Press Release

JCR-VIS finalizes rating of A assigned to the proposed TFC issue of Kashf Foundation

Karachi, June 21, 2007: Following the examination of legal documents, JCR-VIS Credit Rating Company Limited has finalized the medium to long term rating of ‘A’ (Single A) with a ‘Stable’ outlook assigned to the proposed secured and privately placed issue of term finance certificates (TFCs) of Kashf Foundation. Entity ratings are outstanding at ‘BBB+/A-3’ (Triple B Plus/A Three).

The proposed issue amount of Rs. 720m is secured by a first pari passu charge on the company’s assets with a 25% margin against the outstanding TFC amount. In addition to this, 25% of the principal amount is secured by way of an irrevocable standby letter of credit from Citibank, NA.

For further information on this rating announcement, please contact Mr. Safdar Kazi (Ext: 604) or Ms. Sabeen Saleem (Ext: 608) at 5311861-70 (10 lines) or fax to 5311873.

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