Press Release

JCR-VIS Assigns Broker Management Rating to Topline Securities Limited

Karachi, November 7, 2017: JCR-VIS Credit Rating Company Ltd. (JCR-VIS) has assigned initial Broker Management Rating of ‘BMR2’ to Topline Securities Limited. Outlook on the assigned rating is ‘Stable’.

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

Assigned rating represents satisfactory compliance level and adequate control environment substantiated by defined policy framework. Internal control environment is also considered effective; however there remains a room for improvement related to disclosure of conflict of interest policy to its clients. Major portion of profitability is derived from equity brokerage income; diversification in income streams may be considered.

For further information on this rating announcement, please contact the undersigned (Ext: 207) at (021)35311861-71 or fax to (021)35311872-3.

Jamal Abbas Zaidi

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