AL Mal UAE Equity Fund — Fund Information / Factsheet 2022

Jun 1, 2022

AZ Al Mal MENA Equity Fact Sheet May 2022 NAV Per Unit: USD 7.09

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Fund Manager Commentary

The S&P 500 and NASDAQ ended in the red in May 2022, posting a negative return of 0.56% and 3.32%, respectively. The S&P 500 entered bear market territory near the end of May due to inflation; the Fed’s consequent mitigation efforts to raise interest rates through a 50bps rate hike in May and another one in June. The yield on the U.S. 10-year Treasury saw a significant increase to start 2022 from the month’s end, with the yield on the 10-year standing at 2.84%. Brent crude oil prices stood at 115 USD per barrel, trading at highs.

Saudi Arabia’s annual inflation increased to 2.3% in April from 2.0% in March. Higher inflation was mainly driven by food prices rising from the Russia-Ukraine war, especially wheat. Portfolio Holding Mouwasat signed an MoU to purchase a majority stake of Jeddah Doctors Co and the value of the transaction will be known once the due diligence process is completed. Meanwhile Saudi banking giant Al Rajhi Bank experienced strong loan growth and a boost in non-interest income as they reported Q1 numbers this past week. Profits increased 3% y/y whilst noninterest income remained strong rising 8% q/q. We remain optimistic on the name on a compelling loan book growth outlook which should come with minimal provisioning.

In the UAE, Dubai attracted 618 FDI projects in 2021 with an FDI value of AED 26bn (+5.5% y/y) whilst jobs created from such projects surged by 36%. Furthermore, Tourism in Dubai surged in Q1 2022 with visitors more than doubling to 3.97m in the quarter compared to 2021, while recording the highest number of real estate transactions since 2010.

Egypt plans to list army-owned companies on the stock exchange before the end of the year to include private sector businesses in state-owned assets. National Bank of Egypt (NBE) and Banque Misr cancelled the high-yield 18%, one-year certificate of deposit (CD) after collecting EGP750bn (USD40.3bn) in 70 days following the the Central Bank 200bps rate hike.

Objective

Achieve capital appreciation, primarily through investment in equity and equity related securities in the Middle East and North African markets.

Fund Performance

			Fund Performance
	Performance1	Fund	Benchmark2	Alpha
	1 Month	-10.2%	-9.2%	-1.0%
	YTD3	4.5%	5.8%	-1.3%
	1 Year 3 Year	18.3% 47.1%	16.3% 37.8%	2.0% 9.3%
	5 Year	78.9%	57.0%	21.9%
	Since Inc.	41.9%	32.1%	9.8%

1 Performance is net of fees; return is cumulative

• 2 S&P Pan Arab Composite Index

3 As of 25th May 2022

	Holding	Top 5 Holdings	% of Fund
	Al Rajhi Bank Saudi National Bank		9.8 8.9
	Qatar National Bank		4.2
	Saudi British Bank		3.7
	Saudi Arabian Oil Company		3.1
		Fund Analysis
	Matrix4	Fund	Benchmark
	Standard Deviation Tracking Error Beta No. of Holdings	13.6% 5.4% 0.8 38	15.1%

• 4 The fund characteristics are based on the historical data of the Al Mal MENA Equity Fund as the AZ Al Mal Equity Fund continues to follow the same strategy; calculatedusing 3-year weekly data

Fund Information

Sector Allocation

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Geographic Allocation

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	Investment Manager	Azimut (DIFC) Limited
	Investment Advisers	Al Mal Capital PJSC
	Fund Advisor	Faisal Hasan, CFA
	Inception Date	June 26, 2019
	Fund Size	USD 68 million
	Strategy Size	USD 250 million
	Domicile	Luxembourg
	Currency	USD
	Subscription & Redemption	Weekly
	Min Subscription	USD 1 (Retail) -250,000 (Institutional)
	Bloomberg Code	AZ3AZUA LX
	Management Fee	Up to 2.0%
	Benchmark Index	S&P Pan Arab Composite
	Fund Type	Open Ended
	Administrator & Custodian	BNP Paribas

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47% - Financials Domicile Luxembourg
15% - Cash Currency USD
13% - Materials Subscription & Redemption Weekly
7% - Communication Services Min Subscription USD 1 (Retail) -250,000 (Institutional)
Bloomberg Code AZ3AZUA LX
6% - Industrials
Management Fee Up to 2.0%
4% - Energy Benchmark Index S&P Pan Arab Composite
3% - Consumer Discretionary Fund Type Open Ended
2% - Health Care Administrator & Custodian BNP Paribas
2% - Consumer Staples 10Y Fund Strategy Performance
1% - Real Estate 24
Al Mal MENA Equity Fund
22 S&P Pan Arab Composite Index (Rebased)
48% - Saudi Arabia 20 AZ Al Mal Equity Fund
15% - Cash 18
13% - Qatar 16
13% - UAE 14
7% - Kuwait 12
10
4% - Others
8
6
Jan-12 Jan-13 Jan-14 Jan-15 Jan-16 Jan-17 Jan-18 Jan-19 Jan-20 Jan-21 Jan-22
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Disclaimer

None ofthe information andopinions containedherein is intendedto form the basis for any investment or trading decision, andno specific recommendations are intended. The products andtransactions describedherein are not suitable for every investor. Such products and

transactions are only suitable for sophisticated and knowledgeable professionalusers of financialinstruments, and are structured and customized to the needs and objectives of each investor. The information and opinions contained herein have beenprepared for informational purposes only and do not constitute an offer to sell, or solicitation of an offer to purchase, any security, any commodity futures contractor commodity-related product, any derivative product, or any trading strategy or service describedherein. Neither AlMalCapital PSC nor any of its affiliates, directors, authorized managers and/or employees accepts liability for any loss arising from the use of or makes any representation as to the accuracy or completeness of the terms and conditions of products and transactions described herein. Finalized terms and conditions are subject to further discussion and negotiation, and will be determined in part on the basis of pricing and valuation models, data, and assumptions that are proprietary to Al Mal Capital and its affiliates. No assurance can be given that a product or transaction can, in fact, be executed on any representative terms indicated herein.

May 2022 NAV Per Unit: USD 11.67

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Al Mal MENA Equity Fact Sheet

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Fund Manager Commentary

The S&P 500 and NASDAQ ended in the red in May 2022, posting a negative return of 0.56% and 3.32%, respectively. The S&P 500 entered bear market territory near the end of May due to inflation; the Fed’s consequent mitigation efforts to raise interest rates through a 50bps rate hike in May and another one in June. The yield on the U.S. 10-year Treasury saw a significant increase to start 2022 from the month’s end, with the yield on the 10-year standing at 2.84%. Brent crude oil prices stood at 115 USD per barrel, trading at highs.

Saudi Arabia’s annual inflation increased to 2.3% in April from 2.0% in March. Higher inflation was mainly driven by food prices rising from the Russia-Ukraine war, especially wheat. Portfolio Holding Mouwasat signed an MoU to purchase a majority stake of Jeddah Doctors Co and the value of the transaction will be known once the due diligence process is completed. Meanwhile Saudi banking giant Al Rajhi Bank experienced strong loan growth and a boost in non-interest income as they reported Q1 numbers this past week. Profits increased 3% y/y whilst noninterest income remained strong rising 8% q/q. We remain optimistic on the name on a compelling loan book growth outlook which should come with minimal provisioning.

In the UAE, Dubai attracted 618 FDI projects in 2021 with an FDI value of AED 26bn (+5.5% y/y) whilst jobs created from such projects surged by 36%. Furthermore, Tourism in Dubai surged in Q1 2022 with visitors more than doubling to 3.97m in the quarter compared to 2021, while recording the highest number of real estate transactions since 2010.

Egypt plans to list army-owned companies on the stock exchange before the end of the year to include private sector businesses in state-owned assets. National Bank of Egypt (NBE) and Banque Misr cancelled the high-yield 18%, one-year certificate of deposit (CD) after collecting EGP750bn (USD40.3bn) in 70 days following the the Central Bank 200bps rate hike.

Objective

Achieve capital appreciation, primarily through investment in equity and equity related securities in the Middle East and North African markets.

	Performance1	Fund	Fund Performance Benchmark2	Alpha
	1 Month	-9.6%	-9.2%	-0.4%
	YTD3	5.2%	5.8%	-0.6%
	1 Year 3 Year	20.2% 36.7%	17.9% 28.0%	2.3% 8.7%
	5 Year	78.6%	56.1%	22.5%
	Since Inc.	41.4%	-11.9%	53.3%

1 Performance is net of fees; 3-year and 5-year return is cumulative

• 2 S&P Pan Arab Composite Index

3 As of 25th May 2022

	Holding	Top 5 Holdings	% of Fund
	Al Rajhi Bank Saudi National Bank		9.8 9.6
	Qatar National Bank		4.1
	Saudi British Bank		3.8
	Saudi Arabian Oil Company		3.3
		Fund Analysis
	Matrix4	Fund	Benchmark
	Standard Deviation	13.8%	15.2%
	Tracking Error Beta Dividend Yield 2021	5.1% 0.9 4.0%
	No. of Holdings	38

		Fund Information
	Fund Manager Fund Manager	Sherif El Haddad Faisal Hasan, CFA
	Inception Date Inception Date	15th June 2008 15th June 2008
	Fund Size Fund Size	USD 28 million USD 35 million
	Strategy Size Strategy Size	USD 250 million USD 250 million
	Domicile Domicile	Bahrain Bahrain
	Currency Currency	USD USD
	Subscription & Redemption Subscription & Redemption	Weekly Weekly
	Min Subscription Min Subscription	USD 250,000 USD 250,000
	Bloomberg Code Bloomberg Code	MALMENE BI MALMENE BI
	Management Fee Management Fee	1.75% 1.75%
	Benchmark Index Benchmark Index	S&P Pan Arab Composite S&P Pan Arab Composite
	Fund Type Fund Type	Open Ended Open Ended
	Administrator Administrator	Apex Apex
	Custodian Custodian	Standard Chartered Standard Chartered

Sector Allocation

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48% - Financials
Subscription & RedemptionSubscription & Redemption Weekly Weekly
16% - Cash
Min Subscription Min Subscription USD 250,000 USD 250,000
14% - Materials Bloomberg CodeBloomberg Code MALMENE BIMALMENE BI
7% - Communication Services Management FeeManagement Fee 1.75%1.75%
Benchmark IndexBenchmark Index S&P Pan Arab CompositeS&P Pan Arab Composite
4% - Energy
Fund TypeFund Type Open EndedOpen Ended
4% - Industrials
AdministratorAdministrator ApexApex
3% - Consumer Discretionary CustodianCustodian Standard CharteredStandard Chartered
2% - Health Care
1% - Consumer Staples 10Y Fund Strategy Performance
24
1% - Real Estate
22 Al Mal MENA Equity Fund Benchmark
49% - Saudi Arabia 20
16% - Cash 18
16
13% - Qatar
14
12% - UAE
12
7% - Kuwait
10
3% - Others
8
6
Jan-12 Jan-13 Jan-14 Jan-15 Jan-16 Jan-17 Jan-18 Jan-19 Jan-20 Jan-21 Jan-22
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Geographic Allocation

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Disclaimer

None ofthe information andopinions containedherein is intendedto form the basis for any investment or trading decision, andno specific recommendations are intended. The products andtransactions describedherein are not suitable for every investor. Such products and

transactions are only suitable for sophisticated and knowledgeable professionalusers of financialinstruments, and are structured and customized to the needs and objectives of each investor. The information and opinions contained herein have beenprepared for informational purposes only and do not constitute an offer to sell, or solicitation of an offer to purchase, any security, any commodity futures contractor commodity-related product, any derivative product, or any trading strategy or service describedherein. Neither AlMalCapital PSC nor any of its affiliates, directors, authorized managers and/or employees accepts liability for any loss arising from the use of or makes any representation as to the accuracy or completeness of the terms and conditions of products and transactions described herein. Finalized terms and conditions are subject to further discussion and negotiation, and will be determined in part on the basis of pricing and valuation models, data, and assumptions that are proprietary to Al Mal Capital and its affiliates. No assurance can be given that a product or transaction can, in fact, be executed on any representative terms indicated herein.

Al Mal UAE Equity Fact Sheet May 2022 NAV Per Unit: AED 1.64

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Fund Manager Commentary

The Abu Dhabi Securities Exchange (ADX) experienced double-digit growth in its market cap following IPOs by large businesses in the UAE. The market capitalisation jumped 25% year-to-date to close to AED 2tr (USD 545bn), bolstered by more than USD 5bn in share offerings and listings over the past year, including Abu Dhabi Ports, Fertiglobe, ADNOC Driling, Alpha Dhabi and Multiply Group.

At a recent OPEC+ meeting, oil production was agreed to be accelerated from an earlier planned 400k barrels per day to 650k barrels per day.

The UAE’s main oil company ADNOC and Borealis raised USD 2bn in the initial public offering of their chemicals joint venture, Borouge, drawing USD 83bn of orders in the latest sign of strong demand for listings in the region. Borouge’s IPO is Abu Dhabi’s biggest-ever listing as Abu Dhabi National Oil Co. and Borealis sold 3 billion shares at a AED 2.45 price/share, valuing Borouge at USD 20bn. IPO coverage surmounted to an oversubscription level of almost 42 times.

Dubai attracted 618 FDI projects in 2021 with an FDI value of AED 26bn (+5.5% y/y) whilst jobs created from such projects surged by 36%. Dubai also attracted 43 Headquarter FDI projects in 2021, top-ranked in the region and second globally behind Singapore. Portfolio Holding Etisalat acquired 9.8% of Vodafone for USD 4.4bn, which has a strong balance sheet, a diversified currency base, and commercial procurement partnerships.

Objective

Achieve medium to long-term capital growth by investing primarily in equities listed on the UAE Exchange.

Fund Performance

			Fund Performance
	Performance1	Fund	Benchmark2	Alpha
	1 Month	-8.3%	-11.8%	3.5%
	YTD3	6.7%	4.1%	2.6%
	1 Year	17.3%	25.0%	-7.7%
	3 Year	51.7%	35.0%	16.7%
	5 Year	49.6%	16.3%	33.3%
	Since Inc.	108.3%	-26.0%	134.3%

1 Performance is net of fees; return is cumulative

2 S&P UAE Domestic 10% Capped Index

3 As of 25th May 2022

Top 3 Holdings

	Holding	% of Fund
	Dubai Islamic Bank Emaar Properties First Abu Dhabi Bank	10.4 9.8 9.4

Fund Analysis

Tourism in Dubai surged in Q1 2022: visitors more than doubled to 3.97m in the quarter compared to 2021, with Oman and Saudi accounting for 1/5th of visitors during the quarter. Portfolio Holding AD Ports experienced robust performance because of a resilient business model with recurring earnings growing +7% y/y. Growth in earnings can be attributed to higher investment income and growth across core divisions such as the maritime (111% y/y revenue growth), logistics (flat y/y), and digital clusters (EBITDA AED 58m).

		Fund Analysis
	Matrix4	Fund	Benchmark
	Standard Deviation Tracking Error Beta	16.8% 10.7% 0.7	23.3%
	Dividend Yield 2021	4.0%
	No. of Holdings	19

4 Calculated using 3-year weekly data

Fund Information

	Fund Manager	Faisal Hasan, CFA
	Fund Size	AED 58 million
	Domicile	UAE
	Currency	AED
	Subscription & Redemption	Weekly
	Min Subscription	AED 40,000
	Management Fee Performance Fee	1.50% 20% over 10% hurdle with high watermark
	Financial Year End	31st December
	Benchmark Index	S&P UAE Domestic 10% Capped Index
	Fund Type	Open Ended
	Administrator & Custodian	Standard Chartered

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Sector Allocation
44% - Financials Subscription & Redemption Weekly
18% - Real Estate Min Subscription AED 40,000
Management Fee 1.50%
9% - Industrials
Performance Fee 20% over 10% hurdle with high
9% - Communication Services watermark
Financial Year End 31st December
9% - Cash
Benchmark Index S&P UAE Domestic 10% Capped Index
5% - Energy
Fund Type Open Ended
4% - Consumer Staples Administrator & Custodian Standard Chartered
1% - Utilities
1% - Materials
10Y Fund Strategy Performance
Al Mal UAE Equity Fund Benchmark
Geographic Allocation
47% - Abu Dhabi 33
30
43% - Dubai
27
9% - Cash
24
1% - Others
21
18
15
12
9
6
Jan-12 Jan-13 Jan-14 Jan-15 Jan-16 Jan-17 Jan-18 Jan-19 Jan-20 Jan-21 Jan-22
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Disclaimer

None ofthe information andopinions containedherein is intendedto form the basis for any investment or trading decision, andno specific recommendations are intended. The products andtransactions describedherein are not suitable for every investor. Such products and

transactions are only suitable for sophisticated and knowledgeable professionalusers of financialinstruments, and are structured and customized to the needs and objectives of each investor. The information and opinions contained herein have beenprepared for informational purposes only and do not constitute an offer to sell, or solicitation of an offer to purchase, any security, any commodity futures contractor commodity-related product, any derivative product, or any trading strategy or service describedherein.

Neither AlMalCapital PSC nor any of its affiliates, directors, authorized managers and/or employees accepts liability for any loss arising from the use of or makes any representation as to the accuracy or completeness of the terms and conditions of products and transactions described herein. Finalized terms and conditions are subject to further discussion and negotiation, and will be determined in part on the basis of pricing and valuation models, data, and assumptions that are proprietary to Al Mal Capital and its affiliates. No assurance can be given that a product or transaction can, in fact, be executed on any representative terms indicated herein.