#2 – Global Diversification

Exposure to Multinational Companies

Approximately 40% of the
aggregate revenue
generated by the companies
in S&P 500 Index is derived
International,
from foreign operations. United
39%
States,
Investing into US-listed 61%
securities = Investing
into the global
diversified companies

Source: Factset. Data as at 15 Mar’19

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 #3 – Positive Long-Term Return
Index
300
S&P U.S. LargeCap Shariah Index

250
10-year
annualized
200 return (2009-2019)
of +13.0% p.a.
150

100 Source:
Bloomberg Data
as at 15 Mar’19
50
"The Great Recession“
(GFC) 2008-2009
0
2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019

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Fair Valuations of U.S. Market
10-year Premium/
15 Mar’19
U.S. Average* (Discount)
(x)
(x) (%)
Forward P/E Ratio 16.9x 15.8x 7.0

Dividend Yield 2.0% 2.1% -

Interest rates near neutral level Fair

Market
Positive corporate earnings growth Valuations

Source: Bloomberg, Data as at 15 Mar’ 19

*2009-2018 historical average

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 #4 – Innovation

Nike:
self-lacing technology
to basketball

Merck Innovation Center:

Global research and
facilitate innovations.

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 #5 – Softening U.S. Economy Outlook
U.S. GDP to moderate as tax stimulus effect fades
YoY%
3.5 9-year average: 2.2%
3.0 2.9 2.9
2.6 2.5
2.5 2.2 2.2 2.1
2.0 1.6 1.8 1.6 1.9

1.5
1.0
0.5
0.0
2010 2011 2012 2013 2014 2015 2016 2017 2018 2019F 2020F

U.S. GDP Growth 9-Year Average (2.2%)

Source: The Federal Open Market Committee Economic Projection, March 2019
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The The information
information publishedpublished
may not bemay not be reproduced
reproduced or copied
or copied to anyto any person
person or incorporate
or incorporated into
into 35
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other materials
or otherwithout thewithout
materials prior written consent
the prior writtenofconsent
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