Dear Shareholders,

It is my privilege to write to you once more. Looking back, after almost two decades since I started investing in Engro, it has been my constant endeavour to harmonise the institutionalised professional culture at Engro, with the entrepreneurial mindset of the Dawood Hercules Group.Our significant success can be attributed to our shared business vision to passionately resolve critical societal issues.

We must continue to build strategic business partnerships to address meaningful problems. I am sure you would agree that this is critical, if we are to sustainably contribute to national growth and value creation in the longer term. Allow me to share some enduring relationships towards this goal.

Our momentous partnership with Royal FrieslandCampina has enabled us to accelerate our work on improving the productivity of dairy farmers. This defining moment for Pakistan signifies our continued contribution to our nation’s economic prosperity and Engro’s commitment to eradicating malnutrition in our younger generation.

I am delighted to share our landmark progress towards affordably reducing Pakistan’s energy deficit though development of indigenous coal sources. This is brought about by Engro’s unique capabilities to bring together key partners including the Government of Sindh, Chinese investors and Pakistani business enterprises. Engro’s passion to contribute to the socio economic development has been a fundamental consideration and has been built into this investment endeavour. The development of employment, livelihoods, health, education, technical training and water resources in Thari communities is progressing aggressively.

To achieve our vision to be globally competitive we have started by investing in our talent, through institutionalised leadership development, which will contribute to improving our decision making capabilities.

Today, the challenges and opportunities that we face are significantly diverse in an increasingly interconnected and flatter world, the pace of development and innovation has never been faster. I am extremely happy that the Board has taken the initiative to appoint a new Chief Executive Officer with an entrepreneurial background and an understanding of technology-enabled digital transformations.

We have formed a strategic alliance with GE, where Engro will introduce advanced customized digital solutions to a broad base of industrial partners in Pakistan which will help develop a more digitally competitive industry whilst simultaneously enhancing operational performance across the board. I have tremendous faith in this new environment of Engro to position us strongly to thrive and succeed in this new environment.

Insha’allah, we will continue to explore avenues that address problems worth solving, such as the rising food demand of our growing population. This can only be sustainably met with focus on efficient use of land and water resources towards improvements in agricultural productivity.

To achieve our vision to be globally competitive we have started by investing in our talent, through institutionalised leadership development, which will contribute to improving our decision making capabilities.

It is a distinct pleasure for me to express my gratitude to you for the enduring trust and confidence that you have reposed in us these many years.

Hussain Dawood Chairman