Press Release

JCR-VIS assigns IFS rating of A- to UBL Insurers Limited

Karachi, September 20, 2007: JCR-VIS Credit Rating Company Limited has assigned an Insurer Financial Strength rating of ‘A-’ (Single A Minus) to UBL Insurers Limited (UIL). Outlook on the assigned rating is ‘Stable’.

UIL has an experienced management team, which has held a lengthy association with the local insurance industry. The company has also invested in a comprehensive management information system to support operations. Having been set up with a paid-up capital of Rs. 300 million, the company has adequate room to build a sizeable insurance portfolio. The company’s panel of re-insurers includes several reputable names.

The share capital of UIL has been contributed by United Bank Limited (UBL); in addition to which the major sponsors of UBL also hold a significant stake in the company. Ratings incorporate implied parent support, with UIL being well poised to capitalize on the UBL franchise. Business volumes are expected to grow at a healthy pace over the initial years of operations.

For further information on this rating announcement, please contact the undersigned (Ext: 508) or Ms. Sabeen Saleem (Ext: 608) at 5311861-70 (10 lines) or fax to 5311872-3.

Mr. Ziauddin Ahmed

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 2007 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