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Engro

Year 2001
Month Opening Closing Dividend
Cash Stock
January 69 77.75
February 77.75 63.6
March 63.6 57.6
First Quarter (Avg) 70.12 66.32
April 57.6 61.65
May 61.65 57.55
June 57.55 57.05
Second Quarter (Avg) 58.93 58.75
July 57.05 49.75
August 49.75 53.95
September 53.95 45.9
Third Quarter (Avg) 53.58 49.87
October 45.9 56.05
November 56.05 55.2
December 55.2 51.75
Fourth Quarter (Avg) 52.38 54.33 7.50

Engro
Year 2002
Month Opening Closing Dividend
Cash Stock
January 51.75 60.25
February 60.25 75.55
March 75.55 73.25
First Quarter (Avg) 62.52 69.68
April 73.25 64.85
May 64.85 59.6
June 59.6 59.9
Second Quarter (Avg) 65.90 61.45
July 59.9 59.7
August 59.7 63.65
September 63.65 63.1
Third Quarter (Avg) 61.08 62.15
October 63.1 70
November 70 72.25
December 72.25 92.05
Fourth Quarter (Avg) 68.45 78.10 7.5

Engro
Year 2003
Month Opening Closing Dividend
Cash Stock
January 92.05 87.8
February 87.8 83.1
March 83.1 83.1
First Quarter (Avg) 87.65 84.67
April 83.1 79.45
May 79.45 81.35
June 81.35 86.85
Second Quarter (Avg) 81.30 82.55
July 86.85 91.65
August 91.65 95.9
September 95.9 81
Third Quarter (Avg) 91.47 89.52
October 81 80.4
November 80.4 85.7
December 85.7 92.8
Fourth Quarter (Avg) 82.37 86.30 8

Engro
Year 2004
Month Opening Closing Dividend
Cash Stock
January 92.8 97.35
February 97.35 95.7
March 95.7 98.3
First Quarter (Avg) 95.28 97.12
April 98.3 99
May 99 98.25
June 98.25 97.5
Second Quarter (Avg) 98.52 98.25
July 97.5 94.9
August 94.9 94.9
September 94.9 90.95
Third Quarter (Avg) 95.77 93.58
October 90.95 98.5
November 98.5 111
December 111 129.3
Fourth Quarter (Avg) 100.15 112.93 8.5

Engro
Year 2005
Month Opening Closing Dividend
Cash Stock
January 129.3 121.95
February 121.95 127.75
March 127.75 128.85
First Quarter (Avg) 126.33 126.18
April 128.85 119
May 119 113.45
June 113.45 115.25
Second Quarter (Avg) 120.43 115.90
July 115.25 116
August 116 122.9
September 122.9 138.5
Third Quarter (Avg) 118.05 125.80
October 138.5 155.9
November 155.9 170
December 170 164.45
Fourth Quarter (Avg) 154.80 163.45 11

Engro
Year 2006
Month Opening Closing Dividend
Cash Stock
January 164.45 196.6
February 196.6 228.8
March 228.8 208
First Quarter (Avg) 196.62 211.13
April 208 194.5
May 194.5 176.5
June 176.5 169.4
Second Quarter (Avg) 193.00 180.13 3
July 169.4 176.6
August 176.6 180.1
September 180.1 179.1
Third Quarter (Avg) 175.37 178.60 3
October 179.1 181.35
November 181.35 172.8
December 172.8 169
Fourth Quarter (Avg) 177.75 174.38 3

Engro
Year 2007
Month Opening Closing Dividend
Cash Stock
January 169 185.4
February 185.4 181.45
March 181.45 185.8
First Quarter (Avg) 178.62 184.22
April 185.8 204.95
May 204.95 209.78
June 209.78 253
Second Quarter (Avg) 200.18 222.58 2
July 253 252.5
August 252.5 227
September 227 259.9
Third Quarter (Avg) 244.17 246.47 2
October 259.9 279.5
November 279.5 276.75
December 276.75 265.75
Fourth Quarter (Avg) 272.05 274.00 3

Engro
Year 2008
Month Opening Closing Dividend
Cash Stock
January 265.75 288.8
February 288.8 320
March 320 323.9
First Quarter (Avg) 291.52 310.90
April 323.9 329.05
May 329.05 279.01
June 279.01 280.81
Second Quarter (Avg) 310.65 296.29 2
July 280.81 208.96
August 208.96 181.8
September 181.8 180.44
Third Quarter (Avg) 223.86 190.40 2
October 180.44 180.44
November
December
Fourth Quarter (Avg) 180.44 180.44
Return

-5.42%

-0.31%

-6.94%

18.04%

Return

11.46%

-6.75%

1.75%

25.05%
Return

-3.40%

1.54%

-2.13%

14.49%

Return

1.92%

-0.27%

-2.28%

21.25%
Return

-0.12%

-3.76%

6.57%

12.69%

Return

7.38%

-5.11%

3.55%

-0.21%

Return
3.14%

12.19%

1.76%

1.82%

Return

6.65%

-3.98%

-14.05%

0.00%
Risk & Returns
Engro
2001
Period Opening Closing Dividends Return R.R Act. Risk
Cash Stock
First Quarter (Avg) 70.12 66.32 0 0 -5.42% 0.95
Second Quarter (Avg) 58.93 58.75 0 0 -0.31% 1.00
Third Quarter (Avg) 53.58 49.87 0 0 -6.94% 0.93
Fourth Quarter (Avg) 52.38 54.33 7.5 0 18.04% 1.18
Average 58.75 57.32 1.88 0.00 1.34% 1.01 11.49%

2002
Period Opening Closing Dividends Return R.R Act. Risk
Cash Stock
First Quarter (Avg) 62.52 69.68 0 0 11.46% 1.11
Second Quarter (Avg) 65.90 61.45 0 0 -6.75% 0.93
Third Quarter (Avg) 61.08 62.15 0 0 1.75% 1.02
Fourth Quarter (Avg) 68.45 78.10 7.5 0 25.05% 1.25
Average 64.49 67.85 1.88 0.00 7.88% 1.08 13.66%

2003
Period Opening Closing Dividends Return R.R Act. Risk
Cash Stock
First Quarter (Avg) 87.65 84.67 0 0 -3.40% 0.97
Second Quarter (Avg) 81.30 82.55 0 0 1.54% 1.02
Third Quarter (Avg) 91.47 89.52 0 0 -2.13% 0.98
Fourth Quarter (Avg) 82.37 86.30 8 0 14.49% 1.14
Average 85.70 85.76 2.00 0.00 2.62% 1.03 8.18%

2004
Period Opening Closing Dividends Return R.R Act. Risk
Cash Stock
First Quarter (Avg) 95.28 97.12 0 0 1.92% 1.02
Second Quarter (Avg) 98.52 98.25 0 0 -0.27% 1.00
Third Quarter (Avg) 95.77 93.58 0 0 -2.28% 0.98
Fourth Quarter (Avg) 100.15 112.93 8.5 0 21.25% 1.21
Average 97.43 100.47 2.13 0.00 5.16% 1.05 10.87%

2005
Period Opening Closing Dividends Return R.R Act. Risk
Cash Stock
First Quarter (Avg) 126.33 126.18 0 0 -0.12% 1.00
Second Quarter (Avg) 120.43 115.90 0 0 -3.76% 0.96
Third Quarter (Avg) 118.05 125.80 0 0 6.57% 1.07
Fourth Quarter (Avg) 154.80 163.45 11 0 12.69% 1.13 7.29%
Average 129.90 132.83 2.75 0.00 3.84% 1.04 7.29%

2006
Period Opening Closing Dividends Return R.R Act. Risk
Cash Stock
First Quarter (Avg) 196.62 211.13 0 0 7.38% 1.07
Second Quarter (Avg) 193.00 180.13 3 0 -5.11% 0.95
Third Quarter (Avg) 175.37 178.60 3 0 3.55% 1.04
Fourth Quarter (Avg) 177.75 174.38 3 0 -0.21% 1.00
Average 185.68 186.06 2.25 0.00 1.40% 1.01 5.34%

2007
Period Opening Closing Dividends Return R.R Act. Risk
Cash Stock
First Quarter (Avg) 178.62 184.22 0 0 3.14% 1.03
Second Quarter (Avg) 200.18 222.58 2 0 12.19% 1.12
Third Quarter (Avg) 244.17 246.47 2 0 1.76% 1.02
Fourth Quarter (Avg) 272.05 274.00 3 0 1.82% 1.02
Average 223.75 231.82 1.75 0.00 4.73% 1.05 5.02%
2008
Period Opening Closing Dividends Return R.R Act. Risk
Cash Stock
First Quarter (Avg) 291.52 310.90 0 0 6.65% 1.07
Second Quarter (Avg) 310.65 296.29 2 0 -3.98% 0.96
Third Quarter (Avg) 223.86 190.40 2 0 -14.05% 0.86
Average 275.34 265.86 1.33 0.00 -0.04 0.96 10.35%
Lucky Cements
Year 2001
Month Opening Closing Dividend
Cash Stock
January 8.4 7.15
February 7.15 7
March 7 6.35
First Quarter (Avg) 7.52 6.83
April 6.35 6.65
May 6.65 7.35
June 7.35 6.9
Second Quarter (Avg) 6.78 6.97 0.75
July 6.9 6.3
August 6.3 6.1
September 6.1 4.55
Third Quarter (Avg) 6.43 5.65
October 4.55 7.15
November 7.15 7.7
December 7.7 6.9
Fourth Quarter (Avg) 6.47 7.25

Lucky Cements
Year 2002
Month Opening Closing Dividend
Cash Stock
January 6.9 11.9
February 11.9 10.55
March 10.55 10.05
First Quarter (Avg) 9.78 10.83
April 10.05 9.9
May 9.9 7.55
June 7.55 8.2
Second Quarter (Avg) 9.17 8.55 0.75
July 8.2 8.7
August 8.7 9.55
September 9.55 9.75
Third Quarter (Avg) 8.82 9.33
October 9.75 9.75
November 9.75 10.05
December 10.05 11.2
Fourth Quarter (Avg) 9.85 10.33

Lucky Cements
Year 2003
Month Opening Closing Dividend
Cash Stock
January 11.2 9.55
February 9.55 9.8
March 9.8 10.05
First Quarter (Avg) 10.18 9.80 0.08
April 10.05 10.7
May 10.7 13.9
June 13.9 18.05
Second Quarter (Avg) 11.55 14.22 0.75
July 18.05 21.25
August 21.25 22.5
September 22.5 20.65
Third Quarter (Avg) 20.60 21.47
October 20.65 18.6
November 18.6 22.85
December 22.85 24.65
Fourth Quarter (Avg) 20.70 22.03

Lucky Cements
Year 2004
Month Opening Closing Dividend
Cash Stock
January 24.65 27.95
February 27.95 25.8
March 25.8 33.35
First Quarter (Avg) 26.13 29.03
April 33.35 39.05
May 39.05 43.7
June 43.7 39.1
Second Quarter (Avg) 38.70 40.62 0.75
July 39.1 39.65
August 39.65 37.75
September 37.75 37.65
Third Quarter (Avg) 38.83 38.35
October 37.65 33.65
November 33.65 38.95
December 38.95 40.65
Fourth Quarter (Avg) 36.75 37.75

Lucky Cements
Year 2005
Month Opening Closing Dividend
Cash Stock
January 40.65 41.9
February 41.9 48.1
March 48.1 48.5
First Quarter (Avg) 43.55 46.17
April 48.5 45.4
May 45.4 35.9
June 35.9 45.5
Second Quarter (Avg) 43.27 42.27
July 45.5 44.8
August 44.8 45.75
September 45.75 52.4
Third Quarter (Avg) 45.35 47.65
October 52.4 67.5
November 67.5 74.25
December 74.25 83.9
Fourth Quarter (Avg) 64.72 75.22

Lucky Cements
Year 2006
Month Opening Closing Dividend
Cash Stock
January 83.9 99.9
February 99.9 111.25
March 111.25 122.35
First Quarter (Avg) 98.35 111.17
April 122.35 109.85
May 109.85 98.5
June 98.5 103.55
Second Quarter (Avg) 110.23 103.97 1.00
July 103.55 107.25
August 107.25 97.85
September 97.85 100.8
Third Quarter (Avg) 102.88 101.97
October 100.8 94.15
November 94.15 71.05
December 71.05 59.9
Fourth Quarter (Avg) 88.67 75.03

Lucky Cements
Year 2007
Month Opening Closing Dividend
Cash Stock
January 59.9 66.5
February 66.5 65.55
March 65.55 79.3
First Quarter (Avg) 63.98 70.45
April 79.3 104.35
May 104.35 110.15
June 110.15 137.75
Second Quarter (Avg) 97.93 117.42 1.25
July 137.75 130.2
August 130.2 110.15
September 110.15 128.25
Third Quarter (Avg) 126.03 122.87
October 128.25 127.25
November 127.25 123.05
December 123.05 116.5
Fourth Quarter (Avg) 126.18 122.27

Lucky Cements
Year 2008
Month Opening Closing Dividend
Cash Stock
January 116.5 115.5
February 115.5 130.1
March 130.1 139.75
First Quarter (Avg) 120.70 128.45
April 139.75 143.2
May 143.2 108.45
June 108.45 97.93
Second Quarter (Avg) 130.47 116.53 1.25
July 97.93 77.9
August 77.9 57.77
September 57.77
Third Quarter (Avg) 77.87 67.84
October
November
December
Fourth Quarter (Avg) #DIV/0! #DIV/0!
Return

-9.09%

13.76%

-12.18%

12.11%

Return

10.73%

1.45%

5.86%

4.91%
Return

-3.03%

29.58%

4.21%

6.44%

Return

11.10%

6.89%

-1.24%

2.72%
Return

6.01%

-2.31%

5.07%

16.22%

Return

13.03%

-4.78%

-0.89%

-15.38%

Return
10.11%

21.17%

-2.51%

-3.10%

Return

6.42%

-9.73%

-12.88%

#DIV/0!
Lucky Cements

2001
Period Opening Closing Dividends Return R.R Act. Risk
Cash Stock
First Quarter (Avg) 7.52 6.83 0 0 -9.09% 0.91
Second Quarter (Avg) 6.78 6.97 0.75 0 13.76% 1.14
Third Quarter (Avg) 6.43 5.65 0 0 -12.18% 0.88
Fourth Quarter (Avg) 6.47 7.25 0 0 12.11% 1.12
Average 6.80 6.68 0.19 0.00 1.15% 1.01 13.68%

2002
Period Opening Closing Dividends Return R.R Act. Risk
Cash Stock
First Quarter (Avg) 9.78 10.83 0.00 0.00 10.73% 1.11
Second Quarter (Avg) 9.17 8.55 0.75 0.00 1.45% 1.01
Third Quarter (Avg) 8.82 9.33 0.00 0.00 5.86% 1.06
Fourth Quarter (Avg) 9.85 10.33 0.00 0.00 4.91% 1.05
Average 9.40 9.76 0.19 0.00 5.74% 1.06 3.83%

2003
Period Opening Closing Dividends Return R.R Act. Risk
Cash Stock
First Quarter (Avg) 10.18 9.80 0.00 0.08 -3.03% 0.97
Second Quarter (Avg) 11.55 14.22 0.75 0.00 29.58% 1.30
Third Quarter (Avg) 20.60 21.47 0.00 0.00 4.21% 1.04
Fourth Quarter (Avg) 20.70 22.03 0.00 0.00 6.44% 1.06
Average 15.76 16.88 0.19 0.02 9.30% 1.09 14.11%

2004
Period Opening Closing Dividends Return R.R Act. Risk
Cash Stock
First Quarter (Avg) 26.13 29.03 0.00 0.00 11.10% 1.11
Second Quarter (Avg) 38.70 40.62 0.75 0.00 6.89% 1.07
Third Quarter (Avg) 38.83 38.35 0.00 0.00 -1.24% 0.99
Fourth Quarter (Avg) 36.75 37.75 0.00 0.00 2.72% 1.03
Average 35.10 36.44 0.19 0.00 4.87% 1.05 5.32%

2005
Period Opening Closing Dividends Return R.R Act. Risk
Cash Stock
First Quarter (Avg) 43.55 46.17 0.00 0.00 6.01% 1.06
Second Quarter (Avg) 43.27 42.27 0.00 0.00 -2.31% 0.98
Third Quarter (Avg) 45.35 47.65 0.00 0.00 5.07% 1.05
Fourth Quarter (Avg) 64.72 75.22 0.00 0.00 16.22% 1.16 7.62%
Average 49.22 52.83 0.00 0.00 6.25% 1.06 7.62%

2006
Period Opening Closing Dividends Return R.R Act. Risk
Cash Stock
First Quarter (Avg) 98.35 111.17 0.00 0.00 13.03% 1.13
Second Quarter (Avg) 110.23 103.97 1.00 0.00 -4.78% 0.95
Third Quarter (Avg) 102.88 101.97 0.00 0.00 -0.89% 0.99
Fourth Quarter (Avg) 88.67 75.03 0.00 0.00 -15.38% 0.85
Average 100.03 98.03 0.25 0.00 -2.00% 0.98 11.74%

2007
Period Opening Closing Dividends Return R.R Act. Risk
Cash Stock
First Quarter (Avg) 63.98 70.45 0.00 0.00 10.11% 1.10
Second Quarter (Avg) 97.93 117.42 1.25 0.00 21.17% 1.21
Third Quarter (Avg) 126.03 122.87 0.00 0.00 -2.51% 0.97
Fourth Quarter (Avg) 126.18 122.27 0.00 0.00 -3.10% 0.97
Average 103.53 108.25 0.31 0.00 6.42% 1.06 11.57%
2008
Period Opening Closing Dividends Return R.R Act. Risk
Cash Stock
First Quarter (Avg) 120.70 128.45 0.00 0.00 6.42% 1.06
Second Quarter (Avg) 130.47 116.53 1.25 0.00 -9.73% 0.90
Third Quarter (Avg) 77.87 67.84 0.00 0.00 -12.88% 0.87
Average 109.68 104.27 0.42 0.00 -0.05 0.95 10.35%
MCBL
Year 2001
Month Opening Closing Dividend
Cash Stock
January 32.4 31.45
February 31.45 28.35
March 28.35 23.45
First Quarter (Avg) 30.73 27.75
April 23.45 26.7
May 26.7 26.3
June 26.4 24.5
Second Quarter (Avg) 25.52 25.83
July 24.35 21
August 20.8 23.4
September 23.1 20.6
Third Quarter (Avg) 22.75 21.67
October 20.75 25.5
November 25.5 22.85
December 22.45 18.75
Fourth Quarter (Avg) 22.90 22.37

MCBL
Year 2002
Month Opening Closing Dividend
Cash Stock
January 18.8 25.45
February 25.8 23.95
March 24 26
First Quarter (Avg) 22.87 25.13
April 26.6 29.65
May 29.45 24.9
June 24.4 29.1
Second Quarter (Avg) 26.82 27.88
July 29.1 23.9
August 23.9 25.35
September 25.35 27.1
Third Quarter (Avg) 26.12 25.45
October 27.1 32.75
November 32.75 33.05
December 33.05 33.35
Fourth Quarter (Avg) 30.97 33.05

MCBL
Year 2003
Month Opening Closing Dividend
Cash Stock
January 33.35 34.1
February 34.1 33.68
March 33.68 33.25
First Quarter (Avg) 33.71 33.68 1.5
April 33.25 33.7
May 33.7 35.65
June 35.65 37.55
Second Quarter (Avg) 34.20 35.63
July 37.55 42.8
August 42.8 54.75
September 54.75 44.8
Third Quarter (Avg) 45.03 47.45 1.25
October 44.8 41.9
November 41.9 46
December 46 51.4
Fourth Quarter (Avg) 44.23 46.43 1

MCBL
Year 2004
Month Opening Closing Dividend
Cash Stock
January 51.4 54.15
February 54.15 48.7
March 48.7 48.7
First Quarter (Avg) 51.42 50.52 1
April 48.7 56
May 56 57
June 57 50.6
Second Quarter (Avg) 53.90 54.53
July 50.6 50.7
August 50.7 52.9
September 52.9 49.9
Third Quarter (Avg) 51.40 51.17 1.5
October 49.9 48.7
November 48.7 51.4
December 51.4 58.7
Fourth Quarter (Avg) 50.00 52.93 1

MCBL
Year 2005
Month Opening Closing Dividend
Cash Stock
January 58.7 65.5
February 65.5 78.4
March 78.4 64
First Quarter (Avg) 67.53 69.30 1.75
April 64 75.35
May 75.35 67.9
June 67.9 79.3
Second Quarter (Avg) 69.08 74.18
July 79.3 86.5
August 86.5 104.5
September 104.5 126.3
Third Quarter (Avg) 90.10 105.77 1.5
October 126.3 146.8
November 146.8 156.3
December 156.3 167.8
Fourth Quarter (Avg) 143.13 156.97 1 2

MCBL
Year 2006
Month Opening Closing Dividend
Cash Stock
January 167.8 217
February 217 261
March 261 225.05
First Quarter (Avg) 215.27 234.35 2
April 225.05 238.4
May 238.4 198
June 198 210.3
Second Quarter (Avg) 220.48 215.57 2
July 210.3 222.75
August 222.75 214.35
September 214.35 255
Third Quarter (Avg) 215.80 230.70 2
October 255 274.5
November 274.5 255
December 255 246.1
Fourth Quarter (Avg) 261.50 258.53 1.5 1.5

MCBL
Year 2007
Month Opening Closing Dividend
Cash Stock
January 246.1 297.95
February 297.95 293
March 293 270.65
First Quarter (Avg) 279.02 287.20 2.5
April 270.65 298
May 298 340.95
June 340.95 365
Second Quarter (Avg) 303.20 334.65 2.5
July 365 324.6
August 324.6 311.5
September 311.5 333
Third Quarter (Avg) 333.70 323.03 2.5
October 333 380.1
November 380.1 372.3
December 372.3 399.95
Fourth Quarter (Avg) 361.80 384.12 5

MCBL
Year 2008
Month Opening Closing Dividend
Cash Stock
January 399.95 391.9
February 391.9 435
March 435 415.5
First Quarter (Avg) 408.95 414.13 1.5
April 415.5 415
May 415 274.41
June 274.41 326.38
Second Quarter (Avg) 368.30 338.60 3
July 326.38 271
August 271 244
September 244 242.72
Third Quarter (Avg) 280.46 252.57
October
November
December
Fourth Quarter (Avg) #DIV/0! #DIV/0!
Return

-9.71%

1.24%

-4.76%

-2.33%

Return

9.91%

3.98%

-2.55%

6.73%
Return

4.35%

4.19%

8.14%

7.23%

Return

0.19%

1.18%

2.46%

7.87%
Return

5.21%

7.38%

19.05%

11.76%

Return

9.79%

-1.32%

7.83%

0.01%

Return
3.83%

11.20%

-2.45%

7.55%

Return

1.63%

-7.25%

-9.94%

#DIV/0!
MCB

2001
Period Opening Closing Dividends Return R.R
Cash Stock
First Quarter (Avg)
30.73 27.75 0.00 0.00 -9.71% 0.90
Second Quarter 25.52
(Avg) 25.83 0.00 0.00 1.24% 1.01
Third Quarter (Avg)
22.75 21.67 0.00 0.00 -4.76% 0.95
Fourth Quarter22.90
(Avg) 22.37 0.00 0.00 -2.33% 0.98
Average 25.48 24.40 0.00 0.00 -3.89% 0.96

2002
Period Opening Closing Dividends Return R.R
Cash Stock
First Quarter (Avg)
22.87 25.13 0.00 0.00 9.91% 1.10
Second Quarter 26.82
(Avg) 27.88 0.00 0.00 3.98% 1.04
Third Quarter (Avg)
26.12 25.45 0.00 0.00 -2.55% 0.97
Fourth Quarter30.97
(Avg) 33.05 0.00 0.00 6.73% 1.07
Average 26.69 27.88 0.00 0.00 4.52% 1.05

2003
Period Opening Closing Dividends Return R.R
Cash Stock
First Quarter (Avg)
33.71 33.68 1.50 0.00 4.35% 1.04
Second Quarter 34.20
(Avg) 35.63 0.00 0.00 4.19% 1.04
Third Quarter (Avg)
45.03 47.45 1.25 0.00 8.14% 1.08
Fourth Quarter44.23
(Avg) 46.43 0.00 1.00 7.23% 1.07
Average 39.29 40.80 0.69 0.25 5.98% 1.06

2004
Period Opening Closing Dividends Return R.R
Cash Stock
First Quarter (Avg)
51.42 50.52 1.00 0.00 0.19% 1.00
Second Quarter 53.90
(Avg) 54.53 0.00 0.00 1.18% 1.01
Third Quarter (Avg)
51.40 51.17 1.50 0.00 2.46% 1.02
Fourth Quarter50.00
(Avg) 52.93 0.00 1.00 7.87% 1.08
Average 51.68 52.29 0.63 0.25 2.93% 1.03

2005
Period Opening Closing Dividends Return R.R
Cash Stock
First Quarter (Avg)
67.53 69.30 1.75 0.00 5.21% 1.05
Second Quarter 69.08
(Avg) 74.18 0.00 0.00 7.38% 1.07
Third Quarter (Avg)
90.10 105.77 1.50 0.00 19.05% 1.19
Fourth Quarter 143.13
(Avg) 156.97 1.00 2.00 11.76% 1.12
Average 92.46 101.55 1.06 0.50 10.85% 1.11

2006
Period Opening Closing Dividends Return R.R
Cash Stock
First Quarter (Avg)
215.27 234.35 2.00 0.00 9.79% 1.10
Second Quarter 220.48
(Avg) 215.57 2.00 0.00 -1.32% 0.99
Third Quarter 215.80
(Avg) 230.70 2.00 0.00 7.83% 1.08
Fourth Quarter 261.50
(Avg) 258.53 1.50 1.50 0.01% 1.00
Average 228.26 234.79 1.88 0.38 4.08% 1.04

2007
Period Opening Closing Dividends Return R.R
Cash Stock
First Quarter (Avg)
279.02 287.20 2.50 0.00 3.83% 1.04
Second Quarter 303.20
(Avg) 334.65 2.50 0.00 11.20% 1.11
Third Quarter 333.70
(Avg) 323.03 2.50 0.00 -2.45% 0.98
Fourth Quarter 361.80
(Avg) 384.12 5.00 0.00 7.55% 1.08
Average 319.43 332.25 3.13 0.00 5.03% 1.05
2008
Period Opening Closing Dividends Return R.R
Cash Stock
First Quarter (Avg)
408.95 414.13 1.50 0.00 1.63% 1.02
Second Quarter 368.30
(Avg) 338.60 3.00 0.00 -7.25% 0.93
Third Quarter 280.46
(Avg) 252.57 0.00 -9.94% 0.90
Average 352.57 335.10 2.25 0.00 -0.05 0.95
Act. Risk

4.60%

Act. Risk

5.30%

Act. Risk

2.01%

Act. Risk

3.42%

Act. Risk

6.11%

Act. Risk
5.55%

Act. Risk

5.82%

Act. Risk

6.06%
PSO
Year 2001
Month Opening Closing Dividend
Cash Stock
January 143.6 144.75
February 144.75 142.25
March 142.25 134.25
First Quarter (Avg) 143.53 140.42
April 134.25 141.65
May 141.65 142.45
June 142.45 132.5
Second Quarter (Avg) 139.45 138.87
July 132.5 123.55
August 123.55 127.85
September 127.85 105.6
Third Quarter (Avg) 127.97 119.00
October 105.6 111.6
November 111.6 98.8
December 98.8 92.4
Fourth Quarter (Avg) 105.33 100.93

PSO
Year 2002
Month Opening Closing Dividend
Cash Stock
January 92.4 109
February 109 148.5
March 148.5 157.15
First Quarter (Avg) 116.63 138.22
April 157.15 164.15
May 164.15 128.85
June 128.85 140
Second Quarter (Avg) 150.05 144.33
July 140 140.8
August 140.8 202.65
September 202.65 197.3
Third Quarter (Avg) 161.15 180.25
October 197.3 195.5
November 195.5 176.35
December 176.35 211.5
Fourth Quarter (Avg) 189.72 194.45

PSO
Year 2003
Month Opening Closing Dividend
Cash Stock
January 211.5 190.95
February 190.95 196.93
March 196.93 202.9
First Quarter (Avg) 199.79 196.93
April 202.9 205.4
May 205.4 213.7
June 213.7 228.3
Second Quarter (Avg) 207.33 215.80
July 228.3 280.95
August 280.95 290.2
September 290.2 278.5
Third Quarter (Avg) 266.48 283.22
October 278.5 250.45
November 250.45 273.3
December 273.3 288.55
Fourth Quarter (Avg) 267.42 270.77

PSO
Year 2004
Month Opening Closing Dividend
Cash Stock
January 288.55 287.65
February 287.65 293.1
March 293.1 285.45
First Quarter (Avg) 289.77 288.73
April 285.45 271
May 271 271
June 271 256.75
Second Quarter (Avg) 275.82 266.25
July 256.75 256
August 256 256.85
September 256.85 250.3
Third Quarter (Avg) 256.53 254.38
October 250.3 257.25
November 257.25 268.6
December 268.6 286.75
Fourth Quarter (Avg) 258.72 270.87

PSO
Year 2005
Month Opening Closing Dividend
Cash Stock
January 286.75 310.6
February 310.6 412.45
March 412.45 398
First Quarter (Avg) 336.60 373.68
April 398 368
May 368 359
June 359 386
Second Quarter (Avg) 375.00 371.00
July 386 373.35
August 373.35 390.3
September 390.3 385
Third Quarter (Avg) 383.22 382.88
October 385 410
November 410 416.5
December 416.5 416.85
Fourth Quarter (Avg) 403.83 414.45

PSO
Year 2006
Month Opening Closing Dividend
Cash Stock
January 416.85 401.5
February 401.5 430
March 430 373
First Quarter (Avg) 416.12 401.50
April 373 342
May 342 304
June 304 309
Second Quarter (Avg) 339.67 318.33 18
July 309 364.65
August 364.65 328
September 328 312.05
Third Quarter (Avg) 333.88 334.90
October 312.05 300
November 300 300
December 300 300
Fourth Quarter (Avg) 304.02 300.00 6

PSO
Year 2007
Month Opening Closing Dividend
Cash Stock
January 294 339.9
February 339.9 355.3
March 355.3 355.05
First Quarter (Avg) 329.73 350.08 4
April 355.05 360.5
May 360.5 370
June 370 391.45
Second Quarter (Avg) 361.85 373.98 11
July 391.45 375.5
August 375.5 329
September 329 360.55
Third Quarter (Avg) 365.32 355.02 5
October 360.55 407.2
November 407.2 429.75
December 429.75 406.6
Fourth Quarter (Avg) 399.17 414.52

PSO
Year 2008
Month Opening Closing Dividend
Cash Stock
January 406.6 439.95
February 439.95 496
March 496 533.45
First Quarter (Avg) 447.52 489.80 6
April 533.45 503
May 503 440
June 440 417.24
Second Quarter (Avg) 492.15 453.41
July 417.24 373.35
August 373.35 279.99
September 279.99 279.99
Third Quarter (Avg) 356.86 311.11
October 279.99
November
December
Fourth Quarter (Avg) 279.99 #DIV/0!
Return

-2.17%

-0.42%

-7.01%

-4.18%

Return

18.51%

-3.81%

11.85%

2.49%
Return

-1.43%

4.08%

6.28%

1.25%

Return

-0.36%

-3.47%

-0.84%

4.70%
Return

11.02%

-1.07%

-0.09%

2.63%

Return

-3.51%

-0.98%

0.30%

0.65%

Return
7.38%

6.39%

-1.45%

3.85%

Return

10.79%

-7.87%

-12.82%

#DIV/0!
PSO

2001
Period Opening Closing Dividends Return R.R Act. Risk
Cash Stock
First Quarter (Avg) 143.53 140.42 0.00 0.00 -2.17% 0.98
Second Quarter (Avg) 139.45 138.87 0.00 0.00 -0.42% 1.00
Third Quarter (Avg) 127.97 119.00 0.00 0.00 -7.01% 0.93
Fourth Quarter (Avg) 105.33 100.93 0.00 0.00 -4.18% 0.96
Average 129.07 124.80 0.00 0.00 -3.44% 0.97 2.83%

2002
Period Opening Closing Dividends Return R.R Act. Risk
Cash Stock
First Quarter (Avg) 116.63 138.22 0.00 0.00 18.51% 1.19
Second Quarter (Avg) 150.05 144.33 0.00 0.00 -3.81% 0.96
Third Quarter (Avg) 161.15 180.25 0.00 0.00 11.85% 1.12
Fourth Quarter (Avg) 189.72 194.45 0.00 0.00 2.49% 1.02
Average 154.39 164.31 0.00 0.00 7.26% 1.07 9.88%

2003
Period Opening Closing Dividends Return R.R Act. Risk
Cash Stock
First Quarter (Avg) 199.79 196.93 0.00 0.00 -1.43% 0.99
Second Quarter (Avg) 207.33 215.80 0.00 0.00 4.08% 1.04
Third Quarter (Avg) 266.48 283.22 0.00 0.00 6.28% 1.06
Fourth Quarter (Avg) 267.42 270.77 0.00 0.00 1.25% 1.01
Average 235.26 241.68 0.00 0.00 2.55% 1.03 3.36%

2004
Period Opening Closing Dividends Return R.R Act. Risk
Cash Stock
First Quarter (Avg) 289.77 288.73 0.00 0.00 -0.36% 1.00
Second Quarter (Avg) 275.82 266.25 0.00 0.00 -3.47% 0.97
Third Quarter (Avg) 256.53 254.38 0.00 0.00 -0.84% 0.99
Fourth Quarter (Avg) 258.72 270.87 0.00 0.00 4.70% 1.05
Average 270.21 270.06 0.00 0.00 0.01% 1.00 3.41%

2005
Period Opening Closing Dividends Return R.R Act. Risk
Cash Stock
First Quarter (Avg) 336.60 373.68 0.00 0.00 11.02% 1.11
Second Quarter (Avg) 375.00 371.00 0.00 0.00 -1.07% 0.99
Third Quarter (Avg) 383.22 382.88 0.00 0.00 -0.09% 1.00
Fourth Quarter (Avg) 403.83 414.45 0.00 0.00 2.63% 1.03
Average 374.66 385.50 0.00 0.00 3.12% 1.03 5.49%

2006
Period Opening Closing Dividends Return R.R Act. Risk
Cash Stock
First Quarter (Avg) 416.12 401.50 0.00 0.00 -3.51% 0.96
Second Quarter (Avg) 339.67 318.33 18.00 0.00 -0.98% 0.99
Third Quarter (Avg) 333.88 334.90 0.00 0.00 0.30% 1.00
Fourth Quarter (Avg) 304.02 300.00 6.00 0.00 0.65% 1.01
Average 348.42 338.68 6.00 0.00 -0.88% 0.99 1.89%

2007
Period Opening Closing Dividends Return R.R Act. Risk
Cash Stock
First Quarter (Avg) 329.73 350.08 4.00 0.00 7.38% 1.07
Second Quarter (Avg) 361.85 373.98 11.00 0.00 6.39% 1.06
Third Quarter (Avg) 365.32 355.02 5.00 0.00 -1.45% 0.99
Fourth Quarter (Avg) 399.17 414.52 0.00 0.00 3.85% 1.04
Average 364.02 373.40 5.00 0.00 4.04% 1.04 3.95%

2008
Period Opening Closing Dividends Return R.R Act. Risk
Cash Stock
First Quarter (Avg) 447.52 489.80 6.00 0.00 10.79% 1.11
Second Quarter (Avg) 492.15 453.41 0.00 -7.87% 0.92
Third Quarter (Avg) 356.86 311.11 0.00 -12.82% 0.87
Average 432.18 418.11 6.00 0.00 -0.03 0.97 12.45%
NESTLE
Year 2001
Month Opening Closing Dividend
Cash Stock
January 150 138
February 138 141
March 141 140
First Quarter (Avg) 143.00 139.67
April 140 130
May 130 127
June 127 137
Second Quarter (Avg) 132.33 131.33
July 137 141
August 141 150
September 150 155
Third Quarter (Avg) 142.67 148.67
October 155 160
November 160 162
December 162 154
Fourth Quarter (Avg) 159.00 158.67

NESTLE
Year 2002
Month Opening Closing Dividend
Cash Stock
January 154 170
February 170 178
March 178 176
First Quarter (Avg) 167.33 174.67
April 176 185
May 185 188
June 188 190
Second Quarter (Avg) 183.00 187.67
July 190 192
August 192 187.5
September 187.5 192
Third Quarter (Avg) 189.83 190.50
October 192 198
November 198 207
December 207 218.5
Fourth Quarter (Avg) 199.00 207.83

NESTLE
Year 2003
Month Opening Closing Dividend
Cash Stock
January 218.5 209
February 209 189.1
March 189.1 203
First Quarter (Avg) 205.53 200.37
April 203 220
May 220 225
June 225 250
Second Quarter (Avg) 216.00 231.67
July 250 269.8
August 269.8 279
September 279 278
Third Quarter (Avg) 266.27 275.60
October 278 275
November 275 270.1
December 270.1 376
Fourth Quarter (Avg) 274.37 307.03 4

NESTLE
Year 2004
Month Opening Closing Dividend
Cash Stock
January 376 460
February 460 473.95
March 473.95 480
First Quarter (Avg) 436.65 471.32
April 480 489
May 489 480
June 480 479
Second Quarter (Avg) 483.00 482.67
July 479 450
August 450 456
September 456 460
Third Quarter (Avg) 461.67 455.33
October 460 465
November 465 470.05
December 470.05 519.95
Fourth Quarter (Avg) 465.02 485.00 5

NESTLE
Year 2005
Month Opening Closing Dividend
Cash Stock
January 519.95 510
February 510 500
March 500 525
First Quarter (Avg) 509.98 511.67
April 525 551.25
May 551.25 535
June 535 534
Second Quarter (Avg) 537.08 540.08
July 534 538.65
August 538.65 554
September 554 557
Third Quarter (Avg) 542.22 549.88
October 557 560
November 560 570
December 570 602
Fourth Quarter (Avg) 562.33 577.33 15

NESTLE
Year 2006
Month Opening Closing Dividend
Cash Stock
January 602 689
February 689 800
March 800 825
First Quarter (Avg) 697.00 771.33
April 825 950
May 950 1197
June 1197 1102.56
Second Quarter (Avg) 990.67 1083.19
July 1102.56 1068
August 1068 919.65
September 919.65 940
Third Quarter (Avg) 1030.07 975.88
October 940 950
November 950 900.05
December 900.05 1044.95
Fourth Quarter (Avg) 930.02 965.00 5

NESTLE
Year 2007
Month Opening Closing Dividend
Cash Stock
January 1044.95 1323
February 1323 1460
March 1460 1680
First Quarter (Avg) 1275.98 1487.67
April 1680 1580
May 1580 1499
June 1499 1545
Second Quarter (Avg) 1586.33 1541.33
July 1545 1505
August 1505 1490
September 1490 1500
Third Quarter (Avg) 1513.33 1498.33
October 1500 1530
November 1530 1835
December 1835 1800
Fourth Quarter (Avg) 1621.67 1721.67 10

NESTLE
Year 2008
Month Opening Closing Dividend
Cash Stock
January 1800 1690.9
February 1690.9 1600
March 1600 1512
First Quarter (Avg) 1696.97 1600.97
April 1512 1423
May 1423 1282.51
June 1282.51 1640
Second Quarter (Avg) 1405.84 1448.50
July 1640
August
September
Third Quarter (Avg) 1640.00 #DIV/0!
October
November
December
Fourth Quarter (Avg) #DIV/0! #DIV/0!
Return

-2.33%

-0.76%

4.21%

-0.21%

Return

4.38%

2.55%

0.35%

4.44%
Return

-2.51%

7.25%

3.51%

13.36%

Return

7.94%

-0.07%

-1.37%

5.37%
Return

0.33%

0.56%

1.41%

5.33%

Return

10.66%

9.34%

-5.26%

4.30%

Return
16.59%

-2.84%

-0.99%

6.78%

Return

-5.66%

3.03%

#DIV/0!

#DIV/0!
PSO

2001
Period Opening Closing Dividends Return R.R Act. Risk
Cash Stock
First Quarter (Avg) 143.00 139.67 0.00 0.00 -2.33% 0.98
Second Quarter (Avg) 132.33 131.33 0.00 0.00 -0.76% 0.99
Third Quarter (Avg) 142.67 148.67 0.00 0.00 4.21% 1.04
Fourth Quarter (Avg) 159.00 158.67 0.00 0.00 -0.21% 1.00
Average 144.25 144.58 0.00 0.00 0.23% 1.00 2.80%

2002
Period Opening Closing Dividends Return R.R Act. Risk
Cash Stock
First Quarter (Avg) 167.33 174.67 0.00 0.00 4.38% 1.04
Second Quarter (Avg) 183.00 187.67 0.00 0.00 2.55% 1.03
Third Quarter (Avg) 189.83 190.50 0.00 0.00 0.35% 1.00
Fourth Quarter (Avg) 199.00 207.83 0.00 0.00 4.44% 1.04
Average 184.79 190.17 0.00 0.00 2.93% 1.03 1.93%

2003
Period Opening Closing Dividends Return R.R Act. Risk
Cash Stock
First Quarter (Avg) 205.53 200.37 0.00 0.00 -2.51% 0.97
Second Quarter (Avg) 216.00 231.67 0.00 0.00 7.25% 1.07
Third Quarter (Avg) 266.27 275.60 0.00 0.00 3.51% 1.04
Fourth Quarter (Avg) 274.37 307.03 4.00 0.00 13.36% 1.13
Average 240.54 253.67 1.00 0.00 5.40% 1.05 6.66%

2004
Period Opening Closing Dividends Return R.R Act. Risk
Cash Stock
First Quarter (Avg) 436.65 471.32 0.00 0.00 7.94% 1.08
Second Quarter (Avg) 483.00 482.67 0.00 0.00 -0.07% 1.00
Third Quarter (Avg) 461.67 455.33 0.00 0.00 -1.37% 0.99
Fourth Quarter (Avg) 465.02 485.00 5.00 0.00 5.37% 1.05
Average 461.58 473.58 1.25 0.00 2.97% 1.03 4.42%

2005
Period Opening Closing Dividends Return R.R Act. Risk
Cash Stock
First Quarter (Avg) 509.98 511.67 0.00 0.00 0.33% 1.00
Second Quarter (Avg) 537.08 540.08 0.00 0.00 0.56% 1.01
Third Quarter (Avg) 542.22 549.88 0.00 0.00 1.41% 1.01
Fourth Quarter (Avg) 562.33 577.33 15.00 0.00 5.33% 1.05
Average 537.90 544.74 3.75 0.00 1.91% 1.02 2.33%

2006
Period Opening Closing Dividends Return R.R Act. Risk
Cash Stock
First Quarter (Avg) 697.00 771.33 0.00 0.00 10.66% 1.11
Second Quarter (Avg) 990.67 1083.19 0.00 0.00 9.34% 1.09
Third Quarter (Avg) 1030.07 975.88 0.00 0.00 -5.26% 0.95
Fourth Quarter (Avg) 930.02 965.00 5.00 0.00 4.30% 1.04
Average 911.94 948.85 1.25 0.00 4.76% 1.05 7.22%

2007
Period Opening Closing Dividends Return R.R Act. Risk
Cash Stock
First Quarter (Avg) 1275.98 1487.67 0.00 0.00 16.59% 1.17
Second Quarter (Avg) 1586.33 1541.33 0.00 0.00 -2.84% 0.97
Third Quarter (Avg) 1513.33 1498.33 0.00 0.00 -0.99% 0.99
Fourth Quarter (Avg) 1621.67 1721.67 10.00 0.00 6.78% 1.07
Average 1499.33 1562.25 2.50 0.00 4.89% 1.05 8.85%

2008
Period Opening Closing Dividends Return R.R Act. Risk
Cash Stock
First Quarter (Avg) 1696.97 1600.97 0.00 -5.66% 0.94
Second Quarter (Avg) 1405.84 1448.50 0.00 3.03% 1.03
Third Quarter (Avg) 1640.00 7.00 0.00 0.00% 1.00
Average 1580.93 1524.74 7.00 0.00 -0.01 0.99 4.41%
Returns Sheet

Engro
Period 2001 2002 2003 2004 2005
First Quarter -5.42% 11.46% -3.40% 1.92% -0.12%
Second Quarter -0.31% -6.75% 1.54% -0.27% -3.76%
Third Quarter -6.94% 1.75% -2.13% -2.28% 6.57%
Fourth Quarter 18.04% 25.05% 14.49% 21.25% 12.69%
Average 1.34% 7.88% 2.62% 5.16% 3.84%

Lucky Cements
Period 2001 2002 2003 2004 2005
First Quarter -9.09% 10.73% -3.03% 11.10% 6.01%
Second Quarter 13.76% 1.45% 29.58% 6.89% -2.31%
Third Quarter -12.18% 5.86% 4.21% -1.24% 5.07%
Fourth Quarter 12.11% 4.91% 6.44% 2.72% 16.22%
Average 1.15% 5.74% 9.30% 4.87% 6.25%

MCB
Period 2001 2002 2003 2004 2005
First Quarter -9.71% 9.91% 4.35% 0.19% 5.21%
Second Quarter 1.24% 3.98% 4.19% 1.18% 7.38%
Third Quarter -4.76% -2.55% 8.14% 2.46% 19.05%
Fourth Quarter -2.33% 6.73% 7.23% 7.87% 11.76%
Average -3.89% 4.52% 5.98% 2.93% 10.85%

PSO
Period 2001 2002 2003 2004 2005
First Quarter -2.17% 18.51% -1.43% -0.36% 11.02%
Second Quarter -0.42% -3.81% 4.08% -3.47% -1.07%
Third Quarter -7.01% 11.85% 6.28% -0.84% -0.09%
Fourth Quarter -4.18% 2.49% 1.25% 4.70% 2.63%
Average -3.44% 7.26% 2.55% 0.01% 3.12%

NESTLE
Period 2001 2002 2003 2004 2005
First Quarter -2.33% 4.38% -2.51% 7.94% 0.33%
Second Quarter -0.76% 2.55% 7.25% -0.07% 0.56%
Third Quarter 4.21% 0.35% 3.51% -1.37% 1.41%
Fourth Quarter -0.21% 4.44% 13.36% 5.37% 5.33%
Average 0.23% 2.93% 5.40% 2.97% 1.91%
2006 2007 2008
7.38% 3.14% 6.65%
-5.11% 12.19% -3.98%
3.55% 1.76% -14.05%
-0.21% 1.82%
1.40% 4.73% -3.79%

2006 2007 2008


13.03% 10.11% 6.42%
-4.78% 21.17% -9.73%
-0.89% -2.51% -12.88%
-15.38% -3.10%
-2.00% 6.42% -5.40%

2006 2007 2008


9.79% 3.83% 1.63%
-1.32% 11.20% -7.25%
7.83% -2.45% -9.94%
0.01% 7.55%
4.08% 5.03% -5.19%

2006 2007 2008


-3.51% 7.38% 10.79%
-0.98% 6.39% -7.87%
0.30% -1.45% -12.82%
0.65% 3.85%
-0.88% 4.04% -3.30%

2006 2007 2008


10.66% 16.59% -5.66%
9.34% -2.84% 3.03%
-5.26% -0.99% #DIV/0!
4.30% 6.78%
4.76% 4.89% #DIV/0!
Engro
Year Opening prices Closing prices Returns

2001 58.75 57.32 1.34%


2002 64.49 67.85 7.88%
2003 85.70 85.76 2.62%
2004 97.43 100.47 5.16%
2005 129.90 132.83 3.84%
2006 185.68 186.06 1.40%
2007 223.75 231.82 4.73%
2008 251.62 244.51 -3.79%

Lucky Cements
Year Returns
2001 1.15%
2002 5.74%
2003 9.30%
2004 4.87%
2005 6.25%
2006 -2.00%
2007 6.42%
2008 -5.40%
Lucky Cements
Year Opening prices
Closing prices Returns
2001 6.80 6.68 1.15%
2002 9.40 9.76 5.74%
2003 15.76 16.88 9.30%
2004 35.10 36.44 4.87%
2005 49.22 52.83 6.25%
2006 100.03 98.03 -2.00%
2007 103.53 108.25 6.42%
2008 109.68 104.27 -5.40%

MCB
Year Opening prices Closing prices Returns
2001 25.48 24.40 -3.89%
2002 26.69 27.88 4.52%
2003 39.29 40.80 5.98%
2004 51.68 52.29 2.93%
2005 92.46 101.55 10.85%
2006 228.26 234.79 4.08%
2007 319.43 332.25 5.03%
2008 352.57 335.10 -5.19%

PSO
Year Opening prices Closing prices Returns
2001 129.07 124.80 -3.44%
2002 154.39 164.31 7.26%
2003 235.26 241.68 2.55%
2004 270.21 270.06 0.01%
2005 374.66 385.50 3.12%
2006 348.42 338.68 -0.88%
2007 364.02 373.40 4.04%
2008 432.18 418.11 -3.30%

Nestle
Year Opening prices Closing prices Returns
2001 144.25 144.58 0.23%
2002 184.79 190.17 2.93%
2003 240.54 253.67 5.40%
2004 461.58 473.58 2.97%
2005 537.90 544.74 1.91%
2006 911.94 948.85 4.76%
2007 1499.33 1562.25 4.89%
2008 1580.93 1524.74 -0.87%
Market returns
Engro Price trend
15.00%
15.00% 275
15.00% 250
15.00% 225
15.00% 200
15.00%
175
15.00%
15.00% 150
125
100
75
50
25
0
Row 3 2001 2002 2003 2004 2005 2006

Opening prices Closing prices

Engro Returns
8.00%
7.00%
6.00%
5.00%
4.00%
3.00%
2.00%
1.00%
0.00%
-1.00%
-2.00%
-3.00%
-4.00%
Row 3 2001 2002 2003 2004 2005 2006 2007

Lucky Cements price Trend


110.00
100.00
90.00
Lucky Cements price Trend
110.00
100.00
90.00
80.00
70.00
60.00
50.00
40.00
30.00
20.00
10.00
0.00
2001 2002 2003 2004 2005 2006

Opening prices Closing prices

Lucky Cements Returns


10.00%

8.00%

6.00%

4.00%

2.00%

0.00%

-2.00%

-4.00%

-6.00%
2000 2002 2004 2006 2008

MCB price trend


375.00
350.00
325.00
300.00
275.00
250.00
MCB price trend
375.00
350.00
325.00
300.00
275.00
250.00
225.00
200.00
175.00
150.00
125.00
100.00
75.00
50.00
25.00
0.00
2001 2002 2003 2004 2005 2006

Opening prices Closing prices

MCB Returns
12.00%

10.00%

8.00%

6.00%

4.00%

2.00%

0.00%

-2.00%

-4.00%

-6.00%
Row Row Row Row Row Row Row
101 102 103 104 105 106 107

PSO Price Trend


450.00

400.00

350.00

300.00

250.00

200.00
400.00

350.00

300.00

250.00

200.00

150.00

100.00

50.00

0.00
2001 2002 2003 2004 2005 2006

Opening prices Closing prices

PSO Returns
8.00%
7.00%
6.00%
5.00%
4.00%
3.00%
2.00%
1.00%
0.00%
-1.00%
-2.00%
-3.00%
-4.00%
2000 2002 2004 2006 2008

Nestle Price Trend


1600.00

1400.00

1200.00

1000.00

800.00

600.00

400.00
1200.00

1000.00

800.00

600.00

400.00

200.00

0.00
2001 2002 2003 2004 2005 2006

Opening prices Closing prices

Nestle Returns
5.50%
5.00%
4.50%
4.00%
3.50%
3.00%
2.50%
2.00%
1.50%
1.00%
0.50%
0.00%
-0.50%
-1.00%
2000 2002 2004 2006 2008
rice trend

2004 2005 2006 2007 2008

es Closing prices

o Returns

Returns

004 2005 2006 2007 2008

ents price Trend


ents price Trend

2004 2005 2006 2007 2008

prices Closing prices

ments Returns

Returns
Linear regression,
Returns

4 2006 2008

price trend
price trend

2004 2005 2006 2007 2008

prices Closing prices

B Returns

Returns

w Row Row Row Row


105 106 107 108

Price Trend
2004 2005 2006 2007 2008

prices Closing prices

O Returns

Returns
Linear regression,
Returns

2006 2008

Price Trend
2004 2005 2006 2007 2008

prices Closing prices

le Returns

Returns
Linear regression,
Returns

2006 2008
Expected Risk & Return
Engro

Expected Return
S.No Return (R) Probability (P) ̅ṜA=∑RP R-ṜA
1 10.00% 0.08 0.01 0.09
2 5.00% 0.12 0.01 0.04
3 3.00% 0.35 0.01 0.02
4 -5.00% 0.2 -0.01 -0.04
5 -10.00% 0.25 -0.03 -0.08
Total 1 -1.05%

δA = √∑(R-Ṝ

Muslim Commercial Bank

Expected Return
S.No Return (R) Probability (P) ̅ṜB=∑RP R-ṜB
1 10.00% 0.1 0.01 0.09
2 8.00% 0.12 0.01 0.07
3 5.00% 0.2 0.01 0.04
4 2.00% 0.4 0.01 0.01
5 -5.00% 0.18 -0.01 -0.04
Total 1 2.86%

δB = √∑(R-Ṝ

Lucky Cements

Expected Return
S.No Return (R) Probability (P) ̅ṜC=∑RP R-ṜC
1 5.00% 0.1 0.01 0.05
2 3.00% 0.2 0.01 0.02
3 1.00% 0.4 0 0.01
4 -2.00% 0.25 -0.01 -0.02
5 -5.00% 0.05 0 -0.05
Total 1 0.75%

δC = √∑(R-Ṝ
Pakistan State Oil

Expected Return
S.No Return (R) Probability (P) ̅ṜD=∑RP R-ṜD
1 10.00% 0.1 0.01 0.09
2 7.00% 0.15 0.01 0.06
3 3.00% 0.4 0.01 0.02
4 -5.00% 0.25 -0.01 -0.04
5 -15.00% 0.1 -0.02 -0.14
Total 1 0.50%

δD = √∑(R-Ṝ

Nestle Pakistan

Expected Return
S.No Return (R) Probability (P) ̅ṜE=∑RP R-ṜE
1 15.00% 0.1 0.02 0.14
2 10.00% 0.15 0.02 0.09
3 5.00% 0.3 0.02 0.04
4 2.00% 0.4 0.01 0.01
5 -2.00% 0.05 0 -0.02
Total 1 5.20%

δE = √∑(R-Ṝ
Return

Expected Risk (δA)


(R-ṜA)2 (R-ṜA)2P
0.008464 0
0.001936 0
0.000380 0
0.001600 0
0.005625 0
0

δA = √∑(R-ṜA)2P 5.26%

Expected Risk (δB)


(R-ṜB)2 (R-ṜB)2P
0.008100 0
0.004956 0
0.001600 0
0.000144 0
0.001681 0
0

δB = √∑(R-ṜB)2P 4.57%

Expected Risk (δC)


(R-ṜC)2 (R-ṜC)2P
0.002025 0
0.000576 0
0.000036 0
0.000225 0
0.002256 0
0

δC = √∑(R-ṜC)2P 2.24%
Expected Risk (δD)
(R-ṜD)2 (R-ṜD)2P
0.008100 0
0.003540 0
0.000324 0
0.001406 0
0.018225 0
0

δD = √∑(R-ṜD)2P 6.04%

Expected Risk (δE)


(R-ṜE)2 (R-ṜE)2P
0.018225 0
0.007225 0
0.001225 0
0.000144 0
0.000361 0
0

δE = √∑(R-ṜE)2P 5.79%
Portfolio Risk & Return
Let Returns of; Expected risk are:
Engro = A -1.05% 5.26%
MCB = B 2.86% 4.57%
L.C. = C 0.75% 2.24%
PSO = D 0.50% 6.04%
Nestle = E 5.20% 5.79%

Expected Return of the portfolio = 1.65%


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

1. Engro with MCB


S. no A B A.B A2 B2
1 0.1000 0.1000 0.0100 0.0100 0.0100
2 0.0500 0.0800 0.0040 0.0025 0.0064
3 0.0300 0.0500 0.0015 0.0009 0.0025
4 -0.0500 0.0200 -0.0010 0.0025 0.0004
5 -0.1000 -0.0500 0.0050 0.0100 0.0025
Total 0.0300 0.2000 0.0195 0.0259 0.0218

Expected Portfolio Risk (δP1)


r1 = 0.97
δA = 5.26%
δB = 4.57%
δP1 = 0.038%

2. Engro with MCB


S. no A C A.C A2 C2
1 0.1000 0.0500 0.0050 0.0100 0.0025
2 0.0500 0.0300 0.0015 0.0025 0.0009
3 0.0300 0.0100 0.0003 0.0009 0.0001
4 -0.0500 -0.0200 0.0010 0.0025 0.0004
5 -0.1000 -0.0500 0.0050 0.0100 0.0025
Total 0.0128 0.0259 0.0064

Expected Portfolio Risk (δP2)


r2 = 0.99
δA = 5.26%
δC = 2.24%
δP2 = 0.022%

3. Engro with PSO


S. no A D A.D A2 D2
1 10.00% 10.00% 0.0100 0.0100 0.0100
2 5.00% 7.00% 0.0035 0.0025 0.0049
3 3.00% 3.00% 0.0009 0.0009 0.0009
4 -5.00% -5.00% 0.0025 0.0025 0.0025
5 -10.00% -15.00% 0.0150 0.0100 0.0225
Total 3.00% 0.00% 0.0319 0.0259 0.0408

Expected Portfolio Risk (δP3)


r3 = 0.98
δA = 5.26%
δD = 6.04%
δP3 = 0.051%

4. Engro with Nestle


S. no A E A.E A2 E2
1 10.00% 15.00% 0.0150 0.0100 0.0225
2 5.00% 10.00% 0.0050 0.0025 0.0100
3 3.00% 5.00% 0.0015 0.0009 0.0025
4 -5.00% 2.00% -0.0010 0.0025 0.0004
5 -10.00% -2.00% 0.0020 0.0100 0.0004
Total 3.00% 30.00% 0.0225 0.0259 0.0358

Expected Portfolio Risk (δP4)


r4 = 0.97
δA = 5.26%
δE = 5.79%
δP3 = 0.048%

5. MCB with Lucky Cements


S. no B C B.C B2 C2
1 10.00% 5.00% 0.0050 0.0100 0.0025
2 8.00% 3.00% 0.0024 0.0064 0.0009
3 5.00% 1.00% 0.0005 0.0025 0.0001
4 2.00% -2.00% -0.0004 0.0004 0.0004
5 -5.00% -5.00% 0.0025 0.0025 0.0025
Total 20.00% 2.00% 0.0100 0.0218 0.0064
Expected Portfolio Risk (δP5)
r5 = 0.99
δB = 4.57%
δC = 2.24%
δP5 = 0.018%
6. MCB with PSO
S. no B D B.D B2 D2
1 10.00% 10.00% 0.0100 0.0100 0.0100
2 8.00% 7.00% 0.0056 0.0064 0.0049
3 5.00% 3.00% 0.0015 0.0025 0.0009
4 2.00% -5.00% -0.0010 0.0004 0.0025
5 -5.00% -15.00% 0.0075 0.0025 0.0225
Total 20.00% 0.00% 0.0236 0.0218 0.0408

Expected Portfolio Risk (δP6)


r6 = 0.99
δB = 4.57%
δD = 6.04%
δP6 = 0.045%

7. MCB with Nestle


S. no B E B.E B2 E2
1 10.00% 15.00% 0.0150 0.0100 0.0225
2 8.00% 10.00% 0.0080 0.0064 0.0100
3 5.00% 5.00% 0.0025 0.0025 0.0025
4 2.00% 2.00% 0.0004 0.0004 0.0004
5 -5.00% -2.00% 0.0010 0.0025 0.0004
Total 20.00% 30.00% 0.0269 0.0218 0.0358

Expected Portfolio Risk (δP7)


r7 = 0.95
δB = 4.57%
δE = 5.79%
δP7 = 0.042%

8. Lucky Cements with PSO


S. no C D C.D. C2 D2
1 5.00% 10.00% 0.0050 0.0025 0.0100
2 3.00% 7.00% 0.0021 0.0009 0.0049
3 1.00% 3.00% 0.0003 0.0001 0.0009
4 -2.00% -5.00% 0.0010 0.0004 0.0025
5 -5.00% -15.00% 0.0075 0.0025 0.0225
Total 2.00% 0.00% 0.0159 0.0064 0.0408
Expected Portfolio Risk (δP8)
r8 = 0.99
δC = 2.24%
δD = 6.04%
δP8 = 0.027%
9. Lucky Cements with Nestle
S. no C E C.E. C2 E2
1 5.00% 10.00% 0.0050 0.0025 0.0100
2 3.00% 7.00% 0.0021 0.0009 0.0049
3 1.00% 3.00% 0.0003 0.0001 0.0009
4 -2.00% -5.00% 0.0010 0.0004 0.0025
5 -5.00% -15.00% 0.0075 0.0025 0.0225
Total 2.00% 0.00% 0.0159 0.0064 0.0408

Expected Portfolio Risk (δP9)


r9 = 0.99
δC = 2.24%
δE = 5.79%
δP9 = 0.026%

10. PSO with Nestle


S. no D E D.E. D2 E2
1 5.00% 10.00% 0.0050 0.0025 0.0100
2 3.00% 7.00% 0.0021 0.0009 0.0049
3 1.00% 3.00% 0.0003 0.0001 0.0009
4 -2.00% -5.00% 0.0010 0.0004 0.0025
5 -5.00% -15.00% 0.0075 0.0025 0.0225
Total 2.00% 0.00% 0.0159 0.0064 0.0408

Expected Portfolio Risk (δP10)


r10 = 0.99
δC = 6.04%
δE = 5.79%
δP10 = 0.056%

Risk on Return:
A,A 1 0
B,B 1 0.01
C,C 1 0
D,D 1 0
E,E 1 0.02

Total Portfolio Risk & Return


w1w1r1.1s1*s1* w1w2.r1.2s1*.s2* w1w3.r1.3s1*.s3* w1.w4.r1.4.s1*.s4*
w2w1r2.1s2*s1* w2.w2.r2.2.s2*.s2* w2.w3.r2.3.s2*.s3* w2.w4.r2.4.s2*s4*
w3w1r3.1.s3*.s1* w3.w2.r3.2.s3*s2* w3w3.r3.33s3*.s3* w3.w4.r3.4s3*.s4*
w4w1.r4.1s4*.s1* w4w2r4.2.s4*s2* w4.w3.r4.3.s4*.s3* w4w4.r4.4.s4.*s4*
w5w1.r5.1.s5*.s1* w5.w2.r55.2.s5*.s2* w5.w3.r5.3s5*.s3* w5.w4.r5.4.s5*.s4*

w1= 0.2 s1*= 4.57% A,A 0.038% B,B


w2= 0.2 s2*= 4.57% A,B 0.022% B,C
w3= 0.2 s3*= 2.24% A,C 0.051% B,D
w4= 0.2 s4*= 6.04% A,D 0.048% B,E
w5= 0.2 s5*= 5.79% A,E 0.018% C,C

Portfolio Risk = 1.13%


w4.r1.4.s1*.s4* w1.5.r1.5.s1*s5*
w4.r2.4.s2*s4* w2.w5r2.5.s2*.s5*
w4.r3.4s3*.s4* w3.w5.r3.5.s3*.s5*
w4.r4.4.s4.*s4* w4.w5.r4.5.s4*.s5*
w4.r5.4.s5*.s4* w5.w5.r5.5.s5*.s5*

0.045% C,D 1.00


0.042% C,E 1.00
0.027% D,D 1.00
0.026% D,E 1.00
0.056% E,E 1.00
Forecasted Income Statement
Engro Chemicals
Income Statement
(Rs in ,000)
Particulars Current Year
Amount Percent
Net sales 23,183,222.00 100.00% 28% Rise
Less: Cost of Sales -18,262,793.00 78.78%
Gross Profit 4,920,429.00 21.22%
Less: Selling & Distribution Expenses -1,641,724.00 7.08%
Other Income 1,831,260.00 7.90%
EBIT 5,109,965.00 22.04%
Financial Charges -535,023.00 2.31%
EBT 4,574,942.00 19.73%
Taxation -1,080,929.00 4.66%
EAT 3,494,013.00 15.07%
Dividend @ rs 7 per share 2,100,000.00 7 P/S
Retained Earnings 1,394,013.00
Earning Per Share:
EBIT/No. of Shares O-S 17.00
Return on Equity: 15,481,917
EAT/No. of shares O-S 22.57%

Nestle Pakistan
Income Statement
(Rs in ,000)
Particulars Current Year
Amount Percent
Net sales 28,235,393 100.00% 30% Rise
Less: Cost of Sales -20,291,270 71.86%
Gross Profit 7,944,123 28.14%
Less: Operating Expenses 4,809,933 -17.04%
Other Income 0 0.00%
EBIT 3,134,190 11.10%
Financial Charges -584,434 2.07%
EBT 2,549,756 9.03%
Taxation -744,544 2.64%
EAT 1,805,212 6.39%
Dividend @ rs 10 per share 300,000 10 P/S
Retained Earnings 1,505,212
Earning Per Share:
EBIT/No. of Shares O-S 10.45
Return on Equity:
EAT/No. of shares O-S 43.90%

Muslim Commercial Bank


Forecasted Current Chg (Rs)
Interest earned 28,078,064 23,689,445 4,388,619
Interest expensed 7,757,920 5,750,881 2,007,039
Net interest income 20,320,144 17,938,564 2,381,580
Provision against NPLs 1,996,410 1,441,713 554,697
Total Provisions 2,206,841 1,572,825 634,016

Net interest income


after provision 18,113,303 16,365,739 1,747,564
Total non-interest income 4,501,380 5,075,107 -573,727
Total non-interest expenses 6,318,661 5,059,882 1,258,779
PBT 16,296,022 16,380,964 -84,942
Taxation 4,672,663 5,133,584 -460,921
PAT 11,623,359 11,247,380 375,979
Basic/Diluted EPS 18.5 17.5 1
Forecasted
Amount Percent
29,674,524.16 100
23,376,375.04 -78.78%
6,298,149.12 21.22%
2,101,406.72 -7.08%
2,344,012.80 7.90%
6,540,755.20 22.04%
684,829.44 -2.31%
5,855,925.76 19.73%
1,383,589.12 -4.66%
4,472,336.64 15.07%
2,100,000.00
2,372,336.64

21.80

28.89%

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

13.58

78.23%

Chg (%)
19%
35%
13%
38%
40%

11%
-11%
25%
-1%
-9%
3%
6%
Dividends of year 2008

Do R.O.E
Engro 5 22.57%
MCB 4.5 23.00%
Lukcy Cements 1.25 15.00%
PSO 6 31.00%
Nestle 7 48.20%

Calculated g's
Name of the Company Calculated g
Engro 11.29%
MCB 12.65%
Lukcy Cements 13.13%
PSO 12.40%
Nestle 14.46%

Calculated Dn According to formula


Name of the Company Calculated D1
Engro 5.56
MCB 5.07
Lukcy Cements 1.41
PSO 6.74
Nestle 8.01

MARKET RATE(Ke) 15.00%

FORECASTED PRICES OF SECURITIES FOR 2009


Name of the Company Forecasted Prices Market price
Engro Rs149.78 170
MCB Rs215.71 230
Lukcy Cements Rs75.42 80
PSO Rs259.38 280
Nestle Rs1,483.74 1600
ula

TIES FOR 2009


Deviation %age
Rs20.22 13.50%
Rs14.29 6.62%
Rs4.58 6.08%
Rs20.62 7.95%
Rs116.26 7.84%