Transmission of Annual Report for the Year Ended 30-06-2025

Our Vision

• To recognize globally as a leading supplier of steel large bar of the highest quality standards, with market leading standards of customer service.

• Business development by adoption of emerging technologies, growth in professional competence, support to innovation. Enrichment of human resources and performance recognition.

  Our Mission

• To manufacture and supply high quality steel large bar to the construction sector whilst adopting safe and environmentally friendly practices.

• To remain the preferred and consistent supply source for various steel products in the country.

• Offer products that are not only viable in terms of desirability and price nut most importantly give true and lasting value to our customers.

• To fulfill special obligation and compliance of good governance.

• Ensure that the business policies and targets are in conformity with national goals.

• Deliver strong returns on investments of our stakeholders by use of specialized and high quality corporate capabilities with the combined use of modern bar mill practices, enterprise class software on a web based solution and targeted human resource support.

  Corporate Strategies

• Ensure that the business policies and targets are in conformity with national goals.

• Establish a better and safer work environment for all employees

• Contribute in National efforts towards attaining sustainable self-efficiency in steel products,

• Customer's satisfaction by providing best value and quality products.

• Maintain modern management system conforming to international standards needed for an efficient organization.

• Ensure to foster open communications, listen, and understand other perspectives.

• Acquire newer generation technologies for effective and efficient operations.

Board of Directors Mr. Naim Anwar Mr. Abuzar Shad

COMPANY INFORMATION

Director/ Chairman Director

Shares Registrar

Mr. Zahid Iftakhar Director M/s. Corplink (Pvt.) Limited

Mrs. Nargis Abuzar Shad Female Director Wings Arcade,

Mr. Muhammad Azhar Chughtai Director 1-K Commercial, Model Town, Mr. Shafiq Ahmed Soomro Director Lahore.

Mrs. Saba Azam

Mrs. Naushaba Shahzad Nominated by NBP

Mr. Asim Jilani Nominated by FBL

Director Director

Director

Phone +92 (042) 35916714

E-mail: corporate@corplink.com.pk

Mr. Suhail Elahi C.E.O

Head Office/Registered Office Office # 6-F, 4th Floor, Al-Hafeez Tower, M.M. Alam Road,

Audit Committee Gulerg-III, Lahore-54700

Mr. Shafiq Ahmed Soomro Chairman Pakistan.

Mr. Muhammad Azhar Chughtai Member Ph: # 042-35785342 Madam Saba Azam Member

Human resource & Remuneration Committee

Mr. Mian Abuzar Shad Mr. Naim Anwar

Chairman Member

Auditors

Mr. Suhail Elahi Member Rahman Sarfaraz Rahim Iqbal Rafiq Chartered Accountants

Chief Financial Officer Legal Advisor

Mr. Muhammad Afzal Shehzad Mr. Ahsan Masood, Advocate Masood & Masood Corporate &

Company Secretary Legal Consultants, 102 Upper Mall

Mr. Muhammad Afzal Shehzad Scheme Lahore

Ph: No. +92(0)42 37363718

Bankers Plant Address

Faysal Bank Limited 52 Km Lahore Multan Road

National Bank of Pakistan Phool Nagar, Distt Kasur Punjab Askari Commercial Bank Limited

Bank of Khybar Web Presence

Pak Kuwait Investments Co. (Pvt.) Limited

Saudi Pak Industrial & Agricultural Investment

Co. Limited

United Bank Limited Silk Bank Limited Soneri Bank Limited Summit Bank Limited Bank Alfalah Islamic Meezan Bank

https://www.doststeels.com

e mail: info@dosteels.com

DOST STEELS LIMITED

NOTICE OF ANNUAL GENERAL MEETING

Notice is hereby given that the Annual General Meeting (AGM) of the shareholders of Dost Steels Limited will be held on October 28, 2025 at 9.00 a.m. at 4thFloor, Al-Hafeez Tower, Office # 6-F, M.M. Alam Road, Lahore to transact the following business.

ORDINARY BUSINESS:

1. To confirm and approve the minutes of the Annual General Meeting held on November 27, 2024.

2. To receive, consider and adopt the audited financial statements of the Company for the year ended June 30, 2025 together with the Chairman's review, Directors' and Auditors' reports thereon.

   As required under Section 223(6) of the Companies Act, 2017 (the "Act"), Financial Statements of the Company have been uploaded on the website of the Company

3. To appoint Auditors for the year ending June 30, 2025 and fix their remuneration.

   SPECIAL BUSINESS:

4. To consider and if thought fit, approve the increase in Authorized Share Capital of the Company and to pass the following 'Special Resolutions' with or without modifications;

"RESOLVED THAT that the authorized capital of the Company be further increased from PKR 4,450,000,000/- (Pak Rupees Four billion Four hundred Fifty million) divided into 445,000,000 (Four hundred Forty Five million) ordinary shares of PKR 10/- each to PKR 13,060,000,000/- (Pak Rupees Thirteen billion Sixty million) divided into 1,306,000,000 (One billion Three hundred Six thousand) ordinary shares of PKR I0/- each and the words and figures in Clause V of the Memorandum of Association and clause 5 of Articles of Association of the Company be and are hereby amended accordingly.

FURTHER RESOLVED THAT the Chief Executive and/or any one Director and/or the Company Secretary of the Company be and hereby authorized singly complete all the necessary corporate and legal formalities in respect of all above."

ANY OTHER BUSINESS:

6. To consider any other business with the permission of Chairman.

A statement of material facts under Section 134(3) of the Companies Act, 2017 relating to the aforementioned Special Business to be transacted at the AGM is annexed with this Notice of AGM.

By order of the Board

Muhammad Afzal Shehzad

Lahore: October 03, 2025 CFO & Company Secretary

Notes:

1. The Share Transfer Books of the Company shall remain closed from October 22, 2025 to October 28, 2025 (both days inclusive). Transfers received at our registrar office M/s. Corplink (Pvt) Limited, Wings Arcade, 1-K Commercial, Model Town, Lahore by the Close of business on October 21, 2025 will be treated time.

2. A member entitled to attend and vote at this meeting may appoint another person as his/her proxy to attend, speak and vote instead of him/her behalf at the meeting. Proxies, in order to be valid, must be received at the registered office of the Company not later than 48 hours before the meeting. A member shall not be entitled to appoint more than one proxy.

3. Central Depository Company (CDC) shareholders are requested to bring their Computerized National Identity Cards, Account/Sub-Account and Participant's ID Number in the CDC for identification purpose when attending the meeting. In case of corporate entity, the Board's Resolution/Power of Attorney with specimen signature shall be furnished (unless it has been provided earlier) at the time of meeting.

4. Members who have not yet submitted photocopy of their Computerized National Identity Cards to the Registrar of the Company are requested to send the same at the earliest.

5. Shareholders are requested to notify to the Company's Share Registrar immediately of any change in their addresses.

6. The Company has arranged for participation of members in general meeting through electronic means (i.e., video-link, webinar, zooming etc.). In this regard, the interested shareholders can request by providing the relevant information (i.e. Name of the Shareholder, CNIC Number, Folio / CDC Account Number, Cell Number, Email Address etc.) to the Company Secretary at least 48 hours before the time of AGM at Email Address: afzal.shehzad@doststeels.com

7. It is hereby notified that pursuant to the Companies (Postal Ballot) Regulations, 2018 and its amendments notified vide SRO 2192(1)/2022 dated December 5, 2022, members will be allowed to exercise their right to vote for the special business(es) in the AGM, in accordance with the conditions mentioned in the aforesaid Regulations. The Company shall provide its members with the following options for voting:

   1. E-Voting Procedure

      1. Details of the e-voting facility will be shared through an email with those members of the Company who have their valid CNIC numbers, cell numbers, and email addresses available in the register of members of the Company within due course.

      2. The web address: login details, will be communicated to members via email.

      3. Identity of the members intending to cast vote through E-voting shall be authenticated through authenticated login.

      4. E-Voting lines will start from October 23, 2025 10:00 am and shall close on October 27, 2025 at 5

         p.m. Members can cast their votes any time in the period.

   2. Postal Ballot

      For voting through Postal Ballot members may exercise their right to vote as per provisions of the Companies (Postal Ballot) Regulations, 2018 subject to the requirement of Section 143 to 145 of the Companies Act, 2017. Further details in this regard will be communicated to the shareholders within the legal time frame as stipulated under these said Regulations, if required.

      The members shall ensure that duly filed and signed ballot paper along with copy of CNIC should reach the Chairman of the meeting through post on the Company's registered office one day before the AGM i.e. October 27, 2025 during the working hours. The signature on the ballot paper shall match with the signature on CNIC or Company records.

8. Members have the option to receive Annual Audited Financial Statements and Notice of General Meeting through email. Members can give their consent in this regard on prescribed format to the Shares Registrar. The Audited Accounts of the Company for the year ended June 30, 2025 are also available on the Company's website: https://www.doststeels.com.

9. In accordance with the directive issued by the SECP vide it is S.R.O. 452(I)/2025 dated March 17, 2025 the Company would like to inform all the shareholder that no gifts will be distributed at the meeting.

10. Form of Proxy is enclosed.

STATEMENT O F MATERIAL FACTS UNDER SECTION 134 (3) OF THE COMPANIES ACT, 2017 REGARDING THE SPECIAL BUSINESS

The accompanying copy of the notice is for the purpose of convening the meeting of the members for passing of the Special Resolutions specified in the notice. The material facts relating to the Special Resolutions are as follows:

AGENDA ITEM 4: INCREASE IN THE AUTHORIZED SHARE CAPITAL OF THE COMPANY

As per recommendations of the Board of Directors in their meeting held on March 26, 2025, the authorized capital of the Company be further increased from PKR 4,450,000,000/- (Pak Rupees Four billion Four hundred Fifty million) divided into 445,000,000 (Four hundred Forty Five million) ordinary shares of PKR 10/- each to PKR 13,060,000,000/- (Pak Rupees Thirteen billion Sixty million) divided into 1,306,000,000 (One billion Three hundred Six thousand) ordinary shares of PKR I0/- each and the words and figures in Clause V of the Memorandum of Association and clause 5 of Articles of Association of the Company be and are hereby amended accordingly.

CLAUSE-V OF THE MEMORANDUM OF ASSOCIATION

The Authorized Share Capital of the Company is PKR 13,060,000,000/- (Pak Rupees Thirteen billion Sixty million) divided into 1,306,000,000 (One billion Three hundred Six thousand) divided into 1,306,000,000 (One billion Three hundred Six thousand) ordinary shares of PKR 10/- (Pak Rupees Ten

Only) each. The Company shall have the power to increase, reduce, consolidate or re-organize the said capital and to divide the shares in the capital into several classes in accordance with the provisions of the Companies Act, 2017."

CLAUSE-5 OF THE ARTICLES OF ASSOCIATION

The Authorized Capital of the Company is PKR 13,060,000,000/- (Pak Rupees Thirteen billion Sixty million) divided into 1,306,000,000 (One billion Three hundred Six thousand) divided into 1,306,000,000 (One billion Three hundred Six thousand) ordinary shares of PKR 10/- (Pak Rupees Ten Only) each with powers to increase, reduce, consolidate, sub- divide or otherwise reorganize the share capital of the Company.

CHAIRMAN'S REVIEW

It is a matter of great privilege for me to present the Company's Annual Report and Audited Financial Statements for the year ended June 30, 2025 and share with you an update on the performance of the Company.

We extend our appreciation to our partners, bankers, shareholders, strategic alliances, human capital and other stakeholders in our business who have shown continued trust in our Company. DSL has a well-diversified and experienced Board members that have core competencies, knowledge, skills and experience relevant to the Company's businesses, that follows best practices relating to corporate governance and other related regulatory requirements. The Board held meetings during the year to review and approve financial statements. The committees also held regular sessions to perform their duties assigned under their respective terms of references by the Board. The detail of these meetings is the Annual Report, despite the challenging pandemic and economic environment.

Financial indicators and significant events of the year have been made available to you over the financial year ended on June 30, 2025. During the year, the board reviewed, discussed and approved the financial statements and all the supporting documentation after thorough deliberation and critical analysis. The Board of Directors of the Company complies with all relevant rules and regulations. The Board has formulated policies and procedures to ensure professional corporate environment in order to promote timely disclosure, transparency, accountability, high ethical standards, compliance with applicable laws, regulations and corporate governance. The board has ensured that every board member has had an adequate opportunity to present their opinions on all strategic matters. Pursuant to the updated Code of Corporate Governance, the company is trying to ensure full compliance of the code of Corporate Governance. These steps will undoubtedly improve board development, remuneration processes, accountability and audit, and relations with shareholders. The Board has recently arranged its evaluation through an independent Firm and overall performance of the Board was measured as satisfactory on the basis of diversity and mix of the board, engagement in planning, diligence, monitoring of business activities and governance and control environment.

We are confident on achieving further improvement of the Company's performance based on the bright prospects of the construction sector, and we look forward to the continued support of our valued shareholders.

Being Chairman of the Board, I will remain firmly committed to ensure that the Company complies with all the relevant provisions of the Code and other regulations.

Lahore Naim Anwar

03 October 2025 Chairman, Board of Directors

DIRECTORS' REPORT TO THE SHAREHOLDERS

Dear Members Assalam-O-Alaikum

On behalf of my colleagues on the Board, I welcome you to the 22nd Annual General Meeting of your Company and present before you the annual report, along with the audited financial statements of your company for year ended 30 June 2025.

The Company has successfully negotiated restructuring of its long term loans towards syndicate Banks and we are pleased to inform that the final agreement has been signed. Down payment of PKR 50 million as per agreement has been made.

The Company with a view to reflect the fair value of our fixed assets in line with prevailing valuation practices and to present a realistic balance sheet to shareholders carried out revaluation of its property, plant, and equipment, resulting in a revaluation surplus of PKR 5,836.935 million (net of deferred tax). This exercise was undertaken by Sadruddin Associates (Pvt.) Limited a recognized professional, independent, approved State Bank of Pakistan valuator. The auditors for reasons best known to them have as stated in their report reservations on the capability of the SBP approved valuator which is totally unfounded. The Board firmly believes that financial statements must present a true and fair view of the Company's assets and liabilities. In this context, it is our view that the earlier book values understated the inherent strength of the Company's balance sheet, and the revaluation was therefore essential to safeguard shareholders' rights to a transparent and fair reflection of value. The Board is confident that the valuation fairly represents the underlying strength of the Company's assets.

The revaluation surplus significantly enhances the net worth of the Company, reduces the accumulated losses, and positions the Company on stronger footing for its ongoing restructuring and revival strategy. This development, together with the restructuring agreement executed with the syndicate lenders, reflects management's commitment to restoring financial health and creating value for stakeholders.

The Board in their meeting held on May 27, 2025 in order to meet working capital requirement and backward integration by setting up a melting plant, decided to raise further issue of capital amounting to PKR 4,446,955,770 divided into 444,695,577 ordinary shares of PKR 10/- each to the issuance of additional 444,695,577 Ordinary Shares of the face value of PKR 10/- each right shares to be issued at par under the provisions of section 82 and 83 of the Companies Act, 2017 (the "Act"). The shares will be issued to the existing shareholders in proportion of their shareholding.

In lieu of the restructuring agreement executed by the Company under which Mohabat Khan one of the sponsors of the company will pay to the syndicate Banks the outstanding loan amount, the Board in their meeting held on May 27, 2025 decided to issue shares Otherwise than Right to Mohabat Khan in proportion to the amount paid by him to Banks towards settlement of outstanding loans of the Company.

Financial performance of the Company for the year ended June 30th, 2025, was as under:

Business Review

The Earning for the year was Rupees 0.68 per share as compared to Rupees (0.65) per share during the corresponding period. Profit after tax for the year was Rupees 302.460 million as compared to Rupees (242.236) million in corresponding year.

Material Changes in commitments

Material changes and commitments affecting the financial position of the Company have occurred between the end of the financial year to which this balance Sheet relates and the date of the report.

Revaluation of assets Restructuring effect of Bank Loans

Future Prospects, Risks and Uncertainties:

Though challenges continue to face the steel industry, improvement in economic conditions will boost construction activities boosting demand for steel. The long-term outlook for steel remains positive as developing economies such as Pakistan, with young and growing populations, require large investments in public infrastructure to continue growing. The country's demographic profile indicates that the economy will require greater investment in housing,

The Company has successfully negotiated restructuring of its long term loans towards syndicate Banks and we are pleased to inform that the final agreement has been signed. Down payment of PKR 50 million as per agreement has been made. After this significant achievement the company is now taking steps towards starting operations.

Internal Financial Controls

A system of sound internal control is established and implemented at all levels within the Company. The system of internal control is sound in design for ensuring achievement of company's objectives, operational effectiveness and efficiency, reliable financial reporting and compliance with laws, regulations and policies.

Financial Statements

The financial statements of the company have been duly audited and signed by the auditors of the Company, Messrs. Rahman Sarfaraz Rahim Iqbal Rafiq, Chartered Accountants and their report is attached with the financial statements. The auditors have expressed a Disclaimer opinion in their audit report for the financial year ended 30 June 2025. The reasons for disclaimer and reservations and our para wise comments on the disclaimer and reservations are as follows:

The Statement of compliance with the Code of Corporate Governance is annexed.

The Board of Directors

The Board of Directors is composed of nine members, with statutory representation of different category of directors, which includes an independent director, non-executive directors and executive directors as required by the Listed Companies (Code of Corporate Governance) Regulations, 2019. The Board is responsible for making strategic decisions with respect to important management matters, including the execution of important business activities and other matters as prescribed by law. These decisions are made after deliberating matters according to established criteria: assessing risks and giving due consideration to ground realities. The Board is also responsible for supervising and monitoring conduct guidelines.

Auditors

The statutory auditors of the company, Messers Rahman Sarfaraz Rahim Iqbal Rafiq, Chartered Accountants, have completed their audit of the company's financial statements and the Statement of Compliance with the Code of Corporate Governance for the financial year ended 30 June 2025 and shall retire on the conclusion of the 22nd Annual General Meeting. The Audit Committee recommends appointment of M/s Mushtaq & Co to be company's auditos for the financial year ending 30 June 2026 on terms and remuneration negotiated by the Chief Executive Officer.

Chairman's Review

The accompanied Chairman's review deals with the performance of the Company for the year ended 30 June 2025 and future outlook. The directors endorse the contents of the review.

Pattern of Shareholding

The pattern of shareholding as on 30 June 2025 is attached separately.

Acknowledgement

The Board of Directors once again acknowledges the cooperation of its shareholders, project partner, bankers, supplier's, employees who are helping the Company in its efforts to consolidate and commence commercial operations.

On behalf of the Board of Directors

Suhail Elahi Naim Anwar

Chief Executive Officer Director

Lahore: 03 October 2025

Annual General ) سالجا یمومع ہنالاس ںیو22 ےک نے پمک ك پآ وک پآ ،ےس بناج ك ںویھتاس ےک رروب نے پا ،یں م متخ لاس ئے ارب تانایب یلام ہدش ٹیرآ ہعمب ٹروپر ہنالاس یں م تمدخ ك پآ روا ںوہ اتہک دیدمآ شوخ یں م (Meeting

۔ںوہ اترک شیپ 2322 نوج 03 ہدش

ےک (Syndicate Banks) میشروسنک ےک ںوکنیب یں ل ےک (Restructuring) ون مِیظنت ك ںوضرق تی دملا لیوط نے پا نے نے پمک

وہ طختسد رپ ےدہاعم یمتح ہک ہے یہر وہ سوسحم شی وخ ئے وہ نی ید عالطا ہی یں مہ روا ،یں ک تارکاذم ےس تی ایماک ھتاس

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۔ہ ید رک گیئادا ك ئے ور یں لم 23 رپ روط تادتبا ن نپمک قباطم ےک ےدہاعم ۔یں ہ ےکچ

ےک ناگتفای صصح روا ئے رک رہاظ قباطم ےک راک ہقیرط نشیاویلیو ہدوجوم وک ردق ہنافصنم ك تاج ہثاثا نے پا نے نے پمک اک (Revaluation) تمیق ونرسِزا ك ینے یشم روا ٹنالپ ،دادیئاج نے پا یں ل ےک ئے رک شیپ ٹیش سنلیب نے بم رپ تقیقح یے ماس ۔اوہ لصاح سلپرس نشیاویلیویر اک ئے ور یے ں لم 239063802 دعب ےک سکیٹ ہدش رخؤم یں م جی یتن ےک لمع سا ۔ایاورک یے ں عت ہشیپ روا دازآ ،ہدش روظنم ےک ناتسکاپ فآ کنیب ٹیٹسا ہکوج ،رٹیمل (ٹیویئارپ) سٹیا شوسیا نیدلاردس نشیاویلیو ہی ۔نے گ ك ےعیرذ ےک ،یں ہ نر یاویلیو رو

۔یں ہ داینب نی لکلاب یں م لایخ ےک رروب وج ،ہے ایک راہظا اک تاظفحت رپ تیلباق ك نر یاویلیو سا یں م ٹروپر نے پا نے زنر یرآ

سا ۔یں یہاچ ئے رک شاکع ہنافصنم روا تسرد ك ںویراد ہمذ روا ںوثاثا ےک نے پمک تانایب یلام ہک ہے یے ں قی ہتخپ اک رروب

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ںوثاثا یں ل سا ،یں ھت یہر رک یں ہن كدنئامن حیحص ك تقاط یلام ك نپمک ںیردق تی اتک یلھچپ ہک ہے ئار ك رروب ےس ےلاوح رروب ۔ےکس اج ك مہارف ریوصت یلام ہنافصنم روا فافش کیا وک ناگتفای صصح ہکات اھت یروضے یے ں عت اک تمیق ونرسِزا ك ۔ہ تی رکرہاظ رپ روط تسرد وک تقاط تے وردنا ك ںوثاثا ےک نے پمک نشیاویلیو ہدوجوم ہک ہ یے ں قی وک

تاناصقن ہدش عمج ،ہے اوہ ہفاضا ںایامن یں م (Net Worth) تیلام صلاخ ك نپمے ک ےس سلپرس نشیاویلیویر

داینب طوبضم یں ل ےک یلمع تِمکح ك یلاحب روا ون مِیظنت نے پا وک نے پمک روا ،ہے تے آ یمک یں م (Accumulated Losses) یلاحب ك تحص یلام ےک ہیماظتنا ےدہاعم یے گ یں ک ھتاس ےک ناگدنہد ضرق میشروسنک روا تفر شیپ ہی ۔ہے تے وہ مہارف ۔یں ہ ئی رک یزامغ ك مزع ےک ئے رک ادیپ ردق یں ل ےک زررلوہ کیٹسا روا

Melting ) ٹنالپ گنٹلیم کیا روا ئے رک یروپ تایروضے ك لٹیپیک گنکرو وک 2322 نے م 22 ہخروم سالجا نے پا نے رروب تحت ےک سا ۔ایک ہلصیف اک ئے رک یراج ہیامرس دیزم یں ل ےک ئے رک لصاح نشیرگیٹنا ررو کیب ےعیرذ ےک ئے رک مئاق (Plant

رپ ئے ور 03 تمیق صصح فے (Ordinary Shares) صصح ماع ,,,36823222 فے اضا ےک تیلام ئے ور ,3,,638223223

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ہدوجوم یں م تروص ك "زنیش ٹئار" تحت ےک ی 90 روا 92 تاعفد ك 2302 ٹکیا نں نپمک صصح ہی ۔ےک یں ئاج یں ک یراج

۔ےک یں ئاج یں ک یراج ےس بسانت ےک تیکلم ہدوجوم ك نا وک ناگتفای صصح

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گیئادا ك ںوضرق ادالا بجاو ےک نپمک ن ،ناخ تبحم بانج ،رسناپسا کیا ےک نپمک تحت ےک ےدہاعم گنرچکنسا یر ك نا وک ناخ تبحم ہک ایک ہلصیف یں م سالجا ےلاو ئے وہ وک 2322 نے م 22 نے رروب یں م ےلدب ےک سا ۔ہے ك وک ںوکنیب ۔ےک یں ئاج یں ک یراج صصح تحت ےک "Otherwise than Right" ےس بسانت ےک مقر نے گ ك ادا وک ںوکنیب ےس فرط

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ہے نگ ك شیپ یں م لیذ 2322 نوج 03 ہدش متخ لاس ئارب كدرکراک یلام ك نپمک

۔ہے نی ہب یں م ےلباقم ےک (3362) ئے ور صصح فے ےک تدم ہتشزگ ہک وج یہر 3369 ئے ور تے دمآ صصح فے نارود ےک لاس یں م ےلباقم ےک یے ں لم (2,23206) ئے ور ےک لاس ہتشزگ ہک وج اہر یے ں لم 0323,63 ئے ور عفانم دعب ےک سکیٹ نارود ےک لاس ۔ہے اترکرہاظ ینی ہب ںایامن

مک وک تارثا ےک نا رک چناج تقورب وک تارطخ ہکات ہے اید لیکشت ہچناھر رثؤم کیا یں ل ےک ماظتنا ےک تارطخ نے نے پمک یسیلاپ ك ماظتنا ےک تارطخ ،یں ل ےک یے ٹمن ےس تارطخ قلعتم ےس رابوراک ۔ےکس اج ایانب نے یقی وک فی رت رادیئاپ روا ےکس اج ایک ك ماظتنا ےک تارطخ نے پا رپ روط ہنادازآ روا ئے رک تامادقا بسانم وج ہے ایگ اپنوس رادرک صوصخم وک ہبعش رہ تحت ےک ۔ہے راد ہمذ اک نے ید غورف ںایمرگرس

ےدعو روا ںایلیدبت یدام یلاو ئے وہ زادنا رثا رپ تلاح یلام ك نے پمک نایمرد ےک خ••••یرات ك ٹروپر سا روا ماتتخا ےک لاس یلام ۔یں ہ ئے وہ امنور

زلوٹر نک نر ایلام نن وردنا

حرط سا ماظن اک لونر نک تے وردنا ہی ۔ہے ایگ ایک ذفان روا مئاق ماظن اک لونر نک تے وردنا رثؤم کیا رپ ںوحطس مامت ےک نے پمک

ی ی ی ے ے ے

ے ے ے

روا گتسرد ك گنٹروپر تایلام ،كدرکراک روا تیرثؤم ك نشیرپآ ،لوصح ےک دصاقم ےک نپمک ہو ہک ہے ایگ ایک رایت ےس

۔نانب نیقی وک لیمعت ك ںویسیلاپ روا طباوض ،یں ناوق

رپ روط ہطباضاب نے سٹنٹنؤاکا ررٹراچ ،قیفر لابقا میحر زارفرس نامحر زنر سم ،زنر یرآ ےک نے پمکوک تانایب تی ایلام ےک نے پمک متخ وک 2322 نوج 03 نے زنر یرآ ۔ہے کلسنم ھتاس ےک تانایب تی ایلام ٹروپر ك نا روا ،یں ہ یں ک طختسد روا ایک ٹرآ ،تاہوجو ك تاظفحت روا رمیلک سر ۔ہے ید ئے ار یک (Disclaimer) رمیلک سڈ یں م ٹرآ نے پا یں ل ےک لاس یلام ےلاو ئے وہ :یں ہ لیذ جرد ےرصبت راو قش ےرامہ رپ نا نے ں ن

۔ہے کلسنم نایب اک لیمعت ك قالخا ہطباض ےک سننروگ ٹیروپراک

ی ے ر ے ر

دازآ کیا ہک ےسیج ،ہے لماش كدنئامن توناق كزنکیرئار ےک ماسقا فلتخم یں م نج ،ہے لمتشم رپ یں کارا ون رروب اکزنکیرئار 2308 ،نے ے شیلوگیر (سننروگ ٹیروپراک فآ روک) نے ں نپمک رٹسل ہک اسیج ،زنر کیرئار وٹکیزگیا روا زنر کیرئار وٹکیزگیا نں غ ،نر کیرئار یرابوراک یں م نج ،ہے راد ہمذ اک ئے رک ےلصیف کجٹینر سا قلعتم ےس تالماعم یماظتنا مہا ےک نے پمک رروب ۔ہے یمزال تحت ےک

قباطم ےک رایعم ہدش ےط ےلصیف ہی ۔یں ہ ہدش ےط تحت ےک نوناق وج یں ہ لماش تالماعم رگید ہو روا یہد ماجنا ك ںویمرگرس

ك ںوطباض فی الخا رروب ۔ہے اتاج اھکر رظندِم وک قئاقح نے یمز روا ہزئاج اک تارطخ یں م نج ،یں ہ نی اج یں ک دعب ےک ضوخ و روغ ۔ہے راد ہمذ یھب اک دمآرد لمع روا تے ارگن

زٹر یڈآ

ےک 2322 نوج 03 ئے وہ متخ لاس یلام نے ،سٹنٹنؤاکا ررٹراچ ،قیفر لابقا میحر زارفرس نامحر زرسیم ،زنر یرآ تے وناق ےک نے پمک ںیو22 ہو روا ،ہے ایل رک لمکم ٹرآ اک نایب ےک لیمعت ك قالخا ہطی باض ےک سننروگ ٹیروپراک روا تانایب یلام ےک نے پمک یں ل

نوج 03 ئے وہ متخ لاس یلام ہک ہے تی رک شرافس نر یمک ٹرآ ۔ےک یں ئاج وہ شودکبس رپ ماتتخا ےک سالجا ماع ہنالاس

و طئارسی ہدش ےط ےس بناج ك رسیفآ وٹکیزگیا فیچ وک نے پمک رنیا قاتشم زرسیم رپ روط ےک زنر یرآ ےک نے پمک یں ل ےک 2326

۔نے اج ایکررقم رپ ضے واعم

ی ے ے ے ے

لمتشم رپ تاناکما ےک لبقتسم روا كدرکراک ك نپمک یں ل ےک 2322 نوج 03 ئوہ متخ لاس ہزئاج اک یں منیچ کلسنم ھتاس ۔یں ہ ئی رک قیثوت ك تاجردنم ےک ےزئاج سا زنر کیرئار ۔ہے

نٹر یپ اک گنڈلوہ ٹے یش

۔ہے کلسنم رپ روط ہدحیلع ننر یپ اک گنرلوہ نے یش کت 2322 نوج 03

نے پمک وج ہے اترک ادا ہیرکش اک یے ں مزالم روا زرئالپس ،زرکنیب ،زنے ٹراپ ٹکیجورپ ،زررلوہ نے یش نے پا رھپ راب کیا رروب اک زنر کیرئار ۔یں ہ ہے ر رک مہارف ددم یں م ںوششوک ك ئے رک عورسی روا طوبضم وکنے ے شیرپآ تی راجت نے پا وک

ےس بناج ك رروب ےک زنر کیرئار

نر کیرئار

ہی لا لیہس

رسیفآ وٹکیزگیا فیچ

2322 ربوتکا 30 :روہال

DOST STEELS LIMITED CODE OF CONDUCT

PREAMBLE

Every Company employee receives a personal copy of Code of Conduct at the time of employment. This is the code to which the company is also committed. The maintaining the highest standards of conduct and ethical behavior is morally right and legally required and requires the personal commitment of every Director and Employee.

This Code of Conduct is a guide to the ethical conduct for directors and Employees of the Company. The Code also aims at informing the public of the principles to which the Company's employees subscribe. The code further signifies that Director and employees shall abide by proper and legal business practices, and perform under a standard of professional behavior that adheres to high principles of ethical conduct on behalf of the public, clients, employees etc.

POLICY STATEMENT

It is the policy of the Company to follow the highest business and ethical standards of conduct. It is the obligation of every employee of the Company to be a responsible, i.e. to be honest trustworthy conscientious, and dedicated to the highest standards of ethical business practices

RESPONSIBILITIES TO THE SHAREHOLDERS OF THE COMPANY

A primary obligation of directors and employees of the Company is to serve the shareholders' interest. While the definition of the shareholders' interest changes through ongoing debate, an employee owes faithfulness to a responsibly derived concept of the Shareholders' interest.

THE DIRECTOR' RESPONSIBLITIES TO EMPLOYEES

As an employer, the Board of Directors' has certain responsibilities to its employees, and shall strive to:

1. the Company with all applicable employment/labor laws and regulations;

2. provide a safe work environment in compliance with all-applicable laws and regulations;

3. appropriately acknowledge work performed by employees;

4. provide opportunities for professional growth and development of employees;

5. develop clear lines of communication between employer and employee, and provide employees with a clear understanding of their responsibilities; and

6. consistently maintain fair, equitable, and professional conduct toward its employees.

RESPONSIBILITIES OF EMPLOYEES TO THE COMPANY

1. Employees shall conduct their employment activities with the highest principles of honesty, integrity, truthfulness and honor. To this end, employees are to avoid not only impropriety, but also the appearance of impropriety;

2. Employees have a legal, moral and ethical responsibility to report to the Company, or the appropriate authorities, known or suspected violations of law, regulations, or corporate policy, including the Company's Standards of Conduct;

3. Employees shall not make, recommend, or cause to be taken any action known or believed to be in violation of any law, regulation or corporate policy;

4. Employees shall not make, recommend, or cause to be made any expenditure of funds known or believed to be in violation of any law, regulation or corporate policy;

5. Employees shall not use their position in employment to force, induce, coerce, harass, intimidate, or in any manner influence any person, including subordinates, to provide any favor gift or benefit whether financial or otherwise, to themselves of others.

6. In business dealings with government entities, whether Pakistan or foreign, employees shall not provide or offer to provide, any gratuity, favor or other benefit to government employees, or engage in any other activity which could improperly influencing, their decisions or activities. All such activities with the governmental agencies shall be conducted strictly on an arm's length, basis;

7. Employees representing the Company to third parties shall not allow themselves to be placed in a position in which actual or apparent conflicts of interest exists. Such conflicts of interest may arise appear to arise or appear to arise, by reason of the employees' acceptance of gratuities, favors or other valuable benefits which could improperly influence or reasonably be interpreted as improperly influencing sound business decisions. All such activities shall be conducted strictly on an arm's length, business basis;

8. Employees will exercise great care in situations in which a pre existing personal relationship exists between an employee and an industry representative or Government employee or official of an agency with whom the Company has an existing or potential business relationship. In such a situation the employee shall immediately report the relationship to management and pending further direction by the Company, the employee shall take no further action associated with the business in which the personal relationship exists. Where there is any doubt as to the propriety of the relationship, the employee shall report the relationship to management so as to avoid even the appearance of impropriety;

9. Employees shall not engage in outside business activities, either directly or indirectly, with a client vendor, supplier or agent of the Company, or engage in business activities, which are inconsistent with or contrary to the business activities of the Company;

10. The employees should observe the time of arrival and leaving of office as determined by Human Resource Department of the Company; and

11. Employees shall not use or disclose the Company's business secrets, proprietary or confidential information, or any other confidential information gained in the performance of Company duties as a means of making private profit, gain or benefit.

SUMMARY

The Company's reputation and its actions as a legal entity depend on the conduct of its directors and employees. Each director and employee must commit to act according to the highest ethical standards and to know and abide by applicable laws. We all must assure that our personal conduct is in line with above reproach and complies with the highest standards of conduct and business ethics

We also have no obligation to issuer that the conduct of those who work for and around us comply with the above standards

The Company's Code of Conduct and Standards of Conduct will be enforced at all levels fairly and without prejudice.

INDEPENDENT AUDITORS' REVIEW REPORT

To the members of Dost Steels Limited

We have reviewed the enclosed Statement of Compliance with the Listed Companies (Code of Corporate Governance) Regulations, 2019 (the Regulations) prepared by the Board of Directors of Dost Steels Limited for the year ended 30 June 2025 in accordance with the requirements of regulation 36 of the Regulations.

The responsibility for compliance with the Regulations is that of the Board of Directors of the Company. Our responsibility is to review whether the Statement of Compliance reflects the status of the Company's compliance with the provisions of the Regulations and report if it does not and to highlight any non-compliance with the requirements of the Regulations. A review is limited primarily to inquiries of the Company's personnel and review of various documents prepared by the Company to comply with the Regulations.

As a part of our audit of the financial statements we are required to obtain an understanding of the accounting and internal control systems sufficient to plan the audit and develop an effective audit approach. We are not required to consider whether the Board of Directors' statement on internal control covers all risks and controls or to form an opinion on the effectiveness of such internal controls, the Company's corporate governance procedures and risks.

The Regulations require the Company to place before the Audit Committee, and upon recommendation of the Audit Committee, place before the Board of Directors for their review and approval, its related party transactions. We are only required and have ensured compliance of this requirement to the extent of the approval of the related party transactions by the Board of Directors upon recommendation of the Audit Committee.

Based on our review, nothing has come to our attention which causes us to believe that the Statement of Compliance does not appropriately reflect the Company's compliance, in all material respects, with the requirements contained in the Regulations as applicable to the Company for the year ended 30 June 2025.

Further we highlight below instances of non-compliance with the requirements of the regulations as reflected in the paragraph reference where these are stated in the Statement of Compliance:

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Rahman Sarfaraz Rahim Iqbal Rafiq,

Chartered Accountants

Engagement partner: Adnan Rasheed Lahore

UDIN: CR202510701l567ZCGNs

STEELS LTD.

STATEMENT OF COMPLIANCE WITH LISTED COMPANIES (CODE OF CORPORATE GOVERNANCE) REGULATIONS, 2019 (THE REGULATIONS) OF DOST STEELS LIMITED FOR THE YEAR ENDED 30 JUNE 2025

Dost Steels Limited (the Company) has complied with the requirements of the Regulations, in the following manner:

1. The total number of directors are Ten (10) as per the following:

   1. Male: 07

   2. Female: 03

2. The composition of the Board of Directors (the Board) is as follows:

   Category	Name of Déectors
   Independent Directors	Mrs. Saba Azam Mr. Shafiq Ahmad Soomro
   Non-Executive Directors	Mr. Nairn Anwar (Chairman) Mr. Muhammad Azhar Chughtai Mr. Zahid Iftikhar Mr. Mian Abuzar Shad Mr. Asim Jilani (Nominee of Faysal Bank Limited) Mrs. Naushaba Shahzad (Nominee of National Bank of Pakistan)
   Executive Director	Mr. Suhail Elahi, Chief Executive Officer (CEO)
   Female Director	Mrs. Nargis Abuzar Shad

3. The directors have confirmed that none of them is serving as a director on more than seven listed companies, including this company;

4. The Company has prepared a Code of Conduct and has ensured that appropriate steps have been taken to disseminate it through the Company along with its supporting policies and procedures;

5. The Board has developed a vision/ mission statement, overall corporate strategy and significant policies of the Company. The Board has ensured that a complete record of particulars of significant policies along with their dates of approval or updating a maintained by the Company;

6. All the powers of the Board have been duly exercised and decisions on relevant matters have been taken by the

   Board/ shareholders as empowered by the relevant provisions of the Act and these regulations;

7. The meetings of the Board were presided over by the Chairman and, in his absence, by director elected by the Board for this purpose. The Board has complied with the requirements of the Act and the Regulations with respect to frequency, recordings and circulating minutes of meetings of the Board;

8. The Board has a formal policy and transparent procedure for remuneration of directors in accordance with the Act and the Regulations;

9. Prescntly, one director has completed the required Directors' Training Program (DTP) and one director is exempt from DTP on the basis of qualification and experience. Five newly appointed directors are required to complete the DTP within one year from the date of their appointment to the Board. The Board could not arrange DTP during the year for the remaining three directors;

   Head Office # 6-F, 4th Floor, Al-Hafecz Tower, M.M. Alam Road, Gulberg III, Lahore.Uh:042-35785342 Mill Site f52 km, Multan Road, Phoolmgar-55260, Pakistan.

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10. The Board has approved the appointment of the head of internal audit, Chief Financial Officer (CFO) and company secretary including their remuneration and terms and conditions of employment and complied with relevant requirements of the Regulations. During the year, new appointments of CFO and company secretary were made. Further, Chief Financial Omcer (CFO) and the head of internal audit does not meet the qualification criteria given in regulation 22 and 23;

1I. The CFO and CEO duly endorsed the financial statements before approval of the Board;

1. The Board has formed committees comprising of members given below: Audit Committee

   Mr. Shafiq Ahmed Soomro (Chairman)

   Mr. Muhammad Azhar Chughtai (Member) Ms. Saba Azam (Member)

   HR and Remuneration Committee

   Mr. Mian Abuzar Shad (Chairman) Mr. Nairn Anwar (Member)

   Mr. Suhail Elahi (Member)

2. The terms of reference of the aforesaid committees have been formed, documented and advised to the

   committees for compliance;

3. The frequency of meetings of the aforesaid committees were as per following:

   1. Audit COunnittee: t4 meetings held during the7*a*1

   2. HR and Remuneration committee: (1 meeting held during the year)

4. The Board has set up an effective internal audit function, led by head of internal audit who is not considered suitably qualified and experienced for the purpose, however is conversant with the policies and procedures of the Company;

5. The statutory auditors of the Company has confirmed that they have been given a satisfactory rating under the Quality Review program of the Institute of Chartered Accountants of Pakistan and registered with Audit Oversight Board of Pakistan, that they and all their partners are in compliance with International Federation of Accountants (lfAC) guideline on code of ethics as adopted by the Institute of Chartered Accountants of Pakistan and that they and the partners of the firm involved in the audit are not a close relative (spouse, parent, dependent and non-dependent children) of th•CEO, CFO, head of internal audit, company secretary or director of the Company;

6. The statutory auditors or the persons associated with them have not been appointed to provide other services expect in accordance with the Act, the Regulations or any other regulatory requirement and the auditors have confirmed that they have observed IFAC guidelines in this regard;

7. We confirm that all requirements of regulations 3, 6, 7, 8, 27, 32, 33 and 36 of the Regulations have been complied with except the following:

   Head OWiee # 6-F, 4th 1-loor, Al-1-lafeez Tower, M.M. Alam Road, Gulberg III, Lahore.Ph:042-35785342

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   Statement of Compliance para	Regulation Ref. no
   2	6	There are two independent directors appointed on tfie Board instead of one third of the Board(i.e. three).

8. Explanation for non-compliance with requirements, other than regulations 3, 6, 7, 8, 27, 32, 33 and 36 are

Head Office # 6-P, 4th Noor, Al-Hafeez Tower, M.M. Alam load, Gulberg III, Lahore.Ph:042-35785342

MIII 9ite #52 km, /vfultan ILoad, T'hoolnagar-55260, ddstan.

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STEELS LTD.

For and behalf of the Board Dost Steels Limited

Nairn Anwar

t'tead Otfice # 6-F, 4th Eoor, Al-Hafeez Tower, M.M. Aiam Road, Gulberg III, Lahore.Ph:042-35785342

Mill Site #52 km, Multaa moat, Pfiootmgar-55260, Idcistaru

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