Carnelian has the power to ground one in the here and now. Investment Boutique’s investment management
company, IBIM, takes a critical look at the regional landscape in order to make sound investment decisions on
your behalf.

The GCC real estate market is one of the most dynamic in the world, characterized by limited but increasing
transparency; an abundance of equity and growing acceptance of debt; soaring asset prices and an emerging
appreciation for yield. In 2006, Investment Boutique established Investment Boutique Investment Manager
(IBIM) in the Cayman Islands. Through this vehicle and the professional team that supports it, IBIM offers
retail investors and institutions a local investment partner with ground level intelligence, preferred access to
off-market transactions and international execution expertise.

Our long term strategy is to build a suite of innovative real estate investment products and funds under the
IBIM umbrella. Already IBIM has the first UAE based, distressed property fund (see Carnelian I) and is in active
discussions with strategic partners for its next foray into the investment arena.

Carnelian I
In July 2006, IBIM launched the UAE’s first real estate arbitrage and trading fund. Working alongside
placement agent and seed investor, Emirates Financial Services, part of the Emirates Bank Group,
IBIM was able to secure over US $10.7 million for Carnelian I.

The strategy of this fund is to invest in short term opportunity plays such as: distressed sales, repositioning
of assets, rental income plays, bulk purchases and pre-launch discounts. In its first 12 months of trading,
the realized return was over 27% while the projected unrealized gain for the period was 40%+
per annum. Given the strong performance of Carnelian I, IBIM is now in talks to release
Carnelian II with a GCC wide mandate.