AFH FUNDS PERFORMANCE USD FUNDS: ALAREEN REAL ESTATE FUND ALDANAT REAL ESTATE FUND MARSA ALSEEF

LSEEF REAL ESTATE FUND EFH GLOBAL SUKUK PLUS FUND

EUR FUNDS ALRAYYAN FUND BADER 7 FUND 1. ALAREEN REAL ESTATE FUND OVERVIEW: 1. THE COUNTRY: The Kingdom of Bahrain is an archipelago of 36 islands that is strategically located at the heart of the Arabian Gulf and is known as the Gateway to the Gulf with its unique accessibility to the rest of the Gulf countries by land, air, and sea, built a reputation as a friendly and hospitable meeting place for travelers, and a bustling centre for merchants and traders. The Kingdom of Bahrain has become the Gulf Hub for Islamic Banking with a continued economic growth supported by healthy liquidity. The Real Estate sector in the Kingdom of Bahrain is in progress due to the developments of the economic and political sector in order to have certain stability and a continuous growth. As for the economy, the sovereign risk has been upgraded by all major rating agencies from A- to A with stable short term and long term outlook. The Kingdom of Bahrain has been ranked the 16th freest economy in the world as published by the Heritage Foundation Wall Street Journal. 2. THE PROJECT: The project consisted of acquiring and developing a land with an area of 245,165 sqm in the suburb of Dahiyat Al Areen located 25 km south of Manama, Kingdom of Bahrain.

Al Areen is a luxurious urban mixed-use health and family tourism development spread over an area of 2 million square meters, and is located on an elevated desert plateau in the southern region of the Kingdom of Bahrain. The core components of the development are the Banyan Tree Desert Spa & Resort and The Lost Paradise of Dilmun Water Park, In addition to the recently announced Al Waha resort at Al Areen and the Domina Hotel & Resort-Al Areen. The project will feature additional development to be announced shortly varying from residential, commercial, hospitality, recreational, and entertainment facilities, and its location is close to the F1 racing circus. The Global Banking Corporation, the asset manager, declared in July 2008 the closing of subscription in AlAreen Real Estate Fund with an amount of USD 130 million in a record time frame of six weeks. UPDATE: The first payment of profit for 2008 was distributed in April 2009. Al Areen Holding Company is proud that investments in the Al Areen development are continuously increasing; this reflects the solid and ongoing commitment from major development companies, such as Rasmal Holding Company, that are taking advantage of the opportunities offered by Al Areen as it is one of the leading tourist attractions in the region. Gulf Holding Company announced in July 2008 that it has successfully completed the entire phase 2 sale of Boulevard North within a week of completion of phase 1 sale. The entire sale value of phase 1 & 2 was USD 65 million. The Real Estate sector in the Kigdom of Bahrain was not affected by the drop in prices such as other Gulf regions and there are expectations to rise in 2010. In June 2009, the construction of the second phase for the Downtown Al Areen project has entered the structural phase.

2. AL DANAT REAL ESTATE FUND

 OVERVIEW: 1. THE COUNTRY: India, currently being one of the leading emerging countries, is expected to become the third largest economy in the world by 2050. Services are currently the major source of economic growth with a structural reform strategy by liberalizing and opening up the economy, increasing the private sector role and enhancing the monetary policy. The Indian Real Estate will have a strong growth in the future due to favorable demographics in the form of a young and increasingly affluent middle class population, increased urbanization and higher disposable incomes result in high demand. Despite the global slowdown, India is expected to be the second fastest growing economy in the Asia Pacific region in 2009. 2. THE PROJECT: The project consisted of acquiring a parcel of land measuring approximately 500 acres to develop an integrated middle-income township in the area of Hanspur within the boundaries of New Delhi, India with a strategically ideal location adjacent to three fast growing cities namely: Ghaziabad, Greater Noida and Noida. Khaleeji Commercial Bank, the asset manager, and Gulf Finance house, one of the most respected investment banks in the Middle East region in terms of quality and innovation of product offering with credit rating upgraded to BBB+ by Capital Intelligence, have developed tremendous experience in project establishment and management. UPDATE: Despite the global slowdown, India is expected to be the second fastest growing economy in the Asia Pacific region in 2009. In the recent financial crisis, Indian financial sector remained largely unaffected due to timely implementation of prudent norms by regulatory authorities which protect financial market from taking heavy exposures in risky assets. In addition, the recent re-election of the ruling party has given a boost to the Financial and Monetary reforms which will positively effect the economy. The land clearances and Registration have been completed by the end of December 2008. The worlds largest architectural firm, HOK International

(Singapore) Private limited has been appointed as design and concept developer for the project. 3. MARSA ALSEEF REAL ESTATE FUND (ISSUE 1 & 2) OVERVIEW: 1. THE COUNTRY: The Kingdom of Bahrain is an archipelago of 36 islands that is strategically located at the heart of the Arabian Gulf in the Middle East and known as the Gateway to the Gulf with its unique accessibility to the rest of the Gulf countries by land, air, and sea, built a reputation as a friendly and hospitable meeting place for travelers, and a bustling centre for merchants and traders. The Kingdom of Bahrain has become the Gulf Hub for Islamic Banking with a continued economic growth supported by healthy liquidity. The Real Estate sector in the Kingdom of Bahrain is in progress due to the developments of the economic and political sector in order to have certain stability and a continuous growth. As for the economy, the sovereign risk has been upgraded by all major rating agencies from A- to A with stable short term and long term outlook even after the economic downturn in the USA with a continued economic growth. Fitch reports that the inflation rate in the Kingdom of Bahrain is the modest one (around 5%) among those in Oman, UAE and Kuwait. The Kingdom of Bahrain has been ranked the 16th freest economy in the world as published by the Heritage Foundation Wall Street Journal. The attractiveness of the real estate in Bahrain is due to the diversified and market oriented Bahraini economy with a tax free environment in addition to changes in regulations supporting real estate ownership by expatriates. 2. THE PROJECT: The project will acquire a parcel of land measuring approximately 2,400 acres to develop an integrated high income township in the Al Seef area located few miles away from Manama, Kingdom of Bahrain. The land is in the northern part of Bahrain with a strategic location very close to the Bahrain International Airport and the Saudi causeway.

The project is a celebration of maritime lifestyle and one of the most exclusive and innovative waterfront projects in the Kingdom of Bahrain with expectations to become the premier waterfront city in the Arabian Gulf. Global Banking Corporation, one of the leading Islamic banks in the kingdom of Bahrain, is the investment manager, placement agent and financial advisor. UPDATE: The project team is being established and recruitment of senior staff has commenced; The pre development project expenses have been approved for launching the project, fitting out the project office, developing the marketing material and others; The piece of land has been acquired and the land deed issued. The preliminary architectural designs and guidelines have been completed with schematic design of precincts and districts to showcase the development potential and facilitate project marketing. The submissions have been received from five internationally well-known architectural firms for the master planning stage which has been scheduled to start in May 2009. 4. EFH GLOBAL SUKUK PLUS FUND OVERVIEW: 1. THE COUNTRY: This fund invests in many countries in the MENA and GCC countries. Each country has responded differently to the global financial crisis by a capital injection in order to increase the adequacy ratios as Qatar did or by shoring up the banking system and covering all customers deposits such as in UAE. These regions have been able to fight off the crisis due to the excess cash on hand and due to some sovereign funds. 2. THE PROJECT: The main objective of this fund, rated A-, is to take advantage of the Sukuk market and purchase sovereign, quasi-sovereign and corporate sukuks that pay periodic return (quarterly basis). The price of these sukuks is now low due to the financial markets worldwide downturn; thus, the potential for a capital gain is high.

This is an open-ended fund highly diversified into different countries and industrial sectors. It is issued by European Finance House Ltd with a good and experienced level of managing fixed income fund. In order to maximize profits to the investor, European Finance House Ltd, the Issuer, has adopted an active management policy where it can reduce exposure and optimize profits by actively trading sukuks. The price of the shares of this fund is valued on weekly basis on Bloomberg either up or down depending on the value of each underlying sukuk available in the fund at valuation date. . UPDATE: This fund is available for purchase on each Thursday of the week for a period of 2 years with minimum lock up period of six months and a relatively acceptable return due to distribution of dividends and capital appreciation. The Net Asset Value has shown an increase in price since the funds inception. The price of the share is USD 10.0404 as at end of June 2009. 5. ALRAYYAN FUND 1. THE PROJECT: The project is an Ijara Fund located in Paris, France, composed of a number of buildings (Ivry, Montrouge, Nanterre and others) let to Well-Known companies like France-Telecom, Electricit de France and others for long periods. All the properties are located in a zone that benefits from excellent road access and good public transportation and are in good state of repair and there is always refurbishment of the older parts. 2. UPDATE:

The period of the project is extended with new conditions and it is now available for sale. Regardless of the underlying gloom, the French economy has recently shown several positive signs by dropping down the unemployment rate, the on-going concern about purchasing power and the positive prospects in the health and administrative services with a rising in the average rent in the Paris region.

Investors still prefer to buy office spaces which accounted for 78% of investment and there is clearly a trend for yields on them to rise in most sectors (between 25 & 50 basis points for the best assets). The average rent in the Paris region is rising gently for new or redeveloped space and significantly for prime space in Paris Center West. 6. BADER 7 FUND 1. THE PROJECT: It is a real estate portfolio established for the purpose of investing in a strategic mix of properties producing rental income in France. The majority of the agreements are long term leases to IBM, ANPE, THALES and others with high rental payments and with excellent covenants. 2. UPDATE: The project is now available for sale for different periods and conditions. All buildings are well located geographically, benefit from excellent communication links, well equipped and are in good state of repair. There are significant increases in the rental income in the Paris region as indicated in the INSEE index (Frances National Institute of Statistics and Economic Studies).