Merrill Lynch Investment Managers acquires stake in KASB Funds

August 24, 2006

Merrill Lynch Investment Managers Group Limited, UK (MLIM), one of the leading global asset management companies, has acquired an equity stake in KASB Funds Limited. This is one of the few equity investments in Pakistan made by a top tier global asset management firm. “We are very excited about working with KASB and participating in the early stages of the growth of the asset management industry in Pakistan,” said David Graham, Vice Chairman Asia Pacific of MLIM.

KASB Funds Limited is the asset management company of KASB group, an established and trusted name in the financial services industry in Pakistan for the last 40 years. “MLIM’s
investment will allow KASB Funds to differentiate itself in the local market and attract domestic and international investment into Pakistan’s capital markets“ said Naz Khan, CEO, KASB Funds.“KASB Funds will benefit from MLIM’s expertise on product development and fund management as well as risk management.”

On 15th February 2006, BlackRock, Inc and Merrill Lynch announced that they reached an agreement to merge MLIM and BlackRock to create a new independent company that will be one of the world’s largest asset management firms with nearly $1 trillion assets under management. The transaction is expected to close in the third quarter of 2006.

Important information

Merrill Lynch is one of the world's leading wealth anagement, capital markets and advisory companies with offices in 36 countries and territories and total client assets of approximately US$1.8 trillion. As an investment bank, it is a leading global trader and underwriter of securities and derivatives across a broad range of asset classes and serves as a strategic advisor to corporations, governments, institutions, and individuals worldwide. Through Merrill Lynch
Investment Managers, the company is one of the world's largest managers of financial assets. Firmwide, assets under management total US$589 billion as at 30th June 2006.