SYNERGY ASSETS MANAGEMENT

SHARES INVESTMENT & VALUATION
10/11/2009
COMPANY
OGDC
POL
PPL
PSO
SHELL
SSGC
HINO
HCAR
INDU
PSMC
HUBC
KAPCO
NPL
AICL
EFUL
IGIIL
DGKC
FCCL
LUCK
MLCF

SHARE
PRICE
101.10
205.00
162.60
283.25
238.00
12.65
255.00
18.20
180.30
77.80
28.60
43.30
12.77
110.37
119.00
103.00
25.29
6.24
58.55
3.60

04/12/2009
SHARES
35,000
20,000
31,000
20,000
20,000
20,000
20,000
30,000
25,000
30,000
40,000
40,000
50,000
20,000
20,000
20,000
40,000
80,000
40,000
80,000
681,000

AMOUNT
3,538,500
4,100,000
5,040,600
5,665,000
4,760,000
253,000
5,100,000
546,000
4,507,500
2,334,000
1,144,000
1,732,000
638,500
2,207,400
2,380,000
2,060,000
1,011,600
499,200
2,342,000
288,000
50,147,300

CLOSING
PRICE
104.73
215.45
177.88
289.25
242.79
13.00
225.66
19.50
199.01
87.40
30.50
46.57
12.03
115.62
139.33
103.00
27.19
6.00
62.53
3.67

DIFF
3.63
10.45
15.28
6.00
4.79
0.35
(29.34)
1.30
18.71
9.60
1.90
3.27
(0.74)
5.25
20.33
1.90
(0.24)
3.98
0.07

AMOUNT
127,050
209,000
473,680
120,000
95,800
7,000
(586,800)
39,000
467,750
288,000
76,000
130,800
(37,000)
105,000
406,600
76,000
(19,200)
159,200
5,600
2,143,480

RR
3.59%
5.10%
9.40%
2.12%
2.01%
2.77%
-11.51%
7.14%
10.38%
12.34%
6.64%
7.55%
-5.79%
4.76%
17.08%
0.00%
7.51%
-3.85%
6.80%
1.94%
4.27%

PRODUCT
PIB 1 YEAR
TDR 1MNTH
TDR 14DAYS
TDR 7DAYS

I/RATE
12.20%
12.30%
12.25%
12.20%

AMOUNT
34,500,000
5,000,000
5,000,000
5,000,000

I/AMOUNT
4,209,000
51,250
23,819
11,861

PLACED
11/10/2009
11/10/2009
11/10/2009
11/10/2009

MATURITY
11/9/2010
12/9/2009
11/23/2009
16/11/2009

ACCRUALS
STATUS
04/12/09
25 DAYS MATURED 292,292
25 DAYS MATURED
42,708
ROLL-OVER
23,819
ROLL-OVER
11,861

TDR 14DAYS
TDR 7DAYS

12.30%
12.25%

5,000,000
5,000,000

23,917
11,910

11/24/2009
11/17/2009

12/7/2009
11/23/2009

12 DAYS MATURED
ROLL-OVER

20,500
11,910

TDR 7DAYS

12.20%

5,000,000

11,861

24/11/2009

11/30/2009

ROLL-OVER

11,861

TDR 7DAYS

11.75%

5,000,000

11,424

01/12/2009

12/7/2009

04 DAYS MATURED

6,528
421,479

25) INVESTMENT (SHELL) (20000 X 238.20) INVESTMENT (INDU) (25000 X 180.000 4.20% 07 DAYS] INVESTMENT [TDR 10/11/09-09/12/09 12.207.29) INVESTMENT (FCCL) (80000 X 6.65) CASH TO RECORD PURCHASE OF SHARES INVESTMENT (HINO) (20000 X 255.30) INVESTMENT (NPL) (50000 X 12.100.000 2.77) CASH TO RECORD PURCHASE OF SHARES INVESTMENT (AICL) (20000 X 110.000 288.00) CASH TO RECORD PURCHASE OF SHARES INVESTMENT (PSO) (20000 X 283.SYNERGY ASSETS MANAGEMENT JOURNAL GENERAL DATE 10/11/2009 10/11/2009 10/11/2009 10/11/2009 10/11/2009 10/11/2009 10/11/2009 10/11/2009 10/11/2009 16/11/2009 NARRATION L/F INVESTMENT (OGDC) (35000 X 101.500.060.000 5.55) INVESTMENT (MLCF) (80000 X 3.000 5.011.334.011.600 499.500 2.400 2.000 34.022.000 546.100.500 5.665.342.00) INVESTMENT (HCAR) (30000 X 18.861 .200 2.000 253.00) CASH TO RECORD PURCHASE OF SHARES INVESTMENT (DGKC) (40000 X 25.000 5.000 5.20% 07 DAYS] INTEREST INCOME INVESTMENT [TDR 10/11/09-16/11/09 12.000 1.507.000 638.00) INVESTMENT (SSGC) (20000 X 12.538.00) INVESTMENT (POL) (20000 X 205.732.60) INVESTMENT (KAPCO) (40000 X 43.20% FOR 1 YEAR CASH [TDR 10/11/09-16/11/09 12.37) INVESTMENT (EFUL) (20000 X 119.20% 07 DAYS] PAK RUPEES DR 3.000 1.20% 1 year 10/11/09-0911/10] CASH TO RECORD INVESTMENT IN PIB @ 12.000.30% 30 DAYS] CASH TO RECORD INVESTMENT IN TDRS INVESTMENT [PIBOND 12.000 1.000 5.144.60) CASH TO RECORD PURCHASE OF SHARES INVESTMENT [TDR 10/11/09-23/11/09 12.00) INVESTMENT (IGIIL) (20000 X 103.000 5.760.000.500 2.30) INVESTMENT (PSMC) (30000 X 77.10) CASH TO RECORD PURCHASE OF SHARES INVESTMENT (PPL) (31000 X 162.000.000 4.80) CASH TO RECORD PURCHASE OF SHARES INVESTMENT (HUBCO) (40000 X 28.000 4.25% 14 DAYS] INVESTMENT [TDR 10/11/09-16/11/09 12.24) INVESTMENT (LUCK) (40000 X 58.380.

000.000 01/12/2009 CASH [TDR 24/11/09-30/11/09 12.25% TDR 7DAYS INVESTMENT [TDR 24/11/09-07/12/09 12.SYNERGY ASSETS MANAGEMENT JOURNAL GENERAL PAK RUPEES DATE 17/11/2009 11/23/2009 NARRATION L/F TO RECORD MATURITY OF 12.25% 07DAYS 5.25%TDR 14 DAYS CASH [TDR 17/11/09-23/11/09 12.861 11/23/2009 24/11/2009 01/12/2009 TOTAL 5.000.25% 07 DAYS] TO RECORD MATURITY OF 12.30% 14DAYS] CASH TO RECORD INVESTMENT IN TDR @ 12.000 CASH [TDR 10/11/09-23/11/09 12.000 5.050 209.000 .688.25% 07DAYS] TO RECORD MATURITY OF 12.25% 07DAYS] INTEREST INCOME INVESTMENT [TDR 24/11/09-30/11/09 12.20% TDR 7DAYS INVESTMENT [TDR 01/12/09-07/12/09 11.011.023.63) UNREALIZED CAPITAL G/L (PPL) (31000 X 15.000.20% TDR 7 DAYS INVESTMENT [TDR 17/11/09-23/11/09 12.25% 7 DAYS DR 5.151 SYNERGY ASSETS MANAGEMENT ADJUSTMENT ENTRIES PAK RUPEES DATE 12/4/2009 NARRATION UNREALIZED CAPITAL G/L (OGDC) (35000 X 03.000 139.910 5.75% 07DAYS 5.000.30% 14DAYS 5.25% 14 DAYS] TO RECORD MATURITY OF 12.011.25% 07 DAYS] CASH TO RECORD INVESTMENT IN TDR @ 12.25% 14 DAYS] INTEREST INCOME INVESTMENT [TDR 10/11/09-23/11/09 12.819 24/11/2009 INVESTMENT [TDR 24/11/09-30/11/09 12.25% 07DAYS] CASH TO RECORD INVESTMENT IN TDR @ 12.28) L/F DR 127.75% 07DAYS] CASH TO RECORD INVESTMENT IN TDR @ 11.25% 07 DAYS] INTEREST INCOME INVESTMENT [[TDR 17/11/09-23/11/09 12.

30% 30 DAYS] INTEREST INCOME TO ADJUST ACCRUAL OF 25 DAYS INTEREST INCOME 42.200 5.750 288.79) UNREALIZED CAPITAL G/L (SSGC) (20000 X 00.25) UNREALIZED CAPITAL G/L (EFUL) (20000 X 20.34) UNREALIZED CAPITAL G/L FCCL (80000 x -00.74) TO ADJUST UNREALIZED CAPITAL LOSS 643.30% 14 DAYS] INTEREST INCOME TO ADJUST ACCRUAL OF 12 DAYS INTEREST INCOME 20.500 12/4/2009 ACCRUED INTEREST [TDR 01/12/09-07/12/09 11.292 .680 120.98) UNREALIZED CAPITAL G/L (MLCF) (80000 X 00.SYNERGY ASSETS MANAGEMENT JOURNAL GENERAL DATE NARRATION UNREALIZED CAPITAL G/L (POL) (20000 X 10.07) UNREALIZED CAPITAL GAIN / LOSS TO ADJUST UNCREALIZED CAPITAL GAIN L/F PAK RUPEES DR 473.30) UNREALIZED CAPITAL G/L (INDU) (25000 X 18.24) UNREALIZED CAPITAL G/L NPL (50000 x -00.90) UNREALIZED CAPITAL G/L (KAPCO) (40000 X 03.27) UNREALIZED CAPITAL G/L (AICL) (20000 X 05.600 12/4/2009 UNREALIZED CAPITAL GAIN / LOSS UNREALIZED CAPITAL G/L HINO (20000 X -29.000 467.000 159.000 39.000 76.000 406.800 7.00) UNREALIZED CAPITAL G/L (SHELL) (20000 X 04.20% 1 year] INTEREST INCOME TO ADJUST ACCRUAL OF 25 DAYS INTEREST INCOME 292.800 105.000 95.000 12/4/2009 ACCRUED INTEREST [TDR 10/11/09-04/12/09 12.35) UNREALIZED CAPITAL G/L (HCAR) (30000 X 01.71) UNREALIZED CAPITAL G/L (PSMC) (30000 X 09.708 12/4/2009 ACCRUED INTEREST [TDR 24/11/09-07/12/09 12.33) UNREALIZED CAPITAL G/L (DGKC) (40000 X 01.45) UNREALIZED CAPITAL G/L (PSO) (20000 X 06.90) UNREALIZED CAPITAL G/L (LUCK) (40000 X 03.75% 07 DAYS] INTEREST INCOME TO ADJUST ACCRUAL OF 4 DAYS INTEREST INCOME 6.528 12/4/2009 ACCRUED INTEREST [PIB 10/11/09-09/11/2010 12.000 130.60) UNREALIZED CAPITAL G/L (HUBCO) (40000 X 01.600 76.

000 11.500 6.000.140.861 5.538.500 3.000 12.000 10.PAK RUPEES CR 3.000.487.647.678.122.500 9.000 .400 4.000 34.500.800 15.514.

688.000 5.819 5.000 23.000.000.000 11.000.151 PAK RUPEES CR .000.000.000 5.861 5.000 139.000 11.000 5.000.910 5.PAK RUPEES CR 5.000.

292 .800 19.708 20.PAK RUPEES CR 2.528 292.200 37.000 42.786.500 6.480 586.

022.732.74) 12/4/2009 BALANCE B/F TOTAL 52.760.34) UNREALIZED CAPITAL G/L FCCL (80000 x -00.000 39.000 473.000 1.507.00) (SSGC) (20000 X 12.10) (PPL) (31000 X 162.500 2.500 5.90) (KAPCO) (40000 X 03.60) (KAPCO) (40000 X 43.128.000 638.060.000 5.207.28) (POL) (20000 X 10.30) (NPL) (50000 X 12.334.000 1.500 2.700 127.80) (HUBCO) (40000 X 28.200 5.27) (AICL) (20000 X 05.90) (LUCK) (40000 X 03.79) (SSGC) (20000 X 00.000 4.011.33) (DGKC) (40000 X 01.00) (IGIIL) (20000 X 103.100.915.600 76.000 253.63) (PPL) (31000 X 15.200 2.000 4.000 467.000 288.480 12/4/2009 UNREALIZED CAPITAL G/L HINO (20000 X -29.100.07) 3.000 159.342.45) (PSO) (20000 X 06.380.30) (INDU) (25000 X 18.30) (PSMC) (30000 X 77.71) (PSMC) (30000 X 09.00) (PSO) (20000 X 283.25) (SHELL) (20000 X 238.000 546.98) (MLCF) (80000 X 00.000 406.60) 12/4/2009 UNREALIZED UNREALIZED UNREALIZED UNREALIZED UNREALIZED UNREALIZED UNREALIZED UNREALIZED UNREALIZED UNREALIZED UNREALIZED UNREALIZED UNREALIZED UNREALIZED UNREALIZED UNREALIZED CAPITAL CAPITAL CAPITAL CAPITAL CAPITAL CAPITAL CAPITAL CAPITAL CAPITAL CAPITAL CAPITAL CAPITAL CAPITAL CAPITAL CAPITAL CAPITAL G/L G/L G/L G/L G/L G/L G/L G/L G/L G/L G/L G/L G/L G/L G/L G/L (OGDC) (35000 X 03.600 2.00) (DGKC) (40000 X 25.000 130.144.24) UNREALIZED CAPITAL G/L NPL (50000 x -00.800 7.786.050 209.400 2.00) (POL) (20000 X 205.000 50.750 288.65) (HINO) (20000 X 255.24) (LUCK) (40000 X 58.29) (FCCL) (80000 X 6.800 105.35) (HCAR) (30000 X 01.180 .60) (HUBCO) (40000 X 01.680 120.77) (AICL) (20000 X 110.538.665.00) (SHELL) (20000 X 04.25) (EFUL) (20000 X 20.000 4.000 5.000 2.37) (EFUL) (20000 X 119.SYNERGY ASSETS MANAGEMENT INVESTMENT (STOCK) 10/11/2009 CASH CASH CASH CASH CASH CASH CASH CASH CASH CASH CASH CASH CASH CASH CASH CASH CASH CASH CASH CASH (OGDC) (35000 X 101.00) (HCAR) (30000 X 18.20) (INDU) (25000 X 180.000 1.000 95.000 76.600 499.55) (MLCF) (80000 X 3.

000 643.000 52.180 .586.915.200 37.800 19.272.180 52.

25% 14 DAYS] 23/11/2009 CASH [TDR 17/11/09-23/11/09 12.000.20% 07 DAYS] 23/11/2009 CASH [TDR 10/11/09-23/11/09 12.25% 12.000.30% 12.000 5.25% 07DAYS] 12/4/2009 BALANCE B/F TOTAL 35.75% 07 14 30 07 14 07 07 DAYS] DAYS] DAYS] DAYS] DAYS] DAYS] DAYS] 5.SYNERGY ASSETS MANAGEMENT INVESTMENT (TERM DEPOSITS TDRs) 10/11/2009 CASH CASH CASH 17/11/2009 CASH 24/11/2009 CASH 24/11/2009 CASH 01/12/2009 CASH [TDR [TDR [TDR [TDR [TDR [TDR [TDR 10/11/09-16/11/09 10/11/09-23/11/09 10/11/09-09/12/09 17/11/09-23/11/09 24/11/09-07/12/09 24/11/09-30/11/09 01/12/09-07/12/09 12.000.000.30% 12.25% 07 DAYS] 30/11/2009 CASH [TDR 24/11/09-30/11/09 12.000.000 5.000 16/11/2009 CASH [TDR 10/11/09-16/11/09 12.000.25% 11.20% 12.25% 12.000.000.000 .000 5.000 5.000 5.000 5.

000 5.000.000.000 5.000 5.000.000.000.000 15.000.000 35.000 .SETS MANAGEMENT (TERM DEPOSITS TDRs) 5.

SYNERGY ASSETS MANAGEMENT INVESTMENT (BONDS) 10/11/2009 CASH PAID PIB 12.500.000 04/12/2009 BALANCE B/F TOTAL 34.500.20% 1 YEAR[ 10/11/2009 TO 09/11/2010] 34.000 TOTAL .

000 34.500.000 .500.SETS MANAGEMENT TMENT (BONDS) 34.

20% 1 ye TOTAL 421.30% 30 DA 04/12/2009 ACCRUED INTEREST [TDR 24/11/09-07/12/09 12.25% 07DAYS] 04/12/2009 ACCRUED INTEREST [TDR 10/11/09-04/12/09 12.25% 14 DAYS] 23/11/2009 CASH [TDR 17/11/09-23/11/09 12.20% 07 DAYS] 23/11/2009 CASH [TDR 10/11/09-23/11/09 12.30% 14 DA 04/12/2009 ACCRUED INTEREST [TDR 01/12/09-07/12/09 11.479 16/11/2009 CASH [TDR 10/11/09-16/11/09 12.75% 07 DA 04/12/2009 ACCRUED INTEREST [PIB 10/11/09-09/11/2010 12.25% 07 DAYS] 30/11/2009 CASH [TDR 24/11/09-30/11/09 12.479 TOTAL .SYNERGY ASSETS MANAGEMENT INTEREST INCOME 04/12/09 PROFIT & LOSS A/C 421.

528 292.479 .910 11.SETS MANAGEMENT REST INCOME 11.708 20.292 421.500 6.819 11.861 23.861 42.

60) 10/11/2009 INVESTMENT [TDR 10/11/09-23/11/09 12.00) INVESTMENT (DGKC) (40000 X 25.20% 12.25% 14 DAYS] 10/11/2009 INVESTMENT [TDR 10/11/09-16/11/09 12.861 INVESTMENT (PPL) (31000 X 162.00) DAYS] 5.30) INVESTMENT (NPL) (50000 X 12.60) INVESTMENT (KAPCO) (40000 X 43.25% 07DAYS] 01/12/2009 INVESTMENT [TDR 01/12/09-07/12/09 11.65) INVESTMENT (HINO) (20000 X 255.29) INVESTMENT (FCCL) (80000 X 6.861 INVESTMENT (SHELL) (20000 X 238.00) INVESTMENT (IGIIL) (20000 X 103.24) INVESTMENT (LUCK) (40000 X 58.10) DAYS] 5.30% 30 DAYS] 10/11/2009 INVESTMENT [PIBOND 12.77) INVESTMENT (AICL) (20000 X 110.00) INVESTMENT (SSGC) (20000 X 12.25% 07 DAYS] 24/11/2009 INVESTMENT [TDR 24/11/09-07/12/09 12.SYNERGY ASSETS MANAGEMENT CASH 1/11/2009 OPENING BALANCE 16/11/2009 INVESTMENT [TDR 10/11/09-16/11/09 23/11/2009 INVESTMENT [TDR 10/11/09-23/11/09 23/11/2009 INVESTMENT [TDR 17/11/09-23/11/09 30/11/2009 INVESTMENT [TDR 24/11/09-30/11/09 12.00) INVESTMENT (HCAR) (30000 X 18.011.75% 07DAYS] BALANCE C/F .023.00) DAYS] 5.37) INVESTMENT (EFUL) (20000 X 119.30% 14DAYS] 24/11/2009 INVESTMENT [TDR 24/11/09-30/11/09 12.20% 1 year 10/11/09-0911/10] 17/11/2009 INVESTMENT [TDR 17/11/09-23/11/09 12.011.910 INVESTMENT (PSO) (20000 X 283.000 10/11/2009 INVESTMENT (OGDC) (35000 X 101.25% 12.20) INVESTMENT (INDU) (25000 X 180.55) INVESTMENT (MLCF) (80000 X 3.25) DAYS] 5.819 INVESTMENT (POL) (20000 X 205.000.25% 12.25% 07 14 07 07 100.20% 07 DAYS] 10/11/2009 INVESTMENT [TDR 10/11/09-09/12/09 12.011.30) INVESTMENT (PSMC) (30000 X 77.80) INVESTMENT (HUBCO) (40000 X 28.

TOTAL ### TOTAL .

334.000 1.000.751 .000 638.538.000 2.000 1.000 5.600 499.665.000 5.000.000 5.100.000.000.000 5.000.000 4.000 5.200 2.144.500 5.000 1.000.380.732.000 5.400 2.500 2.060.760.507.000 288.100.011.000 546.000 4.000 5.500.342.022.500 2.SETS MANAGEMENT CASH 3.000.000 430.000 253.000 4.000 5.000 34.207.000 5.

### .

30% 30 DAYS] 42.708 [TDR 24/11/09-07/12/09 12.20% 1 year] 292.500 [TDR 01/12/09-07/12/09 11.292 362.528 [PIB 10/11/09-09/11/2010 12.75% 07 DAYS] 6.SYNERGY ASSETS MANAGEMENT ACCRUED INTEREST 04/12/2009 ACCRUED 04/12/2009 ACCRUED 04/12/2009 ACCRUED 04/12/2009 ACCRUED TOTAL INTEREST INTEREST INTEREST INTEREST [TDR 10/11/09-04/12/09 12.30% 14 DAYS] 20.028 04/12/2009 BALANCE B/F TOTAL .

SETS MANAGEMENT RUED INTEREST 362.028 362.028 .

71) UNREALIZED CAPITAL G/L (PSMC) (30000 X 09.SYNERGY ASSETS MANAGEMENT UNREALIZED CAPITAL GAIN / LOSS 04/12/2009 UNREALIZED CAPITAL G/L HINO (20000 X -29.786.800 12/4/2009 UNREALIZED CAPITAL G/L (OGDC) (35000 X 03.74) 04/12/2009 BALANCE B/F TOTAL 586.45) 643.35) UNREALIZED CAPITAL G/L (HCAR) (30000 X 01.30) UNREALIZED CAPITAL G/L (INDU) (25000 X 18.25) UNREALIZED CAPITAL G/L (EFUL) (20000 X 20.00) 2.79) UNREALIZED CAPITAL G/L (SSGC) (20000 X 00.24) UNREALIZED CAPITAL G/L NPL (50000 x -00.60) UNREALIZED CAPITAL G/L (HUBCO) (40000 X 01.200 UNREALIZED CAPITAL G/L (PPL) (31000 X 15.480 TOTAL .143.33) UNREALIZED CAPITAL G/L (DGKC) (40000 X 01.07) 2.63) 19.90) UNREALIZED CAPITAL G/L (KAPCO) (40000 X 03.27) UNREALIZED CAPITAL G/L (AICL) (20000 X 05.90) UNREALIZED CAPITAL G/L (LUCK) (40000 X 03.98) UNREALIZED CAPITAL G/L (MLCF) (80000 X 00.28) 37.480 UNREALIZED CAPITAL G/L (SHELL) (20000 X 04.34) UNREALIZED CAPITAL G/L FCCL (80000 x -00.000 UNREALIZED CAPITAL G/L (POL) (20000 X 10.000 UNREALIZED CAPITAL G/L (PSO) (20000 X 06.

750 288.000 467.000 76.800 105.SETS MANAGEMENT CAPITAL GAIN / LOSS 127.000 130.000 473.680 120.200 5.000 39.600 76.000 159.050 209.800 7.000 95.600 2.786.000 406.480 .

564.480 421.143.479 - 100.000 15.000.000.000 2.564.000 352.147.300 34.56% .959 NAV AS ON 04/12/2009 RATE OF RETURN 2.500.SYNERGY ASSET MANAGEMENT STATEMENT OF CHANGES IN NAV AS ON 04/12/09 OPENING MV OF FUND (10TH NOV) STOCK BONDS TDRs CASH 50.959 2.700 UNREALIZED CAPITAL GAIN / LOSS REALIZED CAPITAL DIVIDEND INTEREST INCOME DISCOUNT INCOME EXPENSES 2.

15% 34.9 ALLOCATION 50.00% 0.50% 15.35% .