FFBL Hussain adjusted

8/14/2019 FFBL Hussain adjusted

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EPS 2.62 2.62 2.72Rs mn CY05 CY06 CY07EUrea capacity 551,100 551,100 594,000Urea production 588,799 601,044 488,000Effeciency 107% 109% 82%Capacity per day 1,670 1,670 1,800Working days 330 300 249DAP capacity 445,500 445,500 457,050DAP production 454,672 450,400 357,000Effeciency 102% 101% 110%Capacity per day 1,350 1,350 1,650Working days 330 330 277Total production 1,043,471 1,051,444 845,000Imported urea 64,000 70,400 77,440

Opening Urea inventory 5,427Domestic Urea Sales 474,191Ending Urea inventory 18,299Opening DAP inventory 4,328Domestic DAP sales 351,700Ending DAP inventory 9,195

Urea per bag retail prices 496 523 554Ex factory price 513 539Urea per ton 9,920 10,251 10,775Urea price growth

DAP per bag 1,050 1,147Ex factory price 998 1,090

5.9%

Imported urea price US ($) 325GrowthRupee/ US $ 61Imported urea per ton Rs 19,825Imported urea sales price 10,775Imported urea cost per ton 10,452Import margin 3%

Urea subsidy per ton 9,050DAP subsidy per bag 398DAP subsidy changesDAP subsidy per ton 7,960



DAP priceJan 873Feb 882Mar 944Apr 1,113May 1,088Jun 1,099Jul 1,190Aug 1,256Sep 1,275Oct 1,303Nov 1,355Dec 1,386

Average price 663 700 1,147

DAP price US $JanFebMar Apr MayJunJulAugSepOctNovDec

Rs/US$JanFebMar Apr MayJunJulAug

SepOctNovDec

Urea pricesJan 539



Feb 542Mar 538Apr 538May 538Jun 538Jul 565Aug 565Sep 565Oct 565Nov 565Dec 587

Average price 554

DAP price growthJanFeb 0%Mar 1%Apr 18%May 1%Jun 0%Jul 2%Aug 12%Sep 0%Oct 0%Nov 0%Dec 2%Average growth

Urea prices growthJanFeb 1%Mar 0%Apr 0%May 0%Jun 0%Jul 5%Aug 0%Sep 0%

Oct 0%Nov 0%Dec 4%Average growth

Urea price/50kg bag 482 513 539Urea price per ton 9,640 10,251 10,775DAP price/50kg bag 1,000 998 1,090



DAP price per ton 20,000 19,950 21,793Imported urea sales price 10,775Urea cost per ton 7,942 8,436 8,868Domestic urea sales revenue 5,676 6,161 5,258DAP sales revenue 9,093 8,985 7,780Imported urea revenue 617 722 834

Gross sales revenue 15,277 15,778 13,167Commission 22 23 17Trade allowance 116 126 190Sales tax 885 922 717Net sales revenue 14,255 14,707 12,243% of salesCommission 0% 0% 0%Trade allowance 1% 1% 1%Sales tax 6% 6% 5%Imported urea 13% 10% 10%

Gas chargesFeedstock consumption 21,173 21,613 16,790Fuelstock consumption 4,547 4,582 3,682Feedstock charges Rs/MMBTU 37 37 37Fuelstock charges Rs/MMBTU 228 257 241Feedstock/production 4% 4% 3%Fuelstock/production 0% 0% 0%

1MMBTU into MMCF 913

Feedstock cost 710,985,842 726 564Fuelstock cost 946,562,895 1,075 809

Phosphoric acidImport price $/ton 445 465 568Conversion factor 0.49 0.49 0.49Phosphoric acid consumed 176,666Rs/ US $ 60.00 60.00 61Phosphoric acid cost 6,118 6,117Phosphoric acid available

5% 4% 22%

DAP margin 100% 101% 134%

Raw material consumed 6,622 7,098 6,527Fuel 983 1,231 1,100

5,910,545,158



Packing materials consumed 271 304 257packing material cost/ton 260 289 304Growth 9% 11% 5%

Chemicals and supplies 64 73 84Chemical/ton 61 69 67Growth (0) 0 -4%

Salaries wages and benefits 333 332 435Growth 40% 0% 31%

Rent, rates and taxes 20 22 23Growth 2% 5% 2%

Insurance 44 48 45Growth 2% 8% 2%

Travel and conveyance 28 31 34growth 25% 9% 12%

Repairs and maintenance 207 257 606% of FA 1% 1% 3%

Communication, establishment 38 47 30growth 65% 25% 86%

Provision for doubtful advances 0 - -

Depreciation 925 986 1,051

Amortization - - -

Provision for obselete inventory 4 - 30

Opening stock-WIP 4 1.504 5

Closing stock-WIP (2) (5) (13)

(1,322) (2,797)

COGM 9,542 9,104 7,416

39 399 99

Subsidy on DAP fertilizer from govt of Pakistan

Opening stock- own manufacturedfertilizers



(399) (99) (252)

Cost of sales- own manufactured urea 9,182 9,403 7,263

Opening stock- purchased fertilizer 5 3 140

Purchase of fertilizers 508 756 19

Closing stock- purchased fertilizers (3) (140) (1)

Cost of sales- purchased fertilizer 510 620 158

COGS 9,692 10,023 7,420

68% 68% 61%

Distribution costs

Product transportation 1,044 1,170 829Salaries, wages and benefits 129 156 149Rent, rates and taxes 20 20 19Travel and conveyance 25 29 28Technical services 1 2 2Sales promotion 11 9 9Warehouse expenss 12 14 15Export sales - - -Communication and other 11 15 13

Depreciation charged to associated 4 5 5

1,258 1,420 1,069% of sales 9% 10% 9%Product transportation 7% 8% 8%Salaries, wages and benefits 15% 21% 18%Rent, rates and taxes 0% 0% 0%Travel and conveyance 0% 0% 0%Technical services 0% 0% 0%Sales promotion 0% 0% 0%Warehouse expenss 0% 0% 0%

Export sales 0% 0% 0%Communication and other 0% 0% 0%Depreciation charged to associated 0% 0% 0%

Administrative expenses

Salaries wages 52 70 88

Closing stock- own manufacturedfertilizers



Travel and conveyance 7 6 12Utilities 1 1 2Priniting 2 2 3Repairs 2 1 3Communication 9 9 9Rent, rates 2 2 3Listing fee 0 0 0Donation 18 0 1Legal 4 2 2Depreciation 14 4 5Amortization of deferred 3 - -Miscellaneous 4 5EntertainmentAdvertisement

114 103 131% of sales 0.803% 0.701% 1.073%Salaries wages 2.4% 35.1% 19%Travel and conveyance 0.0% 0.0% 0%Utilities 0.0% 0.0% 0%Priniting 0.0% 0.0% 0%Repairs 0.0% 0.0% 0%Communication 0.1% 0.1% 0%Rent, rates 0.0% 0.0% 0%Listing fee 0.0% 0.0% 0%Donation 0.1% 0.0% 0%Legal 0.0% 0.0% 0%Depreciation 0.1% 0.0% 0%Amortization of deferred 0.0% 0.0% 0%Miscellaneous 0.0% 0.0% 0%Entertainment 0.0% 0.0% 0%Advertisement 0.0% 0.0% 0%

Cost at startLeasehold land 213 213 213Buildings on leasehold land 1,461 1,465 1,468Plant and machinery 17,192 17,219 18,037Furniture, fixture and office equipment 56 61 61Vehicles 40 49 77

Computer equipment 29 34 42Library books 1 2 2Freehold land - 120 120Catalyst 23 53 67Plant subject to financial lease - - -Vehicles subject to financial lease 27 20 14Capital WIP 122 885 1,372Total 19,165 20,121 21,472



AdditionsLeasehold land - 0 -Buildings on leasehold lands 4 3 13Plant and machinery 28 7 202Furniture, fixture and office equipment 5 0 1Vehicles 11 28 23Computer equipment 6 8 12Library books 0 0 0Freehold land 120 - -Catalyst 30 15 41Plant subject to financial lease - - -Vehicles subject to financial lease - - -Capital WIP 762 1,298 2,459Total 966 1,358 2,751

Disposals

Leasehold land - - -Buildings on leasehold lans - - -Plant and machinery - - (155)Furniture, fixture and office equipment (0) - -Vehicles (10) (7) (12)Computer equipment - (0) (0)Library books - - -Freehold land - - -Catalyst - -Plant subject to financial lease - - -Vehicles subject to financial lease - - -

Capital WIP - -Total (10) (7) (168)

AdjustmentsLeasehold land - - -Buildings on leasehold lans - - -Plant and machinery - 811 (62)Furniture, fixture and office equipment - - (3)Vehicles 7 6 -Computer equipment - - (1)Library books - - (0)Freehold land - - -Catalyst - (0) -Plant subject to financial lease - - -Vehicles subject to financial lease (7) (6) -Capital WIP - (811) -Total - (0) (65)

Transfer in/(out)



Leasehold land - - -Buildings on leasehold lans - - (11)Plant and machinery - - 2,355Furniture, fixture and office equipment - - 11Vehicles - - 3Computer equipment - - (11)Library books - - -Freehold land - - -Catalyst - - -Plant subject to financial lease - - -Vehicles subject to financial lease - - (3)Capital WIP - - (2,344)Total - - (0)

Cost at endLeasehold land 213 213 213Buildings on leasehold lans 1,465 1,468 1,469Plant and machinery 17,219 18,037 20,378Furniture, fixture and office equipment 61 61 70Vehicles 49 77 91Computer equipment 34 42 41Library books 2 2 2Freehold land 120 120 120Catalyst 53 67 108Plant subject to financial lease - - -Vehicles subject to financial lease 20 14 11Capital WIP 885 1,372 1,486Total 20,121 21,472 23,989

Depriciation rateLeasehold land 2% 2%Buildings on leasehold land 3% 3%Plant and machinery 5% 5%Furniture, fixture and office equipment 10% 10%Vehicles 20% 20%Computer equipment 20% 20%Library books 30% 30%Freehold land 0% 0%Catalyst 25% 25%Plant subject to financial lease 0% 0%Vehicles subject to financial lease 20% 20%Capital WIP 0% 0%Total

Depriciation at startLeasehold land 50 55 59Buildings on leasehold lans 219 263 307



Plant and machinery 4,236 5,099 6,000Furniture, fixture and office equipment 48 53 53Vehicles 29 31 44Computer equipment 26 30 37Library books 1 1 1Freehold land - - -Catalyst 5 13 28Plant subject to financial lease - - -Vehicles subject to financial lease 13 13 11Capital WIP - - -Total 4,625 5,557 6,541

Depriciation for the year Leasehold land 5 5 5Buildings on leasehold land 44 44 44Plant and machinery 863 902 953Furniture, fixture and office equipment 5 1 7Vehicles 6 14 15Computer equipment 4 7 10Library books 0 0 0Freehold land - - -Catalyst 9 15 21Plant subject to financial lease - - -Vehicles subject to financial lease 4 3 2Capital WIP - - -Total 939 990 1,056

DisposalsLeasehold land - - -Buildings on leasehold land - - -Plant and machinery - - (52)Furniture, fixture and office equipment (0) - -Vehicles (7) (6) (10)Computer equipment - (0) (0)Library books - - -Freehold land - - -Catalyst - - -Plant subject to financial lease - - -Vehicles subject to financial lease - - -Capital WIP - - -Plant and machinery - - -Quarry equipment - - -Furniture, fixture and office equipment - - -Total (7) (6) (63)

Adjustments



Leasehold land - - -Buildings on leasehold lans - - -Plant and machinery - - -Furniture, fixture and office equipment - - (3)Vehicles 4 4 -Computer equipment - - (1)Library books - - (0)Freehold land - - -Catalyst - (0) -Plant subject to financial lease - - -Vehicles subject to financial lease (4) (4) -Capital WIP - - -Total - (0) (4)

Depriciation at endLeasehold land 55 59 64Buildings on leasehold lans 263 307 351Plant and machinery 5,099 6,000 6,901Furniture, fixture and office equipment 53 53 58Vehicles 31 44 48Computer equipment 30 37 46Library books 1 1 2Freehold land - - -Catalyst 13 28 49Plant subject to financial lease - - -Vehicles subject to financial lease 13 11 13Capital WIP - - -

Total 5,557 6,541 7,532

Net book value at endLeasehold land 159 154 150Buildings on leasehold land 1,202 1,161 1,118Plant and machinery 12,121 12,037 13,476Furniture, fixture and office equipment 8 8 13Vehicles 18 33 43Computer equipment 4 4 (5)Library books 0 0 0Freehold land 120 120 120Catalyst 39 39 59Plant subject to financial lease - - -Vehicles subject to financial lease 7 3 (2)Capital WIP 885 1,372 1,486Total 14,563 14,930 16,458



Depreciation allocationCost of sales 925 986 1,047Administrative expenses 14 4 9

939 990 1,056cost of sales 98% 100% 99%Administrative expenses 2% 0% 1%

Property, pland and equipment soldCost 10 7 9Book value 3 1 2Sale proceeds 6 4 6

Cost 0% 0% 0%Book value 28% 14% 25%Sale proceeds 202% 420% 267%

Other operating expnses

Workers' participation fund 169 165 178Workers' welfare fund 78 78

- - 87Auditor's remuneration 1 0 1Adjustment - 0 0

170 243 344% of sales 1% 2% 3%

Auditor's remuneration -13% -7% 5%Adjustment 0% 0% 0%

Other income

Profit on bank balances 425 518 519

2 89Gain on sale of investments - - 6Income on payments made on FF 0 - -

Scrap sales 26 29 38Gain on sales of property 3 3 -Dividend income from PMP -Sale of Phosphoric acid at 25% premium -

Loss on sale of property, plant andequipment

Surplus on rmeasurement at fair valuethrough profit or loss



Dividend from power plant -

454 552 652GrowthProfit on bank balances 2% 5%Income on payments made on FF 1% 1%

Scrap sales 1% 6%Gain on sales of property 2% 2%Dividend income from PMP -Sale of Phosphoric acid at 15% premium -

Taxation

Current - - -Deferred-for the year 1,312 1,360Deferred- for prior years - - -

1,466 1,312 1,360Effective tax rate 37% 35% 35%

Govt.Compensation 700 700 600

Number of shares 934 934 934

1st interim dividend as % of total 50% 50% 50%

2nd interim dividend as % of total 30% 30% 30%

Proposed dividend 20% 20% 20%

ROE 32% 29% 30%Retention rate 5% 40% 8%Growth 1% 11% 2%CAGR

Balance Sheet Assumptions

1,465,811,000



Share capital 9,341Capital reserve 228Accumulated loss (1,842)

7,728

Current portion as % of long term 18% 17% 17%Current portion as % of murabaha 18% 17% 17%Current portion as % of lease 4% 7% 6%Cuurent portion as % of lease not later 11% 15% 13%Long term loan growth -5% -4% -5%

51% 58% 56%

8% 8% 8%

Trade and other payablesCreditors as % of sales 11% 9% 9%Accrued liabilities as % of sales 2% 3% 2%Advances from customers as % of sales 4% 4% 5%

0% 0% 0%Interest accrued on redeemable capitalInterest accrued on secured long term loansSales tax payableUnclaimed dividend as % of total dividends 17% 31% 24%Payable to provident fundTax deducted at source as % of tax 0% 2% 3%

Other payables as % of sales 0% 0% 0%

Mark up accrued2% 2% 2%

2% 2% 2%

64% 53% 58%

Long term depositsSecurity deposit growth -6% -15% -12%

4% 4% 4%

loansCurrent portion of long term loans as % of

long term

Workers' profit participation fund as % of sales

On long term financing as a % of LTfinancingOn long term murabaha as a % of LT

murabhaOn short term borrowings as a % of ST

borrowings

current portion ofLiabilities against assetssubject to FL as %

current portion of long term deposits as a %of security deposit



Current assetsStores & sparesStores as a % of sales 0% 0% 0%Spares as a % of sales 3% 3% 3%Loose tools as a % of sales 0% 0% 0%Items in transit as a % of sales 0% 0% 0%Provision for obsolescene as a % of spares 1% 0% 0%

Stock in trade as a % of sales 7% 4% 4%

Trade debts as a % of sales 1% 1% 1%

Advances considered good 26.11

0% 6% 2%Growth 5%

41% 16% 29%

Other recievables as a % of sales 2% 2% 2%

1% 1% 1%

Gratuity fund growth 14% 14% 14%

Provision for gratuity as a % of gratuity fund -100% -100% -100%

0% 0% 0%

Deferred tax liability as % of tax 90% 90% 90%

3% 2% 2%3% 2% 2%

2% 1% 1%

Profit received on bank balances 85% 99% 92%

Share capital 9,341 9,341 9,341Capital reserve 228 228 228

Provision for doubtful advances as a % of Advances

Trade deposits and short termprepayments growth

Income and sales tax refundable as a % of sales

Propery plant and equipment sold as a % of fixed assets

Mark up accrued on long term financing as% of long termOn long term murabaha as a % of murabahaOn short term borrowings as a % of ST

borrowings



Accumulated loss (1,842) (1,031) (1,060)7,728 8,538 8,509

7 3 90 0 16 3 8

4 3 5

4 4 50 1 14 4 4

Long term loan 5,148 4,861 4,636Deferred govt assistance 2,630 2,270 2,609

7,778 7,130 7,245Current portion of long term loans 648 648 648

7,130 6,482 6,597

Trade and other payablesCreditors 1,616 1,498 1,088Accrued liabilities 331 398 291Advances from customers 605 472 617Workers' profit participation fund 9 15 14

Workers' welfare fund 78 85Interest accrued on redeemable capital - - -Interest accrued on secured long term loans - - -Sales tax payable - - -Unclaimed dividend 322 183 340Payable to provident fund - - -Tax deducted at source 3 2 35Other payables 21 30 19

2,906 2,675 2,489

WPPF

Balance at beginning 13 9 150 0 0

Allocation for the year 169 165 167182 174 182

Payment to WPPF during the year 173 159 1689 15 14

Liabilities against assets subject to financiallease

Current portion ofLiabilities against assetssubject to FL

Liabilities against assets subject to financiallease not later

Interest on funds utilized in the company'sbusiness



1% 2% 1%Allocation for the year Payment to WPPF during the year 95% 91% 92%Welfare fund 10%

Mark up accruedOn long term financing 51 43 29On long term murabaha 5 4 3On short term borrowings 39 58

94 105 32

Short term running finance 2,237 4,532 3,000As % of additions 232% 334% 322%

Long term investmentsPMP 734 1,411 1,536Investmetns in power plant 100investments available for sale 3 3 3Impairment value (3) (3) (3)

734 1,411 1,636

Commitments PMP 623 125 125

Long term depositsSecurity deposit 18 17 15

current portion of long term deposits 1 - 117 17 15

Current assetsStores & sparesStores 35 31 53Spares 496 656 426Loose tools - - -Items in transit 51 114 44

581 802 523Provision for obsolescene (4) (4) (1)

577 797 522

Stock in tradePacking matrials 10 14 16Raw materials 342 206 248Raw materials in transit 268 336 191WIP 2 5 7Finished goods 402 239 60

Interest on funds utilized in the company'sbusiness



Stock in trade 1,023 801 522

Packing matrials 4% 5% 6%Raw materials 5% 3% 4%Raw materials in transit 4% 5% 3%WIP 34% 319% 141%Finished goods 1020% 60% 60%

Trade debts 115 231 99

Advances considered good 38 61 64Provision for doubtful advances 0 0 2

38 61 63

Current portion of loong term deposits 1 - 1Security deopsits 1 1 1Prepaymetns 2 4 2

3 5 4

Interest accrued 86 91 41

268 375 422Other considered good 67 970Considred doubtful 53 53 53

Provision for doubtful receivables (53) (53) (53)Insurance claims 1 2

Other recievables 336 1,347 422

-15% 40% 12%

Receivable from Fauji Foundation 1 1 1- 946 2,002

52 52 5253 999 2,054

72% 72%

Trade deposits and short termprepayments

Due from the holding company-unsecured,

considred good

Due from the holding company-unsecured,considred good

Receivable from GOP against subsidy onDAPReceivable from GOP against compensation

of prior losses

Receivable from GOP against subsidy onDAP as % of total subsidy



Income and sales tax refundable 157 122 103

Gratuity fund (8) (9) (10)

Provision for gratuity 8 11 10

Propery plant and equipment sold 6 4 5

Deferred tax liability 1,322 2,634 1,227

On long term financing 51 27 30On long term murabaha 5 2 3On short term borrowings 39 47 42

Mark up accrued 94 76 74

Fixed income/money market funds - 500 575Surplus on remeasurement - 2 3

- 502 578

Return on mutual funds 15%

0% 0%

Investmetns at fair value through profit or loss



0.25 0.53 1.10 1.42 3.30 1.451Q-CY08 2Q-CY08 3Q-CY08 4Q-CY08 CY08F 1Q-CY09

636,900145,500 159,000 159,000 162,000 636,900 159,225

100%1,930

315470,580

7,568 156,860 156,860 156,860 470,580 168,795100%2,046

230153,068 315,860 315,860 318,860 1,107,480 328,020

8,000 15,000 15,000 15,000 85,184 -

18,299 (10,907) 49,093 34,093 18,299 93166,706 84,000 159,000 181,000 159,225(10,907) 49,093 34,093 93 655,199 93

9,195 - 5,860 8,146 9,195 8,14516,763 151,000 154,574 156,861 168,795

- 5,860 8,146 8,145 479,775 8,145

604 622 647 663 604 684584 602 627 643 589 664

11,687 12,046 12,547 12,851 11,772 13,2909%

2,220 3,439 4,468 5,175 3,826 5,5521,998 3,095 4,022 4,657 3,634 5,274

9.3%

360 390 420 425 399 44010%

61 65 66 67 61 6222,032 25,350 27,720 28,475 24,404 27,06011,687 12,046 12,547 12,851 11,772 13,29011,336 11,684 12,170 12,465 11,301 12,891

3% 3% 3% 3% 4% 3%

10,345 13,304 15,173 15,624 13,612 13,770470 470 470 470 470 494

0% 5%9,400 9,400 9,400 9,400 9,400 9,870



1,7022,2292,7282,7793,5593,9804,1974,4494,7604,9255,1715,429

2,220 3,439 4,468 5,175 3,826 5,552

273643485258626570747781

6263636468696868

68676767

63 67 68 67 66 67

593



610610610622635647647647654654680

604 622 647 663 634 6848%

10%10%10%10%10%

7%6%7%5%5%5%

292%

1%0%0%2%2%2%0%0%

1%0%4%

15%

584 602 627 643 589 66411,687 12,046 12,547 12,851 11,772 13,290

1,998 3,095 4,022 4,657 3,634 5,274



39,954 61,907 80,433 93,147 72,686 105,48511,687 12,046 12,547 12,851 11,772 13,290

9,618 9,914 10,326 10,576 9,688 10,9381,948 1,012 1,995 2,326 7,497 2,116

670 9,348 12,433 14,611 34,204 17,80593 181 188 193 1,003 -

2,711 10,540 14,616 17,130 44,998 19,9213 14 19 22 58 26

39 152 211 248 651 288158 616 854 1,001 2,629 1,164

2,510 9,759 13,532 15,859 41,660 18,444

0% 0% 0% 0% 0% 0%1% 1% 1% 1% 1% 1%6% 6% 6% 6% 6% 6%

10% 10% 10% 10% 10% 10%

5,232 5,717 5,717 5,825 22,492 5,726667 1,376 1,376 1,390 4,809 1,429

37 37 37 37 37 109252 252 277 277 264 270

4% 4% 4% 4% 3% 4%0% 0% 0% 0% 0% 0%

913 913 913 913 913 913

176 192 192 196 755 571153 316 348 351 1,168 353

576 1,985 2,184 2,402 1,787 2,5940.49 0.49 0.49 0.49 0.49 0.49

3,745 77,624 77,624 77,624 236,617 83,53061 67 68 67 66 67

132 10,328 11,525 12,492 34,476 14,517375,000

8%

255% 104% 122% 130% 132% 129%10% 10% 10%

307 10,520 11,717 12,687 35,232 15,088153 316 348 351 1,168 353



47 100 102 105 354 111310 316 322 329 329 339

2% 2% 2% 2% 8% 3%

10 22 22 23 78 2368 69 71 72 70 712% 2% 2% 2% 5% 2%

140 150 160 170 620 1828% 8% 7% 7% 25% 7%

7 7 7 7 28 72% 2%

12 12 12 12 48 124% 2%

10 10 10 10 40 106% 2%

350 100 100 75 625 1112%

8 9 9 10 36 1072% 2%

-

286 286 286 286 1,143 292

-

-

13 13 13 13 13 13

(13) (13) (13) (13) (7) (13)

(71) (1,474) (1,474) (1,474) (4,495) (1,666)

1,375 9,307 10,446 11,667 34,883 14,534

252 (102) 763 866 252 608



102 (763) (866) (608) (252) (688)

1,730 8,442 10,343 11,925 34,883 14,453

1 91 175 183 1 187

91 175 183 187 963 -

(91) (175) (183) (187) (1) (187)

1 91 175 183 963 -

1,731 8,532 10,518 12,108 32,889 14,453

69% 87% 78% 76% 79% 78%

3,183177

5880

52739-40

14

238 901 1,245 1,407 3,791 1,6499.47% 9.24% 9.20% 8.87% 9.01% 8.94%

8%18%

0%0%0%0%0%

0%0%0%

112



18464

107117

11-8

24 97 133 159 413 1920.972% 0.989% 0.981% 1.003% 1.025% 1.040%

27%0%0%0%0%0%0%0%0%0%0%0%0%0%0%

2131,469

20,3787091

412120108

-11

1,48623,989



04

1022

1560

2428-3

600784

--

(31)(1)(8)(0)----(0)

-(40)

--

174(1)5

(0)(0)-(0)(1)(5)

(231)(59)



-------------

2131,474

20,62271

10447

2144135

(1)9

1,85524,675

2%3%5%

10%20%20%30%

0%25%

0%20%

0%

64351



6,901584846

2-49-13-

7,532

444

1,0317

2191

-34-2

-1,153

--

(10)(0)(6)(0)----(0)----

(17)



--0

(1)4

(0)(0)-(0)(0)(4)-(1)

68395

7,922646655

2-82(0)11-

8,667

1451,078

12,7007

38(8)(0)

14453(1)(2)

1,85516,008



1,14311

1,15399%

1%

1026

0%22%

296%

1669487

12

100 100 100 180 480 1102% 2% 2% 2% 2% 2%

5%0%

571

3

-

424

--



-

620

10%1%

10%2%

-

123 267 549 712 14,891 75635% 35% 35% 35% 36% 36%

600

934 934 934 934 934 934

50%

30%

20%

37%2%1%



17%17%

5%13%-5%55%

8%

10%2%5%

0%

28%

2%

0%

2%

2%

58%

-10%

4%



0%3%0%0%0%

4%

1%

3%

22%

2%

1%

14%

-100%

0%

90%

2%2%

1%

96%

9,341228



(1,339)8,230

111

10

6

615

4,4192,4456,864

6486,216

4,1251,0171,907

13

94---

675-2666

7,923

140

166180168

13



1%

93%10%

202

22

3,000

1,660400

3(3)

2,060

125

14

113

501,450

-149

1,648(4)

1,644

171,3941,376

22151



2,961

5%4%4%

164%60%

336

672

66

1134

50

533

53(53)

533

26%

13,216

523,270

72%



385

(11)

11

5

1,490

202

36

58

6613

664

15%

0%



0.69 0.90 0.92 3.97 0.88 0.822Q-CY09 3Q-CY09 4Q-CY09 CY09F 1Q-CY10 2Q-CY10

636,900159,225 159,225 159,225 636,900 159,318 159,225

100%1,930

330675,180

168,795 168,795 168,795 675,180 168,795 168,795100%2,046

330328,020 328,020 328,020 1,312,080 328,113 328,020

- - - - - -

93 93 93 93 93159,225 159,225 159,225 159,318 159,225

93 93 93 636,900 93 93- -

168,795 168,795 168,795 168,795 168,795- - - 675,180 - -

687 700 717 653 741 743667 680 697 633 721 723

13,335 13,610 13,939 12,663 14,414 14,4638%

5,629 5,863 6,168 5,803 6,353 6,6645,347 5,570 5,859 5,513 6,035 6,331

9.3%

450 460 470 439 480 49010%

62 62 62 62 62 6227,675 28,336 28,952 26,997 29,616 30,28213,335 13,610 13,939 12,663 14,414 14,46312,802 13,202 13,381 12,283 14,414 14,463

4% 3% 4% 3%

14,340 14,726 15,013 14,334 15,202 15,819518 544 571 532 594 618

5% 5% 5% 13% 4% 4%10,364 10,882 11,426 10,635 11,883 12,358



5,4605,5705,6265,5725,6295,6855,7175,9225,9516,0446,1676,292

5,629 5,863 6,168 5,803 6,353 6,664

828384858687888991939597

6767676666666667

66666666

66 66 66 66 65 65

680



687687687687687700700700708708736

687 700 717 697 741 743

02%1%1%1%1%1%2%2%2%2%2%

16%

1%0%0%0%0%2%0%0%

1%0%4%

10%

667 680 697 633 721 72313,335 13,610 13,939 12,663 14,414 14,463

5,347 5,570 5,859 5,513 6,035 6,331



106,946 111,400 117,186 110,254 120,709 126,61913,335 13,610 13,939 12,663 14,414 14,46310,975 11,201 11,472 10,422 11,863 11,903

2,123 2,167 2,219 8,065 2,296 2,30318,052 18,804 19,780 74,442 20,375 21,373

- - - - - -

20,175 20,971 22,000 83,067 22,672 23,67626 27 28 107 29 30

292 303 318 1,201 328 3421,179 1,225 1,285 4,853 1,325 1,383

18,679 19,415 20,368 76,906 20,990 21,920

0% 0% 0% 0% 0% 0%1% 1% 1% 1% 1% 1%6% 6% 6% 6% 6% 6%

10% 10% 10% 10%

5,726 5,726 5,726 22,902 5,729 5,7261,429 1,429 1,429 5,718 1,430 1,429

109 120 122 115 126 126275 279 287 278 297 301

4% 4% 4% 4% 4% 4%0% 0% 0% 0% 0% 0%

913 913 913 913 913 913

571 628 638 2,408 660 659359 364 375 1,450 387 393

2,750 2,915 3,089 2,837 3,244 3,4390.49 0.49 0.49 0.49 0.49 0.49

83,530 83,530 83,530 334,121 83,530 83,53066 66 66 66 65 65

15,159 16,149 17,032 62,858 17,703 18,670375,000

6% 6% 6% 59% 5% 6%

125% 123% 122% 125% 121% 121%

15,730 16,777 17,671 65,266 18,363 19,329359 364 375 1,450 387 393



114 118 121 465 125 129349 359 370 340 381 392

3% 3% 3% 3% 3% 3%

24 24 25 96 25 2673 74 76 71 77 782% 2% 2% 2% 2% 2%

195 208 223 808 236 2507% 7% 7% 5% 6% 6%

7 7 8 29 8 82% 2% 2% 5% 2% 2%

12 13 13 50 13 142% 2% 2% 3% 2% 2%

10 11 11 43 11 112% 2% 2% 7% 2% 2%

111 111 111 444 125 1252%

10 11 11 42 11 112% 2% 2% 66% 2% 2%

-

292 292 292 1,167 298 298

-

-

13 13 13 7 13 13

(13) (13) (13) (11) (13) (13)

(1,749) (1,837) (1,929) (7,181) (2,006) (2,086)

15,115 16,099 16,930 62,674 17,597 18,508

688 1 1 252 1



(1) (1) (1) (252) (1)

15,802 16,099 16,930 62,674 17,597 18,508

187 187 187 1 187 187

- - - - - -

(187) (187) (187) (1) (187) (187)

- - - - - -

15,802 16,099 16,930 62,674 17,597 18,508

85% 83% 83% 81% 84% 84%

5,875209107145

85271-72

26

1,648 1,726 1,814 6,566 1,897 1,9718.82% 8.89% 8.91% 9.01% 9.04% 8.99%

8%18%

0%0%0%0%0%

0%0%0%

138



347

117

4912

13

1411-13

196 207 218 299 240 2501.049% 1.066% 1.073% 1.116% 1.143% 1.142%

23%0%0%0%0%0%0%0%0%0%0%0%0%0%0%

2131,474

20,62271

104

472144135

(1)9

1,85524,675



05

732

1870

2934-1

300468

--

(37)(0)(8)(0)----(0)

-(46)

--

208(1)5

(0)(0)-(0)(1)(5)

(231)(25)



-------------

2131,479

20,86572

11954

3173170

(3)4

1,92425,072

2%3%5%

10%20%20%30%

0%25%

0%20%

0%

68395



7,922646655

2-82(0)11-

8,667

444

1,0437

2411

1-42-1

-1,178

--

(13)(0)(6)(0)----(0)----

(19)



--0

(1)3

(0)(0)-(0)(0)(3)-(1)

72440

8,953708766

3-

125(1)9

-

9,824

1411,039

11,9122

32(12)

(1)173

45(2)(4)

1,92415,249



1,16711

1,17899%

1%

926

0%21%

328%

167103

14

100 150 140 500 100 1202% 2% 2% 2% 2% 2%

5%0%

600

4

-

444

100-



-

752

5%1%

6%2%

360 468 479 26,919 447 41836% 36% 36% 35% 35% 35%

600 600

934 934 934 934 934 934

50%

30%

20%

54%-7%-4%



17%17%

6%14%-5%55%

8%

9%2%5%

0%

26%

2%

0%

2%

2%

56%

-11%

4%



0%3%0%0%0%

4%

1%

4%

25%

2%

1%

14%

-100%

0%

90%

2%2%

1%

94%

9,341228



(2,675)6,895

808

4

615

4,2162,3316,547

6485,899

7,2481,9093,605

14

103---

826-42

12613,874

130

167180166

14



1%

92%10%

132

15

3,000

1,7851,000

3(3)

2,785

125

12

012

452,676

-274

2,996(8)

2,988

242,3212,517

15151



5,030

5%4%4%

208%60%

621

713

68

0134

58

636

53(53)

636

19%

25,138

525,192

72%



665

(13)

13

5

1,861

132

39

54

7604

764

15%

0%



0.79 1.98 4.48 0.893Q-CY10 4Q-CY10 CY10F 4QCY07E Oct Nov Dec

636,900159,225 159,225 636,900 204,223 33,877 80,346 90,000

100%1,930

330675,180

168,795 168,795 675,180 111,833 50,239 46,394 15,200100%2,046

330328,020 328,020 1,312,080 316,056 84,116 126,740 105,200

- - - - - - -

93 93159,225 159,225

93 93 636,900- -

168,795 168,795- - 675,180

758 776 707 547 545 547 550738 756 687 525 525 527 530

14,760 15,116 13,736 10,507 10,500 10,540 10,6008%

7,059 8,094 7,043 1,353 1,303 1,355 1,4006,706 7,690 6,691 1,217 1,173 1,220 1,260

9.3%

500 510 495 35010%

62 62 62 6130,950 31,620 30,616 21,35014,760 15,116 13,736 10,50714,760 15,116 13,324 10,191

3% 3%

16,190 16,504 16,880 10,843643 668 631 470 470 470 470

4% 4% 10%12,852 13,367 12,615 9,400 9,400 9,400 9,400



6,1736,3336,5536,5966,6646,7326,7916,9857,4017,6938,0888,502

7,059 8,094 7,043

9798

103104105106108110116121127134

6566656565656565

66656565

65 65 65

736



743743743743743758758758766766796

758 776 754

1%5%1%1%1%2%2%5%5%5%5%

35%

1%0%0%0%0%2%0%0%

1%0%4%8%

738 756 687 52514,760 15,116 13,736 10,507

6,706 7,690 6,691 1,217



134,122 153,794 133,811 24,34814,760 15,116 13,736 10,50712,148 12,441 11,305 8,931

2,350 2,407 8,748 2,14622,639 25,960 90,347 2,723

- - - -

24,989 28,367 99,703 4,86932 36 129 6

361 410 1,380 691,460 1,657 5,776 283

23,136 26,263 92,308 4,511

0% 0% 0% 0%1% 1% 1% 1%6% 6% 6% 6%

10% 10%

5,726 5,726 22,906 5,920 168,195 80,3321,429 1,429 5,718 1,094

139 139 132 37306 315 305 238 238 238 238

4% 4% 4% 4%0% 0% 0% 0%

913 913 913 913 Urea DAP

725 725 2,769 199399 411 1,591 238

3,645 3,864 3,177 5700.49 0.49 0.49 0.50

83,530 83,530 334,121 39,76465 65 65 61

19,790 20,977 77,141 1,387375,000

6% 6% 12%

120% 130% 138% 0%

20,515 21,703 79,910 1,586399 411 1,591 280

OpeningBalance



133 137 523 120404 416 353 304

3% 3% 4%

26 26 103 2479 80 73 672% 2% 2%

265 281 1,033 1006% 6% 5%

8 8 32 62% 2% 2%

14 14 52 112% 2% 2%

11 12 45 82% 2% 5%

125 125 499 2202%

11 12 46 62% 2% 19%

-

298 298 1,191 260

-

-

13 13 11 21

(13) (13) (13) (3)

(2,169) (2,256) (8,517) (755)

19,636 20,770 76,506 1,884

252 683



(252) -

19,636 20,770 76,506 2,567

187 187 1 -

- - - -

(187) (187) (1) -

- - - -

19,636 20,770 76,506 2,567

85% 79% 83% 57%

7,052 115248 37129 6175 9

10 062 385 4- -88 4

31 2

2,075 2,349 7,880 1818.97% 8.95% 8.95%

8% 8%18% 18%

0% 0%0% 0%0% 0%0% 0%0% 0%

0% 0%0% 0%0% 0%

172 22



41 28 0

13 19 0

59 315 1

1 03 0

16 111 1- 017 1

235 275 364 321.015% 1.047% 1.049%

25%0% 0%0% 0%0% 0%0% 0%0% 0%0% 0%0% 0%0% 0%0% 0%0% 0%0% 0%0% 0%0% 0%0% 0%

2131,479

20,86572

119

543173170

(3)4

1,92425,072



06

822

1980

3531-1

300483

--

(45)(0)(9)(0)----(0)

-(54)

--

226(1)5

(0)(0)-(0)(1)(5)

(254)(30)



8,953708766

3-

125(1)9

-9,824

445

1,0567

2712

1-50-0

-1,203

--

(15)(0)(7)(0)----(0)----

(22)



--0

(1)3

(0)(0)-(0)(0)(3)-(1)

77484

9,99576

11078

4-

175(1)5

-

11,003

1371,000

11,134(3)24

(17)(1)

20726(2)(5)

1,97014,469



1,19111

1,20399%

1%

1026

0%23%

297%

166 44114 19

1 04 0

165 123 508 642% 2% 2%

5%0%

660 130

4 22

-

47 94 -

110-



50

875 161

10%1%

6%2%

10%

403 1,011 32,56635% 35% 35% 37%

- 600

934 934 934 934

50%

30%

20%

58%11%6%



17%17%

6%13%-5%56%

8%

9%2%5%

0%

27%

2%

0%

2%

2%

58%

-12%

4%



0%3%0%0%0%

5%

1%

3%

24%

2%

1%

14%

-100%

0%

90%

2%2%

1%

95%

9,341228



(2,411)7,159

707

4

514

4,0212,2656,286

6485,638

8,6802,2464,401

14

114---

804-47

14716,452

140

166181167

14



1%

92%10%

41

6

3,000

1,909-3

(3)1,909

125

11

010

433,212

-329

3,584(12)

3,573

293,0152,848

19151



6,062

5%4%4%

171%60%

745

742

72

0134

65

781

53(53)

781

23%

26,095

526,149

72%



810

(15)

15

4

2,056

41

38

44

8754

879

15%

0%



O6 O7CY 596 500 -16% Urea9M 463 296 -36% Urea

4Q 133 204 53% UreaCY 472 363 -23% DAP9M 212 251 18% DAP4Q 260 112 -57% DAP



EPS 0.40 1.02 0.69

Rs mn 1Q-CY05 2Q-CY05 3Q-CY05Sales 2,460 3,478 4,533

Cost of sales 1,582 2,347 3,124

Gross profit 878 1,131 1,409

GP margin 35.69% 32.51% 31.09%

Distribution costs 272 303 295

Administrartive expenses 21 38 31

Finance cost 50 56 60

Other operating expenses 31 41 57

Other income 87 79 121

Compensation from GoP - 700 -

EBT 591 1,472 1,087

Tax 215 521 444

EAT 375 951 643

Extraordianry items

Profit after extraordinary items 375 951 643

EPS (diluted) 0.40 1.02 0.69

DPS

Payout ratioEarnings growthNet margins 15% 27% 14%

Unappropriated profit b/f Divivdend from prior year Profit for the year



Disposable for appropriation

First interim dividendSecond interim dividend

Transfer to general reserve

Unappropriatd c/f

ROERtention rate

Growth

PriceNo. of sharesMarket Cap

Plus: market value of debt

Less: cash and investments

EV

EV/share

EV/EBITDA

EBITDA



0.52 2.62 0.30 0.77 0.36 1.20

4Q-CY05 CY05 1Q-CY06 2Q-CY06 3Q-CY06 4Q-CY063,784 14,255 2,694 3,166 2,703 6,144

2,636 9,692 1,936 2,431 1,784 3,872

1,147 4,563 758 735 919 2,272

30.32% 32.007% 28.135% 23.228% 33.995% 36.979%

387 1,258 317 305 336 463

25 114 24 26 26 28

94 260 99 101 96 117

41 170 23 39 53 128

168 454 137 133 112 170

- 700 - 700 - -

768 3,915 433 1,098 520 1,706

285 1,466 156 383 185 588

483 2,449 277 715 335 1,118

-

483 2,449 277 715 335 1,118

0.52 2.62 0.30 0.77 0.36 1.20

2.50

95%34%

13% 17% 10% 23% 12% 18%

(2,423)-

2,449



26

(1,168)(701)

-

(1,842)



2.62 0.40 0.17 1.08 1.06 2.72

CY06 1Q-CY07 2Q-CY07 3Q-CY07 4Q-CY07 CY07E14,707 3,034 906 3,885 4,417 12,243

10,023 2,114 1,165 1,847 2,294 7,420

4,684 920 (259) 2,039 2,123 4,823

31.85% 30.33% -28.60% 52.47% 48.06% 39.39%

1,420 307 74 338 349 1,069

103 34 26 27 43 131

412 145 166 143 177 631

243 45 (12) 109 202 344

552 186 152 124 190 652

700 - 600 - - 600

3,757 575 238 1,545 1,542 3,900

1,312 198 79 534 549 1,360

2,445 376 159 1,011 993 2,540

- - -

2,445 376 159 1,011 993 2,540

2.62 0.40 0.17 1.08 1.06 2.72

1.25 - 0.50 1.00 1.00 2.50

60% 92%0% 4%

17% 12% 18% 26% 22% 21%

(1,842) (1,031)(467) (1,168)

2,445 2,540



136 341

(467) (467)(701) (934)

- -

(1,031) (1,060)

30%8%

2%1%

13

40934

36,991

8544,628

33,21636

65,587



0.25 0.53 1.10 1.42 3.30 1.45

1Q-CY08 2Q-CY08 3Q-CY08 4Q-CY08 CY08F 1Q-CY092,510 9,759 13,532 15,859 41,660 18,444

1,731 8,532 10,518 12,108 32,889 14,453

780 1,226 3,014 3,751 8,771 3,991

31.05% 12.57% 22.27% 23.65% 21.05% 21.64%

238 901 1,245 1,407 3,791 1,649

24 97 133 159 413 192

166 117 117 117 468 113

100 100 100 180 480 110

100 155 155 155 620 188

- 600 600 -

352 766 1,574 2,043 4,735 2,115

123 267 549 712 1,651 756

229 499 1,025 1,331 3,084 1,359

- -

229 499 1,025 1,331 3,084 1,359

0.25 0.53 1.10 1.42 3.30 1.45

- 0.25 1.00 2.00 3.25 1.25

98%21%

9% 5% 8% 8% 7% 7%

(1,060)(934) (2,335)

3,084



1,090

(1,518)(911)

-

(1,339)

37%2%

1%

3 10 14 17 45 20

40 40 40 40 40 40934 934 934 934 934 934

36,991 36,991 36,991 36,991 36,991 36,991

- - - - 2,746 -- - - - 6,860 -

36,991 36,991 36,991 36,991 32,876 36,99140 40 40 40 35 4071 42 22 17 5 17

518 883 1,692 2,160 6,357 2,227



0.69 0.90 0.92 3.97 0.88 0.82

2Q-CY09 3Q-CY09 4Q-CY09 CY09F 1Q-CY10 2Q-CY1018,679 19,415 20,368 76,906 20,990 21,920

15,802 16,099 16,930 63,284 17,597 18,508

2,877 3,317 3,438 13,622 3,393 3,412

15.40% 17.08% 16.88% 17.71% 16.17% 15.57%

1,648 1,726 1,814 6,838 1,897 1,971

196 207 218 813 240 250

113 113 113 451 102 102

100 150 140 500 100 120

188 188 188 752 219 219

- - - - - -

1,008 1,309 1,340 5,771 1,274 1,188

360 468 479 2,063 447 418

647 841 861 3,708 827 770

647 841 861 3,708 827 770

0.69 0.90 0.92 3.97 0.88 0.82

1.00 1.00 1.00 4.25 1.25 1.50

107%20%

3% 4% 4% 5% 4% 4%

(1,339)- (234) (934) (1,868) (3,036) (1,168)

3,708



501

(1,985)(1,191)

-

(2,675)

54%-7%

-4%

20 21 22 82 22 23

40 40 40 40 40 40934 934 934 934 934 934

36,991 36,991 36,991 36,991 36,991 36,991

- - - 5,943 - -- - - 10,101 - -

36,991 36,991 36,991 32,833 36,991 36,99140 40 40 35 40 4033 26 25 4 27 29

1,120 1,422 1,453 7,400 1,376 1,289



0.79 1.98 4.48

3Q-CY10 4Q-CY10 CY10F23,136 26,263 92,308

19,636 20,770 76,511

3,500 5,493 15,797

15.13% 20.91% 17.11%

2,075 2,349 8,292

235 275 1,000

102 102 407

165 123 508

219 219 875

- - -

1,142 2,863 6,466

403 1,011 2,279

739 1,852 4,187

-

739 1,852 4,187

0.79 1.98 4.48

1.00 0.75 4.00

89%13%

3% 7% 5%

(2,675)(934) (934) (934)

4,187



579

(1,868)(1,121)

-

(2,411)

58%11%

6%

25 28 99

40 40 40934 934 934

36,991 36,991 36,991

- - 6,883- - 12,809

36,991 36,991 31,06540 40 3330 12 4

1,244 2,964 8,075



EPS 2.62 2.62

Balance Shet_______FFBL (Rs mn) CY05 CY06 1Q-CY07Share capital 9,341 9,341 9,341Capital reserve 228 228 228Accumulated loss (1,842) (1,031) (1,825)

7,728 8,538 7,744

NON-CURRENT LIABILITIESLong term financing 1,876 1,459 1,355

6 3 2Long term murabaha 174 135 126Deferred tax liability 1,322 2,634 2,833Long term loan 7,130 6,482 6,482

Trade and other payables 2,906 2,675 2,229Mark up accrued 94 105 128Short term running finance 2,237 4,532 4,490Current portion of:

Long term financing 417 417 417

4 3 2Long term murabaha 39 39 39Short term finances - - -Long term loan 648 648 648

Sales tax payable - 11 -

6,345 8,429 7,954

CONTINGCIES AND COMMITMENTS

24,581 27,682 26,496

PROPERTY, PLANT AND EQUIPMENT 14,563 14,930 15,660INTANGIBLE ASSETS - - -LONG TERM INVESTMENTS 734 1,411 1,411

LONG TERM DEPOSITS 17 17 17DEFERRED COSTS - - -DEFERRED TAX ASSET - - -CURRENT ASSETS:

Stores and spares 577 797 967Stock in trade 1,023 801 604Trade debts 115 231 142Advances 38 61 185

Liabilities against assets subject to financiallease

CURRENT LIABILITIES AND PROVISIONS

Liabilities against assets subject tofinancial lease



3 5 8Interest accrued 86 91 63Other recievables 336 1,347 1,459Income and sales tax refundable 157 251 319

- 502 538Bank balances 6,932 7,236 5,124

9,267 11,323 9,408

24,581 27,681 26,496

Check (0) 0 -

Net debt 4,569 6,447Net debt change

Trade deposits and short termprepayments

Investmetns at fair value through profit or loss



6 8 4 4 487 90 41 50 58

421 1,294 422 533 636359 400 103 385 665830 1,627 578 664 764

5,369 4,032 4,628 6,860 10,1019,528 10,287 - 6,982 13,503 20,935

27,239 28,029 - 25,090 31,585 38,980

0 - - 854 2,746 5,943

4,608 4,201 3,756(1,838) (407) (445)



4.48

CY109,341

228(2,411)7,159

214

764

2,0565,638

16,4526

3,000

44

413-

648-

20,168

35,305

14,469-

1,909

10--

3,5736,062

74572



EPS 1.96 2.62 2.62Cash Flow StatementRs mn CY04 CY05 CY06

CF from operating activities

Cash generated from operationsProfit before tax 2,849 3,915 3,757Adjusments for:Provision for gratuity 7 8 11Provision for WPPF 165Depreciation 930 939 990Amortization/Deferred costs 29 - -Finance costs 85 260 413Compensation from GOP (700) (700) (700)Provision for doubtful advances (0) 0 -Provision for inventory obsolescene - 4 -

- - (2)

(0) (0) (518)Gain on sale of Property, plant & equipment (0) (0) (3)

3,199 4,426 4,113Changes in working capitalStores and spares (64) (61) (220)Stock in trade (43) (771) 222Trade debts (39) 316 (116)

Advances (195) 170 (23)Trade deposits and short term prepayments 0 (1) (2)Other recievables (80) 38 (1,011)Trade and other payables * 810 898 (97)Sales tax * 62 (59) 24

451 529 (1,223)

Cash generated from operations 3,650 4,955 2,890Finance cost paid (60) (193) (402)Compensation received from GoP * 52 - 52

Taxes paid * (43) (129) (107)Payment to gratuity fund (7) (8) (11)Payment to WPPF (173) (159)

3,592 4,452 2,261

CF from investing activities

Surplus on remeasurment of investment atfair value through profit or lossProfit on bank balances and interest on

related party

Operating profit before working capitalchanges

Net cash generated from operating activities



4 6 4Fixed capital expenditure (293) (966) (1,358)Investment in Pak Maroc Phosphore (359) (376) (677)Long term deposits 1 1 0Investment at fair value (500)Profit received on bank balances * 75 364 513Net cash used in investing activities (571) (971) (2,019)

CF from financing activities

Issue of share capital 242 - -Long term financing-repayments (208) (417) (417)Repayment redeemable ***Principal portion of lease rentals paid (10) (7) (4.413)Long term murabaha-repayments (19) (39) (38.678)Dividend paid (510) (1,970) (1,733.316)Net cash used in financing activities (506) (2,433) (2,233)Net increase in cash and cash equivalents 2,515 1,048 (1,991)

1,482 3,996 4,6953,996 5,044 2,704

Proceeds from sale of plant property &equipment

Cash and cash equivalents at beginning of the year Cash and cash equivalents at end of theyear



6 6 6 6(2,751) (784) (468) (483)

(125) (125) (125) (125)2 1 1 10

(575) (661) (760) (875)479 546 563 625

(2,964) (1,017) (783) (841)

- - - -(291) (404) (441) (483)

1,193 (416) (1,130) 6026 3 (3) (1)

(39) (23) (19) (16)(1,245) (2,094) (3,024) (3,011)

(375) (2,934) (4,618) (2,909)(1,076) 2,232 3,241 2,708

2,704 1,628 3,860 7,1011,628 3,860 7,101 9,809

2 7 9 7



EPS 2.72 3.30 3.97DCF & DDM valuationsRs mn CY07 CY08 CY09

Net income 2,540 3,084 3,708Plus: Depreciation 1,056 1,153 1,178Plus: Interest expensex(1-tax rate) 410 305 293Less: Investment in fixed capital (2,964) (1,017) (783)Less: Investment in working capital 1,067 3,098 4,215FCFF 5,903 2,461 1,747

Less: Interestx (1-tax rate) 410 305 293Plus: Net borrowing (1,838) (407) (445)

FCFE 3,655 1,749 1,009TV

PV of FCFE 3,143 1,504 746PV of TV

FCFE 30,269Fair value / share 32

CAPM

Beta 0.67Risk free rate 12.95%Risk premium 5%Required rate of return 16.30%

Terminal growth rate 6%Tax rate 35%

DDM CY07 CY08 CY09

1.50 3.25 4.25

1.50 3.25 4.252.79 3.14

Fair value/ share $35.82

Risk free rate 12.95%



Risk premium 5%BETA 0.60Terminal growth 7%Cost of Equity 16.30%

ROE 29% 31% 45%Retention rate 8% 2% -7%Growth 2% 0% -3%

Terminal growth rate 1%

334



4.48

CY10

4,1871,203

264(841)

1,6304,865

264(485)

4,11639,960

2,61725,403

CY10

4.0043.0147.01

29.89



403

6%

52%11%

6%

00

9%



EPS (3.45) 2.29 1.29Finance costRs mn FY01 FY02 FY03Mark up on long term financingMark up on long term financing

522,493,000 365,805,000 114,989,000Fianance charges on plant property - 1,504,000 2,469,000Mark up on long term murabaha ### 142,618,000 6,032,000Mark up on ST borrowings 302,813,000 203,835,000 14,987,000Interest on WPPF - - 101,000Bank charges 3,662,000 3,511,000 413,000Exchange loss 38,560,000 10,529,000 7,585,000Reversal - (681,948,000) -Other charges 2,428,000 5,178,000 -Guarantee fee 147,490,000 58,863,000 10,129,000Interest on supplier's credit - 164,612,000 -Mark up charged by holding company 96,772,000 47,144,000 -

Total 2,559 322 157

Mark up on STLong term financing 2,919 3,523 2,919Current portion 1,161 173 208

1,758 3,351 2,710

Rate on lease

Interest on WPPFBank charges -88%

Long term murabaha 316 271 270Current portion - - 19

316 271 251

Banks loanPKICLong trem murabaha

HBLAmount outstanding 713,875,000No of installments remaining 22No of installments per year 4Interest rate 9%



2Q2009 191,387,2293Q2009 171,964,9274Q2009 152,105,6231Q2010 131,799,4852Q2010 111,036,4593Q2010 89,806,2644Q2010 68,098,3901Q2011 45,902,0892Q2011 23,206,371

MCBAmount outstanding 703,727,000No of installments remaining 22No of installments per year 4Interest rate 0.09Installments 40,906,388

Date Balance1Q2006 703,727,0002Q2006 678,654,4703Q2006 653,017,8084Q2006 626,804,3211Q2007 600,001,0302Q2007 572,594,6663Q2007 544,571,6584Q2007 515,918,1321Q2008 486,619,903

2Q2008 456,662,4633Q2008 426,030,9804Q2008 394,710,2901Q2009 362,684,8842Q2009 329,938,9063Q2009 296,456,1434Q2009 262,220,0191Q2010 227,213,5822Q2010 191,419,4993Q2010 154,820,0504Q2010 117,397,1141Q2011 79,132,1612Q2011 40,006,247

ACBLAmount outstanding 157,143,000No of installments remaining 22No of installments per year 4Interest rate 9%



Installments 9,134,441

Date Balance1Q2006 157,143,0002Q2006 151,544,2773Q2006 145,819,5834Q2006 139,966,0831Q2007 133,980,8792Q2007 127,861,0083Q2007 121,603,4404Q2007 115,205,0771Q2008 108,662,7502Q2008 101,973,2223Q2008 95,133,1794Q2008 88,139,2341Q2009 80,987,9272Q2009 73,675,7143Q2009 66,198,9774Q2009 58,554,0141Q2010 50,737,0382Q2010 42,744,1813Q2010 34,571,4854Q2010 26,214,9021Q2011 17,670,2972Q2011 8,933,438

SAPICOAmount outstanding 58,808,000

No of installments remaining 22No of installments per year 4Interest rate 0.09Installments 3,418,404

Date Balance1Q2006 58,808,0002Q2006 56,712,7763Q2006 54,570,4104Q2006 52,379,8411Q2007 50,139,9842Q2007 47,849,7303Q2007 45,507,9464Q2007 43,113,4711Q2008 40,665,1202Q2008 38,161,6823Q2008 35,601,9174Q2008 32,984,5561Q2009 30,308,305



2Q2009 27,571,8383Q2009 24,773,8014Q2009 21,912,8081Q2010 18,987,4432Q2010 15,996,2573Q2010 12,937,7694Q2010 9,810,4661Q2011 6,612,7972Q2011 3,343,182

PKICAmount outstanding 251,429,000No of installments remaining 22No of installments per year 4Interest rate 0.09Installments 14,615,117

Date Balance1Q2006 251,429,0002Q2006 242,471,0363Q2006 233,311,5184Q2006 223,945,9101Q2007 214,369,5772Q2007 204,577,7753Q2007 194,565,6594Q2007 184,328,2691Q2008 173,860,5392Q2008 163,157,284

3Q2008 152,213,2074Q2008 141,022,8871Q2009 129,580,7862Q2009 117,881,2373Q2009 105,918,4484Q2009 93,686,4971Q2010 81,179,3262Q2010 68,390,7443Q2010 55,314,4194Q2010 41,943,8771Q2011 28,272,4982Q2011 14,293,513

Long term murabahaAmount outstanding 212,730,000No of installments remaining 22No of installments per year 4Interest rate 0.09Installments 12,365,613



Date Balance1Q2006 212,730,0002Q2006 205,150,8123Q2006 197,401,0924Q2006 189,477,0031Q2007 181,374,6232Q2007 173,089,9393Q2007 164,618,8494Q2007 155,957,1601Q2008 147,100,5832Q2008 138,044,7333Q2008 128,785,1264Q2008 119,317,1781Q2009 109,636,2022Q2009 99,737,4033Q2009 89,615,8814Q2009 79,266,6261Q2010 68,684,5112Q2010 57,864,3003Q2010 46,800,6334Q2010 35,488,0341Q2011 23,920,9022Q2011 12,093,509

Short term borrowingDate BalanceCY06 ###

CY07 ###CY08 ###CY09 ###CY10 ###



1.96 2.62 2.62 2.72 3.30 3.97

FY04 FY05 FY06 FY07 FY08 FY0959 149 160 131 115 82

7 18 20 16 14 1067 168 180 148 129 92

2 1 0 0 0 06 16 17 14 12 99 74 205 430 300 3150 0 0 0 0 01 1 2 3 4 60 0 9 36 23 30

- - - - - -- - - - - -- - - - - -- - - - - -- - - - - -

85 260 413 631 468 451

6% 10% 10% 11%2,710 2,293 1,876 1,586 1,182 740

417 417 417 271 202 1262,293 1,876 1,459 1,315 980 614

0% 0% 4% 1% 2% 2%

0% 0% 1% 0% 1% 1%26% 71% 49% 60% 54%

251 212 174 135 112 9339 39 39 23 19 16

212 174 135 112 93 77

173,790,047 143 115 8221 18 14 10

18,107,075 15 12 9



Installment Principle Interest Interest Rate Balance9,134,441 5,598,723 3,535,718 2% 151,544,2779,134,441 5,724,694 3,409,746 2% 145,819,5839,134,441 5,853,500 3,280,941 2% 139,966,0839,134,441 5,985,204 3,149,237 2% 133,980,8799,134,441 6,119,871 3,014,570 2% 127,861,0089,134,441 6,257,568 2,876,873 2% 121,603,4409,134,441 6,398,363 2,736,077 2% 115,205,0779,134,441 6,542,326 2,592,114 2% 108,662,7509,134,441 6,689,529 2,444,912 2% 101,973,2229,134,441 6,840,043 2,294,397 2% 95,133,1799,134,441 6,993,944 2,140,497 2% 88,139,2349,134,441 7,151,308 1,983,133 2% 80,987,9279,134,441 7,312,212 1,822,228 2% 73,675,7149,134,441 7,476,737 1,657,704 2% 66,198,9779,134,441 7,644,964 1,489,477 2% 58,554,0149,134,441 7,816,975 1,317,465 2% 50,737,0389,134,441 7,992,857 1,141,583 2% 42,744,1819,134,441 8,172,697 961,744 2% 34,571,4859,134,441 8,356,582 777,858 2% 26,214,9029,134,441 8,544,605 589,835 2% 17,670,2979,134,441 8,736,859 397,582 2% 8,933,4389,134,441 8,933,438 201,002 2% (0)

Installment Principle Interest Interest Rate Balance3,418,404 2,095,224 1,323,180 2% 56,712,7763,418,404 2,142,366 1,276,037 2% 54,570,4103,418,404 2,190,569 1,227,834 2% 52,379,8413,418,404 2,239,857 1,178,546 2% 50,139,9843,418,404 2,290,254 1,128,150 2% 47,849,7303,418,404 2,341,785 1,076,619 2% 45,507,9463,418,404 2,394,475 1,023,929 2% 43,113,4713,418,404 2,448,350 970,053 2% 40,665,1203,418,404 2,503,438 914,965 2% 38,161,6823,418,404 2,559,766 858,638 2% 35,601,9173,418,404 2,617,360 801,043 2% 32,984,5563,418,404 2,676,251 742,153 2% 30,308,3053,418,404 2,736,467 681,937 2% 27,571,838



Installment Principle Interest Interest Rate Balance12,365,613 7,579,188 4,786,425 2% 205,150,81212,365,613 7,749,720 4,615,893 2% 197,401,09212,365,613 7,924,089 4,441,525 2% 189,477,00312,365,613 8,102,381 4,263,233 2% 181,374,62312,365,613 8,284,684 4,080,929 2% 173,089,93912,365,613 8,471,090 3,894,524 2% 164,618,84912,365,613 8,661,689 3,703,924 2% 155,957,16012,365,613 8,856,577 3,509,036 2% 147,100,58312,365,613 9,055,850 3,309,763 2% 138,044,73312,365,613 9,259,607 3,106,006 2% 128,785,12612,365,613 9,467,948 2,897,665 2% 119,317,17812,365,613 9,680,977 2,684,637 2% 109,636,20212,365,613 9,898,799 2,466,815 2% 99,737,40312,365,613 10,121,522 2,244,092 2% 89,615,88112,365,613 10,349,256 2,016,357 2% 79,266,62612,365,613 10,582,114 1,783,499 2% 68,684,51112,365,613 10,820,212 1,545,402 2% 57,864,30012,365,613 11,063,666 1,301,947 2% 46,800,63312,365,613 11,312,599 1,053,014 2% 35,488,03412,365,613 11,567,132 798,481 2% 23,920,90212,365,613 11,827,393 538,220 2% 12,093,50912,365,613 12,093,509 272,104 2% (0)

Installment Principle Interest Interest Rate### ### 207,000,000 9%

### ### 207,000,000 9%### ### 184,000,000 8%### ### 184,000,000 8%### ### 184,000,000 8%



4.48

FY1045 48

6 451 52(0) 05 3

315 1070 0

10 126 9- -- -- -- -- -

407 173

11%258

44214

2%

1%57%

771364

4565



1Q54,374,411

-54,374,411

0-51

002

103



Model Assumptions

CY05 CY06 CY07 CY08FUrea Capacity 551,100 551,100 594,000 159,225 159,225 159,225 159,225 636,900 159,225 159,225 159,225

Urea Production 588,799 601,044 488,000 145,500 159,000 159,000 162,000 636,900 159,225 159,225 159,225Urea efficiency 107% 109% 82% 91% 100% 100% 102% 100% 100% 100% 100%DAP capacity 445,500 445,500 457,050 117,645 117,645 117,645 117,645 470,580 168,795 168,795 168,795DAP production 454,672 450,400 357,000 7,568 156,860 156,860 156,860 470,580 168,795 168,795 168,795

DAP efficiency 102% 101% 110% 6% 133% 133% 133% 100% 100% 100% 100%Domestic Urea Sales 495,202 497,325 474,191 166,706 84,000 159,000 181,000 590,706 159,225 159,225 159,225DAP sales 379,254 381,254 351,700 16,763 151,000 154,574 156,861 479,198 168,795 168,795 168,795Imported Urea sales 64,000 70,400 77,440 8,000 15,000 15,000 15,000 53,000 - - -Feedstock gas consumed 21,173 21,613 16,790 5,232 5,717 5,717 5,825 22,492 5,726 5,726 5,726Fuelstock gas consumed 4,547 4,582 3,682 667 1,376 1,376 1,390 4,809 1,429 1,429 1,429Feedstock/MMBTU 37 37 37 37 37 37 37 37 109 109 120FuelStock /MMBTU 228 257 241 252 252 277 277 264 270 275 279Urea Price 482 513 539 584 602 627 643 614 664 667 680DAP price 1,000 998 1,090 1,998 3,095 4,022 4,657 3,443 5,274 5,347 5,570PhosAcid price 445 465 568 576 1,985 2,184 2,402 1,787 2,594 2,750 2,915

DAP % of revenue 60% 57% 59% 25% 89% 85% 85% 76% 89% 89% 90%Urea % of revenue 40% 43% 41% 80% 12% 16% 16% 25% 12% 12% 12%Payout ratio 95% 48% 92% 0% 47% 91% 140% 98% 86% 144% 111DAP subsidy - - 398 470 470 470 470 470 494 518 544PhosAcid consumed n/a n/a 176,666 3,745 77,624 77,624 77,624 236,617 83,530 83,530 83,530Source: Capital One Equities Research, Company reports

Income StatementCY05 CY06 CY07 CY08F

Sales 14,255 14,707 12,243 2,510 9,759 13,532 15,859 41,660 18,444 18,679 19,415Cost of sales 9,692 10,023 7,420 1,731 8,532 10,518 12,108 32,889 14,453 15,802 16,099Gross profit 4,563 4,684 4,823 780 1,226 3,014 3,751 8,771 3,991 2,877 3,317

GP margin 32% 32% 39% 31% 13% 22% 24% 21% 22% 15% 17Distribution costs 1,258 1,420 1,069 238 901 1,245 1,407 3,791 1,649 1,648 1,726Administrative expenses 114 103 131 24 97 133 159 413 192 196 207Finance cost 260 412 631 166 117 117 117 468 113 113 113Other operating expenses 170 243 344 100 100 100 180 480 110 100 150Other income 454 552 652 100 155 155 155 620 188 188 188Compensation from GoP 700 700 600 - 600 - - 600 - - EBT 3,915 3,757 3,900 352 766 1,574 2,043 4,735 2,115 1,008 1,309Tax 1,466 1,312 1,360 123 267 549 712 1,651 756 360 468EAT 2,449 2,445 2,540 229 499 1,025 1,331 3,084 1,359 647 841Profit after extraordinary item 2,449 2,445 2,540 229 499 1,025 1,331 3,084 1,359 647 841EPS (diluted) 2.62 2.62 2.72 0.25 0.53 1.10 1.42 3.30 1.45 0.69 0.90

DPS 2.50 1.25 2.50 - 0.50 1.00 2.00 3.25 1.00 0.75 1.0Payout ratio 95% 60% 92% 0% 0% 0% 0% 98% 0% 0%Earnings growth 34% 0% 4% 0% 0% 0% 0% 21% 0% 0%Net margins 17% 17% 21% 9% 5% 8% 8% 7% 7% 3%Source: Capital One Equities Research, Company reports

FFBL financials (Rs mn) CY06 CY07 CY08 CY09 CY10Net sales 14,707 12,243 41,660 76,906 92,308Cost of Sales 10,023 7,420 32,889 63,284 76,511Gross Profit 4,684 4,823 8,771 13,622 15,797GP Margin 32% 39% 21% 18% 17%

Other Income 1,252 1,252 1,220 752 875Finance cost 412 631 468 451 407Tax 1,312 1,360 1,651 2,063 2,279PAT 2 445 2 540 3 084 3 708 4 187

1Q-CY08 2Q-CY08 3Q-CY08 4Q-CY08 1Q-CY09 2Q-CY09 3Q-CY

1Q-CY08 2Q-CY08 3Q-CY08 4Q-CY08 1Q-CY09 2Q-CY09 3Q-CY



Source: Capital One Equities Research

DAP/PhosAcid margin % CY06 CY07 CY08 CY09 CY10Import price $/ton 465 568 1,787 2,837 3,177Conversion factor 0.49 0.49 0.49 0.49 0.49Rs/ US $ 60 61 66 66 65Phosphoric acid cost 6,118 6,117 34,476 62,858 77,141DAP price 1,000 1,090 3,443 5,513 6,305

DAP margins 101% 134% 132% 125% 138%Source: Capital One equities Research

DDM Value CY08 CY09 CY10DPS 3.25 4.25 4.00TV 43PV of TV 3 3 30

Per share Value (Rs) 36Source: Capital One Equities Research

4139

-5%3 6

41

13.14



CY09F CY10F159,225 636,900 159,225 159,225 159,225 159,225 636,900159,225 636,900 159,318 159,225 159,225 159,225 636,900

100% 100% 100% 100% 100% 100% 100%168,795 675,180 168,795 168,795 168,795 168,795 675,180168,795 675,180 168,795 168,795 168,795 168,795 675,180

100% 100% 100% 100% 100% 100% 100%159,225 636,900 159,318 159,225 159,225 159,225 636,993168,795 675,180 168,795 168,795 168,795 168,795 675,180

- - - - - - -5,726 22,902 5,729 5,726 5,726 5,726 22,9061,429 5,718 1,430 1,429 1,429 1,429 5,718122 115 126 126 139 139 132287 278 297 301 306 315 305697 677 721 723 738 756 734

5,859 5,513 6,035 6,331 6,706 6,146 6,3053,089 2,837 3,244 3,439 3,645 3,864 3,548

90% 90% 90% 90% 91% 92% 91%12% 12% 12% 11% 11% 11% 11%

108% 107% 141% 182% 126% 38% 89%571 532 594 618 643 668 631

83,530 334,121 83,530 83,530 83,530 83,530 334,121

CY09F CY10F20,368 76,906 20,990 21,920 23,136 26,263 92,30816,930 63,284 17,597 18,508 19,636 20,770 76,511

3,438 13,622 3,393 3,412 3,500 5,493 15,79717% 18% 16% 16% 15% 21% 17%

1,814 6,838 1,897 1,971 2,075 2,349 8,292218 813 240 250 235 275 1,000113 451 102 102 102 102 407140 500 100 120 165 123 508188 752 219 219 219 219 875

- - - - - - -1,340 5,771 1,274 1,188 1,142 2,863 6,466

479 2,063 447 418 403 1,011 2,279861 3,708 827 770 739 1,852 4,187861 3,708 827 770 739 1,852 4,187

0.92 3.97 0.88 0.82 0.79 1.98 4.480.75 4.25 0.75 1.00 1.00 1.00 4.00

0% 107% 0% 0% 0% 0% 89%0% 20% 0% 0% 0% 0% 13%4% 5% 4% 4% 3% 7% 5%

4Q-CY09 1Q-CY10 2Q-CY10 3Q-CY10 4Q-CY10

4Q-CY09 1Q-CY10 2Q-CY10 3Q-CY10 4Q-CY10



Covariance 0.0000085Variance 0.0002160Beta 0.04

Price Index Price change Index changeMon/16/Aug/04 21.55 5,329.67Tue/17/Aug/04 21.30 5,377.75 -1% 1%Wed/18/Aug/04 22.20 5,417.44 4% 1%Thu/19/Aug/04 22.45 5,377.71 1% -1%Fri/20/Aug/04 22.10 5,409.05 -2% 1%

Mon/23/Aug/04 22.65 5,401.38 2% 0%Tue/24/Aug/04 22.15 5,368.23 -2% -1%Wed/25/Aug/04 21.60 5,355.22 -2% 0%Thu/26/Aug/04 21.85 5,381.09 1% 0%Fri/27/Aug/04 22.05 5,393.99 1% 0%

Mon/30/Aug/04 22.45 5,329.86 2% -1%Tue/31/Aug/04 21.90 5,346.15 -2% 0%Wed/01/Sep/04 22.00 5,320.38 0% 0%Thu/02/Sep/04 21.80 5,327.53 -1% 0%Fri/03/Sep/04 21.50 5,318.73 -1% 0%

Mon/06/Sep/04 21.25 5,195.42 -1% -2%Tue/07/Sep/04 20.25 5,168.77 -5% -1%Wed/08/Sep/04 20.35 5,199.39 0% 1%Thu/09/Sep/04 20.50 5,184.12 1% 0%Fri/10/Sep/04 20.40 5,172.21 0% 0%

Mon/13/Sep/04 20.45 5,118.39 0% -1%Tue/14/Sep/04 20.05 5,087.37 -2% -1%Wed/15/Sep/04 19.75 4,997.35 -1% -2%Thu/16/Sep/04 19.25 5,055.03 -3% 1%

Fri/17/Sep/04 19.80 5,045.91 3% 0%Mon/20/Sep/04 19.55 5,044.77 -1% 0%Tue/21/Sep/04 19.45 4,958.41 -1% -2%Wed/22/Sep/04 18.85 4,890.22 -3% -1%Thu/23/Sep/04 18.15 4,970.57 -4% 2%Fri/24/Sep/04 18.60 5,080.67 2% 2%

Mon/27/Sep/04 19.15 5,125.04 3% 1%Tue/28/Sep/04 19.65 5,128.13 3% 0%Wed/29/Sep/04 19.60 5,196.28 0% 1%Thu/30/Sep/04 19.65 5,217.65 0% 0%Fri/01/Oct/04 19.80 5,245.82 1% 1%

Mon/04/Oct/04 19.70 5,267.21 -1% 0%

Tue/05/Oct/04 19.70 5,233.28 0% -1%Wed/06/Oct/04 19.40 5,299.53 -2% 1%Thu/07/Oct/04 19.50 5,295.76 1% 0%Fri/08/Oct/04 19.75 5,342.94 1% 1%

Mon/11/Oct/04 21.25 5,372.13 8% 1%Tue/12/Oct/04 21.15 5,421.07 0% 1%Wed/13/Oct/04 21.45 5,445.50 1% 0%Thu/14/Oct/04 21.20 5,469.62 -1% 0%



Fri/15/Oct/04 21.20 5,433.48 0% -1%Mon/18/Oct/04 20.80 5,380.72 -2% -1%Tue/19/Oct/04 20.25 5,467.06 -3% 2%Wed/20/Oct/04 20.70 5,465.36 2% 0%Thu/21/Oct/04 21.25 5,452.87 3% 0%Fri/22/Oct/04 20.85 5,458.32 -2% 0%

Mon/25/Oct/04 20.80 5,468.12 0% 0%Tue/26/Oct/04 20.35 5,390.35 -2% -1%Wed/27/Oct/04 20.90 5,383.42 3% 0%Thu/28/Oct/04 21.05 5,367.68 1% 0%Fri/29/Oct/04 20.85 5,332.24 -1% -1%

Mon/01/Nov/04 20.65 5,246.91 -1% -2%Tue/02/Nov/04 20.10 5,329.88 -3% 2%Wed/03/Nov/04 20.95 5,351.51 4% 0%Thu/04/Nov/04 20.85 5,347.72 0% 0%Fri/05/Nov/04 20.95 5,352.30 0% 0%

Mon/08/Nov/04 21.20 5,378.85 1% 0%Wed/10/Nov/04 21.40 5,427.45 1% 1%Fri/12/Nov/04 21.80 5,483.88 2% 1%

Thu/18/Nov/04 22.30 5,515.43 2% 1%Fri/19/Nov/04 22.70 5,520.17 2% 0%

Mon/22/Nov/04 22.35 5,502.56 -2% 0%Tue/23/Nov/04 22.95 5,514.49 3% 0%Wed/24/Nov/04 23.30 5,533.22 2% 0%Thu/25/Nov/04 24.00 5,523.27 3% 0%Fri/26/Nov/04 24.20 5,556.87 1% 1%

Mon/29/Nov/04 24.50 5,571.88 1% 0%Tue/30/Nov/04 24.65 5,567.79 1% 0%Wed/01/Dec/04 24.50 5,560.50 -1% 0%Thu/02/Dec/04 24.60 5,552.50 0% 0%Fri/03/Dec/04 24.50 5,575.96 0% 0%

Mon/06/Dec/04 25.35 5,633.13 3% 1%Tue/07/Dec/04 24.75 5,675.79 -2% 1%Wed/08/Dec/04 24.75 5,698.64 0% 0%Thu/09/Dec/04 25.20 5,738.49 2% 1%Fri/10/Dec/04 25.55 5,700.82 1% -1%

Mon/13/Dec/04 25.35 5,758.28 -1% 1%Tue/14/Dec/04 25.90 5,766.62 2% 0%Wed/15/Dec/04 26.35 5,824.25 2% 1%Thu/16/Dec/04 28.30 5,827.84 7% 0%Fri/17/Dec/04 28.50 5,842.59 1% 0%

Mon/20/Dec/04 28.50 5,852.87 0% 0%Tue/21/Dec/04 28.70 5,874.19 1% 0%Wed/22/Dec/04 29.50 5,966.05 3% 2%Thu/23/Dec/04 29.20 5,978.32 -1% 0%Fri/24/Dec/04 28.95 6,045.80 -1% 1%

Mon/27/Dec/04 29.05 6,046.16 0% 0%Tue/28/Dec/04 29.10 6,077.83 0% 1%Wed/29/Dec/04 30.25 6,123.67 4% 1%Thu/30/Dec/04 30.55 6,106.93 1% 0%



Fri/31/Dec/04 30.00 6,218.40 -2% 2%Mon/03/Jan/05 30.60 6,220.28 2% 0%Tue/04/Jan/05 30.35 6,297.70 -1% 1%Wed/05/Jan/05 30.30 6,285.68 0% 0%Thu/06/Jan/05 30.55 6,353.27 1% 1%Fri/07/Jan/05 30.70 6,318.90 0% -1%

Mon/10/Jan/05 30.20 6,484.14 -2% 3%Tue/11/Jan/05 30.60 6,710.03 1% 3%Wed/12/Jan/05 30.80 6,657.40 1% -1%Thu/13/Jan/05 31.80 6,424.80 3% -3%Fri/14/Jan/05 30.25 6,559.83 -5% 2%

Mon/17/Jan/05 30.55 6,633.01 1% 1%Tue/18/Jan/05 31.00 6,603.55 1% 0%Wed/19/Jan/05 30.70 6,746.40 -1% 2%Mon/24/Jan/05 31.50 6,861.97 3% 2%Tue/25/Jan/05 32.20 6,887.58 2% 0%Wed/26/Jan/05 30.60 6,904.56 -5% 0%Thu/27/Jan/05 30.15 6,952.82 -1% 1%Fri/28/Jan/05 29.10 6,798.01 -3% -2%

Mon/31/Jan/05 28.50 6,747.39 -2% -1%Tue/01/Feb/05 28.25 6,869.28 -1% 2%Wed/02/Feb/05 29.15 6,949.88 3% 1%Thu/03/Feb/05 29.50 7,014.71 1% 1%Fri/04/Feb/05 29.40 6,968.46 0% -1%

Mon/07/Feb/05 28.70 7,091.14 -2% 2%Tue/08/Feb/05 29.35 7,154.83 2% 1%Wed/09/Feb/05 29.25 7,156.55 0% 0%Thu/10/Feb/05 29.90 7,196.63 2% 1%Fri/11/Feb/05 29.70 7,238.76 -1% 1%

Mon/14/Feb/05 29.60 7,341.69 0% 1%Tue/15/Feb/05 31.25 7,402.80 6% 1%Wed/16/Feb/05 30.70 7,508.80 -2% 1%Thu/17/Feb/05 30.70 7,579.98 0% 1%Fri/18/Feb/05 31.50 7,734.03 3% 2%

Mon/21/Feb/05 32.10 7,865.94 2% 2%Tue/22/Feb/05 32.65 7,925.70 2% 1%Wed/23/Feb/05 32.55 8,180.79 0% 3%Thu/24/Feb/05 33.75 8,253.12 4% 1%Fri/25/Feb/05 32.25 8,285.40 -4% 0%

Mon/28/Feb/05 31.90 8,260.06 -1% 0%Tue/01/Mar/05 31.65 8,404.52 -1% 2%

Wed/02/Mar/05 32.40 8,206.14 2% -2%Thu/03/Mar/05 31.50 8,496.73 -3% 4%Fri/04/Mar/05 32.45 8,793.69 3% 3%

Mon/07/Mar/05 32.45 8,863.48 0% 1%Tue/08/Mar/05 31.70 9,218.68 -2% 4%Wed/09/Mar/05 31.85 9,588.47 0% 4%Thu/10/Mar/05 32.60 9,571.92 2% 0%Fri/11/Mar/05 33.50 9,603.73 3% 0%

Mon/14/Mar/05 35.30 9,998.05 5% 4%



Tue/15/Mar/05 37.90 10,303.13 7% 3%Wed/16/Mar/05 40.70 10,077.89 7% -2%Thu/17/Mar/05 38.75 9,636.37 -5% -4%Fri/18/Mar/05 36.85 9,499.42 -5% -1%

Mon/21/Mar/05 35.05 9,097.92 -5% -4%Tue/22/Mar/05 33.30 8,694.61 -5% -4%Thu/24/Mar/05 31.65 8,314.00 -5% -4%Fri/25/Mar/05 30.10 7,964.95 -5% -4%

Mon/28/Mar/05 28.60 7,708.29 -5% -3%Tue/29/Mar/05 27.20 7,855.14 -5% 2%Wed/30/Mar/05 29.20 8,085.56 7% 3%Thu/31/Mar/05 31.35 7,770.33 7% -4%Fri/01/Apr/05 29.80 7,596.87 -5% -2%

Mon/04/Apr/05 29.60 8,050.25 -1% 6%Tue/05/Apr/05 31.80 7,820.83 7% -3%Wed/06/Apr/05 30.50 7,613.63 -4% -3%Thu/07/Apr/05 29.75 7,784.34 -2% 2%Fri/08/Apr/05 30.40 7,593.30 2% -2%

Mon/11/Apr/05 30.10 7,244.49 -1% -5%Tue/12/Apr/05 28.60 6,939.03 -5% -4%Wed/13/Apr/05 27.20 7,123.62 -5% 3%Thu/14/Apr/05 29.20 7,202.84 7% 1%Fri/15/Apr/05 31.35 7,512.91 7% 4%

Mon/18/Apr/05 32.35 7,234.21 3% -4%Tue/19/Apr/05 30.75 6,952.72 -5% -4%Wed/20/Apr/05 29.25 7,030.83 -5% 1%Thu/21/Apr/05 29.35 7,101.38 0% 1%Mon/25/Apr/05 30.90 6,996.82 5% -1%Tue/26/Apr/05 29.40 7,164.73 -5% 2%Wed/27/Apr/05 30.45 7,275.74 4% 2%Thu/28/Apr/05 29.85 7,144.48 -2% -2%Fri/29/Apr/05 29.50 7,104.65 -1% -1%

Mon/02/May/05 29.30 6,832.74 -1% -4%Tue/03/May/05 27.85 6,887.93 -5% 1%Wed/04/May/05 28.40 6,898.72 2% 0%Thu/05/May/05 28.25 7,098.22 -1% 3%Fri/06/May/05 29.05 7,183.25 3% 1%

Mon/09/May/05 28.50 7,384.98 -2% 3%Tue/10/May/05 29.30 7,367.69 3% 0%Wed/11/May/05 28.85 7,497.62 -2% 2%Thu/12/May/05 28.90 7,284.05 0% -3%

Fri/13/May/05 28.00 7,411.33 -3% 2%Mon/16/May/05 27.80 7,315.50 -1% -1%Tue/17/May/05 27.25 7,437.95 -2% 2%Wed/18/May/05 27.30 7,348.06 0% -1%Thu/19/May/05 26.55 7,413.70 -3% 1%Fri/20/May/05 26.90 7,300.09 1% -2%

Mon/23/May/05 27.10 6,983.30 1% -4%Tue/24/May/05 25.75 7,034.84 -5% 1%Wed/25/May/05 25.65 6,942.42 0% -1%



Thu/04/Aug/05 30.50 7,404.95 3% 0%Fri/05/Aug/05 31.25 7,418.61 2% 0%

Mon/08/Aug/05 31.30 7,318.48 0% -1%Tue/09/Aug/05 30.90 7,184.48 -1% -2%Wed/10/Aug/05 30.10 7,064.29 -3% -2%Thu/11/Aug/05 29.80 6970.59 -1% -1%Fri/12/Aug/05 29.55 7150.65 -1% 3%

Mon/15/Aug/05 30.45 7122.98 3% 0%Tue/16/Aug/05 29.90 7139.09 -2% 0%Wed/17/Aug/05 30.00 7099.22 0% -1%Fri/19/Aug/05 30.00 7311.92 0% 3%

Mon/22/Aug/05 31.40 7590.10 5% 4%Tue/23/Aug/05 32.95 7557.87 5% 0%Wed/24/Aug/05 34.00 7512.34 3% -1%Thu/25/Aug/05 34.30 7554.01 1% 1%Fri/26/Aug/05 34.15 7585.70 0% 0%

Mon/29/Aug/05 34.15 7690.60 0% 1%Tue/30/Aug/05 34.90 7744.19 2% 1%Wed/31/Aug/05 35.20 7796.86 1% 1%Thu/01/Sep/05 34.85 7769.21 -1% 0%Fri/02/Sep/05 34.85 7789.76 0% 0%

Mon/05/Sep/05 34.50 7849.06 -1% 1%Tue/06/Sep/05 34.80 7807.04 1% -1%Wed/07/Sep/05 34.55 7804.41 -1% 0%Thu/08/Sep/05 34.50 7884.21 0% 1%Fri/09/Sep/05 34.95 7889.25 1% 0%

Mon/12/Sep/05 35.85 7,892.57 3% 0%Tue/13/Sep/05 34.80 7,894.68 -3% 0%Wed/14/Sep/05 34.10 7956.50 -2% 1%Thu/15/Sep/05 34.80 7979.48 2% 0%Fri/16/Sep/05 34.35 7934.54 -1% -1%

Mon/19/Sep/05 33.75 7972.97 -2% 0%Tue/20/Sep/05 33.55 8066.17 -1% 1%Wed/21/Sep/05 34.30 8187.10 2% 1%Thu/22/Sep/05 34.45 8186.00 0% 0%Fri/23/Sep/05 35.70 8179.90 4% 0%

Mon/26/Sep/05 36.90 8217.47 3% 0%Tue/27/Sep/05 36.40 8195.28 -1% 0%Wed/28/Sep/05 37.55 8196.33 3% 0%Thu/29/Sep/05 36.95 8151.51 -2% -1%Fri/30/Sep/05 36.20 8225.66 -2% 1%

Mon/03/Oct/05 36.75 8329.70 2% 1%Tue/04/Oct/05 36.15 8426.77 -2% 1%Wed/05/Oct/05 35.95 8581.68 -1% 2%Thu/06/Oct/05 36.25 8540.24 1% 0%Fri/07/Oct/05 36.00 8542.38 -1% 0%

Mon/10/Oct/05 36.05 8520.72 0% 0%Tue/11/Oct/05 35.80 8622.43 -1% 1%Wed/12/Oct/05 36.60 8791.94 2% 2%Thu/13/Oct/05 36.65 8761.50 0% 0%



Fri/14/Oct/05 36.65 8863.87 0% 1%Mon/17/Oct/05 36.35 8900.90 -1% 0%Tue/18/Oct/05 36.10 8669.39 -1% -3%Wed/19/Oct/05 34.50 8872.96 -4% 2%Thu/20/Oct/05 35.60 8558.00 3% -4%Fri/21/Oct/05 34.65 8289.81 -3% -3%

Mon/24/Oct/05 33.90 8409.16 -2% 1%Tue/25/Oct/05 35.15 8316.67 4% -1%Wed/26/Oct/05 34.35 8235.12 -2% -1%Thu/27/Oct/05 33.70 8317.36 -2% 1%Mon/31/Oct/05 34.10 8247.34 1% -1%Wed/02/Nov/05 33.70 8436.62 -1% 2%Mon/07/Nov/05 34.35 8664.02 2% 3%Tue/08/Nov/05 34.90 8693.54 2% 0%Thu/10/Nov/05 35.90 8794.93 3% 1%Fri/11/Nov/05 36.15 8793.93 1% 0%

Mon/14/Nov/05 34.75 8838.26 -4% 1%Tue/15/Nov/05 36.45 8889.72 5% 1%Wed/16/Nov/05 36.35 8895.68 0% 0%Thu/17/Nov/05 36.75 8864.02 1% 0%Fri/18/Nov/05 36.30 8933.51 -1% 1%

Mon/21/Nov/05 37.40 8960.88 3% 0%Tue/22/Nov/05 37.10 9006.26 -1% 1%Wed/23/Nov/05 38.15 9016.34 3% 0%Thu/24/Nov/05 38.15 9072.82 0% 1%Fri/25/Nov/05 37.95 9064.39 -1% 0%

Mon/28/Nov/05 37.95 9147.02 0% 1%Tue/29/Nov/05 38.25 9135.54 1% 0%Wed/30/Nov/05 38.20 9025.93 0% -1%Thu/01/Dec/05 37.00 9080.53 -3% 1%Fri/02/Dec/05 37.15 9226.41 0% 2%

Mon/05/Dec/05 38.20 9344.70 3% 1%Tue/06/Dec/05 40.10 9397.33 5% 1%Wed/07/Dec/05 40.10 9374.86 0% 0%Thu/08/Dec/05 39.60 9418.35 -1% 0%Fri/09/Dec/05 39.65 9431.81 0% 0%

Mon/12/Dec/05 39.40 9459.65 -1% 0%Tue/13/Dec/05 39.25 9451.35 0% 0%Wed/14/Dec/05 39.40 9403.98 0% -1%Thu/15/Dec/05 38.60 9488.70 -2% 1%Fri/16/Dec/05 38.70 9514.83 0% 0%

Mon/19/Dec/05 38.45 9379.66 -1% -1%Tue/20/Dec/05 37.45 9482.01 -3% 1%Wed/21/Dec/05 37.65 9504.07 1% 0%Thu/22/Dec/05 38.35 9470.99 2% 0%Fri/23/Dec/05 38.50 9491.47 0% 0%

Mon/26/Dec/05 38.45 9371.52 0% -1%Tue/27/Dec/05 37.60 9446.83 -2% 1%Wed/28/Dec/05 37.90 9466.47 1% 0%Thu/29/Dec/05 37.90 9497.35 0% 0%



Fri/30/Dec/05 38.20 9556.61 1% 1%Mon/02/Jan/06 38.15 9672.47 0% 1%Tue/03/Jan/06 38.70 9766.90 1% 1%Wed/04/Jan/06 38.85 9853.31 0% 1%Thu/05/Jan/06 38.80 9907.14 0% 1%Fri/06/Jan/06 39.75 9886.30 2% 0%

Mon/09/Jan/06 39.70 9990.19 0% 1%Mon/16/Jan/06 40.15 10093.52 1% 1%Tue/17/Jan/06 40.60 10165.91 1% 1%Wed/18/Jan/06 40.80 10235.17 0% 1%Thu/19/Jan/06 40.20 10259.86 -1% 0%Fri/20/Jan/06 40.05 10227.87 0% 0%

Mon/23/Jan/06 39.70 10346.47 -1% 1%Tue/24/Jan/06 39.45 10170.40 -1% -2%Wed/25/Jan/06 38.35 10214.01 -3% 0%Thu/26/Jan/06 38.60 10304.80 1% 1%Fri/27/Jan/06 39.95 10447.56 3% 1%

Mon/30/Jan/06 40.70 10527.85 2% 1%Tue/31/Jan/06 41.80 10524.16 3% 0%Wed/01/Feb/06 41.65 10496.95 0% 0%Thu/02/Feb/06 41.65 10466.40 0% 0%Fri/03/Feb/06 42.70 10726.46 3% 2%

Mon/06/Feb/06 43.55 10802.32 2% 1%Tue/07/Feb/06 43.00 10913.78 -1% 1%Fri/10/Feb/06 42.60 11052.86 -1% 1%

Mon/13/Feb/06 43.05 11218.03 1% 1%Tue/14/Feb/06 43.55 10920.09 1% -3%Wed/15/Feb/06 42.20 11259.29 -3% 3%Thu/16/Feb/06 42.50 11176.81 1% -1%Fri/17/Feb/06 41.85 11352.63 -2% 2%

Mon/20/Feb/06 42.10 11441.85 1% 1%Tue/21/Feb/06 42.65 11537.02 1% 1%Wed/22/Feb/06 42.50 11444.12 0% -1%Thu/23/Feb/06 41.80 11609.37 -2% 1%Fri/24/Feb/06 41.00 11546.79 -2% -1%

Mon/27/Feb/06 39.90 11191.75 -3% -3%Tue/28/Feb/06 38.45 11456.27 -4% 2%Wed/01/Mar/06 39.70 11473.99 3% 0%Thu/02/Mar/06 41.65 11381.61 5% -1%Fri/03/Mar/06 43.35 11415.29 4% 0%

Mon/06/Mar/06 43.90 10947.09 1% -4%

Tue/07/Mar/06 41.75 11085.03 -5% 1%Wed/08/Mar/06 42.45 10594.01 2% -4%Thu/09/Mar/06 40.35 10803.99 -5% 2%Fri/10/Mar/06 40.75 10474.20 1% -3%

Mon/13/Mar/06 38.75 10093.24 -5% -4%Tue/14/Mar/06 36.85 10433.17 -5% 3%Wed/15/Mar/06 38.50 10392.91 4% 0%Thu/16/Mar/06 38.50 10689.20 0% 3%Fri/17/Mar/06 40.00 10951.08 4% 2%



Mon/20/Mar/06 40.00 11032.31 0% 1%Tue/21/Mar/06 40.00 11129.77 0% 1%Wed/22/Mar/06 40.05 11278.48 0% 1%Fri/24/Mar/06 40.40 11459.58 1% 2%

Mon/27/Mar/06 40.35 11402.11 0% -1%Tue/28/Mar/06 40.45 11449.44 0% 0%Wed/29/Mar/06 41.45 11414.37 2% 0%Thu/30/Mar/06 40.55 11568.64 -2% 1%Fri/31/Mar/06 41.75 11485.90 3% -1%

Mon/03/Apr/06 42.55 11573.97 2% 1%Tue/04/Apr/06 43.00 11664.97 1% 1%Wed/05/Apr/06 43.10 11666.38 0% 0%Thu/06/Apr/06 42.85 11685.44 -1% 0%Fri/07/Apr/06 42.60 11936.59 -1% 2%

Mon/10/Apr/06 43.00 11992.23 1% 0%Thu/13/Apr/06 42.45 12060.73 -1% 1%Fri/14/Apr/06 42.10 12136.83 -1% 1%

Mon/17/Apr/06 42.10 12273.77 0% 1%Tue/18/Apr/06 42.25 12115.46 0% -1%Wed/19/Apr/06 41.90 12048.11 -1% -1%Thu/20/Apr/06 41.45 12075.75 -1% 0%Fri/21/Apr/06 41.25 12007.60 0% -1%

Mon/24/Apr/06 39.90 11802.68 -3% -2%Tue/25/Apr/06 37.95 11941.82 -5% 1%Wed/26/Apr/06 38.10 11910.09 0% 0%Thu/27/Apr/06 37.95 11683.72 0% -2%Fri/28/Apr/06 37.75 11342.17 -1% -3%

Tue/02/May/06 36.15 11572.58 -4% 2%Wed/03/May/06 37.95 11728.14 5% 1%Thu/04/May/06 38.15 11690.25 1% 0%Fri/05/May/06 38.15 11686.44 0% 0%

Mon/08/May/06 37.85 11775.52 -1% 1%Tue/09/May/06 37.60 11576.83 -1% -2%Wed/10/May/06 36.90 11571.83 -2% 0%Thu/11/May/06 36.95 11531.37 0% 0%Fri/12/May/06 36.50 11511.54 -1% 0%

Mon/15/May/06 36.25 11096.86 -1% -4%Tue/16/May/06 34.45 10706.96 -5% -4%Wed/17/May/06 33.60 11094.41 -2% 4%Thu/18/May/06 34.95 10687.88 4% -4%Fri/19/May/06 33.45 10861.31 -4% 2%

Mon/22/May/06 33.85 10930.55 1% 1%Tue/23/May/06 34.80 10932.58 3% 0%Wed/24/May/06 35.35 11116.88 2% 2%Thu/25/May/06 35.75 11018.85 1% -1%Fri/26/May/06 36.10 10660.39 1% -3%

Mon/29/May/06 34.95 10247.60 -3% -4%Tue/30/May/06 33.25 10118.73 -5% -1%Wed/31/May/06 33.75 9800.69 2% -3%Thu/01/Jun/06 32.10 10183.77 -5% 4%



Fri/02/Jun/06 33.70 10346.23 5% 2%Mon/05/Jun/06 33.65 10373.86 0% 0%Tue/06/Jun/06 33.45 10531.86 -1% 2%Wed/07/Jun/06 34.25 10202.36 2% -3%Thu/08/Jun/06 32.60 9775.04 -5% -4%Fri/09/Jun/06 31.00 9849.83 -5% 1%

Mon/12/Jun/06 31.25 9732.86 1% -1%Tue/13/Jun/06 31.15 9314.91 0% -4%Wed/14/Jun/06 29.60 8766.98 -5% -6%Thu/15/Jun/06 26.85 9177.46 -9% 5%Fri/16/Jun/06 28.15 9607.11 5% 5%

Mon/19/Jun/06 29.55 9943.83 5% 4%Tue/20/Jun/06 31.00 10105.17 5% 2%Wed/21/Jun/06 31.00 10103.31 0% 0%Thu/22/Jun/06 30.40 10171.00 -2% 1%Fri/23/Jun/06 30.60 9807.53 1% -4%

Mon/26/Jun/06 29.10 9404.70 -5% -4%Tue/27/Jun/06 27.65 9041.62 -5% -4%Wed/28/Jun/06 26.65 9434.15 -4% 4%Thu/29/Jun/06 27.95 9841.43 5% 4%Fri/30/Jun/06 29.30 9989.41 5% 2%Mon/03/Jul/06 29.25 9603.65 0% -4%Tue/04/Jul/06 28.35 9829.40 -3% 2%Wed/05/Jul/06 28.75 9936.33 1% 1%Thu/06/Jul/06 30.05 9916.08 5% 0%Fri/07/Jul/06 30.10 9836.04 0% -1%

Mon/10/Jul/06 29.50 9504.47 -2% -3%Tue/11/Jul/06 28.50 9655.93 -3% 2%Wed/12/Jul/06 28.90 9920.66 1% 3%Thu/13/Jul/06 29.90 10014.88 3% 1%Fri/14/Jul/06 29.95 10027.09 0% 0%

Mon/17/Jul/06 29.70 9947.80 -1% -1%Tue/18/Jul/06 29.75 10191.84 0% 2%Wed/19/Jul/06 30.10 10198.78 1% 0%Thu/20/Jul/06 29.90 10198.32 -1% 0%Fri/21/Jul/06 29.40 10257.63 -2% 1%

Mon/24/Jul/06 29.00 10350.63 -1% 1%Tue/25/Jul/06 28.85 10401.13 -1% 0%Wed/26/Jul/06 28.75 10343.67 0% -1%Thu/27/Jul/06 28.20 10430.73 -2% 1%Fri/28/Jul/06 27.95 10353.52 -1% -1%

Mon/31/Jul/06 27.25 10497.63 -3% 1%Tue/01/Aug/06 28.50 10507.09 5% 0%Wed/02/Aug/06 28.10 10558.32 -1% 0%Thu/03/Aug/06 28.00 10667.49 0% 1%Fri/04/Aug/06 29.25 10772.58 4% 1%

Mon/07/Aug/06 28.75 10846.74 -2% 1%Tue/08/Aug/06 28.55 10828.39 -1% 0%Wed/09/Aug/06 28.40 10655.54 -1% -2%Thu/10/Aug/06 27.55 10525.09 -3% -1%



Fri/11/Aug/06 27.05 10406.40 -2% -1%Tue/15/Aug/06 28.00 10317.41 4% -1%Wed/16/Aug/06 27.30 10576.71 -3% 3%Thu/17/Aug/06 27.90 10557.25 2% 0%Fri/18/Aug/06 27.55 10481.64 -1% -1%

Mon/21/Aug/06 27.25 10220.71 -1% -2%Tue/22/Aug/06 27.40 10244.69 1% 0%Wed/23/Aug/06 26.90 9955.23 -2% -3%Thu/24/Aug/06 26.90 9584.79 0% -4%Fri/25/Aug/06 26.15 9876.51 -3% 3%

Mon/28/Aug/06 25.10 9942.87 -4% 1%Tue/29/Aug/06 25.80 10086.15 3% 1%Wed/30/Aug/06 26.00 10064.13 1% 0%Thu/31/Aug/06 27.00 10170.97 4% 1%Fri/01/Sep/06 26.60 10125.91 -1% 0%

Mon/04/Sep/06 27.10 10001.79 2% -1%Tue/05/Sep/06 27.00 10068.70 0% 1%Wed/06/Sep/06 26.25 9927.10 -3% -1%Thu/07/Sep/06 26.40 9965.21 1% 0%Fri/08/Sep/06 26.30 9892.77 0% -1%

Mon/11/Sep/06 26.25 10157.17 0% 3%Tue/12/Sep/06 26.40 9988.63 1% -2%Wed/13/Sep/06 27.20 10028.50 3% 0%Thu/14/Sep/06 26.75 9984.57 -2% 0%Fri/15/Sep/06 26.65 9876.40 0% -1%

Mon/18/Sep/06 26.45 9908.85 -1% 0%Tue/19/Sep/06 26.10 10032.57 -1% 1%Wed/20/Sep/06 26.00 10155.10 0% 1%Thu/21/Sep/06 26.10 10306.75 0% 1%Fri/22/Sep/06 26.55 10252.15 2% -1%

Mon/25/Sep/06 27.10 10305.43 2% 1%Tue/26/Sep/06 27.00 10386.52 0% 1%Wed/27/Sep/06 27.10 10528.69 0% 1%Thu/28/Sep/06 27.10 10512.48 0% 0%Fri/29/Sep/06 27.90 10616.24 3% 1%

Mon/02/Oct/06 27.90 10592.72 0% 0%Tue/03/Oct/06 27.95 10743.55 0% 1%Wed/04/Oct/06 27.55 10855.82 -1% 1%Thu/05/Oct/06 27.55 10926.91 0% 1%Fri/06/Oct/06 28.10 10942.75 2% 0%

Mon/09/Oct/06 27.90 10959.71 -1% 0%

Tue/10/Oct/06 27.85 10886.42 0% -1%Wed/11/Oct/06 28.60 10880.29 3% 0%Thu/12/Oct/06 28.00 10924.55 -2% 0%Fri/13/Oct/06 27.65 10909.31 -1% 0%

Mon/16/Oct/06 27.65 11167.04 0% 2%Tue/17/Oct/06 27.55 11399.83 0% 2%Wed/18/Oct/06 27.95 11566.80 1% 1%Thu/19/Oct/06 27.80 11528.27 -1% 0%Mon/30/Oct/06 27.60 11327.71 -1% -2%



Tue/31/Oct/06 28.90 11010.59 5% -3%Wed/01/Nov/06 28.95 10945.35 0% -1%Thu/02/Nov/06 28.90 11246.71 0% 3%Fri/03/Nov/06 29.15 11012.40 1% -2%

Mon/06/Nov/06 30.60 11017.51 5% 0%Tue/07/Nov/06 30.50 10973.08 0% 0%Wed/08/Nov/06 29.80 10739.45 -2% -2%Fri/10/Nov/06 30.25 10743.84 2% 0%

Mon/13/Nov/06 30.50 10869.32 1% 1%Tue/14/Nov/06 29.75 10811.86 -2% -1%Wed/15/Nov/06 29.50 10850.04 -1% 0%Thu/16/Nov/06 28.75 10705.87 -3% -1%Fri/17/Nov/06 28.75 10430.66 0% -3%

Mon/20/Nov/06 28.75 10622.55 0% 2%Tue/21/Nov/06 28.25 10646.26 -2% 0%Wed/22/Nov/06 28.25 10867.11 0% 2%Thu/23/Nov/06 28.90 10870.90 2% 0%Fri/24/Nov/06 30.25 10750.41 5% -1%

Mon/27/Nov/06 29.85 10762.16 -1% 0%Tue/28/Nov/06 29.70 10594.57 -1% -2%Wed/29/Nov/06 29.40 10618.75 -1% 0%Thu/30/Nov/06 28.85 10388.19 -2% -2%Fri/01/Dec/06 28.60 10416.00 -1% 0%

Mon/04/Dec/06 28.15 10550.16 -2% 1%Tue/05/Dec/06 28.80 10677.38 2% 1%Wed/06/Dec/06 29.90 10642.68 4% 0%Thu/07/Dec/06 30.75 10561.97 3% -1%Fri/08/Dec/06 30.70 10584.48 0% 0%

Mon/11/Dec/06 30.00 10644.36 -2% 1%Tue/12/Dec/06 29.95 10587.09 0% -1%Wed/13/Dec/06 30.00 10604.44 0% 0%Thu/14/Dec/06 29.65 10551.87 -1% 0%Fri/15/Dec/06 29.70 10341.41 0% -2%

Mon/18/Dec/06 29.40 10055.65 -1% -3%Tue/19/Dec/06 28.60 10182.33 -3% 1%Wed/20/Dec/06 28.05 9923.11 -2% -3%Thu/21/Dec/06 28.60 9893.99 2% 0%Fri/22/Dec/06 27.85 10025.34 -3% 1%

Tue/26/Dec/06 28.35 10031.46 2% 0%Wed/27/Dec/06 28.45 10058.46 0% 0%Thu/28/Dec/06 28.25 10040.50 -1% 0%

Fri/29/Dec/06 28.30 10066.32 0% 0%Wed/03/Jan/07 28.50 10184.52 1% 1%Thu/04/Jan/07 28.40 10147.36 0% 0%Fri/05/Jan/07 28.40 10235.96 0% 1%

Mon/08/Jan/07 28.40 10405.21 0% 2%Tue/09/Jan/07 28.40 10374.36 0% 0%Wed/10/Jan/07 28.70 10359.06 1% 0%Thu/11/Jan/07 29.10 10425.46 1% 1%Fri/12/Jan/07 28.80 10507.52 -1% 1%



Mon/15/Jan/07 28.85 10590.59 0% 1%Tue/16/Jan/07 29.00 10617.11 1% 0%Wed/17/Jan/07 28.80 10640.71 -1% 0%Thu/18/Jan/07 29.30 10641.31 2% 0%Fri/19/Jan/07 29.15 10705.87 -1% 1%

Mon/22/Jan/07 30.25 10705.32 4% 0%Tue/23/Jan/07 30.25 10856.74 0% 1%Wed/24/Jan/07 29.60 11031.08 -2% 2%Thu/25/Jan/07 30.15 11105.34 2% 1%Fri/26/Jan/07 30.25 11272.33 0% 2%

Wed/31/Jan/07 30.70 11348.62 1% 1%Thu/01/Feb/07 31.15 11589.64 1% 2%Fri/02/Feb/07 32.40 11632.04 4% 0%

Tue/06/Feb/07 34.00 11728.08 5% 1%Wed/07/Feb/07 33.10 11867.09 -3% 1%Thu/08/Feb/07 33.60 11844.65 2% 0%Fri/09/Feb/07 33.80 11629.75 1% -2%

Mon/12/Feb/07 33.45 11643.53 -1% 0%Tue/13/Feb/07 32.45 11454.76 -3% -2%Wed/14/Feb/07 32.10 11467.96 -1% 0%Thu/15/Feb/07 31.65 11379.40 -1% -1%Fri/16/Feb/07 32.25 11577.76 2% 2%

Mon/19/Feb/07 32.15 11463.18 0% -1%Tue/20/Feb/07 33.05 11520.62 3% 1%Wed/21/Feb/07 31.85 11542.98 -4% 0%Thu/22/Feb/07 31.40 11607.84 -1% 1%Fri/23/Feb/07 32.05 11393.97 2% -2%

Mon/26/Feb/07 32.60 11376.12 2% 0%Tue/27/Feb/07 32.00 11179.97 -2% -2%Wed/28/Feb/07 31.95 11207.79 0% 0%Thu/01/Mar/07 30.95 11133.35 -3% -1%Fri/02/Mar/07 30.40 10899.71 -2% -2%

Mon/05/Mar/07 30.35 10923.90 0% 0%Tue/06/Mar/07 29.85 11146.27 -2% 2%Wed/07/Mar/07 30.00 11283.87 1% 1%Thu/08/Mar/07 30.95 11413.12 3% 1%Fri/09/Mar/07 31.40 11407.87 1% 0%

Mon/12/Mar/07 32.00 11404.95 2% 0%Tue/13/Mar/07 32.10 11276.66 0% -1%Wed/14/Mar/07 32.55 11310.90 1% 0%Thu/15/Mar/07 32.05 11374.03 -2% 1%

Fri/16/Mar/07 32.15 11141.29 0% -2%Mon/19/Mar/07 31.50 11331.35 -2% 2%Tue/20/Mar/07 30.85 11296.62 -2% 0%Wed/21/Mar/07 31.10 11294.98 1% 0%Thu/22/Mar/07 30.65 11301.62 -1% 0%Mon/26/Mar/07 30.40 11328.47 -1% 0%Tue/27/Mar/07 30.60 11233.56 1% -1%Wed/28/Mar/07 31.40 11221.51 3% 0%Thu/29/Mar/07 30.85 11271.59 -2% 0%



Mon/11/Jun/07 37.05 13326.17 -1% 0%Tue/12/Jun/07 37.25 13477.24 1% 1%Wed/13/Jun/07 37.10 13462.46 0% 0%Thu/14/Jun/07 37.05 13462.46 0% 0%Fri/15/Jun/07 38.70 13567.40 4% 1%

Mon/18/Jun/07 37.85 13494.83 -2% -1%Tue/19/Jun/07 37.95 13556.73 0% 0%Wed/20/Jun/07 37.65 13,545.80 -1% 0%Thu/21/Jun/07 37.65 13392.47 0% -1%Fri/22/Jun/07 38.30 13540.45 2% 1%

Mon/25/Jun/07 38.25 13571.14 0% 0%Tue/26/Jun/07 38.85 13669.03 2% 1%Wed/27/Jun/07 38.95 13727.95 0% 0%Thu/28/Jun/07 39.50 13772.46 1% 0%Fri/29/Jun/07 39.20 13929.7 -1% 1%Mon/02/Jul/07 39.00 13809.85 -1% -1%Tue/03/Jul/07 39.55 13869.03 1% 0%Wed/04/Jul/07 39.40 13942.00 0% 1%Thu/05/Jul/07 39.45 13985.89 0% 0%Fri/06/Jul/07 39.40 14019.05 0% 0%

Mon/09/Jul/07 39.20 13917.43 -1% -1%Tue/10/Jul/07 41.15 13967.40 5% 0%Wed/11/Jul/07 40.80 14131.28 -1% 1%Thu/12/Jul/07 42.75 14202.23 5% 1%Fri/13/Jul/07 43.05 13945.03 1% -2%

Mon/16/Jul/07 45.20 14053.94 5% 1%Tue/17/Jul/07 46.10 13659.84 2% -3%Wed/18/Jul/07 47.40 13193.37 3% -3%Thu/19/Jul/07 45.80 13351.79 -3% 1%Fri/20/Jul/07 44.90 13660.36 -2% 2%

Mon/23/Jul/07 45.85 13552.90 2% -1%Tue/24/Jul/07 46.55 13595.20 2% 0%Wed/25/Jul/07 45.50 13683.37 -2% 1%Thu/26/Jul/07 44.95 13630.50 -1% 0%Fri/27/Jul/07 45.60 13634.08 1% 0%

Mon/30/Jul/07 45.20 13738.87 -1% 1%Tue/31/Jul/07 45.25 13688.90 0% 0%

Wed/01/Aug/07 45.30 13770.52 0% 1%Thu/02/Aug/07 45.50 13763.16 0% 0%Fri/03/Aug/07 46.55 13510.59 2% -2%

Mon/06/Aug/07 47.50 13433.81 2% -1%

Tue/07/Aug/07 46.35 13564.42 -2% 1%Wed/08/Aug/07 45.50 13179.41 -2% -3%Thu/09/Aug/07 45.95 13012.96 1% -1%Fri/10/Aug/07 44.15 12748.62 -4% -2%

Mon/13/Aug/07 43.30 12786.60 -2% 0%Wed/15/Aug/07 42.00 12708.51 -3% -1%

FFBL Hussain adjusted

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