Press Release

JCR-VIS Reaffirms Fund Stability Rating of UBL Money Market Fund

Karachi, December 29, 2016: JCR-VIS Credit Rating Company Limited has reaffirmed the Fund Stability Rating (FSR) of UBL Money Market Fund (UMMF) at ‘AA(f)’ (Double A(f)). The previous rating action was announced on January 06, 2016.

Investment policy of the fund mandates to maintain a minimum of 50% exposure in government securities, while other investment avenues are also primarily subject to a minimum rating of AA. During FY16, actual asset allocation has remained aligned with the policy guidelines with average month-end allocation to government securities representing over three-fourth of net assets, signifying limited credit risk exposure. Weighted Average Maturity (WAM) is capped at 90 days and remained below the stipulated limit during FY16 on account of which sensitivity of the fund’s NAV to interest rate risk is considered low. Investor concentration in the fund increased in the outgoing year; given the fund’s asset mix, ability to meet redemptions in a timely manner is considered strong.

Net Assets of the fund have witnessed a declining trend and stood at Rs. 685m (June’2016: Rs. 1.2b) at end-September’2016.

For further information on this rating announcement, please contact the undersigned (Ext: 207) or Mr. Javed Callea (Ext: 201) at 35311861-70 or fax to 35311872.

Jamal Abbas Zaidi

Applicable Rating Criteria: Fund Stability Ratings (February 2012)

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 2016 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