Press Release

JCR-VIS assigns rating to Al-Meezan Investment Management Limited and ranking to Meezan Islamic Fund

Karachi, February 14, 2006: JCR-VIS Credit Rating Company Ltd. (JCR-VIS) has assigned a Management Quality rating of ‘AM2’ to Al-Meezan Investment Management Limited (AMIM). JCR-VIS has also assessed Meezan Islamic Fund’s (MIF) performance ranking for the period ended June 30, 2005 at ‘MFR 4-Star’, which denotes ‘good performance’ vis-à-vis other open-end stock funds.

AMIM is a subsidiary of Meezan Bank Limited (MBL) and has been in operations for over ten years. The credentials of MBL as an Islamic financial institution translate into an established franchise value for AMIM. The funds under management have been invested in accordance with the guidelines provided by the Shariah advisor.

The management company has institutionalized best practices of investment management profession. The company is working towards strengthening of support functions, including research and audit and progress in these areas will be monitored.

For further information on this rating announcement, please contact Mr. Safdar Kazi (Ext: 221) or Ms. Sabeen Saleem (Ext: 222) at 5671822/5671833/5680996 or fax to 5681105/5671600.

Faheem Ahmad
President & CEO

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 2006 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