AZGARD-9Azgard Nine Limited

VISIONTO BECOME A MAJOR GLOBAL FASHION APPAREL COMPANY

MISSION

TO ACHIEVE OUR TARGET OF BECOMING A $300 MILLION INTERNATIONAL BRANDED

JEANS BUSINESS BY SALES IN 2009

CULTURAL PILLAR

THE HIGH SPEED PASSIONATE PURSUIT OF PROGRESS THROUGH

SYNERGY AND VISION

PHILOSOPHY

1 BUSINESS2 MANAGEMENT

BUSINESS

TO SATISFY OUR CLIENT THROUGH PROVIDING HIGH QUALITY STANDARDS

MANAGEMENT

TO CREATE INDEPENDENT SAFE amp HEALTHY COMPETITIVE AND MOTIVATIONAL ENVIRONMENT

AZGARD9

PAKISTANrsquoS LARGEST DENIM PRODUCTBUSINESS BY SALES

1048633 FULLY VERTICALLY INTEGRATED1048633 GLOBAL RETAIL RELATIONSHIPS

100 OWNED COMPANIES

PAFL OVERSEAS ACQUISITIONldquoNEWEST AND LOWEST COST UREA ldquoFASHION FORWARD VALUE ADDEDMANUFACTURING PLANT IN PAKISTANrdquo BRANDED DENIM AND JEANSrdquo

FIRST PAKISTANI COMPANY TO TRULY INTERNATIONALIZE ITS BUSINESS IN THE

TEXTILEAPPAREL SECTOR

HIERARCHY

BOARD OF DIRECTORS

COMPANY SECRETARY

CHIEF FINANCIAL OFFICER

AUDIT COMMITTEE

MANAGEMENT TEAM

FINANCE COMMITTEE

HUMAN RESOURSE COMMITTEE

BANKERS

LEGAL ADVISORS

AUDITORS

TAX ADVISORSAZGARD 9 EVOLUTION

1886-1995SHAIKH FAMILY STARTS INDUSTRIAL OPERATIONS

1996-1997LISTED ON KARACHI STOCK EXCHANGE

1998-2001SHIFT TO HIGHER VALUE DENIM MANUFACTURING AND MARKETING

2002MERGER OF NAFEES COTTON MILLS WITH LNDM

2003-2005ESTABLISHMENT OF INTERNATIONAL MARKETING PRESENCE NEW YORK FLORENCE STOCKHOLM ISTANBUL

2006AZGARD9 ACQUIRES 100 OF PAFL

2007PAFL OPERATING PROFIT INCREASED BY 85 IN FIRST YEAR OF OPERATIONS

2008100 ACQUISITION OF OVERSEAS BRANDED DENIM APPAREL COMPANY

PRODUCT amp SERVICE

TEXTILE APPAREL CHAIN

RAW COTTON SPINNING YARN WEAVING CLOTH DYEING GARMENTS (FINISHED GOODS)

STRATAGY

CREATE A PIPELINE OF GOOD DEALS IN EUROPE

POTENTIAL FOR RAPID SCALE UP MULTIPLE ACQUISITIONS STRATEGY

CLIMB VALUE CHAIN BY MOVING INTO BRANDINGRETAILING

MITIGATE PAKISTAN RISK

FERTILIZERCHEMICALS

1 PAK-AMERICAN FERTILIZER2 PAK-HAZARA

STRATEGY

OPPORTUNITY TO GROW INTO PHOSPHATE FERTILIZERS RAPIDLY WITH HIGH MARGIN POTENTIALS

THE TEXTILE APPAREL BUSINESS

CURRENT MISSION

ldquoGLOBALISE AZGARDrsquoS TEXTILEAPPAREL BUSINESS THROUGH ACQUISITIONS OF MID-

TIER EUROPEANINTERNATIONAL DENIM APPAREL BRANDSrdquo

VISION

ldquoTO BECOME ONE OF ASIArsquoS LEADING CASUAL FASHION COMPANIESrdquo

STRATEGIC OBJECTIVES

TO BE ACHIEVED THROUGH ACQUISITIONS IN PROGRESS OF

ACCELERATE GROWTH SECURE TOP LINE MITIGATE PAKISTAN

RISK RAPID INCOME SCALE UP THROUGH

SUPPLY MIGRATION MULTIPLE ACQUISITIONS STRATEGY

PAKISTAN IS WELL POSITIONED TO CAPTURE A LARGER SHARE OF THE INCREASING GLOBAL

TEXTILE TRADE

THE FERTILIZER BUSINESS

MISSIONldquoTO BECOME A SIGNIFICANT PLAYER IN THE

PAKISTAN PHOSPHATE MARKETrdquo

VISION

ldquoTO BECOME A LEADING REGIONAL PLAYER IN THE PHOSPHATE FERTILIZER MARKETrdquo

STRATEGIC OBJECTIVES

CAPITALISE ON HIGH GROWTH SEGMENT OF PHOSPHATIC FERTILISERS BY ESTABLISHING THE

TRADING BUSINESS (ALREADY ACHIEVED 7 MARKET SHARE IN ONE YEAR OF OPERATION)

BUILD PHOSPHATE MANUFACTURING CAPABILITIES AT THE CURRENT PRODUCTION FACILITY

PRODUCTION OF UREA ALREADY INCREASED BY 15 THROUGH DE-BOTTLENECKING

PIPELINE 2009 H2 ADDITIONAL 20 INCREASE IN

UREA PRODUCTION 2010 H1 START OF SINGLE PRODUCT

PHOSPHATE FERTILIZER MANUFACTURING

2011 MULTI PRODUCT PHOSPHATIC FERTILIZER MANUFACTURING

PAKISTANrsquoS FERTILIZER INDUSTRY ENJOYS STABLE STRONG CASH FLOWS WITH LOW

MARGIN VOLATILITYSWOT ANALYSIS

STRENGTHS

HIGHEST LEVEL OF CORPORATE GOVERNANCE COMPLETELY INDEPENDENT BOARD

AMONGST THE LARGEST AND MOST SIGNIFICANT SECTORS OF TEXTILE APPAREL IN PAKISTANrsquoS ECONOMY ACCOUNTING FORO 60-70 OF PAKISTANrsquoS TOTAL

MERCHANDISE EXPORTSO 38 OF LARGE SCALE

MANUFACTURING SECTOR LABOUR FORCE

O INCREASED PENETRATION IN GLOBAL MARKETS

ABUNDANT SUPPLY OF RAW MATERIALO PAKISTAN IS THE WORLDrsquoS FOURTH

LARGEST PRODUCER OF COTTON LATEST TECHNOLOGY ADAPTATION EXPORTS STILL LARGELY CONTINUE TO BE

LOW VALUE ADDED COMMODITY PRODUCTS QUALITY STANDARDS SELF POWER GENERATION TARGET FOREIGN CUSTOMERS NEWEST UREA PLANT IN PAKISTAN

O NAMEPLATE CAPACITY OF 346000MT PA

O 8 MARKET SHARE BY UREA PRODUCTION CAPACITY

PUNJAB IS PAKISTANrsquoS WHEAT BASKET AND ACCOUNTS FOR 69 OF TOTAL UREA CONSUMPTION

SIGNIFICANT COST ADVANTAGE OVER COMPETITORS

LOWEST FEEDSTOCK GAS PRICES

O AT LEAST 60 LOWER THAN INDUSTRY TILL NOVEMBER 2009

PROCESS EFFICIENCIES LOWEST DISTRIBUTION COSTS DUE TO

STRATEGIC LOCATION SIGNIFICANT IMPROVEMENT IN OPERATING

AND FINANCIAL PARAMETERS SINCE ACQUISITIONO SMOOTH TAKEOVER POST-ACQUISITIONO PLANT OPERATING AT 110

UTILIZATIONO REDUCTION IN OPERATING COSTS BY

25O LAUNCHED lsquoTARArsquo BRAND WHICH IS

NOW AT PRICE EQUITY WITH MARKET LEADERS

O RECENTLY INSTALLED A NEW MORE EFFICIENT GAS TURBINE FOR POWER GENERATION

O LAUNCHED PLANT INTEGRITY AND SAFETY INITIATIVES

O LAUNCHED DAP TRADING BUSINESS

WEAKNESSES

WE HAVENrsquoT SEEN ANY WEAKNESSES IN AZGARD9AS FAR AS MANAGEMENT IS CONCERNED

OPPERTUNITIESLONG TERM GOODWILL AND REPUTATION

EXTENTION OF PRODUCT LINE

EXTENTION OF BUSINESS

THREATS

COMPETITORS INDIAN INDU STRY

CHINA INDUSTRY

INDONESIA INDUSTRY

ENVIORNMENTAL FACTORS

REFERENCE NAME MUHAMMAD SHOAIB KHAN

DESIGNATION MANAGER SECURITY

ADDRES KM OFF MANGA RAIWAND ROAD DISTRICT KASUR

PAKISTAN

TEL +92 42 5384081-3E-MAIL SHOAIBKHANAZGARD9COM

VISIONTO BECOME A MAJOR GLOBAL FASHION APPAREL COMPANY

MISSION

TO ACHIEVE OUR TARGET OF BECOMING A $300 MILLION INTERNATIONAL BRANDED

JEANS BUSINESS BY SALES IN 2009

CULTURAL PILLAR

THE HIGH SPEED PASSIONATE PURSUIT OF PROGRESS THROUGH

SYNERGY AND VISION

PHILOSOPHY

1 BUSINESS2 MANAGEMENT

BUSINESS

TO SATISFY OUR CLIENT THROUGH PROVIDING HIGH QUALITY STANDARDS

MANAGEMENT

TO CREATE INDEPENDENT SAFE amp HEALTHY COMPETITIVE AND MOTIVATIONAL ENVIRONMENT

AZGARD9

PAKISTANrsquoS LARGEST DENIM PRODUCTBUSINESS BY SALES

1048633 FULLY VERTICALLY INTEGRATED1048633 GLOBAL RETAIL RELATIONSHIPS

100 OWNED COMPANIES

PAFL OVERSEAS ACQUISITIONldquoNEWEST AND LOWEST COST UREA ldquoFASHION FORWARD VALUE ADDEDMANUFACTURING PLANT IN PAKISTANrdquo BRANDED DENIM AND JEANSrdquo

FIRST PAKISTANI COMPANY TO TRULY INTERNATIONALIZE ITS BUSINESS IN THE

TEXTILEAPPAREL SECTOR

HIERARCHY

BOARD OF DIRECTORS

COMPANY SECRETARY

CHIEF FINANCIAL OFFICER

AUDIT COMMITTEE

MANAGEMENT TEAM

FINANCE COMMITTEE

HUMAN RESOURSE COMMITTEE

BANKERS

LEGAL ADVISORS

AUDITORS

TAX ADVISORSAZGARD 9 EVOLUTION

1886-1995SHAIKH FAMILY STARTS INDUSTRIAL OPERATIONS

1996-1997LISTED ON KARACHI STOCK EXCHANGE

1998-2001SHIFT TO HIGHER VALUE DENIM MANUFACTURING AND MARKETING

2002MERGER OF NAFEES COTTON MILLS WITH LNDM

2003-2005ESTABLISHMENT OF INTERNATIONAL MARKETING PRESENCE NEW YORK FLORENCE STOCKHOLM ISTANBUL

2006AZGARD9 ACQUIRES 100 OF PAFL

2007PAFL OPERATING PROFIT INCREASED BY 85 IN FIRST YEAR OF OPERATIONS

2008100 ACQUISITION OF OVERSEAS BRANDED DENIM APPAREL COMPANY

PRODUCT amp SERVICE

TEXTILE APPAREL CHAIN

RAW COTTON SPINNING YARN WEAVING CLOTH DYEING GARMENTS (FINISHED GOODS)

STRATAGY

CREATE A PIPELINE OF GOOD DEALS IN EUROPE

POTENTIAL FOR RAPID SCALE UP MULTIPLE ACQUISITIONS STRATEGY

CLIMB VALUE CHAIN BY MOVING INTO BRANDINGRETAILING

MITIGATE PAKISTAN RISK

FERTILIZERCHEMICALS

1 PAK-AMERICAN FERTILIZER2 PAK-HAZARA

STRATEGY

OPPORTUNITY TO GROW INTO PHOSPHATE FERTILIZERS RAPIDLY WITH HIGH MARGIN POTENTIALS

THE TEXTILE APPAREL BUSINESS

CURRENT MISSION

ldquoGLOBALISE AZGARDrsquoS TEXTILEAPPAREL BUSINESS THROUGH ACQUISITIONS OF MID-

TIER EUROPEANINTERNATIONAL DENIM APPAREL BRANDSrdquo

VISION

ldquoTO BECOME ONE OF ASIArsquoS LEADING CASUAL FASHION COMPANIESrdquo

STRATEGIC OBJECTIVES

TO BE ACHIEVED THROUGH ACQUISITIONS IN PROGRESS OF

ACCELERATE GROWTH SECURE TOP LINE MITIGATE PAKISTAN

RISK RAPID INCOME SCALE UP THROUGH

SUPPLY MIGRATION MULTIPLE ACQUISITIONS STRATEGY

PAKISTAN IS WELL POSITIONED TO CAPTURE A LARGER SHARE OF THE INCREASING GLOBAL

TEXTILE TRADE

THE FERTILIZER BUSINESS

MISSIONldquoTO BECOME A SIGNIFICANT PLAYER IN THE

PAKISTAN PHOSPHATE MARKETrdquo

VISION

ldquoTO BECOME A LEADING REGIONAL PLAYER IN THE PHOSPHATE FERTILIZER MARKETrdquo

STRATEGIC OBJECTIVES

CAPITALISE ON HIGH GROWTH SEGMENT OF PHOSPHATIC FERTILISERS BY ESTABLISHING THE

TRADING BUSINESS (ALREADY ACHIEVED 7 MARKET SHARE IN ONE YEAR OF OPERATION)

BUILD PHOSPHATE MANUFACTURING CAPABILITIES AT THE CURRENT PRODUCTION FACILITY

PRODUCTION OF UREA ALREADY INCREASED BY 15 THROUGH DE-BOTTLENECKING

PIPELINE 2009 H2 ADDITIONAL 20 INCREASE IN

UREA PRODUCTION 2010 H1 START OF SINGLE PRODUCT

PHOSPHATE FERTILIZER MANUFACTURING

2011 MULTI PRODUCT PHOSPHATIC FERTILIZER MANUFACTURING

PAKISTANrsquoS FERTILIZER INDUSTRY ENJOYS STABLE STRONG CASH FLOWS WITH LOW

MARGIN VOLATILITYSWOT ANALYSIS

STRENGTHS

HIGHEST LEVEL OF CORPORATE GOVERNANCE COMPLETELY INDEPENDENT BOARD

AMONGST THE LARGEST AND MOST SIGNIFICANT SECTORS OF TEXTILE APPAREL IN PAKISTANrsquoS ECONOMY ACCOUNTING FORO 60-70 OF PAKISTANrsquoS TOTAL

MERCHANDISE EXPORTSO 38 OF LARGE SCALE

MANUFACTURING SECTOR LABOUR FORCE

O INCREASED PENETRATION IN GLOBAL MARKETS

ABUNDANT SUPPLY OF RAW MATERIALO PAKISTAN IS THE WORLDrsquoS FOURTH

LARGEST PRODUCER OF COTTON LATEST TECHNOLOGY ADAPTATION EXPORTS STILL LARGELY CONTINUE TO BE

LOW VALUE ADDED COMMODITY PRODUCTS QUALITY STANDARDS SELF POWER GENERATION TARGET FOREIGN CUSTOMERS NEWEST UREA PLANT IN PAKISTAN

O NAMEPLATE CAPACITY OF 346000MT PA

O 8 MARKET SHARE BY UREA PRODUCTION CAPACITY

PUNJAB IS PAKISTANrsquoS WHEAT BASKET AND ACCOUNTS FOR 69 OF TOTAL UREA CONSUMPTION

SIGNIFICANT COST ADVANTAGE OVER COMPETITORS

LOWEST FEEDSTOCK GAS PRICES

O AT LEAST 60 LOWER THAN INDUSTRY TILL NOVEMBER 2009

PROCESS EFFICIENCIES LOWEST DISTRIBUTION COSTS DUE TO

STRATEGIC LOCATION SIGNIFICANT IMPROVEMENT IN OPERATING

AND FINANCIAL PARAMETERS SINCE ACQUISITIONO SMOOTH TAKEOVER POST-ACQUISITIONO PLANT OPERATING AT 110

UTILIZATIONO REDUCTION IN OPERATING COSTS BY

25O LAUNCHED lsquoTARArsquo BRAND WHICH IS

NOW AT PRICE EQUITY WITH MARKET LEADERS

O RECENTLY INSTALLED A NEW MORE EFFICIENT GAS TURBINE FOR POWER GENERATION

O LAUNCHED PLANT INTEGRITY AND SAFETY INITIATIVES

O LAUNCHED DAP TRADING BUSINESS

WEAKNESSES

WE HAVENrsquoT SEEN ANY WEAKNESSES IN AZGARD9AS FAR AS MANAGEMENT IS CONCERNED

OPPERTUNITIESLONG TERM GOODWILL AND REPUTATION

EXTENTION OF PRODUCT LINE

EXTENTION OF BUSINESS

THREATS

COMPETITORS INDIAN INDU STRY

CHINA INDUSTRY

INDONESIA INDUSTRY

ENVIORNMENTAL FACTORS

REFERENCE NAME MUHAMMAD SHOAIB KHAN

DESIGNATION MANAGER SECURITY

ADDRES KM OFF MANGA RAIWAND ROAD DISTRICT KASUR

PAKISTAN

TEL +92 42 5384081-3E-MAIL SHOAIBKHANAZGARD9COM

PHILOSOPHY

1 BUSINESS2 MANAGEMENT

BUSINESS

TO SATISFY OUR CLIENT THROUGH PROVIDING HIGH QUALITY STANDARDS

MANAGEMENT

TO CREATE INDEPENDENT SAFE amp HEALTHY COMPETITIVE AND MOTIVATIONAL ENVIRONMENT

AZGARD9

PAKISTANrsquoS LARGEST DENIM PRODUCTBUSINESS BY SALES

1048633 FULLY VERTICALLY INTEGRATED1048633 GLOBAL RETAIL RELATIONSHIPS

100 OWNED COMPANIES

PAFL OVERSEAS ACQUISITIONldquoNEWEST AND LOWEST COST UREA ldquoFASHION FORWARD VALUE ADDEDMANUFACTURING PLANT IN PAKISTANrdquo BRANDED DENIM AND JEANSrdquo

FIRST PAKISTANI COMPANY TO TRULY INTERNATIONALIZE ITS BUSINESS IN THE

TEXTILEAPPAREL SECTOR

HIERARCHY

BOARD OF DIRECTORS

COMPANY SECRETARY

CHIEF FINANCIAL OFFICER

AUDIT COMMITTEE

MANAGEMENT TEAM

FINANCE COMMITTEE

HUMAN RESOURSE COMMITTEE

BANKERS

LEGAL ADVISORS

AUDITORS

TAX ADVISORSAZGARD 9 EVOLUTION

1886-1995SHAIKH FAMILY STARTS INDUSTRIAL OPERATIONS

1996-1997LISTED ON KARACHI STOCK EXCHANGE

1998-2001SHIFT TO HIGHER VALUE DENIM MANUFACTURING AND MARKETING

2002MERGER OF NAFEES COTTON MILLS WITH LNDM

2003-2005ESTABLISHMENT OF INTERNATIONAL MARKETING PRESENCE NEW YORK FLORENCE STOCKHOLM ISTANBUL

2006AZGARD9 ACQUIRES 100 OF PAFL

2007PAFL OPERATING PROFIT INCREASED BY 85 IN FIRST YEAR OF OPERATIONS

2008100 ACQUISITION OF OVERSEAS BRANDED DENIM APPAREL COMPANY

PRODUCT amp SERVICE

TEXTILE APPAREL CHAIN

RAW COTTON SPINNING YARN WEAVING CLOTH DYEING GARMENTS (FINISHED GOODS)

STRATAGY

CREATE A PIPELINE OF GOOD DEALS IN EUROPE

POTENTIAL FOR RAPID SCALE UP MULTIPLE ACQUISITIONS STRATEGY

CLIMB VALUE CHAIN BY MOVING INTO BRANDINGRETAILING

MITIGATE PAKISTAN RISK

FERTILIZERCHEMICALS

1 PAK-AMERICAN FERTILIZER2 PAK-HAZARA

STRATEGY

OPPORTUNITY TO GROW INTO PHOSPHATE FERTILIZERS RAPIDLY WITH HIGH MARGIN POTENTIALS

THE TEXTILE APPAREL BUSINESS

CURRENT MISSION

ldquoGLOBALISE AZGARDrsquoS TEXTILEAPPAREL BUSINESS THROUGH ACQUISITIONS OF MID-

TIER EUROPEANINTERNATIONAL DENIM APPAREL BRANDSrdquo

VISION

ldquoTO BECOME ONE OF ASIArsquoS LEADING CASUAL FASHION COMPANIESrdquo

STRATEGIC OBJECTIVES

TO BE ACHIEVED THROUGH ACQUISITIONS IN PROGRESS OF

ACCELERATE GROWTH SECURE TOP LINE MITIGATE PAKISTAN

RISK RAPID INCOME SCALE UP THROUGH

SUPPLY MIGRATION MULTIPLE ACQUISITIONS STRATEGY

PAKISTAN IS WELL POSITIONED TO CAPTURE A LARGER SHARE OF THE INCREASING GLOBAL

TEXTILE TRADE

THE FERTILIZER BUSINESS

MISSIONldquoTO BECOME A SIGNIFICANT PLAYER IN THE

PAKISTAN PHOSPHATE MARKETrdquo

VISION

ldquoTO BECOME A LEADING REGIONAL PLAYER IN THE PHOSPHATE FERTILIZER MARKETrdquo

STRATEGIC OBJECTIVES

CAPITALISE ON HIGH GROWTH SEGMENT OF PHOSPHATIC FERTILISERS BY ESTABLISHING THE

TRADING BUSINESS (ALREADY ACHIEVED 7 MARKET SHARE IN ONE YEAR OF OPERATION)

BUILD PHOSPHATE MANUFACTURING CAPABILITIES AT THE CURRENT PRODUCTION FACILITY

PRODUCTION OF UREA ALREADY INCREASED BY 15 THROUGH DE-BOTTLENECKING

PIPELINE 2009 H2 ADDITIONAL 20 INCREASE IN

UREA PRODUCTION 2010 H1 START OF SINGLE PRODUCT

PHOSPHATE FERTILIZER MANUFACTURING

2011 MULTI PRODUCT PHOSPHATIC FERTILIZER MANUFACTURING

PAKISTANrsquoS FERTILIZER INDUSTRY ENJOYS STABLE STRONG CASH FLOWS WITH LOW

MARGIN VOLATILITYSWOT ANALYSIS

STRENGTHS

HIGHEST LEVEL OF CORPORATE GOVERNANCE COMPLETELY INDEPENDENT BOARD

AMONGST THE LARGEST AND MOST SIGNIFICANT SECTORS OF TEXTILE APPAREL IN PAKISTANrsquoS ECONOMY ACCOUNTING FORO 60-70 OF PAKISTANrsquoS TOTAL

MERCHANDISE EXPORTSO 38 OF LARGE SCALE

MANUFACTURING SECTOR LABOUR FORCE

O INCREASED PENETRATION IN GLOBAL MARKETS

ABUNDANT SUPPLY OF RAW MATERIALO PAKISTAN IS THE WORLDrsquoS FOURTH

LARGEST PRODUCER OF COTTON LATEST TECHNOLOGY ADAPTATION EXPORTS STILL LARGELY CONTINUE TO BE

LOW VALUE ADDED COMMODITY PRODUCTS QUALITY STANDARDS SELF POWER GENERATION TARGET FOREIGN CUSTOMERS NEWEST UREA PLANT IN PAKISTAN

O NAMEPLATE CAPACITY OF 346000MT PA

O 8 MARKET SHARE BY UREA PRODUCTION CAPACITY

PUNJAB IS PAKISTANrsquoS WHEAT BASKET AND ACCOUNTS FOR 69 OF TOTAL UREA CONSUMPTION

SIGNIFICANT COST ADVANTAGE OVER COMPETITORS

LOWEST FEEDSTOCK GAS PRICES

O AT LEAST 60 LOWER THAN INDUSTRY TILL NOVEMBER 2009

PROCESS EFFICIENCIES LOWEST DISTRIBUTION COSTS DUE TO

STRATEGIC LOCATION SIGNIFICANT IMPROVEMENT IN OPERATING

AND FINANCIAL PARAMETERS SINCE ACQUISITIONO SMOOTH TAKEOVER POST-ACQUISITIONO PLANT OPERATING AT 110

UTILIZATIONO REDUCTION IN OPERATING COSTS BY

25O LAUNCHED lsquoTARArsquo BRAND WHICH IS

NOW AT PRICE EQUITY WITH MARKET LEADERS

O RECENTLY INSTALLED A NEW MORE EFFICIENT GAS TURBINE FOR POWER GENERATION

O LAUNCHED PLANT INTEGRITY AND SAFETY INITIATIVES

O LAUNCHED DAP TRADING BUSINESS

WEAKNESSES

WE HAVENrsquoT SEEN ANY WEAKNESSES IN AZGARD9AS FAR AS MANAGEMENT IS CONCERNED

OPPERTUNITIESLONG TERM GOODWILL AND REPUTATION

EXTENTION OF PRODUCT LINE

EXTENTION OF BUSINESS

THREATS

COMPETITORS INDIAN INDU STRY

CHINA INDUSTRY

INDONESIA INDUSTRY

ENVIORNMENTAL FACTORS

REFERENCE NAME MUHAMMAD SHOAIB KHAN

DESIGNATION MANAGER SECURITY

ADDRES KM OFF MANGA RAIWAND ROAD DISTRICT KASUR

PAKISTAN

TEL +92 42 5384081-3E-MAIL SHOAIBKHANAZGARD9COM

PAFL OVERSEAS ACQUISITIONldquoNEWEST AND LOWEST COST UREA ldquoFASHION FORWARD VALUE ADDEDMANUFACTURING PLANT IN PAKISTANrdquo BRANDED DENIM AND JEANSrdquo

FIRST PAKISTANI COMPANY TO TRULY INTERNATIONALIZE ITS BUSINESS IN THE

TEXTILEAPPAREL SECTOR

HIERARCHY

BOARD OF DIRECTORS

COMPANY SECRETARY

CHIEF FINANCIAL OFFICER

AUDIT COMMITTEE

MANAGEMENT TEAM

FINANCE COMMITTEE

HUMAN RESOURSE COMMITTEE

BANKERS

LEGAL ADVISORS

AUDITORS

TAX ADVISORSAZGARD 9 EVOLUTION

1886-1995SHAIKH FAMILY STARTS INDUSTRIAL OPERATIONS

1996-1997LISTED ON KARACHI STOCK EXCHANGE

1998-2001SHIFT TO HIGHER VALUE DENIM MANUFACTURING AND MARKETING

2002MERGER OF NAFEES COTTON MILLS WITH LNDM

2003-2005ESTABLISHMENT OF INTERNATIONAL MARKETING PRESENCE NEW YORK FLORENCE STOCKHOLM ISTANBUL

2006AZGARD9 ACQUIRES 100 OF PAFL

2007PAFL OPERATING PROFIT INCREASED BY 85 IN FIRST YEAR OF OPERATIONS

2008100 ACQUISITION OF OVERSEAS BRANDED DENIM APPAREL COMPANY

PRODUCT amp SERVICE

TEXTILE APPAREL CHAIN

RAW COTTON SPINNING YARN WEAVING CLOTH DYEING GARMENTS (FINISHED GOODS)

STRATAGY

CREATE A PIPELINE OF GOOD DEALS IN EUROPE

POTENTIAL FOR RAPID SCALE UP MULTIPLE ACQUISITIONS STRATEGY

CLIMB VALUE CHAIN BY MOVING INTO BRANDINGRETAILING

MITIGATE PAKISTAN RISK

FERTILIZERCHEMICALS

1 PAK-AMERICAN FERTILIZER2 PAK-HAZARA

STRATEGY

OPPORTUNITY TO GROW INTO PHOSPHATE FERTILIZERS RAPIDLY WITH HIGH MARGIN POTENTIALS

THE TEXTILE APPAREL BUSINESS

CURRENT MISSION

ldquoGLOBALISE AZGARDrsquoS TEXTILEAPPAREL BUSINESS THROUGH ACQUISITIONS OF MID-

TIER EUROPEANINTERNATIONAL DENIM APPAREL BRANDSrdquo

VISION

ldquoTO BECOME ONE OF ASIArsquoS LEADING CASUAL FASHION COMPANIESrdquo

STRATEGIC OBJECTIVES

TO BE ACHIEVED THROUGH ACQUISITIONS IN PROGRESS OF

ACCELERATE GROWTH SECURE TOP LINE MITIGATE PAKISTAN

RISK RAPID INCOME SCALE UP THROUGH

SUPPLY MIGRATION MULTIPLE ACQUISITIONS STRATEGY

PAKISTAN IS WELL POSITIONED TO CAPTURE A LARGER SHARE OF THE INCREASING GLOBAL

TEXTILE TRADE

THE FERTILIZER BUSINESS

MISSIONldquoTO BECOME A SIGNIFICANT PLAYER IN THE

PAKISTAN PHOSPHATE MARKETrdquo

VISION

ldquoTO BECOME A LEADING REGIONAL PLAYER IN THE PHOSPHATE FERTILIZER MARKETrdquo

STRATEGIC OBJECTIVES

CAPITALISE ON HIGH GROWTH SEGMENT OF PHOSPHATIC FERTILISERS BY ESTABLISHING THE

TRADING BUSINESS (ALREADY ACHIEVED 7 MARKET SHARE IN ONE YEAR OF OPERATION)

BUILD PHOSPHATE MANUFACTURING CAPABILITIES AT THE CURRENT PRODUCTION FACILITY

PRODUCTION OF UREA ALREADY INCREASED BY 15 THROUGH DE-BOTTLENECKING

PIPELINE 2009 H2 ADDITIONAL 20 INCREASE IN

UREA PRODUCTION 2010 H1 START OF SINGLE PRODUCT

PHOSPHATE FERTILIZER MANUFACTURING

2011 MULTI PRODUCT PHOSPHATIC FERTILIZER MANUFACTURING

PAKISTANrsquoS FERTILIZER INDUSTRY ENJOYS STABLE STRONG CASH FLOWS WITH LOW

MARGIN VOLATILITYSWOT ANALYSIS

STRENGTHS

HIGHEST LEVEL OF CORPORATE GOVERNANCE COMPLETELY INDEPENDENT BOARD

AMONGST THE LARGEST AND MOST SIGNIFICANT SECTORS OF TEXTILE APPAREL IN PAKISTANrsquoS ECONOMY ACCOUNTING FORO 60-70 OF PAKISTANrsquoS TOTAL

MERCHANDISE EXPORTSO 38 OF LARGE SCALE

MANUFACTURING SECTOR LABOUR FORCE

O INCREASED PENETRATION IN GLOBAL MARKETS

ABUNDANT SUPPLY OF RAW MATERIALO PAKISTAN IS THE WORLDrsquoS FOURTH

LARGEST PRODUCER OF COTTON LATEST TECHNOLOGY ADAPTATION EXPORTS STILL LARGELY CONTINUE TO BE

LOW VALUE ADDED COMMODITY PRODUCTS QUALITY STANDARDS SELF POWER GENERATION TARGET FOREIGN CUSTOMERS NEWEST UREA PLANT IN PAKISTAN

O NAMEPLATE CAPACITY OF 346000MT PA

O 8 MARKET SHARE BY UREA PRODUCTION CAPACITY

PUNJAB IS PAKISTANrsquoS WHEAT BASKET AND ACCOUNTS FOR 69 OF TOTAL UREA CONSUMPTION

SIGNIFICANT COST ADVANTAGE OVER COMPETITORS

LOWEST FEEDSTOCK GAS PRICES

O AT LEAST 60 LOWER THAN INDUSTRY TILL NOVEMBER 2009

PROCESS EFFICIENCIES LOWEST DISTRIBUTION COSTS DUE TO

STRATEGIC LOCATION SIGNIFICANT IMPROVEMENT IN OPERATING

AND FINANCIAL PARAMETERS SINCE ACQUISITIONO SMOOTH TAKEOVER POST-ACQUISITIONO PLANT OPERATING AT 110

UTILIZATIONO REDUCTION IN OPERATING COSTS BY

25O LAUNCHED lsquoTARArsquo BRAND WHICH IS

NOW AT PRICE EQUITY WITH MARKET LEADERS

O RECENTLY INSTALLED A NEW MORE EFFICIENT GAS TURBINE FOR POWER GENERATION

O LAUNCHED PLANT INTEGRITY AND SAFETY INITIATIVES

O LAUNCHED DAP TRADING BUSINESS

WEAKNESSES

WE HAVENrsquoT SEEN ANY WEAKNESSES IN AZGARD9AS FAR AS MANAGEMENT IS CONCERNED

OPPERTUNITIESLONG TERM GOODWILL AND REPUTATION

EXTENTION OF PRODUCT LINE

EXTENTION OF BUSINESS

THREATS

COMPETITORS INDIAN INDU STRY

CHINA INDUSTRY

INDONESIA INDUSTRY

ENVIORNMENTAL FACTORS

REFERENCE NAME MUHAMMAD SHOAIB KHAN

DESIGNATION MANAGER SECURITY

ADDRES KM OFF MANGA RAIWAND ROAD DISTRICT KASUR

PAKISTAN

TEL +92 42 5384081-3E-MAIL SHOAIBKHANAZGARD9COM

BANKERS

LEGAL ADVISORS

AUDITORS

TAX ADVISORSAZGARD 9 EVOLUTION

1886-1995SHAIKH FAMILY STARTS INDUSTRIAL OPERATIONS

1996-1997LISTED ON KARACHI STOCK EXCHANGE

1998-2001SHIFT TO HIGHER VALUE DENIM MANUFACTURING AND MARKETING

2002MERGER OF NAFEES COTTON MILLS WITH LNDM

2003-2005ESTABLISHMENT OF INTERNATIONAL MARKETING PRESENCE NEW YORK FLORENCE STOCKHOLM ISTANBUL

2006AZGARD9 ACQUIRES 100 OF PAFL

2007PAFL OPERATING PROFIT INCREASED BY 85 IN FIRST YEAR OF OPERATIONS

2008100 ACQUISITION OF OVERSEAS BRANDED DENIM APPAREL COMPANY

PRODUCT amp SERVICE

TEXTILE APPAREL CHAIN

RAW COTTON SPINNING YARN WEAVING CLOTH DYEING GARMENTS (FINISHED GOODS)

STRATAGY

CREATE A PIPELINE OF GOOD DEALS IN EUROPE

POTENTIAL FOR RAPID SCALE UP MULTIPLE ACQUISITIONS STRATEGY

CLIMB VALUE CHAIN BY MOVING INTO BRANDINGRETAILING

MITIGATE PAKISTAN RISK

FERTILIZERCHEMICALS

1 PAK-AMERICAN FERTILIZER2 PAK-HAZARA

STRATEGY

OPPORTUNITY TO GROW INTO PHOSPHATE FERTILIZERS RAPIDLY WITH HIGH MARGIN POTENTIALS

THE TEXTILE APPAREL BUSINESS

CURRENT MISSION

ldquoGLOBALISE AZGARDrsquoS TEXTILEAPPAREL BUSINESS THROUGH ACQUISITIONS OF MID-

TIER EUROPEANINTERNATIONAL DENIM APPAREL BRANDSrdquo

VISION

ldquoTO BECOME ONE OF ASIArsquoS LEADING CASUAL FASHION COMPANIESrdquo

STRATEGIC OBJECTIVES

TO BE ACHIEVED THROUGH ACQUISITIONS IN PROGRESS OF

ACCELERATE GROWTH SECURE TOP LINE MITIGATE PAKISTAN

RISK RAPID INCOME SCALE UP THROUGH

SUPPLY MIGRATION MULTIPLE ACQUISITIONS STRATEGY

PAKISTAN IS WELL POSITIONED TO CAPTURE A LARGER SHARE OF THE INCREASING GLOBAL

TEXTILE TRADE

THE FERTILIZER BUSINESS

MISSIONldquoTO BECOME A SIGNIFICANT PLAYER IN THE

PAKISTAN PHOSPHATE MARKETrdquo

VISION

ldquoTO BECOME A LEADING REGIONAL PLAYER IN THE PHOSPHATE FERTILIZER MARKETrdquo

STRATEGIC OBJECTIVES

CAPITALISE ON HIGH GROWTH SEGMENT OF PHOSPHATIC FERTILISERS BY ESTABLISHING THE

TRADING BUSINESS (ALREADY ACHIEVED 7 MARKET SHARE IN ONE YEAR OF OPERATION)

BUILD PHOSPHATE MANUFACTURING CAPABILITIES AT THE CURRENT PRODUCTION FACILITY

PRODUCTION OF UREA ALREADY INCREASED BY 15 THROUGH DE-BOTTLENECKING

PIPELINE 2009 H2 ADDITIONAL 20 INCREASE IN

UREA PRODUCTION 2010 H1 START OF SINGLE PRODUCT

PHOSPHATE FERTILIZER MANUFACTURING

2011 MULTI PRODUCT PHOSPHATIC FERTILIZER MANUFACTURING

PAKISTANrsquoS FERTILIZER INDUSTRY ENJOYS STABLE STRONG CASH FLOWS WITH LOW

MARGIN VOLATILITYSWOT ANALYSIS

STRENGTHS

HIGHEST LEVEL OF CORPORATE GOVERNANCE COMPLETELY INDEPENDENT BOARD

AMONGST THE LARGEST AND MOST SIGNIFICANT SECTORS OF TEXTILE APPAREL IN PAKISTANrsquoS ECONOMY ACCOUNTING FORO 60-70 OF PAKISTANrsquoS TOTAL

MERCHANDISE EXPORTSO 38 OF LARGE SCALE

MANUFACTURING SECTOR LABOUR FORCE

O INCREASED PENETRATION IN GLOBAL MARKETS

ABUNDANT SUPPLY OF RAW MATERIALO PAKISTAN IS THE WORLDrsquoS FOURTH

LARGEST PRODUCER OF COTTON LATEST TECHNOLOGY ADAPTATION EXPORTS STILL LARGELY CONTINUE TO BE

LOW VALUE ADDED COMMODITY PRODUCTS QUALITY STANDARDS SELF POWER GENERATION TARGET FOREIGN CUSTOMERS NEWEST UREA PLANT IN PAKISTAN

O NAMEPLATE CAPACITY OF 346000MT PA

O 8 MARKET SHARE BY UREA PRODUCTION CAPACITY

PUNJAB IS PAKISTANrsquoS WHEAT BASKET AND ACCOUNTS FOR 69 OF TOTAL UREA CONSUMPTION

SIGNIFICANT COST ADVANTAGE OVER COMPETITORS

LOWEST FEEDSTOCK GAS PRICES

O AT LEAST 60 LOWER THAN INDUSTRY TILL NOVEMBER 2009

PROCESS EFFICIENCIES LOWEST DISTRIBUTION COSTS DUE TO

STRATEGIC LOCATION SIGNIFICANT IMPROVEMENT IN OPERATING

AND FINANCIAL PARAMETERS SINCE ACQUISITIONO SMOOTH TAKEOVER POST-ACQUISITIONO PLANT OPERATING AT 110

UTILIZATIONO REDUCTION IN OPERATING COSTS BY

25O LAUNCHED lsquoTARArsquo BRAND WHICH IS

NOW AT PRICE EQUITY WITH MARKET LEADERS

O RECENTLY INSTALLED A NEW MORE EFFICIENT GAS TURBINE FOR POWER GENERATION

O LAUNCHED PLANT INTEGRITY AND SAFETY INITIATIVES

O LAUNCHED DAP TRADING BUSINESS

WEAKNESSES

WE HAVENrsquoT SEEN ANY WEAKNESSES IN AZGARD9AS FAR AS MANAGEMENT IS CONCERNED

OPPERTUNITIESLONG TERM GOODWILL AND REPUTATION

EXTENTION OF PRODUCT LINE

EXTENTION OF BUSINESS

THREATS

COMPETITORS INDIAN INDU STRY

CHINA INDUSTRY

INDONESIA INDUSTRY

ENVIORNMENTAL FACTORS

REFERENCE NAME MUHAMMAD SHOAIB KHAN

DESIGNATION MANAGER SECURITY

ADDRES KM OFF MANGA RAIWAND ROAD DISTRICT KASUR

PAKISTAN

TEL +92 42 5384081-3E-MAIL SHOAIBKHANAZGARD9COM

2006AZGARD9 ACQUIRES 100 OF PAFL

2007PAFL OPERATING PROFIT INCREASED BY 85 IN FIRST YEAR OF OPERATIONS

2008100 ACQUISITION OF OVERSEAS BRANDED DENIM APPAREL COMPANY

PRODUCT amp SERVICE

TEXTILE APPAREL CHAIN

RAW COTTON SPINNING YARN WEAVING CLOTH DYEING GARMENTS (FINISHED GOODS)

STRATAGY

CREATE A PIPELINE OF GOOD DEALS IN EUROPE

POTENTIAL FOR RAPID SCALE UP MULTIPLE ACQUISITIONS STRATEGY

CLIMB VALUE CHAIN BY MOVING INTO BRANDINGRETAILING

MITIGATE PAKISTAN RISK

FERTILIZERCHEMICALS

1 PAK-AMERICAN FERTILIZER2 PAK-HAZARA

STRATEGY

OPPORTUNITY TO GROW INTO PHOSPHATE FERTILIZERS RAPIDLY WITH HIGH MARGIN POTENTIALS

THE TEXTILE APPAREL BUSINESS

CURRENT MISSION

ldquoGLOBALISE AZGARDrsquoS TEXTILEAPPAREL BUSINESS THROUGH ACQUISITIONS OF MID-

TIER EUROPEANINTERNATIONAL DENIM APPAREL BRANDSrdquo

VISION

ldquoTO BECOME ONE OF ASIArsquoS LEADING CASUAL FASHION COMPANIESrdquo

STRATEGIC OBJECTIVES

TO BE ACHIEVED THROUGH ACQUISITIONS IN PROGRESS OF

ACCELERATE GROWTH SECURE TOP LINE MITIGATE PAKISTAN

RISK RAPID INCOME SCALE UP THROUGH

SUPPLY MIGRATION MULTIPLE ACQUISITIONS STRATEGY

PAKISTAN IS WELL POSITIONED TO CAPTURE A LARGER SHARE OF THE INCREASING GLOBAL

TEXTILE TRADE

THE FERTILIZER BUSINESS

MISSIONldquoTO BECOME A SIGNIFICANT PLAYER IN THE

PAKISTAN PHOSPHATE MARKETrdquo

VISION

ldquoTO BECOME A LEADING REGIONAL PLAYER IN THE PHOSPHATE FERTILIZER MARKETrdquo

STRATEGIC OBJECTIVES

CAPITALISE ON HIGH GROWTH SEGMENT OF PHOSPHATIC FERTILISERS BY ESTABLISHING THE

TRADING BUSINESS (ALREADY ACHIEVED 7 MARKET SHARE IN ONE YEAR OF OPERATION)

BUILD PHOSPHATE MANUFACTURING CAPABILITIES AT THE CURRENT PRODUCTION FACILITY

PRODUCTION OF UREA ALREADY INCREASED BY 15 THROUGH DE-BOTTLENECKING

PIPELINE 2009 H2 ADDITIONAL 20 INCREASE IN

UREA PRODUCTION 2010 H1 START OF SINGLE PRODUCT

PHOSPHATE FERTILIZER MANUFACTURING

2011 MULTI PRODUCT PHOSPHATIC FERTILIZER MANUFACTURING

PAKISTANrsquoS FERTILIZER INDUSTRY ENJOYS STABLE STRONG CASH FLOWS WITH LOW

MARGIN VOLATILITYSWOT ANALYSIS

STRENGTHS

HIGHEST LEVEL OF CORPORATE GOVERNANCE COMPLETELY INDEPENDENT BOARD

AMONGST THE LARGEST AND MOST SIGNIFICANT SECTORS OF TEXTILE APPAREL IN PAKISTANrsquoS ECONOMY ACCOUNTING FORO 60-70 OF PAKISTANrsquoS TOTAL

MERCHANDISE EXPORTSO 38 OF LARGE SCALE

MANUFACTURING SECTOR LABOUR FORCE

O INCREASED PENETRATION IN GLOBAL MARKETS

ABUNDANT SUPPLY OF RAW MATERIALO PAKISTAN IS THE WORLDrsquoS FOURTH

LARGEST PRODUCER OF COTTON LATEST TECHNOLOGY ADAPTATION EXPORTS STILL LARGELY CONTINUE TO BE

LOW VALUE ADDED COMMODITY PRODUCTS QUALITY STANDARDS SELF POWER GENERATION TARGET FOREIGN CUSTOMERS NEWEST UREA PLANT IN PAKISTAN

O NAMEPLATE CAPACITY OF 346000MT PA

O 8 MARKET SHARE BY UREA PRODUCTION CAPACITY

PUNJAB IS PAKISTANrsquoS WHEAT BASKET AND ACCOUNTS FOR 69 OF TOTAL UREA CONSUMPTION

SIGNIFICANT COST ADVANTAGE OVER COMPETITORS

LOWEST FEEDSTOCK GAS PRICES

O AT LEAST 60 LOWER THAN INDUSTRY TILL NOVEMBER 2009

PROCESS EFFICIENCIES LOWEST DISTRIBUTION COSTS DUE TO

STRATEGIC LOCATION SIGNIFICANT IMPROVEMENT IN OPERATING

AND FINANCIAL PARAMETERS SINCE ACQUISITIONO SMOOTH TAKEOVER POST-ACQUISITIONO PLANT OPERATING AT 110

UTILIZATIONO REDUCTION IN OPERATING COSTS BY

25O LAUNCHED lsquoTARArsquo BRAND WHICH IS

NOW AT PRICE EQUITY WITH MARKET LEADERS

O RECENTLY INSTALLED A NEW MORE EFFICIENT GAS TURBINE FOR POWER GENERATION

O LAUNCHED PLANT INTEGRITY AND SAFETY INITIATIVES

O LAUNCHED DAP TRADING BUSINESS

WEAKNESSES

WE HAVENrsquoT SEEN ANY WEAKNESSES IN AZGARD9AS FAR AS MANAGEMENT IS CONCERNED

OPPERTUNITIESLONG TERM GOODWILL AND REPUTATION

EXTENTION OF PRODUCT LINE

EXTENTION OF BUSINESS

THREATS

COMPETITORS INDIAN INDU STRY

CHINA INDUSTRY

INDONESIA INDUSTRY

ENVIORNMENTAL FACTORS

REFERENCE NAME MUHAMMAD SHOAIB KHAN

DESIGNATION MANAGER SECURITY

ADDRES KM OFF MANGA RAIWAND ROAD DISTRICT KASUR

PAKISTAN

TEL +92 42 5384081-3E-MAIL SHOAIBKHANAZGARD9COM

POTENTIAL FOR RAPID SCALE UP MULTIPLE ACQUISITIONS STRATEGY

CLIMB VALUE CHAIN BY MOVING INTO BRANDINGRETAILING

MITIGATE PAKISTAN RISK

FERTILIZERCHEMICALS

1 PAK-AMERICAN FERTILIZER2 PAK-HAZARA

STRATEGY

OPPORTUNITY TO GROW INTO PHOSPHATE FERTILIZERS RAPIDLY WITH HIGH MARGIN POTENTIALS

THE TEXTILE APPAREL BUSINESS

CURRENT MISSION

ldquoGLOBALISE AZGARDrsquoS TEXTILEAPPAREL BUSINESS THROUGH ACQUISITIONS OF MID-

TIER EUROPEANINTERNATIONAL DENIM APPAREL BRANDSrdquo

VISION

ldquoTO BECOME ONE OF ASIArsquoS LEADING CASUAL FASHION COMPANIESrdquo

STRATEGIC OBJECTIVES

TO BE ACHIEVED THROUGH ACQUISITIONS IN PROGRESS OF

ACCELERATE GROWTH SECURE TOP LINE MITIGATE PAKISTAN

RISK RAPID INCOME SCALE UP THROUGH

SUPPLY MIGRATION MULTIPLE ACQUISITIONS STRATEGY

PAKISTAN IS WELL POSITIONED TO CAPTURE A LARGER SHARE OF THE INCREASING GLOBAL

TEXTILE TRADE

THE FERTILIZER BUSINESS

MISSIONldquoTO BECOME A SIGNIFICANT PLAYER IN THE

PAKISTAN PHOSPHATE MARKETrdquo

VISION

ldquoTO BECOME A LEADING REGIONAL PLAYER IN THE PHOSPHATE FERTILIZER MARKETrdquo

STRATEGIC OBJECTIVES

CAPITALISE ON HIGH GROWTH SEGMENT OF PHOSPHATIC FERTILISERS BY ESTABLISHING THE

TRADING BUSINESS (ALREADY ACHIEVED 7 MARKET SHARE IN ONE YEAR OF OPERATION)

BUILD PHOSPHATE MANUFACTURING CAPABILITIES AT THE CURRENT PRODUCTION FACILITY

PRODUCTION OF UREA ALREADY INCREASED BY 15 THROUGH DE-BOTTLENECKING

PIPELINE 2009 H2 ADDITIONAL 20 INCREASE IN

UREA PRODUCTION 2010 H1 START OF SINGLE PRODUCT

PHOSPHATE FERTILIZER MANUFACTURING

2011 MULTI PRODUCT PHOSPHATIC FERTILIZER MANUFACTURING

PAKISTANrsquoS FERTILIZER INDUSTRY ENJOYS STABLE STRONG CASH FLOWS WITH LOW

MARGIN VOLATILITYSWOT ANALYSIS

STRENGTHS

HIGHEST LEVEL OF CORPORATE GOVERNANCE COMPLETELY INDEPENDENT BOARD

AMONGST THE LARGEST AND MOST SIGNIFICANT SECTORS OF TEXTILE APPAREL IN PAKISTANrsquoS ECONOMY ACCOUNTING FORO 60-70 OF PAKISTANrsquoS TOTAL

MERCHANDISE EXPORTSO 38 OF LARGE SCALE

MANUFACTURING SECTOR LABOUR FORCE

O INCREASED PENETRATION IN GLOBAL MARKETS

ABUNDANT SUPPLY OF RAW MATERIALO PAKISTAN IS THE WORLDrsquoS FOURTH

LARGEST PRODUCER OF COTTON LATEST TECHNOLOGY ADAPTATION EXPORTS STILL LARGELY CONTINUE TO BE

LOW VALUE ADDED COMMODITY PRODUCTS QUALITY STANDARDS SELF POWER GENERATION TARGET FOREIGN CUSTOMERS NEWEST UREA PLANT IN PAKISTAN

O NAMEPLATE CAPACITY OF 346000MT PA

O 8 MARKET SHARE BY UREA PRODUCTION CAPACITY

PUNJAB IS PAKISTANrsquoS WHEAT BASKET AND ACCOUNTS FOR 69 OF TOTAL UREA CONSUMPTION

SIGNIFICANT COST ADVANTAGE OVER COMPETITORS

LOWEST FEEDSTOCK GAS PRICES

O AT LEAST 60 LOWER THAN INDUSTRY TILL NOVEMBER 2009

PROCESS EFFICIENCIES LOWEST DISTRIBUTION COSTS DUE TO

STRATEGIC LOCATION SIGNIFICANT IMPROVEMENT IN OPERATING

AND FINANCIAL PARAMETERS SINCE ACQUISITIONO SMOOTH TAKEOVER POST-ACQUISITIONO PLANT OPERATING AT 110

UTILIZATIONO REDUCTION IN OPERATING COSTS BY

25O LAUNCHED lsquoTARArsquo BRAND WHICH IS

NOW AT PRICE EQUITY WITH MARKET LEADERS

O RECENTLY INSTALLED A NEW MORE EFFICIENT GAS TURBINE FOR POWER GENERATION

O LAUNCHED PLANT INTEGRITY AND SAFETY INITIATIVES

O LAUNCHED DAP TRADING BUSINESS

WEAKNESSES

WE HAVENrsquoT SEEN ANY WEAKNESSES IN AZGARD9AS FAR AS MANAGEMENT IS CONCERNED

OPPERTUNITIESLONG TERM GOODWILL AND REPUTATION

EXTENTION OF PRODUCT LINE

EXTENTION OF BUSINESS

THREATS

COMPETITORS INDIAN INDU STRY

CHINA INDUSTRY

INDONESIA INDUSTRY

ENVIORNMENTAL FACTORS

REFERENCE NAME MUHAMMAD SHOAIB KHAN

DESIGNATION MANAGER SECURITY

ADDRES KM OFF MANGA RAIWAND ROAD DISTRICT KASUR

PAKISTAN

TEL +92 42 5384081-3E-MAIL SHOAIBKHANAZGARD9COM

VISION

ldquoTO BECOME ONE OF ASIArsquoS LEADING CASUAL FASHION COMPANIESrdquo

STRATEGIC OBJECTIVES

TO BE ACHIEVED THROUGH ACQUISITIONS IN PROGRESS OF

ACCELERATE GROWTH SECURE TOP LINE MITIGATE PAKISTAN

RISK RAPID INCOME SCALE UP THROUGH

SUPPLY MIGRATION MULTIPLE ACQUISITIONS STRATEGY

PAKISTAN IS WELL POSITIONED TO CAPTURE A LARGER SHARE OF THE INCREASING GLOBAL

TEXTILE TRADE

THE FERTILIZER BUSINESS

MISSIONldquoTO BECOME A SIGNIFICANT PLAYER IN THE

PAKISTAN PHOSPHATE MARKETrdquo

VISION

ldquoTO BECOME A LEADING REGIONAL PLAYER IN THE PHOSPHATE FERTILIZER MARKETrdquo

STRATEGIC OBJECTIVES

CAPITALISE ON HIGH GROWTH SEGMENT OF PHOSPHATIC FERTILISERS BY ESTABLISHING THE

TRADING BUSINESS (ALREADY ACHIEVED 7 MARKET SHARE IN ONE YEAR OF OPERATION)

BUILD PHOSPHATE MANUFACTURING CAPABILITIES AT THE CURRENT PRODUCTION FACILITY

PRODUCTION OF UREA ALREADY INCREASED BY 15 THROUGH DE-BOTTLENECKING

PIPELINE 2009 H2 ADDITIONAL 20 INCREASE IN

UREA PRODUCTION 2010 H1 START OF SINGLE PRODUCT

PHOSPHATE FERTILIZER MANUFACTURING

2011 MULTI PRODUCT PHOSPHATIC FERTILIZER MANUFACTURING

PAKISTANrsquoS FERTILIZER INDUSTRY ENJOYS STABLE STRONG CASH FLOWS WITH LOW

MARGIN VOLATILITYSWOT ANALYSIS

STRENGTHS

HIGHEST LEVEL OF CORPORATE GOVERNANCE COMPLETELY INDEPENDENT BOARD

AMONGST THE LARGEST AND MOST SIGNIFICANT SECTORS OF TEXTILE APPAREL IN PAKISTANrsquoS ECONOMY ACCOUNTING FORO 60-70 OF PAKISTANrsquoS TOTAL

MERCHANDISE EXPORTSO 38 OF LARGE SCALE

MANUFACTURING SECTOR LABOUR FORCE

O INCREASED PENETRATION IN GLOBAL MARKETS

ABUNDANT SUPPLY OF RAW MATERIALO PAKISTAN IS THE WORLDrsquoS FOURTH

LARGEST PRODUCER OF COTTON LATEST TECHNOLOGY ADAPTATION EXPORTS STILL LARGELY CONTINUE TO BE

LOW VALUE ADDED COMMODITY PRODUCTS QUALITY STANDARDS SELF POWER GENERATION TARGET FOREIGN CUSTOMERS NEWEST UREA PLANT IN PAKISTAN

O NAMEPLATE CAPACITY OF 346000MT PA

O 8 MARKET SHARE BY UREA PRODUCTION CAPACITY

PUNJAB IS PAKISTANrsquoS WHEAT BASKET AND ACCOUNTS FOR 69 OF TOTAL UREA CONSUMPTION

SIGNIFICANT COST ADVANTAGE OVER COMPETITORS

LOWEST FEEDSTOCK GAS PRICES

O AT LEAST 60 LOWER THAN INDUSTRY TILL NOVEMBER 2009

PROCESS EFFICIENCIES LOWEST DISTRIBUTION COSTS DUE TO

STRATEGIC LOCATION SIGNIFICANT IMPROVEMENT IN OPERATING

AND FINANCIAL PARAMETERS SINCE ACQUISITIONO SMOOTH TAKEOVER POST-ACQUISITIONO PLANT OPERATING AT 110

UTILIZATIONO REDUCTION IN OPERATING COSTS BY

25O LAUNCHED lsquoTARArsquo BRAND WHICH IS

NOW AT PRICE EQUITY WITH MARKET LEADERS

O RECENTLY INSTALLED A NEW MORE EFFICIENT GAS TURBINE FOR POWER GENERATION

O LAUNCHED PLANT INTEGRITY AND SAFETY INITIATIVES

O LAUNCHED DAP TRADING BUSINESS

WEAKNESSES

WE HAVENrsquoT SEEN ANY WEAKNESSES IN AZGARD9AS FAR AS MANAGEMENT IS CONCERNED

OPPERTUNITIESLONG TERM GOODWILL AND REPUTATION

EXTENTION OF PRODUCT LINE

EXTENTION OF BUSINESS

THREATS

COMPETITORS INDIAN INDU STRY

CHINA INDUSTRY

INDONESIA INDUSTRY

ENVIORNMENTAL FACTORS

REFERENCE NAME MUHAMMAD SHOAIB KHAN

DESIGNATION MANAGER SECURITY

ADDRES KM OFF MANGA RAIWAND ROAD DISTRICT KASUR

PAKISTAN

TEL +92 42 5384081-3E-MAIL SHOAIBKHANAZGARD9COM

ldquoTO BECOME A LEADING REGIONAL PLAYER IN THE PHOSPHATE FERTILIZER MARKETrdquo

STRATEGIC OBJECTIVES

CAPITALISE ON HIGH GROWTH SEGMENT OF PHOSPHATIC FERTILISERS BY ESTABLISHING THE

TRADING BUSINESS (ALREADY ACHIEVED 7 MARKET SHARE IN ONE YEAR OF OPERATION)

BUILD PHOSPHATE MANUFACTURING CAPABILITIES AT THE CURRENT PRODUCTION FACILITY

PRODUCTION OF UREA ALREADY INCREASED BY 15 THROUGH DE-BOTTLENECKING

PIPELINE 2009 H2 ADDITIONAL 20 INCREASE IN

UREA PRODUCTION 2010 H1 START OF SINGLE PRODUCT

PHOSPHATE FERTILIZER MANUFACTURING

2011 MULTI PRODUCT PHOSPHATIC FERTILIZER MANUFACTURING

PAKISTANrsquoS FERTILIZER INDUSTRY ENJOYS STABLE STRONG CASH FLOWS WITH LOW

MARGIN VOLATILITYSWOT ANALYSIS

STRENGTHS

HIGHEST LEVEL OF CORPORATE GOVERNANCE COMPLETELY INDEPENDENT BOARD

AMONGST THE LARGEST AND MOST SIGNIFICANT SECTORS OF TEXTILE APPAREL IN PAKISTANrsquoS ECONOMY ACCOUNTING FORO 60-70 OF PAKISTANrsquoS TOTAL

MERCHANDISE EXPORTSO 38 OF LARGE SCALE

MANUFACTURING SECTOR LABOUR FORCE

O INCREASED PENETRATION IN GLOBAL MARKETS

ABUNDANT SUPPLY OF RAW MATERIALO PAKISTAN IS THE WORLDrsquoS FOURTH

LARGEST PRODUCER OF COTTON LATEST TECHNOLOGY ADAPTATION EXPORTS STILL LARGELY CONTINUE TO BE

LOW VALUE ADDED COMMODITY PRODUCTS QUALITY STANDARDS SELF POWER GENERATION TARGET FOREIGN CUSTOMERS NEWEST UREA PLANT IN PAKISTAN

O NAMEPLATE CAPACITY OF 346000MT PA

O 8 MARKET SHARE BY UREA PRODUCTION CAPACITY

PUNJAB IS PAKISTANrsquoS WHEAT BASKET AND ACCOUNTS FOR 69 OF TOTAL UREA CONSUMPTION

SIGNIFICANT COST ADVANTAGE OVER COMPETITORS

LOWEST FEEDSTOCK GAS PRICES

O AT LEAST 60 LOWER THAN INDUSTRY TILL NOVEMBER 2009

PROCESS EFFICIENCIES LOWEST DISTRIBUTION COSTS DUE TO

STRATEGIC LOCATION SIGNIFICANT IMPROVEMENT IN OPERATING

AND FINANCIAL PARAMETERS SINCE ACQUISITIONO SMOOTH TAKEOVER POST-ACQUISITIONO PLANT OPERATING AT 110

UTILIZATIONO REDUCTION IN OPERATING COSTS BY

25O LAUNCHED lsquoTARArsquo BRAND WHICH IS

NOW AT PRICE EQUITY WITH MARKET LEADERS

O RECENTLY INSTALLED A NEW MORE EFFICIENT GAS TURBINE FOR POWER GENERATION

O LAUNCHED PLANT INTEGRITY AND SAFETY INITIATIVES

O LAUNCHED DAP TRADING BUSINESS

WEAKNESSES

WE HAVENrsquoT SEEN ANY WEAKNESSES IN AZGARD9AS FAR AS MANAGEMENT IS CONCERNED

OPPERTUNITIESLONG TERM GOODWILL AND REPUTATION

EXTENTION OF PRODUCT LINE

EXTENTION OF BUSINESS

THREATS

COMPETITORS INDIAN INDU STRY

CHINA INDUSTRY

INDONESIA INDUSTRY

ENVIORNMENTAL FACTORS

REFERENCE NAME MUHAMMAD SHOAIB KHAN

DESIGNATION MANAGER SECURITY

ADDRES KM OFF MANGA RAIWAND ROAD DISTRICT KASUR

PAKISTAN

TEL +92 42 5384081-3E-MAIL SHOAIBKHANAZGARD9COM

HIGHEST LEVEL OF CORPORATE GOVERNANCE COMPLETELY INDEPENDENT BOARD

AMONGST THE LARGEST AND MOST SIGNIFICANT SECTORS OF TEXTILE APPAREL IN PAKISTANrsquoS ECONOMY ACCOUNTING FORO 60-70 OF PAKISTANrsquoS TOTAL

MERCHANDISE EXPORTSO 38 OF LARGE SCALE

MANUFACTURING SECTOR LABOUR FORCE

O INCREASED PENETRATION IN GLOBAL MARKETS

ABUNDANT SUPPLY OF RAW MATERIALO PAKISTAN IS THE WORLDrsquoS FOURTH

LARGEST PRODUCER OF COTTON LATEST TECHNOLOGY ADAPTATION EXPORTS STILL LARGELY CONTINUE TO BE

LOW VALUE ADDED COMMODITY PRODUCTS QUALITY STANDARDS SELF POWER GENERATION TARGET FOREIGN CUSTOMERS NEWEST UREA PLANT IN PAKISTAN

O NAMEPLATE CAPACITY OF 346000MT PA

O 8 MARKET SHARE BY UREA PRODUCTION CAPACITY

PUNJAB IS PAKISTANrsquoS WHEAT BASKET AND ACCOUNTS FOR 69 OF TOTAL UREA CONSUMPTION

SIGNIFICANT COST ADVANTAGE OVER COMPETITORS

LOWEST FEEDSTOCK GAS PRICES

O AT LEAST 60 LOWER THAN INDUSTRY TILL NOVEMBER 2009

PROCESS EFFICIENCIES LOWEST DISTRIBUTION COSTS DUE TO

STRATEGIC LOCATION SIGNIFICANT IMPROVEMENT IN OPERATING

AND FINANCIAL PARAMETERS SINCE ACQUISITIONO SMOOTH TAKEOVER POST-ACQUISITIONO PLANT OPERATING AT 110

UTILIZATIONO REDUCTION IN OPERATING COSTS BY

25O LAUNCHED lsquoTARArsquo BRAND WHICH IS

NOW AT PRICE EQUITY WITH MARKET LEADERS

O RECENTLY INSTALLED A NEW MORE EFFICIENT GAS TURBINE FOR POWER GENERATION

O LAUNCHED PLANT INTEGRITY AND SAFETY INITIATIVES

O LAUNCHED DAP TRADING BUSINESS

WEAKNESSES

WE HAVENrsquoT SEEN ANY WEAKNESSES IN AZGARD9AS FAR AS MANAGEMENT IS CONCERNED

OPPERTUNITIESLONG TERM GOODWILL AND REPUTATION

EXTENTION OF PRODUCT LINE

EXTENTION OF BUSINESS

THREATS

COMPETITORS INDIAN INDU STRY

CHINA INDUSTRY

INDONESIA INDUSTRY

ENVIORNMENTAL FACTORS

REFERENCE NAME MUHAMMAD SHOAIB KHAN

DESIGNATION MANAGER SECURITY

ADDRES KM OFF MANGA RAIWAND ROAD DISTRICT KASUR

PAKISTAN

TEL +92 42 5384081-3E-MAIL SHOAIBKHANAZGARD9COM

O AT LEAST 60 LOWER THAN INDUSTRY TILL NOVEMBER 2009

PROCESS EFFICIENCIES LOWEST DISTRIBUTION COSTS DUE TO

STRATEGIC LOCATION SIGNIFICANT IMPROVEMENT IN OPERATING

AND FINANCIAL PARAMETERS SINCE ACQUISITIONO SMOOTH TAKEOVER POST-ACQUISITIONO PLANT OPERATING AT 110

UTILIZATIONO REDUCTION IN OPERATING COSTS BY

25O LAUNCHED lsquoTARArsquo BRAND WHICH IS

NOW AT PRICE EQUITY WITH MARKET LEADERS

O RECENTLY INSTALLED A NEW MORE EFFICIENT GAS TURBINE FOR POWER GENERATION

O LAUNCHED PLANT INTEGRITY AND SAFETY INITIATIVES

O LAUNCHED DAP TRADING BUSINESS

WEAKNESSES

WE HAVENrsquoT SEEN ANY WEAKNESSES IN AZGARD9AS FAR AS MANAGEMENT IS CONCERNED

OPPERTUNITIESLONG TERM GOODWILL AND REPUTATION

EXTENTION OF PRODUCT LINE

EXTENTION OF BUSINESS

THREATS

COMPETITORS INDIAN INDU STRY

CHINA INDUSTRY

INDONESIA INDUSTRY

ENVIORNMENTAL FACTORS

REFERENCE NAME MUHAMMAD SHOAIB KHAN

DESIGNATION MANAGER SECURITY

ADDRES KM OFF MANGA RAIWAND ROAD DISTRICT KASUR

PAKISTAN

TEL +92 42 5384081-3E-MAIL SHOAIBKHANAZGARD9COM

THREATS

COMPETITORS INDIAN INDU STRY

CHINA INDUSTRY

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