Press Release

Asset Management Quality Rating of Primus Investment Management Limited

Karachi, December 15, 2016: JCR-VIS Credit Rating Company Ltd. has placed the Management Quality (MQ) Rating of ‘AM3+’ (AM-Three Plus) assigned to Primus Investment Management Limited (PIML), under ‘Rating Watch - Developing’ status on account of the public notice issued by PIML on December 14, 2016, highlighting sale of 70% shareholding by Pak Brunei Investment Company Limited to Army Welfare Trust, subject to regulatory approvals. The previous rating action was announced on December 31, 2015.

For further information on this rating announcement, please contact the undersigned (Ext: 207) or Jazib Ahmed - CFA (Ext: 215) at 021-35311861-71 or fax to 021-35311872-3.

Jamal Abbas Zaidi

Applicable Rating Criteria: Asset Management Companies (March, 2016)

Information herein was obtained from sources believed to be accurate and reliable; however, JCR-VIS Credit Rating Company Limited (JCR-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. JCR-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. JCR-VIS is not an NRSRO and its credit ratings are not NRSRO credit ratings. JCR-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 2016 JCR-VIS Credit Rating Company Limited. All rights reserved. Contents may be used by news media with credit to JCR-VIS.

JCR-VIS Credit Rating Company Limited