Fungibility of Shares

The GDRs and the underlying shares are not fungible, therefore it is not possible for these shares to be traded in Dhaka Stock Exchange and Chittagong Stock Exchange.

As was referred in Clause 18 (Admission, Settlements and Dealings) of the Placing and Admission of GDRs document, during initial admission the Bangladesh SEC gave its approval to the deal with the condition that the GDRs and its underlying shares shall not be traded in Dhaka and Chittagong Stock Exchange. It was also mentioned that as soon as practicable following admission, the Company intends to seek to agree with the Bangladesh SEC a mechanism pursuant to which shares underlying GDRs may be traded on the Dhaka Stock Exchange and Chittagong Stock Exchange following the cancellation or surrender of such GDRs.

The Company approached Bangladesh SEC for fungibility in June 2005 but the request was refused. Subsequently, the Company again approached the SEC in January 2006 but again the request was turned down.