Press Release

JCR-VIS Assigns Preliminary Fund Stability Rating of AA+(f) to AKD Cash Fund

Karachi, January 06, 2012: JCR-VIS Credit Rating Company Limited has assigned preliminary Fund Stability Rating (FSR) of ‘AA+(f)’ (Double A Plus (f)) to AKD Cash Fund (AKD CF) proposed to be launched by AKD Investment Management Limited.

AKD CF is structured as a money-market fund. As per regulatory requirements, all exposures in a money market fund are subject to minimum credit rating of ‘AA(f)’ (Double A(f)) and weighted average maturity of the fund cannot exceed 90 days. The operational investment policy of the fund is more conservative, whereby at least 50% of net assets have to be invested in ‘AAA’ (Triple A) rated exposures, up to 50% of net assets can be invested in ‘AA+’ (Double A Plus) rated exposures and not more than 20% of net assets can be invested in ‘AA’ (Double A) rated exposures. Duration of portfolio of t-bills or any other re-priceable instrument cannot exceed 60 days. Thus, as reflected by the investment policy, the susceptibility of the fund’s net asset value to credit and market risk is expected to be limited.

The rating will be finalized after launch of the fund. Subsequent to its launch, the asset allocation of the fund and its liquidity profile will be tracked by JCR-VIS on a periodic basis.

For further information on this rating announcement, please contact the undersigned (Ext: 501) or Ms. Sobia Maqbool, CFA (Ext: 506) at 35311861-70 (10 lines) or fax to 35311872-3.



Javed Callea
Advisor

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 2012 VIS Credit Rating Company Limited . All rights reserved. Contents may be used by news media with credit to VIS .