Karachi, April 3, 2006: JCR-VIS Credit Rating Company Ltd. (JCR-VIS) has assessed the fund performance ranking of Golden Arrow Selected Stocks Fund Limited (GASFL) for the period ended December 31, 2005, at ‘MFR 5-Star’, which denotes ‘very good performance’ vis-à-vis other closed-end mutual funds. The maximum Time Weighted Return (TWR) within the peer group was attained by GASFL at about 49%, while the minimum TWR was negative 0.4%.

GASFL is being managed by AKD Investment Management Limited (AKDIML). With the acquisition of management rights of GASFL during FY05, AKDIML commenced its investment advisory services. The fund has reported improved results subsequent to the takeover by AKDIML.

JCR-VIS has assigned a Management Quality rating of ‘AM3’ to AKDIML, which denotes ‘good management quality’. The management quality rating takes into consideration the quality of personnel that have been inducted at key managerial positions. Capacity building has been an on-going process to manage a growing portfolio of funds. The two funds presently under management are structured as closed-end schemes while an open-end fund has recently been offered for public subscription.

AKDIML has streamlined the investment decision making process, in order to ensure transparency and accountability. Procedural manuals have largely been developed although a few areas still need to be addressed. AKDIML has laid emphasis on increasing customer awareness. Setting up of an in-house research department is also on the anvil. Going forward, JCR-VIS will monitor the sustainability of performance of funds under management and adherence to sound governance practices.

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, 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 Credit Rating Company Limited is paid a fee for most rating assignments. This rating is an opinion on credit quality only and is not a recommendation to buy or sell any securities. Copyright 2005 JCR-VIS Credit Rating Company Limited. All rights reserved. Contents may be used by news media with credit to JCR-VIS Credit Rating Company Limited.