Press Release

JCR-VIS Reaffirms Management Quality Rating of Arif Habib Dolmen REIT Management Limited

Karachi, July 25, 2016: JCR-VIS Credit Rating Company Limited has reaffirmed the Management Quality Rating of ‘AM2 (RMC)’ (AM-Two (RMC)) to Arif Habib Dolmen REIT Management Limited (AHDRML). Outlook on the assigned rating is Stable. The previous rating action regarding harmonization of rating was announced on May 04, 2016.

AHDRML’s rating draws comfort from REIT management company's (RMC) affiliation and corresponding operational and financial support from its sponsors, Arif Habib & Dolmen Groups. Rating also reflects research processes, the experience of key executives and profile of sponsors. Board features experienced professionals with real estate experience in addition to financial services.

During the ongoing year, governance framework has been strengthened with formulation of policies for key areas including investment in new REIT schemes and risk management policy etc. Moreover, investment and research process is adequate and involves defined due diligence. These would be tested going forward with greater volume of business.

AHDRML has currently only one REIT fund under management namely; Dolmen City REIT (DCR). The performance of DCR has exceeded projections. Launch of new REIT schemes by RMC is awaiting favorable taxation regime.

For further information on this rating announcement, please contact the undersigned (Ext: 241) or Mr. Javed Callea (Ext: 234) at 021-35311861-70 or fax to 021-35311873.

Mohammed Khalid Ali

Applicable Rating Criteria: Management Quality Rating of RMC (July 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