Press Release

JCR-VIS revises Fund Stability Rating of AKD Income Fund to BBB(f)

Karachi, April 28, 2009: JCR-VIS Credit Rating Company Ltd. (JCR-VIS) has revised the Fund Stability Rating of AKD Income Fund from ‘A-(f)’ (Single A Minus (f)) to ‘BBB(f)’ (Triple B (f)). The ‘Rating Watch – Developing’ status assigned in December 2008 has been removed.

The revision in rating is based on the weakened credit and liquidity risk profile of the fund. Non-performing exposures accounted for nearly 10% of net assets as of December 31, 2008. The fund was faced with significant redemption pressure during calendar year 2008, with the fund size having reduced by almost three-fourths. Redemption requests representing a large proportion of net assets were outstanding as of December 31, 2008, with reported delays in meeting redemptions, as stated in the trustee’s report for December 2008. Furthermore, concentration amongst remaining unit-holders has increased considerably over time.

For further information on this rating announcement, please contact Mr. Safdar Kazi (Ext: 501) or Ms. Sobia Maqbool (Ext: 506) at 5311861-70 (10 lines) or fax to 5311872-3.



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 April 28, 2009 VIS Credit Rating Company Limited. All rights reserved. Contents may be used by news media with credit to VIS.