Emirates NBD Asset Management Emirates Active Managed Fund Fact Sheet July 2011

Fund Objective Details

The Portfolio may invest globally through collective investment schemes Fund Manager Emirates NBD Fund Managers (Jersey) Limited in a range of asset classes including cash/near cash, fixed income, equity, Investment Manager Emirates NBD Asset Management Limited property and alternative strategy funds, with the aim of providing long- regulated by Dubai Financial Services Authority term capital growth. It will seek to reduce the volatility traditionally Fund Type Open ended associated with investments in securities markets through broad asset Domicile Jersey, Channel Islands class and manager diversification. The Portfolio restrictions and Original Fund Launch Date * 26 May 2004 investment strategies that will be followed are such as to characterise Current Fund Size USD 36.24 million this Portfolio as medium/high risk. Annual Management Fee ** 1.5% NAV/Share (01.08.2011) A share class: USD 1.1873 Market Commentary NAV/Subscriptions Daily Redemptions Daily Global equity markets in July closed 1.8% lower, after a tumultuous few Valuation Point 1 August 2011 weeks, whilst US Treasuries reprieved their “safe haven” status despite Life Company Fund Codes Friends Provident International: R95 † the threat of a potential US default at the beginning of August, to return Hansard: MC139 † just shy of 3% for the calendar month. The regular round of global Skandia: 97908 †, †† manufacturing data in the first week of July carried on the weak trend Oman Insurance Company: H83 † displayed over the past few months, dampening the excitement over the Zurich: K4USD (Regulars), O4USD (Singles) Greek Parliamentary acceptance of a second round of austerity cuts at Website www.emiratesnbd.com/assetmanagement the end of June. Positive momentum returned in the run up to the EU * The Fund was originally domiciled in Guernsey; subsequently the assets of the Fund were transferred into the Summit in the second half of the month, where the second Greek bailout, Jersey fund structure in Sep 2009. Management of the Fund was transferred to Emirates NBD Bank PJSC or its worth “up to 159b” depending on how much the private sector might subsidiaries in Dec 2005. € ** For full details of the fees applicable to different share classes available for this fund please refer to the supplement. contribute, combined with expanded powers for the European Stability † Regulars and Singles Fund (EFSF). Once again the euphoria quickly faded as Italian and Spanish †† USD shareclass (GBP & Euro also available) stock markets fell under the pressing weight of concerns that their own 1 Performance Data debt burdens will prove too heavy. As the month closed, the political circus in the US was in full swing regarding an extension to their own Fund Benchmark 2 “debt ceiling” which risked the Government running out of funds. This was then overshadowed by some very poor GDP growth data on the last 1 Month Performance -1.05% -1.19% day of the month, which surprised very sharply to the downside, 3 Month Performance -3.02% -3.94% revealing the economic picture to have been much worse than feared. 12 Month Performance 3.72% 12.31% Year to Date 0.02% 1.70% In July, the Active Managed fund fell by 1.05% in value, whilst its Performance since March 2008 -6.65% -6.57% composite benchmark fell by 1.19%. Positive absolute returns were delivered by the fixed income and property assets, whilst alternative CAGR since March 2008 -1.99% -1.97% strategies and global equities were negative. On a relative basis the fund Volatility since March 2008 14.27% 13.25% helped protect capital in a falling equity market through a combination Sharpe Ratio since March 2008 -0.22 -0.24 of both fund selection and tactical positioning. The average equity holding fell by 1.2% as compared to the MSCI World index which fell by Performance History since 01.03.2008 1.8%, with the GLG Japan CoreAlpha and Allianz Islamic Global Equity funds proving the two most defensive in this difficult period. In fixed 105 income, the absolute return was positive but the average holding trailed 100 the BarCap Global Aggregate index, which was driven by a particularly 95 90 strong performance in US Treasuries, which the fund does not own 85 directly. In alternative strategies, the ProShares UltraShort Yen position 80 was the primary detractor from performance as the Yen continued to rally, 75 8 9 0 8 9 8 0 9 1 0 8 9 0 1 8 8 9 9 0 0 1 0 0 1 0 0 0 1 0 1 1 0 0 1 1 0 - 0 0 - 0 1 - 1 1 ------as investors fled the US$- during the negotiations regarding lifting the US 70 ------g r g r g r r c c c t t t b b b b n n n n c c c e u p e u p e u p p e e e e u u u u 65 D A O J A F D A A O J F D A A O J F A debt ceiling. As nJ oted iF n previous months, the macro economic picture has turned sharply negative, with further data releases at the beginning of August confirming the picture. The fund remains defensively positioned, especially since the S&P 500 equity index has now breached key technical support levels and risks remain weighted to the downside. Fund Blended Benchmark

Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Total %%%%%%%%%%%%%

2005 –––––––––––1.68 1.68 2006 1.14 0.95 0.87 2.34 (1.41) (2.24) 1.08 2.38 0.88 2.14 1.27 1.74 11.60 2007 (0.05) 1.82 0.15 1.84 0.70 0.85 (1.35) (1.87) 3.62 1.84 (3.52) 0.02 3.92 2008 (4.29) 0.43 (1.07) 1.37 0.56 (3.09) (1.59) (2.71) (8.08) (16.44) (1.45) 4.65 (28.76) 2009 (4.46) (3.76) 2.76 4.92 10.53 (0.19) 3.23 2.55 3.91 (1.11) 1.28 0.65 21.25 2010 (1.65) (0.37) (3.75) 0.06 (4.83) (0.94) 4.43 (2.15) 4.31 0.57 (1.42) 2.48 3.86 2011 0.50 1.53 (0.42) 1.51 (0.60) (1.40) (1.05) –––––0.02

1. Performance figures represent the current fund manager's tenure which began in March 2008. 2. The benchmark reflects the neutral weightings of the Fund. The constituents of the benchmark are: US 3 Month LIBOR, Barclays Global Aggregate Index, IMA Property & AREF Composite (in USD), MSCI World Index, HFRX Global Hedge Fund Index, and S&P Goldman Sachs Commodity Index. 3. In 2009 the property component of the composite benchmark was represented by the UK IPD Index. 4. As of 31/12/09 monthly fund performance reporting uses the first business day NAV of the new month versus previous month end index values. This is to reduce the inherent time differences experienced by fund of funds and make relative performance reporting more easily comparable for investors. Emirates NBD Asset Management Emirates Active Managed Fund Fact Sheet July 2011

Asset Allocation Ranges Key Benefits

Asset Class Min Neutral Max > Professional management, research and asset allocations with low investment minimums. Cash/Money Market 0% 5% 15% > Investment expertise from a leading regional asset manager, accessing global Fixed Income 5% 10% 20% investment talent. Property 0% 0% 10% > Low management fees. > Daily liquidity. Equity 65% 75% 85% > Access to cash, fixed income, equities, property, and alternative strategies 0% 5% 20% Alternative Strategies under one fund structure. Commodities 0% 5% 10% > Full monthly reporting.

Asset Allocation Equities USA 43.2% Equity 71.6% Asia 19.7% Fixed Income 12.8% Europe 13.3% Alternative Strategies 8.9% UK 13.1% Cash 4.7% Middle East 4.5% Property 2.0% Australia 1.2% Commodities 0.0% Latin America 0.6% Other 4.4%

Fixed Income Currency

Emerging Market 42.3% USD 65.7% High Yield 33.5% GBP 11.7% Developed Government 16.7% EUR 6.7% Loans 0.0% YEN 2.0% Investment Grade 7.5% Other 13.9% Other 0.0%

Top 10 Holdings Top 10 Underlying Holdings

Vanguard US 500 Equity 9.7% ProShares UltraShort Euro ETF 3.6% GLG Japan CoreAlpha Equity 9.6% ProShares UltraShort Yen ETF 2.7% MFS Global Equity 9.5% iShares MSCI World ETF 1.1% Robeco US Premium Equity 8.6% Vodafone Group PLC 0.9% Aberdeen Global World Equity 7.8% Seven & I Holdings Co Ltd 0.7% Jupiter Income Trust 6.5% Nomura Holdings Inc 0.6% Aviva Investors Global Convertibles 6.5% Royal Dutch Shell PLC 0.6% Allianz Islamic Global Equity 4.7% Mitsubishi UFJ Financial Group 0.6% AXA IM FIIS US Short Duration High Yield 4.3% Exxon Mobil Corp 0.5% FTIF Franklin Mutual Global Discovery 4.2% IBM 0.5% Total 72.4% Total 17.8%

Total Number of Fund Holdings 22

The information above is indicative only and is based on underlying holdings information where identifiable, consequently the fund’s actual exposures may vary. Data source: Emirates NBD Asset Management as of 1 August 2011.

For any queries please contact your financial representative or alternatively Emirates NBD Asset Management: [email protected].

The Fund was originally domiciled in Guernsey; subsequently the assets of the Fund were transferred into the Jersey fund structure in Sep 2009. Management of the Fund was transferred to Emirates NBD Bank PJSC in Dec 2005. Emirates NBD Fund Managers (Jersey) Limited is regulated by the Jersey Financial Services Commission to conduct Fund Services Business. The information and opinions expressed herein are made in good faith and are based on sources believed to be reliable but no representation or warranty, express or implied, is made as to their accuracy, completeness or correctness. These opinions are not intended to serve as authoritative investment advice and should not be used in substitution for the exercise of own j udgment. This information, including any expression of opinion, has been obtained from or is based upon sources believed to be reliable, and is believed to be fair and not misleading. Any opinion or estimate contained in this material is subject to change without notice. Neither Emirates NBD Fund Managers (Jersey) Limited, Emirates Islamic Bank PJSC, Emirates NBD Bank PJSC (“Emirates NBD”) and Emirates NBD Asset Management Limited (“Emirates NBD AM”) together “Emirates NBD Group” nor any of its directors or employees give any representation or warranty as to the reliability, accuracy or completeness of the information, nor do they accept any responsibility arising in any way (including by negligence) for errors in, or omissions from the information. Emirates NBD AM i s regulated by the Dubai Financial Services Authority (’DFSA”) and can directly engage with Professional Clients only, as defined by the DFSA. For further details of the investment products available from the Emirates NBD Group please contact your local Emirates NBD Bank PJSC/Emirates Islamic Bank PJSC branch. This document is provided for information and illustration purposes only. It does not constitute a solicitation, recommendation or offer to buy or sell any specific investment product or subscribe to any speci fic investment management or advisory service. Prospective investors in the Fund must obtain and carefully read the Fund’s most recent Term Sheet, Private Placement Memorandum and Supplement as well as seek separate, independent financial advice if required prior to making an investment in the Fund to assess the suitability, lawfulness and risks involved. Emirates NBD Group will not be held liable for actions taken, or not taken, as a result of the publication of this document. This information is not for distribution to the general public but for intended recipients only and may not be published, circulated, reproduced or distributed in whole or part to any other person without the written consent of Emirates NBD Group. Where this information relates to the Fund or an investment product licensed to be marketed, it is directed to persons authorized to invest in the Fund / investment product as applicable, and residing in jurisdictions where the Fund / investment product is authorized for distribution or where no such authorization is required. Prospective investors should be aware that investment in the Fund carries a significant degree of risk. The Fund / investment product is intended for sophisticated investors only who understand the risks involved in inv esting in the Fund / investment product and can withstand any potential loss there from. The Fund / investment product may not be guaranteed and historical performances are not indicative of the future or likely performance and should not be construed as being indicative of or otherwise used as a proxy for the future or likely performance of the Fund / investment products. The value of the investment and the income from it can fall as well as rise as the Fund / investment products are subject to investment ris ks, including the possible loss of the principal amount invested. The information contained herein does not have any regard to the specific investment objectives, financial situation or the particular needs of any person. Furthermore, the Fund contains speci fic geographical and asset class risks, whereby it might be difficult for an investor to realize an investment in the Fund, or to obtain information about performance. All data contained above is source: Emirates NBD, bid to bid with net income reinvested in US Dollar terms. Past performance is not indicative of future performance. The value of investments and the income derived from them may go down as well as up and you may not receive back all the money which you invest. For a full outline on applicable fees, please refer to the Fund’s supplement or term sheet. Kindly note that the terms and conditions of all existing contracts remain unchanged.

Singapore Disclaimer This document is furnished in Singapore by Emirates NBD Bank, Singapore Branch. The offer or invitation of the shares of the sub-funds does not relate to a collective investment scheme which is authorised under section 286 of the Securities and Futures A ct, Chapter 289 of Singapore (the “SFA”) or recognised under section 287 of the SFA. The Sub-Funds are not authorised or recognised by the Monetary Authority of Singapore (the “MAS”) and Shares are not allowed to be offered to the retail public. Any document or material issued in connection with the offer or sale is not a prospectus as defined in the SFA. Accordingly, statutory liability under the SFA in relation to the content of prospectuses would not apply. You should consider carefully whether the invest ment is suitable for you, in terms of your overall investment objectives and risk appetite. The Prospectus of this fund has not been registered as a prospectus with the MAS. Accordingly, this Prospectus and any other document or material in connection with the o ffer or sale, or invitation for subscription or purchase, of Shares may not be circulated or distributed, nor may Shares be offered or sold, or be made the subject of an invitation for subscription or purchase, whether directly or indirectly, to persons in Si ngapore other than (i) to an institutional investor under Section 304 of the SFA, (ii) to a relevant person pursuant to Section 305(1), or any person pursuant to Section 305(2), and in accordance with the conditions specified in Section 305 of the SFA, or (iii) otherwise pursuant to, and in accordance with the conditions of, any other applicable provision of the SFA.

Emirates NBD, London Branch Regulatory Status Notice Emirates NBD, London Branch, authorized and regulated by the United Kingdom Financial Services Authority (“FSA”), acts as a distributor of investment fund products managed by Emirates NBD Asset Management Limited, a company regulated by the Dubai Financial Services Authority (“DFSA”) in the Dubai International Financial Centre (“DIFC”), Dubai, UAE. All such products are classified as unregulated collective investment schemes under FSA regulations. In respect of the introduction to you of Emirates NBD Asset Management products and services, we have classified you as a per se eligible counterparty as you are an investment firm or otherwise regulated for the provision of financial services. As such you will not benefit from the protections afforded to R etail or Professional Clients of this firm. The protections that you are not afforded under this arrangement include, but are not limited to risk disclosure, disclosure of inducements or fees received by us from other parties in respect of this introduction se rvice. Emirates NBD, London Branch will provide you with information on unregulated collective investment schemes and other services offered by Emirates NBD Asset Management (the “Funds”) with a view to you subscribing to those Funds either on your own or on another’s behalf. As such we are making arrangements with a view to your subscription to such Funds. Emirates NBD, London Branch believes that you are a person who falls within Category 7 of rule 4.12.1 of the FSA Handbook and that promotion of such Funds to you is lawful. As you are an eligible counterparty Emirates NBD, London Branch will not consider any matter relating to the suitability or appropriateness of the Funds for you or your Clients or other parties with whom you communicate. You retain the sole responsibility for ensuring that any products or services to which you subscribe for on your own or on another’s behalf or otherwise recommend or arrange are suitable for you and / or your Clients. Subscriptions to the Funds will be made directly with Em irates NBD Asset Management or into the Funds and subject to separate agreement between you and Emirates NBD Asset Management; no monies will be due from you to Emirates NBD London Branch in respect of these introductions. Emirates NBD London Branch receives monies from Emirates NBD Asset Management in respect of the introductions it makes. By accepting the materials we distribute to you, you further indicate your acceptance of the foregoing Notice.