Press Release

Update on Ratings of Commercial Banks

Karachi, July 10, 2018: The press release is to update investors that JCR-VIS is closely monitoring the recent and upcoming developments regarding the ongoing investigation initiated by the Federal Investigation Agency against three Commercial Banks – Summit Bank Limited (SMBL), Sindh Bank Limited and United Bank Limited.

JCR-VIS believes that the ongoing investigation could have material negative implications on the franchise of these Banks. Comfort is drawn from State Bank of Pakistan’s press release dated July 09, 2018 whereby it has confirmed that SMBL is continuing to meet obligations towards depositors and the regulator remains committed to safeguarding the interest of depositors. Ratings of Banks involved in the investigation would be reviewed with the unfolding of events in this matter.

For further information on this rating announcement, please contact the Mr. Javed Callea (Ext: 201) at 92-21-35311861-70 or fax to 92-21-35311873.

Atiq Anwar Mahmudi

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