Fund of Hedge Funds A New Vision in Alternative

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					    Fund of Hedge Funds
A New Vision in Alternative Investments
Atlas Fund Of Hedge Funds

    This Brochure should be read in conjunction with and is qualified entirely
    by reference to the information appearing in the Offering Memorandum of
    the “Al-Markaz Alternative Investments Fund (“MAIF”) and its “ Appendix
    A- Atlas Fund of Hedge Funds Class” (together, to be referred to as the
    “Offering Memorandum”) dated September 2005.

    Capitalized terms shall have the meanings assigned to them in the Offering
    Memorandum.

    Atlas Fund of Hedge Funds (the “Fund”) is a new Class of Shares issued
    by Al-Markaz Alternative Investment Fund (“MAIF”) which is an open
    ended, multi-class mutual fund company, incorporated in 2001 as an
    exempted company in the Cayman Islands.

    The Fund is a multi-strategy fund, investing in a portfolio of single-
    manager single-strategy hedge funds.

Objective
   To seek absolute returns with low volatility by investing in a portfolio of
   various single manager hedge funds employing various strategies.

Investment Advisor
    The Investment Manager has appointed Union Bancaire Privee (“UBP”),
    Geneva to be Investment Advisor of this Class of Shares.
    UBP is one of Switzerland’s leading private banks. Headquartered in
    Geneva, it employs over 1,100 people in offices in Europe, the Americas,
    Asia and the Middle East. It was created in 1990 as a result of the merger
    of Companies de Banque et d’ Investissements (CBI) and TDB-American
    Express Bank.
    UBP’s main focus is private and institutional asset management, offering
    its clients added value through excellent research, personalized service
    and a complete, diversified range of traditional as well as alternative
    assets products. Currently, they are ranked as the third largest hedge
    fund investor in the world with more than US$ 18 billion invested in
    various hedge fund products. As Investment Advisor, UBP will provide
    to the Investment Manager investment advice to identify investment
    opportunities suitable for this Class of Shares. As such UBP will not
    be responsible for decision-making in respect to the Fund’s strategies,
    allocation, policies or selection of sub-managers.




2   Atlas Fund of Hedge Funds                    A new vision in Alternative Investments
Investment Policy and Strategy
    Kuwait Financial Centre S.A.K (the “Investment Manager”) will adopt
    an active asset allocation approach leading to enhanced performance
    with low volatility through (i) the selection of non-correlated managers
    providing diversification with respect to trading styles, asset classes and
    geographical exposure; and (ii) the judicial use of tactical asset allocation
    methodology by temporarily increasing or decreasing the allocation to
    anyone of these sub-managers whenever deemed necessary.

The Fund’s Strategies will include:
   ● Long/Short Equity

   ● Emerging Markets

   ● Event Driven

   ● Global Macro

   ● Market Neutral

   ● Managed Futures



    The Investment Manager will have full discretion to alter the above at
    any time and communication to that effect will be made to investors in
    subsequent reports to them.
    The Investment Manager will employ a thorough due diligence at both the
    sub-managers’ companies level underlying funds’ level. The Investment
    Manager will ensure that the sub-managers meet, both qualitatively
    and quantitatively, the Funds’ parameters for performance and risks.
    By conducting ongoing analysis of the sub-managers, the Investment
    Manager is well-positioned to detect early on any number of potential
    red flags such as style drift, excessive or key personnel turnover, changes
    in accounting practices, or any other significant event. The Investment
    Manager, with the assistance of the Investment Advisor, will monitor the
    sub-managers continuously, while the ultimate responsibility for hiring
    and terminating the sub-managers rests with the Investment Manager’s
    investment committee. At the underlying funds’ level, the Investment
    Manager will constantly analyze factors such as correlation between
    managers, sector exposure, returns attribution and any other significant
    factors. It is the Investment Manager’s responsibility to identify where
    profits and losses are occurring and to ensure that risk guidelines are not
    breached.

    In addition, the Investment Manager follows a disciplined approach to
    rebalance the portfolio on a quarterly basis with a view to maintain its
    original objective.

Historical performance




A new vision in Alternative Investments                Atlas Fund of Hedge Funds   3
Key Terms
   Fund                Atlas Fund of Hedge Funds, a new Class
                       of Shares of MAIF
    Incorporation      Cayman Islands
    Administrator      Butterfield Fund Services (Cayman) Limited,
                       Cayman Islands.
    Auditors           Deloitte, Cayman Islands
    Custodian          Union Bancaire Privee, Geneva
    Subscription       Monthly
    Redemption         Monthly with 45 days notice
    Subscription fee   1% for US $ 500,000 to US $ 999,999
                       0.5% for US $ 1 Million and above.
    Redemption Fee     1% if redeemed within one year of
                       the investment date
    Management fee     0.75% p.a. of NAV, payable quarterly in arrears
    Performance fee    10% over the average 3 months US$ Libor +2%
    Investment Manager Kuwait Financial Centre, S.A.K.

Special notice
   This document does not constitute an offer to sell or a solicitation of an
   offer to buy. Any such o er will be made only by means of the confidential
   Offering Memorandum, which must be read in conjunction with this
   Brochure.

Risk Considerations
   An investment in this Fund includes the risks inherent in any investment
   in securities, as well as specific risks associated with limited liquidity, the
   use of leverage, short sales, options, futures, derivative instruments, and
   illiquid investments. In addition, the overall performance of the Fund is
   dependent not only on the investment performance of individual hedge
   fund managers, but also on the ability of the Investment Manager to
   effectively select and allocate the Fund’s assets among the managers on
   an ongoing basis.
   The Offering Memorandum contains a more complete discussion of the
   risks associated with an investment in this Class of Shares.

    Investing in alternative investments entails a high degree of risks such as
    outlined above and the investor is advised to read them carefully before
    deciding to subscribe to this Fund.




4   Atlas Fund of Hedge Funds                 A new vision in Alternative Investments
     Kuwait Financial Centre S.A.K.
Address: P.O.Box 23444, Safat 13095, kuwait
   Tel: +965 224 8000 Fax: +965 242 5828
          Url: www.markaz.com