lakson outlook june 2012

June 2012 Lakson Outlook Economic and Markets Review FMR Lakson Money Market Fund FMR Lakson Income Fund FMR Lakson Equ...

0 downloads 91 Views 493KB Size
June 2012

Lakson Outlook Economic and Markets Review FMR Lakson Money Market Fund FMR Lakson Income Fund FMR Lakson Equity Fund FMR Lakson Asset Allocation Developed Markets Fund FMR Lakson Asset Allocation Emerging Markets Fund FMR Lakson Asset Allocation Global Commodities Fund Mutual Funds Performance Comparison Markets Information

Rated “AM3+” by PACRA

Business Principles

Our investors' interests always come first. We believe that if we serve our clients well, our own success will follow. Integrity and honesty are at the heart of our business. We expect our people to maintain high ethical standards. Our commitment to our clients, integrity, professional excellence, entrepreneurial spirit and teamwork will set us apart. Our firm shares bonuses with all employees - not just top management, but also those who perform standard administrative and clerical duties. Our goal is to provide superior returns to our shareholders. Profitability is critical to achieving superior returns, building our capital, and attracting and keeping the best people. Our business is highly competitive and we will aggressively seek to expand our client relationships. However, we are always fair competitors and never denigrate other firms.

Table of contents Economic & Markets Review

04 - 05

Lakson Money Market Fund

06

Lakson Income Fund

07

Lakson Equity Fund

08

Lakson Asset Allocation Global Commodities Fund

09

Lakson Asset Allocation Developed Markets Fund

10 - 11

Lakson Asset Allocation Emerging Markets Fund

12 - 13

Markets Information

14 - 15

03

Lakson Outlook - June 2012

Economic & Markets Review - Pakistan Economic Review (Monetary and Fiscal) Consumer Price Index ("CPI") inflation for June '12 stood at 11.26% YoY and 0.04% MoM which were below market expectations on the back of sharp reduction in prices for perishable food items (down 7.9% MoM), stable prices for non-perishable food items and up to 7% decline in petroleum product prices. This contained the FY12 average CPI inflation at 11.01%, well within government's original target of 11-12%. On the fiscal front, tax revenue collection stood at PKR 1.8 trillion up till June 25, 2012. While showing a double digit YoY growth, the collection is likely to fall short of government's revised target of PKR 1.95 trillion for FY12. The external account numbers however continue to show a more challenging environment. Trade deficit increased by 14% MoM to USD 1.7 billion in May '12 as exports were down 4% MoM to USD 2.2 billion while imports swelled by 4% MoM to USD 3.9 billion. Overall trade deficit for 11MFY12 surged 37% MoM to USD 19.4 billion. Resultantly, current account deficit expanded to USD 3.8 billion during 11MFY12 compared to a deficit of only USD 79 million during the same period last year. While robust growth in overseas remittances continued to provide the much needed cushion, repayments to the IMF and shortfall in budgeted foreign inflows continued to pressurize Pakistan's foreign exchange reserves. Pakistan repaid principal payments of USD 908 million to the IMF during FY12, out of which third installment of USD 108 million was paid on June 29, 2012. Resultantly, Pakistan's foreign exchange reserves dipped to USD 15.0 billion by June 22, 2012 (which does not account for the last tranche), compared to USD 18.2 billion at the end of last fiscal year. The Pak Rupee thus continued to remain under pressure as it closed the year at PKR 94.6 against the USD, down 0.9% MoM during June '12 and 10.0% during FY12. Fixed Income Review The liquidity position in the money market remained relatively tight during June '12 as the average overnight repo rates inched up by 38 bps to 11.39% compared to 11.01% witnessed during the preceding month. State Bank of Pakistan ("SBP") injected an average of PKR 112 billion through Open Market Operations during the month which, however was in-line with that recorded in May '12. In the two T-bill auctions conducted during June '12, the government raised PKR 176 billion which fell short of the target of PKR 205 billion despite maturities of PKR 253 billion during the month. With discount rate being maintained at 12% in the June-July Monetary Policy, only a minor adjustment was witnessed in 3M and 6M average T-bill yields which edged up by 5 bps and 3 bps to 11.88% and 11.94% respectively. However the average yield on 12M T-bill declined slightly by 1bps to 11.96%. M2 growth stood at 11.69% up till June 22, 2012, driven up by 18.17% increase in Net Domestic Assets. Equity Market Review Amidst increasing concerns on Pakistan-US relationship and fluid domestic political climate, Pakistan equities failed to build on the post-budget momentum as KSE 100 gained a mere 0.1% MoM during June '12. Risk aversion arising from Euro debt crisis added to the negative sentiments as foreign portfolio investors turned net sellers after posting four consecutive months of net inflows. Net FIPI outflow was recorded at USD 109 million during June '12, while after stripping Hub Power's one-off sale the net outflow stood at USD 44 million, still the highest net monthly outflow since March '09. Trading activity too dipped sharply as average daily traded value was recorded at USD 31 million, down 58% MoM. The outgoing month also wrapped up the fiscal year 2011-12 which saw KSE 100 post a mere gain of 10.4%. While the return for the year was significantly low when compared to historical annual average for KSE 100, it still managed to place Pakistan equities amongst the best performing markets in the world. In terms of major developments, the CGT relief package bagged the limelight as it revived sentiments and trading activity at the bourse. Amongst major listed sectors, Fertilizer and Cements remained in the news flow as the former was hit by unprecedented gas curtailment and subsidized influx of imported urea while the latter gained on the back of recovery in domestic demand and retention prices. Looking ahead, with signs of improvement in Pakistan-US relationship the upcoming dividend laden result season is likely to allow valuations to catch up with the underlying fundamentals.

Yield Curve

15.0% 14.0% 13.0% 12.0% 11.0% 1W

2M

6M

2Y

31-May-12

5Y

8Y

15Y

29-Jun-12

USD/PKR vs. Forex Reserves

16.0

Forex Res. (USD bn.) - RHS USD/PKR

95.8

15.8

95.0 15.5 94.3

15.3

93.5

15.0

92.8

14.8

92.0

14.5 1-Jun

8-Jun

15-Jun

22-Jun

29-Jun

Market Rates 13.0% 12.0% 11.0% 10.0% 9.0% 1-Jun 6M KIBOR

10-Jun

19-Jun

O/N Repo Rate

28-Jun 6M T-Bill

Pakistan's foreign exchange reserves dipped to USD 15.0 billion by June 22, 2012 compared to USD 18.2 billion at the end of last fiscal year.

DISCLAIMER: This publication is for informational purposes only and nothing herein should be construed as a solicitation, recommendation or an offer to buy or sell any fund. All investments in mutual funds are subject to market risks. The NAV based prices of units and any dividends/returns thereon are dependant on forces and factors affecting the capital markets. These may go up or down based on market conditions. Past performance is not necessarily an indication of future results.

04

Lakson Outlook - June 2012

Economic & Markets Review - International Developed Markets Following a sharp downturn in the preceding month, the global equity markets posted a strong rebound in June '12 on the back of 1) agreement on Spanish banking sector bailout, 2) favorable outcome of Greece elections, 3) US Fed announcement on extension of Operation Twist and 4) pro-market announcements from European summit. Resultantly MSCI World surged 4.9% during the month, taking 1HCY12 gains to 4.5%. The main impetus was provided by MSCI Europe which gained 7.7% during June '12. During the month under review, Spain formally requested a EUR 100 (USD 125) billion bailout to recapitalize its banking system which ultimately gave comfort to the capital markets that a firewall has been put in place in case Euro crisis deteriorates any further. Greece, which was bailed out earlier, also contributed to the positive sentiments as the conservative New Democracy Party won the elections, affirming the nation's plans to enact the austerity measures needed to obtain the next round of bailout funds. Lastly, the Eurozone summit held at the end of June '12 pleasantly surprised the markets by agreeing to let the currency bloc's two rescue funds inject aid directly into weak banks - bypassing (usually over-indebted) governments. Moreover, it was further agreed not to give senior status to creditor governments when compared to bondholders. In the US, the Federal Reserve lowered its growth, employment and inflation outlook and now expects the economy to expand between 1.9% and 2.4% during the year, with acceleration seen in 2013 and 2014. Accompanying slower 2012 growth will be higher unemployment of 8.0 - 8.2% by year end. In response, the Fed extended its Operation Twist program up till the end of the year and enhanced the size by USD 267 billion. The program aims to sell shorter-term US securities and buy the same amount of longer-term debt in a bid to reduce borrowing costs and spur the economy. Amongst other developed markets, Australia made headlines as its Reserve Bank cut the benchmark interest rate by 25 bps to 3.5%, the lowest since 2009. The country's GDP was later reported to have grown at 1.3% QoQ during 1QCY12, which was more than twice the pace forecasted by economists. Emerging Markets The MSCI Emerging Markets gained 3.4% during June '12, allowing the index to recoup its earlier losses and post a decent return of 2.3% for 1HCY12. While most emerging economies continue to show signs of slow down, the major impetus for the markets proved to be improved risk perception on European debt crisis. India which accounts for 7% of MSCI Emerging Markets Index saw its benchmark BSE Sensex 30 move up 7.5% during June '12 while China which accounts for 13% of the index posted a loss of 6.5% in its benchmark CSI 300. Indian equities managed to post robust performance despite expectations that the country may become the first BRIC (Brazil, Russia, India, China) nation to lose its investment grade credit rating. Standard & Poor's currently rates India BBB- with a negative outlook on the back of slowing growth and political roadblocks to economic policy making. While soaring inflation and rising current account deficit did not allow Indian Central Bank to lower its interest rates, China cut its benchmark interest rates by 25 bps. The cut was the first since 2008 and the government's strongest monetary response so far to a weakening economy. Amongst other emerging economies, Vietnam stood out as its Planning Ministry said that the economic growth may slump to as low as 5.2% in 2012, which would be the slowest pace in more than a decade. Global Commodities DB Commodity index rounded off June '12 with a gain of 2.1%, trimming 1HCY12 losses to 3.5%. Oil and its bi-products, which account for the largest weight in the index, ended up in the negative zone as WTI Nymex and Brent crude oil declined by 1.8% and 4.0% respectively during the month. However impetus to the overall index was provided by wheat which was up 14.8% MoM, sugar up 12.3% MoM, copper up 3.7% MoM and gold up 2.7% MoM. While most food items and precious metals soared during the outgoing month, the performance for energy and industrial commodities remained lackluster on the back of ongoing slowdown in Chinese economy. The country's manufacturing activity fell to a seven-month low as the official Purchasing Managers' Index ("PMI") slipped to 50.2 from 50.4 in May.

Performance of Equities & Commodities 140% MSCI World Index DB Commodity Index

MSCI EM Index

120%

100%

80%

60% Jun-11

Aug-11

Oct-11

Dec-11

Feb-12

Apr-12

Valuations of International Markets

16

12

8

4

-

DM

US

UK

Japan

EM

Brazil Russia India China

P/E Multiple

In the US, the Federal Reserve lowered its growth, employment and inflation outlook and now expects the economy to expand between 1.9% and 2.4% during the year.

The last trading day for the outgoing month, however, provided a major sigh of relief for commodity markets in general and crude oil in particular. Driven by pro-markets decisions taken at European Summit, WTI Nymex posted the biggest single day surge of 9.4% in 3 years.

05

Lakson Outlook - June 2012

Lakson Money Market Fund Investment Objective The investment objective of the Lakson Money Market Fund is to provide stable and competitive returns in line with the money markets, exhibiting low volatility consistent with capital preservation by constructing a liquid portfolio of low risk short term investments. Performance Review The Lakson Money Market Fund ("LMMF") yielded an annualized return of 10.40% in June '12 compared to the Benchmark (average return of all money market funds) return of 10.10% p.a. The LMMF outperformed the average money market fund by 30bps. The LMMF continues to provide liability related to the Workers Welfare Fund ("WWF") that has a negative impact of approximately 20bps in monthly annualized performance. Many money market funds started providing the WWF in June '12 and therefore they provided very low returns. The yield since inception (13th November 2009) of the LMMF stood at 11.28% p.a. compared to a 11.32% p.a. return for the average money market fund. During the month the LMMF increased exposure in the TDRs to 40% compared to 7% at the start of the month as the TDRs were offering better yields than the T-Bills. The TDRs were placed with commercial banks rated at least 'AA'. As of June 30, 2012, the Weighted Average Maturity ("WAM") of the LMMF portfolio was 33 days compared to 41 days at the start of the month. The portfolio of the LMMF still offers very high liquidity and as of June 30, 2012, 60% of the LMMF portfolio comprised of instruments that can be liquidated within six (6) business days keeping in view the present market situation. The Standard Deviation, a measure of the volatility of the fund's performance, of monthly returns of the LMMF since inception is just 1.00%. WWF Disclosure As of June 30, 2012, the LMMF has maintained provisions against Workers' Welfare Fund's liability to the tune of PKR 23.87 million. If the same were not made the NAV per unit of the LMMF would be higher by PKR 0.3501. If the LMMF would not have made the WWF provisions during FY12, the return of the LMMF for FY12 would be higher by 0.20%. For details investors are advised to read the Note 9.1 of the latest Financial Statements (Quarterly Report as of March 31, 2012) of the LMMF.

Credit Split

Asset Allocation

AA 40%

TDRs 40%

AAA 60%

T-Bills 60%

Fund Facts Fund Type Category Net Assets (PKR Mil.) NAV (30.06.2012) Pricing Mechanism Trustee Auditor Management Fee Front End Load Back End Load Launch Date Benchmark Dealing Days Cut-Off Time Fund Rating Asset Manager Rating

Open-End Money Market Fund 6,876 100.8703 Previous Day CDC Pakistan Limited KPMG Taseer Hadi & Co. 1.25% None None November 13, 2009 Average of returns earned by Money Market Funds in the industry. Mon - Fri 04:00 PM 'AA' by PACRA AM3+

Performance Morningstar June-12 2 Months 3 Months 6 Months 12 Months CY12 - YTD FY12 Since Inception

LMMF 10.40% 10.46% 10.49% 10.50% 11.19% 10.50% 11.19% 11.28%

Benchmark 10.10% 10.39% 10.53% 10.59% 11.31% 10.59% 11.31% 11.32%

Simple Annualized June-12 2 Months 3 Months 6 Months 12 Months CY12 - YTD FY12 Since Inception

LMMF 9.93% 10.03% 10.10% 10.24% 11.19% 10.24% 11.19% 12.35%

Benchmark 9.66% 9.96% 10.14% 10.32% 11.31% 10.32% 11.31% 12.39%

LMMF vs. Benchmark 112 110

Asset Allocation

108

Instruments

Apr-12

Government Securities (T-Bills) Placements with Banks (TDRs) Placements with DFIs (LOPs) Cash

72% 23% 4% 1%

May-12 Jun-12 % of Net Assets 84% 60% 7% 40% 8% 0% 1% 0%

WAM* Days 44 17 0 1

106 104 102 100 Jun-11

Aug-11

Oct-11

Dec-11

Feb-12

Benchmark

Apr-12

Jun-12

LMMF

* Weighted Average Maturity

Investment Committee

Key Interest Rates (Monthly Average) KIBOR (1W, 1M, 3M, 6M, 12M) T-Bills (3M, 6M, 12M) Repo (O/N, 1M, 3M, 6M, 12M)

11.97% 11.88% 11.39%

12.07% 11.94% 11.74%

11.97% 11.96% 11.81%

* Source: Bloomberg, Reuters

Disclosures Leverage as on June 30, 2012 Non Performing Assets WAM of Portfolio

06

Nil. Nil. 33 Days

12.03%

12.38%

11.86%

11.87%

Babar Ali Lakhani Iqbal Ali Lakhani A. Aziz H. Ebrahim Muhammad Umair Chauhan Amir Mobin Hamad Aslam, CFA Syed Imran Raza Kazmi Muhammad Qasim

Chairman

Lakson Outlook - June 2012

Lakson Income Fund Investment Objective The investment objective of the Lakson Income Fund is to provide competitive total return through investment in a diversified portfolio of fixed income securities. Investments will be made in a variegated mix of short term, medium term and longer term maturities depending on the assessment by the Investment Team of interest rate trends and prospective returns. Performance Review The Lakson Income Fund ("LIF") provided an annualized yield of 12.75% for the month of June '12, compared to the Benchmark return (average return of all income funds) of 11.99%. The LIF outperformed the average income fund by 76bps. The yield since inception (13th November 2009) of the LIF stands at an annualized rate of 11.51%, compared to the Benchmark return of 8.14% p.a. During the month the LIF increased exposure in TDRs to 20% compared to 7% at the start of the month. The TDRs were placed with commercial banks rated at least 'AA'. The short term Sukuk of Kot Addu Power Company matured during June '12 that reduced the exposure of the LIF in commercial papers to 9%. As of June 30, 2012, the WAM of the LIF portfolio was 452 compared to 475 days at the start of the month. As of June 30, 2012, 52% of the LIF portfolio comprised of liquid instruments that can be liquidated within six (6) business days keeping in view the prevailing market conditions. In a situation where the income funds are providing very volatile returns, the standard deviation of annualized monthly returns of the LIF is only 1.51% compared to 5.22% for the Benchmark. WWF Disclosure As of June 30, 2012, the LIF has maintained provisions against Workers' Welfare Fund's liability to the tune of PKR 5.30 million. If the same were not made the NAV per unit of the LIF would be higher by PKR 0.3799. If the LIF would not have made the WWF provisions during FY12, the return of the LIF for FY12 would be higher by 0.22%. For details investors are advised to read the Note 9.1 of the latest Financial Statements (Quarterly Report as of March 31, 2012) of the LIF.

Asset Allocation

Credit Split

Cash CPs 1% 9% TFCs 19%

AA10%

A+ 1%

AA 24%

T-Bills 51%

TDRs 20%

AAA 51%

AA+ 15%

Fund Facts Fund Type Category Net Assets (PKR Mil.) NAV (30.06.2012) Pricing Mechanism Trustee Auditor Management Fee Front End Load Back End Load Launch Date

Open-End Income Fund 1,414 101.3505 Forward Day CDC Pakistan Limited KPMG Taseer Hadi & Co. 1.50% 1.50% None November 13, 2009 Average of returns earned by the Income Funds in the industry Mon - Fri 04:00 PM (Mon-Fri) 'AA-' by PACRA AM3+

Benchmark Dealing Days Cut-Off Time Fund Rating Asset Manager Rating

Performance Morningstar June-12 2 Months 3 Months 6 Months 12 Months CY12 - YTD FY12 Since Inception

LIF 12.75% 11.70% 11.49% 10.85% 11.57% 10.85% 11.57% 11.51%

Benchmark 11.99% 11.90% 8.21% 9.43% 8.86% 9.43% 8.86% 8.14%

Simple annualized June-12 2 Months 3 Months 6 Months 12 Months CY12 - YTD FY12 Since Inception

LIF 12.06% 11.17% 11.03% 10.57% 11.57% 10.57% 11.57% 12.61%

Benchmark 11.19% 11.32% 7.85% 9.19% 8.86% 9.19% 8.86% 8.87%

LIF vs. Benchmark TFCs Portfolio Name of the Issue Askari Bank Limited Bank Al Habib Limited NIB Bank Limited Orix Leasing Pakistan Limited Pakistan Mobile Communication Standard Chartered Bank United Bank Limited

112

Issue Date 23-Dec-11 30-Jun-11 05-Mar-08 30-Jun-11 18-Apr-12 29-Jun-12 14-Feb-08

Rating AAAA A+ AA+ AAAA+ AA

% of Net Assets 4.96% 1.51% 1.05% 4.00% 4.72% 1.77% 1.07%

110 108 106 104 102 100 Jun-11

Asset Allocation Instruments Government Securities (T-Bills) Placements with Banks (TDRs) Term Finance Certificates (TFCs) Commercial Papers (CPs) Cash

Apr-12 50% 18% 18% 13% 1%

May-12

* Weighted Average Maturity

Disclosures Leverage as on June 30, 2012 Non Performing Assets WAM of Portfolio

07

Jun-12

% of Net Assets 59% 51% 7% 20% 20% 19% 12% 9% 2% 1%

Nil. Nil. 452 Days

WAM* Days 62 18 2,176 34 1

Aug-11

Oct-11

Dec-11

Feb-12

Benchmark

Apr-12

Jun-12

LIF

Investment Committee Babar Ali Lakhani Iqbal Ali Lakhani A. Aziz H. Ebrahim Muhammad Umair Chauhan Amir Mobin Hamad Aslam, CFA Syed Imran Raza Kazmi Muhammad Qasim

Chairman

Lakson Outlook - June 2012

Lakson Equity Fund Investment Objective The investment objective of the Lakson Equity Fund is to provide long term capital appreciation by investing mainly in equity and related listed securities. Investments will be made in companies of substance, financial strength and demonstrably superior management skills with some exposure given to smaller capitalized value stocks. Performance Review The Lakson Equity Fund ("LEF") declined by 0.56% in June '12 compared to the KSE-100 Index return of 0.11%. The LEF has provided a cumulative return of 31.30% since its inception. During the month, the LEF reduced its exposure in equities to 77% compared to 79% at the start of the month. The LEF realized gains in Oil & Gas Sector and reduced its exposure to 21.15% from 27.82% at the start of the month as the international oil prices declined significantly during the month and the profitability of the Oil & Gas sector is directly linked with the international oil prices. As the uncertainties regarding taxation on banking sector in the budget subsided, the LEF increased its exposure in Banks to 20.5% from 15.84%. The LEF has higher exposure in those sectors and companies that can outperform their peers in tough economic situations. Presently the market is trading at a P/E multiple of 6.61x with an average dividend yield of 6.97% and it continues to trade at a discount to regional markets. WWF Disclosure As of June 30, 2012 the LEF has maintained provisions against Workers' Welfare Fund's liability to the tune of PKR 0.74 million. If the same were not made the NAV per unit of the LEF would be higher by PKR 0.5660. If the LEF would not have made the WWF provisions during FY12, the return of the LEF for FY12 would be higher by 0.23%. For details investors are advised to read the Note 7.1 of the latest Financial Statements (Quarterly Report as of March 31, 2012) of the LEF.

Asset Allocation

Top 10 Holdings (In Alphabetical Order) Attock Petroleum Limited D.G. Khan Cement Fatima Fertilizer Company Limited Fauji Fertilizer Company Limited Lucky Cement Limited MCB Bank Limited Oil & Gas Development Company Pakistan Oilfields Limited Pakistan Petroleum Limited The Hub Power Company

3.58% 4.39% 4.57% 6.71% 6.41% 5.36% 4.40% 5.29% 7.88% 3.88%

Sectorwise Exposure

May-12

Jun-12

27.82% 15.84% 11.48% 10.14% 6.15% 8.04%

21.15% 20.50% 11.28% 10.81% 4.90% 7.95%

Oil & Gas Commercial Banks Chemicals Construction & Materials Personal Goods Others

Asset Allocation Equities T-Bills Cash & Equivalents

Cash & Equi. 23%

08

LEF

KSE-30

KSE-100

June-12 2 Months 3 Months 6 Months 12 Months CY12 - YTD FY12 Since Inception

-0.56% -1.93% -0.36% 21.38% 9.74% 21.38% 9.74% 31.30%

-0.24% -2.69% -1.58% 17.12% 2.90% 17.12% 2.90% 24.68%

0.11% -1.35% 0.29% 21.62% 10.45% 21.62% 10.45% 52.21%

Sectorwise Exposure

LEF vs. Benchmark 120

Others

115

Personal Goods

Oil & Gas

110 105

Const. & Mat.

100

Commercial Banks

Chemicals

May-12 79% 0% 21%

Index KSE-100 BSE Sensex 30 FTSE KLCI DFM General DJIA S&P 500

Disclosures Leverage as on June 30, 2012 Non Performing Assets

Performance

95 90 85 Jun-11

Apr-12 76% 21% 3%

Open-End Equity Fund 146 112.1531 Forward Day CDC Pakistan Limited BDO Ebrahim & Co. 3.00% 3.00% None November 13, 2009 KSE-100 Index Mon-Fri 04:00 PM AM3+

Equities 77%

1M Return 0.11% 7.47% 1.17% -1.33% 3.93% 3.96%

P/E 6.61 15.13 14.72 10.11 12.29 13.06

Aug-11 LEF

Jun-12 77% 0% 23%

Pakistan vs. Global Markets Country Pakistan India Malaysia Dubai USA USA * Source: Reuters, Bloomberg

Fund Facts

Fund Type Category Net Assets (PKR Mil.) NAV (30.06.2012) Pricing Mechanism Trustee Auditor Management Fee Front End Load Back End Load Launch Date Benchmark Dealing Days Cut-Off Time Asset Manager Rating

Div. Yield 6.97% 1.80% 3.57% 3.79% 2.70% 2.21%

Oct-11

Dec-11

Feb-12

KSE-100

Apr-12

Jun-12

KSE-30

Investment Committee Babar Ali Lakhani Iqbal Ali Lakhani A. Aziz H. Ebrahim Muhammad Umair Chauhan Amir Mobin Hamad Aslam, CFA Syed Imran Raza Kazmi Muhammad Qasim

Chairman

Nil. Nil.

Lakson Outlook - June 2012

Lakson Asset Allocation Global Commodities Fund Investment Objective The investment objective of the Lakson Asset Allocation Global Commodities Fund is to provide long-term capital appreciation by investing in a mix of domestic debt and commodities. Performance Review The Lakson Asset Allocation Global Commodities Fund ("LAAGCF") increased by 0.88% in June '12 compared to the Benchmark (70% 6-month T-Bills + 30% DB Commodity Index) return of 1.60%. The LAAGCF has appreciated by 5.85% since its inception compared to the 7.25% increase in the benchmark. During the month, the LAAGCF increased its exposure in global commodities to 15% compared to 8% at the start of the month. The LAAGCF aims to gradually increase its exposure in commodities using Dollar cost averaging approach. The total international exposure of the LAAGCF is 30% which includes 15% exposure in foreign currency (USD) deposits and 15% exposure in DB Balanced Commodity ETF which tracks the performance of DBLC-OY Balanced Index. WWF Disclosure As of June 30, 2012 the LAAGCF has maintained provisions against Workers' Welfare Fund's liability to the tune of PKR 0.42 million. If the same were not made the NAV per unit of the LAAGCF would be higher by PKR 0.1193 and the return of the LAAGCF for FY12 would be higher by 0.12%. For details investors are advised to read the Note 7.1 of the latest Financial Statements (Quarterly Report as of March 31, 2012) of the LAAGCF.

Global Commodities (DB Balanced Commodity ETF) Commodity Gold Soybeans Corn Wheat RBOB Gasoline Brent Crude Light Crude Heating Oil Sugar Copper Zinc Aluminium Silver Natural Gas

Asset Allocation

Weight 13.09% 9.51% 8.42% 7.98% 7.73% 7.69% 7.69% 7.62% 6.55% 6.39% 6.02% 5.67% 2.90% 2.72%

USD Deposit 15%

Cash 2%

Commodities 15% T-Bills 69%

Government Securities (T-Bills) Cash (Local Currency PKR) Foreign Currency Deposit Global Commodities

Jun-12 33.46% 32.47% 18.08% 15.99%

Base Metals 18.08%

09

Fund Performance

LAAGCF

Benchmark

0.88% 1.43% 1.88% 2.16% 2.83% 3.70% 3.70% 5.85%

1.60% -0.24% 0.29% 0.30% 2.61% 4.59% 4.59% 7.25%

1 Month 2 Month 3 Month 4 Month 5 Month 6 Month CY12 - YTD FY12* *Since Inception

LAAGCF vs. Benchmark

Apr-12 70% 0% 24% 6%

105

Energy 33.46%

103 101

Agriculture 32.47%

Disclosures Leverage as on June 30, 2012 Non Performing Assets

Dealing Days Cut-Off Time Fund Rating Asset Manager Rating

107

Asset Allocation Instruments

Open-End Asset Allocation Fund 374 105.8456 Forward Day CDC Pakistan Limited BDO Ebrahim & Co. 2.00% 2.50% None October 10, 2011 30% DB Commodity Index +70% 6-month TBills Mon - Fri 04:00 PM In Process AM3+

Benchmark

Sectorwise Exposure Precious Metals 15.99%

Sectorwise Exposure Energy Agriculture Base Metals Precious Metals

Fund Facts Fund Type Category Net Assets (PKR Mil.) NAV (30.06.2012) Pricing Mechanism Trustee Auditor Management Fee Front End Load Back End Load Launch Date

May-12 Jun-12 % of Net Assets 69% 69% 2% 1% 21% 15% 8% 15%

99 Oct-11 Nov-11

Jan-12

Feb-12

Benchmark

Mar-12

Apr-12

May-12 Jun-12

LAAGCF

Investment Committee Babar Ali Lakhani Iqbal Ali Lakhani A. Aziz H. Ebrahim Muhammad Umair Chauhan Amir Mobin Hamad Aslam, CFA Syed Imran Raza Kazmi Muhammad Qasim

Chairman

Nil. Nil.

Lakson Outlook - June 2012

Lakson Asset Allocation Developed Markets Fund Investment Objective The investment objective of the Lakson Asset Allocation Emerging Markets Fund is to provide long-term capital appreciation by investing in a mix of domestic debt and emerging market securities. Performance Review The Lakson Asset Allocation Developed Markets Fund ("LAADMF") increased by 1.28% in June'12 compared to the Benchmark (70% 6-month T-Bills + 30% MSCI World Index) return of 2.45%. The LAADMF appreciated by 6.42% since its inception compared to 10.63% increase in the Benchmark. During the month, the LAADMF increased exposure in Developed Markets equities to 15% compared to 8% at the start of the month. The LAADMF aims to gradually increase its exposure in Developed Market equities using Dollar cost averaging approach. The total international exposure of the LAADMF is 30% which includes 15% exposure in foreign currency (USD) deposits and 15% exposure in iShares MSCI World ETF which tracks the performance of the MSCI World Index. WWF Disclosure As of June 30, 2012 the LAADMF has maintained provisions against Workers' Welfare Fund's liability to the tune of PKR 0.40 million. If the same were not made the NAV per unit of the LAADMF would be higher by PKR 0.1310 and the return of the LAADMF for FY12 would be higher by 0.13%. For details investors are advised to read the Note 7.1 of the latest Financial Statements (Quarterly Report as of March 31, 2012) of the LAADMF.

Fund Facts Fund Type Category Net Assets (PKR Mil.) NAV (30.06.2012) Pricing Mechanism Trustee Auditor Management Fee Front End Load Back End Load Launch Date Benchmark Dealing Days Cut-Off Time Fund Rating Asset Manager Rating

Fund Performance 1 Month 2 Month 3 Month 4 Month 5 Month 6 Month CY12 - YTD FY12 *

Asset Allocation

Developed Market Equities (iShares MSCI World ETF) Security % of ETF's Assets Apple Incorporation 2.31% Exxon Mobil Corporation 1.73% Microsoft Corporation 1.00% General Electric Co 0.96% Intl Business Machines Corporation 0.96% AT&T Inc 0.93% Nestle SA 0.89% Chevron Corporation 0.89% Johnson & Johnson 0.80% Pfizer Inc 0.76%

USD Deposit 15%

Cash (PKR) 2%

Open-End Asset Allocation Fund 329 106.4208 Forward Day CDC Pakistan Limited BDO Ebrahim & Co. 2.00% 2.50% None October 10, 2011 30% MSCI World Index +70% 6-month T-Bills Mon - Fri 04:00 PM In Process AM3+

LAADMF Benchmark 1.28% 1.83% 2.30% 2.72% 3.40% 4.28% 4.28% 6.42%

2.45% 1.17% 1.56% 2.47% 4.70% 7.13% 7.13% 10.63%

*Since Inception

DM Equities 15% T-Bills 68%

LAADMF vs. Benchmark 109 107

Asset Allocation

105

Instruments

Apr-12

Government Securities (T-Bills) Cash (Local Currency PKR) Foreign Currency (USD) Deposit Developed Markets (DM) Equities

69% 1% 24% 6%

May-12 Jun-12 % of Net Assets 68% 68% 3% 2% 21% 15% 8% 15%

103 101 99 Oct-11 Nov-11 Dec-11 Jan-12 Feb-12 Mar-12 Apr-12 May-12 Jun-12

Benchmark

LAADMF

MSCI World Index (Composition) Country United States Japan United Kingdom Canada Switzerland

Weight 53% 9% 8% 5% 4%

Sectors Banks Oil & Gas Pharmaceuticals Telecommunication Retail

Disclosures Leverage as on June 30, 2012 Non Performing Assets

10

Weight 10% 8% 7% 5% 5%

Investment Committee Babar Ali Lakhani Iqbal Ali Lakhani A. Aziz H. Ebrahim Muhammad Umair Chauhan Amir Mobin Hamad Aslam, CFA Syed Imran Raza Kazmi Muhammad Qasim

Chairman

Nil. Nil.

Lakson Outlook - June 2012

iShares MSCI World ETF (Developed Markets): Allocations

Type IDWR LN Equity DES and click on Allocations

iShares MSCI World ETF (Developed Markets): Holdings

Type IDWR LN Equity DES and click on Holdings

11

Lakson Outlook - June 2012

Lakson Asset Allocation Emerging Markets Fund Investment Objective The investment objective of the Lakson Asset Allocation Emerging Markets Fund is to provide long-term capital appreciation by investing in a mix of domestic debt and emerging market securities. Performance Review The Lakson Asset Allocation Emerging Markets Fund ("LAAEMF") increased by 1.34% in June '12 compared to the Benchmark (70% 6-month T-Bills + 30% MSCI Emerging Markets Index) return of 1.99%. The LAAEMF has appreciated by 6.23% since its inception compared to a 9.82% increase in the Benchmark. The LAAEMF increased its exposure in Emerging Markets equities to 15% compared to 8% at the start of the month. The LAAEMF aims to gradually increase its exposure in foreign equities using Dollar cost averaging approach. The total international exposure of the LAAEMF is 30% which includes 15% exposure in foreign currency (USD) deposits and 15% exposure in Vanguard MSCI Emerging Markets ETF which tracks the performance of the MSCI Emerging Markets Index. WWF Disclosure As of June 30, 2012 the LAAEMF has maintained provisions against Workers' Welfare Fund's liability to the tune of PKR 0.39 million. If the same were not made the NAV per unit of the LAAEMF would be higher by PKR 0.1272 and the return of the LAAEMF for FY12 would be higher by 0.13%. For details investors are advised to read the Note 7.1 of the latest Financial Statements (Quarterly Report as of March 31, 2012) of the LAAEMF.

Asset Allocation

Emerging Market Equities (Vanguard MSCI EM ETF) Security % of ETF's Assets China Mobile 1.88% Gazprom OAO 1.64% America Movil SAB de CV 1.40% Taiwan Semiconductor Manufacturing 1.35% China Construction Bank Corp 1.31% Samsung Electornics Co 1.18% Industrial & Commercial Bank of China 1.11% CNOOC Ltd 1.04% Petroleo Brasileiro 0.97% Hon Hai Precision Industry Co 0.97%

USD deposit 15%

Cash (PKR) 2%

EM Equities 15%

Fund Facts Fund Type Category Net Assets (PKR Mil.) NAV (30.06.2012) Pricing Mechanism Trustee Auditor Management Fee Front End Load Back End Load Launch Date

Dealing Days Cut-Off Time Fund Rating Asset Manager Rating

Open-End Asset Allocation Fund 328 106.234 Forward Day CDC Pakistan Limited BDO Ebrahim & Co. 2.00% 2.50% None October 10, 2011 30% MSCI Emerging Markets Index +70% 6-month T-Bills Mon - Fri 04:00 PM In Process AM3+

Fund Performance

LAAEMF Benchmark

Benchmark

1 Month 2 Month 3 Month 4 Month 5 Month 6 Month CY12 - YTD FY12*

1.34% 1.75% 2.21% 2.56% 3.23% 4.11% 4.11% 6.23%

1.99% -0.12% 0.25% -0.12% 2.30% 6.43% 6.43% 9.82%

*Since Inception T-Bills 68%

LAAEMF vs. Benchmark 111 109 107

Asset Allocation

105

Instruments

Apr-12

Government Securities (T-Bills) Cash (Local Currency PKR) Foreign Currency (USD) Deposit Emerging Markets (EM) Equities

69% 1% 24% 6%

May-12 Jun-12 % of Net Assets 68% 68% 3% 2% 21% 15% 8% 15%

103 101 99 Oct-11

Nov-11

Jan-12

Feb-12

Benchmark

Mar-12

Apr-12

May-12

Jun-12

LAAEMF

MSCI Emerging Markets Index (Composition) Country Brazil South Korea China Taiwan South Africa

Weight 15% 13% 13% 11% 8%

Sectors Banks Oil & Gas Telecommunication Semiconductor Iron/Steel

Disclosures Leverage as on June 30, 2012 Non Performing Assets

12

Weight 16% 12% 9% 5% 5%

Investment Committee Babar Ali Lakhani Iqbal Ali Lakhani A. Aziz H. Ebrahim Muhammad Umair Chauhan Amir Mobin Hamad Aslam, CFA Syed Imran Raza Kazmi Muhammad Qasim

Chairman

Nil. Nil.

Lakson Outlook - June 2012

Vanguard MSCI Emerging Markets ETF: Allocations

Type VWO UP Equity DES and click on Allocations

Vanguard MSCI Emerging Markets ETF: Holdings

Type VWO UP Equity DES and click on Holdings

13

Lakson Outlook - June 2012

Markets Information Equities Total Return in PKR and % YTD-CY12 3-mo

1-yr

5-yr

Total Return in USD and %

Markets

Index

YTD-CY12 3-mo

1-yr

5-yr

World

MSCI All Country World Index

9.56%

-2.30%

0.45%

22.11%

4.21%

-6.36%

-8.69%

-21.93%

Developed

MSCI World Index

9.87%

-1.73%

2.13%

20.62%

4.49%

-5.81%

-7.17%

-22.88%

Emerging

MSCI Emerging Markets Index

7.55%

-6.10%

-10.03% 38.35%

2.29%

-10.00%

-18.22% -11.54%

Europe

MSCI Europe Index

5.01%

-5.18%

-11.26%

-7.10%

-0.12%

-9.11%

-19.34% -40.60%

China

CSI 300

9.31%

3.70%

-9.50%

22.59%

3.97%

-0.60%

-17.74% -21.62%

Dubai

DFM

12.79%

-8.13%

5.29%

-48.49%

7.27%

-11.95%

-4.29%

India

BSE Sensex 30

13.10%

-4.45%

-18.26% 36.20%

7.56%

-8.42%

-25.70% -12.92%

Japan

Nikkei 225

7.96%

-3.21%

1.92%

19.89%

2.68%

-7.23%

-7.36%

Malaysia

FTSE Bursa

9.52%

0.82%

5.89%

100.79%

4.17%

-3.37%

-3.75%

28.38%

Pakistan

KSE 100

21.62%

0.29%

10.45%

0.21%

15.68%

-3.88%

0.39%

-35.93%

Sri Lanka

Colombo All Share

-26.89%

-8.45%

-34.55% 124.47%

UK

FTSE 100

6.23%

-1.13%

US

DJIA

10.84%

US

S&P 500

13.88%

US

NASDAQ 100

20.74%

-0.95%

23.77% 111.53%

Germany

DAX Index

11.78%

-8.52%

-16.41%

CANADA

TSX 300 Composite Index

2.46%

-4.09%

-9.10%

France

CAC - 40

3.95%

-7.53%

Brazil

Sao Paulo SE Bovespa Index

-6.45%

Korea

Korea SE Kospi

7.43%

Taiwan

Taiwan SE Weighted Index

9.95%

-50%

-25%

0%

25%

50%

-67.07%

-23.35%

-30.46%

-12.25%

-40.51%

43.52%

0.86%

3.11%

1.03%

-5.24%

-8.32%

-34.07%

1.71%

14.14%

50.24%

5.42%

-2.51%

3.75%

-3.94%

0.90%

13.47%

41.72%

8.31%

-3.29%

3.14%

-9.39%

14.83%

-5.06%

12.50%

35.24%

17.24%

6.31%

-12.32%

-24.02% -25.04%

36.68%

-2.55%

-8.07%

-17.38% -12.62%

-22.86% -22.76%

-1.13%

-11.36%

-29.88% -50.61%

-20.08%

-25.45% 50.05%

-11.02%

-23.40%

-32.24%

-4.99%

-9.49%

34.15%

2.17%

-8.93%

-17.73% -14.23%

-5.22%

-10.80% 41.34%

4.58%

-9.16%

-18.92%

-9.63%

-4.07%

KSE Sectors Automobile and Parts

18.89%

6.91%

13.69% -45.63%

13.07%

2.47%

3.34%

-65.24%

Banks

27.95%

-2.78%

13.06% -63.22%

21.69%

-6.82%

2.77%

-76.49%

Chemicals

10.03%

-5.09%

-2.10%

28.29%

4.65%

-9.03%

-11.02%

-17.98%

Construction & Materials

73.63%

5.73%

87.35% -39.40%

65.14%

1.34%

70.30%

-61.26%

Electricity

20.21%

5.09%

15.11% -10.66%

14.34%

0.73%

4.63%

-42.88%

Fixed Line Tele.

33.68%

7.92%

-3.02%

-76.36%

27.14%

3.44%

-11.85%

-84.88%

8.07%

Food Producers

30.15%

8.64%

140.54%

23.79%

4.13%

-1.77%

53.79%

Non Life Insurance

26.78%

-3.26%

12.01% -73.43%

20.58%

-7.28%

1.81%

-83.01%

7.06%

-2.33%

2.39%

10.69%

1.82%

-6.38%

-6.93%

-29.23%

31.08%

9.03%

12.68% -20.48%

24.67%

4.50%

2.42%

-49.16%

Oil and Gas Personal Goods

YTD 3-mo

Fixed Income Current Interbank Rates on Interbank Rates China

SHIBOR

Historic 6-month Interbank Rates

1M

3M

6M

12M

YTD-CY12 3-mo

4.48%

4.08%

4.42%

4.75%

5.05%

1-yr

2-yr

4.80%

5.20%

4.39% 2.02%

Dubai

UAE IBOR

0.98%

1.53%

1.71%

1.97%

1.71%

1.71%

1.70%

India

MIBOR

9.30%

9.41%

N.A.

N.A.

N.A

N.A

N.A

N.A

Japan

TIBOR

0.18%

0.34%

0.44%

0.46%

0.44%

0.44%

0.44%

0.45%

Malaysia

KLIBOR

3.08%

3.19%

3.24%

3.35%

3.25%

3.24%

3.29%

3.18%

Pakistan

KIBOR

12.14%

11.99%

12.06% 12.40%

11.96%

12.01%

12.42%

12.94%

Sri Lanka

SLIBOR

11.48%

12.16%

13.20%

13.83%

11.43%

12.43%

10.04%

9.43%

UK

LIBOR

0.62%

0.90%

1.18%

1.68%

1.34%

1.30%

1.28%

1.17%

US

SIBOR

0.25%

0.46%

0.73%

1.07%

0.75%

0.73%

0.66%

0.57%

Current Market Yields on Government Securities

13.00%

12.00% 11.50% 11.00% Interbank June-12

10.50% 1W

Historic 12-Month Paper Rates

3M

12M

5Y

10Y

China

2.03%

2.29%

2.84%

3.34%

2.70%

India

8.27%

8.07%

8.08%

8.16%

8.26%

YTD-CY12 3-mo

1M

3M

Govt. Sec. June-12 6M

1Y

2Y

12M Yields of Government Securities

1-yr

2-yr

2.53%

2.99%

2.79%

India

8.16%

8.34%

7.77%

Japan Malaysia

China

Japan

0.10%

0.10%

0.21%

0.82%

0.10%

0.10%

0.11%

0.14%

Malaysia

3.04%

2.96%

3.21%

3.52%

2.95%

2.96%

2.95%

2.91%

Pakistan

Pakistan

11.92%

11.97%

12.99%

13.28%

11.92%

11.96%

12.33%

12.87%

Sri Lanka

Sri Lanka

10.73%

12.35%

13.69%

13.94%

11.12%

12.29%

9.36%

8.50%

UK

UK

0.00%

0.30%

0.75%

1.72%

0.38%

0.35%

0.43%

0.56%

US

US

0.09%

0.20%

0.67%

1.59%

0.16%

0.18%

0.13%

0.18%

14

Govt. Securities vs. KIBOR

12.50%

0%

3%

6%

9%

Lakson Outlook - June 2012

12%

Markets Information Commodities Total Return Commodity

Unit

YTD-CY12 3-mo

DB Commodity Index

USD Excess Return

-3.55%

-9.87%

Current Prices

1-yr

5-yr

-10.83%

2.80%

120

S&P Global Commodity Index

USD Total Return

-7.23%

-12.38% -10.74% -24.46%

Dow Jones UBS Commodity Index

USD Total Return

-3.70%

-4.55%

Coal

USD/Tonne

-21.25%

-17.38%

-27.12%

N.A

88.40

Copper

USc/lbs

1.57%

-8.76%

-18.31%

1.06%

349.00

Cotton

USc/lbs

-21.39%

-22.84% -54.84%

23.35%

72.16

Gold

USD/t oz.

2.39%

-3.90%

6.75%

146.46%

1,604.20

Palm Oil

USD/Tonne

-5.44%

-16.61%

-7.92%

30.25%

948.10

Sugar

USc/lbs

-6.39%

-11.74%

-23.10% 140.46%

21.81

Wheat

USD/Bushel (60Ibs) 13.21%

11.84%

26.38%

26.98%

7.39

WTI

USD/bbl

-14.03%

-17.53%

-10.96%

20.20%

84.96

Brent Crude

USD/bbl

-8.92%

-20.41% -13.05%

36.96%

97.80

Heating Oil

Usc/Gallon

-8.14%

-14.91%

N.A

269.60

-14.32% -16.97%

-8.07%

DBCI

SPGSCI

DJUBS

508.45 4,532.00

110

272.36

RBOB Gasoline

USD/Gallon

1.52%

-19.55% -10.04%

18.87%

2.73

Natural Gas

USD/MMBTU

-5.52%

32.83%

-35.44% -58.31%

2.82

Silver

Usc/Ozs

-1.06%

-15.10% -20.77% 123.27%

27.58

100

90 80 70 Jun-11

Aug-11

Oct-11

Dec-11

Feb-12

Apr-12

Jun-12

Currencies Change Versus PKR in %

Current Exchange Rates

YTD-CY12

3-mo

1-yr

5-yr

2.41%

4.23%

63.90%

CAD - PKR

93.03

Canadian Dollar

CAD

5.65%

Euro

EUR

2.67%

-1.04%

-3.96%

46.23%

EUR - PKR

119.74

Indian Rupee

INR

0.28%

-4.60%

-11.62%

14.48%

INR - PKR

1.70

Japanese Yen

JPY

1.30%

8.29%

11.03%

111.59%

JPY - PKR

1.18

Pound Sterling

GBP

6.25%

2.31%

7.62%

22.28%

GBP - PKR

148.53

Singaporian Dollar

SGD

7.72%

3.67%

6.80%

89.18%

SGD - PKR

74.75

US Dollar

USD

5.14%

4.33%

10.02%

56.41%

USD - PKR

94.58

15

160

GBP

EUR

CAD

USD

140 120 100 80 60 Jul-11

Sep-11

Nov-11

Jan-12

Mar-12

May-12

Lakson Outlook - June 2012

Notes

16

Lakson Outlook - June 2012

Disclaimer This information has been prepared by Lakson Investments for your general information and private use only. It does not constitute investment advice and is not intended to be an offer to buy or sell or a solicitation of an offer to buy or sell any securities mentioned. It should not be considered as an incentive to invest. The securities described in this document may not be eligible for sale or subscription in all jurisdictions or to certain categories of investors. This document is not intended for distribution to a person or within a jurisdiction where such distribution would be restricted or illegal. This document may not be conveyed to or used by a third party without our express consent. Any other use is not authorized. The information contained herein has been obtained from sources believed to be reliable and no member of Lakson Investments makes any warranty, expressed or implied, as to the accuracy or completeness of the information. All the information included in this presentation is current when this document is prepared and subject to changes at any time. Any forecast or projection or forward looking statement made in this document is not necessarily indicative of future or likely performance, future events or future financial performance of securities, countries, markets or companies. Such statements are only predictions and actual events or results may differ. Lakson Investments may from time to time provide services to the companies and their affiliates mentioned herein. Employees of Lakson Investments or ersons/entities connected to them may from time to time have position in or are holding any of the securities mentioned in this document. No consideration have been given to and no investigation was made of your investment objectives, financial situation or particulars, and accordingly, no warranty whatsoever is given and no liability whatsoever is accepted for any loss arising whether directly or indirectly as a result of you acting on such information or opinion or estimate. Lakson Investments expressly disclaims any fiduciary responsibility or liability for any consequences, financial or otherwise arising from any reliance placed on this information in this document. Disclaimer: All investments in mutual funds are subject to market risks. The NAV of Units may go up or down based on market conditions. Past performance is not necessarily indicative of the future results. The investors are advised in their own interest to carefully read the Offering Document in particular the investment policy in Clause 2.2 and risk disclosure and warning statements contained in Clause 2.11 and Part 11 respectively in this Offering Document.

Transaction Locations: Islamabad: Contact Person: Mr. Ali Kazmi - Branch Manager Office No.6, Mezzanine floor, Kashmir Plaza, Jinnah Avenue, Blue Area, Islamabad. UAN: 051.111-111-717 Fax: 051.2870228 Lahore: Contact Person: Mr. Rao Ashraf - Branch Manager Suit No.209, Eden Center 43-Jail Road, Lahore. Tel: 042.759.0500/756.7390 Fax: 042.756.7881 Rawalpindi: Contact Person: Mr. Tariq Aziz - Branch Manager Suite No.3, 1 st Floor, Majeed Plaza Bank Road, Rawalpindi Tel: 051.551.2251/52 Fax: 051.511.0996 Faisalabad: Contact Person: Mr. Shahbaz Choudhry - Branch Manager 1 st Floor, FM Plaza 15-D, Peoples Colony, Faisalabad Tel: 041.324.1704/07 Fax: 041.855.4453 Sialkot: Contact Person: Mr. Nisar Bhatti - Branch Manager 1 st Floor, Karim Plaza Iqbal Town, Defence Road, Sialkot Tel: 052.324.1704/07 Fax: 052.324.1703

17

Lakson Outlook - June 2012

1954

DECADES OF SEASONED INVESTMENT

Lakson Investments Limited. Lakson Square, Building No. 2, Sarwar Shaheed Road, Karachi-74200, Pakistan

UAN T F E

+92.21 111 Lakson +92.21 3569.8000 +92.21 3568.1653 [email protected] www.li.com.pk