Press Release

JCR-VIS Maintains Long Term Entity Rating of Security Investment Bank Limited at A with Stable Outlook

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Karachi, August 12, 2008: JCR-VIS Credit Rating Company Limited has maintained the medium to long-term entity rating of Security Investment Bank Limited (SIBL) at ‘A’ (Single A) with a ‘Stable’ Outlook. Short term rating has been revised from ‘A-1’ (A-One) to ‘A-2’ (A-Two).

The recent interest rate hike and developing weaknesses on the macro-economic front have made the operating environment challenging, particularly for secondary market borrowers. The long term risk profile of SIBL is expected to remain stable as the institution continues to maintain selective credit exposures and leverage has also remained low. The deployment for funds in the short term has mostly been in money and capital markets. Opportunities may be limited in capital markets while associated risk factors in avenues such as Continued Funding System (CFS) have increased.

For further information on this rating announcement, please contact the undersigned ( /ext: 501) or Ms. Sabeen Saleem ( /ext: 510) at (92-21) 5311861-70 or fax to (92-21) 5311872-3.

Safdar Kazi

Information herein was obtained from sources believed to be accurate and reliable; however, VIS Credit Rating Company Limited 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.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.VIS is not an NRSRO and its credit ratings are not NRSRO credit ratings.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 2008 VIS Credit Rating Company Limited. All rights reserved. Contents may be used by news media with credit to VIS.

JCR-VIS Credit Rating Company Limited