GIPS Compliant Performance Report: September 30, 2013

GIPS Compliant Performance Report
September 30, 2013
(Created and Endorsed by CFA Institute)
,
June 01, 2009 to September 30, 2013
(Pakistani Rupees, PKR)
Benchmark Composite Benchmark

Financial Composite Composites Assets Composite %
36 months 36 months
Year Net Return Return Ann. St Dev Ann. St Dev at Period End of Firm Assets
2014* 1.83% 1.90% 0.48% 0.33% 26,162,611,948 57.87%
2013 8.98% 8.63% 0.43% 0.29% 28,079,266,031 60.29%
2012 10.91% 10.06% 0.22% 0.16% 35,994,682,383 77.85%
2011 11.46% 10.14% 10,810,433,746 62.67%
2010 10.53% 9.84% 5,805,378,458 42.81%
2009** 0.90% 0.89% 1,415,231,910 9.91%
* From Jul 01, 2013 to Sept 30, 2013
**From June 1, 2009 to Jun 30, 2009
Annualized Return from June 01, 2009 to Sept 30, 2013
Composite Return (Net): 10.30/%

Benchmark Return: 9.58%
NBP Fullerton Asset Management Limited (NAFA) claims compliance with the Global Investment
Performance Standards (GIPS®) and has prepared and presented this report in compliance with the
GIPS Standards. NAFA has not been independently verified.
Definition of Firm
NAFA is a Non-Banking Finance Company with a license to perform Asset Management Services as
per the NBFC Rules, 2003. NAFA is a subsidiary of National Bank of Pakistan; the other main sponsor
is Alexandra Fund Management Pte. Ltd., (a member of Fullerton Fund Management Group, Singapore,
which in-turn is a wholly owned subsidiary of Temasek Holdings, Singapore.). NAFA’s main area of
business is Investment Management; more specifically floating and managing mutual funds, providing
investment advisory and discretionary portfolio management services.
NOTES
1. This composite was created on October 24, 2012. The inception date of the composite is June 01,
2009. Presently NAFA Government Securities Liquid Fund, NAFA Money Market Fund, and sub-Fund
Money Market under NAFA Pension Fund comprise this composite.
2. Authorized investments of the Money Market Composite include short-term AAA rated Government
Securities; deposits of AA and above rated banks, money market placements and commercial papers
with remaining maturity of less than six months. The weighted average maturity of portfolios in this
composite cannot exceed ninety days. No direct or indirect exposure to equities and corporate
Page 01
bonds is allowed. Composite investment guidelines allow zero to hundred percent between
Government Securities and private enterprise placements, mainly banks. However, in NGSLF a minimum
of 75% allocation in short-term T-Bills is maintained. The minimum size of portfolio for inclusion
in the composite is PKR 5 million.
3. The benchmark is 50% 3-Months T-Bills Rate and 50% three months term deposit rate of AA and
above rated banks. The performance of the benchmark is based on gross returns and therefore not
adjusted for any expenses or fees.
4. Policies regarding portfolio valuation, return calculation and compliant presentations are available
upon request.
5. The three-year annualized standard deviation measures the variability of the composite and the
benchmark returns over the preceding 36 months.
6. Complete list of composite descriptions is available upon request.
7. All portfolios in the composite follow International Accounting Standards (IASs), International
Financial Reporting Standards (IFRS), NBFC Rules 2003, NBFC & NE Regulations 2008, Voluntary
Pension System Rules 2005 and directives issued and enforced by SECP from time to time.
8. Composite dispersion is not mentioned as the number of portfolios in the composite is less than five.
9. The earnings of mutual funds and pension funds in the composite are exempt from income taxes as
per applicable tax law covered in Clause 99 and Clause 57-1 (viii), of Part I of the second schedule to
the Income Tax Ordinance 2001, respectively. Similarly mutual funds and pension funds are exempt
from with-holding taxes under the various sections of Income Tax Ordinance 2001.
10. The reported returns are net of management fee and all other expenses including sales tax & FED, and
transactions expenses. Other expenses mostly include Trustee, SECP, audit, rating, listing fees and
WWF provisioning. The management fee on the portfolios in the composite is up to 1.25% p.a.
Page 02
September 01, 2010 to September 30, 2013
Composite Composite Benchmark Composites Composite
Financial Benchmark
Net 36 months 36 months Assets at % of Firm
Year Return Assets
Return Ann. St Dev Ann. St Dev Period End
2014* 1.78% 1.62% 0.52 0.21% 3,431,820,913 7.95%
2013 8.72% 7.12% 3,028,452,051 6.50%
2012 10.83% 8.11% 872,004,967 1.89%
2011** 8.55% 6.57% 376,777,719 2.18%
*From Jul 01, 2013 to Sept 30, 2013
** From Sept 01, 2010 to Jun 30, 2011
Annualized Return from Sept 01, 2010 to Sept 30, 2013
Composite Return (Net): 9.72%

Definition of Firm
NOTES
1. This composite was created on October 24, 2012. The inception date of the composite is September
01, 2010. Presently NAFA Riba Free Savings Fund, and sub-Funds Islamic Money Market and Islamic
Debt under NAFA Islamic Pension Fund comprise this composite.
2. Authorized investments of the High Grade Islamic Income Composite include Shariah compliant
Government Securities (GOP Ijara Sukuks), Shariah compliant bank deposits, Shariah compliant
money market placements (AA- and above rated). The investment guidelines mandate a certain
minimum allocation in cash, and caps maturity of any other investment at six months other than
GOP Ijara Sukuks which are issued in three years maturity with six monthly coupon resetting. The
minimum size of portfolio for inclusion in the composite is PKR 5 million.
Page 03
3. The benchmark is 3 months deposit rates of Islamic Banks. The performance of the benchmark is
based on gross returns and therefore not adjusted for any expenses or fees.
upon request.
5. The three-year annualized standard deviation of the composite and the benchmark are not presented
due to non availability of data for the preceding 36 months.
9. The earnings of mutual funds and pension funds in the composite are exempt from income taxes
as per applicable tax law covered in Clause 99 and Clause 57-1 (viii), of Part I of the second schedule
to the Income Tax Ordinance 2001, respectively. Similarly mutual funds and pension funds are exempt
from with-holding taxes under the various sections of Income Tax Ordinance 2001.
transactions expenses. Other expenses mostly include Trustee, SECP, audit, rating, listing fees and
WWF provisioning. The management fee on the portfolios in the composite is up to 1.25% p.a.
Page 04
December 01, 2009 to September 30, 2013
Financial Benchmark Internal
Year Return Dispersion %
Return Ann. St Dev Ann. St Dev Period End Assets
FY 14* 1.89% 1.95% 0.65% 0.32% 0.56% 9,059,602,214 20.04%
FY 13 9.33% 8.43% 0.61% 0.29% 2.46% 9,022,485,564 19.37%
FY 12 12.09% 10.21% 4,756,789,351 10.29%
FY 11 11.61% 10.43% 714,405,119 4.14%
FY 10** 5.42% 5.19% 715,515,619 5.28%
*From Jul 1, 2013 to Sep 30, 2013
**From Dec 1, 2009 to Jun 30, 2010
Annualized Return from Dec 01, 2009 to Sept 30, 2013
Composite Return (Net): 10.55 %

Definition of Firm
which in-turn is a wholly owned subsidiary of Temasek Holdings, Singapore). NAFA’s main area of
NOTES
1. This composite was created on October 24, 2012. The inception date of the composite is December
1, 2009. Presently eight discretionary portfolios, sub-Fund Debt under NAFA Pension Fund and two
mutual funds (NAFA Savings Plus Fund and NAFA Financial Sector Income Fund) comprise this
composite.
2. Authorized investments of the High Grade Income Composite include corporate bonds (rated AA-
and above), Government Securities bank deposits (A and above rated), money market placements
(AA- and above rated), commercial papers (AA- and above rated) and Margin Trading System
(financing for shares). The investment guidelines of the composite mandate a certain minimum
allocation in cash and near cash instruments. The portfolios primarily hold short-term T-Bills, money
market investments and corporate bonds. The minimum size of portfolio for inclusion in the composite
is PKR 5 million.
Page 05
3. The benchmark is 50% 3-Months KIBOR & 3-Months A and above rated bank deposits. The performance
of the benchmark* is based on gross returns and therefore is not adjusted for any expense or fees.
upon request.
5. The three-year annualized standard deviation for each reported period measures the variability of the
composite and the benchmark returns over the preceding 36 months.
8. Composite dispersion is based on High-Low range.
from with-holding taxes under the various sections of Income Tax Ordinance 2001. For non-mutual
fund portfolios, the applicability of with-holding taxes on any income, dividends, interest income and
capital gains depends on clients’ status.
transactions expenses. For mutual Funds and pension sub-funds other expenses may include Trustee,
SECP, audit, rating, listing fees and WWF provisioning. The management fee on the mutual funds in the
composite is up to 1.5% p.a. Where investments are directly made in authorized avenues, the management
fee structure comprises of fixed component and / or variable component.
* The banchmark was changed from August 2013, effective portfolio inception date.
Page 06
November 01, 2007 to September 30, 2013
Financial Benchmark
Year Return Assets
2014* 1.08% 2.31% 6.99% 0.52% 164,493,150 0.36%
2013 6.80% 9.92% 7.04% 0.48% 165,611,190 0.36%
2012 19.07% 12.41% 19.82% 0.22% 178,614,848 0.39%
2011 9.04% 13.38% 21.14% 0.30% 178,436,366 1.03%
2010 -4.87% 12.40% 202,309,920 1.49%
2009 -4.41% 14.16% 517,111,389 3.62%
2008** 5.43% 7.14% 881,198,245 2.70%
*From Jul 01, 2013 to Sept 30, 2013

** From Nov 01, 2007 to Jun 30, 2008
Annualized Return from the inception month of Nov 1, 2007 to Sept 30, 2013

Definition of Firm
NOTES
1. This composite was created on October 24, 2012. The inception date of the composite is November
01, 2007. Presently only NAFA Islamic Aggressive Income Fund comprises this composite.
2. Authorized investments of the Islamic Income Composite include corporate sukuks, (with no rating
restrictions) Shariah compliant Government Securities, Shariah compliant bank deposits, Shariah
compliant money market placements, Shariah compliant commercial papers. Rating requirement
for bank deposits is A- and AA- for the other avenues. The weighted average maturity cannot exceed
five years. The investment guidelines of the composite mandate a certain minimum allocation in
cash and near cash instruments. The minimum size of portfolio for inclusion in the composite is PKR 5 million.
Page 07
3. The benchmark is 6-Months KIBOR. The performance of the benchmark is based on gross returns and
therefore not adjusted for any expenses or fees.
upon request.
7. All portfolios in the composite follow International Accounting Standards (IASs), International Financial
Reporting Standards (IFRS), NBFC Rules 2003, NBFC & NE Regulations 2008 and directives issued
and enforced by SECP from time to time. Further, the Firm’s provisioning policy for debt securities as
per SECP directive is available on the Firm’s website.
9. The earnings of mutual funds in the composite are exempt from income taxes as per applicable tax
law covered in Clause 99 of Part I of the second schedule to the Income Tax Ordinance 2001. Similarly
mutual funds are exempt from with-holding taxes under the various sections of Income Tax Ordinance 2001.
10. The reported returns are net of management fee and all other expenses including sales tax & FED,
transactions expenses, Trustee, SECP, audit, rating, listing fees and WWF provisioning. The management
fee on the fund in the composite is 2.0% p.a. presently.
11. Many corporate sukuks in Pakistan defaulted in 2008 amid severe liquidity and economic crises.
Certain holdings of the portfolios in the composite are now rated below investment grade. Two of
these sukuks in the composite have been fully provided for and few have been significantly provided
or marked at considerable discounts to their face values. However, recoveries from some of these
instruments have already started and full recoveries may be possible over the long horizon.
Page 08
May 01, 2006 to September 30, 2013
Financial Benchmark
Year Return Assets
2014* 2.43% 2.31% 5.67% 0.52% 2,232,124,716 4.94%
2013 9.56% 9.92% 5.66% 0.49% 2,359,192,987 5.07%
2012 -1.60% 12.41% 5.49% 0.22% 1,962,687,330 4.24%
2011 4.01% 13.38% 5.94% 0.30% 2,966,097,461 17.19%
2010 6.22% 12.40% 4.25% 0.50% 4,496,629,763 33.16%
2009 5.32% 14.16% 4.12% 0.57% 8,701,161,079 60.94%
2008 9.83% 10.52% 25,871,716,722 79.25%
2007 10.76% 10.36% 18,248,177,664 87.07%
2006** 1.66% 1.62% 3,874,368,849 100.00%
*From Jul 01, 2013 to Sept 30, 2013
** From May 01, 2006 to Jun 30, 2006
Annualized Return from May 01, 2006 to Sep 30, 2013

Definition of Firm
NOTES
1. This composite was created on October 24, 2012. The inception date of the composite is May 01,
2006. Presently NAFA Income Opportunity Fund and NAFA Income Fund comprise this composite.
2. Authorized investments of the Income Composite include corporate bonds (BBB- and above rated),
Government Securities, bank deposits (A- minimum rating), money market placements (A- minimum
rating), commercial papers (A- minimum rating) and Margin Trading System (MTS) financing against
Page 09
shares at pre-determined profit rates. The composite mandate requires a certain minimum allocation
in cash and near cash instruments. The portfolios primarily hold corporate bonds. The weighted aver
age maturity of portfolios in the composite cannot exceed four years. The minimum size of portfolio
for inclusion in the composite is PKR 5 million.
3. The benchmark is 6-Months KIBOR. The performance of the benchmark is based on gross returns and
therefore not adjusted for any expenses or fees.
upon request.
Reporting Standards (IFRS), NBFC Rules 2003, NBFC & NE Regulations 2008 and directives issued
and enforced by SECP from time to time. Further, the Firm’s provisioning policy for debt securities as
per SECP directive is available on the Firm’s website.
mutual funds are exempt from with-holding taxes under the various sections of Income Tax Ordinance 2001.
fee on the portfolios in the composite ranges from 1.5% p.a. to 2.0% p.a.
11. Many corporate bonds in Pakistan defaulted in 2008 amid severe liquidity and economic crises.
Certain holdings of the portfolios in the composite are now rated below the specified rating threshold.
Many of these bonds in the composite have been fully provided and few have been significantly
provided or marked at considerable discounts to their face values. However, recoveries from some of
these instruments have already started and full recoveries may be possible over the long horizon.
Page 10
February 1, 2010 to September 30, 2013
Financial Benchmark Internal
Year Return Dispersion %
Return Ann. St Dev Ann. St Dev Period End Assets
2014* 1.89% 2.31% 4.69% 0.52% 1.25% 1,215,839,210 2.69%
2013 20.80% 9.92% 4.60% 0.48% 14.04% 936,668,306 2.01%
2012 15.96% 12.41% 3.01% 426,526,148 0.92%
2011 13.29% 13.38% 4.15% 274,517,103 1.59%
2010** 4.32% 5.07% 134,344,539 0.99%
*From Jul 1, 2013 to Sept 30, 2013

**From Feb 1, 2010 to Jun 30, 2010
AAnnualized Return from Feb 01, 2010 to Sep 30, 2013

Definition of Firm
NOTES
1. This composite was created on October 24, 2012. The inception date of the composite is February
1, 2010. Presently thirty nine discretionary portfolios & plans comprise this composite.
2. Authorized investments of the Capital Protected Composite include low risk assets (Cash/ T-Bills/
very low risk money market/ income funds rated AA- and above) and high risk assets (highly liquid
shares in KSE 100 index/KMI 30 Index/ Equity related mutual funds). The investment objective of the
strategy is to benefit from the upside of the market alongwith capital protection. The degree of capital
protection and time at which capital protection is applicable varies. The minimum size of portfolio in
the composite is PKR 1 million.
Page 11
3. The benchmark is 6-Months KIBOR. The performance of the benchmark is based on gross returns
and therefore not adjusted for any expenses or fees.
upon request.
5. The three-year annualized standard deviation for each reported period measures the variability of
the composite and the benchmark returns over the preceding 36 months.
Financial Reporting Standards (IFRS), NBFC Rules 2003, NBFC & NE Regulations 2008 and directives
issued and enforced by SECP from time to time.
8. Composite dispersion is based on High-Low range.
9. The earnings of mutual funds (for mutual funds based portfolios) in the composite are exempt from
income taxes as per applicable tax law covered in Clause 99 of Part I of the second schedule to the
Income Tax Ordinance 2001. Similarly mutual funds are exempt from with-holding taxes under the
various sections of Income Tax Ordinance 2001. For non-mutual fund based portfolios, the applicability
of with-holding taxes on any income, dividends, interest income and capital gains depends on clients’
tax status.
10. The reported returns are net of management fee and all other expenses. The management fee on the
portfolios in the composite in majority of the cases is performance based fee only, where investment
is directly made in authorized low risk component and high risk component. Where underlying
authorized investments are mutual funds, the management fee and other expenses which include
sales tax & FED, WWF provisioning, transaction / trading expenses, Trustee, SECP, audit, rating and
listing fees of the underlying funds are applicable. The management fee of these mutual funds ranges
from 1.0% p.a. to 2% p.a. presently.
Page 12
January 1, 2013 to September 30, 2013
Financial Composite Benchmark Composites Assets Composite %

Year Net Return Return at Period End of Firm Assets
FY 14* 1.72% 2.31% 120,325,424 0.27%
FY 13** 5.15% 4.70% 58,875,015 0.13%
* From Jul 01, 2013 to Sep 30, 2013
**From Jan 1, 2013 to June 30, 2013
Definition of Firm
NOTES
1. This composite was created on June 26, 2013. The inception date of the composite is January 1,
2013. Presently six discretionary portfolios comprise this composite.
2. Authorized investments of the Islamic Capital Protected Composite include low risk assets (Shariah
compliant bank deposits / GOP Ijara Sukuks/ very low risk islamic income funds with high stability
rating) and high risk assets (Shariah compliant listed equities that primarily form part of KMI 30 Index/
Shariah compliant Equity related mutual funds). The investment objective of the portfolios in the
Composite managed under the Islamic Capital Protected Strategy is to benefit from the upside of
the stock market alongwith capital protection, while remaining within the Shariah compliant
universe. The degree of capital protection and time at which capital protection is applicable varies.
The minimum size of portfolio for inclusion in the composite is PKR 1 million.
3. The benchmark is 6-Months KIBOR. The performance of the benchmark is based on gross returns
and therefore not adjusted for any expenses or fees.
upon request.
Page 13
9. The earnings of mutual funds (for mutual funds based portfolios) in the composite are exempt from
income taxes as per applicable tax law covered in Clause 99 of Part I of the second schedule to the
Income Tax Ordinance 2001. Similarly mutual funds are exempt from with-holding taxes under the
various sections of Income Tax Ordinance 2001. For non-mutual fund based portfolios, the applicability
of with-holding taxes on any income, dividends, interest income and capital gains depends on clients’
tax status.
10. The reported returns are net of management fee and all other expenses. The management fee on the
portfolios in the composite in majority of the cases is performance based fee only, where investment
is directly made in authorized low risk component and high risk component. Where underlying
authorized investments are mutual funds, the management fee and other expenses which include
sales tax & FED, WWF provisioning, transaction / trading expenses, Trustee, SECP, audit, rating and
listing fees of the underlying funds are applicable. The management fee of these mutual funds ranges
from 1.25% p.a. to 2% p.a. presently.
Page 14
Financial Benchmark
Year Return Assets
2014* 2.06% 3.24% 8.93% 8.50% 2,098,715,266 4.64%
2013 32.96% 29.80% 8.83% 8.47% 1,951,325,430 4.19%
2012 14.98% 11.78% 8.88% 9.17% 1,113,288,690 2.41%
2011 25.34% 21.09% 21.13% 16.04% 988,705,764 5.73%
2010 12.38% 24.13% 22.08% 16.95% 995,980,671 7.34%
2009 -22.56% -15.36% 1,777,386,896 12.45%
2008 5.12% 0.24% 2,631,494,139 8.06%
2007** 25.06% 12.88% 1,248,643,944 5.96%
* From Jul 01, 2013 to Sept 30, 2013

**From Feb 1, 2007 to Jun 30, 2007
Annualized Return from Feb 01, 2007 to Sept 30, 2013

Definition of Firm
NOTES
1. This composite was created on October 24, 2012. The inception date of the composite is February 01,
2007. Presently NAFA Multi Asset Fund and NAFA Asset Allocation Fund comprise this composite.
2. Authorized investments of the Multi Asset Composite include listed equities, Government Securities,
bank deposits, corporate bonds, money market placements, commercial papers, Margin Trading
System (financing for shares), and commodities. Presently there is no exposure to commodities and
MTS. The minimum size of portfolio for inclusion in the composite is PKR 5 million.
Page 15
3. The benchmark is 50% KSE 100 index and 50% 3 month KIBOR. The performance of the benchmark
is based on gross returns and therefore not adjusted for any expenses or fees.
upon request.
5. The three-year annualized standard deviation measures the variability of the composite and the
benchmark returns over the preceding 36 months.
Reporting Standards (IFRS), NBFC Rules 2003, NBFC & NE Regulations 2008 and directives issued and
enforced by SECP from time to time.
9. The earnings of mutual funds in the composite are exempt from income taxes as per applicable tax law
covered in Clause 99 of Part I of the second schedule to the Income Tax Ordinance 2001. Similarly
mutual funds are exempt from with-holding taxes under the various sections of Income Tax Ordinance
2001.
fee on the funds in the composite 2.0% p.a.
Page 16
November 01, 2007 to September 30, 2013
Financial Benchmark
Year Return Assets
2014* -0.02% 1.47% 10.49% 8.47% 469,120,183 1.04%
2013 36.31% 30.71% 9.44% 7.98% 432,999,449 0.93%
2012 13.25% 13.26% 10.71% 8.52% 268,191,016 0.58%
2011 28.44% 28.01% 21.45% 17.32% 288,581,737 1.67%
2010 17.46% 24.54% 387,111,731 2.85%
2009 -10.09% -5.67% 535,384,287 3.75%
2008** -4.43% n/a*** 697,585,381 2.14%
* From Jul 01, 2013 to Sept 30, 2013
**From Nov 01, 2007 to Jun 30, 2007
Annualized Return from July 1, 2008*** to Sept 30, 2013

***Benchmark KMI was available from July 01, 2008
Definition of Firm
NOTES
1. This composite was created on October 24, 2012. The inception date of the composite is November
01, 2007. Presently only NAFA Islamic Multi Asset Fund comprises this composite.
2. Authorized investments of the Islamic Multi Asset Composite include Shariah Compliant listed equities,
corporate sukuks (Islamic corporate bonds), Shariah Compliant Government Securities, Shariah
compliant bank deposits, Shariah Compliant money market placements, and other Shariah Compliant
avenues. The minimum size of portfolio for inclusion in the composite is PKR 5 million.
Page 17
3. The benchmark is 50% KMI Index and 50% 3-Months KIBOR. The performance of the benchmark
is based on gross returns and therefore not adjusted for any expenses or fees.
upon request.
5. The three-year annualized standard deviation for each reported period measures the variability of
the composite and the benchmark returns over the preceding 36 months.
mutual funds are exempt from with-holding taxes under the various sections of Income Tax Ordinance
2001.
fee on the fund in the composite 2.0% p.a.
Page 18
Financial Benchmark
Year Return Assets
Return St Dev St Dev Period End
2014* 3.71% 3.94% 17.84% 17.28% 1,294,191,434 3.00%
2013 55.34% 52.20% 16.60% 17.02% 1,267,477,976 2.72%
2012 21.97% 10.44% 17.13% 18.08% 1,090,426,239 2.36%
2011 28.37% 28.53% 32.90% 32.06% 926,794,974 5.37%
2010 16.74% 35.74% 34.76% 33.90% 959,138,006 7.07%
2009 -45.63% -41.72% 1,331,311,400 9.32%
2008 -3.18% -10.77% 2,565,735,560 7.86%
2007** 38.04% 22.18% 1,460,323,019 6.97%
* From Jul 01, 2013 to Sept 30, 2013
**From Feb 1, 2007 to Jun 30, 2007
Annualized Return from Feb 01, 2007 to Sept 30, 2013

Definition of Firm
NOTES
1. This composite was created on October 24, 2012. The inception date of the composite is February 01,
2007. Presently NAFA Stock Fund, and sub-Funds Equity and Islamic Equity under NAFA Pension
Fund and NAFA Islamic Pension Fund and three discretionary equity portfolios comprise this composite.
2. Authorized investments of the Equity Composite include listed equities, cash and less than 90 days
T-Bills. Minimum Equity allocation is typically 70% or higher. The minimum size of portfolio for
inclusion in the composite is PKR 5 million.
Page 19
3. The benchmark is KSE 100. The performance of the benchmark is based on gross returns and there
fore not adjusted for any expenses or fees.
upon request.
from with-holding taxes under the various sections of Income Tax Ordinance 2001. For non-mutual
fund portfolios, the applicability of with-holding taxes on any income, dividends, interest income and
capital gains depends on clients’ status.
transactions expenses. For mutual Funds and pension sub-funds other expenses may include Trustee,
SECP, audit, rating, listing fees and WWF provisioning. The management fee on the mutual funds in the
composite ranges from 1.5% p.a. to 2% p.a. Where investments are directly made in authorized
avenues, the management fee structure comprises of fixed component and / or variable component.
Page 20
August 01, 2013 to September 30, 2013
Financial Composite Benchmark Composites Assets Composite %

Year Net Return Return at Period End of Firm Assets
2014* -11.32% -9.69% 30,280,670 0.07%
* From Jul 02, 2013 to Sept 30, 2013
Definition of Firm
per the NBFC Rules, 2003. NAFA is a subsidiary of National Bank of Pakistan; the other main spon-
sor is Alexandra Fund Management Pte. Ltd., (a member of Fullerton Fund Management Group,
Singapore, which in-turn is a wholly owned subsidiary of Temasek Holdings, Singapore.). NAFA’s
main area of business is Investment Management; more specifically floating and managing mutual
funds, providing investment advisory and discretionary portfolio management services.
NOTES
1. This composite was created on August 13, 2013. The inception date of the composite is August 01,
2013. Presently only NAFA Islamic Pension Equity Sub Fund comprises this composite.
2. Authorized investments of the Equity Composite include listed Shariah compliant stocks mainly and
Islamic bank deposits. Minimum Equity allocation is typically 90%. The minimum size of portfolio for
inclusion in the composite is PKR 5 million.
3. The benchmark is KMI 30. The performance of the benchmark is based on gross returns and therefore
not adjusted for any expenses or fees.
upon request.
Reporting Standards (IFRS), Voluntary Pension System Rules 2005 and directives issued and enforced
by SECP from time to time.
Page 21
9. The earnings of pension funds in the composite are exempt from income taxes as per applicable
tax law covered in Clause 57-1 (viii) of Part I of the second schedule to the Income Tax Ordinance
2001. Similarly pension fund are exempt from with-holding taxes under the various sections of
Income Tax Ordinance 2001.
10. The reported returns are net of fees and all other expenses including management fee (1.5% p.a.
presently), sales tax & FED on management fee, WWF provisioning, transactions expenses, Trustee
and SECP fees.
Page 22

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GIPS Compliant Performance Report

September 30, 2013

(Created and Endorsed by CFA Institute)

Benchmark Composite Benchmark

Annualized Return from June 01, 2009 to Sept 30, 2013

Composite Return (Net): 10.30/%

Annualized Return from Sept 01, 2010 to Sept 30, 2013

Composite Return (Net): 9.72%

Annualized Return from Dec 01, 2009 to Sept 30, 2013

Composite Return (Net): 10.55 %

*From Jul 01, 2013 to Sept 30, 2013

Composite Return (Net): 5.12%

Annualized Return from May 01, 2006 to Sep 30, 2013

Composite Return (Net): 6.44%

*From Jul 1, 2013 to Sept 30, 2013

AAnnualized Return from Feb 01, 2010 to Sep 30, 2013

Composite Return (Net): 15.33%

Financial Composite Benchmark Composites Assets Composite %

* From Jul 01, 2013 to Sept 30, 2013

Annualized Return from Feb 01, 2007 to Sept 30, 2013

Composite Return (Net): 12.83%

Annualized Return from July 1, 2008*** to Sept 30, 2013

Composite Return (Net): 15.09%

Annualized Return from Feb 01, 2007 to Sept 30, 2013

Composite Return (Net): 12.08%

Financial Composite Benchmark Composites Assets Composite %

* From Jul 02, 2013 to Sept 30, 2013

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