Press Release

JCR-VIS Assigns Positive Outlook to Primus Investment Management Limited

Karachi, January 13, 2014: JCR-VIS Credit Rating Company Ltd. has maintained the Management Quality (MQ) Rating of Primus Investment Management Limited (Primus) at ‘AM3’ (AM-Three). Outlook on the assigned rating has been revised from ‘Stable’ to ‘Positive’.

Over the last year, the company has hired resources at senior management level to undertake the planned expansion. With fresh team members having relevant prior experience, including in the equities market, the management infrastructure has strengthened. The Board actively monitors the company’s performance. The Board and its committees are currently chaired by the same member; these roles may be segregated in line with best practices.

With two of the funds being money market schemes and the third fund only recently launched, so far management’s expertise has been tested on the money market side alone. Risk profile of both money market funds has been maintained in line with their constitutive documents; year-to-date returns of both funds compare favorably to most other funds in the peer group. With time, and launch of new funds, the company’s ability to manage multiple asset classes will be tested. Total AUMs amounted to Rs. 9.2b at end-Dec’13. The company is gradually increasing market based AUMs.

Primus continues to share certain functions with its parent, Pak-Brunei Investment Management Limited (PBICL). Shared services include Administration, Human Resources, Internal Audit, IT and Compliance. The resource sharing arrangement has allowed the company to maintain overheads under check. Given the expanding scope of activities, research function has been recently set-up in-house while the company will continue to benefit from the macro-economic research conducted by PBICL’s staff.

For further information on this rating announcement, please contact Ms. Sobia Maqbool, CFA (Ext: 604) or the undersigned (Ext: 501) 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 not an NRSRO and its credit ratings are not NRSRO credit ratings.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 2014 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