MENA Capital LLP

UK Stewardship Code Disclosure Statement

Under COBS 2.2 of the Financial Conduct Authority Handbook, we are required to make a public disclosure in relation to the nature of our commitment to the above Code, which was published by the Financial Reporting Council ("FRC") in July 2010 and amended in September 2012.

Code aims to enhance the quality of engagement between institutional investors and companies to help improve long-term returns to shareholders and the efficient exercise of governance responsibilities. It sets out good practice on engagement with investee companies and is to be applied by firms on a "comply or explain" basis. The FRC recognises that not all parts of the Code will be relevant to all institutional investors and that smaller institutions may judge some of the principles and guidance to be disproportionate. It is of course legitimate for some asset managers not to engage with companies, depending on their investment strategy, and in such cases firms are required to explain why it is not appropriate to comply with a particular principle.

The seven principles of the Code are that institutional investors should:

MENA Capital LLP does not currently comply fully with all the Code for the following reasons:

Should any of the above factors change, we will review our commitment to the Code at that time and make appropriate disclosure.