Management Comment:

After a volatile period the strategy slightly declined in EUR (-0.39%) and USD (-0.16%). The GBP class grew by 0.61% as the benchmark fell -0.38%. For 2018 however, the strategy has outperformed the benchmark in all currencies and gained 7th place in the top consumer discretionary managers on the CityWire database for the year ended 31/07/2018. More information is available here. Difficult market conditions put pressure on prices as the US trade war with China and the continued sell-off in Emerging Markets weighed on risk appetite. Despite that, the fund had some notable performers for the period. Apple was the biggest winner for the period, adding over 15%. With the stock trading at an all time high, price targets are being raised in conjunction with the reveal of the new products next week. We expect Apple to unveil three new iPhones at the Sept. 12 event. It likely will refresh its iPad, Apple Watch and AirPod product lines as well, as the company surpasses $1trillion in market cap. Callaway Golf was another stand-out performer, as the company posted EPS of $0.63 and that was $0.16 better than expected. Revenue growth was 30% on a year over year basis and also came in ahead of expectations.

Sector Breakdown: Country Breakdown:

Top 10 Holdings: Top Performers for Period:

Company Weighting Company P&L (%)

LVMH 6.4% APPLE INC 15.9%

KERING SHARES 5.3% CALLAWAY GOLF COMPANY 14.7%

CHRISTIAN DIOR 5.0% BURBERRY GROUP PLC 7.9%

APPLE INC 4.3% INTER PARFUMS INC 7.8%

CALLAWAY GOLF COMPANY 4.3% LINDT & SPRUENGLI AG-REG 5.9%

LAS VEGAS SANDS CORP 3.9% MICHAEL KORS 5.5%

MARRIOTT 3.6% TAPESTRY INC SHARES (COY) 5.5%

DECKERS OUTDOOR CORP 3.4% HERMES INTERNATIONAL 4.5%

REMY COINTREAU 3.2% CHRISTIAN DIOR 2.7%

PERNOD RICARD SA 3.2% POLARIS INDUSTRIES INC 2.5%

42.6%

Key Information:

Inception Date 01-Jul-15 Fund Domicile Malta Fund Structure UCITS Valuation Frequency Weekly Dealing Frequency Weekly Min Investment EUR/USD/GBP/CHF

1000 Annual Management Charge

1.75%

Benchmark S&P Global Luxury Index

No. Holdings: 39 Prices 30..2018

Institutional EUR 101.7822

GBP 128.6111

USD 107.1752

Retail EUR 98.8065

GBP 123.8437

USD 103.8602

ISIN Number

Institutional EUR MT7000012886 GBP MT7000012878 USD MT7000012894 Retail EUR MT7000012928 GBP MT7000012910 USD MT7000012936 Currency Classes are Unhedged

Initial/ Exit Charge Institutional 0%/0% Retail 0%/Up to 5% Risk Reward Category

5 out of 7

Monthly Fact Sheet – August 2018 Institutional Classes (Unhedged) Investment Objective:

The Fund’s Investment Objective is to provide long term capital growth by investing predominately in carefully selected transferable securities issued by companies operating in the luxury brands sector. For the full Fund objectives and Risks please refer to the Offering Supplement.

Performance Chart (From 31 Dec 2015):

Source: Fund - Thomson Reuters EIKON, Benchmark – S&P Indices

Disclaimer: Provenance SICAV PLC is licensed to provide investment services in Malta by the Malta Financial Services Authority in terms of the Investment Services Act (Chapter 370, Laws of Malta). The Company qualifies as a self managed ‘Maltese UCITS’ in terms of the Investment Services Act (Marketing of UCITS) Regulations (S.L. 370.18, Laws of Malta).

Warning: This document is intended for use by professional financial advisers only. The distribution of Provenance SICAV PLC Luxury Brands Fund and the offering of the shares may be restricted in certain jurisdictions. Private investors should contact your financial adviser for more details on any of the products featured. The information contained in this document should not be construed as investment advice, it is not an invitation or inducement to any person to purchase shares. It is the responsibility of any person in possession of this document to inform themselves of, and to observe, all applicable laws and regulations of any relevant jurisdictions. Prospective applicants for shares should inform themselves as to the legal requirements and consequences of applying for, holding and disposing of shares and any applicable exchange control regulations and taxes in the countries of their respective citizenship, residence or domicile. The performance figures quoted refer to the past and past performance is not a guarantee of future performance or a reliable guide to future performance. Investment in this product may be affected by changes in currency exchange rate movements thereby affecting your investment return therefrom. A fee/surrender penalty may be charged at the time you redeem your investment, which may have an impact on the amount of money you receive. Figures are until 30th August 2018. Provenance SICAV PLC takes no responsibility for the content of external websites. A copy of the Prospectus, KIID and the Offering Supplement Documents are available in English from www.provenancefunds.com or can be requested as a paper copy by calling on +356 2546 8000 or writing to Provenance SICAV plc, c/o Praxis Fund Services (Malta) Limited having registered address First Floor, Orange Point, Dun Karm Street, Birkirkara By-Pass, Birkirkara, BKR 9037, Malta.