LAKSON GROUP WE MANAGE YOUR MONEY, AS WE MANAGE OUR OWN

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1 LAKSON GROUP WE MANAGE YOUR MONEY, AS WE MANAGE OUR OWN ONLINE TELEPHONE UAN: Lakson F: ADDRESS Lakson Investments Limited. Lakson Square, Building No. 2, Sarwar Shaheed Road, Karachi-74200, Pakistan

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3 CONTENTS 04 Economic & Markets Review 06 FMR Lakson Money Market Fund 07 FMR Lakson Income Fund 08 FMR Lakson Equity Fund 09 FMR Lakson Tactical Fund 10 FMR Lakson Islamic Tactical Fund 11 FMR Lakson Asset Allocation Developed Markets Fund 13 Funds Return History 14 Mutual Funds Performance Comparison 17 Markets Information

4 4 Economic & Markets Review PAKISTAN Economy CPI inflation in July 2017 dipped to 2.9% vs. 3.9% in June In spite of a 0.3% MoM uptick during Jul-17 yearly inflation fell sharply, due to the high base effect of Jul- 16. Lower inflation was attributable to weaker food / beverage & tobacco / transport inflation of 0.7% YoY / -15.9% YoY / 3.2% YoY. Sharp increase in food item prices in Ramadan last year, compared with lower regulated prices this time created a base effect of -2.7ppt in food inflation. Moving ahead, CPI would remain contained unless the GoP decides to pass through higher international oil prices to the domestic consumer. Large-scale manufacturing (LSM) increased by 5.7%YoY in 11M FY17, major contributors were Iron and Steel (20.01%YoY), Electronics (16.2% YoY) and Automobiles (12.3%YoY). Private sector credit off-take continue to accelerate (up 15%YoY in Mar'17 vs. 8% in Mar'16) with impetus from Construction (+29%YoY), Apparel and Garments (+27%YoY) and Food (+18%YoY) sectors. During the month of June, current account deficit clocked in at US$ 1.4bn, taking the full year current account deficit to US$ 12.1bn or 4% of GDP. Fall in exports by US$ 3.4bn and surge in non-oil imports (US$ 11.0bn) outweighed the gains from lower oil prices and increased remittances. FDI depicted growth of 4.5% YoY to US$ 2.4bn in FY17. During the month of Jun'17, FDI flows stood at US$ 199mn, lower by 32% MoM Remittances dropped by 1% MoM to US$ 1.83bn in Jun'17, and on a YoY basis, were down by 3.0% during FY17 to US$ 19.30bn. This was primarily attributable to 5% YoY decline in remittances from MENA Region (63% of total remittances). Foreign exchange reserves declined by 5% to US$ 20.28bn in Jul'17 vs. USD 21bn in Jun'17. Equities The PSX-30 index moved within a wide band of 1,353 points during July'17 amid thin participation, with average daily turnover of 56.83mn shares. The index fell to 22,747 during first half of the month due to political uncertainty created by JIT proceedings, but recovery in later sessions clipped month s the loss to 413 points. The much awaited verdict in Panama Papers case was the major development during the last leg of the month, wherein the apex court disqualified the PM from holding public office and referred the case to National Accountability Bureau (N.A.B) for the commencement of criminal investigation against the Sharif family. The persistent political turmoil remained the major factor leading to netselling of USD37.95mn by foreign investors during the month. However, all E&P stocks outperformed the index upon upsurge in international crude prices, whereas HCAR, LUCK, UBL and HBL came in as the worst performers owing to profit taking ahead of apex court's verdict in the Panama Papers case. Fixed Income In its Monetary Policy Statement in July, the central bank kept Policy/Discount rate unchanged at 5.75%/6.25% citing concerns on the external front and buildup in inflationary trends due to rising economic activity and credit off-take. In two T-Bill auctions during July, the government raised PKR 1,616 bn. Weighted average yields were broadly unchanged at 5.99%/6.01%/6.04% for 3/6/12month tenures. In the PIB auction, GoP raised PKR 54.47bn, where the greatest participation was seen in the 10yr tenure. Cut off yield for 3/5/10yr tenure were 6.40%/6.89%/7.93%. Yield Curve 11.5% 10.5% 9.5% 8.5% 7.5% 6.5% 5.5% 1W 2M 6M 2Y 5Y 8Y 15Y 30-Jun Jul-17 USD/PKR vs. Forex Reserves Forex Res. (USD bn.) - RHS USD/PKR Jul 8-Jul 15-Jul 22-Jul 29-Jul Market Rates 6.25% 6.00% 5.75% 4-Jul 13-Jul 22-Jul 31-Jul 6M KIBOR O/N Repo Rate 6M T-Bill During the month of June, current account deficit clocked in at US$ 1.4bn, taking the full year current account deficit to US$ 12.1bn.

5 Economic & Markets Review INTERNATIONAL 5 Developed Markets Developed markets mostly performed well in July, with the MSCI Europe, Australasia and Far East (EAFE) Index rising by 2.85%. A number of countries in the Eurozone outperformed the EAFE Index, while UK and the US underperformed. Sweden and Ireland posted losses during the month. While the S&P 500 underperformed the MSCI EAFE Index, it still managed to post sizable returns of 1.93% in July. Sentiments were helped by a strong earnings season and reporting of 0.6% GDP growth in Q2CY12. Fed's decision to hold the policy rate constant was also welcomed by the market. On the other hand, the ruling party's failure to pass the Obamacare repeal bill dented investors' confidence in the President's ability to bring about healthcare and tax reforms. Furthermore, University of Michigan's survey showed that consumer confidence was at a nine month low in July. Going forward, the perceived ability of the new administration to introduce reforms will drive the market. Eurozone countries, especially Austria, Belgium, Italy and the Netherlands outperformed due to posting of strong economic growth numbers in the second quarter. Sentiment in the Eurozone was also helped by Greece (an emerging market) getting in principle approval for IMF's standby arrangement as well as the country's return to bond markets. Sweden was one of the few countries whose equities actually declined during the month. The country's OMX Stockholm 30 Index was down 3.4%, even though data released towards the end of July showed that the country's GDP grew at the fastest rate in Q2 since The figure, 1.7%, far exceeded economist's consensus expectations of 0.9%, and Q1's reported GDP growth rate of 0.6%. Performance of Equities and Commodities 140% 120% 100% 60% Jul-16 Oct-16 Jan-17 Apr-17 Valuation of International Markets 24 80% MSCI World Index MSCI EM Index DB Commodity Index Emerging markets July was the best month for Emerging Markets (EM) this year since January, as the MSCI EM Index rose by 5.48%. Heavyweights China and Brazil underperformed their peers, while smaller markets like Turkey, South Africa and UAE outperformed. Most countries gave a positive return during the month with the exception of Saudi Arabia, Argentina and Malaysia. India's BSE Sensex Index surged by 5.2%, and the 50-share Nifty breached the psychological level of 10,000 points for the first time during the month. A rally in metal stocks and quarterly earnings optimism boosted sentiments. Going forward implementation of the Goods and Services Tax (GST) can be disruptive, but strong earnings growth on the back of low base effect and low interest rates can potentially lead the market higher. Furthermore, markets may be affected by the signals on inflation the Reserve Bank of India gives in its monetary policy meeting in August, wherein analysts expect a rate cut. Greece's ASE Index lost steam in July, after gaining 28% in the first half of 2017, as of positive news flow could not counter the profit booking. The good news included (i) IMF's in principle approval of a standby arrangement for Greece worth EUR 1.6bn, and (ii) Greece's return to the bond market after three years. China's Shanghai composite underperformed its peers and rose by only 2.5% in July even though MSCI had decided in favor of adding some mainland Chinese stocks to its benchmark emerging markets index in June, and even though the country's reported GDP growth rate for the second quarter, 6.9%, exceeded expectations of 6.8%. After two flat months the Brazilian Bovespa Index rose 4.8% in July as investors responded positively to the sentencing of Former President Luiz Inacio Lula da Silva on charges of corruption. Sentiments in the Brazilian market continue to be dominated by corruption charges against politicians, and developments on the charges against President Michel Temer are likely to affect the market. Commodities markets Almost all commodities rallied in July, with the lead being taken by steel. July was the third straight month of price hike, and Chinese Cold Rolled Coil increased by 11.4%, Hot Rolled Coil increased by 10.6% and UK's exported steel scrap price rose by 12.5%. Reason for rise in steel scrap price is a continuous rise in nickel prices. Furthermore, Chinese rebar prices have risen because the Chinese Government has deployed 18 teams to inspect low-end steel plants and clamp down on them. China has already closed around 120 million tonnes of annual low-grade steel capacity, mostly making products for the construction industry, in the first half of the year DM US UK Japan Canada EM Brazil Russia India China P/E Multiple Oil prices too rallied in July mostly due to a fall in stockpiles of crude oil in the US. Data released by Energy Information Administration in the last week of July showed that US crude stocks fell sharply by 7.2m barrels on robust refining activity and a jump in exports. This was a bigger draw than analysts had anticipated and marked the fourth straight week of declines. Further, the front of the Brent oil futures curve moved into backwardation, suggesting the oil market is tightening in the near term. Later months, however, remain at a premium signaling the glut is far from over. Moreover, Saudi Arabia's pledge to cut exports and Nigeria's agreement to cap its output further helped sentiment. Arab Light price closed the month at USD 50.69/bbl, up 10.39% from a month earlier, while Brent closed at USD 52.72/bbl, up 7.5% from a month earlier. July was the best month for Emerging Markets (EM) this year since January. Going forward there are chances that Saudi Arabia may not honour its commitment to cut exports as it will have excess supply of oil after the summer, when oil is used for producing electricity for air-conditioning. The ending of summer, and the driving season, in the US, will also result in lesser demand in that country. These seasonality factors can have an adverse affect on international oil prices in the coming months. Following the rally in crude oil prices, prices of petrochemicals too increased in July, with price of South East Asian Purified Terephthalic Acid (PTA) up 7.2%, Ethylene up 7.9%, Paraxylene (Px) up 4.5%, and Poly-vinyl Chloride (PVC) up 2.3% during the month. The month of July came as a relief for these commodities as they have mostly been declining since March of this year.

6 6 LAKSON MONEY MARKET FUND MUFAP s Recommended Format Investment Objective The investment objective of the Lakson Money Market Fund is to provide stable and competitive returns in line with the money markets, exhibiting low volatility consistent with capital preservation by constructing a liquid portfolio of low risk short term investments. Performance Review The Lakson Money Market Fund generated an annualized return of 5.39% against the benchmark return of 5.16% during Jul'17. During CY17TD the Fund has returned 7.66% to unit holders against the benchmark of 5.31% and outperformed by 2.35%. Asset allocation changed with allocation to T bill at 98%. As a result portfolio WAM was calculated at 33 days. Going forward the Fund will focus on increasing exposure to attractive Cash and Term deposit placements in order to generate returns and mitigate interest rate risk. Total Expense Ratio (TER) Asset Allocation Instruments (% of total Assets) SWWF Disclosure As of July 31th, 2017 the LMMF has maintained provisions against Sindh Workers' Welfare Fund's liability to the tune of PKR 5.79 million. If the same were not made the NAV per unit of the LMMF would be higher by PKR If the LMMF would not have made the SWWF provisions during FY18, the year to date annualized return of the LMMF for FY18 would be higher by 0.13%. For details investors are advised to read the Note 8.1 of the latest Financial Statements of the LMMF. 1.03% (This is inclusive of 0.29% representing Government levies and SECP Fees) YTD 0.09% (This is inclusive of 0.03% representing Government levies and SECP Fees) 1% 1% Asset Allocation 98% Instruments May-17 Jun-17 Jul-17 WAM* days Placements with Banks & DFIs 0% 0% 0% 0 PIBs 0% 0% 0% 0 T Bills 90% 0% 98% 33 Cash 10% 100% 1% 1 Others including receivables 0% 0% 1% * Weighted Average Maturity Non Compliant Investments Name on investment Type of instrument Value of investment before provisioning Total provision held Value of investment after provisioning % of total assets T Bills Cash Others Disclosures Leverage as on July 31st, 2017 Non Performing Assets WAM of Portfolio 33 Days 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. Past performance is not necessarily indicative of future results. Please read the Offering Document to understand the investment policies and risks involved. Tha Lakson Money Market Fund holds certain non-complaint investments. Before making any investment decision investors should review this document and the latest financial statements. 1% Credit Split 98% Govt. Sec. AA+ F U N D F A C T S Fund Type Category Net Assets (PKR Mil.) NAV ( ) Pricing Mechanism Trustee Auditor Management Fee Front End Load Back End Load Launch Date Benchmark* Dealing Days Cut-Off Time Fund Stability Rating Asset Manager Rating Risk Profile FY17 - YTD July-17 2 Months 3 Months 6 Months 12 Months CY17 - YTD Open-End Money Market Fund 4, Previous Day CDC Pakistan Limited BDO Ebrahim & Co. 10% of Gross Earnings subject to a minimum of 0.50% and maximum of 1.00% of the average annual net assets. Current % None None November 13, % average 3 months PKRV rates + 30% average 3 months deposit rate of three AA rated banks Mon-Fri 4:00 PM 'AA' by PACRA ( ) AM2+ by PACRA ( ) Low Risk P E R F O R M A N C E Morningstar LMMF Benchmark 5.52% 5.26% 5.52% 5.26% 7.67% 5.28% 6.77% 5.32% 6.07% 5.37% 6.80% 5.27% 7.79% 5.37% Simple Annualized LMMF Benchmark FY17 - YTD 5.39% 5.14% July % 5.14% 2 Months 7.44% 5.16% 3 Months 6.60% 5.22% 6 Months 5.98% 5.30% 12 Months 6.80% 5.27% CY17 - YTD 7.66% 5.31% 3 Years 5.71% 5.77% 5 Years 7.29% 7.40% Since Inception 11.85% 11.71% *The benchmark of the Fund was changed in February 2014 and September LMMF vs. Benchmark Jul-16 Aug-16 Sep-16 Oct-16 Nov-16 Dec-16 Jan-17 Feb-17 Mar-17 Apr-17 May-17 Jun-17 LMMF Benchmark I N V E S T M E N T C O M M I T T E E Babar Ali Lakhani Chairman Kashif Mustafa Mustafa O. Pasha, CFA Sana Abdullah, CFA Syed Saifullah Kazmi Hassan Bin Nasir Tayyaba Azeem Junaid Arshad, ACCA

7 LAKSON INCOME FUND 7 MUFAP s Recommended Format Investment Objective The investment objective of the Lakson Income Fund is to provide competitive total return through investment in a diversified portfolio of fixed income securities. Investments will be made in a variegated mix of short term, medium term and longer term maturities depending on the assessment by the Investment Team of interest rate trends and prospective returns. Performance Review In Jul 2017, LIF generated an annualized return of 5.67% against the benchmark return of 6.11%. Asset allocation changed with placements at 16%, cash exposure increased to 60%, corporate debt increased to 10.91%, MTS decreased to 0.61% and RBFS at 0.51%. This resulted in a portfolio WAM of 172 days. Going forward the Fund will concentrate on building exposure to high quality corporate debt and bank deposits placements. SWWF Disclosure As of July 31st, 2017 the LIF has maintained provisions against Sindh Workers' Welfare Fund's liability to the tune of PKR 4.99 million. If the same were not made the NAV per unit of the LIF would be higher by PKR If the LIF would not have made the SWWF provisions during FY18, the year to date annualized return of the LIF for FY18 would be higher by 0.12%. For details investors are advised to read the Note 8.1 of the latest Financial Statements of the LIF. F U N D F A C T S Fund Type Category Net Assets (PKR Mil.) NAV ( ) Pricing Mechanism Trustee Auditor Management Fee Front End Load Back End Load Launch Date Benchmark* Dealing Days Cut-Off Time Fund Stability Rating Asset Manager Rating Risk Profile Open-End Income Fund 4, Forward Day CDC Pakistan Limited BDO Ebrahim & Co. 1.50% 1.50% None November 13, 2009 Average daily rate of 6M KIBOR (Ask) Mon-Fri 4:00 PM 'A+' by PACRA ( ) AM2+ by PACRA ( ) Medium Risk Total Expense Ratio (TER) 2.06% (This is inclusive of 0.41% representing Government levies and SECP Fees) YTD 0.18% (This is inclusive of 0.04% representing Government levies and SECP Fees) 60% 9% Asset Allocation Instruments (% of total Assets) Instruments May-17 Jun-17 Jul-17 WAM* days Placements with Banks & DFIs 20% 26% 16% 142 PIBs 0% 0% 0% 0 T Bills 2% 3% 2% 26 TFCs 6% 6% 8% 1749 Sukuks 3% 3% 3% 280 MTS 7% 2% 1% 0 Spread Transactions 0% 6% 1% 0 Cash 57% 50% 60% 1 Others including receivables 5% 5% 9% * Weighted Average Maturity TFCs/Sukuk Portfolio Name of Issue Rating % of Total the Issuer Date Assets PEL SUKUK Habib Bank Limited I JSCL TFC Bank Al Falah Limited V Askari Bank Limited IV NRSP K-Electric AZM Sukuk III 16% Asset Allocation 25-Aug Feb Jul Feb Dec Jun Feb-14 2% 8% 3% 1% 1% A AAA AA+ AA- AA- A AA Placements with Banks & DFIs T-Bills TFC Sukuk MTS Spread Tran Cash Others 1.97% 1.85% 1.84% 1.63% 1.39% 1.23% 1.01% Disclosures Leverage as on July 31st, 2017 Non Performing Assets WAM of Portfolio 172 Days Gov Sec AAA AA+ AA AA- A A- Unrated 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. Past performance is not necessarily indicative of future results. Please read the Offering Document to understand the investment policies and risks involved. 27% 2% 5% 2% 6% 1% 1% Credit Split 46% P E R F O R M A N C E Morningstar LIF Benchmark FY17 - YTD 5.82% 6.28% July % 6.28% 2 Months 12.24% 6.28% 3 Months 9.97% 6.28% 6 Months 7.91% 6.26% 12 Months 6.92% 6.28% CY17 - YTD 7.93% 6.25% Simple Annualized LIF Benchmark FY17 - YTD July-17 2 Months 3 Months 6 Months 12 Months CY17 - YTD 3 Years 5 Years Since Inception 5.67% 6.11% 5.67% 6.11% 11.66% 6.12% 9.62% 6.14% 7.76% 6.16% 6.92% 6.28% 7.80% 6.17% 9.64% 7.43% 10.23% 8.25% 14.28% 11.90% *The benchmark of the Fund was changed in September 2016 LIF vs. Benchmark Jul-16 Aug-16 Sep-16 Oct-16 Nov-16 Dec-16 Jan-17 Feb-17 Mar-17 Apr-17 May-17 Jun-17 LIF Benchmark I N V E S T M E N T C O M M I T T E E Babar Ali Lakhani Chairman Kashif Mustafa Mustafa O. Pasha, CFA Sana Abdullah, CFA Syed Saifullah Kazmi Hassan Bin Nasir Tayyaba Azeem Junaid Arshad, ACCA

8 8 LAKSON EQUITY FUND MUFAP s Recommended Format Investment Objective The investment objective of the Lakson Equity Fund is to provide long term capital appreciation by investing mainly in equity and related listed securities. Investments will be made in companies of substance, financial strength and demonstrably superior management skills with some exposure given to smaller capitalized value stocks. Performance Review In the first month of the new financial year, LEF generated a return of -2.1% vs the benchmark return of -1.7%, clocking a MTD and FYTD underperformance of 40bps. The fund maintained a strong position in the market with an overall position of 90% in equities. LEF realized gains in Construction and redeployed proceeds into Oil & Gas Exploration. Reshuffling within the sectors took place to reduce fundamentally inflated stocks and maintain higher exposure in stocks that were trading at cheap valuations. SWWF Disclosure As of July 31st, 2017 the LEF has maintained provisions against Sindh Workers' Welfare Fund's liability to the tune of PKR million. If the same were not made the NAV per unit of the LEF would be higher by PKR If the LEF would not have made the SWWF provisions during FY18, the year to date return of the LEF for FY18 would be higher by 0.98%. For details investors are advised to read the latest Financial Statements of the LEF. F U N D F A C T S Fund Type Category Net Assets (PKR Mil.) NAV ( ) Pricing Mechanism Trustee Auditor Management Fee Front End Load Back End Load Launch Date Benchmark* Dealing Days Cut-Off Time Fund Performance Ranking (1 Year) Asset Manager Rating Risk Profile Open-End Equity Fund 3, Forward Day CDC Pakistan Limited KPMG Taseer Hadi & Co. 2.00% 3.00% None November 13, 2009 KSE-30 Index (Total Return Index) Mon-Fri 4:00 PM 4 Star ( ) AM2+ by PACRA ( ) High Risk Total Expense Ratio (TER) 2.70% (This is inclusive of 0.40% representing Government levies and SECP Fees) YTD 0.23% (This is inclusive of 0.04% representing Government levies and SECP Fees) Top 10 Holdings Weight Habib Bank Limited 4.80% Hub Power Co 4.39% Mari Petroleum Co. Limited 4.24% United Bank Limited 4.24% Oil & Gas Development Co 4.08% Sui North Gas Pipelines Limited 4.08% Lucky Cement Limited 3.96% Nishat Mills Limited 3.93% MCB Bank Limited 3.77% Engro Corporation Limited 3.44% Sectorwise Exposure Jun-17 Jul-17 Chemicals* 7.98% 7.03% Comm Banks 23.38% 22.83% Const. & Mat % 12.58% Electricity 5.36% 5.37% Oil & Gas Exp 9.22% 12.18% Oil & Gas Mktg 8.41% 8.13% Others 21.66% 21.61% *Includes fertilizers P E R F O R M A N C E * FY17 - YTD July-17 2 Months 3 Months 6 Months 12 Months CY17- YTD 3 Year 5 Year Since Inception *Returns based on last working day NAV **KSE-30 Total Return LEF Benchmark** -2.10% -1.70% -2.10% -1.70% -9.47% % -6.70% -7.55% -2.99% -7.24% 17.08% 10.35% -1.33% -5.62% 64.61% 19.05% % % % % 11% 1% Asset Allocation 90% Equity Cash Others 8% 22% 12% 7% Sector wise Exposure 5% 13% 23% Chemicals Comm Banks Const. & Mat Electricity Oil & Gas Exp Oil & Gas Mktg Others LEF vs. Benchmark Asset Allocation (% of Total Assets) May-17 Jun-17 Jul-17 Equities 89% 91% 90% T-Bills 0% 0% 0% Cash 10% 5% 11% Others 1% 4% -1% Disclosures Leverage as on July 31st, 2017 Non Performing Assets Pakistan vs. Global Markets Country Index 1M P/E Div. Ret. Yield Pakistan India Malaysia Dubai 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. Past performance is not necessarily indicative of future results. Please read the Offering Document to understand the investment policies and risks involved. USA USA KSE-100 BSE Sensex 30 FTSE KLCI -0.12% DFM General DJIA S&P % % % % % Jun-16 Aug-16 Oct-16 Dec-16 Feb-17 Apr-17 Jun-17 LEF KSE-100 KSE-30 I N V E S T M E N T C O M M I T T E E Babar Ali Lakhani Chairman Kashif Mustafa Mustafa O. Pasha, CFA Sana Abdullah, CFA Syed Saifullah Kazmi Hassan Bin Nasir Tayyaba Azeem Junaid Arshad, ACCA

9 Lakson Tactical Fund (Formerly: Lakson Asset Allocation Global Commodities Fund) 9 MUFAP s Recommended Format Investment Objective The investment objective of the Lakson Tactical Fund (Formerly: Lakson Asset Allocation Global Commodities Fund) is to provide long-term capital appreciation by investing in a mix of securities comprising debt, equity and commodities future contracts. Performance Review During the month of July 2017 the Lakson Tactical Fund generated an absolute return of -1.01% against the benchmark return of %. The fund has underformed the benchmark by -0.34% during the month. Allocation was focused between Equities (60%), Placements with Banks & DIFs (17%), Cash (18%) and TFCs/Sukuks (4%). Going forward the fund will look to minimize interest rate risk while maintaining a healthy exposure to equities. Total Expense Ratio (TER) Disclosures Leverage as on July 31st, 2017 Non Performing Assets SWWF Disclosure As of July 31st, 2017 the LTF has maintained provisions against Sindh Workers' Welfare Fund's liability to the tune of PKR 3.61 million. If the same were not made the NAV per unit of the LTF would be higher by PKR If the LTF would not have made the SWWF provisions during FY18, the year to date return of the LTF for FY18 would be higher by 0.30%. For details investors are advised to read the latest Financial Statements of the LTF. 1.97% (This is inclusive of 0.31% representing Government levies and SECP Fees) YTD 0.17% (This is inclusive of 0.03% representing Government levies and SECP Fees) Asset Allocation (% of Total Assets) Placements with Banks Top 10 Equity Holdings (%age of total assets) Securities May-17 Jun-17 Jul-17 & DIFs 21% 28% 17% PIBs 2% 0% 0% TFC/Sukuks 3% 4% 4% Equity 44% 54% 60% Cash 29% 11% 18% Others 1% 3% 1% Jul-17 Weight Lucky Cement 3.30% Habib Bank 3.26% United Bank 2.99% Engro Corp. 2.98% Oil & Gas Dev. 2.95% Mari Petroleum 2.76% Hub Power Co. 2.75% MCB Bank Ltd. 2.70% Sui North Gas 2.51% Nishat Mills Ltd. 2.44% Sectorwise Exposure Jun-17 Jul-17 Const. and Mat % 11.01% Oil & Gas Exp % 8.51% Electricity 5.29% 5.54% Chemicals* 7.30% 5.26% Oil & Gas Mar. 8.03% 5.08% Auto Assemblers & Parts 4.62% 5.01% Others 11.18% 20.07% *Includes fertilizers Placement with Banks & DFIs The significant change in the performance of the fund is reflective of the change in the Investment objectives and thereby a change in its investment policies on the conversion of the Fund w.e.f April 19, The returns and the benchmark before April 19, 2016 were computed on the basis of investment objectives and policies before conversion and therefore do not offer a comparison This is being reported for the Investor information only 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. Past performance is not necessarily indicative of future results. Please read the Offering Document to understand the investment policies and risks involved. 18% 1% Asset Allocation 60% 17% 4% TFC Equity Cash Others F U N D F A C T S Fund Type Category Net Assets (PKR Mil.) NAV ( ) Pricing Mechanism Trustee Auditor Management Fee Front End Load Back End Load Launch Date Benchmark* Dealing Days Cut-Off Time Asset Manager Rating Risk Profile P E R F O R M A N C E FY17 - YTD July-17 2 Months 3 Months 6 Months 12 Months CY17-YTD 3 Years 5 Years Since Inception Open-End Asset Allocation Fund 1, Forward Day CDC Pakistan Limited KPMG Taseer Hadi & Co. 10% of the gross earnings of the Scheme, calculated on a daily basis. The fee is subject to a minimum of 1% and maximum of 2% of the average annual net assets of the Scheme. Current % 2.50% None October 11, 2011 Weighted average daily return of KSE- 30 Index, 6M KIBOR and the DBIQ Optimum Yield Diversified Commodity Index Excess Return based on the Scheme's actual proportion in the equity, debt securities and commodities Mon-Fri 4:00 PM AM2+ by PACRA ( ) Medium Risk LTF Benchmark -1.01% -0.68% -1.01% -0.68% -2.88% -5.00% -0.70% -3.34% 2.34% -2.27% 13.39% 6.92% 3.18% -1.30% 34.48% 11.69% 43.33% 22.74% 54.05% 34.92% *The benchmark of the Fund was changed in September LTF vs. Benchmark Jun-16 Jul-16 Aug-16 Sep-16 Oct-16 Nov-16 Dec-16 Jan-17 Feb-17 Mar-17 Apr-17 May-17 Jun-17 Jul-17 Benchmark I N V E S T M E N T C O M M I T T E E Babar Ali Lakhani Chairman Kashif Mustafa Mustafa O. Pasha, CFA Sana Abdullah, CFA Syed Saifullah Kazmi Hassan Bin Nasir Tayyaba Azeem Junaid Arshad, ACCA LTF

10 10 Lakson ISLAMIC Tactical Fund (Formerly: Lakson Asset Allocation Emerging Markets Fund) MUFAP s Recommended Format Investment Objective The investment objective of the Lakson Islamice Tcatical Fund (Formerly: Lakson Asset Allocation Emerging Markets Fund) is to provide long- term capital appreciation by exclusively investing in Shariah Complaint avenues including equities, fixed income instruments and emerging market securities. Performance Review During the month of July 2017 the Lakson Islamic Tactical Fund generated return of 0.30% against the benchmark return of 0.62%. The fund has underperformed the benchmark by -0.31% during the month. Fund exposure is in Equities (63%) and Cash (37%). A build up in Shariah compliant equities and fixed income instruments will be targeted, going forward. Total Expense Ratio (TER) SWWF Disclosure As of July 31st, 2017 the LITF has maintained provisions against Sindh Workers' Welfare Fund's liability to the tune of PKR million. If the same were not made the NAV per unit of the LAAEMF would be higher by PKR If the LITF would not have made the SWWF provisions during FY18, the year to date return of the LITF for FY18 would be higher by 0.09%. For details investors are advised to read the latest Financial Statements of the LITF. 2.93% (This is inclusive of 0.44% representing Government levies and SECP Fees) YTD 0.25% (This is inclusive of 0.04% representing Government levies and SECP Fees) 37% Asset Allocation Top 10 Equity Holdings (%age of total assets) Securities 63% Disclosures Leverage as on July 31st, 2017 Non Performing Assets Equities Cash Jul-17 Weight Lucky Cement 3.30% Habib Bank 3.26% United Bank 2.99% Engro Corp. 2.98% Oil & Gas Dev. 2.95% Mari Petroleum 2.76% Hub Power Co. 2.75% MCB Bank Ltd. 2.70% Sui North Gas 2.51% Nishat Mills Ltd. 2.44% Asset Allocation (% of Total Assets) May-17 Jun-17 Jul-17 Equities 42% 47% 63% Sukuk 1% 0% 0% Cash 54% 51% 37% Others 2% 2% 0% Sectorwise Exposure Jun-17 Jul-17 Const. and Mat % 14.21% Oil & Gas Exp. 7.07% 12.12% Oil & Gas Mar. 6.07% 8.03% Chemicals* 5.73% 7.30% Electricity 3.76% 5.29% Auto Assemblers & Parts 4.03% 4.62% Others 8.06% 11.18% *Includes fertilizers The change in the performance of the fund is reflective of the change in the Investment objectives and thereby a change in its investment policies on the conversion of the Fund from a conventional asset allocation fund to a Shariah Compliant Asset Allocation Fund w.e.f September 21, The returns and the benchmark before September 21, 2016 were computed on the basis of investment objectives and policies before conversion and therefore do not offer a comparison. This is being reported for the Investor information only 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. Past performance is not necessarily indicative of future results. Please read the Offering Document to understand the investment policies and risks involved. F U N D F A C T S Fund Type Category Net Assets (PKR Mil.) NAV ( ) Pricing Mechanism Trustee Auditor Management Fee Front End Load Back End Load Launch Date Benchmark* Dealing Days Cut-Off Time Asset Manager Rating Risk Profile P E R F O R M A N C E FY17 - YTD July-17 2 Months 3 Months 6 Months 12 Months CY17-YTD 3 Years 5 Years Since Inception LITF vs. Benchmark Open-End Shariah Compliant Asset Allocation Fund Forward Day CDC Pakistan Limited KPMG Taseer Hadi & Co. 10% of the gross earnings of the Scheme, calculated on a daily basis. The fee is subject to a minimum of 1% and maximum of 2% of the average annual net assets of the Scheme. Current % 2.50% None October 11, 2011 Weighted average daily return of KMI- 30 Index, 6M deposit rates of three A rated Islamic Banks or Islamic windows of Conventional Banks and MSCI Emerging Markets Islamic Index based on the Scheme's actual proportion in the equity, debt and emerging market securities Mon-Fri 4:00 PM AM2+ by PACRA ( ) Medium Risk LITF Benchmark 0.30% 0.62% 0.30% 0.62% -2.55% -4.19% -1.05% -2.48% 2.16% -1.57% 9.03% 7.35% 2.30% -0.70% 17.91% 11.21% 33.79% 30.91% 42.82% 45.50% *The benchmark of the Fund was changed in September Jun-16 Jul-16 Aug-16 Sep-16 Oct-16 Nov-16 Dec-16 Jan-17 Feb-17 Mar-17 Apr-17 May-17 Jun-17 Jul-17 Benchmark I N V E S T M E N T C O M M I T T E E Babar Ali Lakhani Chairman Kashif Mustafa Mustafa O. Pasha, CFA Sana Abdullah, CFA Syed Saifullah Kazmi Hassan Bin Nasir Tayyaba Azeem Junaid Arshad, ACCA LITF

11 Lakson Asset Allocation Developed Markets Fund 11 MUFAP s Recommended Format Investment Objective The investment objective of the Lakson Asset Allocation Developed Markets Fund is to provide long-term capital appreciation by investing in a mix of domestic debt and developed markets securities. Performance Review During the month of July 2017 the Lakson Asset Allocation Developed Markets Fund generated an absolute return of 1.18% against the benchmark return of 1.28%. The fund has underperformed the benchmark by -0.10% during the month. Allocation has been taken in T bills (31%), PIBs (18%) and Developed Market Equities (46%). Exposure in equities has been focused on US indices which offer a superior risk/return profile to other Developed Markets. Total Expense Ratio (TER) SWWF Disclosure As of July 31st, 2017 the LAADMF has maintained provisions against Sindh Workers' Welfare Fund's liability to the tune of PKR million. If the same were not made the NAV per unit of the LAADMF would be higher by PKR If the LAADMF would not have made the SWWF provisions during FY18, the year to date return of the LAADMF for FY17 would be higher by 0.26%. For details investors are advised to read the latest Financial Statements of the LAADMF. 2.81% (This is inclusive of 0.63% representing Government levies and SECP Fees) YTD 0.24% (This is inclusive of 0.05% representing Government levies and SECP Fees) 46% 1% 4% 4% Developed Markets Equities (Jul-17) QQQ ETF % of Asset Vanguard S&P 500 % of Assets Apple Inc 12.09% Apple Inc 3.60% Microsoft Corp 8.23% Microsoft Corp 2.55% Amazon.com Inc 7.02% Amazon.com Inc 1.84% Facebook Inc 5.91% Facebook Inc 1.71% Alphabet Inc 4.76% Johnson & Johnson 1.71% Alphabet Inc 4.16% Exxon Mobil Corp 1.64% Comcast Corp 2.79% JPMorgan Chase & Co 1.56% Intel Corp 2.55% Berkshire Hathaway Inc 1.46% Cisco Systems Inc 2.33% Alphabet Inc 1.33% Amgen Inc 1.89% Alphabet Inc 1.30% QQQ ETF (As of Jul-17) Country Weight United States 96.58% China 2.23% United Kingdom 0.67% Isreal 0.26% Disclosures Asset Allocation 18% 31% Leverage as on July 31st, 2017 Non Performing Assets T-Bill PIBs Equities Others Cash Asset Allocation (% of Total Assets) Vanguard S&P 500 (As of Jul-17) Sector May-17 Jun-17 Jul-17 T-Bills 48% 35% 31% PIBs 18% 19% 18% Developed Markets (DM) Equities 30% 30% 46% Others 1% 1% 1% Cash 3% 16% 4% Weight United States 97.28% Ireland 1.04% United Kingdom 0.58% Switzerland 0.50% 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. Past performance is not necessarily indicative of future results. Please read the Offering Document to understand the investment policies and risks involved. F U N D F A C T S Fund Type Category Net Assets (PKR Mil.) NAV ( ) Pricing Mechanism Trustee Auditor Management Fee Front End Load Back End Load Launch Date Benchmark Dealing Days Cut-Off Time Asset Manager Rating Risk Profile P E R F O R M A N C E FY17 - YTD July-17 2 Months 3 Months 6 Months 12 Months CY17-YTD 3 Years 5 Years Since Inception LAADMF vs. Benchmark Open-End Asset Allocation Fund Forward Day CDC Pakistan Limited KPMG Taseer Hadi & Co. 15% of the gross earnings of the Scheme, calculated on a daily basis. The fee is subject to a minimum of 1.25% and maximum of 2% of the average annual net assets of the Scheme. Current % 2.50% None October 11, 2011 Weighted average daily return of 6M KIBOR and the MSCI World Index based on the Scheme's actual proportion in the debt securities and developed market securities Mon-Fri 4:00 PM AM2+ by PACRA ( ) Medium Risk LAADMF Benchmark 1.18% 1.28% 1.18% 1.28% 1.15% 1.71% 2.13% 2.69% 4.90% 5.22% 8.23% 8.69% 7.03% 6.47% 27.9% 18.50% 54.4% 49.79% 65.5% 67.50% *The benchmark of the Fund was changed in September Jun-16 Jul-16 Aug-16 Sep-16 Oct-16 Nov-16 Dec-16 Jan-17 Feb-17 Mar-17 Apr-17 May-17 Jun-17 Jul-17 Benchmark LAADMF I N V E S T M E N T C O M M I T T E E Babar Ali Lakhani Chairman Kashif Mustafa Mustafa O. Pasha, CFA Sana Abdullah, CFA Syed Saifullah Kazmi Hassan Bin Nasir Tayyaba Azeem Junaid Arshad, ACCA

12 12 Powershare QQQ ETF (Developed Markets): Allocations Type QQQ US Equity DES <Go> and click on Allocations. Vanguard S&P 500 ETF (Developed Markets): Allocations Type VUSD LN Equity DES <Go> and click on Allocations.

13 Last 5 fiscal years FUNDS RETURN HISTORY The periodic returns for the funds have been presented below as per SECP's SCD Circular No. 16 dated July 03, The returns presented below are: Yearly returns for the last five fiscal years and Absolute returns for every fiscal year since inception The returns have been annualized for money market and income schemes where the performance evaluation is less than one year. 13 L A K S O N M O N E Y M A R K E T FU N D ( L M M F ) L A K S O N I N C O M E F U N D ( L I F ) FY 2013 FY 2014 FY 2015 FY 2016 FY 2017 FUND 8.76% 7.92% 8.57% 5.63% 6.80% BM 9.14% 8.50% 8.45% 5.61% 5.28% FUND 9.21% 8.38% 14.17% 8.57% 6.92% BM 9.17% 8.31% 12.64% 7.16% 6.00% L A K S O N E Q U I T Y F U N D ( L E F ) L A K S O N A S S E T A L L O C AT I O N D E V E L O P E D M A R K E T S FU N D ( L A A D M F ) L A K S O N TA C T I C A L F U N D ( LT F ) * L A K S O N I S L A M I C TA C T I C A L F U N D ( L I T F ) * * *Formerly: Lakson Asset Allocation Global Commodities Fund (LAAGCF) **Formerly: Lakson Asset Allocation Emerging Markets Fund (LAAEMF) FUND 40.04% 32.12% 23.93% 10.60% 26.40% BM 52.20% 28.59% 5.67% 0.37% 17.92% FUND 10.52% 9.64% 7.76% 8.00% 9.01% BM 13.45% 12.94% 5.34% 2.33% 9.09% FUND 3.44% 4.24% 8.86% 6.85% 17.23% BM 7.89% 7.47% -1.02% 3.18% 9.85% FUND 5.46% 6.40% 4.96% 4.42% 8.99% BM 8.50% 10.01% 3.36% 0.05% 8.23% Since Inception Absolute Returns FY 2010 FY 2011 FY 2012 FY 2013 FY 2014 FY 2015 FY 2016 FY 2017 L M M F v s B E N C H M A R K L I F v s B E N C H M A R K L E F v s B E N C H M A R K L A A D M F v s B E N C H M A R K LT F v s B E N C H M A R K L I T F v s B E N C H M A R K Fund 6.77% 19.25% 32.63% 44.25% 55.65% 68.98% 78.45% 90.58% Benchmark 6.66% 19.21% 32.73% 44.86% 57.17% 70.45% 80.01% 89.52% Fund 7.16% 19.49% 33.35% 45.63% 57.84% 80.20% 95.65% % Benchmark 4.59% 15.90% 26.20% 37.77% 49.22% 68.08% 80.12% 90.92% FUND -0.66% 19.65% 31.30% 83.87% % % % % BM 7.22% 37.82% 52.21% % % % % % FUND 6.42% 17.61% 28.95% 38.96% 50.07% 63.59% BM 10.63% 25.51% 41.75% 48.15% 51.60% 65.39% FUND 5.85% 9.49% 14.13% 24.25% 32.76% 55.63% BM 7.25% 15.71% 24.36% 19.84% 23.65% 35.83% FUND 6.23% 12.03% 19.20% 25.11% 30.64% 42.39% BM 9.82% 19.15% 31.08% 33.55% 33.61% 44.61% Disclaimer: This publication is for informational purpose only and nothing herein should be construed as a solicication, 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.

14 14 Mutual Funds Performance Comparison Annualized Returns (%): Positions as of August 01, 2017 INCOME FUNDS 30 DAYS 90 DAYS 180 DAYS 270 DAYS 365 DAYS ABL Income Fund Atlas Income Fund Faysal Financial Sector Opportunity Fund Faysal Savings Growth Fund First Habib Income Fund HBL Income Fund JS Income Fund Lakson Income Fund MCB DCF Income Fund NAFA Financial Sector Income Fund NAFA Income Fund NAFA Income Opportunity Fund NAFA Savings Plus Fund NIT - Income Fund Pakistan Income Fund UBL Government Securities Fund UBL Income Opportunity Fund ISLAMIC INCOME FUNDS ABL Islamic Income Fund Al Ameen Islamic Sovereign Fund (4.21) Alfalah GHP Islamic Income Fund Askari Islamic Income Fund Atlas Islamic Income Fund Faysal Islamic Savings Growth Fund JS Islamic Government Securities Fund (4.64) Meezan Islamic Income Fund Meezan Sovereign Fund (7.10) NAFA Islamic Income Fund NAFA Riba Free Savings Fund Pak Oman Advantage Islamic Income Fund MONEY MARKET FUNDS 30 DAYS 90 DAYS 180 DAYS 270 DAYS 365 DAYS ABL Cash Fund AKD Cash Fund Alfalah GHP Cash Fund Alfalah GHP Money Market Fund Askari Sovereign Cash Fund Atlas Money Market Fund Atlas Sovereign Liquid Fund BMA Empress Cash Fund Faysal Money Market Fund First Habib Cash Fund HBL Money Market Fund JS Cash Fund Lakson Money Market Fund MCB Cash Management Optimizer NAFA Government Securities Liquid Fund NAFA Money Market Fund NIT Government Treasury Fund Pakistan Cash Management Fund PIML Daily Reserve Fund UBL Liquidity Plus Fund UBL Money Market Fund ISLAMIC MONEY MARKET FUNDS Al Ameen Islamic Cash Fund HBL Islamic Money Market Fund Meezan Cash Fund Note: NA - Not Available. Source: MUFAP.

15 Mutual Funds Performance Comparison 15 Annualized Returns (%): Positions as of August 01, 2017 AGGRESSIVE INCOME FUNDS 30 DAYS 90 DAYS 180 DAYS 270 DAYS 365 DAYS AKD Aggressive Income Fund Alfalah GHP Income Multiplier Fund Askari High Yield Scheme BMA Chundrigar Road Savings Fund Faysal Income & Growth Fund Pakistan Income Enhancement Fund UBL Growth & Income Fund ISLAMIC AGGRESSIVE INCOME FUNDS Al Ameen Islamic Aggressive Income Fund EQUITY FUNDS 30 DAYS 90 DAYS 180 DAYS 270 DAYS 365 DAYS ABL Stock Fund (2.05) (5.58) (4.89) AKD Opportunity Fund (0.06) (7.67) (11.25) Alfalah GHP Alpha Fund (2.19) (4.49) (4.49) Alfalah GHP Stock Fund (2.30) (4.63) (4.78) Askari Equity Fund (2.15) (6.91) (10.21) Atlas Stock Market Fund (0.83) (2.73) (4.06) First Capital Mutual Fund (2.17) (10.26) (12.84) First Habib Stock Fund (3.34) (8.39) (10.60) HBL Energy Fund (0.45) HBL Equity Fund (2.34) (4.04) (5.06) HBL Stock Fund (2.33) (5.33) (5.22) JS Growth Fund 0.76 (3.30) (4.95) JS Large Cap Fund JS Value Fund (0.07) (3.98) (5.28) Lakson Equity Fund (2.10) (5.44) (4.19) MCB Pakistan Stock Market Fund (2.11) (5.63) (6.85) NAFA Stock Fund (1.22) (3.54) (3.73) National Investment Unit Trust (0.96) (4.97) (3.89) PIML Value Equity Fund (2.78) (8.86) (11.09) UBL Stock Advantage Fund (2.89) (5.82) (3.60) ISLAMIC EQUITY FUNDS ABL Islamic Stock Fund (0.75) (4.67) (3.82) Al Ameen Islamic Dedicated Equity Fund (1.16) (5.15) (4.26) Al Meezan Mutual Fund (1.61) (6.98) (7.06) Alfalah GHP Islamic Stock Fund (0.80) (3.27) (3.28) HBL Islamic Equity Fund (0.94) (4.18) (5.28) JS Islamic Fund (0.13) (2.54) (1.09) Meezan Islamic Fund (1.75) (7.41) (7.50) PIML Islamic Equity Fund (3.44) (9.46) (11.64) BALANCED FUNDS 30 DAYS 90 DAYS 180 DAYS 270 DAYS 365 DAYS Faysal Balanced Growth Fund (0.53) (5.53) (4.68) HBL Multi Asset Fund (1.25) (3.38) (2.53) NAFA Multi Asset Fund (0.16) (1.64) (0.35) Pakistan Capital Market Fund (1.30) (3.10) (2.89) Unit Trust of Pakistan (0.01) (0.86) ISLAMIC BALANCED FUNDS Meezan Balanced Fund (1.06) (4.25) (4.10) Note: NA - Not Available. Source: MUFAP. L A K S O N O U T L O O K July 2017

16 16 Mutual Funds Performance Comparison Annualized Returns (%): Positions as of August 01, 2017 ASSET ALLOCATION FUNDS 30 DAYS 90 DAYS 180 DAYS 270 DAYS 365 DAYS Alfalah GHP Value Fund (2.11) (3.95) (4.14) Askari Asset Allocation Fund (1.45) (5.03) (7.60) Faysal Asset Allocation Fund (1.16) (12.08) (12.89) Lakson Asset Allocation Developed Markets Fund Lakson Tactical Fund (1.01) MCB Pakistan Asset Allocation Fund (0.28) (0.93) (3.64) MCB Pakistan Frequent Payout Fund NAFA Asset Allocation Fund (0.91) (1.72) (0.05) Pak Oman Advantage Asset Allocation Fund (2.91) (6.96) (9.48) UBL Asset Allocation Fund (0.58) (0.94) ISLAMIC ASSET ALLOCATION FUNDS Al Ameen Islamic Asset Allocation Fund 0.17 (0.47) Askari Islamic Asset Allocation Fund (1.61) (4.63) (6.47) Lakson Islamic Tactical Fund 0.30 (0.34) Meezan Asset Allocation Fund (1.06) (7.04) (6.28) NAFA Islamic Asset Allocation Fund (0.18) (2.40) (1.47) Pak Oman Islamic Asset Allocation Fund (2.67) (8.34) (11.11) CAPITAL PROTECTED FUNDS 30 DAYS 90 DAYS 180 DAYS 270 DAYS 365 DAYS JS Capital Protected Fund V UBL Capital Protected Fund III (0.21) N/A N/A ISLAMIC CAPITAL PROTECTED FUNDS NAFA Islamic Principal Protected Fund I NAFA Islamic Principal Protected Fund II Note: NA - Not Available. Source: MUFAP.

17 Markets Information 17 Equities TOTAL RETURN IN PKR AND % TOTAL RETURN IN USD AND % MARKETS INDEX YTD 3 M 1 Y 5 Y YTD 3 M 1 Y 5 Y -30% -5% 20% 45% 70% World MSCI All Country World Index 13.2% 4.9% 14.8% 66.7% 13.2% 4.9% 14.8% 51.1% Developed MSCI World Index 12.0% 4.4% 13.9% 73.0% 12.0% 4.4% 13.9% 56.8% Emerging MSCI Emerging Markets Index 23.7% 9.0% 22.1% 23.5% 23.7% 9.0% 22.1% 11.9% Europe MSCI Europe Index 16.4% 5.7% 16.5% 49.1% 16.4% 5.7% 16.5% 35.1% China CSI % 8.7% 16.7% 76.8% 12.9% 8.7% 16.7% 60.2% Dubai DFM 0.0% 0.0% 0.0% 262.1% 0.0% 0.0% 0.0% 228.2% India BSE Sensex % 8.7% 15.9% 108.1% 22.1% 8.7% 15.9% 88.6% Japan Nikkei % 3.8% 20.3% 152.8% 4.2% 3.8% 20.3% 129.2% Malaysia FTSE Bursa 7.2% -0.5% 6.5% 19.0% 7.2% -0.5% 6.5% 7.9% Pakistan KSE % -6.7% 16.4% 215.6% -3.8% -6.7% 16.4% 186.1% Sri Lanka Colombo All Share 6.6% 0.4% 3.8% 47.6% 6.6% 0.4% 3.8% 33.8% UK FTSE % 2.3% 9.6% 44.3% 3.2% 2.3% 9.6% 30.8% US DJIA 10.8% 4.5% 18.8% 85.7% 10.8% 4.5% 18.8% 68.3% US S&P % 3.6% 13.7% 97.6% 10.3% 3.6% 13.7% 79.1% US NASDAQ % 5.3% 24.3% 145.5% 20.9% 5.3% 24.3% 122.5% Germany DAX Index 5.5% -2.6% 17.2% 97.4% 5.5% -2.6% 17.2% 78.9% CANADA TSX 300 Composite Index -0.9% -2.8% 3.8% 43.2% -0.9% -2.8% 3.8% 29.8% France CAC % -3.3% 14.7% 70.7% 4.8% -3.3% 14.7% 54.7% Brazil Sao Paulo SE Bovespa Index 9.5% 0.8% 15.0% 29.6% 9.5% 0.8% 15.0% 17.5% Korea Korea SE Kospi 18.6% 8.9% 19.2% 40.8% 18.6% 8.9% 19.2% 27.7% Taiwan Taiwan SE Weighted Index 12.7% 5.6% 16.1% 58.2% 12.7% 5.6% 16.1% 43.4% KSE SECTORS Automobile and Parts 7.3% -13.4% 123.9% % 7.3% -13.4% 123.9% % Banks -9.7% -7.0% 10.3% 95.1% -9.7% -7.0% 10.3% 76.9% Chemicals 14.7% -0.9% -54.2% -9.9% 14.7% -0.9% -54.2% -18.4% Construction and Materials -18.9% -21.2% -5.5% 439.5% -18.9% -21.2% -5.5% 389.0% Electricity 41.6% 46.5% 39.0% 311.6% 41.6% 46.5% 39.0% 273.1% Food Producers 3.8% 7.7% 13.9% 85.6% 3.8% 7.7% 13.9% 68.2% Oil and Gas 1.1% 3.3% 23.3% 44.7% 1.1% 3.3% 23.3% 31.1% Personal Goods -6.5% -2.0% -6.5% 128.6% -6.5% -2.0% -6.5% 107.2% YTD 3-mo Fixed Income CURRENT INTERBANK RATES HISTORIC 6M INTERBANK RATES MONEY MARKET 1M 3M 6M 12M YTD 3M 1Y 5Y China SHIBOR 3.89% 4.26% 4.35% 4.39% NA 4.43% 3.70% 3.40% Dubai UAE IBOR 1.32% 1.53% 1.75% 2.13% NA 1.72% 1.64% 1.41% India MIBOR 7.68% 7.80% NA NA NA NA NA NA Japan TIBOR 0.03% 0.06% 0.11% 0.13% 0.11% 0.11% 0.11% 0.15% Malaysia KLIBOR 3.18% 3.43% 3.55% 3.63% 3.54% 3.54% 3.53% 3.68% Pakistan KIBOR 6.28% 6.14% 6.15% 6.46% 6.14% 6.15% 6.11% 6.28% Sri Lanka SLIBOR 10.26% 11.13% 12.00% 12.38% 11.78% 11.99% 11.65% 10.13% UK LIBOR 0.25% 0.29% 0.42% 0.63% 0.48% 0.44% 0.51% 0.62% US SIBOR 1.23% 1.31% 1.46% 1.73% 1.41% 1.44% 1.34% 1.06% Govt. Securities vs. KIBOR 8.00% 7.75% Interbank Jul 17 Govt. Sec. Jul % 7.25% 7.00% 6.75% 6.50% 6.25% 6.00% 5.75% 5.50% 5.25% 5.00% 1W 1M 3M 6M 1Y 2Y CURRENT MARKET YIELDS HISTORIC 12M PAPER RATES 12M Yields of Government Securities GOVERNMENT SECURITIES 3M 12M 5Y 10Y YTD 3M 1Y 2Y China 2.63% 3.38% 3.61% 3.63% 3.15% 3.47% 2.77% 2.58% India 8.31% 6.24% NA 6.47% 6.28% 6.38% 6.35% 6.74% Japan -0.13% -0.12% -0.06% 0.08% -0.22% -0.12% -0.26% -0.22% Malaysia 3.07% 3.13% 3.69% 3.99% 3.15% 3.14% 2.98% 2.92% Pakistan 5.89% 5.96% 7.23% 8.22% 5.94% 5.96% 5.91% 6.08% Sri Lanka 11.13% 12.38% NA NA 12.26% 12.46% 12.14% 10.57% UK 0.19% 0.30% 0.59% 1.23% 0.13% 0.20% 0.13% 0.27% US 1.07% 1.21% 1.84% 2.29% 1.02% 1.17% 0.87% 0.68% China India Japan Malaysia Pakistan Sri Lanka UK US 0% 3% 6% 9% 12%