Press Release

JCR-VIS Assigns Preliminary Rating to Proposed Tier 2 Sukuk by Meezan Bank Limited

Karachi, June 29, 2016: JCR-VIS Credit Rating Company Limited has assigned preliminary rating of ‘AA-’ (Double A Minus) to the planned Tier 2 Sukuk issue of Meezan Bank Limited (MBL). Outlook on the assigned rating is ‘Stable’.

MBL is in process of issuing a regulatory compliant unsecured, subordinated privately placed Tier 2 Sukuk amounting up to Rs. 6.0b (inclusive of Green Shoe Option of Rs. 2.0b). The Sukuk is structured based on the principles of Modaraba and will have a tenor of 10 years. Purpose of Sukuk issuance is to support the bank in strengthening its overall capitalization levels.

At end-March 2016, MBL had an asset base of Rs. 541.3b and the equity of the Bank stands at Rs 25.6b. Rating draws strength from the standalone financial profile of MBL reflected by its strong liquidity profile, sound asset quality indicators and increasing core earnings ensuring high certainty of timely repayments.

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

Javed Callea

Applicable Rating Criteria: PRIMER - Commercial Banks (November 2015)

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