Press Release

JCR-VIS Reaffirms Fund Stability Rating of HBL Cash Fund

Karachi, December 29, 2017: JCR-VIS Credit Rating Company Limited (JCR-VIS) has reaffirmed the Fund Stability Rating (FSR) of HBL Cash Fund (HCF) at ‘AA(f)’ (Double A (f)). The previous rating action was announced on January 05, 2017.

During the on-going year, PICIC Cash Fund (PICIC CF) was renamed to HBL Cash Fund (HBL CF) as a part of branding post amalgamation of PICIC Asset Management Company into HBL Asset Management Limited. HBL CF is an open-end money market fund designed to invest in low risk portfolio while maintaining high liquidity. Net assets of the fund increased considerably to Rs. 11.7b (FY17: Rs. 5.9b; FY16: Rs. 2.1b) at end-Nov 2017. As per its Investment Policy Statement (IPS), the fund maintained majority of its assets in AAA rated avenues with credit quality of the fund remaining sound. Over the review period, the fund adhered to the 90 days limit of duration with low market risk. Moreover, granularity of the fund improved on the back of increased retail investments while still remaining on the lower side. The fund, however, can meet redemption requirements given the liquidity profile of assets.

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