March 29, 2024

Dear Meezan Family,

Alhamdulillah, 2023 has been yet another year of outstanding achievements for Meezan Bank. The blessings of Allah
(SWT) and the dedication and hard work of the entire Meezan family has taken the Bank to new heights of success. Some
of the key achievements and honors that Allah (SWT) has bestowed on us are:

• Our branch network crossed the 1,000 branches benchmark

• Market capitalization of over US$ 1 billion – the highest in country’s banking sector
• Best Bank of Pakistan award for the third time by Pakistan Banking Awards
• Best Bank of the Year – Large Size Banks by CFA Society Pakistan for the 4th consecutive year
• Best Company in Financial Category at the Corporate Excellence Awards by Management Association of
Pakistan
• Most Preferred Employer - Financial Services Industry by Pakistan Society of Human Resource Management
• Maintaining the highest possible Credit Rating of 'AAA/A-1+’

And, Alhamdulillah, the list goes on.

We are grateful to Allah (SWT) for rewarding us with such outstanding achievements and recognitions for our meagre
efforts.

At Meezan Bank we consider our employees to be the Bank’s most valuable asset. We recognize the contribution of the
efforts and prayers of our employees and their families towards the Bank’s success. The well-being of our staff is the Bank’s
topmost priority and the Bank’s management is dedicated to ensuring that our employees are well looked after.

Some of the highlights of the recent updates in our staff benefits and rewards structure are as follows:

• Annual Performance Bonus for All Employees: Meezan Bank upholds inclusivity and acknowledges the contributions
of all its employees, whether permanent, contractual, or outsourced, by awarding them with one of the industry's
highest Annual Performance Bonus every year. Alhamdulillah, this year also, we are delighted to declare the most
substantial bonus multiples within the banking sector. Our benchmark is established through the bonus allocated to
outsourced support staff such as tea-boys and riders, amounting to 6 times their Basic salary.

• Ex-gratia Bonuses: During 2023, Meezan Bank has introduced various initiatives focused on employee rewards and
benefits. The Bank awarded the following ex-gratia bonuses in addition to the annual performance bonus during
2023:

a) Rs. 2 trillion Deposit Milestone Bonus: The Bank has attained a notable milestone by achieving the Rs. 2
trillion mark in deposits. This is a truly remarkable accomplishment and stands as a testament to the high
quality of our services that has resulted in the customer confidence that has made this achievement
possible. The Bank, in addition to the Annual Performance Bonus, has also given one month’s Basic salary
to all staff members, both regular and on the Bank's contract in 2023 on account of this achievement. This
bonus was disbursed in October 2023.

b) Best Bank Award Bonus: Meezan Bank has been acknowledged as the Best Bank of Pakistan for the third
time by Pakistan Banking Awards, the most prestigious recognition in the country’s banking sector. To
recognize staff contribution to this prestigious recognition, the Bank announced an ex-gratia bonus, equal
to One month’s Basic salary, for all staff members, both regular and on the Bank's contract. This bonus was
disbursed in November 2023.

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 c) Monthly Advance Bonus: In addition to the various initiatives already in place, Meezan Bank has recently
implemented further improvements in its Rewards and Benefits structure in order to provide tangible
support to the staff in view of the unique challenges presented by the current economic climate. The Bank
has increased the monthly Advance Bonus amount and also expanded its applicability to additional grades.
Monthly disbursements under this scheme are taking place since October 2023.

Policies and Programs recently introduced

Meezan Scholar Policy:

Professional education is a necessity in today’s society, without which nations cannot progress. In light of the importance
of education, the Bank launched ‘Meezan Scholar Policy’ for Employees to support their children’s professional education
such as Bachelor’s and Master’s Degree Programs undertaken by HEC recognized State-owned Universities and Colleges.
LUMS and IBA Karachi, being the leading educational institutes of the Country, are especially included. The Professional
Education could be Bachelor or Master’s Program in Business, Finance, Engineering, Medicine, Economics, Science,
Commerce or Arts Faculties.

Annual Hajj Sponsorship Program:

As the leading Islamic Bank of Pakistan, Meezan Bank announced the Annual Hajj Sponsorship Program to reinforce its
commitment towards employees’ mandatory religious obligation. The Bank introduced the Annual Hajj Sponsorship
Program keeping in view the significance of this sacred pilgrimage, and as a gesture of appreciation of employees’ hard
work and dedication. Under this program, 25 employees are chosen from all over Pakistan along with their spouse, or
with father/mother for unmarried staff, to perform Hajj. Employees who have a minimum of 5 years’ service with Meezan
Bank are chosen through a fair and transparent balloting process.

Iddat Leaves:
The Bank has started 'Iddat Leave with Pay' for its female employees. These leaves are introduced to offer financial
assistance to widowed/divorced female employees of the Bank who also experience significant emotional challenges
during such times.

Policies recently revised/enhanced

Maternity Leave:
The Bank has taken several measures for its staff in terms of their safety, benefits and wellbeing. Paid maternity leave serves
as a crucial benefit for female employees, aimed at enhancing maternal and infant well-being. The updated Maternity
Leave Policy, allows female staff to avail a maximum of ninety (90) days of fully paid leave. Additionally, it reinforces the
Bank’s commitment to Banking on Equality (BOE) by promoting Diversity and Inclusion initiatives.

Hajj Leave:
The Bank extended the Hajj leave duration to 20 days without imposing a minimum service limit, aiming to align with
industry standards and demonstrate commitment to employee well-being.

Staff Auto Finance:

Over the time, rising inflation has led to increase in vehicle prices, making it increasingly challenging for our staff members
to acquire a vehicle. The Bank provides Staff Auto Finance Facility at zero % profit rate (i.e. Qarz) for all employees who
are regular confirmed employees and have completed minimum of one year of service (inclusive of contractual
employment) with the Bank. The maximum amount of loan will be equivalent to 25 basic salaries of the applicant.

For employees in VP grade and staff who are functionally entitled to Bank provided vehicles, this facility is allowed at a
7% profit rate. The maximum amount of loan allowed is equivalent to PKR 1.5 million, whereas, employees in SVP & EVP
grades can now avail loan amount up to PKR 3.0 Million.

Staff House Finance Policy:

To ensure that the Bank’s Staff House Finance policy remains one of the best in the market, The Bank has revised
numerous parameters of this policy such as eligibility criteria, loan limits, preferential rate and notably the repayment
period, to make this one of the strongest talents attracting factors in the market.

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An Update on Health Coverage, Well-Being and ESOS Benefits

Health Takaful Coverage:

The Bank provides Health Takaful Coverage with no deduction from employee salary. The Bank ensures that in life-saving
cases, the medical expenditures are fully covered for all our employees notwithstanding the regular medical
hospitalization limits.

Employee Benevolent Fund Trust (EBFT)

Under the EBFT scheme, the Bank provides its employees (Regular & Contract) and their families with the medical-,
marriage- and education assistance in times of crisis. This welfare fund is a joint effort, with both the Bank and the
employees contributing to it to provide support for staff welfare.
EBFT Benefits:
Nature of Assistance Coverage Financial Support
Self 100% Grant
Medical Exigencies
Immediate Family 100% Grant
(hospitalization)
Parents 90% Grant & 10% Qarz
Education Self Qarz (upto Rs. 1M)
Marriage Self, Daughter & Sister Qarz (upto Rs.300,000/-)

Financial Assistance to Family of Deceased Staff:

The Bank does not forget the family members of its deceased staff. In the unfortunate event of an employee's passing
away, the Bank extends support to the bereaved family in the following manner:

Nature of Assistance Coverage Financial Support

Funeral Expense Rs.50,000/-
Financial Assistance to the Family of Monthly support ranges from Rs.
Deceased Staff Monthly Financial Support 50,000 to Rs. 120,000 over a period of
5 years, depending on the grade.

Employee Share Option Scheme (ESOS):

The Employee Share Option Scheme (ESOS) was initiated by the Bank to offer employees the opportunity to purchase
the Bank's shares at a discounted price, within a specified period. ESOS is designed to attract, retain and incentivize
employees. The scheme is offered to employees from SEVP to AM grades and all Branch Managers and Operation
Managers (irrespective of the grade) are included in this scheme.

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Through the ESOS program, employees were granted options in three consecutive years (2021, 2022, and 2023). In 3
years, a total of approx. 22 million shares have been granted to staff.

In 2023, employees exercised the first tranche of options at a price of approximately Rs. 62 per share. However, the market
value of the share at that time was approximately Rs. 110 per share. This means that employees who exercised their
options in 2023 received a benefit of Rs. 48 per share (market value minus exercise price). This year also, these staff will
reap a major benefit since the share price of Meezan Bank has substantially increased. This scheme serves as a valuable
tool for employee incentivization and aligning employee interests with the long-term success of the Bank.

Staff Performance Appraisal 2023

Alhamdulillah, we are delighted to announce to all Meezan team members that the 2023 Performance Appraisal process
has been finalized. The Bank adheres to its Pay for Performance philosophy and extends the benefits of its achievements
to the team by providing outstanding bonuses and salary increments to both permanent and contractual staff. Insha'Allah,
the appraisal letters will be uploaded today onto HRMS for Line Managers to distribute to their team members.
Promotions are also being announced as part of this Appraisal cycle to recognize and reward the staff who have
demonstrated the ability to assume a higher level of responsibilities.

I extend my gratitude to the Senior Management team of the Bank for their unwavering commitment and dedication in
successfully concluding this exercise. I am also thankful for the guidance and support provided by the Board Human
Resources, Remuneration & Compensation Committee (BHRR&CC) as well as by the President & CEO and Deputy CEOs
throughout the process.

On behalf of the President & CEO, Deputy CEOs, and the senior leadership team of the Bank, I extend m y heartfelt
congratulations to each one of you for your accomplishments throughout the year.

May we never forget to continue to stay grateful to Allah SWT, who is our sole keeper, the most beneficent and the most
merciful, Ameen!

Please cascade this communication to your reports as appropriate.

Khalid Zaman Khan

Senior Executive Vice President
Group Head of Human Resources, Learning & Organizational Development

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