1. Refinery Sector

2. Refinery Sector Al Meezan Investment Management Supply and Demand

3. Refinery Sector Al Meezan Investment Management Players

4. Refinery Sector Al Meezan Investment Management Production Share

5. Refinery Sector Al Meezan Investment Management Imports of POL Products – FY09

6. Refinery Sector Al Meezan Investment Management FO Consumption and Imports

7. Refinery Sector Al Meezan Investment Management HSD Consumption and Imports

8. Refinery Sector Al Meezan Investment Management Industry Production

9. Refinery Sector Al Meezan Investment Management Refineries Pricing Formula Crude Oil Price Calculation Imported Crude Prices FOB = Actual contract prices paid by the refineries Marine Freight = Actual freight from individual ports as paid by the refineries Marine Insurance = 0.045% of C&F prices Local Crude Prices C&F Price = Arithmetic mean of Dubai, Oman and Zakum Crude + Marine freight from Ras Tanura to Karachi (C&F price is adjusted for yield differential with Arab Light) Incidentals = Insurance (0.045% of C&F Price)

10. Refinery Sector Al Meezan Investment Management Pricing Formula for Petroleum Products C&F Price + Incidentals = Ex-refinery Price C&F Price = Arab Gulf fob price (average for previous 30 days – source Platts) + Published premium (average previous 30 days – Platts) + Ocean Transport (Published Average Freight Rate Assessment) Fob product prices: ‘Arab Gulf mean’ fob prices are published by Platts for four main products: Naphtha, Kerosene, Gasoil, and HSFO. These prices are also used to calculate ‘fob price’ for other products, for example: JP-1 = Kerosene + US$0.01/gallon JP-4 = 50% naphtha + 50% kerosene LDO = 80% Gasoil + 20% Furnace Oil MS = Naphtha + Caltex Bahrain Posted Price differential of Naphtha and 87RON (moving average last three years) subject to maximum of USD60/ton At present, only HSD has a 7.5% deemed duty applicable.