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June 2018 bank Oryx Fund NAV: OMR 1.866 USD 4.85

Objective The Fund’s main objective to achieve long-term capital appreciation by investing in a diversified basket of equities listed on the MENA region stock exchanges. Fund Highlights Commentary Fund Manager Shirish Raut MENA markets were mixed in a month shortened by the Eid holidays with the Inception Date 05/09/94 S&P GCC Index rising 1.1% MoM. Oil prices continued to rise, closing +2.4% MoM at USD 79.4/bbl. Markets were led by (+1.9% MoM) and Structure Open Ended Mutual Fund (+3.3% MSCI) as MSCI announced their decision to upgrade Saudi to Custodian bank muscat SAOG Emerging Market status and place Kuwait on the watch list. Bahrain and Qatar also closed +3.6% And 3.1%, higher respectively. led the underperformers, Domicile declining -4.8% MoM as investors remained wary from the fallout of Abraaj. Abu Dhabi , Oman and Egypt closed the month -1.0% , -0.8% and -0.4% lower Benchmark S&P GCC Large Cap Index MoM. Volumes remained low due to Ramadan as Saudi traded USD 823 mn on average per day. Currency OMR/USD

The Fund closed the month 2.1% higher MoM, outperforming the benchmark Risk Profile High by +1%. For the 1H 2018, the fund is now up 8.2% as compared to the S&P GCC Index which is up 9.9%. Key stocks in Saudi contributed positively to our Minimum Initital Purchase OMR 50 performance. However, our exposure to Dubai real estate companies contributed Min. Additional Purchase OMR 50 negatively to performance. Key developments during the month under review include the decision by MSCI Initial Subscription Fee Up to 3% to upgrade Saudi to Emerging Market status and place Kuwait on watch list. As per MSCI, Saudi will have a 2.6% weight in the index with 32 securities Annual Management Fee 1.85% following a two-step inclusion process. As per various estimates, this implies a Valuation Daily possible passive flows of USD 10bn for MSCI and likely USD 5 bn in five tranches for FTSE next year. Active flows are set to be even higher. In another major Subscription & Redemption Daily step forward for the Kingdom, Saudi women were officially allowed to drive after a decades old driving ban was lifted. Elsewhere, S Arabia, Kuwait and UAE announced measures to support Bahrain’s economic reforms and fiscal stability after the Bahrain CDS spike on speculation during the month. Finally, Oman has Top 3 Holdings introduced a new short stay visa that is positive for the growing tourism industry of the Sultanate. Company Name Weights (%) We would like to re-iterate our positive outlook for regional markets for the second half of 2018. Macro fundamentals continue to improve as oil prices AL RAJHI BANK 6.4 move higher and fund flows should continue to remain positive in light of the recent MSCI decision. We continue to play secular growth themes in the region including more women drivers (motor insurers, banks for auto loans, rental NMC HEALTH PLC 6.0 companies), rising demand for healthcare (hospitals), rising interest rates (banks) and increasing oil prices (petrochemicals). SAMBA FINANCIAL GROUP 5.0

Portfolio Performance Name MTD YTD 1 Year* 3 Years* 5 Years* bank muscat Oryx Fund 2.1 8.2 10.3 1.3 11.5 S&P GCC Composite Index 1.1 9.9 8.7 -3.2 1.0 * Annualized

For further information. please contact: bank muscat Asset Management P.O. Box 134. PC 112. Ruwi. Sultanate of Oman. Tel: +968 24768620/7983 E-mail: [email protected]. Website: www.bankmuscat.com/assetmanagement Authorized and regulated by the Capital Market Authority of the Sultanate of Oman, this fact sheet is provided for information purposes only and is not to be construed in any manner as proposal, advice, offer, recommendation or solicitation to purchase or sell or hold the securities or financial products described in this report. The report is based on information generally available but no assurance is given as to its accuracy, reliability or completeness. bank muscat does not guarantee, neither we assume any responsibility or liabilities for any claim, negligence, default, error, omission or inaccuracy of the contents of this report. Please refer to the relevant section on risk factors in the Fund’s prospectus. Mutual funds are subject to market and other risks. There is no assurance that the objectives will be met and past performance does not indicate future performance of the fund. bank muscat (SAOG) is not accountable for any decision based on the contents of this report. Neither the information nor the opinions contained are to be construed as an offer to buy and sell the fund mentioned above. It is important to remember that the NAV of mutual funds and the income generated from them can go down as well as up and it is not guaranteed. The investor may not get back the amount originally invested. Changes in rates of currency exchange, particularly where overseas securities are held, may also affect the value of your investment. bank muscat (SAOG) will not be responsible or liable for any loss or damage of any kind which arises, directly or indirectly, and is caused by the use of any part of the information provided. To serve you better everyday

Sectoral Allocation Geographic Allocation

Cash 4.9 Cash 4.9 Consumer Egypt 6.6 Discretionary 14.6 Kuwait 3.0 Consumer Staples 6.2 Qatar 11.3 Energy 3.4 Saudi Arabia 57.3 Financials 37.1 United Arab Health Care 12.9 Emirates 16.9 Industrials 8.3 Materials 11.9 Real Estate 0.4 Telecommunication Services 0.3 Risk History (3 years)

Volatility 13.2%

Sharpe Ratio 0.64

For further information. please contact: bank muscat Asset Management P.O. Box 134. PC 112. Ruwi. Sultanate of Oman. Tel: +968 24768620/7983 E-mail: [email protected]. Website: www.bankmuscat.com/assetmanagement Authorized and regulated by the Capital Market Authority of the Sultanate of Oman, this fact sheet is provided for information purposes only and is not to be construed in any manner as proposal, advice, offer, recommendation or solicitation to purchase or sell or hold the securities or financial products described in this report. The report is based on information generally available but no assurance is given as to its accuracy, reliability or completeness. bank muscat does not guarantee, neither we assume any responsibility or liabilities for any claim, negligence, default, error, omission or inaccuracy of the contents of this report. Please refer to the relevant section on risk factors in the Fund’s prospectus. Mutual funds are subject to market and other risks. There is no assurance that the objectives will be met and past performance does not indicate future performance of the fund. bank muscat (SAOG) is not accountable for any decision based on the contents of this report. Neither the information nor the opinions contained are to be construed as an offer to buy and sell the fund mentioned above. It is important to remember that the NAV of mutual funds and the income generated from them can go down as well as up and it is not guaranteed. The investor may not get back the amount originally invested. Changes in rates of currency exchange, particularly where overseas securities are held, may also affect the value of your investment. bank muscat (SAOG) will not be responsible or liable for any loss or damage of any kind which arises, directly or indirectly, and is caused by the use of any part of the information provided.