Transmission of Annual Report for the Year Ended December 31, 2025

Unlocking NEW

DIMENSIONS

°* GROWTH

Unlocking new dimensions of growth requires more than ambition, it

demands vision, discipline, and the courage to redefine boundaries. In 2025,

Fatima Fertilizer Company Limited demonstrated all three, embarking on

a transformative journey that extends far beyond its traditional footprint. While continuing to lead in fertilizer production and agricultural support, the Company made significant strides into Aviation, Mining, Real Estate, Oil & Gas (E & P) sectors, thus positioning itself as a diversified force for long term value creation.

This multidimensional growth is underpinned by operational excellence and a steadfast commitment to sustainability. With record production, expanding market share, and enhanced farmer engagement, Fatima Fertilizer continues

to strengthen Pakistan's agricultural backbone while aligning its practices with global sustainability frameworks.

As the Company moves forward, it remains focused on transforming opportunities into impact, unlocking new dimensions that not only drive business performance but also contribute to national progress.

Contents

Key highlights 2025 02

Vision Mission and Corporate Values 04

Integrity Risk Management Framework /

Code of Conduct 06

Strategy & Resource Allocation 10

Communication of Financial Results 12

Company Profile 13

Landmark Events 14

Company Information 16

Group Companies 18

Product Portfolio 22

Geographical Presence 23

Profile of the Directors 24

Board Structure and Committees 28

Key Management 32

Organizational Chart 36

Business Review

Chairman's Review Report 38

CEO's Message 40

Directors' Report to the Shareholders 42

Cash Flow Statement - Direct Method 62

Dupont Analysis 63

Analysis of Financial Performance 64

Annexures to Directors' Report 66

Statement of Value Added 72

SWOT Analysis 73

Corporate Governance 74

Notice of the 23rd Annual General Meeting 78

Marketing & Sales Review 84

Information Technology 94

IT Governance, Cybersecurity and Board

Oversight Disclosures 98

Operational Performance 100

Health, Safety and Environment Standards,

Systems and Policies 102

Human Capital Strategy & Value Creation 104

Gender Pay Gap Statement under

Circular 10 of 2024 109

Corporate Social Responsibility 110

Sust6in6bility

Report 112

Sep6r6te Fin6nci6l St6terents

Report of the Audit Committee 184

Statement of Compliance 186

Independent Auditor's Review Report to the Members 188

Independent Auditor's Report to the Members 189

Statement of Financial Position 194

Statement of Profit or Loss 196

Statement of Comprehensive Income 197

Statement of Changes in Equity 198

Statement of Cash Flows 199

Notes to the Financial Statements 200

Consolid6ted Fin6nci6l St6terents

Key Highlights 2025

MT in "000"

Fertilizer Production

MT in "000"

Fertilizer Sales

Rs in Million

Revenue

Rs in Million

Profit After Tax

Rupees

Earnings Per Share

Rupees

Dividend Per Share

Percentage

Return on Capital Employed

Rs in Million

Contribution to National

Exchequer

02 Fatima Fertilizer Company Limited

Annual Report

2025

Combined Safe Million

Man Hours

Numbers

Women Development

(Female Staff in Head Office)

Numbers

Trees Planted

Man Hours

Investing in Manpower

Numbers

Agriculture Farms Addressed

USD in Million

Market Capitalization

Rs in Million

Investment in CSR

03

Vision & Mission St6terent

Vision

To be a world class manufacturer of fertilizer and ancillary products, with a focus on safety, quality and positive contribution to national economic growth and development. We will care for the environment and the communities we work in, while continuing to create shareholders' value.

Mission

• To be the preferred fertilizer company for farmers, business associates and suppliers by providing quality

  products and services.

• To provide employees with an exciting, enabling and supportive environment to excel in, be innovative, entrepreneurial in an ethical and safe working place based on meritocracy and equal opportunity.

• To be a responsible corporate citizen with a concern for the environment and the communities we deal with.

Corpor6te V6lues

These are the values that Fatima Fertilizer Company Limited epitomizes, and are reflected in all our transactions and interactions. Congruence to these values has been a part of our business strategy. They are bound in the very fabric of our organization, shaped by organizational processes, procedures and practices.

Our actions are driven by honesty, ethics, fairness and transparency.

We encourage creativity and recognize new ideas.

We work collectively towards a common goal.

We care for our people and the communities around us.

We believe in listening to our customers and delivering value in our products and services.

We strive to excel in everything we do.

We value our people as our greatest resource.

04 Fatima Fertilizer Company Limited

Annual Report

2025

Integrity Risk M6n6gerent Fr6rework / Code of Conduct

Fatima Fertilizer Company Limited (FATIMA) has established an Integrity Risk Management Framework to provide a foundation for ethical conduct, accountability, and transparency across

its operations and stakeholder relationships. The Framework sets out the governance, standards, reporting channels, and response mechanisms through which FATIMA seeks to prevent misconduct, manage integrity-related risks, and promote responsible business practices.

The Framework underscores FATIMA's commitment to:

1. Upholding human rights, dignity, equality, and fair treatment;

2. Maintaining zero tolerance for bribery, corruption, fraud, retaliation, harassment, and discrimination;

3. Promoting responsible customer and supply chain relationships; and

4. Embedding ethical risk management, oversight, and continuous improvement into business operations.

The Framework applies to all internal and external stakeholders, including employees, third-party personnel, customers, suppliers and other business associates.

Its principal components are:

• Governance and oversight;

• Employee, Customer, and Supplier Codes of Conduct;

• Speak-Up ("Flag-It / Tell Fatima") mechanism;

• Risk assessment and control activities;

• Investigation and disciplinary arrangements; and

• Monitoring, communication, training, and continuous improvement.

Governance, Oversight and Accountability

FATIMA has established a governance structure to ensure effective implementation, oversight, and periodic review of the Integrity Risk Management Framework. Ethical conduct is promoted as a shared responsibility, with leadership expected to set the tone and stakeholders expected to act in line with FATIMA's values and standards.

The Board of Directors promotes an ethical culture and supports dissemination of the Code of Conduct and related policies.

06 Fatima Fertilizer Company Limited

Annual Report

2025

The Ethics Committee plays a central role in administering the Framework. Its responsibilities include promoting a culture of integrity, updating related policies and processes, reviewing whistleblowing reports, overseeing investigations, monitoring fraud risk assessments and recommending remedial actions. Where appropriate, the Committee may involve subject matter experts.

Codes of Conduct

FATIMA's Codes of Conduct set minimum standards of ethical and professional behavior for key stakeholder groups. It guides decision-making, reinforces compliance with laws and company policies, leading practices and ensures that FATIMA's relationships are conducted with honesty, fairness, dignity, and respect.

Employee Code of Conduct

FATIMA requires all employees and internal stakeholders to uphold the highest standards of ethical conduct, guided by its core values. The Employee Code of Conduct sets clear

expectations for legal compliance, ethical decision-making, and

responsible risk management.

Employees are expected to act honestly, identify risks within their roles, seek clarification where necessary, and report suspected violations in good faith. Managers carry additional responsibility for reinforcing ethical standards within their teams, supporting training and awareness, encouraging speak-up behavior, and maintaining confidentiality.

Human Rights

The Code places strong emphasis on human rights and respect for people, including alignment with the United Nations Universal Declaration of Human Rights and the core conventions of the International Labour Organization. It prohibits harassment, intimidation, humiliation, discrimination, and workplace violence, and promotes diversity, inclusion, and equal opportunity in workplace interactions and employment decisions.

Compliance

Employees must comply with all applicable laws and internal policies, including those relating to insider dealing, transparency in reporting, conflict of interest, confidentiality, anti-money laundering, competition law, anti-bribery and corruption, and

fair business conduct. FATIMA requires disclosure of critical relationships and potential conflicts, particularly where employees or their close relatives have interests or dealings that could influence objectivity or create a perceived conflict in relation

07

to external stakeholders. Employees must also comply with FATIMA's Gifts and Hospitality Policy, including prescribed compliance reviews and must not offer or accept any gift or hospitality in contravention of the policy.

Anti-Bribery & Anti-Corruption

FATIMA maintains zero tolerance for bribery and corruption. Political contributions also form part of anti-bribery or corruption purview. Employees must not offer, give, seek, or accept bribes, kickbacks, facilitation payments, improper gifts, unlawful commissions, or any other undue advantage. Particular care

is required in dealings with government officials, gifts and hospitality, third-party intermediaries, donations, sponsorships, and other situations that may give rise to corruption risk.

FATIMA understands that the exchange or provision of modest gifts may be an indication of fostering productive business relationships. However, such gifts must be associated with a legitimate business purpose, should strictly fall within the value and frequency limits and should not create an appearance of wrongdoing from a prudent point of view.

Anti-Money Laundering

Employees must also comply with anti-money laundering controls, due diligence requirements, and reporting obligations in relation to suspicious transactions or unlawful proceeds.

Confidentiality, HSE & Anti-Competitive Conduct

FATIMA also requires employees to protect confidential information, commercially sensitive data, and intellectual property, and to ensure that company records and public or regulatory disclosures are accurate, complete, fair, and timely. The Code also reinforces FATIMA's expectations regarding health, safety, environment, and corporate social responsibility. The Code further prohibits anti-competitive conduct, including inappropriate exchange of commercially sensitive information, price-fixing,

bid-rigging, market sharing, or unlawful dealings with competitors.

Customer Code of Conduct

FATIMA expects customers to conduct business ethically, responsibly, and in compliance with all applicable laws, regulations, and relevant standards. The Customer Code of Conduct outlines minimum expectations and supports

commercial relationships based on trust, fairness, transparency,

and shared values.

Customers must comply with laws relating to business conduct, bribery, corruption, money laundering, and other regulatory requirements in the jurisdictions in which they operate.

Customers must not seek to improperly influence FATIMA

employees or stakeholders for personal or commercial gain, or

enter into arrangements that could adversely affect FATIMA's business, reputation, or relationships. FATIMA also expects customers to respect human rights, promote fair treatment, and maintain workplaces free from discrimination, harassment, and unsafe practices, while complying with laws relating to wages, working hours, minimum age of employment, and workplace health and safety.

Customers are also expected to maintain accurate records, protect confidential information, respect FATIMA's intellectual property rights, avoid insider dealing, and ensure transparency in financial and business dealings. They must disclose any relationship, personal interest, or financial connection involving

FATIMA employees or associated companies that could give rise to a conflict of interest.

In addition, customers are expected to comply with FATIMA's requirements regarding gifts and hospitality, protect FATIMA's products and confidential information from misuse or counterfeiting, refrain from making unauthorized public or media statements on FATIMA's behalf, and cooperate fully in any review or investigation of potential violations. FATIMA reserves the right to monitor customer compliance and take corrective action, including termination of the business relationship, where serious violations occur.

Supplier Code of Conduct

FATIMA expects suppliers, contractors, service providers, and

other supply chain partners to comply with high standards of legal, ethical, social, and environmental responsibility. The Supplier Code of Conduct applies to suppliers and, where

relevant, to their employees, agents, subcontractors, and other

representatives.

Suppliers must comply with all applicable laws and regulations in the jurisdictions in which they operate, while also adhering to FATIMA's ethical expectations. The Code places strong

emphasis on human rights and labor standards, including dignity, fair treatment, safe working conditions, and compliance with internationally recognized norms and principles.

Suppliers must prohibit forced labor, bonded labor, child labor, human trafficking, and modern slavery, and ensure that all work is voluntary. FATIMA also expects suppliers to avoid confiscating workers' identity documents, charging unlawful recruitment fees, or sourcing raw materials and products through exploitative or conflict-related practices unless responsibly sourced. Suppliers are also expected to uphold fair wages, lawful working hours and benefits, freedom of association, non-discrimination, humane treatment, and appropriate health and safety protections for workers.

The Code requires suppliers to maintain integrity in all business interactions and comply with laws and controls relating to anti-bribery, anti-corruption, money laundering, fair competition, gifts and hospitality, insider trading, export controls, and sanctions. Bribes, kickbacks, extortion, embezzlement, and other improper means of obtaining advantage are strictly prohibited.

Suppliers must also disclose actual or potential conflicts of interest, maintain accurate records, protect confidential

information, respect FATIMA's intellectual property, and refrain from unauthorized disclosure or publicity involving FATIMA's name, business, bids, or contracts.

Suppliers are expected to support FATIMA's reporting and investigation arrangements where concerns arise and to establish processes to protect whistleblowers from retaliation. The Supplier Code also addresses environmental responsibility, encouraging suppliers to comply with environmental laws and operate in a manner that supports sustainability and responsible sourcing.

FATIMA reserves the right to monitor supplier compliance and take corrective action, including termination of the business relationship, where serious violations occur.

Speak-Up ("Flag-It / Tell Fatima") Mechanism

FATIMA has established a formal whistleblowing mechanism, referred to as the Flag-It Program / Tell Fatima, to support a culture of openness, accountability, and ethical conduct. The mechanism is available to both internal and external stakeholders and provides a safe and credible means of reporting suspected ethical violations, misconduct, fraud, abuse of power, abuse

of position, abusive conduct, or other inappropriate acts or

omissions that may place FATIMA or its stakeholders at risk.

The Flag-It mechanism is built around the principles of transparency, anonymity, confidentiality, anti-retaliation, evidence-based reporting, and communication. Stakeholders may choose to disclose their identity or remain anonymous, and FATIMA is committed to protecting the identity of any person raising a concern to the fullest extent possible, subject to legal requirements.

FATIMA maintains zero tolerance for retaliation, victimization, or unfair treatment against anyone who reports a concern in good faith, irrespective of the eventual outcome. Concerns may be raised through multiple channels, including email (tellfatima@ fatima-group.com), website, direct approach to Ethics Committee members, and post or courier.

Investigation Policy

FATIMA has established a structured process to ensure that

reported concerns and allegations of unethical behavior

are assessed and, where required, investigated through an

independent, objective, transparent, and confidential process.

All reported concerns are formally recorded and investigated. Investigations are conducted in a manner that preserves independence, fairness and confidentiality. FATIMA's approach also provides management oversight, preservation of evidence where required, an opportunity for the relevant party to be heard, and recommendation of actions based on facts and evidence.

Where misconduct is substantiated, FATIMA may take proportionate disciplinary or corrective action in line with applicable policies and laws.

Risk Assessment and Control Activities

A key component of FATIMA's Integrity Risk Management Framework is the assessment and management of integrity-related risks, including fraud risk. The Framework provides for analysis of inherent, residual, and target risks, together with the deployment of control activities to prevent, detect, and mitigate ethical and fraud-related exposures.

The Ethics Committee is responsible for ensuring that integrity and fraud risk assessments are conducted in line with FATIMA's broader internal control and risk assessment frameworks, and that mitigation plans are developed in response to identified risks within the company's risk appetite. This helps ensure that ethical principles are supported by practical controls and that emerging risks are reviewed and addressed on an ongoing basis.

Monitoring, Reporting, Communication and Training

FATIMA recognizes that the effectiveness of the Integrity Risk Management Framework depends not only on policy design but also on communication, implementation, awareness, and monitoring. The Ethics Committee is therefore responsible for ensuring that the Framework is effectively communicated,

periodically reviewed, and monitored through regular reporting and stakeholder engagement. Monitoring includes review of periodic reports, investigation outcomes, residual risks, remedial action plans, and stakeholder feedback.

FATIMA promotes awareness of the Framework through training, onboarding, refresher communication, contract incorporation, website disclosure, and practical guidance for stakeholders.

Internal and external stakeholders are provided access to the Framework to promote understanding of FATIMA's ethical expectations. Periodic training and awareness initiatives reinforce the Code of Conduct, the Flag-It Program, and related requirements.

Str6tegy & Resource Alloc6tion

Capabilities and resources that provide competitive advantage resulting in value creation

The Company's sustainable competitive advantage is rooted in its strong nationwide presence, reliable brand positioning, and long standing relationships across its distribution network. Its extensive market reach, supported by deep dealer engagement and technical advisory capabilities, enables consistent customer retention and reinforces trust in our products. This strength provides stability in volumes and enhances the Company's ability to respond effectively to changing market dynamics.

As a listed entity and part of a large and diversified group, the Company benefits from experienced leadership, robust governance standards, and financial strength. Its capital-intensive asset base, supported by in-house technical and operational expertise, ensures operational continuity and disciplined execution. The resilience demonstrated during periods of market volatility reflects the strength of its management systems and institutional knowledge.

Looking ahead, the Company's strategic intent to pursue upstream and downstream integration and support national priorities are expected to further enhance value creation. By leveraging its established market position, financial stability, and sector expertise, the Company remains well-positioned to sustain long-term shareholder value and reinforce its competitive standing within the industry.

Strategy on market development, product and service development

The Company's strategy is focused on strengthening its leadership position in the domestic market while building a foundation for selective expansion into new international markets and adjacent segments through strategic partnerships. We continue to deepen market penetration, enhance distribution effectiveness, and strengthen relationships across our value chain. Our partnership led approach to expansion is designed to leverage in house expertise, manage entry risk, and ensure capital efficient growth.

The Company is pursuing upstream and downstream integration to enhance supply chain resilience, improve value capture, and support national priorities of food security and import substitution. We remain committed to continuously improving product quality and operational efficiency, with a directional alignment toward sustainability.

In addition to our product portfolio, we differentiate ourselves through strong technical advisory support and digital platforms that facilitate seamless interaction with dealers and customers. By combining operational excellence, value chain integration, and farmer-centric services, the Company aims to create sustainable long term value and reinforce its position as a market leader.

Impact of changes and challenges on strategic objectives and resource allocation

The Company's objectives are carefully developed with both the external environment and internal resource availability and development in consideration. The Company does not foresee any challenges that would materially impact its ability to progress against the strategic objectives and therefore does not anticipate any changes in them in the near future.

Strategic Objectives alignment with Vision & Mission

The Company's objectives are aligned with its Vision and Mission to be an industry leader, with a focus on safety and quality, creating shareholders' value while being an employer of choice and the preferred brand for farmers and business associates.

Corrunic6tion of Fin6nci6l Results

Periodic financial statements of the Company were circulated to Directors duly endorsed by the CEO and the CFO. Half yearly and annual financial statements were initialed by the external auditors for presentation to Board Audit Committee and the Board of Directors for approval.

Furthermore, quarterly unaudited financial statements of the Company along with Directors' Report, were approved, published and circulated to concerned quarters on a timely basis. Half yearly financial statements were subject to a limited scope review by the statutory auditors. These annual financial statements have been audited by the external auditors and approved by the Board and will be presented to the shareholders at the AGM for adoption. The said financial statements circulated on PUCARS well within the statutory prescribed timelines and posted on the Company's website accordingly.

Calendar of Major Financial Events held in 2025

Board Meeting

For the Year Ended 2024 | March 13, 2025

AGM

For the Year Ended 2024 | April 18, 2025

Board Meeting

For Q1 2025 | April 25, 2025

Board Meeting

For Q2 2025 | August 27, 2025

Board Meeting

For Q3 2025 | October 30, 2025

EOGM

Corporate Briefing Session

December 18, 2025 December 24, 2025

Calendar of Major Financial Events held in 2026

Board Meeting

For the Year Ended 2025 | March 6, 2026

AGM

For the Year Ended 2025 | April 17, 2026

Board Meeting

For Q1 2026 | 4th week of April 2026

Board Meeting

For Q2 2026 | 3rd week of August 2026

Board Meeting

For Q3 2026 | 4th week of October 2026

Corp6ny Profile

situated across the province of Punjab at three different strategic locations namely Mukhtar Garh, Sadiqabad (Sadiqabad Plant), Khanewal Road, Multan (Pakarab Fertilizers Limited), and 28-KM SheiKhupura Road, Chichoki Mallian (Fatimafert Limited).

Nature of Business

The principle activity of the Company is manufacturing, production, buying, selling, importing and exporting of fertilizers and chemicals. It is capable of producing two intermediary products, i.e. Ammonia and Nitric Acid and three final products which are Urea, Calcium Ammonium Nitrate (CAN) and Nitrophos. Fatima plays a significant role in nourishing soils and enriching lives through its diverse fertilizer portfolio.

Sadiqabad Plant

The fertilizer complex, producing mixed fertilizer products, is a fully integrated production facility, located at Sadiqabad, District Rahim Yar Khan. The foundation stone was laid on April 26, 2006, by the then Prime Minister of Pakistan. The Complex has a dedicated gas allocation of 110 MMCFD from Mari Gas Field and has 56 MW captive power plants in addition to off sites and utilities. Commercial production commenced on July 01, 2011.

The Complex, at its construction peak, engaged over 4,000 engineers and technicians from Pakistan, China, USA, Japan, and Europe.

The Complex has the following original design and current

revamped annual capacities as under:

The Ammonia plant was revamped to enhance its production capacity by 10% from 1500 MTPD to 1650 MTPD along with an improvement in the energy index and reliability at a cost of USD 58 Million in 2015. Improvements made in 2017 and

2019 further elevated daily production capacity to 1713 MTPD.

In 2017, the Advanced Process Control project, the first of its kind in Pakistan, was implemented at the Ammonia plant, further enhancing capacity and improving the energy index.

Via in house modifications, debottleneckings, Phosphoric Acid based production scheme etc., over the years the Company has managed to increase its production capacity of CAN and Nitrophos by around 12% and 36% i.e. 50K and 130K MT per annum respectively.

The Complex is housed on 8,902 kanals of land, which provides modern housing for its employees with all necessary facilities, including a well managed school, a medical center, and a large number of sports facilities.

Pakarab Fertilizers Limited

(Multan Plant)

The Multan Plant operated under the name of Pakarab Fertilizers Limited was acquired by the Company in 2020. It is capable of producing 846,900 metric tons per annum of mixed fertilizer products (Nitrophos, Calcium Ammonium Nitrate and Urea) and is located at at Khanewal Road, Multan.

Fatimafert Limited

(Sheikhupura Plant)

The Sheikhupura Plant operated under the name of Fatimafert Limited was acquired by the Company in 2015. It is capable of producing 445,500 metric tons per annum of Urea and is located at 28-KM Sheikhupura Road, Chichoki Mallian.

Fatima Fertilizer Company Limited via its three plants in operations at Sadiqabad, Multan and Sheikhupura is serving the nation and stakeholders with a cumulative nameplate capacity of

2.57 million MT per year.

13

L6ndr6rk Events

2003-2008

2009

2010

• Company Incorporation

• Gas Allocation

• GSA Signing

• Ground Breaking

• Financial Closure

• Ammonia Furnace 1st Fire

• CAN Plant Production

• Initial Public Offering

• Ammonia Plant Production

• Urea Plant Production

  2014

  2015

  2016

• Contract with Dupont signed for PSM

• Basic Engineering Design contract for Ammonia Revamp awarded

• Ammonia Plant Revamped to enhance capacity by 10%

• Strategic acquisition of DH Fertilizers (now Fatimafert Limited)

• Dupont declared Fatima Site OSHA Compliant at level 3.6

  • Issuance of Sukuk certificates. IPO over subscribed by more than 4 times

  • Successful completion of Ammonia Revamp and Debottlenecking Project with ''better than design'' results

    2020

    2021

    2022

  • Acquisition of production

    and operating plants from an associated company, resulting in 2.57 Million MT combined production capacity of three plants

  • Sadiqabad Plant reliability yielding ever highest on-stream-factor (97.8%)

  • Market Share improved from 23% to 24%

  • First ever loyalty program, "Sarsabz Royals" executed, engaging our dealer network for the long run

  • Launch of Digital Marketing initiatives that provided combined reach of over 300 Million views

• Sadiqabad plant achieved the Guinness World Records title for clocking 60.22 Million Safe Man-Hours

• Sadiqabad plant sustained its Excellence level on DuPont's Process Safety Management System (PSM)

• Sheikhupura Plant achieved Compliance level on DuPont's PSM

• Highest sales revenue across the Fertilizer industry in Pakistan

• Zero Total Recordable Injury Rate (TRIR)

• Sadiqabad Plant successfully secured AWS International Water Stewardship Certification

• A new benchmark of highest annual production, highest ever sales volume

• Acquisition of Fatima Cement

Limited, and consolidation of fertilizer business by amalgamating associated company Pakarab Fertilizers

subject to requisite approvals.

14 Fatima Fertilizer Company Limited

Annual Report

2025

2011

2012

2013

• Nitrophos Plant Production

• Declaration of Commercial Operations

• Conversion and Redemption of Preference Shares

• Ammonia Revamp Study

  Completed

• Basic Engineering Design contract for Ammonia Revamp awarded

  2017

  2018

  2019

  • Awarded excellence rating by Dupont (Level-4) in safety systems

  • Ammonia plant capacity enhanced by 3.5% and efficiency improved by 1.5% through various measures

    2023

• Additional 14,000 MT Nitrophos production by Phosphoric Acid route

• Zero Loss Time Injury

• Winner of first ever International Award - MarCom International USA

2024

• Amalgamation of our two fertilizer plants - Fatima Fertilizer and Fatimafert

• Nitrophos revamp by 22%

• EMS 1st Party Audit & L-II Procedures Roll-out

• Urea Sale 811,000 ton

• Agricultural Technology MOUs and Co Sponsorship agreement with Chinese entities signed.

• Launch of Sarsabz Pakistan Salam Kissan - Kissan Day 2019

  2025

  • 1 Million MT invoicing of

    Nitrophos

  • Sarsabz wins the prestigious "DRUM Award" in London, The epitome of prestige in the global advertising industry

  • Highest sales revenue across the fertilizer industry

  • Successfully amalgamated Pakarab Fertilizers Limited - an associated company

• Demerger of Sheikhupura

  plant

• Highest ever Sales Revenue

• 136 combined Safe Million Man-Hours

• Launch of Sarsabz Agri Mart

• 1st Pakistani Company in private sector to Successfully adopt of UNDP SDG Impact Framework

• Highest ever fertilizer production at Multan and Sheikhupura plants since commissioning

  • Demerger of Multan plant

  • Highest ever Sales Revenue and Profit

  • 150+ combined Safe Million Man-Hours

  • Strategic Partnership with International Finance Corporation (IFC) for a US dollar based renewable liquidity facility

  • Venturing in to Mining & Minerals Sector with partnership with Mari Minerals through Globacore Minerals

  • Venturing in E&P Sector through Fatima Petroleum (wholly owned). FPCL has signed farm-out agreements with Mari Energies, Orient Petroleum Inc., Hycarbex American Energy Inc. and Turkish Petroleum Overseas Company (TPOC) with regards to four Onshore and two Offshore blocks.

  • Member of the successful Consortium led by AHCL for acquisition of 75% stake in PIACL

15

Corp6ny Inforr6tion

Board of Directors

Mr. Arif Habib Chairman

Mr. Fawad Ahmed Mukhtar Chief Executive Officer

Mr. Fazal Ahmed Sheikh Director

Mr. Faisal Ahmed Mukhtar Director

Mr. Muhammad Kashif Habib Director

Mrs. Julie Jannerup Independent Director

Mr. Tariq Jamali Independent Director

Chief Operating Officer

Mr. Asad Murad

Chief Financial Officer

Dr. Syed Hyder Hasan

Director Legal & Company Secretary

Mr. Omair Mohsin (investor.relations@fatima-group.com)

Key Management

Mr. M. Abad Khan Advisor to the CEO

Ms. Sadia Irfan Director Human Resources

Mrs. Rabel Sadozai Director Marketing and Sales Mr. Iftikhar Mahmood Baig Director Business Development Mr. Ausaf Ali Qureshi Advisor Projects

Mr. Salman Ahmad Director Internal Audit

Mr. Wajid Ishaq Bhatti G.M. Manufacturing

Mr. Faisal Jamal Head-Corporate HSE & Technical Services

Audit Committee Members

Mr. Tariq Jamali Chairman

Mr. Faisal Ahmed Mukhtar Member

Mrs. Julie Jannerup Member

Mr. Muhammad Kashif Habib Member

HR and Remuneration Committee Members

Mrs. Julie Jannerup Chairperson

Mr. Fawad Ahmed Mukhtar Member

Mr. Muhammad Kashif Habib Member

Nomination and Risk Management Committee Members

Mr. Fazal Ahmed Sheikh Chairman

Mr. Muhammad Kashif Habib Member

Mr. Tariq Jamali Member

Legal Advisors

M/s. Chima & Ibrahim Advocates

1-A/245, Tufail Road, Lahore Cantt

Auditors

M/s. Yousuf Adil

Chartered Accountants, Lahore

134-A, Abu Bakar Block, New Garden Town, Lahore Tel: +92 42 3591 3595-7, +92 42 3544 0520

Fax: +92 42 3544 0521

16 Fatima Fertilizer Company Limited

Annual Report

2025

Registrar and Share Transfer Agent

CDC Share Registrar Services Limited CDC House, 99-B, Block 'B' S.M.C.H.S., Main Shahra-e-Faisal Karachi-74400

Tel: Customer Support Services (Toll Free) 0800-CDCPL (23275) Fax: (92-21) 3432 6053

Email: info@cdcsrsl.com Website: https://www.cdcsrsl.com

Bankers

Al-Baraka Bank (Pakistan) Limited Allied Bank Limited

Askari Bank Limited Bank of Khyber Bank Alfalah Limited

Bank Al-Habib Limited Bank Makramah Limited BankIslami Pakistan Limited Citibank N.A

Dubai Islamic Bank Pakistan Limited

Faysal Bank Limited Habib Bank Limited

Habib Metropolitan Bank Limited

Industrial & Commercial bank of China (ICBC) JS Bank Limited

MCB Bank Limited

MCB Islamic Bank Limited Meezan Bank Limited National Bank of Pakistan

Pak Kuwait Investment Company Limited

Soneri Bank Limited

Standard Chartered Bank (Pakistan) Limited The Bank of Punjab

United Bank Limited

Zarai Taraqiati Bank Limited

Registered Office / Head Office

E-110, Khayaban-e-Jinnah, Lahore Cantt, Pakistan

UAN: 111-FATIMA (111-328-462)

Fax: +92 42 3662 1389

Plant Sites

Mukhtar Garh, Sadiqabad, Distt. Rahim Yar Khan, Pakistan Tel: 068 - 5951000

Fax: 068 - 5951166

Khanewal Road, Multan, Pakistan Tel: 061 - 90610000

Fax: 061 - 92290021

28-KM Sheikhupura Road, Chichoki Mallian, Pakistan Tel: 042 - 37319200 - 99

Fax: 042 - 33719295

17

Group Corp6nies

F6tir6 Fertilizer Corp6ny Lirited

Fertilizer Sector

Pakarab Fertilizers

Limited

(100%)

Fatimafert Limited

(100%)

Mining / E&P Sector

Fatima Petroleum

Company Limited

(100%)

National Resources (Private) Limited

(33%)

Globacore Minerals

Limited

(32%)

Others

Fatima Capital Limited

(100%)

Fatima Cement Limited

(100%)

Fatima Agri Sales & Services (Private) Limited

(49%)

Buraq Bank

Pakistan Limited

(25%)

Fatima Packaging

Limited

(100%)

Singfert PTE.

Limited

(25%)

Pan-Africa Fertilizers

Limited

(100%)

Multan Real Estate Company (Private) Ltd

(28.37%)

Fatima Electric

Company Limited

(40%)

18 Fatima Fertilizer Company Limited

Annual Report

2025

Fertilizer Sector

Pakarab Fertilizers Limited

Pakarab Fertilizers Limited (PFL) was incorporated in 2024. After receiving approval from the Lahore High Court, Fatima implemented the Scheme of Compromises, Arrangements and Reconstruction to carveout the net assets related of Multan plant to PFL, with effect from January 01, 2025.

PFL operates a fertilizer manufacturing facility in Multan with a total annual production capacity of 846.90 KMT.

Fatimafert Limited

Fatimafert Limited (FFT) was incorporated in 2020. After receiving approval from the Lahore High Court, Fatima implemented the Scheme of Compromises, Arrangements and Reconstruction to carveout the net assets related of Sheikhupura plant to FFT, from July 01, 2024

FFT operates a manufacturing facility located in Sheikhupura with a total annual Urea production capacity of 445.50 KMT.

19

Mining / E&P Sector

Fatima Petroleum Company Limited

The principal activity of Fatima Petroleum Company Limited is to carry on the business of exploration, extraction, production, processing, marketing, distribution and transportation of oil, gas, petroleum and other related products.

National Resources (Private) Limited

The principal activity of National Resources (Private) Limited is the exploration, development and operation of mines, quarries and related mineral resource activities in the province of Balochistan.

Globacore Minerals Limited

The principal activity of Globacore Minerals Limited (GML) is to explore, acquire, develop, process and operate mines and quarries, and to extract ores, minerals and other natural resources.

20 Fatima Fertilizer Company Limited

Annual Report

2025

Others

Fatima Capital Limited

Fatima Capital Limited (FCL) has been incorporated in 2025. The Shareholders of the Company had approved to transfer of the Investments made by the Company in listed securities through the Pakistan Stock Exchange

Limited (net off liabilities) to FCL in exchange for shares to be issued by FCL to the Company.

The principal line of business of FCL is to buy, sell, hold or otherwise acquire or invest the capital of the Company in securities listed on the Pakistan Stock Exchange.

Fatima Packaging Limited

Fatima Packaging Limited (FPL) was acquired by FATIMA

w.e.f. July 01, 2022 as a result of merger with Pakarab Fertilizers Limited. The principal line of business of FPL is manufacturing and sale of polypropylene sacks, polypropylene cloth, liners and cement bags.

Fatima Cement Limited

The principal activity is manufacturing, producing, buying,

selling, importing and exporting cement. .

Pan-Africa Fertilizers Limited

Pan-Africa Fertilizers Limited is incorporated in Kenya. The principal business of this company is trade marketing services including but not limited to manufacturing and

/ or sales / provision of fertilizer products or alike or any other business.

Fatima Agri Sales & Services (Private) Limited

The principal activity of Fatima Agri Sales & Services (Private) Limited is to carry on business as a sellers, marketers, importers, exporters, wholesalers, retailers

and dealers in all types of agri inputs including fertilizers, micronutrients, pesticides and insecticides, seeds, vaternity and live stock feeds and feeds supplements, fish feeds and its supplements.

Multan Real Estate Company (Private) Limited

The main business of Multan Real Estate Company (Private) Limited is establishing and designing housing and commercial schemes, to carry on business of civil engineers for construction of private and governmental buildings and infrastructure and provision of labour and building material.

Buraq Bank Pakistan Limited (Formerly KT Bank Limited)

The main business of Buraq Bank Pakistan Limited is of banking as a digital bank and undertake financial transactions.

Fatima Electric Company Limited

The main business of Fatima Electric Company Limited is transmission, manufacture, supply, generation and distribution of electricity and all forms of energy and power.

Singfert PTE. Limited

Singfert PTE. Limited (Singfert) has been formed and registered in the Republic of Singapore. Singfert is a Special Purpose Vehicle (SPV) which will be used to route equity investment in Midwest Fertilizer Company (MFC), USA.

Product Portfolio

Principal Activity of the Company

Fatima Fertilizer Company Limited is primarily engaged in the manufacturing, import, and marketing of high-quality fertilizer products. We drive market expansion, product innovation, and service excellence through a

robust distribution network, deep farmer engagement, and our comprehensive product lineup: Sarsabz Nitrophos, Sarsabz Calcium Ammonium Nitrate (CAN), Sarsabz

Urea, and Sarsabz DAP. Through continuous investment in R&D, Fatima Fertilizer develops cutting-edge solutions to maximize soil fertility and crop yields. Furthermore, our value-added services, such as expert agronomic support and farmer training, are central to advancing national agricultural productivity and sustaining our industry leadership.

Sarsabz Nitrophos

Sarsabz Nitrophos is formulated as an acidic (pH 3.5) phosphatic (P2O520%) fertilizer; chemically fused with a balanced 50:50 Nitrate and Ammonical nitrogen (total N 22%), making Nitrophos the most use-efficient source of Phosphatic fertilizer for all crops especially under saline soils (pH~8.3) conditions of Pakistan.

Sarsabz Calcium Ammonium Nitrate (CAN)

Sarsabz CAN, a highly use efficient, slow-release nitrogenous fertilizer (N 26%) chemically balanced with 50:50 Nitrate and Ammonical forms of Nitrogen by fusion in soluble calcium with neutral (pH 7). It is available both in granular and prilled forms. Making it, highly suitable and premium source of Nitrogenous fertilizer for all

crops globally and especially under saline soils (pH~8.3) conditions of Pakistan.

Sarsabz & Bubbersher Urea

A highly concentrated nitrogenous fertilizer with 46% Ammonical form of Nitrogen, designed to promote vegetative growth. Its excellent solubility ensures easy application through broadcasting or fertigation.

Sarsabz & Bubbersher DAP

A compound fertilizer with 46% P2O5and 18% nitrogen, used as basal application in crops. It promotes root development, supports in plant energy processes, and ensures balanced vegetative and reproductive growth.

Sarsabz Agri Mart

Fatima Fertilizer Company Limited launched Sarsabz Agri Mart as a purpose-built, one-stop agri-retail platform, designed to provide farmers with seamless access to the complete range of Sarsabz fertilizers under one roof.

Moving beyond a conventional retail model, Sarsabz Agri Mart is structured to deliver integrated value through a combination of high-quality agricultural inputs and expert agronomic guidance. The platform enables farmers to make informed decisions at every stage of the crop cycle, ultimately supporting enhanced productivity, improved operational efficiency and sustainable agricultural growth.

During the year, Sarsabz Agri Mart was successfully established across 7 locations nationwide, including Khori, Sharaqpur, Chishtian, Arifwala, Ghotki and Moro with plans underway to expand the footprint further in the coming years.

Through this initiative, Fatima Fertilizer continues to reinforce its commitment to empowering Pakistan's farming community by delivering trusted, accessible and knowledge-driven solutions that cultivate long-term prosperity and progress.

Geogr6phic6l Presence

10

3 Plant Sites

Islamabad

Lahore

Sales Region

& Port operations

Multan

D.G. Khan Rahim Yar Khan

Sukkur

North Zone

Center Zone

Fatima Fert

South Zone

FFL

Faisalabad Sahiwal

Bahawalpur Pakarab

Hyderabad

Port

Our nationwide footprint spans 62 districts across Pakistan, structured into three strategic zones-North, Centre, and South-to ensure efficient market coverage and distribution. The Company operates through 10 key regions, including Islamabad, Lahore, Faisalabad, Sahiwal, Multan, Bahawalpur, D.G. Khan, Rahim Yar Khan, Sukkur, and Hyderabad, enabling strong engagement with the agricultural community.

Our production network is anchored by three major plant sites:

• Fatima Fertilizer Company Limited (Fatima) -Mukhtargarh (Sadiqabad)

• Pakarab Fertilizers Limited (PFL) - Multan

• Fatimafert Limited - Sheikhupura

In addition, we operate 7 Sarsabz Agri Marts-company-owned agri-retail outlets that provide farmers with direct access to high-quality inputs, along with integrated advisory services.

Additionally, imports are managed through the southern port, strengthening our supply chain and enabling efficient nationwide distribution.

Profile of the Directors

Mr. Arif Habib

Chairman

Mr. Arif Habib is the Chairman of Fatima Fertilizer Company Limited (a Joint Venture between Fatima and Arif Habib Groups) and Chief Executive of Arif Habib Corporation Limited, the holding company of Arif Habib Group. He is also the Chairman of Aisha Steel Mills Limited, Power Cement Limited, Javedan Corporation Limited (the owner of Naya Nazimabad), Pakarab Fertliizers Limited, Fatimafert Limited and Sachal Energy Development (Pvt.) Limited.

Mr. Arif Habib remained the elected President/Chairman of Karachi Stock Exchange for six times in the past and was a Founding Member and Chairman of the Central Depository

Company of Pakistan Limited. He has served as a Member of the Privatisation Commission, Board of Investment, Tariff Reforms Commission and Securities & Exchange Ordinance Review Committee. He has been a member of the Prime Minister's Economic Advisory Council (EAC) and the Think-Tank constituted by the Prime Minister on COVID-19 related economic issues. He has also remained a member of the Prime Minister's Task Force on attracting Foreign Direct Investment (FDI) and a member of Advisory Committee of Planning Commission.

Mr. Habib participates significantly in welfare activities. He remains one of the directors of Pakistan Centre for Philanthropy (PCP), Habib University Foundation, Karachi Education Initiative (KSBL), Arif Habib Foundation and Naya Nazimabad Foundation as well as trustee of Memon Health & Education Foundation (MMI).

Mr. Fawad Ahmed Mukhtar

Chief Executive Officer / Director

Mr. Fazal Ahmed Sheikh

Executive Director

Mr. Fawad Ahmed Mukhtar is the Chief Executive Officer and Director of the Company. He has extensive experience in manufacturing and industrial management. In addition to being a successful business leader, he is also a renowned philanthropist. After graduation, he has spent more than 35 years developing his family business into a sizable conglomerate.

Mr. Mukhtar leads several community service initiatives of the Group including the Fatima Fertilizer Trust and Welfare Hospital, Fatima Fertilizer Education Society and School and Mukhtar A. Sheikh Welfare Trust, among others. He is also the Chairman of Reliance Weaving Mills Limited, Fatima Holding Limited, Fatima Sugar Mills Limited, Reliance Commodities (Pvt.) Limited, Air One (Private) Limited and is also the CEO of Fatimafert Limited, Pakarab Fertilizers Limited, Fatima Cement Limited and Fatima Trading Company (Pvt.) Limited. He

is also the Director of Fatima Electric Company Limited, Pakarab Energy Limited, Globacore Metals Limited, Fatima Fibres Limited and Reliance Fabrics Limited. In addition, he is a member of the Board of Directors of the National Management Foundation, a sponsoring body of Lahore University of Management Sciences (LUMS).

Mr. Fazal Ahmed Sheikh is a Director of the Company. He holds a degree in Economics from the University of Michigan, Ann Arbor, USA. He has played a strategic role in Fatima Group's expansion and success. He is the CEO of Fatima Energy Limited, Pakarab Energy Limited, Fatima Electric Company Limited, Fatima Management Company Limited and Air One (Private) Limited. He is also a member of the Board of Directors at Fatimafert Limited, Pakarab Fertilizers Limited, PIA Equity Limited, Fatima Sugar Mills Limited, Fatima Holding Limited, Fatima Cement Limited, Fatima Fibres Limited, Reliance Fabrics Limited and Reliance Commodities (Pvt.) Limited.

Mr. Faisal Ahmed Mukhtar

Non-Executive Director

Mr. Muhammad Kashif Habib

Non-Executive Director

Mr. Faisal Ahmed Mukhtar is a Director of the Company. He is the former City District Nazim of Multan, and continues to lead welfare efforts in the city. He is the Chief Executive Officer of Reliance Weaving Mills Limited, Fatima Sugar Mills Limited, Farrukh Trading Company Limited, Fatima Holding Limited. He is a member of the Board of Directors at Fatimafert

Limited, Pakarab Fertilizers Limited, Fatima Cement Limited, Fazal Cloth Mills Limited, Fatima Electric Company Limited, Pakarab Energy Limited, Fatima Fibres Limited, Reliance Fabrics Limited, Reliance Commodities (Pvt.) Limited and Air One (Private) Limited. Additionally, he was also a member in the Provincial Finance Commission (Punjab), Steering Committee of Southern Punjab Development Project and Decentralization Support Program. Mr. Mukhtar has also served as the Chairman of Multan Development Authority and was also a member of a syndicate of Bahauddin Zakariya University, Multan.

Mr. Muhammad Kashif Habib is a Director of the Company. He is also the Chief Executive of Power Cement Limited. As a member of the Institute of Chartered Accountants of Pakistan (ICAP) he completed his articleship from A.F. Ferguson & Co. (a member firm of Price Waterhouse Coopers) gaining invaluable insight across sectors, catering to clients across the Financial, Manufacturing, and Services industries.

He began his career at Arif Habib Corporation Limited, gaining valuable experience, and has since served for over a decade as an Executive Director in the Group's cement and fertilizer companies.

This exposure not only enriched his understanding of diverse corporate dynamics but also

enabled him to refine his strategic decision-making capabilities.

Kashif is deeply committed to enhancing the country's energy landscape. He remains engaged with experts to establish renewable energy as a viable and readily available solution, benefiting not only industries but also the public at large.

He is also the member of Board of Directors of Arif Habib Corporation Limited, Aisha Steel Mills Limited, Javedan Corporation Limited, Arif Habib Equity (Pvt.) Limited, Arif Habib Foundation, Arif Habib Development and Engineering Consultants (Pvt.) Limited, Black Gold Power Limited, Essa Textile and Commodities (Pvt.) Limited, Fatimafert Limited, Fatima Cement Limited, Fatima Packaging Limited, Nooriabad Spinning Mills (Pvt.) Limited, Pakistan Opportunities Limited, Rotocast Engineering Company (Pvt.) Limited, Safemix Concrete Limited, Sachal Energy Development (Pvt) Limited, BioMasdar Pakistan Limited, All Pakistan Cement Manufacturer Association, Siddiqsons Energy Limited, Pakarab Fertilizers Limited, Prime AGTech Solutions (Pvt) Limited, Naya Nazimabad IT Park Limited, Fatima Petroleum Company Limited, Fatima Capital Limited and Fatima Mining Limited.

Mrs. Julie Jannerup

Non-Executive / Independent Director

Mr. Tariq Jamali

Non-Executive / Independent Director

Mrs. Julie Jannerup is a seasoned professional with a Master's Degree in Chemical Engineering. Her journey began in 2007 at Topsoe, where she swiftly established herself as an adept leader. In 2015, she undertook the challenge of establishing a local technical support group in Malaysia, an achievement accomplished within an impressive four-year timeframe.

In her subsequent role as Business Manager for potassium nitrate and sodium nitrate, Mrs. Julie showcased her strategic prowess. She not only secured a crucial supply agreement but also forged a robust partnership with a third-party company. What truly sets Mrs. Julie apart is her collaborative leadership style. She is celebrated as a team player who places immense value on positive working relationships. Her belief in creating an inclusive environment where every voice is heard and respected is a cornerstone of her success.

With her wealth of experience, Mrs. Julie brings a unique value to the organization, supporting Fatima in its development and growth.

Mr. Tariq Jamali is Ex-SEVP / Group Chief Centralized Operations & Administration Group at National Bank of Pakistan (NBP). He also held the charge of President NBP (Acting). He joined NBP in 1987 and has held numerous senior management positions at Regional and Head Office levels.

He headed Assets Recovery Group, Logistics Support Group, Commercial & Retail Banking Group and Compliance Group since 2009. His work experience spans more than 30 years at different key positions. He has diversified work experience, knowledge and knack of working at different levels of management. He holds MBA Degree from University of Dallas, USA and BS (Civil Engineering) from University of Texas at Arlington, USA and DAIBP from Institute of Bankers Pakistan, Karachi.

Bo6rd Structure 6nd Corrittees

Board Structure

Fatima's Board consists of eminent individuals with diverse experience and expertise. Currently, it comprises seven directors including a female director, Mrs. Julie Jannerup. All of the Board members have been elected by the shareholders for a term of three years commenced from September 22, 2023. There are two Executive Directors including the Chief Executive Officer, and five Non-Executive Directors including the Chairman and two Independent Directors.

The Board provides leadership and strategic guidance to the Company; oversees the conduct of business and promotes the interests of all stakeholders. It reviews corporate policies, overall performance, accounting and reporting standards, and other significant areas of management, corporate governance, and regulatory compliance. It also reviews and approves the annual budget and long term strategic plans. The Board is headed by the Chairman who manages the Board's

business and acts as its facilitator and guide. The Board is assisted by an Audit Committee, a Human Resource and Remuneration Committee, and a Nomination and Risk Management Committee while the CEO carries responsibility for day to day operations of the Company and execution of Board policies.

The Board of Directors is responsible for the overall governance and oversight of the Company's sustainability strategy, policies and performance. To ensure effective oversight of sustainability matters, the Board has

delegated additional responsibilities to the existing Board Audit Committee in accordance with the requirements of the Listed Companies (Code of Corporate Governance) Regulations, 2019. Accordingly, the Terms of Reference of the Audit Committee have been amended to incorporate sustainability related oversight responsibilities.

Board Committees

The standing committees of the Board are:

Audit Committee

Corposition

The Audit Committee consists of four members of the Board. All of the members of the Audit Committee are Non-Executive Directors. The Committee has two Independent Directors. The Chairman of the Audit

Committee is also an Independent Director. The members are:

1. Mr. Tariq Jamali Chairman

2. Mr. Faisal Ahmed Mukhtar Member

3. Mrs. Julie Jannerup Member

4. Mr. Muhammad Kashif Habib Member

Terrs of Reference 6nd S6lient Fe6tures

In addition to any other responsibilities which may be

assigned from time to time by the Board, the main

28 Fatima Fertilizer Company Limited

Annual Report

2025

purpose of the Audit Committee is to assist the Board by performing the following main functions:

• to monitor the quality and integrity of the Company's accounting and reporting practices;

• to oversee the performance of the Company's internal audit function;

• to review the external auditor's qualification, independence, performance and competence; and

• to comply with the legal and regulatory requirements,

  the Company's by laws and internal regulations.

  The Terms of Reference of the Audit Committee have been drawn up and approved by the Board of Directors in compliance with the Code of Corporate Governance. In addition to compliance with the Code of Corporate

  Governance, the Audit Committee carries out the following duties and responsibilities for the Company as per its Terms of Reference:

  1. determination of appropriate measures to safeguard the Company's assets;

  2. review of preliminary announcements of results prior to publication;

  3. review of quarterly, half yearly and annual financial statements of the Company, prior to their approval by the Board of Directors, focusing on:

• major judgemental areas;

• significant adjustments resulting from the audit;

• the going concern assumption;

• any changes in accounting policies and practices;

• compliance with applicable accounting standards;

  and

• compliance with listing regulations and other

statutory and regulatory requirements.

1. facilitating the external audit and discussion with external auditors of major observations arising from interim and final audits and any matter that the auditors may wish to highlight (in the absence of management, where necessary);

2. review of management letter issued by external auditors and management's response thereto;

3. ensuring coordination between the internal and external auditors of the Company;

4. review of the scope and extent of internal audit and ensuring that the internal audit function has adequate resources and is appropriately placed within the Company;

5. consideration of major findings of internal investigations and management's response thereto;

6. ascertaining that the internal control system including financial and operational controls, accounting system and reporting structure are adequate and effective;

7. review of the Company's statement on internal control systems prior to endorsement by the Board of Directors;

   29

   
   
   

8. instituting special projects, value for money studies or other investigations on any matter specified by the Board of Directors, in consultation with the Chief

   Executive and to consider remittance of any matter to the external auditors or to any other external body;

9. determination of compliance with relevant statutory requirements;

10. monitoring compliance with the best practices of corporate governance and identification of significant violations thereof; and

11. consideration of any other issue or matter as may be assigned by the Board of Directors.

Duties relating to Sustainability Affairs

Human Resource and Remuneration Committee

Corposition

The Human Resource and Remuneration Committee consists of three members of the Board. The majority of the members of the Committee are Non-Executive Directors. The Chairperson of the Committee is an Independent Director. The members are:

1. Mrs. Julie Jannerup Chairperson

2. Mr. Fawad Ahmed Mukhtar Member

3. Mr. Muhammad Kashif Habib Member

Terms of Reference and Salient Features

The Human Resource Committee is a body through which the Board provides guidance on human resource excellence. The specific responsibilities, authorities and powers that the Committee carries out on behalf of the Board are as follows:

1. Duties and Responsibilities

   The Committee shall carry out the duties mentioned

   below for the Company:

   1. to review and recommend the annual compensation strategy with focus on the annual budget for head count and salaries and wages;

   2. to review and recommend the annual bonus and incentive plan;

   3. to review and recommend the compensation of the Chief Executive and Executive Directors;

   4. to assist the Board in reviewing and monitoring the succession plans of key positions in the Company;

   5. to review and monitor processes and initiatives related to work environment and culture; and

   6. to perform other duties and responsibilities as may be assigned time to time by the Board of Directors.

2. Reporting Responsibilities

   1. the Committee Chairman shall report formally to the Board on its proceedings after each meeting on all matters within its duties and responsibilities;

   2. the Committee shall make whatever recommendations to the Board it deems appropriate on any area within its remit where action or improvement is needed; and

   3. the Committee shall, if requested by the Board, compile a report to shareholders on its activities to be included in the Company's Annual Report.

3. Authorities and Powers

   The Committee is authorized and empowered:

   1. to seek any information it requires from any employee of the Company in order to perform its duties;

   2. to obtain, at the Company's expense, outside legal or other professional advice on any matter within its terms of reference; and

   3. to call any employee to be questioned at a meeting of the Committee, as and when required.

Nomination and Risk Management Committee

Composition

The Nomination and Risk Management Committee consists of three members of the Board. The Committee comprises one Executive and two Non-Executive Directors including an independent director. The members are:

1. Mr. Fazal Ahmed Sheikh Chairman

2. Mr. Muhammad Kashif Habib Member

3. Mr. Tariq Jamali Member

Terms of Reference and Salient Features

The specific responsibilities and authorities that the Committee carries out on behalf of the Board are as follows:

1. Duties relating to Risk Management Function

   1. To monitor and review of all material controls (financial, operational, compliance);

   2. To make recommendations to the Board on the Company's strategic risks and their mitigation in ensuring the achievement of the Company's overall strategy;

   3. To analyse and provide report to the Board on the results of the material investigations on the risks identified and management's feedback on the investigation and appropriate recommendations;

   4. To monitor and review the process of the risk management and advise to the Board about the improvements to be made;

   5. To provide guidelines to the management on risk management and set up procedures to unveil, assess and manage material risk factors;

   6. To review the internal control policies in respect of the control procedures of risks, including the risk management and the communication;

   7. To ensure the risk management is embedded in the structure and culture of the management team within the Company;

   8. To review the adequacy of the Company's policies and procedures regarding the risk management system in consultation with the Company's management, external auditor and internal auditor;

   9. To consider appropriate extent of disclosure of company's risk framework and internal control system in Directors' report; and

   10. To perform such other duties and responsibilities as may be assigned time to time by the Board of Directors.

2. Duties relating to Nomination Function

   1. To formulate selection policies and evaluation criteria for appointment of members of the Board and Board Committees;

   2. To recommend candidates for directorships for Board approval after evaluating their suitability;

   3. To recommend Directors to fill positions of Board Committees;

   4. To determine the annual assessment criteria and process to assess the effectiveness of the Board, its Committees and each individual Director;

   5. To assess the effectiveness of the Board as a whole;

   6. To develop criteria to assess independence and to assess on an annual basis, the independence of the Independent Directors;

   7. To review Board succession plans;

   8. To review the training need for Directors and ensure Board members receive appropriate training programs; and

   9. To perform such other duties and responsibilities as may be assigned time to time by the Board of Directors.

3. Authorities and Powers

   The Committee is authorized and empowered:

   1. To seek any information it requires from any employee of the Company in order to perform its duties;

   2. To constitute sub-committee(s) of the management as and when deemed necessary in order to discharge its duties and responsibilities;

   3. To obtain, at the Company's expense, outside legal or other professional advice on any matter within its terms of reference; and

   4. To call any employee to be questioned at a meeting of the Committee as and when required.

Key M6n6gerent

Mr. M. Abad Khan

Advisor to the CEO

Mr. M. Abad Khan graduated in Mechanical Engineering from UET Lahore and received extensive training in fertilizer manufacturing in France and Switzerland. On return, he worked on county's first Urea Plant of PIDC for 8 years.

Mr. Khan joined Exxon Chemical Pakistan at the time the company started its fertilizer project. During his 15 years of service with Exxon, he received extensive trainings in technical and managerial fields within and outside the country and gained valuable experience in various disciplines on senior positions. He took early retirement from Exxon and joined the newly set up Fauji Fertilizer Company as General Manager Plant. During almost 14 years of his service with FFC, the manufacturing site worked par excellence and the site capacity increased to more than double due to the revamp of the facility and an additional production line. Mr. Khan retired from FFC in 1996.

In 2001, when Fauji Fertilizer Bin Qasim, Karachi faced serious operational challenges with its relocated plant, Mr. Khan took responsibility as General Manager and was instrumental in ensuring smooth Plant operation. Under his leadership, the team conceived and undertook a major revamp of the plant to enhance its capacity and improve energy efficiency during his 4 years of assignment.

Mr. Khan joined Fatima Group in April 2006 as Advisor to CEO and played a significant role in establishing a green field project - Fatima Fertilizer plant Sadiqabad and introducing operational improvements in Pakarab Fertilizers Multan and later Fatimafert Limited Sheikhupura after its acquisition by Fatima Group.

He has extensive international exposure through seminars, symposiums and training including one at Harvard Business School. He is Director of Fatimafert Limited, Fatima Energy Limited, Pakarab Energy Limited, Fatima Ventures (Pvt.) Limited, Fatima Cement Limited and Fatima Electric Company Limited.

Mr. Asad Murad

Chief Operating Officer

Mr. Asad Murad is the Chief Operating Officer of the Company. He is a Fellow Member of the Institute of Chartered Accountants of Pakistan. In an over 28-year career, he has held various senior management positions in the areas of financial management, strategic business planning, risk management and corporate compliance. He joined Fatima Group in 2010 as Group Head of Internal Audit and held the position of Chief Financial Officer of the Company from March 2014 till February 2021 and again from June 2022 till January 2025. As additional roles, he has served as the Head of Marketing & Sales and Director Finance of the Company. He was also involved in Government Relations along with his Finance Director role where he successfully consolidated all three fertilizer plants and also played an instrumental role in revival of Multan plant operations by ensuring sustainable gas supply from Mari Gas among many

other contributions. He has also served as Chief Financial Officer at Honda Atlas Cars (Pakistan) Limited, a subsidiary of Honda Motor Company, Japan.

Dr. Syed Hyder Hasan

Group Chief Financial Officer

Dr. Syed Hyder Hasan serves as the Group Chief Financial Officer of Fatima Group. He brings extensive leadership experience and a strong track record of success as a finance leader, with deep expertise in driving shareholder value and developing value-creation strategies that support sustainable revenue growth and margin expansion.

Throughout his career, Dr. Hyder has demonstrated the ability to transform and streamline finance functions into strategic business partners that enable profitable growth. He is recognized for strengthening financial governance, enhancing operational efficiency, and fostering effective communication across the organization to improve overall business performance and profitability. He is also a strong advocate of finance business partnering as a key driver of value creation.

Prior to joining Fatima Group, Dr. Hyder held several senior leadership positions across global, regional, and country roles with Unilever, Ingredion, and Indorama Corporation. He is a seasoned executive with extensive international exposure, having lived and worked in Singapore, Malaysia, Thailand, and the Philippines. His experience spans diverse cultures and industries across both B2B and B2C sectors.

Dr. Hyder's professional achievements have been widely recognized. In 2023, he was named among the Top 10 CFOs in Malaysia, and in 2022 he was included in the list of 100 Power Leaders in Finance.

He is a Fellow Member of the Institute of Cost and Management Accountants of Pakistan (FCMA) and holds an Honorary Professional Doctorate in Finance from European International University.

With a distinguished career in financial leadership and transformation, Dr. Hyder continues to lead the Finance function at Fatima Group in supporting the Group's strategic growth and long-term value creation.

Ms. Sadia Irfan

Director Human Resources

Ms. Sadia Irfan is a passionate HR professional with over three decades of senior leadership experience with top global MNCs in the HR space delivering in multiple operating models across geographies. Sadia thrives in leading Organisational, Talent & Cultural transformation for sustainable impact. Her legacy includes lasting impactful strategic thrust, fostering inclusive & engaged workplaces & strong talent supply enriching pipeline of future leaders, key imperatives for sustainable business growth.

As Director Human Resources at Fatima Group, Ms. Irfan leads enterprise-wide Organization, Talent & Cultural transformation initiatives, while also overseeing Communication and CSR within her leadership portfolio. Her Human Resources vision & strategy is purpose driven, integrated with strategic business priorities, and aligned with the Company's Core Values.

Under her leadership, Fatima Group secured seven national and international awards in 2025 recognizing excellence in Talent Management, Culture, Leadership Development, and Inclusion. Among the most prestigious recognitions were:

• SHRM MENA STAR - Excellence in Inclusion & Diversity Award (2025)

• Global Diversity, Equity & Inclusion Benchmarks (GDEIB) Awards - Wins across 12 categories

• Recognition among the Top 10 Most Inclusive Organizations Globally

These achievements reflect the maturity of Fatima Group's governance framework, leadership architecture, and institutionalized DE&I systems under her stewardship. Internally, the organization achieved an unprecedented Employee Engagement Index (EEI) of 91%, reinforcing a high-performance and engaged culture.

In addition, Ms. Irfan was personally honored with the Women in HR Leadership & Lifetime Achievement Award (SHE Leads by CWI, 2025), recognizing her sustained contribution to advancing inclusive leadership, talent sustainability, and gender diversity within the industry.

Over the years, Ms. Irfan has spearheaded multiple female development initiatives in gender diversity, talent development, and inclusive leadership, resulting in the highest female representation at the Executive level across the industry. She has also actively sponsored and led key digitalization initiatives, establishing a modern, paperless, data-driven HR ecosystem that enhances employee experience and operational efficiency.

As Chairperson of the Fatima Ethics Committee, Ms. Irfan led the launch of "Tell Fatima," a confidential whistleblowing platform aligned with Fatima's commitment to values-based governance and zero tolerance for misconduct.

Prior to joining Fatima Group 8 years ago, Ms. Irfan held senior HR leadership positions at global companies such as PepsiCo and Nestlé across West Asia, the Middle East & Africa, Pakistan, and Afghanistan. As HR Director at PepsiCo, she significantly shaped the company's talent & succession agenda, contributing to multiple accolades including the prestigious Harvey Russell Award for Diversity & Inclusion and Best Place to Work recognitions.

Ms. Irfan is a certified Hogan Executive Coach, recognized Career Coach and Mentor, and a distinction holder in Advanced Board Facilitation Skills from the UK. She holds a Master's degree in English Language & Literature and a degree in Human Psychology, complemented by multiple HR certifications.

Through her strategic foresight, disciplined execution, and commitment to inclusive excellence, Ms. Irfan continues to set industry benchmarks in human capital leadership and organizational transformation.

Mr. Omair Mohsin

Director Legal & Company Secretary

Mr. Mohsin joined Fatima Group in 2019 as Group General Counsel, Company Secretary, and Head of External Affairs. He has over twenty-four years of experience ranging from litigation to corporate experience. He plays a lead role in advising the CEO, the Board, and the Management on Legal, Compliance, and Ethics. He is also integral to the key initiatives of diversification, expansion, and risk management. Prior to joining Fatima Group, Mr. Mohsin worked as Ethics and Legal Head of Pakistan at ENGIE. Mr. Mohsin graduated with a Juris Doctoris from the Washington University in St. Louis.

Mrs. Rabel Sadozai

Director Marketing and Sales

Rabel Sadozai serves as Director Marketing and Sales at Fatima Fertilizer Company Limited and is the first woman to hold this position in Pakistan's fertilizer and agriculture sector. She holds an MBA from the Institute of Business Administration (IBA), Karachi, and brings over 25 years of professional experience across the petrochemical, banking, and fertilizer industries.

In her current role, she leads the company's marketing and sales strategy across fertilizer and specialty products. Her portfolio includes sales, brand management, trade marketing, distribution and logistics, business planning, and farmer engagement, while overseeing a nationwide team of more than 400 professionals across Pakistan.

During her tenure, Fatima Fertilizer has achieved several commercial and organizational milestones. In 2025, the company recorded its Highest Ever Sales volume of 2.9 million metric tons, with sales value equivalent to approximately USD 1 billion. Under her leadership, Sarsabz Fertilizers has been positioned as a premium national brand through structured trade programs, strong channel alignment and farmer-focused communication.

Rabel has also led the company's transition toward digitally enabled farmer- and dealer-centric programs that enhance access to information, improve service delivery, and strengthen long term relationships. She oversaw the launch

of Pakistan's first farmer-focused mobile application, Sarsabz Pakistan, which provides agronomic guidance and best-practice recommendations. Additional digital platforms introduced during her tenure include Sarsabz Assan, a dealer-facing order management application, and Sarsabz Connect, an internal health, safety, and environment (HSE) application for employees. Collectively, these initiatives support more efficient, structured, and technology-enabled stakeholder engagement.

She has played a central role in integrating sustainability into Fatima Fertilizer's commercial and brand strategy. The company became Pakistan's first private sector company to formally adopt the United Nations Development

Programme's SDG Impact Assessment Framework. Under this initiative, 15 SDGs and 49 targets were mapped across the company's operations, structured around eight impact areas covering agriculture, environment, energy, water, waste, and social development. In 2025, Fatima Fertilizer further expanded its development partnerships through collaboration with The King Charles's Trust International (UK).

Rabel also conceptualized Pakistan's first National Farmers' Day, which the Government of Pakistan subsequently recognized and now observes annually. The initiative reflects a broader emphasis on structured farmer outreach, technical education, recognition and appreciation of the agricultural workforce.

Under her leadership, Sarsabz campaigns and engagement programs have received consistent international and regional recognition for effectiveness and innovation. These include awards from "Mad Stars" (Seoul), "ANA B2 Awards" (USA), "Drum Awards" (UK), "Asian Experience Awards" (Singapore), and "Campaign Asia-Pacific" (Hong Kong). The "Salam Kissan" campaign was also featured as a case study in Philip Kotler's Essentials of Modern Marketing.

Rabel's professional approach is defined by a strong customer-centric focus, addressing the evolving needs of both farmers and dealers as key stakeholders of Fatima Fertilizer. Her work balances operational discipline with long-term brand building and sustainability outcomes.

Her leadership and achievements have been highlighted in featured articles in Dawn Aurora "Substance Over Symbolism" as well as in a special feature article by The News titled "Our Own Trailblazers of 2025," that paid tribute to women, who have delivered commendable impact in their respective fields.

She has also been recognized individually in 2025 with the "Punjab Ki Beti Award" by the Government of Punjab and the "Sustainability Leader Award" by Women Leading Change Awards in Hong Kong.

Mr. Iftikhar Mahmood Baig

Director Business Development

Mr. Iftikhar Mahmood Baig brings over 35 years of distinguished experience in financial, commercial, and strategic leadership and has been associated with Fatima Group for more than three decades. He currently serves as Director - Business Development for Fatima Group and is a member of the Boards of Globacore Minerals Limited, Fatima Petroleum Company Limited, and Fatima Energy Limited.

He plays a pivotal role in advancing the Group's long-term growth strategy, with a focus on energy security, sustainable resource development, and strategic partnerships. Mr. Baig has been instrumental in strengthening relationships with government authorities and key stakeholders, enabling the successful execution of large-scale projects across the fertilizer, energy, mining, and petroleum sectors.

Mr. Baig has contributed to several landmark achievements of the Group, including the development of Fatima Fertilizer Company Limited, where he was instrumental in securing critical gas allocation for the USD 750 million greenfield project and supporting its financial close and commercial operations. He also played a pivotal role in the acquisition and successful revival of Pakarab Fertilizers' Multan plant. Additionally, he facilitated long-term gas supply arrangements through 2029 for all fertilizer plants and contributed to the implementation of Fatima Energy Limited. Mr. Baig continues to support Fatima Group's vision of sustainable growth, operational excellence, and strategic diversification.

Mr. Ausaf Ali Qureshi

Advisor Projects

Mr. Ausaf Ali Qureshi is a Fellow Member of Institute of Chartered Accountants of Pakistan. He joined the Group in May 2010 as Company Secretary with the additional responsibility for investor relations. He has been part of the senior management team involved in developing the MFC project for over a decade. He is serving on the Board of Fatima Energy Limited. He has over 43 years of experience including with Fauji Fertilizer, PIA (Holdings) and the US Pharmaceutical, Bristol Myers Squibb (BMS). In his over 20 year's career at BMS, besides CFO in Pakistan and South

Korea, he held various regional management positions in GEMSA (Gulf Eastern Mediterranean and Saudi Arabia) based out of Egypt and Asia Pacific based out of Singapore in the areas of finance, corporate compliance and strategic project planning.

Mr. Salman Ahmad

Director Internal Audit

Mr. Salman Ahmad has been leading the Internal Audit function at Fatima Fertilizer since December 2016. A Fellow Chartered Accountant (FCA) of the Institute of Chartered Accountants of Pakistan, he brings over 29 years of extensive experience in audit, finance, and risk management.

Over the course of his career, Mr. Ahmad has held senior roles with prominent local and international organizations, including PricewaterhouseCoopers (PwC), Al Rostamani Group (Dubai, UAE), Oasis Group Holdings (South Africa), Gharibwal Cement Limited, and Emaar. His professional exposure spans a wide range of industries, including financial services, real estate (including REITs), specialized manufacturing (cement and fertilizers), automobiles, energy, and general trading.

Under his leadership, Fatima Fertilizer has transitioned to a robust risk-based internal audit framework aligned with the standards of the Institute of Internal Auditors (IIA). This approach has enhanced risk prioritization, strengthened governance, and improved the effectiveness of assurance activities across the organization.

Mr. Ahmad has also spearheaded the comprehensive implementation of the COSO Internal Control Framework, reinforcing the company's control environment and compliance culture. In addition, he has played a key role in establishing enterprise-wide and departmental risk registers, enabling structured risk identification, assessment, and mitigation. His strategic contributions continue to strengthen Fatima Fertilizer's risk management, internal control, and governance practices.

Mr. Wajid Ishaq Bhatti

G.M. Manufacturing

Mr. Wajid Ishaq Bhatti is serving Fatima Fertilizer Company Limited (Fatima) as the General Manager Manufacturing since April 2025.

He holds a Bachelor's degree in Mechanical Engineering from UET, Lahore, and has further honed his leadership capabilities through the prestigious Leadership Development Program at the Centre of Creative Leadership, California, USA.

With over 35 years of extensive experience, Mr. Bhatti is a highly accomplished professional in the fields of Manufacturing and Operations Excellence, General Management, Project Management, Reliability, Inspection, and Maintenance.

Prior to joining Fatima Group, he held key leadership roles at Fauji Fertilizer Company (FFC) as Group General Manager Manufacturing & Operations and also served as the Chief Executive Officer of Olive Technical Services.

He has specific interest and specialization in Reliability Enhancement of Fertilizer Complexes. His depth of experience & leadership in managing complex manufacturing operations make him key pillar in driving operational excellence and contributing to Fatima Group's long-term growth & strategic goals.

Mr. Faisal Jamal

Head - Corporate HSE & Technical Services

Mr. Faisal Jamal oversees the Group's Corporate HSE and Technical Services portfolios, driving the strategic evolution of safety governance and operational risk management. With over 26 years of international experience across the energy and petrochemical value chains, including key roles at British Petroleum, Qatar Energy, Engro Corporation and PARCO, he integrates technical rigor with a holistic sustainability lens.

A qualified Chemical Engineer, Mr. Jamal is a specialist in Process Safety Management (PSM), safety culture transformation and operational excellence. Beyond technical stewardship, he is a vocal advocate for Diversity, Equity, and Inclusion (DE&I), embedding these values into the organizational fabric through visible leadership.

A recognized thought leader, he frequently represents the Group at elite global forums, including AIChE, MIT and the ASSP, contributing to the advancement of international safety standards.

Org6niz6tion6l Ch6rt

Board of Directors

Executive

Committee

Project Review

Committee

Audit Committee

Chief Executive Officer

Head of

Internal Audit

Chief Operating Officer

Chief Financial

Officer

Director

Strategy

Chief Information Officer

Director Sales & Marketing

Director Legal &

Company Secretary

Director Business Development

HR & Remuneration Committee

Nomination and Risk Management Committee

Enterprise Risk Management Committee

Ethics Committee

Other Management Committees

Advisor Projects

Director Human Resources

Chief Manufacturing Officer

Director

Technology

Head of Supply Chain

Head of Lean Six Sigma

Head of

Administration

Ch6irr6n's Review Report

to the Shareholders for the year

ended December 31, 2025

Dear Shareholders,

The year 2025 tested the resilience of Pakistan amid the May '25 conflict with India, severe flooding, and persistent geopolitical tensions. The nation responded with resolve, emerging more confidence and strategic repositioning. Macroeconomic stabilization gained further traction during the year as inflation was contained, the exchange rate kept in check, and growth improved, supported

by large scale manufacturing recovery, agricultural resilience, strong remittances, and rising reserves. The external debt-to-GDP ratio declined from 31% to 26%, fiscal consolidation delivered a historic 2.4% primary surplus. Improving fundamentals and consistent reform trajectory resulted in sovereign ratings upgraded by major agencies and while improvement of investor confidence reflected in record levels achieved by the Pakistan Stock Exchange.

Your Company has once again delivered record financial performance, achieving the highest ever revenue and profit in its history. These results reflect years of disciplined execution, sustained commitment to world-class, efficient and reliable operations, and the effective implementation of focused marketing strategies.

2025 was a significant year for the Company in terms of business diversification, strategic investment placement and corporate restructuring. By expanding into complementary avenues while simultaneously reinforcing our core capabilities, we have laid a solid foundation for sustainable growth and enhanced stakeholder value.

I am pleased to share that, during the year, the market capitalization of your Company reached 1 billion USD milestone. Overall, the market value of the Company's shares was appreciated by 92% during the year.

The most significant event was the successful bid for privatization of Pakistan International Airlines Corporation Limited by your Company as part of the Consortium. We believe that Almighty has chosen us for this national duty to revive the national flag carrier to restore its former glory. During the year, the Company also made significant strides in large scale mining and oil and gas E&P sectors through partnerships with major players in the industry.

As a part of strategic restructuring, the Company executed the scheme of carve-out of Multan plant to its wholly owned subsidiary Pakarab Fertilizers Limited with effect from January 01, 2025 , while, the Company's investment portfolio in equity market was carved

out to a wholly owned subsidiary, Fatima Capital Limited, after shareholders' approval in the extraordinary general meeting with effect from July 01, 2025. It is expected that these decisions will provide further growth opportunities with improved returns to shareholders through dedicated and focused management while creating an opportunity for the Company to unlock the inherent potential of its operating units.

In alignment with country's agricultural priorities towards our

collective vision of enhancing stability and food security in

Pakistan, your Company has established Strategic Partnership with International Finance Corporation (IFC), a member of the World Bank Group, by signing a US dollar based renewable liquidity facility. At its core, this partnership reflects a shared commitment to standing with Pakistan's farmers - ensuring they have the resources and support needed to feed the nation, strengthen rural economies, and build resilience amid an increasingly uncertain agricultural and economic landscape.

The Board of Directors has recommended a final cash dividend of Rs 2.50 per share, in addition to the interim cash dividend of Rs 3.5 per share declared with half year results. This takes the aggregate

payout by the Company to Rs 6 per share (2024: Rs. 7), amounting to Rs 12.60 billion compared to Rs 14.70 billion last year.

During the year, the Board diligently discharged its fiduciary responsibilities in the best interests of shareholders, overseeing the Company's affairs in its customary effectiveness and efficiency, according to the highest standards of corporate governance

maintaining zero tolerance for corruption and harassment. The Board and its Committees remained vigilant in ensuring full compliance with all applicable statutory and regulatory requirements.

We pray for an early de-escalation of ongoing geopolitical tensions and regional conflicts. Heightened global uncertainty, disrupted supply chains, and volatility in energy and commodity markets could exert renewed pressure on import costs, exchange rates, and investor sentiment. Such external headwinds may dampen export demand, constrain external financing flows, and moderate the pace of recovery, posing challenges to medium-term growth prospects.

Sustained policy discipline, structural reforms, and strategic economic diversification will therefore remain critical to safeguarding macroeconomic stability and reinforcing long-term resilience.

I take this opportunity to place on record my sincere appreciation for the dedication and hard work of all employees of the Company. I also extend my gratitude to our valued stakeholders-including the Government of Pakistan, financial institutions, commercial banks, business partners, customers, and my fellow Board members-for

their continued support, guidance, and collaboration in strengthening

the Company.

Arif H6bib

Chairman

March 06, 2026