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 .

Mueen Azfal has been Chairman of the Azgard Board since March 2004. He also serves on the boards of ICI Pakistan Limited, Pakistan Tobacco Co. Ltd., Murree Brewery Co. Ltd., Al-Shifa Trust, Pakistan Philanthropy Centre, Pakistan Poverty Alleviation Fund, Sanjan Nagar Trust, Beaconhouse National University Foundation and Pakistan International Airlines Ltd. Mr. Azfal has extensive experience in the civil service of Pakistan , including acting as Health Secretary between 1995 and 1996. Between 1996 and 1998, Mr. Afzal was Finance Secretary for the Pakistan Ministry of Finance and Economic Affairs. Mr. Afzal holds an M.A. in Philosophy, Political Science and Economics from Oxford University in Oxford , UK .

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 .

Ali Jehangir Siddiqui has been one of Azgard's directors since August 2004. He has also been the Chairman of PAFL's board of directors since July 2006.

He is a member of the board of directors and of the executive committee of Jahangir Siddiqui & Company Limited.

He currently serves on the board of Pakistan International Container Terminal Ltd . and has served as a director for Crosby, an investment banking firm in Hong Kong . Mr. Siddiqui holds a B.A. in Economics from Cornell University in Ithaca , New York , USA .

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 .
Mohammed Kaishgi has been one of Azgard's directors since September 2005. He also serves on the board of TRG Holdings, LLC. He was previously a Senior Investment Officer for five years at the International Finance Corporation . Mr. Kaishgi holds an M.B.A. from Harvard Business School and an M.A. in Philosophy, Politics and Economics from Oxford University , Oxford , UK .

Chief Justice (Retired) Mian Mahboob Ahmad has been one of Azgard's directors since March 2004. He also serves on the boards of Bank Ismali Pakistan Limited, East West Insurance Co. Ltd., Metropolitan Life Assurance Co. of Pakistan Ltd. and Jahangir Siddiqui & Co. Ltd. He has been associated with the judiciary in Pakistan for over 20 years, having served in various positions including as Chief Justice of the Lahore High Court and the Federal Shariah Court and as the Acting Governor of Punjab. Chief Justice Ahmad holds a B.A. in Law from the University of Punjab in Lahore , Pakistan .

Overall management is the responsibility of the Azgard Board.
The table below sets out the names of the principal executive officers of Azgard and their current responsibilities. Each of the principal executive

officers' business address is Azgard Nine Limited, Ismail Aiwan-i-Science, Off Shahrah-e-Roomi, Lahore , Pakistan.

Ahmed Jaudet Bilal is Chief Executive Officer of PAFL. Mr. Bilal holds an M.B.A. from Western International University in the United Kingdom . Before he assumed his position at PAFL in July 2006, between 1996 and 1999 Mr. Bilal was the director of Marketing and Acting Country Manager for American Cyanamid Pakistan . Prior to this, he was the General Manager of Business Development for Becton Dickinson Pakistan Limited between 1999 and 2002 and the Business Manager, Decorative Paints division for ICI Pakistan Ltd. Between 2002 and 2006..

Abid Amin has been Azgard's Chief Financial Officer since February 2007. Previously, he was a Partner at Riaz Ahmed Saqib and Co (Chartered Accountants) from 1999 to 2002. He then joined Bosicor Pakistan Limited as head of treasury and commercial and worked there from 2003 to 2005. Then, until he joined Azgard in 2007, he worked as Group General Manager, Treasury and Commercial with Dewan Mushtaq Group. Mr. Amin is a graduate of St. Patrick's College, Karachi and passed his Chartered Accountants Exam from the Institute of Chartered Accountants of Pakistan in 1998.

Tariq Mohammad Khan is Azgard's Group Director of Finance and is also a director of PAFL. Previously he worked with Dewan Mushtaq Group as Group General Manager, Treasury and Commercial from 1992 to 2000. He then worked with Baluchistan Glass Limited as Group Chief Financial Officer from 2001 to 2003. Mr. Khan then joined Bosicor Pakistan Limited as Group General Manger-Finance in 2003, a position he held until the middle of 2005. Mr. Khan then returned to Dewan Mushtaq Group, again as Group Director-Treasury and Commercial, a position he held until joining Azgard in 2007. Mr. Khan passed his Chartered Accountants Exam from the Institute of Chartered Accountants of Pakistan in 1993 and has also been a Fellow of the Institute of Chartered Accountants of Pakistan since 2002.

Aehsun M.H. Shaikh — see “Members of Azgard's Board of Directors”.

Atif Farooqui is Azgard's Managing Director of the denim garments division. He joined Azgard in November 2006 and has previously served as the Worldwide Business Unit Manager, Spare Parts, Accessories and Upgrades for Picanol's ( Belgium ) (between July 2003 and August 2005). Between February 2000 and June 2003 he served as Director of Markets, Zone 1 for PPG Industries UK Ltd. Prior to this, Mr. Farooqui held various roles in ICI's UK and

Usman Rasheed heads Azgard's projects and utilities division. Mr. Rasheed previously worked for Engro Chemical as a Process Engineer between 2000 to 2005; he then served as Intellectual Property Development Manager for Innovative Automation & Engineering Ltd. until he joined Azgard in July 2006. He graduated from the University of Engineering and Technology in Lahore , Pakistan with a B.S. in Chemical Engineering.

Salim Khan is Azgard's Director of Human Resources. Mr. Khan has previously worked for ICI Pakistan Limited for 16 years in manufacturing, commercial and human resource management positions and has served as the director of human resources for various companies He is the founder of Hussain Consulting Services, which provides organization development support and human resource management to the corporate sector. Mr. Khan holds a B.S. (Honours). in Physics from Occidental College in Los Angeles , California , USA as well as a B.S. in Engineering from the California Institute of Technology in Pasadena , California , USA .