Dear Friends,

I am pleased to report that the Company’s business progressed satisfactorily during the 1^st half year period ended June 30, 2006. Total gross premiums increased by 72% during this period as compared to corresponding figures last year. Individual Life regular premiums of new business increased by 22%, individual life renewal premium increased by 39%, Individual Life single premiums increased by 394%, Group Life premium increased by 32%, Group Pension premium increased by 10%, Accident and Health premium increased by 37% and net investment income increased by 86% during the first half year ended June 30, 2006 as compared to corresponding figures last year.

During 1st half of year ended June 30, 2006, the annualized unit growth of our Managed Fund was 6.89%, Pension Fund was 14.32% and Sarmaya Fund was 16.00%.

I wish to thank employees and field force for their invaluable contribution towards the satisfactory growth during 1^st half of 2006. I also thank all policyholders and shareholders for the confidence reposed in NJI Life and to all well-wishers for their support. I am anticipating yet another remarkable performance by NJI Life during 3^rd Quarter 2006.

Sincerely,
Javed Ahmed