Press Release

JCR-VIS finalizes rating of AA assigned to the fourth issue of unsecured, subordinated, listed TFCs of United Bank Limited

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Karachi, December 13, 2007: Following the examination of signed legal documents, JCR-VIS Credit Rating Company Limited has finalized the medium to long term rating of ‘AA’ (Double A) with a ‘Stable’ outlook, assigned to the proposed fourth issue of unsecured, subordinated and listed term finance certificates (TFCs) of United Bank Limited (UBL).

The proposed issue of TFCs amounting to Rs. 6 billion (including a green shoe option of Rs. 2 billion) with a tenor of 10 years will contribute towards the bank’s eligible capital.

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

Safdar Kazi

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