National Investment (Unit) Trust

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 70.77 billion and 48,250 unit holders. CORPORATE INFORMATION

FUND NAME National Investment (Unit) Trust

NAME OF AUDITORS KPMG Taseer Hadi & Co. Chartered Accountants

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

07 NATIONAL INVESTMENT (UNIT) TRUST FUND MANAGER REPORT 2017-2018

NI(U)T Objective

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

Profile of Investment Manager

National Investment Trust Ltd. (NITL) is the first and among the largest Asset Management Company of Pakistan, formed in 1962. With approximately Rs. 98 billion in net assets as of June 30, 2018, the family of Funds of NIT comprises of 10 funds including 4 equity Funds, 2 fixed Income Funds, 1 money market Fund, 1 Islamic Income Fund, 1 conventional Pension Fund and 1 Islamic Pension Fund. NIT’s tally of nationwide branches is 23, yet another milestone, as no other Mutual Fund in Pakistan has such a vast network of nationwide branches. Further, to cater to the matters relating to investments in NIT and day to day inquiries/issues of its unit holders, a state of the art Investors’ Facilitation Centre is also in place. The Board of Directors of NITL consists of representatives of leading financial institutions, prominent industrialists and nominee of Govt. of Pakistan. The Company has been assigned an Asset Manager rating of “AM2++” by PACRA, which demonstrates that the Asset Manager meets high investment management industry standards and benchmarks with noted strengths in several of the rating factors. All Investment decisions are taken by the Investment Committee of NITL.

Fund Information - NI(U)T

• Launch date 12th November 1962 • Minimum Investment: Rs. 5,000 • Type Open End Equity Fund • Management Fee: 1.20% • Fund Manager Manzoor Ahmed • Front End Load*: 3.00% • Fund Size as on June 30, 2018 Rs. 70.773 billion • Back End Load: Nil • Par Value Rs. 10 • Auditors: KPMG Taseer Hadi & Co. • NAV/unit Rs. 73.85 • Trustee: Central Depository Company of Pakistan Ltd. • Pricing Mechanism Forward Pricing • Risk Profile Moderate / High • Benchmark KSE 100 Index • Asset Manager Rating AM2++ (PACRA)

*No load is charged if investor approaches directly.

Fund Performance Analysis:

2017-18 2016-17 Opening Net Assets (Rs. in billion) 81.794 73.018 Opening NAV /unit (Rs.) (Ex Div) 83.74 65.15 Ending Net Assets (Rs. in billion) 70.773 81.794 Ending NAV/unit (Rs.) 73.85 83.74 Dividend / unit (Rs.) Final /* Interim 2.33 4.50 Total Return (%) (11.81%) 35.44% Maximum Funds under management during the year (Rs. in billion) 83.308 94.429

08 NATIONAL INVESTMENT (UNIT) TRUST FUND MANAGER REPORT 2017-2018

Asset Allocation

Keeping in view the market conditions, the Fund has been changing its asset allocation during the year. As on 30th June 2018, the Fund was invested to the extent of 96.39% in Equities whereas the remaining exposure was in cash and others. The asset allocation position of the Fund as on 30-06- 2018is depicted in the chart below:

JUNE 2018

Equities 96.39%

Others Cash 0.52% 3.08%

Sector Wise Breakdown of Equity Portfolio

Sector-wise breakdown of Fund’s Equity portfolio as % of total assets as on 30-06-2018 is given below:

During the year, NI(U)T continued to remain substantially invested in the oil & gas marketing sector with an exposure of 14%. It may be pertinent to mention that the Fund’s holding in PSO and SNGPL which constitutes about 14% of the portfolio continued to remain frozen under the directive of the Government of Pakistan. OMCs rallied in 2H2017-18 due to increase in OMCs margins and restoration of furnace oil sales.

Exposure in the Banking sector increased from 10% to 13% during the period. Your Fund took new positions in the sector as policy rates have risen by 75 bps since Jan’18 and since the likelihood of further tightening is high, banks shall continue to benefit the most as their profitability will jump on the back of expansion in NIMs. The fund at the same time prudently maneuvered its buying and selling strategies in this sector considering the industry dynamics and suitable opportunities available in the market.

Exposure in Pharmaceutical sector was maintained at 9% whereas exposure in the Oil & gas Exploration sector improved to 6%. Strong oil prices,

09 NATIONAL INVESTMENT (UNIT) TRUST FUND MANAGER REPORT 2017-2018

depreciating PKR and companies continuing exploratory efforts to increase production are likely to drive their earnings going forward.

Tobacco Sector performed exceptionally well on the back of massive appreciation of around 34% in stock price of Pakistan Tobacco Co. Ltd. NI(U)T holds about 6% of Pakistan Tobacco as percentage of its total assets.

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

Top Ten Holdings

Top ten holdings of the Fund’s portfolio as % of total assets as on June 30th 2018 are as follows:

Pakistan State Oil Bata Pakistan Ltd. Bank Al-Habib Ltd. Sui Northern Gas Pipelines Pakistan Tobacco Co. Ltd. Packages. Ltd.

Mari Petroleum Ltd. Habib Metropolitan Bank Ltd. Fauji Fertilizer Co. Ltd. Abbott Laboratories Pakistan

Categorization of Unit Holders By Size - (JUNE 2018) Category NI(U)T Unit Holders % of Holding Institutional Investors 886 60.96% Individual 47,364 39.04% TOTAL 48,250 100%

Stock Market & Fund Performance Review

Pakistan’s benchmark index which breezed through milestone of consecutive bull run for eight years finally ended, as KSE-100 index posted negative return of 10% in FY18 (22% in US$ terms). Deteriorating economic situation, political unrest before general elections and continued sell-off by global funds in emerging markets led to dismal performance of Pakistan market.

During FY17-18, lowest trading activity was witnessed since FY11. Average daily turnover stood at 84mn shares a day (value traded US$57mn) as compared to FY 2017-18 ADTO of 138mn shares (value traded US$ 105 mn)

Prior to the start of FY 2018, the domestic equity bourse sky rocketed to its highest ever level of 52,876 points on 24th May ’17, a week prior to Pakistan formally entering the MSCI EM space. However, post upgrade, the index witnessed continued downfall. The market’s catastrophic performance during the year was mostly attributable to political uncertainty in the wake of ex-Prime Minister’s disqualification, deteriorating macroeconomic indicators and lower than expected funds inflow post MSCI upgrade.

Political instability was at its peak in FY17-18, as the fiscal year started off with PANAMA issue which resulted in the disqualification of Prime Minister by the Supreme Court of Pakistan, following which uncertainty at the political front prevailed throughout the outgoing fiscal year as 2018 also happened to be the election year, which made investors extra conscious.

Macro-economic challenges remained at the forefront during the year 2017-18. Foreign exchange reserve declined by USD5.0bn from USD21.4 bn (Jun17) to USD 16.4bn (Jun-18), the rupee devalued by 16% from PKR104.85/USD to PKR 121.6/USD in the interbank market.

In Jun-18, Moody changed its outlook for Pakistan rating to negative from stable. The decision came in the light of heightened external vulnerability risk, foreign exchange reserves having fallen to low levels and absence of significant capital inflows.

10 NATIONAL INVESTMENT (UNIT) TRUST FUND MANAGER REPORT 2017-2018

FY18 is now a third year in a row that offshore investors remained net sellers on an annual basis in Pakistan market. During FY18, foreigners sold equities amounting USD289mn as compared to 630mn during last year. With Pak Rupee devaluation of 16% in FY18, concern still remains amongst foreigners regarding future dollar returns.

Relative Performance of NAV vs. KSE 100

During the period under review, the KSE-100 index declined by 10.00% whereas the NAV of your Fund has fallen by 11.81%, resulting in an underperformance of 1.81%.

10 Year Performance of Fund

FY FY FY FY FY FY FY FY FY FY 10yr. 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 Annualized Return NI(U)T (%) -41.48% 17.92% 24.00% 7.57% 58.42% 56.98% 20.25% 9.59% 35.44% -11.81% 13.68%

KSE 100 (%) -41.72% 35.74% 28.53% 10.45% 52.20% 41.16% 16.01% 9.84% 23.24% -10.00% 13.05%

Dividend Per Unit (Rs.) 3.25 2.25 4.00 3.50 3.75 4.10 4.25 4.50 4.50 2.33

Dividend declaration for the FY17-18:

The Board of Directors in its meeting held on 05 July 2018 has approved a final distribution of Rs. 2.33 per unit (for full year). The aggregate cash distribution is Rs. 2,199.89 million is in addition to refund of capital / element of income by issuing 482,162 additional units to eligible unit holders at zero price as per MUFAP guidelines (duly consented upon by SECP).

SWWF Disclosure:

As of 30th June 2018, the Scheme has maintained provisions against Sindh Workers’ Welfare Fund’s liability to the tune of Rs. 399 million, If the same were not made, the NAV per unit/ year to date return of the Scheme would be higher by Rs. 0.42 / 0.50%. For details, investors are advised to read the latest Financial Statement of the Scheme.

Total Expense Ratio:

Total expense ratio (all the expenses, including government levies, incurred during the year divided by average net asset value for the year) is 1.69% per annum. Total expense ratio (excluding government levies) is 1.36% per annum.

11 NATIONAL INVESTMENT (UNIT) TRUST FUND MANAGER REPORT 2017-2018

Economic Review:

Pakistan has achieved a thirteen-year high growth rate of 5.8 % in FY17-18. However, moving forward, the challenges to Pakistan’s economy have further accentuated. Macroeconomic imbalances and high fiscal deficit remains a major source of concern.

The real GDP grew by 5.8 % during FY17-18, surpassing the decade-high growth of 5.4 % achieved during FY16-17. This was achieved on the back of strong performances by agriculture and services sectors, both of which managed to grow at or above their targets.

The Agriculture sector grew by 3.8 %, higher than both the target of 3.5 % and last year’s growth of 2.1 %. The sector benefitted from a strong showing by livestock and healthy production of major Kharif crops such as cotton and sugarcane.

Manufacturing sector grew by 6.2 % compared to growth of 5.8 % achieved in 2016-17. LSM grew by 6.1 % and dominated the overall industrial sector as it accounts for 10.8 % of GDP and 79 % of manufacturing. The growth in LSM came from improved energy supplies, increased domestic demand for consumer durables, private sector credit pickup backed by expansionary monetary policy and growth in construction activities emanating from CPEC investments.

During 2017-18, services remained a leading sector in terms of growth as it met its target of 6.4 %. Services sector growth was achieved due to strong growth in retail & wholesale trade (7.5 %), general government services (11.4 %), and finance & insurance (6.1 %). Other private services showed steady growth of 6.1 % whereas transport, storage & communication grew by 3.6 % and housing services maintained the growth of 4 %.

On average, CPI stood at 3.9 % during FY 2017-18 as compared to 4.2 % during the corresponding period of last year.

The cautious monetary policy stance consolidated the gains from historic-low policy rate at 5.75 % till January, 2018. However, to anchor expected rise in inflation in view of reversal of international oil and commodities prices and to address the domestic demand pressures as well exchange rate movement, the SBP changed its monetary policy stance in January 2018 by increasing the discount rate by 25 bps to 6 % followed by another 50 bps hike in May 2018.

The current account deficit increased to US$ 18.13 billion in FY 2017-18, the highest the country has seen during a fiscal year. In the same period of last year, the deficit was recorded US$ 12.62 billion only. Widening of current account gap is an aftereffect of the import pressure spurred up in the last two years with the initiation of power and infrastructure-related projects under CPEC.

Global economic developments and domestic environment has helped improvement in export performance with double digit growth during ongoing fiscal year. However, challenges on external front were unrelenting due to persistent rise in imports mainly in the context of CPEC and modest growth in remittances. Exports witnessed growth of 12.58 % in FY 2017-18 with a value of US$ 24.77 billion but this progress was overshadowed by 14.7 % increase in imports, valuing US$ 55.92 billion resulting in persistent rise in trade and current account deficits; and subsequently enhanced pressure and ultimate draw down of foreign exchange reserves of the country.

During 2017-18, worker’s remittances have witnessed a minor growth of 1.4 % as compared to similar period last year. Slowdown in workers’ remittances started last year owing to slow economic activity in Gulf Cooperation Council (GCC) countries and Saudi Arabia as well as tight financial regulations in USA along with post Brexit impact, from where the country receives major chunk of its remittances.

Foreign investment picked up its pace from last year’s levels, with both direct and portfolio investment contributing to the gains. Net FDI inflows rose to US$ 2.768 billion in FY2017-18, against US$ 2.747 billion of the same period last year. While China continued to have a major share (accounting 57 % in overall inflows), significant FDI from other countries like Malaysia and UK also witnessed during this year. Portfolio investment is dominated by official inflows, as government raised US$ 2.5 billion through Sukuk and Eurobond.

Pakistan’s economy remains burdened with the challenges on external account where outlook on FX reserves and Current Account Deficit seems alarming. Thus a vigilant policy is needed domestically and internationally to cope with these challenges. Possibility of seeking for IMF bailout package cannot be ruled out along with the arrangement of decent external financing from friendly countries like China & Saudi Arabia will remain the other options for the incoming government in the period ahead.

12 NATIONAL INVESTMENT (UNIT) TRUST FUND MANAGER REPORT 2017-2018

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

Other Disclosures under NBFC Regulations 2008:

The Fund Manager hereby makes the following disclosures as required under the NBFC Regulations 2008; a. The Management Company or any of its delegates did not receive any soft commission (goods & services) from any of its brokers / dealers by virtue of transactions conducted by the Fund. b. There was no unit split undertaken during the year.

TRUSTEE REPORT

TRUSTEE REPORT TO THE UNIT HOLDERS

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

We, Central Depository Company of Pakistan Limited, being the Trustee of National Investment (Unit) Trust (the Fund) are of the opinion that National Investment Trust Limited being the Management Company of the Fund has in all material respects managed the Fund during the year ended June 30, 2018 in accordance with the provisions of the following:

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

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

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

Sd/-

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

Karachi, September 19, 2018

INDEPENDENT AUDITORS’ REPORT

TO THE UNIT HOLDERS OF THE NATIONAL INVESTMENT (UNIT) TRUST

REPORT ON THE AUDIT OF THE FINANCIAL STATEMENTS

Opinion

We have audited the financial statements of the National Investment (Unit) Trust (“the Fund”), which comprise the statement of assets and liabilities as at 30 June 2018, income statement, statement of comprehensive income, cash flow statement and statement of movement in unit holders’ fund for the year then ended and notes, comprising significant accounting policies and other explanatory information.

In our opinion, the accompanying financial statements give a true and fair view of the financial position of the Fund as at 30 June 2018, and of its financial performance and its cash flows for the year then ended in accordance with accounting and reporting standards as applicable in Pakistan.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (ISAs) as applicable in Pakistan. Our responsibilities under those standards are further described in the Auditor’s Responsibilities for the Audit of the Financial Statements section of our report. We are independent of the Fund in accordance with the International Ethics Standards Board for Accountants’ Code of Ethics for Professional Accountants as adopted by the Institute of the Chartered Accountants of Pakistan (the Code), and we have fulfilled our other ethical responsibilities in accordance with the Code. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Other information

Management is responsible for the other information. The other information comprises the information included in the Fund’s Annual Report for 2018 but does not include the financial statements and our auditors’ report thereon.

Our opinion on the financial statements does not cover the other information and we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit, or otherwise appears to be materially misstated. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Responsibilities of management and those charged with governance for the financial statements

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

In preparing the financial statements, management is responsible for assessing the Fund’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless management either intends to liquidate the Fund or to cease operations, or has no realistic alternative but to do so.

Those charged with governance are responsible for overseeing the Fund’s financial reporting process.

Auditors’ responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs as applicable in Pakistan will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

INDEPENDENT AUDITORS’ REPORT

As part of an audit, in accordance with ISAs as applicable in Pakistan, we exercise professional judgment and maintain professional skepticism throughout the audit. We also:

• Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. • Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Fund’s internal control. • Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by management. • Conclude on the appropriateness of management’s use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Fund’s ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditors’ report. However, future events or conditions may cause the Fund to cease to continue as a going concern. • Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation.

We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.

Report on other legal and regulatory requirements

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

Sd/-

KPMG Taseer Hadi & Co. Chartered Accountants Muhammad Nadeem Date: September 05, 2018 Karachi

16 NATIONAL INVESTMENT (UNIT) TRUST STATEMENT OF ASSETS AND LIABILITIES AS AT 30 JUNE 2018

Note 2018 2017 (Rupees in '000) Assets Bank balances 5 2,248,999 3,541,231 Investments 6 70,296,518 82,934,990 Dividend and other receivables 7 378,087 324,225 Security deposits 8 2,600 2,600 Total assets 72,926,204 86,803,046

Liabilities Short term borrowings 9 400,000 1,200,000 Payable to National Investment Trust Limited - Management Company 10 177,272 303,355 Payable to Central Depository Company of Pakistan Limited - Trustee 11 2,687 2,950 Payable to Securities and Exchange Commission of Pakistan 12 70,099 77,978 Payable against redemption of units 7,090 20,960 Accrued expenses and other liabilities 13 847,906 853,897 Dividend payable and unclaimed distribution 14 648,334 2,550,493 Total liabilities 2,153,388 5,009,633

Net assets 70,772,816 81,793,413

Unit holders' fund (as per statement attached) 70,772,816 81,793,413

Contingencies and commitments 15

(Number of units in '000)

Number of units in issue 16 958,341 976,812

(Rupees)

Net assets value per unit 73.85 83.74

The annexed notes from 1 to 32 form an integral part of these financial statements.

For National Investment Trust Limited (Management Company)

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

17 NATIONAL INVESTMENT (UNIT) TRUST INCOME STATEMENT FOR THE YEAR ENDED 30 JUNE 2018

Note 2018 2017 (Rupees in '000) Income Dividend income 3,219,181 3,067,453 Gain on sale of investments - net 2,078,365 5,012,682 Net unrealised (diminution) / appreciation on re-measurement of investments classified as 'financial assets at fair value through profit or loss' 6.7 (1,524,546) 1,881,425 Profit on bank deposits 95,300 128,544 Income on issue of units - 4 Total income 3,868,300 10,090,108

Expenses Impairment loss on equity securities classified as 'available for sale' 6.8.1 88,193 42,122 Remuneration to National Investment Trust Limited - Management Company 10.1 886,339 892,772 Sindh Sales Tax on remuneration to Management Company 10.2 115,224 116,060 Remuneration to Central Depository Company of Pakistan Limited - Trustee 11.1 29,273 30,939 Sindh Sales Tax on remuneration to Trustee 11.2 3,805 4,022 Annual fee - Securities and Exchange Commission of Pakistan 12 70,099 77,978 Allocation of expenses related to registrar services, accounting, operation and valuation services 10.3 73,884 82,130 Custodian charges of Central Depository Company of Pakistan Limited 2,667 385 Settlement and bank charges 2,088 1,248 Financial charges 9 7,125 13,258 Auditors' remuneration 17 1,088 902 Legal and professional charges 1,860 700 Printing and other charges 177 322 Others 241 450 Total expenses 1,282,063 1,263,288

Net income from operating activities 2,586,237 8,826,820

Element of income / (loss) and capital gains / (losses) included in prices of units issued less those in units redeemed - net - (236,083)

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

Provision for Sindh Workers' Welfare Fund 13.1 (51,725) (346,997)

Net income for the year before taxation 2,534,512 8,751,111

Taxation 18 - -

Net income for the year 2,534,512 8,751,111

Allocation of net income for the year

Net income for the year 2,534,512 - Income already paid on units redeemed (54,953) - 2,479,559 - Accounting income available for distribution: -Relating to capital gains 2,066,982 - -Excluding capital gains 412,577 - 2,479,559 -

The annexed notes from 1 to 32 form an integral part of these financial statements.

18 Note 2018 2017 (Rupees in '000) Income Dividend income 3,219,181 3,067,453 Gain on sale of investments - net 2,078,365 5,012,682 Net unrealised (diminution) / appreciation on re-measurement of investments classified as 'financial assets at fair value through profit or loss' 6.7 (1,524,546) 1,881,425 Profit on bank deposits 95,300 128,544 Income on issue of units - 4 Total income 3,868,300 10,090,108

Net income from operating activities 2,586,237 8,826,820

Element of income / (loss) and capital gains / (losses) included in prices of units issued less those in units redeemed - net - (236,083)

NATIONALReversal of provision INVESTMENT for Workers' Welfare (UNIT) Fund TRUST 13.1 - 507,371 INCOMEProvision for Sindh STATEMENT Workers' Welfare Fund 13.1 (51,725) (346,997)

FORNet income THE forYEAR the year ENDED before taxation 30 JUNE 2018 2,534,512 8,751,111

Taxation 18 - - Note 2018 2017 Net income for the year 2,534,512(Rupees in '000) 8,751,111 Income AllocationDividend income of net income for the year 3,219,181 3,067,453 Gain on sale of investments - net 2,078,365 5,012,682 Net unrealisedNet income (diminution) for the year / appreciation on re-measurement of investments 2,534,512 - classifiedIncome asalready 'financial paid assets on units at redeemedfair value through profit or loss' 6.7 (1,524,546) (54,953) 1,881,425 - Profit on bank deposits 2,479,559 95,300 128,544 - AccountingIncome on issue income of units available for distribution: - 4 Total -Relating income to capital gains 2,066,9823,868,300 10,090,108 - -Excluding capital gains 412,577 - Expenses 2,479,559 - Impairment loss on equity securities classified as 'available for sale' 6.8.1 88,193 42,122 Remuneration to National Investment Trust Limited - Management Company 10.1 886,339 892,772 SindhThe annexed Sales Tax notes on remunerationfrom 1 to 32 form to Management an integral part Company of these financial statements. 10.2 115,224 116,060 Remuneration to Central Depository Company of Pakistan Limited - Trustee 11.1 29,273 30,939 Sindh Sales Tax on remuneration to Trustee 11.2 3,805 4,022 Annual fee - Securities and Exchange Commission of Pakistan 12 70,099 77,978 Allocation of expenses related to registrar services, accounting, operation and valuation services 10.3 73,884 82,130 Custodian charges of Central Depository Company of Pakistan Limited 385 For National Investment Trust Limited 2,667 Settlement and bank charges 2,088 1,248 (Management Company) Financial charges 9 7,125 13,258 Auditors' remuneration 17 1,088 902 Legal and professional charges 700 Sd/- Sd/- Sd/- 1,860 Printing and other charges 177 322 Others Managing Director Director Director 241 450 Total expenses 1,282,063 1,263,288

Net income from operating activities 2,586,237 8,826,820

Element of income / (loss) and capital gains / (losses) included in prices of units issued less those in units redeemed - net - (236,083)

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

Provision for Sindh Workers' Welfare Fund 13.1 (51,725) (346,997)

Net income for the year before taxation 2,534,512 8,751,111

Taxation 18 - -

Net income for the year 2,534,512 8,751,111

Allocation of net income for the year

The annexed notes from 1 to 32 form an integral part of these financial statements.

19 NATIONAL INVESTMENT (UNIT) TRUST STATEMENT OF COMPREHENSIVE INCOME FOR THE YEAR ENDED 30 JUNE 2018

Note 2018 2017 (Rupees in '000)

Net income for the year 2,534,512 8,751,111

Other comprehensive income

Items to be reclassified to income statement:

Net unrealised (diminution) / appreciation on re-measurement of investments classified as 'available for sale' 6.8 (12,142,430) 14,319,937

Total comprehensive (loss) / income for the year (9,607,918) 23,071,048

The annexed notes from 1 to 32 form an integral part of these financial statements.

For National Investment Trust Limited (Management Company)

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

20 NATIONAL INVESTMENT (UNIT) TRUST STATEMENT OF MOVEMENT IN UNIT HOLDERS’ FUND FOR THE YEAR ENDED 30 JUNE 2018

2018 2017 Unrealised Unrealised appreciation/ appreciation / Undistributed (diminution) Undistributed (diminution) Value Total Value Total income 'available for income 'available for sale' sale' investments investments ------(Rupees in '000) ------

Net assets at beginning of the year 56,584,518 10,888,958 14,319,937 81,793,413 6,688,342 7,424,324 52,717,631 66,830,297

Issue of 64,461,918 units (2017: 88,758,864 units) Value 4,840,601 - - 4,840,601 Element of income 44,175 - - 44,175 Amount received on issuance of units 4,884,776 - - 4,884,776 5,736,944 1,979,772 - 7,716,716

Redemption of 82,933,600 units (2017: 160,260,045 units) Value (6,231,374) - - (6,231,374) Element of income: - Income already paid - (54,953) - (54,953) - Refund / adjustment on units (11,128) - - (11,128) Amount paid / payable on redemption of units (6,242,502) (54,953) - (6,297,455) (10,440,429) (3,197,674) - (13,638,103)

Issue of units under CIP: Nil (2017: 22,472,003 units) - - - - 1,882,030 - - 1,882,030

Element of loss and capital losses included in prices of units issued less those in units redeemed - net - - - - - 236,083 - 236,083

Interim distribution for the year ended 30 June 2018: Nil [(2017: Rs. 4.5 per unit) (Date of distribution: 22 June 2017)] - Cash distribution - - - - - (2,422,628) - (2,422,628) - Issue of units under Cumulative Investment Plan - - - - - (1,882,030) - (1,882,030) Total distribution - - - - - (4,304,658) - (4,304,658)

Total comprehensive (loss) / income for the year - 2,534,512 (12,142,430) (9,607,918) - 8,751,111 14,319,937 23,071,048

Net assets at end of the year 55,226,792 13,368,517 2,177,507 70,772,816 3,866,887 10,888,958 67,037,568 81,793,413

Undistributed income brought forward - Realised 6,587,350 5,004,141 - Unrealised 4,301,608 2,420,183 10,888,958 7,424,324 Accounting income available for distribution: Relating to capital gains 2,066,982 Excluding capital gains 412,577 2,479,559 8,751,111

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

Interim distribution for the year ended 30 June 2018: Nil [(2017: Rs. 4.5 per unit) (Date of distribution: 22 June 2017)] - Cash distribution - (2,422,628) - Issue of units under Cumulative Investment Plan - (1,882,030) Total distribution - (4,304,658)

Undistributed income carried forward 13,368,517 10,888,958

Undistributed income carried forward - Realised 10,591,455 6,587,350 - Unrealised 2,777,062 4,301,608 13,368,517 10,888,958

(Rupees) (Rupees)

Net assets value per unit at beginning of the year 83.74 65.15

Net assets value per unit at end of the year 73.85 83.74

The annexed notes from 1 to 32 form an integral part of these financial statements.

For National Investment Trust Limited (Management Company)

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

21 NATIONAL INVESTMENT (UNIT) TRUST CASH FLOW STATEMENT FOR THE YEAR ENDED 30 JUNE 2018

Note 2018 2017 (Rupees in '000) CASH FLOWS FROM OPERATING ACTIVITIES Net income for the year 2,534,512 8,751,111

Adjustments Net unrealised diminution / (appreciation) on re-measurement of investments classified 'as 'financial assets at fair value through profit or loss' 6.7 1,524,546 (1,881,425) Element of (income) / loss and capital (gains) / losses included in prices of units issued less those in units redeemed - net - 236,083 Impairment loss on equity securities classified as 'available for sale' 6.8.1 88,193 42,122 4,147,251 7,147,891 (increase) / decrease in assets Investments (1,116,697) 692,727 Receivable against sale of investments - 130 Dividend and other receivables (53,862) (274,312) (1,170,559) 418,545 (Decrease) / increase in liabilities Payable to National Investment Trust Limited - Management Company (126,083) 34,344 Payable to Central Depository Company of Pakistan Limited - Trustee (263) 366 Payable to Securities and Exchange Commission of Pakistan (7,879) 16,028 Payable against purchase of investments - (39,678) Accrued expenses and other liabilities (5,991) (34,845) (140,216) (23,785)

Net cash generated from operating activities 2,836,476 7,542,651

CASH FLOWS FROM FINANCING ACTIVITIES 19

Amount received on issuance of units 4,884,776 7,716,716 Amount paid on redemption of units (6,311,325) (13,632,697) Short term borrowing (800,000) 1,200,000 Distribution paid (1,902,159) (1,331,553) Net cash (used in) financing activities (4,128,708) (6,047,534)

Net (decrease) / increase in cash and cash equivalents during the year (1,292,232) 1,495,117

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

Cash and cash equivalents at end of the year 5 2,248,999 3,541,231

The annexed notes from 1 to 32 form an integral part of these financial statements.

For National Investment Trust Limited (Management Company)

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

22 NATIONAL INVESTMENT (UNIT) TRUST NOTES TO AND FORMING PART OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2018

1 LEGAL STATUS AND NATURE OF BUSINESS

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

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

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

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

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

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

2 BASIS OF PREPARATION

2.1 Statement of compliance

These financial statements have been prepared in accordance with the accounting and reporting standards as applicable in Pakistan. The accounting and reporting standards applicable in Pakistan comprise of International Financial Reporting Standards (IFRS standards) issued by the International Accounting Standards Board (IASB) as notified under the Companies Act, 2017, provisions of and directives issued under the Companies Act, 2017 along with part and the requirements VIIIA of the repealed Companies Ordinance, 1984 and the Non-Banking Finance Companies (Establishment and Regulations) Rules, 2003 (the NBFC Rules) and the Non-Banking Finance Companies and Notified Entities Regulations, 2008, (the NBFC Regulations). Where provisions of and directives issued under the Companies Act, 2017, part VIIIA of the repealed Companies Ordinance, 1984, the NBFC Rules, the NBFC Regulations differ from the IFRS Standards, the provisions of and directives issued under the Companies Act, 2017, part VIIIA of the repealed Companies Ordinance, 1984, the NBFC Rules, the NBFC Regulations have been followed.

2.2 Accounting convention

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

2.3 Functional and presentation currency

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

2.4 Critical accounting estimates and judgments

In preparing these financial statements, management has made judgement, estimates and assumptions that affect the application of the Company's accounting policies and the reported amounts of assets, liabilities, income and expenses. Actual results may differ from these estimates. Estimates and underlying assumptions are reviewed on an ongoing basis. Revision to estimates are recognized prospectively. Information about judgements made in applying accounting policies that have the most significant effects on the amount recognized in the financial statements to the carrying amount of the assets and liabilities and assumptions and estimation uncertainties that have a significant risk resulting in a material adjustment in the subsequent year are set forth below:

- Classification and valuation of investments (refer note 4.1 and note 6). - Element of income (refer note 4)

3 Standards, interpretations and amendments to published approved accounting standards that are not yet effective 23 The following International Financial Reporting Standards (IFRS Standards) as notified under the Companies Act, 2017 and the amendments and interpretations thereto will be effective for accounting periods beginning on or after 01 July 2018:

- Classification and Measurement of Share-based Payment Transactions - amendments to IFRS 2 clarify the accounting for certain types of arrangements and are effective for annual periods beginning on or after 1 January 2018. The amendments cover three accounting areas (a) measurement of cash-settled share-based payments; (b) classification of share-based payments settled net of tax withholdings; and (c) accounting for a modification of a share-based payment from cash-settled to equity-settled. The new requirements could affect the classification and/or measurement of these arrangements and potentially the timing and amount of expense recognized for new and outstanding awards. The amendments are not likely to have an impact on the Fund's financial statements.

- Transfers of Investment Property (Amendments to IAS 40 ‘Investment Property’ - effective for annual periods beginning on or after 1 January 2018) clarifies that an entity shall transfer a property to, or from, investment property when, and only when there is a change in use. A change in use occurs when the property meets, or ceases to meet, the definition of investment property and there is evidence of the change in use. In isolation, a change in management's intentions for the use of a property does not provide evidence of a change in use. The amendments are not likely to have an impact on the Fund’s financial statements.

- Annual Improvements to IFRSs 2014-2016 Cycle [Amendments to IAS 28 ‘Investments in Associates and Joint Ventures’] (effective for annual periods beginning on or after 1 January 2018) clarifies that a venture capital organization and other similar entities may elect to measure investments in associates and joint ventures at fair value through profit or loss, for each associate or joint venture separately at the time of initial recognition of investment. Furthermore, similar election is available to non- investment entity that has an interest in an associate or joint venture that is an investment entity, when applying the equity method, to retain the fair value measurement applied by that investment entity associate or joint venture to the investment entity associate's or joint venture's interests in subsidiaries. This election is made separately for each investment entity associate or joint venture. The amendments are not likely to have an impact on the Fund’s financial statements. 2.2 Accounting convention

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

2.3 Functional and presentation currency

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

2.4 Critical accounting estimates and judgments

NATIONALIn preparing INVESTMENTthese financial statements, (UNIT)management TRUSThas made judgement, estimates and assumptions that affect the application of the Company's accounting policies and the reported amounts of assets, liabilities, income and expenses. Actual results may NOTESdiffer TOfrom ANDthese estimates.FORMINGEstimates PARTand underlying OF THEassumptions FINANCIALare reviewed STATEMENTSon an ongoing basis. Revision to estimates are FOR THErecognized YEARprospectively. ENDED Information30 JUNEabout 2018judgements made in applying accounting policies that have the most significant effects on the amount recognized in the financial statements to the carrying amount of the assets and liabilities and assumptions and estimation uncertainties that have a significant risk resulting in a material adjustment in the subsequent year are set forth below:

- Classification and valuation of investments (refer note 4.1 and note 6). - Element of income (refer note 4)

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

The following International Financial Reporting Standards (IFRS Standards) as notified under the Companies Act, 2017 and the amendments and interpretations thereto will be effective for accounting periods beginning on or after 01 July 2018:

- IFRIC 22 ‘Foreign Currency Transactions and Advance Consideration’ (effective for annual periods beginning on or after 1 January 2018) clarifies which date should be used for translation when a foreign currency transaction involves payment or receipt in advance of the item it relates to. The related item is translated using the exchange rate on the date the advance foreign currency is received or paid and the prepayment or deferred income is recognized. The date of the transaction for the purpose of determining the exchange rate to use on initial recognition of the related asset, expense or income (or part of it) would remain the date on which receipt of payment from advance consideration was recognized. If there are multiple payments or receipts in advance, the entity shall determine a date of the transaction for each payment or receipt of advance consideration. The application of interpretation is not likely to have an impact on the Fund’s financial statements.

- IFRIC 23 ‘Uncertainty over Income Tax Treatments’ (effective for annual periods beginning on or after 1 January 2019) clarifies the accounting for income tax when there is uncertainty over income tax treatments under IAS 12. The interpretation requires the uncertainty over tax treatment be reflected in the measurement of current and deferred tax. The application of interpretation is not likely to have an impact on the Fund’s financial statements.

- IFRS 15 ‘Revenue from contracts with customers’ (effective for annual periods beginning on or after 1 July 2018). IFRS 15 establishes a comprehensive framework for determining whether, how much and when revenue is recognized. It replaces existing revenue recognition guidance, including IAS 18 ‘Revenue’, IAS 11 ‘Construction Contracts’ and IFRIC 13 ‘Customer Loyalty Programmes’. The Company is currently in the process of analyzing the potential impact of changes required in revenue recognition policies on adoption of the standard. The amendments are not likely to have an impact on the Fund’s financial statements.

- IFRS 9 'Financial Instruments' and amendment - Prepayment Features with Negative Compensation (effective for annual periods beginning on or after 1 July 2018 and 1 January 2019 respectively). IFRS 9 replaces the existing guidance in IAS 39 Financial Instruments: Recognition and Measurement. IFRS 9 includes revised guidance on the classification and measurement of financial instruments, a new expected credit loss model for calculating impairment on financial assets, and new general hedge accounting requirements. It also carries forward the guidance on recognition and derecognition of financial instruments from IAS 39. The management has completed an initial assessment of changes required in classification and measurement of financial instruments on adoption of the standard and has also carried out an initial exercise to calculate impairment required under expected credit loss model and considers that there is no significant change in the classification and carrying amount of financial asset and liabilities. Had impairment loss been recognized as per the requirement of IFRS, the income would be higher by Rs. 88.193 million and other comprehensive income would have been lower by Rs. 88.193 million. However, it does not have any impact on NAV.

- IFRS 16 ‘Leases’ (effective for annual period beginning on or after 1 January 2019). IFRS 16 replaces existing leasing guidance, 24 including IAS 17 ‘Leases’, IFRIC 4 ‘Determining whether an Arrangement contains a Lease’, SIC-15 ‘Operating Leases- Incentives’ and SIC-27 ‘Evaluating the Substance of Transactions Involving the Legal Form of a Lease’. IFRS 16 introduces a single, on-balance sheet lease accounting model for lessees. A lessee recognizes a right-of-use asset representing its right to use the underlying asset and a lease liability representing its obligation to make lease payments. There are recognition exemptions for short-term leases and leases of low-value items. Lessor accounting remains similar to the current standard i.e. lessors continue to classify leases as finance or operating leases. The amendments are not likely to have an impact on the Fund’s financial statements.

- Amendment to IAS 28 ‘Investments in Associates and Joint Ventures’ - Long Term Interests in Associates and Joint Ventures (effective for annual period beginning on or after 1 January 2019). The amendment will affect companies that finance such entities with preference shares or with loans for which repayment is not expected in the foreseeable future (referred to as long- term interests or ‘LTI’). The amendment and accompanying example state that LTI are in the scope of both IFRS 9 and IAS 28 and explain the annual sequence in which both standards are to be applied. The amendments are not likely to have an impact on the Fund’s financial statements. - IFRIC 22 ‘Foreign Currency Transactions and Advance Consideration’ (effective for annual periods beginning on or after 1 January 2018) clarifies which date should be used for translation when a foreign currency transaction involves payment or receipt in advance of the item it relates to. The related item is translated using the exchange rate on the date the advance foreign currency is received or paid and the prepayment or deferred income is recognized. The date of the transaction for the purpose of determining the exchange rate to use on initial recognition of the related asset, expense or income (or part of it) would remain the date on which receipt of payment from advance consideration was recognized. If there are multiple payments or receipts in advance, the entity shall determine a date of the transaction for each payment or receipt of advance consideration. The application of interpretation is not likely to have an impact on the Fund’s financial statements.

- IFRS 9 'Financial Instruments' and amendment - Prepayment Features with Negative Compensation (effective for annual periods beginning on or after 1 July 2018 and 1 January 2019 respectively). IFRS 9 replaces the existing guidance in IAS 39 NATIONALFinancial INVESTMENTInstruments: Recognition (UNIT)and Measurement. TRUST IFRS 9 includes revised guidance on the classification and measurement of financial instruments, a new expected credit loss model for calculating impairment on financial assets, and new general NOTEShedge TO ANDaccounting FORMINGrequirements. PARTIt also carries OF forwardTHE FINANCIALthe guidance on recognition STATEMENTSand derecognition of financial instruments from IAS 39. The management has completed an initial assessment of changes required in classification and measurement of FOR THEfinancial YEARinstruments ENDEDon 30adoption JUNEof the2018standard and has also carried out an initial exercise to calculate impairment required under expected credit loss model and considers that there is no significant change in the classification and carrying amount of financial asset and liabilities. Had impairment loss been recognized as per the requirement of IFRS, the income would be higher by Rs. 88.193 million and other comprehensive income would have been lower by Rs. 88.193 million. However, it does not have any impact on NAV.

- IFRS 16 ‘Leases’ (effective for annual period beginning on or after 1 January 2019). IFRS 16 replaces existing leasing guidance, including IAS 17 ‘Leases’, IFRIC 4 ‘Determining whether an Arrangement contains a Lease’, SIC-15 ‘Operating Leases- Incentives’ and SIC-27 ‘Evaluating the Substance of Transactions Involving the Legal Form of a Lease’. IFRS 16 introduces a single, on-balance sheet lease accounting model for lessees. A lessee recognizes a right-of-use asset representing its right to use the underlying asset and a lease liability representing its obligation to make lease payments. There are recognition exemptions for short-term leases and leases of low-value items. Lessor accounting remains similar to the current standard i.e. lessors continue to classify leases as finance or operating leases. The amendments are not likely to have an impact on the Fund’s financial statements.

- Amendments to IAS 19 ‘Employee Benefits’- Plan Amendment, Curtailment or Settlement (effective for annual periods beginning on or after 1 January 2019). The amendments clarify that on amendment, curtailment or settlement of a defined benefit plan, the Fund now uses updated actuarial assumptions to determine its current service cost and net interest for the period; and the effect of the asset ceiling is disregarded when calculating the gain or loss on any settlement of the plan and is dealt with separately in other comprehensive income. The application of amendments is not likely to have an impact on the Fund’s financial statements.

- Annual Improvements to IFRS Standards 2015–2017 Cycle - the improvements address amendments to following approved accounting standards:

- IFRS 3 Business Combinations and IFRS 11 Joint Arrangement - the amendment aims to clarify the accounting treatment when the Fund increases its interest in a joint operation that meets the definition of a business. The Fund remeasures its previously held interest in a joint operation when it obtains control of the business. The Fund does not remeasure its previously held interest in a joint operation when it obtains joint control of the business.

- IAS 12 Income Taxes - the amendment clarifies that all income tax consequences of dividends (including payments on financial instruments classified as equity) are recognized consistently with the transaction that generates the distributable profits.

- IAS 23 Borrowing Costs - the amendment clarifies that the Fund treats as part of general borrowings any borrowing originally made to develop an asset when the asset is ready for its intended use or sale.

The above amendments are effective from annual period beginning on or after 1 January 2019 and are not likely to have an impact on the Fund’s financial statements.

4 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

The principal accounting policies applied in the preparation of these financial statements have been consistently applied to all periods presented except for the changes in accounting policy as stated below:

New, Amended and Revised Standards and Interpretations of IFRSs

Application of Companies Act, 2017

The Companies Act, 2017 was enacted on 30 May 2017 and SECP vide its circular 23 of 2017 which application has been deferred till 31 December 2017. Therefore, the provision of the Companies Act, 2017 are applicable from 01 January 2018 (refer note 2.1). However, it does not have any significant impact on the Fund's financial statements.

Element of Income

Up to 30 June 2017, 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 accounting period is recognized in income 25 statement on net basis and to the extent that it is represented by unrealised appreciation / (diminution) arising during the year on available for sale securities is included in distribution statement on net basis. - Amendments to IAS 19 ‘Employee Benefits’- Plan Amendment, Curtailment or Settlement (effective for annual periods beginning on or after 1 January 2019). The amendments clarify that on amendment, curtailment or settlement of a defined benefit plan, the Fund now uses updated actuarial assumptions to determine its current service cost and net interest for the period; and the effect of the asset ceiling is disregarded when calculating the gain or loss on any settlement of the plan and is dealt with separately in other comprehensive income. The application of amendments is not likely to have an impact on the Fund’s financial statements.

- Annual Improvements to IFRS Standards 2015–2017 Cycle - the improvements address amendments to following approved accounting standards:

The above amendments are effective from annual period beginning on or after 1 January 2019 and are not likely to have an impact on the Fund’s financial statements.

4 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

New, Amended and Revised Standards and Interpretations of IFRSs

There are new and amended standards and interpretations that are mandatory for accounting periods beginning 01 July 2017 but are considered not to be relevant or do not have any significant effect on the the Funds' financial statements and are therefore not NATIONALstated in these INVESTMENT financial statements. (UNIT) TRUST NOTESApplication TO AND of Companies FORMING Act, 2017 PART OF THE FINANCIAL STATEMENTS FOR THEThe Companies YEAR ENDEDAct, 2017 was30 enactedJUNE on201830 May 2017 and SECP vide its circular 23 of 2017 which application has been deferred till 31 December 2017. Therefore, the provision of the Companies Act, 2017 are applicable from 01 January 2018 (refer note 2.1). However, it does not have any significant impact on the Fund's financial statements.

Element of Income

Securities & Exchange Commission of Pakistan through its SRO 756(I)/2017 dated 03 August 2017 has made certain amendments in NBFCs and Notified Entities Regulations, 2008. The SRO changed the definition of accounting income in regulation (63) sub- regulation (I) which excludes the element of income from “accounting income”. As per SRO, element of income represents the difference between net assets value per unit on the issuance or redemption date, as the case may be, of units and the net assets value per unit at the beginning of the relevant accounting period. It also specify that element of income is a transaction of capital nature and the receipt and payment of element of income shall be taken to unit holders' fund. However, to maintain the same ex- dividend net asset value of all units outstanding on the accounting date, net element of income contributed on issue of units lying in unit holders fund will be refunded on units in the same proportion as dividend bears to accounting income available for distribution.

The said SRO also deleted 'Distribution Statement' and requires additional disclosures with respect to “Income Statement” (relating to allocation of net income for the year) and “Statement of Movement in Unit Holders' Fund” and recording of element of income / loss included in price of unit issued or redeemed directly in Statement of movements in unit holders’ fund instead of income statement. "MUFAP, in consultation with the SECP, has specified methodology for determination of income paid on units redeemed (income already paid) during the year under which such income is paid on gross element received and is calculated from the latest date at which the Fund achieved net profitability during the year.

As required by IAS 8: 'Accounting Policies, Changes in Accounting Estimates and Errors', a change in accounting policy requires retrospective application as if that policy had always been applied. However, the Management Company has applied the above changes in accounting policy, including the additional disclosures requirements in the 'Income Statement' and 'Statement of Movement in Unit Holders' Fund', prospectively from 01 July 2017 as clarified by SECP vide its email dated 7 February 2018. Accordingly, corresponding figures have not been restated. Had the element of income been recognised as per the previous accounting policy, the income of the Fund would have been lower by Rs. 21.468 million net off charge for SWWF in respect of element of income and consequently NAV per unit would have been higher by Rs. 0.0005.

4.1 Financial assets

4.1.1 Classification

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

a) Loans and receivables

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

b) Financial assets at fair value through profit or loss

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

c) Held to maturity

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

d) Available for sale

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

4.1.2 Regular way contracts

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

26 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'. b) Financial assets at fair value through profit or loss

c) Held to maturity

These are securities with fixed or determinable payments and fixed maturity that the Fund has the positive intent and ability to NATIONALhold to maturity.INVESTMENT (UNIT) TRUST NOTESd) Available TO AND for sale FORMING PART OF THE FINANCIAL STATEMENTS FOR THEAvailable YEARfor ENDEDsale financial 30assets JUNEare 2018those 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'.

c) Loans and receivables

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

4.1.5 Impairment of financial assets

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

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

4.1.6 Derecognition

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

4.1.7 Offsetting of financial assets and liabilities 27

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. c) Loans and receivables

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

4.1.5 Impairment of financial assets

Impairment loss on investment other than 'available for sale' is recognised in the Income Statement whenever the carrying amount of investment exceeds its recoverable amount. If in a subsequent period, the amount of an impairment loss recognised decreases NATIONALthe impairment INVESTMENT is reversed through (UNIT) the Income TRUST Statement. In case of equity securities classified as available-for-sale, a significant or prolonged decline in the fair value of the security below NOTESits cost TOis ANDconsidered FORMINGas an indicator PARTthat the OFsecurities THEare FINANCIALimpaired. If any suchSTATEMENTSevidence exists for available for- sale financial FOR THEassets, YEARthe cumulative ENDEDloss 30measured JUNEas 2018the difference between the acquisition cost and the current fair value is reclassified from other comprehensive income to income statement. Impairment losses recognised on equity securities in the income statement are not reversed subsequently through income statement.

4.1.6 Derecognition

4.1.7 Offsetting of financial assets and liabilities

4.2 Cash and cash equivalents

4.3 Derivatives

4.4 Financial liabilities

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

4.5 Provisions

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.

4.7 Issue and redemption of units

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

Units redeemed are recorded at the redemption price, applicable to units for which the distributors / Management Company receive redemption applications during business hours of that day. The redemption price represents the net assets value per unit as of the 28 close of the business day less any back- end load , any duties, taxes, charges on redemption and any provision for transaction costs, if applicable.

4.8 Element of income

Element of Income represents the difference between net assets value on the issuance or redemption date, as the case may be, of units and the Net asset Value (NAV) at the beginning of the relevant accounting period.

Element of Income is a transaction of capital nature and the receipt and payment of element of income is taken to unit holders' fund; however, to maintain same ex-dividend net asset value of all units outstanding on accounting date, net element of income contributed on issue of units lying in unit holders fund is refunded on units (refund of capital) in the same proportion as dividend bears to accounting income available for distribution. As per guideline provided by MUFAP (MUFAP Guidelines consented upon by SECP) the refund of capital is made in the form of additional units at zero price.

MUFAP, in consultation with the SECP, has specified methodology for determination of income paid on units redeemed (income already paid) during the year under which such income is paid on gross element received and is calculated from the latest date at which the Fund achieved net profitability during the year. The income already paid (Element of Income) on redemption of units during the year are taken separately in statement of movement in unitholders' fund.

4.9 Net assets value per unit

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

4.10 Earnings per unit (EPU)

Earnings per unit (EPU) has not been disclosed as in the opinion of the management, determination of weighted average units for calculating EPU is not practicable. 4.5 Provisions

4.6 Taxation

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

The Fund provides for deferred taxation using the balance sheet liability method on all major temporary differences between the amounts used for financial reporting purposes and amounts used for taxation purposes. In addition, the Fund also records deferred tax asset on unutilised tax losses to the extent that it is no longer probable that the related tax benefit will be realised. However, the Fund has not recognised any amount in respect of taxation in these financial statements as the Fund distributes more than ninety percent of its accounting income for the current year and intends to continue availing the tax exemption in future years by distributing at least ninety percent of its accounting income for the year as reduced by capital gains, whether realised or unrealised, to its unit holders every year. NATIONAL4.7 Issue and INVESTMENTredemption of units (UNIT) TRUST Units issued are recorded at the offer price, determined by the Management Company for the applications received by the NOTESdistributors TO AND/ Management FORMINGCompany PARTduring OFbusiness THEhours FINANCIALon the date onSTATEMENTSwhich the funds are actually realized against FOR THEapplication. YEARThe ENDEDoffer price 30represents JUNEthe 2018net assets value per unit as of the close of the business day plus the allowable sales load, provision for transaction costs and any provision for duties and charges, if applicable. The sales load is payable to the investment facilitators , distributors and the Management Company. Transaction costs are recorded as the income of the Fund.

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

4.8 Element of income

4.9 Net assets value per unit

4.10 Earnings per unit (EPU)

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

4.11 Borrowing costs

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

4.12 Revenue recognition

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

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

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

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

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

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

4.13 Distributions

Distributions declared subsequent to the year end reporting date are considered as non-adjusting events and are recognised in the financial statements of the period in which such distributions are declared. Based on MUFAP's guidelines (duly consented upon by SECP) distributions for the year is deemed to comprise of the portion of amount of income already paid on units redeemed and the amount of cash distribution for the year.

The distribution per unit is announced based on units that were held for the entire period. The rate of distribution is adjusted with 29 effect of refund of capital if any based on the period of investment made during the year. Resultantly, the rate of distribution per unit may vary depending on the period of investment.

5 BANK BALANCES 2018 2017 (Rupees in '000)

In current accounts 5.1 2,236 2,739 In saving accounts 5.1 & 5.2 2,246,763 3,538,492 2,248,999 3,541,231

5.1 The above include an amount of Rs. 679.803 million (30 June 2017: Rs. 614.749 million) relating to unclaimed distribution.

5.2 These accounts carry return at rates ranging from 3.75% to 7.35% per annum (30 June 2017: 3.75% to 6.50% per annum).

6 INVESTMENTS

At fair value through profit or loss - held for trading Investment in shares / units of mutual funds 6.1.1 2,982,554 4,556,802

Available for sale Investment in shares / units of mutual funds 6.2.1 67,313,964 78,378,188

Held to maturity 6.3 - Morabaha arrangements 54,125 54,125 - Participation term certificates 10,500 10,500 - Term finance certificates 8,880 8,880 73,505 73,505 Less: Provision for impairment loss on held to maturity investments (73,505) (73,505) - - 70,296,518 82,934,990 4.11 Borrowing costs

4.12 Revenue recognition

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

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

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

NATIONAL- Income INVESTMENTfrom investment in morabaha (UNIT)arrangements, TRUSTterm finance certificates and other redeemable capital is recognised on an NOTESaccrual TO ANDbasis, except FORMING where recovery PART is doubtful, OF THEin which FINANCIAL case it is credited toSTATEMENTS the suspense account. FOR4.13 THEDistributions YEAR ENDED 30 JUNE 2018 Distributions declared subsequent to the year end reporting date are considered as non-adjusting events and are recognised in the financial statements of the period in which such distributions are declared. Based on MUFAP's guidelines (duly consented upon by SECP) distributions for the year is deemed to comprise of the portion of amount of income already paid on units redeemed and the amount of cash distribution for the year.

The distribution per unit is announced based on units that were held for the entire period. The rate of distribution is adjusted with effect of refund of capital if any based on the period of investment made during the year. Resultantly, the rate of distribution per unit may vary depending on the period of investment.

5 BANK BALANCES 2018 2017 (Rupees in '000)

In current accounts 5.1 2,236 2,739 In saving accounts 5.1 & 5.2 2,246,763 3,538,492 2,248,999 3,541,231

5.1 The above include an amount of Rs. 679.803 million (30 June 2017: Rs. 614.749 million) relating to unclaimed distribution.

5.2 These accounts carry return at rates ranging from 3.75% to 7.35% per annum (30 June 2017: 3.75% to 6.50% per annum).

6 INVESTMENTS

At fair value through profit or loss - held for trading Investment in shares / units of mutual funds 6.1.1 2,982,554 4,556,802

Available for sale Investment in shares / units of mutual funds 6.2.1 67,313,964 78,378,188

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

6.1.1 Equity shares / units of mutual funds

Market Market value Percentage Bonus Right shares Merger/ Carrying Market value / / carrying of paid-up Purchases shares purchased/ Sales As at 01 July demerger As at 30 value as value as carrying value as a capital of the Name of Investee Companies during issued subscribed during 2017 adjusting June 2018 at 30 at 30 value as a percentage investee the year during the during the year effects June 2018 June 2018 percentage of company year the year of net assets investments held

------(Number of shares) ------(Rupees in '000') ------% ------Close - End Mutual Fund PICIC Growth Fund 37,442 - - - - - 37,442 1,161 1,678 0.00 0.00 0.01 37,442 - - - - - 37,442 1,161 1,678 0.00 0.00 Modarabas Alnoor Modarba First 608,440 - - - - - 608,440 2,519 1,825 0.00 0.00 2.90 B.R.R. Guardian Modarba 1,824,274 - - - - - 1,824,274 17,203 15,944 0.02 0.02 2.34 Elite Capital Modarba First 392,620 - - - - - 392,620 1,649 1,276 0.00 0.00 3.46 First Fidelity Leasing Modarba 495,078 - - - - - 495,078 1,609 2,728 0.00 0.00 1.87 IBL Modarba First 1,078,774 - - - - - 1,078,774 4,747 4,714 0.01 0.01 5.34 KASB Modaraba 392,245 - - - - - 392,245 981 671 0.00 0.00 0.82 Orix Modaraba 1,729,098 - - - - - 1,729,098 40,340 28,721 0.04 0.04 3.81 U.D.L. Modaraba First 600,625 - - - - 78,000 522,625 19,703 9,747 0.01 0.01 1.98 7,121,154 - - - - 78,000 7,043,154 88,751 65,626 0.09 0.09 Leasing Companies English Leasing 707,261 - - - - - 707,261 - - - - 8.84 707,261 - - - - - 707,261 - - - - Financial Services Invest Capital Investment Bank Limited 1,338,138 - - - - - 1,338,138 2,823 2,516 0.00 0.00 0.47 1,338,138 - - - - - 1,338,138 2,823 2,516 0.00 0.00 Commercial Banks MCB Bank Limited 9,800 - - - - 9,800 ------9,800 - - - - 9,800 - - - - - Textile Spining 30 D.S.Industries Limited 295,102 - - - - - 295,102 1,130 1,355 0.00 0.00 0.35 Din Textile Mills Limited 22,920 - - - - - 22,920 2,591 2,172 0.00 0.00 0.10 Maqbool Textile Mills Limited 245,873 - - - - - 245,873 7,561 10,398 0.01 0.01 1.46 563,895 - - - - - 563,895 11,282 13,925 0.02 0.02 Textile Composite Fateh Textile Mills Limited 58,125 - - - - - 58,125 - - - - 4.65 Gul Ahmed Textile Mills Limited (Note 6.6) 4,509,848 - - - - 20,000 4,489,848 183,994 192,749 0.27 0.27 1.26 Kohinoor Mills 293,229 - - - - 21,500 271,729 12,896 8,038 0.01 0.01 0.53 Mehmood Textile Mills Limited 128,063 - - - - - 128,063 28,737 40,340 0.06 0.06 0.85 Sapphire Fibers Limited 362,871 - - - - - 362,871 435,445 334,748 0.47 0.48 1.84 Sapphire Textile Mills Limited 571,112 - - - - - 571,112 1,136,770 653,238 0.92 0.93 2.84 5,923,248 - - - - 41,500 5,881,748 1,797,842 1,229,113 1.74 1.75 Woollen Bannu Woollen Mills Limited 431,637 - - - - - 431,637 29,567 21,474 0.03 0.03 4.54 431,637 - - - - - 431,637 29,567 21,474 0.03 0.03 Synthetic & Rayon Pakistan Synthetics Limited 2,077,283 - - - - 19,500 2,057,783 60,190 51,630 0.07 0.07 3.67 2,077,283 - - - - 19,500 2,057,783 60,190 51,630 0.07 0.07 Tobacco Pakistan Tobacco Company Limited 18,164 - - - - 18,164 ------18,164 - - - - 18,164 - - - - - Power Generation & Distribution Kohinoor Energy Limited 465,867 - - - - - 465,867 20,065 18,635 0.03 0.03 0.27 465,867 - - - - - 465,867 20,065 18,635 0.03 0.03 Oil & Gas Marketing Companies Sui Northern Gas Pipelines Limited (note 6.5) 47,432 - - - - - 47,432 7,064 4,754 0.01 0.01 0.01 47,432 - - - - - 47,432 7,064 4,754 0.01 0.01 Cable & Electric Goods Siemens Pakistan Engineering Company Limited 34,713 - - - - - 34,713 23,952 35,242 0.05 0.05 0.42 34,713 - - - - - 34,713 23,952 35,242 0.05 0.05 Transport Pakistan International Airlines Corp. 202,650 - - - - - 202,650 1,183 829 0.00 0.00 0.01 202,650 - - - - - 202,650 1,183 829 0.00 0.00 Fertilizer Dawood Hercules Corporation Limited 474,256 - - - - - 474,256 64,670 52,538 0.07 0.07 0.10 474,256 - - - - - 474,256 64,670 52,538 0.07 0.07 Pharmaceuticals Abbot Laboatories (Pakistan) Limited 13,259 - - - - 5,000 8,259 7,720 5,657 0.01 0.01 0.01 Highnoon Laboratories Limited (note 6.6) 120 - 14 - - - 134 76 55 0.00 0.00 0.00 13,379 - 14 - - 5,000 8,393 7,796 5,712 0.01 0.01 Chemical Linde Pakistan Limited (Boc) 15,560 - - - - 15,560 ------15,560 - - - - 15,560 - - - - - Leather & Tanneries Service Industries Limited 1,559,125 - - - - - 1,559,125 2,150,033 1,223,882 1.73 1.74 12.96 1,559,125 - - - - - 1,559,125 2,150,033 1,223,882 1.73 1.74 Foods & Personal Care Products Nestle Pakistan Limited 2,556 - - - - - 2,556 26,071 29,394 0.04 0.04 0.01 2,556 - - - - - 2,556 26,071 29,394 0.04 0.04 Glass & Ceramics Ghani Glass Mills Limited 5,261 - - 5,724 - - 10,985 900 678 0.00 0.00 0.01 Ghani Glass Mills Limited-right 5,724 - - (5,724) ------10,985 - - - - - 10,985 900 678 0.00 0.00 Miscellaneous Pakistan Services Limited 210,756 - - - - - 210,756 190,207 207,595 0.29 0.30 0.65 Tri Pack Films Limited 85,372 - - - - 14,000 71,372 15,987 9,778 0.01 0.01 0.18 296,128 - - - - 14,000 282,128 206,194 217,373 0.31 0.31 6.1 At fair value through profit or loss - Held for trading

6.1.1 Equity shares / units of mutual funds

------(Number of shares) ------(Rupees in '000') ------% ------Close - End Mutual Fund PICIC Growth Fund 37,442 - - - - - 37,442 1,161 1,678 0.00 0.00 0.01 NATIONAL INVESTMENT 37,442 (UNIT) - TRUST - - - - 37,442 1,161 1,678 0.00 0.00 Modarabas NOTESAlnoor ModarbaTO FirstAND FORMING 608,440 PART - OF - THE - FINANCIAL - - STATEMENTS 608,440 2,519 1,825 0.00 0.00 2.90 B.R.R. Guardian Modarba 1,824,274 - - - - - 1,824,274 17,203 15,944 0.02 0.02 2.34 FOR6.1 THEEliteAt Capitalfair YEAR valueModarba Firstthrough ENDED profit 30 392,620 or JUNEloss - Held - 2018 for trading - - - - 392,620 1,649 1,276 0.00 0.00 3.46 First Fidelity Leasing Modarba 495,078 - - - - - 495,078 1,609 2,728 0.00 0.00 1.87 IBL Modarba First 1,078,774 - - - - - 1,078,774 4,747 4,714 0.01 0.01 5.34 6.1.1 KASBEquity Modaraba shares / units of mutual 392,245 funds - - - - - 392,245 981 671 0.00 0.00 0.82 Orix Modaraba 1,729,098 - - - - - 1,729,098 40,340 28,721 0.04 0.04 3.81 U.D.L. Modaraba First 600,625 - - - - 78,000 522,625 19,703 9,747 0.01 0.01 1.98 Market Market value Percentage 7,121,154 - Bonus - Right shares - - 78,000 7,043,154 88,751 65,626 0.09 0.09 Merger/ Carrying Market value / / carrying of paid-up Purchases shares purchased/ Sales Leasing Companies As at 01 July demerger As at 30 value as value as carrying value as a capital of the Name of Investee Companies during issued subscribed during English Leasing 2017 707,261 - - - adjusting - - June 707,261 2018 at 30 - at 30 - value as - a percentage - investee 8.84 the year during the during the year 707,261 - - - effects - - 707,261 June 2018 - June 2018 - percentage - of - company year the year of net assets investments held Financial Services Invest Capital Investment Bank Limited 1,338,138 - - - - - 1,338,138 2,823 2,516 0.00 0.00 0.47 ------(Number of shares) ------(Rupees in '000') ------% ------1,338,138 - - - - - 1,338,138 2,823 2,516 0.00 0.00 Close - End Mutual Fund PICICCommercial Growth Banks Fund 37,442 - - - - - 37,442 1,161 1,678 0.00 0.00 0.01 MCB Bank Limited 37,442 9,800 ------9,800 - 37,442 - 1,161 - 1,678 - 0.00 - 0.00 - - 9,800 - - - - 9,800 - - - - - Modarabas AlnoorTextile ModarbaSpining First 608,440 - - - - - 608,440 2,519 1,825 0.00 0.00 2.90 B.R.R.D.S.Industries Guardian Limited Modarba 1,824,274 295,102 ------1,824,274 295,102 17,203 1,130 15,944 1,355 0.020.00 0.020.00 2.340.35 EliteDin Textile Capital Mills Modarba Limited First 392,620 22,920 ------392,620 22,920 1,6492,591 1,2762,172 0.00 0.00 3.460.10 FirstMaqbool Fidelity Textile Leasing Mills ModarbaLimited 495,078245,873 ------495,078245,873 1,6097,561 10,398 2,728 0.000.01 0.000.01 1.871.46 IBL Modarba First 1,078,774 563,895 ------1,078,774 563,895 11,282 4,747 13,925 4,714 0.010.02 0.010.02 5.34 KASBTextile Modaraba Composite 392,245 - - - - - 392,245 981 671 0.00 0.00 0.82 OrixFateh Modaraba Textile Mills Limited 1,729,098 58,125 ------1,729,098 58,125 40,340 - 28,721 - 0.04 - 0.04 - 3.814.65 U.D.L.Gul Ahmed Modaraba Textile First Mills Limited 600,625 - - - - 78,000 522,625 19,703 9,747 0.01 0.01 1.98 (Note 6.6) 7,121,1544,509,848 ------78,00020,000 7,043,1544,489,848 183,994 88,751 192,749 65,626 0.090.27 0.090.27 1.26 LeasingKohinoor Companies Mills 293,229 - - - - 21,500 271,729 12,896 8,038 0.01 0.01 0.53 EnglishMehmood Leasing Textile Mills Limited 707,261128,063 ------707,261128,063 28,737 - 40,340 - 0.06 - 0.06 - 8.840.85 Sapphire Fibers Limited 707,261362,871 ------707,261362,871 435,445 - 334,748 - 0.47 - 0.48 - 1.84 Sapphire Textile Mills Limited 571,112 - - - - - 571,112 1,136,770 653,238 0.92 0.93 2.84 Financial Services 5,923,248 - - - - 41,500 5,881,748 1,797,842 1,229,113 1.74 1.75 Invest Capital Investment Bank Limited 1,338,138 - - - - - 1,338,138 2,823 2,516 0.00 0.00 0.47 Woollen 1,338,138 - - - - - 1,338,138 2,823 2,516 0.00 0.00 Bannu Woollen Mills Limited 431,637 - - - - - 431,637 29,567 21,474 0.03 0.03 4.54 Commercial Banks 431,637 - - - - - 431,637 29,567 21,474 0.03 0.03 MCB Bank Limited 9,800 - - - - 9,800 ------Synthetic & Rayon 9,800 - - - - 9,800 - - - - - Pakistan Synthetics Limited 2,077,283 - - - - 19,500 2,057,783 60,190 51,630 0.07 0.07 3.67 Textile Spining 2,077,283 - - - - 19,500 2,057,783 60,190 51,630 0.07 0.07 D.S.Industries Limited 295,102 - - - - - 295,102 1,130 1,355 0.00 0.00 0.35 DinTobacco Textile Mills Limited 22,920 - - - - - 22,920 2,591 2,172 0.00 0.00 0.10 MaqboolPakistan TextileTobacco Mills Company Limited Limited 245,873 18,164 ------18,164 - 245,873 - 7,561 - 10,398 - 0.01 - 0.01 - 1.46 - 563,895 18,164 ------18,164 - 563,895 - 11,282 - 13,925 - 0.02 - 0.02 - TextilePower GenerationComposite & Distribution FatehKohinoor Textile Energy Mills Limited Limited 465,867 58,125 ------465,867 58,125 20,065 - 18,635 - 0.03 - 0.03 - 4.650.27 Gul Ahmed Textile Mills Limited 465,867 - - - - - 465,867 20,065 18,635 0.03 0.03 (NoteOil & Gas6.6) Marketing Companies 4,509,848 - - - - 20,000 4,489,848 183,994 192,749 0.27 0.27 1.26 KohinoorSui Northern Mills Gas Pipelines 293,229 - - - - 21,500 271,729 12,896 8,038 0.01 0.01 0.53 MehmoodLimited Textile (note Mills6.5) Limited 128,063 47,432 ------128,063 47,432 28,737 7,064 40,340 4,754 0.060.01 0.060.01 0.850.01 Sapphire Fibers Limited 362,871 47,432 ------362,871 47,432 435,445 7,064 334,748 4,754 0.470.01 0.480.01 1.84 Sapphire Textile Mills Limited 571,112 - - - - - 571,112 1,136,770 653,238 0.92 0.93 2.84 Cable & Electric Goods 5,923,248 - - - - 41,500 5,881,748 1,797,842 1,229,113 1.74 1.75 Siemens Pakistan Engineering WoollenCompany Limited 34,713 - - - - - 34,713 23,952 35,242 0.05 0.05 0.42 Bannu Woollen Mills Limited 431,637 34,713 ------431,637 34,713 29,56723,952 21,47435,242 0.030.05 0.030.05 4.54 431,637 - - - - - 431,637 29,567 21,474 0.03 0.03 Transport SyntheticPakistan International & Rayon Airlines Corp. 202,650 - - - - - 202,650 1,183 829 0.00 0.00 0.01 Pakistan Synthetics Limited 2,077,283 202,650 ------19,500 - 2,057,783 202,650 60,190 1,183 51,630 829 0.070.00 0.070.00 3.67 2,077,283 - - - - 19,500 2,057,783 60,190 51,630 0.07 0.07 Fertilizer TobaccoDawood Hercules Corporation Limited 474,256 - - - - - 474,256 64,670 52,538 0.07 0.07 0.10 Pakistan Tobacco Company Limited 474,256 18,164 ------18,164 - 474,256 - 64,670 - 52,538 - 0.07 - 0.07 - - 18,164 - - - - 18,164 - - - - - Pharmaceuticals PowerAbbot Laboatories Generation (Pakistan) & Distribution Limited 13,259 - - - - 5,000 8,259 7,720 5,657 0.01 0.01 0.01 KohinoorHighnoon Energy Laboratories Limited Limited 465,867 - - - - - 465,867 20,065 18,635 0.03 0.03 0.27 (note 6.6) 465,867 120 -- - 14 ------465,867 134 20,065 76 18,635 55 0.030.00 0.030.00 0.00 Oil & Gas Marketing Companies 13,379 - 14 - - 5,000 8,393 7,796 5,712 0.01 0.01 SuiChemical Northern Gas Pipelines LindeLimited Pakistan (note Limited 6.5) (Boc) 47,43215,560 ------15,560 - 47,432 - 7,064 - 4,754 - 0.01 - 0.01 - 0.01 - 47,43215,560 ------15,560 - 47,432 - 7,064 - 4,754 - 0.01 - 0.01 - CableLeather & &Electric Tanneries Goods SiemensService Industries Pakistan EngineeringLimited 1,559,125 - - - - - 1,559,125 2,150,033 1,223,882 1.73 1.74 12.96 Company Limited 1,559,125 34,713 ------1,559,125 34,713 2,150,033 23,952 1,223,882 35,242 0.051.73 0.051.74 0.42 34,713 - - - - - 34,713 23,952 35,242 0.05 0.05 Foods & Personal Care Products TransportNestle Pakistan Limited 2,556 - - - - - 2,556 26,071 29,394 0.04 0.04 0.01 Pakistan International Airlines Corp. 202,650 2,556 ------202,650 2,556 26,071 1,183 29,394 829 0.000.04 0.000.04 0.01 202,650 - - - - - 202,650 1,183 829 0.00 0.00 Glass & Ceramics FertilizerGhani Glass Mills Limited 5,261 - - 5,724 - - 10,985 900 678 0.00 0.00 0.01 DawoodGhani Glass Hercules Mills Limited-rightCorporation Limited 474,256 5,724 -- -- (5,724) - -- -- 474,256 - 64,670 - 52,538 - 0.07 - 0.07 - 0.10 - 474,256 10,985 ------474,256 10,985 64,670 900 52,538 678 0.070.00 0.070.00 PharmaceuticalsMiscellaneous AbbotPakistan Laboatories Services Limited(Pakistan) Limited 210,756 13,259 ------5,000 - 210,756 8,259 190,207 7,720 207,595 5,657 0.010.29 0.010.30 0.010.65 HighnoonTri Pack Films Laboratories Limited Limited 85,372 - - - - 14,000 71,372 15,987 9,778 0.01 0.01 0.18 (note 6.6) 296,128 120 -- - 14 -- -- 14,000 - 282,128 134 206,194 76 217,373 55 0.000.31 0.000.31 0.00 13,379 - 14 - - 5,000 8,393 7,796 5,712 0.01 0.01 Chemical Linde Pakistan Limited (Boc) 15,560 - - - - 15,560 ------15,560 - - - - 15,560 - - - - - Leather & Tanneries Service Industries Limited 1,559,125 - - - - - 1,559,125 2,150,033 1,223,882 1.73 1.74 12.96 1,559,125 - - - - - 1,559,125 2,150,033 1,223,882 1.73 1.74 31 Foods & Personal Care Products Nestle Pakistan Limited 2,556 - - - - - 2,556 26,071 29,394 0.04 0.04 0.01 2,556 - - - - - 2,556 26,071 29,394 0.04 0.04 Glass & Ceramics Ghani Glass Mills Limited 5,261 - - 5,724 - - 10,985 900 678 0.00 0.00 0.01 Ghani Glass Mills Limited-right 5,724 - - (5,724) ------10,985 - - - - - 10,985 900 678 0.00 0.00 Miscellaneous Pakistan Services Limited 210,756 - - - - - 210,756 190,207 207,595 0.29 0.30 0.65 Tri Pack Films Limited 85,372 - - - - 14,000 71,372 15,987 9,778 0.01 0.01 0.18 296,128 - - - - 14,000 282,128 206,194 217,373 0.31 0.31 NATIONAL INVESTMENT (UNIT) TRUST NOTES TO AND FORMING PART OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2018

------(Number of shares) ------(Rupees in '000') ------% ------Delisted / Unqouted Companies Callmate Telips Telecom 83 - - - - - 83 - - - - 0.00 Sapphire Holding Limited 571,112 - - - - - 571,112 5,711 5,710 0.01 0.01 2.84 National Asset Leasing Corporation 265,013 - - - - - 265,013 - - - - 2.78 Natover Lease & Refinance 729,349 - - - - - 729,349 - - - - 8.31 Unilever Brothers Preference 123 - - - - - 123 1,845 1,845 0.00 0.00 - 1,565,680 - - - - - 1,565,680 7,556 7,555 0.01 0.01

Total - 30 June 2018 22,916,353 - 14 - - 201,524 22,714,843 4,507,100 2,982,554 4.21 4.24

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

6.1.2 All shares are fully paid up ordinary shares of Rs 10 each unless otherwise stated.

6.2 Available for sale

6.2.1 Equity shares / units of mutual funds

Market Right Market Percentage Bonus value / shares Merger/ Carrying Market value / of paid-up Purchases shares Sales carrying As at 01 purchased/s demerger As at 30 June value as value as at carrying capital of the Name of Investee Companies during issued during value as a July 2017 ubscribed adjusting 2018 at 30 30 value as a investee the year during the the year percentage during the effects June 2018 June 2018 percentage company year of year of net assets held investments

Insurance IGI Holding Limited - 54,397 - - - - 54,397 4,504 15,666 0.02 0.02

Textile Spining Adil Textile Mills Limited 93,592 - - - - - 93,592 - 4,680 0.01 0.01 1.21 Amtex Limited 363,523 - - - - - 363,523 436 473 0.00 0.00 0.14 Al - Qaim Textile Mills Limited 358,753 - - - - - 358,753 - - - - 4.81 Asim Textile Mills Limited 1,041,800 - - - - 106,500 935,300 - 10,616 0.02 0.02 6.16 Babri Cotton Mills Limited 80,578 - - - - - 80,578 392 4,109 0.01 0.01 2.21 Brothers Textile Mills Limited 579,461 - - - - - 579,461 - - - - 5.91 Crescent Cotton Mills Limited 1,048,579 - 62,914 - - - 1,111,493 5,637 27,943 0.04 0.04 5.20 Crescent Fibres Limited 852,681 - - - - - 852,681 - 21,752 0.03 0.03 6.87 Colony Textile Mills Limited 1,069,498 - - - - - 1,069,498 1,351 3,861 0.01 0.01 0.21 Chakwal Spinning Mills Limited 742,008 - - - - 79,500 662,508 - 2,140 0.00 0.00 1.66 Data Textile Limited 618,595 - - - - - 618,595 - - - - 6.24 Din Textile Mills Limited 340,301 - - - - 1 340,300 3,847 32,250 0.05 0.05 1.52 Dewan Khalid Textile Mills Limited 224,486 - - - - - 224,486 224 763 0.00 0.00 2.34 Dewan Mushtaq Textile Mills Limited 192,424 - - - - - 192,424 385 774 0.00 0.00 2.93 D. M. Textile Mills Limited 304,614 - - - - 25,000 279,614 503 12,722 0.02 0.02 9.16 D.S.Industries Limited 44,780 - - - - - 44,780 34 206 0.00 0.00 0.05 Dar-Es-Salaam Textile Mills Limited 259,287 - - - - - 259,287 570 2,113 0.00 0.00 3.24 Ellcot Spinning Mills Limited 704,380 - - - - - 704,380 7,482 50,293 0.07 0.07 6.43 Fatima Enterprises Limited 628,671 - - - - - 628,671 - - - - 4.42 Fazal Cloth Mills Limited 1,768,488 - - - - - 1,768,488 13,415 264,725 0.37 0.38 5.89 Gadoon Textile Mills 132,499 - - - - 2 132,497 1,231 33,389 0.05 0.05 0.47 Globe Textile Mills Limited 2,472 - - - - - 2,472 - - - - 0.02 Gulshan Spinning Mills Limited 1,137,974 - - - - - 1,137,974 - - - - 5.12 Gulistan Textile Mills Limited 734,617 - - - - - 734,617 - - - - 3.87 Hajra Textile Mills Limited 518,063 - - - - - 518,063 - - - - 3.77 Ideal Spinning Mills Limited 658,396 - - - - 20,000 638,396 894 5,075 0.01 0.01 6.44 Indus Dyeing Manufacturing Company Ltd. 525,295 - - - - - 525,295 5,509 327,595 0.46 0.47 2.91 J. A. Textile Mills Limited 127,361 - - - - - 127,361 - 646 0.00 0.00 1.01 Karim Cotton Mills Limited 110,562 - - - - - 110,562 - - - - 9.34 Kohinoor Spinning Mills Limited 535,827 - - - - 35,000 500,827 - 1,462 0.00 0.00 0.39 Khalid Siraj Textile Mills Limited 682,998 - - - - - 682,998 - - - - 6.38 Land Mark Spinning Industries Limited 355,437 - - - - 100,000 255,437 - 1,430 0.00 0.00 2.11 Mehr Dastgir Textile Mills Limited 259 - - - - - 259 - - - - 0.00 Maqbool Textile Mills Limited 1,420,216 - - - - - 1,420,216 11,362 60,061 0.08 0.09 8.45 Premium Textile Mills Limited 726,823 - - - - 111,200 615,623 6,713 123,125 0.17 0.18 9.99 Reliance Cotton Spinning Mills Limited 465,638 - - - - - 465,638 3,824 74,311 0.10 0.11 4.52 Ruby Textile Mills Limited 297,664 - - - - - 297,664 - 2,381 0.00 0.00 0.57 6.2 Available for sale

6.2.1 Equity shares / units of mutual funds

------(Number of shares) ------(Rupees in '000') ------%------Close - End Mutual Fund Dominion Stock Fund 157,629 - - - - - 157,629 - - - - 3.15 Investec Mutual Fund 172,406 - - - - - 172,406 - - - - 1.72 PICIC Growth Fund 6,429,358 - - - - - 6,429,358 35,940 288,164 0.41 0.41 2.27 PICIC Investment Fund 10,108,128 - - - - - 10,108,128 20,519 193,874 0.27 0.28 3.56 16,867,521 - - - - - 16,867,521 56,459 482,038 0.68 0.69 Modarabas B.R.R. Guardian Modarba 1,858,077 - - - - - 1,858,077 2,397 16,240 0.02 0.02 2.38 Habib Modarba First 1,584,070 - - - - 314,500 1,269,570 7,198 13,648 0.02 0.02 0.63 Orix Modaraba 1,948,462 - - - - - 1,948,462 13,269 32,364 0.05 0.05 4.29 5,390,609 - - - - 314,500 5,076,109 22,864 62,252 0.09 0.09 Leasing Companies Orix Leasing Pakistan 360,080 - - 302,815 - 428,500 234,395 4,538 10,189 0.01 0.01 0.29 Orix Leasing Pakistan Right 302,815 - - (302,815) ------Security Leasing Corporation 291,526 - - - - 217,500 74,026 118 859 0.00 0.00 0.20 Saudi Pak Leasing 347,752 - - - - - 347,752 - - - - 0.77 1,302,173 - - - - 646,000 656,173 4,656 11,048 0.02 0.02 Financial Services 786 Investment Limited 663,832 - - - - - 663,832 - - - - 4.43 Next Capital Limited 699,500 - - - - 104,500 595,000 3,959 5,653 0.01 0.01 1.32 Pakistan Stock Exchange Limited - 727,000 - - - 143,500 583,500 11,987 11,524 First Capital Securities Corporation 3,869,059 - - - - 25,000 3,844,059 6,963 9,226 0.01 0.01 1.21 First Dawood Investment Bank 1,585,564 - - - - - 1,585,564 1,205 5,740 0.01 0.01 1.07 Invest Capital Investment Bank Limited 8,271,554 - - - - - 8,271,554 1,654 15,550 0.02 0.02 2.90 IGI Investment Bank 5,004,579 - - - 5,004,579 - 10,009,158 - - - - 4.72 Investec Securities Limited 98,518 - - - - - 98,518 - - - - 0.60 NATIONALJ.O.V.& Company INVESTMENT 1,775,606 (UNIT) - TRUST - - - - 1,775,606 - - - - 3.49 Jahangir Siddiqui & Company 575,441 - - - - - 575,441 2,905 10,467 0.01 0.01 0.06 Prudential Investment Bank 326,292 - - - - - 326,292 - - - - 3.26 NOTESSecurity TO Investment AND Bank FORMING 2,262,698 PART - OF - THE - FINANCIAL - 192,500 STATEMENTS 2,070,198 2,587 13,063 0.02 0.02 4.02 25,132,643 727,000 - - 5,004,579 465,500 30,398,722 31,260 71,223 0.08 0.08 FOR6.2 THEAvailableCommercial YEAR Banks for sale ENDED 30 JUNE 2018 Allied Bank Limited 1,433,604 - - - - - 1,433,604 90,895 147,876 0.21 0.21 0.13 Askari Bank Limited 24,471,856 - - - - 350,000 24,121,856 220,443 527,545 0.75 0.75 1.91 6.2.1 EquityBank Al - Falah shares Limited / units of mutual 588,409 funds 817,500 - - - 670,500 735,409 25,917 38,455 0.05 0.05 0.05 Bank Al - Habib Limited 66,213,829 - - - - 4,999,500 61,214,329 663,416 4,825,526 6.82 6.86 5.51 Market Bankislami Pakistan 247,816 - - Right - - 247,816 - - - Market - - Percentage - Bonus value / Faysal Bank Limited (Note 6.6) 1,046,588 - 145,738 shares - Merger/ - 150,000 1,042,326 Carrying 4,465 Market 27,101 value 0.04 / 0.04 of paid-up 0.08 Purchases shares Sales carrying Habib Bank Limited As 1,137,433 at 01 572,300 - purchased/s - demerger - 345,000 As at1,364,733 30 June value 227,146 as value 227,146 as at carrying 0.32 0.32 capital of 0.09 the Name of Investee Companies during issued during value as a July 46,190,107 2017 - - ubscribed - adjusting - 4,418,000 41,772,107 2018 at635,070 30 1,810,82130 value as 2.56 a 2.58 investee 3.99 Habib Metropolitan Bank Limited the year during the the year percentage during the effects June 2018 June 2018 percentage company JS Bank Limited 8,558,161 - year - - - - 8,558,161 16,468 71,375 0.10 of 0.10 0.80 year of net assets held MCB Bank Limited 449,242 620,800 - - 11,793 40,200 1,041,635 206,004 206,004 0.29 investments 0.29 0.09 National Bank Of Pakistan 363,078 - - - - - 363,078 10,795 17,199 0.02 0.02 0.02 ------(Number of shares) ------(Rupees in '000') ------%------NIB Bank Limited 1,651,532 - - - (1,651,532) ------Close - End Mutual Fund Samba Bank Limited 2,973,804 - - - - 604,000 2,369,804 6,094 18,129 0.03 0.03 0.24 Dominion Stock Fund 157,629 - - - - - 157,629 - - - - 3.15 Silkbank Limited 20,880,417 - - - - - 20,880,417 28,397 28,397 0.04 0.04 0.23 Investec Mutual Fund 172,406 - - - - - 172,406 - - - - 1.72 Summit Bank Limited 506,978 - - - - - 506,978 1,060 1,090 0.00 0.00 0.03 PICIC Growth Fund 6,429,358 - - - - - 6,429,358 35,940 288,164 0.41 0.41 2.27 Soneri Bank Limited 107,774,049 - - - - 3,351,000 104,423,049 333,546 1,354,367 1.91 1.93 9.47 PICIC Investment Fund 10,108,128 - - - - - 10,108,128 20,519 193,874 0.27 0.28 3.56 United Bank Limited 966,099 590,000 - - - 117,500 1,438,599 243,094 243,094 0.34 0.35 0.12 16,867,521 - - - - - 16,867,521 56,459 482,038 0.68 0.69 285,453,002 2,600,600 145,738 - (1,639,739) 15,293,516 271,266,085 2,712,810 9,544,125 13.48 13.57 Modarabas B.R.R. Guardian Modarba 1,858,077 - - - - - 1,858,077 2,397 16,240 0.02 0.02 2.38 Insurance Habib Modarba First 1,584,070 - - - - 314,500 1,269,570 7,198 13,648 0.02 0.02 0.63 IGI Holding Limited - 54,397 - - - - 54,397 4,504 15,666 0.02 0.02 Orix Modaraba 1,948,462 - - - - - 1,948,462 13,269 32,364 0.05 0.05 4.29 5,390,609 - - - - 314,500 5,076,109 22,864 62,252 0.09 0.09 Textile Spining Leasing Companies Adil Textile Mills Limited 93,592 - - - - - 93,592 - 4,680 0.01 0.01 1.21 Orix Leasing Pakistan 360,080 - - 302,815 - 428,500 234,395 4,538 10,189 0.01 0.01 0.29 Amtex Limited 363,523 - - - - - 363,523 436 473 0.00 0.00 0.14 Orix Leasing Pakistan Right 302,815 - - (302,815) ------Al - Qaim Textile Mills Limited 358,753 - - - - - 358,753 - - - - 4.81 Security Leasing Corporation 291,526 - - - - 217,500 74,026 118 859 0.00 0.00 0.20 Asim Textile Mills Limited 1,041,800 - - - - 106,500 935,300 - 10,616 0.02 0.02 6.16 Saudi Pak Leasing 347,752 - - - - - 347,752 - - - - 0.77 Babri Cotton Mills Limited 80,578 - - - - - 80,578 392 4,109 0.01 0.01 2.21 1,302,173 - - - - 646,000 656,173 4,656 11,048 0.02 0.02 Brothers Textile Mills Limited 579,461 - - - - - 579,461 - - - - 5.91 Financial Services Crescent Cotton Mills Limited 1,048,579 - 62,914 - - - 1,111,493 5,637 27,943 0.04 0.04 5.20 786 Investment Limited 663,832 - - - - - 663,832 - - - - 4.43 Crescent Fibres Limited 852,681 - - - - - 852,681 - 21,752 0.03 0.03 6.87 Next Capital Limited 699,500 - - - - 104,500 595,000 3,959 5,653 0.01 0.01 1.32 Colony Textile Mills Limited 1,069,498 - - - - - 1,069,498 1,351 3,861 0.01 0.01 0.21 Pakistan Stock Exchange Limited - 727,000 - - - 143,500 583,500 11,987 11,524 Chakwal Spinning Mills Limited 742,008 - - - - 79,500 662,508 - 2,140 0.00 0.00 1.66 First Capital Securities Corporation 3,869,059 - - - - 25,000 3,844,059 6,963 9,226 0.01 0.01 1.21 Data Textile Limited 618,595 - - - - - 618,595 - - - - 6.24 First Dawood Investment Bank 1,585,564 - - - - - 1,585,564 1,205 5,740 0.01 0.01 1.07 Din Textile Mills Limited 340,301 - - - - 1 340,300 3,847 32,250 0.05 0.05 1.52 Invest Capital Investment Bank Limited 8,271,554 - - - - - 8,271,554 1,654 15,550 0.02 0.02 2.90 Dewan Khalid Textile Mills Limited 224,486 - - - - - 224,486 224 763 0.00 0.00 2.34 IGI Investment Bank 5,004,579 - - - 5,004,579 - 10,009,158 - - - - 4.72 Dewan Mushtaq Textile Mills Limited 192,424 - - - - - 192,424 385 774 0.00 0.00 2.93 Investec Securities Limited 98,518 - - - - - 98,518 - - - - 0.60 D. M. Textile Mills Limited 304,614 - - - - 25,000 279,614 503 12,722 0.02 0.02 9.16 J.O.V.& Company 1,775,606 - - - - - 1,775,606 - - - - 3.49 D.S.Industries Limited 44,780 - - - - - 44,780 34 206 0.00 0.00 0.05 Jahangir Siddiqui & Company 575,441 - - - - - 575,441 2,905 10,467 0.01 0.01 0.06 Dar-Es-Salaam Textile Mills Limited 259,287 - - - - - 259,287 570 2,113 0.00 0.00 3.24 Prudential Investment Bank 326,292 - - - - - 326,292 - - - - 3.26 Ellcot Spinning Mills Limited 704,380 - - - - - 704,380 7,482 50,293 0.07 0.07 6.43 Security Investment Bank 2,262,698 - - - - 192,500 2,070,198 2,587 13,063 0.02 0.02 4.02 Fatima Enterprises Limited 628,671 - - - - - 628,671 - - - - 4.42 25,132,643 727,000 - - 5,004,579 465,500 30,398,722 31,260 71,223 0.08 0.08 Fazal Cloth Mills Limited 1,768,488 - - - - - 1,768,488 13,415 264,725 0.37 0.38 5.89 Commercial Banks Gadoon Textile Mills 132,499 - - - - 2 132,497 1,231 33,389 0.05 0.05 0.47 Allied Bank Limited 1,433,604 - - - - - 1,433,604 90,895 147,876 0.21 0.21 0.13 Globe Textile Mills Limited 2,472 - - - - - 2,472 - - - - 0.02 Askari Bank Limited 24,471,856 - - - - 350,000 24,121,856 220,443 527,545 0.75 0.75 1.91 Gulshan Spinning Mills Limited 1,137,974 - - - - - 1,137,974 - - - - 5.12 Bank Al - Falah Limited 588,409 817,500 - - - 670,500 735,409 25,917 38,455 0.05 0.05 0.05 Gulistan Textile Mills Limited 734,617 - - - - - 734,617 - - - - 3.87 Bank Al - Habib Limited 66,213,829 - - - - 4,999,500 61,214,329 663,416 4,825,526 6.82 6.86 5.51 Hajra Textile Mills Limited 518,063 - - - - - 518,063 - - - - 3.77 Bankislami Pakistan 247,816 - - - - 247,816 ------Ideal Spinning Mills Limited 658,396 - - - - 20,000 638,396 894 5,075 0.01 0.01 6.44 Faysal Bank Limited (Note 6.6) 1,046,588 - 145,738 - - 150,000 1,042,326 4,465 27,101 0.04 0.04 0.08 Indus Dyeing Manufacturing Company Ltd. 525,295 - - - - - 525,295 5,509 327,595 0.46 0.47 2.91 Habib Bank Limited 1,137,433 572,300 - - - 345,000 1,364,733 227,146 227,146 0.32 0.32 0.09 J. A. Textile Mills Limited 127,361 - - - - - 127,361 - 646 0.00 0.00 1.01 Habib Metropolitan Bank Limited 46,190,107 - - - - 4,418,000 41,772,107 635,070 1,810,821 2.56 2.58 3.99 Karim Cotton Mills Limited 110,562 - - - - - 110,562 - - - - 9.34 JS Bank Limited 8,558,161 - - - - - 8,558,161 16,468 71,375 0.10 0.10 0.80 Kohinoor Spinning Mills Limited 535,827 - - - - 35,000 500,827 - 1,462 0.00 0.00 0.39 Market MCB Bank Limited 449,242 620,800 - Right - 11,793 40,200 1,041,635 206,004 206,004 Market 0.29 0.29 Percentage 0.09 Khalid Siraj Textile Mills Limited 682,998 - Bonus - - - - 682,998 - - - value -/ 6.38 National Bank Of Pakistan 363,078 - - shares - Merger/ - - 363,078 Carrying 10,795 Market 17,199 value 0.02 / 0.02 of paid-up 0.02 Land Mark Spinning Industries Limited 355,437 Purchases - shares - - - Sales 100,000 255,437 - 1,430 0.00 carrying 0.00 2.11 NIB Bank Limited As 1,651,532 at 01 - - purchased/s - demerger(1,651,532) - As at 30 June - value as - value as - at carrying - - capital of - the Mehr DastgirName of Textile Investee Mills CompaniesLimited 259 during - issued - - - during - 259 - - - value as - a 0.00 Samba Bank Limited July 2,973,804 2017 - - ubscribed - adjusting - 604,000 2,369,804 2018 at 306,094 30 18,129 value as 0.03 a 0.03 investee 0.24 Maqbool Textile Mills Limited 1,420,216 the year - during the- - - the year - 1,420,216 11,362 60,061 0.08 percentage 0.09 8.45 Silkbank Limited 20,880,417 - - during the- effects - - 20,880,417 June 28,397 2018 June 28,397 2018 percentage 0.04 0.04 company 0.23 Premium Textile Mills Limited 726,823 - year - - - 111,200 615,623 6,713 123,125 0.17 of 0.18 9.99 Summit Bank Limited 506,978 - - year - - - 506,978 1,060 1,090 of net assets 0.00 0.00 held 0.03 Reliance Cotton Spinning Mills Limited 465,638 - - - - - 465,638 3,824 74,311 0.10 investments 0.11 4.52 Soneri Bank Limited 107,774,049 - - - - 3,351,000 104,423,049 333,546 1,354,367 1.91 1.93 9.47 Ruby Textile Mills Limited ------297,664 - - (Number of shares) ------297,664 ------(Rupees - in '000') 2,381 ------%------0.00 0.00 0.57 United Bank Limited 966,099 590,000 - - - 117,500 1,438,599 243,094 243,094 0.34 0.35 0.12 Saif Textile Mills Limited 1,769,371 - - - - 96,500 1,672,871 4,132 29,275 0.04 0.04 6.33 285,453,002 2,600,600 145,738 - (1,639,739) 15,293,516 271,266,085 2,712,810 9,544,125 13.48 13.57 Salfi Textile Mills Limited 104,645 - - - - - 104,645 956 17,266 0.02 0.02 3.13 Salman Noman Enterpries Limited 291,399 - - - - 51,000 240,399 - 962 0.00 0.00 5.38 Insurance Service (Textile) Industries Limited 162,908 - - - - - 162,908 - 2,284 0.00 0.00 3.66 IGI Holding Limited - 54,397 - - - - 54,397 4,504 15,666 0.02 0.02 Shadab Textile Mills Limited 94,207 - - - - - 94,207 - 5,181 0.01 0.01 3.14 Sajjad Textile Mills Limited 316,932 - - - - - 316,932 - 1,268 0.00 0.00 1.49 Textile Spining Sally Textile Mills Limited 348,279 - - - - - 348,279 - 3,483 0.00 0.00 3.97 Adil Textile Mills Limited 93,592 - - - - - 93,592 - 4,680 0.01 0.01 1.21 Sana Industries Limited 423,001 - - - - - 423,001 3,926 16,074 0.02 0.02 4.92 Amtex Limited 363,523 - - - - - 363,523 436 473 0.00 0.00 0.14 Sargodha Spinning Mills Limited 588,202 - - - - 10,000 578,202 - - - - 1.85 Al - Qaim Textile Mills Limited 358,753 - - - - - 358,753 - - - - 4.81 Saritow Spinning Mills Limited 1,309,435 - - - - - 1,309,435 - 10,410 0.01 0.01 4.39 Asim Textile Mills Limited 1,041,800 - - - - 106,500 935,300 - 10,616 0.02 0.02 6.16 Sunshine Cotton Mills Limited 426,521 - - - - - 426,521 - - - - 5.43 Babri Cotton Mills Limited 80,578 - - - - - 80,578 392 4,109 0.01 0.01 2.21 Sunrays Textile Mills Limited 318,842 - - - - - 318,842 2,741 54,347 0.08 0.08 4.62 Brothers Textile Mills Limited 579,461 - - - - - 579,461 - - - - 5.91 Tata Textile Mills Limited 2,138,998 - - - - 302,500 1,836,498 15,501 67,950 0.10 0.10 10.60 Crescent Cotton Mills Limited 1,048,579 - 62,914 - - - 1,111,493 5,637 27,943 0.04 0.04 5.20 28,041,340 - 62,914 - - 937,203 27,167,051 91,065 1,277,395 1.78 1.81 Crescent Fibres Limited 852,681 - - - - - 852,681 - 21,752 0.03 0.03 6.87 Textile Weaving Colony Textile Mills Limited 1,069,498 - - - - - 1,069,498 1,351 3,861 0.01 0.01 0.21 Ayaz Textile Mills Limited 210,188 - - - - - 210,188 - - - - 2.46 Chakwal Spinning Mills Limited 742,008 - - - - 79,500 662,508 - 2,140 0.00 0.00 1.66 Hakkim Textile Mills Limited 257,368 - - - - - 257,368 - - - - 4.77 Data Textile Limited 618,595 - - - - - 618,595 - - - - 6.24 Sadoon Textile Mills Limited 985 - - - - - 985 - - - - 0.03 Din Textile Mills Limited 340,301 - - - - 1 340,300 3,847 32,250 0.05 0.05 1.52 Service Fabircs Limited 1,349,180 - - - - - 1,349,180 - 4,992 0.01 0.01 8.56 Dewan Khalid Textile Mills Limited 224,486 - - - - - 224,486 224 763 0.00 0.00 2.34 Shahtaj Textile Mills Limited 475,726 - - - - - 475,726 4,370 38,053 0.05 0.05 4.92 Dewan Mushtaq Textile Mills Limited 192,424 - - - - - 192,424 385 774 0.00 0.00 2.93 2,293,447 - - - - - 2,293,447 4,370 43,045 0.06 0.06 D. M. Textile Mills Limited 304,614 - - - - 25,000 279,614 503 12,722 0.02 0.02 9.16 Textile Composite D.S.Industries Limited 44,780 - - - - - 44,780 34 206 0.00 0.00 0.05 Ahmed Hassan Textile Mills Limited 913,009 - - - - - 913,009 10,966 34,840 0.05 0.05 6.34 Dar-Es-Salaam Textile Mills Limited 259,287 - - - - - 259,287 570 2,113 0.00 0.00 3.24 Azgard Nine Limited 98,357 - - - - 98,357 ------Ellcot Spinning Mills Limited 704,380 - - - - - 704,380 7,482 50,293 0.07 0.07 6.43 (Colony) Sarhad Textile Mills Limited 328,879 - - - - - 328,879 - - - - 8.22 Fatima Enterprises Limited 628,671 - - - - - 628,671 - - - - 4.42 Crescent Textile Mills Limited 1,724,601 - - - - 40,500 1,684,101 18,879 42,439 0.06 0.06 2.11 Fazal Cloth Mills Limited 1,768,488 - - - - - 1,768,488 13,415 264,725 0.37 0.38 5.89 Dawood Lawrencepur Limited 275,595 - - - - - 275,595 6,004 48,433 0.07 0.07 0.47 Gadoon Textile Mills 132,499 - - - - 2 132,497 1,231 33,389 0.05 0.05 0.47 Fateh Sports Wear Limited 45,300 - - - - - 45,300 - - - - 2.27 Globe Textile Mills Limited 2,472 - - - - - 2,472 - - - - 0.02 Fateh Textile Mills Limited 35,925 - - - - - 35,925 - - - - 2.87 Gulshan Spinning Mills Limited 1,137,974 - - - - - 1,137,974 - - - - 5.12 Gul Ahmed Textile Mills Limited (Note 6.6) 2,762,995 - - - - - 2,762,995 32,810 118,615 0.17 0.17 0.78 Gulistan Textile Mills Limited 734,617 - - - - - 734,617 - - - - 3.87 33 Ishaq Textile Mills Limited 431,946 - - - - - 431,946 894 3,888 0.01 0.01 4.47 Hajra Textile Mills Limited 518,063 - - - - - 518,063 - - - - 3.77 Kaiser Arts & Krafts Mills Limited 36,944 - - - - - 36,944 - - - - 0.43 Ideal Spinning Mills Limited 658,396 - - - - 20,000 638,396 894 5,075 0.01 0.01 6.44 Kohinoor Mills 2,814,830 - - - - - 2,814,830 2,956 83,263 0.12 0.12 5.53 Indus Dyeing Manufacturing Company Ltd. 525,295 - - - - - 525,295 5,509 327,595 0.46 0.47 2.91 Kohinoor Textile Mills Limited (Note 6.6) 1,433,994 - - 80,472 - 152,801 1,361,665 8,686 74,878 0.11 0.11 0.48 J. A. Textile Mills Limited 127,361 - - - - - 127,361 - 646 0.00 0.00 1.01 Muhammad Farooq Textile Mills Limited 585,277 - - - - 70,000 515,277 - - - - 2.73 Karim Cotton Mills Limited 110,562 - - - - - 110,562 - - - - 9.34 Masood Textile Mills Limited 2,214,169 - - - - - 2,214,169 70,918 183,798 0.26 0.26 3.28 Kohinoor Spinning Mills Limited 535,827 - - - - 35,000 500,827 - 1,462 0.00 0.00 0.39 Mian Textile Mills Limited 605,578 - - - - - 605,578 182 2,114 0.00 0.00 2.74 Khalid Siraj Textile Mills Limited 682,998 - - - - - 682,998 - - - - 6.38 Nishat (Chunian) Limited 5,982,868 - - - - 356,000 5,626,868 75,809 267,164 0.38 0.38 2.34 Land Mark Spinning Industries Limited 355,437 - - - - 100,000 255,437 - 1,430 0.00 0.00 2.11 Nishat Mills Limited 4,405,699 182,500 - - - 427,500 4,160,699 199,078 586,326 0.83 0.83 1.18 Mehr Dastgir Textile Mills Limited 259 - - - - - 259 - - - - 0.00 Paramount Spinning Mills Limited 1,803,686 - - - - - 1,803,686 - - - - 10.39 Maqbool Textile Mills Limited 1,420,216 - - - - - 1,420,216 11,362 60,061 0.08 0.09 8.45 Reliance Weaving Mills Limited 592,645 - - - - - 592,645 2,074 18,070 0.03 0.03 1.92 Premium Textile Mills Limited 726,823 - - - - 111,200 615,623 6,713 123,125 0.17 0.18 9.99 Sapphire Textile Mills Limited 352,976 - - - - - 352,976 24,355 403,734 0.57 0.57 1.76 Reliance Cotton Spinning Mills Limited 465,638 - - - - - 465,638 3,824 74,311 0.10 0.11 4.52 Schon Textiles Limited 258,610 - - - - - 258,610 - - - - 2.16 Ruby Textile Mills Limited 297,664 - - - - - 297,664 - 2,381 0.00 0.00 0.57 Sapphire Fibers Limited 224,435 - - - - - 224,435 16,945 207,041 0.29 0.29 1.14 Shams Textile Mills Limited 1,189,498 - - - - 145,000 1,044,498 5,954 50,094 0.07 0.07 12.09 Suraj Cotton Mills Limited (Note 6.6) 625,044 - 62,504 - - - 687,548 6,324 98,106 0.14 0.14 2.37 Taj Textile Mills Limited 1,409,947 - - - - - 1,409,947 - - - - 4.22 Zahur Cotton Mills Limited 485,694 - - - - - 485,694 - - - - 4.93 31,638,501 182,500 62,504 80,472 - 1,290,158 30,673,819 482,834 2,222,803 3.15 3.15 Wollen Moonlite (Pak) Limited 115,477 - - - - - 115,477 - - - - 5.35 115,477 - - - - - 115,477 - - - - Synthetic & Rayon Al-Abid Silk Mills Limited 1,113,687 - - - - - 1,113,687 - - - - 8.31 Ibrahim Fibres Limited 1,577,030 - - - - 97,000 1,480,030 40,020 93,242 0.13 0.13 0.48 Rupali Polyester Limited 584,500 - - - - - 584,500 5,249 17,243 0.02 0.02 1.72 3,275,217 - - - - 97,000 3,178,217 45,269 110,485 0.15 0.15 Jute Crescent Jute Proudcts Limited 1,386,218 - - - - - 1,386,218 - - - - 5.83 1,386,218 - - - - - 1,386,218 - - - - Sugar & Allied Industries Al- Abbas Sugar Mills Limited 829,583 - - - - 198,200 631,383 5,989 124,288 0.18 0.18 3.64 Al-Noor Sugar Mills Limited 1,898,887 - - - - - 1,898,887 - 108,142 0.15 0.15 9.27 Chashma Sugar Mills Limited 852,227 - - - - - 852,227 2,770 39,202 0.06 0.06 2.97 Dewan Sugar Mills Limited 1,932,432 - - - - 547,500 1,384,932 2,327 8,822 0.01 0.01 2.08 Faran Sugar Mills Limited 2,120,274 - - - - - 2,120,274 25,309 176,195 0.25 0.25 8.48 Habib Sugar Mills Limited 11,143,251 - - - - 614,500 10,528,751 35,610 426,414 0.60 0.61 7.02 Jauharabad Sugar Mills Limited 791,950 - - - - 42,000 749,950 2,217 36,372 0.05 0.05 3.03 Mirpurkhas Sugar Mills Limited 1,147,289 - - - - - 1,147,289 - 150,593 0.21 0.21 9.35 Premier Sugar Mills & Distillery Company 58,825 - - - - 2,500 56,325 2,336 4,289 0.01 0.01 1.50 Pangrio Sugar Mills Limited 760,820 - - - - - 760,820 - - - - 7.01 Sanghar Sugar Mills Limited 1,063,616 - - - - 20,500 1,043,116 - 34,391 0.05 0.05 8.73 Shakarganj Limited 6,883,129 - - 938,604 - 761,600 7,060,133 94,073 497,740 0.70 0.71 6.42 Shakarganj Limited Right 938,604 - - (938,604) ------Shahtaj Sugar Mills Limited 801,695 - - - - - 801,695 13,393 93,077 0.13 0.13 6.67 Shahmurad Sugar Mills Limited 1,702,910 - - - - 202,000 1,500,910 - 144,654 0.20 0.21 7.11 Sakrand Sugar Mills Limited 340,700 - - 340,700 - - 681,400 3,407 21,253 0.03 0.03 3.05 Sakrand Sugar Mills Limited Right 340,700 - - (340,700) ------Saleem Sugar Limited (O) 8,761 - - - - - 8,761 - - - - 0.78 Saleem Sugar Limited (P) 6 % 198 - - - - - 198 - - - - 0.40 33,615,851 - - - - 2,388,800 31,227,051 187,431 1,865,432 2.63 2.66 Cement Attock Cement Pakistan Limited 61,956 - - - - - 61,956 2,274 8,332 0.01 0.01 0.05 Bestway Cement Limited 944,715 - - - - - 944,715 14,629 123,748 0.17 0.18 0.16 Cherat Cement Company Limited 7,526,658 59,200 - - - 62,500 7,523,358 119,929 731,496 1.03 1.04 4.26 D. G. Khan Cement Company Limited 1,047,281 872,300 - - - 270,000 1,649,581 141,156 188,861 0.27 0.27 0.38 Fauji Cement Company Limited 1,976,867 1,675,000 - - - 400,000 3,251,867 74,305 74,305 0.10 0.11 0.24 Fecto Cement Limited 1,127,255 - - - - - 1,127,255 4,396 47,074 0.07 0.07 2.25 Kohat Cement Limited 81,500 - - - - - 81,500 6,431 10,030 0.01 0.01 0.05 Lucky Cement Limited 1,260,235 303,050 - - - 138,100 1,425,185 289,002 723,894 1.02 1.03 0.44 Maple Leaf Cement Factory Limited 239,746 - - 29,968 - - 269,714 2,502 13,685 0.02 0.02 0.05 Pioneer Cement Limited 429,444 - - - - - 429,444 1,417 20,124 0.03 0.03 0.19 Thatta Cement Limited 1,636,080 - - - - 267,500 1,368,580 24,505 29,726 0.04 0.04 1.37 Zeal Pak Cement Factory Limited 486,248 - - - - - 486,248 - - - - 0.11 16,817,985 2,909,550 - 29,968 - 1,138,100 18,619,403 680,546 1,971,275 2.77 2.81 Market Right Market Percentage Bonus value / shares Merger/ Carrying Market value / of paid-up Purchases shares Sales carrying As at 01 purchased/s demerger As at 30 June value as value as at carrying capital of the Name of Investee Companies during issued during value as a July 2017 ubscribed adjusting 2018 at 30 30 value as a investee the year during the the year percentage during the effects June 2018 June 2018 percentage company year of year of net assets held investments

------(Number of shares) ------(Rupees in '000') ------%------Saif Textile Mills Limited 1,769,371 - - - - 96,500 1,672,871 4,132 29,275 0.04 0.04 6.33 Salfi Textile Mills Limited 104,645 - - - - - 104,645 956 17,266 0.02 0.02 3.13 Salman Noman Enterpries Limited 291,399 - - - - 51,000 240,399 - 962 0.00 0.00 5.38 Service (Textile) Industries Limited 162,908 - - - - - 162,908 - 2,284 0.00 0.00 3.66 Shadab Textile Mills Limited 94,207 - - - - - 94,207 - 5,181 0.01 0.01 3.14 Sajjad Textile Mills Limited 316,932 - - - - - 316,932 - 1,268 0.00 0.00 1.49 NATIONALSally Textile Mills LimitedINVESTMENT 348,279 (UNIT) - TRUST - - - - 348,279 - 3,483 0.00 0.00 3.97 Sana Industries Limited 423,001 - - - - - 423,001 3,926 16,074 0.02 0.02 4.92 NOTESSargodha TO Spinning AND Mills Limited FORMING 588,202 PART - OF - THE - FINANCIAL - 10,000 STATEMENTS 578,202 - - - - 1.85 Saritow Spinning Mills Limited 1,309,435 - - - - - 1,309,435 - 10,410 0.01 0.01 4.39 Sunshine Cotton Mills Limited 426,521 - - - - - 426,521 - - - - 5.43 FOR6.2 THESunraysAvailable Textile YEAR Mills for Limited sale ENDED 30 318,842 JUNE 2018 - - - - - 318,842 2,741 54,347 0.08 0.08 4.62 Tata Textile Mills Limited 2,138,998 - - - - 302,500 1,836,498 15,501 67,950 0.10 0.10 10.60 6.2.1 Equity shares / units of mutual 28,041,340 funds - 62,914 - - 937,203 27,167,051 91,065 1,277,395 1.78 1.81 Textile Weaving Ayaz Textile Mills Limited 210,188 - - - - - 210,188 - - - - 2.46 Market Hakkim Textile Mills Limited 257,368 - - Right - - - 257,368 - - Market - - Percentage 4.77 Bonus value / Sadoon Textile Mills Limited 985 - - shares - Merger/ - - 985 Carrying - Market - value -/ - of paid-up 0.03 Purchases shares Sales carrying As at 01 purchased/s demerger As at 30 June value as value as at carrying capital of the ServiceName Fabircs of InvesteeLimited Companies 1,349,180 during - issued - - - during - 1,349,180 - 4,992 0.01 value as 0.01 a 8.56 July 2017 ubscribed adjusting 2018 at 30 30 value as a investee Shahtaj Textile Mills Limited 475,726 the year - during -the - - the year - 475,726 4,370 38,053 0.05 percentage 0.05 4.92 during the effects June 2018 June 2018 percentage company 2,293,447 - year - - - - 2,293,447 4,370 43,045 0.06 of 0.06 year of net assets held Textile Composite investments Ahmed Hassan Textile Mills Limited 913,009 - - - - - 913,009 10,966 34,840 0.05 0.05 6.34 ------(Number of shares) ------(Rupees in '000') ------%------Azgard Nine Limited 98,357 - - - - 98,357 ------Close - End Mutual Fund (Colony) Sarhad Textile Mills Limited 328,879 - - - - - 328,879 - - - - 8.22 Dominion Stock Fund 157,629 - - - - - 157,629 - - - - 3.15 Crescent Textile Mills Limited 1,724,601 - - - - 40,500 1,684,101 18,879 42,439 0.06 0.06 2.11 Investec Mutual Fund 172,406 - - - - - 172,406 - - - - 1.72 Dawood Lawrencepur Limited 275,595 - - - - - 275,595 6,004 48,433 0.07 0.07 0.47 PICIC Growth Fund 6,429,358 - - - - - 6,429,358 35,940 288,164 0.41 0.41 2.27 Fateh Sports Wear Limited 45,300 - - - - - 45,300 - - - - 2.27 PICIC Investment Fund 10,108,128 - - - - - 10,108,128 20,519 193,874 0.27 0.28 3.56 Fateh Textile Mills Limited 35,925 - - - - - 35,925 - - - - 2.87 16,867,521 - - - - - 16,867,521 56,459 482,038 0.68 0.69 Gul Ahmed Textile Mills Limited (Note 6.6) 2,762,995 - - - - - 2,762,995 32,810 118,615 0.17 0.17 0.78 Modarabas Ishaq Textile Mills Limited 431,946 - - - - - 431,946 894 3,888 0.01 0.01 4.47 B.R.R. Guardian Modarba 1,858,077 - - - - - 1,858,077 2,397 16,240 0.02 0.02 2.38 Kaiser Arts & Krafts Mills Limited 36,944 - - - - - 36,944 - - - - 0.43 Habib Modarba First 1,584,070 - - - - 314,500 1,269,570 7,198 13,648 0.02 0.02 0.63 Kohinoor Mills 2,814,830 - - - - - 2,814,830 2,956 83,263 0.12 0.12 5.53 Orix Modaraba 1,948,462 - - - - - 1,948,462 13,269 32,364 0.05 0.05 4.29 Kohinoor Textile Mills Limited (Note 6.6) 1,433,994 - - 80,472 - 152,801 1,361,665 8,686 74,878 0.11 0.11 0.48 5,390,609 - - - - 314,500 5,076,109 22,864 62,252 0.09 0.09 Muhammad Farooq Textile Mills Limited 585,277 - - - - 70,000 515,277 - - - - 2.73 Leasing Companies Masood Textile Mills Limited 2,214,169 - - - - - 2,214,169 70,918 183,798 0.26 0.26 3.28 Orix Leasing Pakistan 360,080 - - 302,815 - 428,500 234,395 4,538 10,189 0.01 0.01 0.29 Mian Textile Mills Limited 605,578 - - - - - 605,578 182 2,114 0.00 0.00 2.74 Orix Leasing Pakistan Right 302,815 - - (302,815) ------Nishat (Chunian) Limited 5,982,868 - - - - 356,000 5,626,868 75,809 267,164 0.38 0.38 2.34 Security Leasing Corporation 291,526 - - - - 217,500 74,026 118 859 0.00 0.00 0.20 Nishat Mills Limited 4,405,699 182,500 - - - 427,500 4,160,699 199,078 586,326 0.83 0.83 1.18 Saudi Pak Leasing 347,752 - - - - - 347,752 - - - - 0.77 Paramount Spinning Mills Limited 1,803,686 - - - - - 1,803,686 - - - - 10.39 1,302,173 - - - - 646,000 656,173 4,656 11,048 0.02 0.02 Reliance Weaving Mills Limited 592,645 - - - - - 592,645 2,074 18,070 0.03 0.03 1.92 Financial Services Sapphire Textile Mills Limited 352,976 - - - - - 352,976 24,355 403,734 0.57 0.57 1.76 786 Investment Limited 663,832 - - - - - 663,832 - - - - 4.43 Schon Textiles Limited 258,610 - - - - - 258,610 - - - - 2.16 Next Capital Limited 699,500 - - - - 104,500 595,000 3,959 5,653 0.01 0.01 1.32 Sapphire Fibers Limited 224,435 - - - - - 224,435 16,945 207,041 0.29 0.29 1.14 Pakistan Stock Exchange Limited - 727,000 - - - 143,500 583,500 11,987 11,524 Shams Textile Mills Limited 1,189,498 - - - - 145,000 1,044,498 5,954 50,094 0.07 0.07 12.09 First Capital Securities Corporation 3,869,059 - - - - 25,000 3,844,059 6,963 9,226 0.01 0.01 1.21 Suraj Cotton Mills Limited (Note 6.6) 625,044 - 62,504 - - - 687,548 6,324 98,106 0.14 0.14 2.37 First Dawood Investment Bank 1,585,564 - - - - - 1,585,564 1,205 5,740 0.01 0.01 1.07 Taj Textile Mills Limited 1,409,947 - - - - - 1,409,947 - - - - 4.22 Invest Capital Investment Bank Limited 8,271,554 - - - - - 8,271,554 1,654 15,550 0.02 0.02 2.90 Zahur Cotton Mills Limited 485,694 - - - - - 485,694 - - - - 4.93 IGI Investment Bank 5,004,579 - - - 5,004,579 - 10,009,158 - - - - 4.72 31,638,501 182,500 62,504 80,472 - 1,290,158 30,673,819 482,834 2,222,803 3.15 3.15 Investec Securities Limited 98,518 - - - - - 98,518 - - - - 0.60 Wollen J.O.V.& Company 1,775,606 - - - - - 1,775,606 - - - - 3.49 Moonlite (Pak) Limited 115,477 - - - - - 115,477 - - - - 5.35 Jahangir Siddiqui & Company 575,441 - - - - - 575,441 2,905 10,467 0.01 0.01 0.06 115,477 - - - - - 115,477 - - - - Prudential Investment Bank 326,292 - - - - - 326,292 - - - - 3.26 Synthetic & Rayon Security Investment Bank 2,262,698 - - - - 192,500 2,070,198 2,587 13,063 0.02 0.02 4.02 Al-Abid Silk Mills Limited 1,113,687 - - - - - 1,113,687 - - - - 8.31 25,132,643 727,000 - - 5,004,579 465,500 30,398,722 31,260 71,223 0.08 0.08 Ibrahim Fibres Limited 1,577,030 - - - - 97,000 1,480,030 40,020 93,242 0.13 0.13 0.48 Commercial Banks Rupali Polyester Limited 584,500 - - - - - 584,500 5,249 17,243 0.02 0.02 1.72 Allied Bank Limited 1,433,604 - - - - - 1,433,604 90,895 147,876 0.21 0.21 0.13 3,275,217 - - - - 97,000 3,178,217 45,269 110,485 0.15 0.15 Askari Bank Limited 24,471,856 - - - - 350,000 24,121,856 220,443 527,545 0.75 0.75 1.91 Jute Bank Al - Falah Limited 588,409 817,500 - - - 670,500 735,409 25,917 38,455 0.05 0.05 0.05 Crescent Jute Proudcts Limited 1,386,218 - - - - - 1,386,218 - - - - 5.83 Bank Al - Habib Limited 66,213,829 - - - - 4,999,500 61,214,329 663,416 4,825,526 6.82 6.86 5.51 1,386,218 - - - - - 1,386,218 - - - - Bankislami Pakistan 247,816 - - - - 247,816 ------Sugar & Allied Industries Faysal Bank Limited (Note 6.6) 1,046,588 - 145,738 - - 150,000 1,042,326 4,465 27,101 0.04 0.04 0.08 Al- Abbas Sugar Mills Limited 829,583 - - - - 198,200 631,383 5,989 124,288 0.18 0.18 3.64 Habib Bank Limited 1,137,433 572,300 - - - 345,000 1,364,733 227,146 227,146 0.32 0.32 0.09 Al-Noor Sugar Mills Limited 1,898,887 - - - - - 1,898,887 - 108,142 0.15 0.15 9.27 Habib Metropolitan Bank Limited 46,190,107 - - - - 4,418,000 41,772,107 635,070 1,810,821 2.56 2.58 3.99 Chashma Sugar Mills Limited 852,227 - - - - - 852,227 2,770 39,202 0.06 0.06 2.97 JS Bank Limited 8,558,161 - - - - - 8,558,161 16,468 71,375 0.10 0.10 0.80 Dewan Sugar Mills Limited 1,932,432 - - - - 547,500 1,384,932 2,327 8,822 0.01 0.01 2.08 MCB Bank Limited 449,242 620,800 - - 11,793 40,200 1,041,635 206,004 206,004 0.29 0.29 0.09 Faran Sugar Mills Limited 2,120,274 - - - - - 2,120,274 25,309 176,195 0.25 0.25 8.48 National Bank Of Pakistan 363,078 - - - - - 363,078 10,795 17,199 0.02 0.02 0.02 Habib Sugar Mills Limited 11,143,251 - - - - 614,500 10,528,751 35,610 426,414 0.60 0.61 7.02 NIB Bank Limited 1,651,532 - - - (1,651,532) ------Jauharabad Sugar Mills Limited 791,950 - - - - 42,000 749,950 2,217 36,372 0.05 0.05 3.03 Samba Bank Limited 2,973,804 - - - - 604,000 2,369,804 6,094 18,129 0.03 0.03 0.24 Mirpurkhas Sugar Mills Limited 1,147,289 - - - - - 1,147,289 - 150,593 0.21 0.21 9.35 Silkbank Limited 20,880,417 - - - - - 20,880,417 28,397 28,397 0.04 0.04 0.23 Premier Sugar Mills & Distillery Company 58,825 - - - - 2,500 56,325 2,336 4,289 0.01 0.01 1.50 Summit Bank Limited 506,978 - - - - - 506,978 1,060 1,090 0.00 0.00 0.03 Pangrio Sugar Mills Limited 760,820 - - - - - 760,820 - - - - 7.01 Soneri Bank Limited 107,774,049 - - - - 3,351,000 104,423,049 333,546 1,354,367 1.91 1.93 9.47 Sanghar Sugar Mills Limited 1,063,616 - - - - 20,500 1,043,116 - 34,391 0.05 0.05 8.73 United Bank Limited 966,099 590,000 - - - 117,500 1,438,599 243,094 243,094 0.34 0.35 0.12 Shakarganj Limited 6,883,129 - - 938,604 - 761,600 7,060,133 94,073 497,740 0.70 0.71 6.42 285,453,002 2,600,600 145,738 - (1,639,739) 15,293,516 271,266,085 2,712,810 9,544,125 13.48 13.57 Shakarganj Limited Right 938,604 - - (938,604) ------Shahtaj Sugar Mills Limited 801,695 - - - - - 801,695 13,393 93,077 0.13 0.13 6.67 Insurance Shahmurad Sugar Mills Limited 1,702,910 - - - - 202,000 1,500,910 - 144,654 0.20 0.21 7.11 IGI Holding Limited - 54,397 - - - - 54,397 4,504 15,666 0.02 0.02 Sakrand Sugar Mills Limited 340,700 - - 340,700 - - 681,400 3,407 21,253 0.03 0.03 3.05 Sakrand Sugar Mills Limited Right 340,700 - - (340,700) ------Textile Spining Saleem Sugar Limited (O) 8,761 - - - - - 8,761 - - - - 0.78 Adil Textile Mills Limited 93,592 - - - - - 93,592 - 4,680 0.01 0.01 1.21 Saleem Sugar Limited (P) 6 % 198 - - - - - 198 - - - - 0.40 Amtex Limited 363,523 - - - - - 363,523 436 473 0.00 0.00 0.14 33,615,851 - - - - 2,388,800 31,227,051 187,431 1,865,432 2.63 2.66 Al - Qaim Textile Mills Limited 358,753 - - - - - 358,753 - - - - 4.81 Cement Asim Textile Mills Limited 1,041,800 - - - - 106,500 935,300 - 10,616 0.02 0.02 6.16 Attock Cement Pakistan Limited 61,956 - - - - - 61,956 2,274 8,332 0.01 0.01 0.05 Babri Cotton Mills Limited 80,578 - - - - - 80,578 392 4,109 0.01 0.01 2.21 Bestway Cement Limited 944,715 - - - - - 944,715 14,629 123,748 0.17 0.18 0.16 Brothers Textile Mills Limited 579,461 - - - - - 579,461 - - - - 5.91 Cherat Cement Company Limited 7,526,658 59,200 - - - 62,500 7,523,358 119,929 731,496 1.03 1.04 4.26 Crescent Cotton Mills Limited 1,048,579 - 62,914 - - - 1,111,493 5,637 27,943 0.04 0.04 5.20 D. G. Khan Cement Company Limited 1,047,281 872,300 - - - 270,000 1,649,581 141,156 188,861 0.27 0.27 0.38 Crescent Fibres Limited 852,681 - - - - - 852,681 - 21,752 0.03 0.03 6.87 Fauji Cement Company Limited 1,976,867 1,675,000 - - - 400,000 3,251,867 74,305 74,305 0.10 0.11 0.24 Colony Textile Mills Limited 1,069,498 - - - - - 1,069,498 1,351 3,861 0.01 0.01 0.21 Fecto Cement Limited 1,127,255 - - - - - 1,127,255 4,396 47,074 0.07 0.07 2.25 Chakwal Spinning Mills Limited 742,008 - - - - 79,500 662,508 - 2,140 0.00 0.00 1.66 Kohat Cement Limited 81,500 - - - - - 81,500 6,431 10,030 0.01 0.01 0.05 Data Textile Limited 618,595 - - - - - 618,595 - - - - 6.24 Lucky Cement Limited 1,260,235 303,050 - - - 138,100 1,425,185 289,002 723,894 1.02 1.03 0.44 Din Textile Mills Limited 340,301 - - - - 1 340,300 3,847 32,250 0.05 0.05 1.52 Maple Leaf Cement Factory Limited 239,746 - - 29,968 - - 269,714 2,502 13,685 0.02 0.02 0.05 Dewan Khalid Textile Mills Limited 224,486 - - - - - 224,486 224 763 0.00 0.00 2.34 Pioneer Cement Limited 429,444 - - - - - 429,444 1,417 20,124 0.03 0.03 0.19 Dewan Mushtaq Textile Mills Limited 192,424 - - - - - 192,424 385 774 0.00 0.00 2.93 Thatta Cement Limited 1,636,080 - - - - 267,500 1,368,580 24,505 29,726 0.04 0.04 1.37 D. M. Textile Mills Limited 304,614 - - - - 25,000 279,614 503 12,722 0.02 0.02 9.16 Zeal Pak Cement Factory Limited 486,248 - - - - - 486,248 - - - - 0.11 D.S.Industries Limited 44,780 - - - - - 44,780 34 206 0.00 0.00 0.05 16,817,985 2,909,550 - 29,968 - 1,138,100 18,619,403 680,546 1,971,275 2.77 2.81 Dar-Es-Salaam Textile Mills Limited 259,287 - - - - - 259,287 570 2,113 0.00 0.00 3.24 Ellcot Spinning Mills Limited 704,380 - - - - - 704,380 7,482 50,293 0.07 0.07 6.43 Fatima Enterprises Limited 628,671 - - - - - 628,671 - - - - 4.42 Fazal Cloth Mills Limited 1,768,488 - - - - - 1,768,488 13,415 264,725 0.37 0.38 5.89 Gadoon Textile Mills 132,499 - - - - 2 132,497 1,231 33,389 0.05 0.05 0.47 Globe Textile Mills Limited 2,472 - - - - - 2,472 - - - - 0.02 Gulshan Spinning Mills Limited 1,137,974 - - - - - 1,137,974 - - - - 5.12 34 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 - - - - 20,000 638,396 894 5,075 0.01 0.01 6.44 Indus Dyeing Manufacturing Company Ltd. 525,295 - - - - - 525,295 5,509 327,595 0.46 0.47 2.91 J. A. Textile Mills Limited 127,361 - - - - - 127,361 - 646 0.00 0.00 1.01 Karim Cotton Mills Limited 110,562 - - - - - 110,562 - - - - 9.34 Kohinoor Spinning Mills Limited 535,827 - - - - 35,000 500,827 - 1,462 0.00 0.00 0.39 Khalid Siraj Textile Mills Limited 682,998 - - - - - 682,998 - - - - 6.38 Land Mark Spinning Industries Limited 355,437 - - - - 100,000 255,437 - 1,430 0.00 0.00 2.11 Mehr Dastgir Textile Mills Limited 259 - - - - - 259 - - - - 0.00 Maqbool Textile Mills Limited 1,420,216 - - - - - 1,420,216 11,362 60,061 0.08 0.09 8.45 Premium Textile Mills Limited 726,823 - - - - 111,200 615,623 6,713 123,125 0.17 0.18 9.99 Reliance Cotton Spinning Mills Limited 465,638 - - - - - 465,638 3,824 74,311 0.10 0.11 4.52 Ruby Textile Mills Limited 297,664 - - - - - 297,664 - 2,381 0.00 0.00 0.57 NATIONAL INVESTMENT (UNIT) TRUST NOTES TO AND FORMING PART OF THE FINANCIAL STATEMENTS FOR6.2 THEAvailable YEAR for sale ENDED 30 JUNE 2018

6.2.1 Equity shares / units of mutual funds

------(Number of shares) ------(Rupees in '000') ------%------TobaccoClose - End Mutual Fund 157,629 - - - - - 157,629 - - - - 3.15 PakistanDominion Tobacco Stock Fund Company Limited 1,814,159 - - - - 12,096 1,802,063 90,061 4,018,600 5.68 5.72 0.71 Investec Mutual Fund 172,406 - - - - - 172,406 - - - - 1.72 1,814,159 - - - - 12,096 1,802,063 90,061 4,018,600 5.68 5.72 PICIC Growth Fund 6,429,358 - - - - - 6,429,358 35,940 288,164 0.41 0.41 2.27 Refinery 10,108,128 - - - - - 10,108,128 20,519 193,874 0.27 0.28 3.56 PICICAttock InvestmentRefinery Limited Fund 648,557 10,000 - - - 42,500 616,057 58,769 132,642 0.19 0.19 0.72 National Refinery Limited 16,867,521 1,053,801 35,000 - - - - 21,500 - 16,867,521 1,067,301 161,292 56,459 472,825482,038 0.670.68 0.670.69 1.33 PakistanModarabas Refinery Limited 6,435,544 - - - - 705,000 5,730,544 87,196 198,907 0.28 0.28 1.82 B.R.R. Guardian Modarba 1,858,077 - - - - - 1,858,077 2,397 16,240 0.02 0.02 2.38 8,137,902 45,000 - - - 769,000 7,413,902 307,257 804,374 1.14 1.14 Habib Modarba First 1,584,070 - - - - 314,500 1,269,570 7,198 13,648 0.02 0.02 0.63 Power Generation & Distribution 1,948,462 - - - - - 1,948,462 13,269 32,364 0.05 0.05 4.29 OrixHub ModarabaPower Company Limited 4,616,897 - - - - 280,500 4,336,397 64,851 399,642 0.56 0.57 0.37 Kot Addu Power Company Limited 5,390,609 852,832 - - - - 565,000314,500 5,076,109 287,832 22,864 9,084 15,51762,252 0.020.09 0.020.09 0.03 KarachiLeasing Electric Companies Supply Company Limited 4,673,775 - - - - - 4,673,775 7,478 26,547 0.04 0.04 0.02 360,080 - - 302,815 - 428,500 234,395 4,538 10,189 0.01 0.01 0.29 OrixKohinoor Leasing Energy Pakistan Limited 410,390 - - - - - 410,390 6,472 16,416 0.02 0.02 0.24 302,815 - - (302,815) ------OrixLalpir Leasing Power LimitedPakistan Right 974,055 - - - - 791,000 183,055 3,139 3,516 0.00 0.01 0.05 291,526 - - - - 217,500 74,026 118 859 0.00 0.00 0.20 NishatSecurity Chunian Leasing Power Corporation Limited 21,500 - - - - 21,500 ------347,752 - - - - - 347,752 - - - - 0.77 SaudiSitara PakEnergy Leasing Limited 256,117 - - - - - 256,117 4,226 5,837 0.01 0.01 1.34 11,805,566 1,302,173 - - - - 1,658,000 646,000 10,147,566 656,173 95,250 4,656 467,475 11,048 0.020.65 0.020.67 FinancialOil & Gas ServicesMarketing Companies 663,832 - - - - - 663,832 - - - - 4.43 786Attock Investment Petroleum Limited Limited 50,229 - - - - - 50,229 13,569 29,634 0.04 0.04 0.06 699,500 - - - - 104,500 595,000 3,959 5,653 0.01 0.01 1.32 BurshaneNext Capital LPG Limited Pak Limited 1,336,033 - - - - - 1,336,033 31,379 60,389 0.09 0.09 5.90 - 727,000 - - - 143,500 583,500 11,987 11,524 Pakistan StockState OilExchange Company Limited Ltd. (note 6.5) 20,215,015 - 4,040,403 - - 13,000 24,242,418 1,370,418 7,716,604 10.90 10.98 8.92 3,869,059 - - - - 25,000 3,844,059 6,963 9,226 0.01 0.01 1.21 FirstShell Capital Pakistan Securities Limited Corporation 25 - - - - - 25 - 8 0.00 0.00 0.00 1,585,564 - - - - - 1,585,564 1,205 5,740 0.01 0.01 1.07 SuiFirst Northern Dawood GasInvestment Pipelines Bank Limited (note 6.5) 19,513,012 932,200 - - - 150,000 20,295,212 209,136 2,033,986 2.87 2.89 3.20 8,271,554 - - - - - 8,271,554 1,654 15,550 0.02 0.02 2.90 SuiInvest Southern Capital GasInvestment Company Bank Limited Limited 6,541,823 1,168,000 - - - 85,000 7,624,823 91,422 250,247 0.35 0.36 0.87 IGI Investment Bank 5,004,579 - - - 5,004,579 - 10,009,158 - - - - 4.72 47,656,137 2,100,200 4,040,403 - - 248,000 53,548,740 1,715,924 10,090,868 14.27 14.36 Investec Securities Limited 98,518 - - - - - 98,518 - - - - 0.60 Oil & Gas Exploration Companies 1,775,606 - - - - - 1,775,606 - - - - 3.49 MariJ.O.V.& Petroleum Company Company Limited (Note 6.6) 2,581,524 - - - - 129,020 2,452,504 92,549 3,693,912 5.22 5.25 2.22 575,441 - - - - - 2,905 10,467 0.01 0.01 0.06 JahangirOil & Gas Siddiqui Development & Company Company 1,227,443 719,500 - - - 254,500 1,692,443 575,441 249,163 263,378 0.37 0.37 0.04 326,292 - - - - - 326,292 - - - - 3.26 PakistanPrudential Oilfields Investment Limited Bank 634,322 196,650 - - - 191,500 639,472 206,435 429,591 0.61 0.61 0.27 2,262,698 - - - - 192,500 2,070,198 2,587 13,063 0.02 0.02 4.02 PakistanSecurity InvestmentPetroleum LimitedBank 1,389,374 386,800 - - - 350,000 1,426,174 197,527 306,485 0.43 0.44 0.07 25,132,643 5,832,663 1,302,950 727,000 - - 5,004,579 - 925,020465,500 30,398,722 6,210,593 745,674 31,260 4,693,366 71,223 6.630.08 6.680.08 EngineeringCommercial Banks 1,433,604 - - - - - 1,433,604 90,895 147,876 0.21 0.21 0.13 AlliedAisha BankSteel LimitedMills Limited 172,388 - - - - - 172,388 1,219 2,718 0.00 0.00 0.03 24,471,856 - - - - 350,000 24,121,856 220,443 527,545 0.75 0.75 1.91 AskariAisha SteelBank MillsLimited Limited Right 218 - - - - 218 - - - - - 0.00 588,409 817,500 - - - 670,500 735,409 25,917 38,455 0.05 0.05 0.05 BankAmreli Al Steel - Falah Limited Limited 50,500 - - - - - 50,500 2,576 3,563 0.01 0.01 0.02 66,213,829 - - - - 4,999,500 61,214,329 663,416 4,825,526 6.82 6.86 5.51 AishaBank AlSteel - Habib Mills Limited Limited-Preference 121,208 - - - - - 121,208 - 2,389 0.00 0.00 0.27 247,816 - - - - 247,816 ------BankislamiBolan Castings Pakistan Limited 488,276 - - - - - 488,276 4,830 56,952 0.08 0.08 4.26 1,046,588 - 145,738 - - 150,000 1,042,326 4,465 27,101 0.04 0.04 0.08 FaysalCrescent Bank Steel Limited And Allied (Note Proudcts 6.6) Limited 1,977,236 10,000 - - - 75,000 1,912,236 51,282 174,339 0.25 0.25 2.46 1,137,433 572,300 - - - 345,000 1,364,733 227,146 227,146 0.32 0.32 0.09 HabibHuffaz BankSeamless Limited Pipe Industries Limited 1,326,896 - - - - 15,000 1,311,896 6,507 27,419 0.04 0.04 2.36 46,190,107 - - - - 4,418,000 41,772,107 635,070 1,810,821 2.56 2.58 3.99 HabibInternational Metropolitan Industries Bank Limited Limited 7,278,133 - - - - 349,600 6,928,533 198,518 1,609,429 2.27 2.29 5.78 8,558,161 - - - - - 8,558,161 16,468 71,375 0.10 0.10 0.80 InternationalJS Bank Limited Steels Limited 1,380,500 272,500 - - - - 1,653,000 59,698 168,110 0.24 0.24 0.38 449,242 620,800 - - 11,793 40,200 1,041,635 206,004 206,004 0.29 0.29 0.09 MCBK.S.B. Bank Pumps Limited Company Limited 1,165,459 - - - - 34,200 1,131,259 23,912 316,753 0.45 0.45 8.57 363,078 - - - - - 363,078 10,795 17,199 0.02 0.02 0.02 NationalQuality Steel Bank Works Of Pakistan Limited 2,922 - - - - - 2,922 - - - - 0.16 NIB Bank Limited 1,651,532 - - - (1,651,532) ------13,963,736 282,500 - - - 474,018 13,772,218 348,542 2,361,672 3.34 3.36 Samba Bank Limited 2,973,804 - - - - 604,000 2,369,804 6,094 18,129 0.03 0.03 0.24 Automobile Assembler 20,880,417 - - - - - 20,880,417 28,397 28,397 0.04 0.04 0.23 SilkbankAtlas Honda Limited Limited 267,566 - - - - - 267,566 621 136,459 0.19 0.19 0.26 506,978 - - - - - 506,978 1,060 1,090 0.00 0.00 0.03 SummitGhandhara Bank Industries Limited Limited 123,077 - - - - 5,800 117,277 762 82,878 0.12 0.12 0.55 107,774,049 - - - - 3,351,000 104,423,049 333,546 1,354,367 1.91 1.93 9.47 SoneriGhandara Bank Nissan Limited Limited 1,205,211 - 321,371 - - - 1,526,582 35,054 274,281 0.39 0.39 3.39 966,099 590,000 - - - 117,500 1,438,599 243,094 243,094 0.34 0.35 0.12 UnitedHonda BankAtlas CarsLimited Limited 2,169,239 - - - - 9,450 2,159,789 23,842 683,336 0.97 0.97 1.51 Hinopak Motors Limited 285,453,002 436,242 2,600,600 - 145,738 - - (1,639,739) - 15,293,516 - 271,266,085 436,242 2,712,810 30,559 9,544,125 352,357 13.48 0.50 13.57 0.50 3.52 Indus Motor Company Limited 451,646 - - - - 42,260 409,386 60,028 581,926 0.82 0.83 0.52 InsuranceMillat Tractors Limited 497,929 4,200 - - - 13,600 488,529 87,633 580,402 0.82 0.83 1.10 - 54,397 - - - - 54,397 4,504 15,666 0.02 0.02 IGIPak Holding Suzuki LimitedMotor Company Limited 1,127,140 - - - - 5,000 1,122,140 72,415 441,427 0.62 0.63 1.36 6,278,050 4,200 321,371 - - 76,110 6,527,511 310,914 3,133,066 4.43 4.46 TextileAutomobile Spining Parts & Accessories 93,592 - - - - - 93,592 - 4,680 0.01 0.01 1.21 AdilAgriauto Textile Industries Mills Limited Limited 1,096,020 - - - - 2,000 1,094,020 14,707 322,736 0.46 0.46 3.80 363,523 - - - - - 363,523 436 473 0.00 0.00 0.14 AmtexBaluchistan Limited Wheels Limited 1,333,360 - - - - 5,000 1,328,360 34,697 143,742 0.20 0.20 9.96 358,753 - - - - - 358,753 - - - - 4.81 AlThal - Qaim Limited Textile Mills Limited 2,402,408 - - - - 3,500 2,398,908 102,325 1,145,550 1.62 1.63 2.96 1,041,800 - - - - 106,500 935,300 - 10,616 0.02 0.02 6.16 AsimExide Textile Pakistan Mills Limited Limited 510,724 - - - - - 510,724 32,714 172,691 0.24 0.25 6.57 Babri Cotton Mills Limited 80,578 - - - - - 80,578 392 4,109 0.01 0.01 2.21 General Tyre and Rubber Company of 579,461 - - - - - 579,461 - - - - 5.91 BrothersPakistan TextileLimited Mills Limited 2,776,276 80,400 - - - - 2,856,676 51,638 474,780 0.67 0.68 4.78 Crescent Cotton Mills Limited 1,048,579 - 62,914 - - - 1,111,493 5,637 27,943 0.04 0.04 5.20 8,118,788 80,400 - - - 10,500 8,188,688 236,081 2,259,499 3.19 3.22 Crescent Fibres Limited 852,681 - - - - - 852,681 - 21,752 0.03 0.03 6.87 Cable & Electric Goods Colony Textile Mills Limited 1,069,498 - - - - - 1,069,498 1,351 3,861 0.01 0.01 0.21 Johnson And Phillips (Pakistan) Limited 493,824 - - - - - 493,824 - 31,234 0.04 0.04 9.06 Chakwal Spinning Mills Limited 742,008 - - - - 79,500 662,508 - 2,140 0.00 0.00 1.66 Pak Elektron Limited 1,383,552 1,603,500 - - - 390,000 2,597,052 92,092 92,092 0.13 0.13 0.52 Data Textile Limited 618,595 - - - - - 618,595 - - - - 6.24 Pakistan Cables Limited 1,717,327 - 426,706 - - 10,500 2,133,533 82,710 398,864 0.56 0.57 7.50 Din Textile Mills Limited 340,301 1 340,300 3,847 32,250 0.05 0.05 1.52 Siemens Pakistan Engineering 983,658 - - - - - 983,658 598,221 998,659 1.41 1.42 11.93 Dewan Khalid Textile Mills Limited 224,486 - - - - - 224,486 224 763 0.00 0.00 2.34 Company Limited Dewan Mushtaq Textile Mills Limited 192,424 - - - - - 192,424 385 774 0.00 0.00 2.93 Singer Pakistan Limited 8 - - - - - 8 - - - - 0.00 D. M. Textile Mills Limited 304,614 - - - - 25,000 279,614 503 12,722 0.02 0.02 9.16 4,578,369 1,603,500 426,706 - - 400,500 6,208,075 773,023 1,520,849 2.14 2.16 D.S.Industries Limited 44,780 - - - - - 44,780 34 206 0.00 0.00 0.05 Transport Dar-Es-Salaam Textile Mills Limited 259,287 - - - - - 259,287 570 2,113 0.00 0.00 3.24 Pakistan National Shipping Corporation 432,564 - - - - - 432,564 4,442 35,444 0.05 0.05 0.33 Ellcot Spinning Mills Limited 704,380 - - - - - 704,380 7,482 50,293 0.07 0.07 6.43 432,564 - - - - - 432,564 4,442 35,444 0.05 0.05 Fatima Enterprises Limited 628,671 - - - - - 628,671 - - - - 4.42 Technology & Communication Fazal Cloth Mills Limited 1,768,488 - - - - - 1,768,488 13,415 264,725 0.37 0.38 5.89 Pak Datacom Limited 178,898 - - - - - 178,898 2,538 10,725 0.02 0.02 1.83 Gadoon Textile Mills 132,499 - - - - 2 132,497 1,231 33,389 0.05 0.05 0.47 Pakistan Telecommunication Company 2,585,884 - - - - 146,000 2,439,884 26,587 27,912 0.04 0.04 0.06 Globe Textile Mills Limited 2,472 - - - - - 2,472 - - - - 0.02 2,764,782 - - - - 146,000 2,618,782 29,125 38,637 0.06 0.06 Gulshan Spinning Mills Limited 1,137,974 - - - - - 1,137,974 - - - - 5.12 Fertilizer Gulistan Textile Mills Limited 734,617 - - - - - 734,617 - - - - 3.87 Dawood Hercules Corporation Limited 952,940 - - - - - 952,940 29,032 105,567 0.15 0.15 0.20 35 Hajra Textile Mills Limited 518,063 - - - - - 518,063 - - - - 3.77 Engro Fertilizer Limited 1,488,827 135,000 - - - 710,000 913,827 51,735 68,455 0.10 0.10 0.07 Ideal Spinning Mills Limited 658,396 - - - - 20,000 638,396 894 5,075 0.01 0.01 6.44 Engro Corporation Limited 209,678 420,000 - - - 215,000 414,678 96,126 130,151 0.18 0.19 0.08 Indus Dyeing Manufacturing Company Ltd. 525,295 - - - - - 525,295 5,509 327,595 0.46 0.47 2.91 Fatima Fertilizer Company 1,770,062 - - - - 978,500 791,562 8,028 25,646 0.04 0.04 0.04 J. A. Textile Mills Limited 127,361 - - - - - 127,361 - 646 0.00 0.00 1.01 Fauji Fertilizer Bin Qasim Limited 500,435 - - - - - 500,435 15,672 19,317 0.03 0.03 0.05 Karim Cotton Mills Limited 110,562 - - - - - 110,562 - - - - 9.34 Fauji Fertilizer Company Limited 25,892,055 505,000 - - - 731,000 25,666,055 638,098 2,538,116 3.59 3.61 2.02 Kohinoor Spinning Mills Limited 535,827 - - - - 35,000 500,827 - 1,462 0.00 0.00 0.39 30,813,997 1,060,000 - - - 2,634,500 29,239,497 838,691 2,887,252 4.09 4.12 Khalid Siraj Textile Mills Limited 682,998 - - - - - 682,998 - - - - 6.38 Pharmaceuticals 355,437 - - - - 100,000 255,437 - 1,430 0.00 0.00 2.11 AbbotLand Mark Laboratories Spinning (Pakistan) Industries Limited Limited 2,594,429 - - - - - 2,594,429 208,996 1,777,184 2.51 2.53 2.65 259 - - - - - 259 - - - - 0.00 AGPMehr LimitedDastgir Textile Mills Limited - 330,000 - - - 249,000 81,000 6,480 7,192 0.01 0.01 0.00 Maqbool Textile Mills Limited 1,420,216 - - - - - 1,420,216 11,362 60,061 0.08 0.09 8.45 Ferozsons Laboratories Limited 1,643,375 79,000 - - - - 1,722,375 44,142 335,398 0.47 0.48 5.71 Premium Textile Mills Limited 726,823 - - - - 111,200 615,623 6,713 123,125 0.17 0.18 9.99 Glaxosmithkline (Pak) Limited 8,934,054 - - - - 344,400 8,589,654 445,152 1,425,883 2.01 2.03 2.70 Reliance Cotton Spinning Mills Limited 465,638 - - - - - 465,638 3,824 74,311 0.10 0.11 4.52 Glaxosmithkline Consumer Health Pak Ruby Textile Mills Limited 297,664 - - - - - 297,664 - 2,381 0.00 0.00 0.57 Limited 2,844,107 4,000 - - - 232,200 2,615,907 1,537 1,059,573 1.50 1.51 2.74 Highnoon Laboratories Limited (Note 6.6) 476,361 - 57,163 - - - 533,524 7,748 219,016 0.31 0.31 2.09 Sanofi-Aventis Limited 228,461 - - - - - 228,461 20,965 244,453 0.35 0.35 2.37 Searle Pakistan Limited (Note 6.6) 3,549,126 57,500 709,825 - - 15,000 4,301,451 128,331 1,460,343 2.06 2.08 2.79 Wyeth Pakistan Limited 111,574 - - - - - 111,574 43,913 165,018 0.23 0.23 7.85 20,381,487 470,500 766,988 - - 840,600 20,778,375 907,264 6,694,060 9.46 9.53 Market Right Market Percentage Bonus value / shares Merger/ Carrying Market value / of paid-up Purchases shares Sales carrying As at 01 purchased/s demerger As at 30 June value as value as at carrying capital of the Name of Investee Companies during issued during value as a July 2017 ubscribed adjusting 2018 at 30 30 value as a investee the year during the the year percentage during the effects June 2018 June 2018 percentage company year of year of net assets held investments

------(Number of shares) ------(Rupees in '000') ------%------Tobacco Pakistan Tobacco Company Limited 1,814,159 - - - - 12,096 1,802,063 90,061 4,018,600 5.68 5.72 0.71 1,814,159 - - - - 12,096 1,802,063 90,061 4,018,600 5.68 5.72 Refinery Attock Refinery Limited 648,557 10,000 - - - 42,500 616,057 58,769 132,642 0.19 0.19 0.72 National Refinery Limited 1,053,801 35,000 - - - 21,500 1,067,301 161,292 472,825 0.67 0.67 1.33 Pakistan Refinery Limited 6,435,544 - - - - 705,000 5,730,544 87,196 198,907 0.28 0.28 1.82 8,137,902 45,000 - - - 769,000 7,413,902 307,257 804,374 1.14 1.14 Power Generation & Distribution Hub Power Company Limited 4,616,897 - - - - 280,500 4,336,397 64,851 399,642 0.56 0.57 0.37 Kot Addu Power Company Limited 852,832 - - - - 565,000 287,832 9,084 15,517 0.02 0.02 0.03 Karachi Electric Supply Company Limited 4,673,775 - - - - - 4,673,775 7,478 26,547 0.04 0.04 0.02 Kohinoor Energy Limited 410,390 - - - - - 410,390 6,472 16,416 0.02 0.02 0.24 Lalpir Power Limited 974,055 - - - - 791,000 183,055 3,139 3,516 0.00 0.01 0.05 Nishat Chunian Power Limited 21,500 - - - - 21,500 ------Sitara Energy Limited 256,117 - - - - - 256,117 4,226 5,837 0.01 0.01 1.34 11,805,566 - - - - 1,658,000 10,147,566 95,250 467,475 0.65 0.67 Oil & Gas Marketing Companies Attock Petroleum Limited 50,229 - - - - - 50,229 13,569 29,634 0.04 0.04 0.06 Burshane LPG Pak Limited 1,336,033 - - - - - 1,336,033 31,379 60,389 0.09 0.09 5.90 Pakistan State Oil Company Ltd. (note 6.5) 20,215,015 - 4,040,403 - - 13,000 24,242,418 1,370,418 7,716,604 10.90 10.98 8.92 Shell Pakistan Limited 25 - - - - - 25 - 8 0.00 0.00 0.00 Sui Northern Gas Pipelines Limited (note 6.5) 19,513,012 932,200 - - - 150,000 20,295,212 209,136 2,033,986 2.87 2.89 3.20 Sui Southern Gas Company Limited 6,541,823 1,168,000 - - - 85,000 7,624,823 91,422 250,247 0.35 0.36 0.87 47,656,137 2,100,200 4,040,403 - - 248,000 53,548,740 1,715,924 10,090,868 14.27 14.36 Oil & Gas Exploration Companies Mari Petroleum Company Limited (Note 6.6) 2,581,524 - - - - 129,020 2,452,504 92,549 3,693,912 5.22 5.25 2.22 Oil & Gas Development Company 1,227,443 719,500 - - - 254,500 1,692,443 249,163 263,378 0.37 0.37 0.04 Pakistan Oilfields Limited 634,322 196,650 - - - 191,500 639,472 206,435 429,591 0.61 0.61 0.27 Pakistan Petroleum Limited 1,389,374 386,800 - - - 350,000 1,426,174 197,527 306,485 0.43 0.44 0.07 5,832,663 1,302,950 - - - 925,020 6,210,593 745,674 4,693,366 6.63 6.68 Engineering Aisha Steel Mills Limited 172,388 - - - - - 172,388 1,219 2,718 0.00 0.00 0.03 Aisha Steel Mills Limited Right 218 - - - - 218 - - - - - 0.00 Amreli Steel Limited 50,500 - - - - - 50,500 2,576 3,563 0.01 0.01 0.02 Aisha Steel Mills Limited-Preference 121,208 - - - - - 121,208 - 2,389 0.00 0.00 0.27 Bolan Castings Limited 488,276 - - - - - 488,276 4,830 56,952 0.08 0.08 4.26 Crescent Steel And Allied Proudcts Limited 1,977,236 10,000 - - - 75,000 1,912,236 51,282 174,339 0.25 0.25 2.46 Huffaz Seamless Pipe Industries Limited 1,326,896 - - - - 15,000 1,311,896 6,507 27,419 0.04 0.04 2.36 International Industries Limited 7,278,133 - - - - 349,600 6,928,533 198,518 1,609,429 2.27 2.29 5.78 International Steels Limited 1,380,500 272,500 - - - - 1,653,000 59,698 168,110 0.24 0.24 0.38 K.S.B. Pumps Company Limited 1,165,459 - - - - 34,200 1,131,259 23,912 316,753 0.45 0.45 8.57 Quality Steel Works Limited 2,922 - - - - - 2,922 - - - - 0.16 13,963,736 282,500 - - - 474,018 13,772,218 348,542 2,361,672 3.34 3.36 Automobile Assembler Atlas Honda Limited 267,566 - - - - - 267,566 621 136,459 0.19 0.19 0.26 Ghandhara Industries Limited 123,077 - - - - 5,800 117,277 762 82,878 0.12 0.12 0.55 Ghandara Nissan Limited 1,205,211 - 321,371 - - - 1,526,582 35,054 274,281 0.39 0.39 3.39 Honda Atlas Cars Limited 2,169,239 - - - - 9,450 2,159,789 23,842 683,336 0.97 0.97 1.51 Hinopak Motors Limited 436,242 - - - - - 436,242 30,559 352,357 0.50 0.50 3.52 Indus Motor Company Limited 451,646 - - - - 42,260 409,386 60,028 581,926 0.82 0.83 0.52 Millat Tractors Limited 497,929 4,200 - - - 13,600 488,529 87,633 580,402 0.82 0.83 1.10 Pak Suzuki Motor Company Limited 1,127,140 - - - - 5,000 1,122,140 72,415 441,427 0.62 0.63 1.36 6,278,050 4,200 321,371 - - 76,110 6,527,511 310,914 3,133,066 4.43 4.46 Automobile Parts & Accessories NATIONALAgriauto Industries INVESTMENT Limited 1,096,020 (UNIT) - TRUST - - - 2,000 1,094,020 14,707 322,736 0.46 0.46 3.80 Baluchistan Wheels Limited 1,333,360 - - - - 5,000 1,328,360 34,697 143,742 0.20 0.20 9.96 Thal Limited 2,402,408 - - - - 3,500 2,398,908 102,325 1,145,550 1.62 1.63 2.96 NOTESExide Pakistan TO LimitedAND FORMING 510,724 PART - OF - THE - FINANCIAL - - STATEMENTS 510,724 32,714 172,691 0.24 0.25 6.57 General Tyre and Rubber Company of FOR6.2 THEPakistanAvailable LimitedYEAR for sale ENDED 30 2,776,276 JUNE 80,400 2018 - - - - 2,856,676 51,638 474,780 0.67 0.68 4.78 8,118,788 80,400 - - - 10,500 8,188,688 236,081 2,259,499 3.19 3.22 Cable & Electric Goods 6.2.1 JohnsonEquity And shares Phillips (Pakistan) / units Limited of mutual 493,824 funds - - - - - 493,824 - 31,234 0.04 0.04 9.06 Pak Elektron Limited 1,383,552 1,603,500 - - - 390,000 2,597,052 92,092 92,092 0.13 0.13 0.52 Pakistan Cables Limited 1,717,327 - 426,706 - - 10,500 2,133,533 82,710 398,864 0.56 Market 0.57 7.50 Right Market Percentage Bonus value / Siemens Pakistan Engineering 983,658 - - shares - Merger/ - - 983,658 Carrying 598,221 Market 998,659 value 1.41 / 1.42 of paid-up 11.93 Purchases shares Sales carrying Company Limited As at 01 purchased/s demerger As at 30 June value as value as at carrying capital of the Name of Investee Companies during issued during value as a Singer Pakistan Limited July 2017 8 - - ubscribed - adjusting - - 2018 8 at 30 - 30 - value as - a - investee 0.00 the year during the the year percentage 4,578,369 1,603,500 426,706 during the - effects - 400,500 6,208,075 June 773,023 2018 June 1,520,849 2018 percentage 2.14 2.16 company year of year of net assets held Transport investments Pakistan National Shipping Corporation 432,564 - - - - - 432,564 4,442 35,444 0.05 0.05 0.33 ------432,564 - - (Number of shares)------432,564 ------(Rupees 4,442 in '000') 35,444 ------%------0.05 0.05 CloseTechnology - End Mutual& Communication Fund DominionPak Datacom Stock Limited Fund 157,629178,898 ------157,629 178,898 2,538 - 10,725 - 0.02 - 0.02 - 3.15 1.83 InvestecPakistan MutualTelecommunication Fund Company 2,585,884 172,406 ------146,000 - 2,439,884 172,406 26,587 - 27,912 - 0.04 - 0.04 - 1.72 0.06 PICIC Growth Fund 6,429,3582,764,782 ------146,000 - 6,429,358 2,618,782 35,940 29,125 288,164 38,637 0.410.06 0.410.06 2.27 PICICFertilizer Investment Fund 10,108,128 - - - - - 10,108,128 20,519 193,874 0.27 0.28 3.56 Dawood Hercules Corporation Limited 16,867,521 952,940 ------16,867,521 952,940 56,459 29,032 482,038 105,567 0.680.15 0.690.15 0.20 ModarabasEngro Fertilizer Limited 1,488,827 135,000 - - - 710,000 913,827 51,735 68,455 0.10 0.10 0.07 B.R.R.Engro CorporationGuardian Modarba Limited 1,858,077 209,678 420,000 ------215,000 - 1,858,077 414,678 96,126 2,397 130,151 16,240 0.020.18 0.020.19 2.38 0.08 HabibFatima Modarba Fertilizer First Company 1,584,0701,770,062 ------314,500 978,500 1,269,570 791,562 7,198 8,028 13,648 25,646 0.020.04 0.020.04 0.63 0.04 OrixFauji Modaraba Fertilizer Bin Qasim Limited 1,948,462 500,435 ------1,948,462 500,435 13,269 15,672 32,364 19,317 0.050.03 0.050.03 4.29 0.05 Fauji Fertilizer Company Limited 25,892,055 5,390,609 505,000 ------314,500 731,000 25,666,055 5,076,109 638,098 22,864 2,538,116 62,252 0.093.59 0.093.61 2.02 Leasing Companies 30,813,997 1,060,000 - - - 2,634,500 29,239,497 838,691 2,887,252 4.09 4.12 OrixPharmaceuticals Leasing Pakistan 360,080 - - 302,815 - 428,500 234,395 4,538 10,189 0.01 0.01 0.29 OrixAbbot Leasing Laboratories Pakistan (Pakistan) Right Limited 2,594,429 302,815 -- - - (302,815) - -- -- 2,594,429 - 208,996 - 1,777,184 - 2.51 - 2.53 - 2.65 - SecurityAGP Limited Leasing Corporation 291,526 - 330,000 ------217,500 249,000 74,026 81,000 6,480 118 7,192 859 0.000.01 0.000.01 0.20 0.00 SaudiFerozsons Pak LeasingLaboratories Limited 1,643,375 347,752 79,000 ------1,722,375 347,752 44,142 - 335,398 - 0.47 - 0.48 - 0.77 5.71 Glaxosmithkline (Pak) Limited 1,302,1738,934,054 ------646,000 344,400 8,589,654 656,173 445,152 4,656 1,425,883 11,048 0.022.01 0.022.03 2.70 Financial Services Market Glaxosmithkline Consumer Health Pak Right Market Percentage Bonus value / 786Limited Investment Limited 2,844,107 663,832 4,000 - - - shares -- Merger/ -- 232,200 - 2,615,907 663,832 Carrying 1,537 - 1,059,573Market - value 1.50 -/ 1.51 - of paid-up 4.43 2.74 Purchases shares Sales carrying Next Capital Limited As 699,500 at 01 - - purchased/s - demerger - 104,500 As at 595,000 30 June value 3,959 as value 5,653as at carrying 0.01 0.01 capital of 1.32 the HighnoonName Laboratories of Investee Limited Companies (Note 6.6) 476,361 during - issued 57,163 - - during - 533,524 7,748 219,016 0.31 value as 0.31 a 2.09 Pakistan Stock Exchange Limited July 2017 - 727,000 - ubscribed - adjusting - 143,500 2018 583,500 at 11,987 30 30 11,524 value as a investee Sanofi-Aventis Limited 228,461 the year - during -the - - the year - 228,461 20,965 244,453 0.35 percentage 0.35 2.37 First Capital Securities Corporation 3,869,059 - - during the- effects - 25,000 3,844,059 June 6,963 2018 June 2018 9,226 percentage 0.01 0.01 company 1.21 Searle Pakistan Limited (Note 6.6) 3,549,126 57,500 709,825year - - 15,000 4,301,451 128,331 1,460,343 2.06 of 2.08 2.79 year of net assets held FirstWyeth Dawood Pakistan Investment Limited Bank 1,585,564 111,574 ------1,585,564 111,574 43,913 1,205 165,018 5,740 0.010.23 investments 0.010.23 1.07 7.85 Invest Capital Investment Bank Limited 20,381,487 8,271,554 470,500 - 766,988 - -- -- 840,600 - 20,778,375 8,271,554 907,264 1,654 6,694,060 15,550 0.029.46 0.029.53 2.90 IGI Investment Bank ------5,004,579 - - (Number of shares)- 5,004,579 ------10,009,158 ------(Rupees - in '000') ------%------4.72 InvestecChemical Securities Limited 98,518 - - - - - 98,518 - - - - 0.60 J.O.V.&Agritech Company Limited 1,775,6062,661,167 - - - - 150,000 - 1,775,606 2,511,167 11,627 - 11,627 - 0.02 - 0.02 - 3.490.64 JahangirArif Habib Siddiqui Corporation & Company 575,441724,292 - - - - - 575,441724,292 14,899 2,905 10,46725,089 0.010.04 0.010.04 0.060.16 PrudentialAkzo Nobel Investment Pakistan Limited Bank 326,292281,182 - - - - 7,500 - 326,292273,682 16,456 - 51,113 - 0.07 - 0.07 - 3.260.59 SecurityArchroma Investment Pakistan Bank 2,262,6981,694,096 2,500 - - - - 192,500 1,150 1,695,4462,070,198 23,729 2,587 856,200 13,063 0.021.21 0.021.22 4.024.97 Berger Paints Pakistan Limited 25,132,643 323,426 727,000 - - - 5,004,579 - 465,500 - 30,398,722 323,426 31,260 3,881 44,07671,223 0.060.08 0.060.08 1.78 BuxlyCommercial Paints LimitedBanks 93,218 - - - - - 93,218 523 8,701 0.01 0.01 6.47 AlliedNimir ResinsBank Limited Limited 1,433,604 468,895 - 10,315 - - - 479,210 - 1,433,604 - 90,895 - 147,876 - 0.21 - 0.21 - 0.13 - AskariNimir Resins Bank Limited Limited - Right 24,471,856 - - - - - 350,000 - 24,121,856 - 220,443 - 527,545 - 0.75 - 0.75 - 1.91 - BankDynea Al Pakistan - Falah LimitedLimited 1,750,110 588,409 817,500 - - - - 670,500102,800 1,647,310 735,409 25,91716,239 209,373 38,455 0.050.30 0.050.30 0.058.73 BankPakistan Al - OxygenHabib Limited Limited 66,213,829 900,681 - - - - 4,999,500 704,523 61,214,329 196,158 663,416 15,314 4,825,526 47,078 0.076.82 0.076.86 0.785.51 BankislamiLotte Chemical Pakistan Pakistan 858,572247,816 - - - - 300,000247,816 558,572 - 3,089 - 6,681 - 0.01 - 0.01 - 0.04 - FaysalPakistan Bank Gum Limited & Chemicals (Note 6.6) Limited 1,046,588 97,057 - 145,738 - - - 150,000 - 1,042,326 97,057 1,4494,465 13,22227,101 0.020.04 0.020.04 0.082.28 HabibSardar Bank Chemical Limited Industries Limited 1,137,433 142,800 572,300 - - - - 345,000 - 1,364,733 142,800 227,146 - 227,146 2,762 0.000.32 0.000.32 0.092.38 HabibSitara MetropolitanChemical Industries Bank Limited Limited 46,190,107 634,416 - - - - 4,418,000 - 41,772,107 634,416 635,070 45,805 1,810,821 233,668 0.332.56 0.332.58 2.963.99 JSWah-Noble Bank Limited Chemicals Limited 8,558,161 601,124 - - - - - 8,558,161 601,124 16,468 9,591 129,242 71,375 0.100.18 0.100.18 0.806.68 MCB Bank Limited 11,231,036 449,242 620,800 2,500 10,315 - - 11,793 - 1,745,183 40,200 1,041,6359,498,668 206,004162,602 1,638,832 206,004 0.292.32 0.292.33 0.09 NationalPaper & BankBoard Of Pakistan 363,078 - - - - - 363,078 10,795 17,199 0.02 0.02 0.02 NIBBalochistan Bank Limited Particle Board Limited 1,651,532 498,530 - - - (1,651,532) - 13,000 - 485,530 - - 1,971 - 0.00 - 0.00 - 8.09 - SambaCentury Bank Paper Limited & Board Mills Limited 2,973,8045,345,731 - - - - 604,000322,300 2,369,8045,023,431 55,330 6,094 318,988 18,129 0.030.45 0.030.45 0.243.42 SilkbankDadabhoy Limited Sack Limited 20,880,417 49,259 - - - - - 20,880,417 49,259 28,397 - 28,397 - 0.04 - 0.04 - 0.231.23 SummitMerit Packaging Bank Limited Limited 3,288,732 506,978 - - 3,106,232 - - 1,174,000 - 5,220,964 506,978 50,561 1,060 117,472 1,090 0.000.17 0.000.17 12.95 0.03 SoneriPackages Bank Limited Limited 107,774,049 3,978,028 26,600 - - - - 3,351,000 - 104,423,049 4,004,628 333,546354,015 1,354,3671,961,146 1.912.77 1.932.79 9.474.48 UnitedPakistan Bank Paper Limited Products Limited 966,099464,326 590,000 - - - - 117,500 - 1,438,599 464,326 243,094 568 243,094 55,766 0.080.34 0.080.35 7.740.12 Security Papers Limited (Note 6.6) 285,453,002 2,587,428 2,600,600 - 145,738 - - (1,639,739) - 15,293,516 - 271,266,085 2,587,428 2,712,810 61,811 9,544,125 313,131 13.48 0.44 13.57 0.45 4.37 16,212,034 26,600 - 3,106,232 - 1,509,300 17,835,566 522,285 2,768,474 3.91 3.94 InsuranceVanaspati & Allied Industries IGIMorafco Holding Industries Limited Limited 57,409 - 54,397 - - - - - 54,39757,409 4,504 - 15,666 - 0.02 - 0.02 - 10.10 Punjab Oil Mills Limited 517,651 - - - - - 517,651 6,461 146,745 0.21 0.21 9.60 TextileSuraj Ghee Spining Industries Limited 54,324 - - - - - 54,324 - - - - 5.67 Adil Textile Mills Limited 629,384 93,592 - - - - - 629,384 93,592 6,461 - 146,745 4,680 0.010.21 0.010.21 1.21 AmtexLeather Limited & Tanneries 363,523 - - - - - 363,523 436 473 0.00 0.00 0.14 AlBata - Qaim Pakistan Textile Limited Mills Limited 1,090,234 358,753 - - - - - 1,090,234 358,753 58,347 - 2,071,445 - 2.93 - 2.95 - 14.42 4.81 AsimFateh Textile Industries Mills Limited Limited 1,041,800 23,118 - - - - 106,500 - 935,300 23,118 - 10,616 - 0.02 - 0.02 - 6.161.16 Babri Cotton Mills Limited 1,113,352 80,578 - - - - - 1,113,352 80,578 58,347 392 2,071,445 4,109 0.012.93 0.012.95 2.21 BrothersFoods & TextilePersonal Mills Care Limited Products 579,461 - - - - - 579,461 - - - - 5.91 CrescentMitchells FruitCotton Farms Mills LimitedLimited 1,048,579 767,666 - 62,914 - - - - 1,111,493 767,666 27,415 5,637 203,431 27,943 0.040.29 0.040.29 5.209.75 CrescentMatco Foods Fibres Limited Limited 852,681 - 897,299 - - - - 650,000 - 852,681247,299 6,430 - 21,752 9,294 0.030.01 0.030.01 6.870.02 ColonyNestle PakistanTextile Mills Limited Limited 1,069,498 98,000 - - - - - 1,069,498 98,000 107,014 1,351 1,127,000 3,861 1.590.01 1.600.01 0.210.22 ChakwalEngro Foods Spinning Mills Limited 742,008 59,400 - - - - 79,50025,000 662,508 34,400 2,763 - 2,1403,064 0.00 0.00 1.660.00 DataShezan Textile International Limited Limited (Note 6.6) 1,495,255 618,595 - - - - - 1,495,255 618,595 75,726 - 852,295 - 1.20 - 1.21 - 18.72 6.24 DinTreet Textile Corporation Mills Limited Limited 10,212,403 340,301 - 1,269,778 - - - - 1 11,482,181 340,300 436,726 3,847 392,576 32,250 0.050.55 0.050.56 1.528.08 DewanTreet Corporation Khalid Textile Limited-PTC Mills Limited 3,550,640 224,486 - - - - - 3,550,640 224,486 30,358 224 63,876 763 0.000.09 0.000.09 2.342.50 DewanZIL Limited Mushtaq Textile Mills Limited 192,424356,987 - - - - - 192,424356,987 4,431 385 33,046 774 0.000.05 0.000.05 2.935.83 D. M. Textile Mills Limited 16,540,351 304,614 897,299 - 1,269,778 - - - 675,000 25,000 18,032,428 279,614 690,863 503 2,684,582 12,722 0.023.78 0.023.81 9.16 D.S.IndustriesGlass & Ceramics Limited 44,780 - - - - - 44,780 34 206 0.00 0.00 0.05 Dar-Es-SalaamGhani Glass Mills Textile Limited Mills Limited 1,554,286 259,287 - - 1,398,857 - - - 2,953,143 259,287 53,145 570 182,150 2,113 0.000.26 0.000.26 3.241.35 EllcotGhani GlassSpinning Mills Mills Limited Limited Right 1,398,857 704,380 - - (1,398,857) - - - 704,380 - 7,482 - 50,293 - 0.07 - 0.07 - 6.43 - FatimaRegal Ceramics Enterprises Limited Limited 628,671 89,947 - - - - - 628,671 89,947 - - - - 4.421.23 FazalShabbir Cloth Tiles Mills & Ceramics Limited Limited 1,768,4885,254,471 - - - - 960,000 - 1,768,4884,294,471 13,41524,734 264,725 90,442 0.130.37 0.130.38 5.891.31 Gadoon Textile Mills 8,297,561 132,499 - - - - 960,000 2 7,337,561 132,497 77,879 1,231 272,592 33,389 0.050.39 0.050.39 0.47 GlobeMiscellaneous Textile Mills Limited 2,472 - - - - - 2,472 - - - - 0.02 GulshanDadabhoy Spinning Construction Mills Limited Technology Ltd. 1,137,974 69,085 - - - - - 1,137,974 69,085 - - - - 5.122.97 GOC (Pak) Limited 36 Gulistan Textile Mills Limited 734,617315,909 - - - - - 734,617315,909 4,072 - 18,797 - 0.03 - 0.03 - 3.874.30 HajraHashmi Textile Can MillsCompany Limited Limited 518,063160,986 - - - - - 518,063160,986 - - - - 3.779.86 IdealPace Spinning( Pakistan Mills ) Limited Limited 658,396525,716 - - - - 100,000 20,000 638,396425,716 894553 5,0751,443 0.010.00 0.010.00 6.440.15 IndusPakistan Dyeing Services Manufacturing Limited Company Ltd. 525,295893,795 - - - - - 525,295893,795 101,044 5,509 327,595880,388 0.461.24 0.471.25 2.912.75 J.Synthetic A. Textile Product Mills Limited Enterprise Limited 127,361194,300 - - - - 5,000 - 189,300127,361 5,222 - 9,673 646 0.010.00 0.010.00 1.010.22 KarimTri-Pack Cotton Films Mills Limited Limited 528,125110,562 - - - - - 528,125 110,562 57,891 - 72,353 - 0.10 - 0.10 - 1.369.34 KohinoorUnited Distributors Spinning MillsPakistan Limited Ltd. (Note 6.6) 1,183,643 535,827 - 118,364 - - - 35,000 - 1,302,007 500,827 5,291 - 63,161 1,462 0.000.09 0.000.09 0.395.37 Khalid Siraj Textile Mills Limited 3,871,559 682,998 - 118,364 - - - 105,000 - 3,884,923 682,998 174,073 - 1,045,815 - 1.47 - 1.48 - 6.38 LandDelisted Mark / UnqoutedSpinning Industries Companies Limited 355,437 - - - - 100,000 255,437 - 1,430 0.00 0.00 2.11 MehrAccord Dastgir Textile Textile Limited Mills Limited 458,109 259 - - - - - 458,109 259 - - - - 0.004.93 MaqboolAdamjee TextileFloorings Mills Limited 1,420,216 59,110 - - - - - 1,420,216 59,110 11,362 - 60,061 - 0.08 - 0.09 - 8.452.46 PremiumAdamjee IndustriesTextile Mills Limited 726,823 121 - - - - 111,200 - 615,623 121 6,713 - 123,125 - 0.17 - 0.18 - 9.990.00 RelianceAdamjee CottonPaper Spinning Mills Limited 465,638269,806 - - - - - 465,638269,806 3,824 - 74,311 - 0.10 - 0.11 - 4.526.45 RubyAdil Polyproplene Textile Mills Limited 297,664136,201 - - - - - 297,664136,201 - 2,381 - 0.00 - 0.00 - 0.572.46 Afsar Textile Mills 64,184 - - - - - 64,184 - - - - 3.85 Al-Hussany Industries Limited 61,573 - - - - - 61,573 - - - - 2.46 Alif Textile Mills Limited 320,085 - - - - - 320,085 - - - - 8.21 Allied Textile Mills Limited 107,510 - - - - - 107,510 - - - - 5.50 Amazai Textile Mills Limited 299 - - - - - 299 - - - - 0.01 Apex Fabrics Limited 284,101 - - - - - 284,101 - - - - 4.93 Arag Industries Limited 189,220 - - - - - 189,220 - - - - - Aslo Electronics 39,407 - - - - - 39,407 - - - - 1.97 Aswan Tentage Limited 168,712 - - - - - 168,712 - - - - 2.61 Automobile Equipment Manufacturing Company Limited 37,750 - - - - - 37,750 - - - - 9.44 Awan Textile Mills Limited 213,390 - - - - - 213,390 - - - - 2.46 Bahawalpur Textile Mills Limited 64,250 - - - - - 64,250 - - - - 6.43 Balochistan Tower 74,114 - - - - - 74,114 - - - - 1.49 Baluchistan Textile Mills Limited 200,000 - - - - - 200,000 - - - - 10.00 Bank Of Bahawalpur Limited 2,690 - - - - - 2,690 - - - - 0.54 Bankers Equity Limited 3,408,091 - - - - - 3,408,091 - - - - 5.20 Bawany Textile Mills 84,233 - - - - - 84,233 - - - - 4.81 Bela Engineering Limited 266,145 - - - - - 266,145 - - - - 7.83 Casspak Industries Limited 54,184 - - - - - 54,184 - - - - 2.46 Central Cotton 34,948 - - - - - 34,948 - - - - 0.45 Chemical Limited 40,000 - - - - - 40,000 - - - - 5.08 Chemphur Pakistan Limited 17,972 - - - - - 17,972 - - - - 1.80 Chilya C. Board 43,200 - - - - - 43,200 - - - - 6.17 Crescent Knitwear 81,277 - - - - - 81,277 - - - - - Crescent Spinning Mills Limited 727,080 - - - - - 727,080 - - - - 4.80 Crown Textile 317,647 - - - - - 317,647 - - - - 4.92 Dadabhoy Leasing 370,674 - - - - - 370,674 - - - - 4.93 Elmac Limited 24,600 - - - - - 24,600 - - - - 2.46 Fazal Vegetable Ghee Mills Limited 42,005 - - - - - 42,005 - - - - 2.10 Market Right Market Percentage Bonus value / shares Merger/ Carrying Market value / of paid-up Purchases shares Sales carrying As at 01 purchased/s demerger As at 30 June value as value as at carrying capital of the Name of Investee Companies during issued during value as a July 2017 ubscribed adjusting 2018 at 30 30 value as a investee the year during the the year percentage during the effects June 2018 June 2018 percentage company year of year of net assets held investments

------(Number of shares) ------(Rupees in '000') ------%------Chemical Agritech Limited 2,661,167 - - - - 150,000 2,511,167 11,627 11,627 0.02 0.02 0.64 Arif Habib Corporation 724,292 - - - - - 724,292 14,899 25,089 0.04 0.04 0.16 Akzo Nobel Pakistan Limited 281,182 - - - - 7,500 273,682 16,456 51,113 0.07 0.07 0.59 Archroma Pakistan 1,694,096 2,500 - - - 1,150 1,695,446 23,729 856,200 1.21 1.22 4.97 Berger Paints Pakistan Limited 323,426 - - - - - 323,426 3,881 44,076 0.06 0.06 1.78 Buxly Paints Limited 93,218 - - - - - 93,218 523 8,701 0.01 0.01 6.47 Nimir Resins Limited 468,895 - 10,315 - - 479,210 ------Nimir Resins Limited - Right ------Dynea Pakistan Limited 1,750,110 - - - - 102,800 1,647,310 16,239 209,373 0.30 0.30 8.73 Pakistan Oxygen Limited 900,681 - - - - 704,523 196,158 15,314 47,078 0.07 0.07 0.78 Lotte Chemical Pakistan 858,572 - - - - 300,000 558,572 3,089 6,681 0.01 0.01 0.04 Pakistan Gum & Chemicals Limited 97,057 - - - - - 97,057 1,449 13,222 0.02 0.02 2.28 Sardar Chemical Industries Limited 142,800 - - - - - 142,800 - 2,762 0.00 0.00 2.38 Sitara Chemical Industries Limited 634,416 - - - - - 634,416 45,805 233,668 0.33 0.33 2.96 Wah-Noble Chemicals Limited 601,124 - - - - - 601,124 9,591 129,242 0.18 0.18 6.68 11,231,036 2,500 10,315 - - 1,745,183 9,498,668 162,602 1,638,832 2.32 2.33 Paper & Board Balochistan Particle Board Limited 498,530 - - - - 13,000 485,530 - 1,971 0.00 0.00 8.09 Century Paper & Board Mills Limited 5,345,731 - - - - 322,300 5,023,431 55,330 318,988 0.45 0.45 3.42 Dadabhoy Sack Limited 49,259 - - - - - 49,259 - - - - 1.23 Merit Packaging Limited 3,288,732 - - 3,106,232 - 1,174,000 5,220,964 50,561 117,472 0.17 0.17 12.95 Packages Limited 3,978,028 26,600 - - - - 4,004,628 354,015 1,961,146 2.77 2.79 4.48 Pakistan Paper Products Limited 464,326 - - - - - 464,326 568 55,766 0.08 0.08 7.74 Security Papers Limited (Note 6.6) 2,587,428 - - - - - 2,587,428 61,811 313,131 0.44 0.45 4.37 16,212,034 26,600 - 3,106,232 - 1,509,300 17,835,566 522,285 2,768,474 3.91 3.94 Vanaspati & Allied Industries Morafco Industries Limited 57,409 - - - - - 57,409 - - - - 10.10 Punjab Oil Mills Limited 517,651 - - - - - 517,651 6,461 146,745 0.21 0.21 9.60 Suraj Ghee Industries Limited 54,324 - - - - - 54,324 - - - - 5.67 629,384 - - - - - 629,384 6,461 146,745 0.21 0.21 NATIONALLeather & Tanneries INVESTMENT (UNIT) TRUST Bata Pakistan Limited 1,090,234 - - - - - 1,090,234 58,347 2,071,445 2.93 2.95 14.42 Fateh Industries Limited 23,118 - - - - - 23,118 - - - - 1.16 NOTES TO AND FORMING 1,113,352 PART - OF - THE - FINANCIAL - - STATEMENTS 1,113,352 58,347 2,071,445 2.93 2.95 Foods & Personal Care Products FOR6.2 THEMitchellsAvailable FruitYEAR Farms for Limited sale ENDED 30 767,666 JUNE 2018 - - - - - 767,666 27,415 203,431 0.29 0.29 9.75 Matco Foods Limited - 897,299 - - - 650,000 247,299 6,430 9,294 0.01 0.01 0.02 Nestle Pakistan Limited 98,000 - - - - - 98,000 107,014 1,127,000 1.59 1.60 0.22 6.2.1 EngroEquity Foods shares / units of mutual 59,400 funds - - - - 25,000 34,400 2,763 3,064 0.00 0.00 0.00 Shezan International Limited (Note 6.6) 1,495,255 - - - - - 1,495,255 75,726 852,295 1.20 1.21 18.72 Market Treet Corporation Limited 10,212,403 - 1,269,778 Right - - - 11,482,181 436,726 392,576 Market 0.55 0.56 Percentage 8.08 Bonus value / Treet Corporation Limited-PTC 3,550,640 - - shares - Merger/ - - 3,550,640 Carrying 30,358 Market 63,876 value 0.09 / 0.09 of paid-up 2.50 Purchases shares Sales carrying ZIL Limited As 356,987 at 01 - - purchased/s - demerger - - As at 356,987 30 June value 4,431 as value 33,046 as at carrying 0.05 0.05 capital of 5.83 the Name of Investee Companies during issued during value as a July 2017 ubscribed adjusting 2018 at 30 30 value as a investee 16,540,351 the 897,299 year during 1,269,778 the - - the 675,000 year 18,032,428 690,863 2,684,582 3.78 percentage 3.81 during the effects June 2018 June 2018 percentage company Glass & Ceramics year of year of net assets held Ghani Glass Mills Limited 1,554,286 - - 1,398,857 - - 2,953,143 53,145 182,150 0.26 investments 0.26 1.35 Ghani Glass Mills Limited Right 1,398,857 - - (1,398,857) ------(Number of shares) ------(Rupees in '000') ------%------Regal Ceramics Limited 89,947 - - - - - 89,947 - - - - 1.23 Close - End Mutual Fund Shabbir Tiles & Ceramics Limited 5,254,471 - - - - 960,000 4,294,471 24,734 90,442 0.13 0.13 1.31 Dominion Stock Fund 157,629 - - - - - 157,629 - - - - 3.15 8,297,561 - - - - 960,000 7,337,561 77,879 272,592 0.39 0.39 Investec Mutual Fund 172,406 - - - - - 172,406 - - - - 1.72 Miscellaneous PICIC Growth Fund 6,429,358 - - - - - 6,429,358 35,940 288,164 0.41 0.41 2.27 Dadabhoy Construction Technology Ltd. 69,085 - - - - - 69,085 - - - - 2.97 PICIC Investment Fund 10,108,128 - - - - - 10,108,128 20,519 193,874 0.27 0.28 3.56 GOC (Pak) Limited 315,909 - - - - - 315,909 4,072 18,797 0.03 0.03 4.30 16,867,521 - - - - - 16,867,521 56,459 482,038 0.68 0.69 Hashmi Can Company Limited 160,986 - - - - - 160,986 - - - - 9.86 Modarabas Pace ( Pakistan ) Limited 525,716 - - - - 100,000 425,716 553 1,443 0.00 0.00 0.15 B.R.R. Guardian Modarba 1,858,077 - - - - - 1,858,077 2,397 16,240 0.02 0.02 2.38 Pakistan Services Limited 893,795 - - - - - 893,795 101,044 880,388 1.24 1.25 2.75 Habib Modarba First 1,584,070 - - - - 314,500 1,269,570 7,198 13,648 0.02 0.02 0.63 Synthetic Product Enterprise Limited 194,300 - - - - 5,000 189,300 5,222 9,673 0.01 0.01 0.22 Orix Modaraba 1,948,462 - - - - - 1,948,462 13,269 32,364 0.05 0.05 4.29 Tri-Pack Films Limited 528,125 - - - - - 528,125 57,891 72,353 0.10 0.10 1.36 5,390,609 - - - - 314,500 5,076,109 22,864 62,252 0.09 0.09 United Distributors Pakistan Ltd. (Note 6.6) 1,183,643 - 118,364 - - - 1,302,007 5,291 63,161 0.09 0.09 5.37 Leasing Companies 3,871,559 - 118,364 - - 105,000 3,884,923 174,073 1,045,815 1.47 1.48 Orix Leasing Pakistan 360,080 - - 302,815 - 428,500 234,395 4,538 10,189 0.01 0.01 0.29 Delisted / Unqouted Companies Orix Leasing Pakistan Right 302,815 - - (302,815) ------Accord Textile Limited 458,109 - - - - - 458,109 - - - - 4.93 Security Leasing Corporation 291,526 - - - - 217,500 74,026 118 859 0.00 0.00 0.20 Adamjee Floorings 59,110 - - - - - 59,110 - - - - 2.46 Saudi Pak Leasing 347,752 - - - - - 347,752 - - - - 0.77 Adamjee Industries 121 - - - - - 121 - - - - 0.00 1,302,173 - - - - 646,000 656,173 4,656 11,048 0.02 0.02 Adamjee Paper 269,806 - - - - - 269,806 - - - - 6.45 Financial Services Adil Polyproplene Limited 136,201 - - - - - 136,201 - - - - 2.46 786 Investment Limited 663,832 - - - - - 663,832 - - - - 4.43 Afsar Textile Mills 64,184 - - - - - 64,184 - - - - 3.85 Next Capital Limited 699,500 - - - - 104,500 595,000 3,959 5,653 0.01 0.01 1.32 Al-Hussany Industries Limited 61,573 - - - - - 61,573 - - - - 2.46 Pakistan Stock Exchange Limited - 727,000 - - - 143,500 583,500 11,987 11,524 Alif Textile Mills Limited 320,085 - - - - - 320,085 - - - - 8.21 First Capital Securities Corporation 3,869,059 - - - - 25,000 3,844,059 6,963 9,226 0.01 0.01 1.21 Allied Textile Mills Limited 107,510 - - - - - 107,510 - - - - 5.50 First Dawood Investment Bank 1,585,564 - - - - - 1,585,564 1,205 5,740 0.01 0.01 1.07 Amazai Textile Mills Limited 299 - - - - - 299 - - - - 0.01 Invest Capital Investment Bank Limited 8,271,554 - - - - - 8,271,554 1,654 15,550 0.02 0.02 2.90 Apex Fabrics Limited 284,101 - - - - - 284,101 - - - - 4.93 IGI Investment Bank 5,004,579 - - - 5,004,579 - 10,009,158 - - - - 4.72 Arag Industries Limited 189,220 - - - - - 189,220 - - - - - Investec Securities Limited 98,518 - - - - - 98,518 - - - - 0.60 Aslo Electronics 39,407 - - - - - 39,407 - - - - 1.97 J.O.V.& Company 1,775,606 - - - - - 1,775,606 - - - - 3.49 Aswan Tentage Limited 168,712 - - - - - 168,712 - - - - 2.61 Jahangir Siddiqui & Company 575,441 - - - - - 575,441 2,905 10,467 0.01 0.01 0.06 Automobile Equipment Manufacturing Prudential Investment Bank 326,292 - - - - - 326,292 - - - - 3.26 Company Limited 37,750 - - - - - 37,750 - - - - 9.44 Security Investment Bank 2,262,698 - - - - 192,500 2,070,198 2,587 13,063 0.02 0.02 4.02 Awan Textile Mills Limited 213,390 - - - - - 213,390 - - - - 2.46 25,132,643 727,000 - - 5,004,579 465,500 30,398,722 31,260 71,223 0.08 0.08 Bahawalpur Textile Mills Limited 64,250 - - - - - 64,250 - - - - 6.43 Commercial Banks Balochistan Tower 74,114 - - - - - 74,114 - - - - 1.49 Allied Bank Limited 1,433,604 - - - - - 1,433,604 90,895 147,876 0.21 0.21 0.13 Baluchistan Textile Mills Limited 200,000 - - - - - 200,000 - - - - 10.00 Askari Bank Limited 24,471,856 - - - - 350,000 24,121,856 220,443 527,545 0.75 0.75 1.91 Bank Of Bahawalpur Limited 2,690 - - - - - 2,690 - - - - 0.54 Bank Al - Falah Limited 588,409 817,500 - - - 670,500 735,409 25,917 38,455 0.05 0.05 0.05 Bankers Equity Limited 3,408,091 - - - - - 3,408,091 - - - - 5.20 Bank Al - Habib Limited 66,213,829 - - - - 4,999,500 61,214,329 663,416 4,825,526 6.82 6.86 5.51 Bawany Textile Mills 84,233 - - - - - 84,233 - - - - 4.81 Bankislami Pakistan 247,816 - - - - 247,816 ------Bela Engineering Limited 266,145 - - - - - 266,145 - - - - 7.83 Faysal Bank Limited (Note 6.6) 1,046,588 - 145,738 - - 150,000 1,042,326 4,465 27,101 0.04 0.04 0.08 Casspak Industries Limited 54,184 - - - - - 54,184 - - - - 2.46 Habib Bank Limited 1,137,433 572,300 - - - 345,000 1,364,733 227,146 227,146 0.32 0.32 0.09 Central Cotton 34,948 - - - - - 34,948 - - - - 0.45 Habib Metropolitan Bank Limited 46,190,107 - - - - 4,418,000 41,772,107 635,070 1,810,821 2.56 2.58 3.99 Chemical Limited 40,000 - - - - - 40,000 - - - - 5.08 JS Bank Limited 8,558,161 - - - - - 8,558,161 16,468 71,375 0.10 0.10 0.80 Chemphur Pakistan Limited 17,972 - - - - - 17,972 - - - Market - 1.80 MCB Bank Limited 449,242 620,800 - Right - 11,793 40,200 1,041,635 206,004 206,004 Market 0.29 0.29 Percentage 0.09 Chilya C. Board 43,200 - Bonus - - - - 43,200 - - - value -/ 6.17 National Bank Of Pakistan 363,078 - - shares - Merger/ - - 363,078 Carrying 10,795 Market 17,199 value 0.02 / 0.02 of paid-up 0.02 Crescent Knitwear 81,277 Purchases - shares - - - Sales - 81,277 - - - carrying - - NIB Bank Limited As 1,651,532 at 01 - - purchased/s - demerger(1,651,532) - As at 30 June - value as - value as - at carrying - - capital of - the CrescentName Spinning of Investee Mills Limited Companies 727,080 during - issued - - - during - 727,080 - - - value as - a 4.80 July 2017 ubscribed adjusting 2018 at 30 30 value as a investee Samba Bank Limited 2,973,804 the year - during -the - - the 604,000 year 2,369,804 6,094 18,129 0.03 percentage 0.03 0.24 Crown Textile 317,647 - - during the- effects - - 317,647 June 2018 - June 2018 - percentage - - company 4.92 Silkbank Limited 20,880,417 - year - - - - 20,880,417 28,397 28,397 0.04 of 0.04 0.23 Dadabhoy Leasing 370,674 - - year - - - 370,674 - - of net assets - - held 4.93 Summit Bank Limited 506,978 - - - - - 506,978 1,060 1,090 0.00 investments 0.00 0.03 Elmac Limited 24,600 - - - - - 24,600 - - - - 2.46 Soneri Bank Limited 107,774,049 - - - - 3,351,000 104,423,049 333,546 1,354,367 1.91 1.93 9.47 Fazal Vegetable Ghee Mills Limited ------42,005 - - (Number of shares)------42,005 ------(Rupees - in '000') ------%------2.10 United Bank Limited 966,099 590,000 - - - 117,500 1,438,599 243,094 243,094 0.34 0.35 0.12 Ghaffar Text Mills 45,835 - - - - - 45,835 - - - - 9.17 285,453,002 2,600,600 145,738 - (1,639,739) 15,293,516 271,266,085 2,712,810 9,544,125 13.48 13.57 Ghulam Muhammad Dadabhoy 49,259 - - - - - 49,259 - - - - 0.99 Greaves Aircondition 59,110 - - - - - 59,110 - - - - - Insurance Gypsum Corporation 165,017 - - - - - 165,017 - - - - 5.00 IGI Holding Limited - 54,397 - - - - 54,397 4,504 15,666 0.02 0.02 H-Shaikh 113,022 - - - - - 113,022 - - - - - H.M Silk Mills Limited 158,350 - - - - - 158,350 - - - - 10.56 Textile Spining Harum Textile Mulls Limited 58,248 - - - - - 58,248 - - - - 0.62 Adil Textile Mills Limited 93,592 - - - - - 93,592 - 4,680 0.01 0.01 1.21 Hyderabad Electronic 98,518 - - - - - 98,518 - - - - 3.28 Amtex Limited 363,523 - - - - - 363,523 436 473 0.00 0.00 0.14 Indus Assurance Company Limited 3,300 - - - - - 3,300 - - - - 0.02 Al - Qaim Textile Mills Limited 358,753 - - - - - 358,753 - - - - 4.81 Indus Bank Limited 147 - - - - - 147 - - - - 0.00 Asim Textile Mills Limited 1,041,800 - - - - 106,500 935,300 - 10,616 0.02 0.02 6.16 Indus Polyester Company Limited 4 - - - - - 4 - - - - 0.00 Babri Cotton Mills Limited 80,578 - - - - - 80,578 392 4,109 0.01 0.01 2.21 Industrial Development Bank 1,970 - - - - - 1,970 - - - - 0.04 Brothers Textile Mills Limited 579,461 - - - - - 579,461 - - - - 5.91 Innovative Investment Bank Limited 35,227 - - - - - 35,227 - - - - 0.35 Crescent Cotton Mills Limited 1,048,579 - 62,914 - - - 1,111,493 5,637 27,943 0.04 0.04 5.20 Islamic Investment Bank 139,990 - - - - - 139,990 - - - - 0.71 Crescent Fibres Limited 852,681 - - - - - 852,681 - 21,752 0.03 0.03 6.87 Itti Textile Mills Limited 163,151 - - - - - 163,151 - - - - 2.46 Colony Textile Mills Limited 1,069,498 - - - - - 1,069,498 1,351 3,861 0.01 0.01 0.21 Junaid Cotton Mills Limited 37,436 - - - - - 37,436 - - - - 1.50 Chakwal Spinning Mills Limited 742,008 - - - - 79,500 662,508 - 2,140 0.00 0.00 1.66 Karachi Pipe 156,102 - - - - - 156,102 - - - - 7.81 Data Textile Limited 618,595 - - - - - 618,595 - - - - 6.24 Karim Silk Mills Limited 19,223 - - - - - 19,223 - - - - 1.97 Din Textile Mills Limited 340,301 - - - - 1 340,300 3,847 32,250 0.05 0.05 1.52 Kohinoor Cotton 62,553 - - - - - 62,553 - - - - 5.57 Dewan Khalid Textile Mills Limited 224,486 - - - - - 224,486 224 763 0.00 0.00 2.34 Kohinoor Looms Limited 169,648 - - - - - 169,648 - - - - 1.57 Dewan Mushtaq Textile Mills Limited 192,424 - - - - - 192,424 385 774 0.00 0.00 2.93 Lafayette Industries Synthetics Limited 92,360 - - - - - 92,360 - - - - 2.59 D. M. Textile Mills Limited 304,614 - - - - 25,000 279,614 503 12,722 0.02 0.02 9.16 LTV Capital Modaraba 321 - - - - - 321 - - - - 0.00 D.S.Industries Limited 44,780 - - - - - 44,780 34 206 0.00 0.00 0.05 Medi Glass Limited 295,554 - - - - - 295,554 - - - - 3.89 Dar-Es-Salaam Textile Mills Limited 259,287 - - - - - 259,287 570 2,113 0.00 0.00 3.24 Marr Fabrics Limited 118,221 - - - - - 118,221 - - - - 4.93 Ellcot Spinning Mills Limited 704,380 - - - - - 704,380 7,482 50,293 0.07 0.07 6.43 Mehran Bank Limited 738,590 - - - - - 738,590 - - - - 2.46 Fatima Enterprises Limited 628,671 - - - - - 628,671 - - - - 4.42 Mehran Jute Mills Limited 121,543 - - - - - 121,543 - - - - 3.96 Fazal Cloth Mills Limited 1,768,488 - - - - - 1,768,488 13,415 264,725 0.37 0.38 5.89 Mian Muhammed Sugar Mills Limited 172,406 - - - - - 172,406 - - - - 1.17 Gadoon Textile Mills 132,499 - - - - 2 132,497 1,231 33,389 0.05 0.05 0.47 Mohib Textile Mills Limited 159,813 - - - - - 159,813 - - - - 1.33 Globe Textile Mills Limited 2,472 - - - - - 2,472 - - - - 0.02 Mubarik Dairies Limited 416 - - - - - 416 - - - - 0.01 Gulshan Spinning Mills Limited 1,137,974 - - - - - 1,137,974 - - - - 5.12 National Match Industries 26,452 - - - - - 26,452 - - - - 7.56 Gulistan Textile Mills Limited 734,617 - - - - - 734,617 - - - - 3.87 37 National Overseas 24,629 - - - - - 24,629 - - - - - Hajra Textile Mills Limited 518,063 - - - - - 518,063 - - - - 3.77 Naveed Textile Mills 70,637 - - - - - 70,637 - - - - 3.62 Ideal Spinning Mills Limited 658,396 - - - - 20,000 638,396 894 5,075 0.01 0.01 6.44 Norrie Textile Mills Limited 136,500 - - - - - 136,500 - - - - 2.81 Indus Dyeing Manufacturing Company Ltd. 525,295 - - - - - 525,295 5,509 327,595 0.46 0.47 2.91 Northern Foundry And Egineering J. A. Textile Mills Limited 127,361 - - - - - 127,361 - 646 0.00 0.00 1.01 Work Limited 94,868 - - - - - 94,868 - - - - 18.97 Karim Cotton Mills Limited 110,562 - - - - - 110,562 - - - - 9.34 Nowshera Engineering 26,057 - - - - - 26,057 - - - - 5.21 Kohinoor Spinning Mills Limited 535,827 - - - - 35,000 500,827 - 1,462 0.00 0.00 0.39 Nusrat Textile Mills 306,342 - - - - - 306,342 - - - - 6.81 Khalid Siraj Textile Mills Limited 682,998 - - - - - 682,998 - - - - 6.38 Pak Ghee Industries Limited 58,618 - - - - - 58,618 - - - - 2.66 Land Mark Spinning Industries Limited 355,437 - - - - 100,000 255,437 - 1,430 0.00 0.00 2.11 Pak Paper Corporation 103,848 - - - - - 103,848 - - - - - Mehr Dastgir Textile Mills Limited 259 - - - - - 259 - - - - 0.00 Pearl Fabrics 229,970 - - - - - 229,970 - - - - 2.64 Maqbool Textile Mills Limited 1,420,216 - - - - - 1,420,216 11,362 60,061 0.08 0.09 8.45 Polyron Limited 147 - - - - - 147 - - - - 0.00 Premium Textile Mills Limited 726,823 - - - - 111,200 615,623 6,713 123,125 0.17 0.18 9.99 Premier Board 29,998 - - - - - 29,998 - - - - - Reliance Cotton Spinning Mills Limited 465,638 - - - - - 465,638 3,824 74,311 0.10 0.11 4.52 Premier Ceramics Limited 5,350 - - - - - 5,350 - - - - 1.07 Ruby Textile Mills Limited 297,664 - - - - - 297,664 - 2,381 0.00 0.00 0.57 Punjab Building 443,845 - - - - - 443,845 - - - - - Punjab Cotton 56,155 - - - - 56,155 ------Punjab Lamp 108,468 - - - - - 108,468 - - - - - Qayyum Spinning Mills Limited 149 - - - - - 149 - - - - 0.00 Pan Islamic Steamship Company Limited 1,136 - - - - - 1,136 - - - - 0.02 RCD Ball 19,716 - - - - - 19,716 - - - - 1.31 Refr's Manufacturing Company 26 - - - - - 26 - - - - 0.00 Rex Baren Battery 56,155 - - - - - 56,155 - - - - 1.50 Saif Nadeem Kawasaki Motors Limited 482 - - - - - 482 - - - - 0.02 Saitex Spinning Mills Limited 358,212 - - - - - 358,212 - - - - 4.84 Saleem Denim(Kaytex Mills) 162,160 - - - - - 162,160 - - - - 3.77 Sapphire Holding Limited 352,976 - - - - - 352,976 - 3,530 0.00 0.01 1.76 Shahpur Textile Mills Limited 890,850 - - - - - 890,850 - - - - 6.37 Shahyar (O.E.) 78,469 - - - - - 78,469 - - - - 3.79 Shahyar Textile Mill 222,109 - - - - - 222,109 - - - - 5.14 Siftaq International Limited 108,222 - - - - - 108,222 - - - - 3.59 Sind Alkalis Limited 704,745 - - - - - 704,745 - - - - 9.42 Spencer And Company (Pakistan) Ltd. 4,986 - - - - - 4,986 - - - - 0.50 Standard Bank Limited 538 - - - - - 538 - - - - 0.03 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 Taga Pakistan Limited 96,055 - - - - - 96,055 - - - - 3.69 Tariq Cotton Mills Limited 43,100 - - - - - 43,100 - - - - 6.16 Tawakkal Garments Industries Limited 118,664 - - - - - 118,664 - - - - 0.98 Tawakkal Limited 113,264 - - - - - 113,264 - - - - 0.81 Tawakkal Modaraba Ist. 474,032 - - - - - 474,032 - - - - 1.83 Taxila Engineering Company Limited 206,888 - - - - - 206,888 - - - - 4.87 Turbo Tec Limited 170,879 - - - - - 170,879 - - - - 1.71 Union Insurance Company Of Pakistan Ltd. 306 - - - - - 306 - - - - 0.00 Uqab Breeding Farms Limited 139,748 - - - - - 139,748 - - - - 5.27 Zaffar Textile 66,844 - - - - - 66,844 - - - - 6.68 Zahur Textile Mills Limited 412,147 - - - - - 412,147 - - - - 0.55 18,560,831 - - - - 56,155 18,504,676 - 3,530 0.00 0.01

Total - 30 June 2018 690,364,292 14,349,696 7,225,081 3,216,672 3,364,840 35,815,759 682,704,822 12,418,826 67,313,964 95.03 95.75

Total - 30 June 2017 748,036,273 3,183,260 1,510,113 4,545,134 (4,614,257) 62,296,231 690,364,292 11,340,620 78,378,188 95.82 94.51

6.2.1.1 All Shares have a nominal face value of Rs. 10 each except for shares of Chakwal Spinning Mills Limited, Kohinoor Spinning Mills Limited, Nimir Resins Limited, Sardar Chemical Industries Limited, Shabbir Tiles & Ceramics Limited, Chakwal Spinning Mills Limited, Habib Sugar Mills Limited, Dynea Pakistan Limited, Agriauto Industries Limited, Thal Limited and Habib Modarba First which have a face value of Rs. 5 and for the shares of Karachi Electric Supply Company Limited which has a face value of Rs. 3.5. Market Right Market Percentage Bonus value / shares Merger/ Carrying Market value / of paid-up Purchases shares Sales carrying As at 01 purchased/s demerger As at 30 June value as value as at carrying capital of the Name of Investee Companies during issued during value as a July 2017 ubscribed adjusting 2018 at 30 30 value as a investee the year during the the year percentage during the effects June 2018 June 2018 percentage company year of year of net assets held investments

------(Number of shares) ------(Rupees in '000') ------%------Ghaffar Text Mills 45,835 - - - - - 45,835 - - - - 9.17 Ghulam Muhammad Dadabhoy 49,259 - - - - - 49,259 - - - - 0.99 Greaves Aircondition 59,110 - - - - - 59,110 - - - - - Gypsum Corporation 165,017 - - - - - 165,017 - - - - 5.00 H-Shaikh 113,022 - - - - - 113,022 - - - - - H.M Silk Mills Limited 158,350 - - - - - 158,350 - - - - 10.56 Harum Textile Mulls Limited 58,248 - - - - - 58,248 - - - - 0.62 NATIONALHyderabad Electronic INVESTMENT 98,518 (UNIT) - TRUST - - - - 98,518 - - - - 3.28 Indus Assurance Company Limited 3,300 - - - - - 3,300 - - - - 0.02 Indus Bank Limited 147 - - - - - 147 - - - - 0.00 NOTESIndus Polyester TO CompanyAND Limited FORMING 4 PART - OF - THE - FINANCIAL - - STATEMENTS 4 - - - - 0.00 Industrial Development Bank 1,970 - - - - - 1,970 - - - - 0.04 FOR6.2 THEInnovativeAvailable YEARInvestment for Bank sale ENDED Limited 30 35,227 JUNE 2018 - - - - - 35,227 - - - - 0.35 Islamic Investment Bank 139,990 - - - - - 139,990 - - - - 0.71 Itti Textile Mills Limited 163,151 - - - - - 163,151 - - - - 2.46 6.2.1 JunaidEquity Cotton shares Mills Limited / units of mutual 37,436 funds - - - - - 37,436 - - - - 1.50 Karachi Pipe 156,102 - - - - - 156,102 - - - - 7.81 Market Karim Silk Mills Limited 19,223 - - Right - - - 19,223 - - Market - - Percentage 1.97 Bonus value / Kohinoor Cotton 62,553 - - shares - Merger/ - - 62,553 Carrying - Market - value -/ - of paid-up 5.57 Purchases shares Sales carrying Kohinoor Looms Limited As 169,648 at 01 - - purchased/s - demerger - - As at 169,648 30 June value as - value as - at carrying - - capital of 1.57 the Name of Investee Companies during issued during value as a July 2017 ubscribed adjusting 2018 at 30 30 value as a investee Lafayette Industries Synthetics Limited 92,360 the year - during - the - - the year - 92,360 - - - percentage - 2.59 during the effects June 2018 June 2018 percentage company LTV Capital Modaraba 321 - year - - - - 321 - - - of - 0.00 year of net assets held Medi Glass Limited 295,554 - - - - - 295,554 - - - investments - 3.89 Marr Fabrics Limited 118,221 - - - - - 118,221 - - - - 4.93 ------(Number of shares) ------(Rupees in '000') ------%------Mehran Bank Limited 738,590 - - - - - 738,590 - - - - 2.46 Close - End Mutual Fund Mehran Jute Mills Limited 121,543 - - - - - 121,543 - - - - 3.96 Dominion Stock Fund 157,629 - - - - - 157,629 - - - - 3.15 Mian Muhammed Sugar Mills Limited 172,406 - - - - - 172,406 - - - - 1.17 Investec Mutual Fund 172,406 - - - - - 172,406 - - - - 1.72 Mohib Textile Mills Limited 159,813 - - - - - 159,813 - - - - 1.33 PICIC Growth Fund 6,429,358 - - - - - 6,429,358 35,940 288,164 0.41 0.41 2.27 Mubarik Dairies Limited 416 - - - - - 416 - - - - 0.01 PICIC Investment Fund 10,108,128 - - - - - 10,108,128 20,519 193,874 0.27 0.28 3.56 National Match Industries 26,452 - - - - - 26,452 - - - - 7.56 16,867,521 - - - - - 16,867,521 56,459 482,038 0.68 0.69 National Overseas 24,629 - - - - - 24,629 - - - - - Modarabas Naveed Textile Mills 70,637 - - - - - 70,637 - - - - 3.62 B.R.R. Guardian Modarba 1,858,077 - - - - - 1,858,077 2,397 16,240 0.02 0.02 2.38 Norrie Textile Mills Limited 136,500 - - - - - 136,500 - - - - 2.81 Habib Modarba First 1,584,070 - - - - 314,500 1,269,570 7,198 13,648 0.02 0.02 0.63 Northern Foundry And EgineeringEngineering Orix Modaraba 1,948,462 - - - - - 1,948,462 13,269 32,364 0.05 0.05 4.29 Work Limited 94,868 - - - - - 94,868 - - - - 18.97 5,390,609 - - - - 314,500 5,076,109 22,864 62,252 0.09 0.09 Nowshera Engineering 26,057 - - - - - 26,057 - - - - 5.21 Leasing Companies Nusrat Textile Mills 306,342 - - - - - 306,342 - - - - 6.81 Orix Leasing Pakistan 360,080 - - 302,815 - 428,500 234,395 4,538 10,189 0.01 0.01 0.29 Pak Ghee Industries Limited 58,618 - - - - - 58,618 - - - - 2.66 Orix Leasing Pakistan Right 302,815 - - (302,815) ------Pak Paper Corporation 103,848 - - - - - 103,848 - - - - - Security Leasing Corporation 291,526 - - - - 217,500 74,026 118 859 0.00 0.00 0.20 Pearl Fabrics 229,970 - - - - - 229,970 - - - - 2.64 Saudi Pak Leasing 347,752 - - - - - 347,752 - - - - 0.77 Polyron Limited 147 - - - - - 147 - - - - 0.00 1,302,173 - - - - 646,000 656,173 4,656 11,048 0.02 0.02 Premier Board 29,998 - - - - - 29,998 - - - - - Financial Services Premier Ceramics Limited 5,350 - - - - - 5,350 - - - - 1.07 786 Investment Limited 663,832 - - - - - 663,832 - - - - 4.43 Punjab Building 443,845 - - - - - 443,845 - - - - - Next Capital Limited 699,500 - - - - 104,500 595,000 3,959 5,653 0.01 0.01 1.32 Punjab Cotton 56,155 - - - - 56,155 ------Pakistan Stock Exchange Limited - 727,000 - - - 143,500 583,500 11,987 11,524 Punjab Lamp 108,468 - - - - - 108,468 - - - - - First Capital Securities Corporation 3,869,059 - - - - 25,000 3,844,059 6,963 9,226 0.01 0.01 1.21 Qayyum Spinning Mills Limited 149 - - - - - 149 - - - - 0.00 First Dawood Investment Bank 1,585,564 - - - - - 1,585,564 1,205 5,740 0.01 0.01 1.07 Pan Islamic Steamship Company Limited 1,136 - - - - - 1,136 - - - - 0.02 Invest Capital Investment Bank Limited 8,271,554 - - - - - 8,271,554 1,654 15,550 0.02 0.02 2.90 RCD Ball 19,716 - - - - - 19,716 - - - - 1.31 IGI Investment Bank 5,004,579 - - - 5,004,579 - 10,009,158 - - - - 4.72 Refr's Manufacturing Company 26 - - - - - 26 - - - - 0.00 Investec Securities Limited 98,518 - - - - - 98,518 - - - - 0.60 Rex Baren Battery 56,155 - - - - - 56,155 - - - - 1.50 J.O.V.& Company 1,775,606 - - - - - 1,775,606 - - - - 3.49 Saif Nadeem Kawasaki Motors Limited 482 - - - - - 482 - - - - 0.02 Jahangir Siddiqui & Company 575,441 - - - - - 575,441 2,905 10,467 0.01 0.01 0.06 Saitex Spinning Mills Limited 358,212 - - - - - 358,212 - - - - 4.84 Prudential Investment Bank 326,292 - - - - - 326,292 - - - - 3.26 Saleem Denim(Kaytex Mills) 162,160 - - - - - 162,160 - - - - 3.77 Security Investment Bank 2,262,698 - - - - 192,500 2,070,198 2,587 13,063 0.02 0.02 4.02 Sapphire Holding Limited 352,976 - - - - - 352,976 - 3,530 0.00 0.01 1.76 25,132,643 727,000 - - 5,004,579 465,500 30,398,722 31,260 71,223 0.08 0.08 Shahpur Textile Mills Limited 890,850 - - - - - 890,850 - - - - 6.37 Commercial Banks Shahyar (O.E.) 78,469 - - - - - 78,469 - - - - 3.79 Allied Bank Limited 1,433,604 - - - - - 1,433,604 90,895 147,876 0.21 0.21 0.13 Shahyar Textile Mill 222,109 - - - - - 222,109 - - - - 5.14 Askari Bank Limited 24,471,856 - - - - 350,000 24,121,856 220,443 527,545 0.75 0.75 1.91 Siftaq International Limited 108,222 - - - - - 108,222 - - - - 3.59 Bank Al - Falah Limited 588,409 817,500 - - - 670,500 735,409 25,917 38,455 0.05 0.05 0.05 Sind Alkalis Limited 704,745 - - - - - 704,745 - - - - 9.42 Bank Al - Habib Limited 66,213,829 - - - - 4,999,500 61,214,329 663,416 4,825,526 6.82 6.86 5.51 Spencer And Company (Pakistan) Ltd. 4,986 - - - - - 4,986 - - - - 0.50 Bankislami Pakistan 247,816 - - - - 247,816 ------Standard Bank Limited 538 - - - - - 538 - - - - 0.03 Faysal Bank Limited (Note 6.6) 1,046,588 - 145,738 - - 150,000 1,042,326 4,465 27,101 0.04 0.04 0.08 Sunrise Textile Mills Limited 15,024 - - - - - 15,024 - - - - 0.14 Habib Bank Limited 1,137,433 572,300 - - - 345,000 1,364,733 227,146 227,146 0.32 0.32 0.09 Sunshine Cloth Mills Limited 440,918 - - - - - 440,918 - - - - 5.62 Habib Metropolitan Bank Limited 46,190,107 - - - - 4,418,000 41,772,107 635,070 1,810,821 2.56 2.58 3.99 Synthetic Chemical Company Limited 82,125 - - - - - 82,125 - - - - 1.46 JS Bank Limited 8,558,161 - - - - - 8,558,161 16,468 71,375 0.10 0.10 0.80 Taga Pakistan Limited 96,055 - - - - - 96,055 - - - - 3.69 MCB Bank Limited 449,242 620,800 - - 11,793 40,200 1,041,635 206,004 206,004 0.29 0.29 0.09 Tariq Cotton Mills Limited 43,100 - - - - - 43,100 - - - - 6.16 National Bank Of Pakistan 363,078 - - - - - 363,078 10,795 17,199 0.02 0.02 0.02 Tawakkal Garments Industries Limited 118,664 - - - - - 118,664 - - - - 0.98 NIB Bank Limited 1,651,532 - - - (1,651,532) ------Tawakkal Limited 113,264 - - - - - 113,264 - - - - 0.81 Samba Bank Limited 2,973,804 - - - - 604,000 2,369,804 6,094 18,129 0.03 0.03 0.24 Tawakkal Modaraba Ist. 474,032 - - - - - 474,032 - - - - 1.83 Silkbank Limited 20,880,417 - - - - - 20,880,417 28,397 28,397 0.04 0.04 0.23 Taxila Engineering Company Limited 206,888 - - - - - 206,888 - - - - 4.87 Summit Bank Limited 506,978 - - - - - 506,978 1,060 1,090 0.00 0.00 0.03 Turbo Tec Limited 170,879 - - - - - 170,879 - - - - 1.71 Soneri Bank Limited 107,774,049 - - - - 3,351,000 104,423,049 333,546 1,354,367 1.91 1.93 9.47 Union Insurance Company Of Pakistan Ltd. 306 - - - - - 306 - - - - 0.00 United Bank Limited 966,099 590,000 - - - 117,500 1,438,599 243,094 243,094 0.34 0.35 0.12 Uqab Breeding Farms Limited 139,748 - - - - - 139,748 - - - - 5.27 285,453,002 2,600,600 145,738 - (1,639,739) 15,293,516 271,266,085 2,712,810 9,544,125 13.48 13.57 Zaffar Textile 66,844 - - - - - 66,844 - - - - 6.68 Zahur Textile Mills Limited 412,147 - - - - - 412,147 - - - - 0.55 Insurance 18,560,831 - - - - 56,155 18,504,676 - 3,530 0.00 0.01 IGI Holding Limited - 54,397 - - - - 54,397 4,504 15,666 0.02 0.02

Total - 30 June 2018 690,364,292 14,349,696 7,225,081 3,216,672 3,364,840 35,815,759 682,704,822 12,418,826 67,313,964 95.03 95.75 Textile Spining Adil Textile Mills Limited 93,592 - - - - - 93,592 - 4,680 0.01 0.01 1.21 AmtexTotal - 30Limited June 2017 748,036,273 363,523 3,183,260 - 1,510,113 - 4,545,134 - (4,614,257) - 62,296,231 - 690,364,292 363,523 11,340,620 436 78,378,188 473 95.82 0.00 94.51 0.00 0.14 Al - Qaim Textile Mills Limited 358,753 - - - - - 358,753 - - - - 4.81 Asim Textile Mills Limited 1,041,800 - - - - 106,500 935,300 - 10,616 0.02 0.02 6.16 6.2.1.1 BabriAll SharesCotton Mills Limitedhave a nominal face 80,578value of Rs. - 10 each - except - for shares - of Chakwal - 80,578 Spinning 392 Mills Limited, 4,109 Kohinoor 0.01 Spinning 0.01 Mills 2.21 BrothersLimited, TextileNimir Mills LimitedResins Limited, 579,461Sardar Chemical - - Industries - Limited, - Shabbir - Tiles 579,461 & Ceramics - Limited, - Chakwal - Spinning - Mills 5.91 CrescentLimited, CottonHabib Mills LimitedSugar Mills Limited, 1,048,579 Dynea - Pakistan 62,914 Limited, - Agriauto - Industries - 1,111,493Limited, Thal 5,637 Limited 27,943 and Habib 0.04 Modarba 0.04 First 5.20 Crescent Fibres Limited 852,681 - - - - - 852,681 - 21,752 0.03 0.03 6.87 Colonywhich Textile have Mills Limiteda face value of Rs. 1,069,498 5 and for the - shares - of Karachi - Electric - Supply - Company 1,069,498 Limited 1,351 which 3,861 has a face 0.01 value 0.01 of Rs. 3. 0.215. Chakwal Spinning Mills Limited 742,008 - - - - 79,500 662,508 - 2,140 0.00 0.00 1.66 Data Textile Limited 618,595 - - - - - 618,595 - - - - 6.24 Din Textile Mills Limited 340,301 - - - - 1 340,300 3,847 32,250 0.05 0.05 1.52 Dewan Khalid Textile Mills Limited 224,486 - - - - - 224,486 224 763 0.00 0.00 2.34 Dewan Mushtaq Textile Mills Limited 192,424 - - - - - 192,424 385 774 0.00 0.00 2.93 D. M. Textile Mills Limited 304,614 - - - - 25,000 279,614 503 12,722 0.02 0.02 9.16 D.S.Industries Limited 44,780 - - - - - 44,780 34 206 0.00 0.00 0.05 Dar-Es-Salaam Textile Mills Limited 259,287 - - - - - 259,287 570 2,113 0.00 0.00 3.24 Ellcot Spinning Mills Limited 704,380 - - - - - 704,380 7,482 50,293 0.07 0.07 6.43 Fatima Enterprises Limited 628,671 - - - - - 628,671 - - - - 4.42 Fazal Cloth Mills Limited 1,768,488 - - - - - 1,768,488 13,415 264,725 0.37 0.38 5.89 Gadoon Textile Mills 132,499 - - - - 2 132,497 1,231 33,389 0.05 0.05 0.47 Globe Textile Mills Limited 2,472 - - - - - 2,472 - - - - 0.02 Gulshan Spinning Mills Limited 1,137,974 - - - - - 1,137,974 - - - - 5.12 38 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 - - - - 20,000 638,396 894 5,075 0.01 0.01 6.44 Indus Dyeing Manufacturing Company Ltd. 525,295 - - - - - 525,295 5,509 327,595 0.46 0.47 2.91 J. A. Textile Mills Limited 127,361 - - - - - 127,361 - 646 0.00 0.00 1.01 Karim Cotton Mills Limited 110,562 - - - - - 110,562 - - - - 9.34 Kohinoor Spinning Mills Limited 535,827 - - - - 35,000 500,827 - 1,462 0.00 0.00 0.39 Khalid Siraj Textile Mills Limited 682,998 - - - - - 682,998 - - - - 6.38 Land Mark Spinning Industries Limited 355,437 - - - - 100,000 255,437 - 1,430 0.00 0.00 2.11 Mehr Dastgir Textile Mills Limited 259 - - - - - 259 - - - - 0.00 Maqbool Textile Mills Limited 1,420,216 - - - - - 1,420,216 11,362 60,061 0.08 0.09 8.45 Premium Textile Mills Limited 726,823 - - - - 111,200 615,623 6,713 123,125 0.17 0.18 9.99 Reliance Cotton Spinning Mills Limited 465,638 - - - - - 465,638 3,824 74,311 0.10 0.11 4.52 Ruby Textile Mills Limited 297,664 - - - - - 297,664 - 2,381 0.00 0.00 0.57 NATIONAL INVESTMENT (UNIT) TRUST NOTES TO AND FORMING PART OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2018

6.3 Investments - 'held to maturity' At cost Redemptions Percentage As at 01 July As at 30 during the of net assets 2017 June 2018 year ------(Rupees in '000) ------(%) ------Investment in securities classified as - 'held to maturity' Investment under Morabaha Arrangements Textile Management (Private) Limited 4,125 - 4,125 0.01 Pak China Fertilizers Limited 27,000 - 27,000 0.04 Quaidabad Woolen Mills Limited 23,000 - 23,000 0.03 54,125 - 54,125 0.08 Less : Provision for impairment loss (54,125) - (54,125) (0.08) - - - -

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

Term Finance Certificates and Redeemable Capital Adamjee Paper & Board Mills Limited 8,125 - 8,125 0.01 Naimat Basal Oil & Gas Securitization Company Limited 2 - 2 - Pakistan Telecommunication Limited (PTC) / BEL 753 - 753 - 8,880 - 8,880 0.01 Less : Provision for impairment loss (8,880) - (8,880) (0.01) - - - - Total 73,505 - 73,505 0.10 Less : Provision for impairment loss (73,505) - (73,505) (0.10) - - - -

6.4 Investments include shares with market value of Rs. 857.835 million (30 June 2017: Rs. 692.501 million) which have been pledged with National Clearing Company of Pakistan Limited for guaranteeing settlement of the Fund's trades in accordance with Circular no. 11 dated 22 October 2007 issued by the Securities and Exchange Commission of Pakistan.

6.4.1 As at 30 June 2018 market value of Rs. 1,110.454 million securities have been given as collateral against short term finances (30 June 2017: Rs. 5,655.455 million).

6.5 The investment portfolio of the Fund includes 20,089,39824,089,398 shares of Pakistan State Oil Company Limited and 18,338,031 shares of Sui Northern Gas Pipelines Limited, which have been frozen by the Government of Pakistan (GoP) for sale in the equity market due to their proposed privatisation. The 20,089,39824,089,398 frozen shares and 31,800 free shares (Total = 24,121,199 shares) of Pakistan State Oil Company Limited (PSO) having market value of Rs. 7,678.02 million as on 30 June 2018 out of total 12,673,295 shares of PSO are held physically by CDC-Trustee and remaining 11,447,905 shares of PSO are physically held by National Bank of Pakistan (the former Trustee) having title National Bank of Pakistan - Trustee Wing.

6.6 Finance Act 2014 has introduced tax on bonus shares issued by the Companies. Most Equity Funds including NI(U)T Fund have challenged the applicability of witholding tax provision on bonus shares before Honorable High Court of Sindh ("the Court") on various legal grounds and have sought relief from the Court. The Court, in its order dated 25 November 2014, has granted interim relief by passing the restraining order whereby the Defendants, (issuers of the bonus shares) have refrained from deducting and / or transferring 5% withholding tax on bonus shares issued by them. As an abundant caution, the NI(U)T Fund has made payments which is equivalent to 5% value of the respective bonus shares, determined on the basis of day-end price on the first day of book closure. These payments have been recorded as part of cost of respective investments. Detail is as follows:

Market value / Payment made 5% (No. of carrying value as to investee bonus shares) on 30 June 2018 companies (Rupees in '000)

Security Papers Limited * 21,958 2,657 1,446 39 Searle Pakistan Limited * 36,230 12,300 6,856 Suraj Cotton Mills Limited ***** 2,357 336 256 Suraj Cotton Mills Limited ***** 2,840 405 355 Faysal Bank Limited * 41,151 1,070 630 Shezan International Limited * 6,904 3,935 6,317 Gul Ahmed Textile Mills Limited ** 49,732 2,135 - Mari Petroleum Company Limited ** 38,238 57,593 - Searle Pakistan Limited** 14,154 4,805 - United Distributors Pakistan Limited ** 9,946 482 - Synthetic Product Enterprise Limited ** 990 51 - Jauharabad Sugar Mills Limited ** 3,600 175 - Highnoon Laboratories Limited ** 2,563 1,052 - Suraj Cotton Mills Limited ***** 2,582 368 403 Faysal Bank Limited *** 5,837 152 125 Highnoon Laboratories Limited*** 2,299 944 1,044 Highnoon Laboratories Limited *** 2,671 1,096 663 Kohinoor Textile Mills Limited*** 16,963 933 1,172 Searle Pakistan Limited *** 20,958 7,115 10,472 Searle Pakistan Limited *** 16,348 5,550 9,919 Searle Pakistan Limited *** 22,656 7,692 9,216 United Distributors Pakistan Limited*** 4,520 219 144 Pakistan State Oil Limited**** 202,020 64,305 - United Distributors Pakistan Limited**** 5,918 287 - Searle Pakistan Limited **** 35,491 12,049 - Cresent Cotton Mills Limited**** 3,146 79 - Treet Corportation Limited**** 51,062 1,746 - Faysal Bank Limited **** 7,287 190 - Highnoon Laboratories Limited **** 2,859 1,174 - Suraj Cotton Mills Limited ***** 3,125 446 375 191,341 49,393

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

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

*** Faysal Bank Limited , Highnoon Laboratories Limited, Kohinoor Textile Mills Limited, Searle Pakistan Limited & United Distributors Pakistan Limited has not released the bonus shares and retained the payment due to court order.

**** Pakistan State Oil Company Limited, United Distributors Pakistan Limited, Searle Pakistan Limited, Cresent Cotton Mills Limited, Treet Corporation Limited, Faysal Bank Limited, Hinoon Laboratories Limitedhas not released the shares due to Litigation has been filed by the Fund and payment has also not been made by the Fund.

***** Suraj Cotton Mills Limited have released the bonus shares after deducting payment of 5% bonus share from Dividend announced by the company. NATIONAL INVESTMENT (UNIT) TRUST NOTES TO AND FORMING PART OF THE FINANCIAL STATEMENTS FOR THEAs an YEARabundant ENDEDcaution, the 30NI(U)T JUNEFund 2018has made payments which is equivalent to 5% value of the respective bonus shares, determined on the basis of day-end price on the first day of book closure. These payments have been recorded as part of cost of respective investments. Detail is as follows:

Market value / Payment made 5% (No. of carrying value as to investee bonus shares) on 30 June 2018 companies (Rupees in '000)

Security Papers Limited * 21,958 2,657 1,446 Searle Pakistan Limited * 36,230 12,300 6,856 Suraj Cotton Mills Limited ***** 2,357 336 256 Suraj Cotton Mills Limited ***** 2,840 405 355 Faysal Bank Limited * 41,151 1,070 630 Shezan International Limited * 6,904 3,935 6,317 Gul Ahmed Textile Mills Limited ** 49,732 2,135 - Mari Petroleum Company Limited ** 38,238 57,593 - Searle Pakistan Limited** 14,154 4,805 - United Distributors Pakistan Limited ** 9,946 482 - Synthetic Product Enterprise Limited ** 990 51 - Jauharabad Sugar Mills Limited ** 3,600 175 - Highnoon Laboratories Limited ** 2,563 1,052 - Suraj Cotton Mills Limited ***** 2,582 368 403 Faysal Bank Limited *** 5,837 152 125 Highnoon Laboratories Limited*** 2,299 944 1,044 Highnoon Laboratories Limited *** 2,671 1,096 663 Kohinoor Textile Mills Limited*** 16,963 933 1,172 Searle Pakistan Limited *** 20,958 7,115 10,472 Searle Pakistan Limited *** 16,348 5,550 9,919 Searle Pakistan Limited *** 22,656 7,692 9,216 United Distributors Pakistan Limited*** 4,520 219 144 Pakistan State Oil Limited**** 202,020 64,305 - United Distributors Pakistan Limited**** 5,918 287 - Searle Pakistan Limited **** 35,491 12,049 - Cresent Cotton Mills Limited**** 3,146 79 - Treet Corportation Limited**** 51,062 1,746 - Faysal Bank Limited **** 7,287 190 - Highnoon Laboratories Limited **** 2,859 1,174 - Suraj Cotton Mills Limited ***** 3,125 446 375 191,341 49,393

***** Suraj Cotton Mills Limited have released the bonus shares after deducting payment of 5% bonus share from Dividend announced by the company.

40 NATIONAL INVESTMENT (UNIT) TRUST NOTES TO AND FORMING PART OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2018

6.7 Net unrealised appreciation on re-measurement of investments 2018 2017 classified as 'financial assets at fair value through profit or loss' (Rupees in '000)

Market value of investments 2,982,554 4,556,802 Less: Carrying value of investments (4,507,100) (2,675,377) (1,524,546) 1,881,425

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

Market value / carrying value of investments 6.2.1 67,313,964 78,378,188

Less: Carrying cost of investments 32,022,450 30,880,274 Provision for impairment thereagainst 6.8.1 (19,603,624) (19,539,654) 12,418,826 11,340,620

54,895,138 67,037,568 Less: Net unrealised appreciation on re-measurement investments at the beginning of the year (67,037,568) (52,717,631)

Net unrealised (diminution) / appreciation during the year (12,142,430) 14,319,937

6.8.1 Provision for impairment against equity securities

Balance as at 1 July 19,539,654 19,511,888 Charge for the year 88,193 42,122 Reversal of impairment of securities sold (24,223) (14,356) Balance as at 30 June 19,603,624 19,539,654

7 DIVIDEND AND OTHER RECEIVABLES

Dividend receivable 377,966 323,936 Profit on term finance certificates 23,705 23,705 Less: Provision against doubtful receivables (23,705) (23,705) - - Profit on Morabaha arrangements 51,267 51,267 Less: Provision against doubtful profit on Morabaha arrangements (51,267) (51,267) - - Mark-up receivable on bank deposits 121 289

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

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

8 SECURITY DEPOSITS

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

41 6.7 Net unrealised appreciation on re-measurement of investments 2018 2017 classified as 'financial assets at fair value through profit or loss' (Rupees in '000)

Market value of investments 2,982,554 4,556,802 Less: Carrying value of investments (4,507,100) (2,675,377) (1,524,546) 1,881,425

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

Market value / carrying value of investments 6.2.1 67,313,964 78,378,188

Less: Carrying cost of investments 32,022,450 30,880,274 Provision for impairment thereagainst 6.8.1 (19,603,624) (19,539,654) 12,418,826 11,340,620

54,895,138 67,037,568 Less: Net unrealised appreciation on re-measurement investments at the beginning of the year (67,037,568) (52,717,631)

Net unrealised (diminution) / appreciation during the year (12,142,430) 14,319,937

6.8.1 Provision for impairment against equity securities

Balance as at 1 July 19,539,654 19,511,888 Charge for the year 88,193 42,122 Reversal of impairment of securities sold (24,223) (14,356) Balance as at 30 June 19,603,624 19,539,654

7 DIVIDEND AND OTHER RECEIVABLES

Advance against pre-IPO investment 7.1 150,000 150,000 Less: Provision against doubtful receivables (150,000) (150,000) - - Other receivables 14,694 14,694 Less: Provision against doubtful receivables 7.2 (14,694) (14,694) - - NATIONAL INVESTMENT (UNIT) TRUST 378,087 324,225 7.1 This represents Rs. 150 million (2016: Rs. 160 million) which the Fund had subscribed towards the term finance certificates of an NOTESissuer TOas ANDPre-IPO FORMINGon 13 March 2008. PARTUnder OFthe THEagreement, FINANCIALthe issuer was STATEMENTSrequired to complete the public offering by 23 FOR THENovember YEAR2008. ENDEDHowever 30no JUNEpublic offering 2018has been carried out by the issuer. In addition, profit on the advance against subscription, due after six months from the date of subscription, has also not been received by the Fund. As a matter of prudence, the Fund has made a provision of 100% against this advance.

7.26.7 InNet prior unrealised years, provision appreciation has been on re-measurementmade against certain of investments unreconciled balances. 2018 2017 classified as 'financial assets at fair value through profit or loss' (Rupees in '000) 8 SECURITY DEPOSITS Market value of investments 2,982,554 4,556,802 CentralLess: Carrying Depository value Company of investments of Pakistan Limited (4,507,100) 100 (2,675,377) 100 National Clearing Company of Pakistan Limited (1,524,546) 2,500 1,881,425 2,500 2,600 2,600 6.8 Net unrealised appreciation / (diminution) on re-measurement of 9 SHORTinvestments TERM BORROWINGSclassified as 'available for sale'

MarketDuring thevalue year / carrying short term value loan of financinginvestments amounting to Rs. 735 million was obtained6.2.1 from various commercial67,313,964 banks under78,378,188 mark-up arrangement ranging from 6.28% to 6.70% per annum .The principle on these loans were partially repaid during the year along with Less:the loan outstanding as at 30 June 2017 amounting to Rs 1.535 billion. Therefore, Rs. 0.4 billion is outstanding as at 30 June 2018. Carrying cost of investments 32,022,450 30,880,274 Provision for impairment thereagainst 6.8.1 (19,603,624) (19,539,654) 10 PAYABLE TO NATIONAL INVESTMENT TRUST LIMITED 12,418,8262018 11,340,6202017 - MANAGEMENT COMPANY (Rupees in '000) On account of: 54,895,138 67,037,568 Less:- Management Net unrealised remuneration appreciation on re-measurement 10.1 145,586 85,144 - investmentsSindh Sales at Taxthe beginningon management of the yearremuneration 10.2 (67,037,568) 18,928 (52,717,631) 11,070 - Preliminary charges and handling fee - 2 Net- unrealisedAllocation (diminution)of expenses /related appreciation to registrar during services, the year (12,142,430) 14,319,937 accounting, operation and valuation services 10.3 12,143 7,139 6.8.1 Provision- Redemption for impairment of units against equity securities - 200,000 - Others 615 - Balance as at 1 July 19,539,654 177,272 19,511,888 303,355 Charge for the year 88,193 42,122 10.1 ReversalUnder the ofrevised impairmentNon-Banking of securitiesFinance sold Companies & Notified Entities Regulations 2008, notified on(24,223)25 November 2015,(14,356)the BalanceManagement as at Company30 June of the Fund is entitled to a remuneration of an amount not exceeding 2 percent19,603,624of average19,539,654annual net assets. The Management Company has charged its remuneration at the rate of 1.2 percent per annum (30 June 2017: 1.20%). The 7 DIVIDENDremuneration AND is paid OTHER on a RECEIVABLES monthly basis in arrears.

10.2 DividendThe Sindh receivableProvincial Government levied Sindh Sales Tax on the remuneration of the Management 377,966Company and sales 323,936load Profitthrough on Sindhterm financeSales Taxcertificateson Services Act, 2011, effective from 01 July 2011. During the year, Sindh Sales 23,705Tax at the rate 23,705of 13% Less:(30 June Provision 2017: 13%)against was doubtful charged receivables on management remuneration and sales load. (23,705) (23,705) - - 10.3 ProfitSecurities on Morabahaand Exchange arrangementsCommission of Pakistan through its SRO 1160(I)/2015 dated 25 November 2015 51,267has revised the 51,267Non- Less:Banking ProvisionFinance againstCompanies doubtfuland profitNotified on MorabahaEntities Regulations,arrangements2008. In the revised regulations a new (51,267)clause 60(3)(s) has (51,267)been introduced allowing the Management Company to charge "fees and expenses related to registrar services, -accounting, operation - Mark-upand valuation receivableservices on bankrelated depositsto CIS maximum up to 0.1% of average annual net assets of the Scheme or121actual whichever 289is less" from the mutual funds managed by it. Advance against pre-IPO investment 7.1 150,000 150,000 11 Less:PAYABLE Provision TO THE against CENTRAL doubtful DEPOSITORY receivables COMPANY OF (150,000) (150,000) PAKISTAN LIMITED - TRUSTEE - - Other receivables 14,694 14,694 Less:Trustee Provision remuneration against doubtful receivables 11.17.2 (14,694) 2,378 (14,694) 2,611 Sindh Sales Tax on remuneration to Trustee 11.2 309 - 339 - 378,087 2,687 324,225 2,950

7.111.1 ThisThe Trusteerepresentsis entitledRs. 150tomilliona monthly(2016:remunerationRs. 160 million)for serviceswhich therenderedFund hadto thesubscribedFund undertowardsthe provisionsthe term financeof the TrustcertificatesDeed asofperan issuerthe tariffas specifiedPre-IPO therein,on 13 basedMarch on2008. the dailyUnder net theassetsagreement, of the Fund.the issuer was required to complete the public offering by 23 November 2008. However no public offering has been carried out by the issuer. In addition, profit on the advance against subscription,Based on the dueTrustafter Deed,six themonths tariff fromstructurethe date applicableof subscription, to the Fundhas asalso at 30not Junebeen 2018received is as follows:by the Fund. As a matter of prudence, the Fund has made a provision of 100% against this advance. Net assets Tariff per annum 7.2 In prior years, provision has been made against certain unreconciled balances. Upto Rs 1 billion 0.2% p.a. of net assets 8 SECURITYRs. 1 billion DEPOSITSto Rs. 10 billion Rs. 2 million plus 0.1% of net assets exceeding Rs. 1 billion Rs. 10 billion to Rs. 20 billion Rs. 11 million plus 0.06% of net assets exceeding Rs. 10 billion CentralRs. 20 billion Depository to Rs. Company 35 billion of Pakistan Limited Rs. 17 million plus 0.03% of net assets exceeding 100 Rs. 20 billion 100 NationalOver Rs. Clearing 35 billion Company of Pakistan Limited Rs. 21.5 million plus 0.02% of net assets exceeding 2,500 Rs. 35 billion 2,500 2,600 2,600 The remuneration is paid to the Trustee monthly in arrears.

42 11.2 The Sindh Provincial Government levied Sindh Sales Tax on the remuneration of the Trustee through Sindh Sales Tax on Services Act, 2011, effective from 1 July 2015. During the year, Sindh Sales Tax at the rate of 13% (30 June 2017: 13%) was charged on Trustee remuneration. 9 SHORT TERM BORROWINGS

During the year short term loan financing amounting to Rs. 735 million was obtained from various commercial banks under mark-up arrangement ranging from 6.28% to 6.70% per annum .The principle on these loans were partially repaid during the year along with the loan outstanding as at 30 June 2017 amounting to Rs 1.535 billion. Therefore, Rs. 0.4 billion is outstanding as at 30 June 2018.

10 PAYABLE TO NATIONAL INVESTMENT TRUST LIMITED 2018 2017 - MANAGEMENT COMPANY (Rupees in '000) On account of: - Management remuneration 10.1 145,586 85,144 - Sindh Sales Tax on management remuneration 10.2 18,928 11,070 - Preliminary charges and handling fee - 2 - Allocation of expenses related to registrar services, accounting, operation and valuation services 10.3 12,143 7,139 - Redemption of units - 200,000 - Others 615 - 177,272 303,355

10.1 Under the revised Non-Banking Finance Companies & Notified Entities Regulations 2008, notified on 25 November 2015, the Management Company of the Fund is entitled to a remuneration of an amount not exceeding 2 percent of average annual net assets. The Management Company has charged its remuneration at the rate of 1.2 percent per annum (30 June 2017: 1.20%). The remuneration is paid on a monthly basis in arrears.

10.2 The Sindh Provincial Government levied Sindh Sales Tax on the remuneration of the Management Company and sales load through Sindh Sales Tax on Services Act, 2011, effective from 01 July 2011. During the year, Sindh Sales Tax at the rate of 13% (30 June 2017: 13%) was charged on management remuneration and sales load.

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

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

Trustee remuneration 11.1 2,378 2,611 Sindh Sales Tax on remuneration to Trustee 11.2 309 339 2,687 2,950

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

Based on the Trust Deed, the tariff structure applicable to the Fund as at 30 June 2018 is as follows: NATIONALNet assets INVESTMENT (UNIT) TRUST Tariff per annum Upto Rs 1 billion 0.2% p.a. of net assets NOTESRs. 1TO billion AND to Rs. FORMING10 billion PART OF THE FINANCIALRs. 2 million plus STATEMENTS 0.1% of net assets exceeding Rs. 1 billion FOR THERs. 10 YEAR billion to ENDEDRs. 20 billion 30 JUNE 2018 Rs. 11 million plus 0.06% of net assets exceeding Rs. 10 billion Rs. 20 billion to Rs. 35 billion Rs. 17 million plus 0.03% of net assets exceeding Rs. 20 billion Over Rs. 35 billion Rs. 21.5 million plus 0.02% of net assets exceeding Rs. 35 billion

The remuneration is paid to the Trustee monthly in arrears.

11.2 The Sindh Provincial Government levied Sindh Sales Tax on the remuneration of the Trustee through Sindh Sales Tax on Services Act, 2011, effective from 1 July 2015. During the year, Sindh Sales Tax at the rate of 13% (30 June 2017: 13%) was charged on Trustee remuneration.

12 PAYABLE TO SECURITIES AND EXCHANGE COMMISSION OF PAKISTAN

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

13 ACCRUED EXPENSES AND OTHER LIABILITIES 2018 2017 (Rupees in '000) Provision for Sindh Workers' Welfare Fund 13.1 398,555398,722 346,997 Federal Excise Duty 13.2 289,563 289,563 Excess dividend received 25,777 23,416 Distribution not claimed by unit holders 5,479 5,479 Brokerage payable against purchase of shares 2,5732,406 4,392 Financial charges payable 9 1,358 13,258 Auditors' remuneration 671 578 Legal and professional charges - 314 Zakat 9,623 35,824 Capital gain tax 886 1,624 Witholding tax 42 103,260 Printing charges payable - 238 Payable to National Clearing Company of Pakistan Limited - 20 Payable against bonus shares 113,379 28,934 847,906 853,897

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

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

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

MUFAP has also taken a legal opinion that SWWF, if applicable, can only be applied from the date of enactment of SWWF Act, 2014, i.e. 21 May 2015. Accordingly, on 12 January 2017, MUFAP as an abundant caution, has decided to provide for SWWF with effect from 21 May 2015, while the efforts to exclude mutual funds from SWWF continue. The provision for SWWF is being made on a daily basis. Had the SWWF not been provided, the NAV per unit of the Fund would have been higher by Rs. 0.4159 (30 June 2017: Rs. 0.3552).

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

43 NATIONAL INVESTMENT (UNIT) TRUST NOTES TO AND FORMING PART OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2018

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

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

Since the appeal is pending in the Supreme Court of Pakistan, the Management Company as a matter of abundant caution has retained provision for FED on management fee aggregating to Rs. 306.89 million out of which Rs. 17.327 million have been paid to the Management Company. Had the provision not been made, the Net Asset Value per unit of the Fund would have been higher by Rs. 0.3202 (30 June 2017: Rs. 0.3142) per unit.

14 DIVIDEND PAYABLE AND UNCLAIMED DISTRIBUTION

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

15 CONTINGENCIES AND COMMITMENTS

There were no contingencies and commitments outstanding as at 30 June 2018 (2017: Nil).

16 NUMBER OF UNITS IN ISSUE 30 June 2018 30 June 2017 Registered Bearer Total Total ------(Number of units)------

Total outstanding at the beginning of the year 956,279,137 20,533,100 976,812,237 1,025,841,415

Add: Sales during the year 64,461,918 - 64,461,918 88,758,864

Units issued under Cumulative Investment Plan (CIP) during the year - - - 22,472,003

Conversion of bearer units into registered units - - - - 1,020,741,055 20,533,100 1,041,274,155 1,137,072,282

Less: Repurchases during the year (82,933,600) - (82,933,600) (160,260,045) Total units in issue at the end of the year 937,807,455 20,533,100 958,340,555 976,812,237

17 AUDITORS' REMUNERATION 2018 2017 (Rupees in '000)

Annual audit fee 578 578 Half yearly review 252 252 Out of pocket expenses and others including government levy 258 72 1,088 902

18 TAXATION

The Fund's income is exempt from Income Tax as per clause (99) of part I of the Second Schedule to the Income Tax Ordinance, 2001 subject to the condition that not less than 90% of the accounting income for the year as reduced by capital gains whether realised or unrealised is distributed amongst the unit holders, provided that for the purpose of determining distribution of not less than 90% of its accounting income for the year, the income distributed through bonus units shall not be taken into account. Furthermore, as per regulation 63 of the Non-Banking Finance Companies and Notified Entities Regulations, 2008, the Fund is required to distribute 90% of the net accounting income other than capital gains to the unit holders. The Board of Directors of the Management Company in their meeting held on 5 July 2018 (refer note 30) has distributed more than ninety percent of the Fund's accounting income for the year ended 30 June 2018 as reduced by capital gains, whether realised or unrealised, to its unit holders 44 during the year. Accordingly no provision has been made in the financial statements for the year ended 30 June 2018.

19 RECONCILIATION OF LIABILITIES Receivable Payable Dividend ARISING OUT OF FINANCING Short Term against against payable and Total ACTIVITIES Borrowing issuance of redemption of unclaimed units units Dividend ------(Rupees in '000) ------

Opening balance as at 1 July 2017 1,200,000 - 20,960 2,550,493 3,771,453

Financing obtained during the year 735,000 - - - 735,000 Receivable against issuance of units - 4,884,776 - - 4,884,776 Payable against redemption of units - - 6,297,455 - 6,297,455 735,000 4,884,776 6,297,455 - 11,917,231

Amount received on issuance of units - (4,884,776) (6,311,325) - (11,196,101) Amount paid on redemption of units - - - - - Dividend paid - - - (1,902,159) (1,902,159) Repayment of short term borrowing (1,535,000) - - - (1,535,000) (1,535,000) (4,884,776) (6,311,325) (1,902,159) (14,633,260)

Closing balance as at 30 June 2018 400,000 - 7,090 648,334 1,055,424

20 TOTAL EXPENSE RATIO

Total expense ratio (all the expenses, including government levies, incurred during the year divided by average net asset value for the year ) is 1.69% per annum. Total expense ratio (excluding government levies) is 1.36% per annum.

21 FINANCIAL INSTRUMENTS BY CATEGORY As at 30 June 2018 Fair value Loans and Available through profit Total receivables for sale or loss ------(Rupees in '000) ------Assets Bank balances 2,248,999 - - 2,248,999 Investments - 2,982,554 67,313,964 70,296,518 Dividend and other receivables 378,087 - - 378,087 Security deposits 2,600 - - 2,600 2,629,686 2,982,554 67,313,964 72,926,204

As at 30 June 2018 Liabilities at fair value At amortised Total through profit cost or loss ------(Rupees in '000) ------Liabilities Short term borrowings - 400,000 400,000 Payable to National Investment Trust Limited - Management Company - 177,272 177,272 Payable to Central Depository Company of Pakistan Limited - Trustee - 2,687 2,687 Payable against redemption of units - 7,090 7,090 Accrued expenses and other liabilities - 149,237 149,237 Dividend payable and unclaimed distribution - 648,334 648,334 - 1,384,620 1,384,620 NATIONAL18 TAXATION INVESTMENT (UNIT) TRUST

NOTESThe TOFund's ANDincome FORMINGis exempt from IncomePARTTax OFas perTHEclause FINANCIAL(99) of part I of theSTATEMENTSSecond Schedule to the Income Tax Ordinance, FOR THE2001 subjectYEARto ENDEDthe condition 30that JUNEnot less 2018than 90% of the accounting income for the year as reduced by capital gains whether realised or unrealised is distributed amongst the unit holders, provided that for the purpose of determining distribution of not less than 90% of its accounting income for the year, the income distributed through bonus units shall not be taken into account. Furthermore, as per regulation 63 of the Non-Banking Finance Companies and Notified Entities Regulations, 2008, the Fund is required to distribute 90% of the net accounting income other than capital gains to the unit holders. The Board of Directors of the Management Company in their meeting held on 5 July 2018 (refer note 30) has distributed more than ninety percent of the Fund's accounting income for the year ended 30 June 2018 as reduced by capital gains, whether realised or unrealised, to its unit holders during the year. Accordingly no provision has been made in the financial statements for the year ended 30 June 2018.

Opening balance as at 1 July 2017 1,200,000 - 20,960 2,550,493 3,771,453

Closing balance as at 30 June 2018 400,000 - 7,090 648,334 1,055,424

20 TOTAL EXPENSE RATIO

Total expense ratio (all the expenses, including government levies, incurred during the year divided by average net asset value for the year ) is 1.69% per annum. Total expense ratio (excluding government levies) is 1.36% per annum.

45 NATIONAL INVESTMENT (UNIT) TRUST NOTES TO AND FORMING PART OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2018

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

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

22 TRANSACTIONS AND BALANCES WITH CONNECTED PERSONS

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

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

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

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

22.5 Transactions during the year 2018 2017 (Rupees in '000)

National Investment Trust Limited - Management Company Issue of Nil units under CIP (2017: 4,008,379 units) - 335,702 Issuance of 5,123,175 units (2017: Nil) 375,000 - ` Redemption of 5,893,210 units (2017: 12,449,797 units) 450,000 1,050,000 Remuneration to the Management Company 886,339 892,772 Sindh Sales Tax on management remuneration 115,224 116,060 Sales load on issue of units - 9 Allocation of expenses related to registrar services, accounting, operation and valuation services 73,884 82,130

Central Depository Company of Pakistan Limited - Trustee Remuneration to the Trustee 29,273 30,939 Sindh Sales Tax on remuneration to Trustee 3,805 4,022 Custodian charges 2,667 385

Directors and key management personnel Issue of 86,811 units (2017: 67,559 units) 6,557 6,170 46 Issue of Nil units under CIP (2017: 6,565 units) - 388 Redemption of 123,500 units (2017: 229,570 units) 8,929 17,644

National Investment Trust Limited Pension Fund Issue of 23,191 units (2017: Nil units) 1,686 Redemption of Nil units (2017: 282,280 units) - 26,209 Issue of Nil units under CIP (2017: 94,882 units) - 7,946 As at 30 June 2017 Fair value Loans and Available through profit Total receivables for sale or loss ------(Rupees in '000) ------Assets Bank balances 3,541,231 - - 3,541,231 Investments - 4,556,802 78,378,188 82,934,990 Dividend and other receivables 324,225 - - 324,225 Security deposits 2,600 - - 2,600 3,868,056 4,556,802 78,378,188 86,803,046

As at 30 June 2017 Liabilities at fair At amortised value through Total cost profit orAs loss at 30 June 2017 ------Fair value (Rupees in '000) ------Loans and Available Liabilities through profit Total receivables for sale Short term borrowings or loss - 1,200,000 1,200,000 Payable to National Investment Trust ------(Rupees in '000) ------AssetsLimited - Management Company - 303,355 303,355 PayableBank balances to Central Depository Company of 3,541,231 - - 3,541,231 InvestmentsPakistan Limited - Trustee - 4,556,802 - 78,378,188 2,950 82,934,990 2,950 PayableDividend againstand other redemption receivables of units 324,225 - 20,960 - 324,225 20,960 AccruedSecurity depositsexpenses and other liabilities 2,600 - 76,629 - 76,629 2,600 Dividend payable and unclaimed distribution 3,868,056 4,556,802 - 78,378,188 2,550,493 86,803,046 2,550,493 - 2,954,387 2,954,387 As at 30 June 2017 22 TRANSACTIONS AND BALANCES WITH CONNECTED PERSONS Liabilities at fair At amortised value through Total cost 22.1 Connected persons include National Investment Trust Limited being the Managementprofit or lossCompany, Central Depository Company of Pakistan Limited being the Trustee, other collective investment schemes------managed by the Management (Rupees inCompany, '000) ------any person or companyLiabilitiesbeneficially owning directly or indirectly ten percent or more of the capital of the Management Company or the net assets Shortof the termFund borrowings and directors and officers of the Management Company and unit holders holding - 10 percent 1,200,000 or more units of 1,200,000the Fund. Payable to National Investment Trust 22.2 TheLimitedtransactions - Managementwith connected Companypersons are in the normal course of business, at contracted - terms determined 303,355 in accordance 303,355with thePayable market to rates.Central Depository Company of Pakistan Limited - Trustee - 2,950 2,950 22.3 PayableRemuneration againstto redemptionthe Management of units Company and the Trustee is determined in accordance - with the 20,960provisions of the 20,960NBFC RegulationsAccrued expenses and the and Trust other Deed liabilities respectively. - 76,629 76,629 Dividend payable and unclaimed distribution - 2,550,493 2,550,493 22.4 The details of significant transactions carried out by the Fund with connected persons and - balances 2,954,387with them at year 2,954,387end are as follows: 22 TRANSACTIONS AND BALANCES WITH CONNECTED PERSONS 22.5 Transactions during the year 2018 2017 22.1 Connected persons include National Investment Trust Limited being the Management Company, Central(RupeesDepository in '000)Company of Pakistan Limited being the Trustee, other collective investment schemes managed by the Management Company, any person or companyNational Investmentbeneficially owningTrust Limiteddirectly -or Managementindirectly ten Companypercent or more of the capital of the Management Company or the net assets Issueof the ofFund Nil unitsand directors under CIP and (2017: officers 4,008,379 of the Management units) Company and unit holders holding 10 percent or more - units of the 335,702 Fund. Issuance of 5,123,175 units (2017: Nil) 375,000 - 22.2` RedemptionThe transactions of 5,893,210with connected units (2017:persons 12,449,797are in the units)normal course of business, at contracted terms determined 450,000 in accordance 1,050,000with theRemuneration market rates. to the Management Company 886,339 892,772 NATIONALSindh Sales INVESTMENT Tax on management remuneration(UNIT) TRUST 115,224 116,060 22.3 RemunerationSales load on issueto the of Managementunits Company and the Trustee is determined in accordance with the provisions - of the NBFC 9 NOTESRegulationsAllocation TO ANDof andexpenses the FORMING Trust related Deed to respectively. registrar PART services, OF THE FINANCIAL STATEMENTS FOR THEaccounting, YEAR operationENDED and 30 valuation JUNE services 2018 73,884 82,130 22.4 The details of significant transactions carried out by the Fund with connected persons and balances with them at year end are as Centralfollows: Depository Company of Pakistan Limited - Trustee Remuneration to the Trustee 29,273 30,939 22.5 TransactionsSindh Sales Tax during on remuneration the year to Trustee 2018 3,805 2017 4,022 Custodian charges (Rupees 2,667 in '000) 385

NationalDirectors Investment and key management Trust Limited personnel - Management Company Issue of Nil86,811 units units under (2017: CIP (2017:67,559 4,008,379 units) units) 6,557 - 335,702 6,170 IssuanceIssue of Nil of units5,123,175 under units CIP (2017:(2017: 6,565Nil) units) 375,000 - 388- ` Redemption of 5,893,210123,500 units units (2017: (2017: 229,570 12,449,797 units) units) 450,000 8,929 1,050,000 17,644 Remuneration to the Management Company 886,339 892,772 SindhNational Sales Investment Tax on management Trust Limited remuneration Pension Fund 115,224 116,060 SalesIssue ofload 23,191 on issue units of (2017: units Nil units) 1,686 - 9 AllocationRedemption of ofexpenses Nil units related (2017: to282,280 registrar units) services, - 26,209 Issueaccounting, of Nil units operation under CIP and (2017: valuation 94,882 services units) 73,884 - 82,130 7,946

22.6 CentralAmounts Depository outstanding Company as at year of Pakistan end Limited - Trustee 2018 2017 Remuneration to the Trustee 29,273(Rupees in '000) 30,939 Sindh Sales Tax on remuneration to Trustee 3,805 4,022 CustodianNational Investment charges Trust Limited - Management Company 2,667 385 86,100,722 units held (2017: 86,870,757 units) 6,358,538 7,274,557 DirectorsManagement and remuneration key management payable personnel 145,586 85,144 IssueSindh ofSales 86,811 Tax units payable (2017: 67,559 units) 18,928 6,557 11,070 6,170 IssuePreliminary of Nil unitscharges under and CIP handling (2017: fee 6,565 payable units) - - 388 2 RedemptionAllocation of ofexpenses 123,500 related units (2017: to registrar 229,570 services, units) 8,929 17,644 accounting, operation and valuation services 12,143 7,139 NationalPayable againstInvestment redemption Trust Limitedof units Pension Fund - 200,000 IssueOthers of 23,191 units (2017: Nil units) 1,686 615 - Redemption of Nil units (2017: 282,280 units) - 26,209 IssueCentral of NilDepository units under Company CIP (2017: of Pakistan94,882 units) Limited - Trustee - 7,946 Trustee remuneration payable 2,378 2,611 Sindh Sales Tax on remuneration to Trustee 309 339

National Investment Trust Limited Pension Fund 2,136,205 units held (2017: 2,113,014 units) 157,759 176,944

Directors and key management personnel 61,160 units held (2017: 97,849 units) 4,517 8,194

23 FINANCIAL RISK MANAGEMENT

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

23.1 Market risk

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

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

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

23.1.1 Currency risk

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

23.1.2 Interest rate risk

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

a) Sensitivity analysis for variable rate instruments

Presently, the Fund does not hold any variable rate instruments and is not exposed to cash flow interest rate risk. 47 b) Sensitivity analysis for fixed rate instruments

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

Yield / interest rate sensitivity position for on-balance sheet financial instruments is based on the earlier of contractual repricing or maturity date and for off-balance sheet instruments is based on settlement date. 22.6 Amounts outstanding as at year end 2018 2017 (Rupees in '000)

National Investment Trust Limited - Management Company 86,100,722 units held (2017: 86,870,757 units) 6,358,538 7,274,557 Management remuneration payable 145,586 85,144 Sindh Sales Tax payable 18,928 11,070 Preliminary charges and handling fee payable - 2 Allocation of expenses related to registrar services, accounting, operation and valuation services 12,143 7,139 Payable against redemption of units - 200,000 Others 615 -

Central Depository Company of Pakistan Limited - Trustee Trustee remuneration payable 2,378 2,611 Sindh Sales Tax on remuneration to Trustee 309 339

National Investment Trust Limited Pension Fund 2,136,205 units held (2017: 2,113,014 units) 157,759 176,944

Directors and key management personnel 61,160 units held (2017: 97,849 units) 4,517 8,194

23 FINANCIAL RISK MANAGEMENT

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

23.1 Market risk

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

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

23.1.1 Currency risk

NOTES23.1.2 Interest TO rate AND risk FORMING PART OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2018 Interest rate risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in market interest rates.

a) Sensitivity analysis for variable rate instruments

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

b) Sensitivity analysis for fixed rate instruments

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

As at 30 June 2018 Effective Exposed to yield / interest rate risk Not exposed yield / More than three to yield / Up to three More than Total interest rate months and up-to interest rate months one year (%) one year risk ------(Rupees in '000) ------

On-balance sheet financial instruments

Financial assets Bank balances 3.75 - 7.35 2,246,763 - - 2,236 2,248,999 Investments - - - 70,296,518 70,296,518 Dividend and other receivables - - - 378,087 378,087 Security deposits - - - 2,600 2,600 2,246,763 - - 70,679,441 72,926,204 Financial liabilities Short term borrowings 400,000 - - - 400,000 Payable to National Investment Trust Limited - Management Company - - - 177,272 177,272 Payable to Central Depository Company of Pakistan Limited - Trustee - - - 2,687 2,687 Payable against redemption of units - - - 7,090 7,090 Accrued expenses and other liabilities - - - 149,237 149,237 Dividend payable and unclaimed distribution - - - 648,334 648,334 400,000 - - 984,620 1,384,620

On-balance sheet gap 1,846,763 - - 69,694,821 71,541,584

Off-balance sheet financial instruments - - - - -

Off-balance sheet gap - - - - -

Total interest rate sensitivity gap 1,846,763 - - 69,694,821 71,541,584

Cumulative interest rate sensitivity gap 1,846,763 1,846,763 1,846,763

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

On-balance sheet financial instruments

Financial assets Bank balances 3.75 - 6.50 3,538,492 - - 2,739 3,541,231 Investments - - - 82,934,990 82,934,990 Investments - - - 324,225 324,225 Security deposits - - - 2,600 2,600 Security deposits 3,538,492 - - 83,264,554 86,803,046

Financial liabilities Short term borrowings 1,200,000 - - - 1,200,000 Payable to National Investment Trust Limited - Management Company - - - 303,355 303,355 48 Payable to Central Depository Company of Pakistan Limited - Trustee - - - 2,950 2,950 Payable against redemption of units - - - 20,960 20,960 Payable against purchase of investments - - - - - Accrued expenses and other liabilities - - - 76,629 76,629 Dividend payable and unclaimed distribution - - - 2,550,493 2,550,493 1,200,000 - - 2,954,387 4,154,387

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

Off-balance sheet financial instruments - - - - -

Off-balance sheet gap - - - - -

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

Cumulative interest rate sensitivity gap 2,338,492 2,338,492 2,338,492 As at 30 June 2018 Effective Exposed to yield / interest rate risk Not exposed yield / More than three to yield / Up to three More than Total interest rate months and up-to interest rate months one year (%) one year risk ------(Rupees in '000) ------

On-balance sheet financial instruments

Financial assets As at 30 June 2018 Bank balances 3.75Effective - 7.35 2,246,763 Exposed to yield / interest - rate risk - Not exposed 2,236 2,248,999 Investments yield / - More than three - - to 70,296,518 yield / 70,296,518 Up to three More than Total Dividend and other receivables interest rate - months and up-to - - interest 378,087 rate 378,087 months one year Security deposits (%) - one year - - risk 2,600 2,600 2,246,763 - - 70,679,441 72,926,204 ------(Rupees in '000) ------Financial liabilities Short term borrowings 400,000 - - - 400,000 On-balance sheet financial instruments Payable to National Investment Trust Limited - Management Company - - - 177,272 177,272 Financial assets Payable to Central Depository Company of Bank balances 3.75 - 7.35 2,246,763 - - 2,236 2,248,999 Pakistan Limited - Trustee - - - 2,687 2,687 Investments - - - 70,296,518 70,296,518 Payable against redemption of units - - - 7,090 7,090 Dividend and other receivables - - - 378,087 378,087 Accrued expenses and other liabilities - - - 149,237 149,237 Security deposits - - - 2,600 2,600 Dividend payable and unclaimed distribution - - - 648,334 648,334 2,246,763 - - 70,679,441 72,926,204 400,000 - - 984,620 1,384,620 Financial liabilities Short term borrowings 400,000 - - - 400,000 On-balance sheet gap Payable to National Investment Trust Limited 1,846,763 - - 69,694,821 71,541,584 - Management Company - - - 177,272 177,272 PayableOff-balance to Central sheet Depositoryfinancial instruments Company of - - - - - Pakistan Limited - Trustee - - - 2,687 2,687 PayableOff-balance against sheet redemption gap of units - - - 7,090 - 7,090 - Accrued expenses and other liabilities - - - 149,237 149,237 DividendTotal interest payable rate and sensitivity unclaimed gap distribution 1,846,763 - - - 69,694,821 648,334 71,541,584 648,334 400,000 - - 984,620 1,384,620 Cumulative interest rate sensitivity gap 1,846,763 1,846,763 1,846,763 On-balance sheet gap 1,846,763 - - 69,694,821 71,541,584 As at 30 June 2017 Off-balance sheet financial instruments Effective Exposed - to yield / interest - rate risk - - - NATIONAL INVESTMENT (UNIT) TRUST Not exposed to yield / More than three Up to three More than one yield / interest Total Off-balance sheet gap interest rate - months and up-to - - - - months year rate risk NOTES TO AND FORMING PART OF(%) THE FINANCIALone STATEMENTS year FOR THETotal interestYEAR rate ENDED sensitivity 30 gap JUNE 2018 ------1,846,763 - (Rupees in '000) ------69,694,821 71,541,584

On-balanceCumulative interestsheet financial rate sensitivity instruments gap 1,846,763 1,846,763 1,846,763

Financial assets As at 30 June 2017 Bank balances 3.75Effective - 6.50 3,538,492 Exposed to yield / interest - rate risk - 2,739 3,541,231 Not exposed to Investments yield / - More than three - - 82,934,990 82,934,990 Up to three More than one yield / interest Total Investments interest rate - months and up-to - - 324,225 324,225 months year rate risk Security deposits (%) - one year - - 2,600 2,600 Security deposits 3,538,492 - - 83,264,554 86,803,046 ------(Rupees in '000) ------Financial liabilities On-balance sheet financial instruments Short term borrowings 1,200,000 - - - 1,200,000 Payable to National Investment Trust Limited - Financial assets Management Company - - - 303,355 303,355 Bank balances 3.75 - 6.50 3,538,492 - - 2,739 3,541,231 Payable to Central Depository Company of Investments - - - 82,934,990 82,934,990 Pakistan Limited - Trustee - - - 2,950 2,950 Investments - - - 324,225 324,225 Payable against redemption of units - - - 20,960 20,960 Security deposits - - - 2,600 2,600 Payable against purchase of investments - - - - - Security deposits 3,538,492 - - 83,264,554 86,803,046 Accrued expenses and other liabilities - - - 76,629 76,629 Dividend payable and unclaimed distribution - - - 2,550,493 2,550,493 Financial liabilities 1,200,000 - - 2,954,387 4,154,387 Short term borrowings 1,200,000 - - - 1,200,000 Payable to National Investment Trust Limited - On-balance sheet gap 2,338,492 - - 80,310,167 82,648,659 Management Company - - - 303,355 303,355 Payable to Central Depository Company of Off-balancePakistan Limited sheet financial- Trustee instruments - - - 2,950 - 2,950 - Payable against redemption of units - - - 20,960 20,960 PayableOff-balance against sheet purchase gap of investments - - - - - Accrued expenses and other liabilities - - - 76,629 76,629 DividendTotal interest payable rate and sensitivity unclaimed gap distribution 2,338,492 - - - 80,310,167 2,550,493 82,648,659 2,550,493 1,200,000 - - 2,954,387 4,154,387 Cumulative interest rate sensitivity gap 2,338,492 2,338,492 2,338,492 On-balance sheet gap 2,338,492 - - 80,310,167 82,648,659 23.1.3 Price risk Off-balance sheet financial instruments - - - - - Price risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in market Off-balance sheet gap - - - - - prices (other than those arising from interest risk or currency risk) whether those changes are caused by factors specific to the individualTotal interest financial rate sensitivity instrument gap or its issuer, or factors affecting 2,338,492 all similar financial instruments - traded - in the market. 80,310,167 82,648,659 The Fund is exposed to equity price risk because of investments held by the Fund and classified on the statement of assets and Cumulative interest rate sensitivity gap 2,338,492 2,338,492 2,338,492 liabilities' as available for sale and at fair value through profit or loss. To manage its price risk arising from investments in equity securities, the Fund diversifies its portfolio within the eligible stocks prescribed in the Trust Deed. The NBFC Regulations also limit individual equity securities to no more than 10% of net assets, or issued capital of the investee company and sector exposure limit to 30% of net assets or index weight of the security whichever is higher, subject to maximum of 35% of the net assets.

In case of 5% increase / decrease in PSX 100 index on 30 June 2018, with all other variables held constant, net income of the Fund for the year would increase / (decrease) by Rs. 149.128 million (2017: Rs. 227.840 million) as a result of gains / (losses) on equity securities classified as fair value through profit or loss. Other components of equity of the Fund would increase / decrease by Rs. 3,365.698 million (2017: Rs. 3,918.909 million) as a result of gains / (losses) on equity securities classified as available for sale. Accordingly, the net assets of the Fund would increase / (decrease) as a result of gains / (losses) on investment in equity securities by Rs. 3,514.826 million (2017: 4,146.750 million).

The analysis is based on the assumption that equity index had increased / decreased by 5% with all other variables held constant and all the Fund's equity instruments moved according to the historical correlation with the index. This represents management's best estimate of a reasonable possible shift in the PSX 100 Index, having regard to the historical volatility of the index. The composition of the Fund's investment portfolio and the correlation thereof to the PSX 100 Index, is expected to change over time. Accordingly, the sensitivity analysis prepared as of 30 June 2018 is not necessarily indicative of the effect on the Fund's net assets of future movements in the level of the PSX 100 Index.

23.2 Credit risk

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

The Fund's policy is to enter into financial contracts in accordance with the internal risk management policies and investment 49 guidelines approved by the Investment Committee. The Fund does not expect to incur material credit losses on its financial assets.

The analysis below summarises the credit quality of the Fund's financial assets as at 30 June 2018 and 30 June 2018:

Percentage of Balance as at 30 Rating Published Name of the bank total bank June 2018 agency rating balances (Rupees in '000)

Allied Bank Limited 327 PACRA AA+ 0.01 Bank Al-Habib Limited 2,208,163 PACRA AA+ 98.19 Bank Al-Falah Limited 472 PACRA AA+ 0.02 NIB Bank Limited 3 PACRA AA- 0.00 Soneri Bank Limited 272 PACRA AA- 0.01 MCB Bank Limited 2,427 PACRA AAA 0.11 National Bank of Pakistan 5 PACRA AAA 0.00 Summit Bank Limited 22,345 JCR-VIS A- 0.99 United Bank Limited 904 JCR-VIS AAA 0.04 Habib Bank Limited 14,081 JCR-VIS AAA 0.63 2,248,999 100.00

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

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

The maximum exposure to credit risk before any credit enhancement as at 30 June 2018 is the carrying amount of the financial assets. Investments in equity securities, however, are not exposed to credit risk. 23.1.3 Price risk

Price risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in market prices (other than those arising from interest risk or currency risk) whether those changes are caused by factors specific to the individual financial instrument or its issuer, or factors affecting all similar financial instruments traded in the market.

The Fund is exposed to equity price risk because of investments held by the Fund and classified on the statement of assets and liabilities' as available for sale and at fair value through profit or loss. To manage its price risk arising from investments in equity securities, the Fund diversifies its portfolio within the eligible stocks prescribed in the Trust Deed. The NBFC Regulations also limit individual equity securities to no more than 10% of net assets, or issued capital of the investee company and sector exposure limit to 30% of net assets or index weight of the security whichever is higher, subject to maximum of 35% of the net assets.

NATIONAL23.2 Credit risk INVESTMENT (UNIT) TRUST

NOTESCredit TOrisk ANDrepresents FORMINGthe risk of a PARTloss if the OFcounter THEparties FINANCIALfail to perform asSTATEMENTScontracted. Credit risk arises from deposits with banks and financial institutions, credit exposure arising as a result of dividends receivable on equity securities, receivable against FOR THEsale of YEARinvestments ENDEDand investments 30 JUNEin 2018debt securities. For banks and financial institutions, only reputed parties are accepted. Credit risk on dividend receivable is minimal due to statutory protection. All transactions in listed securities are settled / paid for upon delivery using the National Clearing Company of Pakistan Limited. The risk of default is considered minimal due to inherent systematic measures taken therein. Risk attributable to investment in Treasury Bills is limited as these are guaranteed by the Federal Government.

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

The analysis below summarises the credit quality of the Fund's financial assets as at 30 June 2018 and 30 June 2018:

Percentage of Balance as at 30 Rating Published Name of the bank total bank June 2018 agency rating balances (Rupees in '000)

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

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

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

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

IFRS 13, 'Fair Value Measurement' requires the Fund to classify fair value measurements using a fair value hierarchy that reflects the significance of the inputs used in making the measurements. The fair value hierarchy has the following levels:

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

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

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

The following table shows the carrying amounts and fair values of financial assets and financial liabilities, including their levels in the fair value hierarchy. 50 30 June 2018 Carrying value Fair value fair value Available-for- Loans and Other financial through Total Level 1 Level 2 Level 3 Total sale receivables liabilities profit or loss ------(Rupees in '000) ------On-balance sheet financial instruments Financial assets measured at fair value Investments - Shares / units of mutual funds 67,313,964 2,982,554 - - 70,296,518 70,285,432 - 11,086 70,296,518

Financial assets not measured at fair value 25.1 Bank balances - - 2,248,999 - 2,248,999 - - - - Dividend and other receivables - - 378,087 - 378,087 - - - - Security deposits - - 2,600 - 2,600 ------2,629,686 - 2,629,686 - - - - Financial liabilities not measured at fair value 25.1 Short term borrowings - - - 400,000 400,000 - - - - Payable to National Investment Trust Limited - Management Company - - - 177,272 177,272 Payable to Central Depository Company of Pakistan Limited - Trustee - - - 2,687 2,687 - - - - Payable against redemption of units - - - 7,090 7,090 - - - - Accrued expenses and other liabilities - - - 149,237 149,237 - - - - Dividend payable and unclaimed distribution - - - 648,334 648,334 ------1,384,620 1,384,620 - - - -

30 June 2017 Carrying value Fair value fair value Available-for- Loans and Other financial through profit Total Level 1 Level 2 Level 3 Total sale receivables liabilities or loss ------(Rupees in '000) ------On-balance sheet financial instruments Financial assets measured at fair value Investments - Shares / units of mutual funds 78,378,188 4,556,802 - - 82,934,990 82,923,904 - 11,086 82,934,990

Financial assets not measured at fair value Bank balances - - 3,541,231 - 3,541,231 - - - - Dividend and other receivables - - 324,225 - 324,225 - - - - Security deposits - - 2,600 - 2,600 ------3,868,056 - 3,868,056 - - - -

Financial assets not measured at fair value Short term borrowings - - - 1,200,000 1,200,000 - - - - Payable to National Investment Trust Limited - Management Company - - - 303,355 303,355 Payable to Central Depository Company of Pakistan Limited - Trustee - - - 2,950 2,950 - - - - Payable against redemption of units - - - 20,960 20,960 - - - - Accrued expenses and other liabilities - - - 76,629 76,629 - - - - Dividend payable and unclaimed distribution - - - 2,550,493 2,550,493 ------4,154,387 4,154,387 - - - -

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

IFRS 13, 'Fair Value Measurement' requires the Fund to classify fair value measurements using a fair value hierarchy that reflects the NATIONALsignificance INVESTMENT of the inputs used in making (UNIT) the measurements. TRUST The fair value hierarchy has the following levels:

NOTES- Quoted TO ANDprices (unadjusted) FORMING in active PART markets OF for identical THE assetsFINANCIAL or liabilities (level STATEMENTS 1). FOR THE YEAR ENDED 30 JUNE 2018 - Inputs other than quoted prices included within level 1 that are observable for the asset or liability, either directly (that is, as prices) or indirectly (that is, derived from prices) (level 2).

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

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

30 June 2018 Carrying value Fair value fair value Available-for- Loans and Other financial through Total Level 1 Level 2 Level 3 Total sale receivables liabilities profit or loss ------(Rupees in '000) ------On-balance sheet financial instruments Financial assets measured at fair value Investments - Shares / units of mutual funds 67,313,964 2,982,554 - - 70,296,518 70,285,432 - 11,086 70,296,518

51 NATIONAL INVESTMENT (UNIT) TRUST NOTES TO AND FORMING PART OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2018

26 TRANSACTIONS WITH BROKERS / DEALERS

List of top ten brokers by percentage of commission paid for the year ended 30 June 2018:

Particulars Percentage (%) JS Global Capital Limited 5.58 Arif Habib Limited 5.35 AKD Securities Limited 5.34 Concordia Securities (Private) Limited 3.63 BMA Capital Management Limited 3.37 Al-Habib Capital Markets (Private) Limited 3.06 Next Capital Limited 3.06 Cassim Investment (Private) Limited 2.85 Habib Metro Financial Services Limited 2.64 Lakhani Securities (Private) Limited 2.64

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

Particulars Percentage (%) Arif Habib Limited 3.10 AKD Securities Limited 3.08 JS Global Capital Limited 3.00 Concordia Securities (Private) Limited 2.65 Al-Habib Capital Markets (Private) Limited 2.56 Elixir Securities Pakistan (Private) Limited 2.54 Cassim Investment (Private) Limited 2.54 Lakhani SecuritiesSecurites (Private) Limited 2.52 BMA Capital Management Limtied 2.50 Habib Metro Financial Services Limited 2.32

27 PARTICULARS OF INVESTMENT COMMITTEE AND FUND MANAGER

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

As at 30 June 2018 Experience S.No. Name Designation Qualification (years) 1 Mr. Manzoor Ahmed Chief Operating Officer / MBA, DAIBP & Candidate for 29 Managing Director CFA Level III 2 Mr. Aamir Amin Head of Finance FCA 21 3 Mr. Syed Ali Raza Bukhari Head of Marketing MBA 11 4 Syed Raza Abbas Jaffery Head of Trading MBA 21 5 Mr. Ali Kamal Head of Research MBA 10 6 Mr. Ammar Habib Manager/In-charge Risk Management MS and FRM 8 7 Mr. Faisal Aslam Head of Compliance Management MBA (finance), BBA (hons), 12 CIMA-ADIMA (UK) * Mr. Manzoor Ahmed is the Manager of the Fund and he is also managing NIT - State Enterprise Fund.

28 ATTENDANCE AT MEETINGS OF BOARD OF DIRECTORS

The 329th , 330th , 331st , 332nd , 333rd, 334th, 335th, and 336th Board meetings were held on 28 August 2017, 11 September 2017, 26 September 2017, 26 October 2017, 27 December 2017, 27 February 2018, 24 April 2018 , 26 June 2018 respectively. Information in respect of attendance by the Directors in the meetings is given below:

Number of meetings Held during S.No. Name of Director Leave Meetings not attended tenor of Attended granted directorship 1 Mr. Manzoor Ahmed 6 6 - 52 2 Mr. Jamal Nasim 8 8 - 3 Mian Nusrat Nasim 5 5 - 4 Mr, Muhtasim Ahmad Ashai 8 8 - 5 Mr Iqbal Adamjee 8 8 - 6 Mr. Yameen Kerai 1 1 - 7 Mr. Arshad Ahmad 5 5 - 8 Mr Khalid Mohsin Shaikh 8 4 4 331st, 334th, 335th & 336th meeting 9 Mr. Saeed Ahmed 8 8 - 10 Mr. Ahmad Aqeel 5 5 - 11 Mr. Saeed Iqbal 4 2 2 333rd & 334th Meeting 12 Mr. Shakeel Ahmed Mangnejo 3 2 1 335th Meeting 13 Mr. Amir Mohyuddin 3 3 - 26 TRANSACTIONS WITH BROKERS / DEALERS

List of top ten brokers by percentage of commission paid for the year ended 30 June 2018:

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

Particulars Percentage (%) Arif Habib Limited 3.10 AKD Securities Limited 3.08 JS Global Capital Limited 3.00 Concordia Securities (Private) Limited 2.65 Al-Habib Capital Markets (Private) Limited 2.56 Elixir Securities Pakistan (Private) Limited 2.54 Cassim Investment (Private) Limited 2.54 Lakhani Securites (Private) Limited 2.52 BMA Capital Management Limtied 2.50 Habib Metro Financial Services Limited 2.32

27 PARTICULARS OF INVESTMENT COMMITTEE AND FUND MANAGER

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

As at 30 June 2018 Experience S.No. Name Designation Qualification (years) 1 Mr. Manzoor Ahmed Chief Operating Officer / MBA, DAIBP & Candidate for 29 Managing Director CFA Level III 2 Mr. Aamir Amin Head of Finance FCA 21 3 Mr. Syed Ali Raza Bukhari Head of Marketing MBA 11 4 Syed Raza Abbas Jaffery Head of Trading MBA 21 NATIONAL5 Mr. AliINVESTMENT Kamal (UNIT) TRUSTHead of Research MBA 10 NOTES6 TOMr. ANDAmmar HabibFORMING PARTManager/In-charge OF THE FINANCIALRisk Management STATEMENTSMS and FRM 8 7 Mr. Faisal Aslam Head of Compliance Management MBA (finance), BBA (hons), 12 FOR THE YEAR ENDED 30 JUNE 2018 CIMA-ADIMA (UK) * Mr. Manzoor Ahmed is the Manager of the Fund and he is also managing NIT - State Enterprise Fund.

28 ATTENDANCE AT MEETINGS OF BOARD OF DIRECTORS

Number of meetings Held during S.No. Name of Director Leave Meetings not attended tenor of Attended granted directorship 1 Mr. Manzoor Ahmed 6 6 - 2 Mr. Jamal Nasim 8 8 - 3 Mian Nusrat Nasim 5 5 - 4 Mr, Muhtasim Ahmad Ashai 8 8 - 5 Mr Iqbal Adamjee 8 8 - 6 Mr. Yameen Kerai 1 1 - 7 Mr. Arshad Ahmad 5 5 - 8 Mr Khalid Mohsin Shaikh 8 4 4 331st, 334th, 335th & 336th meeting 9 Mr. Saeed Ahmed 8 8 - 10 Mr. Ahmad Aqeel 5 5 - 11 Mr. Saeed Iqbal 4 2 2 333rd & 334th Meeting 12 Mr. Shakeel Ahmed Mangnejo 3 2 1 335th Meeting 13 Mr. Amir Mohyuddin 3 3 -

29 PATTERN OF UNIT HOLDING As at 30 June 2018 Number of Investment Category Percentage unit holders amount (Rupees in '000) Individuals 47,364 27,639,065 39.06 Associated Companies / Directors 5 1,548 - Insurance Companies 15 7,800,338 11.02 Banks / Development Finance Institutions 33 1,607,374 2.27 Non-Banking Finance Institutions 15 6,382,653 9.02 Retirement funds 330 20,126,760 28.44 Public Limited Companies 7 413,145 0.58 Others 481 6,801,933 9.61 48,250 70,772,816 100.00

30 SUBSEQUENT EVENT - NON ADJUSTING

The Board of Directors in its meeting held on 05 July 2018 has approved a final distribution of Rs. 2.33 per unit (for full year). The aggregate cash distribution is Rs. 2,199.89 million is in addition to refund of capital / element of income by issuing 482,162 additional units to eligible unitholders at zero price as per MUFAP guidelines (duly consented upon by SECP).

The financial statements of the Fund for the year ended 30 June 2018 do not include the effect of the final distribution which will be accounted for in the financial statements of the Fund for the year ending 30 June 2019.

31 DATE OF AUTHORISATION FOR ISSUE 53

These financial statements were authorised for issue on September 05, 2018 by the Board of Directors of the Management Company.

32 GENERAL

Figures have been rounded off to the nearest thousand rupees unless, otherwise specified. 29 PATTERN OF UNIT HOLDING As at 30 June 2018 Number of Investment Category Percentage unit holders amount (Rupees in '000) Individuals 47,364 27,639,065 39.06 Associated Companies / Directors 5 1,548 - Insurance Companies 15 7,800,338 11.02 Banks / Development Finance Institutions 33 1,607,374 2.27 Non-Banking Finance Institutions 15 6,382,653 9.02 Retirement funds 330 20,126,760 28.44 Public Limited Companies 7 413,145 0.58 Others 481 6,801,933 9.61 48,250 70,772,816 100.00

As at 30 June 2017 Number of Investment Category Percentage unit holders amount (Rupees in '000) Individuals 47,000 30,945,319 37.83 Associated Companies / Directors 5 19,260 0.02 Insurance Companies 16 8,846,447 10.82 Banks / Development Finance Institutions 33 1,387,650 1.70 Non-Banking Finance Institutions 15 7,332,482 8.96 Retirement funds 338 23,902,791 29.22 Public Limited Companies 8 488,000 0.60 Others 485 8,871,464 10.85 NATIONAL INVESTMENT (UNIT) TRUST 47,900 81,793,413 100.00 NOTES30 SUBSEQUENT TO AND EVENT FORMING - NON ADJUSTING PART OF THE FINANCIAL STATEMENTS FOR THEThe Board YEARof Directors ENDEDin its30meeting JUNEheld 2018on 05 July 2018 has approved a final distribution of Rs. 2.33 per unit (for full year). The aggregate cash distribution is Rs. 2,199.89 million is in addition to refund of capital / element of income by issuing 482,162 additional units to eligible unitholders at zero price as per MUFAP guidelines (duly consented upon by SECP).

31 DATE OF AUTHORISATION FOR ISSUE

These financial statements were authorised for issue on September 05, 2018 by the Board of Directors of the Management Company.

32 GENERAL

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

For National Investment Trust Limited (Management Company)

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

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

JUNE 18 JUNE 17 JUNE 16

Total Net Asset Value Ex-Dividend (Rs. In 000’s) 68,539,881 81,793,413 66,830,297

Net Asset Value per Unit Ex-dividend (Rs./unit) 71.52 83.74 65.15

Last Issue Price per Unit * (Rs./unit) 76.10 90.75 71.60

Last Repurchase Price per Unit * (Rs./unit) 73.85 88.24 69.65

Highest Issue Price During the year (Rs./unit) 87.70 101.45 70.25

Lowest Issue Price During the year (Rs./unit) 68.80 67.65 61.15

Highest Repurchase Price During the year (Rs./unit) 85.15 98.49 68.17

Lowest Repurchase Price During the year (Rs./unit) 66.76 65.65 59.35

Total Return of the Fund % (11.81) 35.44 9.59 Capital Growth % (14.59) 28.53 2.53 Income Distribution % 2.78 6.91 7.06

Distribution per Unit (Rs./unit) 2.33 4.50 4.50

Distribution Date 5-Jul-18 22-Jun-17 15-Jun-16

KSE 100 Index Return % (10.00) 23.24 9.84

Average Annual Return One Year % (11.81) 35.44 9.59 Two Years % 11.82 22.52 14.92 Three Years % 11.07 21.76 28.94

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

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

PROXY VOTED BY CIS

SUMMARY OF ACTUAL PROXY VOTED BY CIS

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

Resolutions For Against Abstain Numbers 203 201 2 - Percentage 99% 1% -

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

During the period =73= General Meetings were attended . The other meetings which were not participated, were either due to nominal holdings or routine matters etc.