Press Release

JCR-VIS Assigns Entity Ratings to Dawood Equities Limited

Karachi, December 15, 2015: JCR-VIS Credit Rating Company Ltd. (JCR-VIS) has assigned initial entity ratings to Dawood Equities Limited (DEL) of ‘BB+/A-3’ (Double B Plus/A-Three). Outlook on the assigned ratings is ‘Stable’.

Ratings assigned to DEL take into account limited scale of operations of the company by way of equity brokerage services to domestic clients only. The ratings also reflect limited underwriting capacity, low revenue stream and small equity base in relation to other industry players.

Revenue base of the company largely comprises earnings from equity brokerage through retail investors along with support from capital gains on investments. Going forward, management envisages diversifying business operations in order to improve stability of earnings.

For further information on this rating announcement, please contact the undersigned (Ext: 516) or Mr. Javed Callea (Ext: 501) at (021)35311861-71 or fax to (021)35311872-3.

Jamal Abbas Zaidi

Applicable Rating Criteria: Methodology - Securities Firms Rating (May 2015)

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