August 2021 As Against the Target of Rs

Smart & Easy Savings!

WE ARE LIVE ON WHATSAPP send us “NBP Funds” on 021 111 111 632 to get started

Fund Manager Report of Conventional Schemes August - 2021

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

Disclaimer: All investments in mutual 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. Note: Detailed monthly reports of NBP Funds are also available on our website www.nbpfunds.com 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

NBP Government Securities 06 Savings Fund 07 NBP Mahana Amdani Fund NGSSF NMAF

08 NBP Financial Sector Income Fund 09 NBP Income Opportunity Fund NFSIF NIOF

10 NBP Savings Fund 11 NBP Sarmaya Izafa Fund NBP-SF NSIF

12 NBP Balanced Fund 13 NBP Stock Fund NBF NSF

14 NBP Financial Sector Fund 15 NBP Pakistan Growth Exchange NFSF NBP-GETF Traded Fund

16 NAFA Pension Fund NPF NBP FUNDS Managing Your Savings Promising Economic and Stock Market prospects Economy: After Coronavirus-induced contraction in FY20, Pakistan’s economy staged a V-shaped recovery as reflected by an estimated 3.94% GDP growth for FY21. We expect continuation of this growth momentum and anticipate GDP growth of 4.3% in FY22. The rebound in economic activity is also corroborated by the frequently released economic data such as power consumption, cement dispatches, automobile sales volume, and sales of retail fuel. SBP-IBA Business Confidence Survey that gauges the perception of company managers about current and expected business conditions shows that the Current Business Confidence Index (CBCI) reached the highest level since its inception; increasing by 6 points to 64 in June 2021 over April 2021.

On Balance of payment (BoP) position, Current Account Deﬁcit (CAD) clocked-in at USD 1.8 billion (0.6% of GDP) in FY21. Considering further pickup in economic growth and jump in commodity prices, we anticipate the CAD to widen to a still manageable level of USD 7.6 billion (2.3% of GDP) in FY22. With the receipt of USD 2.7 billion from the IMF on account of SDR allocation, the SBP’s FX reserves are likely to touch new highs. With regard to ﬁscal operation, FBR tax collection witnessed remarkable performance as revenues grew by 19.2% to Rs. 4,764 billion during FY2021 against the collection of Rs. 3,997 billion in the comparable period of last year. Similarly, according to revenue board, FBR collected Rs. 849 billion during July-August 2021 as against the target of Rs. 690 billion for the same period. On Covid-19 front, the strategy of smart & targeted lockdowns has worked well; and considering the vaccination progress, major eligible population is expected to get vaccinated in next couple of months, which would allow the economy to continue to operate uninterrupted.

Stock Market: Despite attractive market fundamentals, lacklustre stock market performance during the last few months is attributable to concerns on security situation in Afghanistan, fear of disruption to the economic activity amid elevated Covid-19 cases in the country, and emerging risks to the Balance of Payment position emanating from widening Current Account Deﬁcit (CAD).

From the valuation perspective, despite sharp recovery from the coronavirus induced crash in March 2020, the stock market is trading at an extremely attractive forward Price-to-Earnings (P/E) multiple of 6.2x against the 15-year average of 8.3x. At the current levels, 16.1% Earnings Yield offered by the stock market along with a healthy 5.4% dividend yield makes it appealing compared with 9.9% yield on a 10-year PIB. Likewise, the market is trading at Price-to-Book Value (P/BV) of 1.0x versus the 10-year average of 1.75x.

Chart-2 Valua�ons of Stock Market are a�rac�ve despite strong rally from its Chart-1 Based on Earning Yield (E/P) Versus PIB yield, the Stock Market looks a�rac�ve bo�om in March 2020 20.0% KSE-100 P/E Ra�o Average P/E Ra�o 60,000 12.0 Earnings Yield 10Y PIB Yield Earnings Yield (KSE-100 Index) 11.0 11.0 31-Aug-21 (KSE-100 Index) 47,420 11.0 16.1% 50,000 10.0 15.0%

x 10.0 e 40,000 13.2% d n 9.1 I P 8.7 / 0 9.0 E 0

8.5 R 1 8.2

- 30,000 8.5 8.3 11.0% a � o 8.0 13.2% K S E 7.5 7.5 7.6 10Y PIB Yield 10.0% 20,000 7.0 7.1 Yield Spread = Earnings Yield - PIB Yield 9.9% 7.0 6.2 Average Earnings Yield = 12.1% 6.1 Average PIB Yield = 11.4% 8.4% 10,000 6.0 Average Yield Spread = 0.7% Current Yield Spread =6.2% - 5.0 1 7 8 9 0 1 2 3 4 5 6 7 8 9 0 2 0 0 0 1 1 1 1 1 1 1 1 1 1 5.0% 2 ------g 1 6 7 8 9 0 1 2 3 4 5 6 7 8 9 0 n n n n n n n n n n n n n n u u u u u u u u u u u u u u 2 0 0 0 0 1 1 1 1 1 1 1 1 1 1 2 J J J J J J J J J J J J J J A u / / / / / / / / / / / / / / / ------c c c c c c c c c c c c c c c g / 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 u D e D e D e D e D e D e D e D e D e D e D e D e D e D e D e A

After a sharp reduction in the Policy Rate from 13.25% to 7% between March to June 2020, the SBP has maintained status quo thereafter. Given elevated Covid-19 cases and still considerable slack in the economy, the SBP is expected to continue with the accommodative monetary policy regime with a gradual and measured hike in the Policy Rate, going forward. Though investors’ concerns on rising CAD are not unwarranted, the policymakers seem better prepared this time to navigate it. Instead of fixation on the fixed exchange rate, the SBP has let the currency depreciate by around 9% against the USD from its recent peak during the last couple of months to curb import-based demand. Current Account Deficit (CAD) narrowed to USD 1.8 billion (0.6% of the GDP) in FY21 from USD 19.2 billion (6.1% of the GDP) in FY18, that is anticipated to widen to USD 7.6 billion (2.3% of GDP) in FY22. Historical analysis shows that the stock market performs well in a declining inflation & interest rate environment (see Chart 3) and manageable Current Account Deficit (see Chart 4).

Chart-3 Correla�on between Stock Market and Interest Rate Chart-4 Manageable CAD �me periods have resulted in posi�ve market performance Coeﬀ. of Determina�on (R2) : 0.51 60% 2.0% C u 5 2 % Rela�onship : -ve KIBOR KSE-100 r r e 4 1 % n Signiﬁcance : YES 4 1 % 3 8 % t 18% 60,000 3 6 % 0.1%

3 4 % n 40% 0.0% A r c

u -0.6% t 16% -1.1% -1.0% c o e -1.4% -1.3% 2 3 %

50,000 u R

-1.7% -1.7% 2 9 % -2.0% n

14% x 20% -2.0% t

-2.2% 3 8 % e

B d a l

12% 40,000 n % I 1 0 %

1 6 % 2 -3.6% a n 1 0 % 0 0% -4.0%

10% 0 -4.2% c 1 30,000 -4.5% e -

-4.8% ( 8% E % S -5.5% 1 0 %

K - o -20% 1 % -6.0% 6% 20,000 - -6.3% f

G 1 9 % - 4% D P 10,000 2% -40% -8.2% KSE-100 CAD as % of GDP -8.0% ) 4 2 % 0% 0 - 0 1 6 2 9 6 5 0 7 1 6 4 7 3 8 7 9 8 -60% -10.0% 1 0 0 1 2 1 1 0 1 1 1 0 1 0 1 2 1 1 5 6 7 8 9 0 1 2 3 4 5 6 7 8 9 0 1 ------l 0 0 0 0 0 1 1 1 1 1 1 1 1 1 1 2 2 t t r c c v v g - g - b p p n u c c p F Y F Y F Y F Y F Y F Y F Y F Y F Y F Y F Y F Y F Y F Y F Y F Y F Y o o u u a n a n e e e u J J J J - O O A F S S D e D e A A N N - - - M a r - - - M a y ------1 - - - - 1 1 0 1 1 0 9 0 0 1 1 1 1 3 0 0 1

1 Source: SBP, PSX & NBP Funds Research 3 3 3 3 3 3 2 3 3 3 3 3 3 3 3 3 3

The combination of slowdown in economic activity, Chart-5 Corporate Earning Growth Trend sharp currency devaluation, contractionary monetary Earning Growth Average Earning Growth policy, and some one-off company speciﬁc factors led 30.0% 27.9% to a muted corporate earnings growth from CY15 to CY19. 25.0% However, given robust economic growth trend, strong 22.7% pricing power, and lower borrowing cost; corporate 20.0% Average Earning 19.5%19.0% 17.6% 17.0% Growth, 11.6% earnings are expected to grow at double-digit rate 16.2% 15.0% over the next two to three years (see Chart 5). 11.4% 10.5% 10.0% 8.8% On geopolitical front, the peaceful takeover of Afghanistan 6.4% by Taliban following US troops’ withdrawal bodes well 5.0% 2.8% 1.5% for security situation in Pakistan and the entire region. 0.1% 0.8% 0.0% ) ) ) 9 0 1 2 3 4 5 6 7 8 9 0 f f f ( ( While there are some challenges, these developments ( 0 1 1 1 1 1 1 1 1 1 1 2 1 2 3 Y Y Y Y Y Y Y Y Y Y Y Y 2 2 2 C C C C C C C C C C C C Y Y also offer tremendous economic opportunities for the Y C C country that can be reaped by focusing on regional C connectivity, and by building long-planned trade and energy routes from Pakistan to Central Asian states.

The Bottom Line: We see the current market levels a good entry point for long-term investors. We hold a positive view on the market for FY2022, and beyond given: (i) attractive stock market valuation as captured in the Price-to-Earnings multiple of 6.2x; (ii) robust corporate earnings growth expected for the next 2-3 years; (iii) paltry yields on the alternative fixed income avenues; (iv) abundant local liquidity sitting on the side line, awaiting to enter the market; and (v) easier financial condition as reflected by tighter credit spread and accommodative monetary policy. Therefore, we advise investors to build positions in the market via our NBP Stock Fund / NBP Islamic Stock Fund, while keeping their long-term investment objectives in mind.

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 August 2021 Stock Market Review The outgoing month of August was another lacklustre period for the stock market, as the benchmark KSE-100 Index rose marginally by 364 points on a month-on-month basis. Like the previous month, throughout August, the market traded in a very narrow range as the index oscillated between 46,913 and 48,112 levels, and remained quite volatile throughout the month, amid economic and geopolitical developments. What led to the anaemic market performance during the last few months? Firstly, investors were unnerved by security situation in the neighbouring Afghanistan whereby the Taliban took control in the country, even before the complete withdrawal of the US forces. Other key development of the month was the steady decline in the value of PKR against greenback, as Rupee further shed its value by around 2.4% during the month. Cumulatively, the currency is down by around 9% from its recent peak seen in early May this year. Thirdly, the elevated cases of Covid-19 remain a nuisance for the market participants, as the number of daily cases has averaged around 4k on a daily basis. On the positive side, Current Account Deficit (CAD) for the month of July-21 stood at USD 773 million, down from USD 1.6 billion for June 2021. Roshan Digital Account (RDA) has gained traction, as cumulative flows have surpassed USD 2 billion during the month. And lastly, the Asia Pacific Group (APG), the regional body of FATF, in its last meeting held in August concluded that Pakistan has made good progress in addressing the technical compliance deficiencies identified in its MER and has been re-rated to compliant/largely compliant, and the country is now well-positioned in technical compliance in comparison to many of the other countries.

During the month, Chemicals, Commercial Banks, Engineering, Glass & Ceramics, and Technology sectors performed better than the market. On the contrary, Auto Parts & Access., Cements, Insurance, Oil & Gas Marketing Companies, Paper & Board, Sugar and Vanaspati sectors lagged behind. On participant-wise activity during the month, Companies, Other Organizations, and Broker Prop. Trading emerged as the largest buyers in the market, accumulating fresh positions to the tune of USD 13 million, USD 8 million and USD 2 million, respectively. On the other hand, large selling was witnessed mainly from Insurance Companies, Foreign Investors and Banks/DFIs, that trimmed their equity holdings by USD 14 million, USD 10 million and USD 2 million, respectively.

Looking ahead, we believe that market is favourably placed to deliver robust return and our sanguine view on the equity market is underpinned by attractive market fundamentals; improving economic indicators; easier financial conditions; and healthy corporate profitability. The Business Confidence Index (BCI) Survey that the Overseas Investors Chamber of Commerce and Industry (OICCI) conducted across the country from May to July showed the overall Business Confidence Score (BCS) stood at nine per cent, up from minus 50pc in the preceding survey held in May 2020. On Balance of Payment position, we believe that the country is better positioned this time to steer through it. Significant PKR devaluation since May 2021 clearly indicates that the central bank is prepared to use this policy tool to contain import-based demand pressure. On Covid-19 front, the vaccination drive has gained a lot of momentum in recent days and a majority of eligible population are likely to be inoculated partially/fully in the next couple of months, paving way for unrestrained economic activity.

From the fundamental standpoint, the market is valued at an undemanding forward Price-to-Earnings (P/E) multiple of 6.2x, versus 10-year average of 8.3x. We expect corporate earnings to grow at double-digit rate over the next two to three years. We anticipate a modest 1% hike in the Policy Rate during FY22.

Given our sanguine view on the market, we advise investors with medium to long-term horizon to build position in the stock market through our NBP stock funds. Money Market Review Inflation as measured by the CPI inflation clocked-in at 8.4% for August 2021. The government expects headline CPI inflation of around 6-7% for FY2022, while our estimates suggest inflation to remain at around 8.3%. Despite elevated inflation readings, the SBP has hinted continuation of accommodative monetary policy regime in the near-term with a gradual and measured hike in the Policy Rate, going forward. We anticipate a modest 1% increase in the Policy Rate during FY22.

During the outgoing month, SBP held two T-Bill auctions with a target of Rs. 1,500 billion against the maturity of Rs. 1,563 billion. In the first T-Bill auction, an amount of Rs. 389 billion was accepted at a cut-off yield of 7.24% and 7.52% for 3-month and 6-month tenures whereas bids for 12-month tenures were rejected. In the second T-Bill auction, an amount of Rs. 615 billion was accepted at a cut-off yield of 7.23% and 7.44% for 3-month and 6-month tenures whereas bids for 12-month tenures were rejected. In the PIB auction, bids worth Rs. 161.7 billion were realized for 3-year, 5-year, 10-year and 15-year tenures at a cut-off yield of 8.88%, 9.20%, 9.84% and 10.40% whereas no bids were received for 20-years and 30-years tenures.

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) August 2021 Unit Price (31/08/2021): Rs.10.2258 Performance % FYTD - Rolling 12 FY - FY - FY - FY - FY - Last 3 Last 5 Last 10 Performance Period Aug-2021 Since Launch 2022 Months 2021 2020 2019 2018 2017 Years* Years* Years* May 15, 2009*

NBP GOVERNMENT SECURITIES LIQUID FUND 29.5% 18.1% 8.6% 6.4% 12.5% 8.5% 5.3% 7.6% 9.8% 8.5% 8.3% 8.8%

BENCHMARK 6.7% 6.7% 6.7% 6.7% 11.7% 8.7% 5.4% 5.3% 9.0% 7.6% 8.0% 8.6%

Sindh Workers' Welfare Fund (SWWF) During the month of August 2021, provisioning against Sindh Workers’ Welfare Fund by NBP GOVERNMENT SECURITIES LIQUID FUND amounting to Rs. 26.18 million has been reversed on the clarification received by Sindh Revenue Board vide letter No. SRB/TP/70/2013/8772 dated August 12, 2021 addressed to Mutual Funds Association of Pakistan. This reversal of provision has contributed towards an unusual increase in NAV of the NBP GOVERNMENT SECURITIES LIQUID FUND by 1.95% on August 13, 2021. This is one-off event and is not likely to be repeated in the future.

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

MONTHLY REPORT (MUFAP's Recommended Format) August 2021 Unit Price (31/08/2021): Rs.9.9103 Performance % Since Launch FYTD - Rolling 12 FY - FY - FY - FY - FY - Last 3 Last 5 Performance Period Aug-2021 February 23, 2022 Months 2021 2020 2019 2018 2017 Years* Years* 2012*

NBP MONEY MARKET FUND 15.2% 11.3% 7.7% 6.7% 12.8% 9.0% 5.6% 6.6% 9.7% 8.3% 8.3%

BENCHMARK 6.7% 6.7% 6.7% 6.7% 11.7% 8.7% 5.4% 5.1% 9.0% 7.6% 7.0%

Credit Quality of the Portfolio as of August 31 , 2021 (% of Total Assets) Government Securities (AAA rated) 15.7% AAA 14.2% AA+ 69.6% Management Fee: 1% of Net Income (Min 0.15% p.a., Max 1.0% p.a.) Others including receivables 0.5% w.e.f 13-Dec-19. 0.18% p.a. of average net assets Total 100% during the month

Total Expense Ratio: 0.43% p.a (including 0.05% government levies) Name of the Members of Investment Committee Selling & Marketing Expenses: 0.01% p.a. of average net assets during the month Dr. Amjad Waheed, CFA Risk Profile / Risk of principal Very Low / Principal at very low risk Sajjad Anwar, CFA erosion: Asim Wahab Khan, CFA Fund Stability Rating: "AA (f)" by PACRA Muhammad Ali Bhabha, CFA, FRM Listing: Pakistan Stock Exchange Hassan Raza, CFA Custodian & Trustee: Central Depository Company (CDC) Dispute Resolution / Complaint Handling Auditors: Yousuf Adil, Chartered Accountants Benchmark: 70% 3-Month PKRV & 30% average 3-Month Complaint Service : www.nbpfunds.com/contact-us/investor-relations deposit rates of three AA rated banks as selected SECP’s Service Desk Management System: sdms.secp.gov.pk by MUFAP Fund Manager: Muhammad Ali Bhabha, CFA, FRM Minimum: Growth Unit: Rs. 10,000/- Subscription: Income Unit: Rs. 100,000/- Asset Manager Rating: AM1 by PACRA (Very High Quality) Asset Allocation (% of Total Assets) 31-Aug-21 31-Jul-21 T-Bills 15.7% 4.0% Bank Deposits 83.8% 95.1% Others including receivables 0.5% 0.9% Total 100.0% 100.0% Leverage Nil Nil

Sindh Workers' Welfare Fund (SWWF) During the month of August 2021, provisioning against Sindh Workers’ Welfare Fund by NBP MONEY MARKET FUND amounting to Rs. 180.33 million has been reversed on the clarification received by Sindh Revenue Board vide letter No. SRB/TP/70/2013/8772 dated August 12, 2021 addressed to Mutual Funds Association of Pakistan. This reversal of provision has contributed towards an unusual increase in NAV of the NBP MONEY MARKET FUND by 0.69% on August 13, 2021. This is one-off event and is not likely to be repeated in the future.

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

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 05 NBP GOVERNMENT SECURITIES SAVINGS FUND (NGSSF)

MONTHLY REPORT (MUFAP's Recommended Format) August 2021 Unit Price (31/08/2021): Rs.10.7696 Performance % FYTD - Rolling 12 FY - FY - FY - FY - FY - Last 3 Last 5 Since Launch Performance Period Aug-2021 2022 Months 2021 2020 2019 2018 2017 Years* Years* July 10, 2014*

NBP GOVERNMENT SECURITIES SAVINGS FUND 34.6% 21.0% 9.2% 5.3% 21.2% 7.8% 5.0% 5.8% 12.1% 9.4% 9.6%

BENCHMARK 7.4% 7.5% 7.4% 7.3% 12.1% 9.9% 6.2% 5.9% 9.8% 8.3% 8.1%

Credit Quality of the Portfolio as of August 31 , 2021 (% of Total Assets) Government Securities (AAA rated) 68.1% AAA 1.3% AA+ 1.9% Management Fee: 1.5% of Net Income (min: 0.2% p.a., max: 1.0% AA- 0.4% p.a.) w.e.f. 12-Jul-19. 0.23% p.a. of average net A+ 0.9% assets during the month. A 23.3% Unrated 0.6% Total Expense Ratio: 1.54% p.a (including 0.05% government levies) Others including Receivables 3.5% Total 100% Selling & Marketing Expenses: 0.7% p.a Risk Profile / Risk of principal Medium / Principal at medium risk erosion: Fund Stability Rating: "AA- (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: A. F. Ferguson & Co. Chartered Accountants Sajjad Anwar, CFA Benchmark: 6-Month PKRV Asim Wahab Khan, CFA Fund Manager: Muhammad Ali Bhabha, CFA, FRM Muhammad Ali Bhabha, CFA, FRM Minimum: Growth Unit: Rs. 10,000/- Hassan Raza, CFA Subscription: Income Unit: Rs. 100,000/- Asset Manager Rating: AM1 by PACRA (Very High Quality) Dispute Resolution / Complaint Handling Asset Allocation (% of Total Assets) 31-Aug-21 31-Jul-21 Complaint Service : www.nbpfunds.com/contact-us/investor-relations SECP’s Service Desk Management System: sdms.secp.gov.pk PIBs 39.7% 37.0% T-Bills 28.4% 30.2% Bank Deposits 28.4% 30.1% Others including Receivables 3.5% 2.7% Total 100.0% 100.0% Leverage Nil Nil

Sindh Workers' Welfare Fund (SWWF) During the month of August 2021, provisioning against Sindh Workers’ Welfare Fund by NBP GOVERNMENT SECURITIES SAVINGS FUND amounting to Rs. 4.72 million has been reversed on the clarification received by Sindh Revenue Board vide letter No. SRB/TP/70/2013/8772 dated August 12, 2021 addressed to Mutual Funds Association of Pakistan. This reversal of provision has contributed towards an unusual increase in NAV of the NBP GOVERNMENT SECURITIES SAVINGS FUND by 2.33% on August 13, 2021. This is one-off event and is not likely to be repeated in the future.

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

MONTHLY REPORT (MUFAP's Recommended Format) August 2021 Unit Price (31/08/2021): Rs.10.3338 Performance %

FYTD - Rolling 12 FY - FY - FY - FY - FY - Last 3 Last 5 Last 10 Since Launch Performance Period Aug-2021 2022 Months 2021 2020 2019 2018 2017 Years* Years* Years* November 21, 2009*

NBP MAHANA AMDANI FUND 10.0% 8.4% 7.3% 7.2% 12.9% 9.1% 5.4% 8.1% 9.8% 8.6% 8.5% 8.8%

BENCHMARK 7.6% 7.6% 7.5% 7.4% 12.2% 10.2% 6.3% 5.8% 9.9% 8.5% 7.6% 7.7%

We will rebalance the allocation of the Fund proactively based on the capital market Management Fee: 1% of Net Income (min: 0.15% p.a., max:1.0% outlook. p.a.). 0.18% p.a. of average net assets during the month Credit Quality of the Portfolio as of August 31 , 2021 (% of Total Assets) Total Expense Ratio: 1.42% p.a (including 0.05% government levies) Government Securities (AAA rated) 8.9% Selling & Marketing Expenses: 0.97% per annum (w.e.f August 16, 2021) AAA 0.5% Risk Profile / Risk of principal Moderate / Principal at moderate risk AA+ 4.5% erosion: AA 7.8% Fund Stability Rating: "AA- (f)" by PACRA AA- 26.6% Listing: Pakistan Stock Exchange A+ 10.3% Custodian & Trustee: Central Depository Company (CDC) A 14.4% Auditors: A. F. Ferguson & Co.Chartered Accountants Benchmark: 6-Month KIBOR MTS 25.9% Fund Manager: Muhammad Ali Bhabha, CFA, FRM Unrated 0.1% Minimum: Growth Unit: Rs. 1,000/- Others including receivables 1.0% Subscription: Income Unit: Rs. 100,000/- Total 100% Asset Manager Rating: AM1 by PACRA (Very High Quality) Asset Allocation (% of Total Assets) 31-Aug-21 31-Jul-21 T-Bills 8.9% 11.5% Name of the Members of Investment Committee Commercial Paper 7.8% 0.0% Dr. Amjad Waheed, CFA Bank Deposits 56.4% 65.1% Sajjad Anwar, CFA MTS 25.9% 22.1% Asim Wahab Khan, CFA Others including receivables 1.0% 1.3% Total 100.0% 100.0% Muhammad Ali Bhabha, CFA, FRM Hassan Raza, CFA Leverage Nil Nil Dispute Resolution / Complaint Handling Complaint Service : www.nbpfunds.com/contact-us/investor-relations SECP’s Service Desk Management System: sdms.secp.gov.pk

Sindh Workers' Welfare Fund (SWWF) During the month of August 2021, provisioning against Sindh Workers’ Welfare Fund by NBP MAHANA AMDANI FUND amounting to Rs. 16.05 million has been reversed on the clarification received by Sindh Revenue Board vide letter No. SRB/TP/70/2013/8772 dated August 12, 2021 addressed to Mutual Funds Association of Pakistan. This reversal of provision has contributed towards an unusual increase in NAV of the NBP MAHANA AMDANI FUND by 0.3% on August 13, 2021. This is one-off event and is not likely to be repeated in the future.

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

MONTHLY REPORT (MUFAP's Recommended Format) August 2021 Unit Price (31/08/2021): Rs.10.5543 Performance % Since Launch FYTD - Rolling 12 FY - FY - FY - FY - FY - Last 3 Last 5 Performance Period Aug-2021 October 28, 2022 Months 2021 2020 2019 2018 2017 Years* Years* 2011*

NBP FINANCIAL SECTOR INCOME FUND 9.3% 8.4% 7.6% 7.8% 13.5% 9.3% 6.0% 8.4% 10.3% 9.0% 9.1%

BENCHMARK 7.6% 7.6% 7.5% 7.4% 12.2% 10.2% 6.3% 6.0% 9.9% 8.5% 8.4%

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. 0.54% p.a. of average net assets during the month

Total Expense Ratio: 0.94% p.a (including 0.1% government levies) Credit Quality of the Portfolio as of August 31 , 2021 (% of Total Assets) Selling & Marketing Expenses: 0.003% p.a of average net assets during the month Government Securities (AAA rated) 8.8% AAA 0.1% Risk Profile / Risk of principal Medium / Principal at medium risk AA+ 24.2% erosion: Fund Stability Rating: ‘A+(f)’ by PACRA AA 6.2% Listing: Pakistan Stock Exchange AA- 15.3% Custodian & Trustee: Central Depository Company (CDC) A+ 20.8% Auditors: KPMG Taseer Hadi & Co, Chartered Accountants A 18.8% Spread transactions 4.2% Benchmark: 6-Month KIBOR MTS 0.7% Fund Manager: Muhammad Ali Bhabha, CFA, FRM Minimum: Growth Unit: Rs. 10,000/- Others including Receivables 0.9% Subscription: Income Unit: Rs. 100,000/- Total 100% Asset Manager Rating: AM1 by PACRA (Very High Quality) Asset Allocation (% of Total Assets) 31-Aug-21 31-Jul-21 Name of the Members of Investment Committee TFCs / Sukuk 8.8% 8.4% Dr. Amjad Waheed, CFA T-Bills 8.8% 3.0% Sajjad Anwar, CFA Bank Deposits 53.5% 64.5% Asim Wahab Khan, CFA Others including Receivables 0.9% 2.7% Muhammad Ali Bhabha, CFA, FRM Money Market Placements (LOP) 23.1% 17.8% Hassan Raza, CFA MTS 0.7% 0.4% Spread transactions 4.2% 3.2% Sindh Workers' Welfare Fund (SWWF) Total 100.0% 100.0% During the month of August 2021, provisioning against Sindh Workers’ Welfare Fund by NBP FINANCIAL SECTOR INCOME FUND amounting to Rs. 82.31 million has been reversed on the Leverage Nil Nil clarification received by Sindh Revenue Board vide letter No. SRB/TP/70/2013/8772 dated August 12, 2021 addressed to Mutual Funds Association of Pakistan. This reversal of provision has Top TFC (as at August 31 , 2021) (% of Total Assets) contributed towards an unusual increase in NAV of the NBP FINANCIAL SECTOR INCOME FUND Samba Bank Limited 01-MAR-21 01-MAR-31 1.9% by 0.18% on August 13, 2021. This is one-off event and is not likely to be repeated in the future. HUBCO Suk-2 Rev 22-AUG-19 22-AUG-23 1.8% Dispute Resolution / Complaint Handling KE Suk 03-AUG-20 03-AUG-27 1.5% Complaint Service : www.nbpfunds.com/contact-us/investor-relations Hub Power Holding Limited 12-NOV-20 12-NOV-25 1.2% SECP’s Service Desk Management System: sdms.secp.gov.pk Askari Commercial Bank Limited 17-MAR-20 17-MAR-30 0.7% HUBCO Rev 19-MAR-20 19-MAR-24 0.5% 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 0.1%

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

MONTHLY REPORT (MUFAP's Recommended Format) August 2021 Unit Price (31/08/2021): Rs.10.9580 Performance %

FYTD - Rolling 12 FY - FY - FY - FY - FY - Last 3 Last 5 Last 10 Since Launch Performance Period Aug-2021 2022 Months 2021 2020 2019 2018 2017 Years* Years* Years* April 21, 2006*

NBP INCOME OPPORTUNITY FUND 13.6% 10.4% 8.1% 7.8% 13.3% 9.2% 5.3% 6.3% 10.3% 8.4% 8.8% 8.4%

BENCHMARK 7.6% 7.6% 7.5% 7.4% 12.2% 10.2% 6.3% 6.1% 9.9% 8.5% 8.9% 10.0%

* 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. 11,811 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 13.6% p.a. in August 2021 versus the Settlement: 2-3 business days Benchmark return of 7.6% 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 0.5 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%,Amount exceeding Rs.25 million, load Composite, Sugar & Allied Industries and Power Generation & Distribution. TFC will be charged on Rs.5 million: 3% Front end load portfolio of the Fund is predominantly floating rate linked to KIBOR. However, since (Individual under Health Takaful Plan): Amount TFCs prices may go up or down, therefore, only investors with medium-term upto Rs. 4 million: 3%, Amount over and above investment horizon are advised to invest in this Fund. Rs.4 million and up to Rs.25 million: 1%, Amount exceeding Rs.25 million, load will be charged on We will rebalance the allocation of the Fund proactively based on the capital market Rs. 4 million: 3%, Front End Load(others): 1% (Nil outlook. if amount greater than 25 million), Back end Load: 0% Credit Quality of the Portfolio as of August 31 , 2021 (% of Total Assets) Management Fee: 6% of Net Income (min: 0.5% p.a., max: 1.0% Government Securities (AAA rated) 16.5% p.a.)w.e.f 12-July-19. 0.55% p.a. of average net assets during the month AAA 0.7% Total Expense Ratio: 1.79% p.a (including 0.10% government levies) AA+ 9.6% Selling & Marketing Expenses: 0.70% p.a. AA 3.8% Risk Profile / Risk of principal Medium / Principal at medium risk AA- 23.9% erosion: A+ 9.7% Fund Stability Rating: "A(f)" by PACRA Listing: Pakistan Stock Exchange A 19.8% Custodian & Trustee: Central Depository Company (CDC) BBB+ 1.2% Auditors: A. F. Ferguson & Co., Chartered Accountants Spread transactions 10.1% Benchmark: 6-Month KIBOR MTS 3.2% Fund Manager: Muhammad Ali Bhabha, CFA, FRM Unrated 0.2% Minimum: Growth Unit: Rs. 10,000/- Others including Receivables 1.3% Subscription: Income Unit: Rs. 100,000/- Total 100% Asset Manager Rating: AM1 by PACRA (Very High Quality) Asset Allocation (% of Total Assets) 31-Aug-21 31-Jul-21 Details of Non-Compliant Investments Cash 51.1% 55.0% Value of Value of Type of % of % of Investments Provision Investments TFCs / Sukuk 15.0% 18.8% Particulars Investment Net Gross before held after Assets Assets T-Bills 16.5% 13.8% Provision Worldcall RS - III 10-APR-18 20- Commercial Papers 2.8% 0.5% TFC 74,976,975 74,976,975 0 0.0% 0.0% SEP-26 Eden House Limited - Sukuk MTS 3.2% 0.3% Sukkuk 9,056,250 9,056,250 0 0.0% 0.0% Revised 29-MAR-08 29-SEP-25 Dewan Cement Limited (Pre-IPO) Spread Transaction 10.1% 8.5% Pre IPO TFC 150,000,000 150,000,000 0 0.0% 0.0% 17-JAN-08 17-JAN-22 Azgard Nine Limited III (PP) - Others including Receivables 1.3% 3.1% TFC 103,593,730 103,593,730 0 0.0% 0.0% Revised 04-DEC-07 04-DEC- Total 100.0% 100.0% Saudi Pak Leasing Company TFC 41,321,115 41,321,115 0 0.0% 0.0% Limited - Revised II 13-MAR- PACE Pakistan Limited - Revised Leverage Nil Nil TFC 149,820,000 149,820,000 0 0.0% 0.0% 15-FEB-08 15-FEB-22 AgriTech Limited I - Revised II 29- TFC 149,860,200 149,860,200 0 0.0% 0.0% Top TFC (as at August 31 , 2021) (% of Total Assets) NOV-07 29-NOV-25 New Allied Electronics Limited II - Sukkuk 44,148,934 44,148,934 0 0.0% 0.0% KE Suk 03-AUG-20 03-AUG-27 3.4% Sukuk 03-DEC-07 03-DEC- Azgard Nine Limited V (PPTFC Fixed Rate TFCs 82,180,000 82,180,000 0 0.0% 0.0% JS Bank Limited 14-DEC-16 14-DEC-23 2.5% Markup) 31-MAR-12 31-MAR- New Allied Electronics Limited TFC 31,706,536 31,706,536 0 0.0% 0.0% Hub Power Holding Limited 12-NOV-20 12-NOV-25 1.5% (PP) 15-MAY-07 15-NOV-22 AgriTech Limited V 01-JUL-11 01- TFC 32,320,000 32,320,000 0 0.0% 0.0% Bank of Punjab Limited 23-APR-18 23-APR-28 1.3% JAN-25 Azgard Nine Limited (Non-Voting Equity 12,854 12,854 0 0.0% 0.0% JSCL-11 06-MAR-18 06-SEP-23 1.0% Ordinary Shares HUBCO Suk-2 Rev 22-AUG-19 22-AUG-23 0.9% Total 868,996,594 868,996,594 0 0.0% 0.0% JS Bank Limited 29-DEC-17 29-DEC-24 0.8% Name of the Members of Investment Committee Masood Textile Mills Ltd. Suk 17-DEC-19 17-DEC-24 0.8% Dr. Amjad Waheed, CFA Javedan Corp Ltd. SUK 04-OCT-18 04-OCT-26 0.8% Sajjad Anwar, CFA Silk Bank Limited 10-AUG-17 10-AUG-25 0.7% Asim Wahab Khan, CFA Sindh Workers' Welfare Fund (SWWF) Muhammad Ali Bhabha, CFA, FRM During the month of August 2021, provisioning against Sindh Workers’ Welfare Fund by NBP INCOME Hassan Raza, CFA OPPORTUNITY FUND amounting to Rs. 53.64 million has been reversed on theclarification received by Sindh Revenue Board vide letter No. SRB/TP/70/2013/8772 dated August12, 2021 Dispute Resolution / Complaint Handling addressed to Mutual Funds Association of Pakistan. This reversal of provision hascontributed Complaint Service : www.nbpfunds.com/contact-us/investor-relations towards an unusual increase in NAV of the NBP INCOME OPPORTUNITY FUND by 0.56% on SECP’s Service Desk Management System: sdms.secp.gov.pk August 13, 2021. This is one-off event and is not likely to be repeated in the future. 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 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 sales representative cannot guarantee preservation / protection of capital and / or expected returns / profit on investments. Page 09 NBP SAVINGS FUND (NBP-SF)

MONTHLY REPORT (MUFAP's Recommended Format) August 2021 Unit Price (31/08/2021): Rs.9.9719 Performance %

FYTD - Rolling 12 FY - FY - FY - FY - FY - Last 3 Last 5 Last 10 Since Launch Performance Period Aug-2021 2022 Months 2021 2020 2019 2018 2017 Years* Years* Years* March 28, 2008*

NBP SAVINGS FUND 13.5% 9.9% 7.0% 6.6% 12.1% 9.3% 5.5% 6.5% 9.5% 8.1% 6.8% 5.5%

BENCHMARK 7.6% 7.6% 7.5% 7.4% 12.2% 10.2% 6.3% 6.1% 9.9% 8.5% 8.9% 9.8%

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

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 preservation / protection of capital and / or expected returns / profit on investments. Page 10 NBP SARMAYA IZAFA FUND (NSIF)

MONTHLY REPORT (MUFAP's Recommended Format) August 2021 Unit Price (31/08/2021): Rs.17.3759 Performance %

FYTD - Rolling 12 FY - FY - FY - FY - FY - Last 3 Last 5 Last 10 Since Launch Performance Period Aug-2021 2022 Months 2021 2020 2019 2018 2017 Years* Years* Years* August 20, 2010*

NBP SARMAYA IZAFA FUND 2.5% 2.9% 10.8% 19.6% 8.2% (8.7)% (6.8)% 29.9% 6.5% 6.6% 12.9% 13.5%

BENCHMARK 1.0% 0.8% 11.6% 21.9% 10.8% (3.9)% (2.8)% 14.2% 9.1% 7.3% 9.7% 9.7%

* 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: August 20, 2010 To generate income by investing in Debt & Money Market securities and to generate Fund Size: Rs. 1,327 million capital appreciation by investing in equity and equity related securities. Type: Open-end - Asset Allocation Fund 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 under review, NBP Sarmaya Izafa Fund's (NSIF) unit price (NAV) (Friday) 9:00 A.M to 4:00 P.M increased by 2.5% whereas the Benchmark increased by 1.0%, thus an Settlement: 2-3 business days outperformance of 1.5% was recorded. Since inception on August 20, 2010 the Fund Pricing Mechanism: Forward Pricing has posted 13.5% p.a return, versus 9.7% p.a by the Benchmark. Thus, to date the Load: Front end: 3% (Nil if amount greater than Rs. 50 outperformance of your Fund stands at 3.8% p.a. This outperformance is net of million), Back end: 0% management fee and all other expenses. Management Fee: 1.5% per annum Total Expense Ratio: 4.02% p.a (including 0.23% government levies) NSIF started off the month with an allocation of around 76% in equities, which was increase to around 83% towards the end of the month. NSIF outperformed the Selling & Marketing Expenses: 1.80% per annum (w.e.f August 23, 2021) Benchmark in August due to contribution from the reversal of SWWF charged in prior Risk Profile / Risk of principal High / Principal at high risk years. During the month, the allocation was primarily increased in Chemical, erosion: Commercial Bank, Oil & Gas Exploration Companies, and Technology & Listing: Pakistan Stock Exchange Communication sectors, whereas it was reduced primarily in Pharmaceutical sector. Custodian & Trustee: Central Depository Company (CDC) Auditors: A.F.Ferguson & Co. Chartered Accountants Top Ten Holdings (as on August 31 ,2021) Benchmark: Daily weighted return of KSE-30 Total Return Index Asset % of Total & 6-month KIBOR based on Fund's actual Name Class Assets allocation Fund Manager: Asim Wahab Khan, CFA Lucky Cement Limited Equity 5.5% Minimum Subscription: Growth Unit: Rs. 10,000/- Habib Bank Limited Equity 4.4% Income Unit: Rs. 100,000/- Mari Petroleum Company Limited Equity 3.8% Asset Manager Rating: AM1 by PACRA (Very High Quality) Hub Power Company Limited Sukkuk 3.7% Asset Allocation (% of Total Assets) 31-Aug-21 31-Jul-21 Hub Power Company Limited Equity 3.6% Equity Securities 83.5% 76.1% Systems Limited Equity 3.6% Cash 5.2% 4.1% Engro Polymer Chemical Limited Equity 3.5% TFCs / Sukuks 5.6% 5.1% Oil and Gas Development Co Limited Equity 3.5% T-Bills 5.0% 14.3% Pak Petroleum Limited Equity 3.3% Others including Receivables 0.7% 0.4% Engro Corporation Limited Equity 3.0% 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 PER PBV DY Asim Wahab Khan, CFA NSIF 6.0 1.1 4.7% Hassan Raza, CFA KSE-30 5.5 1.0 6.2% Muhammad Ali Bhabha, CFA, FRM ** Based on NBP Funds estimates Dispute Resolution / Complaint Handling Top Five Sectors (% of Total Assets) (as on August 31 ,2021) Complaint Service : www.nbpfunds.com/contact-us/investor-relations Commercial Banks 14.1 % SECP’s Service Desk Management System: sdms.secp.gov.pk Oil & Gas Exploration Companies 11.7 % Cement 11.1 % Fertilizer 6.4 % Textile Composite 6.3 % Others 33.9 % Sindh Workers' Welfare Fund (SWWF) During the month of August 2021, provisioning against Sindh Workers’ Welfare Fund by NBP SARMAYA IZAFA FUND amounting to Rs. 25.78 million has been reversed on the clarification received by Sindh Revenue Board vide letter No. SRB/TP/70/2013/8772 dated August 12, 2021 addressed to Mutual Funds Association of Pakistan. This reversal of provision has contributed towards an unusual increase in NAV of the NBP SARMAYA IZAFA FUND by 1.85% on August 13, 2021. This is one-off event and is not likely to be repeated in the future.

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

MONTHLY REPORT (MUFAP's Recommended Format) August 2021 Unit Price (31/08/2021): Rs.19.8449 Performance %

FYTD - Rolling 12 FY - FY - FY - FY - FY - Last 3 Last 5 Last 10 Since Launch Performance Period Aug-2021 2022 Months 2021 2020 2019 2018 2017 Years* Years* Years* January 19, 2007*

NBP BALANCED FUND 2.0% 2.5% 10.6% 19.3% 7.4% (8.5)% (6.2)% 28.4% 6.1% 6.3% 14.5% 12.7%

BENCHMARK 1.0% 0.9% 11.7% 21.9% 10.7% (3.6)% (2.8)% 14.1% 9.2% 7.2% 11.0% 8.7%

* 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. 1,646 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 increased by 2.0%, whereas the Benchmark increased by 1.0%, thus an Pricing Mechanism: Forward Pricing outperformance of 1.0% was recorded. Since inception on January 19, 2007 your Fund Load: Front end: 3% (Nil if amount greater than Rs. 50 has posted 12.7% p.a return, versus 8.7% p.a by the Benchmark. Thus, to-date the million), Back end: 0% outperformance of your Fund stands at 4.0% p.a. This outperformance is net of management fee and all other expenses. Management Fee: 1.5% per annum w.e.f 12-Jul-19 Total Expense Ratio: 3.98% p.a.(including 0.24% government levies) NBF started off the month with an allocation of around 65% in equities which was increased to 66% towards the end of the month. NBF outperformed the Benchmark in August Selling & Marketing Expenses: 1.80% p.a. w.e.f. Aug. 23, 2021 as the Fund was underweight in select Fertilizer and Commercial Bank sectors stocks Risk Profile / Risk of principal High / Principal at high risk which underperformed the market and overweight in select Engineering, Chemical, and erosion: Glass & Ceramics sectors stocks which outperformed the market. During the month, Listing: Pakistan Stock Exchange the allocation was primarily increased in Chemical, Glass & Ceramics, and Technology Custodian & Trustee: Central Depository Company (CDC) & Communication sectors, whereas it was reduced primarily in Pharmaceutical, and Auditors: Grant Thornton Anjum Rahman, Chartered Fertilizer sectors. Accountants Benchmark: Daily weighted return of KSE-30 Total Return Index & 6-month KIBOR based on Fund's actual Top Ten Holdings (as on August 31 ,2021) allocation. Asset % of Total Fund Manager: Asim Wahab Khan, CFA Name Class Assets Minimum Subscription: Growth Unit: Rs. 10,000/- Income Unit: Rs. 100,000/- Lucky Cement Limited Equity 4.3% Asset Manager Rating: AM1 by PACRA (Very High Quality) Habib Bank Limited Equity 3.4% Asset Allocation (% of Total Assets) 31-Aug-21 31-Jul-21 Systems Limited Equity 3.3% Equities / Stocks 65.5% 65.0% Mari Petroleum Company Limited Equity 3.3% TFCs / Sukuks 9.7% 9.8% Hub Power Company Limited Equity 3.2% T-Bills 21.9% 21.3% Mughal Iron & Steel Industries Limited Sukkuk 3.0% Cash 1.6% 2.8% Hub Power Company Limited Sukkuk 3.0% Others including receivables 1.3% 1.1% Oil and Gas Development Co Limited Equity 2.8% Total 100.0% 100.0% Mughal Iron & Steel Industries Limited Equity 2.6% Leverage Nil Nil Engro Corporation Limited Equity 2.4%

Details of Non-Compliant Investments Value of Value of Characterstics of Equity Portfolio** Type of % of % of Investments Provision Investments Particulars Investment Net Gross PER PBV DY before held after Assets Assets NBF 6.0 1.1 3.8% Provision New Allied Electronics Limited I - Sukkuk 10,000,000 10,000,000 0 0.0% 0.0% KSE-30 5.5 1.0 6.2% Sukuk 25-JUL-07 25-JUL-22 Saudi Pak Leasing Company ** Based on NBP Funds estimates TFC 27,547,410 27,547,410 0 0.0% 0.0% Limited - Revised II 13-MAR- Eden House Limited - Sukuk Sukkuk 9,843,750 9,843,750 0 0.0% 0.0% Top Five Sectors (% of Total Assets) (as on August 31 ,2021) Revised 29-MAR-08 29-SEP-25 SHAKARGANJ FOOD Sukkuk 23,528,664 0 23,528,664 1.4% 1.4% Commercial Banks 11.0 % PRODUCTS LTD. (10-07-18) Oil & Gas Exploration Companies 9.1 % Total 70,919,824 47,391,160 23,528,664 1.4% 1.4% Cement 8.5 % Name of the Members of Investment Committee Fertilizer 5.4 % Dr. Amjad Waheed, CFA Textile Composite 5.0 % Sajjad Anwar, CFA Others 26.5 % Asim Wahab Khan, CFA Sindh Workers' Welfare Fund (SWWF) Hassan Raza, CFA During the month of August 2021, provisioning against Sindh Workers’ Welfare Fund by NBP Muhammad Ali Bhabha, CFA, FRM BALANCED FUND amounting to Rs. 19.93 million has been reversed on the clarification received by Sindh Revenue Board vide letter No. SRB/TP/70/2013/8772 dated August 12, 2021 addressed to Dispute Resolution / Complaint Handling Mutual Funds Association of Pakistan. This reversal of provision has contributed towards an unusual Complaint Service : www.nbpfunds.com/contact-us/investor-relations increase in NAV of the NBP BALANCED FUND by 1.24% on August 13, 2021. This is one-off event SECP’s Service Desk Management System: sdms.secp.gov.pk and is not likely to be repeated in the future.

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

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 preservation / protection of capital and / or expected returns / profit on investments. Page 12 NBP STOCK FUND (NSF)

MONTHLY REPORT (MUFAP's Recommended Format) August 2021 Unit Price (31/08/2021): Rs.16.4516 Performance %

FYTD - Rolling 12 FY - FY - FY - FY - FY - Last 3 Last 5 Last 10 Since Launch Performance Period Aug-2021 2022 Months 2021 2020 2019 2018 2017 Years* Years* Years* January 19, 2007*

NBP STOCK FUND 1.8% 2.5% 15.4% 35.9% (0.2)% (18.0)% (9.7)% 33.7% 4.5% 5.0% 19.0% 13.2%

BENCHMARK 1.2% 0.7% 15.3% 36.5% (0.5)% (18.2)% (10.0)% 17.9% 3.9% 2.5% 11.0% 5.7%

* 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 To provide investors with long term capital growth from an actively managed portfolio Fund Size: Rs. 20,937 million invested primarily in listed companies in Pakistan. Type: Open-end – Equity Fund Fund Manager Commentary Dealing Days: Daily – Monday to Friday During the month under review, NBP Stock Fund’s (NSF) unit price (NAV) increased by Dealing Time: (Mon-Thr) 9:00 A.M to 3:00 P.M 1.8%, whereas the Benchmark increased by 1.2%, thus an outperformance of 0.6% (Friday) 9:00 A.M to 4:00 P.M was recorded. Since inception on January 19, 2007 your Fund has posted 13.2% p.a Settlement: 2-3 business days return, versus 5.7% p.a by the Benchmark. Thus, to-date the outperformance of your Pricing Mechanism: Forward Pricing Fund stands at 7.5% p.a. This outperformance is net of management fee and all other Load: Front end: 3% (Nil if amount greater than Rs. 50 expenses. million), Back end: 0% Management Fee: 1.5% per annum NSF started off the month with an allocation of around 95% in which increased to Total Expense Ratio: 4.09% p.a (including 0.23% government levies) around 97% towards the end of the month NSF outperformed the Benchmark in August due to contribution from the reversal of SWWF charged in prior years. During Selling & Marketing Expenses: 2.0% per annum (w.e.f 26-Jan-21) the month, the allocation was primarily increased in Oil & Gas Exploration Companies, Risk Profile / Risk of principal High / Principal at high risk Chemical, Engineering, and Technology & Communication sectors, whereas it was erosion: reduced primarily in Cement and Paper & Board sectors sectors. Listing: Pakistan Stock Exchange Custodian & Trustee: Central Depository Company (CDC) Auditors: KPMG Taseer Hadi & Co, Chartered Accountants Top Ten Holdings (as on August 31 , 2021) Benchmark: KSE-30 Total Return Index Name % of Total Assets Fund Manager: Asim Wahab Khan, CFA Minimum Subscription: Growth Unit: Rs. 10,000/- Habib Bank Limited 6.5% Income Unit: Rs. 100,000/- Systems Limited 5.2% Asset Manager Rating: AM1 by PACRA (Very High Quality) Lucky Cement Limited 5.0% Asset Allocation (% of Total Assets) 31-Aug-21 31-Jul-21 Mari Petroleum Company Limited 4.8% Equities / Stock 97.2% 94.9% Kohat Cement Limited 4.3% T-Bills 2.1% 4.4% Cash 0.4% 0.6% United Bank Limited 4.1% Others including Receivables 0.3% 0.1% Oil and Gas Development Co Limited 3.5% Total 100.0% 100.0% Engro Polymer Chemical Limited 3.4% Leverage Nil Nil Pak Petroleum Limited 3.3% Mughal Iron & Steel Industries Ltd 3.3% Characterstics of Equity Portfolio** PER PBV DY Name of the Members of Investment Committee NSF 6.1 1.1 4.4% Dr. Amjad Waheed, CFA KSE-30 5.5 1.0 6.2% Sajjad Anwar, CFA ** Based on NBP Funds estimates Asim Wahab Khan, CFA Hassan Raza, CFA Top Five Sectors (% of Total Assets) (as on August 31 ,2021) Dispute Resolution / Complaint Handling Commercial Banks 18.3 % Oil & Gas Exploration Companies 13.2 % Complaint Service : www.nbpfunds.com/contact-us/investor-relations SECP’s Service Desk Management System: sdms.secp.gov.pk Cement 12.9 % Textile Composite 7.2 % Engineering 6.2 % Others 39.4 % Sindh Workers' Welfare Fund (SWWF) During the month of August 2021, provisioning against Sindh Workers’ Welfare Fund by NBP STOCK FUND amounting to Rs. 215.84 million has been reversed on the clarification received by Sindh Revenue Board vide letter No. SRB/TP/70/2013/8772 dated August 12, 2021 addressed to Mutual Funds Association of Pakistan. This reversal of provision has contributed towards an unusual increase in NAV of the NBP STOCK FUND by 1.03% on August 13, 2021. This is one-off event and is not likely to be repeated in the future.

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

MONTHLY REPORT (MUFAP's Recommended Format) August 2021 Unit Price (31/08/2021): Rs.9.1318 Performance % Since Launch Rolling 12 Performance Period Aug-2021 FYTD - 2022 FY - 2021 FY - 2020 FY - 2019 Last 3 Years* February 14, 2018* Months

NBP FINANCIAL SECTOR FUND 1.5% 2.6% 4.0% 20.6% (15.6)% (9.4)% (1.8)% (1.5)%

BENCHMARK 1.2% 0.7% 15.3% 36.5% (0.5)% (18.2)% 3.9% 2.4%

* 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: February 14, 2018 The objective of NBP Financial Sector Fund is to provide investors with long term Fund Size: Rs. 442 million capital growth from an actively managed portfolio of listed equities belonging to the Type: Open Ended Equity Scheme Financial Sector. Dealing Days: Daily – Monday to Friday Fund Manager Commentary Dealing Time: (Mon-Thr) 9:00 A.M to 3:00 P.M NBP Funds launched its NAFA Financial Sector Fund (NFSF) in February 2018, aiming to provide an opportunity to invest and benefit from the strong growth of the Financial (Friday) 9:00 A.M to 4:00 P.M Sector. Settlement: 2-3 business days Pricing Mechanism: Forward Pricing NFSF started off the month with an allocation of around 98% in equities which was Load: Front end: 3% (Nil if amount greater than Rs. 50 decreased to 97%, towards the end of the month. NFSF outperformed the Benchmark in million), August due to contribution from the reversal of SWWF charged in prior years. During Back end: 0% the month, the allocation was primarily reduced in Commercial Banks and Insurance sectors. Management Fee: 1.5% per annum w.e.f 12-Jul-19 Total Expense Ratio: 4.60% p.a (including 0.24% government levies) Top Ten Holdings (as on August 31 , 2021) Selling & Marketing Expenses: 2% per annum (w.e.f 26-Jan-21) Name % of Total Assets Risk Profile / Risk of principal High / Principal at high risk erosion: Habib Bank Limited 16.5% Listing: Pakistan Stock Exchange United Bank Limited 14.6% Custodian & Trustee: Central Depository Company (CDC) Auditors: A. F. Ferguson & Co., Chartered Accountants Bank AL-Habib Limited 13.0% Benchmark: KSE 30 Index (Total Return Index) Adamjee Insurance Co Limited 10.0% Fund Manager: Asim Wahab Khan, CFA Bank Alfalah Limited 8.8% Minimum Subscription: Growth Unit: Rs. 10,000/- Income Unit: Rs. 100,000/- Meezan Bank Limited 8.2% Asset Manager Rating: AM1 by PACRA (Very High Quality) Faysal Bank Limited 4.9% Asset Allocation (% of Total Assets) 31-Aug-21 31-Jul-21 MCB Bank Limited 4.6% Equities / Stocks 96.9% 97.5% IGI Holdings Limited 4.3% Cash Equivalents 1.6% 1.6% Habib Metropolitan Bank 3.7% Others including Receivables 1.5% 0.9% Total 100.0% 100.0% Leverage Nil Nil Name of the Members of Investment Committee Dr. Amjad Waheed, CFA Sajjad Anwar, CFA Characterstics of Equity Portfolio** Asim Wahab Khan, CFA PER PBV DY Hassan Raza, CFA NFSF 5.6 0.7 8.1% Dispute Resolution / Complaint Handling KSE-30 5.5 1.0 6.2% Complaint Service : www.nbpfunds.com/contact-us/investor-relations ** Based on NBP Funds estimates SECP’s Service Desk Management System: sdms.secp.gov.pk Top Sectors (% of Total Assets) (as on August 31 ,2021) Commercial Banks 82.6 % Insurance 14.3 % Sindh Workers' Welfare Fund (SWWF) During the month of August 2021, provisioning against Sindh Workers’ Welfare Fund by NBP FINANCIAL SECTOR FUND amounting to Rs. 2.90 million has been reversed on the clarification received by Sindh Revenue Board vide letter No. SRB/TP/70/2013/8772 dated August 12, 2021 addressed to Mutual Funds Association of Pakistan. This reversal of provision has contributed towards an unusual increase in NAV of the NBP FINANCIAL SECTOR FUND by 0.65% on August 13, 2021. This is one-off event and is not likely to be repeated in the future.

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

MONTHLY REPORT (MUFAP's Recommended Format) August 2021 Unit Price (31/08/2021): Rs.10.9749 Performance % Rolling 6 Months Since Launch October 6, 2020* Performance Period Aug-2021 FYTD - 2022

NBP PAKISTAN GROWTH EXCHANGE TRADED FUND 0.9% 0.4% 2.8% 17.6%

BENCHMARK 0.8% 0.5% 3.5% 21.0%

* 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. 61 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 0.9% versus Total Expense Ratio: 2.25% p.a (including 0.13% government levies) Benchmark increased by of 0.8%. Tracking error for the period was 0.1%. This performance is net of management fee and all other expenses. The Fund started off Risk Profile / Risk of principal High / Principal at high risk the month with an allocation of around 96% in equities. The stocks in the NBP-GETF erosion: belong to Commercial Banks, Cements, Fertilizers, Oil & Gas Exploration, Power Listing: Pakistan Stock Exchange Generation & Distribution, Oil & Gas Marketing sectors and Technology & Custodian & Trustee: Central Depository Company (CDC) Communication sectors. During the month, Commercial Banks, Technology & Auditors: A. F. Ferguson & Co, Chartered Accountants Communication and Power Generation & Distribution Companies sectors stocks outperformed the market and, Oil & Gas Exploration, Fertilizer, Cement, and Oil & Gas Benchmark: NBP Pakistan Growth Index (NBPPGI) Marketing Companies sectors stocks underperformed the market. Fund Manager: Asim Wahab Khan, CFA Asset Manager Rating: AM1 by PACRA (Very High Quality) Asset Allocation (% of Total Assets) 31-Aug-21 31-Jul-21 Equity Securities 96.3% 95.8% Top Ten Holdings (as on August 31 , 2021) Cash 3.4% 3.7% Name % of Total Assets Others including Receivables 0.3% 0.5% Total 100.0% 100.0% TRG Pakistan Limited 9.9% Leverage Nil Nil Lucky Cement Limited 9.0% Habib Bank Limited 8.4% Hub Power Company Limited 7.9% Characterstics of Equity Portfolio** Engro Corporation Limited 7.4% PER PBV DY NBPGETF 5.4 1.1 6.7% Oil and Gas Development Co Limited 7.3% NBPPGI 5.1 1.0 7.2% Pakistan State Oil Co Limited 6.7% ** Based on NBP Funds estimates United Bank Limited 6.0% Top Five Sectors (% of Total Assets) (as on August 31 ,2021) Pak Petroleum Limited 6.0% Commercial Banks 27.9 % Fauji Fertilizer Company Limited 5.6% Oil & Gas Exploration Companies 17.5 % Fertilizer 17.4 % Name of the Members of Investment Committee Technology & Communication 9.9 % Dr. Amjad Waheed, CFA Cement 9.0 % Sajjad Anwar, CFA Others 14.6 % Asim Wahab Khan, CFA Sindh Workers' Welfare Fund (SWWF) Hassan Raza, CFA During the month of August 2021, provisioning against Sindh Workers’ Welfare Fund by NBP PAKISTAN GROWTH EXCHANGE TRADED FUND amounting to Rs. 0.20 million has been reversed Dispute Resolution / Complaint Handling on the clarification received by Sindh Revenue Board vide letter No. SRB/TP/70/2013/8772 dated Complaint Service : www.nbpfunds.com/contact-us/investor-relations August 12, 2021 addressed to Mutual Funds Association of Pakistan. This reversal of provision has SECP’s Service Desk Management System: sdms.secp.gov.pk contributed towards an unusual increase in NAV of the NBP PAKISTAN GROWTH EXCHANGE TRADED FUND by 0 .33% on August 13, 2021. This is one-off event and is not likely to be repeated in the future.

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

MONTHLY REPORT (MUFAP's Recommended Format) August 2021 Performance % NAV Per Since Launch Fund Size Aug FYTD - Rolling 12 FY - FY - FY - FY - FY - Last 3 Last 5 Unit (Rs.) July 02, (Rs. in mln) 2021 2021 Months 2021 2020 2019 2018 2017 Years Years Aug 31, 2021 2013

NPF-Equity Sub-fund 1,167.4 382.4346 2.4%* 3.6%* 19.8%* 40.1%* 4.3%* (17.6%)* (7.4%)* 37.3%* 7.3% 8.0% 17.7%

NPF-Debt Sub-fund 616.4 201.6307 16.8% 11.8% 7.3% 4.6% 19.7% 6.8% 4.3% 4.4% 10.6% 8.1% 8.8%

NPF-Money Market Sub-fund 1,469.5 173.5045 11.6% 8.9% 6.2% 5.4% 11.9% 8.0% 4.4% 4.4% 8.7% 7.0% 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. 3,253 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 August: (Friday) 9:00 A.M to 4:00 P.M Pricing Mechanism: Forward Pricing NPF Equity Sub-fund unit price increased by 2.4% compared with 0.8% increase in Front End Load: Upto 3% on Contributions KSE-100 Index. The Sub-fund was around 98% 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 2.02% p.a. (including 0.23% government levies) Debt 1.94% p.a. (including 0.24% government levies) NPF Debt Sub-fund generated annualized return of 16.8%. The Sub-fund was Money Market 1.90% p.a. (including 0.24% 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 years. Auditors: Yousuf Adil Chartered Accountants NPF Money Market Sub-fund generated annualized return of 11.6%. 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 11 days. Asset Manager Rating: AM1 by PACRA (Very High Quality) Leverage: Nil Top Five Sectors (% of Total Assets) (as on August 31, 2021) Asset AllocationCredit Quality (% of Total of the Assets) Portfolio (as on August 31, 2021) 17.4% Debt Money Market Commercial Banks Oil & Gas Exploration Companies 13.0% Government Securities (AAA rated) 14.6% - Cement 12.3% AAA 24.7% 79.9% Chemical 6.3% AA+ 9.2% 10.5% Textile Composite 5.8% AA 12.0% 9.0% AA- 3.2% - Others 43.2% A+ 34.9% - Top Ten Holdings of Equity Sub-fund (as on August 31, 2021) Others 1.4% 0.6% Total 100.0% 100.0% Name (% of Total Assets) Name (% of Total Assets) Habib Bank Limited 6.3% United Bank Limited 3.8% Asset Allocation (% of Total Assets) 30-Nov-17 Lucky Cement Limited 5.0% Oil & Gas Dev Co Limited 3.5% Equity Sub-fund 31-Aug-21 31-Jul-21 Kohat Cement Limited 4.5% Mughal Iron & Steel Industries Limited 3.3% Systems Limited 4.5% Pak Petroleum Limited 3.3% Equity 98.0% 96.4% Mari Petroleum Company Limited 4.4% Engro Polymer & Chemicals Limited 3.3% Cash Equivalents 1.5% 3.3% Others 0.5% 0.3% As on August 31, 2021 Total 100.0% 100.0% Top TFC/Sukuk Holdings of Debt Sub-fund (% of Total Debt Sub-fund 31-Aug-21 31-Jul-21 Name Assets) Cash Equivalents 50.3% 48.1% HUBCO Suk-2 Rev 22-AUG-19 22-AUG-23 6.2% TFC/Sukuk 24.9% 25.9% OBS AGP Limited Suk 15-JUL-21 15-JUL-26 5.6% PIBs 14.6% 15.1% JS Bank Limited 14-DEC-16 14-DEC-23 4.4% Commercial Papers 8.8% 9.1% Askari Commercial Bank Limited 17-MAR-20 17-MAR-30 3.2% 1.4% 1.8% Others Samba Bank Limited 01-MAR-21 01-MAR-31 3.2% Total 100.0% 100.0% HUBCO 6M Sukuk-6 05-MAY-21 05-NOV-21 1.6% JSCL-10 18-JUL-17 18-JUL-23 0.7% Money Market Sub-fund 31-Aug-21 31-Jul-21 Cash Equivalents 81.9% 81.0% Sindh Workers' Welfare Fund (SWWF) Commercial Papers 9.0% 9.3% Short term Sukuk 8.5% 8.8% During the month of August 2021, provisioning against Sindh Workers’ Welfare Fund Others 0.6% 0.9% by NAFA Pension Fund has been reversed on the clarification received by Sindh Total 100.0% 100.0% Revenue Board vide letter No. SRB/TP/70/2013/8772 dated August 12, 2021 addressed to Mutual Funds Association of Pakistan. This reversal of provision has contributed towards an unusual increase in NAV on August 13, 2021 of the sub-Funds Name of the Members of Investment Committee as detailed below. This is one-off event and is not likely to be repeated in the future. Dr. Amjad Waheed, CFA Sajjad Anwar, CFA "SWWF Reversed (Rs mln)" Increase in NAV (%) Asim Wahab Khan, CFA Muhammad Ali Bhabha, CFA, FRM Equity Sub-fund 14.9 1.31% Hassan Raza, CFA Debt Sub-fund 4.6 0.78% Money Market Sub-fund 6.3 0.46% Dispute Resolution / Complaint Handling Complaint Service : www.nbpfunds.com/contact-us/investor-relations Notes: 1) The calculation of performance does not include cost of front end load. SECP’s Service Desk Management System: sdms.secp.gov.pk 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 16 Head Office Branch Office ADDRESSES 7th Floor Clifton Diamond Building, Islamabad Block No. 4, Scheme No. 5, Clifton, Plot # 395-396, Industrial Area, Karachi. Sector I-9/3. Islamabad. Ph # 0800-20002 Fax # 051- 4859029 Fax # 021-35825329 Regional Offices

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 2nd Floor, National Bank Building, University Road, Opposite Gul Haji Plaza. Ph # 091-5703200 Fax # 0915703202 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)