Portfolio Update – December 2011

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GMFA NAV S&P GCC Large Cap Index

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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 2008Company Website: www.bindar-jo.com

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 2010. 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 Q3 2011. Over the same period ROA increased from 2.17% to 4.45%.

Bindar Trading and Investment

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Financial Highlights: YTDFinancial Year Ended 31st December 2008 2009 2010 2010 2011

(in USD '000) 9mths 9mthsNet Interest Income 5,556 3,932 4,249 2,765 2,815Net Profit 1,367 1,783 (345) 548 1,412Net Worth 29,795 30,804 29,046 30,747 30,300Total Assets 62,838 48,794 43,157 49,835 42,364ROE 4.59% 5.79% -1.19% 1.78% 6.22%ROA 2.17% 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 2008Company Website: www.jtf.com.jo

Background and Performance: Jordan Trade Facilities Company (“JOTF”) was listed on the Amman Stock Exchange in 2001. 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 2010. 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 2011.

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Financial Highlights: YTDFinancial Year Ended 31st December 2008 2009 2010 2010 2011

(in USD '000) 9mths 9mths

Net Interest Income 4,428 3,370 3,736 2,809 2,847Net Profit 1,896 502 2,045 1,771 1,500Net Worth 26,459 25,630 27,662 27,492 27,329Total Assets 49,811 42,196 41,434 42,820 42,912ROE 7.17% 1.96% 7.39% 8.59% 7.32%ROA 3.81% 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 2011Company Website: www.ptcfinancial.com

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 FY2011-12 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 Q2 2011 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.

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Financial Highlights: YTDFinancial Year Ended 31st March 2009 2010 2011 2011 2012

(in USD '000) 6mths 6mths

Net Interest Income (1) 438 6,938 3,392 3,943Net Profit 1,677 5,659 8,339 5,637 6,908Net Worth 119,806 141,399 229,210 146,935 214,081Total Assets 123,974 213,239 382,648 266,407 352,723ROE 1.40% 4.01% 3.64% 7.68% 6.46%ROA 1.35% 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 2008Company Website: www.almanar.com.kw

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 Q3 2010 to 4.86% in Q3 2011. Over the same period ROA increased from 1.99% to 3.11%.

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Financial Highlights: YTDFinancial Year Ended 31st December 2008 2009 2010 2010 2011

(in USD '000) 9mths 9mthsNet Interest Income 16,807 13,275 13,636 10,227 8,781Net Profit 11,475 (14,511) 2,709 3,536 4,672Net Worth 135,809 116,190 121,120 120,670 128,134Total Assets 428,064 282,629 212,715 237,098 200,222ROE 8.45% -12.49% 2.24% 3.91% 4.86%ROA 2.68% -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 2008Company Website: www.alsoorfinance.com

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 2011-12, 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 2011.

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Financial Highlights: YTDFinancial Year Ended 31st March 2009 2010 2011 2011 2012

(in USD '000) 6mths 6mthsNet Interest Income 37,646 36,381 31,394 15,662 10,864Net Profit 11,022 18,454 14,810 6,985 5,787Net Worth 208,638 227,529 252,955 240,018 263,713Total Assets 436,245 377,878 390,926 382,897 386,296ROE 5.28% 8.11% 5.85% 5.82% 4.39%ROA 2.53% 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 2009Company Website: www.daraltamleek.com

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 2010. 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.

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Financial Highlights: YTDFinancial Year Ended 31st December 2009 2010 2010 2011

(in USD '000) 9mths 9mthsNet Interest Income 3,286 7,334 5,361 7,540Net Profit (6,337) 6,076 4,664 12,112Net Worth 120,968 127,071 125,649 145,164Total Assets 139,366 158,801 141,107 197,098ROE -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 2008Company Website: www.asianfinancebank.com

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 2010.

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Financial Highlights: YTDFinancial Year Ended 31st December 2008 2009 2010 2010 2011

(in USD '000) 9mths 9mths

Net Interest Income 4,308 6,891 9,909 7,628 8,044Net Profit (4,544) 461 (10,989) (4,366) 1,282Net Worth 93,452 95,525 124,378 102,231 150,140Total Assets 526,217 605,233 727,177 667,661 681,304ROE -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 2011.

Asian Finance Bank

GMFA Stake: 10.0%Investment Date: July 2008Company Website: www.bmibank.com.bh

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.

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Financial Highlights: YTDFinancial Year Ended 31st December 2008 2009 2010 2010 2011

(in USD '000) 9mths 9mthsNet Interest Income 33,411 37,873 36,963 28,014 24,449Net Profit (7,907) (44,936) (67,512) (46,879) (10,428)Net Worth 341,060 298,732 229,090 249,762 218,201Total Assets 2,161,395 1,786,089 1,566,007 1,582,552 1,535,415ROE -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 2008Company Website: www.ibkuwt.com

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 ’.

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Financial Highlights:Financial Year Ended 31st December 2007 2008 2009 2010

(in USD ‘000)Net Interest Income 77,927 82,465 65,407 61,432Net Profit 86,564 34,161 10,623 28,618Net Worth 785,324 716,051 671,981 722,259Total Assets 2,095,548 2,073,553 2,196,251 2,162,242ROE 11.02% 4.77% 1.58% 3.96%ROA 4.13% 1.65% 0.48% 1.32%

Source: Audited financial statements

Industrial Bank of Kuwait

GMFA Stake: 18.2%Investment Date: July 2008Company Website: www.gulftakaful.com

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.

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Financial Highlights: YTDFinancial Year Ended 31st December 2008 2009 2010 2010 2011

(in USD '000) 9mths 9mthsGross Premiums 21,057 15,769 14,244 10,242 12,844Net Profit (8,334) (5,318) (2,514) (461) 1,919Net Worth 57,866 49,821 49,012 51,438 52,301Total Assets 59,055 52,720 51,968 55,428 54,451ROE -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 2010Company Website: www.alfajerre.com

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 2011-12, 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 2012. 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.

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Financial Highlights: YTDFinancial Year Ended 31st March 2009 2010 2011 2011 2012

(in USD '000) 15mths 12mths 12mths 8mths 8mthsGross Contributions 37,619 44,290 58,492 29,172 28,173Net Profit 1,154 (19,578) (1,377) 842 (506)Net Worth 172,976 163,150 161,769 155,042 158,402Total Assets 174,427 163,150 170,058 160,300 165,550ROE 0.67% -12.8% -0.8% 0.54% -0.3%ROA 0.66% -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, CFAManaging PartnerGlobal Capital Management Ltd.

T: +965 2295 1201F: +965 2295 1268

Global Capital Management Ltd.,100% subsidiary of Global Investment House KSCCGlobal Tower,Sharq, Al Shuhada’a Street,Kuwaitwww.globalinv.net