Press Release

JCR-VIS Assigns Positive Outlook to MQ Rating of HBL Asset Management Limited

Karachi, October 20, 2011: JCR-VIS Credit Rating Company Ltd. has maintained the Management Quality Rating of HBL Asset Management Limited (HBL AMC) at ‘AM3+’ (AM - Three Plus). Outlook on the rating has been revised from ‘Stable’ to ‘Positive’.

In terms of performance, relative standing of funds under management has generally been above average in the income, equity, money market and balanced fund category; particularly, the balanced fund was the top performing fund in its peer group over the three year period ending June 30, 2011. Returns also largely compare favorably with respect to benchmark, apart from return of equity fund under management that lagged behind benchmark in FY10. As there has been some variation in performance of funds vis-à-vis respective peer groups and benchmark, JCR-VIS will continue to track the risk-adjusted performance of funds under management for greater consistency over a long-term horizon.

Three new funds have been launched by the AMC in FY11, in addition to entering the investment advisory space. In line with widening scope of portfolio management activities, there have been appointments on the investment advisory and research side; however, investment risk management function warrants further depth. Additionally, there is room for development on the policy-making side to facilitate better management of investment activities. Acquisition of institutional clients has been the focus of marketing and sales efforts undertaken by the management team in the past one year and is in line with the strategy laid down by the Board. Development of a more diversified investor base would reduce redemption pressure in a difficult market cycle and allow the fund manager to realize the results of strategy implemented for the funds.

For further information on this rating announcement, please contact the undersigned (Ext. 501) or Ms. Sobia Maqbool, CFA (Ext: 506) at 021-35311861-71 or fax to 021-35311872-3.

Javed Callea

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 2011 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