AL Mal UAE Equity Fund — Fund Information / Factsheet 2016

Nov 16, 2016

MONTHLY FACT SHEETS October 2016

Al Mal UAE Equity Fund Al Mal MENA Equity Fund Al Mal Saudi Shariah Equity Fund Al Mal MENA Income Fund Al Mal Liquidity Fund

Al Mal Investments Funds – Performance Review

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Equity Funds

	Equity Funds
	As of 26 October	Launch Date	NAV Per Unit1	Week To Date	Month To Date	YTD 2016	Since Inception
	Al Mal UAE Equity Fund (Performance Inclusive of Dividends)	April 2006	AED 1.16	-0.53%	-3.39%	1.90%	21.13%
	S&P UAE Composite Index			-0.61%	-4.01%	4.00%	-40.48%
	Al Mal MENA Equity Fund	June 2008	USD 7.60	1.06%	0.13%	-3.31	-24.00
	S&P Pan Arab Large Cap Index			3.25%	3.62%	-4.06%	-48.27%
	Al Mal Saudi Sharia Equity Fund	March 2011	USD 0.95	4.76%	4.99%	-9.73%	-4.44%
	S&P Saudi Large Midcap Sharia Index			5.11%	7.76%	-7.88%	-9.19%
	Income Funds
	As of 26 October	Launch Date	NAV Per Unit1	Yield2	Month To Date	YTD 2016	Since Inception
	Al Mal MENA Income Fund (Performance Inclusive of Dividends)	Feb 2009	USD 12.72	3.48%	-0.12%	2.41%	36.42%
	Al Mal Liquidity Fund	April 2009	AED 1.20	1.84%	0.14%	1.37%	19.62%

Notes:

Performance data is net of fees. Performance computation is done internally based on reports from third-party administrators (Standard Chartered/Apex/Al Mal)

1. NAV Per Unit is rounded to two decimal places for reporting purposes only.

2. For Al Mal MENA Income Fund, yield refers to average Yield to Maturity (“Yield”) for the invested portion (excl cash portion). For Al Mal Liquidity Fund, yield refers to 7-day annualized portfolio return (net).

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48 Burj Gate, Downtown Dubai, Sheikh Zayed Road, Office 901, P.O. Box 119930, Dubai, UAE Tel +971 4 360 1111, Fax +971 4 360 1122 www.almalcapital.com 2
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Al Mal UAE Equity Fund– Monthly Factsheet

NAV Per Unit: AED 1.16

Performance Graph

Al Mal UAE Equity Fund was down 3.4% in October v/s. 4.0% decrease in S&P UAE Index. Since inception, the Fund has outperformed the benchmark by 62%.

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Al Mal UAE Equity Fund S&P UAE Index (Rebased)
1.80
1.60
1.40
1.20
1.00
0.80
0.60
0.40
0.20
0.00
Apr-06 Oct-06 Apr-07 Oct-07 Apr-08 Oct-08 Apr-09 Oct-09 Apr-10 Oct-10 Apr-11 Oct-11 Apr-12 Oct-12 Apr-13 Oct-13 Apr-14 Oct-14 Apr-15 Oct-15 Apr-16 Oct-16
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Market Overview & Fund Manager Comments

DFM Index was down 4% in October, lagging behind the MSCI emerging market index which ended flat.

Q3 corporate earnings season ended on a mixed note, with no negative surprises. Key trends observed in the banking sector were: higher cost of funds due to tighter liquidity conditions leading to contraction in NIMs, weaker fee income due to seasonality and moderate loan growth and higher loan provisioning, driven by corporate segment. In the real estate sector, we noticed some slowdown in pace of development projects and slower occupancies across hospitality assets. However, pre-sales data reported by Aldar and Emaar were quite robust considering challenging macro-economic backdrop. Q3 numbers reported by major construction companies suggests slower execution, working capital woes and deteriorating balance sheet health.

1Benchmark was MSCI UAE Index since inception until Dec 2008, replaced thereafter by S&P UAE Composite Index

	Performance2	Fund	Benchmark3	Relative Performance
	MTD	-3.4%	-4.0%	0.6%
	YTD	1.9%	4.0%	-2.1%
	1 Year 3 Year*	-4.8% 7.3%	-5.0% 3.9%	0.2% 3.4%
	5 Year Since Inc.**	114.4% 21.1%	102.7% -40.5%	11.7% 61.6%

Considering expected bouts of volatility post U.S. elections, we had tactically increased cash levels to c.10%, positioning the Fund to capitalize on sharp emerging market moves. It would only be prudent to exercise caution ahead of two major events before the year end: the Fed meeting in December and the OPEC meeting on 30 Nov.

The UAE PMI decreased to 53.3 in October vs 54.1 in September, suggesting modest growth in non-oil economic activity.

Source: Al Mal internal performance measurement based on reports from third-party administrators (Standard Chartered)

2 Performance is net of fees; 3-year and 5-year return is cumulative 3S&P UAE Composite Index

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26 October 2016

Fund Key Information	Fund Key Information
Fund Objective: The Al Mal UAE Equity Fund’s objective is to achieve medium to long-term capital growth by investing primarily in equities listed on the UAE Exchange.
Fund Manager	Tariq Qaqish
Inception Date	5th April 2006
Fund Registration	UAE
Currency	AED
Subscription	Weekly
Dividend Frequency	Yearly
Min Subscription	AED 100,000
Management Fee	1.50%
Performance Fee	20% over 10% hurdle with high watermark
Subscription Fee	Upto 2%
Redemption	Weekly
Benchmark Index	S&P UAE Composite Index
Fund Type	Open Ended
Administrator	Standard Chartered
Custodian	Standard Chartered
Financial Year End	31st December
Auditors	Deloitte
ISIN	AEA003630026
Zawya Code	MALEQTY.MF
Bloomberg Code	MALUAEQUH
Reuters Code	LP65038334
Morningstar Sec ID	F00000JQIN

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48 Burj Gate, Downtown Dubai, Sheikh Zayed Road, Office 901, P.O. Box 119930, Dubai, UAE Tel +971 4 360 1111, Fax +971 4 360 1122 www.almalcapital.com 3
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Al Mal UAE Equity Fund – Monthly Factsheet

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Fund Performance[1]

Performance Yearly	Fund	Benchmark	Relative Perf.	Performance Monthly	Fund	Benchmark	Relative Perf.			Sector Allocation	Sector Allocation	Sector Allocation	Sector Allocation	Sector Allocation
YTD 2016	1.9%	4.0%	-2.1%	Jan	-13.4%	-12.1%	-1.3%	Cash
2015	-15.3%	-17.6%	2.3%	Feb	12.9%	13.0%	-0.1%	Others
2014	11.2%	7.5%	3.7%	Mar	5.1%	5.5%	-0.4%	Telecom
2013	81.4%	88.0%	-6.6%	Apr	5.6%	4.4%	1.2%	Capital Goods
2012	28.7%	23.5%	5.2%	May	-5.4%	-6.9%	1.5%	Energy
2011 2010 2009	-18.4% -1.0% 31.2%	-17.7% -8.8% 24.6%	-0.7% 7.8% 6.6%	Jun Jul Aug	-0.4% 5.3% -1.03%	1.7% 6.3% -0.9%	-2.1% -1.0% -0.1%	Real Estate Transport Diversified Fin
2008	-56.9%	-69.4%	12.5%	Sep Oct	-1.1% -3.4%	-0.8% -4.0%	-0.3% 0.60	Banks
2007	50.4%	54.8%	-4.4%	Nov					0%		10%		20%	30%	40%
2006	-19.1%	-35.2%	16.1%	Dec						Benchmark			Fund
Since Inc.	21.1%	-40.9%	61.9%	YTD 2016	1.9%	4.0%	-2.1%		Geographic Allocation

Top Portfolio Holdings % of Fund Emaar Properties 12.9 ADCB 8.7 Dubai Islamic Bank 7.9 NBAD 6.6 D P World 6.5 Total # of Holdings 19 1Performance is net of fees
	Fund Characteristics2 Fund Benchmark
	Standard Deviation 21.3% 23.6%
	Sharpe Ratio 0.68 0.55
	Beta 0.89
	Tracking Error 4.7%
	Information Ratio 0.13
	2Calculated using 5-year weekly data

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Cash
Nasdaq
Dubai
Abu Dhabi
0% 20% 40% 60%
Benchmark Fund
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Source: Al Mal internal performance measurement based on reports from third-party administrators (Standard Chartered/Apex)

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48 Burj Gate, Downtown Dubai, Sheikh Zayed Road, Office 901, P.O. Box 119930, Dubai, UAE Tel +971 4 360 1111, Fax +971 4 360 1122 www.almalcapital.com 4
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Al Mal MENA Equity Fund – Monthly Factsheet

NAV Per Unit: USD 7.60

Performance Graph

Al Mal MENA Equity Fund was up 0.1% in October v/s. 3.6% Increase in the S&P Pan Arab Index. The Fund has outperformed the benchmark by 24.3% since its launch in June 2008.

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Al Mal MENA Equity Fund
S&P Pan Arab LargeCap Index (Rebased)
11.5
9.5
7.5
5.5
3.5
Jun-08 May-09 Apr-10 Mar-11 Feb-12 Jan-13 Dec-13 Nov-14 Oct-15 Sep-16
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Market Overview & Fund Manager Comments

Regional markets ended October on a mixed note, with Saudi Index recovering partially, up 7%, while both UAE and Qatar indices declined.

Saudi index saw sharp rebound upon successful closure of USD 17.5 bn bond issue (4x oversubscribed) and news flows on release of payment to contractors. However, Q3 corporate earning announcements continued to reflect on-the-ground challenges. Most of the sectors reported earnings lagging consensus estimates, leading us to believe that consensus numbers doesn’t reflect economic reality yet. In the UAE, Q3 numbers didn’t post any major negative surprise, and was within expectations with real estate players even reporting better than consensus numbers.

	Performance1	Fund	Benchmark2	Relative Perf.
	MTD YTD	0.1% -3.3%	3.6% -4.1%	-3.5% 0.8%
	1 Year 3 Years	-5.9% -11.3%	-8.0% -17.6%	2.0% 6.2%
	5 Year	16.4%	-6.2%	22.6%
	Since Inc.	-24.0%	-48.27	24.3%

In Qatar, liquidity trends continue to stabilize with major loan growth originating from the public sector while resident and non-residents are driving deposit growth. Egypt devalued its currency by c.50% in early November, closing a huge gap between official and unofficial rates, in order to meet with IMF loan requirements.

PMI data points for KSA and UAE suggests modest pace of growth. PMI data points for Egypt showed increasing challenges with reading of 42.0 v/s. 46.3 in September, still on contractionary mode.

Source: Al Mal internal performance measurement based on reports from third-party administrators (Apex)

1 Performance is net of fees; 3-year and 5-year return is cumulative

2S&P Pan Arab Composite LargeCap Index

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26 October 2016

Fund Key Information	Fund Key Information
Fund Objective: The objective of the Fund is to achieve significant capital appreciation, primarily through investment in equity and equity related securities in the Middle East and North African markets
Fund Manager	Tariq Qaqish
Inception Date	15th June 2008
Fund Registration	Bahrain
Currency	USD
Subscription	Weekly
Min Subscription	USD 250,000
Management Fee	1.75%
Subscription Fee	Up to 3%
Redemption	Weekly
Benchmark Index	S&P Pan Arab Large Cap
Fund Type	Open Ended
Administrator	Apex
Custodian	Standard Chartered
Financial Year End	31st December
Auditors	Deloitte
Zawya Code	MALMENA.MF
Bloomberg Code	MALMENE BI
Reuters Code	LP65123002
Morningstar Sec ID	F00000JQIQ

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48 Burj Gate, Downtown Dubai, Sheikh Zayed Road, Office 901, P.O. Box 119930, Dubai, UAE Tel +971 4 360 1111, Fax +971 4 360 1122 www.almalcapital.com 5
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Al Mal MENA Equity Fund – Monthly Factsheet

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Fund Performance[1]

Performance	Fund	Benchmark	Relative
			Perf.
YTD 2016	-3.3%	-4.1%	0.8%
2015	-12.5%	-17.6%	5.1%
2014	-0.7%	-1.5%	0.8%
2013	31.1%	18.9%	12.2%
2012	6.6%	2.6%	4.0%
2011	-8.8%	-15.1%	6.3%
2010	15.7%	13.9%	1.8%
2009	17.7%	12.7%	5.0%
2008	-47.5%	-49.9%	2.4%
Since Inc.	-24.0%	-48.3%	24.3%

Performance	Fund	Benchmark	Relative Perf.		Sector	Sector	Sector	Allocation	Allocation	Allocation
Jan	-12.2%	-13.4%	1.2%	Cash
Feb	8.7%	6.9%	1.8%	F&B
Mar	3.9%	2.6%	1.3%	Materials
Apr May Jun Jul	4.0% -4.9% -1.4% 3.4%	5.4% -3.9% -0.9% 2.1%	-1.4% -1.0% -0.5% 1.3%	Diversified Fin Capital Goods Transportation Others Energy
Aug	-0.25%	-1.2%	1.0%	Telecoms
Sep	-3.1%	-3.8%	0.7%	Real Estate
Oct	0.1%	3.6%	-3.5%	Banks
					0%			20%		40%	60%
Nov
Dec						Benchmark				Fund
YTD 2016	-3.3%	-4.1%	0.8%	Geographic Allocation

1 Performance is net of fees

Performance is net of fees
Top Portfolio Holdings	% of Fund
Ooredoo Qsc	5.7
Qatar National Bank	4.3
Dana Gas	4.2
Talaat Mostafa Group	3.9
Makkah Construction	3.7
Total # of Holdings	34

Source: Al Mal internal performance measurement based on reports from third-party administrators (Apex)

Fund Characteristics2	Fund	Benchmark
Standard Deviation	14.6%	14.2%
Sharpe Ratio	0.14	-0.18
Beta	0.98	-
Tracking Error	4.5%
Information Ratio	0.97

2 Calculated using 5-year weekly data

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Cash
Other
Nasdaq
Saudi Arabia
Kuwait
Egypt
Dubai
Qatar
Abu Dhabi
0% 10% 20% 30% 40% 50%
Benchmark Fund
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48 Burj Gate, Downtown Dubai, Sheikh Zayed Road, Office 901, P.O. Box 119930, Dubai, UAE Tel +971 4 360 1111, Fax +971 4 360 1122 www.almalcapital.com 6
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Al Mal Saudi Equity Fund – Monthly Factsheet

NAV Per Unit: USD 0.95

Performance Graph

Al Mal Saudi Shariah Equity Fund was up 5.0% in October compared to 7.8% Increase in S&P Saudi Shariah Index. The Fund has outperformed the benchmark by 4.7% since its launch in march 2011.

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Al Mal Saudi Shariah Equity Fund S&P Saudi Shariah Index
1.80
1.60
1.40
1.20
1.00
0.80
0.60
Mar-11 Jun-11 Sep-11 Dec-11 Mar-12 Jun-12 Sep-12 Dec-12 Mar-13 Jun-13 Sep-13 Dec-13 Mar-14 Jun-14 Sep-14 Dec-14 Mar-15 Jun-15 Sep-15 Dec-15 Mar-16 Jun-16 Sep-16
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Market Overview & Fund Manager Comments

Massive sell-off in September spilled-over into the first week of October. The successful issuance of USD 17.5 bn bond, garnering an order book of USD 67.5 bn, acted as a catalyst for market to rebound. Positive news flows on release of payment to clear receivables resulted into continued market momentum.

On the ground, the situation continues to be challenging as reflected in subdued Q3 corporate earnings. Key trends we observed in the banking sector: aggregate earnings were down 15% q-o-q due to massive sequential increase in loan and investment impairments, slower momentum in loan and deposit growth. Net interest margin, however, improved sharply as loans were repriced due to higher benchmark rates. Cement sector was all about weaker volumes and depressed prices due to sluggish demand. Healthcare and consumer sectors also reported unexciting numbers due to working capital issues, lower discretionary spending and forex/investment losses. Petrochemicals sector exhibited diverse trends with some companies reporting lower volumes (due to high capacity utilization) while others witnessing higher growth in volumes with softer prices.

	Performance1	Fund	Benchmark2	Relative Perf.
	MTD	5.0%	7.8%	-2.8%
	YTD	-9.7%	-7.9%	-1.8%
	1 Year	-10.2%	-10.2%	0.0%
	3 Years	-22.7%	-26.8%	4.1%
	5 Year	0.9%	-5.2%	6.0%
	Since Inc.	-4.4%	-9.2%	4.7%

With sharp rebound in the index spilling over into early November, without any material change in fundamentals, we would exercise a caution and have build-up sizeable cash. The PMI for October declined to 53.2, down from 55.3 in September, confirming slowdown in non-oil sector.

Source: Al Mal internal performance measurement based on reports from third-party administrators (Standard Chartered)

1 Performance is net of fees; 3-year and 5-year return is cumulative 2S&P Saudi Arabia LargeMidCap Shariah Index

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26 October 2016

Fund Key Information	Fund Key Information
Fund Objective: To achieve significant capital appreciation primarily through Shariah -compliant investments in equity and equity-related securities issued by countries based in, or with a significant proportion of their business activities in, the Kingdom of Saudi Arabia.
Fund Manager	Vijay Harpalani
Inception Date	23rd March 2011
Fund Registration	UAE
Currency	USD
Subscription	Weekly
Min Subscription	USD 50,000
Management Fee	1.75%
Subscription Fee	Up to 3%
Redemption	Weekly
Benchmark Index	S&P Saudi Large Midcap Shariah
Fund Type	Open Ended
Administrator	Standard Chartered
Custodian	Standard Chartered
Financial Year End	31st December
Auditors	Deloitte
Zawya Code	AEA003630018
Bloomberg Code	MALSSEF.MF
Reuters Code	MALSSEQ UH
Morningstar Sec ID	LP68128853

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48 Burj Gate, Downtown Dubai, Sheikh Zayed Road, Office 901, P.O. Box 119930, Dubai, UAE Tel +971 4 360 1111, Fax +971 4 360 1122 www.almalcapital.com 7
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Al Mal Saudi Equity Fund – Monthly Factsheet

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Fund Performance[1]

Performance	Fund	Benchmark	Relative
			Perf.
YTD 2016	--9.7%	-7.9	-1.8%
2015	-15.6%	-17.9%	2.3%
2014	-3.5%	-9.1%	5.6%
2013	22.9%	23.1%	-0.2%
2012	6.5%	8.6%	-2.1%
2011	0.1%	-0.5%	0.6%
Since Inc.	-4.4%	-9.2%	4.7%

1 Performance is net of fees

Top Portfolio Holdings	% of Fund
Al Rajhi Bank	14.5
SABIC	12.0
Alinma Bank	6.0
Saudi Telecom	5.7
Almarai	5.0
Total # of Holdings	27

Performance	Fund	Benchmark	Relative Perf.	Sector	Sector	Sector	Allocation	Allocation	Allocation
Jan	-9.7%	-15.7%	6.0%
Feb Mar	4.7% 3.0%	6.5% 3.5%	-1.8% -0.5%	Transportation
Apr	8.0%	9.6%	-1.6%	Cash
May Jun	-2.7% -0.1%	-2.8% 0.0%	0.1% -0.1%	Commercial Services
Jul	-2.1%	-1.1%	-1.0%	Com & Prof Supplies
Aug	-5.3%	-4.1%	-1.2%
Sep Oct Nov	-9.3% 5.0%	-9.0% -7.8%	-0.3% -2.8%	Others Real Estate
Dec				Healthcare
YTD 2016	-9.7%	-7.9%	-1.8%	F&B staples
Fund Characteristics2		Fund	Benchmark	Telecom
Standard Deviation Sharpe Ratio		16.7% -0.08	19.0% -0.13	Materials
Beta		0.85	-	Banks
Tracking Error*		5.0%		0%			10% 20%			30%	40%	50%
Information Ratio*		0.10
					Benchmark				Fund

2 Calculated using 5-year weekly data

Source: Al Mal internal performance measurement based on reports from third-party administrators (Standard Chartered)

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48 Burj Gate, Downtown Dubai, Sheikh Zayed Road, Office 901, P.O. Box 119930, Dubai, UAE Tel +971 4 360 1111, Fax +971 4 360 1122 www.almalcapital.com 8
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Al Mal MENA Income Fund – Monthly Factsheet

NAV Per Unit: USD 12.72

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26 October 2016

NAV Per Unit: USD 12.72 26 October 2016	NAV Per Unit: USD 12.72 26 October 2016		26 October 2016	26 October 2016
Market Overview & Fund Manager Comments Al Mal MENA Income Fund was down 0.1% in October. The Fund has delivered returns of 36.4% since its launch in February 2009. With announcement of U.S. election results, all eyes now on the Fed’s December meeting. Recent data in the U.S. continues to meet most of the key indicators, suggesting a high probability of rate increase, albeit with lesser conviction. Saudi Arabia printed its inaugural bond, raising a massive USD 17.5 bn across several maturities, a record issuance by an EM issuer. The issue was massively oversubscribed with USD 67 bn in order book. This issue has helped in setting-up a yield curve for Saudi corporates who would now be more comfortable in tapping bond markets. Following on a positive response from the Saudi issuance, Kuwait government is expected to print its paper in near future. Performance Graph Geographic Allocation Sector Allocation Top Portfolio Holdings Credit Rating: S&P/Moody % of Fund Comm. Bank of Qatar 19 BBB+/ A2 8.7 Inv. Corp. of Dubai 20 Not Rated 7.6 Batelco 20 AA/Aa2 7.6 Total # of Holdings 23 Portfolio Analysis Portfolio Maturity 4.1 years Avg. YTM (Gross) of Investments 3.5% Weighted avg. Rating of Portfolio BBB+ Fund Key Information Fund Objective: The Al Mal MENA Income Fund’s objective is to pursue an income-oriented investment strategy which permits distribution of periodic and consistent payment of dividends to unit holders, whilst seeking to preserve and grow the capital of the Fund. Fund Managers Tariq Qaqish & Vijay Harpalani Inception Date 1st February 2009 Fund Registration Cayman Islands Currency USD Subscription Weekly Min Subscription USD 100,000 Management Fee 1.00% Subscription Fee Up to 2% Redemption Weekly Benchmark Index S&P MENA Bond Index Fund Type Open Ended Administrator Al Mal Capital Custodian Al Mal Capital Financial Year End 31st December Auditors Deloitte Zawya Code MALMNIF.MF Bloomberg Code ALMENAI KY Reuters Code LP65154947 Morningstar Sec ID F00000JQIR Performance2 Jan Feb Mar Apr May June July Aug Sept Oct Nov Dec YTD 2016 2015 2014 2013 2012 2011 2010 2009 Since Inception Al Mal MENA Income Fund (Perf. Inclusive of Dividends.) -1.6% 1.4% 0.7% 0.6% 0.3% 0.5% 0.5% 0.4% -0.2% -0.1% 2.4% 0.9% 5.5% 1.8% 12.6% 7.6% 3.8% -2.0% 36.4% 1Benchmark was HSBC MENA Bond Index since inception until Dec 2013, replaced thereafter by S&P MENA Bond Index 9.8 10.3 10.8 11.3 11.8 12.3 12.8 13.3 13.8 14.3 Dec-10 Jun-11 Dec-11 Jun-12 Dec-12 Jun-13 Dec-13 Jun-14 Dec-14 Jun-15 Dec-15 Jun-16 Al Mal MENA Income Fund HSBC / S&P MENA USD Bond Index** Dubai Money Market - UAE Qatar Oman Bahrain Abu Dhabi Kuwait Sharjah 0% 10% 20% 30% 40% 50% Banks Money Market Real Estate Transportation Retail Financial Services Telecom Utilities Governement Bonds 0% 10% 20% 30% 40% 50%		Geographic Allocation Sector Allocation Top Portfolio Holdings Credit Rating: S&P/Moody % of Fund Comm. Bank of Qatar 19 BBB+/ A2 8.7 Inv. Corp. of Dubai 20 Not Rated 7.6 Batelco 20 AA/Aa2 7.6 Total # of Holdings 23 Portfolio Analysis Portfolio Maturity 4.1 years Avg. YTM (Gross) of Investments 3.5% Weighted avg. Rating of Portfolio BBB+ Dubai Money Market - UAE Qatar Oman Bahrain Abu Dhabi Kuwait Sharjah 0% 10% 20% 30% 40% 50% Banks Money Market Real Estate Transportation Retail Financial Services Telecom Utilities Governement Bonds 0% 10% 20% 30% 40% 50%	Fund Key Information
			Fund Objective: The Al Mal MENA Income Fund’s objective is to pursue an income-oriented investment strategy which permits distribution of periodic and consistent payment of dividends to unit holders, whilst seeking to preserve and grow the capital of the Fund.
			Fund Managers	Tariq Qaqish & Vijay Harpalani
			Inception Date	1st February 2009
			Fund Registration	Cayman Islands
			Currency	USD
			Subscription	Weekly
			Min Subscription	USD 100,000
			Management Fee	1.00%
			Subscription Fee	Up to 2%
			Redemption	Weekly
			Benchmark Index	S&P MENA Bond Index
			Fund Type	Open Ended
			Administrator	Al Mal Capital
			Custodian	Al Mal Capital
			Financial Year End	31st December
			Auditors	Deloitte
			Zawya Code	MALMNIF.MF
			Bloomberg Code	ALMENAI KY
			Reuters Code	LP65154947
			Morningstar Sec ID	F00000JQIR
	Performance2 Jan Feb Mar Apr May June July Aug	Sept Oct Nov Dec YTD 2016 2015 20

Source: Al Mal internal performance measurement based on reports from Al Mal Capital/Operations

2 Performance is net of fees

Private and Confidential

Al Mal Liquidity Fund – Monthly Factsheet

NAV Per Unit: AED 1.20

26 October 2016

NAV Per Unit: AED 1.20	26 October 2016	26 October 2016
Market Overview & Fund Manager Comments The Al Mal Liquidity Fund was up 0.14% in October, and has delivered returns of c.19.6% since its launch in April 2009. 1-week EIBOR continued to increase towards end of October, factoring in possible Fed rate increase in December, and also reflecting prevailing tight liquidity conditions in the banking sector. The Fund’s net yield is around 1.82% level, well above the benchmark which is at 0.46% Fund Key Information Months to Maturity Al Mal Liquidity Fund offers you: Weekly liquidity Higher interest income than deposit rates Access to cash in case of emergency Diversify your portfolio (core asset class) Suitable for risk-averse allocation Park liquidity during uncertain and volatile markets 1.00 1.02 1.04 1.06 1.08 1.10 1.12 1.14 1.16 1.18 1.20 Apr-09 Dec-09 Aug-10 Apr-11 Dec-11 Aug-12 Apr-13 Dec-13 Aug-14 Apr-15 Dec-15 Aug-16 Fund NAV 1 Week EIBOR (Benchmark) 29% 26% 29% 16% 0-1 2-3 4-6 7-12	Fund Key Information
	Fund Objective: The Fund’s investment objective is to provide investors with capital preservation and above average money market returns. The assets will be invested primarily in UAE and GCC short term paper and deposit instruments.
	Fund Managers	Tariq Qaqish & Vijay Harpalani
	Inception Date	15th April 2009
	Fund Registration	UAE
	Currency	AED
	Subscription	Weekly
	Min Subscription	AED 100,000
	Management Fee	0.40%
	Redemption	Weekly
	Notice Period	3 business days
	Fund Type	Open Ended
	Administrator	Al Mal Capital
	Custodian	Al Mal Capital
	Financial Year End	31st December
	Auditors	Deloitte
	Zawya Code	MALAEDF.MF
	Bloomberg Code	AMALLIQ UH
	Reuters Code	LP65135775
	Morningstar Sec ID	F00000JQIP
Performance1 Jan Feb Mar Apr May June July Aug Sept Oct Nov Dec YTD 2016 2015 2014 2013 2012 2011 2010 ~~Since~~ Inception
Al Mal Liquidity Fund 0.12% 0.11% 0.13% 0.11% 0.14% 0.17% 0.14% 0.18% 0.14% 0.14% 1.4% 1.5% 1.7% 1.9% 2.1% 2.6% 3.8% 19.6%

Source: Al Mal internal performance measurement based on reports from our back office

2 Performance is net of fees

Private and Confidential

Disclaimer

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This document is provided for informational and illustration purposes only. It does not constitute a solicitation, recommendation or offer to buy or sell any investment product or subscribe to any investment management or advisory service. Past performance of the Fund as illustrated herein is not a guarantee of future returns. Prospective investors in the Fund must obtain and carefully read the Fund’s most current Prospectus prior to making an investment in the Fund. The information contained herein, including any expression of opinion, has been obtained from or is based upon sources believed to be reliable, and is believed to be fair and not misleading, however, Al Mal Capital does not guarantee its accuracy or completeness. This document is not for distribution to the general public. It is directed at persons authorized to invest in the Fund and residing in jurisdictions where the Fund is authorized for distribution or where no such authorization is required. The information contained herein must not be reproduced in whole or in part without the prior written consent of Al Mal Capital.

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48 Burj Gate, Downtown Dubai, Sheikh Zayed Road, Office 901, P.O. Box 119930, Dubai, UAE Tel +971 4 360 1111, Fax +971 4 360 1122 www.almalcapital.com 11
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