Press Release

JCR-VIS Reaffirms Corporate Governance Rating of Pakistan Kuwait Investment Company (Private) Limited at CGR-9

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Karachi, December 14, 2016: JCR-VIS Credit Rating Co. Ltd. has reaffirmed the Corporate Governance Rating of Pakistan Kuwait Investment Company (Private) Limited (PKIC) at ‘CGR-9’. The previous rating action was announced on December 23, 2015.

The assigned rating reflects the governance structure of PKIC, which is based on a Joint Venture Agreement (JVA) between the two sponsoring sovereigns, Government of Pakistan (GoP) and Government of Kuwait (GoK). As per the JVA, both shareholders have equal representation on the Board. PKIC has a sound corporate governance framework underpinned by strong financial transparency, management profile and effectively functioning board & management level committees. Frequency of board and committee meetings, high attendance record, and discussion of issues demonstrate sound engagement level of individual board members. Furthermore, Chairman and Managing Director (MD) positions are split, and MD is the board’s only executive member.

Changes were witnessed at senior management level which included new appointments as well as internal rotations; all vacancies were filled in a timely manner. The company has a well-defined organizational structure with each functional area overseen by a separate qualified and experienced senior resource. A succession plan has been developed; implementation of the same is an ongoing process.

The company deployed a Human Resource Management System in 2015, thereby enhancing operational infrastructure of the company. Disclosures available in the public are adequate and made in a timely manner.

For further information on this rating announcement, please contact the undersigned (Ext: 208) or Mr. Javed Callea (Ext: 201) at (021)35311861-71 or fax to (021)35311872-3.

Mohammed Khalid Ali

Applicable Rating Criteria: Corporate Governance Ratings (June 2002)

Information herein was obtained from sources believed to be accurate and reliable; however, JCR-VIS Credit Rating Company Limited (JCR-VIS) does not guarantee the accuracy, adequacy or completeness of any information and is not responsible for any errors or omissions or for the results obtained from the use of such information. JCR-VIS, the analysts involved in the rating process and members of its rating committee do not have any conflict of interest relating to the rating(s)/ranking(s) mentioned in this report. JCR-VIS is not an NRSRO and its credit ratings are not NRSRO credit ratings. JCR-VIS is paid a fee for most rating assignments. This rating/ranking is an opinion and is not a recommendation to buy or sell any securities. Copyright 2016 JCR-VIS Credit Rating Company Limited. All rights reserved. Contents may be used by news media with credit to JCR-VIS.

JCR-VIS Credit Rating Company Limited