Press Release

JCR-VIS reaffirms MQ rating of Al-Meezan Investment Management Limited

Karachi, April 25, 2007: JCR-VIS Credit Rating Company Ltd. (JCR-VIS) has reaffirmed the Management Quality rating of Al-Meezan Investment Management Limited (AMIML) at ‘AM-2’ denoting ‘high management quality’. The fund performance ranking of Meezan Islamic Fund (MIF) for the two year period ended December 31, 2006 has been assessed at ‘MFR 5-Star’, which denotes ‘very good performance’ vis-à-vis other open-end Islamic stock funds.

With funds under management maturing, greater emphasis is placed on the performance of the funds to gauge the competence and capabilities of the management team. AMIML has been able to post above average returns for the funds under management during FY06 and with the launch of an open end Islamic income fund subsequent to year end, the size of assets under management has also increased to almost Rs. 8b by the end of January 2007.

Further inductions in the area of marketing and research have strengthened the management team while key personnel involved in investment decision making have remained stable with the company.

For further information on this rating announcement, please contact the Mr. Safdar Kazi (Ext: 208) or Ms. Sabeen Saleem (Ext: 206) at 5311861-72 (12 lines) or fax to 5311873.

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 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 2007 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