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KARACHI STOCK EXCHANGE

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History

The Karachi Stock Exchange (KSE) wasestablished on 18th September, 1947.

Converted and registered as a Company

Limited by Guarantee on 10th March,1949.

Initially,90 members were enrolled.

Only 5 companies were listed with a paidup capital of Rs. 37 million .

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Cont.

By the end of December 1991, a keyinstitution in the financial sector ofPakistan and today has a membershipstrength of 200 with almost 140 activemembers trading in 751 listedcompanies, having a list capital of Rs.122.709 billion (US$ 4.0 billion) with a

market capitalization of Rs. 355.359billion (US$ 11.4 billion) as on October31, 1996.

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Cont.

There is an average daily turnover oapproximately 13.0 million shares. Best

Performing Stock Market of the World for the

year 2002.

On November 07, 2005, 662 companieswere listed with the market capitalizationof Rs. 2,467.60 billion (US $ 41.38)

having listed capital of Rs. 465.01 billion(US $ 7.79 billion).

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NOW

Listed companies 724

Securities listed on the exchange 752

Ordinary share 724

Capital US$ 4,646 millionAverage daily turnover 142 million

shares with average daily trade value

US$ 78 millionFully automated trading system with

T+3 settlement cycle

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Trading takes place on an open outcrysystem. Each quoted security beingtraded in sequence.

Bids and offers are shouted by members'

trading clerks, with transactions beingnoted by KSE and recorded on board.When a bid and offer matches, atransaction takes place.

The KSE has already computerized itsclearing operations and the marketinformation display system.

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DECADEWISE PROGRESS

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MARKET INDICES

KSE began with a 50 shares index. On November 1, 1991 the KSE-

100 was introduced and remains tothis date the most generallyaccepted measure of the Exchange.

The KSE-100 is a capital weightedindex and consists of 100companies representing about 86

percent of market capitalization othe Exchange.

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BOARD OF DIRECTORS

The KSE is run by a Board of Directorsthat consist of 10 members includingManaging Director.

Out of these, 5 Directors are elected

from amongst 200 members of theExchange and 4, non member Directorsare nominated from various trade and

professional bodies. The Chairman is

elected by Board from amongst theelected Directors.

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BOARD OF DIRECTORS

Mr. Mohammad Yasin Lakhani Chairman Mr. Muhammad Yacoob Memon Acting

Managing Director

Mr. Mohammed Siddique DalalDirector

Mr. Dawood Jan MuhammadDirector Mr. Shehzad ChamdiaDirector

Mr. Abid Ali Habib Director

Mr. Farrukh S. Ansari Director

Mr. M.J. JaffarDirector Mr. Zafar Iqbal Director

Mr. Sher Afghan MalikDirector

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5 YEAR PROGRESS 2001 2005

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MEMBERSHIP

Membership of KSE is limited and fixedat 200 and prospective members have to

purchase a seat from existing members .

Since June 1990, membership has beenopened to corporate entities. Corporatemembers are required to have aminimum paid up capital of Rs. 20

million and are also subject to criteriafixed by the Board.

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Criteria for Individual Membership

No person shall be eligible to beadmitted as Member, if

He/she is less than 21 years of age .

He/she is not a citizen of Pakistan .

He/she has been adjudicated aBankrupt.

He/she has been at any time expelled or

declared a defaulter by any StockExchange or Trade Association inPakistan .

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The minimum qualification for anapplicant for the Membership shall be"Graduation".(In the case of a person holding at least5 years experience of working as anagent with any of the members of theKSE or a former member of the KSE who

had resigned on voluntary basis withoutany cause of complaint or claim, may beallowed waiver of this requirement bythe Board).

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