AL Mal UAE Equity Fund — Fund Information / Factsheet 2017

May 11, 2017

MONTHLY FACT SHEETS April 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 26 April	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 1.30	-1.29%	1.53%	5.17%	34.89%
S&P UAE Composite Index			-1.18%	0.98%	0.98%	-37.01%
Al Mal MENA Equity Fund	June 2008	USD 7.77	-1.02%	1.44%	2.64%	-22.30%
S&P Pan Arab Large Cap Index			-0.98%	-0.82%	-1.04%	-44.43%

Income Funds

Income Funds
As of 26 April	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 12.83	3.61%	0.43%	1.67%	37.52%
Al Mal Liquidity Fund	April 2009	AED 1.21	1.89%	0.15%	0.61%	20.73%

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 MENA Equity Fund – Monthly Factsheet

NAV Per Unit: USD 7.77

April started on a very strong foot, but the momentum failed to hold with oil losing ~-10.0% in the last 2 weeks of the month. However, the Fund managed to increase by +1.4% versus a drop of -0.8% for the benchmark.

Revisiting Egypt

This month we revisited our holdings in Egypt where we exited 3 names and concentrated our exposure even further. The country have many challenges ahead but there are opportunity as well. Post EGP devaluation, Egypt has now a competitive advantage in the outsourcing business. Arabic speaking, skilled labor and lower costs should support the sector over the longer term. One of the sector leaders, Raya Holding listed its data center last month. The company has been exhibiting tremendous growth over the past years and we like the management’s track record and strong expansion plans.

Saudi Insurance – Something got to give

The sector is in a much better shape today compared to 3 years ago. It all started when the regulator stepped in to end irrational pricing and competition. A lot had happened since then, but to make a long story short, we like names with exposure to the motor sector. The market still has room to grow and with the current push for reforms in Saudi something eventually got to give. Enforcement will remain the key driver over the short to medium term, and any move to reduce car registration from 3 to 1 year, or fines against uninsured cars should be a strong catalyst. Industry experts estimate only 45% of the cars are covered by insurance.

Eventually, as companies reduce their retained losses and improve their solvency ratios, they will start paying dividends as well.

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 Jan-09 Aug-09 Mar-10 Oct-10 May-11 Dec-11 Jul-12 Feb-13 Sep-13 Apr-14 Nov-14 Jun-15 Jan-16 Aug-16 Mar-17
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	Performance1	Fund	Benchmark2	Relative Perf.
	MTD YTD	1.4% 2.6%	-0.8% -1.0%	2.2% 3.6%
	1 Year	-4.1%	2.9%	-7.0%
	3 Years	-24.9%	-24.5%	-0.5%
	5 Year	6.1%	-6.2%	12.4%
	Since Inc.	-22.3%	-44.4%	22.1%

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 April 2017

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	Marwan Haddad, CFA
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 3
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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%	-1.0%	3.6%
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%	-44.4%	22.1

	Since Inc. -22.3% -44.4%	22.1
1	Performance is net of fees
	Top Portfolio Holdings	% of Fund
	Aramex	7.6
	NMC Health	6.0
	Emaar	5.9
	DP World	5.8
	Dana Gas	3.8
	Total # of Holdings	28

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

Performance	Fund	Benchmark	Relative Perf.			Sector	Sector	Allocation	Allocation
Jan	2.6%	3.0%	-0.4%
				Cash
Feb	1.2%	0.0%	1.2%	F&B
Mar	-2.5%	-3.1%	1.4%	Materials
Apr	1.4%	-0.8%	2.2%	Energy
May Jun				Industrial Transportation Others
Jul Aug				Real Estate Telecoms Diversified Fin
Sep				Banks
Oct					0%			20%		40%	60%
Nov Dec						Benchmark			Fund
2017	2.6%	-1.0	3.6%	Geographic Allocation

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Cash
Other
Nasdaq
Saudi Arabia
London
Kuwait
Egypt
Dubai
Qatar
Abu Dhabi
0% 10% 20% 30% 40% 50%
Benchmark Fund
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Fund Characteristics2	Fund	Benchmark
Standard Deviation	14.7%	14.1%
Sharpe Ratio	-0.04	-0.22
Beta	0.96	-
Tracking Error	5.6%
Information Ratio	0.47

2 Calculated using 5-year weekly data

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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 UAE Equity Fund– Monthly Factsheet

NAV Per Unit: AED 1.30

Performance Graph

April started on a very strong foot, but the momentum failed to hold with oil losing ~-10.0% in the last 2 weeks of the month. However, the Fund managed to increase by +1.5% versus an increase of +1.0% for the benchmark, as we bought more into our core positions.

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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 Apr-17
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May started strong again, and we continue to further concentrate the Fund.

On the right track

Abu Dhabi’s decision to reverse its 20% co-payment for locals under the Thiqa program (Health insurance provided for Abu Dhabi citizens by the government) introduced last year did not receive a lot of headlines, but we believe it’s a step in the right direction. This will encourage investments and reduce the government’s capital expenditures burden, and most importantly send a positive message to locals. The Fund benefited from it thanks to our exposure to NMC Health, as the management is now more comfortable to meet the higher end of their guidance. DP World reported strong growth in throughput (container handling) numbers for the first quarter. Most importantly was the stabilization at Jebel Ali (Dubai) after 5 quarters of decline. Growth was present across all geographies supported by stronger global trade during the quarter.

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

	Performance2	Fund	Benchmark3	Relative Performance
	MTD	1.5%	1.0%	0.5%
	YTD 1 Year	5.2% 4.6%	1.0% 0.6%	4.2% 4.0%
	3 Year*	-16.0%	-26.6%	10.6%
	5 Year*	105.1%	86.3%	18.8%
	Since Inc.*	34.9%	-37.0%	71.9%

We value the management’s focus on capital allocation, the recently signed agreement with “THE Alliance” and investment partnership with CDPQ. We believe the company has positioned itself to further grow earnings and dividends payments.

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 April 2017

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	Marwan Haddad, CFA
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 5
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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 12.4 Aramex 12.0 NBAD 11.7 Total # of Holdings 14 Performance Yearly Fund Benchmark Relative Perf. YTD 2017 5.2% 1.0% 4.2% 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. 34.9% -37.0% 71.9% 1Performance is net of fees	Performance Monthly Fund Benchmark Relative Perf.
	Jan 3.7% 3.6% 0.1% Feb 1.4% 1.1% 0.3% Mar -1.5% -4.5% 3.0% Apr 1.5% 1.0% 0.5% May Jun Jul Aug Sep Oct Nov Dec 2017 5.2% 1.0% 4.2%
	Fund Characteristics2 Fund Benchmark
	Standard Deviation 20.5% 22.8%
	Sharpe Ratio 0.66 0.50
	Beta 0.89
	Tracking Error 4.6%
	Information Ratio 0.31

2 Calculated 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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Sector Allocation
Cash
Other
Healthcare
Telecom
Energy
Diversified Fin
Transport
Real Estate
Banks
0% 10% 20% 30% 40%
Benchmark Fund
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Geographic Allocation
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Cash
London Stock
Exchange
Nasdaq
Dubai
Abu Dhabi
0% 20% 40% 60%
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

26 April 2017

NAV Per Unit: USD 12.83

NAV Per Unit: USD 12.83	NAV Per Unit: USD 12.83	NAV Per Unit: USD 12.83	26 April 2017	26 April 2017
Performance Graph Geographic Allocation Sector Allocation Top Portfolio Holdings Credit Rating: S&P/Moody % of Fund Comm. Bank of Qatar 19 BBB/ A2 8.3 ICD Sukuk Not Rated 7.5 4.25% Batelco BB-/BB+ 7.4 Total # of Holdings 23 Portfolio Analysis Portfolio Maturity 3.9 years Avg. YTM (Gross) of Investments 3.6% 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 Market Overview & Fund Manager Comments Al Mal MENA Income Fund was up 0.4% in April. The Fund has delivered returns of 37% since its launch in February 2009. US 10 year treasury yield ended 10 bps lower at 2.28% at end of April, mainly due to escalation of North Korean conflict. However, recently announced non- farm payroll data in the U.S. continues to be robust, exceeding all expectations, with unemployment rate falling to 4.4% - lowest in a decade. Post the release of data, probability of rate hike in June increased from 70% to 100%. GCC USD short duration space continues to be resilient so far. Response to buy-back of Damac sukuk was not that great, as expected, with investors still finding it attractive to hold. The new Damac 2022 sukuk was oversubscribed as 6.25% coupon for 5Y paper was very decent – the price had moved up to USD 102.5 area at the time of writing. Oman Grid is expected to print fresh paper followed by few issues from GCC sovereigns this year. 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 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 Mar-17 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	Al Mal Capital
			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
	Al Mal MENA Income Fund HSBC / S&P MENA USD 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
	rk was HSBC MENA Bond Index since inception until Dec 2013, replaced thereafter by S&P MENA Bond Index 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 Mar-17
			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% 37.5%
Performance2 Jan Feb Mar Apr May June July Aug		Sept Oct Nov Dec YTD 2017 2016 2015
Al Mal MENA Income Fund (Perf. Inclusive of Dividends.) 0.4% 0.7% 0.2% 0.4%		1.7% 1.5% 0.9%

Market Overview & Fund Manager Comments

Al Mal MENA Income Fund was up 0.4% in April. The Fund has delivered returns of 37% since its launch in February 2009.

US 10 year treasury yield ended 10 bps lower at 2.28% at end of April, mainly due to escalation of North Korean conflict. However, recently announced nonfarm payroll data in the U.S. continues to be robust, exceeding all expectations, with unemployment rate falling to 4.4% - lowest in a decade. Post the release of data, probability of rate hike in June increased from 70% to 100%.

GCC USD short duration space continues to be resilient so far. Response to buy-back of Damac sukuk was not that great, as expected, with investors still finding it attractive to hold. The new Damac 2022 sukuk was oversubscribed as 6.25% coupon for 5Y paper was very decent – the price had moved up to USD 102.5 area at the time of writing. Oman Grid is expected to print fresh paper followed by few issues from GCC sovereigns this year.

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

NAV Per Unit: AED 1.21

26 April 2017

NAV Per Unit: AED 1.21	26 April 2017	26 April 2017
Market Overview & Fund Manager Comments The Al Mal Liquidity Fund was up 0.15% in April, and has delivered returns of c.20.7% since its launch in April 2009. 1-week EIBOR had been in ranging between 0.825% to 0.891% in April and ended the month at 0.851%. Liquidity conditions continue to be at comfortable levels – according to the March aggregate numbers announced by the Central Bank, loans-to-deposit ratio improved to 105% as of end of March compared to 107% as of end of December 2016. Government deposits were quite stable with a net addition YTD. 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 22% 23% 25% 30% 0-1 2-3 4-6 7-12 1.00 1.05 1.10 1.15 1.20 Apr-09 Jun-09 Aug-09 Oct-09 Dec-09 Feb-10 Apr-10 Jun-10 Aug-10 Oct-10 Dec-10 Feb-11 Apr-11 Jun-11 Aug-11 Oct-11 Dec-11 Feb-12 Apr-12 Jun-12 Aug-12 Oct-12 Dec-12 Feb-13 Apr-13 Jun-13 Aug-13 Oct-13 Dec-13 Feb-14 Apr-14 Jun-14 Aug-14 Oct-14 Dec-14 Feb-15 Apr-15 Jun-15 Aug-15 Oct-15 Dec-15 Feb-16 Apr-16 Jun-16 Aug-16 Oct-16 Dec-16 Feb-17 Apr-17 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	Al Mal Capital
	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% 0.18% 0.15% 0.61% 1.7%	1.5% 1.7% 1.9% 2.1% 2.6% 3.8% 20.7%

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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