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

Schemes managed by NITL with net assets of PKR 66.83 billion and 48,170 unit holders.

TRUSTEE REPORT

TRUSTEE REPORT TO THE UNIT HOLDERS

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

We, Central Depository Company of Pakistan Limited, being the Trustee of National Investment (Unit) Trust (the Fund) CORPORATE INFORMATION are of the opinion that National Investment Trust Limited being the Management Company of the Fund has in all material respects managed the Fund during the year ended June 30, 2016 in accordance with the provisions of the following:

(i) Limitations imposed on the investment powers of the Management Company under the constitutive documents of the Fund; FUND NAME National Investment (Unit) Trust (ii) The pricing, issuance and redemption of units are carried out in accordance with the requirements of the constitutive

NAME OF AUDITORS documents of the Fund; and KPMG Taseer Hadi & Co. Chartered Accountants

(iii) The Non-Banking Finance Companies (Establishment and Regulations) Rules, 2003, the Non-Banking Finance LIST OF BANKERS Allied Bank Limited Companies and Notified Entities Regulations, 2008 and the constitutive documents of the Fund. Bank Al Falah Limited Bank Al Habib Limited Habib Bank Limited National Bank of Pakistan Sd/- NIB Bank Limited Summit Bank Limited Muhammad Hanif Jakhura United Bank Limited Chief Executive Officer Central Depository Company of Pakistan Limited

Karachi, September 22, 2016 NATIONAL INVESTMENT (UNIT) TRUST STATEMENT OF ASSETS AND LIABILITIES AUDITORS’ REPORT AS AT 30 JUNE 2016

INDEPENDENT AUDITORS’ REPORT TO THE UNIT HOLDERS Note 2016 2015 (Rupees in '000) REPORT ON THE FINANCIAL STATEMENTS Assets Bank balances 5 2,046,114 4,272,389 We have audited the accompanying financial statements of National Investment (Unit) Trust (“the Fund”), which comprise the statement of assets Investments 6 67,468,477 70,699,317 Receivable against sale of investments 15,457 and liabilities as at 30 June 2016 and the related income statement, statement of comprehensive income, distribution statement, cash flow statement, 130 Dividend and other receivables 7 49,913 71,752 statement of movement in unit holders’ fund for the year then ended and a summary of significant accounting policies and other explanatory notes. Security deposits 8 2,600 2,600 Total assets 69,567,234 75,061,515 Management’s responsibility for the financial statements Liabilities The Management Company of the Fund is responsible for the preparation and fair presentation of the financial statements in accordance with approved Payable to National Investment Trust Limited - Management Company 9 269,011 69,734 accounting standards as applicable in Pakistan, and for such internal control as the management determines is necessary to enable the preparation Payable to Central Depository Company of Pakistan Limited - Trustee 10 2,584 2,365 of the financial statements that are free from material misstatement, whether due to fraud or error. Payable to Securities and Exchange Commission of Pakistan 11 61,950 65,580 Payable against redemption of units 15,554 15,281 Payable against purchase of investments 39,678 39,413 Auditors’ responsibility Accrued expenses and other liabilities 12 888,742 1,113,662 Dividend payable and unclaimed distribution 13 1,459,418 2,903,455 Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit in accordance with auditing Total liabilities 2,736,937 4,209,490 standards as applicable in Pakistan. Those standards require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance whether the financial statements are free from material misstatement. Net assets 66,830,297 70,852,025

An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures Unit holders' fund (as per statement attached) 66,830,297 70,852,025 selected depend on our judgment, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, we consider internal control relevant to the Fund’s preparation and fair presentation of the financial Contingencies and commitments 14 statements in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the (Number of units in '000) effectiveness of the Fund’s internal control. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of accounting estimates made by management, as well as evaluating the overall presentation of the financial statements. Number of units in issue 15 1,025,841 1,111,490

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

Opinion Net assets value per unit 65.15 63.75

In our opinion, the financial statements give a true and fair view of the state of the Fund’s affairs as at 30 June 2016 and of its financial performance, The annexed notes from 1 to 30 form an integral part of these financial statements. cash flows and transactions for the year then ended in accordance with approved accounting standards as applicable in Pakistan.

REPORT ON OTHER LEGAL AND REGULATORY REQUIREMENTS

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

Sd/- Sd/- Sd/- Sd/- Managing Director Director Director KPMG Taseer Hadi & Co. Chartered Accountants Muhammad Nadeem Dated: September 07, 2016 Karachi NATIONAL INVESTMENT (UNIT) TRUST NATIONAL INVESTMENT (UNIT) TRUST INCOME STATEMENT STATEMENT OF COMPREHENSIVE INCOME FOR THE YEAR ENDED 30 JUNE 2016 FOR THE YEAR ENDED 30 JUNE 2016

Note 2016 2015 Note 2016 2015 (Rupees in '000) (Rupees in '000) Income Dividend income 16 3,176,697 2,472,681 Net income for the year 7,657,952 6,166,741 Gain on sale of investments - net 5,264,473 3,713,444 Net unrealised appreciation on re-measurement of investments classified as Other comprehensive income 'financial assets at fair value through profit or loss' 6.7 141,163 950,166 Income from government securities 6,164 80,476 Items to be reclassified to income statement in subsequent periods: Profit on bank deposits 96,586 230,241 Income on issue of units 2,199 51,629 Net unrealised (diminution) / appreciation on re-measurement of Other income - 8,670 investments classified as 'available for sale' 6.8 (1,656,676) 6,600,193 Total income 8,687,282 7,507,307 Total comprehensive income for the year 6,001,276 12,766,934 Expenses Impairment loss on equity securities classified as 'available for sale' 6.8.1 17,465 44,060 The annexed notes from 1 to 30 form an integral part of these financial statements. Remuneration of National Investment Trust Limited - Management Company 9.1 654,396 691,221 Federal Excise Duty on remuneration of Management Company 12.2 104,703 110,595 Sindh Sales Tax on remuneration of Management Company 9.2 106,274 120,273 Remuneration of Central Depository Company of Pakistan Limited - Trustee 10.1 27,627 28,319 Sindh Sales Tax on remuneration of trustee 10.2 3,867 - Annual fee - Securities and Exchange Commission of Pakistan 11 61,950 65,580 Allocation of expenses related to registrar services, accounting, operation and valuation services 9.3 38,583 - Custodian charges of Central Depository Company of Pakistan Limited 563 265 For National Investment Trust Limited Securities transaction costs 155 411 (Management Company) Settlement and bank charges 1,313 1,577 Financial charges 17 24,548 8,998 Auditors' remuneration 18 959 924 Sd/- Sd/- Sd/- Legal and professional charges 1,322 105 Managing Director Director Director SECP registration fee - 1,000 Printing and other charges 1,909 2,350 Mutual fund rating fee 232 211 Others 7.2 11,703 58 Total expenses 1,057,569 1,075,947

Net income from operating activities 7,629,713 6,431,360 Element of income / (loss) and capital gains / (losses) included in prices of units issued less those in units redeemed - net 28,239 (137,608) Provision for Workers' Welfare Fund 12.1 - (127,011) Net income before taxation 7,657,952 6,166,741

Taxation 19 - -

Net income for the year 7,657,952 6,166,741

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

For National Investment Trust Limited (Management Company)

Sd/- Sd/- Sd/- Managing Director Director Director NATIONAL INVESTMENT (UNIT) TRUST NATIONAL INVESTMENT (UNIT) TRUST DISTRIBUTION STATEMENT STATEMENT OF MOVEMENT IN UNIT HOLDERS’ FUND FOR THE YEAR ENDED 30 JUNE 2016 FOR THE YEAR ENDED 30 JUNE 2016

2016 2015 Note 2016 2015 (Rupees in '000) (Rupees in '000)

Undistributed income brought forward comprising Net assets at beginning of the year 70,852,025 59,902,173 - Realised income 1,914,694 2,421,656 [Rs. 63.75 per unit (2015: Rs. 56.59 per unit)] - Unrealised income 2,419,321 747,282 4,334,015 3,168,938 Issue of 37,956,495 units (2015: 161,489,471 units) 150 2,423,085 9,808,129 Redemption of 153,353,516 units (2015: 167,773,021 units) 15 (9,835,580) (10,686,547) Element of income / (loss) and capital gains / (losses) included Issue of 29,748,619 units under Cumulative Investment Plan (2015: 59,304,106 units) 15 1,900,044 3,525,453 in prices of units issued less those in units redeemed - amount (5,512,451) 2,647,035 representing income / (loss) that form part of unit holders' fund - net (85,329) (399,939) 65,339,574 62,549,208 Element of (income) / loss and capital (gains) / losses included Net income for the year 7,657,952 6,166,741 in prices of units issued less those in units redeemed - net

Interim distribution for the year ended 30 June 2016: Rs. 4.5 per unit - amount representing (income) / loss transferred to income statement (28,239) 137,608 (Date of distribution: 15 June 2016) [2015: Rs. 4.25 per unit (Date - amount representing loss transferred to distribution statement 85,329 399,939 of distribution: 24 June 2015)] 57,090 537,547 - Cash distribution (2,582,270) (2,804,280) - Issue of units under Cumulative Investment Plan (1,900,044) (1,797,445) Net unrealised (diminution) / appreciation on re-measurement of investments (4,482,314) (4,601,725) classified as 'available for sale' 6.8 (1,656,676)-1,656,676 6,600,193 Gain on sale of investments - net 5,264,473 3,713,444 Undistributed income carried forward 7,424,324 4,334,015 Net unrealised appreciation on re-measurement of investments classified as 'financial assets at fair value through profit or loss' 6.7 141,163 950,166 Undistributed income carried forward comprising Other net income for the year 2,252,316 1,503,131 - Realised income 5,004,141 1,914,694 Total comprehensive income for the year 6,001,276 12,766,934 - Unrealised income 2,420,183 2,419,321 7,424,324 4,334,015 Interim distribution for the year ended 30 June 2016: Rs. 4.5 per unit (Date of distribution: 15 June 2016) [2015: Rs. 4.25 per unit (Date of distribution: 24 June The annexed notes from 1 to 30 form an integral part of these financial statements. 2015)] - Cash distribution (2,582,270) (2,804,280) - Issue of units under Cumulative Investment Plan (1,900,044) (1,797,445) (4,482,314) (4,601,725)

Element of income / (loss) and capital gains / (losses) included in prices of units issued less those in units redeemed - amount representing income / (loss) that form part of unit holders' fund - net (85,329) (399,939) For National Investment Trust Limited (Management Company) Net assets at end of the year 66,830,297 70,852,025 [Rs. 65.15 per unit (2015: Rs. 63.75 per unit)]

Sd/- Sd/- Sd/- The annexed notes from 1 to 30 form an integral part of these financial statements. Managing Director Director Director

For National Investment Trust Limited (Management Company)

Sd/- Sd/- Sd/- Managing Director Director Director NATIONAL INVESTMENT (UNIT) TRUST NATIONAL INVESTMENT (UNIT) TRUST CASH FLOW STATEMENT NOTES TO AND FORMING PART OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2016 FOR THE YEAR ENDED 30 JUNE 2016

Note 2016 2015 1 LEGAL STATUS AND NATURE OF BUSINESS (Rupees in '000) CASH FLOWS FROM OPERATING ACTIVITIES 1.1 The National Investment (Unit) Trust (NI(U)T), was established under a Trust Deed executed between National Investment Trust Net income before taxation 7,657,952 6,166,741 Limited (NITL) as Management Company and National Bank of Pakistan (NBP) as Trustee. The Trust Deed was executed on 12 November 1962, and was amended vide Supplemental Trust Deeds dated 26 June 1968, 7 June 1981, 27 November 1998, 12 Adjustments November 2002, 31 December 2003, 18 January 2007, 1 April 2014 and 3 September 2014. The functions of the Fund are Net unrealised appreciation on re-measurement of investments classified governed by the Trust Deed and the National Investment (Unit) Trust Ordinance, 1965. The Central Depository Company of as 'financial assets at fair value through profit or loss' 6.7 (141,163) (950,166) Pakistan has been appointed Trustee of the Fund with effect from 16 May 2014 in place of National Bank of Pakistan. The Fund is Element of (income) / loss and capital (gains) / losses included in prices of categorised as an Equity Scheme as per the criteria for categorisation of open end collective investment scheme as specified by units issued less those in units redeemed - net (28,239) 137,608 Securities and Exchange Commission of Pakistan (SECP) and other allied matters. Impairment loss on equity securities classified as 'available for sale' 6.8.1 17,465 44,060 7,506,015 5,398,243 1.2 The Management Company of the Fund has been classified as a Non-Banking Finance Company (NBFC) under the NBFC Rules, Decrease / (increase) in assets 2003 and has obtained the requisite license from the Securities and Exchange Commission of Pakistan (SECP) to undertake Asset Investments 1,697,862 588,796 Management Services. The registered office of the Management Company is situated at 6th floor, National Bank of Pakistan Receivable against sale of investments 15,327 (731) Building I.I. Chundrigar Road, Karachi. Dividend and other receivables 21,839 46,896 634,961 1,735,028 1.3 The Privatisation Commission, Government of Pakistan had invited expressions of interest for the sale of the rights to manage the (Decrease) / increase in liabilities Fund which exists solely with the Management Company, NITL. The Trustee and the Management Company hold the rights and Payable to National Investment Trust Limited - Management Company 199,277 (162,966) privileges of the Unit Holders to be paramount. No progress has been made in privatisation of the Fund initiated by Privatisation Payable to Central Depository Company of Pakistan Limited - Trustee 113 219 Commission. Payable to Securities and Exchange Commission of Pakistan (3,630) 13,698 Payable against purchase of investments 265 39,413 1.4 The Fund is an open-ended mutual fund. Units are offered for public subscription on a continuous basis. The units are transferable Accrued expenses and other liabilities (224,920) 611,422 and can be redeemed by surrendering them to the Fund. (28,789) 501,680 1.5 PACRA has assigned an asset manager rating of "AM2+" to the Management Company. The requirement in respect of rating of the Net cash generated from operating activities 9,212,254 6,534,884 equity fund has been withdrawn. Accordingly, rating of the Fund is not carried out. CASH FLOWS FROM FINANCING ACTIVITIES 1.6 Title to the assets of the Fund are held in the name of Central Depository Company of Pakistan Limited as trustee of the Fund. Amount received on issue of units 2,423,085 9,808,129 Amount paid against redemption of units (9,835,307) (10,685,989) 2 BASIS OF PREPARATION Distribution paid (4,026,307) (2,926,506) Net cash (used in) financing activities (11,438,529) (3,804,366) 2.1 Statement of compliance

Net (decrease) / increase in cash and cash equivalents during the year (2,226,275) 2,730,518 These financial statements have been prepared in accordance with approved accounting standards as applicable in Pakistan. Approved accounting standards comprise of such International Financial Reporting Standards (IFRS) issued by the International Cash and cash equivalents at beginning of the year 4,272,389 1,541,871 Accounting Standards Board as are notified under the Companies Ordinance, 1984, the Non-Banking Finance Companies (Establishment and Regulation) Rules, 2003 (the NBFC Rules), the Non-Banking Finance Companies and Notified Entities Cash and cash equivalents at end of the year 5 2,046,114 4,272,389 Regulations, 2008 (the NBFC Regulations) and directives issued by the Securities and Exchange Commission of Pakistan (SECP). Wherever the requirements of the NBFC Rules, the NBFC Regulations or directives issued by the SECP differ with the The annexed notes from 1 to 30 form an integral part of these financial statements. requirements of IFRS, the NBFC Rules, the NBFC Regulations or the directives issued by the SECP shall prevail. 2.2 Accounting convention

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

2.3 Functional and presentation currency For National Investment Trust Limited (Management Company) These financial statements are presented in Pak Rupees, which is the Fund's functional and presentation currency. 2.4 Critical accounting estimates and judgments Sd/- Sd/- Sd/- The preparation of financial statements in conformity with approved accounting standards as applicable in Pakistan requires Managing Director Director Director management to make judgements, estimates and assumptions that affect the application of accounting policies and the reported amounts of assets, liabilities, income and expenses. The estimates and associated assumptions are based on historical experience and various other factors that are believed to be reasonable under the circumstances, the results of which form the basis of making the judgements about the carrying values of assets and liabilities that are not readily apparent from other sources. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognized in the period in which the estimates are revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods. The areas where various assumptions and estimates are significant to the Fund's financial statements or where judgment was exercised in application of accounting policies principally related to classification and valuation of investments and impairment thereagainst, if any (note 4.1 and note 6).

3 NEW, AMENDED AND REVISED STANDARDS AND INTERPRETATIONS OF IFRSs

3.1 IFRS 10 'Consolidated Financial Statements', IFRS 11 'Joint Arrangements', IFRS I2 'Disclosure of Interests in Other Entities' and IFRS 13 'Fair Value Measurements'. These standards became applicable from 1 January 2015, as per the adoption status of IFRS in Pakistan.

The application of IFRS 10, IFRS 11 and IFRS 12 did not have any impact on the financial statement of the Fund.

IFRS 13 Fair Value Measurement, consolidates the guidance on how to measure fair value, which was spread across various IFRS, into one comprehensive standard. It introduces the use of an exit price, as well as extensive disclosure requirements, particularly the inclusion of non-financial instruments into the fair value hierarchy. The application of IFRS 13 did not have an impact on the financial statements of the Fund, except certain additional disclosures.

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

The following standards, amendments and interpretations of approved accounting standards will be effective for accounting periods beginning on or after 1 July 2016: - Amendments to IAS 38 Intangible Assets and IAS 16 Property, Plant and Equipment (effective for annual periods beginning on or after 1 January 2016) introduce severe restrictions on the use of revenue-based amortization for intangible assets and explicitly state that use of revenue-based methods of depreciation cannot be used for property, plant and equipment. The rebuttable presumption that the use of revenue-based amortization methods for intangible assets is inappropriate can be overcome only when revenue and the consumption of the economic benefits of the intangible asset are highly correlated', or when the intangible asset is expressed as a measure of revenue. The amendments are not likely to have an impact on the Fund's financial statements.

- Investment Entities: Applying the Consolidation Exception (Amendments to IFRS 10 - Consolidated Financial Statements and IAS 28 – Investments in Associates and Joint Ventures) [effective for annual periods beginning on or after 1 January 2016) clarifies (a) which subsidiaries of an investment entity are consolidated; (b) exemption to present consolidated financial statements is available to a parent entity that is a subsidiary of an investment company; and (c) how an entity that is not an investment entity should apply the equity method of accounting for its investment in an associate or joint venture that is an investment entity. The amendments are not likely to have an impact on the Fund’s financial statements.

- Accounting for Acquisitions of Interests in Joint Operations – Amendments to IFRS 11 ‘Joint Arrangements’ (effective for annual periods beginning on or after 1 January 2016) clarify the accounting for the acquisition of an interest in a joint operation where the activities of the operation constitute a business. They require an investor to apply the principles of business combination accounting when it acquires an interest in a joint operation that constitutes a business. The amendments are not likely to have 2.2 Accounting convention an impact on the Fund’s financial statements.

These financial statements are prepared under the historical cost convention except for investments which are carried at fair value. - Amendment to IAS 27 ‘Separate Financial Statement’ (effective for annual periods beginning on or after 1 January 2016) allows entities to use the equity method to account for investments in subsidiaries, joint ventures and associates in their separate 2.3 Functional and presentation currency financial statements. The amendment is not likely to have an impact on the Fund’s financial statements.

These financial statements are presented in Pak Rupees, which is the Fund's functional and presentation currency. - Agriculture: Bearer Plants [Amendment to IAS 16 and IAS 41] (effective for annual periods beginning on or after 1 January 2016). Bearer plants are now in the scope of IAS 16 Property, Plant and Equipment for measurement and disclosure purposes. 2.4 Critical accounting estimates and judgments Therefore, a company can elect to measure bearer plants at cost. However, the produce growing on bearer plants will continue to be measured at fair value less costs to sell under IAS 41 Agriculture. A bearer plant is a plant that: is used in the supply of The preparation of financial statements in conformity with approved accounting standards as applicable in Pakistan requires agricultural produce; is expected to bear produce for more than one period; and has a remote likelihood of being sold as management to make judgements, estimates and assumptions that affect the application of accounting policies and the reported agricultural produce. Before maturity, bearer plants are accounted for in the same way as self-constructed items of property, NATIONALamounts of INVESTMENTassets, liabilities, income (UNIT)and expenses. TRUSTThe estimates and associated assumptions are based on historical experience NATIONALplant and INVESTMENT equipment during construction. (UNIT) The TRUST amendments are not likely to have an impact on the Fund’s financial statements. and various other factors that are believed to be reasonable under the circumstances, the results of which form the basis of making NOTESthe judgementsTO ANDabout FORMINGthe carrying valuesPARTof assetsOF THEand liabilities FINANCIALthat are not STATEMENTSreadily apparent from other sources. Actual results NOTES- Amendments TO ANDto FORMINGIAS 12 ‘Income Taxes’PARTare OFeffective THEfor annualFINANCIALperiods beginning STATEMENTSon or after 1 January 2017. The amendments FOR THEmay differ YEAR from theseENDED estimates. 30 JUNE 2016 FOR THEclarify YEARthat the ENDEDexistence 30of a JUNEdeductible 2016temporary difference depends solely on a comparison of the carrying amount of an asset and its tax base at the end of the reporting period, and is not affected by possible future changes in the carrying amount or The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognized in expected manner of recovery of the asset. The amendments are not likely to have an impact on Fund’s financial statements. the period in which the estimates are revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods. The areas where various assumptions and estimates are significant to - Amendments to IAS 7 ‘Statement of Cash Flows’ are part of IASB’s broader disclosure initiative and are effective for annual the Fund's financial statements or where judgment was exercised in application of accounting policies principally related to periods beginning on or after 1 January 2017. The amendments require disclosures that enable users of financial statements to classification and valuation of investments and impairment thereagainst, if any (note 4.1 and note 6). evaluate changes in liabilities arising from financing activities, including both changes arising from cash flow and non-cash changes. The amendments are not likely to have an impact on Fund’s financial statements. 3 NEW, AMENDED AND REVISED STANDARDS AND INTERPRETATIONS OF IFRSs - Amendments to IFRS 2 - Share-based Payment clarify the accounting for certain types of arrangements and are effective for 3.1 IFRS 10 'Consolidated Financial Statements', IFRS 11 'Joint Arrangements', IFRS I2 'Disclosure of Interests in Other Entities' and annual periods beginning on or after 1 January 2018. The amendments cover three accounting areas (a) measurement of cash- IFRS 13 'Fair Value Measurements'. These standards became applicable from 1 January 2015, as per the adoption status of IFRS settled share-based payments; (b) classification of share-based payments settled net of tax withholdings; and (c) accounting for in Pakistan. a modification of a share-based payment from cash-settled to equity-settled. The new requirements could affect the classification and/or measurement of these arrangements and potentially the timing and amount of expense recognised for new and The application of IFRS 10, IFRS 11 and IFRS 12 did not have any impact on the financial statement of the Fund. outstanding awards. The amendments are not likely to have an impact on Fund’s financial statements.

IFRS 13 Fair Value Measurement, consolidates the guidance on how to measure fair value, which was spread across various IFRS, Annual Improvements 2012-2014 cycles (amendments are effective for annual periods beginning on or after 1 July 2016). The new into one comprehensive standard. It introduces the use of an exit price, as well as extensive disclosure requirements, particularly cycle of improvements contain amendments to the following standards: the inclusion of non-financial instruments into the fair value hierarchy. The application of IFRS 13 did not have an impact on the financial statements of the Fund, except certain additional disclosures. - IFRS 5 Non-current Assets Held for Sale and Discontinued Operations. IFRS 5 is amended to clarify that if an entity changes the method of disposal of an asset (or disposal group) i.e. reclassifies an asset from held for distribution to owners to held for sale or 3.2 Standards, interpretations and amendments to published approved accounting standards that are not yet effective vice versa without any time lag, then such change in classification is considered as continuation of the original plan of disposal and if an entity determines that an asset (or disposal group) no longer meets the criteria to be classified as held for distribution, The following standards, amendments and interpretations of approved accounting standards will be effective for accounting periods then it ceases held for distribution accounting in the same way as it would cease held for sale accounting. beginning on or after 1 July 2016: - IFRS 7 ‘Financial Instruments- Disclosures’. IFRS 7 is amended to clarify when servicing arrangements on continuing - Amendments to IAS 38 Intangible Assets and IAS 16 Property, Plant and Equipment (effective for annual periods beginning on or involvement in transferred financial assets in cases when they are derecognized in their entirety are in the scope of its disclosure after 1 January 2016) introduce severe restrictions on the use of revenue-based amortization for intangible assets and explicitly requirements. IFRS 7 is also amended to clarify that additional disclosures required by ‘Disclosures: Offsetting Financial Assets state that use of revenue-based methods of depreciation cannot be used for property, plant and equipment. The rebuttable and Financial Liabilities (Amendments to IFRS7)’ are not specifically required for inclusion in the Fund's financial statements. presumption that the use of revenue-based amortization methods for intangible assets is inappropriate can be overcome only when revenue and the consumption of the economic benefits of the intangible asset are highly correlated', or when the intangible - IAS 19 ‘Employee Benefits’. IAS 19 is amended to clarify that high quality corporate bonds or government bonds used in asset is expressed as a measure of revenue. The amendments are not likely to have an impact on the Fund's financial determining the discount rate should be issued in the same currency in which the benefits are to be paid. statements. - IAS 34 ‘Interim Financial Reporting’. IAS 34 is amended to clarify that certain disclosures, if they are not included in the notes to - Investment Entities: Applying the Consolidation Exception (Amendments to IFRS 10 - Consolidated Financial Statements and interim financial statements and disclosed elsewhere should be cross referred. IAS 28 – Investments in Associates and Joint Ventures) [effective for annual periods beginning on or after 1 January 2016) clarifies (a) which subsidiaries of an investment entity are consolidated; (b) exemption to present consolidated financial The above amendments are not likely to have an impact on the Fund's financial statements. statements is available to a parent entity that is a subsidiary of an investment company; and (c) how an entity that is not an investment entity should apply the equity method of accounting for its investment in an associate or joint venture that is an 4 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES investment entity. The amendments are not likely to have an impact on the Fund’s financial statements. The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have - Accounting for Acquisitions of Interests in Joint Operations – Amendments to IFRS 11 ‘Joint Arrangements’ (effective for annual been consistently applied to all periods presented except for the additional disclosures (refer note 3.1). periods beginning on or after 1 January 2016) clarify the accounting for the acquisition of an interest in a joint operation where the activities of the operation constitute a business. They require an investor to apply the principles of business combination 4.1 Financial assets accounting when it acquires an interest in a joint operation that constitutes a business. The amendments are not likely to have an impact on the Fund’s financial statements. 4.1.1 Classification

- Amendment to IAS 27 ‘Separate Financial Statement’ (effective for annual periods beginning on or after 1 January 2016) allows The Fund classifies its financial assets in the following categories: loans and receivables, at fair value through profit or loss and entities to use the equity method to account for investments in subsidiaries, joint ventures and associates in their separate available for sale. The classification depends on the purpose for which the financial assets were acquired. The Management financial statements. The amendment is not likely to have an impact on the Fund’s financial statements. Company determines the classification of its financial assets at initial recognition.

- Agriculture: Bearer Plants [Amendment to IAS 16 and IAS 41] (effective for annual periods beginning on or after 1 January a) Loans and receivables 2016). Bearer plants are now in the scope of IAS 16 Property, Plant and Equipment for measurement and disclosure purposes. Therefore, a company can elect to measure bearer plants at cost. However, the produce growing on bearer plants will continue These are non-derivative financial assets with fixed or determinable payments that are not quoted in an active market. to be measured at fair value less costs to sell under IAS 41 Agriculture. A bearer plant is a plant that: is used in the supply of agricultural produce; is expected to bear produce for more than one period; and has a remote likelihood of being sold as b) Financial assets at fair value through profit or loss agricultural produce. Before maturity, bearer plants are accounted for in the same way as self-constructed items of property, plant and equipment during construction. The amendments are not likely to have an impact on the Fund’s financial statements. Financial assets that are acquired principally for the purpose of generating profit from short-term fluctuations in prices are classified as held for trading in the 'Financial assets at fair value through profit or loss' category. - Amendments to IAS 12 ‘Income Taxes’ are effective for annual periods beginning on or after 1 January 2017. The amendments clarify that the existence of a deductible temporary difference depends solely on a comparison of the carrying amount of an asset c) Held to maturity and its tax base at the end of the reporting period, and is not affected by possible future changes in the carrying amount or expected manner of recovery of the asset. The amendments are not likely to have an impact on Fund’s financial statements. These are securities with fixed or determinable payments and fixed maturity that the Fund has the positive intent and ability to hold to maturity. - Amendments to IAS 7 ‘Statement of Cash Flows’ are part of IASB’s broader disclosure initiative and are effective for annual periods beginning on or after 1 January 2017. The amendments require disclosures that enable users of financial statements to d) Available for sale evaluate changes in liabilities arising from financing activities, including both changes arising from cash flow and non-cash changes. The amendments are not likely to have an impact on Fund’s financial statements. Available for sale financial assets are those non-derivative financial assets that are designated as available for sale or are not classified as (a) loans and receivables, (b) financial assets at fair value through profit or loss or (c) held to maturity. These are intended to be held for an indefinite period of time which may be sold in response to the needs for liquidity or change in price.

4.1.2 Regular way contracts

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

4.1.3 Initial recognition and measurement

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

4.1.4 Subsequent measurement

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

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

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

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

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

b) Basis of valuation of government securities

The investment of the Fund in government securities is valued on the basis of rates announced by the Financial Markets Association of Pakistan. Net gains and losses arising from changes in the fair value of financial assets carried at fair value through profit or loss are taken to the 'income statement'.

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

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

a) Loans and receivables Gain or loss is also recognised in the 'income statement' when financial assets carried at amortised cost are derecognised or impaired, and through the amortisation process. These are non-derivative financial assets with fixed or determinable payments that are not quoted in an active market. 4.1.5 Impairment of financial assets b) Financial assets at fair value through profit or loss The carrying value of the Fund's assets are reviewed at each reporting date to determine whether there is any indication of Financial assets that are acquired principally for the purpose of generating profit from short-term fluctuations in prices are impairment. If such an indication exists, the recoverable amount of such asset is estimated. An impairment loss is recognised NATIONALclassified INVESTMENT as held for trading in the(UNIT) 'Financial TRUST assets at fair value through profit or loss' category. NATIONALwhenever theINVESTMENTcarrying amount of (UNIT)an asset exceedsTRUSTits recoverable amount. Impairment losses are recognised in the income statement. NOTESc) Held TO to AND maturity FORMING PART OF THE FINANCIAL STATEMENTS NOTES TO AND FORMING PART OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2016 FOR THEImpairment YEARloss ENDEDon investment 30 otherJUNEthan 2016'available for sale' is recognised in the Income Statement whenever the carrying amount These are securities with fixed or determinable payments and fixed maturity that the Fund has the positive intent and ability to of investment exceeds its recoverable amount. If in a subsequent period, the amount of an impairment loss recognised decreases hold to maturity. the impairment is reversed through the Income Statement.

d) Available for sale In case of equity securities classified as available-for-sale, a significant or prolonged decline in the fair value of the security below its cost is considered as an indicator that the securities are impaired. If any such evidence exists for available for- sale financial Available for sale financial assets are those non-derivative financial assets that are designated as available for sale or are not assets, the cumulative loss measured as the difference between the acquisition cost and the current fair value is reclassified from classified as (a) loans and receivables, (b) financial assets at fair value through profit or loss or (c) held to maturity. These are other comprehensive income to income statement. Impairment losses recognised on equity securities in the income statement are intended to be held for an indefinite period of time which may be sold in response to the needs for liquidity or change in price. not reversed subsequently.

4.1.2 Regular way contracts 4.1.6 Derecognition

Regular purchases and sales of financial assets are recognised on the trade date - the date on which the Fund commits to Financial assets are derecognised when the rights to receive cash flows from the financial assets have expired or have been purchase or sell the asset. transferred and where the Fund has transferred substantially all risks and rewards of ownership.

4.1.3 Initial recognition and measurement 4.1.7 Offsetting of financial assets and liabilities

Financial assets are initially recognised at fair value plus transaction costs except for financial assets carried at fair value through Financial assets and financial liabilities are offset and the net amount is reported in the Statement of Assets and Liabilities when profit or loss. Financial assets carried at fair value through profit or loss are initially recognised at fair value and transaction costs there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis, or to realise are expensed as incurred in the income statement. the assets and settle the liabilities simultaneously.

4.1.4 Subsequent measurement 4.2 Cash and cash equivalents

Subsequent to initial recognition, financial assets designated by the management as at fair value through profit or loss and available Cash and cash equivalents comprise of deposits and current accounts maintained with banks. Cash equivalents are short term for sale are valued as follows: highly liquid investments that are readily convertible to known amounts of cash, are subject to an insignificant risk of changes in value, and are held for the purpose of meeting short term cash commitments rather than for investments and other purposes. a) Basis of valuation of equity securities / units of mutual funds 4.3 Derivatives The investment of the Fund in equity securities is valued on the basis of closing quoted market prices available at the stock exchange. Derivative instruments are initially recognised at fair value and subsequent to initial measurement each derivative instrument is remeasured to its fair value and the resultant gain or loss is recognised in the income statement. Mutual funds' units are valued by reference to the net assets values (redemption prices) declared by the respective funds. 4.4 Financial liabilities Investments in unquoted equity securities are carried at lower of investment price or their breakup value. All financial liabilities are recognised at the time when the Fund becomes a party to the contractual provisions of the instrument. b) Basis of valuation of government securities They are initially recognised at fair value and subsequently stated at amortised cost.

The investment of the Fund in government securities is valued on the basis of rates announced by the Financial Markets A financial liability is derecognised when the obligation under the liability is discharged or cancelled or expired. Association of Pakistan. 4.5 Provisions Net gains and losses arising from changes in the fair value of financial assets carried at fair value through profit or loss are taken to the 'income statement'. Provisions are recognised when the Fund has a present, legal or constructive obligation as a result of past events, it is probable that an outflow of resources embodying economic benefits will be required to settle the obligation and a reliable estimate of the Net gains and losses arising from changes in fair value of available for sale financial assets are taken to the 'statement of obligation can be made. Provisions are regularly reviewed and adjusted to reflect the current best estimate. comprehensive income' until these are derecognised or impaired. At this time, the cumulative gain or loss previously recognised directly in the 'statement of comprehensive income' is transferred to the 'income statement'. 4.6 Taxation

Subsequent to initial recognition financial assets classified as 'Loans and receivables' and 'Held to maturity' are carried at amortised The income of the Fund is exempt from income tax as per clause 99 of Part I of the Second Schedule to the Income Tax Ordinance, cost using the effective interest method. 2001 subject to the condition that not less than ninety percent of its accounting income for the year, as reduced by capital gains, whether realised or unrealised, is distributed among the unit holders. Provided that for the purpose of determining distribution of at Gain or loss is also recognised in the 'income statement' when financial assets carried at amortised cost are derecognised or least ninety percent of its accounting income for the year, the income distributed through bonus units shall not be taken into impaired, and through the amortisation process. account.

4.1.5 Impairment of financial assets The Fund is also exempt from the provisions of section 113 (minimum tax) under clause 11A of Part IV of the Second Schedule to the Income Tax Ordinance, 2001. The carrying value of the Fund's assets are reviewed at each reporting date to determine whether there is any indication of impairment. If such an indication exists, the recoverable amount of such asset is estimated. An impairment loss is recognised The Fund provides for deferred taxation using the balance sheet liability method on all major temporary differences between the whenever the carrying amount of an asset exceeds its recoverable amount. Impairment losses are recognised in the income amounts used for financial reporting purposes and amounts used for taxation purposes. In addition, the Fund also records deferred statement. tax asset on unutilised tax losses to the extent that it is no longer probable that the related tax benefit will be realised. However, the Fund has not recognised any amount in respect of taxation in these financial statements as the Fund has distributed more than Impairment loss on investment other than 'available for sale' is recognised in the Income Statement whenever the carrying amount ninety percent of its accounting income for the current year and intends to continue availing the tax exemption in future years by of investment exceeds its recoverable amount. If in a subsequent period, the amount of an impairment loss recognised decreases distributing at least ninety percent of its accounting income for the year as reduced by capital gains, whether realised or unrealised, the impairment is reversed through the Income Statement. to its unit holders every year.

In case of equity securities classified as available-for-sale, a significant or prolonged decline in the fair value of the security below 4.7 Issue and redemption of units its cost is considered as an indicator that the securities are impaired. If any such evidence exists for available for- sale financial assets, the cumulative loss measured as the difference between the acquisition cost and the current fair value is reclassified from Units issued are recorded at the offer price, determined by the Management Company for the applications received by the other comprehensive income to income statement. Impairment losses recognised on equity securities in the income statement are distributors / Management Company during business hours on the date on which the funds are actually realized against application. not reversed subsequently. The offer price represents the net assets value per unit as of the close of the business day plus the allowable sales load, provision for transaction costs and any provision for duties and charges, if applicable. The sales load is payable to the investment facilitators, 4.1.6 Derecognition distributors and the Management Company. Transaction costs are recorded as the income of the Fund.

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

4.1.7 Offsetting of financial assets and liabilities

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

4.2 Cash and cash equivalents

Cash and cash equivalents comprise of deposits and current accounts maintained with banks. Cash equivalents are short term highly liquid investments that are readily convertible to known amounts of cash, are subject to an insignificant risk of changes in value, and are held for the purpose of meeting short term cash commitments rather than for investments and other purposes. 4.3 Derivatives

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

4.4 Financial liabilities

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

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

4.5 Provisions

Provisions are recognised when the Fund has a present, legal or constructive obligation as a result of past events, it is probable that an outflow of resources embodying economic benefits will be required to settle the obligation and a reliable estimate of the obligation can be made. Provisions are regularly reviewed and adjusted to reflect the current best estimate.

4.6 Taxation

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

The Fund is also exempt from the provisions of section 113 (minimum tax) under clause 11A of Part IV of the Second Schedule to the Income Tax Ordinance, 2001. - Dividend income is recognised when the right to receive dividend is established i.e. on the date of book closure of the investee The Fund provides for deferred taxation using the balance sheet liability method on all major temporary differences between the company / institution declaring the dividend. NATIONALamounts used INVESTMENTfor financial reporting (UNIT)purposes TRUSTand amounts used for taxation purposes. In addition, the Fund also records deferred NATIONAL INVESTMENT (UNIT) TRUST tax asset on unutilised tax losses to the extent that it is no longer probable that the related tax benefit will be realised. However, the - Profit on bank deposits, mark-up income on government securities and mark-up income on debt securities is recognised using NOTESFund TOhas ANDnot recognised FORMINGany amount PARTin respect OFof THEtaxation FINANCIALin these financial STATEMENTSstatements as the Fund has distributed more than NOTESeffective TO AND yield method. FORMING PART OF THE FINANCIAL STATEMENTS FOR THEninety YEARpercent ofENDEDits accounting 30 JUNEincome for2016the current year and intends to continue availing the tax exemption in future years by FOR THE YEAR ENDED 30 JUNE 2016 distributing at least ninety percent of its accounting income for the year as reduced by capital gains, whether realised or unrealised, - Income from investment in morabaha arrangements, term finance certificates and other redeemable capital is recognised on an to its unit holders every year. accrual basis, except where recovery is doubtful, in which case it is credited to the suspense account.

4.7 Issue and redemption of units 4.13 Proposed distributions

Units issued are recorded at the offer price, determined by the Management Company for the applications received by the Dividend / distributions are recognised in the financial statements in the period in which such distribution are declared / approved. distributors / Management Company during business hours on the date on which the funds are actually realized against application. The offer price represents the net assets value per unit as of the close of the business day plus the allowable sales load, provision 5 BANK BALANCES 2016 2015 for transaction costs and any provision for duties and charges, if applicable. The sales load is payable to the investment facilitators, (Rupees in '000) distributors and the Management Company. Transaction costs are recorded as the income of the Fund. In current accounts 5.1 1,976 13,072 Units redeemed are recorded at the redemption price, applicable to units for which the distributors / Management Company receive In saving accounts 5.1 & 5.2 2,044,138 4,259,317 redemption applications during business hours of that day. The redemption price represents the net assets value per unit as of the 2,046,114 4,272,389 close of the business day less any back- end load , any duties, taxes, charges on redemption and any provision for transaction costs, if applicable. 5.1 The above include an amount of Rs. 549.571 million (30 June 2015: Rs. 494.881 million) relating to unclaimed distribution. 4.8 Element of income / (loss) and capital gains / (losses) included in prices of units issued less those in units redeemed 5.2 These accounts carry return at rates ranging from 4.00% to 7.25% per annum (30 June 2015: 5.00% to 10.25% per annum). An equalisation account called the 'element of income / (loss) and capital gains / (losses) included in prices of units issued less 6 INVESTMENTS those in units redeemed' is created, in order to prevent the dilution of per unit income and distribution of income already paid out on redemption. At fair value through profit or loss - held for trading Investment in shares / units of mutual funds 6.1.1 2,841,996 2,886,224 The element of income / (loss) and capital gains / (losses) included in the prices of units issued less those in units redeemed to the extent that it is represented by income earned during the year is recognised in income statement and to the extent that it is Available for sale represented by unrealised appreciation / (diminution) arising during the year on available for sale securities is included in Investment in shares / units of mutual funds 6.2.1 64,626,481 67,813,093 distribution statement. Investment in government securities 6.2.2 - - 64,626,481 67,813,093 4.9 Net assets value per unit Held to maturity 6.3 - Morabaha arrangements 54,125 54,125 The net assets value (NAV) per unit, as disclosed on the Statement of Assets and Liabilities is calculated by dividing the net assets - Participation term certificates 10,500 10,500 of the Fund by the number of units in circulation at the year end. - Term finance certificates 8,880 8,880 73,505 73,505 4.10 Earnings per unit (EPU) Less: Provision for impairment loss on held to maturity investments (73,505)-73,505 (73,505)-73,505 - - Earnings Per Unit (EPU) has not been disclosed as in the opinion of the management, determination of weighted average units for calculating EPU is not practicable. 67,468,477 70,699,317 4.11 Borrowing costs 6.1 At fair value through profit or loss - Held for trading Borrowing costs directly attributable to the acquisition of qualifying assets (one that takes substantial period of time to get ready for use or sale) are capitalised as part of the cost of the asset. Other borrowing costs are taken to the income statement in the year in 6.1.1 Equity shares / units of mutual funds which they are incurred. Currently the Fund does not have any qualifying assets.

Right Percentage Market value Market value / Bonus shares Market value of paid-up 4.12 Revenue recognition Purchases Carrying cost / carrying carrying value As at 01 July issue purchased/ Sales during As at 30 June / carrying capital of the Name of Investee Companies during the as at 30 June value as a as a 2015 during the subscribed the year 2016 value as at 30 investee year 2016 percentage percentage of year during the June 2016 company - Realised gains / (losses) arising on sale of investments are included in the income statement on the date at which the of net assets investments year held transaction takes place. ------(Number of Shares) ------(Rupees in '000)------(%)------Close - End Mutual Fund - Unrealised appreciation / (dimunition) arising on re-measurement of investments classified as available for sale are included in PICIC Growth Fund 37,442 - - - - 37,442 1,028 891 0.00 0.00 0.01 the statement of comprehensive income in the period in which they arise. 37,442 - - - - 37,442 1,028 891 0.00 0.00 Modarabas Alnoor Modaraba First 663,440 - - - 55,000 608,440 2,616 2,574 0.00 0.00 2.90 - Unrealised appreciation / (dimunition) arising on re-measurement of investments classified as financial assets at 'fair value B.R.R. Guardian Modaraba 1,864,274 - - - 40,000 1,824,274 14,102 12,679 0.02 0.02 2.34 through profit and loss' are included in income statement in the period in which they arise. Elite Capital Modaraba First 395,120 - - - 2,500 392,620 1,641 1,570 0.00 0.00 3.46 First Fidelity Leasing Modaraba 495,078 - - - - 495,078 1,475 1,188 0.00 0.00 1.87 IBL Modaraba First 1,078,774 - - - - 1,078,774 2,816 3,020 0.00 0.00 5.34 - Dividend income is recognised when the right to receive dividend is established i.e. on the date of book closure of the investee KASB Modaraba 392,245 - - - - 392,245 1,291 980 0.00 0.00 0.82 company / institution declaring the dividend. Standard Chartered Modaraba 1,955,098 - - - 146,500 1,808,598 54,258 45,215 0.07 0.07 3.99 U.D.L. Modaraba First 808,125 - - - 52,500 755,625 18,724 14,735 0.02 0.02 2.86 7,652,154 - - - 296,500 7,355,654 96,923 81,961 0.11 0.11 - Profit on bank deposits, mark-up income on government securities and mark-up income on debt securities is recognised using Leasing Companies effective yield method. English Leasing Limited 707,261 - - - - 707,261 460 - - - 8.84 National Asset Leasing Corporation Limited 265,013 - - - - 265,013 26 - - - 2.78 - Income from investment in morabaha arrangements, term finance certificates and other redeemable capital is recognised on an Natover Lease & Refinance Limited 729,349 - - - - 729,349 - - - - 8.31 accrual basis, except where recovery is doubtful, in which case it is credited to the suspense account. 1,701,623 - - - - 1,701,623 486 - - - Financial Services Invest Capital Investment Bank Limited 1,438,138 - - - 100,000 1,338,138 1,940 1,459 0.00 0.00 0.47 4.13 Proposed distributions 1,438,138 - - - 100,000 1,338,138 1,940 1,459 0.00 0.00 Commercial Banks Allied Bank Limited - 15,000 - - 15,000 ------Dividend / distributions are recognised in the financial statements in the period in which such distribution are declared / approved. Habib Bank Limited - 15,000 - - 15,000 ------MCB Bank Limited - 29,800 - - 20,000 9,800 2,531 2,156 0.00 0.00 0.00 5 BANK BALANCES 2016 2015 - 59,800 - - 50,000 9,800 2,531 2,156 0.00 0.00 Textile Spining (Rupees in '000) D.S.Industries Limited 335,102 - - - 35,000 300,102 1,206 831 0.00 0.00 0.50 Din Textile Mills Limited 22,920 - - - - 22,920 3,008 1,939 0.00 0.00 0.10 In current accounts 5.1 1,976 13,072 Maqbool Textile Mills Limited 245,873 - - - - 245,873 4,770 4,180 0.01 0.01 1.46 Premium Textile Mills Limited 2,016 - - - - 2,016 201 166 0.00 0.00 0.03 In saving accounts 5.1 & 5.2 2,044,138 4,259,317 605,911 - - - 35,000 570,911 9,185 7,116 0.01 0.01 2,046,114 4,272,389 Textile Composite Crescent Textile Mills Limited 237,572 - - 56,975 294,547 ------Fateh Textile Mills Limited 58,125 - - - - 58,125 - - - - 4.65 5.1 The above include an amount of Rs. 549.571 million (30 June 2015: Rs. 494.881 million) relating to unclaimed distribution. Gul Ahmed Textile Mills Limited (Note 6.6) 3,073,622 - - 869,586 185,000 3,758,208 156,905 136,009 0.20 0.20 1.27 Kohinoor Mills Limited 1,485,229 - - - 643,000 842,229 14,572 17,013 0.03 0.03 1.65 5.2 These accounts carry return at rates ranging from 4.00% to 7.25% per annum (30 June 2015: 5.00% to 10.25% per annum). Mehmood Textile Mills Limited 128,063 - - - - 128,063 40,137 25,760 0.04 0.04 0.85 Sapphire Fibers Limited 362,871 - - - - 362,871 214,094 203,208 0.30 0.30 1.84 6 INVESTMENTS Sapphire Textile Mills Limited 571,112 - - - - 571,112 326,676 388,356 0.58 0.58 2.84 5,916,594 - - 926,561 1,122,547 5,720,608 752,384 770,346 1.15 1.15 Woollen At fair value through profit or loss - held for trading Bannu Woollen Mills Limited 468,137 - - - 34,000 434,137 22,093 23,079 0.03 0.03 4.57 Investment in shares / units of mutual funds 6.1.1 2,841,996 2,886,224 468,137 - - - 34,000 434,137 22,093 23,079 0.03 0.03 Synthetic & Rayon Pakistan Synthetics Limited 2,484,783 - - - 353,000 2,131,783 37,029 62,427 0.09 0.09 3.80 Available for sale 2,484,783 - - - 353,000 2,131,783 37,029 62,427 0.09 0.09 Investment in shares / units of mutual funds 6.2.1 64,626,481 67,813,093 Cement D. G. Khan Cement Company Limited - 30,000 - - 30,000 ------Investment in government securities 6.2.2 - - Fauji Cement Company Limited - 500,000 - - 500,000 - - - - - 64,626,481 67,813,093 Lucky Cement Limited - 50,000 - - 50,000 ------Held to maturity 6.3 - 580,000 - - 580,000 - - - - - Tobacco - Morabaha arrangements 54,125 54,125 Pakistan Tobacco Company Limited 29,714 - - - 11,550 18,164 16,419 22,897 0.03 0.03 0.01 - Participation term certificates 10,500 10,500 29,714 - - - 11,550 18,164 16,419 22,897 0.03 0.03 - Term finance certificates 8,880 8,880 Refinery 73,505 Pakistan Refinery Limited 104,928 - - - 104,928 ------73,505 104,928 - - - 104,928 - - - - - Less: Provision for impairment loss on held to maturity investments -73,505 -73,505 Power Generation & Distribution - - Kohinoor Energy Limited 511,867 - - - 46,000 465,867 23,526 19,194 0.03 0.03 0.27 511,867 - - - 46,000 465,867 23,526 19,194 0.03 0.03 Oil & Gas Marketing Companies 67,468,477 70,699,317 Sui Northern Gas Pipelines Limited (note 6.5) 47,432 - - - - 47,432 1,264 1,721 0.00 0.00 0.01 47,432 - - - - 47,432 1,264 1,721 0.00 0.00 Oil & Gas Exploration Companies Oil & Gas Development Company Limited 127,900 14,500 - - 142,400 ------Pakistan Oilfields Limited - 50,000 - - 50,000 - - - - - Pakistan Petroleum Limited - 42,000 - - 42,000 ------127,900 106,500 - - 234,400 - - - - - Automobile Parts Accessories General Tyre And Rubber Company of Pakistan Limited - 16,000 - - 16,000 ------16,000 - - 16,000 - - - - - 6.1 At fair value through profit or loss - Held for trading

6.1.1 Equity shares / units of mutual funds

Right Percentage Market value Market value / Bonus shares Market value of paid-up Purchases Carrying cost / carrying carrying value As at 01 July issue purchased/ Sales during As at 30 June / carrying capital of the Name of Investee Companies during the as at 30 June value as a as a 2015 during the subscribed the year 2016 value as at 30 investee year 2016 percentage percentage of year during the June 2016 company of net assets investments year held Right Percentage Market value Market value / Bonus shares Market value of paid-up Purchases Carrying cost / carrying carrying value As at 01 July issue purchased/ Sales during As at 30 June / carrying capital of the ------(Number of Shares) ------(Rupees in '000)------(%)------Name of Investee Companies during the as at 30 June value as a as a 2015 during the subscribed the year 2016 value as at 30 investee Close - End Mutual Fund year 2016 percentage percentage of year during the June 2016 company PICIC Growth Fund 37,442 - - - - 37,442 1,028 891 0.00 0.00 0.01 of net assets investments year held NATIONAL INVESTMENT 37,442 (UNIT) - TRUST - - - 37,442 1,028 891 0.00 0.00 NATIONAL INVESTMENT (UNIT) TRUST Modarabas ------(Number of Shares) ------(Rupees in '000)------(%)------NOTESAlnoor ModarabaTO ANDFirst FORMING 663,440 PART - OF - THE -FINANCIAL 55,000 608,440 STATEMENTS 2,616 2,574 0.00 0.00 2.90 NOTESCable & TOElectric GoodsAND FORMING PART OF THE FINANCIAL STATEMENTS B.R.R. Guardian Modaraba 1,864,274 - - - 40,000 1,824,274 14,102 12,679 0.02 0.02 2.34 Siemens Pakistan Engineering Company FOR THEElite Capital YEAR Modaraba First ENDED 30 395,120 JUNE 2016 - - - 2,500 392,620 1,641 1,570 0.00 0.00 3.46 FOR THELimited YEAR ENDED 30 34,713 JUNE 2016 - - - - 34,713 44,232 34,525 0.05 0.05 0.42 First Fidelity Leasing Modaraba 495,078 - - - - 495,078 1,475 1,188 0.00 0.00 1.87 34,713 - - - - 34,713 44,232 34,525 0.05 0.05 IBL Modaraba First 1,078,774 - - - - 1,078,774 2,816 3,020 0.00 0.00 5.34 Transport KASB Modaraba 392,245 - - - - 392,245 1,291 980 0.00 0.00 0.82 Pakistan International Airlines Corporation Standard Chartered Modaraba 1,955,098 - - - 146,500 1,808,598 54,258 45,215 0.07 0.07 3.99 227,650 - - - 25,000 202,650 2,203 1,435 0.00 0.00 0.01 U.D.L. Modaraba First 808,125 - - - 52,500 755,625 18,724 14,735 0.02 0.02 2.86 227,650 - - - 25,000 202,650 2,203 1,435 0.00 0.00 7,652,154 - - Right - 296,500 7,355,654 96,923 81,961 0.11 0.11 Percentage Right Percentage Market value Market value / Fertilizer Market value Market value / Bonus shares Market value of paid-up Bonus shares Market value of paid-up Leasing Companies Purchases Carrying cost / carrying carrying value Dawood Hercules Corporation Limited 731,456 Purchases - - - 252,200 479,256 Carrying 55,963 cost 71,347 / carrying 0.11 carrying value 0.11 0.10 As at 01 July issue purchased/ Sales during As at 30 June / carrying capital of the As at 01 July issue purchased/ Sales during As at 30 June / carrying capital of the EnglishName Leasing of Investee Limited Companies 707,261 during the - - - - 707,261 as at 30 June 460 - value as - a as a - 8.84 Fauji NameFertilizer of BinInvestee Qasim Companies Limited - during 35,000 the - - 35,000 - as at 30 June - - value as - a as a - - 2015 during the subscribed the year 2016 value as at 30 investee 2015 during the subscribed the year 2016 value as at 30 investee National Asset Leasing Corporation year 2016 percentage percentage of year 2016 percentage percentage of year during the June 2016 company 731,456 35,000 year - during -the 287,200 479,256 55,963 June 71,347 2016 0.11 0.11 company Limited of net assets investments of net assets investments 265,013 - - year - - 265,013 26 - - - held 2.78 Pharmaceuticals year held Natover Lease & Refinance Limited 729,349 - - - - 729,349 - - - - 8.31 Abbot Laboatories (Pakistan) Limited 60,009 - - - 1,500 58,509 39,044 44,116 0.07 0.07 0.06 1,701,623 ------(Number - of Shares) ------1,701,623 ------(Rupees 486 in '000)------(%)------Glaxosmithkline (Pak) Limited ------103,959 - (Number - of Shares) ------103,959 ------(Rupees - in '000)------(%)------CableFinancial & Electric Services Goods HighnoonCable & Electric Laboratories Goods Limited (note 6.6) 103,698 - 107 - 102,800 1,005 233 579 0.00 0.00 0.00 SiemensInvest Capital Pakistan Investment Engineering Bank Company Limited 1,438,138 - - - 100,000 1,338,138 1,940 1,459 0.00 0.00 0.47 Siemens Pakistan Engineering Company 267,666 - 107 - 208,259 59,514 39,277 44,695 0.07 0.07 Limited 1,438,138 34,713 ------100,000 - 1,338,138 34,713 44,232 1,940 34,525 1,459 0.05 0.00 0.05 0.00 0.42 ChemicalLimited 34,713 - - - - 34,713 44,232 34,525 0.05 0.05 0.42 Commercial Banks 34,713 - - - - 34,713 44,232 34,525 0.05 0.05 Linde Pakistan Limited (BOC) 66,16034,713 - - - 5,000 - 34,71361,160 44,232 8,556 34,525 6,391 0.050.01 0.050.01 0.24 TransportAllied Bank Limited - 15,000 - - 15,000 ------SitaraTransport Chemical Industries Limited 17,064 - - - 17,064 ------PakistanHabib Bank International Limited Airlines Corporation - 15,000 - - 15,000 ------Pakistan International Airlines Corporation 83,224 - - - 22,064 61,160 8,556 6,391 0.01 0.01 MCB Bank Limited 227,650 - 29,800 - - - - - 25,000 20,000 202,650 9,800 2,2032,531 1,435 2,156 0.00 0.00 0.00 0.00 0.01 0.00 Paper & Board 227,650 - - - 25,000 202,650 2,203 1,435 0.00 0.00 0.01 227,650 - 59,800 - - - - - 25,000 50,000 202,650 9,800 2,2032,531 1,435 2,156 0.00 0.00 0.00 0.00 Packages Limited 227,650 - 2,550 - - - 25,000 2,550 202,650 - 2,203 - 1,435 - 0.00 - 0.00 - - FertilizerTextile Spining SecurityFertilizer Papers Limited (note 6.6) 42,928 - - - 500 42,428 3,757 4,480 0.01 0.01 0.07 DawoodD.S.Industries Hercules Limited Corporation Limited 731,456335,102 ------252,200 35,000 479,256 300,102 55,963 1,206 71,347 831 0.11 0.00 0.110.00 0.10 0.50 Dawood Hercules Corporation Limited 731,456 42,928 2,550 - - - 252,200 3,050 479,256 42,428 55,963 3,757 71,347 4,480 0.010.11 0.01 0.11 0.10 FaujiDin Textile Fertilizer Mills Bin Limited Qasim Limited 22,920 - 35,000 - - - - - 35,000 - 22,920 - 3,008 - 1,939 - 0.00 - 0.00 - 0.10 - FaujiLeather Fertilizer & Tanneries Bin Qasim Limited - 35,000 - - 35,000 ------Maqbool Textile Mills Limited 731,456245,873 35,000 - - - - - 287,200 - 479,256 245,873 55,963 4,770 71,347 4,180 0.11 0.01 0.11 0.01 1.46 Service Industries Limited 1,660,475 731,456 35,000 - - - 287,200 4,500 1,655,975 479,256 1,399,912 55,963 1,464,296 71,347 2.190.11 2.170.11 13.77 PharmaceuticalsPremium Textile Mills Limited 2,016 - - - - 2,016 201 166 0.00 0.00 0.03 Pharmaceuticals 1,660,475 - - - 4,500 1,655,975 1,399,912 1,464,296 2.19 2.17 Abbot Laboatories (Pakistan) Limited 605,911 60,009 ------35,000 1,500 570,911 58,509 39,044 9,185 44,116 7,116 0.07 0.01 0.07 0.01 0.06 AbbotFoods Laboatories & Personal (Pakistan) Care Products Limited 60,009 - - - 1,500 58,509 39,044 44,116 0.07 0.07 0.06 GlaxosmithklineTextile Composite (Pak) Limited 103,959 - - - 103,959 ------EngroGlaxosmithkline Foods Limited (Pak) Limited 103,959 - 35,000 - - - 103,959 - 35,000 - 5,601 - 5,717 - 0.01 - 0.01 - 0.00 - HighnoonCrescent TextileLaboratories Mills Limited Limited (note 6.6) 103,698237,572 - - 107 - 56,975 - 102,800 294,547 1,005 - 233 - 579 - 0.00 - 0.00 - 0.00 - NestleHighnoon Pakistan Laboratories Limited Limited (note 6.6) 103,698 2,796 - 107 - - 102,800 240 1,0052,556 24,924 233 18,659 579 0.030.00 0.030.00 0.010.00 Fateh Textile Mills Limited 267,666 58,125 - - 107 - - - 208,259 - 59,514 58,125 39,277 - 44,695 - 0.07 - 0.07 - 4.65 267,666 2,796 35,000 - 107 - - 208,259 240 59,51437,556 39,27730,525 44,69524,376 0.070.04 0.070.04 ChemicalGul Ahmed Textile Mills Limited ChemicalGlass & Ceramics Linde(Note Pakistan 6.6) Limited (BOC) 3,073,622 66,160 - - - - 869,586 - 185,000 5,000 3,758,208 61,160 156,905 8,556 136,009 6,391 0.01 0.20 0.01 0.20 0.24 1.27 GhaniLinde PakistanGlass Mills Limited Limited (BOC) 343,301 66,160 - - 70,560 - 292,500 5,000 121,361 61,160 6,0408,556 11,454 6,391 0.010.02 0.010.02 0.240.06 SitaraKohinoor Chemical Mills Limited Industries Limited 1,485,229 17,064 ------643,000 17,064 842,229 - 14,572 - 17,013 - 0.03 - 0.03 - 1.65 - Sitara Chemical Industries Limited 343,301 17,064 - - 70,560 - 292,500 17,064 121,361 - 6,040 - 11,454 - 0.02 - 0.02 - - Mehmood Textile Mills Limited 128,063 83,224 ------22,064 - 128,063 61,160 40,137 8,556 25,760 6,391 0.01 0.04 0.01 0.04 0.85 Miscellaneous 83,224 - - - 22,064 61,160 8,556 6,391 0.01 0.01 PaperSapphire & Board Fibers Limited 362,871 - - - - 362,871 214,094 203,208 0.30 0.30 1.84 PakistanPaper & BoardServices Limited 210,756 - - - - 210,756 104,324 142,203 0.21 0.21 0.65 PackagesSapphire Textile Limited Mills Limited 571,112 - 2,550 - - - - - 2,550 - 571,112 - 326,676 - 388,356 - 0.58 - 0.58 - 2.84 - TriPackages Pack Films Limited Limited 257,958 - 2,550 - - 49,614 - 109,700 2,550 197,872 - 33,680 - 35,991 - 0.05 - 0.05 - 0.51 - Security Papers Limited (note 6.6) 5,916,594 42,928 - - - - 926,561 - 1,122,547 500 5,720,608 42,428 752,384 3,757 770,346 4,480 0.01 1.15 0.01 1.15 0.07 Security Papers Limited (note 6.6) 468,714 42,928 - - 49,614 - 109,700 500 408,628 42,428 138,004 3,757 178,194 4,480 0.010.26 0.010.26 0.07 Woollen 42,928 2,550 - - 3,050 42,428 3,757 4,480 0.01 0.01 Delisted / Unqouted Companies 42,928 2,550 - - 3,050 42,428 3,757 4,480 0.01 0.01 LeatherBannu Woollen & Tanneries Mills Limited 468,137 - - - 34,000 434,137 22,093 23,079 0.03 0.03 4.57 CallmateLeather & Telips Tanneries Telecom 83 - - - - 83 - - - - 0.00 Service Industries Limited 1,660,475 468,137 ------34,000 4,500 1,655,975 434,137 1,399,912 22,093 1,464,296 23,079 2.19 0.03 2.17 0.03 13.77 ServiceSapphire Industries Holding LimitedLimited 1,660,475 571,112 - - - 4,500 - 1,655,975 571,112 1,399,912 5,711 1,464,296 5,711 2.190.01 2.170.01 13.77 2.84 Synthetic & Rayon 1,660,475 - - - 4,500 1,655,975 1,399,912 1,464,296 2.19 2.17 Unilever Brothers Limited - Preference 1,660,475 123 - - - 4,500 - 1,655,975 123 1,399,912 1,845 1,464,296 1,845 2.190.00 2.170.00 - FoodsPakistan & SyntheticsPersonal Care Limited Products 2,484,783 - - - 353,000 2,131,783 37,029 62,427 0.09 0.09 3.80 Foods & Personal Care Products 571,318 - - - - 571,318 7,556 7,556 0.01 0.01 Engro Foods Limited 2,484,783 - 35,000 - - - - - 353,000 - 2,131,783 35,000 37,029 5,601 62,427 5,717 0.01 0.09 0.01 0.09 0.00 Engro Foods Limited - 35,000 - - - 35,000 5,601 5,717 0.01 0.01 0.00 NestleCement Pakistan Limited 2,796 - - - 240 2,556 24,924 18,659 0.03 0.03 0.01 NestleTotal - Pakistan30 June 2016Limited 25,560,864 2,796 834,850 - 107 - 1,046,735 - 3,936,438 240 23,506,118 2,556 2,700,833 24,924 2,841,996 18,659 4.230.03 4.210.03 0.01 D. G. Khan Cement Company Limited 2,796 - 35,000 30,000 - - - - 30,000 240 37,556 - 30,525 - 24,376 - 0.04 - 0.04 - - 2,796 35,000 - - 240 37,556 30,525 24,376 0.04 0.04 GlassFauji Cement & Ceramics Company Limited - 500,000 - - 500,000 - - - - - Glass & Ceramics Total - 30 June 2015 31,800,432 2,169,850 632,988 577,442 9,619,848 25,560,864 1,936,084 2,886,224 4.06 4.07 GhaniLucky GlassCement Mills Limited Limited 343,301 - 50,000 - - - 70,560 - 292,500 50,000 121,361 - 6,040 - 11,454 - 0.02 - 0.02 - 0.06 - Ghani Glass Mills Limited 343,301 - - 70,560 292,500 121,361 6,040 11,454 0.02 0.02 0.06 343,301 - 580,000 - - - 70,560 - 292,500 580,000 121,361 - 6,040 - 11,454 - 0.02 - 0.02 - 343,301 - - 70,560 292,500 121,361 6,040 11,454 0.02 0.02 MiscellaneousTobacco 6.1.2 MiscellaneousAll shares are fully paid up ordinary shares of Rs 10 each unless otherwise stated. Pakistan ServicesTobacco CompanyLimited Limited 210,756 29,714 ------11,550 - 210,756 18,164 104,324 16,419 142,203 22,897 0.21 0.03 0.21 0.03 0.65 0.01 Pakistan Services Limited 210,756 - - - - 210,756 104,324 142,203 0.21 0.21 0.65 Tri Pack Films Limited 257,958 29,714 - - - - 49,614 - 109,700 11,550 197,872 18,164 33,68016,419 35,991 22,897 0.05 0.03 0.05 0.03 0.51 Tri Pack Films Limited 257,958 - - 49,614 109,700 197,872 33,680 35,991 0.05 0.05 0.51 Refinery 468,714 - - 49,614 109,700 408,628 138,004 178,194 0.26 0.26 6.2 Available for sale 468,714 - - 49,614 109,700 408,628 138,004 178,194 0.26 0.26 DelistedPakistan /Refinery Unqouted Limited Companies 104,928 - - - 104,928 ------Delisted / Unqouted Companies Callmate Telips Telecom 104,928 83 ------104,928 - - 83 ------0.00 Callmate Telips Telecom 83 - - - - 83 - - - - 0.00 SapphirePower Generation Holding Limited & Distribution 571,112 - - - - 571,112 5,711 5,711 0.01 0.01 2.84 6.2.1 SapphireEquity Holding shares Limited / units of mutual 571,112 funds - - - - 571,112 5,711 5,711 0.01 0.01 2.84 UnileverKohinoor Brothers Energy LimitedLimited - Preference 511,867 123 ------46,000 - 465,867 123 23,526 1,845 19,194 1,845 0.00 0.03 0.00 0.03 0.27 - Unilever Brothers Limited - Preference 123 - - - - 123 1,845 1,845 0.00 0.00 - 571,318511,867 ------46,000 - 571,318 465,867 23,526 7,556 19,194 7,556 0.01 0.03 0.01 0.03 571,318 - - - - 571,318 7,556 7,556 0.01 0.01 Oil & Gas Marketing Companies Market Market Right Market Percentage TotalSui Northern - 30 June Gas 2016 Pipelines 25,560,864 834,850 107 1,046,735 3,936,438 23,506,118 2,700,833 2,841,996 4.23 4.21 Total - 30 June 2016 25,560,864 834,850 107 1,046,735 3,936,438 23,506,118 2,700,833 2,841,996 value 4.23 / value 4.21 / Bonus shares Merger/ Carrying value / of paid-up Limited (note 6.5) 47,432 - - - - 47,432 1,264 1,721 0.00 0.00 0.01 Purchases Sales carrying carrying As at 01 issue purchased/ demerger As at 30 cost as carrying capital of Name of Investee Companies during during value as a value as a Total - 30 June 2015 31,800,432 47,432 2,169,850 - 632,988 - 577,442 - 9,619,848 - 25,560,864 47,432 1,936,084 1,264 2,886,224 1,721 4.06 0.00 4.07 0.00 Total - 30 June 2015 July31,800,432 2015 2,169,850 during 632,988 the subscribed 577,442 adjusting 9,619,848 25,560,864 June 2016 1,936,084 at 30 2,886,224 value as 4.06 4.07 the investee the year the year percentage percentage Oil & Gas Exploration Companies year during effects June 2016 at 30 company of net of Oil & Gas Development Company Limited 127,900 14,500 - - 142,400 ------the year June 2016 held assets investments Pakistan Oilfields Limited - 50,000 - Right - 50,000 - - - - - Percentage 6.1.2 All shares are fully paid up ordinary shares of Rs 10 each unless otherwise stated. Market value Market value / 6.1.2 All shares are fully paid up ordinary shares of Rs 10 each unless otherwise stated. Pakistan Petroleum Limited - 42,000 Bonus - shares - 42,000 - - Market value - - - of paid-up - Purchases Carrying cost / carrying carrying value ------(Number of shares) ------(Rupees in '000') ------(%) ------As at 01 July issue purchased/ Sales during As at 30 June / carrying capital of the Name of Investee Companies 127,900 during 106,500 the - - 234,400 - as at 30 June - - value as - a as a - -- 2015 during the subscribed the year 2016 value as at 30 investee Close - End Mutual Fund Automobile Parts Accessories year 2016 percentage percentage of year during the June 2016 company Dominion Stock Fund 157,629 - - - - - 157,629 - - - - 3.15 General Tyre And Rubber Company of of net assets investments year held Investec Mutual Fund 172,406 - - - - - 172,406 - - - - 1.72 Pakistan Limited - 16,000 - - 16,000 ------PICIC Growth Fund 6,429,358 - - - - - 6,429,358 35,940 153,019 0.23 0.23 2.27 - 16,000 - - 16,000 ------(Number of Shares) ------(Rupees in '000)------(%)------PICIC Investment Fund 10,108,128 - - - - - 10,108,128 20,520 114,222 0.17 0.17 3.56 Cable & Electric Goods 16,867,521 - - - - - 16,867,521 56,460 267,241 0.40 0.40 Siemens Pakistan Engineering Company Modarabas Limited 34,713 - - - - 34,713 44,232 34,525 0.05 0.05 0.42 B.R.R. Guardian Modaraba 1,858,077 - - - - - 1,858,077 2,397 12,914 0.02 0.02 2.38 34,713 - - - - 34,713 44,232 34,525 0.05 0.05 Habib Modaraba First 1,584,070 - - - - - 1,584,070 8,982 16,633 0.02 0.02 0.79 Transport Standard Chartered Modaraba 1,948,462 - - - - - 1,948,462 13,269 48,711 0.07 0.07 4.29 Pakistan International Airlines Corporation 5,390,609 - - - - - 5,390,609 24,648 78,258 0.11 0.11 227,650 - - - 25,000 202,650 2,203 1,435 0.00 0.00 0.01 Leasing Companies 227,650 - - - 25,000 202,650 2,203 1,435 0.00 0.00 Orix Leasing Pakistan Limited 1,333,580 - - - - 633,500 700,080 3,661 34,605 0.05 0.05 0.85 Fertilizer Security Leasing Corporation Limited 371,026 - - - - 50,000 321,026 514 514 0.00 0.00 0.88 Dawood Hercules Corporation Limited 731,456 - - - 252,200 479,256 55,963 71,347 0.11 0.11 0.10 Saudi Pak Leasing Limited 556,752 - - - - 184,000 372,752 179 488 0.00 0.00 0.83 Fauji Fertilizer Bin Qasim Limited - 35,000 - - 35,000 ------2,261,358 - - - - 867,500 1,393,858 4,354 35,607 0.05 0.05 731,456 35,000 - - 287,200 479,256 55,963 71,347 0.11 0.11 Financial Services Pharmaceuticals Dawood Capital Management Limited 663,832 - - - - - 663,832 - - - - 4.43 Abbot Laboatories (Pakistan) Limited 60,009 - - - 1,500 58,509 39,044 44,116 0.07 0.07 0.06 First Capital Securities Corporation Glaxosmithkline (Pak) Limited 103,959 - - - 103,959 ------Limited 3,988,559 - - - - 10,000 3,978,559 7,207 9,548 0.01 0.01 1.26 Highnoon Laboratories Limited (note 6.6) 103,698 - 107 - 102,800 1,005 233 579 0.00 0.00 0.00 First Dawood Investment Bank Limited 2,368,064 - - - - 490,000 1,878,064 1,427 1,916 0.00 0.00 1.27 267,666 - 107 - 208,259 59,514 39,277 44,695 0.07 0.07 Invest Capital Investment Bank Limited 8,271,554 - - - - - 8,271,554 1,654 9,016 0.01 0.01 2.90 Chemical IGI Investment Bank Limited 6,433,579 - - - - 1,429,000 5,004,579 4,504 6,256 0.01 0.01 2.36 Linde Pakistan Limited (BOC) 66,160 - - - 5,000 61,160 8,556 6,391 0.01 0.01 0.24 Investec Securities Limited 98,518 - - - - - 98,518 - - - - 0.60 Sitara Chemical Industries Limited 17,064 - - - 17,064 ------J.O.V.& Company Limited 1,775,606 - - - - - 1,775,606 - - - - 3.49 83,224 - - - 22,064 61,160 8,556 6,391 0.01 0.01 Jahangir Siddiqui & Company Limited 993,701 - - 188,740 - 175,000 1,007,441 5,085 19,947 0.03 0.03 0.11 Paper & Board Next Capital Limited 500,000 - - - - - 500,000 1,900 4,000 0.01 0.01 2.50 Packages Limited - 2,550 - - 2,550 ------Prudential Investment Bank Limited 326,292 - - - - - 326,292 - - - - 3.26 Security Papers Limited (note 6.6) 42,928 - - - 500 42,428 3,757 4,480 0.01 0.01 0.07 Security Investment Bank Limited 2,262,698 - - - - - 2,262,698 2,829 4,390 0.01 0.01 4.40 42,928 2,550 - - 3,050 42,428 3,757 4,480 0.01 0.01 27,682,403 - - 188,740 - 2,104,000 25,767,143 24,606 55,073 0.08 0.08 Leather & Tanneries Commercial Banks Service Industries Limited 1,660,475 - - - 4,500 1,655,975 1,399,912 1,464,296 2.19 2.17 13.77 Allied Bank Limited 1,864,104 - - - - 387,000 1,477,104 93,652 132,880 0.20 0.20 0.13 1,660,475 - - - 4,500 1,655,975 1,399,912 1,464,296 2.19 2.17 Askari Bank Limited 30,034,856 - - - - 2,454,500 27,580,356 252,050 515,201 0.77 0.76 2.19 Foods & Personal Care Products Bank Al - Falah Limited 1,438,409 - - - - 525,000 913,409 10,387 23,356 0.03 0.03 0.06 Engro Foods Limited - 35,000 - - - 35,000 5,601 5,717 0.01 0.01 0.00 Bank Al - Habib Limited 84,316,829 100,000 - - - 8,754,500 75,662,329 819,997 3,262,559 4.88 4.84 6.81 Nestle Pakistan Limited 2,796 - - - 240 2,556 24,924 18,659 0.03 0.03 0.01 Bankislami Pakistan Limited 397,816 - - - - 150,000 247,816 1,532 2,610 0.00 0.00 0.02 2,796 35,000 - - 240 37,556 30,525 24,376 0.04 0.04 Faysal Bank Limited (Note 6.6) 6,309,853 - - - - 3,293,000 3,016,853 15,467 39,551 0.06 0.06 0.25 Glass & Ceramics Habib Bank Limited 1,517,533 - - - - 561,700 955,833 128,250 188,834 0.28 0.28 0.07 Ghani Glass Mills Limited 343,301 - - 70,560 292,500 121,361 6,040 11,454 0.02 0.02 0.06 Habib Metropolitan Bank Limited 58,007,607 25,000 - - - 5,534,500 52,498,107 798,139 1,489,371 2.23 2.21 5.01 343,301 - - 70,560 292,500 121,361 6,040 11,454 0.02 0.02 JS Bank Limited 12,586,161 - - - - 2,381,500 10,204,661 19,636 60,616 0.09 0.09 0.95 Miscellaneous MCB Bank Limited 113,842 - - - - - 113,842 13,407 25,048 0.04 0.04 0.01 Pakistan Services Limited 210,756 - - - - 210,756 104,324 142,203 0.21 0.21 0.65 National Bank Of Pakistan Limited 1,462,078 - - - - 959,500 502,578 14,942 29,054 0.04 0.04 0.02 Tri Pack Films Limited 257,958 - - 49,614 109,700 197,872 33,680 35,991 0.05 0.05 0.51 NIB Bank Limited 4,151,532 - - - - 2,500,000 1,651,532 2,495 3,154 0.00 0.00 0.02 468,714 - - 49,614 109,700 408,628 138,004 178,194 0.26 0.26 Samba Bank Limited 3,823,804 - - - - 707,500 3,116,304 8,014 23,840 0.04 0.04 0.31 Delisted / Unqouted Companies Silkbank Limited 11,179,004 - - 20,878,413 - 11,177,000 20,880,417 32,574 35,497 0.05 0.05 0.27 Callmate Telips Telecom 83 - - - - 83 - - - - 0.00 Summit Bank Limited 2,507,478 - - - - 1,975,500 531,978 1,112 1,591 0.00 0.00 0.03 Sapphire Holding Limited 571,112 - - - - 571,112 5,711 5,711 0.01 0.01 2.84 Soneri Bank Limited 117,273,049 - - - - 6,427,500 110,845,549 354,060 1,576,224 2.36 2.34 10.05 Unilever Brothers Limited - Preference 123 - - - - 123 1,845 1,845 0.00 0.00 - United Bank Limited 823,599 - - - - 272,500 551,099 60,651 97,500 0.15 0.14 0.05 571,318 - - - - 571,318 7,556 7,556 0.01 0.01 337,807,554 125,000 - 20,878,413 - 48,061,200 310,749,767 2,626,365 7,506,886 11.22 11.12 Textile Spining Total - 30 June 2016 25,560,864 834,850 107 1,046,735 3,936,438 23,506,118 2,700,833 2,841,996 4.23 4.21 Adil Textile Mills Limited 93,592 - - - - - 93,592 - - - - 1.21 Amtex Limited 918,523 - - - - 555,000 363,523 436 578 0.00 0.00 0.14 Total - 30 June 2015 31,800,432 2,169,850 632,988 577,442 9,619,848 25,560,864 1,936,084 2,886,224 4.06 4.07 Al - Qaim Textile Mills Limited 358,753 - - - - - 358,753 - - - - 4.81 Asim Textile Mills Limited 1,142,800 - - - - 2,000 1,140,800 - 5,761 0.01 0.01 7.52 Babri Cotton Mills Limited 80,578 - - - - - 80,578 392 8,232 0.01 0.01 2.21 6.1.2 All shares are fully paid up ordinary shares of Rs 10 each unless otherwise stated. Brothers Textile Mills Limited 602,461 - - - - 23,000 579,461 - 2,608 0.00 0.00 5.91 Crescent Cotton Mills Limited 1,048,579 - - - - - 1,048,579 5,505 47,186 0.07 0.07 4.91 Crescent Fibres Limited 852,681 - - - - - 852,681 - 34,022 0.05 0.05 6.87 Colony Textile Mills Limited 1,204,498 - - - - 130,000 1,074,498 1,357 2,751 0.00 0.00 0.22 Chakwal Spinning Mills Limited 754,008 - - - - 12,000 742,008 - 4,081 0.01 0.01 1.86 Data Textile Limited 618,595 - - - - - 618,595 - - - - 6.24 Din Textile Mills Limited 340,301 - - - - - 340,301 3,847 28,786 0.04 0.04 1.52 Dewan Khalid Textile Mills Limited 224,486 - - - - - 224,486 225 1,010 0.00 0.00 3.40 Dewan Mushtaq Textile Mills Limited 197,424 - - - - 5,000 192,424 385 885 0.00 0.00 2.93 D. M. Textile Mills Limited 331,614 - - - - 2,500 329,114 592 11,193 0.02 0.02 10.78 D.S.Industries Limited 44,780 - - - - - 44,780 35 124 0.00 0.00 0.07 Dar-Es-Salaam Textile Mills Limited 266,787 - - - - 5,000 261,787 576 1,374 0.00 0.00 3.27 Ellcot Spinning Mills Limited 704,380 - - - - - 704,380 7,482 51,695 0.08 0.08 6.43 Fatima Enterprises Limited 628,671 - - - - - 628,671 - - - - 4.42 Fazal Cloth Mills Limited . 1,768,488 - - - - - 1,768,488 13,415 251,125 0.38 0.37 5.89 Fazal Textile Mills Limited 67,755 - - - (67,755) ------Gadoon Textile Mills - - - - 132,499 - 132,499 1,231 17,038 0.03 0.03 - Globe Textile Mills Limited 2,472 - - - - - 2,472 - - - - 0.02 Gulshan Spinning Mills Limited 1,151,974 - - - - 14,000 1,137,974 - - - - 5.12 Gulistan Textile Mills Limited 734,617 - - - - - 734,617 - - - - 3.87 Hajra Textile Mills Limited 518,063 - - - - - 518,063 - - - - 3.77 Ideal Spinning Mills Limited 658,396 - - - - - 658,396 922 8,401 0.01 0.01 6.64 Indus Dyeing Manufacturing Company Limited 525,295 - - - - - 525,295 5,509 272,155 0.41 0.40 2.91 J. A. Textile Mills Limited 279,861 - - - - 152,500 127,361 - 611 0.00 0.00 1.01 Karim Cotton Mills Limited 110,562 - - - - - 110,562 - - - - 9.34 Kohinoor Spinning Mills Limited 540,827 - - - - 5,000 535,827 - 3,086 0.00 0.00 0.41 Khalid Siraj Textile Mills Limited 700,498 - - - - 17,500 682,998 - 2,391 0.00 0.00 6.38 Land Mark Spinning Industries Limited 395,437 - - - - - 395,437 - 1,977 0.00 0.00 3.26 Mehr Dastgir Textile Mills Limited 259 - - - - - 259 - - - - 0.00 Maqbool Textile Mills Limited 1,420,216 - - - - - 1,420,216 11,362 24,144 0.04 0.04 8.45 Premium Textile Mills Limited 807,307 - - - - - 807,307 8,803 66,506 0.10 0.10 13.10 Reliance Cotton Spinning Mills Limited 465,638 - - - - - 465,638 3,824 38,275 0.06 0.06 4.52 Ruby Textile Mills Limited 482,164 - - - - 45,500 436,664 - 3,782 0.01 0.01 0.84 Saif Textile Mills Limited 1,955,871 - - - - 9,000 1,946,871 4,809 34,596 0.05 0.05 7.37 6.2 Available for sale

6.2.1 Equity shares / units of mutual funds

Market Market Right Market Percentage value / value / Bonus shares Merger/ Carrying value / of paid-up Purchases Sales carrying carrying As at 01 issue purchased/ demerger As at 30 cost as carrying capital of Name of Investee Companies during during value as a value as a July 2015 during the subscribed adjusting June 2016 at 30 value as the investee the year the year percentage percentage year during effects June 2016 at 30 company of net of the year June 2016 held assets investments

------(Number of shares) ------(Rupees in '000') ------(%) ------Close - End Mutual Fund -- NATIONALDominion Stock Fund INVESTMENT 157,629 (UNIT) - TRUST - - - - 157,629 - - - - 3.15 NATIONAL INVESTMENT (UNIT) TRUST Investec Mutual Fund 172,406 - - - - - 172,406 - - - - 1.72 PICIC Growth Fund 6,429,358 - - - - - 6,429,358 35,940 153,019 0.23 0.23 2.27 NOTESPICIC Investment TO AND Fund FORMING 10,108,128 PART - OF - THE - FINANCIAL - - STATEMENTS 10,108,128 20,520 114,222 0.17 0.17 3.56 NOTES TO AND FORMING PART OF THE FINANCIAL STATEMENTS 16,867,521 - - - - - 16,867,521 56,460 267,241 0.40 0.40 FOR6.2 THEModarabasAvailable YEAR for sale ENDED 30 JUNE 2016 FOR THE YEAR ENDED 30 JUNE 2016 B.R.R. Guardian Modaraba 1,858,077 - - - - - 1,858,077 2,397 12,914 0.02 0.02 2.38 Habib Modaraba First 1,584,070 - - - - - 1,584,070 8,982 16,633 0.02 0.02 0.79 6.2.1 StandardEquity Chartered shares Modaraba / units of mutual 1,948,462 funds - - - - - 1,948,462 13,269 48,711 0.07 0.07 4.29 5,390,609 - - - - - 5,390,609 24,648 78,258 0.11 0.11 Leasing Companies Market Market Market Market Orix Leasing Pakistan Limited 1,333,580 - - Right - - 633,500 700,080 3,661 Market 34,605 0.05 0.05 Percentage 0.85 Right Market Percentage value / value / value / value / Security Leasing Corporation Limited 371,026 - Bonus - shares - Merger/ - 50,000 321,026 Carrying 514 value 514 / 0.00 0.00 of paid-up 0.88 Bonus shares Merger/ Carrying value / of paid-up Purchases Sales carrying carrying Purchases Sales carrying carrying Saudi Pak Leasing Limited As 556,752 at 01 - issue - purchased/ - demerger - 184,000 As 372,752 at 30 cost as 179 carrying 488 0.00 0.00 capital 0.83 of As at 01 issue purchased/ demerger As at 30 cost as carrying capital of Name of Investee Companies during during value as a value as a Name of Investee Companies during during value as a value as a July 2015 during the subscribed adjusting June 2016 at 30 value as the investee July 2015 during the subscribed adjusting June 2016 at 30 value as the investee 2,261,358 the year - - - - the 867,500 year 1,393,858 4,354 35,607 percentage 0.05 percentage 0.05 the year the year percentage percentage year during effects June 2016 at 30 company year during effects June 2016 at 30 company Financial Services of net of of net of the year June 2016 held the year June 2016 held Dawood Capital Management Limited 663,832 - - - - - 663,832 - - assets - investments - 4.43 assets investments First Capital Securities Corporation Limited ------3,988,559 - - (Number of shares) ------10,000 3,978,559------(Rupees 7,207 in '000') 9,548 ------0.01 (%) 0.01 ------1.26 ------(Number of shares) ------(Rupees in '000') ------(%) ------FirstClose Dawood - End Mutual Investment Fund Bank Limited 2,368,064 - - - - 490,000 1,878,064 1,427 1,916 0.00 -- 0.00 1.27 Salfi Textile Mills Limited 104,645 - - - - - 104,645 956 12,684 0.02 -- 0.02 3.13 InvestDominion Capital Stock Investment Fund Bank Limited 8,271,554 157,629 - - - - - 8,271,554 157,629 1,654 - 9,016 - 0.01 - 0.01 - 3.152.90 Salman Noman Enterpries Limited 293,899 - - - - 2,500 291,399 - 1,078 0.00 0.00 6.52 IGIInvestec Investment Mutual BankFund Limited 6,433,579 172,406 - - - - 1,429,000 - 5,004,579 172,406 4,504 - 6,256 - 0.01 - 0.01 - 1.722.36 Service (Textile) Industries Limited 162,908 - - - - - 162,908 - 1,515 0.00 0.00 3.66 InvestecPICIC Growth Securities Fund Limited 6,429,358 98,518 - - - - - 6,429,358 98,518 35,940 - 153,019 - 0.23 - 0.23 - 0.602.27 Shadab Textile Mills Limited 94,207 - - - - - 94,207 - 5,699 0.01 0.01 3.14 J.O.V.&PICIC Investment Company FundLimited 10,108,128 1,775,606 - - - - - 10,108,128 1,775,606 20,520 - 114,222 - 0.17 - 0.17 - 3.493.56 Sajjad Textile Mills Limited 316,932 - - - - - 316,932 - 3,169 0.00 0.00 1.49 Jahangir Siddiqui & Company Limited 16,867,521 993,701 - - 188,740 - - 175,000 - 16,867,521 1,007,441 56,460 5,085 267,241 19,947 0.400.03 0.400.03 0.11 Sally Textile Mills Limited 348,279 - - - - - 348,279 - 3,883 0.01 0.01 3.97 ModarabasNext Capital Limited 500,000 - - - - - 500,000 1,900 4,000 0.01 0.01 2.50 Sana Industries Limited 423,001 - - - - - 423,001 3,925 37,330 0.06 0.06 4.92 PrudentialB.R.R. Guardian Investment Modaraba Bank Limited 1,858,077 326,292 - - - - - 1,858,077 326,292 2,397 - 12,914 - 0.02 - 0.02 - 3.262.38 Sargodha Spinning Mills Limited 588,202 - - - - - 588,202 - 12,935 0.02 0.02 1.89 SecurityHabib Modaraba Investment First Bank Limited 2,262,6981,584,070 - - - - - 2,262,6981,584,070 2,8298,982 16,633 4,390 0.010.02 0.010.02 4.400.79 Saritow Spinning Mills Limited 1,423,435 - - - - 44,000 1,379,435 - 7,063 0.01 0.01 4.62 Standard Chartered Modaraba 27,682,403 1,948,462 - - 188,740 - - 2,104,000 - 25,767,143 1,948,462 24,60613,269 55,07348,711 0.080.07 0.080.07 4.29 Sunshine Cotton Mills Limited 426,521 - - - - - 426,521 - - - - 5.43 Commercial Banks 5,390,609 - - - - - 5,390,609 24,648 78,258 0.11 0.11 Sunrays Textile Mills Limited 318,842 - - - - - 318,842 2,741 64,578 0.10 0.10 4.62 LeasingAllied Bank Companies Limited 1,864,104 - - - - 387,000 1,477,104 93,652 132,880 0.20 0.20 0.13 Tata Textile Mills Limited 2,218,498 - - - - 1,000 2,217,498 18,716 57,655 0.09 0.09 12.80 AskariOrix Leasing Bank Limited Pakistan Limited 30,034,856 1,333,580 - - - - 2,454,500 633,500 27,580,356 700,080 252,050 3,661 515,201 34,605 0.770.05 0.760.05 2.190.85 29,718,580 - - - 64,744 1,025,500 28,757,824 97,045 1,131,962 Market 1.70 Market 1.68 Right Market Percentage SecurityBank Al -Leasing Falah Limited Corporation Limited 1,438,409 371,026 - - - - 525,000 50,000 913,409321,026 10,387 514 23,356 514 0.000.03 0.000.03 0.060.88 Textile Weaving value / value / Bonus shares Merger/ Carrying value / of paid-up Saudi Pak Leasing Limited 556,752 - - - - 184,000 372,752 179 488 0.00 0.00 0.83 Ayaz Textile Mills Limited 210,188 Purchases - - - - Sales - 210,188 - - carrying - carrying - 2.46 Bank Al - Habib Limited 84,316,829 100,000 - - - 8,754,500 75,662,329 819,997 3,262,559 4.88 4.84 6.81 As at 01 issue purchased/ demerger As at 30 cost as carrying capital of Name of Investee Companies during during value as a value as a Bankislami Pakistan Limited 2,261,358 397,816 - - - - 867,500150,000 1,393,858 247,816 4,3541,532 35,607 2,610 0.050.00 0.050.00 0.02 Hakkim Textile Mills Limited July 257,368 2015 - during the- subscribed - adjusting - - June 257,368 2016 at 30 - value as - - - the investee 4.77 the year the year percentage percentage FinancialFaysal Bank Services Limited (Note 6.6) 6,309,853 - - - - 3,293,000 3,016,853 15,467 39,551 0.06 0.06 0.25 Sadoon Textile Mills Limited 985 - year - during - effects - - 985 June 2016 - at 30 - - - company 0.03 of net of Dawood Capital Management Limited 663,832 - - - - - 663,832 - - - - 4.43 Service Fabircs Limited 1,349,180 - - the year - - - 1,349,180 - June 22,100 2016 0.03 0.03 held 8.56 Habib Bank Limited 1,517,533 - - - - 561,700 955,833 128,250 188,834 0.28 0.28 0.07 assets investments HabibFirst Capital Metropolitan Securities Bank Corporation Limited 58,007,607 25,000 - - - 5,534,500 52,498,107 798,139 1,489,371 2.23 2.21 5.01 Shahtaj Textile Mills Limited 475,726 - - - - - 475,726 4,370 57,149 0.09 0.08 4.92 JS BankLimited Limited 12,586,161 3,988,559 - - - - 2,381,500 10,000 10,204,661 3,978,559 19,636 7,207 60,616 9,548 0.010.09 0.010.09 0.951.26 ------2,293,447 - -(Number of shares) ------2,293,447------(Rupees 4,370 in '000') 79,249 ------0.12 (%) 0.11 ------FirstMCB Dawood Bank Limited Investment Bank Limited 2,368,064 113,842 - - - - 490,000 - 1,878,064 113,842 13,407 1,427 25,048 1,916 0.000.04 0.000.04 1.270.01 Textile Composite -- NationalInvest Capital Bank InvestmentOf Pakistan Bank Limited Limited 1,462,0788,271,554 - - - - 959,500 - 8,271,554 502,578 14,942 1,654 29,054 9,016 0.010.04 0.010.04 2.900.02 Ahmad Hassan Textile Mills Limited 913,009 - - - - - 913,009 10,966 22,369 0.03 0.03 6.34 NIBIGI InvestmentBank Limited Bank Limited 4,151,5326,433,579 - - - - 2,500,0001,429,000 1,651,5325,004,579 2,4954,504 3,1546,256 0.000.01 0.000.01 0.022.36 Azgard Nine Limited 108,357 - - - - - 108,357 309 429 0.00 0.00 0.02 SambaInvestec Bank Securities Limited Limited 3,823,804 98,518 - - - - 707,500 - 3,116,304 98,518 8,014 - 23,840 - 0.04 - 0.04 - 0.600.31 (Colony) Sarhad Textile Mills Limited 328,879 - - - - - 328,879 - - - - 8.22 SilkbankJ.O.V.& Company Limited Limited 11,179,004 1,775,606 - - 20,878,413 - - 11,177,000 - 20,880,417 1,775,606 32,574 - 35,497 - 0.05 - 0.05 - 3.490.27 Crescent Textile Mills Limited 2,337,513 - - 702,541 - 162,453 2,877,601 32,259 56,056 0.08 0.08 3.60 SummitJahangir Bank Siddiqui Limited & Company Limited 2,507,478 993,701 - - 188,740 - - 1,975,500 175,000 1,007,441 531,978 5,0851,112 19,947 1,591 0.000.03 0.000.03 0.03 0.11 Dawood Lawrencepur Limited 275,595 - - - - - 275,595 6,004 49,717 0.07 0.07 0.47 SoneriNext Capital Bank Limited 117,273,049 500,000 - - - - 6,427,500 - 110,845,549 500,000 354,060 1,900 1,576,224 4,000 0.012.36 0.012.34 10.05 2.50 Fateh Sports Wear Limited 45,300 - - - - - 45,300 - - - - 2.27 PrudentialUnited Bank Investment Limited Bank Limited 823,599326,292 - - - - 272,500 - 326,292551,099 60,651 - 97,500 - 0.15 - 0.14 - 3.260.05 Fateh Textile Mills Limited. 35,925 - - - - - 35,925 - - - - 2.87 Security Investment Bank Limited 337,807,554 2,262,698 125,000 - - 20,878,413 - - 48,061,200 - 310,749,767 2,262,698 2,626,365 2,829 7,506,886 4,390 11.22 0.01 11.12 0.01 4.40 Gul Ahmed Textile Mills Limited (Note 6.6) 1,899,651 - - 531,345 - 128,500 2,302,496 21,298 83,327 0.12 0.12 0.78 Textile Spining 27,682,403 - - 188,740 - 2,104,000 25,767,143 24,606 55,073 0.08 0.08 Ishaq Textile Mills Limited 443,946 - - - - 12,000 431,946 894 3,801 0.01 0.01 4.47 CommercialAdil Textile Mills Banks Limited 93,592 - - - - - 93,592 - - - - 1.21 Kaiser Arts & Krafts Mills Limited 36,944 - - - - - 36,944 - - - - 0.43 AmtexAllied Bank Limited Limited 1,864,104 918,523 - - - - 555,000387,000 1,477,104 363,523 93,652 436 132,880 578 0.000.20 0.000.20 0.140.13 Kohinoor Mills Limited 2,859,830 - - - - 25,000 2,834,830 2,976 57,264 0.09 0.08 5.57 AlAskari - Qaim Bank Textile Limited Mills Limited 30,034,856 358,753 - - - - 2,454,500 - 27,580,356 358,753 252,050 - 515,201 - 0.77 - 0.76 - 4.812.19 Kohinoor Textile Mills Limited (Note 6.6) 2,747,234 - 339,260 - - 937,500 2,148,994 6,742 171,984 0.26 0.25 0.76 AsimBank TextileAl - Falah Mills Limited Limited 1,142,8001,438,409 - - - - 525,000 2,000 1,140,800 913,409 10,387 - 23,356 5,761 0.010.03 0.010.03 7.520.06 Muhammad Farooq Textile Mills Limited 649,777 - - - - 38,500 611,277 294 1,656 0.00 0.00 3.24 BabriBank AlCotton - Habib Mills Limited Limited 84,316,829 80,578 100,000 - - - - 8,754,500 - 75,662,329 80,578 819,997 392 3,262,559 8,232 0.014.88 0.014.84 2.216.81 Masood Textile Mills Limited 2,025,828 - - - - 13,500 2,012,328 37,039 309,536 0.46 0.46 3.35 BrothersBankislami Textile Pakistan Mills LimitedLimited 602,461397,816 - - - - 150,000 23,000 247,816579,461 1,532 - 2,6102,608 0.00 0.00 0.025.91 Mian Textile Mills Limited 645,578 - - - - 40,000 605,578 182 1,514 0.00 0.00 2.74 CrescentFaysal Bank Cotton Limited Mills (Note Limited 6.6) 1,048,5796,309,853 - - - - 3,293,000 - 1,048,5793,016,853 15,467 5,505 47,18639,551 0.070.06 0.070.06 4.910.25 Nishat (Chunian) Limited 8,640,868 - - - - 1,158,000 7,482,868 100,814 265,043 0.40 0.39 3.11 HabibCrescent Bank Fibres Limited Limited 1,517,533 852,681 - - - - 561,700 - 955,833852,681 128,250 - 188,834 34,022 0.280.05 0.280.05 6.870.07 Nishat Mills Limited 6,283,599 - - - - 653,700 5,629,899 244,113 607,466 0.91 0.90 1.60 ColonyHabib Metropolitan Textile Mills BankLimited Limited 58,007,607 1,204,498 25,000 - - - - 5,534,500 130,000 52,498,107 1,074,498 798,139 1,357 1,489,371 2,751 0.002.23 0.002.21 0.225.01 Paramount Spinning Mills Limited 1,899,686 - - - - 96,000 1,803,686 - - - - 10.39 ChakwalJS Bank LimitedSpinning Mills Limited 12,586,161 754,008 - - - - 2,381,500 12,000 10,204,661 742,008 19,636 - 60,616 4,081 0.010.09 0.010.09 1.860.95 Reliance Weaving Mills Limited 592,645 - - - - - 592,645 2,074 14,923 0.02 0.02 1.92 DataMCB TextileBank Limited Limited 618,595113,842 - - - - - 618,595113,842 13,407 - 25,048 - 0.04 - 0.04 - 6.240.01 Sapphire Textile Mills Limited 352,976 - - - - - 352,976 24,355 240,024 0.36 0.36 1.76 DinNational Textile Bank Mills Of Limited Pakistan Limited 1,462,078 340,301 - - - - 959,500 - 340,301502,578 14,942 3,847 28,78629,054 0.04 0.04 1.520.02 Schon Textiles Limited 258,610 - - - - - 258,610 - - - - 2.16 DewanNIB Bank Khalid Limited Textile Mills Limited 4,151,532 224,486 - - - - 2,500,000 - 1,651,532 224,486 2,495 225 1,0103,154 0.00 0.00 3.400.02 Sapphire Fibers Limited 224,435 - - - - - 224,435 16,945 125,684 0.19 0.19 1.14 DewanSamba MushtaqBank Limited Textile Mills Limited 3,823,804 197,424 - - - - 707,500 5,000 3,116,304 192,424 8,014 385 23,840 885 0.000.04 0.000.04 2.930.31 Shams Textile Mills Limited 1,211,998 - - - - - 1,211,998 6,909 31,669 0.05 0.05 14.03 SilkbankD. M. Textile Limited Mills Limited 11,179,004 331,614 - - 20,878,413 - - 11,177,000 2,500 20,880,417 329,114 32,574 592 35,49711,193 0.020.05 0.020.05 10.78 0.27 Suraj Cotton Mills Limited (Note 6.6) 518,566 - 51,656 - - 2,000 568,222 5,586 73,869 0.11 0.11 2.16 D.S.IndustriesSummit Bank Limited Limited 2,507,478 44,780 - - - - 1,975,500 - 531,978 44,780 1,112 35 1,591 124 0.00 0.00 0.070.03 Taj Textile Mills Limited 1,409,947 - - - - - 1,409,947 - - - - 4.22 Dar-Es-SalaamSoneri Bank Limited Textile Mills Limited 117,273,049 266,787 - - - - 6,427,500 5,000 110,845,549 261,787 354,060 576 1,576,224 1,374 0.002.36 0.002.34 10.05 3.27 Zahur Cotton Mills Limited 485,694 - - - - - 485,694 - - - - 4.93 EllcotUnited SpinningBank Limited Mills Limited 704,380823,599 - - - - 272,500 - 704,380551,099 60,651 7,482 51,69597,500 0.080.15 0.080.14 6.430.05 37,232,390 - 390,916 1,233,886 - 3,267,153 35,590,039 519,759 2,116,331 3.16 3.12 Fatima Enterprises Limited 337,807,554 628,671 125,000 - - 20,878,413 - - 48,061,200 - 310,749,767 628,671 2,626,365 - 7,506,886 - 11.22 - 11.12 - 4.42 Wollen FazalTextile Cloth Spining Mills Limited . 1,768,488 - - - - - 1,768,488 13,415 251,125 0.38 0.37 5.89 Moonlite (Pak) Limited 115,477 - - - - - 115,477 - - - - 5.35 FazalAdil Textile Textile Mills Mills Limited Limited 67,75593,592 - - - (67,755) - - 93,592 - - - - - 1.21 - 115,477 - - - - - 115,477 - - - - GadoonAmtex Limited Textile Mills 918,523 - - - - 132,499 - 555,000 - 132,499363,523 1,231 436 17,038 578 0.030.00 0.030.00 0.14 - Synthetic & Rayon GlobeAl - Qaim Textile Textile Mills Mills Limited Limited 358,753 2,472 - - - - - 358,753 2,472 - - - - 4.810.02 Al-Abid Silk Mills Limited 1,145,187 - - - - 31,500 1,113,687 6,192 17,819 0.03 0.03 8.31 GulshanAsim Textile Spinning Mills Limited Mills Limited 1,151,9741,142,800 - - - - 14,000 2,000 1,140,8001,137,974 - 5,761 - 0.01 - 0.01 - 5.127.52 Ibrahim Fibres Limited 1,597,530 - - - - - 1,597,530 43,197 90,548 0.14 0.13 0.51 GulistanBabri Cotton Textile Mills Mills Limited Limited 734,617 80,578 - - - - - 734,617 80,578 392 - 8,232 - 0.01 - 0.01 - 3.872.21 Rupali Polyester Limited 957,000 - - - - 314,000 643,000 5,774 5,774 0.01 0.01 1.89 HajraBrothers Textile Textile Mills Mills Limited Limited 518,063602,461 - - - - 23,000 - 518,063579,461 - 2,608 - 0.00 - 0.00 - 3.775.91 3,699,717 - - - - 345,500 3,354,217 55,163 114,141 0.18 0.17 IdealCrescent Spinning Cotton Mills Mills Limited Limited 1,048,579 658,396 - - - - - 1,048,579 658,396 5,505 922 47,186 8,401 0.010.07 0.010.07 6.644.91 Jute IndusCrescent Dyeing Fibres Manufacturing Limited Company 852,681 - - - - - 852,681 - 34,022 0.05 0.05 6.87 Crescent Jute Proudcts Limited 1,488,718 - - - - 60,000 1,428,718 - 4,043 0.01 0.01 6.01 ColonyLimited Textile Mills Limited 1,204,498 525,295 - - - - 130,000 - 1,074,498 525,295 5,5091,357 272,155 2,751 0.410.00 0.400.00 2.910.22 1,488,718 - - - - 60,000 1,428,718 - 4,043 0.01 0.01 J.Chakwal A. Textile Spinning Mills Limited Mills Limited 279,861754,008 - - - - 152,500 12,000 127,361742,008 - 4,081 611 0.000.01 0.000.01 1.011.86 Sugar & Allied Industries KarimData Textile Cotton Limited Mills Limited 618,595110,562 - - - - - 618,595110,562 - - - - 6.249.34 Al- Abbas Sugar Mills Limited 829,583 - - - - - 829,583 7,869 222,328 0.33 0.33 4.78 KohinoorDin Textile Spinning Mills Limited Mills Limited 540,827340,301 - - - - 5,000 - 535,827340,301 3,847 - 28,786 3,086 0.000.04 0.000.04 0.411.52 Al-Noor Sugar Mills Limited 2,046,887 - - - - 20,000 2,026,887 - 95,061 0.14 0.14 9.90 KhalidDewan Siraj Khalid Textile Textile Mills Mills Limited Limited 700,498224,486 - - - - 17,500 - 224,486682,998 225 - 1,0102,391 0.00 0.00 3.406.38 Chashma Sugar Mills Limited 852,227 - - - - - 852,227 2,770 65,605 0.10 0.10 2.97 LandDewan Mark Mushtaq Spinning Textile Industries Mills Limited Limited 395,437197,424 - - - - 5,000 - 395,437192,424 385 - 1,977 885 0.00 0.00 3.262.93 Dewan Sugar Mills Limited 1,932,432 - - - - - 1,932,432 3,247 9,198 0.01 0.01 2.91 MehrD. M. DastgirTextile MillsTextile Limited Mills Limited 331,614 259 - - - - 2,500 - 329,114 259 592 - 11,193 - 0.02 - 0.02 - 10.78 0.00 Faran Sugar Mills Limited 2,285,774 - - - - 115,500 2,170,274 25,905 234,390 0.35 0.35 8.68 MaqboolD.S.Industries Textile Limited Mills Limited 1,420,216 44,780 - - - - - 1,420,216 44,780 11,362 35 24,144 124 0.000.04 0.000.04 8.450.07 Habib Sugar Mills Limited 12,070,751 53,000 - - - 588,000 11,535,751 38,245 430,745 0.64 0.64 7.69 PremiumDar-Es-Salaam Textile Textile Mills Limited Mills Limited 807,307266,787 - - - - 5,000 - 807,307261,787 8,803 576 66,506 1,374 0.100.00 0.100.00 13.10 3.27 Jauharabad Sugar Mills Limited 719,955 - - - - - 719,955 2,145 41,124 0.06 0.06 6.60 RelianceEllcot Spinning Cotton MillsSpinning Limited Mills Limited 465,638704,380 - - - - - 465,638704,380 3,8247,482 38,27551,695 0.060.08 0.060.08 4.526.43 Mirpurkhas Sugar Mills Limited 1,173,889 - - - - - 1,173,889 - 144,388 0.22 0.21 9.57 RubyFatima Textile Enterprises Mills Limited Limited 482,164628,671 - - - - 45,500 - 628,671436,664 - 3,782 - 0.01 - 0.01 - 4.420.84 Premier Sugar Mills & Distillery Company SaifFazal Textile Cloth MillsMills LimitedLimited . 1,955,8711,768,488 - - - - 9,000 - 1,946,8711,768,488 13,415 4,809 251,125 34,596 0.050.38 0.050.37 7.375.89 Ltd. 58,825 - - - - - 58,825 2,440 9,444 0.01 0.01 1.57 Fazal Textile Mills Limited 67,755 - - - (67,755) ------Pangrio Sugar Mills Limited 760,820 - - - - - 760,820 - 1,902 0.00 0.00 7.01 Gadoon Textile Mills - - - - 132,499 - 132,499 1,231 17,038 0.03 0.03 - Sanghar Sugar Mills Limited 1,063,616 - - - - - 1,063,616 - 45,789 0.07 0.07 8.90 Globe Textile Mills Limited 2,472 - - - - - 2,472 - - - - 0.02 Shakarganj Limited 7,049,053 - - 3,951,076 - 1,081,500 9,918,629 60,574 154,929 0.23 0.23 9.02 Gulshan Spinning Mills Limited 1,151,974 - - - - 14,000 1,137,974 - - - - 5.12 Shahtaj Sugar Mills Limited 801,695 - - - - - 801,695 13,393 79,769 0.12 0.12 6.67 Gulistan Textile Mills Limited 734,617 - - - - - 734,617 - - - - 3.87 Shahmurad Sugar Mills Limited 1,789,910 - - - - - 1,789,910 - 74,281 0.11 0.11 8.48 Hajra Textile Mills Limited 518,063 - - - - - 518,063 - - - - 3.77 Sakrand Sugar Mills Limited 340,700 - - - - - 340,700 - 920 0.00 0.00 1.53 Ideal Spinning Mills Limited 658,396 - - - - - 658,396 922 8,401 0.01 0.01 6.64 Saleem Sugar Limited (O) 8,761 - - - - - 8,761 - - - - 0.78 Indus Dyeing Manufacturing Company Saleem Suger Limited .(P) 6 % 198 - - - - - 198 - - - - 0.40 Limited 525,295 - - - - - 525,295 5,509 272,155 0.41 0.40 2.91 33,785,076 53,000 - 3,951,076 - 1,805,000 35,984,152 156,588 1,609,873 2.38 2.37 J. A. Textile Mills Limited 279,861 - - - - 152,500 127,361 - 611 0.00 0.00 1.01 Cement Karim Cotton Mills Limited 110,562 - - - - - 110,562 - - - - 9.34 Attock Cement Pakistan Limited 66,956 - - - - 5,000 61,956 2,274 14,790 0.02 0.02 0.05 Kohinoor Spinning Mills Limited 540,827 - - - - 5,000 535,827 - 3,086 0.00 0.00 0.41 Bestway Cement Limited 447,020 - - - - - 447,020 5,223 77,638 0.12 0.12 0.08 Khalid Siraj Textile Mills Limited 700,498 - - - - 17,500 682,998 - 2,391 0.00 0.00 6.38 Cherat Cement Company Limited 14,521,858 47,500 - - - 6,055,500 8,513,858 129,667 1,018,002 1.52 1.51 4.82 Land Mark Spinning Industries Limited 395,437 - - - - - 395,437 - 1,977 0.00 0.00 3.26 D. G. Khan Cement Company Limited 2,063,181 25,000 - - - 615,000 1,473,181 51,822 280,626 0.42 0.42 0.34 Mehr Dastgir Textile Mills Limited 259 - - - - - 259 - - - - 0.00 Fauji Cement Company Limited 2,771,867 440,000 - - - 675,000 2,536,867 64,818 90,820 0.14 0.13 0.19 Maqbool Textile Mills Limited 1,420,216 - - - - - 1,420,216 11,362 24,144 0.04 0.04 8.45 Fecto Cement Limited 1,161,655 - - - - - 1,161,655 4,530 134,171 0.20 0.20 2.32 Premium Textile Mills Limited 807,307 - - - - - 807,307 8,803 66,506 0.10 0.10 13.10 Kohat Cement Limited 102,600 - - - - 21,100 81,500 6,431 21,347 0.03 0.03 0.05 Reliance Cotton Spinning Mills Limited 465,638 - - - - - 465,638 3,824 38,275 0.06 0.06 4.52 Pakcem Limited 5,126,952 - - - - - 5,126,952 9,639 90,542 0.14 0.13 0.35 Ruby Textile Mills Limited 482,164 - - - - 45,500 436,664 - 3,782 0.01 0.01 0.84 Lucky Cement Limited 1,688,235 57,000 - - - 262,900 1,482,335 152,793 961,309 1.44 1.42 0.46 Saif Textile Mills Limited 1,955,871 - - - - 9,000 1,946,871 4,809 34,596 0.05 0.05 7.37 Maple Leaf Cement Factory Limited 249,746 - - - - - 249,746 578 26,351 0.04 0.04 0.05 Pioneer Cement Limited 429,444 - - - - - 429,444 1,417 46,122 0.07 0.07 0.19 Thatta Cement Limited 3,186,580 - - - - 140,000 3,046,580 54,551 89,874 0.13 0.13 3.06 Zeal Pak Cement Factory Limited 486,248 - - - - - 486,248 - - - - 0.11 32,302,342 569,500 - - - 7,774,500 25,097,342 483,743 2,851,592 4.27 4.22 Tobacco Pakistan Tobacco Company Limited 1,813,539 460 - - - - 1,813,999 90,487 2,286,636 3.42 3.39 0.71 1,813,539 460 - - - - 1,813,999 90,487 2,286,636 3.42 3.39 Refinery Attock Refinery Limited 2,870,757 - - - - 1,954,700 916,057 84,514 256,624 0.38 0.38 1.07 National Refinery Limited 4,165,451 - - - - 2,386,800 1,778,651 244,871 845,571 1.27 1.25 2.22 Pakistan Refinery Limited 14,188,116 - - - - 5,157,072 9,031,044 137,416 371,898 0.56 0.55 2.87 21,224,324 - - - - 9,498,572 11,725,752 466,801 1,474,093 2.21 2.18 Power Generation & Distribution Hub Power Company Limited 6,289,797 - - - - 975,500 5,314,297 79,475 638,035 0.95 0.95 0.46 Kot Addu Power Company Limited 927,832 - - - - 75,000 852,832 26,915 76,115 0.11 0.11 0.10 K-Electric Limited 5,073,775 - - - - 400,000 4,673,775 7,478 37,671 0.06 0.06 0.02 Kohinoor Energy Limited 410,390 - - - - - 410,390 6,472 16,908 0.03 0.03 0.24 Lalpir Power Limited 1,024,055 - - - - 50,000 974,055 16,705 21,137 0.03 0.03 0.26 Nishat Chunian Power Limited 866,000 - - - - 628,500 237,500 2,375 12,483 0.02 0.02 0.06 Sitara Energy Limited 256,117 - - - - - 256,117 4,226 8,874 0.01 0.01 1.34 14,847,966 - - - - 2,129,000 12,718,966 143,646 811,223 1.21 1.21 Oil & Gas Marketing Companies Attock Petroleum Limited 55,229 - - - - - 55,229 14,920 24,165 0.04 0.04 0.07 Burshane LPG Pak Limited 1,445,033 - - - - 18,000 1,427,033 33,516 76,361 0.11 0.11 6.30 Pakistan State Oil Company Limited Market Market Right Market Percentage value / value / Bonus shares Merger/ Carrying value / of paid-up Purchases Sales carrying carrying As at 01 issue purchased/ demerger As at 30 cost as carrying capital of Name of Investee Companies during during value as a value as a July 2015 during the subscribed adjusting June 2016 at 30 value as the investee the year the year percentage percentage year during effects June 2016 at 30 company of net of the year June 2016 held assets investments

------(Number of shares) ------(Rupees in '000') ------(%) ------Textile Composite -- Ahmad Hassan Textile Mills Limited 913,009 - - - - - 913,009 10,966 22,369 0.03 0.03 6.34 Azgard Nine Limited 108,357 - - - - - 108,357 309 429 0.00 0.00 0.02 (Colony) Sarhad Textile Mills Limited 328,879 - - - - - 328,879 - - - - 8.22 Crescent Textile Mills Limited 2,337,513 - - 702,541 - 162,453 2,877,601 32,259 56,056 0.08 0.08 3.60 Dawood Lawrencepur Limited 275,595 - - - - - 275,595 6,004 49,717 0.07 0.07 0.47 Fateh Sports Wear Limited 45,300 - - - - - 45,300 - - - - 2.27 Fateh Textile Mills Limited. 35,925 - - - - - 35,925 - - - - 2.87 Gul Ahmed Textile Mills Limited (Note 6.6) 1,899,651 - - 531,345 - 128,500 2,302,496 21,298 83,327 0.12 0.12 0.78 Ishaq Textile Mills Limited 443,946 - - - - 12,000 431,946 894 3,801 0.01 0.01 4.47 Kaiser Arts & Krafts Mills Limited 36,944 - - - - - 36,944 - - - - 0.43 Kohinoor Mills Limited 2,859,830 - - - - 25,000 2,834,830 2,976 57,264 0.09 0.08 5.57 Kohinoor Textile Mills Limited (Note 6.6) 2,747,234 - 339,260 - - 937,500 2,148,994 6,742 171,984 0.26 0.25 0.76 Muhammad Farooq Textile Mills Limited 649,777 - - - - 38,500 611,277 294 1,656 0.00 0.00 3.24 Masood Textile Mills Limited 2,025,828 - - - - 13,500 2,012,328 37,039 309,536 0.46 0.46 3.35 Mian Textile Mills Limited 645,578 - - - - 40,000 605,578 182 1,514 0.00 0.00 2.74 Nishat (Chunian) Limited 8,640,868 - - - - 1,158,000 7,482,868 100,814 265,043 0.40 0.39 3.11 Nishat Mills Limited 6,283,599 - - - - 653,700 5,629,899 244,113 607,466 0.91 0.90 1.60 Paramount Spinning Mills Limited 1,899,686 - - - - 96,000 1,803,686 - - - - 10.39 Reliance Weaving Mills Limited 592,645 - - - - - 592,645 2,074 14,923 0.02 0.02 1.92 Sapphire Textile Mills Limited 352,976 - - - - - 352,976 24,355 240,024 0.36 0.36 1.76 Schon Textiles Limited 258,610 - - - - - 258,610 - - - - 2.16 Sapphire Fibers Limited 224,435 - - - - - 224,435 16,945 125,684 0.19 0.19 1.14 Shams Textile Mills Limited 1,211,998 - - - - - 1,211,998 6,909 31,669 0.05 0.05 14.03 Suraj Cotton Mills Limited (Note 6.6) 518,566 - 51,656 - - 2,000 568,222 5,586 73,869 0.11 0.11 2.16 Taj Textile Mills Limited 1,409,947 - - - - - 1,409,947 - - - - 4.22 Zahur Cotton Mills Limited 485,694 - - - - - 485,694 - - - - 4.93 37,232,390 - 390,916 1,233,886 - 3,267,153 35,590,039 519,759 2,116,331 3.16 3.12 Wollen Moonlite (Pak) Limited 115,477 - - - - - 115,477 - - - - 5.35 115,477 - - - - - 115,477 - - - - Synthetic & Rayon NATIONALAl-Abid Silk Mills LimitedINVESTMENT 1,145,187 (UNIT) - TRUST - - - 31,500 1,113,687 6,192 17,819 0.03 0.03 8.31 NATIONAL INVESTMENT (UNIT) TRUST Ibrahim Fibres Limited 1,597,530 - - - - - 1,597,530 43,197 90,548 0.14 0.13 0.51 Rupali Polyester Limited 957,000 - - - - 314,000 643,000 5,774 5,774 0.01 0.01 1.89 NOTES TO AND FORMING 3,699,717 PART - OF - THE - FINANCIAL - 345,500 STATEMENTS 3,354,217 55,163 114,141 0.18 0.17 NOTES TO AND FORMING PART OF THE FINANCIAL STATEMENTS Jute FOR6.2 THECrescentAvailable Jute YEAR Proudcts for Limitedsale ENDED 30 1,488,718 JUNE 2016 - - - - 60,000 1,428,718 - 4,043 0.01 0.01 6.01 FOR THE YEAR ENDED 30 JUNE 2016 1,488,718 - - - - 60,000 1,428,718 - 4,043 0.01 0.01 Sugar & Allied Industries 6.2.1 Al-Equity Abbas Sugar shares Mills Limited / units of mutual 829,583 funds - - - - - 829,583 7,869 222,328 0.33 0.33 4.78 Al-Noor Sugar Mills Limited 2,046,887 - - - - 20,000 2,026,887 - 95,061 0.14 0.14 9.90 Chashma Sugar Mills Limited 852,227 - - - - - 852,227 2,770 65,605 0.10 0.10 2.97 Market Market Market Market Dewan Sugar Mills Limited 1,932,432 - - Right - - - 1,932,432 3,247 Market 9,198 0.01 0.01 Percentage 2.91 Right Market Percentage value / value / value / value / Faran Sugar Mills Limited 2,285,774 - Bonus - shares - Merger/ - 115,500 2,170,274 Carrying 25,905 value 234,390 / 0.35 0.35 of paid-up 8.68 Bonus shares Merger/ Carrying value / of paid-up Purchases Sales carrying carrying Purchases Sales carrying carrying Habib Sugar Mills Limited 12,070,751 As at 01 53,000 issue - purchased/ - demerger - 588,000 11,535,751 As at 30 cost 38,245 as carrying 430,745 0.64 0.64 capital 7.69 of As at 01 issue purchased/ demerger As at 30 cost as carrying capital of Name of Investee Companies during during value as a value as a Name of Investee Companies during during value as a value as a July 2015 during the subscribed adjusting June 2016 at 30 value as the investee July 2015 during the subscribed adjusting June 2016 at 30 value as the investee Jauharabad Sugar Mills Limited 719,955 the year - - - - the year - 719,955 2,145 41,124 percentage 0.06 percentage 0.06 6.60 the year the year percentage percentage year during effects June 2016 at 30 company year during effects June 2016 at 30 company Mirpurkhas Sugar Mills Limited 1,173,889 - - - - - 1,173,889 - 144,388 of net 0.22 of 0.21 9.57 of net of the year June 2016 held the year June 2016 held Premier Sugar Mills & Distillery Company assets investments assets investments Ltd. 58,825 - - - - - 58,825 2,440 9,444 0.01 0.01 1.57 Pangrio Sugar Mills Limited ------760,820 - - (Number of shares) ------760,820------(Rupees - in '000') 1,902 ------0.00 (%) 0.00 ------7.01 ------(Number of shares) ------(Rupees in '000') ------(%) ------SangharClose - EndSugar Mutual Mills LimitedFund 1,063,616 - - - - - 1,063,616 - 45,789 0.07 -- 0.07 8.90 Automobile Assembler -- ShakarganjDominion Stock Limited Fund 7,049,053 157,629 - - - - 3,951,076 - - - 1,081,500 - 9,918,629 157,629 60,574 - 154,929 - 0.23 - 0.23 - 9.02 3.15 Atlas Honda Limited 277,566 - - - - - 277,566 645 102,422 0.15 0.15 0.27 ShahtajInvestec Sugar Mutual Mills Fund Limited 801,695 172,406 ------801,695 172,406 13,393 - 79,769 - 0.12 - 0.12 - 6.67 1.72 Ghandhara Industries Limited 158,577 - - - - 23,000 135,577 881 55,029 0.08 0.08 0.64 ShahmuradPICIC Growth Sugar Fund Mills Limited 1,789,910 6,429,358 ------1,789,910 6,429,358 35,940 - 153,019 74,281 0.11 0.23 0.11 0.23 8.48 2.27 Ghandara Nissan Limited 1,359,711 - - - - 144,500 1,215,211 2,941 189,755 0.28 0.28 2.70 SakrandPICIC Investment Sugar Mills Fund Limited 10,108,128 340,700 ------10,108,128 340,700 20,520 - 114,222 920 0.00 0.17 0.00 0.17 1.53 3.56 Honda Atlas Cars Limited 2,617,989 25,000 - - - 93,400 2,549,589 28,145 915,532 1.37 1.36 1.79 Saleem Sugar Limited (O) 16,867,521 8,761 ------16,867,521 8,761 56,460 - 267,241 - 0.40- 0.40 - 0.78 Hinopak Motors Limited 463,752 - - - - 23,750 440,002 30,822 421,975 0.63 0.63 3.55 SaleemModarabas Suger Limited .(P) 6 % 198 - - - - - 198 - - - - 0.40 Indus Motor Company Limited 604,806 - - - - 8,770 596,036 74,620 560,000 0.84 0.83 0.76 B.R.R. Guardian Modaraba 33,785,076 1,858,077 53,000 - - - 3,951,076 - - - 1,805,000 - 35,984,152 1,858,077 156,588 2,397 1,609,873 12,914 2.38 0.02 2.37 0.02 2.38 Millat Tractors Limited 617,579 4,500 - - - 36,450 585,629 100,094 333,955 0.50 0.49 1.32 CementHabib Modaraba First 1,584,070 - - - - - 1,584,070 8,982 16,633 0.02 0.02 0.79 Pak Suzuki Motor Company Limited 1,883,190 10,000 - - - 405,400 1,487,790 96,011 568,559 0.85 0.84 1.81 AttockStandard Cement Chartered Pakistan Modaraba Limited 1,948,462 66,956 ------5,000 - 1,948,462 61,956 13,269 2,274 14,790 48,711 0.02 0.07 0.02 0.07 0.05 4.29 7,983,170 39,500 - - - 735,270 7,287,400 334,159 3,147,227 4.70 4.66 Bestway Cement Limited 5,390,609 447,020 ------5,390,609 447,020 24,648 5,223 77,638 78,258 0.12 0.11 0.12 0.11 0.08 Automobile Parts & Accessories CheratLeasing Cement Companies Company Limited 14,521,858 47,500 - - - 6,055,500 8,513,858 129,667 1,018,002 1.52 1.51 4.82 Agriauto Industries Limited 1,231,220 - - - - 116,000 1,115,220 8,311 217,747 0.33 0.32 3.87 D.Orix G. Leasing Khan Cement Pakistan Company Limited Limited 2,063,181 1,333,580 25,000 ------615,000 633,500 1,473,181 700,080 51,822 3,661 280,626 34,605 0.42 0.05 0.42 0.05 0.34 0.85 Baluchistan Wheels Limited 1,455,160 - - - - 49,000 1,406,160 36,729 113,899 0.17 0.17 10.55 FaujiSecurity Cement Leasing Company Corporation Limited Limited 2,771,867 371,026 440,000 ------675,000 50,000 2,536,867 321,026 64,818 514 90,820 514 0.14 0.00 0.13 0.00 0.19 0.88 Exide Pakistan Limited 511,074 7,130 - - - 900 517,304 31,086 409,099 0.61 0.61 6.66 FectoSaudi CementPak Leasing Limited Limited 1,161,655 556,752 ------184,000 - 1,161,655 372,752 4,530 179 134,171 488 0.20 0.00 0.20 0.00 2.32 0.83 General Tyre and Rubber Company of Kohat Cement Limited 2,261,358 102,600 ------867,500 21,100 1,393,858 81,500 6,431 4,354 21,347 35,607 0.03 0.05 0.03 0.05 0.05 Pakistan Limited 2,934,476 25,000 - - - 45,500 2,913,976 33,034 518,659 0.78 0.77 4.88 PakcemFinancial Limited Services 5,126,952 - - - - - 5,126,952 9,639 90,542 0.14 0.13 0.35 Thal Limited 2,745,908 17,500 - - - 83,800 2,679,608 114,298 758,383 1.13 1.12 3.31 LuckyDawood Cement Capital Limited Management Limited 1,688,235 663,832 57,000 ------262,900 - 1,482,335 663,832 152,793 - 961,309 - 1.44 - 1.42 - 0.46 4.43 8,877,838 49,630 - - - 295,200 8,632,268 223,458 2,017,787 3.02 2.99 MapleFirst Capital Leaf Cement Securities Factory Corporation Limited 249,746 - - - - - 249,746 578 26,351 0.04 0.04 0.05 Cable & Electric Goods PioneerLimited Cement Limited 3,988,559 429,444 ------10,000 - 3,978,559 429,444 1,417 7,207 46,122 9,548 0.07 0.01 0.07 0.01 0.19 1.26 Johnson And Phillips (Pakistan) Limited 534,824 - - - - 33,500 501,324 - 10,222 0.02 0.02 9.20 ThattaFirst Dawood Cement Investment Limited Bank Limited 3,186,580 2,368,064 ------140,000 490,000 3,046,580 1,878,064 54,551 1,427 89,874 1,916 0.13 0.00 0.13 0.00 3.06 1.27 Pak Elektron Limited 9,546,942 - - 1,268,110 - 7,407,500 3,407,552 69,533 220,298 0.33 0.33 0.68 ZealInvest Pak Capital Cement Investment Factory LimitedBank Limited 8,271,554 486,248 ------8,271,554 486,248 1,654 - 9,016 - 0.01- 0.01 - 0.112.90 Pakistan Cables Limited 1,758,827 16,100 - - - 33,500 1,741,427 14,322 296,948 0.44 0.44 6.12 IGI Investment Bank Limited 32,302,342 6,433,579 569,500 ------7,774,500 1,429,000 25,097,342 5,004,579 483,743 4,504 2,851,592 6,256 4.27 0.01 4.22 0.01 2.36 Siemens Pakistan Engineering Company TobaccoInvestec Securities Limited 98,518 - - - - - 98,518 - - - - 0.60 Limited 983,658 - - - - - 983,658 598,221 978,327 1.46 1.45 11.93 PakistanJ.O.V.& CompanyTobacco Company Limited Limited 1,813,539 1,775,606 460 ------1,813,999 1,775,606 90,487 - 2,286,636 - 3.42 - 3.39 - 0.71 3.49 Singer Pakistan Limited 8 - - - - - 8 - - - - - Jahangir Siddiqui & Company Limited 1,813,539 993,701 460 - - - 188,740 - - - 175,000 - 1,813,999 1,007,441 90,487 5,085 2,286,636 19,947 3.42 0.03 3.39 0.03 0.11 12,824,259 16,100 - 1,268,110 - 7,474,500 6,633,969 682,076 1,505,795 2.25 2.23 RefineryNext Capital Limited 500,000 - - - - - 500,000 1,900 4,000 0.01 0.01 2.50 Transport AttockPrudential Refinery Investment Limited Bank Limited 2,870,757 326,292 ------1,954,700 - 916,057 326,292 84,514 - 256,624 - 0.38 - 0.38 - 1.07 3.26 Pan Islamic Steamship Company Limited 1,136 - - - - - 1,136 - - - - 0.02 NationalSecurity RefineryInvestment Limited Bank Limited 4,165,451 2,262,698 ------2,386,800 - 1,778,651 2,262,698 244,871 2,829 845,571 4,390 1.27 0.01 1.25 0.01 2.22 4.40 Pakistan National Shipping Corporation Pakistan Refinery Limited 14,188,116 27,682,403 - - - - 188,740 - - - 5,157,072 2,104,000 25,767,143 9,031,044 137,416 24,606 371,898 55,073 0.56 0.08 0.55 0.08 2.87 Limited 436,564 - - - - - 436,564 4,483 40,906 0.06 0.06 0.33 Commercial Banks 21,224,324 - - - - 9,498,572 11,725,752 466,801 1,474,093 2.21 2.18 437,700 - - - - - 437,700 4,483 40,906 0.06 0.06 PowerAllied Bank Generation Limited & Distribution 1,864,104 - - - - 387,000 1,477,104 93,652 132,880 0.20 0.20 0.13 Technology & Communication HubAskari Power Bank Company Limited Limited 30,034,856 6,289,797 ------2,454,500 975,500 27,580,356 5,314,297 252,050 79,475 638,035 515,201 0.95 0.77 0.95 0.76 0.46 2.19 Pak Datacom Limited 178,898 - - - - - 178,898 2,537 12,946 0.02 0.02 1.83 KotBank Addu Al - PowerFalah LimitedCompany Limited 1,438,409 927,832 ------525,000 75,000 852,832 913,409 26,915 10,387 76,115 23,356 0.11 0.03 0.11 0.03 0.10 0.06 Pakistan Telecommunication Company K-ElectricBank Al - HabibLimited Limited 84,316,829 5,073,775 100,000 ------8,754,500 400,000 75,662,329 4,673,775 819,997 7,478 3,262,559 37,671 0.06 4.88 0.06 4.84 0.02 6.81 Limited 3,590,384 - - - - 804,500 2,785,884 30,358 41,872 0.06 0.06 0.07 KohinoorBankislami Energy Pakistan Limited Limited 410,390 397,816 ------150,000 - 410,390 247,816 6,472 1,532 16,908 2,610 Market 0.03 0.00 Market 0.03 0.00 0.24 0.02 3,769,282 - - - - 804,500 2,964,782 32,895 54,818 0.08 0.08 Right Market Percentage LalpirFaysal Power Bank LimitedLimited (Note 6.6) 1,024,055 6,309,853 ------3,293,000 50,000 3,016,853 974,055 16,705 15,467 21,137 39,551 value Market 0.03 0.06 / valueMarket 0.03 0.06 / 0.26 0.25 Fertilizer Bonus shares Right Merger/ Carrying valueMarket / Percentageof paid-up Habib Bank Limited 1,517,533 Purchases - - - - Sales 561,700 955,833 128,250 188,834 carrying value 0.28 / carrying value 0.28 / 0.07 Dawood Hercules Corporation Limited 942,940 10,000 - - - - 952,940 29,032 141,864 0.21 0.21 0.20 Nishat Chunian Power Limited As 866,000 at 01 - Bonus issue - purchased/ shares - demerger Merger/ - 628,500 As 237,500 at 30 Carrying cost 2,375 as carrying value 12,483 / 0.02 0.02 of capital paid-up 0.06 of Name of Investee Companies Purchasesduring during Sales valuecarrying as a valuecarrying as a SitaraHabib EnergyMetropolitan Limited Bank Limited July As 58,007,607 256,117 at2015 01 25,000 - during issue - the- purchased/ subscribed - - demerger adjusting - - 5,534,500 - June 52,498,107As 256,117 at 2016 30 cost at 798,139 30 4,226 as carryingvalue 1,489,371 8,874 as 0.01 2.23 0.01 2.21 the capital investee 1.34 5.01 of Engro Fertilizer Limited 2,018,327 - - - - 100,000 1,918,327 147,613 123,694 0.19 0.18 0.14 Name of Investee Companies theduring year theduring year percentagevalue as a percentagevalue as a JS Bank Limited July 14,847,966 12,586,161 2015 - - during year - the- subscribed during - - adjusting effects - - 2,129,000 2,381,500 June 12,718,966 10,204,661 2016 June at 143,646 19,63630 2016 value at 811,223 60,61630 as 1.21 0.09 1.21 0.09 the company investee 0.95 Engro Corporation Limited 913,978 - - - - 492,000 421,978 38,344 140,506 0.21 0.21 0.08 the year the year percentageof net percentageof MCB Bank Limited 113,842 - year - the during year - effects - - 113,842 June 13,407 2016 June at 25,04830 2016 0.04 0.04 company held 0.01 Fatima Fertilizer Company 2,797,562 - - - - 475,000 2,322,562 23,554 78,828 0.12 0.12 0.11 Oil & Gas Marketing Companies assetsof net investmentsof the year June 2016 held AttockNational Petroleum Bank Of LimitedPakistan Limited 1,462,078 55,229 ------959,500 - 502,578 55,229 14,920 14,942 24,165 29,054 assets 0.04 0.04 investments 0.04 0.04 0.07 0.02 Fauji Fertilizer Bin Qasim Limited 645,935 - - - - - 645,935 20,229 34,241 0.05 0.05 0.07 BurshaneNIB Bank LPGLimited Pak Limited ------1,445,033 4,151,532 - - - (Number- of shares) ------2,500,000 18,000 1,427,033 1,651,532------(Rupees 33,516 2,495 in '000') 76,361 3,154 ------0.11 0.00 (%) 0.11 0.00 ------6.30 0.02 Fauji Fertilizer Company Limited 27,645,655 120,000 - - - - 27,765,655 655,522 3,185,276 4.77 4.72 2.18 PakistanSamba(note Bank State6.5) Limited Oil Company Limited ------20,215,015 3,823,804 - - - (Number- of shares) ------707,500 - 20,215,015 3,116,304 ------1,300,764 (Rupees 8,014 in '000') 7,589,929 23,840 ------11.36 0.04 --(%) 11.25 0.04 ------7.44 0.31 34,964,397 130,000 - - - 1,067,000 34,027,397 914,294 3,704,409 5.55 5.49 ShellSilkbank(note Pakistan Limited6.5) Limited 20,215,015 11,179,004 25 - - - - 20,878,413 - - - 11,177,000 - 20,215,015 20,880,417 25 1,300,764 32,574 - 7,589,929 35,497 7 11.36 0.00 0.05 -- 11.25 0.00 0.05 7.440.00 0.27 Pharmaceuticals SuiShellSummit Northern Pakistan Bank Gas LimitedLimited Pipelines Limited 2,507,478 25 ------1,975,500 - 531,978 25 1,112 - 1,591 7 0.00 0.00 0.00 0.00 0.00 0.03 Abbot Laboatories (Pakistan) Limited 2,593,029 1,400 - - - - 2,594,429 208,997 1,956,199 2.93 2.90 2.65 SuiSoneri Northern(note Bank 6.5) GasLimited Pipelines Limited 117,273,049 19,513,012 ------6,427,500 - 110,845,549 19,513,012 109,282 354,060 1,576,224 708,127 1.06 2.36 1.05 2.34 10.05 3.08 Ferozsons Laboratories Limited 1,718,825 23,000 - - - 70,800 1,671,025 21,880 1,722,727 2.58 2.55 5.54 SuiUnited Southern(note Bank 6.5) LimitedGas Company Limited 10,696,82319,513,012 823,599 ------3,900,000 272,500 - 19,513,012 6,796,823 551,099 109,282 54,419 60,651 708,127 187,117 97,500 1.060.28 0.15 1.050.28 0.14 0.773.08 0.05 Glaxosmithkline (Pak) Limited 9,697,795 35,000 - - - 237,441 9,495,354 477,365 1,966,583 2.94 2.91 2.98 Sui Southern Gas Company Limited 337,807,554 51,925,13710,696,823 125,000 - - - 20,878,413 - - - 48,061,200 3,918,0003,900,000 310,749,767 48,007,137 6,796,823 1,512,901 2,626,365 54,419 8,585,706 7,506,886 187,117 12.85 11.22 0.28 12.73 11.12 0.28 0.77 Glaxosmithkline Consumer Health Pak OilTextile & Gas Spining Exploration Companies 51,925,137 - - - - 3,918,000 48,007,137 1,512,901 8,585,706 12.85 12.73 Limited (Note 6.2.1.2) - - - - 2,844,107 - 2,844,107 - 176,335 0.26 0.26 2.98 MariOilAdil & TextilePeroleum Gas Exploration Mills Company Limited Companies 4,208,974 93,592 ------1,458,500 - 2,750,474 93,592 103,793 - 2,498,035 - 3.74 - 3.70 - 2.49 1.21 Highnoon Laboratories Limited (Note 6.6) 395,010 - 46,201 - - 10,000 431,211 5,101 248,550 0.37 0.37 1.89 Mari Amtex Limited Peroleum Limited (Note Company6.6) 4,208,974 918,523 ------1,458,500 555,000 2,750,474 363,523 103,793 436 2,498,035 578 3.74 0.00 3.70 0.00 2.49 0.14 Sanofi-Aventis Limited 229,461 - - - - 1,000 228,461 20,965 123,369 0.18 0.18 2.37 Oil Al Limited -& Qaim Gas (Note DevelopmentTextile 6.6) Mills Limited Company 1,576,743 358,753 ------1,004,700 - 572,043 358,753 52,815 - 78,982 - 0.12 - 0.12 - 0.01 4.81 Searle Pakistan Limited (Note 6.6) 2,531,108 10,000 736,222 226,570 - 437,400 3,066,500 86,882 1,644,104 2.46 2.44 2.50 Oil Asim Limited & GasTextile Development Mills Limited Company 1,576,743 1,142,800 ------1,004,700 2,000 1,140,800 572,043 52,815 - 78,982 5,761 0.12 0.01 0.12 0.01 0.01 7.52 Wyeth Pakistan Limited 111,574 - - - - - 111,574 43,914 214,315 0.32 0.32 7.85 Pakistan Babri Limited Cotton Oilfields Mills Limited Limited 1,862,422 80,578 19,500 ------1,192,600 - 689,322 80,578 155,970 392 239,526 8,232 0.36 0.01 0.36 0.01 0.29 2.21 17,276,802 69,400 782,423 226,570 2,844,107 756,641 20,442,661 865,104 8,052,182 12.04 11.93 PakistanBrothers PetroleumOilfieldsTextile Mills Limited Limited Limited 3,313,2741,862,422 602,461 19,500 ------2,049,0001,192,600 23,000 1,264,274 689,322 579,461 125,038155,970 - 196,026239,526 2,608 0.290.36 0.00 0.290.36 0.00 0.060.29 5.91 Chemical PakistanCrescent Petroleum Cotton Mills Limited Limited 10,961,413 3,313,274 1,048,579 19,500 ------5,704,8002,049,000 - 1,264,2745,276,113 1,048,579 125,038437,616 5,505 3,012,569 196,026 47,186 0.294.51 0.07 0.294.47 0.07 0.06 4.91 Agritech Limited 5,627,667 - - - - 2,341,500 3,286,167 24,646 28,228 0.04 0.04 0.84 EngineeringCrescent Fibres Limited 10,961,413 852,681 19,500 ------5,704,800 - 5,276,113 852,681 437,616 - 3,012,569 34,022 4.51 0.05 4.47 0.05 6.87 Arif Habib Corporation Limited 774,292 - - - - 40,000 734,292 15,105 28,968 0.04 0.04 0.16 AishaEngineeringColony Steel Textile Mills Mills Limited Limited 1,204,498 392,388 ------210,000 130,000 1,074,498 182,388 1,289 1,357 1,410 2,751 0.00 0.00 0.00 0.00 0.07 0.22 Akzo Nobel Pakistan Limited 331,882 - - - - 11,500 320,382 19,265 59,158 0.09 0.09 0.69 AmreliAishaChakwal Steel Steel Spinning Mills Limited Limited Mills Limited 392,388 754,008 - 550,000 ------385,500210,000 12,000 164,500182,388 742,008 8,3901,289 - 7,7351,410 4,081 0.010.00 0.01 0.010.00 0.01 0.060.07 1.86 Archroma Pakistan Limited 1,759,646 14,700 - - - 10,000 1,764,346 23,338 859,854 1.29 1.27 5.17 AishaAmreliData TextileSteel Steel Mills Limited Limited - Preference 121,208 618,595 - 550,000 ------385,500 - - 121,208164,500 618,595 8,390 - - 7,735 849 - 0.000.01 - 0.000.01 - 0.170.06 6.24 Berger Paints Pakistan Limited 407,426 - - - - 29,000 378,426 4,541 36,779 0.06 0.05 2.08 BolanAishaDin Textile SteelCastings MillsMills Limited LimitedLimited - Preference 490,276121,208 340,301 ------2,000 - - 488,276121,208 340,301 4,830 3,847 - 19,892 28,786 849 0.030.00 0.04 0.030.00 0.04 4.260.17 1.52 Buxly Paints Limited 135,718 - - - - - 135,718 761 5,361 0.01 0.01 9.42 BolanCrescentDewan Castings Khalid Steel AndTextileLimited Allied Mills Proudcts Limited Limited 490,276 224,486 ------2,000 - 488,276 224,486 4,830 225 19,892 1,010 0.03 0.00 0.03 0.00 4.26 3.40 Nimir Resins Limited 468,895 - - - - - 468,895 - 4,225 0.01 0.01 0.23 CrescentDewan Mushtaq Steel And Textile Allied Mills Proudcts Limited Limited 3,314,789 197,424 - - - - 698,947 - - - 1,278,500 5,000 2,735,236 192,424 71,785 385 313,485 885 0.47 0.00 0.46 0.00 3.52 2.93 Dynea Pakistan Limited 1,787,610 - - - - 1,500 1,786,110 17,607 81,268 0.12 0.12 9.46 HuffazD. M. Textile Seamless Mills Pipe Limited Industries Limited 1,335,8963,314,789 331,614 - - - - 698,947 - - - - 1,278,500 4,000 2,500 1,331,8962,735,236 329,114 71,785 6,606 592 313,485 23,308 11,193 0.030.47 0.02 0.030.46 0.02 10.78 2.403.52 Linde Pakistan Limited (BOC) 900,681 - - - - - 900,681 70,316 94,121 0.14 0.14 0.24 InternationalHuffazD.S.Industries Seamless Industries Limited Pipe Industries Limited Limited 10,406,133 1,335,896 44,780 15,000 ------1,721,500 4,000 - 8,699,6331,331,896 44,780 246,566 6,606 35 703,539 23,308 124 1.050.03 0.00 1.040.03 0.00 7.262.40 0.07 LOTTE Chemical Pakistan Limited 1,699,572 - - - - 755,000 944,572 5,223 5,677 0.01 0.01 0.06 InternationalDar-Es-Salaam SteelsIndustries Textile Limited LimitedMills Limited 10,406,133 2,040,500 266,787 15,000 ------1,721,500 529,500 5,000 8,699,6331,511,000 261,787 246,566 15,866 576 703,539 53,822 1,374 1.050.08 0.00 1.040.08 0.00 7.260.35 3.27 Pakistan Gum & Chemiclas Limited 97,057 - - - - - 97,057 1,449 11,004 0.02 0.02 2.28 K.S.B.InternationalEllcot PumpsSpinning Steels Company Mills Limited Limited Limited 1,292,1592,040,500 704,380 ------529,500 97,100 - 1,195,0591,511,000 704,380 25,26115,866 7,482 291,176 53,822 51,695 0.440.08 0.08 0.430.08 0.08 9.050.35 6.43 Sardar Chemical Industries Limited 142,800 - - - - - 142,800 - 1,117 0.00 0.00 2.38 QualityK.S.B.Fatima Pumps SteelEnterprises Works Company LimitedLimited Limited 1,292,159 628,671 2,922 ------97,100 - - 1,195,059 628,671 2,922 25,261 - - 291,176 - - 0.44 - - 0.43 - - 0.169.05 4.42 Sitara Chemical Industries Limited 698,152 - - - - 31,936 666,216 48,101 242,503 0.36 0.36 3.11 QualityFazal Cloth Steel Mills Works Limited Limited . 19,396,271 1,768,488 2,922 565,000 - - - - 698,947 - - - - 4,228,100 - - 16,432,118 1,768,488 2,922 380,593 13,415 - 1,415,216 251,125 - 2.11 0.38- 2.08 0.37 - 0.16 5.89 Wah-Noble Chemicals Limited 629,124 - - - - 18,000 611,124 9,750 39,723 0.06 0.06 6.79 Fazal Textile Mills Limited 19,396,271 67,755 565,000 - - - 698,947 - (67,755) - 4,228,100 - 16,432,118 - 380,593 - 1,415,216 - 2.11 - 2.08 - - 15,460,522 14,700 - - - 3,238,436 12,236,786 240,102 1,497,986 2.25 2.22 Gadoon Textile Mills - - - - 132,499 - 132,499 1,231 17,038 0.03 0.03 - Paper & Board Globe Textile Mills Limited 2,472 - - - - - 2,472 - - - - 0.02 Balochistan Particle Board Limited 563,530 - - - - 30,000 533,530 - 3,202 0.00 0.00 8.89 Gulshan Spinning Mills Limited 1,151,974 - - - - 14,000 1,137,974 - - - - 5.12 Century Paper & Board Mills Limited 8,118,731 - - - - 1,074,500 7,044,231 77,588 366,582 0.55 0.54 5.92 Gulistan Textile Mills Limited 734,617 - - - - - 734,617 - - - - 3.87 Dadabhoy Sack Limited 49,259 - - - - - 49,259 - - - - 1.23 Hajra Textile Mills Limited 518,063 - - - - - 518,063 - - - - 3.77 Merit Packaging Limited 4,843,232 - - - - 631,500 4,211,732 39,457 71,347 0.11 0.11 10.45 Ideal Spinning Mills Limited 658,396 - - - - - 658,396 922 8,401 0.01 0.01 6.64 Packages Limited 4,338,528 10,000 - - - 194,350 4,154,178 341,593 2,642,971 3.95 3.92 4.65 Indus Dyeing Manufacturing Company Pakistan Paper Products Limited 464,326 - - - - - 464,326 568 31,504 0.05 0.05 7.74 Limited 525,295 - - - - - 525,295 5,509 272,155 0.41 0.40 2.91 Security Papers Limited (Note 6.6) 2,592,000 - - - - - 2,592,000 61,920 273,689 0.41 0.41 4.37 J. A. Textile Mills Limited 279,861 - - - - 152,500 127,361 - 611 0.00 0.00 1.01 20,969,606 10,000 - - - 1,930,350 19,049,256 521,126 3,389,295 5.07 5.03 Karim Cotton Mills Limited 110,562 - - - - - 110,562 - - - - 9.34 Vanaspati & Allied Industries Kohinoor Spinning Mills Limited 540,827 - - - - 5,000 535,827 - 3,086 0.00 0.00 0.41 Morafco Industries Limited 57,409 - - - - - 57,409 - - - - 10.10 Khalid Siraj Textile Mills Limited 700,498 - - - - 17,500 682,998 - 2,391 0.00 0.00 6.38 Punjab Oil Mills Limited 527,151 - - - - 9,500 517,651 6,461 138,213 0.21 0.20 9.60 Land Mark Spinning Industries Limited 395,437 - - - - - 395,437 - 1,977 0.00 0.00 3.26 Suraj Ghee Industries Limited 54,324 - - - - - 54,324 - - - - 5.67 Mehr Dastgir Textile Mills Limited 259 - - - - - 259 - - - - 0.00 638,884 - - - - 9,500 629,384 6,461 138,213 0.21 0.20 Maqbool Textile Mills Limited 1,420,216 - - - - - 1,420,216 11,362 24,144 0.04 0.04 8.45 Leather & Tanneries Premium Textile Mills Limited 807,307 - - - - - 807,307 8,803 66,506 0.10 0.10 13.10 Bata Pakistan Limited 1,090,234 - - - - - 1,090,234 58,347 4,445,244 6.65 6.59 14.42 Reliance Cotton Spinning Mills Limited 465,638 - - - - - 465,638 3,824 38,275 0.06 0.06 4.52 Fateh Industries Limited 23,118 - - - - - 23,118 - - - - 1.16 Ruby Textile Mills Limited 482,164 - - - - 45,500 436,664 - 3,782 0.01 0.01 0.84 1,113,352 - - - - - 1,113,352 58,347 4,445,244 6.65 6.59 Saif Textile Mills Limited 1,955,871 - - - - 9,000 1,946,871 4,809 34,596 0.05 0.05 7.37 Foods & Personal Care Products Mitchells Fruit Farms Limited 772,766 - - - - 5,100 767,666 27,416 227,229 0.34 0.34 9.75 Nestle Pakistan Limited 98,000 - - - - - 98,000 107,014 715,400 1.07 1.06 0.22 Engro Foods Limited - 62,000 - - - 40,000 22,000 2,819 3,592 0.01 0.01 0.00 Shezan International Limited (Note 6.6) 1,496,205 - - - - 950 1,495,255 75,726 675,108 1.01 1.00 18.72 Treet Corporation Limited 3,332,523 - 248,544 7,185,786 - 500,000 10,266,853 417,757 507,490 0.76 0.75 7.27 Market Market Right Market Percentage value / value / Bonus shares Merger/ Carrying value / of paid-up Purchases Sales carrying carrying As at 01 issue purchased/ demerger As at 30 cost as carrying capital of Name of Investee Companies during during value as a value as a July 2015 during the subscribed adjusting June 2016 at 30 value as the investee the year the year percentage percentage year during effects June 2016 at 30 company of net of the year June 2016 held assets investments

------(Number of shares) ------(Rupees in '000') ------(%) ------Automobile Assembler -- Atlas Honda Limited 277,566 - - - - - 277,566 645 102,422 0.15 0.15 0.27 Ghandhara Industries Limited 158,577 - - - - 23,000 135,577 881 55,029 0.08 0.08 0.64 Ghandara Nissan Limited 1,359,711 - - - - 144,500 1,215,211 2,941 189,755 0.28 0.28 2.70 Honda Atlas Cars Limited 2,617,989 25,000 - - - 93,400 2,549,589 28,145 915,532 1.37 1.36 1.79 Hinopak Motors Limited 463,752 - - - - 23,750 440,002 30,822 421,975 0.63 0.63 3.55 Indus Motor Company Limited 604,806 - - - - 8,770 596,036 74,620 560,000 0.84 0.83 0.76 Millat Tractors Limited 617,579 4,500 - - - 36,450 585,629 100,094 333,955 0.50 0.49 1.32 Pak Suzuki Motor Company Limited 1,883,190 10,000 - - - 405,400 1,487,790 96,011 568,559 0.85 0.84 1.81 7,983,170 39,500 - - - 735,270 7,287,400 334,159 3,147,227 4.70 4.66 Automobile Parts & Accessories Agriauto Industries Limited 1,231,220 - - - - 116,000 1,115,220 8,311 217,747 0.33 0.32 3.87 Baluchistan Wheels Limited 1,455,160 - - - - 49,000 1,406,160 36,729 113,899 0.17 0.17 10.55 Exide Pakistan Limited 511,074 7,130 - - - 900 517,304 31,086 409,099 0.61 0.61 6.66 General Tyre and Rubber Company of Pakistan Limited 2,934,476 25,000 - - - 45,500 2,913,976 33,034 518,659 0.78 0.77 4.88 Thal Limited 2,745,908 17,500 - - - 83,800 2,679,608 114,298 758,383 1.13 1.12 3.31 8,877,838 49,630 - - - 295,200 8,632,268 223,458 2,017,787 3.02 2.99 Cable & Electric Goods Johnson And Phillips (Pakistan) Limited 534,824 - - - - 33,500 501,324 - 10,222 0.02 0.02 9.20 Pak Elektron Limited 9,546,942 - - 1,268,110 - 7,407,500 3,407,552 69,533 220,298 0.33 0.33 0.68 Pakistan Cables Limited 1,758,827 16,100 - - - 33,500 1,741,427 14,322 296,948 0.44 0.44 6.12 Siemens Pakistan Engineering Company Limited 983,658 - - - - - 983,658 598,221 978,327 1.46 1.45 11.93 Singer Pakistan Limited 8 - - - - - 8 - - - - - 12,824,259 16,100 - 1,268,110 - 7,474,500 6,633,969 682,076 1,505,795 2.25 2.23 Transport Pan Islamic Steamship Company Limited 1,136 - - - - - 1,136 - - - - 0.02 Pakistan National Shipping Corporation Limited 436,564 - - - - - 436,564 4,483 40,906 0.06 0.06 0.33 437,700 - - - - - 437,700 4,483 40,906 0.06 0.06 Technology & Communication Pak Datacom Limited 178,898 - - - - - 178,898 2,537 12,946 0.02 0.02 1.83 Pakistan Telecommunication Company Limited 3,590,384 - - - - 804,500 2,785,884 30,358 41,872 0.06 0.06 0.07 3,769,282 - - - - 804,500 2,964,782 32,895 54,818 0.08 0.08 Fertilizer Dawood Hercules Corporation Limited 942,940 10,000 - - - - 952,940 29,032 141,864 0.21 0.21 0.20 Market Market Right Market Percentage Engro Fertilizer Limited 2,018,327 - - - - 100,000 1,918,327 147,613 123,694 0.19 0.18 0.14 value / value / Bonus shares Merger/ Carrying value / of paid-up Engro Corporation Limited 913,978 - - - - 492,000 421,978 38,344 140,506 0.21 0.21 0.08 Purchases Sales carrying carrying As at 01 issue purchased/ demerger As at 30 cost as carrying capital of Name of Investee Companies during during value as a value as a Fatima Fertilizer Company 2,797,562 - - - - 475,000 2,322,562 23,554 78,828 0.12 0.12 0.11 July 2015 during the subscribed adjusting June 2016 at 30 value as the investee the year the year percentage percentage Fauji Fertilizer Bin Qasim Limited 645,935 - - - - - 645,935 20,229 34,241 0.05 0.05 0.07 year during effects June 2016 at 30 company of net of Fauji Fertilizer Company Limited 27,645,655 120,000 - - - - 27,765,655 655,522 3,185,276 4.77 4.72 2.18 the year June 2016 held assets investments 34,964,397 130,000 - - - 1,067,000 34,027,397 914,294 3,704,409 5.55 5.49 Pharmaceuticals ------(Number of shares) ------(Rupees in '000') ------(%) ------Abbot Laboatories (Pakistan) Limited 2,593,029 1,400 - - - - 2,594,429 208,997 1,956,199 2.93 2.90 2.65 Delisted / Unqouted Companies -- Ferozsons Laboratories Limited 1,718,825 23,000 - - - 70,800 1,671,025 21,880 1,722,727 2.58 2.55 5.54 Accord Textile Limited 458,109 - - - - - 458,109 - - - - 4.93 Glaxosmithkline (Pak) Limited 9,697,795 35,000 - - - 237,441 9,495,354 477,365 1,966,583 2.94 2.91 2.98 Adamjee Floorings Limited 59,110 - - - - - 59,110 - - - - 2.46 Glaxosmithkline Consumer Health Pak Adamjee Industries Limited 121 - - - - - 121 - - - - 0.00 Limited (Note 6.2.1.2) - - - - 2,844,107 - 2,844,107 - 176,335 0.26 0.26 2.98 Adamjee Paper Limited 269,806 - - - - - 269,806 - - - - 6.45 Highnoon Laboratories Limited (Note 6.6) 395,010 - 46,201 - - 10,000 431,211 5,101 248,550 0.37 0.37 1.89 Adil Polyproplene Limited 136,201 - - - - - 136,201 - - - - 2.46 Sanofi-Aventis Limited 229,461 - - - - 1,000 228,461 20,965 123,369 0.18 0.18 2.37 Afsar Textile Mills Limited 64,184 - - - - - 64,184 - - - - 3.85 NATIONALSearle Pakistan Limited INVESTMENT (Note 6.6) 2,531,108 (UNIT) 10,000 TRUST 736,222 226,570 - 437,400 3,066,500 86,882 1,644,104 2.46 2.44 2.50 NATIONALAl-Hussany Industries INVESTMENT Limited 61,573 (UNIT) - TRUST - - - - 61,573 - - - - 2.46 Wyeth Pakistan Limited 111,574 - - - - - 111,574 43,914 214,315 0.32 0.32 7.85 Alif Textile Mills Limited 320,085 - - - - - 320,085 - - - - 8.21 17,276,802 69,400 782,423 226,570 2,844,107 756,641 20,442,661 865,104 8,052,182 12.04 11.93 Allied Textile Mills Limited 107,510 - - - - - 107,510 - - - - 5.50 NOTESChemical TO AND FORMING PART OF THE FINANCIAL STATEMENTS NOTESAmazai TextileTO Mills AND Limited FORMING 299 PART - OF - THE - FINANCIAL - - STATEMENTS 299 - - - - 0.01 Agritech Limited 5,627,667 - - - - 2,341,500 3,286,167 24,646 28,228 0.04 0.04 0.84 Apex Fabrics Limited 284,101 - - - - - 284,101 - - - - 4.93 FOR6.2 THEArifAvailable Habib CorporationYEAR for Limitedsale ENDED 30 774,292 JUNE 2016 - - - - 40,000 734,292 15,105 28,968 0.04 0.04 0.16 FOR6.2 THEAragAvailable Industries YEAR Limited for sale ENDED 30 189,220 JUNE 2016 - - - - - 189,220 - - - - - Akzo Nobel Pakistan Limited 331,882 - - - - 11,500 320,382 19,265 59,158 0.09 0.09 0.69 Aslo Electronics Limited 39,407 - - - - - 39,407 - - - - 1.97 Archroma Pakistan Limited 1,759,646 14,700 - - - 10,000 1,764,346 23,338 859,854 1.29 1.27 5.17 Aswan Tentage Limited 168,712 - - - - - 168,712 - - - - 2.61 6.2.1 BergerEquity Paints shares Pakistan Limited / units of mutual 407,426 funds - - - - 29,000 378,426 4,541 36,779 0.06 0.05 2.08 6.2.1 AutomobileEquity Equipmentshares Manufacturing / units of mutual funds Buxly Paints Limited 135,718 - - - - - 135,718 761 5,361 0.01 0.01 9.42 Company Limited 37,750 - - - - - 37,750 - - - - 9.44 Nimir Resins Limited 468,895 - - - - - 468,895 - 4,225 0.01 0.01 0.23 Awan Textile Mills Limited 213,390 - - - - - 213,390 - - - - 2.46 Dynea Pakistan Limited 1,787,610 - - - - 1,500 1,786,110 17,607 81,268 Market 0.12 Market 0.12 9.46 Market Market Right Market Percentage Bahawalpur Textile Mills Limited 64,250 - - Right - - - 64,250 - Market - - - Percentage 6.43 value / value / value / value / Linde Pakistan Limited (BOC) 900,681 - Bonus - shares - Merger/ - - 900,681 Carrying 70,316 value 94,121 / 0.14 0.14 of paid-up 0.24 Balochistan Tower Limited 74,114 - Bonus - shares - Merger/ - - 74,114 Carrying - value /- - - of paid-up 1.49 Purchases Sales carrying carrying Purchases Sales carrying carrying LOTTE Chemical Pakistan Limited As 1,699,572 at 01 - issue - purchased/ - demerger - 755,000 As 944,572 at 30 cost 5,223 as carrying 5,677 0.01 0.01 capital 0.06 of Baluchistan Textile Mills Limited As 200,000 at 01 - issue - purchased/ - demerger - - As 200,000 at 30 cost as - carrying - - - capital 10.00 of Name of Investee Companies during during value as a value as a Name of Investee Companies during during value as a value as a Pakistan Gum & Chemiclas Limited July 201597,057 - during - the subscribed - adjusting - - June 97,057 2016 at 30 1,449 value 11,004 as 0.02 0.02 the investee 2.28 July 2015 during the subscribed adjusting June 2016 at 30 value as the investee the year the year percentage percentage Bank Of Bahawalpur Limited 2,690 the year - - - - the year - 2,690 - - percentage - percentage - 0.54 Sardar Chemical Industries Limited 142,800 - year - during - effects - - 142,800 June 2016 - at 30 1,117 0.00 0.00 company 2.38 year during effects June 2016 at 30 company of net of Bankers Equity Limited 3,408,091 - - - - - 3,408,091 - - of net - of - 5.20 the year June 2016 held the year June 2016 held Sitara Chemical Industries Limited 698,152 - - - - 31,936 666,216 48,101 242,503 assets 0.36 investments 0.36 3.11 Bawany Textile Mills Limited 84,233 - - - - - 84,233 - - assets - investments - 4.81 Wah-Noble Chemicals Limited 629,124 - - - - 18,000 611,124 9,750 39,723 0.06 0.06 6.79 Bela Engineering Limited 266,145 - - - - - 266,145 - - - - 7.83 ------15,460,522 14,700 - (Number of shares) ------3,238,436 12,236,786------240,102 (Rupees in '000') 1,497,986 ------2.25 (%) 2.22 ------Casspak Industries Limited ------54,184 - - (Number of shares) ------54,184------(Rupees - in '000') ------(%) ------2.46 ClosePaper -& End Board Mutual Fund -- CentralClose - CottonEnd Mutual Limited Fund 34,948 - - - - - 34,948 ------0.45 DominionBalochistan Stock Particle Fund Board Limited 157,629563,530 - - - - 30,000 - 157,629533,530 - 3,202 - 0.00 - 0.00 - 3.158.89 ChemicalDominion LimitedStock Fund 157,629 40,000 - - - - - 157,629 40,000 - - - - 5.083.15 InvestecCentury PaperMutual & Fund Board Mills Limited 8,118,731 172,406 - - - - 1,074,500 - 7,044,231 172,406 77,588 - 366,582 - 0.55 - 0.54 - 1.725.92 ChemphurInvestec Mutual Pakistan Fund Limited 172,406 17,972 - - - - - 172,406 17,972 - - - - 1.801.72 PICICDadabhoy Growth Sack Fund Limited 6,429,358 49,259 - - - - - 6,429,358 49,259 35,940 - 153,019 - 0.23 - 0.23 - 1.232.27 ChilyaPICIC GrowthC. Board Fund Limited 6,429,358 43,200 - - - - - 6,429,358 43,200 35,940 - 153,019 - 0.23 - 0.23 - 6.172.27 MeritPICIC Packaging Investment Limited Fund 10,108,128 4,843,232 - - - - 631,500 - 10,108,128 4,211,732 20,52039,457 114,222 71,347 0.170.11 0.170.11 10.45 3.56 CrescentPICIC Investment Knitwear Fund Limited 10,108,128 81,277 - - - - - 10,108,128 81,277 20,520 - 114,222 - 0.17 - 0.17 - 3.56 - Packages Limited 16,867,521 4,338,528 10,000 - - - - 194,350 - 16,867,521 4,154,178 341,593 56,460 2,642,971 267,241 0.403.95 0.403.92 4.65 Crescent Spinning Mills Limited 16,867,521 727,080 - - - - - 16,867,521 727,080 56,460 - 267,241 - 0.40 - 0.40 - 4.80 PakistanModarabas Paper Products Limited 464,326 - - - - - 464,326 568 31,504 0.05 0.05 7.74 CrownModarabas Textile Limited 317,647 - - - - - 317,647 - - - - 4.92 B.R.R.Security Guardian Papers LimitedModaraba (Note 6.6) 1,858,0772,592,000 - - - - - 1,858,0772,592,000 61,920 2,397 273,689 12,914 0.020.41 0.020.41 2.384.37 DadabhoyB.R.R. Guardian Leasing Modaraba Limited 1,858,077 370,674 - - - - - 1,858,077 370,674 2,397 - 12,914 - 0.02 - 0.02 - 4.932.38 Habib Modaraba First 20,969,606 1,584,070 10,000 - - - - 1,930,350 - 19,049,256 1,584,070 521,126 8,982 3,389,295 16,633 0.025.07 0.025.03 0.79 ElmacHabib ModarabaLimited First 1,584,070 24,600 - - - - - 1,584,070 24,600 8,982 - 16,633 - 0.02 - 0.02 - 2.460.79 StandardVanaspati Chartered & Allied IndustriesModaraba 1,948,462 - - - - - 1,948,462 13,269 48,711 0.07 0.07 4.29 FazalStandard Vegetable Chartered Ghee Modaraba Mills Limited 1,948,462 42,005 - - - - - 1,948,462 42,005 13,269 - 48,711 - 0.07 - 0.07 - 2.104.29 Morafco Industries Limited 5,390,609 57,409 - - - - - 5,390,609 57,409 24,648 - 78,258 - 0.11 - 0.11 - 10.10 Ghaffar Text Mills Limited 5,390,609 45,835 - - - - - 5,390,609 45,835 24,648 - 78,258 - 0.11 - 0.11 - 9.17 LeasingPunjab Oil Companies Mills Limited 527,151 - - - - 9,500 517,651 6,461 138,213 0.21 0.20 9.60 LeasingGhulam MuhammadCompanies Dadabhoy Limited 49,259 - - - - - 49,259 - - - - 0.99 OrixSuraj Leasing Ghee Industries Pakistan Limited 1,333,580 54,324 - - - - 633,500 - 700,080 54,324 3,661 - 34,605 - 0.05 - 0.05 - 5.670.85 GreavesOrix Leasing Aircondition Pakistan Limited Limited 1,333,580 59,110 - - - - 633,500 - 700,080 59,110 3,661 - 34,605 - 0.05 - 0.05 - 0.85 - Security Leasing Corporation Limited 371,026638,884 - - - - 50,000 9,500 321,026629,384 6,461 514 138,213 514 0.000.21 0.000.20 0.88 SecurityGypsum LeasingCorporation Corporation Limited Limited 371,026165,017 - - - - 50,000 - 321,026165,017 514 - 514 - 0.00 - 0.00 - 0.885.00 SaudiLeather Pak & LeasingTanneries Limited 556,752 - - - - 184,000 372,752 179 488 0.00 0.00 0.83 H-ShaikhSaudi Pak Limited Leasing Limited 556,752113,022 - - - - 184,000 - 372,752113,022 179 - 488 - 0.00 - 0.00 - 0.83 - Bata Pakistan Limited 2,261,3581,090,234 - - - - 867,500 - 1,393,8581,090,234 58,347 4,354 4,445,244 35,607 0.056.65 0.056.59 14.42 H.M Silk Mills Limited 2,261,358 158,350 - - - - 867,500 - 1,393,858 158,350 4,354 - 35,607 - 0.05 - 0.05 - 10.56 FinancialFateh Industries Services Limited 23,118 - - - - - 23,118 - - Market - Market - 1.16 Financial Services Right Market Percentage Harum Textile Mulls Limited 58,248 - - - - - 58,248 - - - - 0.62 value / value / Dawood Capital Management Limited 1,113,352 663,832 - Bonus - shares - Merger/ - - 1,113,352 663,832 Carrying 58,347 - 4,445,244 value /- 6.65 - 6.59 - of paid-up 4.43 HyderabadDawood Capital Electronic Management Limited Limited 663,832 98,518 - - - - - 663,832 98,518 - - - - 3.284.43 Purchases Sales carrying carrying FoodsFirst Capital & Personal Securities Care Corporation Products As at 01 issue purchased/ demerger As at 30 cost as carrying capital of IndusFirst Capital Assurance Securities Company Corporation Limited 3,300 - - - - - 3,300 - - - - 0.02 Name of Investee Companies during during value as a value as a MitchellsLimited Fruit Farms Limited July 3,988,559 772,766 2015 - during - the subscribed - adjusting - 10,000 5,100 June 3,978,559 767,666 2016 at 27,416 30 7,207 value 227,229 9,548 as 0.010.34 0.010.34 the investee 1.269.75 Limited 3,988,559 - - - - 10,000 3,978,559 7,207 9,548 0.01 0.01 1.26 the year the year percentage percentage Indus Bank Limited 147 - - - - - 147 - - - - 0.00 year during effects June 2016 at 30 company FirstNestle Dawood Pakistan Investment Limited Bank Limited 2,368,064 98,000 - - - - 490,000 - 1,878,064 98,000 107,014 1,427 715,400 1,916 of net 0.001.07 of 0.001.06 1.270.22 FirstIndus Dawood Polyester Investment Company Bank Limited Limited 2,368,064 4 - - - - 490,000 - 1,878,064 4 1,427 - 1,916 - 0.00 - 0.00 - 1.270.00 the year June 2016 held InvestEngro CapitalFoods Limited Investment Bank Limited 8,271,554 - 62,000 - - - - 40,000 - 8,271,554 22,000 1,6542,819 9,0163,592 assets 0.01 investments 0.01 2.900.00 IndustrialInvest Capital Development Investment Bank Bank Limited Limited 8,271,554 1,970 - - - - - 8,271,554 1,970 1,654 - 9,016 - 0.01 - 0.01 - 0.042.90 IGIShezan Investment International Bank LimitedLimited (Note 6.6) 6,433,5791,496,205 - - - - 1,429,000 950 5,004,5791,495,255 75,726 4,504 675,108 6,256 0.011.01 0.011.00 18.72 2.36 InnovativeIGI Investment Investment Bank Limited Bank Limited 6,433,579 35,227 - - - - 1,429,000 - 5,004,579 35,227 4,504 - 6,256 - 0.01 - 0.01 - 0.352.36 InvestecTreet Corporation Securities Limited Limited ------3,332,523 98,518 - 248,544 - (Number 7,185,786 of shares) ------500,000 - 10,266,853 98,518------417,757 (Rupees - in '000') 507,490 ------0.76 - (%) 0.75 ------0.607.27 IslamicInvestec Investment Securities BankLimited Limited 139,990 98,518 - - - - - 139,990 98,518 - - - - 0.710.60 J.O.V.&Treet Corporation Company Limited Right 1,775,6067,185,786 - - (7,185,786) - - - 1,775,606 ------3.49 - IttiJ.O.V.& Textile Company Mills Limited Limited 1,775,606 163,151 - - - - - 1,775,606 163,151 - - - - 2.463.49 JahangirTreet Corporation Siddiqui &Limited-PTC Company Limited 3,550,640 993,701 - - 188,740 - - 175,000 - 3,550,6401,007,441 60,822 5,085 19,94781,665 0.030.12 0.030.12 6.79 0.11 JunaidJahangir Cotton Siddiqui Mills & LimitedCompany Limited 993,701 37,436 - - 188,740 - - 175,000 - 1,007,441 37,436 5,085 - 19,947 - 0.03 - 0.03 - 1.50 0.11 NextZIL Limited Capital Limited 500,000391,987 - - - - - 500,000391,987 1,9004,865 33,707 4,000 0.010.05 0.010.05 2.506.40 KarachiNext Capital Pipe LimitedLimited 156,102500,000 - - - - - 156,102500,000 1,900 - 4,000 - 0.01 - 0.01 - 7.812.50 Prudential Investment Bank Limited 16,827,907 326,292 62,000 - 248,544 - - - 546,050 - 16,592,401 326,292 696,419 - 2,244,191 - 3.36 - 3.33 - 3.26 KarimPrudential Silk MillsInvestment Limited Bank Limited 326,292 19,223 - - - - - 326,292 19,223 - - - - 1.973.26 SecurityGlass & InvestmentCeramics Bank Limited 2,262,698 - - - - - 2,262,698 2,829 4,390 0.01 0.01 4.40 KohinoorSecurity Investment Cotton Limited Bank Limited 2,262,698 62,553 - - - - - 2,262,698 62,553 2,829 - 4,390 - 0.01 - 0.01 - 5.574.40 Ghani Glass Mills Limited 27,682,403 914,286 - - 188,740640,000 - 2,104,000 - 25,767,143 1,554,286 24,60639,156 146,693 55,073 0.080.22 0.080.22 0.71 Kohinoor Looms Limited 27,682,403 169,648 - - 188,740 - - 2,104,000 - 25,767,143 169,648 24,606 - 55,073 - 0.08 - 0.08 - 1.57 RegalCommercial Ceramics Banks Limited 89,947 - - - - - 89,947 - - - - 1.23 LafayetteCommercial Industries Banks Synthetics Limited 92,360 - - - - - 92,360 - - - - 2.59 ShabbirAllied Bank Tiles Limited & Ceramics Limited 5,364,4711,864,104 - - - - 387,000 55,000 5,309,4711,477,104 93,65230,580 132,880 40,724 0.200.06 0.200.06 0.132.22 LTVAllied Capital Bank LimitedModaraba Limited 1,864,104 321 - - - - 387,000 - 1,477,104 321 93,652 - 132,880 - 0.20 - 0.20 - 0.130.00 Askari Bank Limited 30,034,856 6,368,704 - - 640,000 - - 2,454,500 55,000 27,580,356 6,953,704 252,050 69,736 515,201187,417 0.770.28 0.760.28 2.19 MarrAskari Fabrics Bank LimitedLimited 30,034,856 118,221 - - - - 2,454,500 - 27,580,356 118,221 252,050 - 515,201 - 0.77 - 0.76 - 2.194.93 BankMiscellaneous Al - Falah Limited 1,438,409 - - - - 525,000 913,409 10,387 23,356 0.03 0.03 0.06 MediBank GlassAl - Falah Limited Limited 1,438,409 295,554 - - - - 525,000 - 913,409295,554 10,387 - 23,356 - 0.03 - 0.03 - 3.890.06 BankDadabhoy Al - Habib Construction Limited Technology Limited 84,316,829 100,000 - - - 8,754,500 75,662,329 819,997 3,262,559 4.88 4.84 6.81 MehranBank Al Bank- Habib Limited Limited 84,316,829 738,590 100,000 - - - - 8,754,500 - 75,662,329 738,590 819,997 - 3,262,559 - 4.88 - 4.84 - 2.466.81 Bankislami Pakistan Limited 397,816 69,085 - - - - 150,000 - 247,816 69,085 1,532 - 2,610 - 0.00 - 0.00 - 0.022.97 MehranBankislami Jute Pakistan Mills Limited Limited 121,543397,816 - - - - 150,000 - 247,816121,543 1,532 - 2,610 - 0.00 - 0.00 - 3.960.02 FaysalGOC (Pak) Bank Limited Limited (Note 6.6) 6,309,853 315,909 - - - - 3,293,000 - 3,016,853 315,909 15,467 4,072 21,05539,551 0.030.06 0.030.06 4.300.25 MianFaysal Muhammed Bank Limited Sugar (Note Mills 6.6) Limited 6,309,853 172,406 - - - - 3,293,000 - 3,016,853 172,406 15,467 - 39,551 - 0.06 - 0.06 - 1.170.25 HabibHashmi Bank Can Limited Company Limited 1,517,533 160,986 - - - - 561,700 - 160,986955,833 128,250 - 188,834 - Market 0.28 - Market 0.28 - 9.860.07 Habib Bank Limited 1,517,533 - - - - 561,700 955,833 128,250 188,834 0.28 0.28 0.07 Right Market Percentage Mohib Textile Mills Limited 159,813 - - - - - 159,813 - - - - 1.33 PaceHabib ( MetropolitanPakistan ) Limited Bank Limited 58,007,607 525,716 25,000 - - - - 5,534,500 - 52,498,107 525,716 798,139 683 1,489,371 3,286 value 0.002.23 / value 0.002.21 / 0.195.01 Habib Metropolitan Bank Limited 58,007,607 25,000 - - - 5,534,500 52,498,107 798,139 1,489,371 2.23 2.21 5.01 Bonus shares Merger/ Carrying value / of paid-up Mubarik Dairies Limited 416 - - - - - 416 - - - - 0.01 Purchases Sales carrying carrying JSPakistan Bank LimitedServices Limited As12,586,161 893,795 at 01 - issue - purchased/ - demerger - 2,381,500 - 10,204,661 As 893,795 at 30 cost 101,043 19,636 as carrying 603,070 60,616 0.900.09 0.890.09 capital 2.750.95 of NationalJS Bank MatchLimited Industries Limited 12,586,161 26,452 - - - - 2,381,500 - 10,204,661 26,452 19,636 - 60,616 - 0.09 - 0.09 - 7.560.95 Name of Investee Companies during during value as a value as a MCBSynthetic Bank Product Limited Enterprise Limited July 255,000113,842 2015 - during - the subscribed - adjusting - 32,000 - June 223,000113,842 2016 at 13,407 30 6,690 value 25,04810,459 as 0.040.02 0.040.02 the investee 0.010.29 NationalMCB Bank Overseas Limited Limited 113,842 24,629 - - - - - 113,842 24,629 13,407 - 25,048 - 0.04 - 0.04 - 0.01 - the year the year percentage percentage NationalTri-Pack BankFilms OfLimited Pakistan Limited 1,462,078 395,391 20,000 - year - during 115,234 - effects - 959,500 2,500 502,578528,125 June 14,94257,891 2016 at 29,05496,060 30 0.040.14 0.040.14 company 0.021.36 National Bank Of Pakistan Limited 1,462,078 - - - - 959,500 502,578 14,942 29,054 0.04 0.04 0.02 of net of Naveed Textile Mills Limited 70,637 - - - - - 70,637 - - - - 3.62 the year June 2016 held NIBUnited Bank Distributors Limited Pakistan Limited 4,151,532 - - - - 2,500,000 1,651,532 2,495 3,154 assets 0.00 investments 0.00 0.02 NorrieNIB Bank Textile Limited Mills Limited 4,151,532 136,500 - - - - 2,500,000 - 1,651,532 136,500 2,495 - 3,154 - 0.00 - 0.00 - 2.810.02 Samba(Note Bank 6.6) Limited 3,823,804 904,776 - 90,427 - - - 707,500 500 3,116,304 994,703 4,6668,014 27,85223,840 0.04 0.04 0.314.92 NorthernSamba Bank Foundry Limited And Engineering 3,823,804 - - - - 707,500 3,116,304 8,014 23,840 0.04 0.04 0.31 Silkbank Limited ------11,179,004 3,520,658 20,000 - 90,427 - (Number 20,878,413 115,234 of shares) ------11,177,000 35,000 20,880,417 3,711,319------175,045 (Rupees 32,574 in '000') 761,782 35,497 ------1.130.05 (%) 1.120.05 ------0.27 SilkbankWork Limited Limited 11,179,004 94,868 - - 20,878,413 - - 11,177,000 - 20,880,417 94,868 32,574 - 35,497 - 0.05 - 0.05 - 18.97 0.27 DelistedSummit Bank / Unqouted Limited Companies 2,507,478 - - - - 1,975,500 531,978 1,112 1,591 0.00 -- 0.00 0.03 NowsheraSummit Bank Engineering Limited Limited 2,507,478 26,057 - - - - 1,975,500 - 531,978 26,057 1,112 - 1,591 - 0.00 - 0.00 - 5.210.03 AccordSoneri BankTextile Limited Limited 117,273,049 458,109 - - - - 6,427,500 - 110,845,549 458,109 354,060 - 1,576,224 - 2.36 - 2.34 - 10.05 4.93 NusratSoneri BankTextile Limited Mills Limited 117,273,049 306,342 - - - - 6,427,500 - 110,845,549 306,342 354,060 - 1,576,224 - 2.36 - 2.34 - 10.05 6.81 AdamjeeUnited Bank Floorings Limited Limited 823,599 59,110 - - - - 272,500 - 551,099 59,110 60,651 - 97,500 - 0.15 - 0.14 - 2.460.05 OlympiaUnited Bank Textile Limited Mills Limited 358,359823,599 - - - - 358,359272,500 551,099 - 60,651 - 97,500 - 0.15 - 0.14 - 0.05 - Adamjee Industries Limited 337,807,554 121 125,000 - - 20,878,413 - - 48,061,200 - 310,749,767 121 2,626,365 - 7,506,886 - 11.22 - 11.12 - 0.00 Pak Ghee Industries Limited 337,807,554 58,618 125,000 - - 20,878,413 - - 48,061,200 - 310,749,767 58,618 2,626,365 - 7,506,886 - 11.22 - 11.12 - 2.66 AdamjeeTextile Spining Paper Limited 269,806 - - - - - 269,806 - - - - 6.45 PakTextile Paper Spining Corporation Limited 103,848 - - - - - 103,848 - - - - - Adil TextilePolyproplene Mills Limited Limited 136,201 93,592 - - - - - 136,201 93,592 - - - - 2.461.21 PearlAdil Textile Fabrics Mills Limited Limited 229,970 93,592 - - - - - 229,970 93,592 - - - - 2.641.21 AfsarAmtex Textile Limited Mills Limited 918,523 64,184 - - - - 555,000 - 363,523 64,184 436 - 578 - 0.00 - 0.00 - 3.850.14 PolyronAmtex Limited Limited 918,523 147 - - - - 555,000 - 363,523 147 436 - 578 - 0.00 - 0.00 - 0.140.00 Al-HussanyAl - Qaim Textile Industries Mills LimitedLimited 358,753 61,573 - - - - - 358,753 61,573 - - - - 4.812.46 PremierAl - Qaim Board Textile Limited Mills Limited 358,753 29,998 - - - - - 358,753 29,998 - - - - 4.81 - AlifAsim Textile Textile Mills Mills Limited Limited 1,142,800 320,085 - - - - 2,000 - 1,140,800 320,085 - 5,761 - 0.01 - 0.01 - 8.217.52 PremierAsim Textile Ceramics Mills Limited Limited 1,142,800 5,350 - - - - 2,000 - 1,140,800 5,350 - 5,761 - 0.01 - 0.01 - 7.521.07 AlliedBabri CottonTextile Mills Limited 107,510 80,578 - - - - - 107,510 80,578 392 - 8,232 - 0.01 - 0.01 - 5.502.21 BabriPunjab Cotton Building Mills Limited Limited 443,845 80,578 - - - - - 443,845 80,578 392 - 8,232 - 0.01 - 0.01 - 2.21 - AmazaiBrothers Textile Textile Mills Mills Limited Limited 602,461 299 - - - - 23,000 - 579,461 299 - 2,608 - 0.00 - 0.00 - 0.015.91 PunjabBrothers Cotton Textile Limited Mills Limited 602,461 56,155 - - - - 23,000 - 579,461 56,155 - 2,608 - 0.00 - 0.00 - 5.91 - ApexCrescent Fabrics Cotton Limited Mills Limited 1,048,579 284,101 - - - - - 1,048,579 284,101 5,505 - 47,186 - 0.07 - 0.07 - 4.934.91 PunjabCrescent Lamp Cotton Limited Mills Limited 1,048,579 108,468 - - - - - 1,048,579 108,468 5,505 - 47,186 - 0.07 - 0.07 - 4.91 - AragCrescent Industries Fibres Limited Limited 189,220852,681 - - - - - 189,220852,681 - 34,022 - 0.05 - 0.05 - 6.87 - QayyumCrescent Spinning Fibres Limited Mills Limited 852,681 149 - - - - - 852,681 149 - 34,022 - 0.05 - 0.05 - 0.006.87 AsloColony Electronics Textile Mills Limited Limited 1,204,498 39,407 - - - - 130,000 - 1,074,498 39,407 1,357 - 2,751 - 0.00 - 0.00 - 1.970.22 ColonyRCD Ball Textile Limited Mills Limited 1,204,498 19,716 - - - - 130,000 - 1,074,498 19,716 1,357 - 2,751 - 0.00 - 0.00 - 0.221.31 AswanChakwal Tentage Spinning Limited Mills Limited 168,712754,008 - - - - 12,000 - 168,712742,008 - 4,081 - 0.01 - 0.01 - 2.611.86 Refr'sChakwal Manufacturing Spinning Mills Company Limited Pakistan 754,008 - - - - 12,000 742,008 - 4,081 0.01 0.01 1.86 AutomobileData Textile EquipmentLimited Manufacturing 618,595 - - - - - 618,595 - - - - 6.24 DataLimited Textile Limited 618,595 26 - - - - - 618,595 26 - - - - 6.240.00 Din TextileCompany Mills Limited Limited 340,301 37,750 - - - - - 340,301 37,750 3,847 - 28,786 - 0.04 - 0.04 - 9.441.52 DinRex Textile Baren MillsBattery Limited Limited 340,301 56,155 - - - - - 340,301 56,155 3,847 - 28,786 - 0.04 - 0.04 - 1.521.50 AwanDewan Textile Khalid Mills Textile Limited Mills Limited 213,390224,486 - - - - - 213,390224,486 225 - 1,010 - 0.00 - 0.00 - 2.463.40 SaifDewan Nadeem Khalid Kawasaki Textile Mills Motors Limited Limited 224,486 482 - - - - - 224,486 482 225 - 1,010 - 0.00 - 0.00 - 3.400.02 BahawalpurDewan Mushtaq Textile Textile Mills Mills Limited Limited 197,424 64,250 - - - - 5,000 - 192,424 64,250 385 - 885 - 0.00 - 0.00 - 6.432.93 SaitexDewan Spinning Mushtaq MillsTextile Limited Mills Limited 358,212197,424 - - - - 5,000 - 192,424358,212 385 - 885 - 0.00 - 0.00 - 4.842.93 BalochistanD. M. Textile Tower Mills Limited Limited 331,614 74,114 - - - - 2,500 - 329,114 74,114 592 - 11,193 - 0.02 - 0.02 - 10.78 1.49 SaleemD. M. Textile Denim Mills (Kaytex Limited Mills) Limited 162,160331,614 - - - - 2,500 - 162,160329,114 592 - 11,193 - 0.02 - 0.02 - 10.78 3.77 BaluchistanD.S.Industries Textile Limited Mills Limited 200,000 44,780 - - - - - 200,000 44,780 - 35 124 - 0.00 - 0.00 - 10.00 0.07 SapphireD.S.Industries Holding Limited Limited 352,976 44,780 - - - - - 352,976 44,780 - 35 3,530 124 0.010.00 0.010.00 1.760.07 BankDar-Es-Salaam Of Bahawalpur Textile Limited Mills Limited 266,787 2,690 - - - - 5,000 - 261,787 2,690 576 - 1,374 - 0.00 - 0.00 - 0.543.27 ShahpurDar-Es-Salaam Textile TextileMills Limited Mills Limited 890,850266,787 - - - - 5,000 - 261,787890,850 576 - 1,374 - 0.00 - 0.00 - 6.373.27 BankersEllcot Spinning Equity LimitedMills Limited 3,408,091 704,380 - - - - - 3,408,091 704,380 7,482 - 51,695 - 0.08 - 0.08 - 5.206.43 ShahyarEllcot Spinning (O.E.) LimitedMills Limited 704,380 78,469 - - - - - 704,380 78,469 7,482 - 51,695 - 0.08 - 0.08 - 3.796.43 BawanyFatima Enterprises Textile Mills Limited Limited 628,671 84,233 - - - - - 628,671 84,233 - - - - 4.814.42 ShahyarFatima Enterprises Textile Mills Limited Limited 222,109628,671 - - - - - 222,109628,671 - - - - 5.144.42 BelaFazal Engineering Cloth Mills Limited Limited . 1,768,488 266,145 - - - - - 1,768,488 266,145 13,415 - 251,125 - 0.38 - 0.37 - 7.835.89 Fazal Cloth Mills Limited . 1,768,488 - - - - - 1,768,488 13,415 251,125 0.38 0.37 5.89 CasspakFazal Textile Industries Mills Limited Limited 54,18467,755 - - - (67,755) - - 54,184 - - - - - 2.46 - Fazal Textile Mills Limited 67,755 - - - (67,755) ------CentralGadoon Cotton Textile LimitedMills 34,948 - - - - 132,499 - - 132,499 34,948 1,231 - 17,038 - 0.03 - 0.03 - 0.45 - Gadoon Textile Mills - - - - 132,499 - 132,499 1,231 17,038 0.03 0.03 - ChemicalGlobe Textile Limited Mills Limited 40,000 2,472 - - - - - 40,000 2,472 - - - - 5.080.02 Globe Textile Mills Limited 2,472 - - - - - 2,472 - - - - 0.02 ChemphurGulshan Spinning Pakistan Mills Limited Limited 1,151,974 17,972 - - - - 14,000 - 1,137,974 17,972 - - - - 1.805.12 Gulshan Spinning Mills Limited 1,151,974 - - - - 14,000 1,137,974 - - - - 5.12 ChilyaGulistan C. Textile Board Mills Limited Limited 734,617 43,200 - - - - - 734,617 43,200 - - - - 3.876.17 Gulistan Textile Mills Limited 734,617 - - - - - 734,617 - - - - 3.87 CrescentHajra Textile Knitwear Mills Limited Limited 518,063 81,277 - - - - - 518,063 81,277 - - - - 3.77 - Hajra Textile Mills Limited 518,063 - - - - - 518,063 - - - - 3.77 CrescentIdeal Spinning Spinning Mills Mills Limited Limited 727,080658,396 - - - - - 727,080658,396 922 - 8,401 - 0.01 - 0.01 - 4.806.64 Ideal Spinning Mills Limited 658,396 - - - - - 658,396 922 8,401 0.01 0.01 6.64 CrownIndus Dyeing Textile ManufacturingLimited Company 317,647 - - - - - 317,647 - - - - 4.92 Indus Dyeing Manufacturing Company DadabhoyLimited Leasing Limited 370,674525,295 - - - - - 370,674525,295 5,509 - 272,155 - 0.41 - 0.40 - 4.932.91 Limited 525,295 - - - - - 525,295 5,509 272,155 0.41 0.40 2.91 ElmacJ. A. Textile Limited Mills Limited 279,861 24,600 - - - - 152,500 - 127,361 24,600 - 611 - 0.00 - 0.00 - 2.461.01 J. A. Textile Mills Limited 279,861 - - - - 152,500 127,361 - 611 0.00 0.00 1.01 FazalKarim VegetableCotton Mills Ghee Limited Mills Limited 110,562 42,005 - - - - - 110,562 42,005 - - - - 2.109.34 Karim Cotton Mills Limited 110,562 - - - - - 110,562 - - - - 9.34 GhaffarKohinoor Text Spinning Mills Limited Mills Limited 540,827 45,835 - - - - 5,000 - 535,827 45,835 - 3,086 - 0.00 - 0.00 - 9.170.41 Kohinoor Spinning Mills Limited 540,827 - - - - 5,000 535,827 - 3,086 0.00 0.00 0.41 GhulamKhalid Siraj Muhammad Textile Mills Dadabhoy Limited Limited 700,498 49,259 - - - - 17,500 - 682,998 49,259 - 2,391 - 0.00 - 0.00 - 0.996.38 Khalid Siraj Textile Mills Limited 700,498 - - - - 17,500 682,998 - 2,391 0.00 0.00 6.38 GreavesLand Mark Aircondition Spinning Industries Limited Limited 395,437 59,110 - - - - - 395,437 59,110 - 1,977 - 0.00 - 0.00 - 3.26 - Land Mark Spinning Industries Limited 395,437 - - - - - 395,437 - 1,977 0.00 0.00 3.26 GypsumMehr Dastgir Corporation Textile Mills Limited Limited 165,017 259 - - - - - 165,017 259 - - - - 5.000.00 Mehr Dastgir Textile Mills Limited 259 - - - - - 259 - - - - 0.00 H-ShaikhMaqbool Textile Limited Mills Limited 1,420,216 113,022 - - - - - 1,420,216 113,022 11,362 - 24,144 - 0.04 - 0.04 - 8.45 - Maqbool Textile Mills Limited 1,420,216 - - - - - 1,420,216 11,362 24,144 0.04 0.04 8.45 H.MPremium Silk Mills Textile Limited Mills Limited 158,350807,307 - - - - - 158,350807,307 8,803 - 66,506 - 0.10 - 0.10 - 10.5613.10 Premium Textile Mills Limited 807,307 - - - - - 807,307 8,803 66,506 0.10 0.10 13.10 HarumReliance Textile Cotton Mulls Spinning Limited Mills Limited 465,638 58,248 - - - - - 465,638 58,248 3,824 - 38,275 - 0.06 - 0.06 - 0.624.52 Reliance Cotton Spinning Mills Limited 465,638 - - - - - 465,638 3,824 38,275 0.06 0.06 4.52 HyderabadRuby Textile Electronic Mills Limited Limited 482,164 98,518 - - - - 45,500 - 436,664 98,518 - 3,782 - 0.01 - 0.01 - 3.280.84 Ruby Textile Mills Limited 482,164 - - - - 45,500 436,664 - 3,782 0.01 0.01 0.84 IndusSaif Textile Assurance Mills Limited Company Limited 1,955,871 3,300 - - - - 9,000 - 1,946,871 3,300 4,809 - 34,596 - 0.05 - 0.05 - 0.027.37 Saif Textile Mills Limited 1,955,871 - - - - 9,000 1,946,871 4,809 34,596 0.05 0.05 7.37 Indus Bank Limited 147 - - - - - 147 - - - - 0.00 Indus Polyester Company Limited 4 - - - - - 4 - - - - 0.00 Industrial Development Bank Limited 1,970 - - - - - 1,970 - - - - 0.04 Innovative Investment Bank Limited 35,227 - - - - - 35,227 - - - - 0.35 Islamic Investment Bank Limited 139,990 - - - - - 139,990 - - - - 0.71 Itti Textile Mills Limited 163,151 - - - - - 163,151 - - - - 2.46 Junaid Cotton Mills Limited 37,436 - - - - - 37,436 - - - - 1.50 Karachi Pipe Limited 156,102 - - - - - 156,102 - - - - 7.81 Karim Silk Mills Limited 19,223 - - - - - 19,223 - - - - 1.97 Kohinoor Cotton Limited 62,553 - - - - - 62,553 - - - - 5.57 Kohinoor Looms Limited 169,648 - - - - - 169,648 - - - - 1.57 Lafayette Industries Synthetics Limited 92,360 - - - - - 92,360 - - - - 2.59 LTV Capital Modaraba Limited 321 - - - - - 321 - - - - 0.00 Marr Fabrics Limited 118,221 - - - - - 118,221 - - - - 4.93 Medi Glass Limited 295,554 - - - - - 295,554 - - - - 3.89 Mehran Bank Limited 738,590 - - - - - 738,590 - - - - 2.46 Mehran Jute Mills Limited 121,543 - - - - - 121,543 - - - - 3.96 Mian Muhammed Sugar Mills Limited 172,406 - - - - - 172,406 - - - - 1.17 Mohib Textile Mills Limited 159,813 - - - - - 159,813 - - - - 1.33 Mubarik Dairies Limited 416 - - - - - 416 - - - - 0.01 National Match Industries Limited 26,452 - - - - - 26,452 - - - - 7.56 National Overseas Limited 24,629 - - - - - 24,629 - - - - - Naveed Textile Mills Limited 70,637 - - - - - 70,637 - - - - 3.62 Norrie Textile Mills Limited 136,500 - - - - - 136,500 - - - - 2.81 Northern Foundry And Engineering Work Limited 94,868 - - - - - 94,868 - - - - 18.97 Nowshera Engineering Limited 26,057 - - - - - 26,057 - - - - 5.21 Nusrat Textile Mills Limited 306,342 - - - - - 306,342 - - - - 6.81 Olympia Textile Mills Limited 358,359 - - - - 358,359 ------Pak Ghee Industries Limited 58,618 - - - - - 58,618 - - - - 2.66 Pak Paper Corporation Limited 103,848 - - - - - 103,848 - - - - - Pearl Fabrics Limited 229,970 - - - - - 229,970 - - - - 2.64 Polyron Limited 147 - - - - - 147 - - - - 0.00 Premier Board Limited 29,998 - - - - - 29,998 - - - - - Premier Ceramics Limited 5,350 - - - - - 5,350 - - - - 1.07 Punjab Building Limited 443,845 - - - - - 443,845 - - - - - Punjab Cotton Limited 56,155 - - - - - 56,155 - - - - - Punjab Lamp Limited 108,468 - - - - - 108,468 - - - - - Qayyum Spinning Mills Limited 149 - - - - - 149 - - - - 0.00 RCD Ball Limited 19,716 - - - - - 19,716 - - - - 1.31 Refr's Manufacturing Company Pakistan Limited 26 - - - - - 26 - - - - 0.00 Rex Baren Battery Limited 56,155 - - - - - 56,155 - - - - 1.50 Saif Nadeem Kawasaki Motors Limited 482 - - - - - 482 - - - - 0.02 Saitex Spinning Mills Limited 358,212 - - - - - 358,212 - - - - 4.84 Saleem Denim (Kaytex Mills) Limited 162,160 - - - - - 162,160 - - - - 3.77 Sapphire Holding Limited 352,976 - - - - - 352,976 - 3,530 0.01 0.01 1.76 Shahpur Textile Mills Limited 890,850 - - - - - 890,850 - - - - 6.37 Shahyar (O.E.) Limited 78,469 - - - - - 78,469 - - - - 3.79 Shahyar Textile Mills Limited 222,109 - - - - - 222,109 - - - - 5.14 6.2.1.2 During the year, Glaxo Smith Kline Pakistan Limited (GSK) announced a de-merger scheme whereby 3 ordinary shares of GSK CHC were issued for every 10 ordinary shares held in GSK. The net assets of the consumer health business on the said date were Rs. 956 million i.e. 7.67% and hence, the market price has been adjusted accordingly. GSK CHC is under the process of obtaining listing on the stock exchange.

6.2.2 Government securities

Face value Balance as at 30 June 2016 Market value / Market value / carrying value as carrying value as a Issue date Tenor As at 01 July Purchases Sales/matured As at 30 Market value / Carrying cost a percentage of percentage of 2015 during the year during the year June 2016 carrying value net assets investments ------(Rupees in '000) ------(%) ------Market Treasury Bills

5 March 2015 03 Months - 250,000 250,000 - - - - - NATIONAL INVESTMENT (UNIT) TRUST NATIONAL25 June 2015 INVESTMENT03 Months (UNIT) - 600,000 TRUST 600,000 - - - - - 29 June 2015 03 Months - 800,000 800,000 - - - - - NOTES TO AND FORMING PART OF THE FINANCIAL STATEMENTS NOTES9 July 2015TO AND 03FORMING Months - PART 400,000 OF THE 400,000 FINANCIAL - STATEMENTS - - - - FOR THE YEAR ENDED 30 JUNE 2016 FOR THETotal - 30 YEARJune 2016 ENDED 30 JUNE - 2016 2,050,000 2,050,000 - - - - -

Total - 30 June 2015 675,000 5,200,000 5,875,000 - - - - -

6.3 Investments - 'held to maturity' Market Market Right Market Percentage value / value / Bonus shares Merger/ Carrying value / of paid-up Purchases Sales carrying carrying As at 01 issue purchased/ demerger As at 30 cost as carrying capital of At cost Name of Investee Companies during during value as a value as a July 2015 during the subscribed adjusting June 2016 at 30 value as the investee the year the year percentage percentage Redemptions Percentage year during effects June 2016 at 30 company of net of Name the year June 2016 held Opening during the Closing of net assets assets investments year ------(Number of shares) ------(Rupees in '000') ------(%) ------(Rupees in '000) ------(%) ---- Siftaq International Limited 108,222 - - - - - 108,222 ------3.59 Sind Alkalis Limited 704,745 - - - - - 704,745 - - - - 9.42 Investment in securities classified as - 'held to maturity' Spencer And Company (Pakistan) Limited 4,986 - - - - - 4,986 - - - - 0.50 Standard Bank Limited 538 - - - - - 538 - - - - 0.03 Investment under Morabaha Arrangements Sunrise Textile Mills Limited 15,024 - - - - - 15,024 - - - - 0.14 Sunshine Cloth Mills Limited 440,918 - - - - - 440,918 - - - - 5.62 Synthetic Chemical Company Limited 82,125 - - - - - 82,125 - - - - 1.46 Textile Management (Private) Limited 4,125 - 4,125 0.01 Taga Pakistan Limited 96,055 - - - - - 96,055 - - - - 3.69 Pak China Fertilizers Limited 27,000 - 27,000 0.04 Tariq Cotton Mills Limited 43,100 - - - - - 43,100 - - - - 6.16 Tawakkal Garments Industries Limited 118,664 - - - - - 118,664 - - - - 0.98 Quaidabad Woolen Mills Limited 23,000 - 23,000 0.03 Tawakkal Limited 113,264 - - - - - 113,264 - - - - 0.81 Sub-total 54,125 - 54,125 0.08 Tawakkal Modaraba Ist. 474,032 - - - - - 474,032 - - - - 1.83 Less : Provision for impairment loss (54,125) - (54,125) (0.08) Taxila Engineering Company Limited 206,888 - - - - - 206,888 - - - - 4.87 Turbo Tec Limited 170,879 - - - - - 170,879 - - - - 1.71 - - - - Union Insurance Company of Pakistan Limited 306 - - - - - 306 - - - - 0.00 Uqab Breeding Farms Limited 139,748 - - - - - 139,748 - - - - 5.27 Participation Term Certificates Zaffar Textile 66,844 - - - - - 66,844 - - - - 6.68 Zahur Textile Mills Limited 412,147 - - - - - 412,147 - - - - 0.55 Adamjee Paper & Board Mills Limited 10,500 - 10,500 0.02 18,918,054 - - - - 358,359 18,559,695 - 3,530 0.01 0.01 Less: Provision for impairment loss (10,500) - (10,500) (0.02)

Total - 30 June 2016 820,764,977 1,743,790 1,512,310 29,200,976 2,908,851 108,094,631 748,036,273 11,908,850 64,626,481 96.70 95.79 - - - -

Total - 30 June 2015 907,025,268 11,896,856 3,600,415 34,810,232 782,389 137,350,183 820,764,977 13,438,786 67,813,093 95.67 95.93 Term Finance Certificates and Redeemable Capital

6.2.1.1 All shares are fully paid up ordinary shares of Rs 10 each unless otherwise stated. Adamjee Paper & Board Mills Limited 8,125 - 8,125 0.01 6.2.1.2 During the year, Glaxo Smith Kline Pakistan Limited (GSK) announced a de-merger scheme whereby 3 ordinary shares of GSK Brothers Steel Mills Limited 1,959 (1,959) - - CHC were issued for every 10 ordinary shares held in GSK. The net assets of the consumer health business on the said date were Naimat Basal Oil & Gas Securitization Company Limited 2 - 2 - Rs. 956 million i.e. 7.67% and hence, the market price has been adjusted accordingly. GSK CHC is under the process of obtaining Pakistan Telecommunication Limited (PTC) / BEL 753 - 753 - listing on the stock exchange. Sub-total 10,839 (1,959) 8,880 0.01 Less: (Provision) / reversal for impairment loss (10,839) 1,959 (8,880) (0.01) - - - - 6.2.2 Government securities

Face value Balance as at 30 June 2016 Market value / Market value / Total 75,464 (1,959) 73,505 0.11 carrying value as carrying value as a Less: (Provision) / reversal for impairment (75,464) 1,959 (73,505) (0.11) Issue date Tenor As at 01 July Purchases Sales/matured As at 30 Market value / Carrying cost a percentage of percentage of 2015 during the year during the year June 2016 carrying value - - - - net assets investments ------(Rupees in '000) ------(%) ------Market Treasury Bills 6.4 Investments include shares with market value of Rs. 799.24 million (30 June 2015: Rs. 985.765 million) which have been pledged with National Clearing Company of Pakistan Limited for guaranteeing settlement of the Fund's trades in accordance with Circular 5 March 2015 03 Months - 250,000 250,000 - - - - - no. 11 dated 22 October 2007 issued by the Securities and Exchange Commission of Pakistan. 25 June 2015 03 Months - 600,000 600,000 - - - - - 29 June 2015 03 Months - 800,000 800,000 - - - - - 9 July 2015 03 Months - 400,000 400,000 - - - - - 6.5 The investment portfolio of the Fund includes 20,074,499 shares of Pakistan State Oil Company Limited and 18,338,031 shares of Sui Northern Gas Pipelines Limited, which have been frozen by the Government of Pakistan (GoP) for sale in the equity market due Total - 30 June 2016 - 2,050,000 2,050,000 - - - - - to their proposed privatisation. The 20,074,499 frozen shares and 26,500 free shares (Total = 20,100,999 shares) of Pakistan State Oil Company Limited (PSO) having market value of Rs. 7,060.27 million as on 30 June 2016 out of total 12,673,295 shares of PSO Total - 30 June 2015 675,000 5,200,000 5,875,000 - - - - - are held physically by CDC-Trustee and remaining 7,427,704 shares of PSO are physically held by National Bank of Pakistan (the former Trustee) having title National Bank of Pakistan-Trustee Wing. 6.3 Investments - 'held to maturity' 6.6 Finance Act 2014 has introduced tax on bonus shares issued by the Companies. Most Equity Funds including NI(U)T Fund have At cost challenged the applicability of witholding tax provision on bonus shares before Honorable High Court of Sindh ("the Court") on Redemptions Percentage various legal grounds and have sought relief from the Court. The Court, in its order dated 25 November 2014, has granted interim Name Opening during the Closing of net assets relief by passing the restraining order whereby the Defendants, (issuers of the bonus shares) have refrained from deducting and / year or transfering 5% withholding tax on bonus shares issued by them. ------(Rupees in '000) ------(%) ---- Investment in securities classified as - 'held to maturity' As an abundant caution, the NI(U)T Fund has made payments which is equivalent to 5% value of the respective bonus shares, determined on the basis of day-end price on the first day of book closure. These payments have been recorded as part of cost of Investment under Morabaha Arrangements respective investments. Detail is as follows:

Textile Management (Private) Limited 4,125 - 4,125 0.01 Market value / Payment Pak China Fertilizers Limited 27,000 - 27,000 0.04 5% (No. of carrying value made to the Quaidabad Woolen Mills Limited 23,000 - 23,000 0.03 bonus shares) as on 30 June investee Sub-total 54,125 - 54,125 0.08 2016 companies Less : Provision for impairment loss (54,125) - (54,125) (0.08) (Rupees in '000) - - - - Security Papers Limited * 21,958 2,319 1,446 Participation Term Certificates Searle Pakistan Limited * 36,230 19,425 6,856 Suraj Cotton Mills Limited * 2,357 306 256 Adamjee Paper & Board Mills Limited 10,500 - 10,500 0.02 Faysal Bank Limited * 41,151 539 630 Less: Provision for impairment loss (10,500) - (10,500) (0.02) Shezan International Limited * 6,904 3,117 6,317 - - - - Gul Ahmed Textile Mills Limited ** 49,732 1,800 - Mari Petroleum Company Limited ** 38,238 34,729 - Term Finance Certificates and Redeemable Capital Suraj Cotton Mills Limited ** 2,582 336 403 Searle Pakistan Limited** 14,154 7,589 - Adamjee Paper & Board Mills Limited 8,125 - 8,125 0.01 Highnoon Laboratories Limited *** 2,671 1,540 663 Brothers Steel Mills Limited 1,959 (1,959) - - United Distributors Pakistan Limited*** 4,520 127 144 Naimat Basal Oil & Gas Securitization Company Limited 2 - 2 - Searle Pakistan Limited *** 22,656 12,148 9,216 Pakistan Telecommunication Limited (PTC) / BEL 753 - 753 - Kohinoor Textile Mills Limited*** 16,963 1,358 1,172 Sub-total 10,839 (1,959) 8,880 0.01 Highnoon Laboratories Limited*** 2,299 1,325 1,044 Less: (Provision) / reversal for impairment loss (10,839) 1,959 (8,880) (0.01) 86,658 28,147 - - - - * Security Papers Limited, Searle Pakistan Limited, Suraj Cotton Mills Limited, Faysal Bank Limited and Shezan International Total 75,464 (1,959) 73,505 0.11 Limited have released the above mentioned bonus shares and have retained the payments. Less: (Provision) / reversal for impairment (75,464) 1,959 (73,505) (0.11) - - - - ** Gul Ahmed Textile Mills Limited and Mari Petroleum Company Limited have returned the payments on 05 December 2014 and 14 January 2015 respectively and have not released the shares due to court order and recorded as liability. The Searle has not demanded the payment due to filing of petition by the fund, however the management has recorded a payable under prudence 6.4 Investments include shares with market value of Rs. 799.24 million (30 June 2015: Rs. 985.765 million) which have been pledged basis (refer note 12). with National Clearing Company of Pakistan Limited for guaranteeing settlement of the Fund's trades in accordance with Circular no. 11 dated 22 October 2007 issued by the Securities and Exchange Commission of Pakistan. *** Highnoon Laboratories Limited, United Distributors Pakistan Limited, Searle Pakistan Limited & Kohinoor Textile Mills Limited has not released the bonus shares and retained the payment due to court order.

6.7 Net unrealised appreciation on re-measurement of investments 2016 2015 classified as 'financial assets at fair value through profit or loss' (Rupees in '000)

Market value / carrying value of investments 2,841,996 2,886,224 Less: Carrying cost of investments (2,700,833) (1,936,058) 141,163 950,166 6.5 The investment portfolio of the Fund includes 20,074,499 shares of Pakistan State Oil Company Limited and 18,338,031 shares of Sui Northern Gas Pipelines Limited, which have been frozen by the Government of Pakistan (GoP) for sale in the equity market due 6.8 Net unrealised (diminution) / appreciation on re-measurement of 2016 2015 to their proposed privatisation. The 20,074,499 frozen shares and 26,500 free shares (Total = 20,100,999 shares) of Pakistan State investments classified as 'available for sale' (Rupees in '000) Oil Company Limited (PSO) having market value of Rs. 7,060.27 million as on 30 June 2016 out of total 12,673,295 shares of PSO are held physically by CDC-Trustee and remaining 7,427,704 shares of PSO are physically held by National Bank of Pakistan (the Market value / carrying value of investments 64,626,481 67,813,093 former Trustee) having title National Bank of Pakistan-Trustee Wing. Less: 6.6 Finance Act 2014 has introduced tax on bonus shares issued by the Companies. Most Equity Funds including NI(U)T Fund have Carrying cost of investments 31,436,779 32,949,250 challenged the applicability of witholding tax provision on bonus shares before Honorable High Court of Sindh ("the Court") on Provision for impairment thereagainst 6.8.1 (19,527,929) (19,510,464) various legal grounds and have sought relief from the Court. The Court, in its order dated 25 November 2014, has granted interim 11,908,850 13,438,786 NATIONALrelief by passing INVESTMENTthe restraining order (UNIT)whereby TRUSTthe Defendants, (issuers of the bonus shares) have refrained from deducting and / NATIONAL INVESTMENT (UNIT) TRUST or transfering 5% withholding tax on bonus shares issued by them. 52,717,631 54,374,307 NOTES TO AND FORMING PART OF THE FINANCIAL STATEMENTS NOTESLess: TO Net unrealisedAND FORMING appreciation on PART re-measurement OF THE FINANCIAL STATEMENTS FOR THEAs an YEARabundant ENDEDcaution, the 30NI(U)T JUNEFund 2016has made payments which is equivalent to 5% value of the respective bonus shares, FOR THEinvestments YEAR atENDED the beginning 30 ofJUNE the year 2016 (54,374,307) (47,774,114) determined on the basis of day-end price on the first day of book closure. These payments have been recorded as part of cost of respective investments. Detail is as follows: Net unrealised (diminution) / appreciation during the year (1,656,676) 6,600,193

Market value / Payment 6.8.1 Provision for impairment against equity securities 5% (No. of carrying value made to the bonus shares) as on 30 June investee Balance as at 1 July 19,510,464 19,466,404 2016 companies Charge for the year 17,465 44,060 (Rupees in '000) Balance as at 30 June 19,527,929 19,510,464

Security Papers Limited * 21,958 2,319 1,446 7 DIVIDEND AND OTHER RECEIVABLES Searle Pakistan Limited * 36,230 19,425 6,856 Suraj Cotton Mills Limited * 2,357 306 256 Dividend receivable 48,622 50,367 Faysal Bank Limited * 41,151 539 630 Profit on term finance certificates 23,705 24,152 Shezan International Limited * 6,904 3,117 6,317 Less: Provision against doubtful receivables (23,705) (24,152) Gul Ahmed Textile Mills Limited ** 49,732 1,800 - - - Mari Petroleum Company Limited ** 38,238 34,729 - Profit on Morabaha arrangements 51,267 51,267 Suraj Cotton Mills Limited ** 2,582 336 403 Less: Provision against profit on Morabaha arrangements (51,267) (51,267) Searle Pakistan Limited** 14,154 7,589 - - - Highnoon Laboratories Limited *** 2,671 1,540 663 Mark-up receivable on bank deposits 1,291 21,385 United Distributors Pakistan Limited*** 4,520 127 144 Searle Pakistan Limited *** 22,656 12,148 9,216 Advance against pre-IPO investment 7.1 150,000 150,000 Kohinoor Textile Mills Limited*** 16,963 1,358 1,172 Less: Provision against doubtful receivables (150,000) (150,000) Highnoon Laboratories Limited*** 2,299 1,325 1,044 - - 86,658 28,147 Other receivables 7.2 14,694 2,991 Less: Provision against doubtful receivables (14,694) (2,991) * Security Papers Limited, Searle Pakistan Limited, Suraj Cotton Mills Limited, Faysal Bank Limited and Shezan International - - Limited have released the above mentioned bonus shares and have retained the payments. 49,913 71,752

** Gul Ahmed Textile Mills Limited and Mari Petroleum Company Limited have returned the payments on 05 December 2014 and 7.1 This represents Rs. 150 million (2015: Rs. 150 million) which the Fund had subscribed towards the term finance certificates of an 14 January 2015 respectively and have not released the shares due to court order and recorded as liability. The Searle has not issuer as Pre-IPO on 13 March 2008. Under the agreement, the issuer was required to complete the public offering by 23 demanded the payment due to filing of petition by the fund, however the management has recorded a payable under prudence November 2008. However no public offering has been carried out by the issuer. In addition, profit on the advance against basis (refer note 12). subscription, due after six months from the date of subscription, has also not been received by the Fund. As a matter of prudence, the Fund has made a provision of 100% against this advance. *** Highnoon Laboratories Limited, United Distributors Pakistan Limited, Searle Pakistan Limited & Kohinoor Textile Mills Limited has not released the bonus shares and retained the payment due to court order. 7.2 During the year, provision has been made against certain unreconciled balances.

6.7 Net unrealised appreciation on re-measurement of investments 2016 2015 8 SECURITY DEPOSITS classified as 'financial assets at fair value through profit or loss' (Rupees in '000) Central Depository Company of Pakistan Limited 100 100 Market value / carrying value of investments 2,841,996 2,886,224 National Clearing Company of Pakistan Limited 2,500 2,500 Less: Carrying cost of investments (2,700,833) (1,936,058) 2,600 2,600 141,163 950,166 9 PAYABLE TO NATIONAL INVESTMENT TRUST LIMITED - MANAGEMENT COMPANY 2016 2015 6.8 Net unrealised (diminution) / appreciation on re-measurement of 2016 2015 (Rupees in '000) On account of: investments classified as 'available for sale' (Rupees in '000) - Management remuneration 9.1 54,043 58,920 - Sindh Sales Tax 9.2 10,253 Market value / carrying value of investments 64,626,481 67,813,093 8,778 - Preliminary charges and handling fee 788 561 Less: - Allocation of expenses related to registrar services, accounting, operation and valuation services 9.3 - Carrying cost of investments 31,436,779 32,949,250 5,402 - Redemption of units - Provision for impairment thereagainst 6.8.1 (19,527,929) (19,510,464) 200,000 269,011 69,734 11,908,850 13,438,786 Under the revised Non-Banking Finance Companies & Notified Entities Regulations 2008, notified on 25 November 2015, the 52,717,631 54,374,307 9.1 Less: Net unrealised appreciation on re-measurement Management Company of the Fund is entitled to a remuneration of an amount not exceeding 2 percent of average annual net assets. The Management Company has charged its remuneration at the rate of 1 percent per annum (30 June 2015: 1 percent per investments at the beginning of the year (54,374,307) (47,774,114) annum) of the average net assets for the current year subject to maximum of 1% of the value of the Fund. The remuneration is paid on a monthly basis in arrears. Net unrealised (diminution) / appreciation during the year (1,656,676) 6,600,193 9.2 The Sindh Provincial Government has levied Sindh Sales Tax at the rate of 15% on the remuneration of the Management Company 6.8.1 Provision for impairment against equity securities through Sindh Sales Tax on Services Act, 2011, effective from 1 July 2014. However, the rate has been revised from 15% to 14% effective from 1 July 2015. Balance as at 1 July 19,510,464 19,466,404 Charge for the year 17,465 44,060 9.3 Securities and Exchange Commission of Pakistan through its SRO 1160(I)/2015 dated 25 November 2015 has revised the Non- Balance as at 30 June 19,527,929 19,510,464 Banking Finance Companies and Notified Entities Regulations, 2008. In the revised regulations a new clause 60(s) has been introduced allowing the Management Company to charge "fees and expenses related to registrar services, accounting, operation 7 DIVIDEND AND OTHER RECEIVABLES and valuation services related to CIS maximum up to 0.1% of average annual net assets of the Scheme or actual whichever is less" from the mutual funds managed by it. Dividend receivable 48,622 50,367 Profit on term finance certificates 24,152 23,705 The expenses represents the allocation of expenses relating to registrar services, accounting, operations and valuation services at Less: Provision against doubtful receivables (24,152) (23,705) 0.1% of average net annual assets of the Fund with effect from 15 December 2015. - - Profit on Morabaha arrangements 51,267 51,267 10 PAYABLE TO THE CENTRAL DEPOSITORY COMPANY OF PAKISTAN LIMITED - TRUSTEE Less: Provision against profit on Morabaha arrangements (51,267) (51,267) - - Trustee remuneration 10.1 2,267 2,365 Mark-up receivable on bank deposits 1,291 21,385 Sindh Sales Tax 10.2 317 - 2,584 2,365 Advance against pre-IPO investment 7.1 150,000 150,000 Less: Provision against doubtful receivables (150,000) (150,000) The Trustee is entitled to a monthly remuneration for services rendered to the Fund under the provisions of the Trust Deed as per - - 10.1 the tariff specified therein, based on the daily net assets of the Fund. Other receivables 7.2 14,694 2,991 Less: Provision against doubtful receivables (14,694) (2,991) Based on the Trust Deed, the tariff structure applicable to the Fund as at 30 June 2016 is as follows: - - 49,913 71,752 Amount of Funds under management Tariff per annum (Average NAV) 7.1 This represents Rs. 150 million (2015: Rs. 150 million) which the Fund had subscribed towards the term finance certificates of an issuer as Pre-IPO on 13 March 2008. Under the agreement, the issuer was required to complete the public offering by 23 Upto Rs 1 billion 0.2% p.a. of NAV November 2008. However no public offering has been carried out by the issuer. In addition, profit on the advance against Rs. 1 billion to Rs. 10 billion Rs. 2 million plus 0.1% of NAV exceeding Rs. 1 billion subscription, due after six months from the date of subscription, has also not been received by the Fund. As a matter of prudence, Rs. 10 billion to Rs. 20 billion Rs. 11 million plus 0.06% of NAV exceeding Rs. 10 billion the Fund has made a provision of 100% against this advance. Rs. 20 billion to Rs. 35 billion Rs. 17 million plus 0.03% of NAV exceeding Rs. 20 billion Over 35 billion Rs. 21.5 million plus 0.02% of NAV exceeding Rs. 35 billion 7.2 During the year, provision has been made against certain unreconciled balances. The remuneration is paid to the Trustee monthly in arrears. 8 SECURITY DEPOSITS 10.2 The Sindh Provincial Government has levied Sindh Sales Tax at the rate of 14% on the remuneration of the Trustee through Sindh Central Depository Company of Pakistan Limited 100 100 Sales Tax on Services Act, 2011, effective from 1 July 2015. National Clearing Company of Pakistan Limited 2,500 2,500 2,600 2,600 11 PAYABLE TO SECURITIES AND EXCHANGE COMMISSION OF PAKISTAN

Under the provisions of the Non Banking Finance Companies and Notified Entities Regulations, 2008, a collective investment scheme categorised as equity scheme is required to pay as annual fee to the SECP, an amount equal to 0.095 percent of the 9 PAYABLE TO NATIONAL INVESTMENT TRUST LIMITED - MANAGEMENT COMPANY 2016 2015 average annual net assets of the scheme. (Rupees in '000) On account of: 12 ACCRUED EXPENSES AND OTHER LIABILITIES 2016 2015 - Management remuneration 9.1 54,043 58,920 (Rupees in '000) - Sindh Sales Tax 9.2 8,778 10,253 - Preliminary charges and handling fee 788 561 Provision for Workers' Welfare Fund 12.1 507,371 507,371 - Allocation of expenses related to registrar services, Federal Excise Duty 12.2 289,563 184,860 accounting, operation and valuation services 9.3 5,402 - Excess dividend received 20,187 18,678 - Redemption of units 200,000 - Distribution not claimed by unit holders 5,257 4,548 269,011 69,734 Brokerage payable against purchase of shares 1,168 2,050 Auditors' remuneration 635 630 9.1 Under the revised Non-Banking Finance Companies & Notified Entities Regulations 2008, notified on 25 November 2015, the Legal and professional charges 1,180 - Management Company of the Fund is entitled to a remuneration of an amount not exceeding 2 percent of average annual net Zakat 35,077 35,895 assets. The Management Company has charged its remuneration at the rate of 1 percent per annum (30 June 2015: 1 percent per Capital gain tax 519 1,759 NATIONALannum) of theINVESTMENTaverage net assets for(UNIT)the current TRUSTyear subject to maximum of 1% of the value of the Fund. The remuneration is paid NATIONALWitholding INVESTMENTtax (UNIT) TRUST 693 336,347 on a monthly basis in arrears. Printing charges 1,010 1,157 NOTES TO AND FORMING PART OF THE FINANCIAL STATEMENTS NOTESPayable TO to AND National FORMING Clearing Company PART of Pakistan OF LimitedTHE FINANCIAL STATEMENTS 20 26 FOR9.2 THEThe Sindh YEARProvincial ENDEDGovernment 30 JUNEhas levied 2016Sindh Sales Tax at the rate of 15% on the remuneration of the Management Company FOR THEPayable YEAR against ENDED bonus shares 30 JUNE 2016 26,062 20,171 through Sindh Sales Tax on Services Act, 2011, effective from 1 July 2014. However, the rate has been revised from 15% to 14% Others - 170 effective from 1 July 2015. 888,742 1,113,662

9.3 Securities and Exchange Commission of Pakistan through its SRO 1160(I)/2015 dated 25 November 2015 has revised the Non- 12.1 The Finance Act 2008 introduced an amendment to the Workers' Welfare Fund Ordinance, 1971 (WWF Ordinance). As a result of Banking Finance CompaniesCompanies andand NotifiedNotified EntitiesEntities Regulations,Regulations, 2008.2008. InIn thethe revisedrevised regulationsregulations a anewnew clauseclause 60(3)(s)60(s) hashas been this amendment it may be construed that all Collective Investment Schemes / mutual funds (CISs) whose income exceeds Rs. 0.5 introduced allowing the Management Company to charge "fees and expenses related to registrar services, accounting, operation million in a tax year, have been brought within the scope of the WWF Ordinance, thus rendering them liable to pay contribution to and valuation services related to CIS maximum up to 0.1% of average annual net assets of the Scheme or actual whichever is less" WWF at the rate of two percent of their accounting or taxable income, whichever is higher. In this regard, a constitutional petition from the mutual funds managed by it. has been filed by certain CISs through their trustees in the Honorable High Court of Sindh (the Court), challenging the applicability of WWF to the CISs, which is pending adjudication. The expenses represents the allocation of expenses relating to registrar services, accounting, operations and valuation services at 0.1% of average net annual assets of the Fund with effect from 15 December 2015. During the year ended 30 June 2011, a clarification was issued by the Ministry of Labour and Manpower (the Ministry) which stated that mutual funds are not liable to contribute to WWF on the basis of their income. However, on 14 December 2010, the Ministry 10 PAYABLE TO THE CENTRAL DEPOSITORY COMPANY OF PAKISTAN LIMITED - TRUSTEE filed its response against the constitutional petition requesting the Court to dismiss the petition. According to the legal counsel who is handling the case there is a contradiction between the aforementioned clarification issued by the Ministry and the response filed Trustee remuneration 10.1 2,267 2,365 by the Ministry in Court. Sindh Sales Tax 10.2 317 - 2,584 2,365 During the year ended 30 June 2012, the Honorable Lahore High Court (LHC) in a Constitutional Petition relating to the amendments brought in the WWF Ordinance, 1971 through the Finance Act, 2006, and the Finance Act, 2008, had declared the 10.1 The Trustee is entitled to a monthly remuneration for services rendered to the Fund under the provisions of the Trust Deed as per said amendments as unlawful and unconstitutional. In March 2013, a larger bench of the Sindh High Court (SHC) passed an order the tariff specified therein, based on the daily net assets of the Fund. declaring that the amendments introduced in the WWF Ordinance, 1971 through the Finance Act 2006 and 2008 respectively do not suffer from any constitutional or legal infirmity. However, the Honourable High Court of Sindh has not addressed the other Based on the Trust Deed, the tariff structure applicable to the Fund as at 30 June 2016 is as follows: amendments made in the WWF Ordinance 1971 about applicability of WWF to the CISs which is still pending before the Court. The decisions of SHC (in against) and LHC (in favour) are pending before Supreme Court. Furthermore, the Fund had received show Amount of Funds under management Tariff per annum cause notices from Deputy Commissioner Inland Revenue (DCIR) regarding the payment of WWF liability for the year 2008, 2010 (Average NAV) and 2011 through 2013 amounting to Rs. 76.54 million, Rs. 47.251 million and Rs. 231.131 million respectively but no payment has been made in the view of the matter stated above. However, the Management Company, as a matter of abundant caution, has Upto Rs 1 billion 0.2% p.a. of NAV decided to continue to maintain the provision for WWF amounting to Rs. 507.371 million (30 June 2015: Rs. 507.371). Had the Rs. 1 billion to Rs. 10 billion Rs. 2 million plus 0.1% of NAV exceeding Rs. 1 billion same not been made the net assets value per unit of the Fund would have been higher by Rs 0.4946 per unit (30 June 2015: Rs. Rs. 10 billion to Rs. 20 billion Rs. 11 million plus 0.06% of NAV exceeding Rs. 10 billion 0.4565 per unit). Rs. 20 billion to Rs. 35 billion Rs. 17 million plus 0.03% of NAV exceeding Rs. 20 billion Over 35 billion Rs. 21.5 million plus 0.02% of NAV exceeding Rs. 35 billion 12.2 As per the requirement of Finance Act, 2013, Federal Excise Duty (FED) at the rate of 16% on the remuneration of the Management Company has been applied effective 13 June 2013. The Management Company is of the view that since the The remuneration is paid to the Trustee monthly in arrears. remuneration is already subject to provincial sales tax, further levy of FED may result in double taxation, which does not appear to be the spirit of the law. 10.2 The Sindh Provincial Government has levied Sindh Sales Tax at the rate of 14% on the remuneration of the Trustee through Sindh Sales Tax on Services Act, 2011, effective from 1 July 2015. The Honorable Sindh High Court (SHC) through its recent order dated 2 June 2016, in CPD-3184 of 2014 (and others) filed by various taxpayers, has interalia declared that Federal Excise Act 2005 (FED Act) is on services, other than shipping agents and 11 PAYABLE TO SECURITIES AND EXCHANGE COMMISSION OF PAKISTAN related services, is ultra vires to the Constitution from 01 July 2011. However, the declaration made by the Honorable Court, as directed, will have affect in the manner prescribed in the judgment. The Sind High Court in its decision dated 16 July 2016 in Under the provisions of the Non Banking Finance Companies and Notified Entities Regulations, 2008, a collective investment respect of constitutional petition "filed by management companies of mutual funds maintained the previous order on the FED". scheme categorised as equity scheme is required to pay as annual fee to the SECP, an amount equal to 0.095 percent of the average annual net assets of the scheme. Sindh revenue Board and Federal Board of Revenue have filed appeals before Honourable Supreme Court against the Sindh High Court's decision dated 2 June 2016. Therefore, as a matter of abundant caution, without prejudice to the above, the Management 12 ACCRUED EXPENSES AND OTHER LIABILITIES 2016 2015 Company has made a provision with effect from 13 June 2013, aggregating to Rs. 306.89 million out of which Rs. 17.327 million (Rupees in '000) have been paid to the Management Company. Had the provision not been made, the Net Assets Value (NAV) per unit of the Fund as at 30 June 2016 would have been higher by Rs. 0.2992 per unit (30 June 2015: Rs. 0.1819 per unit). However, after the Provision for Workers' Welfare Fund 12.1 507,371 507,371 exclusion of the mutual funds from federal statute on FED from 1 July 2016, the Fund has discontinued making the provision in this Federal Excise Duty 12.2 289,563 184,860 regard. Excess dividend received 20,187 18,678 Distribution not claimed by unit holders 5,257 4,548 13 DIVIDEND PAYABLE AND UNCLAIMED DISTRIBUTION Brokerage payable against purchase of shares 1,168 2,050 Auditors' remuneration 635 630 As atat eacheach accountingaccounting date,date, thethe amountamount ofof cashcash requiredrequired to toeffecteffect distributiondistribution of ofprofitsprofits amongstamongst holdersholders of registeredof registered and bearer Legal and professional charges 1,180 - andunits, beareris transferred units, is transferredto a special toaccount a specialtitled accountdistribution titled distributionaccount. The account.aggregate The aggregatebalance in balancesuch accounts in such accountsfor the years 1997-98 Zakat 35,077 35,895 forand theearlier yearsin 1997-98case of anddistribution earlier into caseregistered of distributionunit holders to registeredand 1999-2000 unit holdersand earlierand 1999-2000in case of anddistribution earlier in tocasebearer unit holders Capital gain tax 519 1,759 ofexceeds distributionthe liability to bearerfor unitunclaimed holders distributionexceeds theby liabilityapproximately for unclaimedRs. 31.469 distributionmillion. by approximatelyThis amount represents Rs. 31.469payments of dividend Witholding tax 693 336,347 million.out of accounts This amount other represents than the relevant payments distribution of dividend account. out of accounts other than the relevant distribution account. Printing charges 1,010 1,157 Payable to National Clearing Company of Pakistan Limited 20 26 14 CONTINGENCIES AND COMMITMENTS Payable against bonus shares 26,062 20,171 Others - 170 There were no contingencies and commitments outstanding as at 30 June 2016 (2015: Nil). 888,742 1,113,662 15 NUMBER OF UNITS IN ISSUE 12.1 The Finance Act 2008 introduced an amendment to the Workers' Welfare Fund Ordinance, 1971 (WWF Ordinance). As a result of 30 June 2016 30 June 2015 this amendment it may be construed that all Collective Investment Schemes / mutual funds (CISs) whose income exceeds Rs. 0.5 Registered Bearer Total Total million in a tax year, have been brought within the scope of the WWF Ordinance, thus rendering them liable to pay contribution to ------(Number of units)------WWF at the rate of two percent of their accounting or taxable income, whichever is higher. In this regard, a constitutional petition has been filed by certain CISs through their trustees in the Honorable High Court of Sindh (the Court), challenging the applicability Total outstanding at the beginning of the year 1,087,781,207 23,708,610 1,111,489,817 1,058,469,261 of WWF to the CISs, which is pending adjudication. Add: Sales during the year 37,956,495 - 37,956,495 161,489,471 During the year ended 30 June 2011, a clarification was issued by the Ministry of Labour and Manpower (the Ministry) which stated that mutual funds are not liable to contribute to WWF on the basis of their income. However, on 14 December 2010, the Ministry Units issued under Cumulative Investment filed its response against the constitutional petition requesting the Court to dismiss the petition. According to the legal counsel who Plan (CIP) during the year 29,748,619 - 29,748,619 59,304,106 is handling the case there is a contradiction between the aforementioned clarification issued by the Ministry and the response filed by the Ministry in Court. Conversion of bearer units into registered units 3,161,020 (3,161,020) - - 1,158,647,341 20,547,590 1,179,194,931 1,279,262,838 During the year ended 30 June 2012, the Honorable Lahore High Court (LHC) in a Constitutional Petition relating to the amendments brought in the WWF Ordinance, 1971 through the Finance Act, 2006, and the Finance Act, 2008, had declared the Less: Repurchases during the year (153,353,516) - (153,353,516) (167,773,021) said amendments as unlawful and unconstitutional. In March 2013, a larger bench of the Sindh High Court (SHC) passed an order declaring that the amendments introduced in the WWF Ordinance, 1971 through the Finance Act 2006 and 2008 respectively do Total units in issue at the end of the year 1,005,293,825 20,547,590 1,025,841,415 1,111,489,817 not suffer from any constitutional or legal infirmity. However, the Honourable High Court of Sindh has not addressed the other amendments made in the WWF Ordinance 1971 about applicability of WWF to the CISs which is still pending before the Court. The 16 DIVIDEND INCOME decisions of SHC (in against) and LHC (in favour) are pending before Supreme Court. Furthermore, the Fund had received show cause notices from Deputy Commissioner Inland Revenue (DCIR) regarding the payment of WWF liability for the year 2008, 2010 This includes an aggregated amount of Rs. 388.482 million received by the Fund during the year against redemption of preference and 2011 through 2013 amounting to Rs. 76.54 million, Rs. 47.251 million and Rs. 231.131 million respectively but no payment has shares of Mari Petroleum Company Limited on account of distribution (announced as dividend in specie) made by Mari Petroleum been made in the view of the matter stated above. However, the Management Company, as a matter of abundant caution, has Company Limited in the year 2015 in the form of non-voting, non-contribution, unlisted, unrated redeemable preference shares of decided to continue to maintain the provision for WWF amounting to Rs. 507.371 million (30 June 2015: Rs. 507.371). Had the Rs. 10 each and profit thereon of Rs. 8.064 million. same not been made the net assets value per unit of the Fund would have been higher by Rs 0.4946 per unit (30 June 2015: Rs. 0.4565 per unit). As per the Economic Coordination Committee (ECC) decision for dismantling of Mari Gas Pricing Agreement (GPA), preference shares due to the Fund were initially allocated to GoP. However, based on Finance Division letter no: F.4(1)-CF.V/2014 dated 11 12.2 As per the requirement of Finance Act, 2013, Federal Excise Duty (FED) at the rate of 16% on the remuneration of the February 2016 and DG Gas letter: GO (Ac)-5(50)/15 dated 4 March 2016, GoP approved issuance of preference shares to the Management Company has been applied effective 13 June 2013. The Management Company is of the view that since the Fund being a minority shareholder. Based on it and in line with approval of shareholders of Mari Petroleum Company Limited for remuneration is already subject to provincial sales tax, further levy of FED may result in double taxation, which does not appear to redemption of preference shares held by minority shareholders in AGM held on 18 September 2015, the Fund received such be the spirit of the law. amount during the year.

The Honorable Sindh High Court (SHC) through its recent order dated 2 June 2016, in CPD-3184 of 2014 (and others) filed by 17 FINANCIAL CHARGES various taxpayers, has interalia declared that Federal Excise Act 2005 (FED Act) is on services, other than shipping agents and related services, is ultra vires to the Constitution from 01 July 2011. However, the declaration made by the Honorable Court, as During the year short term loan financing amounting to Rs. 2.8 billion was obtained from various commercial banks under mark-up directed, will have affect in the manner prescribed in the judgment. The Sind High Court in its decision dated 16 July 2016 in arrangement ranging from 2 weeks KIBOR plus 0.20% per annum to 1 month KIBOR plus 0.25% per annum.These loans were fully respect of constitutional petition "filed by management companies of mutual funds maintained the previous order on the FED". repaid during the year as at 30 June 2016 the facility was unavailed.

Sindh revenue Board and Federal Board of Revenue have filed appeals before Honourable Supreme Court against the Sindh High 18 AUDITORS' REMUNERATION 2016 2015 Court's decision dated 2 June 2016. Therefore, as a matter of abundant caution, without prejudice to the above, the Management (Rupees in '000) Company has made a provision with effect from 13 June 2013, aggregating to Rs. 306.89 million out of which Rs. 17.327 million have been paid to the Management Company. Had the provision not been made, the Net Assets Value (NAV) per unit of the Fund Statutory audit fee 550 525 as at 30 June 2016 would have been higher by Rs. 0.2992 per unit (30 June 2015: Rs. 0.1819 per unit). However, after the Half yearly review 240 231 exclusion of the mutual funds from federal statute on FED from 1 July 2016, the Fund has discontinued making the provision in this Out of pocket expenses and others including government levy 169 168 regard. 959 924 13 DIVIDEND PAYABLE AND UNCLAIMED DISTRIBUTION 19 TAXATION

As at each accounting date, the amount of cash required to effect distribution of profits amongst holders of registered The Fund's income is exempt from Income Tax as per clause (99) of part I of the Second Schedule to the Income Tax Ordinance, and bearer units, is transferred to a special account titled distribution account. The aggregate balance in such accounts 2001 subject to the condition that not less than 90% of the accounting income for the year as reduced by capital gains whether for the years 1997-98 and earlier in case of distribution to registered unit holders and 1999-2000 and earlier in case realised or unrealised is distributed amongst the unit holders, provided that for the purpose of determining distribution of not less NATIONALof distribution INVESTMENT to bearer unit holders (UNIT) exceeds the TRUST liability for unclaimed distribution by approximately Rs. 31.469 NATIONALthan 90% INVESTMENTof its accounting income (UNIT)for the year,TRUSTthe income distributed through bonus units shall not be taken into account. million. This amount represents payments of dividend out of accounts other than the relevant distribution account. Furthermore, as per regulation 63 of the Non-Banking Finance Companies and Notified Entities Regulations, 2008, the Fund is NOTES TO AND FORMING PART OF THE FINANCIAL STATEMENTS NOTESrequired TOto ANDdistribute FORMING90% of the net PARTaccounting OFincome THEother FINANCIALthan capital gains STATEMENTSto the unit holders. The Board of Directors of the 14 CONTINGENCIES AND COMMITMENTS Management Company in their meeting held on 15 June 2016 has distributed more than ninety percent of the Fund's accounting FOR THE YEAR ENDED 30 JUNE 2016 FOR THEincome YEARfor the yearENDEDas reduced 30 JUNEby capital 2016gains, whether realised or unrealised, to its unit holders during the year. Accordingly no There were no contingencies and commitments outstanding as at 30 June 2016 (2015: Nil). provision has been made in the financial statements for the year ended 30 June 2016.

15 NUMBER OF UNITS IN ISSUE 20 FINANCIAL INSTRUMENTS BY CATEGORY As at 30 June 2016 30 June 2016 30 June 2015 Fair value Registered Bearer Total Total Loans and Available for through profit Total ------(Number of units)------receivables sale or loss Total outstanding at the beginning of the year 1,087,781,207 23,708,610 1,111,489,817 1,058,469,261 ------(Rupees in '000) ------Assets Add: Sales during the year 37,956,495 - 37,956,495 161,489,471 Bank balances 2,046,114 - - 2,046,114 Investments - 2,841,996 64,626,481 67,468,477 Units issued under Cumulative Investment Receivable against sale of investments 130 - - 130 Plan (CIP) during the year 29,748,619 - 29,748,619 59,304,106 Dividend and other receivables 49,913 - - 49,913 Security deposits 2,600 - - 2,600 Conversion of bearer units into registered units 3,161,020 (3,161,020) - - 2,098,757 2,841,996 64,626,481 69,567,234 1,158,647,341 20,547,590 1,179,194,931 1,279,262,838 As at 30 June 2016 Less: Repurchases during the year (153,353,516) - (153,353,516) (167,773,021) Liabilities at fair value At amortised Total Total units in issue at the end of the year 1,005,293,825 20,547,590 1,025,841,415 1,111,489,817 through profit cost or loss 16 DIVIDEND INCOME ------(Rupees in '000) ------Liabilities This includes an aggregated amount of Rs. 388.482 million received by the Fund during the year against redemption of preference Payable to National Investment Trust shares of Mari Petroleum Company Limited on account of distribution (announced as dividend in specie) made by Mari Petroleum Limited - Management Company - 269,011 269,011 Company Limited in the year 2015 in the form of non-voting, non-contribution, unlisted, unrated redeemable preference shares of Payable to Central Depository Company of Rs. 10 each and profit thereon of Rs. 8.064 million. Pakistan Limited - Trustee - 2,584 2,584 Payable against redemption of units - 15,554 15,554 As per the Economic Coordination Committee (ECC) decision for dismantling of Mari Gas Pricing Agreement (GPA), preference Payable against purchase of investments - 39,678 39,678 shares due to the Fund were initially allocated to GoP. However, based on Finance Division letter no: F.4(1)-CF.V/2014 dated 11 Accrued expenses and other liabilities - 345,082 345,082 February 2016 and DG Gas letter: GO (Ac)-5(50)/15 dated 4 March 2016, GoP approved issuance of preference shares to the Dividend payable and unclaimed distribution - 1,459,418 1,459,418 Fund being a minority shareholder. Based on it and in line with approval of shareholders of Mari Petroleum Company Limited for - 2,131,327 2,131,327 redemption of preference shares held by minority shareholders in AGM held on 18 September 2015, the Fund received such amount during the year. As at 30 June 2015 Fair value Loans and Available for 17 FINANCIAL CHARGES through profit Total receivables sale or loss During the year short term loan financing amounting to Rs. 2.8 billion was obtained from various commercial banks under mark-up ------(Rupees in '000) ------arrangement ranging from 2 weeks KIBOR plus 0.20% per annum to 1 month KIBOR plus 0.25% per annum.These loans were fully Assets repaid during the year as at 30 June 2016 the facility was unavailed. Bank balances 4,272,389 - - 4,272,389 Investments - 2,886,224 67,813,093 70,699,317 18 AUDITORS' REMUNERATION 2016 2015 Receivable against sale of investments 15,457 - - 15,457 (Rupees in '000) Dividend and other receivables 71,752 - - 71,752 Security deposits 2,600 - - 2,600 Statutory audit fee 550 525 4,362,198 2,886,224 67,813,093 75,061,515 Half yearly review 240 231 Out of pocket expenses and others including government levy 169 168 As at 30 June 2015 959 924 Liabilities at fair value At amortised Total 19 TAXATION through profit cost or loss The Fund's income is exempt from Income Tax as per clause (99) of part I of the Second Schedule to the Income Tax Ordinance, ------(Rupees in '000) ------2001 subject to the condition that not less than 90% of the accounting income for the year as reduced by capital gains whether Liabilities realised or unrealised is distributed amongst the unit holders, provided that for the purpose of determining distribution of not less Payable to National Investment Trust than 90% of its accounting income for the year, the income distributed through bonus units shall not be taken into account. Limited - Management Company - 69,734 69,734 Furthermore, as per regulation 63 of the Non-Banking Finance Companies and Notified Entities Regulations, 2008, the Fund is Payable to Central Depository Company of required to distribute 90% of the net accounting income other than capital gains to the unit holders. The Board of Directors of the Pakistan Limited - Trustee - 2,365 2,365 Management Company in their meeting held on 15 June 2016 has distributed more than ninety percent of the Fund's accounting Payable against redemption of units - 15,281 15,281 income for the year as reduced by capital gains, whether realised or unrealised, to its unit holders during the year. Accordingly no Payable against purchase of investments - 39,413 39,413 provision has been made in the financial statements for the year ended 30 June 2016. Accrued expenses and other liabilities - 232,290 232,290 Dividend payable and unclaimed distribution - 2,903,455 2,903,455 20 FINANCIAL INSTRUMENTS BY CATEGORY As at 30 June 2016 - 3,262,538 3,262,538 Fair value Loans and Available for through profit Total 21 TRANSACTIONS AND BALANCES WITH CONNECTED PERSONS receivables sale or loss 21.1 Connected persons include National Investment Trust Limited being the Management Company, Central Depository Company of ------(Rupees in '000) ------Pakistan Limited being the Trustee, other collective investment schemes managed by the Management Company, any person or Assets company beneficially owning directly or indirectly ten percent or more of the capital of the Management Company or the net assets Bank balances 2,046,114 - - 2,046,114 of the Fund and directors and officers of the Management Company and unit holders holding 10 percent or more units of the Fund. Investments - 2,841,996 64,626,481 67,468,477 Receivable against sale of investments 130 - - 130 21.2 The transactions with connected persons are in the normal course of business, at contracted terms determined in accordance with Dividend and other receivables 49,913 - - 49,913 the market rates. Security deposits 2,600 - - 2,600 2,098,757 2,841,996 64,626,481 69,567,234 21.3 Remuneration to the Management Company and the Trustee is determined in accordance with the provisions of the NBFC Regulations and the Trust Deed respectively. As at 30 June 2016 Liabilities at 21.4 The details of significant transactions carried out by the Fund with connected persons and balances with them at year end are as fair value At amortised follows: Total through profit cost or loss 21.5 Transactions during the year 2016 2015 ------(Rupees in '000) ------(Rupees in '000) Liabilities Payable to National Investment Trust National Investment Trust Limited - Management Company Limited - Management Company - 269,011 269,011 Issue of Nil units (2015: 5,309,095 units) - 300,000 Payable to Central Depository Company of Issue of 5,712,925 units under CIP (2015: 13,880,416 units) 364,885 822,798 Pakistan Limited - Trustee - 2,584 2,584 Redemption of 23,535,860 units (2015: 24,700,540 units) 1,500,000 1,500,000 Payable against redemption of units - 15,554 15,554 Remuneration of the Management Company 654,396 691,221 Payable against purchase of investments - 39,678 39,678 Sindh Sales Tax on management remuneration 106,274 120,273 Accrued expenses and other liabilities - 345,082 345,082 Sales load on issue of units 4,377 72,025 Dividend payable and unclaimed distribution - 1,459,418 1,459,418 Allocation of expenses related to registrar services, - 2,131,327 2,131,327 accounting, operation and valuation services 38,583 -

As at 30 June 2015 Central Depository Company of Pakistan Limited - Trustee Fair value Remuneration of the Trustee 27,627 28,319 Loans and Available for through profit Total Sindh Sales Tax on Trustee remuneration 3,867 - receivables sale or loss Custodian charges 563 265 ------(Rupees in '000) ------Assets Directors and key management personnel Bank balances 4,272,389 - - 4,272,389 Issue of 31,126 units (2015: 125,660 units) 2,076 8,150 Investments - 2,886,224 67,813,093 70,699,317 Issue of 16,978 units under CIP (2015: 38,930 units) 1,082 2,340 Receivable against sale of investments 15,457 - - 15,457 Redemption of 245,967 units (2015: 28,534 units) 15,139 1,604 Dividend and other receivables 71,752 - - 71,752 Security deposits 2,600 - - 2,600 National Investment Trust Limited Pension Fund 4,362,198 2,886,224 67,813,093 75,061,515 Redemption of Nil units (2015: 707,576 units) - 45,000 Issue of Nil units under CIP (2015: 320,378 units) - 18,950 As at 30 June 2015 Liabilities at fair value At amortised 21.6 Amounts outstanding as at year end 2016 2015 Total through profit cost (Rupees in '000) or loss National Investment Trust Limited - Management Company ------(Rupees in '000) ------95,312,174 units held (2015: 113,135,109 units) 6,209,588 7,212,363 Liabilities Management remuneration payable 54,043 58,920 Payable to National Investment Trust Sindh Sales Tax payable 8,778 10,253 Limited - Management Company - 69,734 69,734 Preliminary charges and handling fee payable 788 561 Payable to Central Depository Company of Allocation of expenses related to registrar services, NATIONALPakistan INVESTMENT Limited - Trustee (UNIT) TRUST - 2,365 2,365 NATIONALaccounting, INVESTMENT operation and valuation (UNIT) services TRUST 5,402 - Payable against redemption of units - 15,281 15,281 Payable against redemption of units 200,000 - NOTESPayable TO against AND purchase FORMING of investments PART OF THE FINANCIAL STATEMENTS - 39,413 39,413 NOTES TO AND FORMING PART OF THE FINANCIAL STATEMENTS Accrued expenses and other liabilities - 232,290 232,290 Central Depository Company of Pakistan Limited - Trustee FOR THEDividend YEAR payable ENDED and unclaimed 30 JUNE distribution 2016 - 2,903,455 2,903,455 FOR THETrustee YEAR remuneration ENDED 30 JUNE 2016 2,267 2,365 - 3,262,538 3,262,538 Sindh Sales Tax 317

National Investment Trust Limited Pension Fund 21 TRANSACTIONS AND BALANCES WITH CONNECTED PERSONS 21.6 Amounts outstanding as at year end 2016 2015 2,149,003 units held (2015: 2,149,003 units) 140,008 136,999 (Rupees in '000)

21.1 Connected persons include National Investment Trust Limited being the Management Company, Central Depository Company of National Investment Trust Limited - Management Company Pakistan Limited being the Trustee, other collective investment schemes managed by the Management Company, any person or Directors and key management personnel 300,21695,312,174 units units held held (2015: (2015: 498,079 113,135,109 units) units) 6,209,588 19,559 7,212,363 31,753 company beneficially owning directly or indirectly ten percent or more of the capital of the Management Company or the net assets Management remuneration payable 54,043 58,920 of the Fund and directors and officers of the Management Company and unit holders holding 10 percent or more units of the Fund. 22 FINANCIALSindh Sales TaxRISK payable MANAGEMENT 8,778 10,253 Preliminary charges and handling fee payable 788 561 21.2 The transactions with connected persons are in the normal course of business, at contracted terms determined in accordance with TheAllocation Fund's of activities expenses expose related it to registrara variety services,of financial risks; which includes market risk, credit risk and liquidity risk. the market rates. accounting, operation and valuation services 5,402 - Payable against redemption of units 200,000 - 21.3 Remuneration to the Management Company and the Trustee is determined in accordance with the provisions of the NBFC 22.1 Market risk Regulations and the Trust Deed respectively. MarketCentralrisk Depositoryis the risk Companythat the fairof Pakistanvalue or theLimitedfuture - Trusteecash flows of a financial instrument may fluctuate as a result of changes in marketTrustee prices. remuneration 2,267 2,365 21.4 The details of significant transactions carried out by the Fund with connected persons and balances with them at year end are as Sindh Sales Tax 317 follows: The Management Company manages the market risk through diversification of the investment portfolio by exposures and by followingNational theInvestmentinternal guidelines Trust Limitedestablished Pensionby Fundthe investment committee and regulations laid down by the Securities and Exchange 21.5 Transactions during the year 2016 2015 2,149,003Commission units of Pakistan.held (2015: 2,149,003 units) 140,008 136,999 (Rupees in '000) MarketDirectors risk and comprises key management of three types personnel of risk: currency risk, interest rate risk and other price risk. National Investment Trust Limited - Management Company 300,216 units held (2015: 498,079 units) 19,559 31,753 Issue of Nil units (2015: 5,309,095 units) - 300,000 22.1.1 Currency risk Issue of 5,712,925 units under CIP (2015: 13,880,416 units) 364,885 822,798 22 FINANCIAL RISK MANAGEMENT Redemption of 23,535,860 units (2015: 24,700,540 units) 1,500,000 1,500,000 Remuneration of the Management Company 654,396 691,221 Currency risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in foreign exchangeThe Fund'srates. activitiesThe exposeFund, at it presentto a varietyis not of exposedfinancial torisks;currency whichrisk includesas its marketoperations risk, arecreditgeographically risk and liquidityrestricted risk. to Pakistan and Sindh Sales Tax on management remuneration 106,274 120,273 all transactions are carried out in Pak Rupees. Sales load on issue of units 4,377 72,025 22.1 Market risk Allocation of expenses related to registrar services, 22.1.2 Interest rate risk accounting, operation and valuation services 38,583 - Market risk is the risk that the fair value or the future cash flows of a financial instrument may fluctuate as a result of changes in market prices. Central Depository Company of Pakistan Limited - Trustee Interest rate risk is is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in market interest rates. Remuneration of the Trustee 27,627 28,319 The Management Company manages the market risk through diversification of the investment portfolio by exposures and by Sindh Sales Tax on Trustee remuneration 3,867 - followinga) Sensitivitythe internal analysisguidelines for variableestablished rate instrumentsby the investment committee and regulations laid down by the Securities and Exchange Custodian charges 563 265 Commission of Pakistan. Presently, the Fund does not hold any variable rate instruments and is not exposed to cash flow interest rate risk. Directors and key management personnel Market risk comprises of three types of risk: currency risk, interest rate risk and other price risk. Issue of 31,126 units (2015: 125,660 units) 2,076 8,150 b) Sensitivity analysis for fixed rate instruments Issue of 16,978 units under CIP (2015: 38,930 units) 1,082 2,340 22.1.1 Currency risk Redemption of 245,967 units (2015: 28,534 units) 15,139 1,604 Presently, the Fund does not hold any fixed rate instruments and is not exposed to cash flow interest rate risk. Currency risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in foreign National Investment Trust Limited Pension Fund exchangeYield / interestrates.rateThesensitivityFund, at presentpositionisfornoton-balanceexposed tosheetcurrencyfinancialrisk instrumentsas its operationsis basedare geographicallyon the earlier ofrestrictedcontractualto Pakistanrepricingandor Redemption of Nil units (2015: 707,576 units) - 45,000 all transactions are carried out in Pak Rupees. Issue of Nil units under CIP (2015: 320,378 units) - 18,950 maturity date and for off-balance sheet instruments is based on settlement date. 22.1.2 Interest rate risk As at 30 June 2016 Exposed to yield / interest rate risk Not exposed to 21.6 Amounts outstanding as at year end 2016 2015 Effective yield / More than three Interest rate risk is is the risk that the fair value or future cashUp to threeflows of a financial instrumentMore thanwill onefluctuate yield / becauseinterest of changesTotal in (Rupees in '000) interest rate (%) months and up- market interest rates. months year rate risk National Investment Trust Limited - Management Company to one year 95,312,174 units held (2015: 113,135,109 units) 6,209,588 7,212,363 ------(Rupees in '000) ------a) Sensitivity analysis for variable rate instruments Management remuneration payable 54,043 58,920 On-balance sheet financial instruments Sindh Sales Tax payable 8,778 10,253 Presently, the Fund does not hold any variable rate instruments and is not exposed to cash flow interest rate risk. Preliminary charges and handling fee payable 788 561 Financial assets Allocation of expenses related to registrar services, Bank balances 4.00 - 7.25 2,044,138 - - 1,976 2,046,114 b) Sensitivity analysis for fixed rate instruments accounting, operation and valuation services 5,402 - Investments - - - 67,468,477 67,468,477 Payable against redemption of units 200,000 - Receivable against sale of investments - - - 130 130 DividendPresently, and other the receivables Fund does not hold any fixed rate instruments and - is not exposed - to cash flow interest - rate risk. 49,913 49,913 Security deposits - - - 2,600 2,600 Central Depository Company of Pakistan Limited - Trustee Yield / interest rate sensitivity position for on-balance sheet financial 2,044,138 instruments is - based on the - earlier of 67,523,096 contractual repricing 69,567,234 or Trustee remuneration 2,267 2,365 Financial liabilities maturity date and for off-balance sheet instruments is based on settlement date. Sindh Sales Tax 317 Payable to National Investment Trust Limited - Management Company - - - 269,011 269,011 Payable to Central Depository Company of National Investment Trust Limited Pension Fund Pakistan Limited - Trustee - - - 2,584 2,584 2,149,003 units held (2015: 2,149,003 units) 140,008 136,999 Payable against redemption of units - - - 15,554 15,554 Payable against purchase of investments - - - 39,678 39,678 Directors and key management personnel Accrued expenses and other liabilities - - - 345,082 345,082 300,216 units held (2015: 498,079 units) 19,559 31,753 Dividend payable and unclaimed distribution - - - 1,459,418 1,459,418 - - - 2,131,327 2,131,327

22 FINANCIAL RISK MANAGEMENT On-balance sheet gap 2,044,138 - - 65,391,769 67,435,907

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

22.1 Market risk Off-balance sheet gap - - - - -

Market risk is the risk that the fair value or the future cash flows of a financial instrument may fluctuate as a result of changes in Total interest rate sensitivity gap 2,044,138 - - 65,391,769 67,435,907

market prices. Cumulative interest rate sensitivity gap 2,044,138 2,044,138 2,044,138

The Management Company manages the market risk through diversification of the investment portfolio by exposures and by As at 30 June 2015 following the internal guidelines established by the investment committee and regulations laid down by the Securities and Exchange Exposed to yield / interest rate risk Not exposed to Commission of Pakistan. Effective yield / More than three Up to three More than one yield / interest Total interest rate (%) months and up-to months year rate risk Market risk comprises of three types of risk: currency risk, interest rate risk and other price risk. one year ------(Rupees in '000) ------22.1.1 Currency risk On-balance sheet financial instruments Currency risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in foreign Financial assets exchange rates. The Fund, at present is not exposed to currency risk as its operations are geographically restricted to Pakistan and Bank balances 5.00 - 10.25 4,259,317 - - 13,072 4,272,389 all transactions are carried out in Pak Rupees. Investments - - - 70,699,317 70,699,317 Receivable against sale of investments - - - 15,457 15,457 22.1.2 Interest rate risk Dividend and other receivables - - - 71,752 71,752 Security deposits - - - 2,600 2,600 4,259,317 - - 70,802,198 75,061,515 Interest rate risk is is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in Financial liabilities market interest rates. Payable to National Investment Trust Limited - Management Company - - - 69,734 69,734 a) Sensitivity analysis for variable rate instruments Payable to Central Depository Company of Pakistan Limited - Trustee - - - 2,365 2,365 Payable against redemption of units - - - 15,281 15,281 Presently, the Fund does not hold any variable rate instruments and is not exposed to cash flow interest rate risk. Payable against purchase of investments - - - 39,413 39,413 Accrued expenses and other liabilities - - - 232,290 232,290 b) Sensitivity analysis for fixed rate instruments Dividend payable and unclaimed distribution - - - 2,903,455 2,903,455 - - - 3,262,538 3,262,538 Presently, the Fund does not hold any fixed rate instruments and is not exposed to cash flow interest rate risk. On-balance sheet gap 4,259,317 - - 67,539,660 71,798,977 Yield / interest rate sensitivity position for on-balance sheet financial instruments is based on the earlier of contractual repricing or Off-balance sheet financial instruments - - - - - maturity date and for off-balance sheet instruments is based on settlement date. Off-balance sheet gap - - - - -

Total interest rate sensitivity gap 4,259,317 - - 67,539,660 71,798,977

Cumulative interest rate sensitivity gap 4,259,317 4,259,317 4,259,317 As at 30 June 2016 Exposed to yield / interest rate risk NATIONAL INVESTMENT (UNIT) TRUST Not exposed to NATIONAL INVESTMENT (UNIT) TRUST Effective yield / More than three Up to three More than one yield / interest Total interest rate (%) months and up- months year rate risk NOTES TO AND FORMING PART OF THE FINANCIALto one STATEMENTSyear NOTES TO AND FORMING PART OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2016 ------(Rupees in '000) ------FOR THE YEAR ENDED 30 JUNE 2016 On-balance sheet financial instruments

Financial assets As at 30 June 2016 Bank balances 4.00 - 7.25 2,044,138 - - 1,976 2,046,114 22.1.3 Price risk Exposed to yield / interest rate risk Investments - - - Not exposed 67,468,477 to 67,468,477 Effective yield / More than three Receivable against sale of investments Up to three - - More than one - yield / interest 130 Total 130 Price risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in market interest rate (%) months and up- Dividend and other receivables months - - year - rate risk 49,913 49,913 prices (other than those arising from interest risk or currency risk) whether those changes are caused by factors specific to the Security deposits to one year - - - 2,600 2,600 individual financial instrument or its issuer, or factors affecting all similar financial instruments traded in the market. 2,044,138 ------(Rupees in '000) ------67,523,096 69,567,234 Financial liabilities PayableOn-balance to National sheet financial Investment instruments Trust Limited The Fund is exposed to equity price risk because of investments held by the Fund and classified on the statement of assets and - Management Company - - - 269,011 269,011 liabilities' as available for sale and at fair value through profit or loss. To manage its price risk arising from investments in equity PayableFinancial to assets Central Depository Company of securities, the Fund diversifies its portfolio within the eligible stocks prescribed in the Trust Deed. The NBFC Regulations also limit BankPakistan balances Limited - Trustee 4.00 - 7.25 2,044,138 - - 1,976 2,046,114 - - - 2,584 2,584 individual equity securities to no more than 10% of net assets, or issued capital of the investee company and sector exposure limit PayableInvestments against redemption of units - - - 67,468,477 15,554 67,468,477 15,554 PayableReceivable against against purchase sale of ofinvestments investments - - - 39,678 130 39,678 130 to 30% of net assets or index weight of the security whichever is higher, subject to maximum of 35% of the net assets. AccruedDividend expensesand other andreceivables other liabilities - - - 345,082 49,913 345,082 49,913 DividendSecurity depositspayable and unclaimed distribution - - - 1,459,418 2,600 1,459,418 2,600 In case of 5% increase/decrease in KSE 100 index on 30 June 2016, with all other variables held constant, net income of the Fund 2,044,138 - - - 67,523,096 2,131,327 69,567,234 2,131,327 for the year would increase / (decrease) by Rs. 142.100 million (2015: Rs. 144.311 million) as a result of gains / (losses) on equity Financial liabilities securities classified as fair value through profit or loss. Other components of equity of the Fund would increase / decrease by Rs. On-balancePayable to National sheet gap Investment Trust Limited 2,044,138 - - 65,391,769 67,435,907 - Management Company - - - 269,011 269,011 3,231.324 million (2015: Rs. 3,390.655 million) as a result of gains / (losses) on equity securities classified as available for sale. Off-balancePayable to Central sheet Depositoryfinancial instruments Company of - - - - - Accordingly, the net assets of the Fund would increase / (decrease) as a result of gains / (losses) on investment in equity securities Pakistan Limited - Trustee - - - 2,584 2,584 by Rs. 3,373.434 million (2015: 3,534.966 million). Off-balancePayable against sheet redemption gap of units - - - 15,554 - 15,554 - Payable against purchase of investments - - - 39,678 39,678 Accrued expenses and other liabilities - - - 345,082 345,082 The analysis is based on the assumption that equity index had increased / decreased by 5% with all other variables held constant Total interest rate sensitivity gap 2,044,138 - - 65,391,769 67,435,907 Dividend payable and unclaimed distribution - - - 1,459,418 1,459,418 and all the Fund's equity instruments moved according to the historical correlation with the index. This represents management's - - - 2,131,327 2,131,327 best estimate of a reasonable possible shift in the KSE 100 Index, having regard to the historical volatility of the index. The Cumulative interest rate sensitivity gap 2,044,138 2,044,138 2,044,138 composition of the Fund's investment portfolio and the correlation thereof to the KSE 100 Index, is expected to change over time. On-balance sheet gap 2,044,138 - - 65,391,769 67,435,907 As at 30 June 2015 Accordingly, the sensitivity analysis prepared as of 30 June 2016 is not necessarily indicative of the effect on the Fund's net assets of future movements in the level of the KSE 100 Index. Off-balance sheet financial instruments Exposed - to yield / interest - rate risk - - - Not exposed to Effective yield / More than three Up to three More than one yield / interest Total Off-balance sheet gap interest rate (%) - months and up-to - - - - 22.2 Credit risk months year rate risk one year Total interest rate sensitivity gap 2,044,138 - - 65,391,769 67,435,907 ------(Rupees in '000) ------Credit risk represents the risk of a loss if the counter parties fail to perform as contracted. Credit risk arises from deposits with banks and financial institutions, credit exposure arising as a result of dividends receivable on equity securities, receivable against On-balanceCumulative interestsheet financial rate sensitivity instruments gap 2,044,138 2,044,138 2,044,138 sale of investments and investments in debt securities. For banks and financial institutions, only reputed parties are accepted. Credit risk on dividend receivable is minimal due to statutory protection. All transactions in listed securities are settled / paid for Financial assets As at 30 June 2015 upon delivery using the National Clearing Company of Pakistan Limited. The risk of default is considered minimal due to inherent Bank balances 5.00 - 10.25 4,259,317 Exposed to yield / interest - rate risk - 13,072 4,272,389 Not exposed to systematic measures taken therein. Risk attributable to investment in Treasury Bills is limited as these are guaranteed by the Investments Effective yield / - More than three - - 70,699,317 70,699,317 Up to three More than one yield / interest Total Federal Government. Receivable against sale of investments interest rate (%) - months and up-to - - 15,457 15,457 months year rate risk Dividend and other receivables - one year - - 71,752 71,752 Security deposits - - - 2,600 2,600 The Fund's policy is to enter into financial contracts in accordance with the internal risk management policies and investment 4,259,317 ------(Rupees in '000) ------70,802,198 75,061,515 guidelines approved by the Investment Committee. The Fund does not expect to incur material credit losses on its financial assets. Financial liabilities PayableOn-balance to National sheet financial Investment instruments Trust Limited - Management Company - - - 69,734 69,734 The analysis below summarises the credit quality of the Fund's financial assets as at 30 June 2016 and 30 June 2015: PayableFinancial to assets Central Depository Company of Bank balances 5.00 - 10.25 4,259,317 - - 13,072 4,272,389 Pakistan Limited - Trustee - - - 2,365 2,365 Percentage of InvestmentsPayable against redemption of units - - - 70,699,317 15,281 70,699,317 15,281 Balance as at 30 Name of the bank Rating agency Published rating total bank PayableReceivable against against purchase sale of ofinvestments investments - - - 39,41315,457 39,41315,457 June 2016 AccruedDividend expensesand other andreceivables other liabilities - - - 232,290 71,752 232,290 71,752 balances DividendSecurity depositspayable and unclaimed distribution - - - 2,903,455 2,600 2,903,455 2,600 (Rupees in '000) 4,259,317 - - - 70,802,198 3,262,538 75,061,515 3,262,538 Financial liabilities National Bank of Pakistan 425 PACRA AAA 0.02 On-balancePayable to National sheet gap Investment Trust Limited - 4,259,317 - - 67,539,660 71,798,977 Management Company - - - 69,734 69,734 Habib Bank Limited 8,555 JCR-VIS AAA 0.42 Bank Al-Habib Limited Off-balancePayable to Central sheet Depositoryfinancial instruments Company of - - - - - 1,709,891 PACRA AA+ 83.57 Pakistan Limited - Trustee - - - 2,365 2,365 United Bank Limited 702 JCR-VIS AAA 0.03 Off-balancePayable against sheet redemption gap of units - - - 15,281 - 15,281 - Allied Bank Limited 426 PACRA AA+ 0.02 Payable against purchase of investments - - - 39,413 39,413 NIB Bank Limited 714 PACRA AA- 0.03 Accrued expenses and other liabilities - - - 232,290 232,290 Total interest rate sensitivity gap 4,259,317 - - 67,539,660 71,798,977 Dividend payable and unclaimed distribution - - - 2,903,455 2,903,455 Bank Al-Falah Limited 1,973 PACRA AA 0.10 - - - 3,262,538 3,262,538 Summit Bank Limited 68,203 JCR-VIS A- (SO) 3.33 Cumulative interest rate sensitivity gap 4,259,317 4,259,317 4,259,317 Soneri Bank Limited 252,789 PACRA A1+ 12.36 On-balance sheet gap 4,259,317 - - 67,539,660 71,798,977 MCB Limited 2,436 PACRA A1+ 0.12

Off-balance sheet financial instruments - - - - - 2,046,114 100.00 Off-balance sheet gap - - - - - Percentage of Balance as at 30 Total interest rate sensitivity gap 4,259,317 - - 67,539,660 71,798,977 Name of the bank Rating agency Published rating total bank June 2015 balances Cumulative interest rate sensitivity gap 4,259,317 4,259,317 4,259,317 (Rupees in '000)

National Bank of Pakistan 12,643 PACRA AAA 0.30 Habib Bank Limited 3,417 JCR-VIS AAA 0.08 Bank Al-Habib Limited 4,238,941 PACRA AA+ 99.22 United Bank Limited 504 JCR-VIS AA+ 0.01 Allied Bank Limited 68 PACRA AA+ - NIB Bank Limited 540 PACRA AA- 0.01 Bank Al-Falah Limited 428 PACRA AA 0.01 Summit Bank Limited 15,848 JCR-VIS A 0.37

4,272,389 100.00

The maximum exposure to credit risk before any credit enhancement as at 30 June 2016 is the carrying amount of the financial assets. Investments in equity securities, however, are not exposed to credit risk.

Concentration of credit risk

Concentration of credit risk exists when changes in economic or industry factors similarly affect groups of counterparties whose aggregate credit exposure is significant in relation to the Fund's total credit exposure. The Fund's portfolio of financial instruments is mostly concentrated in equity securities. 22.3 Liquidity risk

Liquidity risk is the risk that the Fund may not be able to generate sufficient cash resources to settle its obligations in full as they fall due or can only do so on terms that are materially disadvantageous. The Fund is exposed to the daily settlement of equity securities and to daily cash redemptions, if any. The Fund's approach to managing liquidity is to ensure, as far as possible, that the Fund will always have sufficient liquidity to meet its liabilities when due under both normal and stressed conditions, without incurring unacceptable losses or risking damage to the Fund's reputation. Its policy is therefore to invest the majority of its assets in investments that are traded in an active market and can be readily disposed off. The Fund’s listed securities are considered readily The analysis below summarises the credit quality of the Fund's financial assets as at 30 June 2016 and 30 June 2015: 22.3 realisable,Liquidity riskas they are listed on the Pakistan Stock Exchange. The Fund has the ability to borrow in the short term to ensure settlement. The maximum amount available to the Fund from the borrowing would be limited to fifteen percent of the net assets Percentage of Liquidity risk is the risk that the Fund may not be able to generate sufficient cash resources to settle its obligations in full as they fall Balance as at 30 upto 90 days and would be secured by the assets of the Fund. The facility would bear interest at commercial rates. Name of the bank Rating agency Published rating total bank due or can only do so on terms that are materially disadvantageous. The Fund is exposed to the daily settlement of equity securities June 2016 balances Inandorderto dailyto managecash redemptions,the Fund's overallif any. liquidity,The Fund'sthe approachFund maytoalsomanagingwithholdliquiditydaily redemptionis to ensure,requestsas far inasexcesspossible,of tenthatpercentthe Fundof thewill (Rupees in '000) unitsalwaysin issuehave andsufficientsuch requestsliquidity wouldto meetbe itstreatedliabilitiesas redemptionwhen duerequestsunder bothqualifyingnormalforandbeingstressedprocessedconditions,on the nextwithoutbusinessincurringday. Suchunacceptableprocedurelosseswouldorcontinuerisking untildamagethe outstandingto the Fund'sredemptionreputation.requestsIts policycomeisdownthereforeto a levelto investbelowtheten majoritypercent ofoftheits unitsassetsthenin National Bank of Pakistan 425 PACRA AAA 0.02 ininvestments issue. The thatFundare didtraded not withholdin an active any redemptionmarket and requestscan be readily during disposedthe year. off. The Fund’s listed securities are considered readily Habib Bank Limited 8,555 JCR-VIS AAA 0.42 realisable, as they are listed on the Pakistan Stock Exchange. The Fund has the ability to borrow in the short term to ensure Bank Al-Habib Limited 1,709,891 PACRA AA+ 83.57 Thesettlement.table belowThe maximumanalyses theamountFund'savailablefinancialtoliabilitiesthe Fundintofromrelevantthe borrowingmaturity groupingswould be limitedbased onto fifteenthe remainingpercentperiodof the atnettheassetsyear United Bank Limited 702 JCR-VIS AAA 0.03 endupto date 90 days to the and contractual would be maturitysecured date.by the The assets amounts of the in Fund. the table The arefacility the wouldcontractual bear interestundiscounted at commercial cash flows: rates. Allied Bank Limited 426 PACRA AA+ 0.02 NIB Bank Limited 714 PACRA AA- 0.03 In order to manage the Fund's overall liquidity, the Fund may also withhold daily redemptionAs at 30requests June 2016in excess of ten percent of the NATIONALBank Al-Falah INVESTMENT Limited (UNIT) TRUST 1,973 PACRA AA 0.10 NATIONALunits in issue INVESTMENTand such requests would (UNIT)be treated TRUSTas redemption requests qualifying for being processedOver threeon the next business day. Up to three Summit Bank Limited 68,203 JCR-VIS A- (SO) 3.33 Such procedure would continue until the outstanding redemptionTotalrequests come down to a levelmonthsbelow ten andpercent up Overof the oneunits yearthen months NOTESSoneri TO Bank AND Limited FORMING PART OF THE FINANCIAL 252,789 STATEMENTSPACRA A1+ 12.36 NOTESin issue. TO The AND Fund FORMINGdid not withhold anyPART redemption OF requestsTHE FINANCIAL during the year. STATEMENTSto one year FOR THEMCB Limited YEAR ENDED 30 JUNE 2016 2,436 PACRA A1+ 0.12 FOR THE YEAR ENDED 30 JUNE 2016 ------(Rupees in '000) ------FinancialThe table liabilitiesbelow analyses the Fund's financial liabilities into relevant maturity groupings based on the remaining period at the year 2,046,114 100.00 Payableend date to to the the National contractual Investment maturity Trustdate. LimitedThe amounts in the table are the contractual undiscounted cash flows: - Management Company 269,011 269,011 - - Percentage of Payable to the Central Depository As at 30 June 2016 Balance as at 30 Over three Name of the bank Rating agency Published rating total bank Company of Pakistan Limited - Trustee 2,584 Up to three 2,584 - - June 2015 Total months and up Over one year balances Payable against redemption of units 15,554 months 15,554 - - (Rupees in '000) Payable against purchase of investments 39,678 39,678 to one year - - Accrued expenses and other liabilities 345,082 ------345,082 (Rupees in '000) ------National Bank of Pakistan 12,643 PACRA AAA 0.30 DividendFinancial payable liabilities and unclaimed distribution 1,459,418 1,459,418 - - Habib Bank Limited 3,417 JCR-VIS AAA 0.08 Payable to the National Investment Trust Limited 2,131,327 2,131,327 - - Bank Al-Habib Limited 4,238,941 PACRA AA+ 99.22 - Management Company 269,011 269,011 - - United Bank Limited 504 JCR-VIS AA+ 0.01 Unitholders'Payable to the fund Central Depository 66,830,297 66,830,297 Allied Bank Limited 68 PACRA AA+ - Company of Pakistan Limited - Trustee 2,584 2,584 - - NIB Bank Limited 540 PACRA AA- 0.01 Payable against redemption of units 15,554 15,554 - - As at 30 June 2015 Bank Al-Falah Limited 428 PACRA AA 0.01 Payable against purchase of investments 39,678 39,678 - - Over three Summit Bank Limited 15,848 JCR-VIS A 0.37 Accrued expenses and other liabilities 345,082 Up to 345,082 three - - Total months and up to Over one year Dividend payable and unclaimed distribution 1,459,418 months 1,459,418 - - one year 4,272,389 100.00 2,131,327 2,131,327 ------(Rupees in '000) ------Unitholders' fund 66,830,297 66,830,297 The maximum exposure to credit risk before any credit enhancement as at 30 June 2016 is the carrying amount of the financial Financial liabilities assets. Investments in equity securities, however, are not exposed to credit risk. Payable to the National Investment Trust Limited - Management Company 69,734 69,734 - - Concentration of credit risk Payable to the Central Depository Company of Pakistan Limited - Trustee 2,365 2,365 - - Concentration of credit risk exists when changes in economic or industry factors similarly affect groups of counterparties whose Payable against redemption of units 15,281 15,281 - - aggregate credit exposure is significant in relation to the Fund's total credit exposure. The Fund's portfolio of financial instruments is Payable against purchase of investments 39,413 39,413 mostly concentrated in equity securities. Accrued expenses and other liabilities 232,290 232,290 - - Dividend payable and unclaimed distribution 2,903,455 2,903,455 - - 22.3 Liquidity risk 3,262,538 3,262,538 - -

Liquidity risk is the risk that the Fund may not be able to generate sufficient cash resources to settle its obligations in full as they fall Unitholders' fund 70,852,025 70,852,025 due or can only do so on terms that are materially disadvantageous. The Fund is exposed to the daily settlement of equity securities and to daily cash redemptions, if any. The Fund's approach to managing liquidity is to ensure, as far as possible, that the Fund will 23 UNIT HOLDERS' FUND RISK MANAGEMENT always have sufficient liquidity to meet its liabilities when due under both normal and stressed conditions, without incurring unacceptable losses or risking damage to the Fund's reputation. Its policy is therefore to invest the majority of its assets in The unit holders' fund is represented by redeemable units. They are entitled to distributions and to payment of a proportionate investments that are traded in an active market and can be readily disposed off. The Fund’s listed securities are considered readily share based on the Fund's net asset value per unit on the redemption date. The relevant movements are shown on the 'Statement realisable, as they are listed on the Pakistan Stock Exchange. The Fund has the ability to borrow in the short term to ensure of Movement in Unit Holders' Fund'. settlement. The maximum amount available to the Fund from the borrowing would be limited to fifteen percent of the net assets upto 90 days and would be secured by the assets of the Fund. The facility would bear interest at commercial rates. The Fund has no restrictions on the subscription and redemption of units. There is no specific capital requirement which is applicable to the Fund. In order to manage the Fund's overall liquidity, the Fund may also withhold daily redemption requests in excess of ten percent of the units in issue and such requests would be treated as redemption requests qualifying for being processed on the next business day. The Fund's objectives when managing unit holders' funds are to safeguard its ability to continue as a going concern so that it can Such procedure would continue until the outstanding redemption requests come down to a level below ten percent of the units then continue to provide returns to the unit holders and to maintain a strong base of assets to meet unexpected losses or opportunities. in issue. The Fund did not withhold any redemption requests during the year. In accordance with the risk management policies as stated in note 22, the Fund endeavours to invest the subscriptions received in The table below analyses the Fund's financial liabilities into relevant maturity groupings based on the remaining period at the year appropriate investments while maintaining sufficient liquidity to meet redemption requests, such liquidity being augmented by short- end date to the contractual maturity date. The amounts in the table are the contractual undiscounted cash flows: term borrowings or disposal of investments where necessary.

As at 30 June 2016 As required under the NBFC Regulations, every open end scheme shall maintain minimum fund size (i.e. net assets of the Fund) of Over three Up to three Rs. 100 million at all times during the life of scheme. The Fund has maintained and complied with the requirements of minimum Total months and up Over one year months fund size during the year. to one year ------(Rupees in '000) ------24 FAIR VALUE OF FINANCIAL INSTRUMENTS Financial liabilities Payable to the National Investment Trust Limited Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market - Management Company 269,011 269,011 - - participants at the measurement date. Payable to the Central Depository Company of Pakistan Limited - Trustee 2,584 2,584 - - Underlying the definition of fair value is the presumption that the Fund is a going concern without any intention or requirement to Payable against redemption of units 15,554 15,554 - - curtail materially the scale of its operations or to undertake a transaction on adverse terms. Payable against purchase of investments 39,678 39,678 - - Accrued expenses and other liabilities 345,082 345,082 - - Dividend payable and unclaimed distribution 1,459,418 1,459,418 - - 2,131,327 2,131,327 - -

Unitholders' fund 66,830,297 66,830,297 The fair value of financial assets and liabilities traded in active markets i.e. listed equity shares are based on the quoted market prices at the close of trading on the period end date. The quoted market prices used for financial assets held by the Fund is current bid price.

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

IFRS 13, 'Fair Value Measurement' requires the Fund to classify fair value measurements using a fair value hierarchy that reflects Thethe significancefair value of offinancial the inputsassets used andin makingliabilities the tradedmeasurements.in active Themarkets fair valuei.e. listed hierarchyequity hasshares the followingare based levels:on the quoted market prices at the close of trading on the period end date. The quoted market prices used for financial assets held by the Fund is current bid- Quoted price. prices (unadjusted) in active markets for identical assets or Liabilities (level 1).

A- financialInputs otherinstrumentthan quotedis regardedprices includedas quotedwithinin anlevelactive1 thatmarketare observableif quoted pricesfor theareassetreadilyor liability,and regularlyeither directlyavailable(thatfromis, anas exchange,prices) ordealer, indirectlybroker, (that industryis, derivedgroup, from pricingprices) (levelservice, 2). or regulatory agency, and those prices represent actual and regularly occurring market transactions on an arm’s length basis. - Inputs for the asset or liability that are not based on observable market data (that is, unobservable inputs) (level 3). IFRS 13, 'Fair Value Measurement' requires the Fund to classify fair value measurements using a fair value hierarchy that reflects theThe significancefollowing table of theshows inputsthe usedcarrying in makingamounts the measurements.and fair values Theof financial fair valueassets hierarchyand hasfinancial the followingliabilities, levels:including their levels in the fair value hierarchy. - Quoted prices (unadjusted) in active markets for identical assets or Liabilities (level 1). 30 June 2016 - Inputs other than quoted prices included within level 1 thatCarryingare observablevalue for the asset or liability, eitherFair valuedirectly (that is, as fair value Other prices) or indirectly (that is, derived from prices)Available -(level 2). Loans and through financial Total Level 1 Level 2 Level 3 Total for - sale receivables profit or loss liabilities - Inputs for the asset or liability that are not based on observable market data (that is, unobservable inputs) (level 3). ------(Rupees in '000) ------On-balance sheet financial instruments FinancialThe following assets measuredtable showsat fair valuethe carrying amounts and fair values of financial assets and financial liabilities, including their levels in Investmentsthe fair value - Shares hierarchy. / units of mutual funds 64,626,481 2,841,996 - - 67,468,477 67,292,142 - 187,421 67,479,563

Financial assets not measured at fair value 24.1 30 June 2016 Bank balances - - Carrying 2,046,114 value - 2,046,114 - Fair - value - - Receivable against sale of investments - - 130 - 130 - - - - fair value Other Dividend and other receivables Available - - - Loans 49,913 and - 49,913 - - - - through financial Total Level 1 Level 2 Level 3 Total for - sale receivables Security deposits - profit or loss - 2,600 liabilities - 2,600 ------2,098,757 - 2,098,757 ------(Rupees in '000) ------On-balance sheet financial instruments Financial liabilities not measured at fair value 24.1 Financial assets measured at fair value Payable to National Investment Trust Investments - Shares / units of mutual funds 64,626,481 2,841,996 - - 67,468,477 67,292,142 - 187,421 67,479,563 Limited - Management Company - - - 269,011 269,011 Payable to Central Depository Company - - - - - Financial assets not measured at fair value 24.1 of Pakistan Limited - Trustee - - - 2,584 2,584 Bank balances - - 2,046,114 - 2,046,114 - - - - Payable against redemption of units - - - 15,554 15,554 - - - - Receivable against sale of investments - - 130 - 130 - - - - Payable against purchase of investments 39,678 39,678 Dividend and other receivables - - 49,913 - 49,913 - - - - Accrued expenses and other liabilities - - - 345,082 345,082 - - - - Security deposits - - 2,600 - 2,600 - - - - Dividend payable and unclaimed distribution - - - 1,459,418 1,459,418 ------2,098,757 - 2,098,757 ------2,131,327 2,131,327 - - - -

Financial liabilities not measured at fair value 24.1 30 June 2015 Payable to National Investment Trust Carrying value Fair value Limited - Management Company - - - 269,011 269,011 fair value Other NATIONAL INVESTMENT (UNIT) TRUST NATIONALPayable to Central INVESTMENT Depository Company (UNIT)Available TRUST - for Loans and - - - - - through profit financial Total Level 1 Level 2 Level 3 Total - sale receivables of Pakistan Limited - Trustee - or loss - - liabilities 2,584 2,584 Payable against redemption of units - - - 15,554 15,554 - - - - NOTES TO AND FORMING PART OF THE FINANCIAL STATEMENTS NOTES TO AND FORMING PART ------OF THE FINANCIAL STATEMENTS (Rupees in '000) ------Payable against purchase of investments 39,678 39,678 On-balance sheet financial instruments Accrued expenses and other liabilities - - - 345,082 345,082 - - - - FOR THE YEAR ENDED 30 JUNE 2016 FOR THEFinancial YEAR assets measured ENDED at fair value 30 JUNE 2016 Dividend payable and unclaimed distribution Investments - Shares / units of mutual funds 67,813,093 - 2,886,224 - - 1,459,418 - 70,699,317 1,459,418 70,688,231 - - 11,086 - 70,699,317 - - - - 2,131,327 2,131,327 - - - -

Financial assets not measured at fair value 30 June 2015 The fair value of financial assets and liabilities traded in active markets i.e. listed equity shares are based on the quoted market Bank balances - - 4,272,389 - 4,272,389 - - - - prices at the close of trading on the period end date. The quoted market prices used for financial assets held by the Fund is current Receivable against sale of investments - - Carrying 15,457 value - 15,457 - Fair - value - - fair value Other bid price. Dividend and other receivables Available - for - Loans 71,752 and - 71,752 - - - - through profit financial Total Level 1 Level 2 Level 3 Total Security deposits - sale - - receivables 2,600 - 2,600 - - - - or loss liabilities - - 4,362,198 - 4,362,198 - - - - A financial instrument is regarded as quoted in an active market if quoted prices are readily and regularly available from an ------(Rupees in '000) ------exchange, dealer, broker, industry group, pricing service, or regulatory agency, and those prices represent actual and regularly On-balance sheet financial instruments Financial assets not measured at fair value Financial assets measured at fair value occurring market transactions on an arm’s length basis. Payable to National Investment Trust Investments - Shares / units of mutual funds 67,813,093 2,886,224 - - 70,699,317 70,688,231 - 11,086 70,699,317 Limited - Management Company - - - 69,734 69,734 - - - - IFRS 13, 'Fair Value Measurement' requires the Fund to classify fair value measurements using a fair value hierarchy that reflects Payable to Central Depository Company Financial assets not measured at fair value of Pakistan Limited - Trustee - - - 2,365 2,365 - - - - the significance of the inputs used in making the measurements. The fair value hierarchy has the following levels: Bank balances - - 4,272,389 - 4,272,389 - - - - Payable against redemption of units - - - 15,281 15,281 - - - - Receivable against sale of investments - - 15,457 - 15,457 - - - - Payable against purchase of investments - - - 39,413 39,413 Dividend and other receivables - - 71,752 - 71,752 - - - - - Quoted prices (unadjusted) in active markets for identical assets or Liabilities (level 1). Accrued expenses and other liabilities - - - 232,290 232,290 - - - - Security deposits - - 2,600 - 2,600 - - - - Dividend payable and unclaimed distribution - - - 2,903,455 2,903,455 ------4,362,198 - 4,362,198 - - - - - Inputs other than quoted prices included within level 1 that are observable for the asset or liability, either directly (that is, as - - - 3,262,538 3,262,538 - - - - prices) or indirectly (that is, derived from prices) (level 2). Financial assets not measured at fair value 24.1 PayableThe Fund to Nationalhas Investmentnot disclosed Trust the fair values for these financial assets and financial liabilities, as these are either short term in nature - Inputs for the asset or liability that are not based on observable market data (that is, unobservable inputs) (level 3). or Limitedreprice - Management periodically. Company Therefore, their carrying amounts - are - reasonable - approximation 69,734 69,734of fair value. - - - - Payable to Central Depository Company The following table shows the carrying amounts and fair values of financial assets and financial liabilities, including their levels in 25 TRANSACTIONSof Pakistan Limited - Trustee WITH BROKERS / DEALERS - - - 2,365 2,365 - - - - the fair value hierarchy. Payable against redemption of units - - - 15,281 15,281 - - - - Payable against purchase of investments - - - 39,413 39,413 AccruedList of expenses top ten and brokers other liabilities by percentage of commission - paid - for the - year ended 232,290 30 June 232,290 2016: - - - - 30 June 2016 Dividend payable and unclaimed distribution - - - 2,903,455 2,903,455 - - - - Carrying value Fair value Particulars - - - 3,262,538 3,262,538 - - Percentage - - fair value Other Available - Loans and (%) through financial Total Level 1 Level 2 Level 3 Total for - sale receivables profit or loss liabilities 24.1 TheArif HabibFund hasLimitednot disclosed the fair values for these financial assets and financial liabilities, as these are either short term in nature 3.14 orJS reprice Global periodically.Capital Limited Therefore, their carrying amounts are reasonable approximation of fair value. ------(Rupees in '000) ------3.06 On-balance sheet financial instruments AKD Securities Limited 2.93 Financial assets measured at fair value Al-Habib Capital Markets (Private) Limited 2.91 Investments - Shares / units of mutual funds 64,626,481 2,841,996 - - 67,468,477 67,292,142 - 187,421 67,479,563 Concordia Securities (Private) Limited 2.90 Cassim Investment (Private) Limited 2.90 Financial assets not measured at fair value 24.1 Lakhani Securites (Private) Limited 2.88 Bank balances - - 2,046,114 - 2,046,114 - - - - Receivable against sale of investments - - 130 - 130 - - - - Elixir Securities Pakistan (Private) Limited 2.83 Dividend and other receivables - - 49,913 - 49,913 - - - - Habib Metro Financial Services Limited 2.81 Security deposits - - 2,600 - 2,600 - - - - Global Securities Pakistan Limited 2.76 - - 2,098,757 - 2,098,757 - - - - List of top ten brokers by percentage of commission paid during year ended 30 June 2015: Financial liabilities not measured at fair value 24.1 Payable to National Investment Trust Limited - Management Company - - - 269,011 269,011 Particulars Percentage Payable to Central Depository Company - - - - - (%) of Pakistan Limited - Trustee - - - 2,584 2,584 AKD Securities Limited 6.20 Payable against redemption of units - - - 15,554 15,554 - - - - Arif Habib Limited 4.25 Payable against purchase of investments 39,678 39,678 JS Global Capital Limited 4.07 Accrued expenses and other liabilities - - - 345,082 345,082 - - - - Dividend payable and unclaimed distribution - - - 1,459,418 1,459,418 - - - - Al-Habib Capital Markets (Private) Limited 3.50 - - - 2,131,327 2,131,327 - - - - Concordia Securities (Private) Limited 3.39 Amin Tai Securities (Private) Limited 3.37 30 June 2015 Habib Metro Financial Services Limited 3.20 Carrying value Fair value BMA Capital Management Limited 3.16 fair value Other Available - for Loans and Cassim Investment (Private) Limited 3.14 through profit financial Total Level 1 Level 2 Level 3 Total - sale receivables or loss liabilities Elixir Securities Pakistan (Private) Limited 3.13 ------(Rupees in '000) ------On-balance sheet financial instruments 26 PARTICULARS OF INVESTMENT COMMITTEE AND FUND MANAGER Financial assets measured at fair value Investments - Shares / units of mutual funds 67,813,093 2,886,224 - - 70,699,317 70,688,231 - 11,086 70,699,317 Details of members of the investment committee of the Fund are as follows:

Financial assets not measured at fair value Bank balances - - 4,272,389 - 4,272,389 - - - - As at 30 June 2016 Experience Receivable against sale of investments - - 15,457 - 15,457 - - - - S.No. Name Designation Qualification Dividend and other receivables - - 71,752 - 71,752 - - - - (years) Security deposits - - 2,600 - 2,600 ------4,362,198 - 4,362,198 - - - - 1 Mr. Shahid Ghaffar Chief Executive Officer / MBA 39 Managing Director Financial assets not measured at fair value Payable to National Investment Trust Limited - Management Company - - - 69,734 69,734 - - - - 2 Mr. Manzoor Ahmed Chief Operating Officer / MBA, DAIBP and 27 Payable to Central Depository Company Head of Asset Management Candidate for CFA Level III. of Pakistan Limited - Trustee - - - 2,365 2,365 - - - - Payable against redemption of units - - - 15,281 15,281 - - - - 3 Mr. Shahid Anwar Head of Managing Director's MBA and DAIBP 39 Payable against purchase of investments - - - 39,413 39,413 Accrued expenses and other liabilities - - - 232,290 232,290 - - - - (MD) Secretariat and Personnel Dividend payable and unclaimed distribution - - - 2,903,455 2,903,455 ------3,262,538 3,262,538 - - - - 4 Mr. Zubair Ahmad Controller of Branches and M. Phil, MBA, PGD (General 43 Company Secretary Management) and PGD 24.1 The Fund has not disclosed the fair values for these financial assets and financial liabilities, as these are either short term in nature (Development Policies) or reprice periodically. Therefore, their carrying amounts are reasonable approximation of fair value. 5 Mr. Aamir Amin Head of Finance FCA 19

6 Mr. Muhammad Imran Rafiq Head of Research MBA and CFA 13

7 Syed Raza Abbas Jaffery Head of Trading MBA 19

8 Mr. Ammar Habib Manager/In-charge Risk Management MS and FRM 6

9 Mr. Adamjee Yakoob Manager/In-charge Compliance B.Sc Hons(UK), M.Com, 16 CIA(USA), FCCA(UK), ACA- ICAEW(UK), FCA

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

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

Particulars Percentage (%) Arif Habib Limited 3.14 JS Global Capital Limited 3.06 25 ATTENDANCE AT MEETINGS OF BOARD OF DIRECTORS AKD Securities Limited 2.93 Al-Habib Capital Markets (Private) Limited 2.91 The 317th, 318th, 319th, 320th, 321st and 322nd Board meetings were held on 27 July 2015, 30 September 2015, 22 October Concordia Securities (Private) Limited 2.90 2015, 29 February 2016, 27 April 2016 and 15 June 2016. respectively. Information in respect of attendance by the Directors in the Cassim Investment (Private) Limited 2.90 meetings is given below: Lakhani Securites (Private) Limited 2.88 Elixir Securities Pakistan (Private) Limited 2.83 Number of meetings Habib Metro Financial Services Limited 2.81 Held during S.No. Name of Director Leave Meetings not attended Global Securities Pakistan Limited 2.76 tenor of Attended granted directorship List of top ten brokers by percentage of commission paid during year ended 30 June 2015: 1 Mr. Shahid Ghaffar 6 6 - Particulars Percentage 2 Mr. Mian Nusrat-ud-Din 6 6 - (%) 3 Syed Ahmed Iqbal Ashraf 6 3 3 318th, 319th and 321st BOD AKD Securities Limited 6.20 4 Mr. Jamal Nasim 6 6 - Arif Habib Limited 4.25 5 Mr. Muhtashim Ahmed Ashai 6 6 - JS Global Capital Limited 4.07 6 Mr. Muhammad Hanif Akhai 6 6 - Al-Habib Capital Markets (Private) Limited 3.50 7* Mr. Shahzad F. Lodhi 3 1 2 318th and 319th BOD NATIONALConcordia SecuritiesINVESTMENT (Private) Limited (UNIT) TRUST 3.39 NATIONAL8* Mr. AmanINVESTMENT Aziz Siddiqui (UNIT) TRUST- - - Amin Tai Securities (Private) Limited 3.37 9 Mr. Yameen Kerai 6 6 - NOTESHabib TO Metro AND Financial FORMING Services Limited PART OF THE FINANCIAL STATEMENTS 3.20 NOTES10 TOMr. ANDIqbal Adamjee FORMING PART OF6 THE FINANCIAL5 1 STATEMENTS322nd BOD FOR THEBMA Capital YEAR Management ENDED Limited30 JUNE 2016 3.16 FOR THE11* YEARMr. Rana ENDED Asad Amin 30 JUNE 20161 - 1 317th BOD Cassim Investment (Private) Limited 3.14 12* Mr. Raymond Kotwal 5 2 3 318th, 320th and 322nd BOD Elixir Securities Pakistan (Private) Limited 3.13 13* Syed Arshad Ali 2 2 -

26 PARTICULARS OF INVESTMENT COMMITTEE AND FUND MANAGER * Mr. Aman Aziz Siddiqui (nominee director of Habib Bank Limited), Mr. Rana Asad Amin (Government Director) and Mr. Shahzad F. Lodhi (nominee director of Pakistan Reinsurance Company Limited) resigned w.e.f 27 July 2015, 30 September 2015 and 29 Details of members of the investment committee of the Fund are as follows: February 2016 respectively and Mr. Raymond Kotwal and Syed Arshad Ali was appointed in his place w.e.f 27 July 2015 and 29 February 2016 respectively. As at 30 June 2016 Experience 26 PATTERN OF UNIT HOLDING S.No. Name Designation Qualification (years) 28 PATTERN OF UNIT HOLDING As at 30 June 2016 Number As at 30 June 2016 Percentage Investment 1 Mr. Shahid Ghaffar Chief Executive Officer / MBA 39 Category of Number unit of Investment of total Category amount Percentage Managing Director holdersunit holders amount investment (Rupees in '000) (Rupees in '000) --- (%) --- 2 Mr. Manzoor Ahmed Chief Operating Officer / MBA, DAIBP and 27 Individuals 47,259 25,067,552 37.52 Head of Asset Management Candidate for CFA Level III. Individuals 3,055 1,538,881 32.14 Associated Companies / Directors Associated Companies / Directors 2 5 14,919 1,669 0.02 0.03 Insurance Companies 3 Mr. Shahid Anwar Head of Managing Director's MBA and DAIBP 39 Insurance Companies 5 19 9,518,608 159,510 14.24 3.33 Banks / Development Finance Institutions (MD) Secretariat and Personnel Banks / Development Financial Institutions 7 32 1,266,238 657,460 13.74 1.89 Non-Banking Finance Institutions Non-Banking Financial Institutions 1 15 1,081,6506,230,790 22.60 9.32 Retirement funds 4 Mr. Zubair Ahmad Controller of Branches and M. Phil, MBA, PGD (General 43 Retirements Funds 39 340 18,731,951 965,690 28.03 20.18 Company Secretary Management) and PGD Public Limited Companies 1 6 314,142 53,961 0.47 1.13 (Development Policies) Others 28 491 5,686,097 327,651 8.51 6.85 3,138 48,167 66,830,297 4,786,472 100.00100.00 5 Mr. Aamir Amin Head of Finance FCA 19 AsAs at at 30 30 June June 2015 2015 6 Mr. Muhammad Imran Rafiq Head of Research MBA and CFA 13 Number Number of Investment Percentage Category Investment Percentage Category ofunit unit holders amount of total amount 7 Syed Raza Abbas Jaffery Head of Trading MBA 19 holders (Rupees in '000) investment (Rupees in '000) --- (%) --- 8 Mr. Ammar Habib Manager/In-charge Risk Management MS and FRM 6 Individuals 48,723 24,816,236 35.02 Associated Companies / Directors 3 6,375 0.01 Individuals 3,010 1,396,823 32.02 Insurance Companies 19 9,292,838 13.12 9 Mr. Adamjee Yakoob Manager/In-chargeHead of Compliance Compliance B.Sc Hons(UK), M.Com, 16 Associated Companies / Directors 2 1,541 0.04 Banks / Development Finance Institutions 34 5,744,513 8.11 CIA(USA), FCCA(UK), ACA- Insurance Companies 5 273,182 6.26 Non-Banking Finance Institutions 15 7,233,075 10.21 ICAEW(UK), FCA Banks / Development Financial Institutions 9 678,847 15.56 RetirementNon-Banking funds Financial Institutions 1 349 18,074,400 1,029,259 25.51 23.59 26.1 Mr. Manzoor Ahmed is the Manager of the Fund and he is also managing NIT - State Enterprise Fund. PublicRetirements Limited Funds Companies 37 9 798,698339,788 18.31 0.48 OthersPublic Limited Companies 3 503 5,344,800 77,539 7.541.78 Others 26 49,655 70,852,025 106,603 100.00 2.44 2725 ATTENDANCE AT MEETINGS OF BOARD OF DIRECTORS 3,093 4,362,492 100.00 29 DATE OF AUTHORISATION FOR ISSUE The 317th, 318th, 319th, 320th, 321st and 322nd Board meetings were held on 27 July 2015, 30 September 2015, 22 October 2015, 29 February 2016, 27 April 2016 and 15 June 2016. respectively. Information in respect of attendance by the Directors in the These financial statements were authorised for issue on September 07, 2016 by the Board of Directors of the Management meetings is given below: Company.

Number of meetings 30 GENERAL Held during S.No. Name of Director Leave Meetings not attended tenor of Attended granted Figures have been rounded off to the nearest thousand rupees unless otherwise specified. directorship

1 Mr. Shahid Ghaffar 6 6 - 2 Mr. Mian Nusrat-ud-Din 6 6 - 3 Syed Ahmed Iqbal Ashraf 6 3 3 318th, 319th and 321st BOD 4 Mr. Jamal Nasim 6 6 - For National Investment Trust Limited 5 Mr. Muhtashim Ahmed Ashai 6 6 - 6 Mr. Muhammad Hanif Akhai 6 6 - (Management Company) 7* Mr. Shahzad F. Lodhi 3 1 2 318th and 319th BOD 8* Mr. Aman Aziz Siddiqui - - - Sd/- Sd/- Sd/- 9 Mr. Yameen Kerai 6 6 - 10 Mr. Iqbal Adamjee 6 5 1 322nd BOD Managing Director Director Director 11* Mr. Rana Asad Amin 1 - 1 317th BOD 12* Mr. Raymond Kotwal 5 2 3 318th, 320th and 322nd BOD 13* Syed Arshad Ali 2 2 -

* Mr. Aman Aziz Siddiqui (nominee director of Habib Bank Limited), Mr. Rana Asad Amin (Government Director) and Mr. Shahzad F. Lodhi (nominee director of Pakistan Reinsurance Company Limited) resigned w.e.f 27 July 2015, 30 September 2015 and 29 February 2016 respectively and Mr. Raymond Kotwal and Syed Arshad Ali was appointed in his place w.e.f 27 July 2015 and 29 February 2016 respectively.

26 PATTERN OF UNIT HOLDING As at 30 June 2016 Number Percentage Investment Category of unit of total amount holders investment (Rupees in '000) --- (%) ---

Individuals 3,055 1,538,881 32.14 Associated Companies / Directors 2 1,669 0.03 Insurance Companies 5 159,510 3.33 Banks / Development Financial Institutions 7 657,460 13.74 Non-Banking Financial Institutions 1 1,081,650 22.60 Retirements Funds 39 965,690 20.18 Public Limited Companies 1 53,961 1.13 Others 28 327,651 6.85 3,138 4,786,472 100.00

As at 30 June 2015 Number Percentage Investment Category of unit of total amount holders investment (Rupees in '000) --- (%) ---

Individuals 3,010 1,396,823 32.02 Associated Companies / Directors 2 1,541 0.04 Insurance Companies 5 273,182 6.26 Banks / Development Financial Institutions 9 678,847 15.56 Non-Banking Financial Institutions 1 1,029,259 23.59 Retirements Funds 37 798,698 18.31 Public Limited Companies 3 77,539 1.78 Others 26 106,603 2.44 3,093 4,362,492 100.00 NATIONAL INVESTMENT (UNIT) TRUST PERFORMANCE TABLE LAST 3 YEARS PROXY VOTED BY CIS

JUNE 16 JUNE 15 JUNE 14 National Investment (Unit) Trust - (NI(U)T): Resolutions For Against Abstain Total Net Asset Value Ex-Dividend (Rs. In 000’s) 66,830,297 70,852,025 59,902,173 Numbers 140 137 3 - Net Asset Value per Unit Ex-dividend (Rs./unit) 65.15 63.75 56.59 Percentage 98% 2% - Last Issue Price per Unit * (Rs./unit) 71.60 69.95 62.55 * November 25, 2015 to June 30, 2016. Last Repurchase Price per Unit * (Rs./unit) 69.65 68.00 60.69

Highest Issue Price During the year (Rs./unit) 70.25 72.85 64.70 The proxy voting policy of the NIT is available on the website of the National Investment Trust Limited and detailed information regarding actual proxies voted by NIT in respect of NI(U)T Fund is also available without charge, upon request, Lowest Issue Price During the year (Rs./unit) 61.15 54.70 41.20 to all unit holders. Highest Repurchase Price During the year (Rs./unit) 68.17 70.72 62.79

Lowest Repurchase Price During the year (Rs./unit) 59.35 53.11 39.98 During the period November 25, 2015 to June 30, 2016, General Meetings of =50= No of Companies were attended . The

Total Return of the Fund % 9.59 20.25 56.98 other meetings which were not participated, were either due to nominal holdings or routine matters etc. Capital Growth % 2.53 12.74 46.37 Income Distribution % 7.06 7.51 10.61

Distribution per Unit (Interim) (Rs./unit) 4.50 4.25 4.10

Distribution Date 15-Jun-16 24-Jun-15 30-Jun-14

KSE 100 Index Return 9.84 16.01 41.17

Average Annual Return One Year % 9.59 20.25 56.98 Two Years % 14.92 38.62 57.70 Three Years % 28.94 45.22 40.99

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

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