Press Release

JCR-VIS Assigns Broker Management Rating to Next Capital Limited

Karachi, February 23, 2018: JCR-VIS Credit Rating Company Ltd. (JCR-VIS) has assigned initial Broker Management Rating of ‘BMR2++’ to Next Capital Limited (NCL). Outlook on the assigned rating is ‘Stable’.

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

Assigned rating represents strong board level governance and regulatory compliance. Internal control framework may be strengthened with the improvement in policies review intervals and holding period and blackout period addressed in employee trading guidelines. An independent function of internal audit and compliance would upgrade the supervision of regulatory compliance. Client relationship management while being adequate has room for improvement. The rating also factors the sound financial performance of the company deriving strength from operational efficiency. Increased activity in advisory desk also contributed positively to the bottom-line, 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 2018 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