AKD Securities Limited - 1

July 2008

Company Profile

AKD SECURITIES LIMITED

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AKD Group

AKD Securities Limited

Investment BankingSecurities Brokerage

Financial Services

Real Estate Development & Construction

AKD Capital Limited(formerly AKD

Securities & Safe Deposit Co. Ltd.)

Real Estate

AKD Investment Management Limited

Asset Management

Fund Management

Working Interest in Oil Exploration &

Production

Oil & Gas Investments Limited

Oil and Gas

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AKD Securities - Recipient Of Best Brokerage House Award

AKD Securities Limited is a proud recipient of “The Best Equity Brokerage House Award for the years 2005-06 and 2006–07, by CFA Association of Pakistan

The CFA Association is a global organization with over 84,000 members from the investment profession in 128 countries. It is also considered the most respected institution in setting investment industry standards of service performance and ethics.

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AKD Securities - Asiamoney 2007 Broker Rankings

ASIAMONEY, the reputable business journal, conducted a survey of International Portfolio Fund Managers focused on the quality of brokerage firms and published the results in its November 2007 edition. In Pakistan, AKD Securities was given the following rankings:

Award Ranking

Best Local Brokerage 2nd

Best Overall Country Research 2nd

Best Overall Sales Services 3rd

Best Execution 3rd (with Citi)Best In Sales Trading 3rd (with Citi/KASB)

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AKD Securities - The Value Proposition

AKD Securities Limited is the leading securities firm in Pakistan accounting for 8% of average daily volume value traded on the Karachi Stock Exchange

Providing a comprehensive range of investor focused services, including equity brokerage, economic and securities research, investment banking and financial advisory services

Over 100 domestic institutional and high net worth clients handled by institutional desk comprising of:

- Commercial, Investment & Islamic Banks- Development Financial Institutions- Mutual Funds & Investment Companies- Corporate Provident & Pension Funds- Public & Private Sector Corporations

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AKD Securities – Mission Statement

Online TradingInvestment Banking

Institutional SalesBrokingResearch

MarketingTechnology

Compliance AdministrationRisk Management

Training

ENABLINGour customers to

achieve the best InvestmentPerformance through:

Best ResearchBest ExecutionBest SettlementBest PracticesBest Service

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AKD Securities – It’s Our Game

Our Sales Teams :Barca’s Attackers

Our Investment Banking Team:Chealsea’s Sturdy Midfielders

Our Research Team:Red Devils Resilient Defenders

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AKD Securities – Online Stock Trading

First brokerage firm to launch Online Stock Trading Service in 2002, inaugurated by Mr. Shaukat Aziz, then Finance Minister of Pakistan

Largest customer base with 7,000 registered clients out of a total market size of approximately 17,000

Marketing joint-venture & Co-branching with Standard Chartered Bank for their online Priority Banking Clientele

Only online trading service provider with fully dedicated customer call-centre support

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AKD Securities – Our Cutting Edge Research

In-depth, insightful & timely research is the backbone of our services to investment professionals and the investment public

Our analysts have close contacts with major corporate issuers, trade & industry associations as well as regulatory authorities & ministries

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INVESTMENT BANKING DIVISIONINVESTMENT BANKING DIVISION

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AKD Securities Limited – Investment Banking

The Company has assembled a core team of expert professionals with a high level of integrity, financial acumen and industry experience. Driven by young and skilled professionals, the team has initiated and successfully executed transactions unique in structure and size.

The team has been involved in numerous Initial Public Offerings, Acquisitions, providing risk capital in underwritings, market making, various TFC issuances & Asset Back Securitization as well as leading Privatization deals in the country. Over the years, the team has offered unmatched professional services to its clients and ensured long term relationships with them

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Investment Banking – Our Offering

Capital Market issuance Under

Writing

Bal. Sheet Restruc-turing

Advisory

Corporate Finance

Privati-sations

M&As

Arrangement & Placement

Market Making

Venture Capital

Private Equity

IBD Services

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Investment Banking – Our ExpertiseSuccessful track record of completing large capital market transactionsExtensive understanding and experience of structuring and executing complex debt & equity transactionsFinancial strength to commit resources for large underwriting and participationIn-depth knowledge of investor demand & appetite Widespread distribution capabilities to a diversified client network through experienced distribution teamClose working relationship and credibility with key regulatory agenciesExperienced senior resources to ensure swift completion of transactions

We believe that with our in-depth understanding of Pakistan’s financial markets, experienced management and previous experience, we are best positioned to provide our clients, the level of services required for once again making this Transaction a resounding success

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Investment Banking – Underwriting Arrangements

AKDS tops the Underwriting league with the following selected transactions:Year Client Nature of Transaction AKDS's Role Size (PkRmn)

2008 Dynasel Limited Initial Public Offering Underwriter 50.00 2008 First Credit & Investment Bank Initial Public Offering Underwriter 40.00 2008 Afif Habib Bank Limited Initial Public Offering Underwriter 42.00 2008 Pace Pakistan Limited Term Finance Certificate Underwriter 50.00 2007 Orix Investment Bank Limited Rights Issue Lead Underwriter 52.66 2007 Tariq Glass Industries Limited Rights Issue Lead Underwriter 86.63 2007 Sitara Peroxide Initial Public Offering Underwriter 30.00 2006 The Bank of Khyber Rights Issue Lead Underwriter 1,113.00 2006 WE Balanced Fund Initial Public Offering Joint Underwriter 5.00 2006 Bank Alfalah Ltd. Rights Issue Joint Underwriter 100.00 2006 PICIC Growth Fund Initial Public Offering Joint Underwriter 286.53 2006 The Bank of Khyber Initial Public Offering Joint Underwriter 100.00 2006 PICIC Energy Fund Limited Initial Public Offering Joint Underwriter 10.00 2005 AKD Index Tracker Fund Initial Public Offering Joint Underwriter 20.00 2005 Netsol Technologies Limited Initial Public Offering Joint Underwriter 122.50 2005 Pakistan International Container Limited Rights & Preference Share Issue Joint Underwriter 110.90 2005 Maple Leaf Cement Factory Rights & Preference Share Issue Joint Underwriter 676.70 2005 Pak Electron Limited Rights Issue Joint Underwriter 132.00

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Investment Banking – Top Of The League Table

Largest private sector acquisition in Pakistan’s history: Played the role of Financial advisor in the acquisition of Dhan Fibres Limited by Dewan Salman Fibre Limited

Pakistan’s First Listed Infrastructure Port Project: Financial Advisor to Pakistan International Container Terminal Limited on Equity Capital Raising for PKR 1.8 billion Phase I of 450,000 TEUs Container Terminal Project on West Wharf, Karachi Port

Pakistan’s highest ever over-subscribed Offer for Sale of Shares: Lead Managed the PKR 577 million Offer for Sale of Shares of Attock Petroleum Limited that was over-subscribed by a record 19 times

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Investment Banking – Top Of The League Table (cont’d)

Privatization of Pakistan’s Second Largest Refinery: Buy side Financial Advisor for the Attock Group of Companies on their PKR 16.24 Billion Offer for the acquisition of 51% stake in National Refinery Limited

Acquisition & Take-over: Manager to the offer for purchase of shares of Crescent Commercial Bank by SAMBA

Pakistan’s largest TFC Issuance for Acquisition Financing: Advised and arranged the PKR 1.8 billion TFC offering for Dewan Salman Fibre Limited to finance Dhan Fibreacquisition

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ANNEXURE

SELECTED CASE STUDIES

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Investment Banking – Case Study

National Refinery Limited- Privatization of 51% GOPHolding of PKR 16.24 Billion

AKDS acted in the capacity of Financial Advisor for the Attock Group of Companies on their PKR 16.24 Billion Offer for the acquisition of 51% stake in National Refinery Limited

This is the biggest ever transaction in the Oil Refining sector involving GOP

AKDS provided comprehensive rationale to the acquirer for bidding for NRL with detailed sector dynamics analysis and outlook as well as valuation models under multiple economic and oil-price scenarios

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Investment Banking – Case Study

Pakistan’s First Listed Infrastructure Project

AKD Securities acted as financial advisor and lead underwriter to PICT (Pakistan International Container Terminal Ltd), the first publicly listed infrastructure port project in the world

AKD worked together with the International Finance Corporation (“IFC”) who were instrumental in debt financing, whereas, AKD arranged the equity. Pak Kuwait Investment Company (Pakistan’s largest investment company) and National Investment Trust (Pakistan’s largest mutual fund) were also underwriters to the issue

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Investment Banking – Case Study

Metropolitan Steel Corporation – Private Equity & Distressed Debt Funding

AKD Securities provided private equity and distressed debt funding (PKR 295 million) to purchase 73.6% shares of Metropolitan Steel Corporation Limited (MSCL) and its entire outstanding long-term debt

AKDS also provided advisory services to the purchaser during the transaction and has been a partner in the turnaround of the company

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Investment Banking – Case Study

Trust Investment Bank Limited – Pakistan’s First Ever Securitization

AKD Securities advised and arranged PKR 100 million for TrustInvestment Bank through Securitization of its lease portfolio

The Client’s borrowing could not keep pace with its rapidly growing vehicle leasing business. Thus credit Lines with commercial lenders were fully tapped

AKDS conducted Securitization of future lease receivables through a Special Purpose Vehicle

This is the first ever Securitization in Pakistan and it has ushered a new era for leasing companies for raising financing against future cash flows

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Investment Banking – Case Study

World Call Pay Phones – Re Opening of the IPO Market After Three Years

AKDS reopened the IPO market in Pakistan in March 2000 after a 3 year gap

WorldCALL’s PkR463 million payphone project required funding. When other firms were unsure if the capital markets were ready. AKDS identified this as a telecom deregulation play and applied its underwriting strengths and placement abilities to the transaction

AKDS invested PkR45 million of its own capital in the Pre-IPO, and placed an additional PkR158 million with other investors . AKDS also fully underwrote the PkR143 million IPO

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Investment Banking – Case Study

Sell Side Advisory - Sale of a Strategic Stake

AKDS was the advisor to Continental Biscuits Limited for sale of strategic stake for Euro 100mn

Effectively negotiated the deal in its favor with Citibank

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ANNEXURE - II

Other Transactions

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