Press Release

JCR-VIS assigns preliminary rating of A- to the proposed TFCs issue of Grays Leasing Limited

Karachi, May 18, 2006: JCR-VIS Credit Rating Company Ltd. (JCR-VIS) has assigned a ‘preliminary’ medium to long term rating of ‘A-’ (Single A minus) to the proposed first tranche of Rs. 500m of secured and listed Term Finance Certificates (TFCs), including a green shoe option of Rs. 100m, to be issued by Grays Leasing Limited (GLL). The entity ratings have been reaffirmed at ‘BBB+/A-2’ (Triple B Plus/A-Two). Outlook on the ratings is Stable. The TFC rating will be finalized after examination of all signed legal documents.

The TFC has a tenor of 5 years and is secured by a first pari-passu charge on all present and future assets of GLL, with a 25% margin. The issue carries a coupon rate of 6-month KIBOR plus 250bps with a cap on rates. Proceeds from the TFC will be utilized to expand business.

For further information on this rating announcement, please contact the undersigned (Ext: 221) or Ms. Sabeen Saleem (Ext: 222) at 5671822/5671833/5680996 or fax to 5681105/5671600.



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 2006 VIS Credit Rating Company Limited . All rights reserved. Contents may be used by news media with credit to VIS .