Press Release

JCR-VIS reaffirms MQ Rating of HBL Asset Management Limited at AM3

Karachi, February 06, 2009: JCR-VIS Credit Rating Company Ltd. (JCR-VIS) has reaffirmed the Management Quality Rating of HBL Asset Management Limited (HBL AMC) at ‘AM-3’ (AM - Three).

HBL AMC is managing three funds, with total assets under management having declined from over Rs. 8 billion in June 2008 to about Rs. 4 billion. The decline was most pronounced in case of income fund, as has been the case across the industry. Redemption pressure in case of stock fund was however not significant as units are largely held by associated concerns. The company has to establish its franchise value as aggregate number of investors in all three funds combined is still under 1,000.

Funds managed by HBL AMC have been amongst the top quartile in their respective categories. MQ ratings maybe revised if performance trends persist. As regards the income fund, while most of the counterparties are highly rated, the current economic scenario may have some impact on the quality of the corporate debt portfolio. JCR-VIS will continue to monitor trends in this respect.

For further information on this rating announcement, please contact Ms. Sabeen Saleem (Ext: 408) or Ms. Sobia Maqbool (Ext: 506) at 5311861-70 (10 lines) or fax to 5311872-3.

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 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