Contents. 04 Corporate Information. 06 Directors Report. 08 Condensed Interim Unconsolidated Financial Statements

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4 Contents 04 Corporate Information 06 Directors Report 08 Condensed Interim Unconsolidated Financial Statements 24 Condensed Interim Consolidated Financial Statements

5 In 2005, Hascol Petroleum Limited was granted the Oil Marketing License by the Government of Pakistan and ever since, the company has aggressively invested in establishing a countrywide network of over 400 retail fuel stations in four provinces of Pakistan and Azad Jammu and Kashmir under the Hascol brand with further sites planned during the coming year. The company is all set to jump up a number on the competitive ladder, strategizing its position ahead in terms of market share. The acquisition of 10 retail outlets on the Lahore-Islamabad Motorway has strengthened the company s backbone to broaden its network and has given the Hascol brand a remarkable boost in Central Punjab and has encouraged the company s sales volume and profitability. Over the years, Hascol has constructed storage facilities at Keamari, Daulatpur, Shikarpur, MehmoodKot, Machike and Amangarh with further storages planned at Sahiwal, Kotlajam and Thalian. Hascol obtained listing on the Pakistan Stock Exchange in May 2014 and its share price has appreciated significantly since getting listed in line with company s growth having received a credit rating of A+/A-1 (Single A Plus /A-One) from JCR-VIS Credit Company Limited. Hascol has a strategic License agreement with FUCHS Middle East (FOMEL), an associate of FUCHS Petrolub based in Germany, to represent the brand in Pakistan. The German brand has emerged as a tough competitor in the oil lubricants sector depicting doubling sales volumes year after year. With an estimated cost of USD 20 Million, the company owned Lube Oil Blending Plant is expected to start operations by December. Hascol has emerged as a strong competitor for its counterparts in the industry and continues to strengthen its footprints. Hascol Petroleum Limited is the first OMC to market LPG through its Retail Network for the automotive sector. The company has plans to market LPG for domestic consumers and to develop several Auto gas LPG stations across the country in the coming year to accommodate the ever growing demand for energy.

6 1st Quarter QUALITY PERSONIFIED Page 04 Chairman & C.E.O Mr. Mumtaz Hasan Khan Directors Mr. Abdul Aziz Khalid (Nominee of Vitol Dubai Limited) Mr. Farooq Rahmatullah Khan Mr. Liaquat Ali Mr. Najmus Saquib Hameed Mr. Saleem Butt Mr. Sohail Hasan Company Secretary Mr. Zeeshan Ul Haq Audit Committee Mr. Sohail Hasan (Chairman) Mr. Liaquat Ali (Member) Mr. Najmus Saquib Hameed (Member) Strategy Committee Mr. Farooq Rahmatullah Khan (Chairman) Mr. Mumtaz Hasan Khan (Member) Mr. Liaquat Ali (Member) Mr. Saleem Butt (Member) Human Resource Committee Mr. Najmus Saquib Hameed (Chairman) Mr. Mumtaz Hasan Khan (Member) Mr. Liaquat Ali (Member) Auditors Grant Thornton Anjum Rahman Chartered Accountants

7 1st Quarter Page 05 Bankers Allied Bank Limited Al Baraka Bank (Pakistan) Limited Askari Bank Limited Bank Al Falah Limited Bank Al Habib Limited Bank Islami Pakistan Limited Faysal Bank Limited First Women Bank Limited Habib Metropolitan Bank Limited Habib Bank Limited Industrial and Commercial Bank of China Limited MCB Bank Limited National Bank of Pakistan Samba Bank Limited Sindh Bank Limited Soneri Bank Limited Summit Bank Limited United Bank Limited Share Registrar Central Depository Company of Pakistan Limited Legal Advisor Mohsin Tayebaly & Co. Corporate Legal Consultants - Barristers & Advocates Registered Office The Forum, Suite No First Floor, Khayaban-e-Jami Clifton, Block - 9, Karachi, Pakistan Phone: Fax: UAN: info@hascol.com Website:

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9 1st Quarter Page 07 I am pleased to report that the company is successfully executing the growth strategy which, the Board and senior management has laid out. During the first quarter our sales volume grow by 29% over the same period last year and we ended the first quarter as the second largest oil marketing company in Pakistan, in terms of volume. Moreover, our profit after tax has also increased from million to 376.7million.This is a great achievement for which I want to thank the senior management and all the employees for executing the business plan successfully. In the first quarter, we were able to commission our Mehmoodkot installation and this has given us a huge marketing advantage in Southern Punjab. Our storage facility at Sahiwal will INSHALLAH be completed in the second quarter. Simultaneously, work is proceeding at a fast pace at Thalian and Kotlajam. With the completion of these facilities our sales volume will get a big boost. As, I mentioned in the annual report, the work is also proceeding at great speed at Port Qasim storage facility and the Lube Oil Blending Plant. Additionally, we have acquired land adjacent to the Byco Refinery to build a storage facility next to the refinery. This will enable us to improve our operational efficiency in meeting the requirements of our customers. I take this opportunity to thank the members of the Board for their support and guidance. The company is now poised for sustainable growth and profitability in the future. Mumtaz Hasan Khan Chairman & Chief Executive

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12 1st Quarter QUALITY PERSONIFIED Page 10 CONDENSED INTERIM UNCONSOLIDATED BALANCE SHEET AS AT MARCH 31, (Rupees in thousand) ASSETS Non-current assets Property, plant and equipment 6 9,470,325 8,688,947 Long-term investments 7 3,521,985 1,961,977 Long-term deposits 310, ,882 Total non-current assets 13,303,197 10,939,806 Current assets Stock-in-trade 15,576,221 16,477,668 Trade debts 9,972,132 7,871,281 Advances 457, ,413 Deposits, prepayments and other receivables 8 1,898,335 1,286,748 Cash and bank balances 5,846,805 7,821,070 Total current assets 33,750,771 33,710,180 TOTAL ASSETS 47,053,968 44,649,986 EQUITY AND LIABILITIES SHAREHOLDERS' EQUITY Share capital 1,206,792 1,206,792 Reserves 5,107,639 3,755,346 Total shareholders' equity 6,314,431 4,962,138 Surplus on revaluation of fixed assets - net of tax 1,109,945 1,142,880 LIABILITIES Non-current liabilities Long term finances - secured 9 2,153,880 2,307,749 Liabilities against assets subject to finance lease 166, ,731 Deferred taxation - net , ,790 Deferred liability - gratuity 144, ,791 Total non-current liabilities 3,334,793 3,510,061 Current liabilities Trade and other payables 11 32,423,762 29,822,758 Mark-up accrued 72,603 91,185 Short term borrowings 1,947,303 3,889,629 Current portion of long term finances 9 711, ,079 Current maturity of liabilities against assets subject to finance lease 505, ,387 Taxation 633, ,869 Total current liabilities 36,294,799 35,034,907 TOTAL LIABILITIES 39,629,592 38,544,968 TOTAL EQUITY AND LIABILITIES 47,053,968 44,649,986 Contingencies and commitments 12 Note Unaudited The annexed notes 1 to 19 form an integral part of these condensed interim unconsolidated financial information. Audited December 31,

13 1st Quarter Page 11 CONDENSED INTERIM UNCONSOLIDATED PROFIT AND LOSS ACCOUNT - Unaudited FOR THE THREE MONTHS PERIOD ENDED MARCH 31, (Rupees in thousand) Note Sales - net 42,802,186 28,492,841 Sales tax (7,993,851) (8,172,116) Net sales 34,808,335 20,320,725 Other revenue 86,116 31,568 Net revenue 34,894,451 20,352,293 Cost of products sold (33,466,425) (19,590,067) Gross profit 1,428, ,226 Operating expenses Distribution and marketing (540,153) (357,963) Administrative (148,602) (121,154) (688,755) (479,117) Other income 66,933 53,154 Operating profit 806, ,263 Finance cost (113,869) (102,835) Other (charges)/ income (23,091) 2,388 Profit before taxation 669, ,816 Taxation 13 (292,518) (33,607) Profit for the period 376, ,209 Earning per share - basic & diluted Rupees The annexed notes 1 to 19 form an integral part of these condensed interim unconsolidated financial information.

14 1st Quarter QUALITY PERSONIFIED Page 12 CONDENSED INTERIM UNCONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME - Unaudited FOR THE THREE MONTHS PERIOD ENDED MARCH 31, (Rupees in thousand) Profit for the three months period 376, ,209 Other comprehensive income: Items that may be reclassifed subsequently to profit and loss account Unrealized gain/ (loss) due to change in fair value of long term investment classified as 'available-for-sale' - net of deferred tax 1,365,008 (84,390) Total comprehensive income for the period 1,741, ,819 The annexed notes 1 to 19 form an integral part of these condensed interim unconsolidated financial information.

15 1st Quarter Page 13 CONDENSED INTERIM UNCONSOLIDATED STATEMENT OF CASH FLOWS - Unaudited FOR THE THREE MONTHS PERIOD ENDED MARCH 31, (Rupees in thousand) CASH FLOWS FROM OPERATING ACTIVITIES Note Cash generated from / (used) in operations 14 1,207,710 (911,501) Finance cost paid (132,451) (87,690) Gratuity paid - (349) Taxes paid (191,797) (22,440) Net cash generated from/ (used) in operating activities 883,462 (1,021,980) CASH FLOWS FROM INVESTING ACTIVITIES Capital expenditure incurred (928,664) (358,892) Proceeds from disposal of property, plant and equipment 24,213 - Long term deposits (22,005) 14,181 Net cash used in investing activities (926,456) (344,711) CASH FLOWS FROM FINANCING ACTIVITIES Lease liability obtained/ (repaid) - net 52,341 (20,868) Long term finance (repaid)/ obtained - net (41,286) 1,939,590 Net cash generated from financing activities 11,055 1,918,722 Net increase in cash and cash equivalents (31,939) 552,031 Cash and cash equivalents as at the beginning of the period 3,931,441 2,658,492 Cash and cash equivalents as at the end of the period 3,899,502 3,210,523 The annexed notes 1 to 19 form an integral part of these condensed interim unconsolidated financial information.

16 1st Quarter QUALITY PERSONIFIED Page 14 CONDENSED INTERIM UNCONSOLIDATED STATEMENT OF CHANGES IN EQUITY - Unaudited FOR THE THREE MONTHS PERIOD ENDED MARCH 31, (Rupees in thousand) Share Capital Capital reserve Share premium Fair value reserve Revenue reserve Unappropri -ated profit Total shareholders' equity Balance as at January 01, 1,206,792 1,070, ,721 1,566,762 4,529,103 Total comprehensive income for the three months Profit for the three months period , ,209 Other comprehensive income Unrealized loss due to change in fair value of long term investment classified as 'available-for-sale' - net of tax - - (84,390) - (84,390) Total comprehensive income - - (84,390) 202, ,819 Transferred from surplus on revaluation of fixed assets on account of incremental depreciation - net of tax ,459 32, (84,390) 234, ,278 Transaction with owners Final dividend at Rs. 3.5 per share Dec (422,377) (422,377) Total transaction with owners (422,377) (422,377) Balance as at 1,206,792 1,070, ,331 1,379,053 4,257,004 Balance as at January 01, 1,206,792 1,070, ,930 2,059,588 4,962,138 Total comprehensive income for the three months Profit for the three months period , ,726 Other comprehensive income Unrealized loss due to change in fair value of long term investment classified as 'available-for-sale' - net of tax - - 1,365,008-1,365,008 Total comprehensive income - - 1,365, ,726 1,741,734 Transferred from surplus on revaluation of fixed assets on account of incremental depreciation - net of tax ,936 32, ,365, ,662 1,774,670 Transaction with owners Final dividend at Rs. 3.5 per share Dec (422,377) (422,377) Total transaction with owners (422,377) (422,377) Balance as at 1,206,792 1,070,828 1,989,938 2,046,873 6,314,431 The annexed notes 1 to 19 form an integral part of these condensed interim unconsolidated financial information.

17 1st Quarter Page 15 NOTES TO THE CONDENSED INTERIM UNCONSOLIDATED FINANCIAL INFORMATION FOR THE THREE MONTHS PERIOD ENDED MARCH 31, 1 STATUS AND NATURE OF BUSINESS 1.1 Hascol Petroleum Limited (the Company) was incorporated in Pakistan as a private limited company on March 28, On September 12, 2007 the Company was converted into a public unlisted company and on May 12, 2014 the Company was listed on the Pakistan Stock Exchange Limited. The registered office of the Company is situated at Suite No , The Forum, Khayaban-e-Jami, Clifton, Karachi. 1.2 The Company is engaged in the business of procurement, storage and marketing of petroleum and related products, for which the Company obtained oil marketing license from Ministry of Petroleum and Natural Resources in the year These condensed interim unconsolidated financial information are separate financial statements of the Company in which investments in subsidiary are accounted for on the basis of direct interest rather than on the basis of reported results. Condensed interim consolidated financial information are prepared separately. 2 BASIS OF PREPARATION The condensed interim unconsolidated financial information of the Company for the three month period ended March 31, are unaudited and have been prepared in accordance with the requirements of the International Accounting Standard 34 - 'Interim Financial Reporting' and provisions of and directives issued under the Companies Ordinance, 1984 (the Ordinance). In case where requirements differ, the provisions of or directives issued under the Ordinance have been followed. This condensed interim unconsolidated financial information is being submitted to the shareholders in accordance with section 245 of the Ordinance and should be read in conjunction with the audited financial statements of the Company for the year ended December 31,. 3 ACCOUNTING POLICIES The accounting policies and the methods of computation adopted in the preparation of this condensed interim unconsolidated financial information are the same as those applied in the preparation of audited annual financial statements of the Company for the year ended December 31,. 4 ACCOUNTING ESTIMATES AND JUDGEMENTS 4.1 The preparation of this condensed interim unconsolidated financial information in conformity with the approved accounting standards requires the use of certain critical accounting estimates. It also requires management to exercise its judgement in the process of applying the Company's accounting policies. Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectation of future events that are believed to be reasonable under the circumstances. However, actual results may differ from these estimates. 4.2 During the preparation of this condensed interim unconsolidated financial information, the significant judgements made by management in applying the Company's accounting policies and the key sources of estimation uncertainly were the same as those that were applied to the audited annual financial statements for the year ended December 31,. 5 FINANCIAL RISK MANAGEMENT The financial risk management objectives and policies are consistent with those disclosed in the annual audited separate financial statements of the Company as at and for the year ended December 31,.

18 1st Quarter QUALITY PERSONIFIED Page 16 NOTES TO THE CONDENSED INTERIM UNCONSOLIDATED FINANCIAL INFORMATION FOR THE THREE MONTHS PERIOD ENDED MARCH 31, (Rupees in thousand) 6 PROPERTY, PLANT AND EQUIPMENT Note Unaudited Audited December 31, Operating fixed assets 5,330,666 5,214,536 Capital work-in-progress 6.3 4,139,659 3,474,411 9,470,325 8,688, Additions to operating assets during the period/ year were as follows: Owned assets Land - 31,557 Depot Building - 80,341 Pump Building 98, ,335 Tanks And Pipelines 25, ,597 Dispensing Pumps 50,295 22,117 Plant & Machinery - 28,920 Electrical, mechanical and fire fighting equipments 1, ,866 Furniture, office equipment and other assets ,623 Vehicles - 66,877 Computer auxiliaries ,408 Leased assets Building on leasehold land - 7,526 Dispensing Pumps - 35,040 Plant & Machinery - 37,320 Electrical, mechanical and fire fighting equipments - 5,185 Vehicles 87, , ,417 1,446, The following assets were disposed / written off during the period/ year: Cost Accumuladed Depreciation Net Book Value (unaudited) 26,051 2,567 23,484 December 31, (audited) - note ,196 6,546 53, For details of the assets disposed/ written off during the year ended December 31,, please refer to the annual audited financial statements for the same year.

19 1st Quarter Page 17 NOTES TO THE CONDENSED INTERIM UNCONSOLIDATED FINANCIAL INFORMATION FOR THE THREE MONTHS PERIOD ENDED MARCH 31, (Rupees in thousand) 6.3 Capital work-in-progress Hascombe Lubricant (Private) Limited ,604 (30,604) - - Hascol Terminals Limited ,000-75,000 75, ,604 (30,604) 75,000 75,000 Note Note Cost Unaudited Provision for impairment Audited December 31, Depot building 1,903,072 1,601,993 Pump building 210, ,137 Plant and machinery 77,900 22,319 Tanks and pipelines 678, ,540 Dispensing pumps 47,872 96,357 Computer auxilliaries 10,242 7,045 Electrical, mechanical and fire fighting equipments 430, ,453 Furniture, office equipments and other assets 121, ,768 Vehicles 127, ,971 Borrowing cost capitalized 160, ,214 Advances to suppliers 372, ,614 4,139,659 3,474,411 7 LONG-TERM INVESTMENTS Subsidiary - at cost ,000 75,000 Pakistan Refinery Limited - available-for-sale 7.2 3,446,985 1,886,977 3,521,985 1,961, Subsidiary - at cost Carrying Value Unaudited Audited December 31, Hascombe Lubricants (Private) Limited is wholly owned subsidiary of the Company, incorporated in Pakistan under the Companies Ordinance,1984. Company holds 9.78 million ordinary shares (December 31, : 9.78 million) of Rs. 10 per share The Company subscribed 7.5 million shares of Hascol Terminal Limited (HTL) at a subscription price of Rs.10 each, which represent 62.5% of the share capital of HTL. These shares are not quoted on an active market and have been carried at cost. 7.2 Pakistan refinery Limited - "available-for-sale" Note Cost Unrealized gain Carrying Value - Unaudited ,172,772 2,274,213 3,446,985 December 31, - Audited 1,172, ,205 1,886,977

20 1st Quarter QUALITY PERSONIFIED Page 18 NOTES TO THE CONDENSED INTERIM UNCONSOLIDATED FINANCIAL INFORMATION FOR THE THREE MONTHS PERIOD ENDED MARCH 31, Investment in Pakistan Refinery Limited (quoted) amounts to Rs. 1, million (December 31, : Rs. 1, million) representing 13.72% (December 31, : 13.72%) shares in PRL as at. The Company has million shares (December 31, : million shares) as at. 8 DEPOSITS, PREPAYMENTS AND OTHER RECEIVABLES (Rupees in thousand) Note Unaudited Audited December 31, Current portion of lease deposits 4,952 5,740 Prepaid rent 94,965 66,616 Prepaid insurance and others 54,586 14,001 Receivable from oil marketing companies ,037 11,328 Receivable against regulatory duty 25,533 25,533 Inland Freight Equalization Margin (IFEM) receivable 1,450,021 1,024,234 Franchise income receivable 72,704 73,304 Price Differential Claims 8.2 5,083 5,083 Others ,454 60,909 1,898,335 1,286, This represents amount receivable from various oil marketing companies (OMCs) on account of share of motor gasoline imported by the Company on behalf of various OMCs. 8.2 This represents amount receivable from the Government of Pakistan (GoP) net of recovery as per fortnightly rates declared by the Ministry of Petroleum and Natural Resources (MPNR). The Company together with other oil marketing companies is actively perusing the matter with the concerned authorities for the early settlement of above claim. The Company considers that the balance amount will be reimbursed by GoP in due course of time. 8.3 This includes Rs million (December 31, : Rs million) receivable from Sigma Motors (Private) Limited (a related party). 9 LONG TERM FINANCES - SECURED Note Unaudited Audited December 31, Term finance facility 901, ,007 Sukuk certificate 9.1 1,964,202 1,961,821 2,865,542 2,906,828 Current portion of long term finances Term finance facility 311, ,079 Sukuk certificate 400, ,000 (711,662) (599,079) 2,153,880 2,307, Sukuk certificate 9.2 2,000,000 2,000,000 Issuance cost Opening (38,179) - Addition - (47,731) Charged to profit and loss 2,381 9,552 (35,798) (38,179) 1,964,202 1,961,821

21 1st Quarter Page 19 NOTES TO THE CONDENSED INTERIM UNCONSOLIDATED FINANCIAL INFORMATION FOR THE THREE MONTHS PERIOD ENDED MARCH 31, (Rupees in thousand) 9.2 This represent privately placed long term islamic certificate (Sukuk) amounting to Rs. 2,000 million, issued by the Company during the year to meet the working capital requirement and expansion plans of the Company. Summit Bank Limited is the trustee while Meezan Bank Limited is acting as shariah structuring advisor for this Sukuk. The Company is in the process of listing of Sukuk over the counter (OTC) on Pakistan Stock Exchange. This facility carries profit at 3 month KIBOR plus 1.5% per annum, payable quarterly. This arrangement is secured against first pari-passu charge over specific depots and retail outlets of the Company inclusive of a 25% margin. The certificates will be redeemed in 20 equal quarterly installments, in arrears, starting from April. 10 DEFERRED TAXATION - net This comprises the following: Taxable temporary difference arising in respect of : Accelerated depreciation (399,963) (354,233) Assets under finance lease (145,949) (129,683) Revaluation of fixed assets (498,669) (513,467) Exchange gain - (1,797) Surplus on remeasurement of investment (284,277) (89,276) Deductible temporary difference arising in respect of : Liabilities against assets subject to finance lease 206, ,677 Provision for : - retirement benefit 44,379 40,718 - doubtful debts 2,424 2,358 - franchise income 8,397 8,168 Investments in subsidiary 9,396 9,140 Turnover tax 187, ,605 (869,847) (594,790) 11 TRADE AND OTHER PAYABLES Unaudited Audited December 31, Trade creditors 23,850,374 22,258,817 Payable to cartage contractors 3,026,046 2,445,673 Advance from customers 4,074,626 4,253,932 Dealers' and customers' security deposits 178, ,000 Accrued liabilities 11,759 6,153 Other liabilities 860, ,183 Dividend payable 422,377-32,423,762 29,822, CONTINGENCIES AND COMMITMENTS 12.1 Contingencies As per the deliberations of the Main Committee of the Oil Companies Advisory Committee (OCAC) held in their meeting number MCM-168 dated September 20, 2007, the financial costs on outstanding Price Differential Claims (PDC) should be worked and billed to the Government of Pakistan (GOP) through OCAC by the Oil Marketing Companies (OMCs) on a regular basis. Although the Company had billed Rs million (December 31, : Rs million) to the GOP/ OCAC, the management had not accounted for its impact in these financial statements as the inflow of economic benefits, though probable, is not virtually certain.

22 1st Quarter QUALITY PERSONIFIED Page 20 NOTES TO THE CONDENSED INTERIM UNCONSOLIDATED FINANCIAL INFORMATION FOR THE THREE MONTHS PERIOD ENDED MARCH 31, 12.2 Commitments The facility for opening letters of credit (LCs) acceptances as at amounted to Rs. 33,550 million (December 31, : Rs. 30,550 million) of which the amount remaining unutilized as at that date was Rs. 7,384 million (December 31, : Rs. 3,631 million) Commitments in respect of capital expenditure contracted for but not yet incurred are as follows: (Rupees in thousand) Unaudited Audited December 31, Property, plant and equipment 749, ,237 Commitments for rental of assets under operating lease agreements / ijarah contracts as at amounted to Rs. 1,979 million (December 31, 201 : Rs. 1,984 million) as follows: Unaudited Audited December 31, Not later than one year 178, ,461 Later than one year and not later than five years 651, ,427 Later than five years 1,149,389 1,167,834 1,979,485 1,983, TAXATION Note Current 212,463 83,564 Deferred 80,056 (49,957) 292,518 33, CASH GENERATED FROM OPERATIONS Profit before taxation 669, ,816 Adjustment for: Depreciation and amortization 123,802 89,409 Provision for gratuity 8,753 6,877 Gain on sale of fixed assets (728) - Finance cost 113, ,835 Working capital changes ,771 (1,346,438) 1,207,710 (911,501) 14.1 Changes in working capital (Increase) / decrease in current assets Stock-in-trade 901,447 2,295,835 Trade debts (2,100,851) 711,506 Deposits, prepayments and other receivables (611,587) (927) Loans and advances - considered good (203,865) (312,488) (2,014,856) 2,693,926 Increase/ (decrease) in current liabilities Trade and other payables 2,307,627 (4,040,364) 292,771 (1,346,438)

23 1st Quarter Page 21 NOTES TO THE CONDENSED INTERIM UNCONSOLIDATED FINANCIAL INFORMATION FOR THE THREE MONTHS PERIOD ENDED MARCH 31, (Rupees in thousand) 15 RELATED PARTY TRANSACTIONS AND BALANCES Nature of relationship Nature of transaction Associated companies Sigma Motors (Private) Limited Office rent 1,691 1,691 Staff retirement benefits / contribution funds Provident fund Contribution 4,339 3,080 Gratuity fund Contribution 8,753 6,876 Key management personnel Salaries and benefits 22,196 18,163 Director Fee Fee for attending meeting 2,050 1,100 Other related parties Consultancy services 4,275 3,180 Balances Associated companies Sigma Motors (Private) Limited Other receivable 6,149 4,458 All transactions with related parties have been carried out on arm's length basis. Expenses recovered from / charged by related parties are based on actual. Key management personnel are those persons having authority and responsibility for planning, directing and controlling the activities of the Company directly or indirectly. The Company considers its Executive Director and Executives to be key management personnel. 16 CORRESPONDING FIGURES In order to comply with the requirements of International Accounting Standard 34 - 'Interim Financial Reporting', corresponding figures in the condensed interim unconsolidated balance sheet comprise of balances as per the audited financial statements of the Company for the year ended December 31, and the corresponding figures in the condensed interim unconsolidated statement of comprehensive income, condensed interim unconsolidated statement of changes in equity and condensed interim unconsolidated statement of cash flows comprise of balances of comparable period as per the condensed interim unconsolidated financial information of the Company for the three months ended. 17 EVENTS AFTER BALANCE SHEET DATE Unaudited Audited December 31, Shareholders in their annual general meeting held on April 28, have approved final cash dividend of Rs. 3.5 per share amounting to Rs million. This condensed interim unconsolidated financial information includes the effect of the aforementioned appropriation. Subsequent to the balance sheet date, cash dividend is to be distributed to those shareholders whose name were appearing on the Members Register as on the close of business on April 21,.

24 1st Quarter QUALITY PERSONIFIED Page 22 NOTES TO THE CONDENSED INTERIM UNCONSOLIDATED FINANCIAL INFORMATION FOR THE THREE MONTHS PERIOD ENDED MARCH 31, 18 DATE OF AUTHORISATION These condensed interim unconsolidated financial information have been authorised for issue on April 28, by the board of directors of the Company. 19 GENERAL All amounts have been rounded to the nearest thousand.

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28 1st Quarter QUALITY PERSONIFIED Page 26 CONDENSED INTERIM CONSOLIDATED BALANCE SHEET AS AT MARCH 31, ASSETS Non-current assets Property, plant and equipment 6 10,560,363 9,424,264 Long-term investments 7 3,446,985 1,886,977 Long-term deposits 313, ,362 Total non-current assets 14,320,529 11,601,603 Current assets Stock-in-trade 15,576,221 16,477,668 Trade debts 9,972,132 7,871,281 Advances 55,370 44,605 Deposits, prepayments and other receivables 8 1,910,392 1,297,628 Cash and bank balances 6,027,330 7,832,284 Total current assets 33,541,445 33,523,466 TOTAL ASSETS 47,861,974 45,125,069 EQUITY AND LIABILITIES SHAREHOLDERS' EQUITY Share capital 1,206,792 1,206,792 Reserves 5,096,211 3,746,665 Equity attributable to owners of the holding company 6,303,003 4,953,457 Non-controlling interest 812, ,714 7,115,922 5,423,171 Surplus on revaluation of fixed assets - net of tax 1,109,945 1,142,880 LIABILITIES Non-current liabilities Long term finances - secured 9 2,153,880 2,307,749 Liabilities against assets subject to finance lease 166, ,731 Deferred taxation - net , ,790 Deferred liability - gratuity 144, ,791 Total non-current liabilities 3,334,793 3,510,061 Current liabilities Trade and other payables 11 32,430,277 29,836,808 Mark-up accrued 72,603 91,185 Short term borrowings 1,947,303 3,889,629 Current portion of long term finances 9 711, ,079 Current maturity of liabilities against assets subject to finance lease 505, ,387 Taxation 633, ,869 Total current liabilities 36,301,314 35,048,957 TOTAL LIABILITIES 39,636,107 38,559,018 TOTAL EQUITY AND LIABILITIES 47,861,974 45,125,069 Contingencies and commitments 12 Note Unaudited The annexed notes 1 to 19 form an integral part of these condensed interim consolidated financial information. (Rupees in thousand) Audited December 31,

29 1st Quarter Page 27 CONDENSED INTERIM CONSOLIDATED PROFIT AND LOSS ACCOUNT - Unaudited FOR THE THREE MONTHS PERIOD ENDED MARCH 31, (Rupees in thousand) Note Sales - net 42,802,186 28,492,841 Sales tax (7,993,851) (8,172,116) Net sales 34,808,335 20,320,725 Other revenue 86,116 31,568 Net revenue 34,894,451 20,352,293 Cost of products sold (33,466,425) (19,590,067) Gross profit 1,428, ,226 Operating expenses Distribution and marketing (540,153) (357,963) Administrative (152,998) (121,154) (693,151) (479,117) Other income 66,933 53,154 Operating profit 801, ,263 Finance cost (113,869) (102,835) Other (charges)/ income (23,091) 2,388 Profit before taxation 664, ,816 Taxation 13 (292,518) (33,607) Profit for the period 372, ,209 Profit / (Loss) attributable to: Equity holders of the holding company 373, ,209 Non-controlling interest (1,649) - 372, ,209 Earning per share - basic & diluted Rupees The annexed notes 1 to 19 form an integral part of these condensed interim consolidated financial information.

30 1st Quarter QUALITY PERSONIFIED Page 28 CONDENSED INTERIM CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME - Unaudited FOR THE THREE MONTHS PERIOD ENDED MARCH 31, (Rupees in thousand) Profit for the three months period 372, ,209 Other comprehensive income: Items that may be reclassifed subsequently to profit and loss account Unrealized gain/ (loss) due to change in fair value of long term investment classified as 'available-for-sale' - net of deferred tax 1,365,008 (84,390) Total comprehensive income for the period 1,737, ,819 Total comprehensive income / (loss) attributable to: Equity holders of the holding company 1,738, ,819 Non-controlling interest (1,649) - 1,737, ,819 The annexed notes 1 to 19 form an integral part of these condensed interim consolidated financial information.

31 1st Quarter Page 29 CONDENSED INTERIM CONSOLIDATED STATEMENT OF CASH FLOWS - Unaudited FOR THE THREE MONTHS PERIOD ENDED MARCH 31, (Rupees in thousand) CASH FLOWS FROM OPERATING ACTIVITIES Note Cash generated from / (used) in operations 14 1,387,702 (911,501) Finance cost paid (132,451) (87,690) Gratuity paid - (349) Taxes paid (191,796) (22,440) Net cash generated from/ (used) in operating activities 1,063,455 (1,021,980) CASH FLOWS FROM INVESTING ACTIVITIES Capital expenditure incurred (1,283,386) (358,892) Proceeds from disposal of property, plant and equipment 24,213 - Long term deposits (22,819) 14,181 Net cash used in investing activities (1,281,992) (344,711) CASH FLOWS FROM FINANCING ACTIVITIES Lease liability obtained/ (repaid) - net 52,341 (20,868) Contribution of NCI in subsidary company 344,854 - Long term finance (repaid)/ obtained - net (41,286) 1,939,590 Net cash generated from financing activities 355,909 1,918,722 Net increase in cash and cash equivalents 137, ,031 Cash and cash equivalents as at the beginning of the period 3,942,655 2,658,948 Cash and cash equivalents as at the end of the period 4,080,027 3,210,979 The annexed notes 1 to 19 form an integral part of these condensed interim consolidated financial information.

32 1st Quarter QUALITY PERSONIFIED Page 30 CONDENSED INTERIM CONSOLIDATED STATEMENT OF CHANGES IN EQUITY - Unaudited FOR THE THREE MONTHS PERIOD ENDED MARCH 31, (Rupees in thousand) Share Capital Share premium Capital reserve Fair value reserve Revenue reserve Unappropri -ated profit Total Noncontrolling interest Total shareholders' equity Balance as at January 01, 1,206,792 1,070, ,721 1,565,856 4,528,197-4,528,197 Total comprehensive income for the three months Profit for the three months period , , ,209 Other comprehensive income Unrealized loss due to change in fair value of long term investment classified as 'available-for-sale' - net of tax - - (84,390) - (84,390) - (84,390) Total comprehensive income - - (84,390) 202, , ,819 Transferred from surplus on revaluation of fixed assets on account of incremental depreciation - net of tax ,459 32,459-32, (84,390) 234, , ,278 Transaction with owners Final dividend at Rs. 3.5 per share Dec (422,377) (422,377) - (422,377) Total transaction with owners (422,377) (422,377) - (422,377) Balance as at 1,206,792 1,070, ,331 1,378,147 4,256,098-4,256,098 Balance as at January 01, 1,206,792 1,070, ,930 2,050,907 4,953, ,714 5,423,171 Total comprehensive income for the three months Profit for the three months period , ,979 (1,649) 372,330 Other comprehensive income Unrealized loss due to change in fair value of long term investment classified as 'available-for-sale' - net of tax - - 1,365,008-1,365,008-1,365,008 Total comprehensive income - - 1,365, ,979 1,738,987 (1,649) 1,737,338 Transferred from surplus on revaluation of fixed assets on account of incremental depreciation - net of tax ,936 32,936-32, ,365, ,915 1,771,923 (1,649) 1,770,274 Transaction with owners Final dividend at Rs. 3.5 per share Dec (422,377) (422,377) - (422,377) Consideration for acquisition of subsidary , ,854 Total transaction with owners (422,377) (422,377) 344,854 (77,523) Balance as at 1,206,792 1,070,828 1,989,938 2,035,445 6,303, ,919 7,115,922 The annexed notes 1 to 19 form an integral part of these condensed interim consolidated financial information.

33 1st Quarter Page 31 NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL INFORMATION FOR THE THREE MONTHS PERIOD ENDED MARCH 31, 1 STATUS AND NATURE OF BUSINESS The Group consists of: Name of company Status in the Percentage of Group holding Hascol Petroleum Limited Holding company - Hascombe Lubricants (Private) Limited Subsidiary company 100% Hascol Terminals Limited Subsidiary company 62.50% Hascol Petroleum Limited (the Holding Company) was incorporated in Pakistan as a private limited company on March 28, On September 12, 2007 the Holding Company was converted into a public unlisted company and on May 12, 2014 the Holding Company was listed on the Pakistan Stock Exchange. The registered office of the Holding Company is situated at Suite No , The Forum, Khayaban-e-Jami, Clifton, Karachi. The Holding Company is engaged in the business of procurement, storage and marketing of petroleum and related products, for which the Holding Company obtained oil marketing license from Ministry of Petroleum and Natural Resources in the year Subsidiaries Hascombe Lubricants (Private) Limited Hascombe Lubricants (Private) Limited is a wholly owned subsidiary of the Holding Company which is incorporated in Pakistan. Hascol Terminals Limited Hascol Terminals Limited is a subsidiary of the Holding Company which is incorporated in Pakistan. The subsidary provides storage facilities for imported and locally produced petroleum and related products. 2 BASIS OF PREPARATION The condensed interim consolidated financial information of the Group for the three month period ended are unaudited and have been prepared in accordance with the requirements of the International Accounting Standard 34 - 'Interim Financial Reporting' and provisions of and directives issued under the Companies Ordinance, 1984 (the Ordinance). In case where requirements differ, the provisions of or directives issued under the Ordinance have been followed. This condensed interim consolidated financial information is being submitted to the shareholders in accordance with section 245 of the Ordinance and should be read in conjunction with the audited financial statements of the Group for the year ended December 31,. 3 ACCOUNTING POLICIES The accounting policies and the methods of computation adopted in the preparation of this condensed interim consolidated financial information are the same as those applied in the preparation of audited annual financial statements of the Group for the year ended December 31,.

34 1st Quarter QUALITY PERSONIFIED Page 32 NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL INFORMATION FOR THE THREE MONTHS PERIOD ENDED MARCH 31, 4 ACCOUNTING ESTIMATES AND JUDGEMENTS 4.1 The preparation of this condensed interim consolidated financial information in conformity with the approved accounting standards requires the use of certain critical accounting estimates. It also requires management to exercise its judgement in the process of applying the Group's accounting policies. Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectation of future events that are believed to be reasonable under the circumstances. However, actual results may differ from these estimates. 4.2 During the preparation of this condensed interim consolidated financial information, the significant judgements made by management in applying the Group's accounting policies and the key sources of estimation uncertainly were the same as those that were applied to the audited annual financial statements for the year ended December 31,. 5 FINANCIAL RISK MANAGEMENT The financial risk management objectives and policies are consistent with those disclosed in the annual audited consolidated financial statements of the Group as at and for the year ended December 31,. 6 FPROPERTY, PLANT AND EQUIPMENT Operating fixed assets 5,994,794 5,878,664 Capital work-in-progress 6.3 4,565,569 3,545,600 10,560,363 9,424, Additions to operating assets during the period/ year were as follows: (Rupees in thousand) Owned assets Land - 695,685 Depot Building - 80,341 Pump Building 98, ,335 Tanks And Pipelines 25, ,597 Dispensing Pumps 50,295 22,117 Plant & Machinery - 28,920 Electrical, mechanical and fire fighting equipments 1, ,866 Furniture, office equipment and other assets ,623 Vehicles - 66,877 Computer auxiliaries ,408 Leased assets Building on lease hold land - 7,526 Dispensing Pumps - 35,040 Plant & Machinery - 37,320 Electrical, mechanical and fire fighting equipments - 5,185 Vehicles 87, , ,417 2,110,872 Note Unaudited Audited December 31,

35 1st Quarter Page 33 NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL INFORMATION FOR THE THREE MONTHS PERIOD ENDED MARCH 31, 6.2 The following assets were disposed / written off during the period/ year: (Rupees in thousand) Cost Accumuladed Depreciation Net Book Value (unaudited) 26,051 2,567 23,484 December 31, (audited) - note ,196 6,546 53, For details of the assets disposed/ written off during the year ended December 31,, please refer to the annual audited financial statements for the same year. 6.3 Capital work-in-progress Depot building 1,903,072 1,608,287 Pump building 210, ,137 Plant and machinery 77,900 22,319 Tanks and pipelines 697, ,540 Dispensing pumps 47,872 96,357 Computer auxilliaries 10,242 7,045 Electrical, mechanical and fire fighting equipments 430, ,453 Furniture, office equipments and other assets 121, ,014 Vehicles 134, ,971 Borrowing cost capitalized 160, ,214 Advances to suppliers 771, ,263 4,565,569 3,545,600 7 LONG-TERM INVESTMENTS Pakistan Refinery Limited - available-for-sale 7.1 3,446,985 1,886, Pakistan refinery Limited - "available-for-sale" ,172,772 2,274,213 3,446,985 December 31, 1,172, ,205 1,886, Investment in Pakistan Refinery Limited (quoted) amounts to Rs. 1, million (December 31, : Rs. 1, million) representing 13.72% (December 31, : 13.72%) shares in PRL as at. The Group has million shares (December 31, : Rs million shares) as at. Note Unaudited Cost Unrealized gain Audited December 31, Carrying Value

36 1st Quarter QUALITY PERSONIFIED Page 34 NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL INFORMATION FOR THE THREE MONTHS PERIOD ENDED MARCH 31, 8 DEPOSITS, PREPAYMENTS AND OTHER RECEIVABLES Current portion of lease deposits 4,952 5,740 Prepaid rent 96,388 69,462 Prepaid insurance and others 54,586 14,001 Receivable from oil marketing companies ,037 11,328 Receivable against regulatory duty 25,533 25,533 Inland Freight Equalization Margin (IFEM) receivable 1,450,021 1,024,234 Franchise income receivable 72,704 73,304 Price Differential Claims 8.2 5,083 5,083 Others ,088 68,943 1,910,392 1,297,628 Note Unaudited (Rupees in thousand) Audited December 31, 8.1 This represents amount receivable from various oil marketing companies (OMCs) on account of share of motor gasoline imported by the Group on behalf of various OMCs. 8.2 This represents amount receivable from the Government of Pakistan (GoP) net of recovery as per fortnightly rates declared by the Ministry of Petroleum and Natural Resources (MPNR). The Group together with other oil marketing companies is actively perusing the matter with the concerned authorities for the early settlement of above claim. The Group considers that the balance amount will be reimbursed by GoP in due course of time. 8.3 This includes Rs million (December 31, : Rs million) receivable from Sigma Motors (Private) Limited (a related party). 9 LONG TERM FINANCES - SECURED Note Unaudited Audited December 31, Term finance facility 901, ,007 Sukuk certificate 9.1 1,964,202 1,961,821 2,865,542 2,906,828 Current portion of long term finances Term finance facility 311, ,079 Sukuk certificate 400, ,000 (711,662) (599,079) 2,153,880 2,307, Sukuk certificate 9.2 2,000,000 2,000,000 Issuance cost Opening (38,179) - Addition - (47,731) Charged to profit and loss 2,381 9,552 (35,798) (38,179) 1,964,202 1,961,821

37 1st Quarter Page 35 NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL INFORMATION FOR THE THREE MONTHS PERIOD ENDED MARCH 31, 9.2 This represent privately placed long term islamic certificate (Sukuk) amounting to Rs. 2,000 million, issued by the Group during the year to meet the working capital requirement and expansion plans of the Group. Summit Bank Limited is the trustee while Meezan Bank Limited is acting as shariah structuring advisor for this Sukuk. The Group is in the process of listing of Sukuk over the counter (OTC) on Pakistan Stock Exchange. This facility carries profit at 3 month KIBOR plus 1.5% per annum, payable quarterly. This arrangement is secured against first pari-passu charge over specific depots and retail outlets of the Group inclusive of a 25% margin. The certificates will be redeemed in 20 equal quarterly installments, in arrears, starting from April. 10 DEFERRED TAXATION - net This comprises the following: Taxable temporary difference arising in respect of : Accelerated depreciation (399,963) (354,233) Assets under finance lease (145,949) (129,683) Revaluation of fixed assets (498,669) (513,467) Exchange gain - (1,797) Surplus on remeasurement of investment (284,277) (89,276) Deductible temporary difference arising in respect of : Liabilities against assets subject to finance lease 206, ,677 Provision for : - retirement benefit 44,379 40,718 - doubtful debts 2,424 2,358 - franchise income 8,397 8,168 Investments in subsidiary 9,396 9,140 Turnover tax 187, ,605 (869,847) (594,790) 11 TRADE AND OTHER PAYABLES Trade creditors 23,850,374 22,260,329 Payable to cartage contractors 3,026,046 2,445,673 Advance from customers 4,074,626 4,253,932 Dealers' and customers' security deposits 178, ,000 Accrued liabilities 18,274 16,144 Other liabilities 860, ,730 Dividend payable 422,377-32,430,277 29,836, CONTINGENCIES AND COMMITMENTS 12.1 Contingencies Unaudited (Rupees in thousand) Audited December 31, As per the deliberations of the Main Committee of the Oil Companies Advisory Committee (OCAC) held in their meeting number MCM-168 dated September 20, 2007, the financial costs on outstanding Price Differential Claims (PDC) should be worked and billed to the Government of Pakistan (GOP) through OCAC by the Oil Marketing Companies (OMCs) on a regular basis. Although the Group had billed Rs million (December 31, : million) to the GOP/ OCAC, the management had not accounted for its impact in these financial statements as the inflow of economic benefits, though probable, is not virtually certain.

38 1st Quarter QUALITY PERSONIFIED Page 36 NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL INFORMATION FOR THE THREE MONTHS PERIOD ENDED MARCH 31, 12.2 Commitments (Rupees in thousand) The facility for opening letters of credit (LCs) acceptances as at amounted to Rs 33,550 million (December 31, : Rs 30,550 million) of which the amount remaining unutilized as at that date was Rs 7,384 million (December 31, : Rs 3,631 million) Commitments in respect of capital expenditure contracted for but not yet incurred are as follows: Unaudited Audited December 31, Property, plant and equipment 749, ,237 Commitments for rental of assets under operating lease agreements / ijarah contracts as at amounted to Rs 1,979 million (December 31, : Rs 1,984 million) as follows: Unaudited Audited December 31, Not later than one year 178, ,461 Later than one year and not later than five years 651, ,427 Later than five years 1,149,389 1,167,834 1,979,485 1,983, TAXATION Note Current 212,463 83,564 Deferred 80,056 (49,957) 292,518 33, CASH GENERATED FROM OPERATIONS Profit before taxation 664, ,816 Adjustment for: Depreciation and amortization 123,802 89,409 Provision for gratuity 8,753 6,877 Gain on sale of fixed assets (728) - Finance cost 113, ,835 Working capital changes ,159 (1,346,438) 1,387,702 (911,501) 14.1 Changes in working capital (Increase) / decrease in current assets Stock-in-trade 901,447 2,295,835 Trade debts (2,100,851) 711,506 Deposits, prepayments and other receivables (612,764) (927) Loans and advances - considered good (10,765) (312,488) (1,822,933) 2,693,926 Increase/ (decrease) in current liabilities Trade and other payables 2,300,092 (4,040,364) 477,159 (1,346,438)

39 1st Quarter Page 37 NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL INFORMATION FOR THE THREE MONTHS PERIOD ENDED MARCH 31, 15 RELATED PARTY TRANSACTIONS AND BALANCES (Rupees in thousand) Nature of relationship Nature of transaction Associated companies Sigma Motors (Private) Limited Office rent 1,691 1,691 Staff retirement benefits / contribution funds Provident fund Contribution 4,339 3,080 Gratuity fund Contribution 8,753 6,876 Key management personnel Salaries and benefits 22,196 18,163 Director Fee Fee for attending meeting 2,050 1,100 Other related parties Consultancy services 4,275 3,180 Balances Unaudited Audited December 31, Associated companies Sigma Motors (Private) Limited Other receivable 6,149 4,458 All transactions with related parties have been carried out on arm's length basis. Expenses recovered from / charged by related parties are based on actual. Key management personnel are those persons having authority and responsibility for planning, directing and controlling the activities of the Group directly or indirectly. The Group considers its Executive Director and Executives to be key management personnel. 16 CORRESPONDING FIGURES In order to comply with the requirements of International Accounting Standard 34 - 'Interim Financial Reporting', corresponding figures in the condensed interim consolidated balance sheet comprise of balances as per the audited financial statements of the Group for the year ended December 31, and the corresponding figures in the condensed interim consolidated statement of comprehensive income, condensed interim consolidated statement of changes in equity and condensed interim consolidated statement of cash flows comprise of balances of comparable period as per the condensed interim consolidated financial information of the Group for the three months ended. 17 EVENTS AFTER BALANCE SHEET DATE Shareholders in their annual general meeting held on April 28, have approved final cash dividend of Rs 3.5 per share amounting to Rs million. This condensed interim consolidated financial information includes the effect of the aforementioned appropriation. Subsequent to the balance sheet date, cash dividend is to be distributed to those shareholders whose name were appearing on the Members Register as on the close of business on April 21,.

40 1st Quarter QUALITY PERSONIFIED Page 38 NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL INFORMATION FOR THE THREE MONTHS PERIOD ENDED MARCH 31, 18 DATE OF AUTHORISATION These condensed interim consolidated financial information have been authorised for issue on April 28, by the board of directors of the Group. 19 GENERAL All amounts have been rounded to the nearest thousand.

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