PICIC Insurance Limited’s public Announcement of withdrawal of intention to acquire 40% equity stake of PICIC Insurance Limited by Excel Insurance Company Limited as required under ‘listed companies (substantial acquisition of voting shares and takeovers’) regulations, 2008

Karachi: On behalf of our client, Excel Insurance Company Limited, we Next Capital Limited, as ‘Managers to the Offer’, would like to inform you that our client has decided to withdraw its intention to acquire 40% equity stake in PICIC due to lapse of time to make the ‘Public Offer to Acquire’ as required tinder section 8(1) and section 17(1) of ‘Listed Companies Substantial Acquisition of Voting Shares and Takeovers) Regulations, 2008’.For your reference, we have included with this letter a copy of the ‘Public Announcement, of Withdrawal of Intention’ to acquire the above captioned shares which will be published in the newspapers in the following days.

Public Announcement of Withdrawal of Intention to Acquire up to 40% equity stake in PICIC Insurance Limited By Excel Insurance Company Limited as required under Listed Companies (Substantial Acquisition of Voting Shares and Take-overs) Regulations, 2008′

Due to a lapse in the time period to make the ‘Public offer to Acquire’ as required under section 8(1) of the Listed Companies (Substantial Acquisition of Voting Shares and Take-avers) Regulations, 2008, the Acquirer, Excel Insurance Company Limited (herein collectively referred to as “Excel’), hereby withdraws its intention to acquire 40% equity stake in PICIC Insurance Limited as previously disclosed in its ‘Public Announcement of Intention to Acquire’ the above captioned stake on May 20, 2011

Excel reserves the right to make a subsequent ‘Intention to Acquire’ in the future if it deems fit.

Any questions in regards to this announcement can be directed to: Manager to the Offer

For more information, contact:
PICIC Insurance Limited
8th Floor Horizon Tower, Plot- II,
2/6, Block III, Clifton, Karachi, Pakistan
UAN: 92-21-111-639-825
Fax: 92-21-35292621
URL: www.nextcapital.com

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