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Privileged & Confidential

United Bank Limited


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

I
Investment
t t Banking
B ki Group
G
„ Project & Structured Finance
„ Syndications & Debt Capital Markets
„ Equity & Advisory

C  R  E  D  E  N  T  I  A  L  S

March, 2007
Table of Contents
„ UBL and its Investment Banking Group
„ Project
j & Structured Finance
„ Syndications & Debt Capital Markets
„ Equity & Advisory
„ Deal Credentials
„ Key Personnel
„ Key Contacts

-Slide 2-
UBL and
d its
i Investment
I Banking
B ki Group
G (“IBG”)
United Bank Limited-An Established Player
y
„ 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
s ccessf l banking histor
history of o
over
er 47 years.
ears
„ Consistent double-digit growth in Advances and Deposits during the
last 4 years.
„ Represented in 10 countries world
world-wide
wide through 22 offices
offices,
including USA, UK, and Switzerland.
„ A strong domestic footprint comprising of 1096 branches all over
Pakistan.
Pakistan
„ Our mission is to become a world class bank, where you come
first

-Slide 4-
UBL-Worldwide Presence

Rep. Off Egypt


Rep. Off Egypt 4 branches, 
1 branch USA
1 branch, USA JV Oman
JV, Oman
Yemen
Rep. Off, Iran 1 branch, Qatar 1,096 branches,
4 Branches, UK
Pakistan
Subsidiary, 
y, 2 branches Bahrain
2 branches, Bahrain 8 branches UAE
8 branches, UAE
Switzerland

-Slide 5-
UBL-Financial Highlights
g g

-Slide 6-
The Largest
g 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
y & Debt Capital
p Markets
„ Equity & Advisory

-Slide 7-
UBL IBG-Transaction Approach
pp

Innovation 

Creativity 

Uniqueness

multi‐faceted 
Integrity and 
Client
collaborative
collaborative 
Satisfaction
Honesty approach to 
customized 
Product Knowledge solutions

Market Intelligence

Team Work

-Slide 8-
UBL IBG - Offering
g A Full Spectrum
p of Services

Structured
Finance Privatisation Mergers
Equity Corporate
Bonds Leveraged
Underwriting &  Restructuring
Buyouts
Placement

Debt                                                  Equity                                        Advisory

Syndicated Quasi‐Equity Equity


Loans Products De‐Listings
Project
Finance Private Acquisitions
Equity •Friendly / Hostile
F i dl / H til
•Tactical Stakes

-Slide 9-
Investment Banking
g Group-Structure
p
IBG

Project & Structured Finance Debt Capital Markets Equity & Advisory

Deals With : Deals With: Deals With :


Green field projects and Existing Corporates with significant Sectors with potential for
expansion initiatives of highly long term funding requirements that consolidation/mergers etc
leverages entities that seek non- cannot be met by single lenders, Privatization Deals ; Highly
recourse/limited recourse either due to per party limits or risk leveraged Companies in cyclical
financing options. diversification considerations. industries; and,
and Start ups/
Growth Companies with
substantial capital requirements

Products: Products: Products


ƒHighly
Hi hl structured,
t t d and d ƒSyndicated
S di t d L Loans ƒOrdinary Shares, Preference
syndicated, funding supported by ƒTerm Finance Facilities Shares and other quasi equity
well developed legal / financial ƒListed instruments
frame works, aimed at optimizing
ƒPrivately Placed ƒCustomized advisory related
allocation of risks involved.
ƒSecuritization products/services
ƒCommercial Paper ƒPrivate Equity
ƒBonds

-Slide 10-
Organizational
g Chart
President

EVP/ Group Head


Investment Banking

VP/ Head Project & SVP/ Head SVP/ Head Equity &
Structured Finance Syndications & DCM Advisory

Manager/
AVP/ Transactor Transactor AVP/ Transactor AVP/ Transactor Transactor
Transactor

Transactor/ Asst. Manager


Transactor
Research Analyst 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

Private
Equity Pre-
IPOs/IPOs
Synd.

Fin/Sec.

Restruc.

Finance
Loans

Bonds

Equity
Project
Struc.

Corp.
2003 2004 2005 2006

-Slide 12-
UBL IBG – The Market Leader
„ Financial Advisor & Lead Arranger – Non-recourse Project
Financing for Pakistan’s First IPP under Power Policy 2002 for
Orient Power Company Limited – PKR8,600 million.
„ Financial Advisor & Lead Arranger – Pakistan’s Largest Project
Financing to-date for Fatima Fertilizer Co. Ltd.- PKR23,000 million.
„ Financial
Fi i l Ad
Advisor
i &A
Arranger - Pakistan’s
P ki Fi
First Listed
i d Floating
Fl i
Rate Preferred Share Issue for Masood Textiles Mills Limited -
PKR600 million.
„ Lead Arranger – Pakistan’s 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
Buy-Side 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 – Pakistan’s 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 – Pakistan’s
Largest Equity Block Transaction to date to ICI Pakistan Limited -
PKR4,000 million.
„ Joint Advisor & Arranger - Pakistan’s Largest Syndicated
Transaction involvingg syndication
y of PKR20.5 billion and the
Largest FX Swap in Pakistan for PARCO - US$387 million.
„ Joint Advisor & Arranger - Pakistan’s 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 It’s All About
„ Awarded the “Largest Investment Bank” award by the CFA
Association of Pakistan for three consecutive years (2003-
2005).
„ 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

The Pakistan Society of  The Pakistan Society of  The Pakistan Society of 


In estment
Investment  Investment
Investment  Investment
Investment 
Professionals Professionals Professionals

“The Largest “The Largest “The Largest


Investment Bank
Investment Bank  Investment Bank 
Investment ank Investment Bank
Investment Bank 
2002‐2003” 2003‐2004” 2004‐2005”

United Bank Limited United Bank Limited United Bank Limited


The Pakistan Society The Pakistan Society The Pakistan Society
of Investment of Investment of Investment
Professionals Professionals Professionals

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
executed during the period by The Pakistan Society of Investment Professionals
which is a member society of CFA Institute. (Formerly known as AIMR)

-Slide 16-
Award Winner for Transaction of the Year
The Pakistan Society of 
Investment Professionals

“Corporate Finance 
Transaction of the Year 
2004‐2005”

United Bank Limited
The Pakistan Society of
Investment Professionals

UBL was the exclusive Buy-


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

-Slide 17-
Whyy 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
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
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.
submission

-Slide 18-
Table of Contents
„ UBL and its Investment Banking Group
„ Project
j & Structured Finance
„ Syndications & Debt Capital Markets
„ Equity & Advisory
„ Deal Credentials
„ Key Personnel
„ Key Contacts

-Slide 19-
P j
Project &S
Structured
d Fi
Finance
Project
j Finance
„ Definition
„ A method of funding g wherebyy a Company
p y obtains
separate financing for specific assets by giving
creditors a claim on the revenues generated by those
y onlyy asset is the ‘Project’.
assets. The created entity's j

„ Features
„ Assets have a high degree of ‘specificity’
„ Clear source of cash flows with high degree of certainty
„ Transparency
p y of information
„ Claimants don’t want commingling with other assets
and ‘projects’
„ Often, guarantees of government or of
Often
partners/customers
-Slide 21-
Project
j Finance ((cont’d))
„ Successful project financings exhibit the following
characteristics:
„ Stakeholders are committed and of high quality;
„ Risks and rewards are clearly identified; and
„ The contractual
Th t t l fframeworkk transparently
t tl and
d equitably
it bl
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
borrower’s own credit rating.
„ In general a structured finance solution seeks to isolate the risk of
the loan facilityy from the overall risks of the borrower’s business.
„ Scenarios best suited to structured finance solutions are:
„ Companies with capitalisation issues, i.e. who cant borrow any
g of their existing
further on the strength g 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
j 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
pipelines,
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 HH1


2005 amounted to PKR 6,550 million

-Slide 24-
Project
j Finance Methodology
gy
„ 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
j Finance Methodology
gy ((contd.))
25,000 PKR (mln) 90.00%

„ Financial Analysis 20,000


80.00%
70.00%

„ Development of elaborate financial 15,000


60.00%

50.00%
models to ascertain the project’s 10,000
40.00%

economic viability 30.00%


20.00%
5,000
„ Level of detail allows 10.00%
- 0.00%
approximation of expected real- 2003 2005 2007 2009 2011 2013 2015 2017 2019 2021 2023 2025 2027

world conditions Equity Shareholders' Loan


Senior Debt Mezannine Financing
„ Rigorous sensitivity analyses of Subordinated Debt Senior Debt / Total Debt and Equity

major project variables viz.


Debt coverage
construction cost and period,
financing parameters and technical 4,000 PKR (mln) 2.0 x

and operating assumptions 3,500


3,000 1.5 x

„ Scenario building to determine the 2,500


2,000 1.0 x
impact
p of a specific
p set of 1500
1,500

technical, operating and financing 1,000 0.5 x


500
parameters - 0.0 x
2004 2006 2008 2010 2012 2014
„ Model output in the form of Interest Principal Repayment
Fees Cash Available for Debt Service
projected financial statements
statements, Debt Service Cover Ratio

graphs and key financial ratios

-Slide 26-
Project
j Finance Methodology
gy ((contd.))
„ Risk Evaluation
ƒ For all limited/non-recourse projects, the importance of an accurate identification
off risks
i k and
d rewards
d cannott be
b understated
d t t d
ƒ Hence, we conduct an extensive review of both pre-completion and post-
completion risks
ƒ 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
j Finance Methodology
gy ((contd.))
„ Project Structuring
ƒ 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


ƒ 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
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
j Finance Methodology
gy ((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
sol tions

„ Bankable Term Sheet


„ Covers allll major
C j ffacets
t off th
the ttransaction
ti viz.
i structure,
t t
legal, security, financing parameters etc.
„ Should provide a comprehensive basis for negotiation and
preparation
p p 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

Sponsors’ Lenders’
Equity Equity
Legal Legal
Investor Investor Counsel Counsel

Equity Contribution
Agreement

Supply/
Contractor
-Equipment Supplier
EPC C
Contract
t t RProject
Rousch h Loan Agreement / Security Package Commercial
-Design Consultant Company
(Pakistan) Lenders

Agency
Operator
Operator* O&M Contract Supply Contracts Agreement

End product
/O&M
Independent
Technical
Consultant Agent/Security
Concession Agreement
Trustee
S

Ceding
Raw Material Market/
Authority*
& Utilities Off-taker

Assignments/Guarantees
* only as applicable
Deal Team
Senior Level Support
Sponsors Project Atif Bukhari, President
Saeed Iqbal, Head IBG
Hassan Raza
Raza, Head CBG

Team Leader

Core
Transaction Team

Fin. Modeling Structuring Negotiation Arrangement Documentation


Due-Diligence Umer Khan Umer Khan Umer Khan
Hamza Hasan Saeed Iqbal
Umer Khan Hamza Hasan Hamza Hasan Hamza Hasan
Omar Dadi Umer Khan
Hamza Hasan Omar Dadi Omar Dadi Omar Dadi
Qasim Ali
Qasim Ali Qasim Ali Qasim Ali

-Slide 31-
Services Package
g
ƒ Advisory Services:
ƒ Financial Modeling and Analysis
ƒ Due-diligence
ƒ Risk Evaluation
ƒ Assist in preparation of tariff petition and in negotiation with
p
NEPRA/pertinent regulator
g
ƒ Attainment of optimal project capital structure balancing the lenders
and sponsors’ expectations
ƒ Advice on appropriate hedging mechanisms
ƒ Ad i on pertinent
Advice ti t regulatory
l t iissues
ƒ Advice on the consents and other permissions required from the
various regulatory bodies
ƒ Transaction Structuring
ƒ Advise and assist in developing the scope of work for independent
sub-contractor(s)
ƒ Assist in negotiation on key Project documents (viz the IA, PPA, FSA,
O&MC EPCC) with various stakeholders in coordination with the
O&MC,
client

-Slide 32-
Services Package
g ((contd.))
ƒ Advisory Services:
ƒ Coordinating with accounting/tax consultants and other professional
advisors
ƒ Bankable Term Sheet
ƒ Assess and advise on integration of new financing arrangement with
Project company’s
company s existing financing arrangement
ƒ Identification of domestic and international sources of debt
(including local currency, Foreign Currency and ECAs) and equity (if
desired)) fundingg
ƒ Delivery of a PIM to the Project Sponsors

-Slide 33-
Services Package
g ((contd.))
ƒ Arrangement Services:
ƒ Soft marketing of the project
ƒ Obtaining in-principle commitments from potential investors
ƒ Circulation of detailed Information Memorandum to in-principally
committed investors
ƒ Obtaining firm commitments from investors
ƒ Advice on financing documents (including Security Documents) in
liaison with the Legal Counsel
ƒ Circulation of draft financing
g documents
ƒ Finalization of financing documentation
ƒ Execution of financing documentation
ƒ Meeting conditions precedent to disbursement
ƒ Disbursement of project money
ƒ On-going account management and agency functions

-Slide 34-
We Know the Business-As It Happens
pp
„ 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
due diligence regime applicable to transactions
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
p y 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 pplant will have natural g
gas as p
primary
y and HSD as its secondary
y
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
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
generation), 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 36-
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
j
for a Project Cost of approx.
pp 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
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)
(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
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
g -A Project
j Finance Success Story
y
„ Non-Recourse Project Financing of Pakistan’s 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
g for the arrangement
g of Project
j Debt.
„ The transaction involved advising and structuring for Pakistan’s 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 supplier’s
performance) but due to proper structuring, financial and other covenants, was well-
received 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.
„ S
Successful
f l syndication
di ti off th
the Project
P j t Debt
D bt in
i liaison
li i with
ith associated
i t d consultants
lt t (t(technical
h i l
consultant, local and off-shore legal counsel and insurance advisor)
„ Active monitoring (on-going) of the project vis-à-vis the estimated completion schedule.
„ Majority of the construction work has been done and the Project is nearing its Commercial
Operations Date.
Date

-Slide 38-
TransWorld -Undersea Fibre Optic
p 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
y
system starting
g from Karachi,, Pakistan and landing
g at Fujairah,
j , 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
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
g on relevant corporate
p and regulatory
g y 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-
Progas-LPG
g Container Terminal
„ The transaction involved advising and structuring for Pakistan’s first liquid petroleum gas
(“LPG”) container terminal and allied marketing and distribution services across
p
Pakistan, at a total capital cost of PKR 2,000million.
„ UBL acted as Lead Arranger (“LA”) in a Lenders’ Syndicate of 5 members.
„ The Project was a joint venture between KUB Malaysia Berhad (Malaysia) and Sterling
Ventures International Limited (British Virgin Islands). The Project contractors were SNC
Lavalin International Inc
Inc., China Shanghai (Group) Corporation for Foreign Economic
& Technological Corporation and Shanghai Industrial Engineering Co. Limited
„ 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
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-a record number of 7 approvals
were obtained from various departments of the SBP for this landmark transaction.
„ Successful syndication of the debt component of the project in liaison with other transaction
stakeholders
„ Active monitoring of the project vis-à-vis the estimated completion schedule.
„ The Project terminal and the marketing business stand successfully commissioned
today.

-Slide 40-
Pak Arab Pipeline
p 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
off other
th leading
l di bbanks.
k

„ 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
g of the country
y ((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


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-à-vis the estimated completion schedule

-Slide 41-
Table of Contents
„ UBL and its Investment Banking Group
„ Project
j & Structured Finance
„ Syndications & Debt Capital Markets
„ Equity & Advisory
„ Deal Credentials
„ Key Personnel
„ Key Contacts

-Slide 42-
S di i
Syndications &D
Debt
b CCapital
i lM Markets
k
Debt and Capital
p Markets
„ Loan Syndications
„ Term Finance Certificates (TFC)
„ Listed TFC
„ Privately Placed TFC
„ Securitization
„ Commercial Paper (CP)

-Slide 44-
Loan Syndication
y
„ Raising term financing from financial institutions

„ Can be used to raise large financing amount

„ Results in the use of bank lines by the corporation

„ Pl i vanilla
Plain ill product
d t

„ Advantage of bilateral-type operation as primary interface is with


th A
the Agentt Bank
B k only.
l

„ IBG acts as an Advisor, Arranger and/or Trustee of the loan


f ilit
facility

-Slide 45-
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


g and Structuring
g Agent
g and Trustee

-Slide 46-
Listed TFC
„ Listed TFCs are made available to the general public in addition to
institutional investors through
g listing
g on the stock exchange
g

„ 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


billi att th
billion the K
Karachi
hi St
Stock
kEExchange
h alone
l iin 2005
2005. Thi
This ttrend
d also
l
continued in the year 2006 and UBL IBG had significant market share of
listed TFC issues in 2006

-Slide 47-
Privatelyy 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
time. 4 8 weeks

„ Approvals are not required from regulatory authorities (stock


exchanges SECP) and the credit-rating
exchanges, credit rating of the entity and instrument
need not be obtained

-Slide 48-
Process Flow Chart
FINANCIAL ADVISOR

Structuringg of the Instrument

Credit rating
PRIVATE PLACEMENT PUBLIC PLACEMENT
Appointment of Legal Counsel
Distributing Information Memorandum Preparation of Prospectus
Appointment of Trustee

Preparation of Letter of Hypothecation Appointment of Underwriters


Trust Deed

Underwriter Agreements
Preparation of Investor Agreement
EXECUTION
Approval from SE & SECP
Finalization of Legal Agreements

Public Subscription
Private Placement

Publication of Offeringg Document

Listing on Stock Exchange


Banker to the Issue

Transfer of money to the issuer

-Slide 49-
Workings
g of Various Parties in TFC Transaction
Assigning credit rating, on the
Issuer security and structure provided by
the issuer with the recommendation
off th
the Fi
Financial
i l Advisor
Ad i
Credit Rating Agency
Trustee
SE SECP
Private Investor
Financial Advisor & Underwriters
Legal Advisor Arranger
Public Investor

Banker to
the Issue

All the concerned


authorities will operate
after coordinating with the
Amount will be provided to the Registrar Balloter CDC
Issuer after Financial Close
Financial Advisor

-Slide 50-
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 51-
ABS – Parties to the Transaction
ƒ Originator: It is the entity whose business gives rise to the
cashflows securitized.
ƒ Security Agent/Administrator: The administrator is responsible
for collecting the cashflows and taking enforcement action when
necessary.
ƒ 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.
instruments

-Slide 52-
ABS – Parties to the Transaction ((cont’d))
ƒ Rating Agencies: Rating agencies rate the marketable instruments
issued by the SPV, which are used to finance the purchase of
cashflows.
ƒ Investors: Asset backed instruments are generally purchased by a
variety off investors including but not limited to banks, financial
f
institutions and funds.
ƒ Trustee:
ustee It ac
acts
s as a gua
guardian
da o of the
e interest
e es oof the
e investors.
es o s

-Slide 53-
ABS – A Diagrammatic
g View
Collection Agent Collection Account
All cheques relatted to payment

Collection from
he securitized
e loans

Trustee/
Reserve Account
(Available for shortfall in
Security Agent

m securitized loanss
mortgage
obligations of th

collections in any
Collection Period)

Sale Price less Reserve A/C Balance


SPV/
Company Funds
TFCs
SPV Account
Sale of Purchased Receivables TFCs

priority
p
i the order of
in
P
Payments
TFC Holders

from SP
Sinking Fund

PV
Service Charges
(Fixed + Variable)

-Slide 54-
Commercial Paper
p
ƒ An unsecured promissory note with a maturity period
ranging from thirty days to one year
ƒ A money market instrument which can be issued by rated
companies to diversify their short term sources of financing
ƒ Transferable by endorsement and delivery
ƒ Commercial Paper is issued at a discount calculated on the
basis of the mark-up which is determined by the Issuer
ƒ The Issuer to maintain a minimum current ratio of 1:1 and
to maintain a minimum Debt/Equity ratio of 60:40

-Slide 55-
Table of Contents
„ UBL and its Investment Banking Group
„ Project
j & Structured Finance
„ Syndications & Debt Capital Markets
„ Equity & Advisory
„ Deal Credentials
„ Key Personnel
„ Key Contacts

-Slide 56-
E i & Ad
Equity Advisory
i
Equity
q y Capital
p Markets
„ Equity Listing
„ Ordinary Shares
„ Preference Shares
„ Pre-IPO
Pre IPO – Private Placement
„ Private Equity

-Slide 58-
Advisoryy
„ Mergers & Acquisitions Advisory
„ Privatization Advisory/Transition Management
Advisory
„ Restructuring Advisory

-Slide 59-
Equity
q y Listing
g
„ 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 60-
Equity
q y Listing
g 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 61-
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 62-
Proposed
p 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
Auditor’s Certification
Drafting of the Prospectus
Preparation of Prospectus
Li ti
Listing A
Application
li ti tto stock
t k exchange(s)
h ( )
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: IM:     Information Memorandum 
BTI:    Bankers to the Issue LA:       Legal Advisor
CDC C t l D
CDC: Central Depositary Company Ltd
it C Ltd IPO:    Initial Public Offering

-Slide 63-
Private Equity
q y
„ 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
equity/start-up
up transactions
„ Current portfolio comprises companies in the
information technology, alternate energy and
entertainment sector

-Slide 64-
Private Equity
q y ((Cont’d))
„ As part of private equity, we focus on start-up companies which are
in the development stageg or in the earliest stage
g of
commercialization with an investment horizon of 5 to 7 years.
„ Financing for second stage expansion of recently established firms
is also included
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 65-
Challenges
g faced by
y UBL in Startup
p Transactions

Opportunities exist to create value

UBL is emerging as a leading PE 
„ Identify „ How can „ Devise player due to …………
Sources for UBL create Exit
deal entry value Strategy
„ Leveraging
Market Status • Entrepreneurs with new and innovative business  relationship
concepts for deal entry
concepts for deal entry   network
t k
• Significant potential for investing in various industries 
• Shallow market  like IT, power (including alternate energy) & other non‐
• Business dominated   conventional sectors 
by government and  • Possibilities of exit via local/cross border M&A, 
family ventures  local/foreign listing  
• Limited knowledge of 
g
private equity 
„ Leverage on „ A strong
financing option
To capture value, key challenges and risks need to be extensive team with
• Unwillingness 
towards dilution in  addressed market and extensive
shareholding  industry mature
• Unclear regulatory  „ Lack of transparency information market
„ Lack of p
pool of co- experience
regime
i
„ Limited awareness investors
amongst entrepreneurs „ Legal barriers
of private equity
„ Lack of HR
financing

-Slide 66-
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 ggrowth opportunity
pp y
„ Turnaround potential
„ Clear exit strategy in case of Private Equity play
„ Acceptable
p sector and industry
y
„ 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 67-
Investment Process for UBL

Filter 1 Filter 2 Filter 3 Filter 4

Screening Due‐diligence   Valuation    Documentation

• B
Business Concept
i C t • Bu
Business Plan 
i e Pla • Acceptable
Acceptable pre‐money 
pre money • Acceptable
Acceptable 
• Industry Dynamics • Financial model of the  valuation  shareholder 
company  • Percentage  agreement 
• Background and 
ability of Sponsors   • ESOP etc  shareholding   • Adequate board 
• Equity IRR representation 
• Project IRR • Financial accounts 
• Favorable 
Favorable
• Understanding exit  • Audit procedures  
Employment 
Strategy  • Technical viability and  Agreement with key 
• Market evaluation  expertise of the project   staff 
• Legal and tax due‐ • Technical/Service  
diligence 
g Agreement
Agreement 
• HR team 

Investment is subject to internal approvals  by the Investment Committee and in some cases the Board  

-Slide 68-
Mergers
g & Acquisition
q Advisory
y
„ 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
M k ti off opportunity
t it
„ Valuation
„ Formulation of sale strategy
„ Buy-Side Advisory includes
„ Due diligence
„ Valuation
„ Formulation of bid strategy

-Slide 69-
Privatization Advisoryy
„ 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
financing,
arrangement of equity financing and
mandate for listing in case company
b i privatized
being i ti d iis nott lilisted
t d

-Slide 70-
Restructuring
g Advisory
y
„ 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 71-
Table of Contents
„ UBL and its Investment Banking Group
„ Syndications
y & Debt Capital
p Markets
„ Project & Structured Finance
„ Equity & Advisory
„ Deal Credentials
„ Key Personnel
„ Key Contacts

-Slide 72-
D lC
Deal Credentials
d i l
Deal Credentials - Ongoing
g g
On‐going On‐going On‐going
Engro Asahi Polymer &  TransAsia Refinery Limited Atlas Power Limited
Chemical Limited

Project Finance Facility
Project Finance Facility
Project Finance Facility
PKR 15,470 mln PKR 4,000 mln
PKR 5,400 mln
Exclusive Financial Advisor
Exclusive Financial Advisor Joint Lead Advisor & 
Joint Lead Advisor &
Joint Lead Arranger Arranger

Ongoing O
Ongoing
i
Ongoing Saif Power Limited
Karachi Electric Supply Corp
Sapphire Energy Limited

Privately Placed Term Finance 
Project Finance Facility
Non‐Recourse Project Finance  Certificates
PKR 8,800 mln Facility
PKR 8,800 mln PKR 12,500 mln
Lead Advisor, Lead Arranger 
& Agent Bank  Lead Advisor & Arranger Lead Arranger

-Slide 74-
Deal Credentials - Ongoing
g g
On‐going On‐going On‐going
Sitara Peroxide Limited Cinepax Limited Network Leasing 
Corporation Limited

Private Equity Investment
Sale of Strategic Stake
Initial Public Offering
PKR 232 mln
Co‐ Lead Manager Amount Undisclosed
PKR 250 mln
PKR 250 mln
Lead Manager
Lead Manager

O
On‐going O oi
On‐going

National Highway Authority National Investment Trust 
Limited Funds

Syndicated Term Finance 
Facility
Acquisition of Management 
Rights By UBL Fund Managers
PKR 4,000 mln
Amount Undisclosed
Joint Lead Advisor & 
Arranger Financial Advisor & Arranger
Financial Advisor & Arranger

-Slide 75-
Deal Credentials - Concluded recentlyy
January 2007 November 2006 November 2006
December 2006
Orient Power Company  Fatima Fertilizer Company
Hira Textile Mills Limited Allied Bank Limited
Limited Limited

Rated, Listed, Unsecured, 
Non‐Recourse Project Finance 
Initial Public Offering Subordinated Term Finance 
Facility Non‐Recourse Project Finance 
Certificates
Facility
PKR 2,500 mln PKR 8,600 mln
PKR 400 mln
Joint Lead Advisor &  PKR 23,000 mln
Joint Lead Advisor &  Lead Advisor & Arranger
Arranger Lead Advisor & Arranger
Arranger

October 2006 September 2006
October 2006
Bosicor Pakistan Limited
Pakistan International  JDW Sugar Mills Limited
Container Terminal Limited

Syndicated Term Finance
Syndicated Lease Facility
Facility Syndicated Term Finance 
Facility
PKR 360 mln
PKR 2,600 mln
Lead Advisor & Arranger and 
Lead Advisor & Arranger and PKR 1,500 mln
PKR 1,500 mln
Lead Advisor & Arranger z
Agent Advisor, Arranger and Agent 
Bank

-Slide 76-
Deal Credentials - Concluded recentlyy

July 2006 June 2006 April 2006


Century Paper and Board Mills  
First International  Worldbridge
g Connect Limited
IInvestment Bank Limited
t t B k Li it d

Rated, Listed & Secured  Raising Private Equity for an  Syndicated Long Term Finance 


Term Finance Certificate
Term Finance Certificate International Call Centre
International Call Centre  Fa ility
Facility 
Company
Amount PKR 500 mln PKR 5,500 mln
Financial Advisor &  Amount Undisclosed  Lead Advisor & Arranger and 
Arranger
Financial Advisor & Arranger Agent

January 2006
Security Leasing Corporation 
Limited

Privately Place Term Finance 
Certificates 

PKR 500 mln


PKR 500 mln
Sole Advisor & Arranger

-Slide 77-
Deal Credentials - Concluded in 2005
July 2005
November 2005 October 2005 July 2005
Fatima Group & Arif Habib 
JDW Sugar Mills Limited Askari Bank Limited Pakistan Security Printing 
Group
Corporation (Pvt.) Ltd

Acquisition of United Sugar  Issue of Unsecured &  Acquisition of Pak‐Arab 


Mills Limited & Subordinated Term Finance  Syndicated Long‐term Loan
Fertilizers Limited
Certificates
Public Offer of 750,000 shares 
of United Sugar Mills Ltd
PKR 4,000 mln
PKR 9,000 mln
PKR 250 mln PKR 1,500 mln Lead Advisor & Arranger for 
Lead Advisor, Lead Arranger & 
Manager to the Public Offer Joint Advisor & Arranger Structuring Agent Debt Financing

July 2005 June 2005
NetSol Technologies Chenab Limited

Pre‐IPO / Initial Public Offering

PKR 250 mln
g
Co‐Lead Manager and  PKR 540 mln
PKR 540 mln
Underwriter
Advisor & Arranger

-Slide 78-
Deal Credentials - Concluded in 2005
June 2005                June 2005 June 2005 June 2005
TRG Pakistan Limited Pakistan Lights (Pvt.) Limited Fatima Group & Arif Habib  Masood Textiles Mills 
Group Limited

The Resource Group

Syndicated Loan Facility Acquisition of  5% Equity Stake 
in Pakistan’s First‐Ever Solar  Acquisition of Pak‐Arab 
Pakistan’s First Listed Floating 
Lamp Manufacturing Facility Fertilizers Limited
Rate Preferred Share Issue

PKR 14,675 mln
PKR 720 mln Amount: N/A PKR 600 mln
Lead Manager Private Equity Buy Side Advisor Financial Advisor & Arranger

June 2005 June 2005 May 2005


Chakwal Cement Company  Trans World Associates (Pvt.) 
Pak‐Telecom Mobile Limited Limited Ltd.

Limited Recourse Project 
Finance Facility for undersea 
Syndicated Term Finance  fiber optic cable system
Facility Syndicated Debt

PKR 1,400 mln
PKR 4,800 mln
PKR 6,000 mln L dA
Lead Arranger
Joint Lead Arranger
Joint Lead Manager

-Slide 79-
Deal Credentials - Concluded in 2005
May 2005 April  March 2005
2005 DHA Cogen Limited
Techlogix International  
Limited Dewan Farooque Spinning 
Mills Limited
Mills Limited  

Pre‐IPO/Initial Public Offering/ Non‐recourse Project Finance 
Privately Placed Term Finance  Facility for Pakistan’s first 
Certificates cogeneration plant
i l
US$ 2.7 mln
PKR 1,250 mln PKR 5,150  mln
Joint Lead Arranger
Joint Advisor & Arranger Joint Lead Arranger

March 2005               February 2005 February 2005


Gulistan Spinning Mills  Prime Bank Limited Askari Bank Limited
Limited

Issue of Unsecured &  Issue of Unsecured & 
Syndicate Term Finance Facility Subordinated Term Finance  Subordinated Term Finance 
Certificates  Certificates

PKR 110 l
PKR 110 mln PKR 800 mln
PKR 800 mln PKR 1 500 mln
PKR 1,500 mln
Joint Advisor, Arranger & Agent Joint Advisor & Arranger Joint Advisor & Arranger

-Slide 80-
Deal Credentials - Concluded in 2005
January 2005                  January 2005                 
Gulshan Spinning Mills  Paramount Spinning Mills 
Limited Limited

Syndicate Term Finance Facility Syndicate Term Finance 
Facility

PKR 200 mln
PKR 400 mln
Joint Advisor, Arranger & 
Joint Advisor, Arranger & Agent Agent

-Slide 81-
Deal Credentials - Concluded in 2004
December 2004 September 2004 October 2004
December 2004
ICI Pakistan Limited Chenab Limited
New Allied Electronics  Pakistan Mobile 
Industries (Pvt) Ltd Communication (Pvt) Ltd

Syndicated Term Finance  Preferred Shares Issue
Syndicated Term Finance  Sale of  PPTA Shares
Facility Facility

PKR 225 mln PKR 800 mln
PKR 3,975 mln
PKR 6,000 mln
Advisor & Arranger Joint Lead Manager Financial Advisor
Advisor & Arranger

July 2004
August 2004  June 2004
Crescent Leasing Corporation  Pak-Arab Pipeline Company The Crescent Textile Mills 
Limited Limited

Financing via Privately Placed  Advising and Arranging TFCs of


Term Finance Certificates Term Finance Facility
varying tenors

PKR 12,500 mln


PKR 550 mln
PKR 450 mln Joint Advisor & Arranger Arranger, Advisor &  Syndicate 
A Ad i & S di
Arranger, Advisor & Trustee Agent

-Slide 82-
Deal Credentials - Concluded in 2004
June 2004                 May 2004 May 2004 April 2004
Pak‐Arab Refinery Company Divestment of selected oils and  Security Leasing Corporation  Civil Aviation Authority  
fats business by an  Limited
i t
international FMCG company
ti l FMCG

Syndicated Term Finance 
Privately Placed Term  Facility 
Syndicated Financing Advising on MBO Finance Certificates

PKR 20,500 mln PKR 1,000 mln PKR 300 mln PKR 4,000 mln


Joint Advisor & Arranger Arranger & Advisor Advisor & Arranger Joint Advisor & Arranger

March 2004 March 2004 April 2004


Pakistan Mobile  Paktel Limited  Rupali Polyester Ltd
Communication (Pvt) Ltd
Novatex Ltd

Funded and non‐funded 
Privately Placed Term Finance  facilities for GSM Project 
Certificates Phase II Cellular License Auction

PKR 2 000 mln


PKR 2,000 mln PKR 958 l
PKR 958 mln Financial Advisor & Lead 
Joint Advisor, Arranger & 
Joint Advisor & Arranger Arranger
Trustee

-Slide 83-
Deal Credentials - Concluded in 2004

February 2004                 January 2004 
Progas Pakistan Limited World CALL  Broadband 
Ltd
d

Syndicated Loan for LPG 
Terminal and Marketing  Pre‐IPO/Initial Public Offering
Business

PKR 1,500 mln
PKR 1,368 mln
Advisor, Arranger & Lead 
Joint Arranger Underwriter

-Slide 84-
Deal Credentials - Concluded in 2003
December 2003  November 2003 November 2003 November 2003 
PakCom Limited Pak‐Telecom Mobile Limited Paktel Limited Shakarganj Mills Limited

Funded and non‐funded 
Syndicated Term Loan
facilities for GSM Project Syndicated Term Finance 
Term Facility 
Facility

PKR 250 mln PKR 1,600 mln
PKR 963 mln PKR 1,050 mln
Arranger  Joint Advisor & Arranger Joint Arranger & Advisor
Joint Arranger & Advisor

November 2003 November 2003

Pakistan Industrial Credit &  Dewan Salman Fibres Limited


Investment Corporation Ltd.

Syndicated Loan Facility Commercial  Paper

,
PKR 1,000 mln PKR 435 mln
PKR 435 mln

Joint Advisor & Arranger Joint Advisor & Arranger

-Slide 85-
Deal Credentials - Concluded in 2003
September 2003 September 2003
Pakistan Mobile  Pak‐Libya Holding Company 
Communication (Pvt) Ltd (Pvt) Limited

Privately Placed Term Finance  Privately Placed Term Finance 
Certificates Certificates

PKR 2,500 mln PKR 1,000 mln
Joint Advisor, Arranger & 
Trustee Advisor & Arranger

-Slide 86-
Table of Contents
„ UBL and its Investment Banking Group
„ Syndications
y & Debt Capital
p Markets
„ Project & Structured Finance
„ Equity & Advisory
„ Deal Credentials
„ Key Personnel
„ Key Contacts

-Slide 87-
K P
Key Personnell
Keyy Personnel
ƒ 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,
UBL, 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 Pakistan’s first co-generation (power & desalination)
unit on a fully non-recourse basis and the country’s 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.

ƒ 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.
transactions Prior to joining UBL,
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
B d Member
Board M b off CFA Association
A i ti off Pakistan,
P ki t a member
b societyi t off CFA Institute.
I tit t

-Slide 89-
Keyy Personnel ((Cont’d))
ƒ 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
UBL, highl skilled professionals whose
hose responsibilities range from public
p blic 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.

ƒ Muhammad Umer Khan (Vice President,


President Project & Structured Finance),
Finance) an MBA graduate from IBA,
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 90-
Keyy Personnel ((Cont’d))
ƒ 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,
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.

ƒ 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,
UBL Ehsan was running a startup concern in Turkey.
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.

ƒ 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 91-
Keyy Personnel ((Cont’d))
ƒ 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,
restructuring, advisory equity listing and equity arrangement transactions.
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.

ƒ Shermeen Rabadi (Assistant 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,
matters coordinating with different consortium members and
marketing instruments to prospective investors.

-Slide 92-
Keyy Personnel ((Cont’d))
ƒ 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,
market advisory,
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.

ƒ 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.

ƒ Qasim Ali Karamat (Assistant Manager), BBA graduate from IBA, has recently joined the UBL
IBG team.
team He works closely with senior members of the team on DCM, 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
f tili
fertilizer and
d PSF sectors.
t

-Slide 93-
Keyy Personnel ((Cont’d))
„ 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
ki iin H
Habib
bib B
Bank
k iin C
Corporate
t BBanking
ki as a R
Relationship
l ti hi MManager.

-Slide 94-
Keyy Contacts
Saeed Iqbal Dir.:  (92‐21) 241 0043
EVP & Group Head Gen.: (92‐21) 111‐UBL‐111 ext. 2203
Investment Bank
Investment Bank Fax:: (92 21) 241 2410
Fax::  (92‐21) 241 2410
email: saeed.iqbal@ubl.com.pk

Rizwan Hameed Chapra, CFA Dir.:  (92‐21) 241 5107
Senior Vice President Gen.: (92‐21) 111‐UBL‐111 ext. 2462
Syndications & Debt Capital Markets Fax:  (92‐21) 241 2410
Investment Bank email: rizwan.chapra@ubl.com.pk

Amir Shehzad Dir.:  (92‐21) 9033 2450
Senior Vice President Gen.: (92‐21) 111‐UBL‐111 ext. 2450
Equity & Advisory Fax:  (92‐21) 241 2410
I
Investment Bank
B k e mail: amir.shehzad@ubl.com.pk
il i h h d bl k

Umer Khan Dir.:  (92‐21) 241 1846
Vice President Gen: (92‐21) 111‐UBL‐111 ext. 2174
Project & Structured Finance Fax:  (92‐21) 241 2410
Investment Bank email: umer.khan@ubl.com.pk
-Slide 95-