United Bank Limited

The Largest Investment Bank for 2002-05 (CFA Association of Pakistan)

Investment Banking Group

Project & Structured Finance Syndications & Debt Capital Markets Equity & Advisory

CREDENTIALS
March, 2007

Table of Contents
UBL and its Investment Banking Group
Project & Structured Finance Syndications & Debt Capital Markets Equity & Advisory

Deal Credentials Key Personnel Key Contacts

-Slide 2-

UBL and its Investment Banking Group (IBG)

United Bank Limited-An Established Player

The second largest private sector bank in Pakistan with the most active Corporate and Investment Bank. Privatized in October, 2002. Sponsors include The Bestway Group (25.5%), Abu Dhabi Group (25.5%), while the balance is held by the Government of Pakistan and the general public. Has a successful banking history of over 47 years. Consistent double-digit growth in Advances and Deposits during the last 4 years. Represented in 10 countries world-wide through 22 offices, including USA, UK, and Switzerland. A strong domestic footprint comprising of 1096 branches all over Pakistan. Our mission is to become a world class bank, where you come first

-Slide 4-

UBL-Worldwide Presence

1branch,USA 4Branches,UK Subsidiary, Switzerland

Rep.OffEgypt Rep.Off,Iran 2branches,Bahrain

JV,Oman 1branch,Qatar 8branches,UAE

4branches, Yemen 1,096branches, Pakistan

-Slide 5-

UBL-Financial Highlights

-Slide 6-

The Largest Investment Bank in Pakistan

IBG provides innovative and unique solutions to its clients enabling them to meet the challenges of an ever-changing market. Dedicated specialist team of 14 investment bankers. Supported by over 50 relationship managers in six different locations in Pakistan alone. Well established execution experience. Rich international and domestic investment banking product knowledge. Strong distribution capability. Three specialist business areas: Project & Structured Finance Syndications & Debt Capital Markets Equity & Advisory
-Slide 7-

UBL IBG-Transaction Approach

Innovation Creativity Uniqueness Integrity Honesty ProductKnowledge MarketIntelligence TeamWork A multifaceted and collaborative approachto customized solutions

Client Satisfaction

-Slide 8-

UBL IBG - Offering A Full Spectrum of Services

Structured Finance Bonds Leveraged Buyouts

Privatisation Equity Underwriting& Placement

Mergers

Corporate Restructuring

DebtEquity
Syndicated Loans Project Finance QuasiEquity Products Private Equity Equity DeListings

Advisory

Acquisitions Friendly/Hostile TacticalStakes

-Slide 9-

Investment Banking Group-Structure

IBG

Project & Structured Finance Deals With :

Green field projects and expansion initiatives of highly leverages entities that seek nonrecourse/limited recourse financing options.

Debt Capital Markets Deals With:

Existing Corporates with significant long term funding requirements that cannot be met by single lenders, either due to per party limits or risk diversification considerations.

Equity & Advisory Deals With :

Sectors with potential consolidation/mergers etc for

Privatization Deals ; Highly leveraged Companies in cyclical industries; and, Start ups/ Growth Companies with substantial capital requirements

Products:
Highly structured, and syndicated, funding supported by well developed legal / financial frame works, aimed at optimizing allocation of risks involved.

Products:
Syndicated Loans Term Finance Facilities Listed Privately Placed Securitization Commercial Paper Bonds -Slide 10-

Products
Ordinary Shares, Preference Shares and other quasi equity instruments Customized advisory related products/services Private Equity

Organizational Chart
President

EVP/ Group Head Investment Banking

VP/ Head Project & Structured Finance

SVP/ Head Syndications & DCM

SVP/ Head Equity & Advisory

AVP/ Transactor

Manager/ Transactor

AVP/ Transactor

AVP/ Transactor

Manager/ Transactor

Transactor

Transactor/ Research Analyst

Transactor

Manager/ Transactor

Asst. Manager Trustee Function

-Slide 11-

UBL IBG The Market Leader

Current mandates add up to over PKR59 billion (US$967million). A healthy mixture of Debt, Equity & Advisory transactions. Structured and executed debt and equity transactions totaling over PKR 45 billion (US$744 million) in 2006, PKR60 billion (US$1billion) in 2005, and PKR52 billion (US$866 million) in 2004.
IBG-Transaction Portfolio YoY
40% 35% 30% 25% 20% 15% 10% 5% 0% Advisory Privatization Equity PreIPOs/IPOs Corp. Restruc. Struc. Fin/Sec. Project Finance Private Equity Synd. Loans Bonds
2006

2003

2004

2005

-Slide 12-

UBL IBG The Market Leader

Financial Advisor & Lead Arranger Non-recourse Project Financing for Pakistans First IPP under Power Policy 2002 for Orient Power Company Limited PKR8,600 million. Financial Advisor & Lead Arranger Pakistans Largest Project Financing to-date for Fatima Fertilizer Co. Ltd.- PKR23,000 million. Financial Advisor & Arranger - Pakistans First Listed Floating Rate Preferred Share Issue for Masood Textiles Mills Limited PKR600 million. Lead Arranger Pakistans First Commercial Financing of an Undersea Fiber Optic Network for Transworld Associates (Pvt.) Limited PKR1,400 million. Buy-Side Advisor for acquisition of Pak-Arab Fertilizers Limited Pakistan's Largest Leveraged Buy-Out (LBO) to Fatima Group & Arif Habib Group PKR14,675 million.

-Slide 13-

UBL IBG The Market Leader

Lead Arranger Pakistans First Co-Generation Plant on a 100% non-recourse basis and which also had the First FX Option issued by a Pakistani Bank for DHA Cogen Limited PKR5,150 million. Advisor on the divestment of stake in Pakistan PTA Ltd Pakistans Largest Equity Block Transaction to date to ICI Pakistan Limited PKR4,000 million. Joint Advisor & Arranger - Pakistans Largest Syndicated Transaction involving syndication of PKR20.5 billion and the Largest FX Swap in Pakistan for PARCO - US$387 million. Joint Advisor & Arranger - Pakistans Largest Privately Placed Bond for Pakistan International Airlines PKR15.14 billion. Financial Advisor & Arranger - First Listed and Rated Asset Backed Securitization for Paktel Limited PKR990 million.

-Slide 14-

UBL IBG What Its All About

Awarded the Largest Investment Bank award by the CFA Association of Pakistan for three consecutive years (20032005). IBG provides innovative and unique solutions to its clients enabling them to meet the challenges of an ever-changing market. Dedicated specialist team of 14 investment bankers.
Actively work with over 50 relationship managers in six different locations in Pakistan alone.

Well established execution experience. Rich international and domestic investment banking product knowledge. Strong distribution capability

-Slide 15-

CFA Award Winner for 3 Consecutive Years

ThePakistanSociety ofInvestment Professionals ThePakistanSocietyof Investment Professionals ThePakistanSocietyof Investment Professionals

TheLargest InvestmentBank 20022003

TheLargest InvestmentBank 20032004

TheLargest InvestmentBank 20042005

UnitedBankLimited
The Pakistan Society of Investment Professionals

UnitedBankLimited
The Pakistan Society of Investment Professionals

UnitedBankLimited
The Pakistan Society of Investment Professionals

Awarded The Largest Investment Bank for three consecutive years (2003-2005) by Awarded The Largest Investment Bank for three consecutive years (2003-2005) by the CFA Association of Pakistan, based on the number and amount of transactions the CFA Association of Pakistan, based on the number and amount of transactions executed during the period by The Pakistan Society of Investment Professionals executed during the period by The Pakistan Society of Investment Professionals which is a member society of CFA Institute. (Formerly known as AIMR) which is a member society of CFA Institute. (Formerly known as AIMR)

-Slide 16-

Award Winner for Transaction of the Year

ThePakistanSocietyof InvestmentProfessionals

CorporateFinance TransactionoftheYear 20042005

UnitedBankLimited
The Pakistan Society of Investment Professionals

UBL was the exclusive Buy-side Financial Advisor and Joint Lead Arranger for UBL was the exclusive Buy-side Financial Advisor and Joint Lead Arranger for acquisition finance to Arif Habib Group and Fatima Group. UBL-IBG structured the acquisition finance to Arif Habib Group and Fatima Group. UBL-IBG structured the Largest Leveraged Buy-Out (LBO) transaction in Pakistan of PKR 14,675 million for the Largest Leveraged Buy-Out (LBO) transaction in Pakistan of PKR 14,675 million for the acquisition of Pak Arab Fertilizers (Pvt.) Ltd. acquisition of Pak Arab Fertilizers (Pvt.) Ltd.

-Slide 17-

Why Clients Should Choose Us?

A demonstrated ability and successful track record of advising domestic and foreign investors and government agencies in the power sector, locally and internationally. Thorough understanding of the domestic power sector environment and policy framework and departures from the same, as they are currently happening. High level contacts with Government and regulatory authorities which ensures adherence to project timelines. Strong financial modeling expertise. A recognized core competency in identifying, analyzing and allocating risks to ensure smooth project closure. Close and long-standing relationships with all major technical, legal, tax and accounting consultants in Pakistan (and off-shore) generally, and with respect to the domestic energy sector in particular. Excellent contacts within all principal Export Credit Agencies and equipment suppliers, contractors and operators for the power sector. A proven ability to arrange funding for big ticket project finance transactions, as evidenced by our arrangement credentials presented in this submission.

-Slide 18-

Table of Contents
UBL and its Investment Banking Group
Project & Structured Finance Syndications & Debt Capital Markets Equity & Advisory

Deal Credentials Key Personnel Key Contacts

-Slide 19-

Project & Structured Finance

Project Finance
Definition
A method of funding whereby a Company obtains separate financing for specific assets by giving creditors a claim on the revenues generated by those assets. The created entity's only asset is the Project.

Features
Assets have a high degree of specificity Clear source of cash flows with high degree of certainty Transparency of information Claimants dont want commingling with other assets and projects Often, guarantees of government or of partners/customers
-Slide 21-

Project Finance (contd)

Successful project financings exhibit the following characteristics:
Stakeholders are committed and of high quality; Risks and rewards are clearly identified; and The contractual framework transparently and equitably assigns risks and rewards amongst stakeholders.

-Slide 22-

Structured Finance
A non-traditional lending method tailored to specific client needs. Usually cashflow based rather than asset reliant. Allows borrowing against the value of a specific asset, project or income stream rather than on the basis of the borrowers own credit rating.
In general a structured finance solution seeks to isolate the risk of the loan facility from the overall risks of the borrowers business.

Scenarios best suited to structured finance solutions are:

Companies with capitalisation issues, i.e. who cant borrow any further on the strength of their existing balance sheets. Service entities with little or no tangible assets of worth, e.g. technology and telecom. Where the financing risks are too large for the borrower and/or lenders to cope with, e.g. cross-border.
-Slide 23-

UBL The Preferred Project Finance Partner

Special focus on the Project Finance with a solid portfolio of Project Finance executed deals and mandates. Advised/financed a broad range of Project Finance transactions including LPG container terminal, refineries, oil pipelines, power generation and distribution amongst others. Serves Project Finance client needs through a wide array of products ranging from Project & Structured Finance to cash management, bonds and plain vanilla debt. Project Finance transaction successfully completed during 2005 amounted to PKR 6,550 million

-Slide 24-

Project Finance Methodology

Our methodology for a given project finance transaction is predicated on the following parameters:
Development of a comprehensive decision-making tool viz. the financial model to assist the sponsors in key project decisions notably the levelized tariff and capital structure Development of a Risk Assessment Matrix for equitable allocation of risks amongst the stakeholders Ensuring that all essential ingredients are in place for managing lender as well as project sponsor expectations Serving as the nexus between the regulators, lenders, sponsors and other project stakeholders to ensure a smooth interface amongst them

The methodology can be encapsulated within the following concrete steps:

Financial Modeling & Analysis Risk Evaluation Project Structuring Negotiation of Key Project Contracts Identification of Sources of Finance Bankable Term Sheet -Slide 25-

Project Finance Methodology (contd.)

25,000 PKR (mln) 90.00% 80.00% 20,000 70.00% 60.00% 1 5,000 50.00% 40.00% 30.00% 5,000 20.00% 1 0.00% 0.00% 2003 2005 2007 2009 201 201 201 201 201 2021 2023 2025 2027 1 3 5 7 9 Equity Senior Debt Subordinated Debt Shareholders' Loan Mezannine Financing Senior Debt / Total Debt and Equity

Financial Analysis
Development of elaborate financial models to ascertain the projects economic viability Level of detail allows approximation of expected realworld conditions Rigorous sensitivity analyses of major project variables viz. construction cost and period, financing parameters and technical and operating assumptions Scenario building to determine the impact of a specific set of technical, operating and financing parameters Model output in the form of projected financial statements, graphs and key financial ratios
-Slide 26-

1 0,000

Debt coverage

4,000 PKR (mln) 3,500 3,000 2,500 2,000 1 ,500 1 ,000 500 2004 Interest Fees Debt Service Cover Ratio 2006 2008 201 0 201 2 Principal Repayment 201 4

2.0 x

1 x .5

1 x .0

0.5 x

0.0 x

Cash Available for Debt Service

Project Finance Methodology (contd.)

Risk Evaluation
For all limited/non-recourse projects, the importance of an accurate identification of risks and rewards cannot be understated Hence, we conduct an extensive review of both pre-completion and postcompletion risks This allows for risk mitigation and/or allocation amongst the various stakeholders which are best capable of managing those risks
Project Risk

Pre-completion

Post-completion

Design

Political

Construction

Commissioning

Conflict of Interest

Sponsor Default

Forced Abandonment

Delay

Cost Overruns

-Slide 27-

Project Finance Methodology (contd.)

Project Structuring
Based on the foregoing, development of an optimal project structure for the client that balances lender expectations (in terms of cash flow sufficiency for meeting debt obligations) while avoiding undue stress on the project cash flows.

Negotiation on Key Project Contracts

Keeping in view the output of the financial model and risk analysis, UBL assists the client in identifying key consents required and negotiating key project contracts with the various stakeholders viz. the GOP, WAPDA/NTDC, Fuel Supplier, EPC Contractor and O&M Contractor. UBL also assists the client in general negotiations and meetings with relevant entities including the PPIB and NEPRA. If required, the team also provides advice on pertinent regulatory matters and coordinate amongst the legal and various other professional service providers to the project.
-Slide 28-

Project Finance Methodology (contd.)

Identification of Sources of Finance
Balance sheet strength Ability to raise funds efficiently using most appropriate sources of debt and equity Ability to provide or arrange from third parties, an array of hedging solutions

Bankable Term Sheet

Covers all major facets of the transaction viz. structure, legal, security, financing parameters etc. Should provide a comprehensive basis for negotiation and preparation of transaction documentation Standard comprehensive term sheets developed in-house and which have been regularly used during the past years for structured transactions

-Slide 29-

Generic Project Finance Structure

Shareholders Agreement

Equity Investor

Equity Investor

Sponsors Legal Counsel

Lenders Legal Counsel

Equity Contribution Agreement

Contractor
-Equipment Supplier -Design Consultant

Supply/ EPC Contract

Project Rousch Company (Pakistan)

Loan Agreement / Security Package

Commercial Lenders
Agency Agreement

Supply Contracts

Operator* /O&M

O&M Contract

End product

Concession Agreement

Independent Technical Consultant

Agent/Security Trustee

Ceding Authority*

Raw Material & Utilities

Market/ Off-taker

* only as applicable

Assignments/Guarantees

Deal Team
Sponsors Project
Senior Level Support
Atif Bukhari, President Saeed Iqbal, Head IBG Hassan Raza, Head CBG

Team Leader

Core Transaction Team

Fin. Modeling
Hamza Hasan Omar Dadi Qasim Ali

Structuring Due-Diligence
Umer Khan Hamza Hasan Umer Khan Hamza Hasan Omar Dadi Qasim Ali

Negotiation
Saeed Iqbal Umer Khan

Arrangement
Umer Khan Hamza Hasan Omar Dadi Qasim Ali

Documentation
Umer Khan Hamza Hasan Omar Dadi Qasim Ali

-Slide 31-

Services Package
Advisory Services:
Financial Modeling and Analysis Due-diligence Risk Evaluation Assist in preparation of tariff petition and in negotiation with NEPRA/pertinent regulator Attainment of optimal project capital structure balancing the lenders and sponsors expectations Advice on appropriate hedging mechanisms Advice on pertinent regulatory issues Advice on the consents and other permissions required from the various regulatory bodies Transaction Structuring Advise and assist in developing the scope of work for independent sub-contractor(s) Assist in negotiation on key Project documents (viz the IA, PPA, FSA, O&MC, EPCC) with various stakeholders in coordination with the client
-Slide 32-

Services Package (contd.)

Advisory Services:
Coordinating with accounting/tax consultants and other professional advisors Bankable Term Sheet Assess and advise on integration of new financing arrangement with Project companys existing financing arrangement Identification of domestic and international sources of debt (including local currency, Foreign Currency and ECAs) and equity (if desired) funding Delivery of a PIM to the Project Sponsors

-Slide 33-

Services Package (contd.)

Arrangement Services:
Soft marketing of the project Obtaining in-principle commitments from potential investors Circulation of detailed Information Memorandum to in-principally committed investors Obtaining firm commitments from investors Advice on financing documents (including Security Documents) in liaison with the Legal Counsel Circulation of draft financing documents Finalization of financing documentation Execution of financing documentation Meeting conditions precedent to disbursement Disbursement of project money On-going account management and agency functions

-Slide 34-

We Know the Business-As It Happens

UBL Investment Banking is currently involved in both advisory and structuring/ arrangement capacities with almost all initiatives that are being undertaken under the second wave of IPPs and IPP-expansions coming online under the 2002 power policy. The power sector is currently undergoing a shift insofar as several key underpinnings of the earlier power policies are concerned. UBL remains at the forefront of embracing, and in certain cases, influencing such changes. Some notable changes currently occurring are:
Declared availability is replacing the earlier prevalent capacity payment concept Implications of the above concept on terms and conditions of the O&M arrangement and insurance arrangements For duel/gas-fired power plants, with gas suddenly becoming a scarce resource, the current concessions being negotiated are introducing concepts of complete pass-through for alternate fuel and its coverage as a force majeure event

UBL actively works with and enables other transaction stakeholders involved, especially lenders legal counsel and insurance advisors, to build on and improve the due-diligence regime applicable to transactions. This is specifically true for power projects and generally, for all non-recourse infrastructure project financings. UBL boasts of excellent contacts at various levels within the PPIB, NEPRA, OGRA, SBP and other government authorities/regulators which allows adherence to transaction timelines.

-Slide 35-

Orient Power Company Limited

Non-recourse Project Financing for the setting up of a 225MW, combined-cycle IPP near Balloki at a total estimated cost of PKR 11,470 million for Orient Power Company Limited (Orient). The plant will have natural gas as primary and HSD as its secondary fuel. Orient was the first IPP under Power Policy 2002 to achieve financial close. UBL was the Joint Lead Arranger and Project Monitoring Bank in a Lenders Syndicate comprising of 5 members. The Project was a joint venture between Nadeem Babar (recognized expert in power generation), Oman Oil Company and DEG of KFG Group Germany. The engineering and procurement contract was with SKODA EXPORT of Czech Republic while General Electric Intl. was entrusted with the O&M arrangement for the project. Actual Services rendered by UBL involved but were not limited to:
Fine-tuning the client-recommended capital structure and other transaction features and crystallizing them with respect to marketability of the project in the domestic capital markets. Assisting the client from a lenders standpoint in negotiating key commercial contracts. Successful syndication of the debt component of the project in liaison with other transaction stakeholders.

-Slide 1-

Fatima Fertilizer Co. Ltd.

Non-recourse Project Financing for Fatima Fertilizers Co. Ltd. (Fatima) setting up of a 1.5 million tons per annum integrated nitrogenous and phosphatic fertilizer complex for a Project Cost of approx. PKR 35,000 million Fatima is the largest ever green-field PKR non-recourse project finance transaction in Pakistan till date. UBL was the exclusive Project Finance Advisor, Joint Lead Arranger and Project Monitoring Bank in a Lenders Syndicate comprising of 14 members. The Project was a joint undertaking by Fatima Group and Arif Habib Group-both of which have an existing controlling stake in Pak-Arab Fertilizers. Fatima is planned to be set up to meet the growing demand for urea and other specialized fertilizers. Sojitz Corporation of Japan and CNCEC acted as the EPC contractors, with allied consultancy services provided by Kawasaki (Japan), Stamicarbon (Holland) and Kellogg of UK. Actual Services rendered by UBL involved but were not limited to:
Advising the client on the optimum capital structure and other commercial parameters of the transaction with respect to marketability in the domestic capital markets. Assisting the client in negotiating key commercial contracts from a lenders standpoint. Successful syndication of the debt component of the project in liaison with other transaction stakeholders.

-Slide 37-

DHA Cogen -A Project Finance Success Story

Non-Recourse Project Financing of Pakistans first co-generation plant with an estimated debt component of at a total estimated cost of PKR 6,800 million. HBL and UBL were the Joint Lead Arrangers for the arrangement of Project Debt. The transaction involved advising and structuring for Pakistans first cogeneration (94 MW power and 3.0 million gallons per day of water) plant. It is important to note that the plant was not set up under the aegis of any of the power policies (i.e. Power Policy 1994 or Power Policy 2002), but it followed the typical contractual structure (except the sovereign guarantees for the off-taker and gas suppliers performance) but due to proper structuring, financial and other covenants, was wellreceived in the banking market. Actual Services rendered by the JLAs involved but was not limited to:
Advising the client on the optimum capital structure for the Project. Assisting the client in negotiating key commercial contracts. Advising on relevant corporate and regulatory matters. Assisting in obtaining necessary approvals from the SBP. Successful syndication of the Project Debt in liaison with associated consultants (technical consultant, local and off-shore legal counsel and insurance advisor) Active monitoring (on-going) of the project vis--vis the estimated completion schedule.

Majority of the construction work has been done and the Project is nearing its Commercial Operations Date.

-Slide 38-

TransWorld -Undersea Fibre Optic Cable

Limited-Recourse Project Financing for the construction of a 1,200 km Dense Wave Length Division Multiplexing (DWDM) 20 Gigabit/second undersea fiber optic cable system starting from Karachi, Pakistan and landing at Fujairah, United Arab Emirates, at an estimated cost of PKR 2,160 million. UBL was the Financial Advisor, Joint Lead Arranger and Agent Bank in a Lenders Syndicate of 9 members. The Project was a joint venture between Orascom Telecom Holdings S.A.E (Egypt) and Saif Telecom Limited (Pakistan). The construction was under a turnkey arrangement with Tyco Telecommunication (USA) and David Ross Group (USA) acted as Project Manager. Actual Services rendered by UBL involved but were not limited to:
Advising the client on the optimum capital structure and other transaction features with respect to marketability of the project in the domestic capital markets. Assisting the client in negotiating key commercial contracts. Advising on relevant corporate and regulatory matters. Successful syndication of the debt component of the project in liaison with other transaction stakeholders. Act as Agent Bank for TWA with respect to the syndicate

The Project stands physically completed and successfully commissioned inclusive of a cable extension to Oman.

-Slide 39-

Pak Arab Pipeline Co. (PAPCO)

Limited recourse financing and construction of PKR 28,800 million, 817 kilometre, 26-inch diameter white oil pipeline that was advised and arranged jointly by UBL and a consortium of other leading banks. The purpose of this pipeline was to enable efficient, cost effective and environmentally friendly transportation of up to 12 million tons per annum refined petroleum products to central and northern regions of the country (which account for 60% of Petroleum consumption in the country). Actual services performed for the assignment include:
Assessment and fine-tuning of the financial model Advising the client on various financing options, structures and transaction features with respect to bankability of the project in the domestic capital markets. Assisting the client in negotiating key commercial contracts. Advising on relevant corporate and regulatory matters. Obtaining necessary approvals from the State Bank of Pakistan. Successful syndication of the debt component of the project in liaison with associated consultants. Active monitoring of the project vis--vis the estimated completion schedule

-Slide 40-

Table of Contents
UBL and its Investment Banking Group
Project & Structured Finance Syndications & Debt Capital Markets Equity & Advisory

Deal Credentials Key Personnel Key Contacts

-Slide 41-

Syndications & Debt Capital Markets

Debt and Capital Markets

Loan Syndications Term Finance Certificates (TFC)
Listed TFC Privately Placed TFC

Securitization Commercial Paper (CP)

-Slide 43-

Loan Syndication
Raising term financing from financial institutions Can be used to raise large financing amount Results in the use of bank lines by the corporation Plain vanilla product Advantage of bilateral-type operation as primary interface is with the Agent Bank only. IBG acts as an Advisor, Arranger and/or Trustee of the loan facility

-Slide 44-

What is a TFC?
Redeemable capital issued under section 120 of the Companies Ordinance, 1984 Capital market alternative to traditional bank debt Replicates the cash flows of a coupon-bearing bond First TFC in Pakistan issued by Packages Limited in 1995 Two types of TFCs are:
Listed TFCs Privately-Placed TFCs

IBG acts as an Arranger and Structuring Agent and Trustee

-Slide 45-

Listed TFC
Listed TFCs are made available to the general public in addition to institutional investors through listing on the stock exchange Facilitate trading in the secondary market Offered through both Private Placement (Pre-IPO) and Initial Public Offer (IPO) Listing creates liquidity through bid and offer quotes in the secondary market Increasingly growing with 14 companies offering TFCs worth PKR 16.8 billion at the Karachi Stock Exchange alone in 2005. This trend also continued in the year 2006 and UBL IBG had significant market share of listed TFC issues in 2006

-Slide 46-

Privately Placed TFC

Privately-Placed TFCs are not offered to the public Offered to a single principal investor or to a group of institutional Investors, allowed under Section 120 of the Companies Ordinance, 1984 Arranging a Privately-Placed TFC issue takes considerably less time. Can be achieved in a matter of 4-8 weeks Approvals are not required from regulatory authorities (stock exchanges, SECP) and the credit-rating of the entity and instrument need not be obtained

-Slide 47-

Process Flow Chart

FINANCIAL ADVISOR
Structuring of the Instrument Credit rating PRIVATE PLACEMENT Appointment of Legal Counsel Distributing Information Memorandum Appointment of Trustee
Preparation of Letter of Hypothecation

PUBLIC PLACEMENT Preparation of Prospectus Appointment of Underwriters Underwriter Agreements EXECUTION Approval from SE & SECP

Trust Deed

Preparation of Investor Agreement

Finalization of Legal Agreements Public Subscription Private Placement Publication of Offering Document Listing on Stock Exchange Banker to the Issue Transfer of money to the issuer

-Slide 48-

Workings of Various Parties in TFC Transaction

Issuer
Credit Rating Agency Trustee SE Private Investor Legal Advisor SECP
Assigning credit rating, on the security and structure provided by the issuer with the recommendation of the Financial Advisor

Financial Advisor & Arranger

Underwriters Public Investor Banker to the Issue

All the concerned authorities will operate after coordinating with the Financial Advisor

Amount will be provided to the Issuer after Financial Close

Registrar

Balloter

CDC

-Slide 49-

Securitization
Securitization designed to improve the risk profile of the facility for the Issuer IBG acts as Structuring Agent and Arranger Asset Backed Securitization (ABS)
Bonds or notes backed by financial assets Pools of financial assets are sold to SPV SPV converts these pools to marketable securities in the form of Asset Backed Securities

-Slide 50-

ABS Parties to the Transaction

Originator: It is the entity whose business gives rise to the cashflows securitized. Security Agent/Administrator: The administrator is responsible for collecting the cashflows and taking enforcement action when necessary. Special Purpose Vehicle (SPV): A vehicle formed for a specific purpose, under the Companies (Asset Backed Securitization) Rules, 1999. The SPV finances the purchase of assets usually through issuance of marketable investment instruments.

-Slide 51-

ABS Parties to the Transaction (contd)

Rating Agencies: Rating agencies rate the marketable instruments issued by the SPV, which are used to finance the purchase of cashflows. Investors: Asset backed instruments are generally purchased by a variety of investors including but not limited to banks, financial institutions and funds. Trustee: It acts as a guardian of the interest of the investors.

-Slide 52-

ABS A Diagrammatic View

Collection Agent
All cheques related to payment obligations of the securitized mortgage loans

Collection Account
Collection from securitized loans

Reserve Account
(Available for shortfall in collections in any Collection Period)

Trustee/ Security Agent

Ch a cas rge o hflo ve ws r Pu rch ase d

Sale Price less Reserve A/C Balance

Company
Sale of Purchased Receivables

SPV/ SPV Account

Payments from SPV in the order of priority

Funds TFCs

TFCs

TFC Holders Sinking Fund Service Charges (Fixed + Variable)

-Slide 53-

Commercial Paper
An unsecured promissory note with a maturity period ranging from thirty days to one year A money market instrument which can be issued by rated companies to diversify their short term sources of financing Transferable by endorsement and delivery Commercial Paper is issued at a discount calculated on the basis of the mark-up which is determined by the Issuer The Issuer to maintain a minimum current ratio of 1:1 and to maintain a minimum Debt/Equity ratio of 60:40

-Slide 54-

Table of Contents
UBL and its Investment Banking Group
Project & Structured Finance Syndications & Debt Capital Markets Equity & Advisory

Deal Credentials Key Personnel Key Contacts

-Slide 55-

Equity & Advisory

Equity Capital Markets

Equity Listing
Ordinary Shares Preference Shares

Pre-IPO Private Placement Private Equity

-Slide 57-

Advisory
Mergers & Acquisitions Advisory Privatization Advisory/Transition Management Advisory Restructuring Advisory

-Slide 58-

Equity Listing
Listing can be through offer for sale by existing sponsors or through issue of new shares In offer for sale, proceeds go to sponsors In issue of new shares, cash flows accrue to the Company Listing can be of Ordinary Shares or Preference Shares

-Slide 59-

Equity Listing Role of UBL

Advise on the pricing of the issue Advise on the timing of the issue Market the issue to underwriters/investors Assist in fulfilling the requirements of the Stock Exchange and the Securities and Exchange Commission of Pakistan Assist in closing formalities

-Slide 60-

Pre-IPO Private Placement

Assist the Company in determining the optimal capital structure Finalize the equity amount to be subscribed by the sponsors Determine the Pre-IPO amount Identify the target investors Market the issue to target investors Liaise with the lawyer on the documentation Assist the Company in fulfillment of disbursement requirements

-Slide 61-

Proposed Timeline for an IPO

week 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 milestones Planning & Mobilizing Due Diligence of the Company Drafting of the IM Appointment of BTIs/LA/Balloter/CDC Eligibilty Roadshows for Pre- IPO investors and Underwriters Drafting of legal agrmnts for Pre-IPO and underwrtrs by LA Pre-IPO Placement and obtaining Underwriting commitment Receipt of Pre-IPO funds Certificate from aduitors for receipt of funds Underwriters Due Diligence Report Auditors Certification Drafting of the Prospectus Preparation of Prospectus Listing Application to stock exchange(s) Approval of Prospectus by stock exchange(s) Application to SECP for approval of Prospectus Approval for listing by SECP Publication of Prospectus Public Subscription Ballot in case of oversubscription Receipt of funds Formal Listing & Allotment of units
Legend: BTI:BankerstotheIssue CDC:CentralDepositaryCompanyLtd IM:InformationMemorandum LA:LegalAdvisor IPO:InitialPublicOffering

-Slide 62-

Private Equity
UBL is the only commercial bank in Pakistan actively providing private equity financing to start-up companies In a short period of 2 years, UBL has completed seven private equity/start-up transactions Current portfolio comprises companies in the information technology, alternate energy and entertainment sector

-Slide 63-

Private Equity (Contd)

As part of private equity, we focus on start-up companies which are in the development stage or in the earliest stage of commercialization with an investment horizon of 5 to 7 years. Financing for second stage expansion of recently established firms is also included. Such companies may have set up operations but need large infusions of capital to accelerate their growth or secure a stable market share Private companies with turnaround potential may also be included in our private equity portfolio Each Private Equity Deal has a definitive Exit Strategy

-Slide 64-

Challenges faced by UBL in Startup Transactions

Opportunitiesexisttocreatevalue Identify Sources for deal entry MarketStatus How can UBL create value Devise Exit Strategy UBLisemergingasaleadingPE playerdueto
Leveraging relationship network

Shallowmarket Businessdominated bygovernmentand familyventures Limitedknowledgeof privateequity financingoption Unwillingnesstowards dilutionin shareholding Unclearregulatory regime

Entrepreneurswithnewandinnovativebusiness Entrepreneurswithnewandinnovativebusiness conceptsfordealentry conceptsfordealentry Significantpotentialforinvestinginvariousindustries Significantpotentialforinvestinginvariousindustries likeIT,power(includingalternateenergy)&othernon likeIT,power(includingalternateenergy)&othernon conventionalsectors conventionalsectors Possibilitiesofexitvialocal/crossborderM&A, Possibilitiesofexitvialocal/crossborderM&A, local/foreignlisting local/foreignlisting

Tocapturevalue,keychallengesandrisksneedtobe addressed Lack of transparency Limited awareness amongst entrepreneurs of private equity financing Lack of pool of coinvestors Legal barriers Lack of HR

Leverage on extensive market and industry information

A strong team with extensive mature market experience

-Slide 65-

Criteria for Investment

We have extremely stringent criteria for investment Our investment process entails a detailed multi tier due-diligence and approval process Investment is considered only in companies with
Substantial growth opportunity Turnaround potential Clear exit strategy in case of Private Equity play Acceptable sector and industry Strong management team with extensive relevant experience Unique business concept Like minded co-investors UBL Equity stake to be less than 30% of the investee company

-Slide 66-

Investment Process for UBL

Filter1 Screening
BusinessConcept IndustryDynamics Backgroundand abilityofSponsors ProjectIRR Understandingexit Strategy Marketevaluation

Filter2 Duediligence
BusinessPlan Financialmodelofthe company ESOPetc Financialaccounts Auditprocedures Technicalviability andexpertiseofthe project Legalandtaxdue diligence HRteam

Filter3 Valuation
Acceptablepremoney valuation Percentage shareholding EquityIRR

Filter4 Documentation
Acceptable shareholder agreement Adequateboard representation Favorable Employment Agreementwithkey staff Technical/Service Agreement

InvestmentissubjecttointernalapprovalsbytheInvestmentCommitteeandinsomecasestheBoard -Slide 67-

Mergers & Acquisition Advisory

Provide financial advice to the buyer / seller of an asset; cannot advise both buyer and seller at the same time Sell-side Advisory encompasses
Marketing of opportunity Valuation Formulation of sale strategy

Buy-Side Advisory includes

Due diligence Valuation Formulation of bid strategy

-Slide 68-

Privatization Advisory
Can be buy side or sell side advisor In privatization transactions UBL prefers to be on buy side advisory As buy side advisory leads into ancillary business Ancillary mandates may include arrangement of debt financing, arrangement of equity financing and mandate for listing in case company being privatized is not listed

-Slide 69-

Restructuring Advisory
Focus is on creating Value for the Company Target companies include
Corporations under financial distress Healthy companies seeking optimal capital structure

Identification of key value drivers Determination of optimal capital structure Recommendation may include
Merger of 2 or more companies Various options for raising finance Spin-off / divestiture of a division or group company
-Slide 70-

Table of Contents
UBL and its Investment Banking Group
Syndications & Debt Capital Markets Project & Structured Finance Equity & Advisory

Deal Credentials Key Personnel Key Contacts

-Slide 71-

Deal Credentials

Deal Credentials - Ongoing

Ongoing EngroAsahiPolymer& ChemicalLimited Ongoing TransAsiaRefineryLimited Ongoing AtlasPowerLimited

ProjectFinanceFacility

ProjectFinanceFacility ProjectFinanceFacility PKR15,470mln PKR4,000mln JointLeadAdvisor& Arranger

PKR5,400mln JointLeadArranger

ExclusiveFinancialAdvisor

Ongoing SapphireEnergyLimited

Ongoing SaifPowerLimited

Ongoing KarachiElectricSupplyCorp

ProjectFinanceFacility PKR8,800mln LeadAdvisor,LeadArranger &AgentBank NonRecourseProjectFinance Facility PKR8,800mln LeadAdvisor&Arranger

SyndicatedLongTerm FinanceLoan PKR12,500mln LeadArranger

-Slide 73-

Deal Credentials - Ongoing

Ongoing SitaraPeroxideLimited Ongoing CinepaxLimited Ongoing NetworkLeasing CorporationLimited

PrivateEquityInvestment InitialPublicOffering PKR232mln PKR250mln LeadManager Co LeadManager AmountUndisclosed LeadManager SaleofStrategicStake

Ongoing NationalHighwayAuthority

Ongoing NationalInvestmentTrust LimitedFunds

Ongoing ORIXInvestmentBank PakistanLtd.

SyndicatedTermFinance Facility PKR4,000mln JointLeadAdvisor& Arranger

AcquisitionofManagement RightsByUBLFundManagers AmountUndisclosed FinancialAdvisor&Arranger

SyndicatedTermLoanFacility PKR750Mn LeadAdvisor&Arranger

-Slide 74-

Deal Credentials - Concluded recently

January2007 HiraTextileMillsLimited March2007 PakistanMobile CommunicationsLtd. December2006 AlliedBankLimited November2006 OrientPowerCompany Limited

InitialPublicOffering

SyndicatedTermFinance Facility

Rated,Listed,Unsecured, SubordinatedTermFinance Certificates PKR2,500mln

NonRecourseProjectFinance Facility PKR8,600mln LeadAdvisor&Arranger

PKR400mln JointLeadAdvisor& Arranger PKR3,500mln JointLeadArranger

JointLeadAdvisor& Arranger

November2006 FatimaFertilizerCompany Limited

October2006 PakistanInternational ContainerTerminalLimited

October2006 JDWSugarMillsLimited

SyndicatedLeaseFacility NonRecourseProjectFinance Facility PKR23,000mln LeadAdvisor&Arranger PKR360mln LeadAdvisor&Arrangerand Agent

SyndicatedTermFinance Facility

PKR1,500mln Advisor,ArrangerandAgent Bank

-Slide 75-

Deal Credentials - Concluded recently

September2006 BosicorPakistanLimited July2006 FirstInternational InvestmentBankLimited June2006 WorldbridgeConnect

SyndicatedTermFinance Facility PKR2,600mln LeadAdvisor&Arrangerz

Rated,Listed&Secured TermFinanceCertificate AmountPKR500mln FinancialAdvisor& Arranger

RaisingPrivateEquityforan InternationalCallCentre Company AmountUndisclosed FinancialAdvisor&Arranger

April2006 CenturyPaperandBoardMills Limited

January2006 SecurityLeasingCorporation Limited

SyndicatedLongTermFinance Facility PKR5,500mln LeadAdvisor&Arrangerand Agent

PrivatelyPlaceTermFinance Certificates

PKR500mln SoleAdvisor&Arranger

-Slide 76-

Deal Credentials - Concluded in 2005

November2005 JDWSugarMillsLimited October2005 AskariBankLimited July2005 PakistanSecurityPrinting Corporation(Pvt.)Ltd July2005 FatimaGroup&ArifHabib Group

AcquisitionofUnitedSugar MillsLimited& PublicOfferof750,000shares ofUnitedSugarMillsLtd PKR250mln ManagertothePublicOffer

IssueofUnsecured& SubordinatedTermFinance Certificates

SyndicatedLongtermLoan

AcquisitionofPakArab FertilizersLimited

PKR4,000mln PKR1,500mln JointAdvisor&Arranger LeadAdvisor,LeadArranger& StructuringAgent

PKR9,000mln LeadAdvisor&Arrangerfor DebtFinancing

July2005 NetSolTechnologies

June2005 ChenabLimited

PreIPO/InitialPublicOffering PKR250mln CoLeadManagerand Underwriter PKR540mln Advisor&Arranger

-Slide 77-

Deal Credentials - Concluded in 2005

June2005 TRGPakistanLimited June2005 PakistanLights(Pvt.)Limited June2005 FatimaGroup&ArifHabib Group June2005 MasoodTextilesMills Limited

The Resource Group

SyndicatedLoanFacility Acquisitionof5%EquityStake inPakistansFirstEverSolar LampManufacturingFacility AcquisitionofPakArab FertilizersLimited

PakistansFirstListedFloating RatePreferredShareIssue

PKR720mln LeadManager

Amount:N/A PrivateEquity

PKR14,675mln BuySideAdvisor

PKR600mln FinancialAdvisor&Arranger

June2005 PakTelecomMobileLimited

June2005 ChakwalCementCompany Limited

May2005 TransWorldAssociates(Pvt.) Ltd.

SyndicatedTermFinance Facility

SyndicatedDebt

LimitedRecourseProject FinanceFacilityforundersea fiberopticcablesystem PKR1,400mln LeadArranger

PKR6,000mln JointLeadManager

PKR4,800mln JointLeadArranger

-Slide 78-

Deal Credentials - Concluded in 2005

May2005 TechlogixInternational Limited April2005 DewanFarooqueSpinning MillsLimited March2005 DHACogenLimited

PreIPO/InitialPublicOffering/ PrivatelyPlacedTermFinance Certificates US$2.7mln JointLeadArranger PKR1,250mln JointAdvisor&Arranger

NonrecourseProjectFinance FacilityforPakistansfirst cogenerationplant PKR5,150mln JointLeadArranger

March2005 GulistanSpinningMills Limited

February2005 PrimeBankLimited

February2005 AskariBankLimited

SyndicateTermFinanceFacility

IssueofUnsecured& SubordinatedTermFinance Certificates

IssueofUnsecured& SubordinatedTermFinance Certificates

PKR110mln JointAdvisor,Arranger&Agent

PKR800mln JointAdvisor&Arranger

PKR1,500mln JointAdvisor&Arranger

-Slide 79-

Deal Credentials - Concluded in 2005

January2005 GulshanSpinningMills Limited January2005 ParamountSpinningMills Limited

SyndicateTermFinanceFacility

SyndicateTermFinance Facility PKR200mln JointAdvisor,Arranger& Agent

PKR400mln JointAdvisor,Arranger&Agent

-Slide 80-

Deal Credentials - Concluded in 2004

December2004 NewAlliedElectronics Industries(Pvt)Ltd December2004 PakistanMobile Communication(Pvt)Ltd September2004 ICIPakistanLimited October2004 ChenabLimited

SyndicatedTermFinance Facility PKR225mln Advisor&Arranger

SyndicatedTermFinance Facility

SaleofPPTAShares

PreferredSharesIssue

PKR6,000mln JointLeadManager

PKR3,975mln FinancialAdvisor

PKR800mln Advisor&Arranger

August2004 CrescentLeasingCorporation Limited

July 2004

June2004 TheCrescentTextileMills Limited

Pak-Arab Pipeline Company

FinancingviaPrivatelyPlaced TermFinanceCertificates

Advising and Arranging TFCs of varying tenors PKR 12,500 mln

TermFinanceFacility

PKR550mln PKR450mln Arranger,Advisor&Trustee

Joint Advisor & Arranger

Arranger,Advisor&Syndicate Agent

-Slide 81-

Deal Credentials - Concluded in 2004

June2004 PakArabRefineryCompany May2004 Divestmentofselectedoilsand fatsbusinessbyan internationalFMCGcompany May2004 SecurityLeasingCorporation Limited April2004 CivilAviationAuthority

SyndicatedFinancing

AdvisingonMBO

PrivatelyPlacedTerm FinanceCertificates

SyndicatedTermFinance Facility

PKR20,500mln JointAdvisor&Arranger

PKR1,000mln Arranger&Advisor

PKR300mln Advisor&Arranger

PKR4,000mln JointAdvisor&Arranger

March2004 PakistanMobile Communication(Pvt)Ltd

March2004 PaktelLimited

April2004 RupaliPolyesterLtd NovatexLtd

PrivatelyPlacedTermFinance Certificates

Fundedandnonfunded facilitiesforGSMProject PhaseII

CellularLicenseAuction

PKR2,000mln JointAdvisor,Arranger& Trustee

PKR958mln JointAdvisor&Arranger

FinancialAdvisor&Lead Arranger

-Slide 82-

Deal Credentials - Concluded in 2004

February2004 ProgasPakistanLimited January2004 WorldCALLBroadband Ltd

SyndicatedLoanforLPG TerminalandMarketing Business PKR1,368mln JointArranger

PreIPO/InitialPublicOffering

PKR1,500mln Advisor,Arranger&Lead Underwriter

-Slide 83-

Deal Credentials - Concluded in 2003

December2003 PakComLimited November2003 PakTelecomMobileLimited November2003 PaktelLimited November2003 ShakarganjMillsLimited

SyndicatedTermLoan TermFacility PKR250mln Arranger PKR1,600mln

Fundedandnonfunded facilitiesforGSMProject

SyndicatedTermFinance Facility

PKR963mln JointAdvisor&Arranger JointArranger&Advisor

PKR1,050mln JointArranger&Advisor

November2003 PakistanIndustrialCredit& InvestmentCorporationLtd.

November2003 DewanSalmanFibresLimited

SyndicatedLoanFacility

CommercialPaper

PKR1,000mln JointAdvisor&Arranger

PKR435mln JointAdvisor&Arranger

-Slide 84-

Deal Credentials - Concluded in 2003

September2003 PakistanMobile Communication(Pvt)Ltd September2003 PakLibyaHoldingCompany (Pvt)Limited

PrivatelyPlacedTermFinance Certificates PKR2,500mln JointAdvisor,Arranger& Trustee

PrivatelyPlacedTermFinance Certificates PKR1,000mln Advisor&Arranger

-Slide 85-

Table of Contents
UBL and its Investment Banking Group
Syndications & Debt Capital Markets Project & Structured Finance Equity & Advisory

Deal Credentials Key Personnel Key Contacts

-Slide 86-

Key Personnel

Key Personnel
Saeed Iqbal (Executive Vice President, Group Head Investment Banking), has extensive Investment Banking experience especially with respect to Project & Structured Finance. Prior to joining UBL, he was the Head of Structured Finance at ANZ Investment Bank, Pakistan where he was responsible for originating, structuring and executing projects in the energy, telecom, oil & gas, infrastructure and ports sectors, amongst others. At UBL Saeed has led the advisory/arranging teams for a number of significant transactions in the power, energy, telecom, chemicals and water sectors, including the teams mandated to arrange funds for Pakistans first co-generation (power & desalination) unit on a fully non-recourse basis and the countrys first undersea fiber optic cable link and first commercial water treatment facility in Karachi. Saeed holds a B.Sc. (Econ) Honours degree from the London School of Economics and an MA in Development Economics from the University of Sussex. Rizwan Chapra, CFA (Senior Vice President, Head Syndications & Debt Capital Markets), an MBA Graduate from IBA with a silver medal has more than eight years experience in Corporate and Investment Banking. Rizwan joined UBL in November 2004 and since then has executed important Debt Capital Markets and Syndicated transactions. Prior to joining UBL, Rizwan worked with Pakistan Kuwait Investment Company in Corporate Finance as Vice President and Team Leader. Rizwan was handling portfolio that comprised of more than 20 relationships of Pak Kuwait and worked on various Investment Banking Initiatives. He has served three years (2002 to 2005) as a General Secretary and Board Member of CFA Association of Pakistan, a member society of CFA Institute.

-Slide 88-

Key Personnel (Contd)

Amir Shehzad (Senior Vice President, Equity & Advisory), has wide-ranging experience in the equity and advisory field, with particular concentration in private equity and strategic investment advisory. At UBL, he is heading a team of highly skilled professionals whose responsibilities range from public and private transactions to general financial advisory for mergers and acquisitions, restructuring, equity offerings (Pre IPO placement and IPO), acquisition finance, recapitalization and private equity. Prior to joining UBL, he was associated with AKD Capital Limited, and before that with Al-Faysal Investment Bank, Pakistan, where he was managing strategic equity portfolio and advising clients on private equity investments. Amir holds a B.Sc in Finance from Arizona State University and he brings with him over 13 years of experience in the Investment Banking field. Muhammad Umer Khan (Vice President, Project & Structured Finance), an MBA graduate from IBA, Umer has almost six years of experience in Project & Structured Finance and Debt Capital Markets. Prior to joining UBL, he has worked at Standard Chartered and was responsible for origination and structuring of Project Finance transactions for the Middle East and Pakistan region. Most notably he has been involved with PF advisory on the largest project bond in residential and leisure housing industry in the GCC. His areas of focus include projects in the energy, power, housing and telecom sectors, amongst others.

-Slide 89-

Key Personnel (Contd)

Mishal Quadri (Assistant Vice President, Syndications & Debt Capital Markets), MBA graduate from IBA, has been previously associated with Standard Chartered Modaraba as Senior Relationship Manager, and with National Bank of Pakistan in its Corporate & Investment Banking division as Team Leader. He works in close association with the Debt & Capital Markets team ensuring swift execution of transactions, and also looks after the trustee and agency side of the business. Ehsan Rehman (Assistant Vice President, Syndications & Debt Capital Markets), an MBA Graduate from IBA, recently joined the UBL team. He has seven years of experience in finance and management functions and has previously worked with ANZ Grindlays, Pakistan early in his career. Before joining UBL, Ehsan was running a startup concern in Turkey. He works actively with the Debt & Capital Markets team whereby the prime responsibilities include deal origination, deal pitching and subsequently ensuring swift and successful close of transactions. Hamza Hasan (Assistant Vice President, Project & Structured Finance), is an Associate of ACCA and has passed all levels of the CFA Program. He has over 5 years of experience that covers Investment Banking, Corporate Treasury Management, Financial Modeling and Analysis, Business Process Re-engineering and Accounting. He is currently responsible for ensuring efficient execution of transactions.

-Slide 90-

Key Personnel (Contd)

Nadia Ishtiaq (Manager, Equity & Advisory), is an ACCA Finalist and has four years of experience in Investment Banking. Nadia has worked on a variety of debt and capital market, financial restructuring, advisory, equity listing and equity arrangement transactions. More recently she has been involved in listed and private equity initiatives. Her role in the team involves focusing on structuring, due-diligence, industry analysis, company valuations, sensitivity analysis, and regulatory approvals, ensuring swift execution of transactions and assisting in deal origination. Prior to joining UBL, Nadia has worked at AKD Securities (Pvt.) Ltd. as Senior Associate in Investment Banking Division. Shermeen Rabadi (Manager, Syndications & Debt Capital Markets), MBA graduate from IBA with a silver medal. She works closely with senior members of the Syndications and Debt Capital Markets team. Her work encompasses participating in the financial structuring and legal documentation process, preparing information memoranda, liaising with clients and different regulatory bodies for transaction-related matters, coordinating with different consortium members and marketing instruments to prospective investors.

-Slide 91-

Key Personnel (Contd)

Shazad Amjad (Assistant Manager, Equity & Advisory), has over two years of experience in banking. A B.Sc. (Economics) graduate from the University of Southern California, Shazad works closely with senior members of the team on a variety of capital market, advisory, equity listing and equity arrangement transactions. His role in the team involves industry analysis, company valuations, financial modeling and regulatory approvals. Prior to joining UBL, Shazad has worked at the business banking department of Bank of America, Los Angeles. Ali Asad ( Manager, Project & Structured Finance), is an undergraduate from LUMS and is a CFA level III candidate. Prior to joining IBG, he was associated with UBL Corporate Banking for over two years. He works closely with senior members in the project finance team on a variety of structuring and arrangement transactions. His work encompasses industry analysis, company valuations, financial modeling, preparation of information memoranda and efficient execution of transactions. Omar Dadi (Assistant Manager, Project & Structured Finance), is an Affiliate Member of ACCA, who prior to joining UBL, has six months of experience with AKD Securities (Pvt.) Ltd as a research analyst. His work encompasses industry analysis, company valuations, financial modeling, and preparing information memoranda.

-Slide 92-

Key Personnel (Contd)

Qasim Ali Karamat (Assistant Manager), BBA graduate from IBA, has recently joined the UBL IBG team. He works closely with senior members of the team on DCM, Project & Structured Finance, advisory, deal structuring, equity listing and deal origination. His role on the team focuses on industry analysis, product development and evaluation of diversification opportunities. Prior to joining UBL, Qasim was associated with Live Securities as a research analyst and was covering fertilizer and PSF sectors. Salman Ahsan (Assistant Manager), has done his MBA from Hamdard Institute of Management Sciences, Hamdard University. He has 5 years of experience in operations of various organizations including ORIX Leasing, NIB Bank and Standard Chartered Modaraba. Prior to joining UBL, he was working in Habib Bank in Corporate Banking as a Relationship Manager.

-Slide 93-

Key Contacts
SaeedIqbal EVP&GroupHead InvestmentBank Dir.:(9221)2410043 Gen.:(9221)111UBL111ext.2203 Fax::(9221)2412410 email:saeed.iqbal@ubl.com.pk Dir.:(9221)2415107 Gen.:(9221)111UBL111ext.2462 Fax:(9221)2412410 email:rizwan.chapra@ubl.com.pk Dir.:(9221)90332450 Gen.:(9221)111UBL111ext.2450 Fax:(9221)2412410 email:amir.shehzad@ubl.com.pk Dir.:(9221)2411846 Gen:(9221)111UBL111ext.2174 Fax:(9221)2412410 email:umer.khan@ubl.com.pk
-Slide 94-

RizwanHameed Chapra,CFA SeniorVicePresident Syndications&DebtCapitalMarkets InvestmentBank AmirShehzad SeniorVicePresident Equity&Advisory InvestmentBank UmerKhan VicePresident Project&StructuredFinance InvestmentBank