Entity Ratings

AlBaraka Islamic Bank BSC - Pakistan Branches A Stable A-1

Allied Bank Ltd. AA- Stable A-1+

Al Meezan Investment Management Ltd. A Stable A-2

Al Noor Sugar Mills Ltd BBB+ Stable A-2

Al-Zamin Leasing Modaraba A- Stable A-3

Arif Habib Rupali Bank Ltd. A Rating Watch A-2

Asian Housing Finance Ltd. BB+ Negative B

B.R.R. Guardian Modaraba A Stable A-2

Century Paper & Board Mills Ltd. A- Stable A-2

Crescent Commercial Bank Ltd. A Positive A-1

Crescent Standard Investment Bank Ltd. -- Suspended --

Crescent Steel & Allied Products Ltd. A+ ˇStable A-1

Crescentˇ Leasing Corporation Ltd. BBB+ Rating Watch - Developing A-2

Escorts Investment Bank Ltd. A Stable A-1

Faysal Bank Ltd. AA Stable A-1+

First Al-Noor Modaraba BBB Stable A-3

First Credit & Investment Bank Ltd. BBB+ Stable A-2

First Dawood Islamic Bank Ltd. A- Stable A-2

First Habib Bank Modaraba AA- Stable A-1+

First National Bank Modaraba A+ Stable A-1

First National Equities Ltd. BBB Stable A-3

First Paramount Modaraba BBB- Stable A-3

Gharbwal Cement Ltd. BBB Stable A-3

Grays Leasing Ltd. BBB+ Negative A-2

Guardiam Modaraba A- Rating Watch - Positive A-2

Habib Bank Ltd. AA+ Stable A-1+

Indus Dyeing and Manufacturing Co Ltd. A Stable A-2

International Housing Finance Ltd. BBB+ Rating Watch - Developing A-3

Invest Capital & Securities (Pvt) Ltd. A- Stable A-2

Ittehad Chemicals Ltd. A- Negative A-2

Jamshoro Joint Venture Ltd. A+ Stable A-1

Javed Omer Vohra & Company Ltd. BBB- Stable A-3

Kashf Foundation BBB+ Stable A-3

Khushhali Bank A- Positive A-1

Kunjah Textile Mills Ltd. BBB Stable A-2

Meezan Bank Ltd. A+ Stable A-1

MIMA Leather (Pvt) Ltd. BBB- Negative A-3

National Bank of Pakistan.ˇ AAA Stable A-1+

National Foods Ltd A+ Stable A-2

NBP Capital Ltd. A Stable A-1

Oil and Gas Development Company Ltd. AAA Stable A-1+

Oman Intl Bank SAOG - Pakistan Branches BBB Positive A-2

Orient Petroleum Intl. Inc. - Pakistan Branch A Stable A-1

ORIX Leasing Pakistan Ltd. (Public Inf Rating) AA(p) -- --

Pakarab Fertilizers (Pvt) Ltd. AA- Stable A-1

Pak Gulf Leasing Company Ltd. BBB- Stable A-3

Pak Oman Investmant Company Ltd. AA+ Stable A-1+

Pakistan International Container Terminal Ltd. A- Stable A-2

Pakistan Kuwait Investment Co. (Pvt.) Ltd. AAA Stable A-1+

Pakistan Security Printing Corporation (Pvt.) Ltd AAA Stable A-1+

PICIC Commercial Bank Ltd. A+ Rating Watch - Positive A-1

Reliance Weaving Mills Ltd.ˇˇˇˇˇˇˇˇˇ BBB+ Stable A-3

Rozgar Microfinance Bank Ltd. BB+ Stable A-3

Saif Textile Mills Ltd.ˇˇˇˇˇˇˇˇˇ A- Negative A-2

Sapphire Textile Mills Ltd. A Stable A-2

Saudi Pak Commercial Bank Ltd.ˇ BBB+ Stable A-3

Saudi Pak Ind & Agricultural Inv Co (Pvt.) Ltdˇ AA+ Stable A-1+ˇ

Saudi Pak Leasing Company Ltd. A- Stable A-2

Searle Pakistan Ltd. BBB Rating Watch - Developing A-3

Security Investment Bank Ltd.ˇˇˇˇˇˇˇˇ A Stable A-1ˇ

Security Leasing Corporation Ltd. A- Stable A-2

Security Papers Ltd. AAA Stable A-1+

Shahmurad Sugar Mills Ltd. BBB Stable A-2

Sigma Leasing Corporation Ltd. A- Stable A-2

SME Bank Ltd. BBB Stable A-2

SME Leasing Ltd. A- Stable A-2

Standard Chartered Bank (Pakistan) Ltd. AA+ Stable A-1+

Standard Construction Co (Pvt) Ltd. A- Rating Watch - Developing A-2

Tameer Micro Finance Bank Ltd. A- Negative A-1

Tauras Securities Ltd. A- Negative A-2

The Bank of Khyber. BBB+ Stable A-2

The Bank of Punjab AA- Stable A-1

The First MicroFinanceBank Ltdˇ A+ Stable A-1+

The Punjab Provincial Co-operative Bank Ltd. BB+ Rating Watch - Developing B

Union Leasing Ltd. (Public Inf Rating) A(p) -- --

United Bank Ltd.ˇˇˇˇˇˇˇˇ AA+ Stable A-1+

Wateen Telecom (Pvt) Ltd. A Positive A-1

Zarai Taraqiati Bank Ltd.ˇ AAA/(B)* Stable/(Negative)* A-1+/(B)*

"* The ratings in parantheses show the standalone ratings assigned by JCR-VIS, without incorporating the effect of the sovereign guarantee, as laid out in the Banks Nationalization Act of 1974."

Insurer Financial Strength Ratings

ACE Insurance Ltd. A+ Stable --

Alpha Insurance Co. Ltd. A- Stable --

Capital Insurance Company Ltd. BB+ Negative --

Central Insurance Company Ltd. A Stable --

Century Insurance Company Ltd. A Stable --

East West Insurance Co. Ltd. A- Stable --

EFU General Insurance Ltd. AA Stable --

EFU Life Assurance Ltd. AA- Stable --

Excel Insurance Company Ltd. BBB- Stable --

National Insurance Company Ltd. AA+ Stable --

New Jubilee Insurance Company Ltd. AA Stable --

PICIC Insurance Ltd. A- Negative --

Premier Insurance Company of Pakistan Ltd. A Stable

Reliance Insurance Company Ltd. A- Positive --

Saudi Pak Insurance Company Ltd. BBB+ Positive --

Silver Star Insurance Company Ltd. BBB+ Stable --

Security General Insurance Company Ltd. A Stable --

The Cooperative Insurance Soc of Pak Ltd C Stable --

The Crescent Star Insurance Co. Ltd. BBB Positive --

The Pakistan General Insurance Co. Ltd BB+ Positive --

The Universal Insurance Company Ltd. A- Stable --

TFC Ratings Maturity

Allied Bank Ltd. Dec 2014 A+ Stable --

Allied Bank Ltd. (**) A+ Stable

Al-Zamin Leasing Modaraba Dec 2008 A- Stable --

Al-Zamin Leasing Modaraba Nov 2010 A- Stable --

Al-Zamin Leasing Modaraba (**) A- Stable --

Amtex (Pvt) Ltd. (**) A+ Stable --

Avari Hotel Ltd. (**) A- Stable --

B. R. R. Guardian Modaraba (**) A+ Stable

Century Paper & Board Mills Ltd. Sep 2014 AA- Stable

Crescent Steel & Allied Products Ltd. Jan 2009 AA- ˇStable --

Crescentˇ Leasing Corporation Ltd. Perpetual A- Rating Watch - Developing --

Crescentˇ Leasing Corporation Ltd. Jul 2008 A- Rating Watch - Developing --

Dubai Islamic Bank Pakistan Ltd. (**) A Stable

Eden Housing Limited (**) A Stable

Escorts Investment Bank Ltd. (**) A+ Stable --

Faysal Bank Ltd. (**) AA- Stable --

Faysal Bank Ltd. (**) AA- Stable --

First National Equities Ltd. (**) A- Stable --

Gharibwal Cement Ltd. Jan 2013 A- Stable --

Grays Leasing Ltd. (**) A- Negative --

Ittehad Chemicals Ltd. Jun 2008 A Negative --

Kashf Foundation (**) A Stable --

New Allied Electronics Industries (Pvt) Ltd. May 2011 A- Stable --

New Allied Electronics Industries (Pvt) Ltd. Jul 2012 A- Stable --

New Allied Electronics Industries (Pvt) Ltd. Dec 2012 A Stable --

Pakarab Fertilizers Ltd (**) AA Stable --

Pakistan Services Ltd. Nov 2008 A Stable --

Quetta Textile Mills Ltd. (**) A- Stable --

Saudi Pak Leasing Company Ltd. (**) A Stable --

Searle Pakistan Ltd Mar 2011 A- Rating Watch - Developing --

Shahmurad Sugar Mills Ltd Sep 2012 A- Stable --

Standard Chartered Bank (Pakistan) Ltd Dec 2012 AA Stable --

Standard Chartered Bank (Pakistan) Ltd Feb 2013 AA Stable --

Telecard Ltd Mar 2011 BBB Rating Watch --

United Bank Ltd. Aug 2012 AA Stable --

United Bank Ltd. Mar 2013 AA Stable --

United Bank Ltd. Sep 2014 AA Stable --

United Bank Ltd. (**) AA Stable --

** These are preliminary/final ratings. The TFCs have not yet been issued.

Secured Debt Maturity

Standard Construction Co (Pvt) Ltd. (***) A- Rating Watch - Developing --

*** This is a preliminary rating. The debt has not yet been issued.

Securitization Ratings Maturity

First Oil & Gas Securitisation Company Ltd. Dec 2006 A Stable --

Jamshoro Joint Venture Ltd. Mar 2010 AA- Stable --

Naimat Basal Oil & Gas Securitisation Co Ltd Apr 2010 A+ Stable --

Mutual Fund Ratings

AKD Investment Management Ltd. (Mgmt Quality) AM3+ -- --

AMZ Asset Management Ltd. (Mgmt Quality) AM3+ -- --

Askari Asset Management Ltd. (Mgmt Quality) AM3 -- --

Al-Meezan Investment Management Ltd. (Mgmt Quality) AM2 -- --

BMA Asset Management Co. Ltd. (Mgmt Quality) AM2- -- --

Crosby Asset Management (Pakistan) Ltd. (Mgmt Quality) AM4- -- --

First Capital Investment Ltd. (Mgmt Quality) AM4 -- --

Faysal Asset Management Ltd. (Mgmt Quality) AM3+ -- --

HBL Asset Management Ltd. (Mgmt Quality) AM3 -- --

National Asset Management Company Ltd. (Mgmt Quality) AM3- -- --

National Fullerton Asset Management Ltd. (Mgmt Quality) AM2 -- --

Pak Oman Asset Management Ltd. (Mgmt Quality) AM3+ -- --

PICIC Asset Management Co. Ltd. (Mgmt Quality) AM2 Rating Watch - Developing --

UBL Fund Managers Ltd (Mgmt Quality) AM2- -- --

WE Investment Management Ltd. (Mgmt Quality) AM4+ -- --

AMZ Plus Income Fund (Fund Stability) A(f) -- --

Askari Income Fund (Fund Stability) A(f) -- --

Faysal Income & Growth Fund (Fund Stability) A+(f) -- --

Faysal Savings Growth Fund (Fund Stability) A(f) -- --

NAFA Cash und (Fund Stability) A(f) -- --

Pak Oman Advantage Fund (Fund Stability) AA-(f) -- --

Pak Oman BOP Advantage Plus Fund (Fund Stability) A(f) -- --

United Growth & Income Fund (Fund Stability) A(f) -- --

United Money Market Fund (Fund Stability) A+(f) -- --

Mutual Fund Performance Rankings

Asian Stocks Fund Ltd. MFR-1(s) -- --

Crosby Dragon Fund MFR-3(s) -- --

Faysal Balanced Growth Fund MFR-3(s) -- --

First Capital Mutual Fund Ltd. MFR-3(s) -- --

Golden Arrow Selected Stocks Fund Ltd. MFR-5(s) -- --

Meezan Islamic Fund MFR-5(s) -- --

NAFA Cash Fund MFR-5(s)

PICIC Growth Fund MFR-2(s) -- --

PICIC Investment Fund MFR-3(s) -- --

Safeway Mutual Fund Ltd. MFR-2(s) -- --

Corportate Governance Ratings

Allied Bank Ltd. CGR-8 -- --

Pak Oman Investment Co. Ltd. CGR-9 -- --

Pakistan Kuwait Investment Co (Pvt.) Ltd. CGR-9 -- --

Security Papers Ltd.ˇˇˇˇˇˇˇˇˇ CGR-8 -- --

The Citizens Foundation (NPO Gov Rating) GR-8 -- --

Real Estate Developer Grading