Cyan Limited (formerly Central Insurance Company Limited)

Shareholders PresentationAnnual Accounts 2011

28th April, 2012

Highlights and Lowlights 2011• Highlights:

– SECP revoked Insurance license on November 30, 2011.– Company reduced its exposure to related parties and invest the

proceeds in high dividend yielding stocks.– The market capitalization of the company grew by 71% to Rs. 1,955

million.

• Lowlights:– Loss after tax for the year was Rs. 197.5 million due to sharp decline in

related parties shares.– Market value of the investment portfolio declined by Rs. 980 million

(25%) to Rs. 2,947 million due to decline in related parties shares.– Share trading at discount to book value

Diversification of Investments

• Portfolio diversification was a major driver of investment strategy…• Reduction of exposure in related parties was achieved from 78% to 47%.

1%

47%

28%

23%1%

2011

Government Securities Shares- related parties Shares-othersMutual fundsCash

1%

78%

20%1%

2010

Government Securities Shares- related parties Shares-othersMutual fundsCash

Contribution to Profitability(Rs. in Million)

Dividends capital gains Impairment PAT

-800

-600

-400

-200

0

200

400

2010 2011

Investment Income (Rs. in Million)

2009 2010 2011

-150

-100

-50

0

50

100

150

200

Contribution to Dividend Income(Rs. in Million)

2010 20110

20

40

60

80

100

120

140

160

180

200

60%

37%

40% 63%

Related Parties Others

Profitability and Investment Valuations(Rs. In Million)

2007 2008 2009 2010 2011

-2000

-1000

0

1000

2000

3000

4000

5000

Investment (Market) Profit After Tax

Top ten holdings

* Top ten holdings represent 97% of the total portfolio

34.02%

24.17%11.94%

10.78%

5.22% 5.16%

3.53% 2.40% 1.44% 1.34%

Portfolio Break-up based on Top Ten* Holdings as at December 31, 2011

Engro Corp.Mutual FundsHubcoDH Corp.FFCPOLDLLNMLLUCKNCL

Jan-

10

Feb-

10

Mar

-10

Apr-

10

May

-10

Jun-

10

Jul-1

0

Aug-

10

Sep-

10

Oct

-10

Nov-

10

Dec-

10

Jan-

11

Feb-

11

Mar

-11

Apr-

11

May

-11

Jun-

11

Jul-1

1

Aug-

11

Sep-

11

Oct

-11

Nov-

11

Dec-

11

-

50

100

150

200

250 CYAN KSE-100 Index

CYAN vs KSE 100

2009

2010

2011

0 20 40 60 80 100 120

Dividend Paid (Rs. in Million)

Outlook

• The company has discontinued its insurance business and is actively undertaking growth equity and portfolio investment business.

• Implement the new business model to deliver superior risk adjusted return to the shareholders.

Questions…