Press Release

JCR-VIS reaffirms ratings of Security Investment Bank Limited at A/A-1

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Karachi, August 16, 2007: JCR-VIS has reaffirmed the medium to long-term rating of Security Investment Bank Limited (SIBL) at ‘A’ (Single A) and the short term rating at ‘A-1’ (A One). Outlook on the rating is ‘Stable’.

The bank has maintained a conservative capital structure, with low leverage. In recent periods, increasing amounts have been directed in lending to investors in the stock market against shares. While an increase in benchmark rates has significantly enhanced funding cost, booked profits have improved over 2006. Credit risk is minimal and liquidity indicators remain strong.

For further information on this rating announcement, please contact Mr. Safdar Kazi ( / ext: 604) or Ms. Sabeen Saleem ( / ext: 608) at (92-21)5311861-72 or fax to (92-21)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