Press Release

JCR-VIS upgrades ratings of Kashf Foundation

Karachi, February 8, 2007: JCR-VIS Credit Rating Company Limited has upgraded the medium to long-term entity ratings of Kashf Foundation to BBB+ (Triple B Plus) with a ‘Stable’ outlook. The short-term rating has been maintained at A-3 (A-Three).

The foundation has remained financially stable with the microfinance portfolio approximately doubling during 2005 & 1HY06 and asset quality continuing to remain strong. The foundation’s legal status has recently changed from a society to a non-profit guarantee limited company under section 42 of the Companies Ordinance, 1984. JCR-VIS believes that a stronger legal framework will favorably affect the organization’s credit worthiness.

As the organization is likely to expand at a rapid rate in the near future, venturing into new geographical areas and offering a larger suite of financing products, the robustness of the systems and the lending methodology of the foundation to deliver after expansion will become vital for continued profitability of operations, going forward. Nevertheless, JCR-VIS believes that Kashf will benefit from a well-tested lending methodology and the presence of a complete management information system to mitigate risks and maintain strong control. Further, formalization and strengthening of internal audit function has also enhanced the level of management control.

For further information on this rating announcement, please contact the undersigned or Ms. Sabeen Saleem (Ext: 222) at 5671822/5671833/5680996 or fax to 5681105/5671600.

Safdar Kazi

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 2007 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