Press Release

JCR-VIS reaffirms ratings of First Credit and Investment Bank Limited at BBB+/A-2 with Stable outlook

Karachi, September 20, 2007: JCR-VIS Credit Rating Company Limited (JCR-VIS) has reaffirmed the medium to long-term entity rating of First Credit and Investment Bank Limited (FCIBL) at ‘BBB+’ (Triple B Plus) with a ‘Stable’ outlook. Short-term rating has also been reaffirmed at ‘A-2’ (A-Two).

FCIB is jointly owned by National Bank of Pakistan and WAPDA. Over the last year, efforts have been directed at strengthening the institution’s infrastructure with additions to staff strength. However, FCIB’s plan to expand financing activities has fallen short of targets and a higher allocation of funds was made towards stock market related activities. JCR-VIS believes that the business model requires further diversification to sustain performance through market cycles. More focus is required on institution building particularly as regards technological systems.

For further information on this rating announcement, please contact Ms. Sabeen Saleem ( / ext: 608) or Ms. Sobia Maqbool ( / ext: 506) at 5311861-5311870 or fax to 5311873.

Safdar Kazi

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

JCR-VIS Credit Rating Company Limited