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REVIEW REPORT
TO THE MEMBERS ON STATEMENT OF COMPLIANCE
WITH BEST
PRACTICES OF CODE OF CORPORATE GOVERNANCE
We have reviewed the Statement of Compliance with
the best practices contained in the Code of Corporate Governance for the year
ended June 30, 2004 prepared by the Board of Directors of ORIX Investment Bank
Pakistan Limited to comply with the Listing Regulation No. 37 of the Karachi
Stock Exchange (Guarantee) Limited and Chapter X111 of the Lahore Stock
Exchange (Guarantee) Limited where the Company is listed.
The responsibility for compliance with the Code
of Corporate Governance is that of the Board of Directors of the Company. Our
responsibility is to review, to the extent where such compliance can be
objectively verified, whether the Statement of Compliance reflects the status
of the Company's compliance with the provisions of the Code of Corporate
Governance and report if it does not. A review is limited primarily to
inquiries of the Company personnel and review of various documents prepared by
the Company to comply with the Code.
As part of our audit of financial statements we
are required to obtain an understanding of the accounting and internal control
systems sufficient to plan the audit and develop an effective audit approach.
We have no carried out any special review of the internal control system to
enable us to express an opinion as to whether the Board's statement on internal
control covers all controls and the effectiveness of such internal controls.
Based on our review, nothing has come to our
attention which causes us to believe that the Statement of Compliance does not
appropriately reflect the Company's compliance, in all material respects, with
the best practices contained in the Code of Corporate Governance, for the year
under review.
Karachi: Ford
Rhodes Sidat Hyder & Co.
September
20, 2004 Chartered
Accountants
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