Fund Manager Review May 2018

Fund Manager Report May 2018

FIPI Individuals Companies Banks/DFIs Mutual Funds Brokers Insurance NBFC Other Jun-17 Jul-17 Aug-17 Sep-17 Oct-17 Nov-17 Dec-17 Jan-18 Feb-18 Mar-18 Apr-18 May-18 Trend * 3-May 8-May 11-May 16-May 21-May 24-May 29-May Mar-18 Apr-18 10MFY17 10MFY18 Fund Manager Review May 2018 Macroeconomic Overview YoY CPI inflation for May-18 clocked in at 4.19% YoY, 51bps higher than YoY CPI inflation of 3.68% recorded in Apr- 18 as prices by 0.51% MoM. 11MFY18 CPI inflation now averages 3.82% YoY. Food prices increased likely on account of the month of Ramadan, while Nonfood was likely driven in part by increase in oil prices during May-18. Core NFNE inflation persisted at 7.0% YoY for a second consecutive month. YoY CPI inflation - Monthly trend 5.0% 4.0% 3.0% 2.0% 1.0% 0.0% Source: PBS CPI inflation has now adjusted to a higher trajectory after a combined 2.33% rise in CPI index during April- May 18. CPI for June will likely continue its higher trajectory due to continuation of Ramazan related demand of food and likely higher fuel prices. As such, we see a high likelihood of CPI inflation remaining above 5.0% for the next three months. PKR/USD during May-18 116.00 115.80 115.60 115.40 115.20 115.00 Source: SBP Current Account Deficit for Apr-18 increased to USD 1.95bn, up 61% MoM, taking 10MFY18 CAD to 14.3bn, up by 50% YoY translating into 5.3% of GDP. Apr-18 exports and imports both showed marginal declines on a MoM basis, falling by 0.8% and 0.1% respectively. Remittances declined by 7% MoM, due to slow down in remittances from Saudi Arabia and other GCC countries. Additionally, Net Financial account inflow clocked in at PKR 9.1bn for 10MFY18, up by 29% YoY. Current Account Deficit (% of 10.0% GDP) 8.0% 6.0% 4.0% 2.0% 0.0% Source: PBS Fixed Income Review Secondary market yields were up across the board during May-18 compared to Apr-18 likely due to anticipation of hike in policy rate in the monetary policy which was due to be announced on 25th May-18. Average Yields on short term papers expanded by 9-21 bps for short term papers during May-18 where Yields on 3m, 6m and 1yr papers closed at 6.59%, 6.70% and 6.94% at the end of May-18. Average yields on 3yr and 5yr PIBs clocked in at 7.87% and 8.36% showing MoM increase of 19bps and 26bps, respectively. Average yield on 10yr PIBs was up by 7bps to 8.63%. In the two T- Bill auctions conducted during the month of May-18, SBP raised a total of PKR 506mn against a target of PKR 1,600bn and maturity of PKR 1,583bn. For the PIB auction held during May- 18, PKR 4bn worth of PIBs were realized against a target of PKR 100bn and a maturity of PKR 17bn. In the monetary policy announced on 25th May-18, government increased the policy rate by 50bps which is likely to increase yields for the month of June. Yield Curve 9.00 8.00 7.00 6.00 5.00 Source: MUFAP 3m 6m 12m 3yr 5yr 10yr Apr-18 May-18 Equity Market Review The benchmark KSE-100 index shed a massive 2,642pts or 5.81% during the month of May-18. The market remained bearish during the month due to extensive selling from foreigners. Trading activity also remained subdued with average daily volume falling by 36% likely due to the month of Ramadan and uncertainty on the political front. KSE-100 performance during May-18 46,000 45,000 44,000 43,000 42,000 41,000 40,000 Source: KSE All major sector underperformed the KSE-100 index where Cement /Autos performance was particularly abysmal with 13%/10% MoM decline. Foreigners were net sellers during the month where net outflow was recorded at USD 73.24mn. Outflows were mainly observed in the Banks (USD 55.4mn) and Cement (USD 18.3mn).Inflows were reported in the all other sectors (USD 14.8mn) & Food (USD 0.8mn). On local front, Insurance (USD 61.4mn) & Others (USD 29.1mn) were the major buyers. Cement and Auto sector dragged down the index during May-18 due to unaccommodating FY19 budgetary measures. Banks also underperformed the broader index due to foreigners selling on the back of unfavorable macro-economic factors. Portfolio flows - May-18 (USD mn) 70 50 30 10-10 -30-50 1 Source: NCCPL -4 KSE-100 19-21 -10 Volume Oil prices increased by 8.3% during May-18 owing to supply cuts from Venezuela and geo-political tensions between Iran USA. Banks are likely to outperform the broader index due to policy rate hike and attractive entry prices. Cements and Autos are likely to continue to lag, on the back of depressed margins going forward and lower earnings expectations 61-2 28 220 170 120 70 20

Askari Cash Fund (Formerly Askari Sovereign Cash Fund) 10 90.80% 8 64.11% 6 4 34.21% 2 8.39% 0.81% 1.68% T-Bills Cash Other incl. receivables In the month of May-18, Askari Cash Fund posted a return of 5.10% as compared to its benchmark return of 5.63%. Assets under management of the fund closed the month at PKR 341 million as compared to PKR 617 million in previous month. During the month funds were mostly invested in T Bills as around 64.11% of fund size were invested in T Bills. By month end, duration of the funds stood at 31 day as compared to 64 day in previous month. Performance* YTD MoM 365-Days 3-Years 5-Years ACF 5.05% 5.10% 5.34% 6.82% 7.39% 5.31% 5.63% 5.26% 5.53% 6.85 VP Fund Management Faisal Raza NAV (PKR/Unit) 104.9820 Net Assets (PKR mn) 341.093 Duration (Days) 31 Weighted Average Maturity (Days) 31 Since Inception Return ACF 9.24% 8.07% 8.86% 5.56% 8.49% 8.83% 8.88% 8.35% 5.87% 5.25% Portfolio Quality (% of Total Assets) Disclosures N.R., 2.07% AAA, 97.64% AA+, 0.29% 1.32% 0.27% 9.94% AAA AA+ N.R. SWWF (As per Circular 17 of 2012): The Scheme has maintained provisions against Sindh Workers Welfare Fund s liability to the tune of Rs.1.932 million, if the same were not made the NAV per unit/ YTD return of Scheme would be higher by Rs.0.5946/ 0.5927%. Manager Fixed Income The objective of the Fund is to provide the investors with a high level of liquidity along with extremely low credit and price volatility. The Fund shall provide the facility to invest in an underlying portfolio primarily comprising of government securities (Treasury Bills) and other Authorized Investments which shall enable the investor to manage their liquidity efficiently. Money Market Fund 18-Sept-09 70% average 3 month PKRV + 30% Average 3-month deposit rate as selected by MUFAP Monday Friday 10.00 am Backward Front end load Back end load up to 12% of Gross Earnings subject to a maximum of 1.00% on the average annual net assets. Currently, 0.35% p.a. fee is being charged. Central Depository Company of Pakistan Ltd. (CDC) Deloitte Yousuf Adil Chartered Accountants Pak Oman Asset Management Ltd. Sumaira Shaukat Fund Stability Rating Risk Profile AA+ by JCR-VIS Low

PAKOMAN Advantage Asset Allocation Fund 8 6 4 2 Performance (%) 63.91% 66.45% 6.51% 2.85% NAV (PKR/Unit) 50.98 Net Assets (PKR mn) 127.718 4.18% 0.48% Since Inception Return 55.15% Top 10 holdings (% of Total Assets) Habib Bank Limited 4.72% Oil & Gas Development Co 4.48% Limited Hub Power Co. Ltd. 4.45% United Bank Ltd. 3.96% Engro Corporation 3.96% Pakistan Petroleum Ltd. 3.24% Mari Petroleum 2.53% MCB Bank Limited 2.16% Pak Electron Limited 2.04% K-Electric Ltd. 1.98% 25.09% 26.43% Equity Sector Allocation (% of Total Assets) Banks 16.35% Oil and Gas Exploration 4.49% 5.14% Equities Cash* TFCs/Sukuks Others incl. receivables 30 April 2018 30 May 2018 YTD MoM 365-Days 3-Years 5-Years POAAF -20.14% -4.15% -24.96% 8.73% 26.76% * -7.91% -3.88% -16.21% 11.53% 42.99% POAAF 31.82% 8.74% 12.62% 7.76% 19.89% 31.06% 25.49% 12.50% 8.19% 10.21% Top Exposures (As on 30-Apr 2018) 11.64% Fertilizers 6.46% Power Generation 6.43% and Distribution Cements 5.31% Others 20.26 % Instrument Price % of Total Assets International Brands Limited (15-Nov-17) 99.3388 11.29% Bank of Punjab Limited TFC II Issue 100.0000 9.07% TPL Corporation Limited TFC (14-Dec-17) 100.0000 6.07% In the Month of May-18, Pak Oman Advantage Asset Allocation Fund showed a return of -4.15% against the benchmark return of -1.09%,. During the month, Sector with major exposure were Banks, Oil and gas exploration, fertilizers and power & Generation which closed at the month at 16.35%, 11.64%, 6.46% and 6.43% respectively. By the month end, equity exposure stood at 66.45% as compare to 63.91% in the previous month. Exposure against debts closed at 2.85% as compare to 6.51% in the previous month. Remaining funds maintained In Bank accounts ad receivable. Fund Manager - Equities Muneeb Sikander POAAAF shall invent in a diversified portfolio of Securities such as equities, profit bearing securities and other instruments, including securities available for investments outside Pakistan, subject to applicable laws. Asset Allocation 30-Oct-08 WA return of KSE-30 index + WA return of 6M KIBOR on actual proportion. Mon Fri 9:00am / 3:30 pm Front end load 2.50% Back end load 2.00% 2.00 % p.a. MCB Financial Services Ltd. Deloitte Yousuf Adil Chartered Accountants JWAFFS Fund Ranking Risk Profile Disclosures: 3 Star (short term) PACRA / 3 Star (Long term) PACRA Medium SWWF (As per Circular 17 of 2012): The scheme has maintained provision against SWWF amounting Rs. 1.569 million. If the above recognition had not been made, the net asset value per unit/ytd return of the Scheme would be higher by 0.6261 per unit /.98%.

PAKOMAN Islamic Asset Allocation Fund 8 6 4 2 22.20% 24.34% 64.74% 64.54% 10.76% 9.73% 2.29% 1.40% Cash* Equities TFCs/Sukuks Others incl. receivables Performance YTD MoM 365-Days 3-Years 5-Years In the moth of May-18, Pak Oman Islamic Asset Allocation Fund posted a return of -3.36% as compared to -1.05% benchmark rate. By the month end, sectors with major exposures were oil ad gas exploration, fertilizer and Cements which closed the month at 13.93%, 9.21% and 7.45% respectively. Equity exposure stood at 64.54% as compare to 64.74% In the previous month. Exposure in Sukuk was 09.73% as compare to 10.76 in the previous month while reaming funds were maintained in Bank accounts ad receivable. POIAAF -19.61% -3.36% -26.12% 11.14% 38.00% * -3.93% -3.46% -13.91% 21.08% 47.83% POIAAF 20.45% 17.32% 15.61% 10.37% 17.34% 30.49% 18.21% 13.32% 10.35% 19.31% NAV (PKR/Unit) 53.81 Fund Manager - Equities Muneeb Sikander The primary objective is to provide investors with high current income and long term capital growth primarily by investing in a diversified portfolio of Shariah compliant investment, instruments, including Shariah compliant securities available for investment outside Pakistan, subject to applicable laws. Net Assets (PKR mn) 237.667 3.90% 0.46% Since Inception Return 74.76% Shariah Advisor Shariah Complaint Asset Allocation 30-Oct-08 WA return of KMI-30 index + WA return of deposit rate of 3 A rated Islamic banks on actual proportion. Mr. Najeeb Ahmed Khan Top 10 holdings (% of Total Assets) Hub Power Co. Ltd. 6.19% Engro Corporation 6.01% Oil & Gas Development Co Limited 4.70% Pakistan Petroleum Ltd. 3.68% Mari Petroleum 3.56% Engro Fertilizer Limited 3.19% DG Khan Cement Co. Ltd. 2.77% Nishat Mills Limited 2.60% Pakistan Oil Field Ltd. 1.99% Meezan Bank Limited 1.76% Equity Sector Allocation (% of Assets) Oil and Gas Exploration 13.93% Fertilizers 9.21% Power Generation and Distribution 7.45% Cements 7.01% Engineering 3.74% Others 23.21% Mon Fri 9:00am / 3:30 pm Front end load 2.50% Back end load 2.00% 2.00% p.a. MCB Financial Services Ltd. A. F. Fergusons & Co. JWAFFS Top Exposures (As on 30-May-2018) Instrument Price % of Total Assets Fund Ranking Risk Profile Disclosures: 3 Star (short term) PACRA / 3 Star (Long term) PACRA Medium International Brands Limited (15-Nov-17) 99.6000 09.73% SWWF (As per Circular 17 of 2012): The scheme has maintained provision against SWWF amounting Rs.1.661 million. If the above recognition had not been made, the net asset value per unit/ytd return of the Scheme would be higher by 0.3762 per unit / 0.5620 percent.

PAKOMAN Advantage Islamic Income Fund 6 4 2 49.97% 46.65% 14.62% 15.73% 33.04% 35.54% 2.36% 2.09% Cash Bank Placements Sukuk Other incl. receivables Performance YTD MoM 365-Days 3-Years 5-Years POAIIF 4.83% 4.60% 4.90% 4.95% 4.69% * 2.45% 2.36% 2.44% 3.67% 4.97% NAV (PKR/Unit) 54.7308 Net Assets (PKR mn) 314.083 Duration (Years) 0.08 Weighted Average Maturity (Years) 1.41 Since Inception Return Portfolio Quality (% of Total Assets) 2.10% 46.59% POAIIF 7.34% 3.43% 4.77% 4.37% 6.42% 6.57% 6.54% 6.55% 4.89% 2.92% 11.65% 12.53% 11.36% 15.77% Top Exposures (As on 31-Mar-2018) 2.39% 0.39% 6.26% AA AA- A+ A A- N.R. Instrument Price % of Total Assets International Brands Limited (15-Nov-17) 99.6000 12.53% TPL Trakker Limited (13-Apr-16) 103.1664 11.36% Dawood Hercules Corp. Limited II (28-Feb-18)* 100.0029 6.29% Dawood Hercules Corp. Limited (16-Nov-17) 100.2000 5.36% *Discretion Applied In the month of May-18, Pak Oman Advantage Islamic Income Fund posted a return of 4.60% against its benchmark of 2.36%. Net Asset of the Fund was PKR 314 million as compared to PKR 348 million. By the month end, exposure against Sukuk stood at 35.54% as compared to 33.04% in the previous month. Exposure against bank Placement closed at 15.73% as compared to 14.62% in the previous month. Remaining Funds of the fund were invested as cash with Islamic Bank/ Islamic windows of commercial Banks. Fund Manager Fixed Income VP-Fund Management Shariah Advisor The primary Objective is to provide investor(s) with competitive current income and long term capital growth primarily by investing in a diversified portfolio of shariah compliant securities available for investment outside Pakistan subject to applicable laws. Shariah Complaint Income Scheme 30-Oct-08 6 month average deposit rates of 3 A rated scheduled Islamic Banks. Mr. Najeeb Ahmed Khan Mon Fri 9:00am / 3:30 pm Front end load 1.00% Back end load 2.00% 1.50% p.a. MCB Financial Services Ltd. A. F. Fergusons & Co. JWAFFS Sumaira Shaukat Faizal Raza Fund Stability Rating Disclosures A (f) PACRA Low to Medium SWWF (As per Circular 17 of 2012): The scheme has maintained provision against SWWF amounting Rs. 0.7660 million. If the above recognition had not been made, the net asset value per unit/ytd return of the Scheme would be higher by 0.1335 per unit/0.2548 Percent.

PAKOMAN Government Securities Fund 8 6 4 2 0.30% 0.59% 69.11% 68.74% 25.02% 24.96% 4.52% 4.50% 1.06% 1.21% Cash* T-Bill TFCs Term Deposits Other incl. receivables Performance YTD MoM 365-Days 3-Years 5-Years POGSF 4.57% 4.96% 4.59% 5.46% 6.47% * 6.06% 6.43% 6.13% 6.21% 7.22% POGSF 9.22% 7.08% 8.63% 8.75% 4.28% 8.67% 8.67% 8.12% 5.84% 5.64% NAV (PKR/Unit) 11.0621 In the month of May-18, Pak Oman Government Security Fund posted a return of 4.96% against its benchmark 6.43%. On YTD basis, the fund posted a return of 4.57% as compared to benchmark return of 6.06%. By month end, exposure against treasury bills stood at 68.74% against 69.11% in the previous month. Exposure against term deposit were 4.50% against 4.52% in the previous month. Exposure against Term Finance Certificates TFCs were increased to 24.96% against 25.02% In the previous month while reaming funds were invested in Cash. Manager Fixed Income VP Fund Management Sumaira Shaukat Faisal Raza The primary objective of Pak Oman Government Securities Fund (POGSF) is to provide its unit holders competitive returns from portfolio of investment with low credit risk with maximum possible preservation of capital via investing in Government Securities. Net Assets (PKR mn) 285.149 Duration (Days) 43 Days Income Weighted Average Maturity (Years) 1.64 Years 28-July-11 1.98% 0.33% Since Inception Return 7.50% Average 6M PKRV rates. Mon Fri 9:00am / 3:30 pm Portfolio Quality (% of Total Assets) 0.59% 1.21% 6.92% 8.68% 13.85% 68.74% AAA AA+ AA- A+ A A- N.R. Front end load Back end load 2.00% 1.10 % p.a. MCB Financial Services Ltd. Deloitte Yousuf Adil Chartered Accountants JWAFFS Top Exposures (As on 31-Mar-2018) Instrument Price % of Total Assets JS Bank Limited (14-Dec-16) 100.1450 9.35% Jehangir Siddiqui Company Limited (18-July-17)* 100.3316 8.68% Bank of Punjab Limited 100.0000 6.92% *Discretion Applied Fund Stability Rating Risk Profile of Fund Disclosures A+ (f) PACRA Low to Medium SWWF (As per Circular 17 of 2012): The scheme has maintained provision against SWWF amounting Rs. 1.161 million. If the above recognition had not been made, the net asset value per unit/ytd return of the Scheme would be higher by 0.0451 per unit / 0.4244 percent.

Askari High Yield Scheme 8 62.15% 61.78% 6 4 2 3.69% 19.39% 13.12% 12.73% 13.02% 2.09% 2.15% 2.41% 7.49% 3.66% TFCs Cash TDR T-Bills Ready Future O. Receivables 2.61% 8.68% 30 April 2018 30 May 2018 Portfolio Quality (% of Total Assets) 36.72% 13.52% 18.70% 8.30% 7.78% Performance* YTD MoM 365-Days 3-Years 5-Years AHYS 4.84% 5.43% 4.99% 5.62% 8.74% 6.53% 6.53% 6.52% 6.47% 7.73% NAV (PKR/Unit) 106.1882 Net Assets (PKR mn) 3,372.956 Duration (Years) 0.08 Weighted Average Maturity (Years) 3.18 Since Inception Return Instrument AHYS 1.61% 11.63% 12.16% 8.23% 5.34% 9.93% 9.83% 8.97% 6.53% 6.33% Top Exposures (As on 30-May-2018) Price 2.26% 0.38% 6.14% AAA AA A+ A AA+ AA- A- N.R. % of Total Assets Dawood Hercules Corp. Limited II (28-02-18)* 100.0029 10.42% International Brands Limited (15-11-17) 99.6000 7.78% Bank of Punjab Ltd (23-12-2016)* 100.0441 6.15% Byco Petroleum Ltd (18-01-2017) 100.4000 6.07% JS Bank Limited (29-12-17) 100.0000 5.79% Soneri Bank Ltd TFC (08-07-2015)* 100.1288 5.53% MCB Bank Ltd. TFC (19-06-2014) 100.1500 4.93% Jehangir Siddiqui Co. Limited TFC (18-07-2017)* 100.3316 4.35% TPL Corp Limited -Formerly TPL Trakker (14-12-17) 100.3068 3.48% K-Electric Ltd - Sukuk (17-06-15) 101.6000 2.30% *Discretion Applied In the month of May-18, Askari High Yield Scheme posted a return of 5.43% as benchmark return of 6.53%. During the Month fund under performed its benchmark because of Loss In TFCs held in portfolio. Asset under management closed at PKR 3,372 millions as compared PKR 3,334 in previous month. By month end, exposure against Term Finance Certificate (TFCs) were 61.78% as compared to 62.15% in previous month. Exposure against Term Deposits were closed at 13.02% of the total fund size. Remaining funds were invested as Cash with A ad above rated Banks. Manager Fixed Income VP Fund Management Fund Stability Rating Risk Profile of Fund The objective of the Fund is to provide investors an opportunity to make competitive returns from fixed income securities while targeting a portfolio duration of six months. Aggressive Fixed Income Scheme 16-Mar-06 Average 1 Year KIBOR Mon Fri 9:00am / 4:30 pm Front end load 2.00% Back end load 1.00% Disclosures 1.50 % p.a. Central Depository Company of Pakistan Ltd. (CDC) EY Ford Rhodes Chartered Accountants Pak Oman Asset Management Ltd. Sumaira Shaukat Faisal Raza A by JCR-VIS Medium SWWF (As per Circular 17 of 2012): The Scheme has maintained provisions against Sindh Workers Welfare Fund s liability to the tune of Rs. 11.718 million, if the same were not made the NAV per unit/ YTD return of Scheme would be higher by Rs 0.3689/ 0.3629%.

Askari Islamic Income Fund 6 4 2 52.11% 46.03% 36.60% 28.33% 15.30% 13.51% 4.26% 3.86% Corporate Sukuk Cash Bank Placement Other incl. receivables Performance* YTD MoM 365-Days 3-Years 5-Years AIIF 4.91% 5.37% 4.93% 5.05% 6.02% 2.45% 2.36% 2.46% 3.67% 4.97% NAV (PKR/Unit) 105.7087 Net Assets (PKR mn) 431.322 Duration (Years) 0.10 Weighted Average Maturity (Years) 1.79 Since Inception Return AIIF 8.74% 7.93% 6.52% 5.08% 5.49% 6.65% 7.34% 6.41% 4.31% 2.92% Portfolio Quality (% of Total Assets) 36.45% 3.94% Top Exposures (As on 30-Apr-2018) 2.07% 0.35% 8.45% Instrument Price % of Total Assets International Brands Limited (15-11-18) 99.6000 13.45% TPL Trakker Limited (13-04-16) 103.1664 11.15% Byco Petroleum Sukuk (18-01-17) 100.4000 9.04% Dawood Hercules Corp. Ltd. (16-11-17) 100.0029 9.00% Dawood Hercules Corp. Ltd. II (28-Feb-18)* 100.2000 3.38% *Discretion Applied 13.51% 11.22% 9.04% 13.45% 12.39% AAA AA AA- A+ A A- N.R. In the month of May-18, Askari Islamic Income Fund posted a return of 5.37% as compared to its benchmark of 2.36%. Asset Under management were closed at PKR 431 millions as compared to PKR 379 millions in the previous month. By the month end, exposure against Corporate Sukuk were kept at 46.03% as compared 52.11% in the previous month. During the month exposure against Term Deposits was kept same at 13.51% as compared to previous month. Around 15.30% of the fund size were invested as Cash with A ad above rated Islamic Banks/ Islamic windows of Commercial Banks. Manager Fixed Income VP Fund Management Shariah Advisor Fund Stability Rating The objective of the Fund is to provide investors a Shariah compliant product with stable halal income. The fund would target on capitalizing available opportunities in the Shariah compliant income generating instruments. The Fund will focus on superior quality portfolio compared with average portfolio quality of Islamic income funds in the industry and enhanced returns over a 3 month horizon. Shariah Complaint Islamic Income 18-Sept-09 Average 6 months Placement (Deposit) rate as selected by MUFAP. Mr. Najeeb Ahmed Khan Monday Friday 9.00 am to 4.30 pm Front end load 1.00% Back end load 1.00% Disclosures 1.10 % p.a. MCB Financial Services Ltd. Deloitte Yousuf Adil Chartered Accountants Pak Oman Asset Management Ltd. Sumaira Shaukat Faisal Raza A+ by JCR-VIS Low to Medium SWWF (As per Circular 17 of 2012): The Scheme has maintained provisions against Sindh Workers Welfare Fund s liability to the tune of Rs.1.270 million, if the same were not made the NAV per unit/ytd return of Scheme would be higher by Rs.0.3113 / 0.3077%.

Askari Sovereign Yield Enhancer 8 6 4 2 8.98% 9.22% 73.67% 75.71% 7.10% 9.27% 9.48% 4.47% 0.99% 1.13% TFCs T-Bill Cash Term Deposits Other incl. receivables Performance* YTD MoM 365-Days 3-Years 5-Years ASYE 4.31% 4.27% 4.41% 5.75% 7.87% 6.06% 6.43% 6.12% 6.21% 7.22% NAV (PKR/Unit) 106.0367 Net Assets (PKR mn) 176.490 Duration (Years) 0.11 Weighted Average Maturity (Years) 0.93 Since Inception Return ASYE 10.98% 8.83% 10.74% 9.21% 4.83% 8.92% 8.09% 8.33% 5.31% 6.10% Portfolio Quality (% of Total Assets) 2.38% 0.36% 8.65% A+, 13.13% A-, 0.71% N.R., 1.23% AAA AA-, 9.22% AAA, 75.71% Top Exposures (As on 30-May-2018) Instrument Price % of Total Assets Bank of Punjab Ltd. (23-12-16)* 100.0441 8.33% AA- A+ A- N.R. In the month of May-18, Askari Sovereign Yield Enhancer posted a return of 4.27% against a benchmark of 6.43%. On year to date basis fund posted a return of 4.31% as compared to benchmark return of 6.06%. By month end, exposure against Treasury Bills were kept at 75.71% against 73.67% in the previous month. During the month Term Finance Certificate were stood at 9.48% as compared to 9.27% in the previous month. Remaining fund were invested as Cash with Banks. Manager Fixed Income VP Fund Management Fund Stability Rating The objective of the Fund is to generate relatively higher yield than the conventional bank deposits, from a portfolio constituted of credit worthy sovereign instruments and banking sector fixed income instruments and deposits. Income Scheme 07-May-12 Average 6 month PKRV Mon Fri 9:00am / 4:30 pm Front end load 1.25% Back end load 1.35% p.a. Central Depository Company of Pakistan Ltd. (CDC) Deloitte Yousuf Adil Chartered Accountants Pak Oman Asset Management Ltd. Sumaira Shaukat Faisal Raza A+ by JCR-VIS Low to Medium Disclosures *Discretion Applied SWWF (As per Circular 17 of 2012): The Scheme has maintained provisions against Sindh Workers Welfare Fund s liability to the tune of Rs.2.268 million, if the same were not made the NAV per unit/ YTD return of Scheme would be higher by Rs.1.3631 / 1.3364%.

Askari Asset Allocation Fund 4 36.24% 35.09% 36.26% 27.93% 3 26.77% 21.24% 2 7.44% 9.04% 1 Equitiy Cash TFCs/Sukuk Other receivables In the month of May-18, Askari Asset Allocation Fund posted a return of - 3.70% as compared to benchmark return of -2.69%. Net Asset of the Funds stood at PKR 157 million as compared to PKR 189 million in the previous month. By the month end, equity exposure was increased to 27.93% as compared to 36.24% in the previous month. Cash was Maintained at 36.26% of the total fund size. Performance* YTD MoM 365-Days 3-Years 5-Years AAAF -17.98% -3.70% -22.92% -9.49% 24.51% -12.15% -2.69% -17.91% 1.02% 26.37% NAV (PKR/Unit) 43.2700 Net Assets (PKR mn) 157.746 Since Inception Return** Pak Elektron Limited 1.76% K-Electric Limited 1.66% Dolmen City REIT 1.61% Askari Bank Limited 1.34% Habib Metropolitan Bank Limited 1.32% International Industries Limited 1.21% DG Khan Cement Co. Ltd. 1.08% AAAF 39.87% 19.31% 15.40% -6.25% 10.49% 22.73% 18.24% 17.85% 3.84% 10.03% 4.65% 0.56% 24.90% Top 10 holdings (% of Assets) Fauji Cement Co. Ltd. 4.49% Equity Sector Allocation (% of Assets) Sui Southern Gas Company 1.91% Cements 5.72% Limited Nishat Mills Limited 1.76% Banks 4.29% Instrument Oil and Gas Marketing 2.92% Engineering 2.75% Real Estate Investment Trust Top Exposures (As on 30-May-2018) 1.83% Others 10.42% Price % of Total Assets Bank of Punjab Limited II (13-04-18) 100.0000 10.94% JS Bank Limited (29-12-17) 100.0000 8.51% TPL Corp Ltd.-Formerly TPL Trakker (14-12-17) 100.3068 7.32% Fund Manager - Equities Muneeb Sikander The objective of the Fund is to provide investors, an investment solution through disciplined and structured investment techniques. The Fund shall target capitalizing on opportunities available in both fixed income and equity markets using in-house research and proprietary investment matrix. Asset Allocation Fund 10-Sept-07 Weighted Average Daily Return of KSE-30 Index and 6 month KIBOR as per amount investment in equities and fixed income investments including cash and cash equivalents respectively. Mon Fri 9:00am / 4:30 pm Front end load 2.50% Back end load 2.50% Disclosures: 2.00 % p.a. Central Depository Company of Pakistan Ltd. (CDC) Deloitte Yousuf Adil Chartered Accountants Pak Oman Asset Management Ltd. SWWF (As per Circular 17 of 2012): The Scheme has maintained provisions against Sindh Workers Welfare Fund s liability to the tune of Rs.0.674 million, if the same were not made the NAV per unit/ YTD Return of Scheme would be higher by Rs 0.1850 / 0.3507%. Fund Ranking Risk Profile 1 Year - 2 Star, 3 Year 2 Star, 5 Year - 2 Star by JCR-VIS Medium **Absolute

Askari Islamic Asset Allocation Fund 74.47% 75.15% 8 6 4 2 21.05% 20.11% 4.48% 4.74% Equitiy Cash Others receivables In the month of May-18, Askari Islamic Asset Allocation Fund posted a return of -3.83% as against the benchmark return of -3.65%. Net Assets of the fund stood at PKR 152 million as compared to the PKR 158 million in the previous month. During the month equity exposure stood at 75.15% as compared to the 74.47% in the previous month. At the month end, Cash was maintained at 20.11% of the total fund size as compared to the 21.05% of the previous month, where as there was no fresh exposure in Ijara Sukuk witnessed. Performance* YTD MoM 365-Days 3-Years 5-Years AIAAF -17.97% -3.83% -22.29% -4.32% 21.60% -6.26% -3.65% -12.90% 21.26% 48.20% NAV (PKR/Unit) 97.1380 Net Assets (PKR mn) 152.577 Since Inception Return** Top 10 holdings (% of Total Assets) Pakistan Petroleum Ltd. 7.04% Oil & Gas Development Co Limited 6.41% Engro Corporation 6.32% Hub Power Co. Ltd. 5.03% Mari Petroleum 4.78% DG Khan Cement Co. Ltd. 3.68% Nishat Mills Limited 3.23% Engro Fertilizer Limited 3.15% Sui Northern Gas Pipelines Limited 3.13% K-Electric Limited 1.93% AIAAF 30.80% 12.53% 12.32% -2.82% 13.08% 27.51% 17.21% 12.44% 9.54% 10.03% 4.52% 0.57% 88.79% Equity Sector Allocation (% of Assets) Oil and Gas Exploration Fund Ranking Risk Profile 20.17% Fertilizers 9.47% Cements 9.03% Power Generation and Distribution 6.96% Engineering 4.93% Others 24.59% 1 Year 3 Star, 3 Year 1 Star, 5 Year - 2 Star by JCR-VI Medium Fund Manager - Equities Shariah Advisor Muneeb Sikander The objective of the Fund is to provide investors a Shariah compliant investment solution through disciplined and structured investment techniques. The fund shall target capitalizing on opportunities available in both Shariah compliant debt and equity markets using in-house research and proprietary investment matrix. Shariah Complaint Asset Allocation 18-Sept-09 Weighted Average Daily Return of KMI- 30 Index and 6 month average deposit rate of 3 Islamic Banks as per amount invested in equities and fixed income investments including cash & cash equivalents respectively. Mr. Najeeb Ahmed Khan Mon Fri 9:00am / 4:30 pm Front end load 2.50% Back end load 5.00% Disclosures: 2.00% p.a. MCB Financial Services Ltd. EY Ford Rhodes Chartered Accountants Pak Oman Asset Management Ltd. SWWF (As per Circular 17 of 2012): The Scheme has maintained provisions against Sindh Workers Welfare Fund s liability to the tune of Rs.0.399 million, if the same were not made the NAV per unit/ YTD return of Scheme would be higher by 0.2544 / 0.2148%. **Absolute

Askari Equity Fund 10 79.33% 81.37% 8 6 4 18.10% 15.12% 2 0.99% 2.57% 2.53% Equity Cash T-Bills Others Receivables In the month of May-18, Askari Equity Fund posted a return of -5.41% as compared to its benchmark KSE-30 return of -6.13%. Net Assets of the fund stood at PKR 156 million as compared to PKR 165 million in the previous month. By the month end, equity exposure was 81.37% as compared to 79.33% of the previous month. Exposure in T-Bills is made at 15.12% of the total net Assets. Performance* YTD MoM 365-Days 3-Years 5-Years AEF -19.55% -5.41% -25.87% -3.42% 44.90% -13.32% -6.13% -19.61% 1.66% 35.14% NAV (PKR/Unit) 98.8762 Net Assets (PKR mn) 156.489 Since Inception Return** Top 10 holdings (% of Total Assets) Oil & Gas Development Co Limited 6.08% Habib Bank Limited 5.99% Pakistan Petroleum Ltd. 4.83% Hub Power Co. Ltd. 4.36% United Bank Limited 4.12% Engro Corporation 3.75% MCB Bank Limited 3.73% DG Khan Cement Co. Ltd. 3.00% Mari Petroleum 2.70% Nishat Mills Limited 2.42% AEF 42.07% 28.73% 17.59% -5.25% 14.80% 35.95% 25.96% 5.67% 0.37% 12.00% 4.56% 0.54% 87.60% Equity Sector Allocation (% of Assets) Banks 19.02% Oil and Gas 15.46% Exploration Cements 9.02% Fertilizers 6.09% Power Generation and Distribution Fund Ranking Risk Profile of Fund 6.04% Others 25.73% 1 Year - 2 Star, 3 Year 1 Star, 5 Year 1 Star by JCR-VIS Medium to High Fund Manager - Equities Shariah Advisor Muneeb Sikander The objective of Askari Equity Fund (AEF) is to provide equity investors a vehicle for their long term investment needs, capable of locking in capital appreciation and securing reasonable dividends from listed equity securities. The Fund would seek to replicate benchmark returns and reduce volatility compared with the benchmark through efficient equity allocations, enhancing Risk Adjusted. Equity Fund 30-Mar-12 KSE-30 Index Mr. Najeeb Ahmed Khan Mon Fri 9:00am / 4:30 pm Front end load 2.00% Back end load Disclosures: 2.00 % p.a. Central Depository Company of Pakistan Ltd. (CDC) EY Ford Rhodes Chartered Accountants Pak Oman Asset Management Ltd. SWWF (As per Circular 17 of 2012): The Scheme has maintained provisions against Sindh Workers Welfare Fund s liability to the tune of Rs.0.459 million, if the same were not made the NAV per unit/ytd return of Scheme would be higher by Rs.0.2903 / 0.2362%. **Absoulute

Non Compliant Exposures / Assets in Askari High Yield Scheme Below are the details of non-complaint exposure/assets in our funds. These non-compliant exposures/assets include non-performing assets which have been classified in line with the applicable SECP circulars and the provisioning policy** (available on our web site) approved by the Board of Directors of Askari Investment Management Limited. Name Of Non Compliant Investment Type of Investment Value of Investment Before Provisioning Provision held if any Value of Investment After Provisioning Suspended Markup % of Net Assets % of Gross Assets Saudi Pak Leasing TFA 15,000,000 15,000,000 - - 0% 0% Trust Investment Bank TFA 129,111,798 129,111,798-62,730,846 0% 0% Pace Pakistan Limited TFC 74,895,000 74,895,000-51,871,317 0% 0% Agritech Limited (30-11-2007) TFC 59,952,000 59,952,000-39,430,381 0% 0% Agritech Limited (01-01-2012) TFC 11,875,000 11,875,000-7,078,801 0% 0% New Allied Electronics (LG) PPTFC 10,221,613 10,221,613-14,300,909 0% 0% Trust Investment Bank Limited TFC 18,742,500 18,742,500-10,962,447 0% 0% Dewan Cement Limited TFC 125,000,000 125,000,000-167,150,856 0% 0% World call Telecom Limited TFC 8,994,598 8,994,598 - - - - Security Leasing Company Limited TFC 12,322,907 12,322,907 - - 0% 0% Total 483,083,794 479,665,874 3,417,920 353,525,557 **Presents market value of shares