Press Release

JCR-VIS assigns Management Quality rating of AM3 to Magnus Investment Advisors Limited

Karachi, January 14, 2009: JCR-VIS Credit Rating Company Ltd. (JCR-VIS) has assigned an initial Management Quality rating of ‘AM3’ (AM-Three) to Magnus Investment Advisors Limited (Magnus).

The key sponsor is the Chief Executive Officer of Magnus who has put together a small but competent management team. The company has in place a well-organized organizational structure, with appropriate allocation of divisional duties. Furthermore, commitment to sound corporate governance is evident in operational policies including voluntary disclosures to clients with respect to the company’s investment portfolio and employees’ personal holdings. The same disclosures are made voluntarily to SECP on a periodic basis. Furthermore, an independent risk management department, directly reporting to a committee organized at the Board level, has also been established with the objective of overseeing all investment and business risks.

The company will be acting purely in its capacity as investment advisor while outsourcing fund administration duties to independent third parties. Portfolio construction will be done for clients after an in-depth understanding of their unique needs and constraints. Ratings derive comfort from a well-defined investment process with tools to assess and monitor investment related risks. These have been clearly laid down in manuals.

The CEO, member of the investment committee, has prior track record of investment management. JCR-VIS will monitor the performance of the mandates awarded to Magnus.

For further information on this rating announcement, please contact Mr. Safdar Kazi (Ext: 501) or Ms. Sobia Maqbool (Ext: 506) at 5311861-70 (10 lines) or fax to 5311872-3.

Faheem Ahmad
President & CEO

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 2009 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