Determination of Offering Price

Net Assets Value per Share: The offering price of the common Stock of United Airways (BD) Ltd. has been determined by assessing the net Assets value (NAV). The financial calculations presented below are from the audited accounts as of 31St October, 2009. Particulars Fixed Assets Fixed Deposit Current Assets: Advance and deposits and prepayments Accrued interest on FDR Store & spares Accounts Receivable(Travel Agents) Cash and Cash equivalents Total Current Assets Total Assets (A) Accounts Payables Accruals Unearned revenue Provision for Taxation Short term loan Term Loan(Secured) Shareholders Loan A/C Phoenix Air Craft Leasing Pte Ltd. Total Liabilities (B) Net Assets Value (A-B) Number of Shares (C) INet Assets Value per share (A-B)/C The net asset value baking per unit of share is Taka 101.88 Sd/ AHMED ZAKER & Co. Dhaka 27,378,881 15,2111,707 3,025,245 63,545,903 327,576,308 436,738,044 2,116,861,811 75,057,286 36,937,938 9,468,479 81,425,751 104,264,015 225,838,500 568,088,743 1,101,080,712 1,018,780,799 10,000,000 101.881 31.10.2009 1,580,123,467 115,211,707

From the above table we see that Net asset based value per share of the Company stands at Tk.101.58 which is higher than the price offered.