We at Nael Capital, recognize the importance of equity research in assisting our clients to make informed decision and add value to investment decisions by providing analysis, forecasts, outlook and updates on respective coverage areas. We view the research as one of the key departments that can enhance the competence of our brokerage firm and be able to quality advice to our valued clients. Hence we maintain our research department that provides comprehensive coverage of key sectors at Pakistan Stock Exchange.

Note: The annual accumulated remuneration of our research team is Rs. 984,000/-.

Aisha Steels Limited - Coverage Initiation Submitted on: June 07, 2017

AMRELI STEELS LIMITED- Result Preview 3QFY17E Submitted on: April 20, 2017

D.G.KHAN CEMENT COMPANY LIMITED - Result Preview - 3QFY17E Submitted on: April 20, 2017

INTERNATIONAL STEELS LIMITED - Result Preview 3QFY17E Submitted on: April 20, 2017

Pakistan Cements _ Earnings Preview (3QFY17E) - ACPL & FCCL Submitted on: April 20, 2017

Steel Outlook - China - Shrinking Steel & Coal Capacities Submitted on: March 13, 2017

RESULTS PREVIEW : AMRELI STEELS LIMITED Submitted on: February 22, 2017

RESULTS PREVIEW: PIONEER CEMENT LIMITED Submitted on: February 22, 2017

RESULTS PREVIEW : NORTHERN PLAYERS — ACCUMULATE Submitted on: February 22, 2017

COVERAGE REVISION: MUGHAL IRON & STEEL LIMITED Submitted on: February 22, 2017

RESULTS PREVIEW: CHERAT CEMENT COMPANY LTD Submitted on: February 22, 2017

RESULTS REVIEW : AMRELI STEELS LIMITED Submitted on: February 22, 2017

RESULT PREVIEW : Attock Cement Pakistan Limited - 1HFY17E Submitted on: January 27, 2017

INTERNATIONAL STEELS LIMITED - Result Review 1HFY17A Submitted on: January 26, 2017

INTERNATIONAL STEELS LIMITED - Result Preview 2QFY17E Submitted on: January 26, 2017

INTERNATIONAL STEELS LIMITED - Anti dumping imposition result Submitted on: January 26, 2017

Coverage Update - Pioneer Cement Limited Submitted on: January 17, 2017

DETAIL REPORT: Steel Initiation - Vibrant growth prospects amidst challenges Submitted on: January 11, 2017

COVERAGE UPDATE: FAUJI CEMENT COMPANY LTD Submitted on: November 17, 2016

RESULT REVIEW : FAUJI CEMENT COMPANY LIMITED Submitted on: November 02, 2016

Result Review : Cherat Cement Company Limited Submitted on: November 01, 2016

RESULT PREVIEW REPORT : CHERAT CEMENT COMPANY LTD Submitted on: October 28, 2016

RESULT REVIEW REPORT : D.G KHAN CEMENT COMPANY LTD Submitted on: October 28, 2016

RESULT PREVIEW REPORT : D.G KHAN CEMENT COMPANY LTD Submitted on: October 28, 2016

RESULT REVIEW REPORT : PIONEER CEMENT LIMITED Submitted on: October 28, 2016

RESULT REVIEW REPORT: MAPLE LEAF CEMENT FACTORY LTD Submitted on: October 26, 2016

RESULT REVIEW REPORT: ATTOCK CEMENT PAKISTAN LTD Submitted on: October 26, 2016

RESULT PREVIEW: MAPLE LEAF CEMENT FACTORY LTD. Submitted on: October 26, 2016

COVERAGE UPDATE: CHERAT CEMENT COMPANY LIMITED Submitted on: October 07, 2016

COVERAGE UPDATE: MAPLE LEAF CEMENT FACTORY LIMITED Submitted on: October 07, 2016

DETAIL REPORT: ATTOCK CEMENT PAKISTAN LIMITED Submitted on: October 07, 2016

RESULT REVIEW REPORT: PIOC FY16 Submitted on: September 28, 2016

DETAIL REPORT: D.G. KHAN CEMENT Submitted on: September 22, 2016

DETAIL REPORT: PIONEER CEMENT LIMITED Submitted on: September 09, 2016

PREVIEW REPORT: MLCF - FY16 Submitted on: September 06, 2016

RESULT REVIEW REPORT: MLCF-FY16 Submitted on: September 06, 2016

PREVIEW REPORT: CHCC FY16 Submitted on: September 01, 2016

RESULT REVIEW REPORT: REVIEW CHCC FY16 Submitted on: September 01, 2016

INDUS MOTOR COMPANY Submitted on: May 03, 2016

CHERAT CEMENT COMPANY LIMITED Submitted on: April 12, 2016

HONDA ATLAS CAR Submitted on: April 12, 2016

MAPLE LEAF CEMENT Submitted on: April 12, 2016

FAUJI CEMENTCOMPANY LIMITED Submitted on: April 12, 2016

BANK AL FALAH LIMITED Submitted on: April 12, 2016

BANK AL HABIB LIMITED Submitted on: April 12, 2016