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2011AnnualReport

The Hub Power Company Limited

We have reviewed the Statement of Compliance with the best practices contained in the Code of Corporate Governanceprepared by the Board of Directors of the The Hub Power Company Limited (the Company) to comply with the Regulationsof the respective Stock Exchanges, where the Company is listed.

The responsibilities of compliance with the Code of Corporate Governance is that of the Board of Directors of theCompany. Our responsibility is to review, to the extent where such compliance can be objectively verified, whether theStatement of Compl iance reflects the status of Companys compliance wi th the provisions of the Code of CorporateGovernance and report if i t does not. A review is limited primarily to inquiries of the Companys personnel and reviewof various documents prepared by the Company to the comply with the Code.

As part of our audit of financial statements we are required to obtain an understanding of the accounting and internalcontrol systems sufficient to plan the audit and develop an effective audit approach. We have not carried out any specialreview of the internal control system to enable us to express an opinion as to whether the Boards statement on internalcontrol covers all controls and the effectiveness of such Internal controls.

Further, Listing Regulations of Karachi, Lahore and Islamabad Stock Exchanges require the Company to place before theBoard of Directors for their consideration and approval, related party transactions distinguishing between transactionscarried out on terms equivalent to those that prevail in arms length transactions and transactions which are not executedat arms length price, recording proper justification for using such alternate pricing mechanism. Further, all such transactionsare also required to be separately placed before the audit committee. We are only required and have ensured complianceof requirement to the extent of approval of related party transactions by the Board of Directors and placement of suchtransactions before the audit committee. We have not carried out any procedures to determine whether the related partytransactions were undertaken at arms length price or not.

Based on our review, nothing has come to our attention which cause us to believe that the Statement of Compliance

does not appropriately reflect the Companys compliance, in all material respects, with the best practices contained inthe Code of Corporate Governance as applicable to the Company for the year ended June 30, 2011.

M. Yousuf Adil Saleem & Co.

Chartered Accountants

KarachiDate: September 08, 2011

Review Report to the Members on Statement ofCompliance with best practices of

Code of Corporate Governnance

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