AL Mal UAE Equity Fund — Fund Information / Factsheet 2016

Oct 13, 2016

MONTHLY FACT SHEETS September 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 28 September	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 1.20	-0.27%	-1.08%	5.47%	25.37%
	S&P UAE Composite Index			0.01%	-0.75%	8.35%	-37.99%
	Al Mal MENA Equity Fund	June 2008	USD 7.59	-1.04%	-3.07%	-3.44%	-24.01%
	S&P Pan Arab Large Cap Index			-2.28%	-3.78%	-7.41%	-50.08%
	Al Mal Saudi Sharia Equity Fund	March 2011	USD 0.90	-7.49%	-9.26%	-14.03%	-8.99%
	S&P Saudi Large Midcap Sharia Index			-7.42%	-8.97%	-14.52%	-15.73%

Income Funds

Income Funds
As of 28 September	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 12.74	3.46%	-0.20%	2.53%	36.59%
Al Mal Liquidity Fund	April 2009	AED 1.19	1.82%	0.14%	1.23%	19.45%

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 1.20

Performance Graph

Al Mal UAE Equity Fund was down 1.1% in September v/s. 0.75% decrease in S&P UAE Index. Since inception, the Fund has outperformed the benchmark by 63%.

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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 Sep-06 Feb-07 Jul-07 Dec-07 May-08 Oct-08 Mar-09 Aug-09 Jan-10 Jun-10 Nov-10 Apr-11 Sep-11 Feb-12 Jul-12 Dec-12 May-13 Oct-13 Mar-14 Aug-14 Jan-15 Jun-15 Nov-15 Apr-16 Sep-16
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Market Overview & Fund Manager Comments

DFM Index was down 1% in September, lagging behind MSCI emerging market index which was up by 2.5%.

Reduction of public sector wages was the key highlight of the month, resulting into sharp reaction in Saudi Tadawul Index while DFM Index showed mild softness. Latest banking data for August showed that Government Related Entities (GRE) deposits in the banking sector was down 4.1% in August and 17.4% YTD, while loan growth from GRE’s was up 7.1% YTD, further squeezing the liquidity in the banking system. The hospitality sector continues to face challenges due to stronger dollar, higher supply and increase in competition, resulting into lower average room rates across UAE hotels, down 9% y-o-y (as per STR), despite higher year-on- year passenger growth of 6% at Dubai airports.

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

	Performance2	Fund	Benchmark3	Relative Performance
	MTD	-1.1%	-0.75%	-0.35%
	YTD	5.5%	8.3%	-2.8%
	1 Year 3 Year*	-2.0% 19.5%	-0.4% 17.1%	-1.5% 2.4%
	5 Year Since Inc.**	105.4% 25.4%	93.3% -38.0%	12.1% 63.4%

Q3 corporate earnings will be keenly watched for any surprises. We expect banks to show contraction in NIMs mainly due to tighter liquidity conditions. Litigation of SAR 200 mn against Drake & Scull highlights wider challenges faced by construction sector, specially in Saudi Arabia. Real Estate sector is likely to show deceleration in growth due to tight liquidity conditions, especially in Abu Dhabi, where banks have turned cautious on mortgage loans.

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

The UAE PMI decreased to 54.1 in September vs 54.7 in August, still above 50 level, showing expansion in the economy.

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

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28 September 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	Sector	Allocation	Allocation	Allocation	Allocation
YTD 2016	5.5%	8.3%	-2.8%	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%	-0.8%	-0.3%	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.	25.4%	-38.0%	63.4%	YTD 2016	5.5%	8.3%	-2.8%	Geographic Allocation

Top Portfolio Holdings % of Fund Emaar Properties 13.0 ADCB 8.7 Dubai Islamic Bank 7.7 NBAD 6.8 D P World 6.4 Total # of Holdings 19 1Performance is net of fees
	Fund Characteristics2 Fund Benchmark
	Standard Deviation 21.3% 23.7%
	Sharpe Ratio 0.71 0.59
	Beta 0.89
	Tracking Error 4.7%
	Information Ratio 0.12
	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 7.59

Performance Graph

Al Mal MENA Equity Fund was down 3.1% in September v/s. 3.8% decrease in the S&P Pan Arab Index. The Fund has outperformed the benchmark by 26% since its launch in June 2008.

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Al Mal MENA Equity Fund
S&P Pan Arab LargeCap Index (Rebased)
12.5
10.5
8.5
6.5
4.5
2.5
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Market Overview & Fund Manager Comments

Regional markets showed subdued performance in September led by Tadawul and Qatari Index, both down by 7% and 5%, respectively. Qatari Index was down due to profit booking post FTSE inclusion while Tadawul was down due to reduction in wages and allowances in public sector.

Oil price was up 6% in September due to speculation over potential agreement on oil production freeze/cut among the OPEC members to support oil prices. We see challenges in implementation of this accord as effective reinforcement of quotas will be a challenge to deal with. In Saudi Arabia, the construction sector continues to face challenges as cement sales was down 10% during the month, showing a drop in construction activity. In the UAE, we expect pick-up in momentum in the construction sector as tendering for Expo 2020-related projects has begun with Dubai Government seeking USD 2.5 bn loan to expand metro to Expo site. Qatar government issued USD 1.25 bn in local bonds to partially fund fiscal deficit and World Cup 2022-related projects. Egyptian government is planning to start IPO program of oil companies to reduce fiscal burden.

Jun-08 May-09 Apr-10 Mar-11 Feb-12 Jan-13 Dec-13 Nov-14 Oct-15 Sep-16

	Performance1	Fund	Benchmark2	Relative Perf.
	MTD YTD	-3.1% -3.4%	-3.8% -7.4%	0.71% 4.0%
	1 Year 3 Years	-3.8% -6.6%	-9.4% -14.5%	5.6% 8.0%
	5 Year	20.6%	-6.7%	27.4%
	Since Inc.	-24.1%	-50.1%	26.0%

PMI data points for KSA and UAE suggests continued resilience in domestic demand. PMI data points for Egypt showed slight deteriorated reading of 46.3 in September v/s. 47.0 in august, 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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28 September 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	-3.4%	-7.4%	4.0%
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.	-24.1%	-50.1%	26.0%

Performance	Fund	Benchmark	Relative Perf.			Sector Allocation	Sector Allocation	Sector Allocation	Sector 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				Banks
					0%		20%		40%		60%
Nov
Dec						Benchmark			Fund
YTD 2016	-3.4%	-7.4%	4.0%	Geographic				Allocation

1 Performance is net of fees

Performance is net of fees
Top Portfolio Holdings	% of Fund
Ooredoo Qsc	5.7
Dana Gas	4.4
Qatar National Bank	4.1
Makkah Construction	3.8
Talaat Mostafa Group	3.7
Total # of Holdings	35

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

Fund Characteristics2	Fund	Benchmark
Standard Deviation	14.7%	14.2%
Sharpe Ratio	0.14	-0.18
Beta	0.99	-
Tracking Error	4.3%
Information Ratio	1.20

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 0.90

Al Mal Saudi Shariah Equity Fund was down 9.3% in September as compared to 9.0% drop in S&P Saudi Shariah Index. The Fund has outperformed the benchmark by 6.7% since its launch in march 2011.

Market Overview & Fund Manager Comments

Tadawul index was down 7.5% in September and 21% YTD, worst performing market in the region. Sell-off was across local equities after the announcement of reduction in public sector wages. While the move is positive for fiscal situation, market sentiments may turn bearish in the short-term. In addition to this, the US congress vote to override Obama veto on JASTA (allowing US citizens to file case against Saudi government over 9/11 attack) was also a major concern.

Markets seemed excited by SAR 20 bn deposits into local banks, however, the attempt was ineffective as demand for short-term loans far outpaced modest growth in deposits. The recent POS & ATM cash withdrawal data showed weaker consumption pattern indicating pressure on defensive sectors such as consumer discretionary and staples. The construction sector continues to remain under pressure with a 54% y-o-y drop in project awards.

Q3 corporate earnings will be keenly watched for any surprise. In the banking sector, contraction in NIMs, weak results from investment book and higher NPLs are likely to be key themes. The impact of wage reduction on consumption trend will be visible in November as banks will skip October EMIs.

The PMI for September was 55.3, down from 56.6 in August, due to combination of deceleration in pace of growth in domestic demand and slowing momentum in export orders.

Performance Graph

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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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	Performance1	Fund	Benchmark2	Relative Perf.
	MTD	-9.3%	-9.0%	-0.3%
	YTD	-14.0%	-14.5%	0.5%
	1 Year	-10.0%	-12.1%	2.1%
	3 Years	-17.0%	-23.4%	6.4%
	5 Year	6.9%	-2.2%	9.1%
	Since Inc.	-9.0%	-15.7%	6.7%

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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28 September 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	-14.0%	-14.5%	0.5%
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.	-9.0%	-15.7%	6.7%

1 Performance is net of fees

Top Portfolio Holdings	% of Fund
Al Rajhi Bank	16.4
SABIC	11.5
Saudi Telecom Co.	11.1
SPIMACO	5.8
Alinma Bank	5.2
Total # of Holdings	27

Performance	Fund	Benchmark	Relative Perf.	Sector	Sector	Sector	Sector	Allocation	Allocation	Allocation	Allocation
Jan	-9.7%	-15.7%	6.0%
Feb	4.7%	6.5%	-1.8%	Transportation
Mar Apr	3.0% 8.0%	3.5% 9.6%	-0.5% -1.6%	Cash
May	-2.7%	-2.8%	0.1%	Commercial Services
Jun	-0.1%	0.0%	-0.1%
Jul Aug Sep	-2.1% -5.3% -9.3%	-1.1% -4.1% -9.0%	-1.0% -1.2% -0.3%	Real Estate Com & Prof Supplies
Oct				Others
Nov
Dec				Healthcare
YTD 2016	-14.0%	-14.5%	0.5%	F&B staples
Fund Characteristics2		Fund	Benchmark	Telecom
Standard Deviation Sharpe Ratio		16.5% -0.09	18.9% -0.17	Materials
Beta		0.85	-	Banks
Tracking Error*		5.0%
					0%		10%		20%		30% 40% 50%
Information Ratio*		0.20
				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 12.74

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28 September 2016

NAV Per Unit: USD 12.74 28 September 2016	NAV Per Unit: USD 12.74 28 September 2016		28 September 2016	28 September 2016
Market Overview & Fund Manager Comments Al Mal MENA Income Fund was down 0.2% in September. The Fund has delivered returns of 36.6% since its launch in February 2009. As expected, the primary market activity is back in action. Both Kuwait and Saudi Arabia were expected to print long-dated papers in September. However, strong market backlash of reduction in public sector wage bill in Saudi Arabia kept them from tapping the market. In the meantime, Bahrain raised USD 2 billion through 7-year and 12-year sukuks priced at 5.62% and 7%, respectively. Similarly Oman raised additional USD 2.5 billion through its EMTN programme. We expect both Saudi and Kuwait sovereign issues to hit the market before the Fed meeting in December. While the market has almost priced-in a Fed rate hike in December with probability of c.68%, we believe that hike may not be imminent immediately after the U.S. elections; first hike may happen only in 2017. 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 4.3 years Avg. YTM (Gross) of Investments 3.50% 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% 2.5% 0.9% 5.5% 1.8% 12.6% 7.6% 3.8% -2.0% 36.6% 1Benchmark was HSBC MENA Bond Index since inception until Dec 2013, replaced thereafter by S&P MENA 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 Energy 0% 10% 20% 30% 40% 50% 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**		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 4.3 years Avg. YTM (Gross) of Investments 3.50% 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 Energy 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

28 September 2016

NAV Per Unit: AED 1.19

NAV Per Unit: AED 1.19	28 September 201	28 September 201
Market Overview & Fund Manager Comments The Al Mal Liquidity Fund was up 0.14% in September, and has delivered returns of c.19.5% since its launch in April 2009. 1-week EIBOR continued its upward trajectory by increasing from 0.44% at end of august to around 0.46% in end- September. The movement was more stable compared to extremely volatile movement in June due to Brexit shock. 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 28% 22% 50% 0-1 2-3 6-12 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)	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% 1.2% 1.5% 1.7% 1.9% 2.1% 2.6% 3.8% 19.5%

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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