Press Release

JCR-VIS Reviews and Reaffirms Ratings of JDW Sugar Mills Limited

Karachi, October 31, 2017: JCR-VIS Credit Rating Company Limited (JCR-VIS) has performed the mid-year review and reaffirmed the entity ratings of ‘A+/A-1’ (Single A Plus /A-One) assigned to JDW Sugar Mills Limited. Rating of Privately Placed Term Finance Certificates - II (TFC-II) has also been reaffirmed at ‘AA-’ (Double A Minus). Outlook on the assigned ratings is ‘Stable’. The previous rating action was announced on April 13, 2017.

For further information on this rating announcement, please contact the undersigned (Ext: 207) at 021-35311861-70 or fax to 021-35311872-3.

Jamal A. Zaidi

Applicable rating criterion: Industrial Corporate (May, 2016) & Notching the Issues (June, 2016)

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 2017 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