Fund Type

Dividend Payout

Estimated IRR ( Upon Maturity)

Face Value Per Unit

Inception Date

Valuation Days

Risk Degree

Management Fee

Fund Manager Itqan Capital

Currency Saudi Riyal

SR 100,000.00

0.15% p.a.

0.10% p.a.

7- 8 % p.a.

10-11% p.a.

Close-Ended Real Estate Fund

17 March 2012

5 Extendable to + 1 Years

Ernst and Young

Century 21 , Remax Kon

Benchmark price of the unit

Real Estate Evaluators

Fund Auditor

The Fund's Term

Others Fee

Charges of Custody

30 June & 31 December

Medium

1.75% p.a

SAR 99,123

Real Estate Market Overview

Asset Allocation

Fund Investment Strategy

Fund Key Facts Investment Activity

1) 7.5% of the paid in capital on 16 March 2013

2) 3.75% of the paid in capital on 4 September 2013

3) 3.75% of the paid in capital on 30 March 2014

4) 3.25% of the paid in capital on 25 September 2014

Dividend Distribution

The Fund invests in a diversified portfolio that owns 44%

of the following properties:

1. A residential compound located in a prime location in Riyadh

within the boundary of the Central Business District (CBD).The

compound consists of 40 villas with full facilities including a

swimming pool and gym.

2. An office building located in a prime location in Riyadh built to

the highest standard with state of the art facilities and an ample

supply of parking spots. The property has a gross leasable area

of nearly 5,500 m2 leased to a single institutional tenant on a

long term lease contract.

Murabahat

3.36%

Real

Estate

42.75%

Investmen

t Funds

53.5%

Residential

60%

Offices 40%

Fact Sheet - 31 March 2015- Private Fund

The Fund aims to realize operational returns and capital gains in the medium-

term by purchasing income-generating real estate properties in prime

locations in the main cities of Saudi Arabia. The strategy lies in leasing these

properties for a specific period and then selling them with the objective of

realizing superior total returns for the Fund's investors. The Fund is open to

invest in all real estate sectors but primarily focuses on Class A and B

residential and office spaces with a preferance for newly built or renovated

propertieis in order to generate a healthy distribution of dividdends to

investors between 7 and 8% p.a.

Saudi Arabia has witnessed strong economic growth in the past

few years, which has been reflected well in the rising average

household income of the continuously growing population, the

majority of which is under the age of 20. The current housing

supply and demand equilibrium is significantly out of balance, with

the demand substantially outweighing the supply. According to

Credit Suisse, a Swiss bank, Saudi Arabia's total housing gap was

projected to reach 2 million units by the end of 2014, assuming

population growth of 2.5% and a constant annual supply of new

units, and this indeed has become the case now. The fall in oil

prices represents some challenges; however, this is expected to

have short-term implications on the real estate market, given the

willingness of the government to fund expenditure with the

amount of SAR 860 billion this year. and the ongoing expansive

gap between the supply and demand for housing. On the other

hand, the ongoing expansive gap between the supply and demand

for housing represents a great concern to the government, as it is

clearly steering the attention of developers and investors

towards residential development. This is seen through the newly

instilled laws incentivizing and facilitating such action, as

apparent in the initiation of the ’white land tax' and home

ownership laws. Regarding current performance, residential sale

and rental prices have been increasing for the past year, and are

expected to continue to rise in 2015 but at a slower rate, due to

the new restrictions on home ownership that requires a 30%

down payment from the borrower in order to proceed with the

loan. In respect to the office sector, rents are increasing in

Jeddah and vacancy rates are stable, implying demand for office

space. To the contrary, increasing vacancy rates in Riyadh implies

that the market is potentially reaching a peak in supply.

Itqan Capital, authorized by CMA, license # 07058-37, PO Box 8021, Jeddah , Elite Al Shatea, Al Malik Road, KSA.

Tel. +966 12 243 7000, Fax. +966 12 234 7222, Toll Free 800 30 30 800 Disclaimer: Neither the past performance of the investment fund nor the past performance of the index is an indication of how the investment fund will perform in the future. There is no guarantee for unit holders that the investment

www.itqancapital.com

A member of Al Baraka Banking Group