GCC Funds

Currency:

US Dollars

Inception Date:

August 1999

Investment Objectives:

The fund is designed to deliver:

• Absolute annual returns in the range of LIBOR +4% to LIBOR +8%.
• Returns with low volatility (3% - 5%).
• Returns independent of the general direction of the traditional equity, fixed income and credit markets.
• Capital preservation in negative market conditions with a potential to deliver positive results.

Investment Program:

A fund of Hedge Funds well diversified across a broad mix of styles and strategies. The fund is over weighted in the lower risk categories of Relative Value and Event Driven. It also has a permanent allocation to short sellers as a portfolio Hedge. The fund is currently invested with 32 investment managers.

Investment Opportunity:

Given low fixed income yields and highly volatile equity markets, the fund provides valuable diversification benefits by seeking attractive absolute returns with low volatility and correlation to the traditional markets.

Currency:

US Dollars

Inception Date:

July 2002

Investment Objectives:

The fund is designed to deliver:

• Absolute annual returns in the range of LIBOR +6% to 10%.
• Returns with low volatility (5% - 7%).
• Returns with low correlation to the general direction of the traditional equity, fixed income and credit markets
• Down side protection in negative market conditions.

Investment Program:

A fund of Hedge Funds well diversified across a broad mix of styles and strategies. The fund aims to achieve a higher rate of return than the Alternative Strategies Fund and will therefore, be less constrained by volatility and correlation objectives.

Investment Opportunity:

Given low fixed income yields and highly volatile equity markets, ASF Plus provides investors with valuable diversification benefits by seeking attractive absolute returns with relatively low volatility and correlation to the traditional markets.

Currency:

US Dollars

Inception Date:

July 2002

Investment Objectives:

The investment objective of the fund is to achieve long-term capital growth through investment in a globally diversified equity portfolio and to achieve competitive returns over a complete market cycle as measured against MSCI world index.

Investment Program:

The Investment Manager seeks to achieve this objective by allocating the fund’s assets among third party investment sub-advisers employing as a group, variety of equity related strategies. The selection will be based on skill, competitive advantage and strong long-term record. The Investment Manager will balance their strength to create a diversified array of investment professionals. Currently, the fund’s assets are invested among 5 investment sub-advisers.

Investment Opportunity:

Investors will benefit from attractive valuations resulting from the sharp decline in global equities over the past three years and intelligently gain an equity exposure.

Currency:

US Dollars

Inception Date:

September 2002

Investment Objectives:

• Income / Stability
• Annual returns of Libor +6% for subordinated note holders.
• Semi-annual distributions

Investment Program:

• Leveraged and managed high Grade Credit Structure
• Multi-sector including: Corporate, Financials, ABS
• High Diversity across 33 Industry and 130 Obligors
• High Quality with average rating of A+

Investment Opportunity:

High-grade credit is an important portfolio diversifier providing income that is resilient to adverse economic cycles.

Currency:

US Dollars

Inception Date:

November 2005

Investment Objectives:

• Income / Stability
• Annual returns of 11.25% for subordinated note holders.
• Quarter distributions

Investment Program:

• The first managed CDO using the “pay-as-you-go” credit default swap of ABS.
• 100% of assets are investment grade ABS.
• Restricted, defensive management aimed at avoiding defaults and protecting investor value.

Investment Opportunity:

• Efficient exposure to the ABS Market by minimizing interest rate risk and ramp up uncertainty.
• Provide diversification and an attractive risk/return profile.

Currency:

US Dollars

Inception Date:

December 2005

Investment Objectives:

The fund is designed to deliver:

• Capital appreciation through investments in securities listed in US, Europe and Asian equity markets.
• Achieve competitive returns over a complete market cycle period

Investment Program:

• To be carried out by the Investment Manager and third party funds if appropriate.
• Top-down and bottoms up approach relying on research based fundamentals.

Investment Opportunity:

• Portfolio diversification through Regional allocation.
• Value added through Country and sector rotation within real estate.