Chairman Statement

This year has been one of growth and success for us, as we have fulfilled commitments and achieved objectives. Ghazanfar Neft Gas has expanded and increased its total storage capacity from 50,000 m3 to 115,000 m3 through development of facilities outside of Hairaton in Aqina, Sher Khan, Bandar and Towraghondi. Ghazanfar Group is also proud to announce the purchase of our first crude oil refinery, installation of which is scheduled to be completed within three months.

The aim of this investment is to reduce Afghanistan's dependency on foreign sources of fuel and it will serve as a major step on the road to developing the country's own petroleum industry. The refinery is destined to become a source of less expensive fuel for domestic consumption. We are also pleased with our results in the banking sector, which we joined in 2009. In our plans we estimated a double accelerated growth for Ghazanfar Bank and I am proud to state that it performed as expected, showing an increase of Net Operating Income in 2010 of 81.4 per cent.

Therefore, I can say with confidence, that thus far it was a wise decision. The progress is tremendous and it is succeeding beyond many people's expectations. Ghazanfar Construction is also showing a remarkable growth. We are now engaged in a number of important projects including: expansion of storage facilities for GNG, construction of a nine-story Business centre in Mazar-e-Sharif, development of Ghazanfar Town, as well as contracts to build a number of government and private sector projects. We recently acquired new trucks, excavators, concrete pumps and other equipment.