Fund increases by more than 13.01 per cent in first four months of 2004

The per unit NAV of Daman UAE Value Fund as on 30th April 2004 had risen to AED 165.21, against the 1st January 2004 NAV of AED 149.06 per unit. During April, the NAV had risen by AED 5.17 per share or 3.23% from AED 160.04 as of 1st April 2004.

Daman UAE Value Fund has been consistently performing well and has showed a growth of almost 41 per cent for the financial year 2003. The Fund enjoys a track record of almost three years. During its 34 months of operations, the Fund has registered 31 months of positive growth. The benchmark NBAD index in comparison has registered only 23 months of positive growth during the same period.

Al Daman's flagship Fund closed its third financial year on 31st of March 2004 showing a total growth since inception of 86.54 per cent, which is equivalent to an annualised return of 31.47 per cent.

Another major offering from Al Daman is the recent IFA Khaleeji Fund that it launched in association with IFA and Univest groups of Kuwait. The NAV of the IFA Khaleeji Fund as of 30th April 2004 stood at US $96.56. The regional Fund provides a single entry vehicle for regional and international investors into the six GCC markets and Iraq.