Portfolio Update – March 2012

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.

In 2011, Bindar turned around with a net profit of USD1.5 million, from the net loss of USD345 thousand in 2010. The Board has recommended 3% dividend distribution and a share buyback plan of USD 210k. Bindar maintained quality of loan portfolio with bad debt provisions at 2.5% of total receivables, at the end of Q4 2011. ROE increased from 4.59% in 2008 (the year of investment) to 4.8% in Q4 2011. Over the same period ROA increased from 2.17% to 3.46%, and net interest margin slightly increased from 12.06% to 12.12%. New financing in 2011 increased by 10% over 2010.

Bindar Trading and Investment

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

(in USD '000) Net Interest Income 5,556 3,932 4,249 3,817Net Profit 1,367 1,783 (345) 1,463Net Worth 29,795 30,804 29,046 30,468Total Assets 62,838 48,794 43,157 42,306ROE 4.59% 5.79% -1.19% 4.80%ROA 2.17% 3.65% -0.80% 3.46%

Source: Audited financial statements for 2008-2011

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 FY2011, JOTF achieved marginal growth in net interest income (4% YoY). The principal reasons for the slow growth are decline in earning assets yield by 114bps and slow growth in loan portfolio (9.4% YoY). Between 2008 and 2011 loan portfolio declined by 1.6% per annum and total assets declined at 10.6% per annum. Although the decline is in line with material slow down in credit expansion of the regional financial institutions, the Board has been emphasizing on the management to grow the business through right mix of financing. This resulted in 17.5% increase in (new) financing in 2011. There was no erosion in core capital of the company, despite the impact of the financial market crisis in the region.

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Financial Highlights:

Financial Year Ended 31st December 2008 2009 2010 2011

(in USD '000)

Net Interest Income 4,428 3,370 3,736 3,886Net Profit 1,896 502 2,045 1,988Net Worth 26,459 25,630 27,662 28,102Total Assets 49,811 42,196 41,434 44,538ROE 7.17% 1.96% 7.39% 7.07%ROA 3.81% 1.19% 4.93% 4.46%

Source: Audited financial statements for 2008-2011

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.

PFS has recorded total revenue of USD7.5mn in Q3 FY12 compared to USD5.1mn in Q3 FY11. PAT for the nine month period ending Dec 2011 stood at USD22mn compared to USD8.3mn for the FY 2011. ROA for nine months ended 31st December 2011 is 3.92% compared to 2.18% for the last year. In March 2012, PFS has sold its stake in Indian Energy Exchange Limited (IEX) at more than 16 times the cost. The Company has divested 14.01% stake in IEX at Rs.166.51 per share aggregating to INR 708mn. PFS had subscribed to the shares at face value of Rs. 10 per share and during FY 11 had also divested part stake in IEX at Rs 115.41 per share. Also during Q3 FY12, PFS has concluded the sale of its stake in Ind-Barath Powergencom Limited pursuant to Put Option and has realized a gain of USD 9.76mn.

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Financial Highlights:

Financial Year Ended 31st March 2009 2010 2011 Q3 2012

(in USD '000) YTD

Net Interest Income (1) 438 6,938 8,164Net Profit 1,677 5,659 8,339 21,601Net Worth 119,806 141,399 229,210 214,081Total Assets 123,974 213,239 382,648 352,723ROE 1.40% 4.01% 3.64% 6.46%ROA 1.35% 2.65% 2.18% 3.92%

Source: Audited financial statements for 2009, 2010, 2011 and management accounts for nine months ended 31 Dec 2011 .

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.

Al Manar recorded USD15.7mn of financing revenue during the year 2011, on account of USD50mn operational cash flow, increasing the year end net cash balance by USD6.4mn. The company’s overall profitability for the year 2011 improved to USD5.1mn compared to USD2.7mn in 2010, however impairment losses on the investment portfolio amounting USD 10.8mn accounted for net loss of USD 5.7mn for the year. Net interest margin increased to 12.7% in 2011 from 7.89% in 2010 and the interest spread improved to 1.97% from 0.14% in 2010. The company continued optimizing operational efficiencies by reducing cost overheads by USD0.25mn and cost of funding by 180 bps, while maintaining selling prices, to aggregate 60% increase in net interest margin.

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

(in USD '000) Net Interest Income 16,807 13,275 13,636 11,690Net Profit 11,475 (14,511) 2,709 (5,692)Net Worth 135,809 116,190 121,120 116,537Total Assets 428,064 282,629 212,715 180,739ROE 8.45% -12.49% 3.91% -4.88%ROA 2.68% -5.13% 1.99% -3.15%

Source: Audited financial statements for 2008-2011

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.

Finance income for the period April to December 2011 stood at USD23.94mn and net profit at USD1.6mn compared to USD27.2mn and USD10.9mn for the same period last year, respectively. ROE reduced from 5.8% for FY 2011 to 0.9% for the period ending Q3 2012. Over the same period ROA declined from 3.7% to 0.7%, and net interest margin declined from 10.2% to 9.4%. The decline is largely attributable to increase in provisions on overdue accounts, reduction in interest rate ceilings by CBK for retail customers and increased competition from banks. New financing for the period April-Dec 2011 was USD138.6 compared to USD140.6mn for the same period last year.

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

(in USD '000) Q3Net Interest Income 37,646 36,381 31,394 21,211Net Profit 11,022 18,454 14,810 1,592Net Worth 208,638 227,529 252,955 257,391Total Assets 436,245 377,878 390,926 377,035ROE 5.28% 8.11% 5.85% 0.87%ROA 2.53% 4.88% 3.79% 0.70%

Source: Audited financial statements for 2009, 2010, 2011 and management accounts for nine months ended 31 st Dec 2011 and 31st Dec 2010.

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 2011, Net interest income reached USD9.2mn for 2011, which is 26% higher than 2010. Net interest margin improved to 7.3% in 2011 from 6.7% in 2010. The company’s net profit has more than doubled to US$15.7mn for 2011 from US$6mn for 2010, leading to corresponding improvement in ROE to 11% in 2011. Accordingly, ROA doubled to reach 8% in 2011 from 4% 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:Financial Year Ended 31st December 2009 2010 2011

(in USD '000) Net Interest Income 3,286 7,334 9,221Net Profit (6,337) 6,076 15,690Net Worth 120,968 127,071 134,813Total Assets 139,366 158,801 186,935ROE -5.24% 4.78% 10.81%ROA -4.55% 3.83% 7.96%

Source: Audited financial statements for 2009-2011

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 from the set back of 2010 to earn net profit of US$258 thousand against net loss of US$11.0 million in 2010, caused by enormous impairment of over US$11 million. Net interest margin (NIM) increased from 1.63% in 2010 to 1.72% in 2011, despite the fact that cost of fund (CoF) increased by 42 bps YoY. It was achieved through a 6.5% growth in earning assets and 15bps growth in earning assets yield. As per the directives of the central bank, AFB had to provide 50% on its investment in its subsidiary Safeena Ltd., a private equity venture to finance a marine vessel. The provision was warranted due to deterioration in the financial condition of a key cash generating counterparty. The total provision amount is RM 8.1 million.

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Financial Highlights:

Financial Year Ended 31st December 2008 2009 2010 2011(in USD '000)

Net Interest Income 4,308 6,891 9,909 9,453Net Profit (4,544) 461 (10,989) 258Net Worth 93,452 95,525 124,378 150,099Total Assets 526,217 605,233 727,177 768,608ROE -4.86% 0.48% -8.83% 0.17%ROA -0.86% 0.08% -1.51% 0.04%

Source: Audited financial statements for 2008-2011.

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.

The bank recorded net losses of BD3.37mn versus a budgeted profit of BD1.3mn during the year. However, the Bank continued to report the second consecutive quarter of operating profits with BD1.2mn of profit in Q3 2011 and BD0.6mn in Q4 2011, resulting in an operating profit (before provisions) of BD2.4mn for the year. Furthermore, net interest income reduced by 19.4% to USD29.8mn, while total income increased by 11.0% due to income from trade finance and others fees. As of December 2011, capital adequacy stood at 19.4% compared to 19.7% in December 2010, which continues to qualify BMI amongst the top tier banks in Bahrain in terms of capital adequacy.

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

(in USD '000) Net Interest Income 33,411 37,873 36,963 29,774Net Profit (7,907) (44,936) (67,512) (12,787)Net Worth 341,060 298,732 229,090 218,996Total Assets 2,161,395 1,786,089 1,566,007 1,569,981ROE -2.32% -15.04% -26.62% -4.14%ROA -0.37% -2.52% -4.19% -0.59%

Source: Audited financial statements for 2008-2011

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 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 2011, IBK’s net income increased from USD 28.6mn to USD 30.1mn, attributable to reduction in loan provisions. The bank’s net interest income decreased by 11.8% with decrease in the loan portfolio by 2.3% due to conservative lending policies pursued in the wake of sluggish growth in the Kuwait Economy. For 2011, IBK’s board has recommended cash dividend of KD2 per share (GMFA will receive USD 360k of dividend income). 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 2008 2009 2010 2011

(in USD ‘000)Net Interest Income 82,465 65,407 61,432 54,691Net Profit 34,161 10,623 28,618 30,112Net Worth 716,051 671,981 722,259 745,417Total Assets 2,073,553 2,196,251 2,162,242 2,340,774ROE 4.77% 1.58% 3.96% 4.04%ROA 1.65% 0.48% 1.32% 1.29%

Source: Audited financial statements for 2008-2011

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. Furthermore, gross written premium witnessed 21% growth in Dec 2011 compared to the same period last year, recording total premium of US$17.3mn. Liquidity in the participant fund increased from US$835k in Dec 2010 to USD1.4mn in Dec 2011 reflecting improved portfolio quality, and collection process. On the other hand, insurance operations witnessed net deficit of USD2.5m compared to nominal profit in 2010. Losses are largely attributable to lower than expected performance in the medical insurance business segment.

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

(in USD '000) Gross Premiums 21,057 15,769 14,244 17,305Net Profit (8,334) (5,318) (2,514) 1,534Net Worth 57,866 49,821 49,012 50,687Total Assets 59,055 52,720 51,968 52,421ROE -14.4% -10.7% -5.1% 3.0%ROA -14.1% -10.1% -4.8% 2.9%

Source: Audited financial statements for 2008-2011

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 eleven months of FY 2011-12, ended February 2012, gross written contributions increased by 5.5% compared to the same period last year. Also, participants fund witnessed first time profits since inception amounting USD 397,000 during the period April 2011 to Feb 2012. Furthermore, during the same period, general expenses remained below the budget. The Shareholders Fund witnessed a profit of USD 209,000 after allowing for the reduction in NAV of an investment fund.

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

(in USD '000) 15mths 12mths 12mths 11mths

Gross Contributions 37,619 44,290 58,492 61,318Net Profit 1,154 (19,578) (1,377) 209Net Worth 172,976 163,150 161,769 160,183Total Assets 174,427 163,150 170,058 164,867ROE 0.67% -12.8% -0.8% 0.13%ROA 0.66% -12.8% -0.8% 0.13%

Source: Audited financial statements for 2009-2011

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