ADCB SICAV - Novacap SFR... · ADCB SICAV Société d'Investissement à Capital Variable Registered Office: 1, rue de Potager L–2347 Luxembourg R.C.S.: B 186336 Contents No subscription

ADCB SICAV Société d'Investissement à Capital Variable

ANNUAL REPORT INCLUDING AUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2018

Registered Office:

1, rue du Potager

L-2347 Luxembourg

Grand Duchy of Luxembourg

R.C.S. Luxembourg B186336


Registered Office:

1, rue de Potager

L–2347 Luxembourg

R.C.S.: B 186336

Contents

No subscription can be received on the basis of this annual report including audited financial statements. Subscriptions

are only valid if made on the basis of the current prospectus supplemented by the latest annual report including audited

financial statements.

Page (s)

Management and Administration of the Company 1

Directors’ Report 2 – 7

Report of the Réviseur d’Entreprises Agréé 8 – 10

FINANCIAL STATEMENTS

Statement of Financial Position

11 – 14

Statement of Comprehensive Income 15 – 16

Statement of Changes in Net Assets Attributable to Holders of Redeemable Shares 17 – 18

Statement of Cash Flows 19 – 20

Notes to the financial statements 21 - 69

APPENDIX

Portfolio Statements

Other information (unaudited)

70 – 79

80 – 86


Registered Office:

1, rue du Potager

L-2347 Luxembourg

R.C.S.: B 186336

Management and Administration of the Company

1

Registered Office

Board of Directors

1, rue du Potager

L-2347 Luxembourg

Simon Copleston

Mark Friedenthal

Deepak Khullar

Arup Mukhopadhyay

Management Company NOVACAP Asset Management S.A.

1, rue du Potager

L-2347 Luxembourg

Investment Manager Abu Dhabi Commercial Bank

Sheikh Zayed Street

Abu Dhabi

United Arab Emirates

Depositary Bank Deutsche Bank Luxembourg S.A.

2, rue Konard Adenauer

L-1115 Luxembourg

Administrative Agent, Paying Agent,

Registrar and Transfer Agent

Deutsche Bank Luxembourg S.A. (until 15 June 2018)

2, Boulevard Konrad Adenauer

L-1115 Luxembourg

Apex Fund Services (Malta) Limited,

Luxembourg Branch (as from 16 June 2018)

2, Boulevard de la Foire

L-1528 Luxembourg


Auditor Deloitte Audit

Société à responsabilité limitée

Cabinet de Révision Agréé

560, rue de Neudorf

L-2220 Luxembourg

Luxembourg Legal

Counsel

Arendt & Medernach

41A, avenue John F. Kennedy

L-1855 Luxembourg


Registered Office:

1, rue du Potager

L-2347 Luxembourg

R.C.S.: B 186336

Directors’ Report

2

The Board of Directors of ADCB SICAV (the “Company”), is pleased to present the audited financial statements

for the year ended 31 December 2018.

The Company has an umbrella structure as of 31 December 2018 with 6 active Sub-Funds and is authorised under

Part I of Law of 17 December 2010 on undertakings for collective investment, as amended in accordance with the

provisions of the UCITS Directive and listed on the official list of UCITS approved by the CSSF.

As of 31 December 2018, the following Sub-Funds are active:

- ADCB SICAV - ADCB MSCI UAE Index Fund

- ADCB SICAV - ADCB UAE Equity Fund

- ADCB SICAV - ADCB Arabian Index Fund

- ADCB SICAV - ADCB Islamic GCC Equity Fund

- ADCB SICAV - ADCB Target 2025 Fund

- ADCB SICAV - ADCB Target 2035 Fund

Principal Activity

ADCB SICAV - ADCB MSCI UAE Index Fund

The Sub-Fund's investment objective is to provide investors with investment returns which correspond closely to

the total return of the MSCI UAE Index before fees and expenses. The price of the MSCI UAE Index will be

calculated on an ongoing basis and published in the financial press (Bloomberg code at the date of the prospectus

MGCLAEN Index).

The Investment Manager will seek to achieve the Sub-Fund's investment objective by investing the Sub-Fund's

assets directly in UAE listed securities in each case as determined by the Index Provider and which are for the time

being constituent securities of the MSCI UAE Index ("Index Securities").

The MSCI UAE Index is intended to reflect the performance of a number of underlying securities which are

weighted to account for economic significance and is a sufficiently diversified index for the purposes of Article 53

of Directive 2009/65/EC. In any case the exposure of the Sub-Fund to any single security will not exceed 20% of

the index, except that one single component may represent up to 35% of the index where justified by exceptional

market conditions, as it may be the case for Emirates Telecom.

The Sub-Fund may also invest in certain securities other than Index Securities ("Non-Index Securities") in order

to minimise the Fund's tracking error relative to the performance of the MSCI UAE Index. Non-Index Securities

comprise equity securities listed on the Abu Dhabi Securities Exchange, the Dubai Financial Market or the Nasdaq

Dubai.

The Sub-Fund’s portfolio of securities will be rebalanced from time to time to reflect any changes to the

composition of, or the weighting of securities in, the MSCI UAE Index with a view to minimising tracking error

of the Sub-Fund's overall returns relative to the performance of the MSCI UAE Index. Such rebalancing may be

in the form of investments in Non-Index Securities.

The Sub-Fund will normally invest at least 80% of its assets in constituent securities of the MSCI UAE Index.

The Sub-Fund may also:

(a) hold Non-Index Securities not exceeding 20% of the Net Asset Value of the Sub-Fund;

(b) hold cash and deposits not exceeding 10% of the Net Asset Value of the Sub-Fund (except upon receipt of cash

subscriptions or in order to fund cash payments on redemption);


Registered Office:

1, rue du Potager

L-2347 Luxembourg

R.C.S.: B 186336

Directors’ Report (continued)

3

Principal Activity (continued)

ADCB SICAV - ADCB MSCI UAE Index Fund (continued)

(c) not invest in equities or use derivatives solely for speculative purposes or for leveraging the Sub-Fund except

as otherwise permitted under the terms of the Prospectus; and

(d) not invest more than 10% of the Net Asset Value of the Sub-Fund in units of other UCITS and other UCI.

ADCB SICAV - ADCB UAE Equity Fund

The investment objective of ADCB SICAV - ADCB UAE Equity Fund is to achieve medium to long-term capital

growth and a reasonable level of income by investing primarily in equities of the United Arab Emirates listed on

the Abu Dhabi Securities Market, Dubai Financial Market and the Nasdaq Dubai.

In addition and where appropriate the Sub-Fund may invest in other securities including:

(a) equities issued by companies which are listed on recognised stock exchanges in Gulf Cooperation Council

(“GCC”) or other countries;

(b) other transferable securities including, without limitation, notes, bonds or other similar products issued by either

corporate or sovereign entities;

(c) units in collective investment schemes including units in schemes managed or operated by the Fund Manager

(provided there is no doubling of charges as a result); and

(d) cash or cash equivalent.

The Sub-Fund shall in addition, comply with the following general guidelines, whereby investments in equities

which are not listed on a stock exchange in the UAE shall not exceed 30% of the Net Asset Value of the Sub-Fund.

Also, investments in sovereign and other public securities issued by any one sovereign entity shall not exceed 10%

of the Net Asset Value of the Sub-Fund.

ADCB SICAV - ADCB Arabian Index Fund

The Sub-Fund's investment objective is to provide investors with investment returns which correspond closely to

the total return of the S&P Pan Arab Composite LargeMidCap Index before fees and expenses. The price of the

S&P Pan Arab Composite LargeMidCap Index will be calculated on an ongoing basis and published in the financial

press (Bloomberg code at the date of the prospectus SPACNUX Index).

The Investment Manager will seek to achieve the Sub-Fund's investment objective by investing the Sub-Fund's

assets directly in listed securities in the Arabian markets, in each case as determined by the Index Provider and

which are for the time being constituent securities of the S&P Pan Arab Composite LargeMidCap Index ("Index

Securities").

The Investment Manager may also invest in certain securities other than Index Securities ("Non-Index Securities")

in order to minimise the Sub-Fund's tracking error relative to the performance of the S&P Pan Arab Composite

LargeMidCap Index provided that the value of such securities does not exceed 20% of the Net Asset Value of the

Sub-Fund. Eligible Non-Index Securities will comprise equity securities listed on securities exchanges of the

Arabian markets.

The Sub-Fund will normally invest at least 80% of its assets in constituent securities of the S&P Pan Arab

Composite LargeMidCap Index.


Registered Office:

1, rue du Potager

L-2347 Luxembourg

R.C.S.: B 186336


4


ADCB SICAV - ADCB Arabian Index Fund (continued)

The Sub-Fund may also:

(a) hold Non-Index Securities not exceeding twenty per cent (20%) of the Net Asset Value of the Sub-Fund;

(b) hold cash and deposits not exceeding ten per cent (10%) of the Net Asset Value of the Sub-Fund (except upon receipt

of cash subscriptions or in order to fund cash payments on redemption); and

(c) not invest in equities or use derivatives solely for speculative purposes or for leveraging the Sub-Fund except as

otherwise permitted under the terms of the Prospectus.

ADCB SICAV - ADCB Islamic GCC Equity Fund

The Sub-Fund's investment objective is to achieve medium to long-term capital growth and a reasonable level of

income by investing primarily in equities listed on recognized Gulf Cooperation Council (“GCC”) stock exchanges.

In addition in line with the investment restrictions, where appropriate the Sub-Fund may invest in other securities

including:

(a) Shariah compliant equities issued by companies which are listed on exchanges outside the GCC, but that are

headquartered in the GCC or drive a large portion of their revenues from the GCC;

(b) other Shariah compliant transferable securities including, without limitation, notes, Sukuk or other similar

products issued by either corporate or sovereign entities;

(c) units in Shariah compliant collective investment schemes including units in schemes managed or operated by

the Fund Manager (provided there is no doubling of charges as a result); and

(d) Cash or Shariah compliant cash equivalent investments including non-interest bearing cash.

The Sub-Fund shall in addition, comply with the following general guidelines, whereby investments in equities

which are not listed on a stock exchange in the GCC shall not exceed 30% of the Net Asset Value of the Sub-

Fund. Also, investments in sovereign and other public securities issued by any one sovereign entity shall not exceed

10% of the Net Asset Value of the Sub-Fund.

ADCB SICAV - ADCB Target 2025 Fund

The Sub-Fund operates as a “target date fund” that invests according to an asset allocation strategy designed for

investors having a retirement investment goal close to the year in the Sub-Fund’s name. The Sub-Fund's asset

allocation will become more conservative over time as investment goals near (for example, retirement, which is

assumed to begin at age 65) and investors become more risk-averse. The Sub-Fund is a fund of funds and invests

in underlying funds and ETFs consisting of global and regional equity funds, fixed-income funds, real asset funds,

and other funds that aim to offer diversification beyond traditional equity and fixed-income securities.

The Sub-Fund is advised by Principal Global Investors, LLC (“PGI”), who will make recommendations which are

subject to approval by the Investment Manager.


Registered Office:

1, rue du Potager

L-2347 Luxembourg

R.C.S.: B 186336


5


ADCB SICAV - ADCB Target 2025 Fund (continued)

The Investment Manager, as advised by PGI, develops, implements and monitors the Sub-Fund's strategic or long-

term asset class targets and target ranges, and is also responsible for an active rebalancing strategy designed to

identify asset classes that appear attractive over the short term and sets the percentage of Sub-Fund assets to be

allocated to a particular asset class. The Investment Manager, as advised by PGI, selects the underlying funds for

each asset class and the target weights for each underlying fund. The Investment Manager, as advised by PGI, may

shift asset class targets in response to normal evaluative processes, the shortening time horizon of the Sub-Fund or

changes in market forces or Sub-Fund circumstances. The Investment Manager, as advised by PGI, may add,

remove, or substitute underlying funds at any time.

The Sub-Fund may not invest its assets in other UCITS and/or other UCIs where the management fee of such

UCITS and/or other UCIs exceeds 1.5% p.a.


The Sub-Fund operates as a “target date fund” that invests according to an asset allocation strategy designed for

investors having a retirement investment goal close to the year in the Sub-Fund’s name. The Sub-Fund's asset

allocation will become more conservative over time as investment goals near (for example, retirement, which is

assumed to begin at age 65) and investors become more risk-averse. The Sub-Fund is a fund of funds and invests

in underlying funds and ETFs consisting of global and regional equity funds, fixed-income funds, real asset funds,

and other funds that aim to offer diversification beyond traditional equity and fixed-income securities.

The Sub-Fund is advised by Principal Global Investors, LLC (“PGI”), who will make recommendations which are

subject to approval by the Investment Manager.

The Investment Manager, as advised by PGI, develops, implements and monitors the Sub-Fund's strategic or long-

term asset class targets and target ranges, and is also responsible for an active rebalancing strategy designed to

identify asset classes that appear attractive over the short term and sets the percentage of Sub-Fund assets to be

allocated to a particular asset class. The Investment Manager, as advised by PGI, selects the underlying funds for

each asset class and the target weights for each underlying fund. The Investment Manager, as advised by PGI, may

shift asset class targets in response to normal evaluative processes, the shortening time horizon of the Sub-Fund or

changes in market forces or Sub-Fund circumstances. The Investment Manager, as advised by PGI, may add,

remove, or substitute underlying funds at any time.

The Sub-Fund may not invest its assets in other UCITS and/or other UCIs where the management fee of such

UCITS and/or other UCIs exceeds 1.5% p.a.

Risk Management Objectives and Policies

The Company may, acting for and on behalf of a given Sub-Fund, use derivative instruments, on a case by case

basis, in order to manage the currency exchange, credit and interest rate risk exposures of the relevant Sub-Fund.

This does not apply to the Sub-Fund ADCB SICAV- ADCB Islamic GCC Equity Fund where the Sub-Fund is

prohibited from holding or trading in derivative instruments.

While the Company may enter into certain hedging arrangements in order to manage and mitigate currency

exchange, credit and interest rate risks, there is no certainty that such arrangements will be entered into or

established, or, even if entered into or established, that they will be sufficient to cover those risks.

Results and dividends

The results of operations for the year are set out in the Statement of Comprehensive Income.


Registered Office:

1, rue du Potager

L-2347 Luxembourg

R.C.S.: B 186336


6

Business review

ADCB SICAV- ADCB MSCI UAE Index Fund

ADCB SICAV- ADCB UAE Equity Fund

ADCB SICAV- ADCB Arabian Index Fund

ADCB SICAV - ADCB Islamic GCC Equity Fund 481,977

ADCB SICAV - ADCB Target 2025 Fund (930,542)

ADCB SICAV - ADCB Target 2035 Fund (599,446)

(2,571,110)

(6,826,126)

1,416,585

13,743,933

Comprehensive

income/(loss) for the year

attributable to holders of

redeemable shares

Net assets attributable to

holders of redeemable

shares

USD USD

24,980,168

12,369,276

4,684,844

60,199,214

9,993,424

Performance of the classes for the year

Class R Class I Class X

ADCB SICAV- ADCB MSCI UAE Index Fund (9)% (9)% -

ADCB SICAV- ADCB UAE Equity Fund (10)% (9)% -

ADCB SICAV- ADCB Arabian Index Fund 13% 14% -

ADCB SICAV - ADCB Islamic GCC Equity Fund 10% 10% 5%

ADCB SICAV - ADCB Target 2025 Fund (5)% - -

ADCB SICAV - ADCB Target 2035 Fund (7)% - -

Statement of Directors’ responsibilities in respect of the Financial Statements of the Company from

which these financial statements have been derived.

The Directors are responsible for the preparation and fair presentation of these financial statements in

accordance with International Financial Reporting Standards as adopted by the European Union, and for such

internal control as the Board of Directors of the Company determines is necessary to enable the preparation of

financial statements that are free from material misstatement, whether due to fraud or error.


Registered Office:

1, rue du Potager

L-2347 Luxembourg

R.C.S.: B 186336


7

Auditor

Deloitte Audit, Société à responsabilité limitée was appointed as auditor of the Company and has agreed to accept this

mandate.

For and on behalf of the Board of Directors

Mark Friedenthal Arup Mukhopadhyay

Director Director

Date: 30 April 2019

The information in this report represents historical data and is not an indication of future performance.

Deloitte.

To the Shareholders

of ADCB SICAV

1, rue du Potager

L-2347 Luxembourg


REPORT OF THE REVISEUR D'ENTREPRISES AGREE

Report on the Audit of the Financial Statements

Opinion

Deloitte Audit Societe a responsabilite limitee

560, rue de Neudorf L-2220 Luxembourg BP. 1173 L-1011 Luxembourg

Tel: +352 451 451 www.deloitte.lu

We have audited the financial statements of ADCB SICAV (the "Company") and of each of its sub-funds, which

comprise the statement of financial position as at 31 December 2018, and the statement of comprehensive income,

the statement of changes in net assets attributable to holders or redeemable shares and the statement of cash flows

for the year then ended, and notes to the financial statements, including a summary of significant accounting policies.

In our opinion, the accompanying financial statements give a true and fair view of the financial position of ADCB

SICAV and of each of its sub-funds as at 31 December 2018, and its financial performance and its cash flows for the

year then ended in accordance with International Financial Reporting Standards (IFRSs) as adopted by the

European Union and in accordance with Luxembourg legal and regulatory requirements relating to the preparation of

the financial statements.

Basis for Opinion

We conducted our audit in accordance with the Law of 23 July 2016 on the audit profession (Law of 23 July 2016)

and with International Standards on Auditing (ISAs) as adopted for Luxembourg by the Commission de Surveillance

du Secteur Financier (CSSF). Our responsibilities under those Law and standards are further described in the

"Responsibilities of Reviseur d'Entreprises Agree for the Audit of the Financial Statements" section of our report. We

are also independent of the Company in accordance with the International Ethics Standards Board for Accountants'

Code of Ethics for Professional Accountants (IESBA Code) as adopted for Luxembourg by the CSSF together with

the ethical requirements that are relevant to our audit of the financial statements, and have fulfilled our other ethical

responsibilities under those ethical requirements. We believe that the audit evidence we have obtained is sufficient

and appropriate to provide a basis for our opinion .

Societe a responsabilite lim1tee au capital de 35 000 € RCS Luxembourg B 67.895 Autonsarion d'etablissement: 10022179

8

Deloitte.

Other information

The Board of Directors of the Company is responsible for the other information. The other information comprises the

information included in the annual report but does not include the financial statements and our report of Reviseur

d'Entreprises Agree thereon.

Our opinion on the financial statements does not cover the other information and we do not express any form of

assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing

so, consider whether the other information is materially inconsistent with the financial statements or our knowledge

obtained in the audit or otherwise appears to be materially misstated. If, based on the work we have performed, we

concluded that there is a material misstatement of this other information, we are required to report this fact. We have

nothing to report in this regards .

Responsibilities of the Board of Directors of the Company and Those Charged with Governance for the

Financial Statements

The Board of Directors of the Company is responsible for the preparation and fair presentation of the financial

statements in accordance with IFRS as adopted by the European Union and in accordance with Luxembourg legal

and regulatory requirements relating to the preparation of the financial statements, and for such internal control as

the Board of Directors of the Company determines is necessary to enable the preparation of financial statements that

are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the Board of Directors of the Company is responsible for assessing the

Company's ability to continue as a going concern , disclosing , as applicable, matters related to going concern and using

the going concern basis of accounting unless the Board of Directors of the Company either intends to liquidate the

Company or to cease operations, or has no realistic alternative but to do so.

Responsibilities of the Reviseur d'Entreprises Agree for the Audit of the Financial Statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from

material misstatement, whether due to fraud or error, and to issue a report of Reviseur d'Entreprises Agree that

includes our opinion . Reasonable assurance is a high level of assurance, but is not a guarantee that an audit

conducted in accordance with the Law of 23 July 2016 and with ISAs as adopted for Luxembourg by the CSSF will

always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered

material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of

users taken on the basis of these financial statements.

As part of an audit in accordance with the Law of 23 July 2016 and with ISAs as adopted for Luxembourg by the CSSF,

we exercise professional judgment and maintain professional scepticism throughout the audit. We also:

9

Deloitte.

• Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error,

design and perform audit procedures responsive to those risks , and obtain audit evidence that is sufficient and

appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from

fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions,

misrepresentations, or the override of internal control.

• Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are

appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the

Fund's internal control.

• Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and

related disclosures made by the Board of Directors of the Company.

• Conclude on the appropriateness of Board of Directors of the Company's use of the going concern basis of

accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or

conditions that may cast significant doubt on the Fund's ability to continue as a going concern. If we conclude that

a material uncertainty exists, we are required to draw attention in our report of the Reviseur d'Entreprises Agree to

the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion . Our

conclusions are based on the audit evidence obtained up to the date of our report of the Reviseur d'Entreprises

Agree. However, future events or conditions may cause the Company to cease to continue as a going concern .

• Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and

whether the financial statements represent the underlying transactions and events in a manner that achieves fair

presentation.

We communicate with those charged with governance regarding , among other matters, the planned scope and timing

of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during

our audit.

For Deloitte Audit, Cabinet de Revision Agree

Rainer Mahnkopf, Reviseur d'Entreprises Agree

Director

Luxembourg, April 30, 2019

560, rue de Neudorf

L-2220 Luxembourg

10

Note

ADCB SICAV -

ADCB MSCI

UAE Index

Fund

ADCB SICAV -

ADCB UAE

Equity

Fund

ADCB SICAV -

ADCB Arabian

Index

Fund

ADCB SICAV -

ADCB Islamic

GCC Equity

Fund

ADCB SICAV -

ADCB Target

2025 Fund

ADCB SICAV -

ADCB Target

2035 Fund

ADCB SICAV

(Combined)

USD USD USD USD USD USD USD

Current assets

Cash and cash equivalents 3 337,561 2,033,970 192,217 541,821 50,151 74,220 3,229,940

Subscription receivable 4,662 29,108 1,402 15,150 - - 50,322

Other receivables 4 - - 1,067 3,903 75,195 68,900 149,065

6, 13, 14 24,747,468 58,336,754 9,909,732 13,314,328 12,321,039 4,615,652 105,627,851 *

Total assets 25,089,691 60,399,832 10,104,418 13,875,202 12,446,385 4,758,772 109,057,178 *

Current liabilities

Administration fee payable 9 (12,527) (29,400) (18,000) (11,998) (12,000) (12,000) (95,925)

Sub-Custodian fee payable 9 (1,978) (2,959) (1,125) (1,180) (1,487) (1,625) (10,354)

Depositary fee payable 9 (48,597) (40,000) (60,000) (60,000) (40,000) (40,000) (288,597)

Investment Management fee payable 9 (21,529) (67,963) (8,366) - - - (97,858)

Payable for unsettled trades - (12,216) - (5,858) - - (18,074)

Redemption payable - (3,975) - (28,534) - - (32,509)

Management Company fees payable 9 (511) (1,239) (205) (270) (266) (100) (2,591)

Other payables and accrued expenses 5 (24,381) (42,866) (23,298) (23,429) (23,356) (20,203) (157,533)

(109,523) (200,618) (110,994) (131,269) (77,109) (73,928) (703,441)

Net assets attributable to holders of redeemable shares 24,980,168 60,199,214 9,993,424 13,743,933 12,369,276 4,684,844 108,353,737 *

* The combined total is adjusted for cross Sub-Funds holdings (refer to note 2(j)).

Total liabilities

ADCB SICAVSociété d'Investissement à Capital Variable

Registered Office: 1, rue du Potager

L - 2347 Luxembourg

R.C.S.: B 186336


as at 31 December 2018

Financial assets at fair value through profit or loss

The notes are an integral part of these financial statements.

11

Note

ADCB SICAV -

ADCB MSCI UAE

Index Fund

ADCB SICAV -

ADCB UAE

Equity Fund

ADCB SICAV -

ADCB Arabian

Index Fund

ADCB SICAV -

ADCB Islamic

GCC Equity Fund

ADCB SICAV -

ADCB Target

2025 Fund

ADCB SICAV -

ADCB Target

2035 Fund

USD USD USD USD USD USDReceivable for unsettled trades - - -

Number of shares in circulation- Class R 12 3,441,089 7,003,665 880,619 498,755 1,298,300 505,494

Number of shares in circulation- Class I 12 100,000 100,000 100,000 450,000 - -

Number of shares in circulation- Class X 12 - - - 265,371 - -

Net Asset value per share- Class R 18 7.00 8.46 10.17 11.54 9.53 9.27

Net Asset value per share- Class I 18 8.91 9.63 10.40 11.64 - -

Net Asset value per share- Class X 18 - - - 10.36 - -

Mark Friedenthal

______________________

The financial statements were approved by the Board of Directors on 30 April 2019 and signed on its behalf by:

Arup Mukhopadhyay

_________________

Société d'Investissement à Capital Variable


L - 2347 Luxembourg

R.C.S.: B 186336




12

Note

ADCB SICAV -

ADCB MSCI

UAE Index

Fund

ADCB SICAV -

ADCB UAE

Equity

Fund

ADCB SICAV -

ADCB Arabian

Index

Fund

ADCB SICAV -

ADCB Islamic

GCC Equity

Fund

ADCB SICAV -

ADCB Target

2025 Fund**

ADCB SICAV -

ADCB Target

2035 Fund**

ADCB SICAV

(Combined)


Current assets

Cash and cash equivalents 3 272,569 1,298,682 183,474 211,756 296,677 144,330 2,407,488

Subscription receivable - 27,703 - - 121 27,267 55,091

Other receivables 4 - - 24,032 3,014 25,178 19,015 71,239

6, 13, 14 29,056,923 69,557,516 10,857,729 5,626,664 12,779,158 2,490,861 111,182,390 *

Total assets 29,329,492 70,883,901 11,065,235 5,841,434 13,101,134 2,681,473 113,716,208 *

Current liabilities

Administration fee payable 9 (36,370) (100,877) (44,997) (29,998) (4,645) (4,000) (220,887)

Sub-Custodian fee payable 9 (2,106) (3,706) (1,470) (1,180) - - (8,462)

Depositary fee payable 9 (16,197) (22,081) (20,000) (20,000) (7,742) (6,667) (92,687)

Investment Management fee payable 9 (25,133) (79,809) (9,095) - - - (114,037)

Redemption payable - (71,780) - (993) (152,550) - (225,323)

Management Company fees payable 9 (620) (1,469) (241) (119) (273) (54) (2,776)

Other payables and accrued expenses 5 (54,192) (93,273) (44,541) (37,240) (22,520) (19,264) (271,030)

(134,618) (372,995) (120,344) (89,530) (187,730) (29,985) (935,202)

Net assets attributable to holders of redeemable shares 29,194,874 70,510,906 10,944,891 5,751,904 12,913,404 2,651,488 112,781,006 *


** The sub-fund ADCB SICAV - ADCB Target 2025 Fund was launched on 20 October 2017 and the sub-fund ADCB SICAV - ADCB Target 2035 Fund was launched on 30 October 2017.

Total liabilities



L - 2347 Luxembourg

R.C.S.: B 186336





13

Note

ADCB SICAV -

ADCB MSCI UAE

Index Fund

ADCB SICAV -

ADCB UAE

Equity Fund

ADCB SICAV -

ADCB Arabian

Index Fund

ADCB SICAV -

ADCB Islamic

GCC Equity Fund

ADCB SICAV -

ADCB Target

2025 Fund

ADCB SICAV -

ADCB Target

2035 Fund

USD USD USD USD USD USDReceivable for unsettled trades - - -

Number of shares in circulation- Class R 12 3,664,387 7,378,335 1,118,453 56,941 1,263,756 258,207

Number of shares in circulation- Class I 12 100,000 100,000 100,000 450,000 - -

Number of shares in circulation- Class X 12 - - - 40,669 - -

Net Asset value per share- Class R 18 7.70 9.41 8.97 10.48 10.22 10.27

Net Asset value per share- Class I 18 9.77 10.63 9.12 10.56 - -

Net Asset value per share- Class X 18 - - - 9.89 - -



L - 2347 Luxembourg

R.C.S.: B 186336




14

Note

ADCB SICAV

- ADCB MSCI

UAE Index

Fund

ADCB SICAV

- ADCB UAE

Equity Fund

ADCB SICAV

- ADCB

Arabian Index

Fund

ADCB

SICAV -

ADCB Islamic

GCC Equity

Fund

ADCB

SICAV -

ADCB Target

2025 Fund

ADCB

SICAV -

ADCB Target

2035 Fund

ADCB SICAV

(Combined)


Income

Dividend income 1,624,726 2,460,330 462,200 319,235 56,270 33,200 4,955,961

Other income 1,057 - 836 - 111,756 107,244 220,893

Interest income - - 119 - - - 119

7 (2,832,694) 1,270,948 78,560 (31,292) 49,266 19,744 (1,148,151) *

8 (940,931) (9,418,999) 1,133,437 351,780 (1,006,376) (634,698) (10,092,536) *

Total operating income (2,147,842) (5,687,721) 1,675,152 639,723 (789,084) (474,510) (6,063,595) *

Expenses

Investment Management fees 9 (274,676) (876,470) (101,596) - - - (1,252,742)

Audit fees (10,916) (11,254) (11,132) (11,098) (10,977) (10,964) (66,341)

Administration fees 9 (25,159) (61,116) (36,003) (24,000) (23,806) (24,000) (194,084)

Professional fees (7,200) (10,000) (10,000) (10,000) (10,000) (10,000) (57,200)

Sub-Custodian fees 9 (25,145) (40,293) (13,922) (17,840) (30,105) (30,122) (157,427)

Depository fees 9 (32,400) (34,537) (40,000) (40,000) (37,743) (37,121) (221,801)

Management Company fees 9 (6,988) (16,986) (2,665) (2,606) (3,431) (1,325) (34,001)

Interest expense - - (321) - - - (321)

Organisational fees - - - - (7,240) (1,507) (8,747)

Other operating expenses (26,615) (44,817) (25,725) (24,111) (12,128) (8,022) (141,418)

Net foreign exchange gains/(losses) (1,109) (21,288) (3,638) (14,008) 64 633 (39,346)

Total operating expenses (410,208) (1,116,761) (245,002) (143,663) (135,366) (122,428) (2,173,428)

Profit/(loss) before taxation (2,558,050) (6,804,482) 1,430,150 496,060 (924,450) (596,938) (8,237,023) *

Other taxes 11 (13,060) (21,644) (13,565) (14,083) (6,092) (2,509) (70,953)

(2,571,110) (6,826,126) 1,416,585 481,977 (930,542) (599,447) (8,307,976) *

Other comprehensive income - - - - - - -

(2,571,110) (6,826,126) 1,416,585 481,977 (930,542) (599,447) (8,307,976) *

The results of the Company arise from continuing operations.


Net realised gains/(losses) on financial assets at fair value through profit or loss



L - 2347 Luxembourg

R.C.S.: B 186336

Statement of Comprehensive Income

For the year ended 31 December 2018

Net change in unrealised gains/(losses) on financial assets at fair value through

profit or loss

Profit/(loss) for the year

Total comprehensive income/(loss) for the year attributable to holders of

redeemable shares from operations


15

Note

ADCB SICAV

- ADCB MSCI

UAE Index

Fund

ADCB SICAV

- ADCB UAE

Equity Fund

ADCB SICAV

- ADCB

Arabian Index

Fund

ADCB

SICAV -

ADCB Islamic

GCC Equity

Fund

ADCB

SICAV -

ADCB Target

2025 Fund**

ADCB

SICAV -

ADCB Target

2035 Fund***

ADCB SICAV

(Combined)


Income

Dividend income 1,368,024 3,209,177 466,848 240,189 5,504 1,889 5,291,631

Interest income - - 581 - - - 581

Other income 835 5 1,149 - 19,637 17,117 38,743

7 (1,981,704) (3,883,975) (362,703) 59,811 2,751 - (5,724,452) *

8 1,739,642 6,322,717 383,848 (109,019) 285,640 74,182 7,912,993 *

Total operating income 1,126,797 5,647,924 489,723 190,981 313,532 93,188 7,519,496 *

Expenses

Investment Management fees 9 (318,330) (1,126,636) (110,977) (14,308) - - (1,570,251)

Audit fees (11,832) (9,805) (11,575) (11,669) (10,138) (9,339) (64,358)

Administration fees 9 (29,114) (78,446) (35,997) (23,998) (4,645) (4,000) (176,200)

Professional fees (10,385) (19,340) (10,910) (10,440) (5,000) (5,000) (61,075)

Sub-Custodian fees 9 (28,708) (60,786) (15,245) (18,648) - - (123,387)

Depository fees 9 (37,537) (44,487) (40,747) (37,080) (7,742) (6,667) (174,260)

Management Company fees 9 (8,083) (21,766) (2,896) (1,486) (656) (124) (35,011)

Other operating expenses (29,387) (59,404) (26,884) (23,134) (5,079) (4,254) (148,142)

Net foreign exchange gains/(losses) (3,486) (15,682) (4,955) (1,869) (171) (180) (26,343)

Total operating expenses (476,862) (1,436,352) (260,186) (142,632) (33,431) (29,564) (2,379,027)

Profit/(loss) before taxation 649,935 4,211,572 229,537 48,349 280,101 63,624 5,140,469 *

Other taxes 11 (15,773) (32,639) (14,374) (9,313) (2,165) (520) (74,784)

634,162 4,178,933 215,163 39,036 277,936 63,104 5,065,685 *

Other comprehensive income - - - - - - -

634,162 4,178,933 215,163 39,036 277,936 63,104 5,065,685 *

The results of the Company arise from continuing operations.


Net realised gains/(losses) on financial assets at fair value through profit or loss



L - 2347 Luxembourg

R.C.S.: B 186336

Statement of Comprehensive Income


** The Sub-Fund ADCB SICAV - ADCB Target 2025 Fund was launched on 20 October 2017, therefore the Statement of Comprehensive Income for this Sub-Fund is covering the period from 20 October 2017 to 31

December 2017.

*** The Sub-Fund ADCB SICAV - ADCB Target 2035 Fund was launched on 30 October 2017, therefore the Statement of Comprehensive Income for this Sub-Fund is covering the period from 30 October 2017 to 31

December 2017.

Net change in unrealised gains/(losses) on financial assets at fair value through

profit or loss

Profit/(loss) for the year

Total comprehensive income/(loss) for the year attributable to holders of

redeemable shares from operations


16


29,194,874 70,510,906 10,944,891 5,751,904 12,913,404 2,651,488 112,781,006 *

422,600 3,002,942 334,345 8,263,816 4,270,960 4,454,470 20,749,133

- - - (93,661) - - (93,661)

(2,066,196) (6,488,508) (2,702,397) (660,103) (3,884,546) (1,821,668) (16,774,648) *

(1,643,596) (3,485,566) (2,368,052) 7,510,052 386,414 2,632,802 3,880,824 *

(2,571,110) (6,826,126) 1,416,585 481,977 (930,542) (599,447) (8,307,976) *

(4,214,706) (10,311,692) (951,467) 7,992,029 (544,128) 2,033,355 (4,427,152) *

24,980,168 60,199,214 9,993,424 13,743,933 12,369,276 4,684,843 108,353,854 *

Total

Class R Class I Class R Class I Class R Class I Class R Class I Class X

Number of redeemable shares

- outstanding at the beginning of the year 3,664,387 100,000 7,378,335 100,000 1,118,453 100,000 56,941 450,000 40,669 11,684,049 *

- issued 55,888 - 318,467 - 33,706 - 473,718 - 253,646 1,980,069

- redeemed (279,186) - (693,137) - (271,540) - (31,904) - (28,944) (1,750,439) *

- outstanding as at 31 December 2018 3,441,089 100,000 7,003,665 100,000 880,619 100,000 498,755 450,000 265,371 11,913,679 *

Net asset value per redeemable share as at 31

December 2018 - Class R, Class I & Class X 7.00 8.91 8.46 9.63 10.17 10.40 11.54 11.64 10.36 9.53 9.27




L - 2347 Luxembourg

R.C.S.: B 186336

Statement of Changes in Net Assets Attributable to Holders of Redeemable Shares


ADCB SICAV -

ADCB MSCI

UAE Index

Fund

ADCB SICAV -

ADCB UAE

Equity Fund

ADCB SICAV -

ADCB Arabian

Index Fund

ADCB SICAV -

ADCB Islamic

GCC Equity

Fund

ADCB SICAV - ADCB

MSCI UAE Index Fund

ADCB SICAV - ADCB UAE

Equity Fund

ADCB SICAV -

ADCB Target

2025 Fund

ADCB SICAV -

ADCB Target

2035 Fund Total

Net assets attributable to holders of redeemable shares at the beginning of the year

Proceeds from issue of redeemable shares

Distributions paid

Payments on redemption of redeemable shares

Net increase/(decrease) from share transactions

Total comprehensive income/(loss) for the year attributable to holders of redeemable

shares

Increase/(decrease) in net assets attributable to holders of redeemable shares

Net assets attributable to holders of redeemable shares at the end of the year

ADCB SICAV - ADCB Arabian

Index Fund ADCB SICAV - ADCB Islamic GCC Equity Fund

ADCB SICAV - ADCB Target 2025

Fund

ADCB SICAV - ADCB Target

2035 Fund

Class R Class R

1,298,300 505,494

1,263,756 258,207

417,604 427,040

(383,060) (179,753)

The notes are an integral part of the financial statements.

17


32,495,857 101,940,835 12,346,574 5,847,966 - - 131,587,420 *

335,145 5,467,786 475,675 627,268 13,100,832 2,638,234 22,644,940

- - - (24,554) - - (24,554)

(4,270,290) (41,076,648) (2,092,521) (737,812) (465,364) (49,850) (46,051,117) *

(3,935,145) (35,608,862) (1,616,846) (135,098) 12,635,468 2,588,384 (23,430,731) *

634,162 4,178,933 215,163 39,036 277,936 63,104 5,065,685 *

(3,300,983) (31,429,929) (1,401,683) (96,062) 12,913,404 2,651,488 (18,806,414) *

29,194,874 70,510,906 10,944,891 5,751,904 12,913,404 2,651,488 112,781,006 *

Total

Class R Class I Class R Class I Class R Class I Class R Class I Class X

Number of redeemable shares

- outstanding at the beginning of the year 4,150,912 100,000 11,150,195 100,000 1,300,847 100,000 65,609 450,000 41,411 14,882,122 *

- issued 42,322 - 580,453 - 52,874 - 56,277 - 4,335 2,309,243

- redeemed (528,847) - (4,352,313) - (235,268) - (64,945) - (5,077) (5,507,316) *

- outstanding as at 31 December 2017 3,664,387 100,000 7,378,335 100,000 1,118,453 100,000 56,941 450,000 40,669 11,684,049 *

Net asset value per redeemable share as at 31

December 2017 - Class R, Class I & Class X 7.70 9.77 9.41 10.63 8.97 9.12 10.48 10.56 9.89 10.22 10.27


** The Sub-Fund ADCB SICAV - ADCB Target 2025 Fund was launched on 20 October 2017, therefore the Statement of Changes in Net Assets Attributable to Holders of Redeemable Shares for this Sub-Fund is covering the period from 20 October 2017 to 31 December 2017.

*** The Sub-Fund ADCB SICAV - ADCB Target 2035 Fund was launched on 30 October 2017, therefore the Statement of Changes in Net Assets Attributable to Holders of Redeemable Shares for this Sub-Fund is covering the period from 30 October 2017 to 31 December 2017.

Total comprehensive income/(loss) for the year attributable to holders of redeemable

shares

Net assets attributable to holders of redeemable shares at the end of the year

Net assets attributable to holders of redeemable shares at the beginning of the year

Proceeds from issue of redeemable shares

Payments on redemption of redeemable shares

Net increase/(decrease) from share transactions

Distributions paid



L - 2347 Luxembourg

R.C.S.: B 186336

Statement of Changes in Net Assets Attributable to Holders of Redeemable Shares


ADCB SICAV -

ADCB MSCI

UAE Index

Fund

ADCB SICAV -

ADCB UAE

Equity Fund Total

ADCB SICAV - ADCB Arabian

Index Fund ADCB SICAV - ADCB Islamic GCC Equity Fund

ADCB SICAV -

ADCB Target

2035 Fund ***

ADCB SICAV -

ADCB Target

2025 Fund **

ADCB SICAV -

ADCB Arabian

Index Fund

ADCB SICAV -

ADCB Islamic

GCC Equity

Fund

ADCB SICAV - ADCB Target 2025

Fund**

ADCB SICAV - ADCB Target

2035 Fund***

Increase/(decrease) in net assets attributable to holders of redeemable shares

ADCB SICAV - ADCB

MSCI UAE Index Fund

ADCB SICAV - ADCB UAE

Equity Fund

263,207

(5,000)

258,207

Class R

1,263,756

-

Class R

-

1,309,775

(46,019)

The notes are an integral part of the financial statements.

18

ADCB SICAV -

ADCB MSCI UAE

Index Fund

ADCB SICAV -

ADCB UAE

Equity Fund

ADCB SICAV -

ADCB Arabian

Index Fund

ADCB SICAV -

ADCB Islamic

GCC Equity

Fund

ADCB SICAV -

ADCB Target

2025 Fund

ADCB SICAV -

ADCB Target

2035 Fund

ADCB SICAV

(Combined)

USD USD USD USD USDUSD USD USD

Profit/(loss) before taxation (2,558,050) (6,804,482) 1,430,150 496,060 (924,450) (596,938) (8,237,023) *

Adjustments for:

1,109 21,288 3,638 14,008 (64) (633) 39,346

2,832,694 (1,270,948) (78,560) 31,292 (49,266) (19,744) 1,148,151 *

940,931 9,418,999 (1,133,437) (351,780) 1,006,376 634,698 10,092,536 *

1,216,684 1,364,857 221,791 189,580 32,596 17,383 3,042,891 *

Decrease/(increase) in other receivables - - 22,965 (889) (50,018) (49,885) (77,827)

Increase in payable for unsettled trades - 12,216 - 5,858 - - 18,074

Increase/(decrease) in other payables (27,395) (160,494) (16,167) (15,869) 41,779 44,364 (133,782)

Other taxes paid (13,283) (23,504) (13,672) (12,889) (6,634) (2,314) (72,296)

Payments for purchase of investments (5,772,241) (10,011,163) (403,236) (8,273,264) (2,516,781) (4,254,628) (31,231,313)

Proceeds from disposal of investments 6,308,071 13,083,873 2,563,230 906,088 2,017,789 1,514,883 25,545,164 *

1,711,836 4,265,785 2,374,911 (7,201,385) (481,269) (2,730,197) (2,909,089) *

Cash flows from financing activities

Proceeds from issue of redeemable shares 422,600 3,002,942 334,345 8,263,816 4,270,960 4,454,470 20,749,133

Payments on redemption of redeemable shares (2,066,196) (6,488,508) (2,702,397) (660,103) (3,884,546) (1,821,668) (16,774,648) *

Increase/(decrease) in redemption payable - (67,805) - 27,541 (152,550) - (192,814)

- - - (93,661) - - (93,661)

Decrease/(increase) in subscription receivable (4,662) (1,405) (1,402) (15,150) 121 27,267 4,769

Net cash from/(used in) financing activities (1,648,258) (3,554,776) (2,369,454) 7,522,443 233,985 2,660,069 3,692,779 *

Net increase/(decrease) in cash and cash equivalents 63,578 711,009 5,457 321,058 (247,284) (70,128) 783,690

272,569 1,298,682 183,474 211,756 296,677 144,330 2,407,488

1,414 24,279 3,286 9,007 758 18 38,762

Cash and cash equivalents at end of the year 337,561 2,033,970 192,217 541,821 50,151 74,220 3,229,940


Effect of exchange rate fluctuations

Net realised (gains)/losses on financial assets at fair value through

profit or loss

Net change in unrealised (gains)/losses on financial assets and

liabilities at fair value through profit or loss

Operating cash flow before movement in working capital

Net cash from/(used in) operating activities

Distributions paid

Cash and cash equivalents at beginning of the year

Net foreign exchange (gains)/losses



L - 2347 Luxembourg

R.C.S.: B 186336

Statement of Cash Flows



19

ADCB SICAV -

ADCB MSCI UAE

Index Fund

ADCB SICAV -

ADCB UAE

Equity Fund

ADCB SICAV -

ADCB Arabian

Index Fund

ADCB SICAV -

ADCB Islamic

GCC Equity

Fund

ADCB SICAV -

ADCB Target

2025 Fund **

ADCB SICAV -

ADCB Target

2035 Fund ***

ADCB SICAV

(Combined)

USD USD USD USD USDUSD USD USD

Profit/(loss) before taxation 649,935 4,211,572 229,537 48,349 280,101 63,624 5,140,469 *

Adjustments for:

3,486 15,682 4,955 1,869 171 180 26,343

1,981,704 3,883,975 362,703 (59,811) (2,751) - 5,724,452 *

(1,739,642) (6,322,717) (383,848) 109,019 (285,640) (74,182) (7,912,993) *

895,483 1,788,512 213,347 99,426 (8,119) (10,378) 2,536,903 *

Decrease/(increase) in other receivables - 173,418 (23,972) (3,014) (25,178) (19,015) 102,239

Increase/(decrease) in other payables 47,386 124,051 31,402 31,948 32,844 29,285 296,916

Other taxes paid (16,347) (35,717) (14,488) (9,367) - - (75,919)

Payments for purchase of investments (7,190,168) (19,031,727) (1,127,550) (1,137,885) (12,643,462) (2,416,679) (43,547,471)

Proceeds from disposal of investments 10,108,196 51,782,980 2,409,098 1,206,560 152,695 - 63,459,529 *

3,844,550 34,801,517 1,487,837 187,668 (12,491,220) (2,416,787) 22,772,197 *

Cash flows from financing activities

Proceeds from issue of redeemable shares 335,145 5,467,786 475,675 627,268 13,100,832 2,638,234 22,644,940

Payments on redemption of redeemable shares (4,270,290) (41,076,648) (2,092,521) (737,812) (465,364) (49,850) (46,051,117) *

Increase/(decrease) in redemption payable - 71,780 - 993 152,550 - 225,323

- - - (24,554) - - (24,554)

Decrease/(increase) in subscription receivable - (27,703) - - (121) (27,267) (55,091)

Net cash from/(used in) financing activities (3,935,145) (35,564,785) (1,616,846) (134,105) 12,787,897 2,561,117 (23,260,499) *

Net increase/(decrease) in cash and cash equivalents (90,595) (763,268) (129,009) 53,563 296,677 144,330 (488,302)

360,310 2,035,595 304,138 156,019 - - 2,856,062

2,854 26,355 8,345 2,174 - - 39,728

Cash and cash equivalents at end of the year 272,569 1,298,682 183,474 211,756 296,677 144,330 2,407,488


Net foreign exchange losses



L - 2347 Luxembourg

R.C.S.: B 186336

Statement of Cash Flows


Net realised (gains)/losses on financial assets at fair value through

profit or loss

Net change in unrealised (gains)/losses on financial assets and

liabilities at fair value through profit or loss

Operating cash flow before movement in working capital

Net cash from/(used in) operating activities

Cash and cash equivalents at beginning of the year

Effect of exchange rate fluctuations

** The Sub-Fund ADCB SICAV - ADCB Target 2025 Fund was launched on 20 October 2017, therefore the Statement of Cash Flows for this Sub-Fund is covering the period from 20 October 2017 to 31

December 2017.

*** The Sub-Fund ADCB SICAV - ADCB Target 2035 Fund was launched on 30 October 2017, therefore the Statement of Cash Flows for this Sub-Fund is covering the period from 30 October 2017 to 31

December 2017.

Distributions paid


20


Registered Office:

1, rue du Potager

L-2347 Luxembourg

R.C.S.: B 186336

Notes to the financial statements


21

1. GENERAL INFORMATION

ADCB SICAV (the “Company”) is an investment company with variable capital (société d’investissement à capital

variable - SICAV) incorporated on 9 April 2014 and authorized under Part 1 of the Law of 17 December 2010, as amended

and in accordance with the provisions of the UCITS Directive and listed on the official list of UCITS approved by the

CSSF. It is registered in Luxembourg with registration number B 186336.

The Company has been incorporated for an unlimited duration with an initial share capital in the equivalent in USD of

EUR 31,000 divided into 31 Shares of no par value. It is an umbrella fund which may be composed of one or more sub-

funds each of which has its own investment, subscription and profit allocation and/or distribution policies. In its capacity

as nominee, Abu Dhabi Commercial Bank acts as custodian for feeder funds in the United Arab Emirates investing into

the Company. Abu Dhabi Commercial Bank, in its capacity as nominee for the ultimate beneficial investors in the United

Arab Emirates, is the main shareholder of the Company. Abu Dhabi Commercial Bank does not have any substantial

beneficial ownership of the Company.

The minimum capital of the Company is the equivalent in USD of EUR 1,250,000, as provided by Law, and this must be

achieved within 6 months after the date on which the Company has been authorised as UCITS under Luxembourg law.

As of 31 December 2018, 6 Sub-Funds were active:

ADCB SICAV - ADCB MSCI UAE Index Fund has the objective to provide investors with investment

returns which correspond closely to the total return of the MSCI UAE Index before fees and expenses.

ADCB SICAV - ADCB UAE Equity Fund has the objective to achieve medium to long-term capital growth

and a reasonable level of income by investing primarily in equities of the United Arab Emirates listed on

the Abu Dhabi Securities Market, Dubai Financial Market and the Nasdaq Dubai.

ADCB SICAV - ADCB Arabian Index Fund has the objective to provide investors with investment returns

which correspond closely to the total return of the S&P Pan Arab Composite LargeMidCap Index before

fees and expenses.

ADCB SICAV – ADCB Islamic GCC Equity Fund has the objective to achieve medium to long-term

capital growth and a reasonable level of income by investing primarily in equities listed on recognized

Gulf Cooperation Council (“GCC”) stock exchanges.

ADCB SICAV – ADCB Target 2025 Fund has the objective to achieve medium to long-term capital

growth and a reasonable level of income by investing primarily in underlying funds and Exchange Traded

Funds consisting of global and regional equity heads, fixed-income funds, real asset funds and other funds

that aim to offer diversification beyond traditional equity and fixed-income securities.

ADCB SICAV – ADCB Target 2035 Fund has the objective to achieve medium to long-term capital

growth and a reasonable level of income by investing primarily in underlying funds and Exchange Traded

Funds consisting of global and regional equity heads, fixed-income funds, real asset funds and other funds

that aim to offer diversification beyond traditional equity and fixed-income securities.

The Company's financial year begins on 1 January and ends on 31 December of each year. These financial statements

have been prepared for the year ended 31 December 2018.


Registered Office:

1, rue du Potager

L-2347 Luxembourg

R.C.S.: B 186336

Notes to the financial statements (continued)


22

2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

(a) Basis of Preparation

The financial statements for the Company have been prepared in accordance with International Financial Reporting

Standards (“IFRS”), as adopted by the European Union, and for such internal control as the Board of Directors determines

is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to

fraud or error.

The financial statements provide a reasonable presentation of the financial position, comprehensive income and cash

flows of the Company, in accordance with the principle of going concern.

The preparation of financial statements in conformity with IFRS may require the use of accounting estimates. It also may

require management to exercise its judgement in the process of applying the Company’s accounting policies.

The functional and presentation currency of the Sub-Funds is United States Dollars (USD). USD is the currency in which

the Company measures its performance and reports its results, as well as the currency in which it receives subscriptions

from its investors.

Amounts presented in these financial statements were rounded to the nearest full unit.

New and amended standards and interpretations

The Company has adopted the following standard and amendments for the first time for its annual reporting period

commencing 1 January 2018:

IFRS 9, 'Financial instruments'

The complete version of IFRS 9 replaces most of the guidance in IAS 39. It includes requirements on the classification

and measurement of financial assets and liabilities as well as an expected credit losses model that replaces the current

incurred loss impairment model. IFRS 9 retains but simplifies the mixed measurement model and establishes three

primary measurement categories for financial assets: amortised cost, fair value through other comprehensive income

("OCI") and fair value through profit or loss. The basis of classification depends on the entity's business model and the

contractual cash flow characteristics of financial asset.

An assessment was performed on the effects of applying the new standard on the Company's financial statements. There

were no changes identified in classification following the analysis of business models and the cash flow characteristics of

financial instruments. An assessment was performed for financial assets measured at amortised cost and no expected

credit losses were identified given these balances are realised in a relatively short period of time. There was no impact

from the new hedging guidance given the Company does not apply hedge accounting.

Accordingly the new guidance did not affect the classification and measurement of the financial instruments.


Registered Office:

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L-2347 Luxembourg

R.C.S.: B 186336



23

2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)

(a) Basis of Preparation (continued)

New and amended standards and interpretations (continued)

IFRS 15, ‘Revenue from Contracts with Customers’

IFRS 15 replaces IAS 18 which covers contracts for goods and services and IAS 11 which covers construction contracts.

The core principle of IFRS 15 is for companies to recognise revenue to depict the transfer of goods or services to

customers in amounts that reflect the considerations to which the company expects to be entitled in exchange for those

goods or services. IFRS 15 also results in enhanced disclosures about revenue, provide guidance for transactions that

were not previously addressed comprehensively and improve guidance for multiple-element arrangements.

The new revenue standard supersedes current revenue recognition requirements under IFRS. Either a full retrospective

application or a modified retrospective application is required for annual periods beginning on or after 1 January 2018.

All the revenue streams of the Company are derived from financial instruments held and are accounted under IFRS 9,

hence out of the scope of IFRS 15. Therefore, the new standard has no impact on the Company's financial statement.

There are no other standards, amendments to standards or interpretations that are effective for annual periods beginning

1 January 2018 that have a material effect on the financial statements of the Company.

Standards issued but not yet effective

Certain new accounting standards and interpretations have been published that are not mandatory for 31 December 2018

reporting periods and have not been early adopted by the Company. None of these is expected to have a significant effect

on the financial statements.

IFRS 16, 'Leases'

IFRS 16 will affect primarily the accounting by lessees and will result in the recognition of almost all leases on the

statement of financial position. The standard removes the current distinction between operating and financing leases and

requires recognition of an asset (the right to use the leased item) and a financial liability to pay rentals for virtually all

lease contracts. An optional exemption exists for short term and low value leases. IFRS 16 is effective for annual periods

starting on or after 1 January 2019.

An assessment has been performed on the effects of applying the new standard on the Company's financial statements

and given the Company does not transact in leases, no material impacts have been identified.

There are no other standards that are not yet effective and that would be expected to have a material impact on the

Company in the current or future reporting periods and on foreseeable future transactions.


Registered Office:

1, rue du Potager

L-2347 Luxembourg

R.C.S.: B 186336



24


(b) Financial Assets and Financial Liabilities at Fair Value through Profit or Loss

Classification

The Company has classified its financial assets as financial assets at fair value through profit or loss within the definition

of IFRS 9 – “Financial Instruments: Recognition and Measurement”.

The category of financial assets and financial liabilities at fair value through profit or loss comprises:

Financial instruments held-for-trading. The held-for-trading securities are securities that are acquired or incurred

principally for the purpose of generating a profit from short-term fluctuation in market prices. The Company had

investments classified under this category as at 31 December 2018.

Financial instruments designated at fair value through profit or loss upon initial recognition. These include

financial assets and liabilities that are not held for trading purposes but are managed and their performance

evaluated on a fair value basis in accordance with the Company’s documented investment strategy. The

Company had no such financial instruments as at 31 December 2018.

Recognition

The Company recognises a financial asset or a financial liability when, and only when, it becomes a party to the

contractual provisions of the instrument. Purchases or sales of financial assets that require delivery of assets within the

time frame generally established by regulation or convention in the marketplace are recognized on the trade date, i.e. the

date that the Company commits to purchase or sell the asset.

Derecognition

A financial asset (or, where applicable a part of a financial asset or part of a group of similar financial assets) is

derecognised when:

- The rights to receive cash flows from the asset have expired; or

- The Company has transferred its rights to receive cash flows from the asset or has assumed an obligation to pay the

received cash flows in full without material delay to a third party under a ‘pass-through’ arrangement; and

- Either (a) the Company has transferred substantially all the risks and rewards of the asset, or (b) the Company has neither

transferred nor retained substantially all the risks and rewards of the asset, but has transferred control of the asset.

The Company derecognises a financial liability when the obligation under the liability is discharged, cancelled or expired.

Initial measurement

All financial instruments are recorded in the statement of financial position at fair value plus, in the case of financial

instruments not at fair value through profit or loss, the transaction costs that are directly attributable to the acquisition or

issue of the financial asset or financial liability.

Subsequent measurement

After initial measurement, the Company measures all financial instruments which are classified at fair value through

profit or loss at fair value.

Fair value is the amount for which an asset could be exchanged, or a liability settled, between knowledgeable, willing

parties in an arm’s length transaction.


Registered Office:

1, rue du Potager

L-2347 Luxembourg

R.C.S.: B 186336



25


(b) Financial Assets and Financial Liabilities at Fair Value through Profit or Loss (continued)

Subsequent measurement (continued)

Subsequent changes in the fair value of those financial instruments are recorded in net change in unrealised gains/(losses)

on financial assets at fair value through profit or loss’ in the statement of comprehensive income until the investment is

derecognised, at which time the cumulative gain or loss is recognised as net realised gains/(losses) on financial assets at

fair value through profit or loss in the statement of comprehensive income, or determined to be impaired, at which time

the cumulative loss is recorded as impairment loss in the statement of comprehensive income. Interest earned and dividend

income elements of such instruments are recorded separately in the statement of comprehensive income in ‘Interest

income’ and ‘Dividend income’ respectively.

Financial assets and liabilities at fair value through profit or loss are disclosed in the statement of financial position at fair

value with gains or losses recognised in the statement of comprehensive income.

Valuation of investments

The fair value of financial instruments is based on their quoted market prices where available at the Statement of Financial

Position date. Quoted investments and investments traded on over the counter markets are valued at their last traded price.

Where prices are not available, investments are valued on the basis of the probable realisation value, estimated by the

Board of Directors of the Company in good faith.

Transaction costs

Transaction costs are costs incurred to acquire financial assets or liabilities at fair value through profit or loss. They

include fees and commissions paid to agents, advisers, brokers and dealers. Transaction costs, when incurred, are

immediately recognised in the statement of comprehensive income as an expense.

(c) Revenue recognition

Dividend income

Dividend income is recognised when the Company's right to receive the payment has been established, normally being

the ex-dividend date. Dividend income is recognised gross of withholding tax, if any.

(d) Expenses

Each Sub-Fund is responsible for all normal operating expenses including administration fees and expenses of the

Investment Manager and the Depositary, audit fees and charges incurred on the acquisition and realisation of investments.

Such costs are expensed in the period to which they relate.

(e) Foreign Exchange Translation

The functional currency of the Company is USD. Transactions in foreign currencies are translated at the foreign currency

exchange rate ruling at the date of the transaction. Assets and liabilities denominated in foreign currencies are translated

to USD at the foreign currency closing exchange rate ruling at the Statement of Financial Position date. Foreign currency

exchange differences arising on translation are recognised in the Statement of Comprehensive Income.


Registered Office:

1, rue du Potager

L-2347 Luxembourg

R.C.S.: B 186336



26


(e) Foreign Exchange Translation (continued)

Foreign currency exchange differences relating to investments at fair value through profit or loss are included in net

realised gains/(losses) on financial assets and liabilities at fair value through profit or loss.

(f) Cash and Cash Equivalents

Cash and cash equivalents comprise cash in hand and deposits held at call with banks in an active market within original

maturities of three months or less.

(g) Taxation

Under legislation and regulations prevailing in Luxembourg, the Company is subject to the "subscription tax" at the rate

of 0.05% per annum, except for the sub-funds and share classes which benefit from a reduced tax rate of 0.01%, like

money market sub-funds and the classes of shares dedicated to institutional investors (per annum of its net assets, such

tax being payable quarterly on the basis of the value of the aggregate net assets of the Company at the end of the relevant

calendar quarter).

The value of assets represented by units held in Undertakings for Collective Investment is however exempt from the

subscription tax provided such units have already been subject to this tax. No stamp duty or other tax is payable in

Luxembourg on the issue of Shares. No Luxembourg tax is payable on the realised capital appreciation of the assets of

the Company.

(h) Significant accounting judgments and estimates

The preparation of the Company’s financial statements requires management to make judgments, estimates and

assumptions that affect the amounts recognised in the financial statements. However, uncertainty about these assumptions

and estimates could result in outcomes that could require a material adjustment to the carrying amount of the Company’s

assets or liabilities. Please refer to Note 15 for more details on accounting judgments and estimates.

(i) Redeemable shares

The redeemable shares are redeemable at the shareholders’ option. The liabilities arising from the redeemable shares are

carried at the redemption amount being the net asset value calculated in accordance with the prospectus.

Each Sub-Fund issues distinct no par value shares in accordance with the conditions and procedures provided for in the

relevant Sub-Fund specifications in the prospectus, without granting to existing Shareholders a preferential right to

subscribe for the shares to be issued. ADCB SICAV - ADCB MSCI UAE Index Fund, ADCB SICAV - ADCB UAE

Equity Fund and ADCB SICAV - ADCB Arabian Index Fund have two classes of shares in issue, namely Class R (Retail)

and Class I (Institutional). ADCB SICAV - ADCB Islamic GCC Equity Fund has three classes of shares in issue, namely

Class R (Retail), Class I (Institutional) and Class X (Income).


Registered Office:

1, rue du Potager

L-2347 Luxembourg

R.C.S.: B 186336



27


(i) Redeemable shares (continued)

ADCB SICAV - ADCB Target 2025 Fund and ADCB SICAV - ADCB Target 2035 Fund have only one class of shares

in issue, namely Class R (Retail).

Shares are issued and redeemed based on the respective Sub-Fund's net asset value per share, calculated by dividing the

net assets of the respective Sub-Fund, in accordance with the prospectus, by the number of redeemable shares in issue.

The prospectus requires that investment positions are valued on the basis of the last traded market price for the purpose

of determining the trading net asset value per share for subscriptions and redemptions.

(j) Combined financial statements

The Company’s Statement of Financial Position, Statement of Comprehensive Income, Statement of Changes in Net

Assets Attributable to Holders of Redeemable Shares and Statement of Cash Flows are the sum of the Statement of

Financial Position, Statement of Comprehensive Income, Statement of Changes in Net Assets Attributable to Holders of

Redeemable Shares and Statement of Cash Flows of each sub-fund. All cross sub-fund investments (investments from

one sub-fund into another of the same umbrella) related amounts have been eliminated from the calculation of the

Company’s combined figures.

3. CASH AND CASH EQUIVALENTS

ADCB

SICAV -

ADCB MSCI

UAE Index

Fund

ADCB SICAV -

ADCB UAE

Equity Fund

ADCB

SICAV -

ADCB

Arabian

Index Fund

ADCB SICAV

- ADCB

Islamic GCC

Equity Fund

ADCB

SICAV -

ADCB

Target 2025

Fund

ADCB SICAV

- ADCB

Target 2035

Fund ADCB SICAV


Deutsche Bank AG Dubai 296,321 2,012,296 102,119 455,466 - - 2,866,202

Deutsche Bank London - - - - 4,064 28,682 32,746

Deutsche Bank AG Luxembourg 41,240 21,674 62,444 82,647 46,087 45,538 299,630

Emirates NBD - - 27,654 - - - 27,654

Mubasher - - - 3,708 - - 3,708

337,561 2,033,970 192,217 541,821 50,151 74,220 3,229,940

31-Dec-18

ADCB

SICAV -

ADCB MSCI

UAE Index

Fund

ADCB SICAV

- ADCB UAE

Equity Fund

ADCB

SICAV -

ADCB

Arabian

Index Fund

ADCB SICAV

- ADCB

Islamic GCC

Equity Fund

ADCB SICAV

- ADCB

Target 2025

Fund

ADCB SICAV

- ADCB

Target 2035

Fund ADCB SICAV


Deutsche Bank AG Dubai 231,438 1,170,399 122,550 5,243 - - 1,529,630

Deutsche Bank London - - - - 9,251 - 9,251

Deutsche Bank AG Luxembourg 41,131 128,283 34,920 102,629 287,426 144,330 738,719

Emirates NBD - - 26,004 - - - 26,004

Mubasher - - - 103,884 - - 103,884

272,569 1,298,682 183,474 211,756 296,677 144,330 2,407,488

31-Dec-17


Registered Office:

1, rue du Potager

L-2347 Luxembourg

R.C.S.: B 186336



28

4. OTHER RECEIVABLES

ADCB

SICAV -

ADCB MSCI

UAE Index

Fund

ADCB SICAV

- ADCB UAE

Equity Fund

ADCB SICAV -

ADCB Arabian

Index Fund

ADCB SICAV -

ADCB Islamic

GCC Equity

Fund

ADCB SICAV

- ADCB

Target 2025

Fund

ADCB SICAV

- ADCB

Target 2035

Fund ADCB SICAV


Rebate receivable - - - - 69,565 64,384 133,949

Other receivables - - 431 - - - 431

Dividend receivable - - 636 3,903 5,630 4,516 14,685

- - 1,067 3,903 75,195 68,900 149,065

31-Dec-18

ADCB

SICAV -

ADCB

MSCI UAE

Index Fund

ADCB

SICAV -

ADCB UAE

Equity Fund

ADCB SICAV -

ADCB

Arabian Index

Fund

ADCB SICAV -

ADCB Islamic

GCC Equity

Fund

ADCB

SICAV -

ADCB Target

2025 Fund

ADCB

SICAV -

ADCB Target

2035 Fund ADCB SICAV


Rebate receivable - - - - 19,637 17,117 36,754

Other receivables - - 21,562 - - - 21,562

Dividend receivable - - 2,410 3,014 5,541 1,898 12,863

Interest receivable - - 60 - - - 60

- - 24,032 3,014 25,178 19,015 71,239

31-Dec-17

The Rebate receivable is a receivable against the Investment Manager. As described in Note 9, the Investment Manager

has decided to bear the cost for the Administration fees, Sub-Custodian fees and Depositary fees on behalf of the Sub-

Funds ADCB Target 2025 Fund and ADCB Target 2035 Fund.

5. OTHER PAYABLES AND ACCRUED EXPENSES

ADCB SICAV

- ADCB MSCI

UAE Index

Fund

ADCB

SICAV -

ADCB UAE

Equity Fund

ADCB SICAV -

ADCB Arabian

Index Fund

ADCB SICAV -

ADCB Islamic

GCC Equity

Fund

ADCB SICAV

- ADCB

Target 2025

Fund

ADCB SICAV

- ADCB

Target 2035

Fund ADCB SICAV


Transaction Fee Payable 5,700 13,750 5,350 5,200 4,750 2,600 37,350

Audit Fee Payable 10,782 10,781 10,782 10,783 10,778 10,796 64,702

Financial Preparation Fee Payable 3,600 5,000 5,000 5,000 5,001 5,000 28,601

Transfer Agency Fee Payable 1,100 1,000 1,000 1,050 400 300 4,850

Tax Fee Payable 3,199 5,487 1,166 1,201 1,625 716 13,394

Research Fee Payable - - - - 802 791 1,593

Withholding tax payable - - - 195 - - 195

Other payables - 6,848 - - - - 6,848

24,381 42,866 23,298 23,429 23,356 20,203 157,533

31-Dec-18


Registered Office:

1, rue du Potager

L-2347 Luxembourg

R.C.S.: B 186336



29

5. OTHER PAYABLES AND ACCRUED EXPENSES (CONTINUED)

ADCB SICAV

- ADCB MSCI

UAE Index

Fund

ADCB

SICAV -

ADCB UAE

Equity Fund

ADCB SICAV -

ADCB Arabian

Index Fund

ADCB SICAV -

ADCB Islamic

GCC Equity

Fund

ADCB SICAV

- ADCB

Target 2025

Fund

ADCB SICAV

- ADCB

Target 2035

Fund ADCB SICAV


Transaction Fee Payable 15,200 52,800 14,250 7,750 2,100 1,300 93,400

Audit Fee Payable 12,386 15,377 10,685 9,938 10,285 9,478 68,149

Financial Preparation Fee Payable 10,800 15,000 15,000 15,000 5,000 5,000 65,800

Transfer Agency Fee Payable 4,400 2,750 3,332 4,350 150 150 15,132

Tax Fee Payable 3,421 7,346 1,274 202 1,615 330 14,188

Other payables 7,985 - - - 3,370 3,006 14,361

54,192 93,273 44,541 37,240 22,520 19,264 271,030

31-Dec-17

6. FINANCIAL ASSETS AT FAIR VALUE THROUGH PROFIT OR LOSS

ADCB SICAV -

ADCB MSCI

UAE Index

Fund

ADCB SICAV -

ADCB UAE

Equity Fund

ADCB

SICAV -

ADCB

Arabian

Index Fund

ADCB SICAV -

ADCB Islamic

GCC Equity

Fund

ADCB SICAV -

ADCB Target

2025 Fund

ADCB

SICAV -

ADCB

Target 2035

Fund ADCB SICAV


Financial assets held for trading

Equity instruments 24,747,468 40,719,633 9,909,732 13,314,328 - - 88,691,161

Exchange traded funds - - - - 7,724,981 2,728,733 10,453,714

Funds - 17,617,121 - - 4,596,058 1,886,919 6,482,976 *

24,747,468 58,336,754 9,909,732 13,314,328 12,321,039 4,615,652 105,627,851 *

31-Dec-18

ADCB

SICAV -

ADCB MSCI

UAE Index

Fund

ADCB

SICAV -

ADCB UAE

Equity Fund

ADCB

SICAV -

ADCB

Arabian

Index Fund

ADCB SICAV -

ADCB Islamic

GCC Equity

Fund

ADCB

SICAV -

ADCB

Target 2025

Fund

ADCB

SICAV -

ADCB

Target 2035

Fund

ADCB

SICAV



Equity instruments 29,056,923 50,371,055 10,849,377 5,626,664 - - 95,904,019

Exchange traded funds - - - - 8,267,578 1,560,792 9,828,370

Funds - 19,186,461 - - 4,511,580 930,069 5,441,649 *

Debt instruments - - 8,352 - - - 8,352

29,056,923 69,557,516 10,857,729 5,626,664 12,779,158 2,490,861 111,182,390 *

31-Dec-17

*The combined total is adjusted for cross Sub-Fund holdings (refer to note 2(j)).


Registered Office:

1, rue du Potager

L-2347 Luxembourg

R.C.S.: B 186336



30

7. NET REALISED GAINS/(LOSSES) ON FINANCIAL ASSETS AT FAIR VALUE THROUGH PROFIT OR

LOSS

Realised gains on financial assets at fair value through profit or loss

ADCB SICAV -

ADCB MSCI

UAE Index

Fund

ADCB SICAV

- ADCB UAE

Equity Fund

ADCB SICAV -

ADCB

Arabian Index

Fund

ADCB SICAV -

ADCB Islamic

GCC Equity

Fund

ADCB SICAV -

ADCB Target

2025 Fund

ADCB SICAV -

ADCB Target




Equity instruments - 1.568.276 106.644 11.196 - - 1.686.116

Fund - - - - - 84 84

Exchange traded funds - - - - 51.566 28.396 79.962 *

Debt instrument - - 7.877 - - - 7.877

- 1.568.276 114.521 11.196 51.566 28.480 1.774.039

Realised losses on financial assets at fair value through profit or loss


Equity instruments (2.832.694) (11) (28.685) (42.488) - - (2.903.878)

Funds - (297.317) - - - - - *

Exchange Traded Fund - - - - (2.300) (8.736) (11.036)

Debt instrument - - (7.276) - - - (7.276)

(2.832.694) (297.328) (35.961) (42.488) (2.300) (8.736) (2.922.190) *

(2.832.694) 1.270.948 78.560 (31.292) 49.266 19.744 (1.148.151)

31-Dec-18

Net realised (gains)/losses on

financial assets and liabilities at fair

value through profit or loss

*The combined total is adjusted for cross Sub-Funds holdings (refer to note 2(j)).


Registered Office:

1, rue du Potager

L-2347 Luxembourg

R.C.S.: B 186336



31

7. NET REALISED GAINS/(LOSSES) ON FINANCIAL ASSETS AT FAIR VALUE THROUGH PROFIT OR

LOSS (CONTINUED)

Realised gains on financial assets at fair value through profit or loss

ADCB SICAV -

ADCB MSCI

UAE Index

Fund

ADCB SICAV

- ADCB UAE

Equity Fund

ADCB SICAV -

ADCB

Arabian Index

Fund

ADCB SICAV -

ADCB Islamic

GCC Equity

Fund

ADCB SICAV -

ADCB Target

2025 Fund

ADCB SICAV -

ADCB Target




Equity instruments 163 636,141 137,250 60,031 - - 833,585

Exchange traded funds - - - - 2,751 - 2,751

Debt instrument - - 2,860 - - - 2,860

163 636,141 140,110 60,031 2,751 - 839,196

Realised losses on financial assets at fair value through profit or loss


Equity instruments (1,981,867) (4,078,748) (502,813) (220) - - (6,563,648)

Funds - (441,368) - - - - -

(1,981,867) (4,520,116) (502,813) (220) - - (6,563,648)

(1,981,704) (3,883,975) (362,703) 59,811 2,751 - (5,724,452)

31-Dec-17

Net realised (gains)/losses on

financial assets and liabilities at fair

value through profit or loss

*The combined total is adjusted for cross Sub-Funds holdings (refer to note 2(j)).


Registered Office:

1, rue du Potager

L-2347 Luxembourg

R.C.S.: B 186336



32

8. NET CHANGE IN UNREALISED GAINS/(LOSSES) ON FINANCIAL ASSETS AT FAIR VALUE

THROUGH PROFIT OR LOSS

Net change in unrealised gains on financial assets at fair value through profit or loss

ADCB

SICAV -

ADCB MSCI

UAE Index

Fund

ADCB

SICAV -

ADCB UAE

Equity Fund

ADCB SICAV

- ADCB

Arabian Index

Fund

ADCB SICAV

- ADCB

Islamic GCC

Equity Fund

ADCB

SICAV -

ADCB Target

2025 Fund

ADCB

SICAV -

ADCB Target




Equity instruments 3.540 - 1.134.513 358.097 - - 1.496.150

3.540 - 1.134.513 358.097 - - 1.496.150

Net change in unrealised losses on financial assets at fair value through profit or loss


Equity instruments (944.471) (8.995.749) - (6.317) - - (9.946.537)

Fund - (423.250) - - (472.092) (290.444) (762.535) *

Exchange traded fund - - - - (534.284) (344.254) (878.538)

Debt instruments - - (1.076) - - - (1.076)

(944.471) (9.418.999) (1.076) (6.317) (1.006.376) (634.698) (11.588.686) *

(940.931) (9.418.999) 1.133.437 351.780 (1.006.376) (634.698) (10.092.536)

31-Dec-18

Net change in unrealised

gains/(losses) on financial assets

at fair value through profit or loss



Registered Office:

1, rue du Potager

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R.C.S.: B 186336



33

8. NET CHANGE IN UNREALISED GAINS/(LOSSES) ON FINANCIAL ASSETS AT FAIR VALUE

THROUGH PROFIT OR LOSS (CONTINUED)

Net change in unrealised gains on financial assets at fair value through profit or loss

ADCB

SICAV -

ADCB MSCI

UAE Index

Fund

ADCB

SICAV -

ADCB UAE

Equity Fund

ADCB SICAV

- ADCB

Arabian Index

Fund

ADCB SICAV

- ADCB

Islamic GCC

Equity Fund

ADCB

SICAV -

ADCB Target

2025 Fund

ADCB

SICAV -

ADCB Target




Equity instruments 1,741,385 5,538,699 387,868 5,588 - - 7,673,540

Funds - 784,018 - - 98,898 27,189 126,088 *

Exchange traded funds - - - - 186,742 46,993 233,735

1,741,385 6,322,717 387,868 5,588 285,640 74,182 8,033,363 *

Net change in unrealised losses on financial assets at fair value through profit or loss


Equity instruments (1,743) - (1,871) (114,607) - - (118,221)

Debt instruments - - (2,149) - - - (2,149)

(1,743) - (4,020) (114,607) - - (120,370) *

1,739,642 6,322,717 383,848 (109,019) 285,640 74,182 7,912,993

31-Dec-17

Net change in unrealised

gains/(losses) on financial assets

at fair value through profit or loss


9. FEES

Investment Management fees


The Investment Manager is entitled to receive investment management fees of 1% p.a (Class R), respectively 0.5% p.a

(Class I) based on monthly average of the Net Asset Value of the Sub-Fund and are paid monthly in arrears.

The Investment Manager will be in charge of the payment of the fee to be paid to third parties to whom functions have

been delegated by it. In addition the Investment Manager shall remunerate out of its fee the Intermediaries appointed by

the Management Company.

During the year ended 31 December 2018, investment management fees amounted to USD 274,676 (2017: USD 318,330),

of which USD 21,529 (2017: USD 25,133) was outstanding at year end.


Registered Office:

1, rue du Potager

L-2347 Luxembourg

R.C.S.: B 186336



34

9. FEES (CONTINUED)

Investment Management fees (continued)


The Investment Manager is entitled to receive investment management fees of 1.5% p.a (Class R), respectively 0.75%

p.a (Class I) based on monthly average of the Net Asset Value of the Sub-Fund and are paid monthly in arrears. For cross

investments, no investment management fee will be charged.




During the year ended 31 December 2018, investment management fees amounted to USD 876,470 (2017: USD

1,126,636), of which USD 67,693 (2017: USD 79,809) was outstanding at year end.


The Investment Manager is entitled to receive investment management fees of 1% p.a (Class R), respectively 0.5% p.a

(Class I) based on monthly average of the Net Asset Value of the Sub-Fund and are paid monthly in arrears.




During the year ended 31 December 2018, investment management fees amounted to USD 101,596 (2017: USD 110,977),

of which USD 8,366 (2017: USD 9,095) was outstanding at year end.


The Investment Manager is entitled to receive investment management fees of 1.5% p.a (Class R and X), respectively

0.75% p.a (Class I) based on monthly average of the Net Asset Value of the Sub-Fund and are paid monthly in arrears.



the Management Company. The Investment Manager decided to waive the fees for this sub-fund as of 10 April 2017 until

further notice.

During the year ended 31 December 2018, investment management fees amounted to USD Nil (2017: USD 14,308), of

which USD Nil (2017: USD Nil) was outstanding at year end.


The Investment Manager is entitled to receive investment management fees of 1.0% p.a (Class R), based on monthly

average of the Net Asset Value of the Sub-Fund and are paid monthly in arrears.



the Management Company. The Investment Manager decided to waive the fees for this sub-fund from inception until

further notice.

The Sub-Fund was launched on 20 October 2017. During the year ended 31 December 2018 and period ended 31

December 2017, there were no investment management fees charged or outstanding at year end.


Registered Office:

1, rue du Potager

L-2347 Luxembourg

R.C.S.: B 186336



35

9. FEES (CONTINUED)

Investment Management fees (continued)


The Investment Manager is entitled to receive investment management fees of 1.0% p.a (Class R), based on monthly

average of the Net Asset Value of the Sub-Fund and are paid monthly in arrears.



the Management Company. The Investment Manager decided to waive the fees for this sub-fund from inception until

further notice.

The Sub-Fund was launched on 30 October 2017. During the year ended 31 December 2018 and period ended 31

December 2017, there were no investment management fees charged or outstanding at year end.

Management Company Fee


The Management Company is entitled to receive fees up to 0.025% p.a. These fees shall be calculated based on monthly

average of the Net Asset Value of the Sub-Fund and shall be paid monthly in arrears.

Third parties to whom functions have been delegated by the Management Company with the approval of the Company

will be remunerated directly by the Company (out of the assets of the relevant Sub-Fund), such remunerations are not

being included in the Management Company’s fee payable.

During the year ended 31 December 2018, Management Company fees amounted to USD 6,988 (2017: USD 8,083), of

which USD 511 (2017: USD 620) was outstanding at year end.







During the year ended 31 December 2018, management company fees amounted to USD 16,986 (2017: USD 21,766), of

which USD 1,239 (2017: USD 1,469) was outstanding at year end.










Registered Office:

1, rue du Potager

L-2347 Luxembourg

R.C.S.: B 186336



36

9. FEES (CONTINUED)

Management Company Fee (continued)















The Sub-Fund was launched on 20 October 2017. During the year ended 31 December 2018, management company fees

amounted to USD 3,431, (2017: USD 656), of which USD 266 (2017: USD 273) was outstanding at year end.

In addition to this, different kind of Administration Fees are charged by the respective Managers of the target funds

invested into at the level of those funds. Those are summarized as Management fee below.

Target Fund

DBXII Global Aggrgate Usd 2c 0.30%

DBX MSCI Japan 1c 0.20%

Ishares Core Msci Pacif X-JP 0.20%

Ishares Core S&P 500 0.07%

Ishares USD Tips 0.25%

Ishares Msci EM ACC 0.68%

Ishares Jpm EM Lcl Gov Bnd 0.50%

Ishares Us Agg Bnd USD ACC 0.25%

Vanguard Ftse Develop Europe 0.12%

Vanguard S&P 500 Ucits ETF 0.07%

Pgif Global Inc-I Acc Usd 0.75%

Principal Glb-H/y-po HY-i 0.70%

Principal Origin Gl Sm C-Iua 0.85%

Principal Global Investors Funds - Global Equity Fund On Xdub 0.75%

Principal Glb-Glb Pr-Usdiacc 0.80%

Management fee % per annum


Registered Office:

1, rue du Potager

L-2347 Luxembourg

R.C.S.: B 186336



37

9. FEES (CONTINUED)

Management Company Fee (continued)







The Sub-Fund was launched on 30 October 2017. During the year ended 31 December 2018, management company fees

amounted to USD 1,325, (2017: USD 124), of which USD 100 (2017: USD 54) was outstanding at year end.

In addition to this, different kind of Administration Fees are charged by the respective Managers of the target funds

invested into at the level of those funds. Those are summarized as Management fee below.

Target Fund

DBXII Global Aggrgate Usd 2c 0.30%

DBX MSCI Japan 1C 0.20%

Ishares Core Msci Pacif X-JP 0.20%

Ishares Core S&P 500 0.07%

Ishares Msci EM ACC 0.68%

Ishares Jpm EM Lcl Gov Bnd 0.50%

Ishares Us Agg Bnd USD ACC 0.25%

Vanguard Ftse Develop Europe 0.12%

Vanguard S&P 500 Ucits ETF 0.07%

Pgif Global Inc-I Acc Usd 0.75%

Principal Origin Gl Sm C-Iua 0.85%

Principal Global Investors Funds - Global Equity Fund On Xdub 0.75%

Principal Glb-Glb Pr-Usdiacc 0.80%

Management fee % per annum

Administration fees


The Administration Agent is entitled to receive from the Sub-Fund an administration fee of up to 0.09% per annum of the

average monthly net assets value of the Sub-Fund, with a minimum of USD 18,000 p.a. In addition, the Administration

Agent is paid out of the assets of the Sub-Fund certain fixed fees for the preparation of financial statements and investor

services, account maintenance and investor transaction fees, in each case charged at normal commercial rates as set out

in the Central Administration Agreement.

During the year ended 31 December 2018, Administration fees amounted to USD 25,159 (2017: USD 29,114). As of 31

December 2018, USD 12,527 (2017: USD 36,370) was outstanding.


Registered Office:

1, rue du Potager

L-2347 Luxembourg

R.C.S.: B 186336



38

9. FEES (CONTINUED)

Administration fees (continued)































The Investment Manager decided to bear the Administration fees for this Sub-Fund from inception until further notice.

The Sub-Fund will not be required to reimburse the Investment Manager for the period (refer to Note 4).

The Sub-Fund was launched on 20 October 2017. During the year ended 31 December 2018, Administration fees

amounted to USD 23,806, (2017: USD 4,645), of which USD 12,000 (2017: USD 4,645) was outstanding at year end.


Registered Office:

1, rue du Potager

L-2347 Luxembourg

R.C.S.: B 186336



39

9. FEES (CONTINUED)

Administration fees (continued)







The Investment Manager decided to bear the Administration fees for this sub-fund from inception until further notice.

The sub-fund will not be required to reimburse the Investment Manager for the period (refer to Note 4).

The Sub-Fund was launched on 30 October 2017. During the year ended 31 December 2018, Administration fees

amounted to USD 24,000, (2017: USD 4,000), of which USD 12,000 (2017: USD 4,000) was outstanding at year end.

Sub-Custodian Fee / Depositary Fee


The Depositary Bank is entitled to receive from the Sub-Fund a depositary fee of up to 0.05% per annum of the average

monthly net assets value of the Sub-Fund, with a minimum of USD 32,400 p.a. These fees do not include the transactions

fees and the sub-custodian fees, which are disclosed under the caption Sub-Custodian fees.

During the year ended 31 December 2018, depositary fees and sub-custodian fees amounted to USD 32,400 (2017: USD

37,537) and USD 25,145 (2017: USD 28,708), of which USD 48,597 (2017: USD 16,197) and USD 1,978 (2017: 2,106)

was outstanding at the year end respectively.





During the year ended 31 December 2018, depositary fees and sub-custodian fee amounted to USD 34,537 (2017: USD

44,487) and USD 40,293 (2017: USD 60,786), of which USD 40,000 (2017: USD 22,081) and USD 2,959 (2017: 3,706)

was outstanding at year end respectively.






40,747) and USD 13,922 (2017: USD 15,245), of which USD 60,000 (2017: USD 20,000) and USD 1,125 (2017: USD

1,470) was outstanding at year end respectively.






Registered Office:

1, rue du Potager

L-2347 Luxembourg

R.C.S.: B 186336



40

9. FEES (CONTINUED)

Sub-Custodian Fee / Depositary Fee (continued)

ADCB SICAV - ADCB Islamic GCC Equity Fund (continued)


37,080) and USD 17,840 (2017: USD 18,648), of which USD 60,000 (2017: USD 20,000) and USD 1,180 (2017: USD

1,180) was outstanding at year end respectively.




fees and the Sub-Custodian fees, which are disclosed under the caption Sub-Custodian fees. The Investment Manager

decided to bear the Sub-Custodian and Depositary fees for this sub-fund from inception until further notice.

The Sub-Fund was launched on 20 October 2017. During the year ended 31 December 2018, depositary fees and sub-

custodian fees amounted to USD 37,743 (2017: USD 7,742) and USD 30,105, of which USD 40,000 (2017: USD 7,742)

and USD 1,487 was outstanding at the year end respectively.




fees and the Sub-Custodian fees, which are disclosed under the caption Sub-Custodian fees. The Investment Manager

decided to bear the Sub-Custodian and Depositary fees for this sub-fund from inception until further notice.

The Sub-Fund was launched on 30 October 2017. During the year ended 31 December 2018, depositary fees and sub-

custodian fees amounted to USD 37,121 (2017: USD 6,667) and USD 30,122, of which USD 40,000 (2017: USD 6,667)

and USD 1,625 was outstanding at the year end respectively.

Transaction costs

For the year ended 31 December 2018, the Fund incurred transaction costs relating to purchase or sale of transferable

securities or other eligible assets as follows:

ADCB SICAV – ADCB MSCI UAE Index Fund: USD 26,739

ADCB SICAV – ADCB UAE Equity Fund: USD 48,694

ADCB SICAV – ADCB Arabian Index Fund: USD 5,603

ADCB SICAV - ADCB Islamic GCC Equity Fund: USD 20,202

ADCB SICAV - ADCB Target 2025 Fund: USD Nil

ADCB SICAV - ADCB Target 2035 Fund: USD Nil


Registered Office:

1, rue du Potager

L-2347 Luxembourg

R.C.S.: B 186336



41

10. RELATED PARTY DISCLOSURE

The Company's related parties include key management of the Investment Manager, as described below.

Related party Nature of relationship Transaction

Transactions

during the year

2018

Balance at

31-December-2018

USD USD

Abu Dhabi Commercial Bank Investment Manager Fees 1,252,742 97,858

Related party Nature of relationship Transaction

Transactions

during the year

2017

Balance at

31-December-2017

USD USD

Abu Dhabi Commercial Bank Investment Manager Fees 1,570,251 114,037

Abu Dhabi Commercial Bank, investor (as a nominee) of the Company, is also the Investment Manager of the Company

and holds the following redeemable shares in each of the Sub-Funds:

ADCB SICAV

- ADCB

MSCI UAE

Index Fund

ADCB SICAV

- ADCB UAE

Equity Fund

ADCB

SICAV -

ADCB

Arabian

Index Fund

ADCB SICAV

- ADCB

Islamic GCC

Equity Fund

ADCB

SICAV -

ADCB

Target 2025

Fund

ADCB

SICAV -

ADCB

Target 2035

Fund ADCB SICAV

Opening 1,955,352 7,168,234 1,013,069 47,610 - - 10,184,265

Subscriptions 53,070 254,984 26,379 373,481 - - 707,914

Redemptions (952,101) (6,377,219) (432,083) (421,091) - - (8,182,494)

Closing 1,056,321 1,045,999 607,365 - - - 2,709,685

31-Dec-18

ADCB SICAV

- ADCB

MSCI UAE

Index Fund

ADCB SICAV

- ADCB UAE

Equity Fund

ADCB

SICAV -

ADCB

Arabian

Index Fund

ADCB SICAV

- ADCB

Islamic GCC

Equity Fund

ADCB

SICAV -

ADCB

Target 2025

Fund

ADCB

SICAV -

ADCB

Target 2035

Fund ADCB SICAV

Opening 2,172,029 10,881,933 1,141,653 57,020 - - 14,252,635

Subscriptions 42,322 532,889 3,619 60,612 - - 639,442

Redemptions (258,999) (4,246,588) (132,203) (70,022) - - (4,707,812)

Closing 1,955,352 7,168,234 1,013,069 47,610 - - 10,184,265

31-Dec-17


Registered Office:

1, rue du Potager

L-2347 Luxembourg

R.C.S.: B 186336



42

10. RELATED PARTY DISCLOSURE (CONTINUED)

The Company has invested in Abu Dhabi Commercial Bank and the transactions are as follows:

ADCB

SICAV -

ADCB MSCI

UAE Index

Fund

ADCB

SICAV -

ADCB UAE

Equity Fund

ADCB

SICAV -

ADCB

Arabian

Index Fund

ADCB

SICAV -

ADCB

Islamic GCC

Equity Fund

ADCB

SICAV -

ADCB

Target 2025

Fund

ADCB

SICAV -

ADCB

Target 2035

Fund ADCB SICAV


Opening Balance 3,203,023 4,500,853 131,903 - - - 7,835,779

Additions 95,639 - - - - - 95,639

Disposals (703,172) (2,921,917) - - - - (3,625,089)

Realised losses (116,043) (421,319) - - - - (537,362)

Change in unrealised

gains 732,105 646,061 26,400 - - - 1,404,566

Closing Balance 3,211,552 1,803,678 158,303 - - - 5,173,533

Dividends received 197,842 278,005 8,147 - - - 483,994

31-Dec-18

ADCB SICAV

- ADCB

MSCI UAE

Index Fund

ADCB

SICAV -

ADCB UAE

Equity Fund

ADCB SICAV

- ADCB

Arabian Index

Fund

ADCB

SICAV -

ADCB

Islamic GCC

Equity Fund

ADCB

SICAV -

ADCB Target

2025 Fund

ADCB

SICAV -

ADCB Target



Opening Balance 3,536,237 8,153,086 171,423 - - - 11,860,746

Additions 199,710 - - - - - 199,710

Disposals (495,344) (3,739,967) (39,122) - - - (4,274,433)

Realised losses (133,695) (229,035) (1,717) - - - (364,447)

Change in unrealised

gains 96,115 316,769 1,319 - - - 414,203

Closing Balance 3,203,023 4,500,853 131,903 - - - 7,835,779

Dividends received 205,002 405,630 9,938 - - - 620,570

31-Dec-17


Registered Office:

1, rue du Potager

L-2347 Luxembourg

R.C.S.: B 186336



43

11. TAXATION

Under current legislation, Shareholders are not subject to any capital gains, income, withholding, estate, inheritance or

other taxes in Luxembourg, except for (i) those Shareholders domiciled, resident or having a permanent establishment in

Luxembourg or (ii) non-residents of Luxembourg who hold 10% or more of the issued share capital of the Company and

who dispose of all or part of their holdings within six months from the date of acquisition or (iii) in some limited cases

some former residents of Luxembourg, who hold 10% or more of the issued share capital of the Company.

Investment income and capital gains are subject to withholding tax in certain foreign jurisdiction and are the only items

subject to taxation at an average applicable withholding tax rate of 15%.

12. SHARE CAPITAL

The Company has been incorporated on 9 April 2014 for an unlimited period of time as a société d’investissement à

capital variable under the form of a société anonyme.

The minimum capital of the Company, as provided by Law, which must be achieved within six months after the date on

which the Company has been authorized as a UCITS under Luxembourg Law, shall be the equivalent in USD of EUR

1,250,000. The initial capital of the Company is the equivalent in USD of thirty one thousand Euro (EUR 31,000) divided

into thirty-one (31) Shares of no par value. The capital of the Company is represented by fully paid up Shares of no par

value. The total share capital of the Company is at all times equal to the total net assets of all the Sub-Fund(s). The Share

Capital of the Company is composed only of redeemable shares.

The Company must maintain assets equivalent in net value to at least the equivalent in USD of EUR 1,250,000. There is

no requirement that the individual Sub-Fund(s) have a minimum amount of assets.

Redemption of shares

Shareholders may redeem all or part of their Shares in accordance with the terms contained in the relevant Sub-Fund

specifications of the prospectus.

The Investment Manager manages the capital of the Company in accordance with Company’s investment objectives,

policies and restrictions, as outlined in the Company’s Prospectus, while maintaining sufficient liquidity to meet

shareholder redemptions. The Company is in compliance with minimum capital requirements.

The Company may defer part or all redemption requests received if the aggregate value of redemptions requests received

by the Administration Agent on any day corresponds to more than 10% of the net assets of a Sub-Fund.

Movement in Shares: Class R

ADCB SICAV -

ADCB MSCI

UAE Index

Fund

ADCB SICAV -

ADCB UAE

Equity Fund

ADCB SICAV -

ADCB Arabian

Index Fund

ADCB SICAV

- ADCB

Islamic GCC

Equity Fund

ADCB

SICAV -

ADCB Target

2025 Fund

ADCB

SICAV -

ADCB Target


Opening Balance 3,664,387 7,378,335 1,118,453 56,941 1,263,756 258,207 11,908,075 *

Issue of shares 55,888 318,467 33,706 473,718 417,604 427,040 1,726,423

Redemption of shares (279,186) (693,137) (271,540) (31,904) (383,060) (179,752) (1,721,494) *

Closing Balance 3,441,089 7,003,665 880,619 498,755 1,298,300 505,495 11,913,004 *

31-Dec-18


Registered Office:

1, rue du Potager

L-2347 Luxembourg

R.C.S.: B 186336



44

12. SHARE CAPITAL (CONTINUED)

Movement in Shares: Class I

ADCB SICAV -

ADCB MSCI

UAE Index

Fund

ADCB SICAV -

ADCB UAE

Equity Fund

ADCB SICAV -

ADCB Arabian

Index Fund

ADCB SICAV

- ADCB

Islamic GCC

Equity Fund

ADCB

SICAV -

ADCB Target

2025 Fund

ADCB

SICAV -

ADCB Target


Opening Balance 100,000 100,000 100,000 450,000 - - 300,000 *

Issue of shares - - - - - - -

Redemption of shares - - - - - - -

Closing Balance 100,000 100,000 100,000 450,000 - - 300,000 *

31-Dec-18

*The combined total is adjusted for cross sub-funds holdings (refer to note 2 (j)).

Movement in Shares: Class X

ADCB SICAV -

ADCB Islamic GCC

Equity Fund ADCB SICAV

Opening Balance 40,669 15,669 *

Issue of shares 253,646 253,646

Redemption of shares (28,944) (28,944)

Closing Balance 265,371 240,371 *

31-Dec-18

Movement in Shares: Class R

ADCB SICAV -

ADCB MSCI

UAE Index

Fund

ADCB SICAV -

ADCB UAE

Equity Fund

ADCB SICAV -

ADCB Arabian

Index Fund

ADCB SICAV

- ADCB

Islamic GCC

Equity Fund

ADCB

SICAV -

ADCB Target

2025 Fund

ADCB

SICAV -

ADCB Target


Opening Balance 4,150,912 11,150,195 1,300,847 65,609 - - 14,565,712 *

Issue of shares 42,322 580,453 52,874 56,277 1,309,775 263,207 2,304,908

Redemption of shares (528,847) (4,352,313) (235,268) (64,945) (46,019) (5,000) (4,962,545) *

Closing Balance 3,664,387 7,378,335 1,118,453 56,941 1,263,756 258,207 11,908,075 *

31-Dec-17

Movement in Shares: Class I

ADCB SICAV -

ADCB MSCI

UAE Index

Fund

ADCB SICAV -

ADCB UAE

Equity Fund

ADCB SICAV -

ADCB Arabian

Index Fund

ADCB SICAV

- ADCB

Islamic GCC

Equity Fund

ADCB

SICAV -

ADCB Target

2025 Fund

ADCB

SICAV -

ADCB Target


Opening Balance 100,000 100,000 100,000 450,000 - - 300,000 *

Issue of shares - - - - - - -

Closing Balance 100,000 100,000 100,000 450,000 - - 300,000 *

31-Dec-17


Registered Office:

1, rue du Potager

L-2347 Luxembourg

R.C.S.: B 186336



45

12. SHARE CAPITAL (CONTINUED)

Movement in Shares: Class X

ADCB SICAV -

ADCB Islamic GCC

Equity Fund ADCB SICAV

Opening Balance 41,411 16,411 *

Issue of shares 4,335 4,335

Redemption of shares (5,077) (5,077)

Closing Balance 40,669 15,669 *

31-Dec-17

*The combined total is adjusted for cross sub-funds holdings (refer to note 2 (j)).

13. FINANCIAL RISKS

The Company’s risks are set out in the Prospectus and any consideration of risk here should be viewed in the context of

the Prospectus which is the primary document governing the operation of the Company. The Company’s investments

expose it to a variety of financial risks including currency risk, interest rate risk, credit risk and liquidity risk. The

Company’s overall risk management programme seeks to minimise potential adverse effects on the Company’s financial

performance. The Sharia supervisory board is responsible for monitoring the Company’s compliance with its investment

policy and investment restrictions as specified in the Prospectus. The Investment Manager’s dedicated in-house Risk

Management team monitors the Fund’s risk factors on a daily basis and produces reports detailing the sub-fund’s

exposures as well as cash and liquidity reports which are circulated to the relevant fund management teams and

compliance.

(a) Market Price Risk

Market price risk arises mainly from uncertainty about future prices of financial instruments held. It represents the

potential loss the sub-fund might suffer through holding market positions in the face of price movements. Some of the

recognised exchanges on which the sub-fund may invest may prove to be illiquid or highly volatile from time to time and

this may affect the price at which the sub-fund may liquidate positions to meet repurchase requests or other funding

requirements. If the sub-fund is deemed by the Investment Manager to be volatile, suitable additional risk disclosures

shall be set out in the Supplement for the sub-fund. Potential investors should also note that the securities of small

capitalisation companies are less liquid and this may result in fluctuations in the price of the Shares of the sub-fund. The

financial instruments are measured in accordance with the fair value measurement principles as discussed in Note 2 (b).

See Note 14 for the fair value of these investments.

The Investment Manager has implemented controls to monitor and manage market price risk on a regular basis.


Registered Office:

1, rue du Potager

L-2347 Luxembourg

R.C.S.: B 186336



46

13. FINANCIAL RISKS (CONTINUED)

(b) Foreign Currency and Exchange Rate Risk

The Sub-Funds invest in securities denominated in currencies other than the functional currency of the Sub-Funds, and

the Statement of Financial Position and Statement of Comprehensive Income may be significantly affected by movements

in the exchange rates against the USD, the functional currency of the Company.

The value of the Sub-Funds and their income, as measured in USD, may suffer significant declines due to currency

depreciation, disruptions in currency markets or delays and difficulties in currency conversions or be otherwise adversely

affected by exchange control regulations or by changes in the method of controlling exchange rates or limiting exchange

rate movements.

Currency depreciation may occur without warning and are beyond the control of the Investment Manager. There will be

instances in which currency exposure is not hedged and in such instances, currency risks will be absorbed by the

shareholders. The Investment Manager has implemented controls to monitor and manage foreign currency and exchange

rate on a regular basis.

The following tables set out the Sub-Fund’s total exposure to foreign currency risk as at 31 December 2018 and 31

December 2017:


31 December 2018

UAE Dirham EUR Total

Equity instruments 22,777,787 - 22,777,787

Cash and cash equivalents 141,871 - 141,871

Other net liabilities - (10,781) (10,781)

22,919,658 (10,781) 22,908,877

(Expressed in USD)

31 December 2017

UAE Dirham EUR Total

Equity instruments 25,604,773 - 25,604,773

Cash and cash equivalents 59,334 - 59,334

Other net liabilities - (12,386) (12,386)

25,664,107 (12,386) 25,651,721

(Expressed in USD)

As at 31 December 2018, had the USD strengthened or weakened by 1% against all other currencies, the net assets of the

sub-fund would have decreased or increased by USD 229,089 (2017: USD 256,517), respectively.


Registered Office:

1, rue du Potager

L-2347 Luxembourg

R.C.S.: B 186336



47


(b) Foreign Currency and Exchange Rate Risk (continued)


31 December 2018

UAE Dirham EUR UK Pounds Total

Equity instruments 32,713,844 - 3,854,022 36,567,866

Cash and cash equivalents 2,005,448 - - 2,005,448

Other net liabilities (12,216) (10,781) - (22,997)

34,707,076 (10,781) 3,854,022 38,550,317

(Expressed in USD)

31 December 2017

UAE Dirham EUR UK Pounds Total

Equity instruments 40,752,855 - 4,978,204 45,731,059

Cash and cash equivalents 1,126,517 - - 1,126,517

Other net liabilities - (15,377) - (15,377)

41,879,372 (15,377) 4,978,204 46,842,199

(Expressed in USD)




31 December 2018

UAE Dirham Euro

Bahraini

Dinar

Egyptian

Pound

Jordanian

Dinar

Kuwaiti

Dinar Omani Rial Qatari Rial

Saudi

Arabian

Riyal Total

Equity instruments 1,198,757 - 127,913 251,645 240,221 1,032,408 267,590 1,406,148 5,168,341 9,693,023

Cash and cash

equivalents 8,146 - - - - - - - 27,655 35,801

Other net assets/

(liabilities)- (10,781) - - - - - - - (10,781)

1,206,903 (10,781) 127,913 251,645 240,221 1,032,408 267,590 1,406,148 5,195,996 9,718,043

(Expressed in USD)


Registered Office:

1, rue du Potager

L-2347 Luxembourg

R.C.S.: B 186336



48



ADCB SICAV - ADCB Arabian Index Fund (continued)

31 December 2017

UAE Dirham Euro

Bahraini

Dinar

Egyptian

Pound

Jordanian

Dinar

Kuwaiti

Dinar Omani Rial Qatari Rial

Saudi

Arabian

Riyal Total

Equity instruments 1,417,550 - 112,555 408,138 291,241 1,203,530 319,567 1,176,323 5,601,622 10,530,526

Debt instruments - - - - - - 8,352 - - 8,352

Cash and cash

equivalents 94,417 - - - - - - - 26,004 120,421

Other net assets/

(liabilities)- (10,685) - - - - 60 - 4,136 (6,489)

1,511,967 (10,685) 112,555 408,138 291,241 1,203,530 327,979 1,176,323 5,631,762 10,652,810

(Expressed in USD)



ADCB SICAV- ADCB Islamic GCC Equity Fund

31 December 2018

UAE

Dirham Euro

Kuwaiti

Dinar

Omani

Rial Qatari Rial

Saudi

Arabian

Riyal Total

Equity instruments 1,450,214 - 1,402,636 125,403 1,324,855 9,011,221 13,314,329

Cash and cash

equivalents - - 5,860 - - 3,708 9,568

Other net assets/

(liabilities) - (5,486) (5,860) - - - (11,346)

1,450,214 (5,486) 1,402,636 125,403 1,324,855 9,014,929 13,312,551

(Expressed in USD)


Registered Office:

1, rue du Potager

L-2347 Luxembourg

R.C.S.: B 186336



49



ADCB SICAV- ADCB Islamic GCC Equity Fund (continued)

31 December 2017

UAE

Dirham Euro

Kuwaiti

Dinar

Omani

Rial

Qatari

Rial

Saudi

Arabian

Riyal Total

Equity instruments 598,948 - 615,454 96,780 506,892 3,808,590 5,626,664

Cash and cash

equivalents 1,557 - - - - 103,884 105,441

Other net assets/

(liabilities) - (9,938) - - - - (9,938)

600,505 (9,938) 615,454 96,780 506,892 3,912,474 5,722,167

(Expressed in USD)



ADCB SICAV- ADCB Target 2025 Fund

31 December 2018

Euro Total

Other net assets/

(liabilities) (5,838) (5,838)

(5,838) (5,838)

(Expressed in USD)

31 December 2017

Euro Total

Other net assets/

(liabilities) (13,101) (13,101)

(13,101) (13,101)

(Expressed in USD)


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50



ADCB SICAV- ADCB Target 2025 Fund (continued)


sub-fund would have increased or decreased by USD 58 (2017: USD 131).


Monday, December 31, 2018

Euro Total

Other net assets/ (liabilities)

(10,383) (10,383)

(10,383) (10,383)

(Expressed in USD)

31 December 2017

Euro Total

Other net assets/

(liabilities) (12,293) (12,293)

(12,293) (12,293)

(Expressed in USD)


sub-fund would have increased or decreased by USD 104 (2017: USD 123).

(c) Interest Rate Risk

Interest rate risk is the risk borne by an interest-bearing asset, such as a bond, due to variability of interest rates. In general,

as rates rise, the price of a fixed rate bond will fall, and vice versa.

The value of these securities may fluctuate because of a change in interest rates. The Company is not exposed to significant

interest rate risk as at 31 December 2018 as no Sub-Funds invested significantly into interest bearing assets.

The Investment Manager has implemented controls to monitor and manage interest rate risk on a regular basis.

The interest rate exposure as at 31 December 2018 and 31 December 2017 is on the next page.


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(c) Interest Rate Risk (continued)


31 December 2018 Floating Rate Fixed Rate

Non- Interest

bearing Total

USD USD USD USD

Equity instruments - - 24,747,468 24,747,468

Cash and cash equivalents - - 337,561 337,561

Other net liabilities - - (104,861) (104,861)

- - 24,980,168 24,980,168


Non- Interest

bearing Total

USD USD USD USD




- - 29,194,874 29,194,874



Non- Interest

bearing Total

USD USD USD USD


Fund - - 17,617,122 17,617,122

Cash and cash equivalents - - 2,033,970 2,033,970


- - 60,199,214 60,199,214


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ADCB SICAV - ADCB UAE Equity Fund (continued)


Non- Interest

bearing Total

USD USD USD USD


Fund - - 19,186,461 19,186,461

Cash and cash equivalents - - 1,298,682 1,298,682


- - 70,510,906 70,510,906



Non- Interest

bearing Total

USD USD USD USD

Debt instruments - - - -




- - 9,993,424 9,993,424


Non- Interest

bearing Total

USD USD USD USD

Debt instruments - 8,352 - 8,352




- 8,352 10,936,539 10,944,891



Non- Interest

bearing Total

USD USD USD USD




- - 13,743,933 13,743,933


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(b) Interest Rate Risk (continued)

ADCB SICAV- ADCB Islamic GCC Equity Fund (continued)


Non- Interest

bearing Total

USD USD USD USD




- - 5,751,904 5,751,904



Non- Interest

bearing Total

USD USD USD USD


Fund - - 4,596,058 4,596,058



- - 12,369,276 12,369,276


Non- Interest

bearing Total

USD USD USD USD


Fund - - 4,511,580 4,511,580



- - 12,913,404 12,913,404


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54





Non- Interest

bearing Total

USD USD USD USD


Fund - - 1,886,919 1,886,919



- - 4,684,844 4,684,844


Non- Interest

bearing Total

USD USD USD USD


Fund - - 930,069 930,069


Other net assets - - 16,297 16,297

- - 2,651,488 2,651,488

At 31 December 2018 and 31 December 2017, the Sub-Funds have not invested significantly in interest bearing assets.

With all variable held constant, change in level of interest rates will not have a significant effect on the Sub-Funds’ net

asset.

(d) Liquidity Risk

Liquidity risk is the risk that an entity will encounter difficulties in realising assets or otherwise raising funds to meet

commitments associated with investment activities. If a derivative transaction is particularly large or if the relevant market

is illiquid as it is the case with many privately negotiated derivatives, it may not be possible to initiate a transaction or

liquidate a position at an advantageous price, or at all.

Large redemptions of shares in a Sub-Fund might result in a sub-fund being forced to sell assets at a time and price at

which it would normally prefer not to dispose of those assets.

The Investment Manager has implemented controls to monitor and manage liquidity risk on a regular basis.

The tables below give a split of the Company’s financial liabilities by relevant maturity groupings based on the remaining

period to the contractual maturity date at the reporting date. The amounts in the tables are the contractual undiscounted

cash flows. Balances due within twelve months equal their carrying balances, as the impact of discounting is not

significant.


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(d) Liquidity Risk (continued)

The liquidity risk exposure of the Sub-Funds as at 31 December 2018 and 31 December 2017 is as follows:


31 December 2018

Less than

1 month 1-6 months

More than

6 months

No Stated

Maturity Total

USD USD USD USD USD

Liabilities

Administration fee payable - - 12,527 - 12,527

Sub-Custodian fee payable 1,978 - - - 1,978

Depositary fee payable - 48,597 - - 48,597

Investment Management fee payable 21,529 - - - 21,529

Management Company fees payable 511 - - - 511

Other payables and accrued expenses - 24,381 - - 24,381

Net assets attributable to holders of redeemable

shares 24,980,168 - - - 24,980,168

25,004,186 72,978 12,527 - 25,089,691

31 December 2017

Less than

1 month 1-6 months

More than

6 months

No Stated

Maturity Total

USD USD USD USD USD

Liabilities








shares 29,194,874 - - - 29,194,874

29,222,733 70,389 36,370 - 29,329,492


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56




31 December 2018

Less than

1 month 1-6 months

More than

6 months

No Stated

Maturity Total

USD USD USD USD USD

Liabilities

Administration fee payable - 29,400 - - 29,400




Redemption payable 3,975 - - - 3,975

Payable for unsettled trades 12,216 - - - 12,216

Management Company fees payable 1,239 - - - 1,239



shares 60,199,214 - - - 60,199,214

60,287,566 112,266 - - 60,399,832

31 December 2017

Less than

1 month 1-6 months

More than

6 months

No Stated

Maturity Total

USD USD USD USD USD

Liabilities






Management Company fees payable 1,469 - - - 1,469



shares 70,510,906 - - - 70,510,906

70,667,070 115,354 100,877 - 70,883,301


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31 December 2018

Less than

1 month 1-6 months

More than

6 months

No Stated

Maturity Total

USD USD USD USD USD

Liabilities








shares 9,993,424 - - - 9,993,424

10,003,120 101,298 - - 10,104,418

31 December 2017

Less than

1 month 1-6 months

More than

6 months

No Stated

Maturity Total

USD USD USD USD USD

Liabilities





Management Company fees payable 241 - - 241



shares 10,944,891 - - - 10,944,891

10,955,697 64,541 44,997 - 11,065,235


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31 December 2018

Less than

1 month 1-6 months

More than

6 months

No Stated

Maturity Total

USD USD USD USD USD

Liabilities




Redemption payable - 28,534 - - 28,534


Payable for unsettled trades 5,858 - - - 5,858



shares 13,743,933 - - - 13,743,933

13,751,241 123,961 - - 13,875,202

31 December 2017

Less than

1 month 1-6 months

More than

6 months

No Stated

Maturity Total

USD USD USD USD USD

Liabilities




Redemption payable 993 - - - 993




shares 5,751,904 - - - 5,751,904

5,754,196 57,240 29,998 - 5,841,434


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31 December 2018

Less than

1 month 1-6 months

More than

6 months

No Stated

Maturity Total

USD USD USD USD USD

Liabilities


Custodian fee payable 1,487 - - - 1,487


Redemption payable - - - -




shares 12,369,276 - - - 12,369,276

12,371,029 75,356 - - 12,446,385

31 December 2017

Less than

1 month 1-6 months

More than

6 months

No Stated

Maturity Total

USD USD USD USD USD

Liabilities







shares 12,913,404 - - - 12,913,404

13,066,227 34,907 - - 13,101,134


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31 December 2018

Less than

1 month 1-6 months

More than

6 months

No Stated

Maturity Total

USD USD USD USD USD

Liabilities


Custodian fee payable 1,625 - - - 1,625





shares 4,684,844 - - - 4,684,844

4,686,569 72,203 - - 4,758,772

31 December 2017

Less than

1 month 1-6 months

More than

6 months

No Stated

Maturity Total

USD USD USD USD USD

Liabilities



Management Company fees payable 54 - - 54



shares 2,651,488 - - 2,651,488

2,651,542 29,931 - - 2,681,473

(e) Credit Risk and Counterparty risk

Credit risk is the risk that the Company's counterparty to a financial transaction will fail to discharge an obligation or

commitment that it has entered into with the Company. The financial assets and liabilities, which potentially expose the

Company to credit risk, consist principally of cash and equity securities.


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(e) Credit Risk and Counterparty risk (continued)

Through its appointment of service providers and through its investments each Sub-Fund is exposed to a wide variety of

counterparties and a broad range of counterparty performance and credit risks. For the purposes of general description

these include but are not limited to risk of default by deposit taking institutions, risk of default by custodians and bankers,

risk of settlement delays and/or failure by brokers, risk of default by brokers and risk of default by exchanges. The

Company will not take out any form of insurance against such risks or losses.

An issuer of equity securities and/or a counterparty suffering an adverse change in its financial condition could lower the

credit quality of a security or instrument, leading to greater price volatility of such security or instrument. A lowering of

the credit rating of a security or instrument may also affect the security’s or instrument’s liquidity, making it more difficult

to sell.

The Investment Manager has a documented policy in place of spreading the aggregate value of transactions concluded

amongst approved counterparties with an appropriate credit quality. The Company's exposure and the credit ratings of its

counterparties are continuously monitored by management.

Credit Risk per counterparty

2018 2017

Deutsche Bank AG BBB+ A-

S&P Rating

14. FAIR VALUE OF FINANCIAL INSTRUMENTS

The following tables show financial instruments recognised at fair value analysed between those whose fair value is based

on:

Quoted prices in active markets for identical assets or liabilities (Level 1);

Those involving inputs other than quoted prices included in Level 1 that are observable for the asset or liability,

either directly (as prices) or indirectly (derived from prices) (Level 2); and

Those with inputs for the asset or liability that are not based on observable market data (unobservable inputs) (Level

3).

The level in the fair value hierarchy within which the fair value measurement is categorised in its entirety is determined

on the basis of the lowest level input that is significant to the fair value measurement in its entirety. For this purpose, the

significance of an input is assessed against the fair value measurement in its entirety. If a fair value measurement uses

observable inputs that require significant adjustment based on unobservable inputs, that measurement is a Level 3

measurement. Assessing the significance of a particular input to the fair value measurement in its entirety requires

judgement, considering factors specific to the asset or liability.

The determination of what constitutes ‘observable’ requires significant judgement by the Board of Directors of the

Company. The Board of Directors of the Company consider observable data to be that market data that is readily available,

regularly distributed or updated, reliable and verifiable, not proprietary, and provided by independent sources that are

actively involved in the relevant market.


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62

14. FAIR VALUE OF FINANCIAL INSTRUMENTS (CONTINUED)

At the reporting date, the carrying amounts of financial assets at fair value issued by the Company which fair values were

determined directly, in full or in part, by reference to published price quotations and determined using valuation

techniques are as follows:

31-Dec-18 Level 1 Level 2 Level 3 Total

USD USD USD USD


Financial assets at fair value through

profit or loss:


Equity instruments 24,747,468 - - 24,747,468

24,747,468 - - 24,747,468



profit or loss:



Funds - 17,617,120 - 17,617,120

40,719,634 17,617,120 - 58,336,754



profit or loss:



9,909,732 - - 9,909,732



profit or loss:



13,314,328 - - 13,314,328


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USD USD USD USD

ADCB SICAV - ADCB Target Fund 2025 Fund


profit or loss:


Exchange Traded Funds 7,724,981 - - 7,724,981

Funds 4,596,058 - - 4,596,058

12,321,039 - - 12,321,039



profit or loss:



Funds 1,886,919 - - 1,886,919

4,615,652 - - 4,615,652


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R.C.S.: B 186336



64



USD USD USD USD



profit or loss:



29,056,923 - - 29,056,923



profit or loss:



Funds - 19,186,461 - 19,186,461

50,371,055 19,186,461 - 69,557,516



profit or loss:



Debt instrument 8,352 - - 8,352

10,857,729 - - 10,857,729



profit or loss:Financial assets held for trading


5,626,664 - - 5,626,664


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65



USD USD USD USD



profit or loss:



Funds 4,511,580 - - 4,511,580

12,779,158 - - 12,779,158



profit or loss:



Funds 930,069 - - 930,069

2,490,861 - - 2,490,861

15. CRITICAL ACCOUNTING ESTIMATES AND JUDGEMENTS

(a) Critical accounting estimates and assumptions

The fair value of financial instruments is based on their quoted market prices where available at the Statement of Financial

Position date. Quoted investments and investments traded on over the counter markets are valued at their last traded price.

Where prices are not available, investments are valued on the basis of the probable realisation value, estimated by the

Board of Directors of the Company in good faith. As at 31 December 2018, all equity instruments were valued based on

their quoted market prices whilst investments in Funds were valued based on the net asset value per shares of the Fund.

(b) Critical judgements

Functional currency - The Board of Directors considers USD as the currency that most faithfully represents the economic

effect of the underlying transactions, events and conditions. USD is the currency in which the Company measures its

performance and reports its results, as well as the currency in which it receives subscriptions from its investors.


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66

16. RECONCILIATION OF NET ASSET VALUE

The reconciliation of the net asset value calculated as per the prospectus rules and the net asset value as per audited

financial statements is as follows:

ADCB SICAV

- ADCB

MSCI UAE

Index Fund

ADCB

SICAV -

ADCB UAE

Equity Fund

ADCB SICAV -

ADCB Arabian

Index Fund

ADCB SICAV

- ADCB

Islamic GCC

Equity Fund

ADCB SICAV -

ADCB Target

2025 Fund

ADCB SICAV -

ADCB Target

2035 Fund

USD USD USD USD USD USD

NAV per financial statements 24,980,168 60,199,214 9,993,424 13,743,933 12,369,276 4,684,844

Organisational fees adjustment1 1,670 915 550 5,298 5,733 1,197

NAV per prospectus 24,981,838 60,200,129 9,993,974 13,749,231 12,375,009 4,686,041

31-Dec-18

ADCB

SICAV -

ADCB MSCI

UAE Index

Fund

ADCB

SICAV -

ADCB UAE

Equity Fund

ADCB SICAV -

ADCB

Arabian Index

Fund

ADCB

SICAV -

ADCB

Islamic GCC

Equity Fund

ADCB SICAV

- ADCB

Target 2025

Fund

ADCB SICAV

- ADCB

Target 2035

Fund

USD USD USD USD USD USD

NAV per financial statements 29,194,874 70,510,906 10,944,891 5,751,904 12,913,404 2,651,488

Organisational fees adjustment1 4,837 2,656 1,601 7,587 - -

NAV per prospectus 29,199,711 70,513,562 10,946,492 5,759,491 12,913,404 2,651,488

31-Dec-17

1 Under IFRS, organisational fees are expensed as incurred, whereas organisational fees for NAV valuation purposes are

amortised over the first 5 years of the Company's operation, in line with the Prospectus.

17. INCOME DISTRIBUTION


On 7 June 2018, income distributions amounting to USD 93,661 were paid, representing USD 0.55 per share of ADCB

Islamic GCC Equity Fund – Income (X) share class.


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67

18. STATISTICAL INFORMATION

ADCB SICAV - ADCB MSCI UAE Index Fund*

31-Dec-18 31-Dec-17 31-Dec-16

Class R Shares

Total net assets 24,088,891 28,222,621 31,544,952

Number of shares outstanding 3,441,089 3,664,387 4,150,912

NAV per share 7 7.70 7.60

Class I Shares

Total net assets 891,277 977,090 958,911

Number of shares outstanding 100,000 100,000 100,000

NAV per share 8.91 9.77 9.59

ADCB SICAV - ADCB UAE Equity Fund*

31-Dec-18 31-Dec-17 31-Dec-16

Class R Shares

Total net assets 59,236,420 69,450,336 100,930,709

Number of shares outstanding 7,003,665 7,378,335 11,150,195

NAV per share 8.46 9.41 9.05

Class I Shares

Total net assets 962,794 1,063,226 1,014,522


NAV per share 9.63 10.63 10.15

ADCB SICAV - ADCB Arabian Index*

31-Dec-18 31-Dec-17 31-Dec-16

Class R Shares

Total net assets 8,953,672 10,033,991 11,458,158

Number of shares outstanding 880,619 1,118,453 1,300,847

NAV per share 10.17 8.97 8.81

Class I Shares

Total net assets 1,039,752 912,501 891,064


NAV per share 10.40 9.13 8.91

*The statistical information provided above are figures calculated as per the prospectus rules and for reporting purposes

only, as 31 December is a NAV calculation date for the Company and the last trading NAV for subscription and

redemption purposes was 31 December 2018 for the year 2018, 28 December for 2017 (respectively 29 December 2017

for the Sub-Funds ADCB Target 2025 Fund and ADCB Target 2035 Fund) and 29 December for 2016.


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68

18. STATISTICAL INFORMATION (CONTINUED)

ADCB SICAV - ADCB Islamic GCC Equity Fund*

31-Dec-18 31-Dec-17 31-Dec-16

Class R Shares

Total net assets 5,757,420 597,543 687,012


NAV per share 11.54 10.49 10.47

Class I Shares

Total net assets 5,237,187 4,759,173 4,737,219


NAV per share 11.64 10.58 10.53

Class X Shares

Total net assets 2,749,326 402,774 433,596


NAV per share 10.36 9.90 10.47

ADCB SICAV - ADCB Target 2025 Fund*

31-Dec-18 31-Dec-17 31-Dec-16

Class R Shares

Total net assets 12,369,276 12,913,404 -

Number of shares outstanding 1,298,300 1,263,756 -

NAV per share 9.53 10.22 -

ADCB SICAV - ADCB Target 2035 Fund*

31-Dec-18 31-Dec-17 31-Dec-16

Class R Shares

Total net assets 4,684,844 2,651,488 -

Number of shares outstanding 505,494 258,207 -

NAV per share 9.27 10.27 -

*The statistical information provided above are figures calculated as per the prospectus rules and for reporting purposes

only, as 31 December is a NAV calculation date for the Company and the last trading NAV for subscription and

redemption purposes was 31 December 2018 for the year 2018, 28 December for 2017 (respectively 29 December 2017

for the Sub-Funds ADCB Target 2025 Fund and ADCB Target 2035 Fund) and 29 December for 2016.


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69

19. EXCHANGE RATES

The exchange rates applied are as follows:

Exchange rate to USD Exchange rate to USD

Currency As at 31 December 2018 As at 31 December 2017

Euro 1.1445 1.1988

UAE Dirham 0.2723 0.2722

Pound Sterling 1.2789 1.3518

Bahraini Dinar 2.6529 2.6516

Egyptian Pound 0.0558 0.0563

Jordanian Dinar 1.4085 1.4081

Omani Rial 2.5974 2.5981

Qatari Rial 0.2737 0.2727

Kuwaiti Dinar 3.2948 3.3150

Saudi Arabian Riyal 0.2666 0.2666

20. INDEX-TRACKING SUB-FUNDS

In accordance with ESMA Guidelines on ETFs and other UCITS issues, the tracking errors of the two index-tracking

Sub-Funds are the following at the end of 2018:

Tracking Error (Ex-Ante) Anticipated Limit

MSCI UAE Index Fund 0.33% 0.50%

Arabian Index Fund 0.86% 1.00%

The Investment Manager deems the aforementioned tracking errors to be in line with the anticipated limits.

The resulting impact of tracking error and fees on performance during 2018 was as follows:

Fund Performance Index Performance

MSCI UAE Index Fund (10.22%) (8.82%)

Arabian Index Fund 13.17% 13.11%

21. SIGNIFICANT EVENTS SINCE THE YEAR END

Subsequent to 31 December 2018, the Company appointed ADCB Asset Management Ltd as Investment Manager on 1

January 2019.

22. APPROVAL OF FINANCIAL STATEMENTS

The financial statements were approved on 30 April 2019.

Financial assets at fair value through profit and loss

Currency Quantity

Equity instruments USD


Abu Dhabi Commercial Bank AED 1,445,474 3,211,552 12.86%

Aldar Properties Pjsc AED 2,731,069 1,189,781 4.76%

Damac Properties Dubai Co AED 1,277,100 525,069 2.10%

Dp World Ltd USD 115,186 1,969,681 7.89%

Dubai Islamic Bank AED 1,171,686 1,595,129 6.39%

Emaar Development Pjsc AED 568,800 682,987 2.73%

Emaar Malls Group Pjsc AED 1,423,880 693,970 2.78%

Emaar Properties Pjsc AED 2,428,490 2,730,870 10.93%

Emirates Telecom Group Co AED 1,063,258 4,915,763 19.68%

First Abu Dhabi Bank Pjsc AED 1,883,930 7,232,666 28.95%

Total United Arab Emirates 24,747,468 99.07%

Total equity instruments 24,747,468 99.07%

Financial assets at fair value through profit or loss 24,747,468 99.07%

Analysis of Total Assets:

Percentage of

Total Assets

Current assets 1.36%

Total assets 100.00%

Fair Value

Percentage of

Net Assets

Financial assets at fair value through profit or loss 98.64%

ADCB SICAV



L - 2347 Luxembourg

R.C.S.: B 186336

Portfolio Statement - ADCB SICAV- MSCI UAE Index Fund

As at 31 December 2018

(Expressed in US Dollars)

70


Percentage

Currency Quantity of Net Assets



Abu Dhabi Commercial Bank AED 811,810 1,803,678 3.00%

Agthia Group Pjsc AED 1,595,775 2,146,412 3.57%

Air Arabia Pjsc AED 7,873,132 2,186,564 3.63%

Aldar Properties Pjsc AED 6,880,176 2,997,327 4.98%

Arabtex Holding Co Pjsc AED 2,023,462 1,046,799 1.74%

Aramex Pjsc AED 473,000 552,501 0.92%

Damac Properties Dubai Co AED 769,178 316,241 0.53%

Dp World Ltd USD 150,902 2,580,424 4.29%

Dubai Financial Market Pjsc AED 8,076,905 1,750,542 2.91%

Dubai Investments Pjsc AED 6,073,985 2,083,813 3.46%

Dubai Islamic Bank AED 1,891,045 2,574,462 4.28%

Dxb Entertainments Pjsc AED 14,619,763 927,493 1.54%

Emaar Development Pjsc AED 800,000 960,601 1.60%

Emaar Malls Pjsc AED 2,272,406 1,107,524 1.84%

Emaar Properties Pjsc AED 1,830,794 2,058,752 3.42%

Emirates Nbd Pjsc AED 200,000 484,113 0.80%

Emirates Telecom Group Co AED 290,000 1,340,757 2.23%

First Abu Dhabi bank Pjsc AED 697,143 2,676,428 4.45%

Lamprell Plc GBP 490,000 379,130 0.61%

Nmc Health Plc GBP 99,309 3,474,892 5.77%

Orascom Construction Ltd USD 241,745 1,571,343 2.61%

Ras Al khaima Ceramics AED 451,865 223,921 0.37%

Tabreed AED 3,225,500 1,519,350 2.52%

Union National Bank/Abu Dhab AED 2,203,369 2,813,680 4.67%

Waha Capital Pjsc AED 2,098,738 1,142,886 1.90%



Fair Value

ADCB SICAV



L - 2347 Luxembourg

R.C.S.: B 186336

Portfolio Statement - ADCB SICAV- ADCB UAE Equity Fund



71

Currency Quantity

Fund USD

Luxembourg

ADCB Islamic GCC Equity Fund - I (Institutional) USD 450,000 5,239,215 8.71%

ADCB Islamic GCC Equity Fund - R (Retail) USD 25,000 288,699 0.48%

ADCB Islamic GCC Equity Fund - X (Income) USD 25,000 259,108 0.43%

ADCB MSCI Index Fund USD 1,689,918 11,830,099 19.65%

Total Luxembourg 17,617,121 29.27%

Total Fund 17,617,121 29.27%



Percentage of

Total Assets

96.58%

Net current assets 3.42%



ADCB SICAV



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Portfolio Statement - ADCB SICAV- ADCB UAE Equity Fund (continued)



Fair ValuePercentage

of Net

Assets

72


Percentage



Bahrain

Ahli United Bank B.s.c USD 179,639 123,053 1.23%

Bahrain Telecom Co BHD 59,880 44,479 0.45%

National Bank Of Bahrain BHD 51,558 83,434 0.84%

Total Bahrain 250,966 2.52%

Egypt

Commercial International Ban EGP 39,000 161,215 1.61%

Eastern Tobacco EGP 28,500 25,859 0.26%

Efg-hermes Holding Sae EGP 21,740 18,463 0.18%

T M G Holding EGP 83,550 46,109 0.46%

Total Egypt 251,646 2.51%

Jordan

Arab Bank Plc JOD 18,036 157,751 1.58%

Arab Potash/The JOD 3,655 82,469 0.83%

Total Jordan 240,220 2.41%

Kuwait

Al Ahli Bank Of Kuwait KWD 24,084 23,409 0.23%

Agility KWD 31,900 84,293 0.84%

Commercial Bank Of Kuwait KWD 30,107 49,598 0.50%

Gulf Bank KWD 83,344 69,199 0.69%

Kuwait Finance House KWD 112,155 225,781 2.26%

Mabanee Co Sakc KWD 30,923 61,742 0.62%

Mobile Telecommunicatio Co KWD 111,950 165,614 1.66%

National Bank Of Kuwait KWD 128,381 352,772 3.53%

National Gulf Holding* KWD 15,148 - 0.00%

Total Kuwait 1,032,408 10.33%

Oman

Bank Dhofar Saog OMR 152,577 65,786 0.66%

Bankmuscat Saog OMR 119,041 126,771 1.27%

National Bank Of Oman Saog OMR 86,851 41,057 0.41%

Oman Telecommunicatio Co OMR 16,600 33,976 0.34%

Total Oman 267,590 2.68%

*Fairly valued at Zero

Fair Value

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Portfolio Statement - ADCB SICAV- ADCB Arabian Index Fund



73

Financial assets at fair value through profit and loss (continued)

Percentage


Equity instruments (continued) USD

Qatar

Commercial Bank Qsc QAR 10,418 112,298 1.12%

Industries Qatar QAR 5,050 184,643 1.85%

Masraf Al Rayan QAR 16,230 185,118 1.85%

Ooredoo Qsc QAR 4,740 97,284 0.97%

Qatar Electricity & Water Co QAR 540 27,338 0.27%

Qatar Insurance Co QAR 7,454 73,229 0.73%

Qatar Islamic Bank QAR 3,807 158,354 1.58%

Qatar National Bank QAR 10,642 567,884 5.68%

Total Qatar 1,406,148 14.05%

Saudi Arabia

Advanced Petrochemicals Co SAR 9,112 122,662 1.23%

Al Hammadi Development And I SAR 6,730 45,029 0.45%

Al Rahji Bank SAR 42,495 991,180 9.92%

Alinma Bank SAR 45,930 281,354 2.82%

Almarai Co SAR 8,500 108,759 1.09%

Arab National Bank SAR 15,256 129,729 1.30%

Arabian Cement SAR 1,130 6,747 0.07%

Banque Saudi Fransi SAR 20,366 170,468 1.71%

Bupa Arabia For Cooperative SAR 3,225 69,634 0.70%

Co For Cooperative Insurance SAR 3,237 52,032 0.52%

Emaar Economic City SAR 20,230 42,656 0.43%

Etihad Etisalat Co SAR 17,000 75,135 0.75%

Fawaz Abdulaziz Alhokair & Co SAR 3,080 18,063 0.18%

Jarir Marketing Co SAR 1,618 65,558 0.66%

Kingdom Holding Co SAR 16,100 33,476 0.33%

National Commercial Bank SAR 25,485 325,067 3.25%

National Industrialization Co SAR 13,000 52,396 0.52%

Riyad Bank SAR 40,110 211,916 2.12%

Samba Financial Group SAR 34,065 285,131 2.85%

Saudi Arabian Fertilizer Co SAR 7,026 144,401 1.44%

Saudi Arabian Mining Co SAR 14,000 183,985 1.84%

Saudi Basic Industries Corp SAR 23,460 726,676 7.27%

Saudi British Bank SAR 9,140 79,549 0.80%

Saudi Cement SAR 5,495 71,115 0.71%

Saudi Electricity Co SAR 28,400 114,617 1.15%

Saudi Ground Services Co SAR 5,900 48,598 0.49%

Saudi Ind Investment Group SAR 14,944 91,144 0.91%

Saudi Kayan Petrochemical Co SAR 37,300 131,247 1.31%

Saudi Telecom Co SAR 11,032 269,963 2.70%

Savola SAR 11,050 78,941 0.79%

Yanbu Cement Co SAR 5,150 32,948 0.33%

Yanbu National Petrochemical SAR 6,360 108,164 1.08%

Total Saudi Arabia 5,168,340 51.72%

Fair Value



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Portfolio Statement - ADCB SICAV- ADCB Arabian Index Fund (continued)



74

Financial assets at fair value through profit and loss (continued)

Percentage


Equity instruments (continued) USD


Abu Dhabi Commercial Bank AED 71,250 158,303 1.58%

Aldar Properties Pjsc AED 91,580 39,897 0.40%

Dubai Investments Pjsc AED 45,102 15,473 0.15%

Dubai Islamic Bank AED 73,236 99,703 1.00%

Dp World Ltd USD 5,477 93,657 0.90%

Emaar Malls Pjsc AED 119,000 57,998 0.58%

Emaar Properties Pjsc AED 132,850 149,392 1.50%

Emirates Telecom Group Co AED 62,488 288,901 2.89%

First Abu Dhabi Bank Pjsc AED 93,698 359,719 3.60%

Union National Bank/Abu Dhab AED 23,000 29,371 0.29%





Percentage of

Total Assets

Current assets 1.93%



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Portfolio Statement - ADCB SICAV- ADCB Arabian Index Fund (continued)



Fair value

75


Currency Quantity


Kuwait

Agility KWD 124,170 328,109 2.39%

Human Soft Holding Co Ksc KWD 18,701 202,100 1.47%

Kuwait Finance House KWD 300,200 604,337 4.40%

Kuwait International Bank KWD 185,000 160,917 1.17%

Qurain Petrochemical Industry KWD 90,356 107,173 0.78%

Total Kuwait 1,402,636 10.21%

Oman

Ooredoo OMR 85,000 125,403 0.91%

Total Oman 125,403 0.91%

Qatar

Barwa Real Estate Co QAR 3,500 38,225 0.28%

Industries Qatar QAR 15,400 563,069 4.10%

Masraf al Rayan QAR 17,500 199,603 1.45%

Qatar Electricity & Water Co QAR 5,760 291,606 2.12%

Qatar Islamic Bank QAR 5,586 232,352 1.69%

Total Qatar 1,324,855 9.64%

Saudi Arabia

Advanced Petrochemicals Co SAR 35,976 484,296 3.52%

Al Hammadi Development And I SAR 16,000 107,053 0.78%

Al Rahji Bank SAR 55,000 1,282,854 9.33%

Alinma Bank SAR 107,759 660,101 4.79%

Almarai Co SAR 31,025 396,972 2.89%

Arabian Cement SAR 6,077 36,286 0.26%

Bank Al-jazira SAR 125,500 477,726 3.48%

Bupa Arabia For Cooperative SAR 16,500 356,267 2.59%

Dallah Healthcare Co SAR 9,765 146,290 1.06%

Fawaz Abdulaziz Alhokair & Co SAR 25,000 146,612 1.07%

Jarir Marketing Co SAR 7,000 283,627 2.06%

National Industrialization C SAR 54,000 217,647 1.58%

Sahara Petrochemical Co SAR 46,000 185,403 1.35%

Saudi Arabian Fertilizer Co SAR 18,609 382,458 2.78%

Saudi Arabian Mining Co SAR 21,000 275,977 2.01%

Saudi Basic Industries Corp SAR 36,900 1,142,981 8.32%

Saudi Cement SAR 5,300 68,592 0.50%

Saudi Ground Services Co SAR 13,545 111,569 0.81%

Saudi International Petroche SAR 31,500 167,601 1.22%

Saudi Telecom Co SAR 32,100 785,515 5.72%

Fair Value

Percentage of

Net Assets

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Portfolio Statement - ADCB SICAV- Islamic GCC Equity Fund



76


Currency Quantity


Saudi Arabia (continued)

Savola SAR 29,000 207,176 1.52%

United International Transpo SAR 42,512 298,606 2.17%

Walaa Cooperative Insurance SAR 11,330 65,236 0.47%

Yanbu Cement Co SAR 4,500 28,789 0.22%

Yanbu National Petrochemical SAR 40,900 695,586 5.06%

Total Saudi Arabia 9,011,220 65.56%


Aldar Properties Pjsc AED 400,000 174,259 1.27%

Dubai Islamic Bank AED 361,666 492,371 3.57%

Emaar Malls Group PJsc AED 588,000 286,579 2.09%

Emirates Telecom Group Co AED 107,500 497,005 3.62%





Percentage of

Total Assets

Net current assets 4.04%


Fair Value

Percentage of

Net Assets


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Portfolio Statement - ADCB SICAV- Islamic GCC Equity Fund



77


Currency Quantity

Exchange Traded Funds USD

Luxembourg

DBXII Global Aggrgate Usd 2c USD 30,087 1,552,188 12.55%

DBX MSCI Japan 1C USD 6,300 338,279 2.73%

Total Luxembourg 1,890,467 15.28%

Ireland

Ishares Core Msci Pacif X-JP USD 2,248 297,770 2.43%

Ishares Core S&P 500 USD 7,080 1,737,007 14.04%

Ishares Jpm EM Lcl Gov Bnd USD 3,877 227,909 1.84%

Ishares Msci EM ACC USD 11,873 368,538 2.98%

Ishares Us Agg Bnd USD ACC USD 276,766 1,405,418 11.36%

Ishares USD Tips USD 2,521 509,973 4.12%

Vanguard Ftse Develop Europe USD 26,957 824,682 6.67%

Vanguard S&P 500 USD USD 9,734 463,217 3.74%

Total Ireland 5,834,514 47.18%

Total exchange traded funds 7,724,981 62.46%

Fund

Ireland

Pgif Global Inc-I Acc Usd USD 139,345 1,412,960 11.42%

Principal Glb-Glb Pr-Usdiacc USD 23,235 629,429 5.08%

Principal Glb-H/y-po HY-i USD 54,513 713,016 5.76%

Principal Global Investors Funds - Global Equity Fund On Xdub USD 57,373 1,268,511 10.26%

Principal Origin Gl Sm C-Iua USD 40,520 572,142 4.63%


Total Fund 4,596,058 37.15%



Percentage of

Total Assets

Net Current assets 1.01%


Fair Value

Percentage of

Net Assets


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78


Currency Quantity

Exchange Traded Funds USD

Luxembourg

DBXII Global Aggrgate usd 2c USD 4,956 255,680 5.46%

DBX Msci Japan 1C USD 3,255 174,777 3.73%

Total Luxembourg 8,211 430,457 9.19%

Ireland

Ishares Core Msci Pacif X-JP USD 1,122 148,620 3.17%

Ishares Core S&P 500 USD 2,468 605,499 12.92%

Ishares Msci EM ACC USD 6,046 187,668 4.01%

Ishares Jpm EM lcl Gov Bnd USD 1,869 109,869 2.36%

Ishares Us Agg Bnd USD ACC USD 44,138 224,133 4.78%

Vanguard Ftse Develop Europe USD 14,800 452,769 9.66%

Vanguard S&P 500 USD USD 11,972 569,718 12.16%


Total exchange traded funds 2,728,733 58.25%

Fund

Ireland

Pgif Global Inc-I Acc Usd USD 45,565 462,031 9.86%

Principal Origin Gl Sm C-Iua USD 23,844 336,676 7.19%

Principal Global Investors Funds - Global Equity Fund On Xdub USD 33,872 748,905 15.99%

Principal Glb-Glb Pr-Usdiacc USD 12,525 339,307 7.24%


Total Fund 1,886,919 40.28%



Percentage of

Total Assets

Net Current assets 3.01%


Fair Value

Percentage of

Net Assets


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Portfolio Statement - ADCB SICAV- ADCB Target 2035 Fund



79

Description Quantity USD

Securities

Top Purchases

First Abu Dhabi Bank Pjsc 818,300 3,070,191

Emaar Development Pjsc 644,000 918,669

Dubai Islamic Bank 425,396 405,151

Emaar Properties Pjsc 210,000 390,697

Aldar Properties Pjsc 525,000 292,921

Dubai Investments Pjsc 400,000 228,112

Emirates Telecom Group Co 45,127 212,969

Abu Dhabi Commercial Bank 50,000 95,639

Dp World Ltd 4,000 88,801

Emaar Malls Pjsc 120,000 69,090

Dubai Islamic Bank - RTS 350,397 -

3,592,220 5,772,240

Top Sales

Emirates Telecom Group Co 421,826 1,933,349


Abu Dhabi Commercial Bank 334,700 703,172

Dubai Investments Pjsc 1,650,000 582,023

Dp World Ltd 26,900 519,520


First Abu Dhabi Bank Pjsc 114,850 410,129

Dxb Entertainments Pjsc 2,732,000 304,777



Damac Properties Dubai Co 272,900 170,314



7,662,073 6,308,069


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Significant Portfolio Changes - ADCB SICAV - ADCB MSCI UAE Index Fund

80


Securities

Top Purchases

Dp World Ltd 85,949 1,865,288


Arabtac Holding Co Pjsc 2,023,462 1,104,527

Emaar Malls Pjsc 1,746,111 971,089

Damac Properties Dubai Co 769,178 670,564

Aldar Properties Pjsc 1,154,704 612,277

Emirates Nbd Pjsc 200,000 567,628


NMC Health Plc 10,904 486,918

Tabreed 995,277 448,787

Dubai Investments Pjsc 1,000,000 351,994


Agthia Group Pjsc 233,272 292,103


Orascom Construction Ltd 1,000 6,848


10,102,879 10,011,163

Top Sales


Abu Dhabi Commercial Bank 1,619,412 2,921,917

NMC Health Plc 26,000 1,247,993

Dp World Ltd 39,848 922,429

ADCB MSCI Index Fund 117,086 848,771

Tabreed 1,650,021 817,889

Dana Gas 2,759,217 696,950

Waha Capital Pjsc 1,311,898 662,027



Air Arabia Pjsc 800,000 244,213

Amanat Holdings Pjsc 596,279 236,988


Union National Bank/Abu Dhab 100,000 108,388


Orascom Construction Ltd 4,100 31,865

Ras Al Khaimah Ceramics 50,000 30,694

Emirates Nbd Pjsc 4,401 10,457


11,540,546 13,083,872

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Significant Portfolio Changes - ADCB SICAV - ADCB UAE Equity Fund


81


Securities

Top Purchases

Qatar National Bank 3,500 178,238

Alinma Bank 12,500 69,758

Saudi Basic Industries Corp 2,050 67,452

Saudi Ind Investment Group 4,480 32,245



Bank muscat Saog 9,596 7,877

Bank Dhofar Saog 19,717 7,789


Bank Dhofar Saog- RTS 19,717 -

152,178 403,237

Top 20 Sales

National Commercial Bank 16,601 219,609


Al Rajhi Bank 6,700 138,312

Qatar National Bank 2,700 107,179

Almarai CO 6,500 104,169

Jarir Marketing CO 2,301 89,496

Saudi Kayan Petrochemical CO 21,400 88,668

Saudi British Bank 10,000 85,701

Commercial International Ban 18,000 82,988

Arab Bank PLC 7,902 81,947

Yanbu National Petrochemical 3,700 70,722

Saudi Telecom Co 3,200 70,195

Kuwait Finance House 40,271 69,748

Qatar Electricity & Water CO 1,260 67,475

Samba Financial Group 8,800 67,352

Eastern Co 7,000 66,870

Industries Qatar 2,200 65,526

Aldar properties Pjsc 100,000 62,750

Al Ahli Bank of Kuwait 58,000 61,461

Riyad Bank 15,000 55,189

337,575 1,846,203

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82


Securities

Top 20 Purchases

Al Rajhi Bank 28,700 649,865


Yanbu National Petrochemical 23,200 448,740


Saudi Telecom Co 16,600 374,601

Bank Al-Jazira 93,000 358,496

Emirates Telecom Group Co 70,000 326,648

Saudi Arabian Mining Co 21,000 316,960

Qatar Electricity & Water Co 5,760 306,009

Alinma Bank 52,100 289,558

Almarai Co 17,900 283,019

Advanced Petrochemicals Co 19,826 281,791

Industries Qatar 8,200 258,370


Kuwait Finance House 130,000 241,568

Dallah Healthcare Co 9,765 217,897


Saudi Arabian Fertilizer Co 12,500 208,104

United International Transpo 24,512 204,773

Saudi International Petroche 31,500 181,179

1,764,429 6,418,566

Top Sales


Mouwasat Medical Services Co 6,200 157,903

Agthia Group Pjsc 107,500 139,298

Al Rajhi Bank 4,000 92,578

Jazeera Airways Co Ksc 29,999 74,179


Saudi Arabian Fertilizer Co 3,891 63,556

Oman Telecommunications Co 20,000 50,390

Saudia Dairy & Foodstuff Co 1,900 45,945


Bank Al-Jazira - Rights Issue 30,288 15,068

Dubai Islamic Bank -Rts 140,417 -

646,245 906,088

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83


Securities

Top Purchases

Dbx Msci Japan 1c 6,300 396,576

Ishares Us Agg Bnd Usd Acc 73,707 370,624

Ishares Core S&P 500 1,130 301,482

Dbxii Global Aggrgate Usd 2c 5,918 300,173

Pgif Global Inc-I Acc Usd 17,305 186,700

Vang Ftse Eur Eurd 4,248 157,472

5,914 152,192

Ishares Msci Em Acc 2,490 88,725

Vang S&P500 Usdd 1,647 85,445

Ishares Usd Tips 376 76,435

Ishares Msci Japan 4,882 74,628

Principal Glb-H/Y-Po Hy-I 5,654 73,725

Principal Origin Gl Sm C-Iua 3,966 72,354

Principal Glb-Glb Pr-Usdiacc 2,584 71,599

Ishares Jpm Em Lcl Gov Bnd 856 55,553

Ishares Core Msci Pacif X-Jp 355 53,098

137,332 2,516,781

Top Sales



Ishares Core S&P 500 1,413 380,511


Vang S&P500 Usdd 2,765 147,242


Ishares Usd Tips 315 64,013




142,887 2,017,788

Principal Global Investors Funds - Global Equity Fund On Xdub

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Significant Portfolio Changes - ADCB SICAV- ADCB Target 2025 Fund


84


Securities

Top Purchases

Ishares Core S&P 500 2,643 713,451

Vang S&P500 Usdd 10,045 528,631

Principal Global Investors Funds - Global Equity Fund On Xdub 19,108 507,174



Pgif Global Inc-I Acc Usd 25,893 284,530

Principal Origin Gl Sm C-Iua 13,356 253,302

Dbx Msci Japan 1c 3,985 243,892

Principal Glb-Glb Pr-Usdiacc 7,170 202,288




Ishares Core Msci Pacif X-Jp 1,009 150,189

Ishares Jpm Em Lcl Gov Bnd 1,281 85,452

Principal Glb-H/Y-Po Hy-I 389 5,076

175,774 4,254,629

Top Sales

Ishares Core S&P 500 1,838 492,738




Vang S&P500 Usdd 2,926 155,693



Dbx Msci Japan 1c 730 43,002



Principal Glb-H/Y-Po Hy-I 389 5,160

75,126 1,514,884

ADCB SICAV



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Significant Portfolio Changes - ADCB SICAV- ADCB Target 2035 Fund


85

Risk Management

Securities and Financing Transaction Regulation

Remuneration Policy

125,970,859 9.26%


The Management Company must employ a risk-management process which enables it to monitor and measure at any time the risk of the

positions in its portfolios and their contribution to the overall risk profile of its portfolios.

In accordance with the Law and the applicable regulations, in particular Circular CSSF 11/512, the Management Company uses for each

Sub-Fund a risk-management process which enables it to assess the exposure of each Sub-Fund to market, liquidity and counterparty risks,

and to all other risks, including operational risks, which are material to that Sub-Fund. As part of the risk management process, the

Management Company uses the commitment approach to monitor and measure the global exposure for all the Sub-Funds. This approach

measures the global exposure related to positions on financial derivative instruments (“FDIs”) and, where relevant, to other efficient

portfolio management techniques, under consideration of netting and hedging effects (if used) which may not exceed the total net value of

the portfolio of the relevant Sub-Fund.

During the year, the Fund has not entered into transactions within scope of the Securities and Financing Transaction Regulation.

A) Methodology

The below represents a proportion of the total fixed remuneration of the staff of the Management Company attributable to all the funds it

manages, taking into account UCITS and non-UCITS.

The below amount has been proportionated to the total net assets ("TNA") of the fund and the number of staff of the Management

Company (“MANCO”).

ADCB SICAV



L - 2347 Luxembourg

R.C.S.: B 186336


The Management Company has implemented a Remuneration Policy that is designed as not to encourage taking excessive risks and has the

same requirements towards its delegates. In that context, it integrates in its performance management system, risk criteria, specific to the

activities of the business units concerned. The Management Company has implemented a series of safeguards that refrain to staff taking

undue risk compared to the activity profile. The governance structure of the Remuneration Policy aims at preventing internal conflicts of

interest. The Policy is formulated by Executive Management and approved by the Board of Directors. The Policy follows a defined process

establishing the principles, the approval, communication, implementation, review and update of the Policy which involves the Board of

Directors, Executive Management, Human Resources, Internal Audit and other control functions. Individual staff assessments are based on a

weighting of financial and non-financial targets linked to the specific job scope and role. As such, the principle of individual performance

assessment is based on an assessment of objectives reached as well an appreciation of the employee’s long-term value creation. Furthermore,

the performance reflects an assessment of business and interpersonal skills and is linked to the achievement of the individual. The criteria

applied to establish fixed remuneration are job complexity, level of responsibility, performance and local market conditions.

Staff costs by

TNA for the Fund (EUR)*Fund TNA (USD)FundAverage headcount in

MANCO

% of total TNA of

MANCO

(*) Fixed remuneration including fixed salary, pension, etc.

Total (EUR)

127,92515

A) Senior Management

The below represents the aggregate amount of remuneration broken down by senior management and members of staff of the

Management Company whose actions have a material impact on the risk profile of the funds it manages, taking into account UCITS and

non-UCITS.

Identified staff 6

720,710.64

720,710.64

-

720,710.64

ADCB

SICAV

Remuneration to executives* (EUR)

Fixed compensation (EUR)

Pension costs

86

Documents

ADCB SICAV - Novacap SFR... · ADCB SICAV Société d'Investissement à Capital Variable Registered Office: 1, rue de Potager L–2347 Luxembourg R.C.S.: B 186336 Contents No subscription