Press Release

JCR-VIS upgrades ratings of NBP Capital Limited

Karachi, July 14, 2005: JCR-VIS Credit Rating Company Limited has upgraded the medium to long term entity rating of NBP Capital Limited (NBPCL) to ‘A’ (Single A) from ‘A-’ (Single A Minus) with ‘Stable” outlook. Short-term rating has been maintained at ‘A-1’ (A One).

Ratings take into consideration the strength the company derives from its parent’s strong franchise value. JCR-VIS has also noted the company’s progress against its business plan and the initiation of leasing activities. Going forward, the quality of undertaken exposures will be critical to maintaining the strength of the balance sheet.

JCR-VIS believes that NBPCL is well capitalized and has much room to grow. Future expansion in the scale of operations is expected to provide sustainability to the company’s earning profile.

For further information on this rating announcement, please contact Mr. Muhammad Ameen (Ext: 235) or Ms. Sabeen Saleem (Ext: 222) at 5671822/5671833/5680996 or fax to 5681105/5671600.

Faheem Ahmad
President & CEO

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 2005 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