Press Release

JCR-VIS Reaffirms Fund Stability Rating of HBL Cash Fund

Karachi, December 26, 2018: 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 December 29, 2017.

HCF is an open-ended money market fund designed to offer competitive returns to investors through deploying resources primarily in government securities and cash & cash equivalents. Net assets of the fund increased substantially to Rs. 12.5b (FY18: Rs. 12b; FY17: Rs. 5.9b) at end-October’2018. In line with specified limits in Investment Policy Statement (IPS), the fund maintained its resources in highly-rated avenues depicting sound credit quality. Exposure to market risk has reduced with modified duration remaining well below the policy limit of 90 days as per the assigned ratings. Investor concentration in the fund has reduced on a timeline basis. Moreover, ability of the fund to meet redemptions in a timely manner is considered sound as majority of net assets are deployed in avenues having strong liquidity.

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 (September 2018)

Information herein was obtained from sources believed to be accurate and reliable; however, VIS Credit Rating Company Limited 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.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.VIS is not an NRSRO and its credit ratings are not NRSRO credit ratings.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 2018 VIS Credit Rating Company Limited. All rights reserved. Contents may be used by news media with credit to VIS.

JCR-VIS Credit Rating Company Limited