Press Release

JCR-VIS assigns preliminary rating of A to the proposed TFC issue of Kashf Foundation

Karachi, April 25, 2007: JCR-VIS Credit Rating Company Limited has assigned a ‘preliminary’ medium to long term rating of ‘A’ (Single A) with a ‘Stable’ outlook to the proposed secured and privately placed issue of term finance certificates (TFCs) of Kashf Foundation. JCR-VIS has also reaffirmed the entity ratings at ‘BBB+/A-3’ with a ‘Stable’ outlook.

The proposed issue amount of Rs. 720m is secured by a first pari passu charge on all present & future receivables and cash & bank balances, with a 25% margin. In addition to this, 25% of the principal amount is secured by way of an irrevocable standby letter of credit from Citibank, NA. The proposed TFCs issue carries profit at the rate of 3-month KIBOR plus 245 bps. The preliminary instrument rating will be finalized after examination of all signed legal documents.

For further information on this rating announcement, please contact Mr. Safdar Kazi (Ext: 208) or Ms. Sabeen Saleem (Ext: 206) at 56311861-72 (12 lines) or fax to 5311873.

Faheem Ahmad
President & CEO

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