Press Release

JCR-VIS reaffirms MQ rating of Al-Meezan Investment Management Limited at AM-2

Karachi, December 27, 2007: JCR-VIS Credit Rating Company Ltd. (JCR-VIS) has reaffirmed the Management Quality rating of Al-Meezan Investment Management Limited (AMIM) at ‘AM-2’ (AM-Two).

Having completed 12 years of operations and being the only asset management company dealing solely in Shariah compliant products, AMIM has developed strong franchise in the sector. The management team is qualified and experienced and their ability to manage funds is reflected in the above average returns of funds under management. Total assets under management including discretionary portfolios managed by the company have increased significantly to about Rs. 17b as at November 30, 2007. AMIML has also launched an Islamic Pension Fund during the year while launch of at least two more products is in the offing.

There has been stability in personnel involved in the investment decision making process and the research function has been further strengthened through inductions subsequent to financial year-end 2007.

For further information on this rating announcement, please contact the undersigned (Ext: 408) or Ms. Sobia Maqbool (Ext: 506) at 5311861-70 (10 lines) or fax to 5311873.

Safdar Kazi

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