Financial Results: Pakistan Refinery Limited Thirds quarter ended March 31, 2012 Loss per Share is PKR (2.56) Financial year ended Jun 30, 2012 Profit before Taxation is PKR. 456 Million Loss after Taxation is PKR. (89) Million Nine Months ended March 2012

finan c ial valu a tions of P SO i s fut i le… Pakistan’s biggest petroleum handle r , Pakistan State Oil ( P S O ) is on the verge of financial collapse since its o u t standi n g dues from various ‘ e ner g y sector’ e ntities has reach e d to the extent of Rs 1 80 b n (whi c h is highest in 4‐y e ars). It seems t hat no bailing out is for t h c o ming from m i nistry of finan c e (M o F). A c tual cash flows o f t he entity have gone n e gative due t o incidence of more short term loans t o keep the dai l y operations afloat. It is imperative that the calculation o f DCF value o f such an entity may be a futile exercise and thus ta n t a mount to mislead investors. Liabiliti e s swe l ling… Wh e n PS O is not receiving du e p a yments, it is hard for the i r treasury to a r range paym e nts for r efineries. Ri g ht now PS O has t o p a y R s 1 7 2 b n of man y companies th a t also include international pri n cip...