Press Release

JCR-VIS Harmonizes Fund Stability Rating of UBL Liquidity Plus Fund

Karachi, March 29, 2012: JCR-VIS Credit Rating Company Limited has harmonized the Fund Stability Rating (FSR) of UBL Liquidity Plus Fund (ULPF) at ‘AA+(f)’ (Double A Plus (f)).

Structured as an open-end money market fund, the fund’s exposure to both credit risk and interest rate risk is considered minimal. The assigned rating takes into the operational investment policy, as per which, the fund targets to allocate 70% of net assets to treasury bills, 25% to TDRs with commercial banks and placements with DFIs, and the remaining 5% are to be invested in reverse repo transactions against GoP securities and bank accounts. The fund does not plan to undertake overseas exposures presently. In keeping with the investment policy of the fund, net assets are primarily deployed in Treasury bills, which averaged 83% of net assets during CY11.

Target duration was earlier limited to a maximum of 90 days. This has recently been revised downwards to 60 days. Weighted average maturity of the fund’s assets was 72 days at end December 2011, reducing to 52 days by end February 2012.

Unit-holding of the fund features concentration. While the fund’s ability to meet redemption requests in a timely manner is considered sound, given the liquidity profile of assets, it may nevertheless benefit from a more diversified investor base.

For further information on this rating announcement, please contact Mr. Javed Callea (Ext: 501) or Ms. Sobia Maqbool, CFA (Ext: 506) at 35311861-70 or fax to 35311872.



Jamal Abbas Zaidi
Deputy 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 2012 VIS Credit Rating Company Limited . All rights reserved. Contents may be used by news media with credit to VIS .