Securities Improved)

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Engro Year 2001 Month

Opening

Closing

January February March First Quarter (Avg) April May June Second Quarter (Avg) July August September Third Quarter (Avg) October November December Fourth Quarter (Avg)

69 77.75 63.6

77.75 63.6 57.6

70.12

66.32

57.6 61.65 57.55

61.65 57.55 57.05

58.93

58.75

57.05 49.75 53.95

49.75 53.95 45.9

53.58

49.87

45.9 56.05 55.2

56.05 55.2 51.75

52.38

54.33

Dividend Cash Stock

7.50

Engro Year 2002 Month

Opening

Closing

January February March First Quarter (Avg) April May June Second Quarter (Avg) July August September Third Quarter (Avg) October November December Fourth Quarter (Avg)

51.75 60.25 75.55

60.25 75.55 73.25

62.52

69.68

73.25 64.85 59.6

64.85 59.6 59.9

65.90

61.45

59.9 59.7 63.65

59.7 63.65 63.1

61.08

62.15

63.1 70 72.25

70 72.25 92.05

68.45

78.10

Engro

Dividend Cash Stock

7.5

Year 2003 Month

Opening

Closing

January February March First Quarter (Avg) April May June Second Quarter (Avg) July August September Third Quarter (Avg) October November December Fourth Quarter (Avg)

92.05 87.8 83.1

87.8 83.1 83.1

87.65

84.67

83.1 79.45 81.35

79.45 81.35 86.85

81.30

82.55

86.85 91.65 95.9

91.65 95.9 81

91.47

89.52

81 80.4 85.7

80.4 85.7 92.8

82.37

86.30

Dividend Cash Stock

8

Engro Year 2004 Month

Opening

Closing

January February March First Quarter (Avg) April May June Second Quarter (Avg) July August September Third Quarter (Avg) October November December Fourth Quarter (Avg)

92.8 97.35 95.7

97.35 95.7 98.3

95.28

97.12

98.3 99 98.25

99 98.25 97.5

98.52

98.25

97.5 94.9 94.9

94.9 94.9 90.95

95.77

93.58

90.95 98.5 111

98.5 111 129.3

100.15

112.93

Engro Year 2005

Dividend Cash Stock

8.5

Month

Opening

Closing

January February March First Quarter (Avg) April May June Second Quarter (Avg) July August September Third Quarter (Avg) October November December Fourth Quarter (Avg)

129.3 121.95 127.75

121.95 127.75 128.85

126.33

126.18

128.85 119 113.45

119 113.45 115.25

120.43

115.90

115.25 116 122.9

116 122.9 138.5

118.05

125.80

138.5 155.9 170

155.9 170 164.45

154.80

163.45

Dividend Cash Stock

11

Engro Year 2006 Month

Opening

Closing

January February March First Quarter (Avg) April May June Second Quarter (Avg) July August September Third Quarter (Avg) October November December Fourth Quarter (Avg)

164.45 196.6 228.8

196.6 228.8 208

196.62

211.13

208 194.5 176.5

194.5 176.5 169.4

193.00

180.13

169.4 176.6 180.1

176.6 180.1 179.1

175.37

178.60

179.1 181.35 172.8

181.35 172.8 169

177.75

174.38

Dividend Cash Stock

3

3

3

Engro Year 2007 Month

Opening

Closing

Dividend Cash Stock

January February March First Quarter (Avg) April May June Second Quarter (Avg) July August September Third Quarter (Avg) October November December Fourth Quarter (Avg)

169 185.4 181.45

185.4 181.45 185.8

178.62

184.22

185.8 204.95 209.78

204.95 209.78 253

200.18

222.58

253 252.5 227

252.5 227 259.9

244.17

246.47

259.9 279.5 276.75

279.5 276.75 265.75

272.05

274.00

2

2

3

Engro Year 2008 Month

Opening

Closing

January February March First Quarter (Avg) April May June Second Quarter (Avg) July August September Third Quarter (Avg) October November December Fourth Quarter (Avg)

265.75 288.8 320

288.8 320 323.9

291.52

310.90

323.9 329.05 279.01

329.05 279.01 280.81

310.65

296.29

280.81 208.96 181.8

208.96 181.8 180.44

223.86

190.40

180.44

180.44

180.44

180.44

Dividend Cash Stock

2

2

Return

-5.42%

-0.31%

-6.94%

18.04%

Return

11.46%

-6.75%

1.75%

25.05%

Return

-3.40%

1.54%

-2.13%

14.49%

Return

1.92%

-0.27%

-2.28%

21.25%

Return

-0.12%

-3.76%

6.57%

12.69%

Return

7.38%

-5.11%

3.55%

-0.21%

Return

3.14%

12.19%

1.76%

1.82%

Return

6.65%

-3.98%

-14.05%

0.00%

Risk & Returns Engro Period First Quarter (Avg) Second Quarter (Avg) Third Quarter (Avg) Fourth Quarter (Avg) Average

Period First Quarter (Avg) Second Quarter (Avg) Third Quarter (Avg) Fourth Quarter (Avg) Average

Period First Quarter (Avg) Second Quarter (Avg) Third Quarter (Avg) Fourth Quarter (Avg) Average

Period First Quarter (Avg) Second Quarter (Avg) Third Quarter (Avg) Fourth Quarter (Avg) Average

Period First Quarter (Avg) Second Quarter (Avg) Third Quarter (Avg) Fourth Quarter (Avg) Average

Period

Opening 70.12 58.93 53.58 52.38 58.75

Opening 62.52 65.90 61.08 68.45 64.49

Opening 87.65 81.30 91.47 82.37 85.70

Opening 95.28 98.52 95.77 100.15 97.43

Opening 126.33 120.43 118.05 154.80 129.90

Opening

2001 Closing Dividends Cash Stock 66.32 0 0 58.75 0 0 49.87 0 0 54.33 7.5 0 57.32 1.88 0.00

Return

R.R

Act. Risk

-5.42% -0.31% -6.94% 18.04% 1.34%

0.95 1.00 0.93 1.18 1.01

11.49%

R.R

Act. Risk

1.11 0.93 1.02 1.25 1.08

13.66%

R.R

Act. Risk

0.97 1.02 0.98 1.14 1.03

8.18%

R.R

Act. Risk

1.02 1.00 0.98 1.21 1.05

10.87%

2002 Closing Dividends Return Cash Stock 69.68 0 0 11.46% 61.45 0 0 -6.75% 62.15 0 0 1.75% 78.10 7.5 0 25.05% 67.85 1.88 0.00 7.88% 2003 Closing Dividends Return Cash Stock 84.67 0 0 -3.40% 82.55 0 0 1.54% 89.52 0 0 -2.13% 86.30 8 0 14.49% 85.76 2.00 0.00 2.62% 2004 Closing Dividends Return Cash Stock 97.12 0 0 1.92% 98.25 0 0 -0.27% 93.58 0 0 -2.28% 112.93 8.5 0 21.25% 100.47 2.13 0.00 5.16% 2005 Closing Dividends Return Cash Stock 126.18 0 0 -0.12% 115.90 0 0 -3.76% 125.80 0 0 6.57% 163.45 11 0 12.69% 132.83 2.75 0.00 3.84%

R.R

Act. Risk

1.00 0.96 1.07 1.13 1.04

7.29% 7.29%

2006 Closing Dividends

R.R

Act. Risk

Return

First Quarter (Avg) Second Quarter (Avg) Third Quarter (Avg) Fourth Quarter (Avg) Average

Period First Quarter (Avg) Second Quarter (Avg) Third Quarter (Avg) Fourth Quarter (Avg) Average Period First Quarter (Avg) Second Quarter (Avg) Third Quarter (Avg) Average

196.62 193.00 175.37 177.75 185.68

Opening 178.62 200.18 244.17 272.05 223.75 Opening 291.52 310.65 223.86 275.34

211.13 180.13 178.60 174.38 186.06

Cash Stock 0 0 7.38% 3 0 -5.11% 3 0 3.55% 3 0 -0.21% 2.25 0.00 1.40%

2007 Closing Dividends Return Cash Stock 184.22 0 0 3.14% 222.58 2 0 12.19% 246.47 2 0 1.76% 274.00 3 0 1.82% 231.82 1.75 0.00 4.73% 2008 Closing Dividends Return Cash Stock 310.90 0 0 6.65% 296.29 2 0 -3.98% 190.40 2 0 -14.05% 265.86 1.33 0.00 -0.04

1.07 0.95 1.04 1.00 1.01

5.34%

R.R

Act. Risk

1.03 1.12 1.02 1.02 1.05

5.02%

R.R

Act. Risk

1.07 0.96 0.86 0.96

10.35%

Lucky Cements Year 2001 Month January February March First Quarter (Avg) April May June Second Quarter (Avg) July August September Third Quarter (Avg) October November December Fourth Quarter (Avg)

Opening

Closing

8.4 7.15 7

7.15 7 6.35

7.52

6.83

6.35 6.65 7.35

6.65 7.35 6.9

6.78

6.97

6.9 6.3 6.1

6.3 6.1 4.55

6.43

5.65

4.55 7.15 7.7

7.15 7.7 6.9

6.47

7.25

Dividend Cash Stock

0.75

Lucky Cements Year 2002 Month January February March First Quarter (Avg) April May June Second Quarter (Avg) July August September Third Quarter (Avg) October November December Fourth Quarter (Avg)

Opening

Closing

6.9 11.9 10.55

11.9 10.55 10.05

9.78

10.83

10.05 9.9 7.55

9.9 7.55 8.2

9.17

8.55

8.2 8.7 9.55

8.7 9.55 9.75

8.82

9.33

9.75 9.75 10.05

9.75 10.05 11.2

9.85

10.33

Lucky Cements

Dividend Cash Stock

0.75

Year 2003 Month January February March First Quarter (Avg) April May June Second Quarter (Avg) July August September Third Quarter (Avg) October November December Fourth Quarter (Avg)

Opening

Closing

11.2 9.55 9.8

9.55 9.8 10.05

10.18

9.80

10.05 10.7 13.9

10.7 13.9 18.05

11.55

14.22

18.05 21.25 22.5

21.25 22.5 20.65

20.60

21.47

20.65 18.6 22.85

18.6 22.85 24.65

20.70

22.03

Dividend Cash Stock

0.08

0.75

Lucky Cements Year 2004 Month January February March First Quarter (Avg) April May June Second Quarter (Avg) July August September Third Quarter (Avg) October November December Fourth Quarter (Avg)

Opening

Closing

24.65 27.95 25.8

27.95 25.8 33.35

26.13

29.03

33.35 39.05 43.7

39.05 43.7 39.1

38.70

40.62

39.1 39.65 37.75

39.65 37.75 37.65

38.83

38.35

37.65 33.65 38.95

33.65 38.95 40.65

36.75

37.75

Lucky Cements Year 2005

Dividend Cash Stock

0.75

Month January February March First Quarter (Avg) April May June Second Quarter (Avg) July August September Third Quarter (Avg) October November December Fourth Quarter (Avg)

Opening

Closing

40.65 41.9 48.1

41.9 48.1 48.5

43.55

46.17

48.5 45.4 35.9

45.4 35.9 45.5

43.27

42.27

45.5 44.8 45.75

44.8 45.75 52.4

45.35

47.65

52.4 67.5 74.25

67.5 74.25 83.9

64.72

75.22

Dividend Cash Stock

Lucky Cements Year 2006 Month January February March First Quarter (Avg) April May June Second Quarter (Avg) July August September Third Quarter (Avg) October November December Fourth Quarter (Avg)

Opening

Closing

83.9 99.9 111.25

99.9 111.25 122.35

98.35

111.17

122.35 109.85 98.5

109.85 98.5 103.55

110.23

103.97

103.55 107.25 97.85

107.25 97.85 100.8

102.88

101.97

100.8 94.15 71.05

94.15 71.05 59.9

88.67

75.03

Dividend Cash Stock

1.00

Lucky Cements Year 2007 Month

Opening

Closing

Dividend Cash Stock

January February March First Quarter (Avg) April May June Second Quarter (Avg) July August September Third Quarter (Avg) October November December Fourth Quarter (Avg)

59.9 66.5 65.55

66.5 65.55 79.3

63.98

70.45

79.3 104.35 110.15

104.35 110.15 137.75

97.93

117.42

137.75 130.2 110.15

130.2 110.15 128.25

126.03

122.87

128.25 127.25 123.05

127.25 123.05 116.5

126.18

122.27

1.25

Lucky Cements Year 2008 Month January February March First Quarter (Avg) April May June Second Quarter (Avg) July August September Third Quarter (Avg) October November December Fourth Quarter (Avg)

Opening

Closing

116.5 115.5 130.1

115.5 130.1 139.75

120.70

128.45

139.75 143.2 108.45

143.2 108.45 97.93

130.47

116.53

97.93 77.9 57.77

77.9 57.77

77.87

67.84

#DIV/0!

#DIV/0!

Dividend Cash Stock

1.25

Return

-9.09%

13.76%

-12.18%

12.11%

Return

10.73%

1.45%

5.86%

4.91%

Return

-3.03%

29.58%

4.21%

6.44%

Return

11.10%

6.89%

-1.24%

2.72%

Return

6.01%

-2.31%

5.07%

16.22%

Return

13.03%

-4.78%

-0.89%

-15.38%

Return

10.11%

21.17%

-2.51%

-3.10%

Return

6.42%

-9.73%

-12.88%

#DIV/0!

Lucky Cements Period First Quarter (Avg) Second Quarter (Avg) Third Quarter (Avg) Fourth Quarter (Avg) Average

Period First Quarter (Avg) Second Quarter (Avg) Third Quarter (Avg) Fourth Quarter (Avg) Average

Period First Quarter (Avg) Second Quarter (Avg) Third Quarter (Avg) Fourth Quarter (Avg) Average

Period First Quarter (Avg) Second Quarter (Avg) Third Quarter (Avg) Fourth Quarter (Avg) Average

Period First Quarter (Avg) Second Quarter (Avg) Third Quarter (Avg) Fourth Quarter (Avg) Average

Period

Opening 7.52 6.78 6.43 6.47 6.80

Opening 9.78 9.17 8.82 9.85 9.40

Opening 10.18 11.55 20.60 20.70 15.76

Opening 26.13 38.70 38.83 36.75 35.10

Opening 43.55 43.27 45.35 64.72 49.22

Opening

2001 Closing Dividends Cash Stock 6.83 0 0 6.97 0.75 0 5.65 0 0 7.25 0 0 6.68 0.19 0.00

Return

R.R

Act. Risk

-9.09% 13.76% -12.18% 12.11% 1.15%

0.91 1.14 0.88 1.12 1.01

13.68%

R.R

Act. Risk

1.11 1.01 1.06 1.05 1.06

3.83%

R.R

Act. Risk

0.97 1.30 1.04 1.06 1.09

14.11%

R.R

Act. Risk

1.11 1.07 0.99 1.03 1.05

5.32%

2002 Closing Dividends Return Cash Stock 10.83 0.00 0.00 10.73% 8.55 0.75 0.00 1.45% 9.33 0.00 0.00 5.86% 10.33 0.00 0.00 4.91% 9.76 0.19 0.00 5.74% 2003 Closing Dividends Return Cash Stock 9.80 0.00 0.08 -3.03% 14.22 0.75 0.00 29.58% 21.47 0.00 0.00 4.21% 22.03 0.00 0.00 6.44% 16.88 0.19 0.02 9.30% 2004 Closing Dividends Return Cash Stock 29.03 0.00 0.00 11.10% 40.62 0.75 0.00 6.89% 38.35 0.00 0.00 -1.24% 37.75 0.00 0.00 2.72% 36.44 0.19 0.00 4.87% 2005 Closing Dividends Return Cash Stock 46.17 0.00 0.00 6.01% 42.27 0.00 0.00 -2.31% 47.65 0.00 0.00 5.07% 75.22 0.00 0.00 16.22% 52.83 0.00 0.00 6.25%

R.R

Act. Risk

1.06 0.98 1.05 1.16 1.06

7.62% 7.62%

2006 Closing Dividends

R.R

Act. Risk

Return

First Quarter (Avg) Second Quarter (Avg) Third Quarter (Avg) Fourth Quarter (Avg) Average

Period First Quarter (Avg) Second Quarter (Avg) Third Quarter (Avg) Fourth Quarter (Avg) Average Period First Quarter (Avg) Second Quarter (Avg) Third Quarter (Avg) Average

98.35 110.23 102.88 88.67 100.03

Opening 63.98 97.93 126.03 126.18 103.53 Opening 120.70 130.47 77.87 109.68

111.17 103.97 101.97 75.03 98.03

Cash 0.00 1.00 0.00 0.00 0.25

Stock 0.00 0.00 0.00 0.00 0.00

2007 Closing Dividends Cash Stock 70.45 0.00 0.00 117.42 1.25 0.00 122.87 0.00 0.00 122.27 0.00 0.00 108.25 0.31 0.00 2008 Closing Dividends Cash Stock 128.45 0.00 0.00 116.53 1.25 0.00 67.84 0.00 0.00 104.27 0.42 0.00

13.03% -4.78% -0.89% -15.38% -2.00%

1.13 0.95 0.99 0.85 0.98

11.74%

Return

R.R

Act. Risk

10.11% 21.17% -2.51% -3.10% 6.42%

1.10 1.21 0.97 0.97 1.06

11.57%

Return

R.R

Act. Risk

6.42% -9.73% -12.88% -0.05

1.06 0.90 0.87 0.95

10.35%

MCBL Year 2001 Month January February March First Quarter (Avg) April May June Second Quarter (Avg) July August September Third Quarter (Avg) October November December Fourth Quarter (Avg)

Opening

Closing

32.4 31.45 28.35

30.73

Dividend Cash Stock 31.45 28.35 23.45

27.75 23.45 26.7 26.4

25.52

26.7 26.3 24.5

25.83 24.35 20.8 23.1

22.75

21 23.4 20.6

21.67 20.75 25.5 22.45

22.90

25.5 22.85 18.75

22.37

MCBL Year 2002 Month January February March First Quarter (Avg) April May June Second Quarter (Avg) July August September Third Quarter (Avg) October November December Fourth Quarter (Avg)

Opening

Closing 18.8 25.8 24

22.87

25.45 23.95 26

25.13 26.6 29.45 24.4

26.82

29.65 24.9 29.1

27.88 29.1 23.9 25.35

26.12

23.9 25.35 27.1

25.45 27.1 32.75 33.05

30.97

Dividend Cash Stock

32.75 33.05 33.35

33.05

MCBL

Year 2003 Month January February March First Quarter (Avg) April May June Second Quarter (Avg) July August September Third Quarter (Avg) October November December Fourth Quarter (Avg)

Opening

Closing

33.35 34.1 33.68

33.71

Dividend Cash Stock 34.1 33.68 33.25

33.68 33.25 33.7 35.65

34.20

1.5 33.7 35.65 37.55

35.63 37.55 42.8 54.75

45.03

42.8 54.75 44.8

47.45 44.8 41.9 46

44.23

1.25 41.9 46 51.4

46.43

1

MCBL Year 2004 Month January February March First Quarter (Avg) April May June Second Quarter (Avg) July August September Third Quarter (Avg) October November December Fourth Quarter (Avg)

Opening

Closing

51.4 54.15 48.7

51.42

54.15 48.7 48.7

50.52 48.7 56 57

53.90

1 56 57 50.6

54.53 50.6 50.7 52.9

51.40

50.7 52.9 49.9

51.17 49.9 48.7 51.4

50.00

Dividend Cash Stock

1.5 48.7 51.4 58.7

52.93

MCBL Year 2005

1

Month January February March First Quarter (Avg) April May June Second Quarter (Avg) July August September Third Quarter (Avg) October November December Fourth Quarter (Avg)

Opening

Closing 58.7 65.5 78.4

67.53

Dividend Cash Stock 65.5 78.4 64

69.30

1.75

64 75.35 67.9

69.08

75.35 67.9 79.3

74.18 79.3 86.5 104.5

90.10

86.5 104.5 126.3

105.77

1.5

126.3 146.8 156.3

143.13

146.8 156.3 167.8

156.97

1

2

MCBL Year 2006 Month January February March First Quarter (Avg) April May June Second Quarter (Avg) July August September Third Quarter (Avg) October November December Fourth Quarter (Avg)

Opening

Closing

167.8 217 261

215.27

Dividend Cash Stock

217 261 225.05

234.35

2

225.05 238.4 198

220.48

238.4 198 210.3

215.57 210.3 222.75 214.35

215.80

2 222.75 214.35 255

230.70 255 274.5 255

261.50

2 274.5 255 246.1

258.53

1.5

1.5

MCBL Year 2007 Month

Opening

Closing

Dividend Cash Stock

January February March First Quarter (Avg) April May June Second Quarter (Avg) July August September Third Quarter (Avg) October November December Fourth Quarter (Avg)

246.1 297.95 293

279.02

297.95 293 270.65

287.20 270.65 298 340.95

303.20

2.5 298 340.95 365

334.65

2.5

365 324.6 311.5

333.70

324.6 311.5 333

323.03 333 380.1 372.3

361.80

2.5 380.1 372.3 399.95

384.12

5

MCBL Year 2008 Month January February March First Quarter (Avg) April May June Second Quarter (Avg) July August September Third Quarter (Avg) October November December Fourth Quarter (Avg)

Opening

Closing

399.95 391.9 435

408.95

Dividend Cash Stock 391.9 435 415.5

414.13 415.5 415 274.41

368.30

1.5 415 274.41 326.38

338.60 326.38 271 244

3 271 244 242.72

280.46

252.57

#DIV/0!

#DIV/0!

Return

-9.71%

1.24%

-4.76%

-2.33%

Return

9.91%

3.98%

-2.55%

6.73%

Return

4.35%

4.19%

8.14%

7.23%

Return

0.19%

1.18%

2.46%

7.87%

Return

5.21%

7.38%

19.05%

11.76%

Return

9.79%

-1.32%

7.83%

0.01%

Return

3.83%

11.20%

-2.45%

7.55%

Return

1.63%

-7.25%

-9.94%

#DIV/0!

MCB Period

Opening

First Quarter (Avg) 30.73 Second Quarter 25.52 (Avg) Third Quarter (Avg) 22.75 Fourth Quarter22.90 (Avg) Average 25.48

Period

Opening

First Quarter (Avg) 22.87 Second Quarter 26.82 (Avg) Third Quarter (Avg) 26.12 Fourth Quarter30.97 (Avg) Average 26.69

Period

Opening

First Quarter (Avg) 33.71 Second Quarter 34.20 (Avg) Third Quarter (Avg) 45.03 Fourth Quarter44.23 (Avg) Average 39.29

Period

Opening

First Quarter (Avg) 51.42 Second Quarter 53.90 (Avg) Third Quarter (Avg) 51.40 Fourth Quarter50.00 (Avg) Average 51.68

Period

Opening

First Quarter (Avg) 67.53 Second Quarter 69.08 (Avg) Third Quarter (Avg) 90.10 Fourth Quarter 143.13 (Avg) Average 92.46

Period

Opening

Closing 27.75 25.83 21.67 22.37 24.40

Closing 25.13 27.88 25.45 33.05 27.88

Closing 33.68 35.63 47.45 46.43 40.80

2001 Dividends Cash 0.00 0.00 0.00 0.00 0.00

Stock 0.00 0.00 0.00 0.00 0.00

2002 Dividends Cash 0.00 0.00 0.00 0.00 0.00

Stock 0.00 0.00 0.00 0.00 0.00

2003 Dividends Cash 1.50 0.00 1.25 0.00 0.69

Stock 0.00 0.00 0.00 1.00 0.25

2004 Dividends Cash 1.00 0.00 1.50 0.00 0.63

Stock 0.00 0.00 0.00 1.00 0.25

69.30 74.18 105.77 156.97 101.55

2005 Dividends Cash 1.75 0.00 1.50 1.00 1.06

Stock 0.00 0.00 0.00 2.00 0.50

Closing

2006 Dividends

Closing 50.52 54.53 51.17 52.93 52.29

Closing

Return

R.R

-9.71% 1.24% -4.76% -2.33% -3.89%

0.90 1.01 0.95 0.98 0.96

Return

R.R

9.91% 3.98% -2.55% 6.73% 4.52%

1.10 1.04 0.97 1.07 1.05

Return

R.R

4.35% 4.19% 8.14% 7.23% 5.98%

1.04 1.04 1.08 1.07 1.06

Return

R.R

0.19% 1.18% 2.46% 7.87% 2.93%

1.00 1.01 1.02 1.08 1.03

Return

R.R

5.21% 7.38% 19.05% 11.76% 10.85%

1.05 1.07 1.19 1.12 1.11

Return

R.R

First Quarter (Avg) 215.27 Second Quarter 220.48 (Avg) Third Quarter 215.80 (Avg) Fourth Quarter 261.50 (Avg) Average 228.26

Period

234.35 215.57 230.70 258.53 234.79

Opening

Closing

First Quarter (Avg) 279.02 Second Quarter 303.20 (Avg) Third Quarter 333.70 (Avg) Fourth Quarter 361.80 (Avg) Average 319.43

287.20 334.65 323.03 384.12 332.25

Period

Opening

Closing

First Quarter (Avg) 408.95 Second Quarter 368.30 (Avg) Third Quarter 280.46 (Avg) Average 352.57

414.13 338.60 252.57 335.10

Cash 2.00 2.00 2.00 1.50 1.88 2007 Dividends Cash 2.50 2.50 2.50 5.00 3.13 2008 Dividends Cash 1.50 3.00 2.25

Stock 0.00 0.00 0.00 1.50 0.38

Stock 0.00 0.00 0.00 0.00 0.00

Stock 0.00 0.00 0.00 0.00

9.79% -1.32% 7.83% 0.01% 4.08%

1.10 0.99 1.08 1.00 1.04

Return

R.R

3.83% 11.20% -2.45% 7.55% 5.03%

1.04 1.11 0.98 1.08 1.05

Return

R.R

1.63% -7.25% -9.94% -0.05

1.02 0.93 0.90 0.95

Act. Risk

4.60%

Act. Risk

5.30%

Act. Risk

2.01%

Act. Risk

3.42%

Act. Risk

6.11%

Act. Risk

5.55%

Act. Risk

5.82% Act. Risk

6.06%

PSO Year 2001 Month January February March First Quarter (Avg) April May June Second Quarter (Avg) July August September Third Quarter (Avg) October November December Fourth Quarter (Avg)

Opening

Closing

143.6 144.75 142.25

Dividend Cash Stock

144.75 142.25 134.25

143.53

140.42 134.25 141.65 142.45

141.65 142.45 132.5

139.45

138.87 132.5 123.55 127.85

123.55 127.85 105.6

127.97

119.00 105.6 111.6 98.8

111.6 98.8 92.4

105.33

100.93

PSO Year 2002 Month January February March First Quarter (Avg) April May June Second Quarter (Avg) July August September Third Quarter (Avg) October November December Fourth Quarter (Avg)

Opening

Closing

92.4 109 148.5

109 148.5 157.15

116.63

138.22 157.15 164.15 128.85

164.15 128.85 140

150.05

144.33 140 140.8 202.65

140.8 202.65 197.3

161.15

180.25 197.3 195.5 176.35

195.5 176.35 211.5

189.72

194.45

PSO

Dividend Cash Stock

Year 2003 Month January February March First Quarter (Avg) April May June Second Quarter (Avg) July August September Third Quarter (Avg) October November December Fourth Quarter (Avg)

Opening

Closing

211.5 190.95 196.93

199.79

Dividend Cash Stock

190.95 196.93 202.9

196.93 202.9 205.4 213.7

207.33

205.4 213.7 228.3

215.80 228.3 280.95 290.2

266.48

280.95 290.2 278.5

283.22 278.5 250.45 273.3

267.42

250.45 273.3 288.55

270.77

PSO Year 2004 Month January February March First Quarter (Avg) April May June Second Quarter (Avg) July August September Third Quarter (Avg) October November December Fourth Quarter (Avg)

Opening

Closing

288.55 287.65 293.1

289.77

287.65 293.1 285.45

288.73 285.45 271 271

275.82

271 271 256.75

266.25 256.75 256 256.85

256.53

256 256.85 250.3

254.38 250.3 257.25 268.6

258.72

257.25 268.6 286.75

270.87

PSO Year 2005

Dividend Cash Stock

Month January February March First Quarter (Avg) April May June Second Quarter (Avg) July August September Third Quarter (Avg) October November December Fourth Quarter (Avg)

Opening

Closing

286.75 310.6 412.45

336.60

Dividend Cash Stock

310.6 412.45 398

373.68 398 368 359

375.00

368 359 386

371.00 386 373.35 390.3

383.22

373.35 390.3 385

382.88 385 410 416.5

403.83

410 416.5 416.85

414.45

PSO Year 2006 Month January February March First Quarter (Avg) April May June Second Quarter (Avg) July August September Third Quarter (Avg) October November December Fourth Quarter (Avg)

Opening

Closing

416.85 401.5 430

416.12

Dividend Cash Stock 401.5 430 373

401.50 373 342 304

339.67

342 304 309

318.33 309 364.65 328

333.88

18 364.65 328 312.05

334.90 312.05 300 300

304.02

300 300 300

300.00

6

PSO Year 2007 Month

Opening

Closing

Dividend Cash Stock

January February March First Quarter (Avg) April May June Second Quarter (Avg) July August September Third Quarter (Avg) October November December Fourth Quarter (Avg)

294 339.9 355.3

329.73

339.9 355.3 355.05

350.08 355.05 360.5 370

361.85

4 360.5 370 391.45

373.98 391.45 375.5 329

365.32

11 375.5 329 360.55

355.02 360.55 407.2 429.75

399.17

5 407.2 429.75 406.6

414.52

PSO Year 2008 Month January February March First Quarter (Avg) April May June Second Quarter (Avg) July August September Third Quarter (Avg) October November December Fourth Quarter (Avg)

Opening

Closing

406.6 439.95 496

447.52

439.95 496 533.45

489.80 533.45 503 440

492.15

6 503 440 417.24

453.41 417.24 373.35 279.99

356.86

373.35 279.99 279.99

311.11 279.99

279.99

Dividend Cash Stock

#DIV/0!

Return

-2.17%

-0.42%

-7.01%

-4.18%

Return

18.51%

-3.81%

11.85%

2.49%

Return

-1.43%

4.08%

6.28%

1.25%

Return

-0.36%

-3.47%

-0.84%

4.70%

Return

11.02%

-1.07%

-0.09%

2.63%

Return

-3.51%

-0.98%

0.30%

0.65%

Return

7.38%

6.39%

-1.45%

3.85%

Return

10.79%

-7.87%

-12.82%

#DIV/0!

PSO Period First Quarter (Avg) Second Quarter (Avg) Third Quarter (Avg) Fourth Quarter (Avg) Average

Period First Quarter (Avg) Second Quarter (Avg) Third Quarter (Avg) Fourth Quarter (Avg) Average

Period First Quarter (Avg) Second Quarter (Avg) Third Quarter (Avg) Fourth Quarter (Avg) Average

Period First Quarter (Avg) Second Quarter (Avg) Third Quarter (Avg) Fourth Quarter (Avg) Average

Period First Quarter (Avg) Second Quarter (Avg) Third Quarter (Avg) Fourth Quarter (Avg) Average

Period

Opening 143.53 139.45 127.97 105.33 129.07

2001 Closing Dividends Cash Stock 140.42 0.00 0.00 138.87 0.00 0.00 119.00 0.00 0.00 100.93 0.00 0.00 124.80 0.00 0.00

Opening

Closing

116.63 150.05 161.15 189.72 154.39

138.22 144.33 180.25 194.45 164.31

Opening 199.79 207.33 266.48 267.42 235.26

Opening 289.77 275.82 256.53 258.72 270.21

R.R

Act. Risk

-2.17% -0.42% -7.01% -4.18% -3.44%

0.98 1.00 0.93 0.96 0.97

2.83%

R.R

Act. Risk

1.19 0.96 1.12 1.02 1.07

9.88%

R.R

Act. Risk

0.99 1.04 1.06 1.01 1.03

3.36%

R.R

Act. Risk

1.00 0.97 0.99 1.05 1.00

3.41%

R.R

Act. Risk

1.11 0.99 1.00 1.03 1.03

5.49%

R.R

Act. Risk

2002 Dividends Return Cash Stock 0.00 0.00 18.51% 0.00 0.00 -3.81% 0.00 0.00 11.85% 0.00 0.00 2.49% 0.00 0.00 7.26%

2003 Closing Dividends Return Cash Stock 196.93 0.00 0.00 -1.43% 215.80 0.00 0.00 4.08% 283.22 0.00 0.00 6.28% 270.77 0.00 0.00 1.25% 241.68 0.00 0.00 2.55% 2004 Closing Dividends Return Cash Stock 288.73 0.00 0.00 -0.36% 266.25 0.00 0.00 -3.47% 254.38 0.00 0.00 -0.84% 270.87 0.00 0.00 4.70% 270.06 0.00 0.00 0.01%

Opening

Closing

336.60 375.00 383.22 403.83 374.66

373.68 371.00 382.88 414.45 385.50

Opening

Return

2005 Dividends Return Cash Stock 0.00 0.00 11.02% 0.00 0.00 -1.07% 0.00 0.00 -0.09% 0.00 0.00 2.63% 0.00 0.00 3.12%

2006 Closing Dividends

Return

First Quarter (Avg) Second Quarter (Avg) Third Quarter (Avg) Fourth Quarter (Avg) Average

Period First Quarter (Avg) Second Quarter (Avg) Third Quarter (Avg) Fourth Quarter (Avg) Average

Period First Quarter (Avg) Second Quarter (Avg) Third Quarter (Avg) Average

416.12 339.67 333.88 304.02 348.42

Opening 329.73 361.85 365.32 399.17 364.02

401.50 318.33 334.90 300.00 338.68

Cash 0.00 18.00 0.00 6.00 6.00

Stock 0.00 -3.51% 0.00 -0.98% 0.00 0.30% 0.00 0.65% 0.00 -0.88%

2007 Closing Dividends Return Cash Stock 350.08 4.00 0.00 7.38% 373.98 11.00 0.00 6.39% 355.02 5.00 0.00 -1.45% 414.52 0.00 0.00 3.85% 373.40 5.00 0.00 4.04%

Opening

Closing

447.52 492.15 356.86 432.18

489.80 453.41 311.11 418.11

2008 Dividends Return Cash Stock 6.00 0.00 10.79% 0.00 -7.87% 0.00 -12.82% 6.00 0.00 -0.03

0.96 0.99 1.00 1.01 0.99

1.89%

R.R

Act. Risk

1.07 1.06 0.99 1.04 1.04

3.95%

R.R

Act. Risk

1.11 0.92 0.87 0.97

12.45%

NESTLE Year 2001 Month January February March First Quarter (Avg) April May June Second Quarter (Avg) July August September Third Quarter (Avg) October November December Fourth Quarter (Avg)

Opening

Closing 150 138 141

143.00

Dividend Cash Stock 138 141 140

139.67 140 130 127

132.33

130 127 137

131.33 137 141 150

142.67

141 150 155

148.67 155 160 162

159.00

160 162 154

158.67

NESTLE Year 2002 Month January February March First Quarter (Avg) April May June Second Quarter (Avg) July August September Third Quarter (Avg) October November December Fourth Quarter (Avg)

Opening

Closing 154 170 178

167.33

170 178 176

174.67 176 185 188

183.00

185 188 190

187.67 190 192 187.5

189.83

192 187.5 192

190.50 192 198 207

199.00

Dividend Cash Stock

198 207 218.5

207.83

NESTLE

Year 2003 Month January February March First Quarter (Avg) April May June Second Quarter (Avg) July August September Third Quarter (Avg) October November December Fourth Quarter (Avg)

Opening

Closing

218.5 209 189.1

205.53

Dividend Cash Stock

209 189.1 203

200.37 203 220 225

216.00

220 225 250

231.67 250 269.8 279

266.27

269.8 279 278

275.60 278 275 270.1

274.37

275 270.1 376

307.03

4

NESTLE Year 2004 Month January February March First Quarter (Avg) April May June Second Quarter (Avg) July August September Third Quarter (Avg) October November December Fourth Quarter (Avg)

Opening

Closing

376 460 473.95

436.65

460 473.95 480

471.32 480 489 480

483.00

489 480 479

482.67 479 450 456

461.67

450 456 460

455.33

460 465 470.05

465.02

Dividend Cash Stock

465 470.05 519.95

485.00

NESTLE Year 2005

5

Month January February March First Quarter (Avg) April May June Second Quarter (Avg) July August September Third Quarter (Avg) October November December Fourth Quarter (Avg)

Opening

Closing

519.95 510 500

509.98

Dividend Cash Stock 510 500 525

511.67

525 551.25 535

537.08

551.25 535 534

540.08

534 538.65 554

542.22

538.65 554 557

549.88 557 560 570

562.33

560 570 602

577.33

15

NESTLE Year 2006 Month January February March First Quarter (Avg) April May June Second Quarter (Avg) July August September Third Quarter (Avg) October November December Fourth Quarter (Avg)

Opening

Closing 602 689 800

697.00

Dividend Cash Stock 689 800 825

771.33 825 950 1197

990.67

950 1197 1102.56

1083.19

1102.56 1068 919.65

1030.07

1068 919.65 940

975.88

940 950 900.05

930.02

950 900.05 1044.95

965.00

5

NESTLE Year 2007 Month

Opening

Closing

Dividend Cash Stock

January February March First Quarter (Avg) April May June Second Quarter (Avg) July August September Third Quarter (Avg) October November December Fourth Quarter (Avg)

1044.95 1323 1460

1275.98

1323 1460 1680

1487.67

1680 1580 1499

1586.33

1580 1499 1545

1541.33

1545 1505 1490

1513.33

1505 1490 1500

1498.33

1500 1530 1835

1621.67

1530 1835 1800

1721.67

10

NESTLE Year 2008 Month January February March First Quarter (Avg) April May June Second Quarter (Avg) July August September Third Quarter (Avg) October November December Fourth Quarter (Avg)

Opening 1800 1690.9 1600

1696.97 1512 1423 1282.51

1405.84

Closing 1690.9 1600 1512

1600.97 1423 1282.51 1640

1448.50

1640

1640.00

#DIV/0!

#DIV/0!

#DIV/0!

Dividend Cash Stock

Return

-2.33%

-0.76%

4.21%

-0.21%

Return

4.38%

2.55%

0.35%

4.44%

Return

-2.51%

7.25%

3.51%

13.36%

Return

7.94%

-0.07%

-1.37%

5.37%

Return

0.33%

0.56%

1.41%

5.33%

Return

10.66%

9.34%

-5.26%

4.30%

Return

16.59%

-2.84%

-0.99%

6.78%

Return

-5.66%

3.03%

#DIV/0!

#DIV/0!

PSO Period First Quarter (Avg) Second Quarter (Avg) Third Quarter (Avg) Fourth Quarter (Avg) Average

Period First Quarter (Avg) Second Quarter (Avg) Third Quarter (Avg) Fourth Quarter (Avg) Average

Period First Quarter (Avg) Second Quarter (Avg) Third Quarter (Avg) Fourth Quarter (Avg) Average

Period First Quarter (Avg) Second Quarter (Avg) Third Quarter (Avg) Fourth Quarter (Avg) Average

Period First Quarter (Avg) Second Quarter (Avg) Third Quarter (Avg) Fourth Quarter (Avg) Average

Period

Opening 143.00 132.33 142.67 159.00 144.25

2001 Closing Dividends Return Cash Stock 139.67 0.00 0.00 -2.33% 131.33 0.00 0.00 -0.76% 148.67 0.00 0.00 4.21% 158.67 0.00 0.00 -0.21% 144.58 0.00 0.00 0.23%

Opening

Closing

167.33 183.00 189.83 199.00 184.79

174.67 187.67 190.50 207.83 190.17

Opening 205.53 216.00 266.27 274.37 240.54

Opening 436.65 483.00 461.67 465.02 461.58

Act. Risk

0.98 0.99 1.04 1.00 1.00

2.80%

Return

R.R

Act. Risk

4.38% 2.55% 0.35% 4.44% 2.93%

1.04 1.03 1.00 1.04 1.03

1.93%

R.R

Act. Risk

0.97 1.07 1.04 1.13 1.05

6.66%

R.R

Act. Risk

1.08 1.00 0.99 1.05 1.03

4.42%

Return

R.R

Act. Risk

0.33% 0.56% 1.41% 5.33% 1.91%

1.00 1.01 1.01 1.05 1.02

2.33%

Return

R.R

Act. Risk

2003 Closing Dividends Return Cash Stock 200.37 0.00 0.00 -2.51% 231.67 0.00 0.00 7.25% 275.60 0.00 0.00 3.51% 307.03 4.00 0.00 13.36% 253.67 1.00 0.00 5.40% 2004 Closing Dividends Return Cash Stock 471.32 0.00 0.00 7.94% 482.67 0.00 0.00 -0.07% 455.33 0.00 0.00 -1.37% 485.00 5.00 0.00 5.37% 473.58 1.25 0.00 2.97%

Opening

Closing

509.98 537.08 542.22 562.33 537.90

511.67 540.08 549.88 577.33 544.74

Opening

2002 Dividends Cash Stock 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00

R.R

2005 Dividends Cash Stock 0.00 0.00 0.00 0.00 0.00 0.00 15.00 0.00 3.75 0.00

2006 Closing Dividends

First Quarter (Avg) Second Quarter (Avg) Third Quarter (Avg) Fourth Quarter (Avg) Average

Period First Quarter (Avg) Second Quarter (Avg) Third Quarter (Avg) Fourth Quarter (Avg) Average

Period First Quarter (Avg) Second Quarter (Avg) Third Quarter (Avg) Average

Cash Stock 697.00 771.33 0.00 0.00 10.66% 990.67 1083.19 0.00 0.00 9.34% 1030.07 975.88 0.00 0.00 -5.26% 930.02 965.00 5.00 0.00 4.30% 911.94 948.85 1.25 0.00 4.76%

Opening 1275.98 1586.33 1513.33 1621.67 1499.33

Opening 1696.97 1405.84 1640.00 1580.93

2007 Closing Dividends Return Cash Stock 1487.67 0.00 0.00 16.59% 1541.33 0.00 0.00 -2.84% 1498.33 0.00 0.00 -0.99% 1721.67 10.00 0.00 6.78% 1562.25 2.50 0.00 4.89% 2008 Closing Dividends Return Cash Stock 1600.97 0.00 -5.66% 1448.50 0.00 3.03% 7.00 0.00 0.00% 1524.74 7.00 0.00 -0.01

1.11 1.09 0.95 1.04 1.05

7.22%

R.R

Act. Risk

1.17 0.97 0.99 1.07 1.05

8.85%

R.R

Act. Risk

0.94 1.03 1.00 0.99

4.41%

Returns Sheet Engro Period First Quarter Second Quarter Third Quarter Fourth Quarter Average

2001 -5.42% -0.31% -6.94% 18.04% 1.34%

2002 11.46% -6.75% 1.75% 25.05% 7.88%

2003 -3.40% 1.54% -2.13% 14.49% 2.62%

Period First Quarter Second Quarter Third Quarter Fourth Quarter Average

2001 -9.09% 13.76% -12.18% 12.11% 1.15%

2002 10.73% 1.45% 5.86% 4.91% 5.74%

2003 -3.03% 29.58% 4.21% 6.44% 9.30%

Period First Quarter Second Quarter Third Quarter Fourth Quarter Average

2001 -9.71% 1.24% -4.76% -2.33% -3.89%

2002 9.91% 3.98% -2.55% 6.73% 4.52%

2003 4.35% 4.19% 8.14% 7.23% 5.98%

Period First Quarter Second Quarter Third Quarter Fourth Quarter Average

2001 -2.17% -0.42% -7.01% -4.18% -3.44%

2002 18.51% -3.81% 11.85% 2.49% 7.26%

2003 -1.43% 4.08% 6.28% 1.25% 2.55%

Period First Quarter Second Quarter Third Quarter Fourth Quarter Average

2001 -2.33% -0.76% 4.21% -0.21% 0.23%

2002 4.38% 2.55% 0.35% 4.44% 2.93%

2003 -2.51% 7.25% 3.51% 13.36% 5.40%

2004 1.92% -0.27% -2.28% 21.25% 5.16%

2005 -0.12% -3.76% 6.57% 12.69% 3.84%

Lucky Cements 2004 11.10% 6.89% -1.24% 2.72% 4.87%

2005 6.01% -2.31% 5.07% 16.22% 6.25%

MCB 2004 0.19% 1.18% 2.46% 7.87% 2.93%

2005 5.21% 7.38% 19.05% 11.76% 10.85%

2004 -0.36% -3.47% -0.84% 4.70% 0.01%

2005 11.02% -1.07% -0.09% 2.63% 3.12%

PSO

NESTLE 2004 7.94% -0.07% -1.37% 5.37% 2.97%

2005 0.33% 0.56% 1.41% 5.33% 1.91%

2006 7.38% -5.11% 3.55% -0.21% 1.40%

2007 3.14% 12.19% 1.76% 1.82% 4.73%

2008 6.65% -3.98% -14.05%

2006 13.03% -4.78% -0.89% -15.38% -2.00%

2007 10.11% 21.17% -2.51% -3.10% 6.42%

2008 6.42% -9.73% -12.88%

2006 9.79% -1.32% 7.83% 0.01% 4.08%

2007 3.83% 11.20% -2.45% 7.55% 5.03%

2008 1.63% -7.25% -9.94%

2006 -3.51% -0.98% 0.30% 0.65% -0.88%

2007 7.38% 6.39% -1.45% 3.85% 4.04%

2008 10.79% -7.87% -12.82%

2006 10.66% 9.34% -5.26% 4.30% 4.76%

2007 16.59% -2.84% -0.99% 6.78% 4.89%

2008 -5.66% 3.03% #DIV/0!

-3.79%

-5.40%

-5.19%

-3.30%

#DIV/0!

Year

Opening prices 2001 2002 2003 2004 2005 2006 2007 2008

58.75 64.49 85.70 97.43 129.90 185.68 223.75 251.62

Lucky Cements Year Returns 2001 1.15% 2002 5.74% 2003 9.30% 2004 4.87% 2005 6.25% 2006 -2.00% 2007 6.42% 2008 -5.40%

Engro Closing prices 57.32 67.85 85.76 100.47 132.83 186.06 231.82 244.51

Returns 1.34% 7.88% 2.62% 5.16% 3.84% 1.40% 4.73% -3.79%

Year

Lucky Cements Opening prices Closing prices Returns 2001 6.80 6.68 2002 9.40 9.76 2003 15.76 16.88 2004 35.10 36.44 2005 49.22 52.83 2006 100.03 98.03 2007 103.53 108.25 2008 109.68 104.27

Year

Opening prices

1.15% 5.74% 9.30% 4.87% 6.25% -2.00% 6.42% -5.40%

MCB Closing prices

Returns

2001 2002 2003 2004 2005 2006 2007 2008

Year

25.48 26.69 39.29 51.68 92.46 228.26 319.43 352.57

24.40 27.88 40.80 52.29 101.55 234.79 332.25 335.10

PSO Opening prices Closing prices Returns 2001 129.07 124.80 2002 154.39 164.31 2003 235.26 241.68 2004 270.21 270.06 2005 374.66 385.50 2006 348.42 338.68 2007 364.02 373.40

-3.89% 4.52% 5.98% 2.93% 10.85% 4.08% 5.03% -5.19%

-3.44% 7.26% 2.55% 0.01% 3.12% -0.88% 4.04%

2008

Year

432.18

418.11

Nestle Opening prices Closing prices Returns 2001 144.25 144.58 2002 184.79 190.17 2003 240.54 253.67 2004 461.58 473.58 2005 537.90 544.74 2006 911.94 948.85 2007 1499.33 1562.25 2008 1580.93 1524.74

-3.30%

0.23% 2.93% 5.40% 2.97% 1.91% 4.76% 4.89% -0.87%

Market returns 15.00% 15.00% 15.00% 15.00% 15.00% 15.00% 15.00% 15.00%

Engro Price trend 275 250 225 200 175 150 125 100 75 50 25 0 Row 3

2001

2002

2003

2004

Opening prices

2005

2006

Closing prices

Engro Returns 8.00% 7.00% 6.00% 5.00% 4.00% 3.00% 2.00% 1.00% 0.00% -1.00% -2.00% -3.00% -4.00% Row 3

2001

2002

2003

2004

2005

2006

2007

Lucky Cements price Trend 110.00 100.00 90.00

Lucky Cements price Trend 110.00 100.00 90.00 80.00 70.00 60.00 50.00 40.00 30.00 20.00 10.00 0.00 2001

2002

2003

2004

Opening prices

2005

2006

Closing prices

Lucky Cements Returns 10.00% 8.00% 6.00% 4.00% 2.00% 0.00% -2.00% -4.00% -6.00% 2000

2002

2004

2006

MCB price trend 375.00 350.00 325.00 300.00 275.00 250.00

2008

MCB price trend 375.00 350.00 325.00 300.00 275.00 250.00 225.00 200.00 175.00 150.00 125.00 100.00 75.00 50.00 25.00 0.00 2001

2002

2003

2004

Opening prices

2005

2006

Closing prices

MCB Returns 12.00% 10.00% 8.00% 6.00% 4.00% 2.00% 0.00% -2.00% -4.00% -6.00% Row 101

Row 102

Row 103

Row 104

Row 105

Row 106

PSO Price Trend 450.00 400.00 350.00 300.00 250.00 200.00

Row 107

400.00 350.00 300.00 250.00 200.00 150.00 100.00 50.00 0.00 2001

2002

2003

2004

Opening prices

2005

2006

Closing prices

PSO Returns 8.00% 7.00% 6.00% 5.00% 4.00% 3.00% 2.00% 1.00% 0.00% -1.00% -2.00% -3.00% -4.00% 2000

2002

2004

2006

Nestle Price Trend 1600.00 1400.00 1200.00 1000.00 800.00 600.00 400.00

2008

1200.00 1000.00 800.00 600.00 400.00 200.00 0.00 2001

2002

2003

2004

Opening prices

2005

2006

Closing prices

Nestle Returns 5.50% 5.00% 4.50% 4.00% 3.50% 3.00% 2.50% 2.00% 1.50% 1.00% 0.50% 0.00% -0.50% -1.00% 2000

2002

2004

2006

2008

rice trend

2004

es

2005

2006

2007

2008

Closing prices

o Returns

004

Returns

2005

2006

2007

ents price Trend

2008

ents price Trend

2004

prices

2005

2006

2007

2008

Closing prices

ments Returns

4

Returns Linear regression, Returns

2006

price trend

2008

price trend

2004

prices

2005

2006

2007

2008

Closing prices

B Returns

w

Returns

Row 105

Row 106

Price Trend

Row 107

Row 108

2004

prices

2005

2006

2007

2008

Closing prices

O Returns

Returns Linear regression, Returns

2006

Price Trend

2008

2004

prices

2005

2006

2007

2008

Closing prices

le Returns

Returns Linear regression, Returns

2006

2008

Expected Risk & Return Engro

S.No 1 2 3 4 5 Total

Return (R) 10.00% 5.00% 3.00% -5.00% -10.00%

Probability (P) 0.08 0.12 0.35 0.2 0.25 1

Expected Return ̅ṜA=∑RP 0.01 0.01 0.01 -0.01 -0.03 -1.05%

R-ṜA 0.09 0.04 0.02 -0.04 -0.08

δA = √∑(R-Ṝ

Muslim Commercial Bank

S.No 1 2 3 4 5 Total

Return (R) 10.00% 8.00% 5.00% 2.00% -5.00%

Probability (P) 0.1 0.12 0.2 0.4 0.18 1

Expected Return ̅ṜB=∑RP 0.01 0.01 0.01 0.01 -0.01 2.86%

R-ṜB 0.09 0.07 0.04 0.01 -0.04

δB = √∑(R-Ṝ

Lucky Cements

S.No 1 2 3 4 5 Total

Return (R) 5.00% 3.00% 1.00% -2.00% -5.00%

Probability (P) 0.1 0.2 0.4 0.25 0.05 1

Expected Return ̅ṜC=∑RP 0.01 0.01 0 -0.01 0 0.75%

R-ṜC 0.05 0.02 0.01 -0.02 -0.05

δC = √∑(R-Ṝ

Pakistan State Oil

S.No 1 2 3 4 5 Total

Return (R) 10.00% 7.00% 3.00% -5.00% -15.00%

Probability (P) 0.1 0.15 0.4 0.25 0.1 1

Expected Return ̅ṜD=∑RP 0.01 0.01 0.01 -0.01 -0.02 0.50%

R-ṜD 0.09 0.06 0.02 -0.04 -0.14

δD = √∑(R-Ṝ

Nestle Pakistan

S.No 1 2 3 4 5 Total

Return (R) 15.00% 10.00% 5.00% 2.00% -2.00%

Probability (P) 0.1 0.15 0.3 0.4 0.05 1

Expected Return ̅ṜE=∑RP 0.02 0.02 0.02 0.01 0 5.20%

R-ṜE 0.14 0.09 0.04 0.01 -0.02

δE = √∑(R-Ṝ

Return Expected Risk (δA)

(R-ṜA)2

(R-ṜA)2P

0.008464 0.001936 0.000380 0.001600 0.005625

δA = √∑(R-ṜA)2P

0 0 0 0 0 0 5.26%

Expected Risk (δB)

(R-ṜB)2

(R-ṜB)2P

0.008100 0.004956 0.001600 0.000144 0.001681

δB = √∑(R-ṜB)2P

0 0 0 0 0 0 4.57%

Expected Risk (δC)

(R-ṜC)2 0.002025 0.000576 0.000036 0.000225 0.002256

δC = √∑(R-ṜC)2P

(R-ṜC)2P 0 0 0 0 0 0 2.24%

Expected Risk (δD)

(R-ṜD)2

(R-ṜD)2P

0.008100 0.003540 0.000324 0.001406 0.018225

δD = √∑(R-ṜD)2P

0 0 0 0 0 0 6.04%

Expected Risk (δE)

(R-ṜE)2 0.018225 0.007225 0.001225 0.000144 0.000361

δE = √∑(R-ṜE)2P

(R-ṜE)2P 0 0 0 0 0 0 5.79%

Portfolio Risk & Return Let Returns of; Engro = A MCB = B L.C. = C PSO = D Nestle = E

Expected risk are: 5.26% 4.57% 2.24% 6.04% 5.79%

-1.05% 2.86% 0.75% 0.50% 5.20%

Expected Return of the portfolio =

1.65%

So, if I want to make a portfolio of 2 securities each, the number of portfolios I will have are: Portfolios = {AB,AC,AD,AE,BC,BD,BE,CD,CE, DE} So examining all of the above stated portfolios one by one:

1. Engro with MCB S. no 1 2 3 4 5 Total

A 0.1000 0.0500 0.0300 -0.0500 -0.1000 0.0300

B 0.1000 0.0800 0.0500 0.0200 -0.0500 0.2000

A.B 0.0100 0.0040 0.0015 -0.0010 0.0050 0.0195

A2 0.0100 0.0025 0.0009 0.0025 0.0100 0.0259

B2 0.0100 0.0064 0.0025 0.0004 0.0025 0.0218

A.C 0.0050 0.0015 0.0003 0.0010 0.0050 0.0128

A2 0.0100 0.0025 0.0009 0.0025 0.0100 0.0259

C2 0.0025 0.0009 0.0001 0.0004 0.0025 0.0064

A.D

A2

D2

Expected Portfolio Risk (δP1) r1 =

0.97

δA = δB = δP1 =

5.26% 4.57% 0.038%

2. Engro with MCB S. no 1 2 3 4 5 Total

A 0.1000 0.0500 0.0300 -0.0500 -0.1000

C 0.0500 0.0300 0.0100 -0.0200 -0.0500

Expected Portfolio Risk (δP2) r2 =

0.99

δA =

5.26%

δC =

2.24%

δP2 =

0.022%

3. Engro with PSO S. no

A

D

1 2 3 4 5 Total

10.00% 5.00% 3.00% -5.00% -10.00% 3.00%

10.00% 7.00% 3.00% -5.00% -15.00% 0.00%

0.0100 0.0035 0.0009 0.0025 0.0150 0.0319

0.0100 0.0025 0.0009 0.0025 0.0100 0.0259

0.0100 0.0049 0.0009 0.0025 0.0225 0.0408

A.E 0.0150 0.0050 0.0015 -0.0010 0.0020 0.0225

A2 0.0100 0.0025 0.0009 0.0025 0.0100 0.0259

E2 0.0225 0.0100 0.0025 0.0004 0.0004 0.0358

B.C 0.0050 0.0024 0.0005 -0.0004 0.0025 0.0100

B2 0.0100 0.0064 0.0025 0.0004 0.0025 0.0218

C2 0.0025 0.0009 0.0001 0.0004 0.0025 0.0064

B.D 0.0100 0.0056 0.0015

B2 0.0100 0.0064 0.0025

D2 0.0100 0.0049 0.0009

Expected Portfolio Risk (δP3) r3 = δA = δD = δP3 =

0.98 5.26% 6.04% 0.051%

4. Engro with Nestle S. no 1 2 3 4 5 Total

A 10.00% 5.00% 3.00% -5.00% -10.00% 3.00%

E 15.00% 10.00% 5.00% 2.00% -2.00% 30.00%

Expected Portfolio Risk (δP4) r4 = 0.97 δA =

5.26%

δE =

5.79%

δP3 =

0.048%

5. MCB with Lucky Cements S. no 1 2 3 4 5 Total Expected Portfolio Risk (δP5) r5 = 0.99 δB =

4.57%

δC = δP5 =

2.24%

B 10.00% 8.00% 5.00% 2.00% -5.00% 20.00%

C 5.00% 3.00% 1.00% -2.00% -5.00% 2.00%

0.018%

6. MCB with PSO S. no 1 2 3

B 10.00% 8.00% 5.00%

D 10.00% 7.00% 3.00%

4 5 Total

2.00% -5.00% 20.00%

-5.00% -15.00% 0.00%

-0.0010 0.0075 0.0236

0.0004 0.0025 0.0218

0.0025 0.0225 0.0408

B.E 0.0150 0.0080 0.0025 0.0004 0.0010 0.0269

B2 0.0100 0.0064 0.0025 0.0004 0.0025 0.0218

E2 0.0225 0.0100 0.0025 0.0004 0.0004 0.0358

C2 0.0025 0.0009 0.0001 0.0004 0.0025 0.0064

D2 0.0100 0.0049 0.0009 0.0025 0.0225 0.0408

C2 0.0025 0.0009 0.0001 0.0004 0.0025

E2 0.0100 0.0049 0.0009 0.0025 0.0225

Expected Portfolio Risk (δP6) r6 =

0.99

δB =

4.57%

δD =

6.04%

δP6 =

0.045%

7. MCB with Nestle S. no 1 2 3 4 5 Total

B 10.00% 8.00% 5.00% 2.00% -5.00% 20.00%

E 15.00% 10.00% 5.00% 2.00% -2.00% 30.00%

Expected Portfolio Risk (δP7) r7 = 0.95 δB =

4.57%

δE = δP7 =

5.79% 0.042%

8. Lucky Cements with PSO S. no 1 2 3 4 5 Total Expected Portfolio Risk (δP8) r8 = 0.99 δC =

2.24%

δD =

6.04%

δP8 =

0.027%

C 5.00% 3.00% 1.00% -2.00% -5.00% 2.00%

D 10.00% 7.00% 3.00% -5.00% -15.00% 0.00%

C.D. 0.0050 0.0021 0.0003 0.0010 0.0075 0.0159

9. Lucky Cements with Nestle S. no 1 2 3 4 5

C 5.00% 3.00% 1.00% -2.00% -5.00%

E 10.00% 7.00% 3.00% -5.00% -15.00%

C.E. 0.0050 0.0021 0.0003 0.0010 0.0075

Total

2.00%

0.00%

0.0159

0.0064

0.0408

D.E. 0.0050 0.0021 0.0003 0.0010 0.0075 0.0159

D2 0.0025 0.0009 0.0001 0.0004 0.0025 0.0064

E2 0.0100 0.0049 0.0009 0.0025 0.0225 0.0408

Expected Portfolio Risk (δP9) r9 =

0.99

δC =

2.24%

δE = δP9 =

5.79% 0.026%

10. PSO with Nestle S. no 1 2 3 4 5 Total

D 5.00% 3.00% 1.00% -2.00% -5.00% 2.00%

E 10.00% 7.00% 3.00% -5.00% -15.00% 0.00%

Expected Portfolio Risk (δP10) r10 = δC = δE =

6.04%

δP10 =

0.056%

0.99 5.79%

Risk on A,A B,B C,C D,D E,E

Return: 1 1 1 1 1

0 0.01 0 0 0.02

Total Portfolio Risk & Return w1w1r1.1s1*s1* w2w1r2.1s2*s1* w3w1r3.1.s3*.s1* w4w1.r4.1s4*.s1* w5w1.r5.1.s5*.s1* w1= w2= w3= w4=

w1w2.r1.2s1*.s2* w2.w2.r2.2.s2*.s2* w3.w2.r3.2.s3*s2* w4w2r4.2.s4*s2* w5.w2.r55.2.s5*.s2* 0.2 0.2 0.2 0.2

s1*= s2*= s3*= s4*=

w1w3.r1.3s1*.s3* w2.w3.r2.3.s2*.s3* w3w3.r3.33s3*.s3* w4.w3.r4.3.s4*.s3* w5.w3.r5.3s5*.s3*

4.57% A,A 4.57% A,B 2.24% A,C 6.04% A,D

w1.w4.r1.4.s1*.s4* w2.w4.r2.4.s2*s4* w3.w4.r3.4s3*.s4* w4w4.r4.4.s4.*s4* w5.w4.r5.4.s5*.s4*

0.038% B,B 0.022% B,C 0.051% B,D 0.048% B,E

w5=

0.2

s5*=

5.79% A,E Portfolio Risk =

0.018% C,C 1.13%

w4.r1.4.s1*.s4* w4.r2.4.s2*s4* w4.r3.4s3*.s4* w4.r4.4.s4.*s4* w4.r5.4.s5*.s4*

w1.5.r1.5.s1*s5* w2.w5r2.5.s2*.s5* w3.w5.r3.5.s3*.s5* w4.w5.r4.5.s4*.s5* w5.w5.r5.5.s5*.s5*

0.045% C,D 0.042% C,E 0.027% D,D 0.026% D,E

1.00 1.00 1.00 1.00

0.056% E,E

1.00

Forecasted Income Statement Engro Chemicals

Income Statement Particulars Net sales Less: Cost of Sales Gross Profit Less: Selling & Distribution Expenses Other Income EBIT Financial Charges EBT Taxation EAT Dividend @ rs 7 per share Retained Earnings Earning Per Share: EBIT/No. of Shares O-S Return on Equity: 15,481,917 EAT/No. of shares O-S

(Rs in ,000) Current Year Amount Percent 23,183,222.00 100.00% -18,262,793.00 78.78% 4,920,429.00 21.22% -1,641,724.00 7.08% 1,831,260.00 7.90% 5,109,965.00 22.04% -535,023.00 2.31% 4,574,942.00 19.73% -1,080,929.00 4.66% 3,494,013.00 15.07% 2,100,000.00 1,394,013.00

28% Rise

7 P/S

17.00 22.57%

Nestle Pakistan Income Statement Particulars Net sales Less: Cost of Sales Gross Profit Less: Operating Expenses Other Income EBIT Financial Charges EBT Taxation EAT Dividend @ rs 10 per share Retained Earnings Earning Per Share: EBIT/No. of Shares O-S Return on Equity: EAT/No. of shares O-S

(Rs in ,000) Current Year Amount Percent 28,235,393 100.00% -20,291,270 71.86% 7,944,123 28.14% 4,809,933 -17.04% 0 0.00% 3,134,190 11.10% -584,434 2.07% 2,549,756 9.03% -744,544 2.64% 1,805,212 6.39% 300,000 1,505,212

30% Rise

10 P/S

10.45 43.90%

Muslim Commercial Bank Forecasted

Current

Chg (Rs)

Interest earned Interest expensed Net interest income Provision against NPLs Total Provisions

28,078,064 7,757,920 20,320,144 1,996,410 2,206,841

23,689,445 5,750,881 17,938,564 1,441,713 1,572,825

4,388,619 2,007,039 2,381,580 554,697 634,016

Net interest income after provision Total non-interest income Total non-interest expenses PBT Taxation PAT Basic/Diluted EPS

18,113,303 4,501,380 6,318,661 16,296,022 4,672,663 11,623,359 18.5

16,365,739 5,075,107 5,059,882 16,380,964 5,133,584 11,247,380 17.5

1,747,564 -573,727 1,258,779 -84,942 -460,921 375,979 1

Forecasted Amount Percent 29,674,524.16 100 23,376,375.04 -78.78% 6,298,149.12 21.22% 2,101,406.72 -7.08% 2,344,012.80 7.90% 6,540,755.20 22.04% 684,829.44 -2.31% 5,855,925.76 19.73% 1,383,589.12 -4.66% 4,472,336.64 15.07% 2,100,000.00 2,372,336.64 21.80 28.89%

Forecasted Amount Percent 36,706,010.90 100 26,378,651.00 -71.86% 10,327,359.90 28.14% -6,252,912.90 17.04% 0.00 0.00% 4,074,447.00 11.10% 759,764.20 -2.07% 3,314,682.80 9.03% 967,907.20 -2.64% 2,346,775.60 6.39% 300,000 2,046,775.60 13.58 78.23%

Chg (%)

19% 35% 13% 38% 40%

11% -11% 25% -1% -9% 3% 6%

Dividends of year 2008

Do Engro MCB Lukcy Cements PSO Nestle

5 4.5 1.25 6 7

R.O.E 22.57% 23.00% 15.00% 31.00% 48.20%

Calculated g's Name of the Company

Calculated g 11.29% 12.65% 13.13% 12.40% 14.46%

Engro MCB Lukcy Cements PSO Nestle

Calculated Dn According to formula Calculated D1

Name of the Company

Engro MCB Lukcy Cements PSO Nestle

5.56 5.07 1.41 6.74 8.01

MARKET RATE(Ke)

15.00%

FORECASTED PRICES OF SECURITIES FOR 2009 Name of the Company

Engro MCB Lukcy Cements PSO Nestle

Forecasted Prices Rs149.78 Rs215.71 Rs75.42 Rs259.38 Rs1,483.74

Market price 170 230 80 280 1600

ula

TIES FOR 2009 Deviation Rs20.22 Rs14.29 Rs4.58 Rs20.62 Rs116.26

%age 13.50% 6.62% 6.08% 7.95% 7.84%

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