Press Release

JCR-VIS Reaffirms Fund Stability Rating of PICIC Income Fund

Karachi, January 05, 2017: JCR-VIS Credit Rating Company Limited (JCR-VIS) has reaffirmed the Fund Stability Rating (FSR) of PICIC Income Fund (PICIC IF) at ‘A(f)’ (Single A (f)). The previous rating action was announced on January 04, 2016.

The rating assessment of PICIC IF incorporates alignment of asset allocation with policy guidelines and adequate liquidity level as signified by a sizeable portion invested in bank deposits. We have been given to understand that asset allocation would be maintained at current levels to contain credit risk on the lower side; however the flexibility in stipulations can expose the fund to higher credit risk where management exercises its discretion. Weighted Average Time to Maturity (WATM) and duration remained well within the specified limits; thus market risk remained manageable.

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