Press Release

JCR-VIS reaffirms Fund Stability Rating of ABL Income Fund at<br> A+(f)

Karachi, December 31, 2010: JCR-VIS has reaffirmed the Fund Stability Rating of ABL Income Fund at ‘A+(f)’ (Single A Plus (f)).

The fund has remained mainly invested in short term government securities and TDRs during 2010. The proportion of government securities has progressively increased to over 70% by November 2010 with major proportion of the remaining exposures being in the AA band. The investment policy of the fund has been expanded in the ongoing year and exposure in now allowed in TFCs issued by banks. However, the management is committed to only consider AA and above rated TFCs subject to attractive return opportunities. Although unit holder concentration is high, the highly liquid nature of investments mitigates the resultant liquidity risk. Returns of the fund have lagged slightly behind the benchmark return, which is 1 month Kibor average due to the fund’s conservative investment policy. However, ABL Income Fund is among the top performing funds of the industry with not a single day negative return recorded since its inception.

For further information on this rating announcement, please contact Mr. Javed A. Callea (Ext: 501) or Mr. Zia M Usmani (Ext: 507) at 021-35311861-70 or fax to 021-35311873.


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 31, 2010 VIS Credit Rating Company Limited. All rights reserved. Contents may be used by news media with credit to VIS.