Press Release

JCR-VIS Maintains Ratings of Kashf Foundation with Negative Outlook

Karachi, March 5, 2009: JCR-VIS Credit Rating Company Limited has maintained the entity ratings of Kashf Foundation (Kashf) at ‘BBB+/A-3’ (Triple B Plus/A-Three). Ratings of outstanding TFC-1 and preliminary rating assigned to TFC-2 have also been maintained at ‘A’ (Single A) and ‘A-’ (Single A Minus), respectively.

Outlook on the assigned ratings has been revised to ‘Negative’ in view of considerable increase in non-performing loans in the portfolio. Difficult socio-economic and security conditions hampering recovery, affected the quality of the loan portfolio. The management has identified areas requiring improvement and is proactively pursuing its newly devised strategy. JCR-VIS will closely monitor portfolio quality trends on an on-going basis.

For further information on this rating announcement, please contact Ms. Sabeen Saleem (Ext: 510) or Ms. Sobia Maqbool (Ext: 506) at 5311861-70 (10 lines) or fax to 5311872-3.

Safdar Kazi

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 2009 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