FMR April 2018 - Al Meezan Investments

FMR April 2018 - Al Meezan Investments

FMR April 2018 - Al Meezan Investments

APRIL 2018 I N S I D E T H I S R E P O R T Message from CIO’s Desk Fund Wise Performance and Review Al Meezan Funds Review and Outlook Money Market Funds Review and Outlook Equity Funds

FMR April 2018 - Al Meezan Investments

Dear Investor, After registering a decent return in March 2018, the stock market consolidated during the month of April, whereby the KMI-30 closed 0.05% up at 77,028 pts while the KSE-100 fell 0.16% to close at 45,489 pts. Cement sector weighed down heavily on the index on account of reduction in prices by cement players. Alongside, the index heavy weight banking sector also depicted a subdued performance during the month.

Lower than expected financial results further exacerbated the index performance. Foreigners also remained net sellers during the month to the tune of $17.4 mn post which the net foreign inflow for the new calendar year stands at $4.8 mn. Market participants largely remained cautious in anticipation of the much awaited FY19 budget, which was unveiled in the last week of April. However, a number of measures announced in the apparently populist budget are expected to be positive for the stock market.

On the economic front, the current account deficit witnessed further respite during March as it fell 9.2% MoM to $1.1 bn (from $1.2 bn in Feb'18). The overall deficit figure for 9MFY18 now stands at $12 bn, depicting a 50% increase from the same period last year. However, a number of positive developments on the macro - economic front shall provide some relief to the current situation. A couple of PKR devaluation rounds undertaken during this fiscal year have already started supporting the worsening current account deficit, as our exports have registered a strong uptick following the devaluations.

Moreover, the recent news flow pertaining to potential inflows worth $3 bn on account of loans from China shall further cushion the forex reserves position. In addition to that, government's plans of issuing additional sovereign bonds in the international market shall serve as another aid in rectifying our worsening external account position.

Outlook As some near term jitters cannot be ruled in the run up to caretaker government set - up and then General Elections subsequently, we expect the market to remain in a consolidation phase due to thin volumes. Ramadan factor is also likely to kick in during which the activity is expected to remain dismal. However, a number of important triggers are poised to set the direction of the market going forward. The successful implementation of caretaker government next month and General Elections, if held on time, are likely to restore investors' confidence which could spark another rally in the market.

The aforementioned triggers, coupled with the favorable taxation measures in the budget and amnesty scheme are the positives that will drive the market upwards. Alongside these developments, fundamentals of our stock market remain intact as valuations and dividend yield are still attractive compared to regional peers' averages which will further entice foreign investors to enter the Pakistani market. In this respect, we reiterate our long term bullish view on the market and are confident that equities will continue their upward trajectory once the political headwinds subside.

Investors having various risk profiles and investment horizons are advised to go through our Fund Manager Report hereunder for a detailed performance review of our mutual funds, which would serve as a useful tool in selecting a scheme for investment according to their risk preference. Disclaimer This publication is for informational purpose 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 risk. The NAV based prices of units and any dividends/returns thereon are dependent on force 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. Performance data does not include cost incurred by investor in the form of sales-load etc. (This report has been prepared in line with MUFAP’s recommended Format) Investor Friendly Budget Shall Provide Much Needed Stability To The Stock Market Points 47,000 46,000 45,000 80,500 79,000 77,500 76,000 Points KSE-100 Index Performance KSE100 Index KMI30 Index 2-Apr 30-Apr 28-Apr 26-Apr 24-Apr 22-Apr 20-Apr 18-Apr 16-Apr 14-Apr 12-Apr 10-Apr 8-Apr 6-Apr 4-Apr Positives from FY19 budget for the Stock Market - Reduction in corporate tax rates to improve profitability - Removal of tax on bonus shares to improve market capitalization - Enchancement of investment limits in mutual funds for tax credit to increase liquidity with mutual funds for deployment in equities - Reduction in income taxes to increase disposable incomes and resultantly economic activity on account of increased consumption - increasing investment restriction in the real estate sector expected to driver liquidity towards the stock market April 2018

FMR April 2018 - Al Meezan Investments

Disclaimer This publication is for informational purpose 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 risk. The NAV based prices of units and any dividends/returns thereon are dependent on force 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. Performance data does not include cost incurred by investor in the form of sales-load etc. (This report has been prepared in line with MUFAP’s recommended Format) Islamic Voluntary Pension Scheme 5,878 2,458 797 48 7,553 43,047 1,811 8,262 3,130 9,819 2,131 8,674 273 1,604 -8.5 -9.4 -3.4 -4.4 -5.9 3.9 2.1 4.2 12.2 3.4 -2.0 -2.0 -2.0 0.2 -0.4 2.5 4.9 2.6 12.4 -2.0 16.5 19.5 18.5 14.8 6.8 14.0 10.4 10.7 5.3 7.4 15.5 17.2 21.5 12.7 9.7 5.0 6.3 6.0 9.0 5.0 548 332 298 883 558 2,131 1,379 1,576 1,780 -9.2 2.4 2.7 12.4 -6.1 -3.1 -0.1 -0.3 -8.1 -7.0 -6.9 -7.2 -6.0 - - - - -0.8 0.4 1.3 1.2 -1.3 -1.4 -1.5 -1.3 -0.7 16.8 11.0 10.8 1.0 13.9 11.5 8.8 10.5 4.2 0.8 -6.0 -8.7 -8.6 - - - - 14.3 12.4 8.1 11.5 6.5 4.3 -3.1 -5.2 -7.0 FY18TD(%) Islamic Equity Islamic Equity Islamic Index Tracker Islamic Balanced Islamic Asset Allocation Islamic Income Islamic Income Islamic Money Market Islamic Commodity Islamic Equity Islamic Fund of Funds Scheme Islamic Fund of Funds Scheme Islamic Fund of Funds Scheme Islamic Fund of Funds Scheme Islamic Fund of Funds Scheme Islamic Fund of Funds Scheme Islamic Fund of Funds Scheme Islamic Fund of Funds Scheme Islamic Fund of Funds Scheme Al Meezan Mutual Fund Meezan Islamic Fund KSE Meezan Index Fund Meezan Balanced Fund Meezan Asset Allocation Fund Meezan Islamic Income Fund Meezan Sovereign Fund Meezan Cash Fund Meezan Gold Fund Meezan Energy Fund Meezan Financial Planning Fund of Fund MFPF-Aggressive Allocation Plan MFPF-Moderate Allocation Plan MFPF-Conservative Allocation Plan Meezan Asset Allocation Plan-I Meezan Asset Allocation Plan-IV Meezan Strategic Allocation Fund Meezan Strategic Allocation Plan-I Meezan Strategic Allocation Plan-II Meezan Strategic Allocation Plan-III Meezan Strategic Allocation Plan-IV Meezan Tahaffuz Pension Fund MTPF-Equity sub Fund MTPF-Debt sub Fund MTPF-Money Market sub Fund MTPF-Gold sub Fund AMMF MIF KMIF MBF MAAF MIIF MSF MCF MGF MEF MFPF - AGG MFPF - MOD MFPF - CON MFPF - MAAP-I MFPF - MAAP-IV MSAP - I MSAP - II MSAP - III MSAP - IV MTPF-EQT MTPF-DEBT MTPF-MMKT MTPF-Gold 13-Jul-95 8-Aug-03 23-May-12 20-Dec-04 18-Apr-16 15-Jan-07 10-Feb-10 15-Jun-09 13-Aug-15 29-Nov-16 11-Apr-13 11-Apr-13 11-Apr-13 10-Jul-15 23-May-16 19-Oct-16 21-Dec-16 16-Feb-17 20-Apr-17 28-Jun-07 28-Jun-07 28-Jun-07 4-Aug-16 565 3.8 8.9 - - Islamic Fund of Funds Scheme Meezan Strategic Allocation Plan-V MSAP - V 10-Aug-17 2,111 5.3 12.3 - - Islamic Equity Meezan Dedicated Equity Fund MDEF 9-Oct-17 11 12 13 15 Fundsize (Rs.in million) 1,388 1.5 0.7 - - Islamic Fund of Funds Scheme MSAP-MCPP-III 19-Dec-17 2,003 0.4 0.3 - - Islamic Fund of Funds Scheme Meezan Strategic Allocation Fund - II MSAF-II Meezan Capital Preservation Plan-IV 6-Mar-18 14 MSAP-II -MCPP-IV MSAF-Meezan Capital Preservation Plan-III April 2018

FMR April 2018 - Al Meezan Investments

Disclaimer This publication is for informational purpose 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 risk. The NAV based prices of units and any dividends/returns thereon are dependent on force 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. Performance data does not include cost incurred by investor in the form of sales-load etc. (This report has been prepared in line with MUFAP’s recommended Format) Al Meezan Investments, the company in operation since 1995, has one of the longest track records of managing mutual funds in the private sector in Pakistan.

Al Meezan Investments manages fifteen mutual funds; namely Al Meezan Mutual Fund, Meezan Balanced Fund, Meezan Islamic Fund, Meezan Islamic Income Fund, Meezan Tahaffuz Pension Fund, Meezan Cash Fund, Meezan Sovereign Fund, Meezan Financial Planning Fund of Funds, KSE Meezan Index Fund, Meezan Gold Fund, Meezan Asset Allocation Fund, Meezan Strategic Allocation Fund, Meezan Energy Fund, Meezan Dedicated Equity Fund and Meezan Strategic Allocation Fund - II. The total funds under management of Al Meezan, the only full-fledged Shariah compliant asset management company in Pakistan, have reached Rs.

97.60 billion as on April 30, 2018. With an AM1 credit rating denoting high management quality, the company clearly stays well ahead of all its competitors in the Islamic asset management market in Pakistan.

During the month of April 2018, the KSE-100 index was down by 0.16% to close at 45,488 points. Fertilizer, E&P and OMC sectors were the major contributors during the month, while, Cement and Banking sectors led to a drag in the benchmark. The average daily volume of the market was 209.26 mn, up by 8.7% on a MoM basis. Foreigners reported a net outflow of USD 17.4mn during the month, while Mutual Funds and Individuals were major buyers with reported figures of USD 72.94mn and USD 16.4 mn respectively. Deteriorating reserves kept the participants on a watch for possible PKR devaluation. This kept momentum in the Oil and Gas Exploration sector alive as investors sought to hedge portfolios against any adverse currency moves.

Cement sector took a hit this month as trend in cement bag prices reversed marginally. Budget failed to provide any significant boost to the market as measures were largely priced in.

Oil prices were higher by 6.29% at the end of the month with Brent closing at USD 74.69/barrel as tensions in the region threatened to impact supply of crude. We continue to adhere to our earlier communicated view that the market is expected to remain positive ahead of the general elections. The series of steps taken in the current budget, if implemented properly, are positive for the market on the whole. The money market faced a tight liquidity scenario evidenced by Rs. 3.1 trillion worth of OMO injections coupled with Rs. 83 billion worth of discounting availed by various counters compared to mop-ups of Rs.

123 billion. The 3MK and 6MK were down by 10 bps and clocked in at 6.40% and 6.51% respectively. T-bill and PIB yields were also down whereby the 3m, 6m and 12m T-bill yields were down by 16bps, 22bps and 11bps while the 3yr, 5yr and 10yr PIB yields were down by 15bps, 35bps and 31bps at 7.76%, 8.16% and 8.55% respectively.

Inflation for the month clocked in at 3.68% taking the 10MFY18 average CPI to 3.80% which is still well below the SBP target of 6%. Two T-bill auctions were conducted during the month; in total Rs. 3.4 trillion was accepted against the participation of Rs. 4.5 trillion with major participation and acceptance in 3 months category. A PIB auction was also conducted in which participation remained thin at Rs. 88 bn against a target of Rs. 100 bn; SBP accepted Rs. 33 billion in total with major acceptance of Rs. 25.5 billion in 10 year category at 8.5%, Rs. 7.5 billion in 3 year category at 7.20% and Rs.

0.1 billion in the 5 year category at 8.03%. On the forex front, the rupee in interbank market closed Rs. 5.12 weaker at Rs. 115.62/$ while in the open market, it closed Rs. 6.60 weaker at Rs. 118.70/$ during the month.

Vol (mn) (LHS) Index (RHS) 47,000 44,000 2-Apr 6-Apr 10-Apr 18-Apr 30-Apr 6.90 6.70 6.50 6.20 6.10 45,000 4-Apr 12-Apr 16-Apr 46,000 20-Apr 400 350 300 200 100 50 150 250 April 2018 24-Apr 26-Apr 2-Apr 6-Apr 10-Apr 14-Apr 18-Apr 30-Apr 22-Apr 26-Apr

FMR April 2018 - Al Meezan Investments

Net Assets (Rs mn) Net Assets (Excluding Investment by fund of funds) (Rs mn) NAV Per Unit (Rs) SWWF Disclosure: The Fund has provided an amount of Rs. 340.48 million against Sindh Workers' Welfare Fund (SWWF) Liability. Had that not been provided, the NAV per unit/return for the period would have been higher by Rs.

0.55 / 0.79%. Disclaimer This publication is for informational purpose 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 risk. The NAV based prices of units and any dividends/returns thereon are dependent on force 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. Performance data does not include cost incurred by investor in the form of sales-load etc. MoM% -0.37% -0.08% -0.58% Net assets of Meezan Islamic Fund stood at Rs.

43.05 billion as on April 30, 2018. The fund's NAV decreased by 0.58% during the month of April as compared to 0.05% increased in benchmark index (KMI-30) while KSE-100 Index during the same period decreased by 0.16%. As on April 30, the fund was 94% invested in equities.

To maximize total investor returns by investing in Shariah Compliant equities focusing on both capital gains and dividend income. MIF Benchmark Annual Returns Fund’s Performance Top Ten Equity Holdings: (% of Total Assets) Sector Allocation: Investment Objective Fund Review Equity * * Cash (%) Other receivables (%) P/E Expense Ratio* Asset Allocation *This includes 0.38% representing government levy, Worker's Welfare Fund and SECP fee. (Annualized) ** This includes Rs. 5,362 mn invested by Fund of Funds -1% 0.1% 1% 3% 9% 14% -9% -2% -16% -9% 34% 39% 130% 134% 1274% 932% 19% 17% MIF Benchmark# Performance - Cumulative Returns * Performance start date of August 08, 2003, CAGR since inception # KMI-30 replaced DJIIMPK as the Fund's benchmark from July 01, 2009, while KSE-100 index remained as the benchmark till June 30, 2006.

NAV to NAV return with dividend reinvested Fund Type Risk Level Launch Date Trustee Auditors Registrar Unit Types Management Fee Front End Load Fund Category Back End Load Benchmark Leverage Listing AMC Rating Rating Agency Pricing Mechanism Valuation Days Subscription/Redemption Days Fund Manager Members of Investment Committee Open End High 8th Aug 2003 CDC A.F. Ferguson and Co. Chartered Accountants Meezan Bank Ltd.

A, B and C 2% 2% Equity Nil KMI-30 Nil PSX AM1 JCRVIS Forward Mon-Fri Mon-Fri 9am - 4pm Muhammad Asad Mohammad Shoaib, CFA Muhammad Asad Ali Asghar, CFA Ali Khan, CFA, FRM Ahmed Hassan, CFA Asif Imtiaz, CFA Zain Malik, CFA Imad Ansari Fund Details Fund Net Assets Standard Deviation (%) Sharpe Ratio Apr’18 MIF 19.40 -1.08 KSE-100 index 18.22 -0.71 KMI-30 Index 21.07 -0.66 (Selling and Marketing expenses - for the period ended April 30, 2018 were Rs. 150.01 million) Risk Measures Oil & Gas Development Co. Ltd. 10% Engro Fertilizer 5% Lucky Cement Ltd. 8% Pakistan Oilfields Ltd. 5% Engro Corporation 7% Packages Ltd.

4% Mari Petroleum Ltd. 7% Pakistan Petroleum Ltd. 4% Pakistan State Oil Co. Ltd. 5% The Hub Power Co. Ltd. 4% April 2018 Apr’18 43,047 37,685 69.25 Mar’18 43,209 37,715 69.65 Apr’18 94.07 4.80 1.13 9.27 3.12% Mar’18 92.45 6.50 1.05 Cement Power Generation & Distribution Oil & Gas Exploration Companies Fertilizer Oil & Gas Marketing Companies Others 15% 7% 26% 13% 10% 29% MIF Benchmark

FMR April 2018 - Al Meezan Investments

SWWF Disclosure: The Fund has provided an amount of Rs. 50.07 million against Sindh Workers' Welfare Fund (SWWF) Liability. Had that not been provided, the NAV per unit/return for the period would have been higher by Rs. 0.13 / 0.66%. Disclaimer This publication is for informational purpose 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 risk. The NAV based prices of units and any dividends/returns thereon are dependent on force 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. Performance data does not include cost incurred by investor in the form of sales-load etc. Oil & Gas Development Co. Ltd. 8% Engro Fertilizer 5% Engro Corporation 8% Pakistan State Oil Co. Ltd. 5% Lucky Cement Ltd. 8% Sui Northern Gas Pipelines Ltd. 4% Mari Petroleum Ltd. 6% Pakistan Petroleum Ltd. 4% Pakistan Oilfields Ltd. 5% Packages Ltd. 4% The net assets of Al Meezan Mutual Fund (AMMF) as at April 30, 2018 stood at Rs. 7.55 billion. The fund's NAV decreased by 0.41% during the month of April as compared to 0.05% increased in benchmark index (KMI-30) while KSE-100 Index during the same period decreased by 0.16%.

As on April 30, the fund was 94% invested in equities.

The objective of Al Meezan Mutual Fund is to optimize the total investment returns, both capital gains and dividend income, through prudent investment management. Investment Objective Fund Review Sector Allocation: Top Ten Equity Holdings: (% of Total Assets) Investment Growth from FY 1996 - to Date Fund Type Risk Level Launch Date Trustee Auditors Registrar Unit Types Management Fee Front End Load Fund Category Back End Load Benchmark Leverage Listing AMC Rating Rating Agency Pricing Mechanism Valuation Days Subscription/Redemption Days Fund Manager Members of Investment Committee Open End High 13th July 1995 CDC A.F.

Ferguson and Co. Chartered Accountants Meezan Bank Ltd.

A, B,C and D 2% 2% Equity Contingent Load KMI-30 Nil PSX AM1 JCRVIS Forward Mon-Fri Mon-Fri 9am - 4pm Ahmed Hassan, CFA Mohammad Shoaib, CFA Muhammad Asad Ali Asghar, CFA Ali Khan, CFA, FRM Ahmed Hassan, CFA Asif Imtiaz, CFA Zain Malik, CFA Imad Ansari Fund Details *This includes 0.38% representing government levy, Worker's Welfare Fund and SECP fee. (Annualized) ** This includes Rs. 731 mn invested by Fund of Funds Asset Allocation Equity * * Cash (%) Other receivables (%) P/E Expense Ratio* Apr’18 94.38 3.77 1.85 9.52 3.14% (Selling and Marketing expenses - for the period ended April 30, 2018 were Rs.

25.72 million) Apr’18 AMMF 19.54 -1.02 KSE-100 index 18.22 -0.71 KMI-30 Index 21.07 -0.66 Risk Measures Standard Deviation (%) Sharpe Ratio -0.4% 0.1% 1% 3% 10% 14% -9% -2% -15% -9% 32% 39% 131% 134% 3187% 2582% 17% 16% * Performance start date of July 13, 1995, CAGR since inception # KMI-30 replaced DJIIMPK as the Fund's benchmark from July 01, 2009, while KSE-100 index remained as the benchmark till June 30, 2006. NAV to NAV return with dividend reinvested AMMF Benchmark# Performance - Cumulative Returns AMMF Benchmark Annual Returns MoM% 0.05% 0.10% -0.41% Fund Net Assets Net Assets (Rs mn) Net Assets (Excluding Investment by fund of funds) (Rs mn) NAV Per Unit (Rs) Apr’18 7,553 6,822 19.34 Cement Power Generation & Distribution Oil & Gas Exploration Companies Fertilizer Oil & Gas Marketing Companies Others April 2018 Mar’18 7,550 6,815 19.42 Mar’18 93.46 5.52 1.02 16% 7% 24% 14% 10% 29%

FMR April 2018 - Al Meezan Investments

SWWF Disclosure: The Fund has provided an amount of Rs. 20.44 million against Sindh Workers' Welfare Fund (SWWF) Liability. Had that not been provided, the NAV per unit/return for the period would have been higher by Rs. 0.10 / 0.21%. Disclaimer This publication is for informational purpose 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 risk. The NAV based prices of units and any dividends/returns thereon are dependent on force 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. Performance data does not include cost incurred by investor in the form of sales-load etc. Net assets of Meezan Islamic Income Fund (MIIF) stood at Rs. 9.82 billion as on April 30, 2018. MIIF has provided an annualized return of 5.26% for the month of April as compared to its benchmark which has provided an annualized return of 2.34% during the same period. Fund Review To provide investors with a high and stable rate of current income consistent with long term preservation of capital in a Shariah compliant way.

A secondary objective is to take advantage of opportunities to realize capital appreciation. Neelum Jhelum Sukuk 12% K-Electric Limited-III 9% DIB Sukuk 5% GoP Ijarah Sukuks XIX 4% IBL Sukuk 4% Hascol Sukuk 2% Engro Fertilizer Limited - I 2% Fatima Fertilizer Sukuk 2% Hascol Commercial Paper 1% GoP Ijarah Sukuks XVIII 1% Sukuks* Government backed / Guaranteed Securities Commercial Paper Placements with Banks and DFIs Certificate of Musharakah Cash Others Including receivables * This includes Rs. 1,616 mn invested by Fund of Funds Investment Objective Monthly Performance Top Portfolio Holdings: (% of Total Assets) Asset Allocation: Apr’18 36% 5% 1% 23% 9% 24% 2% MIIF Benchmark Annual Returns 23.4% 11.7% 15.0% 22.1% 12.9% 13.1% 0.0% 0.0% 0.0% 0.0% AAA AA+ AA AA- A+ A A- BBB+ BBB Unrated Credit Quality of Portfolio 70,000,000 58,471,875 15,403,641 ArzooTextile Mills Ltd.

Eden Housing Ltd. Security Leasing Corporation Ltd. - II NameofNon-compliant investments Investment Type Valueof Investment before provision Provision heldifany/ Diminishing MarketValue Valueof Investment afterprovision %ofNet Assests %of Gross Assets Sukuk Sukuk Sukuk 70,000,000 58,471,875 15,403,641 - - - 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% Details of Non Performing Investments MIIF Benchmark * Performance start date of Jan 15, 2007. NAV to NAV return with dividend reinvested 14.02% 4.95% 8.22% 3.89% 5.33% 2.98% 4.00% 2.45% 3.95% 2.46% 4.75% 2.50% 4.93% 2.44% 5.26% 2.34% MIIF Benchmark Performance - Annualized Returns This includes 0.31% representing government levy, Worker's Welfare Fund and SECP fee.

(Annualized) Net Assets (Rs mn) Net Assets (Excluding Investment by fund of funds) (Rs mn) NAV Per Unit (Rs) Expense Ratio* Fund Net Assets Apr’18 9,819 8,203 53.08 2.17% Fund Type Risk Level Launch Date Trustee Auditors Registrar Unit Types Management Fee Front End Load Fund Category Leverage Listing AMC Rating Rating Agency Fund Stability Rating Pricing Mechanism Weighted average time to maturity Back End Load Benchmark Valuation Days Subscription/ Redemption Days Fund Manager Members of Investment Committee Open End Minimal 15th Jan 2007 CDC A.F. Ferguson and Co. Chartered Accountants Meezan Bank Ltd.

A, B and C 10% of Gross Earnings (Min. 0.5% of avg. annual net assets Max. 1.5% of avg. annual net assets) 0.5% Income Nil PSX AM1 JCRVIS A- (f) Forward 2.25 Years Contingent load for Type C investors 6 Months average deposit rates of 3 A-rated Islamic Banks Mon-Fri Mon-Fri 9am – 4pm Zain Malik, CFA Mohammad Shoaib, CFA Muhammad Asad Ali Asghar, CFA Ali Khan, CFA, FRM Ahmed Hassan, CFA Asif Imtiaz, CFA Zain Malik, CFA Imad Ansari Fund Details MoM% -6.11% -7.33% 0.45% April 2018 Mar’18 10,458 8,852 52.84 Jul-17 Aug-17 Sep-17 Oct-17 Nov-17 Dec-17 Jan-18 Feb-18 Mar-18 Apr-18 Mar’18 33% 5% 1% 21% 8% 30% 1%

SWWF Disclosure: The Fund has provided an amount of Rs. 10.95 million against Sindh Workers' Welfare Fund (SWWF) Liability. Had that not been provided, the NAV per unit/return for the period would have been higher by Rs. 0.07 / 0.13%. Disclaimer This publication is for informational purpose 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 risk. The NAV based prices of units and any dividends/returns thereon are dependent on force 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. Performance data does not include cost incurred by investor in the form of sales-load etc. Net assets of Meezan Cash Fund (MCF) stood at Rs. 8.67 billion as on April 30, 2018. MCF has provided an annualized return of 4.42% for the month of April as compared to its benchmark which has provided an annualized return of 2.60% during the same period.

Fund Review To seek maximum possible preservation of capital and a reasonable rate of return via investing primarily in liquid Shariah compliant money market and debt securities. Fund Type Risk Level Launch Date Trustee Auditors Registrar Unit Types Management Fee Front End Load Back End Load* Fund Category Leverage Listing AMC Rating Rating Agency Fund Stability Rating Pricing Mechanism Weighted average time to maturity Benchmark Valuation Days Subscription/ Redemption Days Fund Manager Members of Investment Committee Open End Minimal 15th June 2009 CDC A.F. Ferguson and Co. Chartered Accountants Meezan Bank Ltd.

A, B and C 1% Nil 0.1% if redemption within 3 days Money Market Nil PSX AM1 JCRVIS AA (f) Forward 0.01 Day 3 Months average deposit rates of 3 AA rated Islamic Banks Mon-Fri Mon-Fri 9am - 4pm Zain Malik, CFA Mohammad Shoaib, CFA Muhammad Asad Ali Asghar, CFA Ali Khan, CFA, FRM Ahmed Hassan, CFA Asif Imtiaz, CFA Zain Malik, CFA Imad Ansari Investment Objective Fund Details Monthly Performance Portfolio Composition MCF Benchmark Cash* Placements with Banks and DFIs Other Including receivables Apr’18 72% 24% 4% MCF Benchmark Annual Returns 3 Months average deposit rates of 3 AA rated Islamic Banks Maximum Preservation of Principal Investment High Liquidity (Redemption within two working days) *No Sales Load (No Entry or Exit charges) Tax Credit as per tax laws Investment Policy and Strategy Key Benefits Benchmark Portfolio: Salient Features Investments in High Grade & Liquid avenues: Instrument/Issuer Rating : Minimum 'AA' Maximum Maturity of Instruments : Six Months Average Time to Maturity of Portfolio : Three Months Jul-17 Aug-17 *This includes 0.30% representing government levy, Worker's Welfare Fund and SECP fee.

(Annualized) MoM% -7.34% 13.01% 0.38% Net Assets (Rs mn) Net Assets (Excluding Investment by fund of funds) (Rs mn) NAV Per Unit (Rs) Expense Ratio* Fund Net Assets Asset Allocation * This includes Rs. 3,514 mn invested by Fund of Funds * Performance start date of June 15, 2009. NAV to NAV return with dividend reinvested 10.71% 6.00% 6.74% 4.65% 5.33% 3.45% 4.27% 2.57% 4.19% 2.58% 4.25% 2.59% 4.38% 2.59% 4.42% 2.60% MCF Benchmark Performance - Annualized Returns 42.46% 20.59% 32.77% 0.00% 0.00% AAA AA+ AA AA- A+ Rating Exposure A A- BBB+ BBB Unrated 0.00% 0.0% 0.0% 0.0% 0.0% Jan-18 Sep-17 Oct-17 Nov-17 Dec-17 Feb-18 Placements with Banks and DFIs Cash Other Including Receivables Mar-18 April 2018 Apr’18 8,674 5,160 52.19 1.52% Mar’18 9,361 4,566 52.00 Mar’18 74% 22% 4% 24% 4% 72% Apr-18

SWWF Disclosure: The Fund has provided an amount of Rs. 13.55 million against Sindh Workers' Welfare Fund (SWWF) Liability. Had that not been provided, the NAV per unit/return for the period would have been higher by Rs. 0.33 / 0.64%. Disclaimer This publication is for informational purpose 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 risk. The NAV based prices of units and any dividends/returns thereon are dependent on force 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. Performance data does not include cost incurred by investor in the form of sales-load etc. Net assets of Meezan Sovereign Fund (MSF) stood at Rs. 2.13 billion as on April 30, 2018. For the month of April, the fund has provided an annualized return of 7.07% as compared to its benchmark which has provided an annualized return of 5.32% during the same period. Fund Review Benchmark Maximum Preservation of Principal Investment Primary Investments in securities issued by Government of Pakistan Very Low Risk Liquidity (Redemption on average in 2-3 working days) Tax Credit as per tax laws To seek maximum possible preservation of capital and a reasonable rate of return Key Benefits Investments in High Grade & Liquid avenues: Minimum 70% Investment in Government backed / issued securities (rated 'AAA') Placements in top rated banks and financial institutions Weighted Average Time to Maturity of Portfolio : Not more than 4 years Investment Policy and Strategy 6 Months PKISRV Rate Investment Objective Monthly Performance Asset Allocation: Portfolio: Salient Feature MSF Benchmark * 140 days of operations Annual Returns * Performance start date of Feb 10, 2010.

NAV to NAV return with dividend reinvested 10.36% 6.33% 6.76% 5.38% 5.07% 4.67% 3.08% 5.14% 2.12% 4.89% 3.11% 5.03% 3.67% 5.30% 7.07% 5.32% MSF Benchmark Performance - Annualized Returns 76.4% 0.2% 9.2% 1.9% 10.4% AAA AA+ AA AA- A+ Asset Rating 0.0% 0.0% 0.0% 0.0% 0.0% A A- BBB+ BBB Unrated Government Guaranteed* Cash Placements with Banks and DFIs Other Including receivables Asset Allocation * This includes Rs. nil mn invested by Fund of Funds Fund Type Risk Level Launch Date Trustee Auditors Registrar Unit Types Management Fee Front End Load Back End Load Fund Category Leverage Listing AMC Rating Rating Agency Fund Stability Rating Pricing Mechanism Weighted average time to maturity Benchmark Valuation Days Subscription/ Redemption Days Fund Manager Members of Investment Committee Open End Minimal 10th Feb 2010 CDC A.F.

Ferguson and Co. Chartered Accountants Meezan Bank Ltd.

A, B, C and D 1% 0.5% Nil Income Nil PSX AM1 JCRVIS AA (f) Forward 0.60 year 6 Months PKISRV Rate Mon-Fri Mon-Fri 9am - 4pm Zain Malik, CFA Mohammad Shoaib, CFA Muhammad Asad Ali Asghar, CFA Ali Khan, CFA, FRM Ahmed Hassan, CFA Asif Imtiaz, CFA Zain Malik, CFA Imad Ansari Fund Details *This includes 0.26% representing government levy, Worker's Welfare Fund and SECP fee. (Annualized) MoM% -2.10% - 0.60% Net Assets (Rs mn) Net Assets (Excluding Investment by fund of funds) (Rs mn) NAV Per Unit (Rs) Expense Ratio* Fund Net Assets Apr’18 2,131 Nil 52.30 1.53% Apr’18 70% 24% 4% 2% Jul-17 Aug-17 Sep-17 Oct-17 Nov-17 Dec-17 Jan-18 -8% -4% 0% 4% 8% Feb-18 Mar-18 April 2018 Mar’18 2,177 Nil 51.99 Mar’18 69% 25% 4% 2% Apr-18 Cash Placements with Banks and DFIs Government Guaranteed Other Including Receivables 70% 24% 4% 2%

SWWF Disclosure: The Fund has provided an amount of Rs. 38.14mn (Equity), Rs. 5.48 mn (Debt), Rs. 1.33mn (MMKT) and Rs. 0.11mn (Gold) against Sindh Workers' Welfare Fund (SWWF) Liability. Had that not been provided, the NAV per unit/return for the period would have been higher by Rs. 3.49/0.65% (Equity), Rs. 0.49/0.22% (Debt), Rs. 0.36/0.17 (MMKT) and Rs. 0.23/0.22 (Gold). Disclaimer This publication is for informational purpose 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 risk.

The NAV based prices of units and any dividends/returns thereon are dependent on force 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. Performance data does not include cost incurred by investor in the form of sales-load etc. Oil & Gas Development Co. Ltd.

Lucky Cement Ltd. Engro Corporation Pakistan Petroleum Ltd. Pakistan Oilfields Ltd. Mari Petroleum Ltd. Pakistan State Oil Co. Ltd. Engro Fertilizer Sui Northern Gas Pipelines Ltd. The Hub Power Co. Ltd. As at April 30, 2018, total size of net assets of Meezan Tahaffuz Pension Fund (MTPF) stood at Rs. 9,181 million. For the month of April, NAV of equity sub fund decreased by 0.28%, that of gold sub fund increased 1.00%, while the NAVs of debt and money Market sub funds provided annualized returns of 4.90% and 4.53% respectively.

To provide participants a regular Halal income stream after retirement/disability when they can no longer earn regular income to support their living so that they are not dependent on other members of the society.

Oil & Gas Exploration Companies Cement Fertilizer Oil & Gas Marketing Companies Power Generation & Distribution Other Sectors Cash & Others including receivable 26% 14% 13% 11% 6% 26% 4% 8% 7% 7% 6% 6% 5% 5% 5% 4% 4% Fund Review Investment Objective (MTPF -- Equity): Sector Allocation & Top Holdings (Apr’18) MTPF - Equity MTPF - Debt MTPF - MMKt MTPF - Gold Annual Returns MTPF Debt Sub Fund MTPF Money Market Sub Fund Apr’18 87.9 12.0 0.1 Gold (%) Cash (%) Other Including receivables (%) Asset Allocation: MTPF (Gold Fund) Fund 12.94% GoP Ijarah Sukuks XVIII Sukuk Holdings - MTPF (MMKT Fund) Fund Type Risk Level Launch Date Trustee Auditors Registrar Fund Category Management Fee Front End Load Leverage AMC Rating Rating Agency Pricing Mechanism Valuation Days Subscription/ Redemption Days Fund Manager Members of Investment Committee Open End Investor Dependent 28th June 2007 CDC Deloitte Yousaf Adil & Co.

Meezan Bank Ltd.

Pension 1.5% 3% Nil AM1 JCRVIS Forward Mon-Fri Mon-Fri 9am - 4pm Ahmed Hassan, CFA Mohammad Shoaib, CFA Muhammad Asad Ali Khan, CFA, FRM Ahmed Hassan, CFA Asif Imtiaz, CFA Zain Malik, CFA Ali Asghar, CFA Imad Ansari Fund Details Rs (Mn) MTPF- Equity MTPF- Debt MTPF- MMkt MTPF- Gold Total Fund Fund Net Assets Apr’18 5,878 2,458 797 48 9,181 MoM% 1.00% 2.26% 1.31% 1.60% 1.37% Apr’18 538.00 218.96 216.88 101.80 MoM% -0.28% 0.42% 0.38% 1.00% Rs MTPF- Equity MTPF- Debt MTPF- MMkt MTPF- Gold* NAV per unit *This includes EQT 0.25%, Debt 0.29%, MMKT 0.30% and Gold 0.53% representing government levy, Worker's Welfare Fund and SECP fee (Annualized) 1.93% 2.02% 1.90% 3.28% Expense Ratio* EQT DEBT MMKT GOLD * Performance start date of June 28, 2007.

CAGR since inception, ** Performance state of August 04, 2016. 1Yr -12% -6% -1% 3% 10% YTD -7% -4% -1% 2% 12% 6M 8% 6% 4% 2% 10% 1M -0.1% 0.1% 0.2% 0.4% 1% 3M 2% 1% 1% 1% 3% 3Yr 29% 23% 18% 13% - 5Yr 120% 86% 58% 29% - PSD* 374% 278% 198% 118% 2% CAGR* 15% 13% 11% 7% 1% High Volatility Med Volatility Low Volatility Lower Volatility MTPF – Gold** MTPF - Allocation Schemes '*Price Adjustment Charge (PAC) of 1% shall be added to NAV to determine Offer Price, and 1% shall be deducted from NAV to determine Redemption Price High Volatility Medium Volatility Low Volatility Lower Volatility Allocation Scheme Equity Debt Money Market 80% 50% 25% 0% 20% 40% 60% 50% 0% 10% 15% 50% 4.4% -9.4% 4.0% - 6.9% - 6.9% - 7.8% - 10.9% - 10.7% - 8.5% - Certificate of Musharakah Placement GoP Guaranteed Securities April 2018 Mar’18 5,820 2,403 786 48 9,057 Mar’18 539.50 218.06 216.05 100.80 Mar’18 88.3 11.6 0.1 GoP Guaranteed Securities Sukuk Placement Certificate of Musharakah 35.0% 8.5% 24.4% 24.8% 7.3% Cash & Other Including receivables 12.9% 46.8% 4.9% 35.4% Cash & Other Including receivables

The Hub Power Co. Ltd. Dawood Hercules Engro Fertilizer DG Khan Cement Co. Ltd. Mari Petroleum Ltd. SWWF Disclosure: The Fund has provided an amount of Rs. 9.27 million against Sindh Workers' Welfare Fund (SWWF) Liability. Had that not been provided, the NAV per unit/return for the period would have been higher by Rs. 0.39 / 0.51%. Disclaimer This publication is for informational purpose 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 risk. The NAV based prices of units and any dividends/returns thereon are dependent on force 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. Performance data does not include cost incurred by investor in the form of sales-load etc. KSE Meezan Index Fund (KMIF) is a Shariah Compliant Index Fund that aims to provide investors an opportunity to track closely the performance of the KSE-Meezan Index 30 (KMI 30) by investing in companies of the Index in proportion to their weightages.

As at April 30, 2018, the net assets of KSE-Meezan Index Fund (KMIF) stood at Rs. 1.81 billion. The fund's NAV decreased by 0.08% during the month of April. CAGR 18.5% 21.5% Oil & Gas Development Co. Ltd. Pakistan Petroleum Ltd. Engro Corporation Lucky Cement Ltd. Pakistan Oilfields Ltd. 10% 10% 9% 8% 7% 7% 4% 4% 3% 3% Fund Type Open End Risk Level High Launch Date 23rd May 2012 Trustee CDC Auditors A.F. Ferguson and Co. Chartered Accountants Registrar Meezan Bank Ltd. Unit Types A and B Management Fee 1% Front End Load 2% Fund Category Index Tracker Scheme Back End Load Nil Leverage Nil Listing PSX AMC Rating AM1 Rating Agency JCRVIS Pricing Mechanism Forward Benchmark KMI-30 Index Valuation Days Mon-Fri Subscription/ Redemption Days Mon-Fri 9am – 1pm Fund Manager Asif Imtiaz, CFA Members of Investment Committee Mohammad Shoaib, CFA Muhammad Asad Ali Asghar, CFA Ali Khan, CFA, FRM Ahmed Hassan, CFA Asif Imtiaz, CFA Zain Malik, CFA Imad Ansari Fund Review Investment Objective Fund Details Fund’s Performance Top Ten Equity Holdings: (% of Total Assets) Sector Allocation *This includes 0.26% representing government levy, Worker's Welfare Fund and SECP fee.

Apr’18 1,811 Nil 76.82 1.74% MoM% -0.45% - -0.08% Net Assets (Rs mn) Net Assets (Excluding Investment by fund of funds) (Rs mn) NAV Per Unit (Rs) Expense Ratio* Fund Net Assets * Performance start date of May 23, 2012. NAV to NAV return with dividend reinvested 1M -0.1% 0.1% 3M 2.8% 3.2% 6M 13.5% 14.5% FYTD -3.4% -2.0% 1Yr -11.6% -8.8% 3Yr 30.6% 39.5% 5Yr 107.3% 133.7% PSD* 174.4% 218.0% KMIF Benchmark Performance - Cumulative Returns KMIF Benchmark * 38 days of operations Annual Returns Mar’18 98.7 0.2 1.1 Apr’18 98.7 0.6 0.7 Equity (%)* Cash (%) Other Including receivables (%) Assets Allocation * This includes Rs.

nil mn invested by Fund of Funds April 2018 Mar’18 1,820 Nil 76.88 Cement Power Generation & Distribution Oil & Gas Exploration Companies Fertilizer Oil & Gas Marketing Companies Others 15% 11% 31% 17% 7% 19%

Disclaimer This publication is for informational purpose 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 risk. The NAV based prices of units and any dividends/returns thereon are dependent on force 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. Performance data does not include cost incurred by investor in the form of sales-load etc. As at April 30, 2018, total size of net assets of Meezan Financial Planning Fund of Fund (MFPFOF) stood at Rs.

2,620 million. For the month of April, the NAV of Aggressive plan decreased by 0.35% while the NAVs of Moderate plan, Conservative plan, MAAP-I, and MAAP-IV provided returns of -0.10%, 0.13%, -0.41% and -0.38% respectively.

To generate returns on Investment as per respective allocation plans by investing in Shariah Compliant Fixed Income and Equity Mutual Funds in line with the risk tolerance of the Investor. -0.3% 0.1% -0.1% 0.1% 0.1% 0.2% -0.4% 0.1% -0.4% 0.1% 0.8% 2.6% 0.9% 2.0% 0.9% 1.3% 0.6% 2.3% 0.4% 2.3% 7.6% 11.1% 5.7% 7.7% 3.8% 4.4% 6.4% 10.2% 7.6% 11.3% -6.1% -0.8% -3.1% 0.4% -0.1% 1.3% -0.3% 1.2% -8.1% -1.3% -10.6% -5.5% -6.2% -2.8% -1.4% -0.1% -6.2% -4.7% -13.8% -7.6% 27.0% 30.6% 24.5% 26.7% 20.9% 19.1% - - - - 93.1% 96.3% 72.3% 80.3% 53.1% 48.3% - - - - 92.7% 96.4% 73.5% 80.4% 53.3% 48.5% 32.3% 35.7% 8.2% 13.0% Aggressive Benchmark Moderate Benchmark Conservative Benchmark MAAP -- I*** Benchmark MAAP -- IV## Benchmark Aggressive Benchmark Moderate Benchmark Conservative Benchmark MAAP -- I Benchmark MAAP -- IV Benchmark Fund Review Investment Objective Annual Returns MFPFOF - Allocation Plan * Performance start date of April 12, 2013 * Performance start date of July 10, 2015 NAV to NAV return with dividend reinvested, ## Performance start date of May 24, 2016.

1 80 days of operations, 2 196 days of operation, 3 356 days of operation, 4 219 days of operation, 6 37 days of operation. 3 MoM% -0.35% -0.10% 0.13% -0.41% -0.38% Apr’18 74.94 69.83 66.27 62.21 50.02 Rs Aggressive Moderate Conservative MAAP - I MAAP - IV NAV per unit Mar’18 75.20 69.90 66.18 62.47 50.21 Apr’18 548 332 298 883 558 MoM% -1.89% -3.68% -2.25% -0.53% -3.76% Rs (Mn) Aggressive Moderate Conservative MAAP - I MAAP - IV Fund Net Assets Mar’18 559 344 305 888 580 Fund Type Open End Risk Level Plan specific Launch Date 11th April 2013 Trustee CDC Auditors A.F. Ferguson and Co. Chartered Accountants Registrar Meezan Bank Ltd.

Unit Types A and B Management Fee Same as for underlying Funds and 1% on Cash Front End Load Aggressive Plan 2.0% Moderate Plan 1.5% Conservative Plan 1.0% Other Plans 0% to 3% Fund Category Fund of Funds Back End Load Nil Leverage Nil Listing PSX AMC Rating AM1 Rating Agency JCRVIS Pricing Mechanism Forward Fund Manager Asif Imtiaz, CFA Benchmark Aggressive Allocation Plan Weighted avg. return of KMI 30 Index and Moderate Allocation Plan Fixed Income/Money Market Scheme as per Conservative Allocation Plan actual allocation MAAP – I, II, III & IV Valuation Days Mon-Fri Subscription/Redemption Days Mon-Fri 9am – 4pm Members of Investment Committee Mohammad Shoaib, CFA Muhammad Asad Ali Asghar, CFA Ali Khan, CFA, FRM Ahmed Hassan, CFA Asif Imtiaz, CFA Zain Malik, CFA Imad Ansari Fund Details April 2018 6 6

Other Including receivables (%) Cash (%) Income/Money market Funds (%) 74.1% 49.2% 23.9% 75.3% 75.6% SWWF Disclosure: The Fund has provided an amount of Rs. 3.38mn (Aggressive), Rs.1.92mn (Moderate), Rs.1.21mn (Conservative), 6.89mn (MAAP - I) and 2.62mn (MAAP - IV) against Sindh Workers' Welfare Fund (SWWF) Liability. Had that not been provided, the NAV per unit/return for the period would have been higher by Rs. 0.46/0.62% (Aggressive), Rs. 0.40/0.58% (Moderate), Rs. 0.27/0.41% (Conservative), Rs. 0.48/0.78% (MAAP - I) and Rs. 0.24/0.47% (MAAP - IV).

Disclaimer This publication is for informational purpose 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 risk. The NAV based prices of units and any dividends/returns thereon are dependent on force 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. Performance data does not include cost incurred by investor in the form of sales-load etc.

As at April 30, 2018, total size of net assets of Meezan Financial Planning Fund of Fund (MFPFOF) stood at Rs. 2,620 million. For the month of April, the NAV of Aggressive plan decreased by 0.35% while the NAVs of Moderate plan, Conservative plan, MAAP-I, and MAAP-IV provided returns of -0.10%, 0.13%, -0.41% and -0.38% respectively. 24.9% 49.6% 72.5% 24.1% 24.0% 1.0% 1.2% 3.6% 0.6% 0.3% 0.0% 0.0% 0.0% 0.0% 0.0% Aggressive Moderate Conservative MAAP-I MAAP-IV Equity/Index Funds (%) Fund Review Investment Objective Asset Allocation: To generate returns on Investment as per respective allocation plans by investing in Shariah Compliant Fixed Income and Equity Mutual Funds in line with the risk tolerance of the Investor.

*This represents government levy, Worker's Welfare Fund and SECP fee. (Annualized) Aggressive Moderate Conservative MAAP - I MAAP - IV Apr’18 0.34% 0.34% 0.41% 0.37% 0.32% 0.11%* 0.11%* 0.11%* 0.11%* 0.11%* Expense Ratio Fund Type Open End Risk Level Plan specific Launch Date 11th April 2013 Trustee CDC Auditors A.F. Ferguson and Co. Chartered Accountants Registrar Meezan Bank Ltd. Unit Types A and B Management Fee Same as for underlying Funds and 1% on Cash Front End Load Aggressive Plan 2.0% Moderate Plan 1.5% Conservative Plan 1.0% Other Plans 0% to 3% Fund Category Fund of Funds Back End Load Nil Leverage Nil Listing PSX AMC Rating AM1 Rating Agency JCRVIS Pricing Mechanism Forward Fund Manager Asif Imtiaz, CFA Benchmark Aggressive Allocation Plan Weighted avg.

return of KMI 30 Index and Moderate Allocation Plan Fixed Income/Money Market Scheme as per Conservative Allocation Plan actual allocation MAAP – I, II, III & IV Valuation Days Mon-Fri Subscription/Redemption Days Mon-Fri 9am – 4pm Members of Investment Committee Mohammad Shoaib, CFA Muhammad Asad Ali Asghar, CFA Ali Khan, CFA, FRM Ahmed Hassan, CFA Asif Imtiaz, CFA Zain Malik, CFA Imad Ansari Fund Details The allocation plan will actively allocate its portfolio between the Equity Schemes and Fixed Income/Money Market Schemes based on the Fund Manager's view on macroeconomic outlook of such asset classes.

Trading Strategy Based on the Fund Manager's outlook on asset classes, the allocation plan will actively allocate its portfolio between the Equity asset Schemes and Fixed Income/Money Market Schemes based on the macroeconomic view and outlook of such asset classes.

For exposure to equities, this Plan shall primarily be invested in Islamic Equity and Islamic Index Funds managed by Al Meezan and also other Asset Management Companies. Whereas for taking exposure to Fixed Income/Money Market, the Plan shall invest in Islamic Money Market and Islamic Fixed Income Scheme(s) managed by Al Meezan or any other Asset Management Company as well as in Cash at Bank Accounts of Islamic Banks and licensed Islamic Banking windows of conventional Banks. Strategy reflective of investor's risk appetite as market conditions change Up to 100% equity Participation possible, based on fund managers outlook on the market Actively managed by experienced Fund Managers Tax Rebate as per Section 62 of ITO Benefits Investment Policy Portfolio: Salient Features April 2018

* Performance start date of Aug 13, 2015. NAV to NAV return with dividend reinvested FYTD 12.2% 12.4% 1M 1.2% 1.0% *This includes 0.52% representing government levy, Worker's Welfare Fund and SECP fee. (Annualized) Mar’18 342 56.12 Aims to provide maximum exposure to prices of Gold in a Shariah Compliant (Islamic) manner, by investing a significant portion of the Fund's net assets in deliverable gold based contracts available on Pakistan Mercantile Exchange (PMEX). SWWF Disclosure: The Fund has provided an amount of Rs. 1.46 million against Sindh Workers' Welfare Fund (SWWF) Liability. Had that not been provided, the NAV per unit/return for the period would have been higher by Rs.

0.30 / 0.54%.

Disclaimer This publication is for informational purpose 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 risk. The NAV based prices of units and any dividends/returns thereon are dependent on force 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. Performance data does not include cost incurred by investor in the form of sales-load etc. Net assets of Meezan Gold Fund (MGF) as at April 30, 2018 stood at Rs.

273 million. The fund's NAV increased by 1.15% during the month. Apr’18 273 56.77 3.21% MoM% -20.38% 1.15% 3M 2.8% 2.9% 6M 9.6% 9.1% 1Yr 9.8% 10.9% 3Yr - - 5Yr - - PSD* 15.1% 26.3% Key Advantages Net Assets (Rs mn) NAV Per Unit (Rs)** Expense Ratio* MGF Benchmark MGF Benchmark * 322 days of operations. Fund Review Investment Objective Fund Net Assets Performance - Cumulative Returns (net of expenses) Annual Returns Portfolio: Salient Features Fund Type Open End Risk Level High Launch Date 13th Aug 2015 Trustee CDC Auditors A.F. Ferguson and Co. Chartered Accountants Registrar Meezan Bank Ltd.

Unit Types C Management Fee 1% Front End Load 2% Fund Category Commodity Fund Back End Load Nil Benchmark Combination of 70% PKR base closing price of physical gold and 30% 3 Month average deposit rates of 3 AA rated Islamic Banks Leverage Nil Listing PSX AMC Rating AM1 Rating Agency JCRVIS Pricing Mechanism Forward Valuation Days Mon-Fri Subscription/Redemption Days Mon-Fri 9am – 4pm Fund Manager Ali Khan, CFA, FRM Members of Investment Committee Mohammad Shoaib, CFA Muhammad Asad Ali Asghar, CFA Ali Khan, CFA, FRM Ahmed Hassan, CFA Asif Imtiaz, CFA Zain Malik, CFA Imad Ansari Fund Details Investment Strategy Long term (Investors are advised to take a long term view of a minimum of 3 to 5 years) Investment Horizon Fully Shariah Compliant means of investing in gold Efficient Store of value, thereby providing investors the opportunity to invest in a high priced (valuable) commodity through unit certificates (mutual funds) Tracks price performance of gold Maximum exposure to gold prices Good hedge against Inflation **Price Adjustment Charge (PAC) of 1% shall be added to NAV to determine Offer Price, and 1% shall be deducted from NAV to determine Redemption Price MGF, in line with its Investment Objectives, will invest in Authorized Investments as approved by the Shariah Advisor.

To meet Fund's investment objective, at least seventy percent (70%) of Fund's net assets, will remain invested in deliverable gold based contracts available at a Commodity Exchange, during the year based on quarterly average investment calculated on daily basis. Remaining net assets of the Fund shall be invested in cash and near cash instruments which include cash in bank accounts of Islamic banks and licensed Islamic banking windows of conventional banks (excluding TDR). However, at least 10% of the net assets of the Fund shall remain invested in cash and near cash instruments at all times.

Weighted AverageTime to Maturity of Portfolio : Not more than 4 years Apr’18 86.3 10.2 3.0 Mar’18 85.3 14.7 0.0 Gold (%) Cash (%) Other Including receivables (%) Assets Allocation April 2018