Press Release

JCR-VIS Reaffirms Management Quality rating of Magnus Investment Advisors Limited

Karachi, February 04, 2010: JCR-VIS Credit Rating Company Ltd. (JCR-VIS) has reaffirmed the Management Quality rating of ‘AM3’ (AM-Three) assigned to Magnus Investment Advisors Limited (Magnus). Outlook on the rating is ‘Stable’.

The business model of Magnus is focused on investment advisory services, for both discretionary and non-discretionary portfolios. In the second year of operations, Magnus has been successful in soliciting investment mandates from local clients. The company had already completed necessary groundwork for managing portfolios, with risk management guidelines and investment processes to be followed clearly articulated by the founding members of the organization. To ensure transparency of the investment process, the company has instituted various principles including voluntary reporting to regulatory authority on proprietary and employees’ trades. Additionally, clients are also intimated about trades on company’s own account, ahead of trade executions.

Research department is well integrated with the investment management function. Sector specialists are members of the Investment Committee. Quality of research reports is markedly better than some industry participants.

Key management personnel, particularly the CEO, have demonstrated ability to manage overseas portfolios. These skills will now be tested in the domestic market and risk & return statistics of portfolios vis-à-vis investment mandates will be closely monitored by JCR-VIS.

For further information on this rating announcement, please contact Ms. Sabeen Saleem (Ext: 510) or Ms. Sobia Maqbool (Ext: 506) at 35311861-70 (10 lines) or fax to 35311872-3.

Safdar Kazi

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 2010 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