Request for Issuance of No Objection Certificate (NOC) for release of Rights Shares (R-5) Subscription Amount - AGIC

Askari General Insurance Co. Ltd.

December 12'h, 2025 PSX/BOD/RI/NOC/2025

The General I'•lanager

Pakistan Stock Exchange Limited Stock Exchange Building

Stock Exchange Road

Karachi

Subject: Request for Issuance of No Objection Certificate (NOC) for Release ofRights Shares Subscription Amount

This is with reference to your letter no. PSX/C-1026-1947, It is hereby confirmed that 28,760,758 right shares offered by Askari General Insurance Company Limited have been fully subscribed. In this regard, auditor's certificate confirming receipt of full subscription money amounting to PKR 920,344,256 against issue of right shares is attached herewith.

In light of the above, you are requested to kindly issue 'No Objection Certificate' in favor of Askari Bank Limited and Central Depository Company of Pakistan Ltd for release of right shares subscription amount.

WaqasAti

Company Secr ary

YOUSUF ADIL

PAC E ALI GNED ...

1219/12/2025

f9ccernber 12, 2025

The Company Secretary

Askari General Insurance Company Limited Rawalpindi

Yousuf Adil

Chartered Accounlanis

18-B/1, Chohan Mansion G-8 Markaz

Islamal3ad 44000 Pakistan

Tel: +92 (0) 51 8734400-3

Fax: +P2 (0) 51 835D60?

https://www.yousufadil.corn

Wc have been requested to provide you with a certificate to confirm the receipt of subscription moiicy for subsci ibing right shares of Askari General Insurance Company Limited (the Company) as rcquircrl by Pakistan Stock Exchange Limited (PSX).

We as statutory auditors of the Company are required to issue a certificate to confirm the receipt of amount of subscription money in designated bank account and in CDC as given in Statement of Receipt of Subsci iption Amount (the Statement) for subscribing right shares of the Company.

Management Responsibility

ll is the management's responsibility to prepare the Statement, fulfil all requirements of Companies Act, 2017 and cnsurc cornpiiance with the requirement of PSX. The management's responsibility also includes to submit Forno-3, i.e. rctiirn, of allotment duly cenified by the Companies Registration Office within 45 days of the last date of payment/renunciation. This certificate does not relieve the management of its responsibilities.

Being statutory auditor ofthe Company, our responsibility is to certify the Statement prepared by the management of the Company and 'reporting thereon in accordance with the 'Guidelines for Issue of Certificates for Special Purposes hy Pi acticing Chartered Accountant Ftrnas' issued by the Institute of Chartercd Accountants of Pakistan tlii'ough circul•ii 03/20 16 dated Fcirruai y 25, 201I›. Our verification was Iiniitcd to the |x occdurcs a.s given below:

• Reviewed resolution of the Board of Directors dated October 2, 2025 to check the approval of issuance of 40% right shares to existing shareholders of the Company;

• Rcvicw'cd resolution of the Board of Directors dated December 10, 2025 to confirm that 983,316 unsubscribed right shares having face value of Rs. 10 each at excrcise price of Rs. 32 per share have been a!dotted at the discretion of the Board in accordance with the Companies Act. 2017 undci' section 83(1)(a)(iv) to Army Welfare Trust (AWT).

  
  
  

• Traced amount of Rs. 3l,466,112 received from AWT against allotment of 983,316 unsubscribed right shares having face value of Rs. 10 each at exercise price of Rs. 32 per share in bank statement of the Company having account number AKBL - 0010100613584.

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  ,$;,YOUSUF ADIL Chartered Accountants

  PAC E A LI G N ED

• Traced total subscription iiioney of Rs. 552,277,344 dii ectly received fioir AWT and Director s againsl right subscription of 17,258,667 ordinary shares having face value of Rs. 10 each at exercise price ot' Rs. 32 pcr share in bank statement of the Coiiipany having account ninrbcr AKBL - 0010.1006.13584;

• Traced total subscription money of Rs. 259,263.232 directly received mom other shareholders against right subscription of 8,l0l,97b ordinary shares having face value of Rs. 10 each at exercise price of As. 32 per share in bank statement of the Corrlpany having account number AKBL - 0010100613584;

• Obtained the Letter of CDC having refercnce number FL/DEC-2025/OPS/001 dated December 02, 2025, containing the details of amount received by CDC on behalf of company amounting to Rs. 77,337,568 against right subsci'iption of 2,416,799 oi'dinary sliai es having face value of Rs. 10 each at cxci cise pi'icc

  
  
  

• Recalculatcd the right shai'es entitlement of Dii'ectors and Ai'rny Welfai'e Tiust.

• Examined ForTn 26 and 7 for the revised authorized capital of the Company; and

» Obtained management representation that these funds were received from Directors and Any Welfare Trust against the Share Subscription Money.

The above procedures ai'e perfoi'nicd based on the documents made available to us by the management or' the

Comp‹iny.

Based on our procedui es mentioned under Auditor''s responsibility paragraph, we certify that subscription money of Rs. 843,006,688 for subscribing 26,343,959 right shares having face value of Rs. 10 each at exercise price of Rs. 32 per share has been received in designated bank account by the Corripany and Rs. 77,337,568 tor subscribing 2,41 6,799 right shares leaving face value Rs. 10 each at exercise price of Rs. 32 per share has bcen rcccived by the CDC on bchal I of' the Company;

The details of i ight shares and money rcceived t1iei'e-against are as follows:

The amount subsci'ibed by Sponsor and Directoivs include an amount of Fts. 552,277,344 againsl 17,258,6G7 shai es rcceived against thcir i ight entitlement on which we havc issued cci silicate dated Novembcr 10, 2025.

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YOUSUF ADI L

A

Yousuf Adil

Chartered Accountants

Restriction on use and distribution

This ccrtificate is being issued in the capacity of statutory auditor of the Company and on the specific request of the management of the Company for onward submission to the CDC and PSX. Accordingly, this should not be distributed to any other third party wiUiout our prior written consent. This certificate is restricted to the facts stated herein.

Yours Truly,

150 27001 Certified Since 2017 Karachi llslamabadl Lahore lMultan