Press Release

JCR-VIS reaffirms the Entity Ratings of The First MicroFinanceBank Limited at A+/A-1

Karachi, April 30, 2009: JCR-VIS Credit Rating Company Limited has reaffirmed the entity rating of The First MicroFinanceBank Limited (FMFB) at ‘A+/A-1’ (Single A Plus/A-One) with a ‘Stable’ Outlook.

The ratings of FMFB incorporate strength of sponsors and available group synergies. There has been some change at senior management positions; however, the bank is making efforts at improving depth in the organizational structure while focus on succession planning has increased. Level of controls may be considered adequate at present. Asset quality indicators have been maintained on account of timely shift towards rural areas and agricultural and livestock financing, which have been relatively less affected by the high inflation and economic and political turmoil in the country. Deposit mobilization targets have been met but, despite improvement on this front, concentration in deposit base is still significant.

Aggressive growth over the past two years has led to high operational expenses resulting in significant losses in FY08. With the management currently focusing on consolidation, performance is expected to improve going forward. Level of capitalization may need to be enhanced to meet growth targets for the current and next year. With growing focus on core operations liquidity management has become more critical. JCR-VIS will continue to monitor the bank’s ability to maintain quality of credit portfolio and meet performance targets.

For further information on this rating announcement, please contact the undersigned (Ext: 501) or Mr. Zia Usmani (Ext: 507) at 5311861-72 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 not an NRSRO and its credit ratings are not NRSRO credit ratings.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 2009 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