Press Release

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

Karachi, July 16, 2013: 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’.

The reaffirmation takes into account policy framework in place, which exhibits strong disposition towards self regulation, transparency and disclosures to clients. Portfolio Management and Investment Management processes are streamlined. The processes reflect sound analytical input; from security analysis to development of investment strategy and achievement of investment objectives. Moreover, quality of reporting to clients is comprehensive and there is standardization of services across clients. Above average performance of portfolios under management, both on the equities and fixed income side, is a testament to the efficacy of investment management processes at Magnus.

A new Chief Executive Officer (CEO) has recently been appointed; the previous CEO continues to hold office of the Chief Investment Officer and is also the company’s major shareholder. In view of continued turnover, redundancies are being built in the team to ensure smooth transition. The company has appointed a third party as the internal audit firm for FY13; this is the first such exercise that has been commissioned by the company; quarterly reports and findings of internal audit have yet to be finalized.

For further information on this rating announcement, please contact the undersigned (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 2013 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