The document discusses the performance of various allocation schemes for the NAFA Pension Fund and NAFA Islamic Pension Fund between July 2, 2013 and January 30, 2015. The high volatility allocation scheme saw the highest annualized returns of 45.9% and 43.7% respectively, while the lower volatility allocation scheme saw the lowest returns of 11% and 7%. Graphs on the second page illustrate the growth of Rs. 100 under each allocation scheme for both funds over this period. The document emphasizes choosing an allocation scheme that matches an individual's risk preference, return objectives, and time to retirement.

1. Page 1 of 2
Dear NAFA Sales Staff (for internal use only),
From July 2, 2013 to Jan 30, 2015
*The Stock market benchmark KSE - 100 index increased by 59.1% (annualized 34.2%) during the stated period.
*The Stock market benchmark KMI- 30 index increased by 42.3% (annualized 25.0%) during the stated period.
The weights of the sub-Funds used to determine performance of the standard Allocation Schemes in NPF & NIPF are as
below:
Allocation Schemes Equity Debt
Money
Market
Sub-Funds
High Volatility 80% 20% 0%
Medium Volatility 50% 40% 10%
Low Volatility 25% 60% 15%
Lower Volatility 0% 60% 40%
The above returns of the standard Allocations Schemes of NAFA Pension Fund and NAFA Islamic Pension Funds are also
graphically illustrated on next page.
ALLOCATION SCHEMES Annualized Return Cumulative Return Annualized Return Cumulative Return
High Volatility 45.9% 82.4% 43.7% 77.5%
Medium Volatility 32.9% 57.2% 29.8% 51.0%
Low Volatility 22.4% 37.9% 18.3% 30.4%
Lower Volatility 11.0% 18.1% 7.0% 11.3%
sub-Funds
Equity sub Fund* 54.8% 99.6% 53.2% 96.3%
Debt sub Fund 13.1% 21.6% 7.0% 11.3%
Money Market Sub Fund 8.0% 13.0% 7.0% 11.3%
Significance of choosing suitable Allocation Scheme
that matches with Risk Preference, Return objectives, Time to Retirement for VPS and personal circumstances
NAFA Pension Fund NAFA Islamic Pension Fund

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Significance and relevance of Allocation Schemes
1. Note: These returns are net of all fees and expenses other than cost of front-end load.
2. Tax credit: Investment amount eligible for tax credit is up to 20% of taxable income. For persons of age 41 and above, an
additional 2% per year investment for each year exceeding age 40 is eligible for tax credit subject to a cap of 50% of the
preceding year’s taxable income.
3. Disclaimer: All investments in pension funds are subject to market risks. Past performance is not necessarily indicative of
the future returns. Please read offering document of the fund to understand the investment policies and the risk involved.
95
105
115
125
135
145
155
165
175
185
High Volatility Medium Volatility Low Volatility Lower Volatility
NAFA PENSION FUND
July 02, 2013 to January 30, 2015
182.4Annualized Returns
High Volatility = 45.9%
Medium Volatility = 32.9%
LowVolatility = 22.4%
Lower Volatility = 11.0% 157.2
137.9
118.1
Growth of Rs. 100
95
105
115
125
135
145
155
165
175
185
High Volatility MediumVolatility Low Volatility Lower Volatility
NAFA ISLAMIC PENSION FUND
July 02, 2013 to January 30, 201 5
177.5
Annualized Returns
High Volatility = 43.7%
Medium Volatility = 29.8%
LowVolatility = 18.3%
Lower Volatility = 7.0%
151.0
130.4
111.3
Growth of Rs. 100