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Material Information of JS Investments Limited

Karachi, JS Investments Limited informed Pakistan Stock Exchange that Board of Directors of JS Investments Limited, the management company of the subject funds, approved the merger of IS VF (“the merging scheme”) with and into JS GF (the ‘surviving scheme’). Whereby, subject to the approvals by the unit holders of the schemes, Securities and Exchange Commission and other regulatory requirements, the net assets of IS VF will be transferred to IS GF on the effective date to be announced by the management company in due course.

As a consideration, the unit holders of IS VF will be issued units of 1S GF based on the swap ratio of the effective date of merger. The management company believes that the merger will give the unit holders of surviving scheme to benefit from economies of scale due to lower expense ratio, resulting in fulfilling the investment objectives and policies more economically and efficiently. It may please be noted that, the investment amount of all the unit holders will remain unaffected except for the impact of capital gain tax, where applicable.

The units of the surviving scheme will be issued to the unit holders of the merging scheme (as a consideration) in accordance with the swap ratio to be determined on the basis of the net assets of each of the schemes on the effective date. The management company in due course will be presenting the subject scheme of merger to seek approval of the respective unit holders of these schemes in their separately convened meetings.

JS Investments Limited was incorporated in Pakistan on February 22, 1995. The company is a subsidiary of JS Bank Limited which is a subsidiary of JSCL (Jahangir Siddiqui & Co. Limited), Ultimate Parent. The company is engaged in asset management and pension fund management.

JS Investments Limited (JSIL) (estd. 1995) is the private sector Asset Management Company in Pakistan. JSIL offers a wide range of investment products including mutual funds, voluntary pension schemes, and Separately Managed Accounts (SMAs) to cater to the needs of individual and institutional investors. The company has played a key role in defining the standards of Asset Management industry in Pakistan.

The total number of shares of the Company is 61,774,256. The Earning per shares are (0.64) in 2020 which was (1.17) in 2019. The Company had a loss of 39,801,000 in 2020 which was 86,645,000 in 2019.