STATE LIFE ENGAGES JAWWAD FARID AS APPOINTED ACTUARY
26th April 2005

Karachi, Pakistan - Alchemy Associates chief executive Jawwad Farid was selected as the appointed actuary for State Life Insurance Corporation of Pakistan. State Life is the largest life insurance company in Pakistan with a 1.5 billion dollar balance sheet providing life and group insurance protection to 6 million people in Pakistan and Middle East.

Commenting on the occasion Jawwad said, "This is a great breakthrough for Alchemy Associates and an exciting opportunity for our firm to contribute and add value to one of the largest insurance players in the region". Jawwad is a Fellow Society of Actuaries, an MBA from Columbia Business School and has worked as a consultant and entrepreneur for the last 12 years in Pakistan, Middle East, UK and North America. His rich investment, treasury, actuarial, systems & business background is a great fit for the position.

The appointed actuary is a regulatory position in Pakistan responsible for board level reporting and safe guarding policyholder' interests.

Alchemy Associates is a boutique risk management and actuarial consulting firm with 20 employees and a growing portfolio of blue chip customers in Pakistan and Middle East.

http://www.statelife.com.pk

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For additional information about the firm, please contact:

Jawwad Farid/Mujtaba Iqbal
Alchemy Associates
103 – 104 Amber Estate
Main Shahrah-e-Faisal, Karachi 75350, Pakistan
Tel: +92 21 4535712
Fax: +92 21 4546291
Email: jawwad@alchemya.com, mujtaba@alchemya.com
Website: http://www.alchemya.com