Press Release

JCR-VIS Reaffirms MQ Rating of Primus Investment Management Limited

Karachi, December 31, 2015: JCR-VIS Credit Rating Company Ltd. has reaffirmed the Management Quality (MQ) Rating of Primus Investment Management Limited (PIML) at ‘AM3’ (AM-Three) with a ‘Positive’ outlook. The previous rating action was announced on November 18, 2014.

The assigned rating takes into account the sovereign status of its parent’s shareholders and the investment and administrative support extended by the parent. PIML has a formalized investment process and satisfactory operational platform for the 6 funds under management where income asset class dominates the Assets Under Management (AUMs). Performances of the funds have been satisfactory with two of the largest funds featuring in the first quartile of their respective peer groups.

Given the current operating environment of the industry, PIML has comprehensive plans to broaden its narrow retail base and reduce dependence on related party investments. Rating is sensitive to the development and administration of an effective distribution system as planned by the management, and the growth for retail proportion going forward.

Overall control environment of the institution is considered satisfactory in the backdrop of shared services with Pak-Brunei Investment Company Limited (PBICL) for Administration & Human Resource, Information Technology and Internal Audit. Independence of shared functions is nevertheless a vital prerequisite for control functions.

PIML is a wholly owned subsidiary of PBICL (joint venture between the Government of Pakistan and Brunei Investment Agency) and has the licenses to undertake asset management and investment advisory services.

For further information on this rating announcement, please contact the undersigned (Ext: 516) or Jazib Ahmed - CFA (Ext: 510) at 021-35311861-71 or fax to 021-35311872-3.

Jamal Abbas Zaidi

Applicable Rating Criteria: Mutual Fund Rating (December 2006)

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 2015 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