A wholly owned Subsidiary of Army Welfare Trust FUND MANAGER REPORT

A wholly owned Subsidiary of Army Welfare Trust FUND MANAGER REPORT For the month of OCTOBER 2018

2 of 10 MUFAP s recommended format Key Economic Indicators Economic Indicators Oct-17 Nov-17 Dec-17 Jan-18 Feb-18 Mar-18 Apr-18 May-18 Jun-18 Jul-18 Aug-18 Sep-18 Oct-18 External Sector Indicators Overall Balance of Payments USD million 352 793 (1,433) 1,383 532 594 223 1,901 (371) n.a 152 1,250 n.a Current Account Balance USD million (1,315) (1,436) (1,130) (1,617) (1,241) (1,163) (1,955) (1,934) (1,840) (2,200) (600) (952) n.a Exports USD million 1,980 2,141 1,993 2,111 2,062 2,728 2,737 2,695 2,457 2,414 2,087 1,788 n.a Imports USD million 4,442 4,482 4,232 4,874 4,317 5,641 5,754 6,033 6,014 6,469 4,466 3,803 n.a Worker's Remittances USD million 1,654 1,577 1,724 1,639 1,450 1,773 1,651 1,771 1,595 1,930 2,037 1,453 n.a Foreign Direct Investment USD million 278 207 197 106 341 153 144 238 292 128 160 151 n.a Foreign Portfolio Investment USD million 25 (43) 2,468 95 (56) (1) (18) (51) (54) (42) (87) (56) n.a Forex Reserves USD billion 19.90 18.75 20.19 20.15 18.32 17.95 17.13 16.41 16.24 16.89 16.37 15.52 14.30 Exchange Rate against PKR USD Period End 105.33 105.38 110.54 110.56 110.77 115.71 115.65 117.85 121.52 125.44 123.25 124.25 132.40 Inflation Indicators General CPI YoY change 3.80% 3.97% 4.57% 4.42% 3.80% 3.25% 3.68% 4.19% 5.21% 5.83% 5.84% 5.12% 7.00% Food CPI YoY change 2.20% 2.40% 3.80% 3.70% 2.20% 0.10% -0.20% 1.00% 3.00% 3.50% 3.30% 1.40% 2.70% Core (NFNE) YoY change 5.30% 5.50% 5.50% 5.20% 5.20% 5.80% 7.00% 7.00% 7.10% 7.40% 7.70% 8.00% 8.20% Core (Trimmed) YoY change 4.00% 4.20% 4.70% 4.60% 4.30% 4.10% 5.00% 5.10% 5.40% 5.90% 5.90% 5.80% 6.70% Interest Rates SBP Policy Rate Current 5.75% 5.75% 5.75% 6.00% 6.00% 6.00% 6.00% 6.50% 6.50% 7.50% 7.50% 8.50% 8.50% 6 Month KIBOR Closing Rate 6.17% 6.19% 6.21% 6.43% 6.46% 6.61% 6.51% 6.89% 7.04% 8.02% 8.05% 8.59% 9.59% 12 Month KIBOR Closing Rate 6.46% 6.48% 6.50% 6.74% 6.76% 6.94% 6.94% 7.33% 7.53% 8.45% 8.47% 9.06% 10.30% 3 Month T-Bill Yield Closing Rate 5.98% 5.99% 5.99% 6.11% 6.21% 6.40% 6.24% 6.58% 6.79% 7.65% 7.76% 8.21% 8.76% 6 Month T-Bill Yield Closing Rate 6.01% 6.01% 6.02% 6.21% 6.36% 6.57% 6.35% 6.70% 6.90% 7.82% 7.86% 8.26% 9.32% 12 Month T-Bill Yield Closing Rate 6.03% 6.03% 6.04% 6.29% 6.62% 6.75% 6.64% 6.97% 7.24% 8.13% 8.21% 8.62% 9.83% 10 Year PIB Yield Cosing Rate 8.30% 8.29% 8.39% 8.60% 8.64% 8.86% 8.55% 8.89% 9.03% 9.89% 9.95% 10.05% 11.90% n.a.=not Available Source: SBP, MoF, PBS Benchmark Rates Avenues Rates KIBOR 6M 9.43% Avg Islamic DR 2.86% FPIB 10.02% PIB 10Y 11.90% Tbill 3M 8.76% Tbill 6M 9.32% KSE-100 1.59% KMI-30 3.62%

3 of 10 MUFAP s recommended format Economic Review The central bank once again slashed the Rupee parity vs USD when Rupee was allowed to depreciate by almost 8% on October 10 to 133.28 as against its previous day close of 122.95. Rupee finished the month at 132.75 as against 121.73 on June 30, 2018 showing a decline of almost 9% in last four months. In order to address the worsening balance of payment situation facing the country, Saudi Arab announced funding support of $6bn to Pakistan during PM visit to the country on Oct 23. Pakistan has secured deposit of US$3bn as Balance of payment support for a period of one year. Moreover, KSA will give oil worth of US$3bn on deferred payment for a period of three years. Current account deficit during the 1QFY19 was recorded at USD3,665mn compared to USD3,761mn in the corresponding year last year showing marginal improvement of 2.55%. However, C/A deficit has widened by 61%MoM to USD952mn when compared to Aug 18. The rise in C/A deficit was mainly due to i) decline in remittances by 28.67%MoM to USD1,453mn, ii) FDI down by 5.63%MoM to USD151mn and iii) exports down by 14.33%MoM to USD1.78bn in the month of Sept 18. FX reserves declined by 5.18%MoM to USD15.52bn in Sept 18 compared to the month earlier reserves levels of USD16.37bn. In Sept 18, trade deficit declined by 15%MoM to USD2.01bn in as imports witnessed 14.73%MoM decline to USD3.80bn compared to Aug 18 level of USD4.46bn. Exports also fell 14.3%MoM to USD1.79bn. CPI for the month of Oct 18 jumped to 7%YoY while comparing the month earlier levels of 5.12%. Main reasons behind the rise in Inflation in the month of Oct 18 are rise in transportation index by 18.61%YoY and housing & construction index surged by 9.87%YoY in Oct 18 when compared to Sept 18. CPI for the 4MFY19 averaged around 5.95%YoY. Given this uptrend, there is now increasingly high probability that CPI for FY19 will increase to the range of 7.5-8.5% compared to FY18 CPI of 3.92%. Remittances have declined by 28.67%MoM to USD1.45bn in Sept 18 compared to USD2.037bn in Aug 18; however, during 1QFY19 remittances are up 13.15% to USD5.42bn compared to the corresponding period of last year. FDI remained at lower level with inflows of only USD151mn a decline of 5.6% on MoM basis. Large Scale Manufacturing (LSM) numbers have dropped by 0.54%MoM in Aug 18 when compared to Jul 18. During 2MFY19, the LSM numbers have dropped by 1.17%YoY mainly due to decline in Petroleum sector by 5%YoY, Pharma sector down by 8.66%YoY, Fertilizer sector down by 8.43%YoY and Steel sector down by 3.95%YoY while comparing the 2MFY18. Equity Market Review Pakistani stock market witnessed extremely high volatility during October with index plunging by 10% earlier in the month to record a low of 36,275 on October 15 and bouncing back in the second half to recover its losses and finish the month with 1.59%MoM gain at 41,649.36. Rupee devaluation by SBP amid decline in country s reserve led to panic selling earlier in the month. The negative news flow on domestic economic front along with global sell off in equities led to more pressure on local market as foreigners remained net sellers at all levels. After making intraday low near 36,200 on Oct 15, market staged a technical rebound amid finance minister visit to Karachi Stock exchange to assure investors that government is taking necessary steps to secure external funds for balance of payment support. Following Oct 23 announcement of Saudi Arab $6bn package for Pakistan during PM visit to the country, KSE witnessed 10% surge in last week of the month. On earnings announcements for the quarter ended September, profitability of cement companies declined significantly thus forcing the sector to underperform. Large banks i.e. HBL and UBL reported lower than expected earnings thus pushing their prices lower, while medium size banks i.e. BAFL and MEBL showed robust growth in earnings. Oil exploration companies i.e. OGDC and PPL showed growth in earnings in 1Q, similarly, major textile companies also reported better than expected earnings during the quarter. Overall Average Daily Trading Volume (ADTV) of the KSE-All share index surged by 58.48%MoM to 218.40mn shares in Oct 18. Foreigners remained net sellers with outflow of USD86.30mn in October compared to USD58mn in September. On the LIPI side, Corporates, Mutual Funds and Brokers were major buyers of USD33.29mn, USD20.61mn and USD6.15mn worth of shares respectively in Oct 18.

4 of 10 MUFAP s recommended format Key trigger for the market in November will be progress on talks with IMF for working out a new stand by arrangement for balance of payment support. In our view, the government will be targeting to secure USD12bn program, which will provide necessary support to the government to stabilize the weak external account situation and enable it to carry out its economic agenda. Money Market Review During the month, yield curve witnessed approximately 10 bps increase in shorter tenor and 150 bps in longer tenor. 3 month paper yield is 8.76% against 10 yr. bond yield of 11.90%. CPI inflation number jumped to 7% in October 2018 compared to 5.1% in the previous month. The rate of inflation has picked up due toincrease in gas/electricity tariffs and currency devaluation. Market participants remained tilted towards short term securities/ treasury bills, foreseeing further increase in inflation and interest rates.there is high probability of further hike in the policy rate by 50-100bps in the coming monetary policy statement to be announced by November end. During the month, SBP held two T-Bill auctions with a combined target of Rs.3,950 billion against the maturity of Rs.4,254 billion. In the fi rst T-Bill auction, an amount of Rs.2,670 billion was accepted at a cut-off yield of 8.80% for 3-month and 8.85% for 6-month tenors, respectively. In the second T-Bill auction, an amount of Rs.588 billion was accepted at the same cut-off yield of 8.80% for 3-month. In the fixed rate PIB auction, bids worth Rs.7.3 billion were received for 3-year, 5-year and 10-year tenors while no bids were received for 20-year tenor. Furthermore, SBP rejected bids for both fixed and floating rate PIBs in the auctions held during the period.

5 of 10 MUFAP s recommended format PIML - Income Fund s Review During October, PIML-IF delivered an annualized return of 8.18% against its benchmark return of9.43%. Year to date return of the funds is 7.17%. The fund exposure in TFC/ Sukuks and commercial paper decreased to 22.32% of the net assets as compared to 27.34% in the previous month. Exposure in cash at bank decreased to 61.32% of the net assets, while placement with banks increased to 18.54% compared to 11.36% in previous month. The weighted average time to maturity of the portfolio is at 240 days. Fund Objective The objective of the fund is to generate competitive returns by investing in short to long term debt instruments and securities. Fund Statistics Fund Details Fund Type Category Fund Stability Rating Benchmark Management Co. Rating Inception Date Dealing Days Cut-off Time Pricing Mechanism *Management Fee Load Risk Profile Listing Leverage Trustee Auditor Legal Advisor Open End Income Scheme A+ (f) by PACRA (30th June 2018) Average of 6M KIBOR rates for the period under review. AM3+ by JCR-VIS (15th December 2016) 9th August 2012 Daily (days when Banks are open for business) 4.30 pm Forward 1% 1% (Front-end) 0% (Back-end) Low to Moderate Risk Pakistan Stock Exchange Nil Central Depository Company of Pakistan Ltd. KPMG Taseer Hadi and Co. Mohsin Tayebaly & Co. Imran Rahim Khan Portfolio Allocation (as % of total assets) Oct. 18 Portfolio Allocation (as % of total assets) Net Assets (PKR mn) 1,079 NAV per Unit (PKR) 107.60 Weighted Average Maturity (days) 240 Sharpe Ratio* -5.79 Information Ratio 0.178 Standard Deviation 0.43% *Annualized Sep. Apr. 18 Portfolio Allocation (as % of T.A.) Oct' 18 Sep 18 Placement with Banks 17.95% 10.93% TFCs/Sukuks 12.45% 15.25% Commercial Paper 9.16% 11.07% Cash at Bank 58.98% 61.19% Others including receivables (NR) 1.46% 1.55% Fund Performance PIML - IF PIML-IF* PIML-IF** Benchmark*** FYTD 7.17% 7.35% 8.42% CYTD 6.50% 6.53% 7.25% 12M Trailing 6.08% 6.08% 7.07% Since Inception 11.76% 9.22% 7.61% 5- Years Return 11.37% 0.00% 7.17% AAR-Since Inception 10.14% 0.00% 8.68% Last 3 Yrs 7.27% 0.00% 6.33% Sep-18 7.24% 7.49% 8.23% Oct-18 8.18% 8.49% 9.43% *simple Annualized ***Aaverage of reporting period **Morning Star n.a = not applicable Fund returns are calculated NAV with dividends reinvested (excluding sales load). Performance data does not include the cost incurred directly by investor in the form of sales load etc. Oct' 18 Sep' 18 AAA 0.00% 0.07% AA+ 2.61% 1.78% AA 14.85% 18.10% AA- 0.14% 0.07% A+ 2.35% 2.84% A 32.56% 35.66% A- 46.03% 39.93% Other including recievables (NR) 1.46% 1.55% Investment Committee Members Salman H. Sheikh Hamza Saboor Imran Rahim Khan Asif Iqbal M. Saeed Khalid Total Expense Ratio Chief Executive Officer Chief Financial Officer Chief Investment Officer Head of Compliance and Risk Acting Head of Research Total Expense Ratio is 0.54% which Includes 0.10% of Governement Levy and 0.03% SECP Fee calculated as % Average Net Asset Value. SWWF Disclosure The scheme has maintained a provision against Sindh Worker's Welfare Fund's liability to the tune of Rs.11,679,239, if the same were not made the NAV per unit/year to date (YTD) return of the scheme would be higher by Rs.1.1648/0.36% enhancing the YTD return to 7.53% p.a. Top TFCs Holding ( As of T.A) Oct'18 BAHL AT1 20-Dec-17-20-Dec-22 4.49 ASPIN Sukuk 30-Nov-17-30-Nov-23 4.49 TPL Sukuk 15-Apr-16-13-Aug-21 2.35 HPL Sukuk 07-Jan-16-07-Jan-22 1.13 Since Inception FY13 FY14 FY15 FY16 FY17 FY18 Return % 8.72% 0.0881 12.61% 13.47% 0.1135 11.76% Benchmark % 9.46% 0.0944 8.55% 7.39% 0.0743 7.61% Period FY13 FY14 FY15 FY16 FY17 FY18 FY19TD Performance 8.72% 8.24% 16.96% 11.71% 4.68% 5.99% 7.17% Benchmark 9.46% 9.46% 8.35% 5.93% 6.10% 6.33% 8.42% Months Nov-17 Dec-17 Jan-18 Feb-18 Mar-18 Apr-18 May-18 Jun-18 Jul-18 Aug-18 Sep-18 Oct-18 Performance 5.43% 1.87% 5.73% 6.84% 6.57% 4.50% 6.09% 5.38% 6.39% 6.58% 7.24% 8.18% Benchmark 6.18% 6.21% 6.23% 6.43% 6.50% 6.50% 6.61% 6.98% 7.69% 8.02% 8.23% 9.43%

6 of 10 MUFAP s recommended format PIML - Islamic Equity Fund s Review During Oct 18, IEF generated negative return of 2.18% compared to the benchmark KMI-30 index gain of 3.62% in the month. The fund has underperformed in Oct 18 with major negative contribution in the fund s return came from LUCK, INIL, NRL, SEARL and PKGS. Stocks which outperformed in the month were ENGRO, PSO, NML, MUGHAL, MEBL and OGDC. During the month, the fund lowered its exposure in cement while it increased its allocation to E&P sector by adding OGDC. Total exposure in equities was reduced 74.46% by month end compared to last month exposure of 86.26%. Exposure in bank deposit by month end has increased to 17.87% compared to 14.14% last month. Fund Objective The objective of PIML-IEF is to achieve long term capital growth by investing mainly in Shariah Compliant listed equity securities. Fund Statistics Net Assets (PKR mn) 101.68 NAV per Unit (PKR) 100.44 Sharpe Ratio -0.72 Standard Deviation* 18.26% Treynor Ratio -0.148 Beta 0.89 R - Square** 89.71% Value at Risk 1.90% 3M PKRV yield used as Risk-Free rate *Annualized ** R-Square measures the correlation between the benchmark and the fund Fund Details Fund Type Category Benchmark Management Co. Rating Inception Date Dealing Days Cut-off Time Pricing Mechanism Management Fee Load Risk Profile Listing Open End Islamic Equity Scheme KMI - 30 Index AM3+ by JCR-VIS (15 December 2016) 4th March 2014 Daily (days when Banks are open for business) 4.30 pm Forward 2% p.a. 2% (Front-end) 0% (Back-end) Moderate to High Pakistan Stock Exchange Portfolio Allocation (as % of total assets) 24% 5% SWWF Disclosure The scheme has maintained a provision against Sindh Worker's Welfare Fund's liability to the tune of Rs.1,582,895, if the same were not made the NAV per unit/year to date (YTD) return of the scheme would be higher by Rs.1.5634/0.52% enhancing the YTD return to -9.79% p.a. Total Expense Ratio 71% Oct 18 Equity Securities Cash at Bank Others including recievables (NR) Portfolio Allocation (as % of T.A.) Oct. ' 18 Sep. ' 18 Equity Securities 70.73% 82.07% Cash at Bank 24.29% 13.45% Others including recievables (NR) 4.98% 4.48% Fund Performance PIML - IEF PIML-IEF* Benchmark*** FYTD -10.31% 0.95% CYTD -10.62% 4.56% 12M Trailing -5.73% 6.60% Since Inception 20.54% 66.46% AAR-Since Inception 3.08% 12.39% Last 3 Yrs -8.89% 25.06% Sep-18-5.50% -2.24% Oct-18-2.18% 3.62% Fund returns are calculated NAV with dividends reinvested (excluding sales load). Performance data does not include the cost incurred directly by investor in the form of sales load etc. Credit Quality of Portfolio (as % of T.A.) Oct. ' 18 Sep. ' 18 AA+ 0.14% 0.20% AA- 0.36% 0.01% A+ 23.69% 13.14% A 0.09% 0.10% Others including recievables (NR) 75.71% 86.55% Leverage Trustee Auditor Legal Advisor Nil Central Depository Company of Pakistan Ltd. KPMG Taseer Hadi & Co. Mohsin Tayebaly & Co. Total Expense Ratio is 1.55% which Includes 0.13% of Governement Levy and 0.03% of SECP Fee calculated as % of Average Net Asset Value. Investment Committee Members Salman H. Sheikh Hamza Saboor Asif Iqbal M. Saeed Khalid Chief Executive Officer Chief Financial Officer Chief Investment Officer Head of Compliance and Risk Acting Head of Research Sector Allocation (as % of T.A.) Oct. '18 Sep. '18 Oil and Gas / Cement 17.59% 13.45% Fertilizer 14.54% 13.22% Oil & Gas Marketing / Oil & Gas 11.31% 12.41% Textile Composite / Oil & Gas Marketing Co. 6.85% 11.28% Paper and Board / Pharmaceutical 4.50% 7.13% Others 15.94% 24.57% Top 10 Equity Holdings (as % of T.A.) Symbol Oct. '18 Engro Corp. ENGRO 14.54% Oil & Gas Development Co. Ltd. OGDC 14.11% Pakistan State Oil PSO 11.31% Nishat Mills Ltd. NML 6.85% Packages Ltd. PKGS 4.50% International Industries Ltd. INIL 4.23% National Refinery Ltd. NRL 3.48% Meezan Bank Ltd. MEBL 3.09% Mughal Steel MUGHAL 2.80% Glaxo SmithKline Pakistan Ltd. GLAXO 2.69% Name of Non Compliant Type of Value of Investment Provisioning held Value of Investment Limit % of Gross Asset % of Net Asset Investment Investment Before Provisioning (If any) After Provisioning ENGRO Equity 15,565,875-15,565,875 15% 14.54% 15.31% Since Inception FY14 FY15 FY16 FY17 FY18 Return % 4.58% 30.69% 40.23% 64.09% 20.54% Benchmark % 10.70% 32.89% 53.52% 82.38% 66.46% Period FY14 FY15 FY16 FY17 FY18 FY19TD Performance 4.58% 24.96% 7.30% 17.02% -21.47% -10.31% Benchmark 10.70% 20.10% 15.53% 18.80% -9.59% 0.95% Months Nov-17 Dec-17 Jan-18 Feb-18 Mar-18 Apr-18 May-18 Jun-18 Jul-18 Aug-18 Sep-18 Oct-18 Performance 0.42% 0.71% 8.74% -2.52% -2.00% 3.16% -6.27% -0.79% 1.19% -2.14% -5.50% -2.18% BM 1.19% -2.24% 8.74% -2.02% 0.05% 5.31% -5.25% -2.63% 1.80% -2.11% -2.24% 3.62%

7 of 10 MUFAP s recommended format PIML - Islamic Income Fund s Review During October, PIML-IIF delivered an annualized return of 6.02% compared to its benchmark return of 2.86%, showing outperformance of316bps.year to date return of the funds is 5.18%.The fund maintained its exposure in cash at bank at 47.68%, Sukuk at 14.40%& commercial paper 14.97% and placement with banks at 21.61% of the net assets. The weighted average time to maturity of the portfolio is at 295 days. Fund Type Open End Category Islamic Income Scheme Fund Stability Rating A(f) by PACRA (30th June 2018) Fund Objective The investment objective of the fund is to generate competitive risk adjusted returns by investing in short, medium and long-term Shariah Compliant Fixed Income Instruments. Fund Statistics Net Assets (PKR mn) 69 NAV per Unit (PKR) 103.51 Weighted Average Maturity (days) 295 Sharpe Ratio* (13.69) Information Ratio 0.64 Standard Deviation 0.26% *Annualized Fund Details Benchmark Management Co. Rating Inception Date Dealing Days Cut-off Time Pricing Mechanism *Management Fee Load Risk Profile Listing Leverage Trustee Auditor Legal Advisor 6 month average deposit rates of three (3) A rated scheduled Islamic Banks or Islamic windows of Conventional Banks as selected by MUFAP.* AM3+ by JCR-VIS (15 December 2016) 4th March 2014 Daily (days when Banks are open for business) 4.30 pm Forward 0.75% 2% (Front-end) 0% (Back-end) Low to Moderate Risk Pakistan Stock Exchange Nil Central Depository Company of Pakistan Ltd. KPMG Taseer Hadi & Co Mohsin Tayebaly & Co. Imran Rahim Khan Portfolio Allocation (as % of total assets) 15% 10% 40% SWWF Disclosure The scheme has maintained a provision against Sindh Worker's Welfare Fund's liability to the tune of Rs.361,942, if the same were not made the NAV per unit/year to date (YTD) return of the scheme would be higher by Rs.0.5397/0.18% enhancing the YTD return to 5.36% p.a. Total Expense Ratio 21% 14% Oct 18 Placement with Banks TFCs/Sukuks Commercial Paper Cash at Bank Others including receivables (NR) Total Expense Ratio is 0.80% which Includes 0.10% of Governement Levy and 0.03% of SECP Fee calculated as % of Average Net Asset Value. Portfolio Allocation (as % of T.A.) Oct' 18 Sep' 18 Placement with Banks 21.28% 20.59% Sukuks 14.19% 20.59% Cash at Bank 39.62% 41.88% Commercial Paper "CP" 14.75% 14.16% Others including receivables (NR) 10.17% 2.79% Fund Performance PIML - IIF PIML-IIF* PIML-IIF** Benchmark*** FYTD 5.18% 5.27% 2.72% CYTD 4.51% 4.53% 2.58% 12M Trailing 4.37% 4.37% 2.58% Since Inception 4.56% 4.22% 4.25% AAR-Since Inception 6.43% 0.00% 5.44% Last 3 Yrs 5.06% 0.00% 3.10% Sep-18 4.97% 5.07% 2.78% Oct-18 6.02% 6.18% 2.86% *simple Annualized ***Aaverage of reporting period **Morning Star n.a = not applicable Fund returns are calculated NAV with dividends reinvested (excluding sales load). Performance data does not include the cost incurred directly by investor in the form of sales load etc. Credit Quality of Portfolio (as % of T.A.) Oct' 18 Sep' 18 AA 0.02% 0.00% AA+ 4.78% 0.59% AA 14.75% 14.16% AA- 0.07% 0.00% A+ 34.75% 41.29% A 35.46% 41.17% Other including recievables (NR) 10.17% 2.79% Investment Committee Members Salman H. Sheikh Chief Executive Officer Hamza Saboor Chief Financial Officer Chief Investment Officer M. Saeed Khalid Acting Head of Research Imran Rahim Khan Asif Iqbal Head of Compliance and Risk Name of Non Compliant Type of Investment Value of Provisionin Value of Provisioning (If any) Provisionin Top TFCs Holding ( As of T.A) Oct' 18 ASPIN Sukuk 30-Nov-17-30-Nov-23 14.19 Investment NRSP Microfinance Bank Ltd. TDR 15,000,000-15,000,000 15% 21.28% 21.61% Limit % of Gross Asset % of Net Asset Since Inception FY14 FY15 FY16 FY17 FY18 Return % 5.46% 5.25% 5.87% 5.60% 4.56% Benchmark % 6.49% 6.25% 5.53% 4.77% 4.25% Period FY14 FY15 FY16 FY17 FY18 FY19TD Performance 5.46% 5.08% 6.26% 4.37% 4.14% 5.18% Benchmark 6.49% 6.18% 4.59% 3.01% 2.46% 2.72% Months Nov-17 Dec-17 Jan-18 Feb-18 Mar-18 Apr-18 May-18 Jun-18 Jul-18 Aug-18 Sep-18 Oct-18 Performance 3.31% 3.66% 3.64% 4.90% 3.51% 2.71% 3.94% 5.21% 4.58% 4.61% 4.97% 6.02% Benchmark 2.54% 2.61% 2.52% 2.50% 2.55% 2.47% 2.58% 2.38% 2.45% 2.54% 2.78% 2.86%

8 of 10 MUFAP s recommended format Fund Details PIML - Value Equity Fund s Review During Oct 18, VEF generated negative return of 1.79% compared to KSE-100 index gain of 1.59%. The fund has underperformed in Oct 18 with major negative contribution in the fund s return came from LUCK, ASL, PKGS, INIL, OLPL, SEARL and DGKC. Stocks which outperformed and showed relatively better performance in the portfolio were PSO, NML, ENGRO, BAFL, GATM and MUGHAL. During the month, the fund lowered its exposure in cement, steel and pharma while it increased its allocation to E&P and banks by adding OGDC and BAFL. Total exposure in equities was reduced to 72.82% in Oct 18 compared to 76.83% in the previous month. Exposure in bank deposit by month end remained at the previous month levels. Fund Type Category Benchmark Management Co. Rating Inception Date Dealing Days Cut-off Time Pricing Mechanism Management Fee Load Risk Profile Listing Trustee Leverage Auditor Legal Advisor Open End Equity Scheme KSE 100 Index Investment Committee Members AM3+ by JCR-VIS (15 December 2016) 13th March 2015 Daily (days when Banks are open for business) 4.30 pm Forward 2% p.a. 2% (Front-end) 0% (Back-end) Moderate to High Pakistan Stock Exchange Central Depository Company o f Pakistan Ltd. Nil KPMG Taseer Hadi & Co. Mohsin Tayebaly & Co. Portfolio Allocation (as % of T.A.) Oct ' 18 Sep ' 18 Equity Securities 69.47% 74.13% Cash at Bank 24.50% 20.56% Others including recievables (NR) 6.03% 5.31% Portfolio Allocation (as % of total assets) Oct 18 25% 6% SWWF Disclosure The scheme has maintained a provision against Sindh Worker's Welfare Fund's liability to the tune of Rs.1,207,916, if the same were not made the NAV per unit/year to date (YTD) return of the scheme would be higher by Rs.1.1193/0.38% enhancing the YTD return to -4.92% p.a. Total Expense Ratio 69% Total Expense Ratio is 1.36% which Includes 0.12% of Governement Levy and 0.03% of SECP Fee calculated as % of Average Net Asset Value. Fund Objective The objective of PIML-Value Equity Fund is to achieve long term capital growth by investing mainly in listed equity securities. Fund Statistics Net Assets (PKR mn) 108.29 NAV per Unit (PKR) 100.35 Sharpe Ratio* -0.67 Standard Deviation* 17.83% Treynor Ratio -0.1 Beta 1.01 R - Square** 89.88% Value at Risk 1.86% 3M PKRV yield used as Risk-Free rate *Annualized ** R-Square measures the correlation between the benchmark and the fund Equity Securities Cash at Bank Others including recievables (NR) Fund Performance PIML - VEF PIML-VEF* Benchmark*** FYTD -5.30% -0.62% CYTD -4.85% 1.30% 12M Trailing -3.71% 5.13% Since Inception 6.89% 27.83% AAR-Since Inception 1.83% 6.67% Last 3 Yrs -7.25% 21.56% Sep-18-4.83% -1.78% Oct-18-1.79% 1.59% Fund returns are calculated NAV with dividends reinvested (excluding sales load). Performance data does not include the cost incurred directly by investor in the form of sales load etc. Credit Quality of Portfolio (as % of T.A.) Oct ' 18 Sep ' 18 AAA 0.45% 0.73% AA+ 0.88% 0.12% AA- 21.50% 17.34% A- 0.00% 0.00% Others including recievables (NR) 77.17% 81.80% Sector Allocation (as % of T.A.) Oct. ' 18 Sep. ' 18 Textile Composite / Oil & Gas Marketing Co. 9.85% 9.95% Commercial Bank / Cement 9.53% 9.93% Oil and Gas / Textile Composite 9.52% 9.29% Oil & Gas Marketing / Fertilizer 9.24% 6.75% Fertilizer / Commercial Bank 7.37% 6.38% Others 23.96% 31.83% Top 10 Equity Holdings (as % of T.A.) Symbol Oct. '18 Oil & Gas Development Co. Ltd. OGDC 9.52% Pakistan State Oil PSO 9.24% Bank Al Falah Ltd. BAFL 9.09% Nishat Mills Ltd. NML 7.61% Engro Corp. ENGRO 7.37% Indus Motor INDU 4.69% Packages Ltd. PKGS 4.40% Orix Leasing Pakistan OLPL 3.17% Matco Food Ltd. MFL 2.88% International Industries Ltd. INIL 2.55% Salman H. Sheikh Hamza Saboor Asif Iqbal M. Saeed Khalid Chief Executive Officer Chief Financial Officer Chief Investment Officer Head of Compliance and Risk Acting Head of Research Since Inception FY15 FY16 FY17 FY18 Return % 9.11% 14.55% 40.16% 6.89% Benchmark % 4.64% 15.96% 42.91% 27.83% Period FY15 FY16 FY17 FY18 FY19TD Performance 9.11% 4.99% 22.36% -19.47% -5.30% Benchmark 4.64% 9.84% 23.24% -10.00% -0.62% Months Nov-17 Dec-17 Jan-18 Feb-18 Mar-18 Apr-18 May-18 Jun-18 Jul-18 Aug-18 Sep-18 Oct-18 Performance 0.21% -4.83% 10.84% -3.57% 4.50% -1.65% -5.51% -3.20% 1.32% -0.47% -4.83% -1.79% Benchmark 0.99% -1.78% 8.84% -1.84% 5.37% -0.16% -5.81% -2.18% 1.91% -2.27% -1.78% 1.59%

9 of 10 MUFAP s recommended format PIML - Asset Allocation Fund s Review During Oct 18, AAF generated negative return of 2.27% compared to its benchmark positive return of 0.97%. Negative return of the fund came from its exposure in equities portfolio with major negative contribution in the fund s return came from INDU, INIL, LUCK, ASL, SEARL, PKGS and OLPL. Stocks which gave positive contribution in the return were NML, OGDC, GATM and BAFL. Total exposure in equities was reduced to 37% of fund size compared to 49% in the previous month given the higher volatility in stock market and increasing yield on fixed income instruments. The fund has increased its allocation in bank deposits to 66% by month end. Fund Objective The investment objective of this fund is to earn competitive returns by investing in the various asset classes / instruments based on the market outlook. Fund Statistics Net Assets (PKR mn) 306.32 NAV per Unit (PKR) 87.1 Standard Deviation* 11.36% Sharpe Ratio* (0.64) Information Ratio -0.1 *Annualized Fund Details Fund Type Category Benchmark Management Co. Rating Inception Date Dealing Days Cut-off Time Pricing Mechanism Management Fee Load Risk Profile Listing Leverage Trustee Auditor Legal Advisor Open End Asset Allocation Investment Committee Members Salman H. Sheikh Hamza Saboor Asif Iqbal M. Saeed Khalid Weighted average of 6-month KIBOR and KSE-100 index as per amount invested in equities and fixed income investments including cash & cash equivalent respectively AM3+ by JCR-VIS (15 December 2016) 12th April 2016 Daily (days when Banks are open for business) 4.30 pm Forward 2% p.a. Front end 3% Moderate to High Pakistan Stock Exchange Nil Central Depository Company of Pakistan Ltd. KPMG Taseer Hadi & Co. Mohsin Tayebaly & Co. Chief Executive Officer Chief Financial Officer Chief Investment Officer Head of Compliance and Risk Acting Head of Research Portfolio Allocation (as % of total assets) 59% 5% SWWF Disclosure The scheme has maintained a provision against Sindh Worker's Welfare Fund's liability to the tune of Rs.2,473,721, if the same were not made the NAV per unit/year to date (YTD) return of the scheme would be higher by Rs.0.7033/0.27% enhancing the YTD return to -3.99% p.a. Total Expense Ratio 36% Oct. 18 Total Expense Ratio is 1.05% which Includes 0.10% of Governement Levy and 0.03% of SECP Fee calculated as % of Average Net Asset Value. Period FY17 FY18 FY19TD Performance 2.74% -12.15% -4.26% Benchmark 13.30% -2.25% 1.24% Since Inception FY16 FY17 FY18 Return % 2.87% 5.68% -11.11% Benchmark % 1.43% 17.68% 19.61% Equity Securites Cash at Bank Others including recievables (NR) Portfolio Allocation (as % of T.A.) Oct. ' 18 Sep. ' 18 Equity Securites 36.41% 48.18% Cash at Bank 58.60% 47.93% Others including recievables (NR) 4.99% 3.88% Fund Performance PIML - AAF PIML-AAF Benchmark FYTD -4.26% 1.24% CYTD -4.16% 4.29% 12M Trailing -2.84% 5.84% Since Inception -11.11% 19.61% AAR-Since Inception -6.07% 5.03% Sep-18-2.82% -0.64% Oct-18-2.27% 0.97% Fund returns are calculated NAV with dividends reinvested (excluding sales load). Performance data does not include the cost incurred directly by investor in the form of sales load etc. Credit Quality of Portfolio (as % of T.A.) Oct. ' 18 Sep. ' 18 AAA Credit Quality of Portfolio (as % of T.A.) Sep. 1.13% ' 18 Aug. 0.18% ' 18 AA 0.00% 0.07% AA- 0.00% 0.00% A- 57.51% 47.71% Others including recievables (NR) 41.35% 52.03% Sector Allocation (as % of T.A.) Oct. '18 Sep. '18 Oil anc Gas / Textile Composite 9.88% 7.63% Textile Composite / Cement 8.47% 6.99% Commercial Banks / Oil & Gas Marketing Co. 4.96% 5.50% Oil & Gas Marketing Co. / Engineering 2.95% 4.46% Paper and Boards / Fertilizer 2.93% 4.01% Others 19.60% 19.60% Top 10 Equity Holdings (as % of T.A.) Symbol Oct. '18 Oil & Gas Development Co. Ltd. OGDC 9.88% Nishat Mills Ltd. NML 6.77% Bank Al Falah Ltd. BAFL 4.95% Pakistan State Oil PSO 2.95% Packages Ltd. PKGS 2.93% Orix Lease Pakistan OLPL 1.83% Synthetic Product Enterprises SPEL 1.81% Gul Ahmed Textile GATM 1.70% Matco Food Ltd. MFL 1.27% International Industries Ltd. INIL 0.91% Months Nov-17 Dec-17 Jan-18 Feb-18 Mar-18 Apr-18 May-18 Jun-18 Jul-18 Aug-18 Sep-18 Oct-18 Performance 0.59% 0.78% 8.01% -2.76% 2.23% 0.97% -3.59% -1.94% 0.80% -0.53% -2.82% -2.27% Benchmark 0.79% -0.64% 5.75% -0.90% 3.30% 0.40% -2.07% -1.78% 1.28% -0.85% -0.64% 0.97% Name of Non Compliant Type of Value of Investment Provisioning held Value of Investment % of Gross % of Net Limit Investment Investment Before Provisioning (If any) After Provisioning Asset Asset OGDC Equity 30,993,300-30,993,300 10% 9.88% 10.12%

A wholly owned Subsidiary of Army Welfare Trust Rawalpindi: 2nd Floor, AWT Plaza, Mall Road : +92-51-9272379 Karachi: 3rd Floor, AWT Plaza, I.I. Chundrigar Road : +92-21-3865883