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

Transcription

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

2

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 dipped slightly in Apr'17 to 4.8% YoY from 4.9% YoY in Mar'17. The slight fall in headline inflation was associated with a lower increase in the food index (1.85% MoM in Apr'17 vs. 2.04% MoM in Mar'17). However, the sequential increase remained higher at 1.39% MoM vs. an increase of 0.85% MoM. Core Inflation stood at 5.5% in Apr'17 compared to 5.3% in Mar'17. 10MFY17 inflation average stands at 4.1%. Going forward, inflation is expected to trend upwards, due to higher food prices and seasonality i.e. Ramzan and Eid factor. Large-scale manufacturing (LSM) increased by 4.1% YoY in Feb'17, major contributors were Iron and Steel (16.2% YoY), Electronics (13.5% YoY) and Automobile (10.0% YoY). Private sector credit off-take continues to accelerate (+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. FDI depicted growth of 12% YoY to USD 1.6 bn in 9MFY17. This growth has been supported by investment from China and Engro Foods acquisition deal. During Mar'17, FDI flows stood at USD 297 mn, growth of over 2.4x compared to USD mn in Feb'17. The 9MFY17 current account deficit widened by 2.6x YoY to USD 6.1 bn. Widening gap in current account was attributable to: 1) 1% YoY drop in exports, 2) 14% YoY increase in imports, 3) 23% YoY decline in CSF inflows and 4) 2% YoY dip in workers' remittances. Remittances from overseas Pakistanis went down by 2.3% YoY during 9MFY17 to USD bn vs. USD bn in 9MFY16. This was primarily attributable to 4.5% YoY decline in remittances from MENA Region (63% of total remittances) in spite of improvement in oil prices (+15% YoY during FYTD). As pressure on FX reserves grows (-9.0% or USD 2.1 bn during 10MFY17), policy makers will have to enact countermeasures to prevent sharp PKR depreciation and a deterioration in the macroeconomic landscape. Fixed Income Review SBP raised PKR 360 bn from the T-Bill auction held on 27th Apr'17, against a target of PKR 300 bn. Bids amounting to PKR 270 bn were accepted for 3M at 5.99%; followed by PKR 85 bn of 6M T-Bills at 6.01%. Recent pickup in inflation can lead to a rise in expectations of an interest rate liftoff from next year. Other than this, SBP rejected all bids received amounting to PKR 31 bn in the PIBs auction held on 19th Apr'17. Equities Review Political uncertainty and regulatory concerns continued to weigh on the market in April. The verdict on the Panama case triggered an initial excitement as the KSE 30 index soared 634 points on the day the decision was announced and closed up 2.04% MoM as investor sentiment improved. Trading activity remained low with average volume dropping to 57 million shares per day, a decrease of 5% MoM. Average trading value, however, went up by 8% to USD 65 mn per day. Foreign investors (-USD 36 mn) continued to be net sellers. Household goods (+27.6%) was the best performing sector. PAEL rallied on account of staggering performance in the consumer electronics segment, and also being the prime candidate to benefit from the development of the upcoming energy projects. Autos (+22.3%) was the next best performing sector, with impressive sales growth and excitement over new models and variants. The worst performing sectors were Personal Goods (-4.8%) and Chemicals (-4.4%). The latter was down due to negative outlook on fertilizers due to surplus output. The KSE 30's trailing 12 months (TTM) PE ratio is 9.6x this month versus 9.5x in the previous month and continues to trade at a substantial discount to regional markets such as China's Shanghai Composite Index and India's Sensex Index which are trading at 17.5x and 22.1x respectively. Yield Curve 11.5% 10.5% 9.5% 8.5% 7.5% 6.5% 5.5% USD/PKR vs. Forex Reserves W 2M 6M 2Y 5Y 8Y 15Y Market Rates 6.25% 6.00% 5.75% 31-Mar-17 Forex Res. (USD bn.) - RHS USD/PKR 1-Apr 8-Apr 15-Apr 22-Apr 3-Apr 12-Apr 21-Apr 28-Apr M KIBOR O/N Repo Rate 6M T-Bill 9MFY17 current account deficit widened by 2.6x YoY to USD 6.1bn.

5 Economic & Markets Review INTERNATIONAL 5 Developed Markets For the first time in 2017, developed markets outperformed emerging markets. The MSCI EAFE Index gave a monthly return of 2.27%, while the MSCI EM Index gave a return of 2.04% in April. Top performers among developed markets were Greece (ASE Index up 6.9%), Denmark (OMX Copenhagen 20 Index up 5.8%) and Austria (ATX up 6.4%). Meanwhile, UK's FTSE 100 index was down 1.6%, partly due to the Prime Minister's call for snap elections, which strengthened the British Pound. The markets in Europe were tense before the French Elections on April 23, 2017, and bounced up after Emmanuel Macron, a pro-eu candidate, emerged as a leader. European markets also welcomed the positive signals from the latest ECB press conference, where the benchmark interest rate was left unchanged at 0%. The ECB President mentioned that downside risks were less severe for the Euro area economy than previously estimated and incoming data since March confirmed the cyclical recovery of the EU economy. Performance of Equities and Commodities 140% MSCI World Index MSCI EM Index DB Commodity Index 120% 100% 80% 60% Apr-16 Jul-16 Oct-16 Jan-17 Emerging markets The MSCI emerging market index was up 2.04% in April, taking the calendar year to date return to 13.4%. Top performers during the month were Poland (WIG Index up 6.4%) and Turkey (Borsa Istanbul 100 Index up 6.4%). Valuation of International Markets 20 Chinese markets were depressed for a second consecutive month with the Shanghai Composite down -2.1% during April. The decline in Chinese equities is partly attributable to a continuing crackdown by regulators against shadow banking and scrupulous elements within the stock market. Their market surprisingly didn't show much tension before the Chinese and US officials' meeting. Moreover, they didn't move higher after the French Election even though other Asian markets did. The Indian equity market continued to gain in April bolstered by inflows from foreign and domestic investors and optimism over corporate earnings. The gains were, however, not as large as those witnessed in the first three months of the quarter because investors chose to book profits. The BSE Sensex Index returned 1.0% in April. The OPEC meeting, MSCI's emerging market index reconstitution and French Elections are expected to drive emerging markets in May. Commodities Market Review Oil prices continued to decline in the month of April as unabated US production undermined hopes related to the OPEC plus non-opec meeting in May. Moreover, inventory data of the US showed a mixed trend through most of the month, showing a decline in crude oil stock and a rise in petroleum products. Towards the end of April, oil prices were also hit by a strong US Dollar in the wake of the European Central Bank's (ECB) monetary policy meeting, in which the ECB left interest rates constant at zero percent. As a consequence, WTI Crude Oil price slipped by 4.11%, while Brent slipped by 3.66% DM US UK Japan Canada EM Brazil Russia India China P/E Multiple In line with the decline in crude oil prices witnessed in the past two months, prices of products in the petrochemical chain also decreased. South East Asian PVC price was down 7.4%, Paraxylene price was down 1.8% and Purified Terephthalic Acid's price was down by 2.3%. Ethylene price, however, was up 5.5%, showing no correlation with crude oil price movement. Coal prices too were down during the month, with Richard Bay coal price showing a decline of 1.4%. In the first half of the month, however, metallurgical coal prices surged as Australian exports were disrupted by cyclone Debbie. The cyclone flooded rail lines and halted delivery to ports. The surge was, however, quickly reversed after the cyclone. Because metallurgical coal is widely used for steel production, its overall depressed price led to dip in prices of Hot Rolled Coil (HRC) and Cold Rolled Coil (CRC). HRC in mainland China declined by 13.5%, while CRC in the same region dipped by 13.3% during the month. For the first time in 2017, developed markets outperformed emerging markets. The month of May is going to be critical for not just oil, but other commodities as well due to the scheduled OPEC meeting. There are expectations that non-opec producers, like Russia, too will join the meeting, which increases the likelihood of the current production cut getting extended beyond June.

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 5.56% against the benchmark return of 5.30% in April 2017 thus outperformed by 0.26%. During FY17TD the Fund has returned 6.64% to unit holders against the benchmark of 5.23% and outperformed by 1.41%. Asset allocation changed with T bills placement at 87% and Cash exposure at 12%. As a result portfolio WAM was calculated at 72 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) T-Bills Cash Others Asset Allocation Instruments (% of total Assets) SWWF Disclosure As of April 30th, 2017 the LMMF has maintained provisions against Sindh Workers' Welfare Fund's liability to the tune of PKR 7.94 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 FY17, the year to date annualized return of the LMMF for FY17 would be higher by 0.16%. For details investors are advised to read the Note 8.1 of the latest Financial Statements of the LMMF. 1.00% (This is inclusive of 0.27% representing Government levies and SECP Fees) YTD 0.84% (This is inclusive of 0.22% representing Government levies and SECP Fees) 1% 12% Asset Allocation 87% Instruments Feb-17 Mar-17 April-17 WAM* days Placements with Banks & DFIs 0% 0% 0% 0 PIBs 0% 0% 0% 0 T Bills 91% 0% 87% 81 Cash 9% 101% 12% 1 Others including receivables -1% -1% 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 10% 2% Disclosures Credit Split Leverage as on April 30th, 2017 Non Performing Assets WAM of Portfolio 72 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. 87% Govt Sec AA+ 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 April-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 6.67% 5.25% 5.70% 5.44% 5.45% 5.40% 5.35% 5.42% 7.55% 5.39% 6.53% 5.28% 8.57% 5.38% Simple Annualized LMMF Benchmark FY17 - YTD 6.64% 5.23% April % 5.30% 2 Months 5.33% 5.28% 3 Months 5.24% 5.31% 6 Months 7.41% 5.32% 12 Months 6.53% 5.28% CY17 - YTD 8.34% 5.28% 3 Years 7.77% 7.30% 5 Years 8.91% 8.79% Since Inception 11.83% 11.77% *The benchmark of the Fund was changed in February 2014 and September LMMF vs. Benchmark Jun-14 Nov-14 Apr-15 Sep-15 Feb-16 Jul-16 Dec-16 Benchmark LMMF 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 April 2017, LIF generated an annualized return of 5.90% against the benchmark return of 6.13%. Over FY17TD the LIF has generated a return of 5.88%. Asset allocation changed with placements at 18%, cash exposure increased to 56%, corporate debt at 9%, MTS and spread Transactions at 11%. This translated the portfolio WAM to 288 days. Going forward the Fund will concentrate on building exposure to high quality corporate debt and bank deposits placements. SWWF Disclosure As of April 30th, 2017 the LIF has maintained provisions against Sindh Workers' Welfare Fund's liability to the tune of PKR 7.89 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 FY17, the year to date annualized return of the LIF for FY17 would be higher by 0.20%. 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) 2.15% (This is inclusive of 0.43% representing Government levies and SECP Fees) YTD 1.79% (This is inclusive of 0.36% representing Government levies and SECP Fees) 56% Asset Allocation Instruments (% of total Assets) Instruments Feb-17 Mar-17 Apr-17 WAM* days Placements with Banks & DFIs 21% 19% 18% 163 PIBs 4% 4% 4% 2555 T Bills 3% 1% 1% 0 TFCs 8% 7% 6% 1751 Sukuks 4% 3% 3% 372 MTS 23% 17% 9% 0 Spread Transactions - - 2% 0 Cash 37% 49% 56% 0 Others including receivables 0% 1% 1% * Weighted Average Maturity TFCs/Sukuk Portfolio Name of Issue Rating % of Total the Issuer Date Assets PEL SUKUK Habib Bank Limited I Bank Al Falah Limited V NRSP Askari Bank Limited IV K-Electric AZM Sukuk III 1% Asset Allocation 18% 9% 2% 25-Aug Feb Feb Jun Dec Feb-14 4% 1% 6% 3% A AAA AA- A AA Placements with Banks & DFIs PIB T-Bills TFC Sukuk MTS Spread Transactions Cash Others 1.97% 1.82% 1.61% 1.53% 1.38% 1.01% Disclosures Leverage as on April 30th, 2017 Non Performing Assets WAM of Portfolio 288 Days AA- 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. 28% 11% Credit Split 5% 2% 3% 1% 49% P E R F O R M A N C E Morningstar LIF Benchmark FY17 - YTD 5.90% 5.99% April % 6.31% 2 Months 5.60% 6.30% 3 Months 5.82% 6.28% 6 Months 6.20% 6.22% 12 Months 6.36% 6.50% CY17 - YTD 6.39% 6.26% Simple Annualized LIF Benchmark FY17 - YTD April-17 2 Months 3 Months 6 Months 12 Months CY17 - YTD 3 Years 5 Years Since Inception 5.88% 5.96% 5.90% 6.13% 5.47% 6.14% 5.69% 6.14% 6.10% 6.13% 6.36% 6.50% 6.25% 6.13% 10.37% 10.26% 11.36% 11.18% 14.10% 11.93% *The benchmark of the Fund was changed in September 2016 LIF vs. Benchmark Jun-14 Feb-15 Oct-15 Jun-16 Feb-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 LIF

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 LEF generated a return of 4.0% for April'17, outpacing the benchmark by 193bps. This performance propelled the FYTD return to 32.6% vs. 25.4% of the benchmark. The fund maintained exposure in the market at 88%, shuffling the portfolio to realize gains and reduce risk, as mounting volatility from political noise kept investors at bay. Exposure was trimmed in Chemicals, Banks and OMCs. The proceeds were deployed into Construction & Material, Power Generation and Others. SWWF Disclosure As of April 30th, 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 FY17, the year to date return of the LEF for FY17 would be higher by 0.90%. 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 4, 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) 3.56% (This is inclusive of 1.20% representing Government levies and SECP Fees) YTD 2.96% (This is inclusive of 1.00% representing Government levies and SECP Fees) Top 10 Holdings Habib Bank Limited 6.34% United Bank Limited 5.96% Lucky Cement Limited 5.41% Sui North Gas Pipelines Limited 4.04% DG Khan Cement Limited 3.95% Pakistan State Oil Limited 3.79% Indus Motor Co Limited 3.66% Nishat Mills Limited 3.52% Oil & Gas Development Co 3.33% Mari Petroleum Co. Limited 3.03% 10% 2% Asset Allocation 88% Asset Allocation (% of Total Assets) Feb-17 Mar-17 Apr-17 Equities 92% 88% 88% T-Bills 0% 0% 0% Cash 8% 10% 10% Others 0% 2% 2% Disclosures Leverage as on April 30th, 2017 Non Performing Assets Weight Equity Cash Others Sectorwise Exposure Mar-17 Apr-17 Chemicals* 7.74% 6.94% Comm Banks 22.39% 21.77% Const. & Mat % 13.94% Electricity 4.88% 5.27% Oil & Gas Exp 9.85% 9.58% Oil & Gas Mktg 8.45% 8.42% Others 21.37% 22.23% *Includes fertilizers Sector wise Exposure Chemicals Comm Banks Const. & Mat Electricity Oil & Gas Exp Oil & Gas Mktg Others 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. 8% 22% 10% 5% 7% 14% 22% Pakistan vs. Global Markets Country Index 1M P/E Div. Ret. Yield Pakistan India Malaysia Dubai USA USA KSE-100 BSE FTSE KLCI 1.61% DFM General DJIA S&P % % Sensex % % -1.83% % % 1.34% % 0.91% % P E R F O R M A N C E * FY17 - YTD April-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 vs. Benchmark LEF Benchmark** 32.63% 25.38% 3.97% 2.04% 4.20% 0.07% 1.83% -1.94% 24.80% 22.19% 40.16% 35.59% 5.76% 2.09% 88.30% 36.79% % % % % 0 Apr-16 Jun-16 Aug-16 Oct-16 Dec-16 Feb-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 Apr-17

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 April 2017 the Lakson Tactical Fund generated an absolute return of 2.48% against the benchmark return of 1.30%. The fund outperformed the benchmark by 1.17% during the month. Allocation was focused between Equities (49%), Placements with Banks & DIFs (22%) Cash (21%),TFCs/Sukuks (3%) and PIBs (3%). 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 April 30th, 2017 Non Performing Assets SWWF Disclosure As of April 30th, 2017 the LTF has maintained provisions against Sindh Workers' Welfare Fund's liability to the tune of PKR 6.09 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 FY17, the year to date return of the LTF for FY17 would be higher by 0.38%. For details investors are advised to read the latest Financial Statements of the LTF. 2.52% (This is inclusive of 0.76% representing Government levies and SECP Fees) YTD 2.10% (This is inclusive of 0.63% representing Government levies and SECP Fees) Asset Allocation (% of Total Assets) Placements with Banks Top 10 Equity Holdings (%age of total assets) Securities Feb-17 Mar-17 Apr-17 & DIFs 20% 19% 22% PIBs 3% 3% 3% TFC/Sukuks 4% 3% 3% Equity 45% 45% 49% Cash 26% 28% 21% Others 2% 1% 2% Apr-17 Weight Habib Bank 3.46% Lucky Cement 3.22% United Bank 3.20% P.S.O. 2.29% Sui North Gas 2.19% D.G.K.Cement 2.15% Oil & Gas Dev. 1.99% Indus Motor Co. 1.94% Nishat Mills Ltd. 1.92% Inter.Steel Ltd 1.79% Sectorwise Exposure Mar-17 Apr-17 Comm. Bank 11.18% 11.94% Const. and Mat. 9.48% 11.17% Oil & Gas Exp 5.16% 5.58% Oil & Gas Mktg 4.29% 4.83% Auto Assemblers & Parts 3.16% 4.01% Chemicals* 3.78% 3.47% Electricity 2.56% 2.95% Others 5.17% 5.50% *Includes fertilizers Placement with Banks & DFIs PIBs TFC Equity Cash Others 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. 21% 2% Asset Allocation 49% 22% 3% 3% 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 April-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 16.85% 12.90% 2.48% 1.30% 2.86% 0.73% 2.16% 1.12% 12.94% 10.33% 18.59% 16.37% 3.90% 2.12% 37.07% 16.37% 48.68% 30.70% 55.14% 39.60% *The benchmark of the Fund was changed in September LTF vs. Benchmark Oct-12 Apr-13 Oct-13 Apr-14 Oct-14 Apr-15 Oct-15 Apr-16 Oct-16 Apr-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 April 2017 the Lakson Islamic Tactical Fund generated a return of 2.61% against the benchmark a return of 1.70%. The fund outperformed the benchmark by 0.91% during the month. Fund exposure is in Cash (43%) and Equities (47%). A build up in Shariah compliant equities and fixed income instruments will be targeted over 4QFY17. Total Expense Ratio (TER) SWWF Disclosure As of April 30th, 2017 the LITF has maintained provisions against Sindh Workers' Welfare Fund's liability to the tune of PKR 0.36 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 FY17, the year to date return of the LITF for FY17 would be higher by 0.19%. For details investors are advised to read the latest Financial Statements of the LITF. 3.62% (This is inclusive of 0.70% representing Government levies and SECP Fees) YTD 3.02% (This is inclusive of 0.58% representing Government levies and SECP Fees) 43% 2% Asset Allocation 8% Top 10 Equity Holdings (%age of total assets) Securities 47% Disclosures Leverage as on April 30th, 2017 Non Performing Assets Equities Sukuk Cash Others Apr-17 Weight Lucky Cement 4.62% D.G.K.Cement 3.06% Sui North Gas 2.98% Indus Motor Co. 2.74% Nishat Mills Ltd. 2.72% Mari Petroleum 2.58% P.S.O. 2.46% Kohat Cement 2.42% Engro Corp 2.41% K-Electric Ltd. 2.27% Asset Allocation (% of Total Assets) Feb-17 Mar-17 Apr-17 Equities 44% 38% 47% Sukuk 10% 8% 8% Cash 45% 52% 43% Others 2% 2% 2% Sectorwise Exposure Mar-17 Apr-17 Const. and Mat. 9.16% 11.67% Oil & Gas Exp. 6.14% 6.90% Oil & Gas Mar. 5.44% 5.92% Chemicals* 4.48% 4.89% Auto Assemblers & Parts 3.49% 4.84% Electricity 3.24% 4.39% Others 6.44% 7.95% *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 April-17 2 Months 3 Months 6 Months 12 Months CY17-YTD 3 Years 5 Years Since Inception 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 10.49% 11.68% 2.61% 1.70% 3.25% 0.94% 3.25% 0.94% 10.30% 8.69% 11.57% 12.05% 3.38% 1.82% 23.73% 18.53% 38.25% 35.33% 44.34% 49.21% *The benchmark of the Fund was changed in September LITF vs. Benchmark Oct-12 Apr-13 Oct-13 Apr-14 Oct-14 Apr-15 Oct-15 Apr-16 Oct-16 Apr-17 Benchmark LITF 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

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 April 2017 the Lakson Asset Allocation Developed Markets Fund generated an absolute return of 0.80% against the benchmark return of 0.74%. The fund outperformed the benchmark by 0.07% during the month. Allocation has been taken in T bills (41%), PIBs (19%) and Developed Market Equities (36%). 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 April 30th, 2017 the LAADMF has maintained provisions against Sindh Workers' Welfare Fund's liability to the tune of PKR 0.48 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 FY17, the year to date return of the LAADMF for FY17 would be higher by 0.21%. For details investors are advised to read the latest Financial Statements of the LAADMF. 2.49% (This is inclusive of 0.39% representing Government levies and SECP Fees) YTD 2.08% (This is inclusive of 0.33% representing Government levies and SECP Fees) 36% 1% 4% 3% Developed Markets Equities (Apr-17) QQQ ETF % of Asset Vanguard S&P 500 % of Assets Apple Inc 11.88% Apple Inc 3.70% Microsoft Corp 8.22% Microsoft Corp 2.50% Amazon.com Inc 6.94% Amazon.com Inc 1.72% Facebook Inc 5.53% Exxon Mobil Corp 1.67% Alphabet Inc 4.88% Johnson & Johnson 1.66% Alphabet Inc 4.28% Facebook Inc 1.64% Comcast Corp 2.86% JPMorgan Chase & Co 1.54% Intel Corp 2.68% Berkshire Hathaway Inc 1.47% Cisco Systems Inc 2.63% General Electric Co 1.28% Amgen Inc 1.85% AT&T Inc 1.25% QQQ ETF (As of Apr-17) Country Weight United States 97.04% China 1.90% United Kingdom 0.71% Isreal 0.28% Disclosures Asset Allocation 19% 41% Leverage as on April 30th, 2017 Non Performing Assets T-Bill PIBs Equities Others Cash Asset Allocation (% of Total Assets) Vanguard S&P 500 (As of Apr-2017) Sector Feb-17 Mar-17 Apr-17 T-Bills 50% 50% 41% PIBs 15% 15% 19% Developed Markets (DM) Equities 29% 29% 36% Others 0% 0% 1% Cash 6% 6% 3% Weight United States 97.55% Ireland 0.99% United Kingdom 0.50% Switzerland 0.49% Bermuda 0.05% 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 April-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 8.00% 7.61% 0.80% 0.74% 1.25% 1.36% 2.72% 2.49% 5.83% 5.33% 10.33% 7.71% 4.79% 3.69% 28.5% 18.43% 55.1% 48.96% 62.1% 63.14% *The benchmark of the Fund was changed in September Oct-12 Apr-13 Oct-13 Apr-14 Oct-14 Apr-15 Oct-15 Apr-16 Oct-16 Apr-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 3 and 5 fiscal years 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 ) 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. FY 2012 FY 2013 FY 2014 FY 2015 FY 2016 Fund 11.19% 8.76% 7.90% 8.57% 5.60% Benchmark 11.31% 9.14% 8.50% 8.45% 5.61% Fund 11.57% 9.21% 8.38% 14.17% 8.57% Benchmark 8.86% 9.17% 8.31% 12.64% 7.16% 13 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 9.74% 40.02% 32.15% 23.93% 10.60% Benchmark 10.45% 52.20% 25.96% 5.67% 0.37% Fund 6.42% 10.52% 9.64% 7.76% 8.00% Benchmark 10.63% 13.45% 12.94% 5.34% 2.33% Fund 5.85% 3.44% 4.24% 8.86% 6.85% Benchmark 7.25% 7.89% 7.47% -1.02% 3.18% Fund 6.23% 5.46% 6.40% 4.96% 4.42% Benchmark 9.82% 8.50% 10.01% 3.36% 0.05% Since Inception Absolute Returns FY 2010 FY 2011 FY 2012 FY 2013 FY 2014 FY 2015 FY 2016 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% Benchmark 6.66% 19.21% 32.73% 44.86% 57.17% 70.45% 80.01% 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% Fund -0.66% 19.65% 31.30% 83.84% % % % Benchmark 7.32% 37.94% 52.35% % % % % Fund 6.42% 17.62% 28.95% 38.96% 50.08% Benchmark 10.63% 25.51% 41.75% 49.33% 52.81% Fund 5.85% 9.49% 14.13% 24.25% 32.76% Benchmark 7.25% 15.71% 24.36% 23.09% 27.00% Fund 6.23% 12.03% 19.20% 25.11% 30.64% Benchmark 9.82% 19.15% 31.08% 35.49% 35.56% 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.

14 14 Mutual Funds Performance Comparison Annualized Returns (%): Positions as of May 04, 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 Alfalah GHP Islamic Income Fund Askari Islamic Income Fund Atlas Islamic Income Fund Faysal Islamic Savings Growth Fund JS Islamic Government Securities Fund 1.31 (0.32) Meezan Islamic Income Fund Meezan Sovereign Fund 1.60 (0.15) 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 May 04, 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 1.14 (0.08) AKD Opportunity Fund (0.28) (5.97) Alfalah GHP Alpha Fund 1.51 (0.60) Alfalah GHP Stock Fund 1.31 (0.76) Askari Equity Fund (0.97) (4.06) Atlas Stock Market Fund 1.00 (2.19) First Capital Mutual Fund (1.05) (4.17) First Habib Stock Fund 0.02 (3.25) HBL Energy Fund 0.95 (2.08) HBL Equity Fund (Formerly: PICIC Stock Fund) 0.54 (1.70) HBL Stock Fund 1.81 (0.63) JS Growth Fund 0.58 (2.20) JS Large Cap Fund 2.72 (0.91) JS Value Fund 0.68 (2.88) Lakson Equity Fund MCB Pakistan Stock Market Fund 1.08 (2.04) NAFA Stock Fund 0.56 (1.26) National Investment Unit Trust 2.07 (0.52) PIML Value Equity Fund 1.65 (3.56) UBL Stock Advantage Fund ISLAMIC EQUITY FUNDS ABL Islamic Stock Fund 1.14 (0.21) Al Ameen Islamic Dedicated Equity Fund 0.94 (0.33) Al Meezan Mutual Fund 1.39 (1.10) Alfalah GHP Islamic Stock Fund 1.37 (0.96) HBL Islamic Stock Fund 2.02 (1.33) JS Islamic Fund Meezan Islamic Fund 0.92 (1.18) PIML Islamic Equity Fund 1.74 (3.39) BALANCED FUNDS 30 DAYS 90 DAYS 180 DAYS 270 DAYS 365 DAYS Faysal Balanced Growth Fund HBL Multi Asset Fund NAFA Multi Asset Fund Pakistan Capital Market Fund 1.04 (0.58) Unit Trust of Pakistan 0.77 (0.38) ISLAMIC BALANCED FUNDS Meezan Balanced Fund 0.86 (0.42) Note: NA - Not Available. Source: MUFAP.

16 16 Mutual Funds Performance Comparison Annualized Returns (%): Positions as of May 04, 2017 ASSET ALLOCATION FUNDS 30 DAYS 90 DAYS 180 DAYS 270 DAYS 365 DAYS Alfalah GHP Value Fund 1.20 (0.54) Askari Asset Allocation Fund (0.93) (3.22) Faysal Asset Allocation Fund 0.12 (1.59) Lakson Asset Allocation Developed Markets Fund Lakson Tactical Fund MCB Pakistan Asset Allocation Fund (0.40) (2.91) MCB Pakistan Frequent Payout Fund NAFA Asset Allocation Fund Pak Oman Advantage Asset Allocation Fund 0.64 (2.85) UBL Asset Allocation Fund ISLAMIC ASSET ALLOCATION FUNDS Al Ameen Islamic Asset Allocation Fund Askari Islamic Asset Allocation Fund (0.70) (2.60) Lakson Islamic Tactical Fund Meezan Asset Allocation Fund NAFA Islamic Asset Allocation Fund Pak Oman Islamic Asset Allocation Fund 0.68 (3.31) CAPITAL PROTECTED FUNDS 30 DAYS 90 DAYS 180 DAYS 270 DAYS 365 DAYS JS Capital Protected Fund V N/A UBL Capital Protected Fund III N/A 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 7.9% 5.1% 12.9% 59.0% 7.9% 5.1% 12.9% 38.5% Developed MSCI World Index 7.3% 4.8% 12.4% 66.7% 7.3% 4.8% 12.4% 45.2% Emerging MSCI Emerging Markets Index 13.4% 7.1% 16.4% 9.4% 13.4% 7.1% 16.4% -4.7% Europe MSCI Europe Index 10.1% 8.3% 7.8% 38.8% 10.1% 8.3% 7.8% 20.9% China CSI % 1.5% 9.0% 48.5% 3.9% 1.5% 9.0% 29.4% Dubai DFM 0.0% 0.0% 0.0% 256.4% 0.0% 0.0% 0.0% 210.4% India BSE Sensex % 7.4% 16.8% 59.7% 12.4% 7.4% 16.8% 39.1% Japan Nikkei % -0.9% 15.2% 53.7% 0.4% -0.9% 15.2% 33.9% Malaysia FTSE Bursa 7.7% 4.8% 5.7% -11.4% 7.7% 4.8% 5.7% -22.8% Pakistan KSE % 0.7% 42.0% 252.4% 3.1% 0.7% 42.0% 206.9% Sri Lanka Colombo All Share 6.1% 7.7% 1.4% -1.2% 6.1% 7.7% 1.4% -14.0% UK FTSE % 1.2% 15.4% 34.5% 0.9% 1.2% 15.4% 17.2% US DJIA 6.0% 4.9% 17.8% 81.9% 6.0% 4.9% 17.8% 58.5% US S&P % 4.5% 15.4% 95.8% 6.5% 4.5% 15.4% 70.6% US NASDAQ % 8.9% 28.6% 135.4% 14.8% 8.9% 28.6% 105.0% Germany DAX Index 8.3% 6.5% 23.9% 78.0% 8.3% 6.5% 23.9% 55.1% CANADA TSX 300 Composite Index 2.0% 1.2% 11.7% 8.5% 2.0% 1.2% 11.7% -5.5% France CAC % 10.1% 18.9% 58.7% 8.3% 10.1% 18.9% 38.2% Brazil Sao Paulo SE Bovespa Index 8.6% 1.7% 21.3% -42.2% 8.6% 1.7% 21.3% -49.6% Korea Korea SE Kospi 8.8% 5.8% 10.6% 22.3% 8.8% 5.8% 10.6% 6.5% Taiwan Taiwan SE Weighted Index 6.7% 4.5% 17.8% 33.7% 6.7% 4.5% 17.8% 16.4% KSE SECTORS Automobile and Parts 23.9% 14.3% 204.9% % 23.9% 14.3% 204.9% % Banks -2.9% -3.9% 30.0% 120.8% -2.9% -3.9% 30.0% 92.3% Chemicals 15.7% 8.8% -50.5% -13.0% 15.7% 8.8% -50.5% -24.2% Construction and Materials 3.0% 0.6% 43.2% 719.7% 3.0% 0.6% 43.2% 614.0% Electricity -3.4% -8.5% 9.8% 195.3% -3.4% -8.5% 9.8% 157.2% Food Producers -3.6% -4.6% 8.3% 99.1% -3.6% -4.6% 8.3% 73.4% Oil and Gas -2.1% 1.0% 31.8% 42.7% -2.1% 1.0% 31.8% 24.3% Personal Goods -4.6% -2.2% 1.6% 173.4% -4.6% -2.2% 1.6% 138.1% YTD 3-mo Fixed Income CURRENT INTERBANK RATES HISTORIC 6M INTERBANK RATES MONEY MARKET 1M 3M 6M 12M YTD 3M 1Y 5Y China SHIBOR 4.32% 4.36% 4.35% 4.20% NA 4.19% 3.25% 3.22% Dubai UAE IBOR 1.05% 1.46% 1.69% 2.20% NA 1.65% 1.53% 1.29% 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% 0.17% Malaysia KLIBOR 3.18% 3.43% 3.54% 3.63% 3.54% 3.54% 3.58% 3.71% Pakistan KIBOR 6.25% 6.13% 6.16% 6.46% 6.13% 6.13% 6.11% 6.39% Sri Lanka SLIBOR 10.81% 11.26% 11.87% 12.36% 11.56% 11.58% 11.21% 9.43% UK LIBOR 0.26% 0.34% 0.49% 0.72% 0.52% 0.51% 0.57% 0.66% US SIBOR 0.98% 1.15% 1.42% 1.80% 1.37% 1.39% 1.21% 0.92% CURRENT MARKET YIELDS HISTORIC 12M PAPER RATES GOVERNMENT SECURITIES 3M 12M 5Y 10Y YTD 3M 1Y 2Y China 2.63% 2.87% 3.10% 3.29% 2.77% 2.80% 2.43% 2.36% India 8.31% 6.11% #N/A 6.65% 6.18% 6.18% 6.49% 6.94% Japan -0.15% -0.18% -0.12% 0.07% -0.34% -0.34% -0.32% -0.21% Malaysia 3.15% 3.24% 3.82% 4.14% 3.14% 3.14% 2.86% 2.91% Pakistan 6.01% 6.21% 7.11% 8.31% 5.92% 5.92% 5.91% 6.19% Sri Lanka 11.26% 12.36% NA NA 12.04% 12.06% 11.70% 9.85% UK 0.27% 0.13% 0.50% 1.05% 0.09% 0.08% 0.17% 0.32% US 0.78% 1.01% 1.86% 2.33% 0.87% 0.90% 0.69% 0.55% Govt. Securities vs. KIBOR 8.00% 7.75% Interbank Mar 17 Govt. Sec. Mar % 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 12M Yields of Government Securities China India Japan Malaysia Pakistan Sri Lanka UK US 0% 3% 6% 9% 12%

18 18 Markets Information Commodities TOTAL RETURN CURRENT PRICE COMMODITY UNIT YTD 3 M 1 Y 5 Y DB Commodity Index USD Excess Return -6.1% -5.1% 2.5% -44.7% S&P Global Commodity Index USD Total Return -7.1% -5.2% -3.6% -56.3% Dow Jones UBS Commodity Index USD Total Return -3.8% -3.3% -1.3% -40.1% Coal USD/Tonne -5.5% 0.0% 64.6% N.A 83.6 Copper USc/lbs 3.6% -2.2% 13.9% -32.3% Cotton USc/lbs 13.6% 8.2% 25.8% -8.0% 80.2 Gold USD/t oz. 10.1% 6.3% -1.7% -23.8% Palm Oil USD/Tonne -13.5% -15.2% -5.5% -45.9% Sugar USc/lbs -17.8% -21.0% -0.7% -24.2% 16.0 Wheat USD/Bushel (60Ibs) 2.6% 1.1% -12.4% -35.4% 4.2 WTI USD/bbl -8.2% -6.3% 7.4% -53.0% 49.3 Brent Crude USD/bbl -9.0% -6.3% 7.5% -56.7% 51.7 Heating Oil USd/Gallon -11.8% -6.4% 9.2% N.A RBOB Gasoline USD/Gallon -7.0% 2.8% -2.3% -51.4% 1.5 Natural Gas USD/MMBTU -12.0% 1.4% 50.4% 43.4% 3.3 Silver USD/t Ozs 7.5% 0.2% -3.4% -44.5% DBCI SPGSCI DJUBS Mar-16 May-16 Jul-16 Sep-16 Nov-16 Jan-17 Mar-17 Currencies TOTAL RETURN CURRENT EXCHANGE RATES 140 DBCI SPGSCI DJUBS YTD 3 M 1 Y 5 Y 130 Canadian Dollar CAD -1.10% -4.34% -8.06% -8.06% CAD - PKR Euro EUR 4.09% 1.97% -4.79% -4.79% EUR - PKR Indian Rupee INR 5.39% 1.58% -4.63% -4.63% INR - PKR 0.94 Japanese Yen JPY 5.39% 1.58% -4.63% -4.63% JPY - PKR 0.94 Pound Sterling GBP 5.41% 3.27% % % GBP - PKR Singaporian Dollar SGD 4.06% 1.26% -3.78% -3.78% SGD - PKR US Dollar USD 0.37% -0.06% -0.03% -0.03% USD - PKR Apr-16 Jun-16 Aug-16 Oct-16 Dec-16 Feb-17 Apr-17