Returns are annualized using the Morningstar Methodology Disclaimer: This publication is for informational purpose only and nothing herein should be construed as a solicitation, recommendation or an offer to buy or sell any fund. All investments in mutual funds are subject to market risks. The NAV based prices of units and any dividends/returns thereon are dependent on forces and factors affecting the capital markets. These may go up or down based on market conditions. Past performance is not necessarily indicative of future results.

7 UBL Financial Sector Bond Fund InvestmentObjective The objective of UBL Financial Sector Bond Fund (UFBF) is to provide a competitive rate of return to its investors by investing in quality TFC s/sukuks issued by Financial Sector Institutions,GovernmentSecurities,BankDepositsandshorttermmoneymarket UFBF 1 UFBF 2 Benchmark Fund Type Open end FY YTD (p.a.) 5.54% 5.62% 8.54% Fund Categorization Income December 2013 (p.a.) 7.57% 7.84% 8.69% Risk Profile Moderate (CAGR) 6.93% 8.56% Launch Date Standard Deviation* 0.96% 0.08% Benchmark Sharpe Ratio** (2.46) (9.55) Weighted Avg Time to Maturity 3.42 Years Listing Trustee Management Co.Rating Fund Rating Minimum Investment Rs. 500 Nov'13 Dec'13 % Load 1.5% (Front end) Fund Size (PKR Mn) % Dealing Days Monday to Friday NAV (PKR) ^ 0.64% Cut off times 1:00 PM Pricing Mechanism Forward 1 Simple Annualized Return 2 Morning Star Return * 12m Trailing ** 12m Trailing, 3M PKRV yield is used as a risk free rate ^ NAV adjusted for PkR 1.46/unit Dividend payout in Dec'13 Management Fee Investment Committee Members 29 Mar 13 70% 6M Rolling average of 6M KIBOR & 30% average of 6M deposit rate of 3 banks rated A and above Islamabad Stock Exchange (ISE) KPMG Taseer Hadi & Co AM2 (JCR VIS) Not yet rated 10% of all gross earnings (with min. fee of 1% p.a. & max. fee of 1.25% p.a.) Jawad Naeem Mir Muhammad Ali CFA, Hasnain Raza Nensey, Abdul Rehman Warraich, Ali Alvi, Ali Asghar, Jawad Naeem Top Ten Holdings (% of Total Assets) Portfolio Quality (% of Total Assets) Bank Alfalah Ltd V ( ) 15% Others, AAA, Term Finance Certificates / Sukuks 38% 42% 48% Pakistan Mobile Communication Ltd ( ) 14% 3.1% 15.6% AA+, Placements with Banks 0% 15% 32% 4.2% WAPDA PPTFC 9% A, Placements with NBFCs 0% 0% 0% WAPDA SUKUK 6% 26.9% AA, PIB 0% 0% 0% Karachi Electric Supply Corporation (13 Aug 12) 2% 5.9% GoP Ijarah Sukuk 0% 0% 0% Karachi Electric Supply Corporation (13 Aug 12) 1% T Bills 0% 0% 0% A+, Cash 60% 40% 17% 0.0% Others 2% 3% 3% AA, Leverage Nil 0% Nil 44.2% Disclosure of Excess Exposure (Per Entity) as at December 31, 2013 Name of Investment Exposure % of Net Limit Excess Type Assets UFBF (p.a) 6.69% 5.62% 6.93% Pakistan Mobile Communication Limited Per Entity 13.9% 10.0% 3.9% Benchmark 8.59% 8.54% 8.56% Bank Alfalah Limited Per Entity 15.5% 10.0% 5.5% Returns are annualized using the Morningstar Methodology WAPDA Per Entity 15.8% 10.0% 5.8% Disclosure of Excess/Short Exposure (Per Sector) as at December 31, 2013 Disclosures In compliance with SECP's "Circular# 17 of 2012" Name of Sector Exposure % of Net Excess / Limit Type Assets (Short) Non Financial Per Sector 32.9% 20.0% 12.9% Cash & Equivalent Per Sector 17.0% 25.0% 8.0% Value of 100 Rupees invested at inception UBL s Limited (Management Company) in case the said accumulated the tune of Rs. 367,216, if the same were not made the NAV per unit/return of the Scheme would be higher by Rs. 0.14/0.14%. Monthly Yield* Jan'13 Feb'13 Mar'13 Apr'13 May'13 Jun'13 Jul'13 Aug'13 Sep'13 Oct'13 Nov'13 Dec'13 CYTD UFBF 12.89% 7.87% 10.36% 10.08% 3.81% 4.76% 5.12% 6.85% 5.36% 7.84% 6.93% Benchmark 8.61% 8.61% 8.62% 8.61% 8.53% 8.48% 8.45% 8.50% 8.59% 8.69% 8.56% *Returns are annualized using the Morningstar Methodology Disclaimer: This publication is for informational purpose only and nothing herein should be construed as a solicitation, recommendation or an offer to buy or sell any fund. All investments in mutual funds are subject to market risks. The NAV based prices of units and any dividends/returns thereon are dependent on forces and factors affecting the capital markets. These may go up or down based on market conditions. Past performance is not necessarily indicative of future results.

8 United Growth & Income Fund Investment Objective UGIF is an open end Aggressive Fixed Income Fund, investing in medium to long term fixed income instruments as well as short tenor money market instruments and seeks to generate superior, long term, risk adjusted returns while preserving capital over the long term. UGIF 1 UGIF 2 Benchmark Fund Type Open end FY YTD (p.a.) 14.06% 14.56% 9.26% Fund Categorization Aggressive Fixed Income December 2013 (p.a.) 20.11% 22.07% 9.29% Risk Profile Moderate (CAGR) 4.04% 11.45% Launch Date 2 Mar 06 Standard Deviation* 2.03% 0.23% Benchmark 6 Month Rolling Average of 6M KIBOR Sharpe Ratio** Listing Karachi Weighted Avg Time to Maturity 1.80 Years Trustee KPMG Taseer Hadi & Co. Nov'13 Dec'13 % Management Co.Rating AM2 (JCR VIS) Fund Size (PKR Mn) 3,198 3, % Fund Rating BBB+ (JCR VIS) NAV (PKR) % Minimum Investment Rs Simple Annualized Return 2 Morning Star Return Load (Income Units) 1.5% (Front end) *12M Trailing, **12M Trailing & 3M PKRV yield is used as a risk free rate Load (Growth Units) Stepped down structure (Back end) Dealing Days Monday to Friday Top Ten Holdings (% of Total Assets) Portfolio Quality (% of Total Assets) Cut off times 1:00 PM Bank Alfalah Limited TFC ( ) 7.6% Below Pricing Mechanism Forward Investment WAPDA PPTFC 4.6% A, 0.6% Grade, 5.5% Management Fee 1.5% p.a. UnRated, 7.5% Maple Leaf Sukuk ( ) 3.8% Usama Bin Razi A, 5.7% AAA, 29.1% Engro Fertilizer Ltd TFC ( )(PRP I) 2.9% Investment Committee Mir Muhammad Ali CFA, Hasnain Raza Nensey, Pakistan Mobile Communication Ltd TFC ( ) 3.6% Members Abdul Rehman Warraich CFA, Ali Alvi, Pakistan Mobile Communication Ltd 1.9% A+, 11.8% Usama Bin Razi, Ali Asghar WAPDA Sukuk 1.5% KESC AZM Certificate ( ) 1.5% AA+, 6.1% BRR Guardian Modaraba ( ) 1.2% ENGRO FERT ( ) 1.0% AA, 30.5% Term Finance Certificates / Sukuks 34% 34% 33% AA, 3.3% Commercial Paper 0% 0% 0% Disclosure of Non Compliant Investments as at December 31, 2013 Placements with NBFCs 1% 1% 1% Value Before Provision Value after % of Net % of Gross Placements with Banks 0% 8% 31% Name of Investment Type Provision held (if any) Provision Assets Assets Cash 2% 4% 7% Chenab Ltd Pref. Shares 2,197,358 2,197,358 T Bills 52% 48% 23% Azgard Nine Pref. Shares 850, ,000 PIBs 0% 0% 0% Agritech Ord. Shares 64,419,728 64,419, % 1.97% GoP Ijarah Sukuk 0% 0% 0% Real Estate Property Real Estate 11,061,000 11,061, % 0.34% Others 10% 5% 5% Disclosure of Excess Exposure (Per Issue) as at December 31, 2013 Name of Investment Exposure Type % of Issue Limit Excess Trust Investment Bank Ltd TFC ( ) Per Issue 20% 10% 10% Agritech Ltd TFC ( ) Per Issue 19% 10% 9% Security Leasing Corp.Ltd PPTFC ( ) Per Issue 19% 10% 9% UGIF (p.a) 15.72% 14.56% 13.63% 1.31% 1.97% 4.04% New Allied Electronics ( ) Per Issue 17% 10% 7% Benchmark 9.24% 9.26% 9.40% 11.48% 12.07% 11.45% Jahangir Siddiqui & Co. Ltd TFC ( ) Per Issue 16% 10% 6% Returns are annualized using the Morningstar Methodology Security Leasing Corp. Ltd Sukuk ( ) I Per Issue 16% 10% 6% Shakarganj Mills Ltd TFC ( ) Per Issue 14% 10% 4% Disclosures In compliance with SECP's "Circular# 17 of 2012" Security Leasing Corp. Ltd Sukuk ( ) II Per Issue 13% 10% 3% Kohat Cement Sukuk ( ) Per Issue 12% 10% 2% Agritech Ltd TFC ( ) Per Issue 11% 10% 1% UBL s Limited (Management Company) in case the said accumulated Value of 100 Rupees invested 12 months ago the tune of Rs. 5,538,828, if the same were not made the NAV per unit/return of the Scheme would be higher by Rs. 0.14/0.17%. Monthly Yield* Jan'13 Feb'13 Mar'13 Apr'13 May'13 Jun'13 Jul'13 Aug'13 Sep'13 Oct'13 Nov'13 Dec'13 CYTD UGIF 3.80% 11.67% 20.78% 11.74% 9.77% 19.36% 2.74% 26.08% 19.10% 8.31% 17.26% 22.07% 13.63% Benchmark 10.04% 9.66% 9.47% 9.37% 9.36% 9.37% 9.33% 9.29% 9.23% 9.22% 9.22% 9.29% 9.40% *Returns are annualized using the Morningstar Methodology Disclaimer: This publication is for informational purpose only and nothing herein should be construed as a solicitation, recommendation or an offer to buy or sell any fund. All investments in mutual funds are subject to market risks. The NAV based prices of units and any dividends/returns thereon are dependent on forces and factors affecting the capital markets. These may go up or down based on market conditions. Past performance is not necessarily indicative of future results.

9 UBL Gold Fund Investment Objective The investment objective of the Fund is to provide Unit holders exposure to Gold as an asset class by investing significant portion of Fund s net assets in Gold based instruments, while investing the remaining portion in high rated money market instruments. UGF Benchmark Fund Type Open end FY YTD 0.40% 2.73% Fund Categorization Commodity Dec % 4.87% Risk Profile High (CAGR) 17.47% 16.73% Launch Date 13 Feb 13 Standard Deviation* 17.94% 18.01% Benchmark 80%DailyClosingPakistan RupeeSpotGoldPrices at the PMEX + 20% Average of 3M Deposit rates of 5 AA and above rated banks Listing Islamabad Stock Exchange (ISE) Trustee Ernst & Young Ford Rhodes Sidat Hyder & Co. Management Co.Rating AM2 (JCR VIS) Fund Rating Not yet rated Minimum Investment Rs. 500/ initial & subsequent Nov'13 Dec'13 % Load 2.00% (Front end), Nil (Back end) Fund Size (PKR Mn) % Dealing Days Monday to Friday NAV (PKR) % Cut off times 4:00 PM Pricing Mechanism Forward * 12m Trailing Management Fee 1.5% p.a. Jawad Naeem Investment Committee Mir Muhammad Ali CFA, Hasnain Raza Nensey, Members Abdul Rehman Warraich CFA, Ali Alvi, Jawad Naeem, Ali Asghar Top Ten Holdings (% of Total Assets) GO10OZ FE % Gold 82% 78% 81% GO10OZ MA % T Bills 0% 0% 0% GO10OZ AP % Cash 73% 79% 79% Others* 55% 57% 60% Value of 100 Rupees invested at inception *The negative others position represents liabilities for the futures contracts, and these are fully funded by a combination of t bills and cash assets of the fund UGF Benchmark 6.39% 0.40% 17.47% 7.95% 2.73% 16.73% Returns of periods greater than one year have been annualized using the Morningstar Methodology Disclosures In compliance with SECP's "Circular# 17 of 2012" UBL s Limited (Management Company) in case the said accumulated management would start charging provision on account of 2% of net accounting the tune of Rs. 0, if the same were not made the NAV per unit/return of the Scheme would be higher by Rs. 0.00/0.00%. Monthly Yield Jan'13 Feb'13 Mar'13 Apr'13 May'13 Jun'13 Jul'13 Aug'13 Sep'13 Oct'13 Nov'13 Dec'13 CYTD UGF 1.91% 1.01% 3.98% 4.40% 8.90% 6.25% 4.50% 4.17% 0.16% 3.91% 2.43% 17.47% Benchmark 2.36% 0.36% 4.69% 4.77% 8.86% 7.80% 5.40% 1.78% 0.31% 2.94% 4.87% 16.73% Disclaimer: This publication is for informational purpose only and nothing herein should be construed as a solicitation, recommendation or an offer to buy or sell any fund. All investments in mutual funds are subject to market risks. The NAV based prices of units and any dividends/returns thereon are dependent on forces and factors affecting the capital markets. These may go up or down based on market conditions. Past performance is not necessarily indicative of future results.

10 UBL Asset Allocation Fund Investment Objective The investment objective of the Fund is to earn competitive return by investing in various asset classes/instruments based on the market outlook. UAAF Benchmark Fund Type Open end FY YTD 3.84% 4.68% Fund Categorization Asset Allocation Dec % 1.78% Risk Profile Medium (CAGR) 3.84% 4.68% Launch Date 19 Aug 13 Standard Deviation* 3.01% 4.67% Benchmark 70% 6 Month KIBOR + 30% KSE 100 Index Listing Islamabad Stock Exchange (ISE) Trustee KPMG Taseer Hadi & Co Management Co.Rating AM2 (JCR VIS) Fund Rating Not yet rated Minimum Investment Rs. 10,000/ initial & subsequent Load 1.5% (Front end) Dealing Days Monday to Friday Nov'13 Dec'13 % Cut off times 4:00 PM Fund Size (PKR Mn) 1,038 1, % Pricing Mechanism Forward NAV (PKR) ^ 0.99% Management Fee 1% p.a. **12M Trailing, 3M PKRV yield used as Risk Free rate. ^ NAV adjusted for PkR 2.86/unit Dividend payout in Dec'13 Investment Committee Members Ali Asghar Mir Muhammad Ali CFA, Hasnain Raza Nensey, Abdul Rehman Warraich CFA, Ali Alvi, Ali Asghar Portfolio Quality (% of Total Assets) AA, 10% AA, 25% Others, 1% Equity, 23% Equities 23% 26% 23% T bills 69% 70% 40% TFC 1% 1% 1% TDR 0% 0% 34% Cash 3% 3% 1% Others 4% 1% 1% AAA, 41% 3 Months 6 Months 1 Year 3 Years 5 Years UAAF 3.74% 3.84% Top Ten Equity Holdings (% of Total Assets) Benchmark 6.32% 4.68% Kot Addu Power 3% Bank Al Falah 2% Returns of periods greater than one year have been annualized using the Morningstar Methodology Attock Petroleum 2% National Bank of Pakistan 2% Nishat Chunian Power 2% Habib Metropolitan Bank 2% Disclosures In compliance with SECP's "Circular# 17 of 2012" Hub Power 2% Pakistan Oilfields 2% Pioneer Cement 2% Nishat Power 1% the tune of Rs. 806,729, if the same were not made the NAV per unit/return of the Scheme would be higher by Rs. 0.07/0.07%. Value of 100 Rupees invested at inception Sector Allocation of Equity Construction & Materials, 2.30% Oil & Gas, 4.24% Commercial Banks, 6.27% Electricity, 8.90% Monthly Yield Jan'13 Feb'13 Mar'13 Apr'13 May'13 Jun'13 Jul'13 Aug'13 Sep'13 Oct'13 Nov'13 Dec'13 CYTD UAAF 0.27% 0.17% 1.23% 1.48% 0.99% 3.84% Benchmark 1.65% 0.12% 1.87% 2.55% 1.78% 4.68% Disclaimer: This publication is for informational purpose only and nothing herein should be construed as a solicitation, recommendation or an offer to buy or sell any fund. All investments in mutual funds are subject to market risks. The NAV based prices of units and any dividends/returns thereon are dependent on forces and factors affecting the capital markets. These may go up or down based on market conditions. Past performance is not necessarily indicative of future results.

11 UBL Stock Advantage Fund (formerly known as United Stock Advantage Fund) Investment Objective USF is an open end Equity Fund, investing primarily in equities listed on the KSE. The Fund seeks to maximize total returns and outperform its benchmark by investing in a combination of securities offering long term capital gains and dividend yield potential. USF Benchmark Fund Type Open end FY YTD 15.97% 19.53% Fund Categorization Equity Dec % 3.60% Risk Profile High (CAGR) 14.59% 10.97% Launch Date 4 Aug 06 Standard Deviation* 16.79% 13.02% Benchmark 85% of KSE 100 Index + 15% of MSCI ACW Sharpe Ratio** Index Beta* Listing Karachi Stock Exchange (KSE) Alpha*^ 5.16% Trustee R Square^^ 86% A.F. Ferguson & Co. Price to Earning Ratio ^^^ 8.22x 8.49x Management Co.Rating AM2 (JCR VIS) Dividend Yield ^^^ 4.89% 6.08% Fund Rating MFR 3 STAR (JCR VIS) 3 Yr Average Value at Risk 1.40% 1.01% Minimum Investment Rs. 500 Expense Ratio ^^^^ 3.57% Load 2.5% (Front end) Dealing Days Monday to Friday Nov'13 Dec'13 % Cut off times 4:00 PM Fund Size (PKR Mn) 1,768 2, % Pricing Mechanism Forward NAV (PKR) % Management Fee 2% p.a. *12MTrailing. **12MTrailing,3M PKRV yield used as Risk Free rate. *^ Alpha measures the risk adjusted performance of the fund vs. the benchmark. ^^ R Square measures the correlation between the benchmark and the fund; ^^^ Benchmark figures are for KSE 100 Index only. ^^^^ NAV based; Investment Committee Members Wahaj Aslam Mir Muhammad Ali CFA, Hasnain Raza Nensey, Abdul Rehman Warraich CFA, Ali Alvi, Wahaj Aslam, Ali Asghar Sector Allocation (% of Total Assets) Others, 14% Chemicals, 6% Personal Goods (textile), 10% Oil & Gas, 26% Equities 81% 89% 93% International Investments 0% 0% 0% Cash 11% 5% 3% Others 8% 6% 4% 3 Months 6 Months 1 Year 3 Years 5 Years USF 14.24% 15.97% 50.07% 28.10% 36.03% 14.59% Top Ten Equity Holdings (% of Total Assets) Benchmark 14.38% 19.53% 44.91% 24.65% 31.75% 10.97% Pakistan Petroleum 9% Nishat Chunian 4% Returns of periods greater than one year have been annualized using the Morningstar Methodology Pakistan State Oil 8% Nishat Mills Limited 4% Lucky Cement 8% Habib Metropolitan Bank 4% Disclosures In compliance with SECP's "Circular# 17 of 2012" Oil & Gas Development Co. 7% Pakistan Telecommunication 4% Bank Al Falah 6% United Bank 4% Value of 100 Rupees invested 12 months ago Construction & Material, 13% Commercial Banks, 24% UBL s Limited (Management Company) in case the said accumulated the tune of Rs. 6,085,000, if the same were not made the NAV per unit/return of the Scheme would be higher by Rs. 0.14/0.28%. Monthly Yield Jan'13 Feb'13 Mar'13 Apr'13 May'13 Jun'13 Jul'13 Aug'13 Sep'13 Oct'13 Nov'13 Dec'13 CYTD USF 1.21% 6.37% 0.83% 4.35% 15.33% 0.95% 12.51% 9.49% 0.31% 2.49% 6.29% 4.86% 50.07% Benchmark 2.40% 4.55% 0.36% 4.82% 12.50% 3.63% 10.03% 4.53% 0.52% 4.28% 5.88% 3.60% 44.91% Disclaimer: This publication is for informational purpose only and nothing herein should be construed as a solicitation, recommendation or an offer to buy or sell any fund. All investments in mutual funds are subject to market risks. The NAV based prices of units and any dividends/returns thereon are dependent on forces and factors affecting the capital markets. These may go up or down based on market conditions. Past performance is not necessarily indicative of future results.

12 UBL Principal Protected Fund I Investment Objective The investment objective of the Fund is to earn potentially high returns through dynamic asset allocation between Equities and Money Market based CIS while providing capital protection of the Initial Investment Value, at completion of the duration of the fund. UPPF 1 Benchmark Fund Type Open end FY YTD 8.17% 10.36% Fund Categorization Fund of Funds Scheme Dec % 1.22% Risk Profile Low (CAGR) 28.40% 37.17% Launch Date 3 Feb 12 Benchmark Weighted Average Daily Return of KSE 100 Index and 3M Deposit Rates of AA & above rated Banks based on the Fund s actual participation in the Equity & Debt/Income Component. Listing Islamabad Stock Exchange (ISE) Trustee A.F. Ferguson & Co Management Co.Rating AM2 (JCR VIS) Fund Rating Not yet rated Nov'13 Dec'13 % Minimum Investment Rs 10,000/ initial & subsequent Fund Size (PKR Mn) % Load 3% (Front end incl. Structuring fee), 5% (Back end) NAV (PKR) % Dealing Days Monday to Friday Cut off times 4:00 PM Pricing Mechanism Management Fee Forward 1% p.a. (on the value of underlying Funds not managed by UBL s) Investment Committee Members Amir Ibrahim Habib Mir Muhammad Ali CFA, Hasnain Raza Nensey, Abdul Rehman Warraich CFA, Ali Alvi, Ali Asghar Holdings (% of Total Assets) UBL Stock Advantage Fund 22% Equity Funds 15% 18% 22% UBL Liquidity Plus Fund 78% Money Market Funds 85% 82% 78% Others 0% 0% 0% Cash 0% 0% 0% Value of 100 Rupees invested 12 months ago Profit Lock in Profit locked in* 52% *Profit Lock in feature allows the to realize some of the equity investment gains into Income/money market investments, in order to secure the profit if any for investors. UPPF I Benchmark 3.67% 8.17% 27.55% 28.40% 3.85% 10.36% 30.73% 37.17% Returns of periods greater than one year have been annualized using the Morningstar Methodology Disclosures In compliance with SECP's "Circular # 17 of 2012" UBL s Limited (Management Company) in case the said accumulated the tune of Rs. 950,936, if the same were not made the NAV per unit/return of the Scheme would be higher by Rs. 0.19/0.16%. Monthly Yield Jan'13 Feb'13 Mar'13 Apr'13 May'13 Jun'13 Jul'13 Aug'13 Sep'13 Oct'13 Nov'13 Dec'13 CYTD UPPF I 0.54% 3.69% 0.46% 2.87% 10.38% 0.91% 8.33% 4.92% 1.31% 0.86% 1.34% 1.43% 27.47% Benchmark 1.52% 3.34% 0.05% 3.86% 11.45% 2.56% 7.54% 2.21% 1.05% 1.11% 1.47% 1.22% 30.63% Disclaimer: This publication is for informational purpose only and nothing herein should be construed as a solicitation, recommendation or an offer to buy or sell any fund. All investments in mutual funds are subject to market risks. The NAV based prices of units and any dividends/returns/profit lock in thereon are dependent on forces and factors affecting the capital markets. These may go up or down based on market conditions. Past performance is not necessarily indicative of future results.

13 UBL Principal Protected Fund II Investment Objective The investment objective of the Fund is to earn potentially high returns through dynamic asset allocation between Equities and Money Market based CIS while providing capital protection of the Initial Investment Value, at completion of the duration of the fund. UPPF II Benchmark Fund Type Open end FY YTD 3.64% 4.90% Fund Categorization Fund of Funds Scheme Dec % 2.39% Risk Profile Low (CAGR) 3.64% 4.90% Launch Date 15 Jul 13 Benchmark Weighted Average Daily Return of KSE 100 Index and 3M Deposit Rates of AA & above rated Banks based on the Fund s actual participation in the Equity & Debt/Income Component. Listing Islamabad Stock Exchange (ISE) Trustee A.F. Ferguson & Co Management Co.Rating AM2 (JCR VIS) Fund Rating Not yet rated Nov'13 Dec'13 % Minimum Investment Rs 10,000/ initial & subsequent Fund Size (PKR Mn) % Load 3% (Front end incl. Structuring fee), 5% (Back end) NAV (PKR) % Dealing Days Monday to Friday Cut off times 4:00 PM Pricing Mechanism Management Fee Forward 1% p.a. (on the value of underlying Funds not managed by UBL s) Investment Committee Members Amir Ibrahim Habib Mir Muhammad Ali CFA, Hasnain Raza Nensey, Abdul Rehman Warraich CFA, Ali Alvi, Amir Ibrahim Habib, Ali Asghar Holdings (% of Total Assets) UBL Stock Advantage Fund 69% Equity Funds 27% 46% 69% UBL Liquidity Plus Fund 28% Money Market Funds 70% 51% 28% Others 0% 0% 0% Cash 3% 3% 3% Value of 100 Rupees invested at inception Profit Lock in Profit locked in* 0% *Profit Lock in feature allows the to realize some of the equity investment gains into Income/money market investments, in order to secure the profit if any for investors. UPPF II Benchmark 6.52% 3.64% 6.81% 4.90% Returns of periods greater than one year have been annualized using the Morningstar Methodology Disclosures In compliance with SECP's "Circular # 17 of 2012" UBL s Limited (Management Company) in case the said accumulated the tune of Rs. 591,711, if the same were not made the NAV per unit/return of the Scheme would be higher by Rs. 0.07/0.07%. Monthly Yield Jan'13 Feb'13 Mar'13 Apr'13 May'13 Jun'13 Jul'13 Aug'13 Sep'13 Oct'13 Nov'13 Dec'13 CYTD UPPF II 0.14% 3.23% 0.40% 1.07% 2.46% 2.86% 3.64% Benchmark 0.61% 1.40% 0.22% 1.57% 2.70% 2.39% 4.90% Disclaimer: This publication is for informational purpose only and nothing herein should be construed as a solicitation, recommendation or an offer to buy or sell any fund. All investments in mutual funds are subject to market risks. The NAV based prices of units and any dividends/returns/profit lock in thereon are dependent on forces and factors affecting the capital markets. These may go up or down based on market conditions. Past performance is not necessarily indicative of future results.

14 UBL Retirement Savings Fund InvestmentObjective URSF is an open end fund that aims to provide a secure source of savings and regular income after retirement to the Participants. The Participants would contribute to the Fund duringtheirworkinglifeandwouldtypicallywithdrawfromthefundonorafterretirement. Debt Money Market Equity Fund Type Open end FY YTD 6.79% p.a. 6.55% p.a % Fund Categorization Voluntary Pension Scheme Dec % p.a. 7.03% p.a. 5.47% Risk Profile Investor dependent Simple annualization methodology used for Debt and Money Market Sub Fund Launch Date Benchmark 19 May 10 N/A Debt Money Market Equity Trustee MCB Financial Services FY YTD 6.90% p.a. 6.66% p.a % A.F. Ferguson & Co. Dec % p.a. 7.26% p.a. 5.47% Pension Manager Rating AM2 (JCR VIS) (CAGR) 9.89% p.a. 9.27% p.a % p.a. Fund Rating Not yet rated Morningstar annualization methodology used for Debt and Money Market Sub Fund Minimum Investment Rs. 500 Load 3% (Front end) Expense Ratio ^ 2.10% 2.06% 2.31% Dealing Days Monday to Friday Fund Size (PKR Mn) Cut off times 4:00 PM NAV (PKR) Pricing Mechanism Forward ^ NAV based Management Fee 1.5% p.a. Asad R. Bhojani URSF Debt (% of Total Assets) Oct'13 Nov'13 Dec'13 Investment Committee Mir Muhammad Ali CFA, Hasnain Raza Nensey, Treasury Bills 72% 72% 46% Members Abdul Rehman Warraich CFA, Asad R. Bhojani, Term Finance Certificates 6% 12% 12% Ali Alvi, Ali Asghar Placement against TFC 8% 1% 0% Equity Sector Allocation (% of Total Assets) Pakistan Investment Bonds 8% 8% 8% Cash & Equivalent 6% 7% 5% Placement /TDR 0% 0% 28% Others 1% 1% 1% Leverage Nil Nil Nil URSF Money Market (% of Total Assets) Oct'13 Nov'13 Dec'13 Treasury Bills 94% 93% 45% Commercial Paper 0% 0% 0% Cash & Equivalent 6% 6% 3% Placement/TDR 0% 0% 51% Others 0% 1% 0% URSF DSF % 6.90% 7.73% 10.18% 9.89% URSF MSF % 6.66% 7.07% 9.30% 9.27% URSF Equity (% of Total Assets) Oct'13 Nov'13 Dec'13 URSF ESF % 19.07% 54.13% 31.84% 32.27% Equities 91% 92% 94% Returns are annualized using Moringstar Methodology 2 Returns for periods greater than one year have Cash & Equivalent 6% 6% 6% been annualized using Morningstar Methodology Others 3% 2% 0% Disclosures In compliance with SECP's "Circular# 17 of 2012" Top Ten Equity Holdings (% of Total Assets) Pakistan Petroleum 9% Bank Al Habib 5% Lucky Cement 7% Pakistan State Oil 4% Nishat Mills 6% Kot Addu Power Company 4% Oil & Gas Development Co. 6% Nishat Chunian Limited 4% Bank Al Falah 6% Fauji Fertilizer 3% Value of 100 Rupees invested (medium volatility allocation*) 12 months ago * 50% Equity, 40% Debt, 10% Money Market Chemicals, 6% Personal Goods, 12% Construction & Materials, 16% 3 Months 6 Months 1 Year Oil & Gas, 22% Commercial Banks, 17% 3 Years 5 Years Monthly Yield Jan'13 Feb'13 Mar'13 Apr'13 May'13 Jun'13 Jul'13 Aug'13 Sep'13 Oct'13 Nov'13 Dec'13 CYTD URSF Debt (p.a)* 8.37% 5.07% 8.59% 9.83% 10.91% 8.49% 5.48% 6.09% 5.43% 8.21% 5.28% 10.95% 7.73% URSF Money Market (p.a)* 7.43% 7.08% 7.26% 7.78% 7.45% 7.93% 6.62% 6.67% 5.91% 7.34% 6.13% 7.26% 7.07% URSF Equity 2.31% 3.71% 1.43% 6.36% 12.28% 0.60% 11.46% 8.49% 0.67% 4.04% 7.10% 5.47% 53.95% * Returns are annualized using the Morningstar Methodology have resolved that accumulated unrecorded WWF provision from the date of its application till 29th May 2013 on all the funds under management will be borne by the UBL s Limited (Management Company) in case the said accumulated amount is required to be paid to the Government authorities. Thus, the Fund is no longer liable to pay any expense under WWF until 29th May management would start charging provision on account of 2% of net accounting income under the WWF Ordinance, Thus, with effect from 30th May 2013, the Fund is charging WWF expense. Debt Sub Fund the tune of Rs. 228,617, if the same were not made the NAV per unit/return of the Scheme would be higher by Rs. 0.33/0.25%. Money Market Sub Fund the tune of Rs. 207,812, if the same were not made the NAV per unit/return of the Scheme would be higher by Rs. 0.05/0.04%. Equity Sub Fund the tune of Rs. 1,182,789, if the same were not made the NAV per unit/return of the Scheme would be higher by Rs. 2.21/0.80%. Disclaimer: This publication is for informational purpose only and nothing herein should be construed as a solicitation, recommendation or an offer to buy or sell any fund. All investments in mutual funds are subject to market risks. The NAV based prices of units and any dividends/returns thereon are dependent on forces and factors affecting the capital markets. These may go up or down based on market conditions. Past performance is not necessarily indicative of future results. Others, 21%

15 Let us help you get started! call sms INVEST to website Let s talk Smart Savings! DISCLAIMER: THIS PUBLICATION IS FOR INFORMATIONAL PURPOSES ONLY AND NOTHING HEREIN SHOULD BE CONSTRUED AS A SOLICITATION, RECOMMENDATION OR AN OFFER TO BUY OR SELL ANY FUND. ALL INVESTMENTS IN MUTUAL FUNDS ARE SUBJECT TO MARKET RISKS. THE NAV BASED PRICES OF UNITS AND ANY DIVIDENDS/RETURNS THEREON ARE DEPENDENT ON FORCES AND FACTORS AFFECTING THE CAPITAL MARKETS. THESE MAY GO UP OR DOWN BASED ON MARKET CONDITIONS. PAST PERFORMANCE IS NOT NECESSARILY INDICATIVE OF FUTURE RESULTS.