ISSUE / ISSUER MEDIUM TO OUTLOOK SHORT

LONG TERM TERM

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

Al Meezan Investment Management Ltd. A Stable A-2

Al Noor Sugar Mills Ltd BBB+ Stable A-2

Al-Zamin Leasing Corporation Ltd. BBB+ Stable A-2

Al-Zamin Leasing Modaraba A- Stable A-2

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

Arif Habib Securities Ltd. AA Stable A-1

Asian Housing Finance Ltd. BB+ Negative B

Atlas Bank Ltd. A- Rating Watch - Developing A-2

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

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

Crescent Commercial Bank Ltd. A Stable A-1

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

Dawood Islamic Bank Ltd. A- Stable A-2

Dubai Islamic Bank Pakistan Ltd. A Stable 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 Habib Bank Modaraba AA- Stable A-1+

First National Bank Modaraba A+ Stable A-1

First Paramount Modaraba BBB- Stable A-3

Gharibwal Cement Ltd. BB+ Rating Watch - Developing A-3

Grays Leasing Ltd. BBB+ Negative A-3

Habib Bank Ltd. AA+ Stable A-1+

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

Invest Capital Investment Bank Ltd. A- Positive A-2

Ittehad Chemicals Ltd. A- Stable A-2

Jamshoro Joint Venture Ltd. A+ Stable A-1

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

JDW Sugar Mills Limited A- Stable A-2

KASB Capital Ltd. A+ Rating Watch - Positive A-1

KASB Modarba BBB Stable A-3

KASHF Foundation BBB+ Stable A-3

Khushhali Bank Ltd. A- Stable A-1

Kunjah Textile Mills Ltd. BBB Stable A-3

Meezan Bank Ltd. A+ Stable A-1

National Bank of Pakistan. AAA Stable A-1+

National Foods Ltd A+ Stable A-2

NBP Capital Ltd. A Stable A-2

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

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

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+

Pak Oman Microfinance Bank Ltd. BBB+ Negative A-3

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+

Rozgar Microfinance Bank Ltd. BB+ Negative A-3

Sadaqat Textile Mills (Pvt) Ltd. BBB+ Stable A-3

Saif Textile Mills Ltd. BBB+ Stable A-3

Sapphire Textile Mills Ltd. A Stable A-2

Saudi Pak Commercial Bank Ltd. A- Stable A-3

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

Saudi Pak Leasing Company Ltd. BBB+ Negative A-3

Searle Pakistan Ltd. BBB Stable A-3

Security Investment Bank Ltd. A Stable A-2

Security Leasing Corporation Ltd. BBB+ Negative A-3

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 Rating Watch - Developing A-3

SME Leasing Ltd. A- Stable A-2

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

Standard Chartered Leasing Ltd. Public Inf Rating A(p) -- --

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

Tameer Micro Finance Bank Ltd. A- Negative A-3

Tauras Securities Ltd. A- Negative A-2

The Bank of Khyber. BBB+ Stable A-2

The First Micro FinanceBank Ltd A+ Stable A-1

The Punjab Provincial Co-operative Bank Ltd. CCC Rating Watch - Developing C

United Bank Ltd. AA+ Stable A-1+

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

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

Security General Insurance Company Ltd. A Stable --

Silver Star Insurance Company Ltd. BBB+ Stable --

Takaful Pakistan Ltd. A- Negative --

The Cooperative Insurance Soc of Pak Ltd C Stable --

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

The Pakistan General Insurance Co. Ltd BBB Stable --

The Universal Insurance Company Ltd. A- Negative --

UBL Insurers Ltd. A- Stable --

TFC/Sukook Ratings Maturity

Allied Bank Ltd. Dec 2014 AA- Stable --

Al-Zamin Leasing Corporation Ltd. Perpetual A- Stable --

Al-Zamin Leasing Corporation Ltd. (**) A- Stable --

Al-Zamin Leasing Modaraba Dec 2008 A Stable --

Al-Zamin Leasing Modaraba Nov 2010 A Stable --

Amtex Ltd. Oct 2012 A Stable --

Avari Hotel Ltd. Nov 2014 A- Stable --

B. R. R. Guardian Modaraba Jul 2014 A+ Stable --

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

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

Eden Housing Limited Dec 2012 A Stable --

Eden Housing Limited Mar 2013 A Stable --

Eden Housing Limited (**) A Stable --

Engro Foods Ltd. (**) A- Stable --

Escorts Investment Bank Ltd. Aug 2011 A+ Stable --

Faysal Bank Ltd. Nov 2014 AA- Stable --

Gharibwal Cement Ltd. Jan 2013 BBB Rating Watch - Developing --

JDW Sugar Mills Ltd. Jul 2014 A Stable --

KASHF Foundation Jul 2010 A Stable --

KASHF Foundation (**) A- Preliminary --

New Allied Electronics Industries (Pvt) Ltd. May 2011 BB+ Negative --

New Allied Electronics Industries (Pvt) Ltd. Jul 2012 BB+ Negative --

New Allied Electronics Industries (Pvt) Ltd. Nov 2012 BBB- Negative --

Pakarab Fertilizers Ltd Feb 2013 AA Stable --

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

Sadaqat Textile Mills (Pvt) Ltd. (**) A- Stable --

Saudi Pak Leasing Company Ltd. Mar 2013 A- Negative --

Searle Pakistan Ltd Mar 2011 A- Stable --

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 May 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. Dec 2016 AA Stable --

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

Securitization Ratings Maturity

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

Mutual Fund Ratings

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

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

AMZ Asset Management Ltd. Mgmt Quality AM3- -- --

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

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

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

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

KASB Funds Ltd. Mgmt Quality AM2- -- --

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

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

National Investment Trust Ltd. Mgmt Quality AM2 -- --

Noman Abid Investment Management Mgmt Quality AM3- -- --

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- -- --

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

AMZ Plus Income Fund Fund Stability BBB+(f) -- --

BMA Chundrigar Road Saving Fund Fund Stability A(f) -- --

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

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

Meezan Islamic Income Fund Fund Stability A(f) -- --

NAFA Cash fund 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 One Year Ranking Two Year Ranking

AKD Opportunity Fund MFR-5(s) MFR-5(s) --

Asian Stocks Fund Ltd. MFR-1(s) MFR-4(s) --

Crosby Dragon Fund MFR-5(s) MFR-5(s) --

Faysal Balanced Growth Fund MFR-4(s) -- --

Golden Arrow Selected Stocks Fund Ltd. MFR-4(s) MFR-5(s) --

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

NAFA Cash Fund -- MFR-5(s) --

NAFA Multi Asset Fund MFR-5(s) -- --

NAFA Stock Fund MFR-3(s) -- --

National Investment Unit Trust MFR-3(s) MFR-4(s) --

PICIC Energy Fund MFR-5(s) MFR-2(s)

PICIC Growth Fund MFR-2(s) MFR-1(s) --

PICIC Investment Fund MFR-3(s) MFR-1(s) --

Safeway Mutual Fund Ltd. MFR-1(s) MFR-4(s) --

United Stock Advantage Fund MFR-4(s) -- --

Corportate Governance Ratings

Allied Bank Ltd. CGR-8 -- --

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

Pakistan Kuwait Investment Co (Pvt.) Ltd. CGR-8 -- --

Security Papers Ltd. CGR-8 -- --

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

Real Estate Developer Grading