Press Release

JCR-VIS Revises Entity Ratings of Rozgar Microfinance Bank Limited to BB/B from BB+/A-3

Karachi, March 6, 2009: JCR-VIS Credit Rating Company Limited (JCR-VIS) has revised the entity ratings of Rozgar Microfinance Bank Limited from ’BB+/A-3’ (Double B Plus / A Three) to ’BB/B’ (Double B / Single B). Ratings continue to be under ‘Rating Watch-Developing’ status.

RMBL is licensed to provide microfinance to the poor in the district of Karachi. The economic and political turmoil during the last year resulted in high delinquencies in the microfinance sector. Increased inflation has also affected the repayment capacity of the clients, with stress likely to persist in the current year.

The bank witnessed considerable increase in non-performing loans (NPLs) resulting in increased provisioning requirements, while disbursements slowed down. Losses accumulated thus far have also resulted in considerable erosion of capital and used up liquid reserves available. The bank was unable to meet the Minimum Capital Requirement (MCR) of Rs. 100m (net of accumulated losses) by December 31, 2008. JCR-VIS Credit Rating Co Ltd. believes that the bank’s performance thus far has also been adversely affected by turnover at the senior level, with the resignation of five CEOs since inception and the post being currently vacant.

JCR-VIS will closely watch these trends for future improvement. Ratings may be revisited following conclusion of the annual surveillance falling due.

For further information on this rating announcement, please contact the undersigned (Ext: 501) or Mr. Manzoor H. Memon (Ext: 512) at 5311861-70 or fax to 5311873.

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 2009 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