Quarterly Update Q4 2016

Quarterly Update Q4 2016

At the end of 2016, the Company’s funds raised at the time of the IPO were fully deployed, with the exception of approximately 10% of the book value reserved in cash for collateral and working capital purposes.

Overall, the risk exposure of the Company was kept low going into the US Presidential elections, which has served the Company well. Emerging markets had a challenging time with the global emerging markets equity ETF (EEM US) down 5.73% and the emerging markets corporate bond ETF (CEMB US) down 3.14% from the time of the IPO in August 2016 until yearend. Emerging market currencies in general during this period were caught up in the updraft of the US Dollar and posted significant losses as a result.

Despite the modest risk positioning, the Company is on track to meet its target annual dividend yield of 6% (based on the issue price) and has declared its first quarterly dividend for the Company’s first quarter to 31 December 2016.

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