Press Release

JCR-VIS Reaffirms ‘A+’ Rating of the Securitized TFC Issue of Naimat Basal Oil & Gas Securitisation Company Limited

Karachi, May 23, 2007: JCR-VIS Credit Rating Company Limited (JCR-VIS) has reaffirmed the medium to long-term rating of A+ (Single A Plus) to the securitized TFC issue of Rs 1,200m of Naimat Basal Oil & Gas Securitisation Company Limited. The outlook on the rating is ‘Stable’.

Till May 2007, 25 installment redemptions out of the total 60 have taken place and the outstanding principal is Rs. 754m. The overall shortfall in production in comparison to the Projected Production Schedule has been well within the 15% range since the issue of the TFCs while in revenue terms, the value being generated is higher than projected as oil prices have increased significantly.

For further information on this rating announcement, please contact Mr. Safdar Kazi (safdar@jcrvis.com.pk) or Mr. Saad Ahmed Madani (saad@jcrvis.com.pk) at 5311861or fax to 5311873.



Faheem Ahmad
President & CEO

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 May 23, 2007 VIS Credit Rating Company Limited. All rights reserved. Contents may be used by news media with credit to VIS.