Press Release

JCR-VIS assigns Fund Stability Rating of ‘A(f)’ to United Growth & Income Fund

Karachi, June 29, 2007: JCR-VIS Credit Rating Company Limited has assigned a Fund Stability rating of ‘A(f)’ (Single A(f)) to United Growth & Income Fund (UGIF). UGIF is managed by UBL Fund Managers Limited (UBL Funds), which has four funds under management aggregating Rs. 19.91 billion as of May 31, 2007.

UGIF is an open-end income fund, investing in medium to long term fixed income instruments. The fund may also invest in CFS and arbitrage transactions, where aggregate exposure was 42% at the end of May 2007. The criteria for investment in other allowable avenues has also been clearly laid down to address the fund’s exposure to credit risk. Over the near to medium term, the fund manager aims to focus on building upon its TFCs portfolio further whereby the targeted average credit rating is ‘A+’. In addition to this, exposure in government securities will also be enhanced. The weighted average duration of the fund is expected to be maintained below one year. So far the exposures taken by the fund are largely short term in nature or carry market linked returns. The NAV of UGIF has posted a daily standard deviation of 0.07% in the current year with daily analytical VAR at 0.08%.

UGIF was launched in March 2006 and net assets had increased to Rs. 9.55 billion by May 31, 2007. UBL Funds charges management fee of 1.5% p.a. from UGIF. A front-end load of 1.5% is applicable on income units while growth units carry stepped down back-end load.

For further information on this rating announcement, please contact Mr. Safdar Kazi (Ext: 604) or Ms. Sabeen Saleem (Ext: 608) at 5311861-70 or fax to 5311872.



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 2007 VIS Credit Rating Company Limited . All rights reserved. Contents may be used by news media with credit to VIS .