Transmission of Annual Report for the Year Ended 30 June 2025

FIRST PARAMOUNT

MODARABA

(An Islamic Financial Institution) Managed by: Paramount Investments Limited

UA

RT

CONTENTS

Mission and Vision & Statement of Ethics. «

Corporate Information. oz

D)FeCtOF'S RepOft. 04

Key Operating & Financial Data. 14

Statement of Compliance. 1S

Review Report 1s

Shariah Advisor's Report. 19

Shariah External Audit Report 20

Independent Auditor's Report (Unconsolidated) 2z

Financial Statements (Unconsoldated) 2z

Independent Audttor's Report (Consolidated) zo

Financial Statements (Consolidated) 7S

Pattern of Certificate Holding 1 9

Categories of Certihcate Holding. 121

Notice of Annual Review Meeting. 123

Form of Proxy. Us

STATEMENT OF ETHICS AND BUSINESS PRACTICES

We believe a co mplete Code r›f ethics is a pre reqI iste for al I Dir ectors and employee s of First Param ount Modara ba. We endeavour tc i h e philnSophy behind I he code of ethics to carry out honestly act ivit ies assigned to them Our aim is to ha ve highest standard of excellence for the product and the betterment for all LlJose involved d rec!y or indirec tly with our Modaraba.

Ri ARE iDW!^F ^* Mr. Tanveer Ahmed Mapoon Mr. Syed Wajih Hecan

IvIr. Nadm Iqbal Mr. Abrar Ahmed

Mrs. Shahida Tanweer

IvIr. Humayun Ivlazhar Qureshi

Mr. Habib Ahmed Navaid

Mr. Habib Ahmed Navaid Mr. Nadeem kjbal

Mr. Abrar Ahmed

Mr. Humayun Mazhar Qureshi IvIr. Tanveer Ahmed Magoon Mr. Nadeem !gbaI

Mr. Syed Wajih Hasan

Chairman

Chief Executive Officer

Director Director Director

Indeperdent Diredor

lndeperdent Director

Chairman Ivlember Member

Chairman lvlemder Member Member

CHIEF FTMANC£AL OFFICER / CO¥£PANY SECRETARY

Mr. 6yed Mudassir Ali

Muftl Muhammad Farhan Farooq

9HARtAH COM9ULTAT•IT

Muñi Muhammad Na}eeb Khan

CREDfT RATING

Long term BBB Shon Term A-3 Outlook 9tab£e

By Vl6 Credit Rating Company Mmfted

AUDITORS OF THE MODARABA

Mls Crowe Hussain Chaudhury & Co. Chartered Accountants

AUDITORS OF TIME MODARABA £0ANAGEMENT COMPLY

Mls. I-lafizullah A Co. Chartered AcoxJntants

LEGAL AOVI9OR

Ill/s Raja Qasit Nawaz, Advocates

BANKERS

Meezan Bank Limited

Bank Islami Pakistan Limited

Al Baraka Bank (Pakistan) Limited

Habib Metropolitan Bank Limited -Islamic Banking Habib Bank Limited

Fayeal Bank Llmited

REGISTERED OFFICE

Sult # 107, 108, 1st Fler, P.E.C.H.S. Community OfI1ce Complex,

Block-2 PEGHS, Shahrah-e-Ouaiden, Karachl. Phone: 34381037-38-52 6 34381101. Fax: 34534410

E-mall: Info@fpm.com.pk Web: www tnm rim pk

6HARE REGISTRAR

THK ASSOCIATES (PVT) LTD.

32-C. Jami Commercial Slreet 2,

D.H.A Phase ViI, Karachi 75500

UAN : +92 (021) 1 1 1-0OD-322

Tel : •62 (021) 35310191-6

Web: w 'w Gk com pk Email:

The Directors of Paramount Investment Limited, Management Company of First Paramount Modaraba, are pleased to present the duly aodlted flnanCial statements for the financial year ended 30 June yQ25.

F-or the year ended 30 June 2025, the Modaraba reported a pre•tax proflt of is. 31,979,755 as compared to Rs. 40,659,604 in the prior far, repye@nting a deCline of 21%. lget profit acer tax was Rs. 23698,t01, lower by Rs. 4,644,276 16B) compared to last year. Earnings per Certificate stood at Rs. 1.73, as against Rs. 2.07 in the precedlng year.

Oecline in profits from last year was primarily due to lesser economic activity in Oil @ Gas Sects of the Country which transiared Into slit decline In proflrrs of RPM Petro Servlets • In fiouse venture of the Modara ba. This t+end we Id not I‹keIy to contin ue this year. OyeraIT, Co ntry's economy is in state of recovery with see constant positive indicators. however, ‹t sti\ requires some reforms to take efiect before it can get out of mmml nent tfireats.

Durfng the year, the Modarat+a made progress across muItIpTe fronts:

• IBM Tetra hePUd suStair¥0d J£s role as a vital buslness divislon. Through po¥tfollo reallgnment, mntinuous addition of new products, and a focus e volume growth, the division continued to deliver posltive results. With Increasing active in the local hydrocarbon exploration sector, the Board ant icipa urthi r eg dnSic'n qf this busrness segment.

• RPM AML-CHECK, the Modaraba's AML/C.FT screening services division, significantly broadened its customer base, addlng several repuzabla domestic clients. Although not yet profltable, the dh/ision a4ieved steady revenue grcwth and bu‹k a strong foundatipn for future financial contribution. The Board expects this segment to generate meaningful returns fior Certificate Holden in the coming

• Paremount Cw§iance Prkrate) Cmd (PCPL), a wfiolTy owned subsidiary, iB expected to further strengthen AML/CFT business. Its UK•based arm, Comp h Global LlruTtad, is actively exploring International markets in 5'n th Asia, Southeast ASia, Afrita, and the Midd Ie East. Thor+gb still in its early phase, this initiative supports the Modaraba's long-term imernationaT expansion strategy and is aimed at creating addltional value for Certificate Holders.

• 0@Estate, another Project of the Modaraba, currently under SC@’s Regulatory Sandbo*, represents the Modaraba‘s strategic intent to adopt technology-driven business models. The Shariah-compliant Asset FractleaTlzazlon PWtform, once successfully tested and deplayed, Is expected to unlock innovatiye in@stment opeortunities and 6ntribute meaningfully to profitability for the direEt benefit of Certificate Holders.

As per rlsed Modaraba Regulations iswed on IN August 2022 by SECP, aid deposit taking Modar abas were required to have a mfnimum equioy of Rs. '2& million {FPM's is at 273.89 million) and a minimu m credit rating pf "A-” FPM's rating is BBB) in 0 period of 3 years. Regulations aIso restricted iwuanJ-e pf dividend zo Mpdaraba's certificate holder until compliance of thee conditions are made. Accpndingby, no divi nd has been declared or recommended for the year en0ed @ June 2025.

Mc•daraba is actlvelv pursuing to achleve minlmuM EqJJlty threshold and mlnlmum credit slating levels to coMpTy with the a6ove requirements of tfi4 r4guT0tiO0S which will help In enhancing Modaraba's businesses further. Tn this regard, two distinct proposals of Equity enhancemenz (duly approved by the Board of Directa+s Et Shariah Adasor of the Modaraba) have n submitted with the honourable Flegistrar. AdditionalTy, Modaraba has also filed an application wch honerable riegistrar Modaraba or for the grant of extension in deadline fqr compliance in these regards.

The Board of Oirectors and the Management of Modaraba are fullv commltted to comply with the requirements of these Regulations and meetn$ the crlterla mentloned theren.

compTTance wart cede of corporate Governar*oe:

ha required by the Code crf Corporate Governance. the Directors are pleased to report that:

ay The financial statements prepared by the manasemenz of the Isl obgrgba present fairtv its true state of af1'atrs, the results of rta oPeratlons, cash flows and changes In equity.

b) Proper books of account of'the Modaraba have been maintalned.

cJ Approprlate acoountlng poTtcles have been cesistent apptled in preparatlon of flnanclal statements and attounttng estimates ara based on reasonabk• and prudent judgment.

1. International Accounting Standard s, as applicable in Pakistan have 6oen followed in preparation of

   ffnancka I statements.

2. The system of ieternal control is sound and has been effective Iy innplemented and monitored.

rj The Modaraba Is financialTy sound and there Is nc' reason whatsoever to doubt fts abilify to continue

There has been no material departure from the best practices of corporate governance as detaI/ed in the Ttst/ne regulations of Pakistan Stock Ex4ange.

1. The Board of Olrectors has total 7 directors Including CEO. The composIt/on of the board is as follows:

   Mr. Tanveer Ahmed Magoon, Chairman

   Syed Waj ig Hassan, Cg ief Fxecutrve

   Mr. Nadeem Tqbad, Director

   Mr. Abrar Ahmed, Director

   fibre. shahida Tarrweer, Director

   Mr. HumaYun Mazh#r Oureshi, Independent 0irector

   Mr. Habib Ahmed fdavaid, Independen r Olrector

2. During the year under review, four (0't) meetings of the Board of Oirecrors were held. Attendance by each director was as follows:

)] During the year, Four (04) meetings of the Audit Committee were held. Attendance by each member

k) Ouring the year. one (01) HR n+eetfng was held. Attendance by each member cas as followed

numawJn Mazhar Q+I esh•, Cfialrperson

Syed Wajih Hassan. Member

Nadeem Iqbal, Member

aak Moment and Intern+I €smroly

The Board aknowledges Its overall responsibility for the Modaraba's risk management and internal control framework. These systems are regularly revimrred to ensure effectfyeness In safeguarding assets. maintaining reliable financial reporting, and ensuring compliance with applicable laws and regulations.

The Ooard recognises the Importance of embedding sustainability considerations including enviroomentaJ, social and governance (ESG[ factors, into the Modaraba's strategy and operations. n this regard. the Board contfn ues to review the Modaratta*s exposure to sustaina bility-related risM and opport+inities, covering economI<, soc•aI, reaulgtery and Lvl onmema dImens•onz, and emalns to rhe•r effectlve management and mltigatipn.

The Board also places empfiasis on diversity, equity and inclusfon {DEgT)by promoting fairness, inclusivJy and equal opportunity in governance and people- relatea practices. These principles. together wftfi a strong focu s on Integrity and accoun tability, conrrioute o stakeholder tonfidence and •nstIt tional credibiIiw •n the near term, while supp ir+g the Madaraba's resilience and grourtfi over the longer horizon,

Gender Pay Gap

n atcordame with SECP Circular Sta. 10 of 2D24 dated April 17. 2024; the Boand of Directors reañirms its comm•zment to esulcable and merlt-based employment pram tices. The Modara6a’s remuneratlon framework is strum:ured to ensure that compensation is determined obiectñelY, based on

responsibl Icles, experience, and performance, without any distinction on the basis of gender or other personal attzJbutes.

The Modaraba cont'inuaIg strives to maintain a workpNce wnere no gender oay gap exists arid wire all

employees are rewarded eoultablY for chel cart tfbuIas.

Furthermore, in compliznce with SECP Circular Jo. 7 of 2021. the Board has approved and implemented a Gender Diversity Policy. underscoring its commitment to promoting diversity, inclusion. and equal opportuniy across the Moaaraba.

The pattern and categories of certfica£e holders as at 3Q June 2Q2S are presented in the Annuaf Report of the

Your PmunerWW

The remuneration of the director for attendIng meetings of the board or arry Committee of Th# Board I6

determined under the Dire s Counpensa£fon Policy adopted by First Paramount Modaraba.

07

Shadah Advbor's kepon

The Modaraba continues to seek guidance from Its Shariah Advisor, Muftl Farhan F-arooq as and when required to ensure full compliance with the Shariah Audit mechanism developed in consultation with Registrar

On the recommendatipn of the Audit Committee, the Board has approved the re-appointment of the auditors M/s. Crowe Hussain Chaudhury & Co, Chartered Accountants as auditors for the year anding June 30, 2026, subject to approval of the Registrar Modaraba.

Arknowie#gement

The Management and the Board of Directors express their sincere gratitude to the Registrar Modaraba,

Securities and Exchange Commission of Pakistan, for their continued guidance and support.

The Board also extends its appreciation to the stafi members of the Modaraba for their commitment, agility, and dedication in the timely and sunessfuT completion of assigned responsibilities.

For and on behaR of Board of Directors Paramount lwestments Limited (PIL) Managers of F-Int Paramount Modaraba

Mr. Syed Wajih Hassan Chlef Executive OffJcer

Karachi

Oated: 0/ October 2025

Mr. Tanveer Ahmed Magoon

Chalrman

]4

key Operating& Financial Data

Statement of Cocnpllanoe e Ith Listed Companles (Code of Corporate Governance) Reguldlc+is, 2019'

Fifst 6rdlnf H0darabd |"lha H0dBrdb8’]N8h8g8d by R6f0M0u+4T TMNWnB Limitad (the Mandg0J¥iant party)

The Managamant Company has oompéed win Cha raqufrenarits rg The Regr alias in the King manr+ar.

1.

g, Hala: 6

§, Fannie: 1

True 0iraca›rs haie o>am M none of them is seq as a dlractor of more than seyen Iise›d companlee, Tludlng Ihe

The 8oerd has developed g via / missén ¥aternent. eve‹az •x fx›ree u end signifier poIi grme MgnggeW pany. TheBoardhas assured that oo a rerxzdrg parbsulqrs rgthesignificant pobcias wifhchairdate of appiovâ orAll he yrs of tha Board have bean duly axeml and derJsk' s a relevant madars hara been Aker by 0a Baan 'Tra mlngs of ne Boau m pram or by me Chait and, In hls ab . by a alactadq me Board for g*is . The Board has combed mth true requirements of d*e Act W tN• tions Cth respeo6 eqi•ency, re•ording end cirodating minus of meeting a the Boat;

B. Tfa Baaid hava a fc'nria| po]icy and Bansp0rant p duras for raruuaration of Diractors in rdanre with Iha Act and

b*ese F'egula ;

Out Qf sevan. 1hraa Effectors meet he exampéon rzdaria of minimtJm of 1g yea+s of education TS yaar6 of a on as 8oarda d Gazed panlas, iuraxenpt Tom Diracw’ staining pan. oy/aef, rnnaining dlfeolofs aaaln tha ceniñcal in due new

10 he Boatd has appfoW appoimrnent of Chaf F-inane Ofllcar an Company . inou4ing hair remunafata and as and condltw of mployment and cot mam raqulteWs of 0+e plans:

15

M..0€..t.Af.I...B..f.i.

1. CnefPmancâlOMQ$ a«dChMExeomw*OM od/amo md1 eb«%im+emenm o$fo *app«ma of A* 8oa o:

2. The' Boaid has kirrt¥+ñ coYimiftaes pfieâ@ of memo given bait.

Audit CommB18aTne terns of reten•nce of tne eforeseé o›rnmInees heye been formed, oocu tea and wise4 io to comiitee for

1. ffeque +0y Of mb¥+g6 {g artedy /hW y8afly / yaa/}of the cornmiftaea M pnr following.

   Four quarterly meetings were held duringN find yaar anded 30 June20a.

   HR aod Rn unar&On Commiéae

2. ftse Boann has sat up an effeolve lmernat aud# melon (ouUmoeo to a fi+j-n of chaNered acoounter4% who are conUdered sufiaNy 4ul ed ano ewerkmoed ér m phase and am team th mpokes and Hom‹:lqres of W• Management

3. The arabuo*y a of d+a laneqernant Company have confirmed diet they here bean given a salislectory rging under Queliry OuniroI Revit poemrgJheInstitute of Chartered Aceh oFPgki@n end reg uered with Audit Oversight Board r+I Pa@gn. est tr ey an0 +sI Ihelr partners are In absence w•jh International Feder of 6oounanTs fIFAC) Sidelines on

   a elhlcs asedepied ay the IwtMe of bed kcounans of Pakl@n and thatkey ano the tenners of the Arm Involved

   ‹n thea++dItarer*ot a cloee Wlve ‹uxxee, peren, deperoent ano non•oepenoent cnrldrent of jne ChI4ExeculOlflcer, ChIA Flnclzl Heed 0FIot0mg| . AMPgI4 DWf9t8 OFDJfeCl0f Of W MB+4 f4*I*ñt Company;

   16

4. Tea s1aTukzy auditcos or Cha associated wilh the have not in appointed to provide other see cas exoept in ad will Ills M, th860 Ragulabons dt Oñg Qhgf’ I8glJlWf'/ if0Wñf Bhd One auMort has confirmed it thay h8v8 observed FAC guidel in this regerd;

5. Weconfim whet ell requirements of w 3, 6.7.8.27.32. W and J6 haye been pB•d Oh end of theldc:

   1. Tha r+so alacted indapendant diiau1o@ have rag a uo ias, skills, knou/Ie+dga axparignoa to dis hatge and

      execute e›eIt aura cornpaunay. as per mpli ie m are reguIam As IuNII the natassary requlrarnants as per

   2. Wa baliav d thai Shia hirerne I ia nd mandatory M per Load pa*'ns Cede of Crapsratc Govam Ftagulaénns 20T9. far.the ktodaraba will tax Ibid manar at sha teria of sha naxt alecW of I nden OIrectors ano ensure el@mem with elf all Iato«y rer|uiremene.

6. Ealangn'cn for none:ornpIianoe with res e•is, other Ihan reguIgions 3, 6. z, 8. 27. 32. 33. and @ o‹ tfe

TANVEER AHHED HAGOON

Karachi: October 01, 2025

17

Multi M ham marl harhan Farooq

Annuel Shariah Review Report from shariah a dvisor of First

Paramount Modaraba to the 6oard of directors

i he conduzoeo the v+ayiah levies ar ri st Paya mount E¥odataba I-managed by Paramount 4nyeswnentr Limie0 Mooaraoa Company fen the fJnencial yaa ended tune 3o" 2a25. in accordance vmh provision oF Arlah governance Regulation, z0z3 and guideknes issued bY me. And In my opinion:

1. 7he I iodars has introduced a mechanbm whkh car rtrerethened the sha+iat• ‹omoaance in letter and pit and be systems procedu policies ar•d pool manageme+u: meb•anIsm adc•nead t'y thr Modaraba aro in in onh thn mariah ptincipiea and rules.

Tfiy affair ¥ 'aw been «and outñ decor donee wñh Shariah princi and rules and aM

sha :ah opinans and guidelines issued we Irorr+ time o rune

1. i have yevieved the financing, irwestmeno ed business document and procedure arr0 i found that the transactions. procedures and releYanr documentation are in accordance vmh Shanah priwlples and rules.

2. to r+on.Mariah compI*am inoori*e or penalty received during the pe iod thar tequirey charity.

   BE on 4 W cviv, rrrmend that FPM”a snapmvI conslr TM f ollowing:

   • arrange reguhr train ng and development esionY6 staff, managemenc ar+d Ooatd

     rna s tg Shag their undorflanding and Skills in team finan@ .

   • Rev and updaw the ODM manual as <+ecessary ro ensure is relevance and

   • Desgnae a cific account for chaxkY funas to factiitaw the oanrfe+ o4 any TuTu+e realized amc+onts, even though no charity amounts were realized during tl+e perJod under ‹evea.

BE in tW wk of The company’s opuraGon¥, trannuity ne4aW doamertt ation.

sha iah compiianoe Q4fiat’s reoo r ie aai sha th auait yeport, and to the best o my

*:no Page and acootding to The exp+anations preioeto me. in my o@nion, Me aflairs of Fiat Paramount Mooaraba 'ave been ‹onduceo in accordance with •:hariah rules and principles, as prescnbed in Shar•ah Gove+nance 0eguIa@ns.

Mud MuWmmad *arhan £arooq

:shariah Advisor

of met paramount I ioaetaba

oak: Sent mher 3o, 2o25

T he firm apgl*eB Irrt8m8T+o‹riaT Gtandard on OuaJlty Ca6oI 1 "Ouelity Control for Korma That be+form And+Is and Ftavfewa c'f Hiatgricei Fir+engpl informeK•n, And Qhor Insured and Related sews Enga nos-ana eccordinely morn+ine e uomprananazve eyeiam of guai•ty coned iWu•sing bocwanteo ana pro0edUre s Ending co•nc a- wit:h etfiñel r MirnWnla. profesaloziet atandarda and eppl e leger gnd regulator›'reqwremenis.

& Our wpozrsTblTTty and aumzzlary of The work peWrmea

Mr raagoaf0dity In andf w1Th thle e•1gagament % to exprass en opink+n on ptta of lbs

uw •w”• nanaai err”zngernena, centres . er•4 traneeciions hovir•g swriah impi•-et+or›s wiin snarian pfivlpW, aa mmri•i rep.Wthe yaer ended June @. ears oewd oo the evince we nave obte•rted. We conUuc4¥d our r B Mt 8oWmnce engagement In aconrdanca wIlh Trrtemmlonal S tankard on Aegurence Eng ments 3W f9asea , 'Azsurew Engage N othe than auaita or re'vte of

swaartf reguirae list we plan and @rform ihie angegernent to obtain reeeonpble aseance ebgM belief IP+g OOWQI ON Of TW M0d8f0b8’B néal gW@ ts, oorrtracte. end banaac nna frying SherJgh

Tra prooeduras sele‹ ›ed by i.ra e›r ihe er+0agemant dopanded on our idgemenT. lnc4uolng the elemrnen

conaldared and Is+let ihe Internet oor›troI rete•as to the raooamoa's tompliaw m tra shsian principfaa e preeeiny an oplna>n cv tfie sales of the Mndaraba'a internal comrca, Wé designed md

perfomse0 nec•sesary verification pmcadurae on various finar+sIaI arrangemgnTg. uon e end IranaaMlaa

heWn@ Shariah 'mpIWtIOn9 BE Jts 00 Q!8fiOg end teKfl0d poll end Q dUW based OF wdgmerltaJ and

eyaernatfi aamplee wilfi reBard io the hence of Sr ew minoplee. ‹crtt+r+a seecif w irie pareg apn

wa balave thgt we ewoancee +e nano eMnoa through peeing our ruoceduras were aufficierrt and

appm'priste io prauide a basia for our ppInk+o.

ended c+zi oi.a” raeeonaW asare en0zgemeni. we raport tfieT n or opinion. rhe MooetaDe's ñr•andw 8rrong8rneris, coziTrbc TB and lrarieections for tbe yaer ended June 30, 202a' ara in comfier wilh The sfieriah pdneT ee (wflena spacr ea n the pezegre h £ ebo•e). in ah m tetlai respect*.

A 6,2025

Cmwve

Fo¥Wng ere the' key eudrt mms:

T Metter

- ootair•d an r•‹+•>ter•ang. inciu

tfa ana

I Mgn&lon of iWrnaT cozi@ls ordjrjg Brad

p eslng & murabahe Inc.

nmwned u•m''-o*m ‹n ‹^* umm *›a

needs mhedue. ps ea eug0on on

•m•opMeaV O+i and n$o‹*doo |n be

- R NU be ur+earrad ponlon of mega ana

u kad tea epgr m amount W beer* rded aa

UneaWd Inc in I IitJaa.

we aeo • auet•d tr• eoeauacr o the auras

indudine ea uaa of the weighted wersge mea ad. or

Cnavve

Tbe apniica 'on of tu• wai@ted everalgB meir<•a Maguires accurate recordlr+B of

F«#hen dewm+wn m NRV five* iudeme: inaewseme me+moombn$ andmelñaé i

Givan the sJgnlkance of balenno and

anadered a a¥ aud* or.

- Wa z•ra+d tbe desi9n enâ"op éreing” e 'ecg•enees oT ccims over ihe recsrd ef stock onsactions na

-On swamps bese we w pumhee Isa m suppolng invaes end iloummed vnughm0

subcaquerrt salae pees end market oata la en

oba0lato cloak w¥Ha adequately oqn% d.

we aw exam tM mwn u laa memli

" h'e annual raport. bob does not Induce lbs --IidoW flnan I atatamanis and our eud ’s fegort

Mr eplnW on iha unnonWidNeo flnantial aNernarrta npt cgver th'e c•t ar inror md we do not

unc0nco Oafed I nancra aWrr•ents Or Our know edBe obta ned n the muds or otherwise per a ¥o be

matena¥y mmsteNd. TI. b888d on the work w erf 'rmed. wa cora•Jw e thai thara ia e

mi•s nT 0f thI9 otbor InDrmation . we BW regUiW to ¥epoN That fact. Wa have nothing to rep0rt {n be

fegard

'/lanagement of 0ie Moderebe COMpan'y ie ras ozisible for tha prm gtlon and Air preseoTe on qf lie

Paki-n and the requ›remenrs of Modaraba gnlee end Modarat•a triton maCorrrrst} Qralnenoe, 1960 fAXX of 198oT er+d for such inn•mi comrot oe rnenagament of the Moderebe Amp any de+ermiw is necaecary to enabla the preperel of unconsolidated gnanciat ecarawms ihai are frea Tom material mñswamem, whether W to ftaud or error.

Io D9!^g 0i iN N and 0s the 8oing con-m bpee of gocountlng unless r¥¥arua@ement of lbs Modebe

Corny eIher intent to liqu ad ihe My+derebe or O cease stations. or has no raakelic eñemet/ve but to Board of din=ep+rs ef be Moeamoa Company a‹e reensibIe Mr cive sea4ng the Modaraba”a dme repgnin$

J4

o•^• i•=i ••r• io main reasoneoa ew•tnces ai>out whether me v«r aromnnta ee

s v•We are free rro•fi material misetafemerrt, whether due to fraud or arror. and io ieaua an -anora +eport met includes * opinion' Reasia a hQfl &W Of 848U*flWB. bW i6 It e §uaranTW thai an all

eonaweo in ec oiau•a wi‹n us >>epo -+u< u eases wiii ag» d»teo metariai miaataie«ant on it

axial. Mioetaiernania can a a o Esm ftewd or error end are conalderad mans ii. indrvi4uelfy or in the

°99W • W corrl0 r•eaona0U be enuectad0 irrfluace Iha comic Oeclsbe OT users 4 ken a+i tho baela

As pdrt of Bn audit in •ucord8nce will l&W B6 apply in Paklacan, +ue eke@se g¥Of8stional j mom and

malnwin proWeiow skarrh hro host tha aunt. we elso' •

e) Tdenafy' md 66 the 6 of madrial mfaataMmat af the ur*oor+validated JGenniel e@emante.

fier dwo to *° ^' daalgn ar+d pe Ow awdit Oocedur- reapru+sJv• lo Nose Asks. ar+d

of-'I+gn eu0IT 0 had l6 euN1 I end •oRropr at• to provl@ 8 Oe6ie for our opinion. Tbs risk of tsot detziar+9 a m@rial misstaterriem reaiulflng fiorr+ ñ8ud is hégher Can for ma r•eUrñng I 6j-rOr, as

as aporopriata M Ihe drcumstan+ces. Inst +sot for tfia pwlnoee of expmwng an opiraon on tfia

*••••w, eaoPooñemn•••m°‹=eumineeo?e*vwa*ndiwnm ba *o‹°x#nang

d} Coil°^ the epgropr1e 0 W mena@eel if W ModaYaba Gompeny”a uee of The gplng

6ncem basis of accourrang arus, ••see o• ihe audit solder obwineo, whether a material ncarcañ-fly

continue as a wr'g c mcam. rr we comlu@ that a meieria uncartatnry ex•se, we am rug red to draw atterillon In our Audi’s raport fa la related als see In the urroona-gldated finannlel staler en{8 of. if such dis e arB ingd8qu8te , to modify our opinkan. Our cor*cIuei@8 as beseo on tbe eudit evldenoe ot4araa up to the aaia of our authors iepgfi. I-larvae. Lure e'vena or c,onony my ceuse the ModBraba to ceese @ Tinue w e going cD : and

eJ Evaluata Ihe overzgl press' fire end cc'ntenI of tha un Hnenc1aI sTatamar+Is.,

‹r*clbe disclosures , and w iear the unconaoloaieo nnanciw staterr•errts. repraeem e,e ur+oer@ng

far+factions arid eWrrta' In• W+08 What echo fat praaenla.

We commMnlczne own the ooard of direutr a of we Mnderz aa Comp+j+ny ending, avg odjer mattara. tfia pIanr+ed rcid limlng of sha audit ad sgrñbcarrt aud* findings , inchJdMg @y algnlfln8nT det@erufies in Intem8f trol ThM we iWtñy dur1r@ our audll.

We aao j¥ovlde tfia boat00 Olneclors of U+e Modaraba Company w4th e az• end theI be oompl whh relevant eTbicaT rereJ@rranW ragardrig Mbe@nder+oe. end to comek-ate v th them elf ralañonahlpa

and over rneoare that may wwabix be thou o bear ou our independ@ce, as when aa>i +a, ated

Krom The matters corrurnJnlcateo wttPi Else ooard Of di+ecbors of the Modarada Cc+mpgny. v•e wermine tfioze ma1tara his WW of most eigrñficéme in tfia audit of The flncon0Olid8T6 f•r•an s atemants of the ccJnent 9erlod and ara therefore tfia kay •r•#ñ meks. be describe thesa matters in our euddor's regon or•Iess law or mgu1at+on Iw¥eâ pubic diack+sure eLmartet qt when , m ea-trerr*ety rare cJmréjja4anoee. ma determine that e rnaoar ahould r+of b8 commurñwed in our report oecauaa the eo•ew con6eqjJences of dotr•g 90 E•I reccsneb Iy Le expeMad to owb 'elgh the puQiC •nteraet benefits of atJch onmmnl Qn.

25

.. ..... .. ......... ...........

F{PS€ ASAf 0{TNT

.€..0.0..é. .*..A. R..p..

nn uvr owdrt. wo fuinher repon hzt in our opinion-proper oooka of aceouint nave r•een l*w4 by try Modaraba Company 4n ree@of of the Modaraba aa teqoirecl t•y the Nlodamba Companies end Modaraba {F aa4ation and ConJrca) Org gn0e. 19Bg MWI of 18B0):88*U mo dad 'd 6ta4arrtanT of dinar+ci8l Q08i4iOn, The +inc'nn6c'Ii•dateO s4atemWJ gif p•efit Oy Jo66. the

^8 8°! slatement Of othor compr•he narv• m—. tea unconcolldated slWrrinrtt of changes in eqi ny ed Ro uncolioa1ad BfBtemenI oT cggh flow6 togehar w1Jh tha r a'Jas three I i bea-n drawn up in contnrmny wnn the Modaraba Comparaas ano Mooaraae i••loNaion and Cone-alt Ordinauoe . ¥who tXxxf of 9BO› ana are in agreement wfiU thy Q of assail:

These cond ctea. ir•vestrnenw maae, expenditure inotirred end gyatar lees extender during the par

ct no zeket was deow ifse a sonrco ur•der the zaxa ar+a uan Orciinanos, Te6o txat of 10ao .

thoae finanwl Araiements vide their report

oa eo Oc er 4. 2024

The engagernanl @ ^^ °^ N eud* •esr ir@ i+j Shia Mdepeeefll •ud¥›or s report ‹s tmrari SNelkM.

f.’* 1n,.. '’-’’’’’'

c Hu*gaouwwauw Eco.

Posse: h eraoht

°•t^: .02 OGT 2025

26

14,QS,7b'7

to8,sas

sign a Sindh Arkers’ Weyare Fund

T râgn

Enings per ca”bGcate • bask and diErted

z9 z,o*s,*to n,lw,s6s

58,W,BB2 67¿56217

M (2*'+,66)(21,ssr.8931

f62 T,877

40,037,727

2 07

The annexed no Msm 1 Io 42 form an i rai part ef the cliv financial statemenb.

28