Press Release

JCR-VIS assigns Management Quality Rating of AM3 to HBL Asset Management Limited

Karachi, March 14, 2008: JCR-VIS Credit Rating Company Limited has assigned a Management Quality rating of ‘AM3’ (AM-Three) to HBL Asset Management Limited (HBL AMC).

HBL AMC is a wholly owned subsidiary of Habib Bank Limited (HBL) and started operations in April 2006. The AMC benefits from the franchise of its parent entity, with HBL positioned as the largest private sector bank, both in terms of deposits held by the bank and the size of branch network.

During its short operational history, the organization has launched three funds with diverse asset classes. The returns posted by the funds have been comparable to their respective peer groups. While personnel for key fund operations are in place, the company is in the process of strengthening risk management and compliance capacity.

The company has managed to put in place satisfactory operational systems. The internal audit function has been outsourced to a professional firm. As the organization grows and more funds are launched from its platform, HBL AMC is expected to further enhance its investment management capabilities and strengthen procedures.

For further information on this rating announcement, please contact
Mr. Safdar Kazi (Ext: 408) or Ms. Sobia Maqbool (Ext: 506) at 5311861-70 or fax to 5311872-73.

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 2008 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