Fund Managers Report February 2017

Transcription

1 s Report February 2017 Rated AM2++ by JCR-VIS. Currently the Highest Management Quality Rating in Pakistan.

2 Table of Contents From the CIO's Desk Page 2 Performance Summary Page 3 Al Ameen Islamic Cash Fund Page 4 Al Ameen Islamic Sovereign Fund Page 5 Al Ameen Islamic Aggressive Income Fund Page 6 Al Ameen Islamic Asset Allocation Fund Page 7 Al Ameen Shariah Stock Fund Page 8 Al Ameen Islamic Dedicated Equity Fund Page 9 Al Ameen Islamic Active Allocation Plan I Page 10 Al Ameen Islamic Active Allocation Plan II Page 11 Al Ameen Islamic Active Allocation Plan III Page 12 Al Ameen Islamic Active Allocation Plan IV Page 13 Al Ameen Islamic Active Allocation Plan V Page 14 Al Ameen Islamic Active Allocation Plan VI Page 15 Al Ameen Islamic Active Allocation Plan VII Page 16 Al Ameen Islamic Retirement Savings Fund Page 17 Historical Performance Page 18

3 Market Review & Outlook From the CIO's Desk The market remained volatile in Feb 17 amid repeated terrorist incidents, mounting uncertainty on the political front related to the apex court reserving its judgment on Panama Case and financial scams in some brokerage houses followed by SECP s intervention. After a strong initial spurt which could not last, the benchmark KSE Index closed the month below the psychological level of 50,000, declining by 1.8%MoM, driven by sizable selling by retail investors and continued foreign offloading. While mutual funds and NBFCs remained major buyers absorbing most of the selling by aforesaid counters. Among individual sectors, Multi utilities (favorable UFG study, strong capex plans) and Cements (good results, bright prospects) outperformed and Electricity (weak results and pay outs) and Pharmaceuticals (DRAP issues) underperformed, while the larger Banks and Oil and Gas sectors remained roughly in line with the market. CPI inflation increased to 4.2% (up 0.3%MoM) in February from 3.7% in the previous month mainly due to a jump in prices of some perishable food items, rise in retail fuel rates and higher healthcare costs. For the current fiscal year (FY17), headline inflation is likely to remain a little below SBP s forecasted range of 4.5% to 5.5%. Nonetheless, we expect inflation to gradually increase from 2HCY17 on reversal of base effect, partial recovery in commodity prices and their fuller pass through, strong moneysupplygrowth and some PKR depreciation. The recent data on external account raises balance of payment concerns over the medium term. For instance, current account deficit during 7MFY17 has already ballooned to USD4.7bn, up 90%YoY and already in excess of full year official target, on rising imports, moribund exports and stagnating remittances. For the next few months, the government may be able to fund the above through external loans and inflows from the likely tax amnesty scheme on undocumented foreign assets of Pakistani nationals. However, higher exports earnings and FDIs would be essential for longterm sustainability of external account and current growth momentum. Though uncertainty related to Panama Case may cause some short term volatility in March, we hold a positive outlook on the equity market with our view supported by solid corporate profitability growth in CY17 and CY18, attractive valuations, expected MSCI EM inflows and ample local liquidity and investor interest. Further, recent acquisition of PSX by Shanghai Stock Exchange led consortium should also bring multiple benefits such as new products, improved PSX perception and possible cross listings. We recommend our investors to invest in our equity funds as per their risk appetite and return expectations. For instance, our Al Ameen Islamic Asset Allocation Fund (AIAAF) offers an appropriate strategy for investors with low to moderate risk tolerance. This fund invests in a diversified portfolio of stocks, bonds, and money market instruments. It has the potential to earn returns well above those of Money Market Funds and Income Funds, while limiting risk by investing no more than 40% of its assets in stocks at any point in time. For those, with higher risk tolerance and return expectations, we have Al AmeenShariah Stock Fundwhich offerspure exposureto the domesticequity market. We strongly recommend our investors to also invest in Voluntary Pension Schemes in order to avail tax benefits, grow their long term savings and achieve retirement security. For those with a longer investment horizon, we recommend a high exposure to Equity Sub Fund of the Scheme. We have been following an aggressive investment strategy in this Sub Fund considering its long time horizon and low liquidity/redemption pressures. The strategy has performed well and the Equity Sub Fund has generated an absolute return of 647.2% (KSE Index: 437.3%)since inception.this translates to an average annualized return of 34.3% p.a. (KSE Index: 28.0% p.a.) thus outperforming the KSE Index by a significant margin.

4 Sr. No. 1 Return (net of all expenses including Fund Category Fund Name Symbol Fund size ) CYTD date (%) CAGR (%) Fund Benchmark Fund Benchmark Islamic Money Market Al Ameen Islamic Cash Fund AICF 3, Sep % 2.67% 5.92% 6.05% 2 Islamic Income Al Ameen Islamic Sovereign Fund AISF 3,130 7 Nov % 3.90% 8.02% 6.74% 3 4 Islamic Aggressive Income Islamic Asset Allocation Al Ameen Islamic Aggressive Income Fund AIAIF 1, Oct % 5.25% 6.01% 7.64% Al Ameen Islamic Asset Allocation Fund AIAAF 4, Dec % 1.30% 14.42% 10.38% 5 Islamic Equity Al Ameen Shariah Stock Fund ASSF 8, Dec % 2.17% 19.76% 20.13% 6 Islamic Equity Al Ameen Islamic Dedicated Equity Fund AIDEF 12,645 4 Jan % 2.17% 35.86% 40.99% 7 Islamic Fund of Funds Scheme Al Ameen Islamic Financial Planning Fund Al Ameen Islamic Active Allocation Plan I AIFPF AIActAP I 2, Jun % 1.89% 19.57% 20.68% 8 Islamic Fund of Funds Scheme Al Ameen Islamic Financial Planning Fund Al Ameen Islamic Active Allocation Plan II AIFPF AIActAP II 3, Sep % 1.86% 24.88% 26.89% 9 Islamic Fund of Funds Scheme Al Ameen Islamic Financial Planning Fund Al Ameen Islamic Active Allocation Plan III AIFPF AIActAP III 1, Dec % 1.87% 27.37% 31.17% 10 Islamic Fund of Funds Scheme Al Ameen Islamic Financial Planning Fund Al Ameen Islamic Active Allocation Plan IV AIFPF AIActAP IV 1, Mar % 1.87% 31.93% 33.12% 11 Islamic Fund of Funds Scheme Al Ameen Islamic Financial Planning Fund Al Ameen Islamic Active Allocation Plan V AIFPF AIActAP V 2, Aug % 1.89% 17.08% 16.53% 12 Islamic Fund of Funds Scheme Al Ameen Islamic Financial Planning Fund Al Ameen Islamic Active Allocation Plan VI AIFPF AIActAP VI 2, Nov % 1.84% 9.18% 10.39% 13 Islamic Fund of Funds Scheme Al Ameen Islamic Financial Planning Fund II Al Ameen Islamic Active Allocation Plan VII AIFPF II AIActAP VII 2, Feb % 0.17% 0.11% 0.17% 14 Al Ameen Islamic Retirement Savings Fund AIRSF 19 May 10 Islamic Voluntary Equity Sub Fund 1, % N.A 34.34% N.A Pension Scheme Debt Sub Fund % N.A 6.84% N.A Money Market Sub Fund % N.A 6.26% N.A Returns of periods greater than one year have been annualized using the Morningstar Methodology

5 Al Ameen Islamic Cash Fund 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. AICF 1 AICF 2 Benchmark Fund Type Open end FY YTD (p.a.) 4.84% 4.88% 3.42% Fund Categorization Shariah Compliant Money Market Fund February 2017 (p.a.) 4.05% 4.12% 2.67% Risk Profile Low (CAGR) 5.92% 6.05% Launch Date 19 Sep 12 Standard Deviation* 0.11% 0.99% Benchmark 3M Average deposit rates of 3 AA rated Islamic Sharpe Ratio** (9.77) (2.10) banks/windows as selected by MUFAP. Weighted Avg Time to Maturity 5Days Listing Pakistan Stock Exchange (PSX) Expense Ratio % Trustee Central Depository Company (CDC) BDO Ebrahim & Co Shariah Advisory Board Mr. Hassaan Kaleem & Mr. Najeeb Khan Management Co. Rating AM2++ (JCR VIS) Fund Stability Rating AA (JCR VIS) Minimum Investment Rs. 500 Jan'17 Feb'17 % Load Nil (Front end) Fund Size (PKR Mn) 1,957 3, % Dealing Days Monday to Friday NAV (PKR) % Cut off times Issuance: 4:00 p.m. Redemption: 9:30 am 1 Simple Annualized Return 2 Morning Star Return * 12m Trailing ** 12m Trailing, 3M PKRV yield is used as a risk free rate 3 This includes 0.37% representing government levy, Worker's Welfare Fund and SECP fee. Note: Benchmark has been changed effective from October 2016; Previously Average of 3 Months Placement Rate of 3 Islamic Banks (with AA or better banks) Backward 10% of the Gross Earnings subject to a min. fee of 0.5% of net assets and a max. fee of 1% of net assets. Yasir Qadri Hasnain Raza Nensey Ali Alvi Farhan Bashir Khan Aly Osman Portfolio Quality (% of Total Assets) AA, 17% Others, 1% AA+, 8% Commercial Papers 0% 0% 0% Cash 80% 76% 86% GoP Ijara Sukuks 0% 0% 0% Others 1% 2% 1% Placements with banks 19% 22% 13% AAA, 75% AICF (p.a) 4.84% 4.96% 4.90% 5.50% 5.92% Key Interest Rates Benchmark 2.70% 2.99% 3.88% 5.58% 6.05% KIBOR (1M, 6M, 1Y, 3Y)* 6.01% 6.01% 6.15% 6.41% Returns are annualized using the Morningstar Methodology Discount Rate 6.25% CPI (Feb) Y o Y Basis 4.22% Disclosure of Excess Exposure (Per Entity) as at February 28, 2017 Name of Investment Exposure Type % of NA Limit Excess Habib Metropolitan Bank Per Entity 11.24% 10.00% 1.24% * Average during month Faysal Bank Per Entity 11.24% 10.00% 1.24% Value of Rupees invested 12 months ago liability to the tune of Rs. 6,673,349, if the same were not made the NAV per unit/return of the Scheme would be higher by Rs. 0.20/0.19%. Monthly Yield* Mar'16 Apr'16 May'16 Jun'16 Jul'16 Aug'16 Sep'16 Oct'16 Nov'16 Dec'16 Jan'17 Feb'17 CYTD AICF 4.87% 4.62% 5.15% 5.14% 4.33% 4.96% 5.12% 5.05% 5.05% 5.01% 5.32% 4.12% 4.75% Benchmark 4.83% 4.77% 4.74% 4.85% 4.67% 4.65% 4.39% 2.74% 2.71% 2.74% 2.68% 2.67% 2.67% *Returns are annualized using the Morningstar Methodology For periodic returns as per SECP's SCD Cirular No. 16 of 2014, refer to the end of this FMR 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. All returns are calculated assuming reinvested dividends. MUFAP's Recommended Format Page 4

6 Al Ameen Islamic Sovereign Fund AISF is an open end Shariah Compliant Income Fund which aims to generate a competitive return with minimum risk, by investing primarily in Shariah Compliant Government Securities. AISF 1 AISF 2 Benchmark Fund Type Open end FY YTD (p.a.) 5.94% 6.00% 4.37% Fund Categorization Shariah Compliant Income Fund February 2017 (p.a.) 1.59% 1.60% 3.96% Risk Profile Low (CAGR) 8.02% 6.74% Launch Date 7 Nov 10 Standard Deviation* 0.76% 0.54% Benchmark Average of 6M PKISRV rates. Sharpe Ratio** (0.01) (2.52) Listing Pakistan Stock Exchange (PSX) Weighted Avg Time to Maturity 1.33 Years Trustee Central Depository Company (CDC) Expense Ratio % KPMG Taseer Hadi and Co. Shariah Advisory Board Mr. Hassaan Kaleem & Mr. Najeeb Khan Management Co. Rating AM2++ (JCR VIS) Fund Stability Rating AA Minus (JCR VIS) Jan'17 Feb'17 % Minimum Investment Rs. 500 Fund Size (PKR Mn) 3,228 3, % Load 1.0% (Front end) NAV (PKR) % Dealing Days Monday to Friday 1 Simple Annualized Return 2 Morning Star Return * 12m Trailing ** 12m Trailing, 3M PKRV yield is used as a risk free rate 3 This includes 0.28% representing government levy, Worker's Welfare Fund and SECP fee. Note: Benchmark has been changed effective from October 2016; Previously Average of 6 Months Deposit Rates of 3 Islamic Banks (with AA or better banks) Cut off times 4:00 PM 1.00% p.a. Yasir Qadri Hasnain Raza Nensey Ali Alvi Farhan Bashir Khan Aly Osman Portfolio Quality (% of Total Assets) AA, 10% AA+, 8% AAA, 11% AA, 0% Others, 1% GoP Ijara Sukuks 69% 68% 70% Cash 13% 13% 12% Others 1% 2% 1% Placements with banks 17% 17% 17% Government Securities, 70% Key Interest Rates KIBOR (1M, 6M, 1Y, 3Y)* 6.01% 6.01% 6.15% 6.41% Discount Rate 6.25% AISF (p.a) 1.80% 5.81% 5.95% 5.75% 7.02% 8.02% CPI (Feb) Y o Y Basis 4.22% Benchmark 3.81% 4.17% 4.60% 6.05% 6.46% 6.74% * Average during month Returns are annualized using the Morningstar Methodology Disclosure of Excess/(Short) Exposure as a %age of NA as at September 30, 2016 Name of Investment Required* Month Avg Excess/(Short) Government Securities 70.00% 69.49% 0.51% * 90 Days Average liability to the tune of Rs. 4,445,299, if the same were not made the NAV per unit/return of the Scheme would be higher by Rs. 0.15/0.14%. Value of Rupees invested 12 months ago Monthly Yield* Mar'16 Apr'16 May'16 Jun'16 Jul'16 Aug'16 Sep'16 Oct'16 Nov'16 Dec'16 Jan'17 Feb'17 CYTD AISF 8.57% 4.48% 6.11% 4.25% 6.30% 6.80% 4.78% 10.55% 14.66% 1.01% 4.88% 1.60% 3.31% Benchmark 5.12% 5.07% 5.02% 5.07% 4.91% 4.94% 4.75% 4.74% 4.12% 3.63% 3.84% 3.96% 3.90% *Returns are annualized using the Morningstar Methodology For periodic returns as per SECP's SCD Cirular No. 16 of 2014, refer to the end of this FMR 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. All returns are calculated assuming reinvested dividends. MUFAP's Recommended Format Page 5

7 Al Ameen Islamic Aggressive Income Fund AIAIF is an open end Shariah Compliant Aggressive Fixed Income Fund which invests in medium to long term income instruments as well as short tenor money market instruments to generate superior, long term, risk adjusted returns while preserving capital over the long term. AIAIF 1 AIAIF 2 Benchmark Fund Type Open end FY YTD (p.a.) 4.87% 4.91% 5.33% Fund Categorization Shariah Compliant Aggressive Fixed Income February 2017 (p.a.) 3.85% 3.92% 5.25% Risk Profile Moderate (CAGR) 6.01% 7.64% Launch Date 20 Oct 07 Standard Deviation* 0.93% 0.16% Benchmark Weighted average of 12 Month deposit rates of Sharpe Ratio** (0.27) (3.43) 3 Islamic Banks Weighted Avg Time to Maturity 1.17 Years Listing Pakistan Stock Exchange (PSX) Expense Ratio % Trustee Central Depository Company (CDC) Ernst & Young Ford Rhodes Sidat Hyder Shariah Advisory Board Mr. Hassaan Kaleem & Mr. Najeeb Khan Management Co. Rating AM2++ (JCR VIS) Fund Stability Rating BBB+ (JCR VIS) Minimum Investment Rs. 500 Jan'17 Feb'17 % Load (Front end) 1% (Growth Units, Income Units) Fund Size (PKR Mn) 1,244 1, % Load (Back end) None NAV (PKR) % Dealing Days Monday to Friday 1 Simple Annualized Return 2 Morning Star Return * 12m Trailing ** 12m Trailing, 3M PKRV yield is used as a risk free rate 3 This includes 0.32% representing government levy, Worker's Welfare Fund and SECP fee. Cut off times 4:00 PM 1.5% p.a. Syed Shabbir Sardar Zaidi, CFA Yasir Qadri Hasnain Raza Nensey Ali Alvi Farhan Bashir Khan Aly Osman Syed Shabbir Sardar Zaidi, CFA Portfolio Quality (% of Total Assets) Others, 2% A, 12% A+, 22% Government Securities, 4% Government Backed Securities, 4% AAA, 3% AA+, 18% Sukuks 26% 26% 32% GoP Ijara Sukuk 4% 4% 4% Commercial Papers 0% 0% 0% Cash 43% 42% 35% Others 1% 2% 2% Placements with banks 26% 27% 27% AA, 12% AA, 16% Disclosure of Excess/(Short) Exposure as a %age of NA as at July 31, 2016 AIAIF (p.a) 4.28% 4.50% 5.71% 8.46% 10.14% 6.01% Name of Investment Exposure Type % of NA Limit Excess Benchmark 5.26% 5.28% 5.43% 6.74% 7.25% 7.64% Engro Fertilizers Per Entity 17.10% 15.00% 2.10% Returns are annualized using the Morningstar Methodology K Electric Per Entity 16.39% 15.00% 1.39% Cash and Near Cash 8.38% 10.00% 1.62% Top Ten Sukuk Holdings (as % of Total Assets) TFC/SUKUK Engro Fertilizer Ltd. (09 JUL 14) 6.6% TFC/SUKUK ENGRO CORP LTD. (10 JUL 14) 3Y 2.3% TFC/SUKUK K ELECTIC (19 MAR 14) 6.2% TFC/SUKUK K ELECTIC (19 MAR 14) 2.2% liability to the tune of Rs. 1,557,020, if the same were not made the NAV per unit/return of the Scheme would be higher by Rs. 0.13/0.13%. TFC/SUKUK GHANI GASES LIMITED (03 FEB 17) 6.0% WAPDA TFC 0.6% TFC/SUKUK TPL TRACKER LIMITED (13 APR 16) 4.2% TFC/SUKUK WAPDA. (14 OCT 13) 3.9% 0 0.0% Value of Rupees invested 12 months ago Monthly Yield* Mar'16 Apr'16 May'16 Jun'16 Jul'16 Aug'16 Sep'16 Oct'16 Nov'16 Dec'16 Jan'17 Feb'17 CYTD AIAIF 10.34% 2.98% 4.41% 11.88% 6.32% 5.91% 4.44% 5.08% 4.61% 3.71% 5.19% 3.92% 4.58% Benchmark 5.65% 5.62% 5.59% 5.61% 5.46% 5.52% 5.30% 5.29% 5.29% 5.29% 5.26% 5.25% 5.25% *Returns are annualized using the Morningstar Methodology For periodic returns as per SECP's SCD Cirular No. 16 of 2014, refer to the end of this FMR 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. All returns are calculated assuming reinvested dividends. MUFAP's Recommended Format Page 6

8 Al Ameen Islamic Asset Allocation Fund 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. AIAAF Benchmark Fund Type Open end FY YTD 13.88% 5.58% Fund Categorization Islamic Asset Allocation Feb % 0.62% Risk Profile Medium (CAGR)*** 14.42% 10.38% Launch Date 10 Dec 13 Standard Deviation* 4.93% 2.91% Benchmark Average of 6M KIBOR rate + 2% Sharpe Ratio** Listing Pakistan Stock Exchange (PSX) Expense Ratio % Trustee Central Depository Company (CDC) Ernt & Young Forde Rhodes Sidat Hyder & Co. Management Co.Rating AM2++ (JCR VIS) Minimum Investment Rs. 10,000/ initial & subsequent Load 3% (Front end) Jan'17 Feb'17 % Dealing Days Monday to Friday Fund Size (PKR Mn) 4,169 4, % Cut off times 4:00 PM NAV (PKR) % *12M Trailing. **12M Trailing, 3M PKRV yield used as Risk Free rate. ***Returns have been annualized using Morningstar Methodology 1 This includes 0.68% representing government levy, Worker's Welfare Fund and SECP fee. Note: Benchmark has been changed effective from October 2016; Previously 70% 6M Deposit Rate of three AA and above Islamic Banks + 30% KMI 30 Index 1% p.a. Syed Shabbir Sardar Zaidi, CFA Yasir Qadri Hasnain Raza Nensey Ali Alvi Farhan Bashir Aly Osman Syed Shabbir Sardar Zaidi, CFA Asset Allocation (% of Total Assets) Others, 1% Equities 38% 35% 34% Placements with banks 30% 27% 23% Equities, 34% Sukuk 2% 2% 3% Cash, 39% Cash 29% 34% 39% GoP Ijarah 0% 0% 0% Others 1% 1% 1% Sukuk, 3% Placements with banks, 23% Top Ten Equity Holdings (% of Total Assets) Lucky Cement Ltd 2.6% Nishat Mills Ltd 1.7% The Hub Power Co. Ltd 2.1% Cherat Cement Co. Ltd 1.6% AIAAF 6.89% 10.62% 22.4% 53.50% 54.36% D. G. Khan Cement Co. Ltd 2.0% K Electric Ltd 1.3% Benchmark 1.99% 3.45% 13.8% 34.59% 37.45% Engro Corporation Ltd 1.9% Pakistan State Oil Co. Ltd 1.3% Returns are on absolute basis Mari Petroleum Co. Ltd 1.9% Sui Northern Gas Pipelines Ltd 1.3% Sector Allocation of Equity Name of Investment Exposure Type % of NA Limit Excess Dubai Islamic Bank Per Entity 14.44% 10% 4.44% Others, 12% Cement, 9% Value of Rupees invested 12 months ago Oil & Gas Marketing Companies, 3% Fertilizer, 3% Oil & Gas Exploration Companies, 5% Power Generation & Distribution, 3% liability to the tune of Rs. 16,768,805, if the same were not made the NAV per unit/return of the Scheme would be higher by Rs. 0.44/0.34%. AIAAF 3.36% 1.11% 1.50% 1.37% 3.19% 0.23% 0.40% 0.44% 3.53% 4.80% 1.43% 0.56% 2.00% Benchmark 2.75% 1.48% 1.65% 1.68% 2.05% 0.01% 0.09% 0.68% 0.66% 0.68% 0.68% 0.62% 1.30% For periodic returns as per SECP's SCD Cirular No. 16 of 2014, refer to the end of this FMR 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. All returns are calculated assuming reinvested dividends. MUFAP's Recommended Format Page 7

9 Al Ameen Shariah Stock Fund ASSF is an open end Equity Fund, investing primarily in Shariah compliant equities. 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. ASSF Benchmark Fund Type Open end FY YTD 31.27% 26.31% Fund Categorization Islamic Equity Feb % 0.29% Risk Profile High (CAGR)*** 19.76% 20.13% Launch Date 24 Dec 06 Standard Deviation* 12.60% 13.03% Benchmark KMI 30 Index Sharpe Ratio** Listing Pakistan Stock Exchange (PSX) Beta* Trustee Central Depository Company (CDC) Alpha*^ 1.58% Deloitte M. Yousuf Adil Saleem & Co. R Square^^ 89% Management Co.Rating AM2++ (JCR VIS) Price to Earning Ratio ^^^ 13.26x 12.43x Minimum Investment Rs. 500 Dividend Yield ^^^ 1.74% 5.21% Load 2.5% (Front end), Nil (Back end) Value at Risk 1.05% 1.15% Dealing Days Monday to Friday Expense Ratio % Cut off times 4:00 PM Jan'17 Feb'17 % 2% p.a. Fund Size (PKR Mn) 8,195 8, % Jawad Naeem NAV (PKR) % Yasir Qadri Hasnain Raza Nensey *12MTrailing. **12MTrailing, 3MPKRV 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 KMI 30 Index only. ^^^^ NAV based. ***Returns have been annualized using Morningstar Methodology. 1 This includes 1.33% representing government levy, Worker's Welfare Fund and SECP fee. Ali Alvi Farhan Bashir Khan Aly Osman Jawad Naeem *Reconstitution of the Fund on 18th July 2012 from "Islamic Balanced to Islamic Equity" Sector Allocation (% of Total Assets) Equities 90% 89% 91% Others, 30% Cement, 24% Sukuks 0% 0% 0% GoP Ijarah Sukuks 0% 0% 0% Oil & Gas Cash 7% 9% 9% Oil & Gas Exploration Others 2% 2% 1% Marketing Companies, 14% Companies, 7% Power Generation & Distribution, 7% Fertilizer, 9% Top Ten Equity Holdings (% of Total Assets) Lucky Cement Ltd 7.9% Oil & Gas Development Co. Ltd 4.5% ASSF 17.26% 24.85% 57.04% % % % The Hub Power Co. Ltd 5.7% Cherat Cement Co. Ltd 4.0% Benchmark 16.99% 20.41% 55.46% 94.86% % % Engro Corporation Ltd 5.3% Mari Petroleum Co. Ltd 3.9% Returns are on absolute basis D. G. Khan Cement Co. Ltd 4.9% Engro Fertilizer Ltd 3.8% Nishat Mills Ltd 4.7% Pakistan State Oil Co. Ltd 3.6% Value of Rupees invested 12 months ago liability to the tune of Rs. 63,935,921, if the same were not made the NAV per unit/return of the Scheme would be higher by Rs. 1.27/0.75%. ASSF 7.48% 4.24% 3.14% 3.53% 6.62% 1.39% 0.73% 1.92% 7.77% 12.07% 3.60% 1.00% 4.63% Benchmark 8.30% 3.98% 4.51% 4.58% 5.93% 0.98% 0.64% 3.36% 7.18% 14.51% 2.47% 0.29% 2.17% For periodic returns as per SECP's SCD Cirular No. 16 of 2014, refer to the end of this FMR 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. All returns are calculated assuming reinvested dividends. MUFAP's Recommended Format Page 8

10 Al Ameen Islamic Dedicated Equity Fund The investment objective of the Fund is to provide other Fund of Funds schemes an avenue for investing in Shariah compliant Equities. AIDEF Benchmark Fund Type Open end FY YTD 29.48% 26.31% Fund Categorization Islamic Equity Feb % 0.29% Risk Profile High (CAGR) 35.86% 40.99% Launch Date 4 Jan 16 Standard Deviation* n/a n/a Benchmark KMI 30 Index Sharpe Ratio** n/a n/a Listing Pakistan Stock Exchange (PSX) Expense Ratio % Trustee Management Co.Rating Central Depository Company (CDC) Deloitte M. Yousuf Adil Saleem & Co. AM2++ (JCR VIS) Minimum Investment Rs. 10,000 Load Upto 3% (Front end), Nil (Back end) Dealing Days Monday to Friday Cut off times 4:00 PM Jan'17 Feb'17 % 2% p.a. Fund Size (PKR Mn) 11,701 12, % NAV (PKR) % Yasir Qadri Hasnain Raza Nensey *12M Trailing. **12M Trailing, 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 KMI 30 Index only. 1 This includes 1.03% representing government levy, Worker's Welfare Fund and SECP fee. Ali Alvi Farhan Bashir Aly Osman Sector Allocation (% of Total Assets) Others, 33% Fertilizer, 6% Oil & Gas Marketing Companies, 7% Cement, 23% Oil & Gas Exploration Companies, 11% Equities 94% 92% 89% Sukuks 0% 0% 0% GoP Ijarah Sukuks 0% 0% 0% Cash 3% 6% 11% Others 2% 2% 0% Power Generation & Distribution, 9% Top Ten Equity Holdings (% of Total Assets) Lucky Cement Ltd 6.9% Mari Petroleum Co. Ltd 4.5% AIDEF 14.93% 21.63% 51.95% 42.40% The Hub Power Co. Ltd 6.0% Oil & Gas Development Co. Ltd 4.2% Benchmark 16.99% 20.41% 55.46% 48.62% D. G. Khan Cement Co. Ltd 4.7% Pakistan State Oil Co. Ltd 3.8% Returns are on absolute basis Nishat Mills Ltd 4.7% International Steels Ltd 3.4% Cherat Cement Co. Ltd 4.5% Pak Elektron Ltd 3.4% Value of Rupees invested 12 months ago liability to the tune of Rs. 70,571,077, if the same were not made the NAV per unit/return of the Scheme would be higher by Rs. 0.79/0.56% AIDEF 6.94% 2.04% 3.41% 4.00% 7.19% 0.69% 0.71% 3.02% 8.4% 10.96% 2.83% 0.72% 3.57% Benchmark 8.30% 3.98% 4.51% 4.58% 5.93% 0.98% 0.64% 3.36% 7.2% 14.51% 2.47% 0.29% 2.17% For periodic returns as per SECP's SCD Cirular No. 16 of 2014, refer to the end of this FMR 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. All returns are calculated assuming reinvested dividends. MUFAP's Recommended Format Page 9

11 Al Ameen Islamic Financial Planning Fund Al Ameen Islamic Active Allocation Plan I AIFPF is an Open end Shariah Compliant Fund of funds that aims to generate returns on Investment as per the respective Allocation Plan by investing in Shariah Compliant Mutual Funds in line with the risk tolerance of the Investor. AIActAP I Benchmark Fund Type Open end FY YTD 23.26% 21.62% Fund Categorization Shariah Compliant Fund of Funds Scheme Feb % 0.18% Risk Profile Medium (CAGR)*** 19.57% 20.68% Launch Date 23 Jun 15 Standard Deviation* 9.88% 10.53% Benchmark Sharpe Ratio** Expense Ratio % Weighted Avg. of 3M average deposit rates of 3 AA rated islamic banks/windows as selected by MUFAP, 6M PKISRV rates and KMI 30 Index on basis of actual investment by the active allocation plan Listing Pakistan Stock Exchange (PSX) Trustee Central Depository Company Deloitte Chartered Accountants Management Co.Rating AM2++ (JCR VIS) Fund Stability Rating Not yet rated Jan'17 Feb'17 % Minimum Investment Rs 10,000/ initial & Rs 1,000/ subsequently Fund Size (PKR Mn) 2,900 2, % Load 3% (Front end), 4% (Contingent Load)* NAV (PKR) % Dealing Days Monday to Friday *12M Trailing. **12M Trailing, 3M PKRV yield used as Risk Free rate. Cut off times 4:00 PM ***Returns have been annualized using Morningstar Methodology 1 This includes 0.63% representing government levy, Worker's Welfare Fund and SECP fee. Upto 1% p.a. (on the value of underlying Funds not managed by UBL s) Note: Benchmark has been changed effective from October 2016; Previously Weighted avg. daily return of KMI 30 index, 6m deposit rate of AA rated (and above) Islamic Banks, based on actual proportion of investment made by allocation plan. Yasir Qadri Hasnain Raza Nensey Ali Alvi Farhan Bashir Khan Aly Osman * 4% If more than 1 year to Maturity of Plan and 2% if 1 year or less to Maturity of Plan Holdings (% of Total Assets) Al Ameen Islamic Dedicated Equity Fund 82% Equity Funds 81% 82% 82% Al Ameen Islamic Cash Fund 11% Money Market Funds 18% 7% 11% Al Ameen Islamic Sovereign Fund 7% Income Funds 0% 11% 7% Others 0% 0% 0% Cash 0% 0% 0% Value of Rupees invested 12 months ago AIActAP I Benchmark Returns are on absolute basis 11.43% 17.00% 41.34% 35.27% 13.75% 16.79% 45.37% 37.41% liability to the tune of Rs. 15,534,635, if the same were not made the NAV per unit/return of the Scheme would be higher by Rs. 0.71/0.54%. AIActAP I 6.19% 1.72% 2.81% 3.26% 5.82% 0.45% 0.61% 2.15% 6.66% 8.76% 1.83% 0.61% 2.45% Benchmark 7.43% 3.36% 3.76% 3.74% 4.83% 0.65% 0.39% 2.47% 5.69% 11.64% 2.08% 0.18% 1.89% For periodic returns as per SECP's SCD Cirular No. 16 of 2014, refer to the end of this FMR 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. Capital preservation only applies to the unit holders who hold their investments until maturity date. All returns are calculated assuming reinvested dividends. MUFAP's Recommended Format Page 10

12 Al Ameen Islamic Financial Planning Fund Al Ameen Islamic Active Allocation Plan II AIFPF is an Open end Shariah Compliant Fund of funds that aims to generate returns on Investment as per the respective Allocation Plan by investing in Shariah Compliant Mutual Funds in line with the risk tolerance of the Investor. AIActAP II Benchmark Fund Type Open end FY YTD 23.24% 21.31% Fund Categorization Shariah Compliant Fund of Funds Scheme Feb % 0.19% Risk Profile Medium (CAGR)*** 24.88% 26.89% Launch Date 28 Sep 15 Standard Deviation* 9.61% 10.20% Benchmark Sharpe Ratio** Expense Ratio % Weighted Avg. of 3M average deposit rates of 3 AA rated islamic banks/windows as selected by MUFAP, 6M PKISRV rates and KMI 30 Index on basis of actual investment by the active allocation plan Listing Pakistan Stock Exchange (PSX) Trustee Central Depository Company Deloitte Chartered Accountants Management Co.Rating AM2++ (JCR VIS) Fund Stability Rating Not yet Rated Jan'17 Feb'17 % Minimum Investment Rs 10,000/ initial & Rs 1,000/ subsequently Fund Size (PKR Mn) 3,021 3, % Load 3% (Front end), 4% (Contingent Load)* NAV (PKR) % Dealing Days Monday to Friday Cut off times 4:00 PM *12M Trailing. **12M Trailing, 3M PKRV yield used as Risk Free rate. ***Returns have been annualized using Morningstar Methodology Upto 1% p.a. (on the value of underlying Funds This includes 0.65% representing government levy, Worker's Welfare Fund and SECP fee. not managed by UBL s) Note: Benchmark has been changed effective from October 2016; Previously Weighted avg. daily return of KMI 30 index, 6m deposit rate of AA rated (and above) Islamic Banks, based on actual proportion of investment made by allocation plan. Yasir Qadri Hasnain Raza Nensey Ali Alvi Farhan Bashir Khan Aly Osman * 4% If more than 1 year to Maturity of Plan and 2% if 1 year or less to Maturity of Plan Holdings (% of Total Assets) Al Ameen Islamic Dedicated Equity Fund 80% Equity Funds 80% 80% 80% Al Ameen Islamic Cash Fund 18% Money Market Funds 18% 18% 18% Al Ameen Islamic Sovereign Fund 0% Income Funds 0% 0% 0% Others 0% 0% 0% Cash 2% 2% 2% Value of Rupees invested 12 months ago AIActAP II Benchmark Returns are on absolute basis 11.38% 17.03% 39.79% 37.23% 13.53% 16.54% 42.53% 40.40% liability to the tune of Rs. 16,810,822, if the same were not made the NAV per unit/return of the Scheme would be higher by Rs. 0.75/0.55%. AIActAP II 5.44% 1.60% 2.58% 3.23% 5.72% 0.40% 0.63% 2.09% 6.64% 8.74% 1.80% 0.62% 2.43% Benchmark 6.48% 2.70% 3.54% 3.77% 4.76% 0.64% 0.38% 2.44% 5.61% 11.46% 2.05% 0.19% 1.86% For periodic returns as per SECP's SCD Cirular No. 16 of 2014, refer to the end of this FMR 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. Capital preservation only applies to the unit holders who hold their investments until maturity date. All returns are calculated assuming reinvested dividends. MUFAP's Recommended Format Page 11

13 Al Ameen Islamic Financial Planning Fund Al Ameen Islamic Active Allocation Plan III AIFPF is an Open end Shariah Compliant Fund of funds that aims to generate returns on Investment as per the respective Allocation Plan by investing in Shariah Compliant Mutual Funds in line with the risk tolerance of the Investor. AIActAP III Benchmark Fund Type Open end FY YTD 23.01% 21.37% Fund Categorization Shariah Compliant Fund of Funds Scheme Feb % 0.18% Risk Profile Medium (CAGR)*** 27.37% 31.17% Launch Date 22 Dec 15 Standard Deviation* 9.73% 10.22% Benchmark Sharpe Ratio** Expense Ratio % Weighted Avg. of 3M average deposit rates of 3 AA rated islamic banks/windows as selected by MUFAP, 6M PKISRV rates and KMI 30 Index on basis of actual investment by the active allocation plan Listing Pakistan Stock Exchange (PSX) Trustee Central Depository Company Deloitte Chartered Accountants Management Co.Rating AM2++ (JCR VIS) Fund Stability Rating Not yet Rated Jan'17 Feb'17 % Minimum Investment Rs 10,000/ initial & Rs 1,000/ subsequently Fund Size (PKR Mn) 1,840 1, % Load 3% (Front end), 4% (Contingent Load)* NAV (PKR) % Dealing Days Monday to Friday *12M Trailing. **12M Trailing, 3M PKRV yield used as Risk Free rate. Cut off times 4:00 PM ***Returns have been annualized using Morningstar Methodology This includes 0.61% representing government levy, Worker's Welfare Fund and SECP fee. Upto 1% p.a. (on the value of underlying Funds not managed by UBL s) Note: Benchmark has been changed effective from October 2016; Previously Weighted avg. daily return of KMI 30 index, 3m & 6m deposit rate of AA rated (and above) Islamic Banks, based on actual proportion of investment made by allocation plan. Yasir Qadri Hasnain Raza Nensey Ali Alvi Farhan Bashir Khan Aly Osman * 4% If more than 1 year to Maturity of Plan and 2% if 1 year or less to Maturity of Plan Holdings (% of Total Assets) Al Ameen Islamic Dedicated Equity Fund 81% Equity Funds 80% 80% 81% Al Ameen Islamic Cash Fund 14% Money Market Funds 15% 14% 14% Al Ameen Islamic Sovereign Fund 5% Income Funds 5% 5% 5% Others 0% 0% 0% Cash 0% 0% 0% Value of Rupees invested 12 months ago AIActAP III Benchmark Returns are on absolute basis 11.35% 16.79% 38.88% 33.33% 13.55% 16.49% 42.18% 38.07% liability to the tune of Rs. 9,294,664, if the same were not made the NAV per unit/return of the Scheme would be higher by Rs. 0.66/0.50%. AIActAP III 4.85% 1.59% 2.59% 3.31% 5.81% 0.46% 0.66% 2.25% 6.59% 8.68% 1.84% 0.61% 2.46% Benchmark 5.83% 2.95% 3.58% 3.81% 4.87% 0.65% 0.39% 2.52% 5.65% 11.47% 2.05% 0.18% 1.87% For periodic returns as per SECP's SCD Cirular No. 16 of 2014, refer to the end of this FMR 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. Capital preservation only applies to the unit holders who hold their investments until maturity date. All returns are calculated assuming reinvested dividends. MUFAP's Recommended Format Page 12

14 Al Ameen Islamic Financial Planning Fund Al Ameen Islamic Active Allocation Plan IV AIFPF is an Open end Shariah Compliant Fund of funds that aims to generate returns on Investment as per the respective Allocation Plan by investing in Shariah Compliant Mutual Funds in line with the risk tolerance of the Investor. AIActAP IV Benchmark Fund Type Open end FY YTD 23.16% 21.37% Fund Categorization Shariah Compliant Fund of Funds Scheme Feb % 0.18% Risk Profile Medium 31.93% 33.12% Launch Date 29 Mar 16 Standard Deviation* n/a n/a Benchmark Sharpe Ratio** n/a n/a Expense Ratio % Weighted Avg. of 3M average deposit rates of 3 AA rated islamic banks/windows as selected by MUFAP, 6M PKISRV rates and KMI 30 Index on basis of actual investment by the active allocation plan Listing Pakistan Stock Exchange (PSX) Trustee Central Depository Company Deloitte Chartered Accountants Management Co.Rating AM2++ (JCR VIS) Fund Stability Rating Not yet Rated Jan'17 Feb'17 % Minimum Investment Rs 10,000/ initial & Rs 1,000/ subsequently Fund Size (PKR Mn) 1,626 1, % Load 3% (Front end), 4% (Contingent Load)* NAV (PKR) % Dealing Days Monday to Friday Cut off times 4:00 PM *12M Trailing. **12M Trailing, 3M PKRV yield used as Risk Free rate. This includes 0.59% representing government levy, Worker's Welfare Fund and SECP fee. Upto 1% p.a. (on the value of underlying Funds not managed by UBL s) Note: Benchmark has been changed effective from October 2016; Previously Weighted avg. daily return of KMI 30 index, 3m & 6m deposit rate of AA rated (and above) Islamic Banks, based on actual proportion of investment made by allocation plan. Yasir Qadri Hasnain Raza Nensey Ali Alvi Farhan Bashir Khan Aly Osman * 4% If more than 1 year to Maturity of Plan and 2% if 1 year or less to Maturity of Plan Holdings (% of Total Assets) Al Ameen Islamic Dedicated Equity Fund 81% Equity Funds 80% 81% 81% Al Ameen Islamic Cash Fund 18% Money Market Funds 0% 0% 18% Al Ameen Islamic Sovereign Fund 0% Income Funds 18% 18% 0% Others 0% 0% 0% Cash 2% 1% 1% Value of Rupees invested at inception AIActAP IV Benchmark Returns are on absolute basis 11.26% 16.88% 31.93% 13.55% 16.55% 33.12% liability to the tune of Rs. 7,971,008, if the same were not made the NAV per unit/return of the Scheme would be higher by Rs. 0.63/0.49%. AIActAP IV 0.37% 0.76% 2.60% 3.24% 5.77% 0.37% 0.62% 2.08% 6.63% 8.58% 1.86% 0.59% 2.46% Benchmark 0.23% 1.85% 3.55% 3.76% 4.81% 0.64% 0.38% 2.44% 5.60% 11.46% 2.05% 0.18% 1.87% For periodic returns as per SECP's SCD Cirular No. 16 of 2014, refer to the end of this FMR 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. Capital preservation only applies to the unit holders who hold their investments until maturity date. All returns are calculated assuming reinvested dividends. MUFAP's Recommended Format Page 13

15 Al Ameen Islamic Financial Planning Fund Al Ameen Islamic Active Allocation Plan V AIFPF is an Open end Shariah Compliant Fund of funds that aims to generate returns on Investment as per the respective Allocation Plan by investing in Shariah Compliant Mutual Funds in line with the risk tolerance of the Investor. AIActAP V Benchmark Fund Type Open end FY YTD 17.08% 16.53% Fund Categorization Shariah Compliant Fund of Funds Scheme Feb % 0.18% Risk Profile Medium 17.08% 16.53% Launch Date 15 Aug 16 Standard Deviation* n/a n/a Benchmark Sharpe Ratio** n/a n/a Expense Ratio % Weighted Avg. of 3M average deposit rates of 3 AA rated islamic banks/windows as selected by MUFAP, 6M PKISRV rates and KMI 30 Index on basis of actual investment by the active allocation plan Listing Pakistan Stock Exchange (PSX) Trustee Central Depository Company Deloitte Chartered Accountants Management Co.Rating AM2++ (JCR VIS) Fund Stability Rating Not yet Rated Jan'17 Feb'17 % Minimum Investment Rs 10,000/ initial & Rs 1,000/ subsequently Fund Size (PKR Mn) 2,381 2, % Load 3% (Front end), 4% (Contingent Load)* NAV (PKR) % Dealing Days Monday to Friday *12M Trailing. **12M Trailing, 3M PKRV yield used as Risk Free rate. Cut off times 4:00 PM 1 This includes 0.36% representing government levy, Worker's Welfare Fund and SECP fee. Upto 1% p.a. (on the value of underlying Funds not managed by UBL s) Note: Benchmark has been changed effective from October 2016; Previously Weighted avg. daily return of KMI 30 index, 3m & 6m deposit rate of AA rated (and above) Islamic Banks, based on actual proportion of investment made by allocation plan. Yasir Qadri Hasnain Raza Nensey Ali Alvi Farhan Bashir Khan Aly Osman * 4% If more than 1 year to Maturity of Plan and 2% if 1 year or less to Maturity of Plan Holdings (% of Total Assets) Al Ameen Islamic Dedicated Equity Fund 81% Equity Funds 80% 81% 81% Al Ameen Islamic Cash Fund 18% Money Market Funds 0% 0% 18% Al Ameen Islamic Sovereign Fund 0% Income Funds 18% 18% 0% Others 0% 0% 0% Cash 2% 2% 1% Value of Rupees invested at inception AIActAP V Benchmark Returns are on absolute basis 11.66% 16.88% 17.08% 13.60% 16.79% 16.53% liability to the tune of Rs. 6,963,637, if the same were not made the NAV per unit/return of the Scheme would be higher by Rs. 0.34/0.29%. AIActAP V 0.17% 0.69% 2.40% 6.51% 8.71% 2.09% 0.60% 2.71% Benchmark 0.22% 0.04% 2.57% 5.56% 11.49% 2.07% 0.18% 1.89% For periodic returns as per SECP's SCD Cirular No. 16 of 2014, refer to the end of this FMR 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. Capital preservation only applies to the unit holders who hold their investments until maturity date. All returns are calculated assuming reinvested dividends. MUFAP's Recommended Format Page 14

16 Al Ameen Islamic Financial Planning Fund Al Ameen Islamic Active Allocation Plan VI AIFPF is an Open end Shariah Compliant Fund of funds that aims to generate returns on Investment as per the respective Allocation Plan by investing in Shariah Compliant Mutual Funds in line with the risk tolerance of the Investor. AIActAP VI Benchmark Fund Type Open end FY YTD 9.18% 10.39% Fund Categorization Shariah Compliant Fund of Funds Scheme Feb % 0.18% Risk Profile Medium 9.18% 10.39% Launch Date 21 Nov 16 Standard Deviation* n/a n/a Benchmark Sharpe Ratio** n/a n/a Expense Ratio % Weighted Avg. of 3M average deposit rates of 3 AA rated islamic banks/windows as selected by MUFAP, 6M PKISRV rates and KMI 30 Index on basis of actual investment by the active allocation plan Listing Pakistan Stock Exchange (PSX) Trustee Central Depository Company Deloitte Chartered Accountants Management Co.Rating AM2++ (JCR VIS) Fund Stability Rating Not yet Rated Jan'17 Feb'17 % Minimum Investment Rs 10,000/ initial & Rs 1,000/ subsequently Fund Size (PKR Mn) 2,641 2, % Load 3% (Front end), 4% (Contingent Load)* NAV (PKR) % Dealing Days Monday to Friday *12M Trailing. **12M Trailing, 3M PKRV yield used as Risk Free rate. Cut off times 4:00 PM 1 This includes 0.19% representing government levy, Worker's Welfare Fund and SECP fee. Upto 1% p.a. (on the value of underlying Funds not managed by UBL s) Yasir Qadri Hasnain Raza Nensey Ali Alvi Farhan Bashir Khan Aly Osman * 4% If more than 1 year to Maturity of Plan and 2% if 1 year or less to Maturity of Plan Holdings (% of Total Assets) Al Ameen Islamic Dedicated Equity Fund 78% Equity Funds 73% 78% 78% Al Ameen Islamic Cash Fund 19% Money Market Funds 24% 19% 19% Al Ameen Islamic Sovereign Fund 0% Income Funds 0% 0% 0% Others 0% 0% 0% Cash 3% 2% 2% Value of Rupees invested at inception AIActAP VI Benchmark Returns are on absolute basis 9.05% 9.18% 10.29% 10.39% liability to the tune of Rs. 4,394,158, if the same were not made the NAV per unit/return of the Scheme would be higher by Rs. 0.18/0.17%. AIActAP VI 0.11% 6.12% 2.08% 0.67% 2.76% Benchmark 0.09% 8.30% 2.02% 0.18% 1.84% For periodic returns as per SECP's SCD Cirular No. 16 of 2014, refer to the end of this FMR 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. Capital preservation only applies to the unit holders who hold their investments until maturity date. All returns are calculated assuming reinvested dividends. MUFAP's Recommended Format Page 15

17 Al Ameen Islamic Financial Planning Fund II Al Ameen Islamic Active Allocation Plan VII AIFPF is an Open end Shariah Compliant Fund of funds that aims to generate returns on Investment as per the respective Allocation Plan by investing in Shariah Compliant Mutual Funds in line with the risk tolerance of the Investor. AIActAP VII Benchmark Fund Type Open end FY YTD 0.11% 0.17% Fund Categorization Shariah Compliant Fund of Funds Scheme Feb % 0.17% Risk Profile Medium 0.11% 0.17% Launch Date 21 Feb 17 Standard Deviation* n/a n/a Benchmark Sharpe Ratio** n/a n/a Expense Ratio % Weighted Avg. of 3M average deposit rates of 3 AA rated islamic banks/windows as selected by MUFAP, 6M PKISRV rates and KMI 30 Index on basis of actual investment by the active allocation plan Listing Listing is in Processs Trustee Central Depository Company BDO Ebrahim & Co Management Co.Rating AM2++ (JCR VIS) Fund Stability Rating Not yet Rated Jan'17 Feb'17 % Minimum Investment Rs 10,000/ initial & Rs 1,000/ subsequently Fund Size (PKR Mn) n/a 2,308 n/a Load 3% (Front end), 4% (Contingent Load)* NAV (PKR) n/a n/a Dealing Days Monday to Friday *12M Trailing. **12M Trailing, 3M PKRV yield used as Risk Free rate. Cut off times 4:00 PM 1 This includes 0.00% representing government levy, Worker's Welfare Fund and SECP fee. Upto 1% p.a. (on the value of underlying Funds not managed by UBL s) Yasir Qadri Hasnain Raza Nensey Ali Alvi Farhan Bashir Khan Aly Osman * 4% If more than 1 year to Maturity of Plan and 2% if 1 year or less to Maturity of Plan Holdings (% of Total Assets) Al Ameen Islamic Dedicated Equity Fund 39% Equity Funds 0% 0% 39% Al Ameen Islamic Cash Fund 29% Money Market Funds 0% 0% 29% Al Ameen Islamic Sovereign Fund 29% Income Funds 0% 0% 29% Others 0% 0% 0% Cash 0% 0% 3% Value of Rupees invested at inception AIActAP VII Benchmark Returns are on absolute basis 0.11% 0.17% liability to 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%. AIActAP VI 0.11% 0.11% Benchmark 0.17% 0.17% For periodic returns as per SECP's SCD Cirular No. 16 of 2014, refer to the end of this FMR 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. Capital preservation only applies to the unit holders who hold their investments until maturity date. All returns are calculated assuming reinvested dividends. MUFAP's Recommended Format Page 16

18 Al Ameen Islamic Retirement Savings Fund AIRSF is a Shariah compliant 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 during their working life and would typically withdraw from the Fund on or after retirement. Debt Money Market Equity Fund Type Open end FY YTD 4.51% p.a. 4.29% p.a % Fund Categorization Shariah Compliant Voluntary Pension Scheme Feb % p.a. 2.85% p.a. 1.24% 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 Central Depository Company (CDC) FY YTD 4.54% p.a. 4.32% p.a % Deloitte M. Yousuf Adil Saleem & Co Feb % p.a. 2.89% p.a. 1.24% Pension Manager Rating AM2++ (JCR VIS) (CAGR) 6.84% p.a. 6.26% p.a % p.a. Fund Rating Not yet rated Returns have been annualized using Morningstar Methodology Minimum Investment Rs. 500 Load 3% (Front end) Debt Money Market Equity Dealing Days Monday to Friday Fund Size (PKR Mn) ,538 Cut off times 4:00 PM NAV (PKR) % p.a. AIRSF Debt (% of Total Assets) Dec'16 Jan'17 Feb'17 Muhammad Abdul Hayee Jawad Naeem Gop Ijarah Sukuk 63% 61% 62% Yasir Qadri Hasnain Raza Nensey Ali Alvi TFC/Sukuk 2% 2% 6% Farhan Bashir Khan Aly Osman Cash & Equivalent Placements with banks Others 9% 11% 6% Jawad Naeem 25% 24% 25% Equity Sector Allocation (% of Total Assets) 1% 1% 1% Nil Nil Nil Others, 32% Cement, 22% Leverage AIRSF Money Market (% of Total Assets) Dec'16 Jan'17 Feb'17 Gop Ijarah Sukuk 23% 19% 19% Oil & Gas Placements with banks 48% 42% 42% Exploration Power Cash & Equivalent 27% 37% 36% Companies, 14% Generation & TFC/Sukuk 0% 0% 0% Automobile Distribution, 6% Others 2% 2% 2% Assembler, 7% Fertilizer, 9% AIRSF Equity (% of Total Assets) Dec'16 Jan'17 Feb'17 Equities 93% 91% 91% Cash & Equivalent 5% 6% 8% AIRSF DSF % 4.71% 4.36% 4.69% 6.09% 6.84% Others 2% 3% 1% AIRSF MSF % 4.46% 3.93% 4.55% 5.79% 6.26% Leverage Nil Nil Nil AIRSF ESF % 24.73% 55.58% % % % Top Ten Equity Holdings (% of Total Assets) 1 Debt and Money Market Sub Fund returns have been annualized using Morningstar Methodology 2 Returns Lucky Cement Ltd 7.5% Packages Ltd 4.7% are on absolute basis The Hub Power Co. Ltd 5.6% Oil & Gas Development Co. Ltd 3.9% Engro Corporation Ltd 5.4% Pak Elektron Ltd 3.8% Debt Sub Fund D. G. Khan Cement Co. Ltd 4.9% Pioneer Cement Ltd 3.8% liability to the tune of Rs. 552,207, if the same were not made the NAV per unit/return of the Scheme would be Mari Petroleum Co. Ltd 4.8% Cherat Cement Co. Ltd 3.7% higher by Rs. 0.21/0.13%. Disclosure of Excess Exposure in (Per Entity) as at 31 January, 2017 Name of Investment Exposure Type % of NA Limit Excess SNGP Per Entity 2.15% 0.00% 2.15% Non compliant investment has been sold on 4 January 2017 Value of Rupees invested (medium volatility allocation*) 12 months ago 140 Money Market Sub Fund liability to the tune of Rs. 280,431, if the same were not made the NAV per unit/return of the Scheme would be higher by Rs. 0.16/0.11%. Equity Sub Fund liability to the tune of Rs. 12,925,395, if the same were not made the NAV per unit/return of the Scheme would be higher by Rs. 6.28/0.84% * 50% Equity, 40% Debt, 10% Money Market AIRSF Debt (p.a)* 5.79% 3.77% 4.28% 2.10% 3.61% 4.48% 3.71% 8.59% 10.18% 0.45% 4.07% 1.42% 2.80% AIRSF Money Market (p.a)* 4.20% 3.99% 2.60% 1.84% 3.25% 4.56% 4.44% 6.11% 6.80% 2.30% 4.23% 2.89% 3.59% AIRSF Equity 6.10% 3.13% 3.51% 3.66% 7.39% 1.07% 1.24% 2.25% 8.34% 11.44% 3.11% 1.24% 4.39% MUFAP's Recommended Format *Returns are annualized using the Morningstar Methodology For periodic returns as per SECP's SCD Cirular No. 16 of 2014, refer to the end of this FMR 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. All returns are calculated assuming reinvested dividends. Page 17