Press Release

JCR-VIS places the ratings of Crescent Commercial Bank Limited on Rating Watch

Karachi, April 21, 2006: Subsequent to the decision of the Board of Directors of Crescent Commercial Bank Limited (CCBL) to pursue an amalgamation process with Pakistan Industrial Credit and Investment Corporation (PICIC) and PICIC Commercial Bank in line with the directives issued by the State Bank of Pakistan, JCR-VIS Credit Rating Company Limited has placed the rating of ‘BBB+ / A-2’ (Triple B Plus / A-Two) assigned to CCBL on ‘Rating Watch’.

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.

Safdar Kazi
Member Rating Committee &
Coordinator, International Affiliates

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.

JCR-VIS Credit Rating Company Limited