Trust Securities & Brokerage Limited ("TSBL" or "the Company") is primarily owned by Mr. Junaid Shehzad Ahmed, who holds 24.16% of the Company's paid-up capital, followed by Paramount Commodities (Pvt.) Ltd. (4.97%) and Mr. Muhammad Khurram Faraz (4.12%). The remaining shareholding is distributed among a diversified base comprising directors, investment companies, joint stock companies, banks, and Development Finance Institutions (DFIs). Management oversees a relatively diversified ownership structure, with the largest individual shareholder maintaining a meaningful stake while the balance is dispersed among various institutional and individual shareholders.

Management does not currently operate under a formalized shareholding agreement or documented succession plan. Continuity of ownership and management is primarily supported through established relationships and verbal understandings among key stakeholders. Mr. Abdul Basit, serving as Chief Executive Officer (CEO), continues to provide leadership to Management and is expected to remain at the helm over the foreseeable future. While his continued stewardship provides near-term management stability, the absence of a formal succession framework results in a degree of key-person dependency. Management's formalization of succession arrangements would provide greater clarity and support continuity in the event of a change in senior leadership.

The primary sponsor, Mr. Junaid Shehzad Ahmed, brings strong business acumen to Management, backed by global professional exposure and entrepreneurial ventures. He holds a bachelor's degree in mechanical engineering from the United States, a dual-discipline Master's degree in Management Science and Operational Research from the United Kingdom, and an MBA in Entrepreneurship and Finance, also from the UK. He began his professional career in finance and strategy at British Petroleum's headquarters in London, before venturing into global businesses; since 2009 he has been involved in agro-businesses across the Middle East and Pakistan, alongside project management consultancy and a joint venture in a corporate finance advisory boutique. His diverse portfolio spans agro-business, real estate (local and international), consultancy, and corporate finance advisory, providing Management with valuable strategic direction and market insight.

The primary sponsors demonstrate sound financial strength, supported by their diversified business interests both within Pakistan and abroad. Management's ability to secure sponsor commitment was reflected in the successful completion of the PKR 450mln right share subscription during 9MFY26, underscoring continued sponsor support and financial backing for management-led initiatives.

The Board of Directors of TSBL comprises seven members, including two Executive Directors and five Non-Executive Directors, of which two are Independent Directors. The Board consists of:

1. Ms. Zenobia Wasif (Chairperson/Non-Executive Director),

2. Mr. Abdul Basit (Chief Executive Officer/Executive Director),

3. Mr. Muhammad Shayan Ghayas (Executive Director),

4. Mr. Junaid Shehzad Ahmad (Non-Executive Director),

5. Mr. Khizer Hayat Farooq (Non-Executive Director),

6. WG CDR. Talat Mahmood (Retd.) (NonExecutive/Independent Director),

7. Mr. Muhammad Talha Razi (Non-Executive/Independent Director).

The presence of independent and non-executive directors supports effective oversight of Management and contributes to a balanced governance structure. Their representation strengthens the Board's oversight function and provides an additional layer of accountability over management decision-making.

The Board of Directors of TSBL comprises professionals with diverse experience spanning capital markets, financial services, corporate affairs, entrepreneurship, and business management. Mr. Abdul Basit (Chief Executive Officer) has been associated with the Company since 1994 and brings over two decades of experience in capital markets, brokerage operations, settlements, and corporate affairs. He has held various senior positions within TSBL before assuming the position of CEO in 2010. Ms. Zenobia Wasif (Chairperson) holds a bachelor’s degree and has extensive experience in corporate administration and business management, with a career spanning various organizations. Mr. Khizer Hayat Farooq (Non-Executive Director) is a Computing & Information Technology graduate from Staffordshire University, U.K., and has experience in financial markets, business development, and entrepreneurship. He also serves as Chairman of the Human Resource & Remuneration Committee of TSBL. WG CDR. Talat Mahmood (Retd.) (Independent Director) is a former Wing Commander of the Pakistan Air Force and holds academic qualifications from Karachi University and Air University, along with specialized training in governance and financial management. He currently chairs the Company’s Audit Committee. Mr. Muhammad Talha Razi (Independent Director) holds a Bachelor’s degree in Commerce and an MBA, with professional experience spanning financial markets, corporate administration, operations management, and compliance. Mr. Junaid Shehzad Ahmad (Non-Executive Director) possesses diverse academic and professional credentials, including degrees in engineering, management science, operational research, and entrepreneurship and finance. He has international experience in finance and strategy, including his association with British Petroleum, followed by entrepreneurial and corporate finance advisory ventures. Mr. Muhammad Shayan Ghayas (Executive Director) holds a BBA in Finance, a diploma in Capital Markets from IBA, and a Certified Director qualification from ICMA. He has over seven years of capital-market experience, with expertise in equity sales, client management, risk management, and marketing strategy

The Board demonstrates active engagement in reviewing Management's strategic and operational performance, as reflected in the quality and depth of discussions documented in the Board meeting minutes. The Board's oversight of Management is further supported by dedicated Audit and Human Resource & Remuneration Committees, both chaired by independent directors, providing focused oversight of Management's financial reporting, internal controls, risk management, and key human resource matters. The presence of independent directors in key Board committees enhances objectivity and strengthens overall oversight of Management's conduct and performance.

Management's financial reporting is externally audited by Reanda Haroon Zakaria Aamir Salman Rizwan & Co., Chartered Accountants, a B-Category firm on SBP's panel of auditors. Additionally, Management has outsourced the internal audit function to M. Adnan Siddique & Co., ensuring independent oversight and transparency over management-reported financials.

The Company’s management team comprises experienced professionals with diverse expertise across capital markets, brokerage operations, finance, compliance, corporate affairs, and sales. Mr. Abdul Basit (Chief Executive Officer) has been associated with TSBL since 1994 and brings over two decades of senior management experience in capital markets and brokerage operations. He has held various key positions within the Company, including Settlements Manager, Company Secretary, General Manager, and Chief Operating Officer, before assuming the role of CEO in 2010. Mr. Muhammad Ahmed (Chief Financial Officer) has over 20 years of experience across finance, internal audit, and taxation, with exposure to multiple industries including manufacturing, trading, exports, and construction. He has completed his articleship with Riaz Ahmed & Co. Chartered Accountants and has also cleared accountancy and taxation examinations of the Institute of Chartered Accountants of Pakistan. Syed Maqsood Ahmad (Company Secretary) brings extensive experience in corporate affairs, legal matters, regulatory compliance, and company secretarial functions, with prior associations with prominent business groups, GlaxoSmithKline, law firms, and the Institute of Chartered Accountants of Pakistan. He holds qualifications including an M.A. in Economics, LLB, and fellowship of the Institute of Corporate Secretaries of Pakistan, in addition to being an Advocate of the High Court. Mr. Zeeshan Khanani (Head of Sales) has over a decade of experience in the securities brokerage industry, with expertise in equity dealing, client management, and sales, particularly serving high-net-worth individuals. Mr. Omaer Arif Sheikh (Head of Equity Operations & Corporate Sales) has over 15 years of experience in securities brokerage and wealth management, with a focus on equity sales for institutional, international, retail, and high-net-worth clients. He has held senior sales and research positions at various brokerage and investment management firms. Mr. Imran Alam (Head of Online Sales) has around 15 years of capital-market experience, including involvement in the development of online trading platforms, customer services, business development, and marketing. He has also held a senior role at Pakistan Stock Exchange, where he contributed to investor awareness and digital initiatives. Mr. Umar Farooq (Manager Institutional Sales) brings over three decades of experience in equity dealing and institutional sales. He has held various positions across leading brokerage firms and has been associated with TSBL since 2019, focusing on equity trading and institutional clients. Overall, the management team combines longstanding capital-market experience with specialized expertise across the Company’s core operating and control functions.

Management maintains a well-defined organizational structure with dedicated functions covering key areas of brokerage and capital-market operations. The principal departments under Management's oversight include: (i) Online Retail Brokerage, (ii) Institutional Brokerage, (iii) Risk Management, (iv) Sales & Marketing, (v) Economic Research, (vi) Compliance, (vii) Customer Support, and (viii) Internal Audit. The respective department heads report directly to Management via the CEO, ensuring clear lines of responsibility and accountability across the organization. The Internal Audit function operates independently and reports to the Board Audit Committee, supporting effective oversight of Management's internal controls and governance. The functional segregation across business, risk, compliance, and assurance areas provides Management with an appropriate framework for managing day-to-day operations and the control environment.

Management provides clients with multiple channels for account opening and service delivery, including its online trading platform, mobile application, and physical branch network. This multi-channel approach reflects Management's focus on accessibility for both retail and institutional clients while supporting digital onboarding and trading. A dedicated customer support function, overseen by Management, assists clients throughout the account opening process, providing guidance on documentation, platform usage, and trading procedures. Management's emphasis on digital access, complemented by physical branch support, enables timely client engagement and facilitates a seamless onboarding and trading experience.

Management has instituted a formal Customer Care Policy, providing a structured framework for the receipt, investigation, and resolution of client complaints. Complaints are initially received by the Operations Manager and subsequently referred to the relevant department head for investigation and resolution. Management's defined escalation mechanism establishes clear ownership and accountability at each stage, while facilitating timely redressal of client concerns. The structured process also supports consistent documentation and monitoring of complaints, contributing to effective client servicing and Management's overall control environment.

Management has implemented an integrated front- and back-end technology infrastructure through Vision Max, an SECP-approved technology provider. The integrated system facilitates seamless processing of trading and post-trading activities, while enabling Management to monitor client positions, compliance parameters, and risk exposures in real time. Automated controls support Management's adherence to applicable margin requirements and other regulatory limits, reducing reliance on manual intervention and enhancing the efficiency and accuracy of operational processes. The integration of core trading, risk, and compliance functions also supports Management's timely identification of exceptions and strengthens the overall control environment.

Management has established a business continuity framework aimed at maintaining the availability of critical operations and safeguarding key business information in the event of operational disruptions. The framework incorporates on-site, off-site, and cloud-based backup arrangements, providing multiple layers of data redundancy. Offsite servers and weekly external backups further mitigate the risk of data loss arising from system failures or other unforeseen disruptions. The availability of diversified backup arrangements, maintained by Management, supports timely recovery of critical systems and information, thereby enhancing operational resilience and continuity of service.

Management has established a dedicated Risk Management Committee responsible for overseeing the Company's risk profile, risk appetite, policies, and control mechanisms. The Committee provides Management with oversight of key risks arising from brokerage and capital-market activities and monitors the effectiveness of related controls. Management also maintains an outsourced Internal Audit function, which provides an independent layer of assurance over internal controls and operational processes. The segregation of risk oversight and internal audit functions supports Management's timely identification and mitigation of potential control weaknesses, while contributing to a stronger overall risk management and governance framework.

Management maintains a dedicated Compliance function responsible for monitoring adherence to applicable PSX requirements, SECP regulations, and other relevant regulatory directives, including requirements relating to Anti-Money Laundering and Countering Financing of Terrorism (AML/CFT). The function also monitors compliance with Management's internal policies and established professional standards. The structured compliance framework, supported by ongoing monitoring and regulatory oversight, facilitates Management's timely identification of potential non-compliances and reinforces adherence to applicable regulatory and internal control requirements.

Pakistan's macroeconomic environment improved considerably during CY25, supported by progress under the IMF's Extended Fund Facility (EFF) and Resilience and Sustainability Facility (RSF), easing inflation, a stable exchange rate, and strengthening external account indicators. Continued engagement with the IMF, coupled with the World Bank's long-term financing commitment, reinforced investor confidence and contributed to an increase in the SBP's foreign exchange reserves. During the year, the SBP adopted a relatively accommodative monetary policy stance, reducing the policy rate from 13.0% to 10.5% as inflation moderated, while maintaining a cautious approach amid evolving external sector risks and geopolitical developments. Despite temporary disruptions from monsoon floods and regional geopolitical tensions, inflation remained within manageable levels and the PKR remained broadly stable against the U.S. dollar. The improving macroeconomic backdrop translated into a strong performance for Pakistan's equity market during CY25, with average daily trading volumes increasing to approximately 796 million shares from 567 million shares in CY24, and average daily traded value rising 62% YoY to PKR 35.8 billion (CY24: PKR 22.2 billion). Although foreign investors remained net sellers during the year, the outflows were largely absorbed by domestic institutional investors, including mutual funds, banks, DFIs, insurance companies, brokers, and other organizations. The favorable market environment supported higher brokerage activity, giving Management the opportunity to grow commission income and business volumes in line with the broader industry. During 1QCY26, the equity market remained active, supported by macroeconomic stability and continued progress under the IMF program; however, market volatility increased towards the end of the quarter amid heightened regional geopolitical tensions, particularly the Iran-Israel/US and broader Middle East conflict, which led to a temporary spike in international oil prices and cautious investor sentiment, a dynamic that tested Management's risk oversight during the period. Going forward, Management's operating environment is expected to remain dependent on macroeconomic stability, the continuation of structural reforms under the IMF program, monetary policy direction, geopolitical developments, and the sustainability of investor confidence.

Trust Securities & Brokerage Limited (“TSBL” or “the Company”) was incorporated as a Public Limited Company on October 19, 1993, and is listed on the Pakistan Stock Exchange Limited (PSX). The Company is a Trading Right Entitlement Certificate (TREC) holder of PSX and also holds membership of the Pakistan Mercantile Exchange Limited (PMEX), enabling it to provide brokerage services across both equity and commodity markets. Over the years, TSBL has established a presence as a market participant, supported by its regulatory memberships and established market infrastructure. The Company primarily serves clients through its brokerage operations, facilitating access to capital market products and investment opportunities across the equity and commodity segments. The Company operates through a network of eight branches across Karachi and Lahore, including its Head Office in Karachi. This footprint enables TSBL to cater to both retail and institutional clients across key capital-market centers. The Company’s principal business activity is equity brokerage, complemented by commodity brokerage services through its membership of the Pakistan Mercantile Exchange Limited (PMEX). TSBL currently operates as a “Trading and Self-Clearing” participant, enabling the Company to independently execute and settle trades through its own clearing arrangements. This structure provides greater control over the post-trade process and supports efficient management of settlement activities. The Company’s operations are supported by dedicated functions covering brokerage, risk management, compliance, resea

Under Management's stewardship, operating revenue rose sharply to PKR 322.6mln in 9MFY26, up from PKR 190.2mln in the SPLY (+69.7% YoY), driven by brokerage income from PSX, which increased to PKR 285.7mln (SPLY: PKR 161.3mln) amid heightened market activity, alongside higher transaction charges from clients of PKR 28.8mln (SPLY: PKR 14.7mln); brokerage income from PMEX, however, declined to PKR 8.0mln (SPLY: PKR 13.7mln). Despite the strong topline growth Management achieved, operating and administrative expenses rose to PKR 300.9mln (SPLY: PKR 202.3mln), resulting in an operating loss of PKR 27.3mln (SPLY: operating loss of PKR 9.3mln); the cost-to-income ratio, though still elevated, improved to ~93% (SPLY: ~106%), reflecting some efficiency gains achieved by Management despite the higher cost base. Management also booked a combined PKR 41.2mln in realized and unrealized losses on the short-term investment portfolio, driven largely by heightened regional geopolitical tensions during 1QCY26, which translated into a loss after tax of PKR 35mln for the quarter. Supported by other income of PKR 74.9mln (SPLY: PKR 51.3mln), net profit after tax nonetheless rose to PKR 34.2mln in 9MFY26, nearly triple the PKR 11.7mln recorded in the SPLY, though earnings per share declined to PKR 0.11 (SPLY: PKR 0.39) on account of the dilutive impact of the PKR 450mln right share subscription Management completed during the period. While the revenue base demonstrates resilience, Management's emerging reliance on non-core, market-sensitive income streams exposes the Company to earnings volatility; sustaining core brokerage growth while building ancillary income, such as advisory or research services, will remain important to Management's long-term financial sustainability objectives.

In line with Management's Risk Management Policy, the Risk Management function conducts daily monitoring of client margin requirements and outstanding exposures to identify potential shortfalls and credit-related risks at an early stage. The integrated Risk Management System provides Management with real-time alerts for margin deficiencies and potential breaches, enabling timely intervention and corrective action. Management maintains defined controls for managing client exposures, including close monitoring of margin positions and prompt follow-up on identified shortfalls, thereby limiting the build-up of credit exposure. In addition, Management has established AML/CFT policies and procedures to identify and mitigate risks associated with client onboarding, transaction monitoring, and suspicious activities. These measures, supported by ongoing risk monitoring and compliance oversight, contribute to Management's effective handling of counterparty and client-related risks and safeguard the Company against potential financial and regulatory exposures.

The short-term investment portfolio under Management's discretion increased to PKR 34.8mln as of Mar-26 from a negligible base at Jun-25, following Management's deployment of part of the right-issue proceeds into listed equities. This marks a departure from the Company's historically negligible proprietary trading exposure and contributed to combined realized and unrealized investment losses of PKR 41.2mln during 9MFY26, driven largely by heightened regional geopolitical tensions during 1QCY26. While the absolute quantum of the portfolio remains modest relative to the Company's equity base, its recent volatility underscores an emerging degree of market risk under Management's watch. Positions are reviewed against market conditions and exposure limits by Management's Investment Decision-Making Committee, providing a degree of oversight; nonetheless, Management's shift toward proprietary exposure represents an evolving risk that will warrant continued monitoring going forward

Management strengthened the Company's liquidity profile considerably during the period, with current liabilities recorded at PKR 425.4mln as of Mar-26 (Jun-25: PKR 490.2mln). These obligations are comfortably covered by current assets of PKR 1,220.1mln (Jun-25: PKR 799.1mln), translating into a current ratio of ~2.87x (Jun-25: ~1.63x), a marked improvement supported by Management's successful right share subscription and the full retirement of short-term borrowings (Mar-26: nil; Jun-25: PKR 46.9mln). Cash and bank balances rose substantially to PKR 318.7mln (Jun-25: PKR 7.9mln), further reinforcing the liquidity cushion Management has built. The improved ratio, coupled with the absence of short-term debt, indicates a strong and comfortable liquidity position under Management's oversight, mitigating liquidity risk.

Management's capitalization strategy strengthened the Company's profile materially during the period, with shareholders' equity rising to PKR 866.6mln as of Mar-26 from PKR 382.3mln at Jun-25, driven primarily by the PKR 450mln right share subscription Management completed during the period, together with retained profit of PKR 34.2mln for the nine months. Paid-up capital increased to PKR 750mln (Jun-25: PKR 300mln), providing Management with a substantially larger equity cushion to support risk absorption capacity. The Liquid Capital Balance (LCB) under Management's oversight stood at PKR 574mln as of Mar-26, reflecting a healthy improvement and a strong buffer over the prescribed regulatory requirement. On-balance-sheet debt remains minimal, with short-term borrowings fully retired and lease liabilities of PKR 15.5mln (Jun-25: PKR 21.5mln) constituting the principal financing obligation, reflecting a strong, largely equity-funded capital structure that Management has built to support business operations.