Press Release

JCR-VIS Reaffirms Management Quality Rating of Magnus Investment Advisors Limited at AM3+

Karachi, May 11, 2012: JCR-VIS Credit Rating Company Ltd. (JCR-VIS) has reaffirmed the Management Quality rating of Magnus Investment Advisors Limited (Magnus) at ‘AM3+’ (AM-Three Plus). Outlook on the rating is ‘Stable’.

Performance of investment portfolios under management compares favorably against the benchmark and investment alternatives available in the market. Franchise value of Magnus has grown over time as evident from growth in assets under management and the clientele of the company. Non-discretionary portfolio management comprises bulk of overall portfolio management activities. In this area, performance gap between actual and notional returns has largely reduced. Maintaining a consistent performance track record and the quality of client servicing remain catalyst for furthering growth in assets under management.

Portfolio management and administration activities at the institution are well-structured and facilitate the institution in providing consistent level of services to its clients, in terms of investment advice and performance reports. Given that the investment management function of the institution is reliant on few individuals, the ability of the firm to retain key managerial resources will determine the capacity of the institution to effectively manage growth in portfolios under management. The deliberations at the Board and Risk Management Committee level may be documented in a more structured manner.

For further information on this rating announcement, please contact Mr. Javed Callea (Ext: 501) or Ms. Sobia Maqbool, CFA (Ext: 506) at 35311861-70 or fax to 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 2012 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