Press Release

JCR-VIS assigns Management Quality Rating of AM2- to Al- Meezan Investment Management Limited

Karachi, February 06, 2009: JCR-VIS Credit Rating Company Ltd. (JCR-VIS) has assigned Management Quality Rating of ‘AM2-’ (AM -Two Minus) to Al-Meezan Investment Management Limited (AMIM).

AMIM is managing six funds with total assets under management having reduced to about Rs. 9 billion by December 2008 from about Rs. 16 billion at the end of June 2008. In the closed-end equity and balanced funds categories, the performance of AMIM’s funds continues to be in the top quartile. The performance of open end equity fund vis-à-vis the benchmark, DJIM Index, has consistently been superior. However, it has experienced some decline vis-à-vis historical trends as far as peer group is concerned. As regards the income fund, the current economic scenario may have some impact on the quality of the corporate debt portfolio. Future trends with respect to performance of funds under management will be closely monitored by JCR-VIS, amidst capital markets that continue to exhibit significant volatility.

With judicious focus on liquidity management, AMIM has not resorted to any borrowing for meeting redemption requests, despite continued availability of funding support from the sponsoring bank. JCR-VIS has been given to understand that all redemption requests have been met within the regulatory time frame. The number of investors of AMIM’s funds continued to grow, albeit at a reduced pace, even during turbulent times. This is reflective of AMIM’s strong franchise garnered over the years. The funds are managed by a competent team.

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

Faheem Ahmad
President & CEO

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 not an NRSRO and its credit ratings are not NRSRO credit ratings.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 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