The Board of Directors (the Board) of United Commercial Bank Ltd. in its 301^st Meeting dated 28.06.2010 ended at 7.30 pm unanimously decided to recommend to increase the Authorized Capital from Tk.200.00 crore to Tk.800.00 crore subject to consent of regulatory authorities.

The Board approved the annual audited financial statement for the financial year ended on 31^st December, 2009 and also recommended 30% stock dividend out of the profit for the financial year ended on 31st December, 2009.

The Board also recommended 25% stock dividend out of the profit for the financial year ended on 31st December, 2008. It is pertinent to mention here that Board was unable to recommend the dividend for the said financial year in the same meeting where it has approved the financial statement of the said financial year as litigation was pending before the Hon’ble Appellate Division of the Supreme Court of Bangladesh.

The Board also reconfirmed the earlier recommended 50% stock dividend for the financial year ended on 31st December, 2007.

All the above mentioned recommended dividends are subject to approval of increasing the Authorized Capital in the Extraordinary General Meeting as well as consent of regulatory authorities and shall have effect on cumulative basis.

The significant features of financial statement for the financial year ended on 31^st December, 2009 are as follows:

*Diluted position calculated considering 1,79,07,406 shares including 1,49,15,358 Shares diluted based on approved 90% dividend from the cumulative profit of the years 2002, 2003 & 2004, 50% dividend for the year 2005 & 40% dividend for the year 2006 and proposed 50% dividend for the year 2007.

It is further to mention here that the Board is unable to declare the Date of AGMs and related Record Dates as the application of condonation of delay of holding AGMs for the financial years 2007 and 2008 is pending before the Hon’ble High Court Division. This has also concurrence of SEC vide its Letter No.SEC/SRMIC/94-205/415 dated 28.06.2010.