Azgard's Board of Directors (the “ Azgard Board ”) currently consists of seven directors. Pursuant to the Pakistan Companies Ordinance, the term of each director is three years, subject to renewal/re-election.

The table below sets forth the names of Azgard's current directors and the date of their initial appointment. The business address of each of the directors is Ismail Aiwan-i-Science, Off Shahrah-e-Roomi, Lahore , Pakistan .

Ahmed H. Shaikh is a director of Azgard as well as PAFL and is Azgard's Chief Executive Officer, positions he has held since January 2003. He also serves on the boards of Ahmad Aehsun (Pvt.) Ltd., Naseer Mughis (Pvt.) Ltd. and Nafees International Tekstil Sanayi ve Ticaret A.S. Mr. Shaikh has been associated with Azgard since its inception in 1992. Mr. Shaikh holds a B.A. in Economics from Brown University in Providence , Rhode Island , USA .

Aehsun M.H. Shaikh is a director of Azgard as well as PAFL and is Azgard's Creative Director, positions he has held since January 1993. He also serves on the board of Azsoft (Private) Limited. Mr. Shaikh has previously worked with Burke Mills Inc., USA as Director from 1998 to 2000. Mr. Shaikh holds an M.A. in Architecture from the Architectural Association School of Architecture, London , UK .

Khalid A.J. Al-Sagar has been one of Azgard's directors since October 1997. He also serves on the board of Kuwait Portland Cement Company, Kuwait Supply Company, Modern Bakeries Co., Tele-Card Egypt, First National Bank and Bahrain Flour Mills Co. Mr. Al-Sagar is a graduate from Bonn University , Germany .