crown asia-pacific private equity ii plc · extension periods up to three one-year extensions the...

Crown Asia-Pacific Private Equity II plc

Unaudited Financial StatementsFor the six months ended 30 June 2017Registered Number: 487002

Table of contents | Semi-annual report 2017 | Crown Asia-Pacific Private Equity II plc 3

Table of contents

Governance and service providers 4

Background to the Company 5

Interim management report and responsibility statement 6

Investment Advisor’s report 7

Unaudited statement of comprehensive income 10

Unaudited balance sheet 11

Unaudited statement of changes in net assets attributable to shareholders 12

Unaudited cash flow statement 13

Unaudited notes to the financial statements 14

Unaudited portfolio of investments 15

4 Crown Asia-Pacific Private Equity II plc | Semi-annual report 2017 | Governance and service providers

Governance and service providers

Board of DirectorsUrs Gaehwiler (Swiss)Paul Garvey (Irish)Robert Schlachter (Swiss)Tycho Sneyers (Belgian)Desmond Tobin (Irish)

Independent DirectorKonrad Baechinger (Swiss)

Investment Advisor and Sub-DistributorLGT Capital Partners LimitedSchuetzenstrasse 68808 PfaeffikonSwitzerland

Main contacts:Robert SchlachterMaija Nykanen

Alternative Investment Fund Manager and DistributorLGT Capital Partners (Ireland) LimitedThird Floor30 Herbert StreetDublin 2Ireland

Main contact:Brian Goonan

Administrator/Transfer AgentLGT Fund Managers (Ireland) LimitedThird Floor30 Herbert StreetDublin 2Ireland

Main contact:Paul Garvey

DepositaryBNP Paribas Securities Services, Dublin BranchTrinity Point10-11 Leinster Street SouthDublin 2Ireland

Secretary and Registered OfficeLGT Fund Managers (Ireland) LimitedThird Floor30 Herbert StreetDublin 2Ireland

Main contact:Kathryn O’Driscoll

Independent AuditorsPricewaterhouseCoopersChartered Accountants and Statutory Audit FirmOne Spencer DockNorth Wall QuayDublin 1Ireland

Legal Advisor and Listing SponsorMaples and CalderSolicitors75 St. Stephen’s GreenDublin 2Ireland

Irish Paying AgentLGT Bank AG, Dublin BranchThird Floor30 Herbert StreetDublin 2Ireland

Background to the Company | Semi-annual report 2017 | Crown Asia-Pacific Private Equity II plc 5

Background to the Company

The following information is derived from and should be read in conjunction with the full text and definitions section of Crown Asia- Pacific Private Equity II plc’s (“Crown Asia-Pacific Private Equity II”, “CAPE II” or the “Company”) prospectus (the “Prospectus”).

Fund size USD 417.7 million

Date of incorporation 26 July 2010

Initial closing date 15 April 2011

Final closing date 12 April 2013

Vintage year 2011

Commitment period: Start date End date

15 April 2011 15 April 2015

Fund expiry date 15 April 2023

Extension periods up to three one-year extensions

The Company is a closed-ended investment company with variable capital, incorporated on 26 July 2010 with limited liability under the laws of Ireland. The Company was authorized by the Central Bank of Ireland on 20 September 2010 pursuant to the provisions of Part XIII of the Companies Act, 1990, and had a first closing on 15 April 2011.

The Prospectus was issued on 20 September 2010 with further sup-plements issued on 14 October 2010, 1 July 2011 and 8 May 2012. The supplements were issued in respect of class L and class M shares. The class L shares and class M shares of the Company were success-fully admitted to the Official List of the Irish Stock Exchange on 20 September and 14 October 2010 respectively. The Prospectus was re-issued on 12 February 2016 to provide for the appointment of BNP Paribas Securities Services, Dublin Branch, as Depositary to the Com-pany.

On 3 June 2014, the Company was approved as an alternative invest-ment fund (“AIF”) under EU Directive 2011/61/EU on Alternative Investment Fund Managers (“AIFMD”). The principal aim of AIFMD is to establish minimum standards and common requirements across the EU member states for the authorization and supervision of the man-agers of alternative investment funds (“AIFMs”).

Investment focusThe objective of the Company is to provide shareholders with attrac-tive long-term capital appreciation from a diversified portfolio of private equity investments.

The Company’s portfolio shall comprise substantially of Asia-Pacific growth capital and buyout funds. The target is to allocate 80% of the subscribed capital to leading growth capital and buyout private equity funds. CAPE II’s portfolio may comprise up to 25% in secondary private equity fund investments and up to 10% in co-investments.

6 Crown Asia-Pacific Private Equity II plc | Semi-annual report 2017 | Interim management report and responsibility statement

Interim management report and responsibility statement

This Interim Management Report and Responsibility Statement has been prepared in accordance with the Transparency (Directive 2004/109/EC) Regulations 2007 and the related Transparency Rules issued by the Central Bank of Ireland. For clarification purposes, this half-yearly financial report has not been audited or reviewed by audi-tors pursuant to the Auditing Practices Board guidance on Review of Interim Financial Information.

Review of businessThe Crown Asia-Pacific Private Equity II fund started committing on 15 April 2011. As of 30 June 2017, the Company has committed a total of USD 415.1 million to co-investments, primary investments and secondary transactions. An overview of the commitments made and investment performance to date is contained in the Investment Advi-sor’s report on pages seven to nine. A summary of the unaudited consolidated portfolio of investments is included on pages 15 and 16.

During the six-month period to 30 June 2017, the Company’s profits have increased up to USD 22.3 million from a profit of USD 21.2 mil-lion for the six-month period to 30 June 2016. Net assets of the Com-pany have increased to USD 407.9 million from USD 396.9 as com-pared to previous period ended 30 June 2016.

The current-year gains are mainly focussed across the 2010 to 2013 vintage investments. Ten investments represent 87.0% of the gains, while five investments represent 90.1% of the losses recorded in 2017.

The Company called USD 8.4 million during the period as compared to USD 13.8 million for the same period last year. The Company dis-tributed USD 28.2 million during the period as compared to USD 5.0 million for the period ended 30 June 2016.

Events since the period endNo events or transactions have occurred since the period ended 30 June 2017 that could materially affect the Company’s performance.

Principal risks and uncertaintiesThe Company’s performance is influenced by the broader economic environment and events such as an economic downturn could also adversely effect the Company’s future performance for the six-month period to 31 December 2017.

The risks and uncertainties applying at the previous annual reporting date continue to apply for the remaining six months of the financial year.

Responsibility statementThe Directors are responsible for preparing the financial statements for the six months ended 30 June 2017 in accordance with the Trans-parency (Directive 2004/109/EC) Regulations 2007 and the related Transparency Rules issued by the Central Bank of Ireland, applicable Irish law, IAS 34, “Interim Financial Reporting”, and International Financial Reporting Standards (“IFRS”) as adopted by the European Union.

The Directors confirm that, to the best of their knowledge: � the Company’s condensed set of financial statements for the half year ended 30 June 2017, which has been prepared in accordance with IFRS, gives a true and fair view of the assets, liabilities, financial position and profit or loss of the Company;

� the Interim Management Report includes a fair review of the important events that have occurred during the first six months of the financial year, and their impact on the financial statements, and a description of the principal risks and uncertainties for the remain-ing six months of the current financial year; and

� there are no changes in related parties’ transactions described in the last annual report that had a material effect on the financial position or performance of the Company in the first six months of the current financial year.

On behalf of the Board

Desmond Tobin

Paul Garvey

23 August 2017

Investment Advisor’s report | Semi-annual report 2017 | Crown Asia-Pacific Private Equity II plc 7

1 Related party investors are grouped for reporting purposes2 Based on the latest available financial statements from the underlying private equity funds and co-investments, i.e. primarily 31 March 2017

Investment Advisor’s report

Portfolio structure as of 30 June 2017

Investors Fund of funds Investments Participations

in companies

35 Investors1

10 secondary transactions(22 private equity funds)

23 primary investments

4 co-investments

1,0582 companies

CAPE II

NAV summaryCAPE II’s net asset value (“NAV”) as of 30 June 2017 amounts to USD 407.9 million, an increase of USD 2.5 million as compared to the year ended 31 December 2016.

Portfolio structure

8 Crown Asia-Pacific Private Equity II plc | Semi-annual report 2017 | Investment Advisor’s report

≥75034%

250 to <50030%

500 to <75024%

<25012%

20022% 2005

1%20062%2007 4%

2011 23%

2008 1%

2012 16%

2013 22%

2014 14%2010 7%

2015 8%

India28%

China38%

Pan-Asian10%

Indonesia9%

Japan1%

Australia/New Zealand1% Other 1%

South Korea 8%

South-East Asia 4%

Primary investments76%

Secondary transactions20%

Co-investments4%

1 Based on CAPE II’s commitments in private equity funds and co-investments2 Based on the stated geographical investment focus of the private equity funds and co-investments

Portfolio review at fund level

CommitmentsCAPE II has committed USD 313.0 million (75.5% of total commit-ments) to 23 primary private equity funds, USD 84.0 million (20.1% of total commitments) to ten secondary transactions comprising 22 private equity funds and USD 18.1 million (4.4% of total commit-ments) to four co-investments. The total commitments of USD 415.1million amount to 99.4% of the investors’ total subscribed capital of USD 417.7 million.

Vintage years

Investment type

Fund sizes(in USD millions)

Geography2

Commitments structure1

2009: <0.5%

Investment Advisor’s report | Semi-annual report 2017 | Crown Asia-Pacific Private Equity II plc 9

Informationtechnology (45)16%

Health care (35)10%

Consumer staples (30)8%

Financials (40)14%

Consumer discretionary (25)25%

Other (99)4%Materials (15)

5%

Industrials (20)10%

Telecommunicationservices (50)

8%

India33%

Indonesia5%

China32%

SouthKorea

11%

US7%

Singapore4%

Other8%

1 Based on the latest available financial statements from the underlying private equity funds and co-investments, i.e. primarily 31 March 20172 Geography refers to the location of the company’s head office3 Fair market value (“FMV”) refers to the valuations ascribed to the various portfolio companies of the underlying private equity funds and co-investments4 The industry classifications of the underlying companies are based on the Global Industry Classification Standard (GICS). The respective GICS code for each sectors is disclosed in brackets

Portfolio review at company level1 CAPE II has indirectly invested in 1,058 companies of which 839 are still active and 219 have been fully realized.

Crown Asia-Pacific Private Equity II has a specific geographical focus on the Asia-Pacific region but no industrial target allocation. It seeks broad diversification across this dimension.

Investment activityOn 15 April 2015, the commitment period for CAPE II ended.

LGT Capital Partners LimitedPfaeffikon, Switzerland

Robert Schlachter

Maija Nykänen

23 August 2017Diversification by geography2 (FMV)3

Diversification by industry (GICS)4

(FMV)3

10 Crown Asia-Pacific Private Equity II plc | Semi-annual report 2017 | Unaudited statement of comprehensive income

For the period ended 30 June 2017

Unaudited statement of comprehensive income

Amounts are reported in USD

For the six months ended 30 June 2017

(Unaudited)


(Unaudited)

Operating income

Interest income 434,580 11,601

Dividend income 113,615 347,916

(Losses)/gain on foreign exchange, net (10,898) 10,367

Net gain on investments at fair value through profit or loss 26,731,591 24,378,368

Total net income 27,268,888 24,748,252

Operating expenses

Investment management fee (731,277) (839,959)

Performance fee (753,974) (654,948)

Administration fee (133,500) (115,841)

Depositary fees (75,740) (72,162)

Audit fee (15,104) (20,800)

Fund expenses (2,569,387) (1,573,904)

Other operating expenses (83,482) (114,555)

Total operating expenses (4,362,464) (3,392,169)

Operating profit 22,906,424 21,356,083

Finance costs (106,503) (158,769)

Profit before taxation 22,799,921 21,197,314

Withholding tax (453,852) 5,446

Profit for the period 22,346,069 21,202,760

Total comprehensive profit for the period 22,346,069 21,202,760

The accompanying notes are an integral part of the financial statements.

All amounts arose solely from continuing operations. There are no gains and losses other than those dealt with in the statement of comprehensive income.


Desmond Tobin

Paul Garvey

23 August 2017

Unaudited balance sheet | Semi-annual report 2017 | Crown Asia-Pacific Private Equity II plc 11

As of 30 June 2017


As of 30 June 2017 (Unaudited)

As of 31 December 2016

(Audited)

Assets

Current assets

Cash and cash equivalents 1,653,076 1,426,346

Accrued income and other receivables 316,656 25,065

Total current assets 1,969,732 1,451,411

Non-current assets

Investments at fair value through profit or loss 434,413,152 421,123,826

Total non-current assets 434,413,152 421,123,826

Total assets 436,382,884 422,575,237

Capital and reserves attributable to shareholders

Share capital 239,123,490 258,952,300

Retained earnings 168,771,621 146,425,552

Net assets attributable to shareholders 407,895,111 405,377,852

Current liabilities

Accrued expenses and other payables 590,320 553,907

Due to banks 22,000,000 11,500,000

Total current liabilities 22,590,320 12,053,907

Non-current liabilities

Accrued expenses and other payables 5,897,453 5,143,478

Total non-current liabilities 5,897,453 5,143,478

Total liabilities 436,382,884 422,575,237

1 The NAV per share in the table above may be different to individual investors’ NAV per share as disclosed in their capital account statements. This is because the NAV per share in the table above is based on average figures for all investors in each individual share class

Unaudited balance sheet

Net asset value by share class (“NAV”)1

As of 30 June 2017 (Unaudited) As of 31 December 2016 (Audited)

Shares issued Total NAV(in USD)

Number ofshares in issue

NAV per share(in USD)

Total NAV(in USD)

Number ofshares in issue

NAV per share(in USD)

“A” 132,274,441 805,639.41 164.19 129,416,281 830,013.53 155.92

“B” 55,050,250 346,334.81 158.95 53,101,253 351,743.14 150.97

“C” 773,581 5,210.64 148.46 725,451 5,145.35 140.99

“L” 36,671,181 223,127.96 164.35 35,879,005 229,876.64 156.08

“O” 183,125,658 981,801.33 186.52 186,255,862 1,054,650.05 176.60

Total 407,895,111 2,362,114.15 405,377,852 2,471,428.71



Desmond Tobin

Paul Garvey

23 August 2017

12 Crown Asia-Pacific Private Equity II plc | Semi-annual report 2017 | Unaudited statement of changes in net assets attributable to shareholders


Amounts are reported in USD Share capital Retained earnings Total

At 1 January 2016 256,446,310 110,442,736 366,889,046

Total comprehensive profit for the period – 21,202,760 21,202,760

Issue of shares 13,782,945 – 13,782,945

Repurchase of own shares (5,011,980) – (5,011,980)

Net increase for the period 8,770,965 21,202,760 29,973,725

At 30 June 2016 (Unaudited) 265,217,275 131,645,496 396,862,771

At 1 January 2017 258,952,300 146,425,552 405,377,852

Total comprehensive profit for the period – 22,346,069 22,346,069

Issue of shares 8,353,300 – 8,353,300

Repurchase of own shares (28,182,110) – (28,182,110)

Net (decrease)/increase for the period (19,828,810) 22,346,069 2,517,259

At 30 June 2017 (Unaudited) 239,123,490 168,771,621 407,895,111

Unaudited statement of changes in net assets attributable to shareholders

Unaudited cash flow statement | Semi-annual report 2017 | Crown Asia-Pacific Private Equity II plc 13




(Unaudited)


(Unaudited)

Cash flows from/(used in) operating activities

Purchase of investments1,2 (7,435,312) (19,636,946)

Proceeds from return of capital in investments1,2 12,279,767 9,524,024

Proceeds from realized gains on investments1 6,977,483 3,849,122

Dividend income3 113,615 339,971

Withholding tax (453,852) 5,446

Interest received3 434,580 –

Operating expenses paid3 (2,237,168) (2,185,622)

Net cash flows from/(used in) operating activities 9,679,113 (8,104,005)

Cash flows from/(used in) financing activities

Interest paid (114,674) (161,898)

Proceeds from bank loans 25,000,000 11,000,000

Repayments of bank loans (14,500,000) (10,000,000)

Proceeds from issue of shares4 8,355,299 11,482,608

Payments for repurchase of own shares4 (28,182,110) (2,505,990)

Net cash flows (used in)/from financing activities (9,441,485) 9,814,720

Net increase in cash and cash equivalents 237,628 1,710,715

Cash and cash equivalents at beginning of period 1,426,346 2,781,317

Exchange (losses)/gains on cash and cash equivalents (10,898) 10,367

Cash and cash equivalents at end of period 1,653,076 4,502,399

1 During the period ended 30 June 2017, purchase of investments, proceeds from return of capital in investments and proceeds from realized gains on investments had non-cash movements of USD 603,628, USD 1,931,944 and USD nil respectively (2016: USD 452,479, USD 620,939 and USD 44,398)

2 During the period ended 30 June 2017, purchase of investments and proceeds from return of capital in investments include reclassifications of USD 416,149 (2016: USD 3,565,623), for cash flows that had been netted against each respective operating activity

3 During the period ended 30 June 2017, operating expenses (including dividend income and interest received) included non-cash movements amounting to USD 1,328,316 (2016: USD 212,857)4 Cash flows arising from the share issues and repurchases disclosed in the statement of changes in net assets attributable to shareholders reflect the netting of capital calls and distributions that

have been made on the same value date

Unaudited cash flow statement


14 Crown Asia-Pacific Private Equity II plc | Semi-annual report 2017 | Unaudited notes to the financial statements

1. Summary of accounting policiesBasis of presentationThe financial statements of the Company have been prepared in accordance with International Financial Reporting Standards (“IFRS”) as adopted by the EU, IAS 34, “Interim Financial Reporting”, and Irish statute comprising the Companies Act 2014.

The principles of accounting applied in the interim financial state-ments as per 30 June 2017 correspond to those of the audited annual report for 2016, unless otherwise stated.

2. Investments at fair value through profit or lossAs of 30 June 2017, the Company has subscribed interests in 45 pri-vate equity funds and four co-investments. The total committed cap-ital amounted to USD 415.1 million of which USD 347.3 million was contributed to date. The details of the commitments are shown in the unaudited portfolio of investments on pages 15 to 16. The commit-ments to these private equity funds will be funded by contributions from the Company’s investors.

3. Related party disclosuresParties are considered to be related if one party has the ability to control the other party or exercise considerable influence over the other party in making financial or operating decisions. In the opinion of the Board of Directors, the parties referred to in the schedule accompanying this note are related parties under IAS 24 “Related Party Disclosures”.

4. Events since the period endAs of 23 August 2017, the Company has contributed USD 5.3 million to existing private equity investments.

5. Approval of financial statementsThe Directors approved the financial statements on 23 August 2017.

Unaudited notes to the financial statements

Related party transactions

Related party/Relationship/Agreement(s)/ Direct/indirect

Transaction type 30 June 2017 (USD)

(Unaudited)

31 December 2016(USD)

(Audited)

LGT Capital Partners (Ireland) Limited/Common directorships/Investment management agreement/Direct

Investment management feeInvestment management fee payableInvestment performance feeInvestment performance fee – accrual

731,277 375,080 753,974

5,897,453

1,543,861358,744954,199

5,143,478

LGT Fund Managers (Ireland) Limited/Common directorships/Administration agreement/Direct

Administration feeAdministration fee payable

133,500 72,961

237,09860,284

LGT Bank AG, Dublin Branch/ Group/Loan and paying agency agreement/ Direct

Cash at bankDue to banksFinance costs – interest chargesInterest payableOther operating expenses – commitment feesOther operating expenses – commitment fees payable

– 22,000,000

6,820 106,503 30,167 14,560

569,76111,500,000

14,992338,272

61,00014,727

Unaudited portfolio of investments | Semi-annual report 2017 | Crown Asia-Pacific Private Equity II plc 15

Unaudited portfolio of investments

For the period ended 30 June 20171,2,3

Fund currency

Capital commitments: fund currency

Capital commitments:

(USD)

2017Fair value

(USD)

2017Percentage of

total net assets attributable to

shareholders (%)

2016Fair value

(USD)

2016Percentage of


shareholders (%)

Co-investments

Vintage year 2011

C1 USD 4,000,000 4,000,000 1,198,837 0.3 2,492,708 0.6

Vintage year 2013

C2 USD 5,010,000 5,010,000 17,928,676 4.4 17,892,553 4.4

C3 USD 5,003,562 5,003,562 6,491,295 1.6 5,204,616 1.3

Vintage year 2015

C4 AUD 5,304,200 4,068,321 4,556,349 1.1 4,266,393 1.1

Sub-total co-investments 18,081,883 30,175,157 7.4 29,856,270 7.4

Primary investments

Vintage year 2010

P1 USD 20,000,000 20,000,000 23,259,882 5.7 22,614,568 5.6

P2 USD 10,000,000 10,000,000 13,939,139 3.4 13,358,075 3.3

Vintage year 2011

P3 USD 20,000,000 20,000,000 54,430,977 13.4 49,202,791 12.1

P4 USD 25,000,000 25,000,000 21,669,379 5.3 20,619,020 5.1

P5 USD 10,000,000 10,000,000 10,632,480 2.6 11,227,574 2.8

P6 USD 25,000,000 25,000,000 32,120,464 7.9 34,535,504 8.5

P7 USD 10,000,000 10,000,000 11,888,169 2.9 9,235,996 2.3

Vintage year 2012

P8 USD 10,000,000 10,000,000 12,494,850 3.1 11,858,301 2.9

P9 USD 10,000,000 10,000,000 10,599,412 2.6 11,211,311 2.8

P10 USD 25,000,000 25,000,000 27,925,669 6.9 26,843,090 6.6

P11 USD 15,000,000 15,000,000 24,281,306 6.0 24,504,737 6.0

Vintage year 2013

P12 USD 20,000,000 20,000,000 10,988,320 2.7 12,862,157 3.2

P13 USD 20,000,000 20,000,000 6,649,065 1.6 6,524,043 1.6

P14 USD 15,000,000 15,000,000 14,437,761 3.5 10,930,174 2.7

Vintage year 2014

P15 USD 8,000,000 8,000,000 10,373,812 2.5 12,663,227 3.1

P16 USD 8,000,000 8,000,000 10,642,374 2.6 9,300,466 2.3

P17 USD 10,000,000 10,000,000 13,889,286 3.4 13,839,701 3.4

P18 USD 8,000,000 8,000,000 10,204,642 2.5 10,300,206 2.5

P19 USD 10,000,000 10,000,000 5,041,567 1.2 3,869,067 1.0

P20 USD 4,000,000 4,000,000 4,782,896 1.2 4,986,254 1.2

P21 USD 10,000,000 10,000,000 6,632,762 1.6 6,344,997 1.6

Vintage year 2015

P22 USD 10,000,000 10,000,000 2,086,347 0.5 1,367,935 0.3

P23 USD 10,000,000 10,000,000 4,726,271 1.2 3,947,266 1.0

Sub-total primary investments 313,000,000 343,696,830 84.3 332,146,460 81.9

1 Investments have been assigned an alphanumeric code for reasons of confidentiality2 A complete statement of portfolio changes is available to shareholders from the registered office of the Company free of charge3 The notes to the accounts are an integral part of the financial statements

16 Crown Asia-Pacific Private Equity II plc | Semi-annual report 2017 | Unaudited portfolio of investments

For the period ended 30 June 20171,2,3 (unaudited)

Partner- ship

currency

Capital commitments: fund currency

Capitalcommitments

(USD)

2017Fair value

(USD)

2017Percentage of


shareholders (%)

2016Fair value

(USD)

2016Percentage of


shareholders (%)

Secondary transactions

Closing year 2012

Transaction No. 1

S1-1 USD 2,863,924 2,863,924 1,565,482 0.4 2,246,785 0.6

Transaction No. 2

S2-1 USD 3,612,932 3,612,932 892,479 0.2 950,035 0.2

Transaction No. 3

S3-1 USD 3,531,863 3,531,863 1,545,010 0.4 1,730,143 0.4

S3-2 USD 2,557,604 2,557,604 3,382,128 0.8 3,315,776 0.8

Closing year 2013

Transaction No. 4

S4-1 USD 9,590,577 9,590,577 9,274,269 2.3 8,845,442 2.2

S4-2 USD 5,700,000 5,700,000 4,419,589 1.1 4,150,205 1.0

Transaction No. 5

S5-1 USD 20,000,000 20,000,000 15,635,412 3.8 15,703,161 3.9

Transaction No. 6

S6-1 USD 2,259,790 2,259,790 3,375,110 0.8 2,702,493 0.7

Closing year 2014

Transaction No. 7

S7-1 USD 1,661,267 1,661,267 339,628 0.1 1,026,230 0.3

S7-2 JPY 122,679,508 1,092,179 – – 1,191 0.0

Closing year 2015

Transaction No. 8

S8-1 USD 7,042,622 7,042,622 1,669,883 0.4 1,636,810 0.4

S8-2 USD 3,091,237 3,091,237 2,291,563 0.6 2,337,475 0.6

S8-3 USD 5,000,000 5,000,000 3,871,369 0.9 2,740,022 0.7

Transaction No. 9

S9-1 USD 1,868,722 1,868,722 1,215,719 0.3 1,135,545 0.3

S9-2 USD 2,567,163 2,567,163 1,684,367 0.4 1,688,758 0.4

S9-3 USD 121,581 121,581 171 0.0 180 0.0

S9-4 USD 289,142 289,142 138,852 0.0 270,748 0.1

S9-5 USD 3,347,160 3,347,160 3,686,189 0.9 3,543,288 0.9

S9-6 USD 741,324 741,324 854,235 0.2 798,747 0.2

S9-7 USD 542,927 542,927 398,311 0.1 409,141 0.1

S9-8 USD 2,062,890 2,062,890 1,113,597 0.3 1,291,815 0.3

Transaction No. 10

S10-1 USD 4,460,510 4,460,510 3,187,802 0.8 2,597,106 0.5

Sub-total secondary transactions 84,005,414 60,541,165 14.8 59,121,096 14.6

Investments at fair value through profit or loss 415,087,297 434,413,152 106.5 421,123,826 103.9

Other net assets and liabilities (26,518,041) (6.5) (15,745,974) (3.9)

Total net assets attributable to shareholders 407,895,111 100.0 405,377,852 100.0

1 Investments have been assigned an alphanumeric code for reasons of confidentiality2 A complete statement of portfolio changes is available to shareholders from the registered office of the Company free of charge3 The notes to the accounts are an integral part of the financial statements

LGT Capital Partners Limited Schuetzenstrasse 6 8808 Pfaeffikon Switzerland Phone +41 55 415 96 00 Fax +41 55 415 96 98 [email protected]

www.lgtcp.com

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