Press Release

JCR-VIS Assigns Management Quality Rating of ‘AM2- (RMC)’ (AM-Two Minus (RMC)) to Arif Habib Dolmen REIT Management Limited

Karachi, June 8, 2015: JCR-VIS Credit Rating Company Limited has assigned Management Quality Rating of ‘AM2- (RMC)’ (AM-Two Minus (RMC)) to Arif Habib Dolmen REIT Management Limited (AHDRML). Outlook on the assigned rating is Stable. AHDRML is one of the first REIT management companies to be granted permission for operations in Pakistan. REIT regulations have only recently been finalized by the Securities & Exchange Commission of Pakistan.

AHDRML’s rating reflects the company's research processes, the experience of key executives and profile of sponsors. The company has a thorough research process in place with sufficient breadth and scope, to vet property investments for inclusion in REIT schemes in addition to periodic update of data pertaining to different property segments for building an internal database on general market dynamics. Given the absence of formal data sources for the real estate market in Pakistan, the RMC gathers data from a combination of market players & in-formal sources.

The executive management demonstrates an understanding of the RMC’s role in management of property and local property market dynamics, with most of them having varying level of experience specific to the real estate sector. Some personnel have been assigned multiple responsibilities currently; these may need to be segregated over time as the operations of the company evolve. The entire senior management team is involved in the decision making process while given the long term commitment involved in such investments, final approval involves input from the Board of Directors.

The investment process involves thorough due diligence and deliberations; the same needs to be minutized. Investment policy covering defined criteria for selecting and evaluating property investments for inclusion in REIT schemes, as practiced, also needs to be documented. The current investment policy only caters to investment of surplus funds in various debt instruments. Risk management processes may also need to be formalized as the institution prepares for the launch of its first fund. These areas are planned to be addressed with the growth of the AMC.

Performance track record of funds will be established over time; the group’s experience provides comfort to JCR-VIS’ assessment of the management quality rating. The company benefits from its affiliation and corresponding operational and financial support, from the Arif Habib & Dolmen Groups. Board features experienced professionals with substantial real estate experience in addition to financial services.

For further information on this rating announcement, please contact Ms. Sobia Maqbool, CFA (Ext: 510) at 021-35311861-70 or fax to 021-35311873.

Mohammed Khalid Ali

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 2015 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