Press Release

JCR-VIS finalizes ‘A+(f)’ Fund Stability Rating assigned to PICIC Income Fund

Karachi, July 29, 2010: JCR-VIS Credit Rating Company Limited has finalized the preliminary fund stability rating (FSR) of PICIC Income Fund (PICIC IF) at ‘A+(f)’ (Single A Plus (f)).

PICIC-IF is an open-end income fund launched by PICIC Asset Management Company Limited with an objective to provide consistent returns to its investors through active investment in a mix of short, medium and long term debt instruments. To keep liquidity risk low, the fund will place 25% of its assets in cash and near cash instruments, including short-term government securities. Furthermore, to maintain sound credit risk profile, the management has also restricted itself to invest in fixed income instruments carrying minimum rating of ‘A+’.

For further information on this rating announcement, please contact Mr. Safdar Kazi (Ext: 604) or Mr. Zia Usmani (Ext: 507) at (+92-21) 35311861-70 or fax to (+92-21) 35311872-3.

Javed Callea

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