Press Release

JCR-VIS Reaffirms Fund Stability Rating of First Habib Cash Fund

Karachi, January 02, 2017: JCR-VIS Credit Rating Company Limited has reaffirmed the fund stability rating (FSR) of First Habib Cash Fund (FHCF) at ‘AA(f)’ (Double A(f)). The previous rating action was announced on September 10, 2015.

In terms of asset allocation, FHCF has maintained a conservative risk profile, which conforms to the investment policy statement of the fund. FHCF allocation showcased variation during FY16; assets were largely deployed in T-bills at the beginning of the financial year. From February 2016 onwards, shifting of assets from T-Bills to cash & cash equivalents and placements with banks & DFIs was evident. Remaining assets were largely held as placements with banks/DFIs and cash. Investments comprise AA rated and higher credit quality, thereby having minimal credit risk. Market risk is also considered manageable as Weighted Average Maturity (WAM) and duration has been consistently below 90 days. Unit holding pattern has showcased concentration; however, there is sufficient liquidity to cater to redemption requirements.

For further information on this rating announcement, please contact the undersigned (Ext. 201) or Mr. Jamal Abbas Zaidi (Ext. 207) at 021-35311861-70 or fax to 021-35311873.

Javed Callea

Applicable Rating Criteria: Fund Stability Ratings (February 2012

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 2017 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