Reliance on Comfort

Home , Bank AL Habib, Habib Bank Limited

RELIANCE ON COMFORT

Created out of NI(U)T Fund in 2007 and catering to the needs of 4 commercial banks, the NIT-LOC Fund has now been settled by transfer of portfolio to unit holders except the strategic portion valued at PKR 3.3 billion.

NATIONAL INVESTMENT (UNIT) TRUST

ANNUAL REPORT 2010 NATIONAL INVESTMENT (UNIT) TRUST CORPORATE INFORMATION

FUND NAME NIUT LOC Holders' Fund

NAME OF AUDITORS A.F.Ferguson & Co. Chartered Accountants

NAME OF TRUSTEE National Bank of Pakistan

LIST OF BANKERS Bank Al Falah Limited National Bank of Pakistan Standard Chartered Bank (Pakistan) Limited United Bank Limited Summit Bank Limited (Formerly Arif Habib Bank Limited) Bank Al Habib Limited MCB Bank Limited Allied Bank Limited Faysal Bank Limited NIB Bank Limited Habib Bank Limited Askari Bank Limited Soneri Bank Limited The Bank of Punjab Meezan Bank Limited Silk Bank RBS Limited Habib Metropolitan Bank Limited

ANNUAL REPORT 2010 70 NATIONAL INVESTMENT (UNIT) TRUST NATIONAL INVESTMENT (UNIT) TRUST - LOC FUND MANAGER REPORT 2009-10

NI(U)T-LOC Objective The core objective of NI(U)T is to maximize return for Unit holders, provide a regular stream of current income through dividends, while long term growth is achieved by the management of diversified portfolio and investments into growth and high yielding equity securities.

Profile of Investment Manager National Investment Trust Ltd. (NITL) is the first Asset Management Company of Pakistan, formed in 1962. NITL is the largest asset management company of Pakistan with approximately Rs. 69 billion assets under management. In order to cater to varied needs of investors, NITL for the very first time in the 47 years history of the company, ventured in to fixed income category by launching two Funds in the FY10. NIT Government Bond Fund, a very low risk product was launched in Nov. 2009 followed by NIT Income Fund which was introduced in Feb. 2010. With the launching of these two funds the family of Funds of NIT has increased to six funds including 4 equity Funds and 2 fixed income nature Funds. NIT's distribution network comprises of 19 NIT branches, various Authorized bank branches all over Pakistan and Arab Emirates Investment Bank (AEIB) in Dubai(UAE). The Board of Directors of NITL consists of representatives of leading financial institutions, prominent industrialists and nominee of Govt. of Pakistan. During the year rating of NITL has also been improved by one notch to “AM2” by Pakistan Credit Rating Agency (PACRA), which denotes very strong capacity to manage risks inherent in asset management and the asset manager meets very high investment management industry standards and benchmarks. All Investment decisions are taken by the Investment Committee of NITL.

Fund Information (NI(U)T-LOC

• Launch date 12th November 1962 • Minimum Investment: Rs. 5,000 • Type Open End Equity Fund • Management Fee: 1.00% • Fund Manager Manzoor Ahmed • Front End Load: 2.50% • Fund Size as on June 30, 2010 Rs. 3.376 Billion • Back End Load: 1.00% • Par Value Rs. 10 • Auditors: A.F.Ferguson & Co. Chartered Accountants • NAV/unit Rs. 24.08 • Trustee: National Bank of Pakistan • Pricing Mechanism Forward Pricing • Risk Profile Moderate / High • Benchmark KSE 100 Index • Fund Rating: 2- Star Ranking (Normal) (Normal & Long term) by PACRA (Ratings based on 30th June 2009.)

2009-10 2008-09 Fund Performance Analysis Opening Net Assets (Rs. in billion) 22.46 39.27 Opening NAV/unit (Rs.) 24.82 45.73 Ending Net Assets (Rs. in billion) 3.376 22.46 Ending NAV/unit (Rs.) 24.08 24.82 Cash Distribution/unit (Rs.) Nil 3.05 Dividend Yield (%) 0% 6.67 Capital Growth (%) 9.31% -52.39 Total Return (%) 9.31% -45.72 Maximum Funds under management during the year (Rs. in billion) 29.45 31.85

ANNUAL REPORT 2010 71 NATIONAL INVESTMENT (UNIT) TRUST NATIONAL INVESTMENT (UNIT) TRUST - LOC FUND MANAGER REPORT 2009-10

SETTLEMENT OF LETTER OF COMFORT ISSUED BY GOVT. OF PAKISTAN

In February 2007 the Board of Directors of NITL decided to split National Investment (Unit) Trust into two funds representing LOC and Non-LOC holders. Accordingly, the unit holding representing LOC holders was spun off from the National Investment Unit Trust and was formed as National Investment (Unit) Trust-LOC holders Fund from April 01, 2007. The LOC Holders comprise of National Bank of Pakistan Conglomerate, Faysal Bank Ltd., Bank of Khyber & The Bank of Punjab.

As a result of an agreement executed between the NITL & LOC holders the issue of Letter of Comfort has been settled and the portfolio of securities has been transferred to the above LOC holders in the proportion of their respective unit holding in line with the decision taken by the Government of Pakistan for settlement of this Fund. However strategic assets comprising of a frozen share holding of Fund in PSO & SNGPL are still under the management of NI(U)T LOC Fund which is also expected to be settled among the above LOC-Holders shortly.

ANNUAL REPORT 2010 72 NATIONAL INVESTMENT (UNIT) TRUST REPORT OF THE TRUSTEE

National Investment Trust Limited (NITL), the Management Company of National Investment (Unit) Trust, has in all material respects managed NI(U)T-LOC during the period 01 July, 2009 to 30 June 2010 in accordance with the provisions of the Trust Deed dated 12 November, 1962 as amended by the Supplemental Trust Deeds dated 26 June, 1968, 07 June, 1981, 27 November, 1998, 12 November, 2002, 31 December, 2003, and 18 January, 2007, the Non-Banking Finance Companies (Establishment and Regulation) Rules, 2003 and the Non-Banking Finance Companies and Notified Entities Regulation, 2008.

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(Muzaffar S. Khan) (Aamir Sattar) Vice President/Wing Head E.V.P./Divisional Head

For National Bank of Pakistan Dated 23rd July, 2010

ANNUAL REPORT 2010 73 NATIONAL INVESTMENT (UNIT) TRUST AUDITORS’ REPORT

INDEPENDENT AUDITORS’ REPORT TO THE UNIT HOLDERS

We have audited the accompanying financial statements of National Investment (Unit) Trust – LOC Holders’ Fund, which comprise the statement of assets and liabilities as at June 30, 2010, and the related income statement, statement of comprehensive income, distribution statement, statement of movement in unit holders’ funds and cash flow statement for the year then ended, and a summary of significant accounting policies and other explanatory notes.

Management Company’s responsibility for the financial statements The Management Company of the Fund is responsible for the preparation and fair presentation of these financial statements in accordance with approved accounting standards as applicable in Pakistan. This responsibility includes: designing, implementing and maintaining internal control relevant to the preparation and fair presentation of financial statements that are free from material misstatement, whether due to fraud or error; selecting and applying appropriate accounting policies; and making accounting estimates that are reasonable in the circumstances.

Auditor’s responsibility Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit in accordance with the auditing standards as applicable in Pakistan. Those standards require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance whether the financial statements are free from material misstatements.

An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the auditor’s judgment, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the entity’s preparation and fair presentation of the financial statements in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the entity’s internal control. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of accounting estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion.

Basis for qualified opinion As explained in note 11.1 to the financial statements, the Management Company of the Fund has recorded management participation fee on the basis of one percent of Average Annual Net Assets of the Fund as allowed by the Non-Banking Finance Companies and Notified Entities Regulations, 2008. However, the Trust Deed of the Fund requires that the management participation fee should be a sum not exceeding one percent of the value of the Fund as on June 30, each year. Had the management participation fee been limited to a maximum of one percent of the value of the Fund as on June 30, 2010 in accordance with the requirements of the Trust Deed, the loss after taxation of the Fund would have been lower by Rs 135.254 million and the net assets of the Fund would have been higher by Rs 135.254 million.

Qualified opinion In our opinion, except for the effect of the matter described in the basis for qualified opinion paragraph, the financial statements give a true and fair view of the state of the Fund’s affairs as at June 30, 2010 and of its financial performance, cash flows and transactions for the year then ended in accordance with approved accounting standards as applicable in Pakistan.

Other matters In our opinion, the financial statements have been prepared in all material respects in accordance with the Non-Banking Finance Companies and Notified Entities Regulations, 2008.

Emphasis of matter Without further qualifying our opinion we draw attention to note 2 to the financial statements which explains the mechanism approved by the Government of Pakistan for settlement of the matter relating to expiry of the letters of comfort and the expected consequent dissolution of the Fund. Accordingly, in preparing these financial statements the management has given due consideration to the fact that the measurement of assets and liabilities may be affected by changes in judgments that can arise when the going concern assumption ceases to be valid.

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Chartered Accountants Engagement Partner: Rashid A. Jafer Dated: 13-08-2010 Karachi

ANNUAL REPORT 2010 74 NATIONAL INVESTMENT (UNIT) TRUST NATIONAL INVESTMENT (UNIT) TRUST - LOC HOLDERS' FUND STATEMENT OF ASSETS AND LIABILITIES AS AT JUNE 30, 2010

Note 2010 2009 ------(Rupees in '000)------

ASSETS

Bank balances 5 107,390 980,825 Receivable from National Investment Trust Limited - Management Company 6 11,557 12,811 Investments 7 3,849,258 22,659,900 Dividend and other receivables 8 54,130 183,082 Deposit with National Clearing Company of Pakistan Limited 9 2,500 2,500 Total assets 4,024,835 23,839,118

LIABILITIES

Short-term finances 10 - 1,020,000 Payable to National Investment Trust Limited - Management Company 11 419,707 229,575 Fee payable to Securities and Exchange Commission of Pakistan 12 5,310 23,289 Payable to Unit holders' 13 213,935 - Creditors, accrued and other liabilities 14 10,043 34,167 Unclaimed distribution - 69,629 Total liabilities 648,995 1,376,660

NET ASSETS 3,375,840 22,462,458

Unit holders' funds (as per statement attached) 3,375,840 22,462,458

Contingencies and commitments 15

(Number of units in '000)

Number of units in issue 17 140,188 904,836

(Rupees)

Net asset value per unit 24.08 24.82

The annexed notes 1 to 30 and Annexures 1 to 5 form an integral part of these financial statements.

For National Investment Trust Limited (Management Company)

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Managing Director Director Director

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S.V.P. / Divisional Head For National Bank of Pakistan (Trustee)

ANNUAL REPORT 2010 75 NATIONAL INVESTMENT (UNIT) TRUST NATIONAL INVESTMENT (UNIT) TRUST - LOC HOLDERS' FUND INCOME STATEMENT FOR THE YEAR ENDED JUNE 30, 2010

Note 2010 2009 ------(Rupees in '000)------

INCOME

Dividend income 601,919 1,361,218 Capital gains 11,156,042 259,942 Profit on bank deposits 30,142 58,321 Profit on investment in term finance certificates - 2,352 Income on issue and repurchase of units 17,594 10,857 Other income - 1,747 11,805,697 1,694,437 Unrealised diminution on remeasurement of investments classified as financial assets at fair value through profit or loss - net - (953,771) 11,805,697 740,666 EXPENSES

Impairment loss on equity securities classified as 'available for sale' 18 66,022 13,490,690 Management participation fee 11.1 169,012 224,625 Annual fee - Securities and Exchange Commission of Pakistan 12 16,174 23,289 Custodian charges of Central Depository Company of Pakistan Limited 3,428 3,585 Securities transaction costs 96 111 Settlement and bank charges 157 28 Financial charges 81,611 26,096 Legal and professional charges 2,636 684 Impairment loss on loans and receivables - 407 Impairment loss on receivables - 587 Others 3,116 461 342,252 13,770,563

Net income / (loss) from operations 11,463,445 (13,029,897)

Element of (loss) / income and capital (losses) / gains included in prices of units issued less those in units redeemed (14,384,103) 1,390,709 Loss before taxation (2,920,658) (11,639,188)

Taxation 19 - -

Loss after taxation (2,920,658) (11,639,188)

Earnings per unit 20 ------Rupees per unit ------With unrealised diminution on remeasurement of investments classified as financial assets at fair value through profit or loss (20.83) (12.86)

ANNUAL REPORT 2010 76 NATIONAL INVESTMENT (UNIT) TRUST NATIONAL INVESTMENT (UNIT) TRUST - LOC HOLDERS' FUND INCOME STATEMENT FOR THE YEAR ENDED JUNE 30, 2010

(cont’d) Note 2010 2009 ------(Rupees in '000)------

Without unrealised diminution on remeasurement of investments classified as financial assets at fair value through profit or loss and impairment loss on securities classified as 'available for sale' (20.36) 3.10

The annexed notes 1 to 30 and Annexures 1 to 5 form an integral part of these financial statements.

For National Investment Trust Limited (Management Company)

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Managing Director Director Director

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S.V.P. / Divisional Head For National Bank of Pakistan (Trustee)

ANNUAL REPORT 2010 77 NATIONAL INVESTMENT (UNIT) TRUST NATIONAL INVESTMENT (UNIT) TRUST - LOC HOLDERS' FUND STATEMENT OF COMPREHENSIVE INCOME FOR THE YEAR ENDED JUNE 30, 2010

Note 2010 2009 ------(Rupees in '000)------

Net loss for the year after taxation (2,920,658) (11,639,188)

Other comprehensive income

Unrealised appreciation / (diminution) in the fair value of securities classified as 'available for sale' 7.3 539,957 (1,811,210)

Net unrealised appreciation in fair value of securities classified as 'Available for sale' at the beginning of the year transferred as capital gains to income statement (6,299,689) -

Total comprehensive loss for the year (8,680,390) (13,450,398)

The annexed notes 1 to 30 and Annexures 1 to 5 form an integral part of these financial statements.

For National Investment Trust Limited (Management Company)

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Managing Director Director Director

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S.V.P. / Divisional Head For National Bank of Pakistan (Trustee)

ANNUAL REPORT 2010 78 NATIONAL INVESTMENT (UNIT) TRUST NATIONAL INVESTMENT (UNIT) TRUST - LOC HOLDERS' FUND DISTRIBUTION STATEMENT FOR THE YEAR ENDED JUNE 30, 2010

2010 2009 ------(Rupees in '000)------

Undistributed income brought forward 4,791,938 21,317,816

Final distribution for the year ended June 30, 2009: Rs 3.05 per unit (2008: Rs. 6.5 per unit) (2,759,749) (4,886,690)

Loss after taxation for the year (2,920,658) (11,639,188)

(Loss) / undistributed income carried forward (888,469) 4,791,938

The annexed notes 1 to 30 and Annexures 1 to 5 form an integral part of these financial statements.

For National Investment Trust Limited (Management Company)

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Managing Director Director Director

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S.V.P. / Divisional Head For National Bank of Pakistan (Trustee)

ANNUAL REPORT 2010 79 NATIONAL INVESTMENT (UNIT) TRUST NATIONAL INVESTMENT (UNIT) TRUST - LOC HOLDERS' FUND STATEMENT OF MOVEMENT IN UNIT HOLDERS' FUND FOR THE YEAR ENDED JUNE 30, 2010

2010 2009 ------(Rupees in '000)------

Net assets at the beginning of the year 22,462,458 39,268,698

Issue of 44,092,369 units (2009 : 2,042,013 units) 1,192,692 50,479

Redemption of 874,687,314 units (2009 : 39,187,165 units) (24,778,964) (1,033,366) (23,586,272) (982,887) Issue of 65,947,015 units under Cumulative Investment Plan (2009 : 190,182,363 units) 1,555,690 3,904,444 431,876 42,190,255

Element of loss / (income) and capital losses / (gains) included in prices of units issued less those in units redeemed - transferred to income statement 14,384,103 (1,390,709)

Net unrealised appreciation / (diminution) during the year in fair value of securities classified as 'available for sale' - note 7.3 539,957 (1,811,210)

Net unrealised appreciation in fair value of securities classified as 'Available for sale' at the beginning of the year transferred as capital gains to income statement (6,299,689) -

Capital gains 11,156,042 259,942

Unrealised diminution on remeasurement of investments classified as financial assets at fair value through profit or loss - (953,771)

Other net loss for the year (14,076,700) (10,945,359)

Final distribution for the year ended June 30, 2009: Rs 3.05 per unit (2008: Rs 6.5 per unit) (2,759,749) (4,886,690) (5,680,407) (16,525,878)

Net assets at the end of the year 3,375,840 22,462,458

The annexed notes 1 to 30 and Annexures 1 to 5 form an integral part of these financial statements.

For National Investment Trust Limited (Management Company)

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Managing Director Director Director

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S.V.P. / Divisional Head For National Bank of Pakistan (Trustee)

ANNUAL REPORT 2010 80 NATIONAL INVESTMENT (UNIT) TRUST NATIONAL INVESTMENT (UNIT) TRUST - LOC HOLDERS' FUND CASH FLOW STATEMENT FOR THE YEAR ENDED JUNE 30, 2010

2010 2009 ------(Rupees in '000)------CASH FLOWS FROM OPERATING ACTIVITIES

Loss before taxation (2,920,658) (11,639,188)

Adjustments: Unrealised diminution on remeasurement of investments classified as financial assets at fair value through profit or loss - net - 953,771 Element of loss / (income) and capital losses / (gains) included in prices of units issued less those in units redeemed 14,384,103 (1,390,709) Impairment loss on equity securities classified as 'available for sale' 66,022 13,490,690 Provision against term finance certificates - 407 Provision against doubtful receivables - 587 Management participation fee 169,012 224,625 Redemption of units against transfer of equity securities to LOC holders' and Management Company (23,791,436) - (12,092,957) 1,640,183

(Increase) / decrease in assets Receivable from National Investment Trust Limited - Management Company 1,254 - Investments 12,984,888 97,139 Loans and receivables - 136,951 Dividend and other receivables 128,952 (80,469) 13,115,094 153,621 Increase / (decrease) in liabilities Payable to National Investment Trust Limited - Management Company 26,121 (63,031) Fee payable to Securities and Exchange Commission of Pakistan (17,979) (15,980) Payable to Unit Holders' 213,935 - Creditors, accrued and other liabilities (24,124) 26,575 197,953 (52,436) Participation fee paid to the Management Company (1,866) (392,687) Net cash generated from operating activities 1,218,224 1,348,681

CASH FLOW FROM FINANCING ACTIVITIES Net receipts / (payments) made against sales / (redemption) of units 202,029 (980,150) Dividend paid (1,273,688) (992,379) Net cash used in financing activities (1,071,659) (1,972,529)

Net increase / (decrease) in cash and cash equivalents during the year 146,565 (623,848) Cash and cash equivalents at the beginning of the year (39,175) 584,673

Cash and cash equivalents as at the end of the year 107,390 (39,175)

ANNUAL REPORT 2010 81 NATIONAL INVESTMENT (UNIT) TRUST NATIONAL INVESTMENT (UNIT) TRUST - LOC HOLDERS' FUND CASH FLOW STATEMENT FOR THE YEAR ENDED JUNE 30, 2010

(cont’d) Note 2010 2009 ------(Rupees in '000)------

Cash and cash equivalents as at the end of the year Bank balances 5 107,390 980,825 Short-term finances 10 - (1,020,000) 107,390 (39,175)

The annexed notes 1 to 30 and Annexures 1 to 5 form an integral part of these financial statements.

For National Investment Trust Limited (Management Company)

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Managing Director Director Director

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S.V.P. / Divisional Head For National Bank of Pakistan (Trustee)

ANNUAL REPORT 2010 82 NATIONAL INVESTMENT (UNIT) TRUST NATIONAL INVESTMENT (UNIT) TRUST - LOC HOLDERS' FUND NOTES TO AND FORMING PART OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED JUNE 30, 2010

1 LEGAL STATUS AND NATURE OF BUSINESS

1.1 For facilitating the sale and transfer of the management rights of the Management Company to manage National Investment (Unit) Trust (NI(U)T), the Board of Directors of National Investment Trust Limited (NITL) decided to split National Investment (Unit) Trust into two Funds. Accordingly, the segment pertaining to LOC Holders has formed the National Investment (Unit) Trust – LOC Holders’ Fund whereas the segment pertaining to Non-LOC Holders has been retained under National Investment (Unit) Trust. The LOC Holders comprise of National Bank of Pakistan conglomerate, Faysal Bank Limited, Bank of Khyber and Bank of Punjab.

At the time of split the assets and liabilities of National Investment (Unit) Trust were allocated between the two segments in proportion to the number of units held by LOC Holders and Non-LOC Holders respectively as on March 31, 2007 ensuring that quantitative and qualitative equivalence was maintained and that the rights and entitlements of all unit holders, in particular small unit holders, were not infringed upon. Further, both Funds for the purpose of the Trust Deed are to be considered as NI(U)T and the terms of the Trust Deed would apply mutatis mutandis to these Funds.

1.2 The Management Company of the Fund has been classified as a Non-Banking Finance Company (NBFC) under he NBFC Rules, 2003 and has obtained the requisite license from the Securities and Exchange Commission of Pakistan (SECP) to undertake Asset Management Services.

1.3 Pakistan Credit Rating Agency Limited (PACRA) has assigned "2-star" rating to the Fund based on the performance during the twelve months ended June 30, 2009.

The Management Company has been assigned management rating "AM2" by PACRA.

2 SETTLEMENT OF LETTER OF COMFORT AND CONSEQUENT DISSOLUTION OF THE FUND

The Government of Pakistan ("GoP") had issued a letter of comfort ("LOC") to each of the unit holders of the Fund promising that in the event the redemption price of units of the Fund fell below Rs 13.70 per unit and the unit holders desired to redeem their holding of units, the GoP would facilitate NITL in the redemption of such holding at the rate of Rs 13.70 per unit. The LOC had been extended from time to time and expired on December 31, 2009.

GoP communicated a methodology to settle the long outstanding issue of the LOC to NITL in December 2009, the details and agreements of which were intimated to the LOC holders' and discussed during the Extra Ordinary General Meeting of the Fund held on January 6, 2010, January 12, 2010 and June 28, 2010. Subsequent to these deliberations and in line with the methodology approved by the GoP to settle the issue of LOC it was agreed by the LOC holders' that:

- All underlying assets and liabilities of the LOC Holders' Fund shall be apportioned between the investors of the Fund by dividing such net assets into distinct segments according to the ratio of units held by each investor. Each segment would in turn be bifurcated into two distinct asset categories, namely "Strategic Assets" and "Balance Assets".

- The Strategic Assets shall comprise of frozen shares of Pakistan State Oil ("PSO") and Sui Northern Gas Pipeline Limited ("SNGPL"). The Balance Assets would essentially constitute the remaining investment portfolio of the Fund.

- The Strategic Assets shall be transferred to National Bank of Pakistan ("NBP") at a rate to be determined and the cash received from NBP by the Fund will be paid to the LOC holders' after adjusting other receivables and payables and cash balances held by the Fund.

- The Balance Assets shall be transferred in specie to the LOC holders'.

- 2.5% of the Balance Assets of each segment shall be transferred to NITL and 2.5% of the net cash realised pursuant to transfer of the Strategic Assets shall be paid to NITL.

- Consequent to the implementation of the settlement mechanism outlined above the NI(U)T - LOC Holders' Fund would stand terminated / dissolved.

Pursuant to the settlement agreements entered into with the respective LOC holders 97.5% of the Balance Assets have been transferred in specie to the LOC Holders' and the remaining 2.5% of the Balance Assets have been transferred to NITL. However, the matter entailing the rate at which the Strategic Assets are to be transferred to NBP is still under deliberation.

These audited financial statements which have been prepared by the management on account of statutory requirement also serves the purpose of special audit requirement to be conducted as set out under the settlement agreements entered into by the management company with the respective LOC Holders to confirm the post transfer balances.

Based on the aforementioned developments the management have assessed and concluded that the entity is no longer a going concern. The management have continued to measure the Funds' assets and liabilities principally in accordance with the basis of measurement disclosed in note 3 of these financial statements. However, in preparing these financial statements the management has given due consideration to the fact that the measurement of assets and liabilities may be affected by changes in judgments that can arise when the going concern assumption ceases to be valid.

ANNUAL REPORT 2010 83 NATIONAL INVESTMENT (UNIT) TRUST NATIONAL INVESTMENT (UNIT) TRUST - LOC HOLDERS' FUND NOTES TO AND FORMING PART OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED JUNE 30, 2010

3 BASIS OF PREPARATION

3.1 Statement of compliance

These financial statements have been prepared in accordance with approved accounting standards as applicable in Pakistan. Approved accounting standards comprise of such International Financial Reporting Standards (IFRS) issued by the International Accounting Standards Board as are notified under the Companies Ordinance, 1984, the requirements of the Trust Deed, the Non-Banking Finance Companies (Establishment and Regulation) Rules, 2003 (the NBFC Rules), the Non-Banking Finance Companies and Notified Entities Regulations, 2008 (the NBFC Regulations) and directives issued by the Securities and Exchange Commission of Pakistan (SECP). Wherever the requirements of the Trust Deed, the NBFC Rules, the NBFC Regulations or directives issued by SECP differ with the requirements of IFRS, the requirements of the Trust Deed, the NBFC Rules, the NBFC Regulations or the directives issued by SECP prevail.

3.2 Changes in accounting policies and disclosures arising from standards, interpretations and amendments to published approved accounting standards that are effective in the current year

a) As explained in note 2, the Fund has applied the realisable / settlement value basis of accounting for the preparation of these financial statements. This change in basis of accounting has not resulted in any material adjustment to the carrying values of assets and liabilities as the carrying values determined using the prescribed basis of measurement set out under the approved accounting standards as applicable in Pakistan approximate their realisable / settlement values.

b) IAS 1 (revised), ‘Presentation of financial statements’. The revised standard prohibits the presentation of items of income and expenses (that is, ‘non-owner changes in equity’) in the statement of changes in equity. It requires non-owner changes in equity to be presented separately from owner changes in equity. All non-owner changes in equity are required to be shown in a performance statement, but entities can choose whether to present one performance statement (the statement of comprehensive income) or two statements (the income statement and the statement of comprehensive income). Where entities restate or reclassify comparative information, they are required to present a restated statement of financial position (referred to as the statement of assets and liabilities in these financial statements) as at the beginning of the comparative period, in addition to the current requirement to present statements of financial position at the end of the current period and comparative period.

The Fund has applied IAS 1 (revised) from July 1, 2009, and has elected to present two separate performance statements. As a result, non- owner changes in equity which were previously credited directly in the statement of movement in unit holders' fund and the distribution statement are now shown as comprehensive income in the performance statement (referred to as the statement of comprehensive income in these financial statements). The change in presentation has not affected the values of the net assets of the Fund for either the current or any of the prior periods.Comparative information has been re-presented so that it is also in conformity with the revised standard.

c) IAS 39 (amendment), ‘Financial instruments: Recognition and measurement’. The amendment was part of the IASB’s annual improvements project published in May 2008. The definition of financial asset or financial liability at fair value through profit or loss as it relates to items that are held for trading was amended. This clarifies that a financial asset or liability that is part of a portfolio of financial instruments managed together with evidence of an actual recent pattern of short-term profit taking is included in such a portfolio on initial recognition. The adoption of the amendment did not have a significant impact on the Fund’s financial statements.

d) IFRS 7 (amendment) ‘Financial instruments: Disclosures’. The amendment requires enhanced disclosures about fair value measurement and liquidity risk. In particular, the amendment requires disclosure of fair value measurements by level of a fair value measurement hierarchy. The adoption of the amendment has resulted in certain additional disclosures but does not have an impact on the Fund’s financial position or performance.

e) IAS 32 (amendment), ‘Financial instruments: Presentation’, and IAS 1 (amendment), ‘Presentation of financial statements – Puttable financial instruments and obligations arising on liquidation’. The amended standards require entities to classify puttable financial instruments, or components of instruments that impose on the entity an obligation to deliver to another party a pro rata share of the net assets of the entity only on liquidation as equity, provided the financial instruments have particular features and meet specific conditions, including that all financial instruments in the class of instruments that is subordinate to all other instruments have identical features. Keeping in view the requirements set out in the Non-Banking Finance Companies and Notified Entities Regulations, 2008 the adoption of this amendment did not impact the classification of units in the financial statements of the Fund.

f) There are other amendments to the approved accounting standards and interpretations that are mandatory for accounting periods beginning on or after July 1, 2009 but are considered not to be relevant or to have a significant effect on the Fund's operations and are therefore not detailed in these financial statements.

3.3 Critical accounting estimates and judgments

The preparation of financial statements in conformity with approved accounting standards requires the use of certain critical accounting estimates. It also requires the management to exercise its judgment in the process of applying the Fund's accounting policies. Estimates and judgments are

ANNUAL REPORT 2010 84 NATIONAL INVESTMENT (UNIT) TRUST NATIONAL INVESTMENT (UNIT) TRUST - LOC HOLDERS' FUND NOTES TO AND FORMING PART OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED JUNE 30, 2010

continually evaluated and are based on historical experience, including expectations of future events that are believed to be reasonable under the circumstances. Further, in preparing these financial statements the management has given due consideration to the fact that the measurement of assets and liabilities may be affected by changes in judgments that can arise when the going concern assumption ceases to be valid. The areas where various assumptions and estimates are significant to the Fund's financial statements or where judgment was exercised in application of accounting policies principally relate to classification and valuation of investments (note 4.2 and note 7).

3.4 Functional and presentation currency

These financial statements are presented in Pak Rupees, which is the Fund's functional and presentation currency.

4 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

The significant accounting policies applied in the preparation of these financial statements are set out below.

4.1 Cash and cash equivalents

Cash and cash equivalents include stamps in hand, demand deposits with banks and other short term highly liquid investments with original maturities of three months or less and which are subject to insignificant changes in value, net of short term finances.

4.2 Financial assets

4.2.1 Classification

The Fund classifies its financial assets in primarily the following categories: loans and receivables, at fair value through profit or loss and available for sale. The classification depends on the purpose for which the financial assets were acquired. Management determines the classification of its financial assets at initial recognition.

Loans and receivables

These are non-derivative financial assets with fixed or determinable payments that are not quoted in an active market.

Financial assets at fair value through profit or loss

Financial assets that are acquired principally for the purpose of generating profit from short-term fluctuations in prices are classified as held for trading in the 'Financial assets at fair value through profit or loss' category.

Available for sale

These are those non-derivative financial assets, which are intended to be held for an indefinite period of time which may be sold in response to the needs for liquidity or change in price. Available for sale financial assets are those non-derivative financial assets that are designated as available for sale or are not classified as (a) loans and receivables, or (b) financial assets at fair value through profit or loss.

4.2.2 Regular way contracts

Regular purchases and sales of financial assets are recognised on the trade date - the date on which the Fund commits to purchase or sell the asset.

4.2.3 Initial recognition and measurement

Financial assets are initially recognised at fair value plus transaction costs except for financial assets carried at fair value through profit or loss. Financial assets carried at fair value through profit or loss are initially recognised at fair value and transaction costs are expensed in the income statement.

4.2.4 Subsequent measurement

Subsequent to initial recognition, financial assets designated by the management as at fair value through profit or loss and available for sale that comprise of equity securities are valued on the basis of quoted market prices available at the stock exchange.

Mutual fund units are valued by reference to the net asset values (redemption prices) declared by the respective funds.

Investments in unquoted equity securities are carried at lower of investment price or their breakup value as per the latest audited accounts.

Net gains and losses arising on changes in the fair value of financial assets carried at fair value through profit or loss are taken to the income statement.

ANNUAL REPORT 2010 85 NATIONAL INVESTMENT (UNIT) TRUST NATIONAL INVESTMENT (UNIT) TRUST - LOC HOLDERS' FUND NOTES TO AND FORMING PART OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED JUNE 30, 2010

Net gains and losses arising on changes in fair value of available for sale financial assets are taken to unit holders' fund until these are derecognised or impaired. At this time, the cumulative gain or loss previously recognised directly in unit holders' fund is transferred to the income statement.

Subsequent to initial recognition financial assets classified as 'Loans and receivables' are carried at amortised cost using the effective interest method.

Gain or loss is also recognised in the income statement when financial assets carried at amortised cost are derecognised or impaired, and through the amortisation process.

4.2.5 Impairment against financial assets

The Fund assesses at each balance sheet date whether there is objective evidence that the financial asset or a group of financial assets is impaired. In the case of equity securities classified as available for sale, a significant or prolonged decline in the fair value of the security below its cost is considered among other indicators as an indicator that the securities are impaired. If any such evidence exists for available for sale financial assets, the cumulative loss measured as the difference between the acquisition cost and the current fair value, less any impairment loss on that financial asset previously recognised in income statement is reclassified from unit holders' fund to income statement. Impairment losses recognised on equity instruments are not reversed through the income statement.

For financial assets classified as 'loans and receivables', a provision for impairment is established when there is objective evidence that the Fund will not be able to collect all amounts due according to the original terms. The amount of the provision is the difference between the asset's carrying amount and the present value of estimated future cash outflows, discounted at the original effective interest rate.

4.2.6 Derecognition

Financial assets are derecognised when the rights to receive cash flows from the financial assets have expired or have been transferred and the Fund has transferred substantially all risks and rewards of ownership.

4.2.7 Offsetting of financial assets and liabilities

Financial assets and financial liabilities are offset and the net amount is reported in the Statement of Assets and Liabilities when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis, or realise the assets and settle the liabilities simultaneously.

4.3 Derivatives

Derivative instruments are initially recognised at fair value and subsequent to initial measurement each derivative instrument is remeasured to its fair value and the resultant gain or loss is recognised in the income statement.

4.4 Financial liabilities

All financial liabilities are recognised at the time when the Fund becomes a party to the contractual provisions of the instrument. They are initially recognised at fair value and subsequently stated at amortised cost.

A financial liability is derecognised when the obligation under the liability is discharged or cancelled or expired.

4.5 Provisions

Provisions are recognised when the Fund has a present legal or constructive obligation as a result of past events, it is probable that an outflow of resources embodying economic benefits will be required to settle the obligation and a reliable estimate of the amount of obligation can be made. Provisions are regularly reviewed and adjusted to reflect the current best estimate.

4.6 Taxation

The Fund provides for deferred taxation using the balance sheet liability method on all major temporary differences between the amounts used for financial reporting purposes and the amounts used for taxation purposes. In addition, the Fund also records deferred tax asset on unutilised tax losses to the extent that it is probable that the related tax benefit will be realised. However, the Fund has not recognised any amount in respect of deferred tax in these financial statements as the Fund intends to avail the tax exemption under clause 99 of Part I of the Second Schedule to the Income Tax Ordinance, 2001, in future years by distributing at least ninety percent of its accounting income for the year as reduced by capital gains, whether realised or unrealised, to its unit holders every year.

ANNUAL REPORT 2010 86 NATIONAL INVESTMENT (UNIT) TRUST NATIONAL INVESTMENT (UNIT) TRUST - LOC HOLDERS' FUND NOTES TO AND FORMING PART OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED JUNE 30, 2010

4.7 Issue and redemption of units

Units issued are recorded at the offer price, determined by the Management Company for the applications received by the distributors during business hours on that date. The offer price represents the net asset value per unit as of the close of the business day plus the allowable sales load, provision for transaction costs and any provision for duties and charges, if applicable. The sales load is payable to the investment facilitators, distributors and the Management Company. Transaction costs are recorded as the income of the Fund.

Units redeemed are recorded at the redemption price, applicable to units for which the distributors receive redemption requests during business hours of that day. The redemption price represents the net asset value per unit as of the close of the business day less any back-end load, any duties, taxes, charges on redemption and any provision for transaction costs, if applicable.

4.8 Element of income / (loss) and capital gains / (losses) included in prices of units issued less those in units redeemed

An equalisation account called the 'element of income / (loss) and capital gains / (losses) included in prices of units issued less those in units redeemed' is created, in order to prevent the dilution of per unit income and distribution of income already paid out on redemption.

The 'net element of income/ (loss) and capital gains/ (losses) in prices of units issued less those in units redeemed' account is credited with the amount representing net income/ (loss) and capital gains/ (losses) accounted for in the net asset value and included in the sale proceeds of units. Upon redemption of units, the 'net element of income/ (loss) and capital gains/ (losses) in prices of units issued less those in units redeemed' account is debited with the amount representing net income/ (loss) and Capital gains/ (losses) accounted for in the net asset value and included in the redemption price.

The net 'net element of income/ (loss) and capital gains/ (losses) in prices of units issued less those in units redeemed' during the year is transferred to the income statement.

4.9 Proposed distributions

Distributions declared subsequent to the balance sheet date are considered as non-adjusting events and are recognised in the financial statements in the period in which such distributions are declared.

4.10 Borrowing costs

Borrowings costs directly attributable to the acquisition of qualifying assets (one that takes substantial period of time to get ready for use or sale) are capitalised as part of the cost of the asset. Other borrowing costs are taken to the income statement in the period in which they are incurred. The Fund currently does not have any qualifying assets.

4.11 Revenue recognition

- Realised capital gains / (losses) arising on sale of investments are included in the Income Statement on the date at which the transaction takes place.

- Unrealised capital gains / (losses) arising on marking to market of investments classified as ' Financial assets at fair value through profit or loss ' are included in the Income Statement in the period in which they arise.

- Dividend income is recognised when the right to receive the payment is established.

- Profit on bank deposits and placements is recognised on accrual basis.

- Income on issue and repurchase of units is recognised when the units are issued and redeemed at the transaction date.

4.12 Net asset value per unit

The net asset value (NAV) per unit, as disclosed on the Statement of Assets and Liabilities, is calculated by dividing the net assets of the Fund by the number of units in issue at the year end.

Note 2010 2009 ------(Rupees in '000)------5 BANK BALANCES

In current accounts 24,832 117,712 In deposit accounts 5.1 82,558 863,097 Stamps in hand - 16 107,390 980,825

ANNUAL REPORT 2010 87 NATIONAL INVESTMENT (UNIT) TRUST NATIONAL INVESTMENT (UNIT) TRUST - LOC HOLDERS' FUND NOTES TO AND FORMING PART OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED JUNE 30, 2010

5.1 Deposit accounts carry return at rates ranging from 6% to 12.5% (2009: 5% to 14.5%) per annum.

Note 2010 2009 ------(Rupees in '000)------6 RECEIVABLE FROM NATIONAL INVESTMENT TRUST LIMITED - MANAGEMENT COMPANY

On account of sale of units - 2,598 Others 11,557 10,213 11,557 12,811 7 INVESTMENTS

At fair value through profit or loss - held for trading Investment in shares / units of mutual funds - 1,149,343

Available for sale Investment in shares / units of mutual funds 7.1 3,849,258 21,510,557 3,849,258 22,659,900 Held to maturity - Morabaha arrangements - 27,464 - Participation term certificates - 5,328 - Term finance certificates - 6,548 - 39,340 Less: Provision for impairment loss on held to maturity investments - (39,340) 3,849,258 22,659,900

7.1 The investment portfolio of the Fund specifying the movement in portfolio during the year since the preceding accounting period, the carrying value and market value of investments held and the value of each holding as a percentage of the net asset value and total investments of the Fund has been set out in Annexures 1 and 2 to these financial statements

7.2 As more fully explained in note 2 of these financial statements the Fund's strategic assets i.e. shares in Pakistan State Oil Company Limited (PSO) and Sui Northern Gas Pipelines Limited (SNGPL) shall be purchased by and transferred to National Bank of Pakistan (NBP) at a rate to be determined. The matter entailing the rate at which these Strategic Assets are to be transferred to NBP is still under deliberation.

Pursuant to the settlement agreements entered into with the respective LOC holders 97.5% of the Balance Assets (i.e. the investment portfolio comprising equity securities other than shares in PSO and SNGPL) have been transferred in specie to the LOC holders and the remaining 2.5% of the Balance Assets have been transferred in specie to NITL. The details in respect of the Balance Assets transferred to the LOC Holders and NITL have been set out in Annexures 3,4 and 5 to these financial statements.

2010 2009 ------(Rupees in '000)------

7.3 Net unrealised appreciation / (diminution) on re-measurement of investments classified as 'available for sale'

Market value of investments 3,849,258 21,510,557 Less: Carrying value of securities - net of impairment 987,303 12,888,870 2,861,955 8,621,687 Less: Net unrealised appreciation in fair value of investments at the beginning of year 8,621,687 10,432,897 Net unrealised appreciation in fair value of securities classified as Available for sale' at the beginning of year transferred as capital gains (6,299,689) - to income statement 2,321,998 10,432,897 539,957 (1,811,210)

ANNUAL REPORT 2010 88 NATIONAL INVESTMENT (UNIT) TRUST NATIONAL INVESTMENT (UNIT) TRUST - LOC HOLDERS' FUND NOTES TO AND FORMING PART OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED JUNE 30, 2010

2010 2009 ------(Rupees in '000)------7.4 Net unrealised diminution on re-measurement of investments classified as 'at fair value through profit or loss' - held for trading

Market value of investments - 1,149,343 Less: Carrying value of securities - 2,103,114 - (953,771)

8 DIVIDEND AND OTHER RECEIVABLES

Dividend receivable 934 119,061 Profit on term finance certificates - 9,656 Less: Provision for doubtful receivables - (9,656) - - Profit on morabaha arrangements - 26,013 Less: Provision against profit on morabaha arrangements - (26,013) - - Mark-up receivable on bank deposits and placements 778 - Receivable against sale of investments - 63,986

Other receivables 52,418 3,115 Less: Provision for doubtful receivables - (3,080) 52,418 35

54,130 183,082

Note 2010 2009 ------(Rupees in '000)------9 DEPOSIT WITH NATIONAL CLEARING COMPANY OF PAKISTAN LIMITED (NCCPL)

Deposit with NCCPL 2,500 2,500

10 SHORT-TERM FINANCES

From banking companies 10.1 & 10.2 - 1,020,000 - 1,020,000

10.1 The unit holders of the Fund in the third Extra Ordinary General Meeting (EOGM) of the Fund held on April 16, 2010 decided to buy new units of the Fund on a pro-rata basis so that Fund would be able to pay back its short-term finance, which amounted to Rs 851 million as on the date of third EOGM, to eliminate the interest cost associated with such short-term finance. The following table shows the amount from each unit holder in respect of issue of new units: Rupees in '000

National Bank of Pakistan (NBP) 421,540 Bank of Punjab (BoP) 149,100 Faysal Bank Limited (FBL) 113,400 Bank of Khyber (BoK) 15,960

Based on the said decision only NBP, FBL and BOP have purchased new units and made cash payment of their respective shares. However, BOK has not purchased any units upto June 30, 2010. Consequently, the share of borrowing which has to be paid by BOK has been paid by the Fund to completely repay all short-term finances. The amount not paid by BOK will subsequently be adjusted when making final payments after the transfer of Strategic Assets to NBP as more fully explained in note 2 to these financial statements.

10.2 This represents short-term financing obtained from various commercial banks. The rate of markup ranges from 13.10% to 15.76% per annum (2009: 14.46% to 16.61% per annum).

ANNUAL REPORT 2010 89 NATIONAL INVESTMENT (UNIT) TRUST NATIONAL INVESTMENT (UNIT) TRUST - LOC HOLDERS' FUND NOTES TO AND FORMING PART OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED JUNE 30, 2010

Note 2010 2009 ------(Rupees in '000)------11 PAYABLE TO NATIONAL INVESTMENT TRUST LIMITED - MANAGEMENT COMPANY

On account of : - repurchase of units - 3,135 - management participation fee 11.1 391,771 224,625 - others 11.2 27,936 1,815 419,707 229,575

11.1 National Investment Trust Limited - NITL (Management Company) is entitled to receive management participation fee on account of services rendered to the Fund. The Trust Deed of the Fund requires that management participation fee should be a sum not exceeding one percent of the value of the Fund as on June 30 each year. However, the management participation fee has been recorded at the rate of one percent on the average annual net assets of the Fund as allowed by the Non-Banking Finance Companies and Notified Entities Regulations, 2008 without limiting it to one percent of the net assets of the Fund as at June 30, 2010.

It is more appropriate and fair to charge the management participation fee on the basis of average funds under management in accordance with the provisions of the Non-Banking Finance Companies and Notified Entities Regulations, 2008, as the significant reduction in the net assets of the Fund as at June 30, 2010 is due to the process of liquidation in the course of settlement of letter of comfort ("LOC") under the direction of Government of Pakistan ("GoP") as more fully explained in note 2 to these financial statements.

11.2 Others include preliminary charges on sale of units amounting to Rs 21.756 million (2009: Rs 0.883 million).

12 FEE PAYABLE TO SECURITIES AND EXCHANGE COMMISSION OF PAKISTAN (SECP)

Under the provisions of the Non Banking Finance Companies and Notified Entities Regulations, 2008 (the NBFC Regulations), a collective investment scheme is required to pay as annual fee to the SECP, an amount equal to 0.095 percent of the average annual net assets of the Fund.

Note 2010 2009 ------(Rupees in '000)------13 PAYABLE TO UNIT HOLDERS

Payable to National Bank of Pakistan (NBP) on account of sale of NBP shares 68,736 - Dividend payable to unit holders 13.1 & 13.2 129,239 Others 13.3 15,960 - 213,935 -

Note As on June 30, 2010 (Rupees in '000) 13.1 Dividend payable to unit holders

Total dividend received / receivable by the Fund from the period January 01, 2010 to June 30, 2010 13.2 146,729

Less: Dividend taken to Income Statement as income of the Fund for the period from January 01, 2010 to June 30, 2010 17,490

Dividend received / receivable by the Fund on behalf of unit holders which is payable to unit holders and the management company 129,239

13.2 Dividend received also includes dividend amounting to Rs 11.474 million payable to National Investment Trust Limited (management company) in respect of shares kept by the Fund on behalf of the management company.

ANNUAL REPORT 2010 90 NATIONAL INVESTMENT (UNIT) TRUST NATIONAL INVESTMENT (UNIT) TRUST - LOC HOLDERS' FUND NOTES TO AND FORMING PART OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED JUNE 30, 2010

13.3 As more fully explained in note 10.1 to these financial statements, this amount represents amount receivable from Bank of Khyber in respect of its share in short term borrowings of the Fund. This amount is payable to other unit holders of the Fund.

Note 2010 2009 ------(Rupees in '000)------14 CREDITORS, ACCRUED AND OTHER LIABILITIES

Excess dividend received - 1,343 Mark-up payable 7,814 26,096 Distribution not claimed by unit holders - 1,124 Others 2,229 5,604 10,043 34,167

15 CONTINGENCIES AND COMMITMENTS

There were no contingencies and commitments outstanding as at June 30, 2010.

16 SHARE OF UNIT HOLDERS' IN THE NET ASSETS OF THE FUND

The financial statements of the Fund only contain strategic assets alongwith other receivables and payables including Bank balances, as more fully explained in note 2 to these financial statements, which are to be allocated among each unit holder in accordance with the mechanism stated therein. The following table depicts the share of unit holders' in the Net Assets of Fund as at June 30, 2010. As on June 30, 2010 (Rupees in '000) Share of unit holders' in the net assets of the Fund

National Bank of Pakistan 2,008,461 Bank of Punjab 712,262 Faysal Bank Limited 540,183 Bank of Khyber 31,673 3,292,579

2.5% of the Balance Assets of each segment has been transferred to National Investment Trust Limited (NITL) and 2.5% of the net cash realised pursuant to transfer of Strategic Assets are to be paid to NITL as specified in note 2 to these financial statements.

Registered Bearer Total 2010 Total 2009 ------(Number of units)------

17 NUMBER OF UNITS IN ISSUE

Total outstanding at the beginning of the year 709,829,580 195,006,125 904,835,705 751,798,494 Add: Sales during the year 44,092,369 - 44,092,369 2,042,013 Units issued under Cumulative Investment Plan (CIP) during the year 65,947,015 - 65,947,015 190,182,363 819,868,964 195,006,125 1,014,875,089 944,022,870 Less: Repurchases during the year (679,681,189) (195,006,125) (874,687,314) (39,187,165) Total units in issue at the end of the year 140,187,775 - 140,187,775 904,835,705

ANNUAL REPORT 2010 91 NATIONAL INVESTMENT (UNIT) TRUST NATIONAL INVESTMENT (UNIT) TRUST - LOC HOLDERS' FUND NOTES TO AND FORMING PART OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED JUNE 30, 2010

17.1 Pattern Of Unit Holding

Pattern of unit holding at June 30, 2010 Category Number of unit holders Units held Percentage Bank and DFIs National Bank of Pakistan 1 84,667,280 60.3956% Bank of Punjab 1 30,045,276 21.4322% Faysal Bank Limited 1 22,771,496 16.2436% Bank of Khyber 1 2,703,723 1.9286% 4 140,187,775 100.00%

Pattern of unit holding at June 30, 2009 Category Number of unit holders Units held Percentage Bank and DFIs National Bank of Pakistan 1 537,275,405 59.38% Bank of Punjab 1 190,260,484 21.03% Faysal Bank Limited 1 156,927,937 17.34% Bank of Khyber 1 20,371,879 2.25% 4 904,835,705 100.00%

18 IMPAIRMENT AGAINST EQUITY SECURITIES CLASSIFIED AS FINANCIAL ASSETS AVAILABLE FOR SALE

During the year, before the transfer of balance assets to the unit holders of the Fund and the management company as more fully explained in note 2 to these financial statements, the management company of the Fund, based on scrip wise analysis of the deficit arising on redemption of quoted shares and closed end mutual funds, classified as 'available for sale' had determined an amount of Rs 66.022 million (2009 :13,491.690 million) to be charged in the income statement as impairment loss.

19 TAXATION

The income of the Fund is exempt from tax under clause 99 of Part 1 of the Second Schedule to the Income Tax Ordinance, 2001, subject to the condition that not less than 90 percent of its accounting income for the year, as reduced by capital gains whether realised or unrealised, is distributed amongst its unit holders. The Fund has not recorded a tax liability for the current year as it has incurred a net loss during the year ended June 30, 2010 and the management believes that the condition of distribution is only relevant where the Fund earns accounting profit and not otherwise. 2010 2009 20 EARNINGS PER UNIT ------(Rupees in '000)------

Net loss with unrealised diminution on remeasurement of investments classified as financial assets at fair value through profit or loss (2,920,658) (11,639,188)

Net (loss) / income without unrealised diminution on remeasurement of investments classified as financial assets at fair value through profit or loss and impairment loss on securities classified as 'available for sale' (2,854,636) 2,805,273

------(Number of unit in '000)------

Units outstanding as at the June 30 140,188 904,836

Net loss with unrealised diminution on remeasurement ------(Rupees per unit)------of investments classified as financial assets at fair value through profit or loss (20.83) (12.86)

ANNUAL REPORT 2010 92 NATIONAL INVESTMENT (UNIT) TRUST NATIONAL INVESTMENT (UNIT) TRUST - LOC HOLDERS' FUND NOTES TO AND FORMING PART OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED JUNE 30, 2010

21 FINANCIAL INSTRUMENTS BY CATEGORY ------2010 ------Loans and At fair value Available for Total receivables through profit sale or loss ------Rupees in '000 ------Assets

Bank balances 107,390 - - 107,390 Receivable from National Investment Trust Limited - Management Company 11,557 - - 11,557 Investments - - 3,849,258 3,849,25 Dividend and other receivables 54,130 - - 54,130 Deposit with National Clearing Company of Pakistan Limited 2,500 - - 2,500 175,577 - 3,849,258 4,024,835

------2010 ------Liabilities at fair value through profit or loss Others Total ------Rupees in '000 ------Liabilities

Short-term finances - - - Payable to National Investment Trust Limited -Management Company - 419,707 419,707 Payable to Unit Holders' - 213,935 213,935 Creditors, accrued and other liabilities - 10,043 10,043 Unclaimed distribution - - - - 643,685 643,685

------2009 ------Loans and At fair value Available for Total receivables through profit sale or loss ------Rupees in '000 ------Assets

Bank balances 980,825 - - 980,825 Receivable from National Investment Trust Limited - Management Company 12,811 - - 12,811 Investments - 1,149,343 21,510,557 22,659,900 Dividend and other receivable 183,082 - - 183,082 Deposit with National Clearing Company of Pakistan Limited 2,500 - - 2,500 1,179,218 1,149,343 21,510,557 23,839,118

ANNUAL REPORT 2010 93 NATIONAL INVESTMENT (UNIT) TRUST NATIONAL INVESTMENT (UNIT) TRUST - LOC HOLDERS' FUND NOTES TO AND FORMING PART OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED JUNE 30, 2010

------2009 ------Liabilities at fair value through profit or loss Others Total ------Rupees in '000 ------Liabilities

Short-term finances - 1,020,000 1,020,000 Payable to National Investment Trust Limited -Management Company - 229,575 229,575 Creditors, accrued and other liabilities - 34,167 34,167 Unclaimed distribution - 69,629 69,629 - 1,353,371 1,353,371

22 TRANSACTIONS WITH CONNECTED PERSONS

Connected persons include National Investment Trust Limited being the Management Company, National Bank of Pakistan being the Trustee, other collective investment schemes managed by the Management Company, any person or company beneficially owning directly or indirectly ten percent or more of the capital of the Management Company or the Fund and directors and key management personnel of the Management Company.

Transactions with connected persons essentially comprise sale and repurchase of units, fee on account of managing the affairs of the Fund, sales load and other charges and dividend paid to connected persons. The transactions with connected persons are in the normal course of business, at contracted rates and at terms determined in accordance with market rates.

The details of significant transactions carried out by the Fund with connected persons and balances with them at year end are as follows:

The details of significant transactions carried out by the Fund with connected persons and balances with them at year end are as follows: ------2010------Management Trustee Directors and key Others Total Company management personnel ------Rupees in '000 ------Transactions Units sold (units in '000) - 13,298 - 8,371 21,669 Units sold - 421,540 - 262,500 684,040 Units repurchased (units in '000) - 504,679 - 350,890 855,569 Units repurchased - 14,574,872 - 9,651,937 24,226,809 Units issued under CIP (units in '000) - 38,773 - 25,723 64,496 Units issued under CIP - 914,649 - 606,816 1,521,465 Management participation fee 169,012 - - - 169,012 Dividend distributed to unit holders - 1,638,690 - 1,058,925 2,697,615

Balances Units held (units in '000) - 84,667 - 52,817 137,484 Units held - 2,038,788 - 1,271,828 3,310,616 Bank balances - 19,465 - - 19,465 Receivable from National Investment Trust Limited 11,557 - - - 11,557 Payable to National Investment Trust Limited 419,707 - - - 419,707 Dividend Payable 11,474 16,072 - 101,079 128,625 Payable on account of sale of shares - 68,590 - 146 68,736

ANNUAL REPORT 2010 94 NATIONAL INVESTMENT (UNIT) TRUST NATIONAL INVESTMENT (UNIT) TRUST - LOC HOLDERS' FUND NOTES TO AND FORMING PART OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED JUNE 30, 2010

------2009 ------Management Trustee Directors and key Others Total Company management personnel

Transactions ------Units / Rupees in '000 ------Units sold (units in '000) - - - 2,042 2,042 Units sold - - - 50,479 50,479 Units repurchased (units in '000) - - - 39,187 39,187 Units repurchased - - - 1,033,366 1,033,366 Units issued under CIP (units in '000) 108,450 - 77,618 186,068 Units issued under CIP 2,226,474 - 1,593,498 3,819,972 Management participation fee 224,625 - - - 224,625 Dividend distributed to unit holders - 2,787,366 - 1,993,653 4,781,019 Mark-up income for the year - 3,963 - - 3,963

Balances Units held (units in '000) - 537,275 - 347,188 884,464 Units held - 13,337,810 - 8,618,919 21,956,729 Bank balances - 107,816 - - 107,816 Receivable from National Investment Trust Limited 12,811 - - - 12,811 Payable to National Investment Trust Limited 229,575 - - - 229,575

23 FINANCIAL RISK MANAGEMENT

The Fund's activities expose it to a variety of financial risks which includes market risk, credit risk and liquidity risk. The Management Company of the Fund used to mitigate the aforementioned risks by :

a) following internal guidelines established by the investment committee; b) diversification of the investment portfolio to mitigate market risk; c) placing its deposits with various commercial banks having good credit rating assigned by reputable credit rating agency to mitigate its credit risk; and d) making borrowing arrangements in accordance with the guidelines specified in the Trust Deed of the Fund to meet the redemption requests resulting in mitigating its liquidity risk.

However as more fully explained in note 2 to these financial statements, the Fund is under liquidation and is not substantially exposed to the aforementioned risks as a result of which detail disclosures of Financial risk management has not been presented in these financial statements.

24 UNIT HOLDERS' FUND RISK MANAGEMENT

The unit holders' fund is represented by redeemable units. They are entitled to dividends and to payment of a proportionate share based on the Fund's net asset value per share on the redemption date. The relevant movements are shown on the statement of movement in unit holders' funds.

The Fund has no restrictions or specific capital requirements on the subscription and redemption of units.

The Fund's objectives when managing unit holders' funds are to safeguard its ability to continue as a going concern so that it can continue to provide returns for unit holders and to maintain a strong base of assets to meet unexpected losses or opportunities. However as more fully explained in note 2 to these financial statements, the Fund is no longer a going concern.

25 FAIR VALUE OF FINANCIAL INSTRUMENTS

Fair value is the amount for which an asset could be exchanged, or liability settled, between knowledgeable willing parties in an arm's length transaction. Consequently, differences can arise between carrying values and the fair value estimates.

Underlying the definition of fair value is the presumption that the Fund is a going concern without any intention or requirement to curtail materially the scale of its operations or to undertake a transaction on adverse terms. However as more fully explained in note 2 to these financial statements the Fund is no longer a going concern and these financial statements have been prepared under "realisable / settlement value" basis of accounting. The "realisable / settlement value" can alternatively be termed as fair value.

Financial assets which are tradeable in an open market are revalued at the market prices prevailing on the balance sheet date. The estimated realisable / settlement value of all other financial assets and liabilities is considered not significantly different from book values as the items are either short term in nature or periodically repriced.

ANNUAL REPORT 2010 95 NATIONAL INVESTMENT (UNIT) TRUST NATIONAL INVESTMENT (UNIT) TRUST - LOC HOLDERS' FUND NOTES TO AND FORMING PART OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED JUNE 30, 2010

26 TRANSACTIONS WITH TOP TEN BROKERS / DEALERS

List of top ten brokers by percentage of commission paid for the year ended June 30, 2010

(i) AKD Securities Limited (ii) Arif Habib Limited (iii) BMA Capital Management Limited (iv) Al-Habib Capital Markets (Private) Limited (v) Cassim Investment (Private) Limited (vi) JS Global Capital Management Limited (vii) Taurus Securities Limited (viii) KASB Securities Limited (ix) Invest and Finance Securities Limited (x) Global Securities Pakistan Limited

List of top ten brokers by percentage of commission paid for the year ended June 30, 2009

(i) Arif Habib Limited (ii) AKD Securities Limited (iii) JS Global Capital Limited (iv) BMA Capital Management Limited (v) Cassim Investment (Private) Limited (vi) Lakhani Securities (vii) Global Securities Pakistan Limited (viii) Invest And Finance Securities Limited (ix) KASB Securities Limited (x) Al-Habib Capital Markets (Private) Limited

27 PARTICULARS OF INVESTMENT COMMITTEE AND FUND MANAGER

Details of members of the investment committee of the Fund as at June 30, 2010 are as follows:

------2010------Experience S. No. Name Designation Qualification in years

1 Mr. Wazir Ali Khoja * Chairman and Managing Director B. Com 39 2 Mr. Shahid Anwar Head of MD's Secretariat / Head of Personnel MBA & DAIBP 33 3 Mr. Manzoor Ahmed Senior Executive Vice President/ Chief Operating Officer MBA, DAIBP & candidate for 21 CFA Level III 4 Mr. S. Zubair Ahmed Controller of Branches M Phill, MBA, PGD-General Management & PGD-Development Policies 37 5 Mr. Aamir Amin Head of Finance CA 13 * Mr. Wazir Ali Khoja was elected as Chairman of the Investment Committee on June 4, 2010 in place of Mr. Tariq Iqbal Khan.

27.1 Mr. Manzoor Ahmed is the Manager of the Fund. Other funds beings managed by the Fund Manager are as follows: - National Investment (Unit) Trust - NIT-State Enterprise Fund

ANNUAL REPORT 2010 96 NATIONAL INVESTMENT (UNIT) TRUST NATIONAL INVESTMENT (UNIT) TRUST - LOC HOLDERS' FUND NOTES TO AND FORMING PART OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED JUNE 30, 2010

28 ATTENDANCE AT MEETINGS OF BOARD OF DIRECTORS (BOD)

The 274th, 275th, 276th, 277th, 278th, 279th, 280th, 281st, and 282nd Board meetings were held on July 06, 2009, July 20, 2009, August 10, 2009, October 12, 2009, October 27, 2009, December 21, 2009, January 20, 2010, February 13, 2010 and April 12, 2010 respectively. Information in respect of attendance by Directors in the meetings is given below:

Number of meetings Name of Director Meetings not attended Held Attended Leave granted

1 Mr. Wazir Ali Khoja* 9 0 N/A - 2 Mr. Tariq Iqbal Khan* 9 9 0 - 3 Mr. Abdul Hamid Adamjee** 3 0 3 274th-276th meetings 4 Mian Tajammal Hussain 9 9 0 - 5 Mr. S. Ali Raza 9 9 0 - 6 Ms. Rukhsana Saleem 9 5 4 274th, 275th, 278th and 281st meeting 7 Mr. Jamal Nasim 9 9 0 - 8 Mr. Aftab Ahmad Khan 9 4 5 274th, 277th, 279th, 281st and 282nd meeting 9 Mr. Bahauddin Khan 9 8 1 274th meeting 10 Ms. Nazrat Bashir 9 9 0 -

* Mr. Wazir Ali Khoja has replaced Mr. Tariq Iqbal Khan with effect from June 4, 2010. ** Mr. Abdul Hamid Adamjee expired on September 29, 2009 *** Mr. Abdul Razzak Adamjee representing Adamjee Foundation was co-opted on the Board of NITL in 279th BOD meeting held on December 31,2009

29 DATE OF AUTHORISATION FOR ISSUE

These financial statements were authorised for issue on 13-08-2010 by the Board of Directors of the Management Company.

30 GENERAL

30.1 Figures have been rounded off to the nearest thousand Rupees.

30.2 There were no other significant reclassification except as required due to the change in accounting policy as more fully explained in note 3.2(b) to these financial statements.

30.3 The bifurcation of undistributed income into realised and unrealised income at the beginning and end of the year as required by the NBFC Regulations has not been disclosed as such bifurcation is not practicable.

For National Investment Trust Limited (Management Company)

Sd/- Sd/- Sd/-

Managing Director Director Director

Sd/-

S.V.P. / Divisional Head For National Bank of Pakistan (Trustee)

ANNUAL REPORT 2010 97 NATIONAL INVESTMENT (UNIT) TRUST NATIONAL INVESTMENT (UNIT) TRUST - LOC HOLDERS' FUND AS AT JUNE 30, 2010 INVESTMENT - 'AVAILABLE FOR SALE'

Balance as at ------Number of shares / certificates ------Percentage in relation to June 30, 2010 Transfer to Market Value Merger / Market Value Paid up Name of Investee Company As at Purchase Bonus/ Sales LOC Holders As At as a Demerger Carrying Market as a capital of the July 01, during the Right during the and June 30, percentage of Effects / Value Value percentage of investee 2009 period Issue year Management 2010 total Adjustment net assets Company Company investment ----Rupees in ‘000’----

OPEN END MUTUAL FUNDS AKD Income Fund 111,961 - - 1 - 111,962 ------Faysal Savings And Growth Fund 50,624 - - - - 50,624 ------First Habib Income Fund 128,756 - - - - 128,756 ------HBL Income Fund 390,634 - - - - 390,634 ------IGI Income Fund 127,430 - - - - 127,430 ------809,405 - - 1 - 809,406 ------

OIL & GAS Attock Refinery Limited 3,675,023 - - 1 - 3,675,024 ------Mari Gas Company Limited 1,400,000 - 1,400,000 - - 2,800,000 ------National Refinery Limited 3,953,084 - - - - 3,953,084 ------Oil & Gas Development Company Limited 2,085,744 - - - (1,250,000) 835,744 ------Pakistan Oilfields Limited 1,030,561 - - - (550,000) 480,561 ------Pakistan Petroleum Limited 33,750 - 750 - (30,000) 4,500 ------Pakistan Refinery Limited 1,574,999 - - - - 1,574,999 ------Pakistan State Oil Company Limited 13,054,539 - - - - - 13,054,539 926,757 3,396,791 100.62 88.25 7.61 Shell Gas (LPG) Pakistan Limited 1,580,186 - - - - 1,580,186 ------28,387,886 - 1,400,750 1 (1,830,000) 14,904,098 13,054,539 926,757 3,396,791 100.62 88.25

CHEMICALS Adil Polyproplene Limited 140,299 - - - - 140,299 ------Agriauto Industries Limited ( Rs 5 / share) 1,343,908 - - - - 1,343,908 ------Bawany Air Products Limited 76,551 - - - - 76,551 ------BOC Pakistan Limited 900,000 - - - - 900,000 ------Clariant Pakistan Limited 1,599,077 - - - - 1,599,077 ------Dewan Salman Fibre Limited 4,000,000 - - - - 4,000,000 ------Dynea Pakistan Limited ( Rs 5 / share) 1,841,386 - - - - 1,841,386 ------Engro Corporation Limited 294,600 175,000 - - - 469,600 ------Fauji Fertilizer Bin Qasim Limited 100,000 - - - - 100,000 ------Fauji Fertilizer Company Limited 26,765,628 - - - - 26,765,628 ------I C I Pakistan Limited 33,204 - - - - 33,204 ------Leiner Pak Gelatine Limited ( Rs 5 / share) 28,098 - - - - 28,098 ------Lotte Pakistan Limited (Pakistan PTA Limited) 5,050,741 - - - - 5,050,741 ------Nimir Industrial Chemical Limited ( Rs 5 / share) 536,360 - - - - 536,360 ------Pakistan Gum And Chemiclas Limited 99,979 - - - - 99,979 ------Polyron Limited ** 153 - - - - 153 ------Sardar Chemical Industries Limited 152,223 - - - - 152,223 ------Sind Alkalis Limited 725,947 - - - - 725,947 ------Sitara Chemical Industries Limited 662,570 - - - - 662,570 ------United Distributors Pakistan Limited 423,616 - 42,361 - - 465,977 ------Wah Nobel Chemicals Limited 655,776 - - - - 655,776 ------45,430,116 175,000 42,361 - - 45,647,477 ------

FORESTRY AND PAPER Adamjee Paper 277,923 - - - - 277,923 ------Central Forest Products Limited 152,223 - - - (152,223) ------Century Paper And Board Mills Limited 5,500,015 - - - - 5,500,015 ------Cherat Papersack Limited 251 - - - (251) ------Chilya Chip Board 44,500 - - - - 44,500 ------Pak Paper Corporation 106,974 - - - - 106,974 ------Pakistan Paper Prouducts Limited 298,497 - - - - 298,497 ------Premier Board*** 30,902 - - - - 30,902 ------Security Papers Limited 1,800,000 - - - - 1,800,000 ------8,211,285 - - - (152,474) 8,058,811 ------

INDUSTRIAL METALS AND MINING Balochistan Tower 76,345 - - - - 76,345 ------Crescent Steel And Allied Products Limited 3,984,219 - - 1 - 3,984,220 ------Huffaz Seamless Pipe Industries Limited 863,619 - 539,761 - - 1,403,380 ------International Industries Limited 10,362,172 - - 1 - 10,362,173 ------Karachi Pipe 160,798 - - - - 160,798 ------Metropolitan Steel Corporation Limited 101,482 - - - - 101,482 ------Nowshera Engineering 26,841 - - - - 26,841 ------Quality Steel Works Limited 3,526 - - - - 3,526 ------Rcd Ball 20,311 - - - - 20,311 ------15,599,313 - 539,761 2 - 16,139,076 ------

CONSTRUCTION & METERIALS Balochistan Glass Limited 609,330 - - - - 609,330 ------Berger Paints Pakistan Limited 286,754 - - - - 286,754 ------Buxly Paints Limited 180,491 - - - - 180,491 ------Cherat Cement Company Limited 13,039,199 - - - - 13,039,199 ------Dadabhoy Construction Technology Limited 71,165 - - - - 71,165 ------Dadex Eternit Limited 6,009 - - - (1,194) 4,815 ------Dewan Cement Limited 4,944,152 - - - - 4,944,152 ------Emco Industries Limited 777,641 - - - - 777,641 ------Fecto Cement Limited 1,617,722 - 161,772 - - 1,779,494 ------

ANNUAL REPORT 2010 98 NATIONAL INVESTMENT (UNIT) TRUST NATIONAL INVESTMENT (UNIT) TRUST - LOC HOLDERS' FUND AS AT JUNE 30, 2010 INVESTMENT - 'AVAILABLE FOR SALE'

Javedan Cement Limited 51 - - - (51) ------Karam Ceramics Limited 369,009 - - - - 369,009 ------Kohat Cement Limited 252,891 - - - - 252,891 ------Lafarge Pakistan Cement Limited 21,412,281 - - - - 21,412,281 ------Lucky Cement Limited 2,637,237 200,000 - - - 2,837,237 ------Maple Leaf Cement Factory Limited 2,000,000 - - - - 2,000,000 ------Mustehkam Cement Limited Normal 126,133 - - 573,107 - 699,240 ------Mustehkam Cement Limited Provided 573,107 - - (573,107) - - Pioneer Cement Limited 1,309,817 - - - - 1,309,817 ------Punjab Building 457,198 - - - - 457,198 ------Regal Ceramics Limited 92,653 - - - - 92,653 ------Shabbir Tiles And Ceramics Liimited ( Rs 5 / share) 3,642,309 - - - - 3,642,309 ------Zeal Pak Cement Factory Limited* 500,876 - - - - 500,876 ------54,906,025 200,000 161,772 - (1,245) 55,266,552 ------

GENERAL INDUSTRIALS Balochistan Particle Board Limited ( Rs 5 / share) 804,629 - - - - 804,629 ------Dadabhoy Sack Limited** 50,741 - - - - 50,741 ------Hashmi Can Company Limited 165,829 - - - - 165,829 ------Merit Packaging Limited 704,728 - - - - 704,728 ------Packages Limited 4,485,000 - - - - 4,485,000 ------Siemens Pakistan Engineering Company Limited 950,000 - - - - 950,000 ------7,160,927 - - - - 7,160,927 ------

ELECTRONIC AND ELECTRICAL EQUIPMENT Aslo Electronics*** 40,593 - - - - 40,593 ------Greaves Aircondition 60,890 - - - - 60,890 ------Hyderabad Electronic 101,482 - - - - 101,482 ------Johnson And Phillips (Pakistan) Limited 591,603 - - - - 591,603 ------Pakistan Cables Limited 1,811,740 - - - - 1,811,740 ------Punjab Lamp 111,732 - - - - 111,732 ------Refrigerators Manaufacturer Company of Pakistan Limited 27 - - - - 27 ------Singer Pakistan Limited 13 - - 3 (13) 3 ------2,718,080 - - 3 (13) 2,718,070 ------

INDUSTRIAL ENGINEERING Bolan Castings Limited 347,592 - 69,518 - - 417,110 ------Hinopak Motors Limited 500,000 - - - - 500,000 ------K S B Pumps Company Limited 1,546,834 - - - - 1,546,834 ------Millat Tractors Limited 312,513 - 78,128 - - 390,641 ------Pakistan Engineering Company Limited 2 - - - - 2 ------Taxila Engineering Company Limited 213,112 - - (213,112) ------2,920,053 - 147,646 (213,112) - 2,854,587 ------

INDUSTRIAL TRANSPORTION Pakistan National Shipping Corporation 449,697 - - - - 449,697 ------Pan Islamic Shipping Corporation Limited 1,172 - - - - 1,172 ------450,869 - - - - 450,869 ------

SUPPORT SERVICES TRG Pakistan Limited 507,410 - - - - 507,410 ------507,410 - - - - 507,410 ------

AUTO MOBILE & PARTS Atlas Engineering Limited 25,921 - - - - 25,921 ------Atlas Honda Limited 150,398 - - - - 150,398 ------Baluchistan Wheels Limited 1,640,058 - - - - 1,640,058 ------Bela Engineering Limited 274,152 - - - - 274,152 ------Exide Pakistan Limited 400,694 - - - - 400,694 ------Ghandara Nissan Limited 2,769,596 - - - - 2,769,596 ------Ghandhara Industries Limited 266,357 - - - - 266,357 ------Ghani Automobile Industries Limited 153 - - - (153) ------Honda Atlas Cars (Pakistan) Limited 3,600,000 - - - - 3,600,000 ------Indus Motor Company Limited 896,090 - - - - 896,090 ------Pak Suzuki Motor Company Limited 2,037,010 - - - - 2,037,010 ------Rex Baren Battery 57,845 - - - - 57,845 ------Saif Nadeem Kawasaki Motors Limited 4,618 - - - (4,500) 118 ------Taga Pakistan Limited 98,945 - - - - 98,945 ------The General Tyre And Rubber Company of Pakistan Limited 3,879,268 - - - - 3,879,268 ------16,101,105 - - - (4,653) 16,096,452 ------

BEVERAGES Shezan International Limited 1,175,506 - - - - 1,175,506 ------Uqab Breeding Farms Limited 143,952 - - - - 143,952 ------1,319,458 - - - - 1,319,458 ------

ANNUAL REPORT 2010 99 NATIONAL INVESTMENT (UNIT) TRUST NATIONAL INVESTMENT (UNIT) TRUST - LOC HOLDERS' FUND AS AT JUNE 30, 2010 INVESTMENT - 'AVAILABLE FOR SALE'

FOOD PRODUCERS Adam Sugar Mills Limited 278 - - - (278) ------Al - Abbas Sugar Mills Limited 1,470,117 - - - - 1,470,117 ------Al - Noor Sugar Mills Limited 2,365,747 - - - - 2,365,747 ------Baba Farid Sugar Mills Limited 112 - - - (112) ------Bawany Sugar Mills Limited 28,351 - - (507) - 27,844 ------Chashma Sugar Mills Limited 970,573 - - - - 970,573 ------Colony Sugar Mills Limited 345,780 - - - - 345,780 ------Crescent Sugar Mills And Distillery Limited 1,080,123 - - - - 1,080,123 ------Data Agro Limited 101,482 - - - - 101,482 ------Dewan Sugar Mills Limited 2,488,096 - - - - 2,488,096 ------Faran Sugar Mills Limited 2,749,272 - - - - 2,749,272 ------Habib Sugar Mills Limited (Rs 5/share) 8,532,877 - - - - 8,532,877 ------Husein Sugar Mills Limited 1,322 - - - - 1,322 ------Kohinoor Sugar Mills Limited 741,616 - - - - 741,616 ------Mian Muhammed Sugar Mills Limited 177,594 - - - - 177,594 ------Mirpurkhas Sugar Mills Limited 844,598 - - - - 844,598 ------Mirza Sugar Mills Limited 51 - - - (51) ------Morafco Industries Limited 59,137 - - - - 59,137 ------Noon Sugar Mills Limited 20,883 - - - - 20,883 ------Pak Ghee Industries Limited 60,382 - - - - 60,382 ------Pangrio Sugar Mills Limited 803,280 - - - - 803,280 ------Premier Sugar Mills And Distilery Company 75,674 - - - - 75,674 ------Punjab Oil Mills Limited 301,816 - 75,454 - - 377,270 ------Saleem Sugar Limited (O) 204 - - - - 204 ------Saleem Suger Limited .(P) 6 % 9,025 - - - - 9,025 ------Sanghar Sugar Mills Limited 1,095,614 - - - - 1,095,614 ------Shahmurad Sugar Mills Limited 2,490,648 - - - - 2,490,648 ------Shahtaj Sugar Mills Limited 825,813 - - - - 825,813 ------Shakarganj Mills Limited 7,410,983 - - - - 7,410,983 ------Tandlianwala Sugar Mills Limited 36,280 - - - - 36,280 ------35,087,728 - 75,454 (507) (441) 35,162,234 ------

HOUSEHOLD GOODS Al-Abid Silk Mills Limited 983,014 - - - - 983,014 ------Casspak Industries Limited 55,816 - - - - 55,816 ------Nakshbandi Industries Limited 118,879 - - - - 118,879 ------Pak Elektron Limited 5,994,645 - 599,464 - - 6,594,109 ------7,152,354 - 599,464 - - 7,751,818 ------

LEISURE GOODS Grays Of Cambridge (Pakistan) Limited 72,314 - 253,099 - - 325,413 ------72,314 - 253,099 - - 325,413 ------

PERSONAL GOODS (Colony) Sarhad Textile Mills Limited 338,773 - - - - 338,773 ------Accord Textile Mills Limited 471,891 - - - - 471,891 ------Adamjee Floorings 60,890 - - - - 60,890 ------Adamjee Industries 126 - - - - 126 ------Adil Textile Mills Limited** 96,408 - - - - 96,408 ------Afsar Textile Mills 66,116 - - - - 66,116 ------Ahmad Hassan Textile Mills Limited 940,475 - - (253) - 940,222 ------Al - Qaim Textile Mills Limited 369,547 - - - - 369,547 ------Al-Hussany Industries Limited 63,427 - - - - 63,427 ------Alif Textile Mills Limited 329,715 - - - - 329,715 ------Allawasaya Textile And Finishing Mills Limited 51 - - - (1) 50 ------Amazai Textile Mills Limited 20,911 - - - - 20,911 ------Apex Fabrics Limited 292,649 - - - - 292,649 ------Arag Industries Limited 194,914 - - - - 194,914 ------Aruj Garment Accessories Limited 69,820 - - - - 69,820 ------Asim Textile Mills Limited 1,177,088 - - - - 1,177,088 ------Aswan Tentage Limited 173,788 - - - - 173,788 ------Awan Textile Mills Limited 219,810 - - - - 219,810 ------Ayaz Textile Mills Limited 216,512 - - - - 216,512 ------Azam Textile Mills Limited 639,326 - - - - 639,326 ------Azgard Nine Limited 1,096,064 - - - - 1,096,064 ------Babri Cotton Mills Limted 72,113 - - - - 72,113 ------Bahawalpur Textile Mills Limited 66,192 - - - - 66,192 ------Baig Spinning Mills Limited 52,644 - - - (52,644) ------Bata Pakistan Limited 1,123,033 - - - - 1,123,033 ------Bawany Textile Mills Limited*** 86,767 - - - - 86,767 ------Blessed Textile Mills Limited 23,848 - - - - 23,848 ------Brothers Textile Mills Limited 636,552 - - - - 636,552 ------Central Cotton Limited 36,000 - - - - 36,000 ------Chakwal Spinning Mills Limted 776,692 - - - - 776,692 ------HColony Mills Limited 1,567,373 - - - - 1,567,373 ------Crescent Fibres Limited 878,333 - - - - 878,333 ------

ANNUAL REPORT 2010 100 NATIONAL INVESTMENT (UNIT) TRUST NATIONAL INVESTMENT (UNIT) TRUST - LOC HOLDERS' FUND AS AT JUNE 30, 2010 INVESTMENT - 'AVAILABLE FOR SALE'

Crescent Jute Proudcts Limited 1,533,597 - - - - 1,533,597 ------Crescent Knitwear Limited 83,723 - - - - 83,723 ------Crescent Spinning Mills Limited 748,953 - - - - 748,953 ------Crescent Textile Mills Limited 1,870,028 - - (17) - 1,870,011 ------Crown Textile Limited 327,203 - - - - 327,203 ------D. M. Textile Mills Limited 346,741 - - - - 346,741 ------Dar-es-Salaam Textile Mills Limited 274,813 - - - - 274,813 ------Data Textiles Limited 637,205 - - - - 637,205 ------Dawood Lawrencepur Limited 238,017 - - - - 238,017 ------Dewan Khalid Textile Mills Limited 287,895 - - - - 287,895 ------Dewan Mushtaq Textile Mils Limited 247,658 - - - - 247,658 ------Din Textile Mills Limited 289,701 - - - - 289,701 ------Ellcot Spinning Mills Limited 728,146 - - - - 728,146 ------Faisal Spinning Mills Limited 1,573 - - - (1,573) ------Fateh Industries Limited 23,756 - - - - 23,756 ------Fateh Sports Wear Limited 46,581 - - - - 46,581 ------Fatima Enterprises Limited 647,585 - - - - 647,585 ------Fazal Cloth Mills Limited 1,138,872 - - - - 1,138,872 ------Fazal Textile Mills Limited 69,795 - - - - 69,795 ------Fazal Vegetable Ghee Mills Limited 43,270 - - - - 43,270 ------Gadoon Textile Mills Limited 1,000,000 - - - - 1,000,000 ------Ghafoor Textile Mills Limited 47,215 - - - - 47,215 ------Ghulam Muhammad Dadabhoy 50,741 - - - - 50,741 ------Globe Textile Mills Limited 67,958 - - - - 67,958 ------Gulistan Spinning Mills Limited 273,521 - 27,352 - - 300,873 ------Gulistan Textile Mills Limited 687,924 - 68,792 - - 756,716 ------Gulshan Spinning Mills Limited 939,015 - 93,901 - - 1,032,916 ------Gypsum Corporation 169,983 - - - - 169,983 ------Hafiz Textile Mills Limited 7,815 - - - - 7,815 ------Haji Mohammed Ismail Mills Limited 153 - - - (153) ------Hajra Textile Mills Limited 533,649 - - - - 533,649 ------Hakkim Textile Mills Limited 265,112 - - - - 265,112 ------Harum Textile Mills Limited** 60,002 - - - - 60,002 ------H-Shaikh 116,423 - - - - 116,423 ------Ibrahim Fibres Limited 1,800,000 - - - - 1,800,000 ------ICC Textiles Limited 169,830 - - - - 169,830 ------Ideal Spinning Mills Limited. 678,204 - - (200) - 678,004 ------Indus Dyeing Manufacturing Company Limited 541,098 - - - - 541,098 ------Indus Polyester Company Limited** 6 - - - - 6 ------International Knitwear Limited 114,168 - 8,562 - - 122,730 ------Ishaq Textile Mills Limited 457,302 - - - - 457,302 ------Itti Textile Mills Limited 168,059 - - - - 168,059 ------J. A. Textile Mills Limited 697,739 - - - - 697,739 ------J. K. Spinning Mills Limited 334,332 - - - - 334,332 ------Jubilee Spinning and Weaving Mills Limited 135 - - - (135) ------Junaid Cotton Mills Limited 38,564 - - - - 38,564 ------Kaiser Arts & Krafts Mills Limited 38,056 - - - - 38,056 ------Karim Cotton Mills Limited 113,888 - - - - 113,888 ------Karim Silk Mills Limited 19,802 - - - - 19,802 ------Khalid Siraj Textile Mills Limited 721,572 - - - - 721,572 ------Kohat Textile Mills Limited 39,731 - - - - 39,731 ------Kohinoor Cotton Limited 64,436 - - - - 64,436 ------Kohinoor Industries Limited 344,530 - - - - 344,530 ------Kohinoor Looms Limited 174,752 - - - - 174,752 ------Kohinoor Mills Limited 1,800,000 - - - - 1,800,000 ------Kohinoor Spinning Mills Limited 620,448 - - - - 620,448 ------Kohinoor Textile Mills Limited 3,256,332 - - - - 3,256,332 ------Lafayette Industries Synthetics Limited 95,140 - - - - 95,140 ------Landmark Spinning Industries Limited 461,413 - - - - 461,413 ------Maqbool Textile Mills Limited 1,462,941 - - - - 1,462,941 ------Marr Fabrics Limited 121,779 - - - - 121,779 ------Masood Textile Mills Limited 1,043,386 - - - - 1,043,386 ------Mehr Dastgir Textile Mills 50,741 - - - - 50,741 ------Mehran Jute Mills Limited 125,201 - - - - 125,201 ------Mian Textile Industries Limited 758,222 - - - - 758,222 ------Mitchell's Fruit Farms Liimited 579,117 - - - - 579,117 ------Mohib Textile Mills Limited 164,622 - - - - 164,622 ------Moonlite (Pak) Limited 118,952 - - - - 118,952 ------Mubarik Dairies Limited 57,084 - - - - 57,084 ------Muhammad Farooq Textile Mills Limited 1,916,240 - - - - 1,916,240 ------Nagina Cotton Mills Limited 2,624 - - - (2,624) ------Nakshbandi Industries - Right 67,761 - (67,761) ------National Match Industries 27,248 - - - - 27,248 ------National Overseas*** 25,371 - - - - 25,371 ------Naveed Textile Mills Limited 72,763 - - - - 72,763 ------Nestle Pakistan Limited 98,000 - - - - 98,000 ------Nishat (Chunian) Limited 2,420,272 - 1,210,136 - - 3,630,408 ------

ANNUAL REPORT 2010 101 NATIONAL INVESTMENT (UNIT) TRUST NATIONAL INVESTMENT (UNIT) TRUST - LOC HOLDERS' FUND AS AT JUNE 30, 2010 INVESTMENT - 'AVAILABLE FOR SALE'

Nishat (Chunian) Limited Convertible Preference Shares 1,210,000 - - - - 1,210,000 ------Nishat Mills Limited 4,105,569 - - - - 4,105,569 ------Norrie Textile Mills Limited* 140,604 - - (4) - 140,600 ------Nusrat Textile Mills 315,558 - - - - 315,558 ------Olympia Spinning And Weaving Mills Limited 44,145 - - - - 44,145 ------Olympia Textile Mills Limited 369,141 - - - - 369,141 ------Parmount Spinning Mills Limited 1,661,039 - 166,103 - - 1,827,142 ------Pearl Fabrics 236,890 - - - - 236,890 ------Premium Textile Mills Limited 831,593 - - - - 831,593 ------Prosperity Weaving Mills Limited 1,117 - - - (1,117) ------Punjab Cotton 57,845 - - - - 57,845 ------Qayyum Spinning Mills Limited 75,351 - - - - 75,351 ------Quetta Textile Mills Limited 19,577 - - - - 19,577 ------Quetta Textile Mills Limited - Right 61,863 - (61,863) ------Ravi Textile Mills Limited 357,064 - - - - 357,064 ------Redco Textiles Limited 810,231 - - - - 810,231 ------Reliance Cotton Spinning Mills Limited 415,022 - - - - 415,022 ------Reliance Weaving Mills Limited 610,475 - - - - 610,475 ------Resham Textile Industries Limited 218,795 - - - - 218,795 ------Ruby Textile Mills Limited 629,036 - - - - 629,036 ------Rupali Polyester Limited 1,400,000 - - - - 1,400,000 ------Sadoon Textile Mills Limited 1,015 - - - - 1,015 ------Saif Textile Mills Limited 2,025,011 - - - - 2,025,011 ------Saitex Spinning Mills Limited 368,988 - - - - 368,988 ------Sajjad Textile Mills Limited 326,468 - - - - 326,468 ------Saleem Denim (Kaytex Mills) Limited 167,040 - - - - 167,040 ------Salfi Textile Mills Limited 107,795 - - - - 107,795 ------Sally Textile Mills Limited 358,758 - - - - 358,758 ------Salman Noman Enterpries Limited 301,554 - - - - 301,554 ------Samin Textiles Limited 144,155 - - - - 144,155 ------Sana Industries Limited 278,866 - - - - 278,866 ------Sargodha Spinning Mills Limited 605,898 - - - - 605,898 ------Saritow Spinning Mills Limited 668,455 - - - - 668,455 ------Schon Textiles Limited 266,390 - - - - 266,390 ------Service (Textile) Industries Limited 167,810 - - - - 167,810 ------Service Fabircs Limited 1,389,768 - - - - 1,389,768 ------Shadab Textile Mills Limited 97,043 - - - - 97,043 ------Shaheen Cotton Mills Limited 225 - - - (225) ------Shahpur Textile Mills Limited 917,650 - - - - 917,650 ------Shahtaj Textile Mills Limited 490,039 - - - - 490,039 ------Shahyar (O.E.) 80,831 - - - - 80,831 ------Shahyar Textile Mill 228,791 - - - - 228,791 ------Shahzad Textile Mills Limited 2,690 - - - (2,690) ------Shams Textile Mills Limited 1,248,458 - - - - 1,248,458 ------Siftaq International Limited 111,478 - - - - 111,478 ------Sind Fine Textile Mills Limited 80,359 - - - - 80,359 ------Sunrays Tetile Mills Limited 279,735 - - - - 279,735 ------Sunrise Textile Mills Limited 15,476 - - - - 15,476 ------Sunshine Cloth Mills Limited 454,182 - - - - 454,182 ------Sunshine Cotton Mills Limited 439,352 - - - - 439,352 ------Suraj Cotton Mills Limited 401,275 - - - - 401,275 ------Suraj Ghee Industries Limited 55,959 - - - - 55,959 ------Syed Match Company Limited 15,223 - - - - 15,223 ------Taj Textile Mills Limited 1,452,363 - - - - 1,452,363 ------Tariq Cotton Mills Limited 44,399 - - - - 44,399 ------Tata Textile Mills Limited 2,157,288 - - - - 2,157,288 ------Tawakkal Garments Industries Limited 122,234 - - - - 122,234 ------Tawakkal Limited 116,673 - - - - 116,673 ------Thal Limited ( Rs 5 / share) 1,783,044 - 356,609 - - 2,139,653 ------Treet Corporation Limited 365,747 - - - - 365,747 ------Tri-Star Polyester Limited 648,718 - - (304) - 648,414 ------Turbo Tec Limited 176,021 - - - - 176,021 ------Unilever Pakistan Limited ( Rs 50 / share) 111,000 - - - - 111,000 ------United Brands Limited 8,259 - - - - 8,259 ------Yousuf Weaving Mills Limited 1,224,379 - - - - 1,224,379 ------Zaffar Textile Limited 68,856 - - - - 68,856 ------Zahur Cotton Mills Limited 500,306 - - - - 500,306 ------Zahur Textile Mills Limited 424,546 - - - - 424,546 ------Zil Limited (Zulfeqar Industries Limited) 319,194 - 31,919 - - 351,113 ------83,015,011 - 1,833,750 (778) (61,162) 84,786,821 ------

TOBACCO Pakistan Tobacco Company Limited 1,817,761 - - - - 1,817,761 ------1,817,761 - - - - 1,817,761 ------

HEALTH CARE EQUIPMENT AND SERVICES Medi Glass Limited 304,446 - - - - 304,446 ------304,446 - - - - 304,446 ------

ANNUAL REPORT 2010 102 NATIONAL INVESTMENT (UNIT) TRUST NATIONAL INVESTMENT (UNIT) TRUST - LOC HOLDERS' FUND AS AT JUNE 30, 2010 INVESTMENT - 'AVAILABLE FOR SALE'

PHARMA AND BIO TECH Abbott Laboratories (Pakistan) Limited 2,500,000 - - - - 2,500,000 ------Ferozsons Laboratories Limited 1,018,254 - 203,650 - - 1,221,904 ------Glaxosmithkline Pakistan Limited 6,125,003 - - - - 6,125,003 ------Highnoon Laboratories Limited 330,270 - - 1 - 330,271 ------IBL Health Care Limited 304,132 - - - - 304,132 ------Otsuka Pakistan Limited 108,383 - - - - 108,383 ------Sanofi Aventis (Pakistan) Limited 236,364 - - - - 236,364 ------Searle Pakistan Limited 809,865 - 121,479 - - 931,344 ------Wyeth Pakistan Limited ( Rs 100 / share) 114,932 - - - - 114,932 ------11,547,203 - 325,129 1 - 11,872,333 ------

TRAVEL AND LEISURE Pakistan Services Limited 750,000 - - - - 750,000 ------750,000 - - - - 750,000 ------

FIXED LINE TELECOMMUNICATION Pak Datacom Limited 147,426 - - - - 147,426 ------Pakistan Telecommunication Company Limited 5,466,446 - - - - 5,466,446 ------5,613,872 - - - - 5,613,872 ------

ELECTRICITY Kohinoor Power Company Limited 298,889 - - - - 298,889 ------Kot Addu Power Company Limited 25,000 - - - - 25,000 ------Nishat Chunian Power Limited - - 1,500,000 - - 1,500,000 ------S. G. Power Limited 333,104 - - - - 333,104 ------Sitara Energy Limited 263,822 - - - - 263,822 ------The Hub Power Company Limited 14,250,000 - - - - 14,250,000 ------15,170,815 - 1,500,000 - - 16,670,815 ------

GAS WATER AND MULTIUTILITIES Sui Northern Gas Pipelines Limited 16,269,436 - - 12,225 - - 16,281,661 60,546 452,467 13.40 11.75 2.97 Sui Southern Gas Compay Limited 6,832,017 - - - - 6,832,017 ------23,101,453 - - 12,225 - 6,832,017 16,281,661 60,546 452,467 13.40 11.75 2.97

BANKS Allied Bank Limited 1,880,920 - - - (228,008) 1,652,912 ------Arif Habib Bank Limited 160,000 - - - - 160,000 ------Askari Bank Limited 15,868,226 - - 167,666 - 16,035,892 ------Atlas Bank Limited 17,270,710 - - - - 17,270,710 ------Bank Al - Habib Limited 49,725,669 - - - - 49,725,669 ------BankIslami Pakistan Limited 350,000 - - - - 350,000 ------Faysal Bank Limited 6,468,916 - - 43 - 6,468,959 ------Habib Bank Limited 311,011 - - - (74,670) 236,341 ------Habib Metropolitan Bank Limited 50,158,609 - - 660 - 50,159,269 ------Indus Bank Limited ** 153 - - - - 153 ------JS Bank Limted 21,096,513 - - - - 21,096,513 ------KASB Bank Limited 1,471,547 - 382,602 - - 1,854,149 ------Mehran Bank Limited 760,810 - - - - 760,810 ------Mybank Limited (Bolan Bank) 115 - - - (115) ------National Bank Of Pakistan 1,993,015 - - - (920,334) 1,072,681 ------NIB Bank Limited 350,000 - - - - 350,000 ------Samba Bank Limited 10,288,500 - - - - 10,288,500 ------Silkbank Limited 2,278,117 - - - - 2,278,117 ------Soneri Bank Limited 56,204,658 - 11,240,932 - - 67,445,590 ------United Bank Limited 269,574 - - - (100,000) 169,574 ------236,907,063 - 11,623,534 168,369 (1,323,127) 247,375,839 ------

NON LIFE INSURANCE Union Insurance Company Of Pakistan Limited** 316 - - - - 316 ------316 - - - - 316 ------

FINANCIAL SERVICES Al Zamin Leasing Corporation Limited 1,955,495 - - (1,955,495) ------Arif Habib Investments Limited 107,692 - - - - 107,692 ------Askari Leasing Limited 1,207,532 - - (304,785) - 902,747 ------Bankers Equity Limited (Under winding up through court)** 3,510,617 - - - - 3,510,617 ------Dadabhoy Leasing Limited 381,826 - - - - 381,826 ------Dawood Capital Management Limited 683,804 - - - - 683,804 ------Equity Participation 5,075 - - (5,075) ------First Capital Securities Corporation Limited 3,273,108 - 490,966 - - 3,764,074 ------First Dawood Investment Bank Limited 2,705,149 - - 1 - 2,705,150 ------IGI Investment Bank Limited 7,913,697 - - - - 7,913,697 ------Industrial Development Bank of Pakistan 2,030 - - - - 2,030 ------Invest Capital Investment Bank Limited - - - 4,693,188 - 4,693,188 ------Investec Securities Limited** 101,482 - - - - 101,482 ------Islamic Investment Bank Limited** 144,203 - - - - 144,203 ------

ANNUAL REPORT 2010 103 NATIONAL INVESTMENT (UNIT) TRUST NATIONAL INVESTMENT (UNIT) TRUST - LOC HOLDERS' FUND AS AT JUNE 30, 2010 INVESTMENT - 'AVAILABLE FOR SALE'

Javed Omer Vohra & Company Limited 1,738,303 - - - - 1,738,303 ------Orix Leasing Pakistan Limited 2,990,929 - - - - 2,990,929 ------Prudential Investment Bank Limited** 336,108 - - - - 336,108 ------Saudi Pak Leasing Company Limited 3,061,993 - - (2) - 3,061,991 ------Security Investment Bank Limited 2,346,219 - - - - 2,346,219 ------Security Leasing Corporation Limited 460,474 - - - - 460,474 ------32,925,736 - 490,966 2,427,832 - 35,844,534 ------

EQUITY INVESTMENT INSTRUMENT Al-Meezan Mutual Fund 2,952,614 - - - - 2,952,614 ------Asian Stocks Fund 355,187 - - - - 355,187 ------Dominion Stock Fund ** 162,371 - - - - 162,371 ------First Capital Mutual Fund Limited 147,403 - - - - 147,403 ------First Habib Bank Modaraba 5,187,246 - - - - 5,187,246 ------First Habib Modaraba ( Rs 5 / share) 1,631,726 - - - - 1,631,726 ------First Paramount Modaraba 39,476 - - - - 39,476 ------First Tawakkal Modaraba 488,293 - - - - 488,293 ------Golden Arrow 5,112 - - - (5,112) ------Innovative Investment Bank Limited 36,287 - - - - 36,287 ------Investec Mutual Fund ** 177,594 - - - - 177,594 ------JS Growth Fund 10,081,861 - - - - 10,081,861 ------JS Large Capital Fund 1,410,291 - - - - 1,410,291 ------JS Value Fund Limited 1,183,037 - - - - 1,183,037 ------LTV Capital Modaraba 331 - - - - 331 ------Pakistan Premier Fund 710,824 - - - - 710,824 ------PICIC Growth Fund 6,608,333 - - - - 6,608,333 ------PICIC Investment Fund 10,412,208 - - - - 10,412,208 ------41,590,194 - - - (5,112) 41,585,082 ------

TECHNOLOGY HARDWARE AND EQUIPMENT Pakistan Telephone Cables Limited 94,176 - - - - 94,176 ------94,176 - - - - 94,176 - - - - -

Grand Total 679,672,374 375,000 18,993,686 2,394,037 (3,378,227) 668,720,670 29,336,200 987,303 3,849,258 114.02 100.00 -

* The activity in the shares of these companies has been locked by Central Depository Company (CDC) due to non compliance of some regulatory requirements.

** The shares of these companies have been revoked by CDC due to non compliance of CDC regulations. Further the said companies have not issued any physical shares which will help in facilitating the transfer process.

*** The Fund holds jumbo certificates representing shares in such companies. The shares of these companies cannot be split as no registrar exists as custodian for shares of these companies.

****The following number of shares of the below mentioned companies are recorded in the books of the Fund but are not held by it:

Ahmad Hassan Textile Mills Limited 253 Bawany Sugar Mills Limited 507 Ideal Spinning Mills Limited. 200 Taxila Engineering Company Limited 213,112 Tri-Star Polyester Limited 304

ANNUAL REPORT 2010 104 NATIONAL INVESTMENT (UNIT) TRUST NATIONAL INVESTMENT (UNIT) TRUST - LOC HOLDERS' FUND AS AT JUNE 30, 2010 INVESTMENT - 'AT FAIR VALUE THROUGH PROFIT OR LOSS'

OIL & GAS Attock Refinery Limited 235,047 - - - - 235,047 ------Mari Gas Company Limited 51,580 - 51,580 - - 103,160 ------National Refinery Limited 116,418 - - - - 116,418 ------Oil & Gas Development Company Limited 189,710 - - - (150,000) 39,710 ------Pakistan Oilfields Limited 66,243 - - - (50,000) 16,243 ------Pakistan Petroleum Limited 120,724 - 144 - (120,000) 868 ------Pakistan Refinery Limited 69,647 - - - - 69,647 ------Pakistan State Oil Company Limited 180,159 - - - - 180,159 ------Shell Pakistan Limited 2,378 - - - - 2,378 ------1,031,906 - 51,724 - (320,000) 763,630 ------

CHEMICALS BOC Pakistan Limited 95,741 - - - - 95,741 ------Dawood Hercules Chemicals Limited 110,309 - - - - 110,309 ------Dewan Salman Fibre Limited 1,940,472 - - - - 1,940,472 ------Engro Corporation Limited 19,150 150,000 - - - 169,150 ------Fauji Fertilizer Bin Qasim Limited 7,410 - - - - 7,410 ------Fauji Fertilizer Company Limited 275,595 - - - (200,000) 75,595 ------I C I Pakistan Limited 131,719 - - - - 131,719 ------Lotte Pakistan Limited (Pakistan PTA Limited) 3,771,639 - - - (2,000,000) 1,771,639 ------Sitara Chemical Industries Limited 40,030 - - - - 40,030 ------6,392,065 150,000 - - (2,200,000) 4,342,065 ------

FORESTRY AND PAPER Century Paper And Board Mills Limited 219,553 - - - - 219,553 ------Security Papers Limited 90,009 - - - - 90,009 ------309,562 - - - - 309,562 ------

INDUSTRIAL METALS AND MINING Crescent Steel And Allied Products Limited 17,097 - - - - 17,097 ------International Industries Limited 116,006 - - - - 116,006 ------133,103 - - - - 133,103 ------

CONSTRUCTION & METERIALS Al-Abbas Cement Industries Limited 811,860 - - - - 811,860 ------Attock Cement Pakistan Limited 53,662 - 10,732 - - 64,394 ------Cherat Cement Company Limited 100,304 - - - - 100,304 ------D. G. Khan Cement Company Limited 108,784 - - - (100,000) 8,784 ------Lucky Cement Limited 380,109 150,000 - - (100,000) 430,109 ------Maple Leaf Cement Factory Limited 404,294 - - - - 404,294 ------1,859,013 150,000 10,732 - (200,000) 1,819,745 ------

GENERAL INDUSTRIALS Ghani Glass Mills Limited 436,136 - 43,613 - - 479,749 ------Packages Limited 56,256 - - (1) - 56,255 ------Siemens Pakistan Engineering Company Limited 22,439 - - - - 22,439 ------Tri-Pack Films Limited 113,117 - - - - 113,117 ------627,948 - 43,613 (1) - 671,560 ------

INDUSTRIAL ENGINEERING Hinopak Motors Limited 24,469 - - - - 24,469 ------Millat Tractors Limited 22,078 - 5,519 - - 27,597 ------46,547 - 5,519 - - 52,066 ------

INDUSTRIAL TRANSPORTION Pakistan International Airlines Corporation 2,482,654 - - - - 2,482,654 ------2,482,654 - - - - 2,482,654 ------

AUTO MOBILE & PARTS Al - Ghazi Tractors Limited 511 - - - (511) ------Dewan Farooque Motors Limited 5,582 - - - (5,582) ------Honda Atlas Cars (Pakistan) Limited 509,166 - - - - 509,166 ------Pak Suzuki Motor Company Limited 32,324 - - - - 32,324 ------547,583 - - - (6,093) 541,490 ------

FOOD PRODUCERS Habib ADM Limited 122,599 - - - - 122,599 ------122,599 - - - - 122,599 ------

HOUSEHOLD GOODS Pak Elektron Limited - Convertible preference shares 951,392 - - - - 951,392 ------Pak Elektron Limited - Non-Convertible preference shares 317,130 - - - - 317,130 ------Pak Elektron Limited 277,582 - 27,758 - - 305,340 ------1,546,104 - 27,758 - - 1,573,862 ------

ANNUAL REPORT 2010 105 NATIONAL INVESTMENT (UNIT) TRUST NATIONAL INVESTMENT (UNIT) TRUST - LOC HOLDERS' FUND AS AT JUNE 30, 2010 INVESTMENT - 'AT FAIR VALUE THROUGH PROFIT OR LOSS'

PERSONAL GOODS Azgard Nine Limited 33,060 - - - - 33,060 ------Bannu Woolen Mills Limited 385,761 - - - - 385,761 ------Blessed Textile Mills Limited 32,982 - - - - 32,982 ------Crescent Textile Mills Limited 252,030 - - - - 252,030 ------D.S. Industries Limited 914,898 - - - - 914,898 ------Din Textile Mills Limited 19,513 - - - - 19,513 ------Fateh Textile Mills Limited 23,950 - - - - 23,950 ------Gadoon Textile Mills Limited 223,570 - - - - 223,570 ------Gatron Industries Limited 762 - - - (762) ------Gul Ahmed Textile Mills Limited 351,787 - - - - 351,787 ------Ibrahim Fibres Limited 73,237 - - - - 73,237 ------Kohinoor Mills Limited 706,553 - - - - 706,553 ------Kohinoor Textile Mills Limited 73,732 - - - - 73,732 ------Maqbool Textile Mills Limited 253,270 - - - - 253,270 ------Mehmood Textile Mills Limited 77,390 - 38,869 - - 116,259 ------Nestle Pakistan Limited 3,769 - - - - 3,769 ------Nishat (Chunian) Limited 562,334 - 281,167 - - 843,501 ------Nishat (Chunian) Limited Convertible Preference Shares 281,167 - - - - 281,167 ------Nishat Mills Limited 639,888 - - - (600,000) 39,888 ------Pakistan Synthetics Limited 2,736,192 - - - - 2,736,192 ------Premium Textile Mills Limited 2,284 - - - - 2,284 ------Rupali Polyester Limited 250,422 - - - - 250,422 ------Saif Textile Mills Limited 47,635 - - - - 47,635 ------Sapphire Fibers Limited 132,903 - 16,612 - - 149,515 ------Sapphire Textile Mills 235,318 - - - - 235,318 ------Service industries Limited 1,732,574 - - - - 1,732,574 ------Thal Limited ( Rs 5 / share) 27,326 - 5,465 - - 32,791 ------Unilever Brothers-Preference 127 - - - - 127 ------Unilever Pakistan Limited ( Rs 50 / share) 3,947 - - - - 3,947 ------Wazir Ali Industries Limited 107 - - - (107) ------10,078,488 - 342,113 - (600,869) 9,819,732 ------

TOBACCO Pakistan Tobacco Company Limited 77,885 - - - - 77,885 ------77,885 - - - - 77,885 ------

PHARMA AND BIO TECH Abbott Laboratories (Pakistan) Limited 62,020 - - - - 62,020 ------Glaxosmithkline Pakistan Limited 108,418 - - - - 108,418 ------Highnoon Laboratories Limited 101,688 - - - - 101,688 ------272,126 - - - - 272,126 ------

MEDIA Southern Networks Limited** 310,323 - - - - 310,323 ------310,323 - - - - 310,323 ------

TRAVEL AND LEISURE Pakistan Services Limited 95,864 - - - - 95,864 ------95,864 - - - - 95,864 ------

FIXED LINE TELECOMMUNICATION CallMate Telips Telecom Limited** 87 - - - - 87 ------Pakistan Telecommunication Company Limited 528,386 - - - (250,000) 278,386 ------Telecard Limited 463,265 - - - - 463,265 ------World Call Telecom Limited 322,513 - - - - 322,513 ------1,314,251 - - - (250,000) 1,064,251 ------

ELECTRICITY Karachi Electric Supply Company Limited 3,778,409 - - - - 3,778,409 ------Karachi Electric Supply Company Limited- Right (Rs 3.5/ share) 1,171,306 - (1,171,306) ------Kohinoor Energy Limited 273,593 - - - - 273,593 ------Kot Addu Power Company Limited 176,668 - - - (115,000) 61,668 ------The Hub Power Company Limited 691,736 - - - (497,170) 194,566 ------6,091,712 - (1,171,306) - (612,170) 4,308,236 ------

GAS WATER AND MULTIUTILITIES Sui Northern Gas Pipelines Limited 12,225 - - (12,225) ------Sui Southern Gas Compay Limited 2,291,551 - - - - 2,291,551 ------2,303,776 - - (12,225) - 2,291,551 ------

BANKS Allied Bank Limited 51,201 - - - (50,000) 1,201 ------Askari Bank Limited 243,610 - - 23,752 - 267,362 ------Bank Al - Falah Limited 684,572 - - - - 684,572 ------Bank Al - Habib Limited 1,835,187 - - - - 1,835,187 ------

ANNUAL REPORT 2010 106 NATIONAL INVESTMENT (UNIT) TRUST NATIONAL INVESTMENT (UNIT) TRUST - LOC HOLDERS' FUND AS AT JUNE 30, 2010 INVESTMENT - 'AT FAIR VALUE THROUGH PROFIT OR LOSS'

Bank Of Punjab Limited 15,080 - - - - 15,080 ------Faysal Bank Limited 368,055 - - - - 368,055 ------Habib Metropolitan Bank Limited 1,775,586 - - - - 1,775,586 ------KASB Bank Limited 507 - 131 - - 638 ------Meezan bank 127 - - - (127) ------National Bank Of Pakistan 232,006 - - - (232,006) ------NIB Bank Limited 8,990,162 - - (1) - 8,990,161 ------Samba Bank Limited 2,151,599 - - - - 2,151,599 ------Silkbank Limited 1,111,818 - - 1 - 1,111,819 ------Soneri Bank Limited 1,424,191 - 284,838 - - 1,709,029 ------18,883,701 - 284,969 23,752 (282,133) 18,910,289 ------

FINANCIAL SERVICES Al Zamin Leasing Corporation Limited 133,315 - - (133,315) ------Askari Leasing Limited 172,209 - - (43,466) - 128,743 ------Capital Asset Leasing 39 - - - (39) ------English Leasing Limited 728,539 - - - - 728,539 ------First Dawood Investment Bank Limited 112,707 - - - - 112,707 ------Invest Capital Investment Bank Limited - - - 2,796,906 - 2,796,906 ------JS Investments Limited 35,517 - - - - 35,517 ------National Asset Leasing Corporation** 272,987 - - - - 272,987 ------Natover lease and Refianace Limited* 751,290 - - - - 751,290 ------Saudi Pak Leasing Company Limited 137,191 - - - - 137,191 ------Standard Chartered Leasing Limited 797,206 - - - - 797,206 ------Trust Investment Bank Limited 60 - - - (60) ------3,141,060 - - 2,620,125 (99) 5,761,086 ------

EQUITY INVESTMENT INSTRUMENT Al Zamin Leasing Modaraba 952,673 - - (952,673) ------B.F Modaraba 429,241 - - 19 - 429,260 ------B.R.R Guardian Modaraba 1,238,686 - - 51 - 1,238,737 ------Crescent Standard Modaraba 190,786 - - - - 190,786 ------First Al-Noor Modaraba 1,065,560 - - - - 1,065,560 ------First Elite Capital Modaraba 953,466 - - - - 953,466 ------First Equity Modaraba 1,833,662 - - - - 1,833,662 ------First Fidelity Leasing Modaraba 1,059,006 - - - - 1,059,006 ------First I.B.L Modaraba 1,469,696 - - - - 1,469,696 ------First Prudential Modarba 351,518 - - - - 351,518 ------First Punjab Modaraba 1,203,172 - - - - 1,203,172 ------First Tri Star Modaraba 306,222 - - - - 306,222 ------First U.D.L. Modaraba 1,766,207 - - - - 1,766,207 ------KASB Modaraba 708,436 - - - - 708,436 ------Modaraba Al Mali 148,652 - - - - 148,652 ------Pakistan Strategic Allocation Fund 1,276,135 - - - - 1,276,135 ------PICIC Energy Fund 1,522,228 - - - - 1,522,228 ------PICIC Growth Fund 38,569 - - - - 38,569 ------Standard Chartered Modarba 1,298,975 - - - - 1,298,975 ------Unicap Modaraba 359,703 - - - - 359,703 ------18,172,593 - - (952,603) - 17,219,990 ------

Grand Total 75,840,863 300,000 (404,878) 1,679,048 (4,471,364) 72,943,669 ------

* The activity in the shares of these companies has been locked by Central Depository Company (CDC) due to non compliance of some regulatory requirements.

*** The Fund holds jumbo certificates representing shares in such companies. The shares of these companies cannot be split as no registrar exists as custodian for shares of these companies.

ANNUAL REPORT 2010 107 NATIONAL INVESTMENT (UNIT) TRUST NATIONAL INVESTMENT (UNIT) TRUST - LOC HOLDERS' FUND FOR THE YEAR ENDED JUNE 30, 2010 ALLOCATION OF SHARES / UNIT TO UNIT HOLDERS IN ACCORDANCE WITH SETTLEMENT AGREEMENT

As on January 18, 2010 As on January 22, 2010 As on March 31, 2010 As on January 18, 2010 Total Holding Scrip Name of NBP NBP FBL FBL BOP BOP BOK BOK shares / units No. of shares Value No. of shares Value No. of shares Value No. of shares Value

Rupees in ‘000 Rupees in ‘000 Rupees in ‘000 Rupees in ‘000

OPEN END MUTUAL FUNDS AKD Income Fund 111,962 65,800 3,075 17,800 834 23,100 1,098 2,462 115 Faysal Savings And Growth Fund 50,624 29,800 3,074 7,900 818 10,600 1,087 1,024 106 First Habib Income Fund 128,756 75,700 7,587 20,356 2,043 26,800 2,743 2,700 271 HBL Income Fund 390,634 229,400 22,424 61,634 6,064 81,200 8,062 8,600 841 IGI Income Fund 127,430 74,800 7,566 20,200 2,046 26,500 2,737 2,730 276 809,406 475,500 43,726 127,890 11,805 168,200 15,727 17,516 1,609

OIL & GAS Attock Refinery Limited 3,910,071 2,295,702 315,820 617,409 77,553 812,237 93,627 86,970 11,964 Mari Gas Company Limited 2,903,160 1,704,520 249,235 458,415 73,268 603,072 82,814 64,574 9,442 National Refinery Limited 4,069,502 2,389,308 425,392 642,584 109,933 845,356 152,570 90,517 16,116 Oil & Gas Development Company Limited 875,454 514,001 59,984 138,237 16,153 181,858 23,616 19,472 2,272 Pakistan Oilfields Limited 496,804 291,687 71,102 78,446 18,789 103,201 24,133 11,050 2,694 Pakistan Petroleum Limited 5,368 3,151 636 848 167 1,115 218 119 24 Pakistan Refinery Limited 1,644,646 965,613 114,164 259,694 28,273 341,642 36,703 36,581 4,325 Pakistan State Oil Company Limited 180,159 105,840 32,712 28,501 8,881 37,467 11,607 3,878 1,199 Shell Pakistan Limited 2,378 1,396 391 376 106 494 149 53 15 Shell Gas (LPG) Pakistan Limited 1,580,186 927,768 55,722 249,515 15,001 328,251 17,726 35,147 2,111 15,667,728 9,198,986 1,325,158 2,474,025 348,124 3,254,693 443,163 348,361 50,162

CHEMICALS Adil Polyproplene Limited 140,299 82,000 - 22,500 - 28,500 - 3,799 - Agriauto Industries Limited ( Rs 5 / share) 1,343,908 789,044 49,355 212,206 12,838 279,169 17,867 29,892 1,870 Bawany Air Products Limited 76,551 44,944 267 12,088 80 15,902 159 1,703 10 BOC Pakistan Limited 995,741 584,625 77,936 157,230 20,287 206,845 26,240 22,148 2,953 Clariant Pakistan Limited 1,599,077 938,860 170,948 252,497 45,194 332,176 55,194 35,568 6,476 Dawood Hercules Chemicals Limited 110,309 64,765 12,447 17,418 3,336 22,914 5,373 2,454 472 Dewan Salman Fibre Limited 5,940,472 3,487,803 5,092 938,014 1,426 1,234,012 2,777 132,132 193 Dynea Pakistan Limited ( Rs 5 / share) 1,841,386 1,081,126 12,336 290,759 3,059 382,510 4,563 40,957 467 Engro Corporation Limited 638,750 375,027 73,325 100,860 19,588 132,687 26,514 14,207 2,778 Fauji Fertilizer Bin Qasim Limited 107,410 63,064 1,956 16,960 533 22,312 710 2,389 74 Fauji Fertilizer Company Limited 26,841,223 15,759,168 1,710,973 4,238,289 456,252 5,575,716 611,600 597,020 64,818 I C I Pakistan Limited 164,923 96,831 17,125 26,042 4,734 34,259 5,554 3,668 649 Leiner Pak Gelatine Limited ( Rs 5 / share) 28,098 16,497 452 4,437 115 5,837 146 625 17 Lotte Pakistan Limited (Pakistan PTA Limited) 6,822,380 4,005,593 38,253 1,077,269 11,591 1,417,210 15,490 151,748 1,449 Nimir Industrial Chemical Limited ( Rs 5 / share) 536,360 314,910 989 84,693 294 111,418 407 11,930 37 Pakistan Gum And Chemiclas Limited 99,979 58,700 1,829 15,787 516 20,769 613 2,224 69 Polyron Limited 153 89 - 24 - 33 - 3 - Sardar Chemical Industries Limited 152,223 89,500 170 24,223 46 31,500 43 3,000 6 Sind Alkalis Limited 725,947 426,500 - 114,947 - 151,000 - 15,500 - Sitara Chemical Industries Limited 702,600 412,515 72,396 110,942 19,848 145,951 22,951 15,628 2,743 United Distributors Pakistan Limited 465,977 273,587 - 73,579 - 96,797 - 10,365 - Wah Nobel Chemicals Limited 655,776 385,024 20,526 103,548 5,529 136,224 6,798 14,586 778 49,989,542 29,350,172 2,266,375 7,894,312 605,266 10,383,741 802,999 1,111,546 85,859

FORESTRY AND PAPER Adamjee Paper 277,923 163,300 - 43,923 - 57,700 - 6,100 - Century Paper And Board Mills Limited 5,719,568 3,358,105 45,167 903,132 11,885 1,188,124 20,709 127,218 1,711 Chilya Chip Board 44,500 26,200 - 6,900 - 9,400 - 900 - Pak Paper Corporation 106,974 62,700 - 16,900 - 22,200 - 2,474 - Pakistan Paper Prouducts Limited 298,497 175,255 8,587 47,134 2,277 62,007 2,753 6,639 325 Premier Board 30,902 18,100 - 4,800 - 6,300 - 902 - Security Papers Limited 1,890,009 1,109,673 55,495 298,436 14,537 392,611 18,527 42,039 2,102 8,368,373 4,913,333 109,249 1,321,225 28,699 1,738,342 41,989 186,272 4,138

INDUSTRIAL METALS AND MINING Balochistan Tower 76,345 44,700 - 12,145 - 16,000 - 1,600 - Crescent Steel And Allied Products Limited 4,001,317 2,349,276 63,336 631,816 19,681 831,192 22,376 89,000 2,399 Huffaz Seamless Pipe Industries Limited 1,403,380 823,960 17,311 221,597 4,682 291,523 5,329 31,215 656 International Industries Limited 10,478,179 6,152,006 381,301 1,654,528 104,119 2,176,628 127,942 233,063 14,445 Karachi Pipe 160,798 94,600 - 25,300 - 33,498 - 3,400 - Metropolitan Steel Corporation Limited 101,482 59,583 852 16,024 213 21,081 270 2,257 32 Nowshera Engineering 26,841 15,700 - 4,241 - 5,600 - 600 - Quality Steel Works Limited 3,526 2,000 - 1,000 - 500 - 26 - Rcd Ball 20,311 11,900 - 3,200 - 4,200 - 511 - 16,272,179 9,553,725 462,800 2,569,851 128,695 3,380,222 155,917 361,672 17,532

CONSTRUCTION & METERIALS Al-Abbas Cement Industries Limited 811,860 476,665 3,432 128,194 887 168,647 1,599 18,058 130 Attock Cement Pakistan Limited 64,394 37,807 2,231 10,168 593 13,377 951 1,433 85 Balochistan Glass Limited 609,330 357,753 805 96,214 239 126,576 303 13,554 30 Berger Paints Pakistan Limited 286,754 168,360 5,568 45,279 1,349 59,567 1,463 6,379 211 Buxly Paints Limited 180,491 105,970 1,955 28,500 523 37,493 652 4,015 74 Cherat Cement Company Limited 13,139,503 7,714,538 101,138 2,074,757 28,009 2,729,464 32,208 292,258 3,832 D. G. Khan Cement Company Limited 8,784 5,158 170 1,387 43 1,825 57 195 6 Dadabhoy Construction Technology Limited 71,165 42,000 - 10,665 - 15,000 - 1,500 - Dadex Eternit Limited 4,815 2,826 111 761 28 1,000 36 107 4 Dewan Cement Limited 4,944,152 2,902,837 6,909 780,693 1,796 1,027,047 3,174 109,971 262

ANNUAL REPORT 2010 108 NATIONAL INVESTMENT (UNIT) TRUST NATIONAL INVESTMENT (UNIT) TRUST - LOC HOLDERS' FUND FOR THE YEAR ENDED JUNE 30, 2010 ALLOCATION OF SHARES / UNIT TO UNIT HOLDERS IN ACCORDANCE WITH SETTLEMENT AGREEMENT

Rupees in ‘000 Rupees in ‘000 Rupees in ‘000 Rupees in ‘000

Emco Industries Limited 777,641 456,573 2,443 122,791 694 161,539 717 17,297 93 Fecto Cement Limited 1,779,494 1,044,787 10,678 280,986 2,891 369,654 3,549 39,581 405 Karam Ceramics Limited 369,009 216,656 1,950 58,267 544 76,654 767 8,207 74 Kohat Cement Limited 252,891 148,479 992 39,932 260 52,533 345 5,625 38 Lafarge Pakistan Cement Limited 21,412,281 12,571,697 27,029 3,381,047 7,303 4,447,965 20,461 476,266 1,024 Lucky Cement Limited 3,267,346 1,918,343 133,766 515,922 34,660 678,724 55,173 72,674 5,068 Maple Leaf Cement Factory Limited 2,404,294 1,411,622 5,251 379,644 1,374 499,443 2,247 53,478 199 Mustehkam Cement Limited Normal 699,240 410,543 12,271 110,411 3,292 145,253 4,275 15,553 465 Pioneer Cement Limited 1,309,817 769,027 10,028 206,823 2,469 272,088 2,860 29,134 380 Punjab Building 457,198 268,300 - 72,100 - 95,100 - 10,298 - Regal Ceramics Limited 92,653 54,000 - 15,000 - 18,500 - 2,653 - Shabbir Tiles And Ceramics Liimited ( Rs 5 / share) 3,642,309 2,138,494 23,951 575,129 6,096 756,615 8,701 81,014 907 Zeal Pak Cement Factory Limited 500,876 294,077 129 79,089 35 104,047 46 11,141 5 57,086,297 33,516,512 350,807 9,013,759 93,085 11,858,111 139,584 1,270,391 13,292

GENERAL INDUSTRIALS Balochistan Particle Board Limited ( Rs 5 / share) 804,629 473,000 - 127,000 - 167,500 - 17,129 - Dadabhoy Sack Limited 50,741 29,790 - 8,013 - 10,540 - 1,129 - Ghani Glass Mills Limited 479,749 281,674 14,698 75,753 3,973 99,658 5,581 10,671 557 Hashmi Can Company Limited 165,829 97,500 - 26,000 - 34,500 - 3,829 - Merit Packaging Limited 704,728 413,764 8,110 111,278 2,113 146,393 2,394 15,675 307 Packages Limited 4,541,255 2,666,286 405,489 717,075 104,349 943,353 122,636 101,010 15,362 Siemens Pakistan Engineering Company Limited 972,439 570,943 736,516 153,550 198,694 202,004 272,780 21,630 27,903 Tri-Pack Films Limited 113,117 66,413 7,378 17,861 1,875 23,498 2,424 2,517 280 7,832,487 4,599,370 1,172,191 1,236,530 311,004 1,627,446 405,815 173,590 44,409

ELECTRONIC AND ELECTRICAL EQUIPMENT Aslo Electronics 40,593 23,800 - 6,300 - 8,500 - 993 - Greaves Aircondition 60,890 35,700 - 9,700 - 12,600 - 1,390 - Hyderabad Electronic 101,482 59,500 - 16,100 - 21,000 - 2,382 - Johnson And Phillips (Pakistan) Limited 591,603 347,347 5,672 93,415 1,425 122,893 1,634 13,158 215 Pakistan Cables Limited 1,811,740 1,063,720 57,579 286,077 14,676 376,352 19,119 40,298 2,181 Punjab Lamp 111,732 65,600 - 17,700 - 23,100 - 2,532 - Refrigerators Manaufacturer Company of Pakistan Limited 27 15 - 4 - 6 - 1 - Singer Pakistan Limited 3 2 - - - 1 - - - 2,718,070 1,595,684 63,251 429,296 16,101 564,452 20,753 60,754 2,396

INDUSTRIAL ENGINEERING Bolan Castings Limited 417,110 244,895 10,530 65,863 2,898 86,646 3,162 9,278 399 Hinopak Motors Limited 524,469 307,930 65,589 82,815 17,640 108,948 19,186 11,665 2,485 K S B Pumps Company Limited 1,546,834 908,185 68,105 244,249 18,167 321,323 24,417 34,406 2,580 Millat Tractors Limited 418,238 245,558 101,541 66,040 26,783 86,880 39,536 9,303 3,847 Pakistan Engineering Company Limited 2 2 1 ------2,906,653 1,706,570 245,766 458,967 65,488 603,797 86,301 64,652 9,311

INDUSTRIAL TRANSPORTION Pakistan National Shipping Corporation 449,697 264,030 13,466 71,008 3,618 93,415 4,670 10,002 510 Pan Islamic Shipping Corporation Limited 1,172 500 - 500 - - - 172 - 450,869 264,530 13,466 71,508 3,618 93,415 4,670 10,174 510

SUPPORT SERVICES TRG Pakistan Limited 507,410 297,913 781 80,122 261 105,404 352 11,286 30 507,410 297,913 781 80,122 261 105,404 352 11,286 30

AUTO MOBILE & PARTS Atlas Engineering Limited 25,921 15,218 218 4,093 53 5,385 99 577 8 Atlas Honda Limited 150,398 88,303 13,245 23,748 3,580 31,242 4,452 3,345 502 Baluchistan Wheels Limited 1,640,058 962,920 28,888 258,969 7,756 340,689 11,004 36,479 1,094 Bela Engineering Limited 274,152 161,000 - 43,152 - 57,500 - 5,500 - Exide Pakistan Limited 400,694 235,258 43,170 63,270 11,888 83,236 16,599 8,913 1,636 Ghandara Nissan Limited 2,769,596 1,626,100 8,960 437,325 2,357 575,327 2,877 61,604 339 Ghandhara Industries Limited 266,357 156,385 1,159 42,058 318 55,330 432 5,925 44 Honda Atlas Cars (Pakistan) Limited 4,109,166 2,412,597 47,263 648,846 12,601 853,595 13,965 91,399 1,791 Indus Motor Company Limited 896,090 526,119 108,223 141,494 28,706 186,144 38,746 19,931 4,100 Pak Suzuki Motor Company Limited 2,069,334 1,214,960 121,144 326,752 30,626 429,862 34,204 46,027 4,589 Rex Baren Battery 57,845 33,900 - 9,300 - 12,000 - 1,245 - Saif Nadeem Kawasaki Motors Limited 118 ------118 - Taga Pakistan Limited 98,945 57,500 - 16,000 - 20,000 - 2,945 - The General Tyre And Rubber Company of Pakistan Limited 3,879,268 2,277,618 65,573 612,545 16,876 805,839 21,605 86,285 2,484 16,637,942 9,767,878 437,843 2,627,552 114,761 3,456,149 143,983 370,293 16,587

BEVERAGES Shezan International Limited 1,175,506 690,171 92,828 185,615 24,564 244,187 29,334 26,146 3,517 Uqab Breeding Farms Limited 143,952 84,000 - 23,500 - 29,500 - 3,452 - 1,319,458 774,171 92,828 209,115 24,564 273,687 29,334 29,598 3,517

FOOD PRODUCERS Al - Abbas Sugar Mills Limited 1,470,117 863,144 81,990 232,135 21,584 305,387 27,576 32,699 3,106 Al - Noor Sugar Mills Limited 2,365,747 1,388,992 42,684 373,556 12,678 491,436 14,242 52,620 1,617 Bawany Sugar Mills Limited 27,844 16,348 - 4,397 - 5,784 - 619 -

ANNUAL REPORT 2010 109 NATIONAL INVESTMENT (UNIT) TRUST NATIONAL INVESTMENT (UNIT) TRUST - LOC HOLDERS' FUND FOR THE YEAR ENDED JUNE 30, 2010 ALLOCATION OF SHARES / UNIT TO UNIT HOLDERS IN ACCORDANCE WITH SETTLEMENT AGREEMENT

Rupees in ‘000 Rupees in ‘000 Rupees in ‘000 Rupees in ‘000

Chashma Sugar Mills Limited 970,573 569,847 4,074 153,256 1,523 201,617 2,038 21,589 154 Colony Sugar Mills Limited 345,780 203,017 2,416 54,599 601 71,829 606 7,691 92 Crescent Sugar Mills And Distillery Limited 1,080,123 634,168 4,109 170,554 1,098 224,374 1,571 24,025 156 Data Agro Limited 101,482 59,500 - 16,000 - 21,000 - 2,482 - Dewan Sugar Mills Limited 2,488,096 1,460,824 3,798 392,876 963 516,851 1,034 55,342 144 Faran Sugar Mills Limited 2,749,272 1,614,168 35,431 434,116 9,116 571,105 9,429 61,151 1,342 Fazal Vegetable Ghee Mills Limited 43,270 25,500 - 7,270 - 9,000 - 500 - Habib ADM Limited 122,599 71,982 1,134 19,358 307 25,467 407 2,727 43 Habib Sugar Mills Limited (Rs 5/share) 8,532,877 5,009,868 135,818 1,347,361 35,503 1,772,531 42,948 189,794 5,145 Husein Sugar Mills Limited 1,322 776 - 208 - 275 - 30 - Kohinoor Sugar Mills Limited 741,616 435,422 3,675 117,103 978 154,056 766 16,496 139 Mian Muhammed Sugar Mills Limited 177,594 104,000 - 27,594 - 37,500 - 4,000 - Mirpurkhas Sugar Mills Limited 844,598 495,885 36,810 133,364 10,134 175,448 11,737 18,786 1,394 Morafco Industries Limited 59,137 34,500 - 9,500 - 12,000 - 1,637 - Noon Sugar Mills Limited 20,883 12,260 343 3,298 71 4,338 81 465 13 Pak Ghee Industries Limited 60,382 35,000 - 10,000 - 12,500 - 1,382 - Pangrio Sugar Mills Limited 803,280 471,627 - 126,839 - 166,865 - 17,867 - Premier Sugar Mills And Distilery Company 75,674 44,430 2,044 11,949 523 15,720 518 1,683 77 Punjab Oil Mills Limited 377,270 221,500 11,518 60,000 3,120 77,500 3,100 8,770 456 Saleem Sugar Limited (O) 204 125 - 29 - 50 - - - Saleem Suger Limited .(P) 6 % 9,025 5,500 - 1,500 - 2,000 - 25 - Sanghar Sugar Mills Limited 1,095,614 643,262 - 173,000 - 227,592 - 24,370 - Shahmurad Sugar Mills Limited 2,490,648 1,462,324 - 393,279 - 517,381 - 55,398 - Shahtaj Sugar Mills Limited 825,813 484,856 55,031 130,398 12,257 171,546 13,552 18,368 2,085 Shakarganj Mills Limited 7,410,983 4,351,178 34,548 1,170,210 9,479 1,539,480 10,007 164,840 1,309 Suraj Ghee Industries Limited 55,959 32,500 - 9,000 - 11,500 - 1,459 - Tandlianwala Sugar Mills Limited 36,280 21,301 306 5,729 80 7,536 109 807 12 35,384,062 20,773,804 455,729 5,588,478 120,015 7,349,668 139,721 787,622 17,284

HOUSEHOLD GOODS Al-Abid Silk Mills Limited 983,014 577,153 19,312 155,220 5,194 204,201 10,208 21,865 732 Casspak Industries Limited 55,816 32,500 - 9,000 - 11,000 - 1,816 - Nakshbandi Industries Limited 118,879 69,798 708 18,771 188 24,695 238 2,644 27 Pak Elektron Limited 6,899,449 4,050,843 72,389 1,089,438 19,120 1,433,220 21,613 153,462 2,742 Pak Elektron Limited - Convertible preference shares 951,392 558,585 5,586 150,227 1,502 197,632 1,976 21,162 212 Pak Elektron Limited - Non-Convertible preference shares 317,130 186,196 1,862 50,075 501 65,877 659 7,054 71 9,325,680 5,475,075 99,857 1,472,731 26,505 1,936,625 34,694 208,003 3,784

LEISURE GOODS Grays Of Cambridge (Pakistan) Limited 325,413 191,058 15,728 51,384 4,034 67,598 3,651 7,238 596 325,413 191,058 15,728 51,384 4,034 67,598 3,651 7,238 596

PERSONAL GOODS (Colony) Sarhad Textile Mills Limited 338,773 199,000 70 53,500 27 70,500 25 7,273 3 Accord Textile Mills Limited 471,891 277,000 - 74,500 - 98,000 - 10,391 - Adamjee Floorings 60,890 35,700 - 9,700 - 12,600 - 1,390 - Adamjee Industries 126 - - 100 - - - 26 - Adil Textile Mills Limited 96,408 56,605 504 15,223 135 20,026 178 2,144 19 Afsar Textile Mills 66,116 38,900 - 10,416 - 13,700 - 1,400 - Ahmad Hassan Textile Mills Limited 940,222 552,029 10,494 148,463 2,822 195,312 3,516 20,913 398 Al - Qaim Textile Mills Limited 369,547 217,500 - 58,047 - 77,000 - 8,000 - Al-Hussany Industries Limited 63,427 37,400 - 9,927 - 13,200 - 1,300 - Alif Textile Mills Limited 329,715 194,000 - 51,715 - 68,500 - 7,500 - Allawasaya Textile And Finishing Mills Limited 50 30 3 8 1 10 1 1 - Amazai Textile Mills Limited 20,911 12,000 - 3,911 - 4,500 - - - Apex Fabrics Limited 292,649 171,500 - 46,649 - 60,500 - 6,500 - Arag Industries Limited 194,914 114,500 - 30,714 - 40,500 - 4,300 - Aruj Garment Accessories Limited 69,820 40,993 336 11,025 88 14,504 112 1,553 13 Asim Textile Mills Limited 1,177,088 691,000 - 186,000 - 244,000 - 26,588 - Aswan Tentage Limited 173,788 102,100 - 27,488 - 36,200 - 3,700 - Awan Textile Mills Limited 219,810 129,000 - 34,500 - 45,500 - 5,310 - Ayaz Textile Mills Limited 216,512 127,500 - 34,012 - 44,500 - 5,000 - Azam Textile Mills Limited 639,326 375,364 - 100,951 - 132,807 - 14,221 - Azgard Nine Limited 1,129,124 662,937 14,605 178,292 3,985 234,552 3,270 25,115 553 Babri Cotton Mills Limted 72,113 42,339 678 11,387 205 14,980 253 1,604 26 Bahawalpur Textile Mills Limited 66,192 39,500 - 10,192 - 14,000 - 1,000 - Bannu Woolen Mills Limited 385,761 226,490 3,126 60,913 870 80,134 1,022 8,580 118 Bata Pakistan Limited 1,123,033 659,362 584,867 177,329 152,503 233,287 166,800 24,979 22,157 Bawany Textile Mills Limited 86,767 51,000 - 13,667 - 18,100 - 1,800 - Blessed Textile Mills Limited 56,830 33,367 1,368 8,973 349 11,805 419 1,264 52 Brothers Textile Mills Limited 636,552 373,735 - 100,513 - 132,231 - 14,159 - Central Cotton Limited 36,000 21,200 - 5,700 - 7,500 - 700 - Chakwal Spinning Mills Limted 776,692 456,015 - 122,642 - 161,342 - 17,276 - Colony Mills Limited 1,567,373 920,244 6,276 247,492 1,713 325,590 2,387 34,863 238 Crescent Fibres Limited 878,333 515,692 5,441 138,691 1,186 182,456 2,427 19,537 206 Crescent Jute Proudcts Limited 1,533,597 900,413 - 242,158 - 318,573 - 34,112 - Crescent Knitwear Limited 83,723 50,000 - 12,723 - 17,500 - 1,500 - Crescent Spinning Mills Limited 748,953 440,000 - 118,000 - 156,000 - 16,453 - Crescent Textile Mills Limited 2,122,041 1,245,904 41,115 335,075 11,480 440,811 12,563 47,200 1,558 Crown Textile Limited 327,203 192,200 - 51,603 - 68,000 - 7,200 -

ANNUAL REPORT 2010 110 NATIONAL INVESTMENT (UNIT) TRUST NATIONAL INVESTMENT (UNIT) TRUST - LOC HOLDERS' FUND FOR THE YEAR ENDED JUNE 30, 2010 ALLOCATION OF SHARES / UNIT TO UNIT HOLDERS IN ACCORDANCE WITH SETTLEMENT AGREEMENT

Rupees in ‘000 Rupees in ‘000 Rupees in ‘000 Rupees in ‘000

D. M. Textile Mills Limited 346,741 203,581 662 54,751 178 72,028 173 7,713 25 D.S. Industries Limited 914,898 537,161 1,864 144,464 498 190,051 582 20,350 71 Dar-es-Salaam Textile Mills Limited 274,813 161,349 363 43,394 95 57,087 143 6,113 14 Data Textiles Limited 637,205 374,120 - 100,616 - 132,366 - 14,173 - Dawood Lawrencepur Limited 238,017 139,746 9,693 37,584 2,353 49,443 2,918 5,294 367 Dewan Khalid Textile Mills Limited 287,895 169,030 828 45,460 223 59,804 149 6,403 31 Dewan Mushtaq Textile Mils Limited 247,658 145,407 473 39,106 117 51,446 170 5,508 18 Din Textile Mills Limited 309,214 181,548 4,584 48,826 1,174 64,233 1,624 6,877 174 Ellcot Spinning Mills Limited 728,146 427,514 8,144 114,976 2,305 151,257 3,722 16,196 309 Fateh Industries Limited 23,756 13,900 - 3,700 - 4,900 - 656 - Fateh Sports Wear Limited 46,581 27,300 - 7,300 - 9,700 - 1,081 - Fateh Textile Mills Limited 23,950 14,061 5,062 3,782 1,362 4,975 1,741 533 192 Fatima Enterprises Limited 647,585 380,500 5,898 102,500 1,789 134,500 1,956 14,085 218 Fazal Cloth Mills Limited 1,138,872 668,661 21,798 179,830 6,021 236,577 7,353 25,332 826 Fazal Textile Mills Limited 69,795 40,977 17,825 11,021 4,976 14,498 5,799 1,553 676 Gadoon Textile Mills Limited 1,223,570 718,390 20,122 193,204 5,276 254,172 9,356 27,216 762 Ghafoor Textile Mills Limited 47,215 27,800 - 7,315 - 9,900 - 1,000 - Ghulam Muhammad Dadabhoy 50,741 30,000 - 8,000 - 10,000 - 1,241 - Globe Textile Mills Limited 67,958 40,000 676 10,500 177 14,500 239 1,458 25 Gul Ahmed Textile Mills Limited 351,787 206,543 5,577 55,548 1,499 73,077 1,719 7,825 211 Gulistan Spinning Mills Limited 300,873 176,649 1,290 47,508 360 62,500 530 6,693 49 Gulistan Textile Mills Limited 756,716 444,286 9,908 119,487 2,629 157,192 2,908 16,832 375 Gulshan Spinning Mills Limited 1,032,916 606,451 5,155 163,100 1,448 214,567 1,556 22,975 195 Gypsum Corporation 169,983 99,900 - 26,900 - 35,300 - 3,683 - Hafiz Textile Mills Limited 7,815 4,500 67 1,500 24 1,500 23 315 5 Hajra Textile Mills Limited 533,649 313,320 - 84,265 - 110,855 - 11,869 - Hakkim Textile Mills Limited 265,112 156,000 - 41,612 - 55,500 49 5,500 - Harum Textile Mulls Limited 60,002 35,229 - 9,475 - 12,464 - 1,334 - H-Shaikh 116,423 68,400 - 18,400 - 24,200 - 2,523 - Ibrahim Fibres Limited 1,873,237 1,099,826 41,353 295,788 10,660 389,127 14,047 41,665 1,567 I.C.C Textiles Limited 169,830 99,710 169 26,817 38 35,279 37 3,778 6 Ideal Spinning Mills Limited 678,004 398,074 466 107,058 140 140,842 282 15,081 18 Indus Dyeing Manufacturing Company Limited 541,098 317,692 64,174 85,441 17,088 112,402 22,358 12,036 2,431 Indus Polyester Company Limited 6 4 - - - 2 - - - International Knitwear Limited 122,730 72,058 1,146 19,379 269 25,495 293 2,730 43 Ishaq Textile Mills Limited 457,302 268,493 1,273 72,210 325 94,995 355 10,172 48 Itti Textile Mills Limited 168,059 99,000 - 26,059 - 35,500 - 3,500 - J. A. Textile Mills Limited 697,739 409,659 - 110,175 - 144,941 - 15,520 - J. K. Spinning Mills Limited 334,332 196,294 834 52,792 264 69,451 563 7,437 32 Junaid Cotton Mills Limited 38,564 22,500 - 6,064 - 8,000 - 1,000 - Kaiser Arts & Krafts Mills Limited 38,056 22,500 - 6,056 - 8,000 - 500 - Karim Cotton Mills Limited 113,888 66,800 - 18,050 - 23,600 - 2,588 - Karim Silk Mills Limited 19,802 11,500 - 3,500 - 4,000 - 302 - Khalid Siraj Textile Mills Limited 721,572 423,653 - 113,938 - 149,892 - 16,050 - Kohat Textile Mills Limited 39,731 23,326 38 6,274 13 8,253 10 884 1 Kohinoor Cotton Limited 64,436 37,900 - 10,136 - 13,500 - 1,300 - Kohinoor Industries Limited 344,530 202,282 532 54,402 139 71,569 152 7,664 20 Kohinoor Looms Limited 174,752 102,500 - 27,752 - 36,500 - 3,500 - Kohinoor Mills Limited 2,506,553 1,471,661 7,020 395,790 2,094 520,685 1,734 55,753 266 Kohinoor Spinning Mills Limited 620,448 364,280 - 97,970 - 128,885 - 13,801 - Kohinoor Textile Mills Limited 3,330,064 1,955,166 17,303 525,825 4,959 691,753 5,340 74,069 656 Lafayette Industries Synthetics Limited 95,140 55,500 - 15,500 - 19,000 - 2,640 - Landmark Spinning Industries Limited 461,413 270,908 - 72,858 - 95,849 - 10,263 - Maqbool Textile Mills Limited 1,716,211 1,007,631 14,560 270,994 3,645 356,508 4,103 38,173 552 Marr Fabrics Limited 121,779 71,500 - 19,200 - 25,300 - 2,779 - Masood Textile Mills Limited 1,043,386 612,598 21,404 164,753 5,766 216,742 5,529 23,208 811 Mehmood Textile Mills Limited 116,259 68,259 3,584 18,358 973 24,151 1,266 2,586 136 Mehr Dastgir Textile Mills 50,741 29,500 - 8,500 - 10,000 - 1,241 - Mehran Jute Mills Limited 125,201 73,500 - 19,701 - 26,500 - 2,500 - Mian Textile Industries Limited 758,222 445,172 214 119,725 108 157,505 63 16,864 8 Mitchell's Fruit Farms Liimited 579,117 340,014 20,979 91,444 5,281 120,300 7,820 12,881 795 Mohib Textile Mills Limited 164,622 96,700 - 26,022 - 34,300 - 3,500 - Moonlite (Pak) Limited 118,952 69,839 838 18,783 242 24,710 273 2,646 32 Mubarik Dairies Limited 57,084 33,500 - 9,084 - 12,000 - 1,000 - Muhammad Farooq Textile Mills Limited 1,916,240 1,125,074 1,699 302,578 457 398,060 1,035 42,622 64 National Match Industries 27,248 15,900 - 4,400 - 5,600 - 648 - National Overseas 25,371 14,800 - 4,100 - 5,300 - 571 - Naveed Textile Mills Limited 72,763 42,700 - 11,600 - 15,100 - 1,563 - Nestle Pakistan Limited 101,769 59,751 72,000 16,070 19,445 21,140 27,059 2,264 2,728 Nishat (Chunian) Limited 4,473,909 2,626,746 64,592 706,440 17,604 929,363 18,643 99,512 2,447 Nishat (Chunian) Limited Convertible Preference Shares 1,491,167 875,503 20,180 235,458 5,149 309,760 6,118 33,167 764 Nishat Mills Limited 4,145,457 2,433,904 164,094 654,577 43,248 861,134 48,499 92,206 6,217 Norrie Textile Mills Limited 140,600 82,550 - 22,201 - 29,207 - 3,127 - Nusrat Textile Mills 315,558 185,300 - 49,858 - 65,600 - 6,900 - Olympia Spinning And Weaving Mills Limited 44,145 25,919 77 6,971 17 9,170 25 982 3 Olympia Textile Mills Limited 369,141 216,732 - 58,289 - 76,681 - 8,211 - Pakistan Synthetics Limited 2,736,192 1,606,487 14,057 432,051 3,996 568,388 5,110 60,861 533 Paramount Spinning Mills Limited 1,827,142 1,072,763 11,479 288,510 2,897 379,551 3,378 40,640 435 Pearl Fabrics 236,890 139,000 - 37,500 - 49,200 - 5,290 -

ANNUAL REPORT 2010 111 NATIONAL INVESTMENT (UNIT) TRUST NATIONAL INVESTMENT (UNIT) TRUST - LOC HOLDERS' FUND FOR THE YEAR ENDED JUNE 30, 2010 ALLOCATION OF SHARES / UNIT TO UNIT HOLDERS IN ACCORDANCE WITH SETTLEMENT AGREEMENT

Rupees in ‘000 Rupees in ‘000 Rupees in ‘000 Rupees in ‘000

Premium Textile Mills Limited 833,877 489,590 11,261 131,671 2,897 173,221 4,616 18,548 427 Punjab Cotton 57,845 34,000 - 9,345 - 12,000 - 1,000 - Qayyum Spinning Mills Limited 75,351 43,500 - 12,000 - 15,500 - 2,351 - Quetta Textile Mills Limited 19,577 11,496 575 3,091 146 4,067 143 435 22 Ravi Textile Mills Limited 357,064 209,641 - 56,382 - 74,173 - 7,942 - Redco Textiles Limited 810,231 476,000 - 128,500 - 167,500 - 17,731 - Reliance Cotton Spinning Mills Limited 415,022 243,669 7,554 65,533 1,834 86,212 2,116 9,232 286 Reliance Weaving Mills Limited 610,475 358,425 3,760 96,396 982 126,814 1,190 13,578 142 Resham Textile Industries Limited 218,795 128,460 - 34,548 - 45,450 - 4,867 - Ruby Textile Mills Limited 629,036 369,322 - 99,326 - 130,669 - 13,992 - Rupali Polyester Limited 1,650,422 969,005 35,805 260,605 9,642 342,841 11,996 36,710 1,356 Sadoon Textile Mills Limited 1,015 500 - 500 - - - 15 - Saif Textile Mills Limited 2,072,646 1,216,903 9,784 327,276 2,605 430,550 1,722 46,101 371 Saitex Spinning Mills Limited 368,988 216,500 - 58,000 - 77,000 - 8,488 - Sajjad Textile Mills Limited 326,468 191,679 - 51,550 - 67,817 - 7,261 - Saleem Denim (Kaytex Mills) Limited 167,040 98,000 - 26,500 - 34,700 - 3,640 - Salfi Textile Mills Limited 107,795 63,290 697 17,021 187 22,392 314 2,397 26 Sally Textile Mills Limited 358,758 210,635 326 56,649 74 74,525 138 7,980 12 Salman Noman Enterpries Limited 301,554 177,051 687 47,616 143 62,642 110 6,707 26 Samin Textiles Limited 144,155 84,637 1,185 22,763 314 29,945 284 3,206 45 Sana Industries Limited 278,866 163,730 6,050 44,034 1,541 57,929 2,019 6,203 229 Sapphire Fibers Limited 149,515 87,786 9,656 23,608 2,597 31,059 3,480 3,325 366 Sapphire Textile Mills Limited 235,318 138,162 12,158 37,157 3,270 48,883 4,321 5,234 461 Sargodha Spinning Mills Limited 605,898 355,739 430 95,672 120 125,863 199 13,477 16 Saritow Spinning Mills Limited 668,455 392,467 - 105,551 - 138,858 - 14,868 - Schon Textiles Limited 266,390 156,000 - 43,000 - 55,000 - 5,890 - Service (Textile) Industries Limited 167,810 98,000 - 27,000 - 35,000 - 3,810 - Service Fabircs Limited 1,389,768 816,000 - 219,268 - 289,000 - 31,000 - Service Industries Limited 1,732,574 1,017,239 276,323 273,577 75,261 359,907 111,852 38,537 10,468 Shadab Textile Mills Limited 97,043 56,977 - 15,323 - 20,159 - 2,158 - Shahpur Textile Mills Limited 917,650 538,776 - 144,899 - 190,623 - 20,411 - Shahtaj Textile Mills Limited 490,039 287,716 5,579 77,378 1,466 101,796 1,628 10,899 211 Shahyar (O.E.) 80,831 47,500 - 12,831 - 16,800 - 1,700 - Shahyar Textile Mill 228,791 134,300 - 36,200 - 47,500 - 5,091 - Shams Textile Mills Limited 1,248,458 733,001 16,089 197,135 3,923 259,342 4,886 27,769 610 Siftaq International Limited 111,478 65,000 - 17,000 - 23,500 - 2,978 - Sind Fine Textile Mills Limited 80,359 47,000 - 12,859 - 16,500 - 2,000 - Sunrays Tetile Mills Limited 279,735 164,239 4,763 44,171 1,325 58,109 1,947 6,223 180 Sunrise Textile Mills Limited 15,476 9,100 - 2,376 - 3,300 - 300 - Sunshine Cloth Mills Limited 454,182 266,700 - 71,700 - 94,300 - 10,082 - Sunshine Cotton Mills Limited 439,352 257,500 - 69,000 - 91,500 - 10,352 - Suraj Cotton Mills Limited 401,275 235,598 7,365 63,363 1,981 83,357 2,587 8,926 279 Syed Match Company Limited 15,223 8,500 119 2,223 31 3,500 53 500 7 Taj Textile Mills Limited 1,452,363 853,000 299 229,000 82 301,500 139 32,363 11 Tariq Cotton Mills Limited 44,399 26,000 - 7,000 - 9,000 - 1,399 - Tata Textile Mills Limited 2,157,288 1,266,599 15,212 340,640 3,423 448,133 6,050 47,984 576 Tawakkal Garments Industries Limited 122,234 71,000 - 18,734 - 26,500 - 3,000 - Tawakkal Limited 116,673 68,000 - 19,000 - 24,000 - 2,673 - Thal Limited ( Rs 5 / share) 2,172,444 1,275,497 107,690 343,034 28,585 451,281 36,549 48,321 4,080 Treet Corporation Limited 365,747 214,740 59,912 57,752 16,459 75,976 6,561 8,136 2,270 Tri-Star Polyester Limited 648,414 380,700 - 102,386 - 134,695 - 14,423 - Turbo Tec Limited 176,021 103,000 - 27,521 - 37,000 - 4,000 - Unilever Brothers-Preference 127 74 143 20 38 25 48 2 4 Unilever Pakistan Limited ( Rs 50 / share) 114,947 67,489 168,734 18,150 48,070 23,878 82,821 2,557 6,393 United Brands Limited 8,259 4,848 214 1,305 58 1,716 58 184 8 Yousuf Weaving Mills Limited 1,224,379 718,865 1,840 193,332 580 254,340 537 27,233 70 Zaffar Textile Limited 68,856 40,400 - 11,000 - 14,200 - 1,556 - Zahur Cotton Mills Limited 500,306 294,000 - 79,306 - 104,000 - 10,500 - Zahur Textile Mills Limited 424,546 249,500 - 67,046 - 88,000 - 9,500 - Zil Limited (Zulfeqar Industries Limited) 351,113 206,148 14,030 55,442 3,770 72,937 3,777 7,809 531 94,507,324 55,486,663 2,111,177 14,924,589 564,089 19,633,086 701,916 2,100,912 79,980

TOBACCO Pakistan Tobacco Company Limited 1,895,646 1,112,987 123,542 299,433 33,536 393,694 45,669 42,187 4,683 1,895,646 1,112,987 123,542 299,433 33,536 393,694 45,669 42,187 4,683

MEDIA Southern Networks Limited 310,323 182,201 244 49,000 66 64,462 86 6,902 9 310,323 182,201 244 49,000 66 64,462 86 6,902 9

HEALTH CARE EQUIPMENT AND SERVICES Medi Glass Limited 304,446 178,500 - 48,000 - 63,000 - 7,446 - 304,446 178,500 - 48,000 - 63,000 - 7,446 -

PHARMA AND BIO TECH Abbott Laboratories (Pakistan) Limited 2,562,020 1,504,228 161,404 404,549 43,736 532,207 52,156 56,986 6,115 Ferozsons Laboratories Limited 1,221,904 717,412 86,506 192,941 24,060 253,826 30,195 27,179 3,277 Glaxosmithkline Pakistan Limited 6,233,421 3,659,801 385,487 984,271 103,329 1,294,866 125,602 138,648 14,604 Highnoon Laboratories Limited 431,959 253,614 8,341 68,207 2,244 89,731 2,782 9,608 316 IBL Health Care Limited 304,132 178,565 1,696 48,023 435 63,177 589 6,764 64

ANNUAL REPORT 2010 112 NATIONAL INVESTMENT (UNIT) TRUST NATIONAL INVESTMENT (UNIT) TRUST - LOC HOLDERS' FUND FOR THE YEAR ENDED JUNE 30, 2010 ALLOCATION OF SHARES / UNIT TO UNIT HOLDERS IN ACCORDANCE WITH SETTLEMENT AGREEMENT

Rupees in ‘000 Rupees in ‘000 Rupees in ‘000 Rupees in ‘000

Otsuka Pakistan Limited 108,383 63,635 2,514 17,114 668 22,514 889 2,411 95 Sanofi Aventis (Pakistan) Limited 236,364 138,775 19,775 37,322 5,299 49,100 7,427 5,258 749 Searle Pakistan Limited 931,344 546,816 29,665 147,062 8,160 193,468 10,453 20,715 1,124 Wyeth Pakistan Limited ( Rs 100 / share) 114,932 67,479 85,158 18,148 22,367 23,875 26,263 2,557 3,227 12,144,459 7,130,325 780,546 1,917,637 210,298 2,522,764 256,356 270,126 29,571

TRAVEL AND LEISURE Pakistan International Airlines Corporation 2,482,654 1,457,629 3,688 392,017 984 515,721 1,516 55,221 140 Pakistan Services Limited 845,864 496,629 71,579 133,564 18,185 175,711 20,551 18,814 2,712 3,328,518 1,954,258 75,267 525,581 19,169 691,432 22,067 74,035 2,852

FIXED LINE TELECOMMUNICATION Callmate Telips Telecom 87 53 - 14 - 18 - 2 - Pak Datacom Limited 147,426 86,558 8,997 23,279 2,350 30,625 3,139 3,279 341 Pakistan Telecommunication Company Limited 5,744,832 3,372,938 68,437 907,122 17,498 1,193,372 25,073 127,780 2,593 Telecard Limited 463,265 271,995 1,001 73,151 300 96,234 291 10,304 38 Worldcall Telecom Limited 322,513 189,354 714 50,926 214 66,995 316 7,174 27 6,678,123 3,920,898 79,149 1,054,492 20,362 1,387,244 28,819 148,539 2,999

ELECTRICITY Karachi Electric Supply Company Limited 3,778,409 2,218,401 5,790 596,619 1,748 784,887 2,253 84,042 219 Kohinoor Energy Limited 273,593 160,634 5,036 43,201 1,339 56,833 1,796 6,085 191 Kohinoor Power Company Limited 298,889 175,486 1,339 47,195 349 62,088 416 6,648 51 Kot Addu Power Company Limited 86,668 50,886 2,432 13,685 644 18,003 810 1,927 92 Nishat Chunian Power Limited 1,500,000 880,688 9,106 236,853 2,428 311,594 3,085 33,364 345 S. G. Power Limited 333,104 195,575 313 52,598 84 69,195 100 7,409 12 Sitara Energy Limited 263,822 154,898 3,485 41,658 925 54,804 1,178 5,868 132 The Hub Power Company Limited 14,444,566 8,480,773 278,848 2,280,829 73,420 3,000,564 102,829 321,286 10,564 20,979,051 12,317,341 306,349 3,312,638 80,937 4,357,968 112,467 466,629 11,606

GAS WATER AND MULTIUTILITIES Sui Southern Gas Compay Limited 9,123,568 5,356,681 74,994 1,440,631 20,976 1,895,235 40,046 202,932 2,841 9,123,568 5,356,681 74,994 1,440,631 20,976 1,895,235 40,046 202,932 2,841

BANKS Allied Bank Limited 1,654,113 971,171 62,611 261,188 16,632 343,608 20,620 36,792 2,372 Arif Habib Bank Limited 160,000 93,939 581 25,265 155 33,237 203 3,559 22 Askari Bank Limited 16,303,254 9,463,188 268,755 2,545,042 70,599 3,528,936 74,884 358,504 10,182 Atlas Bank Limited 17,270,710 10,140,074 32,550 2,727,083 8,481 3,587,638 9,974 384,147 1,233 Bank Al - Falah Limited 684,572 401,931 5,627 108,096 1,500 142,206 1,765 15,226 213 Bank Al - Habib Limited 51,560,856 30,272,694 1,113,430 8,141,574 304,902 10,710,716 310,182 1,146,851 42,181 Bank Of Punjab Limited 15,080 11,290 224 3,078 59 - - 334 7 BankIslami Pakistan Limited 350,000 205,494 1,319 55,266 337 72,705 420 7,785 50 Faysal Bank Limited 6,837,014 5,093,097 99,723 - - 1,420,920 24,312 152,071 2,978 Habib Bank Limited 236,341 138,762 18,546 37,319 4,551 49,095 5,428 5,257 703 Habib Metropolitan Bank Limited 51,934,855 30,492,277 1,012,649 8,200,630 273,573 10,788,407 267,013 1,155,170 38,363 Indus Bank Limited 153 89 - 24 - 33 - 3 - JS Bank Limted 21,096,513 12,386,300 63,789 3,331,186 16,556 4,382,370 17,617 469,243 2,417 KASB Bank Limited 1,854,787 1,088,916 6,196 292,854 1,581 385,267 1,726 41,384 235 Mehran Bank Limited 760,810 446,700 - 120,100 - 158,100 - 16,910 - National Bank Of Pakistan 1,072,681 - - 568,512 46,061 410,863 27,869 43,928 3,627 NIB Bank Limited 9,340,161 5,483,848 27,090 1,474,832 7,153 1,940,228 7,994 207,750 1,026 Samba Bank Limited 12,440,099 7,303,900 23,884 1,964,319 6,247 2,584,177 7,753 276,701 905 Silkbank Limited 3,389,936 1,990,319 8,956 535,278 2,521 704,190 2,218 75,401 339 Soneri Bank Limited 60,537,986 34,008,882 374,438 9,146,388 98,324 14,365,445 126,129 1,288,389 14,185 Soneri Bank Limited - LOR 8,616,633 6,593,561 6,264 1,773,281 1,472 - - 249,791 237 United Bank Limited 169,574 99,562 6,482 26,776 1,768 35,226 2,101 3,772 246 266,286,128 156,685,994 3,133,114 41,338,091 862,472 55,643,367 908,208 5,938,968 121,521

NON LIFE INSURANCE Union Insurance Company Of Pakistan Limited 316 186 5 50 1 65 2 7 - 316 186 5 50 1 65 2 7 -

FINANCIAL SERVICES Arif Habib Investments Limited 107,692 63,229 1,582 17,005 422 22,371 481 2,395 60 Askari Leasing Limited 1,031,490 789,311 10,585 212,278 2,972 - - 29,901 401 Bankers Equity Limited (Under winding up through court) 3,510,617 2,061,413 - 554,620 - 728,906 - 77,993 - Dadabhoy Leasing Limited 381,826 224,000 - 60,326 - 79,500 - 8,500 - Dawood Capital Management Limited 683,804 401,478 1,883 107,975 539 142,046 369 15,210 71 English Leasing Limited 728,539 427,743 539 115,038 138 151,339 168 16,205 20 First Capital Securities Corporation Limited 3,764,074 2,209,983 19,890 594,356 5,034 781,910 5,825 83,723 754 First Dawood Investment Bank Limited 2,817,857 1,654,436 4,550 444,946 1,215 585,352 989 62,677 172 IGI Investment Bank Limited 7,913,697 4,646,333 15,612 1,249,591 4,311 1,643,909 4,751 176,021 591 Industrial Development Bank of Pakistan 2,030 1,205 127 325 34 425 45 25 3 Invest Capital Investment Bank Limited 7,490,094 4,397,629 5,513 1,182,703 1,483 1,555,914 1,950 166,597 209 Investec Securities Limited 101,482 59,584 25 16,024 7 21,080 9 2,257 1 Islamic Investment Bank Limited 144,203 84,665 - 22,769 - 29,957 - 3,207 -

ANNUAL REPORT 2010 113 NATIONAL INVESTMENT (UNIT) TRUST NATIONAL INVESTMENT (UNIT) TRUST - LOC HOLDERS' FUND FOR THE YEAR ENDED JUNE 30, 2010 ALLOCATION OF SHARES / UNIT TO UNIT HOLDERS IN ACCORDANCE WITH SETTLEMENT AGREEMENT

Rupees in ‘000 Rupees in ‘000 Rupees in ‘000 Rupees in ‘000

Javed Omer Vohra & Company Limited 1,738,303 1,020,603 9,747 274,482 3,077 361,097 2,820 38,664 369 JS Investments Limited 35,517 20,853 306 5,608 80 7,378 65 790 12 National Asset Leasing Corporation 272,987 160,278 16 43,105 4 56,707 6 6,072 1 Natover lease and Refianace Limited 751,290 441,103 3,088 118,630 830 156,065 1,092 16,710 117 Orix Leasing Pakistan Limited 2,990,929 1,756,050 12,380 472,275 3,377 621,305 3,430 66,526 469 Prudential Investment Bank Limited 336,108 197,339 - 53,071 - 69,820 - 7,475 - Saudi Pak Leasing Company Limited 3,199,182 1,878,321 2,630 505,158 707 664,565 797 71,159 100 Security Investment Bank Limited 2,346,219 1,377,526 3,375 370,473 1,000 487,379 975 52,186 128 Security Leasing Corporation Limited 460,474 270,356 676 72,709 164 95,654 73 10,243 26 Standard Chartered Leasing Limited 797,206 468,060 1,264 125,881 364 165,603 609 17,732 48 41,605,620 24,611,498 93,788 6,619,348 25,758 8,428,282 24,454 932,268 3,552

EQUITY INVESTMENT INSTRUMENT Al-Meezan Mutual Fund 2,952,614 1,733,555 12,638 466,225 3,315 613,345 3,803 65,674 479 Asian Stocks Fund 355,187 208,539 628 56,085 225 73,783 303 7,901 24 B.F Modaraba 429,260 252,029 907 67,781 244 89,170 356 9,548 34 B.R.R. Guardian Modarba 1,238,737 727,296 1,811 195,599 497 257,322 512 27,552 69 Crescent Standard Modaraba 190,786 112,015 45 30,126 12 39,632 19 4,244 2 Dominion Stock Fund 162,371 95,332 32 25,638 9 33,729 11 3,612 1 First Al-Noor Modaraba 1,065,560 625,617 1,914 168,254 532 221,348 600 23,701 73 First Capital Mutual Fund Limited 147,403 86,544 300 23,275 81 30,620 89 3,279 11 First Elite Capital Modaraba 953,466 559,804 1,534 150,554 437 198,063 525 21,208 58 First Equity Modaraba 1,833,662 1,076,590 2,799 289,539 744 380,906 663 40,786 106 First Fidelity Leasing Modarba 1,059,006 621,769 1,716 167,220 482 219,987 462 23,555 65 First Habib Bank Modaraba 5,187,246 3,045,565 12,791 819,078 4,054 1,077,545 5,226 115,378 485 First Habib Modaraba ( Rs 5 / share) 1,631,726 958,028 5,921 257,653 1,621 338,958 2,440 36,294 224 First I.B.L Modaraba 1,469,696 862,896 2,287 232,069 668 305,299 760 32,690 87 First Paramount Modaraba 39,476 23,177 - 6,233 - 8,200 - 879 - First Prudential Modarba 351,518 206,387 204 55,505 54 73,021 70 7,818 8 First Punjab Modaraba 1,203,172 706,413 1,272 189,983 342 249,935 375 26,762 48 First Tawakkal Modaraba 488,293 287,000 - 77,000 - 101,000 - 11,293 - First Tri Star Modaraba 306,222 179,791 469 48,353 215 63,611 86 6,812 18 First U.D.L. Modaraba 1,766,207 1,036,986 5,133 278,888 1,397 366,894 1,985 39,285 194 Innovative Investment Bank Limited 36,287 21,305 213 5,730 57 7,538 75 807 8 Investec Mutual Fund 177,594 104,270 12 28,042 3 36,891 4 3,950 - JS Growth Fund 10,081,861 5,919,318 29,597 1,591,948 8,167 2,094,301 8,901 224,248 1,121 JS Large Capital Fund 1,410,291 828,019 4,223 222,688 1,069 292,959 1,245 31,368 160 JS Value Fund Limited 1,183,037 694,592 3,820 186,804 1,029 245,752 1,044 26,314 145 KASB Modaraba 708,436 415,942 1,048 111,863 280 147,163 359 15,757 40 LTV Capital Modaraba 331 ------331 - Modaraba Al Mali 148,652 87,276 137 23,473 44 30,879 43 3,307 5 Pakistan Premier Fund 710,824 417,344 2,375 112,241 640 147,659 876 15,810 90 Pakistan Strategic Allocation Fund 1,276,135 749,251 3,379 201,505 879 265,091 1,286 28,385 128 PICIC Energy Fund 1,522,228 893,740 4,504 240,363 1,168 316,212 1,613 33,858 171 PICIC Growth Fund 6,646,902 3,902,566 58,031 1,049,561 15,219 1,380,758 17,674 147,845 2,198 PICIC Investment Fund 10,412,208 6,113,273 36,557 1,644,111 9,881 2,162,924 11,874 231,595 1,385 Standard Chartered Modaraba 1,298,975 762,661 7,405 205,111 2,029 269,836 2,315 28,893 281 Unicap Modaraba 359,703 212,000 42 56,703 11 74,500 15 7,500 2 58,805,072 34,526,890 203,744 9,285,201 55,405 12,214,831 65,609 1,308,239 7,720

TECHNOLOGY HARDWARE AND EQUIPMENT Pakistan Telephone Cables Limited 94,176 55,294 191 14,870 47 19,563 44 2,095 7 94,176 55,294 191 14,870 47 19,563 44 2,095 7

Grand Total 741,664,339 435,973,997 14,137,665 116,456,306 3,795,141 154,176,543 4,674,396 16,520,253 538,357

ANNUAL REPORT 2010 114 NATIONAL INVESTMENT (UNIT) TRUST NATIONAL INVESTMENT (UNIT) TRUST - LOC HOLDERS' FUND FOR THE YEAR ENDED JUNE 30, 2010 ALLOCATION OF SHARES / UNIT TO NITL IN ACCORDANCE WITH SETTLEMENT AGREEMENT

As on January 18, 2010 As on January 22, 2010 As on March 31, 2010

Scrip Name NITL Premium Number of NBP's share Number of BOK's share Number of FBL's share Number of BOP's share 2.5% shares - NBP value shares - BOK value shares - FBL value shares - BOP value

Rupees in ‘000 Rupees in ‘000 Rupees in ‘000 Rupees in ‘000

OPEN END MUTUAL FUNDS AKD Income Fund 2,800 1,686 79 64 3 453 21 597 28 Faysal Savings And Growth Fund 1,300 783 81 30 3 211 22 276 28 First Habib Income Fund 3,200 1,927 193 73 7 518 52 682 70 HBL Income Fund 9,800 5,901 577 224 22 1,587 156 2,088 207 IGI Income Fund 3,200 1,927 195 73 7 518 52 682 70 20,300 12,224 1,125 464 42 3,287 303 4,325 403

OIL & GAS Attock Refinery Limited 97,753 58,865 8,098 2,230 307 15,831 1,989 20,827 2,401 Mari Gas Company Limited 72,579 43,706 6,391 1,656 242 11,754 1,879 15,463 2,123 National Refinery Limited 101,737 61,264 10,907 2,321 413 16,476 2,819 21,676 3,912 Oil & Gas Development Company Limited 21,886 13,179 1,538 499 58 3,544 414 4,664 606 Pakistan Oilfields Limited 12,420 7,479 1,823 283 69 2,011 482 2,647 619 Pakistan Petroleum Limited 135 81 16 3 1 22 4 29 6 Pakistan Refinery Limited 41,116 24,759 2,927 938 111 6,659 725 8,760 941 Pakistan State Oil Company Limited 4,473 2,694 833 102 32 724 226 953 295 Shell Pakistan Limited 59 36 10 1 - 10 3 12 4 Shell Gas (LPG) Pakistan Limited 39,505 23,789 1,429 901 54 6,398 385 8,417 455 391,663 235,852 33,972 8,934 1,287 63,429 8,926 83,448 11,362

CHEMICALS Adil Polyproplene Limited 3,500 2,108 - 80 - 567 - 745 - Agriauto Industries Limited ( Rs 5 / share) 33,597 20,231 1,265 766 48 5,441 329 7,159 458 Bawany Air Products Limited 1,914 1,153 7 44 - 310 2 407 4 BOC Pakistan Limited 24,893 14,990 1,998 568 76 4,031 520 5,304 673 Clariant Pakistan Limited 39,976 24,073 4,383 912 166 6,474 1,159 8,517 1,415 Dawood Hercules Chemicals Limited 2,758 1,661 319 63 12 447 86 587 138 Dewan Salman Fibre Limited 148,511 89,430 131 3,388 5 24,052 37 31,641 71 Dynea Pakistan Limited ( Rs 5 / share) 46,034 27,721 316 1,050 12 7,455 78 9,808 117 Engro Corporation Limited 15,969 9,616 1,880 364 71 2,586 502 3,403 680 Fauji Fertilizer Bin Qasim Limited 2,685 1,617 50 61 2 435 14 572 18 Fauji Fertilizer Company Limited 671,030 404,081 43,871 15,308 1,662 108,674 11,699 142,967 15,682 I C I Pakistan Limited 4,123 2,483 439 94 17 668 121 878 142 Leiner Pak Gelatine Limited ( Rs 5 / share) 702 423 12 16 - 114 3 149 4 Lotte Pakistan Limited (Pakistan PTA Limited) 170,560 102,708 981 3,891 37 27,622 297 36,339 397 Nimir Industrial Chemical Limited ( Rs 5 / share) 13,409 8,075 25 306 1 2,172 8 2,856 10 Pakistan Gum And Chemiclas Limited 2,499 1,505 47 57 2 405 13 532 16 Polyron Limited 4 2 - - - 1 - 1 - Sardar Chemical Industries Limited 4,000 2,409 5 91 - 648 1 852 1 Sind Alkalis Limited 18,000 10,839 - 411 - 2,915 - 3,835 - Sitara Chemical Industries Limited 17,564 10,577 1,856 401 70 2,845 509 3,741 588 United Distributors Pakistan Limited 11,649 7,015 - 266 - 1,887 - 2,481 - Wah Nobel Chemicals Limited 16,394 9,872 526 374 20 2,655 142 3,493 174 1,249,771 752,589 58,111 28,511 2,201 202,404 15,520 266,267 20,588

FORESTRY AND PAPER Adamjee Paper 6,900 4,155 - 157 - 1,117 - 1,471 - Century Paper And Board Mills Limited 142,989 86,105 1,158 3,262 44 23,157 305 30,465 531 Chilya Chip Board 1,100 662 - 25 - 178 - 235 - Pak Paper Corporation 2,700 1,626 - 62 - 437 - 575 - Pakistan Paper Prouducts Limited 7,462 4,493 220 170 8 1,208 58 1,591 71 Premier Board 800 482 - 18 - 130 - 170 - Security Papers Limited 47,250 28,453 1,423 1,078 54 7,652 373 10,067 475 209,201 125,976 2,801 4,772 106 33,879 736 44,574 1,077

INDUSTRIAL METALS AND MINING Balochistan Tower 1,900 1,144 - 43 - 308 - 405 - Crescent Steel And Allied Products Limited 100,033 60,238 1,624 2,282 62 16,200 505 21,313 574 Huffaz Seamless Pipe Industries Limited 35,085 21,127 444 800 17 5,682 120 7,476 137 International Industries Limited 261,954 157,743 9,777 5,976 370 42,424 2,670 55,811 3,281 Karachi Pipe 4,000 2,409 - 91 - 648 - 852 - Metropolitan Steel Corporation Limited 2,537 1,528 22 58 1 411 5 540 7 Nowshera Engineering 700 422 - 16 - 113 - 149 - Rcd Ball 500 301 - 11 - 81 - 107 - 406,709 244,912 11,867 9,277 450 65,867 3,300 86,653 3,999

CONSTRUCTION & METERIALS Al-Abbas Cement Industries Limited 20,296 12,222 88 463 3 3,287 23 4,324 41 Attock Cement Pakistan Limited 1,609 969 57 37 2 261 15 342 24 Balochistan Glass Limited 15,233 9,173 21 348 1 2,467 6 3,245 8 Berger Paints Pakistan Limited 7,169 4,317 143 164 5 1,161 35 1,527 38 Buxly Paints Limited 4,513 2,718 50 103 2 731 13 961 17 Cherat Cement Company Limited 328,486 197,808 2,593 7,494 98 53,199 718 69,985 826 D. G. Khan Cement Company Limited 219 132 4 5 - 35 1 47 1 Dadabhoy Construction Technology Limited 2,000 1,204 - 46 - 324 - 426 - Dadex Eternit Limited 121 73 3 3 - 20 1 25 1 Dewan Cement Limited 123,604 74,432 177 2,820 7 20,018 46 26,334 81 Emco Industries Limited 19,441 11,707 63 444 2 3,148 18 4,142 18

ANNUAL REPORT 2010 115 NATIONAL INVESTMENT (UNIT) TRUST NATIONAL INVESTMENT (UNIT) TRUST - LOC HOLDERS' FUND FOR THE YEAR ENDED JUNE 30, 2010 ALLOCATION OF SHARES / UNIT TO NITL IN ACCORDANCE WITH SETTLEMENT AGREEMENT

As on January 18, 2010 As on January 22, 2010 As on March 31, 2010

Scrip Name NITL Premium Number of NBP's share Number of BOK's share Number of FBL's share Number of BOP's share 2.5% shares - NBP value shares - BOK value shares - FBL value shares - BOP value

Rupees in ‘000 Rupees in ‘000 Rupees in ‘000 Rupees in ‘000

Fecto Cement Limited 44,486 26,789 274 1,015 10 7,205 74 9,477 91 Karam Ceramics Limited 9,225 5,555 50 210 2 1,494 14 1,966 20 Kohat Cement Limited 6,322 3,807 25 144 1 1,024 7 1,347 9 Lafarge Pakistan Cement Limited 535,306 322,351 693 12,212 26 86,693 187 114,050 525 Lucky Cement Limited 81,683 49,188 3,430 1,863 130 13,229 889 17,403 1,415 Maple Leaf Cement Factory Limited 60,107 36,195 135 1,371 5 9,734 35 12,807 58 Mustehkam Cement Limited Normal 17,480 10,526 315 399 12 2,831 84 3,724 110 Pioneer Cement Limited 32,745 19,718 257 747 10 5,303 63 6,977 73 Punjab Building 11,400 6,865 - 260 - 1,846 - 2,429 - Regal Ceramics Limited 2,500 1,505 - 57 - 405 - 533 - Shabbir Tiles And Ceramics Liimited ( Rs 5 / share) 91,057 54,833 614 2,077 23 14,747 156 19,400 223 Zeal Pak Cement Factory Limited 12,522 7,540 3 286 - 2,028 1 2,668 1 1,427,524 859,627 8,995 32,568 339 231,190 2,386 304,139 3,580

GENERAL INDUSTRIALS Balochistan Particle Board Limited ( Rs 5 / share) 20,000 12,044 - 456 - 3,239 - 4,261 - Dadabhoy Sack Limited 1,269 764 - 29 - 206 - 270 - Ghani Glass Mills Limited 11,993 7,222 377 274 14 1,942 102 2,555 143 Hashmi Can Company Limited 4,000 2,409 - 91 - 648 - 852 - Merit Packaging Limited 17,618 10,609 208 402 8 2,853 54 3,754 61 Packages Limited 113,531 68,366 10,397 2,590 394 18,386 2,676 24,189 3,145 Siemens Pakistan Engineering Company Limited 24,312 14,640 18,886 555 716 3,937 5,094 5,180 6,995 Tri-Pack Films Limited 2,828 1,703 189 65 7 458 48 602 62 195,551 117,757 30,057 4,462 1,139 31,669 7,974 41,663 10,406

ELECTRONIC AND ELECTRICAL EQUIPMENT Aslo Electronics 1,000 602 - 23 - 162 - 213 - Greaves Aircondition 1,500 903 - 34 - 243 - 320 - Hyderabad Electronic 2,500 1,505 - 57 - 405 - 533 - Johnson And Phillips (Pakistan) Limited 14,790 8,906 145 337 6 2,395 37 3,152 42 Pakistan Cables Limited 45,293 27,275 1,476 1,033 56 7,335 376 9,650 490 Punjab Lamp 2,800 1,686 - 64 - 453 - 597 - Refrigerators Manaufacturer Company of Pakistan Limited 1 1 ------67,884 40,878 1,621 1,548 62 10,993 413 14,465 532

INDUSTRIAL ENGINEERING Bolan Castings Limited 10,428 6,280 270 238 10 1,689 74 2,221 81 Hinopak Motors Limited 13,111 7,895 1,682 299 64 2,123 452 2,794 492 K S B Pumps Company Limited 38,671 23,287 1,746 882 66 6,263 466 8,239 626 Millat Tractors Limited 10,457 6,297 2,604 239 99 1,694 687 2,227 1,013 72,667 43,759 6,302 1,658 239 11,769 1,679 15,481 2,212

INDUSTRIAL TRANSPORTION Pakistan National Shipping Corporation 11,242 6,770 345 256 13 1,821 93 2,395 120 11,242 6,770 345 256 13 1,821 93 2,395 120

SUPPORT SERVICES TRG Pakistan Limited 12,685 7,639 20 289 1 2,054 7 2,703 9 12,685 7,639 20 289 1 2,054 7 2,703 9

AUTOMOBILE & PARTS Atlas Engineering Limited 648 390 6 15 - 105 1 138 3 Atlas Honda Limited 3,760 2,264 340 86 13 609 92 801 114 Baluchistan Wheels Limited 41,001 24,690 741 935 28 6,640 199 8,736 282 Bela Engineering Limited 7,000 4,215 - 160 - 1,134 - 1,491 - Exide Pakistan Limited 10,017 6,032 1,107 229 42 1,622 305 2,134 426 Ghandara Nissan Limited 69,240 41,695 230 1,580 9 11,213 60 14,752 74 Ghandhara Industries Limited 6,659 4,010 30 152 1 1,078 8 1,419 11 Honda Atlas Cars (Pakistan) Limited 102,729 61,861 1,212 2,344 46 16,637 323 21,887 358 Indus Motor Company Limited 22,402 13,490 2,775 511 105 3,628 736 4,773 993 Pak Suzuki Motor Company Limited 51,733 31,153 3,106 1,180 118 8,378 785 11,022 877 Rex Baren Battery 1,400 843 - 32 - 227 - 298 - Taga Pakistan Limited 2,500 1,505 - 57 - 405 - 533 - The General Tyre And Rubber Company of Pakistan Limited 96,981 58,400 1,681 2,212 64 15,706 433 20,663 554 416,070 250,548 11,228 9,493 426 67,382 2,942 88,647 3,692

BEVERAGES Shezan International Limited 29,387 17,696 2,380 670 90 4,759 630 6,262 752 Uqab Breeding Farms Limited 3,500 2,108 - 80 - 567 - 745 - 32,887 19,804 2,380 750 90 5,326 630 7,007 752

FOOD PRODUCERS Al - Abbas Sugar Mills Limited 36,752 22,131 2,102 838 80 5,952 553 7,831 707 Al - Noor Sugar Mills Limited 59,143 35,615 1,094 1,349 41 9,578 325 12,601 365 Bawany Sugar Mills Limited 696 419 - 16 - 113 - 148 - Chashma Sugar Mills Limited 24,264 14,611 104 554 4 3,930 39 5,169 52 Colony Sugar Mills Limited 8,644 5,205 62 197 2 1,400 15 1,842 16 Crescent Sugar Mills And Distillery Limited 27,002 16,260 105 616 4 4,373 28 5,753 40 Data Agro Limited 2,500 1,505 - 57 - 405 - 533 -

ANNUAL REPORT 2010 116 NATIONAL INVESTMENT (UNIT) TRUST NATIONAL INVESTMENT (UNIT) TRUST - LOC HOLDERS' FUND FOR THE YEAR ENDED JUNE 30, 2010 ALLOCATION OF SHARES / UNIT TO NITL IN ACCORDANCE WITH SETTLEMENT AGREEMENT

As on January 18, 2010 As on January 22, 2010 As on March 31, 2010

Scrip Name NITL Premium Number of NBP's share Number of BOK's share Number of FBL's share Number of BOP's share 2.5% shares - NBP value shares - BOK value shares - FBL value shares - BOP value

Rupees in ‘000 Rupees in ‘000 Rupees in ‘000 Rupees in ‘000

Dewan Sugar Mills Limited 62,203 37,457 97 1,419 4 10,074 25 13,253 27 Faran Sugar Mills Limited 68,732 41,389 908 1,568 34 11,131 234 14,644 242 Fazal Vegetable Ghee Mills Limited 1,000 602 - 23 - 162 - 213 - Habib ADM Limited 3,065 1,846 29 70 1 496 8 653 10 Habib Sugar Mills Limited (Rs 5/share) 213,323 128,459 3,483 4,867 132 34,548 910 45,449 1,101 Husein Sugar Mills Limited 33 20 - 1 - 5 - 7 - Kohinoor Sugar Mills Limited 18,539 11,164 94 423 4 3,002 25 3,950 20 Mian Muhammed Sugar Mills Limited 4,500 2,710 - 103 - 729 - 958 - Mirpurkhas Sugar Mills Limited 21,115 12,715 944 482 36 3,420 260 4,498 301 Morafco Industries Limited 1,500 903 - 34 - 243 - 320 - Noon Sugar Mills Limited 522 314 9 12 - 85 2 111 2 Pak Ghee Industries Limited 1,500 903 - 34 - 243 - 320 - Pangrio Sugar Mills Limited 20,082 12,093 - 458 - 3,252 - 4,279 - Premier Sugar Mills And Distilery Company 1,892 1,139 52 43 2 306 13 404 13 Punjab Oil Mills Limited 9,500 5,721 297 217 11 1,539 80 2,023 81 Sanghar Sugar Mills Limited 27,390 16,494 - 625 - 4,436 - 5,835 - Shahmurad Sugar Mills Limited 62,266 37,495 - 1,420 - 10,084 - 13,267 - Shahtaj Sugar Mills Limited 20,645 12,432 1,411 471 53 3,343 314 4,399 348 Shakarganj Mills Limited 185,275 111,569 886 4,227 34 30,005 243 39,474 257 Suraj Ghee Industries Limited 1,500 903 - 34 - 243 - 320 - Tandlianwala Sugar Mills Limited 907 546 8 21 - 147 2 193 3 884,490 532,620 11,685 20,179 442 143,244 3,076 188,447 3,585

HOUSEHOLD GOODS Al-Abid Silk Mills Limited 24,575 14,799 495 561 19 3,980 133 5,235 262 Casspak Industries Limited 1,500 903 - 34 - 243 - 320 - Nakshbandi Industries Limited 2,971 1,789 18 68 1 481 5 633 6 Pak Elektron Limited 172,486 103,868 1,856 3,935 70 27,934 490 36,749 554 Pak Elektron Limited - Convertible preference shares 23,786 14,323 143 543 5 3,852 39 5,068 51 Pak Elektron Limited - Non-Convertible preference shares 7,928 4,774 48 181 2 1,284 13 1,689 17 233,246 140,456 2,560 5,322 97 37,774 680 49,694 890

MEDIA Southern Networks Limited 7,758 4,672 6 177 - 1,256 2 1,653 2 7,758 4,672 6 177 - 1,256 2 1,653 2

LEISURE GOODS Grays Of Cambridge (Pakistan) Limited 8,135 4,899 403 186 15 1,317 103 1,733 94 8,135 4,899 403 186 15 1,317 103 1,733 94

PERSONAL GOODS (Colony) Sarhad Textile Mills Limited 8,500 5,119 2 194 - 1,377 1 1,810 1 Accord Textile Mills Limited 12,000 7,226 - 274 - 1,943 - 2,557 - Adamjee Floorings 1,500 903 - 34 - 243 - 320 - Adil Textile Mills Limited 2,410 1,451 13 55 - 390 3 514 5 Afsar Textile Mills 1,700 1,024 - 39 - 275 - 362 - Ahmad Hassan Textile Mills Limited 23,505 14,154 269 536 10 3,807 72 5,008 90 Al - Qaim Textile Mills Limited 9,000 5,420 - 205 - 1,458 - 1,917 - Al-Hussany Industries Limited 1,600 963 - 37 - 259 - 341 - Alif Textile Mills Limited 8,000 4,817 - 183 - 1,296 - 1,704 - Allawasaya Textile And Finishing Mills Limited 1 1 ------Amazai Textile Mills Limited 500 301 - 11 - 81 - 107 - Apex Fabrics Limited 7,500 4,516 - 171 - 1,215 - 1,598 - Arag Industries Limited 4,900 2,951 - 112 - 794 - 1,043 - Aruj Garment Accessories Limited 1,745 1,051 9 40 - 283 2 371 3 Asim Textile Mills Limited 29,500 17,764 - 673 - 4,778 - 6,285 - Aswan Tentage Limited 4,300 2,589 - 98 - 696 - 917 - Awan Textile Mills Limited 5,500 3,312 - 125 - 891 - 1,172 - Ayaz Textile Mills Limited 5,500 3,312 - 125 - 891 - 1,172 - Azam Textile Mills Limited 15,983 9,625 - 365 - 2,588 - 3,405 - Azgard Nine Limited 28,228 16,998 374 644 14 4,572 102 6,014 84 Babri Cotton Mills Limted 1,803 1,086 17 41 1 292 5 384 6 Bahawalpur Textile Mills Limited 1,500 903 - 34 - 243 - 320 - Bannu Woolen Mills Limited 9,644 5,807 80 220 3 1,562 22 2,055 26 Bata Pakistan Limited 28,076 16,907 14,997 640 568 4,547 3,910 5,982 4,277 Bawany Textile Mills Limited 2,200 1,325 - 50 - 356 - 469 - Blessed Textile Mills Limited 1,421 856 35 32 1 230 9 303 11 Brothers Textile Mills Limited 15,914 9,583 - 363 - 2,577 - 3,391 - Central Cotton Limited 900 542 - 21 - 146 - 191 - Chakwal Spinning Mills Limted 19,417 11,693 - 443 - 3,145 - 4,136 - Colony Mills Limited 39,184 23,596 161 894 6 6,346 44 8,348 61 Crescent Fibres Limited 21,957 13,222 139 501 5 3,556 30 4,678 62 Crescent Jute Proudcts Limited 38,341 23,088 - 875 - 6,209 - 8,169 - Crescent Knitwear Limited 2,000 1,204 - 46 - 324 - 426 - Crescent Spinning Mills Limited 18,500 11,140 - 422 - 2,996 - 3,942 - Crescent Textile Mills Limited 53,051 31,946 1,054 1,210 40 8,592 294 11,303 322 Crown Textile Limited 8,200 4,938 - 187 - 1,328 - 1,747 - D. M. Textile Mills Limited 8,668 5,220 17 198 1 1,404 5 1,846 4 D.S. Industries Limited 22,872 13,773 48 522 2 3,704 13 4,873 15

ANNUAL REPORT 2010 117 NATIONAL INVESTMENT (UNIT) TRUST NATIONAL INVESTMENT (UNIT) TRUST - LOC HOLDERS' FUND FOR THE YEAR ENDED JUNE 30, 2010 ALLOCATION OF SHARES / UNIT TO NITL IN ACCORDANCE WITH SETTLEMENT AGREEMENT

As on January 18, 2010 As on January 22, 2010 As on March 31, 2010

Scrip Name NITL Premium Number of NBP's share Number of BOK's share Number of FBL's share Number of BOP's share 2.5% shares - NBP value shares - BOK value shares - FBL value shares - BOP value

Rupees in ‘000 Rupees in ‘000 Rupees in ‘000 Rupees in ‘000

Dar-es-Salaam Textile Mills Limited 6,870 4,137 9 157 - 1,113 2 1,463 4 Data Textiles Limited 15,930 9,593 - 363 - 2,580 - 3,394 - Dawood Lawrencepur Limited 5,950 3,583 249 136 9 964 60 1,267 75 Dewan Khalid Textile Mills Limited 7,198 4,334 21 164 1 1,166 6 1,534 4 Dewan Mushtaq Textile Mils Limited 6,191 3,728 12 141 - 1,003 3 1,319 4 Din Textile Mills Limited 7,730 4,655 118 176 4 1,252 30 1,647 42 Ellcot Spinning Mills Limited 18,203 10,961 209 415 8 2,948 59 3,879 95 Fateh Industries Limited 600 361 - 14 - 97 - 128 - Fateh Sports Wear Limited 1,200 723 - 27 - 194 - 256 - Fateh Textile Mills Limited 599 361 130 14 5 97 35 127 44 Fatima Enterprises Limited 16,000 9,635 149 365 6 2,591 45 3,409 50 Fazal Cloth Mills Limited 28,472 17,145 559 650 21 4,611 154 6,066 189 Fazal Textile Mills Limited 1,746 1,051 457 40 17 283 128 372 149 Gadoon Textile Mills Limited 30,588 18,419 516 698 20 4,954 135 6,517 240 Ghafoor Textile Mills Limited 1,200 723 - 27 - 194 - 256 - Ghulam Muhammad Dadabhoy 1,500 903 - 34 - 243 - 320 - Globe Textile Mills Limited 1,500 903 15 34 1 243 4 320 5 Gul Ahmed Textile Mills Limited 8,794 5,296 143 201 5 1,424 38 1,873 44 Gulistan Spinning Mills Limited 7,523 4,530 33 172 1 1,218 9 1,603 14 Gulistan Textile Mills Limited 18,919 11,393 254 432 10 3,064 67 4,030 75 Gulshan Spinning Mills Limited 25,823 15,550 132 589 5 4,182 37 5,502 40 Gypsum Corporation 4,200 2,529 - 96 - 680 - 895 - Hajra Textile Mills Limited 13,340 8,033 - 304 - 2,160 - 2,843 - Hakkim Textile Mills Limited 6,500 3,914 - 148 - 1,053 - 1,385 1 Harum Textile Mills Limited 1,500 903 - 34 - 243 - 320 - H-Shaikh 2,900 1,746 - 66 - 470 - 618 - Ibrahim Fibres Limited 46,831 28,201 1,060 1,068 40 7,584 273 9,978 360 I.C.C Textiles Limited 4,246 2,557 4 97 - 688 1 904 1 Ideal Spinning Mills Limited 16,949 10,206 12 387 - 2,745 4 3,611 7 Indus Dyeing Manufacturing Company Limited 13,527 8,146 1,645 309 62 2,191 438 2,881 573 International Knitwear Limited 3,068 1,847 29 70 1 497 7 654 8 Ishaq Textile Mills Limited 11,432 6,884 33 261 1 1,851 8 2,436 9 Itti Textile Mills Limited 4,000 2,409 - 91 - 648 - 852 - J. A. Textile Mills Limited 17,444 10,504 - 398 - 2,825 - 3,717 - J. K. Spinning Mills Limited 8,358 5,033 21 191 1 1,354 7 1,780 14 Junaid Cotton Mills Limited 1,000 602 - 23 - 162 - 213 - Kaiser Arts & Krafts Mills Limited 1,000 602 - 23 - 162 - 213 - Karim Cotton Mills Limited 2,850 1,716 - 65 - 462 - 607 - Karim Silk Mills Limited 500 301 - 11 - 81 - 107 - Khalid Siraj Textile Mills Limited 18,039 10,863 - 412 - 2,921 - 3,843 - Kohat Textile Mills Limited 994 599 1 23 - 161 - 211 - Kohinoor Cotton Limited 1,600 963 - 37 - 259 - 341 - Kohinoor Industries Limited 8,613 5,187 14 196 1 1,395 4 1,835 4 Kohinoor Looms Limited 4,500 2,710 - 103 - 729 - 958 - Kohinoor Mills Limited 62,664 37,735 180 1,430 7 10,148 54 13,351 44 Kohinoor Spinning Mills Limited 15,512 9,341 - 354 - 2,512 - 3,305 - Kohinoor Textile Mills Limited 83,251 50,132 444 1,899 17 13,483 127 17,737 137 Lafayette Industries Synthetics Limited 2,500 1,505 - 57 - 405 - 533 - Landmark Spinning Industries Limited 11,535 6,946 - 263 - 1,868 - 2,458 - Maqbool Textile Mills Limited 42,905 25,837 373 979 14 6,949 93 9,140 105 Marr Fabrics Limited 3,000 1,807 - 68 - 486 - 639 - Masood Textile Mills Limited 26,085 15,708 549 595 21 4,224 148 5,558 142 Mehmood Textile Mills Limited 2,905 1,749 92 66 3 470 25 620 32 Mehr Dastgir Textile Mills 1,500 903 - 34 - 243 - 320 - Mehran Jute Mills Limited 3,000 1,807 - 68 - 486 - 639 - Mian Textile Industries Limited 18,956 11,415 5 432 - 3,070 3 4,039 2 Mitchell's Fruit Farms Liimited 14,478 8,718 538 330 20 2,345 135 3,085 201 Mohib Textile Mills Limited 4,100 2,469 - 94 - 664 - 873 - Moonlite (Pak) Limited 2,974 1,791 21 68 1 482 6 633 7 Mubarik Dairies Limited 1,500 903 - 34 - 243 - 320 - Muhammad Farooq Textile Mills Limited 47,906 28,848 44 1,093 2 7,758 12 10,207 27 National Match Industries 700 422 - 16 - 113 - 149 - National Overseas 600 361 - 14 - 97 - 128 - Naveed Textile Mills Limited 1,800 1,084 - 41 - 292 - 383 - Nestle Pakistan Limited 2,544 1,532 1,846 58 70 412 499 542 694 Nishat (Chunian) Limited 111,848 67,353 1,656 2,552 63 18,114 451 23,829 478 Nishat (Chunian) Limited Convertible Preference Shares 37,279 22,449 517 850 20 6,037 132 7,943 157 Nishat Mills Limited 103,636 62,408 4,208 2,364 159 16,784 1,109 22,080 1,244 Norrie Textile Mills Limited 3,515 2,117 - 80 - 569 - 749 - Nusrat Textile Mills 7,900 4,757 - 180 - 1,279 - 1,684 - Olympia Spinning And Weaving Mills Limited 1,103 664 2 25 - 179 - 235 1 Olympia Textile Mills Limited 9,228 5,557 - 211 - 1,494 - 1,966 - Pakistan Synthetics Limited 68,405 41,192 360 1,561 14 11,078 102 14,574 131 Paramount Spinning Mills Limited 45,678 27,506 294 1,042 11 7,398 74 9,732 87 Pearl Fabrics 5,900 3,553 - 135 - 956 - 1,256 - Premium Textile Mills Limited 20,847 12,554 289 476 11 3,376 74 4,441 118 Punjab Cotton 1,500 903 - 34 - 243 - 320 - Qayyum Spinning Mills Limited 2,000 1,204 - 46 - 324 - 426 - Quetta Textile Mills Limited 488 294 15 11 1 79 4 104 4

ANNUAL REPORT 2010 118 NATIONAL INVESTMENT (UNIT) TRUST NATIONAL INVESTMENT (UNIT) TRUST - LOC HOLDERS' FUND FOR THE YEAR ENDED JUNE 30, 2010 ALLOCATION OF SHARES / UNIT TO NITL IN ACCORDANCE WITH SETTLEMENT AGREEMENT

As on January 18, 2010 As on January 22, 2010 As on March 31, 2010

Scrip Name NITL Premium Number of NBP's share Number of BOK's share Number of FBL's share Number of BOP's share 2.5% shares - NBP value shares - BOK value shares - FBL value shares - BOP value

Rupees in ‘000 Rupees in ‘000 Rupees in ‘000 Rupees in ‘000

Ravi Textile Mills Limited 8,926 5,375 - 204 - 1,446 - 1,901 - Redco Textiles Limited 20,500 12,345 - 468 - 3,320 - 4,367 - Reliance Cotton Spinning Mills Limited 10,376 6,248 194 237 7 1,680 47 2,211 54 Reliance Weaving Mills Limited 15,262 9,190 96 348 4 2,472 25 3,252 31 Resham Textile Industries Limited 5,470 3,294 - 125 - 886 - 1,165 - Ruby Textile Mills Limited 15,727 9,470 - 359 - 2,547 - 3,351 - Rupali Polyester Limited 41,261 24,847 918 941 35 6,682 247 8,791 308 Saif Textile Mills Limited 51,816 31,203 251 1,182 10 8,392 67 11,039 44 Saitex Spinning Mills Limited 9,000 5,420 - 205 - 1,458 - 1,917 - Sajjad Textile Mills Limited 8,161 4,914 - 186 - 1,322 - 1,739 - Saleem Denim (Kaytex Mills) Limited 4,200 2,529 - 96 - 680 - 895 - Salfi Textile Mills Limited 2,695 1,623 18 61 1 436 5 575 8 Sally Textile Mills Limited 8,969 5,401 8 205 - 1,453 2 1,910 4 Salman Noman Enterpries Limited 7,538 4,539 18 172 1 1,221 4 1,606 3 Samin Textiles Limited 3,604 2,170 30 82 1 584 8 768 7 Sana Industries Limited 6,970 4,197 155 159 6 1,129 40 1,485 52 Sapphire Fibers Limited 3,737 2,250 248 85 9 605 67 797 89 Sapphire Textile Mills Limited 5,882 3,542 312 134 12 953 84 1,253 111 Sargodha Spinning Mills Limited 15,147 9,121 11 346 - 2,453 3 3,227 5 Saritow Spinning Mills Limited 16,711 10,063 - 381 - 2,706 - 3,561 - Schon Textiles Limited 6,500 3,914 - 148 - 1,053 - 1,385 - Service (Textile) Industries Limited 4,000 2,409 - 91 - 648 - 852 - Service Fabircs Limited 34,500 20,775 - 787 - 5,587 - 7,351 - Service industries Limited 43,314 26,083 7,085 988 268 7,015 1,930 9,228 2,868 Shadab Textile Mills Limited 2,426 1,461 - 55 - 393 - 517 - Shahpur Textile Mills Limited 22,941 13,815 - 523 - 3,715 - 4,888 - Shahtaj Textile Mills Limited 12,250 7,377 143 279 5 1,984 38 2,610 42 Shahyar (O.E.) 2,000 1,204 - 46 - 324 - 426 - Shahyar Textile Mill 5,700 3,432 - 130 - 923 - 1,215 - Shams Textile Mills Limited 31,211 18,795 413 712 16 5,055 101 6,649 125 Siftaq International Limited 3,000 1,807 - 68 - 486 - 639 - Sind Fine Textile Mills Limited 2,000 1,204 - 46 - 324 - 426 - Sunrays Tetile Mills Limited 6,993 4,211 122 160 5 1,133 34 1,489 50 Sunrise Textile Mills Limited 400 241 - 9 - 65 - 85 - Sunshine Cloth Mills Limited 11,400 6,865 - 260 - 1,846 - 2,429 - Sunshine Cotton Mills Limited 11,000 6,624 - 251 - 1,781 - 2,344 - Suraj Cotton Mills Limited 10,031 6,040 189 229 7 1,625 51 2,137 66 Syed Match Company Limited 500 301 4 11 - 81 1 107 2 Taj Textile Mills Limited 36,500 21,980 8 833 - 5,911 2 7,776 4 Tariq Cotton Mills Limited 1,000 602 - 23 - 162 - 213 - Tata Textile Mills Limited 53,932 32,477 390 1,230 15 8,734 88 11,491 155 Tawakkal Garments Industries Limited 3,000 1,807 - 68 - 486 - 639 - Tawakkal Limited 3,000 1,807 - 68 - 486 - 639 - Thal Limited ( Rs 5 / share) 54,311 32,705 2,761 1,239 105 8,796 733 11,571 937 Treet Corporation Limited 9,143 5,506 1,536 209 58 1,481 422 1,947 168 Tri-Star Polyester Limited 16,210 9,761 - 370 - 2,625 - 3,454 - Turbo Tec Limited 4,500 2,710 - 103 - 729 - 958 - Unilever Brothers-Preference 6 4 - - - 1 - 1 - Unilever Pakistan Limited ( Rs 50 / share) 2,873 1,730 4,325 66 165 465 1,232 612 2,123 United Brands Limited 206 124 5 5 - 33 1 44 1 Yousuf Weaving Mills Limited 30,609 18,432 47 698 2 4,957 15 6,522 14 Zaffar Textile Limited 1,700 1,024 - 39 - 275 - 362 - Zahur Cotton Mills Limited 12,500 7,527 - 285 - 2,024 - 2,664 - Zahur Textile Mills Limited 10,500 6,323 - 240 - 1,700 - 2,237 - Zil Limited (Zulfeqar Industries Limited) 8,777 5,285 360 200 14 1,421 97 1,871 97 2,362,074 1,422,392 54,120 53,887 2,050 382,545 14,458 503,250 17,997

TOBACCO Pakistan Tobacco Company Limited 47,345 28,510 3,165 1,080 120 7,668 859 10,087 1,170 47,345 28,510 3,165 1,080 120 7,668 859 10,087 1,170

HEALTH CARE EQUIPMENT AND SERVICES Medi Glass Limited 7,500 4,516 - 171 - 1,215 - 1,598 - 7,500 4,516 - 171 - 1,215 - 1,598 -

PHARMA AND BIO TECH Abbott Laboratories (Pakistan) Limited 64,050 38,570 4,139 1,461 157 10,373 1,121 13,646 1,337 Ferozsons Laboratories Limited 30,546 18,394 2,218 697 84 4,947 617 6,508 774 Glaxosmithkline Pakistan Limited 155,835 93,841 9,884 3,555 374 25,238 2,649 33,201 3,220 Highnoon Laboratories Limited 10,799 6,503 214 246 8 1,749 58 2,301 71 IBL Health Care Limited 7,603 4,578 43 173 2 1,231 11 1,621 15 Otsuka Pakistan Limited 2,709 1,631 64 62 2 439 17 577 23 Sanofi Aventis (Pakistan) Limited 5,909 3,558 507 135 19 957 136 1,259 190 Searle Pakistan Limited 23,283 14,021 761 531 29 3,771 209 4,960 268 Wyeth Pakistan Limited ( Rs 100 / share) 2,873 1,730 2,183 66 83 465 573 612 673 303,607 182,826 20,013 6,926 758 49,170 5,391 64,685 6,571

ANNUAL REPORT 2010 119 NATIONAL INVESTMENT (UNIT) TRUST NATIONAL INVESTMENT (UNIT) TRUST - LOC HOLDERS' FUND FOR THE YEAR ENDED JUNE 30, 2010 ALLOCATION OF SHARES / UNIT TO NITL IN ACCORDANCE WITH SETTLEMENT AGREEMENT

As on January 18, 2010 As on January 22, 2010 As on March 31, 2010

Scrip Name NITL Premium Number of NBP's share Number of BOK's share Number of FBL's share Number of BOP's share 2.5% shares - NBP value shares - BOK value shares - FBL value shares - BOP value

Rupees in ‘000 Rupees in ‘000 Rupees in ‘000 Rupees in ‘000

TRAVEL AND LEISURE Pakistan International Airlines Corporation 62,066 37,375 95 1,416 4 10,052 25 13,223 39 Pakistan Services Limited 21,146 12,734 1,835 482 69 3,425 466 4,505 527 83,212 50,109 1,930 1,898 73 13,477 491 17,728 566

FIXED LINE TELECOMMUNICATION CallMate Telips Telecom Limited 2 1 - - - - - 1 - Pak Datacom Limited 3,685 2,219 231 84 9 597 60 785 80 Pakistan Telecommunication Company Limited 143,620 86,485 1,755 3,276 66 23,259 449 30,600 643 Telecard Limited 11,581 6,974 26 264 1 1,876 8 2,467 7 Worldcall Telecom Limited 8,064 4,856 18 184 1 1,306 5 1,718 8 166,952 100,535 2,030 3,808 77 27,038 522 35,571 738

ELECTRICITY Karachi Electric Supply Company Limited 94,460 56,882 148 2,155 6 15,298 45 20,125 58 Kohinoor Energy Limited 6,840 4,119 129 156 5 1,108 34 1,457 46 Kohinoor Power Company Limited 7,472 4,499 34 170 1 1,210 9 1,593 11 Kot Addu Power Company Limited 2,167 1,305 62 49 2 351 17 462 21 Nishat Chunian Power Limited 37,501 22,582 233 856 9 6,073 62 7,990 79 S. G. Power Limited 8,327 5,014 8 190 - 1,349 2 1,774 3 Sitara Energy Limited 6,594 3,971 89 150 3 1,068 24 1,405 30 The Hub Power Company Limited 361,114 217,456 7,150 8,238 271 58,483 1,883 76,937 2,637 524,475 315,828 7,853 11,964 297 84,940 2,076 111,743 2,885

GAS WATER AND MULTIUTILITIES Sui Southern Gas Compay Limited 228,089 137,351 1,923 5,203 73 36,939 538 48,596 1,027 228,089 137,351 1,923 5,203 73 36,939 538 48,596 1,027

BANKS Allied Bank Limited 41,354 24,903 1,605 943 61 6,697 426 8,811 529 Arif Habib Bank Limited 4,000 2,409 15 91 1 648 4 852 5 Askari Bank Limited 407,584 245,439 6,970 9,298 264 66,009 1,831 86,838 1,843 Atlas Bank Limited 431,768 260,002 835 9,850 32 69,925 217 91,991 256 Bank Al - Falah Limited 17,113 10,305 144 390 5 2,771 38 3,647 45 Bank Al - Habib Limited 1,289,021 776,223 28,549 29,406 1,082 208,758 7,818 274,634 7,953 Bank Of Punjab Limited 378 228 5 9 61 1 80 1 BankIslami Pakistan Limited 8,750 5,269 34 200 1 1,417 9 1,864 11 Faysal Bank Limited 170,926 102,928 2,015 3,899 76 27,682 527 36,417 623 Habib Bank Limited 5,908 3,558 476 135 18 957 117 1,258 139 Habib Metropolitan Bank Limited 1,298,371 781,853 25,965 29,620 984 210,272 7,015 276,626 6,846 Indus Bank Limited 4 2 - - - 1 - 1 - JS Bank Limted 527,414 317,598 1,636 12,032 62 85,415 425 112,369 452 KASB Bank Limited 46,366 27,921 159 1,058 6 7,509 41 9,878 44 Mehran Bank Limited 19,000 11,441 - 433 - 3,077 - 4,049 - National Bank Of Pakistan 49,378 29,734 2,455 1,126 93 7,997 648 10,521 714 NIB Bank Limited 233,503 140,611 695 5,327 26 37,816 183 49,749 205 Samba Bank Limited 311,002 187,279 612 7,095 23 50,367 160 66,261 199 Silkbank Limited 84,748 51,034 230 1,933 9 13,725 65 18,056 57 Soneri Bank Limited 1,728,882 1,041,098 11,462 39,441 434 279,994 3,010 368,349 3,234 United Bank Limited 4,238 2,552 166 97 6 686 45 903 54 6,679,708 4,022,387 84,028 152,383 3,183 1,081,784 22,580 1,423,154 23,210

NON LIFE INSURANCE Union Insurance Company Of Pakistan Limited 8 5 - - - 1 - 2 - 8 5 - - - 1 - 2 -

FINANCIAL SERVICES Arif Habib Investments Limited 2,692 1,621 41 61 2 436 11 574 12 Bankers Equity Limited (Under winding up through court) 87,685 52,802 - 2,000 - 14,201 - 18,682 - Dadabhoy Leasing Limited 9,500 5,721 - 217 - 1,539 - 2,023 - Dawood Capital Management Limited 17,095 10,294 48 390 2 2,769 14 3,642 9 English Leasing Limited 18,214 10,968 14 416 1 2,950 4 3,880 4 First Capital Securities Corporation Limited 94,102 56,666 510 2,147 19 15,240 129 20,049 149 First Dawood Investment Bank Limited 70,446 42,421 117 1,607 4 11,409 31 15,009 25 IGI Investment Bank Limited 197,843 119,137 400 4,513 15 32,041 111 42,152 122 Industrial Development Bank of Pakistan 50 30 3 1 - 8 1 11 1 Invest Capital Investment Bank Limited 187,251 112,759 141 4,272 5 30,326 38 39,894 50 Investec Securities Limited 2,537 1,528 1 58 - 411 - 540 - Islamic Investment Bank Limited 3,605 2,171 - 82 - 584 - 768 - Javed Omer Vohra & Company Limited 43,457 26,169 250 991 9 7,038 79 9,259 72 JS Investments Limited 888 535 8 20 - 144 2 189 2 National Asset Leasing Corporation 6,825 4,110 - 156 - 1,105 - 1,454 - Natover lease and Refianace Limited 18,782 11,310 79 428 3 3,042 21 4,002 28 Orix Leasing Pakistan Limited 74,773 45,027 317 1,706 12 12,110 87 15,930 88 Prudential Investment Bank Limited 8,403 5,060 - 192 - 1,361 - 1,790 - Saudi Pak Leasing Company Limited 79,979 48,162 67 1,825 3 12,953 18 17,039 20 Security Investment Bank Limited 58,655 35,321 87 1,338 3 9,499 26 12,497 25 Security Leasing Corporation Limited 11,512 6,932 17 263 1 1,864 4 2,453 2 Standard Chartered Leasing Limited 19,930 12,001 32 455 1 3,228 9 4,246 16 1,014,224 610,745 2,132 23,138 80 164,258 585 216,083 625

ANNUAL REPORT 2010 120 NATIONAL INVESTMENT (UNIT) TRUST NATIONAL INVESTMENT (UNIT) TRUST - LOC HOLDERS' FUND FOR THE YEAR ENDED JUNE 30, 2010 ALLOCATION OF SHARES / UNIT TO NITL IN ACCORDANCE WITH SETTLEMENT AGREEMENT

As on January 18, 2010 As on January 22, 2010 As on March 31, 2010

Scrip Name NITL Premium Number of NBP's share Number of BOK's share Number of FBL's share Number of BOP's share 2.5% shares - NBP value shares - BOK value shares - FBL value shares - BOP value

Rupees in ‘000 Rupees in ‘000 Rupees in ‘000 Rupees in ‘000

EQUITY INVESTMENT INSTRUMENT Al-Meezan Mutual Fund 73,815 44,450 324 1,684 12 11,954 85 15,727 98 Asian Stocks Fund 8,879 5,347 16 203 1 1,438 6 1,891 8 B.F Modaraba 10,732 6,463 23 245 1 1,738 6 2,286 9 B.R.R. Guardian Modarba 30,968 18,648 46 706 2 5,015 13 6,599 13 Crescent Standard Modaraba 4,769 2,872 1 109 - 772 - 1,016 - Dominion Stock Fund 4,060 2,445 1 93 - 658 - 864 - First Al-Noor Modaraba 26,640 16,042 49 608 2 4,314 14 5,676 15 First Capital Mutual Fund Limited 3,685 2,219 8 84 - 597 2 785 2 First Elite Capital Modaraba 23,837 14,354 39 544 1 3,860 11 5,079 13 First Equity Modaraba 45,841 27,605 72 1,046 3 7,424 19 9,766 17 First Fidelity Leasing Modarba 26,475 15,943 44 604 2 4,288 12 5,640 12 First Habib Bank Modaraba 129,680 78,091 328 2,958 12 21,002 104 27,629 134 First Habib Modaraba ( Rs 5 / share) 40,793 24,565 152 931 6 6,606 42 8,691 63 First I.B.L Modaraba 36,742 22,125 59 838 2 5,950 17 7,829 19 First Paramount Modaraba 987 594 - 23 - 160 - 210 - First Prudential Modarba 8,787 5,291 5 200 - 1,423 1 1,873 2 First Punjab Modaraba 30,079 18,113 33 686 1 4,871 9 6,409 10 First Tawakkal Modaraba 12,000 7,226 - 274 - 1,943 - 2,557 - First Tri Star Modaraba 7,655 4,610 12 175 - 1,240 6 1,630 2 First U.D.L. Modaraba 44,154 26,589 132 1,007 5 7,151 36 9,407 51 Innovative Investment Bank Limited 907 546 5 21 - 147 1 193 2 Investec Mutual Fund 4,441 2,674 - 101 - 719 - 947 - JS Growth Fund 252,046 151,777 759 5,750 29 40,819 209 53,700 228 JS Large Capital Fund 35,257 21,231 108 804 4 5,710 27 7,512 32 JS Value Fund Limited 29,575 17,809 98 675 4 4,790 26 6,301 27 KASB Modaraba 17,711 10,665 27 404 1 2,868 7 3,774 9 Modaraba Al Mali 3,717 2,238 4 85 - 602 1 792 1 Pakistan Premier Fund 17,770 10,701 61 405 2 2,878 16 3,786 22 Pakistan Strategic Allocation Fund 31,903 19,211 87 728 3 5,167 23 6,797 33 PICIC Energy Fund 38,055 22,916 115 868 4 6,163 30 8,108 41 PICIC Growth Fund 166,172 100,065 1,488 3,791 56 26,912 390 35,404 453 PICIC Investment Fund 260,305 156,750 937 5,938 36 42,157 253 55,460 304 Standard Chartered Modaraba 32,474 19,555 190 741 7 5,259 52 6,919 59 Unicap Modaraba 9,000 5,420 1 205 - 1,458 - 1,917 - 1,469,911 885,150 5,224 33,534 196 238,053 1,418 313,174 1,679

TECHNOLOGY HARDWARE AND EQUIPMENT Pakistan Telephone Cables Limited 2,354 1,418 5 54 - 381 1 501 1 2,354 1,418 5 54 - 381 1 501 1

Grand Total 18,537,240 11,162,754 365,901 422,892 13,856 3,002,130 97,689 3,949,464 119,772

ANNUAL REPORT 2010 121 NATIONAL INVESTMENT (UNIT) TRUST NATIONAL INVESTMENT (TRUST) LIMITED - LOC HOLDERS' FUND FOR THE YEAR ENDED JUNE 30, 2010 ALLOCATION OF BONUS / RIGHT

National Faysal Bank Bank National Total Bank of Bank of of Investment Scrip Name Pakistan Limited Punjab Khyber Trust Limited ------No. of shares / right ------

RIGHT Karachi Electric Supply Company Limited 409,585 313419 84292 - 11874 - Berger Paints Pakistan Limited 79,666 5,367 1,442 72,653 204 - D.G Khan Cement limited 443 26 7 365 1 44 Masood Textiles Mills Limited 237,269 15,708 4,224 216,743 594 - Nishat Mills Limited 470,847 28,084 7,553 387,510 1,064 46,636 Samba Bank Limited 1,795,260 118,868 31,971 1,639,919 4,502 - 2,993,070 481,472 129,489 2,317,190 18,239 46,680

SUBSCRIPTION OF RIGHT AND TRANSFER OF SHARES Berger Paints Pakistan Limited 8,746 - - - - 8,746 Silk Bank Limited 2,661,031 158,729 42,689 2,190,031 6,013 263,569 2,669,777 158,729 42,689 2,190,031 6,013 272,315

BONUS Allied Bank Limited 41,750 2,490 670 34,361 94 4,135 Askari Bank Limited - On its holding 813,393 48,514 13,048 669,428 1,838 80,565 Askari Bank Limited - 20% bonus on merged shares 38,060 573 154 36,360 22 951 851,453 49,087 13,202 705,788 1,860 81,516

Bank Al Habib Limited 2,602,824 155,244 41,752 2,142,143 5,881 257,804 Dawood Hercules 2,784 166 45 2,292 6 275 Engro Corporation Limited 16,122 962 259 13,268 36 1,597 Habib Bank Limited 5,965 354 96 4,910 13 592 Habib Metropolitan Bank Limited 2,097,363 125,096 33,644 1,726,145 4,739 207,739 Habib Sugar Mills Limited 2,133,219 1,252,468 336,840 443,132 47,448 53,331 Mirpurkhas Sughar Mills Limited 84,459 49,590 13,336 17,545 1,878 2,110 National Bank of Pakistan Limited 119,176 - 3,835 102,715 282 12,344 Noon Sugar Mills Limited 848 32 329 434 1 52 Pak Elektron 17,248 - - - - 17,248 Treet Corporation Limited 830,844 49,556 13,327 683,788 1,877 82,296 United Bank Limited 4,280 255 69 3,522 10 424 8,808,335 1,685,300 457,404 5,880,043 64,125 721,463

Grand Total 14,471,182 2,325,501 629,582 10,387,264 88,377 1,040,458

ANNUAL REPORT 2010 122 NATIONAL INVESTMENT (UNIT) TRUST NIUT LOC Holders' Fund Performance Table LAST 3 YEARS

June 2010 June 2009 June 2008

Total Net Asset Value Ex-Dividend(Rs. In 000's) 3,375,840 19,702,708 34,382,008

Net Asset Value per Unit Ex-dividend (Rs./ unit) 24.08 21.77 45.73

Last Issue Price per Unit * (Rs./ unit) 24.70 25.45 53.55

Last Repurchase Price per Unit * (Rs./ unit) 23.80 24.55 51.70

Highest Issue Price (Rs./ unit) 32.00 43.45 66.05 During the Year

Lowest Issue Price (Rs./ unit) 23.95 20.50 49.90 During the Year

Highest Repurchase Price (Rs./ unit) 30.85 41.90 63.80 During the Year

Lowest Repurchase Price (Rs./ unit) 23.10 19.75 48.15 During the Year

Total Return of the Fund % 10.61 (45.72) (7.16) Capital Growth % 10.61 (52.39) (18.72) Income Distributions % - 6.67 11.56

Distribution Per Unit (Final) (Rs./ unit) - 3.05 6.50

Distribution Date 20-Jul-09 1-Jul-08

Average Annual Return One Year % 10.61 (45.72) (7.16) Two Years % (17.56) (26.44) - Three Years % (14.09) - -

Note : All investments in Mutual Funds and securities are subject to Market Risks. Our target return / dividend range can not be guaranteed. NIT's unit price is neither guaranteed nor administered/ managed. It is based on Net Asset Value (NAV) and the NAV of NIT units may go up or down depending upon the factors and forces affecting the Stock Market. Past performance in not indicative of future results.

* These are cum-dividend prices of 30th June.

ANNUAL REPORT 2010 123 NATIONAL INVESTMENT (UNIT) TRUST