Annual Report, but Does Not Include the Financial Statements and Our Auditor’S Report Thereon

Home , Bank of Bahawalpur

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 50.3 billion and

47,343 unit holders. CORPORATE INFORMATION

FUND NAME National Investment (Unit) Trust

NAME OF AUDITORS A.F. Ferguson & 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 MCB Islamic Bank Limited

08 NATIONAL INVESTMENT (UNIT) TRUST FUND MANAGER REPORT 2019-2020

NI(U)T Objective

The core objective of the Fund 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. 76 billion assets as of June 30, 2020 the total number of Funds under the management of NITL is 12, including 4 equity Funds, 2 fixed Income Funds, Money market Fund, Islamic Income Fund, Asset Allocation Fund, Exchange Traded Fund, Conventional Pension Fund and Islamic Pension Fund. During the fiscal year 2019-20 NITL launched NIT Pakistan Gateway Exchange Traded Fund which is the first exchange traded Fund in the history of Pakistan’s capital market. During the period NIT-Asset Allocation Fund was also launched and added to the tally of NIT’s family of Funds. NIT has established a strong national distribution network which comprises of 24 branches and 03 sale counters including an Investor Facilitation Centre and customer Call Centre at Karachi and various Authorized Bank branches all across Pakistan as its distributors. NITL has also launched an online application allowing its customers to interact with it for a range of services. 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 Syed Raza Abbas Jaffery • Front End Load*: 3.00% • Fund Size as on June 30, 2020 Rs. 50.300 billion • Back End Load: Nil • Par Value Rs. 10 • Auditors: A.F. Ferguson & Company • NAV/unit Rs. 56.22 • Trustee: Central Depository Company of Pakistan Ltd. • Pricing Mechanism Forward Pricing • Risk Profile High • Benchmark KSE 100 Index • Asset Manager Rating AM2++ (PACRA)

*Varies as per policy.

Fund Performance Analysis:

2019-20 2018-19 Opening Net Assets (Rs. in billion) 51.916 70.773 Opening NAV /unit (Rs.) (Ex Div) 52.85 71.52 Ending Net Assets (Rs. in billion) 50.300 51.916 Ending NAV/unit (Rs.) 56.22 54.40 Dividend / unit (Rs.) Final 1.29 1.55 Total Return (%) 6.38 (23.94%) Maximum Funds under management during the year (Rs. in billion) 61.338 71.408

09 NATIONAL INVESTMENT (UNIT) TRUST FUND MANAGER REPORT 2019-2020

Asset Allocation

Keeping in view the market conditions, the Fund has been changing its asset allocation during the year. As on 30th June 2020, the Fund was invested to the extent of 97.91% in Equities whereas the remaining exposure was in cash and others. The asset allocation position of the Fund as on 30-06- 2020 is depicted in the chart below:

JUNE 2020

Equities 97.91%

Cash Others 1.98% 0.11%

Sector Wise Breakdown of Equity Portfolio

Sector-wise breakdown of Fund’s Equity portfolio as % of total assets as on 30-06-2020 is given below:

During the year exposure in the Oil & Gas Marketing sector increased from 12% to 13%. During the year, oil marketing sector showed negative performance of 3%. Low margins, huge inventory losses resulting from a sudden drop in global prices, low demand due to lockdowns, and exchange losses were the major contributors of the dismal performance of the OMC sector. It may be pertinent to mention that the Fund’s holding in PSO and SNGPL which constitutes about 13% of the portfolio continued to remain frozen under the directive of the Government of Pakistan.

During the year exposure in banking sector declined from 16% to 12%. Commercial Banks lost the most points during the year. The loss was mainly attributed to policy rate cut, as policy rate cut will impact the banks’ net interest income. The policy rate has been brought down from 13.25% to 7% over FY20, making the net changes in policy rate at a negative of -625bps during FY20.

Pharmaceuticals remained in the limelight as healthcare and medical services garnered investors’ interest over the hope of vaccine and drug in the wake of COVID-19 outbreak. Your Fund’s exposure in Pharmaceutical sector increased from 7% to 11% during FY20. Fund’s overweight position in Pharma sector significantly boosted the overall return of NI(U)T Fund and its overall outperformance as compared to its benchmark.

10 NATIONAL INVESTMENT (UNIT) TRUST FUND MANAGER REPORT 2019-2020

Exposure in the Oil & gas Exploration sector improved to 8% during the period as compared to 7% last year. E&P sector suffered the most after commercial banks during FY20. The reason mainly being the fall in oil prices as the demand fell across the globe as the economies suffered due to the lockdown. Further, pressure on price front witnessed with the breakout in OPEC+ over production after which the oil prices were touched new lows. The average WTI price fell from USD 56.41/bbl in H1FY20 to 37.52/bbl in H2FY20 a change of -33.8%.

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 2020 are as follows:

Pakistan State Oil Service Industries Ltd. Mari Petroleum Ltd. Abbott Laboratories Pakistan Bank Al-Habib Ltd. Bata Pakistan Ltd Pakistan Tobacco Co. Ltd. GlaxoSmith Kline Pakistan Ltd. Fauji Fertilizer Co. Ltd. Packages Ltd.

Categorization of Unit Holders By Size - (JUNE 2020) Category NI(U)T Unit Holders % of Holding Institutional Investors 812 61.45% Individual 46,531 38.55% TOTAL 47,343 100.00%

Stock Market & Fund Performance Review

Despite Covid-related challenges, the Pakistan Stock Exchange managed to close the fiscal year 2019-20 in positive zone, with the benchmark KSE-100 index registering a gain of 1.53%. Although the GDP growth in FY20 has been negative, it is significant given the fact that at the start of the fiscal year 2019-20, Pakistan’s macro-economic situation was in a troubled phase mainly due to a late entry in IMF Program. Later half of the fiscal year was severely affected by the COVID-19 pandemic that brought economic activity to a stand still having a severe impact on global economics including Pakistan. Nonetheless, the turnaround witnessed from April 2020, following the announcement of government fiscal stimulus, and the gradual opening of the economy, provided some respite to the stock market, helping it close the year in the green zone.

Improving Balance of Payment position, low Interest rates, increasing foreign remittances and gradual recovery from Covid-19 started turning the tide and had helped the benchmark KSE-100Index to post a recovery of 7,193pts in 4Q-FY20. Last quarter saw an overall increase of 5,190pts in the Index. Gradual resumption of business activities following recovery from Covid-19 helped improved in business confidence. Similarly, State Bank of Pakistan followed the pattern of global Central Banks, cutting interest rates in the wake of declining Inflation and have brought the Policy rate from 13.25% to 7%. This has relieved the already stressed Corporate sector off the burdening financial charges at one hand and has also made Equities as the preferred asset class in comparison with fixed income instruments.

The overall activity at the bourse remained lackluster, though average traded volumes increased by 27% to 196mn shares/day in FY20, However, it still remained 10% lower compared to its preceding 5-year average of 219mn shares/day. The average traded value declined by 2% in FY20 to US$46mn/ day, while also remained 51% lower compared to its preceding 5-year average of US$94mn/day.

During FY20, foreigners maintained selling stance from yesteryears and took out US$ 284.8mn on net basis. These outflows have largely been absorbed by Individuals by investing US$ 213.2mn, followed by Insurance Sector US$ 127.6mn, Other Organizations US$ 31.6mn, Companies US$ 26.8mn and Non-Banking Finance Companies US$ 4.5mn.

11 NATIONAL INVESTMENT (UNIT) TRUST FUND MANAGER REPORT 2019-2020

Relative Performance of NAV vs. KSE 100

During the period under review, the KSE-100 index increased by 1.53% whereas the NAV of your Fund has surged by 6.38%, resulting in an outperformance of 4.85%. Beside prudent Fund management, Fund’s heavyweight positions and strategic holdings in Pharmaceutical & Leather sectors led to the resounding outperformance as compared to the benchmark.

10 Years Performance of Fund

FY FY FY FY FY FY FY FY FY FY 10yr. Annualized 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 Return

NI(U)T (%) 24.00% 7.57% 58.42% 56.98% 20.25% 9.59% 35.44% -11.81% -23.94% 6.38% 15.50%

KSE 100 (%) 28.53% 10.45% 52.20% 41.16% 16.01% 9.84% 23.24% -10.00% -19.11% 1.53% 13.48%

Dividend Per 4.00 3.50 3.75 4.10 4.25 4.50 4.50 2.33 1.55 1.29 Unit (Rs.)

Dividend declaration for the FY19-20:

NIT has maintained its 58 years history of consistently paying dividend and declared a cash dividend of Rs. 1.29 per unit for unit holders of NI(U)T Fund for the year ended on 30th June 2020. The payment of dividend @ Rs. 1.29 per unit would involve a huge payout of Rs. 1,154 million among its unit holders.

SWWF Disclosure:

The Scheme has maintained provisions against Sindh Workers’ Welfare Fund’s liability to the tune of Rs. 467 million, if the same were not made the NAV per unit/ year to date return of the Scheme would be higher by Rs. 0.52/ 0.98%. For details investors are advised to read the latest Financial Statement of the Scheme.

Total Expense Ratio:

The Total Expense Ratio (TER) of the Fund as at 30 June 2020 is 1.98% which includes 0.26% representing government levies on the Fund such as provision for Sindh Workers’ Welfare Fund (if any), sales taxes, federal excise duties, annual fee to the SECP, etc.

12 NATIONAL INVESTMENT (UNIT) TRUST FUND MANAGER REPORT 2019-2020

Economic Review:

With the unprecedented onset of pandemic Covid-19 taking over the world in FY20, the global economy slid into recession with overall economic growth shrinking this year, Pakistan was no exception, with negative 0.38% GDP growth as compared to 1.9% growth recorded a year earlier. The slowdown was broadly attributed to contractionary economic policies and inflationary pressures in the aftermath of exchange rate depreciation. The second half of the fiscal year 2019- 20 is characterized by the COVID-19 inflicted economic slowdown. The pandemic caused multifaceted problems and its impact on economy is much broader in terms of magnitude, intensity and implications than any other shock in human history.

This will be the first time in 68 years since 1952 that Pakistan experiences negative GDP growth. The negative 0.38% GDP growth is mainly caused by the unprecedented losses faced by manufacturing, transport and trade sectors, as the government tightened containment measures to limit the spread. Agriculture remained somewhat insulated, as most of the important crops had already been harvested before disruptions began to surface.

Agriculture sector fell short of its targeted growth and showed mixed patterns in growth of its components. Its overall growth improved to 2.7 % in 2019-20 from 0.6 % last year. Within agriculture, the crop sector performance which registered average growth of 0.6 % during 2013-18, showed marked improvement as it registered positive growth of 3 %. Important crops depicted 2.9 % growth due to an increase in production of wheat, rice and maize by 2.5 %, 2.9 %, and 6 %, respectively. The cotton crop succumbed to unfavorable weather, low water availability, and pest attacks.

Industrial sector plays a significant role in the economic development of a country. It contributes almost 20 % to GDP and employs 24 % of total employed labor force. However, the industrial sector faced the major brunt of the COVID-19 related shutdown and depicted overall contraction of 2.6 %. The LSM sector witnessed contraction of 7.8 % as against contraction of 2.6 % in FY19. Major decline has been observed in textile, food, beverage & tobacco, coke & petroleum products, pharmaceuticals, chemicals and automobiles.

Services sector has been worst affected by falling tourism revenues, lower mobility in the transport sector (air, rail, ships and road), lockdown inflicted complete cessation of trading activities, closure of education, event management and community services, and major burden on financial sector because of falling interest rates and business financing. Overall services sector remained in negative zone and posted negative growth of 0.6 % as compared to positive growth of 3.8 % last year. However, there were some services which performed well like health services, CSO operations, online digital content and product delivery.

Average headline CPI inflation (national) stood at 10.7 % during 2019-20 as compared to 6.8 % during the same period last year. Main contributors to inflationary pressures were increase in food prices, electricity & gas prices, and impact of exchange rate movements.

The State Bank of Pakistan raised the policy rate by 100 bps to 13.25 % in July 2019 and maintained it at same level till Mar 2020. However, to stimulate economic activities and to support households and businesses, economic growth, and employment levels during challenging times of COVID 19, SBP reduced the policy rate by a cumulative 625 bps reducing the benchmark rate from 13.25% to 7.00% in Jun’20.

Significant improvement in Pakistan’s external account continued in FY20, mainly on the back of contraction in imports. While demand for non-energy imports was already subdued, energy imports declined substantially due to COVID-19 related weakness in global oil prices and lower domestic demand. Nonetheless, the lower trade deficit, together with a decent growth in workers’ remittances (specifically from the US and the GCC), and a significant reduction in the services deficit, lowered the FY20 current account deficit to US$ 2.97 billion as compared to US$ 13.43 billion in FY19.

Though the current account deficit (CAD) improved substantially year on year, however, it experienced reduction in both imports as well as exports. The country’s exports which stood at US$ 27.95 billion, recorded a decline of 7.5% in FY’20 versus FY’19’s export figure of US$ 30.22 billion, however, the import bill contracted by 19.3% over the same period with imports of US$ 50.7 billion during FY20. The country’s balance of trade recorded a deficit of USD 22.75 billion during FY’20, improving by 25.55% over FY’19.

Workers’ remittances rose by 6.3 % YoY to US$ 23.1 billion in FY20. The rise in workers’ remittances this year was broad-based, particularly, inflows from the GCC countries and continuous efforts by the Govt. to increase remittances inflows through formal channels. Number of incentive schemes for remitters were introduced which yielded productive results.

Foreign exchange inflows via FDI rebounded as the work on CPEC related projects gained traction. As a result, net FDI inflows in FY20 increased to US$ 2.6 billion, up from 1.3 billion during the same period of FY19. FDI inflows from China witnessed a rebound, specifically in the last quarter of FY20, as the country continued to invest in CPEC projects. In the backdrop of this global investment scenario, the foreign portfolio investment in Pakistan in FY20 also came under strain. The foreign investment that started pouring in the domestic debt market (T-bills and PIBs) continued to gather pace till January 2020. However, with the unfolding of COVID-19 into a pandemic by March 2020, these portfolio inflows witnessed a trend

13 NATIONAL INVESTMENT (UNIT) TRUST FUND MANAGER REPORT 2019-2020

reversal, with outflows of US$ 241 million, in line with the global trend. Similarly, Pakistan’s equity market came under severe pressure, as both local and foreign investors resorted to panic selling. Foreign portfolio investors pulled out US$ 284.8mn on net basis in FY20 from the equity market.

The country’s FX reserves stood at USD 18.9 billion at Jun’20, with flows from multilateral agencies providing support for external payments. The pandemic also caused significant pressure in the FX markets as the exchange rate, depreciated by 8.5% since Dec’19 to close at Rs. 168.05 at June 30, 2020.

Economic landscape in 2020-21 predominantly depends upon how the pandemic unfolds and effectiveness of the government efforts to control locust. Even after the lockdown is completely lifted, the second-round impact of COVID-19 may still affect the growth performance of the country. However, monetary easing and debt relief will also improve fiscal position and external account will improve due to resumption of remittance inflows and better exports performance.

(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, 2020 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/-

Badiuddin Akber Chief Executive Officer Central Depository Company of Pakistan Limited

Karachi, September 28, 2020

INDEPENDENT AUDITORS’ REPORT

TO THE UNIT HOLDERS OF NATIONAL INVESTMENT (UNIT) TRUST

REPORT ON THE AUDIT OF THE FINANCIAL STATEMENTS

Opinion

We have audited the financial statements of National Investment (Unit) Trust (the Fund), which comprise the statement of assets and liabilities as at June 30, 2020, and the income statement, statement of comprehensive income, statement of movement in unit holders’ fund and cash flow statement for the year then ended, and notes to the financial statements, including a summary of significant accounting policies.

In our opinion, the accompanying financial statements give a true and fair view of the financial position of the Fund as at June 30, 2020, and of its financial performance, its cash flows and transactions for the year then ended in accordance with the 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 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.

Key Audit Matters

Key audit matters are those matters that, in our professional judgment, were of most significance in our audit of the financial statements of the current period. These matters were addressed in the context of our audit of the financial statements as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on these matters.

Following is the key audit matter:

S.No. Key Audit Matter How the matter was addressed in our audit 1 Net Asset Value (NAV) (Refer note 5 to the financial statements) The investments constitute the most significant component of the Our audit procedures included the following: NAV. The investments of the Fund as at June 30, 2020 amounted • Tested the design and operating effectiveness of the key to Rs 50,921.777 million. controls for valuation of investments; The existence and proper valuation of investments for the • Obtained independent confirmations for verifying the determination of NAV of the Fund as at June 30, 2020 was existence of the investment portfolio as at June 30, 2020 considered a high risk area and therefore we considered this as and reconciled it with the books and records of the Fund. a key audit matter. Where such confirmations were not available, alternate audit procedures were performed; and • Re-performed valuation to assess that investments are carried as per the valuation methodology specified in the accounting policies.

Other Information

Management is responsible for the other information. The other information comprises the information included in the Annual Report, but does not include the financial statements and our auditor’s 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.

INDEPENDENT AUDITORS’ REPORT

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 Board of Directors of the Management Company for the Financial Statements

Management is responsible for the preparation and fair presentation of the financial statements in accordance with the 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.

Board of directors of the management company is 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.

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 auditor’s 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 board of directors of the management company 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.

We also provide board of directors of the management company with a statement that we have complied with relevant ethical requirements regarding independence, and to communicate with them all relationships and other matters that may reasonably be thought to bear on our independence, and where applicable, related safeguards.

From the matters communicated with board of directors of the management company, we determine those matters that were of most significance in

INDEPENDENT AUDITORS’ REPORT

the audit of the financial statements of the current period and are therefore the key audit matters. We describe these matters in our auditor’s report unless law or regulation precludes public disclosure about the matter or when, in extremely rare circumstances, we determine that a matter should not be communicated in our report because the adverse consequences of doing so would reasonably be expected to outweigh the public interest benefits of such communication.

Report on Other Legal and Regulatory Requirement

Based on our audit, we further report that in our opinion the financial statements have been prepared in all material respects in accordance with the relevant provisions of the Non-Banking Finance Companies and Notified Entities Regulations, 2008.

The engagement partner on the audit resulting in this independent auditor’s report is Shahbaz Akbar.

Sd/-

A.F. Ferguson & Co. Chartered Accountants Date: September 23, 2020 Karachi

18 NATIONAL INVESTMENT (UNIT) TRUST STATEMENT OF ASSETS AND LIABILITIES AS AT 30 JUNE 2020

Note 2020 2019 ------(Rupees in '000)------Assets Balances with banks 4 1,030,944 1,244,759 Investments 5 50,921,777 52,339,673 Dividend and other receivables 6 23,781 188,579 Receivable against sale of investment 31,212 - Security deposits 7 2,600 2,600 Total assets 52,010,314 53,775,611

Liabilities Payable to National Investment Trust Limited - Management Company 8 89,216 246,844 Payable to Central Depository Company of Pakistan Limited - Trustee 9 2,599 2,334 Payable to Securities and Exchange Commission of Pakistan 10 10,049 59,398 Payable against redemption of units - 822 Payable against purchase of investments - 8,121 Accrued expenses and other liabilities 11 919,597 873,467 Dividend payable and unclaimed distribution 12 689,252 668,715 Total liabilities 1,710,713 1,859,701

Net assets 50,299,601 51,915,910

Unit holders' fund (as per statement attached) 50,299,601 51,915,910

Contingencies and commitments 13

------(Number of units in '000 )------

Number of units in issue 14 894,754 954,405

------(Rupees)------

Net asset value per unit 56.22 54.40

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

For National Investment Trust Limited (Management Company)

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

19 NATIONAL INVESTMENT (UNIT) TRUST INCOME STATEMENT FOR THE YEAR ENDED 30 JUNE 2020

Note 2020 2019 ------(Rupees in '000)------Income Dividend income 2,067,862 2,678,424 Gain on sale of investments - net 18,224 3,427 Profit on bank deposits 125,484 113,442 Net unrealised appreciation / (diminution) on re-measurement of investments classified as 'financial assets at fair value through profit or loss' 5.7 662,784 (219,997) Total income 2,874,354 2,575,296

Expenses Remuneration of National Investment Trust Limited - Management Company 8.1 603,107 751,043 Sindh sales tax on remuneration of Management Company 8.2 78,404 97,636 Selling and marketing expenses 8.4 107,674 56,394 Remuneration of Central Depository Company of Pakistan Limited - Trustee 9.1 24,856 27,017 Sindh sales tax on remuneration of Trustee 9.2 3,231 3,512 Annual fee of the Securities and Exchange Commission of Pakistan 10 10,049 59,398 Allocation of expenses related to registrar services, accounting, operation and valuation services 8.3 50,400 62,637 Central depository charges 173 155 Settlement and bank charges 1,020 1,422 Financial charges 75,914 2,127 Auditors' remuneration 15 1,123 956 Legal and professional charges 139 1,070 Printing and other charges 834 588 Others 477 347 Total expenses 957,401 1,064,302

Net income from operating activities 1,916,953 1,510,994

Provision for Sindh Workers' Welfare Fund (SWWF) 11.1 (38,339) (30,220)

Net income for the year before taxation 1,878,614 1,480,774

Taxation 16 - -

Net income for the year after taxation 1,878,614 1,480,774

Allocation of net income for the year after taxation Net income for the year after taxation 1,878,614 1,480,774 Income already paid on units redeemed (84,115) (55,578) 1,794,499 1,425,196 Accounting income available for distribution -Relating to capital gains 651,109 - -Excluding capital gains 1,143,390 1,425,196 1,794,499 1,425,196

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

For National Investment Trust Limited (Management Company)

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

20 NATIONAL INVESTMENT (UNIT) TRUST STATEMENT OF COMPREHENSIVE INCOME FOR THE YEAR ENDED 30 JUNE 2020

Note 2020 2019 ------(Rupees in '000)------

Net income for the year after taxation 1,878,614 1,480,774

Other comprehensive income / (loss) for the year

Items that will not be reclassified to income statement:

Changes in the fair value of investments classified as 'financial assets at FVOCI' 5.8 1,012,471 (18,000,959)

Total comprehensive income / (loss) for the year 2,891,085 (16,520,185)

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

For National Investment Trust Limited (Management Company)

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

21 NATIONAL INVESTMENT (UNIT) TRUST STATEMENT OF MOVEMENT IN UNIT HOLDERS’ FUND FOR THE YEAR ENDED 30 JUNE 2020

2020 2019 Unrealised Unrealised appreciation / Unrealised appreciation / (diminution) - appreciation/ (diminution) - Undistributed investments 'at Capital Undistributed (diminution) - investments 'at Capital Value Total Total income fair value through Value income 'available for fair value other sale' through other comprehensive investments comprehensive income' income' ------(Rupees in '000) ------

Net assets at the beginning of the year 2,427,904 13,347,387 36,140,619 51,915,910 2,509,161 13,368,517 54,895,138 - 70,772,816

Change in accounting policy on adoption of IFRS 9 - - - - - 199,281 (54,895,138) 54,695,857 - 2,427,904 13,347,387 36,140,619 51,915,910 2,509,161 13,567,798 - 54,695,857 70,772,816

Issue of 95,345,895 units (2019: 53,766,969 units) Capital value 5,039,031 - - 5,039,031 3,845,414 - - - 3,845,414 Element of income / (loss) 391,641 - - 391,641 (357,048) - - - (357,048) Total proceeds on issuance of units 5,430,672 - - 5,430,672 3,488,366 - - - 3,488,366

Issue of 897,481 units in lieu of refund of capital 47,593 - - 47,593 33,047 - - - 33,047

Redemption of 167,377,698 units (2019: 72,623,753 units) Capital value (8,845,911) - - (8,845,911) (5,194,051) - - - (5,194,051) Element of (loss) / income (185,213) (84,115) - (269,328) 634,757 (55,578) - - 579,179 Total payments on redemption of units (9,031,124) (84,115) - (9,115,239) (4,559,294) (55,578) - - (4,614,872) Total comprehensive income / (loss) for the year - 1,878,614 1,012,471 2,891,085 - 1,480,774 - (18,000,959) (16,520,185) Issue of 11,483,901 units under CIP (2019: 14,439,314) 608,907 - - 608,907 989,671 - - - 989,671 Transfer of gain on disposal of investments classified as 'financial assets at fair value through other comprehensive income' to undistributed income - 1,874,399 (1,874,399) - - 554,279 - (554,279) -

Final distribution for the year ended 30 June 2019 (Date: 5 July 2019 @ Rs 1.55 per unit) - (1,431,734) - (1,431,734) - - - - -

Final distribution for the year ended 30 June 2018 (Date: 5 July 2018 @ Rs 2.33 per unit) - - - - - (2,199,886) - - (2,199,886) Refund of capital (47,593) - - (47,593) (33,047) - - - (33,047) Net assets at the end of the year (563,641) 15,584,551 35,278,691 50,299,601 2,427,904 13,347,387 - 36,140,619 51,915,910

(Rupees in '000) (Rupees in '000) Undistributed income brought forward - Realised income 13,567,384 14,893,063 - Unrealised income (219,997) (1,524,546) 13,347,387 13,368,517 Change in accounting policy on adoption of IFRS 9 - 199,281 Undistributed income brought forward - restated 13,347,387 13,567,798

Accounting income available for distribution: Relating to capital gains 651,109 - Excluding capital gains 1,143,390 1,425,196 1,794,499 1,425,196 Transfer of gain on disposal of investments classified as 'financial assets at fair value through other comprehensive income' to undistributed income 1,874,399 554,279 Final distribution for the year ended 30 June 2019 (Date: 5 July 2019 @ Rs 1.55 per unit) (1,431,734) -

Final distribution for the year ended 30 June 2018 (Date: 5 July 2018 @ Rs 2.33 per unit) - (2,199,886) Undistributed income carried forward 15,584,551 13,347,387

Undistributed income carried forward - Realised income 14,921,767 13,567,384 - Unrealised income / (loss) 662,784 (219,997) 15,584,551 13,347,387

(Rupees) (Rupees) Net asset value per unit at the beginning of the year 54.40 73.85 Net asset value per unit at the end of the year 56.22 54.40

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

For National Investment Trust Limited (Management Company)

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

22 NATIONAL INVESTMENT (UNIT) TRUST CASH FLOW STATEMENT FOR THE YEAR ENDED 30 JUNE 2020

Note 2020 2019 ------(Rupees in '000)------CASH FLOW FROM OPERATING ACTIVITIES

Net income for the year before taxation 1,878,614 1,480,774

Adjustments for: Net unrealised (appreciation) / diminution on re-measurement of investments classified 'as 'financial assets at fair value through profit or loss' 5.7 (662,784) 219,997 Provision for Sindh Workers' Welfare Fund (SWWF) 38,339 30,220 1,254,169 1,730,991 Decrease / (increase) in assets Investments 3,093,151 (264,111) Dividend and other receivables 164,798 189,508 Receivable against sale of investment (31,212) - 3,226,737 (74,603) (Decrease) / increase in liabilities Payable to National Investment Trust Limited - Management Company (157,628) 69,572 Payable to Central Depository Company of Pakistan Limited - Trustee 265 (353) Payable to Securities and Exchange Commission of Pakistan (49,349) (10,701) Payable against purchase of investments (8,121) 8,121 Accrued expenses and other liabilities 7,791 (4,659) (207,042) 61,980

Net cash generated from operating activities 4,273,864 1,718,368

CASH FLOW FROM FINANCING ACTIVITIES Proceeds from issuance of units 6,039,579 4,478,037 Payments on redemption of units (9,116,061) (4,621,140) Short term borrowings paid - (400,000) Distributions paid (1,411,197) (2,179,505) Net cash used in financing activities (4,487,679) (2,722,608)

Net decrease in cash and cash equivalents during the year (213,815) (1,004,240)

Cash and cash equivalents at the beginning of the year 1,244,759 2,248,999

Cash and cash equivalents at the end of the year 4 1,030,944 1,244,759

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

For National Investment Trust Limited (Management Company)

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

23 NATIONAL INVESTMENT (UNIT) TRUST NOTES TO AND FORMING PART OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2020

1 LEGAL STATUS AND NATURE OF BUSINESS

1.1 The National Investment (Unit) Trust (NIUT) "the Fund", was established under a Trust Deed executed between National Investment Trust Limited as the Management Company and National Bank of Pakistan (NBP) as the 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 Limited 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).

1.2 The Management Company of the Fund has been licensed to act as an asset management company under the Non-Banking Finance Companies (Establishment and Regulation) Rules, 2003 (the NBFC Rules) through a certificate of registration issued by the SECP. The registered office of the Management Company is situated at 6th floor, National Bank of Pakistan Building, I.I. Chundrigar Road, Karachi. The Management Company is a member of the Mutual Funds Association of Pakistan (MUFAP).

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. 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 listed on the Pakistan Stock Exchange Limited. 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 The core objective of the Fund is to maximize returns 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.

1.6 Pakistan Credit Rating Agency Limited (PACRA) has assigned an asset manager rating of "AM2++" to the Management Company on 5 November 2019.

1.7 Title to the assets of the Fund are held in the name of Central Depository Company of Pakistan Limited as the 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: Derivative instruments held by the Fund - International Financial Reporting Standards (IFRSs) 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 VIIIA of the repealed Companies Ordinance, 1984; and

- the Non-Banking Finance Companies (Establishment and Regulation) Rules, 2003 (the NBFC Rules), the Non-Banking Finance Companies and Notified Entities Regulations, (the NBFC Regulations) and the requirements of the Trust Deed.

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 and the requirements of the Trust Deed differ from the IFRSs, 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 and the requirements of the Trust Deed have been followed.

2.2 Standards, interpretations and amendments to published accounting and reporting standards that are effective in the current year

There are certain amendments to the published accounting and reporting standards that are mandatory for the Fund's accounting period beginning on 1 July 2019. However, these do not have any significant impact on the Fund's operations and, therefore, have not been detailed in these financials statements.

2.3 Standards, interpretations and amendments to published accounting and reporting standards that are not yet effective

The following amendments would be effective from the dates mentioned below against the respective amendment: 24 Amendments Effective date (accounting period beginning on or after) - IAS 1 - 'Presentation of financial statements' (amendment) 1 January 2020 - IAS 8 - 'Accounting policies, change in accounting estimates and errors' (amendment) 1 January 2020

These amendments may impact the financial statements of the Fund on adoption. The management is currently in the process of assessing the full impact of these amendments on the financial statements of the Fund.

There are certain other standards, interpretations and amendments that are mandatory for the Fund's accounting periods beginning on or after 1 July 2020 but are considered not to be relevant or will not have any significant effect on the Fund's operations and, therefore, have not been detailed in these financials statements.

2.4 Critical accounting estimates and judgments

The preparation of financial statements in accordance with the accounting and reporting standards as applicable in Pakistan requires the management to make judgements, estimates and assumptions that affect the application of policies and reported amounts of assets and liabilities, income and expenses. The estimates, judgements and associated assumptions are based on historical experience and various other factors including expectations of future events that are believed to be reasonable under the circumstances, the results of which form the basis of making judgements about carrying values of assets and liabilities. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the year in which the estimate is revised if the revision affects only that year, or in the year of revision and future years if the revision affects both current and future years.

The estimates and judgements that have a significant effect on the financial statements of the Fund relate to classification, valuation and impairment of financial assets (notes 3.3 and 5).

2.5 Accounting convention

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

2.6 Functional and presentation currency

Items included in the financial statements are measured using the currency of the primary economic environment in which the Funds operates. These financial statements are presented in Pakistani Rupee, which is the Fund's functional and presentation currency.

3 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

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

3.2 Cash and cash equivalents

These comprise balances with banks in savings and current accounts, cheques in hand and other short-term highly liquid investments with original maturities of three months or less. NATIONAL2.2 Standards, INVESTMENTinterpretations and amendments(UNIT) TRUSTto published accounting and reporting standards that are effective in the NOTEScurrent TO year AND FORMING PART OF THE FINANCIAL STATEMENTS There are certain amendments to the published accounting and reporting standards that are mandatory for the Fund's accounting FOR THEperiod YEARbeginning ENDEDon 1 July 302019. JUNEHowever, 2020these do not have any significant impact on the Fund's operations and, therefore, have not been detailed in these financials statements.

2.3 Standards, interpretations and amendments to published accounting and reporting standards that are not yet effective

The following amendments would be effective from the dates mentioned below against the respective amendment:

Amendments Effective date (accounting period beginning on or after) - IAS 1 - 'Presentation of financial statements' (amendment) 1 January 2020 - IAS 8 - 'Accounting policies, change in accounting estimates and errors' (amendment) 1 January 2020

2.4 Critical accounting estimates and judgments

The estimates and judgements that have a significant effect on the financial statements of the Fund relate to classification, valuation and impairment of financial assets (notes 3.3 and 5).

2.5 Accounting convention

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

2.6 Functional and presentation currency

3 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

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

3.2 Cash and cash equivalents

These comprise balances with banks in savings and current accounts, cheques in hand and other short-term highly liquid investments with original maturities of three months or less.

3.3 Financial assets

3.3.1 Classification and subsequent measurement

3.3.1.1 Debt instruments

IFRS 9 has provided a criteria for debt securities whereby these debt securities are either classified as:

- at amortised cost - at fair value through other comprehensive income (FVOCI); or - at fair value through profit or loss (FVPL) based on the business model of the entity

The instrument which are held for collection are categorized at amortised cost whereas the instruments which are held for collection 25 and sale are categorized as FVOCI. All residual instrument are categorised under FVTPL.

3.3.1.2 Equity instruments

Equity instruments are instruments that meet the definition of equity from the issuer's perspective and are instruments that do not contain a contractual obligation to pay and that evidence a residual interest in the issuer's net assets.

All equity investments are required to be measured in the Statement of Assets and Liabilities at fair value, with gains and losses recognised in the Income Statement, except where an irrevocable election has been made at the time of initial recognition to measure the investment at FVOCI. The Fund measures its equity investments at fair value through profit or loss (FVPL), except where the Fund's management has elected, at initial recognition, to irrevocably designate an equity investment at FVOCI. When this election is used, fair value gains and losses are recognized in other comprehensive income and are not subsequently reclassified to profit or loss, including on disposal.

The dividend income from equity securities classified under FVOCI and FVPL are to be recognised in the Income Statement. However, any surplus / (deficit) arising as a result of subsequent movement in the fair value of equity securities classified as at FVOCI is to be recognised in other comprehensive income and is not recycled to the Income Statement on derecognition. The gain or loss on disposal of equity investments classified as 'at FVOCI' is transferred to the undistributed income.

3.3.2 Impairment

The Fund assesses on a forward-looking basis the expected credit losses (ECL) associated with its financial assets (other than debt instruments) carried at amortised cost and at FVOCI. The Fund recognises a loss allowance for such losses at each reporting date. The measurement of ECL reflects:

- an unbiased and probability-weighted amount that is determined by evaluating a range of possible outcomes; - the time value of money; and - reasonable and supportable information that is available without undue cost or effort at the reporting date about past events, current conditions and forecasts of future economic conditions.

The 12 months ECL is recorded for all financial assets in which there is no significant increase in credit risk from the date of initial recognition, whereas a lifetime ECL is recorded for all remaining financial assets.

3.3.2.1 Impairment loss on debt securities

Provision for non-performing debt securities is made on the basis of time-based criteria as prescribed by the SECP and based on management's assessment made in line with its provisioning policy approved by the Board of Directors of the Management Company in accordance with the guidelines issued by the SECP. Impairment losses recognised on debt securities can be reversed through the Income Statement.

As allowed by the SECP, the Management Company may make provision against debt securities over and above the minimum provision requirement prescribed by the SECP, in accordance with the provisioning policy duly approved by the Board of Directors.

3.3.3 Regular way contracts

All regular way purchases and sales of financial assets are recognised on the trade date i.e. the date on which the Fund commits to purchase or sell the asset. Regular way purchases / sales of assets require delivery of securities within two days from the transaction date as per the stock exchange regulations. NATIONAL3.3 Financial assetsINVESTMENT (UNIT) TRUST NOTES3.3.1 Classification TO AND and FORMING subsequent measurement PART OF THE FINANCIAL STATEMENTS FOR3.3.1.1 THEDebt instrumentsYEAR ENDED 30 JUNE 2020 IFRS 9 has provided a criteria for debt securities whereby these debt securities are either classified as:

- at amortised cost - at fair value through other comprehensive income (FVOCI); or - at fair value through profit or loss (FVPL) based on the business model of the entity

The instrument which are held for collection are categorized at amortised cost whereas the instruments which are held for collection and sale are categorized as FVOCI. All residual instrument are categorised under FVTPL.

3.3.1.2 Equity instruments

3.3.2 Impairment

3.3.2.1 Impairment loss on debt securities

3.3.3 Regular way contracts

3.3.4 Initial recognition and measurement

Financial assets are recognised at the time the Fund becomes a party to the contractual provisions of the instruments. These 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 recognised in the Income Statement.

3.3.5 Derecognition

Financial assets are derecognised when the rights to receive cash flows from the financial assets have expired or have been 26 transferred and the Fund has transferred substantially all risks and rewards of ownership. Any gain or loss on derecognition of financial assets is taken to the Income Statement except for investment in equity securities classified as 'at FVOCI'.

3.3.6 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.

3.4 Financial liabilities

Financial liabilities are recognised at the time when the Fund becomes a party to the contractual provisions of the instruments. These are initially recognised at fair values and subsequently stated at amortised cost.

A financial liability is derecognised when the obligation under the liability is discharged, cancelled or expired. Any gain or loss on derecognition of financial liabilities is taken to the Income Statement.

3.5 Offsetting of financial assets and financial liabilities

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

3.6 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.

3.7 Net asset value per unit

The Net Asset Value (NAV) per unit as disclosed in 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.

3.8 Issue and redemption of units

Units issued are recorded at the offer price, determined by the Management Company for the application received by the Management Company / distributors during business hours on that day. The offer price represents the Net Asset Value (NAV) per unit as of the close of the business day, plus the allowable sales load and provision of any duties and charges if applicable. The sales load is payable to the Management Company / distributors.

Units redeemed are recorded at the redemption price applicable to units for which the Management Company / distributors receive redemption application during business hours of that day. The redemption price is equal to NAV as of the close of the business day, less an amount as the Management Company may consider to be an appropriate provision of duties and charges.

3.9 Distribution to unit holders

Distribution to the unit holders are recognised upon declaration and approval by the Board of Directors of the Management Company. Based on Mutual Funds Association of Pakistan's (MUFAP) guidelines duly consented by the SECP, distribution for the year also includes portion of income already paid on units redeemed during the year.

Distributions declared subsequent to the year end reporting date are considered as non-adjusting events and are recognised in the financial statements of the year in which such distributions are declared and approved by the Board of Directors of the Management Company. NATIONAL3.3.4 Initial recognition INVESTMENT and measurement (UNIT) TRUST

NOTESFinancial TO assetsANDare FORMINGrecognised at thePARTtime the OFFund THEbecomes FINANCIALa party to the contractualSTATEMENTSprovisions of the instruments. These are FOR THEinitially YEARrecognised ENDEDat fair value 30 plusJUNEtransaction 2020costs 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 recognised in the Income Statement.

3.3.5 Derecognition

Financial assets are derecognised when the rights to receive cash flows from the financial assets have expired or have been transferred and the Fund has transferred substantially all risks and rewards of ownership. Any gain or loss on derecognition of financial assets is taken to the Income Statement except for investment in equity securities classified as 'at FVOCI'.

3.3.6 Derivatives

3.4 Financial liabilities

3.5 Offsetting of financial assets and financial liabilities

3.6 Provisions

3.7 Net asset value per unit

The Net Asset Value (NAV) per unit as disclosed in 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.

3.8 Issue and redemption of units

3.9 Distribution to unit holders

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

Element of income represents the difference between Net Asset Value (NAV) per unit on the issuance or redemption date, as the case may be, of units and the NAV per unit at the beginning of the relevant accounting period. Further, the 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 the same ex-dividend NAV of all units outstanding on the accounting date, net element of income contributed on issue of units lying in unit holders' fund is refunded on units in the same proportion as dividend bears to accounting income available for distribution. 27 3.11 Revenue recognition

- Gains / losses arising on sale of investments all are recorded at the date at which transaction takes place.

- Unrealised gains / losses arising on revaluation of securities classified as financial assets at FVPL and at FVOCI are recognized in the Income Statement and Other Comprehensive Income respectively, in the period in which these arise.

- Dividend income is recognised when the right to receive dividend is established.

- Profit on savings accounts with banks is recognised on an accrual basis.

- 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. In that case income is recognised on cash receipt basis.

3.12 Expenses

All expenses chargeable to the Fund including remunerations of the Management Company and Trustee and annual fee of the SECP are recognised in the Income Statement on an accrual basis.

3.13 Taxation

Current

Provision for current taxation is based on taxable income at the current rates of taxes after taking into account tax credits and rebates, if any. The charge for current tax is calculated using the prevailing tax rates.

Deferred

Deferred tax is accounted for using the balance sheet liability method in respect of all temporary differences arising from differences between the carrying amount of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of the taxable profit. The deferred tax liabilities are generally recognised for all taxable temporary differences and deferred tax assets are recognised to the extent that it is probable that taxable profits will be available against which the deductible temporary differences, unused tax losses and tax credits can be utilised. Deferred tax is calculated at the rates that are expected to apply to the period when the differences reverse, based on enacted tax rates.

The income of the Fund is exempt from income tax under 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 its accounting income for the year, as reduced by capital gains, whether realised or unrealised, is distributed amongst the unit holders. Furthermore, for the purpose of determining distribution of at least 90% of the accounting income, 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. Moreover, super tax introduced in the Finance Act, 2015 is also not applicable on funds (Section 4B of the Income Tax Ordinance, 2001).

3.14 Earnings per unit

Earnings / (loss) per unit is calculated by dividing the net income / (loss) of the year after taxation of the Fund by the weighted average number of units outstanding during the year.

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

3.15 Foreign currency translation

Transactions denominated in foreign currencies are accounted for in Pakistani Rupees at the exchange rates prevailing at the dates of the transactions. Foreign exchange gains and losses resulting from the settlement of such transactions and from the translation at year end exchange rates for monetary assets and liabilities denominated in foreign currencies are recognised in the Income NATIONAL INVESTMENT (UNIT) TRUST NOTES TO AND FORMING PART OF THE FINANCIAL STATEMENTS

FOR3.10 THEElement YEAR of income ENDED / (loss) 30 and JUNE capital gains2020 / (losses) included in prices of units issued less those in units redeemed

3.11 Revenue recognition

- Gains / losses arising on sale of investments all are recorded at the date at which transaction takes place.

- Dividend income is recognised when the right to receive dividend is established.

- Profit on savings accounts with banks is recognised on an accrual basis.

3.12 Expenses

All expenses chargeable to the Fund including remunerations of the Management Company and Trustee and annual fee of the SECP are recognised in the Income Statement on an accrual basis.

3.13 Taxation

Current

Deferred

3.14 Earnings per unit

Earnings / (loss) per unit is calculated by dividing the net income / (loss) of the year after taxation of the Fund by the weighted average number of units outstanding during the year.

3.15 Foreign currency translation

Transactions denominated in foreign currencies are accounted for in Pakistani Rupees at the exchange rates prevailing at the dates of the transactions. Foreign exchange gains and losses resulting from the settlement of such transactions and from the translation at year end exchange rates for monetary assets and liabilities denominated in foreign currencies are recognised in the Income 28 3.10 Element of income / (loss) and capital gains / (losses) included in prices of units issued less those in units redeemed

3.11 Revenue recognition

- Gains / losses arising on sale of investments all are recorded at the date at which transaction takes place.

- Dividend income is recognised when the right to receive dividend is established.

- Profit on savings accounts with banks is recognised on an accrual basis.

3.12 Expenses

All expenses chargeable to the Fund including remunerations of the Management Company and Trustee and annual fee of the SECP are recognised in the Income Statement on an accrual basis.

3.13 Taxation

Current

Deferred

3.14 Earnings per unit NATIONAL INVESTMENT (UNIT) TRUST Earnings / (loss) per unit is calculated by dividing the net income / (loss) of the year after taxation of the Fund by the weighted NOTESaverage TO number AND of FORMING units outstanding PART during the OF year. THE FINANCIAL STATEMENTS

FOR THEEarnings YEAR/ (loss) ENDEDper unit (EPU)30 JUNEhas not 2020been disclosed as, in the opinion of the management, the determination of cumulative weighted average number of outstanding units for calculating EPU is not practicable.

3.15 Foreign currency translation

Note 2020 2019 4 BALANCES WITH BANKS ------(Rupees in '000)------

In current accounts 4.1 2,326 2,235 In savings accounts 4.1 & 4.2 1,028,618 1,242,524 1,030,944 1,244,759

4.1 The current and savings accounts include an amount of Rs 758.199 million (2019: Rs 745.195 million) relating to unclaimed

4.2 The balances in savings accounts carry profit rates ranging from 5.40% to 14.50% per annum (2019: 4.00% to 13.60% per annum).

5 INVESTMENTS Note 2020 2019 ------(Rupees in '000)------Financial assets at fair value through profit or loss Equity shares / units of mutual funds 5.1 3,436,601 2,949,871

Financial assets at fair value through other comprehensive income Equity shares / units of mutual funds 5.2 47,485,176 49,389,802

Financial assets at amortized cost 5.3 - 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 investments measured at amortised cost (73,505) (73,505) 50,921,777 52,339,673

5.1 Equity shares / units of mutual funds - financial assets at fair value through profit or loss

Paid-up value of Bonus / Market value shares held as a Carrying Market value Purchased Right shares Market value as a percentage of As at 01 July Sold during As at 30 June value / cost as a Name of the Investee Company during the received as at 30 June percentage of total paid-up 2019 the year 2020 as at 30 June percentage of year during the 2020 total capital of the 2020 net assets year investments Investee Company

------(Number of shares)------Rupees in '000------%------Open - end mutual funds HBL Growth Fund Class-B 6,466,800 - - 6,466,800 ------HBL Investment Fund Class-B 10,108,128 - - 10,108,128 ------Close - end mutual fund HBL Growth Fund Class-A 37,442 - - - 37,442 387 281 0.00 0.00 0.00 387 281 0.00 0.00 Modarabas First AL-Noor Modarba 608,440 - - - 608,440 1,886 1,825 0.00 0.00 2.90 B.R.R. Guardian Modarba 1,809,274 - - 543,000 1,266,274 10,282 11,004 0.02 0.02 1.62 First Elite Capital Modarba 392,620 - - - 392,620 628 671 0.00 0.00 3.46 First Fidelity Leasing Modarba 495,078 - - 50,000 445,078 1,914 1,562 0.00 0.00 1.69 First IBL Modarba 1,078,774 - - - 1,078,774 2,697 2,373 0.00 0.00 5.34 KASB Modaraba 392,245 - - - 392,245 475 353 0.00 0.00 0.82 Orix Modaraba 1,729,098 - - - 1,729,098 26,801 31,124 0.06 0.06 3.81 First U.D.L. Modaraba 574,887 - 57,488 - 632,375 3,587 4,420 0.01 0.01 2.18 48,270 53,332 0.10 0.10 Investment banks / investment companies Invest Capital Investment Bank Limited 1,338,138 - - - 1,338,138 1,097 1,071 0.00 0.00 0.47 1,097 1,071 0.00 0.00 Textile spining D.S.Industries Limited 295,102 - - - 295,102 419 410 0.00 0.00 0.49 29 Din Textile Mills Limited 29,796 - 23,836 - 53,632 3,422 2,251 0.00 0.00 0.18 Maqbool Textile Mills Limited 245,873 - - - 245,873 10,019 10,324 0.02 0.02 1.46 13,860 12,985 0.03 0.03

Power generation & distribution Kohinoor Energy Limited 465,867 - - - 465,867 16,771 16,296 0.03 0.03 0.27 16,771 16,296 0.03 0.03 Oil & gas marketing companies Sui Northern Gas Pipelines Limited 47,432 - - 47,432 ------Cable & electric goods Siemens (Pakistan) Engineering Company Limited 34,713 - - - 34,713 21,021 19,503 0.04 0.04 0.42 21,021 19,503 0.04 0.04 Transport Pakistan International Airlines Corporation 202,650 - - - 202,650 914 865 0.00 0.00 0.01 914 865 0.00 0.00 Fertilizer Dawood Hercules Corporation Limited 215,556 - - 215,556 ------Pharmaceuticals Abbot Laboatories (Pakistan) Limited 209 - - 209 ------Highnoon Laboratories Limited 147 - - 147 ------

Leather & tanneries - Service Industries Ltd 1,948,906 - 487,226 3,000 2,433,132 960,250 1,984,803 3.90 3.95 12.95 960,250 1,984,803 3.90 3.95 Foods & personal care products Nestle Pakistan Limited 2,556 - - - 2,556 17,041 17,215 0.03 0.03 0.01 17,041 17,215 0.03 0.03 Glass & ceramics Ghani Glass Limited 3,295 - - - 3,295 145 136 0.00 0.00 0.00 145 136 0.00 0.00 Miscellaneous Pakistan Services Limited 210,756 - - - 210,756 214,972 208,649 0.41 0.41 0.65 Tri Pack Films Limited 71,372 - - - 71,372 4,736 6,501 0.01 0.01 0.18 219,708 215,150 0.42 0.42 Delisted / unqouted companies Fateh Textile Mills Limited 58,125 - - - 58,125 - - - - 4.65 Callmate Telips Telecom 83 - - - 83 - - - - 0.00 English Leasing Limited 707,261 - - - 707,261 - - - - 8.84 Sapphire Holding Limited 571,112 - - - 571,112 5,711 5,711 0.01 0.01 2.84 National Asset Leasing Corporation 265,013 - - - 265,013 - - - - 2.78 Natover Lease & Refinance Limited 729,349 - - - 729,349 - - - - 8.31 Unilever Brothers Preference Limited 123 - - - 123 12 12 0.00 0.00 0.00 5,723 5,723 0.01 0.01

Total as of 30 June 2020 2,773,817 3,436,601

Total as of 30 June 2019 3,169,868 2,949,871 Note 2020 2019 4 BALANCES WITH BANKS ------(Rupees in '000)------

In current accounts 4.1 2,326 2,235 In savings accounts 4.1 & 4.2 1,028,618 1,242,524 1,030,944 1,244,759

4.1 The current and savings accounts include an amount of Rs 758.199 million (2019: Rs 745.195 million) relating to unclaimed

4.2 The balances in savings accounts carry profit rates ranging from 5.40% to 14.50% per annum (2019: 4.00% to 13.60% per annum). Note 2020 2019 4 BALANCES WITH BANKS ------(Rupees in '000)------5 INVESTMENTS Note 2020 2019 In current accounts 4.1 ------(Rupees 2,326 in '000)------2,235 InFinancial savings assetsaccounts at fair value through profit or loss 4.1 & 4.2 1,028,618 1,242,524 Equity shares / units of mutual funds 5.1 3,436,601 2,949,871 1,030,944 1,244,759 Financial assets at fair value through other comprehensive income The current and savings accounts include an amount of Rs 758.199 million (2019: Rs 745.195 million) relating to unclaimed 4.1 Equity shares / units of mutual funds 5.2 47,485,176 49,389,802 4.2 The balances in savings accounts carry profit rates ranging from 5.40% to 14.50% per annum (2019: 4.00% to 13.60% per annum). Financial assets at amortized cost 5.3 - Morabaha arrangements 54,125 54,125 5 INVESTMENTS- Participation term certificates Note 2020 10,500 2019 10,500 - Term finance certificates ------(Rupees 8,880 in '000)------8,880 Financial assets at fair value through profit or loss 73,505 73,505 Equity shares / units of mutual funds 5.1 3,436,601 2,949,871 Less: Provision for impairment loss on investments measured Note 2020 2019 4 atBALANCES amortised costWITH BANKS ------(Rupees (73,505) in '000)------(73,505) Financial assets at fair value through other comprehensive income 50,921,777 52,339,673 Equity shares / units of mutual funds 5.2 47,485,176 49,389,802 In current accounts 4.1 2,326 2,235 5.1 Equity shares / units of mutual funds - financial assets at fair value through profit or loss FinancialIn savings assetsaccounts at amortized cost 4.15.3 & 4.2 1,028,618 1,242,524 - Morabaha arrangements 1,030,944 54,125 1,244,759 54,125 - Participation term certificates 10,500 Paid-upPaid-up 10,500 valuevalue ofof The current and savings accounts include an amount of Rs BonusBonus 758.199 // million (2019: Rs 745.195 million) relating MarketMarket valuevalue to unclaimedsharesshares heldheld asas aa 4.1 - Term finance certificates CarryingCarrying 8,880 MarketMarket valuevalue 8,880 PurchasedPurchased RightRight sharesshares MarketMarket valuevalue asas aa percentagepercentage ofof AsAs atat 0101 JulyJuly SoldSold duringduring AsAs atat 3030 JuneJune valuevalue // costcost 73,505 asas aa 73,505 NameName ofof thethe InvesteeInvestee CompanyCompany duringduring thethe receivedreceived asas atat 3030 JuneJune percentagepercentage ofof totaltotal paid-uppaid-up 4.2 The balances in savings accounts carry profit20192019 rates ranging from 5.40%thethe yearyear to 14.50%20202020 perasas atat annum 3030 JuneJune (2019: 4.00% to 13.60%percentagepercentage per ofof annum). Less: Provision for impairment loss on investmentsyearyear measured duringduring thethe 20202020 totaltotal capitalcapital ofof thethe 20202020 netnet assetsassets at amortised cost yearyear investments investments (73,505) (73,505)InvesteeInvestee 5 INVESTMENTS Note 50,921,777 2020 52,339,673 2019CompanyCompany ------(Rupees in '000)------(Number------(Number ofof shares)------shares)------Rupees------Rupees inin '000------'000------%------%------5.1 EquityFinancial shares assets / units at fair of value mutual through funds profit- financial or loss assets at fair value through profit or loss EquityOpenOpen -- endend shares mutualmutual / fundsfundsunits of mutual funds 5.1 3,436,601 2,949,871 HBLHBL GrowthGrowth FundFund Class-BClass-B 6,466,8006,466,800 - - - - 6,466,8006,466,800 ------HBL Investment Fund Class-B 10,108,128 - - 10,108,128 ------HBL Investment Fund Class-B 10,108,128 - - 10,108,128 - - - - - Paid-up value - of Financial assets at fair value through other comprehensive income - - - - Bonus / - - Market value - - shares held as a Equity shares / units of mutual funds Carrying5.2 47,485,176 Market value 49,389,802 CloseClose -- endend mutualmutual fundfund Purchased Right shares Market value as a percentage of As at 01 July Sold during As at 30 June value / cost as a HBLHBL GrowthGrowthName FundFund of Class-AClass-A the Investee Company 37,44237,442 during - -the received - - - - 37,44237,442 387387 as at 30 June281281 percentage 0.00 0.00 of 0.00 0.00 total paid-up0.000.00 2019 the year 2020 as at 30 June percentage of Financial assets at amortized cost year during the 5.3387387 2020281 281 total 0.00 0.00 0.00 0.00 capital of the 2020 net assets -ModarabasModarabasMorabaha arrangements year investments 54,125 Investee 54,125 -FirstFirstParticipation AL-NoorAL-Noor ModarbaModarba term certificates 608,440608,440 ------608,440608,440 1,8861,886 1,8251,825 10,500 0.00 0.00 0.00 0.00 Company 10,500 2.90 2.90 B.R.R. Guardian Modarba 1,809,274 - - 543,000 1,266,274 10,282 11,004 0.02 0.02 1.62 -B.R.R.Term Guardian finance Modarba certificates 1,809,274 - - 543,000 1,266,274 10,282 11,004 8,880 0.02 0.02 8,880 1.62 FirstFirst EliteElite CapitalCapital ModarbaModarba 392,620392,620------(Number - - - of- shares)------392,620392,620 ------Rupees628628 in '000------671671 0.00 0.00------%------0.00 0.00 3.46 3.46 NATIONALFirstOpenFirst FidelityFidelity - end mutual LeasingLeasing INVESTMENT funds ModarbaModarba (UNIT)495,078495,078 TRUST - - - - 50,00050,000 445,078445,078 1,9141,914 1,5621,562 73,505 0.00 0.00 0.00 0.00 73,505 1.69 1.69 Less:FirstHBLFirst GrowthIBLIBL Provision ModarbaModarba Fund Class-B for impairment loss on 1,078,7746,466,8001,078,774investments - measured- - - 6,466,800 - - 1,078,774 1,078,774 - 2,6972,697 - 2,3732,373 - 0.00 0.00 - 0.00 0.00 - 5.34 5.34 - NOTESatKASBHBLKASB amortised Investment TO ModarabaModaraba AND Fund cost Class-B FORMING PART10,108,128392,245392,245 OF - -THE FINANCIAL - - 10,108,128 - - 392,245 392,245 - STATEMENTS 475475- 353353- (73,505) 0.00 0.00 - 0.00 0.00 - (73,505) 0.82 0.82 - OrixOrix ModarabaModaraba 1,729,0981,729,098 ------1,729,0981,729,098 26,80126,801 - 31,124 31,124 - 50,921,777 0.06 0.06 - 0.06 0.06 - 52,339,673 3.81 3.81 FOR THEFirstCloseFirst U.D.L.U.D.L. - endYEAR ModarabaModarabamutual fundENDED 30 JUNE574,887574,887 2020 - - 57,48857,488 - - 632,375632,375 3,5873,587 4,4204,420 0.01 0.01 0.01 0.01 2.18 2.18 HBL Growth Fund Class-A 37,442 - - - 37,442 48,27048,270387 53,33253,332281 0.100.00 0.10 0.100.00 0.10 0.00 5.1 Equity shares / units of mutual funds - financial assets at fair value through profit or loss InvestmentInvestment banksbanks // investmentinvestment companiescompanies 387 281 0.00 0.00 InvestModarabasInvest CapitalCapital InvestmentInvestment BankBank LimitedLimited 1,338,1381,338,138 ------1,338,1381,338,138 1,0971,097 1,0711,071 0.00 0.00 0.00 0.00 0.47 0.47 First AL-Noor Modarba 608,440 - - - 608,440 1,8861,0971,097 1,8251,0711,071 0.00 0.00 0.00 0.00 Paid-up value 2.90 of TextileB.R.R.Textile Guardian spiningspining Modarba 1,809,274 - Bonus - / 543,000 1,266,274 10,282 11,004 Market 0.02value 0.02 shares held 1.62 as a Carrying Market value D.S.IndustriesFirstD.S.Industries Elite Capital LimitedLimited Modarba 295,102392,620295,102 Purchased - - Right shares - - - - 295,102392,620295,102 419628419 Market value410671410 as a 0.00 0.00 0.00 0.00 percentage 0.493.46 0.49 of As at 01 July Sold during As at 30 June value / cost as a DinFirstDin Textile TextileFidelity MillsMillsName Leasing LimitedLimited of the Modarba Investee Company 495,07829,79629,796 during - -the received 23,83623,836 - 50,000 - - 445,07853,63253,632 1,9143,4223,422 as at 301,5622,2512,251 June percentage 0.00 0.00 of 0.00 0.00 total paid-up 1.690.18 0.18 2019 the year 2020 as at 30 June percentage of MaqboolFirstMaqbool IBL ModarbaTextileTextile MillsMills LimitedLimited 1,078,774245,873245,873 year - - during the - - - - 1,078,774245,873245,873 10,01910,0192,697 202010,32410,3242,373 total 0.000.02 0.02 0.000.02 0.02 capital of 1.465.34 1.46the 2020 net assets KASB Modaraba 392,245 - year - - 392,245 13,86013,860475 12,98512,985353 investments 0.030.00 0.03 0.030.00 0.03 Investee 0.82 Orix Modaraba 1,729,098 - - - 1,729,098 26,801 31,124 0.06 0.06 Company 3.81 First U.D.L. Modaraba 574,887 - 57,488 - 632,375 3,587 4,420 0.01 0.01 2.18 ------(Number of shares)------Rupees48,270 in '000------53,332 0.10------%------0.10 InvestmentOpen - end mutualbanks / fundsinvestment companies Paid-upPaid-up valuevalue ofof 6,466,800 - Bonus Bonus - // 6,466,800 - - - MarketMarket valuevalue - - shares shares held held -asas aa InvestHBL Growth Capital Fund Investment Class-B Bank Limited 1,338,138 - - - 1,338,138 CarryingCarrying1,097 1,071 0.00 MarketMarket 0.00 valuevalue 0.47 PurchasedPurchased RightRight sharesshares MarketMarket valuevalue asas aa percentagepercentage ofof HBL Investment Fund Class-B 10,108,128 AsAs atat 0101 JulyJuly - - 10,108,128 SoldSold duringduring As As atat 30 30 June- June value value 1,097/ / cost cost- 1,071 - 0.00 - as as a 0.00a - - NameName ofof thethe InvesteeInvestee CompanyCompany duringduring thethe receivedreceived asas atat 3030 JuneJune percentagepercentage ofof totaltotal paid-uppaid-up Textile spining 20192019 thethe yearyear 20202020 as as at at 30 30 June June- - - percentagepercentage - ofof yearyear duringduring thethe 20202020 totaltotal capitalcapital ofof thethe D.S.IndustriesClose - end mutual Limited fund 295,102 - - - 295,102 20202020419 410 0.00 net net assets assets 0.00 0.49 yearyear investmentsinvestments InvesteeInvestee DinHBL Textile Growth Mills Fund Limited Class-A 29,79637,442 - 23,836 - - 53,63237,442 3,422387 2,251281 0.00 0.00 0.180.00 CompanyCompany Maqbool Textile Mills Limited 245,873 - - - 245,873 10,019387 10,324281 0.020.00 0.020.00 1.46 Modarabas ------(Number------(Number ofof shares)------shares)------Rupees------Rupees13,860 inin '000------'000------12,985 0.03------%------%------0.03 First AL-Noor Modarba 608,440 - - - 608,440 1,886 1,825 0.00 0.00 2.90 TextileTextile compositecomposite B.R.R. Guardian Modarba 1,809,274 - - 543,000 1,266,274 10,282 11,004 0.02 0.02 1.62 GulGul AhmedAhmed TextileTextile MillsMills LimitedLimited 4,414,8484,414,848 - - 882,969882,969 150,000150,000 5,147,8175,147,817 202,138202,138 147,382147,382 0.29 0.29 0.29 0.29 1.73 1.73 First Elite Capital Modarba 392,620 - - - 392,620 628 671 0.00 0.00 3.46 KohinoorKohinoor MillsMills LimitedLimited 271,729271,729 - - - - 7,0007,000 264,729264,729 5,7845,784 10,06010,060 0.02 0.02 0.02 0.02 0.52 0.52 495,078 - - 50,000 445,078 1,914 1,562 0.00 0.00 Paid-up value 1.69 of FirstMehmood Fidelity Textile Leasing Mills Modarba Limited 128,063 - 32,015 - 160,078 52,762 79,503 0.16 0.16 1.07 Mehmood Textile Mills Limited 128,063 - Bonus32,015 / - 160,078 52,762 79,503 Market 0.16value 0.16 shares held 1.07 as a First IBL Modarba 1,078,774 - - - 1,078,774 Carrying2,697 2,373 0.00 Market 0.00value 5.34 SapphireSapphire FibersFibers LimitedLimited 362,871362,871 Purchased - - Right18,14318,143 shares - - 381,014381,014 302,671302,671 Market305,188305,188 value as a 0.60 0.60 0.61 0.61 percentage 1.94 1.94 of KASB Modaraba As 392,245at 01 July - - Sold during - As at392,245 30 June value / cost475 353 0.00 as a 0.00 0.82 SapphireSapphire TextileTextileName MillsMillsof the Limited LimitedInvestee Company 571,112571,112 during - -the received45,68945,689 - - 616,801616,801 823,515823,515 as at503,421503,421 30 June percentage 0.99 0.99 of 1.00 1.00 total paid-up 3.07 3.07 Orix Modaraba 1,729,0982019 - - the year - 1,729,0982020 as at 26,80130 June 31,124 0.06 percentage 0.06 of 3.81 year during the 1,386,8701,386,870 1,045,5541,045,5542020 total 2.06 2.06 2.08 2.08 capital of the First U.D.L. Modaraba 574,887 - 57,488 - 632,375 20203,587 4,420 0.01 net assets 0.01 2.18 WollenWollen year investments Investee 48,270 53,332 0.10 0.10 BannuBannu WoollenWoollen MillsMills LimitedLimited 431,637431,637 ------431,637431,637 14,67614,676 14,11514,115 0.03 0.03 0.03 0.03 Company 4.54 4.54 Investment banks / investment companies 14,67614,676 14,11514,115 0.03 0.03 0.03 0.03 Invest Capital Investment Bank Limited 1,338,138 - - - 1,338,138 1,097 1,071 0.00 0.00 0.47 SyntheticSynthetic && rayonrayon ------(Number of shares)------Rupees in '000------%------1,097 1,071 0.00 0.00 PakistanTextilePakistan composite SyntheticsSynthetics LimitedLimited 2,057,7832,057,783 - - 1,028,8911,028,891 - - 3,086,6743,086,674 67,08467,084 49,57249,572 0.10 0.10 0.10 0.10 5.51 5.51 Textile spining Gul Ahmed Textile Mills Limited 4,414,848 - 882,969 150,000 5,147,817 202,13867,08467,084 147,38249,57249,572 0.290.10 0.10 0.290.10 0.10 1.73 KohinoorD.S.Industries Mills Limited 271,729295,102 - - 7,000 - 264,729295,102 5,784419 10,060410 0.020.00 0.020.00 0.520.49 Din Textile Mills Limited 29,796 - 23,836 - 53,632 3,422 2,251 0.00 0.00 0.18 PowerMehmoodPower generationgeneration Textile Mills && distributiondistribution Limited 128,063 - 32,015 - 160,078 52,762 79,503 0.16 0.16 1.07 Maqbool Textile Mills Limited 245,873 - - - 245,873 10,019 10,324 0.02 0.02 1.46 KohinoorSapphireKohinoor EnergyFibersEnergy Limited LimitedLimited 465,867362,871465,867 - - 18,143 - - - - 465,867381,014465,867 302,67116,77116,771 305,18816,29616,296 0.030.60 0.03 0.030.61 0.03 0.271.94 0.27 13,860 12,985 0.03 0.03 Sapphire Textile Mills Limited 571,112 - 45,689 - 616,801 823,51516,77116,771 503,42116,29616,296 0.990.03 0.03 1.000.03 0.03 3.07 OilOil && gasgas marketingmarketing companiescompanies 1,386,870 1,045,554 2.06 2.08 SuiWollenSui NorthernNorthern GasGas PipelinesPipelines LimitedLimited 47,43247,432 - - - - 47,43247,432 ------Bannu Woollen Mills Limited 431,637 - - - 431,637 14,676 - - 14,115 - - 0.03 - - 0.03 - - Paid-up value 4.54 of CableCable && electricelectric goodsgoods Bonus / 14,676 14,115 Market 0.03value 0.03 shares held as a Carrying Market value SiemensSyntheticSiemens (Pakistan)(Pakistan) & rayon EngineeringEngineering CompanyCompany LimitedLimited 34,71334,713 Purchased - - Right shares - - - - 34,71334,713 21,02121,021 Market19,50319,503 value as a 0.04 0.04 0.04 0.04 percentage 0.42 0.42 of As at 01 July Sold during As at 30 June value / cost as a Pakistan SyntheticsName of the Limited Investee Company 2,057,783 during - the 1,028,891received - 3,086,674 67,08421,02121,021 as at 49,57219,5033019,503 June percentage 0.100.04 0.04 of 0.100.04 0.04 total paid-up 5.51 2019 the year 2020 as at 30 June percentage of TransportTransport year during the 67,084 202049,572 total 0.10 0.10 capital of the 2020 net assets PakistanPakistan InternationalInternational AirlinesAirlines CorporationCorporation 202,650202,650 - - year - - - - 202,650202,650 914914 865865 investments 0.00 0.00 0.00 0.00 Investee 0.01 0.01 Power generation & distribution 914914 865865 0.00 0.00 0.00 0.00 Company FertilizerKohinoorFertilizer Energy Limited 465,867 - - - 465,867 16,771 16,296 0.03 0.03 0.27 DawoodDawood HerculesHercules CorporationCorporation LimitedLimited 215,556215,556------(Number - - - of- shares)------215,556215,556 ------Rupees 16,771 - - in '000------16,296 - - 0.03 ------%------0.03 - - - - OilTextile & gas composite marketing companies ------PharmaceuticalsSuiGulPharmaceuticals NorthernAhmed Textile Gas Pipelines Mills Limited Limited 4,414,84847,432 - 882,969 - 150,00047,432 5,147,817 - 202,138 - 147,382 - 0.29 - 0.29 - 1.73 - AbbotKohinoorAbbot LaboatoriesLaboatories Mills Limited (Pakistan)(Pakistan) LimitedLimited 271,729209209 - - - - 7,000209209 264,729 - - 5,784 - - 10,060 - - 0.02 - - 0.02 - - 0.52 - - HighnoonCableMehmoodHighnoon & electric LaboratoriesTextileLaboratories goodsMills Limited Limited 128,063147147 - - 32,015 - - 147 147- 160,078 - - 52,762 - - 79,503 - - 0.16 - - 0.16 - - 1.07 - - SiemensSapphire (Pakistan)Fibers Limited Engineering Company Limited 362,87134,713 - 18,143 - - 381,01434,713 302,671 21,021 - - 305,188 19,503 - - 0.040.60 - - 0.040.61 - - 0.421.94 Sapphire Textile Mills Limited 571,112 - 45,689 - 616,801 823,51521,021 503,42119,503 0.040.99 0.041.00 3.07 LeatherTransportLeather && tanneriestanneries - - 1,386,870 1,045,554 2.06 2.08 ServicePakistanWollenService IndustriesIndustries International LtdLtd Airlines Corporation 1,948,9061,948,906202,650 - - 487,226 487,226 - 3,0003,000 - 2,433,1322,433,132202,650 960,250960,250914 1,984,8031,984,803865 3.900.00 3.90 3.950.00 3.95 12.95 12.95 0.01 Bannu Woollen Mills Limited 431,637 - - - 431,637 960,250960,25014,676914 1,984,8031,984,80314,115865 3.900.000.03 3.90 3.950.000.03 3.95 4.54 FoodsFertilizerFoods && personalpersonal carecare productsproducts 14,676 14,115 0.03 0.03 NestleDawoodSyntheticNestle PakistanPakistan Hercules & rayon LimitedLimited Corporation Limited 215,5562,5562,556 - - - - 215,556 - - 2,5562,556 - 17,04117,041 - 17,21517,215 - 0.03 0.03 - 0.03 0.03 - 0.01 0.01 - Pakistan Synthetics Limited 2,057,783 - 1,028,891 - 3,086,674 17,04167,08417,041 - 17,21549,57217,215 - 0.030.10 0.03 - 0.030.10 0.03 - 5.51 GlassPharmaceuticalsGlass && ceramicsceramics 67,084 49,572 0.10 0.10 GhaniAbbotGhani LaboatoriesGlassGlass LimitedLimited (Pakistan) Limited 3,2953,295209 - - - - 209 - - 3,2953,295 - 145145- 136136- 0.00 0.00 - 0.00 0.00 - 0.00 0.00 - HighnoonPower generation Laboratories & distribution Limited 147 - - 147 - 145145- 136136- 0.00 0.00 - 0.00 0.00 - - MiscellaneousKohinoorMiscellaneous Energy Limited 465,867 - - - 465,867 16,771 - 16,296 - 0.03 - 0.03 - 0.27 PakistanPakistan ServicesServices LimitedLimited 210,756210,756 ------210,756210,756 214,972214,97216,771 208,649208,64916,296 0.410.03 0.41 0.410.03 0.41 0.65 0.65 TriLeatherOilTri Pack&Pack gas & FilmsFilms marketingtanneries LimitedLimited companies 71,37271,372 ------71,37271,372 - 4,7364,736 6,5016,501 0.01 0.01 0.01 0.01 0.18 0.18 ServiceSui Northern Industries Gas PipelinesLtd Limited 1,948,90647,432 - 487,226 - 47,4323,000 2,433,132 - 960,250219,708219,708 - 1,984,803 215,150215,150 - 3.900.42 0.42 - 3.950.42 0.42 - 12.95 - DelistedDelisted // unqoutedunqouted companiescompanies 960,250 - 1,984,803 - 3.90 - 3.95 - FatehFoodsCableFateh Textile &Textile& electricpersonal MillsMills goods Limited Limitedcare products 58,12558,125 ------58,12558,125 ------4.65 4.65 CallmateNestleSiemensCallmate Pakistan (Pakistan)TelipsTelips TelecomLimitedTelecom Engineering Company Limited 34,7132,5568383 ------34,7132,5568383 17,04121,021 - - 17,21519,503 - - 0.030.04 - - 0.030.04 - - 0.010.00 0.420.00 EnglishEnglish LeasingLeasing LimitedLimited 707,261707,261 ------707,261707,261 17,04121,021 - - 17,21519,503 - - 0.030.04 - - 0.030.04 - - 8.84 8.84 SapphireGlassTransportSapphire & ceramics HoldingHolding LimitedLimited 571,112571,112 ------571,112571,112 5,7115,711 5,7115,711 0.01 0.01 0.01 0.01 2.84 2.84 NationalGhaniPakistanNational Glass AssetAssetInternational Limited LeasingLeasing Airlines CorporationCorporation Corporation 265,013202,650265,0133,295 ------265,013202,650265,0133,295 145914 - - 136865 - - 0.00 - - 0.00 - - 0.002.78 0.012.78 NatoverNatover LeaseLease && RefinanceRefinance LimitedLimited 729,349729,349 ------729,349729,349 145914 - - 136865 - - 0.00 - - 0.00 - - 8.31 8.31 30 UnileverMiscellaneousFertilizerUnilever BrothersBrothers PreferencePreference LimitedLimited 123123 ------123123 1212 1212 0.00 0.00 0.00 0.00 0.00 0.00 PakistanDawood HerculesServices CorporationLimited Limited 210,756215,556 - - 215,556 - 210,756 - 214,972 5,7235,723 - 208,649 5,7235,723 - 0.410.01 0.01 - 0.410.01 0.01 - 0.65 - Tri Pack Films Limited 71,372 - - - 71,372 4,736 - 6,501 - 0.01 - 0.01 - 0.18 TotalPharmaceuticalsTotal asas ofof 3030 JuneJune 20202020 2,773,8172,773,817219,708 3,436,6013,436,601215,150 0.42 0.42 DelistedAbbot Laboatories / unqouted (Pakistan) companies Limited 209 - - 209 ------Highnoon Laboratories Limited 147 - - 147 ------TotalFatehTotal asTextileas ofof 3030 Mills JuneJune Limited 20192019 58,125 - - - 58,125 3,169,868 3,169,868 - 2,949,871 2,949,871 - - - 4.65 Callmate Telips Telecom 83 - - - 83 - - - - 0.00 English Leasing Limited 707,261 - - - 707,261 - - - - 8.84 5.1.1 SapphireLeatherAll shares & Holding tanneries are Limited fully paid up ordinary shares571,112 of Rs. 10 - each. - - 571,112 - 5,711 5,711 0.01 0.01 2.84 NationalService Industries Asset Leasing Ltd Corporation 1,948,906265,013 - 487,226 - 3,000 - 2,433,132265,013 960,250 - 1,984,803 - 3.90 - 3.95 - 12.95 2.78 Natover Lease & Refinance Limited 729,349 - - - 729,349 960,250 - 1,984,803 - 3.90 - 3.95 - 8.31 UnileverFoods & Brothers personal Preference care products Limited 123 - - - 123 12 12 0.00 0.00 0.00 Nestle Pakistan Limited 2,556 - - - 2,556 17,0415,723 17,2155,723 0.010.03 0.010.03 0.01 17,041 17,215 0.03 0.03 TotalGlass as & ceramicsof 30 June 2020 2,773,817 3,436,601 Ghani Glass Limited 3,295 - - - 3,295 145 136 0.00 0.00 0.00 Total as of 30 June 2019 3,169,868145 2,949,871136 0.00 0.00 Miscellaneous Pakistan Services Limited 210,756 - - - 210,756 214,972 208,649 0.41 0.41 0.65 Tri Pack Films Limited 71,372 - - - 71,372 4,736 6,501 0.01 0.01 0.18 219,708 215,150 0.42 0.42 Delisted / unqouted companies Fateh Textile Mills Limited 58,125 - - - 58,125 - - - - 4.65 Callmate Telips Telecom 83 - - - 83 - - - - 0.00 English Leasing Limited 707,261 - - - 707,261 - - - - 8.84 Sapphire Holding Limited 571,112 - - - 571,112 5,711 5,711 0.01 0.01 2.84 National Asset Leasing Corporation 265,013 - - - 265,013 - - - - 2.78 Natover Lease & Refinance Limited 729,349 - - - 729,349 - - - - 8.31 Unilever Brothers Preference Limited 123 - - - 123 12 12 0.00 0.00 0.00 5,723 5,723 0.01 0.01

Total as of 30 June 2020 2,773,817 3,436,601

Total as of 30 June 2019 3,169,868 2,949,871 Paid-up value of Bonus / Market value shares held as a Carrying Market value Purchased Right shares Market value as a percentage of As at 01 July Sold during As at 30 June value / cost as a Name of the Investee Company during the received as at 30 June percentage of total paid-up 2019 the year 2020 as at 30 June percentage of year during the 2020 total capital of the 2020 net assets year investments Investee Company

------(Number of shares)------Rupees in '000------%------Open - end mutual funds HBL Growth Fund Class-B 6,466,800 - - 6,466,800 ------HBL Investment Fund Class-B 10,108,128 - - 10,108,128 ------Close - end mutual fund HBL Growth Fund Class-A 37,442 - - - 37,442 387 281 0.00 0.00 0.00 387 281 0.00 0.00 Modarabas First AL-Noor Modarba 608,440 - - - 608,440 1,886 1,825 0.00 0.00 2.90 B.R.R. Guardian Modarba 1,809,274 - - 543,000 1,266,274 10,282 11,004 0.02 0.02 1.62 First Elite Capital Modarba 392,620 - - - 392,620 628 671 0.00 0.00 3.46 First Fidelity Leasing Modarba 495,078 - - 50,000 445,078 1,914 1,562 0.00 0.00 1.69 First IBL Modarba 1,078,774 - - - 1,078,774 2,697 2,373 0.00 0.00 5.34 KASB Modaraba 392,245 - - - 392,245 475 353 0.00 0.00 0.82 Orix Modaraba 1,729,098 - - - 1,729,098 26,801 31,124 0.06 0.06 3.81 First U.D.L. Modaraba 574,887 - 57,488 - 632,375 3,587 4,420 0.01 0.01 2.18 48,270 53,332 0.10 0.10 Investment banks / investment companies Invest Capital Investment Bank Limited 1,338,138 - - - 1,338,138 1,097 1,071 0.00 0.00 0.47 1,097 1,071 0.00 0.00 Textile spining D.S.Industries Limited 295,102 - - - 295,102 419 410 0.00 0.00 0.49 Din Textile Mills Limited 29,796 - 23,836 - 53,632 3,422 2,251 0.00 0.00 0.18 Maqbool Textile Mills Limited 245,873 - - - 245,873 10,019 10,324 0.02 0.02 1.46 13,860 12,985 0.03 0.03

------(Number of shares)------Rupees in '000------%------Textile composite Gul Ahmed Textile Mills Limited 4,414,848 - 882,969 150,000 5,147,817 202,138 147,382 0.29 0.29 1.73 Kohinoor Mills Limited 271,729 - - 7,000 264,729 5,784 10,060 0.02 0.02 Paid-up value 0.52 of Mehmood Textile Mills Limited 128,063 - Bonus32,015 / - 160,078 52,762 79,503 Market 0.16value 0.16 shares held 1.07 as a Carrying Market value Sapphire Fibers Limited 362,871 Purchased - Right18,143 shares - 381,014 302,671 Market305,188 value as a 0.60 0.61 percentage 1.94 of As at 01 July Sold during As at 30 June value / cost as a Name of the Investee Company during the received as at 30 June percentage of total paid-up Sapphire Textile Mills Limited 571,1122019 - 45,689 the year - 616,8012020 as at823,515 30 June 503,421 0.99 percentage 1.00 of 3.07 year during the 2020 total capital of the 1,386,8702020 1,045,554 2.06 net assets 2.08 Wollen year investments Investee Bannu Woollen Mills Limited 431,637 - - - 431,637 14,676 14,115 0.03 0.03 Company 4.54 14,676 14,115 0.03 0.03 ------(Number of shares)------Rupees in '000------%------Synthetic & rayon Open - end mutual funds Pakistan Synthetics Limited 2,057,783 - 1,028,891 - 3,086,674 67,084 49,572 0.10 0.10 5.51 HBL Growth Fund Class-B 6,466,800 - - 6,466,800 ------67,084 49,572 0.10 0.10 HBL Investment Fund Class-B 10,108,128 - - 10,108,128 ------Power generation & distribution Close - end mutual fund Kohinoor Energy Limited 465,867 - - - 465,867 16,771 16,296 0.03 0.03 0.27 HBL Growth Fund Class-A 37,442 - - - 37,442 387 281 0.00 0.00 0.00 16,771 16,296 0.03 0.03 387 281 0.00 0.00 Oil & gas marketing companies Modarabas Sui Northern Gas Pipelines Limited 47,432 - - 47,432 ------First AL-Noor Modarba 608,440 - - - 608,440 1,886 1,825 0.00 0.00 2.90 - - - - B.R.R. Guardian Modarba 1,809,274 - - 543,000 1,266,274 10,282 11,004 0.02 0.02 1.62 Cable & electric goods First Elite Capital Modarba 392,620 - - - 392,620 628 671 0.00 0.00 3.46 Siemens (Pakistan) Engineering Company Limited 34,713 - - - 34,713 21,021 19,503 0.04 0.04 0.42 First Fidelity Leasing Modarba 495,078 - - 50,000 445,078 1,914 1,562 0.00 0.00 1.69 21,021 19,503 0.04 0.04 First IBL Modarba 1,078,774 - - - 1,078,774 2,697 2,373 0.00 0.00 5.34 Transport KASB Modaraba 392,245 - - - 392,245 475 353 0.00 0.00 0.82 Pakistan International Airlines Corporation 202,650 - - - 202,650 914 865 0.00 0.00 0.01 Orix Modaraba 1,729,098 - - - 1,729,098 26,801 31,124 0.06 0.06 3.81 914 865 0.00 0.00 First U.D.L. Modaraba 574,887 - 57,488 - 632,375 3,587 4,420 0.01 0.01 2.18 Fertilizer 48,270 53,332 0.10 0.10 Dawood Hercules Corporation Limited 215,556 - - 215,556 ------Investment banks / investment companies - - - - Invest Capital Investment Bank Limited 1,338,138 - - - 1,338,138 1,097 1,071 0.00 0.00 0.47 Pharmaceuticals 1,097 1,071 0.00 0.00 NATIONALAbbot Laboatories INVESTMENT (Pakistan) Limited (UNIT)209 TRUST - - 209 ------Textile spining Highnoon Laboratories Limited 147 - - 147 ------D.S.Industries Limited 295,102 - - - 295,102 419 410 0.00 0.00 0.49 NOTES TO AND FORMING PART OF THE FINANCIAL STATEMENTS - - - - Din Textile Mills Limited 29,796 - 23,836 - 53,632 3,422 2,251 0.00 0.00 0.18 Maqbool Textile Mills Limited 245,873 - - - 245,873 10,019 10,324 0.02 0.02 1.46 FOR THELeather YEAR& tanneries ENDED 30 JUNE 2020 - 13,860 12,985 0.03 0.03 Service Industries Ltd 1,948,906 - 487,226 3,000 2,433,132 960,250 1,984,803 3.90 3.95 12.95 960,250 1,984,803 3.90 3.95 Foods & personal care products Nestle Pakistan Limited 2,556 - - - 2,556 17,041 17,215 0.03 0.03 Paid-up value 0.01 of Bonus / 17,041 17,215 Market 0.03value 0.03 shares held as a Carrying Market value Glass & ceramics Purchased Right shares Market value as a percentage of As at 01 July Sold during As at 30 June value / cost as a Ghani GlassName Limited of the Investee Company 3,295 during - the received - - 3,295 145 as at 30 June136 percentage 0.00 of 0.00 total paid-up 0.00 2019 the year 2020 as at 30 June percentage of year during the 145 2020136 total 0.00 0.00 capital of the 2020 net assets Miscellaneous year investments Investee Pakistan Services Limited 210,756 - - - 210,756 214,972 208,649 0.41 0.41 Company 0.65 Tri Pack Films Limited 71,372 - - - 71,372 4,736 6,501 0.01 0.01 0.18 ------(Number of shares)------Rupees219,708 in '000------215,150 0.42------%------0.42 DelistedTextile composite / unqouted companies FatehGul Ahmed Textile Textile Mills LimitedMills Limited 4,414,84858,125 - 882,969 - 150,000 - 5,147,81758,125 202,138 - 147,382 - 0.29 - 0.29 - 1.734.65 CallmateKohinoor TelipsMills Limited Telecom 271,72983 - - 7,000 - 264,72983 5,784 - 10,060 - 0.02 - 0.02 - 0.520.00 EnglishMehmood Leasing Textile Limited Mills Limited 707,261128,063 - 32,015 - - 707,261160,078 52,762 - 79,503 - 0.16 - 0.16 - 1.078.84 Sapphire HoldingFibers Limited Limited 571,112362,871 - 18,143 - - 571,112381,014 302,6715,711 305,1885,711 0.010.60 0.010.61 2.841.94 NationalSapphire Asset Textile Leasing Mills Limited Corporation 265,013571,112 - 45,689 - - 265,013616,801 823,515 - 503,421 - 0.99 - 1.00 - 3.072.78 Natover Lease & Refinance Limited 729,349 - - - 729,349 1,386,870 - 1,045,554 - 2.06 - 2.08 - 8.31 UnileverWollen Brothers Preference Limited 123 - - - 123 12 12 0.00 0.00 0.00 Bannu Woollen Mills Limited 431,637 - - - 431,637 14,6765,723 14,1155,723 0.030.01 0.030.01 4.54 14,676 14,115 0.03 0.03 TotalSynthetic as of & 30 rayon June 2020 2,773,817 3,436,601 Pakistan Synthetics Limited 2,057,783 - 1,028,891 - 3,086,674 67,084 49,572 0.10 0.10 5.51 67,084 49,572 0.10 0.10 Total as of 30 June 2019 3,169,868 2,949,871

Power generation & distribution 5.1.1 AllKohinoor shares Energy are Limited fully paid up ordinary shares465,867 of Rs. 10 - each. - - 465,867 16,771 16,296 0.03 0.03 0.27 16,771 16,296 0.03 0.03 5.2 EquityOil & gas shares marketing / companiesunits of mutual funds - financial assets at fair value through other comprehensive income Sui Northern Gas Pipelines Limited 47,432 - - 47,432 ------Paid-up value Bonus / - - - - of shares held Market value Market Right Merger/ Carrying as a Cable & electric goods Purchased Sold Market value as a value as a As at 01 July shares Demerger As at 30 June cost as at percentage of SiemensName (Pakistan) of the Investee Engineering Company Company Limited 34,713during the - - during - the 34,713 21,021 as19,503 at 30 June percentage 0.04 percentage 0.04 0.42 2019 received Adjust. 2020 30 June total paid-up year year 2020 of total of net during the Effects 21,0212020 19,503 0.04 0.04 capital of the investments assets Transport year Investee Pakistan International Airlines Corporation 202,650 - - - 202,650 914 865 0.00 0.00 Company 0.01 ------(Number of shares)------Rupees914 in '000------865 0.00------%------0.00 CloseFertilizer - end mutual fund HBL Growth Fund Class A 6,429,358 - - - - 6,429,358 20,507 48,220 0.09 0.10 2.27 HBLDawood Investment Hercules Fund Class Corporation A Limited 10,108,128215,556 - - - - - 215,556 - 10,108,128 - - 9,751 27,090- - 0.05 - 0.05 3.56 - Dominion Stock Fund Limited 157,629 - - - 157,629 ------3.15 InvestecPharmaceuticals Mutual Fund Limited 172,406 - - - 172,406 - - - - 1.72 30,258 75,310 0.14 0.15 ModarabasAbbot Laboatories (Pakistan) Limited 209 - - 209 ------B.R.RHighnoon Guardian Laboratories Modarba Limited 1,858,077 147 - - - - - 147 - 1,858,077 - - 2,397 16,147- - 0.03 - 0.03 2.15 - First Habib Modarba 1,269,570 - - - - 1,269,570 - 7,198 12,632- - 0.02 - 0.03 0.63 Orix Modaraba 1,948,462 - - - - 1,948,462 13,269 35,072 0.07 0.07 4.29 22,864 63,851 0.12 0.13 LeasingLeather companies & tanneries - OrixService Leasing Industries Pakistan Limited Ltd 281,2741,948,906 - - - 487,226 - 3,000 - 2,433,132281,274 960,2504,538 1,984,8036,540 3.90 0.01 3.95 0.01 12.95 0.17 Security Leasing Corporation Limited 69,526 - - - - 69,526 111 - - - 0.19 Saudi Pak Leasing Limited 347,752 - - - - 347,752 960,250 - 1,984,803205 3.90 0.00 3.95 0.00 0.77 Foods & personal care products 4,649 6,745 0.01 0.01 InvestmentNestle Pakistan banks / Limitedinvestment companies 2,556 - - - 2,556 17,041 17,215 0.03 0.03 0.01 Next Capital Limited 595,000 - - - - 595,000 3,959 4,451 0.01 0.01 1.32 First Capital Securities Corporation 3,844,059 - - - - 3,844,059 17,0416,963 17,2153,998 0.03 0.01 0.03 0.01 1.21 FirstGlass Dawood & ceramics Investment Bank limited 1,585,564 - - - - 1,585,564 1,205 2,315 0.00 0.00 1.07 InvestGhani Capital Glass Investment Limited Bank Limited 8,271,5543,295 ------3,2958,271,554 1451,654 1366,617 0.00 0.01 0.00 0.01 0.00 2.90 Jahangir Siddiqui and Company Limited 575,441 - - - - 575,441 2,905 6,790 0.01 0.01 0.06 Pakistan Stock Exchange Limited 1,086,000 275,000 - - - 1,361,000 14524,662 13613,474 0.00 0.03 0.00 0.03 0.17 SecurityMiscellaneous Investment Bank Limited 1,516,698 - - - 95,000 1,421,698 1,777 9,952 0.02 0.02 2.76 43,125 47,597 0.09 0.09 Pakistan Services Limited 210,756 - - - 210,756 214,972 208,649 0.41 0.41 0.65 Commercial banks AlliedTri PackBank LimitedFilms Limited 1,383,60471,372 ------153,500 71,3721,230,104 4,73677,992 6,50194,201 0.01 0.18 0.01 0.19 0.18 0.11 Askari Bank Limited 24,021,856 175,000 - - 250,000 23,946,856 219,708223,373 215,150328,311 0.42 0.64 0.42 0.65 1.90 Bank Alfalah Limited 1,239,949 - - - 325,000 914,949 34,714 30,715 0.06 0.06 0.05 BankDelisted Alhabib / Limitedunqouted companies 60,598,329 - - - 2,905,000 57,693,329 625,257 3,017,361 5.93 6.00 5.19 BankFateh Islami Textile Pakistan Mills Limited - 58,125 200,000 ------58,125200,000 - 2,649 - 1,512 - 0.00 - 0.00 4.65 0.02 BankCallmate Of Punjab Telips Limited Telecom 495,000 83 ------495,00083 - 6,053 - 4,158 - 0.01 - 0.01 0.00 0.02 Faysal Bank Limited 1,042,326 - - - - 1,042,326 4,465 14,520 0.03 0.03 0.07 HabibEnglish Bank Leasing Limited Limited 2,044,533707,261 297,700 - - - - 1,013,400 - 707,2611,328,833 215,081 - 128,724 - - 0.25 - 0.26 8.84 0.09 HabibSapphire Metropolitan Holding Bank Limited Limited 41,605,107571,112 - - - - - 2,379,500 - 571,11239,225,607 5,711596,355 1,090,8645,711 0.01 2.14 0.01 2.17 2.84 3.74 JSNational Bank Limited Asset Leasing Corporation 8,911,661265,013 ------265,0138,911,661 -18,788 47,677- - 0.09 - 0.09 2.78 0.69 MCB Bank Limited 1,325,735 25,000 - - 480,000 870,735 173,337 141,119 0.28 0.28 0.07 NationalNatover Bank Lease of Pakistan & Refinance Limited 363,078729,349 ------729,349363,078 -10,795 10,039- - 0.02 - 0.02 8.31 0.02 SambaUnilever Bank Brothers Limited Preference Limited 2,345,804 123 ------15,000 2,330,804123 125,994 18,20412 0.00 0.04 0.00 0.04 0.00 0.23 Silkbank Limited 20,880,417 - - - - 20,880,417 5,72328,397 5,72317,540 0.01 0.03 0.01 0.03 0.23 Summit Bank Limited 506,978 - - - - 506,978 1,060 608 0.00 0.00 0.02 Soneri Bank Limited 103,748,549 - - - 562,000 103,186,549 329,596 1,145,371 2.25 2.28 9.36 UnitedTotal Bank as ofLimited 30 June 2020 1,741,099 126,900 - - 1,041,900 826,0992,773,817137,564 3,436,60185,386 0.17 0.17 0.07 2,491,470 6,176,310 12.12 12.28 Insurance IGITotal Holdings as ofLimied 30 June 2019 62,556 - - - - 62,5563,169,8684,504 2,949,87111,320 0.02 0.02 0.04 4,504 11,320 0.02 0.02 Textile spining 5.1.1 AmtexAll sharesLimited are fully paid up ordinary shares363,523 of Rs. - 10 each. - - - 363,523 436 - - - 0.14 Asim Textile Mills Limited 832,300 - - - - 832,300 - 4,827 0.01 0.01 5.48 31 Babri Cotton Mills Limited 80,578 - - - - 80,578 392 4,405 0.01 0.01 2.21 Crescent Cotton Mills Limited 1,111,493 - - - - 1,111,493 5,637 44,126 0.09 0.09 4.91 Crescent Fibres Limited 852,681 - - - - 852,681 - 31,796 0.06 0.06 6.87 Colony Textile Mills Limited 1,069,498 - - - - 1,069,498 1,351 4,278 0.01 0.01 0.21 Chakwal Spinning Mills Limited 662,508 - - - - 662,508 - 1,087 0.00 0.00 0.54 Data Textile Limited 618,595 - - - - 618,595 - - - - 6.24 Din Textile Mills Limited 442,390 - 353,912 - - 796,302 18,711 33,429 0.07 0.07 1.52 Dewan Khalid Textile Mills Limited 224,486 - - - - 224,486 224 - - - 2.34 Dewan Mushtaq Textile Mills Limited 182,424 - - - - 182,424 365 - - - 1.58 D. M. Textile Mills Limited 269,614 - - - - 269,614 485 5,430 0.01 0.01 8.83 D.S. Industries Limited 44,780 - - - - 44,780 34 62 0.00 0.00 0.05 Dar E Salaam Textile Mills Limited 259,287 - - - - 259,287 570 2,563 0.01 0.01 3.24 Ellcot Spinning Mills Limited 704,380 - - - - 704,380 7,482 63,380 0.12 0.13 6.43 Fatima Enterprises Limited 628,671 - - - - 628,671 - - - - 4.42 Fazal Cloth Mills Limited 1,768,488 - - - - 1,768,488 13,415 247,146 0.49 0.49 5.89 Gadoon Textile Mills Limited 132,497 - - 26,750 - 159,247 1,231 25,401 0.05 0.05 0.57 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 628,396 - - - - 628,396 880 10,054 0.02 0.02 6.33 Indus Dyeing Manufacturing Company Limited 525,295 - - - - 525,295 5,509 304,671 0.60 0.61 2.91 J. A. Textile Mills Limited 127,361 - - - - 127,361 - 414 0.00 0.00 1.01 Agro Allianz Limitd 110,562 - - - - 110,562 - - - - 9.34 Kohinoor Spinning Mills Limited 500,827 - - - - 500,827 - 781 0.00 0.00 0.39 Khalid Siraj Textile Mills Limited 682,998 - - - - 682,998 - - - - 6.38 Land Mark Spinning Industries Limited 255,437 - - - 60,000 195,437 - 2,148 0.00 0.00 1.61 Maqbool Textile Mills Limited 1,420,216 - - - - 1,420,216 11,362 59,635 0.12 0.12 8.45 Premium Textile Mills Limited 615,623 - - - - 615,623 6,713 123,248 0.24 0.25 9.99 Reliance Cotton Spinning Mills Limited 465,638 - - - - 465,638 3,824 59,602 0.12 0.12 4.52 Ruby Textile Mills Limited 272,164 - - - - 272,164 - 1,364 0.00 0.00 0.52 Saif Textile Mills Limited 1,607,871 - - - - 1,607,871 3,971 23,266 0.05 0.05 6.09 Salfi Textile Mills Limited 104,645 - - - - 104,645 956 14,127 0.03 0.03 3.13 Salman Noman Enterpries Limited 240,399 - - - - 240,399 - - - - 5.38 Service Industries Textile Limited 162,908 - - - - 162,908 - 1,303 0.00 0.00 3.66 Shadab Textile Mills Limited 94,207 - 427,071 - - 521,278 10,677 11,734 0.02 0.02 3.14 Sajjad Textile Mills Limited 316,932 - - - 316,932 - - - - - 0.00 Sally Textile Mills Limited 348,279 - - - - 348,279 - 1,532 0.00 0.00 3.97 Sana Industries Limited 394,001 - - - 10,000 384,001 3,564 15,360 0.03 0.03 4.47 Saritow Spinning Mills Limited 1,309,435 - - - - 1,309,435 - 5,094 0.01 0.01 4.39 Sunrays Tetile Mills Limited 318,842 - - - - 318,842 2,741 106,592 0.21 0.21 4.62 Tata Textile Mills Limited 1,731,998 - - - - 1,731,998 14,619 53,692 0.11 0.11 10.00 115,149 1,262,547 2.51 2.54 Textile weaving Hakkim Textile Mills Limited 257,368 - - - - 257,368 - - - - 4.77 Sadoon Textile Mills Limited 985 - - - - 985 - - - - 0.03 Service Fabircs Limited 1,349,180 - - - - 1,349,180 - 4,155 0.01 0.01 8.56 Shahtaj Textile Mills Limited 475,726 - - - - 475,726 4,370 35,770 0.07 0.07 4.92 4,370 39,925 0.08 0.08 Textile composite Ahmed Hassan Textile Mills Limited 913,009 - - - - 913,009 10,966 40,629 0.08 0.08 6.34 Sarhad Textile Mills Limited 328,879 - - - - 328,879 - - - - 8.22 Crescent Textile Mills Limited 1,684,101 - - - - 1,684,101 18,879 35,063 0.07 0.07 2.11 Dawood Lawrencepur Limited 275,595 - - 241,950 - 517,545 6,004 82,222 0.16 0.16 0.87 Fateh Sports Wear Limited 45,300 - - - - 45,300 - - - - 2.27 Fateh Textile Mills Limited 35,925 - - - - 35,925 - - - - 2.87 Gul Ahmed Textile Mills Limited 2,959,495 - 591,899 - - 3,551,394 43,681 101,676 0.20 0.20 0.83 AN Textile Mills Limited 431,446 - - - - 431,446 893 4,897 0.01 0.01 4.47 Kaiser Arts And Krafts Mills Limited 36,944 - - - - 36,944 - - - - 0.43 Kohinoor Mills 2,814,830 - - - - 2,814,830 2,956 106,964 0.21 0.21 5.53 Kohinoor Textile Mills Limited 1,361,665 - - - - 1,361,665 8,686 48,353 0.09 0.10 0.45 5.2 Equity shares / units of mutual funds - financial assets at fair value through other comprehensive income

Paid-up value Bonus / of shares held Market value Market Right Merger/ Carrying as a Purchased Sold Market value as a value as a As at 01 July shares Demerger As at 30 June cost as at percentage of Name of the Investee Company during the during the as at 30 June percentage percentage 2019 received Adjust. 2020 30 June total paid-up year year 2020 of total of net during the Effects 2020 capital of the investments assets year Investee Company ------(Number of shares)------Rupees in '000------%------

Close - end mutual fund HBL Growth Fund Class A 6,429,358 - - - - 6,429,358 20,507 48,220 0.09 0.10 2.27 HBL Investment Fund Class A 10,108,128 - - - - 10,108,128 9,751 27,090 0.05 0.05 3.56 Dominion Stock Fund Limited 157,629 - - - 157,629 - - - - 3.15 Investec Mutual Fund Limited 172,406 - - - 172,406 - - - - 1.72 30,258 75,310 0.14 0.15 Modarabas B.R.R Guardian Modarba 1,858,077 - - - - 1,858,077 2,397 16,147 0.03 0.03 2.15 First Habib Modarba 1,269,570 - - - - 1,269,570 7,198 12,632 0.02 0.03 0.63 Orix Modaraba 1,948,462 - - - - 1,948,462 13,269 35,072 0.07 0.07 4.29 22,864 63,851 0.12 0.13 Leasing companies Orix Leasing Pakistan Limited 281,274 - - - - 281,274 4,538 6,540 0.01 0.01 0.17 Security Leasing Corporation Limited 69,526 - - - - 69,526 111 - - - 0.19 Saudi Pak Leasing Limited 347,752 - - - - 347,752 - 205 0.00 0.00 0.77 4,649 6,745 0.01 0.01 Investment banks / investment companies Next Capital Limited 595,000 - - - - 595,000 3,959 4,451 0.01 0.01 1.32 First Capital Securities Corporation 3,844,059 - - - - 3,844,059 6,963 3,998 0.01 0.01 1.21 First Dawood Investment Bank limited 1,585,564 - - - - 1,585,564 1,205 2,315 0.00 0.00 1.07 Invest Capital Investment Bank Limited 8,271,554 - - - - 8,271,554 1,654 6,617 0.01 0.01 2.90 Jahangir Siddiqui and Company Limited 575,441 - - - - 575,441 2,905 6,790 0.01 0.01 0.06 Pakistan Stock Exchange Limited 1,086,000 275,000 - - - 1,361,000 24,662 13,474 0.03 0.03 0.17 NATIONALSecurity Investment INVESTMENT Bank Limited (UNIT)1,516,698 TRUST - - - 95,000 1,421,698 1,777 9,952 0.02 0.02 2.76 43,125 47,597 0.09 0.09 Commercial banks NOTESAllied Bank TO Limited AND FORMING 1,383,604PART OF - THE - FINANCIAL - 153,500 1,230,104STATEMENTS77,992 94,201 0.18 0.19 0.11 Askari Bank Limited 24,021,856 175,000 - - 250,000 23,946,856 223,373 328,311 0.64 0.65 1.90 Bank Alfalah Limited 1,239,949 - - - 325,000 914,949 34,714 30,715 0.06 0.06 0.05 FOR THEBank Alhabib YEAR Limited ENDED 30 JUNE60,598,329 2020 - - - 2,905,000 57,693,329 625,257 3,017,361 5.93 6.00 5.19 Bank Islami Pakistan - 200,000 - - - 200,000 2,649 1,512 0.00 0.00 0.02 Bank Of Punjab Limited 495,000 - - - - 495,000 6,053 4,158 0.01 0.01 0.02 5.2 FaysalEquity Bank Limitedshares / units of mutual funds1,042,326 - financial - assets - at fair - value through - 1,042,326 other comprehensive4,465 14,520 income 0.03 0.03 0.07 Habib Bank Limited 2,044,533 297,700 - - 1,013,400 1,328,833 215,081 128,724 0.25 0.26 0.09 Habib Metropolitan Bank Limited 41,605,107 - - - 2,379,500 39,225,607 596,355 1,090,864 2.14 2.17 Paid-up value 3.74 JS Bank Limited 8,911,661 - Bonus - / - - 8,911,661 18,788 47,677 0.09 0.09 of shares 0.69held Market value Market MCB Bank Limited 1,325,735 25,000 Right - Merger/ - 480,000 870,735 Carrying173,337 141,119 0.28 0.28 as a 0.07 Purchased Sold Market value as a value as a National Bank of Pakistan As at363,078 01 July - shares - Demerger - - As at363,078 30 June cost10,795 as at 10,039 0.02 0.02 percentage 0.02 of Name of the Investee Company during the during the as at 30 June percentage percentage Samba Bank Limited 2,345,8042019 - received - Adjust. - 15,000 2,330,8042020 30 June5,994 18,204 0.04 0.04 total paid-up 0.23 year year 2020 of total of net Silkbank Limited 20,880,417 - during - the Effects - - 20,880,417 202028,397 17,540 0.03 0.03 capital of 0.23 the investments assets Summit Bank Limited 506,978 - year - - - 506,978 1,060 608 0.00 0.00 Investee 0.02 Soneri Bank Limited 103,748,549 - - - 562,000 103,186,549 329,596 1,145,371 2.25 2.28 Company 9.36 United Bank Limited ------(Number1,741,099 126,900 - of shares)------1,041,900 826,099 ------Rupees137,564 in '000------85,386 ------%------0.17 0.17 0.07 2,491,470 6,176,310 12.12 12.28 InsuranceClose - end mutual fund IGIHBL Holdings Growth LimiedFund Class A 6,429,35862,556 ------6,429,35862,556 20,5074,504 11,32048,220 0.02 0.09 0.020.10 0.042.27 HBL Investment Fund Class A 10,108,128 - - - - 10,108,128 4,5049,751 11,32027,090 0.02 0.05 0.020.05 3.56 TextileDominion spining Stock Fund Limited 157,629 - - - 157,629 - - - - 3.15 AmtexInvestec Limited Mutual Fund Limited 363,523172,406 ------363,523172,406 436 ------0.141.72 Asim Textile Mills Limited 832,300 - - - - 832,300 30,258 - 75,3104,827 0.01 0.14 0.010.15 5.48 BabriModarabas Cotton Mills Limited 80,578 - - - - 80,578 392 4,405 0.01 0.01 2.21 CrescentB.R.R Guardian Cotton ModarbaMills Limited 1,111,4931,858,077 ------1,111,4931,858,077 5,6372,397 44,12616,147 0.09 0.03 0.090.03 4.912.15 CrescentFirst Habib Fibres Modarba Limited 1,269,570852,681 ------1,269,570852,681 7,198 - 31,79612,632 0.06 0.02 0.060.03 6.870.63 ColonyOrix Modaraba Textile Mills Limited 1,069,4981,948,462 ------1,069,4981,948,462 13,2691,351 35,0724,278 0.01 0.07 0.010.07 0.214.29 Chakwal Spinning Mills Limited 662,508 - - - - 662,508 22,864 - 63,8511,087 0.00 0.12 0.000.13 0.54 DataLeasing Textile companies Limited 618,595 - - - - 618,595 - - - - 6.24 DinOrix Textile Leasing Mills Pakistan Limited Limited 442,390281,274 -- 353,912 - - - - - 796,302281,274 18,7114,538 33,4296,540 0.07 0.01 0.070.01 1.520.17 DewanSecurity Khalid Leasing Textile Corporation Mills Limited Limited 224,48669,526 ------224,48669,526 224111 ------2.340.19 DewanSaudi Pak Mushtaq Leasing Textile Limited Mills Limited 182,424347,752 ------182,424347,752 365 - 205- 0.00 - 0.00 - 1.580.77 D. M. Textile Mills Limited 269,614 - - - - 269,614 4,649485 5,4306,745 0.01 0.01 8.83 D.S.Investment Industries banks Limited / investment companies 44,780 - - - - 44,780 34 62 0.00 0.00 0.05 DarNext E Capital Salaam Limited Textile Mills Limited 259,287595,000 ------259,287595,000 3,959570 2,5634,451 0.01 0.01 3.241.32 EllcotFirst Capital Spinning Securities Mills Limited Corporation 3,844,059704,380 ------3,844,059704,380 7,4826,963 63,3803,998 0.12 0.01 0.130.01 6.431.21 FatimaFirst Dawood Enterprises Investment Limited Bank limited 1,585,564628,671 ------1,585,564628,671 1,205 - 2,315 - 0.00 - 0.00 - 4.421.07 FazalInvest Cloth Capital Mills Investment Limited Bank Limited 1,768,4888,271,554 ------1,768,4888,271,554 13,4151,654 247,1466,617 0.49 0.01 0.490.01 5.892.90 GadoonJahangir Textile Siddiqui Mills and Limited Company Limited 132,497575,441 -- - - 26,750 - - - 159,247575,441 1,2312,905 25,4016,790 0.05 0.01 0.050.01 0.570.06 GlobePakistan Textile Stock Mills Exchange Limited Limited 1,086,0002,472 275,000 ------1,361,0002,472 24,662 - 13,474 - 0.03 - 0.03 - 0.020.17 GulshanSecurity InvestmentSpinning Mills Bank Limited Limited 1,137,9741,516,698 ------95,000 - 1,137,9741,421,698 1,777 - 9,952 - 0.02 - 0.02 - 5.122.76 Gulistan Textile Mills Limited 734,617 - - - - 734,617 43,125 - 47,597 - 0.09 - 0.09 - 3.87 HajraCommercial Textile Mills banks Limited 518,063 - - - - 518,063 - - - - 3.77 IdealAllied Spinning Bank Limited Mills Limited 1,383,604628,396 ------153,500 - 1,230,104628,396 77,992880 10,05494,201 0.02 0.18 0.020.19 6.330.11 IndusAskari Dyeing Bank Limited Manufacturing Company Limited 24,021,856525,295 175,000 - - - - - 250,000 - 23,946,856525,295 223,3735,509 304,671328,311 0.60 0.64 0.610.65 2.911.90 J.Bank A. Textile Alfalah Mills Limited Limited 1,239,949127,361 ------325,000 - 127,361914,949 34,714 - 30,715414 0.00 0.06 0.000.06 1.010.05 AgroBank AllianzAlhabib Limitd Limited 60,598,329110,562 ------2,905,000 - 57,693,329110,562 625,257 - 3,017,361 - 5.93 - 6.00 - 9.345.19 KohinoorBank Islami Spinning Pakistan Mills Limited 500,827 - 200,000 ------500,827200,000 2,649 - 1,512781 0.00 0.00 0.390.02 KhalidBank Of Siraj Punjab Textile Limited Mills Limited 682,998495,000 ------682,998495,000 6,053 - 4,158 - 0.01 - 0.01 - 6.380.02 LandFaysal Mark Bank Spinning Limited Industries Limited 1,042,326255,437 ------60,000 - 1,042,326195,437 4,465 - 14,5202,148 0.00 0.03 0.000.03 1.610.07 MaqboolHabib Bank Textile Limited Mills Limited 1,420,2162,044,533 297,700 - - - - - 1,013,400 - 1,420,2161,328,833 215,08111,362 128,72459,635 0.12 0.25 0.120.26 8.450.09 PremiumHabib Metropolitan Textile Mills Bank Limited Limited 41,605,107615,623 ------2,379,500 - 39,225,607615,623 596,3556,713 1,090,864123,248 0.24 2.14 0.252.17 9.993.74 RelianceJS Bank CottonLimited Spinning Mills Limited 8,911,661465,638 ------8,911,661465,638 18,7883,824 59,60247,677 0.12 0.09 0.120.09 4.520.69 RubyMCB TextileBank Limited Mills Limited 1,325,735272,164 25,000 - - - - - 480,000 - 272,164870,735 173,337 - 141,1191,364 0.00 0.28 0.000.28 0.520.07 SaifNational Textile Bank Mills of Limited Pakistan 1,607,871363,078 ------1,607,871363,078 10,7953,971 23,26610,039 0.05 0.02 0.050.02 6.090.02 SalfiSamba Textile Bank Mills Limited Limited 2,345,804104,645 ------15,000 - 2,330,804104,645 5,994956 14,12718,204 0.03 0.04 0.030.04 3.130.23 SalmanSilkbank Noman Limited Enterpries Limited 20,880,417240,399 ------20,880,417240,399 28,397 - 17,540 - 0.03 - 0.03 - 5.380.23 ServiceSummit IndustriesBank Limited Textile Limited 162,908506,978 ------162,908506,978 1,060 - 1,303608 0.00 0.00 3.660.02 ShadabSoneri Bank Textile Limited Mills Limited 103,748,54994,207 -- 427,071 - - - 562,000 - 103,186,549521,278 329,59610,677 1,145,37111,734 0.02 2.25 0.022.28 3.149.36 SajjadUnited TextileBank Limited Mills Limited 1,741,099316,932 126,900 - - - - - 1,041,900316,932 826,099 - 137,564 - 85,386 - 0.17 - 0.17 - 0.000.07 Sally Textile Mills Limited 348,279 - - - - 348,279 2,491,470 - 6,176,3101,532 12.12 0.00 12.28 0.00 3.97 SanaInsurance Industries Limited 394,001 - - - 10,000 384,001 3,564 15,360 0.03 0.03 4.47 SaritowIGI Holdings Spinning Limied Mills Limited 1,309,43562,556 ------1,309,43562,556 4,504 - 11,3205,094 0.01 0.02 0.010.02 4.390.04 Sunrays Tetile Mills Limited 318,842 - - - - 318,842 2,7414,504 106,59211,320 0.21 0.02 0.210.02 4.62 TataTextile Textile spining Mills Limited 1,731,998 - - - - 1,731,998 14,619 53,692 0.11 0.11 10.00 Amtex Limited 363,523 - - - - 363,523 115,149436 1,262,547 - 2.51 - 2.54 - 0.14 TextileAsim Textile weaving Mills Limited 832,300 - - - - 832,300 - 4,827 0.01 0.01 5.48 HakkimBabri Cotton Textile Mills Mills Limited Limited 257,36880,578 ------257,36880,578 392 - 4,405 - 0.01 - 0.01 - 4.772.21 SadoonCrescent Textile Cotton Mills Mills Limited Limited 1,111,493985 ------1,111,493985 5,637 - 44,126 - 0.09 - 0.09 - 0.034.91 ServiceCrescent Fabircs Fibres Limited Limited 1,349,180852,681 ------1,349,180852,681 -- 31,7964,155 0.01 0.06 0.010.06 8.566.87 ShahtajColony TextileTextile MillsMills LimitedLimited 1,069,498475,726 ------1,069,498475,726 4,3701,351 35,7704,278 0.07 0.01 0.070.01 4.920.21 Chakwal Spinning Mills Limited 662,508 - - - - 662,508 4,370 - 39,9251,087 0.08 0.00 0.080.00 0.54 TextileData Textile composite Limited 618,595 - - - - 618,595 - - - - 6.24 AhmedDin Textile Hassan Mills TextileLimited Mills Limited 913,009442,390 -- 353,912 - - - - - 913,009796,302 10,96618,711 40,62933,429 0.08 0.07 0.080.07 6.341.52 Dewan Khalid Textile Mills Limited 224,486 - - - - 224,486 224 - - - 2.34 Sarhad Textile Mills Limited 328,879 - - - - 328,879 - - - - Paid-up value 8.22 Dewan Mushtaq Textile Mills Limited 182,424 - - - - 182,424 365 - - - 1.58 Crescent Textile Mills Limited 1,684,101 - Bonus - / - - 1,684,101 18,879 35,063 0.07 0.07 of shares held2.11 D. M. Textile Mills Limited 269,614 - - - - 269,614 485 5,430 Market value 0.01 Market 0.01 8.83 Dawood Lawrencepur Limited 275,595 - Right - Merger/241,950 - 517,545 Carrying6,004 82,222 0.16 0.16 as a 0.87 D.S. Industries Limited 44,780 Purchased - - - Sold - 44,780 34 Market value62 as a 0.00 value as 0.00 a 0.05 Fateh Sports Wear Limited As at 0145,300 July - shares - Demerger - - As at 3045,300 June cost as - at - - - percentage 2.27 of FatehDar E TextileSalaamName Mills Textile of Limited the Mills Investee Limited Company 259,28735,925 during the ------during -the - 259,28735,925 570 - as at 30 2,563 June - percentage 0.01 - percentage 0.01 - 2.873.24 2019 received Adjust. 2020 30 June total paid-up GulEllcot Ahmed Spinning Textile Mills Mills Limited Limited 2,959,495704,380 year -- 591,899 - - - year - - 3,551,394704,380 43,6817,482 2020101,67663,380 of total 0.20 0.12 of net 0.200.13 0.836.43 during the Effects 2020 capital of the ANFatima Textile Enterprises Mills Limited Limited 431,446628,671 ------431,446628,671 893 - 4,897 - investments 0.01 - assets 0.01 - 4.474.42 year Investee KaiserFazal Cloth Arts And Mills Krafts Limited Mills Limited 1,768,48836,944 ------1,768,48836,944 13,415 - 247,146 - 0.49 - 0.49 - 0.435.89 Company KohinoorGadoon Textile Mills Mills Limited 2,814,830132,497 -- - - 26,750 - - - 2,814,830159,247 2,9561,231 106,96425,401 0.21 0.05 0.210.05 5.530.57 ------(Number of shares)------Rupees in '000------%------KohinoorGlobe Textile Textile Mills Mills Limited Limited 1,361,6652,472 ------1,361,6652,472 8,686 - 48,353 - 0.09 - 0.10 - 0.450.02 Gulshan Spinning Mills Limited 1,137,974 - - - - 1,137,974 - - - - 5.12 Muhammad Farooq Textile Mills Limited 515,277 - - - - 515,277 - - - - 2.73 Gulistan Textile Mills Limited 734,617 - - - - 734,617 - - - - 3.87 Masood Textile Mills Limited 2,214,169 - - - - 2,214,169 70,918 132,850 0.26 0.26 3.28 Hajra Textile Mills Limited 518,063 - - - - 518,063 - - - - 3.77 Mian Textile Mills Limited 605,578 - - - - 605,578 182 4,263 0.01 0.01 2.74 Ideal Spinning Mills Limited 628,396 - - - - 628,396 880 10,054 0.02 0.02 6.33 Nishat Chunian Limited 5,521,868 - - - 150,000 5,371,868 76,214 174,317 0.34 0.35 2.24 Indus Dyeing Manufacturing Company Limited 525,295 - - - - 525,295 5,509 304,671 0.60 0.61 2.91 Nishat Mills Limited 4,309,899 55,000 - - 585,000 3,779,899 210,979 294,870 0.58 0.59 1.08 J. A. Textile Mills Limited 127,361 - - - - 127,361 - 414 0.00 0.00 1.01 Paramount Spinning Mills Limited 1,803,686 - - - - 1,803,686 - - - - 10.39 Agro Allianz Limitd 110,562 - - - - 110,562 - - - - 9.34 Reliance Weaving Mills Limited 592,645 - - - - 592,645 2,074 13,631 0.03 0.03 1.92 Kohinoor Spinning Mills Limited 500,827 - - - - 500,827 - 781 0.00 0.00 0.39 Sapphire Textile Mills Limited 352,976 - 28,238 - - 381,214 35,651 311,139 0.61 0.62 1.76 Khalid Siraj Textile Mills Limited 682,998 - - - - 682,998 - - - - 6.38 Schon Textiles Limited 258,610 - - - - 258,610 - - - - 2.16 Land Mark Spinning Industries Limited 255,437 - - - 60,000 195,437 - 2,148 0.00 0.00 1.61 Sapphire Fibers Limited 224,435 - 11,222 - - 235,657 19,863 188,759 0.37 0.38 1.14 Maqbool Textile Mills Limited 1,420,216 - - - - 1,420,216 11,362 59,635 0.12 0.12 8.45 Shams Textile Mills Limited 1,044,498 - - - - 1,044,498 5,954 36,557 0.07 0.07 12.09 Premium Textile Mills Limited 615,623 - - - - 615,623 6,713 123,248 0.24 0.25 9.99 Suraj Cotton Mills Limited 790,680 - - - - 790,680 6,324 130,454 0.26 0.26 2.16 Reliance Cotton Spinning Mills Limited 465,638 - - - - 465,638 3,824 59,602 0.12 0.12 4.52 Taj Textile Mills Limited 1,409,947 - - - - 1,409,947 - - - - 4.22 Ruby Textile Mills Limited 272,164 - - - - 272,164 - 1,364 0.00 0.00 0.52 Zahur Cotton Mills Limited 485,694 - - - - 485,694 - - - - 4.93 Saif Textile Mills Limited 1,607,871 - - - - 1,607,871 3,971 23,266 0.05 0.05 6.09 520,224 1,706,644 3.35 3.40 Salfi Textile Mills Limited 104,645 - - - - 104,645 956 14,127 0.03 0.03 3.13 Woollen Salman Noman Enterpries Limited 240,399 - - - - 240,399 - - - - 5.38 Bunny's Limited 115,477 - - - - 115,477 - - - - 0.22 Service Industries Textile Limited 162,908 - - - - 162,908 - 1,303 0.00 0.00 3.66 - - - - Shadab Textile Mills Limited 94,207 - 427,071 - - 521,278 10,677 11,734 0.02 0.02 3.14 Synthetic & rayon Sajjad Textile Mills Limited 316,932 - - - 316,932 - - - - - 0.00 32 Al-Abid Silk Mills Limited 1,113,687 - - - - 1,113,687 - - - - 8.31 Sally Textile Mills Limited 348,279 - - - - 348,279 - 1,532 0.00 0.00 3.97 Ibrahim Fibres Limited 1,202,030 - - - 571,500 630,530 17,050 37,832 0.07 0.08 0.20 Sana Industries Limited 394,001 - - - 10,000 384,001 3,564 15,360 0.03 0.03 4.47 Rupali Polyester Limited 584,500 - - - - 584,500 5,249 7,715 0.02 0.02 1.72 Saritow Spinning Mills Limited 1,309,435 - - - - 1,309,435 - 5,094 0.01 0.01 4.39 22,299 45,547 0.09 0.10 Sunrays Tetile Mills Limited 318,842 - - - - 318,842 2,741 106,592 0.21 0.21 4.62 Jute Tata Textile Mills Limited 1,731,998 - - - - 1,731,998 14,619 53,692 0.11 0.11 10.00 Crescent Jute Proudcts Limited 1,386,308 - - - - 1,386,308 - - - - 5.83 115,149 1,262,547 2.51 2.54 - - - - Textile weaving Sugar & allied industries Hakkim Textile Mills Limited 257,368 - - - - 257,368 - - - - 4.77 Al-Abbas Sugar Mills Limited 602,783 - - - - 602,783 5,718 158,285 0.31 0.31 3.47 Sadoon Textile Mills Limited 985 - - - - 985 - - - - 0.03 Al-Noor Sugar Mills Limited 1,898,887 - - - - 1,898,887 - 93,102 0.18 0.19 9.27 Service Fabircs Limited 1,349,180 - - - - 1,349,180 - 4,155 0.01 0.01 8.56 Chashma Sugar Mills Limited 776,227 - - - 121,000 655,227 2,129 46,521 0.09 0.09 2.28 Shahtaj Textile Mills Limited 475,726 - - - - 475,726 4,370 35,770 0.07 0.07 4.92 Dewan Sugar Mills Limited 1,366,432 - - - - 1,366,432 2,296 2,883 0.01 0.01 1.49 4,370 39,925 0.08 0.08 Faran Sugar Mills Limited 2,120,274 - - - - 2,120,274 25,309 83,751 0.16 0.17 8.48 HabibTextile Sugar composite Mills Limited 9,898,751 - - - 1,570,500 8,328,251 28,168 245,683 0.48 0.49 5.55 Ahmed Hassan Textile Mills Limited 913,009 - - - - 913,009 10,966 40,629 0.08 0.08 6.34 Jauharabad Sugar Mill Limited 1,028,582 - - - - 1,028,582 2,018 14,914 0.03 0.03 3.01 Sarhad Textile Mills Limited 328,879 - - - - 328,879 - - - - 8.22 Mirpurkhas Sugar Mills Limited 1,141,789 - 113,678 - 5,000 1,250,467 - 74,890 0.15 0.15 9.27 Crescent Textile Mills Limited 1,684,101 - - - - 1,684,101 18,879 35,063 0.07 0.07 2.11 Premier Sugar Mills And Distillery Company 9,825 - - - 9,825 ------Dawood Lawrencepur Limited 275,595 - - 241,950 - 517,545 6,004 82,222 0.16 0.16 0.87 Sanghar Sugar Mills Limited 1,043,116 - - - - 1,043,116 - 21,269 0.04 0.04 8.73 Fateh Sports Wear Limited 45,300 - - - - 45,300 - - - - 2.27 Shakarganj Limited 7,010,137 - - - 300,000 6,710,137 89,409 332,152 0.65 0.66 5.37 Fateh Textile Mills Limited 35,925 - - - - 35,925 - - - - 2.87 Shahtaj Sugar Mills Limited 801,695 - - - - 801,695 13,393 89,782 0.18 0.18 6.67 Gul Ahmed Textile Mills Limited 2,959,495 - 591,899 - - 3,551,394 43,681 101,676 0.20 0.20 0.83 AN Textile Mills Limited 431,446 - - - - 431,446 893 4,897 0.01 0.01 4.47 Kaiser Arts And Krafts Mills Limited 36,944 - - - - 36,944 - - - - 0.43 Kohinoor Mills 2,814,830 - - - - 2,814,830 2,956 106,964 0.21 0.21 5.53 Kohinoor Textile Mills Limited 1,361,665 - - - - 1,361,665 8,686 48,353 0.09 0.10 0.45 Paid-up value Bonus / of shares held Market value Market NATIONAL INVESTMENT (UNIT) TRUSTRight Merger/ Carrying as a Purchased Sold Market value as a value as a As at 01 July shares Demerger As at 30 June cost as at percentage of Name of the Investee Company during the during the as at 30 June percentage percentage 2019 received Adjust. 2020 30 June total paid-up year year 2020 of total of net NOTES TO AND FORMING PART OF THEduring the FINANCIALEffects STATEMENTS2020 capital of the investments assets year Investee FOR THE YEAR ENDED 30 JUNE 2020 Company ------(Number of shares)------Rupees in '000------%------

Muhammad Farooq Textile Mills Limited 515,277 - - - - 515,277 - - - - 2.73 5.2 MasoodEquity Textile shares Mills Limited / units of mutual funds2,214,169 - financial - assets - at fair -value through - 2,214,169 other comprehensive70,918 132,850 income 0.26 0.26 3.28 Mian Textile Mills Limited 605,578 - - - - 605,578 182 4,263 0.01 0.01 2.74 Paid-up value Nishat Chunian Limited 5,521,868 - - - 150,000 5,371,868 76,214 174,317 0.34 0.35 2.24 Bonus / of shares held Nishat Mills Limited 4,309,899 55,000 - - 585,000 3,779,899 210,979 294,870 Market value 0.58 Market 0.59 1.08 Right Merger/ Carrying as a Paramount Spinning Mills Limited 1,803,686 Purchased - - - Sold - 1,803,686 - Market value - as a - value as - a 10.39 As at 01 July shares Demerger As at 30 June cost as at percentage of Reliance WeavingName of Mills the LimitedInvestee Company 592,645 during the - - - during -the 592,645 2,074 as at 3013,631 June percentage 0.03 percentage 0.03 1.92 2019 received Adjust. 2020 30 June total paid-up Sapphire Textile Mills Limited 352,976 year - 28,238 - year - 381,214 35,651 2020311,139 of total 0.61 of net 0.62 1.76 during the Effects 2020 capital of the Schon Textiles Limited 258,610 - - - - 258,610 - - investments - assets - 2.16 Sapphire Fibers Limited 224,435 - year11,222 - - 235,657 19,863 188,759 0.37 0.38 Investee 1.14 Shams Textile Mills Limited 1,044,498 - - - - 1,044,498 5,954 36,557 0.07 0.07 Company 12.09 Suraj Cotton Mills Limited ------(Number790,680 - - of shares)------790,680 ------Rupees6,324 in '000------130,454 ------%------0.26 0.26 2.16 Taj Textile Mills Limited 1,409,947 - - - - 1,409,947 - - - - 4.22 Close - end mutual fund Zahur Cotton Mills Limited 485,694 - - - - 485,694 - - - - 4.93 HBL Growth Fund Class A 6,429,358 - - - - 6,429,358 20,507 48,220 0.09 0.10 2.27 520,224 1,706,644 3.35 3.40 HBL Investment Fund Class A 10,108,128 - - - - 10,108,128 9,751 27,090 0.05 0.05 3.56 DominionWoollen Stock Fund Limited 157,629 - - - 157,629 - - - - 3.15 Bunny's Limited 115,477 - - - - 115,477 - - - - 0.22 Investec Mutual Fund Limited 172,406 - - - 172,406 - - - - 1.72 - - - - 30,258 75,310 0.14 0.15 Synthetic & rayon Modarabas Al-Abid Silk Mills Limited 1,113,687 - - - - 1,113,687 - - - - 8.31 B.R.R Guardian Modarba 1,858,077 - - - - 1,858,077 2,397 16,147 0.03 0.03 2.15 Ibrahim Fibres Limited 1,202,030 - - - 571,500 630,530 17,050 37,832 0.07 0.08 0.20 First Habib Modarba 1,269,570 - - - - 1,269,570 7,198 12,632 0.02 0.03 0.63 Rupali Polyester Limited 584,500 - - - - 584,500 5,249 7,715 0.02 0.02 1.72 Orix Modaraba 1,948,462 - - - - 1,948,462 13,269 35,072 0.07 0.07 4.29 22,299 45,547 0.09 0.10 22,864 63,851 0.12 0.13 Jute Leasing companies Crescent Jute Proudcts Limited 1,386,308 - - - - 1,386,308 - - - - 5.83 Orix Leasing Pakistan Limited 281,274 - - - - 281,274 4,538 6,540 0.01 0.01 0.17 - - - - Security Leasing Corporation Limited 69,526 - - - - 69,526 111 - - - 0.19 SaudiSugar Pak & allied Leasing industries Limited 347,752 - - - - 347,752 - 205 0.00 0.00 0.77 Al-Abbas Sugar Mills Limited 602,783 - - - - 602,783 5,718 158,285 0.31 0.31 3.47 4,649 6,745 0.01 0.01 Al-Noor Sugar Mills Limited 1,898,887 - - - - 1,898,887 - 93,102 0.18 0.19 9.27 Investment banks / investment companies Chashma Sugar Mills Limited 776,227 - - - 121,000 655,227 2,129 46,521 0.09 0.09 2.28 Next Capital Limited 595,000 - - - - 595,000 3,959 4,451 0.01 0.01 Paid-up value 1.32 Dewan Sugar Mills Limited 1,366,432 - - - - 1,366,432 2,296 2,883 0.01 0.01 1.49 First Capital Securities Corporation 3,844,059 - Bonus - / - - 3,844,059 6,963 3,998 0.01 0.01 of shares held1.21 Faran Sugar Mills Limited 2,120,274 - - - - 2,120,274 25,309 83,751 Market value 0.16 Market 0.17 8.48 First Dawood Investment Bank limited 1,585,564 - Right - Merger/ - - 1,585,564 Carrying1,205 2,315 0.00 0.00 as a 1.07 Habib Sugar Mills Limited 9,898,751 Purchased - - - 1,570,500Sold 8,328,251 28,168 Market245,683 value as a 0.48 value as 0.49 a 5.55 Invest Capital Investment Bank Limited As at8,271,554 01 July - shares - Demerger - - As at8,271,554 30 June cost 1,654as at 6,617 0.01 0.01 percentage 2.90 of JauharabadName Sugar of Millthe Limited Investee Company 1,028,582 during the - - - during -the 1,028,582 2,018 as at 3014,914 June percentage 0.03 percentage 0.03 3.01 Jahangir Siddiqui and Company Limited 2019575,441 - received - Adjust. - - 2020575,441 30 June2,905 6,790 0.01 0.01 total paid-up 0.06 Mirpurkhas Sugar Mills Limited 1,141,789 year - 113,678 - year5,000 1,250,467 - 202074,890 of total 0.15 of net 0.15 9.27 Pakistan Stock Exchange Limited 1,086,000 275,000 during the- Effects - - 1,361,000 202024,662 13,474 0.03 0.03 capital of 0.17the Premier Sugar Mills And Distillery Company 9,825 - - - 9,825 - - - investments - assets - - Security Investment Bank Limited 1,516,698 - year - - 95,000 1,421,698 1,777 9,952 0.02 0.02 Investee 2.76 Sanghar Sugar Mills Limited 1,043,116 - - - - 1,043,116 - 21,269 0.04 0.04 8.73 43,125 47,597 0.09 0.09 Company Shakarganj Limited 7,010,137 - - - 300,000 6,710,137 89,409 332,152 0.65 0.66 5.37 Commercial banks ------(Number of shares)------Rupees in '000------%------Shahtaj Sugar Mills Limited 801,695 - - - - 801,695 13,393 89,782 0.18 0.18 6.67 Allied Bank Limited 1,383,604 - - - 153,500 1,230,104 77,992 94,201 0.18 0.19 0.11 ShahmuradAskari Bank SugarLimited Mills Limited 24,021,8561,372,210 175,000 - - - 250,000 - 23,946,8561,372,210 223,373 - 130,813328,311 0.260.64 0.260.65 6.501.90 SakrandBank Alfalah Sugar Limited Mills Limited 1,239,949681,400 - - - 325,000 - 681,400914,949 34,7143,407 30,7156,439 0.010.06 0.010.06 1.530.05 Bank Alhabib Limited 60,598,329 - - - 2,905,000 57,693,329 171,847625,257 1,300,4843,017,361 2.555.93 2.596.00 5.19 CementBank Islami Pakistan - 200,000 - - - 200,000 2,649 1,512 0.00 0.00 0.02 AttockBank Of Cement Punjab Pakistan Limited Limited 495,00074,347 - - - - 495,00074,347 2,2746,053 9,2664,158 0.020.01 0.020.01 0.050.02 BestwayFaysal Bank Cement Limited Limited 1,042,326944,715 - - - - 1,042,326944,715 14,6294,465 102,71914,520 0.200.03 0.200.03 0.160.07 CheratHabib Bank Cement Limited Company Limited 7,373,3582,044,533 297,700 - 737,335 - - 1,013,400665,000 7,445,6931,328,833 107,901215,081 649,041128,724 1.270.25 1.290.26 3.830.09 D.Habib G. Khan Metropolitan Cement Bank Company Limited Limited 41,605,1072,030,181 165,000 - - - 2,379,500175,000 39,225,6072,020,181 174,476596,355 1,090,864172,382 0.342.14 0.342.17 0.463.74 FaujiJS Bank Cement Limited Company Limited 3,791,8678,911,661 - - - - 3,791,8678,911,661 86,18518,788 64,00747,677 0.130.09 0.130.09 0.270.69 FectoMCB BankCement Limited Limited 1,127,2551,325,735 25,000 - - - 480,000 - 1,127,255870,735 173,3374,396 141,11923,469 0.050.28 0.050.28 2.250.07 KohatNational Cement Bank ofCompany Pakistan Limited 105,950363,078 - - - - 105,950363,078 10,7956,431 14,56310,039 0.030.02 0.030.02 0.050.02 LuckySamba Cement Bank Limited Limited 1,580,0752,345,804 20,000 - - - 360,10015,000 1,239,9752,330,804 290,1075,994 572,34818,204 1.120.04 1.140.04 0.380.23 MapleSilkbank Leaf Limited Cement Factory Limited 20,880,417269,714 50,000 - 229,256 - - - 20,880,417548,970 28,3976,601 14,26217,540 0.03 0.03 0.050.23 PioneerSummit CementBank Limited Limited 773,944506,978 - - - - 773,944506,978 18,9951,060 48,789608 0.100.00 0.100.00 0.340.02 ThattaSoneri CementBank Limited Limited 103,748,5491,368,580 - - - 562,000 - 103,186,5491,368,580 329,59624,505 1,145,37111,688 0.022.25 0.022.28 1.379.36 ZealUnited Pak Bank Cement Limited Factory Limited 1,741,099486,248 126,900 - - - 1,041,900 - 486,248826,099 137,564 - 85,386 - 0.17 - 0.17 - 0.110.07 2,491,470736,500 1,682,5346,176,310 12.12 3.31 12.28 3.35 TobaccoInsurance PakistanIGI Holdings Tobacco Limied Company Limited 1,765,84362,556 - - - 6,340 - 1,759,50362,556 87,9344,504 2,760,60711,320 5.420.02 5.490.02 0.690.04 87,9344,504 2,760,60711,320 5.420.02 5.490.02 RefineryTextile spining AttockAmtex RefineryLimited Limited 770,071363,523 - - - 225,000 - 545,071363,523 41,598436 48,686 - 0.10 - 0.10 - 0.510.14 NationalAsim Textile Refinery Mills Limited 1,067,301832,300 - - - 140,000 - 927,301832,300 140,135 - 99,4814,827 0.200.01 0.200.01 1.165.48 PakistanBabri Cotton Refinery Mills Limited 5,605,54480,578 - - - - 5,605,54480,578 85,294392 63,9594,405 0.130.01 0.130.01 1.782.21 PakistanCrescent RefineryCotton Mills Limited Limited - Right 1,111,493 - - 5,605,544 - - - 5,605,5441,111,493 5,637 - 44,126953 0.000.09 0.000.09 1.784.91 Crescent Fibres Limited 852,681 - - - - 852,681 267,027 - 213,07931,796 0.430.06 0.430.06 6.87 PowerColony generationTextile Mills Limited& distribution 1,069,498 - - - - 1,069,498 1,351 4,278 0.01 0.01 0.21 TheChakwal Hub SpinningPower Company Mills Limited Limited 5,304,392662,508 212,500 - - - 700,000 - 4,816,892662,508 135,424 - 349,2251,087 0.690.00 0.690.00 0.370.54 KotData Addu Textile Power Limited Company Limited 187,832618,595 - - - - 187,832618,595 5,928 - 3,785 - 0.01 - 0.01 - 0.026.24 K-ElectricDin Textile Limited Mills Limited 4,673,775442,390 - 353,912 - - - 4,673,775796,302 18,7117,478 14,06833,429 0.030.07 0.030.07 0.021.52 KohinoorDewan Khalid Energy Textile Limited Mills Limited 410,390224,486 - - - - 410,390224,486 6,472224 14,355 - 0.03 - 0.03 - 0.242.34 LalpirDewan Power Mushtaq Limited Textile Mills Limited 133,055182,424 - - - 133,055 - 182,424 - 365 - - - - 1.58 - SitaraD. M. TextileEnergy Mills Limited Limited 256,117269,614 - - - - 256,117269,614 4,226485 5,5325,430 0.01 0.01 1.348.83 D.S. Industries Limited 44,780 - - - - 44,780 159,52834 386,96562 0.770.00 0.770.00 0.05 OilDar & E gasSalaam marketing Textile Millscompanies Limited 259,287 - - - - 259,287 - 570 2,563 0.01 0.01 3.24 AttockEllcot Spinning Petroleum Mills Limited Limited 704,38060,274 - - - - 704,38060,274 13,5697,482 18,39663,380 0.040.12 0.040.13 0.066.43 BurshaneFatima Enterprises LPG Pakistan Limited Limited 1,336,033628,671 - - - - 1,336,033628,671 31,379 - 33,401 - 0.07 - 0.07 - 5.904.42 PakistanFazal Cloth State Mills Oil Limited Company Limited 29,093,4011,768,488 - 5,818,680 - - - 34,912,0811,768,488 1,377,18713,415 5,521,695247,146 10.84 0.49 10.98 0.49 7.445.89 ShellGadoon Pakistan Textile Limited Mills Limited 132,49725 - - 26,750 - - 159,24725 1,231 - 25,4015 0.000.05 0.000.05 0.000.57 SuiGlobe Northern Textile GasMills PipelinesLimited Limited 20,970,2122,472 185,000 - - - 152,568 - 21,002,6442,472 274,259 - 1,146,744 - 2.25 - 2.28 - 3.310.02 SuiGulshan Southern Spinning Gas CompanyMills Limited Limited 8,249,8231,137,974 - - - - 8,249,8231,137,974 106,577 - 110,053 - 0.22 - 0.22 - 0.945.12 Gulistan Textile Mills Limited 734,617 - - - - 734,617 1,802,971 - 6,830,294 - 13.42 - 13.59 - 3.87 OilHajra & gasTextile exploration Mills Limited companies 518,063 - - - - 518,063 - - - - 3.77 MariIdeal PetroleumSpinning Mills Company Limited Limited 2,695,574628,396 - 251,877 - - 231,780 - 2,715,671628,396 90,533880 3,358,33510,054 6.600.02 6.680.02 2.046.33 OilIndus And Dyeing Gas Development Manufacturing Company Company Limited Limited 2,445,143525,295 167,500 - - - 555,100 - 2,057,543525,295 299,4745,509 224,272304,671 0.440.60 0.450.61 0.052.91 PakistanJ. A. Textile Oilfields Mills LimitedLimited 854,766127,361 49,100 - - - 255,000 - 648,866127,361 200,311 - 227,512414 0.450.00 0.450.00 0.231.01 PakistanAgro Allianz Petroleum Limitd Limited 2,031,265110,562 117,500 - 321,253 - - 568,500 - 1,901,518110,562 213,803 - 165,014 - 0.32 - 0.33 - 0.079.34 Kohinoor Spinning Mills Limited 500,827 - - - - 500,827 804,121 - 3,975,133781 7.810.00 7.910.00 0.39 EngineeringKhalid Siraj Textile Mills Limited 682,998 - - - - 682,998 - - - - 6.38 AishaLand MarkSteel SpinningMills Limited Industries Limited 172,388255,437 - - - 60,000 - 172,388195,437 1,219 - 1,5882,148 0.00 0.00 0.021.61 AmreliMaqbool Steel Textile Limited Mills Limited 1,420,21650,500 - - - - 1,420,21650,500 11,3622,576 59,6351,648 0.000.12 0.000.12 0.028.45 AishaPremium Steel Textile Mills MillsLimited-Preference Limited Share 121,208615,623 - - - - 121,208615,623 6,713 - 123,2482,483 0.000.24 0.000.25 0.279.99 BolanReliance Castings Cotton Limited Spinning Mills Limited 488,276465,638 - - - - 488,276465,638 4,8303,824 23,55059,602 0.050.12 0.050.12 4.264.52 CrescentRuby Textile Steel Mills and Limited Allied Proudcts Limited 1,912,236272,164 - - - 106,500 - 1,805,736272,164 48,426 - 82,1611,364 0.160.00 0.160.00 2.330.52 HuffazSaif Textile Seamless Mills Limited Pipe Industries Limited 1,311,8961,607,871 - - - - 1,311,8961,607,871 6,5073,971 23,266 - 0.05 - 0.05 - 2.366.09 InternationalSalfi Textile Mills Industries Limited Limited 6,941,033104,645 - 694,103 - - 1,638,000 - 5,997,136104,645 156,702956 550,11714,127 1.080.03 1.090.03 4.553.13 InternationalSalman Noman Steels Enterpries Limited Limited 1,653,000240,399 - - - 600,000 - 1,053,000240,399 38,029 - 54,387 - 0.11 - 0.11 - 0.245.38 KSBService Pumps Industries Company Textile Limited Limited 1,131,259162,908 - - - - 1,131,259162,908 23,912 - 162,9131,303 0.320.00 0.320.00 8.573.66 QualityShadab Steel Textile Works Mills Limited 94,2072,922 - 427,071 - - - 521,2782,922 10,677 - 11,734 - 0.02 - 0.02 - 0.163.14 Sajjad Textile Mills Limited 316,932 - - - 316,932 - 282,201 - 878,847 - 1.73 - 1.74 - 0.00 33 AutomobileSally Textile Mills assembler Limited 348,279 - - - - 348,279 - 1,532 0.00 0.00 3.97 AtlasSana HondaIndustries Limited Limited 321,079394,001 - - - 10,000 311,079384,001 3,564602 119,45415,360 0.230.03 0.240.03 0.254.47 GhandharaSaritow Spinning Industries Mills Limited 1,309,435234,554 - - - - 1,309,435234,554 762 - 28,3815,094 0.060.01 0.060.01 0.554.39 GhandaraSunrays Tetile Nissan Mills Limited Limited 1,526,582318,842 - - - - 1,526,582318,842 35,0542,741 106,59295,793 0.190.21 0.190.21 2.684.62 HondaTata Textile Atlas Mills Cars Limited (Pakistan) Limited 2,099,7891,731,998 - - - 307,400 - 1,792,3891,731,998 19,78614,619 347,15053,692 0.680.11 0.690.11 10.00 1.26 Hinopak Motors Limited 436,242 - - - - 436,242 115,14930,559 1,262,547162,718 0.322.51 0.322.54 3.52 IndusTextile Motor weaving Company Limited 366,346 - - - 128,560 237,786 34,867 236,595 0.46 0.47 0.30 MillatHakkim Tractors Textile Limited Mills Limited 511,029257,368 - 63,522 - - 2,850 - 571,701257,368 109,047 - 403,712 - 0.79 - 0.80 - 1.154.77 PakSadoon Suzuki Textile Motor Mills Company Limited Limited 1,047,140985 150,000 - - - 273,200 - 923,940985 89,054 - 149,521 - 0.29 - 0.30 - 1.120.03 Service Fabircs Limited 1,349,180 - - - - 1,349,180 319,731 - 1,543,3244,155 3.020.01 3.070.01 8.56 AutomobileShahtaj Textile parts Mills & Limited accessories 475,726 - - - - 475,726 4,370 35,770 0.07 0.07 4.92 Agriauto Industries Limited 1,094,020 - - - 25,000 1,069,020 14,3714,370 194,56239,925 0.380.08 0.390.08 3.71 BaluchistanTextile composite Wheels Limited 1,328,360 - - - - 1,328,360 34,697 80,671 0.16 0.16 9.96 ThalAhmed Limited Hassan Textile Mills Limited 2,398,908913,009 - - - 251,000 - 2,147,908913,009 91,61910,966 697,94140,629 1.370.08 1.390.08 2.656.34 ExideSarhad Pakistan Textile MillsLimited Limited 510,724328,879 - - - - 510,724328,879 32,714 - 137,947 - 0.27 - 0.27 - 6.578.22 GeneralCrescent Tyre Textile And Mills Rubber Limited Company 4,848,8491,684,101 - 969,769 - - - 5,818,6181,684,101 57,43618,879 346,20835,063 0.680.07 0.690.07 4.772.11 Dawood Lawrencepur Limited 275,595 - - 241,950 - 517,545 230,8376,004 1,457,32982,222 2.860.16 2.900.16 0.87 CableFateh Sports& electric Wear goods Limited 45,300 - - - - 45,300 - - - - 2.27 JohnsonFateh Textile And MillsPhillips Limited (Pakistan) Limited 493,82435,925 - - - 477,037 - 16,78735,925 - 651 - 0.00 - 0.00 - 0.312.87 PakGul AhmedElektron Textile Limited Mills Limited 2,929,5522,959,495 75,000 - 591,899 - - - 3,004,5523,551,394 102,21143,681 101,67668,894 0.140.20 0.140.20 0.600.83 PakistanAN Textile Cables Mills Limited Limited 2,133,533431,446 - - - - 2,133,533431,446 82,710893 228,0534,897 0.450.01 0.450.01 6.004.47 SiemensKaiser Arts (Pakistan) And Krafts Engineering Mills Limited 983,65836,944 - - - - 983,65836,944 598,221 - 552,649 - 1.09 - 1.10 - 11.93 0.43 WavesKohinoor Singer Mills Pakistan Limited 2,814,8309 - - 1 - - 2,814,83010 2,956 - 106,964 - 0.21 - 0.21 - 0.005.53 Kohinoor Textile Mills Limited 1,361,665 - - - - 1,361,665 783,1428,686 850,24748,353 1.680.09 1.690.10 0.45 Transport Pakistan National Shipping Corporation 432,564 - - - - 432,564 4,442 32,685 0.06 0.06 0.33 4,442 32,685 0.06 0.06 Technology & communication Pak Datacom Limited 178,898 - - - - 178,898 2,538 8,703 0.02 0.02 1.83 Pakistan Telecommunication Company Limited 2,439,884 - - - - 2,439,884 26,587 21,666 0.04 0.04 0.06 29,125 30,369 0.06 0.06 Fertilizer Dawood Hercules Corporation Limited 952,940 - - - 235,044 717,896 21,871 91,833 0.18 0.18 0.15 Engro Fertilizer Limited 913,827 - - - 250,000 663,827 37,581 40,015 0.08 0.08 0.05 Engro Corporation Limited 549,525 132,800 - - 110,200 572,125 146,558 167,587 0.33 0.33 0.10 Fatima Fertilizer Company 695,562 - - - 431,000 264,562 2,683 7,072 0.01 0.01 0.01 Fauji Fertilizer Bin Qasim Limited 784,435 - - - - 784,435 24,118 12,520 0.02 0.02 0.08 Fauji Fertilizer Company Limited 25,197,055 50,000 - - 5,002,400 20,244,655 519,714 2,226,710 4.37 4.43 1.59 752,525 2,545,737 4.99 5.05 Pharmaceuticals Abbot Laboatories (Pakistan) Limited 2,594,429 - - - 35,491 2,558,938 206,137 1,696,576 3.33 3.37 2.61 AGP Limited 81,000 - - - 35,000 46,000 3,680 5,048 0.01 0.01 0.02 Ferozsons Laboratories Limited 1,697,375 - - - 57,500 1,639,875 42,028 492,668 0.97 0.98 5.43 Glaxosmithkline Pakistan Limited 8,585,456 - - - 699,500 7,885,956 408,879 1,372,787 2.70 2.73 2.48 Glaxosmithline Consumer Health Pakistan Limited 2,602,707 - - - 230,600 2,372,107 1,394 644,454 1.27 1.28 2.03 Highnoon Laboratories Limited 586,876 - 50,922 - 77,653 560,145 6,723 280,789 0.55 0.56 1.62 Sanofi-Aventis Limited 228,461 - - - - 228,461 20,965 191,565 0.38 0.38 2.37 The Searle Company Limited 4,899,418 - - - 115,000 4,784,418 124,121 953,200 1.87 1.90 2.25 Wyeth Pakistan Limited 111,574 - - - - 111,574 43,913 97,627 0.19 0.19 7.85 857,840 5,734,714 11.27 11.40 Chemical Agritech Limited 2,511,167 - - - - 2,511,167 11,627 11,752 0.02 0.02 0.64 Arif Habib Corporation Limited 724,292 - - - - 724,292 14,899 21,729 0.04 0.04 0.18 Paid-up value Bonus / of shares held Market value Market Right Merger/ Carrying as a Purchased Sold Market value as a value as a As at 01 July shares Demerger As at 30 June cost as at percentage of Name of the Investee Company during the during the as at 30 June percentage percentage 2019 received Adjust. 2020 30 June total paid-up year year 2020 of total of net during the Effects 2020 capital of the investments assets year Investee Company ------(Number of shares)------Rupees in '000------%------

Shahmurad Sugar Mills Limited 1,372,210 - - - - 1,372,210 - 130,813 0.26 0.26 6.50 Sakrand Sugar Mills Limited 681,400 - - - - 681,400 3,407 6,439 0.01 0.01 1.53 171,847 1,300,484 2.55 2.59 Cement Attock Cement Pakistan Limited 74,347 - - - - 74,347 2,274 9,266 0.02 0.02 0.05 Bestway Cement Limited 944,715 - - - - 944,715 14,629 102,719 0.20 0.20 0.16 Cherat Cement Company Limited 7,373,358 - 737,335 - 665,000 7,445,693 107,901 649,041 1.27 1.29 3.83 D. G. Khan Cement Company Limited 2,030,181 165,000 - - 175,000 2,020,181 174,476 172,382 0.34 0.34 0.46 Fauji Cement Company Limited 3,791,867 - - - - 3,791,867 86,185 64,007 0.13 0.13 0.27 Fecto Cement Limited 1,127,255 - - - - 1,127,255 4,396 23,469 0.05 0.05 2.25 Kohat Cement Company Limited 105,950 - - - - 105,950 6,431 14,563 0.03 0.03 0.05 Lucky Cement Limited 1,580,075 20,000 - - 360,100 1,239,975 290,107 572,348 1.12 1.14 0.38 Maple Leaf Cement Factory Limited 269,714 50,000 229,256 - - 548,970 6,601 14,262 0.03 0.03 0.05 Pioneer Cement Limited 773,944 - - - - 773,944 18,995 48,789 0.10 0.10 0.34 Thatta Cement Limited 1,368,580 - - - - 1,368,580 24,505 11,688 0.02 0.02 1.37 Zeal Pak Cement Factory Limited 486,248 - - - - 486,248 - - - - 0.11 736,500 1,682,534 3.31 3.35 Tobacco Pakistan Tobacco Company Limited 1,765,843 - - - 6,340 1,759,503 87,934 2,760,607 5.42 5.49 0.69 87,934 2,760,607 5.42 5.49 Refinery Attock Refinery Limited 770,071 - - - 225,000 545,071 41,598 48,686 0.10 0.10 0.51 National Refinery Limited 1,067,301 - - - 140,000 927,301 140,135 99,481 0.20 0.20 1.16 Pakistan Refinery Limited 5,605,544 - - - - 5,605,544 85,294 63,959 0.13 0.13 1.78 Pakistan Refinery Limited - Right - - 5,605,544 - - 5,605,544 - 953 0.00 0.00 1.78 267,027 213,079 0.43 0.43 Power generation & distribution The Hub Power Company Limited 5,304,392 212,500 - - 700,000 4,816,892 135,424 349,225 0.69 0.69 0.37 Kot Addu Power Company Limited 187,832 - - - - 187,832 5,928 3,785 0.01 0.01 0.02 K-Electric Limited 4,673,775 - - - - 4,673,775 7,478 14,068 0.03 0.03 0.02 Kohinoor Energy Limited 410,390 - - - - 410,390 6,472 14,355 0.03 0.03 0.24 Lalpir Power Limited 133,055 - - - 133,055 ------Sitara Energy Limited 256,117 - - - - 256,117 4,226 5,532 0.01 0.01 1.34 NATIONAL INVESTMENT (UNIT) TRUST 159,528 386,965 0.77 0.77 Oil & gas marketing companies - Attock Petroleum Limited 60,274 - - - - 60,274 13,569 18,396 0.04 0.04 0.06 NOTESBurshane TO LPG Pakistan AND Limited FORMING 1,336,033PART OF - THE - FINANCIAL - - 1,336,033STATEMENTS31,379 33,401 0.07 0.07 5.90 Pakistan State Oil Company Limited 29,093,401 - 5,818,680 - - 34,912,081 1,377,187 5,521,695 10.84 10.98 7.44 FOR THEShell Pakistan YEAR Limited ENDED 30 JUNE 252020 - - - - 25 - 5 0.00 0.00 0.00 Sui Northern Gas Pipelines Limited 20,970,212 185,000 - - 152,568 21,002,644 274,259 1,146,744 2.25 2.28 3.31 Sui Southern Gas Company Limited 8,249,823 - - - - 8,249,823 106,577 110,053 0.22 0.22 0.94 1,802,971 6,830,294 13.42 13.59 Oil & gas exploration companies Mari Petroleum Company Limited 2,695,574 - 251,877 - 231,780 2,715,671 90,533 3,358,335 6.60 6.68 Paid-up value 2.04 Oil And Gas Development Company Limited 2,445,143 167,500 Bonus - / - 555,100 2,057,543 299,474 224,272 0.44 0.45 of shares held0.05 Market value Market Pakistan Oilfields Limited 854,766 49,100 Right - Merger/ - 255,000 648,866 Carrying200,311 227,512 0.45 0.45 as a 0.23 Purchased Sold Market value as a value as a Pakistan Petroleum Limited As at2,031,265 01 July 117,500 shares321,253 Demerger - 568,500 As at1,901,518 30 June cost213,803 as at 165,014 0.32 0.33 percentage 0.07 of Name of the Investee Company during the during the as at 30 June percentage percentage 2019 received Adjust. 2020 30804,121 June 3,975,133 7.81 7.91 total paid-up year year 2020 of total of net Engineering during the Effects 2020 capital of the Aisha Steel Mills Limited 172,388 - - - - 172,388 1,219 1,588 investments 0.00 assets 0.00 0.02 year Investee Amreli Steel Limited 50,500 - - - - 50,500 2,576 1,648 0.00 0.00 0.02 Company Aisha Steel Mills Limited-Preference Share 121,208 - - - - 121,208 - 2,483 0.00 0.00 0.27 ------(Number of shares)------Rupees in '000------%------Bolan Castings Limited 488,276 - - - - 488,276 4,830 23,550 0.05 0.05 4.26 ShahmuradCrescent Steel Sugar and Mills Allied Limited Proudcts Limited 1,372,2101,912,236 - - - 106,500 - 1,805,7361,372,210 48,426 - 130,81382,161 0.260.16 0.260.16 6.502.33 SakrandHuffaz Seamless Sugar Mills Pipe Limited Industries Limited 1,311,896681,400 - - - - 1,311,896681,400 6,5073,407 6,439 - 0.01 - 0.01 - 1.532.36 International Industries Limited 6,941,033 - 694,103 - 1,638,000 5,997,136 171,847156,702 1,300,484550,117 2.551.08 2.591.09 4.55 CementInternational Steels Limited 1,653,000 - - - 600,000 1,053,000 38,029 54,387 0.11 0.11 0.24 AttockKSB Pumps Cement Company Pakistan Limited Limited 1,131,25974,347 - - - - 1,131,25974,347 23,9122,274 162,9139,266 0.320.02 0.320.02 8.570.05 BestwayQuality Steel Cement Works Limited Limited 944,7152,922 - - - - 944,7152,922 14,629 - 102,719 - 0.20 - 0.20 - 0.16 Cherat Cement Company Limited 7,373,358 - 737,335 - 665,000 7,445,693 282,201107,901 878,847649,041 1.731.27 1.741.29 3.83 D.Automobile G. Khan Cement assembler Company Limited 2,030,181 165,000 - - 175,000 2,020,181 174,476 172,382 0.34 0.34 0.46 FaujiAtlas CementHonda Limited Company Limited 3,791,867321,079 - - - 10,000 - 3,791,867311,079 86,185602 119,45464,007 0.230.13 0.240.13 0.250.27 FectoGhandhara Cement Industries Limited Limited 1,127,255234,554 - - - - 1,127,255234,554 4,396762 23,46928,381 0.050.06 0.050.06 2.250.55 KohatGhandara Cement Nissan Company Limited Limited 1,526,582105,950 - - - - 1,526,582105,950 35,0546,431 14,56395,793 0.030.19 0.030.19 0.052.68 LuckyHonda Cement Atlas Cars Limited (Pakistan) Limited 1,580,0752,099,789 20,000 - - - 360,100307,400 1,239,9751,792,389 290,10719,786 572,348347,150 1.120.68 1.140.69 0.381.26 MapleHinopak Leaf Motors Cement Limited Factory Limited 269,714436,242 50,000 - 229,256 - - - 548,970436,242 30,5596,601 162,71814,262 0.030.32 0.030.32 0.053.52 PioneerIndus Motor Cement Company Limited Limited 773,944366,346 - - - 128,560 - 237,786773,944 34,86718,995 236,59548,789 0.460.10 0.470.10 0.300.34 ThattaMillat Tractors Cement Limited Limited 1,368,580511,029 - 63,522 - - 2,850 - 1,368,580571,701 109,04724,505 403,71211,688 0.790.02 0.800.02 1.151.37 ZealPak SuzukiPak Cement Motor FactoryCompany Limited Limited 1,047,140486,248 150,000 - - - 273,200 - 923,940486,248 89,054 - 149,521 - 0.29 - 0.30 - 1.120.11 736,500319,731 1,682,5341,543,324 3.313.02 3.353.07 TobaccoAutomobile parts & accessories PakistanAgriauto IndustriesTobacco CompanyLimited Limited 1,765,8431,094,020 - - - 25,0006,340 1,759,5031,069,020 87,93414,371 2,760,607194,562 5.420.38 5.490.39 0.693.71 Baluchistan Wheels Limited 1,328,360 - - - - 1,328,360 87,93434,697 2,760,60780,671 5.420.16 5.490.16 9.96 RefineryThal Limited 2,398,908 - - - 251,000 2,147,908 91,619 697,941 1.37 1.39 2.65 AttockExide Pakistan Refinery LimitedLimited 770,071510,724 - - - 225,000 - 545,071510,724 41,59832,714 137,94748,686 0.270.10 0.270.10 6.570.51 NationalGeneral TyreRefinery And Limited Rubber Company 1,067,3014,848,849 - 969,769 - - 140,000 - 5,818,618927,301 140,13557,436 346,20899,481 0.200.68 0.200.69 1.164.77 Pakistan Refinery Limited 5,605,544 - - - - 5,605,544 230,83785,294 1,457,32963,959 2.860.13 2.900.13 1.78 PakistanCable & electricRefinery goodsLimited - Right - - 5,605,544 - - 5,605,544 - 953 0.00 0.00 1.78 Johnson And Phillips (Pakistan) Limited 493,824 - - - 477,037 16,787 267,027 - 213,079651 0.430.00 0.430.00 0.31 PowerPak Elektron generation Limited & distribution 2,929,552 75,000 - - - 3,004,552 102,211 68,894 0.14 0.14 0.60 ThePakistan Hub CablesPower CompanyLimited Limited 5,304,3922,133,533 212,500 - - - 700,000 - 4,816,8922,133,533 135,42482,710 349,225228,053 0.690.45 0.690.45 0.376.00 KotSiemens Addu (Pakistan) Power Company Engineering Limited 187,832983,658 - - - - 187,832983,658 598,2215,928 552,6493,785 0.011.09 0.011.10 11.93 0.02 K-ElectricWaves Singer Limited Pakistan Limited 4,673,7759 - - 1 - - 4,673,77510 7,478 - 14,068 - 0.03 - 0.03 - 0.020.00 Kohinoor Energy Limited 410,390 - - - - 410,390 783,1426,472 850,24714,355 1.680.03 1.690.03 0.24 LalpirTransport Power Limited 133,055 - - - 133,055 ------SitaraPakistan Energy National Limited Shipping Corporation 256,117432,564 - - - - 256,117432,564 4,2264,442 32,6855,532 0.010.06 0.010.06 1.340.33 159,5284,442 386,96532,685 0.770.06 0.770.06 OilTechnology & gas marketing & communication companies - AttockPak Datacom Petroleum Limited Limited 178,89860,274 - - - - 178,89860,274 13,5692,538 18,3968,703 0.020.04 0.020.04 1.830.06 BurshanePakistan Telecommunication LPG Pakistan Limited Company Limited 1,336,0332,439,884 - - - - 1,336,0332,439,884 31,37926,587 33,40121,666 0.070.04 0.070.04 5.900.06 Pakistan State Oil Company Limited 29,093,401 - 5,818,680 - - 34,912,081 1,377,18729,125 5,521,69530,369 10.84 0.06 10.98 0.06 7.44 ShellFertilizer Pakistan Limited 25 - - - - 25 - 5 0.00 0.00 0.00 SuiDawood Northern Hercules Gas PipelinesCorporation Limited Limited 20,970,212952,940 185,000 - - - 152,568235,044 21,002,644717,896 274,25921,871 1,146,74491,833 2.250.18 2.280.18 3.310.15 SuiEngro Southern Fertilizer Gas Limited Company Limited 8,249,823913,827 - - - 250,000 - 8,249,823663,827 106,57737,581 110,05340,015 0.220.08 0.220.08 0.940.05 Engro Corporation Limited 549,525 132,800 - - 110,200 572,125 1,802,971146,558 6,830,294167,587 13.42 0.33 13.59 0.33 0.10 OilFatima & gas Fertilizer exploration Company companies 695,562 - - - 431,000 264,562 2,683 7,072 0.01 0.01 0.01 MariFauji PetroleumFertilizer Bin Company Qasim Limited Limited 2,695,574784,435 - 251,877 - - 231,780 - 2,715,671784,435 90,53324,118 3,358,33512,520 6.600.02 6.680.02 2.040.08 OilFauji And Fertilizer Gas Development Company Limited Company Limited 25,197,0552,445,143 167,50050,000 - - 5,002,400555,100 20,244,6552,057,543 299,474519,714 2,226,710224,272 0.444.37 0.454.43 0.051.59 Pakistan Oilfields Limited 854,766 49,100 - - 255,000 648,866 752,525200,311 2,545,737227,512 4.990.45 5.050.45 0.23 PakistanPharmaceuticals Petroleum Limited 2,031,265 117,500 321,253 - 568,500 1,901,518 213,803 165,014 0.32 0.33 0.07 Abbot Laboatories (Pakistan) Limited 2,594,429 - - - 35,491 2,558,938 804,121206,137 3,975,1331,696,576 7.813.33 7.913.37 2.61 EngineeringAGP Limited 81,000 - - - 35,000 46,000 3,680 5,048 0.01 0.01 0.02 AishaFerozsons Steel Laboratories Mills Limited Limited 1,697,375172,388 - - - 57,500 - 1,639,875172,388 42,0281,219 492,6681,588 0.970.00 0.980.00 5.430.02 AmreliGlaxosmithkline Steel Limited Pakistan Limited 8,585,45650,500 - - - 699,500 - 7,885,95650,500 408,8792,576 1,372,7871,648 2.700.00 2.730.00 Paid-up value 2.480.02 AishaGlaxosmithline Steel Mills Consumer Limited-Preference Health Pakistan Share Limited 2,602,707121,208 - Bonus - / - 230,600 - 2,372,107121,208 1,394 - 644,4542,483 0.001.27 0.001.28 of shares held0.272.03 Market value Market BolanHighnoon Castings Laboratories Limited Limited 488,276586,876 - Right 50,922 - Merger/ - 77,653 - 560,145488,276 Carrying6,7234,830 280,78923,550 0.550.05 0.560.05 as a 1.624.26 Purchased Sold Market value as a value as a CrescentSanofi-Aventis Steel Limitedand Allied Proudcts Limited As at1,912,236 228,46101 July - shares - Demerger - 106,500 - As at1,805,736 228,46130 June cost48,42620,965 as at 191,56582,161 0.380.16 0.380.16 percentage 2.372.33 of The SearleName Company of the Limited Investee Company 4,899,418 during the - - - during115,000 the 4,784,418 124,121 as at 953,20030 June percentage 1.87 percentage 1.90 2.25 Huffaz Seamless Pipe Industries Limited 1,311,8962019 - received - Adjust. - - 1,311,8962020 30 June6,507 - - - total paid-up 2.36 Wyeth Pakistan Limited 111,574 year - - - year - 111,574 43,913 202097,627 of total 0.19 of net 0.19 7.85 International Industries Limited 6,941,033 - during694,103 the Effects - 1,638,000 5,997,136 156,7022020 550,117 1.08 1.09 capital of 4.55the 857,840 5,734,714 investments 11.27 assets 11.40 International Steels Limited 1,653,000 - year - - 600,000 1,053,000 38,029 54,387 0.11 0.11 Investee 0.24 KSBChemical Pumps Company Limited 1,131,259 - - - - 1,131,259 23,912 162,913 0.32 0.32 8.57 Company QualityAgritech Steel Limited Works Limited 2,511,1672,922 - - - - 2,511,1672,922 11,627 - 11,752 - 0.02 - 0.02 - 0.160.64 ------(Number of shares)------Rupees in '000------%------Arif Habib Corporation Limited 724,292 - - - - 724,292 282,20114,899 878,84721,729 1.730.04 1.740.04 0.18 MuhammadAutomobile Farooqassembler Textile Mills Limited 515,277 - - - - 515,277 - - - - 2.73 MasoodAtlas Honda Textile Limited Mills Limited 2,214,169321,079 - - - 10,000 - 2,214,169311,079 70,918602 119,454132,850 0.230.26 0.240.26 0.253.28 MianGhandhara Textile IndustriesMills Limited Limited 605,578234,554 - - - - 605,578234,554 182762 28,3814,263 0.010.06 0.010.06 2.740.55 NishatGhandara Chunian Nissan Limited Limited 5,521,8681,526,582 - - - 150,000 - 5,371,8681,526,582 76,21435,054 174,31795,793 0.340.19 0.350.19 2.242.68 NishatHonda MillsAtlas Limited Cars (Pakistan) Limited 4,309,8992,099,789 55,000 - - - 585,000307,400 3,779,8991,792,389 210,97919,786 294,870347,150 0.580.68 0.590.69 1.081.26 ParamountHinopak Motors Spinning Limited Mills Limited 1,803,686436,242 - - - - 1,803,686436,242 30,559 - 162,718 - 0.32 - 0.32 - 10.39 3.52 RelianceIndus Motor Weaving Company Mills Limited Limited 592,645366,346 - - - 128,560 - 237,786592,645 34,8672,074 236,59513,631 0.460.03 0.470.03 1.920.30 SapphireMillat Tractors Textile Limited Mills Limited 352,976511,029 - 28,23863,522 - 2,850 - 571,701381,214 109,04735,651 403,712311,139 0.790.61 0.800.62 1.151.76 SchonPak Suzuki Textiles Motor Limited Company Limited 1,047,140258,610 150,000 - - - 273,200 - 923,940258,610 89,054 - 149,521 - 0.29 - 0.30 - 1.122.16 Sapphire Fibers Limited 224,435 - 11,222 - - 235,657 319,73119,863 1,543,324188,759 3.020.37 3.070.38 1.14 ShamsAutomobile Textile parts Mills &Limited accessories 1,044,498 - - - - 1,044,498 5,954 36,557 0.07 0.07 12.09 SurajAgriauto Cotton Industries Mills Limited Limited 1,094,020790,680 - - - 25,000 - 1,069,020790,680 14,3716,324 194,562130,454 0.380.26 0.390.26 3.712.16 TajBaluchistan Textile Mills Wheels Limited Limited 1,409,9471,328,360 - - - - 1,409,9471,328,360 34,697 - 80,671 - 0.16 - 0.16 - 4.229.96 ZahurThal Limited Cotton Mills Limited 2,398,908485,694 - - - 251,000 - 2,147,908485,694 91,619 - 697,941 - 1.37 - 1.39 - 2.654.93 Exide Pakistan Limited 510,724 - - - - 510,724 520,22432,714 1,706,644137,947 3.350.27 3.400.27 6.57 WoollenGeneral Tyre And Rubber Company 4,848,849 - 969,769 - - 5,818,618 57,436 346,208 0.68 0.69 4.77 Bunny's Limited 115,477 - - - - 115,477 230,837 - 1,457,329 - 2.86 - 2.90 - 0.22 Cable & electric goods - - - - SyntheticJohnson And & rayon Phillips (Pakistan) Limited 493,824 - - - 477,037 16,787 - 651 0.00 0.00 0.31 Al-AbidPak Elektron Silk Mills Limited Limited 1,113,6872,929,552 75,000 - - - - 1,113,6873,004,552 102,211 - 68,894 - 0.14 - 0.14 - 8.310.60 IbrahimPakistan Fibres Cables Limited Limited 1,202,0302,133,533 - - - 571,500 - 2,133,533630,530 17,05082,710 228,05337,832 0.450.07 0.450.08 6.000.20 RupaliSiemens Polyester (Pakistan) Limited Engineering 584,500983,658 - - - - 584,500983,658 598,2215,249 552,6497,715 0.021.09 0.021.10 11.93 1.72 Waves Singer Pakistan Limited 9 - 1 - - 10 22,299 - 45,547 - 0.09 - 0.10 - 0.00 Jute 783,142 850,247 1.68 1.69 CrescentTransport Jute Proudcts Limited 1,386,308 - - - - 1,386,308 - - - - 5.83 Pakistan National Shipping Corporation 432,564 - - - - 432,564 4,442 - 32,685 - 0.06 - 0.06 - 0.33 34 Sugar & allied industries 4,442 32,685 0.06 0.06 Al-AbbasTechnology Sugar & communication Mills Limited 602,783 - - - - 602,783 5,718 158,285 0.31 0.31 3.47 Al-NoorPak Datacom Sugar Limited Mills Limited 1,898,887178,898 - - - - 1,898,887178,898 2,538 - 93,1028,703 0.180.02 0.190.02 9.271.83 ChashmaPakistan Telecommunication Sugar Mills Limited Company Limited 2,439,884776,227 - - - 121,000 - 2,439,884655,227 26,5872,129 46,52121,666 0.090.04 0.090.04 2.280.06 Dewan Sugar Mills Limited 1,366,432 - - - - 1,366,432 29,1252,296 30,3692,883 0.060.01 0.060.01 1.49 FaranFertilizer Sugar Mills Limited 2,120,274 - - - - 2,120,274 25,309 83,751 0.16 0.17 8.48 HabibDawood Sugar Hercules Mills LimitedCorporation Limited 9,898,751952,940 - - - 1,570,500235,044 8,328,251717,896 28,16821,871 245,68391,833 0.480.18 0.490.18 5.550.15 JauharabadEngro Fertilizer Sugar Limited Mill Limited 1,028,582913,827 - - - 250,000 - 1,028,582663,827 37,5812,018 14,91440,015 0.030.08 0.030.08 3.010.05 MirpurkhasEngro Corporation Sugar Mills Limited Limited 1,141,789549,525 132,800 - 113,678 - - 110,2005,000 1,250,467572,125 146,558 - 167,58774,890 0.330.15 0.330.15 0.109.27 PremierFatima Fertilizer Sugar Mills Company And Distillery Company 695,5629,825 - - - 431,0009,825 264,562 - 2,683 - 7,072 - 0.01 - 0.01 - 0.01 - SangharFauji Fertilizer Sugar Bin Mills Qasim Limited Limited 1,043,116784,435 - - - - 1,043,116784,435 24,118 - 21,26912,520 0.040.02 0.040.02 8.730.08 ShakarganjFauji Fertilizer Limited Company Limited 25,197,0557,010,137 50,000 - - - 5,002,400300,000 20,244,6556,710,137 519,71489,409 2,226,710332,152 0.654.37 0.664.43 5.371.59 Shahtaj Sugar Mills Limited 801,695 - - - - 801,695 752,52513,393 2,545,73789,782 4.990.18 5.050.18 6.67 Pharmaceuticals Abbot Laboatories (Pakistan) Limited 2,594,429 - - - 35,491 2,558,938 206,137 1,696,576 3.33 3.37 2.61 AGP Limited 81,000 - - - 35,000 46,000 3,680 5,048 0.01 0.01 0.02 Ferozsons Laboratories Limited 1,697,375 - - - 57,500 1,639,875 42,028 492,668 0.97 0.98 5.43 Glaxosmithkline Pakistan Limited 8,585,456 - - - 699,500 7,885,956 408,879 1,372,787 2.70 2.73 2.48 Glaxosmithline Consumer Health Pakistan Limited 2,602,707 - - - 230,600 2,372,107 1,394 644,454 1.27 1.28 2.03 Highnoon Laboratories Limited 586,876 - 50,922 - 77,653 560,145 6,723 280,789 0.55 0.56 1.62 Sanofi-Aventis Limited 228,461 - - - - 228,461 20,965 191,565 0.38 0.38 2.37 The Searle Company Limited 4,899,418 - - - 115,000 4,784,418 124,121 953,200 1.87 1.90 2.25 Wyeth Pakistan Limited 111,574 - - - - 111,574 43,913 97,627 0.19 0.19 7.85 857,840 5,734,714 11.27 11.40 Chemical Agritech Limited 2,511,167 - - - - 2,511,167 11,627 11,752 0.02 0.02 0.64 Arif Habib Corporation Limited 724,292 - - - - 724,292 14,899 21,729 0.04 0.04 0.18 Paid-up value Bonus / of shares held Market value Market Right Merger/ Carrying as a NATIONAL INVESTMENT (UNIT)Purchased TRUST Sold Market value as a value as a As at 01 July shares Demerger As at 30 June cost as at percentage of Name of the Investee Company during the during the as at 30 June percentage percentage 2019 received Adjust. 2020 30 June total paid-up year year 2020 of total of net NOTES TO AND FORMING PART OF THEduring the FINANCIALEffects STATEMENTS2020 capital of the investments assets year Investee FOR THE YEAR ENDED 30 JUNE 2020 Company ------(Number of shares)------Rupees in '000------%------

Akzo Noble Pakistan Limited 273,682 - - - 273,682 ------Archroma Pakistan Limited 1,691,296 - - - 170,400 1,520,896 21,286 896,416 1.76 1.78 4.46 Berger Paints Pakistan Limited 363,854 - - - - 363,854 3,881 22,599 0.04 0.04 1.78 Paid-up value Buxly Paints Limited 93,218 - - - 41,000 52,218 293 1,963 0.00 0.00 3.63 Bonus / of shares held Dynea Pakistan Limited 1,647,310 - - - - 1,647,310 16,239 177,613 Market value 0.35 Market 0.35 8.73 Right Merger/ Carrying as a Pakistan Oxygen Limited 255,005 Purchased - 51,001 - Sold - 306,006 15,314 Market50,846 value as a 0.10 value as 0.10 a 0.78 As at 01 July shares Demerger As at 30 June cost as at percentage of Lotte ChemicalName Pakistan of the Investee Limited Company 558,572 during the - - - during -the 558,572 3,089 as at 305,558 June percentage 0.01 percentage 0.01 0.04 2019 received Adjust. 2020 30 June total paid-up Pakistan Gum and Chemiclas Limited 97,057 year - - - year97,057 - - 2020 - of total - of net - - during the Effects 2020 capital of the Sardar Chemical Industries Limited 142,800 - - - - 142,800 - 2,813 investments 0.01 assets 0.01 2.38 Sitara Chemical Industries Limited 634,416 - year - - - 634,416 45,805 175,803 0.35 0.35 Investee 2.96 Wah Noble Chemicals Limited 576,124 - - - - 576,124 9,192 109,585 0.22 0.22 Company 6.40 ------(Number of shares)------Rupees141,625 in '000------1,476,677 ------%------2.90 2.92 Paper & board Shahmurad Sugar Mills Limited 1,372,210 - - - - 1,372,210 - 130,813 0.26 0.26 6.50 Balochistan Particle Board Limited 485,630 - - - - 485,630 - 4,356 0.01 0.01 8.09 Sakrand Sugar Mills Limited 681,400 - - - - 681,400 3,407 6,439 0.01 0.01 1.53 Century Paper and Board Mills Limited 4,943,431 - - - 414,500 4,528,931 49,883 324,136 0.64 0.64 3.08 171,847 1,300,484 2.55 2.59 Merit Packaging Limited 4,845,964 - - - 236,500 4,609,464 44,639 54,807 0.11 0.11 5.72 PackagesCement Limited 4,011,128 10,000 - - 151,400 3,869,728 346,908 1,343,638 2.64 2.67 4.33 Attock Cement Pakistan Limited 74,347 - - - - 74,347 2,274 9,266 0.02 0.02 0.05 Pakistan Paper Prouducts Limited 619,085 - - - - 619,085 568 46,958 0.09 0.09 7.74 Bestway Cement Limited 944,715 - - - - 944,715 14,629 102,719 0.20 0.20 0.16 Security Papers Limited 2,587,428 - - - - 2,587,428 61,811 367,285 0.72 0.73 4.37 Cherat Cement Company Limited 7,373,358 - 737,335 - 665,000 7,445,693 107,901 649,041 1.27 1.29 3.83 503,809 2,141,180 4.21 4.25 D. G. Khan Cement Company Limited 2,030,181 165,000 - - 175,000 2,020,181 174,476 172,382 0.34 0.34 0.46 Vanaspati & Allied Industries Fauji Cement Company Limited 3,791,867 - - - - 3,791,867 86,185 64,007 0.13 0.13 0.27 Morafco Industries Limited 57,409 - - - - 57,409 - - - - 10.10 Fecto Cement Limited 1,127,255 - - - - 1,127,255 4,396 23,469 0.05 0.05 2.25 Punjab Oil Mills Limited 517,651 - - - - 517,651 6,461 82,338 0.16 0.16 9.60 Kohat Cement Company Limited 105,950 - - - - 105,950 6,431 14,563 0.03 0.03 0.05 Suraj Ghee Industries Limited 54,324 - - - - 54,324 - - - - 5.67 Lucky Cement Limited 1,580,075 20,000 - - 360,100 1,239,975 290,107 572,348 1.12 1.14 0.38 6,461 82,338 0.16 0.16 Maple Leaf Cement Factory Limited 269,714 50,000 229,256 - - 548,970 6,601 14,262 0.03 0.03 0.05 Leather & Tanneries Pioneer Cement Limited 773,944 - - - - 773,944 18,995 48,789 0.10 0.10 0.34 Bata Pakistan Limited 1,090,234 - - - - 1,090,234 58,347 1,464,293 2.88 2.91 14.42 Thatta Cement Limited 1,368,580 - - - - 1,368,580 24,505 11,688 0.02 0.02 1.37 Fateh Industries Limited 23,118 - - - - 23,118 - - - - 1.16 Zeal Pak Cement Factory Limited 486,248 - - - - 486,248 - - - - 0.11 58,347 1,464,293 2.88 2.91 736,500 1,682,534 3.31 3.35 Foods & personal care products Paid-up value Mitchell'sTobacco Fruit Farms Limited 767,666 - - - - 767,666 27,415 163,889 0.32 0.33 9.75 Pakistan Tobacco Company Limited 1,765,843 - Bonus - / - 6,340 1,759,503 87,934 2,760,607 5.42 5.49 of shares held0.69 Nestle Pakistan Limited 98,000 - - - - 98,000 107,014 660,030 Market value 1.30 Market 1.31 0.22 Right Merger/ Carrying87,934 2,760,607 5.42 5.49 as a Matco Foods Limited 259,663 Purchased - - - Sold - 259,663 6,430 Market 4,949value as a 0.01 value as 0.01 a 0.21 Refinery As at 01 July shares Demerger As at 30 June cost as at percentage of Engro FoodsName Limited of the Investee Company 34,400 during the - - - during -the 34,400 2,783 as at 302,529 June percentage - percentage 0.01 0.00 Attock Refinery Limited 2019770,071 - received - Adjust. - 225,000 2020545,071 30 41,598June 48,686 0.10 0.10 total paid-up 0.51 Shezan International Limited 1,644,780 year - - - year - 1,644,780 75,726 2020368,233 of total 0.72 of net 0.73 18.72 National Refinery Limited 1,067,301 - - - 140,000 927,301 140,135 99,481 0.20 0.20 1.16 Treet Corporation Limited 11,730,725 - during284,023 the Effects - - 12,014,748 466,0192020 214,583 0.42 0.43 capital of 7.07the Pakistan Refinery Limited 5,605,544 - - - - 5,605,544 85,294 63,959 investments 0.13 assets 0.13 1.78 Treet Coprporation Limited-PTC 3,550,640 - year - (3,550,640) ------Investee 1.69 Pakistan Refinery Limited - Right - - 5,605,544 - - 5,605,544 - 953 0.00 0.00 1.78 ZIL Limited 356,987 - - - - 356,987 4,431 42,124 0.08 0.08 Company 5.83 267,027 213,079 0.43 0.43 ------(Number of shares)------Rupees689,818 in '000------1,456,337 ------%------2.85 2.90 Power generation & distribution TheGlass Hub & ceramicsPower Company Limited 5,304,392 212,500 - - 700,000 4,816,892 - 135,424 349,225 0.69 0.69 0.37 KotGhani Addu Glass Power Mills Company Limited Limited 3,708,572187,832 - - - - 3,708,572187,832 59,6555,928 152,6083,785 0.300.01 0.300.01 0.680.02 K-ElectricShabbir Tiles Limited and Ceramics Limited 4,673,7754,169,471 - - - - 4,673,7754,169,471 24,0147,478 14,06833,272 0.030.07 0.030.07 0.021.27 Kohinoor Energy Limited 410,390 - - - - 410,390 83,6696,472 185,88014,355 0.370.03 0.370.03 0.24 LalpirMiscellaneous Power Limited 133,055 - - - 133,055 ------SitaraDadabhoy Energy Construction Limited Technology Limited 256,11769,085 - - - - 256,11769,085 4,226 - 5,532 - 0.01 - 0.01 - 1.342.97 GOC (Pakistan) Limited 315,909 - - - - 315,909 159,5284,072 386,96517,501 0.770.03 0.770.03 4.30 OilHashmi & gas Can marketing Company companies Limited 160,986 - - - - 160,986 - - - - - 9.86 AttockPace ( PetroleumPakistan ) Limited 425,71660,274 - - - - 425,71660,274 13,569553 18,396898 0.000.04 0.000.04 0.150.06 BurshanePakistan Services LPG Pakistan Limited Limited 1,336,033893,795 - - - - 1,336,033893,795 101,04431,379 884,85733,401 1.740.07 1.760.07 2.755.90 PakistanSynthetic StateProduct Oil CompanyEnterprise LimitedLimited 29,093,401189,300 - 5,818,6807,572 - - 34,912,081196,872 1,377,1875,222 5,521,6958,186 10.84 0.02 10.98 0.02 0.227.44 ShellTri-Pack Pakistan Films Limited 528,12525 - - - - 528,12525 57,891 - 48,1025 0.000.09 0.000.10 0.001.36 SuiUnited Northern Distributors Gas Pipelines Pakistan LimitedLimited 20,970,2121,497,308 185,000 - 224,596 - - 152,568 - 21,002,6441,721,904 274,2595,291 1,146,74457,253 2.250.11 2.280.11 3.314.88 Sui Southern Gas Company Limited 8,249,823 - - - - 8,249,823 174,073106,577 1,016,797110,053 1.990.22 2.020.22 0.94 Delisted / unqouted companies 1,802,971 6,830,294 13.42 13.59 OilJaved & gas Omer exploration Vohra and companiesCompany Limited 1,775,606 - - - - 1,775,606 - - - - 3.49 MariInvestec Petroleum Securities Company Limited Limited 2,695,57498,518 - 251,877 - - 231,780 - 2,715,67198,518 90,533 - 3,358,335 - 6.60 - 6.68 - 2.040.60 OilAccord And TextileGas Development Limited Company Limited 2,445,143458,109 167,500 - - - 555,100 - 2,057,543458,109 299,474 - 224,272 - 0.44 - 0.45 - 0.054.93 PakistanAdamjee OilfieldsFloorings Limited 854,76659,110 49,100 - - - 255,000 - 648,86659,110 200,311 - 227,512 - 0.45 - 0.45 - 0.232.46 PakistanSaleem Sugar Petroleum Limited Limited (O) 2,031,2658,761 117,500 - 321,253 - - 568,500 - 1,901,5188,761 213,803 - 165,014 - 0.32 - 0.33 - 0.070.78 Saleem Suger Limited (P) 6 % 198 - - - - 198 804,121 - 3,975,133 - 7.81 - 7.91 - 0.40 EngineeringPangrio Sugar Mills Limited 760,820 - - - - 760,820 - - - - 7.01 AishaAyaz Textile Steel Mills Mills Limited Limited 172,388210,188 - - - - 172,388210,188 1,219 - 1,588 - 0.00 - 0.00 - 0.022.46 AmreliMehr Dastgir Steel Limited Textile Mills Limited 50,500259 - - - - 50,500259 2,576 - 1,648 - 0.00 - 0.00 - 0.020.00 AishaAl Qaim Steel Textile Mills Mills Limited-Preference Limited Share 121,208358,753 - - - - 121,208358,753 - 2,483 - 0.00 - 0.00 - 0.274.81 BolanBrothers Castings Textile LimitedMills Limited 488,276579,461 - - - - 488,276579,461 4,830 - 23,550 - 0.05 - 0.05 - 4.265.91 CrescentAdamjee IndustriesSteel and Allied Proudcts Limited 1,912,236121 - - - 106,500 - 1,805,736121 48,426 - 82,161 - 0.16 - 0.16 - 2.330.00 HuffazAdamjee Seamless Paper Pipe Industries Limited 1,311,896269,806 - - - - 1,311,896269,806 6,507 - - - - 6.452.36 InternationalAdil Polyproplene Industries Limited Limited 6,941,033136,201 - 694,103 - - 1,638,000 - 5,997,136136,201 156,702 - 550,117 - 1.08 - 1.09 - 4.552.46 InternationalAfsar Textile MillsSteels Limited 1,653,00064,184 - - - 600,000 - 1,053,00064,184 38,029 - 54,387 - 0.11 - 0.11 - 0.243.85 KSBAl Hussany Pumps Industries Company Limited Limited 1,131,25961,573 - - - - 1,131,25961,573 23,912 - 162,913 - 0.32 - 0.32 - 8.572.46 QualityAlif Textile Steel Mills Works Limited Limited 320,0852,922 - - - - 320,0852,922 - - - - 0.168.21 Allied Textile Mills Limited 107,510 - - - - 107,510 282,201 - 878,847 - 1.73 - 1.74 - 5.50 AutomobileAmazai Textile assembler Mills Limited 299 - - - - 299 - - - - 0.01 AtlasApex HondaFabrics Limited Limited 321,079284,101 - - - 10,000 - 311,079284,101 602 - 119,454 - 0.23 - 0.24 - 0.254.93 GhandharaArag Industries Industries Limited Limited 234,554189,220 - - - - 234,554189,220 762 - 28,381 - 0.06 - 0.06 - 0.550.00 GhandaraAslo Electronics Nissan Limited 1,526,58239,407 - - - - 1,526,58239,407 35,054 - 95,793 - 0.19 - 0.19 - 2.681.97 HondaAswan AtlasTentage Cars Limited (Pakistan) Limited 2,099,789168,712 - - - 307,400 - 1,792,389168,712 19,786 - 347,150 - 0.68 - 0.69 - 1.262.61 HinopakAutomobile Motors Equipment Limited Manufacturing Company 436,24237,750 - - - - 436,24237,750 30,559 - 162,718 - 0.32 - 0.32 - 3.529.44 IndusLimited Motor Company Limited 366,346 - - - 128,560 237,786 34,867 236,595 0.46 0.47 0.30 MillatAwan Tractors Textile Mills Limited Limited 511,029213,390 - 63,522 - - 2,850 - 571,701213,390 109,047 - 403,712 - 0.79 - 0.80 - 1.152.46 PakBahawalpur Suzuki MotorTextile Company Mills Limited Limited 1,047,14064,250 150,000 - - - 273,200 - 923,94064,250 89,054 - 149,521 - 0.29 - 0.30 - 1.126.43 Balochistan Tower 74,114 - - - - 74,114 319,731 - 1,543,324 - 3.02 - 3.07 - 1.49 AutomobileBaluchistan Textile parts Mills& accessories Limited 200,000 - - - - 200,000 - - - - 10.00 AgriautoBank Of BahawalpurIndustries Limited Limited 1,094,0202,690 - - - 25,000 - 1,069,0202,690 14,371 - 194,562 - 0.38 - 0.39 - 3.710.54 BaluchistanBankers Equity Wheels Limited Limited 1,328,3603,408,091 - - - - 1,328,3603,408,091 34,697 - 80,671 - 0.16 - 0.16 - 5.209.96 ThalBawany Limited Textile Mills Limited 2,398,90884,233 - - - 251,000 - 2,147,90884,233 91,619 - 697,941 - 1.37 - 1.39 - 2.654.81 ExideBela Engineering Pakistan Limited Limited 510,724266,145 - - - - 510,724266,145 32,714 - 137,947 - 0.27 - 0.27 - 6.577.83 GeneralCasspak Tyre Industries And Rubber Limited Company 4,848,84954,184 - 969,769 - - - 5,818,61854,184 57,436 - 346,208 - 0.68 - 0.69 - 4.772.46 Central Cotton 34,948 - - - - 34,948 230,837 - 1,457,329 - 2.86 - 2.90 - 0.45 CableChemical & electric Limited goods 40,600 - - - - 40,600 - - - - 5.08 JohnsonChemphur And Pakistan Phillips Limited (Pakistan) Limited 493,82417,972 - - - 477,037 - 16,78717,972 - 651 - 0.00 - 0.00 - 0.311.80 PakChilya Elektron C. Board Limited 2,929,55243,200 75,000 - - - - 3,004,55243,200 102,211 - 68,894 - 0.14 - 0.14 - 0.606.17 PakistanCrescent CablesKnitwear Limited 2,133,53381,277 - - - - 2,133,53381,277 82,710 - 228,053 - 0.45 - 0.45 - 6.000.00 SiemensCrescent (Pakistan)Spinning Mills Engineering Limited 983,658727,080 - - - - 983,658727,080 598,221 - 552,649 - 1.09 - 1.10 - 11.93 4.80 WavesCrown TextileSinger Pakistan Limited 317,6479 - - 1 - - 317,64710 - - - - 4.920.00 Dadabhoy Leasing 370,674 - - - - 370,674 783,142 - 850,247 - 1.68 - 1.69 - 4.93 TransportDadabhoy Sack Limited 49,259 - - - - 49,259 - - - - 1.23 PakistanElmac Limited National Shipping Corporation 432,56424,600 - - - - 432,56424,600 4,442 - 32,685 - 0.06 - 0.06 - 0.332.46 Fazal Vegetable Ghee Mills Limited 42,005 - - - - 42,005 4,442 - 32,685 - 0.06 - 0.06 - 2.10 35 TechnologyGhaffar Text Mills& communication 45,835 - - - - 45,835 - - - - 9.17 PakGhulam Datacom Muhammad Limited Dadabhoy 178,89849,259 - - - - 178,89849,259 2,538 - 8,703 - 0.02 - 0.02 - 1.830.99 PakistanGreaves AirconditionTelecommunication Company Limited 2,439,88459,110 - - - - 2,439,88459,110 26,587 - 21,666 - 0.04 - 0.04 - 0.060.00 Gypsum Corporation 165,017 - - - - 165,017 29,125 - 30,369 - 0.06 - 0.06 - 5.00 FertilizerH Shaikh 113,022 - - - - 113,022 - - - - 0.00 DawoodH.M Silk MillsHercules Limited Corporation Limited 952,940158,350 - - - 235,044 - 717,896158,350 21,871 - 91,833 - 0.18 - 0.18 - 10.56 0.15 EngroHarum Fertilizer Textile Mulls Limited Limited 913,82758,248 - - - 250,000 - 663,82758,248 37,581 - 40,015 - 0.08 - 0.08 - 0.050.62 EngroHyderabad Corporation Electronic Limited 549,52598,518 132,800 - - - 110,200 - 572,12598,518 146,558 - 167,587 - 0.33 - 0.33 - 0.103.28 FatimaIndus Assurance Fertilizer Company Company Limited 695,5623,300 - - - 431,000 - 264,5623,300 2,683 - 7,072 - 0.01 - 0.01 - 0.010.02 FaujiIndus FertilizerBank Limited Bin Qasim Limited 784,435147 - - - - 784,435147 24,118 - 12,520 - 0.02 - 0.02 - 0.080.00 FaujiIndus FertilizerPolyester Company Company Limited Limited 25,197,0554 50,000 - - - 5,002,400 - 20,244,6554 519,714 - 2,226,710 - 4.37 - 4.43 - 1.590.00 Industrial Development Bank 1,970 - - - - 1,970 752,525 - 2,545,737 - 4.99 - 5.05 - 0.04 PharmaceuticalsInnovative Investment Bank Limited 35,227 - - - - 35,227 - - - - 0.35 AbbotIslamic Laboatories Investment Bank(Pakistan) Limited 2,594,429139,990 - - - 35,491 - 2,558,938139,990 206,137 - 1,696,576 - 3.33 - 3.37 - 2.610.71 AGPItti Textile Limited Mills Limited 163,15181,000 - - - 35,000 - 163,15146,000 3,680 - 5,048 - 0.01 - 0.01 - 0.022.46 FerozsonsJunaid Cotton Laboratories Mills Limited Limited 1,697,37537,436 - - - 57,500 - 1,639,87537,436 42,028 - 492,668 - 0.97 - 0.98 - 5.431.50 GlaxosmithklineKarachi Pipe Pakistan Limited 8,585,456156,102 - - - 699,500 - 7,885,956156,102 408,879 - 1,372,787 - 2.70 - 2.73 - 2.487.81 GlaxosmithlineKarim Silk Mills ConsumerLimited Health Pakistan Limited 2,602,70719,223 - - - 230,600 - 2,372,10719,223 1,394 - 644,454 - 1.27 - 1.28 - 2.031.97 HighnoonKohinoor Cotton Laboratories Limited 586,87662,553 - 50,922 - - 77,653 - 560,14562,553 6,723 - 280,789 - 0.55 - 0.56 - 1.625.57 Sanofi-AventisKohinoor Looms Limited Limited 228,461169,648 - - - - 228,461169,648 20,965 - 191,565 - 0.38 - 0.38 - 2.371.57 TheLafayette Searle Industries Company Synthetics Limited Limited 4,899,41892,360 - - - 115,000 - 4,784,41892,360 124,121 - 953,200 - 1.87 - 1.90 - 2.252.59 WyethLtv Capital Pakistan Modaraba Limited 111,574321 - - - - 111,574321 43,913 - 97,627 - 0.19 - 0.19 - 7.850.00 Medi Glass Limited 295,554 - - - - 295,554 857,840 - 5,734,714 - 11.27 - 11.40 - 3.89 ChemicalMarr Fabrics Limited 118,221 - - - - 118,221 - - - - 4.93 AgritechMehran BankLimited Limited 2,511,167738,590 - - - - 2,511,167738,590 11,627 - 11,752 - 0.02 - 0.02 - 2.460.64 ArifMehran Habib Jute Corporation Mills Limited Limited 724,292121,543 - - - - 724,292121,543 14,899 - 21,729 - 0.04 - 0.04 - 3.960.18 Mian Muhammed Sugar Mills Limited 172,406 - - - - 172,406 - - - - 1.17 Mohib Textile Mills Limited 159,813 - - - - 159,813 - - - - 1.33 Mubarik Dairies Limited 416 - - - - 416 - - - - 0.01 National Match Industries 26,452 - - - - 26,452 - - - - 7.56 National Overseas 24,629 - - - - 24,629 - - - - 0.00 Naveed Textile Mills 70,637 - - - - 70,637 - - - - 3.62 Norrie Textile Mills Limited 136,500 - - - - 136,500 - - - - 2.81 Northern Foundry And Egineering Work Limited 94,868 - - - - 94,868 - - - - 18.97 Nowshera Engineering 26,057 - - - - 26,057 - - - - 5.21 Nusrat Textile Mills 306,342 - - - - 306,342 - - - - 6.81 Pak Ghee Industries Limited 58,618 - - - - 58,618 - - - - 2.66 Pak Paper Corporation 103,848 - - - - 103,848 - - - - 0.00 Pearl Fabrics 229,970 - - - - 229,970 - - - - 2.64 Polyron Limited 147 - - - - 147 - - - - 0.00 Premier Board 29,998 - - - - 29,998 - - - - 0.00 Premier Ceramics Limited 5,350 - - - - 5,350 - - - - 1.07 Prudential Investment Bank Limited 326,292 - - - - 326,292 - - - - 3.26 Punjab Building 443,845 - - - - 443,845 - - - - 0.00 Punjab Lamp 108,468 - - - - 108,468 - - - - 0.00 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 Refrigerator Manufacturing Comapany 26 - - - - 26 - - - - 0.00 Regal Ceramics Limited 89,947 - - - - 89,947 - - - - 1.23 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 Paid-up value Bonus / of shares held Market value Market Right Merger/ Carrying as a Purchased Sold Market value as a value as a As at 01 July shares Demerger As at 30 June cost as at percentage of Name of the Investee Company during the during the as at 30 June percentage percentage 2019 received Adjust. 2020 30 June total paid-up year year 2020 of total of net during the Effects 2020 capital of the investments assets year Investee Company ------(Number of shares)------Rupees in '000------%------

Glass & ceramics - Ghani Glass Mills Limited 3,708,572 - - - - 3,708,572 59,655 152,608 0.30 0.30 0.68 Shabbir Tiles and Ceramics Limited 4,169,471 - - - - 4,169,471 24,014 33,272 0.07 0.07 1.27 83,669 185,880 0.37 0.37 Miscellaneous - Dadabhoy Construction Technology Limited 69,085 - - - - 69,085 - - - - 2.97 GOC (Pakistan) Limited 315,909 - - - - 315,909 4,072 17,501 0.03 0.03 4.30 Hashmi Can Company Limited 160,986 - - - - 160,986 - - - - 9.86 Pace ( Pakistan ) Limited 425,716 - - - - 425,716 553 898 0.00 0.00 0.15 Pakistan Services Limited 893,795 - - - - 893,795 101,044 884,857 1.74 1.76 2.75 Synthetic Product Enterprise Limited 189,300 - 7,572 - - 196,872 5,222 8,186 0.02 0.02 0.22 Tri-Pack Films Limited 528,125 - - - - 528,125 57,891 48,102 0.09 0.10 1.36 United Distributors Pakistan Limited 1,497,308 - 224,596 - - 1,721,904 5,291 57,253 0.11 0.11 4.88 174,073 1,016,797 1.99 2.02 Delisted / unqouted companies Javed Omer Vohra and Company Limited 1,775,606 - - - - 1,775,606 - - - - 3.49 Investec Securities Limited 98,518 - - - - 98,518 - - - - 0.60 Accord Textile Limited 458,109 - - - - 458,109 - - - - 4.93 Adamjee Floorings 59,110 - - - - 59,110 - - - - 2.46 Saleem Sugar Limited (O) 8,761 - - - - 8,761 - - - - 0.78 Saleem Suger Limited (P) 6 % 198 - - - - 198 - - - - 0.40 Pangrio Sugar Mills Limited 760,820 - - - - 760,820 - - - - 7.01 Ayaz Textile Mills Limited 210,188 - - - - 210,188 - - - - 2.46 Mehr Dastgir Textile Mills Limited 259 - - - - 259 - - - - 0.00 Al Qaim Textile Mills Limited 358,753 - - - - 358,753 - - - - 4.81 Brothers Textile Mills Limited 579,461 - - - - 579,461 - - - - 5.91 Adamjee Industries 121 - - - - 121 - - - - 0.00 Adamjee Paper 269,806 - - - - 269,806 - - - - 6.45 Adil Polyproplene Limited 136,201 - - - - 136,201 - - - - 2.46 Afsar Textile Mills 64,184 - - - - 64,184 - - - - 3.85 Al Hussany Industries Limited 61,573 - - - - 61,573 - - - - 2.46 Alif Textile Mills Limited 320,085 - - - - 320,085 - - - - 8.21 Allied Textile Mills Limited 107,510 - - - - 107,510 - - - - 5.50 NATIONALAmazai Textile Mills INVESTMENT Limited (UNIT)299 TRUST - - - - 299 - - - - 0.01 Apex Fabrics Limited 284,101 - - - - 284,101 - - - - 4.93 Arag Industries Limited 189,220 - - - - 189,220 - - - - 0.00 NOTESAslo Electronics TO AND FORMING PART39,407 OF - THE - FINANCIAL - - STATEMENTS39,407 - - - - 1.97 Aswan Tentage Limited 168,712 - - - - 168,712 - - - - 2.61 FOR THEAutomobile YEAR Equipment Manufacturing ENDED Company 30 JUNE37,750 2020 - - - - 37,750 - - - - 9.44 Limited 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 - - - - Paid-up value 10.00 Bank Of Bahawalpur Limited 2,690 - Bonus - / - - 2,690 - - - - of shares held0.54 Market value Market Bankers Equity Limited 3,408,091 - Right - Merger/ - - 3,408,091 Carrying - - - - as a 5.20 Purchased Sold Market value as a value as a Bawany Textile Mills Limited As at 0184,233 July - shares - Demerger - - As at 3084,233 June cost as - at - - - percentage 4.81 of Name of the Investee Company during the during the as at 30 June percentage percentage Bela Engineering Limited 2019266,145 - received - Adjust. - - 2020266,145 30 June - - - - total paid-up 7.83 year year 2020 of total of net Casspak Industries Limited 54,184 - during the- Effects - - 54,184 2020 - - - - capital of 2.46the investments assets Central Cotton 34,948 - year - - - 34,948 - - - - Investee 0.45 Chemical Limited 40,600 - - - - 40,600 - - - - 5.08 Company Chemphur Pakistan Limited 17,972 - - - - 17,972 - - - - 1.80 ------(Number of shares)------Rupees in '000------%------Chilya C. Board 43,200 - - - - 43,200 - - - - 6.17 ShahmuradCrescent Knitwear Sugar Mills Limited 1,372,21081,277 - - - - 1,372,21081,277 - 130,813 - 0.26 - 0.26 - 6.500.00 SakrandCrescent SugarSpinning Mills Mills Limited Limited 681,400727,080 - - - - 681,400727,080 3,407 - 6,439 - 0.01 - 0.01 - 1.534.80 Crown Textile 317,647 - - - - 317,647 171,847 - 1,300,484 - 2.55 - 2.59 - 4.92 CementDadabhoy Leasing 370,674 - - - - 370,674 - - - - 4.93 AttockDadabhoy Cement Sack Pakistan Limited Limited 74,34749,259 - - - - 74,34749,259 2,274 - 9,266 - 0.02 - 0.02 - 0.051.23 BestwayElmac Limited Cement Limited 944,71524,600 - - - - 944,71524,600 14,629 - 102,719 - 0.20 - 0.20 - 0.162.46 CheratFazal Vegetable Cement Company Ghee Mills Limited Limited 7,373,35842,005 - 737,335 - - 665,000 - 7,445,69342,005 107,901 - 649,041 - 1.27 - 1.29 - 3.832.10 D.Ghaffar G. Khan Text Cement Mills Company Limited 2,030,18145,835 165,000 - - - 175,000 - 2,020,18145,835 174,476 - 172,382 - 0.34 - 0.34 - 0.469.17 FaujiGhulam Cement Muhammad Company Dadabhoy Limited 3,791,86749,259 - - - - 3,791,86749,259 86,185 - 64,007 - 0.13 - 0.13 - 0.270.99 FectoGreaves Cement Aircondition Limited 1,127,25559,110 - - - - 1,127,25559,110 4,396 - 23,469 - 0.05 - 0.05 - 2.250.00 KohatGypsum Cement Corporation Company Limited 105,950165,017 - - - - 105,950165,017 6,431 - 14,563 - 0.03 - 0.03 - 0.055.00 LuckyH Shaikh Cement Limited 1,580,075113,022 20,000 - - - 360,100 - 1,239,975113,022 290,107 - 572,348 - 1.12 - 1.14 - 0.380.00 MapleH.M Silk Leaf Mills Cement Limited Factory Limited 269,714158,350 50,000 - 229,256 - - - 548,970158,350 6,601 - 14,262 - 0.03 - 0.03 - 10.56 0.05 PioneerHarum Textile Cement Mulls Limited Limited 773,94458,248 - - - - 773,94458,248 18,995 - 48,789 - 0.10 - 0.10 - 0.340.62 ThattaHyderabad Cement Electronic Limited 1,368,58098,518 - - - - 1,368,58098,518 24,505 - 11,688 - 0.02 - 0.02 - 1.373.28 ZealIndus Pak Assurance Cement CompanyFactory Limited Limited 486,2483,300 - - - - 486,2483,300 - - - - 0.110.02 Indus Bank Limited 147 - - - - 147 736,500 - 1,682,534 - 3.31 - 3.35 - 0.00 TobaccoIndus Polyester Company Limited 4 - - - - 4 - - - - 0.00 PakistanIndustrial TobaccoDevelopment Company Bank Limited 1,765,8431,970 - - - 6,340 - 1,759,5031,970 87,934 - 2,760,607 - 5.42 - 5.49 - 0.690.04 Innovative Investment Bank Limited 35,227 - - - - 35,227 87,934 - 2,760,607 - 5.42 - 5.49 - 0.35 RefineryIslamic Investment Bank 139,990 - - - - 139,990 - - - - 0.71 AttockItti Textile Refinery Mills Limited Limited 770,071163,151 - - - 225,000 - 545,071163,151 41,598 - 48,686 - 0.10 - 0.10 - 2.460.51 NationalJunaid Cotton Refinery Mills Limited Limited 1,067,30137,436 - - - 140,000 - 927,30137,436 140,135 - 99,481 - 0.20 - 0.20 - 1.161.50 PakistanKarachi Pipe Refinery Limited 5,605,544156,102 - - - - 5,605,544156,102 85,294 - 63,959 - 0.13 - 0.13 - 7.811.78 PakistanKarim Silk Refinery Mills Limited Limited - Right 19,223 - - 5,605,544 - - - 5,605,54419,223 - 953 - 0.00 - 0.00 - 1.781.97 Kohinoor Cotton 62,553 - - - - 62,553 267,027 - 213,079 - 0.43 - 0.43 - 5.57 PowerKohinoor generation Looms Limited & distribution 169,648 - - - - 169,648 - - - - 1.57 TheLafayette Hub PowerIndustries Company Synthetics Limited Limited 5,304,39292,360 212,500 - - - 700,000 - 4,816,89292,360 135,424 - 349,225 - 0.69 - 0.69 - 0.372.59 KotLtv CapitalAddu Power Modaraba Company Limited 187,832321 - - - - 187,832321 5,928 - 3,785 - 0.01 - 0.01 - 0.020.00 K-ElectricMedi Glass Limited Limited 4,673,775295,554 - - - - 4,673,775295,554 7,478 - 14,068 - 0.03 - 0.03 - 0.023.89 KohinoorMarr Fabrics Energy Limited Limited 410,390118,221 - - - - 410,390118,221 6,472 - 14,355 - 0.03 - 0.03 - 0.244.93 LalpirMehran Power Bank Limited Limited 133,055738,590 - - - 133,055 - 738,590 - - - - - 2.46 - SitaraMehran Energy Jute Mills Limited Limited 256,117121,543 - - - - 256,117121,543 4,226 - 5,532 - 0.01 - 0.01 - 1.343.96 Mian Muhammed Sugar Mills Limited 172,406 - - - - 172,406 159,528 - 386,965 - 0.77 - 0.77 - 1.17 OilMohib & gas Textile marketing Mills Limited companies 159,813 - - - - 159,813 - - - - - 1.33 AttockMubarik Petroleum Dairies Limited Limited 60,274416 - - - - 60,274416 13,569 - 18,396 - 0.04 - 0.04 - 0.060.01 BurshaneNational Match LPG PakistanIndustries Limited 1,336,03326,452 - - - - 1,336,03326,452 31,379 - 33,401 - 0.07 - 0.07 - 5.907.56 PakistanNational OverseasState Oil Company Limited 29,093,40124,629 - 5,818,680 - - - 34,912,08124,629 1,377,187 - 5,521,695 - 10.84 - 10.98 - 0.007.44 ShellNaveed Pakistan Textile LimitedMills 70,63725 - - - - 70,63725 - - 5 0.00 - 0.00 - 0.003.62 SuiNorrie Northern Textile GasMills PipelinesLimited Limited 20,970,212136,500 185,000 - - - 152,568 - 21,002,644136,500 274,259 - 1,146,744 - 2.25 - 2.28 - 3.312.81 SuiNorthern Southern Foundry Gas AndCompany Egineering Limited Work Limited 8,249,82394,868 - - - - 8,249,82394,868 106,577 - 110,053 - 0.22 - 0.22 - 18.97 0.94 Nowshera Engineering 26,057 - - - - 26,057 1,802,971 - 6,830,294 - 13.42 - 13.59 - 5.21 OilNusrat & gas Textile exploration Mills companies 306,342 - - - - 306,342 - - - - 6.81 MariPak GheePetroleum Industries Company Limited Limited 2,695,57458,618 - 251,877 - - 231,780 - 2,715,67158,618 90,533 - 3,358,335 - 6.60 - 6.68 - 2.042.66 OilPak And Paper Gas Corporation Development Company Limited 2,445,143103,848 167,500 - - - 555,100 - 2,057,543103,848 299,474 - 224,272 - 0.44 - 0.45 - 0.050.00 PakistanPearl Fabrics Oilfields Limited 854,766229,970 49,100 - - - 255,000 - 648,866229,970 200,311 - 227,512 - 0.45 - 0.45 - 0.232.64 PakistanPolyron Limited Petroleum Limited 2,031,265147 117,500 - 321,253 - - 568,500 - 1,901,518147 213,803 - 165,014 - 0.32 - 0.33 - 0.070.00 Premier Board 29,998 - - - - 29,998 804,121 - 3,975,133 - 7.81 - 7.91 - 0.00 EngineeringPremier Ceramics Limited 5,350 - - - - 5,350 - - - - 1.07 AishaPrudential Steel Investment Mills Limited Bank Limited 172,388326,292 - - - - 172,388326,292 1,219 - 1,588 - 0.00 - 0.00 - 0.023.26 AmreliPunjab Steel Building Limited 443,84550,500 - - - - 443,84550,500 2,576 - 1,648 - 0.00 - 0.00 - Paid-up value 0.000.02 AishaPunjab Steel Lamp Mills Limited-Preference Share 121,208108,468 - Bonus - / - - 121,208108,468 - 2,483 - 0.00 - 0.00 - of shares held0.270.00 Market value Market BolanQayyum Castings Spinning Limited Mills Limited 488,276149 - Right - Merger/ - - 488,276149 Carrying 4,830 - 23,550 - 0.05 - 0.05 - as a 4.260.00 Purchased Sold Market value as a value as a CrescentPan Islamic Steel Steamship and Allied Company Proudcts Limited Limited As at1,912,236 011,136 July - shares - Demerger - 106,500 - As at1,805,736 301,136 June cost 48,426 as - at 82,161 - 0.16 - 0.16 - percentage 0.022.33 of RCD Ball Name of the Investee Company 19,716 during the - - - during -the 19,716 - as at 30 June - percentage - percentage - 1.31 Huffaz Seamless Pipe Industries Limited 1,311,8962019 - received - Adjust. - - 1,311,8962020 30 June6,507 - - - total paid-up 2.36 Refrigerator Manufacturing Comapany 26 year - - - year - 26 - 2020 - of total - of net - 0.00 International Industries Limited 6,941,033 - during694,103 the Effects - 1,638,000 5,997,136 156,7022020 550,117 1.08 1.09 capital of 4.55the InternationalRegal Ceramics Steels Limited Limited 1,653,00089,947 - - - 600,000 - 1,053,00089,947 38,029 - 54,387 - investments 0.11 - assets 0.11 - 0.241.23 year Investee KSBRex Baren Pumps Battery Company Limited 1,131,25956,155 - - - - 1,131,25956,155 23,912 - 162,913 - 0.32 - 0.32 - 8.571.50 Company QualitySaif Nadeem Steel WorksKawasaki Limited Motors Limited 2,922482 - - - - 2,922482 - - - - 0.160.02 ------(Number of shares)------Rupees in '000------%------Saitex Spinning Mills Limited 358,212 - - - - 358,212 282,201 - 878,847 - 1.73 - 1.74 - 4.84 SaleemAutomobile Denim(Kaytex assembler Mills) 162,160 - - - - 162,160 - - - - 3.77 SapphireAtlas Honda Holding Limited Limited 352,976321,079 - - - 10,000 - 311,079352,976 602 - 119,4543,530 0.010.23 0.010.24 1.760.25 ShahpurGhandhara Textile Industries Mills Limited Limited 890,850234,554 - - - - 890,850234,554 762 - 28,381 - 0.06 - 0.06 - 6.370.55 ShahyarGhandara (O.E.) Nissan Limited 1,526,58278,469 - - - - 1,526,58278,469 35,054 - 95,793 - 0.19 - 0.19 - 2.683.79 ShahyarHonda Atlas Textile Cars Mill (Pakistan) Limited 2,099,789222,109 - - - 307,400 - 1,792,389222,109 19,786 - 347,150 - 0.68 - 0.69 - 1.265.14 SiftaqHinopak International Motors Limited Limited 108,222436,242 - - - - 108,222436,242 30,559 - 162,718 - 0.32 - 0.32 - 3.593.52 SindIndus Alkalis Motor LimitedCompany Limited 704,745366,346 - - - 128,560 - 237,786704,745 34,867 - 236,595 - 0.46 - 0.47 - 9.420.30 SpencerMillat Tractors And Company Limited (Pakistan) Limited 511,0294,986 - 63,522 - - 2,850 - 571,7014,986 109,047 - 403,712 - 0.79 - 0.80 - 1.150.50 StandardPak Suzuki Bank Motor Limited Company Limited 1,047,140538 150,000 - - - 273,200 - 923,940538 89,054 - 149,521 - 0.29 - 0.30 - 1.120.03 Sunrise Textile Mills Limited 15,024 - - - - 15,024 319,731 - 1,543,324 - 3.02 - 3.07 - 0.14 SunshineAutomobile Cotton parts Mills & accessories Limited 426,521 - - - - 426,521 - - - - 5.43 SunshineAgriauto Industries Cloth Mills Limited Limited 1,094,020440,918 - - - 25,000 - 1,069,020440,918 14,371 - 194,562 - 0.38 - 0.39 - 3.715.62 SyntheticBaluchistan Chemical Wheels Company Limited Limited 1,328,36082,125 - - - - 1,328,36082,125 34,697 - 80,671 - 0.16 - 0.16 - 9.961.46 TagaThal Limited Pakistan Limited 2,398,90896,055 - - - 251,000 - 2,147,90896,055 91,619 - 697,941 - 1.37 - 1.39 - 2.653.69 TariqExide CottonPakistan Mills Limited Limited 510,72443,100 - - - - 510,72443,100 32,714 - 137,947 - 0.27 - 0.27 - 6.576.16 TawakkalGeneral Tyre Garments And Rubber Industries Company Limited 4,848,849118,664 - 969,769 - - - 5,818,618118,664 57,436 - 346,208 - 0.68 - 0.69 - 0.984.77 Tawakkal Limited 113,264 - - - - 113,264 230,837 - 1,457,329 - 2.86 - 2.90 - 0.81 TawakkalCable & electric Modaraba goods Ist 474,032 - - - - 474,032 - - - - 1.83 TaxilaJohnson Engineering And Phillips Company (Pakistan) Limited Limited 206,888493,824 - - - 477,037 - 206,88816,787 - 651 - 0.00 - 0.00 - 4.870.31 TurboPak Elektron Tec Limited Limited 2,929,552170,879 75,000 - - - - 3,004,552170,879 102,211 - 68,894 - 0.14 - 0.14 - 0.601.71 UnionPakistan Insurance Cables LimitedCompany Of Pakistan Limited 2,133,533306 - - - - 2,133,533306 82,710 - 228,053 - 0.45 - 0.45 - 6.000.00 UqabSiemens Breeding (Pakistan) Farms Engineering Limited 139,748983,658 - - - - 139,748983,658 598,221 - 552,649 - 1.09 - 1.10 - 11.93 5.27 ZaffarWaves Textile Singer Pakistan Limited 66,8449 - - 1 - - 66,84410 - - - - 0.006.68 Zahur Textile Mills Limited 412,147 - - - - 412,147 783,142 - 850,247 - 1.68 - 1.69 - 0.55 Transport - 3,530 0.01 0.01 Pakistan National Shipping Corporation 432,564 - - - - 432,564 4,442 32,685 0.06 0.06 0.33 36 Total as of 30 June 2020 12,206,4854,442 47,485,17632,685 0.06 0.06 Technology & communication TotalPak Datacom as of 30 Limited June 2019 178,898 - - - - 178,898 13,249,1832,538 49,389,8028,703 0.02 0.02 1.83 Pakistan Telecommunication Company Limited 2,439,884 - - - - 2,439,884 26,587 21,666 0.04 0.04 0.06 29,125 30,369 0.06 0.06 5.2.1 FertilizerAll shares have a nominal face value of Rs. 10 each except for shares of Chakwal Spinning Mills Limited, Kohinoor Spinning Mills DawoodLimited, HerculesNimir CorporationResins Limited Limited, Sardar952,940Chemical - Industries - Limited, - 235,044Shabbir Tiles717,896 & Ceramics21,871 91,833Limited, Chakwal 0.18 Spinning 0.18 Mills 0.15 Engro Fertilizer Limited 913,827 - - - 250,000 663,827 37,581 40,015 0.08 0.08 0.05 EngroLimited, CorporationHabib Limited Sugar Mills Limited, 549,525Dynea Pakistan132,800 Limited, - Agriauto - 110,200Industries572,125Limited,146,558Thal Limited167,587 and 0.33Habib Modarba 0.33 First 0.10 Fatima Fertilizer Company 695,562 - - - 431,000 264,562 2,683 7,072 0.01 0.01 0.01 Faujiwhich Fertilizer have Bin Qasim a face Limited value of Rs. 5 and 784,435for the shares - of K-Electric - Limited - which - has784,435 a face 24,118value of Rs.12,520 3.5. 0.02 0.02 0.08 Fauji Fertilizer Company Limited 25,197,055 50,000 - - 5,002,400 20,244,655 519,714 2,226,710 4.37 4.43 1.59 752,525 2,545,737 4.99 5.05 Pharmaceuticals Abbot Laboatories (Pakistan) Limited 2,594,429 - - - 35,491 2,558,938 206,137 1,696,576 3.33 3.37 2.61 AGP Limited 81,000 - - - 35,000 46,000 3,680 5,048 0.01 0.01 0.02 Ferozsons Laboratories Limited 1,697,375 - - - 57,500 1,639,875 42,028 492,668 0.97 0.98 5.43 Glaxosmithkline Pakistan Limited 8,585,456 - - - 699,500 7,885,956 408,879 1,372,787 2.70 2.73 2.48 Glaxosmithline Consumer Health Pakistan Limited 2,602,707 - - - 230,600 2,372,107 1,394 644,454 1.27 1.28 2.03 Highnoon Laboratories Limited 586,876 - 50,922 - 77,653 560,145 6,723 280,789 0.55 0.56 1.62 Sanofi-Aventis Limited 228,461 - - - - 228,461 20,965 191,565 0.38 0.38 2.37 The Searle Company Limited 4,899,418 - - - 115,000 4,784,418 124,121 953,200 1.87 1.90 2.25 Wyeth Pakistan Limited 111,574 - - - - 111,574 43,913 97,627 0.19 0.19 7.85 857,840 5,734,714 11.27 11.40 Chemical Agritech Limited 2,511,167 - - - - 2,511,167 11,627 11,752 0.02 0.02 0.64 Arif Habib Corporation Limited 724,292 - - - - 724,292 14,899 21,729 0.04 0.04 0.18 Paid-up value Bonus / of shares held Market value Market Right Merger/ Carrying as a Purchased Sold Market value as a value as a As at 01 July shares Demerger As at 30 June cost as at percentage of Name of the Investee Company during the during the as at 30 June percentage percentage 2019 received Adjust. 2020 30 June total paid-up year year 2020 of total of net during the Effects 2020 capital of the investments assets year Investee Company ------(Number of shares)------Rupees in '000------%------

NATIONALSaleem Denim(Kaytex INVESTMENT Mills) (UNIT)162,160 TRUST - - - - 162,160 - - - - 3.77 Sapphire Holding Limited 352,976 - - - - 352,976 - 3,530 0.01 0.01 1.76 Shahpur Textile Mills Limited 890,850 - - - - 890,850 - - - - 6.37 NOTESShahyar TO (O.E.) AND FORMING PART78,469 OF - THE - FINANCIAL - - STATEMENTS78,469 - - - - 3.79 Shahyar Textile Mill 222,109 - - - - 222,109 - - - - 5.14 FOR THESiftaq International YEAR Limited ENDED 30 JUNE108,222 2020 - - - - 108,222 - - - - 3.59 Sind Alkalis Limited 704,745 - - - - 704,745 - - - - 9.42 Spencer And Company (Pakistan) Limited 4,986 - - - - 4,986 - - - - 0.50 Standard Bank Limited 538 - - - - 538 - - - - 0.03 Sunrise Textile Mills Limited 15,024 - - - - 15,024 - - - - 0.14 Sunshine Cotton Mills Limited 426,521 - - - - 426,521 - - - - Paid-up value 5.43 Sunshine Cloth Mills Limited 440,918 - Bonus - / - - 440,918 - - - - of shares held5.62 Market value Market Synthetic Chemical Company Limited 82,125 - Right - Merger/ - - 82,125 Carrying - - - - as a 1.46 Purchased Sold Market value as a value as a Taga Pakistan Limited As at 0196,055 July - shares - Demerger - - As at 3096,055 June cost as - at - - - percentage 3.69 of Name of the Investee Company during the during the as at 30 June percentage percentage Tariq Cotton Mills Limited 201943,100 - received - Adjust. - - 202043,100 30 June - - - - total paid-up 6.16 Tawakkal Garments Industries Limited 118,664 year - - - year - 118,664 - 2020 - of total - of net - 0.98 during the Effects 2020 capital of the Tawakkal Limited 113,264 - - - - 113,264 - - investments - assets - 0.81 year Investee Tawakkal Modaraba Ist 474,032 - - - - 474,032 - - - - 1.83 Company Taxila Engineering Company Limited 206,888 - - - - 206,888 - - - - 4.87 ------(Number of shares)------Rupees in '000------%------Turbo Tec Limited 170,879 - - - - 170,879 - - - - 1.71 ShahmuradUnion Insurance Sugar Company Mills Limited Of Pakistan Limited 1,372,210306 ------1,372,210306 -- 130,813 - 0.26 - 0.26 - 6.500.00 SakrandUqab Breeding Sugar MillsFarms Limited Limited 681,400139,748 ------681,400139,748 3,407 - 6,439 - 0.01 - 0.01 - 1.535.27 Zaffar Textile 66,844 - - - - 66,844 171,847 - 1,300,484 - 2.55 - 2.59 - 6.68 CementZahur Textile Mills Limited 412,147 - - - - 412,147 - - - - 0.55 Attock Cement Pakistan Limited 74,347 - - - - 74,347 2,274 - 9,2663,530 0.020.01 0.020.01 0.05 Bestway Cement Limited 944,715 - - - - 944,715 14,629 102,719 0.20 0.20 0.16 CheratTotal as Cement of 30 JuneCompany 2020 Limited 7,373,358 - 737,335 - 665,000 7,445,693 12,206,485107,901 47,485,176649,041 1.27 1.29 3.83 D. G. Khan Cement Company Limited 2,030,181 165,000 - - 175,000 2,020,181 174,476 172,382 0.34 0.34 0.46 FaujiTotal Cement as of 30 Company June 2019 Limited 3,791,867 - - - - 3,791,867 13,249,18386,185 49,389,80264,007 0.13 0.13 0.27 Fecto Cement Limited 1,127,255 - - - - 1,127,255 4,396 23,469 0.05 0.05 2.25 Kohat Cement Company Limited 105,950 - - - - 105,950 6,431 14,563 0.03 0.03 0.05 5.2.1 LuckyAll shares Cement Limitedhave a nominal face value1,580,075of Rs. 1020,000each except - for shares - 360,100of Chakwal1,239,975Spinning290,107 Mills572,348Limited, Kohinoor 1.12 Spinning 1.14 Mills 0.38 MapleLimited, Leaf CementNimir FactoryResins Limited Limited, Sardar269,714Chemical50,000Industries229,256 Limited, - Shabbir - Tiles548,970 & Ceramics6,601 14,262Limited, Chakwal 0.03 Spinning 0.03 Mills 0.05 Pioneer Cement Limited 773,944 - - - - 773,944 18,995 48,789 0.10 0.10 0.34 ThattaLimited, Cement HabibLimited Sugar Mills Limited,1,368,580Dynea Pakistan - Limited, - Agriauto - Industries - 1,368,580Limited,24,505Thal Limited11,688 and 0.02Habib Modarba 0.02 First 1.37 Zealwhich Pak Cement have Factory a face Limited value of Rs. 5 and 486,248for the shares - of K-Electric - Limited - which - has486,248 a face value - of Rs. - 3.5. - - 0.11 736,500 1,682,534 3.31 3.35 Tobacco 5.3 PakistanFinancial Tobacco assets Company Limited at amortized cost1,765,843 - - - 6,340 1,759,503 87,934 2,760,607 5.42 5.49 0.69 At87,934 cost 2,760,607 5.42 5.49 Refinery Percentage Attock Refinery Limited 770,071 - - - 225,000 545,071Redemptions41,598 48,686 0.10 0.10 0.51 National Refinery Limited 1,067,301 - - - As140,000 at 01 July927,301 140,135 99,481 As at 0.20 30 0.20 of net 1.16 Pakistan Refinery Limited 5,605,544 - - - - 5,605,544 during85,294 the 63,959 0.13 0.13 1.78 2019 June 2020 assets PakistanInvestment Refinery Limited in securities- Right classified as - at amortized - 5,605,544 cost - - 5,605,544 - 953 0.00 0.00 1.78 267,027year 213,079 0.43 0.43 Power generation & distribution ------(Rupees in '000) ------(%) The Hub Power Company Limited 5,304,392 212,500 - - 700,000 4,816,892 135,424 349,225 0.69 0.69 0.37 KotInvestment Addu Power Company under Limited Morabaha arrangements187,832 - - - - 187,832 5,928 3,785 0.01 0.01 0.02 K-ElectricTextile Limited Management (Private) Limited4,673,775 - - - - 4,1254,673,775 7,478 - 14,068 0.03 4,125 0.03 0.01 0.02 Kohinoor Energy Limited 410,390 - - - - 410,390 6,472 14,355 0.03 0.03 0.24 LalpirPak Power China Limited Fertilizers Limited 133,055 - - - 133,055 27,000 - - - - 27,000 - - 0.05 - SitaraQuaidabad Energy Limited Woolen Mills Limited 256,117 - - - - 23,000256,117 4,226 - 5,532 0.01 23,000 0.01 0.05 1.34 159,528 386,965 0.77 0.77 Oil & gas marketing companies 54,125 - - 54,125 0.11 AttockLess: Petroleum Provision Limited for impairment loss 60,274 - - - -(54,125)60,274 13,569 - 18,396 (54,125) 0.04 0.04 (0.11) 0.06 Burshane LPG Pakistan Limited 1,336,033 - - - - 1,336,033 31,379 33,401 0.07 0.07 5.90 Pakistan State Oil Company Limited 29,093,401 - 5,818,680 - - - 34,912,081 1,377,187 - 5,521,695 10.84 - 10.98 - 7.44 Shell Pakistan Limited 25 - - - - 25 - 5 0.00 0.00 0.00 SuiParticipation Northern Gas Pipelines term Limited certificates 20,970,212 185,000 - - 152,568 21,002,644 274,259 1,146,744 2.25 2.28 3.31 SuiAdamjee Southern Gas Paper Company & Limited Board Mills Limited8,249,823 - - - - 10,5008,249,823 106,577 - 110,053 0.22 10,500 0.22 0.02 0.94 1,802,971 6,830,294 13.42 13.59 OilLess: & gas Provisionexploration companies for impairment loss (10,500) - (10,500) (0.02) Mari Petroleum Company Limited 2,695,574 - 251,877 - 231,780 - 2,715,671 90,533 - 3,358,335 6.60 - 6.68 - 2.04 Oil And Gas Development Company Limited 2,445,143 167,500 - - 555,100 2,057,543 299,474 224,272 0.44 0.45 0.05 PakistanTerm Oilfields finance Limited certificates and redeemable854,766 capital49,100 - - 255,000 648,866 200,311 227,512 0.45 0.45 0.23 Pakistan Petroleum Limited 2,031,265 117,500 321,253 - 568,500 1,901,518 213,803 165,014 0.32 0.33 0.07 Adamjee Paper & Board Mills Limited 8,125 804,121 - 3,975,133 7.81 8,125 7.91 0.02 EngineeringNaimat Basal Oil & Gas Securitization Company Limited 2 - 2 - Aisha Steel Mills Limited 172,388 - - - - 172,388 1,219 1,588 0.00 0.00 0.02 AmreliPakistan Steel Limited Telecommunication Limited (PTC)50,500 / BEL - - - - 75350,500 2,576 - 1,648 0.00 753 0.00 - 0.02 Aisha Steel Mills Limited-Preference Share 121,208 - - - - 8,880121,208 - - 2,483 0.00 8,880 0.00 0.02 0.27 Bolan Castings Limited 488,276 - - - - 488,276 4,830 23,550 0.05 0.05 4.26 CrescentLess: SteelProvision and Allied Proudcts for impairment Limited loss 1,912,236 - - - 106,500 (8,880) 1,805,736 48,426 - 82,161 0.16 (8,880) 0.16 (0.02) 2.33 Huffaz Seamless Pipe Industries Limited 1,311,896 - - - - - 1,311,896 6,507 ------2.36 International Industries Limited 6,941,033 - 694,103 - 1,638,000 5,997,136 156,702 550,117 1.08 1.09 4.55 International Steels Limited 1,653,000 - - - 600,000 1,053,000 38,029 54,387 0.11 0.11 0.24 KSBTotal Pumps Company Limited 1,131,259 - - - - 73,5051,131,259 23,912 - 162,913 0.32 73,505 0.32 0.15 8.57 QualityLess: Steel Provision Works Limited for impairment loss 2,922 - - - -(73,505)2,922 - - - (73,505) - - (0.15) 0.16 282,201 878,847 1.73 1.74 Automobile assembler - - - - Atlas Honda Limited 321,079 - - - 10,000 311,079 602 119,454 0.23 0.24 0.25 Ghandhara Industries Limited 234,554 - - - - 234,554 762 28,381 0.06 0.06 0.55 5.4 GhandaraInvestments Nissan Limitedinclude shares with market1,526,582 value of - Rs 787.840 - million - (2019: - 1,526,582Rs 785.97035,054million)95,793which have 0.19 been 0.19pledged with 2.68 Honda Atlas Cars (Pakistan) Limited 2,099,789 - - - 307,400 1,792,389 19,786 347,150 0.68 0.69 1.26 HinopakNational MotorsClearing Limited Company of Pakistan436,242Limited for - guaranteeing - settlement- - of the436,242Fund's30,559trades in162,718accordance 0.32 with Circular 0.32 no. 3.5211 Indusdated Motor 22 Company October Limited 2007 issued by the 366,346Securities and - Exchange - Commission - 128,560 of Pakistan.237,786 34,867 236,595 0.46 0.47 0.30 Millat Tractors Limited 511,029 - 63,522 - 2,850 571,701 109,047 403,712 0.79 0.80 1.15 Pak Suzuki Motor Company Limited 1,047,140 150,000 - - 273,200 923,940 89,054 149,521 0.29 0.30 1.12 5.4.1 As at 30 June 2019 securities with market value of Rs 6,132.120 million (2019: 189.945319,731million)1,543,324securities 3.02have been 3.07 given as Automobile parts & accessories Agriautocollateral Industries against Limited short term financing1,094,020 facilities. - - - 25,000 1,069,020 14,371 194,562 0.38 0.39 3.71 Baluchistan Wheels Limited 1,328,360 - - - - 1,328,360 34,697 80,671 0.16 0.16 9.96 Thal Limited 2,398,908 - - - 251,000 2,147,908 91,619 697,941 1.37 1.39 2.65 5.5 ExideThe Pakistaninvestment Limited portfolio of the Fund510,724includes 34,688,735 - - shares - of Pakistan - 510,724State Oil 32,714Company137,947Limited (PSO) 0.27 and 0.2718,338,031 6.57 Generalshares Tyreof AndSui RubberNorthern Company Gas Pipelines4,848,849Limited (SNGP), - 969,769which have - been frozen - 5,818,618by the Government57,436 346,208of Pakistan 0.68(GoP) 0.69for sale in the4.77 230,837 1,457,329 2.86 2.90 Cableequity & electricmarket goodsdue to their proposed privatisation. The market value of frozen shares of PSO and SNGP as on 30 June 2020 are Rs Johnson5,486.370 And Phillipsmillion (Pakistan)and LimitedRs 1,001.256 million493,824 respectively. - Out - of the - total477,037shares of16,787PSO, 12,673,295 - shares651 are 0.00held physically 0.00 by the0.31 Pak Elektron Limited 2,929,552 75,000 - - - 3,004,552 102,211 68,894 0.14 0.14 0.60 PakistanTrustee Cablesand Limitedremaining 16,233,983 shares2,133,533 are physically - held - by National - Bank - 2,133,533of Pakistan82,710(the former228,053 Trustee) 0.45having 0.45title National 6.00 Siemens (Pakistan) Engineering 983,658 - - - - 983,658 598,221 552,649 1.09 1.10 11.93 WavesBank Singer of Pakistan-TrusteePakistan Limited Wing. 9 - 1 - - 10 - - - - 0.00 783,142 850,247 1.68 1.69 Transport 5.6 PakistanThe Finance National ShippingAct, Corporation2014 introduced amendments432,564 to- the Income - Tax - Ordinance, - 432,5642001 as a4,442result of32,685which companies 0.06 0.06were liable 0.33to withhold five percent of the bonus shares to be issued. The shares so withheld were only4,442to be released32,685 if 0.06the Fund 0.06deposits tax 37 Technology & communication Pakequivalent Datacom Limitedto five percent of the value178,898of the bonus - shares - issued - to the -Fund including178,898 bonus2,538 shares8,703 withheld, 0.02 determined 0.02 on the1.83 Pakistanbasis Telecommunicationof day-end priceCompany on Limited the first day2,439,884 of closure of - books of- the issuing - company. - 2,439,884 26,587 21,666 0.04 0.04 0.06 29,125 30,369 0.06 0.06 Fertilizer DawoodIn this Herculesregard, Corporationa constitutional Limited petition952,940had been -filed by - Collective - Investment235,044 Schemes717,896 21,871(CISs) through91,833 their 0.18Trustees 0.18in the High 0.15 Engro Fertilizer Limited 913,827 - - - 250,000 663,827 37,581 40,015 0.08 0.08 0.05 EngroCourt Corporationof Sindh, Limited challenging the applicability549,525 of 132,800withholding - tax provisions - 110,200on bonus572,125shares146,558received167,587by CISs. The 0.33 petition 0.33 was based 0.10 Fatimaon the Fertilizerfact Companythat because CISs are exempt695,562 from - deduction - of income - 431,000tax under264,562Clause 2,68399 Part I7,072to the Second 0.01 Schedule 0.01 of the0.01 Fauji Fertilizer Bin Qasim Limited 784,435 - - - - 784,435 24,118 12,520 0.02 0.02 0.08 FaujiIncome FertilizerTax CompanyOrdinance Limited 2001, the withholding25,197,055 tax50,000provision - should - also5,002,400not be 20,244,655applicable519,714on bonus2,226,710shares received 4.37 by 4.43CISs. A stay 1.59 order had been granted by the Honourable High Court of Sindh in favour of CISs. 752,525 2,545,737 4.99 5.05 Pharmaceuticals Abbot Laboatories (Pakistan) Limited 2,594,429 - - - 35,491 2,558,938 206,137 1,696,576 3.33 3.37 2.61 AGPOn Limited27 June 2018, the Supreme Court81,000of Pakistan - passed - a judgement - 35,000whereby the46,000suits which3,680 are 5,048already pending 0.01 or 0.01shall be filed 0.02 Ferozsons Laboratories Limited 1,697,375 - - - 57,500 1,639,875 42,028 492,668 0.97 0.98 5.43 Glaxosmithklinein future Pakistanmust Limitedonly be continued /8,585,456entertained on- the condition - - that 699,500a minimum7,885,956of 50408,879percent1,372,787of the tax 2.70calculated 2.73 by the 2.48tax Glaxosmithlineauthorities Consumeris deposited Health Pakistanwith Limitedthe authorities.2,602,707 Accordingly, - the - CISs were- 230,600required2,372,107to pay minimum1,394 50%644,454of the tax 1.27calculated 1.28 by the 2.03tax Highnoon Laboratories Limited 586,876 - 50,922 - 77,653 560,145 6,723 280,789 0.55 0.56 1.62 Sanofi-Aventisauthorities Limitedfor the case to remain continued.228,461 The -CISs failed - to deposit - the - minimum228,46150%20,965of the tax191,565liability and 0.38accordingly 0.38 the stay 2.37 The Searle Company Limited 4,899,418 - - - 115,000 4,784,418 124,121 953,200 1.87 1.90 2.25 Wyethgot vacatedPakistan Limitedautomatically. The CISs 111,574have filed a -fresh constitutional - - petition - via111,574CP 465343,913dated 1197,627July 2019 0.19and on 0.1915 July 2019, 7.85 the Honourable High Court of Sindh has issued notices to the relevant parties and has ordered857,840 that5,734,714no third 11.27party interest 11.40 on bonus Chemical Agritechshares Limitedissued to the Funds in lieu of2,511,167their investments - be - created - in the meantime. - 2,511,167The matter11,627 is 11,752still pending 0.02adjudication 0.02 and the0.64 ArifFunds Habib Corporation have included Limited these shares in 724,292their portfolio, - as the - management - is -confident724,292 that the14,899 decision21,729 of the constitutional 0.04 0.04 petition will 0.18 be in favour of the CISs. 5.3 Financial assets at amortized cost At cost Percentage Redemptions As at 01 July As at 30 of net during the 2019 June 2020 assets Investment in securities classified as at amortized cost year ------(Rupees in '000) ------(%) Investment under Morabaha arrangements Textile Management (Private) Limited 4,125 - 4,125 0.01 Pak China Fertilizers Limited 27,000 - 27,000 0.05 Quaidabad Woolen Mills Limited 23,000 - 23,000 0.05 54,125 - 54,125 0.11 Less: Provision for impairment loss (54,125) - (54,125) (0.11) - - - - Participation term certificates Adamjee Paper & Board Mills Limited 10,500 - 10,500 0.02 Less: Provision for impairment loss (10,500) - (10,500) (0.02) - - - - Term finance certificates and redeemable capital Adamjee Paper & Board Mills Limited 8,125 - 8,125 0.02 Naimat Basal Oil & Gas Securitization Company Limited 2 - 2 - Pakistan Telecommunication Limited (PTC) / BEL 753 - 753 - 8,880 - 8,880 0.02 Less: Provision for impairment loss (8,880) - (8,880) (0.02) - - - -

Total 73,505 - 73,505 0.15 Less: Provision for impairment loss (73,505) - (73,505) (0.15) - - - -

5.4 Investments include shares with market value of Rs 787.840 million (2019: Rs 785.970 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.

NATIONAL5.4.1 As at 30 JuneINVESTMENT2019 securities with (UNIT)market value TRUSTof Rs 6,132.120 million (2019: 189.945 million) securities have been given as NOTEScollateral TO againstAND short FORMING term financing PART facilities. OF THE FINANCIAL STATEMENTS 5.5 The investment portfolio of the Fund includes 34,688,735 shares of Pakistan State Oil Company Limited (PSO) and 18,338,031 FOR THEshares YEARof Sui Northern ENDEDGas 30Pipelines JUNELimited 2020(SNGP), which have been frozen by the Government of Pakistan (GoP) for sale in the equity market due to their proposed privatisation. The market value of frozen shares of PSO and SNGP as on 30 June 2020 are Rs 5,486.370 million and Rs 1,001.256 million respectively. Out of the total shares of PSO, 12,673,295 shares are held physically by the Trustee and remaining 16,233,983 shares are physically held by National Bank of Pakistan (the former Trustee) having title National Bank of Pakistan-Trustee Wing.

5.6 The Finance Act, 2014 introduced amendments to the Income Tax Ordinance, 2001 as a result of which companies were liable to withhold five percent of the bonus shares to be issued. The shares so withheld were only to be released if the Fund deposits tax equivalent to five percent of the value of the bonus shares issued to the Fund including bonus shares withheld, determined on the basis of day-end price on the first day of closure of books of the issuing company.

In this regard, a constitutional petition had been filed by Collective Investment Schemes (CISs) through their Trustees in the High Court of Sindh, challenging the applicability of withholding tax provisions on bonus shares received by CISs. The petition was based on the fact that because CISs are exempt from deduction of income tax under Clause 99 Part I to the Second Schedule of the Income Tax Ordinance 2001, the withholding tax provision should also not be applicable on bonus shares received by CISs. A stay order had been granted by the Honourable High Court of Sindh in favour of CISs.

On 27 June 2018, the Supreme Court of Pakistan passed a judgement whereby the suits which are already pending or shall be filed in future must only be continued / entertained on the condition that a minimum of 50 percent of the tax calculated by the tax authorities is deposited with the authorities. Accordingly, the CISs were required to pay minimum 50% of the tax calculated by the tax authorities for the case to remain continued. The CISs failed to deposit the minimum 50% of the tax liability and accordingly the stay got vacated automatically. The CISs have filed a fresh constitutional petition via CP 4653 dated 11 July 2019 and on 15 July 2019, the Honourable High Court of Sindh has issued notices to the relevant parties and has ordered that no third party interest on bonus shares issued to the Funds in lieu of their investments be created in the meantime. The matter is still pending adjudication and the Funds have included these shares in their portfolio, as the management is confident that the decision of the constitutional petition will be in favour of the CISs.

Further, the Finance Act, 2018 effective from 1 July 2018 has omitted Section 236M of Income Tax Ordinance, 2001 requiring every company quoted on stock exchange issuing bonus shares to the shareholders of the company, to withhold five percent of the bonus shares to be issued. Therefore, bonus shares issued to the Fund since 1 July 2018 were not withheld by the investee companies.

As an abundant caution, the 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. As at 30 June 2020, the following bonus shares of the Fund were withheld by certain companies at the time of declaration of the bonus shares.

* Security Papers Limited, The Searle Company 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. The Searle Company Limited, United Distributor Pakistan Limited, Synthetic Product Enterprise Limited and Highnoon Laboratories Limited have not demanded the payment due to filing of petition by the Fund, however the management has recorded a payable under prudence basis

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

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

***** Suraj Cotton Mills Limited has released the bonus shares after deducting payment for 5% bonus shares from dividend announced by the company.

5.7 Net unrealised appreciation / (diminution) on re-measurement of Note 2020 2019 investments classified as 'financial assets at fair value through ------(Rupees in '000)------profit or loss'

Market value of investments 3,436,601 2,949,871 Less: Carrying value of investments 2,773,817 3,169,868 662,784 (219,997)

5.8 Net unrealised appreciation / (diminution) on re-measurement of investments classified as 'at fair value through other comprehensive income'

Market value of investments 47,485,176 49,389,802 Further, the Finance Act, 2018 effective from 1 July 2018 has omitted Section 236M of Income Tax Ordinance, 2001 requiring every company quoted on stock exchange issuing bonus shares to the shareholders of the company, to withhold five percent of the bonus shares to be issued. Therefore, bonus shares issued to the Fund since 1 July 2018 were not withheld by the investee companies.

2020 2019 Payment Payment Number of Number of Market made to the Market made to the Name of Investment Company bonus bonus value investee value investee shares shares company company -----(Rupees in '000)------(Rupees in '000)----- Security Papers Limited * 21,958 3,117 1,446 21,958 2,037 1,446 The Searle Company Limited * 36,230 7,218 6,856 36,230 5,310 6,856 Suraj Cotton Mills Limited ***** 2,357 389 256 2,357 294 256 Suraj Cotton Mills Limited ***** 2,840 469 355 2,840 354 355 Further,Faysal Bankthe Finance LimitedAct, * 2018 effective from 1 July 2018 41,151 has omitted Section 573 236M of 630Income Tax 41,151 Ordinance, 2001 886 requiring every630 companyShezan Internationalquoted on stock Limitedexchange * issuing bonus shares 6,904 to the shareholders 1,546 of the 6,317company, to 6,904 withhold five 2,917percent of the 6,317 bonus NATIONALsharesGul Ahmed to be INVESTMENT issued. Textile Therefore, Mills Limited bonus (UNIT) ** shares issuedTRUST to the49,732 Fund since 1,4241 July 2018 were -not withheld 49,732 by the investee 2,343 companies. - Mari Petroleum Company Limited ** 38,238 47,287 - 38,238 38,595 - NOTESAsThean TOSearleabundant AND Companycaution, FORMING Limited**the Fund has PARTmade payments OF THE 14,154 which FINANCIALis equivalent 2,820to 5% STATEMENTS value -of the respective 14,154 bonus 2,074 shares, determined - FOR THEonUnitedthe YEARbasis Distributorsof ENDEDday-end Pakistanprice 30on JUNELimitedthe first **2020day of book closure. 9,946 These payments 331 have been- recorded 9,946 as part of 298 cost of respective - investments.Synthetic ProductAs at 30EnterpriseJune 2020, Limitedthe following ** bonus shares 990 of the Fund 41 were withheld - by certain 990 companies 22 at the time - of declarationHighnoon ofLaboratories the bonus shares. Limited ** 2,563 1,285 - 2,563 649 - Suraj Cotton Mills Limited ***** 2,582 426 403 2,582 322 403 Faysal Bank Limited *** 5,837 2020 81 125 5,837 2019 126 125 Highnoon Laboratories Limited*** 2,299 1,152 1,044 2,299 582 1,044 Payment Payment Highnoon Laboratories Limited *** Number 2,671 of 1,339 663 Number 2,671 of 676 663 Market made to the Market made to the KohinoorName Textile of InvestmentMills Limited*** Company bonus 16,963 602 1,172 bonus 16,963 425 1,172 value investee value investee The Searle Company Limited*** shares 20,958 4,175 10,472 shares 20,958 3,072 10,472 The Searle Company Limited*** 16,348 3,257 company 9,919 16,348 2,396 company 9,919 The Searle Company Limited*** 22,656 -----(Rupees 4,514 in '000)----- 9,216 22,656 -----(Rupees 3,320 in '000)----- 9,216 SecurityUnited Distributors Papers Limited Pakistan * Limited*** 21,958 4,520 3,117 150 1,446 144 21,958 4,520 2,037 135 1,446 144 ThePakistan Searle State Company Oil Limited**** Limited * 202,020 36,230 31,951 7,218 6,856 - 202,020 36,230 34,269 5,310 6,856 - SurajUnited Cotton Distributors Mills Limited Pakistan ***** Limited**** 2,357 5,918 389197 256 - 2,357 5,918 294 177 256 - SurajThe Searle Cotton Company Mills Limited Limited**** ***** 35,491 2,840 7,071 469 355 - 35,491 2,840 5,202 354 355 - FaysalCresent Bank Cotton Limited Mills *Limited**** 41,151 3,146 573125 630 - 41,151 3,146 886 89 630 - ShezanTreet Corporation International Limited**** Limited * 51,062 6,904 1,546 912 6,317 - 51,062 6,904 2,917 779 6,317 - GulFaysal Ahmed Bank Textile Limited Mills **** Limited ** 49,732 7,287 1,424 102 - 49,732 7,287 2,343 157 - MariHighnoon Petroleum Laboratories Company Limited Limited **** ** 38,238 2,859 47,287 1,433 - 38,238 2,859 38,595 724 - TheSuraj Searle Cotton Company Mills Limited Limited** ***** 14,154 3,125 2,820 516 375 - 14,154 3,125 2,074 390 375 - United Distributors Pakistan Limited ** 9,946 124,503 331 49,393 - 9,946 108,620 298 49,393 - Synthetic Product Enterprise Limited ** 990 41 - 990 22 - *HighnoonSecurity Papers LaboratoriesLimited, LimitedThe Searle ** Company Limited, 2,563 Faysal Bank 1,285Limited and Shezan - International 2,563 Limited 649 have released - the aboveSuraj Cottonmentioned Mills bonus Limited shares ***** and have retained the payments. 2,582 426 403 2,582 322 403 Faysal Bank Limited *** 5,837 81 125 5,837 126 125 **HighnoonGul Ahmed LaboratoriesTextile Mills Limited***Limited and Mari Petroleum Company 2,299 Limited 1,152have returned 1,044the payments 2,299 on 05 December 582 2014 1,044 and 14 Highnoon Laboratories Limited *** 2,671 1,339 663 2,671 676 663 January 2015 respectively and have not released the shares due to court order and recorded as liability. The Searle Company Kohinoor Textile Mills Limited*** 16,963 602 1,172 16,963 425 1,172 Limited, United Distributor Pakistan Limited, Synthetic Product Enterprise Limited and Highnoon Laboratories Limited have not The Searle Company Limited*** 20,958 4,175 10,472 20,958 3,072 10,472 demanded the payment due to filing of petition by the Fund, however the management has recorded a payable under prudence basis The Searle Company Limited*** 16,348 3,257 9,919 16,348 2,396 9,919 The Searle Company Limited*** 22,656 4,514 9,216 22,656 3,320 9,216 *** Faysal Bank Limited, Highnoon Laboratories Limited, Kohinoor Textile Mills Limited, The Searle Company Limited and United United Distributors Pakistan Limited*** 4,520 150 144 4,520 135 144 Distributors Pakistan Limited have not released the bonus shares and retained the payment due to court order. Pakistan State Oil Limited**** 202,020 31,951 - 202,020 34,269 - United Distributors Pakistan Limited**** 5,918 197 - 5,918 177 - **** Pakistan State Oil Company Limited, United Distributors Pakistan Limited, The Searle Company Limited, Cresent Cotton Mills The Searle Company Limited**** 35,491 7,071 - 35,491 5,202 - Limited, Treet Corporation Limited, Faysal Bank Limited and Highnoon Laboratories Limited have not released the shares due to Cresent Cotton Mills Limited**** 3,146 125 - 3,146 89 - litigation that has been filed by the Fund and payment has also not been made by the Fund. Treet Corporation Limited**** 51,062 912 - 51,062 779 - Faysal Bank Limited **** 7,287 102 - 7,287 157 - ***** Suraj Cotton Mills Limited has released the bonus shares after deducting payment for 5% bonus shares from dividend Highnoon Laboratories Limited **** 2,859 1,433 - 2,859 724 - announced by the company. Suraj Cotton Mills Limited ***** 3,125 516 375 3,125 390 375 5.7 Net unrealised appreciation / (diminution) on re-measurement of 124,503 49,393 Note 2020 108,620 49,393 2019 investments classified as 'financial assets at fair value through ------(Rupees in '000)------*profitSecurity or loss'Papers Limited, The Searle Company Limited, Faysal Bank Limited and Shezan International Limited have released the above mentioned bonus shares and have retained the payments. Market value of investments 3,436,601 2,949,871 **Less:Gul CarryingAhmed Textile value ofMills investmentsLimited and Mari Petroleum Company Limited have returned the payments on 05 2,773,817December 2014 3,169,868and 14 January 2015 respectively and have not released the shares due to court order and recorded as liability. 662,784The Searle (219,997)Company Limited, United Distributor Pakistan Limited, Synthetic Product Enterprise Limited and Highnoon Laboratories Limited have not 5.8 demandedNet unrealised the payment appreciation due to / filing(diminution) of petition on by re-measurement the Fund, however of the management has recorded a payable under prudence basis investments classified as 'at fair value through other ***comprehensiveFaysal Bank Limited,income' Highnoon Laboratories Limited, Kohinoor Textile Mills Limited, The Searle Company Limited and United Distributors Pakistan Limited have not released the bonus shares and retained the payment due to court order. Market value of investments 47,485,176 49,389,802 ****Less:Pakistan Carring Statecost ofOil investmentsCompany Limited, United Distributors Pakistan Limited, The Searle Company Limited,12,206,485Cresent Cotton13,249,183Mills Limited, Treet Corporation Limited, Faysal Bank Limited and Highnoon Laboratories Limited have not released 35,278,691the shares 36,140,619due to litigationAdd: Changes that has in fairbeen value filed of by investments the Fund and disposed payment of has during also the not year been made by the Fund. 206,040 37,093 Less: Net unrealised appreciation in the fair value of investments *****at theSuraj beginningCotton of theMills yearLimited has released the bonus shares after deducting payment for 5% bonus 36,140,619shares from 54,695,857dividend announced Amount pertaining by the company. to disposed of securities (1,668,359) (517,186) 34,472,260 54,178,671 5.7 Net unrealised appreciation / (diminution) on re-measurement of Note 1,012,4712020 (18,000,959)##########2019 investments classified as 'financial assets at fair value through ------(Rupees in '000)------6 profitDIVIDEND or loss' AND OTHER RECEIVABLES

MarketDividend value receivable of investments 3,436,601 18,387 2,949,871 188,323 Less: Carrying value of investments 2,773,817 3,169,868 662,784 (219,997) Mark-up receivable on bank deposits 5,394 256 39

5.8 NetProfit unrealised on term finance appreciation certificates / (diminution) on re-measurement of 23,705 23,705 investmentsLess: Provision classified against doubtful as 'at fair receivables value through other (23,705) (23,705) comprehensive income' - -

MarketProfit on value Morabaha of investments arrangements 47,485,176 51,267 49,389,802 51,267 Less: Provision against doubtful profit on Morabaha arrangements (51,267) (51,267) - -

Advance against pre-IPO investment 6.1 150,000 150,000 Less: Provision against doubtful advance (150,000) (150,000) - -

Other receivables 14,694 14,694 Less: Provision against doubtful receivables (14,694) (14,694) - - 23,781 188,579

6.1 This represents Rs. 150 million (2019: Rs. 150 million) which the Fund had subscribed towards the term finance certificates of an issuer as Pre-IPO on 13 March 2008. Under the agreement, the issuer was required to complete the public offering by 23 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.

2020 2019 7 SECURITY DEPOSITS ------(Rupees in '000)------

Deposits with: -Central Depository Company of Pakistan Limited - Trustee 100 100 -National Clearing Company of Pakistan Limited 2,500 2,500 2,600 2,600 Less: Carring cost of investments 12,206,485 13,249,183 35,278,691 36,140,619 NATIONALAdd: Changes INVESTMENT in fair value of investments (UNIT) disposed TRUST of during the year 206,040 37,093 Less: Net unrealised appreciation in the fair value of investments NOTESat the TO beginning AND of FORMINGthe year PART OF THE FINANCIAL STATEMENTS 36,140,619 54,695,857 Amount pertaining to disposed of securities (1,668,359) (517,186) FOR THE YEAR ENDED 30 JUNE 2020 34,472,260 54,178,671 1,012,471 ##########

6 DIVIDEND AND OTHER RECEIVABLES

Dividend receivable 18,387 188,323

Mark-up receivable on bank deposits 5,394 256

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) - -

Advance against pre-IPO investment 6.1 150,000 150,000 Less: Provision against doubtful advance (150,000) (150,000) - -

Other receivables 14,694 14,694 Less: Provision against doubtful receivables (14,694) (14,694) - - 23,781 188,579

2020 2019 7 SECURITY DEPOSITS ------(Rupees in '000)------

Deposits with: -Central Depository Company of Pakistan Limited - Trustee 100 100 -National Clearing Company of Pakistan Limited 2,500 2,500 2,600 2,600

8 PAYABLE TO NATIONAL INVESTMENT TRUST LIMITED Note 2020 2019 - MANAGEMENT COMPANY ------(Rupees in '000)------

Management remuneration payable 8.1 48,493 164,114 Sindh sales tax payable on management remuneration 8.2 6,306 21,337 Payable against allocation of expenses related to registrar services, accounting, operation and valuation services 8.3 4,081 4,384 Payable against selling and marketing expenses 8.4 29,144 56,394 Others 1,192 615 89,216 246,844

8.1 The Management Company has charged its remuneration at the rate of 1.2% (2019: 1.2%) per annum of the average net assets of the Fund during the year ended 30 June 2020. The remuneration is payable to the Management Company monthly in arrears.

8.2 During the year, an amount of Rs 78.404 million (2019: Rs 97.636 million) was charged on account of sales tax on management remuneration levied through the Sindh Sales Tax on Services Act, 2011 and an amount of Rs 93.435 million (2019: Rs 95.227 million) has been paid to the Management Company which acts as a collecting agent.

8.3 In accordance with Regulation 60 (3)(s) of the NBFC Regulations, the Management Company is entitled to charge fees and expenses related to registrar services, accounting, operation and valuation services, related to a Collective Investment Scheme

Until 19 June 2019 there was a maximum cap of 0.1% of the average annual net assets of the scheme or actual whichever is less, for allocation of such expenses to the Fund. However, the SECP vide its SRO 639 dated 20 June 2019 removed the maximum cap of 0.1%.

The Management Company, based on its own discretion, has currently fixed a maximum capping of 0.1 percent of the average 40 annual net assets of the scheme for allocation of such expenses to the Fund.

8.4 The SECP allowed the Asset Management Companies to charge selling and marketing expenses to all categories of open-end mutual funds (except fund of funds) initially for a period of three years (i.e. from 1 January 2017 till 31 December 2019). The maximum cap of selling and marketing expense was 0.4% per annum of the net assets of the Fund or actual expenses whichever is

During the current year, the SECP through its circular 11 dated 5 July 2019 has revised the conditions for charging of selling and marketing expenses to the Fund. As per the revised guidelines, the maximum cap of 0.4% per annum has been lifted and now the Management Company is required to set a maximum limit for charging of such expenses to the Fund and the same should be approved by the Board as part of annual plan. Furthermore, the time limit of three years has also been removed in the revised

Accordingly, the Management Company has charged such expenses to the Fund during the year subject to the limit approved by the Board of Directors.

9 PAYABLE TO THE CENTRAL DEPOSITORY COMPANY OF Note 2020 2019 PAKISTAN LIMITED - TRUSTEE ------(Rupees in '000)------

Trustee remuneration payable 9.1 2,300 2,066 Sindh sales tax payable on Trustee remuneration 9.2 299 268 2,599 2,334

9.1 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 2020 is as follows:

Net assets Tariff per annum Upto Rs. 1 billion 0.2% p.a. of net assets Over Rs. 1 billion to Rs. 10 billion Rs. 2 million plus 0.1% of net assets exceeding Rs. 1 billion Over Rs. 10 billion to Rs. 20 billion Rs. 11 million plus 0.06% of net assets exceeding Rs. 10 billion Over 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. 8 PAYABLE TO NATIONAL INVESTMENT TRUST LIMITED Note 2020 2019 - MANAGEMENT COMPANY ------(Rupees in '000)------

NATIONAL8.2 During the INVESTMENTyear, an amount of Rs (UNIT)78.404 million TRUST(2019: Rs 97.636 million) was charged on account of sales tax on management remuneration levied through the Sindh Sales Tax on Services Act, 2011 and an amount of Rs 93.435 million (2019: Rs 95.227 NOTESmillion) TO has AND been paid FORMING to the Management PART Company OF THEwhich actsFINANCIAL as a collecting agent. STATEMENTS FOR THE YEAR ENDED 30 JUNE 2020 8.3 In accordance with Regulation 60 (3)(s) of the NBFC Regulations, the Management Company is entitled to charge fees and expenses related to registrar services, accounting, operation and valuation services, related to a Collective Investment Scheme

The Management Company, based on its own discretion, has currently fixed a maximum capping of 0.1 percent of the average annual net assets of the scheme for allocation of such expenses to the Fund.

Accordingly, the Management Company has charged such expenses to the Fund during the year subject to the limit approved by the Board of Directors.

9 PAYABLE TO THE CENTRAL DEPOSITORY COMPANY OF Note 2020 2019 PAKISTAN LIMITED - TRUSTEE ------(Rupees in '000)------

Trustee remuneration payable 9.1 2,300 2,066 Sindh sales tax payable on Trustee remuneration 9.2 299 268 2,599 2,334

Based on the Trust Deed, the tariff structure applicable to the Fund as at 30 June 2020 is as follows:

The remuneration is paid to the Trustee monthly in arrears.

9.2 During the year, an amount of Rs 3.231 million (2019: Rs 3.512 million) was charged on account of sales tax on remuneration of the Trustee levied through the Sindh Sales Tax on Services Act, 2011 and an amount of Rs 3.200 million (2019: Rs 3.553 million) was paid to the Trustee which acts as a collecting agent.

10 PAYABLE TO SECURITIES AND EXCHANGE COMMISSION OF PAKISTAN

In accordance with the NBFC Regulations, a Collective Investment Scheme (CIS) is required to pay annual fee to the Securities and Exchange Commission of Pakistan (SECP).

Effective from 1 July 2019, the SECP vide SRO No. 685(I)/2019 dated 28 June 2019 has revised the rate of annual fee to 0.02% of net assets, applicable on all categories of CISs. Previously, the rate of annual fee applicable to the Fund was 0.095%. Accordingly, the Fund has charged SECP Fee at the rate of 0.02% of net assets during the current year.

Note 2020 2019 11 ACCRUED EXPENSES AND OTHER LIABILITIES ------(Rupees in '000)------

Provision for Sindh Workers' Welfare Fund 11.1 467,281 428,942 Provision for federal excise duty 11.2 289,563 289,563 Excess dividend received 25,777 25,777 Distribution not claimed by unit holders 5,594 5,423 Brokerage payable against purchase of shares 473 203 Financial charges payable 5,265 11 Auditors' remuneration payable 770 638 Zakat payable 9,826 9,615 41 Capital gain tax payable 1,810 57 Withholding tax payable 55 55 Payable against bonus shares 113,183 113,183 919,597 873,467

11.1 As a consequence of the 18th amendment to the Constitution of Pakistan, in May 2015 the Sindh Workers’ Welfare Fund Act, 2014 (SWWF Act) had been passed by the Government of Sindh as a result of which every industrial establishment located in the Province of Sindh, the total income of which in any accounting year is not less than Rs 0.50 million, was required to pay Sindh Workers’ Welfare Fund (SWWF) in respect of that year a sum equal to two percent of such income. The matter was taken up by the MUFAP with the Sindh Revenue Board (SRB) collectively on behalf of various asset management companies and their CISs whereby it was contested that mutual funds should be excluded from the ambit of the SWWF Act as these were not industrial establishments but were pass through investment vehicles and did not employ workers The SRB held that mutual funds were included in the definition of financial institutions as per the Financial Institution (Recovery of Finances) Ordinance, 2001 and were, hence, required to register and pay SWWF under the SWWF Act. Thereafter, MUFAP had taken up the matter with the Sindh Finance Ministry to have CISs / mutual funds excluded from the applicability of SWWF. In view of the above developments regarding the applicability of SWWF on CISs / mutual funds, MUFAP recommended that, as a matter of abundant caution, provision in respect of SWWF should be made on a prudent basis with effect from the date of enactment of the SWWF Act, 2014 (i.e. starting from 21

Had the provision for SWWF not been recorded in the financial statements of the Fund for the period from 21 May 2015 to 30 June 2020, the net asset value per unit of the Fund as at 30 June 2020 would have been higher by Re 0.52 (2019: Re 0.45).

11.2 The Finance Act, 2013 enlarged the scope of Federal Excise Duty (FED) on financial services to include Asset Management Companies (AMCs) as a result of which FED at the rate of 16 percent on the remuneration of the Management Company and sales load was applicable with effect from 13 June 2013. The Management Company was of the view that since the remuneration was already subject to provincial sales tax, further levy of FED would result in double taxation which did not appear to be the spirit of the law. Hence, on 4 September 2013 a constitutional petition was filed with the Sindh High Court (SHC) by the Management Company together with various other asset management companies challenging the levy of FED.

With effect from 1 July 2016, FED on services provided or rendered by non-banking financial institutions dealing in services which are subject to provincial sales tax has been withdrawn by the Finance Act, 2016.

During the year ended 30 June 2017, the SHC passed an order whereby all notices, proceedings taken or pending, orders made, duty recovered or actions taken under the Federal Excise Act, 2005 in respect of the rendering or providing of services (to the extent as challenged in any relevant petition) were set aside. In response to this, the Deputy Commissioner Inland Revenue has filed a Civil Petition for leave to appeal in the Honorable Supreme Court of Pakistan which is pending adjudication. 9.2 During the year, an amount of Rs 3.231 million (2019: Rs 3.512 million) was charged on account of sales tax on remuneration of the Trustee levied through the Sindh Sales Tax on Services Act, 2011 and an amount of Rs 3.200 million (2019: Rs 3.553 million) was paid to the Trustee which acts as a collecting agent.

10 PAYABLE TO SECURITIES AND EXCHANGE COMMISSION OF PAKISTAN

NATIONALIn accordance INVESTMENTwith the NBFC Regulations, (UNIT)a Collective TRUSTInvestment Scheme (CIS) is required to pay annual fee to the Securities and NOTESExchange TO ANDCommission FORMING of Pakistan (SECP).PART OF THE FINANCIAL STATEMENTS FOR THEEffective YEARfrom 1 ENDEDJuly 2019, 30the SECPJUNEvide 2020SRO No. 685(I)/2019 dated 28 June 2019 has revised the rate of annual fee to 0.02% of net assets, applicable on all categories of CISs. Previously, the rate of annual fee applicable to the Fund was 0.095%. Accordingly, the Fund has charged SECP Fee at the rate of 0.02% of net assets during the current year.

Note 2020 2019 11 ACCRUED EXPENSES AND OTHER LIABILITIES ------(Rupees in '000)------

Provision for Sindh Workers' Welfare Fund 11.1 467,281 428,942 Provision for federal excise duty 11.2 289,563 289,563 Excess dividend received 25,777 25,777 Distribution not claimed by unit holders 5,594 5,423 Brokerage payable against purchase of shares 473 203 Financial charges payable 5,265 11 Auditors' remuneration payable 770 638 Zakat payable 9,826 9,615 Capital gain tax payable 1,810 57 Withholding tax payable 55 55 Payable against bonus shares 113,183 113,183 919,597 873,467

In view of the above, the Fund has discontinued making further provision in respect of FED on remuneration of the Management Company with effect from 1 July 2016. However, as a matter of abundant caution the provision for FED made till 30 June 2016 amounting to Rs 289.563 million has been retained in these financial statements as the matter is pending before the Hounarable Supreme Court of Pakistan whereas an amount of Rs 17.327 million has been paid to the Management Company. Had the provision for FED not been recorded in the financial statements of the Fund (and the amount is refunded by the Managment Company), the net asset value per unit of the Fund as at 30 June 2020 would have been higher by Re 0.34 (2019: Re 0.32).

12 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. 42 13 CONTINGENCIES AND COMMITMENTS

There were no contingencies and commitments outstanding as at 30 June 2020 and 30 June 2019.

2020 2019 Registered Bearer Total Total 14 NUMBER OF UNITS IN ISSUE ------(Units in '000)------

Total units in issue at the beginning of the year 940,871 13,534 954,405 958,341 Add: Units issued 95,346 - 95,346 54,249 Add: Units issued under Cumulative - Investment Plan 11,484 - 11,484 14,439 Add: Units issued in lieu of refund of capital 897 - 897 - Less: Units redeemed (167,378) - (167,378) (72,624) Total units in issue at the end of the year 881,220 13,534 894,754 954,405

2020 2019 15 AUDITORS' REMUNERATION ------(Rupees in '000)------

Annual audit fee 607 578 Fee for half yearly review 265 252 Out of pocket expenses and others including government levy 251 126 1,123 956

16 TAXATION

The income of the Fund is exempt from income tax under 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 as cash dividend. Furthermore, as per Regulation 63 of the Non-Banking Finance Companies and Notified Entities Regulations, the Fund is required to distribute not less than 90% of its accounting income for the year derived from sources other than capital gains as reduced by such expenses as are chargeable thereon to the unit holders. Since the management has distributed the required minimum percentage of income earned by the Fund for the year ended 30 June 2020 to the unit holders in the manner as explained above subsequent to the year ended 30 June 2020, therefore no provision for taxation has been made in these financial statements during the year.

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. Moreover, super tax introduced in the Finance Act, 2015 is also not applicable on Funds as per Section 4B of the Income Tax Ordinance 2001. In view of the above, the Fund has discontinued making further provision in respect of FED on remuneration of the Management Company with effect from 1 July 2016. However, as a matter of abundant caution the provision for FED made till 30 June 2016 amounting to Rs 289.563 million has been retained in these financial statements as the matter is pending before the Hounarable Supreme Court of Pakistan whereas an amount of Rs 17.327 million has been paid to the Management Company. Had the provision for FED not been recorded in the financial statements of the Fund (and the amount is refunded by the Managment Company), the NATIONALnet asset value INVESTMENT per unit of the Fund (UNIT) as at 30 June TRUST 2020 would have been higher by Re 0.34 (2019: Re 0.32).

NOTES12 DIVIDEND TO AND PAYABLE FORMING AND UNCLAIMED PART DISTRIBUTION OF THE FINANCIAL STATEMENTS

FOR THEAs at eachYEARaccounting ENDEDdate, 30the JUNEamount 2020of 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.

13 CONTINGENCIES AND COMMITMENTS

There were no contingencies and commitments outstanding as at 30 June 2020 and 30 June 2019.

2020 2019 Registered Bearer Total Total 14 NUMBER OF UNITS IN ISSUE ------(Units in '000)------

2020 2019 15 AUDITORS' REMUNERATION ------(Rupees in '000)------

Annual audit fee 607 578 Fee for half yearly review 265 252 Out of pocket expenses and others including government levy 251 126 1,123 956

16 TAXATION

17 RECONCILIATION OF LIABILITIES ARISING OUT OF FINANCING ACTIVITIES

Receivable Payable Dividend against against payable and Total issuance of redemption of unclaimed units units dividend ------(Rupees in '000) ------

Opening balance as at 1 July 2020 - 822 668,715 669,537 Receivable against issuance of units (6,039,579) - - (6,039,579) Payable against redemption of units - 9,115,239 - 9,115,239 Payable against dividends - - 1,431,734 1,431,734 (6,039,579) 9,115,239 1,431,734 4,507,394 Amount received on issuance of units 6,039,579 - - 6,039,579 Amount paid on redemption of units - (9,116,061) - (9,116,061) Dividend paid - - (1,411,197) (1,411,197) 6,039,579 (9,116,061) (1,411,197) (4,487,679) 43 Closing balance as at 30 June 2020 - - 689,252 689,252

18 TOTAL EXPENSE RATIO

The Total Expense Ratio (TER) of the Fund as at 30 June 2020 is 1.98% which includes 0.26% representing government levies on the Fund such as provision for Sindh Workers' Welfare Fund, sales taxes, federal excise duties, annual fee to the SECP etc. This ratio is within the maximum limit of 4.5% prescribed under the NBFC Regulations for a collective investment scheme categorised as an Equity Scheme.

19 TRANSACTIONS AND BALANCES WITH CONNECTED PERSONS

19.1 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 entity in which the Management Company, its CISs or their connected persons have material interest, 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, directors and their close family members and key management personnel of the Management Company.

19.2 Transactions with connected persons are executed on an arm's length basis and essentially comprise sale and redemption of units, fee on account of managing the affairs of the Fund, sales load, other charges and distribution payments to connected persons. The transactions with connected persons are in the normal course of business, at contracted rates and at terms determined in accordance with market rates.

19.3 Remuneration to the Trustee of the Fund is determined in accordance with the provisions of the Trust Deed.

19.4 Remuneration to the Management Company of the Fund is determined in accordance with the provisions of the NBFC Regulations.

19.5 Transactions during the year 2020 2019 ------(Rupees in '000)------National Investment Trust Limited - Management Company Issuance of 2,176,402 units under CIP (2019: 2,480,326 units) 115,415 170,002 Additional units: 53,004 units as refund of capital (2019: 92,314 units) - - Issuance of Nil units (2019: 741,290 units ) - 50,000 Redemption of 1,570,089 units (2019: Nil) 100,000 - Remuneration of the Management Company 603,107 751,043 Sindh sales tax on management remuneration 78,404 97,636 Allocation of expenses related to registrar services, accounting, operation and valuation services 50,400 62,637 Selling and marketing expenses 107,674 56,394

Central Depository Company of Pakistan Limited - Trustee Remuneration of the Trustee 24,856 27,017 Sindh sales tax on remuneration of the Trustee 3,231 3,512 Central depository charges 173 155 NATIONAL17 RECONCILIATION INVESTMENT OF LIABILITIES (UNIT) ARISING TRUST OUT OF FINANCING ACTIVITIES Receivable Payable Dividend NOTES TO AND FORMING PART OF THE FINANCIALagainst STATEMENTSagainst payable and Total FOR THE YEAR ENDED 30 JUNE 2020 issuance of redemption of unclaimed units units dividend 17 RECONCILIATION OF LIABILITIES ARISING OUT OF FINANCING------ACTIVITIES (Rupees in '000) ------Opening balance as at 1 July 2020 - 822 668,715 669,537 Receivable Payable Dividend Receivable against issuance of units (6,039,579) against against - payable and - (6,039,579) Total Payable against redemption of units issuance - of redemption 9,115,239 of unclaimed - 9,115,239 Payable against dividends units - units - dividend 1,431,734 1,431,734 ------(6,039,579) 9,115,239 (Rupees in '000) 1,431,734 ------4,507,394

OpeningAmount received balance onas atissuance 1 July 2020 of units 6,039,579 - 822 - 668,715 - 6,039,579 669,537 Amount paid on redemption of units - (9,116,061) - (9,116,061) DividendReceivable paid against issuance of units (6,039,579) - - (1,411,197) - (1,411,197)(6,039,579) Payable against redemption of units 6,039,579 - (9,116,061) 9,115,239 (1,411,197) - (4,487,679) 9,115,239 Payable against dividends - - 1,431,734 1,431,734 Closing balance as at 30 June 2020 (6,039,579) - 9,115,239 - 1,431,734 689,252 4,507,394 689,252 Amount received on issuance of units 6,039,579 - - 6,039,579 18 TOTAL EXPENSE RATIO Amount paid on redemption of units - (9,116,061) - (9,116,061) TheDividendTotal paidExpense Ratio (TER) of the Fund as at 30 June 2020 is 1.98% which - includes 0.26% - representing (1,411,197)government (1,411,197)levies on the Fund such as provision for Sindh Workers' Welfare Fund, sales taxes, 6,039,579federal excise (9,116,061)duties, annual fee (1,411,197)to the SECP (4,487,679)etc. This Closingratio is within balancethe asmaximum at 30 Junelimit 2020of 4.5% prescribed under the NBFC Regulations - for a collective - investment 689,252scheme categorised 689,252as an Equity Scheme. 18 TOTAL EXPENSE RATIO 19 TRANSACTIONS AND BALANCES WITH CONNECTED PERSONS The Total Expense Ratio (TER) of the Fund as at 30 June 2020 is 1.98% which includes 0.26% representing government levies on 19.1 Connectedthe Fund suchpersonsas provisioninclude forNationalSindh InvestmentWorkers' WelfareTrust LimitedFund, salesbeingtaxes,the Managementfederal exciseCompany,duties, annualCentralfeeDepositoryto the SECPCompanyetc. Thisof Pakistanratio is withinLimitedthe maximumbeing the limitTrustee,of 4.5%otherprescribedcollectiveunderinvestmentthe NBFCschemesRegulationsmanagedfor abycollectivethe ManagementinvestmentCompany,scheme categorisedany entity asin whichan Equitythe Scheme.Management Company, its CISs or their connected persons have material interest, 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, directors 19 TRANSACTIONSand their close family AND members BALANCES and key WITH management CONNECTED personnel PERSONS of the Management Company. Transactions with connected persons are executed on an arm's length basis and essentially comprise sale and redemption of units, 19.119.2 Connected persons include National Investment Trust Limited being the Management Company, Central Depository Company of Pakistanfee on accountLimitedof beingmanagingthe Trustee,the affairsotherof thecollectiveFund, salesinvestmentload, otherschemeschargesmanagedand distributionby the Managementpayments to connectedCompany, persons.any entityThein whichtransactionsthe Managementwith connectedCompany,personsits CISsare inor thetheirnormalconnectedcoursepersonsof business,have materialat contractedinterest, anyratespersonand ator termscompanydeterminedbeneficiallyin owningaccordancedirectly withor marketindirectly rates.ten percent or more of the capital of the Management Company or the net assets of the Fund, directors and their close family members and key management personnel of the Management Company. 19.3 Remuneration to the Trustee of the Fund is determined in accordance with the provisions of the Trust Deed. 19.2 Transactions with connected persons are executed on an arm's length basis and essentially comprise sale and redemption of units, 19.4 feeRemunerationon account toof themanaging Managementthe affairs Companyof the ofFund, the Fundsales is load,determinedother charges in accordanceand distribution with the provisionspayments ofto theconnected NBFC Regulations.persons. The transactions with connected persons are in the normal course of business, at contracted rates and at terms determined in 19.5 Transactionsaccordance with during market the rates. year 2020 2019 ------(Rupees in '000)------19.3 RemunerationNational Investment to the Trustee Trust Limited of the Fund - Management is determined Company in accordance with the provisions of the Trust Deed. Issuance of 2,176,402 units under CIP (2019: 2,480,326 units) 115,415 170,002 Additional units: 53,004 units as refund of capital (2019: 92,314 units) - - 19.4 Remuneration to the Management Company of the Fund is determined in accordance with the provisions of the NBFC Regulations. Issuance of Nil units (2019: 741,290 units ) - 50,000 Redemption of 1,570,089 units (2019: Nil) 100,000 - 19.5 Transactions during the year 2020 2019 Remuneration of the Management Company 603,107 751,043 ------(Rupees in '000)------Sindh sales tax on management remuneration 78,404 97,636 National Investment Trust Limited - Management Company IssuanceAllocation of of 2,176,402 expenses unitsrelated under to registrar CIP (2019: services, 2,480,326 units) 115,415 170,002 Additionalaccounting, units: operation 53,004 and units valuation as refund services of capital (2019: 92,314 units) 50,400 - 62,637 - IssuanceSelling and of marketingNil units (2019: expenses 741,290 units ) 107,674 - 50,00056,394 Redemption of 1,570,089 units (2019: Nil) 100,000 - RemunerationCentral Depository of the CompanyManagement of PakistanCompany Limited - Trustee 603,107 751,043 SindhRemuneration sales tax of on the management Trustee remuneration 78,40424,856 97,63627,017 AllocationSindh sales of tax expenses on remuneration related to ofregistrar the Trustee services, 3,231 3,512 accounting,Central depository operation charges and valuation services 50,400 173 62,637 155 Selling and marketing expenses 107,674 56,394

Central Depository Company of Pakistan Limited - Trustee Remuneration of the Trustee 24,856 27,017 Sindh sales tax on remuneration of the Trustee 3,231 3,512 Central depository charges 173 155

44 NATIONAL INVESTMENT (UNIT) TRUST NOTES TO AND FORMING PART OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2020

2020 2019 ------(Rupees in '000)------Directors and key management personnel Issuance of 166 units (2019: Nil) 10 - 1,378 units issued under CIP (2019: 1,779 units) 73 122 Additional units: 21 units as refund of capital (2019: 37 units) - - Redemption of 100 units (2019: Nil) 5 -

National Investment Trust Limited Pension Fund 44,446 units issued under CIP (2019: 63,480 units) 2,357 4,351 Additional units: 802 units as refund of capital (2019: 72 units) - -

19.6 Amounts outstanding as at year end

National Investment Trust Limited - Management Company 90,073,969 units held (2019: 89,414,652 units) 5,063,959 4,864,157 Management remuneration payable 48,493 164,114 Sindh sales tax payable on management remuneration 6,306 21,337 Payable against allocation of expenses related to registrar services, accounting, operation and valuation services 4,081 4,384 Payable against selling and marketing expenses 29,144 56,394 Others 1,192 615

Central Depository Company of Pakistan Limited - Trustee Trustee remuneration payable 2,300 2,066 Sindh sales tax payable on remuneration to the Trustee 299 268

National Investment Trust Limited Pension Fund 2,245,005 units held (2019: 2,199,757 units) 126,214 119,667

Directors and key management personnel 57,751 units held (2019: 56,286 units) 3,247 3,062

20 FINANCIAL INSTRUMENTS BY CATEGORY 2020 At fair value At fair value At amortized through profit through other Total cost or loss comprehensive income ------(Rupees in '000) ------Financial assets Balances with banks 1,030,944 - - 1,030,944 Investments - 3,436,601 47,485,176 50,921,777 Dividend and other receivables 23,781 - - 23,781 Receivable against sale of investment 31,212 31,212 Security deposits 2,600 - - 2,600 1,088,537 3,436,601 47,485,176 52,010,314

2020 At fair value At amortised through profit Total cost or loss ------(Rupees in '000) ------Financial liabilities Payable to National Investment Trust Limited - Management Company - 89,216 89,216 Payable to Central Depository Company of Pakistan Limited - Trustee - 2,599 2,599 Accrued expenses and other liabilities - 37,879 37,879 Dividend payable and unclaimed distribution - 689,252 689,252 - 818,946 818,946

2019 45 At fair value At fair value At amortised through profit through other Total cost or loss comprehensive income ------(Rupees in '000) ------Financial assets Balances with banks 1,244,759 - - 1,244,759 Investments - 2,949,871 49,389,802 52,339,673 Dividend and other receivables 188,579 - - 188,579 Security deposits 2,600 - - 2,600 1,435,938 2,949,871 49,389,802 53,775,611

2019 2020 2019 ------(Rupees in '000)------Directors and key management personnel Issuance of 166 units (2019: Nil) 10 - 1,378 units issued under CIP (2019: 1,779 units) 73 122 Additional units: 21 units as refund of capital (2019: 37 units) - - Redemption of 100 units (2019: Nil) 5 -

National Investment Trust Limited Pension Fund 44,446 units issued under CIP (2019: 63,480 units) 2,357 4,351 Additional units: 802 units as refund of capital (2019: 72 units) - -

19.6 Amounts outstanding as at year end

Central Depository Company of Pakistan Limited - Trustee Trustee remuneration payable 2,300 2,066 Sindh sales tax payable on remuneration to the Trustee 299 268

National Investment Trust Limited Pension Fund 2,245,005 units held (2019: 2,199,757 units) 126,214 119,667

Directors and key management personnel 57,751 units held (2019: 56,286 units) 3,247 3,062

20 FINANCIAL INSTRUMENTS BY CATEGORY 2020 At fair value At fair value At amortized through profit through other Total cost or loss comprehensive income ------(Rupees in '000) ------Financial assets NATIONALBalances with INVESTMENT banks (UNIT) TRUST 1,030,944 - - 1,030,944 Investments - 3,436,601 47,485,176 50,921,777 NOTESDividend TO and AND other FORMINGreceivables PART OF THE FINANCIAL 23,781 STATEMENTS - - 23,781 FOR THEReceivable YEAR against ENDED sale of investment30 JUNE 2020 31,212 31,212 Security deposits 2,600 - - 2,600 1,088,537 3,436,601 47,485,176 52,010,314

2019 At fair value At fair value At amortised through profit through other Total cost or loss comprehensive income ------(Rupees in '000) ------Financial assets Balances with banks 1,244,759 - - 1,244,759 Investments - 2,949,871 49,389,802 52,339,673 Dividend and other receivables 188,579 - - 188,579 Security deposits 2,600 - - 2,600 1,435,938 2,949,871 49,389,802 53,775,611

2019 At fair value At amortised through profit Total cost or loss ------(Rupees in '000) ------Financial liabilities Payable to National Investment Trust Limited - Management Company - 246,844 246,844 Payable to Central Depository Company of Pakistan Limited - Trustee - 2,334 2,334 Payable against redemption of units - 822 822 Payable against purchase of investments - 8,121 8,121 Accrued expenses and other liabilities - 32,052 32,052 Dividend payable and unclaimed distribution - 668,715 668,715 - 958,888 958,888

21 FINANCIAL RISK MANAGEMENT OBJECTIVES AND POLICIES

The risk management policy of the Fund aims to maximise the return attributable to the unit holders and seeks to minimise potential adverse effects on the Fund’s financial performance. Risk is inherent in the Fund’s activities, but it is managed through monitoring and controlling activities which are primarily set up to be performed based on limits established by the Management Company, the constitutive documents of the Fund, the NBFC Regulations and the directives issued by the SECP. These limits reflect the business strategy and market environment of the Fund as well as the level of the risk that the Fund is willing to accept. The Board of Directors of the Management Company supervises the overall risk management approach within the Fund. The Fund is exposed to market risk, liquidity risk and credit risk arising from the financial instruments it holds and are explained below:

21.1 Market risk

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

The Management Company manages the market risk through diversification of the investment portfolio and by following the internal risk management policies and investment guidelines established by the Investment Committee and the regulations laid down by the

Market risk comprises three types of risk: currency risk, interest rate risk and price risk. 46 21.1.1 Currency risk

Currency risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate as a result of changes in foreign exchange rates. At present, the Fund is not exposed to currency risk as all the transactions are carried out in Pakistani Rupees.

21.1.2 Interest rate risk

Interest rate risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate as a result of changes in market interest rates. The Investment Committee of the Fund reviews the portfolio of the Fund on a regular basis to ensure that the risk is managed within the acceptable limits. The interest rate profile of the Fund's interest bearing financial instruments as at 30 June 2020 is as follows: At fair value At amortised through profit Total cost or loss ------(Rupees in '000) ------Financial liabilities Payable to National Investment Trust Limited - Management Company - 246,844 246,844 Payable to Central Depository Company of Pakistan Limited - Trustee - 2,334 2,334 Payable against redemption of units - 822 822 Payable against purchase of investments - 8,121 8,121 Accrued expenses and other liabilities - 32,052 32,052 Dividend payable and unclaimed distribution - 668,715 668,715 - 958,888 958,888

21 FINANCIAL RISK MANAGEMENT OBJECTIVES AND POLICIES

The risk management policy of the Fund aims to maximise the return attributable to the unit holders and seeks to minimise potential adverse effects on the Fund’s financial performance. Risk is inherent in the Fund’s activities, but it is managed through monitoring and controlling activities which are primarily set up to be performed based on limits established by the Management Company, the constitutive documents of the Fund, the NBFC Regulations and the directives issued by the SECP. These limits reflect the business strategy and market environment of the Fund as well as the level of the risk that the Fund is willing to accept. The Board of Directors of the Management Company supervises the overall risk management approach within the Fund. The Fund is exposed to market NATIONALrisk, liquidity INVESTMENT risk and credit risk arising (UNIT) from the TRUST financial instruments it holds and are explained below: NOTES21.1 Market TO risk AND FORMING PART OF THE FINANCIAL STATEMENTS

FOR THEMarket YEARrisk is the ENDEDrisk that the30fair JUNEvalue or 2020future cash flows of a financial instrument will fluctuate because of the changes in market prices.

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

21.1.1 Currency risk

21.1.2 Interest rate risk

a) Sensitivity analysis for variable rate instruments

b) Sensitivity analysis for fixed rate instruments

As at 30 June 2020, the Fund does not hold any fixed rate instrument that may expose the Fund to fair value interest rate risk.

The composition of the Fund's investment portfolio and the KIBOR rates are expected to change over time. Accordingly, the sensitivity analysis prepared as of 30 June 2020 is not necessarily indicative of the impact on the Fund's net assets of future movements in interest rates.

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 financial instruments is based on the settlement date.

The Fund's interest rate sensitivity related to financial assets and financial liabilities as at 30 June 2020 can be determined as

2020 Exposed to yield / interest rate risk Not exposed More than Effective yield to yield / Up to three three months More than Total / interest rate interest rate months and up to one one year risk year

On-balance sheet financial instruments (%) ------(Rupees in '000) ------

Financial assets Balances with banks 5.40 - 14.50 1,028,618 - - 2,326 1,030,944 Investments - - - 50,921,777 50,921,777 Dividend and other receivables - - - 23,781 23,781 Receivable against sale of investment - - - 31,212 31,212 Security deposits - - - 2,600 2,600 1,028,618 - - 50,981,696 52,010,314 Financial liabilities Payable to National Investment Trust Limited - Management Company - - - 89,216 89,216 Payable to Central Depository Company of - Pakistan Limited - Trustee - - - 2,599 2,599 Accrued expenses and other liabilities - - - 37,879 37,879 Dividend payable and unclaimed distribution - - - 689,252 689,252 - - - 818,946 818,946 47

On-balance sheet gap (a) 1,028,618 - - 50,162,750 51,191,368

Off-balance sheet financial instruments - - - - -

Off-balance sheet gap (b) - - - - -

Total interest rate sensitivity gap (a+b) 1,028,618 - - 50,162,750 51,191,368

Cumulative interest rate sensitivity gap 1,028,618 1,028,618 1,028,618

2019 Exposed to yield / interest rate risk Not exposed More than Effective yield to yield / Up to three three months More than Total / interest rate interest rate months and up to one one year risk year

On-balance sheet financial instruments (%) ------(Rupees in '000) ------

Financial assets Balances with banks 4.00 - 13.60 1,242,524 - - 2,235 1,244,759 Investments - - - 52,339,673 52,339,673 Dividend and other receivables - - - 188,579 188,579 Receivable against sale of investment - - - - - Security deposits - - - 2,600 2,600 1,242,524 - - 52,533,087 53,775,611 Financial liabilities Payable to National Investment Trust Limited - Management Company - - - 246,844 246,844 Payable to Central Depository Company of - Pakistan Limited - Trustee - - - 2,334 2,334 Payable against purchase of investments - - - 8,121 8,121 Payable against redemption of units - - - 822 822 Accrued expenses and other liabilities - - - 32,052 32,052 Dividend payable and unclaimed distribution - - - 668,715 668,715 - - - 958,888 958,888

On-balance sheet gap (a) 1,242,524 - - 51,574,199 52,816,723

Off-balance sheet financial instruments - - - - -

Off-balance sheet gap (b) - - - - -

Total interest rate sensitivity gap (a+b) 1,242,524 - - 51,574,199 52,816,723

Cumulative interest rate sensitivity gap 1,242,524 1,242,524 1,242,524 2020 2019 ------Rupees in '000 ------Variable rate instruments (financial assets) Balances with banks 1,028,618 1,242,524 1,028,618 1,242,524

a) Sensitivity analysis for variable rate instruments

A reasonably possible change of 100 basis points in interest rates on the last repricing date would have increased / decreased the net income for the year and the net assets of the Fund by Rs 10.29 million (2019: Rs 12.43 million). The analysis assumes that all other variables remain constant. 2020 2019 b) Sensitivity analysis for fixed rate instruments ------Rupees in '000 ------Variable rate instruments (financial assets) BalancesAs withat 30 banks June 2020, the Fund does not hold any fixed rate instrument that may expose the Fund to fair 1,028,618 value interest 1,242,524 rate risk. 1,028,618 1,242,524 The composition of the Fund's investment portfolio and the KIBOR rates are expected to change over time. Accordingly, the sensitivitya) Sensitivityanalysis analysisprepared foras variableof 30 June rate 2020instrumentsis not necessarily indicative of the impact on the Fund's net assets of future movements in interest rates. A reasonably possible change of 100 basis points in interest rates on the last repricing date would have increased / Interestdecreasedrate sensitivitythe netpositionincomefor foron-balancethe yearsheetand thefinancialnet assetsinstrumentsof the isFundbasedbyonRsthe10.29earliermillionof contractual(2019: Rsrepricing12.43 million).or maturityThe date andanalysis for off-balance assumes sheet that all financial other variables instruments remain is based constant. on the settlement date.

Theb) Fund'sSensitivity interest analysis rate sensitivity for fixed related rate toinstruments financial assets and financial liabilities as at 30 June 2020 can be determined as

As at 30 June 2020, the Fund does not hold any fixed rate instrument that may expose2020 the Fund to fair value interest rate risk. Exposed to yield / interest rate risk The composition of the Fund's investment portfolio and the KIBOR rates are expected to change overNot exposedtime. Accordingly, the More than sensitivity analysis prepared as of 30 June Effective2020 is yieldnot necessarily indicative of the impact on the Fund'sto yieldnet / assets of future Up to three three months More than Total NATIONALmovements INVESTMENT in interest rates. (UNIT) /TRUST interest rate interest rate months and up to one one year risk year NOTESInterest TOrate ANDsensitivity FORMINGposition for on-balance PART OFsheet THEfinancial FINANCIALinstruments is based STATEMENTSon the earlier of contractual repricing or maturity FOR THEdateOn-balance and YEAR for off-balancesheet ENDED financial sheet 30 instruments financial JUNE instruments 2020 (%) is based on the------settlement date. (Rupees in '000) ------

TheFinancial Fund's assets interest rate sensitivity related to financial assets and financial liabilities as at 30 June 2020 can be determined as Balances with banks 5.40 - 14.50 1,028,618 - - 2,326 1,030,944 Investments - - 2020 - 50,921,777 50,921,777 Dividend and other receivables Exposed - to yield / interest - rate risk - 23,781 23,781 Receivable against sale of investment - - - Not exposed31,212 31,212 More than Security deposits Effective yield - - - to yield2,600 / 2,600 Up to three three months More than Total / interest rate 1,028,618 - - 50,981,696interest rate 52,010,314 months and up to one one year Financial liabilities risk year Payable to National Investment Trust Limited On-balance- Management sheet Company financial instruments (%) ------(Rupees in - '000) ------89,216 89,216 Payable to Central Depository Company of - FinancialPakistan assets Limited - Trustee - - - 2,599 2,599 BalancesAccrued expenses with banks and other liabilities 5.40 - 14.50 1,028,618 - - - 37,8792,326 1,030,94437,879 DividendInvestments payable and unclaimed distribution - - - 50,921,777689,252 50,921,777689,252 Dividend and other receivables - - - 818,94623,781 818,94623,781 Receivable against sale of investment - - - 31,212 31,212 Security deposits - - - 2,600 2,600 On-balance sheet gap (a) 1,028,618 - - 50,162,75050,981,696 51,191,36852,010,314 Financial liabilities Off-balancePayable to National sheet financial Investment instruments Trust Limited ------Management Company - - - 89,216 89,216 Off-balancePayable to Central sheet Depositorygap (b) Company of - - - 2020 - - - Pakistan Limited - Trustee - - - 2,599 2,599 Accrued expenses and other liabilities Exposed - to yield / interest - rate risk - 37,879 37,879 Total interest rate sensitivity gap (a+b) 1,028,618 - - 50,162,750Not exposed 51,191,368 Dividend payable and unclaimed distribution - More than - - 689,252 689,252 Effective yield to yield / Up to three - three months - More than - 818,946 818,946Total Cumulative interest rate sensitivity gap / interest rate 1,028,618 1,028,618 1,028,618 interest rate months and up to one one year risk year On-balance sheet gap (a) 1,028,618 - - 50,162,750 51,191,368 On-balance sheet financial instruments (%) ------2019 (Rupees in '000) ------Exposed to yield / interest rate risk Off-balance sheet financial instruments - - - - - Financial assets Not exposed More than Balances with banks Effective5.40 - 14.50 yield 1,028,618 - - to yield2,326 / 1,030,944 Up to three three months More than Total Off-balanceInvestments sheet gap (b) / interest rate - - - 50,921,777interest rate - 50,921,777 - months and up to one one year Dividend and other receivables - - - risk23,781 23,781 year TotalReceivable interest against rate sensitivitysale of investment gap (a+b) 1,028,618 - - - 50,162,75031,212 51,191,36831,212 On-balanceSecurity deposits sheet financial instruments (%) ------(Rupees in - '000) ------2,600 2,600 Cumulative interest rate sensitivity gap 1,028,618 1,028,618 - 1,028,618 - 50,981,696 52,010,314 Financial assetsliabilities BalancesPayable to with National banks Investment Trust Limited 4.00 - 13.60 1,242,524 - - 2,235 1,244,759 Investments- Management Company - - -- 2019 - - 52,339,67389,216 52,339,67389,216 DividendPayable toand Central other Depositoryreceivables Company of Exposed - to yield / interest - rate risk - 188,579 188,579 - ReceivablePakistan againstLimited sale- Trustee of investment ------Not exposed 2,599 - 2,599 - More than SecurityAccrued depositsexpenses and other liabilities Effective yield ------to yield37,8792,600 / 37,8792,600 Up to three three months More than Total Dividend payable and unclaimed distribution / interest rate 1,242,524 - - - 52,533,087interest689,252 rate 53,775,611689,252 months and up to one one year Financial liabilities - - - 818,946risk 818,946 year Payable to National Investment Trust Limited On-balance- Management sheet Company financial instruments (%) ------(Rupees in - '000) ------246,844 246,844 On-balancePayable to sheet Central gap Depository (a) Company of 1,028,618 - - 50,162,750 51,191,368 - FinancialPakistan Limited assets - Trustee - - - 2,334 2,334 BalancesPayableOff-balance against with sheet banks purchase financial of investmentsinstruments 4.00 - 13.60 1,242,524 - - - 2,2358,121 - 1,244,759 8,121 - InvestmentsPayable against redemption of units - - - 52,339,673822 52,339,673822 DividendAccruedOff-balance expensesand sheetother andreceivablesgap other (b) liabilities - - - 188,579 32,052 - 188,579 32,052 - DividendReceivable payable against and sale unclaimed of investment distribution - - - 668,715 - 668,715 - SecurityTotal interest deposits rate sensitivity gap (a+b) 1,028,618 - - - 50,162,750958,8882,600 51,191,368958,8882,600 1,242,524 - - 52,533,087 53,775,611 On-balanceFinancial liabilities sheet gap (a) 1,242,524 - - 51,574,199 52,816,723 Cumulative interest rate sensitivity gap 1,028,618 1,028,618 1,028,618 Payable to National Investment Trust Limited Off-balance sheet financial instruments ------Management Company - - - 246,844 246,844 Off-balancePayable to sheet Central gap Depository (b) Company of - - - - - 2019 Pakistan Limited - Trustee - - - 2,334 2,334 TotalPayable interest against rate purchase sensitivity of investments gap (a+b) 1,242,524 Exposed - to yield / interest - rate risk - 51,574,1998,121 52,816,7238,121 Not exposed Payable against redemption of units - More than - - 822 822 Cumulative interest rate sensitivity gap Effective yield 1,242,524 1,242,524 1,242,524 to yield / Accrued expenses and other liabilities Up to three - three months - More than - 32,052 Total32,052 / interest rate interest rate Dividend payable and unclaimed distribution months - and up to -one one year - 668,715 668,715 risk - year - - 958,888 958,888

On-balance sheet gapfinancial (a) instruments (%) 1,242,524------(Rupees in - '000) ------51,574,199 52,816,723

Off-balanceFinancial assets sheet financial instruments - - - - - 48 Balances with banks 4.00 - 13.60 1,242,524 - - 2,235 1,244,759 Off-balance sheet gap (b) - - - - - Investments - - - 52,339,673 52,339,673 TotalDividend interest and other rate sensitivityreceivables gap (a+b) 1,242,524 - - - 51,574,199188,579 52,816,723188,579 Receivable against sale of investment - - - - - CumulativeSecurity deposits interest rate sensitivity gap 1,242,524 - 1,242,524 - 1,242,524 - 2,600 2,600 1,242,524 - - 52,533,087 53,775,611 Financial liabilities Payable to National Investment Trust Limited - Management Company - - - 246,844 246,844 Payable to Central Depository Company of - Pakistan Limited - Trustee - - - 2,334 2,334 Payable against purchase of investments - - - 8,121 8,121 Payable against redemption of units - - - 822 822 Accrued expenses and other liabilities - - - 32,052 32,052 Dividend payable and unclaimed distribution - - - 668,715 668,715 - - - 958,888 958,888

On-balance sheet gap (a) 1,242,524 - - 51,574,199 52,816,723

Off-balance sheet financial instruments - - - - -

Off-balance sheet gap (b) - - - - -

Total interest rate sensitivity gap (a+b) 1,242,524 - - 51,574,199 52,816,723

Cumulative interest rate sensitivity gap 1,242,524 1,242,524 1,242,524

21.1.3 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 has exposure to equity price risk arising from the Fund's investment in equity securities classified on the statement of assets and liabilities as 'at fair value through profit or loss' and 'at fair value through other comprehensive income'. The Fund manages its price risk arising from investment in the equity securities by diversifying its portfolio within the eligible limits prescribed in the Trust Deed. The NBFC Regulations also limit:

a) Investment in individual equity securities to the lower of:

- 10% of net assets of the Fund or the index weight of the security subject to the limit of 15% percent, whichever is higher; and - 10% of the issued capital of the investee company

b) Exposure to any one sector upto 30% of the net assets of the Fund or index weight of the security whichever is higher, subject to a maximum of 35%.

However, relaxation in respect of the condition relating to the investment upto 10% of the issued capital of the investee company has been obtained uptill June 30, 2021. In case of 1% increase / decrease in KSE 100 index on 30 June 2020, with all other variables held constant, the net income and other comprehensive income of the Fund, with all other variables held constant, would increase / decrease by Rs 34.37 million and Rs 474.85 million (2019: Rs 29.50 million and Rs 493.90 million) and the net assets of the Fund would increase / decrease by Rs 509.22 million (2019: Rs 523.31 million) as a result of gains / losses on equity securities classified as 'financial assets at fair value through profit or loss' and 'financial assets at fair value through other comprehensive income'. 2020 Exposed to yield / interest rate risk Not exposed More than Effective yield to yield / Up to three three months More than Total / interest rate interest rate months and up to one one year risk year

On-balance sheet financial instruments (%) ------(Rupees in '000) ------

On-balance sheet gap (a) 1,028,618 - - 50,162,750 51,191,368

Off-balance sheet financial instruments - - - - -

NATIONALOff-balance INVESTMENT sheet gap (b) (UNIT) TRUST - - - - -

NOTESTotal TO interest AND rate FORMINGsensitivity gap (a+b)PART OF THE FINANCIAL1,028,618 STATEMENTS - - 50,162,750 51,191,368 FOR THE YEAR ENDED 30 JUNE 2020 Cumulative interest rate sensitivity gap 1,028,618 1,028,618 1,028,618

On-balance sheet financial instruments (%) ------(Rupees in '000) ------

On-balance sheet gap (a) 1,242,524 - - 51,574,199 52,816,723

Off-balance sheet financial instruments - - - - -

Off-balance sheet gap (b) - - - - -

Total interest rate sensitivity gap (a+b) 1,242,524 - - 51,574,199 52,816,723

Cumulative interest rate sensitivity gap 1,242,524 1,242,524 1,242,524

21.1.3 Price risk

a) Investment in individual equity securities to the lower of:

- 10% of net assets of the Fund or the index weight of the security subject to the limit of 15% percent, whichever is higher; and - 10% of the issued capital of the investee company

b) Exposure to any one sector upto 30% of the net assets of the Fund or index weight of the security whichever is higher, subject to a maximum of 35%.

49 2020 Exposed to yield / interest rate risk Not exposed More than Effective yield to yield / Up to three three months More than Total / interest rate interest rate months and up to one one year risk year

On-balance sheet financial instruments (%) ------(Rupees in '000) ------

On-balance sheet gap (a) 1,028,618 - - 50,162,750 51,191,368

Off-balance sheet financial instruments - - - - -

Off-balance sheet gap (b) - - - - -

Total interest rate sensitivity gap (a+b) 1,028,618 - - 50,162,750 51,191,368

Cumulative interest rate sensitivity gap 1,028,618 1,028,618 1,028,618

On-balance sheet financial instruments (%) ------(Rupees in '000) ------

On-balance sheet gap (a) 1,242,524 - - 51,574,199 52,816,723

Off-balance sheet financial instruments - - - - -

Off-balance sheet gap (b) - - - - -

Total interest rate sensitivity gap (a+b) 1,242,524 - - 51,574,199 52,816,723

Cumulative interest rate sensitivity gap 1,242,524 1,242,524 1,242,524

21.1.3 Price risk

a) Investment in individual equity securities to the lower of:

- 10% of net assets of the Fund or the index weight of the security subject to the limit of 15% percent, whichever is higher; and - 10% of the issued capital of the investee company

b) Exposure to any one sector upto 30% of the net assets of the Fund or index weight of the security whichever is higher, NATIONALsubject INVESTMENT to a maximum of 35%. (UNIT) TRUST However, relaxation in respect of the condition relating to the investment upto 10% of the issued capital of the investee company NOTEShas beenTO obtainedAND FORMINGuptill June 30, 2021. PART OF THE FINANCIAL STATEMENTS FOR THEIn case YEARof 1% increaseENDED/ decrease 30 JUNEin KSE 2020100 index on 30 June 2020, with all other variables held constant, the net income and other comprehensive income of the Fund, with all other variables held constant, would increase / decrease by Rs 34.37 million and Rs 474.85 million (2019: Rs 29.50 million and Rs 493.90 million) and the net assets of the Fund would increase / decrease by Rs 509.22 million (2019: Rs 523.31 million) as a result of gains / losses on equity securities classified as 'financial assets at fair value through profit or loss' and 'financial assets at fair value through other comprehensive income'. The analysis is based on the assumption that equity index has increased / decreased by 1% 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 KSE 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 KSE 100 Index, is expected to change over time. Accordingly, the sensitivity analysis prepared as of 30 June 2020 is not necessarily indicative of the effect on the Fund's net assets of future movements in the level of the KSE 100 Index.

At 30 June 2020, the fair value of equity securities exposed to price risk is disclosed in note 5.1 and 5.2

21.2 Credit risk

21.2.1 Credit risk is the risk that the counterparty to a financial instrument will cause a financial loss to the Fund by failing to discharge its obligation as it falls due.

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. In addition, the risk is managed through assignment of credit limits and by following strict credit evaluation criteria laid down by the Management Company. The Fund does not expect to incur material credit losses on its financial assets.

The table below analyses the Fund's maximum exposure to credit risk:

2020 2019 Balance as Balance as per Maximum Maximum per statement of exposure to exposure to statement of assets and credit risk credit risk assets and liabilities liabilities ------(Rupees in '000) ------Balance with banks 1,030,944 1,030,944 1,244,759 1,244,759 Investments 50,921,777 - 52,339,673 - Dividend and other receivables 23,781 23,781 188,579 188,579 Receivable against sale of investment 31,212 31,212 - - Security deposit 2,600 2,600 2,600 2,600 52,010,314 1,088,537 53,775,611 1,435,938

The difference in the balance as per the statement of assets and liabilities and maximum exposure to credit risk is due to the fact that investments in equity securities of Rs 50,921.777 million (2019: Rs 52,233.673 million) are not exposed to credit risk.

21.2.2 Credit quality of financial assets

The Fund's significant credit risk arises mainly on account of its placements in banks and profit accrued thereon, credit exposure arising as a result of dividends receivable on equity securities, receivable against sale of investments and receivable against conversion of units. Credit risk on dividend receivable is minimal due to statutory protection. Settlement risk on equity securities is considered minimal because of inherent control established in the settlement process. The credit rating profile of balances with

Percentage Balance as Published of total Name of the bank at 30 June Rating agency rating bank 2020 balances (Rupees in '000) %

Allied Bank Limited 95 PACRA AAA 0.01 Bank Al-Habib Limited 997,774 PACRA AA+ 96.78 Bank Alfalah Limited 7 PACRA AA+ 0.00 MCB - Islamic Bank Limited 9 PACRA A 0.00 MCB Bank Limited 25,480 PACRA AAA 2.47 National Bank of Pakistan 12 JCR-VIS AAA 0.00 Summit Bank Limited 1,799 JCR-VIS Suspended 0.17 United Bank Limited 1,806 JCR-VIS AAA 0.18 Habib Bank Limited 3,857 JCR-VIS AAA 0.37 50 Soneri Bank Limited 105 PACRA AA- 0.01 1,030,944 100 The analysis is based on the assumption that equity index has increased / decreased by 1% 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 KSE 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 KSE 100 Index, is expected to change over time. Accordingly, the sensitivity analysis prepared as of 30 June 2020 is not necessarily indicative of the effect on the Fund's net assets of future movements in the level of the KSE 100 Index. The analysis is based on the assumption that equity index has increased / decreased by 1% with all other variables held constant Atand 30all Junethe 2020,Fund's theequity fair valueinstruments of equitymoved securitiesaccording exposedto tothe pricehistorical risk is correlationdisclosed inwith notethe 5.1index. and 5.2This represents management's best estimate of a reasonable possible shift in the KSE 100 Index, having regard to the historical volatility of the index. The 21.2 Creditcomposition risk of the Fund's investment portfolio and the correlation thereof to the KSE 100 Index, is expected to change over time. Accordingly, the sensitivity analysis prepared as of 30 June 2020 is not necessarily indicative of the effect on the Fund's net assets 21.2.1 Creditof futurerisk movementsis the risk inthat thethe levelcounterparty of the KSEto 100a financialIndex. instrument will cause a financial loss to the Fund by failing to discharge its obligation as it falls due. At 30 June 2020, the fair value of equity securities exposed to price risk is disclosed in note 5.1 and 5.2 The Fund’s policy is to enter into financial contracts in accordance with the internal risk management policies and investment 21.2 Creditguidelines risk approved by the Investment Committee. In addition, the risk is managed through assignment of credit limits and by following strict credit evaluation criteria laid down by the Management Company. The Fund does not expect to incur material credit 21.2.1 Creditlosses riskon itsis financialthe risk thatassets.the counterparty to a financial instrument will cause a financial loss to the Fund by failing to discharge its obligation as it falls due. The table below analyses the Fund's maximum exposure to credit risk: 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. In addition, the risk is managed2020 through assignment of credit2019limits and by following strict credit evaluation criteria laid down by the Management Company. The Fund does not expect to incur material credit Balance as Balance as per losses on its financial assets. Maximum Maximum per statement of exposure to exposure to statement of assets and The table below analyses the Fund's maximum exposure to credit risk: credit risk credit risk assets and liabilities liabilities ------2020 (Rupees in '000) ------2019 Balance as Balance as per Balance with banks 1,030,944per Maximum1,030,944 1,244,759 Maximum1,244,759 Investments 50,921,777 - statement52,339,673 of - statement of exposure to exposure to Dividend and other receivables 23,781 23,781 assets188,579 and 188,579 assets and credit risk credit risk Receivable against sale of investment 31,212 31,212 liabilities - - liabilities Security deposit 2,600------(Rupees2,600 in '000) ------2,600 2,600 52,010,314 1,088,537 53,775,611 1,435,938 Balance with banks 1,030,944 1,030,944 1,244,759 1,244,759 TheInvestmentsdifference in the balance as per the statement of assets and liabilities 50,921,777and maximum exposure - to credit52,339,673risk is due to the -fact thatDividend investments and other in equityreceivables securities of Rs 50,921.777 million (2019: Rs 52,233.673 23,781 million) are23,781 not exposed to188,579 credit risk. 188,579 Receivable against sale of investment 31,212 31,212 - - Security deposit 2,600 2,600 2,600 2,600 21.2.2 Credit quality of financial assets 52,010,314 1,088,537 53,775,611 1,435,938 The Fund's significant credit risk arises mainly on account of its placements in banks and profit accrued thereon, credit exposure arisingThe differenceas a resultin theofbalancedividendsas perreceivablethe statementon equityof assetssecurities,and liabilitiesreceivableandagainstmaximumsaleexposureof investmentsto creditandriskreceivableis due to theagainstfact conversionthat investmentsof units. in equityCredit securitiesrisk on dividend of Rs 50,921.777receivable millionis minimal (2019:due Rs to52,233.673statutory protection.million) are Settlementnot exposedrisk to crediton equity risk.securities is considered minimal because of inherent control established in the settlement process. The credit rating profile of balances with NATIONAL21.2.2 Credit quality INVESTMENT of financial assets (UNIT) TRUST Percentage NOTES TO AND FORMING PART OF THE FINANCIALBalance as STATEMENTS The Fund's significant credit risk arises mainly on account of its placements in banks and profit accruedPublishedthereon, creditofexposure total Name of the bank at 30 June Rating agency FOR THEarising YEARas a result ENDEDof dividends 30 JUNEreceivable 2020on equity securities, receivable against sale of investmentsratingand receivablebankagainst conversion of units. Credit risk on dividend receivable is minimal due to2020statutory protection. Settlement risk on equity securities is balances considered minimal because of inherent control established in the settlement(Rupees in process. '000) The credit rating profile of balances with%

Percentage Allied Bank Limited Balance as 95 PACRA AAA 0.01 Published of total NameBank Al-Habib of the bank Limited at 30 997,774 June RatingPACRA agency AA+ 96.78 rating bank Bank Alfalah Limited 2020 7 PACRA AA+ 0.00 MCB - Islamic Bank Limited 9 PACRA A balances 0.00 MCB Bank Limited (Rupees 25,480 in '000) PACRA AAA % 2.47 National Bank of Pakistan 12 JCR-VIS AAA 0.00 SummitAllied Bank Bank Limited Limited 1,799 95 JCR-VISPACRA SuspendedAAA 0.010.17 UnitedBank Al-Habib Bank Limited Limited 997,774 1,806 JCR-VISPACRA AAAAA+ 96.78 0.18 HabibBank Alfalah Bank Limited Limited 3,857 7 JCR-VISPACRA AAAAA+ 0.000.37 SoneriMCB - IslamicBank Limited Bank Limited 105 9 PACRA AA-A 0.00 0.01 MCB Bank Limited 1,030,944 25,480 PACRA AAA 2.47 100 National Bank of Pakistan 12 JCR-VIS AAA 0.00 Summit Bank Limited 1,799 JCR-VIS Suspended Percentage 0.17 Balance as United Bank Limited 1,806 JCR-VIS PublishedAAA of total 0.18 HabibName Bankof the Limited bank at 30 June 3,857 RatingJCR-VIS agency AAA 0.37 rating bank Soneri Bank Limited 2019 105 PACRA AA- 0.01 balances (Rupees 1,030,944 in '000) % 100 Allied Bank Limited 814 PACRA AAA 0.07 Bank Al-Habib Limited 1,238,139 PACRA AA+ 99.47 Bank Alfalah Limited 3,121 PACRA AA+ 0.25 MCB - Islamic Bank Limited 3 PACRA A 0.00 MCB Bank Limited 134 PACRA AAA 0.01 National Bank of Pakistan 10 JCR-VIS AAA 0.00 Summit Bank Limited 888 Suspended Suspended 0.07 United Bank Limited 22 JCR-VIS AAA 0.00 Habib Bank Limited 1,627 JCR-VIS AAA 0.13 1,244,759 100

21.2.3 Concentration of credit risk

Concentration of credit risk exists when changes in economic or industry factors similarly affect the groups of counterparties whose aggregate credit exposure is significant in relation to the Fund's total credit exposure. The Fund's portfolio of financial instruments is mainly held with banks having reasonably high credit rating and in listed equity securities which are not exposed to credit risk.

21.3 Liquidity risk

Liquidity risk is the risk that the Fund may not be able to generate sufficient cash resources to settle its obligation in full as they fall due or can only do so on terms that are materially disadvantageous to the Fund.

The Fund is exposed to the daily settlement of equity securities and to daily cash redemptions, if any. The Fund's approach to managing liquidity is to ensure, as far as possible, that the Fund will always have sufficient liquidity to meet its liabilities when due under both normal and stressed conditions, without incurring unacceptable losses or risking damage to the Fund's reputation. Its policy is therefore to invest the majority of its assets in investments that are traded in an active market and can be readily disposed of. The Fund’s investments in listed securities are considered readily realisable, as they are listed on the Pakistan Stock Exchange.

The Fund can borrow in the short term to ensure settlement. The maximum amount available to the Fund from the borrowing would be limited to fifteen percent of the net assets upto 90 days and would be secured by the assets of the Fund. The facility would bear interest at commercial rates.

The table below summaries the maturity profile of the Fund's financial instruments. The analysis into relevant maturity groupings is based on the remaining period at the end of the reporting period to the contractual maturity date. However, the assets and liabilities that are receivable / payable on demand including balances with banks have been included in the maturity grouping of one month.

2020 More than one More than Financial More than one Within 1 month and three months More than 5 instruments year and upto Total month upto three and upto one years with no fixed five years months year maturity 51 ------(Rupees in '000) ------Financial assets Balances with banks 1,030,944 - - - - - 1,030,944 Investments - - - - - 50,921,777 50,921,777 Dividend and profit receivable 23,781 - - - - - 23,781 Receivable against sale of investment 31,212 - - - - - 31,212 Deposit with National Clearing Company - of Pakistan Limited 2,600 - - - - - 2,600 1,088,537 - - - - 50,921,777 52,010,314 Financial liabilities Payable to Investment Management Limited - Management Company 89,216 - - - - - 89,216 Payable to the Central Depository Company - of Pakistan Limited - Trustee 2,599 - - - - - 2,599 Accrued expenses and other liabilities 37,879 - - - - - 37,879 Dividend payable and unclaimed distribution 689,252 689,252 818,946 - - - - - 818,946 Net assets / (liabilities) 269,591 - - - - 50,921,777 51,191,368

2019 More than one More than Financial More than one Within 1 month and three months More than 5 instruments year and upto Total month upto three and upto one years with no fixed five years months year maturity ------(Rupees in '000) ------Financial assets Balances with banks 1,244,759 - - - - - 1,244,759 Investments - - - - - 52,339,673 52,339,673 Dividend and profit receivable 188,579 - - - - - 188,579 Receivable against sale of investment ------Deposit with National Clearing Company - of Pakistan Limited 2,600 - - - - - 2,600 1,435,938 - - - - 52,339,673 53,775,611 Financial liabilities Payable to Investment Management Limited - - Management Company 246,844 - - - - - 246,844 Payable to the Central Depository Company - of Pakistan Limited - Trustee 2,334 - - - - - 2,334 Payable against purchase of investments 8,121 - - - - - 8,121 Payable against redemption of units 822 - - - - - 822 Accrued expenses and other liabilities 32,052 - - - - - 32,052 Dividend payable and unclaimed distribution 668,715 - - - - - 668,715 958,888 - - - - - 958,888 Net assets / (liabilities) 477,050 - - - - 52,339,673 52,816,723 Percentage Balance as Published of total Name of the bank at 30 June Rating agency rating bank 2019 balances (Rupees in '000) % Allied Bank Limited 814 PACRA AAA 0.07 Bank Al-Habib Limited 1,238,139 PACRA AA+ 99.47 Bank Alfalah Limited 3,121 PACRA AA+ 0.25 MCB - Islamic Bank Limited 3 PACRA A 0.00 MCB Bank Limited 134 PACRA AAA 0.01 National Bank of Pakistan 10 JCR-VIS AAA 0.00 Summit Bank Limited 888 Suspended Suspended 0.07 United Bank Limited 22 JCR-VIS AAA 0.00 Habib Bank Limited 1,627 JCR-VIS AAA 0.13 1,244,759 100

21.2.3 Concentration of credit risk

21.3 Liquidity risk

In order to manage the Fund's overall liquidity, the Fund may also withhold daily redemption requests in excess of ten percent of the units in issue and such requests would be treated as redemption requests qualifying for being processed on the next business day. NATIONALSuch procedure INVESTMENTwould continue until (UNIT)the outstanding TRUSTredemption requests come down to a level below ten percent of the units then NOTESin issue. TO AND FORMING PART OF THE FINANCIAL STATEMENTS FOR THEThe table YEARbelow ENDEDsummaries 30the JUNEmaturity 2020profile of the Fund's financial instruments. The analysis into relevant maturity groupings is based on the remaining period at the end of the reporting period to the contractual maturity date. However, the assets and liabilities that are receivable / payable on demand including balances with banks have been included in the maturity grouping of one month. 2020 More than one More than 2020 Financial More than one Within 1 Moremonth than and one threeMore months than More than 5 instrumentsFinancial Moreyear andthan upto one Total Withinmonth 1 monthupto three and threeand upto months one Moreyears than 5 withinstruments no fixed yearfive and years upto Total month uptomonths three and uptoyear one years withmaturity no fixed five years months year maturity ------(Rupees in '000) ------Financial assets ------(Rupees in '000) ------FinancialBalances withassets banks 1,030,944 - - - - - 1,030,944 BalancesInvestments with banks 1,030,944 - - - - - 50,921,777 - 50,921,7771,030,944 InvestmentsDividend and profit receivable 23,781 - - - - - 50,921,777 - 50,921,77723,781 DividendReceivable and against profit receivablesale of investment 23,78131,212 - - - - - 23,78131,212 ReceivableDeposit with against National sale Clearing of investment Company 31,212 - - - - - 31,212 - Depositof Pakistan with Limited National Clearing Company 2,600 - - - - - 2,600 - of Pakistan Limited 1,088,5372,600 - - - - 50,921,777 - 52,010,3142,600 Financial liabilities 1,088,537 - - - - 50,921,777 52,010,314 FinancialPayable to liabilities Investment Management Limited Payable - Management to Investment Company Management Limited 89,216 - - - - - 89,216 Payable - Management to the Central Company Depository Company 89,216 - - - - - 89,216 - Payableof Pakistan to the LimitedCentral -Depository Trustee Company 2,599 - - - - - 2,599 - Accruedof Pakistan expenses Limited and - otherTrustee liabilities 37,8792,599 - - - - - 37,8792,599 AccruedDividend expensespayable and and unclaimed other liabilities distribution 689,252 37,879 - - - - - 689,25237,879 Dividend payable and unclaimed distribution 689,252 818,946 - - - - - 689,252818,946 818,946 - - - - - 818,946 Net assets / (liabilities) 269,591 - - - - 50,921,777 51,191,368 Net assets / (liabilities) 269,591 - - - - 50,921,777 51,191,368

2019 More than one More than 2019 Financial More than one Within 1 Moremonth than and one threeMore months than More than 5 instrumentsFinancial Moreyear andthan upto one Total Withinmonth 1 monthupto three and threeand upto months one Moreyears than 5 withinstruments no fixed yearfive and years upto Total month uptomonths three and uptoyear one years withmaturity no fixed five years months year maturity ------(Rupees in '000) ------Financial assets ------(Rupees in '000) ------FinancialBalances withassets banks 1,244,759 - - - - - 1,244,759 BalancesInvestments with banks 1,244,759 - - - - - 52,339,673 - 52,339,6731,244,759 InvestmentsDividend and profit receivable 188,579 - - - - - 52,339,673 - 52,339,673188,579 DividendReceivable and against profit receivablesale of investment 188,579 ------188,579 - ReceivableDeposit with against National sale Clearing of investment Company ------Depositof Pakistan with National Limited Clearing Company 2,600 - - - - - 2,600 - of Pakistan Limited 1,435,9382,600 - - - - 52,339,673 - 53,775,6112,600 Financial liabilities 1,435,938 - - - - 52,339,673 53,775,611 FinancialPayable to liabilities Investment Management Limited - Payable - Management to Investment Company Management Limited 246,844 - - - - - 246,844 - Payable - Management to the Central Company Depository Company 246,844 - - - - - 246,844 - Payableof Pakistan to the LimitedCentral -Depository Trustee Company 2,334 - - - - - 2,334 - Payableof Pakistan against Limited purchase - Trustee of investments 2,3348,121 - - - - - 2,3348,121 Payable against purchaseredemption of ofinvestments units 8,121822 - - - - - 8,121822 PayableAccrued againstexpenses redemption and other of liabilities units 32,052822 - - - - - 32,052822 AccruedDividend expensespayable and and unclaimed other liabilities distribution 668,715 32,052 - - - - - 668,71532,052 Dividend payable and unclaimed distribution 668,715 958,888 - - - - - 668,715958,888 958,888 - - - - - 958,888 Net assets / (liabilities) 477,050 - - - - 52,339,673 52,816,723 Net assets / (liabilities) 477,050 - - - - 52,339,673 52,816,723 22 FAIR VALUE OF FINANCIAL INSTRUMENTS

Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Consequently, differences can arise between carrying values and the fair value estimates.

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.

Financial assets which are tradable in an open market are revalued at the market prices prevailing on the statement of assets and liabilities date. The estimated fair value of all other financial assets and liabilities is considered not to be significantly different from the respective book values.

Fair value hierarchy

International Financial Reporting Standard 13, 'Fair Value Measurement' requires the Fund to classify assets using a fair value hierarchy that reflects the significance of the inputs used in making the measurements. The fair value hierarchy has the following

Level 1: quoted prices (unadjusted) in active markets for identical assets or liabilities; 52 Level 2: inputs other than quoted prices included within level 1 that are observable for the asset or liability either directly (i.e. as prices) or indirectly (i.e. derived from prices); and

Level 3: inputs for the asset or liability that are not based on observable market data (i.e. unobservable inputs).

As at 30 June 2020, the Fund held the following financial instruments measured at fair values:

2020 Level 1 Level 2 Level 3 Total ------(Rupees in '000) ------Financial assets at fair value through profit or loss Investment in: Equity shares / units of mutual funds 3,436,601 - - 3,436,601

Financial assets at fair value through other comprehensive income Investment in: Equity shares / units of mutual funds 47,485,176 - - 47,485,176

50,921,777 - - 50,921,777 2020 More than one More than Financial More than one Within 1 month and three months More than 5 instruments year and upto Total month upto three and upto one years with no fixed five years months year maturity ------(Rupees in '000) ------Financial assets Balances with banks 1,030,944 - - - - - 1,030,944 Investments - - - - - 50,921,777 50,921,777 Dividend and profit receivable 23,781 - - - - - 23,781 Receivable against sale of investment 31,212 - - - - - 31,212 Deposit with National Clearing Company - of Pakistan Limited 2,600 - - - - - 2,600 1,088,537 - - - - 50,921,777 52,010,314 Financial liabilities Payable to Investment Management Limited - Management Company 89,216 - - - - - 89,216 Payable to the Central Depository Company - of Pakistan Limited - Trustee 2,599 - - - - - 2,599 Accrued expenses and other liabilities 37,879 - - - - - 37,879 Dividend payable and unclaimed distribution 689,252 689,252 818,946 - - - - - 818,946 Net assets / (liabilities) 269,591 - - - - 50,921,777 51,191,368

22 FAIR VALUE OF FINANCIAL INSTRUMENTS

NATIONALUnderlying INVESTMENTthe definition of fair value (UNIT)is the presumption TRUSTthat 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. NOTES TO AND FORMING PART OF THE FINANCIAL STATEMENTS Financial assets which are tradable in an open market are revalued at the market prices prevailing on the statement of assets and FOR THEliabilities YEARdate. TheENDEDestimated 30fair JUNEvalue of2020all other financial assets and liabilities is considered not to be significantly different from the respective book values.

Fair value hierarchy

Level 1: quoted prices (unadjusted) in active markets for identical assets or liabilities;

Level 2: inputs other than quoted prices included within level 1 that are observable for the asset or liability either directly (i.e. as prices) or indirectly (i.e. derived from prices); and

Level 3: inputs for the asset or liability that are not based on observable market data (i.e. unobservable inputs).

As at 30 June 2020, the Fund held the following financial instruments measured at fair values:

2020 Level 1 Level 2 Level 3 Total ------(Rupees in '000) ------Financial assets at fair value through profit or loss Investment in: Equity shares / units of mutual funds 3,436,601 - - 3,436,601

Financial assets at fair value through other comprehensive income Investment in: Equity shares / units of mutual funds 47,485,176 - - 47,485,176

50,921,777 - - 50,921,777

2019 Level 1 Level 2 Level 3 Total ------(Rupees in '000) ------Financial assets at fair value through profit or loss Investment in: Equity shares / units of mutual funds 2,949,871 - - 2,949,871

Financial assets at fair value through other comprehensive income Investment in: Equity shares / units of mutual funds 49,389,802 - - 49,389,802

52,339,673 - - 52,339,673

During the year ended 30 June 2020, there were no transfers between level 1 and level 2 fair value measurements, and no transfers into and out of level 3 fair value measurements.

23 UNIT HOLDERS' FUND RISK MANAGEMENT

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

The Fund has no restriction on the subscription and redemption of units. As required under the NBFC Regulations, every open end scheme shall maintain fund size (i.e. net assets of the Fund) of Rs 100 million at all times during the life of the scheme. The Fund has historically maintained and complied with the requirement of minimum fund size at all times.

The Fund's objectives when managing unit holders' funds are to safeguard its ability to continue as a going concern so that it can continue to provide returns to the unit holders and to maintain a strong base of assets to meet unexpected losses or opportunities.

In accordance with the risk management policies as stated in note 21, the Fund endeavours to invest the subscriptions received in appropriate investment avenues while maintaining sufficient liquidity to meet redemptions, such liquidity being augmented by disposal of investments or short-term borrowings, where necessary.

24 TRANSACTIONS WITH BROKERS / DEALERS 53 List of top ten brokers by percentage of commission paid for the year ended 30 June 2020:

Particulars Percentage (%) AKD Securities Limited 5.82 Arif Habib Limited 5.56 JS Global Capital Limited 4.81 Lakhani Securites (Private) Limited 4.77 Al-Habib Capital Markets (Private) Limited 4.40 Concordia Securities (Private) Limited 3.36 Habib Metro Financial Services Limited 3.21 EFG Hermes Pakistan Limited 3.04 BMA Capital Management Limited 3.03 Spectrum Securities (Private) Limited 3.03 2019 Level 1 Level 2 Level 3 Total ------(Rupees in '000) ------Financial assets at fair value through profit or loss Investment in: Equity shares / units of mutual funds 2,949,871 - - 2,949,871

Financial assets at fair value through other comprehensive income Investment in: Equity shares / units of mutual funds 49,389,802 - - 49,389,802

52,339,673 - - 52,339,673

During the year ended 30 June 2020, there were no transfers between level 1 and level 2 fair value measurements, and no transfers into and out of level 3 fair value measurements.

23 UNIT HOLDERS' FUND RISK MANAGEMENT

The Fund has no restriction on the subscription and redemption of units. As required under the NBFC Regulations, every open end NATIONALscheme shall INVESTMENTmaintain fund size (i.e. (UNIT)net assets TRUSTof the Fund) of Rs 100 million at all times during the life of the scheme. The Fund NOTEShas historicallyTO AND maintained FORMING and complied PART with the OF requirement THE FINANCIAL of minimum fund sizeSTATEMENTS at all times. The Fund's objectives when managing unit holders' funds are to safeguard its ability to continue as a going concern so that it can FOR THEcontinue YEAR to provide ENDED returns to30 the JUNE unit holders 2020 and to maintain a strong base of assets to meet unexpected losses or opportunities.

24 TRANSACTIONS WITH BROKERS / DEALERS

List of top ten brokers by percentage of commission paid for the year ended 30 June 2020:

List of top ten brokers by percentage of commission paid for the year ended 30 June 2019:

Particulars Percentage (%) AKD Securities Limited 8.11 JS Global Capital Limited 7.09 Arif Habib Limited 6.57 Concordia Securities (Private) Limited 4.27 Al-Habib Capital Markets (Private) Limited 2.96 BMA Capital Management Limited 2.92 Lakhani Securities (Private) Limited 2.75 EFG Hermes Pakistan Limited 2.71 Topline Securities (Private) Limited 2.70 Taurus Securities Limited 2.59

25 PARTICULARS OF INVESTMENT COMMITTEE AND FUND MANAGER

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

2020 Experience S.No Name Designation Qualification (years)

1 Mr. Adnan Afridi Managing Director Economics & Corporate Law from 25 Harvard University & Harvard Law School 2 Mr. Manzoor Ahmed* Chief Operating Officer MBA, DAIBP and CFA Level-III 31 3 Mr. Aamir Amin Head of Finance FCA, CISA 22 4 Mr. Syed Raza Abbas Jaffry Head of Equities & Trading MBA (Finance) 23 5 Mr. Ali Kamal Head of Research MBA, CFA Level-II 12 6 Mr. Attique ur Rehman Sheikh Manager Risk Management MBA 14 7 Mr. Faisal Aslam Head of Compliance MBA (Finance), BBA (hons), 15 CIMA-ADIMA (UK)

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

26 ATTENDANCE AT MEETINGS OF BOARD OF DIRECTORS

The 342nd , 343rdth , 344th, 345th and 346th Board meetings were held on 5 July 2019, 25 September 2019 , 30 October 2019, 24 February 2020 and 29 April 2020 respectively. Information in respect of attendance by the Directors in the meetings is given below:

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

1 Mr. Adnan Afridi 5 5 - - 2 Mr. Jamal Nasim 5 5 - - 3 Mian Nusrat-Ud-Din 5 5 - - 4 Mr. Iqbal Adamjee 5 5 - - 5 Mr. Khalid Mohsin Shaikh 5 3 2 342nd,346th meetings 6 Mr. Ahmad Aqeel 5 5 - - 7 Mr. Saeed Iqbal 5 4 1 342th meeting 8 Mr. Shakeel Ahmad Mangnejo 1 1 - - 9 Mr. Amir Mohyuddin 5 5 - - 10 Mr. Arif Usmani 5 4 1 343th meeting 11 Mr. Nauman Zafar 1 - 1 344th meeting 12 Mr. Aftab Ahmad Khan 1 1 - - List of top ten brokers by percentage of commission paid for the year ended 30 June 2019:

25 PARTICULARS OF INVESTMENT COMMITTEE AND FUND MANAGER

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

2020 Experience S.No Name Designation Qualification (years)

1 Mr. Adnan Afridi Managing Director Economics & Corporate Law from 25 Harvard University & Harvard Law School 2 Mr. Manzoor Ahmed* Chief Operating Officer MBA, DAIBP and CFA Level-III 31 3 Mr. Aamir Amin Head of Finance FCA, CISA 22 4 Mr. Syed Raza Abbas Jaffry Head of Equities & Trading MBA (Finance) 23 NATIONAL5 Mr. INVESTMENTAli Kamal (UNIT)Head TRUST of Research MBA, CFA Level-II 12 6 Mr. Attique ur Rehman Sheikh Manager Risk Management MBA 14 NOTES7 TOMr. AND Faisal Aslam FORMING PARTHead OF of ComplianceTHE FINANCIAL STATEMENTSMBA (Finance), BBA (hons), 15 FOR THE YEAR ENDED 30 JUNE 2020 CIMA-ADIMA (UK) * Mr. Manzoor Ahmed is the Manager of the Fund and he is also managing NIT - State Enterprise Fund.

26 ATTENDANCE AT MEETINGS OF BOARD OF DIRECTORS

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

27 PATTERN OF UNIT HOLDING

2020 Number of Investment Particulars Percentage unit holders amount (Rupees in '000)

Individuals 46,530 19,403,091 38.58% Associated Companies / Directors 1 2 0.00% Insurance Companies 13 5,750,559 11.43% Banks / DFI's 33 1,482,025 2.95% NBFC 15 5,082,133 10.10% Retirements Funds 287 13,886,317 27.61% Public Limited Companies - - 0.00% Others 464 4,695,474 9.34% 47,343 50,299,601 100%

2019 Number of Investment Particulars Percentage unit holders amount (Rupees in '000)

28 SUBSEQUENT EVENT - NON ADJUSTING

The Board of Directors in its meeting held on 07 July 2020 has approved a final distribution of Rs 1.29 per unit (for full year). The aggregate cash distribution is Rs 1,124.109 million, and additional 548,413 units will be issued in lieu of refund of capital amounting to Rs 30.124 million. These units will be issued at zero value based on Mutual Funds Association of Pakistan's (MUFAP) guidelines duly consented by the SECP.

The financial statements of the Fund for the year ended 30 June 2020 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 2021. 55

29 DATE OF AUTHORISATION FOR ISSUE

These financial statements were authorised for issue on August 11, 2020 by the Board of Directors of the Management Company.

30 GENERAL

30.1 Rounding off

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

30.2 Impact of COVID-19

The COVID-19 pandemic has taken a toll on all economies and emerged as a contagion risk around the globe, including Pakistan. To reduce the impact on businesses and economies in general, regulators / governments across the globe have introduced a host of measures on both the fiscal and economic fronts.

The Securities and Exchange Commission of Pakistan (SECP) has provided the following relaxations to the asset management companies operating in Pakistan for a specific period:

a) The time period to regularize the exposure limits breach under Regulation 55(13) of the NBFC Regulations has been extended from four months to six months; 27 PATTERN OF UNIT HOLDING

2020 Number of Investment Particulars Percentage unit holders amount (Rupees in '000)

2019 Number of Investment Particulars Percentage unit holders amount (Rupees in '000)

Individuals 47,309 19,728,449 38.00% Associated Companies / Directors 2 8 0.00% Insurance Companies 15 5,754,748 11.08% Banks / Development Finance Institutions 33 1,426,622 2.75% Non-Banking Finance Institutions 15 4,881,689 9.40% Retirement funds 307 14,818,502 28.54% Public Limited Companies 7 305,565 0.59% NATIONALOthers INVESTMENT (UNIT) TRUST 472 5,000,327 9.63% 48,160 51,915,910 100% NOTES TO AND FORMING PART OF THE FINANCIAL STATEMENTS FOR28 THESUBSEQUENT YEAR ENDEDEVENT - NON 30 ADJUSTINGJUNE 2020 The Board of Directors in its meeting held on 07 July 2020 has approved a final distribution of Rs 1.29 per unit (for full year). The aggregate cash distribution is Rs 1,124.109 million, and additional 548,413 units will be issued in lieu of refund of capital amounting to Rs 30.124 million. These units will be issued at zero value based on Mutual Funds Association of Pakistan's (MUFAP) guidelines duly consented by the SECP.

29 DATE OF AUTHORISATION FOR ISSUE

These financial statements were authorised for issue on August 11, 2020 by the Board of Directors of the Management Company.

30 GENERAL

30.1 Rounding off

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

30.2 Impact of COVID-19

The Securities and Exchange Commission of Pakistan (SECP) has provided the following relaxations to the asset management companies operating in Pakistan for a specific period:

a) The time period to regularize the exposure limits breach under Regulation 55(13) of the NBFC Regulations has been extended from four months to six months;

b) Maximum limit for application of discretionary discount as per the Annexure-I, Chapter 3 of Circular 33 of 2012 has been enhanced;

c) The time period for classification of a debt security to non-performing category has been extended from 15 days to 180 days as per the requirements of Annexure-II of Circular 33 of 2012;

d) Time period to ensure compliance with minimum fund size for Open End Schemes under Regulation 54(3b) of the NBFC regulations has been increased to 180 days for Open End Schemes;

e) Time for announcement of daily NAV as per the regulatory requirement is extended from 18:30 pm to the start of the next working day.

30.3 Operational risk management

The Management Company is closely monitoring the situation and has invoked required actions to ensure safety and security of the staff and an uninterrupted service to the customers. Business Continuity Plans (BCP) for respective areas are in place and tested. The Management Company has significantly enhanced monitoring for all cyber security risk during these times from its information security protocols. The remote work capabilities were enabled for critical staff and related risk and control measures were assessed to make sure they are fully protected using virtual private network (“VPN”) connections. Further, the Management Company has also ensured that its remote access systems are sufficiently resilient to any unwanted cyber-attacks.

The Management Company has made an assessment of Covid-19 on the credit risk and liquidity risk and believes that there is no significant impact on the Fund.

For National Investment Trust Limited (Management Company)

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

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

JUNE 20 JUNE 19 JUNE 18

Total Net Asset Value Ex-Dividend (Rs. In 000’s) 49,145,368 50,436,582 68,539,881

Net Asset Value per Unit Ex-dividend (Rs./unit) 54.93 52.85 71.52

Last Issue Price per Unit * (Rs./unit) 57.95 56.05 76.10

Last Repurchase Price per Unit * (Rs./unit) 56.22 54.40 73.85

Highest Issue Price During the year (Rs./unit) 68.65 74.80 87.70

Lowest Issue Price During the year (Rs./unit) 46.50 53.65 68.80

Highest Repurchase Price During the year (Rs./unit) 66.64 72.62 85.15

Lowest Repurchase Price During the year (Rs./unit) 45.12 52.09 66.76

Total Return of the Fund % 6.38 (23.94) (11.81) Capital Growth % 3.94 (26.10) (14.59) Income Distribution % 2.44 2.16 2.78

Distribution per Unit (Rs./unit) 1.29 1.55 2.33

Distribution Date 7-Jul-20 5-Jul-19 5-Jul-18

KSE 100 Index Return % 1.53 (19.11) (10.00)

Average Annual Return One Year % 6.38 (23.94) (11.81) Two Years % (8.78) (17.88) 11.82 Three Years % (9.79) (0.10) 11.07

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 225 221 3 1 Percentage 98.22% 1.33% 0.44%

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 =81= General Meetings were attended . The other meetings which were not participated, were either due to nominal holdings or routine matters etc.