TNI ASSET MANAGEMENT · TNI MENA Special Sits It was the worst month since inception reflecting a worst case scenario (i.e. a call for investor standstill on Nakheel). The fund was

The Fund Manager does not and cannot guarantee the performance of the Fund, and the past performance of the Fund is not a guarantee of its future performance. Furthermore, it is understood that the Fund Manager does not give any advice and/or warranties, express or implied, and shall in no way be responsible or liable to any party for relying on any information

with respect to the matters identified herein.

0.0%

20.0%

40.0%

60.0%

80.0%

100.0%

120.0%

140.0%

160.0%

Dec-05 Apr-06 Aug-06 Dec-06 Apr-07 Aug-07 Dec-07 Apr-08 Aug-08 Dec-08 Apr-09 Aug-09 Dec-09

DJ / DIFC Arabia 50

MSCI GCC Index

MSCI Arabian Mkts

TNI ASSET MANAGEMENT Investor Monthly Newsletter – November 2009

Performance and Strategy Review

Market Performance

The impact of Dubai’s turmoil on regional markets was absorbed only at the very end of the month and December will presumably make the situation clearer. The timing of the news was such that it preceded the Eid holidays in the region and thus most markets were closed. However as trading resumed on the last day of the month, regional markets

suffered significant losses.

Manager’s Comments

TNI MENA Special Sits It was the worst month since inception reflecting a worst case scenario (i.e. a call for investor standstill on Nakheel). The fund was down 7.4% of which 3% are directly attributed to Nakheel. Other bond holdings were affected by the widening of regional spreads and we witnessed a limited downside on the equity portfolio. Both bonds (Aldar convert, Qatar Petroleum) and equities have shown resilience on the downside and are well positioned

for a swift recovery. The fund has a 20% cash allocation that we intend to use for deep value equity calls by mid to end of year. TNI UAE Blue chip Fund During the month of November, TNI UAE Blue Chip Fund declined by 4.8%. The Dubai crisis had no effect on the performance of the fund for this month. The fund maintained its overweight on Dubai’s services and transportation sectors; and maintained a general underweight on the Real Estate Sector in the UAE. The fund’s cash position is around 2% TNI MENA REAF November was a challenging month for real estate companies however the impact of the Dubai crisis was limited to just one trading session in the UAE market. The effect on the benchmark was insignificant as Dubai accounts for 16% of the index.

DJ / DIFC 50 TITANS Index- MSCI GCC Index

Regional Performance

Performance % MTD YTD

DJ Arabia Titans -8.6 3.0

MSCI Arabia -5.5 18.6

MSCI GCC -4.5 20.3

The National Investor

Headquarters

TNI Tower| Zayed 1st Street

Khalidiya| P.O. Box 47435 | Abu

Dhabi, |UAE

Phone: +971 2 619 2300

Fax: +971 2 619 2400

www.tni.ae

Inside this issue:

� MSCI Arabian Markets Index

down 5.5% in November

� Topic of the month: The

world eyes Dubai

Other MENA Indices MTD% YTD%

Egypt -16.06 23.13

Morocco -7.14 -12.69

Tunisia 0.23 23.51

Jordan -0.32 -7.18

Lebanon -4.20 39.37

MSCI GCC Indices MTD% YTD%

Saudi Arabia -1.12 36.61

UAE -5.27 45.26

Kuwait -10.17 -4.06

Qatar 0.72 5.43

Oman -2.49 17.15

Bahrain -9.83 -35.54



MARKETS REVIEW November 2009

The MENA Equity Markets

The sell-off in the MENA region continued for the second month in a row with Kuwait leading the way. As per the official indices of MENA exchanges, most markets remain in strong positive territory on a YTD basis with the exception of Kuwait and Bahrain. The region and the world as a whole received an unexpected jolt when Dubai World announced that it will delay payments on its entities’ debts.

Turnover in regional markets fell significantly from the previous level with large markets like Saudi Arabia recording a fall in turnover of 32%. In the UAE, aggregate traded value for the month was US$ 3.9bn, compared to US$ 9.2bn in the previous month. Dubai continues to be well ahead of Abu Dhabi in terms of traded value and number of transactions. During October total number of trades in the UAE were just over 287,000. This number dropped to below 152,000 in November.

In Saudi Arabia, the exchange saw a total of 2.8m transactions during October however November’s figure was just 1.9m. Similarly aggregate traded value was US$ 30.4b in October and it fell to just under US$ 21bn in November. Kuwait has had a terrible year so far and continued its slide during the month of November.

The slowdown in liquidity across markets is partly attributable to the holiday season and partly because of the aftermath of a positive rally amid high volumes. Confidence in economies like Qatar and Abu Dhabi is stable despite Dubai’s stumble during November. In 2010, the Middle East is expected to register economic growth rate of 4.2% according to the IMF. The same institution expects Qatar to grow by an astounding 18.5%. In terms of liquidity and market capitalization however, the Qatari and Omani markets are very small. Saudi Arabia accounted for nearly 68% of the GCC’s turnover during the month of November.

Chart (1): Aggregate monthly turnover in GCC markets in US$ m

0.0

5,000.0

10,000.0

15,000.0

20,000.0

25,000.0

30,000.0

35,000.0

Dubai Abu Dhabi Oman Qatar Saudi Arabia Kuwait

October November

Chart (2): YTD performance of selected MENA markets*

32% 32%

28%

19%17%

12%

4%

-6%

-11%

-20%

-30.0%

-20.0%

-10.0%

0.0%

10.0%

20.0%

30.0%

40.0%

Lebanon Saudi

Arabia

Egypt Dubai Oman Abu

Dhabi

Qatar Jordan Kuwait Bahrain

*Local Indices / Source: Reuters

.



TOPIC OF THE MONTH November 2009

The world eyes Dubai

Dubai’s announcement of a “standstill” related to obligations of Dubai World on November 25 sent shockwaves through global capital markets. The effects ranged from sharp correction in equity prices to inflated credit default swaps. The most immediate impact would be on the payment of Nakheel’s obligations, the first of which is due on December 14. Nakheel is one of the largest real estate companies in the region and is responsible for the palm-shaped islands that have become the identity of Dubai. Firstly, the total amount that needs to be restructured is US$ 26bn, a drop in the ocean when compared to the losses from the financial crisis but a significant amount for a GCC corporate. Secondly this debt is one step removed from a sovereign status as obligations of Dubai World are not guaranteed by the Dubai Government. Third and last, the UAE Central Bank has made it clear that impact on the national economy and the banking system will be avoided. There has been much confusion about whether this debt should be classified as sovereign or not. Whatever the case, the amount does not represent a prohibitive liability for an economy of the size of the UAE. Dubai World has hinted at potential restructuring of debt amounting to US$ 26bn. Incidentally this number is equal to the 2007 fiscal surplus of Abu Dhabi; presumably the 2008 balance was significantly higher due to the higher commodity prices. However the statistics for 2008 are currently not available. The Central Bank of the UAE has made it absolutely clear that it stands behind lenders and has even offered additional financing facilities, should the need arise for it. In terms of impact on UAE listed companies, we feel the banking sector is likely to suffer somewhat irrespective of the outcome. We may see rising provisions and deteriorating asset quality in the immediate future. This would not be a good addition to the balance sheets of commercial banks already reeling from the global financial crisis and the Saudi conglomerate issues earlier this year. Regardless of the impact on the banking sector, there are fundamentally strong companies in the region with promising prospects. In a time when leverage is threatening the capital markets and the overall economy, we feel it is best to steer clear of leverage and focus on debt-averse balance sheets. The region offers many possibilities in the unleveraged domain with strong, positive cash flows and high dividend yields. Moreover, the major players of the banking sector of Qatar have made it absolutely clear that they do not have any exposure to Dubai World or its entities. The Qatari Government stepped in the banking sector in March of this year to buy equity investments from the banks’ balance sheets and new shares were issued to the QIA. Since then, the sector has shown remarkable resilience with relatively little pressure on spreads and asset quality. We believe that unlike developed economies like Japan, which have leveraged themselves out of the recession, the UAE remains stable and cash-rich. External debt stands at just 38% of GDP while Japan has leveraged itself more than two times its domestic product. The diversification efforts of the UAE government are reaping fruit in the form of bilateral ties across the world with companies like GE and Daimler. After taking a beating earlier in 2009, oil prices reacted modestly to the Dubai situation, and have generally been on an upward trend. Unlike the last sovereign defaults in recent history, the UAE does not have currency-related monetary policy issues or an overleveraged economy. Furthermore, our view is that the markets have clearly priced in the situation and under the postulation that Abu Dhabi does come to Dubai’s aid, the situation is far from catastrophic. In all restructuring stories, there may be losers but with federal power vested in cash-rich Abu Dhabi, Dubai World’s issues are those of short-term cash management rather than categorical insolvency. Contagion across the region is expected to be limited as we do not see any direct impact on key sectors like energy and telecommunication. The region may have some trouble brewing in Dubai but it boasts current account balances of over 14% and it is also home to the fastest growing economy in the world, Qatar. Presented below is the maturity profile of Dubai’s debt as summarized by S&P:

Period Amount in USD million

Jan – Dec 2009 13,205

Jan – Dec 2010 6,632

Jan – Dec 2011 24,609

Jan – Dec 2012 11,436

Jan – Dec 2013 1,500



BCF vs. MSCI UAE Index*

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

110%

120%

130%

May-05 Sep-05 Jan-06 May-06 Sep-06 Jan-07 May-07 Sep-07 Jan-08 May-08 Sep-08 Jan-09 May-09 Sep-09

MSCI UAE INDEX

TNI BCF

5.9%

8.1%

9.6%

10.0%

10.0%

0.0% 2.0% 4.0% 6.0% 8.0% 10.0% 12.0%

Sorouh

NBAD

Emaar

Aldar

FGB

`

56.2%

36.4%

1.9%1.7%

3.8%

0.00

0.50

1.00Abu Dhabi

Dubai

CashGCC

DIFX

TNI UAE BLUE CHIP FUND Fact Sheet as of November 26, 2009

Fund Profile

Focus: Although the fund may participate in markets throughout the Gulf Cooperative

Countries (‘GCC’), its investments will be primarily focused on publicly traded equities of UAE

firms with large capitalization, which present a steady and recurrent track record of earnings

growth and have a potential for capital appreciation.

Management Style: The key investment criteria are the company’s financial strengths,

competitiveness, profitability, growth prospects and quality of management. The allocation

will be based on fundamental research and will incorporate a blend of top-down and a

bottom-up analytical approach.

Objective: The fund aims to provide long-term capital appreciation through investing in

equity securities publicly traded, primarily in the UAE, and, to a lesser extent, in other GCC

markets.

Suitability: Units of the Fund are speculative and involve a high degree of risk. The Fund is

therefore designed for sophisticated investors who are able to understand the risks involved

in emerging markets’ equity investments, particularly in the GCC equities.

Asset Allocation Top Holdings

Fund Performance (%)

Monthly Performance (%)

WTD -1.9

MTD -5.3

YTD 45.3

Since Inception -61.0

Value Blend Growth

Large

Medium

Small

Fund Profile

WTD -1.5

MTD -4.8

YTD 33.8


Fund Facts

MSCI UAE Index (%)

* D u e t o t h e u n a va i l a b i l i t y o f M SC I UA E I n d e x f o r M a y 2 0 0 5 , we h a ve u s e d N BA D UAE I n d e x r e t u rn s f o r t h e s a me p e r i o d .

Index comparison is used for

illustrative purposes only.

Since Inception %

TNI UAE Blue Chip Fund -38.6

MSCI UAE Index -61.0

%

Jan

Feb

Mar

Apr

May

June

July

Aug

Sept

Oct

Nov

Dec

YTD

2005 - - - - +2.7 +6.9 -11.2 +6.0 +5.9 +4.3 +1.3 -4.1 +12.2

2006 -5.4 -4.7 -3.4 -8.5 -5.7 -2.9 -2.4 +5.2 +2.2 -3.4 -8.4 +0.3 -32.9

2007 -0.8 +2.5 -5.1 +3.7 +18.8 -1.7 0.0 -3.8 +1.6 +18.9 +4.4 +9.1 +54.9

2008 -3.7 +7.2 -6.1 +9.8 -0.5 -1.8 +0.8 -15.0 -15.7 -22.4 -23.2 -12.1 -60.7

2009 -9.7 +4.9 +8.7 +5.8 +9.3 -1.8 +5.0 +4.2 +13.2 -2.9 -4.8 +33.8

Inception Date May 01, 2005

Currency AED

Minimum Inv. AED 1 million

NAV / Unit AED 6.14

Initial Fee 1% (max.)

Management Fee 1.5% annually

Custody Fee 0.45% annually

Performance Fee 10% subject to

High Watermark

Hurdle Rate EIBOR (3M)

Redemption Fee 1% after 1 Year

NAV Weekly

Lock-up Period None

Custodian Gulf Clearing Co

Administrator Gulf Clearing Co

Auditors KPMG

Lawyers Tamimi & Co

Net Assets AED 112 m

Reuters BCF - TNIBCF

Bloomberg BCF TNIUAEF -UH

Fund Manager Ali El Adou


Headquarters

TNI Tower | Zayed 1st Street Khalidia|

P.O. Box 47435 | Abu Dhabi | UAE

Phone: +971 2 619 2300

Fax: +971 2 619 2400

www.tni.ae

Fund Performance since Inception



0%

5%

10%

15%

20%

25%

Apr-06 Jan-07 Oct-07 Jul-08 Apr-09

``

56.1%

36.4%

3.8%

1.7%

1.9%

0.0% 20.0% 40.0% 60.0%

Abu

Dhabi

Dubai

DIFX

GCC

Cash

-4.6%

1.7%

-0.8%

1.7%

1.9%

-5.0% -3.0% -1.0% 1.0% 3.0% 5.0%

1.7%

1.9%

1.9%

3.7%

3.8%

4.5%

5.3%

12.2%

30.1%

34.9%

0.0% 10.0% 20.0% 30.0% 40.0%

Funds

Telecom

Cash

Investments

Marine

Construct…

Energy

Services

Real Estate

Banking

1.7%

-0.4%

1.9%

-0.8%

-0.8%

3.1%

-1.1%

6.6%

-3.6%

-6.7%

-10.0% -5.0% 0.0% 5.0% 10.0%

TNI UAE BLUE CHIP FUND Fund Analytics as of November 26, 2009

Asset allocation by Exchange (%) Deviation by Exchange (%)

Asset allocation by Sector (%) Deviation by Sector (%)

Fund Statistics

Weighted Av. PE Weighted Av. PB Weighted Av. ROE% Market Cap (AED b)

TNI BCF 8.7 0.9 10.0 11.5

MSCI UAE 8.3 0.9 9.2 13.4

1Y 2Y 3Y Since Inception

Relative Alpha -6.9% 5.1% 6.5% 8.3%

Ann. Return 17.6% -24.2% -6.5% -10.1%

St. Deviation 27.2% 35.7% 33.6% 29.3%

Tracking Error 7.7% 7.9% 8.6% 13.9%

Info. Ratio -0.9 0.6 0.8 0.6

Returns (%) BCF MSCI UAE

1M -4.8 -5.3

3M 4.6 8.0

6M 12.5 22.6

1Y 17.6 24.5

3Y 18.3 -34.2

Since launch -38.6 -60.7

Evolution of Yearly Tracking Error



Value Blend Growth

Large

Medium

Small

ADSM12.2%

Egypt11.6%

DIFX0.3%

Qatar12.5%

DFM22.0%Morocco

4.2%

Lebanon10.8%

KSA20.1%

KW4.7%

CASH1.6%

7.9%

8.9%

10.5%

10.8%

12.7%

Aldar

Al Soor United

Orascom Con.

Solidere

Emaar

30%

50%

70%

90%

110%

130%

150%

Aug-05 Dec-05 Apr-06 Aug-06 Dec-06 Apr-07 Aug-07 Dec-07 Apr-08 Aug-08 Dec-08 Apr-09 Aug-09 Dec-09

MENA REAF

MSCI R.E Capped Index

`

TNI MENA REAL ESTATE ACTIVE FUND Fact Sheet as of November 26, 2009

Fund Profile

Focus: the Fund is a sector focused fund mainly targeting investments in equities of real

estate firms publicly traded in the Middle East and North Africa (MENA) official exchanges.

The Fund provides investors with a liquid investment approach to a traditionally illiquid and

capital intensive sector.

Management Style: the key investment criteria are the company’s financial strengths,

competitiveness, profitability, growth prospects and quality of management. The allocation

will be based on fundamental research and will incorporate a blend of top-down and a

bottom-up analytical approach.

Objective: the fund aims to provide long-term capital appreciation through investing in

equity securities of real estate firms publicly traded in the MENA equity markets. Fund

investments can also include private equities of firms expected to list their shares within a 12-

month period, as well as debt instruments issued by MENA real estate firms.

Suitability: Units of the Fund are speculative and involve a high degree of risk. The Fund is


in emerging markets’ equity investments, particularly in the MENA equities.

Asset Allocation Top Holdings



Inception Date August 01, 2005

Currency USD

Minimum Inv. $ 100,000

NAV / Unit* US$ 1,032.509

Initial Fee Up to 3.0%

Management Fee 1.5% annually

Custody / Admin Fee 0.45% annually

Performance Fee 10% subject to High Watermark

Hurdle Rate 3 M LIBOR

Redemption Fee 0% after 18 months

NAV Weekly

Lock-up Period None

Custodian HSBC Bank Middle East Ltd

Administrator Apex Fund Services

Ltd

Auditors Deloitte & Touche

Lawyers Appleby

Net Assets USD 13.4 million

Reuters MENA - TNIMREF

Bloomberg MENA - TNIMERF UH

Domicile Bermuda

Fund Manager C. Ghandour

Fund Facts

WTD +0.7

MTD -5.4

YTD +23.1


MSCI Arabian R.E Capped** (%)

Since Inception %

TNI MENA REAF -17.0

MSCI Arabian R.E Capped

-35.8

The MSCI Arabian Real Estate Capped Index was created in a joint effort between MSCI Barra and TNI. Going forward, the Index will be used as a benchmark for the Fund.


Headquarters

TNI Tower | Zayed 1st Street Khalidiya|


Phone: +971 2 619 2300

Fax: +971 2 619 2400

www.tni.ae

*The Fund has been re-domiciled to a Bermuda Segregated Account Company and the showed NAV can be converted to the old NAV by using 0.8039% as a multiplier.

WTD 0.0

MTD -4.7

YTD +9.8



%

Jan

Feb

Mar

Apr

May

June

July

Aug

Sept

Oct

Nov

Dec

YTD

2005 - - - - - - - +4.5 +6.3 -0.9 +1.5 +3.9 +16.2

2006 +1.4 -5.6 -0.8 -5.9 -9.3 -5.6 -1.8 +6.5 +5.2 -0.6 -7.3 +2.8 -20.4

2007 +0.9 +3.8 -2.1 -0.3 +11.0 -1.0 +2.7 +0.1 +7.7 +15.1 +9.2 +2.1 +59.7

2008 -1.6 +7.1 -5.4 +6.1 -2.9 -4.6 -5.2 -10.0 -11.9 -20.3 -7.5 -6.0 -48.9

2009 -5.1 -2.8 -0.4 +2.6 +9.7 -0.3 +0.8 +3.2 +6.8 +0.7 -4.7 +9.8

Fund Profile



34.5%

20.1%

11.3%

11.2%

12.6%

4.5%

4.1%

1.6%

0.0%

0.0%

0.0%

0.0%

UAE

KSA

Egypt

Lebanon

Qatar

Kuwait

Morocco

Cash

Bahrain

Jordan

Oman

Tunisia

4.8%

4.2%

-3.4%

4.9%

-0.6%

-6.3%

-2.9%

1.6%

-0.7%

-0.6%

-0.5%

-0.5%

68.4%

15.1%

1.6%

14.5%

0.3%

R.E Dev.

Const.

Cash

Mortgage

Hotel Dev

-5.7%

2.0%

-10.4%

14.5%

-0.4%

TNI MENA REAL ESTATE ACTIVE FUND Fund Analytics as of November 26, 2009

Asset allocation by Exchange (%) Deviation by Exchange (%)

Asset allocation by Sub-Sector (%) Deviation by Sub-Sector (%)

Fund Statistics

Weighted Av. PE Weighted Av. PB Weighted Av. ROE

(%)

Av. Market Cap

(US$ b)

MENA REAF 12.4 2.0 8.5 3.7

MSCI Real Estate 16.3 2.1 9.4 2.8

1Y 2Y 3Y Since Inception

Relative Alpha (%) -15.2 0.6 4.2 5.5

Ann. Return (%) 3.3 -24.3 -2.6 -4.2

Volatility (%) 16.4 23.2 23.9 22.0

Tracking Error (%) 16.1 19.5 17.9 19.9

Info. Ratio -0.9 0.0 0.2 0.3

Returns (%) MENA

REAF

MSCI Real

Estate Index

1M -4.7 -5.4

3M 2.4 1.7

6M 6.3 8.2

YTD 9.8 23.1

1Y 3.3 18.4

Since launch -17.0 -35.8



60%

65%

70%

75%

80%

85%

90%

95%

100%

105%

110%

115%

120%

Aug-08 Oct-08 Dec-08 Feb-09 Apr-09 Jun-09 Aug-09 Oct-09 Dec-09

TNI SSF US LIBOR3M HFRI EM Index

UAE 43 %

Qatar 13 %

Egypt 10 %

Money Market

19 %

Oman 6 %

Saudi 9 %

18.8%

15.4%

14.8%

8.3%

6.1%

3.1%

Cash

Tamweel Conv.

Aldar Conv.

Qatar Petroleum

Agthia

Nakheel Sukuk

`

TNI MENA SPECIAL SITUATIONS FUND Fact Sheet as of November 30, 2009

Fund Profile

Focus: Achieve absolute return by investing in special situations in the Middle East and North

Africa (MENA) region, primarily focusing on corporate securities and instruments issued by

regional firms.

Management Style: The allocation will be based on fundamental research and will

incorporate a blend of top-down and a bottom-up analytical approach, with a focus on

bottom-up approach. Portfolio construction will be diversified amongst asymmetric

risk/reward investment ideas, with a major focus on capital preservation.

Objective: The Fund aims to generate long-term capital growth by investing primarily in

special opportunities and situations in the Middle East and North Africa (MENA) region.

Special situations/opportunities include investments in securities such as equities,

convertibles, derivatives and debt instruments.

Suitability: Shares of the Fund are speculative and involve a high degree of risk. The Fund is


in emerging markets’ securities investments, particularly in the MENA region.

Asset Allocation by Geography Top Holdings


MENA SSF vs. HFRI EM Index*


Fund Profile

MTD -7.54

Since Inception 7.00


Fund Facts

HFRI EM (Total) Index (%)*

%

Jan

Feb

Mar

Apr

May

June

July

Aug

Sept

Oct

Nov

Dec

YTD

2008 - - - - - - - - -0.18 -3.98 1.26 0.02 -2.92

2009 -1.00 -0.50 1.87 2.79 3.00 -0.32 3.69 1.83 5.00 1.52 -7.54 10.21

First Dealing Day Sept 01, 2008

Currency USD

Minimum Inv. USD 1 million

NAV / Share USD 1070.30


Management Fee 2% annually

Custody/Admin Fee 0. 5% annually

Performance Fee 20%

Hurdle Rate LIBOR (3M)

Redemption Fee 0% after 18

months

NAV Monthly

High Watermark Yes

Lock-up Period 6 Months

Custodian HSBC

Administrator Apex

Auditors Deloitte

Lawyers Appleby

Net Assets USD 5.35 million

Domicile Bermuda

Bloomberg TNIMESS BH



Headquarters



Phone: +971 2 619 2300

Fax: +971 2 619 2400

Since Inception %

TNI MENA SSF 7.00

HFRX MENA Index* 1.11

US LIBOR 3M 1.75

Expected Return

RISK

HIGH

HFRI EM Index

MID

LOW

LOW MID HIGH

Expected Return

RISK

HIGH

HFRI EM Index

MID

LOW

LOW MID HIGH

RISK

HIGH

HFRI EM Index

MID

LOW

LOW MID HIGH

MTD 1.60


*Index comparison is used for illustrative purposes only. Since the Special Situations Fund is an absolute return product, the relevant benchmark is the US 3M LIBOR. The HFRI EM Index will be retained as the benchmark until December 2009. Subsequently we will present the US 3M LIBOR as the benchmark. US LIBOR 3M (%)

MTD 0.25




Equities40%

Convertibles33%

Sukuk8%

Money Market

19%

Real Estate18%

Financial18%

Energy23%

Others22%

Money Market19%

TNI MENA SPECIAL SITUATIONS FUND Fund Analytics as of November 30, 2009

Asset allocation by Strategy Asset allocation by Sub-Sector

Statistics since Fund inception

TNI SSF HFRI EM MSCI ARABIA US LIBOR 3M

Monthly. Return -7.54% 1.60% -4.24% 0.02%

YTD 2009 10.21% 37.91% 18.76% 0.73%

Since Inception 7.00% 1.11% -37.08% 1.75%

Ann. Return 5.56% 0.89% -30.97% 1.40%

Volatility 10.82% 21.97% 36.71% 0.33%

Sharpe Ratio 0.44 NA NA NA

Maximum

Drawdown -7.54% -28.99% -56.32% NA

# of Months 15 15 15 15

% Positive Month 60% 60% 40% 100%

Best Month 5.00% 9.74% 15.21% 0.34%

Worst Month -7.54% -14.45% -22.27% 0.03%

Returns % TNI SSF HFRI EM

1M -7.54 1.60

3M -1.44 8.27

6M 3.74 15.64

1Y 10.24 37.31

Since Inception 7.00 1.11

Returns % TNI SSF MSCI Arabia

1M -7.54 -4.24

3M -1.44 -0.99

6M 3.74 3.42

1Y 10.24 11.85

Since Inception 7.00 -37.08

Returns % TNI SSF LIBOR (3M)

1M -7.54 0.02

3M -1.44 0.08

6M 3.74 0.22

1Y 10.24 0.92

Since Inception 7.00 1.75



Cash 18%

MENA 63%Global 27%

10%

20%

27%

43%

Cash

Fixed

Income

International

Equities

MENA

Equities

40%

50%

60%

70%

80%

90%

100%

110%

120%

130%

140%

150%

Dec-06 Mar-07 Jun-07 Sep-07 Dec-07 Mar-08 Jun-08 Sep-08 Dec-08 Mar-09 Jun-09 Sep-09

MSCI AC World Index

TNI DWF

\

TNI DANA WOMEN FUND Fact Sheet as of November 30, 2009

Fund Profile

Focus: The Fund is targeting long Term capital appreciation. It is a global fund, overweighting

the UAE market.

Management Style: The allocation will be based on fundamental research and will

incorporate a blend of top-down and a bottom-up analytical approach, with a focus on

top-down approach. Portfolio construction will be diversified amongst asymmetric

risk/reward investment ideas, with a major focus on outperforming global market (MSCI

World).

Objective: The Fund aims to generate long-term capital growth by investing primarily in the

UAE and International markets. The investments include funds such as Index funds, ETFs,

hedge funds, convertibles, derivatives and debt instruments.

Suitability: Shares of the Fund are speculative and involve a high degree of risk. The Fund is


in emerging markets’ securities investments, particularly in the MENA region.

Asset Allocation by Geography Top Holdings


TNI DWF vs. MSCI AC World Index


Fund Profile

MTD -6.9

YTD 3.2

Since Jan 2007 -1.1


Fund Facts

MSCI World Index (%)*

* The MSCI AC World Index is a free-float weighted equity index, includes both emerging and developed world markets.

%

Jan

Feb

Mar

Apr

May

June

July

Aug

Sept

Oct

Nov

Dec

YTD

2007 -0.1 +0.9 -3.4 +2.1 +11.9 -0.8 +1.0 -2.8 -2.7 +5.7 +2.0 1.0 +21.2

2008 -2.9 +2.5 -4.2 +5.8 -0.6 -1.7 -0.6 +1.4 -2.6 -6.6 -8.16 -4.7 -20.9

2009 -2.1 -0.6 +0.9 +2.2 +2.1 -0.2 +3.8 +1.0 +4.8 -1.5 -6.9 +3.2

Currency AED

Minimum Inv. AED 1 million

NAV / Unit AED 8.39


Management Fee 2% annually

Custody Fee 0. 75% annually

Performance Fee 20%

Hurdle Rate EIBOR (1M) +4%

Redemption Fee 2%

NAV Monthly

High Watermark Yes

Lock-up Period 12 Months

Custodian TNI

Administrator TNI

Auditors KPMG

Lawyers Tamimi & Co

Net Assets AED 12.58 m

Domicile UAE

Bloomberg TNIDWFD



Headquarters



Phone: +971 2 619 2300

Fax: +971 2 619 2400

www.tni.ae

Since Jan 2007 %

TNI DWF -1.1

MSCI World Index -20.2

MTD 3.9

YTD 29.0

Since Jan 2007 -20.2

Expected Return

RISK

HIGH

MSCI AC World Index

MID

LOW

LOW MID HIGH

Expected Return

RISK

HIGH

MSCI AC World Index

MID

LOW

LOW MID HIGH

RISK

HIGH

MSCI AC World Index

MID

LOW

LOW MID HIGH

Index comparison is used for illustrative purposes only.



Equities

43%

ETF

27%

Convertibles

20%

Cash

10%Real Estate

21%

Telecom

15%

Banking

9%

Others

45%

Cash

10%

TNI DANA WOMEN FUND Fund Analytics as of November 30, 2009

Asset allocation by Strategy Asset allocation by Sub-Sector

Statistics since January 2007

TNI DWF MSCI AC World MSCI ARABIA AEIBOR

Monthly. Return -6.9% 3.9% -4.2% 0.1%

YTD 2009 3.2% 29.0% 18.8% 2.2%

Since Jan 2007 3.2% -20.2% -21.2% 11.1%

Ann. Return -0.4% -7.4% -7.8% 3.7%

Volatility 13.6% 22.9% 28.8% 0.4%

Sharpe Ratio NA NA NA NA

Tracking Error 18.7% 21.5% NA

Info. Ratio 0.4 0.3 NA

Maximum Drawdown

-23.7% -56.2% -62.8% NA

# of Months 35 35 35 35

% Positive Month 49% 49% 49% 100%

Best Month 11.9% 11.4% 15.2% 0.5%

Worst Month -8.2% -19.9% -22.3% 0.1%

Returns % TNI DWF MSCI World

1M -6.9 3.9

3M -3.9 6.8

6M 0.6 19.0

1Y -1.7 33.5

Since 2007 -1.1 -20.2

Returns% TNI DWF MSCI Arabia

1M -6.9 -4.2

3M -3.9 -1.0

6M 0.6 3.4

1Y -1.7 11.8

Since 2007 -1.1 -21.2

Returns% TNI DWF AEIBOR

1M -6.9 0.1

3M -3.9 0.4

6M 0.6 0.9

1Y -1.7 2.6

Since 2007 -1.1 11.1



TNI ASSET MANAGEMENT Team Members

Fund Management

Walid Hayeck Director +971 2 619 2321 [email protected]

Christian Ghandour Senior Vice President +971 2 6192337 [email protected]

Ali Adou Senior Associate +971 2 619 2327 [email protected]

Hassan Awan +971 2 619 2369 [email protected] Associate

Business Development Kashif Zia Director +971 2 6192305 [email protected] Sani Tsuruta Vice President +971 2 619 2356 [email protected]

Rania Senada Sales Support +9712 619 2336 [email protected]

Middle Office and Risk Management

Imran Ladhani Manager +971 2 619 2334 [email protected]

Ahmed Bakir Junior Analyst +9712 6192329 [email protected]

Operations & Settlement

Rajeev Nanda Director +971 2 619 2421 [email protected]

Malik Al Zyadat Senior Manager +971 2 619 2425 [email protected]

Compliance

Ajith Mathew Vice President +971 2 619 2366 [email protected]

Custody & Administration

Gulf Clearing Company Ali Al Laith +973 1 721 8822 [email protected] Apex Fund Services Peter Hughes +144 1 292 2793 [email protected] HSBC Fund Services Christopher Peter +971 2 615 2227 [email protected]

Auditors

KPMG

Munther Dajjani +971 2 634 3318 [email protected]

Deloitte & Touche Wissam Moukahal +971 2 6760606 [email protected]

Distribution

PICER Gabrielle Verwilghen + 41 55 422 24 60 [email protected]

IGS Group John Godden +44 (0) 20 7395 6800 [email protected]

Important Notice

This “Investor Monthly Newsletter” is confidential to the addressee and should not be disclosed nor distributed to any third party without the prior consent of The National Investor (hereinafter referred to as “TNI” or the “Fund Manager”).

This newsletter is for information and does not constitute a prospectus or offering circular or an offer or invitation to subscribe for

Units or Shares in any of TNI funds. All TNI funds (the “Funds”) are available for subscription only on the basis of the relevant Private Placement Memorandum, Subscription Agreement and Application Form which are available only to investors that satisfy the applicable eligibility criteria for investment.

TNI Funds included in this Newsletter are unregulated funds for the purposes of the United Kingdom Financial Services and Markets Act 2000 (“FSMA”), the promotion of which in the United Kingdom is restricted by sections 21 and 238 of FSMA. Accordingly, no TNI Fund Shares or Units may be offered or sold in the UK other than (i) by a person authorized by the UK Financial Services Authority (the “FSA”) (an “Authorized Person”) in accordance with the Financial Services and Markets Act 2000 (Promotion of Collective Investment Schemes - Exemptions) Order 2001 or the FSA Conduct of Business Rules; or (ii) by a person other than an Authorized Person in accordance with the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005. The Company is not regulated by the FSA and investors will not have the benefit of the FSA Financial Services Compensation Scheme and other protections afforded by FSMA or the rules and regulations made hereunder.

Documents

TNI ASSET MANAGEMENT · TNI MENA Special Sits It was the worst month since inception reflecting a worst case scenario (i.e. a call for investor standstill on Nakheel). The fund was