Press Release

JCR-VIS Reaffirms Fund Stability Rating of PICIC Cash Fund

Karachi, January 05, 2017: JCR-VIS Credit Rating Company Limited (JCR-VIS) has reaffirmed the Fund Stability Rating (FSR) of PICIC Cash Fund (PCF) at ‘AA(f)’ (Double A (f)). The previous rating action was announced on December 28, 2015.

PICIC Cash Fund is structured as a money market fund; in line with its mandate, the fund’s exposure to various sources of risks has been maintained at low end of the risk spectrum. As per asset allocation, the fund has on average maintained around 70% in AAA rated securities. The remaining is largely held in AA or AA+ securities. Given the aforementioned composition, credit risk is considered limited. Weighted average time to maturity of the fund has remained well within limits; therefore market risk is considered manageable. Ability of the fund to meet redemptions in a timely manner is considered sound as majority of net assets are deployed in avenues having strong liquidity.

For further information on this rating announcement, please contact the undersigned (Ext: 207) or Mr. Javed Callea (Ext: 201) at 021-35311861-71 or fax to 021-35311872-3.

Jamal Abbas Zaidi

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