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ail redeploymhigh-end, in of its globalMunich. Twol will be co

al vision.

Creativity Awent. Leejam,Seasons Houests, includ.

Properties stments acqour propertieuare feet wit

have high ot.

ted in Orlans located in cst university

as one of thear Award ins one of Euro

tly opened snvested in T

after a five aselworld. Gment to unveline with a f strategy, Go new renowontributing to

ard for achie, which manotel in Riyadding some of

Portfolio, quired duringes, acquiredth approximoccupancy r

do, Florida.close proximy in the US

e ten n the ope's

even heeb

year Georg eil its fresh

Georg wned o re-

eving ages

dh to f our

was g Q3 d for ately

rates,

This ity to with

Pg. 10

R

S

approenroll

WateCalifonorthepropecenteadditio

ArcadMarylwhich

FairwThis agardeBaltimare mprope

Realizations

everal real e

Copp(CoppTexas

CottaproximPark,multi-Apart

NorthConnerealizaPortfo

MarriFund

The rsquarPortfo

oximately 60,ed students.

rleaf Apartornia. Waterlern suburb o

erty providesrs and is situonal recreati

dian Silver and. This ga

h is part of th

ways at Towsapartment p

en style buildmore-Columbmore than 1erty.

estate proper

perfield Porperfield, Covs. One propeages of Chamity to Geor a 168-unit mfamily propement II Portf

h Haven Cecticut and ation of Norolio.

ott Pittsburwas also rea

remaining 11re feet of offiolio is fully re

,000 students. tment Comleaf is a 45of San Diego convenient uated on a 1ional areas.

Spring, acarden style toe Washingto

son, also acroperty featu

dings. Fairwabia-Towson, 5 million sq

rties were so

rtfolio compventry Squarerty remains mpion Forerge Bush Intmultifamily prerty, both lofolio.

enter, a 83part of th

rth Haven C

rgh Hotel, paalized. Five o1 assets in Nice and flex

ealized.

s, and Valen

mplex, acqu56-unit multio, the 17th laaccess to m9.9 acre site

cquired inownhome pr

on D.C. metro

cquired in Feures a 15-stoays at Towsothe 20th larg

quare feet o

old in the qua

prised of 1re, Easton Vin this Texas

est, a 300-untercontinentaroperty in Dacated in Ho

38,384 squahe ConnectCenter, two

art of an invother investmNorthern Cabuildings wa

ncia College,

ired in Janifamily apartargest metro

most major Ne that include

February, isroperty is locopolitan area

ebruary, is locory high riseon is locatedgest metropoof office spa

arter:

,076-units iVillage and Ps Apartment nit apartmenal Airport anallas; and Vilouston, Texa

are feet indicut Industrproperties r

vestment in Iments remainalifornia Poras sold in Ma

which has m

nuary, is lotment compopolitan areaNorth San Dies swimming

s located incated in Mona.

cated in Balte building and in an upscolitan area iace within f

in four adjaPeppermill Pl

I Portfolio. t community

nd Willowbrolas at Edgew

as were real

dustrial proprial Portfolioremain in US

nvestcorp Rn in the fund.rtfolio, consarch. The No

more than 42

ocated in Vlex located a in the US.ego employ

g pools, spas

n Silver Spntgomery Co

timore, Marynd 35 three-ale submarkn the US. Tfive miles of

acent propeace) in Hou

y located in cook Mall; Wawater, a 414ized from T

perty locateo. FollowingS Diversified

eal Estate C isting of 568orthern Califo

2,000

Vista, in a The ment s and

pring, unty,

land. story

ket of There f the

erties ston,

close aters 4-unit Texas

ed in the d VII

Credit

8,722 ornia

Pg. 11

HOveC

O(e

In

Hedge fuOur hedge funery strong p

Composite Ind

Our hedge funevent driven

We reregionpolicythe Eperiphwell aFund

We apredicexcesnear sustaand re

We mthat tdivergforma

We relow de

nvestcorp hed

Credit24%

Macr13%

nds nds co-invesperformancedex, which re

nds portfolio and hedged

emain positn with the my coupled witEuro area whery. Japaneas the pickus commitme

also remaincated on stross of $2 trillio10%. We bined period ecapitalizatio

maintain our he macro ogence acrossation of time-emain modeefault-rate en

dge funds co

Hedge Equities

18%

FIRV1%

ro%

stment portfoe compared eturned 2.1%

is positionedequities).

tive on Hedmost macro th the contin

with reduced ese equities p in domest

ent to allocate

n positive ong corporateon. Average believe that of significan

ons.

positive viepportunity ses the globe series trends

estly positivenvironment a

o-investment a

Convert. Arb3%

EMN6%

Event Driv36%

olio deliveredto the indu

% for the qua

d with a posit

dge Equitymomentum

ued Euro dedownside rshould ben

tic inflows we into equitie

on Speciale balance shcorporate pshareholde

t event-drive

ew on Macret will remaimanifest itses. e on Corpoand strong co

allocations

b.

ven

unlevered reustry benchmarter.

tive tilt towar

strategies. Wm in 2014, eepreciation shrisks from defit from the

with the Govees.

l Situationsheets in the Uprofits for cor pressure

en activities

ro Discretioin attractive elf in reduce

rate Credit, orporate bala

eturns of 4.3mark, HFRI

rds equity-or

While the Uexpansionaryhould suppodeflationary e depreciatioernment Pen

s / Event US that are fmpanies in t(or activismincluding bu

onary strategas we see

ed asset corr

as valuationance sheets

3% in Q3 FYFund of F

riented strate

US had beeny ECB monert profit growdynamics in

on of the Yension Invest

Driven equflush with cathe S&P 500

m) will lead uybacks, mer

gies. We becontinued prelations and

ns fully reflecin the US.

15, a unds

egies

n the etary

wth in n the en as ment

uities sh in 0 are to a

rgers

elieve policy d the

ct the

Pg. 12

Into

We acontindevelparts

We re2014 but th

We aoutpeby thvolatil

We hastructbehin

We hArbitrrelatemode

We mdistrean oufavorasupply

nvestcorps So clients in th

are modestlnue to see oped marketof the world,

emain modesyear for tren

he return streare neutral erform the USe ECB, butlity in the stru

ave upgradeturally like Rd by the exit

have also urage in resp

ed sell-off. Oestly positive

maintain a mssed ratio ofutsized systable view ony of debt from

Special Oppohe quarter.

y positive commoditize

ts. However,, especially t

stly positivend-following eam remains

on StructuS on the bact are in genuctured cred

ed our outlooRelative Valut of bank pro

upgraded ouponse to moOur outlook because of t

modestly nf just 3% in bematic risk n European m deleverag

ortunities Po

on Equity ed factor m, returns to nhe Asia-Pac

e on Systemstrategies is in play, if a b

ured Creditck of the proneral concerit markets.

ok to positivue strategiesprietary tradi

ur outlook tore attractive

for convertheir overwe

negative ratbonds currenpremium frodistressed

ing Europea

ortfolio (SOP

Market Neumodels delivenon-market fific region.

matic Macro unlikely to b

bit more modt as a stratoposed purchrned about

ve for Fixed s as hedge ing desks.

to modestlye valuations rtible bonds ight to the en

ting on Contly provides om this straversus US n banks.

P) made dis

utral strategering sub-opfactors are a

strategies. Tbe repeated dest than beftegy. We exhases of assthe risk of

Income Refunds step

y positive following theas an equ

nergy sector

orporate Disvery little op

ategy. We ddistressed g

stributions of

gies even asptimal alphaattractive in o

The extraordin the near tfore. xpect Europset-backed p

liquidity-ind

lative Valueinto the void

for Convere recent eneuity substitutr.

stressed. Apportunity to do have a mgiven the st

f over $50 m

s we as in other

inary term,

pe to paper uced

e. We d left

rtible ergy-te is

A low earn more teady

million

Pg. 13

CP

Wplinpoin

A

Aou

Tinbi

1 Athm

T

Client Placemen

We placed thlacement of

nvestment inortion has b

nvestment, N

Assets un

As of 31st Maur proprietary

otal client asnvestment clillion and clie

Assets under hird party mamanagement.

Total assets u

Affiliate0.4

Balance sheeco-investmen

1.4

activitnt activit

e residual aDainese and Arvento w

been placed Nobel Learni

nder man

rch 2015, ouy co-investm

ssets under mient AUM w

ent monies h

managementanagers where

nder manage

s

et nt4

By AUM t

ties ty

amount in Prd the 2015 Ras launchedwith clientsng Commun

nagemen

ur total assements, was $

managemenwas $3.6 bill

eld in trust w

t include approe Investcorp

ement ($b)

Clien8.8

type

ro UnlimitedResidential Pd for placem. We will conities in earl

nt

ts under ma10.6 billion.

nt, as at 31st

ion, hedge was $248 mil

oximately $2.5receives fee

nt

d in Q3 FY1Properties Pent during t

ommence thely April.

anagement1 a

March, 2015funds $3.8lion.

5 billion of sins calculated

CI4.7

4

Cash 0.2

By as

5 together wPortfolio. Thhe quarter ae placement

across all pr

5, was $8.8 billion, real

ngle manager on the basis

HF4.3

sset class

with a bulk oe newly acq

and a substat of another

roducts, inclu

billion. Corpoestate was

funds manages of assets u

RE1.5

of the uired antial

new

uding

orate $1.2

ed by under

Pg. 14

K

Acore

Cfa

2 C3 C4 C5 C6 7 Jeq

Key fin

Total assets

Total acces

Total debt (

Leverage ra

Net leverag

Co-investm

Capital ade

As at 31st Maromfortably inequirement o

Co-investmenacility, remain

Cash, placemCall accountsCalculated in Calculated in Excludes undeJPY 37 billionquity

nancia

s ($b)

ssible liquidity

$b)3

atio4

ge ratio5

ents6/(total e

quacy ratio (

rch 2015, Invn excess of of 12%.

nt assets, nen fully covere

ments with finan, term & instituaccordance waccordance werwriting and

n debt maturin

al metr

y ($b)2

equity + long

(Basel III)

vestcorps caCentral Ban

et of the $1ed by perma

ncial institutioutional borrow

with bond covewith bank loan is net of revolv

ng in 2030 and

rics

term capital

apital adequank of Bahrai

175 million nent and lon

ns and undrawwings, mediumenants

covenants whving facilities sd $50 million d

7)

acy ratio (CAns current B

bi-lateral revng-term sourc

wn revolversm & long term d

hich is net of lisecured againdebt maturing

Mar15

$2.2

$0.8

$1.1

1.3x

0.7x

0.8x

28%

AR) under BBasel III reg

volving secuces of capita

debt

iquidity and unnst hedge fund

in 2032, defe

Dec

$

$

$

1

0

0

2

Basel III was ulatory mini

ured hedge al.

nderwriting d co-investmeerred fees and

c14

$2.1

$0.8

$1.0

.3x

0.8x

0.9x

27%

28% mum

fund

nts d total

Pg. 15

Fcune

C

L

*Jin

A

M

F

ollowing an urrent level oext four year

Credit rat

Liquidity cover

JPY 37 billion ($n 2032

Accessibleliquidity

Fundedunderw riting

(CI / RE)

Agency

Moody's Investo

Fitch Ratings

active perioof accessiblers.

tings

r ($m)

$309 million at cu

847

91

Totalliquidity

$938m

or Service

od of realize liquidity now

urrent exchange

HFY

Rating grad

Ba2 / Stable o

BB / Stable ou

ations we hw fully cover

e rates) debt ma

175 2

425

H1Y17

H2FY17 F

de Co

outlook-Ra-Cr

utlook -Ra-Ra-Ra

hold comfortrs all medium

aturing in 2030

250

425

H1FY18

H2FY18

omment

ating affirmed iredit opinion pu

atings Navigatoating and outloating report pub

table levels m term debt m

and $50 million

400

139

825

964

H1FY19

H2FY19

n Jan 2015ublished in Ma

or published inok confirmed iblished in Mar

of liquidity. maturing ove

maturing

359

PostFY30*

r 2015

n Jan 2015n Mar 20152015

The er the

Pg. 16

O2

MTIspa

In

Athat

G

TInfrB

AdiCInM

Other c2015 Turk

Mohammed Aurkish and A

stanbul. A narticipated a

H.E. M H.E. S

Qatar

H.E. A H.E. A H.E. N Mazin

nvestcor

An Investcorhe GCC regiot Cambridge

GCC Boa

he GCC Boanvestcorp, a om Allen & ODI's content

Attending the istinguished

Contracting nvestcorp, M

Management,

corpokish Arab

Al-Shroogi, PArab economnumber of ps panelists:

Mehmet Sim

Sheikh Ahmr

Abdeslam Bo

Ali Hassan K

Nasser Al-Es

n Saad Al-Na

rp Leade

p Leadershion. The threUniversity.

ard Direc

ard Directorfounding meOvery, Heidrpartners, as

BDI workshcompanies: Company, inistry of De SABIC, SAL

rate ub Econo

President of mic partnershprominent ke

sek (Ministe

ed Bin Jass

ouchouareb (

Khalil (Ministe

sawi (Ministe

ahedh (Group

ership Pr

ip Programme-day event

tors Inst

rs Institute (ember of BDIrick & Struggs well as a Se

hop were seAl Fozan H

American Ufense, NatioLIC, Saudi A

pdatemic Foru

Gulf Busineip' at the 20ey figures f

r of Finance

sim Al Thani

(Minister of I

er of Finance

er of Industry

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e - Lebanon)

and Mineral

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me at Cam

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ves and boampany, Alkifa

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about the 'NeArab Economy and MENA

f Economy a

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mbridge

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United KingInvestcorp IInvestcorp HLondon W1KTel +44 20 7Email invest

United StateInvestcorp I280 Park AvNew York Tel +1 212 5Email invest

Saudi ArabiInvestcorp SAl Faisaliah Riyadh 1157Tel +966 11 Email invest

United ArabInvestcorp BAl Sila TowePO Box 3696Tel +971 2 5Email invest

t inforondon, New Y

Bank B.S.C.House, PO BO

532000 tcorp.bahrain

gdom Internationa

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