Press Release

JCR-VIS reaffirms MQ Rating of AKD Investment Management Limited at AM3 Plus & assigns Fund Stability Rating of A-(f) to AKD Income Fund

Karachi, December 26, 2007: JCR-VIS Credit Rating Company Ltd. (JCR-VIS) has reaffirmed the Management Quality Rating of AKD Investment Management Limited (AKDIML) at ‘AM3+’ (AM-Three Plus).

AKDIML is managing four funds, including equity, income and an index trakker fund. Returns from the equity funds have been amongst the best in their respective peer groups while the index trakker fund has also been operating as per its mandate. During the last year, turnover of a key person in the fund management team occurred, though the vacancy has been filled by an experienced person, subsequently. The company is working towards further augmenting its marketing function and is aggressively targeting the retail segment.

JCR-VIS Credit Rating Company Limited has also assigned Fund Stability Rating of ‘A-(f)’ (Single A Minus (f)) to AKD Income Fund. The objective of the fund is to invest in a diversified portfolio of fixed income instruments with consistent returns however preserving the underlying capital as well. The credit risk profile of the fund is in line with the assigned ratings while interest rate risk is also low on account of the low duration of the fund.

For further information on this rating announcement, please contact Mr. Safdar Kazi (Ext: 408) 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 December 26, 2007 VIS Credit Rating Company Limited. All rights reserved. Contents may be used by news media with credit to VIS.