Richard Melson

April 2006

SHUAA Capital

www.shuaacapital.com

Head Office:

Level 28, Emirates Towers
Sheikh Zayed Road
Dubai, United Arab Emirates

Telephone:

Switchboard +971 (4) 330-3600

UAE Toll-Free 800-4665

Fax +971 (4) 330-3550

www.shuaacapital.com

Email:

General inquiries info@shuaacapital.com

Debt Asset Management dam@shuaacapital.com

Equity Asset Management eam@shuaacapital.com

Corporate Finance corporatefinance@shuaacapital.com

Capital Markets capitalmarkets@shuaacapital.com

Portfolio Advisory Services brokerage@shuaacapital.com

Custody & Clearing clearing@shuaacapital.com

Marketing marketing@shuaacapital.com

Legal legal@shuaacapital.com

Sales sales@shuaacapital.com

Private Equity privateequity@shuaacapital.com

Research research@shuaacapital.com

Shareholder Relations shareholderrelations@shuaacapital.com

Human Resources humanresources@shuaacapital.com

Webmaster webmaster@shuaacapital.com

Research:

The SHUAA Capital research department

has developed a number of powerful research tools in its effort to best cover the capital markets of the region. They include what is considered to be one of the most comprehensive corporate databases of over 700 regional listed companies across 12 Arab markets (CDASH), containing company profiles, detailed and regularly updated financial reports, corporate actions, historical price series and all other relevant information pertaining to these companies, including major shareholders and management. The database has proven invaluable to our asset management and corporate finance activities, as it has equipped us to be the most informed investment bank in the region.

SHUAA Capital has also developed the most comprehensive family of regional market Indices, covering 12 equity markets of the region individually and collectively in regional, sub-regional and sector indices (Arab, GCC, Levant and North Africa) both in local currency and US Dollar terms; in addition to free float indices that track and eliminate government, strategic and cross holdings in listed companies.

Among the most recent additions to the SHUAA Capital indices have been the SHUAA Capital Arab Islamic Index, which tracks Sharia compliant companies listed in the Arab region, and the SHUAA Capital Arab Bond Index, which is the first index in the region to track Arab government bonds and fixed income instruments. SHUAA Capital is also a data provider to the Dow Jones DIFC Arabia Titans 50 index.

The research department at SHUAA Capital also produces a wide range of regional market recognized research Publications which cover corporate performances, economic indicators, and investment recommendations.

For more information, contact:

Walid Shihabi
Head of Research
wshihabi@shuaacapital.com

SHUAA Capital

April 10, 2006

SHUAA Capital's Daily Equities Brief.

Dear Richard Melson,

Good day.

Please find attached the new issue of:

SHUAA Capital's Daily Equities Brief.

Should you wish to unsubscribe from this email list,

please forward this email to subscriptions@shuaacapital.com

with the body: "Unsubscribe Daily Equities Brief".

Should you require more information please visit:

www.shuaacapital.com or contact us at:

Tel: +(971 4) 330-3600 Fax: +(971 4) 330-3550

Kind Regards,

Research Department research@shuaacapital.com

SHUAA Capital p.s.c

SHUAA Capital

Daily Equities Brief as at 4/10/2006

Attachment: SHUAA(DailyEquitiesBrief)(2192).pdf (0.09 MB)

research@shuaacapital.com

Monday, April 10, 2006

Dear Richard Melson,

Good day. Please find attached:

The latest Fact Sheet of The Arab Income Fund.

Should you wish to unsubscribe from this email list,

please forward this email to:

subscriptions@shuaacapital.com with the body: "Unsubscribe TAIF".

Should you require more information please visit:

www.shuaacapital.com or contact us at:

Tel: +(971 4) 330-3600

Fax: +(971 4) 330-3550 Kind Regards,

Debt Asset Management Department

dam@shuaacapital.com SHUAA Capital p.s.c

The information contained in our website and updates is not intended to be an offer, or a solicitation of an offer, to buy or sell securities. The information and opinions contained therein have been compiled or arrived at in good faith from sources believed to be reliable. No warranty is made as to the accuracy or completeness of the information contained therein. All opinions expressed therein are subject to change without notice.

SHUAA Capital

TAIF Fact Sheet - English as at 3/23/2006

Attachment: SHUAA(TAIFFactSheet-English)(2164).pdf (0.10 MB)

Thursday, March 23, 2006

Dear Richard Melson, Good day.

Please find attached:

The latest Fact Sheet of Kuwait Gateway Fund.

Should you wish to unsubscribe from this email list,

please forward this email to subscriptions@shuaacapital.com

with the body: "Unsubscribe KGF".

Should you require more information please visit:

www.shuaacapital.com or contact us at:

Tel: +(971 4) 330-3600 Fax: +(971 4) 330-3550

Kind Regards,

Equity Asset Management eam@shuaacapital.com

SHUAA Capital p.s.c

SHUAA Capital

Kuwait Gateway Fund - English as at 3/19/2006

Attachment:

SHUAA(KuwaitGatewayFund-English)(2140).pdf (0.33 MB)

Sunday, March 19, 2006

Dear Richard Melson,

Good day.

Until only a few days ago, the Saudi Arabian equities market was being flaunted as the exception among markets in the GCC, and for that matter, the world. The market had witnessed a gain of over 20% within the first two months of the year, while neighboring, and equally lofty, markets of the UAE and Qatar where witnessing severe corrections over the same period. But history has proven that markets do not remain exceptions for long. The market recently lost almost 10% from its peak in a matter of two days, and looks set to witness further volatility. We present our assessment on the prospects of the market in the medium term, and our expectations on the size and severity of the impending correction in the following note. .

Should you require more information please visit:

www.shuaacapital.com or contact us at:

Tel: +(971 4) 330-3600 Fax: +(971 4) 330-3550

Kind Regards,

Research Department research@shuaacapital.com

SHUAA Capital p.s.c

SHUAA Capital

Strategy Note as of 3/2/2006

Attachment: SHUAA(StrategyNote)(2116).pdf (0.41 MB)

Thursday, March 2, 2006