Publicly Notified Ratings by JCR-VIS Credit Rating Company LIMITED

Adamjee Insurance Company Ltd.

Insurer Financial Strength (IFS) Rating AA-

ON RATING WATCH

Altowfeek Investment Bank Ltd.

Entity (medium to long term) B

Entity (short term) B

DOWNGRADE ON RATING WATCH

Al-Zamin Leasing Modaraba

Entity (medium to long term) BBB+

Entity (short term) A-3

ON RATING WATCH

TFC-1 (Rs. 250m, 5 years,

On Profit & Loss Sharing Basis) A-

Asian Housing Finance Ltd.

Entity (medium to long term) BB

Entity (short term) B

Outlook Stable

B.R.R. International Modaraba

Entity (medium to long term) A-

Entity (short term) A-2

Outlook Stable

The Bank of Khyber Ltd.

Entity (medium to long term) BBB

Entity (short term) A-2

Outlook Stable

Bhanero Textile Mills Ltd.

Entity (medium to long term) A

Entity (short term) A-1

Outlook Stable

Bolan Bank Ltd.

Entity (medium to long term) BB+

Entity (short term) A-3

Outlook Positive

Capital Assets Leasing Corporation Ltd.

Entity (medium to long term) BB+

Entity (short term) B

ON RATING WATCH

Century Insurance Company Ltd.

Insurer Financial Strength (IFS) Rating A

Outlook Stable

Crescent Leasing Corp. Ltd.

Entity (medium to long term) A+

Entity (short term) A-1

Outlook Stable

TFC-2 (Rs. 250m) - Final Rating AA-

Outlook Stable

Crescent Steel & Allied Products Ltd.

Entity (medium to long term) A

Entity (short term) A-1

Outlook Stable

Dewan Salman Fibre Ltd.

Entity (medium to long term) A

Entity (short term) A-2

Outlook Stable

TFC-1 (Rs. 700m, 5 years) A+

Outlook Stable

TFC-2 (Rs. 1.6bn, 4 years) A+

Outlook Stable

EFU General Insurance Ltd.

Insurer Financial Strength (IFS) Rating AA-

Outlook Stable

Engro Asahi Polymer & Chemicals Ltd.

TFC-1 (Rs. 500m, 5 years) A

Outlook Stable

Escorts Investment Bank Ltd.

Entity (medium to long term) BBB+

Entity (short term) A-2

Outlook Stable

Excel Insurance Company Ltd.

Insurer Financial Strength (IFS) Rating BB-

Outlook Positive

Faysal Bank Ltd.

Entity (medium to long term) AA-

Entity (short term) A-1

Outlook Stable

First Oil & Gas Securitization Company Ltd.

TFC-Securitized A

Outlook Stable

First Paramount Modaraba

Entity (medium to long term) BBB-

Entity (short term) A-3

Outlook Stable

Grays Leasing Ltd.

Entity (medium to long term) BBB+

Entity (short term) A-2

Outlook Stable

Equity PE-3+

Outlook Stable

Gulshan Spinning Mills Limited

TFC-1 A

Outlook Stable

Gulistan Spinning Mills Limited

TFC-1 A

Outlook Stable

Habib Bank AG Zurich - Pakistan Branches

Entity (medium to long term) AA+

Entity (short term) A-1+

Outlook Stable

Habib Bank Limited

Entity (medium to long term) AAA

Entity (short term) A-1+

Standalone Entity (medium to long term) A

Standalone Entity (short term) A-1

ON RATING WATCH

International Housing Finance Company Ltd.

Entity (medium to long term) BBB

Entity (short term) A-3

Bank Finance Rating A

ON RATING WATCH

International Finance Investment & Commerce Bank Ltd. - Pakistan Branches

Entity (medium to long term) BBB+

Entity (short term) A-2

ON RATING WATCH

Ittehad Chemicals Ltd.

Entity (medium to long term) A-

Entity (short term) A-1

TFC-1 (Rs. 250m, 5 years) A

Outlook Stable

Jupiter Insurance Company Ltd.

Insurer Financial Strength (IFS) Rating BB-

Outlook Stable

KASB Bank Limited

Entity (medium to long term) BB+

Entity (short term) A-3

ON RATING WATCH

Mashreq Bank psc. - Pakistan Branches

Entity (medium to long term) BBB+

Entity (short term) A-2

ON RATING WATCH

Meezan Bank Ltd.

Entity (medium to long term) A+

Entity (short term) A-1+

Outlook Stable

Muslim Commercial Bank Limited

TFC-1 (Rs. 2.5bn, 5 years) A+

Outlook Stable

National Bank of Pakistan

Entity (medium to long term) AAA

Entity (short term) A-1+

Outlook Stable

Standalone Entity (medium to long term) AA-

Standalone Entity (short term) A-1+

Outlook Positive

National Discounting Services Ltd.

Entity (medium to long term) A-

Entity (short term) A-1

Outlook Stable

National Insurance Company Ltd.

Insurer Financial Strength (IFS) Rating AA(p)

Unsolicited Rating

Network Leasing Corp. Ltd.

Entity (medium to long term) BBB

Entity (short term) A-3

Outlook Stable

Oman International Bank S.A.O.G. - Pakistan Branches

Entity (medium to long term) BBB

Entity (short term) A-2

Outlook Stable

Orient Petroleum Inc. -Pakistan Branch

Entity (medium to long term) A-

Entity (short term) A-2

Outlook Stable

Pak-Gulf Leasing Company Ltd.

Entity (medium to long term) BBB

Entity (short term) A-3

Outlook Stable

Pak Libya Holding Company (Pvt.) Ltd.

Entity (medium to long term) AA-

Entity (short term) A-1+

Outlook Stable

Pak Oman Investment Company (Pvt.) Ltd.

Entity (medium to long term) AA+

Entity (short term) A-1+

Outlook Stable

Pakistan Kuwait Investment Company (Pvt.) Ltd.

Entity (medium to long term) AAA

Entity (short term) A-1+

Outlook Stable

Corporate Governance Rating CGR-8

Pakistan Services Limited

TFC-1 (Rs. 700m, 5 years) - Preliminary A-

Outlook Stable

Paramount Leasing Ltd.

Entity (medium to long term) A-

Entity (short term) A-1

TFC-1 (Rs. 250m, 4 years) A+

TFC-2 (Rs. 300m, 3 years) A

COIs (Rs. 100m, 3 years) - Preliminary Rating A

Outlook Stable

Paramount Spinning Mills Limited

TFC-1 A+

Outlook Stable

PICIC Commercial Bank Ltd.

Entity (medium to long term) A

Entity (short term) A-1

Outlook Stable

The Punjab Provincial Co-operative Bank Ltd.

Entity (medium to long term) BB+

Entity (short term) A-3

Outlook Negative

Quetta Textile Mills Limited

TFC-1 (Rs. 750m, 5 years) A-

Outlook Stable

Reliance Weaving Mills Limited

Entity (medium to long term) BBB+

Entity (short term) A-3

TFC-1 (Rs. 150m, 5 years) A-

Outlook Stable

Saudi Pak Ind. and Agricultural Investment Company (Pvt.) Ltd.

Entity (medium to long term) AA+

Entity (short term) A-1+

Outlook Stable

Saudi Pak Leasing Co. Ltd.

Entity (medium to long term) A

Entity (short term) A-1

TFC-1 (matured) A+

Proposed TFC-2 (Rs. 400m, 5 years) - Preliminary A+

Outlook Negative

Security General Insurance Company Ltd.

Insurer Financial Strength (IFS) Rating A

Outlook Stable

Security Investment Bank Limited

Entity (medium to long term) A

Entity (short term) A-1

Outlook Stable

Security Leasing Corporation Ltd.

Entity (medium to long term) A-

Entity (short term) A-1

TFC-1 A+

TFC-2 A+

Outlook Stable

Shakarganj Mills Ltd.

Entity (medium to long term) A-

Entity (short term) A-2

TFC-1 (Rs. 250m, 4 years) A+

TFC-2 (Rs. 200m, 4 years) A

Outlook Stable

Sigma Leasing Corporation Ltd.

Entity (medium to long term) BBB+

Entity (short term) A-2

Outlook Stable

Sitara Chemical Industries Ltd.

TFC-1 (Rs. 360m, 5 years) AA-

Outlook Stable

Union Bank Limited

Entity (medium to long term) A+

Entity (short term) A-1

Outlook Stable

United Bank Limited

Entity (medium to long term) A

Entity (short term) A-1