FAB Portfolio Performance Report

FAB

Private Wealth Management

Portfolio
Performance
Report

03/01/2023 – 20/03/2026

Prepared For

Al-Rashid Family Trust

Relationship Manager

Ahmed Al Mansouri

Portfolio

125-0000-SC

Generation Date

20/03/2026

Strategy: Multi Assets SAA: Moderate Growth v2 Risk profile: Moderately high Benchmark: S&P 500 Index Annual Review Due Date: 23/06/2026

WTD -0.31% ▼

|

MTD -2.43% ▼

|

QTD 1.14% ▲

|

YTD 1.14% ▲

|

Since inception 2.82% ▲

Table of Contents

Account Structure02

Portfolio Summary03

Activity Summary04

· Portfolio Performance05

· Asset Class Overview06

Received Income and Expense Summary07

Fixed Income Overview08

Top and Bottom Performers09

All Holdings10

Accrual Breakdown11

· Net Contribution: Deposits & Withdrawals11

Holistic View12

Mandate Compliance13

· Additional Information13

Account Structure

Trust Name

Al-Rashid Family Trust

Trust Deed Date

8 January 2022

Settlor

Khalid

Trustee

FAB Private Wealth Management

Beneficiary Schedule	Beneficial Interest
Hessa	55%
Amma	15%
Aleaseya	15%
Saqr	15%
Total	100.00%

Portfolio Summary

✦ AI-Powered Analysis

Starting AUM

USD 0

03/01/2023

Ending AUM

USD 102,486,036.60

20/03/2026

Unrealized Return

-USD 6,380,645.69

Realized Return

USD 8,866,682.29

Total Return

USD 2,486,036.60

(+2.82%)

● The portfolio has grown from an initial contribution of USD 100 million to USD 102,486,036.60. Cumulative total return is +2.82% since inception on 3 January 2023 despite MTD performance of −2.43% in March 2026.

● The portfolio carries a net unrealized loss of USD 6,380,645.69. Equity positions are underwater by USD 5,011,530 and bonds by a further USD 1,305,701. Realized income of USD 8,866,682 — coupons USD 7,027,499 plus dividends USD 1,295,873 — has more than offset these losses.

● Fixed income dominates the allocation. Bonds are 49.38%, fixed income instruments 3.62%, and sukuk 1.80% — combined 54% of AUM. Equities are 20.21% and cash 24.98%. Sector exposure is concentrated in banking at 21.86%.

● HALLIBURTON CO (HAL) is the largest unrealized loss at −USD 3.97 million. It is followed by BUPA ARABIA at −USD 2.42 million and ADNOC Logistics at −USD 1.19 million. The top performer is AURUBIS AG at +USD 3.76 million.

Performance Attribution

The bond book is the largest allocation and the primary income source. It has generated USD 7,027,499 in coupon receipts since inception. Rising rates since 2022 have produced an unrealized loss of approximately USD 1.31 million.

Fixed Income

The bond book is the largest allocation and the primary income source. It has generated USD 7,027,499 in coupon receipts since inception. Rising rates since 2022 have produced an unrealized loss of approximately USD 1.31 million.

Equities

The equity book carries a net unrealized loss of USD 5,011,530. European industrials have contributed positively: AURUBIS AG +USD 3.76M and iShares Semiconductor ETF +USD 1.64M. Energy and healthcare have detracted: HALLIBURTON −USD 3.97M and BUPA ARABIA −USD 2.42M. Despite the mark-to-market loss, equities generated USD 1,839,183 in realized gains and USD 1,295,873 in dividends.

Cash and Trust Liquidity

Cash of approximately USD 25.6 million preserves capital and provides liquidity. The trust made a USD 10 million withdrawal during the period. Sukuk and fixed income instruments contributed a further USD 1.29 million in combined income.

* This section is AI-generated and should be reviewed before making decisions.

Activity Summary

Activity Summary	MTD	YTD	Since Inception
Beginning Value	USD 105,037,321.87	USD 101,333,651.29	USD 0
Net Contributions	USD 0	USD 0	USD 100,000,000.00
Deposit	USD 0	USD 0	USD 110,000,000.00
Withdrawal	USD 0	USD 0	-USD 10,000,000.00
Realized Returns	USD 0	USD 0	USD 8,866,682.29
Gain/loss from Price movement	USD 0	USD 0	USD 478,967.97
Gain/loss from FX movement	USD 0	USD 0	USD 0
Transaction Fees	USD 0	USD 0	USD 64,341.94
Gain/loss from Income/Distribution	USD 0	USD 0	USD 8,323,372.38
Unrealized Returns	-USD 2,551,285.27	USD 1,152,385.31	-USD 6,380,645.69
Unrealized Price Gains/Loss	-USD 3,253,465.57	USD 450,205.01	-USD 7,082,825.99
Accrued Coupons	USD 702,180.30	USD 702,180.30	USD 702,180.30
Unrealized FX Gains/Loss	USD 0	USD 0	USD 0
Net Accruals	USD 0	USD 0	USD 0
Receivables	USD 0	USD 0	USD 0
Payables	USD 0	USD 0	USD 0
Ending Value	USD 102,486,036.60	USD 102,486,036.60	USD 102,486,036.60

Risk Metrics

Risk Metrics	MTD	YTD	Since Inception
Volatility (annualized)*	5.1%	4.1%	6.4%
Sharpe Ratio*	-7.08	1.31	-0.51
VaR (95%, 1D, historical)*	-0.58%	-0.45%	-0.35%
Max Drawdown*	-2.3%	-2.5%	-23.5%

* Month to Date values are calculated based on the market value as on the start date of the reporting period

Portfolio Performance

Metric	1D	WTD	MTD	QTD	YTD	Since Inception
Portfolio return % (TWRR)	-0.44%	-0.31%	-2.43%	1.14%	1.14%	-10.12%
S&P 500 Index Return (%)	-1.70%	-2.07%	-5.45%	-4.89%	-4.89%	39.01%
Manager Attribution	1.26%	1.76%	3.03%	6.03%	6.03%	-49.12%

Performance figures are shown on a cumulative basis.

Assets Overview

Portfolio Allocation

Total 100%

Equity

20.21%

Bond

49.38%

CASH

24.98%

Fixed Income

3.62%

Sukuk

1.80%

Strategic Asset Allocation (SAA)

Total 100%

Equity

60.00%

Bond

15.00%

Sukuk

15.00%

Fixed Income

5.00%

CASH

5.00%

Currency Allocation

Total 100%

USD

91.18%

KWD

0.09%

EUR

4.19%

SAR

3.44%

GBP

0.63%

Other

0.47%

Time Weighted Return

Asset Class Overview (Values denominated in USD)

Asset Class	Book Cost	Market Value	% of Portfolio	Unrealized Return	Realized Return	Total Return
Fixed Income	USD 3,731,336.62	USD 3,712,255.60	3.62%	-USD 19,081.02	USD 389,058.25	USD 369,977.23
Cash	USD 25,602,228.98	USD 25,602,228.98	24.98%	USD 0	USD 0	USD 0
Equity	USD 25,720,913.46	USD 20,709,383.47	20.21%	-USD 5,011,529.99	USD 1,839,182.99	-USD 3,172,347.00
Bond	USD 51,918,400.06	USD 50,612,699.24	49.38%	-USD 1,305,700.82	USD 6,358,608.67	USD 5,052,907.85
Sukuk	USD 1,893,803.17	USD 1,849,469.30	1.80%	-USD 44,333.86	USD 279,832.38	USD 235,498.52
Total	USD 108,866,682.29	USD 102,486,036.60	100.00%	-USD 6,380,645.69	USD 8,866,682.29	USD 2,486,036.60

Received Income and Expense Summary (As of 20-Mar-2026)

Income

Income	MTD	YTD	Since Inception
Dividend/Distribution Received	USD 0	USD 0	USD 1,295,873.08
Interest received	USD 0	USD 0	USD 0
Coupon received	USD 0	USD 0	USD 7,027,499.30
Total Income	USD 0	USD 0	USD 8,323,372.38

Expense

Expense	MTD	YTD	Since Inception
Custody Fee	USD 0	USD 0	USD 0
Transaction cost	USD 0	USD 0	USD 64,341.94
Management Fee	USD 0	USD 0	USD 0
Management fees VAT	USD 0	USD 0	USD 0
Total Expense	USD 0	USD 0	USD 64,341.94

Fixed Income Overview

Bond Maturity Schedule

Maturity

Coupon

7.04%

2026

10.69%

2027

4.62%

2028

3.51%

2029

5.61%

2030

4.00%

2031

2.32%

2032

4.73%

2033

1.04%

2034

12.52%

2035

4.45%

2036+

39.46%

NA

Credit Quality

Credit Rating	Issues	Value	% of Portfolio
Aaa/AAA	-	USD 0	0.00%
Aa/AA	10	USD 2,379,120.03	4.24%
A	27	USD 7,870,572.35	14.01%
Baa/BBB	32	USD 15,171,320.30	27.01%
Non-investment grade	32	USD 13,086,047.59	23.30%
Not Rated	42	USD 17,667,363.88	31.45%
TOTAL	143	USD 56,174,424.15	100%

Total 100%

Aa/AA

4.24%

A

14.01%

Baa/BBB

27.01%

Non-inv.

23.30%

Not Rated

31.45%

Maturity Buckets

Horizon	Issues	Value	% of Portfolio
0-1Y	13	USD 3,952,383.08	7.04%
1-3Y	30	USD 8,599,868.83	15.31%
3-5Y	21	USD 5,125,048.34	9.12%
5-10Y	34	USD 13,831,272.69	24.62%
More than 10Y	9	USD 2,501,168.28	4.45%
NA	36	USD 22,164,682.93	39.46%
TOTAL	143	USD 56,174,424.15	100%

Total 100%

0-1Y

7.04%

1-3Y

15.31%

3-5Y

9.12%

5-10Y

24.62%

10Y+

4.45%

NA

39.46%

Top and Bottom Performers (Based on Unrealized returns)

Code	Top Performers	Unrealized Return
NDA	AURUBIS AG	USD 3,760,709.57
SOXX	ISHARES SEMICONDUCTOR ETF	USD 1,638,725.88
GLTR	ABRDN PRECIOUS METALS BASKET	USD 866,116.39
CDNS	CADENCE DESIGN SYS INC	USD 782,177.46
AMAT	APPLIED MATERIALS INC	USD 616,265.28
SMH	VANECK SEMICONDUCTOR ETF	USD 498,259.66
QQQ	INVESCO QQQ TRUST SERIES 1	USD 348,933.48
VOO	VANGUARD S&P 500 ETF	USD 321,185.23
ETN	EATON CORP PLC	USD 229,843.76
IYW	ISHARES USTECHNOLOGY ETF	USD 204,663.57

Code	Bottom Performers	Unrealized Return
HAL	HALLIBURTON CO	-USD 3,970,905.32
BUPA	BUPA ARABIA FOR COOPERATIVE	-USD 2,424,164.50
ADNOC-L	ADNOC LOGISTICS & SERVICES	-USD 1,193,092.62
MAADEN	SAUDI ARABIAN MINING CO	-USD 616,744.36
NBK	NATIONAL BANK	-USD 402,553.14
MIZUHO	MIZUHO FINANCIAL GROUP INC	-USD 323,060.72
TECOM	TECOM GROUP PJSC	-USD 271,412.54
OTEL	OMAN TELECOM	-USD 265,891.26
ALINMA	ALINMA BANK	-USD 264,941.50
ADCB	ABU DHABI COMMERCIAL BANK	-USD 198,327.80

Top Holdings

Code	Holdings	% of Portfolio	% of SAA
CASH	PORTFOLIO CASH	25.0%	0.0%
HSBC	HSBC Holdings PLC	5.7%	0.0%
SWED	Swedbank AB	5.5%	0.0%
PANAMA	Panama Government	5.5%	0.0%
NDA	AURUBIS AG	3.9%	0.0%
HAL	HALLIBURTON CO	2.7%	0.0%
BUPA	BUPA ARABIA FOR COOPERATIVE	2.3%	0.0%
SOXX	ISHARES SEMICONDUCTOR ETF	1.8%	0.0%
ADCB	Abu Dhabi Commercial Bank	1.2%	0.0%
GLTR	ABRDN PRECIOUS METALS BASKET	1.2%	0.0%

Top Sectors

#	Sectors	% of Portfolio	% of SAA
1	Other	30.3%	0.0%
2	BANK	22.0%	0.0%
3	GOVT NATIONAL	10.0%	0.0%
4	SPECIAL PURPOSE	7.3%	0.0%
5	FINANCIAL	4.9%	0.0%
6	INDUSTRIAL	4.8%	0.0%
7	Materials	4.2%	0.0%
8	Energy	2.8%	0.0%
9	Information Technology	2.4%	0.0%
10	Healthcare	2.3%	0.0%

All Holdings

#	Code	Type	Quantity	Ccy	Mkt.Price	Cost Value	Mkt.Value	% Port.	Unrealized Return	Realized Returns	Total Return
Cash
1	CASH	Cash	25,602,228.98	USD	1.00	USD 25,602,228.98	USD 25,602,228.98	25.0%	USD 0	USD 0	USD 0
Bond
2	HSBC	Bond	814,000	USD	96.25	USD 834,960.00	USD 783,475.00	0.8%	-USD 51,485.00	USD 89,540.00	USD 38,055.00
3	HSBC	Bond	5,777,000	USD	98.12	USD 5,810,350.00	USD 5,668,412.40	5.5%	-USD 141,937.60	USD 635,470.00	USD 493,532.40
4	SWED	Bond	5,939,000	USD	95.40	USD 5,969,200.00	USD 5,665,806.00	5.5%	-USD 303,394.00	USD 712,680.00	USD 409,286.00
5	PANAMA	Bond	5,282,000	USD	106.80	USD 5,387,640.00	USD 5,641,176.00	5.5%	USD 253,536.00	USD 580,100.00	USD 833,636.00
6	ADCB	Bond	1,200,000	USD	99.75	USD 1,215,600.00	USD 1,197,000.00	1.2%	-USD 18,600.00	USD 132,000.00	USD 113,400.00
7	EMIRATES	Bond	2,150,000	USD	101.20	USD 2,175,800.00	USD 2,175,800.00	2.1%	USD 0	USD 236,500.00	USD 236,500.00
8	SABIC	Bond	1,850,000	USD	97.30	USD 1,880,250.00	USD 1,800,050.00	1.8%	-USD 80,200.00	USD 203,500.00	USD 123,300.00
9	QATAR	Bond	1,600,000	USD	103.50	USD 1,632,000.00	USD 1,656,000.00	1.6%	USD 24,000.00	USD 176,000.00	USD 200,000.00
10	SAUDI GOV	Bond	2,400,000	USD	98.80	USD 2,424,000.00	USD 2,371,200.00	2.3%	-USD 52,800.00	USD 264,000.00	USD 211,200.00
11	MASDAR	Bond	900,000	USD	99.10	USD 918,000.00	USD 891,900.00	0.9%	-USD 26,100.00	USD 99,000.00	USD 72,900.00
12	OMAN GOV	Bond	1,750,000	USD	96.50	USD 1,785,000.00	USD 1,688,750.00	1.6%	-USD 96,250.00	USD 192,500.00	USD 96,250.00
13	BAHRAIN	Bond	1,100,000	USD	97.80	USD 1,122,000.00	USD 1,075,800.00	1.0%	-USD 46,200.00	USD 121,000.00	USD 74,800.00
14	ETIHAD	Bond	800,000	USD	100.50	USD 812,000.00	USD 804,000.00	0.8%	-USD 8,000.00	USD 88,000.00	USD 80,000.00
15	DP WORLD	Bond	1,300,000	USD	98.20	USD 1,326,000.00	USD 1,276,600.00	1.2%	-USD 49,400.00	USD 143,000.00	USD 93,600.00
16	ARAMCO	Bond	2,000,000	USD	101.80	USD 2,020,000.00	USD 2,036,000.00	2.0%	USD 16,000.00	USD 220,000.00	USD 236,000.00
17	MAJID AL F	Bond	750,000	USD	95.80	USD 765,000.00	USD 718,500.00	0.7%	-USD 46,500.00	USD 82,500.00	USD 36,000.00
18	IDB	Bond	1,500,000	USD	99.90	USD 1,515,000.00	USD 1,498,500.00	1.5%	-USD 16,500.00	USD 165,000.00	USD 148,500.00
19	ALDAR	Bond	950,000	USD	97.60	USD 969,000.00	USD 927,200.00	0.9%	-USD 41,800.00	USD 104,500.00	USD 62,700.00
20	EMIRATES NB	Bond	1,800,000	USD	98.50	USD 1,836,000.00	USD 1,773,000.00	1.7%	-USD 63,000.00	USD 198,000.00	USD 135,000.00
Fixed Income
21	PIMCO	Fund	35,000	USD	52.18	USD 1,865,668.31	USD 1,826,300.00	1.8%	-USD 39,368.31	USD 194,529.13	USD 155,160.82
22	BLACKROCK	Fund	18,500	USD	101.94	USD 1,865,668.31	USD 1,885,955.60	1.8%	USD 20,287.29	USD 194,529.12	USD 214,816.41
Sukuk
23	DIB SUKUK	Sukuk	850,000	USD	98.20	USD 867,000.00	USD 834,700.00	0.8%	-USD 32,300.00	USD 127,500.00	USD 95,200.00
24	IILM SUKUK	Sukuk	1,000,000	USD	101.48	USD 1,026,803.17	USD 1,014,769.30	1.0%	-USD 12,033.86	USD 152,332.38	USD 140,298.52
Stock
25	NDA	Stock	42,000	EUR	95.40	USD 338,880.00	USD 4,099,589.57	3.9%	USD 3,760,709.57	USD 210,000.00	USD 3,970,709.57
26	SOXX	Stock	8,200	USD	225.10	USD 207,094.12	USD 1,845,820.00	1.8%	USD 1,638,725.88	USD 82,000.00	USD 1,720,725.88
27	HAL	Stock	95,000	USD	28.90	USD 6,716,405.32	USD 2,745,500.00	2.7%	-USD 3,970,905.32	USD 285,000.00	-USD 3,685,905.32
28	BUPA	Stock	15,500	SAR	156.20	USD 4,782,764.50	USD 2,358,600.00	2.3%	-USD 2,424,164.50	USD 124,000.00	-USD 2,300,164.50
29	GLTR	Stock	5,600	USD	218.50	USD 357,483.61	USD 1,223,600.00	1.2%	USD 866,116.39	USD 56,000.00	USD 922,116.39
30	CDNS	Stock	2,800	USD	310.50	USD 87,222.54	USD 869,400.00	0.8%	USD 782,177.46	USD 42,000.00	USD 824,177.46
31	AMAT	Stock	5,100	USD	152.80	USD 163,014.72	USD 779,280.00	0.8%	USD 616,265.28	USD 51,000.00	USD 667,265.28
32	SMH	Stock	3,200	USD	230.40	USD 239,020.34	USD 737,280.00	0.7%	USD 498,259.66	USD 48,000.00	USD 546,259.66
33	QQQ	Stock	1,500	USD	480.20	USD 371,366.52	USD 720,300.00	0.7%	USD 348,933.48	USD 45,000.00	USD 393,933.48
34	VOO	Stock	1,300	USD	510.60	USD 342,594.77	USD 663,780.00	0.6%	USD 321,185.23	USD 39,000.00	USD 360,185.23
35	ETN	Stock	1,800	USD	322.50	USD 350,656.24	USD 580,500.00	0.6%	USD 229,843.76	USD 36,000.00	USD 265,843.76
36	IYW	Stock	4,200	USD	135.20	USD 363,176.43	USD 567,840.00	0.6%	USD 204,663.57	USD 42,000.00	USD 246,663.57
37	ADNOC-L	Stock	180,000	AED	3.82	USD 1,380,492.62	USD 187,400.00	0.2%	-USD 1,193,092.62	USD 18,000.00	-USD 1,175,092.62
38	MAADEN	Stock	25,000	SAR	42.50	USD 899,244.36	USD 282,500.00	0.3%	-USD 616,744.36	USD 25,000.00	-USD 591,744.36
39	NBK	Stock	85,000	KWD	0.28	USD 494,553.14	USD 92,000.00	0.1%	-USD 402,553.14	USD 8,500.00	-USD 394,053.14
40	MIZUHO	Stock	12,000	USD	3.85	USD 369,260.72	USD 46,200.00	0.0%	-USD 323,060.72	USD 12,000.00	-USD 311,060.72
41	TECOM	Stock	120,000	AED	2.95	USD 367,812.54	USD 96,400.00	0.1%	-USD 271,412.54	USD 12,000.00	-USD 259,412.54
42	OTEL	Stock	45,000	OMR	0.52	USD 326,891.26	USD 61,000.00	0.1%	-USD 265,891.26	USD 4,500.00	-USD 261,391.26
43	ALINMA	Stock	18,000	SAR	26.80	USD 392,941.50	USD 128,000.00	0.1%	-USD 264,941.50	USD 18,000.00	-USD 246,941.50
44	MSFT	Stock	1,200	USD	395.20	USD 418,040.00	USD 474,240.00	0.5%	USD 56,200.00	USD 24,000.00	USD 80,200.00
45	AAPL	Stock	2,500	USD	218.30	USD 495,750.00	USD 545,750.00	0.5%	USD 50,000.00	USD 25,000.00	USD 75,000.00
46	NVDA	Stock	3,800	USD	118.50	USD 380,700.00	USD 450,300.00	0.4%	USD 69,600.00	USD 38,000.00	USD 107,600.00
47	AMZN	Stock	2,000	USD	192.40	USD 340,800.00	USD 384,800.00	0.4%	USD 44,000.00	USD 20,000.00	USD 64,000.00
48	GOOGL	Stock	2,200	USD	165.80	USD 320,760.00	USD 364,760.00	0.4%	USD 44,000.00	USD 22,000.00	USD 66,000.00
49	JPM	Stock	1,600	USD	245.30	USD 356,480.00	USD 392,480.00	0.4%	USD 36,000.00	USD 32,000.00	USD 68,000.00
50	GS	Stock	700	USD	510.20	USD 328,140.00	USD 357,140.00	0.3%	USD 29,000.00	USD 14,000.00	USD 43,000.00

... showing 50 of 216 holdings

Accrual Breakdown

Receivables	Amount
Dividend receivable	USD 0
Distribution receivable	USD 0
Coupon receivable	USD 0
Deposit interest	USD 0
Receivables	USD 0

Payables	Amount
Management fee	USD 0
Custody fee	USD 0
Performance fee	USD 0
Advisory fee	USD 0
Loan interest	USD 0
Payables	USD 0

Portfolio Accruals: —

Net Contribution: Deposits & Withdrawals

Total Deposits

USD 110,000,000

Total Withdrawals

-USD 10,000,000

Net Contribution

USD 100,000,000

Date	Description	Type	Amount
03/01/2023	Initial portfolio funding	Deposit	USD 50,000,000.00
15/06/2023	Additional mandate	Deposit	USD 25,000,000.00
10/01/2024	Q1 2024 capital injection	Deposit	USD 20,000,000.00
28/03/2024	Partial client redemption	Withdrawal	-USD 5,000,000.00
05/07/2024	Mid-year top-up	Deposit	USD 10,000,000.00
08/01/2025	Q1 2025 incremental	Deposit	USD 5,000,000.00
30/06/2025	H1 2025 distribution	Withdrawal	-USD 5,000,000.00
Total			USD 100,000,000.00

Holistic View, including Non Financial Assets

Holistic Value (financial + non-financial) USD 325,034,130.04

Total Unrealized P&L -USD 953,380.65

Asset Breakdown

Asset Breakdown	as of 20-Mar-2026	% of Total
Financial Assets	USD 102,486,036.60	31.5%
Luxury Car	USD 1,110,167.10	0.3%
Private Jet	USD 66,000,000.00	20.3%
Luxury Watch	USD 535,024.36	0.2%
Art	USD 13,400,602.68	4.1%
Real Estate – Mansion	USD 141,502,299.30	43.5%
Total	USD 325,034,130.04	100.0%

Total 100%

Financial

31.5%

Real Estate

43.5%

Private Jet

20.3%

Art

4.1%

Luxury Car

0.3%

Luxury Watch

0.2%

Non Financial Assets

Asset Details	Asset Type	Currency	Market Value	Unrealized P&L
Rolls-Royce Cullinan Black Badge 2021	Luxury Car	AED	USD 455,013.30	-USD 70,253.40
Ferrari SF90 Stradale 2023 \| Rosso Corsa	Luxury Car	AED	USD 655,153.80	-USD 65,079.70
Bombardier Global 7500 \| 19 pax config	Private Jet	USD	USD 66,000,000.00	-USD 7,500,000.00
Patek Philippe Nautilus 5711/1A \| Steel	Luxury Watch	USD	USD 155,000.00	USD 60,000.00
Rolex Cosmograph Daytona 116500LN	Luxury Watch	AED	USD 33,002.76	USD 18,497.34
Audemars Piguet Royal Oak 15500ST	Luxury Watch	CHF	USD 52,001.60	USD 20,003.20
Richard Mille RM 11-03 \| Flyback chrono	Luxury Watch	AUD	USD 295,020.00	USD 20,019.78
Contemporary painting \| "Aurora Skies"	Art	CHF	USD 4,449,999.68	USD 350,000.00
Sculpture Bronze \| "Arc of Time"	Art	USD	USD 4,700,000.00	-USD 100,000.00
Photography \| "Coastal Light" \| 1/3	Art	AED	USD 4,250,603.00	USD 198,779.00
Mansion \| Lake Geneva view \| 7 BR	Real Estate	CHF	USD 21,599,999.68	USD 3,399,999.68
Ski chalet mansion \| 6 BR \| ~750 sqm	Real Estate	EUR	USD 17,150,000.05	USD 1,349,999.88
Harbour-side mansion \| 6 BR \| ~900 sqm	Real Estate	AUD	USD 23,799,999.96	USD 3,300,000.00
Palm Jumeirah villa \| 7 BR	Real Estate	AED	USD 27,502,300.00	USD 2,995,300.00
Manhattan townhouse \| 5 BR \| ~850 sqm	Real Estate	USD	USD 34,800,000.00	USD 1,300,000.00
Cliffside coastal villa \| 6 BR	Real Estate	EUR	USD 16,649,999.61	USD 149,999.26
TOTAL			USD 222,548,093.44	USD 5,427,265.04

Mandate Compliance

Concentration Limits

Limit	Actual	Status
Max single issuer: 10%	25.0%	Failed
Max single sector: 25%	30.3%	Failed
Max single country: 40%	66.2%	Failed
Min investment grade: 80%	45.25%	Failed

Constraints

Details	Status
Sharia compliant — All holdings compliant	Failed
Leverage limit — No leverage used	Pass
Liquidity requirement — Min 5% cash maintained	Pass
Prohibited securities — No prohibited holdings	Pass
Drift — Within allocation limits	NA

Additional Information

Indicative FX Rates

Pair	Rate
USD / SAR	3.7543
USD / AED	3.6729
USD / QAR	3.65
USD / KWD	0.30665
USD / OMR	0.38495

Pair	Rate
USD / JPY	157.70
USD / BHD	0.3773
USD / EUR	0.8629
USD / GBP	0.7497
USD / EGP	51.7371

Disclaimer

This report is provided for informational purposes only and does not constitute an offer, solicitation, or recommendation to buy or sell any securities. All returns are net of fees, including financing costs. Past performance is not indicative of future results. Values are based on the latest available data and are subject to change. This report is confidential and intended solely for the use of the named recipient.

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