Press Release

JCR-VIS Assigns Broker Management Rating to Integrated Equities Limited

Karachi, October 24, 2017: JCR-VIS Credit Rating Company Ltd. (JCR-VIS) has assigned initial Broker Management Rating of ‘BMR3++’ to Integrated Equities Limited (IEL). Outlook on the assigned rating is ‘Stable’.

The rating signifies sound internal control framework, client relationship management, risk management and HR & IT services along with adequate regulatory compliance levels, external controls and financial management.

Assigned rating represents satisfactory governance level; however, there is room for improvement with respect to board level governance. The internal control environment is adequately supported by defined internal policy framework. Advisory function drives profitability of the institution, performance of which would be tested over time.

For further information on this rating announcement, please contact the undersigned (Ext: 201) at (021)35311861-71 or fax to (021)35311872-3.

Javed Callea

Applicable Rating Criteria: Broker Management Ratings 2017

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 2017 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