23/1/1432 H

29/12/2010 G

Dear Esteemed NCB Capital Client,

Pursuant to the Investment Fund Regulations issued by the Capital Market Authority we wish to notify you that NCB Capital has revised the relevant clause of the Terms and Conditions of its investment funds (listed in the attached schedule) to reflect the latest changes in the Fund Board.

Please note that these changes shall take effect after a minimum of 60 days from the date of this letter. The following is the summary of the changes;

The Fund Board consists of the following:

1. Saad A. Al Fadly (Chairman)
   Chief of Staff of NCB Capital.
2. Hamed M. Fayez (Member)
   Head of Asset Management of NCB Capital.
3. Tamim G. AlSharief (Member)
   Head of Wealth Management Western Region of NCB Capital
4. Hicham C. Hatoum (Member)
   Acting Head of Investment Banking Division at NCB Capital
5. Dr. Abdulraouf Banaja (Independent Director)
   Worked within the banking industry assuming senior positions in various Saudi and regional banks.
6. Aladdin R. Sami (Independent Director)
   Vice President & Chief Investment Officer of Zahid Group Holding.

Funds that will Revise the Terms and Conditions

Fund Name:

1. AlAhli Saudi Riyal Trade
2. AlAhli International Trade
3. AlAhli Euro Murabahat
4. AlAhli National Investment
5. AlAhli Short Term Dollar
6. AlAhli Diversified SR Trade
7. AlAhli Diversified USD Trade
8. AlAhli Sadaqaat
9. AlAhli SR Murabaha
10. AlManarah Conservative Growth
11. AlManarah Medium Growth
12. AlManarah High Growth
13. AlAhli Saudi Trading Equity
14. AlAhli GCC Trading Equity
15. AlAhli Global Trading Equity
16. AlAhli Europe Trading Equity
17. AlAhli Asia Pacific Trading Equity
18. AlAhli US Trading Equity
19. AlAhli Emerging Markets Trading Equity
20. AlAhli Small Cap Trading Equity
21. AlAhli Healthcare Trading Equity
22. AlAhli Saudi Mid Cap Equity
23. AlAhli Global Real-estate
24. AlAhli US Dollar Sukuk and Murabaha Fund
25. AlAhli Saudi Dynamic Trading Equity Fund (A)

Best Regards,
NCB Capital Co.
Wealth Management