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LAKSON GROUP WE MANAGE YOUR MONEY, AS WE MANAGE OUR OWN ONLINE www.li.com.pk info@li.com.pk TELEPHONE + 92 21 3569 8000 UAN: +92 21 111 Lakson F: +92 21 3568 1653 ADDRESS Lakson Investments Limited. Lakson Square, Building No. 2, Sarwar Shaheed Road, Karachi-74200, Pakistan

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 Economic & Markets Review PAKISTAN Economy CPI inflation in June 2017 clocked in at 3.9% vs. 5% in May 2017. The fall in the reading is largely because of lower chicken, onion, sugar and cigarette prices. Moving ahead, CPI would remain contained unless the GoP allows the PKR to depreciate. Large-scale manufacturing (LSM) increased by 5.58%YoY for July-April 17.Major contributors were Iron and Steel (20.3%YoY), Electronics (15.1% YoY), Food beverages& Tobacco(11.6%YOY) and Automobile (11.4%YoY). Private sector credit off-take continued to accelerate (up 18.3%YoY in May'17 vs. 8.1% in May'16) with impetus from Construction (40%YoY), Food (32%YoY), consumer financing (22%YOY) and textiles (14%YoY). The current account deficit touched USD 1.63bn in May 2017 compared to USD 1.34bn in Apr 2017. Cumulatively, 11MFY17 CAD has reached USD 10.6bn (revised) compared to a deficit of USD 4.59bn SPLY(revised). Widening gap in current account was attributable to: 1) 1.59% YoY drop in exports, 2) 16.71% YoY increase in imports, 3) 23% YoY decline in CSF inflows and 4) 2.13% YoY dip in workers' remittances. FDI depicted growth of 8.6% YoY to USD 2.2bn in 11MFY17. During the month of May'17, FDI flows stood at USD 295mn, growth of over 1.92x compared to USD 154mn in Apr'17. Remittance increased 21% MoM to US$1.9b in May 2017, due to seasonal surge before Eid. However, on a YoY basis, remittances declined by 2.13% YoY during 11MFY17 to USD17.5 bn vs. USD17.8 bn in 11MFY16. This was primarily attributable to 4.5% YoY decline in remittances from MENA Region (63% of total remittances) in spite of improvement in oil prices (+21%YoY during FYTD). Foreign exchange reserves increased slightly to US$ 21.4b in June 2017 vs. US$ 21.2b in May 2017. We attribute the surge to the increase in the forex reserves of the commercial banks. PKR remained flattish against the greenback (down 0.3%MoM), closing at PKR104.9 in June 2017. However, amid rising current account deficit, PKR depreciation cannot be ruled out. Equities KSE30 toral return Index retreated by -8.7% during Jun17, taking FY17 return to 17.9%, mainly led by a correction in large cap stocks during the last month of the fiscal year. KSE100 index lost 8.0% during Jun 2017. Politics dominated the news headlines with JIT proceedings in relation to the Panama gate investigation taking the center stage. Furthermore, relentless foreign selling in initial days of the month added fuel to the fire, following the market's graduation to the MSCI EM space. Trading activity slowed down during Ramadan with average volumes for the month falling to 257.2mn shares in Jun 2017 compared to 338.2mn shares in May 2017. Foreigners remained net buyers for the month (USD 7.9mn inflows, which included Vitol Dubai's increased stake in HASCOL for about USD 18.7mn) contrary to the year's trend (net outflows of USD 332.8mn in 1HCY17). On the local front, individuals offloaded positions worth USD 61.3mn reflecting concerns on the political landscape while Insurance companies were active on the buying side. Key sectors performance remained dismal as, Oil&Gas Cements and Fertilizers were major losers. For Oil&Gas sector, lower oil prices continue to drag performance with Brent/WTI trading 5.7%/6.5% lower MoM. Cements were down 10.3%MoM on potential slowdown in dispatches growth during the ongoing Monsoon season while Fertilizers lost 7.6%MoM on account of continuously increasing stockpiles. With monetary tightening not expected till CY18 Commercial Banks also remained in a tight spot, losing 4.3%MoM. While politics is likely to remain the key driver in Jul 2017 (JIT investigation report expected to be submitted to SC on Jul 10'17), the upcoming 2HCY17/FY17 earnings season could be a key performance determinant with most companies in key sectors (Cements, Autos, and Electricity) scheduled to announce full year payouts. The market's broad based recovery will be hinged upon the outcome of the JIT, however, we believe the recent declines have opened up valuations as KSE-30 index trades at a P/E of 8.12x currently vs. 11.9x in May'17. Fixed Income In the first T-Bills auction on 7 June, GoP raised PKR 160.8 billion with weighted average yields at 5.99%, 6.01% and 6.05% for 3M, 6M, and 12M tenors. In the subsequent auction on June 21, GoP raised PKR 346.5 billion led by participation in 3M T-Bills. In the PIB auction held on June 14th, GoP raised PKR 78.2 billion, led by participation in 3Y tenor paper. Average yield of 3Y tenor was at 6.40% (unchanged), 5Y tenor 6.90% (+1bps) and 10Y tenor 7.94% (unchanged). Major participation was observed in 3Y PIBs (PKR 70.9 billion), followed by in 5Y (PKR 3.7 billion) and 10Y (PKR 3.5 billion); meanwhile, there was no participation in 20Y tenor paper. Considering core inflation remains sticky, further monetary easing is not expected although tightening could be delayed until 2018. Yield Curve 11.5% 10.5% 9.5% 8.5% 7.5% 6.5% 5.5% USD/PKR vs. Forex Reserves 106.0 105.0 104.0 103.0 1W 2M 6M 2Y 5Y 8Y 15Y Market Rates 6.10% 6.05% 6.00% 5.95% 5.90% 5.85% 5.80% 31-May-17 Forex Res. (USD bn.) - RHS USD/PKR 29-Jun-17 1-Jun 8-Jun 15-Jun 22-Jun 29-Jun The market's broad based recovery will be hinged upon the outcome of the JIT 22.0 21.5 21.0 20.5 20.0 19.5 19.0 18.5 18.0 1-Jun 10-Jun 19-Jun 28-Jun 6M KIBOR O/N Repo Rate 6M T-Bill

Economic & Markets Review INTERNATIONAL 5 Developed Most European developed markets performed poorly during June, but still managed to close the year with positive returns. FTSE100 was down 2.8% as uncertainty over the terms of Brexit continued, especially because a weaker Government is in place since the snap election on June 8, 2017. The FTSE100 index still managed to close the year with returns of 12.4%. Similarly German equities were down 2.3%, but managed to give a positive return of 27.3% during the fiscal year. Equity returns in Germany will increasingly be driven by politics as their federal elections, scheduled for September 24, 2017 approach. US equity market too appeared to lose its steam during the month of June, with the S&P 500 giving a flat return of 0.48%. Financials supported the index as the industry passed Fed's stress test. Meanwhile, technological stocks held the market back as Google was hit by a multi-billion dollar fine and as the health-care bill was delayed. S&P 500 Index managed to close the quarter with gains of 2.6%, the half year with gains of 8.2% and FY17 with gains of 15.5%. Going forward returns on US equities will be determined by speed of tax and healthcare reform. Moreover, IMF has recently cut its growth forecast for US as prospects for fiscal stimulus fade. The disappointment related to fiscal stimulus may eventually start to reflect in US equity returns. Unlike developed markets in Europe and Americas, other developed markets performed well in June, with Japanese equities (Nikkei 225 Index) rising by 1.9%, and New Zealand's equities (S&P/NZX 50 Gross Index) rising by 2.6% in June. The Nikkei 225 Index turned out to be one of the best developed market performers in FY17, with return of 28.6%. Emerging markets Emerging markets were mixed in June, with heavyweight China up (Shanghai Composite +2.4%) while India, was down (BSE Sensex Index -0.7%). Turkey (Borsa Istanbul 100 up 3.0%), Saudi Arabia (Tadawul All-share Index up 8.1%) and Mexico (S&P/BMV IPC Index up 2.2%) too performed well in June. A large number of Emerging Markets closed FY17 with strong double digit gains, with notable exceptions being China (Shanghai Composite up 9.0% only) and Russia (MICEX down 0.6%). Performance of Equities and Commodities Valuation of International Markets 20 16 12 8 4 130% 120% 110% 100% MSCI World Index MSCI EM Index DB Commodity Index 90% Jun-16 Sep-16 Dec-16 Mar-17 Indian equities declined in June as investors chose to book profits after five consecutive months of positive returns. The BSE Sensex index was down 0.7%, which brought down the quarter's return to 4.4%, the half year's return to 16.1% and FY17's return to 14.5%. Chinese equities finally saw some respite in June after months of decline. A positive event during June was the announcement by MSCI that Chinese A shares will be included in the Emerging Markets Index from next year. MSCI executives have estimated that USD 17bn or more could flow into Chinese stocks as a result of this inclusion. Brazil's equities were mostly flat in June (Bovespa Index up 0.3%) to take the quarter's return to -3.2% and FY17 return to 22.1%. Political instability arising from serious allegations against the country's interim president had affected the country's stock market in May, and their equities are yet to recover from it. Commodities markets International crude oil prices weakened further in June as market rebalancing took longer than expected. Major investment banks continued to lower their price forecasts upon higher than expected production from Nigeria and Libya and a swift rebound in US shale output. The steady rise in the US rig count also led to expectations that production will be sustained this year, leaving little time for inventories to normalize. Arab Light price declined by 6.65% in June, to bring the quarter's decline to 10.4% and the half year's decline to 16.2%. There are few triggers in sight that could support oil prices in the coming months. Developments on the geo-political front in the wake of Qatar's precarious relations with Saudi Arabia may drive oil prices in the near future. - DM US UK Japan Canada EM Brazil Russia India China P/E Multiple Similarly, prices of petro-chemicals too declined during the period, with South East Asian Paraxylene and Purified Terephthalic Acid (PTA) prices down 3.1% and 0.8% respectively in June. The monthly decline brought the quarterly decline of Paraxylene to 7.2% and that of PTA to 5.3%. Similarly, Ethylene prices declined by 9.7% in June to take the quarter's decline to 19.2%, and FY17's decline to 16.1%. Among all the major commodities, Urea prices saw the deepest cut in both the quarter and half year ended June 30, 2017, with Middle Eastern Urea price down 7.5% in June, down 12.7% in the quarter, down 24.5% in the half year and down 11.9% in FY17. Global over capacity continues to plague the commodity, giving little chance of a significant recovery any time soon. International crude oil prices weakened further in June. Unlike oil and commodities whose prices depend on oil, steel prices continued to recover in June. Chinese Hot Rolled Coil was up 6.8% and Cold Rolled Coil was up 4.1% in June, to take FY17 gain to 35.1% and 27.6% respectively.

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 6.80% against the benchmark return of 5.28% during FY17 thus outperformed by 1.52%. During CY17TD the Fund has returned 8.02% to unit holders against the benchmark of 5.31% and outperformed by 2.71%. Asset allocation changed with cash placement at 100%. As a result portfolio WAM was calculated at 01 days. Going forward the Fund will focus on increasing exposure to attractive Cash and Term deposit placements in order to generate returns and mitigate interest rate risk. Total Expense Ratio (TER) Asset Allocation Instruments (% of total Assets) SWWF Disclosure As of June 30th, 2017 the LMMF has maintained provisions against Sindh Workers' Welfare Fund's liability to the tune of PKR 5.37 million. If the same were not made the NAV per unit of the LMMF would be higher by PKR 0.1150. 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 0.11%. For details investors are advised to read the Note 8.1 of the latest Financial Statements of the LMMF. 0.93% (This is inclusive of 0.20% representing Government levies and SECP Fees) YTD 0.93% (This is inclusive of 0.20% representing Government levies and SECP Fees) Asset Allocation 100% Instruments Apr-17 May-17 Jun-17 WAM* days Placements with Banks & DFIs 0% 0% 0% 0 PIBs 0% 0% 0% 0 T Bills 87% 90% 0% 0 Cash 12% 10% 100% 1 Others including receivables 1% 0% 0% * 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 Cash Disclosures Leverage as on June 30th, 2017 Non Performing Assets WAM of Portfolio 01 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. 10% Credit Split 90% AAA AA F U N D F A C T S Fund Type Category Net Assets (PKR Mil.) NAV (30.06.2017) 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 June-17 2 Months 3 Months 6 Months 12 Months CY17 - YTD Open-End Money Market Fund 4,679 100.162 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 - 0.65% None None November 13, 2009 70% average 3 months PKRV rates + 30% average 3 months deposit rate of three AA rated banks Mon-Fri 4:00 PM 'AA' by PACRA (09.12.2016) AM2+ by PACRA (15.05.2017) Low Risk P E R F O R M A N C E Morningstar LMMF Benchmark 6.80% 5.28% 9.94% 5.29% 7.41% 5.33% 6.84% 5.41% 8.18% 5.39% 6.80% 5.28% 8.18% 5.39% Simple Annualized LMMF Benchmark FY17 - YTD 6.80% 5.28% June-17 9.51% 5.16% 2 Months 7.19% 5.22% 3 Months 6.67% 5.30% 6 Months 8.02% 5.31% 12 Months 6.80% 5.28% CY17 - YTD 8.02% 5.31% 3 Years 7.74% 7.16% 5 Years 8.74% 8.56% Since Inception 11.87% 11.62% *The benchmark of the Fund was changed in February 2014 and September 2016. LMMF vs. Benchmark 108 107 106 105 104 103 102 101 100 Jun-16 Sep-16 Dec-16 Mar-17 Jun-17 LMMF Benchmark I N V E S T M E N T C O M M I T T E E Babar Ali Lakhani Chairman Kashif Mustafa Mustafa O. Pasha, CFA Sana Abdullah, CFA Syed Saifullah Kazmi Hassan Bin Nasir Tayyaba Azeem Junaid Arshad, ACCA

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 June 2017, LIF generated an annualized return of 17.76% against the benchmark return of 6.15%. Over FY17 the LIF has generated a return of 6.92%. Asset allocation changed with placements at 26%, cash exposure dicreased to 50.%, corporate debt at 9.4%, MTS at 1.6% and RBFS at 6.0%. This translated the portfolio WAM to 166 days. Going forward the Fund will concentrate on building exposure to high quality corporate debt and bank deposits placements. SWWF Disclosure As of June 30th, 2017 the LIF has maintained provisions against Sindh Workers' Welfare Fund's liability to the tune of PKR 4.60 million. If the same were not made the NAV per unit of the LIF would be higher by PKR 0.1279. 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 0.13%. 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 (30.06.2017) 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 3,624 100.6760 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 (09.12.2016) AM2+ by PACRA (15.05.2017) Medium Risk Total Expense Ratio (TER) 2.04% (This is inclusive of 0.31% representing Government levies and SECP Fees) YTD 2.04% (This is inclusive of 0.31% representing Government levies and SECP Fees) 50% Asset Allocation Instruments (% of total Assets) Instruments Apr-17 May-17 Jun-17 WAM* days Placements with Banks & DFIs 18% 20% 26% 135 PIBs 4% 0% 0% 0 T Bills 1% 2% 3% 27 TFCs 6% 6% 6% 1758 Sukuks 3% 3% 3% 311 MTS 9% 7% 2% 0 Spread Transactions 2% 0% 6% 0 Cash 56% 57% 50% 1 Others including receivables 1% 5% 5% * 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 5% Asset Allocation 26% 25-Aug-16 19-Feb-16 20-Feb-13 30-Jun-16 23-Dec-11 24-Feb-14 3% 6% 3% 2% 6% A+ AAA AA- A AA Placements with Banks & DFIs T-Bills TFC Sukuk MTS Spread Tran Cash Others 1.86% 1.74% 1.54% 1.45% 1.31% 0.96% Disclosures Leverage as on June 30th, 2017 Non Performing Assets WAM of Portfolio 166 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. 27% 5% 8% 3% 3% 9% Credit Split 1% 41% P E R F O R M A N C E Morningstar LIF Benchmark FY17 - YTD 6.92% 6.00% June-17 19.28% 6.12% 2 Months 12.14% 6.31% 3 Months 10.10% 6.29% 6 Months 8.29% 6.24% 12 Months 6.92% 6.00% CY17 - YTD 8.29% 6.24% Simple Annualized LIF Benchmark FY17 - YTD June-17 2 Months 3 Months 6 Months 12 Months CY17 - YTD 3 Years 5 Years Since Inception 6.92% 6.00% 17.76% 6.15% 11.57% 6.15% 9.74% 6.15% 8.13% 6.14% 6.92% 6.00% 8.13% 6.14% 10.55% 9.72% 11.16% 10.54% 14.13% 11.92% *The benchmark of the Fund was changed in September 2016 LIF vs. Benchmark 107 106 105 104 103 102 101 100 Jun-16 Sep-16 Dec-16 Mar-17 Jun-17 LIF Benchmark I N V E S T M E N T C O M M I T T E E Babar Ali Lakhani Chairman Kashif Mustafa Mustafa O. Pasha, CFA Sana Abdullah, CFA Syed Saifullah Kazmi Hassan Bin Nasir Tayyaba Azeem Junaid Arshad, ACCA

8 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 closed FY17 on a high note, generating a FYTD return of 26.4% vs. 17.9% of the benchmark an out performance of 8.5%. LEF realized gains in June'17 in sectors where unrealized profits were largest. Redemptions reduced fund size, keeping overall exposure at 91% in equities. The fund reduced exposure in EPs and Power Generation, redeploying proceeds into Commercial Banks and Construction. SWWF Disclosure As of June 30th, 2017 the LEF has maintained provisions against Sindh Workers' Welfare Fund's liability to the tune of PKR 38.09 million. If the same were not made the NAV per unit of the LEF would be higher by PKR 1.1828. 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 (31.06.2017) 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 4,217 130.9153 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 (08.05.17) AM2+ by PACRA (15.05.2017) High Risk Total Expense Ratio (TER) 3.29% (This is inclusive of 0.94% representing Government levies and SECP Fees) YTD 3.29% (This is inclusive of 0.94% representing Government levies and SECP Fees) Top 10 Holdings Weight Habib Bank Limited 5.45% United Bank Limited 4.89% Lucky Cement Limited 4.85% Engro Corporation Limited 4.73% DG Khan Cement Limited 3.99% Sui North Gas Pipelines Limited 3.95% MCB Bank Limited 3.86% Pakistan State Oil Limited 3.54% Oil & Gas Development Co 3.44% Nishat Mills Limited 3.42% Sectorwise Exposure May-17 Jun-17 Chemicals* 7.99% 7.98% Comm Banks 22.00% 23.38% Const. & Mat. 14.25% 14.72% Electricity 5.73% 5.36% Oil & Gas Exp 11.16% 9.22% Oil & Gas Mktg 8.40% 8.41% Others 19.78% 21.66% *Includes fertilizers P E R F O R M A N C E * FY17 - YTD June-17 2 Months 3 Months 6 Months 12 Months CY17- YTD 3 Year 5 Year Since Inception *Returns based on last working day NAV **KSE-30 Total Return LEF Benchmark** 26.40% 17.92% -7.52% -8.73% -4.70% -5.95% -0.92% -4.03% 0.79% -3.99% 26.40% 17.92% 0.79% -3.99% 73.26% 25.06% 220.56% 144.76% 320.91% 272.55% 4% 5% Asset Allocation 91% Equity Cash Others 8% 22% 9% 8% Sector wise Exposure 5% 15% 23% Chemicals Comm Banks Const. & Mat Electricity Oil & Gas Exp Oil & Gas Mktg Others LEF vs. Benchmark 145 140 135 130 125 120 Asset Allocation (% of Total Assets) Apr-17 May-17 Jun-17 Equities 88% 89% 91% T-Bills 0% 0% 0% Cash 10% 10% 5% Others 2% 1% 4% Disclosures Leverage as on June 30th, 2017 Non Performing Assets Pakistan vs. Global Markets Country Index 1M P/E Div. Ret. Yield Pakistan India Malaysia Dubai Disclaimer: This publication is for informational purposes only and nothing herein should be construed as a solicitation, recommendation or an offer to buy or sell any fund. All investments in mutual funds are subject to market risks. Past performance is not necessarily indicative of future results. Please read the Offering Document to understand the investment policies and risks involved. USA USA KSE-100 BSE Sensex 30 FTSE KLCI -0.12% 16.77 DFM General DJIA S&P 500 2.62% 10.65 4.10% 22.93-4.05% 15.98 0.33% 18.48 1.16% 21.41 4.28 1.19 3.14 4.24 2.36 1.97 115 110 105 100 Jun-16 Aug-16 Oct-16 Dec-16 Feb-17 Apr-17 Jun-17 LEF KSE-100 KSE-30 I N V E S T M E N T C O M M I T T E E Babar Ali Lakhani Chairman Kashif Mustafa Mustafa O. Pasha, CFA Sana Abdullah, CFA Syed Saifullah Kazmi Hassan Bin Nasir Tayyaba Azeem Junaid Arshad, ACCA

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 June 2017 the Lakson Tactical Fund generated an absolute return of -1.89% against the benchmark return of - 4.35%. The fund has outperformed the benchmark by 2.64% during the month of June 2017. Allocation was focused between Equities (54%), Placements with Banks & DIFs (28%), Cash (11%) and TFCs/Sukuks (4%). Going forward the fund will look to minimize interest rate risk while maintaining a healthy exposure to equities. Total Expense Ratio (TER) Disclosures Leverage as on June 30th, 2017 Non Performing Assets SWWF Disclosure As of June 30th, 2017 the LTF has maintained provisions against Sindh Workers' Welfare Fund's liability to the tune of PKR 3.61 million. If the same were not made the NAV per unit of the LTF would be higher by PKR 0.3143. 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 0.29%. For details investors are advised to read the latest Financial Statements of the LTF. 2.24% (This is inclusive of 0.51% representing Government levies and SECP Fees) YTD 2.24% (This is inclusive of 0.51% representing Government levies and SECP Fees) Asset Allocation (% of Total Assets) Placements with Banks Top 10 Equity Holdings (%age of total assets) Securities Apr-17 May-17 Jun-17 & DIFs 22% 21% 28% PIBs 3% 2% 0% TFC/Sukuks 3% 3% 4% Equity 49% 44% 54% Cash 21% 29% 11% Others 2% 1% 3% Jun-17 Weight Habib Bank 3.61% Lucky Cement 3.52% United Bank 3.28% Engro Corp. 2.89% MCB Bank Ltd. 2.65% Oil & Gas Dev. 2.47% D.G.K.Cement 2.20% Mari Petroleum 2.04% Bank AL-Habib 1.97% Hub Power Co. 1.93% Sectorwise Exposure May-17 Jun-17 Comm. Bank 11.01% 15.06% Const. and Mat. 9.06% 11.09% Oil & Gas Exp 5.65% 6.49% Chemicals* 4.00% 4.61% Auto Assemblers & Parts 3.60% 4.47% Oil & Gas Mktg 3.77% 4.05% Electricity 2.76% 3.28% Others 4.05% 1.64% *Includes fertilizers Placement with Banks & DFIs The significant change in the performance of the fund is reflective of the change in the Investment objectives and thereby a change in its investment policies on the conversion of the Fund w.e.f April 19, 2016. 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. 11% Asset Allocation 54% 3% 28% 4% TFC Equity Cash Others F U N D F A C T S Fund Type Category Net Assets (PKR Mil.) NAV (30.06.2017) 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 June-17 2 Months 3 Months 6 Months 12 Months CY17-YTD 3 Years 5 Years Since Inception Open-End Asset Allocation Fund 1,226 106.6898 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 - 1.23% 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 (15.05.2017) Medium Risk LTF Benchmark 17.23% 9.85% -1.89% -4.35% 0.32% -2.70% 2.80% -1.43% 4.23% -0.64% 17.23% 9.85% 4.23% -0.64% 36.36% 12.20% 47.04% 26.63% 55.64% 35.83% *The benchmark of the Fund was changed in September 2016. LTF vs. Benchmark 125.00 120.00 115.00 110.00 105.00 100.00 Jun-16 Aug-16 Oct-16 Dec-16 Feb-17 Apr-17 Jun-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 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 June 2017 the Lakson Islamic Tactical Fund generated return of - 2.85% against the benchmark return of - 4.77%. The fund has outperformed the benchmark by 1.93% during the month of June 2017. Fund exposure is in Cash (51%) and Equities (47%). A build up in Shariah compliant equities and fixed income instruments will be targeted, going forward. Total Expense Ratio (TER) SWWF Disclosure As of June 30th, 2017 the LITF has maintained provisions against Sindh Workers' Welfare Fund's liability to the tune of PKR 0.16 million. If the same were not made the NAV per unit of the LAAEMF would be higher by PKR 0.0905. 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 0.09%. For details investors are advised to read the latest Financial Statements of the LITF. 3.51% (This is inclusive of 0.49% representing Government levies and SECP Fees) YTD 3.51% (This is inclusive of 0.49% representing Government levies and SECP Fees) 54% 2% Asset Allocation 1% Top 10 Equity Holdings (%age of total assets) Securities 47% Disclosures Leverage as on June 30th, 2017 Non Performing Assets Equities Sukuk Cash Others Jun-17 Weight Lucky Cement 3.85% Engro Corp 3.39% D.G.K.Cement 2.85% Sui North Gas 2.83% P.S.O. 2.54% Mari Petroleum 2.51% Oil & Gas Dev. 2.50% Nishat Mills Ltd. 2.45% Hub Power Co. 2.44% Meezan Bank 2.06% Asset Allocation (% of Total Assets) Apr-17 May-17 Jun-17 Equities 47% 42% 47% Sukuk 8% 1% 0% Cash 43% 54% 51% Others 2% 2% 2% Sectorwise Exposure May-17 Jun-17 Const. and Mat. 9.80% 12.78% Oil & Gas Exp. 7.28% 7.07% Oil & Gas Mar. 5.32% 6.07% Chemicals* 5.44% 5.73% Auto Assemblers & Parts 4.12% 4.03% Electricity 3.66% 3.76% Others 6.75% 8.06% *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, 2016. 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 (30.06.2017) 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 June-17 2 Months 3 Months 6 Months 12 Months CY17-YTD 3 Years 5 Years Since Inception Open-End Shariah Compliant Asset Allocation Fund 178 101.5686 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 - 1.15% 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 (15.05.2017) Medium Risk LITF Benchmark 8.99% 8.23% -2.85% -4.77% -1.35% -3.08% 1.22% -1.44% 1.99% -1.32% 8.99% 8.23% 1.99% -1.32% 19.45% 11.93% 34.03% 31.64% 42.39% 44.61% *The benchmark of the Fund was changed in September 2016. LITF vs. Benchmark 118.00 116.00 114.00 112.00 110.00 108.00 106.00 104.00 102.00 100.00 Jun-16 Aug-16 Oct-16 Dec-16 Feb-17 Apr-17 Jun-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

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 June 2017 the Lakson Asset Allocation Developed Markets Fund generated an absolute return of -0.03% against the benchmark return of 0.43%. The fund has underperformed the benchmark by -0.46% during the month of June 2017. Allocation has been taken in T bills (35%), PIBs (19%) and Developed Market Equities (30%). 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 June 30th, 2017 the LAADMF has maintained provisions against Sindh Workers' Welfare Fund's liability to the tune of PKR 0.54 million. If the same were not made the NAV per unit of the LAADMF would be higher by PKR 0.2828. 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 0.24%. For details investors are advised to read the latest Financial Statements of the LAADMF. 2.54% (This is inclusive of 0.41% representing Government levies and SECP Fees) YTD 2.54% (This is inclusive of 0.41% representing Government levies and SECP Fees) 1% 30% 4% 16% Developed Markets Equities (Jun-17) QQQ ETF % of Asset Vanguard S&P 500 % of Assets Apple Inc 11.56% Apple Inc 3.85% Microsoft Corp 8.23% Microsoft Corp 2.60% Amazon.com Inc 7.17% Amazon.com Inc 1.90% Facebook Inc 5.47% Facebook Inc 1.72% Alphabet Inc 4.89% Johnson & Johnson 1.67% Alphabet Inc 4.29% Exxon Mobil Corp 1.61% Comcast Corp 2.81% Berkshire Hathaway Inc 1.43% Intel Corp 2.46% JPMorgan Chase & Co 1.41% Cisco Systems Inc 2.39% Alphabet Inc 1.41% Amgen Inc 1.96% Alphabet Inc 1.38% QQQ ETF (As of Jun-17) Country Weight United States 96.48% China 2.06% United Kingdom 0.65% Isreal 0.28% Disclosures Asset Allocation 19% 35% Leverage as on June 30th, 2017 Non Performing Assets T-Bill PIBs Equities Others Cash Asset Allocation (% of Total Assets) Vanguard S&P 500 (As of Jun-17) Sector Apr-17 May-17 Jun-17 T-Bills 41% 48% 35% PIBs 19% 18% 19% Developed Markets (DM) Equities 36% 30% 30% Others 1% 1% 1% Cash 3% 3% 16% Weight United States 97.48% Ireland 1.01% Switzerland 0.51% United Kingdom 0.50% Bermuda 0.06% 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 (30.06.2017) 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 June-17 2 Months 3 Months 6 Months 12 Months CY17-YTD 3 Years 5 Years Since Inception LAADMF vs. Benchmark 112.00 Open-End Asset Allocation Fund 227 118.9544 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 - 1.55% 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 (15.05.2017) Medium Risk LAADMF Benchmark 9.01% 9.09% -0.03% 0.43% 0.93% 1.37% 1.74% 2.12% 5.77% 5.12% 9.01% 9.09% 5.77% 5.12% 26.9% 17.60% 53.7% 49.46% 63.6% 65.39% *The benchmark of the Fund was changed in September 2016. 110.00 108.00 106.00 104.00 102.00 100.00 Jun-16 Aug-16 Oct-16 Dec-16 Feb-17 Apr-17 Jun-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 LAADMF

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.

Last 5 fiscal years FUNDS RETURN HISTORY The periodic returns for the funds have been presented below as per SECP's SCD Circular No. 16 dated July 03, 2014. The returns presented below are: Yearly returns for the last five fiscal years and Absolute returns for every fiscal year since inception The returns have been annualized for money market and income schemes where the performance evaluation is less than one year. 13 L A K S O N M O N E Y M A R K E T FU N D ( L M M F ) L A K S O N I N C O M E F U N D ( L I F ) FY 2013 FY 2014 FY 2015 FY 2016 FY 2017 FUND 8.76% 7.92% 8.57% 5.63% 6.80% BM 9.14% 8.50% 8.45% 5.61% 5.28% FUND 9.21% 8.38% 14.17% 8.57% 6.92% BM 9.17% 8.31% 12.64% 7.16% 6.00% L A K S O N E Q U I T Y F U N D ( L E F ) L A K S O N A S S E T A L L O C AT I O N D E V E L O P E D M A R K E T S FU N D ( L A A D M F ) L A K S O N TA C T I C A L F U N D ( LT F ) * L A K S O N I S L A M I C TA C T I C A L F U N D ( L I T F ) * * *Formerly: Lakson Asset Allocation Global Commodities Fund (LAAGCF) **Formerly: Lakson Asset Allocation Emerging Markets Fund (LAAEMF) FUND 40.04% 32.12% 23.93% 10.60% 26.40% BM 52.20% 28.59% 5.67% 0.37% 17.92% FUND 10.52% 9.64% 7.76% 8.00% 9.01% BM 13.45% 12.94% 5.34% 2.33% 9.09% FUND 3.44% 4.24% 8.86% 6.85% 17.23% BM 7.89% 7.47% -1.02% 3.18% 9.85% FUND 5.46% 6.40% 4.96% 4.42% 8.99% BM 8.50% 10.01% 3.36% 0.05% 8.23% Since Inception Absolute Returns FY 2010 FY 2011 FY 2012 FY 2013 FY 2014 FY 2015 FY 2016 FY 2017 L M M F v s B E N C H M A R K L I F v s B E N C H M A R K L E F v s B E N C H M A R K L A A D M F v s B E N C H M A R K LT F v s B E N C H M A R K L I T F v s B E N C H M A R K Fund 6.77% 19.25% 32.63% 44.25% 55.65% 68.98% 78.45% 90.58% Benchmark 6.66% 19.21% 32.73% 44.86% 57.17% 70.45% 80.01% 89.52% Fund 7.16% 19.49% 33.35% 45.63% 57.84% 80.20% 95.65% 109.18% Benchmark 4.59% 15.90% 26.20% 37.77% 49.22% 68.08% 80.12% 90.92% FUND -0.66% 19.65% 31.30% 83.87% 142.93% 201.08% 233.00% 320.91% BM 7.22% 37.82% 52.21% 131.67% 197.90% 214.79% 215.95% 272.55% FUND 6.42% 17.61% 28.95% 38.96% 50.07% 63.59% BM 10.63% 25.51% 41.75% 48.15% 51.60% 65.39% FUND 5.85% 9.49% 14.13% 24.25% 32.76% 55.63% BM 7.25% 15.71% 24.36% 19.84% 23.65% 35.83% FUND 6.23% 12.03% 19.20% 25.11% 30.64% 42.39% BM 9.82% 19.15% 31.08% 33.55% 33.61% 44.61% Disclaimer: This publication is for informational purpose only and nothing herein should be construed as a solicication, recommendation or an offer to buy or sell any fund. All investments in mutual funds are subject to market risks. The NAV based prices of units and any dividends/returns thereon are dependent on forces and factors affecting the capital markets. These may go up or down based on market conditions. Past performance is not necessarily indicative of future results. All returns are calculated assuming reinvested dividends.

14 Mutual Funds Performance Comparison Annualized Returns (%): Positions as of July 06, 2017 INCOME FUNDS 30 DAYS 90 DAYS 180 DAYS 270 DAYS 365 DAYS ABL Income Fund 6.80 5.28 6.76 5.98 6.25 Atlas Income Fund 6.36 5.50 5.42 5.54 5.48 Faysal Financial Sector Opportunity Fund 4.81 4.74 7.26 5.89 5.58 Faysal Savings Growth Fund 5.45 5.26 8.67 6.41 5.93 First Habib Income Fund 7.29 4.91 7.47 6.96 6.33 HBL Income Fund 5.07 4.70 5.32 5.11 4.64 JS Income Fund 7.34 6.04 5.64 6.04 7.23 Lakson Income Fund 18.25 9.92 8.08 7.42 7.15 MCB DCF Income Fund 5.36 5.46 8.22 7.11 6.79 NAFA Financial Sector Income Fund 6.27 5.88 10.46 8.92 N/A NAFA Income Fund 6.32 5.62 6.12 5.97 N/A NAFA Income Opportunity Fund 4.41 5.00 5.61 5.57 N/A NAFA Savings Plus Fund 6.30 5.49 10.53 8.89 N/A NIT - Income Fund 4.68 4.91 6.14 5.70 5.61 Pakistan Income Fund 5.14 5.76 8.99 7.69 7.15 UBL Government Securities Fund 4.93 4.89 4.85 4.63 4.64 UBL Income Opportunity Fund 4.03 3.93 4.45 4.53 4.9 ISLAMIC INCOME FUNDS ABL Islamic Income Fund 4.81 4.42 5.02 5.51 5.75 Al Ameen Islamic Sovereign Fund 12.68 6.25 4.07 5.26 5.48 Alfalah GHP Islamic Income Fund 6.19 4.67 4.99 5.33 5.31 Askari Islamic Income Fund 5.74 4.37 6.24 5.52 5.56 Atlas Islamic Income Fund 8.67 5.88 5.48 6.07 5.97 Faysal Islamic Savings Growth Fund 4.41 4.07 4.63 4.44 5.45 JS Islamic Government Securities Fund 16.66 7.20 2.84 3.19 3.56 Meezan Islamic Income Fund 4.85 3.83 4.99 4.90 5.27 Meezan Sovereign Fund 11.89 5.81 5.72 6.53 6.46 NAFA Islamic Income Fund 6.63 5.44 5.13 5.23 N/A NAFA Riba Free Savings Fund 6.09 5.16 6.02 5.94 N/A Pak Oman Advantage Islamic Income Fund 5.28 4.73 5.61 5.29 6.41 MONEY MARKET FUNDS 30 DAYS 90 DAYS 180 DAYS 270 DAYS 365 DAYS ABL Cash Fund 17.95 9.31 11.61 9.52 8.56 AKD Cash Fund 7.68 5.39 8.01 6.84 6.33 Alfalah GHP Cash Fund 0.57 5.42 8.42 7.31 6.86 Alfalah GHP Money Market Fund 3.44 4.21 5.71 5.56 5.67 Askari Sovereign Cash Fund 8.21 5.90 11.78 9.64 8.56 Atlas Money Market Fund 7.04 5.80 6.78 6.36 6.14 Atlas Sovereign Liquid Fund 56.94 22.22 13.58 10.86 9.44 BMA Empress Cash Fund 7.42 5.37 5.11 4.82 4.59 Faysal Money Market Fund 10.10 6.70 8.82 7.60 7.12 First Habib Cash Fund 5.87 5.26 7.69 6.95 6.57 HBL Money Market Fund 9.02 6.36 8.02 7.05 6.47 JS Cash Fund 5.48 5.06 6.06 5.80 5.74 Lakson Money Market Fund 9.68 6.69 8.00 7.23 6.79 MCB Cash Management Optimizer 8.90 6.48 8.75 7.71 7.1 NAFA Government Securities Liquid Fund 4.55 4.99 9.75 8.32 N/A NAFA Money Market Fund 9.03 6.55 7.03 6.63 N/A NIT Government Treasury Fund 5.04 5.07 4.77 4.91 4.95 Pakistan Cash Management Fund 13.91 8.05 10.98 9.19 8.24 PIML Daily Reserve Fund 4.08 4.36 6.90 6.41 6.1 UBL Liquidity Plus Fund 5.80 5.36 7.26 6.54 6.22 UBL Money Market Fund 5.52 4.54 6.05 5.50 5.4 ISLAMIC MONEY MARKET FUNDS Al Ameen Islamic Cash Fund 3.73 4.08 4.39 4.61 4.69 HBL Islamic Money Market Fund 3.75 3.63 4.11 4.11 4.18 Meezan Cash Fund 5.04 4.24 7.39 6.48 6.07 Note: NA - Not Available. Source: MUFAP.

Mutual Funds Performance Comparison 15 Annualized Returns (%): Positions as of July 06, 2017 AGGRESSIVE INCOME FUNDS 30 DAYS 90 DAYS 180 DAYS 270 DAYS 365 DAYS AKD Aggressive Income Fund 6.55 5.01 6.15 5.93 6.42 Alfalah GHP Income Multiplier Fund 6.47 5.53 6.19 6.01 5.86 Askari High Yield Scheme 4.72 5.22 5.87 5.03 5.09 BMA Chundrigar Road Savings Fund 6.60 5.50 5.69 5.58 5.52 Faysal Income & Growth Fund 6.14 5.34 6.70 4.56 4.49 Pakistan Income Enhancement Fund 5.74 5.49 6.40 5.62 5.22 UBL Growth & Income Fund 4.69 6.19 5.77 4.92 7.53 ISLAMIC AGGRESSIVE INCOME FUNDS Al Ameen Islamic Aggressive Income Fund 4.40 4.37 4.41 4.34 4.7 EQUITY FUNDS 30 DAYS 90 DAYS 180 DAYS 270 DAYS 365 DAYS ABL Stock Fund (10.38) (3.36) (4.00) 14.95 28.23 AKD Opportunity Fund (13.53) (7.56) (10.05) 0.91 30.11 Alfalah GHP Alpha Fund (9.80) (2.12) (2.55) 15.72 23.72 Alfalah GHP Stock Fund (9.44) (2.17) (2.65) 16.01 23.61 Askari Equity Fund (8.96) (5.11) (5.10) 10.51 15.53 Atlas Stock Market Fund (7.29) (0.51) (0.22) 20.77 33.73 First Capital Mutual Fund (13.58) (10.46) (10.15) 2.66 12.27 First Habib Stock Fund (10.79) (7.20) (8.54) 7.98 15.6 HBL Energy Fund (10.52) (3.29) (2.28) 12.58 29.27 HBL Equity Fund (9.56) (2.75) (4.01) 13.22 22.61 HBL Stock Fund (9.47) (2.43) (5.01) 11.46 19.56 JS Growth Fund (10.60) (2.92) (2.13) 17.78 N/A JS Large Cap Fund (9.57) 2.10 2.83 18.26 N/A JS Value Fund (10.08) (3.55) (3.67) 8.96 N/A Lakson Equity Fund (9.52) (2.94) (4.66) 12.59 21.9 MCB Pakistan Stock Market Fund (5.84) (3.60) (3.34) 13.95 25.68 NAFA Stock Fund (9.53) (3.18) (4.68) 13.19 N/A National Investment Unit Trust (10.26) (2.66) (3.25) 13.92 30.88 PIML Value Equity Fund (11.25) (5.40) (9.83) 7.81 17.8 UBL Stock Advantage Fund (9.12) (1.33) (0.36) 15.67 25.68 ISLAMIC EQUITY FUNDS ABL Islamic Stock Fund (10.52) (3.32) (2.52) 16.40 27.12 Al Ameen Islamic Dedicated Equity Fund (10.27) (4.03) (3.28) 13.76 22.49 Al Meezan Mutual Fund (10.33) (5.24) (6.72) 10.88 18.69 Alfalah GHP Islamic Stock Fund (9.83) (2.04) (2.74) 16.76 20.85 HBL Islamic Equity Fund (10.00) (3.45) (5.29) 11.42 20.84 JS Islamic Fund (8.70) 0.39 (1.13) 15.75 N/A Meezan Islamic Fund (10.25) (5.99) (7.11) 10.25 18.58 PIML Islamic Equity Fund (11.88) (6.77) (10.47) 5.14 11.78 BALANCED FUNDS 30 DAYS 90 DAYS 180 DAYS 270 DAYS 365 DAYS Faysal Balanced Growth Fund (9.54) (4.43) (2.49) 6.99 11.25 HBL Multi Asset Fund (6.94) (1.02) (1.78) 11.14 15.54 NAFA Multi Asset Fund (6.51) (1.33) (0.51) 12.83 N/A Pakistan Capital Market Fund (2.94) (0.91) 0.37 15.02 23.26 Unit Trust of Pakistan (8.39) (0.52) 0.35 10.06 20.38 ISLAMIC BALANCED FUNDS Meezan Balanced Fund (6.31) (3.07) (3.43) 7.72 12.46 Note: NA - Not Available. Source: MUFAP. L A K S O N O U T L O O K June 2017

16 Mutual Funds Performance Comparison Annualized Returns (%): Positions as of July 06, 2017 ASSET ALLOCATION FUNDS 30 DAYS 90 DAYS 180 DAYS 270 DAYS 365 DAYS Alfalah GHP Value Fund (8.38) (1.82) (3.56) 12.27 21.55 Askari Asset Allocation Fund (6.92) (4.07) (2.67) 7.64 10.96 Faysal Asset Allocation Fund (15.54) (11.53) (8.24) (4.49) 1.15 Lakson Asset Allocation Developed Markets Fund (0.52) 1.64 4.98 6.38 8.59 Lakson Tactical Fund (3.31) 1.50 1.38 10.53 14.83 MCB Pakistan Asset Allocation Fund (0.90) (1.11) (3.68) 2.41 8.34 MCB Pakistan Frequent Payout Fund 0.31 1.45 1.19 3.85 5.49 NAFA Asset Allocation Fund (6.03) (0.66) 0.05 13.46 N/A Pak Oman Advantage Asset Allocation Fund (8.04) (5.13) (8.74) 6.08 15.69 UBL Asset Allocation Fund (3.22) 0.47 1.62 9.12 12.91 ISLAMIC ASSET ALLOCATION FUNDS Al Ameen Islamic Asset Allocation Fund (3.30) (0.33) 0.89 9.24 13.18 Askari Islamic Asset Allocation Fund (6.15) (3.51) (2.17) 8.83 13.34 Lakson Islamic Tactical Fund (3.93) 0.10 (0.10) 6.92 7.34 Meezan Asset Allocation Fund (9.65) (5.32) (6.35) 10.26 14.4 NAFA Islamic Asset Allocation Fund (6.44) (2.32) (2.80) 9.27 N/A Pak Oman Islamic Asset Allocation Fund (9.97) (6.71) (9.90) 5.01 13.23 CAPITAL PROTECTED FUNDS 30 DAYS 90 DAYS 180 DAYS 270 DAYS 365 DAYS JS Capital Protected Fund V (0.60) 0.62 1.65 3.48 N/A UBL Capital Protected Fund III (1.05) 1.09 N/A N/A N/A ISLAMIC CAPITAL PROTECTED FUNDS NAFA Islamic Principal Protected Fund I (0.92) 1.94 4.57 13.39 N/A NAFA Islamic Principal Protected Fund II (0.68) 0.34 2.13 13.60 N/A Note: NA - Not Available. Source: MUFAP.

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 10.5% 3.8% 16.7% 64.9% 10.5% 3.8% 16.7% 49.3% Developed MSCI World Index 9.6% 3.6% 16.1% 71.6% 9.6% 3.6% 16.1% 55.3% Emerging MSCI Emerging Markets Index 17.6% 5.8% 21.6% 19.5% 17.6% 5.8% 21.6% 8.2% Europe MSCI Europe Index 13.7% 6.5% 18.5% 47.4% 13.7% 6.5% 18.5% 33.4% China CSI 300 10.8% 6.2% 16.3% 64.6% 10.8% 6.2% 16.3% 49.0% Dubai DFM 0.0% 0.0% 0.0% 285.2% 0.0% 0.0% 0.0% 248.7% India BSE Sensex 30 15.9% 4.2% 14.3% 95.6% 15.9% 4.2% 14.3% 77.0% Japan Nikkei 225 5.8% 6.9% 29.8% 148.0% 5.8% 6.9% 29.8% 124.5% Malaysia FTSE Bursa 7.9% 1.8% 7.1% 22.4% 7.9% 1.8% 7.1% 10.8% Pakistan KSE 100-2.3% -3.0% 23.6% 238.5% -2.3% -3.0% 23.6% 206.4% Sri Lanka Colombo All Share 7.6% 10.6% 6.7% 48.6% 7.6% 10.6% 6.7% 34.5% UK FTSE 100 2.9% 0.4% 13.0% 45.7% 2.9% 0.4% 13.0% 31.9% US DJIA 7.7% 3.0% 18.7% 82.6% 7.7% 3.0% 18.7% 65.3% US S&P 500 8.1% 2.4% 15.3% 96.2% 8.1% 2.4% 15.3% 77.6% US NASDAQ 100 16.2% 4.0% 28.0% 138.7% 16.2% 4.0% 28.0% 116.1% Germany DAX Index 8.1% 0.8% 28.3% 113.8% 8.1% 0.8% 28.3% 93.5% CANADA TSX 300 Composite Index -0.5% -2.2% 8.2% 44.9% -0.5% -2.2% 8.2% 31.2% France CAC - 40 6.0% 0.6% 21.6% 78.1% 6.0% 0.6% 21.6% 61.2% Brazil Sao Paulo SE Bovespa Index 3.3% -4.2% 20.8% 26.5% 3.3% -4.2% 20.8% 14.5% Korea Korea SE Kospi 18.2% 10.9% 21.6% 42.7% 18.2% 10.9% 21.6% 29.2% Taiwan Taiwan SE Weighted Index 12.6% 6.2% 20.3% 57.8% 12.6% 6.2% 20.3% 42.8% KSE SECTORS Automobile and Parts 15.2% 10.9% 175.3% 1287.5% 15.2% 10.9% 175.3% 1156.1% Banks -5.9% -2.0% 20.8% 120.1% -5.9% -2.0% 20.8% 99.2% Chemicals 14.7% 1.3% -53.1% -9.1% 14.7% 1.3% -53.1% -17.7% Construction and Materials -12.0% -12.4% 13.9% 562.6% -12.0% -12.4% 13.9% 499.8% Electricity 41.5% 43.6% 47.0% 311.3% 41.5% 43.6% 47.0% 272.4% Food Producers -3.6% -0.2% 4.2% 83.8% -3.6% -0.2% 4.2% 66.4% Oil and Gas -8.6% -1.5% 13.8% 36.5% -8.6% -1.5% 13.8% 23.6% Personal Goods -7.0% 0.9% -2.9% 143.7% -7.0% 0.9% -2.9% 120.6% YTD 3-mo Fixed Income CURRENT INTERBANK RATES HISTORIC 6M INTERBANK RATES MONEY MARKET 1M 3M 6M 12M YTD 3M 1Y 5Y China SHIBOR 4.50% 4.52% 4.48% 4.42% NA 4.41% 3.57% 3.35% Dubai UAE IBOR 1.24% 1.52% 1.75% 2.13% NA 1.70% 1.60% 1.37% 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% 0.16% Malaysia KLIBOR 3.18% 3.43% 3.55% 3.63% 3.54% 3.54% 3.54% 3.69% Pakistan KIBOR 6.25% 6.13% 6.14% 6.46% 6.14% 6.16% 6.10% 6.32% Sri Lanka SLIBOR 10.58% 11.30% 12.00% 12.47% 11.75% 11.97% 11.53% 9.91% UK LIBOR 0.25% 0.30% 0.45% 0.66% 0.49% 0.46% 0.52% 0.63% US SIBOR 1.23% 1.30% 1.45% 1.74% 1.40% 1.42% 1.30% 1.01% Govt. Securities vs. KIBOR 8.00% 7.75% 7.50% 7.25% 7.00% 6.75% 6.50% 6.25% 6.00% 5.75% 5.50% 5.25% 5.00% Interbank Jun 17 Govt. Sec. Jun 17 1W 1M 3M 6M 1Y 2Y CURRENT MARKET YIELDS HISTORIC 12M PAPER RATES 12M Yields of Government Securities GOVERNMENT SECURITIES 3M 12M 5Y 10Y YTD 3M 1Y 2Y China 2.63% 3.43% 3.47% 3.55% 3.09% 3.34% 2.66% 2.51% India 8.31% 6.38% #N/A 6.51% 6.28% 6.37% 6.39% 6.80% Japan -0.09% -0.10% -0.08% 0.06% -0.24% -0.14% -0.27% -0.22% Malaysia 3.07% 3.13% 3.60% 3.90% 3.15% 3.17% 2.94% 2.92% Pakistan 5.88% 5.96% 7.05% 8.17% 5.94% 5.96% 5.90% 6.12% Sri Lanka 11.30% 12.47% NA NA 12.23% 12.45% 12.02% 10.34% UK 0.15% 0.33% 0.69% 1.25% 0.11% 0.13% 0.12% 0.28% US 1.02% 1.22% 1.85% 2.27% 0.99% 1.11% 0.81% 0.64% China India Japan Malaysia Pakistan Sri Lanka UK US 0% 3% 6% 9% 12%