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LAKSON GROUP

ONLINE

[email protected]

TELEPHONE

+ 92 21 3569 8000UAN: +92 21 111 LaksonF: +92 21 3568 1653

ADDRESS

Lakson InvestmentsLimited. Lakson Square,Building No. 2,Sarwar Shaheed Road,Karachi-74200,Pakistan

WE MANAGE YOUR MONEY, AS WE MANAGE OUR OWN

CONTENTS

04Economic &

Markets Review

06FMR Lakson Money

Market Fund

07FMR LaksonIncome Fund

08FMR LaksonEquity Fund

09FMR LaksonTactical Fund

10FMR Lakson Islamic

Tactical Fund

11FMR Lakson Asset

Allocation DevelopedMarkets Fund

13Funds Return

History

14Mutual FundsPerformanceComparison

17Markets

Information

Economic & Markets ReviewPAKISTAN

Economy

CPI inflation dipped slightly in Apr'17 to 4.8% YoY from 4.9% YoY in Mar'17. The slightfall in headline inflation was associated with a lower increase in the food index (1.85%MoM in Apr'17 vs. 2.04% MoM in Mar'17). However, the sequential increase remainedhigher at 1.39% MoM vs. an increase of 0.85% MoM. Core Inflation stood at 5.5%in Apr'17 compared to 5.3% in Mar'17. 10MFY17 inflation average stands at 4.1%.Going forward, inflation is expected to trend upwards, due to higher food prices andseasonality i.e. Ramzan and Eid factor.

Large-scale manufacturing (LSM) increased by 4.1% YoY in Feb'17, major contributorswere Iron and Steel (16.2% YoY), Electronics (13.5% YoY) and Automobile (10.0% YoY).Private sector credit off-take continues to accelerate (+15% YoY in Mar'17 vs. 8% inMar'16) with impetus from Construction (+29% YoY), Apparel and Garments (+27%YoY) and Food (+18% YoY) sectors.

FDI depicted growth of 12% YoY to USD 1.6 bn in 9MFY17. This growth has beensupported by investment from China and Engro Foods acquisition deal. During Mar'17,FDI flows stood at USD 297 mn, growth of over 2.4x compared to USD 122.9 mn inFeb'17.

The 9MFY17 current account deficit widened by 2.6x YoY to USD 6.1 bn. Widening gapin current account was attributable to: 1) 1% YoY drop in exports, 2) 14% YoY increasein imports, 3) 23% YoY decline in CSF inflows and 4) 2% YoY dip in workers' remittances.Remittances from overseas Pakistanis went down by 2.3% YoY during 9MFY17 to USD14.06 bn vs. USD 14.39 bn in 9MFY16. This was primarily attributable to 4.5% YoYdecline in remittances from MENA Region (63% of total remittances) in spite ofimprovement in oil prices (+15% YoY during FYTD).

As pressure on FX reserves grows (-9.0% or USD 2.1 bn during 10MFY17), policymakers will have to enact countermeasures to prevent sharp PKR depreciation and adeterioration in the macroeconomic landscape.

Fixed Income Review

SBP raised PKR 360 bn from the T-Bill auction held on 27th Apr'17, against a target ofPKR 300 bn. Bids amounting to PKR 270 bn were accepted for 3M at 5.99%; followedby PKR 85 bn of 6M T-Bills at 6.01%. Recent pickup in inflation can lead to a rise inexpectations of an interest rate liftoff from next year. Other than this, SBP rejected allbids received amounting to PKR 31 bn in the PIBs auction held on 19th Apr'17.

Equities Review

Political uncertainty and regulatory concerns continued to weigh on the market in April.The verdict on the Panama case triggered an initial excitement as the KSE 30 indexsoared 634 points on the day the decision was announced and closed up 2.04% MoMas investor sentiment improved. Trading activity remained low with average volumedropping to 57 million shares per day, a decrease of 5% MoM. Average trading value,however, went up by 8% to USD 65 mn per day. Foreign investors (-USD 36 mn)continued to be net sellers.

Household goods (+27.6%) was the best performing sector. PAEL rallied on accountof staggering performance in the consumer electronics segment, and also being theprime candidate to benefit from the development of the upcoming energy projects.Autos (+22.3%) was the next best performing sector, with impressive sales growthand excitement over new models and variants. The worst performing sectors werePersonal Goods (-4.8%) and Chemicals (-4.4%). The latter was down due to negativeoutlook on fertilizers due to surplus output.

The KSE 30's trailing 12 months (TTM) PE ratio is 9.6x this month versus 9.5x in theprevious month and continues to trade at a substantial discount to regional marketssuch as China's Shanghai Composite Index and India's Sensex Index which are tradingat 17.5x and 22.1x respectively.

4

9MFY17 current accountdeficit widened by 2.6x YoY toUSD 6.1bn.

Yield Curve

USD/PKR vs. Forex Reserves

Market Rates

5.5%

6.5%

7.5%

8.5%

9.5%

10.5%

11.5%

1W 2M 6M 2Y 5Y 8Y 15Y

31-Mar-17 28-Apr-17

103.0

104.0

105.0

106.0

1-Apr 8-Apr 15-Apr 22-Apr

18.0

18.5

19.0

19.5

20.0

20.5

21.0

21.5

22.0Forex Res. (USD bn.) - RHSUSD/PKR

5.75%

6.00%

6.25%

3-Apr 12-Apr 21-Apr

6M KIBOR O/N Repo Rate 6M T-Bill

Economic & Markets ReviewINTERNATIONAL

Developed Markets

For the first time in 2017, developed markets outperformed emerging markets. TheMSCI EAFE Index gave a monthly return of 2.27%, while the MSCI EM Index gave areturn of 2.04% in April. Top performers among developed markets were Greece (ASEIndex up 6.9%), Denmark (OMX Copenhagen 20 Index up 5.8%) and Austria (ATX up6.4%). Meanwhile, UK's FTSE 100 index was down 1.6%, partly due to the PrimeMinister's call for snap elections, which strengthened the British Pound.

The markets in Europe were tense before the French Elections on April 23, 2017, andbounced up after Emmanuel Macron, a pro-EU candidate, emerged as a leader. Europeanmarkets also welcomed the positive signals from the latest ECB press conference,where the benchmark interest rate was left unchanged at 0%. The ECB Presidentmentioned that downside risks were less severe for the Euro area economy thanpreviously estimated and incoming data since March confirmed the cyclical recoveryof the EU economy.

Emerging markets

The MSCI emerging market index was up 2.04% in April, taking the calendar year todate return to 13.4%. Top performers during the month were Poland (WIG Index up6.4%) and Turkey (Borsa Istanbul 100 Index up 6.4%).

Chinese markets were depressed for a second consecutive month with the ShanghaiComposite down -2.1% during April. The decline in Chinese equities is partly attributableto a continuing crackdown by regulators against shadow banking and scrupulouselements within the stock market. Their market surprisingly didn't show much tensionbefore the Chinese and US officials' meeting. Moreover, they didn't move higher afterthe French Election even though other Asian markets did.

The Indian equity market continued to gain in April bolstered by inflows from foreignand domestic investors and optimism over corporate earnings. The gains were, however,not as large as those witnessed in the first three months of the quarter becauseinvestors chose to book profits. The BSE Sensex Index returned 1.0% in April.

The OPEC meeting, MSCI's emerging market index reconstitution and French Electionsare expected to drive emerging markets in May.

Commodities Market Review

Oil prices continued to decline in the month of April as unabated US productionundermined hopes related to the OPEC plus non-OPEC meeting in May. Moreover,inventory data of the US showed a mixed trend through most of the month, showinga decline in crude oil stock and a rise in petroleum products. Towards the end of April,oil prices were also hit by a strong US Dollar in the wake of the European CentralBank's (ECB) monetary policy meeting, in which the ECB left interest rates constantat zero percent. As a consequence, WTI Crude Oil price slipped by 4.11%, while Brentslipped by 3.66%.

In line with the decline in crude oil prices witnessed in the past two months, pricesof products in the petrochemical chain also decreased. South East Asian PVC pricewas down 7.4%, Paraxylene price was down 1.8% and Purified Terephthalic Acid's pricewas down by 2.3%. Ethylene price, however, was up 5.5%, showing no correlationwith crude oil price movement.

Coal prices too were down during the month, with Richard Bay coal price showing adecline of 1.4%. In the first half of the month, however, metallurgical coal prices surgedas Australian exports were disrupted by cyclone Debbie. The cyclone flooded rail linesand halted delivery to ports. The surge was, however, quickly reversed after the cyclone.Because metallurgical coal is widely used for steel production, its overall depressedprice led to dip in prices of Hot Rolled Coil (HRC) and Cold Rolled Coil (CRC). HRC inmainland China declined by 13.5%, while CRC in the same region dipped by 13.3%during the month.

The month of May is going to be critical for not just oil, but other commodities as welldue to the scheduled OPEC meeting. There are expectations that non-OPEC producers,like Russia, too will join the meeting, which increases the likelihood of the currentproduction cut getting extended beyond June.

5

For the first time in 2017,developed marketsoutperformed emergingmarkets.

Performance of Equities and Commodities

Valuation of International Markets

60%

80%

100%

120%

140%

Apr-16 Jul-16 Oct-16 Jan-17

MSCI World IndexMSCI EM IndexDB Commodity Index

-

4

8

12

16

20

P/E Multiple

DM US UK Japan Canada EM Brazil Russia India China

LAKSON MONEY MARKET FUND6

Investment ObjectiveThe investment objective of the Lakson Money Market Fund is to providestable and competitive returns in line with the money markets, exhibitinglow volatility consistent with capital preservation by constructing a liquidportfolio of low risk short term investments.

Performance Review

The Lakson Money Market Fund generatedan annualized return of 5.56% against thebenchmark return of 5.30% in April 2017thus outperformed by 0.26%. During FY17TDthe Fund has returned 6.64% to unit holdersagainst the benchmark of 5.23% andoutperformed by 1.41%. Asset allocationchanged with T bills placement at 87% andCash exposure at 12%. As a result portfolioWAM was calculated at 72 days. Goingforward the Fund will focus on increasingexposure to attractive Cash and Term depositplacements in order to generate returns andmitigate interest rate risk.

SWWF Disclosure

As of April 30th, 2017 the LMMF hasmaintained provisions against Sindh Workers'Welfare Fund's liability to the tune of PKR7.94 million. If the same were not made theNAV per unit of the LMMF would be higherby PKR 0.1720. If the LMMF would not havemade the SWWF provisions during FY17, theyear to date annualized return of the LMMFfor FY17 would be higher by 0.16%. Fordetails investors are advised to read the Note8.1 of the latest Financial Statements of theLMMF.

Disclaimer: This publication is for informational purposes only and nothing herein should be construed as asolicitation, recommendation or an offer to buy or sell any fund. All investments in mutual funds are subjectto market risks. Past performance is not necessarily indicative of future results. Please read the OfferingDocument to understand the investment policies and risks involved. Tha Lakson Money Market Fund holdscertain non-complaint investments. Before making any investment decision investors should review thisdocument and the latest financial statements.

L A K S O N O U T L O O K April 2017

F U N D F A C T SFund TypeCategoryNet Assets (PKR Mil.)NAV (30.04.2017)Pricing MechanismTrusteeAuditorManagement Fee

Front End LoadBack End LoadLaunch DateBenchmark*

Dealing DaysCut-Off TimeFund Stability RatingAsset Manager RatingRisk Profile

Open-EndMoney Market Fund4,879105.6799Previous DayCDC Pakistan LimitedBDO Ebrahim & Co.10% of Gross Earnings subject to aminimum of 0.50% and maximumof 1.00% of the average annual netassets. Current - 0.65%NoneNoneNovember 13, 200970% average 3 months PKRV rates+ 30% average 3 months depositrate of three AA rated banksMon-Fri4:00 PM'AA' by PACRA (09.12.2016)AM2 by PACRA (08.06.2016)Low Risk

Asset Allocation Instruments (% of total Assets)

Instruments Feb-17 Mar-17 April-17 WAM* daysPlacements with Banks & DFIs 0% 0% 0% 0PIBs 0% 0% 0% 0T Bills 91% 0% 87% 81Cash 9% 101% 12% 1Others including receivables -1% -1% 1%* Weighted Average Maturity

CashOthers

FY17 - YTDApril-172 Months3 Months6 Months12 MonthsCY17 - YTD

*The benchmark of the Fund was changed in February 2014 and September 2016.

DisclosuresLeverage as on April 30th, 2017 NilNon Performing Assets NilWAM of Portfolio 72 Days

LMMF vs. Benchmark

Total Expense Ratio (TER)

1.00% (This is inclusive of 0.27% representing Government levies and SECP Fees)

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

MUFAP’s Recommended Format

YTD 0.84% (This is inclusive of 0.22% representing Government levies and SECP Fees)

Simple Annualized LMMF BenchmarkFY17 - YTDApril-172 Months3 Months6 Months12 MonthsCY17 - YTD3 Years5 YearsSince Inception

6.64% 5.23%

5.56% 5.30%

5.33% 5.28%

5.24% 5.31%

7.41% 5.32%

6.53% 5.28%

8.34% 5.28%

7.77% 7.30%

8.91% 8.79%

11.83% 11.77%

P E R F O R M A N C E

6.67% 5.25%

5.70% 5.44%

5.45% 5.40%

5.35% 5.42%

7.55% 5.39%

6.53% 5.28%

8.57% 5.38%

Morningstar LMMF Benchmark

AssetAllocation

87%

1%

Babar Ali Lakhani ChairmanKashif MustafaMustafa O. Pasha, CFASana Abdullah, CFASyed Saifullah KazmiHassan Bin NasirTayyaba AzeemJunaid Arshad, ACCA

I N V E S T M E N T C O M M I T T E E

100101102103104105106107108109110111112113114115116117118

Jun-14 Nov-14 Apr-15 Sep-15 Feb-16 Jul-16 Dec-16

Benchmark LMMF

AA+AA

12%

T-Bills CreditSplit

87%

2%10%

Govt Sec

LAKSON INCOME FUND7

Investment ObjectiveThe investment objective of the Lakson Income Fund is to provide competitivetotal return through investment in a diversified portfolio of fixed incomesecurities. Investments will be made in a variegated mix of short term,medium term and longer term maturities depending on the assessment bythe Investment Team of interest rate trends and prospective returns.

Performance Review

In April 2017, LIF generated an annualizedreturn of 5.90% against the benchmark returnof 6.13%. Over FY17TD the LIF hasgenerated a return of 5.88% . Asset allocationchanged with placements at 18%, cashexposure increased to 56%, corporate debtat 9%, MTS and spread Transactions at 11%.This translated the portfolio WAM to 288days. Going forward the Fund will concentrateon building exposure to high quality corporatedebt and bank deposits placements.

SWWF Disclosure

As of April 30th, 2017 the LIF has maintainedprovisions against Sindh Workers' WelfareFund's liability to the tune of PKR 7.89 million. If the same were not made the NAV perunit of the LIF would be higher by PKR0.2072. If the LIF would not have made theSWWF provisions during FY17, the year todate annualized return of the LIF for FY17would be higher by 0.20%. For detailsinvestors are advised to read the Note 8.1of the latest Financial Statements of the LIF.

Disclaimer: This publication is for informational purposes only and nothing herein should be construed as asolicitation, recommendation or an offer to buy or sell any fund. All investments in mutual funds are subjectto market risks. Past performance is not necessarily indicative of future results. Please read the OfferingDocument to understand the investment policies and risks involved.


F U N D F A C T SFund TypeCategoryNet Assets (PKR Mil.)NAV (30.04.2017)Pricing MechanismTrusteeAuditorManagement FeeFront End LoadBack End LoadLaunch DateBenchmark*Dealing DaysCut-Off TimeFund Stability RatingAsset Manager RatingRisk Profile

Open-EndIncome Fund4,040106.0875Forward DayCDC Pakistan LimitedBDO Ebrahim & Co.1.50%1.50%NoneNovember 13, 2009Average daily rate of 6M KIBOR (Ask)Mon-Fri4:00 PM'A+' by PACRA (09.12.2016)AM2 by PACRA (8.06.2016)Medium Risk

Asset Allocation Instruments (% of total Assets)

Instruments Feb-17 Mar-17 Apr-17 WAM* daysPlacements with Banks & DFIs 21% 19% 18% 163PIBs 4% 4% 4% 2555T Bills 3% 1% 1% 0TFCs 8% 7% 6% 1751Sukuks 4% 3% 3% 372MTS 23% 17% 9% 0Spread Transactions - - 2% 0Cash 37% 49% 56% 0Others including receivables 0% 1% 1%* Weighted Average Maturity

P E R F O R M A N C E

5.90% 5.99%

6.07% 6.31%

5.60% 6.30%

5.82% 6.28%

6.20% 6.22%

6.36% 6.50%

6.39% 6.26%

Morningstar LIF BenchmarkFY17 - YTDApril-172 Months3 Months6 Months12 MonthsCY17 - YTDSimple Annualized LIF BenchmarkFY17 - YTDApril-172 Months3 Months6 Months12 MonthsCY17 - YTD3 Years5 YearsSince Inception

5.88% 5.96%

5.90% 6.13%

5.47% 6.14%

5.69% 6.14%

6.10% 6.13%

6.36% 6.50%

6.25% 6.13%

10.37% 10.26%

11.36% 11.18%

14.10% 11.93%

*The benchmark of the Fund was changed in September 2016


DisclosuresLeverage as on April 30th, 2017 NilNon Performing Assets NilWAM of Portfolio 288 Days

LIF vs. Benchmark

1.97%

1.82%

1.61%1.53%

1.38%

1.01%

TFCs/Sukuk Portfolio

Name of Issue Rating % of Totalthe Issuer Date AssetsPEL SUKUKHabib BankLimited IBank Al FalahLimited VNRSPAskari BankLimited IVK-Electric AZMSukuk III

25-Aug-16

19-Feb-16

20-Feb-1330-Jun-16

23-Dec-11

24-Feb-14

A

AAA

AA-A

AA-

AA

2.15% (This is inclusive of 0.43% representing Government levies and SECP Fees)YTD 1.79% (This is inclusive of 0.36% representing Government levies and SECP Fees)


Placementswith Banks& DFIsPIBT-Bills

SukukMTS

TFC

SpreadTransactions

Gov SecAAAAA+AAAA-

AUnrated



100102104106108110112114116118120122124126128

Jun-14 Feb-15 Oct-15 Jun-16 Feb-17

Benchmark LIF

AssetAllocation

18%

4%1%

6%

3%

9%2%

56%

1%

CashOthers

CreditSplit

5%

2%3%

1%

49%

28%

11%

A+

LAKSON EQUITY FUND8

Investment ObjectiveThe investment objective of the Lakson Equity Fund is to provide long termcapital appreciation by investing mainly in equity and related listed securities.Investments will be made in companies of substance, financial strength anddemonstrably superior management skills with some exposure given tosmaller capitalized value stocks.

Performance Review

LEF generated a return of 4.0% for April'17,outpacing the benchmark by 193bps. Thisperformance propelled the FYTD return to32.6% vs. 25.4% of the benchmark.The fund maintained exposure in the marketat 88%, shuffling the portfolio to realize gainsand reduce risk, as mounting volatility frompolitical noise kept investors at bay. Exposurewas trimmed in Chemicals, Banks andOMCs. The proceeds were deployed intoConstruction & Material, Power Generationand Others.

SWWF Disclosure

As of April 30th, 2017 the LEF has maintainedprovisions against Sindh Workers' WelfareFund's liability to the tune of PKR 42.55million. If the same were not made the NAVper unit of the LEF would be higher by PKR1.3658. If the LEF would not have made theSWWF provisions during FY17, the year todate return of the LEF for FY17 would behigher by 0.90%. For details investors areadvised to read the latest FinancialStatements of the LEF.



LEF vs. Benchmark

F U N D F A C T SFund TypeCategoryNet Assets (PKR Mil.)NAV (30.04.2017)Pricing MechanismTrusteeAuditorManagement FeeFront End LoadBack End LoadLaunch DateBenchmark*Dealing DaysCut-Off TimeFund PerformanceRanking (1 Year)Asset Manager RatingRisk Profile

Open-EndEquity Fund4,723151.6171Forward DayCDC Pakistan LimitedKPMG Taseer Hadi & Co.2.00%3.00%NoneNovember 13, 2009KSE-30 Index (Total Return Index)Mon-Fri4:00 PM

4 Star (07.12.16)AM2 by PACRA (08.06.2016)High Risk

P E R F O R M A N C E *

32.63% 25.38%3.97% 2.04%4.20% 0.07%1.83% -1.94%24.80% 22.19%40.16% 35.59%5.76% 2.09%88.30% 36.79%228.21% 119.89%341.71% 183.90%

LEF Benchmark**FY17 - YTDApril-172 Months3 Months6 Months12 MonthsCY17- YTD3 Year5 YearSince Inception*Returns based on last working day NAV**KSE-30 Total Return

Asset Allocation (% of Total Assets)Feb-17 Mar-17 Apr-17

Equities 92% 88% 88%

T-Bills 0% 0% 0%

Cash 8% 10% 10%

Others 0% 2% 2%

Sectorwise ExposureMar-17 Apr-17

Chemicals* 7.74% 6.94%

Comm Banks 22.39% 21.77%

Const. & Mat. 13.52% 13.94%

Electricity 4.88% 5.27%

Oil & Gas Exp 9.85% 9.58%

Oil & Gas Mktg 8.45% 8.42%

Others 21.37% 22.23%

*Includes fertilizers

DisclosuresLeverage as onApril 30th, 2017 NilNon Performing Assets Nil


EquityCash

ChemicalsComm BanksConst. & MatElectricityOil & Gas ExpOil & Gas MktgOthers

Sector wiseExposure

7%

22%

14%5%

10%

8%

22%


AssetAllocation

88%

10%

Top 10 Holdings Habib Bank Limited 6.34% United Bank Limited 5.96% Lucky Cement Limited 5.41% Sui North Gas Pipelines Limited 4.04% DG Khan Cement Limited 3.95% Pakistan State Oil Limited 3.79% Indus Motor Co Limited 3.66% Nishat Mills Limited 3.52% Oil & Gas Development Co 3.33% Mari Petroleum Co. Limited 3.03%

Pakistan vs. Global Markets

Pakistan

India

Malaysia

Dubai

USA

USA

Country Index 1M P/E Div.Ret. Yield

KSE-100

BSE

Sensex 30

FTSE KLCI

DFM

General

DJIA

S&P 500

2.38%

1.01%

1.61%

-1.83%

1.34%

0.91%

10.52

22.06

17.4

14.74

18.46

21.27

4.44%

1.34%

3.09%

4.22%

2.33%

1.96%




2%

Others

0

100

200

300

400

500

600

Apr-16 Jun-16 Aug-16 Oct-16 Dec-16 Feb-17

LEF KSE-100 KSE-30

Apr-17

Weight

Lakson Tactical Fund9

Investment ObjectiveThe investment objective of the Lakson Tactical Fund (Formerly: LaksonAsset Allocation Global Commodities Fund) is to provide long-term capitalappreciation by investing in a mix of securities comprising debt, equity andcommodities future contracts.

Performance Review

During the month of April 2017 the LaksonTactical Fund generated an absolute returnof 2.48% against the benchmark return of1.30%. The fund outperformed thebenchmark by 1.17% during the month.Allocation was focused between Equities(49%), Placements with Banks & DIFs (22%)Cash (21%),TFCs/Sukuks (3%) and PIBs(3%). Going forward the fund will look tominimize interest rate risk while maintaininga healthy exposure to equities.

SWWF Disclosure

As of April 30th, 2017 the LTF has maintainedprovisions against Sindh Workers' WelfareFund's liability to the tune of PKR 6.09 million. If the same were not made the NAV perunit of the LTF would be higher by PKR 0.46. If the LTF would not have made the SWWFprovisions during FY17, the year to date returnof the LTF for FY17 would be higher by0.38%. For details investors are advised toread the latest Financial Statements of theLTF.



(Formerly: Lakson Asset Allocation Global Commodities Fund)



Dealing DaysCut-Off TimeAsset Manager RatingRisk Profile

Open-EndAsset Allocation Fund1,588119.9363Forward DayCDC Pakistan LimitedKPMG Taseer Hadi & Co.10% of the gross earnings of theScheme, calculated on a daily basis.The fee is subject to a minimum of1% and maximum of 2% of theaverage annual net assets of theScheme. Current - 1.31%2.50%NoneOctober 11, 2011Weighted average daily return of KSE-30 Index, 6M KIBOR and the DBIQOptimum Yield DiversifiedCommodity Index Excess Returnbased on the Scheme's actualproportion in the equity, debtsecurities and commoditiesMon-Fri4:00 PMAM2 by PACRA (08.06.2016)Medium Risk

16.85% 12.90%

2.48% 1.30%

2.86% 0.73%

2.16% 1.12%

12.94% 10.33%

18.59% 16.37%

3.90% 2.12%

37.07% 16.37%

48.68% 30.70%

55.14% 39.60%

FY17 - YTDApril-172 Months3 Months6 Months12 MonthsCY17-YTD3 Years5 YearsSince Inception*The benchmark of the Fund was changed in September 2016.

P E R F O R M A N C ELTF Benchmark

DisclosuresLeverage as on April 30th, 2017 NilNon Performing Assets Nil


Comm. Bank 11.18% 11.94%

Const. and Mat. 9.48% 11.17%

Oil & Gas Exp 5.16% 5.58%

Oil & Gas Mktg 4.29% 4.83%

Auto Assemblers & Parts 3.16% 4.01%



Others 5.17% 5.50%



LTF vs. Benchmark


The significant change in the performance of thefund is reflective of the change in the Investmentobjectives and thereby a change in its investmentpolicies on the conversion of the Fund w.e.f April19, 2016.

The returns and the benchmark before April 19,2016 were computed on the basis of investmentobjectives and policies before conversion andtherefore do not offer a comparison

This is being reported for the Investor informationonly

Placement withBanks & DFIs

PIBs

TFCEquityCashOthers

Top 10 Equity Holdings(%age of total assets)

Habib Bank 3.46%Lucky Cement 3.22%United Bank 3.20%P.S.O. 2.29%Sui North Gas 2.19%D.G.K.Cement 2.15%Oil & Gas Dev. 1.99%Indus Motor Co. 1.94%Nishat Mills Ltd. 1.92%Inter.Steel Ltd 1.79%

Apr-17Securities Weight


Placements

with Banks

& DIFs 20% 19% 22%

PIBs 3% 3% 3%

TFC/Sukuks 4% 3% 3%

Equity 45% 45% 49%

Cash 26% 28% 21%

Others 2% 1% 2%

AssetAllocation

22%

3%3%

49%

21%

2%




99.00

109.00

119.00

129.00

139.00

149.00

159.00

Oct-12 Apr-13 Oct-13 Apr-14 Oct-14 Apr-15 Oct-15 Apr-16 Oct-16 Apr-17

Benchmark LTF

Investment ObjectiveThe investment objective of the Lakson Islamice Tcatical Fund (Formerly:Lakson Asset Allocation Emerging Markets Fund) is to provide long- termcapital appreciation by exclusively investing in Shariah Complaint avenuesincluding equities, fixed income instruments and emerging market securities.

Performance Review

During the month of April 2017 the LaksonIslamic Tactical Fund generated a return of2.61% against the benchmark a return of1.70%. The fund outperformed thebenchmark by 0.91% during the month.Fund exposure is in Cash (43%) and Equities(47%). A build up in Shariah compliantequities and fixed income instruments willbe targeted over 4QFY17.

SWWF Disclosure

As of April 30th, 2017 the LITF has maintainedprovisions against Sindh Workers' WelfareFund's liability to the tune of PKR 0.36 million. If the same were not made the NAV perunit of the LAAEMF would be higher by PKR0.2119. If the LITF would not have madethe SWWF provisions during FY17, the yearto date return of the LITF for FY17 would behigher by 0.19%. For details investors areadvised to read the latest FinancialStatements of the LITF.


LITF vs. Benchmark

10





Open-EndShariah Compliant Asset Allocation Fund187110.1530Forward DayCDC Pakistan LimitedKPMG Taseer Hadi & Co.10% of the gross earnings of theScheme, calculated on a daily basis. Thefee is subject to a minimum of 1% andmaximum of 2% of the average annualnet assets of the Scheme. Current -1.33%2.50%NoneOctober 11, 2011Weighted average daily return of KMI-30 Index, 6M deposit rates of three Arated Islamic Banks or Islamic windowsof Conventional Banks and MSCIEmerging Markets Islamic Index basedon the Scheme's actual proportion inthe equity, debt and emerging marketsecuritiesMon-Fri4:00 PMAM2 by PACRA (08.06.2016)Medium Risk

10.49% 11.68%

2.61% 1.70%

3.25% 0.94%

3.25% 0.94%

10.30% 8.69%

11.57% 12.05%

3.38% 1.82%

23.73% 18.53%

38.25% 35.33%

44.34% 49.21%


P E R F O R M A N C ELITF Benchmark

Lakson ISLAMIC Tactical Fund(Formerly: Lakson Asset Allocation Emerging Markets Fund)


Sukuk



Equities 44% 38% 47%

Sukuk 10% 8% 8%

Cash 45% 52% 43%

Others 2% 2% 2%


Const. and Mat. 9.16% 11.67%

Oil & Gas Exp. 6.14% 6.90%

Oil & Gas Mar. 5.44% 5.92%


Auto Assemblers

& Parts 3.49% 4.84%


Others 6.44% 7.95%


Equities


Cash

Lucky Cement 4.62%

D.G.K.Cement 3.06%

Sui North Gas 2.98%

Indus Motor Co. 2.74%

Nishat Mills Ltd. 2.72%

Mari Petroleum 2.58%

P.S.O. 2.46%

Kohat Cement 2.42%

Engro Corp 2.41%

K-Electric Ltd. 2.27%

Top 10 Equity Holdings(%age of total assets)Securities Weight

Apr-17

The change in the performance of the fund isreflective of the change in the Investment objectivesand thereby a change in its investment policies onthe conversion of the Fund from a conventionalasset allocation fund to a Shariah Compliant AssetAllocation Fund w.e.f September 21, 2016.

The returns and the benchmark before September21, 2016 were computed on the basis of investmentobjectives and policies before conversion andtherefore do not offer a comparison.

This is being reported for the Investor informationonly




Others

AssetAllocation

47%

8%

43%

2%

99.00

109.00

119.00

129.00

139.00

149.00

159.00


Benchmark LITF

Lakson Asset Allocation Developed Markets Fund11

Investment ObjectiveThe investment objective of the Lakson Asset Allocation Developed MarketsFund is to provide long-term capital appreciation by investing in a mix ofdomestic debt and developed markets securities.

Performance Review

During the month of April 2017 the LaksonAsset Allocation Developed Markets Fundgenerated an absolute return of 0.80%against the benchmark return of 0.74%. Thefund outperformed the benchmark by 0.07%during the month. Allocation has been takenin T bills (41%), PIBs (19%) and DevelopedMarket Equities (36%). Exposure in equitieshas been focused on US indices which offera superior risk/return profile to otherDeveloped Markets.

SWWF Disclosure

As of April 30th, 2017 the LAADMF hasmaintained provisions against Sindh Workers'Welfare Fund's liability to the tune of PKR0.48 million. If the same were not madethe NAV per unit of the LAADMF would behigher by PKR 0.2563. If the LAADMF wouldnot have made the SWWF provisions duringFY17, the year to date return of the LAADMFfor FY17 would be higher by 0.21%. Fordetails investors are advised to read thelatest Financial Statements of the LAADMF.



LAADMF vs. Benchmark


Front End LoadBack End LoadLaunch DateBenchmark


Open-EndAsset Allocation Fund227122.3626Forward DayCDC Pakistan LimitedKPMG Taseer Hadi & Co.15% of the gross earnings of theScheme, calculated on a daily basis.The fee is subject to a minimum of1.25% and maximum of 2% of theaverage annual net assets of theScheme. Current - 1.49%2.50%NoneOctober 11, 2011Weighted average daily return of 6MKIBOR and the MSCI World Indexbased on the Scheme's actualproportion in the debt securities anddeveloped market securitiesMon-Fri4:00 PMAM2 by PACRA (08.06.2016)Medium Risk

8.00% 7.61%

0.80% 0.74%

1.25% 1.36%

2.72% 2.49%

5.83% 5.33%

10.33% 7.71%

4.79% 3.69%

28.5% 18.43%

55.1% 48.96%

62.1% 63.14%


P E R F O R M A N C ELAADMF Benchmark

Vanguard S&P 500(As of Apr-2017)Sector Weight

United States 97.55%

Ireland 0.99%

United Kingdom 0.50%

Switzerland 0.49%

Bermuda 0.05%

QQQ ETF(As of Apr-17)Country Weight

United States 97.04%

China 1.90%

United Kingdom 0.71%

Isreal 0.28%

Developed Markets Equities (Apr-17)QQQ ETF % of Asset Vanguard S&P 500 % of Assets


T-Bills 50% 50% 41%

PIBs 15% 15% 19%

Developed Markets

(DM) Equities 29% 29% 36%

Others 0% 0% 1%

Cash 6% 6% 3%

T-BillPIBsEquities



Apple Inc 11.88% Apple Inc 3.70%Microsoft Corp 8.22% Microsoft Corp 2.50%Amazon.com Inc 6.94% Amazon.com Inc 1.72%Facebook Inc 5.53% Exxon Mobil Corp 1.67%Alphabet Inc 4.88% Johnson & Johnson 1.66%Alphabet Inc 4.28% Facebook Inc 1.64%Comcast Corp 2.86% JPMorgan Chase & Co 1.54%Intel Corp 2.68% Berkshire Hathaway Inc 1.47%Cisco Systems Inc 2.63% General Electric Co 1.28%Amgen Inc 1.85% AT&T Inc 1.25%

Others

4%





AssetAllocation

41%

19%

36%

1%3%

Cash

99.00

109.00

119.00

129.00

139.00

149.00

159.00

169.00


Benchmark LAADMF

12

Powershare QQQ ETF (Developed Markets): Allocations

Vanguard S&P 500 ETF (Developed Markets): Allocations

Type VUSD LN EquityDES <Go> and clickon Allocations.

Type QQQ US EquityDES <Go> and clickon Allocations.


Last 3 and 5 fiscal years

L A K S O N M O N E YM A R K ET FU N D ( L M M F )

L A K S O N I N C O M EF U N D ( L I F )

L A K S O N E Q U I T YF U N D ( L E F )

L A K S O N A S S ETA L L O C AT I O N D EV E L O P E DM A R K ET S FU N D ( L A A D M F )

L A K S O N TA C T I CA L F U N D( LT F ) *

L A K S O N I S L A M I CTA C T I C A LF U N D ( L I T F ) * *

*Formerly: Lakson Asset Allocation Global Commodities Fund (LAAGCF)**Formerly: Lakson Asset Allocation Emerging Markets Fund (LAAEMF)

Since Inception Absolute Returns

L M M F v s B E N C H M A R K

L I F v s BE N C H M A R K

L E F v s BE N C H M A R K

L A A D M F v s BE N C H M A R K

LT F v s BE N C H M A R K

L I T F v s B E N C H M A R K

Fund 11.19% 8.76% 7.90% 8.57% 5.60%

Benchmark 11.31% 9.14% 8.50% 8.45% 5.61%

Fund 11.57% 9.21% 8.38% 14.17% 8.57%

Benchmark 8.86% 9.17% 8.31% 12.64% 7.16%

Fund 9.74% 40.02% 32.15% 23.93% 10.60%

Benchmark 10.45% 52.20% 25.96% 5.67% 0.37%

Fund 6.42% 10.52% 9.64% 7.76% 8.00%

Benchmark 10.63% 13.45% 12.94% 5.34% 2.33%

Fund 5.85% 3.44% 4.24% 8.86% 6.85%

Benchmark 7.25% 7.89% 7.47% -1.02% 3.18%

Fund 6.23% 5.46% 6.40% 4.96% 4.42%

Benchmark 9.82% 8.50% 10.01% 3.36% 0.05%

FY 2012 FY 2013 FY 2014 FY 2015 FY 2016

FY 2010 FY 2011 FY 2012 FY 2013 FY 2014 FY 2015 FY 2016

Fund 6.77% 19.25% 32.63% 44.25% 55.65% 68.98% 78.45%

Benchmark 6.66% 19.21% 32.73% 44.86% 57.17% 70.45% 80.01%

Fund 7.16% 19.49% 33.35% 45.63% 57.84% 80.20% 95.65%

Benchmark 4.59% 15.90% 26.20% 37.77% 49.22% 68.08% 80.12%

Fund -0.66% 19.65% 31.30% 83.84% 142.95% 201.09% 233.00%

Benchmark 7.32% 37.94% 52.35% 107.12% 160.89% 175.69% 126.44%

Fund 6.42% 17.62% 28.95% 38.96% 50.08%

Benchmark 10.63% 25.51% 41.75% 49.33% 52.81%

Fund 5.85% 9.49% 14.13% 24.25% 32.76%

Benchmark 7.25% 15.71% 24.36% 23.09% 27.00%

Fund 6.23% 12.03% 19.20% 25.11% 30.64%

Benchmark 9.82% 19.15% 31.08% 35.49% 35.56%

FUNDS RETURN HISTORYThe periodic returns for the funds have been presented below as per SECP's SCD CircularNo. 16 dated July 03, 2014. The returns presented below are:

Yearly returns for the last five fiscal years andAbsolute returns for every fiscal year since inceptionThe returns have been annualized for money market and income schemes where the performance evaluation is less than one year.

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 mutualfunds 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.

13


Annualized Returns (%): Positions as of May 04, 2017

ABL Income Fund 4.30 5.06 6.40 5.83 6.39Atlas Income Fund 5.05 5.42 5.14 5.22 6.22Faysal Financial Sector Opportunity Fund 4.63 4.90 7.20 5.19 5.89Faysal Savings Growth Fund 5.15 5.54 7.28 5.96 6.11First Habib Income Fund 4.34 4.99 7.67 7.18 6.8HBL Income Fund 4.63 5.04 5.22 4.81 4.71JS Income Fund 5.43 5.31 6.12 6.11 7.18Lakson Income Fund 5.87 5.69 6.06 5.89 6.29MCB DCF Income Fund 5.26 5.00 7.89 6.91 6.56NAFA Financial Sector Income Fund 5.84 6.10 10.30 9.03 8.24NAFA Income Fund 5.59 5.60 6.08 6.39 6.56NAFA Income Opportunity Fund 4.42 4.73 5.86 5.68 6.45NAFA Savings Plus Fund 5.21 5.16 10.41 8.86 8.13NIT - Income Fund 5.22 5.18 5.99 5.57 5.56Pakistan Income Fund 5.53 4.77 8.60 7.30 6.79UBL Government Securities Fund 4.84 4.81 4.69 4.41 5.51UBL Income Opportunity Fund 4.62 4.67 4.53 4.44 6.63

INCOME FUNDS 30 DAYS 90 DAYS 180 DAYS 270 DAYS 365 DAYS

MONEY MARKET FUNDS 30 DAYS 90 DAYS 180 DAYS 270 DAYS 365 DAYS

ABL Cash Fund 4.98 4.76 9.42 8.20 7.76AKD Cash Fund 3.69 4.20 7.36 6.43 6.15Alfalah GHP Cash Fund 4.42 4.56 8.06 7.03 6.63Alfalah GHP Money Market Fund 4.87 4.78 6.10 5.78 5.78Askari Sovereign Cash Fund 4.58 4.78 11.24 9.21 8.27Atlas Money Market Fund 5.28 5.16 6.54 6.17 6.04Atlas Sovereign Liquid Fund 4.91 4.79 4.81 4.91 5.04BMA Empress Cash Fund 4.79 3.88 4.67 4.40 4.35Faysal Money Market Fund 5.02 4.79 7.95 7.13 6.84First Habib Cash Fund 5.18 5.24 7.68 6.92 6.52HBL Money Market Fund 5.04 4.79 7.32 6.48 6.12JS Cash Fund 4.77 4.92 6.05 5.83 5.74Lakson Money Market Fund 5.48 5.24 7.41 6.76 6.52MCB Cash Management Optimizer 5.52 5.26 8.23 7.25 6.87NAFA Government Securities Liquid Fund 5.07 4.95 9.84 8.43 7.79NAFA Money Market Fund 5.58 5.42 6.56 6.41 6.45NIT Government Treasury Fund 5.07 4.91 4.79 4.89 4.87Pakistan Cash Management Fund 5.29 5.18 9.57 8.21 7.59PIML Daily Reserve Fund 4.87 4.55 7.34 6.56 6.28UBL Liquidity Plus Fund 5.19 5.04 7.11 6.45 6.4UBL Money Market Fund 18.82 9.01 8.23 7.12 7.06

ISLAMIC INCOME FUNDS

ABL Islamic Income Fund 4.37 4.88 5.39 5.73 5.66Al Ameen Islamic Sovereign Fund 2.15 1.20 3.49 4.77 5Alfalah GHP Islamic Income Fund 4.68 5.23 5.61 5.30 5.54Askari Islamic Income Fund 4.31 4.58 6.17 5.63 5.46Atlas Islamic Income Fund 4.56 4.57 5.23 5.78 5.52Faysal Islamic Savings Growth Fund 4.70 4.19 4.53 4.85 5.33JS Islamic Government Securities Fund 1.31 (0.32) 0.00 2.02 2.75Meezan Islamic Income Fund 3.65 4.83 5.28 5.14 4.99Meezan Sovereign Fund 1.60 (0.15) 5.33 6.06 6.02NAFA Islamic Income Fund 4.80 4.68 4.97 5.14 5.62NAFA Riba Free Savings Fund 4.70 4.56 6.08 5.93 5.81Pak Oman Advantage Islamic Income Fund 5.13 4.51 5.59 5.45 6.46

ISLAMIC MONEY MARKET FUNDS

Al Ameen Islamic Cash Fund 4.76 4.51 4.80 4.88 4.91HBL Islamic Money Market Fund 3.89 3.78 4.24 4.28 4.26Meezan Cash Fund 3.77 4.16 7.41 6.51 6.12

Note: NA - Not Available. Source: MUFAP.

14


Mutual Funds Performance Comparison


AKD Aggressive Income Fund 4.59 5.83 6.18 6.24 6.41Alfalah GHP Income Multiplier Fund 5.23 5.50 6.21 5.79 6.72Askari High Yield Scheme 4.73 5.96 5.55 5.10 5.32BMA Chundrigar Road Savings Fund 5.18 6.20 5.61 5.34 6.3Faysal Income & Growth Fund 5.36 5.52 5.13 3.90 5.27Pakistan Income Enhancement Fund 5.40 5.35 6.12 5.18 5.51UBL Growth & Income Fund 3.08 4.11 5.05 3.80 8.35

AGGRESSIVE INCOME FUNDS 30 DAYS 90 DAYS 180 DAYS 270 DAYS 365 DAYS

ISLAMIC AGGRESSIVE INCOME FUNDS

Al Ameen Islamic Aggressive Income Fund 5.39 4.40 4.44 4.63 5.4

ISLAMIC EQUITY FUNDS

ABL Islamic Stock Fund 1.14 (0.21) 22.53 29.03 43.06Al Ameen Islamic Dedicated Equity Fund 0.94 (0.33) 20.69 24.01 41.19Al Meezan Mutual Fund 1.39 (1.10) 18.26 22.16 39.09Alfalah GHP Islamic Stock Fund 1.37 (0.96) 19.61 24.55 34.82HBL Islamic Stock Fund 2.02 (1.33) 18.85 22.24 35.57JS Islamic Fund 3.60 0.29 19.99 36.09 55.41Meezan Islamic Fund 0.92 (1.18) 17.82 22.17 39.4PIML Islamic Equity Fund 1.74 (3.39) 15.66 18.82 28.24


15



EQUITY FUNDS 30 DAYS 90 DAYS 180 DAYS 270 DAYS 365 DAYS

ABL Stock Fund 1.14 (0.08) 20.78 30.89 45.08AKD Opportunity Fund (0.28) (5.97) 12.25 34.86 49.06Alfalah GHP Alpha Fund 1.51 (0.60) 18.49 25.67 36.95Alfalah GHP Stock Fund 1.31 (0.76) 18.37 25.69 36.72Askari Equity Fund (0.97) (4.06) 13.46 14.88 26.52Atlas Stock Market Fund 1.00 (2.19) 19.20 27.86 42.36First Capital Mutual Fund (1.05) (4.17) 14.52 19.68 33.22First Habib Stock Fund 0.02 (3.25) 16.78 21.72 32.17HBL Energy Fund 0.95 (2.08) 17.65 32.31 44.34HBL Equity Fund (Formerly: PICIC Stock Fund) 0.54 (1.70) 18.43 22.63 32.88HBL Stock Fund 1.81 (0.63) 17.21 20.36 32.13JS Growth Fund 0.58 (2.20) 22.59 34.69 45.32JS Large Cap Fund 2.72 (0.91) 22.87 34.25 45.93JS Value Fund 0.68 (2.88) 17.80 24.58 35.09Lakson Equity Fund 1.77 0.17 17.26 24.44 36.92MCB Pakistan Stock Market Fund 1.08 (2.04) 18.66 27.04 41.49NAFA Stock Fund 0.56 (1.26) 17.21 28.51 43.5National Investment Unit Trust 2.07 (0.52) 18.52 34.24 50.49PIML Value Equity Fund 1.65 (3.56) 17.49 23.34 32.41UBL Stock Advantage Fund 1.19 0.87 20.27 25.36 39.44

BALANCED FUNDS 30 DAYS 90 DAYS 180 DAYS 270 DAYS 365 DAYS

Faysal Balanced Growth Fund 1.42 0.08 13.55 14.94 22.13HBL Multi Asset Fund 1.82 0.29 14.53 16.64 26.35NAFA Multi Asset Fund 1.02 0.49 14.73 23.57 35.64Pakistan Capital Market Fund 1.04 (0.58) 16.13 22.72 33.76Unit Trust of Pakistan 0.77 (0.38) 14.87 20.23 27.22

ISLAMIC BALANCED FUNDS

Meezan Balanced Fund 0.86 (0.42) 12.00 14.04 23.78


Alfalah GHP Value Fund 1.20 (0.54) 14.69 22.02 34.86Askari Asset Allocation Fund (0.93) (3.22) 10.25 10.41 17.56Faysal Asset Allocation Fund 0.12 (1.59) 16.66 12.20 16.34Lakson Asset Allocation Developed Markets Fund 0.85 2.40 5.78 5.92 9.93Lakson Tactical Fund 1.32 1.18 9.54 13.38 17.33MCB Pakistan Asset Allocation Fund (0.40) (2.91) 3.07 6.42 12.76MCB Pakistan Frequent Payout Fund 0.57 0.34 2.64 4.07 5.75NAFA Asset Allocation Fund 1.22 0.79 14.50 24.00 33.79Pak Oman Advantage Asset Allocation Fund 0.64 (2.85) 12.78 17.56 28.35UBL Asset Allocation Fund 1.08 1.34 10.18 12.04 19.87

ASSET ALLOCATION FUNDS 30 DAYS 90 DAYS 180 DAYS 270 DAYS 365 DAYS

ISLAMIC ASSET ALLOCATION FUNDS

Al Ameen Islamic Asset Allocation Fund 0.56 0.55 9.97 12.07 18.4Askari Islamic Asset Allocation Fund (0.70) (2.60) 10.60 11.66 20.92Lakson Islamic Tactical Fund 1.48 1.35 7.80 9.19 10.39Meezan Asset Allocation Fund 2.04 0.08 18.25 21.39 29.18NAFA Islamic Asset Allocation Fund 0.70 0.01 12.60 17.75 29.08Pak Oman Islamic Asset Allocation Fund 0.68 (3.31) 13.51 17.93 26.71


16



CAPITAL PROTECTED FUNDS 30 DAYS 90 DAYS 180 DAYS 270 DAYS 365 DAYS

JS Capital Protected Fund V 0.45 0.84 3.31 5.33 N/AUBL Capital Protected Fund III 0.79 1.09 N/A N/A N/A

ISLAMIC CAPITAL PROTECTED FUNDS

NAFA Islamic Principal Protected Fund I 2.11 2.94 12.96 17.26 24.26NAFA Islamic Principal Protected Fund II 0.08 1.02 12.34 20.48 29.38

Markets Information17


Equities

MARKETS INDEX YTD 3 M 1Y 5Y YTD 3 M 1 Y 5Y

World MSCI All Country World Index 7.9% 5.1% 12.9% 59.0% 7.9% 5.1% 12.9% 38.5%

Developed MSCI World Index 7.3% 4.8% 12.4% 66.7% 7.3% 4.8% 12.4% 45.2%

Emerging MSCI Emerging Markets Index 13.4% 7.1% 16.4% 9.4% 13.4% 7.1% 16.4% -4.7%

Europe MSCI Europe Index 10.1% 8.3% 7.8% 38.8% 10.1% 8.3% 7.8% 20.9%

China CSI 300 3.9% 1.5% 9.0% 48.5% 3.9% 1.5% 9.0% 29.4%

Dubai DFM 0.0% 0.0% 0.0% 256.4% 0.0% 0.0% 0.0% 210.4%

India BSE Sensex 30 12.4% 7.4% 16.8% 59.7% 12.4% 7.4% 16.8% 39.1%

Japan Nikkei 225 0.4% -0.9% 15.2% 53.7% 0.4% -0.9% 15.2% 33.9%

Malaysia FTSE Bursa 7.7% 4.8% 5.7% -11.4% 7.7% 4.8% 5.7% -22.8%

Pakistan KSE 100 3.1% 0.7% 42.0% 252.4% 3.1% 0.7% 42.0% 206.9%

Sri Lanka Colombo All Share 6.1% 7.7% 1.4% -1.2% 6.1% 7.7% 1.4% -14.0%

UK FTSE 100 0.9% 1.2% 15.4% 34.5% 0.9% 1.2% 15.4% 17.2%

US DJIA 6.0% 4.9% 17.8% 81.9% 6.0% 4.9% 17.8% 58.5%

US S&P 500 6.5% 4.5% 15.4% 95.8% 6.5% 4.5% 15.4% 70.6%

US NASDAQ 100 14.8% 8.9% 28.6% 135.4% 14.8% 8.9% 28.6% 105.0%

Germany DAX Index 8.3% 6.5% 23.9% 78.0% 8.3% 6.5% 23.9% 55.1%

CANADA TSX 300 Composite Index 2.0% 1.2% 11.7% 8.5% 2.0% 1.2% 11.7% -5.5%

France CAC - 40 8.3% 10.1% 18.9% 58.7% 8.3% 10.1% 18.9% 38.2%

Brazil Sao Paulo SE Bovespa Index 8.6% 1.7% 21.3% -42.2% 8.6% 1.7% 21.3% -49.6%

Korea Korea SE Kospi 8.8% 5.8% 10.6% 22.3% 8.8% 5.8% 10.6% 6.5%

Taiwan Taiwan SE Weighted Index 6.7% 4.5% 17.8% 33.7% 6.7% 4.5% 17.8% 16.4%

CURRENT MARKET YIELDS HISTORIC 12M PAPER RATES

GOVERNMENT SECURITIES 3M 12M 5 Y 10Y YTD 3M 1 Y 2 Y

China 2.63% 2.87% 3.10% 3.29% 2.77% 2.80% 2.43% 2.36%

India 8.31% 6.11% #N/A 6.65% 6.18% 6.18% 6.49% 6.94%

Japan -0.15% -0.18% -0.12% 0.07% -0.34% -0.34% -0.32% -0.21%

Malaysia 3.15% 3.24% 3.82% 4.14% 3.14% 3.14% 2.86% 2.91%

Pakistan 6.01% 6.21% 7.11% 8.31% 5.92% 5.92% 5.91% 6.19%

Sri Lanka 11.26% 12.36% NA NA 12.04% 12.06% 11.70% 9.85%

UK 0.27% 0.13% 0.50% 1.05% 0.09% 0.08% 0.17% 0.32%

US 0.78% 1.01% 1.86% 2.33% 0.87% 0.90% 0.69% 0.55%

TOTAL RETURN IN PKR AND % TOTAL RETURN IN USD AND %

Govt. Securities vs. KIBOR

KSE SECTORS

Automobile and Parts 23.9% 14.3% 204.9% 1495.7% 23.9% 14.3% 204.9% 1289.9%

Banks -2.9% -3.9% 30.0% 120.8% -2.9% -3.9% 30.0% 92.3%

Chemicals 15.7% 8.8% -50.5% -13.0% 15.7% 8.8% -50.5% -24.2%

Construction and Materials 3.0% 0.6% 43.2% 719.7% 3.0% 0.6% 43.2% 614.0%

Electricity -3.4% -8.5% 9.8% 195.3% -3.4% -8.5% 9.8% 157.2%

Food Producers -3.6% -4.6% 8.3% 99.1% -3.6% -4.6% 8.3% 73.4%

Oil and Gas -2.1% 1.0% 31.8% 42.7% -2.1% 1.0% 31.8% 24.3%

Personal Goods -4.6% -2.2% 1.6% 173.4% -4.6% -2.2% 1.6% 138.1%

MONEY MARKET 1M 3M 6M 12M YTD 3M 1 Y 5 Y

Fixed Income

China SHIBOR 4.32% 4.36% 4.35% 4.20% NA 4.19% 3.25% 3.22%

Dubai UAE IBOR 1.05% 1.46% 1.69% 2.20% NA 1.65% 1.53% 1.29%

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% 0.17%

Malaysia KLIBOR 3.18% 3.43% 3.54% 3.63% 3.54% 3.54% 3.58% 3.71%

Pakistan KIBOR 6.25% 6.13% 6.16% 6.46% 6.13% 6.13% 6.11% 6.39%

Sri Lanka SLIBOR 10.81% 11.26% 11.87% 12.36% 11.56% 11.58% 11.21% 9.43%

UK LIBOR 0.26% 0.34% 0.49% 0.72% 0.52% 0.51% 0.57% 0.66%

US SIBOR 0.98% 1.15% 1.42% 1.80% 1.37% 1.39% 1.21% 0.92%

CURRENT INTERBANK RATES HISTORIC 6M INTERBANK RATES

-30% -5% 20% 45% 70%

YTD

3-mo

12M Yields of Government Securities

5.00%5.25%5.50%5.75%6.00%6.25%6.50%6.75%7.00%7.25%7.50%7.75%8.00%

1W 1M 3M 6M 1Y 2Y

Interbank Mar 17 Govt. Sec. Mar 17

0% 3% 6% 9% 12%

US

UK

Sri Lanka

Pakistan

Malaysia

Japan

India

China

Markets Information18


Commodities

COMMODITY UNIT YTD 3M 1 Y 5Y

TOTAL RETURN CURRENTPRICE

DB Commodity Index USD Excess Return -6.1% -5.1% 2.5% -44.7% 309.0

S&P Global Commodity Index USD Total Return -7.1% -5.2% -3.6% -56.3% 2246.9

Dow Jones UBS Commodity Index USD Total Return -3.8% -3.3% -1.3% -40.1% 170.2

Coal USD/Tonne -5.5% 0.0% 64.6% N.A 83.6

Copper USc/lbs 3.6% -2.2% 13.9% -32.3% 259.7

Cotton USc/lbs 13.6% 8.2% 25.8% -8.0% 80.2

Gold USD/t oz. 10.1% 6.3% -1.7% -23.8% 1268.3

Palm Oil USD/Tonne -13.5% -15.2% -5.5% -45.9% 620.6

Sugar USc/lbs -17.8% -21.0% -0.7% -24.2% 16.0

Wheat USD/Bushel (60Ibs) 2.6% 1.1% -12.4% -35.4% 4.2

WTI USD/bbl -8.2% -6.3% 7.4% -53.0% 49.3

Brent Crude USD/bbl -9.0% -6.3% 7.5% -56.7% 51.7

Heating Oil USd/Gallon -11.8% -6.4% 9.2% N.A 150.4

RBOB Gasoline USD/Gallon -7.0% 2.8% -2.3% -51.4% 1.5

Natural Gas USD/MMBTU -12.0% 1.4% 50.4% 43.4% 3.3

Silver USD/t Ozs 7.5% 0.2% -3.4% -44.5% 17.2

Currencies

TOTAL RETURN CURRENT EXCHANGERATES

YTD 3 M 1 Y 5Y

Canadian Dollar CAD -1.10% -4.34% -8.06% -8.06% CAD - PKR 76.75

Euro EUR 4.09% 1.97% -4.79% -4.79% EUR - PKR 114.23

Indian Rupee INR 5.39% 1.58% -4.63% -4.63% INR - PKR 0.94

Japanese Yen JPY 5.39% 1.58% -4.63% -4.63% JPY - PKR 0.94

Pound Sterling GBP 5.41% 3.27% -11.35% -11.35% GBP - PKR 135.73

Singaporian Dollar SGD 4.06% 1.26% -3.78% -3.78% SGD - PKR 75.00

US Dollar USD 0.37% -0.06% -0.03% -0.03% USD - PKR 104.76

80

90

100

110

120

130

140

Mar-16 May-16 Jul-16 Sep-16 Nov-16 Jan-17 Mar-17

DBCI SPGSCI DJUBS

80

90

100

110

120

130

140

Apr-16 Jun-16 Aug-16 Oct-16 Dec-16 Feb-17 Apr-17

DBCI SPGSCI DJUBS

19


Century Insurance

Century Paper& Board Mills

Merit PackagingLimited

Accuray Surgicals

This information has been prepared by Lakson Investments foryour general information and private use only. It does not constituteinvestment advice and is not intended to be an offer to buy or sellor a solicitation of an offer to buy or sell any securities mentioned.It should not be considered as an incentive to invest. The securitiesdescribed in this document may not be eligible for sale orsubscription in all jurisdictions or to certain categories of investors.This document is not intended for distribution to a person orwithin a jurisdiction where such distribution would be restrictedor illegal. This document may not be conveyed to or used by a thirdparty without our express consent. Any other use is not authorized.

The information contained herein has been obtained from sourcesbelieved to be reliable and no member of Lakson Investmentsmakes any warranty, expressed or implied, as to the accuracy orcompleteness of the information. All the information included inthis presentation is current when this document is prepared andsubject to changes at any time. Any forecast or projection or forwardlooking statement made in this document is not necessarilyindicative of future or likely performance, future events or futurefinancial performance of securities, countries, markets orcompanies. Such statements are only predictions and actual eventsor results may differ.

Lakson Investments may from time to time provide services to thecompanies and their affiliates mentioned herein. Employees ofLakson Investments or ersons/entities connected to them mayfrom time to time have position in or are holding any of the securitiesmentioned in this document.

No consideration have been given to and no investigation was madeof your investment objectives, financial situation or particulars,and accordingly, no warranty whatsoever is given and no liabilitywhatsoever is accepted for any loss arising whether directly orindirectly as a result of you acting on such information or opinionor estimate. Lakson Investments expressly disclaims any fiduciaryresponsibility or liability for any consequences, financial orotherwise arising from any reliance placed on this information inthis document.

Disclaimer: All investments in mutual funds are subject to marketrisks. The NAV of Units may go up or down based on marketconditions. Past performance is not necessarily indicative of thefuture results. The investors are advised in their own interest tocarefully read the Offering Document in particular the investmentpolicy in Clause 2.2 and risk disclosure and warning statementscontained in Clause 2.11 and Part 11 respectively in this OfferingDocument.

T R A N S A C T I O N L O C A T I O N S

IslamabadMr. Ali Kazmi - Branch ManagerOffice No.6, Mezzanine floor, Kashmir Plaza,Jinnah Avenue, Blue Area, Islamabad.UAN: 051.111-111-717Fax: 051.2870228

LahoreMr. Haider Abbas14 Ali Block, 1st FloorNew Garden Town, Lahore.Tel: 042.591.1025/26

FaisalabadMr. Shahbaz Choudhry - Branch Manager1 st Floor, FM Plaza 15-D, Peoples Colony,FaisalabadTel: 041.324.1704/07Fax: 041.855.4453

SialkotMr. Nisar Bhatti - Branch Manager1 st Floor, Karim Plaza Iqbal Town, Defence Road,SialkotTel: 052.324.1704/07Fax: 052.324.1703

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