In CY25, Pakistan’s equity market posted a strong performance, with the KSE-100 Index gaining ~51% during the
year, supported by macroeconomic stabilization and improved investor confidence. The rally was reinforced by
continued IMF support under the International Monetary Fund programs, including disbursements of ~USD 1.2bn,
while State Bank of Pakistan foreign exchange reserves strengthened to above ~USD 16bn by year-end. Ongoing
monetary easing, a relatively stable PKR, and resilient remittance inflows further supported liquidity and sentiment,
enabling equity funds to capture strong equity upside while fixed-income allocations maintained portfolio stability. Within the Equity Fund category, PACRA rated four out of twenty two funds, with the category’s average return at ~37%. Golden Arrow Stock Fund earned a 3-Star Ranking, delivering a 1-year return of ~42.85%. As of December '25, the Fund maintained ~97.04% in Equities, ~1.5% in Cash, and the remaining in Others including receivables. Major sector allocations included ~27.96% in Inv. Banks / Inv. Cos. / Securities Cos., ~6.69% in Cable & Electrical Goods, ~6.37% in Pharmaceuticals, ~5.66% in Cement, ~5% in Commercial Banks, and the remaining in Others.

Over the past three years, Pakistan’s market navigated persistent inflationary pressures, sharp currency
depreciation, external financing constraints, and prolonged political uncertainty, alongside a consistently high
interest rate environment; despite these macro headwinds, the KSE-100 Index delivered cumulative gains of
roughly ~331% across three years, supported by stabilization under the IMF program, gradual monetary easing,
strengthening foreign exchange reserves, improving current account dynamics, and resilient corporate profitability, positioning Pakistan among the top-performing frontier markets during this period. Equity category showed resilience, with the average return at ~249%. Golden Arrow Stock Fund earned a 3-Star Ranking, delivering a 3-year return of ~215.64%. As of December '25, the Fund maintained ~97.04% in Equities, ~1.5% in Cash, and the remaining in Others including receivables. Major sector allocations included ~27.96% in Inv. Banks / Inv. Cos. / Securities Cos., ~6.69% in Cable & Electrical Goods, ~6.37% in Pharmaceuticals, ~5.66% in Cement, ~5% in Commercial Banks, and the remaining in Others.

Over five years, Pakistan’s market faced high inflation, PKR depreciation, external financing stress, and political
uncertainty, but improved macro stability, IMF support, stronger FX reserves, and easing rates from CY23 fueled a
strong recovery, with the KSE-100 Index delivering multi-year gains and emerging as a top-performing frontier market. The Equity category showed resilience, with the average return at ~192%. Golden Arrow Stock Fund earned a 3-Star Ranking, delivering a 5-year return of ~221.58%. As of December '25, the Fund maintained ~97.04% in Equities, ~1.5% in Cash, and the remaining in Others including receivables. Major sector allocations included ~27.96% in Inv. Banks / Inv. Cos. / Securities Cos., ~6.69% in Cable & Electrical Goods, ~6.37% in Pharmaceuticals, ~5.66% in Cement, ~5% in Commercial Banks, and the remaining in Others.