5 Billion Initial Investment Announced for Air Karachi Top Businessmen to Launch Much Needed World-Class Airline Atif Ikram Sheikh, President FPCCI

Karachi: Mr. Atif Ikram Sheikh, President FPCCI, has apprised that, in a transformational initiative for
Pakistan's aviation industry and its skies, top businessmen have formed a strategic alliance to launch the
much needed, world-classes airline for Pakistan – which is named Air Karachi as its Head Office will be
based in Karachi. The mega-venture is a joint effort by prominent business leaders and corporate investors;
including, FPCCI President, Mr. Atif Ikram Sheik, as a major shareholder.

Mr. Atif Ikram Sheikh informed that other notable shareholders of Air Karachi include big names like
Mr. S. M. Tanveer, Patron-in-Chief, UBG; Mr. Aqeel Karim Dhedhi, Chairman of AKD Group;
Mr. Arif Habib, Chairman AHL; Mr. Bashir Janmohammad, top industrialist & educationist; Mr.
Zubair Tufail, former President FPCCI; Mr. Hanif Gohar & Mr. Khalid Tawab, former SVPs
FPCCI; Sheikh Umer Rehan, Chairman PVMA & former President KATI and Mr. Hamza Tabani,
Chairman Tabani Group – among other large-scale industrialists, who have joined hands to fill the void
and the vacuum in Pakistan’s commercial airlines sector.

Mr. Sheikh stated that the alliance of the prominent businessmen have already announced an initial seed
money of Rs. 5 billion; and, more investments and financing will be made available as and when required
for expansion of fleet, infrastructure, new domestic routes and international operations. It will truly be a
transcontinental airline, he added.

FPCCI Chief highlighted that Air Karachi has been registered with Securities & Exchange Commission of
Pakistan (SECP); and, it plans to immediately lease 3 top-notch aircrafts to kick-start the domestic
operations. The next phase will see the launch of international operations soon enough – with the aim to
regain the lucrative international routes where once the commercial planes carrying Pakistani flag used to
fly high and proud, he added.

Mr. Atif Ikram Sheikh stressed the fact that the guiding principle of Air Karachi will be to derive
profitability from operational and managerial efficiency – not profiteering or price gouging. This is how
airlines ensure price-competitiveness; value-proposition; growth & expansion and sustainability. We need
to bring the same model to Pakistan, he added.

Mr. Atif Ikram Sheikh maintained that Air Karachi will be run under international best practices in
management and aviation – be them passenger safety and environmental standards; strict compliance and
reliability of schedules; in-flight food, entertainment, comfort and service quality or pre & post-flight
services and facilitation.

Mr. Atif Ikram Sheikh elaborated that the aforementioned group of businessmen were observing the
miserable state of Pakistan’s national carrier; the lack of competitive and quality commercial airlines in
Pakistan and negative impacts of these shortcomings on Pakistan’s economy, tourism and international
image. We can never achieve the goal to attract foreign investors and tourists in big numbers, until and
unless, we have an airline with international standing and work ethics; whereas, tourism alone can earn
Pakistan billions of dollars annually, he added.