1. The working results for the quarter and half year ended 30.09.07 have been arrived at after considering the provision for non-performing assets, standard assets and investment depreciation on the basis of prudential norms issued by the Reserve Bank of India (RBI). In respect of Income Tax, Fringe Benefit Tax, Depreciation on Fixed Assets, etc., provision has been made on an estimated basis. Pending notification of draft guidelines on Limited Revision to Accounting Standard (AS) -15 to be issued by the Institute of Chartered Accountants of India (ICAI), Bank has provided Rs. 68.06 crore on pro-rata basis for Employees Benefits such as Pension, Gratuity, Leave Encashment etc. for the half year ended 30.09.2007 based on actuarial valuation estimated as on 31.03.2008 as per revised AS-15. The aforesaid provision includes an amount of Rs. 41.66 crore being the pro-rata of total estimated transitional liability over the pre-revised AS-15 liability. The excess of transitional liability over the pre-revised AS-15 liability has not been reduced from the opening reserves and will be accounted for on receipt of RBI guidelines.
    

2. Reconciliation of outstanding entries in Suspense Accounts and Inter Branch/Office accounts is in progress. The impact of such reconciliation on the accounts will not be material.

3. Certain non interest income such as Commission on Guarantees and Letters of Credit is being accounted for on cash basis instead of accrual basis as required under AS-9, the impact of which is not material.

4. The Bank has recognised in the 1^st quarter ended 30.06.07 a MAT Credit to the extent of Rs. 55.71 crore under section 115JAA of Income Tax Act, 1961 pertaining to AY 2006-07 Rs.15.76 crore and AY 2007-08 Rs.39.95 crore and treated the MAT Credit Entitlement as an Asset.

5. There has been no change in the Accounting Policies, except for estimates as per revised AS-15 adopted during the half year ended 30.09.2007 to those followed in the immediately preceding financial year.

6. The above results for the quarter and half year ended 30.09.07 reviewed by the Auditors of the Bank have been taken on record by the Board of Directors at its meeting held on 15^th October, 2007.

7. The previous period figures have been regrouped /rearranged wherever necessary.

8. Information on investor complaints pursuant to Clause 41 of the listing agreement for the Quarter ended 30^th September, 2007;-

Number of Investor Complaints: Outstanding at the beginning of the Quarter – Nil; Received during the Quarter –66; Redressed during the Quarter –66; Pending at the end of the Quarter – Nil.

For UCO Bank