Press Release

JCR-VIS assigns ‘preliminary’ rating of AA- to the proposed third issue of unsecured, subordinated, listed TFCs of United Bank Limited

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Karachi, May 29, 2006: JCR-VIS Credit Rating Company Limited has assigned a ‘preliminary’ medium to long term rating of ‘AA-’ (Double A Minus) with a ‘Stable’ outlook to the proposed third issue of unsecured, subordinated, listed term finance certificates (TFCs) of United Bank Limited. The preliminary rating of the issue has been assigned following a review of draft legal documents and will be finalized after examination of all signed legal documents. The issue amounting Rs. 2 billion with a tenor of 8 years will contribute towards the bank’s tier-II capital. The annual surveillance of UBL’s credit ratings is currently underway and will be concluded shortly.

For further information on this rating announcement, please contact Mr. Safdar Kazi (Ext: 221) or Ms. Sabeen Saleem ( / Ext: 222) at 5671822/5671833/5680996 or fax to 5681105/5671600.

Faheem Ahmad
President & CEO

Information herein was obtained from sources believed to be accurate and reliable; however, JCR-VIS Credit Rating Company Limited (JCR-VIS) does not guarantee the accuracy, adequacy or completeness of any information and is not responsible for any errors or omissions or for the results obtained from the use of such information. JCR-VIS, the analysts involved in the rating process and members of its rating committee do not have any conflict of interest relating to the rating(s)/ranking(s) mentioned in this report. JCR-VIS is not an NRSRO and its credit ratings are not NRSRO credit ratings. JCR-VIS is paid a fee for most rating assignments. This rating/ranking is an opinion and is not a recommendation to buy or sell any securities. Copyright 2006 JCR-VIS Credit Rating Company Limited. All rights reserved. Contents may be used by news media with credit to JCR-VIS.

JCR-VIS Credit Rating Company Limited