Press Release

Update on Ratings of Linde Pakistan Limited

Karachi, January 19, 2017: JCR-VIS Credit Rating Company Limited (JCR-VIS) has noted the announcement relating to a potential divestment of The BOC Group Limited (BOC), a wholly owned subsidiary of Linde AG, Germany, from Linde Pakistan Limited (LPL); majority shares of LPL are held by BOC. Divestment is currently in its preliminary evaluation stages and no binding agreement or arrangement has been entered into by BOC. JCR-VIS will await strategic announcements, if any, from the sponsor.

For further information on this rating announcement, please contact the undersigned (Ext: 201) or Mr. Jamal Abbas Zaidi (Ext: 207) at 92-21-35311861-70 or fax to 92-21-35311873.

Javed Callea

Applicable Rating Criteria: Industrial Corporates (May 2016)

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 2017 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