Press Release

JCR-VIS reaffirms ratings of FIGF and FAML

Karachi, December 30, 2006: JCR-VIS Credit Rating Company Ltd. (JCR-VIS) has reaffirmed the Management Quality rating of ‘AM3’ (AM-3), assigned to Faysal Asset Management Limited (FAML) and the fund stability rating of ‘A+(f)’ (Single A Plus), assigned to Faysal Income & Growth Fund (FIGF). The fund is largely invested in short-term bank deposits with an investment in equities not exceeding 10%. Duration of the fund’s fixed income portion has remained low. While the fund’s NAV has exhibited higher volatility than most income funds on account of its equity component, potential loss from credit risk in the fixed income portion is low, since exposures are limited to deposits in commercial banks rated ‘A’ and above.

JCR-VIS has assessed the fund performance ranking of Faysal Balanced Growth Fund (FBGF) at ‘MFR 3-star’. Fund performance has improved during FY06 and subsequently, relative to the year before.

The information systems in use are adequate although other support functions including research can be further strengthened.

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

Sabeen Saleem, CFA
Group Head
Financial Institutions

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 2006 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