AL Mal UAE Equity Fund — Fund Information / Factsheet 2017

Jan 12, 2017

MONTHLY FACT SHEETS December 2016

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 28 December	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 1.23	-0.13%	4.38%	7.90%	28.26%
S&P UAE Composite Index			0.04%	3.85%	9.00%	-37.62%
Al Mal MENA Equity Fund	June 2008	USD 7.57	-0.26%	2.02%	-3.69%	-24.30%
S&P Pan Arab Large Cap Index			1.11%	3.27%	4.14%	-43.85%

Income Funds

Income Funds
As of 28 December	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 12.61	3.85%	0.12%	1.54%	35.27%
Al Mal Liquidity Fund	April 2009	AED 1.20	0.91%	0.14%	1.69%	20.00%

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

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NAV Per Unit: AED 1.23

Al Mal UAE Equity Fund was up 4.4% in December v/s. 3.9% increase in S&P UAE Index. Since inception, the Fund has outperformed the benchmark by 65.9%.

Market Overview

DFM Index was up 5.0% in December, outperforming the MSCI emerging market index which ended negative 0.5%.

The UAE markets showed strong growth ,post OPEC production cut, trying to narrow down the valuation gap vs the regional peers especially Saudi Arabia.

We expect Q4 numbers to be good for the hospitality sector as passengers to Dubai airport continues to increase ,up 9.4% y-o-y ,and hotel occupancy rate reached 89.5% vs 84.8% last year. Construction sector is expected to remain under pressure due to high competition and build up of receivables. Banking sector is expected to show mixed performance due to higher cost of funds and higher provisioning driven by consumer segment. Real estate sector is expected to post single digit growth owing to improved liquidity conditions during last quarter of the year(excluding one-off insurance claim income for Emaar).

In 2017 budget Dubai government plans to increase spending by 2.6% vs last year posting a deficit of 0.5% of GDP. The 27% increase on infrastructure spending would further strengthen the position of Dubai as tourism hub.

The UAE PMI Increased to 55.0 in December vs 54.2 in November, highest since July 2016, suggesting a modest growth in non-oil economic activity.

Performance Graph

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Al Mal UAE Equity Fund S&P UAE Index (Rebased)
1.8
1.6
1.4
1.2
1.0
0.8
0.6
0.4
0.2
0.0
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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1Benchmark was MSCI UAE Index since inception until Dec 2008, replaced thereafter by S&P UAE Composite Index

	Performance2	Fund	Benchmark3	Relative Performance
	MTD	4.4%	3.9%	0.5%
	YTD	7.9%	9.0%	-1.1%
	1 Year	7.9%	9.0%	-1.1%
	3 Year*	-1.5%	-6.3%	4.8%
	5 Year*	130.0%	117.6%	12.4%
	Since Inc.*	28.3%	-37.6%	65.9%

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

28 December 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. 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. 28.3% -37.6% 65.9%	Fund Characteristics2 Fund Benchmark Standard Deviation 21.1% 23.4% Sharpe Ratio 0.75 0.62 Beta 0.88 Tracking Error 4.7% Information Ratio 0.12 Performance Monthly Fund Benchmark Relative Perf. Jan -13.4% -12.1% -1.3% Feb 12.9% 13.0% -0.1% Mar 5.1% 5.5% -0.4% Apr 5.6% 4.4% 1.2% May -5.4% -6.9% 1.5% Jun -0.4% 1.7% -2.1% Jul 5.3% 6.3% -1.0% Aug -1.03% -0.9% -0.1% Sep -1.1% -0.8% -0.3% Oct -3.4% -4.0% 0.6% Nov 1.5% 0.9% 0.5% Dec 4.4% 3.9% 0.5% 2016 7.9% 9.0% -1.1% Sector Allocation Geographic Allocation 0% 10% 20% 30% 40% Banks Real Estate Transport Diversified Fin Energy Capital Goods Telecom Others Cash Benchmark Fund 0% 20% 40% 60% Abu Dhabi Dubai Nasdaq Cash Benchmark Fund
Top Portfolio Holdings % of Fund Emaar Properties 12.4 ADCB 8.9 NBAD 6.9 Aramex 5.8 FGB 5.8 1Performance is net of fees
	Fund Characteristics2 Fund Benchmark
	Standard Deviation 21.1% 23.4%
	Sharpe Ratio 0.75 0.62
	Beta 0.88
	Tracking Error 4.7%
	Information Ratio 0.12
Total # of Holdings 19	2Calculated using 5-year weekly data

1	Performance is net of fees
	Top Portfolio Holdings	% of Fund	Fund Characteristics2	Fund	Benchmark
	Emaar Properties	12.4	Standard Deviation	21.1%	23.4%
	ADCB	8.9	Sharpe Ratio	0.75	0.62
	NBAD	6.9	Beta	0.88
	Aramex	5.8	Tracking Error	4.7%
	FGB	5.8	Information Ratio	0.12
	Total # of Holdings	19	2Calculated using 5-year weekly data

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

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NAV Per Unit: USD 7.57

Al Mal MENA Equity Fund was up 2.0% in December v/s. 3.3% Increase in the S&P Pan Arab Index. The Fund has outperformed the benchmark by 19.5% since its launch in June 2008.

Market Overview

Regional markets ended December on a positive note, with Saudi Index soaring, up 3% post 18% increase in November, while DFM Index was up 5% and Qatar Index was up 7%.

The Q4 earning season will be closely watched for the misses as the Saudi market has gone up by 21% in last two months mainly driven by oil prices with no major change in companies’ fundamentals. Banking sector in Saudi is expected to show margin expansion due to easing in cost of funds, while loan growth is expected to remain sluggish as demand for working capital loan reduces. Petrochemical sector is expected to post muted growth as real impact of increase in oil price will come in subsequent quarters. SAMA hiked the cap for mortgage loans to 85% vs 70% which would help the real estate sector as new buyers would come to the market. Dubai saw 11% y-o-y growth in non-oil trade volume during 9m2016 showing robust consumption growth and strong position as regional re-export hub. Introduction of VAT would help in generating USD 25bn of revenue for the GCC governments which would help in reducing fiscal deficit and diversify the source of income

Qatar GDP is expected to rebound in 2017 on world cup related spending while Bahrain remain under pressure with S&P further downgrading it to BB- vs BB.

PMI data points for KSA and UAE suggests modest pace of growth. PMI data points for Egypt showed increasing challenges with reading of 42.8 v/s. 41.8 in December, still on contractionary mode.

Performance Graph

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12.0
Al Mal MENA Equity Fund
S&P Pan Arab LargeCap Index (Rebased)
10.0
8.0
6.0
4.0
Jun-08 Dec-08 Jun-09 Dec-09 Jun-10 Dec-10 Jun-11 Dec-11 Jun-12 Dec-12 Jun-13 Dec-13 Jun-14 Dec-14 Jun-15 Dec-15 Jun-16 Dec-16
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	Performance1 MTD	Fund 2.0%	Benchmark2 3.3%	Relative Perf. -1.3%
	YTD 1 Year	-3.7% -3.7%	4.1% 4.1%	-7.8% -7.8%
	3 Years 5 Year	-17.3% 16.1%	-16.3% 2.7%	-1.0% 13.4%
	Since Inc.	-24.3%	-43.9%	19.5%

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

28 December 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.
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.	-24.3%	-43.9%	19.5%

Performance	Fund	Benchmark	Relative Perf.			Sector Allocation	Sector Allocation	Sector Allocation	Sector Allocation	Sector Allocation
Jan	-12.2%	-13.4%	1.2%
				Cash
Feb Mar Apr May Jun Jul Aug Sep Oct	8.7% 3.9% 4.0% -4.9% -1.4% 3.4% -0.25% -3.1% 0.1%	6.9% 2.6% 5.4% -3.9% -0.9% 2.1% -1.2% -3.8% 3.6%	1.8% 1.3% -1.4% -1.0% -0.5% 1.3% 1.0% 0.7% -3.5%	Banks Real Estate Telecoms Diversified Fin Capital Goods Transportation Others Energy Materials F&B
Nov	-2.4%	5.1%	-7.5%		0% 20%					40%	60%
Dec 2016	2.0% -3.7%	3.3% 4.1%	-1.3% -7.8%	Geographic Allocation Benchmark Fund

1 Performance is net of fees

Performance is net of fees
Top Portfolio Holdings	% of Fund
Amanat Holding	6.3
Dubai Islamic Bank	6.2
Dana Gas	4.6
Ooredoo QSC	4.5
ADCB	4.5
Total # of Holdings	35

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

Fund Characteristics2	Fund	Benchmark
Standard Deviation	14.8%	14.2%
Sharpe Ratio	0.07	-0.10
Beta	0.98	-
Tracking Error	5.3%
Information Ratio	0.51

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 MENA Income Fund – Monthly Factsheet

28 December 2016

NAV Per Unit: USD 12.61

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Market Overview & Fund Manager Comments Geographic Allocation Fund Key Information
Mal MENA Income Fund was up 0.12% in December. The Fund has Fund Objective:
Kuwait
delivered returns of 35.3% since its launch in February 2009. The Al Mal MENA Income Fund’s objective is to pursue
Sharjah
Bahrain an income-oriented investment strategy which permits
US 10 year treasury yield dropped by 10bps post FED decision to increase Abu Dhabi distribution of periodic and consistent payment of
Oman dividends to unit holders, whilst seeking to preserve and
interest rates by 25bps .This was expected as the FED action was more than
Qatar grow the capital of the Fund.
priced–in. Money Market - UAE
Dubai Fund Managers Tariq Qaqish & Vijay Harpalani
2017 we expect series of sovereign and corporate issuances as Saudi 0% 10% 20% 30% 40% 50% Inception Date 1st February 2009
government has indicated its appetite to raise USD 10-15 bn from international
market while Dubai has approached banks for funding EXPO related projects. Sector Allocation Fund Registration Cayman Islands
Kuwait is also expected to print its first sovereign issue this year. Egypt would be Currency USD
new entrant to this league as they are planning to raise USD 6bn in Governement Bonds Subscription Weekly
international issuance post currency devaluation. Utilities
Telecom Min Subscription USD 100,000
Financial Services
Retail Management Fee 1.00%
Transportation
Performance Graph Real Estate Subscription Fee Up to 2%
Money MarketBanks Redemption Weekly
14.3
0% 10% 20% 30% 40% 50% Benchmark Index S&P MENA Bond Index
13.8
Credit
13.3 Top Portfolio Holdings Rating: Fund% of Fund Type Open Ended
12.8 S&P/Moody Administrator Al Mal Capital
12.3 Comm. Bank of Qatar 19 BBB+/ A2 8.5 Custodian Al Mal Capital
11.8 4.25% Batelco BB-/BB+ 7.5
Financial Year End 31st December
11.3
ICD Sukuk Not Rated 7.5
10.8 Al Mal MENA Income Fund Auditors Deloitte
Total # of Holdings 23
10.3 HSBC / S&P MENA USD Bond Index Zawya Code MALMNIF.MF
9.8 Portfolio Analysis Bloomberg Code ALMENAI KY
Portfolio Maturity 4.2 years Reuters Code LP65154947
Avg. YTM (Gross) of Investments 3.9%
Morningstar Sec ID F00000JQIR
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
Since
Performance [2] Jan Feb Mar Apr May June July Aug Sept Oct Nov Dec 2016 2015 2014 2013 2012 2011 2010 2009
Inception
Al Mal MENA Income Fund (Perf.
-1.6% 1.4% 0.7% 0.6% 0.3% 0.5% 0.5% 0.4% -0.2% -0.1% -1.0% 0.1% 1.5% 0.9% 5.5% 1.8% 12.6% 7.6% 3.8% -2.0% 35.3%
Inclusive of Dividends.)
Dec-10 May-11 Oct-11 Mar-12 Aug-12 Jan-13 Jun-13 Nov-13 Apr-14 Sep-14 Feb-15 Jul-15 Dec-15 May-16 Oct-16
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Market Overview & Fund Manager Comments

Al Mal MENA Income Fund was up 0.12% in December. The Fund has delivered returns of 35.3% since its launch in February 2009.

US 10 year treasury yield dropped by 10bps post FED decision to increase interest rates by 25bps .This was expected as the FED action was more than priced–in.

In 2017 we expect series of sovereign and corporate issuances as Saudi government has indicated its appetite to raise USD 10-15 bn from international market while Dubai has approached banks for funding EXPO related projects. Kuwait is also expected to print its first sovereign issue this year. Egypt would be a new entrant to this league as they are planning to raise USD 6bn in international issuance post currency devaluation.

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

28 December 2016

NAV Per Unit: AED 1.20

NAV Per Unit: AED 1.20	28 December 201	28 December 201
Market Overview & Fund Manager Comments The Al Mal Liquidity Fund was up 0.13% in December, and has delivered returns of c.20.0% since its launch in April 2009. 1-week EIBOR continued to increase towards end of December post FED rate hike reflecting prevailing tight liquidity conditions in the banking sector. The Fund has delivered c.1.7% YTD, well above the benchmark which is at 0.79% 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) 23% 38% 17% 22% 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 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% 0.18% 0.13% 1.7% 1.5% 1.7% 1.9% 2.1% 2.6% 3.8% 20.0%

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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