Press Release

JCR-VIS Reaffirms the Entity Ratings of Security Investment Bank Limited at A with Stable Outlook

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Karachi, July 07, 2009: JCR-VIS Credit Rating Company Limited has reaffirmed the medium to long-term entity rating of Security Investment Bank Limited (SIBL) at ‘A’ (Single A) and short term rating at ‘A-2’ (A-Two). The outlook on the rating is ‘Stable’.

Over CY08, turmoil in the capital markets and the constraining liquidity conditions posed operating challenges for the financial sector as a whole, and particularly for Non Banking Finance Companies (NBFCs). In line with industry trends, a gradual reduction in business activities was planned, causing a reduction in the asset base of SIBL over this period. Some losses from money and capital market operations, also led to reduction in the net worth of the bank. However the liquidity position of the bank is comfortable with the bank having met its obligations on a timely basis and assets and liabilities remaining well matched. The long term risk profile of the bank is expected to remain stable as it maintains selective exposures and currently there is no non performance in the portfolio.

The bank’s revenue trends have so far been strongly linked to capital markets and shrinking investment activities led to declining revenue streams during FY08. JCR-VIS will closely monitor the alternative avenues for revenue generation being identified by the bank.

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

Faheem Ahmad
President & C.E.O

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