Dividend/Bonus announcements by the companies listed on the Karachi Stock Exchange.

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                               FOR THE YEAR                PROFIT/(LOSS)    ANNUAL        CLOSURE OF
                                ENDED/HALF/   DIVIDEND/        AFTER        GENERAL            SHARE
                               YEAR ENDED      BONUS/         TAXATION      MEETING         TRANSFER
COMPANY                      QUARTER ENDED     RIGHT      (Rs in million)     ON               BOOKS
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Shell Pakistan Limited *         30.06.2006   220% (F)    3,108.469       05.10.2006   21.09.2006 to
                                              25% (B)                     10:00 am        05.10.2006
Golden Arrow *                   30.06.2006   10% (F)       264.635       7.86xx                   -
PICIC Investment Fund            30.06.2006   10% (F)             -           -        01.09.2006 to
                                                                                          08.09.2006
PICIC Growth Fund                30.06.2006   10% (F)             -           -        01.09.2006 to
                                                                                          08.09.2006
United Bank Limited **           30.06.2006   -           4,694.603           -                    -
PICIC Commercial Bank Ltd  **    30.06.2006   -             649.927           -                    -
The Universal Insurance              -        -                   -       30.08.2006   29.08.2006 to
 Company Limited                                                         (EOGM)***        04.09.2006
(TFC) Searle Pakistan Limited        -        -                   -       -            26.08.2006 to
                                                                                       09.09.2006 ++
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INDICATIONS:
(F) Final Dividend
(B) Bonus Issue
-- Annual Accounts
-- Half Yearly Accounts
-- EOGM to be held for the purpose to pass resolution in regard to authorize the company for the purpose of Section 208 of the Companies Ordinance, 1984, to invest a sum of Rs 11,735,840 in shares of Ghandhara Industries Limited, an associated company, towards the offer of 1,173,584 Right Shares @Rs 10/- Per Share, for details please see our notice No KSE/N-4838 dated August 7, 2006.
-- Earning per share - Rupees
-- Net Asset Value per share - Rupees
-- Basic / Diluted earnings per share
-- Book Closure for the purpose of First Profit/Redemption of TFC holders on September 09, 2006.