AZGARD-9

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FOR THE HALF YEAR ENDED MARCH 31, 2005 (Un-audited)Financial StatementsAzgard Nine LimitedAZGARD-9Book Post (Printed Matter)If undelivered, please return to:Azgard Nine LimitedAZGARD-9Ismail Aiwan-e-Science, Off Shahrah-e-Roomi,Lahore-54600, Tel: +92 (0)42 NINE LIMITEDCompany Information02Directors' Review03Review Report to the Members04Balance Sheet05Profit & Loss Account06Cash Flow Statement07Statement of Changes in Equity08Notes to the Accounts09Consolidated Balance Sheet14Consolidated Profit & Loss Account15Consolidated Cash Flow Statement16Consolidated Statement of Changes in Equity17Consolidated Notes to the Accounts18CONTENTS02HALF YEARLY FINANCIAL STATEMENTSCOMPANY INFORMATIONBOARD OF DIRECTORSMr. Mueen AfzalChairmanMr. Ahmed ExecutiveChief Justice (Retd.) Mian Mahboob AhmadMr. Aehsun ShaikhMr. Ali Jehangir SiddiquiMr. Khalid Al-SagarMr. Muhammad Mukarram COMPANY SECRETARYMr.

AZGARD NINE LIMITED 03 By the Grace of God, your Board of Directors feels immense pleasure in presenting the 2nd quarter and half yearly financial statements for the period ended March 31, 2005.