Secretary's Department

SD/UBL-SBL/PSX/Sanction-SBP/25

11 March 2025

The General Manager

Pakistan Stock Exchange Limited

Stock Exchange Building,

Stock Exchange Road

Karachi

Dear Sir,

DISCLOSURE OF MATERIAL INFORMATION

In accordance with Sections 96 and 131 of the Securities Act, 2015 and Clause 5.6.1 of the Rule Book of the Pakistan Stock Exchange Limited ("PSX"), we hereby convey the following information:

"State Bank of Pakistan ("SBP"), vide its Sanction Order dated 10 March 2025 has sanctioned the Scheme of Amalgamation of Silk Bank Limited ("SBL") with and into United Bank Limited ("UBL") under the provisions of Section 48 of the Banking Companies Ordinance 1962 ("BCO") effective from the date jointly notified by UBL and SBL and approved by the SBP. The Scheme of Amalgamation has been sanctioned by the SBP on the terms and modifications set out in the Sanction Order.

Further, pursuant to the Sanction Order issued by SBP and based on the joint notification by UBL and SBL, SBP has approved, Tuesday, 11 March 2025 as the "Effective Date" for the purpose of amalgamation of SBL with and into UBL in accordance with the provisions of Section 48 of BCO. Accordingly, as of the Effective Date (i.e. start of business Tuesday, 11 March 2025), SBL stands amalgamated with and into UBL.

In accordance with the Scheme of Amalgamation as sanctioned by the SBP pursuant to the Sanction Order, new ordinary shares of UBL will be issued to the shareholders of SBL, who stand registered as the shareholders of SBL on the final book closure date announced by SBL (i.e. 20 March 2025), in accordance with the swap ratio (being one (1) new ordinary share of UBL having face value of PKR 10/- per share for every three hundred and twenty-five (325) ordinary shares of SBL having face value of PKR 10/- per share) and subject to compliance with legal and  procedural requirements.

UBL shall keep the Exchange informed of any material developments in this regard."

You are requested to disseminate the above information to TREC Holders of the Exchange.

Kind regards,

         Sd/-

Aqeel Ahmed Nasir

Company Secretary &

Chief Legal Counsel

Copy to:

1)   Director / HOD, Surveillance, Supervision and Enforcement Department, Securities and Exchange           Commission of Pakistan, NIC Building, 63 Jinnah Avenue, Blue Area, Islamabad.

2)     London Stock Exchange

"ANNEXURE - A"

DISCLOSURE FORM

IN TERMS OF SECTIONS 96 AND 131 OF THE SECURITIES ACT, 2015

Disclosure of Inside Information by Listed Company in Terms of Section 96 & 131 of the Securities Act, 2015.

"State Bank of Pakistan ("SBP"), vide its Sanction Order dated 10 March 2025 has sanctioned the Scheme of Amalgamation of Silk Bank Limited ("SBL") with and into United Bank Limited ("UBL") under the provisions of Section 48 of the Banking Companies Ordinance 1962 ("BCO") effective from the date jointly notified by UBL and SBL and approved by the SBP. The Scheme of Amalgamation has been sanctioned by the SBP on the terms and modifications set out in the Sanction Order.

Further, pursuant to the Sanction Order issued by SBP and based on the joint notification by UBL and SBL, SBP has approved, Tuesday, 11 March 2025 as the "Effective Date" for the purpose of amalgamation of SBL with and into UBL in accordance with the provisions of Section 48 of BCO. Accordingly, as of the Effective Date (i.e. start of business Tuesday, 11 March 2025), SBL stands amalgamated with and into UBL.

In accordance with the Scheme of Amalgamation as sanctioned by the SBP pursuant to the Sanction Order, new ordinary shares of UBL will be issued to the shareholders of SBL, who stand registered as the shareholders of SBL on the final book closure date announced by SBL (i.e. 20 March 2025), in accordance with the swap ratio (being one (1) new ordinary share of UBL having face value of PKR 10/- per share for every three hundred and twenty-five (325) ordinary shares of SBL having face value of PKR 10/- per share) and subject to compliance with legal and  procedural requirements.

UBL shall keep the Exchange informed of any material developments in this regard."

                       Sd/-

__________________

Aqeel Ahmed Nasir

Company Secretary &

Chief Legal Counsel

Dated: 11 March 2025