Pakistan: NAFA Government Securities Liquid Fund (NGSLF) - December 2017

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1. NAFA Government Securities Liquid Fund (NGSLF) December 2017 Unit Price (30/12/2017): Rs. 10.4264 Performance % Performance Period Dec 2017 FYTD 2018 Rolling 12 months FY 2017 FY 2016 FY 2015 FY 2014 FY Last 3 Last 5 Since Launch 2013 years* years* May 15, 2009* NAFA Government Securities Liquid Fund 5.3% 5.2% 7.6% 7.6% 5.7% 8.3% 8.1% 8.7% 6.6% 7.3% 8.7% 5.2% 5.2% 5.2% 5.3% 6.0% 8.7% 8.6% 8.9% 6.0% 7.1% 8.6% Benchmark** * Annualized Return Based on Morning Star Methodology All other returns are Annualized Simple Return The performance reported is net of management fee & all other expenses and based on dividend reinvestment gross of with-holding tax where applicable. To generate optimal return with minimum risk, to provide easy liquidity and May 15, 2009 reasonable income to its unit holders by investing primarily in short-term Rs. 4,126 million Government Securities. Open-end – Money Market Fund Daily – Monday to Saturday (Mon - Thr) 9:00 A.M to 5:00 P.M The Fund earned an annualized return of 5.3% during December 2017 versus (Friday) 9:00 A.M to 5:30 P.M the Benchmark return of 5.2%. The return generated by the Fund is net of (Saturday) 9:00 A.M to 1:00 P.M management fee and all other expenses. Settlement: 2-3 business days Pricing Mechanism: Forward Pricing Load: Front end: 0%, Back end: 0% NGSLF's stability rating is 'AAA (f)' awarded by PACRA. NGSLF is the largest Management Fee: 8% of Net Income (Min 0.5% p.a., Max Fund in Pakistan with this rating. The rating reflects exceptionally strong credit 1.0% p.a.) and liquidity profile of the Fund. Average daily allocation for the last 365 days Total Expense Ratio: 1.00% p.a. (including 0.26% government in short-term T-Bills was 80% of net assets. While at the end of the month, T-Bills levies) comprised around 61% of the Total Assets and around 77% of Net Assets. Risk Profile: Exceptionally Low Weighted average time to maturity of the Fund is 21 days. Fund Stability Rating: "AAA (f)" by PACRA Listing: Pakistan Stock Exchange We will rebalance the allocation of the Fund proactively based on the capital Custodian & Trustee: Central Depository Company (CDC) market outlook. Auditors: KPMG Taseer Hadi & Co. Chartered Accountants Benchmark:** 70% 3-Month PKRV & 30% average 3-Month Credit Quality of the Portfolio as of December 30, 2017 (% of Total Assets) deposit rates of three AA rated banks as selected by MUFAP 60.8% T-Bills (AAA rated) Fund Manager: Muhammad Ali Bhabha, CFA, FRM 18.7% AAA Minimum Growth Unit: Rs. 10,000/19.8% AA+ Subscription: Income Unit: Rs. 100,000/0.1% AA Asset Manager Rating: AM1 by PACRA (Very High Quality) 0.1% AA0.2% A** effective from September 01, 2016; previously 70% 3-Month T-Bills & 30% average 3-Month deposit 0.3% Others including receivables rates (AA & above rated banks) 100.0% Total Asset Allocation (% of Total Assets) 30-Dec-17 30-Nov-17 T-Bills 60.8% 73.3% Placement with Banks 7.7% 8.9% Placement with DFIs 7.7% Bank Deposits 23.5% 17.2% Others including receivables 0.3% 0.6% Total 100.0% 100.0% Leverage Nil Nil Launch Date: Fund Size: Type: Dealing Days: Dealing Time: Sindh Workers' Welfare Fund (SWWF) The scheme has maintained provisions against Sindh Workers' Welfare Fund's liability to the tune of Rs. 9,610,540/-. If the same were not made the NAV per unit/last one year return of scheme would be higher by Rs. 0.0243/0.25%. For details investors are advised to read note 8 of the financial statements of the Scheme for the period ended September 30, 2017. Dr. Amjad Waheed, CFA Sajjad Anwar, CFA Muhammad Ali Bhabha, CFA, FRM Hassan Raza, CFA Notes: 1) The calculation of performance does not include cost of front end load. 2) Taxes apply. Further, tax credit also available as per section 62 of the Income Tax Ordinance, 2001. 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 investment policies and the risks involved.