Feb FMR 2017 Updated Benchmarks

February 2017

Economic Review Money Market Review

Over the past few months, Pakistan’s economy has received largely positive coverage Market remained short of liquidity during the month of February’17 and to accomplish in a number of international media outlets. For a country usually in the news for its this liquidity shortage, SBP conducted 5 OMO – Injections where the total participation endemic political instability and prolonged battles with Islamist militancy, this shift in stood at PKR 4.126trn and total accepted amount was PKR 3.908trn and the weighted focus heralds an interesting change. Pakistan’s economy could become the 16th average rate of all OMO – Injections was 5.82%. This is 0.64% more participation and largest by 2050 based on its gross domestic product (GDP) at purchasing power parity 0.76% higher acceptance relative to last month. (PPP), said a report prepared by PricewaterhouseCoopers (PwC), a multinational Central bank conducted two T bill auctions during the month under discussion, where in professional services network headquartered in London and considered among the ‘Big first auction the cut offs were increased by 04 bps for 3M – 5.9463%, were increased Four’ auditors. This means the country would overtake Italy and Canada, which by 06bps for 6M – 5.9258% and 03 bps for 12M – 5.9598%. However, in second currently rank at 12th and 17th places, respectively. auction yield curve remain stagnant at current levels across all maturities. The total There is no doubt that Pakistan’s economy has seen qualitative shifts towards amount realized was PKR 1,254.2bn against the target of PKR 1,100bn and total increased marketization and commodification in the past two decades. However, the maturities of PKR 1,155.34bn. claims extrapolated from these shifts require further scrutiny. Beyond macroeconomic In the monthly PIB auction The State bank of Pakistan (SBP) sold PKR 58.178 billion indicators, another factor that has received considerable attention in recent coverage is worth of long-term Pakistan Investment Bonds (PIBs).The raised amount was higher the country’s growing middle class. One recent piece, published in the Wall Street than the pre-auction target of PKR 50 billion where the major concentration of investors Journal, cited this burgeoning middle class as the primary fuel behind the twin boon of was witnessed in 3yrs tenor followed by 5yr and 10yr. Cut – offs for the auction held democratic stability and economic growth. during the period under discussion were marginally decreased to; 3yr – 6.4066%%, 5yr Pakistan's consumer price index (CPI) inflation rate accelerated to 4.22% year-on-year – 6.8994%, 10yr – 7.9406% and 20yr- no bids. in February from 3.66% in January, setting ground for a tight monetary policy stance, as Moody’s & Fitch’s Ratings expected Pakistan’s real GDP to expand with progressing perishable food (food inflation, which accounts for one-third of the consumer price index remarks on Country’s prospects. Fitch Ratings affirmed Pakistan’s Long-Term Foreign (CPI) inflation basket, rose 3.1%) and fuel prices were seen rebounding. On a and Local-Currency Issuer Default Ratings (IDRs) at 'B' with stable outlook, confirming month-on-month basis, prices rose by 0.28% in February. The rise in month-on-month the progress achieved by the present Government under its economic reform agenda inflation was mostly due to higher prices of food items such as tomatoes, peas, oranges in recognition of the country’s strengthened foreign exchange reserves, fiscal deficit and chicken. reductions and significant progress made on structural reforms. Furthermore, Moody’s The total liquid foreign exchange reserves of the country reached $21.822 billion during Credit rating agency appraised Pakistani banks, with stable deposit-based funding the month ended. Forex reserves held by the State Bank of Pakistan (SBP) stood at structure, poised to benefit during the current and next year from a spurt in loan growth $16.851 billion, while the foreign exchange reserves of commercial banks amounted to fuelled by the economic stimulus measures of the present government and China-fund- $4.971 billion. ed infrastructure projects, viewing outlook for Pakistan’s banking system as stable on Pakistan’s current account deficit widened by 90% in the first seven months (Jul-Jan) of expectation of how bank creditworthiness will evolve in this system over the next 12 to 2016-17, standing at $4.72 billion compared with $2.48 billion in the same period of the 18 months. It rated “b3” average asset-weighted Baseline Credit Assessment (BCA), or previous year. his year, the gap in the first seven months (Jul-Jan) of the ongoing fiscal standalone credit strength, for top five largest banks, which together account for around year 2016-17 has already widened by 45% compared to the entire last year’s level. The 50% of total banking system deposits. current account deficit was equal to 2.5% of gross domestic product in July-January 2016/17 as against 1.5% ($2.479 billion) a year earlier, according to the State Bank of Pakistan (SBP). In January, the current account deficit amounted to $1.189 billion as compared to $1.025 billion in the previous month. Ballooning current account deficit was due to higher trade gap and slowdown in workers’ remittance inflows and foreign Equity Review investment. Remittances, sent by Pakistanis living aboard, continue to decline since the start of this fiscal year. Remittances decreased 1.87% to $10.946 billion during 7MFY17. Economists feared that prospects of the balance of payments would further be bleak in the months to come. PSX 100 index remained range bound during the month as market participants Rising global oil prices, dried foreign inflows and lower exports would build pressure on weighed political and macroeconomic risks amid tightening regulatory compliance, the current account position. The balance of trade in goods and services posted a deficit which were visible in thin participation as volumes for overall PSX were down 20.25% of $15.208 billion in July-January FY17 compared with $12.449 billion in the same MoM at 353.51mn shares (PSX-100 volumes: 140mn), while avg. traded value period of the last year. Trade deficit rose to $17.428 billion in this period from $13.544 decreased by 25% MoM (US$ 161.87mn). Supreme Court finally reserved its judgment billion a year ago due to increased exports and decreased imports. Exports fell to over Panama case, to be announced later, while market participants kept a close eye $11.685 billion from $12.073 billion, while imports rose to $29.113 billion from $25.617 for clarity on the subject. Furthermore, despite strong corporate result stocks failed to billion. An expected spike in the oil and non-oil import bills would exert pressure on attract investor attention. The benchmark PSX 100 Index closed the month at 48,534.2 foreign exchange reserves of the country. Increasing share of liquefied natural gas in points (-0.5% MoM, -223.4 points), moving in a range of 4.5% (2,176 points) and the import mix may become more challenging to bolster the current account position. A making a high/low of 50,322.6 points/48,146.7 points. FY2017TD return of the Index structural weakness in the external account depicted by continuous drop in exports and stands at 1.5% (1.1% in USD terms). remittances pose threat to the economic sustainability. After three consecutive months of unabated outflow, Foreigners continued to be net Foreign direct investment (FDI) is somehow a source of support to the balance of sellers of US$ 29.6mn in Feb 2017, though relatively 73% lower than last month’s wipe payment position. The country attracted $1.161 billion in FDI in the July-January period out of US$ 110mn worth of equities. On a YTD basis, Foreigners have incurred net of 2016/17, up from $1.056 billion a year earlier. That showed a 9.9% increase in FDI outflow of US$ 140.5 mn worth of equities. Local asset managers thrived again with net over the corresponding period of the last fiscal year. Pakistan’s image as an attractive buying of US$ 49 mn with Retail Individuals supporting this rally incurred net buying of investment destination is improving, despite security challenges and political instability. US$ 43 mn. On a YTD basis, MF have emerged net buyers of US$ 91.9 mn, while The country mostly received FDIs from Netherlands, China, and Turkey. Investment Individuals have been net sellers of US$ 3.4mn so far. made by Dutch companies in the country accounted for almost half of the FDI flows Dissecting sector’s performances, index heavy-weights that dragged the overall recorded during July-January FY17. The Dutch companies invested $456 million in benchmark index were Power, Autos, E&P’s, Banks and Chemicals declining by 6%, some businesses, particularly, the food sector in July-January FY17 compared with 3%, 2%, 1% and 1% respectively. Sectors contributing positively to the market were $9.6 million in the corresponding period of last year. Gas distribution, Paper & Board and Insurance gaining 17%, 16% and 13% respective- Large scale manufacturing (LSM) sector posted year-on-year 3.9% growth in the first ly. Cement sector was amongst largest contributors to the index during the month as half of the current fiscal year as construction boom aroused demand of steel products rumors regarding Bestway Cement’s acquisition of Dewan Cement’s North Plant hit the amid the China-sponsored infrastructure developments. The PBS recorded 7.04% rise bourse, thereby reducing the risk of Chinese entrance in the domestic cement manufac- in LSM output in December 2016 over the last year and month-on-month 12.89% turing industry. Also expansion plans by local manufacturers kept the sector abreast. increase. This healthy growth in LSM sector can enable the government to achieve the A latest report of Leading International Magazine Forbes elucidated that, the bullish GDP’s growth target of 5.7% during the ongoing financial year. trend of the stock exchange that soared close to 500% since 2009 with 56% increase Iron and steel production recorded the highest growth of 15.63% during the July-De- during the last twelve months, driven by a number of favorable economic fundamentals. cember period of 2016/17. Electronics manufacturing registered the second highest rise It also noted that investor hype about the potential of the Pakistani economy could of 14.35% in the period under review, followed by non-metallic mineral products further take the equity market much higher. (9.31%), pharmaceuticals (7.9%), food, beverages and tobacco (6.95%), automobiles Moving ahead, market trajectory is likely to be dictated by developments on panama (6.67%), paper and board (5.69%), fertilizers (3.47%), rubber products (0.45%) and case in the upcoming month along with uncertainty of law and order conditions as textile (0.14%). In December 2016, iron and steel production of 20.85% was also the results for all heavy weight sectors have been announced already, while chatter highest among all the major industries, followed by food, beverages and tobacco regarding curbs on illegal financing by brokerage houses may keep a lid on overall (16.24%) and paper and paper board (16.13%). volumes. The key theme plays of MSCI reclassification, PSX-divestment, influx of Improving economic indicators are encouraging to local as well as foreign investors. foreign funds and timely completion of CPEC, are long-term triggers for the index. Pakistan’s strategic location at the crossroads of the Middle East has always been PSX-100 is currently trading at a PER of 9.7x (2017) against Asia Pac regional average prized for South Asia, Central Asia and its economic potential.The current performance of 14.5x while offering twice as better dividend yield of ~5.0 % versus ~2.5% offered by of Pakistan’s economy is living up to its promise. the region at a P/Bv of 1.7x.

Disclaimer: The publication is for informational purposes only and nothing herein should be construed as a solicitation, recommendation or an offer to buy or sell any fund. All investments in mutual funds are subject to market risks. The NAV based prices of units and any dividends/returns thereon are dependent on forces and factors affecting the capital markets. These may go up or down based on market conditions. Past performance is not necessarily indicative of future results. Please read the Offering Document to understand the Investment policies and the risks involved. Faysal Money Market Fund

(Annualized % p.a Holding Period) FMMF Benchmark FY17 to Date 7.43% 5.25% AA (f) (PACRA) Month on Month 4.31% 5.27% 1 year Trailing 6.87% 5.33%

Returns (%) FY 16 FY 15 FY 14 FY 13 FY 12 FMMF 5.67% 8.64% 8.35% 9.06% 10.98% Deloitte Yousuf Adil, Benchmark (YTD) 5.34% 7.72% 8.44% 8.83% 9.98% Charted Accountants

Min Subscription PKR 5,000 70% Three months PKRV rates + 30% three months average deposit rates of three –AA rated scheduled Banks Others Others including including Receivables, Receivables, Cash Cash, 0.18% 0.54% 18.43% 9.71% COI/ COI/ Placements Placements with Banks with Banks 106.10 and DFIs, andDFI 10.30% 9.27% 1,098.01

T-Bills T-Bills, T-Bills 79.81% 71.77% Weighted Average Maturity* 6.05 Days TER includes 0.20% representing government levy and SECP fee Feb’17 Jan’17 Total Expense Ratio 1.25% excluding reversal of WWF. *Excluding Government Securities

Government Securities 79.81% Faysal Money Market Fund (FMMF) seeks to provide stable and AAA 0.02% competitive returns in line with the money markets exhibiting low AA+ 10.31% volatility consistent with capital preservation by constructing a liquid portfolio of low risk short term investments yielding competitive returns. AA 9.68% NR (include receivables against sale of Government Securities) 0.18% % 7 4 .

25.00% 2 INVESTMENT COMMITTEE 2 20.00% Mr.Razi Ur Rahman Khan Chief Executive Officer 15.00% Mr.Ayub Khuhro Chief Investment Officer % % % % % % % % % % % % 9 % % % % % % % 8 10.00% % 0 % 7 3 9 6 5 4 4 9 9 % 9 8 5 3 7 2 2 2 6 1 6 . 1 4 3 2 2 27% 2 2 . SR. Fund Specialist - Fixed Income 2 1 1 1 Mr.Syed Shahid Iqbal . 0 0 0 . . 8 . 8 8 . 8 . 8 . . . . . 5 . . 6 . . . . . 5 . 3 5 . 5 5 5 5 5 5 5 5 5 5 . 5 5 5 4 4 4 4 4 4 Ms.Sania Awan Acting Head of Research 5.00% 4

0.00%

The Scheme has maintained provisions against Sindh Workers' Welfare Fund liabilty to the tune of Rs. 1,911,612 as at February 28, 2017. If the same were not made the NAV per unit / return of the Scheme would have been higher by Rs 0.185 (0.16%). For details investors are advised to read the Note 6.1 of the latest financial statements for the year ended December 31, 2016.

Faysal Money Market Fund yielded a return of 4.31% on a month-on-month basis whereas the year-to-date return consolidated at 7.43%. During the month, exposure was increased in T-Bills to 79.81% and placements with financial institutions to 10% as superior yields were on offer. Your fund is actively exploring lucrative investment avenues and trading opportunities to generate greater gains.

(Annualized % p.a) Holding Period FSGF Benchmark FY17 to Date 6.15% 6.08%

AA- (f) (PACRA) Month on Month 5.81% 6.13% 1 year Trailing 6.15% 6.15%

FY 16 FY 15 FY 14 FY 13 7.75% 12.81% 8.81% 8.67% 6.50% 6.61% 9.76% 9.88%

Six months KIBOR rates

Others Others including including Receivables, Receivables, Cash 0.58% 0.83% Cash 7.93% TFC/Sukuk, 20.61% PIBs 20.93% 11.16% MTS PIBs, 31.0% 105.84 5.21% T-Bills, 2,886.51 21.98% T-Bills MTS 28.57% 30.68% TFC/Sukuk, 20.86% Weighted Average Maturity* 1.88 Yrs TER includes 0.29% representing government levy and SECP fee Feb’17 Jan’17 Total Expense Ratio 2.29% excluding reversal of WWF. *Excluding Government Securities Investment Objective To generate competitive returns by investing primarily in debt and fixed income instruments having investment grade credit rating.

Government Securities 27.20% HBL TFC 6.86% AAA 6.86% JS TFC 5.47% AA+ 23.50% AA 2.21% BOP TFC 5.13% AA- 5.57% Bank Al Habib Limited TFC 3.46% A+ 5.47% % 5 2 MTS (Unrated) 30.68% 25.00% . 3 NR (include receivables against sale of investments) 0.58% 2

20.00%

15.00% INVESTMENT COMMITTEE % 4 % %

Mr.Razi Ur Rahman Khan Chief Executive Officer 3 6 7 10.00% . 6 5 8 % % % . . % % % % % % % % % % 2 1 7 7 7 4 3 2 9 6 5 0 % 8 8 1 3 Mr.Ayub Khuhro Chief Investment Officer 3 2 1 1 1 0 0 0 . . 0 4 . 9 9 . . . 8 ...... 6 6 4 6 6 6 6 6 6 6 6 . 5 5 5 % SR. Fund Specialist - Fixed Income 5 Mr.Syed Shahid Iqbal % 6 % 9 5 2 . 1 % .

5.00% 8 3 % . 4 Ms.Sania Awan Acting Head of Research 3 9 2 % 8 . 4 0 . 1 8 1 . 0

0.00%

The Scheme has maintained provisions against Sindh Workers' Welfare Fund liabilty to the tune of Rs. 5,448,777 as at February 28, 2017. If the same were not made the NAV per unit / return of the Scheme would have been higher by Rs. 0.20 (0.19%). For details investors are advised to read the Note 7.1 of the latest financial statements for the year ended December 31, 2016.

Faysal Savings Growth Fund generated a return of 5.81% on a month-on-month basis whereas the year-to-date return clocked in at 6.15%, outperforming the benchmark by 7bps. During the month, 5.21% of the portfolio was allocated to PIBs. Exposure in PIBs was reduced from 11.16% in the previous month. Exposure in T-bills was also reduced to 21.98% from 28.57% last month. However, your fund maintained its holding in MTS at 30.68%. Going forward, the fund will continue to build exposure in MTS markets to enhance yields with a proactive investment strategy for competitive returns.

(Annualized % p.a) Holding Period FFSOF Benchmark FY17 to Date 5.35% 6.08% AA-(f) (JCRVIS) Month on Month 4.87% 6.13% Moderate 1 year Trailing 5.75% 6.15% FY 16 FY 15 7.08% 7.41% 5.88% 8.22%

Six months KIBOR rates Others Others including including Receivables, Receivables, 1.47% 1.89% TFCs, TFCs, Cash 38.10% Cash 35.80% 36.79% 60.01% 104.69 74.32

Weighted Average Maturity* 2.34 Yrs T-Bills, TER includes 0.16% representing government levy and SECP fee 25.94% Total Expense Ratio 2.16% excluding reversal of WWF. Feb’17 Jan’17 *Excluding Government Securities

Faysal Financial Sector Opportunity Fund (FFSOF) seeks to provide a competitive rate of returns to its investors by investing in money market and debt instruments with major exposure in financial sector instruments.

Government Securities 25.94% Bank Alfalah TFC 12.07% AAA 0.06% AA+ 0.07% NIB TFC2 11.90% AA 1.41% BOP TFC 11.78% AA- 59.13%

A+ 11.93% % 3 2 .

NR (include receivables against sale of investments) 1.47% 20.00% 8 1 % 3 7 15.00% . 2 1 % 2 6 .

10.00% 8 % % % % % % % % 4 3 2 9 % % % % % 3 3 2 0 1 1 1 % 0 % 3 9 9 7 7 . . . . 7 7 % % 6 6 5 7 . 4 . 3 3 3 3 . . 6 6 6 6 6 . 4 . . . . 9 8 5 5 5 5 . . 5 5 5 5 5 5 5 . . 4 4 4 4 %

INVESTMENT COMMITTEE 5.00% 0 % 3 . 9 % % 2 1 2 3 . 1 2 1 . Mr.Razi Ur Rahman Khan Chief Executive Officer . 0 0 - - Mr.Ayub Khuhro Chief Investment Officer 0.00% Mr.Syed Shahid Iqbal SR. Fund Specialist - Fixed Income

Ms.Sania Awan Acting Head of Research -5.00%

NON COMPLIANCE Name of Rating Existing Required Existing Type of Value of Investment Provision Value of % of Net % of Non-Complaint required Rating Exposure as Exposure Breach Instrument before provisioning (If any) Investment Assets Total Investment a % of NAV as a % of NAV after provisioning Assets Bank Al Falah Limited AA- AA- 0%-10% 12.41% 2.41% TFC 9,221,396 - 9,221,396 12.41% 12.07% NIB Bank Limited AA- AA- 0%-10% 12.24% 2.24% TFC 9,093,704 - 9,093,704 12.24% 11.90% The Bank of Punjab AA- AA- 0%-10% 12.11% 2.11% TFC 9,000,000 - 9,000,000 12.11% 11.78%

DESCRIPTION Minimum Fund Size Actual Fund Size Net Assets (PKR) 100,000,000 74,316,359

The Scheme has maintained provisions against Sindh Workers' Welfare Fund liabilty to the tune of Rs. 310,972 as at February 28, 2017. If the same were not made the NAV per unit / return of the Scheme would have been higher by Rs. 0.438 (0.45%). For details investors are advised to read the Note 8.2 of the latest financial statements for the year ended December 31, 2016.

Faysal Financial Sector Opportunity Fund yielded a return of 5.35% on year-to-date basis whereas the month-on-month return clocked in at 4.87%. Exposures in financial TFC’s are expected to be maintained going forward as interest rates continue to remain under pressure. Your fund will continue to strategize in accordance with the macroeconomic landscape and market dynamics.

(Annualized % p.a) Holding Period FISGF Benchmark FY17 to Date 5.78% 3.24% Month on Month 3.83% 2.84% 1 year Trailing 5.72% 3.71%

Returns (%) FY 16 FY 15 FY 14 FY 13 FY 12 Deloitte Yousuf Adil, Charted Accountants FISGF 5.50% 8.22% 7.65% 8.28% 11.24% Benchmark (YTD) 4.68% 6.61% 6.92% 7.30% 8.70%

Six months average deposit rates of three A rated scheduled Islamic Banks of Islamic windows of conventional Banks

Others, Others, including including receivables COM Com receivables 0.91% 6.78% 0.75% 7.04% TFCs/ Sukuk TFCs/ 31.14% Sukuk 32.30% 105.84

1267.58 Cash, Cash, 59.75% 61.32%

Weighted Average Maturity* 1.26 Yrs TER includes 0.29% representing government levy and SECP fee Feb’ 17 Jan’17 Total Expense Ratio 2.27% excluding reversal of WWF. *Excluding Government Securities

Faysal Islamic Savings Growth Fund (FISGF) seeks to provide maximum possible preservation of capital and a reasonable rate of return via investing in Shariah Compliant money market and debt securities having good credit quality rating and liquidity.

Byco Oil Pakistan 16.42% AAA 16.43% AA+ 7.04% K-Electric AZM Sukuk III 6.01% AA 2.08% TPL Trakker Sukuk 4.12% AA- 3.89% Engro Fertilizer Sukuk 3.89% A+ 69.66% Engro Rupaya Sukuk-2 1.87% NR (include receivables against sale of investments) 0.91%

12.00%

10.17%

10.00% % 5 % 1 9 . 7 8 . % 7 5

8.00% 8 . 6 % % 4 % 9 2 % 1 . % % 9 % % % % % % 3 . 8 5

INVESTMENT COMMITTEE 6.00% 5 2 4 . 2 2 2 2 % 0 5 4 % 4 4 . 3 4 3 3 3 3 0 3 ...... 3 . 4 0 4 4 % 4 4 4 4 4 . 8 4 . 6 4 % % % % % 3 2 4 4 2 0 .

Mr.Razi Ur Rahman Khan Chief Executive Officer 5 8 8 8 8 4.00% 3 7 . . . . . 2 2 2 2 Mr.Ayub Khuhro Chief Investment Officer 2 Mr.Syed Shahid Iqbal SR. Fund Specialist - Fixed Income 2.00%

Ms.Sania Awan Acting Head of Research 0.00%

BYCO Oil A- AAA 0%-15% 16.57% 1.57% Sukuk 210,000,000 - 210,000,000 16.57% 16.42% Pakistan Ltd Sukuk

The Scheme has maintained provisions against Sindh Workers' Welfare Fund liabilty to the tune of Rs. 1,635,521 as at February 28, 2017. If the same were not made the NAV per unit / return of the Scheme would have been higher by Rs. 0.137 (0.12%). For details investors are advised to read the Note 7.1 of the latest financial statements for the year ended December 31, 2016.

Faysal Islamic Savings and Growth Fund yielded an annualized return of 5.78% on a year-to-date basis whereas the month-on-month return clocked in at 3.83%. During the month, your fund increased its exposure towards Islamic commercial securities to 32.30% and in certificate of Musharika to 7.04%. Going forward, your fund will continue to explore Islamic investment avenues in order to provide competitive returns.

FUND INFORMATION FUND RETURNS Fund Type Open Ended (Annualized % p.a) Holding Period FIGF Benchmark Category Aggressive Income Fund FY17 to Date 3.97% 6.38% Stability Rating A(f) (PACRA) Month on Month 4.59% 6.40% Risk Profile Medium 1 year trailing 5.96% 6.45% Launch Date October 10, 2005 Custodian/Trustee CDC Returns (%) Auditor Ernst & Young Ford Rhodes Sidat Hyder, FY 16 FY 15 FY 14 FY 13 FY 12 FIGF 9.41% 12.14% 8.82% 9.50% 13.55% Chartered Accountants Benchmark (YTD) 6.59% 9.03% 9.87% 9.92% 12.24% Management Fee 1.50% Front/Back end Load Nil Note: Funds returns computed on NAV to NAV with the dividend reinvestment (excluding Sales Load) Min Subscription PKR. 5,000 Benchmark One year KIBOR rates Pricing Mechanism Forward ASSET ALLOCATION (% OF TOTAL ASSETS)

Dealing Days Monday-Friday Others Others Cut-Off Timing 9:00 am - 5:00 pm including including Receivables, Receivables, AMC Rating AM3++ (JCRVIS) 0.82% TFCs 1.84% TFC/ 40.33% NAV per Unit (PKR) 108.35 Sukuk, Net Assets (PKR mn) 1,069.97 39.58 Leverage Nil Cash, Cash, 59.60% 51.52% Weighted Average Maturity* 2.27 Yrs TER includes 0.28% representing government levy and SECP fee Total Expense Ratio 2.13% excluding reversal of WWF. *Excluding Government Securities PIBs 6.33% Feb’17 Jan’17

Investment Objective ASSET QUALITY (% OF TOTAL ASSETS) Faysal Income & Growth Fund (FIGF) seeks to provide its investors with AAA 9.27% optimal yields through a diversified portfolio consisting of both long-term AA+ 0.02% fixed instruments as well as short–term money market securities. AA 0.95% TFCS/SUKUK HOLDINGS (% OF TOTAL ASSETS) AA- 21.37% A+ 58.59% JS bank PPTFC 10.37% A 3.75% Byco Oil Pakistan 9.26% A- 5.22% BOP TFC 6.11% NR (include receivables against sale of investments) 0.82%

NRSP TFC 5.22%

16.00% % 1 % 3

TPL Trakker Sukuk 4.87% 9 . 7 3 . % 1 2

14.00% 9

1 12.79% 4 Ghani Gases Limited TFC 3.75% . 1 12.00% 1

10.00% % 0 6 . % % % % % % % % % % % % 7 3 1 1 1 0 0 7 6 7 9 8 8 4 4 4 4 4 4 3 8.00% 3 ...... 1 . . 0 0 0 . . . . 6 6 6 6 6 6 6 6 6 % 6 6 6 % 9 3 5 4 6.00% . . % 4 4 9

INVESTMENT COMMITTEE 1 . % 3

4.00% 4 9 . 1 % %

Mr.Razi Ur Rahman Khan Chief Executive Officer % 1 9

2.00% 0 1 9 0 . . . 0 1 0 - Mr.Ayub Khuhro Chief Investment Officer - 0.00% Mr.Syed Shahid Iqbal SR. Fund Specialist - Fixed Income -2.00% Ms.Sania Awan Acting Head of Research -4.00% NON COMPLIANCE Name of Rating Existing Required Existing Type of Value of Investment Provision Value of % of Net % of Non-Complaint required Rating Exposure as Exposure Breach Instrument before provisioning (If any) Investment Assets Total Investment a % of NAV as a % of NAV after provisioning Assets JS Bank Limited BBB A+ 0%-10% 10.47% 0.47% TFC 112,000,000 - 112,000,000 10.47% 10.37% As per offering document; Investment Policy 2.2, Debt/Fixed Income Securities; DESCRIPTION Securities and/or instruments issued or guaranteed, whether directly or indirectly, by Federal or Provincial Government / Authority of Pakistan, including but not limited Exposure Limit Rangt Actual Holding to Federal Investment Bonds, Treasury Bills, Pakistan Investment Bonds and includes any securities or instruments issued by such entities majority of which is owned, whether directly or indirectly, by the Federal or Provincial Government / Authority of Pakistan or other deposits in the banks and Non-Banking Finance Companies. 63%-100% 60.16% The Scheme has maintained provisions against Sindh Workers' Welfare Fund liabilty to the tune of Rs. 1,857,514 as at February 28, 2017. If the same were not made the NAV per unit / return of the Scheme would have been higher by Rs.0.188 (0.20%). For details investors are advised to read the Note 8.1 of the latest inancial statements for the the year ended December 31, 2016.

Faysal Income and Growth Fund yielded an annualized return of 3.97% on a year-to-date basis whereas the month-on-month return clocked in at 4.59%. During the month, exit strategy was implemented for PIBs and exposure in TFCs was also reduced to 39.58% from 40.33% last month. Going forward, your fund will strive to maximize returns in a competitive macroeconomic landscape. MUFAP’s recommended format Disclaimer: This publication is for informational purposes only and nothing herein should be construed as a solicitation, recommendation or an offer to buy or sell any fund. All investments in mutual funds are subject to market risks. The NAV based prices of units and any dividends/returns thereon are dependent on forces and factors affecting the capital markets. These may go up or down based on market conditions. Past performance is not necessarily indicative of future results. Please read the Offering Document to understand the Investment policies and the risks involved. Faysal Asset Allocation Fund

(Absolute % p.a) Holding Period FAAF Benchmark FY17 to Date 14.97% 24.76% Month on Month -1.25% -0.38% 1 year trailing 24.50% 45.39%

Returns (%) FY 16 FY 15 FY 14 FY 13 FY 12 Deloitte Yousuf Adil, FAAF (2.46)% 16.16% 17.01% 20.26% (0.02)% Charted Accountants Benchmark (YTD) 9.14% 13.44% 30.21% 34.43% 11.62%

Others Others including including Receivables Receivables 2.28% Cash Cash 11.98% 6.63% 11.97%

79.16 156.80

TER includes 0.64% representing government levy and SECP fee Equities, Total Expense Ratio 4.54% excluding reversal of WWF. Equities, 85.74% Feb’17 81.40% Jan’17

Investment Objective Faysal Asset Allocation Fund (FAAF) endeavors to provide investors with an opportunity to earn long-term capital appreciation optimizing through broad mix of asset classes encompassing equity, fixed income & money market instruments.

Feb’17 Jan’17 AAA 0.02% Oil & Gas Marketing Companies 9.35% 8.53% AA+ 11.91% Electricity 9.30% 8.09% Cement 7.84% 7.32% AA 0.004% Oil & Gas Exploration Companies 6.62% 7.15% AA- 0.05% Automobile Assembler 6.22% 6.11% Others 44.77% 44.20% NR (Include Equity Investments) 88.02%

INVESTMENT COMMITTEE Mr.Razi Ur Rahman Khan Chief Executive Officer ICI Pakistan Limited 5.65% Mr.Ayub Khuhro Chief Investment Officer Sui Northern Gas Piplines Company Limited 5.46% Mr. Saif Hasan Fund Manager (Equity) Searle Pakistan Limited 4.80% Packages Limited 4.68% Ms.Sania Awan Acting Head of Research Kot Addu Power Company Limited 4.14% Engro Fertilizers Ltd 4.14% Hub Power Company Limited 3.99% Hascol Petroleum Ltd 3.88% Mari Petroleum Company Ltd 3.67% Singer Pakistan 3.24%

NON COMPLIANCE Name of Rating Existing Required Existing Type of Value of Investment Provision Value of % of Net % of Non-Complaint required Rating Exposure as Exposure Breach Instrument before provisioning (If any) Investment Assets Total Investment a % of NAV as a % of NAV after provisioning Assets Trust Investment - - - Bank Limited* BBB Withdrawn 10% - - TFC 13,137,042 13,137,042 * Fully provided.

Note: “The FAAF scheme holds certain non-compliant investments. Before making any investment decision, investors should review this document and latest financial statements.” The Scheme has maintained provisions against Sindh Workers' Welfare Fund liabilty to the tune of Rs. 923,008 as at February 28, 2017. If the same were not made the NAV per unit / return of the Scheme would have been higher by Rs. 0.466 (0.47%). For details investors are advised to read the Note 6.1 of the latest financial statements for the year ended December 31, 2016.

Faysal Asset Allocation Fund yielded an absolute return of 14.97% on year-to-date basis, whereas the benchmark gave a negative 0.38% return. During the month, your fund increased its equity exposure to 85.74% from 81.40% last month to take advantage of the bullish sentiment surrounding the equity market. Going forward, your fund will devise its portfolio strategy whilst keeping in view the dynamics of different asset classes, with more focus towards the equity asset class.

(Absolute % p.a) Holding Period FBGF Benchmark FY17 to Date 16.40% 19.65% Month on Month -1.11% -0.14% 1 year trailing 24.15% 36.98%

Returns (%) FY 16 FY 15 FY 14 FY 13 FY 12 FBGF 7.39% 19.83% 14.69% 19.15% (4.69)% Benchmark (YTD) 8.60% 12.42% 23.53% 30.70% 11.59%

Others Others including including Receivables PIB’s Receivables TFCs, 0.98% 11.38% 6.02% Cash 4.36% Cash 27.99% 15.83% TFCs 74.82 3.75% 453.09

Equities, Equities, TER includes 0.51% representing government levy and SECP fee 66.66% 63.02% Total Expense Ratio 4.10% excluding reversal of WWF. Feb’17 Jan’17

Faysal Balanced Growth Fund (FBGF) endeavors to provide investors with an opportunity to earn income and long-term capital appreciation by investing in a large pool of funds representing equity / non equity investments in a broad range of sectors and financial instruments

Feb’17 Jan’17 AA+ 27.96% Cement 8.95% 7.99% AA 0.02% Engineering 7.67% 3.50% Paper and Board 7.08% 5.68% AA- 0.02% Oil & Gas Exploration Companies 5.83% 9.75% NR (Include Equity Investments) 72.01% Automobile Assembler 4.72% 4.58% Others 32.41% 31.52%

Cherat Cement Company Limited 3.54% Hub Power Company Limited 3.43% Roshan Packages 3.40% Sui Northern Gas Pipelines Co. 3.26% Mari Petroleum Company Ltd 3.22% INVESTMENT COMMITTEE Indus Motor Company Ltd 2.96% Lucky Cement Ltd 2.73% Mr.Razi Ur Rahman Khan Chief Executive Officer Mr.Ayub Khuhro Chief Investment Officer IGI Insurance 2.71% Mr. Saif Hasan Fund Manager (Equity) ICI Pakistan Limited 2.70% Ms.Sania Awan Acting Head of Research International Steels Limited 2.67%

The Scheme has maintained provisions against Sindh Workers' Welfare Fund liabilty to the tune of Rs. 1,584,219 as at February 28, 2017. If the same were not made the NAV per unit / return of the Scheme would have been higher by Rs. 0.262 (0.31%). For details investors are advised to read the Note 8.1 of the latest financial statements for the year ended December 31, 2016.

Faysal Balanced Growth Fund yielded an absolute return of -1.11% on month-on-month basis whereas the year-to-date return clocked in at 16.40%. During the month, your fund increased its equity exposure to 66.66% from 63.02% last month. Going forward, your fund will devise its portfolio strategy to keep in view the political, economic and corporate stance.

Disclaimer: This publication is for informational purposes only and nothing herein should be construed as a solicitation, recommendation or an offer to buy or sell any fund. All investments in mutual funds are subject to market risks. The NAV based prices of units and any dividends/returns thereon are dependent on forces and factors affecting the capital markets. These may go up or down based on market conditions. Past performance is not necessarily indicative of future results. Please read the Offering Document to understand the Investment policies and the risks involved. Over the past few months, Pakistan’s economy has received largely positive coverage in a number of international media outlets. For a country usually in the news for its endemic political instability and prolonged battles with Islamist militancy, this shift in focus heralds an interesting change. Pakistan’s economy could become the 16th largest by 2050 based on its gross domestic product (GDP) at purchasing power parity (PPP), said a report prepared by PricewaterhouseCoopers (PwC), a multinational professional services network headquartered in London and considered among the ‘Big Four’ auditors. This means the country would overtake Italy and Canada, which currently rank at 12th and 17th places, respectively. There is no doubt that Pakistan’s economy has seen qualitative shifts towards increased marketization and commodification in the past two decades. However, the claims extrapolated from these shifts require further scrutiny. Beyond macroeconomic indicators, another factor that has received considerable attention in recent coverage is the country’s growing middle class. One recent piece, published in the Wall Street Journal, cited this burgeoning middle class as the primary fuel behind the twin boon of democratic stability and economic growth. Pakistan's consumer price index (CPI) inflation rate accelerated to 4.22% year-on-year in February from 3.66% in January, setting ground for a tight monetary policy stance, as perishable food (food inflation, which accounts for one-third of the consumer price index (CPI) inflation basket, rose 3.1%) and fuel prices were seen rebounding. On a month-on-month basis, prices rose by 0.28% in February. The rise in month-on-month inflation was mostly due to higher prices of food items such as tomatoes, peas, oranges and chicken. The total liquid foreign exchange reserves of the country reached $21.822 billion during the month ended. Forex reserves held by the State Bank of Pakistan (SBP) stood at $16.851 billion, while the foreign exchange reserves of commercial banks amounted to $4.971 billion. Pakistan’s current account deficit widened by 90% in the first seven months (Jul-Jan) of 2016-17, standing at $4.72 billion compared with $2.48 billion in the same period of the previous year. his year, the gap in the first seven months (Jul-Jan) of the ongoing fiscal year 2016-17 has already widened by 45% compared to the entire last year’s level. The current account deficit was equal to 2.5% of gross domestic product in July-January 2016/17 as against 1.5% ($2.479 billion) a year earlier, according to the State Bank of Pakistan (SBP). In January, the current account deficit amounted to $1.189 billion as compared to $1.025 billion in the previous month. Ballooning current account deficit was due to higher trade gap and slowdown in workers’ remittance inflows and foreign investment. Remittances, sent by Pakistanis living aboard, continue to decline since the start of this fiscal year. Remittances decreased 1.87% to $10.946 billion during 7MFY17. Economists feared that prospects of the balance of payments would further be bleak in the months to come. Rising global oil prices, dried foreign inflows and lower exports would build pressure on the current account position. The balance of trade in goods and services posted a deficit of $15.208 billion in July-January FY17 compared with $12.449 billion in the same period of the last year. Trade deficit rose to $17.428 billion in this period from $13.544 billion a year ago due to increased exports and decreased imports. Exports fell to $11.685 billion from $12.073 billion, while imports rose to $29.113 billion from $25.617 billion. An expected spike in the oil and non-oil import bills would exert pressure on foreign exchange reserves of the country. Increasing share of liquefied natural gas in the import mix may become more challenging to bolster the current account position. A structural weakness in the external account depicted by continuous drop in exports and remittances pose threat to the economic sustainability. Foreign direct investment (FDI) is somehow a source of support to the balance of payment position. The country attracted $1.161 billion in FDI in the July-January period of 2016/17, up from $1.056 billion a year earlier. That showed a 9.9% increase in FDI over the corresponding period of the last fiscal year. Pakistan’s image as an attractive investment destination is improving, despite security challenges and political instability. The country mostly received FDIs from Netherlands, China, and Turkey. Investment made by Dutch companies in the country accounted for almost half of the FDI flows recorded during July-January FY17. The Dutch companies invested $456 million in some businesses, particularly, the food sector in July-January FY17 compared with $9.6 million in the corresponding period of last year. Large scale manufacturing (LSM) sector posted year-on-year 3.9% growth in the first half of the current fiscal year as construction boom aroused demand of steel products amid the China-sponsored infrastructure developments. The PBS recorded 7.04% rise in LSM output in December 2016 over the last year and month-on-month 12.89% increase. This healthy growth in LSM sector can enable the government to achieve the GDP’s growth target of 5.7% during the ongoing financial year. Iron and steel production recorded the highest growth of 15.63% during the July-De- cember period of 2016/17. Electronics manufacturing registered the second highest rise of 14.35% in the period under review, followed by non-metallic mineral products (9.31%), pharmaceuticals (7.9%), food, beverages and tobacco (6.95%), automobiles (6.67%), paper and board (5.69%), fertilizers (3.47%), rubber products (0.45%) and textile (0.14%). In December 2016, iron and steel production of 20.85% was also the highest among all the major industries, followed by food, beverages and tobacco (16.24%) and paper and paper board (16.13%). Improving economic indicators are encouraging to local as well as foreign investors. Pakistan’s strategic location at the crossroads of the Middle East has always been prized for South Asia, Central Asia and its economic potential.The current performance of Pakistan’s economy is living up to its promise.

Faysal Islamic Asset Allocation Fund

FUND INFORMATION FUND RETURNS Fund Type Open Ended (Absolute % p.a) Holding Period FIAAF Benchmark Category Shariah Compliant Asset Allocation Scheme FY17 to Date 18.75% 20.81% Risk Profile Moderate to High Risk Month on Month 0.11% -0.27% Launch Date September 9, 2015 1 year trailing 27.17% 42.32% Custodian/Trustee CDC Auditor Ernst & Young Ford Rhodes Sidat Hyder, Chartered Accountants Returns (%) FY 16 FY 15 FY 14 FY 13 FY 12 FIAAF (4.02)% - - - - Management Fee 2% Benchmark (YTD) 14.45% - - - - Front end Load 0 - less than 2 million : 2% 2 million - less than 5 million : 1% Note: Funds returns computed on NAV to NAV with the dividend reinvestment (excluding Sales Load) 5 million and above : 0%

Back end Load Back end - 0 %

Min Subscription PKR. 5,000 ASSET ALLOCATION (% OF TOTAL ASSETS) Benchmark* KMI- 30 Index/6M Deposit rate for A & above Others Others rated Islamic Banks including including Receivables Receivables Pricing Mechanism Forward Cash Cash 2.48% 6.50% Dealing Days Monday-Friday 18.50% 14.29% Cut-Off Timing 9:00 am - 5:00 pm AMC Rating AM3++ (JCRVIS) NAV per Unit (PKR) 113.98 Equities Equities 79.01% 79.21% Net Assets (PKR mn) 192.30 Leverage Nil

Total Expense Ratio 4.57% TER includes 0.57% representing government levy and SECP fee Feb’17 Jan’17

Investment Objective The objective of Faysal Islamic Asset Allocation Fund (FIAAF) is to earn Feb’16 Jan’16 competitive riba free return by investing in various Shariah compliant asset Cement 11.01% 11.25% classes/instruments based on the market outlook and may easily change Oil & Gas Marketing Companies 9.67% 10.46% allocation to take advantage of directional macro and micro economic trends and undervalued stocks. Electricity 8.16% 9.14% Automobile & Parts 7.55% 7.84% General Industries 6.55% 6.98% Others 36.07% 33.55%

ASSET QUALITY (% OF TOTAL ASSETS) AA 2.92% Packages Limited 6.55% A+ 15.53% ICI Pakistan Limited 6.33% BBB+ 0.06% NR (include receivables against sale of investments) 81.50% Sui Northern Gas Piplines Co. 6.12% Hub Power Company Limited 4.69% Lucky Cement Ltd 4.45% Searle Pakistan Limited 4.37% INVESTMENT COMMITTEE Mari Petroleum Company Ltd 4.11% Mr.Razi Ur Rahman Khan Chief Executive Officer Mr.Ayub Khuhro Chief Investment Officer Kot Addu Power Company Limited 3.47% Mr. Saif Hasan Fund Manager (Equity) Engro Fertilizers Ltd 3.47% Ms.Sania Awan Acting Head of Research General Tyres and Rubber Co. 3.47%

The Scheme has maintained provisions against Sindh Workers' Welfare Fund liabilty to the tune of Rs. 620,858 as at February 28, 2017. If the same were not made the NAV per unit / return of the Scheme would have been higher by Rs. 0.368 (0.30%). For details investors are advised to read the Note 6.1 of the latest financial statements for the year ended December 31, 2016.

Faysal Islamic Asset Allocation Fund yielded an absolute return of 18.75% on year-to-date basis whereas the month-on-month return clocked in at 0.11%. During the month, your fund maintained its equity exposure at 79%. Going forward, your fund will explore lucrative securities in different Islamic asset classes in order to generate alpha.

MUFAP’s recommended format Disclaimer: This publication is for informational purposes only and nothing herein should be construed as a solicitation, recommendation or an offer to buy or sell any fund. All investments in mutual funds are subject to market risks. The NAV based prices of units and any dividends/returns thereon are dependent on forces and factors affecting the capital markets. These may go up or down based on market conditions. Past performance is not necessarily indicative of future results. Please read the Offering Document to understand the Investment policies and the risks involved. Faysal MTS Fund

FUND INFORMATION FUND RETURNS Fund Type Open Ended (Annualized % p.a) Holding Period FMTS Benchmark Category Income Scheme FY17 to Date 5.51% 6.08% Rating “A+” f (PACRA) Month on Month 5.05% 6.13% Risk Profile Moderate 1 year trailing N/A 6.15% Launch Date April 8, 2016 Custodian/Trustee CDC Returns (%) Auditor Ernst & Young Ford Rhodes Sidat Hyder, FY 16 FY 15 FY 14 FY 13 FY 12 FMTSF 5.96% - - - - Chartered Accountants Benchmark (YTD) 5.51% - - - - Management Fee 1.00% Front/Back end Load Less than PKR 5mn FEL will be1%, Note: Funds returns computed on NAV to NAV with the dividend reinvestment (excluding Sales Load) investment above PKR 5mn FEL will be 0% BEL 0%

Min Subscription PKR. 5,000 ASSET ALLOCATION (% OF TOTAL ASSETS) Benchmark Six months KIBOR rates Others Others including including Pricing Mechanism Forward Receivables Receivables 2.37% Cash 2.23% Cash Dealing Days Monday-Friday 22.81% 18.62% Cut-Off Timing 9:00 am - 5:00 pm AMC Rating AM3++ (JCRVIS) T-Bills T-Bills 6.55% 6.90% NAV per Unit (PKR) 103.73 Net Assets (PKR mn) 151.51 Margin Margin Trading System Trading System Leverage Nil (MTS) (MTS) Weighted Average Maturity* 0.11Yrs 68.27% 72.25% Feb’17 Jan’17 Total Expense Ratio 2.22% TER includes 0.22% representing government levy and SECP fee. *Excluding Government Securities

ASSET QUALITY (% OF TOTAL ASSETS)

Government Securities 6.55%

AA 1.13%

AA- 21.68%

MTS (Unrated) 68.27%

NR (include receivables against sale of investments) 2.37%

MTSF

10.00% % 4 8 Investment Objective . 9.00% 8 The objective of Faysal MTS Fund (FMTSF) is to provide competitive 8.00% returns primarily through investment in to MTS market. % 9 5 % % % % % . % 4 3 2 9 8 6 1

7.00% 1 1 1 % 0 % 0 % . . 0 . . . . 8 5 % 2 6 % % 6 % 6 % 6 6 6 6 6 1 6 % 7 7 6 5 . . . % 4 7 3 3 3 3 5 5 % . 5 5 . . . .

6.00% 1 8 5 . 0 5 5 5 5 . 8 5 % . 5 % 4 4 8 3 % 2 .

5.00% . 9 4 4 8 . 3 INVESTMENT COMMITTEE 4.00% Mr.Razi Ur Rahman Khan Chief Executive Officer 3.00% Mr.Ayub Khuhro Chief Investment Officer 2.00% Syed Shahid Iqbal SR. Fund Specialist - Fixed Income 1.00% Ms.Sania Awan Acting Head of Research 0.00%

The Scheme has maintained provisions against Sindh Workers' Welfare Fund liabilty to the tune of Rs. 149,135 as at February 28, 2017. If the same were not made the NAV per unit / return of the Scheme would have been higher by Rs. 0.102 (0.10%). For details investors are advised to read the Note 6.1 of the latest financial statements for the year ended December 31, 2016.

Faysal MTS Fund yielded an annualized return of 5.51% on a year-to-date basis whereas the month-on-month return clocked in at 5.05%. During the month, exposure in Margin Trading System (MTS) was decreased to 68.27% from 72.25% last month. Going forward, your fund will explore new avenues in the MTS market to yield higher returns.

9.12% 8.59% 7.68% 7.24%

10.72% 10.42% 10.79% 10.35%

9.64% 8.97% 8.93% 8.32%

8.26% 7.87% 8.59% 7.68%

FMTSF 5.96% 5.51%

FY15 FY16 142.46% 160.37% 358.58% 398.01%

157.55% 151.22% 230.54% 260.75%

-4.02% 14.45%

Also Available at Branches of Faysal Bank Limited

Faysal Bank Limited Faysal Bank Limited Phone: 021-35830113-5 Old Bahawalpur Road Branch (133) 136/1, Block-H, Commercial Area Phase I, DHA, Fax: 021-35875404 129/1, Old Bahawalpur Road, Lahore Cantt, Multan, Phone: 061-6214903 Lahore, Faysal Bank Limited Phone: 042-35897712-17 (441) 19-C Bukhari Commercial Lane No 5, Faysal Bank Limited Fax: 042-35897720 Ground, Basement and 1st Floor, 310-Upper Mall Shahrah-e-Quaid-e-Azam, Phase VI, DHA, Karachi, Lahore, Faysal Bank Limited Phone: 021-35149595 - 97 Phone: 042-35789201, 042-111-11-22-33, 43 Shahrah-e-Quaid-e-Azam, Fax: 021-35149591 042-35789013 Lahore, Fax: 042-35751020310 Phone: 042-37314051-53, 042-37236014-8 Faysal Bank Limited Fax: 042-37314447 (330) 16-Abdullah Haroon Road, Karachi, Faysal Bank Limited Phone: 111 11 22 33 Bilal Road, Civil Lines, Faysal Bank Limited Faisalabad, (111) (457) 25-B-2, Gulberg III, Lahore, Faysal Bank Limited Phone: (92 41) 2644476, 041-2644481-5, Phone: 042-35717141-5, (110) ST- 02, Main Shahra e Faisal 111-747-747 Fax: 042-35718050 (FAYSAL HOUSE), Karachi, Fax: 041-2640545, 041-2644486 Phone: 021-111-747-747, 32795200 Faysal Bank Limited Fax: 021-32795234 Faysal Bank Limited Cavalry Ground (3421) 9-A, Main Boulevard, Gulberg, 97- Commercial Area, Cavalry Ground, Faysal Bank Limited Lahore, (148) Lahore, (342) D-4, Block D, North Nazimabad, Phone: 042-35817262 / 042-35787823-9 Phone: 042-36603412-15 Karachi, Fax: 042-35787830 Fax: 042-36603411 Phone: 021-36721600-4 Fax: 021-36721614 Faysal Bank Limited Faysal Bank Limited 1 Fakhr-e-Alam Road Cantt, 5th Road City Shopping Centre, Faysal Bank Limited Peshawar, 411 Commercial Market, Satellite Town, (338) Address: 22/C, Lane-2, Shahbaz Rawalpindi, Commercial, Phase V1, DHA, Karachi Phone: 091-5260337 / 091-5285289, Phone: 051-4424969-72 (175) 14-C, Sunset Commercial Street # 2, 5270176-8 Fax: 051-4424962 Phase IV, DHA, Karachi, Fax: 091-5275503 Phone: 021-35802423 Faysal Bank Limited Fax: 021-35802425 Faysal Bank Limited 15-West, Jinnah Avenue Blue Area, 841 Farooqabad, Main Mansehra Road, Islamabad, Faysal Bank Limited Peshawar, Phone: 051-111-747-747,2275096-8 (333) 72-A/Z, Block 7/8, Al-Riaz Cooperative Phone: 0992-385927 / 0992-385919-28 Fax: 051-2275095 Housing Society, Karachi Fax: 0992-385921 Phone: 021-34376342, 021- Faysal Bank Limited Faysal Bank Limited (194) Plot 14, F-11 Markaz, Faysal Bank Limited 32 Haider Road, Rawalpindi Cantt, Islamabad, (165) Plot Number Commercial 7/1, Block 2, Green Rawalpindi, 120 Phone: 051-2228142-4 Belt Residency No.13-16, KDA Scheme-5 Shop, Phone: 051-5701018 - 22 Fax: 051-2228145 Kehkashan, Clifton Fax: 051-55258 Karachi, Faysal Bank Limited Phone: 021-35877922, 021-35375103 Faysal Bank Limited (452) 78-W, Roshan Center, Jinnah Avenue, Fax: 021-35877925 15, Markaz F-7, Opposite FG College for Women, Blue Area,Islamabad, F-7/2, Phone: 051-227-5250-2 Faysal Bank Limited Islamabad, 332 Fax: 051-2275254 (119) B -35,Block 13-A Main University Phone: 051-111-11-22-33 Road,Gulshan e Iqbal, Phone: 021-3499 4262-3 Fax: 051-2651331 Faysal Bank Limited (422) State Life Building. 11, Abdullah Haroon (144) Road Karachi, Phone: 021-386 79355-56 Faysal Bank Limited 130/1, Main Korangi Road, KM Centre, Plot Number 339, Main Bohra Bazar Saddar, Phase I, DHA, Karachi, Hyderabad,138 Phone: 021-35388161, 021-35388175 Phone: 022-2728359 / 022-2728356-58 Fax: 021-35391345 Fax: 022-2728360 Faysal Bank Limited Faysal Bank Limited (282) (173) 14-C, Khayaban e Tanzeem, Garrison Officers Mess, 12 Tufail Road, Tauheed Commercial, DHA, Phase V, Lahore Cantt Lahore, Karachi, Phone: 042-36604909-15 Phone: 021-35877909-10 Fax: 042-36604905 Fax: 021-35877847 Faysal Bank Limited Faysal Bank Limited Branch (464) Awami Complex, Block No 2, (118) Quality Heights, K.D.A Scheme # 5, New Garden Town, Lahore, Clifton,Karachi, Phone: 042-35861111, 042-35868776 Phone: 021-35863771-73 Fax: 042-35889869 Fax: 021-35863774

Faysal Bank Limited Faysal Bank Limited Z Block Lahore, 326 Z, Commercial Area, (269) Plot Number DC-1, 16-A and16-B, DHA, Lahore, Block 5, Clifton Centre, Kehkashan, Phone: 042-35728246 Karachi,