Press Release

JCR-VIS revises Outlook on rating of Takaful Pakistan Limited

Karachi, August 28, 2008: JCR-VIS Credit Rating Company Limited had assigned an initial financial strength rating of ‘A-’ (Single A Minus) to Takaful Pakistan Limited (TPL) in April 2008.

The assigned rating incorporated the launch of innovative insurance products, which were to form a large proportion of the projected business volumes. However, delays in launch of the same have compromised the ability of TPL to meet projected targets. In view of this, outlook has been revised from ‘Stable’ to ‘Negative’. JCR-VIS will continue to monitor developments with respect to business mobilization.

For further information on this rating announcement, please contact Syed Ziauddin Ahmed (Ext: 508) or Ms. Sobia Maqbool (Ext: 506) at 5311861-70 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 August 28, 2008 VIS Credit Rating Company Limited. All rights reserved. Contents may be used by news media with credit to VIS.