Press Release

JCR-VIS Reaffirms Fund Stability Rating of Meezan Cash Fund at AA(f)

Karachi, December 27, 2011: JCR-VIS Credit Rating Company Limited has reaffirmed the Fund Stability Rating (FSR) of Meezan Cash Fund (MCF) at ‘AA(f)’ (Double A (f)).

Actual asset allocation of the fund and associated risk profile has remained in line with the limits defined in the investment policy. At end-November 2011, the exposures taken by the fund were entirely with ‘AA+’ and ‘AA’ rated counterparties. The fund’s exposure to profit rate risk has also remained aligned with investment policy, whereby, duration of the fund has been maintained below 90 days. Thus, overall risk profile of the fund is considered sound.

Given the low susceptibility of the fund’s NAV to credit and market risk, returns posted by the fund have been consistent. Net assets have registered growth amounting to Rs. 6.5b at November-end 2011. Investor profile continues to feature concentration; however, as majority of the funds are invested in highly liquid avenues, ability of the fund to meet redemptions in a timely manner is considered sound.

For further information on this rating announcement, please contact the undersigned (Ext: 501) or Ms. Sabeen Saleem, CFA (Ext: 510) at 35311861-70 or fax to 35311872-3.



Javed Callea
Advisor

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 27, 2011 VIS Credit Rating Company Limited. All rights reserved. Contents may be used by news media with credit to VIS.