Result of Meeting

10 Apr 2008 10:59

United Bank Limited10 April 2008 SD/BOD-154/SEs/Meeting 10 April 2008 FAX 1. Mr. Muhammad Ghufran 2. Malik Zafar Javaid 3. Mr. Ahmad Noman Manager Joint Secretary General Manger Karachi Stock Exchange Lahore Stock Exchange (Operation) (Guarantee) Ltd. (Guarantee) Ltd. Islamabad Stock Karachi Stock Exchange 19, Khayaban-e-Aiwan- Exchange (Guarantee) Ltd. Building e-Iqbal, Room No.308m Karachi Stock Exchange Lahore Anees Plaza Road, 101-E, Fazal-ul-Haq Karachi. Road, Bule Area Islamabad Dear Sirs, EMPLOYEE BENEFIT SCHEME 2007 - UNITED BANK LIMITED We have to inform you that Board of Directors of United Bank Limited ("UBL") inits meeting 154th meeting held on 29 March 2008 at Karachi have approved theEmployee Benefit Scheme 2007. The object of this scheme is to reward, motivateand retain high performing executive and officers of UBL (" Selected Officers")by way of bonus in the form of issued shares of UBL ("Bonus Shares"). TheBonus Shares will be transferred to the Selected Officers over a span of fouryears in equal proportion provided they remain in the employment of UBL. Forthe purpose, a trust will be settled by UBL ("Trust'). UBL will advance, forthe benefit of the Selected Officers, up to a sum of Rs.250,000,000/- (RupeesTwo Hundred Fifty Million) to the Trust. The objects of the Trust will be inter-alia as under: (a) The Trust will acquire bank's share from open market and keep them intrust to be distributed to the Selected Officers; (b) The Trust will be managed by the Board of Trustees ("Trustees"). UBLwill have no involvement in the functioning of the Trust. The Trustees will beindependent in running the affairs and the management of the Trust. You may please inform members of your Exchange accordingly. Yours faithfully, Aqeel A. Nasir Aameer KarachiwallaCompany Secretary & CFO & Group ExecutiveChief Legal Counsel Global Shared Services c.c. to 1. Citibank, N.A. Karachi Branch, Custodian of UBL, GDRs, 2. London Stock Exchange. This information is provided by RNS The company news service from the London Stock Exchange