Index & Volume Chart 300,000 23, ,000 22,715 22, , Aug 20-Aug 21-Aug 22-Aug 23-Aug. Source: KSE & AKD Research

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1 AKD Equity Research / Pakistan AKD Research research@akdsecurities.net Indices KSE-100 KSE-30 This week 22, , Last week 23, , Change -4.05% -4.27% Indices KMI-30 Allshare This week 38, , Last week 40, , Change -4.76% -3.86% Mkt Cap. PkRbn US$bn This week 5, Last week 5, Change -3.73% -4.41% Weekly Review The benchmark KSE-I00 Index largely witnessed bearish activity this week, ending lower by 4.05%WoW to close at 22, points with sentiments affected by anticipation of a reversal in the monetary policy cycle. Average daily volumes declined by 11.1%WoW to 196mn shares. Trading activity was led by FCCL, BOP, NBP, LPCL and MLCF. Key news flow during the week included 1) submission of a Letter of Intent by Pakistan to the IMF to formally request a US$6.6bn facility and 2) potential upward revision in gas prices by an average of PkR22/mmbtu, effective retrospectively from Jul The outgoing week was also characterized by a spate of corporate result which by and large failed to excite. Top gainers this week within the AKD Universe were EPCL (+7.5%), AKBL (+4.5%), ICI (+3.1%), HMB (+2.5%) and DAWH (+2.0%). On the flipside, declining scrips included HCAR (-9.2%), ENGRO (-9.5%), NML (-9.5%), EFOODS (-9.8%) and NBP (-11.7%), the latter losing out after a poor showing in 2QCY13. Avg. Daily Turnover ('mn shares) This week Last week Change % Top-5 Volume Leaders Index & Volume Chart (Shrs'000) 300,000 23, ,000 22, ,000 23,600 23,487 22,714 (Index) 23,700 23,500 23,300 23, % 3.0% Universe Gainers & Losers Symbol Volume (mn) 150,000 22, % FCCL : BOP : NBP : LPCL : MLCF : ,000 50,000-22,700 22,500 22,300 22, Aug 20-Aug 21-Aug 22-Aug 23-Aug Ready Volume (LHS) KSE100 Index (RHS) 7.0% 12.0% EPCL AKBL ICI HMB DAWH HCAR ENGRO NML EFOODS NBP Source: KSE & AKD Research (mn) 800 (Index) 26, Aug-12 Dec-12 Jan-13 Mar-13 May-13 Jun-13 Aug-13 24,000 22,000 20,000 18,000 16,000 14,000 12,000 Outlook While the corporate result season continues to drive interest (key results next week include LOTCHEM, PSO and KAPCO, among others), the announcement of the monetary policy by the SBP (scheduled for Tuesday, Aug 27 13) is the key upcoming checkpoint. In this regard, money market participants generally expect a hike in DR. Within this backdrop, we flag the banking sector as a key beneficiary where our preferred plays include UBL, BAFL and ABL. Volume (LHS) KSE- 100 Index Important disclosures Important disclosures including investment banking relationships and analyst certification at end of this report. AKD Securities does and seeks to do business with companies covered in its research reports. As a result, investors should be aware that the firm may have a conflict of interest that could affect the objectivity of the report. Investors should consider this report as only a single factor in making their investment decision. AKD SECURITIES Member: Karachi Stock Exchange Find AKD research on Bloomberg (AKDS<GO>), firstcall.com and Reuters Knowledge Copyright 2012 AKD Securities Limited. All rights reserved. The information provided on this document is not intended for distribution to, or use by, any person or entity in any jurisdiction or country where such distribution or use would be contrary to law or regulation or which would subject AKD Securities or its affiliates to any registration requirement within such jurisdiction or country. Neither the information, nor any opinion contained in this document constitutes a solicitation or offer by AKD Securities or its affiliates to buy or sell any securities or provide any investment advice or service. AKD Securities does not warrant the accuracy of the information provided herein.

2 Aug 23, ,040 22,950 22,860 22,770 22,680 22,590 22,500 22,410 22,320 Aug 22, ,250 23,125 23,000 22,875 22,750 22,625 22,500 22,375 22,250 9:15 9:59 10:44 11:28 12:12 12:55 13:38 14:20 15:05 15:50 16:30 9:25 10:02 10:38 11:15 11:51 12:27 13:03 13:40 14:17 14:54 15:33 Aug 21, ,600 23,500 23,400 23,300 23,200 23,100 23,000 22,900 22,800 Aug 20, ,900 23,825 23,750 23,675 23,600 23,525 23,450 23,375 23,300 9:25 10:02 10:39 11:16 11:53 12:29 13:06 13:44 14:21 14:59 15:37 9:23 10:10 10:56 11:42 12:27 13:13 13:59 14:45 15:33 Source: KSE & AKD Research This Week s Daily Reports KAPCO: FY13 Result Preview, ( Aug 23, 2013) KAPCO is scheduled to announce its FY13 result on Aug 28'13. We expect the company to post NPAT of PkR7,712mn (EPS: PkR8.76) in FY13, a growth of 27%YoY vs NPAT of PkR7,071mn (EPS: PkR6.9) in FY12. We also expect the company to announce a cash payout of PkR4.5/share alongside the result, taking cumulative payout for the year to PkR7.5/share. During 4QFY13, KAPCO realized a substantial benefit of PkR41.35bn in lieu of circular debt payments from the GoP, where we expect improved liquidity for the company to result in higher generation going forward. In addition, lower borrowing requirements could pave the way for higher payouts, where we assume payout of 90% in FY14F. At current level, KAPCO trades at a FY14F P/E of 6.3x and attractive D/Y of 14.3%, while our TP of PkR63/share implies upside of 9%. PSO: FY13 Result Preview, ( Aug 23, 2013) PSO is scheduled to announce its FY13 result on Aug 28'13. We expect the company to post NPAT of PkR12,142mn (EPS: PkR49.16) in FY13 vs NPAT of PkR9,056 (EPS: PkR36.67) in FY12, a growth of 34%YoY. In 4QFY13, we expect PSO to post NPAT of PkR2,825mn (EPS: PkR11.44) vs NPAT of PkR82.07mn (EPS: PkR0.33) in 4QFY12. We also expect the company to announce dividend of PkR7/share alongside the result, taking cumulative payout for FY13 to PkR9.5/share. Key highlights of the FY13 result include 1) revenue growth of 17%YoY led by 25%YoY growth in MS volumes, 2) a muted 9bpsYoY decline in overall market share, 3) inventory gains of PkR920mn vs inventory loss of ~PkR2.4bn in FY12, 4) currency losses of PkR3.4bn vs currency loss of PkR8.7bn in FY12, and 5) a 26%YoY reduction in finance cost from lower short term borrowing during the year. Going forward, while valuations appear un-stretched (FY14F P/E: 5.52), we believe optimism regarding energy reforms may already have been priced in. We are in the process of re-visiting our investment case for PSO and will update investors accordingly. CA back in the Green Zone, ( Aug 22, 2013) The Current Account balance for Jul'13 has registered a surplus of US$46mn vs. a deficit of US$427mn in the same period last year. This improvement was underpinned by i) 9%YoY increase in exports (goods) driving 15%YoY shrinkage in the trade deficit and ii) a robust growth of 16.5%YoY in Jul'13 remittances to US$1,404mn, being a record high which we attribute to seasonal factors (Ramadan & Eid). While the outlook for Current Account remains manageable, risks stem from 1) increase in oil prices (Arab light up 7.5%FYTD), 2) any slowdown in remittances and 3) a delay in IMF loan disbursements within the backdrop of falling fx reserves, (down 44% from peak to US$18.3bn) leaving an import cover of less than 2.7months. Consequently, the exchange rate remains under pressure with 4.7%FYTD PkR depreciation against the US$. In this regard, Pakistan has been fulfilling the IMF pre-conditions leading up to the requested loan of US$7.3bn which should lead to much needed macroeconomic discipline and comfort on the external front. In the immediate term, we flag that the IMF is seeking a 100bps increase in the Discount Rate (T-bill yields have inched up to more than the DR in the secondary market) whereby the MPS decision has been delayed till Aug 27'13. In this regard, while we are not completely convinced that the rate tightening cycle will begin from this month, we believe the rate cycle will reverse in 4QCY13 with interest rates to average in the early digits across CY14. Within the back drop, we flag Banks as key beneficiaries where our preferred plays include BAFL, UBL, NBP and ABL. Textile exports up 6%MoM/11%YoY in Jul'13, ( Aug 22, 2013) The textile sector reported robust growth in exports during Jul'13 with exports clocking in at US$1,210mn (+6%MoM /+ 11% YoY). Cotton yarn exports rose by 8%MoM to US$202mn, led by an 11%MoM increase in volumes. The increase in volumes was due to an improvement in electricity supply as well as a substantial increase in demand 2

3 This Week s Daily Reports from China. In this regard, Jul'13 China yarn imports surged by 36%MoM to 198k tons, the highest Jul on record. Similarly, Cotton Cloth, Bed Wear and Ready Made Garments also posted encouraging MoM export growth. This can be attributed to improved electricity supply to the textile sector allowing it to better exploit the opportunities presented by the EU ATP status. We remain overweight on the AKD Textile Universe, where near term triggers include i) PkR depreciation, ii) run-up in cotton prices (COTLOOKA Index up 2.5% in 1QFY14TD) and iii) dividend income from IPPs, particularly NPL (bumper 4QFY13 dividend expected, +ve for NML). That said, impending increase in gas prices is the near term risk where a 20% increase in gas tariffs from our base case scenario can potentially reduce our earnings estimates for NCL and NML, by 16% and 15% respectively assuming no passthrough of increase in cost. For now NCL and NML offer an upside of 29% and 34% to their TP of PkR81/share and PkR130/ share respectively. Buy! LOTCHEM: 2QFY13 Result Preview, ( Aug 21, 2013) LOTCHEM will be announcing its 1HCY13 result on Aug 27'13. We expect LOTCHEM to post a sharp sequential recovery in 2QCY13 after a dismal result in 1QCY13 based on significantly improved PTA-Px primary margins, reduction in repair and maintenance costs and an increase in capacity utilization as there were no production outages during 2QCY13. Regional PTA-Px primary margin improved from US$78/ton in 1QCY13 to US$110/ton during 2QCY13. In this regard, we expect LOTCHEM to post a topline growth of 4% to PkR13.5bn and gross margin expansion to 5%, up from -1% in the 1QCY13. The expected improvement in margins leads to our 2QCY13F NPAT of PkR358mn (EPS: PkR0.24), a swift recovery over 1QCY13 (NLAT: PkR164mn, LPS: PkR0.11) and the corresponding period last year (2QCY12 NLAT: PkR446mn, LPS: PkR0.29). NPAT for 1HCY13 is expected to clock in at PkR194mn (EPS: PkR0.13). With regional PTA-Px PMs (Aug'13TD: US$128/ton) continuing to expand we are likely to see an increase in earnings going forward. Moreover, PSF demand should also be supported by the current run in cotton prices. That said, sharp depreciation in the PkR is a key near term risk. Our Dec'13 TP of PkR10.3/share offers an upside of 31% from current levels, 'Buy'. Currency Pressures & FPI flows, ( Aug 20, 2013) As expectations build behind the US Federal Reserve winding down monetary stimulus later this year the dollar index has appreciated by 2%CYTD (peaking at 6.9% since Jan 13). Within this backdrop, Pakistan s exchange rate faces headwinds underpinned by the decline in fx reserves that has led to a second round IMF program, likely to start in Sep 13. Pressure on the PkR underscores risks of a speculative run with the SBP refrained from intervention a preamble to which is the ~2% depreciation in the 3rd week of Jul 13. Our auto-vector regression analysis using import cover as well as inflation and interest rate differentials shows FY14 PkR/USD depreciation of 8.8%YoY to PKR by Jun 14 end (-1sd PkR102.8/+1sd PkR112.48) with weakness concentrated in the remainder of CY13. Efforts to support the PkR include an urgency to revive the privatization program (likely by CY14) and over-hauling reforms particularly for energy where the National Power Policy has set a broad outline. As a result, we believe currency risk is unlikely to impinge much on foreign interest where outlook for the PkR versus the US$ should remain relatively stable within the ambit of an IMF program over CY14 as well as increasing consensus to re-start the privatization program. Thematically, we see upstream oil & gas as a sector-wide beneficiary as well as select export oriented cements and textiles as depreciation proxy plays. A detailed report is to be released shortly. 3

4 Regional Valuations (2014) EPS Growth PE(x) Pakistan 19% 8.13 Indonesia 15% Malaysia 18% Philippines 10% Vitenam 9% India 18% China 14% 7.91 % ROE Divd Yld Pakistan Indonesia Malaysia Philippines Vitenam India China Source: Bloomberg & AKD Universe PkR/US$ Trend TRJ-CRB Index Aug-12 Dec-12 Jan-13 Mar-13 May-13 Jul-13 Aug-13 Source: Bloomberg Aug-12 Sep-12 Nov-12 Dec-12 Jan-13 Feb-13 Mar-13 Apr-13 May-13 Jun-13 Jul-13 Aug-13 Source: Bloomberg Major World Indices Performance Country Bloomberg Code 23 Aug Aug 13 WoW CYTD Pakistan KSE100 Index 22,715 23, % 34.36% Srilanka CSEALL Index 5,952 6, % 5.47% Thailand SET Index 1,338 1, % 3.87% Jakarta JCI Index 4,170 4, % 3.40% Malaysia FBMKLCI Index 1,721 1, % 1.90% Philippines PCOMP Index 6,161 6, % 6.00% Vietnam VNINDEX Index % 17.67% Hong Kong HSI Index 21,864 22, % 3.50% Singapore FSSTI Index 3,089 3, % 2.47% Brazil IBX Index 20,489 20, % 6.79% Russia RTSSTD Index 9,430 9, % 6.76% India SENSEX Index 18,519 18, % 4.67% China SHCOMP Index 2,057 2, % 9.33% S&P SPX Index 1,657 1, % 16.18% DJIA INDU Index 14,964 15, % 14.19% NASDAQ Composite CCMP Index 3,639 3, % 20.51% UK UKX Index 6,480 6, % 9.87% German DAX Index 8,413 8, % 10.52% Qatar DSM Index 10,110 9, % 20.94% Abu Dhabi ADSMI Index 3,949 3, % 50.11% Dubai DFMGI Index 2,700 2, % 66.41% Kuwait KWSEIDX Index 8,104 8, % 36.57% Oman MSM30 Index 6,901 6, % 19.79% Saudi Arabia SASEIDX Index 8,192 8, % 20.45% MSCI EM MXEF Index % 12.60% MSCI FM MXFM Index % 14.78% Source: Bloomberg International Major Currencies SPOT 23 Aug Aug 13 Chg +/ WoW CYTD Dollar Index % 2.31% USD/PkR % 19.41% USD/JPY % 14.18% EUR/USD % 1.29% GBP/USD % 4.29% AUD/USD % 13.52% NZD/USD % 6.09% CHF/USD % 1.01% CAD/USD % 6.42% USD/KRW 1,117 1, % 4.94% CNY/USD % 1.74% Commodities Source: Bloomberg SPOT Units 23 Aug Aug 13 WoW CYTD TRJ CRB Points % 2.07% Nymex (WTI) US$/bbl % 14.39% ICE Brent US$/bbl % 0.60% N. Gas Henry Hub US$/Mmbtu % 2.32% Cotton USd/Pound % 8.32% Gold US$/Tr.Oz % 18.02% Sliver US$/Tr.Oz % 23.86% Copper US$/MT % 7.78% Platinum US$/Oz % 0.32% Coal US$/MT % 14.78% Source: Bloomberg 4

5 Chart Bank Earnings Yield vs. T-Bill (12M) Differential Advance to Decline Ratio (%) (2.0) (4.0) 0.90 (6.0) Mar-07 Dec-07 Aug-08 Apr-09 Jan-10 Sep-10 Jun-11 Feb-12 Jul Aug-12 Dec-12 Jan-13 Mar-13 May-13 Jul-13 Aug-13 FIPI Flows for the week LIPI Flows for the week (excluding 26/07/13) (US$'000) 4,000 3,000 2,000 1,000 - (1,000) (2,000) (3,000) (4,000) (5,000) (6,000) 2,988 2,156 2,308 (4,833) 394 (US$mn) (2.00) (4.00) (6.00) (8.00) (10.00) (12.00) Co., (0.20) Ind., (2.50) Bank/DFI, 7.92 NBFC, 1.48 M.Funds, (10.14) Others, Aug 20-Aug 21-Aug 22-Aug 23-Aug AKD Universe vs. KSE-100 Index KSE-100 vs. MSCI-EM & MSCI-FM 60% 70% KSE100 50% 60% 50% MSCI EM MSCI FM 40% 40% 30% 30% 20% 20% 10% 10% 0% -10% 0% Aug-12 Nov-12 Feb-13 May-13 Aug-13 KSE-All Share Index AKD Universe -20% Aug-12 Sep-12 Nov-12 Dec-12 Jan-13 Feb-13 Mar-13 Apr-13 May-13 Jun-13 Jul-13 Aug-13 5

6 AKD Universe Valuations 23 Aug A 2012A 2013F 2014F 2015F EPS (PkR) EPS chg (%) EPS chg (%) Ex Financials Book Value per Share (PkR) Payout (%) Valuations Price to Earnings (x) Price to Book (x) PER (x) Ex Financials P/BVS (x) Ex Financials Price to CF (x) Earnings Yield (%) Dividend Yield (%) EV / EBITDA (x) Profitability Return on Equity (%) Return on Assets (%) Chg in Sales (%) Gross Margin (%) Operating Margin (%) Net Margin (%) Market PER Chart 2014F Source: AKD Research (x) Jul 05 Aug 06 Oct 07 Dec 08 Feb 10 Apr 11 Jun 12 Aug 13 Source: AKD Research Market P/BVS Chart 2014F (x) Jul 05 Aug 06 Oct 07 Dec 08 Feb 10 Apr 11 Jun 12 Aug 13 Source: AKD Research 6

7 AKD Universe Active Coverage Cluster s Valuations EPS DY Stocks Symbol Price TP Stance PE(x) PB (x) (PkR) (%) (PkR) (PkR) 12A 13A/F 14F 12A 13A/F 14F 12A 13A/F 14F 12A 13A/F 14F Automobile and Parts Pak Suzuki Motors PSMC Accumulate Construction and Materials DG Khan Cement DGKC Buy Lucky Cement LUCK Reduce Chemicals Engro Polymer Chemicals EPCL Buy ICI Pakistan Limited ICI Buy Lotte Pakistan PTA Limited LOTCHEM Buy n.m Engro Corporation ENGRO Buy Dawood Hercules Limited DAWH Accumulate n.a n.a n.a Fauji Fert. Bin Qasim Ltd. FFBL Buy Fauji Fertilizer Company FFC Buy Fatima Fertilizer FATIMA Buy Food Producers Engro Foods Limited EFOODS Accumulate Oil & Gas Oil & Gas Development Co. OGDC Accumulate Pak Oilfields POL Buy Pakistan State Oil PSO Neutral Electricity Hub Power Co. HUBC Accumulate Kot Addu Power Company KAPCO Neutral Fixed Line Telecommunication Pakistan Telecommunication PTC Buy Personal Goods Nishat Mills NML Buy Nishat Chunian Ltd. NCL Buy Banks Allied Bank Limited ABL Neutral Bank AlFalah BAFL Reduce Habib Bank Limited HBL Sell MCB Bank Limited MCB Sell National Bank of Pakistan NBP Neutral United Bank Ltd UBL Neutral Source: AKD Research 7

8 AKD Universe Coverage Cluster s Performance Stocks Sym bol Price Absolute Performance (%) 1 Year 1 Year 23-Aug-13 1M 3M 6M 12M YTD High Low KSE-100 Index Industrial Engineering Al-Ghazi Tractor AGTL Millat Tractors MTL Automobile and Parts Indus Motors INDU Pak Suzuki Motors PSMC Construction and Materials DG Khan Cement DGKC Lucky Cement LUCK Chemicals Engro Polymer Chemicals EPCL ICI Pakistan Limited ICI Lotte Pakistan PTA Limited LOTCHEM Daw ood Hercules DAWH Engro Chemical ENGRO Fatima Fertilizer FATIMA Fauji Fert. Bin Qasim Ltd. FFBL Fauji Fertilizer Company FFC Food Producers Unilever Pakistan Limited ULEVER Engro Foods Limited EFOODS Non Life Insurance Adamjee Insurance AICL Oil & Gas Oil & Gas Development Co. OGDC Pak Oilfields POL Pakistan State Oil PSO Ele ctricity Hub Pow er Co. HUBC Kot Addu Pow er Company KAPCO Fixed Line Telecommunication Pakistan Telecommunication PTC Personal Goods Nisaht (Chunian) Ltd. NCL Nishat Mills NML Banks Allied Bank Limited ABL Askari Bank Limited AKBL Bank AlFalah BAFL Habib Bank Limited HBL Habib Metropolitan Bank HMB MCB Bank Limited MCB Meezan Bank Limited MEBL National Bank of Pakistan NBP United Bank Ltd UBL Source: KSE & AKD Research 8

9 Economic Snapshot End Month Data Units Nov-12 Dec-12 Jan-13 Feb-13 Mar-13 Apr-13 May-13 Jun-13 Jul-13 T-bill 3M % M % M % PIB 10Y % KIBOR 6M % Discount rate % Inflation Headline inflation % Core inflation % Food inflation % External Indicators Export (PBS) US$ (mn) 1,896 1,969 2,023 1,835 2,134 2,130 2,175 2,197 2,095 Import (PBS) US$ (mn) 3,607 3,672 3,763 3,383 3,687 3,909 4,346 3,940 3,814 Trade Deficit (PBS) US$ (mn) (1,711) (1,703) (1,740) (1,548) (1,553) (1,779) (2,171) (1,743) (1,719) Home Remittances (LHS) US$ (mn) 1,018 1,135 1,090 1,028 1,119 1,216 1,186 1,165 1,404 Current Account US$ (mn) (638) 697 (156) (596) (513) (354) (346) (163) n.a Banking Sector Deposits PkR (bn) 6,514 6,683 6,610 6,645 6,777 6,709 6,950 7,316 7,069 Advances PkR (bn) 3,793 3,857 3,873 3,868 3,873 3,857 3,906 3, , Investments PkR (bn) 3,785 3,889 3,990 3,909 4,024 3,893 3,942 4, , Weighted avg lending rate % n.a Weighted avg deposit rate % n.a Spread rate % n.a Public Finance Tax collection PkR (mn) 139, , , , ,357 n.a n.a n.a n.a Direct taxes PkR (mn) 48, ,022 40,161 48,743 78,649 n.a n.a n.a n.a Indirect Taxes PkR (mn) 91,269 98,103 92,483 91, ,708 n.a n.a n.a n.a Currency Reserves US$ (mn) 13,531 13,859 13,636 12,936 12,250 11,812 11,457 11,007 10,225 USDPkR - Interbank PkR/USD Source: SBP, PBS & AKD Research 9

10 Analyst Certification We, the AKD Research Team, hereby individually & jointly certify that the views expressed in this research report accurately reflect our personal views about the subject securities and issuers. We also certify that no part of our compensation was, is,or will be, directly or indirectly, related to the specific recommendations or views expressed in this research report. We further certify that we do not have any beneficial holding of the specific securities that we have recommendations on in this report. AKD Research Team Analyst Tel no. Coverage Naveed Vakil (692) E&P, Oil Marketing Raza Jafri, CFA (693) Pakistan Economy & Commercial Banks Ayub Ansari (693) Food, Chemicals & Telecom Anum Dhedhi (637) Pakistan Economy & Commercial Banks Raza Hamdani (693) Fertilizer & Oil Marketing Bilal Alvi (647) Textiles & Cements Qasim Anwar (680) Technical Analysis Hassan Quadri (639) Research Production / Autos Azher Ali Quli (646) azher.quli@akdsecurities.net Research Production Nasir Khan (646) nasir.khan@akdsecurities.net Research Production Tariq Mehmood (643) tariq.mehmood@akdsecurities.net Library Operations DISCLOSURES & DISCLAIMERS This publication/communication or any portion hereof may not be reprinted, sold or redistributed without the written consent of AKD Securities Limited. AKD Securities Limited has produced this report for private circulation to professional and institutional clients only. The information, opinions and estimates herein are not directed at, or intended for distribution to or use by, any person or entity in any jurisdiction where doing so would be contrary to law or regulation or which would subject AKD Securities Limited to any additional registration or licensing requirement within such jurisdiction. The information and statistical data herein have been obtained from sources we believe to be reliable and complied by our research department in good faith. Such information has not been independently verified and we make no representation or warranty as to its accuracy, completeness or correctness. Any opinions or estimates herein reflect the judgment of AKD Securities Limited at the date of this publication/ communication and are subject to change at any time without notice. This report is not a solicitation or any offer to buy or sell any of the securities mentioned herein. 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