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CSE news on PROGRESLIF

2020-06-08: Un-audited Financial Statements

PROGRESLIF: (Quarter 3) As per un-audited financial statements of Progressive Life Insurance Co. Ltd., Decrease in life revenue account for July-September, 2019 was Tk. 27.69 million as against Tk. 64.63 million for July-September, 2018. Whereas decrease in life revenue account for Jan-September, 2019 was Tk. 33.13 million with total life insurance fund of Tk. 2,722.88 million as against Tk. 66.83 million and Tk. 2,640.35 million respectively for Jan-September, 2018.

2020-06-08: Un-audited HY A/Cs

PROGRESLIF: (Quarter 2) As per un-audited financial statements of Progressive Life Insurance Co. Ltd., increase in life revenue account for Apr-June 2019 was Tk. 31.38 million with total life insurance fund of Tk. 2,750.56 million as against decrease in Tk. 28.69 million and Tk. 2,704.97 million respectively for the same period of the previous year. Decrease in life revenue account for Jan-June 2019 was Tk. 54.47 million with total life insurance fund of Tk. 2,750.56 million as against Tk. 2.20 million and Tk. 2,704.97 million respectively for the same period of the previous year.

2020-06-08: Un-audited Financial Statements

PROGRESLIF: (Quarter 1) As per un-audited financial statements of Progressive Life Insurance Co. Ltd., decrease in life revenue account for Jan-March 2019 was Tk. 36.82 million with total life insurance fund of Tk. 2,719.19 million as against increase in Tk. 26.48 million with total life insurance fund of Tk. 2,733.66 million respectively for the same period of the previous year.

2020-02-24: Cont16-Auditor's Opinion

PROGRESLIF(cont16):PLICL has invested BDT 6,965,061 beyond the aforementioned provision because PLICL prudently thinks that said investment would be profitable in future; and k) In note 18 of the financial statements, PLICL disclosed that PLICL recognizes outstanding premium as revenue according to IFRS 9. Outstanding premium as at December 31, 2018 has been collected subsequently. Note 18 -Outstanding premium: Balance of Outstanding premium as on 31-12-2018 was Taka 76,669,720 and as on 31-12-2017 was Taka 91,482,560.''(end)

2020-02-24: Cont15-Auditor's Opinion

PROGRESLIF(cont15):Book value of Investment in listed shares was Taka 72,437,744.21 and Market value (quoted price) of Investment in listed shares was Taka 56,816,031.00. According to Rule 10A(1)(e)(i) of the Insurance Rules, 1958, investment of balance assets in any other investment including capital market shall be made in ordinary shares of such company, where dividends of not less than 10% including bonus have been paid on such shares for the past three years immediately preceding the date of investment or for at least four out of past seven years immediately preceding the date of investment. During the year 2018,(cont16)

2020-02-24: Cont14-Auditor's Opinion

PROGRESLIF(cont14):According to Rule 10A(1)(e)(i) of the Insurance Rules, 1958, investment of balance assets in any other investment including capital market shall be made in ordinary shares of such company, where dividends of not less than 10% including bonus have been paid on such shares for the past three years immediately preceding the date of investment or for at least four out of past seven years immediately preceding the date of investment. During the year 2018, PLICL has invested BDT 6,965,061 beyond the aforementioned provision because PLICL prudently thinks that said investment would be profitable in future; Note 14.4.2 - Investment in listed shares (as at 31st December 2018):(cont15)

2020-02-24: Cont13-Auditor's Opinion

PROGRESLIF(cont13):i) As legal proceeding is running in the Honorable High Court division of Supreme Court of Bangladesh in the name of PLICL's affairs which are yet to be resolved. Due to this reason, PLICL could not provide the financial statements and auditor's certified copy on details of deposited money and assets of the "Life Insurance Fund" within 6 months from the end of year 2017 to the authority in accordance with Section 32 and Section 26(3) respectively of the Insurance Act, 2010, which disclosed in note 4.10 to the financial statements; j) In note 14.4.2 of the financial statements, PLICL stated the reason for not following the rule mentioned in the Insurance Rules, 1958, rule 10A(1)(e)(i). (cont14)

2020-02-24: Cont12-Auditor's Opinion

PROGRESLIF(cont12):Note 4.09 - Actuarial Valuation and Investigation: The Company does not make actuarial valuation and investigate its financial status of the life insurance business by an actuary according to the regulatory procedure and in a prescribed manner for the year 2016 and 2017 in accordance with Section 30 of the insurance Act, 2010. Because, legal proceeding is running in the Honorable High Court division of Supreme Court of Bangladesh on the name of the Company's affairs which are yet to resolve. On October 02, 2019 the Company has been appointed Dr. Mohammad Sohrab Uddin, Ph.D, AlA, Consulting Actuary, to Complete Actuarial valuation of the policy liabilities as at 31 December 2016, 2017 and 2018 respectively.(cont13)

2020-02-24: Cont11-Auditor's Opinion

PROGRESLIF(cont11):h) As disclosed in note 4.09 to the financial statements, PLICL does not make actuarial valuation and investigate its financial status of the life insurance business by an actuary according to the regulatory procedure and in a prescribed manner for the years 2016 and 2017 in accordance with Section 30 of the Insurance Act, 2010, because, legal proceeding is running in the Honorable High Court division of Supreme Court of Bangladesh in the name of PLICL's affairs which are yet to be resolved. On October 02, 2019 PLICL has appointed Dr. Mohammad Sohrab Uddin, Ph.D, AlA, Consulting Actuary, to Complete Actuarial valuation of the policy liabilities as at 31 December 2016, 2017 and 2018 respectively;(cont12)

2020-02-24: Cont10-Auditor's Opinion

PROGRESLIF(cont10):Due to this reason, PLICL could not hold any general meeting as its annual general meeting since 2013 in accordance with Section 81 of the Companies Act, 1994. With the approval of the Court, PLICL has held its 14th, 15th and 16th AGMs for the years 2013, 2014 and 2015 respectively on 12 September 2019; g) As disclosed in note 4.08 to the financial statements that, a legal proceeding is running in the Honorable High Court division of Supreme Court of Bangladesh in the name of PLICL's affairs which are yet to be resolved. So that, PLICL has not filed Schedule-X: "annual list of members and summary" to the Registrar in each year since 2013 according to Section 36 of the Companies Act, 1994; (cont11)

2020-02-24: Cont9-Auditor's Opinion

PROGRESLIF(cont9):Annual Financial Statements of PLICL could be not audited within 120 days from the date on which its financial year ends and a copy of such Audited Financial Statements could not be submitted to the Commission and the Stock Exchange within 14 days according to Regulation 18 of Dhaka Stock Exchange (Listing) Regulations, 2015; f) According to note 4.07 of the financial statements, legal proceeding is running in the Honorable High Court division of Supreme Court of Bangladesh in the name of PLICL's affairs which are yet to be resolved.(cont10)

2020-02-24: Cont8-Auditor's Opinion

PROGRESLIF(cont8):in the name of PLICL's affairs which are yet to be resolved. Due to this reason, PLICL could not submit "Quarterly Financial Statements" to the Exchange and the Commission in accordance with the Regulation 17 of Dhaka Stock Exchange (Listing) Regulations, 2015. PLICL has submitted its all un-audited Quarterly Financial Statements up to the 1st Quarter of 2018 to the BSEC on 25 July 2018; e) As disclosed in note 4.06 to the financial statements that, a legal proceeding is running in the Honorable High Court division of Supreme Court of Bangladesh in the name of PLICL's affairs which are yet to be resolved. Due to this reason,(cont9)

2020-02-24: Cont7-Auditor's Opinion

PROGRESLIF(cont7):But PLICL is in process to file the income tax returns for the AY 2015-16, 2016-17, 2017-18 and 2018-19; Note 3.13.1(b) - Current Tax: A legal proceeding is running in the Honorable High Court division of Supreme Court of Bangladesh on the name of the Company's affairs which are yet to be resolved. Due to this reason, the Company does not file any return of income for any of the assessment years after the assessment year (AY) 2014-15. But the Company is in process to file the Income Tax returns for the AY 2015-16, 2016-17, 2017-18, 2018-2019 and 2019-2020. d) According to note 4.05 of the financial statements, a legal proceeding is running in the Honorable High Court division of Supreme Court of Bangladesh(cont8)

2020-02-24: Cont6-Auditor's Opinion

PROGRESLIF(cont6):there is a high possibility to recover the whole amount of BDT 10,000,000 from the People's Leasing and Financial Service; Note 19.01 - Fixed deposits with banks: Balance of Fixed deposits with People's Leasing and Financial Service as on 31-12-2018 was Taka 10,000,000 and as on 31-12-2017 was Taka 15,000,000. c) In note 3.13.1(b) of the financial statements which describes, a legal proceeding is running in the Honorable High Court division of Supreme Court of Bangladesh in the name of PLICL's affairs which are yet to be resolved. Due to this reason, PLICL has not filed any return of income for any of the assessment years after the assessment year (AY) 2013-14.(cont7)

2020-02-24: Cont5-Auditor's Opinion

PROGRESLIF(cont5):Chattogram vide case no. 62/12; Annexure A of note 14: Balance of Written Down Value of the flat in Chattogram, address # Zahura Tower, 1401 Sheikh Muiib Road, Agrabad C/A, Chattogram as on 31-12-2018 was Taka 34,707,416 and as on 31-12-2017 was Taka 34,707,416. b) As disclosed in note 19.01 to the financial statements that, PLICL has an investment amount in BDT 10,000,000 in People's Leasing and Financial Service as at December 31, 2018. It has come to PLICL's knowledge that, the Honorable High Court has directed Bangladesh Bank to appoint a liquidator to liquidate the People's Leasing and Financial Service. PLICL has communicated with the liquidator and confirmed that, (cont6)

2020-02-24: Cont4-Auditor's Opinion

PROGRESLIF(cont4):PLICL has declared and approved 10% dividend (i.e. 5% stock and 5% cash) for the year 2015 amounting to BDT 12,865,776 to its shareholders. But PLICL did not recognize this approved dividend in the financial statements for the year ended December 31, 2017 as per para 14 of IAS 37. Emphasis of Matter: Without further modifying our opinion we draw attention to following notes to the financial statements: a) In Annexure A of note 14 of the financial statements, management has disclosed that, the flat in Chattogram, address # Zahura Tower, 1401 Sheikh Muiib Road, Agrabad C/A, Chattogram purchased at a price of Tk. 34,689,801 for which legal proceeding about ownership is under process in the Joint 2nd District Judge,(cont5)

2020-02-24: Cont3-Auditor's Opinion

PROGRESLIF(cont3):cannot be ascertained; 4. Petty cash balance of BDT 5,796,247 from 25 closed service cells have been shown in the consolidated petty cash balance of BDT 31,040,344. As per management of PLICL, the above mentioned 25 service cells have been closed between 2011 to 2017 and these petty cash balances of BDT 5,796,247 are lying with the respective agents of closed service cells, which they are trying to recover. According to IAS 37, para 14, no provision has been maintained against BDT 5,796,247 in the audited financial statements; and 5. According to the 153th Board meeting, dated July 25, 2019 and 16th AGM, dated September 12, 2019, (cont4)

2020-02-24: Cont2-Auditor's Opinion

PROGRESLIF(cont2):from allowable limit mentioned in Section 62 of the Insurance Act, 2010 and Rule 39 of The Insurance Rules, 1958; 3. Proper source documents substantiating the acquisition of certain disposed items of property, plant, and equipment, i.e. 6 (six) Cars, 12 (twelve) Air Conditions and computer accessories sold at BDT 23,21,633, BDT 1,05,000 and BDT 29,000 respectively were not found. No disposal adjustment has been made on the fixed assets schedule (note 20) at the time of de-recognition of such assets. As a result, actual gain/loss arising from the de-recognition of above mentioned assets and carrying amount of Property, Plant and Equipment as at December 31, 2018 (cont3)

2020-02-24: Cont1-Auditor's Opinion

PROGRESLIF(cont1): If Galaxy Capital Ltd. had been consolidated, elements in the accompanying financial statements would have been materially affected. In its Emergency Board Meeting no. 148, dated January 24, 2019, the board of PLICL has decided to withdraw its investment of BDT 30,855,000 from Galaxy Capital Ltd. Subsequently in 2019, PLICL has collected its entire investment of BDT 30,855,000 from Galaxy Capital Ltd.; Note 14.03 - Investment in equity shares of the companies: Balance of Investment in 51% of Galaxy Capital Limited as on 31-12-18 was Taka 30,855,000 and as on 31-12-17 was Taka 36,566,810. 2. PLICL has incurred an excess of 67.43% management expenses in the year 2018 (cont2)

2020-02-24: Auditor's Opinion

PROGRESLIF: The auditor of Progressive Life Insurance Company Ltd. has given the following "Qualified Opinion & Emphasis of Matter" for the year ended on 31 December 2018: Basis for Qualified Opinion: 1. As explained in note 14.03 of the financial statements, PLICL has 51% shareholding in its subsidiary company namely Galaxy Capital Ltd. and the investment in shares of this company was BDT 30,855,000. According to IFRS 10, para 04: "Consolidated Financial Statements", the subsidiary should have been consolidated because it is controlled by PLICL. PLICL has not consolidated the financial statements of subsidiary (Galaxy Capital Ltd.) resulting in violation of that particular IFRS.(cont1)

2020-02-18: Cont15-Auditor's Opinion

PROGRESLIF(cont15):Note 14.4.2 - Investment in listed shares (as at 31st December 2017): Book value of Investment in listed shares was Taka 67,979,205 and Market value (quoted price) of Investment in listed shares was Taka 66,171,809; and k) In note 18 of the financial statements, PLICL disclosed that PLICL recognizes outstanding premium as revenue according to IFRS 9. Outstanding premium as at December 31, 2017 has been collected subsequently. Note 18 - Outstanding premium: Balance of Outstanding premium as on 31-12-2017 was Taka 91,482,560 and as on 31-12-2016 was Taka 49,187,192."(end)

2020-02-18: Cont14-Auditor's Opinion

PROGRESLIF(cont14):(i). According to Rule 10A(1)(e)(i) of the Insurance Rules, 1958, investment of balance assets in any other investment including capital market shall be made in ordinary shares of such company, where dividends of not less than 10% including bonus have been paid on such shares for the past three years immediately preceding the date of investment or for at least four out of past seven years immediately preceding the date of investment. During the year 2018, PLICL has invested BDT 14,932,444 beyond the aforementioned provision because PLICL prudently thinks that said investment would be profitable in future;(cont15)

2020-02-18: Cont13-Auditor's Opinion

PROGRESLIF(cont13):i) As legal proceeding is running in the Honorable High Court division of Supreme Court of Bangladesh in the name of PLICL's affairs which are yet to be resolved. Due to this reason, PLICL could not provide the financial statements and auditor's certified copy on details of deposited money and assets of the "Life Insurance Fund" within 6 months from the end of year 2017 to the authority in accordance with Section 32 and Section 26(3) respectively of the Insurance Act, 2010, which disclosed in note 4.10 to the financial statements; j) In note 14.4.2 of the financial statements, PLICL stated the reason for not following the rule mentioned in the Insurance Rules, 1958, rule 10A(1)(e)(cont14)

2020-02-18: Cont12-Auditor's Opinion

PROGRESLIF(cont12):h) As disclosed in note 4.09 to the financial statements, PLICL does not make actuarial valuation and investigate its financial status of the life insurance business by an actuary according to-the regulatory procedure and in a prescribed manner for the years 2016 and 2017 in accordance with Section 30 of the Insurance Act, 2010, because, legal proceeding is running in the Honorable High Court division of Supreme Court of Bangladesh in the name of PLICL's affairs which are yet to be resolved. On October 02, 2019 PLICL has appointed Dr. Mohammad Sohrab Uddin, Ph.D, AlA, Consulting Actuary, to Complete Actuarial valuation of the policy liabilities as at 31 December 2016, 2017 and 2018 respectively;(cont13)

2020-02-18: Cont11-Auditor's Opinion

PROGRESLIF(cont11):Due to this reason, the Company could not hold any general meeting as its annual general meeting since 2013 in accordance with Section 81 of the Companies Act, 1994. With the approval of the Court, the Company has held its 14th, 15th and 16th AGMs for the years 2013, 2014 and 2015 respectively on 12 September 2019. g) As disclosed in note 4.08 to the financial statements that, a legal proceeding is running in the Honorable High Court division of Supreme Court of Bangladesh in the name of PLICL's affairs which are yet to be resolved. So that, PLICL has not filed Schedule-X: "annual list of members and summary" to the Registrar in each year since 2013 according to Section 36 of the Companies Act, 1994;(cont12)

2020-02-18: Cont10-Auditor's Opinion

PROGRESLIF(cont10):f) According to note 4.07 of the financial statements, legal proceeding is running in the Honorable High Court division of Supreme Court of Bangladesh in the name of PLICL's affairs which are yet to be resolved. Due to this reason, PLICL could not hold any general meeting as its annual general meeting since 2013 in accordance with Section 81 of the Companies Act, 1994. With the approval of the Court, PLICL has held its 14th, 15th and 16th AGMs for the years 2013, 2014 and 2015 respectively on 12 September 2019; Note 4.07 - Annual General meeting (AGM): A legal proceeding is running in the Honorable High Court division of Supreme Court of Bangladesh in the name of the Company's affairs which are yet to be resolved.(cont11)

2020-02-18: Cont9-Auditor's Opinion

PROGRESLIF(cont9):to the Commission and the Stock Exchange within 14 days according to Regulation 18 of Dhaka Stock Exchange (Listing) Regulations, 2015; Note 4.06 - Audit of Annual Financial Statements: A legal proceeding is running in the Honorable High Court division of Supreme Court of Bangladesh in the name of the Company's affairs which are yet to be resolved. Due to this reason, Annual Financial Statements of the Company could not be audited within 120 days from the date on which its financial year ends and a copy of such Audited Financial Statements could not be submitted to the Commission and the Stock Exchange within 14 days according to Regulation 18 of Dhaka Stock Exchange (Listing) Regulations, 2015.(cont10)

2020-02-18: Cont8-Auditor's Opinion

PROGRESLIF(cont8):in accordance with the Regulation 17 of Dhaka Stock Exchange (Listing) Regulations, 2015. PLICL has submitted its all un-audited Quarterly Financial Statements up to the 1st Quarter of 2018 to the BSEC on 25 July 2018; e) As disclosed in note 4.06 to the financial statements that, a legal proceeding is running in the Honorable High Court division of Supreme Court of Bangladesh in the name of PLICL's affairs which are yet to be resolved. Due to this reason, Annual Financial Statements of PLICL could not be audited within 120 days from the date on which its financial year ends and a copy of such Audited Financial Statements could not be submitted(cont9)

2020-02-18: Cont7-Auditor's Opinion

PROGRESLIF(cont7):a legal proceeding is running in the Honorable High Court division of Supreme Court of Bangladesh in the name of PLICL's affairs which are yet to be resolved. Due to this reason, PLICL has not filed any return of income for any of the assessment years after the assessment year (AY) 2013-14. But PLICL is in process to file the income tax returns for the AY 2014-15, 2015-16, 2016-17; d) According to note 4.05 of the financial statements, a legal proceeding is running in the Honorable High Court division of Supreme Court of Bangladesh in the name of PLICL's affairs which are yet to be resolved. Due to this reason, PLICL could not submit "Quarterly Financial Statements" to the Exchange and the Commission i(cont8)

2020-02-18: Cont6-Auditor's Opinion

PROGRESLIF(cont6): Subsequently, PLICL has collected BDT 5,000,000 on 25 January 2018.It has come to PLICL's knowledge that, the Honorable High Court has directed Bangladesh Bank to appoint a liquidator to liquidate the People's Leasing and Financial Service. PLICL has communicated with the liquidator and confirmed that, there is a high possibility to recover the rest of the amount of BDT 10,000,000 from the People's Leasing and Financial Service; Note 19.01: Fixed deposits with banks: Balance of Fixed deposits with People's Leasing and Financial Service as on 31-12-2017 was Taka 15,000,000 and as on 31-12-2016 was Taka 10,000,000. c) In note 3.13.1(b) of the financial statements which describes,(cont7)

2020-02-18: Cont5-Auditor's Opinion

PROGRESLIF(cont5): address # Zahura Tower, 1401 Sheikh Mujib Road, Agrabad C/A, Chattogram purchased at a price of Tk. 34,689,801 for which legal proceeding about ownership is under process in the Joint 2nd District Judge, Chattogram vide case no. 62/12; Annexure A of note 04: Balance of Written Down Value of the flat in Chattogram, address # Zahura Tower, 1401 Sheikh Muiib Road, Agrabad C/A, Chattogram as on 31-12-2017 was Taka 34,707,416 and as on 31-12-2016 was Taka 34,689,801. b) As disclosed in note 19.01 to the financial statements that, PLICL has an investment amount in BDT 15,000,000 in People's Leasing and Financial Service as at December 31, 2017. (cont6)

2020-02-18: Cont4-Auditor's Opinion

PROGRESLIF(cont4): PLICL has declared and approved 10% dividend (i.e. 5% stock and 5% cash) for the year 2015 amounting to BDT 12,865,776 to its shareholders. But PLICL did not recognize this approved dividend in the financial statements for the year ended December 31, 2017 as per para 14 of IAS 37. Also, as per para 8 of IAS 10, PLICL shall adjust the amounts recognized in the financial statements to reflect adjusting events after the reporting period. Emphasis of Matter: Without further modifying our opinion we draw attention to following notes to the financial statements: a) In Annexure A of note 14 of the financial statements, management has disclosed that, the flat in Chattogram,(cont5)

2020-02-18: Cont3-Auditor's Opinion

PROGRESLIF(cont3): Plant and Equipment as at December 31, 2017 cannot be ascertained; 4. Petty cash balance of BDT 5,959,293 from 25 closed service cells have been shown in the consolidated petty cash balance of BDT 48,408,111. As per management of PLICL, the above mentioned 25 service cells have been closed between 2011 to 2017 and these petty cash balances of BDT 5,959,293 are lying with the respective agents of closed service cells, which they are trying to recover. According to IAS 37, para 14, no provision has been maintained against BDT 5,959,293 in the audited financial statements; and 5. According to the 153th Board meeting, dated July 25, 2019 and 16th AGM, dated September 12, 2019,(cont4)

2020-02-18: Cont2-Auditor's Opinion

PROGRESLIF(cont2): 2. PLICL has incurred an excess of 41.74% management expenses in the year 2017 from allowable limit mentioned in Section 62 of the Insurance Act, 2010 and Rule 39 of The Insurance Rules, 1958; 3. Proper source documents substantiating the acquisition of certain disposed items of property, plant, and equipment, i.e. Car, Air Condition and Furniture, sold at BDT 2,867,912, BDT 42,000 and BDT 25,000 respectively were not found. No disposal adjustment has been made on the fixed assets schedule (note 20) at the time of de-recognition of such assets. As a result, actual gain/loss arising from the de-recognition of above mentioned assets and carrying amount of Property,(cont3)

2020-02-18: Cont1-Auditor's Opinion

PROGRESLIF(cont1): If Galaxy Capital Ltd. had been consolidated, elements in the accompanying financial statements would have been materially affected. In its Emergency Board Meeting no. 148, dated January 24, 2019, the board of PLICL has decided to withdraw its investment of BDT 30,855,000 from Galaxy Capital Ltd. Subsequently in 2019, PLICL has collected its entire investment of BDT 30,855,000 from Galaxy Capital Ltd.; Note 14.03 - Investment in equity shares of the companies: Balance of Investment in 51 % of Galaxy Capital Limited (a member of the Chittagong Stock Exchange) as on 31-12-17 was Taka 30,855,000 and as on 31-12-16 was Taka 30,855,000.(cont2)

2020-02-18: Auditor's Opinion

PROGRESLIF: The auditor of Progressive Life Insurance Company Ltd. has given the following "Qualified Opinion & Emphasis of Matter" for the year ended on 31 December 2017: "Basis for Qualified Opinion1. As explained in note 14.03 of the financial statements, PLICL has 51% shareholding in its subsidiary company namely Galaxy Capital Ltd. and the investment in shares of this company was Taka 30,855,000. According to IFRS 10, para 04: "Consolidated Financial Statements", the subsidiary should have been consolidated because it is controlled by PLICL. PLICL has not consolidated the financial statements of subsidiary (Galaxy Capital Ltd.) resulting in violation of that particular IFRS.(cont1)

2020-02-18: Category Change

PROGRESLIF: Please note that Progressive Life Insurance Company Ltd. will be placed in ''A'' category from existing ''Z'' category with effect from 18 February 2020 as the Company has reported disbursement of 12% stock dividend for the year ended on December 31, 2018. As per BSEC Directive No. SEC/CMRRCD/2009-193/177 and BSEC Order No. SEC/CMRRCD/2009-193/178 dated October 27, 2015; the stock brokers & merchant bankers are requested not to provide loan facilities to their clients against trading of the shares of PROGRESLIF up to 30 trading days from 18 February 2020.

2020-02-17: Cont10-Auditor's Opinion

PROGRESLIF(cont10):to Complete Actuarial valuation of the policy liabilities as at 31 December 2013, 2014 and 2015 respectively; and i) As legal proceeding is running in the Honorable High Court division of Supreme Court of Bangladesh in the name of the Company's affairs which are yet to be resolved. Due to this reason, The Company could not provide the financial statements and auditor's certified copy on details of deposited money and assets of the "Life Insurance Fund" within 6 months from the end of year 2016 to the authority in accordance with Section 32 and Section 26(3) respectively of the Insurance Act, 2010, which disclosed in Note 4.10 to the financial statements."(end)

2020-02-17: Cont9-Auditor's Opinion

PROGRESLIF(cont9):according to Section 36 of the Companies Act, 1994; h. As disclosed in Note 4.09 to the financial statements, the Company does not make actuarial valuation and investigate its financial status of the life insurance business by an actuary according to the regulatory procedure and in a prescribed manner in each year since 2013 in accordance with Section 30 of the Insurance Act, 2010. As legal proceeding is running in the Honorable High Court division of Supreme Court of Bangladesh in the name of the Company's affairs which are yet to be resolved. On September 11, 2017 the Company has appointed Dr. Mohammad Sohrab Uddin, Ph.D, AIA, Consulting Actuary,(cont10)

2020-02-17: Cont8-Auditor's Opinion

PROGRESLIF(cont8):legal proceeding is running in the Honorable High Court division of Supreme Court of Bangladesh in the name of the Company's affairs which are yet to be resolved. Due to this reason, the Company has not held any general meeting as its annual general meeting since 2013 in accordance with Section 81 of the Companies Act, 1994; g. As disclosed in note 4.08 to the financial statements that, a legal proceeding is running in the Honorable High Court division of Supreme Court of Bangladesh in the name of the Company's affairs which are yet to be resolved. So that, the Company has not filed Schedule-X: "annual list of members and summary" to the Registrar in each year since 2013 (cont9)

2020-02-17: Cont7-Auditor's Opinion

PROGRESLIF(cont7):A legal proceeding is running in the Honorable High Court division of Supreme Court of Bangladesh in the name of the Company's affairs which are yet to be resolved. Due to this reason, Annual Financial Statements the Company could be not audited within 120 days from the date on which it's financial year ends and a copy of such Audited Financial Statements could not be submitted to the Commission and the Stock Exchange within 14 days according to Regulation 18 of Dhaka Stock Exchange (Listing) Regulations, 2015. f) According to note 4.07 of the financial statements,(cont8)

2020-02-17: Cont6-Auditor's Opinion

PROGRESLIF(cont6):e) As disclosed in note 4.06 to the financial statements that, a legal proceeding is running in the Honorable High Court division of Supreme Court of Bangladesh in the name of the Company's affairs wh