Press Release

JCR-VIS assigns D rating to entity and musharikah TFC of BRR Guardian Modaraba

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Karachi, July 9, 2010: JCR-VIS Credit Rating Company Limited (JCR-VIS) has assigned ‘D’ rating to the entity and privately placed musharikah TFC of Rs. 800m issued by BRR Guardian Modaraba (BGM) due to overdue markup payments. Principal payments are scheduled to commence in January 2011.

JCR-VIS had downgraded the entity rating of BGM to ‘BBB/A-3’ (Triple B / A-Three) and rating of the privately placed musharikah TFCs to ‘BBB+’ (Triple B Plus) with a ‘Negative’ Outlook on June 23, 2010. At the time of recently concluded review, we had noted presence of adequate cash and liquid assets to pay off the markup payment falling due on July 7, 2010.

The company has requested restructuring of its outstanding sukuk. Ratings may be revisited once the restructuring exercise is completed.

For further information on this rating announcement, please contact the undersigned (Ext: 501) or Mr. Zia Usmani (Ext: 507) at (+92-21) 35311861-70 (10 lines) or fax to (+92-21) 35311872-73.

Javed A. Callea

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 2010 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