Press Release

Insurer Financial Strength (IFS) Rating of PICIC Insurance Limited

Karachi, April 7, 2016: JCR-VIS Credit Rating Company Limited has placed the IFS rating of ‘BBB+’ (Triple B Plus) assigned to PICIC Insurance Limited (PIL), under ‘Rating Watch - Developing’ status on account of the public notice issued by Crescent Star Insurance Limited on April 06, 2016, highlighting its prospective merger with PIL. The previous rating action was announced on December 22, 2014.

For further information on this rating announcement, please contact the undersigned (Ext: 508) or Mr. Javed Callea (Ext: 501) at 35311861-70 (10 lines) or fax to 35311873.

Mohammed Khalid Ali

Applicable Rating Criteria: General Insurance (November 2003)

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 2016 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