Press Release

JCR-VIS Reaffirms Fund Stability Rating of United Growth & Income Fund

Karachi, April 10, 2012: JCR-VIS Credit Rating Company Limited (JCR-VIS) has reaffirmed the Fund Stability Rating (FSR) of United Growth & Income Fund (UGIF) at ‘BBB-(f)’ (Triple B Minus (f)).

By end December 2011, provisions against most of the non-performing assets have been created by the fund, in view of which the return of the fund has been negative. However, further downside risks to NAV have been largely addressed. Any recoveries against previously provided assets will contribute positively to the fund’s return. The fund has generated healthy return over the last quarter. With a view to safeguard the interest of unit holders of UGIF, further issuance of units of the fund have been temporarily suspended, effective October 12, 2011. Almost 52% of assets at end-March 2012 were invested in government paper, which is expected to enable the fund to meet redemptions. UBL alone holds the major portion of outstanding units.

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



Jamal Abbas Zaidi
Deputy 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 April 10, 2012 VIS Credit Rating Company Limited. All rights reserved. Contents may be used by news media with credit to VIS.