Press Release

Entity Rating of AKD Securities Limited being placed under ‘Rating Watch-Negative’ status

Karachi, January 6, 2016: JCR-VIS Credit Rating Company Limited (JCR-VIS) has placed the Entity Rating assigned to AKD Securities Limited (AKDSL) of ‘A+/A-2’ (Single A Plus/A-Two), under ‘Rating Watch - Negative’ status on account of recent action taken by Federal Investigation Agency (FIA) against the aforementioned company and its Directors.

In light of the aforementioned event, the business franchise of the company may be affected. JCR-VIS is of the view that impact on the credit quality of the institution may occur given further developments in the ongoing investigation. Ratings will remain dependent on the outcome of the same.

The previous rating action was announced on October 9, 2015.

For further information on this rating announcement, please contact the undersigned (Ext: 516) or Jazib Ahmed, CFA (Ext: 510) at 35311861-3 or fax to 35311872.

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 2016 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