Press Release

JCR-VIS reaffirms ratings of Security Investment Bank Limited



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Karachi, July 26, 2006: JCR-VIS Credit Rating Company Limited has reaffirmed Security Investment Bank Limited’s (SIBL) medium to long-term entity rating at ‘A’ (Single A) with ‘Stable’ outlook and short term rating at ‘A-1’ (A One).

The risk profile of SIBL has remained conservative. Capitalization and asset quality indicators have remained strong. The company has maintained significant liquid reserves on books as a significant proportion of its resource base is invested in marketable securities. While overall profitability in 2005 has remained consistent on a time-line basis, the company may experience some pressure on spreads as the funding cost adjusts upwards. Investment in recently established subsidiary company and plans to set up oversees operations is likely to diversify earnings over the long run, and will be monitored on an ongoing basis.

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.

Syed Ziauddin Ahmed

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 2006 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