Portfolio Update – December 2011

GMFA NAV against Index 2 The S&P GCC Large Cap Custom Index comprises ~60 companies across the GCC capturing 70% free float market capitalization in each market

GMFA Stake: 69.60% Investment Date: July 2008 Company Website: Background and Performance: Bindar Trading and Investment (“Bindar”) is one of the largest consumer finance companies in Jordan. Bindar finances vehicles for personal and commercial use, durable assets and real estate properties. It also offers car rentals and operates a car showroom. During the nine months ended September 30, 2011, Bindar’s performance improved as net profit rose 2.5 times to USD1.4mn from USD548k during the same period in The better performance is attributed mainly to reduction in loss reserve and improvement in net interest margin. Bindar maintained quality of loan portfolio with provision at 1.7% of the total receivables at the end of Q3 2011, which was one of the lowest in the industry. ROE increased from 4.59% in 2008 to 6.22% in Q Over the same period ROA increased from 2.17% to 4.45%. Bindar Trading and Investment 3 Financial Highlights: YTD Financial Year Ended 31 st December (in USD '000) 9mths Net Interest Income5,556 3,9324,2492,7652,815 Net Profit1,3671,783(345)5481,412 Net Worth29,79530,80429,04630,74730,300 Total Assets62,83848,79443,15749,83542,364 ROE4.59%5.79%-1.19%1.78%6.22% ROA2.17%3.65%-0.80%1.10%4.45% Source: Audited financial statements for 2008,2009, 2010 and reviewed accounts for nine months ended 30 Sept for 2010 and 2011

GMFA Stake: 87.30% Investment Date: July 2008 Company Website: Background and Performance: Jordan Trade Facilities Company (“JOTF”) was listed on the Amman Stock Exchange in JOTF provides financing for vehicles and durable assets and is one of the first companies to enter the consumer finance business in Jordan. JOTF is diversifying its product portfolio and has ventured in credit cards and SME financing. During the nine months ended September 30, 2011, JOTF achieved marginal growth of 1.35% in net interest income over the corresponding period in The principal reasons for the slow growth rate are decline in earning assets yield by 132bps and slow growth in loan portfolio. The company paid 8% dividends for the FY 2010 in March Financial Highlights: YTD Financial Year Ended 31 st December (in USD '000) 9mths Net Interest Income4,4283,3703,7362,8092,847 Net Profit1, ,0451,7711,500 Net Worth26,45925,63027,66227,49227,329 Total Assets49,81142,19641,43442,82042,912 ROE7.17%1.96%7.39%8.59%7.32% ROA3.81%1.19%4.94%5.51%4.66% Source: Audited financial statements for 2008,2009, 2010 and reviewed accounts for nine months ended 30 Sept for 2010 and 2011 Jordan Trade Facilities Company

GMFA Stake: 3.68% Investment Date: March 2011 Company Website: Background and Performance: PTC India Financial Services Ltd (“PFS”) is a non-banking financial institution promoted by PTC India Limited (“PTC”) to make principal investments in, and provide financial solutions to companies with projects across the energy value chain. During the first six months of FY ended September 2011, total income stood at USD20.58mn with net interest income at USD3.94mn and net profit at USD6.9mn, a near 23% improvement over Q net profit. However, net interest margin reduced from 6.79% to 4.08% during the same period due to increase in cost of funding from 6.61% to 9.8%. Till November 18, 2011, aggregate amount of loans sanctioned in the financial year exceeds the aggregate amount sanctioned during the last year by 36%, with pipeline proposals of more than USD566mn to be considered for sanction shortly. Since FY 2007, the company to date has not had any NPAs. 5 Financial Highlights: YTD Financial Year Ended 31 st March (in USD '000) 6mths Net Interest Income(1)4386,9383,3923,943 Net Profit1,6775,6598,3395,6376,908 Net Worth119,806141,399229,210146,935214,081 Total Assets123,974213,239382,648266,407352,723 ROE1.40%4.01%3.64%7.68%6.46% ROA1.35%2.65%2.18%4.23%3.92% Source: Audited financial statements for 2009, 2010, 2011 and management accounts for six months ended 30 Sept for 2011 and 2012 PTC India Financial Services Ltd.

GMFA Stake: 13.7% Investment Date: July 2008 Company Website: Background and Performance: Al Manar Financing and Leasing Company (“Al Manar”) is an Islamic financial institution providing Islamic Shari'ah compliant financial products and services across variety of sectors, including consumer, real estate and fleet financing. During the first 9 months of 2011 ended September, Al Manar recorded USD11.8mn of financing revenue on account of healthy operational cash flows. The company’s overall profitability improved to USD4.7mn, compared to USD2.7mn for the full year in 2010, on account of reduction in bad debt provisions. ROE improved from 3.91% in Q to 4.86% in Q Over the same period ROA increased from 1.99% to 3.11%. 6 Financial Highlights: YTD Financial Year Ended 31 st December (in USD '000) 9mths Net Interest Income16,80713,27513,63610,2278,781 Net Profit11,475(14,511)2,7093,5364,672 Net Worth135,809116,190121,120120,670128,134 Total Assets428,064282,629212,715237,098200,222 ROE8.45%-12.49%2.24%3.91%4.86% ROA2.68%-5.13%1.27%1.99%3.11% Source: Audited financial statements for 2008,2009, 2010 and management accounts for nine months ended 30 Sept for 2010 and 2011 Al Manar Financing & Leasing

GMFA Stake: 12.4% Investment Date: July 2008 Company Website: Background and Performance: Al-Soor Financing and Leasing Company KSCC (“Al-Soor”) is a closed Kuwaiti shareholding company offering consumer finance, trade finance, and supplementary home improvement finance. During the first six months of FY , ended September 2011, finance income stood at USD12.6mn and net profit at USD5.8mn compared to USD18mn of finance income and USD7mn of net profit, for the corresponding period last year. The decline is largely attributable to general market conditions, reduction in interest rate ceilings by the Central Bank and increased competition from banks. During the same period loan portfolio maintained at similar levels while provisions for doubtful debts stood at 15%, in line with conservative provisioning norms. The company declared dividends of KD2.5mn (5 fils/share) for FY 2011, ending March Financial Highlights: YTD Financial Year Ended 31 st March (in USD '000) 6mths Net Interest Income37,64636,38131,39415,66210,864 Net Profit11,02218,45414,8106,9855,787 Net Worth208,638227,529252,955240,018263,713 Total Assets436,245377,878390,926382,897386,296 ROE5.28%8.11%5.85%5.82%4.39% ROA2.53%4.88%3.79%3.65%3.00% Source: Audited financial statements for 2009, 2010, 2011 and management accounts for six months ended 30 Sept for 2011 and 2012 Al Soor Financing & Leasing

GMFA Stake: 4.67% Investment Date: June 2009 Company Website: Background and Performance: Dar Al Tamleek (“DAT”) is a Saudi closed Joint Stock Shariah compliant company engaged in mortgage financing and servicing finance contracts. DAT currently holds an 11% share of the Saudi Arabian real estate financing market During the first nine months of 2011, ended September, net interest income registered 41% growth, while the net profit almost tripled over the same period in In Dec 2011, DAT distributed a cash dividend of SR0.25/share. DAT continues to benefit from the growing demand in real estate financing due to structural decrease in the size of the Saudi household and a surge in the youth population. 8 Financial Highlights: YTD Financial Year Ended 31 st December (in USD '000) 9mths Net Interest Income3,2867,3345,3617,540 Net Profit(6,337)6,0764,66412,112 Net Worth120,968127,071125,649145,164 Total Assets139,366158,801141,107197,098 ROE-5.24%4.78%4.95%11.12% ROA-4.55%3.83%4.41%8.19% Source: Audited financial statements for 2009, 2010 and management accounts for nine months ended 30 Sept for 2010 and 2011 Dar Al Tamleek

GMFA Stake: 6.67% Investment Date: July 2008 Company Website: Background and Performance: Asian Finance Bank (AFB) is one of the three licensed foreign Islamic banks operating in Malaysia offering full range Shari’ah compliant banking products for retail and corporate clients. It also provides some investment banking services. In 2011 AFB recovered significantly from the set back of 2010 caused by enormous impairment of over USD11 million. In the nine months ended September 30, 2011 (Q3 2011), AFB earned net profit of USD1.3mn against net loss of USD4.4 million over the corresponding period in Financial Highlights: YTD Financial Year Ended 31 st December (in USD '000) 9mths Net Interest Income4,3086,8919,9097,6288,044 Net Profit(4,544)461(10,989)(4,366)1,282 Net Worth93,45295,525124,378102,231150,140 Total Assets526,217605,233727,177667,661681,304 ROE-4.86%0.48%-8.84%-5.69%1.14% ROA-0.86%0.08%-1.51%-0.87%0.25% Source: Audited financial statements for 2008,2009, 2010 and reviewed accounts for nine months ended 30 Sept for 2010 and Asian Finance Bank

GMFA Stake: 10.0% Investment Date: July 2008 Company Website: Background and Performance: BMI Bank (previously Bank Muscat International) is engaged in commercial banking activities through its eight branches in Bahrain, Qatar, and Seychelles. BMI currently offers a wide range of financial solutions through retail banking including SME banking, corporate banking, private banking, global trade services, international business development, financial institutions, correspondent banking, Islamic financial services and treasury services. During the first nine months of 2011, ended September, net interest income reduced by 12.7% to USD24.4mn, while total income increased by 8.6% to USD61.6mn due to increase in trade finance income and other fees. Overall, BMI witnessed improved performance in 2011 as net losses shrunk by 78%, ROE and ROA improved from-25% and -3.95% to -6.4% and -0.91% respectively. Capital adequacy as of end of September 2011 is in the range of 18% – 18.5%, which is higher than the regulatory requirements. BMI continues to be amongst the best capitalized banks in Bahrain. 10 Financial Highlights: YTD Financial Year Ended 31 st December (in USD '000) 9mths Net Interest Income33,41137,87336,96328,01424,449 Net Profit(7,907)(44,936)(67,512)(46,879)(10,428) Net Worth341,060298,732229,090249,762218,201 Total Assets2,161,3951,786,0891,566,0071,582,5521,535,415 ROE-2.32%-15.04%-29.47%-25.03%-6.37% ROA-0.37%-2.52%-4.31%-3.95%-0.91% Source: Audited financial statements for 2008,2009, 2010 and reviewed accounts for nine months ended 30 Sept for 2010 and 2011 BMI Bank BSC

GMFA Stake: 2.50% Investment Date: July 2008 Company Website: Background and Performance: The Industrial Bank of Kuwait (“IBK”) was established with the initiative of the Government of Kuwait for the purpose of supporting industrial projects in Kuwait. The company provides medium and long-term financing for the establishment, expansion, and modernization of the industrial sector in Kuwait. For the year ended December 2010, IBK’s net interest income decreased by 6% due to decrease in its loan portfolio by 4%. However, the Bank’s net income increased from USD10.6mn to USD28.6mn mainly due to reduction in loan provisions of USD12.5mn. In July 2011, IBK’s AGM approved the distribution of a cash dividend of KD2 per share. As on November 2011, the government support level is maintained at ’2′, reflecting the strong commitment from the government as a key shareholder of IBK and the Bank’s systemic importance in funding the industrial sector in Kuwait. The outlook for all credit ratings for the bank remains ‘Stable ’. 11 Financial Highlights: Financial Year Ended 31 st December (in USD ‘000) Net Interest Income77,92782,46565,40761,432 Net Profit86,56434,16110,62328,618 Net Worth785,324716,051671,981722,259 Total Assets2,095,5482,073,5532,196,2512,162,242 ROE11.02%4.77%1.58%3.96% ROA4.13%1.65%0.48%1.32% Source: Audited financial statements Industrial Bank of Kuwait

GMFA Stake: 18.2% Investment Date: July 2008 Company Website: Background and Performance: Gulf Takaful Insurance Company(“GTIC”) is a closed Shariah compliant shareholding company offering motor, property, general accident insurance, re-insurance products and insurance appraisals. Gulf Takaful has the largest medical provider’s network in Kuwait, which includes over 74 hospitals, clinics, pharmacies and labs. GTIC is enhancing the quality of its insurance portfolio, in addition to improving top line by introducing new products, increasing client base, and improving the sales force efficiency. During the first nine months of 2011, ended September, the gross written premium registered 22% growth compared to same period last year, recording total premium of USD12.8mn. During the same period liquidity in the participant fund improved to USD1.75mn and net deficit from the insurance operations also improved. 12 Financial Highlights: YTD Financial Year Ended 31 st December (in USD '000) 9mths Gross Premiums21,05715,76914,24410,24212,844 Net Profit(8,334)(5,318)(2,514)(461)1,919 Net Worth57,86649,82149,01251,43852,301 Total Assets59,05552,72051,96855,42854,451 ROE-14.4%-10.7%-5.1%-0.8%3.66% ROA-14.1%-10.1%-4.8%-0.8%3.52% Source: Audited financial statements for 2008,2009, 2010 and management accounts for nine months ended 30 Sept for 2010 and 2011 Gulf Takaful Insurance Company

GMFA Stake: 20% Investment Date: January 2010 Company Website: Background and Performance: Al Fajer is the first retakaful company in Kuwait. The company has a paid up capital of KD 50mn (US$175.1mn), and a license to operate reinsurance business for all kinds of takaful insurance. During the first eight months of FY , ended November, 2011, net earned contributions stood 9.6% ahead of the budget, while expenses remained below and underwriting profit stayed close to the budget. Around USD 61 mn gross contributions are expected towards close of January Participant bank balances currently stand at USD 28.8m. The investment returns continue to be impacted by low deposit rates in all currencies. The treasury and investment manager are considering alternative fixed income funds with good returns prospects. 13 Financial Highlights: YTD Financial Year Ended 31 st March (in USD '000) 15mths 12mths 8mths Gross Contributions37,61944,29058,49229,17228,173 Net Profit1,154(19,578)(1,377)842(506) Net Worth172,976163,150161,769155,042158,402 Total Assets174,427163,150170,058160,300165,550 ROE0.67%-12.8%-0.8%0.54%-0.3% ROA0.66%-12.8%-0.8%0.50%-0.3% Source: Audited financial statements for 2009, 2010, 2011 and management accounts for nine months ended 30 Sept for 2010 and 2011 Al Fajer Retakaful Insurance Company

For more information please contact: Rajiv Nakani, CFA Managing Partner Global Capital Management Ltd. T: F: Global Capital Management Ltd., 100% subsidiary of Global Investment House KSCC Global Tower, Sharq, Al Shuhada’a Street, Kuwait