Press Release

JCR-VIS Assigns Proposed Sukuk Ratings to Eden Housing Limited

Karachi, December 12, 2007: JCR-VIS Credit Rating Company Ltd. (JCR-VIS) had earlier assigned preliminary medium to long term rating of A (Single A) to the proposed sukuks of Rs. 2 billion (with additional green shoe option of Rs. 1 billion) of Eden Housing Limited (EHL). However, now EHL intends to issue three separate sukuks of Rs. 1.5 billion, Rs. 0.75 billion and Rs. 0.75 billion each instead of their earlier plan mentioned above. Since the transaction structure proposed to be applied to the three issues remains identical to that of our initial understanding, JCR-VIS has assigned preliminary medium to long term rating of A (Single A) for each of the three sukuks. The outlook on the ratings is ‘Stable’. The preliminary sukuk ratings will be converted into final rating on review of the signed legal documents incorporating the structure of the transaction. The preliminary rating of A (Single A) initially assigned to the Rs. 3b sukuk is being withdrawn.

For further information on this rating announcement, please contact the undersigned (safdar@jcrvis.com.pk) or Ms. Sadaf Aliuddin (sadaf@jcrvis.com.pk) at 5311861 (10 lines) or fax to 5311873.


Safdar Kazi
Director

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 December 12, 2007 VIS Credit Rating Company Limited. All rights reserved. Contents may be used by news media with credit to VIS.