Annual Report

Operating as an Open-end Equity Fund Since 1962, NI(U)T is the flagship carrier of a diversified portfolio of Collective Investment

Schemes managed by NITL with net assets of PKR 81.79 billion and 47,900 unit holders. CORPORATE INFORMATION

FUND NAME National Investment (Unit) Trust

NAME OF AUDITORS KPMG Taseer Hadi & Co. Chartered Accountants

LIST OF BANKERS Allied Bank Limited Bank Al Falah Limited Bank Al Habib Limited Habib Bank Limited National Bank of Pakistan NIB Bank Limited Summit Bank Limited United Bank Limited MCB Bank Limited Soneri Bank Limited

07 NATIONAL INVESTMENT (UNIT) TRUST FUND MANAGER REPORT 2016-2017

NI(U)T Objective

The core objective of NI(U)T is to maximize return for Unit holders, provide a regular stream of current income through dividends, while long term growth is achieved by the management of diversified portfolio and investments into growth and high yielding equity securities.

Profile of Investment Manager

National Investment Trust Ltd. (NITL) is the first and the largest Asset Management Company of Pakistan, formed in 1962. With approximately Rs. 109 billion in net assets as of June 30, 2017, the family of Funds of NIT comprises of 10 funds including 4 equity Funds, 2 fixed Income Funds, 1 money market Fund, 1 Islamic Income Fund, 1 conventional Pension Fund and 1 Islamic Pension Fund. NIT’s tally of nationwide branches is 23 and a sales desk is also available in financial hub at Abbottabad, yet another milestone, as no other Mutual Fund in Pakistan has such a vast network of nationwide branches. Further, to cater to the matters relating to investments in NIT and day to day inquiries/issues of its unit holders, a state of the art Investors’ Facilitation Centre is also in place. The Board of Directors of NITL consists of representatives of leading financial institutions, prominent industrialists and nominee of Govt. of Pakistan. The Company has been assigned an Asset Manager rating of “AM2++” by PACRA, which demonstrates that the Asset Manager meets high investment management industry standards and benchmarks with noted strengths in several of the rating factors. All Investment decisions are taken by the Investment Committee of NITL.

Fund Information - NI(U)T

• Launch date 12th November 1962 • Minimum Investment: Rs. 5,000 • Type Open End Equity Fund • Management Fee: 1.20% • Fund Manager Manzoor Ahmed • Front End Load*: 3.00% • Fund Size as on June 30, 2017 Rs. 81.794 billion • Back End Load: 0.00% • Par Value Rs. 10 • Auditors: KPMG Taseer Hadi & Co. • NAV/unit Rs. 83.74 • Trustee: Central Depository Company of Pakistan Ltd. • Pricing Mechanism Forward Pricing • Risk Profile Moderate / High • Benchmark KSE 100 Index • Asset Manager Rating AM2++ (PACRA)

*No load is charged if investor approaches directly.

Fund Performance Analysis:

2016-17 2015-16 Opening Net Assets (Rs. in billion) 73.018 70.852 Opening NAV /unit (Rs.) (Ex Div) 65.15 63.75 Ending Net Assets (Rs. in billion) 81.794 66.830 Ending NAV/unit (Rs.) 83.74 65.15 Cash Distribution / unit (Rs.) (Interim) 4.50 4.50 Total Return (%) 35.44% 9.59% Maximum Funds under management during the year (Rs. in billion) 94.429 73.018

08 NATIONAL INVESTMENT (UNIT) TRUST FUND MANAGER REPORT 2016-2017

Asset Allocation

Keeping in view the market conditions, the Fund has been changing its asset allocation during the year. As on 30th June 2017, the Fund was invested to the extent of 95.54% in Equities whereas the remaining exposure was in cash and others. The asset allocation position of the Fund as on 30-06- 2017 is depicted in the chart below:

JUNE 2017

Equities 95.54%

Others Cash 0.38% 4.08%

Sector Wise Breakdown of Equity Portfolio

Sector-wise breakdown of Fund’s Equity portfolio as % of total assets as on 30-06-2017 is given below:

During the year, NI(U)T continued to remain substantially invested in the oil & gas marketing sector with an exposure of 13%. During the year oil & gas marketing sector posted a return of 61% as profitability of Multi-utilities increased and is expected to increase further due to likelihood of reduction in UFG losses and massive capex incurred /planned. It may be pertinent to mention that the Fund’s holding in PSO and SNGPL which constitutes about 13% of the portfolio continued to remain frozen under the directive of the Government of Pakistan.

Exposure in the Banking sector reduced from 11% to 10% during the period. The fund prudently maneuvered its buying and selling strategies in this sector considering the industry dynamics and suitable opportunities available in the market.

Exposure in Pharmaceutical & Leather Sectors was reduced from 12% to 9% and from 8 % to 7% respectively. Keeping in view the higher sector multiples, your Fund took advantage of the high market prices and opted to off load its holdings particularly from the pharma sector where the sector

09 NATIONAL INVESTMENT (UNIT) TRUST FUND MANAGER REPORT 2016-2017

weightage was reduced by 3%.

Exposure in the Automobile Assembling sector improved to 6%. Auto sector’s commendable performance during the period was attributable to the increase in car sales on the back of introduction of new models and improving margins on favorable currency position and lower raw material prices.

The Fund also took buy / sell positions in other sectors during the year to benefit from short term trading opportunities available in the market.

Top Ten Holdings

Top ten holdings of the Fund’s portfolio as % of total assets as on June 30th 2017 are as follows:

Pakistan State Oil Sui Northern Gas Pipelines Mari Petroleum Ltd. Packages. Ltd. Bank Al-Habib Ltd. International Industries

Bata Pakistan Ltd. Abbott Laboratories Pakistan Pakistan Tobacco Co. Ltd. Service Industries

Categorization of Unit Holders By Size - (JUNE 2017) Category NI(U)T Unit Holders % of Holding Institutional Investors 900 62.17% Individual 47,000 37.83% TOTAL 47,900 100%

Stock Market & Fund Performance Review

The fiscal year 2016-17 happened to be an eventful year for the Pakistan Stock Exchange (PSX). The KSE-100 Index concluded FY 2016-17 with a gain of 23.24%, closing at 46,565 points on June 30, 2017 versus 37,784 points on June 30, 2016. Market Capitalization increased from Rs. 7,589 billion to Rs. 9,522 billion. Average daily turnover increased by 68% from 208 million shares to 350 million shares. Average daily value traded also increased to Rs.19.25 billion from Rs.12.27 billion.

The benchmark KSE-100 had surged over 40% in the first eleven months, reaching an all-time high of 53,127 points during intra-day trading in the last week of May 2017. The staggering 11 month performance of the market was driven by factors such as anticipation of Pakistan market’s up gradation to the MSCI Emerging Market status, soft inflation numbers and prevailing low interest rates which were at their lowest levels in a decade. The macro environment was thus, all set to boost and benefit the operating environment of majority of the sectors of the market. Also, during the year under review, a Chinese consortium led by the Shanghai Stock Exchange was successful in a bid to take over 40% strategic shareholding of PSX at a price of Rs. 28 per share. Another positive development was S&P upgrading Pakistan’s sovereign rating from ‘B-’ to ‘B’ with a stable outlook during the year under review.

However, political situation remained a major cause of concern as the Panama Papers issue which resulted in street protests followed by court proceedings, kept investors nervous, particularly during the last quarter of the fiscal year. Foreign investors remained net sellers in the market to the tune of USD 652 million during the year. Fear of PKR depreciation coupled with exit by Frontier market funds consequent to Pakistan’s upgrade to MSCI Emerging Market status were the main causes of the substantial outflow. Mutual funds emerged as the largest net buyers of USD 576 million followed by Insurance companies with USD 220 million worth of net buying.

10 NATIONAL INVESTMENT (UNIT) TRUST FUND MANAGER REPORT 2016-2017

Relative Performance of NAV vs. KSE 100

During the period under review, the KSE-100 index increased by 23.24% whereas the NAV of your Fund increased by 35.44%, resulting in a healthy out performance of 12.20%.

10 Year Performance of Fund

FY FY FY FY FY FY FY FY FY FY 10yr. 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 Annualized Return NI(U)T (%) -5.76% -41.48% 17.92% 24.00% 7.57% 58.42% 56.98% 20.25% 9.59% 35.44% 14.43%

KSE 100 (%) -10.77% -41.72% 35.74% 28.53% 10.45% 52.20% 41.16% 16.01% 9.84% 23.24% 12.96%

Dividend Per Unit (Rs.) 6.50 3.25 2.25 4.00 3.50 3.75 4.10 4.25 4.50 4.50

Dividend declaration for the FY16-17:

The Board declared an interim cash dividend @ Rs. 4.50 per unit for unit holders of NI(U)T for the year ending on June 30, 2017. The payment of dividend @ Rs.4.50 per unit would involve a cash payout of about Rs. 4,396 million among its unit holders.

SWWF Disclosure:

As of 30th June 2017, the Scheme has maintained provisions against Sindh Workers’ Welfare Fund’s liability to the tune of Rs. 347 million, If the same were not made, the NAV per unit/ year to date return of the Scheme would be higher by Rs. 0.35 / 0.57%. For details, investors are advised to read the latest Financial Statement of the Scheme.

Total Expense Ratio:

Total expense ratio (all the expenses, including government levies, incurred during the year divided by average net asset value for the year) is 1.29% per annum. Total expense ratio (excluding government levies) is 1.25% per annum.

Economic Review:

Pakistan has seen a noticeable economic turnaround over the last four years due to the implementation of a comprehensive economic revival

11 NATIONAL INVESTMENT (UNIT) TRUST FUND MANAGER REPORT 2016-2017

programme. Key areas of reforms include fiscal consolidation through improved public financial management and tax administration, restructuring of energy sector including capacity enhancement, divestment through strategic private partnerships, and strengthening of regulatory framework.

Pakistan’s economy grew by 5.3 percent in FY17, up from 4.5 percent growth recorded in FY16. This was the highest annual growth for a decade. This acceleration was achieved on the back of strong performance of agriculture and services sectors, which grew by 3.5 percent and 6.0 percent respectively in FY17, compared with 0.3 percent and 5.5 percent last year.

The agriculture sector met its growth target of 3.5 percent, helped by supportive government policies and due to increase in agriculture credit disbursements. The rebound in agriculture was primarily driven by five major crops (i.e. rice, cotton, sugarcane, wheat, and maize), which posted a growth of 3.5 percent, after declining 5.0 percent last year.

The industrial sector posted a growth of 5.0 percent during FY17, compared with 5.8 percent last year. This moderation came mainly from decline in growth rates of mining, quarrying, electricity and gas sub-sectors. Against this, the large-scale manufacturing sector (LSM), a key contributor to industry, grew by 4.9 percent during FY17, compared to 2.9 percent last year.

The services sector recorded a growth of 5.98 percent and surpassed its target which was set at 5.70 percent. Wholesale and retail trade sector grew at a rate of 6.82 percent. The growth in this sector was bolstered by the output in the agriculture and manufacturing sectors.

CPI inflation during FY16-17 was 4.2 percent, compared with 2.9 percent in the same period last year. However, the uptick in inflation can partly be attributed to partial pass-through of the increase in international oil prices to domestic POL prices; a surge in global prices of some key food commodities (like palm oil); increase in medicine prices; and upward revision in education fees. Keeping in view the delicate balance between macroeconomic risks and ongoing growth momentum, the policy rate was kept unchanged at 5.75 percent throughout the year FY17. The low interest rate and benign business environment also stimulated demand for credit by the private sector

The current account deficit reached US$ 12.1 billion during FY17 on the back of a large trade deficit and slowdown in remittances. The trade deficit swelled due to a decline in exports (-1.3 percent) and a sharp increase in imports (17.66 percent), which mainly consisted of capital goods and raw materials. The increase in imports can be explained by continued power and infrastructure development, expansion plans of a number of industries, and increase in manufacturing activities and is largely in line with the growth witnessed in LSM sector.

FDI amounted to $2.4 billion during FY17 compared to $2.3 billion during the same period last year, posting a growth of 4.6% percent. Food, Power, Construction, Electronics, Oil & Gas exploration, Financial Business and Communication remained the main recipient sectors.

Remittances could not continue its upward growth trajectory during FY17 whereby it remained at US$ 19.3 billion as compared to 19.9 billion during same period last year. It is important to note that slowdown in remittances to Pakistan is mainly attributed to the factors like sharp decline in oil prices and due to a number of companies in Middle East adopting policies of wage cuts and slashing down employment in different sectors, particularly in construction sector.

In sum, the growth prospects of Pakistan’s economy from FY18 onwards would largely hinge upon planned infrastructure projects and capacity expansion by industries. In order to make these plans a success story, enhanced coordination amongst all public sector institutions would be more crucial. Also, continuity and consistency in policies, especially those related to investment and industry, would be necessary to ensure sustainability of the growth momentum.

(Economic data source: Economic Survey of Pakistan, FBS & SBP Website)

Other Disclosures under NBFC Regulations 2008:

The Fund Manager hereby makes the following disclosures as required under the NBFC Regulations 2008;

a. The Management Company or any of its delegates did not receive any soft commission (goods & services) from any of its brokers / dealers by virtue of transactions conducted by the Fund.

b. There was no unit split undertaken during the year.

TRUSTEE REPORT

TRUSTEE REPORT TO THE UNIT HOLDERS

Report of the Trustee pursuant to Regulation 41(h) and Clause 9 of Schedule V of the Non-Banking Finance Companies and Notified Entities Regulations, 2008

We, Central Depository Company of Pakistan Limited, being the Trustee of National Investment (Unit) Trust (the Fund) are of the opinion that National Investment Trust Limited being the Management Company of the Fund has in all material respects managed the Fund during the year ended June 30, 2017 in accordance with the provisions of the following:

(i) Limitations imposed on the investment powers of the Management Company under the constitutive documents of the Fund;

(ii) The pricing, issuance and redemption of units are carried out in accordance with the requirements of the constitutive documents of the Fund; and

(iii) The Non-Banking Finance Companies (Establishment and Regulations) Rules, 2003, the Non-Banking Finance Companies and Notified Entities Regulations, 2008 and the constitutive documents of the Fund.

Sd/-

Aftab Ahmed Diwan Chief Executive Officer Central Depository Company of Pakistan Limited

Karachi, September 29, 2017

AUDITORS’ REPORT

INDEPENDENT AUDITORS’ REPORT TO THE UNIT HOLDERS

REPORT ON THE FINANCIAL STATEMENTS

We have audited the accompanying financial statements of National Investment (Unit) Trust (“the Fund”), which comprise the statement of assets and liabilities as at 30 June 2017 and the related income statement, statement of comprehensive income, distribution statement, cash flow statement, statement of movement in unit holders’ fund for the year then ended and a summary of significant accounting policies and other explanatory notes.

Management’s responsibility for the financial statements

The Management Company of the Fund is responsible for the preparation and fair presentation of the financial statements in accordance with approved accounting standards as applicable in Pakistan, and for such internal control as the management determines is necessary to enable the preparation of the financial statements that are free from material misstatement, whether due to fraud or error.

Auditors’ responsibility

Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit in accordance with auditing standards as applicable in Pakistan. Those standards require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance whether the financial statements are free from material misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on our judgment, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, we consider internal control relevant to the Fund’s preparation and fair presentation of the financial statements in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Fund’s internal control. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of accounting estimates made by management, as well as evaluating the overall presentation of the financial statements.

We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion.

Opinion

In our opinion, the financial statements give a true and fair view of the state of the Fund’s affairs as at 30 June 2017 and of its financial performance, cash flows and transactions for the year then ended in accordance with approved accounting standards as applicable in Pakistan.

REPORT ON OTHER LEGAL AND REGULATORY REQUIREMENTS

In our opinion, the financial statements have been prepared in accordance with the relevant provisions of the Non-Banking Finance Companies (Establishment and Regulation Rules, 2003) and Non-Banking Finance Companies and Notified Entities Regulations, 2008.

Sd/-

KPMG Taseer Hadi & Co. Chartered Accountants Muhammad Nadeem Dated: September 26, 2017 Karachi

14 NATIONAL INVESTMENT (UNIT) TRUST STATEMENT OF ASSETS AND LIABILITIES AS AT 30 JUNE 2017

Note 2017 2016 (Rupees in '000) Assets Bank balances 5 3,541,231 2,046,114 Investments 6 82,934,990 67,468,477 Receivable against sale of investments - 130 Dividend and other receivables 7 324,225 49,913 Security deposits 8 2,600 2,600 Total assets 86,803,046 69,567,234

Liabilities Short term borrowings 9 1,200,000 - Payable to National Investment Trust Limited - Management Company 10 303,355 269,011 Payable to Central Depository Company of Pakistan Limited - Trustee 11 2,950 2,584 Payable to Securities and Exchange Commission of Pakistan 12 77,978 61,950 Payable against redemption of units 20,960 15,554 Payable against purchase of investments - 39,678 Accrued expenses and other liabilities 13 853,897 888,742 Dividend payable and unclaimed distribution 14 2,550,493 1,459,418 Total liabilities 5,009,633 2,736,937

Net assets 81,793,413 66,830,297

Unit holders' fund (as per statement attached) 81,793,413 66,830,297

Contingencies and commitments 15

(Number of units in '000)

Number of units in issue 16 976,812 1,025,841

(Rupees)

Net assets value per unit 83.74 65.15

The annexed notes from 1 to 30 form an integral part of these financial statements.

For National Investment Trust Limited (Management Company)

Sd/- Sd/- Sd/- Managing Director Director Director

15 NATIONAL INVESTMENT (UNIT) TRUST INCOME STATEMENT FOR THE YEAR ENDED 30 JUNE 2017

Note 2017 2016 (Rupees in '000) Income Dividend income 3,067,453 3,176,697 Gain on sale of investments - net 5,012,682 5,264,473 Net unrealised appreciation on re-measurement of investments classified as 'financial assets at fair value through profit or loss' 6.7 1,881,425 141,163 Income from government securities - 6,164 Profit on bank deposits 128,544 96,586 Income on issue of units 4 2,199 Total income 10,090,108 8,687,282

Expenses Impairment loss on equity securities classified as 'available for sale' 6.8.1 42,122 17,465 Remuneration to National Investment Trust Limited - Management Company 10.1 892,772 654,396 Sindh Sales Tax on remuneration to Management Company 10.2 116,060 106,274 Federal Excise Duty on remuneration to Management Company 13.2 - 104,703 Remuneration to Central Depository Company of Pakistan Limited - Trustee 11.1 30,939 27,627 Sindh Sales Tax on remuneration to trustee 11.2 4,022 3,867 Annual fee - Securities and Exchange Commission of Pakistan 12 77,978 61,950 Allocation of expenses related to registrar services, accounting, operation and valuation services 10.3 82,130 38,583 Custodian charges of Central Depository Company of Pakistan Limited 385 563 Securities transaction costs - 155 Settlement and bank charges 1,248 1,313 Financial charges 9 13,258 24,548 Auditors' remuneration 17 902 959 Legal and professional charges 700 1,322 Printing and other charges 322 1,909 Mutual fund rating fee - 232 Others 450 11,703 Total expenses 1,263,288 1,057,569

Net income from operating activities 8,826,820 7,629,713 Element of income / (loss) and capital gains / (losses) included in prices of units issued less those in units redeemed - net (236,083) 28,239

Reversal of provision for Workers' Welfare Fund 13.1 507,371 -

Provision for Sindh Workers' Welfare Fund 13.1 (346,997) -

Net income for the year before taxation 8,751,111 7,657,952

Taxation 18 - -

Net income for the year after taxation 8,751,111 7,657,952

The annexed notes from 1 to 30 form an integral part of these financial statements.

For National Investment Trust Limited (Management Company)

Sd/- Sd/- Sd/- Managing Director Director Director

16 NATIONAL INVESTMENT (UNIT) TRUST STATEMENT OF COMPREHENSIVE INCOME FOR THE YEAR ENDED 30 JUNE 2017

Note 2017 2016 (Rupees in '000)

Net income for the year 8,751,111 7,657,952

Other comprehensive income

Items to be reclassified to income statement in subsequent periods:

Net unrealised appreciation / (diminution) on re-measurement of investments classified as 'available for sale' 6.8 14,319,937 (1,656,676)

Total comprehensive income for the year 23,071,048 6,001,276

The annexed notes from 1 to 30 form an integral part of these financial statements.

For National Investment Trust Limited (Management Company)

Sd/- Sd/- Sd/- Managing Director Director Director

17 NATIONAL INVESTMENT (UNIT) TRUST DISTRIBUTION STATEMENT FOR THE YEAR ENDED 30 JUNE 2017

2017 2016 (Rupees in '000)

Undistributed income brought forward comprising - Realised income 5,004,141 1,914,694 - Unrealised income 2,420,183 2,419,321 7,424,324 4,334,015

Element of income / (loss) and capital gains / (losses) included in prices of units issued less those in units redeemed - amount representing income / (loss) that form part of unit holders' fund - net (981,819) (85,329)

Net income for the year 8,751,111 7,657,952

Interim distribution for the year ended 30 June 2017: Rs. 4.50 per unit (Date of distribution: 22 June 2017) [2016: Rs. 4.50 per unit (Date of distribution: 15 June 2016)] - Cash distribution (2,422,628) (2,582,270) - Issue of units under Cumulative Investment Plan (1,882,030) (1,900,044) (4,304,658) (4,482,314)

Undistributed income carried forward 10,888,958 7,424,324

Undistributed income carried forward comprising - Realised income 6,587,350 5,004,141 - Unrealised income 4,301,608 2,420,183 10,888,958 7,424,324

The annexed notes from 1 to 30 form an integral part of these financial statements.

For National Investment Trust Limited (Management Company)

Sd/- Sd/- Sd/- Managing Director Director Director

18 NATIONAL INVESTMENT (UNIT) TRUST STATEMENT OF MOVEMENT IN UNIT HOLDERS’ FUND FOR THE YEAR ENDED 30 JUNE 2017

Note 2017 2016 (Rupees in '000)

Net assets at beginning of the year 66,830,297 70,852,025 [Rs. 65.15 per unit (2016: Rs. 63.75 per unit)]

Issue of 88,758,864 units (2016: 37,956,495 units) 7,716,716 2,423,085 Redemption of 160,260,045 units (2016: 153,353,516 units) (13,638,103) (9,835,580) Issue of 22,472,003 units under Cumulative Investment Plan (2016: 29,748,619 units) 1,882,030 1,900,044 (4,039,357) (5,512,451)

Element of (income) / loss and capital (gains) / losses included in prices of units issued less those in units redeemed - net

- amount representing loss / (income) transferred to income statement 236,083 (28,239) - amount representing loss transferred to distribution statement 981,819 85,329 1,217,902 57,090

Net unrealised appreciation / (diminution) on re-measurement of investments classified as 'available for sale' 6.8 14,319,937 (1,656,676) Gain on sale of investments - net 5,012,682 5,264,473 Net unrealised appreciation on re-measurement of investments classified as 'financial assets at fair value through profit or loss' 6.7 1,881,425 141,163 Other net income for the year 1,857,004 2,252,316 Total comprehensive income for the year 23,071,048 6,001,276

Net assets at end of the year 81,793,413 66,830,297 [Rs. 83.74 per unit (2016: Rs. 65.15 per unit)]

The annexed notes from 1 to 30 form an integral part of these financial statements.

For National Investment Trust Limited (Management Company)

Sd/- Sd/- Sd/- Managing Director Director Director

19 NATIONAL INVESTMENT (UNIT) TRUST CASH FLOW STATEMENT FOR THE YEAR ENDED 30 JUNE 2017

Note 2017 2016 (Rupees in '000) CASH FLOWS FROM OPERATING ACTIVITIES Net income before taxation 8,751,111 7,657,952

Adjustments Net unrealised appreciation on re-measurement of investments classified as 'financial assets at fair value through profit or loss' 6.7 (1,881,425) (141,163) Element of (income) / loss and capital (gains) / losses included in prices of units issued less those in units redeemed - net 236,083 (28,239) Impairment loss on equity securities classified as 'available for sale' 6.8.1 42,122 17,465 7,147,891 7,506,015 Decrease / (increase) in assets Investments 692,727 1,697,862 Receivable against sale of investments 130 15,327 Dividend and other receivables (274,312) 21,839 418,545 1,735,028 (Decrease) / increase in liabilities Payable to National Investment Trust Limited - Management Company 34,344 199,277 Payable to Central Depository Company of Pakistan Limited - Trustee 366 219 Payable to Securities and Exchange Commission of Pakistan 16,028 (3,630) Payable against purchase of investments (39,678) 265 Accrued expenses and other liabilities (34,845) (224,920) (23,785) (28,789)

Net cash generated from operating activities 7,542,651 9,212,254

CASH FLOWS FROM FINANCING ACTIVITIES

Amount received on issue of units 7,716,716 2,423,085 Amount paid against redemption of units (13,632,697) (9,835,307) Short term borrowing 1,200,000 - Distribution paid (1,331,553) (4,026,307) Net cash (used in) financing activities (6,047,534) (11,438,529)

Net increase / (decrease) in cash and cash equivalents during the year 1,495,117 (2,226,275)

Cash and cash equivalents at beginning of the year 2,046,114 4,272,389

Cash and cash equivalents at end of the year 5 3,541,231 2,046,114

The annexed notes from 1 to 30 form an integral part of these financial statements.

For National Investment Trust Limited (Management Company)

Sd/- Sd/- Sd/- Managing Director Director Director

20 NATIONAL INVESTMENT (UNIT) TRUST NOTES TO AND FORMING PART OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2017

1 LEGAL STATUS AND NATURE OF BUSINESS

1.1 The National Investment (Unit) Trust (NI(U)T) "the Fund" , was established under a Trust Deed executed between National Investment Trust Limited (NITL) as Management Company and National Bank of Pakistan (NBP) as Trustee. The Trust Deed was executed on 12 November 1962, and was amended vide Supplemental Trust Deeds dated 26 June 1968, 7 June 1981, 27 November 1998, 12 November 2002, 31 December 2003, 18 January 2007, 1 April 2014 and 3 September 2014. The functions of the Fund are governed by the Trust Deed and the National Investment (Unit) Trust Ordinance, 1965. The Central Depository Company of Pakistan has been appointed Trustee of the Fund with effect from 16 May 2014 in place of National Bank of Pakistan. The Fund is categorised as an "Equity Scheme" as per the criteria for categorisation of open end collective investment scheme as specified by Securities and Exchange Commission of Pakistan (SECP) and other allied matters.

1.2 The Management Company of the Fund has been classified as a Non-Banking Finance Company (NBFC) under the NBFC Rules, 2003 and has obtained the requisite license from the Securities and Exchange Commission of Pakistan (SECP) to undertake Asset Management Services. The registered office of the Management Company is situated at 6th floor, National Bank of Pakistan Building I.I.Chundrigar Road, Karachi.

1.3 The Privatisation Commission, Government of Pakistan had invited expressions of interest for the sale of the rights to manage the Fund which exists solely with the Management Company, NITL. The Trustee and the Management Company hold the rights and privileges of the Unit Holders to be paramount. No progress has been made in privatisation of the Fund initiated by Privatisation Commission.

1.4 The Fund is an open-ended mutual fund. Units are offered for public subscription on a continuous basis. The units are transferable and can be redeemed by surrendering them to the Fund.

1.5 PACRA has assigned an asset manager rating of "AM2++" to the Management Company. The requirement in respect of rating of the equity fund has been withdrawn. Accordingly, rating of the Fund is not carried out.

1.6 Title to the assets of the Fund are held in the name of Central Depository Company of Pakistan Limited as Trustee of the Fund.

2 BASIS OF PREPARATION

2.1 Statement of compliance

These financial statements have been prepared in accordance with the approved accounting standards as applicable in Pakistan. Approved accounting standards comprise of such International Financial Reporting Standards (IFRS) issued by the International Accounting Standards Board as are notified under the repealed Companies Ordinance, 1984, and the requirements of the Non- Banking Finance Companies (Establishment and Regulation) Rules, 2003 (the NBFC Rules), the Non-Banking Finance Companies and Notified Entities Regulations, 2008, (the NBFC Regulations) and directives issued by the Securities and Exchange Commission of Pakistan (SECP). Wherever, the requirement of the NBFC Rules, the NBFC Regulations and the said directives differ with the requirements of these standards, the requirements of the NBFC Rules, the NBFC Regulations, and the said directives shall prevail (refer note 3.2).

2.2 Accounting convention

These financial statements are prepared under the historical cost convention except for investments which are carried at fair value.

2.3 Functional and presentation currency

These financial statements are presented in Pak Rupees, which is the Fund's functional and presentation currency.

2.4 Critical accounting estimates and judgments

In preparing these financial statements, management has made judgement, estimates and assumptions that affect the application of the Fund's accounting policies and reported amounts of assets, liabilities, income and expenses. Actual results may differ from the estimates. Estimates and underlying assumptions are reviewed on an ongoing basis. Revision to estimates are recognised prospectively. Information about judgements made in applying accounting policies that have the most significant effects on the amount recognised in the financial statements and assumptions and estimation uncertainties that have a significant risk of resulting in a material adjustment in the subsequent years related to classification and valuation of investments (refer note 4.1 and note 6).

3 NEW, AMENDED AND REVISED STANDARDS AND INTERPRETATIONS OF IFRSs

3.1 There are new and amended standards and interpretations that are mandatory for accounting periods beginning 01 July 2016 but are considered not to be relevant or do not have any significant effect on the Fund's financial statements and are therefore not stated in these financial statements. 21 3.2 Standards, interpretations and amendments to published approved accounting standards that are not yet effective

The following standards, amendments and interpretations of approved accounting standards will be effective for accounting periods beginning on or after 01 July 2017:

- Amendments to IAS 12 ‘Income Taxes’ are effective for annual periods beginning on or after 01 January 2017. The amendments clarify that the existence of a deductible temporary difference depends solely on a comparison of the carrying amount of an asset and its tax base at the end of the reporting period, and is not affected by possible future changes in the carrying amount or expected manner of recovery of the asset. The amendments further clarify that when calculating deferred tax asset in respect of insufficient taxable temporary differences, the future taxable profit excludes tax deductions resulting from the reversal of those deductible temporary differences. The amendments are not likely to have an impact on the Fund's financial statements.

- Amendments to IAS 7 ‘Statement of Cash Flows’ are part of IASB’s broader disclosure initiative and are effective for annual periods beginning on or after 01 January 2017. The amendments require disclosures that enable users of financial statements to evaluate changes in liabilities arising from financing activities, including both changes arising from cash flow and non-cash changes. The amendments are not likely to have an impact on the Fund's financial statements.

- Amendments to IFRS 2 - Share-based Payment clarify the accounting for certain types of arrangements and are effective for annual periods beginning on or after 01 January 2018. The amendments cover three accounting areas (a) measurement of cash-settled share-based payments; (b) classification of share-based payments settled net of tax withholdings; and (c) accounting for a modification of a share-based payment from cash-settled to equity-settled. The new requirements could affect the classification and/or measurement of these arrangements and potentially the timing and amount of expense recognized for new and outstanding awards. The amendments are not likely to have an impact on the Fund's financial statements. 2.2 Accounting convention

These financial statements are prepared under the historical cost convention except for investments which are carried at fair value.

2.3 Functional and presentation currency

These financial statements are presented in Pak Rupees, which is the Fund's functional and presentation currency.

2.4 Critical accounting estimates and judgments

In preparing these financial statements, management has made judgement, estimates and assumptions that affect the application of the Fund's accounting policies and reported amounts of assets, liabilities, income and expenses. Actual results may differ from NATIONALthe estimates. INVESTMENTEstimates and underlying (UNIT)assumptions TRUSTare reviewed on an ongoing basis. Revision to estimates are recognised prospectively. Information about judgements made in applying accounting policies that have the most significant effects on the NOTESamount TOrecognised AND FORMINGin the financial statementsPART OFand assumptionsTHE FINANCIALand estimation STATEMENTSuncertainties that have a significant risk of resulting FOR THEin a material YEAR adjustment ENDED in 30the subsequentJUNE 2017 years related to classification and valuation of investments (refer note 4.1 and note 6). 3 NEW, AMENDED AND REVISED STANDARDS AND INTERPRETATIONS OF IFRSs

3.2 Standards, interpretations and amendments to published approved accounting standards that are not yet effective

The following standards, amendments and interpretations of approved accounting standards will be effective for accounting periods beginning on or after 01 July 2017:

- Transfers of Investment Property (Amendments to IAS 40 ‘Investment Property’ - effective for annual periods beginning on or after 01 January 2018) clarifies that an entity shall transfer a property to, or from, investment property when, and only when there is a change in use. A change in use occurs when the property meets, or ceases to meet, the definition of investment property and there is evidence of the change in use. In isolation, a change in management's intentions for the use of a property does not provide evidence of a change in use. The amendments are not likely to have an impact on the Fund's financial statements.

- Annual improvements to IFRS standards 2014-2016 cycle. The new cycle of improvements addresses improvements to following approved accounting standards:

- Amendments to IFRS 12 ‘Disclosure of Interests in Other Entities’ (effective for annual periods beginning on or after 1 January 2017) clarify that the requirements of IFRS 12 apply to an entity’s interests that are classified as held for sale or discontinued operations in accordance with IFRS 5 – ‘Non-current Assets Held for Sale and Discontinued Operations’. The amendments are not likely to have an impact on the Funds' financial statements.

- Amendments to IAS 28 ‘Investments in Associates and Joint Ventures’ (effective for annual periods beginning on or after 1 January 2018) clarifies that a venture capital organization and other similar entities may elect to measure investments in associates and joint ventures at fair value through profit or loss, for each associate or joint venture separately at the time of initial recognition of investment. Furthermore, similar election is available to non-investment entity that has an interest in an associate or joint venture that is an investment entity, when applying the equity method, to retain the fair value measurement applied by that investment entity associate or joint venture to the investment entity associate's or joint venture's interests in subsidiaries. This election is made separately for each investment entity associate or joint venture. The amendments are not likely to have an impact on the Funds' financial statements.

- IFRIC 22 ‘Foreign Currency Transactions and Advance Consideration’ (effective for annual periods beginning on or after 01 January 2018) clarifies which date should be used for translation when a foreign currency transaction involves payment or receipt in advance of the item it relates to. The related item is translated using the exchange rate on the date the advance foreign currency is received or paid and the prepayment or deferred income is recognized. The date of the transaction for the purpose of determining the exchange rate to use on initial recognition of the related asset, expense or income (or part of it) would remain the date on which receipt of payment from advance consideration was recognized. If there are multiple payments or receipts in advance, the entity shall determine a date of the transaction for each payment or receipt of advance consideration.

- IFRIC 23 ‘Uncertainty over Income Tax Treatments’ (effective for annual periods beginning on or after 01 January 2019) clarifies the accounting for income tax when there is uncertainty over income tax treatments under IAS 12. The interpretation requires 22 the uncertainty over tax treatment be reflected in the measurement of current and deferred tax.

- The Companies Ordinance, 1984 was repealed by the enactment of the Companies Act, 2017 on 30 May 2017. SECP vide its Circular 17 of 2017 and its press release dated 20 July 2017 has clarified that all those companies whose financial year, including quarterly and other interim period, closes on or before 30 June 2017 shall prepare their financial statements in accordance with the provisions of the repealed Companies Ordinance, 1984. The Companies Act, 2017 requires enhanced disclosures and has also enhanced the definition of related parties. The amendments are not likely to have an impact on the Fund's financial statements except extended disclosures. - Transfers of Investment Property (Amendments to IAS 40 ‘Investment Property’ - effective for annual periods beginning on or after 01 January 2018) clarifies that an entity shall transfer a property to, or from, investment property when, and only when there is a change in use. A change in use occurs when the property meets, or ceases to meet, the definition of investment property and there is evidence of the change in use. In isolation, a change in management's intentions for the use of a property does not provide evidence of a change in use. The amendments are not likely to have an impact on the Fund's financial statements.

- Annual improvements to IFRS standards 2014-2016 cycle. The new cycle of improvements addresses improvements to following approved accounting standards:

- IFRIC 22 ‘Foreign Currency Transactions and Advance Consideration’ (effective for annual periods beginning on or after 01 January 2018) clarifies which date should be used for translation when a foreign currency transaction involves payment or NATIONALreceipt INVESTMENTin advance of the item (UNIT)it relates to. TRUSTThe related item is translated using the exchange rate on the date the advance foreign currency is received or paid and the prepayment or deferred income is recognized. The date of the transaction for the NOTESpurpose TO ANDof determining FORMINGthe exchange PARTrate OFto use THEon initial FINANCIALrecognition of theSTATEMENTSrelated asset, expense or income (or part of it) FOR THEwould YEARremain ENDEDthe date on30which JUNEreceipt 2017of payment from advance consideration was recognized. If there are multiple payments or receipts in advance, the entity shall determine a date of the transaction for each payment or receipt of advance consideration.

- IFRIC 23 ‘Uncertainty over Income Tax Treatments’ (effective for annual periods beginning on or after 01 January 2019) clarifies the accounting for income tax when there is uncertainty over income tax treatments under IAS 12. The interpretation requires the uncertainty over tax treatment be reflected in the measurement of current and deferred tax.

- SECP through SRO 756(I)/2017 dated 03 August 2017 with immediate effect has made certain amendments in NBFCs and Notified Entities Regulations, 2008. The SRO changed the definition of accounting income in regulation (63) sub-regulation (I) which excludes the element of income from "accounting income". The said SRO also deleted 'Distribution Statement' and requires additional disclosures and recording of element of income / loss included in price of unit issued or redeemed in Statement of movements in reserves or unit holders' fund instead of income statement. This change will affect the charge for SWWF in respect of element of income and consequently NAV per unit in future years.

4 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all periods.

4.1 Financial assets

4.1.1 Classification

The Fund classifies its financial assets in the following categories: loans and receivables, at fair value through profit or loss and available for sale. The classification depends on the purpose for which the financial assets were acquired. The Management Company determines the classification of its financial assets at initial recognition.

a) Loans and receivables

These are non-derivative financial assets with fixed or determinable payments that are not quoted in an active market.

b) Financial assets at fair value through profit or loss

Financial assets that are acquired principally for the purpose of generating profit from short-term fluctuations in prices are classified as held for trading in the 'Financial assets at fair value through profit or loss' category.

c) Held to maturity

These are securities with fixed or determinable payments and fixed maturity that the Fund has the positive intent and ability to hold to maturity.

d) Available for sale

Available for sale financial assets are those non-derivative financial assets that are designated as available for sale or are not classified as (a) loans and receivables, (b) financial assets at fair value through profit or loss or (c) held to maturity. These are intended to be held for an indefinite period of time which may be sold in response to the needs for liquidity or change in price.

4.1.2 Regular way contracts

Regular purchases and sales of financial assets are recognised on the trade date - the date on which the Fund commits to purchase or sell the asset.

23 NATIONAL INVESTMENT (UNIT) TRUST NOTES TO AND FORMING PART OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2017

4.1.3 Initial recognition and measurement

Financial assets are initially recognised at fair value plus transaction costs except for financial assets carried at fair value through profit or loss. Financial assets carried at fair value through profit or loss are initially recognised at fair value and transaction costs are expensed as incurred in the income statement.

4.1.4 Subsequent measurement

Subsequent to initial recognition, financial assets designated by the management as at fair value through profit or loss and available for sale are valued as follows:

a) Basis of valuation of equity securities / units of mutual funds

The investment of the Fund in equity securities is valued on the basis of closing quoted market prices available at the stock exchange.

Mutual funds' units are valued by reference to the net assets values (redemption prices) declared by the respective funds.

Investments in unquoted equity securities are carried at lower of investment price or their breakup value.

b) Basis of valuation of government securities

The investment of the Fund in government securities is valued on the basis of rates announced by the Financial Markets Association of Pakistan.

Net gains and losses arising from changes in the fair value of financial assets carried at fair value through profit or loss are taken to the 'income statement'.

Net gains and losses arising from changes in fair value of available for sale financial assets are taken to the 'statement of comprehensive income' until these are derecognised or impaired. At this time, the cumulative gain or loss previously recognised directly in the 'statement of comprehensive income' is transferred to the 'income statement'.

c) Loans and receivables

Subsequent to initial recognition financial assets classified as 'Loans and receivables' and 'Held to maturity' are carried at amortised cost using the effective interest method.

4.1.5 Impairment of financial assets

The carrying value of the Fund's assets are reviewed at each reporting date to determine whether there is any indication of impairment. If such an indication exists, the recoverable amount of such asset is estimated. An impairment loss is recognised whenever the carrying amount of an asset exceeds its recoverable amount. Impairment losses are recognised in the income statement.

Impairment loss on investment other than 'available for sale' is recognised in the Income Statement whenever the carrying amount of investment exceeds its recoverable amount. If in a subsequent period, the amount of an impairment loss recognised decreases the impairment is reversed through the Income Statement.

In case of equity securities classified as available-for-sale, a significant or prolonged decline in the fair value of the security below its cost is considered as an indicator that the securities are impaired. If any such evidence exists for available for- sale financial assets, the cumulative loss measured as the difference between the acquisition cost and the current fair value is reclassified from other comprehensive income to income statement. Impairment losses recognised on equity securities in the income statement are not reversed subsequently.

4.1.6 Derecognition

Financial assets are derecognised when the rights to receive cash flows from the financial assets have expired or have been transferred and where the Fund has transferred substantially all risks and rewards of ownership.

4.1.7 Offsetting of financial assets and liabilities

Financial assets and financial liabilities are offset and the net amount is reported in the Statement of Assets and Liabilities when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis, or to realise the assets and settle the liabilities simultaneously. 24 4.2 Cash and cash equivalents

Cash and cash equivalents comprise of deposits and current accounts maintained with banks. Cash equivalents are short term highly liquid investments that are readily convertible to known amounts of cash, are subject to an insignificant risk of changes in value, and are held for the purpose of meeting short term cash commitments rather than for investments and other purposes.

4.3 Derivatives

Derivative instruments are initially recognised at fair value and subsequent to initial measurement each derivative instrument is remeasured to its fair value and the resultant gain or loss is recognised in the income statement.

4.4 Financial liabilities

All financial liabilities are recognised at the time when the Fund becomes a party to the contractual provisions of the instrument. They are initially recognised at fair value and subsequently stated at amortised cost.

A financial liability is derecognised when the obligation under the liability is discharged or cancelled or expired.

4.5 Provisions

Provisions are recognised when the Fund has a present, legal or constructive obligation as a result of past events, it is probable that an outflow of resources embodying economic benefits will be required to settle the obligation and a reliable estimate of the obligation can be made. Provisions are regularly reviewed and adjusted to reflect the current best estimate. In case of equity securities classified as available-for-sale, a significant or prolonged decline in the fair value of the security below its cost is considered as an indicator that the securities are impaired. If any such evidence exists for available for- sale financial assets, the cumulative loss measured as the difference between the acquisition cost and the current fair value is reclassified from NATIONALother comprehensive INVESTMENTincome to income (UNIT)statement. TRUSTImpairment losses recognised on equity securities in the income statement are not reversed subsequently. NOTES TO AND FORMING PART OF THE FINANCIAL STATEMENTS 4.1.6 Derecognition FOR THE YEAR ENDED 30 JUNE 2017 Financial assets are derecognised when the rights to receive cash flows from the financial assets have expired or have been transferred and where the Fund has transferred substantially all risks and rewards of ownership.

4.1.7 Offsetting of financial assets and liabilities

4.2 Cash and cash equivalents

4.3 Derivatives

4.4 Financial liabilities

A financial liability is derecognised when the obligation under the liability is discharged or cancelled or expired.

4.5 Provisions

4.6 Taxation

The income of the Fund is exempt from income tax as per clause 99 of Part I of the Second Schedule to the Income Tax Ordinance, 2001 subject to the condition that not less than ninety percent of its accounting income for the year, as reduced by capital gains, whether realised or unrealised, is distributed among the unit holders. Provided that for the purpose of determining distribution of at least ninety percent of its accounting income for the year, the income distributed through bonus units shall not be taken into account.

The Fund is also exempt from the provisions of section 113 (minimum tax) under clause 11A of Part IV of the Second Schedule to the Income Tax Ordinance, 2001.

The Fund provides for deferred taxation using the balance sheet liability method on all major temporary differences between the amounts used for financial reporting purposes and amounts used for taxation purposes. In addition, the Fund also records deferred tax asset on unutilised tax losses to the extent that it is no longer probable that the related tax benefit will be realised. However, the Fund has not recognised any amount in respect of taxation in these financial statements as the Fund distributes more than ninety percent of its accounting income for the current year and intends to continue availing the tax exemption in future years by distributing at least ninety percent of its accounting income for the year as reduced by capital gains, whether realised or unrealised, to its unit holders every year.

4.7 Issue and redemption of units

Units issued are recorded at the offer price, determined by the Management Company for the applications received by the distributors / Management Company during business hours on the date on which the funds are actually realized against application. The offer price represents the net assets value per unit as of the close of the business day plus the allowable sales load, provision for transaction costs and any provision for duties and charges, if applicable. The sales load is payable to the investment facilitators , distributors and the Management Company. Transaction costs are recorded as the income of the Fund.

Units redeemed are recorded at the redemption price, applicable to units for which the distributors / Management Company receive redemption applications during business hours of that day. The redemption price represents the net assets value per unit as of the close of the business day less any back- end load , any duties, taxes, charges on redemption and any provision for transaction costs, if applicable.

4.8 Element of income / (loss) and capital gains / (losses) included in prices of units issued less those in units redeemed

An equalisation account called the 'element of income / (loss) and capital gains / (losses) included in prices of units issued less 25 those in units redeemed' is created, in order to prevent the dilution of per unit income and distribution of income already paid out on redemption.

The element of income / (loss) and capital gains / (losses) included in the prices of units issued less those in units redeemed to the extent that it is represented by income earned during the year is recognised in income statement and to the extent that it is represented by unrealised appreciation / (diminution) arising during the year on available for sale securities is included in distribution statement.

4.9 Net assets value per unit

The net assets value (NAV) per unit, as disclosed on the Statement of Assets and Liabilities is calculated by dividing the net assets of the Fund by the number of units in circulation at the year end.

4.10 Earnings per unit (EPU)

Earnings per unit (EPU) has not been disclosed as in the opinion of the management, determination of weighted average units for calculating EPU is not practicable. 4.6 Taxation

The Fund is also exempt from the provisions of section 113 (minimum tax) under clause 11A of Part IV of the Second Schedule to the Income Tax Ordinance, 2001.

4.7 Issue and redemption of units

Units issued are recorded at the offer price, determined by the Management Company for the applications received by the distributors / Management Company during business hours on the date on which the funds are actually realized against NATIONALapplication. INVESTMENTThe offer price represents (UNIT)the net TRUSTassets value per unit as of the close of the business day plus the allowable sales load, provision for transaction costs and any provision for duties and charges, if applicable. The sales load is payable to the NOTESinvestment TO AND facilitators FORMING , distributors andPART the Management OF THE Company. FINANCIAL Transaction STATEMENTS costs are recorded as the income of the Fund.

FOR THEUnits redeemedYEAR ENDEDare recorded 30at JUNEthe redemption 2017price, applicable to units for which the distributors / Management Company receive redemption applications during business hours of that day. The redemption price represents the net assets value per unit as of the close of the business day less any back- end load , any duties, taxes, charges on redemption and any provision for transaction costs, if applicable.

4.8 Element of income / (loss) and capital gains / (losses) included in prices of units issued less those in units redeemed

An equalisation account called the 'element of income / (loss) and capital gains / (losses) included in prices of units issued less those in units redeemed' is created, in order to prevent the dilution of per unit income and distribution of income already paid out on redemption.

4.9 Net assets value per unit

4.10 Earnings per unit (EPU)

Earnings per unit (EPU) has not been disclosed as in the opinion of the management, determination of weighted average units for calculating EPU is not practicable.

4.11 Borrowing costs

Borrowing costs directly attributable to the acquisition of qualifying assets (one that takes substantial period of time to get ready for use or sale) are capitalised as part of the cost of the asset. Other borrowing costs are taken to the income statement in the year in which they are incurred. Currently the Fund does not have any qualifying assets.

4.12 Revenue recognition

- Realised gains / (losses) arising on sale of investments are included in the income statement on the date at which the transaction takes place.

- Unrealised appreciation / (dimunition) arising on re-measurement of investments classified as available for sale are included in the statement of comprehensive income in the period in which they arise.

- Unrealised appreciation / (dimunition) arising on re-measurement of investments classified as financial assets at 'fair value through profit and loss' are included in income statement in the period in which they arise.

- Dividend income is recognised when the right to receive dividend is established i.e. on the date of book closure of the investee company / institution declaring the dividend.

- Profit on bank deposits, mark-up income on government securities and mark-up income on debt securities is recognised using effective yield method.

- Income from investment in morabaha arrangements, term finance certificates and other redeemable capital is recognised on an accrual basis, except where recovery is doubtful, in which case it is credited to the suspense account.

4.13 Proposed distributions

Dividend / distributions are recognised in the period in which such distributions are declared / approved.

5 BANK BALANCES 2017 2016 (Rupees in '000)

In current accounts 5.1 2,739 1,976 In saving accounts 5.1 & 5.2 3,538,492 2,044,138 3,541,231 2,046,114

5.1 The above include an amount of Rs. 614.749 million (30 June 2016: Rs. 549.571 million) relating to unclaimed distribution.

5.2 These accounts carry return at rates ranging from 3.75% to 6.50% per annum (30 June 2016: 4.00% to 7.25% per annum). 26 6 INVESTMENTS

At fair value through profit or loss - held for trading Investment in shares / units of mutual funds 6.1.1 4,556,802 2,841,996

Available for sale Investment in shares / units of mutual funds 6.2.1 78,378,188 64,626,481

Held to maturity 6.3 - Morabaha arrangements 54,125 54,125 - Participation term certificates 10,500 10,500 - Term finance certificates 8,880 8,880 73,505 73,505 Less: Provision for impairment loss on held to maturity investments (73505) (73505) - - 82,934,990 67,468,477 4.11 Borrowing costs

4.12 Revenue recognition

- Realised gains / (losses) arising on sale of investments are included in the income statement on the date at which the transaction takes place.

- Dividend income is recognised when the right to receive dividend is established i.e. on the date of book closure of the investee company / institution declaring the dividend.

- Profit on bank deposits, mark-up income on government securities and mark-up income on debt securities is recognised using effective yield method.

4.13 Proposed distributions

Dividend / distributions are recognised in the period in which such distributions are declared / approved.

NATIONAL5 BANK BALANCES INVESTMENT (UNIT) TRUST 2017 2016 NOTES TO AND FORMING PART OF THE FINANCIAL STATEMENTS (Rupees in '000) FOR THEIn current YEAR accounts ENDED 30 JUNE 2017 5.1 2,739 1,976 In saving accounts 5.1 & 5.2 3,538,492 2,044,138 3,541,231 2,046,114

5.1 The above include an amount of Rs. 614.749 million (30 June 2016: Rs. 549.571 million) relating to unclaimed distribution.

5.2 These accounts carry return at rates ranging from 3.75% to 6.50% per annum (30 June 2016: 4.00% to 7.25% per annum).

6 INVESTMENTS

At fair value through profit or loss - held for trading Investment in shares / units of mutual funds 6.1.1 4,556,802 2,841,996

Available for sale Investment in shares / units of mutual funds 6.2.1 78,378,188 64,626,481

6.1 At fair value through profit or loss - Held for trading

6.1.1 Equity shares / units of mutual funds

Market Market Market Percentage Bonus Right shares value / Merger/ Carrying value / value / of paid-up Purchases shares purchased/ Sales carrying As at 01 July demerger As at 30 cost as carrying carrying capital of the Name of Investee Companies during issued subscribed during value as a 2016 adjusting June 2017 at 30 value as value as a investee the year during the during the year percentage effects June 2017 at 30 percentage company year the year of June 2017 of net assets held investments

------(Number of shares) ------(Rupees in '000') ------%------Close - End Mutual Fund PICIC Growth Fund 37,442 - - - - - 37,442 891 1,161 0.00 0.00 0.01 37,442 - - - - - 37,442 891 1,161 0.00 0.00

Modarabas Alnoor Modarba First 608,440 - - - - - 608,440 2,574 2,519 0.00 0.00 2.90 B.R.R. Guardian Modarba 1,824,274 - - - - - 1,824,274 12,679 17,203 0.02 0.02 2.34 Elite Capital Modarba First 392,620 - - - - - 392,620 1,570 1,649 0.00 0.00 3.46 First Fidelity Leasing Modarba 495,078 - - - - - 495,078 1,188 1,609 0.00 0.00 1.87 IBL Modarba First 1,078,774 - - - - - 1,078,774 3,021 4,747 0.01 0.01 5.34 KASB Modaraba 392,245 - - - - - 392,245 981 981 0.00 0.00 0.82 Orix Modaraba 1,808,598 - - - - 79,500 1,729,098 43,227 40,340 0.05 0.05 3.81 U.D.L. Modaraba First 755,625 - - - - 155,000 600,625 11,712 22,644 0.03 0.03 2.28 7,355,654 - - - - 234,500 7,121,154 76,952 91,692 0.11 0.11

Leasing Companies English Leasing 707,261 - - - - - 707,261 - - - - 8.84 707,261 - - - - - 707,261 - - - -

Financial Services Invest Capital Investment Bank Limited 1,338,138 - - - - - 1,338,138 1,459 2,823 0.00 0.00 0.47 1,338,138 - - - - - 1,338,138 1,459 2,823 0.00 0.00

Commercial Banks MCB Bank Limited 9,800 - - - - - 9,800 2,156 2,062 0.00 0.00 0.00 9,800 - - - - - 9,800 2,156 2,062 0.00 0.00

Textile Spining D.S.Industries Limited 300,102 - - - - 5,000 295,102 817 1,130 0.00 0.00 0.35 Din Textile Mills Limited 22,920 - - - - - 22,920 1,939 2,591 0.00 0.00 0.10 Maqbool Textile Mills Limited 245,873 - - - - - 245,873 4,180 7,561 0.01 0.01 1.46 Premium Textile Mills Limited 2,016 - - - - 2,016 ------570,911 - - - - 7,016 563,895 6,936 11,282 0.01 0.01

Textile Composite Fateh Textile Mills Limited 58,125 - - - - - 58,125 - - - - 4.65 Gul Ahmed Textile Mills Limited (Note 6.6) 3,758,208 - - 751,640 - - 4,509,848 154,801 184,814 0.23 0.22 1.27 Kohinoor Mills 842,229 - - - - 549,000 293,229 5,923 13,917 0.02 0.02 0.58 Mehmood Textile Mills Limited 128,063 - - - - - 128,063 25,760 28,737 0.04 0.03 0.85 Sapphire Fibers Limited 362,871 - - - - - 362,871 203,208 435,445 0.53 0.53 1.84 Sapphire Textile Mills Limited 571,112 - - - - - 571,112 388,356 1,136,770 1.39 1.37 2.84 5,720,608 - - 751,640 - 549,000 5,923,248 778,048 1,799,683 2.20 2.17

Woollen 27 Bannu Woollen Mills Limited 434,137 - - - - 2,500 431,637 22,946 29,567 0.04 0.04 4.54 434,137 - - - - 2,500 431,637 22,946 29,567 0.04 0.04

Synthetic & Rayon Pakistan Synthetics Limited 2,131,783 - - - - 54,500 2,077,283 60,831 60,761 0.07 0.07 3.71 2,131,783 - - - - 54,500 2,077,283 60,831 60,761 0.07 0.07

Tobacco Pakistan Tobacco Company Limited 18,164 - - - - - 18,164 22,897 30,788 0.04 0.04 0.01 18,164 - - - - - 18,164 22,897 30,788 0.04 0.04

Power Generation & Distribution Kohinoor Energy Limited 465,867 - - - - - 465,867 19,194 20,065 0.02 0.02 0.27 465,867 - - - - - 465,867 19,194 20,065 0.02 0.02

Oil & Gas Marketing Companies Sui Northern Gas Pipelines Limited (note 6.5) 47,432 - - - - - 47,432 1,721 7,064 0.01 0.01 0.01 47,432 - - - - - 47,432 1,721 7,064 0.01 0.01

Cable & Electric Goods Siemens Pakistan Engineering Company Limited 34,713 - - - - - 34,713 34,525 23,952 0.03 0.03 0.42 34,713 - - - - - 34,713 34,525 23,952 0.03 0.03

Transport Pakistan International Airlines Corp. 202,650 - - - - - 202,650 1,435 1,183 0.00 0.00 0.01 202,650 - - - - - 202,650 1,435 1,183 0.00 0.00

Fertilizer Dawood Hercules Corporation Limited 479,256 - - - - 5,000 474,256 70,602 64,670 0.08 0.08 0.10 479,256 - - - - 5,000 474,256 70,602 64,670 0.08 0.08 6.1 At fair value through profit or loss - Held for trading

6.1.1 Equity shares / units of mutual funds

------(Number of shares) ------(Rupees in '000') ------%------Close - End Mutual Fund PICIC Growth Fund 37,442 - - - - - 37,442 891 1,161 0.00 0.00 0.01 37,442 - - - - - 37,442 891 1,161 0.00 0.00

Leasing Companies English Leasing 707,261 - - - - - 707,261 - - - - 8.84 707,261 - - - - - 707,261 - - - -

Financial Services NATIONALInvest Capital Investment INVESTMENT Bank Limited 1,338,138 (UNIT) - TRUST - - - - 1,338,138 1,459 2,823 0.00 0.00 0.47 1,338,138 - - - - - 1,338,138 1,459 2,823 0.00 0.00

NOTESCommercial TO Banks AND FORMING PART OF THE FINANCIAL STATEMENTS MCB Bank Limited 9,800 - - - - - 9,800 2,156 2,062 0.00 0.00 0.00 FOR6.1 THEAt fair YEAR value through ENDED profit 30 or 9,800 JUNEloss - Held - 2017 for trading - - - - 9,800 2,156 2,062 0.00 0.00

Textile Spining 6.1.1 EquityD.S.Industries shares Limited / units of mutual 300,102 funds - - - - 5,000 295,102 817 1,130 0.00 0.00 0.35 Din Textile Mills Limited 22,920 - - - - - 22,920 1,939 2,591 0.00 0.00 0.10 Maqbool Textile Mills Limited 245,873 - - - - - 245,873 4,180 7,561 0.01 0.01 1.46 Market 2,016 - - - - 2,016 - - Market - Market - - Percentage - Premium Textile Mills Limited Bonus Right shares value / Merger/ Carrying value / value / of paid-up 570,911 Purchases - shares - purchased/ - - Sales 7,016 563,895 6,936 11,282 0.01 carrying 0.01 As at 01 July demerger As at 30 cost as carrying carrying capital of the Name of Investee Companies during issued subscribed during value as a 2016 adjusting June 2017 at 30 value as value as a investee Textile Composite the year during the during the year percentage effects June 2017 at 30 percentage company Fateh Textile Mills Limited 58,125 - year - the year - - - 58,125 - - - of - 4.65 June 2017 of net assets held Gul Ahmed Textile Mills Limited investments (Note 6.6) 3,758,208 - - 751,640 - - 4,509,848 154,801 184,814 0.23 0.22 1.27 ------(Number of shares) ------(Rupees in '000') ------%------Kohinoor Mills 842,229 - - - - 549,000 293,229 5,923 13,917 0.02 0.02 0.58 Close - End Mutual Fund Mehmood Textile Mills Limited 128,063 - - - - - 128,063 25,760 28,737 0.04 0.03 0.85 PICIC Growth Fund 37,442 - - - - - 37,442 891 1,161 0.00 0.00 0.01 Sapphire Fibers Limited 362,871 - - - - - 362,871 203,208 435,445 0.53 0.53 1.84 37,442 - - - - - 37,442 891 1,161 0.00 0.00 Sapphire Textile Mills Limited 571,112 - - - - - 571,112 388,356 1,136,770 1.39 1.37 2.84 5,720,608 - - 751,640 - 549,000 5,923,248 778,048 1,799,683 2.20 2.17 Modarabas Alnoor Modarba First 608,440 - - - - - 608,440 2,574 2,519 0.00 0.00 2.90 Woollen B.R.R. Guardian Modarba 1,824,274 - - - - - 1,824,274 12,679 17,203 0.02 0.02 2.34 Bannu Woollen Mills Limited 434,137 - - - - 2,500 431,637 22,946 29,567 0.04 0.04 4.54 Elite Capital Modarba First 392,620 - - - - - 392,620 1,570 1,649 0.00 0.00 3.46 434,137 - - - - 2,500 431,637 22,946 29,567 0.04 0.04 First Fidelity Leasing Modarba 495,078 - - - - - 495,078 1,188 1,609 0.00 0.00 1.87 IBL Modarba First 1,078,774 - - - - - 1,078,774 3,021 4,747 0.01 0.01 5.34 Synthetic & Rayon KASB Modaraba 392,245 - - - - - 392,245 981 981 0.00 0.00 0.82 Pakistan Synthetics Limited 2,131,783 - - - - 54,500 2,077,283 60,831 60,761 0.07 0.07 3.71 Orix Modaraba 1,808,598 - - - - 79,500 1,729,098 43,227 40,340 0.05 0.05 3.81 2,131,783 - - - - 54,500 2,077,283 60,831 60,761 0.07 0.07 U.D.L. Modaraba First 755,625 - - - - 155,000 600,625 11,712 22,644 0.03 0.03 2.28

Tobacco 7,355,654 - - - - 234,500 7,121,154 76,952 91,692 0.11 0.11 Pakistan Tobacco Company Limited 18,164 - - - - - 18,164 22,897 30,788 0.04 0.04 0.01 Leasing Companies 18,164 - - - - - 18,164 22,897 30,788 0.04 0.04 English Leasing 707,261 - - - - - 707,261 - - - - 8.84

Power Generation & Distribution 707,261 - - - - - 707,261 - - - - Kohinoor Energy Limited 465,867 - - - - - 465,867 19,194 20,065 0.02 0.02 0.27 Financial Services 465,867 - - - - - 465,867 19,194 20,065 0.02 0.02 Invest Capital Investment Bank Limited 1,338,138 - - - - - 1,338,138 1,459 2,823 0.00 0.00 0.47

Oil & Gas Marketing Companies 1,338,138 - - - - - 1,338,138 1,459 2,823 0.00 0.00 Sui Northern Gas Pipelines Commercial Banks Limited (note 6.5) 47,432 - - - - - 47,432 1,721 7,064 0.01 0.01 0.01 MCB Bank Limited 9,800 - - - - - 9,800 2,156 2,062 0.00 0.00 0.00 47,432 - - - - - 47,432 1,721 7,064 0.01 0.01 9,800 - - - - - 9,800 2,156 2,062 0.00 0.00 Cable & Electric Goods Textile Spining Siemens Pakistan Engineering D.S.Industries Limited 300,102 - - - - 5,000 295,102 817 1,130 0.00 0.00 0.35 Company Limited 34,713 - - - - - 34,713 34,525 23,952 0.03 0.03 0.42 Din Textile Mills Limited 22,920 - - - - - 22,920 1,939 2,591 0.00 0.00 0.10 34,713 - - - - - 34,713 34,525 23,952 0.03 Market 0.03 Maqbool Textile Mills Limited 245,873 - - - - - 245,873 4,180 Market 7,561 Market 0.01 0.01 Percentage 1.46 Bonus Right shares value / Premium Textile Mills Limited 2,016 - - - Merger/ - 2,016 - Carrying - value -/ value - / - of paid-up - Transport Purchases shares purchased/ Sales carrying As at 570,911 01 July - - - demerger - 7,016 As 563,895 at 30 cost 6,936 as carrying 11,282 carrying 0.01 0.01 capital of the PakistanName International of Investee Airlines Companies Corp. 202,650 during - issued - subscribed - - during - 202,650 1,435 1,183 0.00 value as 0.00 a 0.01 2016 adjusting June 2017 at 30 value as value as a investee the year during the during the year percentage 202,650 - - - effects - - 202,650 June 20171,435 at 301,183 percentage 0.00 0.00 company Textile Composite year the year of June 2017 of net assets held Fateh Textile Mills Limited 58,125 - - - - - 58,125 - - - - 4.65 Fertilizer investments Gul Ahmed Textile Mills Limited Dawood Hercules Corporation Limited 479,256 - - - - 5,000 474,256 70,602 64,670 0.08 0.08 0.10 (Note 6.6) ------(Number 3,758,208 - - of751,640 shares) ------4,509,848 - 154,801 (Rupees in '000') 184,814 ------%------0.23 0.22 1.27 479,256 - - - - 5,000 474,256 70,602 64,670 0.08 0.08 Kohinoor Mills 842,229 - - - - 549,000 293,229 5,923 13,917 0.02 0.02 0.58 MehmoodPharmaceuticals Textile Mills Limited 128,063 - - - - - 128,063 25,760 28,737 0.04 0.03 0.85 SapphireAbbot Laboatories Fibers Limited (Pakistan) Limited 362,871 58,509 ------45,250 - 362,871 13,259 203,208 9,997 435,445 12,392 0.53 0.02 0.53 0.01 1.84 0.01 SapphireHighnoon Textile Laboratories Mills Limited Ltd. (note 6.6) 571,112 1,005 - - 120- - - - - 1,005 - 571,112 120 388,356 62 1,136,770 75 1.39 0.00 1.37 0.00 2.84 0.00 5,720,608 59,514 - - 120- 751,640 - - - 549,000 46,255 5,923,248 13,379 778,048 10,059 1,799,683 12,467 2.20 0.02 2.17 0.02

WoollenChemical BannuLinde PakistanWoollen LimitedMills Limited (Boc) 434,137 61,160 ------45,600 2,500 431,637 15,560 22,946 1,626 29,567 3,750 0.04 0.00 0.04 0.00 4.54 0.06 434,137 61,160 ------45,600 2,500 431,637 15,560 22,946 1,626 29,567 3,750 0.04 0.00 0.04 0.00

SyntheticPaper & Board & Rayon PakistanSecurity PapersSynthetics Limited Limited (note 6.6) 2,131,783 42,428 ------54,500 42,428 2,077,283 - 60,831 - 60,761 - 0.07 - 0.07 - 3.71 - 2,131,783 42,428 ------54,500 42,428 2,077,283 - 60,831 - 60,761 - 0.07 - 0.07 -

TobaccoLeather & Tanneries PakistanService Industries Tobacco Company Limited Limited 1,655,975 18,164 ------96,850 - 1,559,125 18,164 1,378,656 22,897 2,150,033 30,788 0.04 2.63 0.04 2.59 12.96 0.01 1,655,975 18,164 ------96,850 - 1,559,125 18,164 1,378,656 22,897 2,150,033 30,788 0.04 2.63 0.04 2.59

PowerFoods Generation& Personal &Care Distribution Products KohinoorEngro Foods Energy Limited 465,867 35,000 ------35,000 - 465,867 - 19,194 - 20,065 - 0.02 - 0.02 - 0.27 - Nestle Pakistan Limited 465,867 2,556 ------465,867 2,556 19,194 18,659 20,065 26,071 0.02 0.03 0.02 0.03 0.01 37,556 - - - - 35,000 2,556 18,659 26,071 0.03 0.03 Oil & Gas Marketing Companies SuiGlass Northern & Ceramics Gas Pipelines GhaniLimited Glass (note Mills 6.5) Limited 121,361 47,432 ------116,100 - 47,432 5,261 1,721 497 7,064 439 0.01 0.00 0.01 0.00 0.01 0.00 Ghani Glass Mills Limited-right 47,432 - - - - - 5,724 - - - - - 47,432 5,724 1,721 - 7,064 404 0.01 0.00 0.01 0.00 0.00 121,361 - - 5,724 - 116,100 10,985 497 843 0.00 0.00 Cable & Electric Goods SiemensMiscellaneous Pakistan Engineering PakistanCompany Services Limited Limited 210,756 34,713 ------210,756 34,713 142,203 34,525 190,207 23,952 0.03 0.23 0.03 0.23 0.42 0.65 Tri Pack Films Limited 197,872 34,713 ------112,500 - 34,713 85,372 34,525 15,528 23,952 19,123 0.03 0.02 0.03 0.02 0.22 408,628 - - - - 112,500 296,128 157,731 209,330 0.26 0.25 Transport PakistanDelisted International/ Unqouted AirlinesCompanies Corp. 202,650 - - - - - 202,650 1,435 1,183 0.00 0.00 0.01 Callmate Telips Telecom 202,650 83 ------202,650 83 1,435 - 1,183 - 0.00 - 0.00 - 0.00 Sapphire Holding Limited 571,112 - - - - - 571,112 5,711 5,710 0.01 0.01 2.84 FertilizerNational Asset Leasing Corporation 265,013 - - - - - 265,013 - - - - 2.78 DawoodNatover HerculesLease & RefinanceCorporation Limited 479,256 729,349 ------5,000 - 474,256 729,349 70,602 - 64,670 - 0.08 - 0.08 - 0.10 8.31 Unilever Brothers Preference 479,256 123 ------5,000 - 474,256 123 70,602 1,845 64,670 1,845 0.08 0.00 0.08 0.00 - 28 1,565,680 - - - - - 1,565,680 7,556 7,555 0.01 0.01

Total - 30 June 2017 23,506,118 - 120 757,364 - 1,347,249 22,916,353 2,675,377 4,556,802 5.57 5.49

Total - 30 June 2016 25,560,864 834,850 107 1,046,735 3,936,438 23,506,118 2,700,833 2,841,996 3.45 3.43

6.1.2 All shares are fully paid up ordinary shares of Rs 10 each unless otherwise stated. Market Market Market Percentage Bonus Right shares value / Merger/ Carrying value / value / of paid-up Purchases shares purchased/ Sales carrying As at 01 July demerger As at 30 cost as carrying carrying capital of the Name of Investee Companies during issued subscribed during value as a 2016 adjusting June 2017 at 30 value as value as a investee the year during the during the year percentage effects June 2017 at 30 percentage company year the year of June 2017 of net assets held investments

------(Number of shares) ------(Rupees in '000') ------%------

Pharmaceuticals Abbot Laboatories (Pakistan) Limited 58,509 - - - - 45,250 13,259 9,997 12,392 0.02 0.01 0.01 Highnoon Laboratories Ltd. (note 6.6) 1,005 - 120 - - 1,005 120 62 75 0.00 0.00 0.00 59,514 - 120 - - 46,255 13,379 10,059 12,467 0.02 0.02

Chemical Linde Pakistan Limited (Boc) 61,160 - - - - 45,600 15,560 1,626 3,750 0.00 0.00 0.06 61,160 - - - - 45,600 15,560 1,626 3,750 0.00 0.00

Paper & Board Security Papers Limited (note 6.6) 42,428 - - - - 42,428 ------42,428 - - - - 42,428 - - - - -

NATIONALLeather & Tanneries INVESTMENT (UNIT) TRUST Service Industries Limited 1,655,975 - - - - 96,850 1,559,125 1,378,656 2,150,033 2.63 2.59 12.96 NOTES TO AND FORMING 1,655,975 PART - OF - THE - FINANCIAL - 96,850 STATEMENTS 1,559,125 1,378,656 2,150,033 2.63 2.59 Foods & Personal Care Products FOR6.1 THEAtEngro fair Foods YEAR value through ENDED profit 30 35,000 or JUNEloss - Held - 2017 for trading - - - 35,000 ------Nestle Pakistan Limited 2,556 - - - - - 2,556 18,659 26,071 0.03 0.03 0.01 6.1.1 Equity shares / units of mutual 37,556 funds - - - - 35,000 2,556 18,659 26,071 0.03 0.03 Glass & Ceramics Ghani Glass Mills Limited 121,361 - - - - 116,100 5,261 497 439 0.00 0.00 0.00 Market Ghani Glass Mills Limited-right - - - 5,724 - - 5,724 - Market 404 Market 0.00 0.00 Percentage 0.00 Bonus Right shares value / Merger/ Carrying value / value / of paid-up 121,361 Purchases - shares - purchased/ 5,724 - Sales116,100 10,985 497 843 0.00 carrying 0.00 As at 01 July demerger As at 30 cost as carrying carrying capital of the Name of Investee Companies during issued subscribed during value as a 2016 adjusting June 2017 at 30 value as value as a investee Miscellaneous the year during the during the year percentage effects June 2017 at 30 percentage company Pakistan Services Limited 210,756 - year - the year - - - 210,756 142,203 190,207 0.23 of 0.23 0.65 June 2017 of net assets held Tri Pack Films Limited 197,872 - - - - 112,500 85,372 15,528 19,123 0.02 investments 0.02 0.22 408,628 - - - - 112,500 296,128 157,731 209,330 0.26 0.25 ------(Number of shares) ------(Rupees in '000') ------%------CloseDelisted - End / Unqouted Mutual Fund Companies 37,442 - - - - - 37,442 891 1,161 0.00 0.00 0.01 PICICCallmate Growth Telips Fund Telecom 83 - - - - - 83 - - - - 0.00 Sapphire Holding Limited 571,112 37,442 ------571,112 37,442 5,711 891 1,161 5,710 0.00 0.01 0.00 0.01 2.84 National Asset Leasing Corporation 265,013 - - - - - 265,013 - - - - 2.78 Modarabas Natover Lease & Refinance 729,349 - - - - - 729,349 - - - - 8.31 608,440 - - - - - 608,440 2,574 2,519 0.00 0.00 2.90 AlnoorUnilever Modarba Brothers First Preference 123 - - - - - 123 1,845 1,845 0.00 0.00 - B.R.R. Guardian Modarba 1,824,274 - - - - - 1,824,274 12,679 17,203 0.02 0.02 2.34 1,565,680 - - - - - 1,565,680 7,556 7,555 0.01 0.01 Elite Capital Modarba First 392,620 - - - - - 392,620 1,570 1,649 0.00 0.00 3.46 First Fidelity Leasing Modarba 495,078 - - - - - 495,078 1,188 1,609 0.00 0.00 1.87 Total - 30 June 2017 23,506,118 - 120 757,364 - 1,347,249 22,916,353 2,675,377 4,556,802 5.57 5.49 IBL Modarba First 1,078,774 - - - - - 1,078,774 3,021 4,747 0.01 0.01 5.34 KASB Modaraba 392,245 - - - - - 392,245 981 981 0.00 0.00 0.82 Total - 30 June 2016 25,560,864 834,850 107 1,046,735 3,936,438 23,506,118 2,700,833 2,841,996 3.45 3.43 Orix Modaraba 1,808,598 - - - - 79,500 1,729,098 43,227 40,340 0.05 0.05 3.81 U.D.L. Modaraba First 755,625 - - - - 155,000 600,625 11,712 22,644 0.03 0.03 2.28 6.1.2 All shares are fully paid up 7,355,654 ordinary shares - of Rs - 10 each -unless otherwise - 234,500 stated. 7,121,154 76,952 91,692 0.11 0.11 Leasing Companies 6.2 AvailableEnglish Leasing for sale 707,261 - - - - - 707,261 - - - - 8.84 707,261 - - - - - 707,261 - - - -

6.2.1 EquityFinancial Services shares / units of mutual funds Invest Capital Investment Bank Limited 1,338,138 - - - - - 1,338,138 1,459 2,823 0.00 0.00 0.47 1,338,138 - - - - - 1,338,138 1,459 2,823 0.00 0.00 Market Market Right Percentage Bonus Market value / value / shares Merger/ Carrying of paid-up Commercial Banks Purchases shares Sales value / arrying arrying As at 01 purchased/ demerger As at 30 June cost as capital of MCB BankName Limited of Investee Companies 9,800 during - issued - - - during - 9,800 2,156 carrying 2,062 value 0.00 as a value as0.00 a 0.00 July 2016 subscribed adjusting 2017 at 30 the investee 9,800 the - year during - the - - the year - 9,800 2,156 value 2,062 as at 30 percentage 0.00 percentage 0.00 during effects June 2017 company year June 2017 of net of the year held Textile Spining assets investments D.S.Industries Limited 300,102 - - - - 5,000 295,102 817 1,130 0.00 0.00 0.35 ------(Number of shares) ------(Rupees in '000') ------%------Din Textile Mills Limited 22,920 - - - - - 22,920 1,939 2,591 0.00 0.00 0.10 Close - End Mutual Fund Maqbool Textile Mills Limited 245,873 - - - - - 245,873 4,180 7,561 0.01 0.01 1.46 Dominion Stock Fund 157,629 - - - - - 157,629 - - - - 3.15 Premium Textile Mills Limited 2,016 - - - - 2,016 ------Investec Mutual Fund 172,406 - - - - - 172,406 - - - - 1.72 570,911 - - - - 7,016 563,895 6,936 11,282 0.01 0.01 PICIC Growth Fund 6,429,358 - - - - - 6,429,358 35,940 199,310 0.24 0.24 2.27 PICIC Investment Fund 10,108,128 - - - - - 10,108,128 20,519 151,622 0.19 0.18 3.56 Textile Composite 16,867,521 - - - - - 16,867,521 56,459 350,932 0.43 0.42 Fateh Textile Mills Limited 58,125 - - - - - 58,125 - - - - 4.65 Modarabas Gul Ahmed Textile Mills Limited B.R.R. Guardian Modarba 1,858,077 - - - - - 1,858,077 2,397 17,522 0.02 0.02 2.38 (Note 6.6) 3,758,208 - - 751,640 - - 4,509,848 154,801 184,814 0.23 0.22 1.27 Habib Modarba First 1,584,070 - - - - - 1,584,070 8,982 17,346 0.02 0.02 0.79 Kohinoor Mills 842,229 - - - - 549,000 293,229 5,923 13,917 0.02 0.02 0.58 Orix Modaraba 1,948,462 - - - - - 1,948,462 13,269 45,458 0.06 0.05 4.29 Mehmood Textile Mills Limited 128,063 - - - - - 128,063 25,760 28,737 0.04 0.03 0.85 5,390,609 - - - - - 5,390,609 24,648 80,326 0.10 0.10 Sapphire Fibers Limited 362,871 - - - - - 362,871 203,208 435,445 0.53 0.53 1.84 Leasing Companies Sapphire Textile Mills Limited 571,112 - - - - - 571,112 388,356 1,136,770 1.39 1.37 2.84 Orix Leasing Pakistan 700,080 - - - - 340,000 360,080 1,883 14,493 0.02 0.02 0.44 5,720,608 - - 751,640 - 549,000 5,923,248 778,048 1,799,683 2.20 2.17 Orix Leasing Pakistan Right - - - 302,815 - - 302,815 - 878 0.00 0.00 0.53 Security Leasing Corporation 321,026 - - - - 29,500 291,526 466 1,414 0.00 0.00 0.80 Woollen Saudi Pak Leasing 372,752 - - - - 25,000 347,752 167 845 0.00 0.00 0.77 Bannu Woollen Mills Limited 434,137 - - - - 2,500 431,637 22,946 29,567 0.04 0.04 4.54 1,393,858 - - 302,815 - 394,500 1,302,173 2,516 17,630 0.02 0.02 434,137 - - - - 2,500 431,637 22,946 29,567 0.04 0.04 Financial Services 786 Investment Limited 663,832 - - - - - 663,832 - - - - 4.43 Synthetic & Rayon Next Capital Limited 500,000 - - 612,500 - 413,000 699,500 4,654 16,095 0.02 0.02 1.55 Pakistan Synthetics Limited 2,131,783 - - - - 54,500 2,077,283 60,831 60,761 0.07 0.07 3.71 First Capital Securities Corporation 3,978,559 - - - - 109,500 3,869,059 7,008 15,012 0.02 0.02 1.22 2,131,783 - - - - 54,500 2,077,283 60,831 60,761 0.07 0.07 First Dawood Investment Bank 1,878,064 - - - - 292,500 1,585,564 1,205 5,090 0.01 0.01 1.07 Invest Capital Investment Bank Ltd. 8,271,554 - - - - - 8,271,554 1,654 17,453 0.02 0.02 2.90 Tobacco IGI Investment Bank 5,004,579 - - - - - 5,004,579 4,504 15,114 0.02 0.02 2.36 Pakistan Tobacco Company Limited 18,164 - - - - - 18,164 22,897 30,788 0.04 0.04 0.01 Investec Securities Limited 98,518 - - - - - 98,518 - - - - 0.60 18,164 - - - - - 18,164 22,897 30,788 0.04 0.04 J.O.V.& Company 1,775,606 - - - - - 1,775,606 - - - - 3.49 Jahangir Siddiqui & Company 1,007,441 - - - - 432,000 575,441 2,905 13,137 0.02 0.02 0.06 Power Generation & Distribution Prudential Investment Bank 326,292 - - - - - 326,292 - - - - 3.26 Kohinoor Energy Limited 465,867 - - - - - 465,867 19,194 20,065 0.02 0.02 0.27 Security Investment Bank 2,262,698 - - - - - 2,262,698 2,828 11,313 0.01 0.01 4.40 465,867 - - - - - 465,867 19,194 20,065 0.02 0.02 25,767,143 - - 612,500 - 1,247,000 25,132,643 24,758 93,214 0.11 0.11 Commercial Banks Oil & Gas Marketing Companies Allied Bank Limited 1,477,104 - - - - 43,500 1,433,604 90,895 128,480 0.16 0.15 0.13 Sui Northern Gas Pipelines Askari Bank Limited 27,580,356 - - - - 3,108,500 24,471,856 223,642 493,597 0.60 0.60 1.94 Limited (note 6.5) 47,432 - - - - - 47,432 1,721 7,064 0.01 0.01 0.01 Bank Al - Falah Limited 913,409 - - - - 325,000 588,409 6,691 23,654 0.03 0.03 0.04 47,432 - - - - - 47,432 1,721 7,064 0.01 0.01 Bank Al - Habib Limited 75,662,329 - - - - 9,448,500 66,213,829 717,598 3,757,635 4.59 4.53 5.96 Bankislami Pakistan 247,816 - - - - - 247,816 1,532 3,296 0.00 0.00 0.02 Cable & Electric Goods Faysal Bank Limited (Note 6.6) 3,016,853 - 116,735 - - 2,087,000 1,046,588 4,980 23,548 0.03 0.03 0.08 Siemens Pakistan Engineering Habib Bank Limited 955,833 374,000 - - - 192,400 1,137,433 192,027 306,129 0.37 0.37 0.08 Company Limited 34,713 - - - - - 34,713 34,525 23,952 0.03 0.03 0.42 Habib Metropolitan Bank Limited 52,498,107 - - - - 6,308,000 46,190,107 702,238 1,526,582 1.87 1.84 4.41 34,713 - - - - - 34,713 34,525 23,952 0.03 0.03 JS Bank Limited 10,204,661 - - - - 1,646,500 8,558,161 16,468 82,073 0.10 0.10 0.80 MCB Bank Limited 113,842 335,400 - - - - 449,242 91,422 94,534 0.12 0.11 0.04 Transport National Bank Of Pakistan 502,578 - - - - 139,500 363,078 10,795 21,425 0.03 0.03 0.02 Pakistan International Airlines Corp. 202,650 - - - - - 202,650 1,435 1,183 0.00 0.00 0.01 NIB Bank Limited 1,651,532 - - - - - 1,651,532 2,495 2,841 0.00 0.00 0.02 202,650 - - - - - 202,650 1,435 1,183 0.00 0.00 Samba Bank Limited 3,116,304 - - - - 142,500 2,973,804 7,648 21,263 0.03 0.03 0.29 Silkbank Limited 20,880,417 - - - - - 20,880,417 32,574 35,079 0.04 0.04 0.23 Fertilizer Summit Bank Limited 531,978 - - - - 25,000 506,978 1,060 2,089 0.00 0.00 0.03 Dawood Hercules Corporation Limited 479,256 - - - - 5,000 474,256 70,602 64,670 0.08 0.08 0.10 Soneri Bank Limited 110,845,549 - - - - 3,071,500 107,774,049 344,249 1,582,123 1.93 1.91 9.78 479,256 - - - - 5,000 474,256 70,602 64,670 0.08 0.08 United Bank Limited 551,099 560,000 - - - 145,000 966,099 166,316 227,536 0.28 0.27 0.08 310,749,767 1,269,400 116,735 - - 26,682,900 285,453,002 2,612,630 8,331,884 10.19 10.05 29 Textile Spining Adil Textile Mills Limited 93,592 - - - - - 93,592 - - - - 1.21 Amtex Limited 363,523 - - - - - 363,523 436 1,094 0.00 0.00 0.14 Al - Qaim Textile Mills Limited 358,753 - - - - - 358,753 - - - - 4.81 Asim Textile Mills Limited 1,140,800 - - - - 99,000 1,041,800 - 12,918 0.02 0.02 6.86 Babri Cotton Mills Limited 80,578 - - - - - 80,578 392 6,527 0.01 0.01 2.21 Brothers Textile Mills Limited 579,461 - - - - - 579,461 - - - - 5.91 Crescent Cotton Mills Limited 1,048,579 - - - - - 1,048,579 5,505 46,819 0.06 0.06 4.91 Crescent Fibres Limited 852,681 - - - - - 852,681 - 26,348 0.03 0.03 6.87 Colony Textile Mills Limited 1,074,498 - - - - 5,000 1,069,498 1,351 5,315 0.01 0.01 0.21 Chakwal Spinning Mills Limited 742,008 - - - - - 742,008 - 2,961 0.00 0.00 1.86 Data Textile Limited 618,595 - - - - - 618,595 - - - - 6.24 Din Textile Mills Limited 340,301 - - - - - 340,301 3,847 38,471 0.05 0.05 1.52 Dewan Khalid Textile Mills Limited 224,486 - - - - - 224,486 224 1,706 0.00 0.00 2.34 Dewan Mushtaq Textile Mills Limited 192,424 - - - - - 192,424 385 1,578 0.00 0.00 2.93 D. M. Textile Mills Limited 329,114 - - - - 24,500 304,614 548 21,122 0.03 0.03 9.98 D.S.Industries Limited 44,780 - - - - - 44,780 34 172 0.00 0.00 0.05 Dar-Es-Salaam Textile Mills Limited 261,787 - - - - 2,500 259,287 570 2,204 0.00 0.00 3.24 Ellcot Spinning Mills Limited 704,380 - - - - - 704,380 7,482 72,833 0.09 0.09 6.43 Fatima Enterprises Limited 628,671 - - - - - 628,671 - - - - 4.42 Fazal Cloth Mills Limited 1,768,488 - - - - - 1,768,488 13,415 316,542 0.39 0.38 5.89 Gadoon Textile Mills 132,499 - - - - - 132,499 1,231 27,957 0.03 0.03 0.47 Globe Textile Mills Limited 2,472 - - - - - 2,472 - - - - 0.02 Gulshan Spinning Mills Limited 1,137,974 - - - - - 1,137,974 - - - - 5.12 Gulistan Textile Mills Limited 734,617 - - - - - 734,617 - - - - 3.87 Hajra Textile Mills Limited 518,063 - - - - - 518,063 - - - - 3.77 Ideal Spinning Mills Limited 658,396 - - - - - 658,396 922 4,635 0.01 0.01 6.64 Indus Dyeing Manufacturing Company Ltd. 525,295 - - - - - 525,295 5,509 335,138 0.41 0.40 2.91 J. A. Textile Mills Limited 127,361 - - - - - 127,361 - 471 0.00 0.00 1.01 Karim Cotton Mills Limited 110,562 - - - - - 110,562 - - - - 9.34 Kohinoor Spinning Mills Limited 535,827 - - - - - 535,827 - 2,631 0.00 0.00 0.41 Khalid Siraj Textile Mills Limited 682,998 - - - - - 682,998 - 5,327 0.01 0.01 6.38 Land Mark Spinning Industries Limited 395,437 - - - - 40,000 355,437 - 2,481 0.00 0.00 2.93 Mehr Dastgir Textile Mills Limited 259 - - - - - 259 - - - - 0.00 Maqbool Textile Mills Limited 1,420,216 - - - - - 1,420,216 11,362 43,672 0.05 0.05 8.45 Premium Textile Mills Limited 807,307 - - - - 80,484 726,823 7,926 116,713 0.14 0.14 11.79 Reliance Cotton Spinning Mills Limited 465,638 - - - - - 465,638 3,824 61,435 0.08 0.07 4.52 Ruby Textile Mills Limited 436,664 - - - - 139,000 297,664 - 3,358 0.00 0.00 0.57 Saif Textile Mills Limited 1,946,871 - - - - 177,500 1,769,371 4,370 38,926 0.05 0.05 6.70 Salfi Textile Mills Limited 104,645 - - - - - 104,645 956 12,348 0.02 0.01 3.13 Salman Noman Enterpries Limited 291,399 - - - - - 291,399 - 1,544 0.00 0.00 6.52 Service (Textile) Industries Limited 162,908 - - - - - 162,908 - 3,939 0.00 0.00 3.66 Shadab Textile Mills Limited 94,207 - - - - - 94,207 - 5,813 0.01 0.01 3.14 6.2 Available for sale

6.2.1 Equity shares / units of mutual funds

Market Market Right Percentage Bonus Market value / value / shares Merger/ Carrying of paid-up Purchases shares Sales value / arrying arrying As at 01 purchased/ demerger As at 30 June cost as capital of Name of Investee Companies during issued during carrying value as a value as a July 2016 subscribed adjusting 2017 at 30 the investee the year during the the year value as at 30 percentage percentage during effects June 2017 company year June 2017 of net of the year held assets investments

------(Number of shares) ------(Rupees in '000') ------%------Close - End Mutual Fund Dominion Stock Fund 157,629 - - - - - 157,629 - - - - 3.15 Investec Mutual Fund 172,406 - - - - - 172,406 - - - - 1.72 PICIC Growth Fund 6,429,358 - - - - - 6,429,358 35,940 199,310 0.24 0.24 2.27 PICIC Investment Fund 10,108,128 - - - - - 10,108,128 20,519 151,622 0.19 0.18 3.56 16,867,521 - - - - - 16,867,521 56,459 350,932 0.43 0.42 Modarabas B.R.R. Guardian Modarba 1,858,077 - - - - - 1,858,077 2,397 17,522 0.02 0.02 2.38 Habib Modarba First 1,584,070 - - - - - 1,584,070 8,982 17,346 0.02 0.02 0.79 Orix Modaraba 1,948,462 - - - - - 1,948,462 13,269 45,458 0.06 0.05 4.29 5,390,609 - - - - - 5,390,609 24,648 80,326 0.10 0.10 Leasing Companies Orix Leasing Pakistan 700,080 - - - - 340,000 360,080 1,883 14,493 0.02 0.02 0.44 Orix Leasing Pakistan Right - - - 302,815 - - 302,815 - 878 0.00 0.00 0.53 Security Leasing Corporation 321,026 - - - - 29,500 291,526 466 1,414 0.00 0.00 0.80 Saudi Pak Leasing 372,752 - - - - 25,000 347,752 167 845 0.00 0.00 0.77 1,393,858 - - 302,815 - 394,500 1,302,173 2,516 17,630 0.02 0.02 Financial Services 786 Investment Limited 663,832 - - - - - 663,832 - - - - 4.43 Next Capital Limited 500,000 - - 612,500 - 413,000 699,500 4,654 16,095 0.02 0.02 1.55 First Capital Securities Corporation 3,978,559 - - - - 109,500 3,869,059 7,008 15,012 0.02 0.02 1.22 First Dawood Investment Bank 1,878,064 - - - - 292,500 1,585,564 1,205 5,090 0.01 0.01 1.07 Invest Capital Investment Bank Ltd. 8,271,554 - - - - - 8,271,554 1,654 17,453 0.02 0.02 2.90 IGI Investment Bank 5,004,579 - - - - - 5,004,579 4,504 15,114 0.02 0.02 2.36 NATIONALInvestec Securities INVESTMENT Limited 98,518 (UNIT) - TRUST - - - - 98,518 - - - - 0.60 J.O.V.& Company 1,775,606 - - - - - 1,775,606 - - - - 3.49 NOTESJahangir TO Siddiqui AND & Company FORMING 1,007,441 PART - OF - THE - FINANCIAL - 432,000 STATEMENTS 575,441 2,905 13,137 0.02 0.02 0.06 Prudential Investment Bank 326,292 - - - - - 326,292 - - - - 3.26 6.2 AvailableSecurity Investment for Bank sale 2,262,698 - - - - - 2,262,698 2,828 11,313 0.01 0.01 4.40 FOR THE YEAR ENDED 30 25,767,143 JUNE 2017 - - 612,500 - 1,247,000 25,132,643 24,758 93,214 0.11 0.11 Commercial Banks 6.2.1 EquityAllied Bank Limitedshares / units of mutual 1,477,104 funds - - - - 43,500 1,433,604 90,895 128,480 0.16 0.15 0.13 Askari Bank Limited 27,580,356 - - - - 3,108,500 24,471,856 223,642 493,597 0.60 0.60 1.94 Bank Al - Falah Limited 913,409 - - - - 325,000 588,409 6,691 23,654 0.03 0.03 0.04 Market Market Bank Al - Habib Limited 75,662,329 - - Right - - 9,448,500 66,213,829 717,598 3,757,635 4.59 4.53 Percentage 5.96 Bonus Market value / value / Bankislami Pakistan 247,816 - - shares - Merger/ - - 247,816 Carrying 1,532 3,296 0.00 0.00 of paid-up 0.02 Purchases shares Sales value / arrying arrying Faysal Bank Limited (Note 6.6) As 3,016,853 at 01 - 116,735 purchased/ - demerger - 2,087,000 As at 1,046,588 30 June cost 4,980 as 23,548 0.03 0.03 capital 0.08 of Name of Investee Companies during issued during carrying value as a value as a July 2016 subscribed adjusting 2017 at 30 the investee Habib Bank Limited 955,833 the 374,000 year during the - - - the 192,400 year 1,137,433 192,027 value 306,129as at 30 percentage 0.37 percentage 0.37 0.08 during effects June 2017 company Habib Metropolitan Bank Limited 52,498,107 - year - - - 6,308,000 46,190,107 702,238 June 1,526,582 2017 of net 1.87 of 1.84 4.41 the year held JS Bank Limited 10,204,661 - - - - 1,646,500 8,558,161 16,468 82,073 assets 0.10 investments 0.10 0.80 MCB Bank Limited 113,842 335,400 - - - - 449,242 91,422 94,534 0.12 0.11 0.04 National Bank Of Pakistan ------502,578 - - (Number of shares) ------139,500 363,078------10,795(Rupees in '000') 21,425 ------%------0.03 0.03 0.02 CloseNIB Bank - End Limited Mutual Fund 1,651,532 - - - - - 1,651,532 2,495 2,841 0.00 0.00 0.02 DominionSamba Bank Stock Limited Fund 3,116,304 157,629 ------142,500 - 2,973,804 157,629 7,648 - 21,263 - 0.03 - 0.03 - 3.15 0.29 InvestecSilkbank MutualLimited Fund 20,880,417 172,406 ------20,880,417 172,406 32,574 - 35,079 - 0.04 - 0.04 - 1.72 0.23 PICICSummit Growth Bank LimitedFund 6,429,358 531,978 ------25,000 - 6,429,358 506,978 35,940 1,060 199,310 2,089 0.24 0.00 0.24 0.00 2.27 0.03 PICICSoneri Investment Bank Limited Fund 110,845,549 10,108,128 ------3,071,500 - 107,774,049 10,108,128 344,249 20,519 1,582,123 151,622 0.19 1.93 0.18 1.91 3.56 9.78 United Bank Limited 16,867,521 551,099 560,000 ------145,000 - 16,867,521 966,099 166,316 56,459 350,932 227,536 0.43 0.28 0.42 0.27 0.08 Modarabas 310,749,767 1,269,400 116,735 - - 26,682,900 285,453,002 2,612,630 8,331,884 10.19 10.05 B.R.R.Textile GuardianSpining Modarba 1,858,077 - - - - - 1,858,077 2,397 17,522 0.02 0.02 2.38 HabibAdil Textile Modarba Mills First Limited 1,584,070 93,592 ------1,584,070 93,592 8,982 - 17,346 - 0.02 - 0.02 - 0.79 1.21 OrixAmtex Modaraba Limited 1,948,462 363,523 ------1,948,462 363,523 13,269 436 45,458 1,094 0.06 0.00 0.05 0.00 4.29 0.14 Al - Qaim Textile Mills Limited 5,390,609 358,753 ------5,390,609 358,753 24,648 - 80,326 - 0.10 - 0.10 - 4.81 LeasingAsim Textile Companies Mills Limited 1,140,800 - - - - 99,000 1,041,800 - 12,918 0.02 0.02 6.86 OrixBabri Leasing Cotton PakistanMills Limited 700,080 80,578 ------340,000 - 360,080 80,578 1,883 392 14,493 6,527 0.02 0.01 0.02 0.01 0.44 2.21 OrixBrothers Leasing Textile Pakistan Mills Limited Right 579,461 - - - - - 302,815 - - - - - 302,815 579,461 - - 878 - 0.00 - 0.00 - 0.53 5.91 SecurityCrescent Leasing Cotton MillsCorporation Limited 1,048,579 321,026 ------29,500 - 1,048,579 291,526 5,505 466 46,819 1,414 0.00 0.06 0.00 0.06 0.80 4.91 SaudiCrescent Pak Fibres Leasing Limited 372,752 852,681 ------25,000 - 347,752 852,681 167 - 26,348 845 0.00 0.03 0.00 0.03 0.77 6.87 Colony Textile Mills Limited 1,393,858 1,074,498 - - - - 302,815 - - - 394,500 5,000 1,302,173 1,069,498 2,516 1,351 17,630 5,315 0.02 0.01 0.02 0.01 0.21 FinancialChakwal Spinning Services Mills Limited 742,008 - - - - - 742,008 - 2,961 0.00 0.00 1.86 786Data Investment Textile Limited Limited 663,832 618,595 ------663,832 618,595 ------4.43 6.24 NextDin Textile Capital Mills Limited Limited 500,000 340,301 - - - - 612,500 - - - 413,000 - 699,500 340,301 4,654 3,847 16,095 38,471 0.02 0.05 0.02 0.05 1.55 1.52 FirstDewan Capital Khalid Securities Textile Mills Corporation Limited 3,978,559 224,486 ------109,500 - 3,869,059 224,486 7,008 224 15,012 1,706 0.02 0.00 0.02 0.00 1.22 2.34 FirstDewan Dawood Mushtaq Investment Textile Mills Bank Limited 1,878,064 192,424 ------292,500 - 1,585,564 192,424 1,205 385 5,090 1,578 0.01 0.00 0.01 0.00 1.07 2.93 InvestD. M. TextileCapital Mills Investment Limited Bank Ltd. 8,271,554 329,114 ------24,500 - 8,271,554 304,614 1,654 548 17,453 21,122 0.02 0.03 0.02 0.03 2.90 9.98 IGID.S.Industries Investment Limited Bank 5,004,579 44,780 ------5,004,579 44,780 4,504 34 15,114 172 0.02 0.00 0.02 0.00 2.36 0.05 InvestecDar-Es-Salaam Securities Textile Limited Mills Limited 261,787 98,518 ------2,500 - 259,287 98,518 570- 2,204 - 0.00 - 0.00 - 0.60 3.24 J.O.V.&Ellcot Spinning Company Mills Limited 1,775,606 704,380 ------1,775,606 704,380 7,482 - 72,833 - 0.09 - 0.09 - 3.49 6.43 JahangirFatima Enterprises Siddiqui & LimitedCompany 1,007,441 628,671 ------432,000 - 575,441 628,671 2,905 - 13,137 - 0.02 - 0.02 - 0.06 4.42 PrudentialFazal Cloth Investment Mills Limited Bank 1,768,488 326,292 ------1,768,488 326,292 13,415 - 316,542 - 0.39 - 0.38 - 3.26 5.89 SecurityGadoon InvestmentTextile Mills Bank 2,262,698 132,499 ------2,262,698 132,499 2,828 1,231 11,31327,957 0.01 0.03 0.01 0.03 4.40 0.47 Globe Textile Mills Limited 25,767,143 2,472 - - - - 612,500 - - - 1,247,000 - 25,132,643 2,472 24,758 - 93,214 - 0.11 - 0.11 - 0.02 CommercialGulshan Spinning Banks Mills Limited 1,137,974 - - - - - 1,137,974 - - - - 5.12 AlliedGulistan Bank Textile Limited Mills Limited 1,477,104 734,617 ------43,500 - 1,433,604 734,617 90,895 - 128,480 - 0.16 - 0.15 - 0.13 3.87 AskariHajra Textile Bank LimitedMills Limited 27,580,356 518,063 ------3,108,500 - 24,471,856 518,063 223,642 - 493,597 - 0.60 - 0.60 - 1.94 3.77 BankIdeal AlSpinning - Falah Mills Limited Limited 913,409 658,396 ------325,000 - 588,409 658,396 6,691 922 23,654 4,635 0.03 0.01 0.03 0.01 0.04 6.64 BankIndus Al Dyeing - Habib Manufacturing Limited Company Ltd. 75,662,329 525,295 ------9,448,500 - 66,213,829 525,295 717,598 5,509 3,757,635 335,138 4.59 0.41 4.53 0.40 5.96 2.91 BankislamiJ. A. Textile Pakistan Mills Limited 247,816 127,361 ------247,816 127,361 1,532 - 3,296 471 0.00 0.00 0.00 0.00 0.02 1.01 FaysalKarim CottonBank Limited Mills Limited (Note 6.6) 3,016,853 110,562 - - 116,735 - -- - - 2,087,000 - 1,046,588 110,562 4,980 - 23,548 - 0.03 - 0.03 - 0.08 9.34 HabibKohinoor Bank Spinning Limited Mills Limited 955,833 535,827 374,000 ------192,400 - 1,137,433 535,827 192,027 - 306,129 2,631 0.37 0.00 0.37 0.00 0.08 0.41 HabibKhalid Metropolitan Siraj Textile MillsBank Limited Limited 52,498,107 682,998 ------6,308,000 - 46,190,107 682,998 702,238 - 1,526,582 5,327 1.87 0.01 1.84 0.01 4.41 6.38 JSLand Bank Mark Limited Spinning Industries Limited 10,204,661 395,437 ------1,646,500 40,000 8,558,161 355,437 16,468 - 82,073 2,481 0.10 0.00 0.10 0.00 0.80 2.93 MCBMehr BankDastgir Limited Textile Mills Limited 113,842 259 335,400 ------449,242 259 91,422 - 94,534 - 0.12 - 0.11 - 0.04 0.00 NationalMaqbool Bank Textile Of Mills Pakistan Limited 1,420,216 502,578 ------139,500 - 1,420,216 363,078 10,795 11,362 21,425 43,672 0.03 0.05 0.03 0.05 0.02 8.45 NIBPremium Bank TextileLimited Mills Limited 1,651,532 807,307 ------80,484 - 1,651,532 726,823 2,495 7,926 116,713 2,841 Market 0.00 0.14 Market 0.00 0.14 11.79 0.02 Right Percentage Samba Bank Limited 3,116,304 465,638 - - Bonus ------142,500 - 2,973,804 465,638 7,648 3,824 Market 21,263 61,435 value 0.03 0.08 / value 0.03 0.07 / 0.29 4.52 Reliance Cotton Spinning Mills Limited shares Merger/ Carrying of paid-up Silkbank Limited 20,880,417 Purchases - shares - - - Sales - 20,880,417 32,574 value 35,079 / arrying 0.04 arrying 0.04 0.23 Ruby Textile Mills Limited As 436,664 at 01 - - purchased/ - demerger - 139,000 As at 297,664 30 June cost as - 3,358 0.00 0.00 capital 0.57 of SummitName Bank ofLimited Investee Companies 531,978 during - issued - - - during 25,000 506,978 1,060 carrying 2,089 value 0.00as a value as 0.00 a 0.03 Saif Textile Mills Limited July 1,946,871 2016 - - subscribed - adjusting - 177,500 1,769,3712017 at 4,37030 38,926 0.05 0.05 the investee 6.70 the year during the the year value as at 30 percentage percentage SoneriSalfi Textile Bank Mills Limited Limited 110,845,549 104,645 - - - - during -- effects - - 3,071,500 - 107,774,049 104,645 June 344,249 2017 956 1,582,123 12,348 1.93 0.02 1.91 0.01 company 9.78 3.13 year June 2017 of net of UnitedSalman Bank Noman Limited Enterpries Limited 551,099 291,399 560,000 - - - the year -- - - 145,000 - 966,099 291,399 166,316 - 227,536 1,544 0.28 0.00 0.27 0.00 held 0.08 6.52 assets investments Service (Textile) Industries Limited 310,749,767 162,908 1,269,400 - 116,735 - -- - - 26,682,900 - 285,453,002 162,908 2,612,630 - 8,331,884 3,939 10.19 0.00 10.05 0.00 3.66 TextileShadab Spining Textile Mills Limited ------94,207 - - (Number of shares)------94,207------(Rupees - in '000') 5,813 ------%------0.01 0.01 3.14 AdilSajjad Textile Textile Mills Mills Limited Limited 316,932 93,592 ------316,932 93,592 - - 1,807 - 0.00 - 0.00 - 1.21 1.49 AmtexSally Textile Limited Mills Limited 363,523 348,279 ------363,523 348,279 436 - 1,094 4,179 0.00 0.01 0.00 0.01 0.14 3.97 AlSana - Qaim Industries Textile LimitedMills Limited 358,753 423,001 ------358,753 423,001 3,925 - 20,537 - 0.03 - 0.02 - 4.81 4.92 AsimSargodha Textile Spinning Mills Limited Mills Limited 1,140,800 588,202 ------99,000 - 1,041,800 588,202 - - 12,918 9,411 0.02 0.01 0.02 0.01 6.86 1.89 BabriSaritow Cotton Spinning Mills MillsLimited Limited 1,379,435 80,578 ------70,000 - 1,309,435 80,578 392 - 12,034 6,527 0.01 0.01 0.01 0.01 2.21 4.39 BrothersSunshine Textile Cotton Mills Mills Limited Limited 579,461 426,521 ------579,461 426,521 ------5.91 5.43 CrescentSunrays TextileCotton Mills Mills Limited Limited 1,048,579 318,842 ------1,048,579 318,842 5,505 2,741 46,819 62,971 0.06 0.08 0.06 0.08 4.91 4.62 CrescentTata Textile Fibres Mills Limited Limited 2,217,498 852,681 ------78,500 - 2,138,998 852,681 18,054 - 26,348 81,282 0.03 0.10 0.03 0.10 12.35 6.87 Colony Textile Mills Limited 28,757,824 1,074,498 ------716,484 5,000 28,041,340 1,069,498 95,009 1,351 1,415,219 5,315 0.01 1.73 0.01 1.71 0.21 ChakwalTextile Weaving Spinning Mills Limited 742,008 - - - - - 742,008 - 2,961 0.00 0.00 1.86 DataAyaz TextileTextile LimitedMills Limited 618,595 210,188 ------618,595 210,188 ------6.24 2.46 DinHakkim Textile Textile Mills Mills Limited Limited 340,301 257,368 ------340,301 257,368 3,847 - 38,471 - 0.05 - 0.05 - 1.52 4.77 DewanSadoon Khalid Textile TextileMills Limited Mills Limited 224,486 985 ------224,486 985 224 - 1,706 - 0.00 - 0.00 - 2.34 0.03 DewanService Mushtaq Fabircs LimitedTextile Mills Limited 1,349,180 192,424 ------1,349,180 192,424 385 - 12,305 1,578 0.00 0.02 0.00 0.01 2.93 8.56 D.Shahtaj M. Textile Textile Mills Mills Limited Limited 329,114475,726 ------24,500 - 304,614 475,726 4,370 548 21,122 63,000 0.03 0.08 0.03 0.08 9.98 4.92 D.S.Industries Limited 2,293,447 44,780 ------2,293,447 44,780 4,370 34 75,305 172 0.00 0.09 0.00 0.09 0.05 Dar-Es-SalaamTextile Composite Textile Mills Limited 261,787 - - - - 2,500 259,287 570 2,204 0.00 0.00 3.24 EllcotAhmed Spinning Hassan MillsTextile Limited Mills Limited 704,380 913,009 ------704,380 913,009 10,966 7,482 72,833 23,683 0.09 0.03 0.09 0.03 6.43 6.34 FatimaAzgard EnterprisesNine Limited Limited 628,671 108,357 ------10,000 - 628,671 98,357 280- 1,095 - 0.00 - 0.00 - 4.42 0.02 Fazal(Colony) Cloth Sarhad Mills LimitedTextile Mills Limited 1,768,488 328,879 ------1,768,488 328,879 13,415 - 316,542 - 0.39 - 0.38 - 5.89 8.22 GadoonCrescent Textile Textile Mills Mills Limited 2,877,601 132,499 ------1,153,000 - 1,724,601 132,499 19,333 1,231 27,957 64,586 0.03 0.08 0.03 0.08 0.47 2.16 GlobeDawood Textile Lawrencepur Mills Limited Limited 275,595 2,472 ------275,595 2,472 6,004 - 60,579 - 0.07 - 0.07 - 0.02 0.47 GulshanFateh Sports Spinning Wear Mills Limited Limited 1,137,974 45,300 ------1,137,974 45,300 ------5.12 2.27 GulistanFateh Textile Textile Mills Mills Limited Limited 734,617 35,925 ------734,617 35,925 ------3.87 2.87 HajraGul Ahmed Textile Textile Mills Limited Mills Limited (Note 6.6) 2,302,496 518,063 - - - - 460,499 - - - - - 2,762,995 518,063 32,810 - 113,228 - 0.14 - 0.14 - 3.77 0.78 IdealIshaq Spinning Textile Mills Mills Limited Limited 658,396 431,946 ------658,396 431,946 922 894 4,635 5,097 0.01 0.01 0.01 0.01 6.64 4.47 IndusKaiser Dyeing Arts & ManufacturingKrafts Mills Limited Company Ltd. 525,295 36,944 ------525,295 36,944 5,509 - 335,138 - 0.41 - 0.40 - 2.91 0.43 30 J.Kohinoor A. Textile Mills Mills Limited 2,834,830 127,361 ------20,000 - 2,814,830 127,361 2,956 - 133,592 471 0.00 0.16 0.00 0.16 1.01 5.53 KarimKohinoor Cotton Textile Mills Mills Limited Limited (Note 6.6) 2,148,994 110,562 ------715,000 - 1,433,994 110,562 4,499 - 150,756 - 0.18 - 0.18 - 9.34 0.51 KohinoorMuhammad Spinning Farooq Mills Textile Limited Mills Limited 535,827 611,277 ------26,000 - 535,827 585,277 281- 2,631 2,335 0.00 0.00 0.00 0.00 0.41 3.10 KhalidMasood Siraj Textile Textile Mills Mills Limited Limited 2,012,328 682,998 - - - - 251,541 - - - 49,700 - 2,214,169 682,998 70,918 - 228,059 5,327 0.01 0.28 0.01 0.27 6.38 3.28 LandMasood Mark Textile Spinning Mills IndustriesLimited - Right Limited 395,437 ------40,000 - 355,437 - - - 2,481 - 0.00 - 0.00 - 2.93 - MehrMian DastgirTextile Mills Textile Limited Mills Limited 605,578 259 ------605,578 259 182- 2,507 - 0.00 - 0.00 - 0.00 2.74 MaqboolNishat (Chunian) Textile Mills Limited Limited 1,420,216 7,482,868 ------1,500,000 - 1,420,216 5,982,868 11,362 80,605 307,041 43,672 0.05 0.38 0.05 0.37 8.45 2.49 PremiumNishat Mills Textile Limited Mills Limited 5,629,899 807,307 ------1,224,200 80,484 4,405,699 726,823 191,032 7,926 116,713699,096 0.14 0.85 0.14 0.84 11.79 1.25 RelianceParamount Cotton Spinning Spinning Mills MillsLimited Limited 1,803,686 465,638 ------1,803,686 465,638 3,824 - 61,435 - 0.08 - 0.07 - 10.39 4.52 RubyReliance Textile Weaving Mills Limited Mills Limited 436,664 592,645 ------139,000 - 297,664 592,645 2,074 - 27,025 3,358 0.00 0.03 0.00 0.03 0.57 1.92 SaifSapphire Textile Textile Mills LimitedMills Limited 1,946,871 352,976 ------177,500 - 1,769,371 352,976 24,355 4,370 702,581 38,926 0.05 0.86 0.05 0.85 6.70 1.76 SalfiSchon Textile Textiles Mills Limited Limited 104,645 258,610 ------104,645 258,610 956 - 12,348 - 0.02 - 0.01 - 3.13 2.16 SalmanSapphire Noman Fibers Enterpries Limited Limited 291,399 224,435 ------291,399 224,435 16,945 - 269,322 1,544 0.00 0.33 0.00 0.32 6.52 1.14 ServiceShams Textile(Textile) Mills Industries Limited Limited 1,211,998 162,908 ------22,500 - 1,189,498 162,908 6,780 - 40,443 3,939 0.00 0.05 0.00 0.05 13.77 3.66 ShadabSuraj Cotton Textile Mills Mills Limited Limited (Note 6.6) 568,222 94,207 - - 56,822 ------625,044 94,207 5,942 - 98,132 5,813 0.01 0.12 0.01 0.12 3.14 2.16 Taj Textile Mills Limited 1,409,947 - - - - - 1,409,947 - - - - 4.22 Zahur Cotton Mills Limited 485,694 - - - - - 485,694 - - - - 4.93 35,590,039 - 56,822 712,040 - 4,720,400 31,638,501 476,856 2,929,157 3.58 3.53 Wollen Moonlite (Pak) Limited 115,477 - - - - - 115,477 - - - - 5.35 115,477 - - - - - 115,477 - - - - Market Market Right Percentage Bonus Market value / value / shares Merger/ Carrying of paid-up Purchases shares Sales value / arrying arrying As at 01 purchased/ demerger As at 30 June cost as capital of Name of Investee Companies during issued during carrying value as a value as a July 2016 subscribed adjusting 2017 at 30 the investee the year during the the year value as at 30 percentage percentage during effects June 2017 company year June 2017 of net of the year held assets investments

------(Number of shares) ------(Rupees in '000') ------%------Sajjad Textile Mills Limited 316,932 - - - - - 316,932 - 1,807 0.00 0.00 1.49 Sally Textile Mills Limited 348,279 - - - - - 348,279 - 4,179 0.01 0.01 3.97 Sana Industries Limited 423,001 - - - - - 423,001 3,925 20,537 0.03 0.02 4.92 Sargodha Spinning Mills Limited 588,202 - - - - - 588,202 - 9,411 0.01 0.01 1.89 NATIONALSaritow Spinning MillsINVESTMENT Limited 1,379,435 (UNIT) - TRUST - - - 70,000 1,309,435 - 12,034 0.01 0.01 4.39 Sunshine Cotton Mills Limited 426,521 - - - - - 426,521 - - - - 5.43 NOTESSunrays TO Textile MillsAND Limited FORMING 318,842 PART - OF - THE - FINANCIAL - - STATEMENTS 318,842 2,741 62,971 0.08 0.08 4.62 Tata Textile Mills Limited 2,217,498 - - - - 78,500 2,138,998 18,054 81,282 0.10 0.10 12.35 FOR6.2 THEAvailable YEAR for sale ENDED 30 28,757,824 JUNE 2017 - - - - 716,484 28,041,340 95,009 1,415,219 1.73 1.71 Textile Weaving Ayaz Textile Mills Limited 210,188 - - - - - 210,188 - - - - 2.46 6.2.1 HakkimEquity Textile shares Mills Limited / units of mutual 257,368 funds - - - - - 257,368 - - - - 4.77 Sadoon Textile Mills Limited 985 - - - - - 985 - - - - 0.03 Service Fabircs Limited 1,349,180 - - - - - 1,349,180 - 12,305 0.02 0.01 8.56 Market Market Shahtaj Textile Mills Limited 475,726 - - Right - - - 475,726 4,370 63,000 0.08 0.08 Percentage 4.92 Bonus Market value / value / shares Merger/ Carrying of paid-up 2,293,447 Purchases - shares - - - Sales - 2,293,447 4,370 value 75,305 / arrying 0.09 arrying 0.09 As at 01 purchased/ demerger As at 30 June cost as capital of TextileName Composite of Investee Companies during issued during carrying value as a value as a July 2016 subscribed adjusting 2017 at 30 the investee Ahmed Hassan Textile Mills Limited 913,009 the year - during the- - - the year - 913,009 10,966 value as 23,683 at 30 percentage 0.03 percentage 0.03 6.34 during effects June 2017 company Azgard Nine Limited 108,357 - year - - - 10,000 98,357 280 June 2017 1,095 of net 0.00 of 0.00 0.02 the year held (Colony) Sarhad Textile Mills Limited 328,879 - - - - - 328,879 - - assets - investments - 8.22 Crescent Textile Mills Limited 2,877,601 - - - - 1,153,000 1,724,601 19,333 64,586 0.08 0.08 2.16 ------(Number of shares) ------(Rupees in '000') ------%------Dawood Lawrencepur Limited 275,595 - - - - - 275,595 6,004 60,579 0.07 0.07 0.47 Close - End Mutual Fund Fateh Sports Wear Limited 45,300 - - - - - 45,300 - - - - 2.27 Dominion Stock Fund 157,629 - - - - - 157,629 - - - - 3.15 Fateh Textile Mills Limited 35,925 - - - - - 35,925 - - - - 2.87 Investec Mutual Fund 172,406 - - - - - 172,406 - - - - 1.72 Gul Ahmed Textile Mills Limited (Note 6.6) 2,302,496 - - 460,499 - - 2,762,995 32,810 113,228 0.14 0.14 0.78 PICIC Growth Fund 6,429,358 - - - - - 6,429,358 35,940 199,310 0.24 0.24 2.27 Ishaq Textile Mills Limited 431,946 - - - - - 431,946 894 5,097 0.01 0.01 4.47 PICIC Investment Fund 10,108,128 - - - - - 10,108,128 20,519 151,622 0.19 0.18 3.56 Kaiser Arts & Krafts Mills Limited 36,944 - - - - - 36,944 - - - - 0.43 16,867,521 - - - - - 16,867,521 56,459 350,932 0.43 0.42 Kohinoor Mills 2,834,830 - - - - 20,000 2,814,830 2,956 133,592 0.16 0.16 5.53 Modarabas Kohinoor Textile Mills Limited (Note 6.6) 2,148,994 - - - - 715,000 1,433,994 4,499 150,756 0.18 0.18 0.51 B.R.R. Guardian Modarba 1,858,077 - - - - - 1,858,077 2,397 17,522 0.02 0.02 2.38 Muhammad Farooq Textile Mills Limited 611,277 - - - - 26,000 585,277 281 2,335 0.00 0.00 3.10 Habib Modarba First 1,584,070 - - - - - 1,584,070 8,982 17,346 0.02 0.02 0.79 Masood Textile Mills Limited 2,012,328 - - 251,541 - 49,700 2,214,169 70,918 228,059 0.28 0.27 3.28 Orix Modaraba 1,948,462 - - - - - 1,948,462 13,269 45,458 0.06 0.05 4.29 Masood Textile Mills Limited - Right ------5,390,609 - - - - - 5,390,609 24,648 80,326 0.10 0.10 Mian Textile Mills Limited 605,578 - - - - - 605,578 182 2,507 0.00 0.00 2.74 Leasing Companies Nishat (Chunian) Limited 7,482,868 - - - - 1,500,000 5,982,868 80,605 307,041 0.38 0.37 2.49 Orix Leasing Pakistan 700,080 - - - - 340,000 360,080 1,883 14,493 0.02 0.02 0.44 Nishat Mills Limited 5,629,899 - - - - 1,224,200 4,405,699 191,032 699,096 0.85 0.84 1.25 Orix Leasing Pakistan Right - - - 302,815 - - 302,815 - 878 0.00 0.00 0.53 Paramount Spinning Mills Limited 1,803,686 - - - - - 1,803,686 - - - - 10.39 Security Leasing Corporation 321,026 - - - - 29,500 291,526 466 1,414 0.00 0.00 0.80 Reliance Weaving Mills Limited 592,645 - - - - - 592,645 2,074 27,025 0.03 0.03 1.92 Saudi Pak Leasing 372,752 - - - - 25,000 347,752 167 845 0.00 0.00 0.77 Sapphire Textile Mills Limited 352,976 - - - - - 352,976 24,355 702,581 0.86 0.85 1.76 1,393,858 - - 302,815 - 394,500 1,302,173 2,516 17,630 0.02 0.02 Schon Textiles Limited 258,610 - - - - - 258,610 - - - - 2.16 Financial Services Sapphire Fibers Limited 224,435 - - - - - 224,435 16,945 269,322 0.33 0.32 1.14 786 Investment Limited 663,832 - - - - - 663,832 - - - - 4.43 Shams Textile Mills Limited 1,211,998 - - - - 22,500 1,189,498 6,780 40,443 0.05 0.05 13.77 Next Capital Limited 500,000 - - 612,500 - 413,000 699,500 4,654 16,095 Market 0.02 Market 0.02 1.55 Suraj Cotton Mills Limited (Note 6.6) 568,222 - 56,822 Right - - - 625,044 5,942 98,132 0.12 0.12 Percentage 2.16 Bonus Market value / value / First Capital Securities Corporation 3,978,559 - - shares - Merger/ - 109,500 3,869,059 Carrying 7,008 15,012 0.02 0.02 of paid-up 1.22 Taj Textile Mills Limited 1,409,947 Purchases - shares - - - Sales - 1,409,947 - value / - arrying - arrying - 4.22 First Dawood Investment Bank As 1,878,064 at 01 - - purchased/ - demerger - 292,500 As 1,585,564at 30 June cost 1,205 as 5,090 0.01 0.01 capital 1.07 of Zahur CottonName ofMills Investee Limited Companies 485,694 during - issued - - - during - 485,694 - carrying - value as - a value as - a 4.93 Invest Capital Investment Bank Ltd. July 8,271,554 2016 - - subscribed - adjusting - - 8,271,5542017 at 1,65430 17,453 0.02 0.02 the investee 2.90 35,590,039 the year - during 56,822 the 712,040 - the 4,720,400 year 31,638,501 476,856 value 2,929,157 as at 30 percentage 3.58 percentage 3.53 IGI Investment Bank 5,004,579 - - during - effects - - 5,004,579 June 4,5042017 15,114 0.02 0.02 company 2.36 Wollen year June 2017 of net of Investec Securities Limited 98,518 - - the year - - - 98,518 - - - - held 0.60 Moonlite (Pak) Limited 115,477 - - - - - 115,477 - - assets - investments - 5.35 J.O.V.& Company 1,775,606 - - - - - 1,775,606 - - - - 3.49 115,477 - - - - - 115,477 - - - - Jahangir Siddiqui & Company ------1,007,441 - - (Number of -shares) ------432,000 575,441------(Rupees 2,905 in '000') 13,137 ------%------0.02 0.02 0.06 PrudentialSynthetic Investment& Rayon Bank 326,292 - - - - - 326,292 - - - - 3.26 SecurityAl-Abid Silk Investment Mills Limited Bank 2,262,698 1,113,687 ------2,262,698 1,113,687 2,828 6,192 11,313 8,921 0.01 0.01 4.40 8.31 Ibrahim Fibres Limited 25,767,143 1,597,530 -- -- 612,500 - - - 1,247,000 20,500 25,132,643 1,577,030 24,758 42,643 108,263 93,214 0.110.13 0.11 0.13 0.51 CommercialRupali Polyester Banks Limited 643,000 - - - - 58,500 584,500 5,249 11,252 0.01 0.01 1.72 Allied Bank Limited 1,477,104 3,354,217 ------43,500 79,000 1,433,604 3,275,217 90,895 54,084 128,480 128,436 0.16 0.15 0.13 AskariJute Bank Limited 27,580,356 - - - - 3,108,500 24,471,856 223,642 493,597 0.60 0.60 1.94 BankCrescent Al - FalahJute Proudcts Limited Limited 1,428,718 913,409 ------325,000 42,500 1,386,218 588,409 6,691 - 23,654 6,724 0.03 0.01 0.03 0.01 0.04 5.83 Bank Al - Habib Limited 75,662,329 1,428,718 ------9,448,500 42,500 66,213,829 1,386,218 717,598 - 3,757,635 6,724 4.59 0.01 4.53 0.01 5.96 BankislamiSugar & Allied Pakistan Industries 247,816 - - - - - 247,816 1,532 3,296 0.00 0.00 0.02 FaysalAl- Abbas Bank Sugar Limited Mills (Note Limited 6.6) 3,016,853 829,583 -- 116,735 - -- - - 2,087,000 - 1,046,588 829,583 4,980 7,869 161,810 23,548 0.03 0.20 0.03 0.20 0.08 4.78 HabibAl-Noor Bank Sugar Limited Mills Limited 2,026,887 955,833 374,000 ------192,400 128,000 1,137,433 1,898,887 192,027 - 306,129 138,600 0.37 0.17 0.37 0.17 0.08 9.27 HabibChashma Metropolitan Sugar Mills Bank Limited Limited 52,498,107 852,227 ------6,308,000 - 46,190,107 852,227 702,238 2,770 1,526,582 50,664 1.87 0.06 1.84 0.06 4.41 2.97 JSDewan Bank Sugar Limited Mills Limited 10,204,661 1,932,432 ------1,646,500 - 8,558,161 1,932,432 16,468 3,246 82,073 18,339 0.10 0.02 0.10 0.02 0.80 2.91 MCBFaran Bank Sugar Limited Mills Limited 2,170,274 113,842 335,400 ------50,000 - 2,120,274 449,242 91,422 25,309 170,173 94,534 0.12 0.21 0.11 0.21 0.04 8.48 NationalHabib Sugar Bank Mills Of Pakistan Limited 11,535,751 502,578 20,000 ------139,500 412,500 11,143,251 363,078 10,795 37,689 417,315 21,425 0.03 0.51 0.03 0.50 0.02 7.43 NIBJauharabad Bank Limited Sugar Mills Limited 1,651,532 719,955 -- 71,995 ------1,651,532 791,950 2,495 2,341 44,666 2,841 0.00 0.05 0.00 0.05 0.02 3.20 SambaMirpurkhas Bank Sugar Limited Mills Limited 3,116,3041,173,889 ------142,500 26,600 2,973,804 1,147,289 7,648 - 181,203 21,263 0.03 0.22 0.03 0.22 0.29 9.35 SilkbankPremier SugarLimited Mills & Distillery Company 20,880,417 58,825 ------20,880,417 58,825 32,574 2,440 35,079 7,153 0.04 0.01 0.04 0.01 0.23 1.57 SummitPangrio BankSugar Limited Mills Limited 531,978 760,820 ------25,000 - 506,978 760,820 1,060 - 2,089 - 0.00 - 0.00 - 0.03 7.01 SoneriSanghar Bank Sugar Limited Mills Limited 110,845,549 1,063,616 ------3,071,500 - 107,774,049 1,063,616 344,249 - 1,582,123 36,886 1.93 0.05 1.91 0.04 9.78 8.90 UnitedShakarganj Bank Limited Limited 9,918,629 551,099 560,000 ------3,035,500 145,000 6,883,129 966,099 166,316 42,036 227,536 681,154 0.28 0.83 0.27 0.82 0.08 6.26 Shakarganj Limited Right 310,749,767 - 1,269,400 - 116,735 - 938,604 - - - 26,682,900 - 285,453,002 938,604 2,612,630 - 8,331,884 31,875 10.19 0.04 10.05 0.04 0.85 TextileShahtaj Spining Sugar Mills Limited 801,695 - - - - - 801,695 13,393 152,322 0.19 0.18 6.67 AdilShahmurad Textile Mills Sugar Limited Mills Limited 1,789,910 93,592 ------87,000 - 1,702,910 93,592 - - 81,944 - 0.10 - 0.10 - 1.21 8.06 AmtexSakrand Limited Sugar Mills Limited 363,523 340,700 ------363,523 340,700 436 - 1,094 7,860 0.00 0.01 0.00 0.01 0.14 1.53 AlSakrand - Qaim Sugar Textile Mills Mills Limited Limited Right 358,753 - -- -- 340,700 - - - - - 358,753 340,700 - - 4,435 - 0.01 - 0.01 - 4.81 1.53 AsimSaleem Textile Sugar Mills Limited Limited (O) 1,140,800 8,761 ------99,000 - 1,041,800 8,761 - - 12,918 - 0.02 - 0.02 - 6.86 0.78 BabriSaleem Cotton Suger Mills Limited Limited (P) 6 % 80,578 198 ------80,578 198 392 - 6,527 - 0.01 - 0.01 - 2.21 0.40 Brothers Textile Mills Limited 35,984,152 579,461 20,000 - 71,995 - 1,279,304 - - - 3,739,600 - 33,615,851 579,461 137,093 - 2,186,399 - 2.67 - 2.64 - 5.91 CrescentCement Cotton Mills Limited 1,048,579 - - - - - 1,048,579 5,505 46,819 0.06 0.06 4.91 CrescentAttock Cement Fibres Pakistan Limited Limited 852,681 61,956 ------852,681 61,956 2,274 - 26,348 18,752 0.03 0.02 0.03 0.02 6.87 0.05 ColonyBestway Textile Cement Mills Limited Limited 1,074,498 447,020 ------512,695 - 15,000 5,000 1,069,498 944,715 14,629 1,351 207,006 5,315 0.01 0.25 0.01 0.25 0.21 0.16 ChakwalCherat Cement Spinning Company Mills Limited Limited 8,513,858 742,008 ------987,200 - 7,526,658 742,008 114,632 - 1,345,616 2,961 0.00 1.65 0.00 1.62 1.86 4.26 DataD. G. Textile Khan CementLimited Company Limited 1,473,181 618,595 ------425,900 - 1,047,281 618,595 36,840 - 223,238 - 0.27 - 0.27 - 6.24 0.24 DinFauji Textile Cement Mills Company Limited Limited 2,536,867 340,301 15,000 ------575,000 - 1,976,867 340,301 50,749 3,847 38,471 81,111 0.05 0.10 0.05 0.10 1.52 0.14 DewanFecto Cement Khalid LimitedTextile Mills Limited 1,161,655 224,486 ------34,400 - 1,127,255 224,486 4,396 224 117,595 1,706 0.00 0.14 0.00 0.14 2.34 2.25 DewanKohat Cement Mushtaq Limited Textile Mills Limited 192,424 81,500 ------192,424 81,500 6,431 385 18,685 1,578 0.00 0.02 0.00 0.02 2.93 0.05 D.Pakcem M. Textile Limited Mills Limited 5,126,952 329,114 ------(5,126,952) - 24,500 - 304,614 - 548 - 21,122 - 0.03 - 0.03 - 9.98 - D.S.IndustriesLucky Cement LimitedLimited 1,482,335 44,780 ------222,100 - 1,260,235 44,780 129,899 34 1,053,884 172 0.00 1.29 0.00 1.27 0.05 0.39 Dar-Es-SalaamMaple Leaf Cement Textile Factory Mills LimitedLimited 261,787 249,746 ------10,000 2,500 259,287 239,746 570 554 26,698 2,204 0.00 0.03 0.00 0.03 3.24 0.05 EllcotPioneer Spinning Cement Mills Limited Limited 704,380 429,444 ------704,380 429,444 7,482 1,417 72,833 55,827 0.09 0.07 0.09 0.07 6.43 0.19 FatimaThatta CementEnterprises Limited Limited 3,046,580 628,671 ------1,410,500 - 1,636,080 628,671 29,295 - 65,394 - 0.08 - 0.08 - 4.42 1.64 FazalZeal Pak Cloth Cement Mills Limited Factory Limited 1,768,488 486,248 ------1,768,488 486,248 13,415 - 316,542 - 0.39 - 0.38 - 5.89 0.11 Gadoon Textile Mills 25,097,342 132,499 15,000 - -- -- (4,614,257) - 3,680,100 - 16,817,985 132,499 391,116 1,231 3,213,806 27,957 0.03 3.93 0.03 3.88 0.47 GlobeTobacco Textile Mills Limited 2,472 - - - - - 2,472 - - - - 0.02 GulshanPakistan SpinningTobacco MillsCompany Limited Limited 1,137,974 1,813,999 160 ------1,137,974 1,814,159 90,666 - 3,075,000 - 3.76 - 3.71 - 5.12 0.71 Gulistan Textile Mills Limited 1,813,999 734,617 160 ------1,814,159 734,617 90,666 - 3,075,000 - 3.76 - 3.71 - 3.87 HajraRefinery Textile Mills Limited 518,063 - - - - - 518,063 - - - - 3.77 IdealAttock Spinning Refinery Mills Limited Limited 658,396 916,057 ------267,500 - 658,396 648,557 59,835 922 248,125 4,635 0.01 0.30 0.01 0.30 6.64 0.76 IndusNational Dyeing Refinery Manufacturing Limited Company Ltd. 1,778,651 525,295 ------724,850 - 1,053,801 525,295 145,079 5,509 335,138 765,049 0.41 0.94 0.40 0.92 2.91 1.32 J.Pakistan A. Textile Refinery Mills Limited Limited 9,031,044 127,361 ------2,595,500 - 6,435,544 127,361 97,923 - 342,757 471 0.00 0.42 0.00 0.41 1.01 2.04 Karim Cotton Mills Limited 11,725,752 110,562 ------3,587,850 - 8,137,902 110,562 302,837 - 1,355,931 - 1.66 - 1.63 - 9.34 31 KohinoorPower Generation Spinning Mills & Distribution Limited 535,827 - - - - - 535,827 - 2,631 0.00 0.00 0.41 KhalidHub Power Siraj CompanyTextile Mills Limited Limited 5,314,297 682,998 ------697,400 - 4,616,897 682,998 69,045 - 542,162 5,327 0.01 0.66 0.01 0.65 6.38 0.40 LandKot Addu Mark Power Spinning Company Industries Limited Limited 395,437 852,832 ------40,000 - 355,437 852,832 26,915 - 61,421 2,481 0.00 0.08 0.00 0.07 2.93 0.10 MehrKarachi Dastgir Electric Textile Supply Mills Company Limited Limited 4,673,775 259 ------4,673,775 259 7,478 - 32,249 - 0.04 - 0.04 - 0.00 0.02 MaqboolKohinoor TextileEnergy Mills Limited Limited 1,420,216 410,390 ------1,420,216 410,390 11,362 6,472 43,672 17,675 0.05 0.02 0.05 0.02 8.45 0.24 PremiumLalpir Power Textile Limited Mills Limited 807,307 974,055 ------80,484 - 726,823 974,055 16,705 7,926 116,713 19,988 0.14 0.02 0.14 0.02 11.79 0.26 RelianceNishat Chunian Cotton PowerSpinning Limited Mills Limited 465,638 237,500 ------216,000 - 465,638 21,500 3,824 215 61,435 958 0.08 0.00 0.07 0.00 4.52 0.01 RubySitara Textile Energy Mills Limited Limited 436,664 256,117 ------139,000 - 297,664 256,117 4,226 - 3,358 7,402 0.00 0.01 0.00 0.01 0.57 1.34 Saif Textile Mills Limited 12,718,966 1,946,871 ------177,500 913,400 11,805,566 1,769,371 131,056 4,370 681,855 38,926 0.05 0.83 0.05 0.82 6.70 SalfiOil & Textile Gas Marketing Mills Limited Companies 104,645 - - - - - 104,645 956 12,348 0.02 0.01 3.13 SalmanAttock Petroleum Noman Enterpries Limited Limited 291,399 55,229 ------5,000 - 291,399 50,229 13,569 - 31,465 1,544 0.00 0.04 0.00 0.04 6.52 0.06 ServiceBurshane (Textile) LPG Pak Industries Limited Limited 1,427,033 162,908 ------91,000 - 1,336,033 162,908 31,379 - 72,173 3,939 0.00 0.09 0.00 0.09 3.66 5.90 ShadabPakistan Textile State OilMills Company Limited Ltd. (note 6.5) 20,215,015 94,207 ------20,215,015 94,207 1,300,766 - 7,830,286 5,813 0.01 9.57 0.01 9.44 3.14 7.44 Shell Pakistan Limited 25 - - - - - 25 - 14 0.00 0.00 0.00 Sui Northern Gas Pipelines Limited (note 6.5) 19,513,012 - - - - - 19,513,012 109,282 2,905,878 3.55 3.50 3.08 Sui Southern Gas Company Limited 6,796,823 - - - - 255,000 6,541,823 52,378 238,188 0.29 0.29 0.74 48,007,137 - - - - 351,000 47,656,137 1,507,374 11,078,004 13.54 13.36 Oil & Gas Exploration Companies Mari Peroleum Company Limited (Note 6.6) 2,750,474 - - - - 168,950 2,581,524 97,417 4,067,552 4.97 4.90 2.34 Oil & Gas Development Company 572,043 850,400 - - - 195,000 1,227,443 163,595 172,689 0.21 0.21 0.03 Pakistan Oilfields Limited 689,322 - - - - 55,000 634,322 143,527 290,614 0.36 0.35 0.27 Pakistan Petroleum Limited 1,264,274 292,200 - - - 167,100 1,389,374 160,151 205,822 0.25 0.25 0.07 5,276,113 1,142,600 - - - 586,050 5,832,663 564,690 4,736,677 5.79 5.71 Engineering Aisha Steel Mills Limited 182,388 - - - - 10,000 172,388 1,219 3,506 0.00 0.00 0.03 Aisha Steel Mills Limited Right - - - 58,718 - 58,500 218 - - - - 0.00 Amreli Steel Limited 164,500 - - - - 114,000 50,500 2,576 6,209 0.01 0.01 0.02 Aisha Steel Mills Limited-Preference 121,208 - - - - - 121,208 - 2,870 0.00 0.00 0.27 Bolan Castings Limited 488,276 - - - - - 488,276 4,830 73,671 0.09 0.09 4.26 Crescent Steel And Allied Proudcts Limited 2,735,236 - - - - 758,000 1,977,236 51,891 471,709 0.58 0.57 2.55 Huffaz Seamless Pipe Industries Limited 1,331,896 - - - - 5,000 1,326,896 6,582 56,765 0.07 0.07 2.39 International Industries Limited 8,699,633 10,000 - - - 1,431,500 7,278,133 208,535 2,682,501 3.28 3.23 6.07 International Steels Limited 1,511,000 120,500 - - - 251,000 1,380,500 27,733 176,552 0.22 0.21 0.32 K.S.B. Pumps Company Limited 1,195,059 - - - - 29,600 1,165,459 24,635 367,120 0.45 0.44 8.83 Quality Steel Works Limited 2,922 - - - - - 2,922 - - - - 0.16 16,432,118 130,500 - 58,718 - 2,657,600 13,963,736 328,001 3,840,903 4.70 4.63 Market Market Right Percentage Bonus Market value / value / shares Merger/ Carrying of paid-up Purchases shares Sales value / arrying arrying As at 01 purchased/ demerger As at 30 June cost as capital of Name of Investee Companies during issued during carrying value as a value as a July 2016 subscribed adjusting 2017 at 30 the investee the year during the the year value as at 30 percentage percentage during effects June 2017 company year June 2017 of net of the year held assets investments

------(Number of shares) ------(Rupees in '000') ------%------Synthetic & Rayon Al-Abid Silk Mills Limited 1,113,687 - - - - - 1,113,687 6,192 8,921 0.01 0.01 8.31 Ibrahim Fibres Limited 1,597,530 - - - - 20,500 1,577,030 42,643 108,263 0.13 0.13 0.51 Rupali Polyester Limited 643,000 - - - - 58,500 584,500 5,249 11,252 0.01 0.01 1.72 3,354,217 - - - - 79,000 3,275,217 54,084 128,436 0.16 0.15 Jute Crescent Jute Proudcts Limited 1,428,718 - - - - 42,500 1,386,218 - 6,724 0.01 0.01 5.83 1,428,718 - - - - 42,500 1,386,218 - 6,724 0.01 0.01 Sugar & Allied Industries Al- Abbas Sugar Mills Limited 829,583 - - - - - 829,583 7,869 161,810 0.20 0.20 4.78 Al-Noor Sugar Mills Limited 2,026,887 - - - - 128,000 1,898,887 - 138,600 0.17 0.17 9.27 Chashma Sugar Mills Limited 852,227 - - - - - 852,227 2,770 50,664 0.06 0.06 2.97 Dewan Sugar Mills Limited 1,932,432 - - - - - 1,932,432 3,246 18,339 0.02 0.02 2.91 Faran Sugar Mills Limited 2,170,274 - - - - 50,000 2,120,274 25,309 170,173 0.21 0.21 8.48 Habib Sugar Mills Limited 11,535,751 20,000 - - - 412,500 11,143,251 37,689 417,315 0.51 0.50 7.43 Jauharabad Sugar Mills Limited 719,955 - 71,995 - - - 791,950 2,341 44,666 0.05 0.05 3.20 Mirpurkhas Sugar Mills Limited 1,173,889 - - - - 26,600 1,147,289 - 181,203 0.22 0.22 9.35 Premier Sugar Mills & Distillery Company 58,825 - - - - - 58,825 2,440 7,153 0.01 0.01 1.57 Pangrio Sugar Mills Limited 760,820 - - - - - 760,820 - - - - 7.01 Sanghar Sugar Mills Limited 1,063,616 - - - - - 1,063,616 - 36,886 0.05 0.04 8.90 Shakarganj Limited 9,918,629 - - - - 3,035,500 6,883,129 42,036 681,154 0.83 0.82 6.26 Shakarganj Limited Right - - - 938,604 - - 938,604 - 31,875 0.04 0.04 0.85 Shahtaj Sugar Mills Limited 801,695 - - - - - 801,695 13,393 152,322 0.19 0.18 6.67 Shahmurad Sugar Mills Limited 1,789,910 - - - - 87,000 1,702,910 - 81,944 0.10 0.10 8.06 Sakrand Sugar Mills Limited 340,700 - - - - - 340,700 - 7,860 0.01 0.01 1.53 Sakrand Sugar Mills Limited Right - - - 340,700 - - 340,700 - 4,435 0.01 0.01 1.53 NATIONALSaleem Sugar Limited INVESTMENT (O) 8,761 (UNIT) - TRUST - - - - 8,761 - - - - 0.78 Saleem Suger Limited (P) 6 % 198 - - - - - 198 - - - - 0.40 NOTES TO AND FORMING 35,984,152 PART 20,000 OF 71,995 THE 1,279,304 FINANCIAL - 3,739,600 STATEMENTS 33,615,851 137,093 2,186,399 2.67 2.64 Cement 6.2 AttockAvailable Cement Pakistan for sale Limited 61,956 - - - - - 61,956 2,274 18,752 0.02 0.02 0.05 FOR THEBestway CementYEAR Limited ENDED 30 447,020 JUNE 2017 - - - 512,695 15,000 944,715 14,629 207,006 0.25 0.25 0.16 Cherat Cement Company Limited 8,513,858 - - - - 987,200 7,526,658 114,632 1,345,616 1.65 1.62 4.26 6.2.1 D.Equity G. Khan Cement shares Company / units Limited of mutual 1,473,181 funds - - - - 425,900 1,047,281 36,840 223,238 0.27 0.27 0.24 Fauji Cement Company Limited 2,536,867 15,000 - - - 575,000 1,976,867 50,749 81,111 0.10 0.10 0.14 Fecto Cement Limited 1,161,655 - - - - 34,400 1,127,255 4,396 117,595 0.14 0.14 2.25 Market Market Kohat Cement Limited 81,500 - - Right - - - 81,500 6,431 18,685 0.02 0.02 Percentage 0.05 Bonus Market value / value / Pakcem Limited 5,126,952 - - shares - (5,126,952) Merger/ - - Carrying - - - - of paid-up - Purchases shares Sales value / arrying arrying Lucky Cement Limited As 1,482,335 at 01 - - purchased/ - demerger - 222,100 As at1,260,235 30 June cost 129,899 as 1,053,884 1.29 1.27 capital 0.39 of Name of Investee Companies during issued during carrying value as a value as a Maple Leaf Cement Factory Limited July 249,746 2016 - - subscribed - adjusting - 10,000 2017 239,746 at 30 554 26,698 0.03 0.03 the investee 0.05 the year during the the year value as at 30 percentage percentage during effects June 2017 company Pioneer Cement Limited 429,444 - year - - - - 429,444 1,417 June 55,827 2017 of net 0.07 of 0.07 0.19 the year held Thatta Cement Limited 3,046,580 - - - - 1,410,500 1,636,080 29,295 65,394 assets 0.08 investments 0.08 1.64 Zeal Pak Cement Factory Limited 486,248 - - - - - 486,248 - - - - 0.11 ------25,097,342 15,000 - (Number of shares)- (4,614,257) ------3,680,100 16,817,985------391,116(Rupees in '000')3,213,806 ------%------3.93 3.88 CloseTobacco - End Mutual Fund PakistanDominion Tobacco Stock Fund Company Limited 1,813,999 157,629 160 - - - - - 1,814,159 157,629 90,666 - 3,075,000 - 3.76 - 3.71 - 3.150.71 Investec Mutual Fund 1,813,999 172,406 160 - - - - - 1,814,159 172,406 90,666 - 3,075,000 - 3.76 - 3.71 - 1.72 RefineryPICIC Growth Fund 6,429,358 - - - - - 6,429,358 35,940 199,310 0.24 0.24 2.27 AttockPICIC InvestmentRefinery Limited Fund 10,108,128 916,057 - - - - 267,500 - 10,108,128 648,557 59,83520,519 248,125151,622 0.300.19 0.300.18 0.763.56 National Refinery Limited 16,867,521 1,778,651 - - - - 724,850 - 16,867,521 1,053,801 145,079 56,459 765,049350,932 0.940.43 0.920.42 1.32 PakistanModarabas Refinery Limited 9,031,044 - - - - 2,595,500 6,435,544 97,923 342,757 0.42 0.41 2.04 B.R.R. Guardian Modarba 11,725,752 1,858,077 - - - - 3,587,850 - 8,137,9021,858,077 302,837 2,397 1,355,931 17,522 1.660.02 1.630.02 2.38 PowerHabib Modarba Generation First & Distribution 1,584,070 - - - - - 1,584,070 8,982 17,346 0.02 0.02 0.79 HubOrix ModarabaPower Company Limited 5,314,2971,948,462 - - - - 697,400 - 1,948,4624,616,897 13,26969,045 542,162 45,458 0.060.66 0.650.05 0.404.29 Kot Addu Power Company Limited 5,390,609 852,832 - - - - - 5,390,609 852,832 26,91524,648 61,42180,326 0.080.10 0.070.10 0.10 LeasingKarachi Electric Companies Supply Company Limited 4,673,775 - - - - - 4,673,775 7,478 32,249 0.04 0.04 0.02 OrixKohinoor Leasing Energy Pakistan Limited 700,080410,390 - - - - 340,000 - 360,080410,390 6,4721,883 17,67514,493 0.02 0.02 0.240.44 OrixLalpir Leasing Power LimitedPakistan Right 974,055 - - - 302,815 - - - 974,055302,815 16,705 - 19,988 878 0.020.00 0.020.00 0.260.53 SecurityNishat Chunian Leasing Power Corporation Limited 321,026237,500 - - - - 216,000 29,500 291,526 21,500 466215 1,414 958 0.00 0.00 0.800.01 SitaraSaudi PakEnergy Leasing Limited 372,752 256,117 - - - - 25,000 - 347,752256,117 4,226 167 7,402 845 0.010.00 0.010.00 1.340.77 12,718,966 1,393,858 - - 302,815 - - 394,500913,400 11,805,566 1,302,173 131,056 2,516 681,855 17,630 0.020.83 0.020.82 FinancialOil & Gas ServicesMarketing Companies 786Attock Investment Petroleum Limited Limited 663,832 55,229 - - - - 5,000 - 663,832 50,229 13,569 - 31,465 - 0.04 - 0.04 - 4.430.06 NextBurshane Capital LPG Limited Pak Limited 1,427,033 500,000 - - 612,500 - - 413,000 91,000 1,336,033 699,500 31,379 4,654 16,09572,173 0.020.09 0.020.09 1.555.90 FirstPakistan Capital State Securities Oil Company Corporation Ltd. (note 6.5) 20,215,015 3,978,559 - - - - 109,500 - 20,215,015 3,869,059 1,300,766 7,008 7,830,286 15,012 0.029.57 0.029.44 1.227.44 FirstShell Dawood Pakistan Investment Limited Bank 1,878,064 25 - - - - 292,500 - 1,585,564 25 1,205 - 5,090 14 0.000.01 0.000.01 0.001.07 SuiInvest Northern Capital Gas Investment Pipelines Bank Limited Ltd. 8,271,554 - - - - - 8,271,554 1,654 17,453 0.02 0.02 2.90 IGI Investment(note 6.5) Bank 19,513,012 5,004,579 - - - - - 19,513,012 5,004,579 109,282 4,504 2,905,878 15,114 3.550.02 3.500.02 3.082.36 InvestecSui Southern Securities Gas Company Limited Limited 6,796,823 98,518 - - - - 255,000 - 6,541,823 98,518 52,378 - 238,188 - 0.29 - 0.29 - 0.600.74 J.O.V.& Company 48,007,137 1,775,606 - - - - 351,000 - 47,656,137 1,775,606 1,507,374 - 11,078,004 - 13.54 - 13.36 - 3.49 JahangirOil & Gas Siddiqui Exploration & Company Companies 1,007,441 - - - - 432,000 575,441 2,905 13,137 0.02 0.02 0.06 PrudentialMari Peroleum Investment Company Bank Limited (Note 6.6) 2,750,474 326,292 - - - - 168,950 - 2,581,524 326,292 97,417 - 4,067,552 - 4.97 - 4.90 - 3.262.34 SecurityOil & Gas Investment Development Bank Company 2,262,698 572,043 850,400 - - - - 195,000 - 2,262,6981,227,443 163,595 2,828 172,689 11,313 0.010.21 0.010.21 4.400.03 Pakistan Oilfields Limited 25,767,143 689,322 - - 612,500 - - 1,247,000 55,000 25,132,643 634,322 143,527 24,758 290,614 93,214 0.360.11 0.350.11 0.27 PakistanCommercial Petroleum Banks Limited 1,264,274 292,200 - - - 167,100 1,389,374 160,151 205,822 0.25 0.25 0.07 Allied Bank Limited 1,477,1045,276,113 1,142,600 - - - - 586,050 43,500 1,433,6045,832,663 564,690 90,895 4,736,677 128,480 0.165.79 0.155.71 0.13 AskariEngineering Bank Limited 27,580,356 - - - - 3,108,500 24,471,856 223,642 493,597 0.60 0.60 1.94 BankAisha AlSteel - Falah Mills Limited Limited 913,409182,388 - - - - 325,000 10,000 588,409172,388 6,6911,219 23,654 3,506 0.030.00 0.030.00 0.040.03 BankAisha AlSteel - Habib Mills Limited Limited Right 75,662,329 - - - 58,718 - - 9,448,500 58,500 66,213,829 218 717,598 - 3,757,635 - 4.59 - 4.53 - 5.960.00 BankislamiAmreli Steel Pakistan Limited 247,816164,500 - - - - 114,000 - 247,816 50,500 1,5322,576 3,2966,209 0.000.01 0.000.01 0.02 AishaFaysal Steel Bank Mills Limited Limited-Preference (Note 6.6) 3,016,853 121,208 - 116,735 - - - 2,087,000 - 1,046,588 121,208 4,980 - 23,548 2,870 0.000.03 0.000.03 0.270.08 BolanHabib CastingsBank Limited Limited 488,276955,833 374,000 - - - - 192,400 - 1,137,433 488,276 192,027 4,830 306,129 73,671 0.090.37 0.090.37 4.260.08 Market Market HabibCrescent Metropolitan Steel And BankAllied Limited Proudcts Limited 52,498,107 2,735,236 - - Right - - 6,308,000 758,000 46,190,107 1,977,236 702,238 51,891 1,526,582 471,709 0.581.87 0.571.84 Percentage 2.554.41 Bonus Market value / value / JS Bank Limited 10,204,661 - - shares - Merger/ - 1,646,500 8,558,161 Carrying 16,468 82,073 0.10 0.10 of paid-up 0.80 Huffaz Seamless Pipe Industries Limited 1,331,896 Purchases - shares - - - Sales 5,000 1,326,896 6,582 value 56,765 / arrying 0.07 arrying 0.07 2.39 As 113,842 at 01 335,400 - purchased/ - demerger - - As at 449,242 30 June cost 91,422 as 94,534 0.12 0.11 capital 0.04 of MCBInternational BankName Limited Industries of Investee Limited Companies 8,699,633 during 10,000 issued - - - 1,431,500during 7,278,133 208,535 carrying 2,682,501 value 3.28as a value as 3.23 a 6.07 July 2016 subscribed adjusting 2017 at 30 the investee InternationalNational Bank Steels Of Pakistan Limited 1,511,000 502,578 the 120,500 year - during -the - - the 139,500251,000 year 1,380,500 363,078 10,79527,733 value 176,552 as 21,425 at 30 percentage 0.030.22 percentage 0.210.03 0.320.02 during effects June 2017 company K.S.B.NIB Bank Pumps Limited Company Limited 1,195,0591,651,532 - year - - - 29,600 - 1,651,5321,165,459 24,635 2,495 June 367,120 20172,841 of net 0.000.45 of 0.000.44 0.028.83 the year held SambaQuality SteelBank WorksLimited Limited 3,116,304 2,922 - - - - 142,500 - 2,973,804 2,922 7,648 - 21,263 - assets 0.03 - investments 0.03 - 0.290.16 Silkbank Limited 20,880,417 16,432,118 130,500 - - 58,718 - - 2,657,600 - 20,880,41713,963,736 328,001 32,574 3,840,903 35,079 0.044.70 0.044.63 0.23 Summit Bank Limited ------531,978 - - (Number of -shares) ------25,000 506,978------(Rupees 1,060 in '000') 2,089 ------%------0.00 0.00 0.03 SoneriAutomobile Bank LimitedAssembler 110,845,549 - - - - 3,071,500 107,774,049 344,249 1,582,123 1.93 1.91 9.78 277,566 - - - - 10,000 267,566 621 161,617 0.20 0.19 0.26 UnitedAtlas Honda Bank LimitedLimited 551,099 560,000 - - - 145,000 966,099 166,316 227,536 0.28 0.27 0.08 Ghandhara Industries Limited 135,577 - - - - 12,500 123,077 800 80,014 0.10 0.10 0.58 310,749,767 1,269,400 116,735 - - 26,682,900 285,453,002 2,612,630 8,331,884 10.19 10.05 Ghandara Nissan Limited 1,215,211 - - - - 10,000 1,205,211 2,917 271,269 0.33 0.33 2.68 Textile Spining 2,549,589 - - - - 380,350 2,169,239 23,946 1,882,227 2.30 2.27 1.52 AdilHonda Textile Atlas Mills Cars Limited Limited 93,592 - - - - - 93,592 - - - - 1.21 440,002 - - - - 3,760 436,242 30,559 571,477 0.70 0.69 3.52 AmtexHinopak Limited Motors Limited 363,523 - - - - - 363,523 436 1,094 0.00 0.00 0.14 596,036 7,000 - - - 151,390 451,646 66,225 810,072 0.99 0.98 0.57 AlIndus - Qaim Motor Textile Company Mills Limited Limited 358,753 - - - - - 358,753 - - - - 4.81 585,629 - - - - 87,700 497,929 85,104 684,374 0.84 0.83 1.12 AsimMillat TextileTractors Mills Limited Limited 1,140,800 - - - - 99,000 1,041,800 - 12,918 0.02 0.02 6.86 1,487,790 - - - - 360,650 1,127,140 72,738 879,575 1.08 1.06 1.37 BabriPak Suzuki Cotton Motor Mills LimitedCompany Limited 80,578 - - - - - 80,578 392 6,527 0.01 0.01 2.21 Brothers Textile Mills Limited 7,287,400 579,461 7,000 ------1,016,350 - 6,278,050 579,461 282,910 - 5,340,625 - 6.53 - 6.44 - 5.91 CrescentAutomobile Cotton Parts Mills & AccessoriesLimited 1,048,579 - - - - - 1,048,579 5,505 46,819 0.06 0.06 4.91 1,115,220 23,700 - - - 42,900 1,096,020 14,734 473,371 0.58 0.57 3.81 CrescentAgriauto IndustriesFibres Limited Limited 852,681 - - - - - 852,681 - 26,348 0.03 0.03 6.87 1,406,160 - - - - 72,800 1,333,360 34,827 198,004 0.24 0.24 10.00 ColonyBaluchistan Textile Wheels Mills Limited Limited 1,074,498 - - - - 5,000 1,069,498 1,351 5,315 0.01 0.01 0.21 2,679,608 - - - - 277,200 2,402,408 102,474 1,455,931 1.78 1.76 2.96 ChakwalThal Limited Spinning Mills Limited 742,008 - - - - - 742,008 - 2,961 0.00 0.00 1.86 517,304 2,200 - - - 8,780 510,724 32,714 479,314 0.59 0.58 6.57 DataExide Textile Pakistan Limited Limited 618,595 - - - - - 618,595 - - - - 6.24 General Tyre and Rubber Company of Din Textile Mills Limited 340,301 - - - - - 340,301 3,847 38,471 0.05 0.05 1.52 2,913,976 18,000 - - - 155,700 2,776,276 36,108 842,600 1.03 1.02 4.64 DewanPakistan Khalid Limited Textile Mills Limited 224,486 - - - - - 224,486 224 1,706 0.00 0.00 2.34 Dewan Mushtaq Textile Mills Limited 8,632,268 192,424 43,900 ------557,380 - 8,118,788 192,424 220,857 385 3,449,220 1,578 0.00 4.22 0.00 4.16 2.93 D.Cable M. Textile & Electric Mills GoodsLimited 329,114 - - - - 24,500 304,614 548 21,122 0.03 0.03 9.98 501,324 - - - - 7,500 493,824 - 14,810 0.02 0.02 9.06 D.S.IndustriesJohnson And Phillips Limited (Pakistan) Limited 44,780 - - - - - 44,780 34 172 0.00 0.00 0.05 3,407,552 - - - - 2,024,000 1,383,552 28,232 152,633 0.19 0.18 0.28 Dar-Es-SalaamPak Elektron Limited Textile Mills Limited 261,787 - - - - 2,500 259,287 570 2,204 0.00 0.00 3.24 1,741,427 1,600 - - - 25,700 1,717,327 14,526 549,545 0.67 0.66 6.03 EllcotPakistan Spinning Cables Mills Limited Limited 704,380 - - - - - 704,380 7,482 72,833 0.09 0.09 6.43 FatimaSiemens Enterprises Pakistan EngineeringLimited 628,671 - - - - - 628,671 - - - - 4.42 983,658 - - - - - 983,658 598,221 678,724 0.83 0.82 11.93 FazalCompany Cloth Mills Limited Limited 1,768,488 - - - - - 1,768,488 13,415 316,542 0.39 0.38 5.89 8 - - - - - 8 - - - - 0.00 GadoonSinger Pakistan Textile Mills Limited 132,499 - - - - - 132,499 1,231 27,957 0.03 0.03 0.47 Globe Textile Mills Limited 6,633,969 2,472 1,600 ------2,057,200 - 4,578,369 2,472 640,979 - 1,395,712 - 1.71 - 1.68 - 0.02 GulshanTransport Spinning Mills Limited 1,137,974 - - - - - 1,137,974 - - - - 5.12 436,564 - - - - 4,000 432,564 4,442 54,460 0.07 0.07 0.33 GulistanPakistan Textile National Mills Shipping Limited Corporation 734,617 - - - - - 734,617 - - - - 3.87 Hajra Textile Mills Limited 518,063 436,564 ------4,000 - 518,063 432,564 4,442 - 54,460 - 0.07 - 0.07 - 3.77 IdealTechnology Spinning & Mills Communication Limited 658,396 - - - - - 658,396 922 4,635 0.01 0.01 6.64 178,898 - - - - - 178,898 2,538 9,213 0.01 0.01 1.83 IndusPak Datacom Dyeing Manufacturing Limited Company Ltd. 525,295 - - - - - 525,295 5,509 335,138 0.41 0.40 2.91 2,785,884 - - - - 200,000 2,585,884 28,178 40,366 0.05 0.05 0.07 J.Pakistan A. Textile Telecommunication Mills Limited Company 127,361 - - - - - 127,361 - 471 0.00 0.00 1.01 32 Karim Cotton Mills Limited 2,964,782 110,562 ------200,000 - 2,764,782 110,562 30,716 - 49,579 - 0.06 - 0.06 - 9.34 KohinoorFertilizer Spinning Mills Limited 535,827 - - - - - 535,827 - 2,631 0.00 0.00 0.41 - - - - - 952,940 29,032 129,942 0.16 0.16 0.20 KhalidDawood Siraj Hercules Textile CorporationMills Limited Limited 682,998 952,940 - - - - - 682,998 - 5,327 0.01 0.01 6.38 1,918,327 190,000 - - - 619,500 1,488,827 82,243 82,243 0.10 0.10 0.11 LandEngro Mark Fertilizer Spinning Limited Industries Limited 395,437 - - - - 40,000 355,437 - 2,481 0.00 0.00 2.93 421,978 - - - - 212,300 209,678 19,053 68,336 0.08 0.08 0.04 MehrEngro Dastgir Corporation Textile Limited Mills Limited 259 - - - - - 259 - - - - 0.00 2,322,562 - - - - 552,500 1,770,062 17,951 59,633 0.07 0.07 0.08 MaqboolFatima Fertilizer Textile Mills Company Limited 1,420,216 - - - - - 1,420,216 11,362 43,672 0.05 0.05 8.45 645,935 - - - - 145,500 500,435 15,672 21,439 0.03 0.03 0.05 PremiumFauji Fertilizer Textile Bin Mills Qasim Limited Limited 807,307 - - - - 80,484 726,823 7,926 116,713 0.14 0.14 11.79 27,765,655 - - - - 1,873,600 25,892,055 611,287 2,139,719 2.62 2.58 2.04 RelianceFauji Fertilizer Cotton Company Spinning Limited Mills Limited 465,638 - - - - - 465,638 3,824 61,435 0.08 0.07 4.52 Ruby Textile Mills Limited 34,027,397 436,664 190,000 ------3,403,400 139,000 30,813,997 297,664 775,238 - 2,501,312 3,358 0.00 3.06 0.00 3.02 0.57 SaifPharmaceuticals Textile Mills Limited 1,946,871 - - - - 177,500 1,769,371 4,370 38,926 0.05 0.05 6.70 Abbot Laboatories (Pakistan) Limited 2,594,429 - - - - - 2,594,429 208,996 2,424,753 2.96 2.92 2.65 Salfi Textile Mills Limited 104,645 - - - - - 104,645 956 12,348 0.02 0.01 3.13 1,671,025 - - - - 27,650 1,643,375 21,518 635,181 0.78 0.77 5.44 SalmanFerozsons Noman Laboratories Enterpries Limited Limited 291,399 - - - - - 291,399 - 1,544 0.00 0.00 6.52 9,495,354 81,500 - - - 642,800 8,934,054 463,000 1,759,294 2.15 2.12 2.81 ServiceGlaxosmithkline (Textile) Industries(Pak) Limited Limited 162,908 - - - - - 162,908 - 3,939 0.00 0.00 3.66 2,844,107 - - - - - 2,844,107 - 594,447 0.73 0.72 2.98 ShadabGlaxosmithkline Textile Mills Consumer Limited Health Pak Ltd. 94,207 - - - - - 94,207 - 5,813 0.01 0.01 3.14 Highnoon Laboratories Limited (Note 6.6) 431,211 - 51,145 - - 5,995 476,361 6,576 298,331 0.36 0.36 1.86 Sanofi-Aventis Limited 228,461 - - - - - 228,461 20,965 405,898 0.50 0.49 2.37 Searle Pakistan Limited (Note 6.6) 3,066,500 - 746,126 - - 263,500 3,549,126 100,014 1,817,082 2.22 2.19 2.31 Wyeth Pakistan Limited 111,574 - - - - - 111,574 43,913 222,939 0.27 0.27 7.85 20,442,661 81,500 797,271 - - 939,945 20,381,487 864,982 8,157,925 9.97 9.84 Chemical Agritech Limited 3,286,167 - - - - 625,000 2,661,167 19,959 23,897 0.03 0.03 0.68 Arif Habib Corporation 734,292 - - - - 10,000 724,292 14,899 29,863 0.04 0.04 0.16 Akzo Nobel Pakistan Limited 320,382 - - - - 39,200 281,182 16,907 67,484 0.08 0.08 0.61 Archroma Pakistan 1,764,346 - - - - 70,250 1,694,096 22,408 1,207,535 1.48 1.46 4.97 Berger Paints Pakistan Limited 378,426 - - - - 55,000 323,426 3,881 60,264 0.07 0.07 1.78 Buxly Paints Limited 135,718 - - - - 42,500 93,218 523 11,181 0.01 0.01 6.47 Nimir Resins Limited 468,895 - - - - - 468,895 - 4,422 0.01 0.01 0.17 Nimir Resins Limited - Right - - - 180,900 - 180,900 ------Dynea Pakistan Limited 1,786,110 - - - - 36,000 1,750,110 17,252 175,991 0.22 0.21 9.27 Linde Pakistan Limited (BOC) 900,681 - - - - - 900,681 70,316 217,082 0.27 0.26 3.60 Lotte Chemical Pakistan 944,572 - - - - 86,000 858,572 4,748 8,457 0.01 0.01 0.06 Pakistan Gum & Chemiclas Limited 97,057 - - - - - 97,057 1,449 13,976 0.02 0.02 2.28 Sardar Chemical Industries Limited 142,800 - - - - - 142,800 - 1,928 0.00 0.00 2.38 Sitara Chemical Industries Limited 666,216 - - - - 31,800 634,416 45,805 282,074 0.34 0.34 2.96 Wah-Noble Chemicals Limited 611,124 - - - - 10,000 601,124 9,591 140,783 0.17 0.17 6.68 12,236,786 - - 180,900 - 1,186,650 11,231,036 227,738 2,244,937 2.74 2.71 Paper & Board Balochistan Particle Board Limited 533,530 - - - - 35,000 498,530 - 4,737 0.01 0.01 8.31 Century Paper & Board Mills Limited 7,044,231 - - - - 1,698,500 5,345,731 58,880 524,149 0.64 0.63 3.64 Dadabhoy Sack Limited 49,259 - - - - - 49,259 - - - - 1.23 Merit Packaging Limited 4,211,732 - - - - 923,000 3,288,732 30,810 70,609 0.09 0.09 8.16 Packages Limited 4,154,178 25,000 - - - 201,150 3,978,028 340,872 2,767,037 3.38 3.34 4.45 Pakistan Paper Products Limited 464,326 - - - - - 464,326 568 53,388 0.07 0.06 7.74 Security Papers Limited (Note 6.6) 2,592,000 - - - - 4,572 2,587,428 61,811 377,635 0.46 0.46 4.37 19,049,256 25,000 - - - 2,862,222 16,212,034 492,941 3,797,555 4.64 4.58 Vanaspati & Allied Industries Morafco Industries Limited 57,409 - - - - - 57,409 - - - - 10.10 Punjab Oil Mills Limited 517,651 - - - - - 517,651 6,461 160,472 0.20 0.19 9.60 Suraj Ghee Industries Limited 54,324 - - - - - 54,324 - - - - 5.67 629,384 - - - - - 629,384 6,461 160,472 0.20 0.19 Leather & Tanneries Bata Pakistan Limited 1,090,234 - - - - - 1,090,234 58,347 3,597,772 4.40 4.34 14.42 Fateh Industries Limited 23,118 - - - - - 23,118 - - - - 1.16 1,113,352 - - - - - 1,113,352 58,347 3,597,772 4.40 4.34 Foods & Personal Care Products Mitchells Fruit Farms Limited 767,666 - - - - - 767,666 27,415 215,277 0.26 0.26 9.75 Nestle Pakistan Limited 98,000 - - - - - 98,000 107,014 999,600 1.22 1.21 0.22 Engro Foods 22,000 256,600 - - - 219,200 59,400 7,217 7,217 0.01 0.01 0.01 Shezan International Limited (Note 6.6) 1,495,255 - - - - - 1,495,255 75,726 710,246 0.87 0.86 18.72 Treet Corporation Limited 10,266,853 - 248,550 - - 303,000 10,212,403 419,995 580,882 0.71 0.70 7.18 Treet Corporation Limited-PTC 3,550,640 - - - - - 3,550,640 45,590 92,139 0.11 0.11 2.50 ZIL Limited 391,987 - - - - 35,000 356,987 4,431 49,978 0.06 0.06 5.83 16,592,401 256,600 248,550 - - 557,200 16,540,351 687,388 2,655,339 3.25 3.20 Glass & Ceramics Ghani Glass Mills Limited 1,554,286 - - - - - 1,554,286 39,156 129,659 0.16 0.16 0.71 Market Market Right Percentage Bonus Market value / value / shares Merger/ Carrying of paid-up Purchases shares Sales value / arrying arrying As at 01 purchased/ demerger As at 30 June cost as capital of Name of Investee Companies during issued during carrying value as a value as a July 2016 subscribed adjusting 2017 at 30 the investee the year during the the year value as at 30 percentage percentage during effects June 2017 company year June 2017 of net of the year held assets investments

------(Number of shares) ------(Rupees in '000') ------%------Automobile Assembler Atlas Honda Limited 277,566 - - - - 10,000 267,566 621 161,617 0.20 0.19 0.26 Ghandhara Industries Limited 135,577 - - - - 12,500 123,077 800 80,014 0.10 0.10 0.58 Ghandara Nissan Limited 1,215,211 - - - - 10,000 1,205,211 2,917 271,269 0.33 0.33 2.68 Honda Atlas Cars Limited 2,549,589 - - - - 380,350 2,169,239 23,946 1,882,227 2.30 2.27 1.52 Hinopak Motors Limited 440,002 - - - - 3,760 436,242 30,559 571,477 0.70 0.69 3.52 Indus Motor Company Limited 596,036 7,000 - - - 151,390 451,646 66,225 810,072 0.99 0.98 0.57 Millat Tractors Limited 585,629 - - - - 87,700 497,929 85,104 684,374 0.84 0.83 1.12 NATIONALPak Suzuki Motor INVESTMENTCompany Limited 1,487,790 (UNIT) - TRUST - - - 360,650 1,127,140 72,738 879,575 1.08 1.06 1.37 7,287,400 7,000 - - - 1,016,350 6,278,050 282,910 5,340,625 6.53 6.44 Automobile Parts & Accessories NOTESAgriauto TO Industries AND Limited FORMING 1,115,220 PART 23,700 OF - THE - FINANCIAL - 42,900 STATEMENTS 1,096,020 14,734 473,371 0.58 0.57 3.81 Baluchistan Wheels Limited 1,406,160 - - - - 72,800 1,333,360 34,827 198,004 0.24 0.24 10.00 FOR6.2 THEThalAvailable Limited YEAR for sale ENDED 30 2,679,608 JUNE 2017 - - - - 277,200 2,402,408 102,474 1,455,931 1.78 1.76 2.96 Exide Pakistan Limited 517,304 2,200 - - - 8,780 510,724 32,714 479,314 0.59 0.58 6.57 6.2.1 GeneralEquity Tyre shares and Rubber Company/ units of of mutual funds Pakistan Limited 2,913,976 18,000 - - - 155,700 2,776,276 36,108 842,600 1.03 1.02 4.64 8,632,268 43,900 - - - 557,380 8,118,788 220,857 3,449,220 4.22 4.16 Cable & Electric Goods Market Market Right Percentage Bonus Market value / value / Johnson And Phillips (Pakistan) Limited 501,324 - - shares - Merger/ - 7,500 493,824 Carrying - 14,810 0.02 0.02 of paid-up 9.06 Purchases shares Sales value / arrying arrying Pak Elektron Limited As 3,407,552 at 01 - - purchased/ - demerger - 2,024,000 As at1,383,552 30 June cost 28,232 as 152,633 0.19 0.18 capital 0.28 of Name of Investee Companies during issued during carrying value as a value as a Pakistan Cables Limited July 1,741,427 2016 1,600 - subscribed - adjusting - 25,700 1,717,3272017 at 14,526 30 549,545 0.67 0.66 the investee 6.03 the year during the the year value as at 30 percentage percentage Siemens Pakistan Engineering during effects June 2017 company year June 2017 of net of the year held Company Limited 983,658 - - - - - 983,658 598,221 678,724 assets 0.83 investments 0.82 11.93 Singer Pakistan Limited 8 - - - - - 8 - - - - 0.00 ------6,633,969 1,600 - (Number of shares)------2,057,200 4,578,369------640,979(Rupees in '000')1,395,712 ------%------1.71 1.68 TransportClose - End Mutual Fund PakistanDominion National Stock Fund Shipping Corporation 436,564157,629 - - - - 4,000 - 157,629432,564 4,442 - 54,460 - 0.07 - 0.07 - 3.150.33 Investec Mutual Fund 172,406436,564 - - - - 4,000 - 172,406432,564 4,442 - 54,460 - 0.07 - 0.07 - 1.72 PICICTechnology Growth & Fund Communication 6,429,358 - - - - - 6,429,358 35,940 199,310 0.24 0.24 2.27 PICICPak Datacom Investment Limited Fund 10,108,128 178,898 - - - - - 10,108,128 178,898 20,519 2,538 151,622 9,213 0.190.01 0.180.01 3.561.83 Pakistan Telecommunication Company 16,867,521 2,785,884 - - - - 200,000 - 16,867,521 2,585,884 28,17856,459 350,932 40,366 0.050.43 0.050.42 0.07 Modarabas 2,964,782 - - - - 200,000 2,764,782 30,716 49,579 0.06 0.06 B.R.R.Fertilizer Guardian Modarba 1,858,077 - - - - - 1,858,077 2,397 17,522 0.02 0.02 2.38 HabibDawood Modarba Hercules First Corporation Limited 1,584,070 952,940 - - - - - 1,584,070 952,940 29,032 8,982 129,942 17,346 0.020.16 0.020.16 0.790.20 OrixEngro Modaraba Fertilizer Limited 1,948,4621,918,327 190,000 - - - - 619,500 - 1,948,4621,488,827 13,26982,243 45,45882,243 0.060.10 0.050.10 4.29 0.11 Engro Corporation Limited 5,390,609 421,978 - - - - 212,300 - 5,390,609 209,678 24,64819,053 80,32668,336 0.100.08 0.100.08 0.04 LeasingFatima Fertilizer Companies Company 2,322,562 - - - - 552,500 1,770,062 17,951 59,633 0.07 0.07 0.08 OrixFauji Leasing Fertilizer Pakistan Bin Qasim Limited 700,080645,935 - - - - 340,000145,500 360,080500,435 15,672 1,883 14,49321,439 0.020.03 0.020.03 0.440.05 OrixFauji Leasing Fertilizer Pakistan Company Right Limited 27,765,655 - - - 302,815 - - 1,873,600 - 25,892,055 302,815 611,287 - 2,139,719 878 0.002.62 0.002.58 0.532.04 Security Leasing Corporation 34,027,397 321,026 190,000 - - - - 3,403,400 29,500 30,813,997 291,526 775,238 466 2,501,312 1,414 0.003.06 0.003.02 0.80 SaudiPharmaceuticals Pak Leasing 372,752 - - - - 25,000 347,752 167 845 0.00 0.00 0.77 Abbot Laboatories (Pakistan) Limited 1,393,8582,594,429 - - 302,815 - - 394,500 - 2,594,4291,302,173 208,996 2,516 2,424,753 17,630 2.960.02 0.022.92 2.65 FinancialFerozsons Services Laboratories Limited 1,671,025 - - - - 27,650 1,643,375 21,518 635,181 0.78 0.77 5.44 786Glaxosmithkline Investment Limited(Pak) Limited 9,495,354 663,832 81,500 - - - - 642,800 - 8,934,054 663,832 463,000 - 1,759,294 - 2.15 - 2.12 - 4.432.81 NextGlaxosmithkline Capital Limited Consumer Health Pak Ltd. 2,844,107 500,000 - - 612,500 - - 413,000 - 2,844,107 699,500 4,654 - 594,447 16,095 0.020.73 0.720.02 2.981.55 FirstHighnoon Capital Laboratories Securities CorporationLimited (Note 6.6) 3,978,559 431,211 - 51,145 - - - 109,500 5,995 3,869,059 476,361 7,0086,576 298,331 15,012 0.020.36 0.020.36 1.221.86 FirstSanofi-Aventis Dawood Investment Limited Bank 1,878,064 228,461 - - - - 292,500 - 1,585,564 228,461 20,965 1,205 405,898 5,090 0.010.50 0.010.49 1.072.37 InvestSearle CapitalPakistan Investment Limited (Note Bank 6.6) Ltd. 8,271,5543,066,500 - 746,126 - - - 263,500 - 8,271,5543,549,126 100,014 1,654 1,817,082 17,453 0.022.22 0.022.19 2.902.31 IGIWyeth Investment Pakistan BankLimited 5,004,579 111,574 - - - - - 5,004,579 111,574 43,913 4,504 222,939 15,114 0.020.27 0.020.27 2.367.85 Investec Securities Limited 20,442,661 98,518 81,500 - 797,271 - - - 939,945 - 20,381,487 98,518 864,982 - 8,157,925 - 9.97 - 9.84 - 0.60 J.O.V.&Chemical Company 1,775,606 - - - - - 1,775,606 - - - - 3.49 JahangirAgritech LimitedSiddiqui & Company 3,286,1671,007,441 - - - - 625,000432,000 2,661,167 575,441 19,959 2,905 23,89713,137 0.030.02 0.030.02 0.680.06 ArifPrudential Habib CorporationInvestment Bank 734,292326,292 - - - - 10,000 - 326,292724,292 14,899 - 29,863 - 0.04 - 0.04 - 3.260.16 SecurityAkzo Nobel Investment Pakistan Bank Limited 2,262,698 320,382 - - - - 39,200 - 2,262,698 281,182 16,907 2,828 67,48411,313 0.010.08 0.010.08 4.400.61 Archroma Pakistan 25,767,143 1,764,346 - - 612,500 - - 1,247,000 70,250 25,132,643 1,694,096 22,40824,758 1,207,535 93,214 1.480.11 1.460.11 4.97 BergerCommercial Paints Banks Pakistan Limited 378,426 - - - - 55,000 323,426 3,881 60,264 0.07 0.07 1.78 AlliedBuxly BankPaints Limited Limited 1,477,104 135,718 - - - - 43,50042,500 1,433,604 93,218 90,895 523 128,480 11,181 0.160.01 0.150.01 0.136.47 NimirAskari Resins Bank Limited Limited 27,580,356 468,895 - - - - 3,108,500 - 24,471,856 468,895 223,642 - 493,597 4,422 0.010.60 0.010.60 0.171.94 BankNimir AlResins - Falah Limited Limited - Right 913,409 - - - 180,900 - - 325,000180,900 588,409 - 6,691 - 23,654 - 0.03 - 0.03 - 0.04 - DyneaBank Al Pakistan - Habib Limited 75,662,329 1,786,110 - - - - 9,448,500 36,000 66,213,829 1,750,110 717,598 17,252 3,757,635 175,991 0.224.59 0.214.53 9.275.96 BankislamiLinde Pakistan Pakistan Limited (BOC) 247,816900,681 - - - - - 247,816900,681 70,316 1,532 217,082 3,296 0.270.00 0.260.00 3.600.02 FaysalLotte Chemical Bank Limited Pakistan (Note 6.6) 3,016,853 944,572 - 116,735 - - - 2,087,000 86,000 1,046,588 858,572 4,9804,748 23,548 8,457 0.030.01 0.030.01 0.080.06 PakistanHabib Bank Gum Limited & Chemiclas Limited 955,833 97,057 374,000 - - - - 192,400 - 1,137,433 97,057 192,027 1,449 306,129 13,976 0.020.37 0.020.37 2.280.08 HabibSardar Metropolitan Chemical Industries Bank Limited Limited 52,498,107 142,800 - - - - 6,308,000 - 46,190,107 142,800 702,238 - 1,526,582 1,928 0.001.87 0.001.84 2.384.41 JSSitara Bank Chemical Limited Industries Limited 10,204,661 666,216 - - - - 1,646,500 31,800 8,558,161 634,416 16,46845,805 282,074 82,073 0.100.34 0.340.10 2.960.80 MCBWah-Noble Bank LimitedChemicals Limited 113,842611,124 335,400 - - - - 10,000 - 449,242601,124 91,422 9,591 140,783 94,534 0.120.17 0.170.11 0.046.68 National Bank Of Pakistan 12,236,786 502,578 - - 180,900 - - 1,186,650 139,500 11,231,036 363,078 227,738 10,795 2,244,937 21,425 0.032.74 0.032.71 0.02 NIBPaper Bank & Board Limited 1,651,532 - - - - - 1,651,532 2,495 2,841 0.00 0.00 0.02 SambaBalochistan Bank Particle Limited Board Limited 3,116,304 533,530 - - - - 142,500 35,000 2,973,804 498,530 7,648 - 21,263 4,737 0.030.01 0.030.01 0.298.31 SilkbankCentury PaperLimited & Board Mills Limited 20,880,417 7,044,231 - - - - 1,698,500 - 20,880,417 5,345,731 32,57458,880 524,149 35,079 0.040.64 0.040.63 0.233.64 SummitDadabhoy Bank Sack Limited Limited 531,978 49,259 - - - - 25,000 - 506,978 49,259 1,060 - 2,089 - 0.00 - 0.00 - 0.031.23 MeritSoneri Packaging Bank Limited Limited 110,845,549 4,211,732 - - - - 3,071,500 923,000 107,774,049 3,288,732 344,249 30,810 1,582,123 70,609 1.930.09 1.910.09 9.788.16 PackagesUnited Bank Limited Limited 4,154,178 551,099 560,000 25,000 - - - 201,150145,000 3,978,028 966,099 340,872166,316 2,767,037 227,536 3.380.28 3.340.27 4.450.08 Pakistan Paper Products Limited 310,749,767 464,326 1,269,400 - 116,735 - - - 26,682,900 - 285,453,002 464,326 2,612,630 568 8,331,884 53,388 10.19 0.07 10.05 0.06 7.74 TextileSecurity Spining Papers Limited (Note 6.6) 2,592,000 - - - - 4,572 2,587,428 61,811 377,635 0.46 0.46 4.37 Adil Textile Mills Limited 19,049,256 93,592 25,000 - - - - 2,862,222 - 16,212,034 93,592 492,941 - 3,797,555 - 4.64 - 4.58 - 1.21 AmtexVanaspati Limited & Allied Industries 363,523 - - - - - 363,523 436 1,094 0.00 0.00 0.14 AlMorafco - Qaim Industries Textile Mills Limited Limited 358,753 57,409 - - - - - 358,753 57,409 - - - - 10.10 4.81 AsimPunjab Textile Oil Mills Mills Limited Limited 1,140,800 517,651 - - - - 99,000 - 1,041,800 517,651 6,461 - 160,472 12,918 0.200.02 0.190.02 9.606.86 BabriSuraj CottonGhee Industries Mills Limited Limited 80,57854,324 - - - - - 54,32480,578 392- 6,527 - 0.01 - 0.01 - 5.672.21 Brothers Textile Mills Limited 579,461629,384 - - - - - 579,461629,384 6,461 - 160,472 - 0.20 - 0.19 - 5.91 CrescentLeather & Cotton Tanneries Mills Limited 1,048,579 - - - - - 1,048,579 5,505 46,819 0.06 0.06 4.91 CrescentBata Pakistan Fibres Limited Limited 1,090,234 852,681 - - - - - 1,090,234 852,681 58,347 - 3,597,772 26,348 0.034.40 4.340.03 14.42 6.87 FatehColony Industries Textile Mills Limited Limited 1,074,498 23,118 - - - - 5,000 - 1,069,498 23,118 1,351 - 5,315 - 0.01 - 0.01 - 1.160.21 Chakwal Spinning Mills Limited 1,113,352 742,008 - - - - - 1,113,352 742,008 58,347 - 3,597,772 2,961 0.004.40 4.340.00 1.86 FoodsData Textile & Personal Limited Care Products 618,595 - - - - - 618,595 - - - - 6.24 MitchellsDin Textile Fruit Mills Farms Limited Limited 767,666340,301 - - - - - 767,666340,301 27,415 3,847 215,277 38,471 0.260.05 0.260.05 9.751.52 NestleDewan Pakistan Khalid Textile Limited Mills Limited 224,486 98,000 - - - - - 224,486 98,000 107,014 224 999,600 1,706 0.001.22 0.001.21 2.340.22 EngroDewan Foods Mushtaq Textile Mills Limited 192,424 22,000 256,600 - - - - 219,200 - 192,424 59,400 7,217 385 1,5787,217 0.000.01 0.000.01 2.930.01 D.Shezan M. Textile International Mills Limited Limited (Note 6.6) 1,495,255 329,114 - - - - 24,500 - 1,495,255 304,614 75,726 548 710,246 21,122 0.030.87 0.030.86 18.72 9.98 D.S.IndustriesTreet Corporation Limited Limited 10,266,853 44,780 - 248,550 - - - 303,000 - 10,212,403 44,780 419,995 34 580,882 172 0.710.00 0.700.00 7.180.05 Dar-Es-SalaamTreet Corporation Textile Limited-PTC Mills Limited 3,550,640 261,787 - - - - 2,500 - 3,550,640 259,287 45,590 570 92,139 2,204 0.000.11 0.000.11 3.242.50 EllcotZIL Limited Spinning Mills Limited 704,380391,987 - - - - 35,000 - 704,380356,987 7,4824,431 72,83349,978 0.090.06 0.090.06 6.435.83 Fatima Enterprises Limited 16,592,401 628,671 256,600 - 248,550 - - - 557,200 - 16,540,351 628,671 687,388 - 2,655,339 - 3.25 - 3.20 - 4.42 FazalGlass Cloth & Ceramics Mills Limited 1,768,488 - - - - - 1,768,488 13,415 316,542 0.39 0.38 5.89 GadoonGhani Glass Textile Mills Mills Limited 1,554,286 132,499 - - - - - 1,554,286 132,499 39,156 1,231 129,659 27,957 0.030.16 0.030.16 0.470.71 Globe Textile Mills Limited 2,472 - - - - - 2,472 - - - - 0.02 Gulshan Spinning Mills Limited 1,137,974 - - - - - 1,137,974 - - - - 5.12 Gulistan Textile Mills Limited 734,617 - - - - - 734,617 - - - - 3.87 Hajra Textile Mills Limited 518,063 - - - - - 518,063 - - - - 3.77 Ideal Spinning Mills Limited 658,396 - - - - - 658,396 922 4,635 0.01 0.01 6.64 Indus Dyeing Manufacturing Company Ltd. 525,295 - - - - - 525,295 5,509 335,138 0.41 0.40 2.91 J. A. Textile Mills Limited 127,361 - - - - - 127,361 - 471 0.00 0.00 1.01 Karim Cotton Mills Limited 110,562 - - - - - 110,562 - - - - 9.34 33 Kohinoor Spinning Mills Limited 535,827 - - - - - 535,827 - 2,631 0.00 0.00 0.41 Khalid Siraj Textile Mills Limited 682,998 - - - - - 682,998 - 5,327 0.01 0.01 6.38 Land Mark Spinning Industries Limited 395,437 - - - - 40,000 355,437 - 2,481 0.00 0.00 2.93 Mehr Dastgir Textile Mills Limited 259 - - - - - 259 - - - - 0.00 Maqbool Textile Mills Limited 1,420,216 - - - - - 1,420,216 11,362 43,672 0.05 0.05 8.45 Premium Textile Mills Limited 807,307 - - - - 80,484 726,823 7,926 116,713 0.14 0.14 11.79 Reliance Cotton Spinning Mills Limited 465,638 - - - - - 465,638 3,824 61,435 0.08 0.07 4.52 Ruby Textile Mills Limited 436,664 - - - - 139,000 297,664 - 3,358 0.00 0.00 0.57 Saif Textile Mills Limited 1,946,871 - - - - 177,500 1,769,371 4,370 38,926 0.05 0.05 6.70 Salfi Textile Mills Limited 104,645 - - - - - 104,645 956 12,348 0.02 0.01 3.13 Salman Noman Enterpries Limited 291,399 - - - - - 291,399 - 1,544 0.00 0.00 6.52 Service (Textile) Industries Limited 162,908 - - - - - 162,908 - 3,939 0.00 0.00 3.66 Shadab Textile Mills Limited 94,207 - - - - - 94,207 - 5,813 0.01 0.01 3.14 NATIONAL INVESTMENT (UNIT) TRUST NOTES TO AND FORMING PART OF THE FINANCIAL STATEMENTS FOR6.2 THEAvailable YEAR for sale ENDED 30 JUNE 2017

6.2.1 Equity shares / units of mutual funds

------(Number of shares) ------(Rupees in '000') ------%------GhaniClose Glass- End MutualMills Limited Fund Right - - - 1,398,857 - - 1,398,857 - 98,703 0.12 0.12 0.71 DominionRegal Ceramics Stock FundLimited 157,629 89,947 - - - - - 157,629 89,947 - - - - 3.151.23 ShabbirInvestec Tiles Mutual & Ceramics Fund Limited 5,309,471 172,406 - - - - 55,000 - 5,254,471 172,406 30,263 - 100,728 - 0.12 - 0.12 - 1.721.61 PICIC Growth Fund 6,953,7046,429,358 - - 1,398,857 - - 55,000 - 6,429,3588,297,561 35,94069,419 199,310329,090 0.240.40 0.240.40 2.27 PICICMiscellaneous Investment Fund 10,108,128 - - - - - 10,108,128 20,519 151,622 0.19 0.18 3.56 Dadabhoy Construction Technology Ltd. 16,867,521 69,085 - - - - - 16,867,521 69,085 56,459 - 350,932 - 0.43 - 0.42 - 2.97 GOCModarabas (Pak) Limited 315,909 - - - - - 315,909 4,072 20,685 0.03 0.02 4.30 Market Market B.R.R. Guardian Modarba 1,858,077 - - Right - - - 1,858,077 2,397 17,522 0.02 0.02 Percentage 2.38 Hashmi Can Company Limited 160,986 - Bonus - - - - 160,986 - Market - value - / value - / 9.86 Habib Modarba First 1,584,070 - - shares - Merger/ - - 1,584,070 Carrying 8,982 17,346 0.02 0.02 of paid-up 0.79 Pace ( Pakistan ) Limited 525,716 Purchases - shares - - - Sales - 525,716 683 value 3,659 / arrying 0.00 arrying 0.00 0.19 As at 01 purchased/ demerger As at 30 June cost as capital of PakistanOrix ModarabaName Services of Investee Limited Companies 1,948,462 893,795 during - issued - - - during - 1,948,462 893,795 101,044 13,269 carrying 806,650 45,458 value 0.990.06as a value as 0.970.05 a 2.754.29 July 2016 subscribed adjusting 2017 at 30 the investee Synthetic Product Enterprise Limited 5,390,609 223,000 the year - during 19,800 -the - - the 48,500year - 5,390,609 194,300 24,648 5,360 value as 14,66080,326 at 30 percentage 0.020.10 percentage 0.020.10 0.23 during effects June 2017 company Leasing Companies year June 2017 of net of Tri-Pack Films Limited 528,125 - - the year - - - 528,125 57,891 118,300 0.14 0.14 held 1.36 OrixUnited Leasing Distributors Pakistan Pakistan Ltd. (Note 6.6) 700,080994,703 - 198,940 - - - 340,000 10,000 1,183,643 360,080 1,8834,989 14,49379,304 assets 0.020.10 investments 0.020.10 0.444.88 Orix Leasing Pakistan Right 3,711,319 - - 218,740 - 302,815 - - 58,500 - 3,871,559 302,815 174,039 - 1,043,258 878 0.001.28 0.001.26 0.53 Security Leasing Corporation ------321,026 - - (Number of -shares) ------29,500 291,526------(Rupees 466 in '000') 1,414 ------%------0.00 0.00 0.80 SaudiDelisted Pak / LeasingUnqouted Companies 372,752 - - - - 25,000 347,752 167 845 0.00 0.00 0.77 Accord Textile Limited 458,109 - - - - - 458,109 - - - - 4.93 1,393,858 - - 302,815 - 394,500 1,302,173 2,516 17,630 0.02 0.02 Adamjee Floorings 59,110 - - - - - 59,110 - - - - 2.46 Financial Services Adamjee Industries 121 - - - - - 121 - - - - 0.00 786 Investment Limited 663,832 - - - - - 663,832 - - - - 4.43 Adamjee Paper 269,806 - - - - - 269,806 - - - - 6.45 Next Capital Limited 500,000 - - 612,500 - 413,000 699,500 4,654 16,095 0.02 0.02 1.55 Adil Polyproplene Limited 136,201 - - - - - 136,201 - - - - 2.46 First Capital Securities Corporation 3,978,559 - - - - 109,500 3,869,059 7,008 15,012 0.02 0.02 1.22 Afsar Textile Mills 64,184 - - - - - 64,184 - - - - 3.85 First Dawood Investment Bank 1,878,064 - - - - 292,500 1,585,564 1,205 5,090 0.01 0.01 1.07 Al-Hussany Industries Limited 61,573 - - - - - 61,573 - - - - 2.46 Invest Capital Investment Bank Ltd. 8,271,554 - - - - - 8,271,554 1,654 17,453 0.02 0.02 2.90 Alif Textile Mills Limited 320,085 - - - - - 320,085 - - - - 8.21 IGI Investment Bank 5,004,579 - - - - - 5,004,579 4,504 15,114 0.02 0.02 2.36 Allied Textile Mills Limited 107,510 - - - - - 107,510 - - - - 5.50 Investec Securities Limited 98,518 - - - - - 98,518 - - - - 0.60 Amazai Textile Mills Limited 299 - - - - - 299 - - - - 0.01 J.O.V.& Company 1,775,606 - - - - - 1,775,606 - - - - 3.49 Apex Fabrics Limited 284,101 - - - - - 284,101 - - - - 4.93 Jahangir Siddiqui & Company 1,007,441 - - - - 432,000 575,441 2,905 13,137 0.02 0.02 0.06 Arag Industries Limited 189,220 - - - - - 189,220 - - - - - Prudential Investment Bank 326,292 - - - - - 326,292 - - - - 3.26 Aslo Electronics 39,407 - - - - - 39,407 - - - - 1.97 Security Investment Bank 2,262,698 - - - - - 2,262,698 2,828 11,313 0.01 0.01 4.40 Aswan Tentage Limited 168,712 - - - - - 168,712 - - - - 2.61 25,767,143 - - 612,500 - 1,247,000 25,132,643 24,758 93,214 0.11 0.11 Automobile Equipment Manufacturing Commercial Banks Company Limited 37,750 - - - - - 37,750 - - - - 9.44 Allied Bank Limited 1,477,104 - - - - 43,500 1,433,604 90,895 128,480 0.16 0.15 0.13 Awan Textile Mills Limited 213,390 - - - - - 213,390 - - - - 2.46 Askari Bank Limited 27,580,356 - - - - 3,108,500 24,471,856 223,642 493,597 0.60 0.60 1.94 Bahawalpur Textile Mills Limited 64,250 - - - - - 64,250 - - - - 6.43 Bank Al - Falah Limited 913,409 - - - - 325,000 588,409 6,691 23,654 0.03 0.03 0.04 Balochistan Tower 74,114 - - - - - 74,114 - - - - 1.49 Bank Al - Habib Limited 75,662,329 - - - - 9,448,500 66,213,829 717,598 3,757,635 4.59 4.53 5.96 Baluchistan Textile Mills Limited 200,000 - - - - - 200,000 - - - - 10.00 Bankislami Pakistan 247,816 - - - - - 247,816 1,532 3,296 0.00 0.00 0.02 Bank Of Bahawalpur Limited 2,690 - - - - - 2,690 - - - - 0.54 Faysal Bank Limited (Note 6.6) 3,016,853 - 116,735 - - 2,087,000 1,046,588 4,980 23,548 0.03 0.03 0.08 Bankers Equity Limited 3,408,091 - - - - - 3,408,091 - - - - 5.20 Habib Bank Limited 955,833 374,000 - - - 192,400 1,137,433 192,027 306,129 0.37 0.37 0.08 Bawany Textile Mills 84,233 - - - - - 84,233 - - - - 4.81 Habib Metropolitan Bank Limited 52,498,107 - - - - 6,308,000 46,190,107 702,238 1,526,582 1.87 1.84 4.41 Bela Engineering Limited 266,145 - - - - - 266,145 - - - - 7.83 JS Bank Limited 10,204,661 - - - - 1,646,500 8,558,161 16,468 82,073 0.10 0.10 0.80 Casspak Industries Limited 54,184 - - - - - 54,184 - - - - 2.46 MCB Bank Limited 113,842 335,400 - - - - 449,242 91,422 94,534 0.12 0.11 0.04 Central Cotton 34,948 - - - - - 34,948 - - - - 0.45 National Bank Of Pakistan 502,578 - - - - 139,500 363,078 10,795 21,425 0.03 0.03 0.02 Chemical Limited 40,000 - - - - - 40,000 - - - - 5.08 NIB Bank Limited 1,651,532 - - - - - 1,651,532 2,495 2,841 0.00 0.00 0.02 Chemphur Pakistan Limited 17,972 - - - - - 17,972 - - - - 1.80 Samba Bank Limited 3,116,304 - - - - 142,500 2,973,804 7,648 21,263 0.03 0.03 0.29 Chilya C. Board 43,200 - - - - - 43,200 - - - - 6.17 Silkbank Limited 20,880,417 - - - - - 20,880,417 32,574 35,079 0.04 0.04 0.23 Crescent Knitwear 81,277 - - - - - 81,277 - - - - - Summit Bank Limited 531,978 - - - - 25,000 506,978 1,060 2,089 0.00 0.00 0.03 Crescent Spinning Mills Limited 727,080 - - - - - 727,080 - - - - 4.80 Soneri Bank Limited 110,845,549 - - - - 3,071,500 107,774,049 344,249 1,582,123 1.93 1.91 9.78 Crown Textile 317,647 - - - - - 317,647 - - - - 4.92 United Bank Limited 551,099 560,000 - - - 145,000 966,099 166,316 227,536 0.28 0.27 0.08 Dadabhoy Leasing 370,674 - - - - - 370,674 - - - - 4.93 310,749,767 1,269,400 116,735 - - 26,682,900 285,453,002 2,612,630 8,331,884 10.19 10.05 Elmac Limited 24,600 - - - - - 24,600 - - - - 2.46 Textile Spining Fazal Vegetable Ghee Mills Limited 42,005 - - - - - 42,005 - - - - 2.10 Adil Textile Mills Limited 93,592 - - - - - 93,592 - - - - 1.21 Ghaffar Text Mills 45,835 - - - - - 45,835 - - - - 9.17 Amtex Limited 363,523 - - - - - 363,523 436 1,094 0.00 0.00 0.14 Ghulam Muhammad Dadabhoy 49,259 - - - - - 49,259 - - - - 0.99 Al - Qaim Textile Mills Limited 358,753 - - - - - 358,753 - - - - 4.81 Greaves Aircondition 59,110 - - - - - 59,110 - - - - - Asim Textile Mills Limited 1,140,800 - - - - 99,000 1,041,800 - 12,918 0.02 0.02 6.86 Gypsum Corporation 165,017 - - - - - 165,017 - - - - 5.00 Babri Cotton Mills Limited 80,578 - - - - - 80,578 392 6,527 0.01 0.01 2.21 H-Shaikh 113,022 - - - - - 113,022 - - - - - Brothers Textile Mills Limited 579,461 - - - - - 579,461 - - - - 5.91 H.M Silk Mills Limited 158,350 - - - - - 158,350 - - - - 10.56 Crescent Cotton Mills Limited 1,048,579 - - - - - 1,048,579 5,505 46,819 0.06 0.06 4.91 Harum Textile Mulls Limited 58,248 - - - - - 58,248 - - - - 0.62 Crescent Fibres Limited 852,681 - - - - - 852,681 - 26,348 0.03 0.03 6.87 Hyderabad Electronic 98,518 - - - - - 98,518 - - - - 3.28 Colony Textile Mills Limited 1,074,498 - - - - 5,000 1,069,498 1,351 5,315 0.01 0.01 0.21 Indus Assurance Company Limited 3,300 - - - - - 3,300 - - - - 0.02 Chakwal Spinning Mills Limited 742,008 - - - - - 742,008 - 2,961 0.00 0.00 1.86 Indus Bank Limited 147 - - - - - 147 - - - - 0.00 Data Textile Limited 618,595 - - - - - 618,595 - - - - 6.24 Indus Polyester Company Limited 4 - - - - - 4 - - - - 0.00 Din Textile Mills Limited 340,301 - - - - - 340,301 3,847 38,471 0.05 0.05 1.52 Industrial Development Bank 1,970 - - - - - 1,970 - - - - 0.04 Dewan Khalid Textile Mills Limited 224,486 - - - - - 224,486 224 1,706 0.00 0.00 2.34 Innovative Investment Bank Limited 35,227 - - - - - 35,227 - - - - 0.35 Dewan Mushtaq Textile Mills Limited 192,424 - - - - - 192,424 385 1,578 0.00 0.00 2.93 Islamic Investment Bank 139,990 - - - - - 139,990 - - - - 0.71 D. M. Textile Mills Limited 329,114 - - - - 24,500 304,614 548 21,122 0.03 0.03 9.98 Itti Textile Mills Limited 163,151 - - - - - 163,151 - - - - 2.46 D.S.Industries Limited 44,780 - - - - - 44,780 34 172 0.00 0.00 0.05 Junaid Cotton Mills Limited 37,436 - - - - - 37,436 - - - - 1.50 Dar-Es-Salaam Textile Mills Limited 261,787 - - - - 2,500 259,287 570 2,204 0.00 0.00 3.24 Karachi Pipe 156,102 - - - - - 156,102 - - - - 7.81 Ellcot Spinning Mills Limited 704,380 - - - - - 704,380 7,482 72,833 0.09 0.09 6.43 Karim Silk Mills Limited 19,223 - - - - - 19,223 - - - - 1.97 Fatima Enterprises Limited 628,671 - - - - - 628,671 - - - - 4.42 Kohinoor Cotton 62,553 - - - - - 62,553 - - - - 5.57 Fazal Cloth Mills Limited 1,768,488 - - - - - 1,768,488 13,415 316,542 0.39 0.38 5.89 Kohinoor Looms Limited 169,648 - - - - - 169,648 - - - - 1.57 Gadoon Textile Mills 132,499 - - - - - 132,499 1,231 27,957 0.03 0.03 0.47 Lafayette Industries Synthetics Limited 92,360 - - - - - 92,360 - - - - 2.59 Globe Textile Mills Limited 2,472 - - - - - 2,472 - - - - 0.02 LTV Capital Modaraba 321 - - - - - 321 - - - - 0.00 Gulshan Spinning Mills Limited 1,137,974 - - - - - 1,137,974 - - - - 5.12 Medi Glass Limited 295,554 - - - - - 295,554 - - - - 3.89 Gulistan Textile Mills Limited 734,617 - - - - - 734,617 - - - - 3.87 Marr Fabrics Limited 118,221 - - - - - 118,221 - - - - 4.93 Hajra Textile Mills Limited 518,063 - - - - - 518,063 - - - - 3.77 Mehran Bank Limited 738,590 - - - - - 738,590 - - - - 2.46 Ideal Spinning Mills Limited 658,396 - - - - - 658,396 922 4,635 0.01 0.01 6.64 Mehran Jute Mills Limited 121,543 - - - - - 121,543 - - - - 3.96 Indus Dyeing Manufacturing Company Ltd. 525,295 - - - - - 525,295 5,509 335,138 0.41 0.40 2.91 Mian Muhammed Sugar Mills Limited 172,406 - - - - - 172,406 - - - - 1.17 J. A. Textile Mills Limited 127,361 - - - - - 127,361 - 471 0.00 0.00 1.01 Mohib Textile Mills Limited 159,813 - - - - - 159,813 - - - - 1.33 34 Karim Cotton Mills Limited 110,562 - - - - - 110,562 - - - - 9.34 Mubarik Dairies Limited 416 - - - - - 416 - - - - 0.01 Kohinoor Spinning Mills Limited 535,827 - - - - - 535,827 - 2,631 0.00 0.00 0.41 National Match Industries 26,452 - - - - - 26,452 - - - - 7.56 Khalid Siraj Textile Mills Limited 682,998 - - - - - 682,998 - 5,327 0.01 0.01 6.38 National Overseas 24,629 - - - - - 24,629 - - - - - Land Mark Spinning Industries Limited 395,437 - - - - 40,000 355,437 - 2,481 0.00 0.00 2.93 Naveed Textile Mills 70,637 - - - - - 70,637 - - - - 3.62 Mehr Dastgir Textile Mills Limited 259 - - - - - 259 - - - - 0.00 Norrie Textile Mills Limited 136,500 - - - - - 136,500 - - - - 2.81 Maqbool Textile Mills Limited 1,420,216 - - - - - 1,420,216 11,362 43,672 0.05 0.05 8.45 Northern Foundry And Egineering Premium Textile Mills Limited 807,307 - - - - 80,484 726,823 7,926 116,713 0.14 0.14 11.79 Work Limited 94,868 - - - - - 94,868 - - - - 18.97 Reliance Cotton Spinning Mills Limited 465,638 - - - - - 465,638 3,824 61,435 0.08 0.07 4.52 Nowshera Engineering 26,057 - - - - - 26,057 - - - - 5.21 Ruby Textile Mills Limited 436,664 - - - - 139,000 297,664 - 3,358 0.00 0.00 0.57 Nusrat Textile Mills 306,342 - - - - - 306,342 - - - - 6.81 Saif Textile Mills Limited 1,946,871 - - - - 177,500 1,769,371 4,370 38,926 0.05 0.05 6.70 Pak Ghee Industries Limited 58,618 - - - - - 58,618 - - - - 2.66 Salfi Textile Mills Limited 104,645 - - - - - 104,645 956 12,348 0.02 0.01 3.13 Pak Paper Corporation 103,848 - - - - - 103,848 - - - - - Salman Noman Enterpries Limited 291,399 - - - - - 291,399 - 1,544 0.00 0.00 6.52 Pearl Fabrics 229,970 - - - - - 229,970 - - - - 2.64 Service (Textile) Industries Limited 162,908 - - - - - 162,908 - 3,939 0.00 0.00 3.66 Polyron Limited 147 - - - - - 147 - - - - 0.00 Shadab Textile Mills Limited 94,207 - - - - - 94,207 - 5,813 0.01 0.01 3.14 Premier Board 29,998 - - - - - 29,998 - - - - - Premier Ceramics Limited 5,350 - - - - - 5,350 - - - - 1.07 Punjab Building 443,845 - - - - - 443,845 - - - - - Punjab Cotton 56,155 - - - - - 56,155 - - - - - Punjab Lamp 108,468 - - - - - 108,468 - - - - - Qayyum Spinning Mills Limited 149 - - - - - 149 - - - - 0.00 Pan Islamic Steamship Company Limited 1,136 - - - - - 1,136 - - - - 0.02 RCD Ball 19,716 - - - - - 19,716 - - - - 1.31 Refr's Manufacturing Company 26 - - - - - 26 - - - - 0.00 Rex Baren Battery 56,155 - - - - - 56,155 - - - - 1.50 Saif Nadeem Kawasaki Motors Limited 482 - - - - - 482 - - - - 0.02 Saitex Spinning Mills Limited 358,212 - - - - - 358,212 - - - - 4.84 Saleem Denim(Kaytex Mills) 162,160 - - - - - 162,160 - - - - 3.77 Sapphire Holding Limited 352,976 - - - - - 352,976 - 3,530 0.00 0.00 1.76 Shahpur Textile Mills Limited 890,850 - - - - - 890,850 - - - - 6.37 Shahyar (O.E.) 78,469 - - - - - 78,469 - - - - 3.79 Shahyar Textile Mill 222,109 - - - - - 222,109 - - - - 5.14 Siftaq International Limited 108,222 - - - - - 108,222 - - - - 3.59 Sind Alkalis Limited 704,745 - - - - - 704,745 - - - - 9.42 Spencer And Company (Pakistan) Ltd. 4,986 - - - - - 4,986 - - - - 0.50 Market Market Right Percentage Bonus Market value / value / shares Merger/ Carrying of paid-up Purchases shares Sales value / arrying arrying As at 01 purchased/ demerger As at 30 June cost as capital of Name of Investee Companies during issued during carrying value as a value as a July 2016 subscribed adjusting 2017 at 30 the investee the year during the the year value as at 30 percentage percentage during effects June 2017 company year June 2017 of net of the year held assets investments

------(Number of shares) ------(Rupees in '000') ------%------Delisted / Unqouted Companies Accord Textile Limited 458,109 - - - - - 458,109 - - - - 4.93 Adamjee Floorings 59,110 - - - - - 59,110 - - - - 2.46 Adamjee Industries 121 - - - - - 121 - - - - 0.00 Adamjee Paper 269,806 - - - - - 269,806 - - - - 6.45 Adil Polyproplene Limited 136,201 - - - - - 136,201 - - - - 2.46 Afsar Textile Mills 64,184 - - - - - 64,184 - - - - 3.85 Al-Hussany Industries Limited 61,573 - - - - - 61,573 - - - - 2.46 Alif Textile Mills Limited 320,085 - - - - - 320,085 - - - - 8.21 Allied Textile Mills Limited 107,510 - - - - - 107,510 - - - - 5.50 Amazai Textile Mills Limited 299 - - - - - 299 - - - - 0.01 Apex Fabrics Limited 284,101 - - - - - 284,101 - - - - 4.93 Arag Industries Limited 189,220 - - - - - 189,220 - - - - - Aslo Electronics 39,407 - - - - - 39,407 - - - - 1.97 Aswan Tentage Limited 168,712 - - - - - 168,712 - - - - 2.61 Automobile Equipment Manufacturing Company Limited 37,750 - - - - - 37,750 - - - - 9.44 Awan Textile Mills Limited 213,390 - - - - - 213,390 - - - - 2.46 Bahawalpur Textile Mills Limited 64,250 - - - - - 64,250 - - - - 6.43 Balochistan Tower 74,114 - - - - - 74,114 - - - - 1.49 Baluchistan Textile Mills Limited 200,000 - - - - - 200,000 - - - - 10.00 Bank Of Bahawalpur Limited 2,690 - - - - - 2,690 - - - - 0.54 Bankers Equity Limited 3,408,091 - - - - - 3,408,091 - - - - 5.20 Bawany Textile Mills 84,233 - - - - - 84,233 - - - - 4.81 Bela Engineering Limited 266,145 - - - - - 266,145 - - - - 7.83 Casspak Industries Limited 54,184 - - - - - 54,184 - - - - 2.46 Central Cotton 34,948 - - - - - 34,948 - - - - 0.45 Chemical Limited 40,000 - - - - - 40,000 - - - - 5.08 Chemphur Pakistan Limited 17,972 - - - - - 17,972 - - - - 1.80 Chilya C. Board 43,200 - - - - - 43,200 - - - - 6.17 Crescent Knitwear 81,277 - - - - - 81,277 - - - - - Crescent Spinning Mills Limited 727,080 - - - - - 727,080 - - - - 4.80 Crown Textile 317,647 - - - - - 317,647 - - - - 4.92 Dadabhoy Leasing 370,674 - - - - - 370,674 - - - - 4.93 Elmac Limited 24,600 - - - - - 24,600 - - - - 2.46 Fazal Vegetable Ghee Mills Limited 42,005 - - - - - 42,005 - - - - 2.10 Ghaffar Text Mills 45,835 - - - - - 45,835 - - - - 9.17 Ghulam Muhammad Dadabhoy 49,259 - - - - - 49,259 - - - - 0.99 Greaves Aircondition 59,110 - - - - - 59,110 - - - - - Gypsum Corporation 165,017 - - - - - 165,017 - - - - 5.00 NATIONALH-Shaikh INVESTMENT 113,022 (UNIT) - TRUST - - - - 113,022 - - - - - H.M Silk Mills Limited 158,350 - - - - - 158,350 - - - - 10.56 NOTESHarum TextileTO Mulls AND Limited FORMING 58,248 PART - OF - THE - FINANCIAL - - STATEMENTS 58,248 - - - - 0.62 Hyderabad Electronic 98,518 - - - - - 98,518 - - - - 3.28 6.2 IndusAvailable Assurance Companyfor sale Limited 3,300 - - - - - 3,300 - - - - 0.02 FOR THEIndus Bank YEAR Limited ENDED 30 JUNE 147 2017 - - - - - 147 - - - - 0.00 Indus Polyester Company Limited 4 - - - - - 4 - - - - 0.00 6.2.1 IndustrialEquity Development shares Bank / units of mutual 1,970 funds - - - - - 1,970 - - - - 0.04 Innovative Investment Bank Limited 35,227 - - - - - 35,227 - - - - 0.35 Islamic Investment Bank 139,990 - - - - - 139,990 - - - - 0.71 Market Market Itti Textile Mills Limited 163,151 - - Right - - - 163,151 - - - - Percentage 2.46 Bonus Market value / value / Junaid Cotton Mills Limited 37,436 - - shares - Merger/ - - 37,436 Carrying - - - - of paid-up 1.50 Purchases shares Sales value / arrying arrying Karachi Pipe As 156,102 at 01 - - purchased/ - demerger - - As at 156,102 30 June cost as - - - - capital 7.81 of Name of Investee Companies during issued during carrying value as a value as a July 2016 subscribed adjusting 2017 at 30 the investee Karim Silk Mills Limited 19,223 the year - during the- - - the year - 19,223 - value as at - 30 percentage - percentage - 1.97 during effects June 2017 company Kohinoor Cotton 62,553 - year - - - - 62,553 - June 2017 - of net - of - 5.57 the year held Kohinoor Looms Limited 169,648 - - - - - 169,648 - - assets - investments - 1.57 Lafayette Industries Synthetics Limited 92,360 - - - - - 92,360 - - - - 2.59 LTV Capital Modaraba ------321 - - (Number of shares)------321 (Rupees - in '000') ------%------0.00 MediClose Glass - End Limited Mutual Fund 295,554 - - - - - 295,554 - - - - 3.89 MarrDominion Fabrics Stock Limited Fund 157,629 118,221 - - - - - 157,629118,221 - - - - 4.933.15 MehranInvestec Bank Mutual Limited Fund 172,406738,590 - - - - - 172,406738,590 - - - - 1.722.46 MehranPICIC Growth Jute Mills Fund Limited 6,429,358 121,543 - - - - - 6,429,358 121,543 35,940 - 199,310 - 0.24 - 0.24 - 3.962.27 MianPICIC Muhammed Investment SugarFund Mills Limited 10,108,128 172,406 - - - - - 10,108,128 172,406 20,519 - 151,622 - 0.19 - 0.18 - 1.173.56 Mohib Textile Mills Limited 16,867,521 159,813 - - - - - 16,867,521 159,813 56,459 - 350,932 - 0.43 - 0.42 - 1.33 MubarikModarabas Dairies Limited 416 - - - - - 416 - - - - 0.01 NationalB.R.R. Guardian Match Industries Modarba 1,858,077 26,452 - - - - - 1,858,077 26,452 2,397 - 17,522 - 0.02 - 0.02 - 2.387.56 NationalHabib Modarba Overseas First 1,584,070 24,629 - - - - - 1,584,070 24,629 8,982 - 17,346 - 0.02 - 0.02 - 0.79 - NaveedOrix Modaraba Textile Mills 1,948,462 70,637 - - - - - 1,948,462 70,637 13,269 - 45,458 - 0.06 - 0.05 - 3.624.29 Norrie Textile Mills Limited 5,390,609 136,500 - - - - - 5,390,609 136,500 24,648 - 80,326 - 0.10 - 0.10 - 2.81 NorthernLeasing CompaniesFoundry And Egineering OrixWork Leasing Limited Pakistan 700,080 94,868 - - - - 340,000 - 360,080 94,868 1,883 - 14,493 - 0.02 - 0.02 - 18.97 0.44 NowsheraOrix Leasing Engineering Pakistan Right 26,057 - - - 302,815 - - - 302,815 26,057 - 878 - 0.00 - 0.00 - 5.210.53 NusratSecurity Textile Leasing Mills Corporation 306,342321,026 - - - - 29,500 - 306,342291,526 466- 1,414 - 0.00 - 0.00 - 6.810.80 PakSaudi Ghee Pak IndustriesLeasing Limited 372,752 58,618 - - - - 25,000 - 347,752 58,618 167- 845 - 0.00 - 0.00 - 2.660.77 Pak Paper Corporation 1,393,858 103,848 - - 302,815 - - 394,500 - 1,302,173 103,848 2,516 - 17,630 - 0.02 - 0.02 - - FinancialPearl Fabrics Services 229,970 - - - - - 229,970 - - - - 2.64 Polyron786 Investment Limited Limited 663,832 147 - - - - - 663,832 147 - - - - 0.004.43 PremierNext Capital Board Limited 500,000 29,998 - - 612,500 - - 413,000 - 699,500 29,998 4,654 - 16,095 - 0.02 - 0.02 - 1.55 - PremierFirst Capital Ceramics Securities Limited Corporation 3,978,559 5,350 - - - - 109,500 - 3,869,059 5,350 7,008 - 15,012 - 0.02 - 0.02 - 1.071.22 PunjabFirst Dawood Building Investment Bank 1,878,064 443,845 - - - - 292,500 - 1,585,564 443,845 1,205 - 5,090 - 0.01 - 0.01 - 1.07 - PunjabInvest Capital Cotton Investment Bank Ltd. 8,271,554 56,155 - - - - - 8,271,554 56,155 1,654 - 17,453 - 0.02 - 0.02 - 2.90 - PunjabIGI Investment Lamp Bank 5,004,579 108,468 - - - - - 5,004,579 108,468 4,504 - 15,114 - 0.02 - 0.02 - 2.36 - QayyumInvestec SpinningSecurities MillsLimited Limited 98,518 149 - - - - - 98,518 149 - - - - 0.000.60 PanJ.O.V.& Islamic Company Steamship Company Limited 1,775,606 1,136 - - - - - 1,775,606 1,136 - - - - 0.023.49 RCDJahangir Ball Siddiqui & Company 1,007,441 19,716 - - - - 432,000 - 575,441 19,716 2,905 - 13,137 - 0.02 - 0.02 - 1.310.06 Refr'sPrudential Manufacturing Investment Company Bank 326,292 26 - - - - - 326,292 26 - - - - 0.003.26 RexSecurity Baren Investment Battery Bank 2,262,698 56,155 - - - - - 2,262,698 56,155 2,828 - 11,313 - 0.01 - 0.01 - 4.401.50 Saif Nadeem Kawasaki Motors Limited 25,767,143 482 - - 612,500 - - 1,247,000 - 25,132,643 482 24,758 - 93,214 - 0.11 - 0.11 - 0.02 SaitexCommercial Spinning Banks Mills Limited 358,212 - - - - - 358,212 - - - - 4.84 Allied Bank Limited 1,477,104 - - - - 43,500 1,433,604 90,895 128,480 0.16 0.15 0.13 Saleem Denim(Kaytex Mills) 162,160 - - - - - 162,160 - - Market - Market - 3.77 Right Percentage SapphireAskari Bank Holding Limited Limited 27,580,356 352,976 - Bonus - - - 3,108,500 - 24,471,856 352,976 223,642 - Market 493,597 3,530 value 0.000.60 / value 0.000.60 / 1.761.94 shares Merger/ Carrying of paid-up ShahpurBank Al - TextileFalah LimitedMills Limited 913,409890,850 Purchases - shares - - - Sales 325,000 - 588,409890,850 6,691 - value 23,654 / - arrying 0.03 - arrying 0.03 - 0.046.37 As at 01 purchased/ demerger As at 30 June cost as capital of Bank AlName - Habib of LimitedInvestee Companies 75,662,329 during - issued - - - 9,448,500during 66,213,829 717,598 carrying 3,757,635 value as4.59 a value as 4.53 a 5.96 Shahyar (O.E.) July 78,469 2016 - - subscribed - adjusting - - 2017 78,469 at 30 - - - - the investee 3.79 Bankislami Pakistan 247,816 the year - during -the - - the year - 247,816 1,532 value as 3,296 at 30 percentage 0.00 percentage 0.00 0.02 Shahyar Textile Mill 222,109 - - during - effects - - 222,109 June 2017 - - - - company 5.14 year June 2017 of net of SiftaqFaysal International Bank Limited Limited (Note 6.6) 3,016,853 108,222 - 116,735 - the year - - 2,087,000 - 1,046,588 108,222 4,980 - 23,548 - 0.03 - 0.03 - held 3.590.08 assets investments SindHabib Alkalis Bank Limited 704,745955,833 374,000 - - - - 192,400 - 1,137,433 704,745 192,027 - 306,129 - 0.37 - 0.37 - 9.420.08 Habib Metropolitan Bank Limited 52,498,107 - - - - 6,308,000 46,190,107 702,238 1,526,582 1.87 1.84 4.41 Spencer And Company (Pakistan) Ltd.------4,986 - - (Number of -shares) ------4,986 (Rupees - in '000') ------%------0.50 JS Bank Limited 10,204,661 - - - - 1,646,500 8,558,161 16,468 82,073 0.10 0.10 0.80 Standard Bank Limited 538 - - - - - 538 - - - - 0.03 MCB Bank Limited 113,842 335,400 - - - - 449,242 91,422 94,534 0.12 0.11 0.04 Sunrise Textile Mills Limited 15,024 - - - - - 15,024 - - - - 0.14 National Bank Of Pakistan 502,578 - - - - 139,500 363,078 10,795 21,425 0.03 0.03 0.02 Sunshine Cloth Mills Limited 440,918 - - - - - 440,918 - - - - 5.62 NIB Bank Limited 1,651,532 - - - - - 1,651,532 2,495 2,841 0.00 0.00 0.02 Synthetic Chemical Company Limited 82,125 - - - - - 82,125 - - - - 1.46 Samba Bank Limited 3,116,304 - - - - 142,500 2,973,804 7,648 21,263 0.03 0.03 0.29 Taga Pakistan Limited 96,055 - - - - - 96,055 - - - - 3.69 Silkbank Limited 20,880,417 - - - - - 20,880,417 32,574 35,079 0.04 0.04 0.23 Tariq Cotton Mills Limited 43,100 - - - - - 43,100 - - - - 6.16 Summit Bank Limited 531,978 - - - - 25,000 506,978 1,060 2,089 0.00 0.00 0.03 Tawakkal Garments Industries Limited 118,664 - - - - - 118,664 - - - - 0.98 Soneri Bank Limited 110,845,549 - - - - 3,071,500 107,774,049 344,249 1,582,123 1.93 1.91 9.78 Tawakkal Limited 113,264 - - - - - 113,264 - - - - 0.81 United Bank Limited 551,099 560,000 - - - 145,000 966,099 166,316 227,536 0.28 0.27 0.08 Tawakkal Modaraba Ist. 474,032 - - - - - 474,032 - - - - 1.83 310,749,767 1,269,400 116,735 - - 26,682,900 285,453,002 2,612,630 8,331,884 10.19 10.05 Taxila Engineering Company Limited 206,888 - - - - - 206,888 - - - - 4.87 Textile Spining Turbo Tec Limited 170,879 - - - - - 170,879 - - - - 1.71 Adil Textile Mills Limited 93,592 - - - - - 93,592 - - - - 1.21 Union Insurance Company Of Pakistan Ltd. 306 - - - - - 306 - - - - 0.00 Amtex Limited 363,523 - - - - - 363,523 436 1,094 0.00 0.00 0.14 Uqab Breeding Farms Limited 139,748 - - - - - 139,748 - - - - 5.27 Al - Qaim Textile Mills Limited 358,753 - - - - - 358,753 - - - - 4.81 Zaffar Textile 66,844 - - - - - 66,844 - - - - 6.68 Asim Textile Mills Limited 1,140,800 - - - - 99,000 1,041,800 - 12,918 0.02 0.02 6.86 Zahur Textile Mills Limited 412,147 - - - - - 412,147 - - - - 0.55 Babri Cotton Mills Limited 80,578 - - - - - 80,578 392 6,527 0.01 0.01 2.21 18,560,831 - - - - - 18,560,831 - 3,530 0.00 0.00 Brothers Textile Mills Limited 579,461 - - - - - 579,461 - - - - 5.91 Crescent Cotton Mills Limited 1,048,579 - - - - - 1,048,579 5,505 46,819 0.06 0.06 4.91 Total - 30 June 2017 748,036,273 3,183,260 1,510,113 4,545,134 (4,614,257) 62,296,231 690,364,292 11,340,620 78,378,188 95.82 94.51 Crescent Fibres Limited 852,681 - - - - - 852,681 - 26,348 0.03 0.03 6.87 Colony Textile Mills Limited 1,074,498 - - - - 5,000 1,069,498 1,351 5,315 0.01 0.01 0.21 820,764,977 1,743,790 1,512,310 29,200,976 2,908,851 108,094,631 748,036,273 11,908,850 64,626,481 79.01 77.92 ChakwalTotal - 30 Spinning June 2016 Mills Limited 742,008 - - - - - 742,008 - 2,961 0.00 0.00 1.86 Data Textile Limited 618,595 - - - - - 618,595 - - - - 6.24 6.2.1.1 DinAll TextileShares Mills Limitedhave a nominal face 340,301 value of Rs. - 10 each - except - for shares - of Chakwal - 340,301Spinning 3,847Mills Limited, 38,471 Kohinoor 0.05 Spinning 0.05 Mills 1.52 Dewan Khalid Textile Mills Limited 224,486 - - - - - 224,486 224 1,706 0.00 0.00 2.34 DewanLimited, MushtaqNimir Textile MillsResins Limited Limited, 192,424 Sardar Chemical - - Industries - Limited, - Shabbir - Tiles 192,424& Ceramics 385 Limited, 1,578 Chakwal 0.00 Spinning 0.00 Mills 2.93 D.Limited, M. Textile MillsHabib Limited Sugar Mills Limited, 329,114 Dynea - Pakistan - Limited, - Agriauto - Industries 24,500 304,614Limited, Thal 548 Limited 21,122and Habib 0.03 Modarba 0.03 First 9.98 D.S.Industrieswhich have Limited a face value of Rs. 44,780 5 and for the - shares - of Karachi - Electric - Supply - Company 44,780 Limited 34 which 172has a face 0.00 value 0.00of Rs. 3. 0.05 5. Dar-Es-Salaam Textile Mills Limited 261,787 - - - - 2,500 259,287 570 2,204 0.00 0.00 3.24 Ellcot Spinning Mills Limited 704,380 - - - - - 704,380 7,482 72,833 0.09 0.09 6.43 Fatima Enterprises Limited 628,671 - - - - - 628,671 - - - - 4.42 Fazal Cloth Mills Limited 1,768,488 - - - - - 1,768,488 13,415 316,542 0.39 0.38 5.89 Gadoon Textile Mills 132,499 - - - - - 132,499 1,231 27,957 0.03 0.03 0.47 Globe Textile Mills Limited 2,472 - - - - - 2,472 - - - - 0.02 Gulshan Spinning Mills Limited 1,137,974 - - - - - 1,137,974 - - - - 5.12 Gulistan Textile Mills Limited 734,617 - - - - - 734,617 - - - - 3.87 Hajra Textile Mills Limited 518,063 - - - - - 518,063 - - - - 3.77 Ideal Spinning Mills Limited 658,396 - - - - - 658,396 922 4,635 0.01 0.01 6.64 Indus Dyeing Manufacturing Company Ltd. 525,295 - - - - - 525,295 5,509 335,138 0.41 0.40 2.91 J. A. Textile Mills Limited 127,361 - - - - - 127,361 - 471 0.00 0.00 1.01 Karim Cotton Mills Limited 110,562 - - - - - 110,562 - - - - 9.34 35 Kohinoor Spinning Mills Limited 535,827 - - - - - 535,827 - 2,631 0.00 0.00 0.41 Khalid Siraj Textile Mills Limited 682,998 - - - - - 682,998 - 5,327 0.01 0.01 6.38 Land Mark Spinning Industries Limited 395,437 - - - - 40,000 355,437 - 2,481 0.00 0.00 2.93 Mehr Dastgir Textile Mills Limited 259 - - - - - 259 - - - - 0.00 Maqbool Textile Mills Limited 1,420,216 - - - - - 1,420,216 11,362 43,672 0.05 0.05 8.45 Premium Textile Mills Limited 807,307 - - - - 80,484 726,823 7,926 116,713 0.14 0.14 11.79 Reliance Cotton Spinning Mills Limited 465,638 - - - - - 465,638 3,824 61,435 0.08 0.07 4.52 Ruby Textile Mills Limited 436,664 - - - - 139,000 297,664 - 3,358 0.00 0.00 0.57 Saif Textile Mills Limited 1,946,871 - - - - 177,500 1,769,371 4,370 38,926 0.05 0.05 6.70 Salfi Textile Mills Limited 104,645 - - - - - 104,645 956 12,348 0.02 0.01 3.13 Salman Noman Enterpries Limited 291,399 - - - - - 291,399 - 1,544 0.00 0.00 6.52 Service (Textile) Industries Limited 162,908 - - - - - 162,908 - 3,939 0.00 0.00 3.66 Shadab Textile Mills Limited 94,207 - - - - - 94,207 - 5,813 0.01 0.01 3.14 NATIONAL INVESTMENT (UNIT) TRUST NOTES TO AND FORMING PART OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2017

6.3 Investments - 'held to maturity'

At cost Redemptions Percentage As at 01 July As at 30 June during the of net assets 2016 2017 year ------(Rupees in '000) ------(%) ------Investment in securities classified as - 'held to maturity'

Investment under Morabaha Arrangements

Textile Management (Private) Limited 4,125 - 4,125 0.01 Pak China Fertilizers Limited 27,000 - 27,000 0.03 Quaidabad Woolen Mills Limited 23,000 - 23,000 0.03 54,125 - 54,125 0.07 Less : Provision for impairment loss (54,125) - (54,125) (0.07) - - - -

Participation Term Certificates

Adamjee Paper & Board Mills Limited 10,500 - 10,500 0.01 Less: Provision for impairment loss (10,500) - (10,500) (0.01) - - - -

Term Finance Certificates and Redeemable Capital

Adamjee Paper & Board Mills Limited 8,125 - 8,125 0.01 Naimat Basal Oil & Gas Securitization Company Limited 2 - 2 - Pakistan Telecommunication Limited (PTC) / BEL 753 - 753 - 8,880 - 8,880 0.01 Less : Provision for impairment loss (8,880) - (8,880) (0.01) - - - -

Total 73,505 - 73,505 0.09 Less : Provision for impairment loss (73,505) - (73,505) (0.09) - - - -

6.4 Investments include shares with market value of Rs. 692.501 million (30 June 2016: Rs. 799.24 million) which have been pledged with National Clearing Company of Pakistan Limited for guaranteeing settlement of the Fund's trades in accordance with Circular no. 11 dated 22 October 2007 issued by the Securities and Exchange Commission of Pakistan.

6.4.1 As at 30 June 2017 market value of Rs. 5,655.455 million securities have been given as collateral against short term finances (30 June 2016: Nil ).

6.5 The investment portfolio of the Fund includes 20,074,499 shares of Pakistan State Oil Company Limited and 18,338,031 shares of Sui Northern Gas Pipelines Limited, which have been frozen by the Government of Pakistan (GoP) for sale in the equity market due to their proposed privatisation. The 20,074,499 frozen shares and 26,500 free shares (Total = 20,100,999 shares) of Pakistan State Oil Company Limited (PSO) having market value of Rs. 7,786.122 million as on 30 June 2017 out of total 12,673,295 shares of PSO are held physically by CDC-Trustee and remaining 7,427,704 shares of PSO are physically held by National Bank of Pakistan (the former Trustee) having title National Bank of Pakistan - Trustee Wing.

6.6 Finance Act 2014 has introduced tax on bonus shares issued by the Companies. Most Equity Funds including NI(U)T Fund have challenged the applicability of witholding tax provision on bonus shares before Honorable High Court of Sindh ("the Court") on various legal grounds and have sought relief from the Court. The Court, in its order dated 25 November 2014, has granted interim relief by passing the restraining order whereby the Defendants, (issuers of the bonus shares) have refrained from deducting and / or transferring 5% withholding tax on bonus shares issued by them.

As an abundant caution, the NI(U)T Fund has made payments which is equivalent to 5% value of the respective bonus shares, determined on the basis of day-end price on the first day of book closure. These payments have been recorded as part of cost of respective investments. Detail is as follows:

5% (No. Market Payment of bonus value / carrying made to 36 shares) value as on investee '30 June 2017 companies (Rupees in '000)

Security Papers Limited * 21,958 3,205 1,446 Searle Pakistan Limited * 36,230 18,549 6,856 Suraj Cotton Mills Limited * 2,357 370 256 Suraj Cotton Mills Limited * 2,840 446 355 Faysal Bank Limited * 41,151 926 630 Shezan International Limited * 6,904 3,279 6,317 Gul Ahmed Textile Mills Limited ** 49,732 2,038 - Mari Petroleum Company Limited ** 38,238 60,249 - Searle Pakistan Limited** 14,154 7,247 - United Distributors Pakistan Limited ** 9,946 666 - Synthetic Product Enterprise Limited ** 990 75 - Jauharabad Sugar Mills Limited ** 3,600 203 - Highnoon Laboratories Limited ** 2,563 1,605 - Suraj Cotton Mills Limited ** 2,582 405 403 Faysal Bank Limited *** 5,837 131 125 Highnoon Laboratories Limited*** 2,299 1,440 1,044 Highnoon Laboratories Limited *** 2,671 1,673 663 Kohinoor Textile Mills Limited*** 16,963 1,783 1,172 Searle Pakistan Limited *** 20,958 10,730 10,472 Searle Pakistan Limited *** 16,348 8,370 9,919 Searle Pakistan Limited *** 22,656 11,600 9,216 United Distributors Pakistan Limited*** 4,520 303 144 135,293 49,018

* Security Papers Limited, Searle Pakistan Limited, Suraj Cotton Mills Limited, Faysal Bank Limited and Shezan International Limited have released the above mentioned bonus shares and have retained the payments.

** Gul Ahmed Textile Mills Limited and Mari Petroleum Company Limited have returned the payments on 05 December 2014 and 14 January 2015 respectively and have not released the shares due to court order and recorded as liability. Searle Pakistan Limited, United Distributor Pakistan Limited, Synthetic Product Enterprise Limited, Jauharabad Sugar Mill Limited, Highnoon Laboratories Limited & Suraj Cotton Mills Limited has not demanded the payment due to filing of petition by the fund, however the management has recorded a payable under prudence basis (refer note 12).

*** Faysal Bank Limited , Highnoon Laboratories Limited, Kohinoor Textile Mills Limited, Searle Pakistan Limited & United Distributors Pakistan Limited has not released the bonus shares and retained the payment due to court order. 6.5 The investment portfolio of the Fund includes 20,074,499 shares of Pakistan State Oil Company Limited and 18,338,031 shares of Sui Northern Gas Pipelines Limited, which have been frozen by the Government of Pakistan (GoP) for sale in the equity market due to their proposed privatisation. The 20,074,499 frozen shares and 26,500 free shares (Total = 20,100,999 shares) of Pakistan State Oil Company Limited (PSO) having market value of Rs. 7,786.122 million as on 30 June 2017 out of total 12,673,295 shares of PSO are held physically by CDC-Trustee and remaining 7,427,704 shares of PSO are physically held by National Bank of Pakistan (the former Trustee) having title National Bank of Pakistan - Trustee Wing.

6.6 Finance Act 2014 has introduced tax on bonus shares issued by the Companies. Most Equity Funds including NI(U)T Fund have NATIONALchallenged INVESTMENTthe applicability of witholding (UNIT)tax TRUSTprovision on bonus shares before Honorable High Court of Sindh ("the Court") on various legal grounds and have sought relief from the Court. The Court, in its order dated 25 November 2014, has granted interim NOTESrelief TOby passing ANDthe FORMINGrestraining order PARTwhereby OFthe Defendants,THE FINANCIAL(issuers of the STATEMENTSbonus shares) have refrained from deducting and / FOR THEor transferring YEAR 5%ENDED withholding 30 tax JUNE on bonus 2017 shares issued by them. As an abundant caution, the NI(U)T Fund has made payments which is equivalent to 5% value of the respective bonus shares, determined on the basis of day-end price on the first day of book closure. These payments have been recorded as part of cost of respective investments. Detail is as follows:

5% (No. Market Payment of bonus value / carrying made to shares) value as on investee '30 June 2017 companies (Rupees in '000)

6.7 Net unrealised appreciation on re-measurement of investments 2017 2016 classified as 'financial assets at fair value through profit or loss' (Rupees in '000)

Market value / carrying value of investments 4,556,802 2,841,996 Less: Carrying cost of investments (2,675,377) (2,700,833) 1,881,425 141,163

6.8 Net unrealised appreciation / (diminution) on re-measurement of investments classified as 'available for sale'

Market value / carrying value of investments 6.2.1 78,378,188 64,626,481

Less: Carrying cost of investments 30,880,274 31,420,738 Provision for impairment thereagainst 6.8.1 (19,539,654) (19,511,888) 11,340,620 11,908,850

67,037,568 52,717,631 Less: Net unrealised appreciation on re-measurement investments at the beginning of the year (54,374,307) (52,717,631) 37 Net unrealised appreciation / (diminution) during the year 14,319,937 (1,656,676)

6.8.1 Provision for impairment against equity securities

Balance as at 1 July 19,511,888 19,510,464 Charge for the year 42,122 17,465 Reversal of impairment of securities sold (14,356) (16,041) Balance as at 30 June 19,539,654 19,511,888

7 DIVIDEND AND OTHER RECEIVABLES

Dividend receivable 323,936 48,622 Profit on term finance certificates 23,705 23,705 Less: Provision against doubtful receivables (23,705) (23,705) - - Profit on Morabaha arrangements 51,267 51,267 Less: Provision against doubtful profit on Morabaha arrangements (51,267) (51,267) - - Mark-up receivable on bank deposits 289 1,291

Advance against pre-IPO investment 7.1 150,000 150,000 Less: Provision against doubtful receivables (150,000) (150,000) - - Other receivables 14,694 14,694 Less: Provision against doubtful receivables (14,694) (14,694) - - 324,225 49,913

7.1 This represents Rs. 150 million (2016: Rs. 160 million) which the Fund had subscribed towards the term finance certificates of an issuer as Pre-IPO on 13 March 2008. Under the agreement, the issuer was required to complete the public offering by 23 November 2008. However no public offering has been carried out by the issuer. In addition, profit on the advance against subscription, due after six months from the date of subscription, has also not been received by the Fund. As a matter of prudence, the Fund has made a provision of 100% against this advance.

7.2 In prior years, provision has been made against certain unreconciled balances.

8 SECURITY DEPOSITS

Central Depository Company of Pakistan Limited 100 100 National Clearing Company of Pakistan Limited 2,500 2,500 2,600 2,600 NATIONAL6.7 Net unrealised INVESTMENT appreciation on re-measurement(UNIT) TRUST of investments 2017 2016 2016 6.7 Netclassified unrealised as appreciation'financial assets on re-measurement at fair value through of investments profit or loss' 2017(Rupees in '000) NOTESclassified TO AND as 'financial FORMING assets at PART fair value OF through THE profit FINANCIAL or loss' STATEMENTS (Rupees in '000) Market value / carrying value of investments 4,556,802 2,841,996 FOR THEMarket YEAR value / carryingENDED value 30 of JUNEinvestments 2017 2,841,996 Less: Carrying cost of investments (2,675,377) 4,556,802 (2,700,833) Less: Carrying cost of investments (2,700,833) (2,675,377)1,881,425 141,163 1,881,425 141,163 6.86.7 Net unrealised appreciation on/ (diminution) re-measurement on re-measurement of investments of 2017 2016 6.8 Netinvestmentsclassified unrealised as appreciationclassified'financial assetsas 'available/ (diminution) at fair forvalue sale' on through re-measurement profit or loss' of (Rupees in '000) investments classified as 'available for sale' Market value / carrying value of investments 6.2.1 78,378,188 4,556,802 64,626,481 2,841,996 Less:Market Carrying value / carryingcost of investments value of investments 6.2.1 78,378,188(2,675,377) 64,626,481(2,700,833) Less: 1,881,425 141,163 Less: Carrying cost of investments 30,880,274 31,420,738 Carrying cost of investments 31,420,738 6.8 NetProvision unrealised for impairment appreciation thereagainst / (diminution) on re-measurement of 6.8.1 (19,539,654) 30,880,274 (19,511,888) Provision for impairment thereagainst 6.8.1 (19,511,888) investments classified as 'available for sale' (19,539,654) 11,340,620 11,908,850 11,340,620 11,908,850 Market value / carrying value of investments 6.2.1 67,037,56878,378,188 52,717,63164,626,481 Less: Net unrealised appreciation on re-measurement 67,037,568 52,717,631 Less: Net unrealised appreciation on re-measurement Less:investments at the beginning of the year (52,717,631) (54,374,307) investments at the beginning of the year (54,374,307) Carrying cost of investments (52,717,631)30,880,274 31,420,738 NetProvision unrealised for impairment appreciation thereagainst / (diminution) during the year 6.8.1 (19,539,654)14,319,937 (19,511,888) (1,656,676) Net unrealised appreciation / (diminution) during the year (1,656,676) 14,319,93711,340,620 11,908,850 6.8.1 Provision for impairment against equity securities 6.8.1 Provision for impairment against equity securities 67,037,568 52,717,631 BalanceLess: Net as unrealised at 1 July appreciation on re-measurement 19,511,888 19,510,464 Balance as at 1 July 19,510,464 Chargeinvestments for the yearat the beginning of the year (52,717,631)19,511,88842,122 (54,374,307)17,465 Charge for the year 17,465 Reversal of impairment of securities sold (14,356)42,122 (16,041) Reversal of impairment of securities sold (16,041) BalanceNet unrealised as at 30 appreciation June / (diminution) during the year 14,319,93719,539,654(14,356) 19,511,888(1,656,676) Balance as at 30 June 19,539,654 19,511,888 76.8.1 DIVIDENDProvision forAND impairment OTHER RECEIVABLES against equity securities 7 DIVIDEND AND OTHER RECEIVABLES DividendBalance asreceivable at 1 July 19,511,888 323,936 19,510,464 48,622 Dividend receivable 48,622 ProfitCharge on for term the finance year certificates 323,936 23,70542,122 23,70517,465 Profit on term finance certificates 23,705 Less:Reversal Provision of impairment against ofdoubtful securities receivables sold (23,705)(14,356) 23,705 (23,705)(16,041) Less: Provision against doubtful receivables (23,705) Balance as at 30 June 19,539,654 (23,705) - 19,511,888 - - Profit on Morabaha arrangements 51,267 - 51,267 Profit on Morabaha arrangements 51,267 7 DIVIDENDLess: Provision AND against OTHER doubtful RECEIVABLES profit on Morabaha arrangements (51,267) 51,267 (51,267) Less: Provision against doubtful profit on Morabaha arrangements (51,267) (51,267) - - - Mark-upDividend receivablereceivable on bank deposits 323,936 289 - 48,622 1,291 1,291 ProfitMark-up on receivableterm finance on certificates bank deposits 23,705 289 23,705 AdvanceLess: Provision against against pre-IPO doubtful investment receivables 7.1 150,000 (23,705) 150,000 (23,705) Advance against pre-IPO investment 7.1 150,000 Less: Provision against doubtful receivables (150,000) 150,000 - (150,000) - Less: Provision against doubtful receivables (150,000) Profit on Morabaha arrangements (150,000) 51,267 - 51,267 - - OtherLess: Provisionreceivables against doubtful profit on Morabaha arrangements (51,267) 14,694 - (51,267) 14,694 Other receivables 14,694 Less: Provision against doubtful receivables (14,694) 14,694 - (14,694) - Less: Provision against doubtful receivables (14,694) Mark-up receivable on bank deposits (14,694) 289 - 1,291 - 324,225 - 49,913 - Advance against pre-IPO investment 7.1 324,225150,000 150,000 49,913 7.1 ThisLess:represents Provision againstRs. 150 doubtfulmillion (2016:receivablesRs. 160 million) which the Fund had subscribed towards the term (150,000)finance certificates (150,000) of an 7.1 Thisissuerrepresentsas Pre-IPORs.on15013millionMarch(2016:2008.Rs.Under160 million)the agreement,which thetheFundissuerhad subscribedwas requiredtowardsto complete the term the finance public - certificates offering by of - 23an NovemberOtherissuer receivablesas Pre-IPO2008. Howeveron 13 Marchno public2008.offeringUnder hasthe beenagreement,carriedtheoutissuerby thewasissuer.requiredIn addition,to complete profit the on 14,694publicthe advance offering 14,694 againstby 23 NovemberLess:subscription, Provision2008.due againstafterHoweversix doubtfulmonthsno publicreceivablesfromofferingthe datehasof subscription,been carriedhasoutalsobynotthebeenissuer.receivedIn addition,by the Fund.profit (14,694)onAs athematteradvance of prudence, (14,694) against thesubscription, Fund has duemadeafter a provisionsix months of 100%from the againstdate thisof subscription, advance. has also not been received by the Fund. As a - matter of prudence, - the Fund has made a provision of 100% against this advance. 324,225 49,913 7.2 In prior years, provision has been made against certain unreconciled balances. 7.17.2 InThis priorrepresents years, provisionRs. 150 hasmillion been(2016: madeRs. against160 million)certain unreconciledwhich the Fund balances.had subscribed towards the term finance certificates of an 8 SECURITYissuer as Pre-IPO DEPOSITSon 13 March 2008. Under the agreement, the issuer was required to complete the public offering by 23 8 NovemberSECURITY 2008.DEPOSITSHowever no public offering has been carried out by the issuer. In addition, profit on the advance against Centralsubscription, Depositorydue after Companysix months of Pakistanfrom the Limiteddate of subscription, has also not been received by the Fund. As a100matter of prudence, 100 Central Depository Company of Pakistan Limited 100 Nationalthe Fund Clearing has made Company a provision of Pakistan of 100% Limitedagainst this advance. 2,500 100 2,500 National Clearing Company of Pakistan Limited 2,500 2,5002,600 2,600 7.2 In prior years, provision has been made against certain unreconciled balances. 2,600 2,600

8 SECURITY DEPOSITS

Central Depository Company of Pakistan Limited 100 100 National Clearing Company of Pakistan Limited 2,500 2,500 2,600 2,600

38 NATIONAL INVESTMENT (UNIT) TRUST NOTES TO AND FORMING PART OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2017

9 SHORT TERM BORROWINGS

During the year short term loan financing amounting to Rs. 2.8 billion was obtained from various commercial banks under mark-up arrangement ranging from 6.29% to 6.53% per annum .The principle on these loans were partially repaid during the year amounting to Rs 1.6 billion. Therefore, Rs. 1.2 billion is outstanding as at 30 June 2017.

10 PAYABLE TO NATIONAL INVESTMENT TRUST LIMITED 2017 2016 - MANAGEMENT COMPANY (Rupees in '000)

On account of: - Management remuneration 10.1 85,144 54,043 - Sindh Sales Tax on management remuneration 10.2 11,070 8,778 - Preliminary charges and handling fee 2 788 - Allocation of expenses related to registrar services, accounting, operation and valuation services 10.3 7,139 5,402 - Redemption of units 200,000 200,000 303,355 269,011

10.1 Under the revised Non-Banking Finance Companies & Notified Entities Regulations 2008, notified on 25 November 2015, the Management Company of the Fund is entitled to a remuneration of an amount not exceeding 2 percent of average annual net assets. During the current year, the Management Company has charged its remuneration at the rate of 1 percent per annum (30 June 2016: 1 percent per annum) of the average net assets for the period from 1 July 2016 to 5 July 2017 which was subject to maximum of 1% of the value of the Fund and effective from 6 February 2017, the Management Company has charged its remuneration to 1.2% of the average net assets for the period. The remuneration is paid on a monthly basis in arrears.

10.2 The SindhSindh ProvincialProvincial GovernmentGovernment leviedlevied SindhSindh SalesSales Tax onTax theon remunerationthe remuneration of the Managementof the Management Company Companythrough Sindhand Salessales Taxload on throughServicesSindh Act, 2011,Sales effectiveTax on fromServices 01 JulyAct, 2011.2011, Duringeffective the year,from Sindh01 July Sales2011. TaxDuring at the therateyear, of 13%Sindh (30 JuneSales 2016:Tax at14%)the wasrate chargedof 13% (30on management June 2016: 14%) remuneration. was charged on management remuneration and sales load.

10.3 Securities and Exchange Commission of Pakistan through its SRO 1160(I)/2015 dated 25 November 2015 has revised the Non- Banking Finance Companies and Notified Entities Regulations, 2008. In the revised regulations a new clause 60(3)(s) has been introduced allowing the Management Company to charge "fees and expenses related to registrar services, accounting, operation and valuation services related to CIS maximum up to 0.1% of average annual net assets of the Scheme or actual whichever is less" from the mutual funds managed by it.

11 PAYABLE TO THE CENTRAL DEPOSITORY COMPANY OF PAKISTAN LIMITED - TRUSTEE

Trustee remuneration 11.1 2,611 2,267 Sindh Sales Tax on remuneration to Trustee 11.2 339 317 2,950 2,584

11.1 The Trustee is entitled to a monthly remuneration for services rendered to the Fund under the provisions of the Trust Deed as per the tariff specified therein, based on the daily net assets of the Fund.

Based on the Trust Deed, the tariff structure applicable to the Fund as at 30 June 2017 is as follows:

Net assets Tariff per annum

Upto Rs 1 billion 0.2% p.a. of net assets Rs. 1 billion to Rs. 10 billion Rs. 2 million plus 0.1% of net assets exceeding Rs. 1 billion Rs. 10 billion to Rs. 20 billion Rs. 11 million plus 0.06% of net assets exceeding Rs. 10 billion Rs. 20 billion to Rs. 35 billion Rs. 17 million plus 0.03% of net assets exceeding Rs. 20 billion Over Rs. 35 billion Rs. 21.5 million plus 0.02% of net assets exceeding Rs. 35 billion

The remuneration is paid to the Trustee monthly in arrears.

11.2 The Sindh Provincial Government levied Sindh Sales Tax on the remuneration of the Trustee through Sindh Sales Tax on Services Act, 2011, effective from 1 July 2015. During the year, Sindh Sales Tax at the rate of 13% (30 June 2016: 14%) was charged on Trustee remuneration.

39 NATIONAL INVESTMENT (UNIT) TRUST NOTES TO AND FORMING PART OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2017

12 PAYABLE TO SECURITIES AND EXCHANGE COMMISSION OF PAKISTAN

Under the provisions of the Non Banking Finance Companies and Notified Entities Regulations, 2008, a collective investment scheme categorised as Equity scheme is required to pay as annual fee to the SECP, an amount equal to 0.095 percent of the average annual net assets of the Fund.

13 ACCRUED EXPENSES AND OTHER LIABILITIES 2017 2016 (Rupees in '000)

Provision for Sindh Workers' Welfare Fund 13.1 346,997 - Provision for Workers' Welfare Fund 13.1 - 507,371 Federal Excise Duty 13.2 289,563 289,563 Excess dividend received 23,416 20,187 Distribution not claimed by unit holders 5,479 5,257 Brokerage payable against purchase of shares 4,392 1,168 Financial charges payable 9 13,258 - Auditors' remuneration 578 635 Legal and professional charges 314 1,180 Zakat 35,824 35,077 Capital gain tax 1,624 519 Witholding tax 103,260 693 Printing charges payable 238 1,010 Payable to National Clearing Company of Pakistan Limited 20 20 Payable against bonus shares 28,934 26,062 853,897 888,742

13.1 The Finance Act, 2008 introduced amendments to the Workers' Welfare Fund (WWF) Ordinance, 1971 whereby the definition of industrial establishment was extended. The amendments were challenged at various levels and conflicting judgments were rendered by the Lahore High Court, Sindh High Court and Peshawar High Court. The Honourable Supreme Court of Pakistan vide its judgment dated 10 November 2016, has upheld the view of Lahore High Court and decided that WWF is not a tax and hence the amendments introduced through Finance Act, 2008 are ultra-vires to the Constitution. The Federal Board of Revenue has filed Civil Review Petitions in respect of above judgment with the prayer that the judgment dated 10 November 2016 passed in the Civil Appeal may kindly be reviewed in the interest of justice.

The Mutual Fund Association of Pakistan (MUFAP), after deliberating the position and obtaining advice from the legal counsel, decided that the provision for WWF held for the period from 1 January 2013 to 30 June 2015 should be reversed effective from 12 January 2017. Accordingly, the provision amounted to Rs. 507.371 million has been reversed on 12 January 2017.

Furthermore, the Sindh Revenue Board (SRB) had written to few mutual funds in January 2016 to register and pay Sindh Workers Welfare Fund (SWWF) for the accounting year closing on or after 31 December 2013. MUFAP reviewed the issue and based on an opinion obtained in August 2016 decided that SWWF is not applicable on mutual funds as they are not financial institutions as required by SWWF Act, 2014. MUFAP wrote to SRB that mutual funds are not establishments and are pass through vehicles hence, they do not have any worker and no SWWF is payable by them. SRB responded back that as mutual funds are included in definition of financial institutions in the Financial Institutions (Recovery of Finance) Ordinance, 2001, therefore SWWF is applicable on mutual funds. MUFAP has taken up this matter before the Sindh Finance Ministry to exclude mutual funds from SWWF.

MUFAP has also taken a legal opinion that SWWF, if applicable, can only be applied from the date of enactment of SWWF Act, 2014, i.e. 21 May 2015. Accordingly, on 12 January 2017, MUFAP as an abundant caution, has decided to provide for SWWF with effect from 21 May 2015, while the efforts to exclude mutual funds from SWWF continue. The provision made for SWWF on 12 January 2017 is amounted to Rs. 253.730 million. Thereafter the provision for SWWF is being made on a daily basis. Had the SWWF not been provided, the NAV per unit of the Fund would have been higher by Rs. 0.3552 (30 June 2016: Nil).

13.2 As per the requirement of Finance Act, 2013, Federal Excise Duty (FED) at the rate of 16% on the remuneration of the Management Company has been applied effective 13 June 2013. The Management Company is of the view that since the remuneration is already subject to provincial sales tax, further levy of FED may result in double taxation, which does not appear to be the spirit of the law, hence a petition was collectively filed by the Mutual Fund Association of Pakistan with the Honorable Sindh High Court (SHC) on 4 September 2013.

40 NATIONAL INVESTMENT (UNIT) TRUST NOTES TO AND FORMING PART OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2017

The Honorable Sindh High Court (SHC) through its recent order dated 2 June 2016, in CPD-3184 of 2014 (and others) filed by various taxpayers, has interalia declared that Federal Excise Act 2005 (FED Act) is on services, other than shipping agents and related services, is ultra vires to the Constitution from 01 July 2011. However, the declaration made by the Honorable Court, as directed, will have affect in the manner prescribed in the judgment. The Sindh High Court in its decision dated 16 July 2016 in respect of constitutional petition filed by management companies of mutual funds maintained the previous order on the FED.

Sindh Revenue Board and Federal Board of Revenue have filed appeals before Honourable Supreme Court against the Sindh High Court's decision dated 2 June 2016, which is pending for the decision. However, after the exclusion of the mutual funds from federal statute on FED from 1 July 2016, the Fund has discontinued making the provision in this regard.

Since the appeal is pending in the Supreme Court of Pakistan, the Management Company as a matter of abundant caution has retained provision for FED on management fee aggregating to Rs. 306.89 million out of which Rs. 17.327 million have been paid to the Management Company. Had the provision not been made, the Net Asset Value per unit of the Fund would have been higher by Rs. 0.3142 (30 June 2016: Rs. 0.2992) per unit.

14 DIVIDEND PAYABLE AND UNCLAIMED DISTRIBUTION

As at each accounting date, the amount of cash required to affect distribution of profits amongst holders of registered and bearer units, is transferred to a special account titled Distribution account. The aggregate balance in such accounts for the years 1997-98 and earlier in case of distribution to registered unit holders and 1999-2000 and earlier in case of distribution to bearer unit holders exceeds the liability for unclaimed distribution by approximately Rs. 31.469 million. This amount represents payments of dividend out of accounts other than the relevant Distribution account.

15 CONTINGENCIES AND COMMITMENTS

There were no contingencies and commitments outstanding as at 30 June 2017 (2016: Nil).

16 NUMBER OF UNITS IN ISSUE 30 June 2017 30 June 2016 Registered Bearer Total Total ------(Number of units)------Total outstanding at the beginning of the year 1,005,293,825 20,547,590 1,025,841,415 1,111,489,817 Add: Sales during the year 88,758,864 - 88,758,864 37,956,495 Units issued under Cumulative Investment Plan (CIP) during the year 22,472,003 - 22,472,003 29,748,619 Conversion of bearer units into registered units 14,490 (14,490) - - 1,116,539,182 20,533,100 1,137,072,282 1,179,194,931 Less: Repurchases during the year (160,260,045) - (160,260,045) (153,353,516) Total units in issue at the end of the year 956,279,137 20,533,100 976,812,237 1,025,841,415

17 AUDITORS' REMUNERATION 2017 2016 (Rupees in '000)

Annual audit fee 550 550 Half yearly review 240 240 Out of pocket expenses and others including government levy 112 169 902 959

41 NATIONAL INVESTMENT (UNIT) TRUST NOTES TO AND FORMING PART OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2017

18 TAXATION

The Fund's income is exempt from Income Tax as per clause (99) of part I of the Second Schedule to the Income Tax Ordinance, 2001 subject to the condition that not less than 90% of the accounting income for the year as reduced by capital gains whether realised or unrealised is distributed amongst the unit holders, provided that for the purpose of determining distribution of not less than 90% of its accounting income for the year, the income distributed through bonus units shall not be taken into account. Furthermore, as per regulation 63 of the Non-Banking Finance Companies and Notified Entities Regulations, 2008, the Fund is required to distribute 90% of the net accounting income other than capital gains to the unit holders. The Board of Directors of the Management Company in their meeting held on 22 June 2017 has distributed more than ninety percent of the Fund's accounting income for the year as reduced by capital gains, whether realised or unrealised, to its unit holders during the year. Accordingly no provision has been made in the financial statements for the year ended 30 June 2017.

19 TOTAL EXPENSE RATIO

Total expense ratio (all the expenses, including government levies, incurred during the year divided by average net asset value for the year ) is 1.29% per annum. Total expense ratio (excluding government levies) is 1.25% per annum.

20 FINANCIAL INSTRUMENTS BY CATEGORY As at 30 June 2017 Fair value Loans and Available through profit Total receivables for sale or loss ------(Rupees in '000) ------Assets Bank balances 3,541,231 - - 3,541,231 Investments - 4,556,802 78,378,188 82,934,990 Dividend and other receivables 324,225 - - 324,225 Security deposits 2,600 - - 2,600 3,868,056 4,556,802 78,378,188 86,803,046

As at 30 June 2017 Liabilities at fair value At amortised Total through profit cost or loss ------(Rupees in '000) ------Liabilities Short term borrowings - 1,200,000 1,200,000 Payable to National Investment Trust Limited - Management Company - 303,355 303,355 Payable to Central Depository Company of Pakistan Limited - Trustee - 2,950 2,950 Payable against redemption of units - 20,960 20,960 Accrued expenses and other liabilities - 76,629 76,629 Dividend payable and unclaimed distribution - 2,550,493 2,550,493 - 2,954,387 2,954,387

As at 30 June 2016 Fair value Loans and Available through profit Total receivables for sale or loss ------(Rupees in '000) ------Assets Bank balances 2,046,114 - - 2,046,114 Investments - 2,841,996 64,626,481 67,468,477 Receivable against sale of investments 130 - - 130 Dividend and other receivables 49,913 - - 49,913 Security deposits 2,600 - - 2,600 2,098,757 2,841,996 64,626,481 69,567,234

42 NATIONAL INVESTMENT (UNIT) TRUST NOTES TO AND FORMING PART OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2017

As at 30 June 2016 Liabilities at fair At amortised value through Total cost profit or loss ------(Rupees in '000) ------Liabilities Payable to National Investment Trust Limited - Management Company - 269,011 269,011 Payable to Central Depository Company of Pakistan Limited - Trustee - 2,584 2,584 Payable against redemption of units - 15,554 15,554 Payable against purchase of investments - 39,678 39,678 Accrued expenses and other liabilities - 55,519 55,519 Dividend payable and unclaimed distribution - 1,459,418 1,459,418 - 1,841,764 1,841,764

21 TRANSACTIONS AND BALANCES WITH CONNECTED PERSONS

21.1 Connected persons include National Investment Trust Limited being the Management Company, Central Depository Company of Pakistan Limited being the Trustee, other collective investment schemes managed by the Management Company, any person or company beneficially owning directly or indirectly ten percent or more of the capital of the Management Company or the net assets of the Fund and directors and officers of the Management Company and unit holders holding 10 percent or more units of the Fund.

21.2 The transactions with connected persons are in the normal course of business, at contracted terms determined in accordance with the market rates.

21.3 Remuneration to the Management Company and the Trustee is determined in accordance with the provisions of the NBFC Regulations and the Trust Deed respectively.

21.4 The details of significant transactions carried out by the Fund with connected persons and balances with them at year end are as follows:

21.5 Transactions during the year 2017 2016 (Rupees in '000)

National Investment Trust Limited - Management Company Issuance of 4,008,379 units under CIP (2016: 5,712,925 units) 335,702 364,885 Redemption of 12,449,797 units (2016: 23,535,860 units) 1,050,000 1,500,000 Remuneration to the Management Company 892,772 654,396 Sindh Sales Tax on management remuneration 116,060 106,274 Sales load on issue of units 9 4,377 Allocation of expenses related to registrar services, accounting, operation and valuation services 82,130 38,583

Central Depository Company of Pakistan Limited - Trustee Remuneration to the Trustee 30,939 27,627 Sindh Sales Tax on remuneration to Trustee 4,022 3,867 Custodian charges 385 563

Directors and key management personnel Issue of 67,559 units (2016: 31,126 units) 6,170 2,076 Issue of 6,565 units under CIP (2016: 16,978 units) 388 1,082 Redemption of 229,570 units (2016: 245,967 units) 17,644 15,139

National Investment Trust Limited Pension Fund Redemption of 282,280 units (2016: Nil) 26,209 - Issue of 94,882 units under CIP (2016: Nil ) 7,946 -

43 NATIONAL INVESTMENT (UNIT) TRUST NOTES TO AND FORMING PART OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2017

21.6 Amounts outstanding as at year end 2017 2016 (Rupees in '000)

National Investment Trust Limited - Management Company 86,870,756 units held (2016: 95,312,174 units) 7,274,557 6,209,588 Management remuneration payable 85,144 54,043 Sindh Sales Tax payable 11,070 8,778 Preliminary charges and handling fee payable 2 788 Allocation of expenses related to registrar services, accounting, operation and valuation services 7,139 5,402 Payable against redemption of units 200,000 200,000

Central Depository Company of Pakistan Limited - Trustee Trustee remuneration payable 2,611 2,267 Sindh Sales Tax on remuneration to Trustee 339 317

National Investment Trust Limited Pension Fund 2,113,014 units held (2016: 2,149,003 units) 176,944 140,008

Directors and key management personnel 146,427 units held (2016: 301,873 units) 12,262 19,559

22 FINANCIAL RISK MANAGEMENT

The Fund's activities expose it to a variety of financial risks; which includes market risk, credit risk and liquidity risk.

22.1 Market risk

Market risk is the risk that the fair value or the future cash flows of a financial instrument may fluctuate as a result of changes in market prices.

The Management Company manages the market risk through diversification of the investment portfolio by exposures and by following the internal guidelines established by the investment committee and regulations laid down by the Securities and Exchange Commission of Pakistan.

Market risk comprises of three types of risk: currency risk, interest rate risk and other price risk.

22.1.1 Currency risk

Currency risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in foreign exchange rates. The Fund, at present is not exposed to currency risk as its operations are geographically restricted to Pakistan and all transactions are carried out in Pak Rupees.

22.1.2 Interest rate risk

Interest rate risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in market interest rates.

a) Sensitivity analysis for variable rate instruments

Presently, the Fund does not hold any variable rate instruments and is not exposed to cash flow interest rate risk.

b) Sensitivity analysis for fixed rate instruments

Presently, the Fund does not hold any fixed rate instruments and is not exposed to cash flow interest rate risk.

Yield / interest rate sensitivity position for on-balance sheet financial instruments is based on the earlier of contractual repricing or maturity date and for off-balance sheet instruments is based on settlement date.

44 NATIONAL INVESTMENT (UNIT) TRUST NOTES TO AND FORMING PART OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2017

10 As at 30 June 2017 Exposed to yield / interest rate risk Not Effective exposed yield / More than three Up to three More than to yield / Total interest months and up- months one year interest rate (%) to one year rate risk ------(Rupees in '000) ------

On-balance sheet financial instruments

Financial assets Bank balances 3.75 - 6.50 3,538,492 - - 2,739 3,541,231 Investments - - - 82,934,990 82,934,990 Dividend and other receivables - - - 324,225 324,225 Security deposits - - - 2,600 2,600 3,538,492 - - 83,264,554 86,803,046 Financial liabilities Short term borrowings 1,200,000 - - - 1,200,000 Payable to National Investment Trust Limited - Management Company - - - 303,355 303,355 Payable to Central Depository Company of Pakistan Limited - Trustee - - - 2,950 2,950 Payable against redemption of units - - - 20,960 20,960 Payable against purchase of investments - - - - - Accrued expenses and other liabilities - - - 76,629 76,629 Dividend payable and unclaimed distribution - - - 2,550,493 2,550,493 1,200,000 - - 2,954,387 4,154,387

On-balance sheet gap 2,338,492 - - 80,310,167 82,648,659

Off-balance sheet financial instruments - - - - -

Off-balance sheet gap - - - - -

Total interest rate sensitivity gap 2,338,492 - - 80,310,167 82,648,659

Cumulative interest rate sensitivity gap 2,338,492 2,338,492 2,338,492

As at 30 June 2016 Effective Exposed to yield / interest rate risk Not yield / More than three exposed to yield Up to three More than Total interest months and up-to / interest rate months one year rate (%) one year risk ------(Rupees in '000) ------

On-balance sheet financial instruments

Financial assets Bank balances 4.00 - 7.25 2,044,138 - - 1,976 2,046,114 Investments - - - 67,468,477 67,468,477 Receivable against sale of investments - - - 130 130 Dividend and other receivables - - - 49,913 49,913 Security deposits - - - 2,600 2,600 2,044,138 - - 67,523,096 69,567,234 Financial liabilities Payable to National Investment Trust Limited - Management Company - - - 269,011 269,011 Payable to Central Depository Company of Pakistan Limited - Trustee - - - 2,584 2,584 Payable against redemption of units - - - 15,554 15,554 Payable against purchase of investments - - - 39,678 39,678 Accrued expenses and other liabilities - - - 55,519 55,519 Dividend payable and unclaimed distribution - - - 1,459,418 1,459,418 - - - 1,841,764 1,841,764

On-balance sheet gap 2,044,138 - - 65,681,332 67,725,470

Off-balance sheet financial instruments - - - - - 45 Off-balance sheet gap - - - - -

Total interest rate sensitivity gap 2,044,138 - - 65,681,332 67,725,470

Cumulative interest rate sensitivity gap 2,044,138 2,044,138 2,044,138 10 As at 30 June 2017 Exposed to yield / interest rate risk Not Effective exposed yield / More than three Up to three More than to yield / Total interest months and up- months one year interest rate (%) to one year rate risk ------(Rupees in '000) ------

On-balance sheet financial instruments

Financial assets Bank balances 3.75 - 6.50 3,538,492 - - 2,739 3,541,231 Investments - - - 82,934,990 82,934,990 Dividend and other receivables - - - 324,225 324,225 Security deposits - - - 2,600 2,600 3,538,492 - - 83,264,554 86,803,046 Financial liabilities Short term borrowings 1,200,000 - - - 1,200,000 Payable to National Investment Trust Limited - Management Company - - - 303,355 303,355 10 Payable to Central Depository Company of As at 30 June 2017 Pakistan Limited - Trustee Exposed - to yield / interest - rate risk - Not 2,950 2,950 Effective Payable against redemption of units - - - exposed 20,960 20,960 yield / More than three Payable against purchase of investments Up to three - - More than - to yield / - Total - interest months and up- Accrued expenses and other liabilities months - - one year - interest 76,629 76,629 rate (%) to one year Dividend payable and unclaimed distribution - - - rate 2,550,493 risk 2,550,493 1,200,000 ------(Rupees in - '000) ------2,954,387 4,154,387

On-balance sheet financialgap instruments 2,338,492 - - 80,310,167 82,648,659

Off-balanceFinancial assets sheet financial instruments - - - - - Bank balances 3.75 - 6.50 3,538,492 - - 2,739 3,541,231 Off-balanceInvestments sheet gap - - - 82,934,990 - 82,934,990 - Dividend and other receivables - - - 324,225 324,225 TotalSecurity interest deposits rate sensitivity gap 2,338,492 - - - 80,310,167 2,600 82,648,659 2,600 3,538,492 - - 83,264,554 86,803,046 Financial liabilities Cumulative interest rate sensitivity gap 2,338,492 2,338,492 2,338,492 Short term borrowings 1,200,000 - - - 1,200,000 Payable to National Investment Trust Limited As at 30 June 2016 - Management Company - - - 303,355 303,355 Payable to Central Depository Company of Effective Exposed to yield / interest rate risk Not Pakistan Limited - Trustee yield / - More than three - - exposed to 2,950 yield 2,950 Up to three More than Total Payable against redemption of units interest - months and up-to - - / interest 20,960 rate 20,960 months one year Payable against purchase of investments rate (%) - one year - - risk - - Accrued expenses and other liabilities - - - 76,629 76,629 ------(Rupees in '000) ------Dividend payable and unclaimed distribution - - - 2,550,493 2,550,493 1,200,000 - - 2,954,387 4,154,387 On-balance sheet financial instruments On-balance sheet gap 2,338,492 - - 80,310,167 82,648,659 Financial assets Bank balances 4.00 - 7.25 2,044,138 - - 1,976 2,046,114 InvestmentsOff-balance sheet financial instruments - - - 67,468,477 - 67,468,477 - NATIONALReceivable INVESTMENTagainst sale of investments (UNIT) TRUST - - - 130 130 DividendOff-balance and sheet other gapreceivables - - - 49,913 - 49,913 - NOTESSecurity TO deposits AND FORMING PART OF THE FINANCIAL - STATEMENTS - - 2,600 2,600 FOR THETotal interestYEAR rate ENDED sensitivity 30 gap JUNE 2017 2,338,4922,044,138 - - 80,310,16767,523,096 82,648,65969,567,234 Financial liabilities PayableCumulative to National interest Investment rate sensitivity Trust Limitedgap - 2,338,492 2,338,492 2,338,492 Management Company - - - 269,011 269,011 Payable to Central Depository Company of As at 30 June 2016 Pakistan Limited - Trustee Exposed - to yield / interest - rate risk - 2,584 2,584 Payable against redemption of units Effective - - - Not 15,554 15,554 yield / More than three exposed to yield Payable against purchase of investments Up to three - - More than - 39,678 Total 39,678 interest months and up-to / interest rate Accrued expenses and other liabilities months - - one year - 55,519 55,519 Dividend payable and unclaimed distribution rate (%) - one year - - 1,459,418 risk 1,459,418 ------(Rupees in - '000) ------1,841,764 1,841,764

On-balance sheet financialgap instruments 2,044,138 - - 65,681,332 67,725,470

Off-balanceFinancial assets sheet financial instruments - - - - - Bank balances 4.00 - 7.25 2,044,138 - - 1,976 2,046,114 Off-balanceInvestments sheet gap - - - 67,468,477 - 67,468,477 - Receivable against sale of investments - - - 130 130 TotalDividend interest and other rate sensitivityreceivables gap 2,044,138 - - - 65,681,332 49,913 67,725,470 49,913 Security deposits - - - 2,600 2,600 2,044,138 - - 67,523,096 69,567,234 Cumulative interest rate sensitivity gap 2,044,138 2,044,138 2,044,138 Financial liabilities Payable to National Investment Trust Limited - 22.1.3 PriceManagement risk Company - - - 269,011 269,011 Payable to Central Depository Company of PricePakistanrisk is Limitedthe risk - Trusteethat the fair value or future cash flows of a financial- instrument - will fluctuate - because of 2,584 changes in market 2,584 pricesPayable(other againstthan redemptionthose arising of unitsfrom interest risk or currency risk) - whether those - changes are - caused by factors15,554 specific 15,554 to the Payable against purchase of investments - - - 39,678 39,678 individual financial instrument or its issuer, or factors affecting all similar financial instruments traded in the market. Accrued expenses and other liabilities - - - 55,519 55,519 Dividend payable and unclaimed distribution - - - 1,459,418 1,459,418 The Fund is exposed to equity price risk because of investments - held by the Fund - and classified - on the 1,841,764 statement of assets 1,841,764 and liabilities' as available for sale and at fair value through profit or loss. To manage its price risk arising from investments in equity securities,On-balancethe sheetFund gapdiversifies its portfolio within the eligible 2,044,138 stocks prescribed in the - Trust Deed. - The NBFC 65,681,332 Regulations 67,725,470 also limit individual equity securities to no more than 10% of net assets, or issued capital of the investee company and sector exposure limit toOff-balance 30% of net sheet assets financial or index instruments weight of the security whichever is higher, - subject to maximum - of 35% - of the net assets. - -

InOff-balancecase of 5% sheetincrease gap / decrease in PSX 100 index on 30 June - 2017, with all other - variables - held constant, -net income of - the Fund for the year would increase / (decrease) by Rs. 227.840 million (2016: Rs. 142.100 million) as a result of gains / (losses) on equityTotal interestsecurities rateclassified sensitivityas gapfair value through profit or loss. 2,044,138 Other components of equity- of the Fund- would 65,681,332 increase / decrease 67,725,470 by Rs. 3,918.909 million (2016: Rs. 3,231.324 million) as a result of gains / (losses) on equity securities classified as available for sale. Accordingly,Cumulative interestthe net rateassets sensitivityof the Fund gap would increase / (decrease) 2,044,138 as a result 2,044,138 of gains / (losses) 2,044,138 on investment in equity securities by Rs. 4,146.750 million (2016: 3,373.434 million).

The analysis is based on the assumption that equity index had increased / decreased by 5% with all other variables held constant and all the Fund's equity instruments moved according to the historical correlation with the index. This represents management's best estimate of a reasonable possible shift in the PSX 100 Index, having regard to the historical volatility of the index. The composition of the Fund's investment portfolio and the correlation thereof to the PSX 100 Index, is expected to change over time. Accordingly, the sensitivity analysis prepared as of 30 June 2017 is not necessarily indicative of the effect on the Fund's net assets of future movements in the level of the PSX 100 Index.

22.2 Credit risk

Credit risk represents the risk of a loss if the counter parties fail to perform as contracted. Credit risk arises from deposits with banks and financial institutions, credit exposure arising as a result of dividends receivable on equity securities, receivable against sale of investments and investments in debt securities. For banks and financial institutions, only reputed parties are accepted. Credit risk on dividend receivable is minimal due to statutory protection. All transactions in listed securities are settled / paid for upon delivery using the National Clearing Company of Pakistan Limited. The risk of default is considered minimal due to inherent systematic measures taken therein. Risk attributable to investment in Treasury Bills is limited as these are guaranteed by the Federal Government.

The Fund's policy is to enter into financial contracts in accordance with the internal risk management policies and investment guidelines approved by the Investment Committee. The Fund does not expect to incur material credit losses on its financial assets.

46 NATIONAL INVESTMENT (UNIT) TRUST NOTES TO AND FORMING PART OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2017

The analysis below summarises the credit quality of the Fund's financial assets as at 30 June 2017 and 30 June 2016:

Balance Percentage Rating Published Name of the bank as at 30 of total agency rating June 2017 bank balances (Rupees in '000)

National Bank of Pakistan 613 PACRA AAA 0.02 United Bank Limited 913 JCR-VIS AAA 0.03 MCB Limited 18,493 PACRA AAA 0.52 Bank Al-Habib Limited 3,498,549 PACRA AA+ 98.79 Allied Bank Limited 1,360 PACRA AA+ 0.04 Bank Al-Falah Limited 529 PACRA AA+ 0.01 Soneri Bank Limited 211 PACRA AA- 0.02 Summit Bank Limited 20,563 JCR-VIS A- 0.58 3,541,231 100.00

Balance Percentage Rating Published Name of the bank as at 30 of total bank agency rating June 2016 balances (Rupees in '000)

National Bank of Pakistan 425 PACRA AAA 0.02 Habib Bank Limited 8,555 JCR-VIS AAA 0.42 Bank Al-Habib Limited 1,709,891 PACRA AA+ 83.57 United Bank Limited 702 JCR-VIS AAA 0.03 Allied Bank Limited 426 PACRA AA+ 0.02 NIB Bank Limited 714 PACRA AA- 0.03 Bank Al-Falah Limited 1,973 PACRA AA 0.10 Summit Bank Limited 68,203 JCR-VIS A- (SO) 3.33 Soneri Bank Limited 252,789 PACRA A1+ 12.36 MCB Limited 2,436 PACRA A1+ 0.12 2,046,114 100.00

The maximum exposure to credit risk before any credit enhancement as at 30 June 2017 is the carrying amount of the financial assets. Investments in equity securities, however, are not exposed to credit risk.

Concentration of credit risk

Concentration of credit risk exists when changes in economic or industry factors similarly affect groups of counterparties whose aggregate credit exposure is significant in relation to the Fund's total credit exposure. The Fund's portfolio of financial instruments is mostly concentrated in equity securities.

22.3 Liquidity risk

Liquidity risk is the risk that the Fund may not be able to generate sufficient cash resources to settle its obligations in full as they fall due or can only do so on terms that are materially disadvantageous. The Fund is exposed to the daily settlement of equity securities and to daily cash redemptions, if any. The Fund's approach to managing liquidity is to ensure, as far as possible, that the Fund will always have sufficient liquidity to meet its liabilities when due under both normal and stressed conditions, without incurring unacceptable losses or risking damage to the Fund's reputation. Its policy is therefore to invest the majority of its assets in investments that are traded in an active market and can be readily disposed off. The Fund’s listed securities are considered readily realisable, as they are listed on the Pakistan Stock Exchange. The Fund has the ability to borrow in the short term to ensure settlement. The maximum amount available to the Fund from the borrowing would be limited to ten percent of the net assets upto 90 days and would be secured by the assets of the Fund. The facility would bear interest at commercial rates.

In order to manage the Fund's overall liquidity, the Fund may also withhold daily redemption requests in excess of ten percent of the units in issue and such requests would be treated as redemption requests qualifying for being processed on the next business day. Such procedure would continue until the outstanding redemption requests come down to a level below ten percent of the units then in issue. The Fund did not withhold any redemption requests during the year.

The table below analyses the Fund's financial liabilities into relevant maturity groupings based on the remaining period at the year end date to the contractual maturity date. The amounts in the table are the contractual undiscounted cash flows: 47 As at 30 June 2017 Over three Up to months and Over Total three up to one one year months year ------(Rupees in '000) ------Financial liabilities Short term borrowings 1,200,000 1,200,000 - - Payable to the National Investment Trust Limited - Management Company 303,355 303,355 - - Payable to the Central Depository Company of Pakistan Limited - Trustee 2,950 2,950 - - Payable against redemption of units 20,960 20,960 - - Accrued expenses and other liabilities 76,629 76,629 - - Dividend payable and unclaimed distribution 2,550,493 2,550,493 - - 2,954,387 2,954,387 - -

Unit holders' fund 81,793,413 81,793,413 22.3 Liquidity risk

Liquidity risk is the risk that the Fund may not be able to generate sufficient cash resources to settle its obligations in full as they fall due or can only do so on terms that are materially disadvantageous. The Fund is exposed to the daily settlement of equity securities and to daily cash redemptions, if any. The Fund's approach to managing liquidity is to ensure, as far as possible, that the Fund will always have sufficient liquidity to meet its liabilities when due under both normal and stressed conditions, without incurring unacceptable losses or risking damage to the Fund's reputation. Its policy is therefore to invest the majority of its assets in investments that are traded in an active market and can be readily disposed off. The Fund’s listed securities are considered readily realisable, as they are listed on the Pakistan Stock Exchange. The Fund has the ability to borrow in the short term to ensure settlement. The maximum amount available to the Fund from the borrowing would be limited to ten percent of the net assets upto NATIONAL90 days and INVESTMENT would be secured by the(UNIT) assets ofTRUST the Fund. The facility would bear interest at commercial rates.

NOTESIn order TOto ANDmanage FORMINGthe Fund's overall PARTliquidity, OFthe THEFund may FINANCIALalso withhold daily STATEMENTSredemption requests in excess of ten percent of the units in issue and such requests would be treated as redemption requests qualifying for being processed on the next business FOR THEday. Such YEARprocedure ENDEDwould 30continue JUNEuntil 2017the outstanding redemption requests come down to a level below ten percent of the units then in issue. The Fund did not withhold any redemption requests during the year.

As at 30 June 2017 Over three Up to months and Over Total three up to one one year months year ------(Rupees in '000) ------Financial liabilities Short term borrowings 1,200,000 1,200,000 - - Payable to the National Investment Trust Limited - Management Company 303,355 303,355 - - Payable to the Central Depository Company of Pakistan Limited - Trustee 2,950 2,950 - - Payable against redemption of units 20,960 20,960 - - Accrued expenses and other liabilities 76,629 76,629 - - Dividend payable and unclaimed distribution 2,550,493 2,550,493 - - 2,954,387 2,954,387 - -

Unit holders' fund 81,793,413 81,793,413

As at 30 June 2016 Over three Up to months and Total three Over one year up to one months year ------(Rupees in '000) ------

Financial liabilities Payable to the National Investment Trust Limited - Management Company 269,011 269,011 - - Payable to the Central Depository Company of Pakistan Limited - Trustee 2,584 2,584 - - Payable against redemption of units 15,554 15,554 - - Payable against purchase of investments 39,678 39,678 Accrued expenses and other liabilities 55,519 55,519 - - Dividend payable and unclaimed distribution 1,459,418 1,459,418 - - 1,841,764 1,841,764 - -

Unit holders' fund 66,830,297 66,830,297

23 UNIT HOLDERS' FUND RISK MANAGEMENT

The unit holders' fund is represented by redeemable units. They are entitled to distributions and to payment of a proportionate share based on the Fund's net asset value per unit on the redemption date. The relevant movements are shown on the 'Statement of Movement in Unit Holders' Fund'.

The Fund has no restrictions on the subscription and redemption of units. There is no specific capital requirement which is applicable to the Fund.

The Fund's objectives when managing unit holders' funds are to safeguard its ability to continue as a going concern so that it can continue to provide returns to the unit holders and to maintain a strong base of assets to meet unexpected losses or opportunities. 48 In accordance with the risk management policies as stated in note 22, the Fund endeavours to invest the subscriptions received in appropriate investments while maintaining sufficient liquidity to meet redemption requests, such liquidity being augmented by short- term borrowings or disposal of investments where necessary.

As required under the NBFC Regulations, every open end scheme shall maintain minimum fund size (i.e. net assets of the Fund) of Rs. 100 million at all times during the life of scheme. The Fund has maintained and complied with the requirements of minimum fund size during the year.

24 FAIR VALUE OF FINANCIAL INSTRUMENTS

Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. As at 30 June 2016 Over three Up to months and Total three Over one year up to one months year ------(Rupees in '000) ------

Unit holders' fund 66,830,297 66,830,297

23 UNIT HOLDERS' FUND RISK MANAGEMENT

NATIONALThe unit holders' INVESTMENTfund is represented (UNIT)by redeemable TRUSTunits. They are entitled to distributions and to payment of a proportionate share based on the Fund's net asset value per unit on the redemption date. The relevant movements are shown on the 'Statement NOTESof Movement TO AND in Unit FORMING Holders' Fund'. PART OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2017 The Fund has no restrictions on the subscription and redemption of units. There is no specific capital requirement which is applicable to the Fund.

In accordance with the risk management policies as stated in note 22, the Fund endeavours to invest the subscriptions received in appropriate investments while maintaining sufficient liquidity to meet redemption requests, such liquidity being augmented by short- term borrowings or disposal of investments where necessary.

24 FAIR VALUE OF FINANCIAL INSTRUMENTS

Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date.

Underlying the definition of fair value is the presumption that the Fund is a going concern without any intention or requirement to curtail materially the scale of its operations or to undertake a transaction on adverse terms.

The fair value of financial assets and liabilities traded in active markets i.e. listed equity shares are based on the quoted market prices at the close of trading on the period end date. The quoted market prices used for financial assets held by the Fund is current bid price.

A financial instrument is regarded as quoted in an active market if quoted prices are readily and regularly available from an exchange, dealer, broker, industry group, pricing service, or regulatory agency, and those prices represent actual and regularly occurring market transactions on an arm’s length basis.

- Quoted prices (unadjusted) in active markets for identical assets or liabilities (level 1).

- Inputs other than quoted prices included within level 1 that are observable for the asset or liability, either directly (that is, as prices) or indirectly (that is, derived from prices) (level 2).

- Inputs for the asset or liability that are not based on observable market data (that is, unobservable inputs) (level 3).

The following table shows the carrying amounts and fair values of financial assets and financial liabilities, including their levels in the fair value hierarchy.

30 June 2017 Carrying value Fair value

fair value Other Available - Loans and through financial Total Level 1 Level 2 Level 3 Total for - sale receivables profit or loss liabilities

------(Rupees in '000) ------On-balance sheet financial instruments Financial assets measured at fair value Investments - Shares / units of mutual funds 78,378,188 4,556,802 - - 82,934,990 82,923,904 - 11,086 82,934,990

Financial assets not measured at fair value 24.1 Bank balances - - 3,541,231 - 3,541,231 - - - - Dividend and other receivables - - 324,225 - 324,225 - - - - Security deposits - - 2,600 - 2,600 ------3,868,056 - 3,868,056 - - - - Financial liabilities not measured at fair value 24.1 Short term borrowings - - - 1,200,000 1,200,000 - - - - Payable to National Investment Trust Limited - Management Company - - - 303,355 303,355 Payable to Central Depository Company of Pakistan Limited - Trustee - - - 2,950 2,950 - - - - Payable against redemption of units - - - 20,960 20,960 - - - - Accrued expenses and other liabilities - - - 76,629 76,629 - - - - Dividend payable and unclaimed distribution - - - 2,550,493 2,550,493 - - - - 49 - - - 4,154,387 4,154,387 - - - -

30 June 2016 Carrying value Fair value

fair value Other Available-for- Loans and through profit financial Total Level 1 Level 2 Level 3 Total sale receivables or loss liabilities

------(Rupees in '000) ------On-balance sheet financial instruments Financial assets measured at fair value Investments - Shares / units of mutual funds 64,626,481 2,841,996 - - 67,468,477 67,292,142 - 187,421 67,479,563

Financial assets not measured at fair value Bank balances - - 2,046,114 - 2,046,114 - - - - Receivable against sale of investments - - 130 - 130 - - - - Dividend and other receivables - - 49,913 - 49,913 - - - - Security deposits - - 2,600 - 2,600 ------2,098,757 - 2,098,757 - - - -

Financial assets not measured at fair value Payable to National Investment Trust Limited - Management Company - - - 269,011 269,011 - - - - Payable to Central Depository Company of Pakistan Limited - Trustee - - - 2,584 2,584 - - - - Payable against redemption of units - - - 15,554 15,554 - - - - Payable against purchase of investments - - - 39,678 39,678 Accrued expenses and other liabilities - - - 55,519 55,519 - - - - Dividend payable and unclaimed distribution - - - 1,459,418 1,459,418 ------1,841,764 1,841,764 - - - -

24.1 The Fund has not disclosed the fair values for these financial assets and financial liabilities, as these are either short term in nature or reprice periodically. Therefore, their carrying amounts are reasonable approximation of fair value. Underlying the definition of fair value is the presumption that the Fund is a going concern without any intention or requirement to curtail materially the scale of its operations or to undertake a transaction on adverse terms.

IFRS 13, 'Fair Value Measurement' requires the Fund to classify fair value measurements using a fair value hierarchy that reflects the significance of the inputs used in making the measurements. The fair value hierarchy has the following levels: Underlying the definition of fair value is the presumption that the Fund is a going concern without any intention or requirement to curtail materially the scale of its operations or to undertake a transaction on adverse terms. - Quoted prices (unadjusted) in active markets for identical assets or liabilities (level 1). The fair value of financial assets and liabilities traded in active markets i.e. listed equity shares are based on the quoted market - Inputs other than quoted prices included within level 1 that are observable for the asset or liability, either directly (that is, as prices at the close of trading on the period end date. The quoted market prices used for financial assets held by the Fund is prices) or indirectly (that is, derived from prices) (level 2). current bid price. - Inputs for the asset or liability that are not based on observable market data (that is, unobservable inputs) (level 3). A financial instrument is regarded as quoted in an active market if quoted prices are readily and regularly available from an exchange, dealer, broker, industry group, pricing service, or regulatory agency, and those prices represent actual and regularly The following table shows the carrying amounts and fair values of financial assets and financial liabilities, including their levels in occurring market transactions on an arm’s length basis. the fair value hierarchy. IFRS 13, 'Fair Value Measurement' requires the Fund to classify fair value measurements using a fair value hierarchy that 30 June 2017 reflects the significance of the inputs used in making the measurements.Carrying value The fair value hierarchy has the followingFair value levels:

fair value Other - Quoted prices (unadjusted) in active Availablemarkets - for identicalLoans assets and or liabilities (level 1). through financial Total Level 1 Level 2 Level 3 Total for - sale receivables profit or loss liabilities - Inputs other than quoted prices included within level 1 that are observable for the asset or liability, either directly (that is, as NATIONALprices) orINVESTMENT indirectly (that is, derived (UNIT) from------prices) TRUST (level 2). (Rupees in '000) ------On-balance sheet financial instruments -FinancialInputs assets for measuredthe asset at fairor valueliability that are not based on observable market data (that is, unobservable inputs) (level 3). NOTESInvestments TO - SharesAND / units FORMING of mutual funds PART 78,378,188 OF 4,556,802THE FINANCIAL - - STATEMENTS 82,934,990 82,923,904 - 11,086 82,934,990 FOR THEThe following YEARtable ENDEDshows the30carrying JUNEamounts 2017 and fair values of financial assets and financial liabilities, including their levels in Financial assets not measured theat fair fair valuevalue hierarchy. 24.1 Bank balances - - 3,541,231 - 3,541,231 - - - - Dividend and other receivables - - 324,225 - 30 June 324,225 2017 - - - - Security deposits - - Carrying 2,600 value - 2,600 - Fair - value - - - - 3,868,056 - 3,868,056 - - - - Financial liabilities not measured fair value Other Available - Loans and through financial Total Level 1 Level 2 Level 3 Total at fair value 24.1 for - sale receivables Short term borrowings - profit or loss - - liabilities 1,200,000 1,200,000 - - - - Payable to National Investment Trust Limited - Management Company ------303,355 (Rupees 303,355 in '000) ------On-balancePayable to Central sheet financialDepository instruments Company Financialof Pakistan assets Limited measured - Trustee at fair value - - - 2,950 2,950 - - - - InvestmentsPayable against - Shares redemption / units of mutualunits funds 78,378,188 - 4,556,802 - - - 20,960 - 82,934,990 20,960 82,923,904 - - - 11,086 - 82,934,990 - Accrued expenses and other liabilities - - - 76,629 76,629 - - - - FinancialDividend payable assets notand measuredunclaimed distribution - - - 2,550,493 2,550,493 - - - - at fair value 24.1 - - - 4,154,387 4,154,387 - - - - Bank balances - - 3,541,231 - 3,541,231 - - - - Dividend and other receivables - - 324,225 - 30 June 324,225 2016 - - - - Security deposits - - Carrying 2,600 value - 2,600 - Fair- value - - - - 3,868,056 - 3,868,056 - - - - fair value Other Financial liabilities not measured Available-for- Loans and through profit financial Total Level 1 Level 2 Level 3 Total at fair value 24.1 sale receivables or loss liabilities Short term borrowings - - - 1,200,000 1,200,000 - - - - Payable to National Investment Trust ------(Rupees in '000) ------On-balanceLimited - Managementsheet financial Company instruments - - - 303,355 303,355 PayableFinancial to assetsCentral measured Depository at Company fair value Investmentsof Pakistan - Shares Limited / -units Trustee of mutual funds 64,626,481 - 2,841,996 - - - 2,950 - 67,468,477 2,950 67,292,142 - - - 187,421 - 67,479,563 - Payable against redemption of units - - - 20,960 20,960 - - - - Accrued expenses and other liabilities - - - 76,629 76,629 - - - - Financial assets not measured Dividend payable and unclaimed distribution - - - 2,550,493 2,550,493 - - - - at fair value - - - 4,154,387 4,154,387 - - - - Bank balances - - 2,046,114 - 2,046,114 - - - - Receivable against sale of investments - - 130 - 130 - - - - Dividend and other receivables - - 49,913 - 30 June 49,913 2016 - - - - Security deposits - - Carrying 2,600 value - 2,600 - Fair - value - - - - 2,098,757 - 2,098,757 - - - - fair value Other Available-for- Loans and through profit financial Total Level 1 Level 2 Level 3 Total sale receivables Financial assets not measured or loss liabilities at fair value Payable to National Investment Trust ------(Rupees in '000) ------On-balanceLimited - sheetManagement financial Company instruments - - - 269,011 269,011 - - - - FinancialPayable to assets Central measured Depository at Company fair value Investmentsof Pakistan - Shares Limited / units- Trustee of mutual funds 64,626,481 - 2,841,996 - - - 2,584 - 67,468,477 2,584 67,292,142 - - - 187,421 - 67,479,563 - Payable against redemption of units - - - 15,554 15,554 - - - - FinancialPayable against assets purchase not measured of investments - - - 39,678 39,678 Accruedat fair expenses value and other liabilities - - - 55,519 55,519 - - - - BankDividend balances payable and unclaimed distribution - - - - 2,046,114 - 1,459,418 - 2,046,114 1,459,418 ------Receivable against sale of investments - - - - 130 - 1,841,764 - 1,841,764 130 ------Dividend and other receivables - - 49,913 - 49,913 - - - - Security deposits - - 2,600 - 2,600 - - - - 24.1 The Fund has not disclosed the fair values -for these -financial 2,098,757assets and - financial 2,098,757liabilities, as - these are - either -short term - in nature or reprice periodically. Therefore, their carrying amounts are reasonable approximation of fair value. Financial assets not measured 25 TRANSACTIONSat fair value WITH BROKERS / DEALERS Payable to National Investment Trust Limited - Management Company - - - 269,011 269,011 - - - - PayableList of to topCentral ten Depository brokers Company by percentage of commission paid for the year ended 30 June 2017: of Pakistan Limited - Trustee - - - 2,584 2,584 - - - - PayableParticulars against redemption of units - - - 15,554 15,554 - - Percentage- - Payable against purchase of investments - - - 39,678 39,678 (%) AccruedArif Habib expenses Limited and other liabilities - - - 55,519 55,519 - - - 3.10 - Dividend payable and unclaimed distribution - - - 1,459,418 1,459,418 - - - - AKD Securities Limited - - - 1,841,764 1,841,764 - - - 3.08 - JS Global Capital Limited 3.00 Concordia Securities (Private) Limited 2.65 The Fund has not disclosed the fair values for these financial assets and financial liabilities, as these are either short term in 24.1 Al-Habib Capital Markets (Private) Limited 2.56 natureElixir Securities or reprice Pakistan periodically. (Private) Therefore, Limited their carrying amounts are reasonable approximation of fair value. 2.54 Cassim Investment (Private) Limited 2.54 Lakhani Securites (Private) Limited 2.52 BMA Capital Management Limtied 2.50 Habib Metro Financial Services Limited 2.32

List of top ten brokers by percentage of commission paid during year ended 30 June 2016:

Particulars Percentage (%) 50 Arif Habib Limited 3.14 JS Global Capital Limited 3.06 AKD Securities Limited 2.93 Al-Habib Capital Markets (Private) Limited 2.91 Concordia Securities (Private) Limited 2.90 Cassim Investment (Private) Limited 2.90 Lakhani Securites (Private) Limited 2.88 Elixir Securities Pakistan (Private) Limited 2.83 Habib Metro Financial Services Limited 2.81 Global Securities Pakistan Limited 2.76

26 PARTICULARS OF INVESTMENT COMMITTEE AND FUND MANAGER

Details of members of the investment committee of the Fund are as follows:

As at 30 June 2017 Experience S.No. Name Designation Qualification (years)

1 Mr. Shahid Ghaffar Chief Executive Officer / MBA 40 Managing Director

2 Mr. Manzoor Ahmed * Chief Operating Officer / MBA, DAIBP & Candidate for 28 Head of Asset Management CFA Level III

3 Mr. Shahid Anwar Head of MD's Secretariat MBA & DAIBP 40 and Personnel

4 Mr. Aamir Amin Head of Finance FCA 20

5 Mr. M. Imran Rafiq Head of Research MBA and CFA 14

6 Syed Raza Abbas Jaffery Head of Trading MBA 20

8 Mr. Ammar Habib Manager / In-charge Risk MS & FRM 7 Management

9 Faisal Aslam Head of Compliance MBA (finance), BBA (hons), 11.5 CIMA-ADIMA (UK)

* Mr. Manzoor Ahmed is the Manager of the Fund and he is also managing NIT - State Enterprise Fund. 25 TRANSACTIONS WITH BROKERS / DEALERS

List of top ten brokers by percentage of commission paid for the year ended 30 June 2017:

Particulars Percentage (%) Arif Habib Limited 3.10 AKD Securities Limited 3.08 JS Global Capital Limited 3.00 Concordia Securities (Private) Limited 2.65 NATIONALAl-Habib Capital INVESTMENT Markets (Private) (UNIT)Limited TRUST 2.56 Elixir Securities Pakistan (Private) Limited 2.54 NOTESCassim TO Investment AND FORMING (Private) Limited PART OF THE FINANCIAL STATEMENTS 2.54 FOR THELakhani YEAR Securites ENDED (Private) 30 Limited JUNE 2017 2.52 BMA Capital Management Limtied 2.50 Habib Metro Financial Services Limited 2.32

List of top ten brokers by percentage of commission paid during year ended 30 June 2016:

Particulars Percentage (%) Arif Habib Limited 3.14 JS Global Capital Limited 3.06 AKD Securities Limited 2.93 Al-Habib Capital Markets (Private) Limited 2.91 Concordia Securities (Private) Limited 2.90 Cassim Investment (Private) Limited 2.90 Lakhani Securites (Private) Limited 2.88 Elixir Securities Pakistan (Private) Limited 2.83 Habib Metro Financial Services Limited 2.81 Global Securities Pakistan Limited 2.76

26 PARTICULARS OF INVESTMENT COMMITTEE AND FUND MANAGER

Details of members of the investment committee of the Fund are as follows:

As at 30 June 2017 Experience S.No. Name Designation Qualification (years)

1 Mr. Shahid Ghaffar Chief Executive Officer / MBA 40 Managing Director

2 Mr. Manzoor Ahmed * Chief Operating Officer / MBA, DAIBP & Candidate for 28 Head of Asset Management CFA Level III

3 Mr. Shahid Anwar Head of MD's Secretariat MBA & DAIBP 40 and Personnel

4 Mr. Aamir Amin Head of Finance FCA 20

5 Mr. M. Imran Rafiq Head of Research MBA and CFA 14

6 Syed Raza Abbas Jaffery Head of Trading MBA 20

8 Mr. Ammar Habib Manager / In-charge Risk MS & FRM 7 Management

9 Faisal Aslam Head of Compliance MBA (finance), BBA (hons), 11.5 CIMA-ADIMA (UK)

* Mr. Manzoor Ahmed is the Manager of the Fund and he is also managing NIT - State Enterprise Fund.

51 NATIONAL INVESTMENT (UNIT) TRUST NOTES TO AND FORMING PART OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2017

27 ATTENDANCE AT MEETINGS OF BOARD OF DIRECTORS

The 323rd, 324th, 325th, 326th, 327th and 328th Board meetings were held on 7 September 2016, 28 October 2016, 13 January 2017, 27 February 2017, 28 April 2017 and 22 June 2017. respectively. Information in respect of attendance by the Directors in the meetings is given below:

Number of meetings Held during S.No. Name of Director Leave Meetings not attended tenor of Attended granted directorship

1 Mr. Shahid Ghaffar* 5 5 - 2 Mr. Mian Nusrat-ud-Din 6 5 1 328th meeting 3 Mr. Syed Ahmed Iqbal Ashraf* 3 3 - 4 Mr. Jamal Nasim 6 6 - 5 Mr. Muhtashim Ahmed Ashai 6 5 1 324th meeting 6 Mr. Muhammad Hanif Akhai* 2 1 1 324th meeting 7 Mr. Yameen Kerai 6 6 - 8 Mr. Iqbal Adamjee 6 6 - 9 Syed Arshad Ali* 3 3 - 10 Mr Mansoor Masood Khan* 2 - 2 327th & 328th meeting 11 Mr. Muhammad Siddique Memon* 2 1 1 327th meeting 12 Mr. Arshad Ahmed 6 6 - 13 Mr. Khalid Mohsin Shaikh* 5 4 1 326th meeting

* Syed Ahmed Iqbal Ashraf left on expiry of contract of directorship and Mr.Muhammad Hanif Akhai (nominee director of United Bank Limited), Syed Arshad Ali (nominee director of Pakistan Reinsurance Company Limited), Mr Rayamond Kotwal (nominee director of Habib Bank Limited) resigned w.e.f 27 February 2017, 13 January 2017, 27 February 2017 and 07 September 2016 respectively. Mr. Mansoor Masood Khan, Mr. Muhammad Siddique Memon and Mr. Khalid Mohsin Shaikh were appointed in their place w.e.f 13 January 2017, 27 February 2017 and 07 September 2016 respectively. Government of Pakistan appointed Mr. Shahid Ghaffar for a period of three years which expired on 22 May 2017.

28 PATTERN OF UNIT HOLDING As at 30 June 2017 Number of Investment Category Percentage unit holders amount (Rupees in '000)

Individuals 47,000 30,945,321 37.83 Associated Companies / Directors 5 19,260 0.02 Insurance Companies 16 8,846,447 10.82 Banks / Development Finance Institutions 33 1,387,650 1.70 Non-Banking Finance Institutions 15 7,332,482 8.96 Retirement funds 338 23,902,791 29.22 Public Limited Companies 8 488,000 0.60 Others 485 8,871,464 10.85 47,900 81,793,415 100.00

As at 30 June 2016 Number of Investment Category Percentage unit holders amount (Rupees in '000)

Individuals 47,259 25,067,552 37.51 Associated Companies / Directors 5 14,919 0.02 Insurance Companies 19 9,518,608 14.24 Banks / Development Finance Institutions 32 1,266,238 1.89 Non-Banking Finance Institutions 15 6,230,790 9.32 Retirement funds 340 18,731,951 28.03 Public Limited Companies 6 314,142 0.47 Others 491 5,686,097 8.51 48,167 66,830,297 100.00

52 27 ATTENDANCE AT MEETINGS OF BOARD OF DIRECTORS

Number of meetings Held during S.No. Name of Director Leave Meetings not attended tenor of Attended granted directorship

28 PATTERN OF UNIT HOLDING As at 30 June 2017 Number of Investment Category Percentage unit holders amount (Rupees in '000)

Individuals 47,000 30,945,321 37.83 Associated Companies / Directors 5 19,260 0.02 Insurance Companies 16 8,846,447 10.82 NATIONALBanks / Development INVESTMENT Finance Institutions (UNIT) TRUST 33 1,387,650 1.70 Non-Banking Finance Institutions 15 7,332,482 8.96 NOTESRetirement TO AND funds FORMING PART OF THE FINANCIAL STATEMENTS338 23,902,791 29.22 FOR THEPublic YEARLimited CompaniesENDED 30 JUNE 2017 8 488,000 0.60 Others 485 8,871,464 10.85 47,900 81,793,415 100.00

As at 30 June 2016 Number of Investment Category Percentage unit holders amount (Rupees in '000)

29 DATE OF AUTHORISATION FOR ISSUE

These financial statements were authorised for issue on September 26, 2017 by the Board of Directors of the Management Company.

30 GENERAL

Figures have been rounded off to the nearest thousand rupees unless, otherwise specified.

For National Investment Trust Limited (Management Company)

Sd/- Sd/- Sd/- Managing Director Director Director

53 NATIONAL INVESTMENT (UNIT) TRUST PERFORMANCE TABLE LAST 3 YEARS

JUNE 17 JUNE 16 JUNE 15

Total Net Asset Value Ex-Dividend (Rs. In 000’s) 81,793,413 66,830,297 70,852,025

Net Asset Value per Unit Ex-dividend (Rs./unit) 83.74 65.15 63.75

Last Issue Price per Unit * (Rs./unit) 90.75 71.60 69.95

Last Repurchase Price per Unit * (Rs./unit) 88.24 69.65 68.00

Highest Issue Price During the year (Rs./unit) 101.45 70.25 72.85

Lowest Issue Price During the year (Rs./unit) 67.65 61.15 54.70

Highest Repurchase Price During the year (Rs./unit) 98.49 68.17 70.72

Lowest Repurchase Price During the year (Rs./unit) 65.65 59.35 53.11

Total Return of the Fund % 35.44 9.59 20.25 Capital Growth % 28.53 2.53 12.74 Income Distribution % 6.91 7.06 7.51

Distribution per Unit (Interim) (Rs./unit) 4.50 4.50 4.25

Distribution Date 22-Jun-17 15-Jun-16 24-Jun-15

KSE 100 Index Return 23.24 9.84 16.01

Average Annual Return One Year % 35.44 9.59 20.25 Two Years % 22.52 14.92 38.62 Three Years % 21.76 28.94 45.22

Note: All investments in Mutual Funds and securities are subject to Market Risks. Our target return/dividend range can not be guaranteed. NIT’s unit price is neither guaranteed nor administered/managed. It is based on Net Asset Value (NAV) and the NAV of NIT units may go up or down depending upon the factors and forces affecting the stock market. Past performance is not indicative of future returns.

* These are cum-dividend prices of 30th June.

PROXY VOTED BY CIS

National Investment (Unit) Trust - (NI(U)T):

Resolutions For Against Abstain Numbers 312 312 0 - Percentage 100% 0% -

The proxy voting policy of the NIT is available on the website of the National Investment Trust Limited and detailed information regarding actual proxies voted by NIT in respect of NI(U)T Fund is also available without charge, upon request, to all unit holders.

During the period =97= General Meetings were attended . The other meetings which were not participated, were either due to nominal holdings or routine matters etc.