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Al Mal MENA Equity Fund

Fund Summary of Terms … 2

Al Mal Capital: Background … 3

Asset Management Product Range … 4

Successful Track Record … 5

Investment Case … 8

Investment Philosophy and Process … 10

Appendix: Asset Management Team Profile … 11

Al Mal Capital - Asset Management 1

This presentation has been prepared solely for informational purposes and does not constitute an offer or an invitation to sell or to invest in the Al Mal MENA Equity Fund or any other securities, to or from any person. The promoter of Al Mal MENA Equity Fund reserves the right, in the future, to make any offer or invitation to offer pursuant to the relevant Private Placement Memorandum, as may be amended from time to time. These materials are confidential and may not be reproduced or provided to others without the express written permission of Al Mal Capital PSC. Investments in Al Mal MENA Equity Fund may involve a degree of risk. There can be no assurance that the Al Mal MENA Equity Fund will be able to achieve its stated investment objectives. Potential investors should carefully evaluate the risks, which are set forth in greater detail in the Private Placement Memorandum, in considering whether to invest in the Fund. The information contained in this presentation is not intended to be an investment recommendation and should not be relied upon in making an investment decision. The information is of a general nature and does not take into account the objectives and circumstances of any individual investor. Investors should seek professional financial, legal, investment and if required taxation advice specific to their investment objectives, financial situation and particular needs before making an investment decision.The information made available through this presentation, including any expression of opinion or forecast, has been obtained from or based on sources believed to be generally reliable. No representation is given with respect to the accuracy, completeness or currency of the opinion, forecast and information included the presentation and they may change without notice. Al Mal Capital PSC and its related companies will not be liable for any inaccuracies, omissions or errors in the content nor for any loss or damage arising from action taken in reliance on the information. Al Mal MENA Equity Fund does not guarantee the repayment of capital, the performance of, or any particular rate of return from an investment. Investment in any fund including Al Mal MENA Equity Fund may be subject to market and other risks, resulting in ultimately loss the principal invested. Any information on the attached presentation relating to the distribution history or performance history of any investment, should not be taken as an indication of the future performance of the relevant investment. No guarantee of future returns is implied or given.

Fund Summary of Terms

Al Mal Capital: Background

Asset Management Product Range

Successful Track Record

Investment Case

Investment Philosophy and Process

Appendix: Asset Management Team Profile

Al Mal MENA Equity FundFUND SUMMARY OF TERMS

Fund Objective To achieve significant capital appreciation primarily through investment in equity and equity-related securities in the Middle East and North African markets.

Legal Structure Bahrain Registered, Open-End Investment Fund

Fund Offering Period May 25 to June 15, 2008

Fund Offering Price USD 10.00

Minimum Subscription USD 250,000

Fund Offering Size Minimum USD 10,000,000 Maximum USD 1,000,000,000

Fund Manager Al Mal Capital PSC

Management Fees 1.75% per annum

Liquidity Weekly

Administrator & Custodian HSBC Bank Middle East

Auditors KPMG

Legal Advisors Qays H. Zu’bi, Attorneys & Legal Consultants


Al Mal Capital, Asset ManagementAl Mal Capital -Asset Management 3





Investment Case



Al Mal MENA Equity FundAL MAL CAPITAL: BACKGROUND

• Founded by a team of three MENA-based investment bankers, led by Naser Nabulsi – the founding CEO of DIFC

• Licensed by the Central Bank of the UAE in November 2005, the first investment company license issued in 17 years

• Over 80 founder shareholders comprised of prominent business families and institutions from the UAE and the Middle East region

• Three main business lines – Investment Banking, Brokerage, and Asset Management

• Team of 85 professionals from international banks and major regional players

• Asset Management increased assets under management (AUM) year-on-year by 250%, exceeding AED 2 billion in funds and managed products





Investment Case



Al Mal MENA Equity FundASSET MANAGEMENT PRODUCT RANGE

• Demonstrated success in fund raising in public and private product offerings• Clear ability to execute on strategies and deliver return to investors• Coverage of key asset classes and strategies in MENA


*estimated, final close expected June 2008





Investment Case



Al Mal MENA Equity FundSUCCESSFUL TRACK RECORD: Al Mal UAE Equity Fund

Highlights• Outperformed in bull and bear market conditions• Tactical allocation of the MENA component in the fund• Selective use of cash/fixed income in bear market conditions

* to April 2008

Performance 2006* 2007 YTD 2008 Since inception*Al Mal UAE Equity Fund (19.0%) 50.4% (5.9%) +14%

MSCI UAE Index (37.4%) 34.5% (5.6%) (25%)

Over / Under Performance +18.4% +15.9% (0.3%) +39%

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Investment Case



Al Mal MENA Equity FundSUCCESSFUL TRACK RECORD: Al Mal UAE Equity Fund

Al Mal UAE Equity Fund: MENA ComponentThe Al Mal UAE Equity Fund has the option of allocating up to 25% of its assets within the MENA region; the below breakdown demonstrates our ability to use this allocation to generate returns exceeding the benchmark by tactically allocating this 25% component.

Advantages:• Demonstrated ability to recognize and captivate on opportunities in the MENA region• Significant market ‘inflection points’ captured in track record

FOR THE PERIOD - PERFORMANCE

MENA Regional Market

Date Entered Date Exited Relevant Country

UAE Equity Fund

MSCI UAE Index

Outperformance

Morocco Dec-06 Apr-07 31% 2% (6%) +8%

Saudi Arabia Jun-07 Sep-07 19% 4% 0% +4%

Egypt Nov-07 Dec-07 21% 6% (3%) +9%





Investment Case



Al Mal MENA Equity FundSUCCESSFUL TRACK RECORD: MENA PORTFOLIO

Highlights• Outperformance versus MSCI Arabian Index• Overweight Kuwait as it offered reasonable valuations, while underweighting Saudi • Overweight energy and real estate themes and underweight financials• Stock selection using disciplined investment process

* Inception: 9th Jan 2008

Performance in 2008 Jan Feb Mar AprMENA Portfolio (7.7%) 4.4% (10.8%) 11.6%

MSCI Arabian Markets Index (11.4%) 6.7% (8.3%) 8.2%

Over / Under Performance +3.7% (2.2%) (2.5%) +3.3%


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Investment Case



Al Mal MENA Equity FundINVESTMENT CASE Part 1 of 2: MENA’s Growing Economies and Wealth

• Strong flow of foreign direct investments of USD 126 billion (accounting for 7% of World FDI in 2009) in the MENA region

• High oil price triggering huge influx of liquidity, GCC to earn a cumulative USD 4.7 trillion by 2020 with an assumption of $50/barrel

• Non-hydrocarbon revenues such as tourism, financial services and manufacturing are increasingly becoming a larger part of MENA GDP

• Current account surplus is presently at 21% of MENA’s GDP • GCC demographics are considered among the youngest and fastest growing globally. GCC

population growth during 2007 reached 3% compared to World 1.2%, BRIC 0.68%, and G7 0.36% • Forecast MENA GDP growth at 7.1% is over 2x the expected global average of 3.3% for 2008–2009

Al Mal Capital, Asset ManagementAl Mal Capital - Asset Management 9





Investment Case



Al Mal MENA Equity FundINVESTMENT CASE Part 2 of 2: Attractive Growth at a Reasonable Price

• Continued solid corporate earnings growth driven mainly by non-oil sector contribution• Reasonable valuations backed up by strong economic growth and robust liquidity• Low to negative correlation with global markets

Growth Vs Valuation

MENA markets are attractively priced





Investment Case



Al Mal MENA Equity FundINVESTMENT PHILOSOPHY AND PROCESS

We believe in prevailing themes and investments that capture good long term company fundamentals, and buying growth at a reasonable price.

Our investment process begins by identifying long term themes and high quality company shares, then further qualify candidates using our screening criteria which focus on profitability, growth, valuation and liquidity.

A thorough examination of companies’ financials and analysis of durable business opportunities and competitive forces is undertaken, followed by ongoing meetings with company management.

The Fund Manager and the Investment Committee review regularly the portfolio’s relative performance, target prices, stock and sector selection as well as any rebalancing which may be needed.






Investment Case



Al Mal MENA Equity FundASSET MANAGEMENT TEAM PROFILE

Tariq Qaqish Fund ManagerMr. Qaqish has an extensive experience of over ten years in local and regional stock markets. Prior to joining Al Mal Capital at the end of 2007, he spent six years with National Bank of Abu Dhabi (NBAD) where he also managed two of NBAD’s most successful funds, the UAE Growth Fund and UAE Distribution Fund, for the past two years. Assets under management for the two funds exceeded AED3 billion. The UAE Distribution Fund was the best performing fund in the UAE for 2006 and the UAE Growth Fund was the top local performer in 2007, both outperforming the benchmarks by double digits. Mr. Qaqish is a holder of a Masters’ Degree in International Banking from the University of Wollongong in Australia.

Bharath Rajnarayan Vice PresidentMr. Rajnarayan joined Al Mal Capital in January 2006 and has served in both senior operational and fund management roles. Prior to this, he was employed by regional institutions like Doha Bank (Qatar), Gulf Investment Services (Oman), and ONIC Holding (Oman), managing in excess of USD 500 million in funds, client assets and proprietary portfolios. Before moving to the region in 1994, he worked in the United States as an Equity Analyst with Jonathan Smith & Company in Greensboro, North Carolina. Mr. Rajnarayan received his Master of Business Administration from the University of North Carolina at Greensboro, Elon College. He has served on the investment committee of pension funds, corporate houses, and banks.






Investment Case



Al Mal MENA Equity FundASSET MANAGEMENT TEAM PROFILE

Jalal Faruki Senior AssociateMr. Faruki joined Al Mal Capital in April 2006. He has held various roles including managing the Proprietary Investment desk for Al Mal Capital in 2006 as well as the Institutional Sales and Trading Desk in the brokerage arm of Al Mal Capital in 2007. Prior to joining Al Mal, he worked with ProFunds in the US from mid-2005, dealing mainly with institutional clients. He also worked as Account Executive at DMG Securities, based in the Washington, D.C. area, and from 2002 till mid-2005 he built a book of client assets of over USD 40 million. Mr. Faruki received his Bachelor of Science in Business Information Technology from Virginia Tech, he has also attained various licenses and certifications including NASD Series 7 and 63.

Parth Kikani Senior AnalystParth Kikani joined Al Mal Capital in 2007. He works as a Senior Analyst in the Asset Management team and is responsible for financial modeling and investment analysis for MENA public equity activities. Parth completed his Chartered Accountancy and completed his post graduate Diploma in Investment Banking from S.P. Jain Centre of Management, Dubai.

Rakan Himadeh AnalystMr. Himadeh joined Al Mal Capital in 2008. He prepares financial model and investment proposals for consideration. He graduated from McGill University in Montreal, Canada with distinction, attaining his Bachelors of Commerce in Finance.


Office 302, Burj Dubai Square 4�Sheikh Zayed Road, P.O. Box 119930, Dubai, UAETel: +971 4 360 11 11, Fax: +971 4 360 11 22www.almalcapital.com

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