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Dear Shareholders,

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KIBOR 6 Months,Discount & Exchange (US $) rates - 2008

0

18

6

14

8

16

10

12

2

4

Exch.rate US $

J A N F E B M A R A P R M A Y J U N J U L A U G S E P O C T N O V D E C

PKR/US$

0

90

30

70

40

80

50

60

10

20

Kibor 6 Months Disc.Rates

%

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Value Addition & Distribution

11,663

6,785

2,711

(260)

627

Government as taxes

Retained with the business

Employees as remuneration

Shareholder as dividendsProvider of capital

Industry Urea Market(Supplies vs Demand)

DemandSupplies Impor ts

2003 2004 2005 2006 2007 2008

0

1000

2000

3000

4000

5000

6000

Total Rs. 21,526 million

000Tonnes

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Turnover/Net Profit Movement Trend

200 3 2 004 2005 20 06 2007 20 08

(10)

0

30

10

20

Pe

rcentage

Revenue Net Profit

Return on Equity & Capital Employed

2003 2004 2005 2006 2007 2008

15

45

20

30

10

35

25

40

Return on Cap.Emp.Return on Equity

55

50

Profits, Margins & Govt.Revenues

20

80

60

0

40

4,000

12,000

8,000

0

14,000

Net Margin

Gross Profit

Govt. Revenues

Gross Margin

Profit Before Tax

2003 2004 2005 2006 2007 2008

2,000

6,000

10,000

Profits&Govt.Rev

Margin

s

Profit After Tax

Oper.Profit

Rs. Million %%

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Equity/Liquid Funds

0

2,000

4,000

6,000

8,000

10,000

12,000

14,000

2003 2004 2005 2006 2007 2008

Shareholders Equity

Share Capital

Reserves

Liquid Funds

Leverage & Liquidity Ratios

2003 2004 2005 2006 2007 2008

0

4

8

16

20

28

36

12

24

32

2.50

1.50

1.00

0.50

0

Debt/Equity Interest Cover Current Ratio Quick Ratio

Inventory,Debtors Turnover& Operating Cycle

2003 2004 2005 2006 2007 2008

0

5

10

15

20

25

35

30

Operating cycleInventory Turnover Debtors Turnover

% Rs. Million Days

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Dividends and Earnings

0

2

4

8

10

14

18

22

6

12

16

20

%

0

2

4

8

10

14

18

20

6

12

16

RS

2003 2004 2005 2006 2007 2008

Div EPS Div YieldP/E

Earnings

Dividends

Assets & Liabilities

(5.00)

(3.00)

(1.00)

2.00

4.00

6.00

8.00

9.00

7.00

5.00

3.00

1.00

(2.00)

(4.00)

-

(5,000)

5,000

15,000

10,000

0

20,000

2003 2004 2005 2006 2007 2008

Net Curr.Assets

Fixed Assets Turnover

Prop,Plant & Equip.

Long Term Assets Deferred Liab

Long Term Liab.Total Assets Turnover

Rs. Million Turnover

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Intl vs Local Urea Prices 2008

JA N

120.00

300.00

900.00

540.00

780.00

US$

pertonne

180.00

240.00

360.00

600.00

840.00

660.00

720.00

420.00

480.00

FE B MA R AP R MA Y JU N JU L AU G SE P OC T NO V DE C

Local price US $ per tonIntl price US $ per ton

FFC Urea Sales

2003 2004 2005 2006 2007 2008

Sona Urea Imported Urea

0

500

1000

1500

2000

2500

3000

000Tonnes

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Is t Qt r. 2nd Q tr. 3 rd Q tr. 4 th Q tr.0

100,000

200,000

300,000

400,000

500,000

600,000

700,000

Production vs. Capacity 2008

Plants I & II Plants III Comb.

Plants I & II Plants III Comb.

Urea Production & Purchases

0

500

1000

1500

2000

2500

3000

2003 2004 2005 2006 2007 2008

Sona Product ion Impor ted U rea

000Tonnes

000Tonnes

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King Mohamed VI at inauguration ceremony of Pakistan MarocPhosphore - SA (PMP) - Morocco

Syed Shahid Hussain - Chief Financial Officer receiving Awardfrom King Mohamed VI of Morocco

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Dividend, Payout & Dividend Cover Ratio

%

2003 2004 2005 2006 2007 2008

RS

40.00

50.00

60.00

90.00

110.00

130.00

70.00

100.00

120.00

140.00

80.00

0

2.00

4.00

10.00

14.00

18.00

20.00

6.00

12.00

16.00

8.00

Cash Bonus Div. cover ratioPayout ratio

Market & Break up Values

2003 2004 200 5 20 06 2 007 2008Market Value-Close

Market Value-Low

Market Value-High

Break Up Value

0

20

40

100

140

180

200

60

120

160

80

0

5

10

25

35

45

15

30

40

50

20

MarketValue

BreakupValue

FFC Share PriceTrends vs KSE 100 Index - 2008

5,000

11,000

13,000

7,000

9,000

50

80

150

90

110

60

70

120

100

130

15,000

140

FFC Index

Lt Gen Munir Hafiez Chief Executive & Managing Director presiding a meeting at Plantsite - Mirpur Mathelo

Rupees

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Mr Muhammad Shuaib - General Manager (FR & PO) receiving ICAP & ICMAPoverall Best Corporate Report Award 2007

Mr Muhammad Shuaib - General Manager (FR & PO) receiving ICAP & ICMAP BestCorporate Report Award 2007 for 1st position in Chemical and Fertilizer Sector

Mr Muhammad Munir Malik - General Manager Finance (Marketing) receivingSAFA Corporate Top Award - Report 2007 in the Manufacturing Sector

Mr Usman Ghani - Finance Manager (FR&T) receiving Corporate Printing &Designing Award 2007 by National Council of Culture & Arts

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Lt Gen Hamid Rab Nawaz, HI(M) (Retired) presiding BOD meeting at Casablanca - Moroco

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Participants of Basic Marketing Training Course

Annual Marketing Conference

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