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AL NOKHITHA FUND

Fact Sheet
August 2009

NAV: AED 4.38

Fund Objective

The Funds objective is to achieve medium to long-term capital growth and a reasonable level of income by investing primarily in equities listed on Abu Dhabi Securities Market
(ADSM), Dubai Financial Market (DFM) and Dubai International Financial Exchange (DIFX). Where appropriate, investments may also be made in various initial public offerings
(IPOs), equities listed on stock exchanges in other GCC countries or elsewhere, and in other securities as set out in the Funds Prospectus.

Fund Details

Inception Date:
Fund Type:
Subscriptions:
Redemptions:
Fund Manager:
Administrator & Custodian:
Auditors:
Legal Advisors:
Regulator:
Fund Size:
Subscription Fee:
Management & Other Fees:
Performance Fee:
Redmption Fee:
Bloomberg Code:
Zawya Code:

2 April 2005
Open-Ended
Daily 1
Daily 2
ADCB
ADCB
Deloitte & Touche
Al Tamimi & Co.
UAE Central Bank
AED 368.42 (Million)
2%
1.85%
10% of Incremental Return above Hurdle Rate**
Year 1: 2% Year 2: 1%
ADCBANF UH
ADCNOKH.MF

Fund Manager

ADCB is the Fund Manager to the Fund. The Fund Manager shall undertake the
day-to-day management of the Fund subject to the overall supervision of the
Advisory Committee. ADCB is a public joint stock company with limited liability
incorporated in the Emirate of Abu Dhabi, UAE. Details of the registered office and
directors of ADCB are available to the public at any of its branches.

Advisory Committee Members

Mr Jean Paul Villain: Board Member, ADCB and Head of Investment Strategy, ADIA

Mr Mohamed Ali Al Dhaheri: Board Member, ADCB and Executive Director, ADIC

Mr David Beau: CIO - Direct Investments, ADIC

Mr Ahmed Barakat: Head of Wealth Management Group, ADCB

Mr Deepak Khullar: CFO, ADCB

Mr Walter Pompliano: Head of Investments, ADCB

Fund Performance
15

Top 5 Holdings

12
9

Emirates Telecom

Emaar Properties

Aldar Properties

Sorouh Real Estate

14.75%

14.89%
10.84%
9.08%

Sector Allocation
Real Estate
34.86%
Banks
27.71%
Telecom Services
18.83%
Diversified Financials 18.78%
Transportation
4.55%
Utilities
4.44%
Capital Goods
2.84%
Energy
1.18%
Retail
1.04%
Consumer Services
0.20%
Insurance
0.04%
Cash
-14.48%

Market Commentary

August 2009 marked the continuation of the recovery as a plethora of positive


economic data continued boosting investors confidence. This renewed buoyancy has
pushed major indices across the globe to higher levels. The UAE market was no
exception, the MSCI UAE Domestic index registered a gain of 5.81% while Al Nokhita
Fund closed the month with a 7.46% gain.

The Abu Dhabi market as measured by the ADSMI Index gained 3.44% helped by
strong performances from its heavy weight Emirates telecommunication company
and Aldar Properties which recorded gains of 5.88% and 21.25% respectively. Aabar
Investments was another notable mover registering a gain of 23.14% over the month.
Arkan was the main negative contributor with a drop of 15.14%. RAK Properties was

Fund

Benchmark

Aug-09
Jul-09
Jun-09
May-09
Apr-09
Mar-09
Feb-09
Jan-09
Dec-08
Nov-08
Oct-08
Sep-08
Aug-08
Jul-08
Jun-08
May-08
Apr-08
Mar-08
Feb-08
Jan-08
Dec-07
Nov-07
Oct-07
Sep-07
Aug-07
Jul-07
Jun-07
May-07
Apr-07
Mar-07
Feb-07
Jan-07
Dec-06

First Gulf Bank

18.60%

Source: ADCB, Bloomberg (Monthly indicators from 31 December 2006 to 31 August 2009)

Fund Statistics

Performance
1 Month
3 Months
6 Months
12 Months
YTD
Since Inception
CAGR
Volatility
Sharpe Ratio (5%)
Max 1 Month Gain
Max 1 Month Decline
Max Drawdown
% Positive Months

Benchmark*
5.81%
8.59%
45.61%
-48.76%
32.69%
N/A
N/A
43.85%
(0.35)
39.31%
-28.00%
-78.02%
41.51%

Fund
7.46%
8.99%
34.57%
-60.76%
29.32%
-56.18%
-17.02%
41.85%
(0.53)
28.89%
-30.69%
-81.93%
39.62%

* Al Nokhitha Fund is benchmarked against the MSCI UAE Domestic Index as of February 1st 2009.

the most actively traded share with turnover of 870.17 million shares while Aabar
Investments was most actively traded by value with shares worth AED 1.07bn
changing hands
In Dubai, The DFM General Index outperformed its neighbor Abu Dhabi for a first time
since may by gaining 5.28%. Major contributors to the upside were Emaar properties,
Shuaa and Emirtaes NBD, which closed the month up 26.64%, 24.53% and 15.08%
respectively. On the downside, the main contributors were Mahreq Bank and Union
Properies which shed 22.49% and 12.26% respectively. Large cap Emaar was the
most actively traded share by volume and value with 1.31 billion shares worth AED
4.14bn changing hands.

* Other includes Administrative and Custodial fees


** Hurdle Rate=Eibor + 5% (Maximum 10%)

Portfolio characteristics data are based on a total net asset as of the 31st August 2009.
1 Daily subscriptions are booked at the Funds Net Asset Value calculated as of the relevant Subscription Date; provided that complete documents are submitted to ADCB, and funds in the amount of the subscription are transferred to the Fund account
with ADCB no later than 11 am (UAE time). Should a form be received after 11 am (UAE time) the client will be eligible to the NAV of the next business day.
2 Units shall be redeemed on a daily basis at the Funds Net Asset Value calculated as of the relevant Redemption Date, provided that the Fund Manager has received a Redemption Request on the Redemption Date, no later then 11 am (UAE time).
Redemption Request received after 11 am (UAE time) on any day shall be treated as having been received on the next Business Day.

This document does not constitute a public offer of securities in the United Arab Emirates and is not intended to be a public offer. This document is for information and illustrative purposes only; it is not an offer or solicitation to buy or sell any investment.
This document should be read in conjunction with the Fund Prospectus, Term Sheet and Subscription Agreement. Information included in this document is based on past performance; current valuation may be higher or lower and Return on Investment
and Principal Amount value will fluctuate. Past performance does not guarantee future results. Investment products are not bank deposits and are not guaranteed by ADCB, they are subject to investment risks, including possible loss of principal
amount invested. This Fund is not intended for sale to US persons. Please refer to ADCB Terms & Conditions for Investment Services.

www.adcb.com

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