Press Release

JCR-VIS Reaffirms Corporate Governance Rating of Pakistan Kuwait Investment Company (Private) Limited at CGR-9

Karachi, December 29, 2017: JCR-VIS Credit Rating Co. Ltd. has reaffirmed the Corporate Governance Rating of Pakistan Kuwait Investment Company (Private) Limited (PKIC) at ‘CGR-9’. The previous rating action was announced on December 14, 2016.

The assigned rating reflects sound governance practices instituted at the organization in context of the Joint Venture Agreement (JVA) between the two sponsoring sovereigns. The terms of JV dictate the Board composition, granting equal representation to both sponsors. Management has undertaken measures to adhere to best governance practices to the maximum possible extent.

Rating of PKIC is further supported by presence of satisfactory control environment, strong financial transparency and management profile and effectively functioning board & management level committees. Disclosures of information to public via the company’s website and in the financial statements were made in a timely manner and are considered comprehensive in nature.

Management has developed and implemented a succession plan under which possible replacements for key management personnel have been identified. Resultantly, risk from turnover in key positions has been partly mitigated. Moreover, management may consider enhancing its advances portfolio in order to increase income from its core activity.

For further information on this rating announcement, please contact the undersigned (Ext: 207) or Mr. Javed Callea (Ext: 201) at (021)35311861-71 or fax to (021)35311872-3.

Jamal Abbas Zaidi

Applicable Rating Criteria: Corporate Governance Ratings (August 2017):

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