Press Release

JCR-VIS has finalized the A+ rating of the privately placed TFC of BRR Guardian Modaraba

Karachi, June 17, 2008: JCR-VIS Credit Rating Company Limited (JCR-VIS) has finalized the medium to long term rating of ‘A+’ (Single A Plus) with a ‘Stable’ outlook, assigned to the privately placed term finance certificates (TFCs) of BRR Guardian Modaraba (BRRGM).

The issue size of Rs. 800 million has a tenor of 6 years, inclusive of two year grace period. Rentals will be calculated on the basis of 6-month KIBOR plus 130 bps with no floor or cap. BRRGM and the Trustee (acting on behalf of the investors) have entered into a musharaka agreement for joint ownership of musharaka assets comprising unencumbered fixed assets, including land and rental property owned by BRRGM.

For further information on this rating announcement, please contact Mr. Safdar Kazi (Ext: 501) or Ms. Sobia Maqbool (Ext: 506) at 5311861-70 (10 lines) or fax to 5311872-73.



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 2008 VIS Credit Rating Company Limited . All rights reserved. Contents may be used by news media with credit to VIS .