Press Release

JCR-VIS maintains ratings of Grays Leasing Limited at BBB+/A-2

Karachi, November 10, 2005: JCR-VIS Credit Rating Company Ltd. (JCR-VIS) has maintained the medium to long term entity rating of Grays Leasing Limited (GLL) at ‘BBB+’ (Triple B Plus) with a ‘Stable’ outlook and the short term rating at ‘A-2’ (A Two).

The continually increasing borrowing rates and the resulting compression in markup spreads have affected profitability levels throughout the leasing sector. During the current year, reduced earnings and high profit payouts have resulted in minimal internal capital generation at GLL. However, leverage is currently low, leaving enough capacity for growth in the short to medium term. While spreads may remain under pressure during the current year, they are likely to adjust subsequently and the company’s strong asset quality assures a measure of consistency in the company’s future performance.

The company is increasing focus on generating long-term funding lines to fund growth in leasing and developing new avenues for long-term financing.

For further information on this rating announcement, please contact Mr. Safdar Kazi (Ext: 221) or Ms. Sabeen Saleem (Ext: 222) at 5671822/5671833/5680996 or fax to 5681105/5671600.

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 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 2005 VIS Credit Rating Company Limited . All rights reserved. Contents may be used by news media with credit to VIS .