Press Release

JCR-VIS Reaffirms REIT Ratings of Dolmen City REIT

Karachi, July 25, 2016: JCR-VIS Credit Rating Company Limited (JCR-VIS) has reaffirmed the Real-Estate Investment Trust (REIT) Rating of Dolmen City REIT (DCR) at ‘RR1’ (REIT Rating One). Funds rated in the ‘RR1’ category are judged to be of highest investment quality. Assurance of returns over the foreseeable horizon is excellent.

The assigned rating takes into account location of the REIT property comprising Harbour Front (office space), Dolmen City Mall (retail mall) and ancillary parking space. Rating also reflects continuous increase in footfall, high occupancy levels, diversified tenant profile and prominent local and international brands and corporations as tenants. The competitiveness of the property based on the established quality of services, provision of amenities and maintenance of the office and mall space in addition to its geographic location are other rating drivers.

Aggregate occupancy level of DCR posted an increase and reported at 98.93% at end-March’2016; 100% occupancy was noted at Harbour Front while occupancy at Dolmen City Mall was 98.43%. Rental income generated has depicted growth on a quarter-on-quarter basis on higher occupancy levels and increase in rentals and have exceeded projections. Going forward, profitability is projected to continue to grow based on rent escalations. Moreover, given the ‘Income Capitalization Approach’ used for valuation of subject property, where value of the same is directly related to growth in rentals, fair value adjustment is also projected to grow.

DCR is a perpetual, listed, close-end rental REIT and was established on 20th January 2015 under Trust deed between Arif Habib Dolmen REIT Management Limited, as the REIT Management Company and Central Depository Company of Pakistan Limited as the Trustee of the fund. DCR is governed under the REIT Regulations 2015. The fund received the approval of the scheme on 29th May 2015 and subsequently got listed on the Pakistan Stock Exchange on 26th June 2015. The assigned rating also takes into account the profile of Dolmen and Arif Habib Groups, which feature as shareholders in International Complex Projects Limited and REIT Management Company, with both these groups being financially sound and having prior experience in the real estate sector.

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: Real Estate Investment Trusts (January 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