The Milltrust SEDCO MENA Fund (UCITS) aims to achieve long term returns by investing primarily in companies in the MENA region through a longportfolio of Shariah- compliant equity securities. The team will apply the firm’s research-driven philosophy and process which has provided a strongtrack record over the medium to long term through all market cycles.

MILLTRUST SEDCO MENA FUND – NET RETURNS

HISTORICAL PERFORMANCE OF REFERENCE STRATEGY – NET RETURNS

Notes: Index = S&P Pan Arab Shariah Index (USD). The Milltrust SEDCO MENA Fund launched on 07 June 2016. The returns presented herein are calculated by SEDCO Capital and are unaudited. All performance data assumes an investment at inception and reinvestment of dividends and interest. Performance for an individual investor may differ due to, among other factors, the timing of subscriptions, redemptions, and applicable management fees and performance compensation. The indices listed herein are included to illustrate the general trends in the relevant markets. They are not intended to imply that the MENA strategy was comparable to the index either in composition or element of risk. Performance of the reference fund (SC GCC Fund) and previous track record may not be directly comparable as a result of differences in investment restrictions, fees, assets available for investment and other factors, and is not an indication of the future performance of the Milltrust SEDCO MENA Fund.

-2.5%

-2.0%

-1.5%

-1.0%

-0.5%

0.0%

0.5%

40

60

80

100

120

140

Jun 2

016

Jul 2

016

Aug 2

016

Milltrust SEDCO MENA Fund Milltrust SEDCO MENA Fund

Mon

thly

Ret

urn

Cum

ulat

ive

NAV

14.71% -0.30% -0.01%13.21% 0.06% -0.02%12.58% -1.05% -0.43%8.84% -0.01% 0.32%8.23% -0.22% -0.16%6.81% -0.34% -0.28%

FinancialMaterialsCons. Non-Cycl.IndustrialCons. Cycl.Comm.

SECTORS

Total

GROSS EXPOSURE

64.38%

MTD

0.00%

YTD

0.00%

40.93% -1.05% -0.96%9.03% -0.29% 0.41%8.30% -0.34% -0.04%4.44% -0.14% 0.06%1.67% -0.03% -0.04%

Saudi ArabiaUnited Arab EmiratesKuwaitQatarUnited States

GEOGRAPHY

Total

GROSS EXPOSURE

64.38%

MTD

0.00%

YTD

0.00%

6.81%5.75%4.96%4.48%4.24%

ARQ P NOTES BV ARQAAM CW19 SAUDI TELECOMMERRILL LYNCH INTL + CO. MERRILL CW17 SAUDI GROUNDMERRILL LYNCH INTL + CO. MERRILL CW17 AL RAJHI BANKKUWAIT FOOD CO (AMERICANA) COMMON STOCK KWD.1ARQ P NOTES BV ARQAAM CW19 SAUDI BASIC I

TOP 5 HOLDINGS WEIGHT

-2.13% -1.76%-1.94% -2.74%-1.94% -2.74%-1.94% -2.74%-7.55% -10.52%33.33% 0.00%0.26% -0.25%-2.13% -1.76%9.64% 3.89%-1.25 -1.14

Latest MonthLast 3 MonthsYear to DateSince Fund InceptionAnnualised ReturnPositive MonthsLargest Monthly ReturnLargest Monthly LossAnn. Standard DeviationAnn. Sharpe Ratio (RFR=4%)

SUMMARY FUND INDEX*

-12.84% -0.81% 32.50% 10.70% 17.00% 20.50% 35.80% 14.10% 41.20% 58.30% 66.00%-14.71% -6.57% 15.30% 7.60% 9.20% 15.30% 18.20% 48.50% 40.70% NA NA

FUNDINDEX*

2015 2014 2013 2012 2011 2010 2009 2008 2007 2006 2005

* INDEX: SPSHPA S&P Pan Arab Composite Shariah Index

0%

5%

10%

15%

20%

25%

30%

100M - 500M 500M - 1B 1B - 5B 5B - 10B 10B - 50B 50B+

Market Capitalisation (USD)

SC GCC EQUITY FUND PRIVATE TRACK-RECORDING INVESTMENT MANAGEMENT PUBLIC TRACK-RECORD

-1.94%-2.74%

2016FUNDINDEX*

-0.07% 0.26% -2.13%-0.25% -0.75% -1.76%

2016FundINDEX*

Jun Jul Aug

The Milltrust SEDCO MENA Fund (UCITS) aims to achieve long term returnsby investing primarily in companies in the MENA region through a longportfolio of Shariah-compliant equity securities. The team will applythe firm’s research-driven philosophy and process which has provided astrong track record over the medium to long term through all market cycles.

The strategy combines a top down thematic reseal with fundamental bottomup investments to build out a high conviction and concentrated portfolioof 30-50 positions across the Middle East.

Administrator:Custodian:Auditor:Legal:Infrastructure Provider:Promoter & Global Distributor:

State Street Fund Services (Ireland)State Street Custodial Services (Ireland)KPMGWilliam FryInfrahedge LimitedMilltrust International LLP

ISIN Code:Lipper Code:Bloomberg Code:Morningstar Code:

IE00BDB7J479N/AMTSMENA IDN/A

Address:

Telephone:Email:Website

6 Stratton StreetLondon W1J 8LDUnited Kingdom+44 (0)20 8123 8369emma@milltrust.comwww.milltrust.com

Company: Milltrust International LLP

PLATFORM PROVIDER

• Daily Independent Monitoring and Oversight of Risk Limits & Investment Guidelines• World-class service providers ensuring the custody, trading and pricing of assets

PLATFORM ADVISOR

• Selection of Platform Funds• Comprehensive Due Diligence of Underlying Manager• Monitoring of Investments & Risk Management of each Fund

Investment Manager:

Structure:

Strategy:

Domicile:

Inception Date:

Currency:

Share Classes:

Min. Initial Subscription:

Management Fee:

Performance Fee:

Hurdle Rate:

Subscription Frequency:

Redemption Frequency:

Redemption Notice:

Lockup:

Penalty:

SEDCO Capital

UCITS Open-ended Investment Company

Long biased Middle Eastern equities

Dublin, Ireland

07 June 2016

USD

Class (A), Class (B), Class (C)

USD 1m (A), USD 100,000 (B), USD 20m (C)

1.25% (A), 1.75% (B), 0.80% (C)

15% over Hurdle Rate

S&P Pan Arab Shariah Index

Daily

Daily

2 business days

None

None

For professional investors only. This document is strictly private and confidential and is issued by Milltrust International LLP, incorporated in the United Kingdom, which is authorised and regulated bythe Financial Conduct Authority. Milltrust International LLP has its registered office at 5 Market Yard Mews, 194-204 Bermondsey Street, London, SE1 3TQ, United Kingdom and is a subsidiary of MilltrustInternational Group (Singapore) Pte. Ltd. None of the investment products mentioned herein are regulated collective investment schemes for the purposes of the UK Financial Services and Markets Act2000. The promotion of such products and the distribution of this document are, accordingly, restricted by law. Most of the protections provided by the UK regulatory system and compensation under theUK’s Financial Services Compensation Scheme will not be available. The investments described herein are only available to investors permitted to invest in the prospectus of the Fund, and are notavailable to private investors. The nature of the Fund’s investments carries certain risks and the Fund may utilise investment techniques which may carry additional risk. The value of investments andthe income from them may fall as well as rise and is not guaranteed. The performance information set out above refers to the past. Past performance is not a reliable indicator of future performance.The investor may not get back the original amount invested. There can be no assurance or guarantee that the Fund’s investment objective and any target return will be achieved, and investment returnsmay vary substantially over time. This document is being supplied to you solely for your information and may not be reproduced, forwarded to any other person or published in whole or in part for anypurpose without the prior written consent of Milltrust International LLP. Accessing this document or using its information is not intended for persons who are restricted or prohibited from accessing orusing this document or its information by relevant laws in any jurisdiction, and it is the responsibility of any person accessing the information contained in this document to observe all applicable lawsand regulations of such jurisdiction. Any investment in the fund should be based on the full details contained in the relevant prospectus and supplements which are available from the MilltrustInternational LLP website www.milltrust.com. Notice to Swiss Investors: Swiss representative and paying agent is: State Street Bank International GmbH, Munich, Zurich Branch, Beethovenstrasse 19,P.O. Box, 8027 Zurich, Switzerland. The prospectus, memorandum and articles of association, the latest annual and semi-annual reports as well the Portfolio changes may be obtained free of chargefrom the Swiss representative. Notice to US investors: The shares of Emerging Markets Managed Accounts plc have not been registered under the 1933 Securities Act or under the 1940 Act; however, thecompany takes advantage of the 3(c)7 exemption and shares are available to 3(C)(1) US “qualified purchasers” and those qualifying under Reg D. Distribution activity in the US is undertaken by SilverleafPartners LLC, a registered broker-dealer based in New York.

Established in 2010, Sedco Capital located in Jeddah (Saudi Arabia) and regulated by Capital Market Authority ("CMA"), is one of the largest privately-owned asset managers in the GCC. SEDCO Capital is a member of the SEDCO Holding (Saudi Economic and Development Holding Company) group of companies which was founded in 1976 and is owned by one of Saudi Arabia’s most prominent families.

The Milltrust SEDCO MENA Fund is managed by Yazan Abdeen, one of the most experienced managers with over 13 years of experience in analysing and valuing companies in MENA region. Since joining SEDCO Capital from ING Investment Management Middle East as an in-house fund manager, he has made his mark at the Saudi asset manager and has frequently been recognised by MENA Fund Manager magazine as one of the most influential fund managers in the Middle East and North Africa.

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Seasonal market liquidity exaggerated as fiscal liquidity is squeezed The defensive positioning of the fund has been a major catalyst for benchmark outperformance. The fund has lost 2.44% during August compared to the benchmark losing 3.25%. Market liquidity has severely dropped as the seasonal effect of summer, post Ramadan and pre Hajj vacations warrant less incremental buyers into markets. Except for Qatar (mainly being sparked by global indices inclusion to attract passive flow) there was no catalysts to spark investors sentiment during August. That has led to drastic stock movements downwards driven by macro negativity that didn’t find conviction. As we approach end of Q3, we expect to see increased market liquidity which should benefit certain oversold names. The fund is positioned defensively in stocks that in our opinion have higher level of earning certainty on the short to medium term.     Saudi: (-3.5%) (Sharia -4.41) • Saudi Arabia in its continuous efforts to increase foreign investment flow into the stock

market, the capital market authority will ease restrictions on foreign investment next month. Total required firm’s assets under management requirements will be reduced to a minimum of USD1bn of AUM globally to be qualified as a foreign institutional investor in Saudi Arabia, instead of the current minimum of USD5bn. Each foreign institutional investor will be allowed to own directly a stake of just under 10% of a single listed company, up from the current ceiling of 5%. Foreign investors will still be limited to own a combined 49% of any company. The Capital Market Authority, has included qualified foreign investors among the types of institutions allowed to bid in the initial public offerings.

• The Saudi government is raising up to SAR20bn (USD5.3bn) from banks in the sale of domestic bonds.  The government began the regular monthly sales in mid-2015 to help cover a budget deficit caused by low oil prices.

• Saudi Arabia's central bank governor reiterated that the kingdom was committed to keeping the Saudi Riyal pegged to the US dollar and that it had "sufficient tools" to support its fixed exchange rate policy. Net foreign assets at Saudi Arabia’s central bank fell to USD555bn in July, down USD6bn from the previous month, as the government drew on reserves to cover a budget deficit caused by low oil prices. Foreign assets shrank by 16% YoY to their lowest level since February 2012. They reached a record high of USD737bn in August 2014 before starting to fall.

  UAE: (DFM +0.6% , ADX -2.3%) (UAE Sharia -0.41) • Government decided to increase petrol prices in UAE in September. • Dubai’s inflation dropped to 2.1% YoY, while Abu Dhabi rose to 2.3%. • 2,400 new hotel rooms to be added in Abu Dhabi till the end of the year.   Qatar: (+3.6%) (Sharia 3.88) • Qatar continues to outperform as FTSE decision to include Qatar into its global indices

comes into effect. • The Qatar Central Bank posted a rise of 42.12% in its gold reserve to QAR3.05bn in H1

2016, versus QAR2.14mn in the same period of 2015. • Qatari banks’ loan-to-deposit ratio rose to 104% as further liquidity stress is pressuring the

banking sector. • Qatar’s trade surplus declined in July 2016 by 52.5% YoY and 18.8% MoM to QAR6.7bn as

the total exports fall by 30% YoY to QAR 16.3bn, while the total imports increased in July by only 4.4% YoY.

• Qatar Investment Authority has acquired a 9.9% stake in Empire State Realty Trust, a real estate investment trust fund, listed on the New York Stock Exchange (NYSE), which owns the Empire State Building, Manhattan in New York City.

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�  Kuwait: (-0.6%) (Sharia -0.66) • The lower oil prices have pushed the government into a rare budget deficit, ending 16

straight years of surpluses for the energy-rich Gulf state. The OPEC member recorded a budget shortfall of KWD4.6bn (USD15.3bn) in the latest fiscal year. Kuwait is projecting a higher deficit of USD28.9bn in the current fiscal year.

• The government will raise the price of gasoline by 42% starting September. •     Egypt: (+2.2%) (Sharia -7.09)   • Egypt’s fiscal enhancement is on track as The Central Bank of Egypt (CBE) and the

International Monetary Fund (IMF) reached a staff-level agreement on a three-year Extended Fund Facility in the amount of USD12bn. Egypt has also asked JPMorgan, Citi, BNP Paribas and Natixis to lead its international bonds offer.  Meanwhile, the UAE has agreed to provide Egypt's central bank with USD1bn deposits for duration of six years, whereas an agreement was conducted with the World Bank to use just USD1bn to support the 9.8% budget deficit in FY2016/2017.

• Egypt's unemployment rate inched downwards to 12.5% in Q2 2016 from 12.7% in the quarter before, whereas the annual inflation was unchanged at 14% in July and core inflation edged down to 12.31% from 12.37% in June as the effects of this year's currency devaluation continued to feed through.

• Moody's Investors Service affirmed Egypt's long-term issuer and senior unsecured bond ratings at B3 and it said the outlook remains “stable” for the country. 

  

SEDCO Capital – August 2016

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