The Insurance Association of Pakistan Insurance Year Book 20102011 lpha Insurance Company Limited A subsidiary of state life Insurance Corporation of Pakistan asiainsurance Atlas Insurance Capital Insurance Company Limited Century Insurance PGI Insurance INSURANCE SOCIETY OF PAKISTAN THE COOPERATIVE LAH ORE LTD. Shaheen Insurance S E C U R I T Y THE UNIVERSAL S E R V INSURANCE I C E LIMITED CO MPANY P R O I T Y S P E R L I M I T E D

Insurance Year Book 20102011 Published By The Insurance Association of Pakistan 17131715, 17th Floor Saima Trade TowerA I.I.Chundrigar Road P.O. Box No. 4932 Karachi 74000 Tel: (9221) 3227716568 Fax : (9221) 32277170 Email : info@iap.net.pk Web Site : www.iap.net.pk

VISION STATEMENT OF IAP To be a forum of active exchange on matters relating to insurance. To promote, support and protect common interest of member companies carrying on the business of insurance in Pakistan and to endeavor to increase insurance awareness and penetration in the country.

C O N T E N T S 1. The Insurance Association of Pakistan 2. Chairman's Message 05 Message from Chairman, The Insurance Association of Pakistan, Mr. Hassanali Abdullah 06 3. Size of Insurance Market (Pvt. Sector) in Pakistan for 2010 07 4. Executive, Technical & Regional Committees Activities 09 Executive Committee 10 Regional Committee North 14 Accident Committee 16 Property Committee17 Marine Committee 18 Life Committee 20 5. Market Overview of Non Life Insurance Industry in Pakistan 21 Private Sector 22 6. Market Overview of Life Insurance Industry in Pakistan 23 Private Sector 24 7. Article 27 A concept paper Riskbased capital regime for Non Life Insurance Companies (PartI). 28 03

8. Company Profiles 33 Non Life Insurance & Reinsurance Companies 1. ACE Insurance Limited 34 2. Adamjee Insurance Company Limited36 3. Agro General Insurance Company Limited 38 4. Alfalah Insurance Company Limited40 5. Alpha Insurance Company Limited 42 6. Asia Insurance Company Limited 44 7. Askari General Insurance Company Limited 46 8. Atlas Insurance Limited48 9. Capital Insurance Company Limited 50 10. Central Insurance Company Limited52 11. Century Insurance Company Limited 54 12. Cooperative Insurance Society of Pakistan Limited56 13. Crescent Star Insurance Company Limited58 14. East West Insurance Company Limited60 15. EFU General Insurance Limited 62 16. Excel Insurance Company Limited64 17. Habib Insurance Company Limited 66 18. IGI Insurance Limited 68 19. Jubilee General Insurance Company Limited (Formerly New Jubilee Insurance Co. Ltd.) 70 20. New Hampshire Insurance Company 72 21. The Pakistan General Insurance Company Limited74 22. PICIC Insurance Limited 76 23. Premier Insurance Limited78 24. Reliance Insurance Company Limited 80 25. Saudi Pak Insurance Company Limited82 26. Security General Insurance Company Limited 84 27. Shaheen Insurance Company Limited86 28. Silver Star Insurance Company Limited 88 29. TPL Direct Insurance Limited90 30. UBL Insurers Limited 92 31. United Insurance Company of Pakistan Limited 94 32. Universal Insurance Company Limited 96 33. Pakistan Reinsurance Company Limited 98 Life Insurance Companies 1. Adamjee Life Assurance Company Limited 2. American Life Insurance Company Pakistan Limited104 3. Asia Care Health & Life Insurance Co. Ltd. 108 4. East West Life Assurance Company Limited 112 5. EFU Life Assurance Limited116 6. Jubilee Life Insurance Company Limited (Formerly New Jubilee Life Insurance Co. Ltd.)120 9. Members' Directory 125 10. Pictorial Presentation of IAP event 133 Annual General Meeting (AGM) 134 Annual Dinner 135 IAP Cricket Tournament 138 ICMAP Seminar on Insurance 141 Presentation on Microinsurance made by SECP142 11. Notes 04

CHAIRMAN S MESSAGE

HASSANALI ABDULLAH CHAIRMAN THE INSURANCE ASSOCIATION OF PAKISTAN First of all, I would like to extend my sincere appreciation to all members for their interest and support to the Insurance Association of Pakistan (IAP). Rule 35 of SECP (Insurance) Rules 2 has been discussed with SECP and IAP has proposed its deletion. It is indeed pleasure to present 2010 2011 version of the IAP's Year Book which contains important data and analysis of the insurance industry in Pakistan and has been placed on IAP's website. The year 2010 registered premium growth on the nonlife insurance side by 9.53% to Rs. 38.03 billion compared to Rs. 34.72 billion in 9. The growth in the life insurance business was 26.09% to Rs. 16.74 billion compared to Rs. 13.28 billion in 9. The total assets of Private Sector Nonlife companies were Rs. 110.26 billion compared to Rs. 96.14 billion as on December 9 and of Life companies were Rs. 39.43 billion compared to Rs. 30.45 billion as on December 9. Given hereunder are some important developments that took place during the year: Approval of amendments in Memorandum and Articles of Association of IAP by the DGTO to bring these in line with new Trade Organizations Ordinance / Rules 7. Matter of Bank Enlistment / Limits is being pursued. IAP acquired memberships of National Fire Protection Association (NFPA) & SAARC Chambers of Commerce & Industry. Proposals for Federal Budget 201112 on various tax related matters were forwarded to the concerned authorities. Comments on the draft of Code of Corporate Governance were forwarded to SECP. Fire Policy Wordings and Inland Transit Clauses were revised. Meeting with Pakistan Engineering Council was held and favorable outcome is expected. Guidelines / Rules were updated by Technical Committees. It has been a great honor to serve as Chairman IAP, and I acknowledge the support and assistance of the Executive Committee, Technical Committees and other Committees of IAP, the Secretary General, officers and staff of the Association at Karachi and Lahore for their hard work and commitment. 06

Size of Insurance Makret (Private Sector) in Pakistan for 2010 Member Companies Life Insurance Number of companies 06 Premium Written 17 billion Premium to GDP ratio 0.09 Member Companies Non Life Insurance Number of companies 32 Premium Written 38 billion Premium to GDP ratio 0.21 Total Number of Companies 38 Total Premium written by Life & Non Life Companies 55 billion Total Premium to GDP ratio by Life & Non Life Companies 0.30 07

EXECUTIVE, TECHNICAL & REGIONAL COMMITTEES ACTIVITIES

SUMMARY OF THE ACTIVITIES OF EXECUTIVE COMMITTEE DURING THE YEAR 2010 2011 The Director General Trade Organizations, Ministry of Commerce, Government of Pakistan and the Securities and Exchange Commission of Pakistan have approved / endorsed the amendments suggested by IAP to bring Clauses/Articles of the Memorandum and Articles of Association of IAP in line with the new Trade Organizations Ordinance/Rules 7. Insurance companies, especially medium and smaller sized ones, have been facing difficulties in insuring risks involving bank interests, due to certain conditions imposed by banks, DFIs and Financial Institutions in including these companies in their approved panel of insurers. The matter was first brought to the notice of IAP in year 1997 when Banks started delisting companies from their panel of insurers. IAP addressed the issue at various forums, but to no avail. During the recent past, IAP has, actively, takenup the matter with Pakistan Banks Association, Securities and Exchange Commission of Pakistan and finally with the State Bank of Pakistan. A meeting with Deputy Governor and Senior officials of State Bank of Pakistan was held in October 2010. The State Bank informed the IAP that it cannot prescribe criteria for all banks in this regard. The matter is under review of the Executive Committee. The Technical Committees have reviewed IAP MEMBERS OF THE EXECUTIVE COMMITTEE Sitting from Left to Right: Ms. Zehra Naqvi, Mr. Nasar us Samad Qureshi (ViceChairman IAP), Mr. Hasanali Abdullah (Chairman IAP) Capt. Azhar Ehtesham Ahmed & Mr. Fakhir Rahman. Standing from Left to Right: Mr. A. Razak Ahmed, Mr. Atiq Anwar Mahmudi, Mr. Ahmed Salahuddin, Mr. Jalees Ahmed Siddiqi & Mr. N.A. Usmani (Secretary General IAP). Guidelines / Rules afresh which have been reviewed and approved by the Executive Committee. The Guidelines/Rules have been circulated to the members and placed on Website of IAP. The Securities & Exchange Commission of Pakistan expressed its concern over substantial amounts of insurance companies being blocked in Outstanding Premiums and invited suggestions from IAP. The matter was discussed with SECP and proposals were developed by IAP and SECP. IAP finally has come to the conclusion that it would be appropriate if Rule 35 is removed from the SECP (Insurance) Rules 2 as it is in conflict with Section 3 of the Insurance Ordinance 0. IAP has been awarded NFPA membership which would enhance technical capacity of Association through access to information available with this international forum. IAP has also become a Patron of SAARC Chambers of Commerce and Industry. The objective of the Patron of SAARC CCI is to create a sense of participation amongst the individuals and corporate houses who are keen to promote Regional Economic Corporation in South Asia. The SECP had formulated a regulatory frame work Task Force comprising relevant stakeholders from the insurance and micro finance industries. SECP 10

being the apex regulator of the insurance industry is looking after the development and implementation of the regulatory frame work for microinsurance segment. In this regard a detailed presentation was made by Mr. Faraz Uddin Amjad and Syed Irfan Habib of SECP at IAP's Office in November 2010. Subsequently SECP drafted Microinsurance Rules on which comments from all stakeholders have been invited by the Commission. IAP is in the process of formulating its comments. SECP had convened meetings of various stakeholders i.e. insurance companies, microfinance banks, NGOs and telecom companies to develop broad outlines of product development and administrative mechanism. The Securities and Exchange Commission of Pakistan (SECP) keeps IAP informed of developments on matters pertaining to insurance industry. The following are matters currently under consideration: Issue Status Notified Solvency Rules: Takaful Window Rules: Terrorism Pool: likely to be notified shortly. In final stages. A discussion paper has been received by IAP on which comments of the Executive Committee have been sought. The IAP has also submitted its suggestions to SECP in regard to the following important matters detailed here under : (ii) (iii) the head of 'National Health'. Removal of exemption of direct foreign placement of insurance by IPPS, ship hull and other such interests and thus the Premium Income of Local companies would increase and consequently contribute to increase in Government levies. The Government of Pakistan, in its Budget 198990, levied a Federal Insurance Fee (FIF) of 1% of the premium received on insurance policies. At present all NonLife Insurance Companies collect 1% on the premium as FIF which is deposited in Government treasury. The Insurance Association of Pakistan (IAP) understands that the Government has, thus far, collected approximately over Rs. 2 billion on account of FIF and has proposed that this amount and the ongoing collection of FIF be spent for: Setting up of Colleges of Insurance in all major cities of the country. IAP can provide teaching faculty. The colleges could also conduct some short courses and seminars on various subjects on insurance and matters related to insurance industry. Such seminars would not only improve knowledge of insurance personnel engaged with insurance but also of the insured public. (i) Health policies should be exempt from FIF and Group Health Insurance should be made compulsory for all organizations which employ a reasonable number of employees say, 25 or more. This would encourage spread of Health Insurance and also save tens of millions of rupees for the Government under Educating and creating awareness amongst the public on various hazards such as fire and means of coping with loss incidents, for example first aid in case of accidents etc., and upgrading fire fighting facilities all over the country. 11

Creating awareness and educating the public on traffic discipline, thereby contributing to safe roads and preventing loss of lives due to road accidents. (iv) The entire amount of FIF should be spent and monitored by Insurance Division of SECP. Statutory Deposits with SBP (under Section 29(2) (a) of Insurance Ordinance 0): The requirement for Statutory deposit (as a percentage of paid up capital), needs to be rationalized and a maximum amount needs to be prescribed. Subsequently to the passing of order of the High Court of Sindh in favour of the petitioners (11 Insurance Companies) the Income Tax Department had filed appeal before the Honorable Supreme Court of Pakistan which was dismissed by the apex Court. Federal Insurance Ombudsman, Mr. Azhar Ali Farooqi, had invited the Executive Committee on 8 th February 2011 for an informal meeting in his office. Mr. Farooqi apprised the manner in which his office was dealing with resolving the policyholders complaints. The Taxation Committee finalized the proposal for Federal Budget 201112 on various matters concerning the insurance industry and this was sent to FBR. SECP and FPCCI were also requested to support the proposals. The Committee also suggested to FBR some changes in Form A1 in the draft Income Tax Return Form for Company issued vide SRO (10)/2011 dated April 13, 2011. GST on Services : The provincial governments have imposed a levy of Sales Tax on Services on insurance premium with effect from July 1, 2011 @ 16 %. Government of Pakistan has not yet issued any clarification about withdrawal of Federal Excise Duty. The matter regarding deposit of the amount charged by insurance companies to clients has not yet been resolved between Federal Board of Revenue and provincial governments (more particularly Sindh). A detailed presentation was made by USAID PTP team at the Executive Committee meeting in March, 2011. PTP representatives explained the project objectives, developments and future plan. Moreover that PTP is designed to address Pakistan's major trade challenges, like limited implementation of transit agreements, high transit costs and customs, and border procedures, etc. One of the key areas identified by the PTP officials was the requirement of Financial Guarantees. In this regard they mentioned that they are in liaison with insurance companies, customs and clearing agents for technical instructions and to promote USAIDPTP sponsored Pilot Programme to be put in place. Regarding mechanism of Project PTP officials informed EC that information on cargo in transit between Pakistan and Afghanistan would be made available through a unique on line software Electronic Data Interchange (EDI) system to all important stakeholders involved in risk assessment (by insurance companies) and valuation (by customs) of cargo and issuance of financial guarantees. On completion of all due procedures, complete 12

information would be input into electronic database and a copy of the same would be forwarded by the system to all concerned with clearance to move the transit. This process would be repeated at entry into Afghan border. The guarantee would be released after completion of transit. The Director, International Affairs, Communication and Coordination Department had invited comments from general public on the draft Code of Corporate Governance. The Taxation Committee of IAP sought Members' comments and finalized its recommendations which after approval of the EC were forwarded to SECP vide letter dated 5 th November, 2010. IAP organized its first ever cricket tournament during March 2011 under supervision of the Cricket Coordination Committee led by Mr. Ahmed Salahuddin. The tournament was played at lush green ground of DHA Sports Club (Moin Khan Academy) DHA Phase 8, Karachi. The final match was played between TPL Direct Insurance and EFU General, and EFU General was the winner. The final was watched by the CEOs and representatives of member Companies. Chairman IAP while addressing the participating teams and audience appreciated the efforts of Cricket Coordination Committee for organizing such the event which was most entertaining and the participating teams for their enthusiasm in making the event a success. The Chairman awarded the trophy to the winning team. A number of Awards were given to various players for their performances and also to members of Cricket Coordination Committee. The awards were distributed by Mr. Saifuddin N. Zoomkawala, Mr. Tahir Ahmed, Mr. Jalees Ahmed Siddiqui, Captain Azhar Ehtisham Ahmed and Mr. Ahmed Salahuddin. 13

SUMMARY OF THE ACTIVITIES OF REGIONAL COMMITTEE NORTH DURING THE YEAR 2010 2011 The Regional Office North of The Insurance Association of Pakistan, situated at 7B, Shadman II, Behind Omar Hospital, Jail Road, Lahore, completed 39 th year of establishment on 31 st December, 2010. MEMBERS OF THE REGIONAL COMMITTEE NORTH A seminar on Effective Sales Techniques for General Insurance was held at Hailey College of Banking & Finance on Sep 28, 2010. The Sales Officers of local Insurance companies participated.. During the year, various matters including inspection of risks received the attention of Regional Committee North (RCN). The RCN inspected 36 risks of textile mills in Punjab and Khyber Pakhtoonkhawa. The Chartered Insurance Institute Examinations were held in October, 2010 and April, 2011 under the supervision of RCN. The following educational/leisure programs were successfully conducted by the Lahore Insurance Institute (LII) in collaboration with RCN. A sports event comprising TABLE TENNIS and BADMINTON was held on July 25, 2010 at Wapda Sports Complex, Lahore. Prize Distribution for the Indoor Sports Festival was held on 25 th September 2010 at Lahore Gymkhana. The Super Six players (Table Tennis & Badminton) were acknowledged and the Winners & Runnerups were awarded trophies. Sitting from Left to Right: Mr. Abdul Hayee, Mr. Liaquat Ali Khan, Mian Faisal Usman (Chairman RCN), Mr. Tehseen Khan (ViceChairmanRCN), Mr. M.K. Baig & Standing from Left to Right: Syed Daood Ali Shah (Secretary RCNIAP), Chaudhary Waqar Ahmed, Mr. Satwat Mahmood Butt, Mr. Muhammad Khurshid (Assistant Secretary RCNIAP) l l l Dr. Khawaja Amjad Saeed, Principal, Hailey College inaugurated the seminar. Following were the speakers: l Mr. M. Ishaque Khan, presided at the seminar and also addressed the participants. Mr. Satwat Mahmood Butt, GM & Head Lahore Division, Adamjee Insurance Co. Ltd Mr. NasrusSamad Qureshi, CEO, AlFalah Insurance Co. Ltd. Mr. Qamber Hamid, DMD, EFU General Insurance Ltd. To educate the public at large and the Insurance fraternity in particular, a Debate Competition on Insurance: is a Highly Rewarding Profession for Highly Educated Persons, was held at Hailey College of Banking & Finance Auditorium on 3 rd November 2010. Executives of industry and students of Hailey College attended the Competition. The Debate Competition was presided by Mr. M. Ishaque Khan (Chairman: LII) and Mr. Arshad P. Rana (CEO Atlas Insurance) was the Chief Guest. It was inaugurated by Prof. Dr. Khawaja Amjad 14

Saeed, Principal Hailey College of Banking & Finance. Mr. Satwat M Butt (Adamjee Insurance) was the stage secretary and panel of judges comprised of Mr. Mubarak Ahmed Malik, Mr. Muhammad Rafiq Choudhry., Mr. NasarusSamad Qureshi and Mr. Muhammad Aslam Sabir. Dr. Azfar Malik of Alfalah Insurance was declared the winner while Mr. Hassan Ismail Chaudri of Adamjee Insurance) was the runner up and were awarded prizes at the Annual Dinner. A visit to Atlas Honda Motorcycle at Lahore was made by 21 members on 23 rd November, 2010. The group was thoroughly briefed on assembling and manufacturing of motorcycles. An Essay Competition was organized in November 2010 which had good response with 20 entries. First prize of Rs. 10,000 was won by Mr. Asif Noor (Universal Insurance) second prize of Rs. 7,500 was won by Mr. Waqar Rashid (Alfalah Insurance) and third prize of Rs. 5,000 was won by Mr. Haroon Iqbal (New Jubilee). Consolation prizes were awarded to Dr. Azfar Malik & Mr. Muhammad Ansaar of Alfalah Insurance and Rana Safrraz Muhammad Khan of State Life Insurance. The prizes were awarded at the IAP Annual Dinner on 31 st December 2010. Annual Dinner of The Insurance Association of Pakistan (RCN) was held at Punjabi Complex, Qaddafi Stadium on December 31,2010 Large number of Insurance Executives along with their spouses were present. The Dinner was followed by light entertainment program which was well received by the audience. A Cricket Tournament was organized and final was held on 10 th April, 2011 which was keenly contested by teams from 16 insurance companies operating in Lahore region. It was a 2 nd ever cricket Bonanza. A lecture on Strategic Thinking was delivered by Mr. Shahbaz Haider Agha of IGI Insurance on 6 th May, 2011 in the Regional Office North of IAP, Lahore. 21 participants were present and the lecture was informative and appreciated by the participants. 15

SUMMARY OF THE ACTIVITIES OF ACCIDENT COMMITTEE DURING THE YEAR 2010 2011 Summary of snatched/stolen vehicles fitted with tracking devices for the year 9 and 2010 was provided to member companies for information. A meeting was held with SSP and DSP, ACLC on 24th February, 2011 at IAP office, Karachi. The ACLC officials highlighted the measures being taken by them to prevent / reduce vehicles theft. On ACLC's request IAP provided login ID and password to ACLC to view on line information of snatched / stolen vehicles from IAP database. The ACLC had also requested for cooperation of insurance companies in order to verify the insured's FIR. In this regard a new field of FIR was added in IAP's on line claims management system so that the desired information may be collected. As no statistics were available for the Rain/Flood losses in motor class, the Committee drafted and introduced a format for collection of the data from the member companies. The statements of Workmen's Compensation Statistics for the years 8 and 9 and combined from 5 to 9 were reviewed and finalized by the Committee and were placed on IAP's website for information of member companies. The Accident Committee noted that the 'Depreciation Clause' is being attached to motor policies but MEMBERS OF THE ACCIDENT COMMITTEE Sitting from Left to Right: Mr. Altaf Ahmed Siddqi, Mr. Faisal Mustafa Siddiqui, Mr. Imran Ahmed (Chairman) Mr. Azfar Arshad (ViceChairman) & Syed Akbar Raza Naqvi Standing from Left to Right: Mr. Haider Ali, Mr. N.A.Usmani (Secretary GeneralIAP), Mr. M. Numan Shaikh (Superintendent Accident & Life) & Mr. Mahmood Ahmed similar wording is not available in IAP Motor Guidelines. It was therefore advised that the said clause, either be included in policy wording or be attached as endorsement prescribing the percentage of depreciation with regard to make/years. The specimen clause presently being used by member companies was examined and approved by the Committee for inclusion in the "Motor Guidelines". The statements of Motor Claims experience statistics for the year 9 and combined from 7 to 9 were reviewed and finalized by the Committee and were placed on IAP's website for the information of member companies. The Executive Committee advised that clauses issued by the Association,be numbered so as to bring them upto international standards. The Committee suggested the following pattern for renumbering Motor and Workmen Compensation Clauses : IAP / Motor / Endt. No. 001 IAP / WC / Endt. No. 001 Vehicles specially oil tankers, trucks (goods carrying vehicles) are set ablaze / gutted or looted in the territory of Pakistan and sometimes near Afghanistan border. Several losses in this regard have been reported to insurance companies. To quantify these losses a format was designed for collection of statistics (for the years 9 and 2010). 16

SUMMARY OF THE ACTIVITIES OF PROPERTY COMMITTEE DURING THE YEAR 2010 2011 Fire Policy wordings previously in use were reviewed, in depth, by the Committee, with the aim of making the document simple and understandable for the insured. It was agreed that, for clarity of the insured, conditions and exclusions be incorporated under separate heads. and a uniform/standard wording be developed for adoption by all member companies. The Committee s proposal was approved by Executive Committee. The proposed policy wordings were forwarded to member companies for their views / suggestions. Suggestions received from member companies were considered by the Property Committee as well as by the Executive Committee. The revised Fire Policy wording became effective from April 01, 2011. Printed copies of Fire Policy have been made available at Association's Offices. The statistics submitted by member companies for the year 9 were finalized and placed on IAP's website and a copy of finalized statement of statistics was sent to member companies for their information and record. The Committee recognized the need to have sound and upto date technical information on risks, available at the IAP for the benefit of its members. The matter MEMBERS OF THE PROPERTY COMMITTEE Sitting from Left to Right: Ms. Shaheen H. Sumar, Mr. Kamran Arshad Inam (ViceChairman), Mr. Najib Nasir Syed (Chairman), Mr. Mohammad Safdar, Standing from Left to Right: Mr. N.A. Usmani (Secretary General IAP), Mr. Faisal Khan, Mr. S. Murtaza Ali Shah, Mr. Mumtaz Ali (Risk Surveyor) & Mr. Muhammad Ashraf (Superintendent Property & Marine) was discussed and it was proposed that IAP seek affiliation with the NFPA. Accordingly the IAP applied for NFPA membership which has been granted by the NFPA. The IAP is now a member of NFPA and is entitled to the many privileges, benefits and services of NFPA including the following: * Subscription to the NFPA Journal * Technical Assistance * Section Membership * Voting Rights * Discounts on NFPA publication As advised earlier by the Executive Committee, all clauses will be numbered, per an agreed format. During the period (July 2010 June 2011) IAP's Risk Surveyor carried out following risk inspection and issued comprehensive reports in this regard: Textile Spinning 03 Textile Weaving 04 Textile Garments 03 Ginning 37 Sugar Mills 02 Warehouse / Storage facility 07 Miscellaneous 07 Total : 63 17

SUMMARY OF THE ACTIVITIES OF MARINE COMMITTEE DURING THE YEAR 2010 2011 Statistical statement for the year 2010 was circulated to all member companies and placed on IAP's website in members area. Subsequent to revision of Institute Cargo Clauses by the Joint Cargo Committee, London, the Marine Committee strongly felt the necessity to update the following existing Inland Transit Clauses to bring them in line with the revised versions of Institute Cargo Clauses: 1. Road/Rail Cargo Clauses (A) 2. Road/Rail Cargo Clauses (B) 3. Road/Rail Strikes Clauses (Cargo) MEMBERS OF THE MARINE COMMITTEE Sitting from Left to Right: Ms. Amna Sarfaraz Khan, Mr. Muhammad Sohail Nazir (ViceChairman) Mr. Brendan Thomas D'Lima (Chairman) & Syed Matin Ahmed Standing from Left to Right: Mr. Muhammad Ashraf (Superintendent Property & Marine), Mr. Muhammad Fayyaz Vakani, Mr. N.A. Usmani (Secretary GeneralIAP) & Mr. Muhammad Saleem reinsurers had requested the member companies to use the wording suggested by them in the shape of endorsement. The Committee examined the overall global impact of the sanctions imposed by United Nations (UN), European Union (EU) and United States of America (USA) and advised that SECP had already forwarded copy of Gazette Notification dated August 03, 2010 to all member companies issued by Ministry of Foreign Affairs, Government of Pakistan for compliance of the United Nations Security Council's Resolution regarding fresh sanctions against Iran, which member companies should follow. The Committee finalized the draft of above Clauses which were subsequently reviewed by EC.Suggestions were sought from member companies and were incorporated with the Clauses. The amended wording has been made effective from July 01, 2011 vide IAP's Circular No. MPR1 dated May 30, 2011. A notification from reinsurer was received by some of the member companies stating that they would not insure crude oil shipment coming from Iran due to sanctions imposed by United Nations (UN). The The Executive Committee had requested all the Technical Committees to number the Clauses issued by the Association to bring them in line with the international standards. It was noted by the Marine Committee that Pakistan's market follow the practices and clauses used in London insurance market for Marine Business.Very few clauses have been modified by IAP and it was agreed that these be numbered as per the suggestions of EC. The Committee's attention was drawn towards the heavy transit losses where most common incidents involved hijacking of entire cargo trucks and 18

negligence of drivers. The main cause of such losses was identified as a lack of organized transport system and misappropriation by carriers. To address this issue the Committee introduced a new exclusion in the inland transit clause, which would warn / compel the insured to take due care while hiring transporters for dispatch of cargo. 19

SUMMARY OF THE ACTIVITIES OF LIFE COMMITTEE DURING THE YEAR 2010 2011 SECP had arranged a roundtable on Microinsurance which was attended by Chairman, IAP, CEOs of Life Insurance Companies, members of Pakistan Society of Actuaries & others. The aim of meeting was to share comments from all stakeholders on the draft regulating framework for the Microinsurance in Pakistan and working structure for the Pilot Project. The working paper prepared by SECP was discussed in the said meeting, wherein it was decided that Pakistan Society of Actuaries (PSOA) & SECP will work jointly to prepare formats for regulatory returns and submission of information to SECP. Initial work on Microinsurance has been completed and SECP has issued draft of Microinsurance Rules for comments from all stakeholders. Draft of solvency guidelines has been prepared by MEMBERS OF THE LIFE COMMITTEE From Left to Right: Mr. Muhammad Numan Shaikh (Superintendent Accident & Life) Mr. Hashim Sadiq Ali, Mr. Mohammad Ali (ViceChairman), Mr. Manzoor Ahmed (Chairman), Mr. Jalal Meghani & Mr. N.A. Usmani (Secretary GeneralIAP) the SECP and is under review of their legal department.. Life Committee recommends a longer phasein period for implementation of full solvency margins as regard to life insurance companies, whereas in the solvency draft, SECP has proposed 3 years. Pakistan Society of Actuaries has been requested to take up the matter with SECP. Implementation of new accounting formats with regards to life insurance companies may take 2 3 years, being entirely new system, all pros and cons of the exposure draft are being examined. As todate only disclosures and notes are made applicable, amendments in tax laws relating to relevant parts would need to be addressed at government level. IFRS implementation would be possible only after these matters have been resolved. 20

MARKET OVERVIEW OF NON LIFE INSURANCE INDUSTRY IN PAKISTAN

NON LIFE INSURANCE PRIVATE SECTOR Balance Sheet as at 31st December Equity 2010 9 8 7 Issued, Subscribed & Paid up Capital 12,811.20 10,962.17 11,145.42 7,711.11 Reserves and Retained Earnings 45,453.44 44,927.36 41,504.40 50,699.27 58,264.64 55,889.53 52,649.82 58,410.38 Surplus on revaluation of fixed assets 767.23 767.22 951.62 Adv.Agst issue of right shares 859.92 Underwriting Provisions Provisions for Outstanding Claims (including IBNR) 22,654.14 14,201.65 14,727.11 16,681.94 Provision for Unearned Premium Net 16,609.93 14,951.49 14,403.07 13,985.50 Commission Income Unearned 1,131.31 951.12 1,010.41 1,028.00 Additional Provision for Unexpired Risk 60.50 61.90 78.38 Total 40,455.88 30,166.16 30,140.59 32,633.74 Deferred Liabilities 340.97 360.96 186.28 111.26 Liability against Finance Lease 20.52 251.57 Creditors and Accruals 9,857.19 7,429.13 5,135.78 5,803.93 Surplus of Fix Assets/Short Term Finance 141.49 188.91 876.74 678.04 Other Liabilties 1,993.13 2,026.20 2,802.73 2,344.77 Total Equity and Liabilities 111,820.53 96,828.11 92,764.08,233.69 Cash and Bank Deposits 9,169.26 9,417.32 9,455.61 8,291.33 Loans Secured Considered Good 303.26 253.96 50.82 177.86 Investment 55,356.79 52,206.14 49,457.48 59,094.15 Investment Properties 1,157.90 866.28 698.57 458.61 Deferred Tax 243.85 145.49 190.96 221.85 Reinsurance Recoveries Against Outstanding Claims 15,929.41 7,844.70 7,800.41 9,256.95 Deferred Commission Expense 1,724.07 1,515.42 1,510.50 1,508.35 Other Assets 22,576.03 19,323.53 18,681.66 16,872.90 Capital Work 22.01 117.01 25.83 Fixed Assets 5,060.15 4,893.15 4,706.58 4,232.58 Leased Assets 299.81 340.11 94.48 93.28 Negative Goodwill Total Assets 111,820.53 96,828.11 92,764.08,233.69 Profit and Loss Account for the year ended 31st December 2010 9 8 7 REVENUE ACCOUNT Net Premium Revenue 22,147.08 22,242.93 22,897.81 20,296.14 Premium Deficiency reversal/(expense) (5.05) (47.57) (19.81) (50.50) Less: Net Claims (13,863.26) (13,236.65) (14,276.55) (14,347.79) Less: Expenses (5,149.62) (4,846.66) (4,679.61) (4,105.05) Less: Net Commission (1,524.87) (1,443.37) (1,639.66) (1,185.93) Underwriting Balance 1,604.28 2,668.68 2,282.18 606.87 Investment Income 3,871.22 3,055.94 (4,020.07) 34,417.19 Rental Income 207.35 196.52 193.71 155.58 Other Income 539.75 708.83 687.89 524.34 General and administration expenses (2,353.03) (2,461.60) (3,813.02) (1,909.50) Profit Before Tax 3,869.57 4,168.37 (4,669.30) 33,794.48 Taxation 556.94 696.60 486.52 Profit After Tax 3,312.63 3,471.77 (5,155.82) 33,568.68 APPROPRIATIONS Balance unappropriated profit at end of previous year 19,974.18 11,120.66 37,001.81 15,138.89 Profit after tax for the year 3,312.63 3,471.77 (5,155.82) 33,568.73 Dividend 1,536.92 32.38 1,538.95 1,341.21 Reserve for Bonus share 639.50 66.70 1,478.58 1,303.35 General Reserve 524.64 (6,058.24) 17,767.81 9,019.91 Other 0.58 7.48 0.02 0 Sub Total 2,701.42 5,951.68 20,785.36 11,664.48 Balance Unappropriated profit at end of year 20,396.72 20,544.11 11,060.63 37,043.15 BALANCE SHEET RATIOS Net Working Capital (Rs.) 13,170.24 12,928.57 13,272.06 9,081.12 Current Ratio 1.38 1.55 1.36 Total Assets/Net Worth 1.92 1.73 1.72 Break up Value 45.48 50.98 75.75 UNDERWRITING RATIOS Claims incurred to net premium (62.60) (61.05) (62.35) (70.69) Net Profit to net premium 14.96 12.45 (22.52) 165.39 Management expenses to net premium (23.25) (22.23) (20.44) (20.23) Commission to net premium (6.89) (6.63) (7.16) (5.84) Earning per share of Rs.10/= each 2.59 2.46 (4.63) 43.53 Cash Dividend 1,536.92 32.38 1,538.95 1,341.21 Stock Dividend 639.50 38.97 1,478.58 1,303.35 Balance Sheet Growth Equity Growth Claim Incurred Net Premium Underwritten 000 80000 60000 40000 00 0 60000 50000 40000 30000 00 00 0 14500 14000 13500 13000 12500 7 8 97 2010 8 97 2010 2010 24000 23000 20 20 00 19000 18000 8 9 Investments Cash and Bank Balances Net Profit after tax Dividend & other appropriations 60000 58000 56000 54000 50 50000 48000 46000 44000 00 40000 25000 35000 9500 00 30000 25000 15000 9000 00 00 15000 8500 00 5000 5000 0 8000 0 5000 5000 7500 00 00 7 8 97 2010 8 97 2010 8 97 2010 8 9 2010 Note: The amounts on yaxis represent s. 22

Market Overview of Life Insurance Industry in Pakistan

LIFE INSURANCE PRIVATE SECTOR Balance Sheet as at 31st December Share Capital and Reserves Share holders Fund Statutory Fund Individual Individual Unit Life Linked Conventional Group Life Fund Group Pension Accident Aggregate Aggregate Aggregate & Health 2010 9 8 Aggregate 7 Authorised Share Capital 4,500.00 4,500.00 4,400.00 3,000.00 3,000.00 Issued, subscribed and paid up Share Capital 3,512.24 3,512.24 3,366.74 2,290.72 1,979.12 Reserves & Retained Earnings 840.84 840.84 520.79 175.33 481.91 Net Shareholders' Equity 4,353.07 4,353.07 3,887.53 2,466.05 2,461.03 Balance of statutory fund 0.00 27,962.17 3,196.25 0.00 51.77 447.85 31,658.04 24,126.68 16,278.06 17,805.25 Deferred Liabilities 2.26 0.00 0.00 0.00 0.00 0.00 2.26 9.72 6.59 4.73 Creditors and Accruals 118.19 1,810.04 1,279.53 0.00 2.05 195.96 3,405.77 3,038.36 2,073.68 1,635.90 Other Liability 1.05 0.00 0.00 0.00 0.00 0.00 1.05 0.00 17.50 17.15 TOTAL LIABILITIES 133.30 29,772.21 4,475.77 0.00 53.81 643.81 35,078.90 27,191.35 18,375.84 19,463.03 TOTAL EQUITY & LIABILITIES 4,486.38 29,772.21 4,475.77 0.00 53.81 643.81 39,431.98 31,078.88 20,841.88 21,924.06 Cash and Bank Deposits 701.92 1,335.77 104.82 0.00 2.06 97.83 2,242.40 3,720.75 4,944.03 3,507.89 Loans 63.24 2.57 85.83 0.00 0.00 0.10 151.74 140.65 79.82 76.39 Investments (Net) 2,078.22 27,751.93 3,932.23 0.00 55.17 390.60 34,208.15 24,628.50 13,894.71 17,199.04 Investment in properties 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 Deferred Taxtation 9.98 0.00 0.00 0.00 0.00 0.00 9.98 13.56 6.00 0.00 Other Assets 952.17 677.86 306.11 0.00 (4.11) 152.78 2,084.81 1,928.75 1,395.42 688.19 Tangible assets 644.41 3.97 45.65 0.00 0.68 2.44 697.15 606.09 501.10 439.77 Intangible assets 36.44 0.10 1.13 0.00 0.02 0.06 37.75 40.78 20.72 12.78 TOTAL ASSETS 4,486.38 29,772.21 4,475.77 0.00 53.81 643.81 39,431.98 31,078.88 20,841.88 21,924.06 ASSETS AT MARKET VALUE 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 BALANCE SHEET RATIOS Net Working Capital Current Ratio Total Assets / Net Worth Break up Value 24

LIFE INSURANCE PRIVATE SECTOR Revenue Account for the year ended 31st December Statutory Fund Individual Individual Unit Life Linked Conventional Group Life Fund Group Pension Accident Aggregate Aggregate Aggregate Aggregate & Health 2010 9 8 7 Net Premium Income 12,168.69 2,749.23 0.00 11.81 801.43 15,731.16 12,445.85 11,090.57 8,.97 Net Investment Income 2,845.94 403.27 0.00 6.00 48.81 3,304.02 4,658.62 (3,785.79) 3,885.43 Other Income 4.44 13.53 0.00 0.04 7.88 25.89 31.80 18.95 36.68 Total Net Income 15,019.07 3,166.03 0.00 17.85 858.12 19,061.07 17,136.27 7,323.73 12,057.76 Net Claims 2,494.75 1,077.29 0.00 1.70 646.31 4,220.05 3,207.38 3,309.01 2,217.18 Net Management Expenses 4,769.37 1,123.97 0.00 1.42 201.17 6,095.93 5,216.05 4,422.65 2,906.68 Total claims and expenditures 7,264.12 2,201.26 0.00 3.12 847.48 10,315.98 8,423.43 7,731.66 5,158.54 Excess of Income over Claims and Expenditure 7,754.95 964.78 0.00 14.73 10.64 8,745.10 8,670.99 (407.92) 6,899.22 Add : Policyholder Liabilities at Beginning of Year 20,615.63 2,263.00 0.00 38.75 335.58 23,252.96 15,538.16 16,654.74 10,575.20 Less : Policyholder Liabilities at End of the Period 27,678.35 2,815.43 0.00 53.63 379.53 30,926.94 19,053.71 13,499.59 (16,654.73) Surplus/(Deficit) 692.24 412.34 0.00 (0.15) (33.32) 1,071.11 956.17 708.66 819.69 Movement in policy holder liabilities 7,062.72 552.44 0.00 14.88 43.94 7,673.98 7,714.81 (1,116.59) 6,079.52 Transfers to or from Shareholders' Fund (559.98) (414.85) 0.00 (0.72) (42.18) (1,017.73) (946.16) (519.55) (709.96) Capital contributed from share holders fund (346.95) 51.99 0.00 0.00.19 (194.77) 0.00 (599.62) 599.61 Balance of Statutory Fund at Beginning of Year 21,114.15 2,594.32 0.00 37.75 379.21 24,125.43 16,278.05 0.00 11,016.35 Balance of Statutory Fund at End of the Period 27,962.17 3,196.22 0.00 51.76 447.86 31,658.01 24,125.61 16,278.07 17,805.21 Represented by: Capital contributed by Shareholders' fund 242.28 448.64 0.00 0.00 184.45 875.37 904.75 13,763.48 1,624.79 Policyholders' liabilities 27,678.31 2,815.39 0.00 53.63 379.55 30,926.88 23,252.97 1,899.03 16,654.75 Retained earnings on other than participating business 41.58 (67.81) 0.00 (1.87) (116.14) (144.24) (32.11) 615.56 (474.33) Balance of Statutory Fund 27,962.17 3,196.22 0.00 51.76 447.86 31,658.01 24,125.61 16,278.07 17,805.21 REVENUE ACCOUNT RATIOS Claims incurred to net premium 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 Net profit to net premium 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 Management expenses to net premium 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 25

Profit and Loss Account for the year ended 31st December LIFE INSURANCE PRIVATE SECTOR Aggregate 2010 Aggregate 9 Aggregate 8 Aggregate 7 Net Investment income not attributable to statutory funds 191.45 257.42 117.38 78.27 Gain / (Loss) on sale of investments 78.57 (281.40) 719.92 809.54 Total Investment Income 270.02 (23.98) 602.54 887.81 Other revenue 24.91 17.35 122.68 148.19 Total Investment Income and other revenues 294.93 (6.63) 725.22 1,036.00 Less Expenses not attributable to statutory funds 28.22 (135.86) 43.38 (28.09) Profit / (Loss) before appropiation of surplus to shareholders fund 266.71 (142.49) 768.60 107.91 Add: Surplus appropiated to Shareholders fund from ledger A/C D 988.82 890.85 526.06 708.01 Profit/(Loss) before tax 986.20 748.37 (242.54) 1,715.92 Extra Ordinary Items Deferred Tax 0.00 14.31 1.19 0.00 Profit/(Loss) before tax and after extraordinay items 0.00 0.00 241.35 1,715.92 Taxation (303.98) (13.22) 191.84 (267.74) Profit/(Loss) after tax 671.58 749.44 (433.19) 1,448.18 APPROPRIATIONS Balance at commencement of the year 1,461.62 674.49 2,461.02 869.71 Profit after tax for the year 671.58 749.44 (433.19) 1,448.18 Transfer to General Reserve 0.00 0.00 0.00 20.00 Transfer to Bonus Share (.00) 0.00 61.60 (.00) Proposed Dividend (475.21) (337.50) (216.56) (76.25) Right Share issued 0.00 0.00 0.00 327.00 Capital (contributed)/during the year 0.00 138.81 39.10 (603.10) Capital withdran during the year 468.23 (64.85) 632.27 5.47 Balance upappropriated profit at the end of the year 2,026.23 1,160.41 2,466.04 1,791.01 PROFIT AND LOSS ACCOUNT RATIOS Earning per share 9.83 8.72 2.00 0.00 Cash Dividend 0.00 5.50 0.00 0.00 Stock Dividend 0.00 0.00 0.00 15.00 Balance Sheet Growth Equity Growth Claim Incurred Net Premium Underwritten 50000 40000 30000 00 00 0 5000 4000 3000 0 0 0 5000 4000 00 15000 3000 0 0 0 00 5000 0 7 8 97 2010 8 9 2010 Investments Cash and Bank Balances Net Profit after tax Dividend and other appropriations 30000 25000 00 15000 00 5000 0 6000 5000 4000 3000 0 0 0 7 8 97 2010 2010 0 1500 0 500 0 500 0 8 97 2010 1 0.8 0.6 0.4 0.2 0 8 9 Note: The amounts on yaxis represent s. 26

A CONCEPT PAPER RISKBASED CAPITAL REGIME FOR NON. LIFE INSURANCE COMPANIES (PARTI). By Dr. Mumtaz A. Hashmi

A CONCEPT PAPER "RISKBASED CAPITAL REGIME" FOR NONLIFE INSURANCE COMPANIES (PartI) Historical Background and Current Scenario Dr. Mumtaz A. Hashmi In developed and some other countries, who have not yet considered adopting to risk based capital regime, the solvency margin for a nonlife insurance company, in terms of minimum capital requirement, is generally defined as a percentage of net written premiums or net outstanding claims reserves or a combination of both. In so far as the charge to mitigate asset concentration risk is concerned, the same is commonly addressed through imposition of asset admissibility rules. In line with the foregoing, solvency requirements, in Pakistan, have been laid down in Part V of Insurance Ordinance 0 (the Ordinance). Section 36 of the Ordinance prescribes the criteria for minimum solvency requirements, and its subsection (3) is reproduced below for ease reference: "For the purposes of this section, the minimum solvency requirement is the greatest of: (a) such required minimum amount as may be prescribed by the Commission; (b) such percentage as may be prescribed by the Commission of its earned premium revenue in the preceding twelve months, net of reinsurance expense subject to a maximum deduction for reinsurance of fifty per cent of the gross figure; and (c) such percentage as may be prescribed by the Commission of the sum of its liability for unexpired risk and its liability for outstanding claims, net of reinsurance subject to a maximum deduction for reinsurance in each case of fifty per cent of the gross figure:" However, the proviso to this subsection distinguishes the solvency requirements for a branch operation of a nonlife insurance company incorporated outside Pakistan. The percentages, as required above, have been notified in subrule (2) of Rule 13 of Securities & Exchange Commission (Insurance) Rules 2 (SEC Rules). To alleviate the impact of asset concentration risk, Rule 10 of SEC Rules for the purposes of Section 32(2) of the Ordinance, prescribes the percentages for an insurance company, which along with the minimum solvency requirements for nonlife insurance companies, have been reviewed by a committee formed by Securities and Exchange Commission of Pakistan (the Commission), and while this paper was being written, issuance of notification after completion of the due process, as per the market news, was in the pipeline. Incidentally, this exercise also includes the long awaited minimum solvency criteria for life insurance companies. The above framework with regard to solvency requirement, while having advantage of simplicity in calculation, is sufficiently geared to manifest the relative volatility of the varied nature of nonlife insurance business, but it does not take into consideration market and credit risks of the assets. 28

The other critical element in determination of solvency margin is the basis used for asset valuation (i.e. lower of cost or market value). Adoption of this approach over time protects the insurance company from the exposure of wide fluctuation in market value of the asset. However, this method could lead to accumulation of hidden margins, which could misrepresent the "fair" value of the asset; hence distorting the true solvency status, which inter alia results in lack of clarity in understanding the financial health of the insurance company. In the past few decades, particularly since the beginning of this century, the nonlife insurance industry has been experiencing exceptional onslaught from manmade and natural calamities. For nonlife insurers, the challenges involved are from variety of their core business, in particular insurance liability risks, and in the background of recent financial crises worldwide, the phenomenal volatility of asset risks. It may be inferred that in determining the solvency margin the aforereferred basis does not comprehensively cater for the highlighted exposures. Moreover, the last thirty years or so have witnessed major corporate failures worldwide, most of which were found to be attributable to fraud, management incompetence or involving both. For economic stability, growth and confidence, it is desirable to ensure a stable healthy, and competitive markets for goods and services. Consequently the focus on corporate governance has globally increased significantly since the inception of this century. In this regard, government and regulators aimed and, in most countries, have established formal standards and legal frameworks for compliance by companies (including insurance companies). A typical corporate governance regime expects of a company to conduct regular review of all risks it faces, and establishes an effective framework of controls to manage such risks, and at least annually assesses the effectiveness of its risk management and internal controls. "Insurance" is an intangible product. In simple words, it is a promise to provide indemnity or a payment at a future date (e.g. life insurance). It is therefore of paramount importance that those who offer and deal in such promises must be professionally competent and financially sound entities, who have the ability to fulfill their pledges when the need arises. Therefore, to safeguard the interest of the consumers, regulations are a must for the management of insurance business. In the given scenario, when it is apparently evident that prevailing solvency requirements did not sufficiently capture the existed risks, the need to ensure that nonlife insurers hold an adequate level of capital to absorb unexpected losses was recognised, and the concept of riskbased capital framework emerged to adequately address insurance liability risks (and asset risks). RiskBased Capital Framework In formulating riskbased capital framework for nonlife insurers, with emphases on each insurance class/fundwise solvency requirement (CFSR); and capital adequacy requirement at company level, the industry experts (including regulators) around the globe have generally based the internal models of a general insurer, which evolve on the following principles: the framework should be reflective of the relevant risks faced by nonlife insurance company, the capital adequacy requirements should be consistent with insurance and asset liability valuation basis, so that the available capital provides an effective cushion to absorb fluctuations in the insurance liability (particularly unanticipated claims) and asset (investments) values; 29

the framework should desirably be comparable with that for life insurers (and possibly other financial institutions, for instance banks), thereby creating a level playing field, and ensuring an optimum capital requirement in an ever increasing integrated financial markets; and the framework should be transparent i.e. simple to understand and apply at company's level, and should enable comparability across companies at regulatory level. Pooling and bearing of risks are essence of insurance business, and towards developing risk based capital regime, in the first instant, therefore it is of relevance to enlist hereunder the key risks to which a nonlife insurance company is exposed to: a) insurance liability risks encompass claims frequency, severity of claims; delays in settlement of claims; claims handling expense; discount rate; and inflation; PS: Each of these has underlying risk factor of deviation from the mean and risk of occurrence of catastrophic event resulting in adverse variation from the mean. b) asset risks include credit risks cover counter party risk (risk of non recovery of outstanding premium from policy holders / intermediaries and reinsurer's failure to meet its contractual obligations); invested asset credit risk (e.g. default of issuer of debt securities); political risk (affect of changing political environment on the credit worthiness of invested assets); and sovereign risk (default or failure on the part of government to meet payment obligations of securities it has issued); market risks refer to equity and property risk (risk of movement in values of investment in equity and property); foreign exchange risk (variation in currency exchange rate affecting the value of foreign assets and insurance related obligations in foreign currency); interest rate risk (i.e. affect of fluctuation in interest rate on the values of assets and liabilities); and 30

asset concentration risk (i.e. increased risk due to concentration of investment in a single instrument, bank, company, group of companies, industry, geographical area, etc.); c) mismatching risks comprise durational mismatch (i.e. risk of liability cash flow falling short or exceeding asset cash flow in the given time period); mismatching of guaranteed liability (i.e. covering guaranteed insurance policy liabilities with assets of nonguaranteed returns); and currency mismatch a situation when liabilities and assets are exposed to different currency risks; and, d) operational risks embody management risk (risk due to nonprofessional/incompetent management and management with malintent); and IT/processing and business risk (e.g. affects of obsolete hardware/outdated software, systems failure, outsourcing, non compliance/breach of legal and statutory requirements, business continuity planning, reputational, fraud, etc.) From the foregoing it may be inferred that the nonlife insurers are confronted with the following key risks in managing of their business: under provisioning of the insurance liabilities; adverse claims experience; decrease in market values due to defaults and market fluctuations; and deficient operation. Solvency Requirement i.e. for each insurance class or fund, the available asset (total assets LESS total liabilities) must be greater than the required solvency margin (RSM). To arrive at the required fund solvency, the approach followed in the developed countries, has taken into account the main sources of risk by grouping them, as under insurance liability risks market and credit risks concentration risks Summation of these three factors in respect of each nonlife insurance class or fund would give the total risk charges i.e. the RSM. As market and credit, and concentration risks involving assets are of highly specialized nature in what follows, would confine to insurance liability risks by briefly describing as to how the relevant factors may be translated into numbers. 31

Insurance Liability Risks factors (LRF) takes into account the possible underestimation of the policy liability {Claims Liability (CL) and Premium Liability (PL)}, and unanticipated losses, i.e. adverse claims experience in the unexpired risk period (so as to provide a cushion on top of the policy liability). Total risk charge for LRF may therefore be described as x%*cl + y%*pl The charge (co efficient) on CL, i.e. x%, is worked out by carrying out both qualitative and quantitative analysis of respective insurance class or fund. As a matter of interest, qualitative approach facilitates to club various classes of insurance into their respective volatility categories (by identifying as low, medium or high) with similar characteristics (based on claims experience, which may differ from territory to territory). Understandably, from a risk based perspective, a class of insurance business with a high volatility would call for a high risk charge, as compared to a risk with low or medium volatility. The quantitative techniques are employed in determination of the risk charges by analysing the claims data of the respective volatility categories. In view of the extensive use of statistical tools in analysing of the claims data and nonavailability of authentic data for Pakistan nonlife market, the quantitative analysis has been avoided in respect of calculation of the coefficient of the CL for respective insurance class or fund. With regard to PL, the determination of the coefficient is more challenging, as it deals with the happenings in the future (i.e. during the unexpired period of the policy), whereas outstanding claims correspond to occurrences which have already taken place. Therefore, the risk charge on PL, understandably should be higher than the calculated coefficient for CL of the relevant class of insurance business. However, for the purpose of PL, it is recommended to use Unexpired Risk Reserve (URR) instead of Unearned Premium Reserve, as it is meant to cover future cash flow. To quantify the risk charge on URR (PL), a close analysis of claims frequency and historical profitability of the concerned class of insurance business, is needed. Technically, the coefficient of PL (i.e. URR) has to be higher than the corresponding coefficient of CL for each class. Epilogue Of the three highlighted sources of risk under riskbased capital regime which are essential, in determination of solvency margin, this Part I has only dilated on insurance liability risk (that too without an exercise as to how to analyse the claims data for determination of the respective charges). The unattended topics stated in the foregoing will be taken up in the second part of the concept paper, which Insha Allah will be presented in this Association's next yearbook edition. 32

COMPANY PROFILES

ACE INSURANCE LIMITED Values: Ace Pakistan is committed to the ACE Group Values which are: Ms. Zehra Naqvi and a sense of pride in who we are and what we do. Integrity: We comply with all applicable laws regulations and company policies in our words and in our deeds. Honesty, Character and ethical behavior guide us to do the right thing. Client Focus: We are committed to our clients. We strive to understand their risks, we make promises and we keep them. Respect: Excellence: Teamwork: We value our employees, partners and communities. We are dedicated to fair treatment, diversity, trust and mutual respect. We recognize and reward excellence in the workplace. Performing at the highest level requires us to think and act like owners. We believe in an environment of open communication and collaboration produces results. We encourage full participation, different perspectives, constructive criticism Mission ACE is committed to being a leader in the global insurance and reinsurance market by always conducting business in a consistent, disciplined and focused manner. The ACE way is to provide: 1) Superior Client Value 2) Superior Shareholder Value 3) Superior Employee Value Key Financial Data for the last two (2) Years (Rs in million) 2010 9 Premium Written 429 278 Net Premium Revenue 98 83 Net Claims Expense 27 32 Net Commission / (Income) 21 9 Profit / (Loss) after tax 17 22 COMPANY INFORMATION 1. Managing Director & CEO Ms. Zehra Naqvi 2. Directors Mr. John Keogh Mr. Serge Osuof Mr. Stephen Brian Dixon Mr. Kenneth Underhill Ms. Zehra Naqvi Mr. Syed Umer Ali Shah Mr. Kamal Ahmed. 3. Chief Financial Officer Mr. Kamal Ahmed 4. Auditors A.F.Ferguson & Company 5. Tax Advisors Ernst & Young Ford Rhodes Sidat Hyder & Co. 6. Legal consultants 7. Registered Office 8. Number of Employees 14 Ebrahim Hosain 6th floor, NIC Building, Abbasi Shaheed Road Off: ShahraheFaisal Karachi. 34

ACE INSURANCE LIMITED Balance Sheet as at 31st December Equity Authorized Share Capital 300.00 300.00 300.00 80.00 Issued subscribe and paidup Capital 250.00.00 160.00 120.00 Reserves and retained earnings 25.80 24.67 31.22 25.40 275.80 224.67 191.22 145.40 Underwriting Provisions Provision for outstanding claims (including IBNR) 812.36 211.26 134.59 79.60 Provision for unearned premium net 205.86 150.15 164.39 142.83 Additional provision for unexpired risk Commission Income Unearned 6.00 6.18 8.09 10.31 Total 1,024.22 367.59 307.07 232.74 Deferred Liabilities 0.65 1.01 0.96 0.05 Creditors and Accruals 146.40 88.33 51.59 64.94 Other Liabilities 2.63 Total Equity And Liabilities 1,447.07 681.60 550.84 445.76 Cash and Bank Deposits 456.09 361.71 305.16 264.06 Loans Secured Considered Good Investment 0.41 0.35 Investment Properties Deferred Tax Reinsurance Recoveries Against Outstanding Claims 749.21 145.40 86.27 36.14 Deferred Commission Expense 28.59 18.04 18.11 21.04 Other Assets 194.73 145.50 132.14 115.66 Fixed Assets 18.45 10.95 8.75 8.51 Leased Motor Vehicle TOTAL ASSETS 1,447.07 681.60 550.84 445.76 Assets at Market Value 2010 9 8 7 BALANCE SHEET RATIOS Net Working Capital (Rs.) 441.27 353.02 337.39 268.69 Current Ratio 1.46 2.18 2.81 2.83 Total Assets / Net Worth 5.25 3.03 2.88 3.07 Breakup Value 11.03 11.23 11.95 12.12 Profit and Loss Account for the year ended 31st December REVENUE ACCOUNT Net Premium Revenue 98.06 82.90 87.90 96.56 Premium deficiency reversal/(expense) Less: Net Claims 26.75 32.16 25.31 39.92 Less: Expenses 51.27 38.75 31.73 28.99 Less: Net Commission 21.18 8.90 6.25 4.56 Underwriting result (1.14) 3.09 24.61 23.09 Investment Income 0.03 0.06 0.55 Rental Income Other Income 41.36 34.01 25.00 12.34 General and administration expenses (7.84) (6.63) (4.03) (5.11) Exchange gain 2010 9 8 7 Finance charges on lease rentals (1.44) (1.00) 32.08 26.41 21.03 7.78 Profit before tax 30.94 29.50 36.40 30.87 Provision for taxation 13.75 13.15 14.80 11.35 Profit after tax 17.19 16.35 21.60 19.52 APPROPRIATIONS Balance at commencement of year 16.35 23.00 24.21 4.68 Dividend Reserve for Bonus Share/Bonus Shares issued 15.68 27.73 22.81 General Reserve 15.68 27.73 22.81 Balance Unappropriated profit at end of year 17.86 11.62 23.00 24.20 PROFIT AND LOSS ACCOUNT RATIOS Claims incurred to net premium % 27.28 38.79 28.79 41.34 Net Profit after tax to net premium % 17.53 19.72 24.57 20.22 Management expenses to net premium % 52.28 46.74 36.10 30.02 Commission to net premium % 21.60 10.74 7.11 4.72 Earning per share (Rs.) 0.69 0.82 1.35 1.63 Cash Dividend Stock Dividend 15.68 27.73 22.81 Balance Sheet Growth Equity Growth Claim Incurred Net Premium Underwritten 2,000 1,500 1,000 500 300 250 150 50 50 40 30 20 10 95 90 85 80 75 Investments Cash and Bank Balances Net Profit after tax Dividend & other appropriations 0.45 0.40 0.35 0.30 0.25 0.20 0.15 0.10 0.05 500 400 300 25 20 15 10 5 30 25 20 15 10 5 Note: The amounts on yaxis represent s. 35

ADAMJEE INSURANCE COMPANY LIMITED Mr. Manzar Mushtaq Vision Our will is to Explore, Innovate and Differentiate. Our passion is to provide leadership to the Insurance Industry.. Core Values Integrity, Humility, Fun at Workplace and Corporate Social Responsibility Key Financial Data for the last two (2) Years (Rs in million) 2010 9 Premium Written 11,564 10,321 Net Premium Revenue 6,883 6,807 Net Claims Expense 4,834 4,453 Net Commission 515 500 Profit after tax 519 2,434 COMPANY INFORMATION 1. Chairman Mr. Umer Mansha 2. Chief Executive Officer Mr. Manzar Mushtaq (w.e.f. 23032011) 3. Directors Mr. Ahmed Ebrahim Hasham Mr. Ali Munir Mr. Alman Aslam Mr. Hassan Mansha Mr. Ibrahim Shamsi Mr. Khalid Qadeer Qureshi Mr. Muhammad Usman Ali Usmani Mr. Nabiha Shahnawaz Cheema Mr. S.M. Jawed 4. Company Secretary Mr. TameezulHaque 5. Chief Financial Officer Mr. Mudassar Zubair Ahmed Mirza 6. Advisors Mr. Mian Mohammad Mansha 7. Auditors M/s Riaz Ahmad & Co. Chartered Accountants, Karachi 8. Registered Office 9. Number of Employees 978 Adamjee House PO Box # 4850 I.I. Chundrigar Road, Karachi74000, Pakistan Phone PABX (9221) 32412623 UAN: (9221) 111242111 36

ADAMJEE INSURANCE COMPANY LIMITED Balance Sheet as at 31st December 2010 9 8 7 Equity 11,035.00 10,781.18 8,559.30 7,643.44 Authorized Share Capital 1,500.00 1,500.00 1,500.00 1,500.00 Issued subscribe and paidup Capital 1,237.05 1,124.59 1,022.35 1,022.35 Reserves and retained earnings 9,797.95 9,656.59 7,536.95 6,621.09 11,035.00 10,781.18 8,559.30 7,643.44 Underwriting Provisions Provision for outstanding claims (including IBNR) 7,980.40 3,575.90 4,562.55 5,022.62 Provision for unearned premium net 5,017.44 4,405.82 4,014.82 4,252.01 Additional provision for unexpired risk Commission Income Unearned 305.43 228.44 176.50 236.04 Total 13,303.27 8,210.16 8,753.87 9,510.66 Deferred Liabilities 85.68 101.42 9.17 3.69 Creditors and Accruals 3,326.02 2,345.47 1,656.26 1,578.67 Other Liabilities 29.12 25.97 25.06 29.50 Borrowings 107.64 148.91 Total Equity And Liabilities 27,886.73 21,613.10 19,003.66 18,765.96 Cash and Bank Deposits 2,704.82 2,157.10 1,724.11 954.20 Loans Secured Considered Good 22.09 28.38 26.85 27.31 Investment 9,407.00 9,658.03 7,576.75 8,132.10 Investment Properties Deferred Tax Reinsurance Recoveries Against Outstanding Claims 6,253.20 1,845.56 2,188.10 2,792.46 Deferred Commission Expense 512.22 399.88 414.70 413.54 Other Assets 7,886.02 6,473.82 6,133.24 5,677.93 Fixed Assets 957.95 855.74 939.91 768.41 Leased Motor Vehicle 143.44 194.58 TOTAL ASSETS 27,886.73 21,613.10 19,003.66 18,765.96 Assets at Market Value BALANCE SHEET RATIOS Net Working Capital (Rs.) 5,508.50 4,529.14 3,801.58 2,793.80 Current Ratio 1.49 1.76 1.61 1.42 Total Assets / Net Worth 2.53 2.00 2.22 2.46 Breakup Value 89.20 95.87 83.72 74.76 Profit and Loss Account for the year ended 31st December 2010 9 8 7 REVENUE ACCOUNT Net Premium Revenue 6,883.40 6,806.90 7,488.14 5,531.82 Premium deficiency reversal/(expense) Less: Net Claims 4,833.52 4,452.84 5,173.15 3,915.09 Less: Expenses 1,254.81 1,174.58 1,206.56 1,054.98 Less: Net Commission 514.56 500.22 741.37 442.50 Underwriting result 280.51 679.26 367.06 119.25 Investment Income 779.09 2,479.42 1,098.05 4,486.37 Rental Income 1.05 0.48 0.49 0.49 Other Income 171.24 154.27 183.59 71.17 General and administration expenses (634.92) (710.80) (511.72) (398.37) Exchange gain (1.40) 4.19 38.40 6.53 Finance charges on lease rentals (18.97) (11.64) (0.56) 296.09 1,915.92 808.81 4,165.63 Profit before tax 576.60 2,595.17 1,175.87 4,284.88 Provision for taxation 57.68 160.68 76.72 83.64 Profit after tax 518.92 2,434.49 1,099.15 4,201.24 APPROPRIATIONS Balance at commencement of year 8,520.04 6,458.71 5,666.27 1,802.40 Dividend (292.39) (270.92) (306.71) (337.37) Reserve for Bonus Share/Bonus Shares issued (112.46) (102.24) General Reserve (404.85) (373.16) (306.71) (337.37) Balance Unappropriated profit at end of year 8,634.11 8,520.04 6,458.71 5,666.27 PROFIT AND LOSS ACCOUNT RATIOS Net Claims to net premium % 70.22 65.42 69.08 70.77 Net Profit after tax to net premium % 7.54 35.77 14.68 75.95 Management expenses to net premium % 18.23 17.26 16.11 19.07 Net Commission to net premium % 7.48 7.35 9.90 8.00 Earning per share (Rs.) 4.19 19.68 9.77 41.09 Cash Dividend (292.39) (270.92) (306.71) (337.37) Stock Dividend (112.46) (102.24) Balance Sheet Growth Equity Growth Claim Incurred Net Premium Underwritten 30,000 25,000 20,000 15,000 10,000 5,000 12,000 10,000 8,000 6,000 4,000 2,000 0 6,000 5,000 4,000 3,000 2,000 1,000 8,000 7,000 6,000 5,000 4,000 3,000 2,000 1,000 Investments Cash and Bank Balances Net Profit after tax Dividend & other appropriations 12,000 10,000 8,000 6,000 4,000 2,000 3,000 2,500 2,000 1,500 1,000 500 4,500 4,000 3,500 3,000 2,500 2,000 1,500 1,000 500 0 450 400 350 300 150 50 Note: The amounts on yaxis represent s. 37

AGRO GENERAL INSURANCE CO. LTD. Mr. M. Jalilullah Agro General Insurance Company Limited was incorporated in the year 1985; the company was initially formed with the aim to transit specialized field of Crop Insurance and other agricultural forms of insurance. Consequently the management decided to transact other forms of non life insurance in order to generate premium. The company maintained the selective underwriting Policy. The company looks forward for better performance in the coming years. Key Financial Data for the last two (2) Years (Rs in million) 2010 9 Premium Written Net Premium Revenue Net Claims Expense Net Commission / (Income) Profit / (Loss) after tax 9 2 COMPANY INFORMATION 1. Chairman Mr. Taufiqe Habib 2. Chief Executive Officer Mr. M. Jalilullah 3. Directors Mr. Hashim M. Shamim Mr. Muhammad Arfeen Dhedhi Mr. Riaz Kapadia Mr. Muhammad Ateeq Siddique Mr. Ali Arshad Hakeem 6. Auditors M. Yousuf Adil Saleem & Company 7. Registered & Main Office Room No. 416418, Continental Trade Centre Block 8, Main Clifton Road Karachi Tel: (9221)3530290206 Fax (9221)35302913 4. Company Secretary 5. Chief Financial Officer Mr. Asghar Ali Anjum Mr. Touseef Farooqui 8. Number of Employees 06 38

AGRO GENERAL INSURANCE CO. LTD. Balance Sheet as at 31st December 2010 9 8 7 Equity Authorized Share Capital 160.10 160.00 160.00 120.00 Issued subscribe and paidup Capital 140.40 140.40 140.40 120.00 Reserves and retained earnings (32.20) (41.35) (41.83) 43.73 108.20 99.05 98.57 163.73 Underwriting Provisions Provision for outstanding claims (including IBNR) 1.47 1.46 Provision for unearned premium net 1.59 Additional provision for unexpired risk Commission Income Unearned 1.45 Total 1.47 1.46 3.04 Deferred Liabilities 0.35 0.51 0.05 0.33 Creditors and Accruals 0.66 0.85 0.80 1.37 Other Liabilities Total Equity And Liabilities 110.68 101.87 99.42 168.47 Cash and Bank Deposits 13.83 7.27 13.21 54.33 Loans Secured Considered Good Investment 24.84 59.86 75.65 39.56 Investment Properties Deferred Tax 0.63 Reinsurance Recoveries Against Outstanding Claims Deferred Commission Expense Other Assets 71.14 34.40 8.72 71.69 Fixed Assets 0.87 0.35 1.84 2.26 Leased Motor Vehicle TOTAL ASSETS 110.68 101.87 99.42 168.47 Assets at Market Value BALANCE SHEET RATIOS Net Working Capital (Rs.) 82.84 39.36 21.55 121.61 Current Ratio 39.99 18.04 27.94 89.77 Total Assets / Net Worth 1.02 1.03 1.01 1.01 Breakup Value 7.71 7.05 7.02 13.64 Profit and Loss Account for the year ended 31st December REVENUE ACCOUNT Net Premium Revenue 0.82 Premium deficiency reversal/(expense) Less: Net Claims (0.02) Less: Expenses 0.57 (0.50) (0.91) 1.65 Less: Net Commission (0.81) Underwriting result (0.57) 0.50 0.91 Investment Income 12.97 10.25 (69.18) 43.20 Rental Income Other Income 0.09 8.17 General and administration expenses (3.17) (7.91) (2.41) (6.04) Exchange gain Finance charges on lease rentals 2010 9 8 7 9.89 2.34 (63.42) 37.16 Profit before tax 9.31 1.84 (62.52) 37.17 Provision for taxation (0.16) (0.32) (0.58) Profit after tax 9.15 1.52 (63.10) 37.17 APPROPRIATIONS Balance at commencement of year (43.00) (44.52) 41.85 6.54 Dividend Reserve for Bonus Share/Bonus Shares issued (20.40) General Reserve (20.40) Balance Unappropriated profit at end of year (33.85) (43.00) (41.65) 43.71 PROFIT AND LOSS ACCOUNT RATIOS Claims incurred to net premium % (2.44) Net Profit after tax to net premium % 4,532.93 Management expenses to net premium % 201.22 Commission to net premium % (98.78) Earning per share (Rs.) 3.10 Cash Dividend Stock Dividend (20.40) Balance Sheet Growth Equity Growth Claim Incurred Net Premium Underwritten 150 50 150 50 1 1 1 0 0 1 1 1 0 0 Investments Cash and Bank Balances Net Profit after tax Dividend & other appropriations 80 70 60 50 40 30 20 10 60 50 40 30 20 10 60 40 20 (20) (40) (60) (80) 1 1 1 0 0 Note: The amounts on yaxis represent s. 39

ALFALAH INSURANCE COMPANY ALFALAH INSURANCE COMPANY LTD. Mr. Nasar us Samad Qureshi VISION To be a leading insurer by providing most comprehensive yet flexible cost effective risk management solutions to our clients backed with friendly and efficient claims service and enhance the Alfalah brand value for the benefit of all stakeholders. MISSION We undertake to provide world class service with unmatched security to our clients and help in increasing awareness about insurance in the country as well as enhancing public confidence in the insurance industry in Pakistan. We will introduce new modern insurance products comparable with international standards and will emerge as an innovative insurer providing complete risk management solutions to the insuring public in Pakistan Key Financial Data for the Last two (2) Years (Rs in million) 2010 9 Premium Written 663 651 Net Premium Revenue 360 332 Net Claims Expense 259 231 Net Commission / (Income) (75) (68) Profit / (Loss) after tax 43 31 1. Chairman H.H Sheikh Hamdan Bin Mubarak Bin Mohammed Al Nahayan COMPANY INFORMATION 5. Advisors Salahuddin, Saif & Aslam (Attorneys at Law) 2. Chief Executive Officer Mr. Nasar us Samad Qureshi 6. Auditors M/s A.F. Ferguson & Co. Chartered Accountants 3. Directors H.H. Sheikh Hamdan Bin Mubarak Bin Mohammed Al Nahayan H.E. Sheikh Saif Bin Mohammed Bin Butti Mr. Khalid Mana Saeed Al Otaiba Mr. Atif Aslam Bajwa Mr. Mohammad Yousuf Mr. Adeel Khalid Bajwa Mr. Nasar us Samad Qureshi 7. Head Office 5Saint Mary Park, Gulberg III, Lahore. UAN: 111786234 Fax: (042) 35774329 Email: afi@alfalahinsurance.com Web: www.alfalahinsurance.com 8. Number of Employees 157 4. CFO & Company Mr. Adnan Waheed Secretary 40

ALFALAH INSURANCE COMPANY LIMITED Balance Sheet as at 31st December 2010 9 8 7 Equity Authorized Share Capital 300.00 300.00 300.00 300.00 Issued subscribe and paidup Capital 250.00 230.00 230.00 230.00 Reserves and retained earnings 69.00 63.00 32.00 25.00 319.00 293.00 262.00 255.00 Underwriting Provisions Provision for outstanding claims (including IBNR) 497.00 212.00 180.00 107.00 Provision for unearned premium net 267.00 293.00 236.00 159.00 Additional provision for unexpired risk Commission Income Unearned 36.00 35.00 28.00 20.00 Total 800.00 540.00 444.00 286.00 Deferred Liabilities 8.00 13.00 15.00 5.00 Creditors and Accruals 147.00 133.00 167.00 90.00 Other Liabilities 26.00 27.00 44.00 9.00 Total Equity And Liabilities 1,300.00 1,006.00 932.00 645.00 Cash and Bank Deposits 54.00 194.00 169.00 193.00 Loans Secured Considered Good Investment 388.00 181.00 189.00 129.00 Investment Properties Deferred Tax Reinsurance Recoveries Against Outstanding Claims 365.00 132.00 118.00 77.00 Deferred Commission Expense 10.00 9.00 6.00 3.00 Other Assets 410.00 402.00 352.00 198.00 Fixed Assets 73.00 88.00 98.00 45.00 Leased Motor Vehicle TOTAL ASSETS 1,300.00 1,006.00 932.00 645.00 Assets at Market Value BALANCE SHEET RATIOS Net Working Capital (Rs.) 159.00 356.00 248.00 262.00 Current Ratio 1.24 1.96 1.63 2.27 Total Assets / Net Worth 4.08 3.43 3.56 2.53 Breakup Value 12.76 12.74 11.39 11.09 Profit and Loss Account for the year ended 31st December 2010 9 8 7 REVENUE ACCOUNT Net Premium Revenue 360.00 332.00 263.00 74.00 Premium deficiency reversal/(expense) Less: Net Claims 259.00 231.00 191.00 49.00 Less: Expenses 115.00 95.00 66.00 41.00 Less: Net Commission (75.00) (68.00) (60.00) (26.00) Underwriting result 61.00 74.00 66.00 10.00 Investment Income 46.00 17.00 (2.00) 33.00 Rental Income Other Income 0.20 4.00 6.00 General and administration expenses (57.00) (47.00) (44.00) (13.00) Exchange gain Finance charges on lease rentals (10.80) (26.00) (40.00) 20.00 Profit before tax 50.00 48.00 25.00 30.00 Provision for taxation 7.00 17.00 17.00 5.00 Profit after tax 43.00 31.00 8.00 25.00 APPROPRIATIONS Balance at commencement of year 36.00 31.00 23.00 (1.00) Dividend 16.00 Reserve for Bonus Share/ Bonus Shares issued 20.00 General Reserve 25.00 36.00 25.00 Balance Unappropriated profit at end of year 43.00 37.00 31.00 24.00 PROFIT AND LOSS ACCOUNT RATIOS Claims incurred to net premium % 71.94 69.58 72.62 66.22 Net Profit after tax to net premium % 11.94 9.34 3.04 33.78 Management expenses to net premium % 31.94 28.61 25.10 55.41 Commission to net premium % (20.83) (20.48) (22.81) (35.14) Earning per share (Rs.) 1.72 1.35 0.35 1.09 Cash Dividend 16.00 Stock Dividend 20.00 Balance Sheet Growth Equity Growth Claim Incurred Net Premium Underwritten 1,500 1,000 500 1,400 1, 1,000 800 600 400 300 250 150 50 400 350 300 250 150 50 Investments Cash and Bank Balances Net Profit after tax Dividend & other appropriations 450 400 350 300 250 150 50 250 150 50 50 45 40 35 30 25 20 15 10 5 40 35 30 25 20 15 10 5 Note: The amounts on yaxis represent s. 41

lpha Insurance Company Limited A subsidiary of state life Insurance Corporation of Pakistan ALPHA INSURANCE COMPANY LIMITED Vision Mission With help and involvement of all its Stakeholders to make Alpha one of the leading General Insurance Company of the Country with a vibrant marketing force and efficient and responsive office staff, so as to provide best quality services to its policyholders. To work zealously towards attaining these objectives and be able to compete in the open market by developing a vibrant field force and efficient and responsive office staff. Mr. Nasir Javed Khan Key Financial Data for the last two (2) Years (Rs in million) 2010 9 Premium Written 140 109 Net Premium Revenue 59 62 Net Claims Expense 45 53 Net Commission / (Income) (3) 0 Profit / (Loss) after tax 2 (9) COMPANY INFORMATION 1. Chairman Mr. Shahid Aziz Siddiqui 2. Chief Executive Officer Mr. Nasir Javed Khan 3. Directors Mr. Mahmood Hashmi Syed Yawar Ali Mr. Rasheed Y. Chinoy Mr. Shoaib Mir Mr. Ansar Hussain 4. CFO & Company Secretary Mr. Attaullah A. Rasheed 5. Advisors ACTUARY Mr. Faisal Mumtaz, (Fellow of Society of Actuaries) LEGAL CONSULTANTS M/s Orr Dignam & Co M/s Mansoor Ahmed Khan & Co TAX CONSULTANTS M/s Ernst & Young Ford Rhodes Sidat Hyder, Chartered Accountants 6. Auditors M/s Anjum Asim Shahid Rahman (A member company of Grant Thornton) 7. Registered 2nd Floor, Building # 1B, Office State Life Square, Off: I.I.Chundrigar Road Karachi Pakistan 8. Main Office 2nd Floor, Building # 1B, State Life Square, Off: I.I.Chundrigar Road Karachi Pakistan 9. Number of Employees 111 Mian Mushtaq Ahmed Mr. Mohammad Shafiq Mughal 42

ALPHA INSURANCE COMPANY LIMITED Balance Sheet as at 31st December 2010 9 8 7 Equity Authorized Share Capital 500.00 500.00.00.00 Issued subscribe and paidup Capital 303.60 303.60 161.92 121.44 Reserves and retained earnings 24.05 21.63 70.67 134.70 327.65 325.23 232.59 256.14 Underwriting Provisions Provision for outstanding claims (including IBNR) 161.28 152.23 130.93 129.55 Provision for unearned premium net 70.70 46.66 53.49 69.74 Additional provision for unexpired risk Commission Income Unearned 9.21 7.94 7.91 8.94 Total 241.19 206.83 192.33 208.23 Deferred Liabilities Creditors and Accruals 74.87 49.54 52.94 47.38 Other Liabilities 3.10 3.10 3.13 3.00 Total Equity And Liabilities 646.81 584.70 480.99 514.75 Cash and Bank Deposits 24.61 144.89 166.59 160.20 Loans Secured Considered Good Investment 332.29 195.60 77.29 108.53 Investment Properties Deferred Tax 0.49 0.36 0.34 0.57 Reinsurance Recoveries Against Outstanding Claims 85.26 92.87 88.65 94.40 Deferred Commission Expense 12.98 8.55 9.04 11.73 Other Assets 178.88 132.01 127.09 129.05 Fixed Assets 12.30 10.42 11.99 10.27 Leased Motor Vehicle TOTAL ASSETS 646.81 584.70 480.99 514.75 Assets at Market Value BALANCE SHEET RATIOS Net Working Capital (Rs.) 49.50 164.90 195.33 203.72 Current Ratio 1.21 1.80 2.04 2.13 Total Assets / Net Worth 1.97 1.80 2.07 2.01 Breakup Value 10.79 10.71 14.36 21.09 Profit and Loss Account for the year ended 31st December 2010 9 8 7 REVENUE ACCOUNT Net Premium Revenue 59.10 61.51 77.04 99.50 Premium deficiency reversal/(expense) Less: Net Claims 45.20 53.16 48.54 61.66 Less: Expenses 37.79 34.65 35.97 27.81 Less: Net Commission 3.20 (0.03) 2.25 5.58 Underwriting result (27.09) (26.27) (9.72) 4.45 Investment Income 41.52 29.21 14.40 84.58 Rental Income Other Income 6.61 5.83 15.85 10.54 General and administration expenses (17.84) (16.51) (17.66) (13.09) Exchange gain Finance charges on lease rentals 30.29 18.53 12.59 82.03 Profit before tax 3.20 (7.74) 2.87 86.48 Provision for taxation 0.78 0.82 20.36 2.46 Profit after tax 2.42 (8.56) (17.49) 84.02 APPROPRIATIONS Balance at commencement of year 11.45 20.01 84.05 27.73 Dividend 6.07 5.06 Reserve for Bonus Share/Bonus Shares issued (40.48) 40.48 20.24 General Reserve 40.48 2.40 46.55 27.70 Balance Unappropriated profit at end of year 13.87 11.45 20.01 84.05 PROFIT AND LOSS ACCOUNT RATIOS Claims incurred to net premium % 76.48 86.42 63.01 61.97 Net Profit after tax to net premium % 4.09 (13.92) (22.70) 84.44 Management expenses to net premium % 63.94 56.33 46.69 27.95 Commission to net premium % 5.41 (0.05) 2.92 5.61 Earning per share (Rs.) 0.08 (0.28) (1.08) 6.92 Cash Dividend 6.07 5.06 Stock Dividend (40.48) 40.48 20.24 Balance Sheet Growth Equity Growth Claim Incurred Net Premium Underwritten 800 600 400 350 300 250 150 50 70 60 50 40 30 20 10 120 80 60 40 20 Investments Cash and Bank Balances Net Profit after tax Dividend & other appropriations 350 300 250 150 50 180 160 140 120 80 60 40 20 80 60 40 20 (20) (40) 50 40 30 20 10 Note: The amounts on yaxis represent s. 43

ASIA INSURANCE COMPANY LTD. asiainsurance Vision To transform the Company into an ideal Insurance Company with larger equity base which could provide more opportunities and options for utilization of funds and help to increase profitably through economy of scale, better resource mobilization and reduction in operational cost alongside to provide better services to our clients and stakeholders which could gather the confidence of both shareholders and policyholders. Mission To provide excellent service, best risk management, prompt settlement of claims, expand branches Mr. Ihtsham ul Haq Qureshi network of the company, induct and build sound and dynamic team, ensure good governance for sustainable and equitable growth and prosperity of the Company. Key Financial Data for the last two (2) Years (Rs in million) 2010 9 Premium Written 46 38 Net Premium Revenue 29 31 Net Claims Expense 7 11 Net Commission / (Income) 2 1 Profit / (Loss) after tax 4 5 COMPANY INFORMATION 1. Chairman / C E O Mr.Ihtsham ul Haq Qureshi 2. Directors Mrs. Nosheen Ihtsham Qureshi Mr. Hassan Ahmad Khan Mr. Aisam ul Haq Qureshi Mrs. Shiza Hassan Mr. Zain ul Haq Qureshi Khawaja Suhail Iftikhar 3. President Mr.Ali Munem Shamsi 4. CFO & Company Secretary Mr. Karamat Ullah 5. Legal Advisors: Cornelius Lane & Mufti 6. Tax Advisor Amin, Mudassar & Co. Chartered Accountants 7. Auditors Rehman Sarfraz Rahim Iqbal Rafique, Chartered Accountants 8. Registered Office 456K, Model Town, Lahore 9. Number of Employees 56 44

ASIA INSURANCE COMPANY LTD. Balance Sheet as at 31st December 2010 9 8 7 Equity Authorized Share Capital 300.00 300.00 300.00 300.00 Issued subscribe and paidup Capital 250.00.00 160.00 120.00 Reserves and retained earnings 32.92 28.46 23.57 18.05 282.92 228.46 183.57 138.05 Surplus on revaluation of fixed assets 127.21 127.21 127.21 27.21 Underwriting Provisions Provision for outstanding claims (including IBNR) 15.75 26.41 22.38 19.91 Provision for unearned premium net 17.68 18.15 27.99 25.61 Additional provision for unexpired risk 0.00 0.00 0.00 0.00 Commission Income Unearned 1.32 1.49 2.28 1.56 Total 34.75 46.05 52.65 47.08 Deferred Liabilities 1.41 0.00 1.29 1.37 Creditors and Accruals 9.67 17.75 13.14 10.88 Other Liabilities 0.06 0.06 0.06 8.05 Total Equity And Liabilities 456.01 419.52 377.91 232.64 Cash and Bank Deposits 163.40 149.00 128.42 96.32 Loans Secured Considered Good 0.00 0.00 0.00 0.00 Investment 56.82 22.46 6.36 4.10 Investment Properties 0.00 0.00 0.00 0.00 Deferred Tax 0.00 0.33 0.00 0.00 Reinsurance Recoveries Against Outstanding Claims 7.06 13.92 9.83 9.23 Deferred Commission Expense 3.90 1.89 2.96 2.90 Other Assets 48.56 63.17 67.54 57.03 Fixed Assets 176.27 168.76 162.80 61.12 Leased Motor Vehicle 0.00 0.00 0.00 1.93 TOTAL ASSETS 456.01 419.52 377.91 232.64 Assets at Market Value BALANCE SHEET RATIOS Net Working Capital (Rs.) 193.54 181.87 170.21 123.73 Current Ratio 8.60 5.11 5.78 3.76 Total Assets / Net Worth 1.61 1.84 2.06 1.69 Breakup Value 11.32 11.42 11.47 11.50 Profit and Loss Account for the year ended 31st December 2010 9 8 7 REVENUE ACCOUNT Net Premium Revenue 29.45 31.09 32.20 33.41 Premium deficiency reversal/(expense) 0.00 0.00 0.00 Less: Net Claims 7.47 10.95 14.74 14.68 Less: Expenses 15.43 13.90 12.18 10.76 Less: Net Commission 2.45 1.13 2.02 0.83 Underwriting result 4.10 5.11 3.26 7.14 Investment Income 21.11 19.55 9.57 7.23 Rental Income 0.00 0.00 1.87 Other Income 1.08 0.26 0.28 0.51 General and administration expenses 17.24 17.83 3.49 4.34 Exchange gain 0.00 0.00 0.00 Finance charges on lease rentals 0.00 0.17 0.10 4.95 1.98 6.19 5.17 Profit before tax 9.04 7.09 9.45 12.30 Provision for taxation 4.58 2.20 3.93 2.82 Profit after tax 4.46 4.89 5.52 9.49 APPROPRIATIONS Balance at commencement of year 25.96 21.07 15.55 13.61 Surplus realised on disposal of fixed assets 0.46 Dividend 0.00 0.00 0.00 8.00 Reserve for Bonus Share/Bonus Shares issued 0.00 0.00 0.00 0.00 General Reserve 0.00 0.00 0.00 0.00 0.00 0.00 0.00 8.00 Balance Unappropriated profit at end of year 30.42 25.96 21.07 15.55 PROFIT AND LOSS ACCOUNT RATIOS Claims incurred to net premium % 25.38 0.00 45.76 43.94 Net Profit after tax to net premium % 15.13 0.00 17.13 28.39 Management expenses to net premium % 52.40 0.00 37.83 32.21 Commission to net premium % 8.32 0.00 6.28 2.48 Earning per share (Rs.) 0.20 0.24 0.44 1.18 Cash Dividend 8,000,000.00 Stock Dividend Balance Sheet Growth Equity Growth Claim Incurred Net Premium Underwritten 500.00 400.00 300.00.00.00 0.00 300.00 250.00.00 150.00.00 50.00 0.00 16.00 14.00 12.00 10.00 8.00 6.00 4.00 2.00 0.00 34.00 33.00 32.00 31.00 30.00 29.00 28.00 27.00 Investments Cash and Bank Balances Net Profit after tax Dividend & other appropriations 60.00 50.00 40.00 30.00 20.00 10.00 0.00 180.00 160.00 140.00 120.00.00 80.00 60.00 40.00 20.00 0.00 10.00 9.00 8.00 7.00 6.00 5.00 4.00 3.00 2.00 1.00 0.00 10 8 6 4 2 Note: The amounts on yaxis represent s. 45

ASKARI GENERAL INSURANCE CO. LTD. Vision The Vision of askari general insurance company is to be amongst the leading insurance companies of the country with the clear perception of upholding the principles of corporate governance and making agico a profitable and growth oriented insurance company while creating insurance awareness and culture Mission The Mission of agico is to become a leading company by providing client friendly services through highly motivated team of dedicated professionals and ensuring progressive return to the stakeholders. Mr. Abdul Waheed Key Financial Data for the last two (2) Years (Rs in million) 2010 9 Premium Written 1,350 1,108 Net Premium Revenue 640 805 Net Claims Expense 386 522 Net Commission / (Income) 9 49 Profit / (Loss) after tax 47 (28) COMPANY INFORMATION 1. Chairman Lt. General (Retd.) Imtiaz Hussain 2. President & CEO Mr. Abdul Waheed 3. Directors Maj. Gen. (Retd.) Saeed Ahmed Khan Brig. (Retd.) Javed Qayum Brig. (Retd.) Tariq Sher Syed Suhail Ahmad Rizvi Mr. Abdul Hai Mahmood Bhaimia Khawaja Muhammad Iqbal 6. Advisor Mr. Hassan Kaunain Nafees 7. Auditors M. Yousaf Adil Saleem & Company 8. Registered Office 9. Number of Employees 443 4th Floor, AWT Plaza, The Mall, Rawalpindi. 4. Company Secretary 5. Chief Financial Officer Mr. Waseemullah Mr. Jamil Ahmed 46

ASKARI GENERAL INSURANCE COMPANY LIMITED Balance Sheet as at 31st December 2010 9 8 7 Equity Authorized Share Capital 500.00 500.00 500.00 250.00 Issued subscribe and paidup Capital 203.77 203.77 203.77 156.75 Reserves and retained earnings 112.06 64.64 92.19 132.55 315.83 268.41 295.96 289.30 Underwriting Provisions Provision for outstanding claims (including IBNR) 290.05 261.49 223.07 226.49 Provision for unearned premium net 491.77 485.78 467.78 353.18 Additional provision for unexpired risk Commission Income Unearned 51.20 29.30 19.49 22.67 Total 833.02 776.57 710.34 602.34 Deferred Liabilities 6.95 12.29 11.50 9.89 Creditors and Accruals 290.06 65.36 108.99 136.06 Other Liabilities 8.07 73.09 90.47 80.00 Total Equity And Liabilities 1,453.93 1,195.72 1,217.26 1,117.59 Cash and Bank Deposits 91.25 114.28 85.11 169.78 Loans Secured Considered Good 2.16 4.20 2.96 2.82 Investment 457.77 413.61 512.84 423.23 Investment Properties 52.29 Deferred Tax 0.87 4.24 Reinsurance Recoveries Against Outstanding Claims 144.98 76.15 60.81 68.01 Deferred Commission Expense 43.46 41.60 40.91 30.04 Other Assets 613.50 415.28 387.64 315.50 Fixed Assets 47.65 126.05 121.12 96.25 Leased Motor Vehicle 4.59 5.87 7.72 TOTAL ASSETS 1,453.93 1,195.72 1,217.26 1,117.59 Assets at Market Value BALANCE SHEET RATIOS Net Working Capital (Rs.) 261.55 205.77 111.03 110.74 Current Ratio 1.44 1.51 1.26 1.25 Total Assets / Net Worth 4.60 4.45 4.11 3.86 Breakup Value 15.50 13.17 14.52 18.46 Profit and Loss Account for the year ended 31st December 2010 9 8 7 REVENUE ACCOUNT Net Premium Revenue 639.90 805.18 650.43 583.32 Premium deficiency reversal/(expense) Less: Net Claims 385.89 522.43 423.39 378.58 Less: Expenses 153.95 155.00 130.82 105.28 Less: Net Commission (9.08) 48.99 23.22 19.66 Underwriting result 109.14 78.76 73.00 79.80 Investment Income 51.10 (28.17) 12.54 51.76 Rental Income Other Income 11.96 25.77 11.96 7.91 General and administration expenses (117.75) (90.72) (79.76) (69.47) Exchange gain Finance charges on lease rentals (1.10) (55.79) (93.12) (55.26) (9.80) Profit before tax 53.35 (14.36) 17.74 70.00 Provision for taxation 5.93 13.18 11.08 18.27 Profit after tax 47.42 (13.18) (25.44) (0.53) APPROPRIATIONS Balance at commencement of year (10.02) 17.52 62.89 62.33 Dividend Reserve for Bonus Share/ Bonus Shares issued 47.02 36.17 General Reserve 5.00 15.00 52.02 51.17 Balance Unappropriated profit at end of year 37.40 4.34 (14.57) 10.63 PROFIT AND LOSS ACCOUNT RATIOS Claims incurred to net premium % 60.30 64.88 65.09 64.90 Net Profit after tax to net premium % 7.41 (1.64) (3.91) (0.09) Management expenses to net premium % 24.06 19.25 20.11 18.05 Commission to net premium % (1.42) 6.08 3.57 3.37 Earning per share (Rs.) 2.33 (0.65) (1.25) (0.03) Cash Dividend Stock Dividend 47.02 36.17 Balance Sheet Growth Equity Growth Claim Incurred Net Premium Underwritten 2,000 1,500 1,000 500 320 310 300 290 280 270 260 250 240 700 600 500 400 300 1,000 800 600 400 Investments Cash and Bank Balances Net Profit after tax Dividend & other appropriations 600 500 400 300 180 160 140 120 80 60 40 20 60 50 40 30 20 10 (10) (20) (30) (40) 50 40 30 20 10 Note: The amounts on yaxis represent s. 47

ATLAS INSURANCE LIMITED Atlas Insurance Vision responsibility. Mr. Arshad P. Rana A first class insurance company that provides the highest level of quality service to its policyholders. Mission To stay in the forefront of innovation and technological developments, continue to achieve corporate success, provide its policyholders quality products and service to their satisfaction, promote interest of all the stakeholders employees, shareholders, reinsurers and business associates equitably fulfilling demand of overall social Key Financial Data for the last two (2) Years (Rs in million) 2010 9 Premium Written 1,025 911 Net Premium Revenue 530 444 Net Claims Expense 177 192 Net Commission/(Income) (44) (34) Profit / (Loss) after tax 243 189 COMPANY INFORMATION 1. Chairman Mr. Yusuf H. Shirazi 2. Chief Executive Officer Mr. Arshad P. Rana 3. Directors Mr. Aitzaz Shahbaz Mr. Azam Faruque Mr. Ali H. Shirazi Mr Frahim Ali Khan Mr. Jawaid Iqbal Ahmed 4. Company Secretary 5. Chief Financial Officer Mr. Muhammad Afzal Mr. Aamer Waqar Chaudhry 6. Auditors A.F. Ferguson & Co. Chartered Accountants. 7. Tax Advisor Ernst & Young Ford Rhodes Sidat Hyder Chartered Accountants 8. Legal Advisors Mohsin Tayebaly & Co. Ch. Maqsood Hassan Advocate Agha Faisal Barrister at Law 9. Registered & Head Office 3Bank Square, ShahraheQuaideAzam, Lahore. Tel: (9242) 3732054243, 37322271 & 73, 37310658 Fax: (9242) 37234742 Email: Web: 10. No of Employees 163 info@atlasinsurance.com.pk www.atlasinsurance.com.pk 48

ATLAS INSURANCE LIMITED Balance Sheet as at 31st December 2010 9 8 7 Equity Authorised Share Capital 500.00 500.00 500.00 500.00 Issued subscribe and paidup Capital 369.12 335.56 268.45 206.50 Reserves and retained earnings 487.28 412.40 357.57 763.66 856.40 747.96 626.02 970.15 Underwriting Provisions Provision for outstanding claims (including IBNR) 298.40 253.90 237.51 194.10 Provision for unearned premium 425.95 405.47 277.43 316.66 Additional provision for unexpired risk Commission Income Unearned 35.22 26.25 25.77 24.30 Total 759.57 685.62 540.71 535.05 Deferred Liablities 1.87 2.47 Creditors And Accruals 399.60 455.51 156.92 211.57 Other Liablities 19.17 15.99 14.44 14.18 Total Equity And Liablities 2,034.73 1,905.09 1,339.96 1,733.43 Cash And Bank Deposits 492.58 660.19 195.93.78 Loans Secured Considered Good 0.18 0.20 0.47 0.72 Investment 772.05 558.25 494.20 1,010.75 Investment Properties Deferred Tax 6.39 3.27 Reinsurance Recoveries Against Outstanding Cliams 192.77 160.37 155.41 121.88 Deferred Commission Expense 16.32 15.14 20.57 18.24 Other Assets 510.53 460.25 424.09 338.24 Fixed Assets 43.92 47.42 49.29 32.26 Leased Motor Vehicles Capital Work In Progress 9.42 Intangible 1.15 TOTAL ASSETS 2,034.73 1,905.09 1,339.96 1,733.43 Asset At Market Value 2,180.76 1,992.14 1,369.29 1,914.82 BALANCE SHEET RATIOS Net Working Capital (Rs.) 478.71 555.40 366.56 241.05 Current Ratio 1.67 1.77 1.90 1.57 Total Assets / Net Worth 2.38 2.55 2.14 1.79 Breakup Value 23.20 22.29 23.32 46.98 Profit and Loss Account for the year ended 31st December 2010 9 8 7 REVENUE ACCOUNT Net Premium Revenue 530.27 443.53 507.95 447.00 Premium deficiency resersal/(expense) Less: Net Claims 176.50 192.36 231.43 215.10 Less: Expenses 197.84 181.18 153.93 121.36 Less: Net Commission/(Income) (44.00) (34.47) (35.81) (34.06) Underwriting result 199.92 104.47 158.39 144.59 Investment Income 102.63 118.23 (305.17) 314.70 Rental Income 4.94 1.74 1.33 1.27 Other Income 42.58 32.12 19.09 25.06 General and administration expenses (22.95) (19.36) (14.62) (18.22) 127.21 132.73 (299.38) 322.81 Profit before tax 327.13 237.19 (140.99) 467.41 Provision for taxation 84.47 48.14 58.59 57.56 Profit after tax 242.66 189.06 (199.59) 409.85 APPROPRIATIONS Balance at commencement of year 190.34 (199.49) 410.59 301.59 Dividend 134.22 67.11 144.55 111.19 Reserve for Bonus share/ Bonus Shares issued 33.56 67.11 61.95 47.65 General Reserve 22.00 (335.00) 204.00 142.00 189.78 (.78) 410.50 300.84 Balance Unappropriated profit at end of year 243.22 190.34 (199.49) 410.59 PROFIT AND LOSS ACCOUNT RATIOS Claims incurred to net premium 33.29 43.37 45.56 48.12 Net Profit to net premium 45.76 42.62 (39.29) 91.69 Management expenses to net premium 37.31 40.85 30.30 27.15 Commission to net premium (8.30) (7.77) (7.05) (7.62) Earning per share 6.57 5.63 (7.43) 19.85 Cash Dividend 134.22 67.11 144.55 111.19 Stock Dividend 33.56 67.11 61.95 47.65 Balance Sheet Growth Equity Growth Claim Incurred Net Premium Underwritten 2500 0 1500 0 500 0 1 0 800 600 400 0 250 150 50 0 540 520 500 480 460 440 420 400 Investments Cash and Bank Balances Net Profit after tax Dividend & other appropriations 1 0 800 600 400 0 700 600 500 400 300 0 500 400 300 0 300 500 400 300 0 300 Note: The amounts on yaxis represent s. 49

CAPITAL INSURNCE COMPANY LTD. Capital Insurnce Company Limited Vision Vision:To become the largest and most highly respected Insurance Company in Pakistan. Mission We shall deliver excellent service and superior products to our customers, remaining focused on their needs and striving for continuous improvement through communication and technology. We will unite and operate our business through the shared value of Trust, Tolerance and Openness. Our employees shall be known and respected within the industry for their expertise, commitment and professional integrity. Mr. Zafar Iqbal Sheikh Key Financial Data for the last two (2) Years (Rs in million) 2010 9 Premium Written 46 71 Net Premium Revenue 13 11 Net Claims Expense 3 2 Net Commission / (Income) 3 3 Profit / (Loss) after tax 5 6 1. Chairman Khawaja ZakaudDin 2. Chief Executive Officer Mr. Zafar Iqbal Sheikh COMPANY INFORMATION 5. Advisors Kazmi & Kazmi Legal Advisors 6. Auditors Avais Hyder Liaquat Nauman 3. Directors Mr. Navid Iqbal Sheikh Mr. Muhammad Hanif Khan Mr. Mohammad Ishaq Butt Dr. Iftikhar Ahmad Engr. EhteshamulHaq Malik 4. CFO & Company Secretary Sheikh Arfan Ikram 7. Registered Office Muradia Road, Model Town, Sialkot 8. Main Office Office 222, 5th Floor, Mega Tower, Main Boulevard, Adj. Mcdonalds, Gulberg II, Lahore. 9. Number of Employees 13 50

CAPITAL INSURANCE COMPANY LIMITED Balance Sheet as at 31st December 2010 9 8 7 Equity Authorized Share Capital 300.00 300.00 300.00 150.00 Issued subscribe and paidup Capital 250.20.16 160.13 120.36 Reserves and retained earnings 23.08 17.92 12.13 6.26 273.28 218.07 172.26 126.62 Underwriting Provisions Provision for outstanding claims (including IBNR) 32.60 19.66 13.52 6.43 Provision for unearned premium net 22.60 38.24 22.83 6.48 Additional provision for unexpired risk Commission Income Unearned 4.45 10.14 6.22 0.47 Total 59.65 68.04 42.56 13.38 Deferred Liabilities Creditors and Accruals 58.49 54.57 25.25 11.03 Other Liabilities 0.30 0.59 0.59 Total Equity And Liabilities 391.42 340.97 240.65 151.61 Cash and Bank Deposits 71.85 71.52 67.22 55.41 Loans Secured Considered Good Investment 34.18 24.82 19.53 58.30 Investment Properties 164.18 116.20 68.31 Deferred Tax Reinsurance Recoveries Against Outstanding Claims 26.60 16.02 9.57 3.99 Deferred Commission Expense 3.27 8.86 5.13 1.07 Other Assets 69.25 80.75 47.36 21.74 Fixed Assets 22.08 22.01 22.54 7.81 Leased Motor Vehicle 0.79 0.99 3.31 TOTAL ASSETS 391.42 340.97 240.65 151.61 Assets at Market Value BALANCE SHEET RATIOS Net Working Capital (Rs.) 77 94 85 63 Current Ratio 1.84 2.26 3.15 4.50 Total Assets / Net Worth 1.43 1.56 1.40 1.20 Breakup Value 10.92 10.90 10.76 10.52 Profit and Loss Account for the year ended 31st December 2010 9 8 7 REVENUE ACCOUNT Net Premium Revenue 12.62 10.68 7.11 10.25 Premium deficiency reversal/(expense) Less: Net Claims 2.88 1.59 6.83 1.76 Less: Expenses 11.43 11.21 9.19 4.73 Less: Net Commission (2.52) (2.51) 0.15 0.56 Underwriting result 0.83 0.39 (9.06) 3.21 Investment Income 10.73 12.87 3.65 13.05 Rental Income Other Income 0.21 0.06 0.34 0.03 General and administration expenses (4.91) (6.25) (6.21) (1.20) Exchange gain Finance charges on lease rentals (0.05) (0.11) 5.98 6.57 (2.23) 11.88 Profit before tax 6.81 6.96 (11.28) 15.09 Provision for taxation 1.65 1.17 0.20 (8.81) Profit after tax 5.16 5.79 (11.48) 23.90 APPROPRIATIONS Balance at commencement of year (3.76) (10.01) 6.26 5.25 Dividend Reserve for Bonus Share/ Bonus Shares issued 4.81 22.89 General Reserve (0.05) (0.46) (0.02) (0.05) (0.46) 4.80 22.89 Balance Unappropriated profit at end of year 1.45 (3.76) (10.01) 6.26 PROFIT AND LOSS ACCOUNT RATIOS Claims incurred to net premium % 22.80 14.89 96.10 17.12 Net Profit after tax to net premium % 40.93 54.18 (161.49) 233.12 Management expenses to net premium % 90.56 104.98 129.28 46.14 Commission to net premium % (19.94) (23.50) 2.05 5.45 Earning per share (Rs.) 0.21 0.29 (0.72) 1.99 Cash Dividend Stock Dividend 5 23 Balance Sheet Growth Equity Growth Claim Incurred Net Premium Underwritten 500 400 300 300 250 150 50 8.00 7.00 6.00 5.00 4.00 3.00 2.00 1.00 14.00 12.00 10.00 8.00 6.00 4.00 2.00 Investments Cash and Bank Balances Net Profit after tax Dividend & other appropriations 250 150 50 80.00 70.00 60.00 50.00 40.00 30.00 20.00 10.00 30.00 25.00 20.00 15.00 10.00 5.00 (5.00) (10.00) (15.00) 25.00 20.00 15.00 10.00 5.00 Note: The amounts on yaxis represent s. 51

CENTRAL INSURANCE CO. LTD. Mr. A. Samad Dawood Vision To be recongnized as a highly ethical innovative and technically competent insurance company, dedicated to provide top quality services to its clients in the field of risk assessment and insurance coverage, while generating above average returns in the industry for the investors. Mission To achieve the status of a quality service provider in the insurance industry and seize opportunities for profitable growth through introduction of new products, market share expansion and effective utilization of resources, and ensure timely and equitable settlement of claims, while providing adequate return to all stakeholders. Key Financial Data for the last two (2) Years (Rs in million) 2010 9 Premium Written 114 99 Net Premium Revenue 11 13 Net Claims Expense 5 8 Net Commission / (Income) (14) (15) Profit / (Loss) after tax 491 (855) COMPANY INFORMATION 1. Chairman Mr. Shabbir Hussain Hashmi 2. Chief Executive Mr. A. Samad Dawood 3. Directors Mr. Isar Ahmad Mr. Shafiq Ahmed Mr. Jawaid Iqbal Mr. Ruhail Yousuf Muhammad Mr. Shahid Hamid Pracha 4. Chief Operating Mr. Sulaiman S. Mehdi Officer & Company Secretary 6. Auditors KPMG Taseer Hadi & Co. Chartered Accountants 7. Legal Advisors Zahid & Tariq Advocates 8. Registered & Head Office Dawood Centre, M. T. Khan Road, Karachi. Phone: (9221) 35684019, 35681491, 35689339 Fax # (9221) 35680218 Email: info.cic@dawoodgroup.com Website: www.ceninsure.com 5. Chief Financial Mr. Ghulam Haider Officer 52

CENTRAL INSURANCE COMPANY LIMITED Balance Sheet as at 31st December Equity Authorized Share Capital 300.00 300.00 300.00 150.00 Issued subscribe and paidup Capital 279.18 203.04 184.58 139.83 Reserves and retained earnings 3,459.55 3,090.15 4,002.49 3,975.56 3,738.73 3,293.19 4,187.07 4,115.39 Underwriting Provisions Provision for outstanding claims (including IBNR) 71.42 93.72 52.77 41.02 Provision for unearned premium net 31.06 34.63 59.91 70.99 Additional provision for unexpired risk Commission Income Unearned 1.97 2.83 3.35 5.96 Total 104.45 131.18 116.03 117.97 Deferred Liabilities 1.14 0.92 0.85 0.80 Creditors and Accruals 31.40 15.41 30.13 42.22 Short Term Runing Finance 33.852 Other Liabilities 8.81 8.22 9.60 27.35 Total Equity And Liabilities 3,918.38 3,448.92 4,343.68 4,303.73 Cash and Bank Deposits 10.30 65.14 64.77 97.52 Loans Secured Considered Good 6.93 Investment 3,774.22 3,249.88 4,124.14 4,017.50 Investment Properties Deferred Tax 7.23 0.83 0.85 10.50 Reinsurance Recoveries Against Outstanding Claims 48.34 69.39 32.53 20.79 Deferred Commission Expense 0.25 0.11 0.27 0.86 Other Assets 69.17 61.01 117.93 152.46 Fixed Assets 1.94 2.56 3.19 4.10 Leased Motor Vehicle TOTAL ASSETS 3,918.38 3,448.92 4,343.68 4,303.73 Assets at Market Value 2010 9 8 7 BALANCE SHEET RATIOS Net Working Capital (Rs.) 16.18 78.19 122.73 160.18 Current Ratio 1.14 1.67 2.33 2.45 Total Assets / Net Worth 1.05 1.05 1.04 1.05 Breakup Value 133.92 162.19 226.84 294.31 Profit and Loss Account for the year ended 31st December 2010 9 8 7 REVENUE ACCOUNT Net Premium Revenue 10.51 13.40 14.76 20.85 Premium deficiency reversal/(expense) Less: Net Claims 4.70 7.70 6.56 8.71 Less: Expenses 15.32 10.08 6.26 7.51 Add: Net Commission 13.50 15.15 13.06 7.98 Underwriting result 4.00 10.77 15.00 12.61 Investment Income 516.94 (849.06) 128.41 2,752.57 Rental Income Other Income 3.43 6.13 3.40 12.18 General and administration expenses (27.19) (12.74) (13.12) (12.62) Exchange gain Finance charges 493.18 (855.67) 118.69 2,752.13 Profit before tax 497.18 (844.90) 133.69 2,764.74 Provision for taxation (5.96) 10.22 17.27 16.76 Profit after tax 491.22 (855.12) 116.42 2,747.98 APPROPRIATIONS Balance at commencement of year 2,957.06 3,869.40 3,842.47 1,185.38 Dividend 45.68 38.76 44.74 90.89 Reserve for Bonus Share/ Bonus Shares issued 76.14 18.46 44.75 General Reserve 121.82 57.22 89.49 90.89 Balance Unappropriated profit at end of year 3,326.46 2,957.06 3,869.40 3,842.47 PROFIT AND LOSS ACCOUNT RATIOS Claims incurred to net premium % 44.73 57.46 44.44 41.77 Net Profit after tax to net premium % 4,674.32 (6,381.49) 788.75 13,179.76 Management expenses to net premium % 145.73 75.22 42.41 36.02 Commission to net premium % 128.49 113.06 88.48 38.27 Earning per share (Rs.) 17.60 (42.12) 6.31 196.52 Cash Dividend 45.68 38.76 44.74 90.89 Stock Dividend 76.14 18.46 44.75 Balance Sheet Growth Equity Growth Claim Incurred Net Premium Underwritten 5,000 4,500 4,000 3,500 3,000 2,500 2,000 5,000 4,500 4,000 3,500 3,000 2,500 2,000 10 8 6 4 2 25 20 15 10 5 Investments Cash and Bank Balances Net Profit after tax Dividend & other appropriations 5,000 4,500 4,000 3,500 3,000 2,500 2,000 95 85 75 65 55 45 35 25 15 5 3,000 2,500 2,000 1,500 1,000 500 (500) (1,000) (1,500) 140 120 80 60 40 20 Note: The amounts on yaxis represent s. 53

CENTURY INSURANCE CO. LTD. Century Insurance Vision To be an organisation known for integrity and ethical behaviour and fully dedicated to our clients, business partners, shareholders and employees, providing exceptional quality service and committed to achieve excellence in all areas of its operations. Mission " To become a Company of choice to our valued clients, stakeholders and employees. " To maximize growth and profitability of the Company and provide excellent financial returns to its valued shareholders. " The Company's culture should be known for its Mr. Mohammad Hussain Hirji integrity and ethical behaviour. " The Company to be known as one of the best insurance companies of the Country Key Financial Data for the last two (2) Years (Rs in million) 2010 9 Premium Written 450 456 Net Premium Revenue 219 207 Net Claims Expense 107 65 Net Commission / (Income) (14) (13) Profit / (loss) after tax 110 (70) COMPANY INFORMATION 1. Chairman: Mr. Iqbal Ali Lakhani 2. Managing Director & CEO: Mr. Mohammad Hussain Hirji 3. Advisor: Mr. Sultan Ali Lakhani 4. Directors: Mr. Iqbal Ali Lakhani (Chairman) Mr. Zulfiqar Ali Lakhani Mr. Amin Mohammed Lakhani Mr. Tasleemuddin A. Batlay Mr. A. Aziz H. Ebrahim Mr. Muhammad Abdul Qadir Mr. Mohammad Hussain Hirji Chief Executive 5. Chief Financial Officer: Mr. Sabza Ali Pirani 6. Company Secretary: Mr. Mansoor Ahmed 7. Auditors: M/s. KPMG Taseer Hadi & Co. Chartered Accountants 8. Registered Office: 9. Number of Employees: 97 Lakson Square, Building No.2, Sarwar Shaheed Road, Karachi 74 54

CENTURY INSURANCE COMPANY LIMITED Balance Sheet as at 31st December 2010 9 8 7 Equity Authorized Share Capital 500.00 500.00 500.00 500.00 Issued subscribe and paidup Capital 457.24 457.24 457.24 254.02 Reserves and retained earnings 504.39 394.76 464.72 268.51 961.63 852.00 921.96 522.53 Underwriting Provisions Provision for outstanding claims (including IBNR).13 58.39 106.35 861.70 Provision for unearned premium net 134.45 152.17 123.38 122.76 Additional provision for unexpired risk Commission Income Unearned 18.93 17.86 17.55 15.14 Total 253.51 228.42 247.28 999.60 Deferred Liabilities 1.02 3.95 Creditors and Accruals 114.85 70.95 122.81 164.99 Other Liabilities 0.47 0.47 0.47 0.48 Total Equity And Liabilities 1,330.46 1,151.84 1,293.54 1,691.55 Cash and Bank Deposits 87.06 75.31 316.42 248.82 Loans Secured Considered Good Investment 840.03 736.00 464.45 464.23 Investment Properties Deferred Tax 3.06 0.58 0.61 1.06 Reinsurance Recoveries Against Outstanding Claims 38.93 7.39 28.37 761.52 Deferred Commission Expense 13.14 11.90 10.55 9.75 Other Assets 303.65 278.03 430.96 174.40 Fixed Assets 44.59 42.63 42.18 31.77 Leased Motor Vehicle TOTAL ASSETS 1,330.46 1,151.84 1,293.54 1,691.55 Assets at Market Value 1,370.09 1,172.49 1,080.81 1,680.27 BALANCE SHEET RATIOS Net Working Capital (Rs.) 214.19 230.92 546.12 157.57 Current Ratio 1.99 2.78 3.38 1.15 Total Assets / Net Worth 1.38 1.35 1.40 3.24 Breakup Value 21.03 18.63 20.16 20.57 Profit and Loss Account for the year ended 31st December REVENUE ACCOUNT Net Premium Revenue 219.07 206.64 241.37 218.62 Premium deficiency reversal/(expense) Less: Net Claims 106.65 64.71 79.29 146.16 Less: Expenses 62.59 59.53 47.85 44.17 Less: Net Commission (13.81) (12.63) (8.03) (9.64) Underwriting result 63.64 95.03 122.26 37.93 Investment Income 108.92 (101.69) (42.10) 169.38 Rental Income Other Income 7.45 20.24 22.36 6.44 General and administration expenses (58.95) (53.51) (48.77) (45.59) Exchange gain Finance charges on lease rentals 2010 9 8 7 57.42 (134.96) (68.51) 130.23 Profit before tax 121.06 (39.93) 53.75 168.16 Provision for taxation 11.43 30.01 35.33 0.17 Profit after tax 109.63 (69.94) 18.42 167.99 APPROPRIATIONS Balance at commencement of year 21.73 91.69 174.48 99.36 Dividend 20.32 Reserve for Bonus Share/Bonus Shares issued 76.21 50.80 General Reserve 25.00 21.76 101.21 92.88 Balance Unappropriated profit at end of year 131.36 21.75 91.69 174.47 PROFIT AND LOSS ACCOUNT RATIOS Claims incurred to net premium % 48.68 31.32 32.85 66.86 Net Profit after tax to net premium % 50.04 (33.85) 7.63 76.84 Management expenses to net premium % 28.57 28.81 19.82 20.20 Commission to net premium % (6.30) (6.11) (3.33) (4.41) Earning per share (Rs.) 2.40 (1.53) 0.40 6.61 Cash Dividend 20.32 Stock Dividend 76.21 50.80 Balance Sheet Growth Equity Growth Claim Incurred Net Premium Underwritten 2,000 1,500 1,000 500 1, 1,000 800 600 400 150 50 250 240 230 220 210 190 180 Investments Cash and Bank Balances Net Profit after tax Dividend & other appropriations 900 800 700 600 500 400 300 350 300 250 150 50 150 50 (50) () 120 80 60 40 20 Note: The amounts on yaxis represent s. 55

THE COOPERATIVE INSURANCE SOCIETY OF PAKISTAN LA H O RE LTD. THE COOPERATIVE INSURANCE SOCIETY OF PAKISTAN LIMITED Vision The Cooperative Insurance Society of Pakistan Ltd., is an apex Cooperative Society registered under the Cooperative Societies Act, 1925, on August 06, 1949, and is engaged in general insurance business. The area of operation of the Society is whole of Pakistan. Sh. AzizulHaq Piracha Key Financial Data for the last two (2) Years (Rs in million) 2010 9 Premium Written 9 12 Net Premium Revenue 9 16 Net Claims Expense 2 4 Net Commission / (Income) 1 1 Profit / (Loss) after tax 1 6 COMPANY INFORMATION 1. Chairman Sh. AzizulHaq Piracha 2. Senior Vice Chairman Ch. Ahsun Mehmood 3. Directors Mr. Nisar Ahmed Mr. Siddique Akbar Haji Muhammad Khan Mr. Nasrullah Khan Mr. Ghulam Abbas Khan Mr. Maqbool Elahi Piracha Mr. Muhammad Aamir Inayat Shahani Col. (Rtd) Muhammad Jamil Mr. Rai Azeem Saeed 4. Auditors Latif & Company Chartered Accountants. 5. Tax Consultants Mr. Zia Ullah Kayani. (Advocate) 6. Legal Advisor Mr. Mohammad Hanif Khan Niazi (Advocate) 7. Registered Office 23 ShahraheQuaide Azam, Lahore 8. Head Office Cooperative Insurance Building, 23 Shahrahe QuaideAzam, P.O. Box No. 147, Lahore. Ph: (92042) 37356537, 37352306, 37242798 Fax: (92042) 37352794 Email: Coinsopl@live.com. 56

THE COOPERATIVE INSURANCE SOCIETY OF PAKISTAN LIMITED. Balance Sheet as at 31st December Equity Authorised Share Capital 300.00 300.00 160.00 160.00 Issued Subscribed And Paidup Capital 300.00 300.00 160.00 160.00 Reserves And Ratained Earnings 12.14 11.40 5.68 0.87 312.14 311.40 165.68 160.87 Surplus On Revalution 618.06 618.90 759.74 760.67 Underwriting Provisions Provision For Oustanding Claims (Including Ibnr) 2.01 0.20 0.01 0.48 Provision For Unearned Premium Net 2.49 4.80 9.38 9.85 Commission Income Unearned Total 4.50 5.00 9.39 10.33 Deferred Liablities 0 0.50 0.80 Creditors And Accruals 2.58 4.13 5.25 4.21 Other Liabilities 0.26 Total Equity And Liabilities 937.29 972.97 940.56 937.14 Cash And Bank Deposits 12.21 11.68 9.45 5.30 Loanssecured Considered Good Investment 5.02 38.54 6.01 5.82 Current Assets 2.50 4.09 5.25 4.86 Deferred Tax Reinsurance Recoveries Against Outstanding Claims Deferred Commission Expense Other Assets Fixed Assets 917.56 918.65 919.85 921.16 Total Assets 937.29 972.97 940.56 937.14 Asset At Market Value 2010 9 8 7 BALANCE SHEET RATIOS Net Working Capital (Rs) 7.61 7.35 4.19 (4.75) Current Ratio 2.07 2.69 1.80 (0.84) Total Assets /Net Worth 1.01 2.82 5.68 1.12 Break Up Value 31.00 31.00 10.36 10.05 Profit and Loss Account for the year ended 31st December 2010 9 8 7 REVENUE ACCOUNT Net Premium Revenue 9.02 16.11 24.90 19.40 Less Net Claims 2.31 4.30 0.96 5.96 Less Expenses 9.24 10.29 17.73 13.74 Less: Net Commission/(Income) 0.92 1.24 3.18 1.71 Underwriting Result (3.45) 0.28 3.02 (2.00) Investment Income 2.51 4.83 0.34 0.78 Rental Income 3.31 2.41 1.96 2.18 Other Income 0.05 0.09 0.48 0.98 General and administration expneses (0.77) (0.86) (1.10) (1.33) 5.10 6.48 1.68 2.62 Profit before tax 1.64 6.76 4.70 0.62 Provision for taxation 0.90 0.99 0.14 Profit after tax 0.74 5.77 4.56 0.62 APPROPRIATIONS Balance at commencement of year 4.61 0.29 (4.53) (5.15) Divindend 0.26 Reserve for Bonus share 1.44 General Reserve 0.18 1.44 0.26 Balance Unappropriated profit at end of year 5.17 4.61 (0.24) (4.53) PROFIT AND LOSS ACCOUNT RATIOS Claims incurred to net premium 25.64 26.70 3.87 30.71 Net Profit to net premium 8.16 35.81 18.30 3.20 Management expenses to net premium 114.08 63.86 71.23 70.80 Commission to net premium 10.24 7.70 12.78 8.80 Earning per share 0.02 0.19 0.28 0.04 Cash Dividend 0.26 Stock Dividend Balance Sheet Growth Equity Growth Claim Incurred Net Premium Underwritten 980 960 940 920 900 350 300 250 150 50 7.00 6.00 5.00 4.00 3.00 2.00 1.00 30.00 25.00 20.00 15.00 10.00 5.00 Investments Cash and Bank Balances Net Profit after tax Dividend & other appropriations 40 35 30 25 20 15 10 5 14 12 10 8 6 4 2 7.00 6.00 5.00 4.00 3.00 2.00 1.00 1.00 0.80 0.60 0.40 0.20 Note: The amounts on yaxis represent s. 57

THE CRESCENT STAR FIRE MARINE ACCIDENT INSURANCE CO. LTD. AVIATION THE CRESCENT STAR INSURANCE CO. LTD. Vision To serve and to serve with excellence. Excellence to be achieved through our corporate mission Mission First and foremost to secure the interest of our policy holders by adopting proper risk management techniques, prudent financial planning and maintaining reinsurance arrangements with World Class reinsurers. To ensure profitability to our reinsureres who afford us underwriting capacity. To recognize human resources as the key element Mr. Munir I. Millwala in progress and to provide our officers and field force due recompence for their efforts in building up the company. To generate operational profits and dividend return in due measusre to the shareholders of the Company. Key Financial Data for the last two (2) Years (Rs in million) 2010 9 Premium Written 109 138 Net Premium Revenue 74 105 Net Claims Expense 21 34 Net Commission / (Income) 6 9 Profit / (Loss) after tax 4 (30) COMPANY INFORMATION 1. Chairman Mr. Munir I. Millwala 2. Chief Executive Officer: Mr. Munir I. Millwala 3. Directors: Mr. Ardeshir Cowasjee Mr. Fayyaz F. Millwala Mr. Abdul Razzak E. Jaffer Mr. Fida Hussain Samoo Mr. Qutubuddin A. Millwala Mr. Hussaini I. Millwala Mr. M.H. Millwala 4. General Manager : Mr. Moiz Ali 6. Advisors Mr. Syed Ahmed Ali 7. Auditors M/s Moochhala Gangat & Co, Chartered Accountants 2, Mustafa Avenue, F/4. Block9 Behind " The Forum", Clifton, Karachi 8. Registered / 2nd Floor, Nadir House Main Office I.I. Chundrigar Road, Karachi Tel : 324154713 Fax : 324154745 Email: info@cstar.com.pk Web: www.cstar.com.pk 5. Company Secretary Mr. Khuzaima Hakimi 58

THE CRESCENT STAR INSURANCE CO. LTD. Balance Sheet as at 31st December 2010 9 8 7 Equity Authorized Share Capital 350.00 350.00 350.00 150.00 Issued subscribe and paidup Capital 121.00 121.00 121.00 96.80 Reserves and retained earnings (38.10) (42.00) (11.00) 26.37 82.90 79.00 110.00 123.17 Surplus on revaluation of Land 21.11 21.11 Advance against issue of right shares 9.88 Underwriting Provisions Provision for outstanding claims (including IBNR) 32.78 49.90 66.84 72.46 Provision for unearned premium net 42.31 50.35 69.04 84.22 Additional provision for unexpired risk 0.73 Commission Income Unearned 4.11 6.24 10.79 7.69 Total 79.20 107.22 146.66 164.37 Deferred Liabilities Creditors and Accruals 30.97 29.87 29.96 11.58 Other Liabilities 0.42 0.42 0.42 1.80 Total Equity And Liabilities 214.60 237.77 286.69 310.80 Cash and Bank Deposits 15.07 18.06 27.91 61.74 Loans Secured Considered Good Investment 29.74 35.22 70.86 49.38 Investment Properties Deferred Tax 13.54 13.54 0.87 Reinsurance Recoveries Against Outstanding Claims 12.87 19.27 28.73 32.85 Deferred Commission Expense 7.67 9.25 12.33 14.51 Other Assets 92.88 97.18 119.99 123.42 Fixed Assets 42.83 45.25 26.87 28.03 Leased Motor Vehicle TOTAL ASSETS 214.60 237.77 286.69 310.80 Assets at Market Value 265.13 245.02 294.46 303.03 Profit and Loss Account for the year ended 31st December 2010 9 8 7 REVENUE ACCOUNT Net Premium Revenue 74.16 105.36 140.80 170.28 Premium deficiency reversal/(expense) 0.73 3.02 3.75 Less: Net Claims 21.10 34.48 62.82 86.99 Less: Expenses 22.27 38.95 44.11 37.56 Less: Net Commission 5.69 8.82 19.50 14.97 Underwriting result 25.83 26.13 10.62 30.76 Investment Income 1.91 (25.01) (9.01) 19.39 Rental Income Other Income 4.94 (0.17) 1.40 0.23 General and administration expenses 28.07 (44.34) (40.40) (24.29) Exchange gain Finance charges on lease rentals (21.22) (69.52) (48.01) (4.67) Profit before tax 4.61 (43.38) (37.39) 26.09 Provision for taxation 0.86 (12.89) 0.33 2.05 Profit after tax 3.74 (30.49) (37.72) 24.04 APPROPRIATIONS Balance at commencement of year (68.10) (37.62) 0.11 9.28 Dividend Reserve for Bonus Share/Bonus Shares issued 24.20 General Reserve 9.00 33.20 Balance Unappropriated profit at end of year (64.36) (68.11) (37.61) 0.12 BALANCE SHEET RATIOS Net Working Capital (Rs.) 56.65 54.32 79.42 132.17 Current Ratio 1.88 1.68 1.82 2.54 Total Assets / Net Worth 2.59 3.01 2.61 2.52 Breakup Value 6.85 6.53 9.09 12.72 PROFIT AND LOSS ACCOUNT RATIOS Claims incurred to net premium % 28.45 32.73 44.62 51.09 Net Profit after tax to net premium % 5.05 (28.94) (26.79) 14.12 Management expenses to net premium % 30.03 36.97 31.33 22.06 Commission to net premium % 7.67 8.37 13.85 8.79 Earning per share (Rs.) 0.31 (2.52) (3.12) 2.48 Cash Dividend Stock Dividend 24.20 Balance Sheet Growth Equity Growth Claim Incurred Net Premium Underwritten 400 300 140 120 80 60 40 20 80 60 40 20 150 50 Investments Cash and Bank Balances Net Profit after tax Dividend & other appropriations 80 70 60 50 40 30 20 10 70 60 50 40 30 20 10 30 20 10 (10) (20) (30) (40) (50) 35 30 25 20 15 10 5 Note: The amounts on yaxis represent s. 59

EAST WEST INSURANCE COMPANY LIMITED Mr. Naved Yunus Vision To be amongst most trusted insurance security of the country by providing protection to our insured in most effective basis ensuring prosperity for its stakeholders and growth with human force. Mission * To ensure most effective management for sustained growth of the company. * To provide reliable secure protection for the policyholders. * To retain sound position of the company in industry while working with dedication & innovation. * To maintain continuous pursuit for cost effectiveness enhanced productivity for ensuring financial health of the organization, to take care of shareholder's aspiration continuously. * To inculcate value added system all cross the organization for ensuring trustworthy relationship with its clients as well as shareholders. Key Financial Data for the last two (2) Years (Rs in million) 2010 9 Premium Written 563 632 Net Premium Revenue 332 437 Net Claims Expense 151 178 Net Commission / (Income) 69 82 Profit / (Loss) after tax 8 (537) COMPANY INFORMATION 1. Chairman Chief Justice ( R ) Mian Mahboob Ahmad 2. Chief Executive Officer Mr. Naved Yunus 3. Directors Mr. Javed Yunus Mr. Pervez Yunus Mr. Maheen Yunus Mr. A.K.M Sayeed Mr. Tulu Javed Yunus 4. CFO & Company Secretary Mr. Shabbir Ali Kanchwala 5. Advisors Mr. M. Jamaluddin 6. Auditors BDO Ebrahim & Company Chartered Accountants 7. Registered Office 27, Regal Plaza, Jinnah Road, Quetta 8. Main Office 410, EFU House, M. A. Jinnah Road, Karachi. 9. Number of Employees 165 60

EAST WEST INSURANCE COMPANY LIMITED Balance Sheet as at 31st December Equity Authorized Share Capital 500.00 500.00 500.00 300.00 Issued subscribe and paidup Capital 251.38 228.53 228.53 172.85 Reserves and retained earnings 86.78 101.19 638.31 471.23 338.16 329.71 866.84 644.08 Underwriting Provisions Provision for outstanding claims (including IBNR) 83.42 92.71 81.23 89.17 Provision for unearned premium net 156.47 178.21 220.50 184.39 Additional provision for unexpired risk Commission Income Unearned 13.65 10.52 14.08 13.08 Total 253.54 281.44 315.81 286.64 Deferred Liabilities 2.61 2.14 Creditors and Accruals 39.98 44.13 84.26 29.90 Other Liabilities 1.96 2.59 4.27 3.06 Total Equity And Liabilities 633.64 660.48 1,273.32 963.68 Cash and Bank Deposits 40.12 55.22 76.23 79.60 Loans Secured Considered Good Investment 191.76 232.81 813.96 565.28 Investment Properties Deferred Tax Reinsurance Recoveries Against Outstanding Claims 73.61 77.96 65.76 79.42 Deferred Commission Expense 30.51 20.23 44.80 35.66 Other Assets 172.80 159.28 169.97 139.00 Fixed Assets 110.49.74 84.80 59.81 Leased Motor Vehicle 14.36 14.24 17.80 4.93 TOTAL ASSETS 633.64 660.48 1,273.32 963.68 Assets at Market Value 2010 9 8 7 BALANCE SHEET RATIOS Net Working Capital (Rs.) 161.17 153.03 142.20 175.88 Current Ratio 2.29 2.10 1.84 2.44 Total Assets / Net Worth 1.87 2.00 1.47 1.50 Breakup Value 13.45 14.43 37.93 37.26 Profit and Loss Account for the year ended 31st December 2010 9 8 7 REVENUE ACCOUNT Net Premium Revenue 331.97 436.97 405.71 319.50 Premium deficiency reversal/(expense) Less: Net Claims 151.32 178.30 168.45 125.49 Less: Expenses 66.55 87.24 82.98 65.07 Less: Net Commission 68.64 82.16 73.94 75.48 Underwriting result 45.45 89.27 80.34 53.47 Investment Income 32.02 (561.66) 255.15 330.01 Rental Income 0.55 0.78 0.54 0.31 Other Income 3.13 6.12 3.15 1.01 General and administration expenses (64.01) (60.47) (60.79) (48.43) Exchange gain Workers welfare fund (0.32) (0.37) Finance charges on lease rentals (1.27) (1.66) (1.37) (0.40) (29.90) (617.27) 196.68 282.50 Profit before tax 15.55 (528.00) 277.02 335.97 Provision for taxation (7.11) (9.13) (11.19) (9.71) Profit after tax 8.44 (537.12) 265.83 326.26 APPROPRIATIONS Balance at commencement of year 0.99 528.11 361.03 72.35 Dividend 43.08 15.03 Reserve for Bonus Share/Bonus Shares issued 22.85 55.68 22.55 Transfer from General Reserve (23.00) Transfer from Exceptional loss reserve (10.00) (0.15) (10.00) 98.75 37.58 Balance Unappropriated profit at end of year 9.58 0.99 528.11 361.03 PROFIT AND LOSS ACCOUNT RATIOS Claims incurred to net premium % 45.58 40.80 41.52 39.28 Net Profit after tax to net premium % 2.54 (122.92) 65.52 102.12 Management expenses to net premium % 20.05 19.96 20.45 20.37 Commission to net premium % 20.68 18.80 18.22 23.62 Earning per share (Rs.) 0.34 (23.50) 11.63 18.88 Cash Dividend 43.08 15.03 Stock Dividend 22.85 55.68 22.55 Balance Sheet Growth Equity Growth Claim Incurred Net Premium Underwritten 1,500 1,00 500 1,000 800 600 400 150 50 500 400 300 Investments Cash and Bank Balances Net Profit after tax Dividend & other appropriations 900 800 700 600 500 400 300 90 80 70 60 50 40 30 20 10 400 300 () () (300) (400) (500) (600) 120 80 60 40 20 (20) Note: The amounts on yaxis represent s. 61

EFU GENERAL INSURANCE LTD GENERAL Vision Our vision is to be the first choice company for our customers, shareholders and employees. To achieve this we will be driven by an obsession to be better than the best in a continuous journey, not a destination. At EFU first choice means a sustained commitment to meet and exceed stakeholder expectations. A will to go the "Extra Mile" to delight our customers with products and services that exceed their expections. Mission We will manage our affairs through modern technology, collective wisdom and institutionalized leadership. We will be a respected, cultured and an educated company with a strong market position. Together with our customers, reinsurers and employees we will achieve world class quality 1. Chairman Mr. Rafique R. Bhimjee 2. Managing Director & Chief Executive Mr. Saifuddin N. Zoomkawala 3 Directors Mr. Sultan Ahmad Mr. Abdul Rehman Haji Habib Mr. Jahangir Siddiqui Mr. Wolfram W. Karnowski Mr. Muneer R. Bhimjee Mr. Hasanali Abdullah Mr. Taher G. Sachak 4. CFO & Company Mr. Altaf Qamruddin Gokal, Secretary F.C.A. 5. Legal Advisor Mr. Mohammad Ali Sayeed 6. Senior Advisor Mr. S. C. (Hamid) Subjally, A.C.I.I. 7. Advisors Mr. Akhtar K. Alavi, A.C.I.I. Mr. Naqi Zamin Ali Mr. Salim Rafik Sidiki, B.A. (Hons), M.A. Mr. Syed Mehdi Imam 8. Audit Committee Mr. Muneer R. Bhimjee. COMPANY INFORMATION Mr. Saifuddin N. Zoomkawala standards through continuous quality improvement. Achieve zero defects in everything we do. We will do good business, with good clients and of the highest integrity. We will not compromise our principles and we will like to be known as a responsible corporate citizen aware of our obligation to the Government and the society we serve. Key Financial Data for the last two (2) Years (Rs in million) 2010 9 Premium Written 10,232 9,614 Net Premium Revenue 5,847 5,570 Net Claims Expense 3 942 3,911 Net Commission / (Income) 656 461 Profit / (Loss) after tax (413) 732 9. Rating Agency: JCRvis Mr. Taher G. Sachak Mr. Abdul Rehman Haji Habib Insurer Financial Strength Rating: AA Outlook : Stable 10. Auditors Hyder Bhimjee & Co. Chartered Accountants, Karachi. KPMG Taseer Hadi & Co. Chartered Accountants, Karachi. 11. Registrar Technology Trade (Pvt.) Ltd. Dagia House 241C, Block2, P.E.C.H.S., Off: SharaheQuaideen, Karachi. 12. Website www.efuinsurance.com 13. Registered Office 11/4, ShahrahePehlavi, Peshawar. 14. Main Office EFU House, M.A. Jinnah Road, Karachi. Cooperative Insurance Building, 23, Shahrahe QuaideAzam, Lahore. 15. No of Employees 1294. 62

EFU GENERAL INSURANCE LIMITED Balance Sheet as at 31st December 2010 9 8 7 Equity Authorized Share Capital 1,500 1,500 1,500 1,500 Issued subscribe and paidup Capital 1,250 1,150 1,150 1,000 Reserves and retained earnings 8,341 9,314 8,956 15,177 9,591 10,464 10,106 16,177 Underwriting Provisions Provision for outstanding claims (including IBNR) 7,950 5,509 5,193 5,336 Provision for unearned premium net 4,537 4,005 4,086 3,985 Premium deficiency reserve 57 55 32 Commission Income Unearned 163 141 262 277 Total 12,707 9,710 9,541 9,630 Deferred Liabilities 41 24 42 Creditors and Accruals 1,830 1,439 1,302 1,430 Other Liabilities 372 301 239 153 Total Equity And Liabilities 24,542 21,939 21,230 27,390 Cash and Bank Deposits 1,707 1,350 1,304 1,163 Loans Secured Considered Good 3 3 3 4 Investment 11,664 12,644 11,832 18,595 Investment Properties 236 242 259 272 Deferred Tax 115 34 75 84 Reinsurance Recoveries Against Outstanding Claims 5,626 3,275 3,030 2,981 Deferred Commission Expense 432 383 369 420 Other Assets 4,050 3,463 3,824 3,446 Fixed Assets 709 545 534 425 Leased Motor Vehicle TOTAL ASSETS 24,542 21,939 21,230 27,390 Assets at Market Value BALANCE SHEET RATIOS Net Working Capital (Rs.) 1,230.09 838.71 1,424.34 670.95 Current Ratio 1.12 1.12 1.21 1.10 Total Assets / Net Worth 2.56 2.10 2.10 1.69 Breakup Value 76.73 91.00 87.88 161.77 Profit and Loss Account for the year ended 31st December 2010 9 8 7 REVENUE ACCOUNT Net Premium Revenue 5,847 5,570 6,137 6,111 Premium deficiency reversal/(expense) (2) (55) 32 (32) Less: Net Claims (3,942) (3,911) (4,370) (5,092) Less: Expenses (1,135) (1,076) (1,001) (840) Less: Net Commission (656) (461) (427) (323) Underwriting result 112 67 371 (177) Investment Income (358) 674 (5,300) 14,812 Rental Income 84 86 83 76 Other Income 126 102 72 125 General and administration expenses (479) (428) (503) (378) Exchange gain 4 6 23 (0) Share of Profit/(loss) of an associate 151 295 (189) (472) 735 (5,814) 14,634 Profit before tax (360) 801 (5,443) 14,457 Provision for taxation (54) (69) (28) (79) Profit after tax (413) 732 (5,471) 14,536 APPROPRIATIONS Balance at commencement of year 801 (5,457) 14,564 778 (Loss)/profit after tax for the year (413) 732 (5,471) 14,536 388 (4,725) 9,093 15,314 Dividend (460) (374) (600) (150) Reserve for Bonus Share/Bonus Shares issued () (150) (500) General Reserve (150) 5,900 (13,800) () (710) 5,526 (14,550) (750) Balance Unappropriated profit at end of year (322) 801 (5,457) 14,564 PROFIT AND LOSS ACCOUNT RATIOS Claims incurred to net premium % 67.42 70.22 71.20 83.34 Net Profit after tax to net premium % 7.07 13.15 89.15 237.89 Management expenses to net premium % 19.41 19.32 16.32 13.74 Commission to net premium % 11.23 8.28 6.96 5.29 Earning per share (Rs.) (3.31) 6.37 (47.58) 145.36 Cash Dividend 460 374 600 150 Stock Dividend 150 500 Balance Sheet Growth Equity Growth Claim Incurred Net Premium Underwritten 30,000 25,000 20,000 15,000 10,000 5,000 20,000 15,000 10,000 5,000 6,000 5,000 4,000 3,000 1,000 6, 6,000 5,800 5,600 5,400 5, Investments Cash and Bank Balances Net Profit after tax Dividend & other appropriations 20,000 18,000 16,000 14,000 12,000 10,000 8,000 6,000 4,000 2,000 1,800 1,600 1,400 1, 1,000 800 600 400 20,000 15,000 10,000 5,000 (5,000) (10,000) 20,000 15,000 10,000 5,000 (5,000) (10,000) Note: The amounts on yaxis represent s. 63

EXCEL INSURANCE COMPANY LTD. Vision The vision of Excel Insurance Company Limited is to become one of the preferred insurance companies of the country by providing insurance services par excellence to its customers resulting in peace of mind to its clients. Mission The mission of Excel Insurance Company Limited is o To become the most preferred insurer of clients by providing outstanding risk coverage. o To provide a congenial environment to employees to attract the best human resource in the industry. o Mr. Ghulam Mohammad To consistently offer high return on capital to company's shareholders. Key Financial Data for the last two (2) Years (Rs in million) 2010 9 Premium Written 19 43 Net Premium Revenue 16 18 Net Claims Expense 4 5 Net Commission / (Income) 3 1 Profit / (Income) after tax 29 (2) COMPANY INFORMATION 1 Chairman. Mr. Younus Haji Latif 2 Chief Executive. Mr. Ghulam Mohammad 3 Directors. Mr. Younus Haji Latif Mr. Ghulam Muhammad Mrs. Shagufta Ghulam Mr. Muhammad Irfan Khaliq Mr. Ubaid Amanullah Mr. Muhammad Zubair Ghulam Muhammad Mr. Muhammad Zubair Muhammad Usman 4 CFO & Mr. Muhammad Saleem Akhtar Company Secretary 5 Auditors. Hyder Bhimji & Co. 6 Registered Office. 38/C1, Block6, P.E.C.H.S., Karachi75400. Pakistan. UAN: 111777666, 34548077 Fax: 34548076 Email: eicl@cyber.net.pk Web: www.globemanagements.com 64

EXCEL INSURANCE COMPANY LIMITED Balance Sheet as at 31st December 2010 9 8 7 Equity Authorized Share Capital 300.00 300.00 300.00 300.00 Issued subscribe and paidup Capital 250.00.00 160.00 120.00 Reserves and retained earnings 32.95 3.72 21.75 14.19 282.95 203.72 181.75 134.19 Underwriting Provisions Provision for outstanding claims (including IBNR) 7.51 5.92 4.42 4.47 Provision for unearned premium net 8.51 20.55 16.40 14.13 Additional provision for unexpired risk 0.50 2.31 3.23 2.80 Commission Income Unearned Total 16.52 28.78 24.05 21.40 Deferred Liabilities 0.68 0.68 0.68 0.75 Creditors and Accruals 7.34 3.72 4.66 6.53 Other Liabilities 11.75 11.75 Total Equity And Liabilities 307.49 236.90 222.89 174.62 Cash and Bank Deposits 57.68 101.13 13.37 24.00 Loans Secured Considered Good Investment 185.62 59.94 155.04 85.69 Investment Properties Deferred Tax Reinsurance Recoveries Against Outstanding Claims 3.58 3.53 1.68 1.52 Deferred Commission Expense 1.71 3.55 2.99 2.84 Other Assets 52.16 59.99 39.54 50.48 Fixed Assets 6.74 8.76 10.27 10.09 Leased Motor Vehicle TOTAL ASSETS 307.49 236.90 222.89 174.62 Assets at Market Value 12.30 11.85 13.93 14.55 BALANCE SHEET RATIOS Net Working Capital (Rs.) 98.57 155.01 33.76 53.25 Current Ratio 7.64 17.08 2.62 3.34 Total Assets / Net Worth 1.09 1.16 1.23 1.30 Breakup Value 11.32 10.19 11.36 11.18 Profit and Loss Account for the year ended 31st December 2010 9 8 7 REVENUE ACCOUNT Net Premium Revenue 16.09 18.05 18.29 16.26 Premium deficiency reversal/(expense) Less: Net Claims 4.27 4.55 7.24 4.92 Less: Expenses 8.06 9.65 12.15 12.37 Less: Net Commission 2.73 1.24 (2.27) (0.28) Underwriting result 1.03 2.61 1.17 (0.75) Investment Income 37.01 2.74 17.30 28.68 Rental Income Other Income 0.15 0.36 0.27 General and administration expenses (6.50) (6.63) (9.30) (8.13) Exchange gain Finance charges on lease rentals 30.66 (3.53) 8.27 20.55 Profit before tax 31.69 (0.93) 9.44 19.80 Provision for taxation 2.46 1.10 1.87 0.30 Profit after tax 29.23 (2.03) 7.57 19.50 APPROPRIATIONS Balance at commencement of year 3.61 21.64 14.07 24.58 Profit after Tax 29.23 (2.03) 7.57 19.50 Dividend Reserve for Bonus Share/ Bonus Shares issued (16.00) (30.00) General Reserve (16.00) (30.00) Balance Unappropriated profit at end of year 32.84 3.61 21.64 14.08 PROFIT AND LOSS ACCOUNT RATIOS Claims incurred to net premium % 26.54 25.21 39.58 30.26 Net Profit after tax to net premium % 181.67 (11.25) 41.39 119.93 Management expenses to net premium % 50.09 53.46 66.43 76.08 Commission to net premium % 16.97 6.87 (12.41) (1.72) Earning per share (Rs.) 1.17 (0.10) 0.47 1.63 Cash Dividend Stock Dividend Balance Sheet Growth Equity Growth Claim Incurred Net Premium Underwritten 400 300 300 250 150 50 8 7 6 5 4 3 2 1 19 18 18 17 17 16 16 15 Investments Cash and Bank Balances Net Profit after tax Dividend & other appropriations 180 160 140 120 80 60 40 20 120 80 60 40 20 35 30 25 20 15 10 5 (5) 1 1 1 0 0 Note: The amounts on yaxis represent s. 65

HABIB INSURANCE COMPANY LTD. Vision In Insurance, as also in Banking, Habib is committed to its time honoured tradition of serving the Nation by extending a wide range of insurance products offering maximum protection, backed up by matchless service with prompt claim settlement as its utmost priority. With high quality service to all its customers, the Company will also strive to continue to give its shareholders a consistent return on their investment. Mission Habib will continue to pursue its policy of progressive yet cautious underwriting carving its rightful share in the Insurance market without compromising its principles on underwriting and claim settlement. It Mr. Ali Raza D. Habib will continue to maintain its selective approach towards the business it underwrites and as new products and markets are being explored, the company is investing its resources in people and ideas to meet these challenges. Key Financial Data for the last two (2) Years (Rs in million) 2010 9 Premium Written 778 703 Net Premium Revenue 395 359 Net Claims Expense 184 176 Net Commission / (Income) 9 7 Profit / (Loss) after tax 168 205 COMPANY INFORMATION 1. Chairman Mr. Rafiq M. Habib 2. Managing Director Chief Executive Officer Mr. Ali Raza D. Habib 3. Directors Mr. Abbas D. Habib Mr. Mazher Ali Jumani Mr. Mansoor G. Habib Mr. Mohamedali R. Habib Mr. Sajjad Hussain Habib Mr. Aun Mohammad A. Habib 4. CFO & Company Secretary Mr. Shabbir Gulamali 5. Legal Advisor M/s. Lari & Co. 6. Tax Advisor M/s. Abbas Karjatwala & Co. 7. Auditors M/s. KPMG Taseer Hadi & Co. 8. Registered / Main Office 9. Number of Employees 210 1st Floor, State Life Building No. 6, M. A. Jinnah Road, Karachi 74000 66

HABIB INSURANCE COMPANY LIMITED Balance Sheet as at 31st December 2010 9 8 7 Equity Authorized Share Capital 500.00 500.00 500.00 500.00 Issued subscribe and paidup Capital 400.40 400.40 355.91 296.60 Reserves and retained earnings 451.48 423.14 307.38 941.08 851.89 823.54 663.29 1,237.68 Underwriting Provisions Provision for outstanding claims (including IBNR) 134.73 150.23 171.29 281.70 Provision for unearned premium net 311.23 287.71 306.12 302.95 Additional provision for unexpired risk Commission Income Unearned 32.88 30.85 39.79 26.96 Total 478.83 468.79 517.19 611.61 Deferred Liabilities 20.28 17.90 15.24 11.71 Creditors and Accruals 292.36 295.59 243.20 222.55 Other Liabilities 23.63 19.64 18.54 17.56 Total Equity And Liabilities 1,666.99 1,625.47 1,457.47 2,101.10 Cash and Bank Deposits 58.00 26.52 57.44 129.94 Loans Secured Considered Good 3.14 2.27 1.90 0.98 Investment 925.54 932.04 719.56 1,313.62 Investment Properties Deferred Tax 15.59 7.28 5.73 19.36 Reinsurance Recoveries Against Outstanding Claims 80.60 96.39 96.18 161.67 Deferred Commission Expense 36.03 36.05 41.08 39.70 Other Assets 509.13 483.72 489.96 390.13 Fixed Assets 38.95 41.21 45.63 45.71 Leased Motor Vehicle TOTAL ASSETS 1,666.99 1,625.47 1,457.47 2,101.10 Assets at Market Value BALANCE SHEET RATIOS Net Working Capital (Rs.) 197.02 141.16 210.55 159.93 Current Ratio 1.44 1.30 1.49 1.31 Total Assets / Net Worth 1.96 1.97 2.20 1.70 Breakup Value 21.28 20.57 18.64 41.73 Profit and Loss Account for the year ended 31st December 2010 9 8 7 REVENUE ACCOUNT Net Premium Revenue 394.64 359.04 397.96 335.97 Premium deficiency reversal/(expense) Less: Net Claims 183.79 175.70 202.22 217.18 Less: Expenses 114.24 102.50 111.38 90.85 Less: Net Commission 9.15 7.31 16.67 21.32 Underwriting result 87.47 73.53 67.69 6.63 Investment Income 149.36 184.89 (390.53) 443.30 Rental Income Other Income 5.28 5.73 2.53 8.73 General and administration expenses (49.92) (52.86) (59.13) (51.14) Exchange gain Finance charges on lease rentals 104.72 137.76 (447.13) 400.89 Profit before tax 192.19 211.30 (379.45) 407.52 Provision for taxation 23.71 6.55 16.98 (12.86) Profit after tax 168.48 204.74 (396.43) 420.38 APPROPRIATIONS Balance at commencement of year 219.02 (346.75) 436.96 611.28 Dividend 140.14 44.49 177.96 142.81 Reserve for Bonus Share/Bonus Shares issued 44.49 59.32 76.90 General Reserve 50.00 (450.00) 150.00 375.00 190.14 (361.02) 387.28 594.70 Balance Unappropriated profit at end of year 197.36 219.02 (346.75) 436.96 PROFIT AND LOSS ACCOUNT RATIOS Claims incurred to net premium % 46.57 48.94 50.81 64.64 Net Profit after tax to net premium % 42.69 57.03 (99.62) 125.12 Management expenses to net premium % 28.95 28.55 27.99 27.04 Commission to net premium % 2.32 2.04 4.19 6.35 Earning per share (Rs.) 4.21 5.11 (11.14) 14.17 Cash Dividend 140.14 44.49 177.96 142.81 Stock Dividend 44.49 59.32 76.90 Balance Sheet Growth Equity Growth Claim Incurred Net Premium Underwritten 2,500 2,000 1,500 1,000 500 1,400 1, 1,000 800 600 400 250 150 50 420 400 380 360 340 320 300 Investments Cash and Bank Balances Net Profit after tax Dividend & other appropriations 1,400 1, 1,000 800 600 400 140 120 80 60 40 20 500 400 300 () () (300) (400) (500) 800 600 400 () (400) (600) Note: The amounts on yaxis represent s. 67

IGI INSURANCE LIMITED Insurance Vision IGI Insurance is committed to being one of the leading providers of solutions to risk exposures in selected market segments in Pakistan. Mission Our vision will be realized through. Customers: Being the preferred insurer in providing solution to risk exposure Shareholders: Consistently delivering above market average return on capital Employees: Providing the environment necessary to be the employer of choice Community: Mr. Jalees Ahmed Siddiqi Compliance with the highest ethical and moral standards Key Financial Data for the last two (2) Years (Rs in million) 2010 9 Premium Written 1,297 1,152 Net Premium Revenue 721 615 Net Claims Expense 364 257 Net Commission / (Income) (35) (65) Profit / (Loss) after tax 837 264 COMPANY INFORMATION 1. Chairman Syed Babar Ali 2. Chief Executive Officer Mr. Jalees Ahmed Siddiqi 3. Directors Mr. Syed Babar Ali Mr. Syed Shahid Ali Mr. Shamim Ahmad Khan Mr. Syed Hyder Ali Mr. Syed Kamal Ali Mr. Waqar Ahmed Malik Mr. Syed Yawar Ali Mr. Jalees Ahmed Siddiqi 4. Company Secretary 5. Chief Financial Officer Mr. Haider Raza Mr. Muhammad Ali 6. Legal Advisor Hassan & Hassan Lari & Company Ramday Law Associates J.H. Rahimtoola and Company 7. Auditors External: KPMG Taseer Hadi & Co. Chartered Accountants 8. Registered & Main Office 9. Number of Employees 124 Internal: A.F. Ferguson & Co. Chartered Accountants 7th Floor, The Forum, Suit No. 701713, G20, Block9, KhayabaneJami, Clifton, Karachi 75600 68

IGI INSURANCE LIMITED Balance Sheet as at 31st December 2010 9 8 7 EQUITY Authorised Share capital 1,000.00 1,000.00 1,000.00 1,000.00 Issued subscribed and paidup capital 718.43 598.69 598.69 319.30 Reserves and retained earning 10,857.42 10,362.12 10,247.83 10,952.15 11,575.85 10,960.81 10,846.52 11,271.45 UNDERWRITING PROVISIONS Provision for outstanding claims (Including IBNR) 228.42 286.74 366.62 476.72 Provision for unearned premium net 423.94 374.64 378.62 400.66 Commssion income unearned 49.01 38.14 56.73 46.98 Total 701.37 699.52 801.98 924.35 Deferred Liabilities 68.15 50.93 30.19 Creditors and accuuals 215.29 124.52 182.65 290.45 Long term finance secured 40.00 320.00 400.00 Other Liabilities 399.80 490.28 1,049.49 1,183.10 Total Equity and Liability 12,960.45 12,366.06 13,.64 14,099.55 Cash and Bank Deposit 0.42 6.81 258.26 205.91 LoansSecured Considered Good 0.00 0.00 0.00 0.00 Investments 11,905.80 11,235.76 11,709.95 12,404.73 Investment Properties 96.93 0.00 0.00 0.00 Deffered Tax 0.00 0.00 16.87 0.00 Reinsurance Recovries against outstanding Claims 95.37 172.36 196.58 240.48 Deffered Commission Expenses 0.00 0.00 0.00 0.00 Other Assets 694.69 670.59 716.45 939.15 Fixed Assets 167.24 280.55 302.53 309.28 Goodwill 0.00 0.00 TOTAL ASSETS 12,960.45 12,366.06 13,.64 14,099.55 Assets at market value 15,422.27 10,523.93 10,455.12 18,499.93 BALANCE SHEET RATIOS Net working Capital (53.03) (51.78) (427.47) (564.72) Current Ratio 0.94 0.94 0.73 0.71 Net worth 1.12 1.13 1.22 1.25 Breakup Value 161.13 183.08 181.17 353.00 Profit and Loss Account for the year ended 31st December 2010 9 8 7 REVENUE ACCOUNT Net Premiun Revenue 720.73 614.59 542.52 606.60 Less: Net Claim 364.41 257.05 240.93 347.81 Less: Expense 186.17 169.63 164.89 171.08 Less: Net commission/(income) (34.95) (65.20) (56.47) (72.38) Underwriting Result 205.10 253.10 193.17 160.10 Investment Income 929.34 (414.65) (157.48) 3,021.53 Rental Income 18.58 17.57 15.22 10.00 Other Income 9.65 6.49 20.99 19.37 General and Administration Expense (109.05) (89.31) (106.66) (113.93) Amortization of Goodwill Financial Charges (66.56) (129.71) (215.37) (133.49) Share of (Loss)/Profit of associates (66.28) 721.28 (153.97) 19.96 715.68 111.66 (597.27) 2,823.44 (Loss)/Profit Before Tax 920.77 364.77 (404.10) 2,983.53 Provision for taxation (84.22) (.80) (27.06) 53.94 (Loss)/Profit after tax 836.56 263.97 (377.04) 2,929.60 Balance at commencement of year (172.25) (376.35) 2,848.42 7,486.42 Adjusment Resulting from Change in Accounting Policy (8.20) (172.25) (376.35) 2,848.42 7,478.22 APPROPRIATIONS Dividend 71.84 59.87 47.90 159.65 Reserve for Bonus Share 79.83 119.74 General Reserve 2,720.00 7,280.00 71.84 59.87 2,847.72 7,559.39 Balance unappropriated (Loss)/ profit at the end of year 592.47 (172.25) (376.34) 2,848.42 PROFIT AND LOSS ACCOUNT RATIOS Claims incurred to net premium 50.56 41.83 44.41 57.34 (Loss)/ profit to net premium 116.07 42.95 (69.50) 482.95 Management Expense to net premium 25.83 27.60 30.39 28.20 Commission to net premium (4.85) (10.61) (10.41) (11.93) Earning per share 11.64 4.41 (6.30) 91.75 Cash Dividend 215.52 209.54 89.80 127.72 Stock Dividend 371.18 199.56 79.82 Balance Sheet Growth Equity Growth Claim Incurred Net Premium Underwritten 15,000 12,000 400 800 300 600 12,500 10,500 400 10,000 9,000 Investments Cash and Bank Balances Net Profit after tax Dividend & other appropriations 13,000 12,000 11,000 10,000 300 250 150 50 3,500 3,000 2,500 2,000 1,500 1,000 500 (500) (1,000) 1 1 1 0 0 Note: The amounts on yaxis represent s. 69

JUBILEE GENERAL INSURANCE CO. LTD. (Formerly New Jubilee Insurance Company Ltd.) Vision: Enabling people to overcome uncertainty Mission: To provide solutions that protect the future of our customers Values: Mr. Tahir Ahmed Key Financial Data for the last two (2) Years (Rs in million) 2010 9 Premium Written 4,285 4,031 Net Premium Revenue 2,451 2,298 Net Claims Expense 1,678 1,421 Net Commission / (Income) 205 228 Profit after tax 450 656 Teamwork Integrity Excellence Passion Brand Essence: Live Free COMPANY INFORMATION 1. Chairman Mr. Towfiq H. Chinoy 2. President & Managing Director Mr. Tahir Ahmed (Chief Executive) Directors Mr. Akbarali Hashwani Mr. Sadruddin Hashwani Mr. Masood Noorani Mr. Akbarali Pesnani Mr. John Joseph Metcalf Mr. R. Zakir Mahmood Mr. Aly Noormahomed Rattansey 3. Chief Financial Officer & Company Secretary Mr. Atiq Anwar Mahmudi 4. Auditors Ernst & Young Ford Rhodes Sidat Hyder Chartered Accountants 5. Legal Adviser Surridge & Beecheno 6. Share Registrar THK Associates (Pvt) Ltd. Ground Floor, State Life Building # 3, Dr. Ziauddin Ahmed Road, Karachi Tel 35689021, 35686658 7. Head Office / 2nd Floor, Jubilee Insurance Registered House, I.I. Chundrigar Road, Office Karachi UAN (92021) 111654111, Tel: 3241602226 Fax: (92021) 32416728, 32438738 Email: info@jubileegeneral.com.pk Web: www.jubileegeneral.com.pk 8. No. of Employees 633 70

JUBILEE GENERAL INSURANCE CO. LTD. Balance Sheet as at 31st December 2010 9 8 7 Equity Authorized Share Capital 1,000.00 1,000.00 1,000.00 1,000.00 Issued subscribe and paidup Capital 790.98 659.15 659.15 549.29 Reserves and retained earnings 2,082.43 1,961.85 1,402.17 1,862.37 2,873.41 2,621.00 2,061.32 2,411.66 Underwriting Provisions Provision for outstanding claims (including IBNR) 1,879.57 1,315.99 1,190.06 1,428.81 Provision for unearned premium net 1,521.54 1,459.92 1,345.36 1,190.12 Additional provision for unexpired risk Commission Income Unearned 54.64 54.49 48.44 53.26 Total 3,455.75 2,830.40 2,583.86 2,672.19 Deferred Liabilities 1.37 1.93 2.50 3.07 Creditors and Accruals 921.56 693.54 526.78 567.74 Other Liabilities 419.50 285.66 250.70 278.04 Total Equity And Liabilities 7,671.59 6,432.53 5,425.16 5,932.70 Cash and Bank Deposits 974.78 2,028.13 1,670.16 1,680.63 Loans Secured Considered Good 0.79 0.29 0.36 0.43 Investment 3,675.76 1,753.16 1,430.22 1,955.89 Investment Properties 146.45 149.65 123.82 76.20 Deferred Tax 39.32 31.98 35.97 62.57 Reinsurance Recoveries Against Outstanding Claims 841.02 462.92 365.73 501.68 Deferred Commission Expense 136.16 140.21 136.98 121.98 Other Assets 1,759.81 1,759.64 1,563.97 1,352.09 Fixed Assets 97.51 106.55 97.96 181.23 Leased Motor Vehicle TOTAL ASSETS 7,671.59 6,432.53 5,425.16 5,932.70 Assets at Market Value 9,574.86 8,164.29 6,712.44 7,835.51 BALANCE SHEET RATIOS Net Working Capital (Rs.) 4,031 3,709 3,063 3,216 Current Ratio 2.25 2.62 2.56 2.41 Total Assets / Net Worth 2.67 2.45 2.63 2.46 Breakup Value 36.33 39.76 31.27 43.91 Profit and Loss Account for the year ended 31st December 2010 9 8 7 REVENUE ACCOUNT Net Premium Revenue 2,451.23 2,297.72 2,186.44 1,818.78 Premium deficiency reversal/(expense) Less: Net Claims 1,677.61 1,420.97 1,332.46 1,413.73 Less: Expenses 632.96 534.98 506.32 405.43 Less: Net Commission 204.74 227.64 239.54 206.64 Underwriting result (64.08) 114.13 108.12 (207.02) Investment Income 407.59 452.25 181.71 599.21 Rental Income 84.38 76.99 83.20 70.86 Other Income 128.92 150.52 111.90 113.05 General and administration expenses (19.13) (20.60) (19.55) (7.87) Impairment in value of available of sale securities (651.15) Share of Profit & Loss in Associate 9.00 (1.38) 6.62 6.82 610.76 657.78 (287.27) 782.07 Profit before tax 546.68 771.90 (179.15) 575.04 Provision for taxation 96.53 115.43 88.10 (13.42) Profit after tax 450.15 656.47 (267.25) 588.46 APPROPRIATIONS Balance at commencement of year 706.53 (151.06) 658.43 938.00 Dividend 197.75 98.87 82.39 258.16 Reserve for Bonus Share/ Bonus Shares issued 131.83 109.86 109.86 General Reserve 320.00 (300.00) 350.00 500.00 649.58 (201.13) 542.25 868.02 Balance Unappropriated profit at end of year 507.10 706.54 (151.07) 658.44 PROFIT AND LOSS ACCOUNT RATIOS Claims incurred to net premium % 68.44 61.84 60.94 77.73 Net Profit after tax to net premium % 18.36 28.57 (12.22) 32.35 Management expenses to net premium % 25.82 23.28 23.16 22.29 Commission to net premium % 8.35 9.91 10.96 11.36 Earning per share (Rs.) 5.69 9.96 (4.05) 10.71 Cash Dividend 197.75 98.87 82.39 258.16 Stock Dividend 131.83 109.86 109.86 Balance Sheet Growth Equity Growth Claim Incurred Net Premium Underwritten 10,000 8,000 6,000 4,000 2,000 3,500 3,000 2,500 2,000 1,500 1,000 500 2,000 1,500 1,000 500 3,000 2,500 2,000 1,500 1,000 500 Investments Cash and Bank Balances Net Profit after tax Dividend & other appropriations 4,500 4,000 3,500 3,000 2,500 2,000 1,500 1,000 500 2,500 2,00 1,500 1,000 500 800 600 400 () (400) 800 600 400 Note: The amounts on yaxis represent s. 71

NEW HAMPSHIRE INSURANCE COMPANY Mr. Mujib Khan Vision To be the world's first choice provider of insurance and financial services. We will create unmatched value for our customers, colleagues, business partners and shareholders: as we contribute to the growth of sustainable and prosperous communities. Key Financial Data for the last two (2) Years (Rs in million) 2010 9 Premium Written 1, 850 Net Premium Revenue 406 382 Net Claims Expense 201 169 Net Commission / (Income) (10) (3) Profit / (Loss) after tax 57 17 COMPANY INFORMATION 1. Country Manager 2. Chief Financial Officer Mr. Mujib Khan Mr. Hasan Dossani 3. Advisors Lari & Co, Sattar & Sattar 4. Auditors & Tax Advisor: Ernst & Young (auditors) A. F. Ferguson (tax advisor) 5. Registered Office 6. Number of Employees 73 7th Floor, Dawood Centre, M. T. Khan Road, Karachi, Paksitan UAN # (021) 111111244 Fax # (021) 35634022 & 3 Email: infopakistan@chartisinsurance.com Website: chartisinsurance.pk 72

NEW HAMPSHIRE INSURANCE COMPANY Balance Sheet as at 31st December 2010 9 8 7 Equity Authorized Share Capital Issued subscribe and paidup Capital Reserves and retained earnings 1,492.43 1,241.29 1,073.05 976.31 1,492.43 1,241.29 1,073.05 976.31 Underwriting Provisions Provision for outstanding claims (including IBNR) 285.08 315.16 258.92 494.73 Provision for unearned premium net 381.81 350.02 349.27 452.13 Additional provision for unexpired risk Commission Income Unearned 76.85 74.81 64.83 39.77 Total 743.74 739.99 673.02 986.63 Deferred Liabilities Creditors and Accruals 288.09 216.71 141.80 150.81 Other Liabilities Total Equity And Liabilities 2,524.26 2,197.99 1,887.87 2,113.75 Cash and Bank Deposits 682.92 319.85 546.92 950.26 Loans Secured Considered Good Investment 751.91 863.09 435.62 163.31 Investment Properties Deferred Tax 8.56 19.17 30.28 17.14 Reinsurance Recoveries Against Outstanding Claims 216.06 230.91 149.49 205.88 Deferred Commission Expense 62.90 66.63 45.17 44.23 Other Assets 737.99 619.42 592.67 646.73 Fixed Assets 63.92 78.92 87.72 86.20 Leased Motor Vehicle TOTAL ASSETS 2,524.26 2,197.99 1,887.87 2,113.75 Assets at Market Value 2,581.89 2,242.19 1,895.87 2,208.88 BALANCE SHEET RATIOS Net Working Capital (Rs.) 1,063.80 638.31 888.36 1,157.33 Current Ratio 2.86 2.20 3.22 2.79 Total Assets / Net Worth 1.69 1.77 1.76 2.17 Breakup Value Profit and Loss Account for the year ended 31st December REVENUE ACCOUNT Net Premium Revenue 405.94 382.17 479.93 874.97 Premium deficiency reversal/(expense) Less: Net Claims 201.11 169.22 205.59 676.48 Less: Expenses 111.32 117.20 116.65 92.93 Less: Net Commission (9.98) (3.17) 5.02 15.94 Underwriting result 103.49 98.92 152.67 89.62 Investment Income 158.72 131.76 92.19 90.54 Rental Income Other Income 2.15 0.18 2.31 2.48 General and administration expenses (171.59) (198.66) (164.57) (116.59) Exchange gain Finance charges on lease rentals 2010 9 8 7 (10.72) (66.72) (70.07) (23.57) Profit before tax 92.78 32.20 82.60 66.05 Provision for taxation 36.21 15.06 30.10 20.76 Profit after tax 56.57 17.14 52.50 45.29 APPROPRIATIONS Balance at commencement of year 871.46 854.32 801.82 777.12 Dividend Reserve for Bonus Share/Bonus Shares issued General Reserve 20.59 20.59 Balance Unappropriated profit at end of year 928.03 871.46 854.32 801.82 PROFIT AND LOSS ACCOUNT RATIOS Claims incurred to net premium % 49.54 44.28 42.84 77.31 Net Profit after tax to net premium % 13.94 4.48 10.94 5.18 Management expenses to net premium % 27.42 30.67 24.31 10.62 Commission to net premium % (2.46) (0.83) 1.05 1.82 Earning per share (Rs.) Cash Dividend Stock Dividend Balance Sheet Growth Equity Growth Claim Incurred Net Premium Underwritten 3,000 2,500 2,000 1,500 1,000 500 1,600 1,400 1, 1,000 800 600 400 800 700 600 500 400 300 1,000 800 600 400 Investments Cash and Bank Balances Net Profit after tax Dividend & other appropriations 1,000 900 800 700 600 500 400 300 1,000 800 600 400 60 50 40 30 20 10 60 50 40 30 20 10 Note: The amounts on yaxis represent s. 73

THE PAKISTAN GENERAL INSURANCE CO. LTD. PGI Vision The Pakistan General Insurance Company Limited is Committed to provide quality insurance services and improved coverage by virtue of sound professionalism and risk management expertise, to provide better coverage and satisfaction of their customers. Mission Our aim is to provide cost effective insurance cover to our customers which is achieved by increasing the productivity of our employees. We follow good governance and sound professionalism to become a well reputed and respected corporate entity in the eyes of Government and society. Ch. Zahoor Ahmed We strive to maintain a customer focused approach by ensuring that our services are delivered to the customer in time, according to the required specifications and within our stipulated cost. Key Financial Data for the last two (2) Years (Rs in million) 2010 9. Premium Written 312 206 Net Premium Revenue 111 110 Net Claims Expens 69 29 Net Commission / (Income) 15 5 Profit / (Loss) after tax 5 85 COMPANY INFORMATION 1. Chairman Ch. Manzoor Ahmed (P.S.P) I.G. Police Punjab (Retd) D.G.I.B.(Retd) 2. Chief Executive Officer 3 Executive Directors Ch. Zahoor Ahmed Ch.Ghulam Mustafa 4. Directors Ch. Manzoor Ahmed Ch. Zahoor Ahmed Ch. Ghulam Mustafa Ch. Muhammad Saleem Ch. Mazhar Zahoor Mr. MehmoodulHaq Mr. Usman Ali Ch. Athar Zahoor Mr. Rehan Beg 5. Company Secretary Ch. Muhammad Saleem 7. Chief Risk Officer Aftab Ahmed Phambra 8. Advisors Tax Consulants Kamran & Company Share Registry Corplink (Private) Ltd 9. Auditors M. Yousuf Adil Saleem & Co. (Chartered Accountants Member of Deloitte Touche) Kamran & Co. (Member of Impact Asia Pacific) 10. Registered & Head Office Cooperative Bank House, 5Bank Square ShahraheQuaideAzam, Lahore 11. Principal Office P.G.I. House, 5A, Bank Square ShahraheQuaideAzam, Lahore 6. Chief Financial Officer Azhar Hafeez Ch. 74

THE PAKISTAN GENERAL INSURANCE COMPANY LIMITED Balance Sheet as at 31st December 2010 9 8 7 Equity Authorized Share Capital 400.00 300.00 300.00 300.00 Issued subscribe and paidup Capital 250.00.00.00.00 Reserves and retained earnings 106.27 161.08 75.00 44.00 356.27 361.08 275.00 244.00 Underwriting Provisions Provision for outstanding claims (including IBNR) 8.24 10.35 9.00 12.00 Provision for unearned premium net 146.46 95.90 110.00 101.00 Additional provision for unexpired risk Commission Income Unearned 29.63 17.29 16.00 11.00 Total 184.33 123.54 135.00 124.00 Deferred Liabilities 23.28 31.45 11.00 9.00 Creditors and Accruals 23.32 20.21 37.00 27.00 Other Liabilities 6.97 7.50 51.00 34.00 Total Equity And Liabilities 594.19 543.78 509.00 438.00 Cash and Bank Deposits 90.86 138.21 48.00 106.00 Loans Secured Considered Good 0.18 0.11 0.10 0.10 Investment 24.26 25.60 19.00 16.00 Investment Properties 228.32 148.74 155.00 47.00 Deferred Tax Reinsurance Recoveries Against Outstanding Claims 5.42 7.69 5.00 10.00 Deferred Commission Expense 21.05 12.01 12.00 8.00 Other Assets 135.33 116.19 174.90 99.90 Fixed Assets 87.76 91.97 90.00 144.00 Leased Motor Vehicle 1.00 3.26 5.00 7.00 TOTAL ASSETS 594.19 543.78 509.00 438.00 Assets at Market Value 594.19 543.78 509.00 438.00 BALANCE SHEET RATIOS Net Working Capital (Rs.) 193.07 224.02 130.90 142.90 Current Ratio 6.01 6.88 2.35 2.96 Total Assets / Net Worth 1.67 1.51 1.85 1.80 Breakup Value 14.25 18.05 13.75 12.20 Profit and Loss Account for the year ended 31st December 2010 9 8 7 REVENUE ACCOUNT Net Premium Revenue 110.55 109.89 92.00 76.00 Premium deficiency reversal/(expense) Less: Net Claims 68.86 29.17 21.00 17.00 Less: Expenses 35.09 32.32 27.00 19.00 Less: Net Commission (14.64) (5.41) (7.00) (10.00) Underwriting result 21.24 53.81 51.00 50.00 Investment Income 9.26 7.37 (1.00) 3.00 Rental Income 6.12 5.56 3.00 2.00 Other Income 0.14 72.74 1.00 General and administration expenses (38.05) (33.78) (27.00) (28.00) Exchange gain Finance charges on lease rentals (0.36) (1.24) (1.00) (2.00) (22.90) 50.65 (26.00) (24.00) (Loss) / Profit before tax (1.66) 104.46 25.00 26.00 Provision for taxation (6.48) 20.79 3.00 1.00 Profit after tax 4.83 83.67 22.00 25.00 APPROPRIATIONS Balance at commencement of year 6.03 10.00 19.00 12.00 Restatement of errors 8.00 Dividend (10.00) Reserve for Bonus Share/ Bonus Shares issued General Reserve (90.00) (40.00) (19.00) Incremental depreciation 0.37 2.36 1.00 1.00 (3.60) (77.64) (12.00) (6.00) Balance Unappropriated profit at end of year 1.23 6.03 10.00 19.00 PROFIT AND LOSS ACCOUNT RATIOS Claims incurred to net premium % 62.29 26.54 22.83 22.37 Net Profit after tax to net premium % 4.37 76.14 23.91 32.89 Management expenses to net premium % 31.74 29.41 29.35 25.00 Commission to net premium % (13.25) (4.92) (7.61) (13.16) Earning per share (Rs.) 0.19 4.18 1.10 1.25 Cash Dividend (10.00) Stock Dividend (50.00) Balance Sheet Growth Equity Growth Claim Incurred Net Premium Underwritten 800 600 400 400 350 300 250 150 50 80 70 60 50 40 30 20 10 120 80 60 40 20 Investments Cash and Bank Balances Net Profit after tax Dividend & other appropriations 30 25 20 15 10 5 160 140 120 80 60 40 20 90 80 70 60 50 40 30 20 10 30 20 10 0 10 20 30 Note: The amounts on yaxis represent s. 75

PICIC INSURANCE LIMITED Mr. Ahmed Salahuddin Vision PICIC Insurance shall emerge as the leading Insurance and risk management services organization in Pakistan. We are in the business of providing solution to mitigate insurable risk exposure of our clients. We shall do this on the basis of through risk evaluation and product knowledge. Mission PICIC Insurance shall fully satisfy the needs and expectation of all its stakeholders: We shall putt the interest of our client first and ensure that they make informed decisions with respect to the products and services that we offer them. We shall give our employees a congenial work environment and shall give them opportunities for personal growth and development strictly on the basis of merit. We shall strive to continually provide above average returns to our shareholders. We shall support the development of the communities in which we live and work. Key Finanical Data for the last Two (2) Years (Rs in million) 2010 9 Premium Written 550 494 Net Premium Revenue 167 Net Claims Expense 91 106 Net Commission / (Income) 10 3 Profit / (Loss) after tax 5 17 COMPANY INFORMATION 1 Chairman Mr. Mohammed Basheer Janmohammed 2 Managing Director & CEO Mr. Ahmed Salahuddin 3 Directors Mr. Mohammed Basheer Janmohammed Mr. Muhammad Rafiq Tumbi Mr. Yameen Kerai Mr. Shahid Sattar Mr. Rizwan Abbas Mr. Muhammad Riaz Mr. Ahmed Salahuddin 4 CFO & Company Secretary Mr. Muhammad Haneed 5 Advisor Syed Ali Hyder 6 Auditors & Tax Advisor 7 Registered Office 8 Number of Employees 111 Ernst & Young Ford Rhodes Sidat Hyder Chartered Accountants 8th Floor Shaheen Complex M.R.Kayani Road, Karachi 76

PICIC INSURANCE LIMITED Balance Sheet as at 31st December 2010 9 8 7 Equity Authorized Share Capital 500.00 500.00 500.00 500.00 Issued subscribe and paidup Capital 350.00 350.00 350.00.00 Reserves and retained earnings (119.00) (124.00) (141.00) (88.00) 231.00 226.00 209.00 112.00 Underwriting Provisions Provision for outstanding claims (including IBNR) 128.00 121.00 156.00 212.00 Provision for unearned premium net 221.00 176.00 162.00 187.00 Additional provision for unexpired risk 1.00 Commission Income Unearned 23.00 16.00 15.00 12.00 Total 374.00 313.00 333.00 411.00 Deferred Liabilities 5.00 4.00 8.00 Creditors and Accruals 310.00 192.00 158.00 113.00 Other Liabilities Total Equity And Liabilities 919.00 731.00 704.00 644.00 Cash and Bank Deposits 218.00 161.00 187.00 61.00 Amount Due but unpaid 248.00 198.00 168.00 142.00 Investment 50.00 45.00 37.00 132.00 Amount Due from 120.00 92.00 78.00 77.00 Deferred Tax 3.00 Reinsurance Recoveries Against Outstanding Claims 54.00 47.00 62.00 65.00 Deferred Commission Expense 21.00 14.00 16.00 16.00 Other Assets 201.00 170.00 142.00 127.00 Fixed Assets 3.00 3.00 11.00 15.00 Leased Motor Vehicle 5.00 3.00 6.00 TOTAL ASSETS 919.00 731.00 704.00 644.00 Assets at Market Value BALANCE SHEET RATIOS Net Working Capital (Rs.) 35.00 65.00 78.00 (72.00) Current Ratio 1.00 1.00 1.00 1.00 Total Assets / Net Worth 4.00 3.00 3.00 6.00 Breakup Value 7.00 6.00 6.00 6.00 Profit and Loss Account for the year ended 31st December REVENUE ACCOUNT Net Premium Revenue 167.00.00 228.00 303.00 Premium deficiency reversal/(expense) (1.00) Less: Net Claims 91.00 106.00 154.00 268.00 Less: Expenses 79.00 85.00 93.00 124.00 Less: Net Commission (10.00) (3.00) (0.00) 9.00 Underwriting result 5.00 11.00 (19.00) (98.00) Investment Income 6.00 8.00 (3.00) 19.00 Rental Income 2010 9 8 7 Other Income 23.00 28.00 11.00 14.00 General and administration expenses (29.00) (31.00) (39.00) (30.00) Exchange gain 1.00.00 Finance charges on lease rentals (0.00) (1.00) 6.00 (32.00) 3.00 Profit / (loss) before tax 5.00 17.00 (50.00) (94.00) Provision for taxation 3.00 Profit / (loss) after tax 5.00 17.00 (53.00) (94.00) APPROPRIATIONS Balance at commencement of year (124.00) (141.00) (88.00) 26.00 Dividend 20.00 Reserve for Bonus Share/ Bonus Shares issued General Reserve 20.00 Balance Unappropriated profit at end of year (119.00) (124.00) (141.00) (88.00) PROFIT AND LOSS ACCOUNT RATIOS Claims incurred to net premium % 55.00 53.00 68.00 88.00 Net Profit after tax to net premium % 3.00 8.00 (23.00) (31.00) Management expenses to net premium % 48.00 43.00 41.00 41.00 Commission to net premium % (6.00) (1.00) 3.00 Earning per share (Rs.) 0.00 (2.00) (5.00) Cash Dividend 20.00 Stock Dividend Balance Sheet Growth Equity Growth Claim Incurred Net Premium Underwritten 1,000 800 600 400 250 150 50 300 250 150 50 300 250 150 50 Investments Cash and Bank Balances Net Profit after tax Dividend & other appropriations 140 120 80 60 40 20 250 150 50 40 20 (20) (40) (60) (80) () (5) (10) (15) (20) (25) Note: The amounts on yaxis represent s. 77

PREMIER INSURANCE LIMITED Vision Our vision is to provide the highest level of service in general insurance and strive to become a market leader with a prestigious profile. Mission Our Business: We are a company underwriting general insurance business including underwriting fire, property, marine, motor and other risks of our clients. We are committed to become the leading organization in the insurance sector building an excellent reputation among our clients with the objective of maximizing returns for all the stakeholders. Our Strengths: Financial viability and security we provide our clients and reinsurers in order to safeguard their interests. Our Strategy : To enhance our corporate image by providing high quality products and services to our policy holders. Mr. Fakhir Rahman To provide an excellent working environment to our employees affording them every opportunity to growth and career developments. Our Values: We take pride in adhering to ethical business practices and in being a good corporate citizen. We respect our people and endeavor to provide them opportunities to realize their full potential. We recognize our responsibility to our stakeholders and to society. Key Financial Data for the last two (2) Years (Rs in million) 2010 9 Premium Written 801 670 Net Premium Revenue 377 336 Net Claims Expense 168 149 Net Commission / (Income) 33 28 Profit / (Loss) after tax 121 53 COMPANY INFORMATION 1. Chairman Mr Zahid Bashir 2. Chief Executive Mr Fakhir Rahman 3. Directors Syed Arshad Ali Mr Khalid Bashir Mr Imran Maqbool Mr Nadeem Maqbool Mr Khurram Mazhar Mr Shams Rafi 4. CFO & Company Secretary Mr Afroz Quraishi 5. Auditors Anjum Asim Shahid Rahman Chartered Accountants 6. Legal Advisor Arfin & Company Advocates 7. Tax Advisor Mushtaq & Company Chartered Accountants 8. Registered 5th Floor, State Life Office Building No. 2A Wallace Road, Karachi 74000, Pakistan Phones:(9221) 324163314 Fax: (9221) 32416572 Email: info@pil.com.pk Website: www.pil.com.pk 9. Number of Employees 174 78

PREMIER INSURANCE LIMITED Balance Sheet as at 31st December Equity Authorized Share Capital 500.00 500.00 500.00 500.00 Issued subscribe and paidup Capital 302.82 263.32 239.39 199.49 Reserves and retained earnings 1,539.84 1,511.02 1,529.49 1,646.72 1,842.66 1,774.34 1,768.87 1,846.21 Underwriting Provisions Provision for outstanding claims (including IBNR) 339.60 251.11 326.56 436.47 Provision for unearned premium net 386.25 314.52 264.82 277.93 Additional provision for unexpired risk Commission Income Unearned 43.64 37.21 28.17 32.37 Total 769.49 602.84 619.54 746.76 Deferred Liabilities 23.08 21.07 17.09 11.41 Creditors and Accruals 458.35 383.97 290.63 333.70 Other Liabilities 7.70 6.50 5.23 5.12 Total Equity And Liabilities 3,101.28 2,788.72 2,701.37 2,943.20 Cash and Bank Deposits 153.85 220.58 885.31 234.93 Loans Secured Considered Good 1.71 2.41 3.12 3.83 Investment 1,343.39 1,245.69 607.16 1,560.82 Investment Properties 55.83 56.39 25.58 Deferred Tax Reinsurance Recoveries Against Outstanding Claims 209.01 138.77 218.63 286.50 Deferred Commission Expense 58.54 43.94 36.76 38.67 Other Assets 1,026.42 854.24 677.94 587.43 Fixed Assets 252.53 226.68 245.07 228.12 Leased Motor Vehicle 1.79 2.91 TOTAL ASSETS 3,101.28 2,788.72 2,701.37 2,943.20 Assets at Market Value 2010 9 8 7 BALANCE SHEET RATIOS Net Working Capital (Rs.) 583.63 572.01 1,159.47 333.57 Current Ratio 1.72 1.89 2.86 1.43 Total Assets / Net Worth 1.68 1.57 1.53 1.59 Breakup Value 60.85 67.38 73.89 92.55 Profit and Loss Account for the year ended 31st December 2010 9 8 7 REVENUE ACCOUNT Net Premium Revenue 376.72 335.46 295.83 346.83 Premium deficiency reversal/(expense) Less: Net Claims 168.20 149.40 138.81 194.37 Less: Expenses 158.60 136.83 126.31 103.52 Less: Net Commission 33.04 28.27 22.33 26.21 Underwriting result 16.88 20.95 8.39 22.73 Investment Income 162.36 222.18 185.63 542.58 Rental Income 0.33 2.10 1.61 Other Income 3.14 4.16 0.96 0.85 General and administration expenses (37.25) (43.59) (28.29) (70.48) Exchange gain Impairment in Investments (3.72) (126.16) (213.22) Finance charges on lease rentals 124.86 58.70 (53.30) 472.95 Profit before tax 141.74 79.65 (44.91) 495.69 Provision for taxation (20.76) (26.31) 7.48 (16.75) Profit after tax 120.98 53.34 (37.44) 478.94 APPROPRIATIONS Balance at commencement of year 240.99 109.46 626.69 749.25 Dividend 52.67 47.88 39.90 33.25 Reserve for Bonus Share/ Bonus Shares issued 39.50 23.94 39.90 33.25 General Reserve (150.00) 400.00 535.00 92.16 (78.19) 479.79 601.50 Balance Unappropriated profit at end of year 269.81 240.99 109.46 626.69 PROFIT AND LOSS ACCOUNT RATIOS Claims incurred to net premium % 44.65 44.54 46.92 56.04 Net Profit after tax to net premium % 32.11 15.90 (12.65) 138.09 Management expenses to net premium % 42.10 40.79 42.69 29.85 Commission to net premium % 8.77 8.43 7.55 7.56 Earning per share (Rs.) 4.00 2.03 (1.56) 24.01 Cash Dividend 52.67 47.88 39.90 33.25 Stock Dividend 39.50 23.94 39.90 33.25 Balance Sheet Growth Equity Growth Claim Incurred Net Premium Underwritten 3, 3,000 2,800 2,600 2,400 1,860 1,840 1,820 1,800 1,780 1,760 1,740 1,720 250 150 50 400 350 300 250 150 50 Investments Cash and Bank Balances Net Profit after tax Dividend & other appropriations 1,800 1,600 1,400 1, 1,000 800 600 400 1,000 800 600 400 600 500 400 300 () 800 600 400.00 Note: The amounts on yaxis represent s. 79

RELIANCE INSURANCE CO. LTD. Mr. A Razak Ahmed Vision To be recognized as a professional and dependable business entity committed to play a meaningful role in the development of insurance industry in Pakistan and to safeguard the legitimate interests of all stakeholders, namely policyholders, shareholders, reinsurers, employees and all other business associates/partner. Mission To provide quality service and protection to its Clients aiming at achieving a respectable volume of business and become a prominent player through good governance and sound professionalism focusing to become a wellknown and respected Corporate entity in the eyes of Society and Government. Key Financial Data for the last two (2)Years (Rs in million) 2010 9 Premium Written 530 506 Net Premium Revenue 268 327 Net Claims Expense 96 227 Net Commission / (Income) 40 44 Profit / (Loss) after tax 52 (33) COMPANY INFORMATION 1. Chairman Mr. Ismail H. Zakaria 2. Chief Executive & Managing Director Mr. A Razak Ahmed 3. Directors Mr. Mohammed Amin Ahmed Bawany Mr. A. Aziz Ayoob Mr. Irfan Zakaria Bawany Mr. Mohammad Omer Bawany Mr. Zohair Zakaria Mr. Ahmed Ali Bawany Mr. Noor M. Zakaria Mr. Ashfaq Patel Mr. Yasin Siddik 4. Chief Accountant & Company Secretary Mr. Haroon A. Shakoor 5. Auditors Hyder Bhimji & Company Chartered Accountants. 6. Legal Advisor Mr. Abdul Sattar Pingar 7. Registered Office 96A, Sindhi Muslim CoOperative Housing Society, Karachi 8. Head Office Reliance Insurance House, 181A, Sindhi Muslim Cooperative Housing Society, Karachi 74400 Tel: 4539415 17 Fax: 92214539412 Email: reliins@cyber.net.pk ricre@cyber.net.pk Web: www.relianceins.com 9. No of Employees 220 80

RELIANCE INSURANCE COMPANY LTD Balance Sheet as at 31st December Equity Authorized Share Capital 500.00 500.00 500.00 500.00 Issued subscribed and paidup Capital 252.01 252.01 229.09 176.23 Reserves and retained earnings 122.51 70.58 126.13 138.49 374.52 322.59 355.22 314.72 Underwriting Provisions Provision for outstanding claims (including IBNR) 148.99 227.47 252.84 125.49 Provision for unearned premium net 258.88 232.76 243.90 291.40 Commission Income Unearned 29.29 33.12 30.34 31.38 Total 437.16 493.35 527.08 448.27 Creditors and Accruals 91.66 88.29 50.52 39.50 Other Liabilities 0.11 0.11 5.90 4.44 Total Equity And Liabilities 903.45 904.33 938.72 806.93 Cash and Bank Deposits 57.54 63.04 85.03 94.95 Loans Secured Considered Good 0.75 1.06 0.96 0.94 Investment 284.60 282.69 285.86 270.42 Reinsurance Recoveries Against Outstanding Claims 98.24 144.01 214.07 88.71 Deferred Commission Expense 45.94 53.56 47.03 53.83 Other Assets 351.72 293.67 232.98 227.57 Fixed Assets 64.66 66.30 72.79 70.51 TOTAL ASSETS 903.45 904.33 938.72 806.93 Assets at Market Value 2010 9 8 7 BALANCE SHEET RATIOS Net Working Capital (Rs.) 266.74 184.85 222.82 241.80 Current Ratio 2.11 1.59 1.72 2.43 Total Assets / Net Worth 2.41 2.80 2.64 2.56 Breakup Value 14.86 12.80 15.51 17.86 Profit and Loss Account for the year ended 31st December 2010 9 8 7 REVENUE ACCOUNT Net Premium Revenue 267.91 326.55 445.54 395.81 Less: Net Claims 96.43 227.45 208.36 156.97 Less: Expenses 99.46 106.60 138.10 134.12 Less: Net Commission 40.09 44.48 50.91 46.20 Underwriting Result 31.93 (51.98) (48.17) 58.52 Investment Income 54.86 53.86 18.26 43.23 Other Income 1.40 1.58 1.38 0.90 General and administration expenses (31.51) (34.45) (15.55) (14.31) Exchange gain Finance charges on lease rentals 24.75 20.99 4.09 29.82 Profit before tax 56.68 (30.99) 52.26 88.35 Provision for taxation 4.75 1.65 11.75 17.60 Profit after tax 51.93 (32.64) 40.51 70.75 APPROPRIATIONS Balance at commencement of year (22.02) 41.02 70.88 58.37 Dividend Reserve for Bonus Share/ Bonus Shares issued 22.90 52.87 43.73 General Reserve (5.10) 7.50 17.50 14.50 (5.10) 30.40 70.37 58.23 Balance Unappropriated profit at end of year 35.01 (22.02) 41.02 70.89 PROFIT AND LOSS ACCOUNT RATIOS Claims incurred to net premium % 35.99 69.65 46.77 39.66 Net Profit after tax to net premium % 19.38 (10.00) 9.09 17.87 Management expenses to net premium % 37.12 32.64 31.00 33.88 Commission to net premium % 14.96 13.62 11.43 11.67 Earning per share (Rs.) 2.06 (1.30) 1.77 4.01 Cash Dividend Stock Dividend 22.90 52.87 43.73 Balance Sheet Growth Equity Growth Claim Incurred Net Premium Underwritten 950.00 900.00 850.00 800.00 750.00 700.00 380.00 360.00 340.00 320.00 300.00 280.00 250.00.00 150.00.00 50.00 500.00 400.00 300.00.00.00 Investments Cash and Bank Balances Net Profit after tax Dividend & other appropriations 290.00 285.00 280.00 275.00 270.00 265.00 260.00.00 80.00 60.00 40.00 20.00 80.00 60.00 40.00 20.00 (20.00) (40.00) 60.00 50.00 40.00 30.00 20.00 10.00 Note: The amounts on yaxis represent s. 81

SAUDI PAK INSURANCE COMPANY LTD. Vision Our vision is to be the quality insurance service provider, recognized and appraised by performance and product development to cater the changing needs of customers and continuous growth of human resource. Mission We wish to become a dynamic insurance service provider, maintaining credibility and reputation while growing revenues over the coming years and improving insurance products by utilizing latest technologies. Saudi Pak Insurance Company Limited focusing to build up a team of professionals by imparting exhaustive training, education and career Capt. Azhar Ehtesham Ahmed orientation for the benefit of the insurance industry. We shall endeavor our utmost to render the best possible service to our clients. Key Financial Data for the last two (2) Years (Rs in million) 2010 9 Premium Written 194 230 Net Premium Revenue 82 125 Net Claims Expense 70 70 Net Commission / (Income) 3 1 Profit / (Loss) after tax (43) 1 COMPANY INFORMATION 1. Chairman Mr. Mohamad Anwar 2. Chief Executive Officer Capt. Azhar Ehtesham Ahmed 3. Directors Mr. Farrukh S. Ansari Mr. Goharulayn Afzal Ms. Parveen A. Malik Mr. Fasihuddin Ahmed Syed Liaquat Ali Capt. Azhar Ehtesham Ahmed 4. CFO & Company Secretary Mr. Mohammad Imtiaz A. Aziz 5. Advisors Mandviwalla & Zafar 6. Auditors M. Yousuf Adil Saleem & Company Chartered Accountants 7. Registered Office 19th Floor, Saudi Pak Tower 61A, Jinnah Avenue Islamabad Phone # (051) 111223 Fax # (051) 111224 8. Main Office 2nd Floor, State Life Building No. 2A, Wallace Road, Karachi Phone # (021) 32418430 Fax # (021) 32417885 Email: info@saudipakinsurance.com.pk Website: www.saudipakinsurance.com.pk 9. Number of Employees 63 82

SAUDI PAK INSURANCE COMPANY LIMITED Balance Sheet as at 31st December Equity Authorized Share Capital 500.00 500.00 500.00 500.00 Issued subscribe and paidup Capital 325.00 325.00 325.00 250.00 Reserves and retained earnings (166.85) (124.13) (124.26) (64.38) 158.15.87.74 185.62 Underwriting Provisions Provision for outstanding claims (including IBNR) 128.13 190.23 248.00 297.96 Provision for unearned premium net 86.97 95.64 132.91 133.88 Additional provision for unexpired risk 2.00 2.00 3.53 3.53 Commission Income Unearned 11.53 11.94 16.82 16.53 Total 228.63 299.81 401.26 451.90 Deferred Liabilities 0.21 Creditors and Accruals 15.19 22.01 32.50 40.68 Other Liabilities Total Equity And Liabilities 401.97 522.69 634.70 678.20 Cash and Bank Deposits 50.68 32.39 99.82 118.28 Loans Secured Considered Good Investment 77.63.49 78.61 77.09 Investment Properties Deferred Tax Reinsurance Recoveries Against Outstanding Claims 88.16 158.45 199.16 237.77 Deferred Commission Expense 10.07 10.23 15.98 15.17 Other Assets 149.47 189.85 202.86 192.48 Fixed Assets 25.97 31.28 38.27 37.42 Leased Motor Vehicle TOTAL ASSETS 401.97 522.69 634.70 678.20 Assets at Market Value 2010 9 8 7 BALANCE SHEET RATIOS Net Working Capital (Rs.) 144.99 168.45 221.35 209.89 Current Ratio 2.01 1.79 1.79 1.62 Total Assets / Net Worth 2.54 2.60 3.16 3.65 Breakup Value 4.87 6.18 6.18 7.42 Profit and Loss Account for the year ended 31st December 2010 9 8 7 REVENUE ACCOUNT Net Premium Revenue 82.07 124.85 145.28 149.25 Premium deficiency reversal/(expense) 1.53 (3.53) Less: Net Claims (69.76) (69.94) (103.30) (114.09) Less: Expenses (56.40) (65.01) (86.68) (68.98) Less: Net Commission 2.55 1.12 0.06 (1.37) Underwriting result (41.54) (7.45) (44.64) (38.72) Investment Income 3.26 10.79 (12.60) 9.51 Rental Income Other Income 6.77 9.12 7.67 11.62 General and administration expenses (10.03) (11.30) (12.42) (11.39) Exchange gain 0.31 2.09 Finance charges on lease rentals 8.92 (15.26) 9.74. Profit before tax (41.54) 1.47 (59.88) (28.97) Provision for taxation 1.18 0.62 0.84 Profit after tax (42.72) 0.85 (59.88) (29.81) APPROPRIATIONS Balance at commencement of year (124.13) (124.26) (64.38) (34.57) Dividend Reserve for Bonus Share/Bonus Shares issued General Reserve Balance Unappropriated profit at end of year (166.85) (123.41) (124.26) (64.38) PROFIT AND LOSS ACCOUNT RATIOS Claims incurred to net premium % (85.00) (56.02) (71.10) (76.44) Net Profit after tax to net premium % (52.05) 0.68 (41.22) (19.97) Management expenses to net premium % (68.72) (52.07) (59.66) (46.22) Commission to net premium % 3.11 0.90 0.04 (0.92) Earning per share (Rs.) (1.31) 0.03 (1.84) (1.19) Cash Dividend Stock Dividend Balance Sheet Growth Equity Growth Claim Incurred Net Premium Underwritten 800.00 600.00 400.00.00 250.00.00 150.00.00 50.00 400.00 350.00 300.00 250.00.00 150.00.00 50.00 300.00 250.00.00 150.00.00 50.00 Investments Cash and Bank Balances Net Profit after tax Dividend & other appropriations 120.00.00 80.00 60.00 40.00 20.00 140.00 120.00.00 80.00 60.00 40.00 20.00 10.00 (10.00) (20.00) (30.00) (40.00) (50.00) (60.00) (70.00) 1 1 1 0 0 Note: The amounts on yaxis represent s. 83

SECURITY GENERAL INSURANCE COMPANY LIMITED Ms. Nabiha Shahnawaz Mission SGI to become a leader in insurance through innovation, competitive advantage, customer satisfaction and stakeholder confidence. Key Financial Data for the last two (2) Years (Rs in million) 2010 9 Premium Written 402 328 Net Premium revenue 127 120 Net Claims Expense 35 31 Net Commission/Income 3 18 Profit/ (Loss) after Tax 374 314 COMPANY INFORMATION 1. Chairman Mian Hassan Mansha 2. Chief Executive Officer Ms. Nabiha Shahnawaz 5. Chief Financial Officer Mr. Farrukh Aleem 6. Legal Advisor Hamid Law Associates 3. Board of Directors 4. Company Secretary Mian Hassan Mansha Mr. Aamir Fayyaz Sheikh Mr. Waleed Tariq Saigol Mr. Jehanzeb Amin Mr. Inayat Ullah Niazi Mr. Manzar Mushtaq Mr. Shahzad Ahmad Malik Mr. Badar ul Hassan Mr. Khalid Mahmood Chohan 7. Auditors & A.F. Ferguson & Co Tax Advisor Chartered Accountants 8. Registered / SGI House, 18 C / E1, Main Office Gulberg III, Lahore. Tel: 92423577502429 Fax: 924235775030 Email: sgi@sgicl.com Web: www.sgicl.com 9. Number of Employees 99 84

SECURITY GENERAL INSURANCE COMPANY LIMITED Balance Sheet as at 31st December 2010 9 8 7 Equity Authorized Share Capital 1,000.00 1,000.00 1,000.00 1,000.00 Issued subscribe and paidup Capital 680.63 680.63 680.63 226.88 Reserves and retained earnings 6,267.94 6,030.41 5,852.10 6,299.37 6,948.57 6,711.04 6,532.72 6,526.24 Underwriting Provisions Provision for outstanding claims (including IBNR) 134.11 98.17 127.14 101.01 Provision for unearned premium net 174.36 133.06 111.55 85.12 Additional provision for unexpired risk Commission Income Unearned 26.89 19.68 13.26 15.10 Total 335.36 250.92 251.94 201.23 Deferred Liabilities (Defered Taxation) 8.43 9.59 10.39 Creditors and Accruals 190.54 127.46 65.33 50.68 Other Liabilities 470.32 600.35 918.06 613.19 Total Equity And Liabilities 7,953.22 7,699.36 7,778.43 7,391.35 Cash and Bank Deposits 42.54 45.07 119.78 71.16 Loans Secured Considered Good Investment 7,295.08 7,116.57 7,225.33 6,969.09 Investment Properties Deferred Tax Reinsurance Recoveries Against Outstanding Claims 108.42 75.34 107.67 73.58 Deferred Commission Expense 38.65 27.20 22.77 11.75 Other Assets 383.22 349.44 222.61 186.49 Fixed Assets 85.31 85.75 80.27 79.28 Leased Motor Vehicle TOTAL ASSETS 7,953.22 7,699.36 7,778.43 7,391.35 Assets at Market Value BALANCE SHEET RATIOS Net Working Capital (Rs.) (260.80) (356.15) (660.46) (433.66) Current Ratio 0.67 0.57 0.41 0.43 Total Assets / Net Worth 1.14 1.15 1.19 1.13 Breakup Value 102.09 98.60 95.98 287.66 Profit and Loss Account for the year ended 31st December 2010 9 8 7 REVENUE ACCOUNT Net Premium Revenue 127.01 120.20 69.33 43.29 Premium deficiency reversal/(expense) Less: Net Claims 34.91 31.28 16.75 17.14 Less: Expenses 38.81 24.26 10.32 4.95 Less: Net Commission 2.82 17.50 1.04 5.71 Underwriting result 50.46 47.15 41.22 15.49 Investment Income 496.44 446.25 297.56 6,329.30 Rental Income Other Income 4.70 6.76 2.75 3.82 General and administration expenses 53.36 45.94 31.82 25.79 Exchange gain Finance charges on lease rentals 87.49 360.29 498.96 332.13 6,358.91 Profit before tax 410.75 329.47.41 6,285.08 Provision for taxation 37.10 15.03 46.46 22.72 Profit after tax 373.66 314.44 153.95 6,262.36 APPROPRIATIONS Balance at commencement of year 6,028.41 5,850.10 6,297.37 261.88 Dividend 136.13 136.13 147.47 181.50 Reserve for Bonus Share/ Bonus Shares issued 453.75 45.38 General Reserve 136.13 136.13 601.22 226.88 Balance Unappropriated profit at end of year 6,265.94 6,028.41 5,850.10 6,297.37 PROFIT AND LOSS ACCOUNT RATIOS Claims incurred to net premium % 27.48 26.02 24.16 39.58 Net Profit after tax to net premium % 294.20 261.59 222.06 14,465.05 Management expenses to net premium % 30.56 20.18 14.89 11.44 Commission to net premium % 2.22 14.56 1.50 13.19 Earning per share (Rs.) 5.49 4.62 2.26 276.03 Cash Dividend 136.13 136.13 147.47 181.50 Stock Dividend 453.75 45.38 Balance Sheet Growth Equity Growth Claim Incurred Net Premium Underwritten 8,000 7,800 7,600 7,400 7, 7,000 7,000 6,900 6,800 6,700 6,600 6,500 6,400 6,300 40 35 30 25 20 15 10 5 140 120 80 60 40 20 Investments Cash and Bank Balances Net Profit after tax Dividend & other appropriations 7,400 7,300 7, 7, 7,000 6,900 6,800 140 120 80 60 40 20 60 50 40 30 20 10 6,000 5,000 4,000 3,000 2,000 Note: The amounts on yaxis represent s. 85

Shaheen Insurance SHAHEEN INSURANCE COMPANY LIMITED Mission Mr. Asif Suleman Key Financial Data for the last two (2) Years Our mission is to continuously improve ourselves to become a leading, profitable Company, meeting the needs of our customers and enhancing the value of our shareholders Investment. We will accomplish this by using the strengths of our people and the application of innovative science for the development of new insurance products and services that are high in quality and competitive in price. (Rs in million) 2010 9 Premium Written 553 596 Net Premium Revenue 417 482 Net Claims Expense 263 268 Net Commission / (Income) 68 105 Profit / (Loss) after tax (29) 17 COMPANY INFORMATION 1. Chairman Air Vice Marshal ( R ) M.Ikramullah Bhatti 2. Chief Executive Officer Mr.Asif Suleman 3. Directors Air Commodore ( R ) Zafar Iqbal Mir Mr.Naveed Tariq Mr.Ahmed Bilal Mr.Shahid Hameed Mr.Ian Howell Ross Mr.Takudzwa Brooks Takundanyika Mparutsa 5. Legal Advisor Shaukat Law Associates 6. Auditors Anjum Asim Shahid Rehman Chartered Accountants 7. Registered / Main Office 8. Number of Employees 219 10th Floor, Shaheen Complex, M.R.Kayani Road, Karachi74 4. CFO & Company Secretary Mr.Huzaif Hanif Tola 86

SHAHEEN INSURANCE COMPANY LIMITED Balance Sheet as at 31st December 2010 9 8 7 Equity Authorized Share Capital 300.00.00.00.00 Issued subscribe and paidup Capital.00.00 175.00 175.00 Reserves and retained earnings (3.78) 25.25 32.79 104.54 196.22 225.25 207.79 279.54 Underwriting Provisions Provision for outstanding claims (including IBNR) 185.19 165.70 169.72 172.10 Provision for unearned premium net 245.05 234.72 284.14 322.85 Additional provision for unexpired risk Commission Income Unearned 13.23 14.05 14.96 12.63 Total 443.47 414.47 468.82 507.58 Deferred Liabilities Creditors and Accruals 76.54 87.41 75.20 84.19 Other Liabilities 1.47 2.54 3.43 0.40 Total Equity And Liabilities 717.70 729.67 755.24 871.71 Cash and Bank Deposits 136.97 132.73 166.84 235.86 Loans Secured Considered Good 2.13 1.39 1.41 0.69 Investment 155.72 177.52 175.91 227.94 Investment Properties 4.55 5.09 5.63 6.16 Deferred Tax Reinsurance Recoveries Against Outstanding Claims 59.01 72.69 56.61 45.44 Deferred Commission Expense 37.33 50.24 63.37 69.00 Other Assets 261.50 238.79 232.53 247.19 Fixed Assets 60.49 51.22 52.94 39.43 Leased Motor Vehicle TOTAL ASSETS 717.70 729.67 755.24 871.71 Assets at Market Value BALANCE SHEET RATIOS Net Working Capital (Rs.) 194.28 188.56 207.63 271.80 Current Ratio 1.74 1.74 1.84 2.06 Total Assets / Net Worth 3.66 3.24 3.63 3.12 Breakup Value 9.81 11.26 11.87 15.97 Profit and Loss Account for the year ended 31st December 2010 9 8 7 REVENUE ACCOUNT Net Premium Revenue 417.39 481.63 575.73 570.80 Premium deficiency reversal/(expense) 2.31 (0.90) Less: Net Claims 263.04 267.99 333.83 370.00 Less: Expenses 65.81 59.77 62.11 59.30 Less: Net Commission 68.27 104.71 115.71 105.86 Underwriting result 20.27 49.16 66.39 34.74 Investment Income 16.67.64 (64.65) 83.77 Rental Income 2.08 1.83 1.74 1.68 Other Income 6.14 2.29 1.73 1.32 General and administration expenses (68.08) (64.78) (69.06) (58.45) Impairment of non trading investment (0.55) (68.14) Finance charges on lease rentals (43.74) (28.16) (130.24) 28.32 Profit before tax (23.47) 21.00 (63.85) 63.06 Provision for taxation 5.56 3.54 7.90 2.85 Profit after tax (29.03) 17.46 (71.75) 60.21 APPROPRIATIONS Balance at commencement of year 5.25 12.79 84.54 99.33 Dividend Reserve for Bonus Share/Bonus Shares issued 25.00 75.00 General Reserve 25.00 75.00 Balance Unappropriated profit at end of year (23.78) 5.25 12.79 84.54 PROFIT AND LOSS ACCOUNT RATIOS Claims incurred to net premium % 63.02 55.64 57.98 64.82 Net Profit after tax to net premium % (6.96) 3.63 (12.46) 10.55 Management expenses to net premium % 15.77 12.41 10.79 10.39 Commission to net premium % 16.36 21.74 20.10 18.55 Earning per share (Rs.) (1.45) 0.87 (4.10) 3.44 Cash Dividend Stock Dividend 25.00 75.00 Balance Sheet Growth Equity Growth Claim Incurred Net Premium Underwritten 1,000 800 600 400 300 250 150 50 400.00 300.00.00.00 700.00 600.00 500.00 400.00 300.00.00.00 Investments Cash and Bank Balances Net Profit after tax Dividend & other appropriations 250 150 50 250 150 50 80.00 60.00 40.00 20.00 (20.00) (40.00) (60.00) (80.00) 80 60 40 20 Note: The amounts on yaxis represent s. 87

STAR SILVER STAR INSURANCE COMPANY LTD. INSURANCE COMPANY SILVER LTD. Mr. Zahir Muhammad Sadiq Vision To ensure efficient and prompt service of insurance solutions to the industry, through an integrated and well organized system, governed by motivated and prudently managed human resources. Mission Our mission is to strengthen our position in the insurance industry, initially by concentrating upon our vigilant expansion in the province of Punjab, while channeling out into other provinces, by way of continuing to provide reliable and quality insurance security, with the persistent support of "A" rated International Reinsurers; thus maintaining high ethical and professional standards, visàvis profitable returns to all our shareholders. Key Financial Data for the last two (2) Years (Rs in million) 2010 9 Premium Written 249 220 Net Premium Revenue 154 148 Net Claims Expense 41 28 Net Commission / (Income) 12 11 Profit / (Loss) after tax 37 34 COMPANY INFORMATION 1. Chairman Ch. Muhammad Sadiq 2. Managing Director & CEO Mr. Zahir Muhammad Sadiq 3. Directors Mr. Faisal Zaka Bajwa Mr. Mudassar Imran Mr. Muhammad Kashif Ms. Naveeda Abid Mr. Waheed Ahmed 4. Company Secretary 5. Chief Financial Officer Mr. Nazir Ahmed Khan Mr. Muhammad Kashif 6. Advisor Mr. Maqsood Hassan & Ahmed & Pansota Advocates & Legal Consultants 7. Auditors & Tax Advisor Ilyas Saeed & Co. Chartered Accountants & Sarwars Chartered Accountants 8. Registered Office Silver Star House, 5Bank Square, P. O. Box 2533, Lahore 54000 Tel.: (9242) 3732 4488, 3735 5614, 3723 7518, 3723 1449 Fax: (9242) 3722 9966 9. Number of Employees 48 88

SILVER STAR INSURANCE COMPANY LIMITED Balance Sheet as at 31st December 2010 9 8 7 Equity Authorized Share Capital 300.00 300.00 300.00 300.00 Issued, subscribed and paidup Capital 253.13 210.94 168.75 125.00 Reserves and retained earnings.28 181.16 189.28 158.26 453.41 392.10 358.03 283.26 Underwriting Provisions Provision for outstanding claims (including IBNR)54.83 14.34 8.27 11.55 Provision for unearned premium net 118.24.20 101.38 93.46 Additional provision for unexpired risk Commission Income Unearned 11.19 9.91 10.37 9.46 Total 184.26 124.45 120.02 114.47 Deferred Liabilities 5.58 7.82 7.02 5.48 Creditors and Accruals 68.52 43.87 35.75 20.75 Other Liabilities 34.66 15.81 15.41 15.65 Total Equity And Liabilities 746.43 584.05 536.23 439.61 Cash and Bank Deposits 328.77 315.87 279.28 211.52 Loans Secured Considered Good 6.70 8.17 5.44 4.42 Investment 36.31 31.35 40.55 33.51 Investment Properties 11.30 11.34 11.39 11.43 Deferred Tax Reinsurance Recoveries Against Outstanding Claims 34.21 2.67 2.25 2.20 Deferred Commission Expense 23.11 15.82 15.07 9.73 Other Assets 161.17 101.81 90.40 87.04 Fixed Assets 102.19 74.72 73.14 60.47 Leased Motor Vehicle 42.67 22.30 18.71 19.29 TOTAL ASSETS 746.43 584.05 536.23 439.61 Assets at Market Value 747.62 582.50 518.52 440.85 BALANCE SHEET RATIOS Net Working Capital (Rs.) 366.14 346.33 312.50 252.81 Current Ratio 3.32 5.68 6.26 6.27 Total Assets / Net Worth 1.65 1.49 1.50 1.55 Breakup Value 17.91 18.59 21.22 22.66 Profit and Loss Account for the year ended 31st December 2010 9 8 7 REVENUE ACCOUNT Net Premium Revenue 154.11 147.87 139.66 120.03 Premium deficiency reversal/(expense) Less: Net Claims 40.91 28.46 16.04 25.47 Less: Expenses 50.38 48.84 33.90 20.19 Less: Net Commission 11.94 11.60 5.45 (1.01) Underwriting result 50.88 58.97 84.27 75.38 Investment Income 9.00 (5.37) 12.15 13.24 Rental Income 0.43 0.43 0.63 0.49 Other Income 1.27 1.70 0.82 0.23 General and administration expenses 22.85 17.03 15.58 11.54 Exchange gain Finance charges on lease rentals 2.13 2.09 1.19 12.15 15.92 31.27 26.69 Profit before tax 38.73 38.70 82.29 77.80 Provision for taxation 1.44 4.63 7.52 7.62 Profit after tax 37.29 34.07 74.77 70.18 APPROPRIATIONS Balance at commencement of year 91.59 110.03 89.72 50.41 Dividend Reserve for Bonus Share/ Bonus Shares issued 42.19 42.19 43.75 25.00 General Reserve 10.60 10.55 10.94 6.25 Amortization of surplus on revaluation (0.21) (0.22) (0.23) (0.38) 52.58 52.52 54.46 30.87 Balance Unappropriated profit at end of year 76.30 91.58 110.03 89.72 PROFIT AND LOSS ACCOUNT RATIOS Claims incurred to net premium % 26.55 19.25 11.49 21.22 Net Profit after tax to net premium % 24.20 23.04 53.54 58.47 Management expenses to net premium % 32.69 33.03 24.27 16.82 Commission to net premium % 7.75 7.84 3.90 (0.84) Earning per share (Rs.) 1.47 1.62 4.43 5.61 Cash Dividend Stock Dividend 42.19 42.19 43.75 25.00 Balance Sheet Growth Equity Growth Claim Incurred Net Premium Underwritten 800 600 400 500 400 300 50 40 30 20 10 150 50 Investments Cash and Bank Balances Net Profit after tax Dividend & other appropriations 45 40 35 30 25 20 15 10 5 350 300 250 150 50 80 70 60 50 40 30 20 10 60 50 40 30 20 10 Note: The amounts on yaxis represent s. 89

TPL Direct Insurance A TPL Holdings Company TPL DIRECT INSURANCE LTD. Vision To establish leadership in the personal lines business as a Direct Insurer and inspire improvement in the insurance penetration in Pakistan by offering innovative products compatible to the international standards. Mission We aim to be the best service and product provider, offering unprecedented 24 hours underwriting and claims services and adding value for the stakeholders, with a team of highly trained and skilled staff. We will strive to achieve this by: Well managed 24 * 7 call center In house capability of pre and post risk claim inspection. Prudent underwriting with low cost base. Effective treasury management. Settling claims with promptitude and equity. Mr. Saad Nissar Optimum use of IT and offer web based underwriting and claims facility. Display of professionalism and motivation by staff in all areas. Effective Training for career progression of the staff. Value addition by providing free Ambulance service & Roadside assistance. Key Financial Data for the last two (2) Years (Rs in million) 2010 9 Premium Written 409 287 Net Premium Revenue 331 224 Net Claims Expense 142 65 Net Commission/(Income) 36 17 Profit / (Loss) after tax (18) 2 COMPANY INFORMATION 1. Chairman Mr. Jameel Yusuf 2. Chief Executive Officer Mr. Saad Nissar 3. Directors Mr. Jameel Yusuf Mr. Ali Jameel Mr. Saad Nissar Mr. Adil Matcheswalla Mr. Rizwan Abbas Mr. Syed Kazim Hasan Mr. Mustafa Ali 5. Advisor M/s. Lari Associates 6. Auditors KPMG Taseer Hadi & Co. 7. Registered Office 8. Number of Employees 72 39K, Block6, P.E.C.H.S, Karachi 4. CFO & Company Secretary Syed Kazim Hasan 90

TPL DIRECT INSURANCE LTD Balance Sheet as at 31st December 2010 9 8 7 Equity Authorized Share Capital 350.00 350.00 350.00 350.00 Issued subscribe and paidup Capital 310.00 310.00 310.00 160.41 Reserves and retained earnings (114.49) (96.48) (98.34) (.19) 195.51 213.52 211.66 60.22 Underwriting Provisions Provision for outstanding claims (including IBNR) 51.90 34.76 14.53 16.82 Provision for unearned premium net 199.41 141.47 86.65 79.29 Additional provision for unexpired risk Commission Income Unearned 0.04 0.18 0.61 0.99 Total 251.35 176.41 101.79 97.10 Deferred Liabilities 0.51 5.39 4.49 Creditors and Accruals 70.83 36.46 15.85 34.18 Other Liabilities 43.98 29.24 24.10 Total Equity And Liabilities 562.18 461.03 357.90 191.50 Cash and Bank Deposits 4.65 1.81 1.63 4.99 Loans Secured Considered Good 0.44 Investment 33.84 38.84 34.32 25.70 Investment Properties Deferred Tax 33.39 34.60 25.06 18.53 Reinsurance Recoveries Against Outstanding Claims 4.38 2.36 2.74 5.82 Deferred Commission Expense 21.40 15.27 7.51 7.77 Other Assets 191.02 97.19 123.57 27.88 Fixed Assets 263.85 258.45 154.37.29 Leased Motor Vehicle 9.21 12.51 8.70 0.52 TOTAL ASSETS 562.18 461.03 357.90 191.50 Assets at Market Value BALANCE SHEET RATIOS Net Working Capital (Rs.) 33.34 0.90 73.46 (12.31) Current Ratio 1.20 1.01 2.35 0.76 Total Assets / Net Worth 2.88 2.16 1.69 3.18 Breakup Value 6.31 6.89 6.83 3.75 Profit and Loss Account for the year ended 31st December REVENUE ACCOUNT Net Premium Revenue 331.29 223.57 166.69 138.70 Premium deficiency reversal/(expense) Less: Net Claims 141.85 64.63 48.56 32.98 Less: Expenses 135.96 112.04 96.36 71.99 Less: Net Commission 35.65 17.47 13.16 14.49 Underwriting result 17.83 29.43 8.61 19.24 Investment Income 3.97 (2.56) 2.48 3.04 Rental Income Other Income 15.49 14.81 5.62 0.71 General and administration expenses (41.71) (25.93) (20.16) (23.93) Exchange gain Finance charges on lease rentals (7.94) (5.61) (1.22) (0.22) (30.19) (19.29) (13.28) (20.40) Profit before tax (12.37) 10.14 (4.67) (1.15) Provision for taxation 5.63 8.28 (6.52) (35.23) Profit after tax (18.00) 1.86 1.85 34.08 APPROPRIATIONS Balance at commencement of year (96.48) (98.34) (.19) (134.27) Dividend Reserve for Bonus Share/Bonus Shares issued General Reserve 2010 9 8 7 Balance Unappropriated profit at end of year (114.48) (96.48) (98.34) (.19) PROFIT AND LOSS ACCOUNT RATIOS Claims incurred to net premium % 42.82 28.91 29.13 23.78 Net Profit after tax to net premium % (5.43) 0.83 1.11 24.57 Management expenses to net premium % 41.04 50.11 57.81 51.90 Commission to net premium % 10.76 7.81 7.89 10.45 Earning per share (Rs.) (0.58) 0.06 0.06 2.12 Cash Dividend Stock Dividend Balance Sheet Growth Equity Growth Claim Incurred Net Premium Underwritten 600.0 500.0 400.0 300.0.0.0 250.00.00 150.00.00 50.00 160.00 140.00 120.00.00 80.00 60.00 40.00 20.00 350.00 300.00 250.00.00 150.00.00 50.00 Investments Cash and Bank Balances Net Profit after tax Dividend & other appropriations 45.0 40.0 35.0 30.0 25.0 20.0 15.0 10.0 5.0 6.0 5.0 4.0 3.0 2.0 1.0 40.00 30.00 20.00 10.00 (10.00) (20.00) (30.00) (20.00) (40.00) (60.00) (80.00) (.00) (120.00) (140.00) (160.00) Note: The amounts on yaxis represent s. 91

UBL INSURERS LIMITED L I M I T E D Vision Our vision is to establish a position as the premier choice for corporate and consumer sector. Mission Our mission is to become a reputable general insurer of the country by providing dedicated service to our customers. This will be accomplished by recognizing the customer needs and providing suitable products at affordable prices and servicing the claims within optimum time frame. Mr. Shariq Abdullah Key Financial Data for the last two (2) Years (Rs in million) 2010 9 Premium Written 633 512 Net Premium Revenue 239 265 Net Claims Expense 166 234 Net Commission / (Income) 29 23 Profit / (Loss) after tax (21) (128) COMPANY INFORMATION 1. Chairman Mr. Aameer Karachiwalla 2. Chief Executive Officer Mr. Shariq Abdullah 3. Directors Mr. Omar Z. AlAskari Mr. Zameer Muhammad Choudery Mr. Amin Uddin Mr. Rizwan Pervez Mr. Rayomond Kotwal Mr. Hasan Raza 4. Company Secretary Mr. Abdul Sattar Vaid 6. Legal Advisor M/s. Mohsin Tayebaly & Co. 7. Auditors M/s. Ernst & Young Ford Rhodes Sidat Hyder Chartered Accountants 8. Registered & 2nd Floor State Life Main Office Building # 2, Wallace Road Off. I.I. Chundrigar Road, Karachi. 9. Number of Employees 122 5. Acting Chief Financial Officer Mr. Nadeem Raza 92

UBL INSURERS LIMITED Balance Sheet as at 31st December 2010 9 8 7 Equity Authorized Share Capital 1,500.00 500.00 500.00 500.00 Issued subscribe and paidup Capital 1,152.17 500.00 300.00 300.00 Discount on issue of Right shares (352.17) Reserves and retained earnings (299.87) (273.16) (145.58) (145.50) 500.12 226.84 154.42 154.50 Underwriting Provisions Provision for outstanding claims (including IBNR) 239.33 276.45 197.96 204.42 Provision for unearned premium net 257.31 249.39 316.47 183.46 Additional provision for unexpired risk 2.78 46.07 Commission Income Unearned 26.10 22.60 21.73 16.43 Total 522.75 551.21 536.16 450.38 Deferred Liabilities 1.05 Creditors and Accruals 22.62 22.01 12.31 50.63 Other Liabilities 37.76 42.49 99.56 46.64 Total Equity And Liabilities 1,083.25 842.56 802.46 703.20 Cash and Bank Deposits 27.39 18.99 24.74 23.38 Loans Secured Considered Good 0.80 1.47 1.42 0.55 Investment 378.96 205.00 114.72 281.81 Investment Properties Deferred Tax Reinsurance Recoveries Against Outstanding Claims 183.65 188.37 121.35 144.71 Deferred Commission Expense 15.22 23.08 21.26 19.10 Other Assets 430.78 340.17 436.79 174.68 Fixed Assets 46.21 58.05 66.95 44.70 Leased Motor Vehicle 0.25 7.43 15.23 14.27 TOTAL ASSETS 1,083.25 842.56 802.46 703.20 Assets at Market Value BALANCE SHEET RATIOS Net Working Capital (Rs.) 342.10 206.58 273.04 41.08 Current Ratio 2.14 1.61 1.88 1.14 Total Assets / Net Worth 2.17 3.71 5.20 4.55 Breakup Value 4.34 4.54 5.15 5.15 Profit and Loss Account for the year ended 31st December REVENUE ACCOUNT Net Premium Revenue 238.77 264.81 273.62 88.56 Premium deficiency reversal/(expense) 2.78 (2.78) 46.07 (46.07) Less: Net Claims (165.54) (234.21) (145.59) (80.03) Less: Expenses (78.66) (95.13) (89.55) (63.48) Less: Net Commission 29.32 22.90 12.28 19.75 Underwriting result 26.67 (44.41) 96.82 (81.26) Investment Income 28.77 1.92 6.13 25.61 Rental Income Other Income 3.23 8.01 1.38 General and administration expenses (76.13) (90.77) (102.96) (73.42) Exchange gain Finance charges on lease rentals (0.18) (1.03) (1.36) (0.34) (44.31) (81.87) (96.81) (48.15) Profit/ (Loss) before tax (17.64) (126.28) 0.00 (129.41) Provision for taxation (3.30) (1.30) (0.08) (0.57) Profit / (Loss) after tax (20.94) (127.58) (0.08) (129.98) APPROPRIATIONS Balance at commencement of year (273.16) (145.58) (145.50) (15.52) Dividend Share Issue Cost (5.77) 2010 9 8 7 (5.77) Balance Unappropriated profit at end of year (299.87) (273.16) (145.58) (145.50) PROFIT AND LOSS ACCOUNT RATIOS Claims incurred to net premium % (69.33) (88.44) (53.21) (90.36) Net Profit after tax to net premium % (8.77) (48.18) (0.03) (146.77) Management expenses to net premium % (32.94) (35.92) (32.73) (71.68) Commission to net premium % 12.28 8.65 4.49 22.30 Earning per share (Rs.) (0.18) (2.55) (0.00) (4.33) Cash Dividend Stock Dividend Balance Sheet Growth Equity Growth Claim Incurred Net Premium Revenue 1, 1,000 800 600 400 600 500 400 300 250 150 50 300 250 150 50 Investments Cash and Bank Balances Net Profit after tax Dividend & other appropriations 400 350 300 250 150 50 30.0 25.0 20.0 15.0 10.0 5.0 (20) (40) (60) (80) () (120) (140) 1 1 1 0 0 Note: The amounts on yaxis represent s. 93

PAKISTAN Rated A by PACRA THE UNITED INSURANCE COMPANY OF PAKISTAN LTD. Vision A first class Insurance Company to provide cost effective Risk management solutions to its policyholders through highest level of quality. Mission For our Customers To provide superior services through high quality business solutions and health protection, based on expert advise and financial management and adding value to the all corporate and non corporate customers. For our Shareholder To maximum the share holders, value by optimization utilization of resources. Mr. Khawas Khan Niazi For our Employees To provide opportunities for self development Key Financial Data for the last two (2) Years (Rs in million) 2010 9 Premium Written 846 715 Net Premium Revenue 551 424 Net Claims Expense 176 122 Net Commission / (Income) 22 37 Profit / (Loss) after tax 118 64 COMPANY INFORMATION 1. Chairman Mian M.A. Shahid 8. Auditors M/s. Ilyas Saeed & Co. M/s Sarwars Chartered Accountants 2. Chief Executive Mr. Khawas Khan Niazi 9. Registrar Office The United Insurance Company 3. Director/President Chaudhary Habibur Rehman of Pakistan Limited, 204, 2nd Floor, 4. Directors Chaudhary Najeebur Rehman Chaudhary Azizur Rehman Ms. Huma Waheed Chaudhary Maqsood Ahmed Madina City Mall, Abdullah Haroon Road, Karachi. info@theunitedinsurance.com 5. Deputy Managing Mr. Zia Hassan Zuberi Director & Company Secretary 6. Chief Financial Officer Mr. Naeem Tariq 7. Advisors Mr. Farooq Sheikh (Advocate) Mr. M. A. Hamdani (Advocate) 10. Head Office The United Insurance Company of Pakistan Limited, 1st Floor, Nizam Chamber, 7ShahraheFatima Jinnah Lahore. Pakistan uicp@theunitedinsurance.com 11. No of Employees 550 94

THE UNITED INSURANCE COMPANY OF PAKISTAN LIMITED Balance Sheet as at 31st December 2010 9 8 7 Equity Authorized Share Capital 1,000.000 750.000 500.000 500.000 Issued subscribe and paidup Capital 400. 345.000 302.406 252.006 Reserves and retained earnings 268.010 204.824 182.996 177.483 668.210 549.824 485.402 429.489 Underwriting Provisions Provision for outstanding claims (including IBNR) 52.890 17.538 13.452 18.928 Provision for unearned premium net 290.858 251.563 174.798 153.836 Additional provision for unexpired risk Commission Income Unearned 40.244 32.161 32.638 38.525 Total 383.992 301.262 220.888 211.289 Deferred Liabilities 36.031 28.355 18.030 13.223 Creditors and Accruals 78.780 69.496 49.818 57.851 Other Liabilities 71.112 69.386 70.515 70.410 Total Equity And Liabilities 1,238.125 1,018.323 844.653 782.262 Cash and Bank Deposits 251.676 218.843 206.770 191.199 Loans Secured Considered Good 3.621 1.664 1.631 1.254 Investment 92.259 52.491 40.380 13.263 Investment Properties 42.050 43.046 44.094 45.198 Deferred Tax Reinsurance Recoveries Against Outstanding Claims 31.723 9.446 6.520 9.705 Deferred Commission Expense 53.801 53.657 48.629 47.080 Other Assets 410.116 330.732 273.121 259.013 Fixed Assets 273.973 227.769 152.425 148.327 Leased Motor Vehicle 78.906 80.675 71.083 67.223 TOTAL ASSETS 1,238.125 1,018.323 844.653 782.262 Assets at Market Value 1,243.606 1,024.397 84.466 770.073 BALANCE SHEET RATIOS Net Working Capital (Rs.) 491 403 353 313 Current Ratio 3.42 3.57 3.64 3.12 Total Assets / Net Worth 1.85 1.85 1.74 1.82 Breakup Value 16.70 15.94 16.05 17.04 Profit and Loss Account for the year ended 31st December 2010 9 8 7 REVENUE ACCOUNT Net Premium Revenue 550.559 423.731 356.523 312.658 Premium deficiency reversal/(expense) Less: Net Claims 175.550 121.560 102.975 83.271 Less: Expenses 75.826 59.936 58.412 28.667 Less: Net Commission 21.956 36.763 26.549 22.188 Underwriting result 277.227 205.472 168.587 178.532 Investment Income 21.022 10.824 1.662 4.137 Rental Income 0.420 0.726 0.480 0.480 Other Income 1.860 0.169 0.113 20.727 General and administration expenses (157.335) (135.817) (105.080) (95.796) Exchange gain Finance charges on lease rentals (9.657) (8.582) (7.539) (143.690) (132.680) (110.364) (70.452) Profit before tax 133.537 72.792 58.223 108.080 Provision for taxation 15.150 8.370 2.310 7.733 Profit after tax 118.387 64.422 55.913.347 APPROPRIATIONS Balance at commencement of year 128.228 106.322.729 0.296 Incremental Depriciation 0.074 0.077 0.082 0.086 Dividend Reserve for Bonus Share/Bonus Shares issued 55. 42.593 50.401 General Reserve 55. 42.593 50.401 Balance Unappropriated profit at end of year 191.489 128.228 106.323.729 PROFIT AND LOSS ACCOUNT RATIOS Claims incurred to net premium % 31.89 28.69 28.88 26.63 Net Profit after tax to net premium % 21.50 15.20 15.68 32.09 Management expenses to net premium % 13.77 14.14 16.38 9.17 Commission to net premium % 3.99 8.68 7.45 7.10 Earning per share (Rs.) 2.96 1.87 1.85 3.98 Cash Dividend Stock Dividend 96.048 55. 42.593 50.401 Balance Sheet Growth Equity Growth Claim Incurred Net Premium Underwritten 1,500 1,000 500 700 600 500 400 300 150 50 600 500 400 300 Investments Cash and Bank Balances Net Profit after tax Dividend & other appropriations 80 60 40 20 0 300 250 150 50 140 120 80 60 40 20 120 80 60 40 20 Note: The amounts on yaxis represent s. 95

S E C U R I T Y THE UNIVERSAL S E R V INSURANCE LIMITED I C E CO MPANY P R O I T Y S P E R UNIVERSAL INSURANCE COMPANY LTD. Vision We, at The Universal Insurance Company Limited recognize the importance of satisfying our customers by consistently providing quality insurance services in accordance with their needs expectations. We strive to be competent partner of our customers against insured perils. Mission We strive to provide our customers cost effective insurance cover by continually increasing the productivity of our employees. To increase productivity, we conduct regular training programs during which employees are assessed and allocated a career path in accordance with their performance. We diligently fallow the applicable laws and ensure strict compliance by conducting regular internal audits and educating our employees about the law. Capt. M. Jamil Akhtar Khan We try to improve our services by continually assessing our systems and procedures based on customers and team feedback. We strive to maintain a customer focused approach by ensuring that our service is delivered to the customer on time, according to the customer required specifications and with in our stipulated cost. Key Financial Data for the last two (2) Years (Rs in million) 2010 9 Premium Written 503 539 Net Premium Revenue 329 361 Net Claims Expense 177 182 Net Commission / (Income) 43 21 Profit / (Loss) after tax (86) 12 COMPANY INFORMATION 1. Chairman Mr. Raza Kuli Khan Khattak 4. Company Secretary Mr. Ijaz Ahme 2. Chief Executive Begum Zeb Gohar Ayub Khan Officer 5. Chief Financial Officer Mr. Amir Raza 3. Directors Mr. Raza Kuli Khan Khattak Lt.Gen (Ret) Ali Kuli Khan Khattak Mr. Ahmed Kuli Khan Khattak Begum Zeb Gohar Ayub Khan Mrs. Shahnaz Sajjad Ahmed Dr. Shaheen Kuli Khan Khattak Mr. Mushtaq Ahmed Khan F.C.A. Ch. Sher Mohammad Mr. Mohammad Kuli Khan Khattak Capt. M. Jamil Akhtar Khan Managing Director 6. Legal Advisor Mr. Maqsood Hasan Advocate 7. Auditors M/S. Riaz Ahmed & Company 8. Registered / Main Office 9. Number of Employees 290 Universal Insurance House 63, ShahraheQuaideAzam, Lahore 54000 Pakistan. 96

UNIVERSAL INSURANCE COMPANY LTD. Balance Sheet as at 31st December 2010 9 8 7 Equity Authorized Share Capital 500.00 500.00 500.00 250.00 Issued subscribe and paidup Capital 262.50 210.00 210.00 120.00 Reserves and retained earnings 181.87 175.42 46.91 115.61 444.37 385.42 256.91 235.61 Underwriting Provisions Provision for outstanding claims (including IBNR) 318.35 212.98 207.84.19 Provision for unearned premium net 155.66 164.60 182.63 177.26 Additional provision for unexpired risk Commission Income Unearned 12.94 14.38 15.61 13.56 Total 486.94 391.96 406.08 391.01 Deferred Liabilities 2.30 29.13 16.87 7.33 Creditors and Accruals 223.76 191.52 161.60 130.42 Other Liabilities 6.60 5.99 14.26 23.36 Total Equity And Liabilities 1,163.97 1,004.02 855.73 787.73 Cash and Bank Deposits 88.31 158.90 151.97 143.23 Loans Secured Considered Good 0.64 0.77 0.55 0.64 Investment 160.18 54.76 84.17 88.62 Investment Properties Deferred Tax Reinsurance Recoveries Against Outstanding Claims 193.44 109.67 92.56 97.60 Deferred Commission Expense 27.07 23.23 23.02 21.18 Other Assets 447.29 420.154 389.72 334.06 Fixed Assets 242.08 198.28 68.15 52.41 Leased Motor Vehicle 4.97 38.26 45.58 50.00 TOTAL ASSETS 1,163.97 1,004.02 855.73 787.73 Assets at Market Value BALANCE SHEET RATIOS Net Working Capital (Rs.) 180.33 56.36 250.55 220.92 Current Ratio 1.33 1.14 1.65 1.62 Total Assets / Net Worth 2.62 2.61 3.33 3.34 Breakup Value 16.93 18.35 12.23 19.63 Profit and Loss Account for the year ended 31st December REVENUE ACCOUNT Net Premium Revenue 328.66 360.80 407.08 371.54 Premium deficiency reversal/(expense) Less: Net Claims 177.04 181.59 196.97 187.05 Less: Expenses 125.39.09 99.85 139.95 Less: Net Commission 43.48 21.28 14.39 16.36 Underwriting result (17.24) 57.84 95.87 28.18 Investment Income 8.17 16.32 (4.07) 15.07 Rental Income 1.16 1.17 0.74 0.12 Other Income 12.22 7.37 (10.13) 37.26 General and administration expenses (107.14) (67.21) (64.59) (7.17) Exchange gain 2010 9 8 7 Finance charges on lease rentals (0.61) (0.47) (1.01) (3.36) (86.19) (42.82) (79.06) 41.93 Profit before tax (103.43) 15.02 16.81 70.11 Provision for taxation 16.95 3.08 13.18 12.77 Profit after tax (86.49) 11.93 3.63 57.34 APPROPRIATIONS Balance at commencement of year 40.37 32.55 93.71 60.19 Dividend Reserve for Bonus Share/Bonus Shares issued 64.80 20.00 General Reserve 64.80 20.00 Balance Unappropriated profit at end of year (46.12) 44.48 32.55 97.53 PROFIT AND LOSS ACCOUNT RATIOS Claims incurred to net premium % 53.87 50.33 48.39 50.34 Net Profit after tax to net premium % (26.31) 3.31 0.89 15.43 Management expenses to net premium % 38.15 27.74 24.53 37.67 Commission to net premium % 13.23 5.90 3.53 4.40 Earning per share (Rs.) (3.29) 0.57 0.17 4.78 Cash Dividend Stock Dividend 64.80 20.00 Balance Sheet Growth Equity Growth Claim Incurred Net Premium Underwritten 1,500 1,000 500 450 380 290 270 250 230 195 190 185 180 175 170 165 500 400 300 Investments Cash and Bank Balances Net Profit after tax Dividend & other appropriations 180 160 140 120 80 60 40 20 180 160 140 120 80 60 40 20 90 80 70 60 50 40 30 20 10 70 60 50 40 30 20 10 Note: The amounts on yaxis represent s. 97

PAKISTAN REINSURANCE COMPANY LIMITED Profile PRCL is a public sector company under the administrative control of Ministry of Commerce. The company headed by a Chairperson supported by a strong team of professionals who manage the business affairs of the company effectively. The company is supervised by the Board of Directors, out of which seven are nominated by the Federal Government whereas two directors elected by the shareholders who enjoy excellent repute within the business community. Vision To be a leading provider of reinsurance and risk management services in the region. Mission To provide secure reinsurance capacity and outstanding risk management advice in a profitable manner and to conduct our business in a dependable and professional manner with the highest standards of customer service. Mrs. Rukhsana Saleem Objectives To provide best services to the local insurance industry in order to check outflow of foreign exchange to the maximum possible event. To develop good business relations with other reinsurers. To train its staff according to fast changing business market requirements as well as to provide them with the ideal working environment to share risks and preserve resources by providing reinsurance facilities to the insurance companies. To enhance domestic retention capacity in the country in order to save valuable foreign exchange. Investment Activities: The investment income in the year 2010 was Rs. 653 million as compared to Rs. 1099 million in the year 9. Investment Income mainly comprises of realized capital gain on available for sale and held for trading investments, profit on government securities, fixed income securities and dividend. Profit after tax The profit after is Rs. 526 million as compared Rs. 270 million in 9 showing 95% increase. COMPANY INFORMATION 1. Chairperson Mrs. Rukhsana Saleem 2. Directors Mr. Jamil Ahmed Dr. Masuma Hasan Mr. Javed Syed Syed Arshad Ali Mr. Mumtaz Ali Rajpur Mr. Saifuddin N. Zoomkawala Mr. Taufique Habib Mr. Sikander Mahmood 3. Chief Internal Mr. Asghar Imam Khalid Officer 4. Chief Financial Officer Mrs. Farzana Munaf 5. Executive Director (BD) Mr. Ayaz Hussain M. Gad & Director (ECO) 6. Legal Advisors Mr. Yasir A. Shah Mr. Ali Mumtaz Shaikh of M/s. Mumtaz and Associates 7. Company Secretary Mr. Shahzad F. Lodhi 8. Registered Office PRC Towers, 32A, Lalazar M.T.Khan Road Karachi Pakistan Tel:(9221) 9920290814 Fax:(9221) 9920202122 Email: prcl@pakre.org.pk Website: www.pakre.org.pk 98

PAKISTAN REINSURANCE COMPANY LIMITED Balance Sheet as at 31st December 2010 9 8 7 Equity Authorized Share Capital 25,000.00 25,000.00 25,000.00 4,000.00 Issued subscribe and paidup Capital 3,000.00 3,000.00 3,000.00 540.00 Reserves and retained earnings 3,411.91 3,785.65 4,265.74 5,827.33 6,411.91 6,785.65 7,265.74 6,367.33 Underwriting Provisions Provision for outstanding claims (including IBNR) 611.25 586.54 886.97 675.53 Provision for unearned premium net 3,453.90 3,347.26 2,719.01 2,322.01 Additional provision for unexpired risk Commission Income Unearned 36.67 34.61 28.97 44.72 Total 4,101.81 3,968.42 3,634.95 3,042.26 Deferred Liabilities 140.23 120.87 94.65 111.51 Long Term Deposits 15.59 18.57 18.49 22.47 Creditors and Accruals 1,833.78 1,466.17 1,508.78 897.18 Other Liabilities 31.57 31.49 24.33 25.33 Total Equity And Liabilities 12,534.89 12,372.62 12,528.46 10,446.60 Cash and Bank Deposits 2,416.63 1,833.65 2,836.63 1,021.12 Loans Secured Considered Good 55.09 53.67 53.01 48.44 Investment 4,674.15 5,481.88 5,458.94 6,412.29 Investment Properties 42.37 44.95 47.75 50.82 Deferred Tax 59.12 150.89 151.66 151.66 Reinsurance Recoveries Against Outstanding Claims 2,493.43 2,054.61 1,584.84 759.29 Deferred Commission Expense 365.72 301.61 262.89 252.87 Other Assets 2,380.97 2,402.70 2,092.07 1,719.40 Fixed Assets 47.41 48.67 40.67 30.70 Leased Motor Vehicle TOTAL ASSETS 12,534.89 12,372.62 12,528.46 10,446.60 Assets at Market Value BALANCE SHEET RATIOS Net Working Capital (Rs.) 4,814.43 4,206.74 4,093.46 1,901.76 Current Ratio 2.94 3.02 2.69 2.19 Total Assets / Net Worth #DIV/0! #DIV/0! #DIV/0! #DIV/0! Breakup Value Profit and Loss Account for the year ended 31st December REVENUE ACCOUNT Net Premium Revenue 2010 2,940.51 9 2,170.95 8 1,895.58 7 1.69 Premium deficiency reversal/(expense) Less: Net Claims 1,688.41 904.80 961.69 931.29 Less: Expenses 301.81 231.41 250.09 157.62 Less: Net Commission 659.15 553.24 477.66 399.88 Underwriting result 291.14 481.50 206.14 204.00 Investment Income 653.47 1,099.40 846.39 3,689.38 Rental Income 59.21 54.67 48.34 30.54 Other Income 4.80 48.18 14.43 65.80 Reversal/(Provision) for workers welfare fund 23.25 (23.25) General and administration expenses (34.67) (35.21) (38.47) (115.45) Impairment on investments written off (343.03) (1,402.43) Exchange gain 19.57 48.93 85.41 15.92 Finance charges on lease rentals 359.75 (263.22) 932.85 3,654.35 Profit before tax 650.50 318.28 1,139.00 3,860.35 Provision for taxation 124.25 48.37 252.78 133.39 Profit after tax 526.25 269.91 886.23 3,276.96 APPROPRIATIONS Balance at commencement of year 1,727.24 2,207.33 3,781.01 721.95 Dividend 900.00 750.00 90.00 Reserve for Bonus Share/Bonus Shares issued 2,459.99 90.00 General Reserve 500.00 900.00 750.00 2,459.91 680.00 Balance Unappropriated profit at end of year 1,353.49 1,727.24 2,207.23 3,768.91 PROFIT AND LOSS ACCOUNT RATIOS Claims incurred to net premium % 57.42 41.82 50.73 54,975.74 Net Profit after tax to net premium % 17.90 12.43 46.75 193,445.10 Management expenses to net premium % 10.26 10.66 13.19 9,304.55 Commission to net premium % 22.42 25.48 25.20 23,605.79 Earning per share (Rs.) 1.75 0.90 2.95 60.68 Cash Dividend 900.00 750.00 90.00 Stock Dividend 2,459.99 90.00 Balance Sheet Growth Equity Growth Claim Incurred Net Premium Underwritten 13,000 12,000 11,000 10,000 9,000 7,400 2,000 7, 7,000 1,500 6,800 6,600 1,000 6,400 6, 500 6,000 5,800 7 2010 3,500 3,000 2,500 2,000 1,500 1,000 500 8 9 Investments Cash and Bank Balances Net Profit after tax Dividend & other appropriations 7,000 6,000 5,000 4,000 3,000 2,000 1,000 3,000 2,500 2,000 1,500 1,000 500 4,000 3,500 3,000 2,500 2,000 1,500 1,000 500 3,000 2,500 2,000 1,500 1,000 500 Note: The amounts on yaxis represent s. 99

ADAMJEE LIFE ASSURANCE COMPANY LIMITED Mr. Fredrik Coenrard De Beer Vision To create a superior Global Insurance Company as the single largest player in the market through innovation in products, pricing, packaging and distribution thereby revolutionizing the industry. Mission To deliver outstanding profitability for the benefit of our customers, employees and our shareholders while providing premium services. Key Financial Data for the last two (2) Years (Rs in million) 2010 9 Premium Written 267 52 Net Premium Revenue 215 24 Net Claims Expense 16 4 Profit after tax 13 4 COMPANY INFORMATION 1. Chairman Mr. Umer Mansha 2. Managing Director & Mr. Fredrik Coenrard Chief Executive DeBeer 3. Directors Mr. Umer Mansha Mr. Raza Mansha Mr. Manzar Mushtaq Mr. S.M. Jawed Mr. Francois Potgieter Mr. T. Brooks Mparutsa 4. Corporate Secretary Mr. Jalal Meghani 5. Legal Advisor Mr. Junaid Ghaffar 6. Appointed M/s. Alchemy Actuary Associates 7. Auditors M/s. A.F. Ferguson & Co, Chartered Accountants 8. Registered First Floor, Stock Exchange Office Towers, 55B, Jinnah Avenue Blue Area, Islamabad. 9. Main Offices Suite # 301, 3rd Floor, The Forum, Plot G20, Block 9, Clifton, Karachi 10. No of Employees 55

ADAMJEE LIFE ASSURANCE COMPANY LIMITED Balance Sheet as at 31st December Share holders Fund Statutory Fund Non Unitized Investment Conventional Linked Business Business Accident Aggregate Aggregate Aggregate Aggregate & Health Business 2010 9 8 7 Share Capital and Reserves Authorised Share Capital 600.00 600.00 600.00 Issued, subscribed and paid up Share Capital 534.66 534.66 534.66 Reserves & Retained Earnings (195.90) (195.90) (54.15) Net Shareholders' Equity 338.76 338.76 480.51 0.00 0.00 Balance of statutory fund 79.39 20.03 0.06 99.48 11.50 Deferred Taxation Deferred Liability Staff Retirement Benefits 2.26 2.26 0.72 Creditors and Accruals 33.07 39.85 63.19 0.59 136.69 83.28 TOTAL LIABILITIES 35.33 119.24 83.22 0.64 238.43 95.49 TOTAL EQUITY AND LIABILITIES 374.09 119.24 83.22 0.64 577.19 576.01 Cash and Bank Deposits 3.25 25.63 8.23 0.64 37.75 16.05 Loans Investments (Net) 244.04 92.52 65.22 401.78 451.48 Investment in properties Deferred Taxation 9.98 9.98 13.56 Other Assets 74.32 1.09 9.77 85.19 45.73 Tangible assets 24.54 24.54 26.60 Intangible assets 17.96 17.96 22.58 TOTAL ASSETS 374.09 119.24 83.22 0.64 577.19 576.01 ASSETS AT MARKET VALUE 388.93 119.24 83.88 0.64 592.69 578.99 BALANCE SHEET RATIOS Net Working Capital (13.75) (21.49) N/A N/A Current Ratio 0.90 0.74 N/A N/A Total Assets / Net Equity 1.70 1.20 N/A N/A Break up Value 6.34 8.99 N/A N/A 101

ADAMJEE LIFE ASSURANCE COMPANY LIMITED Revenue Account for the year ended 31st December Statutory Fund Non Unitized Investment Linked Business Conventional Business Accident & Health Business Aggregate 2010 Aggregate 9 Aggregate 8 Aggregate 7 Net Premium Income 173.67 41.66 0.16 215.49 24.10 Net Investment Income 2.87 3.29 0.01 6.16 0.12 Net Rental Income Total Net Income 176.53 44.95 0.16 221.65 24.22 Net Claims 0.01 16.17 16.18 3.66 Net Management Expenses 207.22 64.23 0.41 271.86 66.94 Total claims and expenditures 207.23 80.40 0.41 288.04 70.60 Excess of Income over Claims and Expenditure (30.69) (35.45) (0.25) (66.39) 46.39 Add : Policyholder Liabilities at Beginning of Year 11.50 0.00 11.50 Less : Policyholder Liabilities at End of the Period 79.39 20.03 0.06 99.48 11.50 Surplus/(Deficit) (110.08) (43.99) (0.30) (154.37) 57.88 Movement in policy holder liabilities 79.39 8.54 0.06 87.98 11.50 Transfers to or from Shareholders' Fund Capital contribution from share holders' Fund 110.08 43.99 0.30 154.37 57.88 Balance of Statutory Fund at Beginning of Year 11.50 0.00 11.50 Balance of Statutory Fund at End of the Period 79.39 20.03 0.06 99.48 11.50 Represented by: Capital contributed by Shareholders' fund 110.08.97 1.21 212.26 57.89 Policyholders' liabilities 79.39 20.03 0.06 99.48 11.50 Retianed earnings on other than participating business (110.08) (.97) (1.21) (212.26) (57.89) Balance of Statuory Fund 79.39 20.03 0.06 99.48 11.50 REVENUE ACCOUNT RATIOS % Claims incurred to net premium 7.5% 0.0% N/A N/A Surplus / Deficit to net premium 71.6% 52.8% N/A N/A Net Management expenses to net premium 126.2% 0.0% N/A N/A 102

ADAMJEE LIFE ASSURANCE COMPANY LIMITED Profit and Loss Account for the year ended 31st December 2010 9 8 7 Net Investment income not attributable to statutory funds 24.51 49.94 Gain / (Loss) on sale of investments 7.17 9.53 Changes in fair value of derivative financial instrument/impairment (2.33) Total Investment Income 29.35 59.47 Other revenue Total Investment Income and other revenues 29.35 59.47 Less Expenses not attributable to statutory funds 11.42 58.92 Profit / (Loss) before appropiation of surplus to shareholders fund 17.93 0.55 Add: Surplus appropiated to Shareholders fund from ledger A/C D Profit/(Loss) before tax 17.93 0.55 Extra Ordinary Items Deferred Tax Taxation 5.31 (3.19) Profit/(Loss) after tax 12.62 3.74 APPROPRIATIONS Balance at commencement of the year 3.74 Profit after tax for the year 12.62 3.74 Transfer to General Reserve ((attributable to previous year) Transfer to Bonus shares (attributable to previous year) Proposed Dividend (attributable to previous year) Capital (Contributed) / withdrawn Balance upappropriated profit at the end of the year 16.36 3.74 PROFIT AND LOSS ACCOUNT RATIOS Earning per share 0.24 0.10 Cash Dividend 0.00 0.00 Bonus Shares 0.00 0.00 Balance Sheet Growth Equity Growth Claim Incurred Net Premium Underwritten 577.5 577 576.5 576 575.5 575 600 500 400 300 0 18 16 14 12 10 86 4 2 0 250 150 50 0 Investments Cash and Bank Balances Net Profit after tax Dividend & other appropriations 460 450 440 430 420 410 400 390 380 370 40 35 30 25 20 15 10 50 14 12 10 8 6 4 2 0 1 0.9 0.8 0.7 0.6 0.5 0.4 0.3 0.2 0.1 0 Note: The amounts on yaxis represent s. 103

SM AMERICAN LIFE INSURANCE COMPANY (PAKISTAN) LIMITED Mr. Arif Sultan Mufti Vision "To be the most innovative, finest and socially responsible insurance Company providing best value to customers, partners, employees and shareholders." Mission "To build value for our policyholders, field force, employees and shareholders, by providing quality products and services through multiple distribution channels for the Pakistani market and through investing in Pakistani financial institutions, thereby serving the Pakistani people." Key Financial Data for the last two (2) Years (Rs in million) 2010 9 Premium Written 1,893 1,349 Net Premium Revenue 1,806 1,267 Net Claims Expense 442 363 Profit after tax 87 62 COMPANY INFORMATION 1. Chairman & Chief Executive Mr. Arif Sultan Mufti 2. Directors Mr. Khalid Anis ur Rehman Mr. Shahid Siddiqui Mr. Michel Khalaf Mr. Nurul Islam Mr. Arif Abdul Aziz Mr. Qasim Rabbani 3. Corporate Secretary Mr. Asim Iftikhar 7. Auditors KPMG Tseer Hadi & Co. Chartered Accountants 8. Registered / Main Office Towers Block 4, P.O Box No. 10528, Floor 13, Dolmen Executive Clifton, Karachi. 9. No of Employees 119 4. Legal Advisor M/s. Surridge and Beecheno 5. Appointed Actuary 6. Consulting Actuary Mr. Shoaib Soofi Mr. Shahid Siddiqui 104

AMERICAN LIFE INSURANCE COMPANY (PAKISTAN) LIMITED Balance Sheet as at 31st December Share Capital and Reserves Share holders Fund Investment Linked Business Statutory Fund Conventional Business Pension Business (Unit Linked) Accident Aggregate Aggregate Aggregate Aggregate & Health Business 2010 9 8 7 Authorised Share Capital 500.00 500.00 500.00 500.00 500.00 Issued, subscribed and paid up Share Capital 500.00 500.00 500.00 500.00 500.00 Reserves & Retained Earnings 169.19 169.19 81.07 (120.24) (170.46) Net Shareholders' Equity 669.19 669.19 581.07 379.76 329.54 Balance of statutory fund 497.81 2,553.14 35.30 152.62 3,238.86 2,318.14 1,961.53 1,595.02 Deferred Taxation 0.00 Creditors and Accruals 4.34 42.78 304.73 0.55 78.23 430.63 453.45 408.20 331.13 TOTAL LIABILITIES 4.34 540.59 2,857.86 35.84 230.86 3,669.49 2,771.59 2,369.74 1,926.15 TOTAL EQUITY AND LIABILITIES 673.53 540.59 2,857.86 35.84 230.86 4,338.68 3,352.66 2,749.50 2,255.69 Cash and Bank Deposits 29.53 26.50 8.00 64.03 106.53 164.76 209.21 Loans 3.00 0.00 80.05 83.05 68.31 53.62 41.55 Investments (Net) 377.53 519.44 2,672.48 39.58 186.67 3,795.70 2,856.07 1,801.34 1,761.96 Investment in properties Other Assets 258.97 (9.41) 50.55 (4.43) 41.69 337.35 255.92 657.50 168.42 Tangible assets 4.51 3.97 45.65 0.68 2.44 57.25 63.33 69.25 74.56 Intangible assets 0.10 1.13 0.02 0.06 1.31 2.50 3.03 0.00 TOTAL ASSETS 673.53 540.59 2,857.86 35.84 230.86 4,338.68 3,352.66 2,749.50 2,255.69 ASSETS AT MARKET VALUE 624.37 532.51 2,638.45 32.94 219.23 4,047.49 3,236.48 2,350.41 1,802.45 BALANCE SHEET RATIOS % Net Working Capital 53.80 (22.69) 467.68 88.05 Current Ratio 1.12 0.95 2.15 1.27 Total Assets / Net Equity 6.48 5.77 7.24 6.84 Break up Value 0.01 0.01 0.01 0.01 105

AMERICAN LIFE INSURANCE COMPANY (PAKISTAN) LIMITED Revenue Account for the year ended 31st December Investment Linked Business Statutory Fund Conventional Business Pension Business (Unit Linked) Accident Aggregate Aggregate Aggregate Aggregate & Health Business 2010 9 8 7 Net Premium Income 553.56 990.11 9.73 253.12 1,806.53 1,267.95 1,048.50 802.05 Net Investment Income 23.69 278.93 3.85 19.65 326.12 248.39 208.72 143.09 Net Rental Income 4.44 13.53 0.04 7.89 25.90 31.80 18.96 36.69 Total Net Income 581.70 1,282.57 13.62 280.66 2,158.54 1,548.14 1,276.18 981.83 Net Claims 11.39 246.98 1.74 182.29 442.41 363.07 332.23 261.60 Net Management Expenses.29 439.49 1.18 53.53 694.49 630.45 528.44 365.71 Total claims and expenditures 211.68 686.48 2.92 235.82 1,136.90 993.52 860.67 627.31 Excess of Income over Claims and Expenditure 370.02 596.09 10.70 44.84 1,021.64 554.62 415.51 354.52 Add : Policyholder Liabilities at Beginning of Year.05 1,845.79 25.60 128.19 2,099.63 1,649.62 1,401.79 1,140.08 Less : Policyholder Liabilities at End of the Period 515.41 2,283.90 37,165.00 141,986.00 181,950.31 2,099.63 1,649.62 1,401.79 Surplus/(Deficit) (45.34) 157.98 (37,128.70) (141,812.98) (178,829.05) 104.61 167.68 92.81 Movement in policy holder liabilities 415.36 438.11 37,139.40 141,857.82 179,850.69 450.01 247.83 261.72 Transfers to or from Shareholders' Fund (108.92) (19.50) (128.42) (203.01) (49.00) (39.17) Capital contribution from share holders' Fund 26.50 1.00 27.50 0.01 Balance of Statutory Fund at Beginning of Year 101.29 2,064.96 24.60 127.29 2,318.14 1,961.53 1,595.02 1,279.67 Balance of Statutory Fund at End of the Period 497.81 2,553.14 35.30 152.62 3,238.86 2,318.14 1,961.53 1,595.02 Represented by: Capital contributed by Shareholders' fund 31.50 224.45 255.95 257.37 396.18 396.18 Policyholders' liabilities 515.41 2,283.90 37.17 141.99 2,978.46 2,099.63 1,649.62 1,401.79 Retianed earnings on other than participating business (49.10) 44.78 (1.87) 10.64 4.45 (38.85) (84.27) (202.95) Balance of Statuory Fund 497.81 2,553.14 35.30 152.62 3,238.86 2,318.14 1,961.53 1,595.02 REVENUE ACCOUNT RATIOS % Claims incurred to net premium 24.49 28.63 31.69 32.62 Surplus / Deficit to net premium (9,899.06) 8.25 15.99 11.57 Net Management expenses to net premium 38.44 49.72 50.40 45.60 106

AMERICAN LIFE INSURANCE COMPANY (PAKISTAN) LIMITED Profit and Loss Account for the year ended 31st December 2010 9 8 7 Net Investment income not attributable to statutory funds 42.40 37.85 31.06 12,03 Gain / (Loss) on sale of investments 0.05 0.69 (0.28) Changes in fair value of derivative financial instrument/impairment (1.20) Total Investment Income 42.45 38.54 29.58 12.03 Other revenue 2.46 1.81 2.00 1.99 Total Investment Income and other revenues 44.91 40.35 31.58 14.03 Less Expenses not attributable to statutory funds 11.01 3.41 2.52 0.84 Profit / (Loss) before appropiation of surplus to shareholders fund 33.90 36.94 29.06 13.19 Add: Surplus appropiated to Shareholders fund from ledger A/C D 99.50 59.20 49.00 33.70 Profit/(Loss) before tax 133.40 96.14 78.06 46.90 Extra Ordinary Items Deferred Tax Taxation (46.69) (33.65) (27.84) (14.82) Profit/(Loss) after tax 86.71 62.49 50.22 32.08 APPROPRIATIONS Balance at commencement of the year 338.43 275.94 225.72 209.89 Profit after tax for the year 86.71 62.49 50.22 32.08 Transfer to General Reserve ((attributable to previous year) Transfer to Bonus shares (attributable to previous year) Proposed Dividend (attributable to previous year) (16.25) Capital (Contributed) / withdrawn Balance upappropriated profit at the end of the year 425.15 338.43 275.94 225.72 PROFIT AND LOSS ACCOUNT RATIOS Earning per share 1.73 1.25 1.00 0.72 Cash Dividend 5% Bonus Shares Balance Sheet Growth Equity Growth Claim Incurred Net Premium Underwritten 5000 4000 3000 0 0 0 800 700 600 500 400 300 0 500 0 1800 400 1600 1400 300 1 0 800 600 400 0 0 Investments Cash and Bank & Deposit Net Profit after tax Dividend & other appropriations 4000 3500 3000 2500 0 1500 0 500 0 250 18 90 6 80 14 70 150 12 60 50 08 40 30 6 50 20 4 10 2 0 0 0 Note: The amounts on yaxis represent s. 107

ASIA CARE HEALTH & LIFE INSURANCE COMPANY LIMITED Dr. Mahmood Mehdi Kazmi Vision To gain prominence as the industry leader in health maintenance; to ensure wider, easier, and more affordable coverage of healthcare services; and to impact the practice of medicine in ways that enable better health management systems. Mission To be the first choice for affordable quality health care; excelling in every aspect of our business and in delivering our obligation as a good corporate citizen. We intend to inform, inspire and empower our clients by offering health related services and expertise based on the latest managed health care concepts and technology, while building value for our shareholders and providing an excellent work environment for our employees. Key Financial Data for the last two (2) Years (Rs in million) 2010 9 Premium Written 155 134 Net Premium Revenue 154 134 Net Claims Expense 153 57 Profit after tax 59 65 COMPANY INFORMATION 1. Chairman: Mr. Tariq Kirmani 2. Managing Director & Chief Executive Dr. Mahmood Mehdi Kazmi 3. Directors Mr. Tariq Kirmani Mr. Atif Aslam Bajwa Ms. Ayesha Tammy Haq Mr. Zahid Bashir Mr. Muneer Kamal Mrs. Farhana Mowjee Dr. Galina Bass Dr. Mahmood Mehdi Kazmi 4. Corporate Secretary Mr. Rehan Mobin 5. Legal Advisor Mr. Waqar Ahmed Chaudhry 6. Appointed Actuary M/s Akhtar & Hasan (Pvt.) Ltd. 7. Auditors BDO Ebrahim & Co. Chartered Accountants 8. Registered / Main Office 9. No of Employees 46 1517C 2nd Floor, Commercial Lane # 5, Zamzama Phase 5, DHA Karachi 108

ASIA CARE HEALTH & LIFE INSURANCE COMPANY LIMITED Balance Sheet as at 31st December Share Capital and Reserves Authorised Share Capital Share holders Fund Investment Linked Business Statutory Fund Conventional Business Pension Business (Unit Linked) Accident Aggregate Aggregate Aggregate Aggregate & Health Business 2010 9 8 7 Issued, subscribed and paid up Share Capital 500.00 500.00 500.00 Reserves & Retained Earnings (31.00) 2.00 Net Shareholders' Equity 469.00 469.00 502.00 1,501.00 0.00 Balance of statutory fund 96.00 96.00 78.00 Deferred Taxation 1.00 Creditors and Accruals 8.00 30.00 38.00 42.00 6.00 TOTAL LIABILITIES 8.00 0.00 0.00 0.00 126.00 134.00 120.00 7.00 TOTAL EQUITY AND LIABILITIES 477.00 0.00 0.00 0.00 126.00 603.00 622.00 508.00 Cash and Bank Deposits 34.00 60.00 94.00 49.00 395.00 Loans 0.00 Investments (Net) 426.00 5.00 431.00 490.00 96.00 Investment in properties Other Assets 8.00 61.00 69.00 69.00 5.00 Tangible assets 7.00 7.00 9.00 8.00 Intangible assets 3.00 3.00 4.00 4.00 TOTAL ASSETS 478.00 0.00 0.00 0.00 126.00 604.00 621.00 508.00 ASSETS AT MARKET VALUE 477.00 126.00 603.00 622.00 508.00 BALANCE SHEET RATIOS % Net Working Capital 125.00 76.00 394.00 0.00 Current Ratio 4.29 2.81 66.67 Total Assets / Net Equity 1.29 1.24 0.35 Break up Value 9.38 16.73 48.07 0.00 109

ASIA CARE HEALTH & LIFE INSURANCE COMPANY LIMITED Revenue Account for the year ended 31st December Investment Linked Business Statutory Fund Conventional Business Pension Business (Unit Linked) Accident Aggregate Aggregate Aggregate Aggregate & Health Business 2010 9 8 7 Net Premium Income 154.00 154.00 134.00 Net Investment Income 5.00 5.00 2.00 Net Rental Income Total Net Income 0.00 0.00 0.00 159.00 159.00 136.00 0.00 0.00 Net Claims 153.00 153.00 57.00 Net Management Expenses 79.00 79.00 65.00 Total claims and expenditures 0.00 0.00 0.00 232.00 232.00 122.00 0.00 0.00 Excess of Income over Claims and Expenditure 0.00 0.00 0.00 (73.00) (73.00) 14.00 0.00 0.00 Add : Policyholder Liabilities at Beginning of Year 76.00 76.00 0.00 Less : Policyholder Liabilities at End of the Period 87.00 87.00 76.00 Surplus/(Deficit) 0.00 0.00 0.00 (84.00) (84.00) (62.00) 0.00 0.00 Movement in policy holder liabilities 0.00 0.00 0.00 11.00 11.00 76.00 0.00 0.00 Transfers to or from Shareholders' Fund Capital contribution from share holders' Fund 91.00 91.00 65.00 Balance of Statutory Fund at Beginning of Year 77.00 77.00 Balance of Statutory Fund at End of the Period 0.00 0.00 0.00 95.00 95.00 79.00 Represented by: Capital contributed by Shareholders' fund 156.00 156.00 65.00 Policyholders' liabilities 87.00 87.00 78.00 Retianed earnings on other than participating business (148.00) (148.00) (64.00) Balance of Statuory Fund 0.00 0.00 0.00 95.00 95.00 79.00 0.00 0.00 REVENUE ACCOUNT RATIOS % Claims incurred to net premium 99.35 42.54 Surplus / Deficit to net premium (47.40) (46.27) Net Management expenses to net premium 51.30 48.51 110

ASIA CARE HEALTH & LIFE INSURANCE COMPANY LIMITED Profit and Loss Account for the year ended 31st December 2010 9 8 7 Net Investment income not attributable to statutory funds 29.00 30.00 31.00 Gain / (Loss) on sale of investments 23.00 6.00 Changes in fair value of derivative financial instrument/impairment 20.00 43.00 4.00 Total Investment Income 72.00 79.00 27.00 Other revenue Total Investment Income and other revenues 72.00 79.00 27.00 Less Expenses not attributable to statutory funds 11.00 13.00 23.00 Profit / (Loss) before appropiation of surplus to shareholders fund 61.00 66.00 4.00 Add: Surplus appropiated to Shareholders fund from ledger A/C D Profit/(Loss) before tax 61.00 66.00 4.00 Extra Ordinary Items Deferred Tax (1.00) Taxation (2.00) (2.00) Profit/(Loss) after tax 59.00 66.00 1.00 APPROPRIATIONS Balance at commencement of the year Profit after tax for the year 59.00 66.00 1.00 Transfer to General Reserve ((attributable to previous year) Transfer to Bonus shares (attributable to previous year) Proposed Dividend (attributable to previous year) Capital (Contributed) / withdrawn Balance upappropriated profit at the end of the year 59.00 66.00 1.00 PROFIT AND LOSS ACCOUNT RATIOS Earning per share 1.18 1.31 0.04 Cash Dividend Bonus Shares Balance Sheet Growth Equity Growth Claim Incurred Net Premium Underwritten 800,000 600,000 400,000,000 0 500 500000 490000 480000 470000 460000 450000 180000 0 160000 1800 140000 1600 1400 00 1 80000 0 60000 800 600 40000 400 00 0 0 Investments Cash and Bank & Deposit Net Profit after tax Dividend & other appropriations 4000 3500 3000 2500 0 1500 0 500 0 250 18 90 6 80 14 70 150 12 60 50 08 40 30 6 50 20 4 10 2 0 0 0 Note: The amounts on yaxis represent s. 111

EAST WEST LIFE ASSURANCE COMPANY LIMITED Vision Our vision is to be the number one provider of wideranging insurance solutions to all of Pakistan, a goal we will attain while observing the principle values that have served us well since inception. Mission To provide high quality, competitive insurance products and services through qualified, professional and committed salespersons. To maintain financial strength for the benefit of our corporate and individual insurers, shareholders, agents/salespersons and employees. To earn and protect public trust of the communities where we live and works and contributing to charities. To create a challenging environment and develop a sense of accomplishment for our employees through tools and training to achieve personal growth and contribute to our organization. To serve the nation by increasing the rate of literacy through our East West Life Educational Security Schemes for children and their parents. 1. Chairman Chief Justice (R ) Mian Mahboob Ahmad 2. Managing Director & Chief Executive: Mr. Maheen Yunus, CPCU 3. Directors Mr. A.K.M. Sayeed Mr. Javed Yunus Mr. Pervez Yunus Mr. Naved Yunus Mr. Omar P.Yunus 4. Corporate Secretary Mr. Sohail Nazeer 5. Legal Advisor Mr. Mirza HafeezurRehman 6. Appointed Actuary Mr. Shujat Siddiqui MA, FIA, FPSA COMPANY INFORMATION Mr. Maheen Yunus, CPCU To provide the right solutions that are in tune with our customer's needs, while facing up to the emerging challenges in the industry. To help individuals and families financially realize their hopes and dreams and be there when they need us most. To develop awareness of insurance need, build confidence in the insurance industry and also to develop the concept of saving. To innovate and develop ideas to design new products for our valued corporate and individual clients to effectively meet their everchanging needs. Key Financial Data for the last two (2) Years (Rs in million) 2010 9 Premium Written 250 235 Net Premium Revenue 183 154 Net Claims Expense 109 94 Profit after tax 3 (224) 7. Auditors Anjum Asim Shahid Rahman Chartered Accountants 8. Registered Office 28, Regal Plaza, M.A. Jinnah Road, Quetta Phone: (081) 2822913, 2821397 Fax: (9281) 2821460 9. Main Offices 310 EFU House, 3rd Floor M.A. Jinnah Road Karachi, Pakistan Phone: (021) 323116625 32310726, 32310904 32310375, 32315723 Fax: (9221) 32311667 10. No of Employees 120 112

EAST WEST LIFE ASSURANCE COMPANY LIMITED Balance Sheet as at 31st December Share Capital and Reserves Share holders Fund Investment Linked Business Statutory Fund Conventional Business Pension Business (Unit Linked) Accident Aggregate Aggregate Aggregate Aggregate & Health Business 2010 9 8 7 Authorised Share Capital 600.00 600.00 500.00 500.00 500.00 Issued, subscribed and paid up Share Capital 500.46 500.46 454.96 413.60 352.00 Reserves & Retained Earnings (353.50) (353.50) (305.59) 1.74 20.33 Net Shareholders' Equity 146.96 146.96 149.37 415.34 372.33 Balance of statutory fund 151.72 32.61 0.00 29.66 213.99 162.26 119.82 111.94 Deferred Taxation 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 Creditors and Accruals 2.85 20.38 16.93 0.00 2.77 42.93 36.69 28.00 17.02 TOTAL LIABILITIES 2.85 172.10 49.54 0.00 32.43 256.92 198.95 147.82 128.96 TOTAL EQUITY AND LIABILITIES 149.81 172.10 49.54 0.00 32.43 403.87 348.32 563.16 501.30 Cash and Bank Deposits 6.11 99.11 15.09 0.00 15.87 136.18 59.77 95.90 240.15 Loans 0.10 2.57 5.78 0.00 0.10 8.55 9.46 10.93 17.97 Investments (Net) 98.89 67.46 17.40 0.00 10.40 194.15 197.56 376.89 198.87 Investment in properties 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 Other Assets 2.14 2.96 11.27 0.00 6.06 22.42 31.26 32.83 17.92 Tangible assets 41.85 0.00 0.00 0.00 0.00 41.85 50.27 46.57 26.34 Intangible assets 0.72 0.00 0.00 0.00 0.00 0.72 0.00 0.04 0.05 TOTAL ASSETS 149.81 172.10 49.54 0.00 32.43 403.87 348.32 563.16 501.30 ASSETS AT MARKET VALUE BALANCE SHEET RATIOS % Net Working Capital 124.23 63.80 111.66 259.01 Current Ratio 3.89 2.74 4.99 16.22 Total Assets / Net Equity 2.75 2.33 1.36 1.35 Break up Value 2.94 4.98 13.84 17.73 113

EAST WEST LIFE ASSURANCE COMPANY LIMITED Revenue Account for the year ended 31st December Investment Linked Business Statutory Fund Conventional Business Pension Business (Unit Linked) Accident Aggregate Aggregate Aggregate Aggregate & Health Business 2010 9 8 7 Net Premium Income 67.28 25.80 0.00 90.67 183.76 154.49 107.75 90.30 Net Investment Income 5.03 1.53 0.00 0.36 6.92 7.32 22.30 16.45 Net Rental Income Total Net Income 72.31 27.34 0.00 91.03 190.68 161.81 130.05 106.75 Net Claims 16.03 20.80 0.00 72.53 109.36 94.90 78.08 67.19 Net Management Expenses 50.66 14.12 0.00 15.91 80.69 107.98 72.19 33.84 Total claims and expenditures 66.69 34.92 0.00 88.44 190.05 202.87 150.27 101.03 Excess of Income over Claims and Expenditure 5.62 (7.58) 0.00 2.59 0.63 (41.07) (20.22) 5.72 Add : Policyholder Liabilities at Beginning of Year 110.26 30.47 0.00 16.21 156.94 119.20 108.67 99.23 Less : Policyholder Liabilities at End of the Period 151.13 31.37 0.00 29.08 211.58 156.94 119.20 108.67 Surplus/(Deficit) (35.24) (8.48) 0.00 (10.28) (54.01) (78.81) (30.75) (3.72) Movement in policy holder liabilities 40.87 0.90 0.00 12.87 54.64 37.74 10.53 9.44 Transfers to or from Shareholders' Fund Capital contribution from share holders' Fund 35.80 7.00 0.00 8.30 51.10 83.50 28.10 2.50 Balance of Statutory Fund at Beginning of Year 110.30 33.19 0.00 18.77 162.26 119.82 111.94 103.73 Balance of Statutory Fund at End of the Period 151.72 32.61 0.00 29.66 213.99 162.26 119.82 111.94 Represented by: Capital contributed by Shareholders' fund.70 123.22 0.00 26.80 250.72 199.62 116.12 88.02 Policyholders' liabilities 151.13 31.37 0.00 29.08 211.58 156.94 119.20 108.67 Retianed earnings on other than participating business (.11) (121.98) 0.00 (26.22) (248.31) (194.31) (115.50) (84.75) Balance of Statuory Fund 151.72 32.61 0.00 29.66 213.99 162.26 119.82 111.94 REVENUE ACCOUNT RATIOS % Claims incurred to net premium 23.82% 80.59% 0.00% 79.99% 59.51% 61.43% 72.46% 74.41% Surplus / Deficit to net premium 52.38% 32.85% 0.00% 11.34% 29.39% 51.01% 28.53% 4.12% Net Management expenses to net premium 75.29% 54.72% 0.00% 17.55% 43.91% 69.89% 67.00% 37.47% 114

EAST WEST LIFE ASSURANCE COMPANY LIMITED Profit and Loss Account for the year ended 31st December 2010 9 8 7 Net Investment income not attributable to statutory funds 7.15 7.77 7.69 93.64 Gain / (Loss) on sale of investments 19.17 (125.58) 53.25 Changes in fair value of derivative financial instrument/impairment (0.61) (79.22) Total Investment Income 25.71 (197.04) 60.93 93.64 Other revenue / (Loss) 1.50 0.01 (0.01) Total Investment Income and other revenues 27.21 (197.02) 60.93 93.64 Less Expenses not attributable to statutory funds (21.96) (23.37) (16.60) (9.37) Less Share of (Loss) / Profit in Associate (2.20) 1.19 Profit / (Loss) before appropiation of surplus to shareholders fund Add: Surplus appropiated to Shareholders fund from ledger A/C D Profit/(Loss) before tax 5.25 (222.60) 45.52 84.27 Extra Ordinary Items Deferred Tax Taxation (2.05) (1.24) (0.81) (0.90) Profit/(Loss) after tax 3.19 (223.83) 44.71 83.36 APPROPRIATIONS Balance at commencement of the year (305.59) 1.74 20.33 (60.53) Profit after tax for the year 3.19 (223.83) 44.71 83.36 Transfer to General Reserve ((attributable to previous year) Transfer to Bonus shares (attributable to previous year) Proposed Dividend (attributable to previous year) (35.20) Capital (Contributed) / withdrawn (51.10) (83.50) (28.10) (2.50) Balance upappropriated profit at the end of the year (353.50) (305.59) 1.74 20.33 PROFIT AND LOSS ACCOUNT RATIOS Earning per share 0.07 (5.40) 1.27 2.45 Cash Dividend 1.00 Bonus Shares Balance Sheet Growth Equity Growth Claim Incurred Net Premium Underwritten 600 500 400 300 0 450 400 350 300 250 150 500 120 180 160 80 140 120 60 80 40 60 20 40 20 0 0 Investments Cash and Bank & Balances Net Profit after tax Dividend & other appropriations 400 350 300 250 150 500 300 250 150 50 0 7 2010 500 50 150 250 300 350 8 9 7 2010 40 35 30 25 20 15 10 50 8 9 Note: The amounts on yaxis represent s. 115

EFU LIFE ASSURANCE LTD. Zaroori Hai Vision Our Vision is to make EFU Life one of the most respected and successful financial services organization in the world. Our strategy to achieve our vision is: build our core capabilities, serve our clients beyond their expectations, adhere to our core values and be a good corporate citizen Mr. Taher G. Sachak Key Financial Data for the last two (2) Years (Rs in million) 2010 9 Premium Written 8,376 7 227 Net Premium Revenue 7,920 6,769 Net Claims Expense 1,837 1,300 Profit/ (Loss) after tax 363 712 COMPANY INFORMATION 1. Chairman: Mr. Saifuddin N. Zoomkawala 2. Managing Director & Chief Executive Mr. Taher G. Sachak 3. Directors Mr. Hasanali Abdullah Mr. Jahangir Siddiqui Mr. Muneer R. Bhimjee Mr. Rafique R. Bhimjee Mr. Sultan Ahmad 4. Corporate Secretary Mr. Syed Shahid Abbas 5. Legal Advisor Mr. Mohammad Ali Sayeed M.A.B.L. 7. Auditors Ernst & Young Ford Rhodes Sidat Hyder, Chartered Accountants, Karachi Hyder Bhimji & Co. Chartered Accountants, Karachi 8. Registered Office AlMalik Centre 70 W, F7/G7 Jinnah Avenue (Blue Area), Islamabad 9. Main Office 37K, Block 6, P.E.C.H.S., Karachi 10. No of Employees 871 6. Appointed Mr. Omer Morshed, Actuary F.C.A., F.P.S.A., F.I.A. 116

EFU LIFE ASSURANCE LTD. Balance Sheet as at 31st December Statutory Fund Share holders Fund Investment Linked Business Conventional Business Pension Business (Unit Linked) Accident & Health Business Aggregate 2010 Aggregate 9 Aggregate 8 Aggregate 7 Aggregate 6 Authorised Share Capital 1,000.00 1,000.00 1,000.00 1,000.00 1,000.00 500.00 Issued, subscribed and paid up Share Capital 850 850 750 750 500 300 Reserves & Retained Earnings 729 729 879 504 778 430 Net Shareholders' Equity 1,579 1,579 1,629 1,254 1,278 730 Balance of statutory fund 18,575 270 16 4 18,865 14,767 9,567 11,130 6,315 Deferred Taxation 12 12 9 7 5 2 Creditors and Accruals 30 1,191 477 2 7 1,706 1,442 1,130 902 653 TOTAL LIABILITIES 41 19,766 747 18 11 20,583 16,219 10,703 12,037 6,970 TOTAL EQUITY AND LIABILITIES 1,621 19,766 747 18 11 22,163 17,847 11,958 13,315 7,700 Cash and Bank Deposits 12 740 71 2 1 826 1,366 1,425 949 683 Loans 56 56 59 45 13 16 Investments (Net) 627 18,491 569 16 9 19,712 15,053 9,685 11,757 6,573 Investment in properties Other Assets 505 534 107 0 1 1,148 1,019 494 326 189 Tangible assets 420 420 345 299 262 239 Intangible assets 1 1 5 9 7 0 TOTAL ASSETS 1,621 19,766 747 18 11 22,163 17,847 11,958 13,315 7,700 ASSETS AT MARKET VALUE 1,639 19,820 729 18 22,206 18,002 12,112 14,226 8,113 BALANCE SHEET RATIOS % Net Working Capital 324 1,001 835 386 235 Current Ratio 1.19 1.69 1.74 1.43 1.36 Total Assets / Net Equity 14.03 10.96 9.53 10.42 10.54 Break up Value 18.58 19.16 16.73 25.56 24.34 117

EFU LIFE ASSURANCE LTD. Revenue Account for the year ended 31st December Investment Linked Business Statutory Fund Conventional Business Pension Business (Unit Linked) Accident Aggregate Aggregate Aggregate Aggregate & Health Business 2010 9 8 7 Net Premium Income 6,946 970 2 2 7,920 6,769 6,807 4,432 Net Investment Income 1,599 54 2 1 1,657 3,098 (3,367) 3,028 Net Rental Income Total Net Income 8,545 1,024 4 3 9,577 9,867 3,440 7,459 Net Claims 1,441 396 (0) 0 1,837 1,300 1,298 887 Net Management Expenses 2,532 420 0 1 2,953 2,636 2,695 1,788 Total claims and expenditures 3,973 815 0 1 4,790 3,936 3,993 2,675 Excess of Income over Claims and Expenditure 4,572 209 4 2 4,787 5,932 (553) 4,784 Add : Policyholder Liabilities at Beginning of Year 14,255 219 13 4 14,492 9,294 10,260 6,080 Less : Policyholder Liabilities at End of the Period 18,307 246 16 4 18,574 14,492 9,294 10,260 Surplus/(Deficit) 520 182 1 3 705 734 413 604 Movement in policy holder liabilities 4,052 27 3 (0) 4,082 5,198 (966) 4,180 Transfers to or from Shareholders' Fund (520) (166) (1) (3) (689) (732) (410) (568) Capital contribution from share holders' Fund (600) 600 Balance of Statutory Fund at Beginning of Year 14,523 227 13 4 14,767 9,567 11,130 6,315 Balance of Statutory Fund at End of the Period 18,575 270 16 4 18,865 14,767 9,567 11,130 Represented by: Capital contributed by Shareholders' fund 0 0 600 Policyholders' liabilities 18,307 246 16 4 18,574 14,492 9,294 10,260 Retianed earnings on other than participating business 268 24 0 0 292 276 273 271 Balance of Statuory Fund 18,575 270 16 4 18,865 14,767 9,567 11,130 REVENUE ACCOUNT RATIOS % Claims incurred to net premium 23 19 19 20 Surplus / (Deficit) to net premium 9 11 6 14 Net Management expenses to net premium 37 39 40 40 118

EFU LIFE ASSURANCE LTD. Profit and Loss Account for the year ended 31st December 2010 9 8 7 Net Investment income not attributable to statutory funds 57.00 59.00 57.00 42.00 Gain / (Loss) on sale of investments 35 4 778 Changes in fair value of derivative financial instrument/impairment (3) Total Investment Income 57 94 58 819 Impairment on shares (204) (176) (781) Other revenue 18 13 12 58 Total Investment Income and other revenues (129) (69) (712) 877 Less Expenses not attributable to statutory funds (9) (15) (13) (11) Profit / (Loss) before appropiation of surplus to shareholders fund (138) (84) (725) 866 Add: Surplus appropiated to Shareholders fund from ledger A/C D 689 732 410 568 Profit/(Loss) before tax 551 648 (315) 1,435 Extra Ordinary Items Deferred Tax Profit/(Loss) before tax and after extraordinay items Taxation (188) 64 (158) (227) Profit/ (Loss) after tax 363 712 (473) 1,207 APPROPRIATIONS Balance at commencement of the year 879 504 778 430 Profit after tax for the year 363 712 (473) 1,207 Transfer to General Reserve ((attributable to previous year) Transfer to Bonus shares (attributable to previous year) () (250) () Proposed Dividend (attributable to previous year) (413) (338) (150) (60) Capital (Contributed) / withdrawn 600 (600) Balance upappropriated profit at the end of the year 729 879 504 778 PROFIT AND LOSS ACCOUNT RATIOS Earning per share 4.27 9.49 (6.31) 24.00 Cash Dividend Per Share 5.00 5.50 4.50 3.00 Bonus Shares as % 0.00 13.33 0.00 50.00 Balance Sheet Growth Equity Growth Claim Incurred Net Premium Underwritten 25000000 00000 15000000 00000 5000000 0 1800000 1600000 1400000 0 0000 800000 600000 400000 000 0 0 9000000 8000000 1500 0 500 0 7000000 6000000 5000000 4000000 3000000 0000 0000 0 Investments Cash and Bank & Balances Net Profit after tax Dividend & other appropriations 25000000 00000 15000000 00000 5000000 0 1600000 1400000 0 0000 800000 600000 400000 000 0 7 2010 1400000 0 0000 800000 600000 400000 000 0 000 400000 600000 8 9 7 2010 600000 500000 400000 300000 000 000 0 8 9 Note: The amounts on yaxis represent s. 119

JUBILEE LIFE INSURANCE COMPANY LTD. (Formerly New Jubilee Life Insurance Company Ltd.) Mr. Javed Ahmed Vision 'Enabling people to overcome uncertainty' Mission 'To provide solutions that protect the future of our customers' Values Teamwork, Integrity, Excellence, Passion Key Financial Data for the last two (2) Years (Rs in million) 2010 9 Premium Written 5,802 4,363 Net Premium Revenue 5,452 4,055 Net Claims Expense 1,662 1,389 Profit after tax 147 130 COMPANY INFORMATION 1. Chairman: Mr. Masood Noorani 2. Managing Director & Chief Executive Mr. Javed Ahmed 3. Directors Aly Noor Mahomed Rattansey John Joseph Metcalf Shahid Mahmood Loan Sultan Ali Akbar Allana Towfiq H. Chinoy 4. CFO & Corporate Secretary Mr. Manzoor Ahmed 5. Legal Advisor Kabraji & Talibuddin 6. Appointed Actuary Mr. Nauman A. Cheema Nauman Associates, Lahore 7. Auditors A. F. Ferguson & Co. Chartered Accountants 8. Registered Office 26D, 3rd Floor, Kashmir Plaza Jinnah Avenue, Blue Area Islamabad Tel: 0092 51 22069306 Fax:0092 51 2825372 9. Rating "AA" (Double A minus) 10. Head Office 74/1A, Lalazar, M.T. Khan Road, Karachi 74000 Tel: 0092 21 3561107175 Fax:0092 21 35610959 Email: info@njilife.com Web: www.njilife.com 11. No of Employees 414 120

JUBILEE LIFE INSURANCE COMPANY LTD. Balance Sheet as at 31st December Statutory Fund Share holders Fund Investment Linked Business Conventional Business Accident Aggregate Aggregate Aggregate Aggregate & Health Business 2010 9 8 7 Share Capital and Reserves Authorised Share Capital 1,000.00 1,000.00 1,000.00 1,000.00 1,000.00 Issued, subscribed and paid up Share Capital 627.12 627.12 627.12 627.12 627.12 Reserves & Retained Earnings 522.75 522.75 (80.62) (210.56) (145.89) Net Shareholders' Equity 1,149.87 1,149.87 546.50 416.56 481.23 Balance of statutory fund 8,658.40 320.16 165.68 9,144.24 6,788.31 4,629.46 4,967.99 Other Liabilities 1.05 1.05 0.75 0.77 0.56 Creditors and Accruals 40.30 516.20 417.76 77.06 1,051.32 988.41 596.09 402.04 TOTAL LIABILITIES 41.35 9,174.60 737.92 242.74 10,196.61 7,777.47 5,226.32 5,370.59 TOTAL EQUITY AND LIABILITIES 1,191.22 9,174.60 737.92 242.74 11,346.48 8,323.97 5,642.88 5,851.82 Cash and Bank Deposits 617.60 444.18 2.45 20.44 1,084.67 2,123.03 3,258.00 2,109.07 Loans 4.56 4.56 3.88 4.27 3.72 Investments (Net) 304.33 8,581.08 608.29 179.41 9,673.11 5,579.56 2,031.51 3,481.07 Investment in properties Other Assets 103.86 149.34 127.18 42.89 423.27 499.40 254.52 175.94 Tangible assets 147.04 147.04 109.04 82.75 76.72 Intangible assets 13.83 13.83 9.06 11.83 5.31 TOTAL ASSETS 1,191.22 9,174.60 737.92 242.74 11,346.48 8,323.97 5,642.88 5,851.82 ASSETS AT MARKET VALUE BALANCE SHEET RATIOS % Net Working Capital 461.18 1,637.90 2,920.70 1,886.69 Current Ratio 1.44 2.66 5.90 5.69 Total Assets / Net Equity 9.87 15.31 13.55 12.16 Break up Value 23.00 18.22 13.89 22.92 121

JUBILEE LIFE INSURANCE COMPANY LTD. Revenue Account for the year ended 31st December Statutory Fund Investment Linked Business Conventional Business Accident & Health Business Aggregate 2010 Aggregate 9 Aggregate 8 Aggregate 7 Net Premium Income 4,428.31 721.68 301.83 5,451.82 4,054.74 3,127.20 2,777.08 Net Investment Income 1,215.20 65.10 22.68 1,302.98 1,302.88 (700.71) 697.99 Net Rental Income Total Net Income 5,643.51 786.78 324.51 6,754.80 5,357.62 2,426.49 3,475.07 Net Claims 1,026.04 397.59 238.18 1,661.81 1,388.76 1,549.90 1,001.01 Net Management Expenses 1,779.37 186.44 51.93 2,017.74 1,710.01 1,126.83 719.34 Total claims and expenditures 2,805.41 584.03 290.11 3,679.55 3,098.77 2,676.73 1,720.35 Excess of Income over Claims and Expenditure 2,838.10 202.75 34.40 3,075.25 2,258.85 (250.24) 1,754.72 Add : Policyholder Liabilities at Beginning of Year 6,149.99 156.12 110.63 6,416.74 4,475.40 4,884.34 3,256.23 Less : Policyholder Liabilities at End of the Period 8,625.17 233.70 117.58 8,976.45 6,416.74 4,475.40 4,884.34 Surplus/(Deficit) 362.92 125.19 27.45 515.54 317.51 158.70 126.61 Movement in policy holder liabilities 2,475.18 77.58 6.94 2,559.71 1,941.34 (408.94) 1,628.11 Transfers to or from Shareholders' Fund (40.00) (140.00) (20.00) (.00) (.00) (88.30) (105.00) Capital contribution from share holders' Fund (519.33) (519.33) Balance of Statutory Fund at Beginning of Year 6,379.63 257.39 151.29 6,788.31 4,629.46 4,967.99 3,318.28 Balance of Statutory Fund at End of the Period 8,658.40 320.19 165.68 9,144.23 6,788.31 4,629.45 4,968.00 Represented by: Capital contributed by Shareholders' fund 0.00 519.33 519.32 541.00 Policyholders' liabilities 8,625.17 233.70 117.58 8,976.45 6,416.74 4,475.40 4,884.34 Retianed earnings on other than participating business 33.23 86.46 48.10 167.79 (147.76) (365.27) (457.34) Balance of Statuory Fund 8,658.48 320.19 165.68 9,144.23 6,788.31 4,629.45 4,968.00 REVENUE ACCOUNT RATIOS % Claims incurred to net premium 30.48 34.25 49.56 36.05 Surplus / Deficit to net premium 9.46 7.83 5.07 4.56 Net Management expenses to net premium 37.01 42.17 36.03 25.90 122

JUBILEE LIFE INSURANCE COMPANY LTD. Profit and Loss Account for the year ended 31st December 2010 9 8 7 Net Investment income not attributable to statutory funds 30.99 30.29 21.96 18.43 Gain / (Loss) on sale of investments 0.56 26.73 7.66 31.29 Changes in fair value of derivative financial instrument/impairment 9.46 74.46 139.92 1.02 Total Investment Income 41.01 78.02 (110.30) 50.74 Other revenue 2.79 2.19 4.70 0.74 0.01 0.10 0.05 (0.30) Total Investment Income and other revenues 43.79 80.11 (105.65) 51.18 Less Expenses not attributable to statutory funds 26.52 19.37 10.94 (7.15) Profit / (Loss) before appropiation of surplus to shareholders fund 17.27 60.74 116.61 44.03 Add: Surplus appropiated to Shareholders fund from ledger A/C D.00.00 66.63 106.00 Profit/(Loss) before tax 217.27 160.74 49.98 150.03 Extra Ordinary Items Deferred Tax Profit/(Loss) before tax and after extraordinay items Taxation (70.52) (30.80) (5.00) (24.57) Profit/(Loss) after tax 146.75 129.94 (54.98) 125.46 APPROPRIATIONS Balance at commencement of the year 546.50 416.56 481.23 356.77 Profit after tax for the year 146.75 129.94 (54.97) 125.46 Transfer to General Reserve ((attributable to previous year) Transfer to Bonus shares (attributable to previous year) Proposed Dividend (attributable to previous year) (62.71) (31.36) Capital (Contributed) / withdrawn 519.33 21.66 (1.00) Balance upappropriated profit at the end of the year 1,149.87 546.50 416.56 481.23 PROFIT AND LOSS ACCOUNT RATIOS Earning per share 2.34 2.07 (0.88) 2.00 Cash Dividend Bonus Shares Balance Sheet Growth Equity Growth Claim Incurred Net Premium Underwritten 10 00 8000 6000 4000 0 0 1400 1 0 800 600 400 0 1800 1600 1400 1 0 800 600 400 0 9 6000 5000 4000 3000 0 0 0 7 8 2010 Investments Cash and Bank & Balances Net Profit after tax Dividend & other appropriations 10 00 8000 6000 4000 0 0 3500 3000 2500 0 1500 0 500 0 7 2010 150 50 0 50 8 9 7 2010 70 60 50 40 30 20 10 0 8 9 Note: The amounts on yaxis represent s. 123

MEMBERS DIRECTORY

MEMBERS DIRECTORY As on October 2011 NON LIFE MEMBERS S.No NAME OF MEMBERS YEAR OF Estb. PRINCIPAL REPRESENTATIVES 1 ACE Insurance Ltd. 1 Ms. Zehra Naqvi 6th Floor, NIC Building Chief Executive Abbasi Shaheed Road Tel : +9221111789789 off : Shahrah e Faisal Fax : +92213568 3935 P. O. Box No 4780 email : acepak@acegroup.com Karachi web : www.acelimited.com 2 Adamjee Insurance Co. Ltd. 1960 Mr. Manzar Mushtaq 6th Floor, Adamjee House Managing Director & Chief Executive Officer P. O. Box No 4850 Tel : +92213241 26237 I. I. Chundrigar Road Fax : +92213241 2627 Karachi. 74000 email : manzar.m@adamjeeinsurance.com web : www.adamjeeinsurance.com 3 Agro Gen. Ins. Co. Ltd. 1985 Mr. M. Jalilullah Room # 416 418, Fourth Floor Chief Executive & Managing Director Continental Trade Centre, Block 8 Tel : +9221 3206 4952 Main Clifton Road Fax : +92213530 2913 Karachi. email : agiho@cyber.net.pk 4 Alfalah Insurance Company Ltd. 8 Mr. Nasar us Samad Qureshi 5, Saint Marry, Main Boulevard Chief Executive & Managing Director Gulberg Tel : +9242111786234, 3577 4313 6 Lahore. Fax : +92423584 4372 email : afi@alfalahinsurance.com Web : www.alfalahinsurance.com 5 Alpha Insurance Co. Ltd. 1951 Mr. Nasir Javed Khan State Life Building No. 1B Managing Director & Chief Executive Officer 2nd Floor State Life Square Tel : +92213241 6041 5 Off: I.I. Chundrigar Rd. P.O Box No 4359 Fax : +9221 3241 9968, 3242 2478, 3242 2479 Karachi. email : info@alphainsurance.com.pk web : www.alphainsurance.com.pk 6 Jubilee Life Insurance Company Ltd. 1995 Mr. Javed Ahmed Head Office/Main Office: Chief Executive Officer & Managing Director 74/1A, Lalazar Tel: +92213561 1071, 3561 1802 08 M.T. Khan Road Fax: +92213561 0959, 3561 0805 Karachi74000 email: info@jubileelife.com 7 Askari Gen. Insc. Co. Ltd. 1995 Mr. Abdul Waheed 4th Floor, AWT Plaza President & Chief Executive The Mall, P.O Box No. 843 Tel : +9251927 242527 Rawalpindi. Fax : +9251927 2424 email : president@agico.com.pk web : www.agico.com.pk 126

S.No NAME OF MEMBERS YEAR OF Estb. PRINCIPAL REPRESENTATIVES 8 Atlas Insurance Limited 1935 Mr. Arshad P. Rana 3 Bank Square Chief Executive ShahraheQuaideAzam Tel : +92423732 054243, 3732 227173 P. O Box 1219Fax : +92423723 4742 Lahore. email: info@atlasinsurance.com.pk web : www.atlasinsurance.com.pk 9 Capital Insurance Co. Ltd. 1998 Mr. Zafar Iqbal Sheikh Office # 222, 5th Floor, MEGA Tower Chief Executive Officer 63B Main Macdonald, GulbergII Tel : +92423577 7527 & 28, 3577 7549 Lahore. Fax : +9242 3577 7548 email : info@capitalinsurance.net web : www.capitalinsurance.net 10 Central Insurance Co. Ltd. 1960 Mr. Sulaiman Mehdi 5th Floor, Dawood Centre Chief Executive Moulvi Tamizuddin Khan Road Tel : +92213568 4019, 3568 9339 P. O. Box No 3988 Fax : +9221 3568 0218, 3568 4108 Karachi. 75530. email : info.cic@dawoodgroup.com web : www.ceninsure.com 11 Century Insurance Co. Ltd 1985 Mr. Mohammad Hussain Hirji 11th Floor Chief Executive Officer & Managing Director Lakson Square Building No. 3 Tel : +92213569 8525, 111111717 Sarwar Shaheed Road, P.O Box 4895 Fax: +9221 3567 1665 Karachi. 74 email: info@cicl.com.pk web : www.cicl.com.pk 12 Cooperative Insc. Society of Pak. Ltd. 1949 Ch. Akhtar Mahmood Cooperative Insc. Building Senior ViceChairman 23 ShahraheQuaideAzam Tel : +92423735 2306, 3735 6537, 3724 2798 Lahore. Fax : +92423735 2794 email: coinsopl@live.com 13 Crescent Star Ins. Co. Ltd. 1957 Mr. Munir I. Millwala 2nd Floor, Nadir House Managing Director P.O.Box No 4616 Tel: +92213241 54713 I.I.Chundrigar Road Fax : +92213241 5474 5 Karachi. email: info@cstar.com.pk Web : www.cstar.com.pk 14 East West Insurance Co. Ltd. 1983 Mr. Naved Yunus 410 EFU House Managing Director & Chief Executive M. A. Jinnah Road, P.O Box 6693 Tel : +92213231 3304 11 Karachi. 74000 Fax : +92213231 0821, 3220 0128 email: info@eastwestinsurance.com.pk web : www.eastwestinsurance.com.pk 15 EFU General Ins. Ltd. 1932 Mr. Hassanali Abdullah EFU House, M.A. Jinnah Road Managing Director & Chief Executive P.O. Box No. 5005 Tel : +92213231 3471 90 Karachi. 74000 Fax : +92213231 4288 email : info@efuinsurance.com web : www.efuinsurance.com 127

S.No NAME OF MEMBERS YEAR OF Estb. PRINCIPAL REPRESENTATIVES 16 Excel Insurance Co. Ltd. 1991 Mr. Ghulam Mohammad 38 C 1, Block 6 Chief Executive P. E. C. H. S Tel : +9221111 777 666 Shahrah e Faisal Fax: +92213454 8076 Karachi. 75400 email : eicl@cyber.net.pk web : www.globemanagements.com 17 Habib Insurance Co. Ltd 1942 Mr. Ali Raza D. Habib 1st Floor, State Life Building # 6 Managing Director & Chief Executive Habib Square Tel : +9221111030303 M.A. Jinnah Road Fax : +92213569 3676 P.O Box No 5217 email : info@habibinsurance.net Karachi web : www.habibinsurance.net 18 IGI Insurance Limited 1953 Mr. Jalees Ahmed Siddiqi 7th Floor, The Forum, Suite 701713, G20 Chief Executive Officer Block 9, KhayabaneJami, Clifton Tel : +92213530 1726 8, 111234234 Karachi75600. Fax : +92213530 1729 & 3530 1772 email : jalees.siddiqi@igi.com.pk web : www.igiinsurance.com.pk 19 Jubilee General Insurance Co. Ltd. 1953 Mr. Tahir Ahmed, 2nd Floor President & Managing Director (Chief Executive) Jubilee Insurance House Tel : +92213241 2628, 3241 602226 P.O.Box No 4795 Fax : +92213241 6728, 3243 8738 I.I.Chundrigar Road email : info@jubileegeneral.com.pk Karachi. 74000 web : www.jubileegeneral.com.pk 20 New Hampshire Insc. Co. 1869 Mr. Mujib Khan 7th Floor, Dawood Centre Country Manager M.T. Khan Road Tel : +9221111111244, Karachi. 75530. Fax : +9221 3563 4022 3563 4023 email : infopakistan@chartisinsurance.com web : www.chartisinsurance.pk 21 The Pakistan Gen. Ins. Co. Ltd. 1947 Ch. Zahoor Ahmad 5 Bank Square President & Chief Executive ShahraheQuaideAzam Tel : +92423732 3569, 3732 5382, 3732 4404 P. O. Box 1364 Fax : +9242 3723 0634, 3723 0895 Lahore. email : info@pgi.com.pk web: www.pgi.com.pk 22 PICIC Insurance Limited 4 Mr. Ahmed Salahuddin 8th Floor, Shaheen Complex Managing Director & Chief Executive M.R. Kiyani Road Tel: +92213221 955560 Karachi. Fax: +92213221 9561 email : info@picicinsurance.com web : www.picicinsurance.com 23 Premier Insurance Limited 1952 Mr. Fakhir Rahman 5th Floor, State Life Building No 2A Chief Executive Officer Wallace Road, P.O Box No 4140 Tel : +92213241 63314 Karachi. Fax : +9221 3241 6572 email : info@pil.com.pk web: www.pil.com.pk 128

S.No NAME OF MEMBERS YEAR OF Estb. PRINCIPAL REPRESENTATIVES 24 Reliance Insurance Co. Ltd. 1982 Mr. A. Razak Ahmed Reliance Insurance House Chief Executive & Managing Director 181 A Sindhi Muslim cooperative Tel : +92213453 9415 17 Housing Society, P.O Box No 13356 Fax : +9221 3453 9412 Karachi. email : reliins@cyber.net.pk web : www.relianceinsins.com 25 Saudi Pak Insurance Company Ltd. 5 Mr. Muhammad Akram Shahid 2nd Floor, Nizam Chambers Chief Executive & Managing Director 7ShahraeFatima Jinnah Tel: +92423637 037345 Lahore. Fax: +92223637 0376 email: masood.muazzam@saudipakinsurance.com.pk web : www.saudipakinsurance.com.pk 26 Security Gen. Insc. Co. Ltd. 1996 Ms. Nabiha Shahnawaz SGIHouse, 18C/E1 Chief Executive Officer GulbergIII Tel :+92423577 502429 Lahore. Fax : +92423577 5030 email : sgi@sgicl.com 27 Shaheen Ins. Co. Ltd. 1996 Mr. Asif Suleman 10th Floor, Shaheen Complex Chief Executive Officer M. R. Kayani Road Tel : +92213263 0370 75 Karachi74. Fax : +92213262 6674 email: sihifc@cyber.net.pk web :www.shaheeninsurance.com 28 Silver Star Ins. Co. Ltd. 1984 Mr. Zahir Muhammad Sadiq Silver Star House, 2nd Floor Managing Director & Chief Executive 5 Bank Square Tel : +9242 3732 4488, 3735 5614, 3723 7518 P. O Box No 2533 Fax : +9242 3722 9966 Lahore54000. email : silvrstr@nexlinx.net.pk web: www.silverstarinsurance.com 29 TPL Direct Insurance Limited 1992 Mr. Saad Nissar 172B, 2nd Floor, Najeeb Centre Chief Executive Officer Block 2, P.E.C.H.S. Tel : +9221 3432 2555 Karachi. Fax : +9221 3432 2515 E.mail : insurance@tplinsurance.com Web : www.tplinsurance.com 30 UBL Insurers Limited 7 Mr. Shariq Abdullah 2nd Floor, State Life Building No. 2 Chief Executive Officer Wallace Road Tel : +9221111845111 Off: I.I. Chundrigar Road Fax No. +9221 3246 3117 Karachi. E.mail : najib.nasir@ublinsurers.com Web : www.ublinsurers.com 31 United Ins. Co. of Pak Ltd. 1959 Mr. Khawas Khan Niazi Nizam Chambers, 5th Floor Chief Executive Officer ShahraheFatima Jinnah Tel : +9242 3636 1471, 3631 5091, 3637 1420 P. O. Box No 532 Fax : +92423637 5036 Lahore. email : uicp@theunitedinsurance.com Web : www.theunitedinsurance.com 129

NON LIFE MEMBERS S.No NAME OF MEMBERS YEAR OF Estb. PRINCIPAL REPRESENTATIVES 32 Universal Ins. Co. Ltd. 1958 Capt. M. Jamil Akhtar Khan Universal Insurance House Managing Director 63 ShahraheQuaideAzam Tel : +92423735 3453, 3735 3458, 3735 5426 P.O Box No 539Fax : +92423723 0326 Lahore54000. email : info@uic.com.pk Web : www.uic.com.pk LIFE MEMBERS 1 Adamjee Life Assurance Company Ltd. 8 Mr. Fredrik Conenrard De Beer Karachi Office Chief Executive Officer The Forum, Suite # 301, 3rd Floor Tel: +92213536 2620 23 Plot G20, Block9, Clifton Fax: +92213536 2621 Karachi. email: jalal.meghani@adamjeelife.com Web: www.adamjeelife.com 2 American Life Insurance Co.(Pak.) Ltd. 1995 Mr. Arif Sultan Mufti Dolmen City, 13th Floor (level 16) Chairman & Chief Executive Block 4, Scheme 5, Clifton Tel: +9221111111711 Karachi75600. Fax: +9221 3529 0042 Email : alico@cyber.net.pk Web : www.alico.com.pk 3 Asia Care Health & Life Insurance Co. Ltd. 8 Dr. Mahmood Mehdi Kazmi Registered Office Chief Executive Officer 15C, 17C, 2nd Floor, Commercial Lane # 5 Tel: +9221353020725, 353 020668 Zamzama PhaseV, DHA Fax: +922135302076 Karachi. email: info@asiacare.net Web: www.asiacare.net 4 EFU Life Assurance Limited 1992 Mr. Taher G. Sachak Head Office/Main Office: Managing Director & Chief Executive 37K, Block6 Tel: +9221111338111 P.E.C.H. Society Fax: +922134535079 Karachi. email: info@efulife.com Web : www.efulife.com 5 East West Life Assurance Company Ltd. 1992 Mr. Maheen Yunus Head Office/Main Office: Managing Director & Chief Executive 3rd Floor, 310EFU House Tel: +92213231 16625 M.A. Jinnah Road Fax: +92213231 1667 Karachi. Email: info@eastwestlifeco.com Web : www.eastwestlifeco.com 6 Jubilee Life Insurance Company Limited 1995 Mr. Javed Ahmed Head Office/Main Office: Chief Executive Officer & Managing Director 74/1A, Lalazar Tel: +92213561 1802 08 M.T. Khan Road Fax: +92213561 0959 Karachi. email: info@jubileelife.com Web : www.jubileelife.com 130

REINSURER S.No NAME OF MEMBERS YEAR OF Estb. PRINCIPAL REPRESENTATIVES 1 Pakistan Reinsurance Company Limited 1952 Mrs. Rukhsana Saleem PRC Towers, 32A, Chairperson Lalazar Drive Tel: +92219920290815 M.T. Khan Road Fax: +9221 9920292022 Karachi Email: ahmgad@pakre.org.pk Web : www.pakre.org.pk HEAD OFFICE THE INSURANCE ASSOCIATION OF PAKISTAN Mr. N. A. Usmani Tel : Direct : +92213227 7169 Secretary General PABX : +92213227 7165 68 17131715, 17th Floor Fax : +9221 3227 7170 Saima Trade TowerA e.mail : info@iap.net.pk I.I. Chundrigar Road Web : www.iap.net.pk P.O. Box 4932 Karachi74000 REGIONAL OFFICE NORTH +9242 3757 3193 Mr. S. Daood Ali Shah +92423504 0608 Secretary & Surveyor +92423757 3194 General Office 188A, Opp. Rehmania Park, Fax No. +92423757 1308 Shadman1, Lahore. E.mail : info.lro@iap.net.pk 131

PICTORIAL PRESENTATION OF IAP EVENTS

49th ANNUAL GENERAL MEETING HELD ON SATURDAY 26TH SEPTEMBER 2010 AT 12:30 P.M. AT THE ASSOCIATION'S OFFICE, KARACHI 134

ANNUAL DINNER OF IAP HELD ON 26TH SEPTEMBER 2010 AT HOTEL BEACH LUXERY KARACHI 135

136

137

IAP CRICKET TOURNAMENT HELD IN MARCH 2011 AT DHA SPORTS CLUB KARACHI (MOIN KHAN ACADMEY) 138

139

140

ICMAP seminar on Insurance : 'Tool to minimize business risk' held on Jan 19, 2011. Ms. Nasreen Rashid, the then Executive Director, Insurance Division, Securtities and Exchange Commission of Pakistan (SECP) was the keynote speaker. Mr. Hasanali Abdullah and other prominent personalities of insurance sector read papers on the subject. 141

Presentation on Microinsurnace made by SECP' representatives at IAP's Executive Committee Meeting on 11th November 2010 at IAP's office Karachi. 142

Notes...

Notes...

EFU Life Awarded Best Life Insurance Company 2010 Strong Insurer Financial Strength rating of AA (Stable) reaffirmed by JCRVIS Credit rating agency Awarded the 25 th Corporate Excellence Award in Financial Sector in 8, 26 th Corporate Excellence Certificate in Insurance Sector in 9 and 27 th Corporate Excellence Award in Life Insurance Category in 2010 by Management Association of Pakistan Awarded the 5 th Corporate Social Responsibility National Excellence Award 2010 by Helpline Trust Welfare Awarded the Consumer Choice Award for the Best Life Insurance Company by Consumer Association of Pakistan in 8, 9 and 2010 Among Top 25 Companies, 7 by Karachi Stock Exchange Through the years we have taken our Company to great heights on the basis of our ambition to set a precedent by being the best. In this ever changing environment we have taken the responsibility to pave the way to success by working with the utmost fortitude and earning various accolades along the way. Our Company strives to come up with the vision to look into the future with determination and to convert every challenge into an opportunity. EFU LIFE ASSURANCE LTD 37K, Block6, PECHS, Karachi75400 UAN: (021) 111EFU111 (111338111) Client Services: (021) 111EFUCSD (111338273) Fax: (021) 34535079 Email: info@efulife.com Website: www.efulife.com ISO 9001:8 Certified Rated AA by JCRVIS (Outlook: Stable) EFU Life is registered and supervised by Securities & Exchange Commission of Pakistan

Head Office: 2nd Floor, Nizam Chambers 7ShahraeFatima Jinnah, Lahore. Tel: 0423637 03735 Fax: 0423637 0376 Email: info@saudipakinsurance.com.pk Website: www.saudipakinsurance.com.pk Branches all over Pakistan.

CORPORATE