Reversal of WWF and provisioning of SWWF

Mutual Fund Association of Pakistan (MUFAP), in its extra ordinary general meeting held on January 11, 2017 at 4:30 pm, has decided the following: 1) Reverse the full provision against Federal Worker’s Welfare Fund (WWF) held in the Collective Investment Schemes; and 2) Create provision for Sindh WWF and start provisioning on a daily basis going forward. The decision has been implemented on January 12, 2017. MUFAP has communicated the decision to Securities and Exchange Commission of Pakistan. The adoption of the decision of MUFAP shall have impact on the Net Assets Values of Funds under the Management of HBL Asset Management Limited.

Noman Qurban
Company Secretary