Oman Premier FundPresentation

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Oman Equity Markets

Change during 4Q2014 Year to Date (% )Financial Index -15.60% -3.70%Industrial Index -9.20% -7.50%Services Index -6.40% -2.80%MSM30 Index -12.00% -3.70%

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Possible impact of oil price fall on Govt budget

Government in process to address the gap

Oman Budget (RO m)2014E @ 95/ bbl

2015E @ USD 65/ bbl

2015E @ USD 85/ bbl

RevenuesOil Revenue 10,093 6,905 9,030Gas Revenue 1,390 1,500 1,500Other Current and Capital Revenues 2,050 2,050 2,050Total Revenues 13,533 10,455 12,580

ExpenditureCurrent Expenditure (Defense, Oil & Gas, Civil Ministries) 7,936 7,322 7,322Investment Expenditure (Education, health, housing, etc) 2,787 4,525 4,525Participation/Support of domestic, regional and int'l institutions 1,665 211 211Others 1,500 1,442 1,442Increase on account Standardization of Ministry Grades 900 900 900Total Expenditure 14,789 14,400 14,400

Surplus/ (Deficit) -863 -2,882 -1,820

Key AssumptionsDaily Avg Production 945,000 945,000 945,000

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Stable Corporate Performance

Earnings have been mostly in line

Positive Surprise: Nawras, National Bank of Oman

Negative Surprise: Oman Cement, Raysut Cement

Valuations

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Source: Bloomberg

Dividend yield of Oman is at 4.7% - attractive for investors

PE 14E PE 15E PB 14E Div Yield 14ES Arabia 13.7 12.2 2.9 4.3UAE 13.6 11.7 2.1 3.8Qatar 14.6 12.9 2.6 4.2Kuwait 16.1 15.7 1.7 3.6Oman 10.8 9.8 1.9 4.9Bahrain 10.2 9.9 1.4 4.9

Oman strategy 2015

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Sector Outlook For Against

Telecom OW Subscriber growth, Data business growth , Dividend yields

Royalty hike, cost pressures

Banking NW Retail loan growth, Interest rate hike, Cheap valuations

Tighter Liquidity, low fee income

Cement UW Volume growth , Dividend yields Cost increase, UAE imports

Industrials NW Volume growth, presence in export markets

Higher costs , competition

Oil marketing OW Stable growth in retail volumes , Dividends

Slowdown on commercial business

Power UW Dividend No earnings growth

Contracting UW Tender awards, preference to local players

Cost pressures, competition

Holding UW Dividend Volatile earnings

Marine NW Stable charter rates and long term contracts

Slowdown in exploration activities

Oman Premier Fund - Summary of terms

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Fund Oman Premier Fund

Fund Manager Muscat Capital LLC

Objective The Fund’s objective is to offer a medium to long term capital appreciation through investment principally in securities listed on the Muscat Securities Market, in the Sultanate of Oman. To achieve this objective, the Fund will act as a feeder fund subscribing to the units of Muscat Fund- an open-ended investment fund established under the laws of the Sultanate of Oman and registered with CMA, Oman.

Benchmark Index MSM 30 Index in the Sultanate of Oman

Investment Strategy The Fund Manager invests the subscription amount into the units of Foreign Fund. The Foreign Fund will invest principally in equity securities and equity related instruments such as convertible bonds and warrants. At least 80% of the Foreign Fund’s assets will be invested in securities that are part of the MSM30 Index. The rest 20% of the Fund’s assets can be invested into securities that are not part of the MSM 30 index.

Unit price at inception

SAR 100.

Date of Inception The Fund was launched on 29 May 2011

Fund Term Open-ended

Minimum Subscription

SAR 10,000

Summary of terms - continued

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Business Day Days on which banks are open for business in both Saudi Arabia and Oman. 12 Noon is the cut off time.

Fees Management Fee: The Investors will be subject to an annual Management Fee from the Fund and / or the Foreign Fund. The total of such management fees shall not exceed 1.25% per annumCustodian Fee : 0.08% p.aAdministrator Fees: 0.15% p.aSubscription Fee : Up to 2% of subscription amount

Legal Advisors Hourani & Associates, In affiliation with Meshal Al Akeel

Fund Auditors KPMG Al Fozan & Al Sadhan

Fund Board Dr. Yasser bin Mohammed Al Harby- Independent Board Member Saleh AlHammad - Independent Board MemberAbdullah Al HinaiAbdul Wahid Al-MurshidiSalah Saleh Sultan

CMA Authorisation No. 08096-37

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Muscat Fund and Oman Premier Fund (as on 28 Dec 2014)

Company % of Assets Oman Tel. 10.6Bank Muscat 9.6Raysut Cement 8.4Ooredoo 7.9Bank Dhofar 7.5National Bank Of Oman 6.0Bank Sohar 5.8Al-Ahli Bank 5.0Renaissance Services 4.4Oman Cement 3.9

Top 10 Holdings

YTD 1 Year 3 Years 5 Year Muscat Fund -3.51% -3.13% 21.60% 13.41% MSM 30 Index -5.83% -5.46% 13.33% 3.86% OPF -10.6% -10.1% 10.7% N.A

The information and any disclosures provided herein are in summary form and have been prepared for informational purposes. The information and any disclosures provided herein may be considered confidential. Any use, distribution, modification, copying, forwarding or disclosure by any person is strictly prohibited. The information and any disclosures provided herein do not constitute a solicitation or offer to purchase or sell any security or other financial product or instrument. The current performance may be unedited. Past performance does not guarantee future returns. There can be no assurance that any portfolio or fund will achieve any targeted rates of return, and there is no guarantee against the loss of your entire investment.

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