Daman announces successful closure of its flagship UAE Value Fund

Notes and media contacts

Daman UAE Value Fund - Facts

• The Daman UAE Value Fund, a 5 year closed ended fund, was launched on July 1, 2001 with an NAV of AED 100 per share. The Fund officially closed on June 30th 2006 with a closing NAV of AED 273.84.

• A total dividend of AED 100 per share has been paid out to the original investors since the Fund's Inception.

• The Daman UAE Value Fund has created history with an uninterrupted quarterly dividend payout since Inception. Through these dividends, the entire initial capital of the original investors was paid back through the life of the fund.

• For each operating year in the life of the Fund, the yield on the dividend declared for Daman UAE Value fund has consistently been superior to the UAE benchmark yields.

• During the 60 months of life of the Fund, the Daman UAE Value fund has witnessed 46 months of positive growth as against 39 positive months of growth for the benchmark NBAD Index.

• The highest full year dividend yield the fund recorded was 8.77% in 2005, when the benchmark NBAD Index dividend yield was 0.81% for FY 2005.

• The NAV of DUV peaked at AED 517.47 on June 30, 2005, its highest for any month during its life.

• The highest single-month increase in NAV was 30.15%, recorded in March 2005.

• In 2005, the NAV registered the biggest yearly increase of 92.02%.

Meanwhile, the NAV of another Daman product, the Arabian Programmed Trading Fund (APTF) was down 8.67% at $76.90 on July 27, 2006. In comparison, the GIC Composite Index during the period fell by 14.14% to 5,929.79. The fund's NAV for the previous month of calculation was US$ 84.20.

About Daman UAE Value Fund
Daman UAE Value Fund is a closed-end, offshore mutual fund focused on the UAE stock market. It was launched on 1st July 2001 with shares valued at a par value of AED 100. The Fund commissioned an independent audit of its Net Asset Value (NAV) at the end of each month, and releases monthly NAV statements. The Fund has announced dividends totaling AED 100 per share since inception, the most recent being AED 21.00 per share for the first quarter of 2006.

Daman UAE Value Fund is a Mauritius-registered public company. The Fund's governance structure is designed to ensure maximum transparency and accountability to shareholders. The Fund, which was originally designed for 3-year life extendable for an extra 2-years, completed its tenure in June 2006

About Arabian Programmed Trading Fund (Facet Arabia)
Arabian Programmed Trading Fund (APTF) Facet Arabia was launched in February 2005. The first GCC computer model aided stock analysis fund, APTF introduced a systematic, non-emotional approach to risk managed investment.
Launched in conjunction with Facet Funds plc, an offshore funds platform regulated by Cayman Islands Monetary Authority and advised by Commander Asset Management Ltd, authorized and regulated by the UK's Financial Services Authority (FSA).

APTF is a Cayman Islands-registered Fund which will utilize Commander Asset Management's proprietary risk analysis programme model in order to effectively advise on the timing of the purchase and sale of individual stocks chosen and managed by Daman. The fund is specifically designed with the ability to hold shares (equity) or cash. Individual positions are sold when conditions dictate and cash is held until a reinvestment opportunity arises in that particular stock. Currently the portfolio consists of 64 stocks from GCC, out of 450+ that have been evaluated. Minimum investment in this Fund is US$1 million. Redemptions are quarterly.

For further details please contact:
Daman Corporate Communications
Tel: +971 4 332 41 40
Fax: +971 4 332 42 40

Or, Arabia PR FZ LLC
Tel: + 971 4 391 12 00
Fax: + 971 4 390 45 11