ABAMCO COMPOSITE FUND

completed

ABAMCO Composite Fund (the Fund or the company) is a closed-end investment fund, which will be listed on all three Stock Exchanges of Pakistan including the Karachi Stock Exchange (KSE), the Lahore Stock Exchange (LSE), and the Islamabad Stock Exchange (ISE) by end-June 2004. The investment objective of the Fund is to invest in large cap publicly listed securities, pre-IPO positions, and local currency debt/money market instruments in Pakistan. The underlying asset pool will be composed of: - a minimum 80% of Net Asset Value (NAV) of the Fund in large cap listed or pre-IPO positions with minimum market capitalization of Rs1 billion; and - a maximum of 20% of NAV in debt/money market instruments. The Fund will be managed by ABAMCO Ltd. (ABAMCO, or the Fund Manager). IFC has an existing 4.2% stake in ABAMCO. The target size of the Fund is $73.5 million equivalent, of which $20 million equivalent has been allocated for over-subscriptions at the time of listing. The Fund Manager will invest up to $7.2 million equivalent in the Fund.