Press Release

JCR-VIS places the A/A-2 ratings assigned to Arif Habib Bank Limited (formerly Arif Habib Rupali Bank Limited) on Rating Watch-Developing

Karachi, October 22, 2008: JCR-VIS Credit Rating Company Limited has placed the ‘A/A-2’ (Single A / A-Two) ratings assigned to Arif Habib Bank Limited (AHBL) (formerly Arif Habib Rupali Bank Limited) on ‘Rating Watch-Developing’.

The rating action takes into account negotiations regarding acquisition of substantial stake in the bank by a major consortium. Outcome of these negotiations may have implications for shareholding structure and management control, which will be incorporated in the ratings once the deal has been finalized.

For further information on this rating announcement, please contact Mr. Safdar Kazi (Ext: 501) or Ms. Sabeen Saleem (Ext: 510) at 5311861-70 or fax to 5311872-3.

Faheem Ahmad
President & CEO

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