Market Review May 2017

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3 Market Review ECONOMY Nominal Gross Domestic Product clocked in at PKR 31.8trn in FY17 against PKR 29.1trn in FY16, recording a nominal growth of 9.2%YoY according to stats released under Economic Survey of Pakistan. Headline Inflation during the month of stood at 5.02%YoY compared to 4.78%YoY recorded in April 2017, higher than street consensus. On a MoM basis CPI recorded an increase of 0.01%. The sequential rise was largely attributable to food inflation, up by 4.5% YoY, while (housing, water, electricity, gas and fuel) and education index recorded 5.1% and 11.7% YoY rise. State Bank of Pakistan reported 9.2%MoM decline in foreign remittances during April 2017 to clock in at USD 1,539mn compared to USD 1,695mn last month. This translates to a 2.8%YoY drop in remittances during 10MFY17 compared to the same period last year. Monthly YoY Inflation 16.0% 12.0% 8.0% 4.0% 0.0% In April 2017, foreign reserves saw an outflow of USD 1.1bn to stand at USD 19.9bn, a drop of 5.2%MoM owing to continued payments on account of external debt servicing and import payments. Apr-12 Aug-12 Dec-12 Apr-13 Aug-13 Dec-13 Apr-14 Aug-14 Dec-14 Apr-15 Aug-15 Dec-15 Apr-16 Aug-16 Dec-16 Apr-17 Current account deficit (CAD) for 10MFY17 clocked in at USD 7,247mn scaling up by USD 4,869mn against a deficit of USD 2,378mn in the same period last year. This was attributable to import bill ballooning (up 13.1% YoY) on the back of import of machinery and higher energy bill while exports saw a decline of 0.9% YoY on the back of suppressed commodity prices in the international market. MONEY MARKET REVIEW In, SBP borrowed funds worth PKR bn in the two T-bill auctions against the month target of 750bn while maturity of PKR bn and the bidding pattern skewed towards 3 month T- bill. In the first auction, SBP borrowed PKR bn against the target of PKR 350bn and maturity was PKR bn having cutoff at %, % and for 3, 6 and 12 month T-bill respectively and in the second auction borrowed amount was PKR bn against the target of PKR 400bn while maturity was PKR bn having cut-off at %, % and % for 3, 6 and 12 month respectively. Furthermore, SBP borrowed funds worth PKR 40.66bn less than the target amount of PKR 50bn having cut-off at %, % and for 3, 6 and 12 years PIB respectively while no bids received in 20 years PIB. Going forward the worsening current account deficit with rising challenges of external sector and possible reversal of inflation trajectory provide little room for downward adjustment of policy rate. Interbank rates KIBOR (Average) May 17 vs. Apr May '17 April ' M 3M 6M 9M 1Y 2Y 3Y EQUITY MARKET REVIEW was an eventful month at as MSCI related enthusiasm drove the market to all time high of 52,876pts (May 27, 2017), before eventually submitting to selling pressures (particularly by FIIs) at the end of the month. A rounding error in the initial press release by MSCI did create some panic in the market, but later clarification somewhat restored investors confidence. Overall, the benchmark yielded a return of 2.6% (2.5% in US$ terms) in taking CY17YTD return to 5.8% (5.6% in US$ terms). Avg volumes improved by 36% MoM to Rs17.6bn/US$168mn (excl. May 31, 2017 for better comparison). In terms of value trades volumes were up 39% to 334mn vs 240mn last month. Market activity Daily volume vs. KSE-30 movement Shrs in mn May 8-May Volume (L.H.S) 12-May 18-May KSE-30 (R.H.S) 24-May 30-May 28,500 28,000 27,500 27,000 26,500 26,000 25,500 25,000 24,500 24,000 1

4 Unit Trust of Pakistan (UTP) UTP is a balanced fund that aims to preserve and grow investor s capital in the long term while providing a regular stream of current income on an annual basis. The fund operates a diverse portfolio of equity and fixed income investments whereby the equity component is meant to provide the growth in capital while dividends on the equity component along with the fixed income investments help generate the current income. Balanced Scheme Fund launch date 27 October, 1997 Net Assets (PKR mn) 1, NAV (PKR) Benchmark BM # 2.00% (Exclusive of SST & FED) Front-end Load 3.00% Central Depository Company of Pakistan Ltd. KPMG Taseer Hadi & Co. Medium Mr. Zahid Ullah Khan - CIO / Fund Manager Your fund returned 3.66 percent during the month of May, 2017 and percent on year to date basis (YTD). The benchmark index of your fund returned 2.26 percent and percent for these durations, respectively. Except for some exposure trimming for various reasons, your fund's sector and stock selection strategy remained intact. Major exposure was kept towards cement, cable & electrical goods, commercial banks, textiles, and engineering sectors. Non Compliant Investments under Circular 07/2009 Provision Name of Value before Value after Type held Investment provision provision (if any) % of Net Assets % of Gross Assets Agritech Ltd. Sukuks 112,298, ,298, Azgard Nine Ltd.a PPTFC 31,980,766 (31,980,766) Agritech Ltd.b PPTFC Azgard Nine Ltd.c PPTFC (a) The commercial paper amounting to Rs. 75 mn of Azgard Nine Ltd has been settled through Issuance of 15,000 PPTFC's of an equivalent amount in the name of the fund. The said PPTFCs were restructured and ANL provided 772,253 shares of Agritech Limited at the rate of Rs. 35 each which reduced our provision accordingly. During the month of January PPTFC'S have been disposed off. (b) Fund has received Agritech PPTFC's against interest receivable of Agritech Sukuk which is valued at zero but cost is carried at 18,665,000. (c) The Fund has received 3,853 Zero Coupon PPTFC against interest receivable of unlisted TFC's. Since these PPTFC's are received against already defaulted securities and even MUFAP started its revaluation, the management as a matter of prudence is not revaluing said PPTFC's. These PPTFC's are valued at zero but cost is carried at 19,265,000. Fund Fund BM Information Ratio 0.27 Beta Correlation 0.74 Largest Month Gain 14.0% 19.3% Standard Deviation 14.5% Largest Month Loss -24.0% -33.8% Expense Ratio* 3.58% % Positive Months 72.9% 65.7% * For FY17 # Effective from 01-Sep 16: Rate of return of KSE-30 Index and six (6) month KIBOR, for any period of return, on the basis of actual proportions of the portfolio. Previously 50% 6M KIBOR & 50% KSE 30 Index. Cumulative return is based as per MUFAP stated methodology. 1M 1Y 3Y 5Y Launch Avg. Ann.* Fund Benchmark Difference * Average Annualized Return since inception as per Morning Star formula Monthly performance (%) July August September October November December January February March April May June YTD Benchmark Difference Cash Placement with Banks and DFIs - - Equity TFCs / Sukkuks PIBs - - T Bills - - MTS / Spread Transactions Other including receivables Asset quality (%age of total assets) AA 13.86% AA+ 0.05% A+ 3.07% * Govt. securities (0.00%) Equity sector breakdown (%) Cement Cable & Electrical Goods Commercial Banks Textile Composite Engineering Others Total Pak Elektron Ltd D. G. Khan Cement Co. Ltd Nishat Mills Ltd Century Paper & Board Mills Ltd Mari Petroleum Co. Ltd Pakistan State Oil Co. Ltd Kot Addu Power Co. Ltd Synthetic Products Enterprises Ltd Pakistan National Shipping Corporation Ltd Thatta Cement Co. Ltd Fund's liability to the tune of Rs. 11,510,883/-. If the same were not made the NAV per unit/return of scheme would be higher by Rs. 1.31/0.64%. For details investors are advised to read the Note 10.1 of the latest Financial 2

5 EQUITY SCHEME JS Growth Fund (JS GF) The main objective of JSGF is to enable the Certificate Holders to participate in a diversified portfolio of high quality equity securities listed on the stock exchanges and to maximize the investment return, by prudent investment management. Equity Scheme Fund launch date 06 June, 2006 * Net Assets (PKR mn) 2, NAV (PKR) Benchmark KSE30 (Total Return Index) Effective from 01-Sep ' % (Exclusive of SST & FED) Front-end Load 3.00% MCB Financial Services Ltd Grant Thorton High Mr. Zahid Ullah Khan - CIO / Fund Manager Your fund returned 3.12 percent during the month of and percent on year to date basis. The benchmark index returned 3.04 percent and percent for these durations, respectively. Insurance, cement, commercial banks, and sugar & allied sectors formed a major portion of your fund's investment portfolio. There were no major shifts in your fund's portfolio during the month. Major corporate events during the month included: 1) SAZEW, notifying the exchange of venturing into 4 wheelers, 2) LINDE announcing sale of shares by the sponsors to a consortium of investors at PKR290.3/sh, 3) I notified the exchange of fetching a contract of PKR2.7bn from SNGP, 4) CSAP received a PKR4.1bn worth of contract from SNGP, 5) Fossil Energy (Private) Limited announced intention to aquire 51% stake in Clover Pakistan Limited. 1M 1Y 3Y 5Y Launch Avg. Ann.* Fund Benchmark Difference * Average Annualized Return since inception as per Morning Star formula Monthly performance (%) July August September October November December January February March April May June YTD Benchmark Difference Cash Equity Other including receivables Equity sector breakdown (%) Commercial Banks Insurance Sugar & Allied Industries Cable & Electrical Goods Cement Others Total Adamjee Insurance Co. Ltd Shahtaj Sugar Mills Ltd Pak Elektron Ltd IGI Insurance Ltd D. G. Khan Cement Co. Ltd Pakistan State Oil Co. Ltd MCB Bank Ltd Nishat Mills Ltd United Bank Ltd Rafhan Maize Products Ltd Fund Fund BM Information Ratio 0.26 Beta Correlation 0.69 Largest Month Gain 18.9% 25.2% Standard Deviation 23.3% Largest Month Loss -35.2% -45.1% Expense Ratio* 3.49% % Positive Months 63.6% 61.4% *For FY17 Fund's liability to the tune of Rs. 23,767,095/-. If the same were not made the NAV per unit/return of scheme would be higher by Rs. 2.00/0.81%. For details investors are advised to read the Note 10.1 of the latest Financial * Converted into open end scheme on 19 July, Cumulative return is based as per MUFAP stated methodology. 3

6 JS Value Fund (JS VF) The fund maintains a portfolio of high yielding equity securities aiming at earnings derived from capital appreciation and dividend income. The portfolio seeks capital growth through investments in listed equity securities with better-than-average appreciation potential and liberal dividend policies. To benefit from changing interest rate environment and some portion of the portfolio is also kept in cash and near cash instruments (excluding TDR) which may include Government securities not exceeding ninety (90) days maturity. Equity Scheme Fund launch date 14 January, 1996 * Net Assets (PKR mn) 1, NAV (PKR) Benchmark KSE30 (Total Return Index) Effective from 01-Sep ' % (Exclusive of SST & FED) Front-end Load 3.00% MCB Financial Services Ltd KPMG Taseer Hadi & Co. High Mr. Zahid Ullah Khan - CIO / Fund Manager JS Value Fund returned 2.65 percent during the month of, and underperformed it benchmark by 0.39 percent. On year to date basis (YTD), your fund returned percent and outperformed its benchmark by 7.34 percent. Your fund is primarily invested in cements, commercial banks, oil & gas exploration companies, sugar & allied industries, and cable & electrical goods sectors. Selected stocks from other sectors also comprise a significant portion of your total investments. Major corporate events during the month included: 1) SAZEW, notifying the exchange of venturing into 4 wheelers, 2) LINDE announcing sale of shares by the sponsors to a consortium of investors at PKR290.3/sh, 3) I notified the exchange of fetching a contract of PKR2.7bn from SNGP, 4) CSAP received a PKR4.1bn worth of contract from SNGP, 5) Fossil Energy (Private) Limited announced intention to aquire 51% stake in Clover Pakistan Limited. 1M 1Y 3Y 5Y 10Y Avg. Ann.* Fund Benchmark Difference * Average Annualized Return since last ten year as per Morning Star formula Monthly performance (%) July August September October November December January February March April May June YTD Benchmark Difference Cash Equity Other including receivables Equity sector breakdown (%) Cement Commercial Banks Cable & Electrical Goods Oil & Gas Exploration Companies Sugar & Allied Industries Others Total Pak Elektron Ltd D. G. Khan Cement Co. Ltd Al-Abbas Sugar Mills Ltd Pakistan State Oil Co. Ltd Mari Petroleum Co. Ltd Nishat Mills Ltd Thatta Cement Co. Ltd United Bank Ltd Pakistan National Shipping Corporation Ltd Thal Ltd Fund Fund BM Information Ratio 0.09 Beta Correlation 0.90 Largest Month Gain 21.4% 25.2% Standard Deviation 20.6% Largest Month Loss -24.4% -45.0% Expense Ratio* 3.74% % Positive Months 66.7% 62.5% *For FY17 Fund's liability to the tune of Rs. 10,746,434/-. If the same were not made the NAV per unit/return of scheme would be higher by Rs. 2.13/0.77%. For details investors are advised to read the Note 10.1 of the latest Financial * Converted into open end scheme on 27 June, Cumulative return is based as per MUFAP stated methodology. 4

7 EQUITY SCHEME JS Large Cap. Fund (JS LCF) JS LCF is an open-end Equity Scheme that aims to benefit from an attractive Capital Market in an economy with growth potential, to maximize the total investment return consisting of a combination of capital appreciation and dividend income. Consistent with its Investment Objective, the Fund shall invest primarily in equity securities of listed Large-Cap companies with market capitalization of over Rupees one billion. The remaining Funds shall be invested in Authorized Investments including cash and/or near cash instruments which include cash in bank accounts, and Government securities not exceeding ninety (90) days maturity. Equity Scheme Fund launch date 14 May, 2004 * Net Assets (PKR mn) 1, NAV (PKR) Benchmark KSE30 (Total Return Index) Effective from 01-Sep ' % (Exclusive of SST & FED) Front-end Load 3.00% Central Depository Company of Pakistan Ltd. Deloitte Yousuf Adil High Mr. Zahid Ullah Khan - CIO Mr. Syed Sanakhawan - Fund Manager Your fund returned 4.76 percent during the month and percent on YTD basis. In comparison, the benchmark index returned 3.04 percent and percent, respectively leading to major outperformance on both time horizons. 1M 1Y 3Y 5Y Launch Avg. Ann.* Fund Benchmark Difference * Average Annualized Return since inception as per Morning Star formula Monthly performance (%) July August September October November December January February March April May June YTD Benchmark Difference Cash Equity Other including receivables Major equity allocation of your fund remained centered around auto assemblers, electrical goods and cement sectors. The portfolio is positioned in a manner that your fund manager believes is suited for a broad based uptick in economic activity led CPEC related projects. It is pertinent to note that it is very difficult to form any material view on the direction of the stock market or on our selected stocks in the short run. We also believe that commenting on the short term market movements is of limited value (MSCI EM transition is a case in point). The real value comes from thorough fundamentals research and diligent process of evaluating discrepancy between price and value. We try to keep trading costs to a minimum and participate only when we see a value in doing so. We believe that our unit holders are long term investors and that we are in the business of managing your investments over the same period. We remain highly convinced on the equity market s performance for the upcoming quarters and remain invested in the undervalued scrips and believe the out-performance will be delivered to our investors on a consistent basis.. Equity sector breakdown (%) Automobile Assembler Cable & Electrical Goods Cement Commercial Banks Oil & Gas Marketing Companies Others Total Pak Elektron Ltd Mari Petroleum Co. Ltd Century Paper & Board Mills Ltd Agriautos Industries Ltd Thal Ltd Nishat Mills Ltd Pakistan State Oil Co. Ltd Shifa International Hospitals Ltd D. G. Khan Cement Co. Ltd Pak Suzuki Motor Co. Ltd Fund Fund BM Information Ratio 0.32 Beta Correlation 0.70 Largest Month Gain 14.7% 25.2% Standard Deviation 22.1% Largest Month Loss -30.8% -45.0% Expense Ratio* 3.44% % Positive Months 61.8% 61.8% Fund's liability to the tune of Rs. 8,512,800/-. If the same were not made the NAV per unit/return of scheme would be higher by Rs. 1.39/0.82%. For details investors are advised to read the Note 10.1 of the latest Financial * Converted into open end scheme on 26 September, *For FY17 5

8 JS Islamic Fund (JS ISF) JS Islamic Fund [JS ISF] aims to grow investor s capital in the long term in adherence with principles of Shariah compliance as advised by the Shariah Advisory Council (SAC) of this fund. The fund investments are limited to asset classes approved by the Shariah Advisory Council (SAC) and all companies under investment consideration are semiannually screened for Shariah compliance. Shariah Compliant Islamic - Equity Scheme Fund launch date 27 December, 2002 Net Assets (PKR mn) 1, NAV (PKR) Benchmark KMI-30 Index 2.00% (Exclusive of SST & FED) Front-end Load 3.00% Central Depository Company of Pakistan Ltd. A. F. Ferguson & Co. Shariah advisor M/s. Al Hilal Shariah Advisors (Pvt) Limited High Mr. Zahid Ullah Khan - CIO / Fund Manager During the month your fund returned 2.94 percent versus the benchmark return of 3.53 percent resulting in an underperformance of 0.59 percent. On year to date basis (YTD), your fund returned percent versus the benchmark return of percent. Your fund was primarily invested in cement, oil & gas marketing, automobile assemblers, automobile parts & accessories, and cable and electrical goods sectors. There were no major changes in your fund's portfolio during the month. 1M 1Y 3Y 5Y Launch Avg. Ann.* Fund Benchmark Difference * Average Annualized Return since inception as per Morning Star formula Monthly performance (%) July August September October November December January February March April May June YTD Benchmark Difference Cash Equity Other including receivables Equity sector breakdown (%) Cement Cable & Electrical Goods Oil & Gas Marketing Companies Automobile Assembler Automobile Parts & Accessories Others Total D. G. Khan Cement Co. Ltd Pak Elektron Ltd Pakistan State Oil Co. Ltd Agriautos Industries Ltd Mari Petroleum Co. Ltd Nishat Mills Ltd Thal Ltd Kot Addu Power Co. Ltd International Steels Ltd Pak Suzuki Motor Co. Ltd Fund Fund BM Information Ratio 0.30 Beta Correlation 0.70 Largest Month Gain 15.4% 20.2% Standard Deviation 21.8% Largest Month Loss -28.7% -37.1% Expense Ratio* 3.00% % Positive Months 69.5% 64.7% *For FY17 Fund's liability to the tune of Rs. 14,161,202/-. If the same were not made the NAV per unit/return of scheme would be higher by Rs. 1.30/0.81%. For details investors are advised to read the Note 10.1 of the latest Financial Cumulative returns are based as per MUFAP stated methodology. 6

9 JS Fund of Funds (JS FoF) JS FoF is a fund of funds that aims to grow investor s capital in the long term while diversifying the asset manager risk bundled together with the benefits of an asset allocation fund. The fund operates a diverse portfolio of equity, balanced, fixed income and money market funds (both open and closed ended) with the option to adjust the asset mix as equity markets rise or fall and the economy strengthens or weakens. Fund of Fund Scheme Fund launch date 31 October, 2005 Net Assets (PKR mn) NAV (PKR) Benchmark BM FOF # 1.00% (Exclusive of SST & FED) Front-end Load 3.00% Central Depository Company of Pakistan Ltd. KPMG Taseer Hadi & Co. Medium Mr. Zahid Ullah Khan - CIO / Fund Manager During the month, your fund returned 3.85 percent versus the benchmark return of 2.62 percent. On a year to date basis, Your fund returned percent, thereby outperforming the benchmark by 5.53 percent. There were no major changes in your fund's portfolio during the month. 1M 1Y 3Y 5Y Launch Avg. Ann.* Fund Benchmark Difference * Average Annualized Return since inception as per Morning Star formula Monthly performance (%) July August September October November December January February March April May June YTD Benchmark Difference Open-end Close-end - - T Bills - - Cash Other including receivables JS Large Cap. Fund JS Islamic Fund National Investment Trust NAFA Stock Fund ABL Stock Fund Atlas Stock Market Fund JS Growth Fund 5.71 Fund Fund BM Information Ratio 0.11 Beta Correlation 0.82 Largest Month Gain 13.6% 11.0% Standard Deviation 15.9% Largest Month Loss -13.7% -25.1% Expense Ratio* 1.69% % Positive Months 67.9% 69.3% *For FY17 Fund's liability to the tune of Rs. 3,155,946/-. If the same were not made the NAV per unit/return of scheme would be higher by Rs. 0.35/0.54%. For details investors are advised to read the Note 10.1 of the latest Financial Cumulative returns are based as per MUFAP stated methodology. # 'Weighted Average of "Three (3) months PKRV rates", "Six (6) months KIBOR rates" and "KSE-100 Index", on the basis of actual investment in money market, income and equity schemes '. " 7

10 JS Cash Fund (JS CF) JS Cash Fund (JS CF) is an open-end 'Money Market Scheme' that mainly invests in low risk shortterm fixed income instruments including money market instruments to provide a regular and reasonable return to investors while ensuring high liquidity. The Fund shall invest primarily in short duration instruments and may even hold some or all of its assets in cash for the purpose maintaining liquidity. Money Market Scheme Fund launch date 29 March, 2010 Net Assets (PKR mn) NAV (PKR) Benchmark BM CF % (Exclusive of SST & FED) Front-end Load 1.00% Backward MCB Financial Services Ltd KPMG Taseer Hadi & Co. Extremely Low Fund stability rating (JCR-VIS) AA+ (f) Mr. Zahid Ullah Khan - CIO Mr Asim Ilyas - Fund Manager JS Cash Fund reported an annualized return of 4.60% for the month of, as compared to the annualized benchmark return of 5.24%, underperforming by 64 basis points while the fund outperforming its benchmark by 44basis points in FYTD having return of 5.72% as compared to annualized benchmark return of 5.28%. During the month, no significant variation in the exposure towards T-bill and going forward the fund manager continue to negotiate for better bank rates. Annualized performance 2 1M 1Y 3Y 5Y Launch Fund Benchmark Difference Monthly performance (%) Annualized performance 2 July August September October November December January February March April May June YTD Benchmark Difference Cash Placement with Banks and DFIs - - T Bills Other including receivables Asset quality (%age of total assets) AA 26.61% A+ 0.15% AA+ 0.01% AAA 73.10% * Govt. securities (73.10%) Fund BM Fund BM Standard Deviation 0.8% 0.6% Largest Month Gain 1.2% 0.9% Expense Ratio* 1.18% Largest Month Loss 0.0% 0.0% Duration (Days) 35 % Positive Months 100.0% 100.0% WAM (Days) 35 * For FY17 Fund's liability to the tune of Rs. 1,139,567/-. If the same were not made the NAV per unit/return of scheme would be higher by Rs. 0.31/0.28%. For details investors are advised to read the Note 10.1 of the latest Financial 1. 70% three (3) months PKRV rates + 30% three (3) months average deposit rate of three (3) AA rated scheduled Banks as selected by MUF AP 2. Annualized return is based as per MUFAP stated methodology. 8

11 JS Income Fund (JS IF) JS IF is an income fund that aims to preserve investor s capital while providing a regular stream of current income on an annual basis which is higher than that offered by commercial banks on deposits of a similar liquidity profile as this fund. The fund operates a diverse portfolio of investment-grade debt securities, government securities and money market instruments. The fund may maintain liquidity in the form of spread transactions and bank deposits. Income Fund Scheme Fund launch date 26 August, 2002 Net Assets (PKR mn) 2, NAV (PKR) Benchmark BM IF # 0.75% (Exclusive of SST & FED) Front-end Load 1.00% MCB Financial Services Ltd Grant Thorton Anjum Rahman & Co Low To Medium Fund stability rating (PACRA) A+ (f) Mr. Zahid Ullah Khan - CIO Mr Asim Ilyas - Fund Manager # The performance benchmark of the Fund shall be 'Average Return of Six (6) months KIBOR for any period of return. Effective from September : Previously 40% 1Year PKRV rate + 60% 6M kibor. For the month of, JSIF yielded an annualized return of 6.17% as compared to the benchmark of 6.15%, outperforming by 2basis points while in FYTD the fund outperforming its benchmark by 65basis points having return of 6.90% as compared to annualized benchmark return of 6.25%. During the month, fund maintained the exposure in TDRs while no exposure in T-Bills as prevailing yields are not attractive and increased the exposure in Spread Transactions which enhanced the return. Going forward, on the back of macroeconomic outlook we will rebalance the allocation towards other investment avenues while negotiate for better bank rate that can generate consistently higher returns for our investors. Non Compliant Investments under Circular 07/2009 Name of Investment Type Value before provision Provision held (if any) Value after provision % of Net Assets % of Gross Assets Azgard Nine a TFC 6,661,110 (6,661,110) Azgard Nine b PPTFCs 31,980,766 (31,980,766) Agritech Ltd. c Sukuk 59,572,782 (59,572,782) Agritech Ltd. d PPTFC Dewan Cement e TFC 50,000,000 (49,990,000) 10, Azgard Nine f PPTFC a) The fund has made a full provision against the principal amount in accordance with the requirements of regulatory body & the provisioning policy of the Fund. (b) The CP of ANL has been settled through issuance of 15,000 PPTFCs in the name of the Fund. These PPTFCs have been restructured however, the mgt. as a matter of prudence has maintained the provision against the said PPTFCs. In lieu of restructuring of Azgard Nine existing debt securities, Agritech pledge shares has been credited in Faysal Bank ( of the Issuer) CDS account. These shares are booked and marked to market accordingly. (c) The fund has made a full provision against the principal amount in accordance with the requirements of Circular 1 & the provisioning policy of the Fund. (d) The Fund has made a full provision against the principal amount of Agritech Limited s Sukuk in accordance with the requirements of Circular 1 of 2009 issued by the SECP and the provisioning policy of the Fund. The Fund has received Agritech Limited s PPTFC of face value of Rs million against interest due on Agritech Limited s Sukuk which is not recognized as income by the Fund and these PPTFCs are valued at zero. (e) Non rated securities. (f) The fund received 4,827 zero coupon PPTFCs against interest receivable of listed and unlisted TFCs. Since these PPTFCs are received against already defaulted securities and have non-performing status in MUFAP, therefore the management as a matter of prudence maintained the provision against the said PPTFCs. These PPTFCs are valued at zero but cost is carried at 24,135,000. Fund BM Fund BM Standard Deviation 4.3% 1.0% Largest Month Gain 3.7% 1.2% Expense Ratio* 1.19% Largest Month Loss -10.3% 0.0% Duration (Yr) 0.05 % Positive Months 92.7% 100.0% WAM (Yr) 0.34 * For FY17 Annualized performance 1 1M 1Y 3Y 5Y Launch Fund Benchmark Difference (0.29) (1.77) Monthly performance (%) Annualized performance 1 July August September October November December January February March April May June YTD Benchmark Difference Cash Placement with Banks and DFIs Equity* T Bills - - PIBs - - TFCs / Sukkuks MTS / Spread Transactions Other including receivables * Under debt-swap arrangement with Azgard Nine Limited (ANL), the fund has received shares of Agritech Limited (AGL), against the investments of ANL-PPTFC and listed TFCs, these listed TFCs and PPTFCs had been fully provided. List of TFC/Sukuks Holdings (%) May-17 Ghani Gases Ltd 2.49 Byco Petroleum Pakistan Ltd NRSP Microfinance Bank 1.12 Asset quality (%age of total assets) AA 17.12% A % A % A 5.51% A % AAA 2.32% A- 1.82% * Govt. securities (0.00%) Fund's liability to the tune of Rs. 4,037,209/-. If the same were not made the NAV per unit/return of scheme would be higher by Rs. 0.15/0.15%. For details investors are advised to read the Note 11.1 of the latest Financial 1 Annualized performance return is based as per MUFAP stated methodology. 9

12 JS Islamic Government Securities Fund (JS IGSF) JS Islamic Government Securities Fund (JS IGSF) is an open end 'Shariah Compliant Sovereign Income Scheme' which aims at generating a stable stream of current HALAL income while ensuring low risk (volatility) and capital preservation in the medium to long term by investing primarily in Shariah Compliant Government Securities. Shariah Compliant Income Scheme Fund launch date 5 June, 2013 Net Assets (PKR mn) NAV (PKR) Benchmark # BM IGSF % (Exclusive of SST & FED) Front-end Load 1.00% MCB Financial Services Ltd KPMG Taseer Hadi & Co. Shariah advisor M/s. Al Hilal Shariah Advisors (Pvt) Limited Low to Medium Fund stability rating (PACRA) AA- (f) Mr. Zahid Ullah Khan - CIO Mr Asim Ilyas - Fund Manager # Due to unavailability of benchmark as per SECP Direction No.27 of 2016, we have used previous month methodology for the working of benchmark of this month. The fund recorded annualized return of 2.41% for the month of, as compared to the benchmark return of 4.09% underperforming of 167basis points. Annualized performance 2 1M 6M 1Y 2Y Launch Fund Benchmark Difference Monthly performance (%) Annualized performance 2 July n/a August n/a September n/a October n/a November n/a December n/a January n/a February n/a March n/a April n/a May n/a June YTD Benchmark Difference Asset allocation (%age of total assets) Cash Placement with Banks and DFIs - - TFCs / Sukkuks Other including receivables Asset quality (%age of total assets) AA+ 0.16% AAA 73.01% The underperformance is mainly attributable to decline GOP Ijara Sukuk prices while fund exposure in the floater Sukuks higher than fixed rental sukuks on the back of market expectations toward bottoming of interest rates. However we expect demand for GOP ijara will remain on the upper end going forward while lack of availability will increase prices once again in the future. A % AA 0.01% * Govt. securities (73.01 )%) Sukuks allocation - Top Ten Holding 125.0% 100.0% 75.0% 50.0% 25.0% 0.0% 73.01% GoP Ijara Sukkuks Fund BM Fund BM Standard Deviation 1.1% 0.5% Largest Month Gain 1.1% 0.7% Expense Ratio 2.50% Largest Month Loss -0.5% 0.0% WAM (Yr) 1.13 % Positive Months 87.8% 100.0% * For FY17 Fund's liability to the tune of Rs. 1,689,006/-. If the same were not made the NAV per unit/return of scheme would be higher by Rs. 0.74/0.72%. For details investors are advised to read the Note 11.1 of the latest Financial 1. The benchmark of the scheme shall be the average 6 month Placement (Deposit) rate of 3 Islamic Banks (including Islamic windows of Commercial Banks) 2. Annualized return is based as per MUFAP stated methodology. 10

13 JS Capital Protected Fund V (JSCPF_V) JS Capital protected Fund V aims at protecting investor capital through the investment structure by placing 88% of the Fund s Deposited property as term deposit(s) with Bank Alfalah Limited, having rating of AA with a positive outlook (Capital Protected Portion). The remaining Investment Portion of the Fund shall be invested in equity market or any other Authorized Investment instrument. Capital Protected Scheme Fund launch date 30 May, 2016 Net Assets (PKR mn) NAV (PKR) Benchmark BM % (Exclusive of SST & FED) Front-end Load 1.00% Contingent Load Up to 2.0% of NAV during the first 12 months and three weeks Up to 1.0% of NAV during the last 12 months and three weeks MCB Financial Services Limited Grant Thornton Anjum Rahman Chartered Accountants Very Low Capital Protection Rating CP2+ (CP Two plus) by PACRA Mr. Zahid Ullah Khan - CIO Mr. Syed Sanakhawan - Fund Manager During the month, your fund returned 0.40 percent outperforming the benchmark by 0.18 percent. On YTD basis, your fund performed 5.99 percent underperforming the benchmark by 0.40 percent. Your fund manager is focused on providing superior risk adjusted returns over the designated time period. Based on our research and due diligence, your fund manager has increased exposure to Cements and Oil & Gas Marketing sectors. Your Fund manager views the economy favorably and has positioned the portfolio is a manner to benefit from improved economic activity reflected in both in macro and micro data. Your Fund manager is cognizant of the risks of equity investing and is actively monitoring risk that could erode performance. 1M 6M 1Y 2Y Launch Avg. Ann.* Fund n/a Benchmark n/a Difference n/a * Average Annualized Return since inception as per Morning Star formula Monthly performance (%) FY17 FY16 July n/a August 0.83 n/a September 0.91 n/a October n/a November 0.97 n/a December 0.83 n/a January 0.89 n/a February 0.24 n/a March 0.42 n/a April 0.63 n/a May 0.40 n/a June 0.10 YTD Benchmark Difference Cash Equity TDR Placement with Banks and DFIs Equity sector breakdown (%) Cable & Electrical Goods Oil & Gas Exploration Companies Automobile Assembler Engineering Glass & Ceramics Others Total Pak Elektron Ltd Mari Petroleum Co. Ltd Indus Motor Co. Ltd Aisha Steel Mills 0.52 Singer Pakistan Ltd Tariq Glass Industries Ltd Synthetic Products Enterprises Ltd D. G. Khan Cement Co. Ltd Pak Suzuki Motor Co. Ltd Pakistan State Oil Co. Ltd The benchmark of the Fund for any period of return shall be the Weighted Average Daily Return of KSE-100 Index and Three (3) Months Deposit Rate of a Double A minus (AA-) or above rated Bank based on the Fund s actual Proportion in the Investment and Capital Protection Portions. Fund Fund BM Standard Deviation 1.4% Beta Expense Ratio* 2.09% Largest Month Gain 1.0% 1.3% Largest Month Loss -0.2% 0.0% % Positive Months 84.6% 100.0% * For FY17 A statement on the specific terms of capital protection (e.g. capital protection only applies to unit holders who hold their investments until the maturity date) The guarantee is subject to the credit risk of the guarantor and it does not give any assurance to the future solvency of the guarantor Fund's liability to the tune of Rs. 321,312/-. If the same were not made the NAV per unit/return of scheme would be higher by Rs. 0.12/0.12%. For details investors are advised to read the Note 11.1 of the latest Financial 11

14 JS Pension Savings Fund (JS PSF) JS Pension Savings Fund (JS PSF) is designed to provide a secure source of savings and retirement income to individuals. JS PSF is a portable pension scheme allowing individuals the flexibility of contributions and portfolio customization through allocation of such contributions among equity and fixed income investment avenues suited to their specific needs and risk profile. Pension Savings Fund Fund launch date 26 June, 2007 Benchmark n/a 1.50% (Exclusive of SST & FED) Front-end Load 3.00% Central Depository Company of Pakistan Ltd. KPMG Taseer Hadi & Co Investor dependent Mr. Zahid Ullah Khan - CIO Mr. Syed Sanakhawan - Fund Manager Net Assets (PKR mn) JS-PSF - Equity Sub Fund JS-PSF - Debt Sub Fund JS-PSF - MM Sub Fund NAV (PKR) JS-PSF - Equity Sub Fund JS-PSF - Debt Sub Fund JS-PSF - MM Sub Fund The Debt and Money Market Sub Fund recorded return of 4.14 percent p.a. and 2.88 percent p.a. respectively for the month of May, 2017, return was on the lower end during the month as fund remained invested in T-bills while yields moved upward as SBP mopped up the amount at higher yields The Equity Sub Fund recorded a return of 5.20% in the month of May and on YTD basis the Equity Sub Fund has returned 51.58%. Your Fund manager has further reduced exposure in Banks as they seem pricy at current valuations, while increased exposure in Paper & Board is a function of price appreciation in Century Paper & Board. It is pertinent to note that it is very difficult to form any material view on the direction of the stock market or on our selected stocks in the short run (MSCI EM transition is a case in point). We also believe that commenting on the short term market movements is of limited value. The real value comes from thorough fundamentals research and diligent process of evaluating discrepancy between price and value. We try to keep trading costs to a minimum and participate only when we see a value in doing so. We believe that our unit holders are long term investors and that we are in the business of managing your investments over the same period. We remain highly convinced on the equity market s performance for the upcoming quarters and remain invested in the undervalued scrips and believe the out-performance will be delivered to our investors on a consistent basis Fund's liability to the tune of Rs. 2,500,887/-. If the same were not made the NAV per unit/return of scheme would be higher by Rs (ESF), Rs. 0.41(DSF), Rs (MMF) / 0.81% (ESF), 0.18% (DSF), 0.17% (MMF). For details investors are advised to read the Note 8.1 of the latest Financial 1 Annualized performance return is based as per MUFAP stated methodology. 1M 1Y 3Y 5Y Launch Equity Sub Fund Debt Sub Fund MM Sub Fund Monthly performance (%) Annualized performance 1 Equity Debt 1 MM 1 FY17 FY16 FY17 FY16 FY17 FY16 July August September October November December January February March April May June YTD Equity Cash Equity Other including receivables Debt Cash Equity* TFCs / Sukkuks - - T Bills & PIBs Other including receivables Money Market Cash Placement with Banks - - Equity* T Bills Other including receivables * Under debt-swap arrangement with Azgard Nine Limited (ANL), debt and money market sub funds have received shares of Agritech Limited (AGL), against the investments of ANL-PPTFC, these PPTFCs in sub funds had been fully provided. Equity sector breakdown (%) Cement Paper & Board Commercial Banks Cable & Electrical Goods Automobile Assembler Others Total Century Paper & Board Mills Ltd Mari Petroleum Co. Ltd Pak Elektron Ltd International Industries Ltd Thal Ltd Nishat Mills Ltd Shifa International Hospitals Ltd D. G. Khan Cement Co. Ltd Pakistan National Shipping Corporation Ltd Tariq Glass Industries Ltd

15 VPS - SHARIAH COMPLIANT FUND JS Islamic Pension Savings Fund (JS IPSF) JS Islamic Pension Savings Fund (JS IPSF) is designed to provide a Halal and secure source of savings and retirement income to individuals according to the principles of Islamic Shariah. JS IPSF is a portable pension scheme allowing individuals the flexibility of contributions and portfolio customization through allocation of such contributions among equity, fixed income and other Halal investment avenues suited to their specific needs and risk profile. 1M 1Y 3Y 5Y Launch Equity Sub Fund Debt Sub Fund MM Sub Fund Shariah Compliant Voluntary Pension Scheme Fund launch date 16 June, 2008 Benchmark n/a 1.50% (Exclusive of SST & FED) Front-end Load 3.00% Central Depository Company of Pakistan Ltd. KPMG Taseer Hadi & Co Shariah advisor M/s. Al Hilal Shariah Advisors (Pvt) Limited Investor dependent Mr. Zahid Ullah Khan - CIO Mr. Syed Sanakhawan - Fund Manager Net Assets (PKR mn) JS-IPSF - Equity Sub Fund JS-IPSF - Debt Sub Fund JS-IPSF - MM Sub Fund NAV (PKR) JS-IPSF - Equity Sub Fund JS-IPSF - Debt Sub Fund JS-IPSF - MM Sub Fund In the month of May, 2017, JS Islamic Pension Savings Debt Sub Fund and Money Market Sub Fund delivered returns of 2.06 percent p.a. annualized and 2.52 percent p.a. annualized respectively. Lower return during the month is mainly attributable to decrease GOP Ijara Sukuk prices. JS Islamic Pension Saving Equity Sub Fund yielded a return of 2.34% in the month of May, taking YTD return to 48.62%. Your Fund manager views the economy favorably and has positioned the portfolio is a manner to benefit from improved economic activity reflected in both in macro and micro data. Your Fund manager is cognizant of the risks of equity investing and is actively monitoring risk that could erode performance. It is pertinent to note that it is very difficult to form any material view on the direction of the stock market or on our selected stocks in the short run (MSCI EM transition is a case in point). We also believe that commenting on the short term market movements is of limited value. The real value comes from thorough fundamentals research and diligent process of evaluating discrepancy between price and value. We try to keep trading costs to a minimum and participate only when we see a value in doing so. We believe that our unit holders are long term investors and that we are in the business of managing your investments over the same period. We remain highly convinced on the equity market s performance for the upcoming quarters and remain invested in the undervalued scrips and believe the out-performance will be delivered to our investors on a consistent basis. Fund's liability to the tune of Rs. 1,735,003/-. If the same were not made the NAV per unit/return of scheme would be higher by Rs (ESF), Rs (DSF), Rs (MMF) / 0.77% (ESF), 0.16% (DSF), 0.12% (MMF). For details investors are advised to read the Note 8.1 of the latest Financial Monthly performance (%) Annualized performance 1 Equity Debt 1 MM 1 FY17 FY16 FY17 FY16 FY17 FY16 July August September October November December January February March April May June YTD Equity Cash Equity Other including receivables Debt Cash IJARA Sukuk Bond Other including receivables Money Market Cash IJARA Sukuk Bond TDR Other including receivables Equity sector breakdown (%) Cement Miscellaneous Cable & Electrical Goods Automobile Assembler Commercial Banks Others Total Pak Elektron Ltd Meezan Bank Ltd Thal Ltd Synthetic Products Enterprises Ltd D. G. Khan Cement Co. Ltd Mari Petroleum Co. Ltd Pak Suzuki Motor Co. Ltd Shifa International Hospitals Ltd Nishat Mills Ltd Packages Ltd Annualized performance return is based as per MUFAP stated methodology. 13

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