COMPANY Opening Closing MARKET CAPITALIZATION BOOK VALUE PEAR SHARE EXACT BOOK VALUEAL ABBAS CEMENT 5.89 6.72 2,457,436,800.00 10 3,656,900,000.00 ATTOCK CEMENT PAK LTD 99.81 142.63 16,334,344,175.00 10 691,200,000.00 BESTWAY CEMENT LTD 31.25 71 41,052,342,000.00 10 5,793,849,000.00 CHERAT CEMENT CO LTD 48.75 63.29 6,049,264,529.00 10 95,580,008.00 DANDOT CEMENT CO LTD 6.42 9.43 894,341,200.00 10 948,399,800.00 DEWAN CEMENT LTD 5.06 6.96 2,708,228,568.00 10 3,891,133,000.00 FAUJI CEMENT CO LTD 6.54 15.95 21,231,297,010.00 10 1,331,115,000.00 FECTO CEMENT INDUSTRIES CO LTD 34.63 44.63 2,238,640,800.00 10 501,600,000.00 FLYING CEMENT LIMITED 3.79 6.14 1,080,640,000.00 10 1,760,000,000.00 LUCKY CEMENT LTD 151.54 299.87 96,970,461,250.00 10 3,050,000,000.00

VALUE WEIGHTED PORTFOLIOCOMPANY Market Capitalization Book Value Difference W Opening Closing R RW W(RW) (R-E(RW)^2 P(R-E(RW))^2

AL ABBAS CEMENT 2,457,436,800.00 3,656,900,000.00 (1,199,463,200.00) 0.0128650164 5.89 6.72 12.35% 21.19% 0.27% 3.76% 0.05%ATTOCK CEMENT PAK LTD 16,334,344,175.00 3,891,133,000.00 12,443,211,175.00 0.0855125172 99.81 142.63 30.02% 43.00% 3.68% 0.03% 0.00%BESTWAY CEMENT LTD 41,052,342,000.00 1,760,000,000.00 39,292,342,000.00 0.2149146034 31.25 71 55.99% 39.48% 8.48% 5.88% 1.26%CHERAT CEMENT CO LTD 6,049,264,529.00 948,399,800.00 5,100,864,729.00 0.031668724 48.75 63.29 22.97% 27.45% 0.87% 0.77% 0.02%DANDOT CEMENT CO LTD 894,341,200.00 501,600,000.00 392,741,200.00 0.004681998 6.42 9.43 31.92% 29.61% 0.14% 0.00% 0.00%DEWAN CEMENT LTD 2,708,228,568.00 95,580,008.00 2,612,648,560.00 0.0141779455 5.06 6.96 27.30% 43.15% 0.61% 0.20% 0.00%FAUJI CEMENT CO LTD 21,231,297,010.00 691,200,000.00 20,540,097,010.00 0.1111487324 6.54 15.95 59.00% 40.70% 4.52% 7.43% 0.83%FECTO CEMENT INDUSTRIES CO LTD 2,238,640,800.00 1,331,115,000.00 907,525,800.00 0.0117195896 34.63 44.63 22.41% 30.34% 0.36% 0.87% 0.01%FLYING CEMENT LIMITED 1,080,640,000.00 5,793,849,000.00 (4,713,209,000.00) 0.0056572976 3.79 6.14 38.27% 43.87% 0.25% 0.43% 0.00%LUCKY CEMENT LTD 96,970,461,250.00 3,050,000,000.00 93,920,461,250.00 0.5076535759 151.54 299.87 49.46% 24.73% 12.56% 3.14% 1.60%

31.74% 3.78%TOTAL CAPITALIZATION 191,016,996,332.00 19.43% S.D

EQUALLY WEIGHTED PORTFOLIOCOMPANY MARKET CAPITALIZATION Book Value Difference P P(MC) Opening Closing R RP P(RP) (R-RP)^2 P(R-E(RP))^2

AL ABBAS CEMENT 2,457,436,800.00 3,656,900,000.00 (1,199,463,200.00) 0.1 245,743,680.00 5.89 6.72 12.35% 21.19% 2.12% 4.84% 0.48%ATTOCK CEMENT PAK LTD 16,334,344,175.00 3,891,133,000.00 12,443,211,175.00 0.1 1,633,434,417.50 99.81 142.63 30.02% 43.00% 4.30% 0.19% 0.02%BESTWAY CEMENT LTD 41,052,342,000.00 1,760,000,000.00 39,292,342,000.00 0.1 4,105,234,200.00 31.25 71 55.99% 39.48% 3.95% 4.68% 0.47%CHERAT CEMENT CO LTD 6,049,264,529.00 948,399,800.00 5,100,864,729.00 0.1 604,926,452.90 48.75 63.29 22.97% 27.45% 2.74% 1.29% 0.13%DANDOT CEMENT CO LTD 894,341,200.00 501,600,000.00 392,741,200.00 0.1 89,434,120.00 6.42 9.43 31.92% 29.61% 2.96% 0.06% 0.01%DEWAN CEMENT LTD 2,708,228,568.00 95,580,008.00 2,612,648,560.00 0.1 270,822,856.80 5.06 6.96 27.30% 43.15% 4.31% 0.50% 0.05%FAUJI CEMENT CO LTD 21,231,297,010.00 691,200,000.00 20,540,097,010.00 0.1 2,123,129,701.00 6.54 15.95 59.00% 40.70% 4.07% 6.07% 0.61%FECTO CEMENT INDUSTRIES CO LTD 2,238,640,800.00 1,331,115,000.00 907,525,800.00 0.1 223,864,080.00 34.63 44.63 22.41% 30.34% 3.03% 1.43% 0.14%FLYING CEMENT LIMITED 1,080,640,000.00 5,793,849,000.00 (4,713,209,000.00) 0.1 108,064,000.00 3.79 6.14 38.27% 43.87% 4.39% 0.15% 0.02%LUCKY CEMENT LTD 96,970,461,250.00 3,050,000,000.00 93,920,461,250.00 0.1 9,697,046,125.00 151.54 299.87 49.46% 24.73% 2.47% 2.28% 0.23%

34% 2.15%14.66% S.D