Press Release

JCR-VIS assigns preliminary rating of AA- to the proposed TFC issue of Faysal Bank Limited

Karachi, July 12, 2006: JCR-VIS Credit Rating Company Limited has assigned a ‘preliminary’ medium to long term rating of ‘AA-’ (Double A Minus) with a ‘Stable’ outlook to the proposed issue of unsecured, subordinated and listed term finance certificates (TFCs) of Faysal Bank Limited (FBL). JCR-VIS has also reaffirmed the entity ratings at AA/ A-1+ with a ‘Stable’ outlook.

The assigned ratings incorporate the bank’s strong capitalization. The proposed issue of TFCs amounting Rs. 1 billion (and a green shoe option of Rs. 250 million) with a tenor of 7 years will further contribute towards the bank’s eligible capital. FBL has grown rapidly over the last few years and has gradually shifted its focus to core banking assets during this period. The preliminary rating of the issue will be finalized after examination of all signed legal documents.

For further information on this rating announcement, please contact Mr. Safdar Kazi (Ext: 221) 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 2006 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