Press Release

JCR-VIS reaffirms ratings of UBL Fund Managers Limited and United Money Market Fund

Karachi, December 29, 2005: JCR-VIS Credit Rating Company Ltd. (JCR-VIS) has reaffirmed the Management Quality rating of UBL Fund Managers Limited (UBLFM) (Formerly United Asset Management Company Limited) and harmonized it to ‘AM3’ on our revised management quality rating scale. The rating takes into consideration positive developments in the management company with reference to independence of the Investment Committee and presence of a professional team. Stability of the management team will be monitored, going forward, for continuation of policies and growth of the company. UBLFM plans to launch new funds and systems will also be geared up accordingly to accommodate the needs of a growing size and variety of funds under management.

JCR-VIS has also reaffirmed the Fund Stability Rating of United Money Market Fund (UMF) at ‘A+(f)’ (Single A Plus), which indicates moderate degree of stability in Net Asset Value. The rating reflects low duration and strong credit quality of the fund’s investments. Over the last year, duration of the portfolio has reduced significantly which mitigates liquidity related risks stemming from concentration in unit-holding. The management company is intensifying marketing efforts to achieve a greater level of penetration in the retail segment.

For further information on this rating announcement, please contact Mr. Safdar Kazi (Ext: 221) or Ms. Sabeen Saleem (Ext: 222) at 5671822/5671833/5680996 or fax to 5681105/5671600.



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 December 29, 2005 VIS Credit Rating Company Limited. All rights reserved. Contents may be used by news media with credit to VIS.