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Note: Detailed monthly reports of NBP Funds are also available on our website www.nbpfunds.com

AM1 NBP Fund Management Limited For More Information & Investment Rated by PACRA

*Subject to conditions as per section 62 and 63 of the Income Tax Ordinance, 2001. Disclaimer: All investment in mutual funds and pension funds are subject to market risk. Past performance is not necessarily indicative of future results. Please read the Offering Documents to understand the investment policies and the risks involved. NBP Funds or any of its sales representative cannot guarantee preservation / protection of capital and / or expected returns / profit on investments. NBP FUNDS Table of Contents Managing Your Savings Table of Contents 1-2 CEO’s Write-up 03 Capital Market Review

NBP Government Securities 04 05 NBP Money Market Fund Liquid Fund NGSLF NMMF

06 NBP Government Securities NBP Government Securities Savings Fund 07 Plan - I NGSSF NGSP-I

08 NBP Mahana Amdani Fund 09 NBP Financial Sector Income Fund NMAF NFSIF

10 NBP Income Opportunity Fund 11 NBP Savings Fund NIOF NBP-SF

12 NBP Sarmaya Izafa Fund 13 NBP Balanced Fund NSIF NBF

14 NBP Stock Fund 15 NBP Financial Sector Fund NSF NFSF

16 NBP Pakistan Growth Exchange 17 NAFA Pension Fund NBP-GETF Traded Fund NPF NBP FUNDS Managing Your Savings Historical Performance of Various Investment Avenues The last four years have been challenging for the stock market investors. This subdued performance of the stock market has come after eight consecutive years of robust returns during which the KSE-100 Index surged by around 585%. Looking at the long-term performance of the stock market, it is evident that such periods with depressed returns do not stay forever. In the long run, stocks have outperformed all other asset classes, although it is volatile in the short-term. Historical market data cannot predict the future but it is still a useful guide to understand the potential risks and rewards for investors. With that in mind, we examine past performance of key domestic asset classes for a 20-year period from May 2001 to April 2021. We have included six asset categories for which long-term data is available: Treasury Bills, Bank Deposits, National Savings Schemes (NSS), Pakistan Investment Bonds (PIBs), Capital Protected Strategy (CPS), and Stocks. CPS is a synthetic asset class under which portfolio is dynamically managed between the low risk and high risk components with the aim of capital preservation, while also capturing some upside of the stock market. The results of the CPS are based on back-testing as this strategy was not in practice during this entire period. Inflation, as measured by CPI, has averaged 8.1% per annum and Pak Rupee has depreciated against the US Dollar by 4.7% per year, over the last twenty years.

The historical analysis, as given in the Table below depicts that stocks offered the highest nominal and real return amongst all asset classes. An investment of PKR 100 in stocks in May 2001 would be worth PKR 3,238 by the end of April 2021. During the same period, PKR 100 investment in bank deposits and T-Bills would have increased to a paltry PKR 327 and PKR 530, respectively.

Special Savings Pakistan Capital Bank Asset class T-bill Certificates Investment Protected Equity Deposit (SSC) Bonds (PIB) Strategy (CPS)

Nominal annualized return 6.0% 8.7% 9.7% 12.5% 13.8% 19.0% Inflation 8.1% 8.1% 8.1% 8.1% 8.1% 8.1% Real return (adjusted for inflation) -2.0% 0.5% 1.4% 4.0% 5.3% 10.0% Annualized Standard Deviation (Risk) 0.5% 1.1% 6.3% 12.1% 7.9% 25.6% Sharpe Ratio* N/A** N/A 0.15 0.31 0.65 0.40 Value of Rs. 100 at the end of 20 years - Nominal value 327 530 633 1,049 1,329 3,238 Value of Rs. 100 at the end of 20 years - Real value 67 111 133 220 279 680 *Sharpe Ratio = Excess return per unit of risk = (Expected return – Risk free rate)/(Standard deviation), we have used 6M T-bill as a proxy for risk free rate **Due to negative excess return, standard Sharpe ratio is meaningless Source: SBP Statistical Bulletin, KSE, NSS website, NBP Funds Research

The outcome of the above analysis supports the basic notion that there Value of Rs.100 at the end of 20 years - Nominal NOMINAL RETURN Bank Deposit T-Bill SSC PIB CPS Equity Value of is a positive relationship between risk and return, meaning higher the Rs.100 Annualized Return 6.0% 8.7% 9.7% 12.5% 13.8% 19.0% risk the higher the return. In line with the expectation, stocks exhibited 4,000 Annualized STDEV (Risk) 0.5% 1.1% 6.3% 12.1% 7.9% 25.6% the highest volatility, and bank deposits and T-Bills have the lowest risk. Equity, 3,238 The analysis also shows that over a long investment horizon, stocks 3,000 delivered the highest return. 2,000 One take away from this analysis is that investors with long-term goals CPS, 1,329 like educating their children, owning a house, or saving for retirement 1,000 PIB, 1,049 SSC, 633 should have some of their assets invested in stocks, preferably through T-Bill, 530 Bank Deposit, 327 stock mutual funds, while investors with low-risk appetite due to short - term investment needs, should invest in bank deposit or as an Apr-01 Apr-02 Apr-03 Apr-04 Apr-05 Apr-06 Apr-07 Apr-08 Apr-09 Apr-10 Apr-11 Apr-12 Apr-13 Apr-14 Apr-15 Apr-16 Apr-17 Apr-18 Apr-19 Apr-20 Apr-21 alternative in money market / income funds.

Well managed stock mutual funds have provided better returns to their Relative Performance of NBP Stock Fund Vs. Various Asset Classes investors than the stock market and other asset classes including real From January 2011 to March 2021 estate over the last ten (10) years period. For performance comparison, Value of Rs.100 NBP Stock Fund (NSF) Rs. 522 we have used the index provided by Zameen.com for the performance KSE-100 Index Rs. 371 of real estate sector. As a case in point, our flagship stock fund, NBP NBP Sarmaya Izafa Fund (NSIF) Rs. 345 Stock Fund (NSF) has out-performed the stock market by 151% over Lahore Real Estate Rs. 304 the last 10 years (from January 2011 till March 2021) by earning a Karachi Real Estate Rs. 266 return of 422% versus 271% rise in the stock market. An investment of Special Savings Certificates Rs. 238 NBP Mahana Amdani Fund (NMAF) Rs. 235 Rs. 100 in NBP Stock Fund 10 years ago would have grown to Rs. 522 GOLD Rs. 212 today, whereas an investment of Rs. 100 in the stock market (KSE-100 Inflation (CPI) Rs. 199 Index) 10 years ago would be worth Rs. 371 today. This out-performance Bank Deposit Rs. 188 of the Fund is net of management fee, and all other expenses. USD Rs. 178 Source: SBP, PSX, MUFAP, Bloomberg, zameen.com, NSS website

Looking ahead, we hold a positive view on the stock market driven by improving economic outlook, attractive stock market valuations, easier monetary conditions, comfortable external account position, and promising corporate earnings prospects. From the fundamental perspective, the stock market is trading at an attractive Price-to-Earnings (P/E) multiple of 6.3x versus the long-term average of 8.4x. On relative valuation, 15.9% Earnings Yield offered by the stock market looks appealing compared with 10% yield on 10-years PIBs. Corporate earnings, the dominant driver of the stock market are expected to grow at double-digit rate over the next two to three years, based on our estimate. We expect the SBP to maintain the prevailing accommodative monetary policy stance with a modest 50-100 bps increase in the Policy Rate in CY21. Taken together, the market is well poised to deliver healthy double digit returns in CY21, and beyond. Therefore, we advise investors with medium to long-term investment horizon to build positions in stocks through our NBP stock funds, which have a superior performance track record.

Disclaimer: This publication is for informational purpose only and nothing herein should be construed as a solicitation, recommendation or an offer to buy or sell the fund. All investments in mutual funds and pension funds are subject to market risks. The price of units may go up as well as down. Past Performance is not necessarily indicative of future results. NBP Funds or any of its sales representative cannot guarantee preservation / protection of capital and / or expected returns / profit on investments. Page 02 Capital Market Review NBP FUNDS Managing Your Savings April 2021 Stock Market Review During April 2021, amid large daily swings, the market remained listless with the benchmark KSE-100 Index falling by 326 points (modest decline of 0.7%) on a month-on-month basis. It may be recalled that the market declined by 2.8% during March 2021. In our view, this lacklustre market performance is attributable to mounting investors’ concerns on the surging Coronavirus cases in the country and threat to the business activity and corporate profitability. On the other hand, the market completely ignored robust ongoing corporate result season where majority of the companies across various sectors posted robust earnings, some even surpassing lofty expectations. Long awaited resumption of the IMF program and in turn release of tranche of USD 500 million and borrowing of USD 2.5 billion through Eurobonds during the last month also failed to lift market sentiments. We see the recent market correction as a buying opportunity for investors with medium to long-term investment horizon.

During the month, Auto Parts & Accessories, Chemical, Commercial Banks, Fertilizers, Food & Personal Care, Glass & Ceramics, Pharmaceuticals, Vanaspati and Technology sectors performed better than the market. On the contrary, Auto Assemblers, Cable & Elec. Goods, Engineering, Oil & Gas Exploration and Marketing, Paper & Board, Power, Refineries sectors lagged behind. On participant-wise activity, Other Organizations emerged as the largest buyers in the market with net inflows worth USD 21 million. Alongside, Individuals, Brokers, and Mutual Funds were also buyers with net inflows amounting to USD 7 million, USD 5 million, and USD 5 million, respectively. On the selling front, we saw major net outflows from Foreigners and Companies to the tune of USD 17 million and USD 13 million, respectively.

Going forward, we continue to reiterate our positive view on the market over the medium to long-term investment horizon. Our sanguine view on the market is driven by pick-up in the economic activity, which is also reflected by the robust earnings announcements in the recent results season across various industries. On the economic front, GDP is well poised to grow at around 2.5-3% during FY21 driven by uptick in agriculture sector and buoyancy in the manufacturing sector. External account is also favourably placed as 9MFY21 current account number stands at a surplus of around USD 959 million. SBP’s FX reserves stand at USD 16.4 billion, highest level since May-17, and the overall country reserves are also at multi-year high level. To augment Balance of Payment (BoP) position, the recently introduced Roshan Digital Account (RDA) has also achieved great success. The recent surge in the Covid-19 cases and rising infection and fatality ratio are a potential threat to the ongoing economic recovery, however we believe that the valuable experience from the past, and the medical advances/knowledge have allowed the authorities to opt for more targeted controls to contain the spread of this pandemic. Thus, we think that this time around, the economic cost of the restrictions/smart and targeted lockdowns will be limited.

From the fundamental perspective, the market is trading at an attractive forward Price-to-Earnings (P/E) multiple of 6.3x, versus 10-year average of 8.4x. The stock market also offers a healthy dividend yield of 6%. Earnings of the corporate listed sector are well poised to grow at double-digit rate over the next two to three years, based on our estimates.

In our view, the market holds potential to deliver robust return in CY21, and beyond driven by: (i) double-digit corporate earnings growth rate over the next two to three years; (ii) a healthy 6% dividend yield; and (iii) some P/E re-rating. Therefore, investors with medium to long-term horizon are advised to build positions in equities through our NBP stock funds. Money Market Review With a quantum jump in food prices, inflation as measured by CPI clocked in at 11.1% on a year-on-year basis for April 2021, compared with 9.1% for the previous month. We expect CPI to remain elevated in the next few months due to base effect, expected upward adjustment in power tariff, and some revenue measures in the upcoming federal budget. However, to counter the risks to the economic recovery from the recent surge in the Covid-19 cases in the country, the SBP is expected to maintain the prevailing accommodative monetary policy stance. We anticipate a modest 50-100 bps increase in the Policy Rate in CY21.

During the outgoing month, SBP held two T-Bill auctions with a combined target of Rs. 1,600 billion against the maturity of Rs. 1,432 billion. In the first T-Bill auction, an amount of Rs. 842 billion was accepted at a cut-off yield of 7.47% and 7.80% for 3-month and 6-month tenures, whereas, bids for 12-month tenor were rejected. In the second T-Bill auction, an amount of Rs. 689 billion was accepted at a cut-off yield of 7.40% and 7.69% for 3-month and 6-month tenures, whereas, bids for 12-month tenor were rejected. In the PIB auction, bids worth Rs. 211 billion were realized for 3-year, 5-year, 10-year, 15-year and 20-year tenures at a cut-off yield of 9.27%, 9.85%, 10.25%, 10.48% and 10.61%, respectively.

We have calibrated the portfolio of our money market and income funds based on our interest rate outlook and will remain alert to any developments that may influence our investment strategy.

MONTHLY REPORT (MUFAP's Recommended Format) April 2021 Unit Price (30/04/2021): Rs.10.2092 Performance % FYTD - Rolling 12 FY - FY - FY - FY - FY - Last 3 Last 5 Last 10 Performance Period Apr-2021 Since Launch 2021 Months 2020 2019 2018 2017 2016 Years* Years* Years* May 15, 2009*

NBP GOVERNMENT SECURITIES LIQUID FUND 6.7% 6.3% 6.5% 12.5% 8.5% 5.3% 7.6% 5.7% 9.0% 8.0% 8.3% 8.7%

BENCHMARK 6.8% 6.7% 6.9% 11.7% 8.7% 5.4% 5.3% 6.0% 9.0% 7.5% 8.2% 8.6%

Management Fee: 1% of Net Income (Min 0.2% p.a., Max 1.0% p.a.) Government Securities (AAA rated) 74.3% w.e.f 27-Oct-20. AAA 2.5% 0.20% p.a. of average net assets during the month. AA+ 9.5% Unrated 0.1% Total Expense Ratio: 1.24% p.a. (including 0.19% government levies) Others including Receivables 13.6% Selling & Marketing Expenses: 0.5% per annum Total 100% Risk Profile / Risk of principal Very Low / Principal at very low risk erosion: Fund Stability Rating: "AAA (f)" by PACRA Listing: Pakistan Stock Exchange Name of the Members of Investment Committee Custodian & Trustee: Central Depository Company (CDC) Dr. Amjad Waheed, CFA Auditors: Yousuf Adil Chartered Accountants Sajjad Anwar, CFA Benchmark: 70% 3-Month PKRV & 30% average 3-Month Asim Wahab Khan, CFA deposit rates of three AA rated banks as selected Muhammad Ali Bhabha, CFA, FRM by MUFAP Hassan Raza, CFA Fund Manager: Muhammad Ali Bhabha, CFA, FRM Minimum: Growth Unit: Rs. 10,000/- Dispute Resolution / Complaint Handling Subscription: Income Unit: Rs. 100,000/- Complaint Service : www.nbpfunds.com/contact-us/investor-relations Asset Manager Rating: AM1 by PACRA (Very High Quality) SECP’s Service Desk Management System: sdms.secp.gov.pk Asset Allocation (% of Total Assets) 30-Apr-21 31-Mar-21 T-Bills 74.3% 41.1% Money Market Placements (LOP) 9.3% 0.0% Bank Deposits 2.8% 58.5% Others including Receivables 13.6% 0.4% Total 100.0% 100.0% Leverage Nil Nil

Sindh Workers' Welfare Fund (SWWF) The scheme has maintained provisions against Sindh Workers' Welfare Fund's liability to the tune of Rs. 25,624,653/-. If the same were not made the NAV per unit / last one year return of scheme would be higher by Rs. 0.1260/1.31%. For details investors are advised to read note 5 of the latest financial statements of the Scheme.

Notes: 1) The calculation of performance does not include cost of front end load. 2) Taxes apply. Further, tax credit also available as per section 62 of the Income Tax Ordinance, 2001. Disclaimer: This publication is for informational purposes only and nothing herein should be construed as a solicitation, recommendation or an offer to buy or sell any fund. All investments in mutual funds are subject to market risks. Past performance is not necessarily indicative of future results. Please read the offering Document to understand investment policies and the risks involved. NBP Funds or any of its sales representative cannot guarantee preservation / protection of capital and / or expected returns / profit on investments. Page 04 NBP MONEY MARKET FUND (NMMF)

MONTHLY REPORT (MUFAP's Recommended Format) April 2021 Unit Price (30/04/2021): Rs.9.8896 Performance % Since Launch FYTD - Rolling 12 FY - FY - FY - FY - FY - Last 3 Last 5 Performance Period Apr-2021 February 23, 2021 Months 2020 2019 2018 2017 2016 Years* Years* 2012*

NBP MONEY MARKET FUND 7.1% 6.6% 6.7% 12.8% 9.0% 5.6% 6.6% 6.3% 9.4% 8.1% 8.2%

BENCHMARK 6.8% 6.7% 6.9% 11.7% 8.7% 5.4% 5.1% 4.6% 9.0% 7.4% 7.0%

Sindh Workers' Welfare Fund (SWWF) The scheme has maintained provisions against Sindh Workers' Welfare Fund's liability to the tune of Rs.172,086,294/=. If the same were not made the NAV per unit/last one year return of scheme would be higher by Rs. 0.0894/0.96%. For details investors are advised to read note 8 of the latest financial statements of the Scheme.

MONTHLY REPORT (MUFAP's Recommended Format) April 2021 Unit Price (30/04/2021): Rs.10.7801 Performance % FYTD - Rolling 12 FY - FY - FY - FY - FY - Last 3 Last 5 Since Launch Performance Period Apr-2021 2021 Months 2020 2019 2018 2017 2016 Years* Years* July 10, 2014*

NBP GOVERNMENT SECURITIES SAVINGS FUND 8.5% 5.0% 4.8% 21.2% 7.8% 5.0% 5.8% 6.5% 11.1% 8.8% 9.3%

BENCHMARK 7.6% 7.2% 7.3% 12.1% 9.9% 6.2% 5.9% 6.2% 9.7% 8.2% 8.1%

MONTHLY REPORT (MUFAP's Recommended Format) April 2021 Unit Price (30/04/2021): Rs.10.4988 Performance % Since Launch March 18, Performance Period Apr-2021 FYTD - 2021 Rolling 12 Months FY - 2020 2019*

NBP GOVERNMENT SECURITIES PLAN-I 6.2% 5.5% 5.7% 18.4% 10.9%

BENCHMARK 7.6% 7.2% 7.3% 12.1% 10.1%

Management Fee: 0.6% p.a As the asset allocation of the Fund shows, exposure in Government Securities was Total Expense Ratio: 1.69% p.a.(including 0.21% government levies) around 90% of Total Assets and 91% of Net Assets at the end of the month. The weighted average time-to-maturity of the Fund is around 0.2 year. Selling & Marketing Expenses: 0.1% p.a Risk Profile / Risk of principal Medium / Principal at medium risk We will rebalance the allocation of the Fund proactively based on the capital market erosion: outlook. Fund Stability Rating: "AA-(f)" by PACRA Listing: Pakistan Stock Exchange Custodian & Trustee: Central Depository Company (CDC) Auditors: KPMG Taseer Hadi & Co, Chartered Accountants Credit Quality of the Portfolio as of April 30 , 2021 (% of Total Assets) Government Securities (AAA rated) 89.9% Benchmark: Average 6-month PKRV AA- 7.1% Fund Manager: Muhammad Ali Bhabha CFA,FRM Others including Receivables 3.0% Minimum Subscription: Rs. 10,000/- Total 100% Asset Manager Rating: AM1 by PACRA (Very High Quality) Asset Allocation (% of Total Assets) 30-Apr-21 31-Mar-21 PIBs 84.4% 80.1% T-Bills 5.5% 5.3% Name of the Members of Investment Committee Bank Deposits 7.1% 12.1% Dr. Amjad Waheed, CFA Others including Receivables 3.0% 2.5% Sajjad Anwar, CFA Total 100.0% 100.0% Asim Wahab Khan, CFA Leverage Nil Nil Muhammad Ali Bhabha, CFA, FRM Hassan Raza, CFA Dispute Resolution / Complaint Handling Complaint Service : www.nbpfunds.com/contact-us/investor-relations Sindh Workers' Welfare Fund (SWWF) SECP’s Service Desk Management System: sdms.secp.gov.pk The scheme has maintained provisions against Sindh Workers' Welfare Fund's liability to the tune of Rs. 1,211,503/. If the same were not made the NAV per unit/since inception return of scheme would be higher by Rs. 0.0655/.66%. For details investors are advised to read the note 5 of the latest financial statements of the Scheme.

MONTHLY REPORT (MUFAP's Recommended Format) April 2021 Unit Price (30/04/2021): Rs.10.4187 Performance %

FYTD - Rolling 12 FY - FY - FY - FY - FY - Last 3 Last 5 Last 10 Since Launch Performance Period Apr-2021 2021 Months 2020 2019 2018 2017 2016 Years* Years* Years* November 21, 2009*

NBP MAHANA AMDANI FUND 6.7% 7.2% 7.6% 12.9% 9.1% 5.4% 8.1% 6.3% 9.6% 8.5% 8.6% 8.8%

BENCHMARK 7.8% 7.4% 7.5% 12.2% 10.2% 6.3% 5.8% 4.7% 9.9% 8.3% 7.6% 7.7%

Sindh Workers' Welfare Fund (SWWF) The scheme has maintained provisions against Sindh Workers' Welfare Fund's liability to the tune of Rs. 13,710,429/-. If the same were not made the NAV per unit/last one year return of scheme would be higher by Rs.0.0230/ 0.24%. For details investors are advised to read note 7 of the latest financial statements of the Scheme

MONTHLY REPORT (MUFAP's Recommended Format) April 2021 Unit Price (30/04/2021): Rs.10.5963 Performance % Since Launch FYTD - Rolling 12 FY - FY - FY - FY - FY - Last 3 Last 5 Performance Period Apr-2021 October 28, 2021 Months 2020 2019 2018 2017 2016 Years* Years* 2011*

NBP FINANCIAL SECTOR INCOME FUND 7.2% 7.8% 8.3% 13.5% 9.3% 6.0% 8.4% 6.4% 10.1% 8.9% 9.1%

BENCHMARK 7.8% 7.4% 7.5% 12.2% 10.2% 6.3% 6.0% 5.9% 9.9% 8.4% 8.5%

* Annualized Return Based on Morning Star Methodology. All other returns are Annualized Simple Return. The performance reported is net of management fee & all other expenses and based on dividend reinvestment gross of with-holding tax where applicable. General Information Investment Objective Launch Date: October 28, 2011 To provide income enhancement and preservation of capital by investing in prime Fund Size: Rs. 41,872 million quality Financial Sector TFCs/Sukuks, Bank deposits and short-term money market Type: Open-end - Income Fund instruments. Dealing Days: Daily – Monday to Friday Fund Manager Commentary Dealing Time: (Mon - Fri) 9:00 A.M to 5:30 P.M The Fund generated an annualized return of 7.2% p.a. in the month of April 2021 Settlement: 2-3 business days versus the Benchmark return of 7.8% p.a. Since its launch in October 2011, the Fund Pricing Mechanism: Forward Pricing has generated an annualized return of 9.1% p.a. against the Benchmark return of 8.5% Load: Load: Front End Load (Individual with takaful p.a., hence an out-performance of 0.6% p.a. This out-performance is net of coverage): Amount upto Rs.5 million: 3%, Amount management fee and all other expenses. over and above Rs.5 million and up to Rs.25 million: 1%, Amount exceeding Rs.25 million, load The Fund is unique as it invests a minimum 70% of its assets in Financial Sector will be charged on Rs.5 million: 3% (mainly banks) debt securities, instruments or deposits. Minimum entity rating of issuers of debt securities is "AA-". This minimizes credit risk and at the same time Front end load (Individual under Health Takaful enhances liquidity of the Fund. Duration of the overall portfolio cannot be more than Plan): Amount upto Rs. 4 million: 3%, Amount over one year. This minimizes interest rate or pricing risk. and above Rs.4 million and up to Rs.25 million: 1%, Amount exceeding Rs.25 million, load will be Exposure in TFCs/Sukuks was 9.4% of net assets at the end of the month with charged on Rs. 4 million: 3%, average time to maturity of around 4.4 years. The TFC portfolio of the Fund is predominantly floating rate linked to KIBOR. The weighted average time-to-maturity of Front End Load (others): 1% (Nil if amount greater the Fund is around 0.45 year. than 25 million), Back end Load: 0% Management Fee: 6% of Net Income (min: 0.5% p.a., max: 1.5% p.a.) We will rebalance the allocation of the Fund proactively based on the capital market w.e.f 12-July-19. outlook. 0.51% p.a. of average net assets during the month Credit Quality of the Portfolio as of April 30 , 2021 (% of Total Assets) Total Expense Ratio: 1.31% p.a (including 0.25% government levies) Government Securities (AAA rated) 2.3% Selling & Marketing Expenses: 0.1% per annum (w.e.f Mar 30, 2020) AAA 4.6% Risk Profile / Risk of principal Medium / Principal at medium risk AA+ 28.5% erosion: AA 2.4% Fund Stability Rating: ‘A+(f)’ by PACRA AA- 21.9% Listing: Pakistan Stock Exchange A+ 21.3% Custodian & Trustee: Central Depository Company (CDC) A 16.6% Auditors: KPMG Taseer Hadi & Co, Chartered Accountants CFS / MTS 0.7% Benchmark: 6-Month KIBOR Others including Receivables 1.3% Fund Manager: Muhammad Ali Bhabha, CFA, FRM RFS 0.4% Minimum: Growth Unit: Rs. 10,000/- Total 100% Subscription: Income Unit: Rs. 100,000/- Asset Manager Rating: AM1 by PACRA (Very High Quality) Asset Allocation (% of Total Assets) 30-Apr-21 31-Mar-21 TFCs / Sukuk 9.3% 9.4% Name of the Members of Investment Committee Placements with Banks and DFIs 4.7% 0.0% Dr. Amjad Waheed, CFA T-Bills 2.3% 1.1% Sajjad Anwar, CFA Bank Deposits 53.8% 87.2% Asim Wahab Khan, CFA Others including Receivables 1.3% 1.2% Muhammad Ali Bhabha, CFA, FRM Money Market Placements (LOP) 20.4% 0.0% Hassan Raza, CFA Certificate of Investments (COI) 7.1% 0.0% Sindh Workers' Welfare Fund (SWWF) CFS / MTS 0.7% 1.0% The scheme has maintained provisions against Sindh Workers' Welfare Fund's liability to the tune of RFS 0.4% 0.1% Rs. 64,561,553/-. If the same were not made the NAV per unit/last one year return of scheme would be higher by Rs. 0.0163/0.17%. For details investors are advised to read note 5 of the latest financial Total 100.0% 100.0% statements of the Scheme. Leverage Nil Nil Dispute Resolution / Complaint Handling Top TFC (as at April 30 , 2021) (% of Total Assets) Complaint Service : www.nbpfunds.com/contact-us/investor-relations Samba Bank Limited 01-MAR-21 01-MAR-31 2.0% SECP’s Service Desk Management System: sdms.secp.gov.pk HUBCO Suk-2 Rev 22-AUG-19 22-AUG-23 2.0% KE Suk 03-AUG-20 03-AUG-27 1.6% Hub Power Holding Limited 12-NOV-20 12-NOV-25 1.2% Askari Commercial Bank Limited 17-MAR-20 17-MAR-30 0.8% HUBCO Rev 19-MAR-20 19-MAR-24 0.6% JSCL-11 06-MAR-18 06-SEP-23 0.3% JS Bank Limited 14-DEC-16 14-DEC-23 0.3% JS Bank Limited 29-DEC-17 29-DEC-24 0.3% JSCL-10 18-JUL-17 18-JUL-23 0.2%

MONTHLY REPORT (MUFAP's Recommended Format) April 2021 Unit Price (30/04/2021): Rs.11.4615 Performance %

FYTD - Rolling 12 FY - FY - FY - FY - FY - Last 3 Last 5 Last 10 Since Launch Performance Period Apr-2021 2021 Months 2020 2019 2018 2017 2016 Years* Years* Years* April 21, 2006*

NBP INCOME OPPORTUNITY FUND 7.1% 7.9% 8.3% 13.3% 9.2% 5.3% 6.3% 7.5% 10.0% 8.3% 8.5% 8.4%

BENCHMARK 7.8% 7.4% 7.5% 12.2% 10.2% 6.3% 6.1% 6.5% 9.9% 8.4% 9.1% 10.1%

* Annualized Return Based on Morning Star Methodology. All other returns are Annualized Simple Return. The performance reported is net of management fee & all other expenses and based on dividend reinvestment gross of with-holding tax where applicable. General Information Investment Objective Launch Date: April 21, 2006 To seek maximum possible preservation of capital and a reasonable rate of return via Fund Size: Rs. 9,430 million investing primarily in money market & debt securities having good credit rating and Type: Open-end - Income Fund liquidity. Dealing Days: Daily – Monday to Friday Fund Manager Commentary Dealing Time: (Mon - Fri) 9:00 A.M to 5:30 P.M The Fund posted an annualized return of 7.1% p.a. in April 2021 versus the Settlement: 2-3 business days Benchmark return of 7.8% p.a. The reported return is net of management fee and all Pricing Mechanism: Forward Pricing other expenses. Load: Front End Load (Individual with takaful coverage):Amount upto Rs.5 million: 3%, Amount The weighted average time to maturity of the Fund is around 0.6 year. The Fund's over and above Rs.5 million and up to Rs.25 sector allocation is fairly diversified with exposure to Banking, Financial Service, Textile million: 1%, Composite, Sugar & Allied Industries and Power Generation & Distribution. TFC Amount exceeding Rs.25 million, load will be portfolio of the Fund is predominantly floating rate linked to KIBOR. However, since charged on Rs.5 million: 3% TFCs prices may go up or down, therefore, only investors with medium-term Front end load (Individual under Health Takaful investment horizon are advised to invest in this Fund. Plan): Amount upto Rs. 4 million: 3%, Amount over and above Rs.4 million and up to Rs.25 million: 1%, We will rebalance the allocation of the Fund proactively based on the capital market Amount exceeding Rs.25 million, load will be outlook. charged on Rs. 4 million: 3%, Front End Load(others): 1% (Nil if amount greater Credit Quality of the Portfolio as of April 30 , 2021 (% of Total Assets) than 25 million), Back end Load: 0% Government Securities (AAA rated) 7.7% Management Fee: 6% of Net Income (min: 0.5% p.a., max: 1.0% AAA 0.4% p.a.)w.e.f 12-July-19. 0.58% p.a. of average net AA+ 16.5% assets during the month AA- 25.6% Total Expense Ratio: 2.14% p.a (including 0.26% government levies) A+ 12.2% Selling & Marketing Expenses: 0.70% p.a. A 18.0% Risk Profile / Risk of principal Medium / Principal at medium risk BBB+ 1.5% erosion: CFS / MTS 3.1% Fund Stability Rating: "A(f)" by PACRA Unrated 0.1% Listing: Pakistan Stock Exchange Others including Receivables 6.0% Custodian & Trustee: Central Depository Company (CDC) RFS 8.9% Auditors: A. F. Ferguson & Co., Chartered Accountants Benchmark: 6-Month KIBOR Total 100% Fund Manager: Muhammad Ali Bhabha, CFA, FRM Minimum: Growth Unit: Rs. 10,000/- Subscription: Income Unit: Rs. 100,000/- Details of Non-Compliant Investments Asset Manager Rating: AM1 by PACRA (Very High Quality) Value of Value of Type of % of % of Investments Provision Investments Asset Allocation (% of Total Assets) Particulars Investment Net Gross 30-Apr-21 31-Mar-21 before held after Assets Assets Cash 48.2% 67.6% Provision New Allied Electronics Limited II - Sukkuk 44,148,934 44,148,934 0 0.0% 0.0% Money Market Placements (LOP) 7.3% 0.0% Sukuk 03-DEC-07 03-DEC- Eden House Limited - Sukuk Sukkuk 9,056,250 9,056,250 0 0.0% 0.0% TFCs / Sukuk 18.8% 18.0% Revised 29-MAR-08 29-SEP-25 PACE Pakistan Limited - Revised TFC 149,820,000 149,820,000 0 0.0% 0.0% T-Bills 7.7% 4.6% 15-FEB-08 15-FEB-22 AgriTech Limited V 01-JUL-11 01- TFC 32,320,000 32,320,000 0 0.0% 0.0% CFS / MTS 3.1% 1.0% JAN-25 AgriTech Limited I - Revised II 29- TFC 149,860,200 149,860,200 0 0.0% 0.0% RFS 8.9% 6.5% NOV-07 29-NOV-25 Dewan Cement Limited (Pre-IPO) Pre IPO TFC 150,000,000 150,000,000 0 0.0% 0.0% Others including Receivables 6.0% 2.3% 17-JAN-08 17-JAN-22 Azgard Nine Limited III (PP) - TFC 106,313,680 106,313,680 0 0.0% 0.0% Total 100.0% 100.0% Revised 04-DEC-07 04-DEC- New Allied Electronics Limited TFC 31,706,536 31,706,536 0 0.0% 0.0% Leverage Nil Nil (PP) 15-MAY-07 15-NOV-22 Worldcall RS - III 10-APR-18 20- TFC 74,976,975 74,976,975 0 0.0% 0.0% SEP-26 Saudi Pak Leasing Company TFC 41,321,115 41,321,115 0 0.0% 0.0% Top TFC (as at April 30 , 2021) (% of Total Assets) Limited - Revised II 13-MAR- Azgard Nine Limited V (PPTFC Fixed Rate TFCs 82,180,000 82,180,000 0 0.0% 0.0% KE Suk 03-AUG-20 03-AUG-27 4.2% Markup) 31-MAR-12 31-MAR- Azgard Nine Limited (Non-Voting Equity 12,854 12,854 0 0.0% 0.0% JS Bank Limited 14-DEC-16 14-DEC-23 3.1% Ordinary Shares) Total 871,716,544 871,716,544 0 0.0% 0.0% Hub Power Holding Limited 12-NOV-20 12-NOV-25 1.7% Bank of Punjab Limited 23-APR-18 23-APR-28 1.6% Name of the Members of Investment Committee JSCL-11 06-MAR-18 06-SEP-23 1.2% Dr. Amjad Waheed, CFA HUBCO Suk-2 Rev 22-AUG-19 22-AUG-23 1.1% Sajjad Anwar, CFA Masood Textile Mills Ltd. Suk 17-DEC-19 17-DEC-24 1.0% Asim Wahab Khan, CFA JS Bank Limited 29-DEC-17 29-DEC-24 1.0% Muhammad Ali Bhabha, CFA, FRM Javedan Corp Ltd. SUK 04-OCT-18 04-OCT-26 1.0% Hassan Raza, CFA Silk Bank Limited 10-AUG-17 10-AUG-25 0.9% Dispute Resolution / Complaint Handling Sindh Workers' Welfare Fund (SWWF) Complaint Service : www.nbpfunds.com/contact-us/investor-relations The scheme has maintained provisions against Sindh Workers' Welfare Fund's liability to the tune of SECP’s Service Desk Management System: sdms.secp.gov.pk Rs.49,922,515/-. If the same were not made the NAV per unit/last one year return ofscheme would be higher by Rs.0.0607/.57%. For details investors are advised to read note 8 of thelatest financial statements of the Scheme. Notes: 1) The calculation of performance does not include cost of front end load. 2) Taxes apply. Further, tax credit also available as per section 62 of the Income Tax Ordinance, 2001. Disclaimer: This publication is for informational purposes only and nothing herein should be construed as a solicitation, recommendation or an offer to buy or sell any fund. All investments in mutual funds are subject to market risks. Past performance is not necessarily indicative of future results. Please read the Offering Document to understand investment policies and the risks involved. The scheme holds certain non-compliant investments. Before making any investment decision, investors should review the latest monthly Fund Manager Report and Financial Statements. The reported returns may include provisioning and reversal of provisioning against some debt securities. NBP Funds or any of its salesPage 10 representative cannot guarantee preservation / protection of capital and / or expected returns / profit on investments. NBP SAVINGS FUND (NBP-SF)

MONTHLY REPORT (MUFAP's Recommended Format) April 2021 Unit Price (30/04/2021): Rs.10.3356 Performance %

FYTD - Rolling 12 FY - FY - FY - FY - FY - Last 3 Last 5 Last 10 Since Launch Performance Period Apr-2021 2021 Months 2020 2019 2018 2017 2016 Years* Years* Years* March 28, 2008*

NBP SAVINGS FUND 6.1% 6.6% 7.1% 12.1% 9.3% 5.5% 6.5% 6.9% 9.3% 8.0% 5.3% 5.4%

BENCHMARK 7.8% 7.4% 7.5% 12.2% 10.2% 6.3% 6.1% 6.5% 9.9% 8.4% 9.1% 9.9%

Notes: 1) The calculation of performance does not include cost of front end load. 2) Taxes apply. Further, tax credit also available as per section 62 of the Income Tax Ordinance, 2001. Disclaimer: This publication is for informational purposes only and nothing herein should be construed as a solicitation, recommendation or an offer to buy or sell any fund. All investments in mutual funds are subject to market risks. Past performance is not necessarily indicative of future results. Please read the Offering Documents to understand the investment policies and the risks involved. The scheme holds certain non-compliant investments. Before making any investment decision, investors should review the latest monthly Fund Manager Report and Financial statements. The reported return may include provisions and reversal of provisions. NBP Funds or any of its sales representative cannot guarantee Page 11 preservation / protection of capital and / or expected returns / profit on investments. NBP SARMAYA IZAFA FUND (NSIF)

MONTHLY REPORT (MUFAP's Recommended Format) April 2021 Unit Price (30/04/2021): Rs.16.5238 Performance %

FYTD - Rolling 12 FY - FY - FY - FY - FY - Last 3 Last 5 Last 10 Since Launch Performance Period Apr-2021 2021 Months 2020 2019 2018 2017 2016 Years* Years* Years* August 20, 2010*

NBP SARMAYA IZAFA FUND (1.7)% 13.0% 13.1% 8.2% (8.7)% (6.8)% 29.9% 7.6% 2.4% 6.8% 12.2% 13.1%

BENCHMARK (0.01)% 16.2% 16.6% 10.8% (3.9)% (2.8)% 14.2% 6.2% 6.1% 7.2% 8.9% 9.4%

Name of the Members of Investment Committee Characterstics of Equity Portfolio** Dr. Amjad Waheed, CFA PER PBV DY Sajjad Anwar, CFA NSIF 6.0 1.2 5.0% Asim Wahab Khan, CFA KSE-30 5.7 1.0 6.8% Hassan Raza, CFA ** Based on NBP Funds estimates Muhammad Ali Bhabha, CFA, FRM Top Five Sectors (% of Total Assets) (as on April 30 ,2021) Dispute Resolution / Complaint Handling Commercial Banks 12.6 % Complaint Service : www.nbpfunds.com/contact-us/investor-relations Cement 10.8 % SECP’s Service Desk Management System: sdms.secp.gov.pk Oil & Gas Exploration Companies 8.9 % Fertilizer 5.9 % Textile Composite 4.8 % Others 25.9 % Sindh Workers' Welfare Fund (SWWF) The Scheme has maintained provisions against Sindh worker’s welfare Fund’s liability to the tune of Rs. 23,905,033/- if the same were not made the NAV Per unit/last one year return of the Scheme would be higher by Rs. 0.2797/1.91%.For details investors are advised to read the note 5 of the latest Financial Statements of the Scheme.

MONTHLY REPORT (MUFAP's Recommended Format) April 2021 Unit Price (30/04/2021): Rs.18.9880 Performance %

FYTD - Rolling 12 FY - FY - FY - FY - FY - Last 3 Last 5 Last 10 Since Launch Performance Period Apr-2021 2021 Months 2020 2019 2018 2017 2016 Years* Years* Years* January 19, 2007*

NBP BALANCED FUND (1.1)% 13.8% 13.8% 7.4% (8.5)% (6.2)% 28.4% 8.7% 2.4% 7.1% 13.7% 12.4%

BENCHMARK 0.1% 16.9% 17.2% 10.7% (3.6)% (2.8)% 14.1% 7.1% 6.3% 7.7% 10.1% 8.6%

* Annualized return. All other returns are cumulative. The performance reported is net of management fee & all other expenses and based on dividend reinvestment gross of with-holding tax where applicable. General Information Investment Objective Launch Date: January 19, 2007 The objective of NBP Balanced Fund (NBF) is to provide investors with a combination Fund Size: Rs. 1,558 million of capital growth and income. NBF aims to achieve attractive returns at moderate Type: Open-end – Balanced Fund levels of risk by investing in a variety of asset classes such as stocks, bonds, money Dealing Days: Daily – Monday to Friday market instruments, MTS, commodities etc. Dealing Time: (Mon-Thr) 9:00 A.M to 3:00 P.M Fund Manager Commentary (Friday) 9:00 A.M to 4:00 P.M During the month under review, NBP Balanced Fund's (NBF) unit price (NAV) Settlement: 2-3 business days decreased by 1.1% whereas the Benchmark increased by 0.1%, thus an Pricing Mechanism: Forward Pricing underperformance of 1.2% was recorded. Since inception on January 19, 2007 your Load: Front end: 3% (Nil if amount greater than Rs. 50 Fund has posted 12.4% p.a return, versus 8.6% p.a by the Benchmark. Thus, to-date million), Back end: 0% the outperformance of your Fund stands at 3.8% p.a. This outperformance is net of Management Fee: 1.5% per annum w.e.f 12-Jul-19 management fee and all other expenses. Total Expense Ratio: 4.12% p.a.(including 0.54% government levies) NBF started off the month with an allocation of around 59% in equities which increased Selling & Marketing Expenses: 1.75% p.a. w.e.f. Jan. 26, 2021 to around 60% towards the end of the month. NBF underperformed the Benchmark in Risk Profile / Risk of principal High / Principal at high risk April as the Fund was underweight in select Technology & Communication, erosion: Commercial Banks, and Fertilizer sectors stocks which outperformed the market and Listing: Pakistan Stock Exchange overweight in select Engineering, Chemical, and Cement sectors stocks which Custodian & Trustee: Central Depository Company (CDC) underperformed the market. During the month, the allocation was primarily increased in Auditors: Grant Thornton Anjum Rahman, Chartered Commercial Banks, Engineering, Fertilizer, and Textile Composite sectors, whereas it Accountants was reduced primarily in Oil & Gas Exploration Companies and Power Generation & Benchmark: Daily weighted return of KSE-30 Total Return Index Distribution Companies sectors. & 6-month KIBOR based on Fund's actual allocation. Fund Manager: Asim Wahab Khan, CFA Top Ten Holdings (as on April 30 ,2021) Minimum Subscription: Growth Unit: Rs. 10,000/- Asset % of Total Name Income Unit: Rs. 100,000/- Class Assets Asset Manager Rating: AM1 by PACRA (Very High Quality) Lucky Cement Limited Equity 4.6% Asset Allocation (% of Total Assets) 30-Apr-21 31-Mar-21 Habib Bank Limited Equity 3.5% Equities / Stocks 60.1% 58.8% Mari Petroleum Company Limited Equity 3.4% TFCs / Sukuks 10.7% 10.6% Hub Power Company Limited Sukkuk 3.2% Cash 3.1% 29.2% Mughal Iron & Steel Industries Limited Sukkuk 3.1% Others including receivables 26.1% 1.4% Hub Power Company Limited Equity 2.6% Total 100.0% 100.0% Jahangir Siddiqui and Company Limited TFC 2.5% Leverage Nil Nil Engro Corporation Limited Equity 2.3% Fauji Fertilizer Company Limited Equity 2.2% Mughal Iron & Steel Industries Ltd Equity 2.1% Characterstics of Equity Portfolio** PER PBV DY Details of Non-Compliant Investments NBF 6.0 1.2 4.9% Value of Value of Type of % of % of KSE-30 5.7 1.0 6.8% Investments Provision Investments Particulars Investment Net Gross ** Based on NBP Funds estimates before held after Assets Assets Provision Top Five Sectors (% of Total Assets) (as on April 30 ,2021) Eden House Limited - Sukuk Sukkuk 9,843,750 9,843,750 0 0.0% 0.0% Revised 29-MAR-08 29-SEP-25 Commercial Banks 10.8 % New Allied Electronics Limited I - Sukkuk 10,000,000 10,000,000 0 0.0% 0.0% Sukuk 25-JUL-07 25-JUL-22 Cement 9.1 % Saudi Pak Leasing Company TFC 27,547,410 27,547,410 0 0.0% 0.0% Limited - Revised II 13-MAR- Oil & Gas Exploration Companies 8.0 % SHAKARGANJ FOOD Sukkuk 25,054,133 0 25,054,133 1.6% 1.6% PRODUCTS LTD. (10-07-18) Fertilizer 5.6 % Total 72,445,293 47,391,160 25,054,133 1.6% 1.6% Textile Composite 4.2 % Others 22.4 % Name of the Members of Investment Committee Dr. Amjad Waheed, CFA Sindh Workers' Welfare Fund (SWWF) The Scheme has maintained provisions against Sindh worker’s welfare Fund’s Sajjad Anwar, CFA liability to the tune of Rs 18,117,117/- if the same were not made the NAV Per unit/last one year Asim Wahab Khan, CFA return of the Scheme would be higher by Rs 0.2208/1.32%.For details investors are advised to read Hassan Raza, CFA the note 7 of the latest Financial Statements of the Scheme. Muhammad Ali Bhabha, CFA, FRM Dispute Resolution / Complaint Handling Complaint Service : www.nbpfunds.com/contact-us/investor-relations SECP’s Service Desk Management System: sdms.secp.gov.pk

Notes: 1) The calculation of performance does not include cost of front end load. 2) Taxes apply. Further, tax credit also available as per section 62 of the Income Tax Ordinance, 2001. Disclaimer: This publication is for informational purposes only and nothing herein should be construed as a solicitation, recommendation or an offer to buy or sell any fund. All investments in mutual funds are subject to market risks. Past performance is not necessarily indicative of future results. Please read the Offering Documents to understand the investment policies and the risks involved. The scheme holds certain non-compliant investments. Before making any investment decision, investors should review the latest monthly Fund Manager Report and Financial statements. The reported return may include provisions and reversal of provisions. NBP Funds or any of its sales representative cannot guarantee Page 13 preservation / protection of capital and / or expected returns / profit on investments. NBP STOCK FUND (NSF)

MONTHLY REPORT (MUFAP's Recommended Format) April 2021 Unit Price (30/04/2021): Rs.15.1305 Performance %

FYTD - Rolling 12 FY - FY - FY - FY - FY - Last 3 Last 5 Last 10 Since Launch Performance Period Apr-2021 2021 Months 2020 2019 2018 2017 2016 Years* Years* Years* January 19, 2007*

NBP STOCK FUND (2.1)% 26.4% 26.0% (0.2)% (18.0)% (9.7)% 33.7% 11.4% (1.0)% 5.7% 17.0% 12.8%

BENCHMARK (0.4)% 28.4% 27.5% (0.5)% (18.2)% (10.0)% 17.9% 7.1% (1.1)% 3.7% 9.1% 5.3%

Benchmark: KSE-30 Total Return Index Fund Manager: Asim Wahab Khan, CFA Minimum Subscription: Growth Unit: Rs. 10,000/- Top Ten Holdings (as on April 30 , 2021) Income Unit: Rs. 100,000/- Name % of Total Assets Asset Manager Rating: AM1 by PACRA (Very High Quality) Habib Bank Limited 7.1% Asset Allocation (% of Total Assets) 30-Apr-21 31-Mar-21 Lucky Cement Limited 6.1% Equities / Stock 96.1% 94.6% Mari Petroleum Company Limited 5.1% Cash 0.5% 4.5% Others including Receivables 3.4% 0.9% United Bank Limited 4.7% Total 100.0% 100.0% Kohat Cement Limited 3.8% Leverage Nil Nil Systems Limited 3.3% Hub Power Company Limited 3.2%

Characterstics of Equity Portfolio** Bank AL-Habib Limited 3.1% PER PBV DY Pak Petroleum Limited 3.0% NSF 6.1 1.2 4.7% Engro Polymer Chemical Limited 3.0% KSE-30 5.7 1.0 6.8% ** Based on NBP Funds estimates Name of the Members of Investment Committee Top Five Sectors (% of Total Assets) (as on April 30 ,2021) Dr. Amjad Waheed, CFA Commercial Banks 19.4 % Sajjad Anwar, CFA Cement 15.0 % Asim Wahab Khan, CFA Oil & Gas Exploration Companies 12.6 % Hassan Raza, CFA Fertilizer 6.5 % Dispute Resolution / Complaint Handling Textile Composite 6.5 % Complaint Service : www.nbpfunds.com/contact-us/investor-relations Others 36.1 % SECP’s Service Desk Management System: sdms.secp.gov.pk Sindh Workers' Welfare Fund (SWWF) The Scheme has maintained provisions against Sindh Worker’s Welfare Fund’s liability to the tune of Rs. 181,078,907/- if the same were not made the NAV Per unit/Last one year return of the Scheme would be higher by Rs. 0.1413/01.18%. For details investors are advised to read the Note 5 of the latest Financial Statements of the Scheme.

MONTHLY REPORT (MUFAP's Recommended Format) April 2021 Unit Price (30/04/2021): Rs.8.8533 Performance % Since Launch Rolling 12 Performance Period Apr-2021 FYTD - 2021 FY - 2020 FY - 2019 Last 3 Years* February 14, 2018* Months

NBP FINANCIAL SECTOR FUND 1.2% 15.7% 13.6% (15.6)% (9.4)% (5.5)% (3.7)%

BENCHMARK (0.4)% 28.4% 27.5% (0.5)% (18.2)% (1.1)% 0.5%

Selling & Marketing Expenses: 2% per annum (w.e.f 26-Jan-21) Top Ten Holdings (as on April 30 , 2021) Risk Profile / Risk of principal High / Principal at high risk Name % of Total Assets erosion: Listing: Pakistan Stock Exchange Habib Bank Limited 18.0% Custodian & Trustee: Central Depository Company (CDC) United Bank Limited 15.9% Auditors: A. F. Ferguson & Co., Chartered Accountants Benchmark: KSE 30 Index (Total Return Index) Bank AL-Habib Limited 13.4% Fund Manager: Asim Wahab Khan, CFA Adamjee Insurance Co Limited 10.2% Minimum Subscription: Growth Unit: Rs. 10,000/- Bank Alfalah Limited 8.7% Income Unit: Rs. 100,000/- Asset Manager Rating: AM1 by PACRA (Very High Quality) Meezan Bank Limited 6.0% Asset Allocation (% of Total Assets) 30-Apr-21 31-Mar-21 MCB Bank Limited 5.7% Equities / Stocks 97.0% 93.5% IGI Holdings Limited 3.8% Cash Equivalents 0.8% 3.3% Allied Bank Limited 3.8% Others including Receivables 2.2% 3.2% Faysal Bank Limited 3.5% Total 100.0% 100.0% Leverage Nil Nil Name of the Members of Investment Committee Dr. Amjad Waheed, CFA Characterstics of Equity Portfolio** Sajjad Anwar, CFA Asim Wahab Khan, CFA PER PBV DY Hassan Raza, CFA NFSF 5.7 0.8 8.7% Dispute Resolution / Complaint Handling KSE-30 5.7 1.0 6.8% ** Based on NBP Funds estimates Complaint Service : www.nbpfunds.com/contact-us/investor-relations SECP’s Service Desk Management System: sdms.secp.gov.pk Top Sectors (% of Total Assets) (as on April 30 ,2021) Commercial Banks 83.0 % Insurance 14.0 % Sindh Workers' Welfare Fund (SWWF) The Scheme has maintained provisions against sindh worker’s welfare Fund’s liability to the tune of Rs. 2,316,131/- if the same were not made the NAV Per unit/return of the Scheme would be higher by Rs 0.0472/.61%.For details investors are advised to read the Note 5 of the latest Financial Statements of the Scheme.

MONTHLY REPORT (MUFAP's Recommended Format) April 2021 Unit Price (30/04/2021): Rs.11.2767 Performance %

Performance Period Apr-2021 Since Launch October 6, 2020*

NBP PAKISTAN GROWTH EXCHANGE TRADED FUND 0.8% 12.8%

BENCHMARK 1.0% 15.6%

* Cumulative return. The performance reported is net of management fee & all other expenses and based on dividend reinvestment gross of with-holding tax where applicable.

General Information Investment Objective Launch Date: October 6, 2020 NBP Pakistan Growth Exchange Traded Fund (NBP-GETF) aims to track the Fund Size: Rs. 63 million authorized benchmark index as per the investment methodology constituted by the Type: Open-end - Exchange Traded Fund Management Company. Dealing Days: As per PSX Fund Manager Commentary Dealing Time: Every Dealing Day – 9:00 AM – 4:00 PM NBP Funds launched its NBP Pakistan Growth Exchange Traded Fund (NBP-GETF) in Settlement: 2-3 business days October 2020, aiming to provide an opportunity to invest and benefit from the strong Pricing Mechanism: Backward Pricing growth of the 15 blue-chip stocks listed on the Pakistan Stock Exchange (PSX). Load: Front end: 0%, Back end: 0% Management Fee: Upto 0.75% p.a. During the month under review, NBP-GETF unit price (NAV) increased by 0.8% versus Total Expense Ratio: 1.77% p.a (including 0.41% government levies) Benchmark return of 1.0%. Tracking error for the period was 0.1%. This performance is net of management fee and all other expenses. The Fund started off the month with an Risk Profile / Risk of principal High / Principal at high risk allocation of around 93% in equities. The stocks in the NBP-GETF belong to erosion: Commercial Banks, Cements, Fertilizers, Oil & Gas Exploration, Power Generation & Listing: Pakistan Stock Exchange Distribution, Oil & Gas Marketing sectors and Technology & Communication sectors. Custodian & Trustee: Central Depository Company (CDC) During the month, Commercial Banks, Fertilizer and Technology & Communication Auditors: A. F. Ferguson & Co, Chartered Accountants Companies sectors stocks outperformed the market and Cements, Power Generation & Distribution, Oil & Gas Marketing Companies, and Oil & Gas Exploration sectors Benchmark: NBP Pakistan Growth Index (NBPPGI) stocks underperformed the market. Fund Manager: Asim Wahab Khan, CFA Asset Manager Rating: AM1 by PACRA (Very High Quality) Asset Allocation (% of Total Assets) 30-Apr-21 31-Mar-21 Equity Securities 93.2% 93.6% Top Ten Holdings (as on April 30 , 2021) Cash 4.5% 4.1% Name % of Total Assets Others including Receivables 2.3% 2.3% Total 100.1% 100.0% TRG Pakistan Limited 12.8% Leverage Nil Nil Lucky Cement Limited 11.1% Habib Bank Limited 7.6% Engro Corporation Limited 7.3% Characterstics of Equity Portfolio** Pak Petroleum Limited 6.9% PER PBV DY NBP-GETF 6.2 1.2 6.3% Hub Power Company Limited 6.6% NBPPGI 5.5 0.9 7.9% Oil and Gas Development Co Limited 6.4% ** Based on NBP Funds estimates Pakistan State Oil Co Limited 6.0% Top Five Sectors (% of Total Assets) (as on April 30 ,2021) United Bank Limited 5.3% Commercial Banks 23.3 % Fauji Fertilizer Company Limited 5.1% Oil & Gas Exploration Companies 17.1 % Fertilizer 16.4 % Name of the Members of Investment Committee Technology & Communication 12.8 % Dr. Amjad Waheed, CFA Cement 11.1 % Sajjad Anwar, CFA Others 12.5 % Asim Wahab Khan, CFA Sindh Workers' Welfare Fund (SWWF) Hassan Raza, CFA The scheme has maintained provisions against Sindh Workers' Welfare Fund's liability to the tune of Rs. 146,432/-. If the same were not made the NAV per unit/last one year return of scheme would be Dispute Resolution / Complaint Handling higher by Rs. 0.0261/0.26%. For details investors are advised to read note 5 of the latest financial Complaint Service : www.nbpfunds.com/contact-us/investor-relations statements of the Scheme. SECP’s Service Desk Management System: sdms.secp.gov.pk

MONTHLY REPORT (MUFAP's Recommended Format) April 2021 Performance % NAV Per Since Launch Fund Size Apr FYTD - Rolling 12 FY - FY - FY - FY - FY - Last 3 Last 5 Unit (Rs.) July 02, (Rs. in mln) 2021 2021 Months 2020 2019 2018 2017 2016 Years Years Apr 30, 2021 2013

NPF-Equity Sub-fund 1069.3 342.2264 (1.7%*) 29.8%* 29.0%* 4.3%* (17.6%)* (7.4%)* 37.3%*14.8%* 1.8% 8.5% 16.9%

NPF-Debt Sub-fund 513.3 195.5123 8.3% 4.2% 4.0% 19.7% 6.8% 4.3% 4.4% 5.5% 10.1% 7.8% 8.8%

NPF-Money Market Sub-fund 1310.3 169.2896 5.8% 5.3% 5.6% 11.9% 8.0% 4.4% 4.4% 4.9% 8.4% 6.7% 6.8% * Cumulative Return All Other returns are annualized The performance reported is net of management fee & all other expenses. General Information Investment Objective Launch Date: July 2, 2013 To provide a secure source of savings and regular income after retirement to the Fund Size: Rs. 2,893 million Participants. Type: Open-end – Voluntary Pension Scheme Dealing Days: Daily – Monday to Friday Fund Manager Commentary Dealing Time: (Mon-Thr) 9:00 A.M to 3:00 P.M During the month of April: (Friday) 9:00 A.M to 4:00 P.M Pricing Mechanism: Forward Pricing NPF Equity Sub-fund unit price decreased by 1.7% compared with 0.7% decrease in Front End Load: Upto 3% on Contributions KSE-100 Index. The Sub-fund was around 96% invested in equities with major Back end Load: 0% weights in Commercial Banks, Cement, and Oil & Gas Exploration Companies On average Annual Net Assets of each Sub-Fund. Management Fee: sectors. Equity Sub-fund maintains exposure of atleast 90% in listed equities on Equity, Debt, Money Market 1.50% p.a. average. Last 90 days average allocation in equity was 98% of net asset. Total Expense Ratio: Equity 2.80% p.a. (including 0.90% government levies) Debt 2.01% p.a. (including 0.31% government levies) NPF Debt Sub-fund generated annualized return of 8.3%. The Sub-fund was Money Market 2.00% p.a. (including 0.34% government levies) invested primarily in Government Securities and TFCs. Debt Sub-fund maintains a Risk Proﬁle: Investor dependent minimum exposure of 25% in A+ rated banks. Weighted Average Maturity of Custodian & Trustee: Central Depository Company (CDC) Sub-fund is 1.2 years. Auditors: Yousuf Adil Chartered Accountants NPF Money Market Sub-fund generated annualized return of 5.8%. In line with its Fund Manager: Sajjad Anwar, CFA investment strategy, the Sub Fund will maintain high exposure in money market Minimum: Initial: Rs. 10,000/- securities. Money Market Sub-fund average maturity cannot exceed 90 days. Subscription: Subsequent: Rs. 1000/- Weighted Average Maturity of Sub-fund is 14 days. Asset Manager Rating: AM1 by PACRA (Very High Quality) Leverage: Nil Top Five Sectors (% of Total Assets) (as on April 30, 2021) Asset AllocationCredit Quality (% of Total of the Assets) Portfolio (as on April 30, 2021) 18.3% Debt Money Market Commercial Banks Cement 15.3% Government Securities (AAA rated) 16.7% - Oil & Gas Exploration Companies 12.6% AAA 0.7% 0.1% Chemical 6.1% AA+ 12.5% 6.1% Fertilizer 5.1% AA 8.0% 8.4% AA- 7.3% 37.5% Others 38.1% A+ 5.0% - Top Ten Holdings of Equity Sub-fund (as on April 30, 2021) Others 49.8% 47.9% Total 100.0% 100.0% Name (% of Total Assets) Name (% of Total Assets) Habib Bank Limited 6.9% Hub Power Company Limited 3.2% Asset Allocation (% of Total Assets) 30-Nov-17 Lucky Cement Limited 6.5% Pak Petroleum Limited 3.1% Equity Sub-fund 30-Apr-21 31-Mar-21 Mari Petroleum Company Limited 5.1% Systems Limited 3.1% United Bank Limited 4.3% Bank AL-Habib Limited 3.1% Equity 95.5% 95.5% Kohat Cement Limited 4.1% Pakistan State Oil Co Limited 2.9% Cash Equivalents 2.7% 2.9% Others 1.8% 1.6% As on April 30, 2021 Total 100.0% 100.0% Top TFC/Sukuk Holdings of Debt Sub-fund (% of Total Debt Sub-fund 30-Apr-21 31-Mar-21 Name Assets) Cash Equivalents 5.3% 39.0% HUBCO Suk-2 Rev 22-AUG-19 22-AUG-23 7.2% TFC/Sukuk 20.2% 18.1% JS Bank Limited 14-DEC-16 14-DEC-23 5.0% PIBs 16.7% 18.0% Samba Bank Limited 01-MAR-21 01-MAR-31 3.7% T-Bills - 23.6% Askari Commercial Bank Limited 17-MAR-20 17-MAR-30 3.6% 8.0% - Commercial Papers JSCL-10 18-JUL-17 18-JUL-23 0.7% 49.8% 1.3% Others Jahangir Siddiqui and Company Ltd. 24-Jun-16 24-Jun-21 0.1% Total 100.0% 100.0% Money Market Sub-fund 30-Apr-21 31-Mar-21 Sindh Workers' Welfare Fund (SWWF) Cash Equivalents 43.7% 81.0% T-Bills - 18.1% NPF has maintained provisions against Sindh Workers’ Welfare Fund’s liability in Commercial Papers 8.4% 0.4% individual sub-Funds as stated below: Last One Year Total amount Amount Per Others 47.9% 0.5% return would Provided Unit otherwise have Total 100.0% 100.0% Rs Rs been higher by: Equity Sub-fund 12,701,732 4.0651 1.53% Name of the Members of Investment Committee Debt Sub-fund 4,361,685 1.6612 0.88% Dr. Amjad Waheed, CFA Sajjad Anwar, CFA Money Market Sub-fund 5,857,984 0.7568 0.47% Asim Wahab Khan, CFA For details investors are advised to read the Note 5 of the latest Financial Statement Muhammad Ali Bhabha, CFA, FRM of the Scheme. Hassan Raza, CFA Dispute Resolution / Complaint Handling Complaint Service : www.nbpfunds.com/contact-us/investor-relations SECP’s Service Desk Management System: sdms.secp.gov.pk

Karachi Lahore Islamabad Shop No.6, Marine Faisal Building, 7 -Noon Avenue, Canal Bank, 1st Floor, Ranjha Arcade, Plot# 6/10-A, Block-6, PECHS, Karachi Muslim Town, Lahore. Main Double Road, Gulberg Greens, Ph # 021-34396030-35 (06 Lines) Fax # 042- 35861095 Islamabad.

Peshawar Multan 2nd Floor, National Bank Building, NBP City Branch, Hussain-a-Gahi, University Road, Opposite Gul Haji Plaza. Multan. Ph # 091-5703200 Ph # 061- 4502204 Fax # 0915703202 Fax # 061- 4502203 Islamic Savings Center Karachi D.H.A - Badar Commercial Gulistan-e-Jauhar Khayaban-e-Rahat Shop # 1, Plot # 34-C, Street # 10, Ground floor, Rufi Lake Drive, Shop # 12-A, Rahat Residency, Badar Commercial, Phase-V Ext, DHA, Gulistan-e-Jauhar, Block - 18, Plot # 34-C, Rahat Commercial Area, Karachi. Karachi. Lane 3, Phase VI, DHA, Karachi. Ph # 021- 35851541-43 (03 Lines) Ph # 021- 34160350-57 (08 Lines) Ph # 021- 35853487-89 (03 Lines) Bahadurabad North Nazimabad Gulshan-e-Iqbal Shop # 10, Silver Line Apartments, Shop # 2 & 3, Famous Tower Plot # Shop # 1, Ground Floor, Islamic Plaza, Mian Jamal Uddin Afghani Road, B-153, Block – H,North Nazimabad, Plot # SB-2, Block 13-B, KDA Scheme 24, Plot # 15/5, Block-3, Bihar Muslim Karachi. Gulshan-e-Iqbal, Karachi. Cooperative Housing Society, Karachi. Ph # 021-36620280-85 (06 Lines) Ph # 021- 34929933-35 (03 Lines) Ph # 021- 34825043-52 (10 Lines) Hyderabad Multan AutoBahn Abdali Road Shop No.2, B1-61, Railway Employees Khan Center 1st Floor, Abdali Road Multan. Cooperative Housing Society (RECHS), Ph # 061-4540301-6, 061-4588661-2,4 (09-Lines) Main Autobahn Road, Unit# 02, Latifabad, Hyderabad. Ph # 022-3821570-6, 022-3821569 (08 Lines)

Lahore Faisal Town Main Market Gulberg II Commercial Area Cavalry Ground 926-C Maulana Shaukat Ali Road, Regional Office 21-E Main Market Shop # 1 Plaza 65 Commercial Area Faisal Town, Lahore. Gulberg II Lahore. Cavalry Ground Lahore. Ph # 042 - 35175501-7 (07 Lines) Ph# 042 - 35752782-83, 35752734-40, Ph # 042 - 36670171-75 (05 lines), 35752790-92 (12 Lines) 36619878 Main Boulevard DHA Phase VI Saddar Bazar Plot # 114, Sector Main Boulevard Building No 992-Tufail Road, DHA Phase 6-C Lahore. Main Saddar Bazar, Cantt Lahore. Ph # 042 - 37135560-2, Ph # 042 - 36613749-50, 37135564-8 (07 Lines) 36613754-59 (08 Lines) Faisalabad Sialkot Gujranwala Liaqat Road Paris Road Bhatia Nagar GT Road P-74 First Floor Liaqat Road Faisalabad. Office # B1-16-S, Paris Road, Sialkot. Building 94,96 Street # 2 Mohallah Bhatia Ph # 041- 2610157-63 (07-Lines) Ph # 052 - 4581501-8 (08-Lines) Nagar GT Road Gujranwala. Ph # 055 - 3842601-06, 3842608 Rawalpindi 3252911 (08-Lines)

Bharia Town Sadiqabad Saddar Office # 5, Ground Floor, Plot # 99-F, Shop # DT 183-184, Chirah Road, Shop # 55/T-5, Haider Road, Saddar, Sama Arcade 3, Spring North, Phase 7, Sadiqabad, Muslim Town, Rawalpindi. Rawalpindi. Bahria Town, Rawalpindi. Ph # 051- 4573804 -08 (05 Lines) Ph # 051- 5580140-45, 5120148 Ph # 051- 5412014-18 (05-Lines) (07 Lines) Chaklala Scheme 3 13/4, Awan Plaza, Bilal Shaheed Chowk Chaklala Scheme - III, Rawalpindi. Ph # 051-5766129, 5766240-1, 5766244-5 (05-Lines) Azad Jammu & Kashmir Mirpur - Azad Jammu & Kashmir Al Manzar building, Allama Iqbal road, Plot # 2, Nangi Mirpur Azad Jammu & Kashmir. Ph # 058 - 27448627-31 (05-Lines)