Press Release

JCR-VIS assigns initial Fund Stability Rating of Askari Sovereign Cash Fund

Karachi, December 31, 2015: JCR-VIS Credit Rating Company Ltd. (JCR-VIS) has assigned initial Fund Stability Rating of Askari Sovereign Cash Fund (ASCF) at ‘AA+(f)’ (Double A Plus(f)).

Established in September 2009, ASCF operates as an open end money market fund. As per internal investment policy limits, the fund by and large maintains a minimum 70% in government securities. Ensuring sound credit quality of the portfolio, all counter parties are required to be rated AA and above. Government issued or guaranteed securities are all rated AAA. Net assets of the fund have significantly decreased from Rs. 4b at end-FY14 to Rs. 1.8b at end-FY15. Redemptions have occurred on account of limited potential positive upside available in money market funds in the industry. Nonetheless, performance of the fund improved during FY15 placing the fund in the 1st quartile amongst peers. Asset composition of government securities and bank placements ensure liquidity risk remains minimal.

For further information on this rating announcement, please contact the undersigned (Ext: 516) or Jazib Ahmed, CFA (Ext: 604) at 021-35311861-70 or fax to 021-35311873.

Jamal Abbas Zaidi

Applicable Rating Criteria: Methodology - Fund Stability Ratings (February 2012)

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 2015 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