Emirates NBD Group ("Emirates NBD") announces launch of new product: "Emirates Islamic Global Property Fund"

The Fund will be available to investors in the UAE as well as through the priority banking channels of Emirates NBD.

The Fund is the seventh Shari'a compliant fund to be launched through Emirates Funds Limited* and seeks to generate a high and rising income stream and capital growth through indirect investment in global properties and property related securities.

Mr. Jamal Bin Ghalaita, Head of Consumer Banking and Wealth Management at Emirates NBD said:

"We are very delighted by this launch. Our commitment to building an exceptional fund range continues and we look forward to delivering exposure to a new asset class for all our clients. We have successfully managed the Emirates Fund range and believe this will be an appropriate addition to a number of clients' portfolios as investors in the GCC region and beyond recognize the diversification benefits that, until now, had been restricted to a very few".

The Fund, which will be managed by Emirates Investment Services Ltd ("EIS"), the asset management arm of Emirates NBD group and a company licensed and regulated by the Dubai Financial Services Authority, uses an Islamic certificate that derives its returns based on the profit from a reference index linked to the value of physical commercial property and real estate globally.

All return streams from these assets will be generated in a manner compliant with Islamic Shari'a and the Fund will only utilize Shari'a compliant assets within its asset mix.

EIS has partnered with New Star Asset Management to structure this product as the manager of the reference fund to which returns of the Fund will initially be linked.

Mr. Roger Dossett, Chief Executive of Property Fund Management at New Star commented: "The international property market is a market with great potential. We are delighted to be working with Emirates NBD Group and we look forward to continuing and strengthening this relationship".

Mr. Deon Vernooy, EIS Senior Executive Officer, said: "The Fund is believed to be a 'first' in terms of its offering daily liquidity and Shari'a compliant exposure to direct property assets, while focusing on European and Asian direct commercial property. It follows on the heels of the successful Emirates Real Estate Fund, the first Islamic fund run by EIS, which has delivered annualized returns of approximately 16% since its launch in June 2005 with no losing months".

The Fund will interest investors looking for income and some long term capital growth with a risk exposure similar to that associated with property investments.

The Fund is an ideal vehicle for investors looking for exposure to property investments in a manner compliant with Islamic Shari'a.

The Fund is the seventh Shari'a compliant fund to be launched by Emirates NBD since the company set up its Shari'a compliant range in mid-2005.

In less than three years, this range now boasts one of the widest and most comprehensive Islamic fund ranges anywhere. Domiciled in Jersey, Emirates Funds Limited has circa $800m under management and EIS has a further $200m in Islamic discretionary accounts.

EIS's track record has been outstanding with all Islamic funds outperforming their index or relevant peer group.

Product innovation continues to be a key theme and EIS was one of the first managers to launch a Shari'a compliant alternative strategies fund, the Emirates Islamic Alternative Strategies Fund last year.

Key Fund details are as follows:

- Name: Emirates Islamic Global Property Fund
- Shari'a Board: Fatwa and Shari'a supervisory board of Emirates Investment Services Ltd
- Structure: Jersey-registered open-ended Shari'a compliant limited liability investment company
- Manager: Emirates Fund Managers (Jersey) Limited
- Delegate Investment Manager: Emirates Investment Services Ltd, regulated by the Dubai Financial Services Authority (the "DFSA")
- Liquidity: Daily, with no lock-in period
- Bid/offer spread: 3% (maximum 5% as per scheme documents)
- Share classes (AMC): Institutional (I - 1.25%); Sophisticated Investor (R - 1.50%)
- Exit fee: Zero

- EIS has been appointed the Delegate Investment Manager to the Fund by Emirates Fund Managers (Jersey) Limited and Emirates Bank International PJSC.

Due to marketing restrictions imposed upon it by the DFSA, EIS is not permitted to market the Fund from the DIFC. The fund will be sold by third party distributors in the UAE and globally.