AL Mal UAE Equity Fund — Fund Information / Factsheet 2017

Feb 19, 2017

MONTHLY FACT SHEETS January 2017

Al Mal UAE Equity Fund Al Mal MENA 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 25 January	Launch Date	NAV Per Unit1	Week To Date	Month To Date	YTD 2017	Since Inception
Al Mal UAE Equity Fund (Performance Inclusive of Dividends)	April 2006	AED 1.28	-1.32%	3.67%	3.67%	32.97%
S&P UAE Composite Index			-2.05%	3.58%	3.58%	-35.39%
Al Mal MENA Equity Fund	June 2008	USD 7.77	-0.13%	2.64%	2.64%	-22.30%
S&P Pan Arab Large Cap Index			2.58%	2.96%	2.96%	-42.18%

Income Funds

Income Funds
As of 25 January	Launch Date	NAV Per Unit1	Yield2	Month To Date	YTD 2017	Since Inception
Al Mal MENA Income Fund (Performance Inclusive of Dividends)	Feb 2009	USD 12.66	3.75%	0.36%	0.36%	35.75%
Al Mal Liquidity Fund	April 2009	AED 1.20	1.86%	0.14%	0.14%	20.17%

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 1.28

Performance Graph

Al Mal UAE Equity Fund was up 3.7% in January v/s. 3.6% increase in S&P UAE Index. Since inception, the Fund has outperformed the benchmark by 68.4%.

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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 Dec-06 Aug-07 Apr-08 Dec-08 Aug-09 Apr-10 Dec-10 Aug-11 Apr-12 Dec-12 Aug-13 Apr-14 Dec-14 Aug-15 Apr-16 Dec-16
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Market Overview & Fund Manager Comments

DFM Index was up 3.2% while ADSMI was up 0.3% in January, underperforming the MSCI emerging market index which ended positive 5.5%.

The UAE market continues to show resilient growth post strong recovery after OPEC crude production cut in December, while there was some softness in Abu Dhabi exchange due to pressure from banking sector. The Q4 numbers for UAE companies were mostly inline with the estimates; banks showed slowdown in terms of loan growth while provisioning was the highlight in this quarter with some banks increasing provisioning levels higher than expectation. The hospitality sector remain under pressure due to slower tourism growth and stronger dollar; Fly Dubai showed 60% slump in 2016 profits and Dubai airport showed 5% drop in duty free sales. Real estate sector continues to face pressure with property prices in Dubai still significantly lower than the 2014 peak.

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

	Performance2	Fund	Benchmark3	Relative Performance
	MTD YTD	3.7% 3.7%	3.6% 3.6%	0.1% 0.1%
	1 Year	29.2%	28.5%	0.8%
	3 Year 5 Year**	-4.9% 129.2%	-12.0% 119.1%	7.1% 10.0%
	Since Inc.*	33.0%	-36.0%	68.4%

Dubai Government signed loan facility of USD 3bn for airport expansion showing commitment to continue developing the infrastructure. Besides this, USD 3bn worth of projects for Expo 2020 are expected to awarded in 2017 which would help in recovery of construction sector. Introduction of VAT in 2018 would further strengthen the economy with expected revenue of AED20bn, thus reducing the fiscal burden and diversifying the revenue source for the government

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

The UAE PMI Increased to 55.3 in January vs 55.02 in December, highest since July 2016, suggesting a modest growth in non-oil economic activity.

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

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25 January 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]

Top Portfolio Holdings % of Fund Emaar Properties 12.5 ADCB 8.9 NBAD 7.6 Aramex 7.0 Aldar Properties 6.3 Total # of Holdings 23 Performance Yearly Fund Benchmark Relative Perf. YTD 2017 3.7% 3.6% 0.1% 2016 7.9% 9.0% -1.1% 2015 -15.3% -17.6% 2.3% 2014 11.2% 7.5% 3.7% 2013 81.4% 88.0% -6.6% 2012 28.7% 23.5% 5.2% 2011 -18.4% -17.7% -0.7% 2010 -1.0% -8.8% 7.8% 2009 31.2% 24.6% 6.6% 2008 -56.9% -69.4% 12.5% 2007 50.4% 54.8% -4.4% 2006 -19.1% -35.2% 16.1% Since Inc. 33.0% -36.0% 68.4% 1Performance is net of fees	Performance Monthly Fund Benchmark Relative Perf.
	Jan 3.7% 3.6% 0.1% Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec 2017 3.7% 3.6% 0.1%
	Fund Characteristics2 Fund Benchmark
	Standard Deviation 21.0% 23.4%
	Sharpe Ratio 0.73 0.60
	Beta 0.88
	Tracking Error 4.7%
	Information Ratio 0.08
	2Calculated using 5-year weekly data

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Sector Allocation
Cash
Others
Telecom
Capital Goods
Energy
Diversified Fin
Transport
Real Estate
Banks
0% 10% 20% 30% 40%
Benchmark Fund
Geographic Allocation
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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 7.57

Al Mal MENA Equity Fund was up 2.6% in January v/s. 3.0% Increase in the S&P Pan Arab Index. The Fund has outperformed the benchmark by 20% since its launch in June 2008.

Market Overview & Fund Manager Comments

Regional market showed mixed performance in January with Saudi market down 1.5%, DFM index was up 3.2%, while Kuwait turned out to be the best performing market in the world, with index gaining 19% in first month of year The Q4 results for Saudi banks were in line with expectations; retail banks clearly outperformed corporate banks due to lower provisioning and stable loan growth. Consumer sector showed pressure as consumer basket continues to shrink, with people shifting from high cost to low cost products and deferring their purchase decision in search of discounts. Cement companies continue to show stress due to lower construction activity in the kingdom. Healthcare sector showed mixed results due to drop in revenue and provisioning on ministry of health/corporates receivables by some players. Introduction of T+2 settlement in Saudi market in Q2 2017 could be a catalyst as this will open doors for the MSCI inclusion.

In the UAE, challenges continue to persist in the tourism sector. Hotel occupancy in Abu Dhabi reduced to 72% vs 75% (2015), despite growth in tourist arrivals, showing significant oversupply in the market. Dubai airport is expected to register 6.4% growth in passenger in 2017 - lowest in decade - due to stronger dollar and weaker oil price.

Kuwait market gained 19% in first month of the year on expectation from higher infrastructure spending and potential debut bond issuance by Kuwait government. We believe current run in the market is driven by liquidity, as real impact of these policy measures will take time to bear fruits.

Performance Graph

	12.0								Al Mal MENA S&P Pan Arab	Al Mal MENA S&P Pan Arab	Al Mal MENA S&P Pan Arab	Al Mal MENA S&P Pan Arab	Al Mal MENA S&P Pan Arab	Equity Fund LargeCap Index	Equity Fund LargeCap Index	Equity Fund LargeCap Index	Equity Fund LargeCap Index	Equity Fund LargeCap Index	Equity Fund LargeCap Index	(Rebased)	(Rebased)	(Rebased)	(Rebased)	(Rebased)
	10.0
	8.0
	4.0 6.0
	Performance1 Jun-08 Dec-08 Jun-09				Dec-09		Jun-10		Fund Dec-10 Jun-11		Dec-11		Jun-12		Benchmark2 Dec-12 Jun-13 Dec-13 Jun-14						Dec-14		Relative Perf. Jun-15 Dec-15 Jun-16 Dec-16
	MTD YTD 1 Year								2.6% 2.6% 12.6%								3.0% 3.0% 23.8%								-0.4% -0.4% -11.2%
	3 Years 5 Year Since Inc.								-17.8% 19.5% -22.3%								-16.0% 5.9% -42.2%								-1.7% 13.6% 19.9%

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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25 January 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 2017	2.6%	3.0%	-0.4%
2016	-3.7%	4.1%	-7.8%
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.	-22.3%	-42.2%	19.9%

	Since Inc. -22.3% -42.2%	19.9%
1	Performance is net of fees
	Top Portfolio Holdings	% of Fund
	Dubai Islamic Bank	6.7
	Dana Gas	4.7
	Ooredoo QSC	4.6
	ADCB	4.5
	Aramex	4.1
	Total # of Holdings	38

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

Performance	Fund		Benchmark	Relative
				Perf.
Jan	2.6%		3.0%	-0.4%
Feb
Mar
Apr
May
Jun
Jul
Aug
Sep
Oct
Nov
Dec
2017	2.6%		3.0%	-0.4%
Fund Characteristics2		Fund	Benchmark
Standard Deviation		14.8%		14.2%
Sharpe Ratio		0.12		-0.05
Beta		0.97		-
Tracking Error		5.5%
Information Ratio		0.46

2 Calculated using 5-year weekly data

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Sector Allocation
Cash
F&B
Materials
Energy
Others
Transportation
Capital Goods
Diversified Fin
Telecoms
Real Estate
Banks
0% 20% 40% 60%
Benchmark Fund
Geographic Allocation
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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 MENA Income Fund – Monthly Factsheet

25 January 2016

NAV Per Unit: USD 12.66

NAV Per Unit: USD 12.66	25 January 2016	25 January 2016
Market Overview & Fund Manager Comments Al Mal MENA Income Fund was up 0.4% in January. The Fund has delivered returns of 35.8% since its launch in February 2009. US 10 year treasury yield continue to drop and has come down by c. 25 bps from the peak, depicting overreaction in the bond market regarding inflation and subsequent hikes by FED. Egypt successfully raised USD 4 bn by sale of Eurobonds showing strong investor interest in bond markets, while Kuwait is expected to issue their debut euro bond during Q2 2017, which could provide another boost to liquidity and support government infrastructure spending plans. While we still expect 2-3 interest rate hikes by FED during the year but it could be pushed to second half owing to ongoing geopolitical strains between US and other countries. Performance Graph Geographic Allocation Sector Allocation Top Portfolio Holdings Credit Rating: S&P/Moody % of Fund Comm. Bank of Qatar 19 BBB/ A2 8.4 4.25% Batelco BB-/BB+ 7.5 ICD Sukuk Not Rated 7.5 Total # of Holdings 23 Portfolio Analysis Portfolio Maturity 4.0 years Avg. YTM (Gross) of Investments 3.8% Weighted avg. Rating of Portfolio BBB+ 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 Abu Dhabi Bahrain Sharjah Kuwait 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% 9.8 10.3 10.8 11.3 11.8 12.3 12.8 13.3 13.8 14.3 Dec-10 Aug-11 Apr-12 Dec-12 Aug-13 Apr-14 Dec-14 Aug-15 Apr-16 Dec-1 Al Mal MENA Income Fund HSBC / S&P MENA USD Bond Index**	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
	2014 2013 2012 2011 2010 2009 Since Inception 5.5% 1.8% 12.6% 7.6% 3.8% -2.0% 35.8%
Performance2 Jan Feb Mar Apr May June July Aug Sept Oct Nov Dec 2017 2016 2015
Al Mal MENA Income Fund (Perf. Inclusive of Dividends.) 0.4% 0.4% 1.5% 0.9%

Market Overview & Fund Manager Comments

Al Mal MENA Income Fund was up 0.4% in January. The Fund has delivered returns of 35.8% since its launch in February 2009.

US 10 year treasury yield continue to drop and has come down by c. 25 bps from the peak, depicting overreaction in the bond market regarding inflation and subsequent hikes by FED.

Egypt successfully raised USD 4 bn by sale of Eurobonds showing strong investor interest in bond markets, while Kuwait is expected to issue their debut euro bond during Q2 2017, which could provide another boost to liquidity and support government infrastructure spending plans.

While we still expect 2-3 interest rate hikes by FED during the year but it could be pushed to second half owing to ongoing geopolitical strains between US and other countries.

Performance Graph

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

25 January 2016

NAV Per Unit: AED 1.20

NAV Per Unit: AED 1.20	25 January 2016	25 January 2016
Market Overview & Fund Manager Comments The Al Mal Liquidity Fund was up 0.14% in January, and has delivered returns of c.20.2% since its launch in April 2009. 1-week EIBOR continued to increase in January post FED rate hike, reflecting prevailing tight liquidity conditions in the banking sector. The Fund has expected yield c.1.84%, well above the benchmark which is at 0.69% 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 1.05 1.10 1.15 1.20 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 Fund NAV 1 Week EIBOR (Benchmark) 35% 24% 24% 17% 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 2017 2016
	2015 2014 2013 2012 2011 2010 ~~Since~~ Inception
Al Mal Liquidity Fund 0.14% 0.14% 1.7%	1.5% 1.7% 1.9% 2.1% 2.6% 3.8% 20.2%

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 9
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