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http://investing.businessweek.com/businessweek/research/stocks/financials/ratios.asp?ticker=HCAR:PA

http://www.corporateinformation.com/Company-Snapshot.aspx?cusip=C586DSR10

TOYOTA INFO ALSO AVAILABLE

HONDA ATLAS CaRS OVER THE YEARS

KSE 100

FROM MARCH 2010 TILL THE PERIOD MARCH 2011

KSE 100 INDEX PERFORMANCE FROM FEBRUARY 2011 TO MAY 2011

During February the stock market played under pressure and continued its downward spiral owing to
continuous panic selling, in line with regional markets, following domestic and international political
uncertainty.Panic selling did not only come from local investors but also from foreigners who sold $5.4
million worth of shares during the week ended on February 25.The stock market’s benchmark 100-share
index closed down seven per cent to 11,224 points. The intensity of the pressure was so high that the
KSE-100 index fell by 300 points in intraday trade on more than one occasion.The bourse continued to
tumble on foreign selling as stock markets around the world remained under pressure from the Middle
East crisis. Ongoing tensions in the Middle East triggered a rally in international commodity prices,
raising concerns of its impact on the country’s macros economic factors.

In March, the KSE 100 index increased to 11,809.54. Average returns for pure equity fundsoutperformed
the KSE 100 index and stood at 7.38%. At month end 12mo returns for pure equityfunds averaged
15.77% while the KSE 100 returns at 16.03%.During Mar’11 average returns for Islamic equity funds
increased to 5.69% with 12mo averagereturns increased to 20.79%. Balanced and asset allocation fund
returns showed an increase inaverage return 5.17% while for 12mo it showed 3.05% decrease with return
averaging 11.16%.The decrease in returns was due to the decline in the KSE100 index. However, since
AssetAllocation Funds contain TFCs/Sukuks in their portfolios, their NAVs fluctuate unexpectedly
andimpact returns

During April 2011, Karachi Stock Exchange witnessed a U-shapedperformance closing +2.1% MoM. The
performance can be termed averagein the regional context. The volatility in the market led to a
secondsuccessive negative monthly reading for FIPI.KSE-100 index rose by 248 points or 2.1% closing at
12,057.54 pointsduring the month of April 2011. At start of April, KSE 100 witnessed adownward trend
with lower average daily volumes. While on the macrofront, ADB in its policy preview anticipated
Pakistan’s GDP growth to be2.5% for FY11 as opposed to 4.1% in FY10. The CPI for March soared
to14.2% in comparison to 12.9% in February. Moreover, ADB’s previewforesees dismal outlook for
Pakistan on back of lower growth, higherinflation and vulnerable security conditions. In second half of
the month,expectations of good corporate results for the quarter ending March 312011 pushed the market
upwards.

In the month of May the Karachi Stock Exchange (KSE) market has closed on positive note. KSE market
100 – index has also crossed the threshold of 12,000 points this week. The Karachi Stock Exchange
(KSE) 100-share index has reached 11,967.35 points increasing 87.39 points or 0.73 percent.

Following news have played vital role in Karachi Stock Market index movement:

According to analysts the Karachi Stock Exchange (KSE) will continue to disturb investors in upcoming
weeks, because investors have some serious concerns over new taxes in upcoming budget
In last week investors have showed interest in Lotte Pakistan PTA, JSCL, ANL and OGDCL
There is uncertainty about the future of Pakistan and US relationships
Oil prices have fallen, which made oil and gas sector to under perform
There are news of positive increase in fertilizers in the light of gas curtailment issue, which showed
positive momentum on fertilizer and chemical sector
Strong corporate profitability has reignites interest
The total exports of Pakistan has reached up to $20 billion, while remittances stood at record high $9.05
billion, as per data collected at the end of April
China has announced some critical investment decisions ($15 billion), in the form of investment in Thar
Coal as well as increasing overall trade
ENGRO has purchased the US firm’s food business, Al- Safa Halal

Jahangir Siddiqui & Co, Gharibwal Cement, Pakistan Reinsurance, E.F.U. Life Assurance and NIB Bank
were the major gainers while Grays Of Cambridge, New Jubilee Insurance, Habib Metro Bank, Kohinoor
Energy and Pak Cables were major losers at KSE last week.

We continue to eye three key driving themes for near-term performance of KSE-100
, namely:
(1) Movement in international commodity prices, as Pakistan is heavily dependant on crude imports;
(2) Clarity on the fate of Pak US relations after Bin Laden escapade and
(3) News flow on FY12 Budget given Pakistan has started its discussion with IMF.
The talks with the IMF will carry most importance and be a key determinant of the market direction next
week, in our view, with focus primarily on budget related reforms such as imposition of Gross Asset Tax
(GAT) and the RGST. Implementation of these reforms would remain the decisive factor in order for
Pakistan to secure extension of the IMF program. Drilling down to stocks, we have this week downgraded
erstwhile favorite LOTPTA from Buy to Underperform, on soft margin and volume outlook.