Pakistan’s current economic challenge is new to none …….

which is evident from the phases our

economy has faced over the years. However, economic revival is all set to bolster up the indicators in
the future where the currency will stabilize along with inflation levels peaking out. The drainage of
foreign exchange reserves is also projected to settle down supporting the economic growth in the
country. The cyclical movements can be observed from the 5 phases the economy has survived with
basic economic indicators impacting the growth.

 Current Account deficit is set to stabilize in the future along with foreign exchange reserves
being replenished back.
 Inflation & interest rates are expected to normalize after peaking out supporting the economic
trajectory towards positive levels in the future.
 GDP growth is expected to zoom out from 2.4% to 5% in the 5-year forward growth outlook
aiding in economic revival and stabilization of the economy.

This economic revival will ultimately help increase the household consumption where recovery in Real
household consumption patterns appear to be strong, ultimately yielding the benefit to National Foods
Pakistan whose per capita consumption is all set to follow an upward trajectory taking the the total
spices, sauces and condiments industry to PKR xxbn by 2025.

Buying good companies at great (bargain) price or buying great companies at

good (reasonable) price are the two options for investors at large.

From an investment perspective, we have analyzed NATF under two models used by the Motilal Oswal
group (MOSL) under the wealth creation studies.

Great, Good, Gruesome research emphasizes the importance of what makes a company Great, Good,
or Gruesome for investment perspective:

*Brief overview of the 8 factors pertaining to National Food: Nature of Business to Dividend Payout.

Thus, the company stands out as a good investment at a great price with moderate to high return & high
capital safety – referring to the matrix. (I have to correct the matrix as the NATF logo is placed in the
wrong place)

Numeric included in the Assessment Matrix – 10 Year CAGR’s. (To be briefly explained)

Next Slide

To make money in stocks you must have the vision to see them, the courage to buy them

and the patience to hold them. Patience is the rarest of the three.

– Thomas Phelps in 100 to 1 In The Stock Market

100X Stocks - SQGLP alchemy is used by MOSL to describe what makes great investments. MOSL
claims that the five compounding factors are Size (of enterprise), Performance (of business and
management), Growth (in earnings), Longevity (of performance and growth) and Price (favorable value).

Analyzing NATF under this framework we see ….

*High Quality High Growth company referring to the matrix.

A brief description of Size (Sales Graph), Quality (Awards & Management), Growth (PAT & PBT), Price &
Longevity ultimately concluding National Food as a company with strong SQGLP alchemy making it an
attractive investment.