KSE - 30 INDEX BASED ON FREE-FLOAT

The Karachi Stock Exchange (Guarantee) Limited

Stock Exchange Building, Stock Exchange Road, Karachi-74000 UAN: 111-00-11-22, Fax: (92-21) 2462640, E-mail: info@kse.com.pk, Web-site: http://www.kse.com.pk

TABLE OF CONTENTS

Sr. No.
1. 2. 3. 4. 5. 6. 7. 8. 9. 10. Brief of KSE Indices

Contents

Page No.
1 2 3 5 6 7 8 8 8 8

Introduction of KSE-30 Index Free-Float Methodology Pre-Requisites to Qualify for Inclusion in KSE-30 Index Selection Criteria Base Period Maintenance of KSE-30 Index Review Period On-line Computation of the Index Adjustment for Cash Dividend, Bonus, Right and Newly Issued Capital Composition of Companies included in KSE-30 Index based on June 30, 2005 List of Companies included in the KSE-30 Index on the basis of Re-composition as on June 30, 2010

11.

18

12.

19

KSE-30 Index

1.

BRIEF OF KSE INDICES

The Karachi Stock Exchange is maintaining two indices, which are in place i.e. KSE 100 Index and KSE All Share Index. Both the said indices are market capitalization-based indices. The KSE 100 Index was introduced in 1991 and comprises of 100 companies selected on the basis of sector representation and highest market capitalization, which captures over 80% of the total market capitalization of the companies listed on the Exchange. Out of 35 Sectors, 34 companies are selected i.e., one company from each Sector (excluding Open-End Mutual Fund) on the basis of the large market capitalization and the remaining 66 companies are selected on the basis of highest market capitalization. This is a total return index i.e. dividend, bonus and rights are adjusted. The same methodology is applicable in the case of All Share Index, which includes all the listed companies, (except Open-End Mutual Funds).

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2.

INTRODUCTION OF KSE-30 INDEX

The primary objective of the KSE-30 Index is to have a benchmark by which the stock price performance can be compared to over a period of time. In particular, the KSE-30 Index is designed to provide investors with a sense of how large companys scrips of the Pakistans equity market are performing. Thus, the KSE-30 Index will be similar to other indicators that track various sectors of countrys economic activity such as the gross national product, consumer price index, etc. Globally, the Free-float Methodology of index construction is considered to be an industry best practice and all major index providers like MSCI, FTSE, S&P, STOXX and SENSEX have adopted the same. MSCI, a leading global index provider, shifted all its indices to the Free-float Methodology in 2002. KSE-30 Index is calculated using the Free-Float Market Capitalization methodology. In accordance with methodology, the level of index at any point of time, reflects the free-float market value of 30 companies in relation to the base period. The free-float methodology refers to an index construction methodology that takes into account only the market capitalization of freefloat shares of a company for the purpose of index calculation. Free-float Methodology improves index flexibility in terms of inclusion any stock from all the listed stocks. This improves market coverage and sector coverage of the index. For example, under a Full-Market Capitalization Methodology, companies with large market capitalization and low free-float can be included in the Index. However, under the Free-float Methodology, since only the free-float market capitalization of each company is considered for index calculation, it becomes difficult to include closely held companies in the index while at the same time preventing their undue influence on the index movement.

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3.

FREE - FLOAT METHODOLOGY

Free-Float means proportion of total shares issued by a company that are readily available for trading at the Stock Exchange. It generally excludes the shares held by controlling directors / sponsors / promoters, government and other locked-in shares not available for trading in the normal course.

3.1

Objective and Description: Free-Float calculation can be used to construct stock indices for better market representation than those constructed on the basis of total market capitalization of companies. It gives weight for constituent companies as per their actual liquidity in the market and is not unduly influenced by tightly held large-cap companies. Free-Float can be used by the Exchange for regulatory purposes such as risk management and market surveillance.

3.2

Free-Float Calculation Methodology: Total Outstanding Shares Less: Shares held by Directors/sponsors Government Holdings as promoter/acquirer/ controller Shares held by Associated Companies (Cross holdings) Shares held with general public in Physical Form XXX XXX XXX XXX XXX

XXX _______ Free-Float: XXX _______ Notwithstanding to the above calculations, under no circumstances, free-float of a scrip shall exceed its book entry shares, available in the Central Depository System. Share holdings held by investors that would not, in the normal course come into the market for trading shall be treated as Controlling / Strategic Holdings and shall not be included in the Free-Float. In specific, the following categories shall be excluded in determination of Free-Float:

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Holdings by promoters / directors / acquirers which has control element Holdings by persons / bodies with "Controlling Interest" Government holding as promoter / acquirer Equity held by associated/group companies (cross-holdings) Shares that could not be sold in the open market, in normal course.

3.3

Determining Free-Float Factor: The listed companies shall submit their pattern of shareholding, in the prescribed manner, to the Exchange. The Exchange will determine the Free-Float Factor for each such company. Free-Float Factor is a multiple with which the total market capitalization of a company is adjusted to arrive at the Free-Float market capitalization. Once the Free-Float of a company is determined, it is rounded-off to the higher multiple of 5 and each company is categorized into one of the 20 bands given below.

3.4

Free-Float Bands: % Free-Float >0 5% >5 10% >10 15% >15 20% >20 25% >25 30% >30 35% >35 40% >40 45% >45 50% >50 55% >55 60% >60 65% >65 70% >70 75% >75 80% >80 85% >85 90% >90 95% >95 100% Free-Float Factor 0.05 0.10 0.15 0.20 0.25 0.30 0.35 0.40 0.45 0.50 0.55 0.60 0.65 0.70 0.75 0.80 0.85 0.90 0.95 1.00
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KSE-30 Index

4.

PRE - REQUISITES TO QUALIFY FOR INCLUSION IN KSE-30 INDEX

4.1 The Company which is on the Defaulters Segment / Non-Compliant Segment and/or its trading is suspended, declared Non-Tradable (i.e. NT) in preceding 6 months from the date of recomposition shall not be considered for inclusion in KSE-30 Index;

4.2

The Company will be eligible for KSE-30 Index if its securities are available in the Central Depository System;

4.3

The Company should have a formal listing history of at least two months on KSE;

4.4

The company must have an operational track record of at least one financial year;

4.5

The Company should have minimum free-float shares of 5% of total outstanding shares;

4.6

The Company will be eligible for KSE-30 Index if its securities are traded for 75% of the total trading days;

4.7

The Open-End and Closed-End Mutual Funds will not be eligible for inclusion in the KSE-30 Index;

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5.

SELECTION CRITERIA
The companies which qualify the prerequisites will be selected on the basis of highest marks obtained as per the following criteria: 5.1 Free-Float Market Capitalization The scrip should include in the Top Companies, ranked on the basis of free-float market capitalization. The free-float market capitalization for each company is calculated by multiplying its total outstanding free-float shares with the closing market price on the day of composition / re-composition. 5.2 Liquidity The scrip included in the top companies should also be characterized by adequate liquidity i.e. transaction cost and one of the practical, realistic and accurate measures of market liquidity is Impact Cost. It is defined as the cost of executing a transaction in a given stock for a specific predefined order size of fixed rupee amount (currently set to Rs. 500,000). The transaction cost referred here is not the fixed cost typically incurred in terms of transaction charges or cost arising through CDC, rather it is the cost attributable to the market liquidity, which comes from buyers and sellers in the market. Average of the best bid price and the best offer price of a scrip at any time, called ideal price, is considered as the best price to trade in that particular scrip at that time. However, every buyer/seller suffers a cost in excess of this ideal price while actually executing a transaction (buy or sell). This price movement from the ideal price is known as the transaction cost and when measured as the percentage of ideal price is called Impact Cost. Under impact cost analysis high liquidity is represented by low impact cost. A stock with high market capitalization cannot be assumed to be liquid just because of its sheer size. Some large market capitalization stocks are in reality very illiquid. Similarly, high trading volumes, in themselves, are not enough to confirm consistent liquidity of a stock. Impact cost analysis looks at the order book of each stock throughout the whole trading day and based on the bids and offers calculates impact costs in terms of percentages for each instance of the order book.

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The Impact Cost of each security is calculated as described hereunder: First the impact cost is calculated separately for the buy and the sell side in each order book for past six months. The buy side impact cost (or the sell side impact cost) is the simple average of the buy side impact cost (or the sell side impact cost) computed in the last six months. Impact Cost reckoned for the purpose of all computation is the mean of such buy side impact cost and sell side impact cost.

5.3

Final Rank The scrip should include in Top 30 companies on the basis of final ranking. The final rank is arrived by assigning 50% weightage on the basis of free-float market capitalization and 50% weightage to the liquidity based on Impact Cost of the securities. The security having highest free-float market capitalization and lowest Impact cost is assigned full marks and the marks for rest of the securities are calculated proportionately.

5.4

Selection of 30 companies for inclusion in the KSE-30 Index The companies selected for inclusion in the KSE-30 Index are determined on the basis of "Free-Float Market Capitalization" methodology. As per this methodology, the level of Index at any point of time reflects the free-float market value of 30 component stocks relative to a base period. The market capitalization of a company is determined by multiplying the price of its stock by the number of freefloat shares determined for the purpose.

6.

BASE PERIOD
The base period of KSE-30 Index is June 2005 and the base value is 10,000 index points. This is indicated by the notation 2005 = 10,000. The calculation of KSE-30 Index involves dividing the free-float market capitalization of 30 companies in the Index by a number called the Index Divisor. The Divisor is the only link to the original base period value of the KSE-30 Index. It will keep the Index comparable over a period of time and will also be the adjustment point for all future corporate actions, replacement of scrips etc.

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KSE-30 Index

7.

MAINTENANCE OF KSE-30 INDEX

The day-to-day maintenance of the Index will be carried out within the Broad Index Policy Framework set by the Exchange. The Management will ensure that KSE-30 Index and all the other KSE indices maintain their benchmark properties by striking a balance between frequent replacements in indices and maintaining their historical continuity.

8.

REVIEW PERIOD / RECOMPOSITION

The index will be re-composed on semi-annual basis as follows: Basis June December Revision August February

30 31

15 15

9.

ON - LINE COMPUTATION OF THE INDEX

During market hours, prices of the Index scrips at which trades are executed, are automatically used by the trading computer to calculate the KSE-30 Index and continuously make updations on all trading workstations connected to the KSE trading computers on real time basis.

10.

ADJUSTMENT FOR CASH DIVIDEND, BONUS, RIGHT AND NEWLY ISSUED CAPITAL
The arithmetic calculation involved in calculating KSE-30 Index is simple, however the issue arises when one of the component stocks pays a bonus or issues rights shares. If no adjustments were made, a discontinuity would arise between the current value of the index and its previous value despite the nonoccurrence of any economic activity of substance. At the Exchange, the base value will be adjusted, which is used to alter market capitalization of the component stocks to arrive at the KSE-30 Index value. In line with the international practices the adjustment for corporate actions will be made as given under: 10.1 ADJUSTMENT FOR CASH DIVIDEND No adjustment of cash dividend will be made contrary to the practice applicable in KSE-100 Index.

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10.2 ADJUSTMENT FOR BONUS SHARES If company A has declared 10% bonus shares its book closure date commence from day 4 then it will be adjusted after the close of Day 3. = 1120 = 13,950,000,000 = 12,455,357

KSE-30 Index as on Day 3 KSE-30 Index free-float market capitalization on Day 3 Divisor as on Day 3

Step 1 Determine the Ex-Bonus Price of the stock A to calculate the revised free-float market capitalization and a new divisor for the next day i.e. Day 4. Stock A Market value on Day 3: Rs 22.50 Bonus : 10 % For simplicity in working, we will calculate the Ex-bonus price on the basis of a lot of 100 shares. i. Total free-float shares after the Bonus issue 100 shares + (100 shares x 10 % Bonus) = 110 shares Cost of a lot (100 shares) 100 shares x market price of A = 100 x 22.50 = Rs. 2250 Ex- Bonus price per share = 2250/110 = Rs. 20.45

ii.

iii.

Step 2 Calculation the total number of free-float shares after the Bonus issue. Total number of free-float shares on Day 3 + (Bonus % x total number of freefloat shares on Day 3) = 50,000,000 + (10% x 50,000,000) = 55,000,000 shares Step 3 Share price and the total number of free-float shares of A is adjusted after the close of Day 3 to calculate the New Divisor for the next day (i.e. Day 4).

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TABLE 1 Stock Share Price (in Rs.) 20.45 41.00 44.50 Number of Free-float Shares Market Value (in Rs.)

A. B. C.

Revised free-float Market Capitalization New Divisor = Revised Market Cap. Index point as on Day 3

55,000,000 1,125,000,000 150,000,000 6,150,000,000 150,000,000 6,675,000,000 13,950,000,000

13,950,000,000 New Divisor = = 12,455,357 1120 Step 4 Index Value as on Day 4.

TABLE 2 Stock Share Price on day 4 Number of (in Rs.) Free-float Shares 21.00 41.00 44.50 Free-float Market Capitalization Index = Market Capitalization New Divisor 55,000,000 150,000,000 150,000,000 Market Value (in Rs.) 1,155,000,000 6,150,000,000 6,675,000,000 13,980,000,000

A. B. C.

13,980,000,000 Index = 12,455,357

= 1122.41

10.3

ADJUSTMENT FOR RIGHT SHARES The Right issues of the companies which constitute the KSE 30 Index are adjusted in two stages. At first stage the Ex-Right price is adjusted and at the second stage the capital (free-float shares) are adjusted. A brief detail about the right issues is mentioned below:

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The company which declares Right shares has to close its books (share holders register) to determine entitlement with in 45 days of its declaration. At the date of book closure, the ExRight price is ascertained and if the company belongs to the KSE 30 Index then the Divisor is adjusted due to the Ex-Right price of the company. When the company informs the Exchange that it has dispatched Letter of Rights Offer to the shareholders, the trading in the Letter of Rights Offer (Un- paid) are commenced. A separate block of capital, UnPaid-Right, is formed equal to amount of right issue and the trading continues till next 45 days or till the last date of payment. After the last date of payment the trading in Un-Paid-Right (Letter of Rights Offer) is discontinued. By the end of 30th day of the last date of payment or earlier, the company informs that shares certificates are ready for exchange with Right Allotment Letter (RAL) or credited in the CDS, the capital of the RAL is merged with the company. At this stage the Divisor of the KSE 30 Index is adjusted for the increase in the number of shares of the company. A) Right issue without premium If Company A has issued 10 % right shares and its Book Closure Date starts from day 4 then it will be adjusted after the close of Day 3. KSE-30 Index as on Day 3 = 1120 13,950,000,000 12,455,357

KSE-30 Index Market Capitalization on Day 3 = Divisor as on Day 3 =

FIRST STAGE Step 1 Determine the Ex-Right price of the stock A to calculate the revised free-float market capitalization and a new divisor for the next day i.e. Day 4.

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Stock A Market value on Day 3: Rs 22.50 Right : 10 % For simplicity in working, we will calculate the Ex-Right price on the basis of a lot of 100 shares. i. Total free-float shares after the Right issue 100 shares + (100 shares x 10 % Right) = 110 shares Cost of a lot ( 100 shares) 100 shares x market price of A + 10 right shares x par value = 100 x 22.50+ 10 x 10 = Rs 2350 Ex- Right price per share = 2350/110 = Rs 21.36

ii.

iii.

Step 2 Share price of A is adjusted after the close of Day 3 to calculate the New Divisor for the next day (i.e. Day 4)

TABLE 3 Stock Share Price (in Rs.) 21.36 41.00 44.50 Number of free-float Shares 50,000,000 150,000,000 150,000,000 Market Value (in Rs.)

A. B. C.

Revised free-float Market Capitalization New Divisor = Revised Market Cap. Index as on Day 3

1,068,000,000 6,150,000,000 6,675,000,000 13,893,000,000

13,893,000,000 New Divisor = = 12,404,464 1120 Step 4 Index Value as on Day 4.

TABLE 4 Karachi Stock Exchange (Guarantee) Limited

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Stock Share Price (in Rs.) 22.00 41.00 44.50 Free-float Market Capitalization Number of free-float Shares 50,000,000 150,000,000 150,000,000 Market Value (in Rs.)

A. B. C.

1,100,000,000 6,150,000,000 6,675,000,000 13,925,000,000

Index =

Market Capitalization New Divisor 13,925,000,000 = 1122.57 12,404,464

Index =

SECOND STAGE After 15 days of the last date of payment the company confirm the subscription amount, accordingly the capital of RAL is merged with the company and the Divisor is adjusted for the increase in number of free-float shares. Step 1 i. Calculate the total number of free-float shares of the RAL: Total number of free-float shares on Day 3 x Right issue % = 50,000,000 x 10 % = 5,000,000 shares ii. Total number of free-float shares after the merger of RAL capital with the companys capital. Total number of free-float shares on Day 3 + RAL Capital = 50,000,000 + 5,000,000 = 55,000,000 shares

Step 2 Karachi Stock Exchange (Guarantee) Limited

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Increase the number of free-float shares of company A to calculate the New Divisor for the next day TABLE 5 Stock Share Price (in Rs.) 21.00 42.00 45.00 Number of free-float Shares 55,000,000 150,000,000 150,000,000 Market Value (in Rs.)

A. B. C.

Revised free-float Market Capitalization New Divisor = Revised Market Cap. Index as on Day 14

1,155,000,000 6,300,000,000 6,750,000,000 14,205,000,000

14,205,000,000 New Divisor = = 12,504,401 1136 Step 3 Index Value as on Day 15 TABLE 6 Stock Share Price (in Rs.) 22.00 41.50 44.00 Number of free-float Shares 55,000,000 150,000,000 150,000,000 Market Value (in Rs.) 1,210,000,000 6,225,000,000 6,600,000,000 14,035,000,000

A. B. C.

Free-float Market Capitalization

Index =

Market Capitalization New Divisor

14,035,000,000 Index = = 1122.40 12,504,401

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B) Right issue with premium If Company A has announced 10 % Right issue with a premium of Rs 10 per share. Step 1 Determine the Ex-Right price of the stock A. Stock A Market value on Day 3: Rs 22.50 Right : 10 % Premium : Rs 10 per right share For simplicity in working , we will calculate the Ex-Right price on the basis of a lot of 100 shares.

i.

Total shares after the Right issue 100 shares + (100 shares x 10 % Right) = 110 shares Cost of a lot ( 100 shares) 100 shares x market price of A + {10 right shares x (par value + premium)} = 100 x 22.50+ 10 x (10+10) = Rs 2450 Ex- Right price per share = 2450/110 =Rs 22.27

ii.

iii.

Note: The rest of the working would be same as mentioned in part A. BONUS & RIGHT ISSUE ADJUSTMENT (SIMULTANEOUSLY) If Company A has announced; Bonus: Right: 10% 10% at a Premium of Rs 10 per share

and its Book Closure Date starts from Day 4 then it will be adjusted after the close of Day 3. KSE-30 Index as on Day 3 KSE-30 Index Market Capitalization on Day 3 Divisor as on Day 3 = = = 1120 13,950,000,000 12,454,357

Step 1 Karachi Stock Exchange (Guarantee) Limited

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Calculate the Ex-Bonus and Ex- Right price of the stock A: Calculate the Ex- Bonus and Ex Right price: For simplicity we will calculate its price on the basis of a lot of 100 shares. i) Total shares after the Right issue and Bonus 100 shares + (100 shares x 10 % Right) + (100 shares x 10% Bonus) 100+ 10 +10 = 120 shares Cost of a lot ( 100 shares) 100 shares x market price of A + {10 right shares x (par value+premium)} = 100 x 22.50+ 10 x (10+10) = Rs 2450 Ex-Bonus and Ex- Right price per share = 2450/120 = Rs 20.42

ii)

iii)

Step 2 Calculate the total number of free-float shares after the Bonus issue. Total number of shares + Total number of shares x Bonus % = 50,000,000 + 50,000,000 x 10% Bonus = 55,000,000 shares Step 3 Share price and the total number of free-float shares of A shall be adjusted after the close of Day 3 to calculate the New Divisor for the next day (i.e. Day 4) TABLE 7 Stock Share Price (in Rs.) 20.42 41.00 44.50 Number of free-float Shares Market Value (in Rs.)

A. B. C.

Revised free-float Market Capitalization New Divisor = Revised Market Cap. Index as on Day 3 13,948,100,000 1120

55,000,000 1,123,100,000 150,000,000 6,150,000,000 150,000,000 6,675,000,000 13,948,100,000

New Divisor =

= 12,453,661

Step 4

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Index Value as on Day 4. TABLE 8 Stock Share Price (in Rs.) 21.00 41.00 44.50 Number of free-float Shares Market Value (in Rs.)

A. B. C.

Free-float Market Capitalization Index = Market Capitalization New Divisor 13,980,000,000 12,453,661

55,000,000 1,155,000,000 150,000,000 6,150,000,000 150,000,000 6,675,000,000 13,980,000,000

Index =

= 1122.56

The working for the Second Stage would be same as mentioned in (A) above.

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11.

COMPOSITION OF COMPANIES INCLUDED IN THE KSE-30 INDEX BASED ON JUNE 30, 2005

Sr. No.

Symbol

Name of Company

Free-Float Shares

Price (Rs.)

Free-Float Market Capitalization (Rs.)

Weightage of Free-Float Market Capitalization (%) 13.12% 8.82% 7.63% 7.19% 6.53% 6.25% 6.08% 5.72% 4.40% 4.22% 2.43% 2.31% 2.16% 2.13% 2.11% 2.03% 1.90% 1.78% 1.34% 1.28% 1.25% 1.24% 1.22% 1.17% 1.09% 1.05% 1.04% 0.95% 0.82% 0.76% 100%

1 2 3 4 5 6 7 8 9

PTC PSO PPL OGDC FFC HUBC MCB POL NBP

Pakistan Telecommunication Company Limited Pakistan State Oil Company Limited Pakistan Petroleum Limited Oil & Gas Development Company Limited Fauji Fertilizer Company Limited The Hub Power Company Limited MCB Bank Limited Pakistan Oilfields Limited National Bank of Pakistan Sui Northern Gas Pipelines Limited P.I.C.I.C Fauji Fertilizer Bin Qasim Limited D. G. Khan Cement Co. Limited The Bank of Punjab Askari Commercial Bank Limited Nishat Mills Limited Faysal Bank Limited Sui Southern Gas Company Limited Soneri Bank Limited Lucky Cement Limited Union Bank Limited National Refinery Limited Bank Al-Falah Limited Pakistan PTA Limited Adamjee Insurance Company Limited Fauji Cement Company Limited I.C.I Pakistan Limited TOTAL

577,089,526 66,301,754 102,873,209 198,168,280 156,039,282 686,670,422 222,538,822 58,988,175 118,178,549 199,674,669 61,176,032 95,747,819 233,527,500 110,636,141 73,242,223 75,350,842 72,629,872 96,116,955 167,793,583 115,744,534 2,566,391 79,012,500 93,592,700 85,820,735 9,995,820 74,995,000 378,551,802 41,307,135 185,371,524 28,346,381 4,468,048,177

65.95 386.00 215.10 105.30 121.35 26.40 79.30 281.40 107.95 61.30 115.25 70.00 26.90 55.75 83.75 78.00 76.00 53.80 23.15 32.00 1,410.00 45.50 37.75 39.50 316.30 40.75 8.00 66.75 12.80 77.50

38,059,054,240 25,592,477,044 22,128,027,256 20,867,119,884 18,935,366,871 18,128,099,141 17,647,328,585 16,599,272,445 12,757,374,365 12,240,057,210 7,050,537,688 6,702,347,330 6,281,889,750 6,167,964,861 6,134,036,176 5,877,365,676 5,519,870,272 5,171,092,179 3,884,421,446 3,703,825,088 3,618,611,310 3,595,068,750 3,533,124,425 3,389,919,033 3,161,677,866 3,056,046,250 3,028,414,416 2,757,251,261 2,372,755,507 2,196,844,528 290,157,240,851

10 SNGP 12 PICIC 13 FFBL 14 DGKC 15 BOP 16 ACBL 17 NML 18 FABL 19 SSGC 20 SNBL 22 LUCK 24 UNBL 25 NRL 26 BAFL 27 PPTA 28 AICL 29 FCCL 30 ICI

11 ENGRO Engro Chemical Pakistan Limited

21 ULEVER Unilever Pakistan Limited 23 KAPCO Kot Addu Power Company Limited

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12.
SNO.

LIST OF COMPANIES INCLUDED IN THE KSE-30 INDEX ON THE BASIS OF RE-COMPOSITION AS ON JUNE 30, 2011
SYMBOL NAME OF COMPANY CLOSING PRICE (30-6-2011) FREE-FLOAT SHARES FREE-FLOAT MARKET CAP MARKET WEIGHT (%)

1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30

OGDC FFC MCB PPL POL HUBC ENGRO PSO NBP UBL ULEVER BAHL FFBL HBL NESTLE DAWH LUCK NRL NML MTL PTC KAPCO DGKC LOTPTA APL AICL ICI ATRL AHCL NCL

Oil & Gas Development Co. Limited Fauji Fertilizer Company Limited MCB Bank Limited Pakistan Petroleum Limited Pakistan Oilfields Limited The Hub Power Company Limited Engro Corporation Limited Pakistan State Oil Company Limited National Bank of Pakistan United Bank Limited Unilever Pakistan Limited Bank AL Habib Limited Fauji Fertilizer Bin Qasim Limited Habib Bank Limited Nestle Pakistan Limited Dawood Hercules Chemicals Limited Lucky Cement Limited National Refinery Limited Nishat Mills Limited Millat Tractors Limited Pakistan Telecommunication Co. Ltd Kot Addu Power Company Limited D.G. Khan Cement Company Limited Lotte Pakistan PTA Limited Attock Petroleum Limited Adamjee Insurance Company Limited I. C. I. Pakistan Limited Attock Refinery Limited Arif Habib Corporation Limited Nishat (Chunian) Limited TOTAL

152.99 150.35 199.30 207.07 359.01 37.50 163.25 264.58 50.42 61.91 5,225.49 29.47 42.15 116.06 5,475.09 65.02 70.84 352.26 50.34 601.71 14.22 42.61 22.99 13.83 374.27 64.99 151.85 122.73 26.30 22.29

631,051,057 466,487,357 334,494,590 247,820,482 107,963,235 810,008,071 176,977,882 77,747,037 398,273,580 306,044,922 2,793,473 483,228,442 326,938,500 110,206,800 2,267,500 144,386,135 129,350,000 25,278,789 175,799,924 14,642,163 585,077,594 176,050,646 240,965,515 378,551,802 13,824,000 74,222,726 30,917,254 29,852,550 112,500,000 72,940,657 6,686,662,683

96,544,501,210 70,136,374,125 66,664,771,787 51,316,187,208 38,759,880,997 30,375,302,663 28,891,639,237 20,570,311,049 20,080,953,904 18,947,241,121 14,597,265,227 14,240,742,186 13,780,457,775 12,790,601,208 12,414,766,575 9,387,986,498 9,163,154,000 8,904,706,213 8,849,768,174 8,810,335,899 8,319,803,387 7,501,518,026 5,539,797,190 5,235,371,422 5,173,908,480 4,823,734,963 4,694,785,020 3,663,803,462 2,958,750,000 1,625,847,245 604,764,266,248

15.96% 11.60% 11.02% 8.49% 6.41% 5.02% 4.78% 3.40% 3.32% 3.13% 2.41% 2.35% 2.28% 2.11% 2.05% 1.55% 1.52% 1.47% 1.46% 1.46% 1.38% 1.24% 0.92% 0.87% 0.86% 0.80% 0.78% 0.61% 0.49% 0.27% 100.00%

Karachi Stock Exchange (Guarantee) Limited

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