SAUDI PAK INDUSTRIAL AND AGRICULTURAL INVESTMENT COMPANY  LIMITED

CONDENSED INTERIM UNCONSOLIDATED CASH FLOW STATEMENT [UN-AUDITED]

FOR THE QUARTER ENDED MARCH 31, 2011

CASH FLOW FROM OPERATING ACTIVITIES

Profit/(Loss) before taxation

             5,039,955

       186,714,056

Less:    Dividend income

         (21,180,723)

       (23,333,600)

         (16,140,768)

       163,380,456

Adjustments for non-cash charges

Depreciation

           28,261,789

         27,849,274

Provision Against Non-performing Advances

         (20,043,529)

       (29,546,267)

Provision for diminution in value of investments

              (624,500)

                       -  

Others provision

                         -  

                       -  

Income from dealing in foreign currencies

                         -  

                       -  

Loss/ (Gain) on sale of fixed assets

              (531,546)

                (3,499)

Provision for gratuity

             1,280,580

           1,281,000

Deferred Income

         (10,873,902)

         (9,656,928)

Unrealized gain on revaluation of investment - Held for trading

             4,403,476

           5,283,996

             1,872,368

         (4,792,424)

         (14,268,400)

       158,588,032

(Increase)/ Decrease in operating assets

Lendings to financial institutions and others

         (89,519,750)

         67,262,728

Held for trading securities

         (25,936,726)

     (129,258,416)

Advances

         161,003,072

     (414,561,891)

Other assets (excluding current taxation)

       (102,984,925)

           3,483,973

         (57,438,329)

     (473,073,606)

(Increase)/ Decrease in operating liabilities

Borrowings from financial institutions

    (1,209,429,773)

       452,470,686

Deposits

           19,199,650

  (1,018,954,780)

Deferred libilities

           16,882,598

         (4,724,732)

Other liabilities (excluding current taxation)

           (3,460,191)

           1,206,566

    (1,176,807,716)

     (570,002,260)

    (1,248,514,445)

     (884,487,834)

Payment of provision against off-balance sheet obligations

Gratuity paid

           (6,171,820)

            (432,698)

Income tax paid

         (13,542,208)

     (414,085,197)

Net cash flow from operating activities

         (19,714,028)

     (414,517,895)

    (1,268,228,473)

  (1,299,005,729)

CASH FLOW FROM INVESTING ACTIVITIES

Net investments in available for sale securities

      1,054,479,604

Net investments in held to maturity securities

           70,991,450

         67,402,173

Net investments in subsidaries

                         -  

                       -  

Dividend received

             3,014,781

         13,778,090

Investment in operating fixed assets

           59,359,818

         (2,184,424)

Sale proceeds of property and equipment disposed-off

                882,985

                  3,500

Net cash flow from investing activities

      1,188,728,638

     (502,549,217)

CASH FLOW FROM FINANCING ACTIVITIES

Issue of share capital

                         -  

                       -  

Dividend paid

                         -  

                       -  

Net cash flow from financing activities

                         -  

                       -  

Increase/(Decrease) in cash and cash equivalents

         (79,499,835)

  (1,801,554,946)

Cash and cash equivalents at beginning of the year

         259,178,848

    2,582,774,521

Cash and cash equivalents at the end of the year

         179,679,013

       781,219,575