The Fund Manager does not and cannot guarantee the performance of the Fund, and the past performance of the Fund is not a guarantee of its future performance. Furthermore, it is understood that the Fund Manager does not give any advice and/or warranties, express or implied, and shall in no way be responsible or liable to any party for relying on any information with respect to the matters identified herein. 0.0% 20.0% 40.0% 60.0% 80.0% 100.0% 120.0% 140.0% 160.0% Dec-05 Apr-06 Aug-06 Dec-06 Apr-07 Aug-07 Dec-07 Apr-08 Aug-08 Dec-08 Apr-09 Aug-09 Dec-09 DJ / DIFC Arabia 50 MSCI GCC Index MSCI Arabian Mkts TNI ASSET MANAGEMENT Investor Monthly Newsletter – January 2010 Performance and Strategy Review Market Performance The new year started with some jolts in the regional markets as the results season commenced on a sombre note for the banking sector. Trading values remained flat over the preceding month with the markets pricing in caution with respect to the impending results disclosure. While some markets declined during the month, the best performer in the region was Morocco. Manager’s Comments TNI UAE Blue chip Fund January was a challenging month in the UAE, dominated by volatility and low volumes. Investors remained on the side lines inspite of a limited rebound by end of month. The fund lost 8.4% compared to 9.2% index loss. We maintain a negative view on the banking sector and remain overweight on services and transportation. Cash is limited at 2.8%. TNI MENA REAF The Fund lost 5% in January. The MSCI R.E. Capped Index declined by 5.5% during the month. The Fund remains committed to its Overweight stance in key markets like Saudi Arabia while exercising caution with regards to Kuwait and the UAE, particularly Dubai. TNI MENA Special Sits The fund registered a second consecutive positive monthly performance since the Dubai crisis, with the NAV rising by 1.13%. The Fund’s volatility since inception is 10.12%. The equity portfolio contributed 90% of the performance with the fixed income allocation accounting for the residual. For 2010, we remain cautious with a 37% allocation to money markets that we intend to use for deep value equity calls during the first half of 2010. DJ / DIFC 50 TITANS Index- MSCI GCC Index Regional Performance Performance % MTD YTD DJ Arabia Titans -0.3 -0.3 MSCI Arabia -0.7 -0.7 MSCI GCC 0.1 0.1 The National Investor Headquarters TNI Tower| Zayed 1 st Street Khalidiya| P.O. Box 47435 | Abu Dhabi, |UAE Phone: +971 2 619 2300 Fax: +971 2 619 2400 www.tni.ae Inside this issue: Flat performance in the MENA region for January 2010 Topic of the month: From 2009 to 2010 Other MENA Indices MTD% YTD% Egypt 6.96 6.96 Morocco 7.57 7.57 Tunisia 6.11 6.11 Jordan -1.07 -1.07 Lebanon -3.38 -3.38 MSCI GCC Indices MTD% YTD% Saudi Arabia 2.49 2.49 UAE -9.24 -9.24 Kuwait -5.42 -5.42 Qatar -4.35 -4.35 Oman 2.13 2.13 Bahrain -1.27 -1.27
Transcript
The Fund Manager does not and cannot guarantee the performance of the Fund, and the past performance of the Fund is not a guarantee of its future performance. Furthermore, it is understood that the Fund Manager does not give any advice and/or warranties, express or implied, and shall in no way be responsible or liable to any party for relying on any information
TNI ASSET MANAGEMENT Investor Monthly Newsletter – January 2010
Performance and Strategy Review
Market Performance
The new year started with some jolts in the regional markets as the results season commenced on a sombre note for the banking sector. Trading values remained flat over the preceding month with the markets pricing in caution with respect to the impending results disclosure. While some markets declined during the month, the best performer in the region was Morocco.
Manager’s Comments
TNI UAE Blue chip Fund January was a challenging month in the UAE, dominated by volatility and low volumes. Investors remained on the side lines inspite of a limited rebound by end of month. The fund lost 8.4% compared to 9.2% index loss. We maintain a negative view on the banking sector
and remain overweight on services and transportation. Cash is limited at 2.8%. TNI MENA REAF The Fund lost 5% in January. The MSCI R.E. Capped Index declined by 5.5% during the month. The Fund remains committed to its Overweight stance in key markets like Saudi Arabia while exercising caution with regards to Kuwait and the UAE, particularly Dubai. TNI MENA Special Sits The fund registered a second consecutive positive monthly performance since the Dubai crisis, with the NAV rising by 1.13%. The Fund’s volatility since inception is 10.12%. The equity
portfolio contributed 90% of the performance with the fixed income allocation accounting for the residual. For 2010, we remain cautious with a 37% allocation to money markets that we intend to use for deep value equity calls during the first half of 2010.
DJ / DIFC 50 TITANS Index- MSCI GCC Index
Regional Performance
Performance % MTD YTD
DJ Arabia Titans -0.3 -0.3
MSCI Arabia -0.7 -0.7
MSCI GCC 0.1 0.1
The National Investor
Headquarters
TNI Tower| Zayed 1st Street
Khalidiya| P.O. Box 47435 | Abu
Dhabi, |UAE
Phone: +971 2 619 2300
Fax: +971 2 619 2400
www.tni.ae
Inside this issue:
� Flat performance in the
MENA region for January
2010
� Topic of the month: From
2009 to 2010
Other MENA Indices MTD% YTD%
Egypt 6.96 6.96
Morocco 7.57 7.57
Tunisia 6.11 6.11
Jordan -1.07 -1.07
Lebanon -3.38 -3.38
MSCI GCC Indices MTD% YTD%
Saudi Arabia 2.49 2.49
UAE -9.24 -9.24
Kuwait -5.42 -5.42
Qatar -4.35 -4.35
Oman 2.13 2.13
Bahrain -1.27 -1.27
The Fund Manager does not and cannot guarantee the performance of the Fund, and the past performance of the Fund is not a guarantee of its future performance. Furthermore, it is understood that the Fund Manager does not give any advice and/or warranties, express or implied, and shall in no way be responsible or liable to any party for relying on any information
with respect to the matters identified herein.
MARKETS REVIEW January 2010
The MENA Equity Markets
The regional markets entered the annual results season in January with Saudi companies leading the way in terms of being the first ones to disclose. The trend remained sideways during the month at the regional level as uncertainty surrounding the global economy sustains its grip on capital markets. Liquidity was tight during the first month of the year however compared to January last year, there was significant improvement.
On the Dubai front, sovereign entities are seeking to offload some foreign investments in order to generate liquidity. Bank Muscat has come up as a potential source of such funding for Dubai Holding, which owns 15% of the bank. The holding is valued at about US$ 350m in terms of current prices. On a similar note, EFG Hermes announced that it sold its 28% stake in Bank Audi for US$ 91/share. Some companies in Oman and Qatar took the initiative to be the first ones to go public this year after a lull in capital markets. Mazaya Qatar was the first company to go public as it seeks to raise funds to finance its nascent real estate business.
Commodities experienced a slow start to the year with crude starting the first day of the year at US$ 82 but sliding to US$ 72 by the end of the month. The IEA and OPEC are still cautious in their outlook for oil demand for the current year. With production cuts still in place, the current levels are a blessing for the GCC from the much lower levels seen in 2009.
The corporate results did not offer any shocking surprises during the first month of the year. Growth was concentrated in defensive sectors like Food and Telecoms. Almarai, a Saudi Arabia listed dairy company reported full year net profits of SAR 1.09bn compared to SAR 910m last year. Similarly Agthia, a leading supplier of bottled water in the UAE reported full year net income of AED 104m against just AED 72m during 2008. There was a significant decline in Agthia’s QoQ results, however the management had hinted at margin contraction.
Chart (1): AlMarai quarterly net income in SAR million
162.2
235.2
293.7
219.2197.2
287.1
363.4
249.0
0.0
50.0
100.0
150.0
200.0
250.0
300.0
350.0
400.0
1Q08 2Q08 3Q08 4Q08 1Q09 2Q09 3Q09 4Q09
Chart (2): Agthia quarterly net profits in AED million
18.4 19.5
16.318.0
46.5
29.4
20.2
8.0
0.0
5.0
10.0
15.0
20.0
25.0
30.0
35.0
40.0
45.0
50.0
1Q08 2Q08 3Q08 4Q08 1Q09 2Q09 3Q09 4Q09
Source: Company reports
.
The Fund Manager does not and cannot guarantee the performance of the Fund, and the past performance of the Fund is not a guarantee of its future performance. Furthermore, it is understood that the Fund Manager does not give any advice and/or warranties, express or implied, and shall in no way be responsible or liable to any party for relying on any information
with respect to the matters identified herein.
TOPIC OF THE MONTH January 2010
From 2009 to 2010 As we head into the results season, the global economy continues to be jolted by policy actions and the unveiling of more problems. The month of January ended with Zain Saudi Arabia negotiating the repayment of debt with its creditors. The news came as a surprise as it was the first event in the telecom sector . Across the MENA region, telecom operators boast strong balance sheets, growing income statements and stable dividend payouts. However Zain was a third entrant into an oversaturated Saudi market with two players already reaping the rewards of penetration rates close to 200%. The results season has kicked off with Saudi companies being the first ones to disclose fourth quarter results. The banking sector was afflicted with shrinking profits again due to mounting provisions as concerns surrounding asset quality linger in the region. Moreover, balance sheet contraction also continued unabated, a trend persistent across 2009 as loans were written off and credit off-take came to a halt. Some institutions like SAMBA showed resilience with YoY growth in net income despite a sharp increase in loan loss provisions. Net income for 4Q/09 was SAR 835m, an increase of 1.8% over last year. In the banking sector, growth, if any, is expected largely from spread management. The asset side may be suffering from contraction or stagnation in most markets. However some institutions remain strong on the funding side by way of access to cheap deposits. In the Saudi market, we saw evidence of spread management leading to YoY growth during 2009. In the UAE, the story is slightly different with some banks exposed to the real estate sector through an investment property portfolio. Moreover, NPL, spike has been sharper in the UAE along with provisions. The UAE Central Bank is currently in the process of reviewing provisioning rules for commercial banks. The consumer sector has shown its strength once again through growth in 2009. The first results in this sector were those for Almarai, a Saudi-based dairy company with a large franchise across the region. Revenues and net income for 2009 grew at 16% and 20% to reach SAR 5.9bn and SAR 1,096m respectively. Almarai has used its leverage to expand regionally in the recent past and continues to do so by venturing into the poultry segment in its home market through the recent acquisition of HADCO. We anticipate good results from Agthia too, a UAE-listed company that sells bottled water and other beverages. Zain’s debt issues are an anomaly in an otherwise resilient sector. This is visible from the two Saudi telecom operators which have announced their results. Etihad Etisalat, the second mobile operator in Saudi Arabia announced net income for the fourth quarter of SAR 1.05bn compared to SAR 778m last year. Moreover, the company declared dividends of SAR 1.25/share for 2009. Saudi is a difficult market for a third operator as penetration rates are close to 200%. The largest Saudi operator, STC announced net income of SAR 2.94bn, which amounted to a doubling of YoY profit for the fourth quarter, however it was largely attributable to an extraordinary item. The outlook for the real estate sector remains challenging in the immediate future. Companies in Saudi Arabia are awaiting the enactment of the mortgage law. For the time being, Saudi Real Estate projects are either in development stage or the major developers are earning rental income from modest portfolios. In the UAE, January was a momentous month with the delivery of the Burj Khalifa finally becoming a reality. The sheer scale of the project promises a spike in both unit sales and rental income for Emaar. In Qatar, Barwa and Aqaria’s merger went through however there is little to say about the Qatari real estate sector due to its nascent nature. Egypt has young companies like Palm Hills striving to deliver units in the next few years however the Egyptian exchange offers too wide a variety of sectors for real estate to be particularly appealing. No matter what the outlook for individual sectors in the region, the world as a whole is going through policy implications of the crisis. The US recently proposed more risk regulation for banks, China is finally pondering the prospect of containing its blistering growth, some countries like Norway have already raised benchmark interest rates and the MENA region is focusing on the banking sector to ensure growth in the future. In light of these measures, 2010 could be a year of consolidation for the region and the world as a whole. As the stimulus spending breathes its last and the global economy stands on its own feet, we may see some less inspiring macroeconomic data towards the end of the year. However commodity prices have remained resilient and thus promise liquidity for the GCC.
The Fund Manager does not and cannot guarantee the performance of the Fund, and the past performance of the Fund is not a guarantee of its future performance. Furthermore, it is understood that the Fund Manager does not give any advice and/or warranties, express or implied, and shall in no way be responsible or liable to any party for relying on any information
TNI UAE BLUE CHIP FUND Fact Sheet as of January 28, 2010
Fund Profile
Focus: Although the fund may participate in markets throughout the Gulf Cooperative
Countries (‘GCC’), its investments will be primarily focused on publicly traded equities of UAE
firms with large capitalization, which present a steady and recurrent track record of earnings
growth and have a potential for capital appreciation.
Management Style: The key investment criteria are the company’s financial strengths,
competitiveness, profitability, growth prospects and quality of management. The allocation
will be based on fundamental research and will incorporate a blend of top-down and a
bottom-up analytical approach.
Objective: The fund aims to provide long-term capital appreciation through investing in
equity securities publicly traded, primarily in the UAE, and, to a lesser extent, in other GCC
markets.
Suitability: Units of the Fund are speculative and involve a high degree of risk. The Fund is
therefore designed for sophisticated investors who are able to understand the risks involved
in emerging markets’ equity investments, particularly in the GCC equities.
Asset Allocation Top Holdings
Fund Performance (%)
Monthly Performance (%)
WTD -3.7
MTD -9.2
YTD -9.2
Since Inception -68.8
Value Blend Growth
Large
Medium
Small
Fund Profile
WTD -3.0
MTD -8.4
YTD -8.4
Since Inception -51.2
Fund Facts
MSCI UAE Index (%)
* D u e t o t h e u n a va i l a b i l i t y o f M SC I UA E I n d e x f o r M a y 2 0 0 5 , we h a ve u s e d N BA D UAE I n d e x r e t u rn s f o r t h e s a me p e r i o d .
The Fund Manager does not and cannot guarantee the performance of the Fund, and the past performance of the Fund is not a guarantee of its future performance. Furthermore, it is understood that the Fund Manager does not give any advice and/or warranties, express or implied, and shall in no way be responsible or liable to any party for relying on any information
TNI UAE BLUE CHIP FUND Fund Analytics as of January 28, 2010
Asset allocation by Exchange (%) Deviation by Exchange (%)
Asset allocation by Sector (%) Deviation by Sector (%)
Fund Statistics
Weighted Av. PE Weighted Av. PB Weighted Av. ROE% Market Cap
(AED b)
TNI BCF 8.9 1.1 9.9 11.6
MSCI UAE 9.2 1.0 9.4 11.1
1Y 2Y 3Y Since Inception
Relative Alpha -11.7% 4.1% 6.5% 7.6%
Ann. Return 17.9% -34.1% -14.2% -14.0%
St. Deviation 27.3% 35.8% 34.7% 29.6%
Tracking Error 7.2% 7.6% 8.6% 13.6%
Info. Ratio -1.6 0.5 0.8 0.6
Returns (%) BCF MSCI UAE
1M -8.4 -9.2
3M -24.3 -24.3
6M -13.3 -10.0
1Y 17.9 29.6
3Y -36.8 -50.0
Since launch -51.2 -68.6
Evolution of Yearly Tracking Error -15.3%
-7.4%
7.6%
2.7%
4.8%
-0.7%
2.6%
-1.0%
1.8%
2.1%
-20.0% -15.0% -10.0% -5.0% 0.0% 5.0% 10.0%
The Fund Manager does not and cannot guarantee the performance of the Fund, and the past performance of the Fund is not a guarantee of its future performance. Furthermore, it is understood that the Fund Manager does not give any advice and/or warranties, express or implied, and shall in no way be responsible or liable to any party for relying on any information
TNI MENA REAL ESTATE ACTIVE FUND Fact Sheet as of January 28, 2010
Fund Profile
Focus: the Fund is a sector focused fund mainly targeting investments in equities of real
estate firms publicly traded in the Middle East and North Africa (MENA) official exchanges.
The Fund provides investors with a liquid investment approach to a traditionally illiquid and
capital intensive sector.
Management Style: the key investment criteria are the company’s financial strengths,
competitiveness, profitability, growth prospects and quality of management. The allocation
will be based on fundamental research and will incorporate a blend of top-down and a
bottom-up analytical approach.
Objective: the fund aims to provide long-term capital appreciation through investing in
equity securities of real estate firms publicly traded in the MENA equity markets. Fund
investments can also include private equities of firms expected to list their shares within a 12-
month period, as well as debt instruments issued by MENA real estate firms.
Suitability: Units of the Fund are speculative and involve a high degree of risk. The Fund is
therefore designed for sophisticated investors who are able to understand the risks involved
in emerging markets’ equity investments, particularly in the MENA equities.
Asset Allocation Top Holdings
Fund Performance since Inception
Monthly Performance (%)
Inception Date August 01, 2005
Currency USD
Minimum Inv. $ 100,000
NAV / Unit* US$ 912.907
Initial Fee Up to 3.0%
Management Fee 1.5% annually
Custody / Admin Fee 0.45% annually
Performance Fee 10% subject to High Watermark
Hurdle Rate 3 M LIBOR
Redemption Fee 0% after 18 months
NAV Weekly
Lock-up Period None
Custodian HSBC Bank Middle East Ltd
Administrator Apex Fund Services
Ltd
Auditors Deloitte & Touche
Lawyers Appleby
Net Assets USD 11.8 million
Reuters MENA - TNIMREF
Bloomberg MENA - TNIMERF UH
Domicile Bermuda
Fund Manager C. Ghandour
Fund Profile
Fund Facts
WTD -4.0
MTD -5.5
YTD -5.5
Since Inception -42.8
MSCI Arabian R.E Capped** (%)
Since Inception %
TNI MENA REAF -26.6
MSCI Arabian R.E Capped
-42.8
The MSCI Arabian Real Estate Capped Index was created in a joint effort between MSCI Barra and TNI. Going forward, the Index will be used as a benchmark for the Fund.
The National Investor
Headquarters
TNI Tower | Zayed 1st Street Khalidiya|
P.O. Box 47435 | Abu Dhabi | UAE
Phone: +971 2 619 2300
Fax: +971 2 619 2400
www.tni.ae
*The Fund has been re-domiciled to a Bermuda Segregated Account Company and the showed NAV can be converted to the old NAV by using 0.8039% as a multiplier.
The Fund Manager does not and cannot guarantee the performance of the Fund, and the past performance of the Fund is not a guarantee of its future performance. Furthermore, it is understood that the Fund Manager does not give any advice and/or warranties, express or implied, and shall in no way be responsible or liable to any party for relying on any information
TNI MENA REAL ESTATE ACTIVE FUND Fund Analytics as of January 28, 2010
Asset allocation by Exchange (%) Deviation by Exchange (%)
Asset allocation by Sub-Sector (%) Deviation by Sub-Sector (%)
Fund Statistics
Weighted Av. PE Weighted Av. PB Weighted Av. ROE (%)
Av. Market Cap (US$ b)
MENA REAF 12.4 2.0 8.5 3.7
MSCI Real Estate 16.3 2.1 9.4 2.8
1Y 2Y 3Y Since Inception
Relative Alpha (%) -25.9 1.8 1.7 5.0
Ann. Return (%) 2.4 -28.9 -7.7 -6.7
Volatility (%) 16.8 23.3 24.3 21.9
Tracking Error (%) 11.52 18.4 17.6 19.5
Info. Ratio -2.25 0.1 0.1 0.26
Returns (%) MENA
REAF
MSCI Real
Estate Index
1M -5.0 -5.8
3M -15.8 -15.8
6M -6.5 -6.1
YTD -5.0 -5.8
Since launch -26.6 -42.8
Evolution of Yearly Tracking Error
The Fund Manager does not and cannot guarantee the performance of the Fund, and the past performance of the Fund is not a guarantee of its future performance. Furthermore, it is understood that the Fund Manager does not give any advice and/or warranties, express or implied, and shall in no way be responsible or liable to any party for relying on any information
*MSCI Arabian Markets comparison is used for illustrative purposes only as the MENA market is the Universe of the Fund.
MTD 0.02
YTD 0.02
Since Inception 1.79
US LIBOR 3M (%)
The Fund Manager does not and cannot guarantee the performance of the Fund, and the past performance of the Fund is not a guarantee of its future performance. Furthermore, it is understood that the Fund Manager does not give any advice and/or warranties, express or implied, and shall in no way be responsible or liable to any party for relying on any information
with respect to the matters identified herein.
Equities-
Value
27%
Equities-
Growth
20%Convertibles 9%
Sukuk 6%
Money
Market
37%
Telecom
10%
Real Estate
9%
Financial
14%
Energy
16%Others
14%
Money
Market
37%
TNI MENA SPECIAL SITUATIONS FUND Fact Sheet as of January 31, 2010
Asset allocation by Strategy Asset allocation by Sub-Sector
Statistics since Fund inception
TNI SSF MSCI ARABIA LIBOR (3M)
Monthly. Return 1.13% -0.04% 0.02%
YTD 2010 1.13% -0.04% 0.02%
Since Inception 9.15% -37.89% 1.79%
Ann. Return 6.37% -28.55% 1.26%
Volatility 10.12% 34.41% 0.33%
Sharpe Ratio 0.58 NA NA
Maximum Drawdown -7.52% -56.32% NA
# of Months 17 17 17
% Positive Month 64.71% 47.06% 100%
Best Month 5.00% 15.21% 0.34%
Worst Month -7.52% -22.27% 0.02%
Returns % TNI SSF MSCI Arabia
1M 1.13 -0.04
3M -5.69 -5.47
6M 2.38 0.86
1Y 10.12 17.24
Since Inception 9.15 -37.89
Returns % TNI SSF LIBOR (3M)
1M 1.13 0.02
3M -5.69 0.07
6M 2.38 0.16
1Y 10.12 0.65
Since Inception 9.15 1.79
The Fund Manager does not and cannot guarantee the performance of the Fund, and the past performance of the Fund is not a guarantee of its future performance. Furthermore, it is understood that the Fund Manager does not give any advice and/or warranties, express or implied, and shall in no way be responsible or liable to any party for relying on any information
Index comparison is used for illustrative purposes only.
MSCI Arabian Markets (%) MTD -0.0
YTD -0.0
Since Jan 2007 -22.2
The Fund Manager does not and cannot guarantee the performance of the Fund, and the past performance of the Fund is not a guarantee of its future performance. Furthermore, it is understood that the Fund Manager does not give any advice and/or warranties, express or implied, and shall in no way be responsible or liable to any party for relying on any information
with respect to the matters identified herein.
Equities
45%
ETF
26%
Convert.
20%
Cash
9%Real Estate
22%
Telecom
16%
Banking
9%
Others
44%
Cash
9%
TNI DANA WOMEN FUND Fund Analytics as of January 31, 2010
Asset allocation by Strategy Asset allocation by Sub-Sector
Statistics since January 2007
TNI DWF MSCI AC World MSCI ARABIA AEIBOR
Monthly. Return -2.9% -4.4% -0.0% 0.1%
YTD 2010 -2.9% -4.4% -0.0% 2.3%
Since Jan 2007 -1.4% -22.1% -22.2% 11.3%
Ann. Return -0.5% -7.8% -7.8% 3.6%
Volatility 13.4% 22.4% 28.0% 0.4%
Sharpe Ratio NA NA NA NA
Tracking Error 19.1% 22.4% NA
Info. Ratio 0.4 0.4 NA
Maximum Drawdown
-23.7% -56.2% -62.8% NA
# of Months 37 37 37 37
% Positive Month 49% 49% 46% 100%
Best Month 11.9% 11.4% 15.2% 0.5%
Worst Month -8.2% -19.9% -22.3% 0.1%
Returns % TNI DWF MSCI World
1M -2.9 -4.4
3M -7.2 1.3
6M -3.2 7.6
1Y 5.1 37.6
Since 2007 -1.4 -22.1
Returns% TNI DWF MSCI Arabia
1M -2.9 -0.0
3M -7.2 -5.5
6M -3.2 0.9
1Y 5.1 29.5
Since 2007 -1.4 -22.2
Returns% TNI DWF AEIBOR
1M -2.9 0.1
3M -7.2 0.4
6M -3.2 0.8
1Y 5.1 2.1
Since 2007 -1.4 11.4
The Fund Manager does not and cannot guarantee the performance of the Fund, and the past performance of the Fund is not a guarantee of its future performance. Furthermore, it is understood that the Fund Manager does not give any advice and/or warranties, express or implied, and shall in no way be responsible or liable to any party for relying on any information
Gulf Clearing Company Ali Al Laith +973 1 721 8822 [email protected] Apex Fund Services Peter Hughes +144 1 292 2793 [email protected] HSBC Fund Services Christopher Peter +971 2 615 2227 [email protected]
This “Investor Monthly Newsletter” is confidential to the addressee and should not be disclosed nor distributed to any third party without the prior consent of The National Investor (hereinafter referred to as “TNI” or the “Fund Manager”).
This newsletter is for information and does not constitute a prospectus or offering circular or an offer or invitation to subscribe
for Units or Shares in any of TNI funds. All TNI funds (the “Funds”) are available for subscription only on the basis of the relevant Private Placement Memorandum, Subscription Agreement and Application Form which are available only to investors that satisfy the applicable eligibility criteria for investment.
TNI Funds included in this Newsletter are unregulated funds for the purposes of the United Kingdom Financial Services and Markets Act 2000 (“FSMA”), the promotion of which in the United Kingdom is restricted by sections 21 and 238 of FSMA. Accordingly, no TNI Fund Shares or Units may be offered or sold in the UK other than (i) by a person authorized by the UK Financial Services Authority (the “FSA”) (an “Authorized Person”) in accordance with the Financial Services and Markets Act 2000 (Promotion of Collective Investment Schemes - Exemptions) Order 2001 or the FSA Conduct of Business Rules; or (ii) by a person other than an Authorized Person in accordance with the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005. The Company is not regulated by the FSA and investors will not have the benefit of the FSA Financial Services Compensation Scheme and other protections afforded by FSMA or the rules and regulations made hereunder.
