Global GCC Large Cap FundFund Objective & StrategyThe fund seeks to achieve long-term capital appreciation by investing in a diversified portfolio of large cap stocks listed on the GCC stock exchanges. The investment process is based on a bottom-up stock selection methodology along with a macroeconomic overlay to identify growth opportunities throughout the GCC region. The fund invests in multiple sectors and growth/value categories.

Global MENA FundsApril 2010

Asset Type Equity

Geographic Focus GCC

Fund Manager Global Investment House

Benchmark MSCI GCC Large Cap Index

Fund Listing Bahrain

Launch Date February 2005

Structure Open-Ended

NAV US$107.85

Current Fund Size US$116.36mn

Base Currency US$

Initial Investment US$ 10,000

Subsequent

Investment US$ 3,000

Subscription &

Redemption Weekly

Initial Charge 10,000 - 499,999

500,000 to 999,999

1,000,000 and above

2%

1.5%

1%

Management Fee 1.5% p.a.

Custodian Fee 0.125% p.a.

Performance Fee 10% of returns over 8% p.a.

Redemption Fee None

Auditors KPMG Fakhro

Bloomberg Code GLGLCFD

ISIN Code BH000A0QZKF6

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 Large Cap Index managed to close the month in green and was up 0.7%. In comparison, the Global GCC Large Cap Fund returned +2.6%, significantly outperforming the benchmark.

Positive Contributors: Our overweight positions in YANSAB, Bank Muscat and CBQ, which were up 25.4%, 6.6% and 4.6% respectively in April 2010, contributed positively to the fund performance. STC, our largest underweight, was down 9.3% in April and also added to the fund’s excess return.

Negative Contributors: Our underweight position in SABIC, which was up 7.1% M/M, contributed negatively to the fund performance.

Market Review

2005 2006 2007 2008 2009 *2010

Fund 36.3% -22.8% 48.9% -46.2% 9.6% 16.9%

Benchmark 81.2% -44.7% 49.4% -55.7% 18.1% 14.8%

Yearly Performance Ending 31st December (%)

USD100 Invested Since Inception

Cumulative Returns (%)

1 M 3 M 1 Y 2 Y YTD *SI

Fund 2.6% 17.2% 26.5% -31.8% 16.9% 7.9%

Benchmark 0.7% 15.7% 35.8% -37.5% 14.8% -15.5%

Difference 1.9% 1.6% -9.3% 5.7% 2.1% 23.3%

Fund Information

Risk Metrics

* Since Inception (February 2005)

* Year-to-date

Tracking Error 19.6%

Beta 0.59

Information Ratio 0.23

Sharpe Ratio N/A

Standard Deviation

24.1%

Global MENA FundsApril 2010

Stock Fund (%)

SABIC 14.8

Rajhi Bank 10.0

Zain 8.9

NBK 4.0

Bank Muscat 3.6

Total of Top Five 41.3

Total Number of Holdings 41

Top Five Fund Holdings

Stock Benchmark (%) Fund (%)

Saudi 62.1 49.0

UAE 8.0 8.2

Kuwait 20.9 17.8

Qatar 7.6 13.4

Oman 1.3 3.6

Bahrain 0.2 0.0

Cash N/A 8.0

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 13.1% 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 ManagementGlobal 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.

%-5 %-4 %-3 %-2 %-1 %0 %1 %2 %3 %4 %5

-3.2% STC BMAO

SABIC DOBK

RAJHI IQCD

ALINMA CBQ

SECO YNSB

2.9%

2.8%

2.2%

2.1%

1.3%

-3.2%

-3.0%

-2.5%

-1.8%

Top Five Overweight / Underweight versus Benchmark

Sector Breakdown

Financials

Materials

Telecom

Industrials

Real Estate

Energy

Consumer

Cash

35.7%

25.9%

13.2%

7.2%

4.6%

3.3%

2.1%

8.0%

Market Cap Weightings

25%

34%

19% 18%24%

27% 24% 21%

8%

0%

Global GCC Large Cap Fund

MSCI GCC Large Cap 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