Pakistan Weekly Update REP-300. November 5, Exhibit: KSE100 index and volume

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1 REP-300 Market Review Political Consensus Gets the Bulls Roaring Market Commentary Trading at the local bourse started off with a dull mood amid rising political tension between the ruling party and a major opposition party. The expectation of lock down in the capital territory kept local investors at sidelines. Albeit, a new wave of excitement filled the market on Tuesday given consensus was reached between the two parties on appointment of a judicial commission over the much-debated Panama leaks tagged with upgrade in the country s credit rating by international credit rating agency, Standard and Poor s from B- to 'B'. As investors cherished both the news, the KSE-100 made an intraday high of 42,108 points on Thursday, while ending the week at 41,842 points, generating a positive return of 4.9% WoW. The market gained 1,969pts during the week of which 65% contribution came from i) Banks (649pts) majorly attributable to attractive valuations and expectation of interest rate hike post announcement of higher than expected CPI for Oct 16, ii) Cements (248pts) due to healthy cement dispatches and market grapevine of increase in cement prices, iii) Autos (113pts) owed to foreign support brushing off the effects of yen strengthening against USD during the week, and iv) Fertilizers contributing 120pts. Pertinently, among the top ten stocks that added a cumulative of 817points to the index, four were Banks (HBL, UBL, MCB, and BAFL) that contributed 491pts. That said, foreign investors remained net buyers during the week (inflows of USD 21.1mn). Banks, Power and OMCs continued to be the preferred plays of overseas investors with net inflow set at USD 7.82mn, USD 3.82mn, and USD 4.57mn, respectively. On the local front, major selling of USD 7.82mn, USD 4.57mn and USD 3.82mn was recorded in Banks, OMCs and Power respectively. Average traded volumes and value during the week clocked-in at 481mn shares and USD 154mn, respectively (up by 42% and 40% WoW). Equities Other major news during the week included: i) China's Shanghai Electric to buy USD 1.77bn stake in K-Electric, ii) Bank Alfalah enters into partnership with ICBC, iii) GIDC Act, 2015: Ministry to file appeal against judgment, iv) Renault to start assembling cars in Pakistan by 2018: Board of Investment, v) PIA operates 3738 flights in Oct 16. Exhibit: KSE100 index and volume Volume (RHS) mn Shares 42, , , , Oct 1-Nov 2-Nov 3-Nov 4-Nov Source: PSX, AHL Research Outlook & Recommendation With a relatively stable political situation in the country, we expect the market to remain robust next week. However the Panama Case hearing in the Supreme Court next week may keep the market a little under pressure which may lead to some profit-taking. Our top picks include UBL, HBL, KOHC, DGKC, OGDC and PSO. The KSE-100 is currently trading at a PER of 9.6x (2016) against Asia Pac regional average of 15.2x while offering ~5.1% DY versus 2.4% offered by the region. 1

2 Business & Economic developments during the week UK court says Brexit needs parliament's approval (BR) A British court ruled on Thursday that the government needs parliamentary approval to start the process of leaving the European Union, potentially delaying Prime Minister Theresa May's Brexit plans. The government said it would appeal against the ruling by England's High Court, and Britain's Supreme Court is expected to consider the appeal early next month. A spokeswoman for May said the prime minister still planned to launch talks on the terms of Brexit by the end of March. Finance ministry releases Rs26bln in sales tax refunds (The News) The finance ministry has released Rs26 billion in sales tax refunds for exporters, officials said on Thursday, still leaving at least Rs50 billion as an unsettled amount. Up to June 30, around 25,000 refund payment orders were issued to the exporters, while 4,000 exporters would immediately get hold of their stuck refunds. The FBR on Thursday issued payment advice to the State Bank of Pakistan for the release of funds into the bank accounts of taxpayers. The government is committed to disburse the remaining refunds by December 31. PSO s receivables from power firms mount Rs8.4bln in October (The News) The payables of the power producers to the state-owned Pakistan State Oil (PSO) swelled to Rs8.4 billion during the last one month, piling up the total unpaid bills of the fuel supplier to Rs220 billion, an official data showed on Tuesday. The figures available showed that both public and private power sector s companies owed this hefty amount to the PSO on account of fuel charges and late payment surcharge as of October 30. First bulk dirty cargo terminal to be operational by January-end (BR) The country's first dedicated bulk dirty cargo terminal would be commercially operational by the end of January, Pakistan International Bulk Terminal Limited (PIBTL) has completed 95 percent of civil works and three cranes have already arrived at the terminal site. It is expected that 100 percent civil work will be completed by December end and hopefully testing and commissioning in January Three new discoveries to add 30mmcfd of gas (The News) Shahid Khaqan Abbasi, minister for petroleum and natural resources on Thursday announced three new gas discoveries made by the Oil and Gas Development Company Limited (OGDCL) in the last week. The company made three finds from its exploratory wells namely Gundanwari I, Mithri I and Khamiso 1 located in Ghotki and Khairpur districts of Sindh province. "From where 30 mmcfd gas will be added in the transmission network," Abbasi told a news conference. Govt to raise Rs1.6trn via treasury bonds auctions in Nov-Jan (The News) The government has planned to raise Rs1.6 trillion in treasury and long-term bonds' sales during November-January, the central bank data showed on Wednesday. An auction calendar for the period November 2016 to January 2017, issued by the State Bank of Pakistan (SBP), showed the government will raise Rs1.45 trillion through the sale of three-, six-, and 12-month market treasury bills, while Rs150 billion will be raised by offering long-term three-, five-, and 10-year Pakistan Investment Bonds. Soaring prices: Core inflation touches 19-month high at 5.2% (Tribune) The era of historically low interest rates may end soon, as core inflation jumped to 5.2% in October, further narrowing down the gap between the real interest rate and the SBP s key policy rate. Core inflation, excluding the price impact of food and energy products, stood at 5.2% in October compared to the same month of last year. PSX Volume & 44,000 42,000 40,000 38,000 36,000 34,000 32,000 30,000 28,000 Top Contributors in KSE100 Companies Bullish Companies Contribution HBL UBL LUCK MTL 62.7 PPL 51.8 Bearish Companies MUREB (26.6) COLG (8.3) CPPL (4.7) GHGL (4.6) PAKT (2.3) Sectors Bullish Sectors (46.5) Contribution Commercial Banks Cement Automobile Assembler Fertilizer Oil & Gas Marketing Companies Bearish Sectors Volume (RHS) KSE100 Nov-16 Sep-16 Jul-16 May-16 Mar-16 Jan-16 Nov-15 Sep-15 Jul-15 May-15 Mar-15 Jan-15 1,269.9 Glass & Ceramics -4.6 Miscellaneous -1.3 Modarabas -1.0 Tobacco 0.0 Woollen (mn Shr.) (7.0) 2

3 AHL Universe - Recommendation Summary Pakistan Weekly Update Code Company Price Upside EPS (PKR) DPS (PKR) P/E (x) DY P/B (x) ROE TP Stance 4-Nov Indices Commercial Banks UBL United Bank Ltd.** Hold KSE100, KSE30 & MSCI BAFL Bank Alfalah** (14.0) Sell KSE100 MCB MCB Bank Ltd.** (3.7) Hold KSE100, KSE30 & MSCI HBL Habib Bank Ltd.** (0.3) Hold KSE100, KSE30 & MSCI ABL Allied Bank Ltd.** Under Review KSE100 Fertilizer FFBL Fauji Fert. Bin Qasim Buy KSE100, KSE & KMI EFERT Engro Fertilizer Buy KSE100, KSE & KMI FFC Fauji Fertilizer Co Buy KSE100, KSE30, KMI & MSCI FATIMA Fatima Fertilizer Co.* 34.4 NC na na 4.4 na na - na na na na na na na na na na KSE100 & KMI AHCL Arif Habib Corp. Ltd.* 38.4 NC na na 9.8 na na 4.00 na na na na na na na na na na KSE100 Cement LUCK Lucky Cement Ltd Buy KSE100, KSE30, KMI & MSCI FCCL Fauji Cement Co Buy KSE100, KSE30 & KMI ACPL Attock Cement Ltd Under Review KSE100 & KMI DGKC D.G. Khan Cement Co Buy KSE100, KSE30 & KMI30 KOHC Kohat Cement Co Buy KSE100 & KMI MLCF Maple Leaf Cement Buy KSE100, KSE30 & KMI POWER Power Cement* 10.4 NC na na na - - na 7.8 na na na na na na na KSEALL & KMI Oil & Gas Marketing PSO Pakistan State Oil Buy KSE100, KSE30, KMI & MSCI APL Attock Petroleum Ltd (4.9) Hold KSE100 & KMI Automobile Assembler PSMC Pak Suzuki Motor Co (23.1) Sell KSE100 & KMI INDU Indus Motor Co. 1,653.5 Under Review KSE100, KMI & MSCI HCAR Honda Atlas Cars (Pak) Buy KSE100, KSE30 & KMI Power Generation & Distribution HUBC Hub Power Company Buy KSE100, KSE30, KMI & MSCI NCPL Nishat Chu. Power Ltd Buy KSE100 NPL Nishat Power Limited Buy KSE100 Textile Composite NML Nishat Mills Ltd (1.4) Hold KSE100, KSE30 & KMI30 NCL Nishat (Chunian) Ltd (15.5) Sell KSE100 Chemicals LOTCHEM Lotte Chemical Pak Ltd (11.6) Sell (0.5) (0.1) nm nm (1.2) 1.2 KSEALL & KMI Technology & Communication PTC Pak Telecom Co. Ltd** 17.7 Under Review KSE100, KSE30, KMI & MSCI Cable & Electrical Goods PAEL Pak Elektron Ltd Buy KSE100, KSE30 & KMI Source: Bloomberg, AHL Research, * Group Company : No estimates are given, **Earning Consolidated Basis 3

4 Due to volatility in oil prices and uncertainty in regards to where prices will settle down, we have presented following tables i) our base, ii) case 1 and iii) case 2 target prices/earnings sensitivity of our E&P companies under our coverage. AHL E&P Universe - Recommendation Summary Base Case: Oil Prices Assumption (USD/bbl) and Fair Values Code Company Exploration & Production Price TP Upside EPS (PKR) DPS (PKR) P/E (x) DY P/B (x) ROE Stance 4-Nov-16 Dec PPL Pakistan Petroleum Ltd Buy KSE100, KSE30, KMI & MSCI OGDC Oil and Gas Dev Co Buy KSE100, KSE30 & MSCI POL Pakistan Oilfields Ltd Hold KSE100, KSE30, KMI & MSCI * Base case with USD 45/bbl in FY17, USD 50/bbl in FY18 and USD 55/bbl in FY19 and USD 60/bbl going forward Bear Case: Oil Prices Assumption (USD/bbl) and Fair Values Code Company Exploration & Production Price TP Upside EPS (PKR) DPS (PKR) P/E (x) DY P/B (x) ROE Stance 4-Nov-16 Dec PPL Pakistan Petroleum Ltd Buy KSE100, KSE30, KMI & MSCI OGDC Oil and Gas Dev Co Buy KSE100, KSE30 & MSCI POL Pakistan Oilfields Ltd Hold KSE100, KSE30, KMI & MSCI * Bear case with USD 40/bbl in FY17, USD 45/bbl in FY18 and USD 50/bbl in FY19 and USD 55/bbl going forward Bull Case: Oil Prices Assumption (USD/bbl) and Fair Values Code Company Exploration & Production Price TP Upside EPS (PKR) DPS (PKR) P/E (x) DY P/B (x) ROE Stance 4-Nov-16 Dec PPL Pakistan Petroleum Ltd Buy KSE100, KSE30, KMI & MSCI OGDC Oil and Gas Dev Co Buy KSE100, KSE30 & MSCI POL Pakistan Oilfields Ltd Buy KSE100, KSE30, KMI & MSCI * Bull case with USD 50/bbl in FY17, USD 55/bbl in FY18 and USD 60/bbl in FY19 and USD 65/bbl going forward Indices Indices Indices 4

5 AHL Universe - Performance Code Closing WoW MTD CY16TD 90-Days Pakistan Weekly Update 180-Days 365-Days High Low High Low High Low BAFL MEBL EPCL FABL INDU 1, , , , , HBL FECTC NML LOTCHEM UBL NCL ABL LUCK PTC FATIMA (20.2) FCCL POWER APL KOHC MLCF KAPCO AHCL (20.1) ACPL FFBL (2.3) PPL DGKC PNSC PSMC PAEL KEL NBP ENGRO MCB HUBC OGDC FFC (4.6) NPL EFERT (18.4) NCPL POL PSO SHFA (1.0) AHL Universe - Valuation Snapshot Y Average 2016F Earnings Grow th (1.8) PER (x ) Div idend Yield (x ) Earnings Yield ROE PBV (x ) Pay out Ratio Source: AHL Research 5

6 Local & Foreign Investors Portfolio Investment (USD mn) LIPI Normal Current Week Last Week Category Gross Buy Gross Sell Net Net Category Gross Buy Gross Sell Net Net Individuals BUY 3.78 Individuals SELL Companies SELL Companies BUY 1.11 Banks / DFIs SELL Banks / DFIs BUY NBFC BUY 1.28 NBFC BUY 4.52 Mutual Funds BUY Mutual Funds SELL Other Organizations SELL Other Organizations BUY 1.20 Broker Proprietary Trading SELL Broker Proprietary Trading BUY 0.75 Total SELL Total SELL LIPI Sector Wise Current Week Last Week Sector Gross Buy Gross Sell Net Net Sector Gross Buy Gross Sell Net Net Commercial Banks SELL Commercial Banks SELL Fertilizer SELL Fertilizer BUY 3.36 Cement BUY 0.24 Cement SELL Power Generation & Distribution SELL Power Generation & Distribution SELL Exploration & Production SELL Exploration & Production BUY 0.77 Oil & Gas Marketing Companies SELL Oil & Gas Marketing Companies SELL Food and Personal Care Products BUY 0.60 Food and Personal Care Products BUY 0.72 Textile Composite BUY 0.92 Textile Composite BUY 0.91 Technology and Communication BUY 0.15 Technology and Communication BUY 0.39 All other Sectors SELL All other Sectors SELL Total SELL Total SELL FIPI Normal Current Week Last Week Category Gross Buy Gross Sell Net Net Category Gross Buy Gross Sell Net Net Foreign Individuals SELL Foreign Individuals SELL Foreign Corporates BUY Foreign Corporates BUY Overseas Pakistani BUY 2.18 Overseas Pakistani SELL Total BUY Total BUY FIPI Sector Wise Current Week Last Week Sector Gross Buy Gross Sell Net Net Sector Gross Buy Gross Sell Net Net Commercial Banks BUY 7.82 Commercial Banks BUY 1.55 Fertilizer SELL Fertilizer SELL Cement SELL Cement BUY 5.53 Power Generation & Distribution BUY 3.82 Power Generation & Distribution BUY 7.67 Exploration & Production BUY 0.71 Exploration & Production SELL Oil & Gas Marketing Companies BUY 4.57 Oil & Gas Marketing Companies BUY 1.23 Food and Personal Care Products SELL Food and Personal Care Products SELL Textile Composite SELL Textile Composite SELL Technology and Communication SELL Technology and Communication SELL All other Sectors BUY 5.77 All other Sectors BUY 4.28 Total BUY Total BUY Source: NCCPL, AHL Research 6

7 1-Year Forward Estimates Country Indonesia India Vietnam Philippines Sri Lanka Thailand China Taiwan S.Korea Peer Avg Pakistan Prem/(Disc) DY % ROE % P/E (x) % P/B (x) % Source: Bloomberg, AHL Research Pakistan Weekly Update 7

8 World's Major Stock Market Performance (USD based return) Country Closing WoW* MTD CY16TD Country Closing WoW* MTD CY16TD Venezuela IBVC 16, (28.0) Poland WIG20 1,758 (1.7) (2.2) (4.5) Ukraine PFTS UK UKX 6,693 (1.7) (1.6) (8.9) Pakistan KSE100 41, South Korea KOSPI 1,982 (1.7) (1.3) 3.8 Hungary BUX 30, Norw ay OBXP 360 (1.8) (1.2) 7.6 Iceland ICEXI 1, Canada SPTSX 14,509 (1.9) (1.8) 15.1 Bulgaria SOFIX Netherland AEX 441 (1.9) (1.3) 2.3 Saudi Arabia SASEIDX 6, (12.2) USA SPX 2,085 (1.9) (1.9) 2.0 Keny a NSEASI (3.5) Taiw an TWSE 9,068 (2.0) (2.1) 13.6 Tunisia TUSISE 5, Belgium BEL20 3,440 (2.0) (1.5) (4.6) Morocco MOSEMDX 8, Czech Republic PX 894 (2.0) (1.6) (4.2) Latv ia RIGSE Sw itzerland SMI 7,593 (2.0) (0.9) (10.9) Romania BET 6, (0.2) Vietnam VN 667 (2.30) (1.4) 16.0 China SHSZ300 3, (13.6) India SENSEX 27,274 (2.3) (2.3) 3.6 Kuw ait KWSEIDX 5, (3.3) Philippines PCOMP 7,227 (2.3) (2.4) 0.6 Lithuania VILSE Austria ATX 2,413 (2.4) (1.1) 3.3 Slov enia SBITOP France CAC 4,378 (2.4) (1.5) (3.1) Lux embourg LUXXX 1, (0.4) 16.4 Finland HEX 8,112 (2.5) (1.9) (3.2) Sri Lanka CSEALL 6, (9.1) Germany DAX 10,259 (2.8) (2.4) (2.0) Ghana GGSECI 1,706 (0.2) (1.1) (18.2) Australia AS51 5,181 (2.9) (3.4) (7.1) UAE ADSMI 4,282 (0.3) (0.4) (0.6) Portugal PSI20 4,478 (2.9) (2.3) (13.5) Bahrain BHSEASI 1,144 (0.3) (0.4) (5.9) Mex ico MEXBOL 46,695 (2.9) (3.6) (1.7) Estonia TALSE 1,016 (0.4) (0.6) 16.0 Sw eden OMX 1,406 (3.0) (1.8) (8.3) Singapore FSSTI 2,789 (0.4) (0.3) (0.8) USA NDX 4,661 (3.0) (2.9) 1.5 South Africa JALSH 49,686 (0.4) (2.6) 11.6 Chile IPSA 4,213 (3.0) (2.4) 23.4 Thailand SET 1,486 (0.4) (0.5) 18.9 Spain IBEX 8,792 (3.1) (2.5) (5.5) Dubai DFMGI 3,298 (0.6) (1.0) 4.7 Denmark KFX 821 (3.2) (3.9) (16.7) Oman MSM30 5,462 (0.6) (0.4) 1.0 Qatar DSM 9,956 (4.0) (2.1) (4.5) Nigeria NGSEINDX 26,982 (0.9) (2.5) (40.6) Russia RTSI 971 (4.5) (3.4) 44.4 Indonesia JCI 5,363 (1.0) (1.3) 23.2 Brazil IBOV 61,598 (5.3) (6.4) 73.9 Greece ASE 574 (1.2) (1.5) (6.7) Argentina MERVAL 16,755 (5.4) (4.2) 23.3 Malay sia FBMKLCI 1,648 (1.3) (1.6) (0.4) Europe SX5E 2,955 (5.4) (4.7) (11.8) Hong Kong HSI 22,643 (1.4) (1.3) 3.3 New Zealand NZSE 1,255 (5.5) (5.8) (3.9) USA INDU 17,888 (1.5) (1.4) 2.7 Italy FTSEMIB 16,319 (5.8) (4.7) (23.8) Japan NKY 16,905 (1.6) (1.4) 3.5 Turkey XU100 74,267 (6.7) (7.3) (4.3) Ireland ISEQ 5,919 (1.6) (1.3) (15.1) 8

9 Key Economic Data & Commodities Prices Pakistan Weekly Update Month end Units Dec-15 Jan-16 Feb-16 Mar-16 Apr-16 May-16 Jun-16 Jul-16 Aug-16 Sep-16 Oct-16 Current* Money Market Data 03-M T-Bill % M T-Bill % M T-Bill % Y PIB % Y PIB % Y PIB % M KIBOR % Discount Rate % Inftation (YoY) Headline (CPI) % Non-food % Food % NFNE** % Monetary Sector M1 PKR bn 9,365 9,302 9,397 9,599 9,648 9,856 10,347 10,262 na na na 10,262 M2 PKR bn 11,509 11,394 11,484 11,745 11,749 12,012 12,641 12,470 na na na 12,470 M3 PKR bn 14,636 14,539 14,645 14,922 14,933 15,213 15,859 15,708 na na na 15,708 Banking Sector Deposits PKR bn 9,305 9,408 9,386 9,559 9,768 9,744 10,060 10,305 10,166 10,511 10,511 10,511 Advances PKR bn 4,782 4,840 4,831 4,853 4,961 5,043 5,114 5,116 5,041 5,120 5,120 5,120 Investment PKR bn 6,726 6,819 7,020 7,164 6,822 7,129 7,543 7,068 7,114 7,374 7,374 7,374 WALR % na na 8.2 WADR % na na 3.1 Spread % na na 5.1 External Sector Forex Reserves USD bn With SBP USD bn With Banks USD bn Exchange rate PKR/USD C/A Balance USD mn (438) (590) (770.0) (61.0) (595.0) (721.0) na na (721.0) Exports USD bn na na 1.7 Imports USD bn na na 3.9 Trade Balance USD bn (1.8) (1.5) (1.1) (1.2) (1.3) (1.8) (2.1) (1.6) (2.2) na na (2.2) Remittances USD bn na na 1.8 Key Commodities Prices International Coal USD/ton Steel (HRC) USD/ton PTA USD/ton Gold USD/oz 1,061 1,118 1,239 1,233 1,293 1,215 1,322 1,351 1,309 1,316 1,277 1,305 Cotton (COTLOOK A) USd/lb Crude oil (WTI) USD/bbl Crude oil (Arab Light) USD/bbl Crude oil (Brent) USD/bbl Local Cotton PKR/maund 5,200 5,450 5,250 5,250 5,600 5,500 5,750 6,350 6,550 6,000 5,950 5,900 Cement PKR/bag Gold PKR/10 grms 38,014 39,171 41,614 42,428 42,428 41,057 42,771 44,742 44,057 44,571 44,400 44,485 *Current Price, ** Non- food Non-Energy 9

10 Disclaimer Analyst Certification: The research analyst(s) is (are) principally responsible for preparation of this report. The views expressed in this research report accurately reflect the personal views of the analyst(s) about the subject security (ies) or sector (or economy), and no part of the compensation of the research analyst(s) was, is, or will be directly or indirectly related to the specific recommendations and views expressed by research analyst(s) in this report. In addition, we currently do not have any interest (financial or otherwise) in the subject security (ies). Furthermore, compensation of the Analyst(s) is not determined nor based on any other service(s) that AHL is offering. Analyst(s) are not subject to the supervision or control of any employee of AHL s non-research departments, and no personal engaged in providing non-research services have any influence or control over the compensatory evaluation of the Analyst(s). Equity Research Ratings Arif Habib Limited (AHL) uses three rating categories, depending upon return form current market price, with Target period as Dec 16 for Target Price. In addition, return excludes all type of taxes. For more details kindly refer the following table; Rating Description BUY Upside* of subject security(ies) is more than +10% from last closing of market price(s) HOLD Upside* of subject security(ies) is between -10% and +10% from last closing of market price(s) SELL Upside* of subject security(ies) is less than -10% from last closing of market price(s) * Upside for Power Generation Companies (Ex. KEL) is upside plus dividend yield. Equity Valuation Methodology AHL Research uses the following valuation technique(s) to arrive at the period end target prices; Discounted Cash Flow (DCF) Dividend Discounted Model (DDM) Sum of the Parts (SoTP) Justified Price to Book (JPTB) Reserved Base Valuation (RBV) Risks The following risks may potentially impact our valuations of subject security (ies); Market risk Interest Rate Risk Exchange Rate (Currency) Risk This document has been prepared by Research analysts at Arif Habib Limited (AHL). This document does not constitute an offer or solicitation for the purchase or sale of any security. This publication is intended only for distribution to the clients of the Company who are assumed to be reasonably sophisticated investors that understand the risks involved in investing in equity securities. The information contained herein is based upon publicly available data and sources believed to be reliable. While every care was taken to ensure accuracy and objectivity, AHL does not represent that it is accurate or complete and it should not be relied on as such. In particular, the report takes no account of the investment objectives, financial situation and particular needs of investors. The information given in this document is as of the date of this report and there can be no assurance that future results or events will be consistent with this information. This information is subject to change without any prior notice. AHL reserves the right to make modifications and alterations to this statement as may be required from time to time. However, AHL is under no obligation to update or keep the information current. AHL is committed to providing independent and transparent recommendation to its client and would be happy to provide any information in response to specific client queries. Past performance is not necessarily a guide to future performance. This document is provided for assistance only and is not intended to be and must not alone be taken as the basis for any investment decision. The user assumes the entire risk of any use made of this information. Each recipient of this document should make such investigation as it deems necessary to arrive at an independent evaluation of an investment in the securities of companies referred to in this document (including the merits and risks involved), and should consult his or her own advisors to determine the merits and risks of such investment. AHL or any of its affiliates shall not be in any way responsible for any loss or damage that may be arise to any person from any inadvertent error in the information contained in this report. 10

11 2016 Arif Habib Limited: Corporate Member of the Pakistan Stock Exchanges. No part of this publication may be copied, reproduced, stored or disseminated in any form or by any means without the prior written consent of Arif Habib Limited. Contacts Shahid Ali Habib Chief Executive Officer Research Team Shahbaz Ashraf, CFA Head of Research Tahir Abbas AVP- Senior Investment Analy st Syed Fawad Basir AVP- Investment Analy st Rao Aamir Ali Investment Analyst Syed Shiraz Zaidi Investment Analyst Muhammad Waleed Rahmani Investment Analyst Misha Zahid Investment Analyst Arsalan M. Hanif Investment Analyst Muhammad Hasnain Madni Officer- Database Equities Sales Team Azhar Javaid VP- International Sales Usman Taufiq Ahmed AVP- International Sales M. Yousuf Ahmed SVP- Equity Sales Syed Farhan Karim VP- Equity Sales Farhan Mansoori VP- Equity Sales Afshan Aamir VP- Equity Sales Atif Raza VP- Equity Sales Furqan Aslam AVP- Equity Sales