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Bank Al Habib Limited’s final redemption – TFC issue (15-07-04)

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Karachi, July 26, 2012 (PPI-OT): We are pleased to enclose Auditors Report No. AC2/126/12 dated July 18, 2012 regarding final redemption of TFC Issue (15-07-04) of Bank AL Habib Limited (BAHL).

You are requested to delist our TFC Issue (15-7-04) from the ready board quotation and inform members of the exchange accordingly.

We are also informing Central Depository Company of Pakistan Limited (CDC) to delist the captioned TFC from their records.

Agreed-Upon Procedures Report on Full and Final Payment to Term Finance Certificate (TFC) Holders against TFCs Issued on 15 July 2004

Reference is made to our Engagement Letter No. AC2/125/12, dated 18 July 2012. In respect of full and final payment to the TFC Holders. Our engagement was undertaken in accordance with the International Standard on Related Services applicable to agreed upon procedures engagements.

We have performed the following procedures as agreed with you:

Reviewed the agreements between the Bank and TEC holders, on test basis, in order to check the amount of principal and mark-up due to the TEC holders at the time of the final payment;

Checked payments to TEC holders1 on test basis, from the relevant bank statements / redemption warrants; and Checked payments to TFC holders from the books of account of the Bank.

Based on the above procedures, we report that, the Bank has paid the following amounts to its TFC holders.

Rupees

Principal redemption

448,826,400.00

Mark-up on principal

22,379,836.94

Less: Withholding tax

(209,416.00)

Less: Zakat

(50,999.00)

Net am paid to TFC holders

470,945,821.94

Because the above procedure do not constitute either an audit or a review made in accordance with International Standards on Auditing or International Standards on Review Engagements, we do not express any opinion on the above referred amount paid to the TFC holders.

Had we performed additional procedures or had we performed an audit or review of the financial statements in accordance with International Standards on Auditing or International Standards on Review Engagements, other matters might have come to our attention that would have been reported to you.

Our report is solely for the information of the management, Trustees of the TFC, Central Depository Company of Pakistan Limited and for onward submission to the concerned regulatory authorities.

For more information, Contact:
Bank Al Habib Limited
2nd Floor Mackinnon’s Building,
I.I. Chundrigar Road Karachi-Pakistan
Phones: (92-21) 32412421-32412986
Fax: (92-21) 32419752

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