For the First Quarter Ended March 31, 2008 (Unaudited)

For the First Quarter Ended March 31, 2008 (Unaudited)

Vision Core Values Company Information s Report to the Members Balance Sheet Profit and Loss Account Statement of Changes in Equity Statement of Cash Flows Statement of Premiums Statement of Claims Statement of Expenses Statement of Investment Income Notes to the Financial Statements 01 03 05 07 09 11 12 13 15 16 17 18 19

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sê Report to the Members For the quarter ended March 31, 2008 On behalf of the Board of s, I present the financial statements for the first quarter ended March 31, 2008. In the first quarter of 2008, the Company registered growth in both Gross and Net Premium, however the same could not be reflected in the underwriting results. The quarter was earmarked with considerable increase in claim ratio arising from major claims in the Fire and Property business. Living up to its reputation of prompt claims settlement, the Company is in the process of settling these for our valued clients. Despite these uncontrollable events, the Company sustained to build up its market share. Gross premium and Net premium improved by 39% and 21% respectively over the corresponding period. The highlights for the period under review are: March '08 March '07 Rupees in '000 Gross Premium 2,360,219 1,694,624 Net Premium 1,620,179 1,335,763 Underwriting (Loss)/ Profit (175,190) 278,929 Investment Income 342,118 444,830 Profit Before Tax 102,890 660,032 Profit After Tax 88,425 561,577 During the period, the Company continued its focus towards Quality and Customer Satisfaction. Accordingly the Company launched a revolutionary product the Catch Card which is magnetically encoded and will provide customers the convenience to hold all their insurance policies onto it. The Catch Card is equipped with increased security, time efficiency and improved customer service. The company is committed to boost in the areas of customer satisfaction, quality assurance, risk management, human resource and technology to mark new heights of success. On behalf of the Board of s April 24, 2008 Arif Ijaz Managing & Chief Executive 07

For the First Quarter Ended March 31, 2008 (Unaudited)

Condensed Balance Sheet as at March 31, 2008 (Unaudited) (Audited) Note March 31, December 31, 2008 2007 (Rupees in '000) Share capital and reserves Authorised share capital 1,500,000 1,500,000 Paid-up share capital 1,022,351 1,022,351 Retained earnings 5,601,345 5,666,273 Reserves 963,123 963,123 6,564,468 6,629,396 TOTAL EQUITY 7,586,819 7,651,747 Underwriting provisions Provision for outstanding claims (including IBNR) 5,745,626 5,022,620 Provision for unearned premium 4,240,552 4,252,005 Commission income unearned 202,647 236,039 Total underwriting provisions 10,188,825 9,510,664 Deferred liability Staff retirement benefits 3,767 3,688 Creditors and Accruals Premiums received in advance 70,366 125,682 Amounts due to other insurers/ reinsurers 322,479 579,621 Accrued expenses 40,241 79,174 Other creditors and accruals 717,908 785,885 1,150,994 1,570,362 Other liabilities Unclaimed dividends 169,722 29,502 TOTAL LIABILITIES 11,513,308 11,114,216 TOTAL EQUITY AND LIABILITIES 19,100,127 18,765,963 CONTINGENCIES 5 The annexed notes form an integral part of these financial statements. 09

(Unaudited) (Audited) Note March 31, December 31, 2008 2007 (Rupees in '000) Cash and bank deposits Cash and other equivalents 6,358 133,735 Current and other accounts 480,540 600,661 Deposits maturing within 12 months 272,998 219,801 759,896 954,197 Loans 25,770 27,312 Investments 6 8,073,889 8,132,102 Other Assets Premiums due but unpaid 7 3,479,616 3,203,751 Amounts due from other insurers/ reinsurers 8 329,229 255,570 Salvage recoveries accrued 196,408 205,404 Premium and claim reserves retained by cedants 32,926 32,926 Accrued investment income 151,222 31,009 Reinsurance recoveries against outstanding claims 3,278,086 2,792,464 Taxation - payments less provision 146,796 157,153 Deferred commission expense 440,394 413,543 Prepayments 1,204,607 1,519,241 Sundry receivables 207,824 272,878 9,467,108 8,883,939 Fixed Assets - Tangible & Intangible 9 Owned Land and buildings 180,111 181,055 Furniture and fixtures 23,810 22,373 Motor vehicles 403,452 401,922 Capital work-in-progress 64,846 64,846 Machinery and equipment 55,302 51,969 Computers and related accessories 42,852 42,940 Intangible asset - computer software 3,091 3,308 773,464 768,413 TOTAL ASSETS 19,100,127 18,765,963 Arif Ijaz Managing & Chief Executive S.M. Jawed Ibrahim Shamsi Umer Mansha Chairman 10

Condensed Profit and Loss Account for the quarter ended March 31, 2008 (Unaudited) Fire and Marine, Quarter ended Quarter ended Property Aviation and Motor Misc. Treaty March 31, March 31, Damage Transport 2008 2007 (Rupees in Â000) Revenue account Net premium revenue 306,541 288,659 810,301 214,678 -, 1,620,179 1,335,763 Net claims (454,890) (147,484) (622,719) (176,808) -, (1,401,901) (691,660) Expenses (52,359) (47,623) (133,618) (37,008) -, (270,608) (241,921) Net commission (4,600) (41,403) (62,994) (13,863) -, (122,860) (123,253) Underwriting result (205,308) 52,149 (9,030) (13,001) -, (175,190) 278,929 Investment income 342,118 444,830 Rental income 124 124 Other income 10,561 8,994 177,613 732,877 General and administration expenses (74,932) (73,259) Exchange gain-net 209 414 Profit before tax 102,890 660,032 Provision for taxation (14,465) (98,455) Profit after tax 88,425 561,577 Profit and loss appropriation account Balance at the commencement of the period 5,666,273 1,802,399 Profit after tax for the period 88,425 561,577 Final dividend for the year ended December 31,2007 [(Rs. 1.5 per share) (2006 : Rs.1.8 per share )] (153,353) (184,023) Balance unappropriated profit at the end of the period 5,601,345 2,179,953 (Rupees) Earnings per share - basic 0.86 5.49 The annexed notes form an integral part of these financial statements. Arif Ijaz Managing & Chief Executive S.M. Jawed Ibrahim Shamsi Umer Mansha Chairman 11

Condensed Statement of changes in equity for the quarter ended March 31, 2008 (Unaudited) Share Capital Capital Reserves Revenue Reserves Issued, Reserve Reserve for Investment General Retained subscribed for issue of exceptional fluctuation reserve earnings and paid-up bonus shares losses reserve Total (Rupees in `000) Balance as at December 31, 2006 1,022,351 -, 22,859 3,764 936,500 1,802,399 3,787,873 Profit after tax for the quarter ended March 31, 2007 -, -, -, -, -, 561,577 561,577 Final dividend for the year ended December 31, 2006 -, -, -, -, -, (184,023) (184,023) Balance as at March 31, 2007 1,022,351 -, 22,859 3,764 936,500 2,179,953 4,165,427 Profit after tax for the Nine months ended December 31, 2007 -, -, -, -, -, 3,639,673 3,639,673 Interim dividend @ 15% (Rs 1.5/- per share) -, -, -, -, -, (153,353) (153,353) Balance as at December 31, 2007 1,022,351 -, 22,859 3,764 936,500 5,666,273 7,651,747 Profit after tax for the quarter ended March 31, 2008 -, -, -, -, -, 88,425 88,425 Final dividend for the year ended December 31, 2007 -, -, -, -, -, (153,353) (153,353) Balance as at March 31, 2008 1,022,351 -, 22,859 3,764 936,500 5,601,345 7,586,819 The annexed notes form an integral part of these financial statements. Arif Ijaz Managing & Chief Executive S.M. Jawed Ibrahim Shamsi Umer Mansha Chairman 12

Condensed Statement of Cash Flows for the quarter ended March 31, 2008 (Unaudited) Quarter ended Quarter ended March 31, 2008 March 31, 2007 (Rupees in '000) Operating Cash Flows a) Underwriting activities Premiums received 2,076,483 1,634,997 Reinsurance premiums paid (675,480) (651,838) Claims paid (1,581,284) (835,077) Surrenders paid (42,238) (33,948) Reinsurance and other recoveries received 352,104 157,251 Commissions paid (264,606) (231,333) Commissions received 87,732 115,731 Other underwriting payments (278,110) (241,105) Net cash flow from underwriting activities (325,399) (85,322) b) Other operating activities Income tax paid (4,108) (4,263) General and other expenses paid (77,009) (75,949) Loans disbursed (12,023) (22,162) Loan repayments received 13,565 23,187 Other receipts 3,161 2,705 Net cash flow from other operating activities (76,414) (76,482) Total cash flow from all operating activities (401,813) (161,804) Investment activities Profit/ return received 17,215 17,467 Dividends received 14,411 46,263 Investments purchased (1,957,743) (488,352) Proceeds from disposal of investments 2,169,325 765,133 Fixed capital expenditure (32,026) (22,242) Proceeds from disposal of fixed assets 3,560 2,367 Other income received 5,903 3,401 Total cash flow from investing activities 220,645 324,037 Financing activities Lease rentals paid -, (4,674) Dividend paid (13,133) -, Total cash flow from financing activities (13,133) (4,674) Net cash (outflow)/ inflow from all activities (194,301) 157,559 Cash at the beginning of the year 954,197 883,228 Cash at the end of the year 759,896 1,040,787 The annexed notes form an integral part of these financial statements. Arif Ijaz Managing & Chief Executive S.M. Jawed Ibrahim Shamsi Umer Mansha Chairman 13

Condensed Statement of Cash Flows for the quarter ended March 31, 2008 (Unaudited) Quarter ended Quarter ended March 31, 2008 March 31, 2007 (Rupees in '000) Reconciliation to Profit and Loss Account Operating cash flows (401,813) (161,804) Depreciation expense (23,796) (14,161) Provision for gratuity 79 8 Other income-bank deposits 7,068 6,418 Profit on disposal of fixed assets 205 281 Financial charges on lease obligations -, (418) Rental income 124 124 Increase in assets other than cash 473,313 152,773 (Decrease)/ Increase in liabilities other than running finance (270,246) 58,677 (215,066) 41,898 Others Profit on sale of investments 160,319 294,486 Amortization expense (218) (131) Decrease in unearned premium 11,453 169,792 Amortisation of income on Government Securities - net 19,625 34,263 Decrease in loans (1,542) (974) Income tax paid 4,108 4,263 Financial charges paid -, 354 Reversal for diminution in value of investments 11,388 12,813 Dividend, investment and other income 144,646 98,287 Income on TFCs 6,140 4,981 355,919 618,134 Profit before taxation 140,853 660,032 Cash for the purposes of the Statement of Cash Flows consists of: Cash and other equivalent Cash in hand 6,358 4,341 Current and other accounts Current and saving accounts 480,540 128,776 Deposits maturing within 12 months Fixed and term deposits accounts 272,998 907,670 Total cash and cash equivalents 759,896 1,040,787 The annexed notes form an integral part of these financial statements. Arif Ijaz Managing & Chief Executive S.M. Jawed Ibrahim Shamsi Umer Mansha Chairman 14

Condensed Statement of Premiums for the quarter ended March 31, 2008 (Unaudited) Direct and facultative Unearned premium Prepaid reinsurance Class Premiums reserve Premiums Reinsurance premium ceded Reinsurance Net premium revenue written earned ceded expense Quarter ended Quarter ended Opening Closing Opening Closing March 31, March 31, 2008 2007 (Rupees in Â000) Fire and property damage 612,864 1,920,772 1,620,317 913,319 259,753 1,294,867 947,842 606,778 306,541 285,047 Marine, aviation and transport 335,634 109,785 106,544 338,875 44,126 25,975 19,885 50,216 288,659 239,652 Motor 955,979 1,735,394 1,866,808 824,565 15,248 3,379 4,363 14,264 810,301 603,372 Miscellaneous 455,742 486,054 646,883 294,913 99,211 120,814 139,790 80,235 214,678 207,132 Total 2,360,219 4,252,005 4,240,552 2,371,672 418,338 1,445,035 1,111,880 751,493 1,620,179 1,335,203 Treaty Proportional -, -, -, -, -, -, -, -, -, 560 Total -, -, -, -, -, -, -, -, -, 560 Grand Total 2,360,219 4,252,005 4,240,552 2,371,672 418,338 1,445,035 1,111,880 751,493 1,620,179 1,335,763 The annexed notes form an integral part of these financial statements. Arif Ijaz Managing & Chief Executive S.M. Jawed Ibrahim Shamsi Umer Mansha Chairman 15

Condensed Statement of Claims for the quarter ended March 31, 2008 (Unaudited) Reinsurance and other Net claims expense Outstanding claims Reinsurance recoveries in respect of Reinsurance Total claims Claims and other outstanding claims and other Quarter ended Quarter ended Class paid expenses recoveries recoveries March 31, March 31, Opening Closing received Opening Closing revenue 2008 2007 (Rupees in Â000) Direct and facultative Fire and property damage 607,000 2,458,291 3,180,075 1,328,784 319,649 1,762,763 2,317,008 873,894 454,890 67,284 Marine, aviation and transport 219,044 401,442 333,691 151,293 39,815 237,895 201,889 3,809 147,484 46,277 Motor 545,314 1,451,129 1,532,558 626,743 39,971 537,633 501,686 4,024 622,719 455,951 Miscellaneous 209,926 670,229 657,773 197,470 26,328 459,577 453,911 20,662 176,808 120,725 Total 1,581,284 4,981,091 5,704,097 2,304,290 425,763 2,997,868 3,474,494 902,389 1,401,901 690,237 Treaty Proportional -, 41,529 41,529 -, -, -, -, -, -, 1,423 Total -, 41,529 41,529 -, -, -, -, -, -, 1,423 Grand Total 1,581,284 5,022,620 5,745,626 2,304,290 425,763 2,997,868 3,474,494 902,389 1,401,901 691,660 The annexed notes form an integral part of these financial statements. Arif Ijaz Managing & Chief Executive S.M. Jawed Ibrahim Shamsi Umer Mansha Chairman 16

Condensed Statement of Expenses for the quarter ended March 31, 2008 (Unaudited) Direct and facultative Deferred commission Net Other Net underwriting expense Commissions Underwriting Commission commission management Class paid or payable expense from reinsurer Quarter ended Quarter ended Opening Closing expense expenses March 31, 2008 March 31, 2007 (Rupees in Â000) Fire and property damage 100,005 204,584 204,973 99,616 52,359 151,975 95,016 56,959 83,172 Marine, aviation and transport 51,669 5,044 11,830 44,883 47,623 92,506 3,480 89,026 77,120 Motor 85,642 126,467 148,704 63,405 133,618 197,023 411 196,612 159,603 Miscellaneous 33,519 77,448 74,887 36,080 37,008 73,088 22,217 50,871 44,974 Total 270,835 413,543 440,394 243,984 270,608 514,592 121,124 393,468 364,869 Treaty Proportional -, -, -, -, -, -, -, -, 305 Total -, -, -, -, -, -, -, -, 305 Grand Total 270,835 413,543 440,394 243,984 270,608 514,592 121,124 393,468 365,174 The annexed notes form an integral part of these financial statements. Arif Ijaz Managing & Chief Executive S.M. Jawed Ibrahim Shamsi Umer Mansha Chairman 17

Condensed Statement of Investment Income for the quarter ended March 31, 2008 (Unaudited) Income from non-trading investments Available-for-sale Quarter ended Quarter ended March 31, March 31, 2008 2007 (Rupees in '000) Return on fixed income securities 19,625 33,260 Return on Term Finance Certificates 6,140 4,981 Dividend income 144,646 98,287 170,411 136,528 Gain on sale of Âavailable-for-saleÊ investments 160,319 294,486 330,730 431,014 Held-to-maturity Return on fixed income securities -, 1,003 330,730 432,017 Reversal for impairment in value of Âavailable-for-sale' investments 11,388 12,813 Net investment income 342,118 444,830 The annexed notes form an integral part of these financial statements. Arif Ijaz Managing & Chief Executive S.M. Jawed Ibrahim Shamsi Umer Mansha Chairman 18

Condensed Notes to the Financial Statements for the quarter ended March 31, 2008 (Unaudited) 1. THE COMPANY AND ITS OPERATIONS Adamjee Insurance Company Limited (the company) is a public limited company incorporated in Pakistan on September 28, 1960 under the Companies Act, 1913 (now Companies Ordinance, 1984). The company is listed on all the stock exchanges in Pakistan and is engaged in the non-life insurance business. The registered office of the company is situated at Adamjee House, I.I. Chundrigar Road, Karachi. The company also operates branches in the United Kingdom (UK), the United Arab Emirates (UAE), the Kingdom of Saudi Arabia (KSA) and the Export Processing Zone (EPZ). The branches in the UK and KSA have closed down their operations and are in run-off status with effect from January 1, 1998 and October 1, 2003 respectively. 2. STATEMENT OF COMPLIANCE These financial statements have been prepared in accordance with the approved accounting standards as applicable in Pakistan. Approved accounting standards comprise of such International Financial Reporting Standards (IFRS) as notified under the provisions of the Companies Ordinance, 1984. Wherever the requirements of the Companies Ordinance, 1984, the Insurance Ordinance, 2000, the SEC (Insurance) Rules, 2002 or directives issued by the Securities and Exchange Commission of Pakistan differ with the requirements of these standards, the requirements of the Companies Ordinance, 1984, the Insurance Ordinance, 2000, the SEC (Insurance) Rules, 2002 or the requirements of the said directives take precedence. The disclosures made in these financial statements have, however, been limited based on the requirements of International Accounting Standard 34 (IAS-34): "Interim Financial Reporting" and in accordance with the format prescribed under SEC (Insurance) Rules, 2002. These financial statements are unaudited. 3. BASIS OF MEASUREMENT These financial statements have been prepared under the historical cost convention except that obligations under certain employee benefits are measured at present value. 4. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES The accounting policies adopted in preparation of these financial statements are the same as those applied in the preparation of the annual financial statements of the company for the year ended December 31, 2007. 19

5. CONTINGENCIES The income tax assessments of the company have been finalised up to and including the tax year 2004. However, the company has filed appeals in respect of certain assessment years which mainly relate to the following: (i) The Deputy Commissioner of Income Tax (DCIT) has finalised assessments for the assessment year 1999-2000 by taxing capital gains at the full rate of 33%. The aggregate tax liability assessed by the DCIT amounted to Rs 48.205 million against which the company has made a total provision of Rs 44.141 million resulting in a shortfall of Rs 4.064 million. The company filed appeals with the Commissioner of Income Tax (Appeals) and ITAT which were decided against the company. Consequently the company has filed an appeal before the Honorable High Court of Sindh which has reserved the judgment in this respect; ii) iii) The Additional Commissioner/ Taxation Officer has reopened assessments for the assessment years 2000-2001 and 2001-2002 by taxing bonus shares received by the company during the above mentioned periods resulting in an additional tax liability of Rs 14.907 million. An appeal was filed before the Commissioner of Income Tax (Appeals) who cancelled the amended order passed by the Additional Commissioner and allowed relief to the Company but the Tax department has filed an appeal before the ITAT against the order of the Additional Commissioner. The company has also filed an appeal before the ITAT which is currently pending for adjudication; and While finalising the assessment for the year 2002-03, the Deputy Commissioner of Income Tax (DCIT) has reduced the business loss for the year by Rs 88.18 million by adjusting the dividend income against this loss. The company maintains that it is entitled to carry the gross loss forward for adjustment against the future taxable income and dividend income for the year should be taxed separately at reduced rate. The appeals of the company in this respect have been rejected by the Commissioner of Income Tax (Appeals), the Income Tax Appellate Tribunal, and the Sind High Court. The company has now filed a reference application with the Supreme Court of Pakistan. The management is confident that the matter will be eventually decided in favor of the company and has consequently not made any provision against the additional tax liability of Rs 26.455 million which may arise in this respect. Pending resolution of the above-mentioned appeals filed by the company, no provision has been made in these financial statements for the aggregate amount of Rs 45.426 million (2007: Rs 45.426 million) as the management is confident that the eventual outcome of the above matters will be in favor of the company. 20

6. INVESTMENTS Note March 31, December 31, 2008 2007 (Rupees in '000) In related parties Available-for-sale Marketable securities 5,126,157 4,841,403 Less: Provision for impairment in the value of investments (228) (230) 5,125,929 4,841,173 Others Available-for-sale Marketable securities 2,184,941 2,112,671 Less: Provision for impairment in the value of investments (16,706) (28,092) 2,168,235 2,084,579 Fixed income investments 779,725 1,180,100 2,947,960 3,264,679 Held-to-maturity Defence Saving Certificates - deposited with the State Bank of Pakistan in accordance with Section 29 of the Insurance Ordinance, 2000 -, 26,250 2,947,960 3,290,929 8,073,889 8,132,102 7. PREMIUMS DUE BUT UNPAID - Unsecured Considered good 3,479,616 3,203,751 Considered doubtful 86,202 86,202 3,565,818 3,289,953 Less: Provision for doubtful balances 7.1 (86,202) (86,202) 7.1 Reconciliation of provision for doubtful balances 3,479,616 3,203,751 Opening provision 86,202 145,709 Charge for the period -, 19,835 Written off during the year -, (79,342) Closing provision 86,202 86,202 8. AMOUNTS DUE FROM OTHER INSURERS/ REINSURERS - Unsecured Considered good 329,229 255,570 Considered doubtful 45,396 45,396 374,625 300,966 Less: Provision for doubtful balances 8.1 (45,396) (45,396) 329,229 255,570 21

8.1 Reconciliation of provision for doubtful balances March 31, December 31, 2008 2007 (Rupees in '000) Opening provision 45,396 31,396 Charge for the period -, 14,000 Closing provision 45,396 45,396 9. FIXED ASSETS 9.1 The following capital expenditure was incurred during the period: Quarter ended Quarter ended March 31, 2008 March 31, 2007 (Rupees in '000) Furniture and fixtures 1,547 676 Motor vehicles 20,467 13,212 Machinery and equipment 6,897 1,734 Computer and related accessories 3,115 6,620 32,026 22,242 9.2 The following are the written down values of fixed assets disposed off during the period: Furniture and fixtures 2,926 259 Motor vehicles 110 472 Machinery and equipment 319 1,329 Computer and related accessories -, 26 3,355 2,086 10. TRANSACTIONS WITH RELATED PARTIES The company has related party relationships with its employee benefit plans, key management personnel and other parties. Transactions are entered into with such related parties for the issuance of policies to and disbursements of claims incurred by them and payments of rentals for the use of premises rented from them. Investment in related parties have been disclosed in note 6 to the financial statements. Other transactions with related parties are summarised as follows: Quarter ended Quarter ended March 31, 2008 March 31, 2007 (Rupees in Â000) Premium underwritten 231,174 123,278 Premium received 275,931 43,353 Claims paid 94,730 33,383 Rent paid 300 6,774 22

11. SEGMENT REPORTING Class of business wise revenue and results have been disclosed in the profit and loss account prepared in accordance with the requirements of the Insurance Ordinance, 2000 and the SEC (Insurance) Rules, 2002. The following is a schedule of class of business wise assets and liabilities: Fire and Property Damage Marine Aviation and Transport March 31, 2008 Unallocated Motor Misc. Treaty Corporate Assets/ Total Liabilities (Rupees in '000) OTHER INFORMATION Segment assets 4,467,393 779,922 2,210,817 1,410,407 -, -, 8,868,539 Unallocated assets -, -, -, -, -, 10,231,588 10,231,588 Total assets 4,467,393 779,922 2,210,817 1,410,407 -, 10,231,588 19,100,127 Segment liabilities 5,064,838 497,189 3,558,956 1,419,158 41,528 -, 10,581,669 Unallocated liabilities -, -, -, -, -, 931,639 931,639 Total liabilities 5,064,838 497,189 3,558,956 1,419,158 41,528 931,639 11,513,308 Capital expenditure -, -, -, -, -, 32,026 32,026 Fire and Property Damage Marine, Aviation and Transport December 31, 2007 Unallocated Motor Misc. Treaty Corporate Assets/ Total Liabilities (Rupees in '000) OTHER INFORMATION Segment assets 4,616,159 779,481 1,805,952 1,140,817 6,286 -, 8,348,695 Unallocated assets -, -, -, -, -, 10,417,268 10,417,268 Total assets 4,616,159 779,481 1,805,952 1,140,817 6,286 10,417,268 18,765,963 Segment liabilities 4,852,831 617,630 3,416,857 1,285,850 42,799 -, 10,215,967 Unallocated liabilities -, -, -, -, -, 898,249 898,249 Total liabilities 4,852,831 617,630 3,416,857 1,285,850 42,799 898,249 11,114,216 Capital expenditure -, -, -, -, -, 492,381 492,381 12. GENERAL Figures in these financial statements have been rounded off to the nearest thousand of rupees. 13. AUTHORISATION FOR ISSUE These financial statements have been authorised for issue on April 24,2008 by the Board of s of the company. Arif Ijaz Managing & Chief Executive S.M. Jawed Ibrahim Shamsi Umer Mansha Chairman 23