Karachi Stock Exchange (Annual Report 2007-2008)

5/14/2018 Karachi Stock Exchange (Annual Report 2007-2008)

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_ II...H) . '1 -M I K .: 1m r~ n Y Mif7;:] (Chr : l irman ~M r _Adnan A f r l d I (Manag i ng01r E : : ! c J o r fMr Mu hamm ~d Al iudd in I\mariM r 5 h 'f -h id d (Iidlnd le iM r Mlunamm.:.d ~ D h ai l O a y a la .W ' I I O sm a Il Asgh KhanM r_ Munil M . LadhaMr Muha IT]m ad 5 hQ I b Memo nM r D~ / I IOod Jan MuhammadM r ltha lid t~hmed Sherwan i

)r"W r~ U c l_ II I'lnrill Muh a r n m ad R a ru :w e Um er ",[1-r-C ( "" \ 1MiTTM r O srna n Asgni : l f K h a n (Cha rrnenlM r. M L Jh a m mad Al i u d d in l J ,m2l r iMI Mu ~arrl lnad 5 0 ha il D a rd laMr Muni r M . L a d h aM r X ha hd A h m o o 5 1 " 1 I ? r - w a n Ilr: ; s: PVllll -:;M! i. G h a n I Law AS"5r lClatF.: ' 5, l n du s tr la IAe la t lQ l f ~SA . d . . .. .sorsW s S d }' ee d& 5 . d y e u ; ~,d \ iOCd lY: !~& Legd ICo n su I ta n t sAL I ) I'~WS Ford R h o d e - ) 5 d . ; r l j " Ilyd?f e Comp':'llyCh a It ered AccC l IJ r n a n t s

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r IH ....tJ v .11 7f llil I I I I I I IMr . Kilmran Y Mirz.a l5 a quelfied Chartered Accounrsnt from umtedK i l l1 g d o !Y I t A r Mirza qatted 11 1 cereer i n P ~ k t 5 t. = !n as an ~uditor '~. 'I I , ",A Fl -e r q u s on & Co . M F. M irza t h en m ade a c arE er m ove in Decem ber 1 970Clne lJO I n ed A b bo tt L a0 0 ra10I ie s ( P a kl~~en.) um l Ied a m ulll l 'l .31ionalpharmaceut ica l compflfl.y a s Ch i e f Hnancial Of f ice r . He becarne one ofthe YOUi 'ges t Mal lag l~ 'g 011 ecrors of h iS t l n ~e - I I I tt le 'VE 'c l l 1977and ' It l al r l e din that PQ~i i on fo r 29 y ea r s t il ' Se p te m ber 2006_

A t thE! 'Ka rachi S t o ck E : . o ; ch ange ,Mr . Afrid i hasneen respcns in le fo r restructuring the D~ganizat].In to oi l (0mrrp(c ia l i ?nNry w I T h th e ImFOdu(t n}n or prmes . 'S lon i l f m~n,rJgerne-r' l f , ne w pJLduGIr::dudi n q d e r i va t iv e s a nn dare-vend n g , t' n~ .a m: ed b ra n d l J l : g a no aq re e rne n IS ViJJt h regitlnalQXch" " ,ng~, Th e K,i'lf ' l t of AmerlC.3l1l Buslf i. i=>S:. i.(} .Unci l .Chairman of 1 '~ 5 ~c ,d at io n o f r ha rm a ce ur ic .a l M u ki na tJ -O n a ls a nd D ir ec to r of Pakistan State Oi l ,Pakbtai i 5 [ e e l dM N a t t o n d l l Banh o f P . 3 l k l o ; t a l " l MI M l t z a h ' -' !! Jd lso been dpas t N i r emb t "r o f E c O i \ O m k .Advisory B oa rd a nd 5 ~n dh \ !V S l d u f e B o a .r d .

lie i 5 " l " o r r f ' l eF ly T h e - ([0o r ' A KO S ec u I t f ~ 5 I l E I 'b u II r . o , K D I nw a r e -i ld i n g in.;)n (li!r S E ' t ' V i r e s . I lrmIT !E 'forefron t of In'l lDvat ion w rt n a n u m be r o r frsts to its name. inc ud ing the R rst venture capInOJOOTD' an d f l lnd, tho H . r ir I J r ge dOn'lOST c M&/I, deill tnr fiF'it onl ine - lIZidlng ~N ICr ' a nd tn r : H securluzauon dna thst ~ 5 ~ ~ d d;:-bl nansactlons, P r i O r to JOI"ling A"KD,M r A m ar i w as ba sI London with CrEdit tyonnats Securit ies ([LS) ( isChief Opera nn g Omt:er (Em~;rging EuropMiddle Ea"!.r& . ~ f. ' i( a - EE r " . . , t EAJ H e ju i n e d ( ,, -S A a s Chief be-LIJ l l! J E . ' O H i C E ! ' 1 - C L 5 , t . , P a k l s l a n MAnsar i starred hr s c ar ee r i n 1986 as an lnvestrnern Manager at World in 'v 'es t I i : : lank of I:i"menuIi) L once 1'1Mr Af' ls.:m h j 1 l 1 : j a l s o b~ n ~oi l ,; : l d~l i 'I b l y lnvolvcd in i 'hl? soruririns mr.r r k : : l re form W-OCf 'Ss . andserved 01"'1 vanous c:ummll l~ tOf ' t~ II ru led b y the SECP = : t . ! . w e l l d ! : : o the K 5 E . Mr , ~ n : : . . : !n represeK 5 E on the ' & oa r d o f N at io na l O ea r in g Company 0[. Pak is : an L i rn ired as i ts C n a irrnan.~ part of prornot i ng entrepreneursh lp, M r A P 1 5a riis a Charter I " T 1e I T lCeC of fh e lndus cnt repre reur( T I E l, a 9 1 ( 1 )3 1 0Qi:}nlz' : iTion l leaClqI". I .3Irwro i i15 l Ieon V" , I I t ' y whose a II I is to p r o m o r s .;;.ntf"!: ' r .refit hrouqh networ kif'q an d menrn I ng .

,[IN H 6,TI[ (f 1" 1 I I' I ~ ~ II ,_i01)Mr. A fn d I ha s a dEg ree In econor r ucs (/\.B, r. / lagn.a i .um Laude , I992} fromH a . rv . a( .d U f ' ' l i v e r ' : o l w ao d d d t ' g r " : : ! e in Corpor . a t e _d UD . I \ - tag l id Cu I r"I L . : . u ( l . 1 ?In 1935) nom Harva~d La.....School. Mr Afndl has o er 5 y e . lr ~ o f experienceIn Indndglng buslnesses In e r n E ' r g l n g rFlarket : . . H~ sra rte d h I - : . career wlihMonl tm (omp;my, U SA a5 a 5 . t l l " ; ] t ~ g y Camulrant ces gning buslness L l n Ran d c o rp o r a te 311 a te ql es f ur Fortu ne 50 cornpen l e s I I '" the hnencls I services~ C ' r . ~ o r [lVN T h e p , ' 'it t < . " n yoal": : . . .Mr , AfIidi h a s b "~ il f ar .i l i r at i n g f om i g n di lI:"a

i n v e sLm : : !J 1 I t " n t o P a k l .s ~ an by ~ S .s i 5t il "l g I n P n v at e E q u ty l J r d n :: . ac t Q l ' IS , I n c iu d n9 ~e y prl'IJdUlallOflt r: r. !mrl{: rlon~ Prior to Jo n ng KS~, M ,Afrldi ' i 1 ; ' "1 r 'V l?dIe ; t h>p,(hief [~iKutivp n f f i c G ' r ot ~ 1 1 ~O J I? ! ' " ! : ; Pi. ! 0;,I nvEs tOrs CharT "bE! r o f C om m er t:e an d Im:: luS"lry (0celj

I-H r H ~I I rM r S f I~ 1 ' l a d C ! 1 . , J 1 m d 1 0 3 .:]. a Fel low M , [ " I ~ b e . or rh e h ' l s l t Ul~ 01[hall bpredf l . .ccountan ts i ll P a 'k ! 5t an _ r v l r. C h a r nd i a i s t he Chairman of Sbehzed C h amSecur i t i es (private) l I rn l ted, the P l le . s ident , (o ' l Iege or A C(oun tln g &M a na gE m en t ~ C lE 'n c "= s ((AM~) a s w e i as a DI~Ktm or t h e f l ., v l ce nna Sch(P r1v~ . i l r ) I mit('"cI EJ,e:: ;I- rJ{' I '50n:lng on the BO{lm cfth f ' K i J I' " iI ( "h . ~ TO ( kE; . : change , he I~aI~ ~er ' l1ng On l lE ! ' &i a rds Df the Cent ra I Deposhn ryC om pa nv o f P a li s ii 3 n Lm i ted. H e i s ClJ r re n tl v s er \~ n g as. the Ch;:frmall,Demu lu a I lat or ~ Com rf li lt ee a n d M a r k e e Deyelopmem & New P : oouc t " SConllfllltee (If [ 1 1 1 2~He 1" 5 also a I T '


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M I I : ' J , r . , . : " D -I I I P ~lr L U )1 I IIMr. Mernon Is a qradua te from ' r n E ' Ma 'S ~ e r of Buslriess Admin is tm l ianpi o gr . a rn a L Q u afU-i?-m.n U i i b . ' e r ~Ity, 1 ~ l a m d ba d H e ! h a! l a I~o ve rs I Iexperience of 19 v e e rs w l rh almost I 7 veers of exper ience In the stockb r l J ' ~ r . : t g ; 2 1 1 1 c ! " u s t r y He IS (..l! rel"'l l ly l h i= ( t E O of . !J, ra I.:;h Secu II u es ( P- v UI l rn l ted . 21 ( " _ (l r p o r. : m " B ro kN~ g c H r ::U '1 c ! o f t h :p . [ :. : c ll , -L n g f '. B I !. - fo r e jo in l119,dd f . a l . a t " lecumie : J. , Mr _ FV remon Wi:l~ h ea din g E qu i" Y S al E. a t H l xi r S e c un tf P i J "U LTd (~ r ' l ' " lL?r ly I n d o5 'U f" . z ' N , I C a r r Se c u r i ti e s p~ k i s r il n p a r t ot ' 1 1 1 2Cr

Agr ico le l nd os u ez G r ou p of Fr a nce l which wa s on e cf the eadlnq stock br o - :: e r ag e h ouses( 'h e C . ( )u n " [ "' y . ; J c (l v e n th~ h e lc l 01e q i J lr e s , m o n e y n" I.; i r'{'i'~, : o m o f ~ n ~ I ' l n~nce aM I n v e s r r o e n tadv isorv . HIS work e x pe ri en c e I nc ! u d es 50:! l i ng an d m ar ke 'u nq P ak is ta n I E' q1U i nes 1: 0 loca l an dIn toe Ina t lone l I l v E ' S l O ! SJ both II l : iHWdOf" lS an d I I lO I v ld ual s , A c , '" ( II [ lo n al l y, h. e .has .a 50 co rd linero ad s ho ws 1 1'1 K a nd ~ ar I : . a s t tn m a rk e t P a k ls ta n i e q l J l tl e s t o r o re ~ g n mstitutionel n ve sr or sI~ d lso one (If Th e '":oF--'I-OmOllfl(J d recto rs nf Alraldlh Secu n t i es . Y ; r M I i" IQ rl H:pres .em~ KS E onBoards.o f t 'o .l ot :i on a lC le a ri nq C Dmp a ny o f P a ki st an Llrnlted, Natlnna! L om m oo ity b :c ha ng el lmlred i : t n d ~ (R -V I 5 C r e d l l t Rdl m ~ [Clrnpdny Llrrllted He I~ d l r o Cha l m an o~ - he A d . .. .s o r y &Arh i n a t n n C or nr ui IiC!C or rhe bt:'J;anqe

[ . .. \ ,, _l ll r_ " ~~'llll!1, ,N '\[ r._1M " D .1 wn n d J ,: mMu h . < l m r n r : - d ha s r n o re - " h, . :m2 0 ' /! ? i !r s ' @ x p f H i e n r, f! in tFie~dofcaPlt-a! rnerket a nd c on str uc ti on b us i ess, He i . : . the found inqr n r- m bs r a n d ~ o m ln E ' E' D I I1 ? c to r of DJM Secu r i li e s (~vn Ifl i lt eo l l? b r into the orueniza t ion o . . . .er 1 2 y e ar s of hand 5 o n e x p er ie n c e of t h e e q u LtI n .a tk e t5 a n d l J u ~ 1 I 1 e s . 5 . A pa r f r o r ' f l ' 5 t : ' I V I I ' I Q en T h e - B o a t e l o f K ar a c h. S t oExc hange and a lso as C ha ir ma n o f D ev el op m en t. T ec hn ol og y & Trad in,I! ..rra.I~Sorl'l l l"l l l[o&e 01 the [ ; .:cl ' lange J he 03 1~0 f e p 1 ! 2 s t "11t5 K S E on ~I " l e Boaor N a t l o n a I C . . J f " r . l l I " i r - g Compar :y of P a k i ~ I a n limIted an d N . 1 t l o . , . . . , a [om mod It}' Exchange L i m i t e

M 1 1" ,1 .. ..,1\ T ,I I , I L [ lA _ I rMr . Muhaml"ll;[ld Sohall D i i l y - a l a has a v er i 2 Y E '. ar sofexperience in the f i e : dsur F nanoe a r o .d P a ' k J S [; 3 ! l Equ l ly M a rk eL H E : !h as b ee n el1~aged W ' l t l 1 ~WnnMU 1 i ht a q G r o up as FInJ:,l Ir.antC'C') lm i t c -d ( L S F J D ir ec to r, h iat.l 0 I1iI I C l Q . :1n r'lg Company of Pa k ls t an

Limited ( NCC P l) , H o n o ra r y Secretary of M u t u a l Funds Assoca t an of P a k i s t a n , Memb~r,D -a iT IlJ cu al z sn on C om m it t e e o r L S i: : Member , I f 'I ~ e m a l P . .~Jd l t& : H R (omml([e ot NC(P l 3 l ndMember, (om pB lny Affa IrsLomrn tree of 'K.3rBchi~'mdtxchange \ Gua re n t ee ) Umited 1K3 t)BeSH ]E 'S s e l v l ~ l , g o n T h e B oa rd ot T -e '{ jE r.E' J5 a l s o s e r ' .' 1 1" '1 9n I h e B e a r d s 01 (ot ral D e P 0 5 (Or) 'CC lmpanv of (laKlstan l . Jmi ted an d JlI~-VI~ t.redit I~a.tlng Lom: oa ny L im rt ed a nd a ls o c h a i r s rh eCompany Ariall":o Corn r n l t tee o r I h e K S .EHe I~ e l s o r he C h e l b le cu tJ~ O ( t lc . . e J o f InV " "51a n - dFi n a nc e S e cu ri ti es L I m l t ed .

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I h e K a ra c hi Stack ExCfltlllge (K SE ) is P a k l s t a n's D I I l E ' ! i t an d l i 1 I i rgE~ts to c k e xc h an q e. m c or po re re1 1 '' 11 9 4 9. :1 i s a C o m p a r Iy L Im I ted by G ua t , : . n t l ? E ' , o J I . , a re iJ ' IE' premi-e r s t o c k e x c i " l a n g l 2 ' In P a k i 5 , [ CoFfenng a range of hiqh qual i t~ r p r o d uc t s and services t . . . .a t have enabled us to become t h e 'leact 1 1 1 ghu n n r ( ~ p l t. 1 1 "forrn"'-non In al ie (("IUnIfYKSF .offers compan ies : an d Inv esters an f " f f i c iem and transparent securities market far I7 I l s inc a p n a I d nd . : ; .ch ieIJ In g r I I J E ! ' S lr r ' I ~ n l Ob) I?U IVes . (on r - :- a n ie s 1 1 l e -r J 0 1 '1 l h e K S E . d r e p e!::.en(.n aJ spects of our l ives and a re among s t Pa klstsn's most wel l known. arqest and most m n o va n( o r n p i l n le " : o,~ I i A - "r.rmr1in the p- lOneer iii P iJk l ( j t ~n '~ C r l p l l i 1 1 M~rkN ~lopm8 'nr5 by I m r c: .d " J\ in ' 9 I 1 P. '1 i \'p t' od i_ j(consta 1"i~ly pg~adJ ncr ou r technolegy nf restructure (hroug h per tnersh l p s . . .. .th the WOI d slead in g t e ch f 'l ol a .g y mm p a fl li c ;! s . ;l in d tt rough ih~ c on tl n u ou s a ss e ss m en t an d l IT !prQvoml : 'n tOur::.ervl(e~(anmrlg [u every ~~9rnt'rll 0 O ur custer ners' needs

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10/42

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L U _I ._ E. It ~KS E of r e f S a r ~f lg e o f products ( 1 . . 1 its brokE' lIng rnembe-s rluouqh i.I s tare ot , h e - err tec!1J'ologyInfrastrl.l ! [ "(urE'. r \A .arkE ' tparnopsnts (both t o ca l a n d ntemat lona l lv based i nves tors ] EIre prov ided, :H:CE"SS to Ih~S!2 o ro dv c rs t hr ou q h r he v a no u s dls~rlbullonchannels -o r he bro kc raqe hO\ ISE ! s .Ou r T l ' i :l t li f ll g prod ucts i nc l U C l E " :i t.qu i l . ies (01 herwlse k n ow n a~ t he R e . :i d~ M a J r k ~ I ' li! Del l v e r ab l e F - ut u res .Con tracts" r.il~h en I r - r . I r u 'l"Ifr~i S t o ck l n de x FULurc~ Corllldt~

In ln e w ith ou r commlrmcru rhe f . .ar.achl Siod EX " c h . 1 ng f' Bm rd fJfDi~ctar,; in rhelr Marc i l2008 weoeL l rl g .a pp roved ~ ne~.. . . (orpolate P lllaml'I(Ij)'/ Pol i t V Th i s.pu l it y e n cou rsqe s i ..eto con t nbuee a . s ign i f i cant a rnou nt (I~ fund~ towards philanrhroplc acti v itles,

KS E p la n s o n i I'm edoc ng ne. . . . . .roouns II' r ile ye a I . lUIJ8-2t l09I ~ \ l e w ! n d i ce s 0 s t .a m c I ndl?:


11/42

T o ta l l is te d C om pa mES 058 65 8 bTota l IS l W Ci3]:Jllal ( F l s . In r f i l i h o t 11 495 ,%7. .57 631, '2555 706 ,~ 19.Totlll rViJ ke C a pl lt ll ll l! Il on ( R !o .n ml l l fOr \ l 2 , 0 0 1 ,1 8 2 ~ 6 -1,019,41817 3,777,70a1.3Ne.w (ampa nies U~ted 14 16L Is led L a p ta o f N -E 'W (_a m p en es 25,209B1 5 rj,08 1 .01 1 4 ,274 .2, F t : ; II In IIkY\1

6 36,9JOOO 6,000.00 )3,50D.

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~ Ir{I) T i lE ' f l ,]IJ fE'S a n : : ..n o m J I y r o I l" ln ~i i) The to 'a number or l isted compenies have neen sta edafter 6 ("omDilnles de-listed I

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12/42

(ii) t~ 'l'Qti'lllr~ted r i; lpi1".~1 ni'l=beer. ' i t=.>t l ;{ i ; : ; fLE; ' r: )dj l l~tmE': '1 t of CnfY't;:;1 nlrnrnpanies by w.;;yof m~g-f ' r,b a u rc a n o n a n d -de- ISimg, ere( h. .) ' l t > .~ t : 5 F 1 00 IM!'!x W(I'i, ~!nt t ;" l : i I I I I " - J r r v . p m h F r I l : Jq I with a bese or I . : JOOr'.o:."l rrt,; < ' ! I r > - : 1 i 1 i ; r E ' l ' " . . . .m p n se d

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13/42

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14/42

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15/42

J u l y 01 200 I to JUI"~ 30 , 2008I 1 1 . I : 1 .

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B Y O R D E F t O F T HE

NOT ICE I~hereby gp.i'enthat oJ5~A n n ua l G e ne ra l MeE'tinq o f t he It(arachi Stock b:change{Gua.r.:Imee) 11m ted wl l l~ 1 t i h~ l c l 011 WP (hl~~ t . t a~ .Q (w bf or , 29 ,2 00 8 a t y~Oprn, at ( hE ! R E ' g l ; ; T E ' r e dOFF i c~o r 1 h e E x c ha n qe , a ~ ,KSEA ' L Id i tm i lJ m , 3 r d F I0011 Stock E> : c hang~ Build l n g, S t o ck E x c ha n g E 'Road , K i J r r 't [ h i, r o ~ ran 'i ;] o " th(! fo l lowln-g business:

-0 c on fu m T h ernln:JLE'501 E.~Haofd lna i "yGetre ' {dl MeeTing L l iT l le txc l ldr lge he ld 01"'1 Decernbe~D5.1007 (Copy already cirrular.ed), -0ecelve . ; 1 n d approve the AnnL, l ta l!...d ted ACCOLJiI1~ of the E:.:ch,mgf" Forrhl;:! y e a r e n d e dJum:' 30 2008, lO Q et he r wi t h [he Directors' end Aualtor~' Rp.r)QFl: : . L ereono a p po i nt aud i [ o r . !;o f t he b :c h. an qE ' I O J"he yea I end i ng J u n e , 30, 1009. lhe retir i n g a u d i to r s,

M/ ' 5 r o rd R hQo c" sSII ; i 'i 'l l l iyde.r .& ( (} , e n " r te r ed Ac co~JIII H rus. I D e l ng e 1 91b 12 ,hM e ott~~dlhemselves Farre-sppn ntrneruAnyother matter w i~ h t he p E 'r m sslon Q I the Chair.

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5 . ; ; 1 ( -t I~II I ~ ~ I,LI l ~ - - :A I U [U I E . RCampa ny Screi:ary

Mrdr h l-Octobrr 07, ,ons


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I Y. , 1IT ' -. L 1 \ , 1A R f . :E I"" U iR 'd l[ I NIhe f k sr t h re e : quar ters or t he n sc a [ y e a r 2007-08 wel~ character ized by.! j r is i ng ma r ke t whichhit its r~ ; : : Ik ar I 5 , 6 . 7 ( 1 j X ) 1 I ns o n April 18 , 2 C O B 1 )Wl : !Vel , rowa rdls (h e en d of f ht:= 'nsci' li Y'il r , th edeter io ra ti nq rnecrc-econornv and nstno polltkal uncer ta in ty led to a sharp decline In thend~~O u t i n g i I'll? Y E : ! [ jI UnU l reI/Ie..... [ h e . !: ;1 ( Jc k r n a l k E ' l UI:!( 11n e d bv 111].\ Tbls 1 1 e g d L r lJ e p . e - t f o r f "f ldln(ewa s w itnessed aft er s ix consecut rve ~ears of ind E;(growth KSc.- I 00 Index dosed at 1 ] _2.89oon ts o n J un e 30 2008 compareo to 1 3 . 7 72 p o lot s 0" June 30 ,2007. wh I I e - .K SE 30 I n de x a n dt \SE A I I S h ar es I n de x showed a dedi ne o f 1 6" Ml .a nd 1m 16 respect s . .. ly Asa resu I t o f the fa II In-:.hi 'Lreprl( '~~, MiUkN l i lQlltIl f?.ati lon or hsit"If.Jc om p ar sc s o n t hr - hch~"'gc dQdrr it?d by 6%rlurlr'lgth e ~a i Inve~la~ pre ferred to pul Ihe-Ir fund s oot [)f rhe rapl~a! mar~'E l a nd p lace Ihem In tbemoney market, consequently. rhe averaqe dU ll y . ..olurnes In the marker also s l 1 Q w O O a sharpd e c ' l n E ' I n t t 1 ' l i : :ISCquanE~ ,DE'Spi t'E t he r is ing pol i '[ lc al t lnCeri il in ty , a t ot al o f 21 hst i ngs inc lud ing 7 open end mutua I fundstook pl.xQ, The 5~ t i lw i n c l u dG i d 7 C Q n lp a n Irs and ' ] Tc. rm f 'nan{ "~ (~rtlfi('i'.It~s Wl t h 13 ~ D T r . ! II~st[' ldcapi [031o r R~ . 1t.21il ITII I I JO f ! ldl'ld R$ . 23 . 500 mi I r IO r i re~pE'C1lvl: : : ! l. . .

~IN f .J . f J ' - , l 'd R f V l fl NT h e ~ . :n 2 00 7 - {. 11 1Wd ~ d S lI (. Hl g y t .a l lo r the K a r . a t hi S t o c .k E : t' C c h 2 lr ly o c , l r h I eV ' 2 nu~ 01Hs , ' ,71rrt il lion (E'gisteri r ig a growih of 44% over th e pre viou ~ye a r. Ihis stru I1 g grm-vrh was a resul' l g h , 1 re veru . e s g o : :n er ii iE 'd f ro m { [ad I P l g . t i le' II"IT(Oc!ucuon {If r l ' o f e s . ' S 1 ")r'"Ii!! t l 'E'aswy ope~ all 0an d a h igher share of pro fi ts . .:-(~ Wtll"llhE! In t rWlJ lT IC r l of d proch.[_[ deve-Iopi 'l lenla n d m a rk e ti n q department,To ra I ( ? :. :o rm I ?S o f th'" f : . : ( 'h? lng~ I n C f f" . [3w r i b t ! 4 1% to R s 71 1 mill ion O i J ( ' 1 ' rb e f lH'viOIJS- ~r,~rlmdrlty d ue to hlqher spend em Human R e . ! : . o u r L e _ \ Ll!gdl & Profe$~lmldr. Charge an d Frna' l' 'Charges.I P r o H t t t E ' f o r E : ' T a x reac l c1e d R ~ 1 ,0 00 mil l ion ma r k r c rr h e f li 'i t iim p In Exchi! f i


18/42

5 r f; '( i' J (o c I o n t he ~tl " r l L : l d~ y - r rr ti ~ ~I I~ ~ m em o p .N . o f i ll I , = :I ZO ( H ;il- ( Omp 8" t0 e q 'k lI IV for i f';I? btI~iof nr 'dnt ia l ln~mUi . ion5 .[JUE- to a s i g n i fi c a n ii increase i n ~ . 'o la . ti l i t y , rhe r isk rnanaqernent r efo rm s c ur rE n tl y in p la ce hab e e n Sl l l ' : ' : : i - 5 tes tM, h t),...e ve . , 11 0 d e f ~ L J I t o r od broker~ge- t lo 'J se ha s 1 b e n p lace as Y I 2 [ I ~h ec l ea r in g h o u se i l' ld ~ c .a . ti n q that o u r r i ~i !: r na na oe me n t re fo rm s h av e been successful ,

Oq r ing ' t h p y( l~ r ; !O O 7 0 8 , rll~ K S r I liroo a ( " 0 n 'l b i i1 ~ 1 " f (: l fl o f 51 fr~sh gl j=i~lJ~t lG' i ; : : ) j n d Ii~ I lpdpro fess . O ' I " , aI~ r h " o u g bout th e' orga rnzation. wr til a diverse sk i I I s e r and ~trm"g b s c kq r o u o d Int h e rm a nc i


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Th o , ':1 pr l ' lnn o f M r ln .; J. gl rl g P i , r-rtor KSF " .. : ;Vi~[o(" hillrm;1I1 IS .:Ii recog ni n on .o f KS f 'i irn porr~ 11("(1-In Sou th AS ian capi ta l markets.I .: -j _ h, , 0 ] ; 1Th . g. K S F j o i [ 'J t l y held; : l ! rotio I E . h ( ) V I J wl t n rh c CcntF.a1f)::-oOSilory Comp; ;J n )l ' ( CDC ) < " l ! " J d th o SQC\ lf l l1C')arid bela n g e C o r n r , I i ~ 5 !Urof Pa k i sU : ln 1 5 E ( P ) I n l .o nd oi ~ il f col lebrn [l1l;Jr~ v r! i lh FTSE Th e [ O . : i : Ushow p r oi ec r ed a pos: i r lw I f l 1 .Qg E' about Pakis t; ] n's C;}plt; ] l l 'J..Jrk("i;=; . Meet ing: : . wi tT . lnrerna renah l2 'u ' : : : I1E Iu I~d r fl d na g e o I' :: 'an d I t~S.l l l l !L londi n \ , l~S ' lO r : : .W r ~ a l so ! " \e l tiLoca l r oa d s ho w s w e re a ls o o rgan ized wrtn Th eme an d t he ~ E C P i n F a ls a la o a d a n d GU l ram v a lato pmmotf' f h ( ' { " , ij p l t, ; i rn;'lrkstsI v' _l 'I L 1 1 ) 1 _ . I , . , } I ITh e Kara-ch I S t o c k E : - :c h a n ge , I n c o ll a bora [10f"! w rt h L J l ~ lnstitute of Secur i t i es . Mi lna g e r ne n t an dR e s C t 1 r c h org; ]nlTt "d three t r .a ining m u r s , Q " ; airncd to inrrodutc the nasks of ihc c q u l r v markets[0 mvest o rs , u ad er s an d ,=mploy~! : . of the K5 E M!i::!m:r:II=r~. Tb l s inl ' l idtlve \N,B l l rs t Q FI[~im ! a.ndref ec t ed T h e r oc us of th e Ka i rachl srock E: xcha . ngeon impf 'O" . lm9 iT S c u st om e r e xp e ri en c e a ndb.'Qddif'l l i n q m v es ro r p a r! iUpa lJon IrIPakwta t l o : . ca P l il l m e r k el S.

I he K SE INi:l5 hos t to a r iurnber o f h I g II profi le digni ra ries ::IP"ld i s im r s d u n n g the ~ ' ea ,O E ' l ega .t JOmI rom Japa 11,Sa nglade"5h en d [ he U n it ed 5~ates o r Arnenc;3 1 1 . 3 ' i J e \'~s (ed ( lie K S E I n oarnc uli ir Jthe Arner icsn , ' ! ! ,mbassadCli . Consu l Gene ra l a I1 d a nu rnber of U.s . .Sena t o r s v is i t ed the KSE wne re' ( h E ' Y WL?rE ' i v c -n an r::N!fv l( lW or Pakmi ln 's economy en d m e G'!pl(al r n a i k e r s and m .e o[JpOtlunr('!e"Savai lable to lntematlon al mves tors .' - - U e : IiE T L ~ IN P r- :. . . . .= E SSt;_ - , rpu r") 1:,,;,(1('n a r.d _lemuT i3 I r !~It n [' t Ih i L _ ~Ch1ru eA'i ~r rho MC'mnr, l no L J n " I o n J n(1( : , r - ; rJP 'K 'Jg ' . : l 'X~I ,m-;don larn l ; ]TY 28 , I,oo? bC'IV!J0C'n S E e p . :1JmiK5 rOf d em o t u s l ih il i. lo n o f K SE t h e v a h 1 i H io r l o r t he K SE w a : ! > ca ~ l ed o u t by lli:!.. s c h e Bd nku n de r a f in a nc .a l a d vi so ry aqreernent e x ec u te d o n J a nL E a I) '212007.The- SEep InlTI~l ly c~(r i E 'C Iou t , [ J t" J " Il ? ndmE 'E l t "5 in ' t he 5ecw l I i es & - F ) : ( h' : i ng~ Orcfl l1!~ I' 'l(,", 1969tnrouoh F i nance Act, 20D5 by. inser t i ng .a ne w section 3 : 2Ewh i ch e r r p owe re d t h e ( . Dmm i ~: : ;' lo nt o a f ff ! c t rho process of' ccrporauzatlcn ;;! na. dornutuanza t io f1 I of rhe e xchanqes . HO 'W (' V f" r , a f t e rhd . . .Uig r ~I L tb a L h e ~ Id d Inendrnem d id n ot provide l hC' IeC lUI ~ te ria I ' T l eWO r - fo t , he e n l uep r o ce s s , a Stock E; ; : [ 'hang. f '~ (lmporatiz.;:mon Demu tu a lt :. a ti o n a n d Im e gr a ti C ln ) AcT , 2 .007wasp t o po s . . : ' d to b e p roll l ) lga . t8: i by tn e C O r ' l . . .ml~s . iOI I WhFCh w . } s subseque~ t ly 'ep la (ed tly t l1e: S t ac k b : c . ha n g e s ~ ( or p o I' a ti ll .l ti o n, D emU 'L u a l iz a li o n a n d I n rE q r .a ~ io n ) O r d i n a n e e , 2007 ' , the d raA :O T w h ( :1 1WC l I ' : ; : for 'woeci 10 all mGl '0}:(h.an-ges on A v g u S T 2,3. ,2007 1l " l ' d ra t~ S I oc k E . . . : . { h i 1 ! n g e s( Co rp o ra tl za " lo n , D e mu tu a !L m ti on a n d I n le g ra ~ 'i on J Q r dl fl an c e w a s a p p ro v ed u n J a nL a lY :n ,.2 fDS, h oI t h " f .e d Br .; l1 [ "o lb inM philP lhQ'n (" ;11 ("(.ilI:J Go~rnmcr l r of Mr MLlh~mmadmi.:l!n500rr'Jro_ HOW~V. e I , pl.;)lnulgation or [h e : : .aH] Ordlni:JnC'e gu t deldY'ed dl" l I j In th e n'' .an i J rr l L ; : ' , . ane'J 'J ly e~f.'cted Government ~ook i!s o.? : I thIn vi ' i : i lw ot T lw u [ ge nc y o t T h - e n" It I n e t . I; w a . s dKldi?d b y . = - 1 1hit' i]TlXk e~rhi !T ' lge ' i ~P , r . J 0: : .[ ( P' toae hieve thF: des I r ed oblec ti ves of Cor poratizaiJon a nd d er nu t. ua h za llo n t hw uq h p'rom ul~a t . lO f " Iof th~ Rule:=:. .n-: :kr ' i( ;' c tl on 32 f of tJ'\e 5ccur i~ a . n d , F , . ) l .- : . : Il . : m g e O r O i F ' l .! ) n c c 1%9, F o r t h i ~ pu rpose ,tj~E' ~d la . : : 'E' l lHJPl 32;: Wd !J . ( L l rl j '~ r d l uem il : :d i 'h ~ o ug h Fm am :. E 'Au 2COO ,prvvlI::l i l ly ' :ouH IC ler l lpO!/VefS to SE.ep I l le d I L rF rS t0 [ k &- : ; :hanges - (Corpo l ' l t i za 1'I0fl,Demu [lJal iZ il tm n ijn d I n te g r;]t;or"}R u r e > ~ , 2 0 0 8 ar 2 ' e-x p e c t e J u) C I } I r " J 1 ? I 11 m torce b y D e c .; :: rn.ber 2 ' 1 0 8 fo l lowl ng WHich ! 1 1 1 2 pro(e~so f c o rp o r at iz . at J o[ 1 . a n d d e l T l u{ u al i z .. a t. lD f 'l i l l c omm~ nc c .

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~fVI, =1fJ nr - R F -ORCTh e BOd . IU 0' Dlle(tor~ or rh e Exd "Ld , .ge cornpnSd o r 10 I W ~ lr lb e ,~ i lK l ud L r1 g [he Mal'ld 'QlrlgDirec tor , O u t [ ] fr he ~ e , 5 dnertors arE elected Fr oma r nonqs t membe rs o f t he b! . : ha : nge , whE' r.!J n o < ' - r r i p-mbr:ord I r e C 1 0 r o : : a n ? I"l 1 , ' 1 r ' l i i o a t e d oEIl"ld O f , h l i n t o o by ( 1 1 e SC" , I i T i l : ! 5 & Etcha r . g e Cflfnri ' l Is .'So t P a ki 5tan.11 '1e rm s o f Ar tk les of /\s~0(:l i3ti(]n o f 't he - b : (h .a ng a, f iv e d irecrors, M r Sht" n za d C ha rn d a MrD a . .. ..ood Jd n Muh.amr l l~L I Mi Mun.nl 'nrndlc l Sho,b Me l n o n , M t M u nlt ~ Ladl ' \ d d n e t M tMuhammad S oh e il D . ay a la ' l' l' e re e l ec t e d for t he c ale nd ar y ea r 1008 . j im i la,ny, v A M J nom i nee{ I~rec tor~, Mr Sh2l l l k i J1T[L f Ii i ln d M r. MulMmmad Aliuddln Ansari, w n o w ere already on theBoa rd , WE ' re re-norrunated b" i SEep f or t he y ea r . ~OO& ~ n s dd iu on M r O s ma n A ~q na , K ha onaM, Kilmf.[ln Y MI!7a W(' IF(1. nom n a t r- d . h y . : ;E[ P to ro ))1aco Mr A ~ [ .I d l J ma r .:I nd Mr Ta r q Kt rmarespecuvely Mr Shaukst Tar in, WhQWd~ previously t h e C h a ir m a n o'ihe Boord, Wtb re-electas C ha i rrnan for t he y e. ar 2008_Ir" Novef ! " l~ ' )er 2007, MI Ad fli:! n Afridl . wit h ' rl " te i ! pp i 'O \ .' u l o f SEep, was a p p oi nt ed a 'S 't tiP ne wMar ; .ag i ng D i r~dO ' l ' of the Exehange. . .Ear l i e r, t h rs pnslbnn Wa 5 ternporarlly held by M r Mu.hammYilcooh M-rm{Jn, d u f to rhc p r , : , ; : m a t ur I? r~t I r f 'm~m .o r M I,M A - I 00 i l ', [ r .C" PflZ''I'i[]1JS M,wl"l i lgl l1D l rec\O l of the Exthang_1J1 F e b ru a r ) ' 2 00 8, M r _ S f 'l a uk a l r .a r i11 r es ig n ed f ro m the Board end Mr Ka m ran y, M i r z :a was ;~LE'ded as, l h ' C h ri !l rr na n o f the Bo a r e i I I f\ ' 1" I 1f :.Ia(e 5 1 ~b5 equen t W rhe fi F i o J J r ' l C i a l yeal eo d onSepcember l l. 2 0 0 8 , t he SEep has .nom l nesed / eopo t n t ed M o L Kr .a l id Ahmed 5 h er l' V an l o n tBO. 3 l r d in p l tl c e o r Mr , Sh; :1L lkarTt lnr ,11 lE' K ' S ' EBJJ~rJ ( O nS i S t5 o f e :. :per ie l ' l( l :?U an d 5i.KC-5Sr u I pi 0'1 e s s i o n a l s Wl l h d l ve rs l . :I bad (g rou"he nor-member di rec tors have a p r ov e n t ra c k record of r un n in g m a ;o r mstitutions, whi lememb er d ir ec ro rs h aw a d e- ep unde~(iJndlng 01 ' the w(Hk1ng o r ( he E x c ha n ge an d '(hl:' loceq : _ d r y ma r '(et_The Board records its apprec ia tl on of t he contr ibut ion made b. . . .he .Q\J tS loin.gd lrertors,As PI.: ' I Art i c lE ' ' ] .o f A 5 ~ ~y la tl on o f th . f>[: . :cl" l[lng~ , rhe lX ' J a . r d o r Di r=rtors Is rnnstl rute"d Fo r P~(calendar Vilr. Dur lnq (he flnancial year e nd ed J un e 30 , : : W O S , 15 Board r nee t lnq s (11 no rma& 0, l . , " 'mC"rg~n' i ' )WDre hl! ' ld.ln which di roc tors ' ; lrtf)ncl::mcl? W~~ as Fo l t ows :

Jul:,-Oo.:!c(!r' I"Ib;; ,'r007M I . , ; tl d U ~.:l~T . : n " - " 9 9MI . Muhi'lmm~]dyr'!~oobMe-n ldn f . :, 6i ; l lr ,Ad[1an . ! ; fr l . : :h 3 'JMr , Muha rnm(1d Al iu,d: j i n ;6 , [ 15ar i Q 7Mr ,S IK . 1v . : I ~r E~lTIallBag; ; .sR lwa1r , . 9 9M r . 5 . h h za d C h am dL a , 9 9~l,1. Ta r iq Ki rmanl 9 ~0Mr .Mu l ' l 2 lmmad 5 1 r o ib M~n lO . fl 9 8WI I .Daw08d _ I~n Muha l i l lm i Jd 9 9IVI. A~ c l t . : l U r i , , : } i '} 6Hi:l j i t Jh ' : l n i Haji U:'rlIrJrl ';I 8


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~ud;r p r O C II ? Ii 'i ., ' 11 h il o I h I - ' C " " h i i ? fF i n.:ln c - i J l I Of f iCO(! I I ~ [ ! i i spoml b 'p . lo r t n l? .l(C:U;"aq o - H i n . 1 l ' r i ; J llnformetlnn i nd ud Ed in th e! nancia l reports, U'l,-f-Cornrnlnee prov ld e s t he B o a rd w i th add t ioa S S l J r a n e e .

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.' KC'Yoperetrnq and An an o s I dam of ast e: . years h a s. b e e n Inc Iuded In th IS .annuel repor t .lll 'T IR~W i t ' s F o rd R I K .d e s ' S l d a . r Hyder &: Co " Cl1a l l ' recl ~,rCOtlmall{5 hav rompleted lhelr a~s!gnmen~ami f f 'r i r' ( 'd I 3 ( ol n g ~ I g llle, rhov h l . iv '@.offf'f~d r r l l ?m~~s for t~~ ppo inrrncnt Th.,~~{'llT Commi~recommends: the reappointment of Mis ford R h c de s S 1c I atHyder & Co..Chartered AC.C:{lUIV.antse s a ud i t or s rOI the fl i anos I yea r endi n g on .h ne 3D , 2 0 ; )9_

K r I U tOU ~J( IDe" : 'PJ t e the current po l i neal '5[f'n.1r10 a nd m aj m [hi] If'nge'-, belnq faced by the- econr my wh chenable on l y ' a. moderate qrowtn rat~, KSI:.remains corfideru of .a r e a sonab l ysa ns f a c t o r ypetrOl manceunder the Luc u nI~ianee'S.FOI ll'e rh:!xl ydt lhe : slowdown In KGIlOiTlIC d-nlvily '6 expected [0 J l : : " f _ H e S ~ t rdd lng volumes~trd rhE'F(>f{ lre e : duC IC l K : 5 - E ' c ; Cf l i t= ' 1 I? . . . 1 l ue~ 1 1 1 3 W V 8 ' I ' , KS [ e :o :pE 'ns rI?. . . . .n ueo; f . " o m nlhi?1 SNl f f ' P o : .to p; 3 rT ia .l l y make IJ p for 1hls drop in [ore revenues. Th e es tabhsh rnent of 13 Busmess D~F.IDpmE'mlndMarketlnQ Departrnent and the 1reasury DeDafl;:m~mwith n hnance i'lexpecred to reducet he so . . .. .rse e iTee l o f l h I : :' r .d ll m c o re r ev e n u e s 011over all prof ta bl l lWA d d lt lu n a l, }" w l tl 1 the (QfporaL i iaL ion a 1 - t { jD>11WLUdlilaU~l process ur ldE!rway , th e K SE e x p e ( l ' s ,I'1IM rhe i j l [ rod~JCTlon of a i:iH~TPgh:::nl,r~Wf y . , ! l 1 1 fa'i{ t r a c k t { 1 , E ' nnocurtlon of r-. w prudurts torne market

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staodards as appl l cab E' in Pakistan. and . ' ; : l1 'P- t he n ro rm a nc n recuired b . . .the (ompar l leOrdini 'ir ' lr", 1 9 84 , i n r hE " m~nnl?Fso r~t.II~pd an d r r . ~pC?C1" iv , p l " ,h .: e ~ 11U~:me t falr v l rwof the state ofthe cornp[H ' I y "5 affarrs a s G ~30 Ju ne lQD8 end o r t he i nc ome and u s c af l o \ N " ' ! i f o - r t h e y e a r 't h em f'r'ldea; . r . r f l d

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H~ I~OMP.D,~U I ' l f < D IT S n ffl!ITnNST h e K . d! r c. .h l S L a L k E . ' " i C hC l i n g E (G Ud I a nlee) U mhed H 1e (o l l ' l~n-y ) Wi: : I : : ' lncorporated under lh eC o rn p i: ln h ? r. A c t , 1 ' 91 . 3 (now {_Qmp; ; I n ies Ord inance, 1 9 . 9 , 4 1 ] o n M a ro [h I O, 1 94 9 as. 21 Camp~Il'j"l I f r"lI l!?(1 by Gu a ltH 1leeTIle C o m p a n y IS .ertgdgeJ ill "Cunduc lmg; ri: : --guldLIr1g en d (o'1[rollh)g th e trade or bLJ - : . h ) J : : : ' ~ ~0b u y. ng ~ E I il 1g a n d d e a ii n qs i n s h a re s , scr'ps, PJl r t iC : lpa t i : an rerm certflcates, rnodaratia cer r f l ca tes,' S J ; : o d s , bonds , deben t ures stock g o w - m r n e m p a ce r s, l oo n 5 ; r ind .J . inyorher I n~ lTu ln l?nt s , an dS K L I ri ti e 5 o f l ike nature i nc lud l r . q , but no t llrnlted t o. ! ip e ci al n a ti on a l f un d b o nd s , b E '. ar ef m ti o- n alhm d bonds, 'h ; J I L? lgn e ) ; " c h t m g ~ OO~F-e - rcn;II)( .3Ice'5 t l '1d d ocumonrs or s lm l l, 1 !' n . i )L ~ I H? ,so; "i rd bythe G o v er n m en t o fP d kJ ~ ta n or . any other a gE 'n cy a ut ho r s ed by the G ove rn me nt o f Pak ls t anTh E reg l : i t e r 'K I OmCE of th e Company 1 5 S " . jt U d ! L 0 2 d . a t S t o c k bc.hange B u il di n g. S t oc k E;.;chang~R o a d . l !55E"t~ ~F" l rJ t n ~ r " , Im i l~ r rartorsr . . 'l a m r e n a J 1 c ' an d r E ' p , ;H r S a l E ' { h . [ .! ~ g e d to I r t - C O r f l as an d w h en I n C Uf i E 'U , Major r - e - i ' l i ; ? l , ;an d Improvemen t 'S er e capl~iltls ....." 'CI nd th e B55et5 so replaced i f -a n y , a rE ' ret i red. Ga lns .al os s e s o n r1 i ~ pOS01of .as.! i~1~, If ~i l1y,ll rl' I r l c uocd 11 1 in( : cm lL-A n i re m o f J 1 (Q P E 'r 1 ya n d I ?( lu ln m e nt l 'i d (1 i "8 'c o gn i ~d u p on f l~ ~ [' jC ' ia l o r w h i: ln n o f ~J t lj ree c o nom i c neneflts a rc e xp ec te d [ ro m rts us e O r db p o~ A ny gain o r IQ ~ ar iS ing 011de re c oq ru non o r t he a ss et (calcula.ted as . T h e dfference b etw ee n th e n et d i$ P0 ~~ 1p r oc E!e d ~ a nd th ~ CdIryl ny an H}UfI i or t l " \ E ! d~5e1 ) I ~ I n . c lUcPE' i J In th~ I n c () m ~ ~ r d 'L E ! m ei n t n E' yE'.J ' I " t h E ' l J s s e ~ i s d E ' re c a g n i z ed .l ~ ( ~ rn .J .1 ' I 1Q r~ - in -:)r ~g r.~-:-"u pi ta I w or k- if 'r ~r og r E' SS S s ta te d a t CO!;l;_ ~ t [ons i5 . t s a F e A p E 'n d lt u r e i n c u rr ed a n d a d va n cmade In ~e :r pe C I o t t a r ig I bl ~ an d I l l iA l f " " I.Q lb le ass ! [s ,rl th e (OU r S '01 t he i r tOI"'lSl i l l(fIOJ1 ai ns . t a l la tmn.


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ilr\d IS n o t ' . 7 J r 'n o l 1 ' ls e d M t E ' 1 ~ P D l r ( a . t l o n {Il I l le' e qu it y m - er ho tl , t he COr'npnf' i ' r ' d~tt ' rmii \Psw h et he r i t i s n e c es s .a ry to r ff ag ni s~ a ny a dd it io na l i mp ai rm e nt loss with respect to thO: : ! !1 !p~lnVs n e t I n "' ~ $ rm e n ( In t h e - a ssO( i~ (" . Ti le incotnt? sta tornsnt r e f l e c t s rho ~h~r[lt h e r ' =5 u r t~ ofoperauons of the associate Whe re there ha~been a chanqe I ' l : 'cogn isedd Jr f ' :Cdy i r. t hi? eqlr.lt~ of rh c assoc lare ,It',pComp imy recogn i s e s I n ~har f ' of ~n y chanq1: Ind t J I ~L loses ,h lS w he il n pp ll(o ble , In the s t a~ .r n e rJ . 1 o f rhan.ges Ir I e q . u l[ yF I r ldm:' ld l s ta te rn e n r s o r t he a s so o s [ I :~5. or 1he yCi r e n d e d Ju ne 30, . ;: 0 06 1 1 d :; ; e bee n u s eI n a p p :. "1n g t he e q u i t' y m e th o d A s s rx la re s ' accourmnq p o li ci es c o nf or m ' to t ho s e- Ll s edI I ' ~ Co rn p a fW Fo r li ke n s n s a cr lo n s dn d f:'vents I n s l m l fr 'J l ci if.umstdnc t '~

" i J " l . e - s E ' r e s ta t ed . a ; : cost less a(cumur i lH:d i !m o rC I: x m on , A m O nl S 8 l1 0n is ch s IJed 1 0 r nc o m eus ing [he stratqht-hne rr-ethcd atthe ra t e dlsclosed n note 5 co t h e f rn a n c la l statementsAmm t is . at i' IJ n o n addino IlS is c na rg ed F or t he fu IImon th n wh ich an as set 'IS pu t to us ean d on de le t io n s up to th-e-month I ll m e di ~ te l y p r l. ? c -e d ln g l fl e del enonG a l f ' l c 01 '" l o s ~ e , ; : OF I d ispo~1 01 ' i(C' tang~bh?asset s, If a r . y , a.r~ Ii K l u d e d ' In 1 1 1 Ci Jn le r u f l"Pl1t f : r-J IIVI~~lf1Ilmlpro~~I1 . - . .. ! E s t r r l l e I " I { wnp~iTy, r e p f e : : ' e ' n T l I ' l G ~ tn...n o r n o n o f b ul h l in gs le I o u r o n ren t 1 ' ; : S i : d [ - l i ' t . : l a rcost, deterrrined on th e basis 0: area [squere f-e~~ rented ou t , less accumulated deprerlenonjJfld lmpelrmsnt, If , e m y .IJe P ' l?r : : f l " lT lonj~ r l . . .a rgrd T O In come ~ . D pl yl ji fg i ll - rodeo ng l ) o 3 I l o 3 I n ( ( ?mf'"lhod illi: r n c r r r r~!:ipEClnHlln note 6 to t he n n a r. cm l statements. Dep r eoa uon on sddiuons r sch a r qed fo rthe ful month in which an asset isput ', {J use an d o n d el et io ns u p to the I l 'rOn r h immed i ; HC 'l ypi t ' cedi ng the dele lion.M . : r Inte-nd ne e a nd n or m al r ep a h ~ dire c hd rg 00 to ( 1 1 e IT~c .omeen d E:o . j : )1 : ' 11dhu re iK .lQ Ui H a. ~an.d when incurred. N L : i , D r renewals and lmproverrerrrs are c.apitali~ end lil aS5r~1 sor ep la c ~d , 1 1:!'r'lY,are ""1?(I(eQG alm o r l o sse s on { i [ : : . pos .a l ot lrwestment p ro pH ty , I IC i l n y are ~n[luded In mcorne Ct!tr'f'Ith'~ : :. I IV I . I II nc,

These d r e ~ ! l: .( l gr rIlf'{] d n d c a Ir led, dl 0[19i"ldllrwolcl? am o u rn l es s d na I IOWdne e Fer allYu n c o ll e cc b le a m ou n ts . A n e s ti m a te fm d o J bt Cl Jl d eb ts is m ad e w he n c .o l1E ' [ t ion of th eamount ' .5 no l ongE ' r nr 'obab le - B-ad debts i1'~WI ltten off wl~E 'n 1{ l e .. . .U f 6 ' (1T hE 's e a r e 5L a te d en (051.~ I I ~- j 11 d . i('11. I I , I L l h. n _( a s l l In I ~d lnd iJi!.d at ba I'lks. a re c ar i e d a t c o s t Fo p [he I J I J reese 01 C i i : ; 1 1 ' f lOw S I t ! t e roen tc a sh a n d cesh equ iva lent s cons.st of c as h in h an d a nd at bank a n d s h or t t e rm i n ve s tm e nthat rll'"t? h 9 hl y 11 quld In n ; : r t u f . f > an d i 1 r i J oH ? i 1 o i Iy convert ible I nw kno ..... a r n o l J nrs ot G l swhlch ar e sub ject t o I ns iQni f i cant rlsks of c ha ng es In v al ue .

T I l l : : ' rner kl'!Je rn ~ n t o f r h e [ o m Od r1)l ( . l J : : ' t errnl I1e~ T h e a r . > p r Op r i O i t e Cld5Sl t k21t lOn o r usi nves tments at t he l im e of purchase nr lncrease in h o ld tn q a n d c lass i f ies I reclassf f l es itsln vsstn i e n t as. ' i1. lbsidiar I ( : I S , .as5ociate-~ . 3 n d j04 IH V i ;? n t w e s , at fai I v a l u e througll pm ft or losea c co un t, h e ld to maturltv an d ava leblefcr sa le .Al l l nv e st rn e re s a re mtua I y r E co g n l S e d at c os t. b el n g t ne f a ll v a l u e D f th e c an sideranong . ..en 1i'i,1 u d l J ' \ 9 Tr.:rnsacr lon (ac ; t ' ; i i " 'soC"'t j ted w~th thGi I n . . .~c;tmeme> : ( l?p t tn rh o C3I'ie o "flnvestrnems dt f a] ! va lue throuqh pront 0'1 I OS 5account where trenssctlon Co.5~ are u"\Bf~edto p r o fi t a n d loss a c c o u n t wn e-n incurrcd .J'wr~jI.ib -f J .0 ; , 1 1 1 1 ' I ' fM 11-

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30/42

r J IL n ~dD(' fer I rd TtlJ( IS.~("(Ogf'lI7Grj, us i ng T h e - IliLhlllt)' r no t hod , on l!II mrlj0r T l? iT ,p :1 r i l f } ' d IlTrfL?n(l2~.[It t h e b s la n c e sheet dai i:' bt ' t~~n thE' lax hdS or a>5~~ I : : ! nd Ilat..; .i fi 'IIe-~and , he r carrying;:I mounts for fi nand t d at each balance 5 J r e e ' t d C i l T E 'an d r educed to t r : E : ex ten t tha t i t i s r . O ' l ong e f pmhah l e that su rnOEn l taxable profit wi'l~ ~ "' ,l na b e! ' TO a ll O 'W F Il l O f p an : o f ~ 1 1! ?e t . p r r W i i" ' lc()n"l~ t~: . : a ss et t o be I . J t i l l 7 . l ? d

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cu rrency are translated usir-o the exchanqe ra tes a t the date when l T IE ' rD~ r . . .. .lue wadcrerrn Irle - c J1 J I rlllrill 1 , ' 1 III I n II I ~ ~

, 1 \ 1 f rhe n nafKl~ l .as~olSin d t lnanc" , ll i i lb l l l (lC 's are l ! ? C o g nlsw er ( h E" n m E " when ' [ h e Com pHb ec om es a par ty to the contractual pro.. . .slons of the l n st ru m en t, A . l1 the ~Inam:lal asseare dC'r""ogn ised L : l 1 ' .h o : ' rime' w h ~ 1 l th e Com p a n y Insf'';'rcnrrol of the CO P 't r iI C iI ua l r ighih a l c o rn p ns e ihe n, ar Iddl as se ts A l l n n l : : !nna l l i d b ll l L I e< : : ol e derec: .Uhl f ' l I : : kd ac the [ I I f i e whthey areexrlnqu ished 1hat is,'....h-E-nhe obl;ga~ion spec f ed inthe contrao isdischargr: :a.ncelted,01 e . ) { p i 1 e s . A f l y g .a rn s o r o ss es on derecognlflon o[ t~ 1 '1 r l i 1 f 'oa l a s s e t s an dnnanciaillabili'ies are taken to income and expenditure account currentlyA.II reqular w ay p u rc h as e s o f fi na n ci al a ss e ts are recoqnlsed on a settlement da te r.e. td a t " . 2 ' the C o m p a . n y ~E ' ( t ?1 v es t h - e - f i n a f K l a l a ss et A ll f l? -g olar w ay s a . l E ' s o f A n a [ ' l e la I assetsrecoqruzed on r he s et t. er ne rn d at e i .e . t o e d at e the es s e t is d E I f '! . 'e r ed to the counter parR( " .gv . I~ rWily p ur ch as es o r . ; : , . a l e - ! i of A n t i nr ill ~ s ~ ~t 'i t n at r t ; ! 1 l 1 . J 1 1 ' f ' d t : I IVC ' f ) ' cl i" ! .5~~T~ wi th int lr n e g e fl E 'r di ll y E 5 - L dD h sied by r e gu l dU O - h O r c n rw e n ti o n th e 11 d 'r ke t p d C~. 3 _ ~ l If etur : ollillclr)(1 I J~5 I ,r1 1111 . : .1 : [ 1..1 I II I I ll tl .

~Cornp~r.}' o p e r . : r t 1 2 5 a nJnaea gl~ll l ty s (~ e '(I -e ~n ec Jbe!nptk p J i l n l for ill us permi=lf"e1'ltemployees ,...ho e tts n the minimum qualification pencd for entitlement to gri3tuityProv i s io n i i i l"IliIdf' an nll;)tly, 1'0CO'lff'F 00 lig~riQns unde r ' the s cheme , by W"'Y o f ; ]Chi :ug( 'to pro ~t a 1 1 0 IO~ S aCCry rn , Cd h : : t J l d i l e d WIi : lCWru: .an : : :e .w . t h L h E 'a c tu s r ia l v al Lld B u r I T he mo s trecent 'IilluatNJ'l in this; r eg ar d w as c a r ri ed out 1 ; 1 . 5 at J U l i E ' 30 2008 , US I r.g 'th e IJ rojsctedUn lL (r(ill M eth od F Ui Vd- lua t lQr I of r he ! : ;l hemej lb A.1lI Iid l q 1I11~ II iO : J . ; : : i .At. lU ilIla l g l : : ! I r I~ di"qj l os s e s a r e 1 ' I: c O Q n l .: . ed dS I ncome D r e : .: ; p el is - e wb en i l i e ( I . J rI I u l i l 1 1v eunrecogn ized actuarial gaLnsor losses for each in d l o T ' d ua l p~a...exceeds ' ~O% of the h~gheroHa) t il e d ef J O 'd 1 Y . ? I , e h r o b h l , J . 3 l t l o n i111(1b)lhe f aiI~'a \ } i ; ? o f p ia ! I a s se ts T I ' i e - S E 'galll:) orl os s e s a r e r e co g n iZ E d over eh e expected aVE'rage remsmlno WD rk ln q 1 \; '2 5cf the ernp roveesperrlc I p m l i lg in tho('pl;Jfi

A n f ~ a nC jd I a ss et a n d d f l n an ua l li sb i Ii L y is. Drr~[ d nd tn e ne t amoun t I . : . repo - r t ee l in theba l a nce ! i f 1 : ~ r If tho Company ha s J egall~r en f o r c ea b l e righ~'to set-off the r e coqn l s edernouo ts and r111 l .~11dslt l,er to ~e[L1E 'on a : ne r bd~IS01 to redli: ie t il e a ss e t and ~~I_Ut' hha bLit ty stmuiraneou sly.

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2(11,1I " I I ? (om p.:tny a rcoun ts for 't l "i e s b e n .e t iT s i n the p t ' doc l i f '! wh I[ h the a I:J} rt('~s tl E' e-~rl 'l l?dAtcrusl is made {or emp lo v e e s c o r n c er e at e d a bser -ces 'OF I [ h e b as is of ao c u mula te d leavesa n r i the l as r d r aw n PiJV,~I ~ In"lrdII I 1 nT hQ { 'a rr y n 9 i;lmouflt'i of a s se t . .arc 1B,.. ~ _ ; , w M a t G'~cll b t : ll ; :m ce . ; ,heD i d a~ .0 r : k t ( l r m i f ' e 'whether there Is any md lca t ion or lrnostrment o r C I [1 . y~5 .St ' t O f a g r ou 0or a~set~.If arty suchi ~ d JC i l l i o o e~~ts.he recoverable amo un t of r j ;( jT asset IS esnrnated a nd I III pa Irmo ! : ! f 'l t l o s sesa re Iew g n-!ieJ in the i J ro~ la[1d Im~ .d({oun lj. 11 J RL l e ! . lt'J r lr I, I ; 1 \ 'x l u: ~Ttansac t lons bE ' t ~~ r en ihe COr 'npcny an d ~ ~~ la 1e u [ Jd lr Ub e re ( ar li ed ou t Or ) en er rn 'slenq th ha s is I hese prices are deterrn iFlOOn accords neewith th E' method sprescribed n~11eompa l l ie-5 Ordln~n(e,, g.&: : I

T I1 e f l n.C i nc i a S la tl 2r T' em s a ie p re -5 en le d I II P a4 J lu ~. wh ch 5 [ile Company'sfunctional a n d p r es en ta t io n cunencv. Foreign currency transactions during the v car arer ec o rd e d a t t il e e x c h an g e r a l E ' S a[ }prO: ' : lm~nng t h o s e r u l I n g on rh e oale a~Ihe ( r a n s a C l I o nMoneta'}' .assetsand IabilinE'Sin foreign currencies a.retram ated atthe rates of e~c.hal"'lgewh rh ilp prm i m a[c thQ~ r rN ri i ri ng o n [ Il e' o ol .i Jn rl ' ' i h oP ' t !;I i ' lT( " ,G .1 in'i i i l no Im')r ' ' i 0ntr8n!l.~i::ItiQilroEakE'n Lo IlilOme (_ urremly NOfl-nlonetdJ')' I ~e m i 1 h~ H [ 1 r ,E ! ! 1 n e a 3 I J l e- d In telmsof his.toric.jl cost In L:I foreign G.Hfency JT e t'fan5lared using th.f-e:.:ch3inger.ltes as.a~ Ih~

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b ele nc es n c he Em ployes' G ra t u i t v F u od , T h e se are recoverable i nman t . h l v in sraIImeCVr : 'r . :l p en o d r . a n - g n g I ) I wG " en 2 i l r xl 6 0 .0 [) 7; ' } a n d 6} Y I ? C ! ' s . nd ~F e . n t s r e s t t re@, Thel o an s . h ev e no t been d iscounted to their present va~ue as 11Is .impracticable to do ~O _

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memb@rs h Ip ~md o f f lc e s o t th e (?}: r n e r n o e r wh len y . . , a s .gran t ed , Pe-nd i n g . : -fi.....iJ decisionInthl~ m e tt er . n o provisicn ha s been made by [he Company f or a n y l ia b iI i ly ihC l i t rnav ar sees ; ; ' I . 1 I : 5 u l t of t h I ) I ; ]w~u I~." " '_ ' ~ ! -' I n, ' : : ! x-m~mbNf i lad , i : l 12I......ult ( 'Juring r 11!Y& ended l ime 30, : : : -000aqainsr T11- r . -Company, Cemte.1 Dep: : : !S . I \ l J fY[ampa rl~ c I td th e S e . ; : : u II t ie s a l id E : o :c l ia n g .e ( ( ) l 1 l m l ~ s . o " l o rP a k is t an t S E .C P ) , I n t he Honorable H ig h U : : i L J r r o f .5 1 ndh, for cancelllnq hi s rnern bershlp an ddelld tI 1 ' ' I e ) III m ~~ d d e f d ul t H E " flU Ihl i (1[1k n E ' u d a rn3.~h:5of R ~ . 3 0 0 Q O O T R s , . 3 0 0 ) mi l l ionf rom e ac h T he -( am p .l .n y h ad d ec la re -d h im a s a d e fa ul te r t n sccordence w i th t rs r e g ul a ti !J " 1 5. :! ISt ' he sa idmember h~ n o t m~ {: Ie nC l ymE " n~5 t o s e t t le I " l is l i . ( ! lb l l ' t y to th e CompJi I ' IY "or ~h ere i la . ) ' dea nnq dues a n d e xp os ur e a nd l o sses , . a g g regat lng to fi ').351...392 (2OD7. RsJ51 . . .392)rndhon, A s ur n a t R s. ~Oi .BB2 poor R s. .30) 8 8 J } m i ll io n [ inc lud ing ro([ 'h/~bler; ~m()L.nTlns.1to i f t ' 5 , 6 . 5 / f j f2007; R5 6"~i '4hnl l l r( ln s h own under o the r rece l vsb les l WdS ~vb5equenL y1IE'~li2'ed.by the C-ompany f ro m tn e s al e o f rhe ;: ;SSE!;5 of t he ex -member an d the Compan.ysqua l ~d up l ' I ~ p O S It ion by pay i ng R s A 1 3 . 5 0 9 { 200 I - R~ , .18509 ) rnl l l ion r rom t he C le a un gHouse P rotect-on hJ n d , w h i ch .s s t il l d u e from hi m Ih e ex -member ha d also nled iI(Ofl ,5l1t~lt lofi tal p e n Il o n ! 3 ga l rl S 1 t 11 : " Co m p. : . ny , a l l l?g l i1g (e lla In I eCf l l l t ca l dev iat 10115 .O il PJ !1of the CC impany frnrn t h e E ' ~ ls l ll n g rules an d requtsnons w hlc o w as later wi thdrawn byt he d e fr m lr in g r ns r nb r r A $. p n r t he I ~a l 2 Id vl ~o r of ~ I 1G Cornua ny, t h - e Q\} (71 F.;l I I r < ' s i l i o n(;lU l e Co r np i :ln:,- seems l0 be sound an d the CClltlpflny ha::. di r . a H 1 y g-ocd u " 2 f e h t . . e . n t hesaid ~JW5u i t . . .A c c or d fn g ly , n o p r o- vi si on has bee n made by the Company i n t he financials ~ , [ I l t ' r r ' J e n T S 10 r a n y h .a b i h ty mat I ndY drrse. ss a 11?5 t d ' lo j th I '] .lawsuIt (I lotI' 14 ..1),,r,p, 1und r fl il n. a~ rm el ') t a 11d Investm e m Co n ! I : ; a n v -lied a I n ~ ' \ , I S I J I t i I) L h l : ? H O J ' o r . a b l e I -I lg 11Cou r t of S i n d h : a ga i fl !i t t h e a b o v e- r ef e rr e d e x -m em b e r . OjC, SI:.C" and the Com pa rlY dur ingttl e yea r e~d ed Jl ! ne 30 r , 2 0 0 0 , T h e fu r .d ' Y l a nag eme il'~~n d i r , \ I S n Y ' l E H ' ! I CQmPE l ily ( T h E 'p et iti on er ), c ur re nt ly ~ In g represented by a n o {l io a ll lq u i da to r as t h e p e t it io n e r na s slnreg on (' l nro I j q L ll d ~ t IL ) n , ; - ]1 I r o g ( ;! dha t the C(lmr~f l : r ' harl l , lnl~wf1..I l ly ~ k o Q ' l ' l rhr- df '~ iv ( ' ly ofshares fo r w h ic h Ihe p eu uo ne r ha d e n t er ed m to L on lrs cts fo r p ue tOd . : .E W Ah t he r= x-membe r , discussed a o o 'J { !' _ I n .: = petitioner c ta jmed d ~ l a r ;] t to P 1 . i n j u n c t io n an d de l lVery ofme u l~de l l " "~ red sh s res a l ): d u .a m a :g e 3 o r R s . 5 0 l ) , Q U [2007. f f s . s O Q , Q m n~ l l Il o r " l , ~ ( (O l d I 1 1 g toth e le ga l a dv ls or o f th e LompilJ1y, th e C Q mp an y h as a v ery g oo d defence and h e s ee s nne" POS l ! iI;!'to the- (o mp a n ~ F or r hi 5 r F . ! t I 50n , n o prov is ion has b e - i ? 1 " ' I f ' f J . a c f eo t.l)! [' I~pCom piJfl,i n t he f in a n ci al s ta te m en ts f ar a i n y l i .a b i J It v t ha t r na v a ri se a s a re su It o r rhis la . . . . .u lt 1 ("m et~ Jk1.; , I n ~dd l t lO 'n 'to r h . . .. . .~wstllts.. .~5 r l lsdQs~d ; : ' I o o v r 1 ' I VC \ . 1 0 0 7 - f ! V I J ' ~ I j 1 I \N su i t ! ) . In pr i -o r ~~f'Ii,I n v iJ ' lv m g t h e abovE-refer red ~ k m em L er : :. ' : :: le f du [ ,. w e re f il e d by W i r F ~ i\ hd r A , li m ~d S h i: 1! l,M i a n N i . a rE t a h i , S h ; r f i C h em iG : 1 l l l' l d u s t~ i e ~ ~mond I n d u~ tr l e ~ l I m i tE ' d ami M . M u h J m m ;].dAli. ag~lnst 5eve~alo11,e;defe1Klanb ol,d L l1eComp.any II' the Ho n or a bl e H i g h Coull of~ I n dh f or [ he r eo .1 v E 'r y. of d a ma g es of R s . 5 ,6 0 6 .6 1 2 ( 2 00 7 : R! ':_5.6C6....611mJ I I ron, " ! i . . 28 . 4 4 0{ 2 0 0r R ~ -4 2 8 4 40 ) [ , f l l l l1ou, R S , < 1 9 77 { 2 0 07 ' R s i i9 7 7 7) fl~llliot'li,~5 . . 7 4 1 0 2 - 6 Q . O O ( . R s 7 < : .1 0 2 6 )m il li on a n d Rs... l .3.419 (2aa1 Rs.]3.419~ m l li o n , r e s pe c ;: iv c - Iy , for dE c l a . ra t i o n , I n jw lc t i a nr l ? r o v e , ' ' r ' of s .hare " i , d. , :lnl, ::rg !?~ ~ nd ( o m p~ '" ' . i~ f i (m , T hp I Q 9 ; : J l ari. . . . . . .; : - ; r of ' t h l? Com r= -~ I 'l 'Ic : : amide-r5 t h . i l t above' m e mi on ed l aw su it :] . .. .. .u ld b e dec fO ed I n . f. a v- o u r o f t h e C om p a n v ,Honce, no pl"O\'i~POn h ~~ b ee n m il d! :' i n th e n nanc la l ~ l ; :: r te r ne n t s f o r .my I ia.olilries. T h a t m~ydll'le a .S d r r : '~ u l ' i 01 t h E "~ e I d I ' V ' S U11~n O L e 1 '1 . . : 1 ) . ) D ur ir '1 y l hE ' (_Urrcrll yei lr, l h e I s l3 r l' 1 a bd d 5 l0e ' . Exchange {Gu::arClI" ' l te'} L l m lt e -d ~ l e d iJ

c om p i fl Ln t w ith l h e tomp et it io n C om m i! i~ io n o f P a k i ' S t a n . ag a i n' !; ~ th e C o m p an y a ~ le g i n gdbu5' ot 115 o 'ommam fXJ s i tl o n In s e c u lr t lE ' 5 . m a . lk e t i n c o : n n a V > e f ll io n o f )e ( tl o~ 30ttt-.eCompe l l t lon O rd nancE ' , 200/. T h e ( om I "" lI 5 .S t .o ll 3f tE ' Fg iv i n g d u e c o ns id e ra ti on . I ss u ed a

b u t r e s rr e m e d R f r om ; p a s~ l f' lg a n y ' i n a l o r d e r , Th e Islamabad 5 1 0 C k &change f i l ed two~epi l l ' l I t E ' OiJ l l petH l ons f{lr lea... . 'to .appe-.al ~g.a lns t orcers {If rhe II Ot lO f [11)1 oI" 'I lgh ( o w nSindh In the Supreme C o ur t. ui P a k i~ la n , A s pe r the lega l advisor o r th e C om pa ny . th eCompany h a s a r e a so n a b le case I n r e s p ec t of the awe : Hence, n o p ro vis io n fo r a ny1 1 2 i b l l i~1wh IC h mily ar !se- i! rh IS r egar d h~s . been rni; ldL? Irr lnp t lnilr1{~iJI ' i t aT l i " rn l?n t " < ; o f HCornpeny .- - - I n ad d l rion 1'0 Th e . : I j1jW s u lr s d i srloscd above, c e rm i i' l orhar l aw S < lJ is I l~ ' If ' b o e n f led l 'J d i n s t t h e COI '1par . y T h e 5 E ' c o mp n se ( a) I OU I { iOO l TH IE 'E ' } law ~uHS.mvo l . . .. .l)g dn aggregas um of R ~ _ 4 iJ . .o 2 a (2 0 0 7: 1 1 .3 14 ) m i li on , a n d (b) E ' igh t (2007 . F r v e ) la w s u it s ta vi n g n of imm:c i . ;~1 .:;!ff(;!~ron thf! Comp; ' l f l y . No provlsion ha s he -o n rnado In the r nancisl s t . l t emenlo r an y l ia b il iT Y m a t r fL i ;l Yall:i as d r E'5u IT o j these l s w s u Il5..:...~I Lomingency relating TO w ea lth ta x arnounts TO R~ . 1 '9 1 8 4 ( 2 0 07 : 1 ~ 5 . 1 9 l S 4 } rrnllio. . . . . c l i ' K ! J s s . e d III d~k l i in n o t l ? 21, ~ n 6 l n g reso lunco oFthl'i m E : i T r- e r ,no o ro v ls lo n ha s bemade 11 1 the n ,- . "anua [ s ta t e rnenrs o r i h r : - curreot year fQ r an y I Idbl l l l~ ihet r n ay e r is e O n13CCClunt..

Th e ( o n l l nQ ~ IK es, d l s l . . . l L j . S E 1 ' Junder 2 4 , 1 102 4 1 0 ~bQI/'e, agg l e(ld{&J t o R S .B J 3 5 _5 10 (2 0Fts..8.306.796) rn i lllon a t th e e nd 0: the cur I e n t y ea r("~frll 11'11~11l~....1 I I ~ ip i r I~. ' ~ I ; . . r , , , fl r;. A . g g r eg a t e rorrvnrtrnents fO ' ! ' ca pttal exp end nuee a( the en d o r the y ~ a r w e r E ' R s . 2722,{ 200 7 R ._ ,12 . :53 '1 ) mi l l ion~1 I ~ ll l' Comm i tmen t fo p r o f e : : : ; s J , Q r J o a l charqes i n r es pe ct o f v ar io us s er vi ce s a rr ne end ofrhe ;~mot_ .nLed to R~ , 7J 7 9 ( 20 0 7; 2 .. 2. s0 0 ~mlillOI),

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Karachi Stock Exchange (Annual Report 2007-2008)

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