Presented at Synergies Business Plan Competition 2009. Contact for detailed report or discussion at jawadiqbalkhan86@yahoo.com

1. KISSAN Commodity Mutual Fund Team Members Jawad Iqbal Zara Malik Aliya Usmani Urfa Niazi Sohaib Anwar Raza Advisors Shoaib A.Qureshi (Former Director, SECP) Ather Hameed Butt (Lead Consultant- Accedo Consulting) Kaavish-Synergies 2009 Team I.D SYN-09-016

6. Competitors S.No Company Product Rate of Return Cost of Funding Competition Type Collateral Requirements 1 Zarai Tariqiati Bank Limited ZTBL Farm Loans ZTBL agriculture financing 9-11 percent 5-6 percent Direct Yes 2 United Bank Limited UBL Farm Loans 16-18 percent 9-11 percent Direct Yes 3 Askari Bank Limited Askari Bank Kissan Financing Program 16-18 percent 9-11 percent Direct Yes 4 Local Money Lenders (Zamindar) Local Financing 40-60 percent 2-3 percent Direct No

7. Porter's Five Forces

10. On Field !!

11. Islamic Finance Model

12. Fund Details

13. Target Market

14. Marketing P’s

15. Marketing P’s

16. Operational Model [i] Key: H=Harvesting, F= Fertilizers, S=Seeds, R=Revenue (Rice Machinery), E=Expenses, L=Lease Income, W=Wheat Machinery Year Yearly Calendar of Expenses and Revenue Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Wheat Wheat Rice Wheat F - F H H - - - - - S S - - - R R - - - - - - - Rice - - - - S S F - F H H - R R Machinery W W/R R R W/R W L L L L L L Income R+L R+L R+L R+L R+L R+L Expenses E E E/E E/E E E E E E/E E

17. Fund Distribution Forecast Fund Distribution Forecast @ 10 percent growth rate per annum Fund Allocation Allocation Return Year 1 Year 2 Year 3 Year 4 Year 5 Wheat 30% 15% 1,050,000,000 1,155,000,000 1,270,500,000 1,397,550,000 1,537,305,000 Rice 30% 20% 1,050,000,000 1,155,000,000 1,270,500,000 1,397,550,000 1,537,305,000 Machinery 30% 17% 1,050,000,000 1,155,000,000 1,270,500,000 1,397,550,000 1,537,305,000 Cash and Bank Balances 10% 6% 350,000,000 385,000,000 423,500,000 465,850,000 512,435,000 100 16.05% 3,500,000,000 3,850,000,000 4,235,000,000 4,658,500,000 5,124,350,000

18. Where and Why need funding

19. Initial Costs Minimum Equity Requirements In Rupees Leasing 700,000,000.00 Asset Management Company 200,000,000.00 Asset Management Company Registration Fee 1,000,000.00 License Subscription Fee 250,000.00 per type of license Renewal Fee 250,000.00 Monitoring Fee 250,000.00 Annual SECP fee 0.010% Annual NAV Auditor's Fee 428,000.00 Shariah Advisor Fee 250,000.00 Remuneration of Trustee (CDC) 1,688,000.00 Floatation Costs 1.00% Pre IPO Investment

20. Projected Return Year Year 1 Year 2 Year 3 Year 4 Year 5 Return 12.28% 12.44% 12.58% 12.71% 12.83%

21. Cash Flow Statement Cash Flow Statement Year 1 Year 2 Year 3 Year 4 Year 5 Net Income 429,781,500 478,827,450 532,777,995 592,123,594 657,403,754 Adjustment for non Cash Items Add: Non cash Exp 52,500,000 52,500,000 52,500,000 52,500,000 52,500,000 Less: Non cash incomes 0 0 0 0 0 Cash Generated from operation 482,281,500 531,327,450 585,277,995 644,623,594 709,903,754 Cash in/out flow from Investing Activities -3,179,000,000 -307,750,000 -347,736,505 -383,423,651 -421,766,015 Cash In/out flow from Financing Activities 3,070,218,500 -128,827,450 -147,777,995 -168,623,594 -191,553,754 Net Cash inflow 373,500,000 94,750,000 89,763,495 92,576,349 96,583,985

22. Projected Income Statement Income Statement Year 1 Year 2 Year 3 Year 4 Year 5 Income from Operations 561,750,000 617,925,000 679,717,500 747,689,250 822,458,175 Less: Remuneration to KISSAN Asset Management Company 16,852,500 18,537,750 20,391,525 22,430,678 24,673,745 Remuneration to Trustee-Central Depository Company of Pakistan 1,688,000 1,856,800 2,042,480 2,246,728 2,471,401 Depreciation 52,500,000 52,500,000 52,500,000 52,500,000 52,500,000 Annual Fee to Security and Exchange Commission of Pakistan 500,000 500,000 500,000 500,000 500,000 Remuneration to Shariah Advisor 250,000 275,000 302,500 332,750 366,025 Remuneration to Auditor 428,000 428,000 428,000 428,000 428,000 Subscription Fees Amortization of Preliminary Expenses and Floatation Costs 7,250,000 7,250,000 7,250,000 7,250,000 7,250,000 Legal and Professional Charges Takaful Contribution 52,500,000 57,750,000 63,525,000 69,877,500 76,865,250 Other Expenses Total Expenses 131,968,500 139,097,550 146,939,505 155,565,656 165,054,421 Net Income 429,781,500 478,827,450 532,777,995 592,123,594 657,403,754 Less: Distribution of Income for the year 429,781,500 478,827,450 532,777,995 592,123,594 657,403,754

23. Projected Balance Sheet Year 1 Year 2 Year 3 Year 4 Year 5 Balance Sheet Balance with Banks 350,000,000 385,000,000 423,500,000 465,850,000 512,435,000 Investments (Salam Contracts) 2,100,000,000 2,310,000,000 2,541,000,000 2,795,100,000 3,074,610,000 Preliminary Expenses & Floatation Costs (Capitalized) 29,000,000 21,750,000 14,500,000 7,250,000 0 Machinery on Ijarah 1,050,000,000 1,155,000,000 1,270,500,000 1,397,550,000 1,537,305,000 Total Assets 3,529,000,000 3,871,750,000 4,257,986,505 4,683,760,156 5,152,111,171 Liabilities towards unit holders 2,600,000,000 2,950,000,000 3,335,000,000 3,758,500,000 4,224,350,000 Payable to KISSAN Asset Management Company 16,852,500 18,537,750 20,391,525 22,430,678 24,673,745 Payable to Trustee 1,688,000 1,856,800 2,042,480 2,246,728 2,471,401 Payable to SECP 250,000 250,000 250,000 250,000 250,000 Payable to Shariah Advisor 250,000 275,000 302,500 332,750 366,025 other Payables 9,959,500 830,450 Total Liabilities 2,629,000,000 2,971,750,000 3,357,986,505 3,783,760,156 4,252,111,171 Issued, Subscribed, Paid Up Capital 900,000,000 900,000,000 900,000,000 900,000,000 900,000,000 Unappropraited Income 0 0 0 0 0 Total Equity 900,000,000 900,000,000 900,000,000 900,000,000 900,000,000 Equity and Liabilities 3,529,000,000 3,871,750,000 4,257,986,505 4,683,760,156 5,152,111,171

24. Ownership Dilution in 5 years Year 1 Year 2 Year 3 Year 4 Year 5 Total Fund Size 3,500,000,000 3850000000 4235000000 4658500000 5124350000 Sponsors 900,000,000 900,000,000 900,000,000 900,000,000 900,000,000 26% 23% 21% 19% 18%

25. Exit Strategy

27. Wheat Per Acre Production Calculations Wheat Target 22 Million Tonnes Punjab Our Target 1% 0.22 Million Tonnes Seed Usage 50 Kg/Acre Timing 1st November 15th December Type Pasban 90 Ufaq 90 Inqilaab 91 Uqbab 2000 Bhakar 2001 Medicines of Seeds Usage 2gram/Kg 2 Ml/kg 1.50 gram/kg Timing At the time of of seed Type Topson M Derosil Raxil 2DS Fertilizer Usage 1.25 Bag 1.25 Bag 1 Bag 0.5 Bag Timing At the time of seed At the time of seed At the time of seed At first water Type DAP Urea Pottasium Urea Total Price 23.125 Rs/Kg Yield per acre 200 Rs/kg Average Price 17.5 Rs/Kg Area 1 Acre Income 4,625.00 Target Farmer 12.5 15 Acres Production 57,812.50 69,375.00 Rs

28. Rice Per Acre Production Calculations Rice Target 5.5 Million Ton 2.5 Million Ton Punjab Rice Basmati rice Seed Usage 6kg/acre Timing 1st June 20th June Type Basmati 385 Basmati 6129 Super Basmati Medicines of Seeds Usage 7kg/acre Timing 3-5 days after Type Seatren 10 G Fertilizer Usage 58 kg/acre 41kg/acre Timing At the time of seed At the time of seed Type Nitrogen Phosphorous Total Price 62 Rs/Kg Yield per acre 1200 Rs/kg Average Price 50 Rs/Kg Area 1 Acre Target Farmer 12.5 15 Acres Production 930,000.00 1,116,000.00 Rs.