Avanceon : AVN | Avanceon Limited Transmission of Annual Report for the Year Ended 31 December 2023

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LETTER FROM THE

FOUNDER & CEO

Dear Shareholders, Partners, Customers and Team,

Welcome to Avanceon Limited's 2023 Annual Report.

As we reflect on the past year, I am pleased to share with you the progress and achievements of your company. Despite the challenges posed by slowing down of our key regional economies, high inflation, and reduction of consumer spending, we have remained resilient, adaptive, and focused on our

strategic goal - Road to 100.

In 2023, Avanceon exceeded its Order Generation targets by $2.9 m making it the highest in the company's history with $68.9 m. This is a big achievement and i would like to congratulate the entire Avanceon team for their commitment to innovation, sustainability, and delivering value to our customers, shareholders, and communities. Our relentless pursuit of excellence has driven growth across all facets of our operations.

Pakistan Highlights - In 2022, Avanceon faced restrictions on LCs imposed by the State Bank of Pakistan which had an adverse effect on our projects. In my last communication with you, I claimed the following,

1. If not for import restrictions, our Pakistan region would have had the best business year.

I was also confident in saying the following,

b. the silver lining however is that business is not lost but overflown into 2023 which essentially means that Pakistan business can expect a bumper year in 2023.

Year 2023 did prove to be a bumper year for Pakistan, and I am happy to report that we exceeded all expectations by raking in $15.38m worth of orders. We particularly saw gains in our Building Management Solutions division which overshot its order generation target by an impressive +200%. Our ABS & Products division also saw healthy gains with +8% in order generation target in 2023.

The targets are set for Year 2024, and I am confident that Pakistan region will again exceed expectations through careful planning and determination.

MENA Region Highlights - I am thrilled to report that our MENA region also outperformed its regional order generation targets for 2023 with $53.8m. We saw healthy gains in Qatar and KSA regions with +40% and +39% increase respectively. We have always believed that expansion is just as integral as diversification. This is why it gives me great pleasure to report we have ventured into the Smart City and Process Skids Solutions realm. With the world now committed to sustainable and environmentally conscious solutions, Avanceon will be perfectly positioned to help municipalities around the world reduce their carbon footprint.

Our North Africa operation is also making headway with new projects in Nigeria. I see huge potential here, and we will see significant improvement in acquiring new partners and projects in 2024.

Emphasis on Liquidity. - Liquidity is a crucial aspect for Avanceon Operations in all regions. It is essential for the smooth operation, flexibility, risk management, and growth of project-basedbusinesses such as ours. It enables us to meet our financial obligations, seize opportunities, and navigate challenges effectively, ultimately contributing to their success and sustainability. To ensure all our teams and regions are at the top of all aspects of their obligations, we are now conducting stewardship meetings focused on liquidity. Our emphasis on liquidity is not only on a holistic level. We ensure the liquidity of all our projects to avoid any delays due to financial constraints.

Year Three on the Road to 100 - We launched the Road to 100 Plan in 2020. As we conclude the third year of this five- year endeavor, I am glad to see that we are on track to reach the $100m Revenue target by 2025. Avanceon 2024 target will be $84m which has been communicated to all teams and we are geared up to accomplish it. Our financial performance has been robust, with profitability and revenue growth steadily increasing every year. This achievement reflects the effectiveness of our strategic initiatives and the strong relationships we have cultivated with our customers, partners, and stakeholders.

Looking ahead, we remain cautiously

optimistic about the future. While uncertainties persist, we are confident in our ability to seize opportunities and overcome challenges as they arise. With a strong foundation, a talented team, and a clear strategic direction, we are well-positioned to deliver value for our shareholders and stakeholders in the years to come.

I would like to express my sincere gratitude to our colleagues, customers, partners, and shareholders for their continued support and dedication. Together, we have achieved remarkable success, and I am excited about the journey ahead.

Till we meet again.

Yours Sincerely,

Bakhtiar H. Wain

CEO & Founder

Annual Report 2023 2

COMPANY

INFORMATION

Board of Directors

Khalid Hamid Wain

Director / Chairman

Bakhtiar Hameed Wain

Director / Chief Executive Officer

Amir Waheed Wain

Director

Tanveer Karamat

Director

Mohammad Shahid Mir

Director

Omer Iqbal Khan

Director

Hanan Darwish

Director

Ahsan Khalil (ACA-FPFA)

Chief Financial Officer/Company Secretary

Board Audit Committee

M. Shahid Mir

Chairman

Amir Waheed Wain

Member

Khalid Hamid Wain

Member

Human Resource & Remuneration Committee

M. Shahid Mir

Chairman

Khalid Hamid Wain

Member

Hanan Darwish

Member

Auditors

BDO Ebrahim & Co.

Chartered Accountants

Legal Advisor

Chima & Ibrahim

Advocates and Corporate Counsel

Web Presence

www.avanceon.ae

www.avanceon.qa

www.octopusdtl.com

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Bankers

Faysal Bank Limited, Pakistan

Habib Bank Limited, Pakistan & United Arab Emirates

National Bank of Fujairah, United Arab Emirates

Habib Bank AG, Zurich, United Arab Emirates

National Penn Bank, United States of America

Bank of Singapore, United Arab Emirates

MCB Bank Limited, Pakistan

United Bank Limited, Pakistan, Qatar & United Arab Emirates

National Bank of Pakistan Limited, Pakistan

Standard Chartered Bank Limited, Pakistan

JS Bank Limited, Pakistan

Qatar International Islamic Bank QIIB, Qatar

Qatar Islamic Bank QIB, Qatar

Share Registrar	Regional Headquarters - Middle East	Jeddah, Saudia Arabia
FAMCO Share Registration Services	Avanceon FZE - Dubai, UAE	Kuwait St. Faisaliyah District
(Pvt.) Ltd.	Office/Plot No. Mo-0240,	P.O. Box 1298
8-F, Next to Hotel Faran,	Street No. N 403, Jebel Ali Free Zone,	Jeddah, KSA.
Nursery, Block-6, P.E.C.H.S,	JAFZA P.O. Box 18590	Phone: [phone] x 127
Shahra-e-Faisal, Karachi.	Dubai, United Arab Emirates	Email: [e-mail]
Phone: [phone]	Phone: [phone]
Fax No: [phone]	Email: [e-mail]	Riyadh, Saudia Arabia
www.famcosrs.com		Avanceon Saudi for Energy Company
Registered Office	Doha, Qatar	3141 Anas Ibn Malik-Al Malqa Dist.
Avanceon Automation & Control WLL	Unit no. 718, Riyadh 13521 - 8292
The Avanceon Building	Office No. RA16, Ras Bufontas,	Kingdom of Saudi Arabia
19-KM , Main Multan Road,	Qatar Free Zone, Doha, Qatar	Phone: [phone]
Lahore 54660, Punjab, Pakistan	P.O. Box 13565	Email: [e-mail]
Phone: [phone]	Office B1-A6-31, Al Wukair Logistics,
Fax No: [phone]	Park Doha, Qatar P.O. Box 15976
Email: [e-mail]	Phone: [phone]

Annual Report 2023 4

BOARD OF

DIRECTORS' PROFILE

BOARD OF DIRECTORS STRUCTURE & CORPORATE GOVERNANCE

Composition of Board and Directors' Independence

Implementing good governance, the Chairman of the Board is a non-executive director. The board comprises of 7 directors out of which 3 are independent / non-executive directors and include 3 non-executive directors. The roles of Chairman and the CEO has been clearly defined and segregated. The CEO is responsible for operations of the company whereas the board performs

under the Chairman.

Chairman of the Board

KHALID H. WAIN, brings over 40 years of international expertise in electrical engineering, cost engineering, project management and business strategy to the Avanceon Board of Directors. Mr. Khalid Hamid Wain is the founder of H&G Control, which he owns and operates in Canada. H&G Control designs and manufactures customized electrical control panels. He is also the co-founding partner and director of Innovative Pvt. Ltd in Pakistan. Mr. Khalid Hamid Wain graduated in electrical engineering from University of Engineering, Lahore, in 1976. His entrepreneurial acumen led him to drive business in South Asia, the Middle East, the United States and now in Canada. Khalid Wain was selected as Chairman of the Board for his international business knowledge and extensive experience of companies in the technological sector.

Directors' Profile

BAKHTIAR H. WAIN, Founder and Chief Executive Officer- brings over 30 years of exemplary leadership. An engineer with experience in leading global companies such as Exxon Chemicals, Fauji Fertilizer and ICI Ltd, he founded Avanceon in 1984 and currently holds the position of Chief Executive Officer. His entrepreneurial drive found its roots in his faith towards the educated and technically qualified human resource of Pakistan. Mr. Bakhtiar Hameed Wain Bachelor of Engineering in Mechanical engineering from University of Engineering and Technology, Lahore, in 1983. From the onset, he wanted to build a company that could capitalize and promote this conviction globally, which he has implemented successfully ever since. Appointed CEO by the Board of Directors, he has spearheaded Avanceon towards market leadership in Pakistan and beyond. Mr. Bakhtiar Hameed Wain also serves in the capacity of Chairman of the Board of Directors of Octopus Digital Limited, Non-Executive Directors of Empiric AI (Private) Limited and also serve as a trustee of Avanceon Limited Employees Provident Fund.

Mr. Bakhtiar Hameed Wain is serving as non-executive director in below company(ies)

1. Octopus Digital Limited
2. Empiric AI (Pvt) Limited
3. Innovative (Pvt) Limited
4. I2C Pakistan (Pvt) Limited

AMIR W. WAIN, Director - brings over 27 years of international expertise within the information technology and payments industries. Amir is founder and CEO of i2c, a global provider of payment processing and emerging commerce solutions, where he is responsible for defining the company's vision and strategic direction. After graduating from the University of Texas with a Computer Science and Engineering degree, Amir founded Innovative Private Limited in 1987. Propelled by the success of Innovative, he founded i2c in 2001 to bring next-generation processing solutions to the payments industry. Under Amir's guidance, i2c has expanded dramatically and launched a number of industry firsts which include card-linked offers, event-driven account holder communications and gift card voice personalization. Today, as market opportunities for payments & emerging commerce expand at a dramatic rate, Amir is leading i2c's continued push to innovate the enabling infrastructure and solutions that transform commerce. He was appointed to the Avanceon Board of Directors to advise on innovation and business strategy.

TANVEER KARAMAT, Director - brings a wealth of international business experience to Avanceon, with 20 out of 30 professional years spent selling automation solutions to the oil and gas sector. After receiving a Bachelor's degree in Chemical Engineering from the University of Pakistan he embarked on his career as an Application Engineer at Zelin Pvt Ltd in 1986. Developing his sales, management and business skills at

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key industry companies such as Wartsila NSD as well as Honeywell where he held the position of Country Head, Tanveer joined Avanceon in 2003 as Regional Manager. He transformed the South Region revenues in less than three years with wise strategic counsel, capitalizing on a dormant customer base and an internal reshuffle. He was promoted to GM Operations in 2006 before becoming COO in 2011. Over the past decade, Tanveer's leadership has been a major contribution towards building value for the company. He was nominated as a member of the Board of Directors to help make informed decisions. In year 2023, Mr. Tanveer Karamat was appointed as Chief Executive Officer of Octopus Digital Limited and Empiric AI (Private) Limited. He now serves as non-executive director on the Avanceon Limited Board and also serve as a trustee of Avanceon Limited Employees Provident Fund.

MOHAMMAD SHAHID MIR, Independent Director - A senior management professional with 32 years of experience in Corporate and Commercial banking, Risk Management, Credit Administration and Trade Finance. Over the last sixteen years, Mr. Mohammad Shahid Mir has held senior positions in Wholesale Banking and Risk Management. On the business side he has a proven track record of growing business and exceeding budgets whilst ensuring portfolio health remained within accepted parameters. Mr. Mir has strong knowledge of Economy & Banking in Pakistan and the GCC region. Mr. Mohammad Shahid Mir graduated with a BA (Hons) in Economics from the University of Sussex, Brighton, England, in 1985. He furthered his credentials by becoming a Certified Credit Risk Professional from American Express Bank in 1996. Mr. Mohammad Shahid Mir also serves in the capacity of

the Board of Directors of Octopus Digital Limited.

OMER IQBAL KHAN, Independent Director - brings over 20 years of consulting and financial industry expertise, with a focus on corporate finance and business strategy. He has established networks and contacts in both corporate and financial institutions in the Middle East and North Africa region. As a business entrepreneur, he set-upAnZ Management Consulting based in Dubai, establishing and growing relationships with both corporate and financial institution clients in the Middle East and Pakistan. Omer's expertise focuses on support for M&A (buy-sideand sell-side)due diligence and executions, structuring and executing corporate loans, carrying- out enterprise valuations, and building and adapting corporate business strategy. He has previously been a part of the Citi Group where he served as Head of Trade Finance and Risk Distribution. Omer has a bachelor's degree from the London School of Economics and a master's in development economics from Oxford University. Omer will bring financial perspective into Avanceon's management accounting and reporting and advise on new angles and touch areas.

HANAN DARWISH, Independent Director

• Hanan Darwish is a C-Level Executive Thought Leader in global energy with a history of driving growth and profitability through consult to execution approach. She is skilled in establishing and growing executive and other strategic partnerships. Her senior-level people management experience and skill in launching new sites and ventures will add value to the Avanceon Board. Hanan has previously served in senior- level strategic positions for Schneider

Electric and Procter & Gamble. She is a graduate of the American University of Cairo in Human Resource Development and has a master's from INSEAD. Her expertise in leading through acquisitions and other transitions with strong change management aptitude will bring a new perspective to the Avanceon Board. Her role within the Board will be to perform independent, quarterly, and HR policy reviews to ensure strategic decisions are aligned with Avanceon objectives and key results.

AHSAN KHALIL, Chief Financial Officer, is a seasoned C-level executive with a distinguished career spanning over 19 years in financial leadership roles. As a qualified Chartered Accountant, he possesses a wealth of expertise in financial operations, enterprise resource planning (ERP), and internal control systems.

With a robust foundation in financial management, Ahsan is adept at leveraging his strong business acumen to evaluate financial data and identify opportunities for enhancing profitability. His proven track record underscores his proficiency in streamlining processes, optimizing costs, and implementing rigorous financial controls to drive organizational success.

Ahsan Khalil is currently serving as the Company Secretary of Octopus Digital Limited, Empiric AI (Pvt) Limited, and Avanceon Limited. He also fulfils the crucial role of trustee for the Avanceon Limited Employees Provident Fund. His multifaceted responsibilities exemplify his commitment to governance and strategic oversight across diverse business entities.

Annual Report 2023 6

CHAIRMAN REVIEW

REPORT ON BOARD PERFORMANCE

Dear Shareholder,

It gives me great pleasure to present you the Chairman's Review Report on Avanceon Limited's Board Performance for the financial year ended on December 31, 2023. Year 2023 has been marked by significant challenges and opportunities, and I am proud to report that Avanceon has navigated them with resilience and agility. Allow me to begin my Review Report of the Avanceon Limited's Board Performance for the Year 2023.

Joint Venture with ZOMCO

Avanceon Saudi for Energy Company, a 100% wholly owned subsidiary of Avanceon Limited, and ZOMCO (Zamil Operations

• Maintenance), fully owned subsidiary of the Zamil Group, have entered into a Joint Venture Agreement to Expand Project Execution Footprint in KSA. The Joint Venture Agreement will be conducted through a newly formed liability company named Avanceon Arabia Information Technology.

Appointment of New Financial Officer (Ahsan Khalil)

The board unanimously decided on the appointment of Ahsan Khalil as the Chief Financial Officer of Avanceon Limited. Ahsan Khalil is a seasoned C-level executive with a distinguished career spanning over 19 years in financial leadership roles. As a qualified Chartered Accountant, he possesses a wealth of expertise in financial operations, enterprise resource planning (ERP), and internal control systems. The Board wishes Ahsan Khalil success in his new role.

Transfer of Empiric AI Private Limited to Octopus Digital

The Board of Directors of the Avanceon Limited approved the Sale/ Transfer/Dispose of the entire shareholding in its wholly owned subsidiary Empiric AI (Private) Limited to Octopus Digital Limited, under EPL Business Transfer/Sale Agreement, on mutually agreed terms and conditions.

Your Company's Performance in 2023

Here is a rundown of how your company performed in FY 2023 as compared to FY 2022.

• Profit after Tax (PAT) increased by 181% at 2,610 million PKR.
• Net Sales increased by 86% to 17,767 million PKR and
• Earnings Per Share increased by 197% at 6.70 PKR.

The Board has declared a final dividend @ Rs. 2/- per share i.e. 20%.

The Board has issued bonus shares in the proportion of 10 shares for every 100 shares held i.e. 10%.

Khalid H. Wain

(Chairman of the Board - Non-Executive)

Bakhtiar H. Wain

(Director and Chief Executive Officer)

Tanveer Karamat

(Director - Non-Executive)

Amir W. Wain

(Director - Non-Executive)

Hanan Darwish

(Director - Non-Executive/Independent)

Omer Iqbal Khan

(Director - Non-Executive/Independent)

Mohammad Shahid Mir

(Director - Non-Executive/Independent)

In 2023, the Board of Directors for Avanceon Limited met on four occasions in person and online for the approval of financial statements quarterly, half yearly and annual. The Board also met online for various occasion for approvals and business strategical

• operations decisions plus Business decisions were taken via circulation of board resolutions. The Board carries out a review of its effectiveness and performance each year after the closure of the fiscal year, on a self-assessment basis. The overall effectiveness of the Board was assessed as satisfactory. Suitable action plans were formulated and communicated to the concerned personnel regarding areas needing improvement.

Thank you for your support.

Best Regards,

Khalid H.Wain	Lahore, Pakistan
Chariman of the bord - Non-Executive	Dated: April 2024

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NOTICE OF

21ST ANNUAL GENERAL MEETING

Notice is hereby given that the 21st Annual General Meeting of Avanceon Limited "Company" will be held on Monday, 29 April 2024 at 03:30 P.M. at Nishat Hotel, Gate No. 7, Imperial Ball Room - B, Adjacent to Emporium Mall,

Abdul Haq Road, Johar Town, Lahore, to transact the following business:

A. ORDINARY BUSINESS

1. To confirm the minutes of the Extraordinary General Meeting held on 22 December 2023.
2. To receive, consider and adopt the Standalone and Consolidated Audited Financial Statements of the Company for the year ended 31 December 2023 together with the Directors' and Auditors' Reports thereon and Chairman's Review Report.

As required under section 223(7) of the Companies Act 2017, Financial Statements of the Company have been uploaded on the website of the Company which can be downloaded from the following link:

https://www.avanceon.ae/investor-information/

3. To appoint Auditors of the Company and fiix their remuneration. The Members are hereby notifiied that the Board Audit Committee and the Board of Directors have recommended the name of M/s BDO Ebrahim & Co. Chartered Accountants for re-appointment as auditors of

the Company for the year ending 31 December 2024.

1. To consider and approve, as recommended by the Board of Directors, the payment of a final cash dividend at the rate of Rs. 2/- (20%) for the year ended 31 December 2023.
2. To consider and approve, as recommended by the Board of Directors, the issue of bonus shares @ 10% and pass the following resolution;
   "RESOLVED that Ordinary Shares of Rs. 10/- each to be issued as Bonus Shares and that the said shares be allotted as fully paid Ordinary Shares to the Members of the Company whose names appear on the Register of Members as at the close of the business on Friday, 19 April 2024 in the proportion of 10 Bonus Share for every 100 Shares held, that is at the rate of 10%.
   These Bonus Shares shall rank pari passu as regards dividend and in all other respects with the existing Ordinary Shares of the Company.

FURTHER RESOLVED that fractional entitlements of the members shall be consolidated into whole shares and sold in the stock market and the sale proceeds shall be donated to a charitable institution.

B. ANY OTHER BUSINESS:

6. To transact any other business with the permission of the Chair.

By Order of the Board

Ahsan Khalil
Company Secretary	Lahore | Dated: 08 April 2024

Annual Report 2023 8

WEBLINK FOR ONLINE MEETING VIA ZOOM:

Members are encouraged to attend the AGM through video conference facility managed by the Company, follow the below link:

https://us06web . zoom . us/webinar/register/WN _ hKvRDTeVRBC_moA3EQGs-Q

Shareholders can also provide their comments and questions for the agenda items of the AGM at the email address agm@ avanceon.ae.

Guidance as how-to login on Zoom to attend the AGM link: http://www.avanceon.ae/investor-relations/

Under Section 223(6) of The Companies Act, 2017, circulation of Audited Financial Statements has been allowed to be circulated in electronic format through email. The Annual Report of the Company and the Notice of Annual General Meeting shall be circulated via email to those shareholders whose email addresses are present in the records/database of the CDC and Share Registrar. The shareholders are encouraged to send/update their email addresses on the above-mentioned link or email or postal address. The Annual Report has also been uploaded at the Company's website https://www.avanceon.ae and is readily accessible to the shareholders.

NOTES:

1. The share transfer books of the Company will be closed and no transfer of shares will be accepted for registration from Monday, 22 April 2024 to Monday, 29 April 2024 (both days inclusive). Transfer received in order at our Registrar, M/S FAMCO Share Registration Services (Private) Limited, 8-F, Near Hotel Faran, Nursery, Block-6, P.E.C.H.S., Shahra-e-Faisal, Karachi by the close of business hours on Friday, 19 April 2024 will be treated to have been in time for the purposes of entitlement of dividend and bonus shares to the transferees and to attend & vote at the meeting.
2. A member entitled to attend and vote at this meeting shall be entitled to appoint another person, as his/her proxy to attend, speak and vote instead of him/her, and a proxy so appointed shall have such rights, as respects attending, speaking, and voting at the Meeting as are available to a member. Proxies in order to be effective, must be received by the Company not less than 48 hours before the meeting. A proxy need not be a member of the company.
3. Members are required to timely notify any change in their address to Company's Shares Registrar, M/S FAMCO Share Registration Services (Private) Limited, 8-F, Near Hotel Faran, Nursery, Block-6, P.E.C.H.S., Shahra-e-Faisal, Karachi.

FOR ATTENDING THE SHAREHOLDERS' MEETING

1. In case of individuals, the account holder or sub-account holder and/or the person whose securities are in group account and their registration details are up-loaded as per the Regulations, shall authenticate his/her identity by his/her Computerized National Identity Card (CNIC) or

passport at the time of online registration/attending the meeting.

1. The shareholders registered on CDC are also requested to provide their particulars ID numbers and account numbers in CDS at the time of online registration/attending the meeting.
2. In case of corporate entity, the Board of Directors' resolution/power of attorney with specimen signature of the nominee shall be provided at the time of online registration/attending the meeting.

FOR APPOINTING PROXIES:

1. In case of individual, the account holder or sub-account holder and/or the person whose securities are in group account and their registration details are uploaded as per the Regulations, shall submit the duly completed and stamped proxy form accordingly.
2. The proxy form shall be witnessed by the two persons whose names, addresses and CNIC numbers shall be mentioned on the form.
3. Attested copies of valid CNIC or the passport of the beneficial owners and the proxy shall be furnished with the proxy form.
4. The proxy shall provide his/her CNIC or passport at the time of online registration/attending the meeting.
5. In case of corporate entity, the Board of Directors resolution/power of attorney with specimen signature shall be submitted along with proxy form to the company.

SUBMISSION OF CNIC/NTN COPY - ELECTRONIC DIVIDEND (MANDATORY):

1. In accordance with the directives of the SECP, the dividends of shareholders whose CNIC copies have not been received by the Company shall not be electronically credited until receipt thereof.
2. Accordingly, those shareholders who have not yet submitted a copy of their valid CNIC or NTN certificate, are once again requested to immediately submit the same to the Company's Share Registrar at CDC Share Registrar M/S FAMCO Share Registration Services (Private) Limited, 8-F, Near Hotel Faran, Nursery, Block-6, P.E.C.H.S., Shahra-e- Faisal, Karachi. Corporate entities are requested to provide their National Tax Number (NTN) and Folio Number along with the authorized representative's CNIC copy.

PAYMENT OF CASH DIVIDEND THROUGH ELECTRONIC MODE (MANDATORY):

1. In accordance with the provisions of section 242 of the Companies Act 2017, a listed Company is required to pay cash dividend only through electronic mode directly in to the bank account designated by the entitled shareholders. For the convenience of shareholders, the Company's

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Notice of 21ST Annual General Meeting

e-Dividend Mandate Form is available on the Company's website i.e. https://www.avanceon.ae. The CDC account holders must submit their information directly to their broker (participant)/Central Depository Company of Pakistan Limited.

2. Please note that as per Section 243(3) of the Companies Act, 2017, the Company is entitled to withhold payment of dividend if the requisite information is not provided by the Shareholders.

In compliance with Section 150 read with Division I of Part III of the First Schedule of the Income Tax Ordinance, 2001 withholding tax on dividend income will be deducted for 'filer' and 'non-filer' shareholders at 15% and 30% respectively. A 'filer' is a taxpayer whose name appears in the Active Taxpayers List (ATL) issued by the FBR from time to time and a 'non-filer' is a person other than a

filer. To enable the Company to withhold tax at 15% for filers, all shareholders are advised to ensure that their names appear in the latest available ATL on FBR website, otherwise tax on their cash dividend will be deducted at 30% for non-filers. Withholding tax exemption from the dividend income shall only be allowed if a copy of valid tax exemption certificate is made available to the share registrar of the Company by the first day of book closure.

The FBR has clarified that in case of joint account, each holder is to be treated individually as either a filer or non- filer and tax will be deducted on the basis of shareholding of each joint holder as may be notified by the shareholder, in writing as follows, to the Company's share registrar, otherwise it will be assumed that the shares are equally held by the joint shareholders:

Company	Folio/CDS	Total	Principal	Joint Shareholder (s)
Name	Account No.	Shares	Shareholder
			Name & CNIC No.	Name & CNIC No.
			Shareholding proportion	Shareholding proportion
			(No. of Shares)	(No. of Shares)