Global GCC Islamic FundFund Objective & StrategyThe fund aims to maximize returns through investing in companies in the GCC markets, as per the pre-defined Shari’ah criteria, and takes into consideration the market cap weightings of Shari’ah complaint companies in each country while anticipating changing market conditions. The fund will invest in stocks listed on the GCC markets, Sukuks, Murabahas and other Islamic instruments.

Global MENA FundsApril 2010

Fund Manager Global Investment House

Fund Structure Open-ended fund

Current Fund Size US$ 10.3m

NAV 83.41

Inception Date July 2007

Currency US Dollar

Minimum Investment

USD 25,000 and subsequently USD 3,000 thereafter

Initial Charges (US$)

25,000 – 499,9999 2%500,000 – 999,999 1.5%1,000,000 and above 1%

Management Fee 1.75% per annum

Incentive Fees20% of returns exceeding 10% per annum

Subscription/Redemption Monthly

Custodian HSBC Bank Middle East limited (Bahrain Branch)

Auditors KPMG (Bahrain)The GCC markets witnessed a mixed trend in April 2010 with Oman, Qatar and TASI increasing by 1.98%, 1.14% and 0.98% M/M respectively while DFM, ADSM and Kuwait were down 5.62%, 4.52%, and 3.11% M/M respectively. The MSCI GCC Islamic Index managed to close the month on a negative note and was down 2.5%. In comparison, the Global GCC Islamic Fund returned +0.5%, significantly outperforming the benchmark.

Positive Contributors: Our overweight positions in Yansab and Sabic, which were up 18% and 6.2% respectively in April 2010, contributed positively to the fund performance. Our underweights in Rajhi, Alinma and SECO, which were down 2.9%, 4.6% and 4.6% in April, also added to the fund’s excess return.

Negative Contributors: Our overweight position in KIB, which was down 3.4% M/M, contributed negatively to the fund performance.

Market Review

*2007 2008 2009 **2010

Fund 13.0% -38.8% 9.2% 10.5%

Benchmark 37.6% -59.9% 15.0% 7.0%

Yearly Performance Ending 31st December (%)

USD100 Invested Since Inception

Cumulative Returns (%)

1 M 3 M 1 Y 2 Y YTD *SI

Fund 0.4% 12.0% 17.8% -28.8% 10.5% -16.6%

Benchmark -2.5% 7.6% 15.1% -49.0% 7.0% -32.1%

Difference 3.0% 4.4% 2.7% 20.2% 3.5% 15.5%

Fund Information

Risk Metrics

* Since Inception (February 2005)

** Year-to-date

Tracking Error 17.7%

Beta 0.66

Information Ratio 0.21

Sharpe Ratio N/A

Standard Deviation

26.0%

Global MENA FundsApril 2010

Stock Fund (%)

Rajhi Bank 14.4

Sabic 12.5

Kuwait Finance House 7.7

Yansab 4.9

Etihad Etisalat 4.0

Total of Top Five 43.5

Total Number of Holdings 31

Top Five Fund Holdings

Stock Benchmark (%) Fund (%)

Saudi Arabia 67.2 49.7

United Arab Emirates 8.3 9.2

Kuwait 14.4 19.2

Qatar 6.7 11.9

Oman 1.8 2.5

Bahrain 1.6 0.0

Cash NA 7.5

Country Weights

Given the robust market performance over the past couple of months, the GCC markets may pause for breather in the near term. The MSCI GCC Index has rallied 7% YTD, outperforming the MSCI EM Index which is up 2.1% YTD, driven by strong fundamentals and attractive valuations vis-à-vis global emerging markets. Although the valuation gap between GCC and emerging markets has narrowed to a certain extent, we continue to see attractive stock picking opportunities across various sectors and markets.

The region should continue to benefit from robust GDP growth, high government spending and favorable demographics. Saudi Arabia and Qatar remain our most preferred markets and should benefit from higher infrastructure spending. We have taken selective bets in Kuwait and Oman but continue to remain cautious on the outlook for the UAE.

Market Outlook

For further information: MENA Asset Management Global Investment HouseGlobal Tower, Sharq, Kuwait

Tel:. +965 2295 1151Fax: +965 2295 1167www.globalinv.net

Past performance is not a guide to future returns. All the information contained in this document is believed to be reliable but may be inaccurate or incomplete. A full explanation of the characteristics of the investment is given in the prospectus. Any opinions stated are honestly held but are not guaranteed. The outlook expressed in this fact sheet represents the views of the fund manager at the time of preparation and are not necessarily those of the Global Investment House as a whole. They may be subject to change and should not be interpreted as investment advice. The document is meant for financial promotion and does not provide you with all the facts you need to make an informed decision about investing and hence is not intended to constitute investment advice. The information provided should not be considered as a recommendation or solicitation to purchase, sell or hold these securities. It should also not be assumed that any investment in these securities was or will be, profitable.

%-15 %-12 %-9 %-6 %-3 %0 %3 %6 %9 %12 %15

-11.7% RAJHI SABIC

ALINMA YANSAB

SECO

STC

SACCO

12.5%

5.0%

2.6%

2.6%

2.0%

-4.9%

-3.5%

-3.0%

-2.8%

QIIB

QIB

KIB

Top Five Overweight / Underweight versus Benchmark

Sector Breakdown

Financials

Materials

Telecom

Industrials

Energy

Consumer

Cash

44.1%

23.2%

10.8%

7.7%

1.1%

5.6%

7.5%

Market Cap Weightings

30% 32%

4% 5%

22%

14%

37%

48%

8%

0%

Global GCC Islamic Fund

MSCI GCC Islamic Index

>20bn 10bn-20bn 5bn-10bn <5bn cash0

20

40

60

80

100

S e l l i n g A g e n t