Press Release

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

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Karachi, December 5, 2007: JCR-VIS Credit Rating Company Limited has assigned a ‘preliminary’ medium to long term rating of ‘AA’ (Double A) with a ‘Stable’ outlook to the proposed fourth issue of unsecured, subordinated, listed term finance certificates (TFCs) of United Bank Limited. The rating of the issue will be finalized after examination of all signed legal documents. The issue amounting to Rs. 4 billion with a green shoe option of Rs. 2 billion will contribute towards the bank’s tier-II capital. The tenor of the issue is 10 years.

For further information on this rating announcement, please contact Mr. Safdar Kazi (Ext: 408) or Ms. Sobia Maqbool ( / Ext: 506) at 5311861-70 (10 lines) or fax to 5311872-73.

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 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