Al-Zamin Leasing Modaraba

Minutes of the Meeting

Held at Time Subject Khi Head office 12.45 Date Attended By 26 January 2008 BAC, NA, DH, ZB

Portfolio Redesigning and Strategy

BAC reviewed the overall structure of the portfolio and focused on the AFS and HFT portfolios simultaneously. Takaful fund It was principally agreed that First Dawood Mutual fund and Meezan Balanced Fund will be off loaded slowly and gradually. A daily trench of 10,000 8,000 shares will be sold. PICIC Energy fund will be sold at available price, and the payout ratio of Picic Growth Fund will be reviewed. It was not sure at the time of meeting that whether we have received the dividend or not. Individual shares were discussed and decisions taken regarding shares is mentioned below Medium Term Investments FFBL PIOC AMZV KESC MLCF DFML NCL PPTA MEBL Averaging of FFBL should be done, and at least 12000 shares of FFBL should buy to average out the existing shares bought by FNEL. sell Existing share of PIOC. sell AMZV Sell KESC Average MLCF on existing rates. sell DFML sell sell buy

Investment Portfolio Trading Portfolio

Some scrips were considered for medium to long term holdings, NIB 20,000 below Rs 22 BIPL 20,000 below Rs 18 BAFL 10,000 below 51 HBL 10,000 below 250 OGDC 15000 below 115

Al-Zamin Leasing Modaraba