Press Release

JCR-VIS reaffirms Fund Stability Rating of Askari Sovereign Cash Fund

Karachi, December 30, 2016: JCR-VIS Credit Rating Company Ltd. (JCR-VIS) has reaffirmed Fund Stability Rating of Askari Sovereign Cash Fund (ASCF) at ‘AA+(f)’ (Double A Plus(f)). The previous rating action was announced on December 31, 2015.

Askari Sovereign Cash Fund (ASCF) operates as an open end money market fund with the objective to provide investors with money market instruments with high levels of liquidity. The fund is required to maintain at least 70% of net assets in government securities. Moreover, the fund must invest in instruments having a minimum rating of AA to ensure sound credit quality of the portfolio.

Size of the fund declined to Rs. 963.9m (FY15: Rs. 1,848.0m) at end-FY16 on account of limited potential positive upside available in money market funds in the industry. Net assets of the fund comprising government securities and bank placements ensure that liquidity risk of the fund remains minimal. Actual asset allocation of the fund remained in line with the stipulated policy in FY16.

For further information on this rating announcement, please contact the undersigned (Ext: 207) or Javed Callea (Ext: 201) at 021-35311861-70 or fax to 021-35311873.

Jamal Abbas Zaidi

Applicable Rating Criteria: Methodology - Fund Stability Ratings (February 2012)

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 2016 VIS Credit Rating Company Limited. All rights reserved. Contents may be used by news media with credit to VIS.

JCR-VIS Credit Rating Company Limited