AZGARD-9

FOR THE HALF YEAR ENDED MARCH 31, 2005 (Un-audited)Financial StatementsAzgard Nine LimitedAZGARD-9 Book Post (Printed Matter)If undelivered, please return to:Azgard Nine LimitedAZGARD-9 Ismail Aiwan-e-Science, Off Shahrah-e-Roomi,Lahore-54600, Tel: +92 (0)42 NINE LIMITEDC ompany Information02 Directors' Review03 Review Report to the Members04 Balance Sheet05 Profit & Loss Account06 Cash Flow Statement07 Statement of Changes in Equity08 Notes to the Accounts09 Consolidated Balance Sheet14 Consolidated Profit & Loss Account15 Consolidated Cash Flow Statement16 Consolidated Statement of Changes in Equity17 Consolidated Notes to the Accounts18 CONTENTS02 HALF YEARLY FINANCIAL STATEMENTSCOMPANY INFORMATIONBOARD OF DIRECTORSMr. Mueen AfzalChairmanMr. Ahmed ExecutiveChief Justice (Retd.) Mian Mahboob AhmadMr. Aehsun ShaikhMr. Ali Jehangir SiddiquiMr. Khalid Al-SagarMr.

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.

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