Press Release

JCR-VIS places entity ratings of Arif Habib Rupali Bank Limited under ‘Rating Watch-Developing’ status

Karachi, June 28, 2007: JCR-VIS Credit Rating Company Limited had assigned an entity rating of A/A-2 (Single A / A-Two) to Arif Habib Rupali Bank Limited (AHRB) on February 2, 2007. Ratings had incorporated the positive implications arising out of the proposed merger of Arif Habib Securities Limited (AHSL) into AHRB, both in terms of improved capitalization and the banks access to the earning streams from the current investment portfolio of AHSL in diverse business segments, subsequent to the merger.

On account of implications arising from certain proposals in the Budget 2007, the decision to merge AHSL into AHRB is being reconsidered and alternatives are being evaluated. In view of this, JCR-VIS has placed the entity ratings of AHRB on ‘Rating Watch-Developing’ status. Investors will be notified of future developments on this front.

For further information on this rating announcement, please contact Mr. Safdar Kazi (Ext: 604) or Ms. Sabeen Saleem (Ext: 608) at 5311861-72 or fax to 5311873.

Faheem Ahmad
President & CEO

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 2007 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