Press Release

JCR-VIS assigns Management Quality Rating of AM3 to ABL Asset Management Co. Ltd. & Fund Stability Rating of A(f) to ABL Income Fund

Karachi, December 15, 2008: JCR-VIS Credit Rating Company Limited has assigned Management Quality Rating of
‘AM3’ (AM-Three) to ABL Asset Management Company Limited (ABL AMC), which denotes ‘good management quality’.

ABL AMC is a wholly owned subsidiary of Allied Bank Limited. The company has only recently started operations amidst a challenging environment when assets under management of existing companies have experienced a sharp downward trend. ABL AMC has launched its first fund, which is an income fund, and plans to enhance its product offering going forward.

The company has been set up with a capital of Rs. 500m enabling it to put in place the requisite support infrastructure. The management has placed focus upon developing manuals for all operational and support functions. Qualified personnel occupy key positions in the company and an in-house research function has also been established. The distribution philosophy of the company on the retail side focuses on leveraging on the branch network of the parent bank and other third party sources. In addition, in-house sales team will be mobilizing corporate sales.

JCR-VIS has assigned Fund Stability Rating of ‘A(f)’ (Single A(f)) to ABL Income Fund. The objective of the fund is to earn a superior risk adjusted rate of return by investing in a blend of short, medium and long term instruments. The fund’s portfolio is currently limited to exposures in TDRs, cash and bank balances and money market placements. The fund currently has no exposure in TFCs or CFS but may take limited exposure in these avenues going forward, depending on market opportunities. Given the current portfolio composition, both credit and price risks are considered manageable. Unit-holding pattern however features considerable concentration.

Investment decisions are routed through an Investment Committee comprising key management personnel. An IC also exists at the Board level to decide on the broad policy objectives.

For further information on this rating announcement, please contact Ms. Sabeen Saleem (Ext: 510) or Ms. Sobia Maqbool (Ext: 506) at 5311861-70 or fax to 5311873.

Syed Ziauddin Ahmed

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 2008 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