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                        Board of Directors 
              2005  | 
                      
                      
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                        Abdul Waheed Jan | 
                        
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                        Chairman | 
                        
                         
                        
                        Mr. Abdul Waheed is the Chairman of the Board of 
                        Directors. He is an eminent Economist and by profession 
                        he is a Broker of the Islamabad Stock Exchange running 
                        his brokerage house since 1992. Mr. Abdul Waheed is also 
                        a member of the Board of National Commodity Exchange.  | 
                      
                      
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                        Mr.
                        Aftab
                        Ahmad Ch. | 
                        
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                        | 
                        Managing
                        Director | 
                        
         Mr. Aftab Ahmad Ch. is 
        the Managing Director/Chief Executive Officer of the Islamabad Stock 
        Exchange. He is a graduate of Nicholls State University Thibodaux, LA, 
        USA with an MBA degree.   Mr. Aftab is also a member on the Board of 
        JCR-VIS Credit Ratting Company.  | 
                      
                      
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                        Mr. Zahid Latif Khan | 
                        
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                Director | 
                        
                         
                        
                        Mr. Zahid Latif Khan is the chief executive of Zahid 
                        Latif Khan Securities (Pvt) Limited, corporate member of 
                        the Islamabad Stock Exchange. He possesses vast 
                        experience in the field of banking and finance.  | 
                      
                      
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                        Mr. Iskander M. Khan | 
                        
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                Director | 
                        
                         
                        
                        Mr. Iskander M Khan is a chartered accountant and law 
                        graduate. He is a member of the Islamabad Stock Exchange 
                        since 2001. He has also been the chief executive of 
                        entire Premier Group in 1999. He is holding directorship 
                        on the boards of ten public limited companies.  | 
                      
                      
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                        Mr. Ahsan Imtiaz Bhatti | 
                        
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                Director | 
                        
                         
                        
                        Mr. Ahsan Imtiaz Bhatty is the chief executive of 
                        Millennium Securities (Pvt) Limited, corporate member 
                        Islamabad Stock Exchange since 2000. He is a graduate 
                        from State University of New York.  | 
                      
                      
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                        Muhammad Usman | 
                        
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                        | 
                        
                Director | 
                        
                         Mr. 
                        Muhammad Usman is the chief executive of SAFE Securities 
                        (Pvt) Limited, corporate member Islamabad Stock 
                        Exchange. He is a commerce graduate from University of 
                        Punjab. He holds vast exposure in securities business.  | 
                      
                      
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                        Mr. Aly Rattansey | 
                        
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                Director | 
                        
                         Mr. Aly 
                        Rattansey is a nominee of the SECP on the Board of 
                        Islamabad Stock Exchange since 2004. He is a senior 
                        Chartered Accountant and a partner of A.F. Ferguson & 
                        Co, the leading professional accountancy firm in the 
                        country.  | 
                      
                      
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                        Mr. Mohsin Khalid | 
                        
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        Director | 
                        
                         Mr. 
                        Mohsin Khalid is a nominee of SECP on the Board of the 
                        Islamabad Stock Exchange since 2004. He is a graduate 
                        from Boston University, USA in Economics and 
                        International Relations. He is the Executive Director of 
                        Ittehad Steel Re-Rolling Mills. He has been the 
                        President of Islamabad Chamber of Commerce and Industry 
                        for the term 2000-01.  | 
                      
                      
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                        Syed Kaukab Mohyuddin | 
                        
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                        | 
                        
        Director | 
                        
                         Syed 
                        Kaukab Mohiyudding is the SECP�s nominee on the Board of 
                        the Islamabad Stock Exchange since 2003. A chemical 
                        engineer by profession, he is the Managing Director of 
                        Wah Nobel Group of Companies since 1997. He is also 
                        member of various engineering as well as professional 
                        bodies in Pakistan.  | 
                      
                      
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                        Mr. Shaharyar Ahmad | 
                        
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        Director | 
                        
                         Mr. 
                        Shaharyar Ahmad is the SECP�s nominee on the Board of 
                        the Islamabad Stock Exchange since 2003. Having vast 
                        exposure of capital and money market operations as part 
                        of his banking career both at national and international 
                        levels. He is presently serving as Senior Executive Vice 
                        President and Group Head corporate banking and financial 
                        institutions at Askari Commercial Bank Limited, Head 
                        Office, Rawalpindi.   | 
                      
                      
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