Press Release

JCR-VIS places Sukuk rating of Eden Housing Limited under Rating Watch

Karachi, October 22, 2009: JCR-VIS Credit Rating Company Limited (JCR-VIS) has placed the instrument ratings of ‘A’ (Single A) assigned to the Sukuk Issues of Rs. 1.63 billion and Rs. 0.73 billion of Eden Housing Limited (EHL) under ‘Rating Watch – Negative’ Status.

The rating action has been taken in view of the delay in rollout of projects which has created a funding mismatch and placed significant stress on the company’s cash flow position. JCR-VIS will closely monitor further developments and the rating would be updated shortly subsequent to the evaluation of future cash flows of the company.

For further information on this rating announcement, please contact the undersigned (Ext: 501) or Ms. Sabeen Saleem (Ext: 510) at 021-5311861-71 or fax to 021-5311872-3 or Mr. Maimoon Rasheed at 042-36610681-83-84.



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 October 22, 2009 VIS Credit Rating Company Limited. All rights reserved. Contents may be used by news media with credit to VIS.