Press Release

JCR-VIS finalizes Fund Stability Rating of Meezan Sovereign Fund at AA+(f)

Karachi, May 4, 2010: JCR-VIS Credit Rating Company Limited has finalized the fund stability rating (FSR) of Meezan Sovereign Fund (MSF) at ‘AA+(f)’ (Double A Plus (f)).

The rating has been finalized following a review of the final trust deed and offering document. As per the investment policy of the fund, a minimum of 70% of net assets will remain invested in government securities. Another 25% will be maintained in bank accounts, having maximum maturity of 90 days. Average duration of the portfolio will be maintained up to six months.

The fund was launched in February 2010 and generated about Rs. 256m in pre-IPO, including seed capital from the management company, while almost Rs. 329m were raised in the IPO. At the end of March 31, 2010, the fund size stood at Rs. 536m.

For further information on this rating announcement, please contact Ms. Sabeen Saleem (Ext: 510) or Ms. Sobia Maqbool (Ext: 506) at 021-35311861-70 or fax to 021-35311872-3.



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 May 04, 2010 VIS Credit Rating Company Limited. All rights reserved. Contents may be used by news media with credit to VIS.