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

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