Press Release

JCR-VIS reaffirms rating of Faysal Income & Growth Fund at A+(f) and upgrades MQ rating of Faysal Asset Management Limited to AM3+

Karachi, January 9, 2008: JCR-VIS Credit Rating Company Ltd. (JCR-VIS) has upgraded the Management Quality rating of Faysal Asset Management Limited to ‘AM3+’ (AM-3 Plus) and reaffirmed the fund stability rating of Faysal Income & Growth Fund (FIGF) at ‘A+(f)’ (Single A Plus).

With the induction of personnel in the fund management function, the staff resource available to the company has been strengthened. The in-house research capabilities have also been enhanced over the last year. The company is managing three funds, while additional products are also in the pipeline. The management is actively pursuing to enhance the investor base by targeting the retail clientele.

FIGF remains invested largely in bank deposits while average allocation to equities has been in the range of 2-3% over the last one and a half years. Though risk as measured by NAV volatility is higher for the fund than other pure income funds, credit risk is considerably low on the fixed income portfolio.

For further information on this rating announcement, please contact Mr. Safdar Kazi (Ext: 408) or Ms. Sobia Maqbool (Ext: 506) at 5311861-70 or fax to 5311872-3.

Faheem Ahmad
President & CEO

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 2008 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