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Disclosures

The information contained on the Site has been prepared by Foundation Securities (Private) Limited and, except as otherwise specified herein, is communicated by Foundation Securities (Private) Limited (“Foundation Securities”). The research reports available on the Site have been prepared by Foundation Securities and, except as otherwise specified herein, is communicated by Foundation Securities.

The information contained on the Site is for distribution only under such circumstances as may be permitted by applicable law.

The information contained on the Site is not and should not be construed as an offer, or a solicitation of an offer, to buy or sell any securities or other financial instruments, and cannot be relied upon as a representation that any particular transaction necessarily could have been or can be effected at the stated price.

The information contained on the Site is solely for information purposes only. Descriptions of any company or companies or their securities or the markets or developments mentioned herein are not intended to be complete. The information contained on the Site should not be regarded by recipients as a substitute for the exercise of their own judgment. The information contained on the Site has no regard to the specific investment objectives, financial situation or particular needs of any specific recipient. Neither the Securities and Exchange Commission of Pakistan nor the Karachi Stock Exchange (Guarantee) Limited has approved the contents of the Site, and any statement to the contrary express or otherwise, would constitute a material misstatement and an offence.

The information and opinions contained on the Site have been compiled or arrived at based on information obtained from sources believed to be reliable and in good faith. Such information has not been independently verified and no representation or warranty, either express or implied, is provided in relation to the accuracy, completeness or reliability of such information and opinions, except with respect to information concerning Foundation Securities. All such information and opinions are subject to change without notice and Foundation Securities is not under any obligation to update or keep current the information contained on the Site.

Foundation Securities (Private) Limited and its directors, representatives, employees or clients may have or have had interests or long or short positions in any of the securities or other financial instruments mentioned on the Site or of issuers described herein at any time and may make a purchase and/or sale, or offer to make a purchase and/or sale, of any such securities or other financial instruments from time to time in the open market or otherwise, in each case as principals or as agents. Foundation Securities may act or have acted as market-maker in the securities or other financial instruments described on the Site, or in securities underlying or related to such securities. Furthermore Foundation Securities may have or have had a relationship with or provide or have provided investment banking, capital markets and/or other financial services to the relevant companies.

Employees of Foundation Securities or its holding institution, Fauji Foundation may serve or have served as officers or directors of the relevant companies. Foundation Securities may rely on information barriers, such as "Chinese Walls," to control the flow of information contained in one or more areas within Foundation Securities, into other areas, units or groups of Foundation Securities.

Neither Foundation Securities, nor any of its directors, employees accept any liability for any direct or consequential loss or damage arising out of the use of all or any part of the information contained on the Site, or the information contained herein.

The information contained on the Site may not be reproduced, distributed or published, in whole or in part, for any purpose without the written permission of Foundation Securities and Foundation Securities accepts no liability whatsoever for the actions of third parties in this respect.

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