United Bank LimitedPerformance Review

September 2011

October 25, 2011Abu Dhabi

1

Key Highlights

2

• Standalone PAT up 36% YoY to Rs.11.0 Bn. Consolidated PAT up 34% YoY at

10.6 Bn

• Net interest income up by 18% to Rs 29.6 Bn

o NIM increased by 30 bps to 7.3% YoY

o Increase in yield on earning assets by 70 bps YoY

o Increase in cost of funds by 40 bps

• Non markup income up 23% to Rs 9.0 Bn YoY

o Core banking fees increased by 6% to Rs 5.0 Bn mainly due to higher

corporate service charges, FIG Commission, commission on Bancassurance,

income generated on remittances

o Exchange income up 27% to Rs. 1.5 Bn mainly due to opportunistic

leveraging of higher market volatility

o Derivative income increased by more than 100%, mainly due to better local

arbitrage opportunities

Key Highlights

3

• Provisions increased by 6% to Rs. 6.5 Bn mainly due to downgrading of previously

classified accounts

• Administrative expenses up by 14% YoY but flat QoQ

• Continuous improvement in Cost to income ratio since Q4’ 10. Improved by 1.7%

YoY to 38.3% in Sep 11 and 1.1% QoQ to 37.6% in Q3 11

• Net advances down to Rs. 326 Bn in Sep 11 compared to Rs. 334 Bn in Dec’10

• Deposits at Rs. 557 Bn in Sep 11 compared to Rs. 551 Bn in Dec 10

• Domestic CASA maintained at 79%

• Average total deposits increased by 3% over the previous quarter

• CAR improved from 14.6% in Jun’11 to 15.2% in Sep’11. Tier I CAR at 11.0% (Jun’11:

10.6%)

• Return on equity improved from 19.8% for FY’10 to 23.3% for YTD Sep’11

• Return on assets improved from 1.7% for FY’10 to 2.1% for YTD Sep’11

Income Statement (Standalone)

4

PKR BnYTD

Sep'11

YTD

Sep'10Var % Q3'11 Q2'11 Var %

Interest Earned 52.53 43.24 21% 18.47 17.35 6%

Interest Expensed (22.90) (18.03) -27% (8.15) (7.19) -13%

Net Interest Income 29.63 25.21 18% 10.32 10.16 2%

Non Interest Income 8.94 7.29 23% 3.04 2.87 6%

Total Revenue 38.57 32.51 19% 13.36 13.03 3%

Admin. Expenses (14.76) (12.99) -14% (5.02) (5.03) 0%

Operating Expenses (15.31) (13.46) -14% (5.24) (5.23) 0%

Pre Prov. Operating Profit 23.26 19.04 22% 8.12 7.79 4%

Provision Exp./Other writeoffs (6.51) (6.12) -6% (1.60) (2.58) 38%

Profit Before Tax 16.75 12.92 30% 6.52 5.22 25%

Profit After Tax 10.95 8.06 36% 4.25 3.43 24%

Income Statement - Consolidated

5

PKR BnYTD

Sep'11

YTD

Sep'10Var % Q3'11 Q2'11 Var %

Interest Earned 53.20 43.79 21% 18.71 17.57 7%

Interest Expensed (23.07) (18.15) -27% (8.22) (7.25) -13%

Net Interest Income 30.12 25.64 18% 10.49 10.32 2%

Non Interest Income 9.24 7.75 19% 3.19 2.70 18%

Total Revenue 39.37 33.38 18% 13.68 13.02 5%

Admin. Expenses (15.90) (13.95) -14% (5.39) (5.44) 1%

Operating Expenses (16.45) (14.42) -14% (5.61) (5.64) 1%

Pre Prov. Operating Profit 22.92 18.96 21% 8.07 7.38 9%

Provision Exp./Other writeoffs (6.51) (6.16) -6% (1.60) (2.58) 38%

Profit Before Tax 16.41 12.80 28% 6.47 4.80 35%

Profit After Tax 10.60 7.91 34% 4.19 3.01 39%

Sep 2011 Dec 2010 Sep 2011 Dec 2010

EPS (Rs/share-annual.) 11.9 9.1 11.5 9.0

BV/share (Rs/share) 60.7 55.9 66.3 61.4

Price* - (Rs /share) 56.5 63.5 56.5 63.5

P/E 4.7x 7.0x 4.9x 7.0x

P/BV 0.9x 1.1x 0.9x 1.0x

# of shares 1,224M 1,224M 1,224M 1,224M* S ep-11 Price dat ed Oc t ober 25, 2011 & Dec -10 Price dat ed February 17, 2011

Standalone Consolidated

Share Info

6

30% 30%25% 25%

50%

15%

25% 25%

10% 10%

2006 2007 2008 2009 2010 YTD Sep'11

Dividend Payout as a % of par value of shares

Cash Stock

Dividend Yield 2010 (based on 2010 avg. share price): 8.5%Dividend Payout (as a % of 2010 PAT) : 55%

7

Key Ratios - BankBalance Sheet Ratios Dec-10 Sep-11 Jun-11

Advances / Depos its 63% 63% 60%

Asset Qual i ty 13.2% 14.9% 13.9%

Coverage 72% 75% 76%

Financial RatiosYTD

Sep'10

YTD

Sep'11Q2 11 Q3 11

Yield on P. Advances 12.4% 13.0% 12.7% 12.9%

Cost of Depos its 3.9% 4.3% 4.3% 4.4%

Net Interest Margin 7.0% 7.3% 7.4% 7.3%

NCL Ratio 2.4% 2.5% 2.9% 1.9%

Return on Avg Assets 1.74% 2.05% 1.93% 2.29%

Return on Shareholders ' Equity 19.7% 23.3% 22.8% 26.4%

P/L RatiosYTD

Sep'10

YTD

Sep'11Q2 11 Q3 11

Cost to Income Ratio 40.0% 38.3% 38.6% 37.5%

Non Fund Inc. / Tota l Revenue 22% 23% 22% 23%

8

Deposits Structure (Bank level)

2.0%

3.1%

4.2%

5.3%

6.4%

Q4 08 Q1 09 Q2 09 Q3 09 Q4 09 Q1 10 Q2 10 Q3 10 Q4 10 Q1 11 Q2 11 Q3 11

Cost of Deposits

Domestic International Bank

Cost of Deposits Deposits - Bank

Dec'10 Sep'11

Bank PE -

Rs.Bn COF % PE -

Rs.Bn COF %

Domestic deposits 442 4.4% 442 4.8%

International deposits 108 2.4% 115 2.3%

Total Bank 551 4.0% 557 4.3%

International $ 1,263 2.4% 1,313 2.3%

Domestic CASA 79% 79%

• Cost of deposits increased marginally to 4.3% mainlydue to a deliberate strategy to grow the balance sheetthrough acquisition of profitable, albeit higher cost ofdeposits

• Average deposits increased by 18% YoY over thecorresponding period last year and 3% over theprevious quarter

• Domestic CASA maintained at Dec’ 10 level

• Domestic market share of deposits stands at 8.2% ason 30th Sep’ 2011

9

Net AdvancesNet Advances - Rs. Bn Dec'10 Sep'11

%

Change

Corporate Bank 148.5 142.1 -4% 13.4% 14.3%

Commercial ** 80.7 80.6 -0% 15.1% 16.1%

Consumer 15.7 11.8 -25% 17.0% 19.4%

Others 7.3 6.1 -16% 7.2% 8.1%

Total Domestic 252.2 240.7 -5% 14.0% 15.0%

International 81.5 85.1 +4% 7.9% 7.3%

Bank 333.7 325.7 -2% 12.5% 13.0%

Subsidiaries 7.8 12.5 +61%

Bank - Consolidated 341.5 338.2 -1%

International US$ Mn 951.7 972.7 +2%

* Yield on performing advances

** of which commodity advances of Rs. 59Bn (Dec'10: 54Bn)

YTD Yield *

2010 Sep'11

150

81

24

89

17

149

81

16

82

15

142

81

12

85

19

-

36

72

108

144

180

Corporate Bank Commercial Bank Consumer Bank International Others (incl subsidiaries)

Rs

Bn

Dec'09 Dec'10 Sep'11

11

3 3 3 3

- 1

6

2 2 2 3

- 0

4

2 2 2 2

0 0 0

2

4

6

8

10

12

Drive Address Credit Card Cashline Businessline CashPlus Money

Rs

. B

Dec'09 Dec'10 Sep'11

10

Consumer Advances by ProductRs. Bn Dec'10 Sep'11 Change

Drive 6.2 4.2 -32% 15.8% 19.4%

Address 2.4 1.7 -27% 19.9% 22.2%

Credit Card 2.2 2.0 -8% 21.5% 22.9%

Cashline 2.1 1.9 -8% 12.9% 15.8%

Businessline 2.6 1.9 -28% 14.8% 16.5%

CashPlus - 0.1 +100% 0.0% 22.3%

Money 0.3 0.1 -75% 36.8% 29.1%

Total 15.7 11.8 -25% 17.0% 19.4%

YTD Yield*

2010 Sep'11

International Advances

11

Bank YTD September 2011 YTD September 2010

Rs Bn PE AVG IE

Avg.Yield

/Cost PE AVG IE

Avg.Yield

/Cost

Avg KIBOR - 3M 13.5% 12.4%

Interest Earning Assets

Performing Advances 304 303 29.4 13.0% 313 321 29.7 12.4%

Corporate 125 131 14.1 14.3% 131 138 13.7 13.3%

Commercial 20 21 2.4 15.4% 22 24 2.5 14.0%

Commodity 59 53 6.4 16.3% 56 53 6.0 15.2%

Consumer 11 12 1.8 19.3% 16 19 2.3 16.4%

International 84 80 4.4 7.3% 80 80 4.7 7.9%

Others (staff, IMB) 5 6 0.3 8.1% 7 8 0.5 8.7%

Investments (earning) 226 208 18.9 12.2% 125 114 9.2 10.7%

Corporate Bonds (TFC) 29 28 3.3 15.3% 29 28 3.0 14.2%

Lending To Financial Institution 17 15 0.7 6.3% 16 13 1.0 10.0%

Others 11 14 0.2 2.2% 19 20 0.4 2.7%

Total int. earning assets (a) 587 568 52.5 12.4% 501 496 43.2 11.7%

Non earning assets 140 128 - 0.0% 119 108 - 0.0%

Total Assets (A) 727 696 52.5 10.1% 621 604 43.2 9.6%

Interest bearing liabilities

Total deposits 557 551 (17.8) 4.3% 491 466 (13.6) 3.9%

Core Deposits 499 473 (11.1) 3.1% 432 403 (8.9) 2.9%

Unisaver Plus 28 40 (3.2) 10.6% 29 33 (2.2) 9.1%

UTTIP 31 38 (3.5) 12.4% 30 30 (2.5) 11.3%

Subordinated Debts - TFC 11 12 (1.1) 12.8% 12 12 (1.1) 11.8%

Swap cost (net) - - (0.6) 0.0% - - (0.6) 0.0%

Borrowings 62 43 (3.5) 10.8% 33 43 (2.7) 8.5%

Total interest bearing liab (b) 630 606 (22.9) 5.1% 537 521 (18.0) 4.6%

Non int. bearing liab ilities & equity 97 91 - 0.0% 84 83 - 0.0%

Total Liabilities+Equity (B) 727 696 (22.9) 4.4% 621 604 (18.0) 4.0%

Net Interest Margin (a-b) - - 29.6 7.3% - - 25.2 7.0%

Spread (A-B) - 5.7% - 5.6%

Spread Analysis – Bank Level

12

Agribusiness, 15%

Airlines, 2%

Automobile & Trans. Equip., 1%

Cement, 1%

Chemical and pharmaceuticals, 2%

Contractor /

Constructor, 7%

Fertilizer dealers, 2%

Financials, 3%

Food, 4%Individuals, 13%

Others, 15%

Prod. & Transmission Energy, 12%

Sugar, 3%

Telecom, 2%Textile, 14%

Trading, 4%

13

Concentration of Advances - Standalone

Non Fund Income - Rs. MnYTD

Sep'11

YTD

Sep'10Var % Q3'11 Q2'11 Var %

Fee, commission and brokerage income 4,992 4,710 6% 1,712 1,681 2%

Dividend income 430 447 -4% 108 221 -51%

Income from dealing in foreign currencies 1,517 1,197 27% 441 326 35%

Gain / (loss) on sale of securities 300 124 141% 155 (35) 538%

Other income 1,699 814 109% 622 680 -8%

Total Non Fund Income 8,937 7,294 23% 3,038 2,872 6%

14

Non Markup / Return / Interest Income

15

Fee Commission and Brokerage Income

Fee Commission Income - Rs. Mn

YTD

Sep'11

YTD

Sep'10 Var % Q3'11 Q2'11 Var %

Commission on trade 1,064 1,279 -17% 292 365 -20%

Commission on consumer loan 695 780 -11% 242 222 9%

Commission on remittance / Uniremote 622 607 2% 209 189 10%

Corporate service charges/FIG Comm. 708 521 36% 284 246 16%

Comm. on ATM / utility / cheque books 522 436 20% 187 183 2%

Minimum balance charges 252 289 -13% 62 106 -41%

Commission on home remittance 352 248 42% 155 107 45%

Commission on cash management 182 158 16% 67 69 -3%

Commission income - Bancassurance 152 76 99% 47 62 -24%

Commission others 442 317 39% 166 131 27%

Total 4,992 4,710 6% 1,712 1,681 2%

16

Administrative Expenses

Administrative Expenses - Rs. MnYTD

Sep'11

YTD

Sep'10Var % Q3'11 Q2'11 Var %

Personnel Cost 6,322 5,613 -13% 2,163 2,074 -4%

Premises Cost 2,368 2,158 -10% 832 807 -3%

Outsourced service charges

including sales commission1,179 1,075 -10% 425 392 -9%

Advertisement and publicity 408 315 -30% 104 177 41%

Communications 581 530 -10% 196 187 -5%

Depreciation 909 846 -7% 299 309 3%

Legal and professional charges 172 211 19% 65 69 6%

Banking service charges 545 425 -28% 168 208 19%

Stationery and printing 296 301 2% 93 104 11%

Travelling 178 120 -48% 49 70 30%

Cash transportation charges 234 202 -16% 78 80 2%

Repairs and maintenance 115 74 -55% 43 43 -1%

Maintenance contracts 480 364 -32% 179 163 -10%

Vehicle expenses 110 86 -29% 39 38 -3%

Office running expenses 205 155 -32% 70 69 -1%

Others 656 517 -27% 214 246 13%

Total 14,758 12,991 -14% 5,016 5,034 0%

17

E-banking StatisticsE-Banking Sep'11 Sep'10 % Change 2010 2009

# of ATMs 472 413 14% 436 412

# of Transactions (Mn) 14.5 12.2 19% 16.4 14.6

Average transactions per day 53k 45k 18% 45k 40k

Total transaction amount (Rs Bn) 92 72 27% 101 84

Average transaction size (Rs 000) 6.3 5.9 7% 6.1 5.7

Average monthly trans.per ATM (Rs Mn) 22 19 11% 19 17

Internet Banking

Users 97,842 79,446 23% 82,082 70,834

Total # of transactions (000) 644 451 43% 615 450

Total transaction amount (Rs 000) 90,533 47,589 90% 67,895 22,403

Average transaction size (Rs 000) 141 105 33% 110 50

Click N Remit

Users 34,284 30,231 13% 32,607 28,379

Total # of transactions (000) 55 57 -3% 76 74

Total transaction amount (US$ Mn) 43 44 -2% 58 56

Average transaction size (US$) 782 773 1% 767 759

18

Financial ratios – Consolidated (1/3)

Full Year QTD (A nnua lize d)

2008 2009 2010 Sep'11 Dec-10 Mar-11 Jun-11 Sep-11

Spread (st.) 1

5.1% 5.5% 5.5% 5.7% 5.5% 5.5% 5.9% 5.7%

Net Interest Margin (st.) 2

6.1% 6.9% 7.1% 7.3% 7.2% 7.2% 7.4% 7.3%

Non Interest Yield 3

1.9% 2.1% 1.6% 1.7% 1.8% 1.9% 1.5% 1.7%

Admin Exp./Avg Assets 2.9% 2.8% 2.8% 2.9% 2.9% 2.8% 2.9% 2.8%

Cost Income Ratio 42.1% 38.5% 41.7% 40.4% 41.5% 40.0% 41.8% 39.4%

Loan Loss / Avg. Assets 1.0% 1.9% 1.2% 1.2% 1.1% 1.3% 1.4% 0.8%

Loan Loss / RWA 4

1.2% 2.4% 1.6% 1.6% 1.5% 1.8% 2.0% 1.2%

Effective Tax Rate 39.9% 34.2% 37.7% 35.4% 36.3% 34.0% 37.2% 35.2%

Pre-Provision ROA 5

2.3% 2.9% 2.4% 2.7% 2.5% 2.8% 2.5% 2.7%

ROA 1.4% 1.5% 1.6% 1.9% 1.8% 1.9% 1.6% 2.2%

Return on RWA 1.8% 2.0% 2.1% 2.7% 2.4% 2.6% 2.3% 3.2%

Pre-Provision ROE 6

31.3% 34.9% 26.0% 28.8% 27.4% 30.2% 27.8% 29.9%

ROE 19.7% 18.0% 17.7% 20.6% 19.2% 20.7% 18.1% 24.0%

Formulas

1. Net interest income / average assets 4. Risk weighted assets

2. Net interest income / average earning assets 5. Return on avg. assets (before net provisions)

3. Non interest income / average assets 6. Return on average equity (before net provisions)

DuPont

19

Financial ratios – Consolidated (2/3)

Full Year QTD (A nnua lize d)

2008 2009 2010 Sep'11 Dec-10 Mar-11 Jun-11 Sep-11

Gross NPLs / Gross Loan 7.2% 10.3% 12.9% 14.4% 12.9% 13.9% 13.4% 14.4%

Net NPLs / Gross Loan 2.2% 3.0% 3.6% 3.7% 3.6% 4.1% 3.5% 3.7%

Coverage Ratio 69.3% 70.9% 71.9% 74.6% 71.9% 70.3% 75.7% 74.6%

Sp.Prov. held / Gross loan 5.0% 7.3% 8.9% 10.4% 8.9% 9.6% 9.9% 10.4%

Net Credit Loss ratio 1.9% 3.3% 2.2% 2.5% 2.2% 2.7% 2.8% 1.8%

Full Year QTD (A nnua lize d)

2008 2009 2010 Sep'11 Dec-10 Mar-11 Jun-11 Sep-11

Growth in Loan Book 22.6% -4.3% -5.7% -1.0% -0.7% 0.5% 0.7% -2.1%

Growth in Deposits 19.6% 2.3% 12.7% 1.6% 11.9% -3.8% 11.8% -5.6%

Operating Revenue 14.0% 16.6% -1.4% 17.9% 6.6% 4.0% 2.8% 5.1%

Operating Expenses 17.0% 6.7% 6.6% 14.2% 5.3% 0.0% 7.7% -0.3%

Pre-provision Oper.Profit 11.9% 23.8% -7.2% 20.9% 7.7% 7.7% -1.4% 9.4%

Provisions 23.5% 64.5% -39.2% 5.8% -4.3% 13.4% 10.3% -37.8%

Profit After Tax -8.6% 12.3% 16.1% 34.0% 11.9% 9.1% -11.2% 39.0%

Asset Quality

Growth

20

Financial ratios – Consolidated (3/3)

Yearly QTD (A nnua lize d)

2008 2009 2010 Sep'11 Dec-10 Mar-11 Jun-11 Sep-11

Capital Adequacy Ratio 10.4% 14.0% 15.0% 15.9% 15.0% 14.7% 15.5% 15.9%

Tier-I CAR 6.1% 9.5% 10.4% 11.2% 10.4% 10.2% 10.8% 11.2%

Loan / Deposits 77.3% 73.7% 62.8% 62.9% 62.8% 66.2% 60.3% 62.9%

Loan / Assets 58.3% 53.7% 47.1% 44.9% 47.1% 48.7% 44.7% 44.9%

RWA / Assets 77.0% 75.9% 72.7% 70.1% 72.7% 73.8% 67.8% 70.1%

Average Headcount 2

9,192 8,639 8,474 8,423 8,426 8,476 8,414 8,434

Personnel cost /

Headcount (000)

Yield on Earning Assets 3

11.0% 12.3% 11.8% 12.4% 12.2% 12.4% 12.3% 12.4%

Cost of Funds 4

4.9% 5.4% 4.7% 5.1% 5.0% 5.2% 4.8% 5.2%

Yield on Performing Adv 12.1% 13.3% 12.5% 13.0% 12.7% 13.1% 12.8% 12.9%

Cost of Deposits 4.3% 4.8% 4.0% 4.3% 4.2% 4.3% 4.3% 4.4%

Formulas

2. Permanent Staff

3. Earning assets incl bal.with other banks, lending to F.I., investments & perf adv

4. Funds includes deposits, borrowings & sub-ordinated loans

Other Metrics

736.4 879.3 999.3 863.9 1,024.3 997.7 969.3 861.8

21

Quarterly Trend Analysis

Bank Level

22

Profit before Tax

3.9

2.83.2

4.14.3 4.3 4.4

4.85.0

5.2

6.5

2.5

3.4

4.3

5.2

6.1

7.0

Q1 09 Q2 09 Q3 09 Q4 09 Q1 10 Q2 10 Q3 10 Q4 10 Q1 11 Q2 11 Q3 11

Rs B

n

23

Profit after Tax

2.5

1.8

2.1

2.8 2.8

2.4

2.93.1

3.33.4

4.2

1.5

2.2

2.9

3.6

4.3

5.0

Q1 09 Q2 09 Q3 09 Q4 09 Q1 10 Q2 10 Q3 10 Q4 10 Q1 11 Q2 11 Q3 11

Rs B

n

24

Deposits

469

509

452

492

451

500 491

551529

594

557

400

450

500

550

600

650

Mar 09 Jun 09 Sep 09 Dec 09 Mar 10 Jun 10 Sep 10 Dec 10 Mar 11 Jun 11 Sep 11

Rs B

n

25

Net Advances

360

368

352354

331

343

335 334 334 334

326

320

332

344

356

368

380

Mar 09 Jun 09 Sep 09 Dec 09 Mar 10 Jun 10 Sep 10 Dec 10 Mar 11 Jun 11 Sep 11

Rs B

n

26

Net Interest Income

7.9 7.6

8.2

8.9

8.2 8.4 8.6

8.9 9.2

10.2 10.3

7.0

7.8

8.6

9.4

10.2

11.0

Q1 09 Q2 09 Q3 09 Q4 09 Q1 10 Q2 10 Q3 10 Q4 10 Q1 11 Q2 11 Q3 11

Rs B

n

* Excluding other operational Write-offs

27

Net Provision *

2.2

4.7

2.73.0

2.1 2.0 2.21.8

2.32.6

1.6

-

1.2

2.4

3.6

4.8

6.0

Q1 09 Q2 09 Q3 09 Q4 09 Q1 10 Q2 10 Q3 10 Q4 10 Q1 11 Q2 11 Q3 11

Rs B

n

28

Non Fund Income

2.3

3.8

2.33.3 2.4 2.4

2.62.8

3.02.9

3.0

1.0

1.8

2.6

3.4

4.2

5.0

Q1 09 Q2 09 Q3 09 Q4 09 Q1 10 Q2 10 Q3 10 Q4 10 Q1 11 Q2 11 Q3 11

Rs B

n

29

Gross Revenue

10.2

11.4

10.5

12.2

10.6

10.7

11.2

11.7

12.2

13.013.4

9.5

10.4

11.3

12.2

13.1

14.0

Q1 09 Q2 09 Q3 09 Q4 09 Q1 10 Q2 10 Q3 10 Q4 10 Q1 11 Q2 11 Q3 11

Rs B

n

30

Administrative Expenses

3.9

4.2 4.24.3

4.1

4.4 4.5

4.84.7

5.0 5.0

3.8

4.1

4.4

4.8

5.1

Q1 09 Q2 09 Q3 09 Q4 09 Q1 10 Q2 10 Q3 10 Q4 10 Q1 11 Q2 11 Q3 11

Rs B

n

31

The information contained herein reflects our latest business statement as at

September 30, 2011

Except the historical information contained herein, statements in this Release

which contain words or phrases such as ‘will’, ‘would’, ‘indicating’ expected to’

etc., and similar expressions or variations of such expressions may constitute

‘forward-looking statements’. These forward-looking statements involve a

number of risks, uncertainties and other factors that could cause actual results to

differ materially from those suggested by the forward-looking statements. These

risks and uncertainties include, but are not limited to our ability to successfully

implement our strategy, future levels of non-performing loans, our growth and

expansion in business, the impact of any acquisitions, the adequacy of our

allowance for credit losses, technological, implementation and changes, the

actual growth in demand for banking products and services, investment income,

cash flow projections, our exposure to market risks as well as other risks

detailed in the reports filed by us with various regulatory authorities as per

applicable laws and regulations. UBL undertakes no obligations to update

forward-looking statements to reflect event or circumstances after the date

thereof.

32

Thank You