Press Release

JCR-VIS reaffirms IFS rating of Security General Insurance Company Limited (SGI) at ‘A’

Karachi, November 7, 2005 JCR-VIS has reaffirmed the Insurer Financial Strength rating of Security General Insurance Company Limited (SGI) at ‘A’ (Single A) with a ‘Stable’ outlook.

On the back of considerable investments that have been very profitable over the years, SGI’s ability to repay its borrowings and claims has remained strong. While the company’s business volumes have continued to increase till 2004, the management plans to reduce less profitable business in the current year and premium levels may therefore decline temporarily. Concurrently, SGI has scaled down its organizational infrastructure with the objective of focusing on areas with higher underwriting margins.

This rating denotes high capacity to meet policyholder and contract obligations. Risk factors may vary over time due to business / economic conditions.

For further information on this rating announcement, please contact the undersigned (Ext: 233) 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 November 02, 2005 VIS Credit Rating Company Limited. All rights reserved. Contents may be used by news media with credit to VIS.