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Crown Global Secondaries III plc

Unaudited financial statementsFor the six months ended 30 June 2016Registered number: 501611

Table of contents | Semi-annual report 2016 | Crown Global Secondaries III 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 8

Unaudited statement of comprehensive income 11

Unaudited balance sheet 12

Unaudited statement of changes in net assets attributable to shareholders 14

Unaudited cash flow statement 15

Unaudited notes to the financial statements 16

Unaudited portfolio of investments 17

4 Crown Global Secondaries III plc | Semi-annual report 2016 | 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 contact:Tycho SneyersRobert Schlachter

Alternative Investment Fund Managerand 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 (Ireland) LimitedThird Floor30 Herbert StreetDublin 2Ireland

Background to the Company | Semi-annual report 2016 | Crown Global Secondaries III plc 5

Background to the Company

The following information is derived from and should be read in con-junction with the full text and definitions section of Crown Global Secondaries III plc’s (“Crown Global Secondaries III”, “CGS III” or the “Company”) prospectus (the “Prospectus”).

Structure

Fund size USD 1,999.9 million

Date of incorporation 26 July 2011

Initial closing date 31 January 2012

Final closing date 31 January 2013

Vintage year 2012

Commitment period:Start dateEnd date

31 January 201231 January 2017

Fund expiry date 31 January 2024

Extension periods up to three one-year extensions

The Company is a closed-ended investment company with variable capital, incorporated on 26 July 2011 with limited liability under the laws of Ireland. The Company was authorized by the Central Bank of Ireland on 22 August 2011 pursuant to the provisions of Part XIII of the Companies Act, 1990 and had a first closing on 31 January 2012.

The Prospectus was issued on 22 August 2011. Supplements to the Prospectus were issued on 29 June 2012, 9 July 2014 and 11 Novem-ber 2014. The Prospectus was re-issued on 1 June 2015 to provide for the appointment of BNP Paribas Securities Services, Dublin Branch as Depositary to the Company.

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 managers of alternative investment funds (“AIFMs”).

Investment focus � The Company may invest in secondary fund investments through-out all private equity investment stages and without restrictions as to geographical focus.

� No transaction shall constitute more than 20% of subscribed capital. � The Company shall not invest more than 25% of subscribed capital in any one underlying private equity investment manager.

� The Company shall not invest more than 15% of subscribed capital in any one underlying secondary fund investment.

� The Company shall not invest more than 5% of subscribed capital in pure primary private equity investments.

6 Crown Global Secondaries III plc | Semi-annual report 2016 | 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 Global Secondaries III fund started committing on 31 Jan-uary 2012. As of 30 June 2016, the Company has committed a total of USD 1,570.3 million to both primary investments and secondary transactions. An overview of the commitments made and investment performance to date is contained in the Investment Advisor’s report on pages 8 to 10. A summary of the unaudited portfolio of invest-ments is included on pages 17 to 22.

During the six month period to 30 June 2016, the Company’s profits have decreased by -85.1% to USD 12.5 million from a profit of USD 84.0 million for the six month period to 30 June 2015. Net assets of the Company have increased to USD 1,066.9 million from USD 846.5 million for the previous period ended 30 June 2015.

The current period gains are focussed across all vintage investments apart from 2001 – 2003 and 2015 with Europe and the U.S. being the main geographical focus for these gains.

The top ten investments represented 64.1% of the gains, while ten investments represents 89.4% of the losses, recorded in 2016.

The Company called USD 116.3 million during the period as compared to USD 106.2 million for the previous period ended 30 June 2015.

The Company distributed USD 106.4 million during the same period.

Events since the period endNo events or transactions have occurred since the period ended 30 June 2016 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 affect the Company’s future performance for the six month period to 31 December 2016.

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

Interim management report and responsibility statement | Semi-annual report 2016 | Crown Global Secondaries III plc 7

Responsibility statementThe Directors are responsible for preparing the financial statements for the six months ended 30 June 2016 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 2016, 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

25 August 2016

8 Crown Global Secondaries III plc | Semi-annual report 2016 | Investment Advisor’s report

Investment Advisor’s report

NAV summaryCGS III’s net asset value (“NAV”) as of 30 June 2016 amounted to USD 1,066.9 million, an increase of USD 22.4 million as compared to the year ended 31 December 2015.

Portfolio structure

Portfolio review at investment level

CommitmentsCGS III has committed USD 1,487.9 million (74.4% of the investors’ total subscriptions) to 64 secondary transactions, comprising 109 pri-vate equity funds and USD 82.4 million (4.1% of the investors’ total subscriptions) to 13 primary private equity funds. The total commit-ments of USD 1,570.3 million amount to 78.5% of the investors’ total subscribed capital of USD 1,999.9 million.

1 Related party investors are grouped for reporting purposes2 Excluding double counts (same fund included in different secondary transactions) CGS III is invested in 108 funds3 Based on the latest available financial statements from the underlying private equity funds, i.e. primarily 31 March 2016

Portfolio structure as of 30 June 2016

Investors Fund of fundsPrivate equityfunds

Participationsin companies

98 investors1 1222 funds (through 64 secondary transactions (including14 stapled primary investments) and 13 primary investments)

1,971 companies3

CGS III

Investment Advisor’s report | Semi-annual report 2016 | Crown Global Secondaries III plc 9

Commitments structure1

1 Based CGS III’s commitments in private equity funds and adjusted for re-investments. The underlying funds structured through special purpose vehicles are considered as pro rata investments on a look through basis

2 Vintage year is the year when the private equity fund made the first capital call from its investors3 Closing year is the year when CGS III made the first payment in relation to a new secondary transaction or committed to a new primary investment

Focus by stage2

Investment type

Closing year of secondary transactions/ Vintage year of primary investments3

Vintage years2

Fund sizes(in USD millions)

Secondaries95%

Primaries5%

500 – <750 8%

750 – 2,000 16%

>2,000 35%

250 – <500 17%

<25024%

201325%

201536%

201424%

2012 9%Venture capital 5%

Growth capital 8%

Large buyout 28%

Small/mid-size buyout 45%

Special situations13%

Distressed credit 1%

200716%

2001 1%2002 1%

2004 2%2005 8%

20068%

2003 1%

200811%

201411%

201312%

2012 3%2011 3%

2010 2%2009 3%

201514%

20164%

1998: <0.5%2000: <0.5%

2016 6%

10 Crown Global Secondaries III plc | Semi-annual report 2016 | Investment Advisor’s report

Portfolio review at company level1

CGS III has indirectly invested in 1,971 companies, of which 1,563 are still active and 408 have been fully realized.

CGS III does not have a specific geographical or industrial target allo-cation but seeks broad diversification across these two dimensions.

Investment activityDuring the year CGS III committed USD 57.5 million to six secondary transactions, comprising eight funds (including one stapled primary private equity fund) and two primary private equity funds.

LGT Capital Partners LimitedPfaeffikon, Switzerland

Tycho Sneyers

Robert Schlachter

25 August 2016

1 Based on the latest available financial statements from the underlying private equity funds, i.e. primarily 31 March 20162 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 funds4 The industry classifications of the underlying companies are based on the Global Industry Classification Standard (GICS). The respective GICS-code for each sector is disclosed in brackets

Diversification by geography2 (FMV)3

France 12%

US 38%

UK 12%

Belgium 2%

Italy 3%Germany 2%

India 5%

Other 17%

China 9%

Diversification by industry (GICS)4 (FMV)3

Materials (15)8%

Financials (40)13%

Informationtechnology (45)15%

Utilities (55) 3%Consumer discretionary (25)22%

Industrials (20)15%

Health care (35)13%

Consumer staples (30) 8%

Other (99) 3%

Unaudited statement of comprehensive income | Semi-annual report 2016 | Crown Global Secondaries III plc 11

For the period ended 30 June 2016

Amounts are reported in USD For the six monthsended 30 June 2016

(Unaudited)

For the six months ended 30 June 2015

(Unaudited)

Operating income

Interest (charge)/income (1,304) 2,408

Dividend income 6,562 96,706

Losses on foreign exchange, net (947,920) (75,911)

Net gain on investments at fair value through profit or loss 31,032,503 108,007,811

Total net income 30,089,841 108,031,014

Operating expenses

Investment management fee (8,800,601) (8,766,470)

Performance fee (1,106,134) (8,127,180)

Administration fee (312,837) (219,276)

Depositary fees (132,065) (101,797)

Audit fee (39,978) (25,271)

Fund expenses (5,570,298) (4,740,166)

Other operating expenses (626,885) (402,461)

Total operating expenses (16,588,798) (22,382,621)

Operating profit 13,501,043 85,648,393

Finance costs (710,420) (282,309)

Profit before taxation 12,790,623 85,366,084

Withholding tax (305,464) (1,350,323)

Profit for the period 12,485,159 84,015,761

Total comprehensive profit for the period 12,485,159 84,015,761

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.

Unaudited statement of comprehensive income


Desmond Tobin

Paul Garvey

25 August 2016

12 Crown Global Secondaries III plc | Semi-annual report 2016 | Unaudited balance sheet

Unaudited balance sheet

As of 30 June 2016

Amounts are reported in USD

As of 30 June 2016 (Unaudited)

As of 31 December 2015

(Audited)

Assets

Current assets

Cash and cash equivalents 20,018,383 53,126,321

Accrued income and other receivables 878,728 4,607,759

Total current assets 20,897,111 57,734,080

Non-current assets

Investments at fair value through profit or loss 1,146,421,266 1,079,325,954

Financial assets at fair value through profit and loss – restricted 24,323,393 35,777,428

Total non-current assets 1,170,744,659 1,115,103,382

Total assets 1,191,641,770 1,172,837,462

Capital and reserves attributable to shareholders

Share capital 746,411,910 736,507,986

Retained earnings 320,483,987 307,998,828

Net assets attributable to shareholders 1,066,895,897 1,044,506,814

Current liabilities

Accrued expenses and other payables 24,665,339 29,946,634

Due to banks 69,500,000 42,000,000

Total current liabilities 94,165,339 71,946,634

Non-current liabilities

Accrued expenses and other payables 30,580,534 56,384,014

Total non-current liabilities 30,580,534 56,384,014

Total liabilities 1,191,641,770 1,172,837,462


Unaudited balance sheet | Semi-annual report 2016 | Crown Global Secondaries III plc 13

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

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


Desmond Tobin

Paul Garvey

25 August 2016

As of 30 June 2016 (Unaudited) As of 31 December 2015 (Audited)

Shares issued Total NAV (in USD)

Number of shares

in issue

NAV per share(in USD)

NAVper share

(in EUR)

Total NAV(in USD)

Number of shares

in issue

NAV per share(in USD)

NAV per share

(in EUR)

“A” 602,255,295 3,165,559.58 190.25 589,554,510 3,140,431.86 187.73

“B” 84,449,214 464,264.87 181.90 82,819,750 460,503.47 179.85

“C” 4,775,155 27,951.17 170.84 4,691,640 27,719.57 169.25

“E” 210,698,674 1,132,190.86 186.10 167.43 207,028,362 1,121,780.47 184.55 169.78

“F” 4,937,476 27,768.73 177.81 159.97 4,859,981 27,509.34 176.67 162.53

“L” 7,979,631 41,920.62 190.35 7,811,364 41,587.92 187.83

“M” 26,690,650 143,614.56 185.85 167.21 26,226,032 142,294.16 184.31 169.56

“O” 125,109,802 517,386.18 241.81 121,515,175 513,779.39 236.51

Total 1,066,895,897 5,520,656.57 1,044,506,814 5,475,606.18

14 Crown Global Secondaries III plc | Semi-annual report 2016 | Unaudited statement of changes in net assets attributable to shareholders


Amounts are reported in USD Share capital Retained earnings Total

At 1 January 2015 543,632,138 112,744,436 656,376,574

Total comprehensive profit for the period – 84,015,761 84,015,761

Issue of shares 106,153,082 – 106,153,082

Net increase for the period 106,153,082 84,015,761 190,168,843

At 30 June 2015 (Unaudited) 649,785,220 196,760,197 846,545,417

At 1 January 2016 736,507,986 307,998,828 1,044,506,814

Total comprehensive profit for the period – 12,485,159 12,485,159

Issue of shares 116,319,945 – 116,319,945

Repurchase of own shares (106,416,021) – (106,416,021)

Net increase for the period 9,903,924 12,485,159 22,389,083

At 30 June 2016 (Unaudited) 746,411,910 320,483,987 1,066,895,897


Unaudited statement of changes in net assets attributable to shareholders

Unaudited cash flow statement | Semi-annual report 2016 | Crown Global Secondaries III plc 15


Amounts are reported in USD


(Unaudited)


(Unaudited)

Cash flows from/(used in) operating activities

Purchase of investments1,2 (184,494,328) (122,872,328)

Proceeds from return of capital in investments1,2 114,216,469 76,289,207

Proceeds from realized gains on investments1 11,298,149 3,185,748

Dividend income 6,562 96,706

Withholding tax (305,464) (1,350,323)

Interest received (1,184) 2,408

Operating expenses paid3 (13,865,442) (10,961,654)

Net cash flows used in operating activities (73,145,238) (55,610,236)

Cash flows from/(used in) financing activities

Interest paid (729,422) (287,504)

Proceeds from bank loans 122,500,000 57,000,000

Repayments of bank loans (95,000,000) (79,500,677)

Proceeds from issue of shares 56,679,498 103,731,216

Payments for repurchase of own shares4 (42,464,856) –

Net cash flows from financing activities 40,985,220 80,943,035

Net (decrease)/increase in cash and cash equivalents (32,160,018) 25,332,799

Cash and cash equivalents at beginning of period 53,126,321 2,565,339

Exchange losses on cash and cash equivalents (947,920) (75,911)

Cash and cash equivalents at end of period 20,018,383 27,822,227


Unaudited cash flow statement

1 During the period ended 30 June 2016, purchase of investments, proceeds from return of capital in investments and proceeds from realized gains on investments had non cash movements of USD 9,502,383, USD 18,202,486 and USD 6,127,695 respectively (2015: USD 3,831,950, USD 7,477,588 and USD 375,837)

2 During the period ended 30 June 2016, purchase of investments and proceeds from return of capital in investments include reclassifications of USD 51,650,703 (2015: USD 51,913,833), for cash flows that had been netted against each respective operating activity

3 During the period ended 30 June 2016, operating expenses (including dividend income and interest received) included non cash movements amounting to USD 2,572,407 (2015: USD 3,269,801)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

16 Crown Global Secondaries III plc | Semi-annual report 2016 | Unaudited notes to the financial statements

Unaudited notes to the financial statements

Schedule of related party transactions

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

Transaction type

30 June 2016 (USD)

(Unaudited)

31 December 2015 (USD)

(Audited)

LGT Capital Partners (Ireland) Limited/ Investment management fee 8,800,601 17,658,758

Common directorships/ Investment management fee – payable 26,246 –

Investment management agreement/ Investment performance fee 1,106,134 18,898,862

Direct Investment performance fee – accrual 30,580,534 29,474,400

LGT Fund Managers (Ireland) Limited/ Administration fee 312,837 506,250

Common directorships/ Administration fee – payable 158,316 150,663

Administration agreement/

Direct

LGT Bank (Ireland) Limited/ Due to banks 69,500,000 –

Common directorships/ Interest payable 3,939 –

Loan and paying agency agreement/ Finance costs – interest charges 710,420 402,284

Direct Other operating expenses – commitment fees 112,375 202,347

Other operating expenses – commitment fees payable 49,757 –

Noteholders/ Purchase of investments 7,019,096 182,209,346

Common directorships/ Fair value (losses)/gains (11,106,612) 125,245,008

Purchase agreement/

Direct

1. Summary of accounting policies

Basis of presentationThe unaudited financial statements of the Company have been pre-pared 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 2016 correspond to those of the audited annual report for 2015, unless otherwise stated.

2. Investments at fair value through profit or lossAs of 30 June 2016, Crown Global Secondaries III plc has subscribed interests in 122 funds. The total committed capital of the Company amounted to USD 1,570.3 million of which USD 1,016.7 million was contributed to date. The details of the commitments are shown in the unaudited portfolio of investments on pages 17 to 22. 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 25 August 2016, the Company has contributed USD 35.0 mil-lion to existing private equity investments.

5. Approval of financial statementsThe Directors approved the financial statements on 25 August 2016.

Unaudited portfolio of investments | Semi-annual report 2016 | Crown Global Secondaries III plc 17

For the period ended 30 June 20161,2,3

Unaudited portfolio of investments

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

Fund currency

Capital commit-

ments:fund

currency

Capital commit-

ments:(USD)

30 June 2016Fair value

(USD)(Unaudited)

30 June 2016Percentage of

total net assetsattributable

to shareholders (%)(Unaudited)

31 December 2015

Fair value(USD)

(Audited)

31 December 2015

Percentage oftotal net assets

attributable to share -

holders (%)(Audited)

Secondary transactions

Closing year 2012

Transaction No. 1

S1-1 USD 6,505,836 6,505,836 4,028,606 0.4 4,366,705 0.4

S1-2 EUR 13,104,539 14,565,695 8,938,208 0.8 8,470,015 0.8

Transaction No. 2

S2-1 USD 526,285 526,285 592,877 0.1 635,632 0.1

S2-2 USD 850,894 850,894 1,073,288 0.1 816,122 0.1

Transaction No. 3

S3-1 USD 1,419,739 1,419,739 883,941 0.1 1,139,275 0.1

S3-2 EUR 1,124,389 1,249,758 782,651 0.1 1,015,890 0.1

S3-3 EUR 1,392,320 1,547,564 1,382,294 0.1 1,083,939 0.1

S3-4 USD 862,068 862,068 81,453 0.0 85,776 0.0

S3-5 USD 1,000,000 1,000,000 494,600 0.0 145,579 0.0

Transaction No. 4

S4-1 USD 3,030,962 3,030,962 4,713,550 0.4 5,687,994 0.5

S4-2 USD 13,668,513 13,668,513 12,805,222 1.2 14,460,074 1.4

Transaction No. 5

S5-1 USD 13,709,981 13,709,981 14,626,955 1.4 15,703,936 1.5

S5-2 USD 13,500,000 13,500,000 10,840,520 1.0 9,661,339 0.9

Transaction No. 6

S6-1 USD 4,738,919 4,738,919 5,587,487 0.5 5,428,696 0.5

Transaction No. 7

S7-1 EUR 28,880,000 32,100,120 17,080,961 1.6 25,786,413 2.5

Transaction No. 8

S8-1 USD 1,843,052 1,843,052 1,388,465 0.1 1,641,817 0.2

S8-2 EUR 4,198,630 4,666,777 4,994,751 0.5 5,111,789 0.5

S8-3 USD 7,116,977 7,116,977 5,409,691 0.5 5,344,557 0.5

S8-4 USD 1,537,073 1,537,073 1,681,123 0.2 1,989,720 0.2

S8-5 USD 3,244,387 3,244,387 3,931,555 0.4 4,463,353 0.4

S8-6 USD 1 1 – – – –

S8-7 EUR 1,579,430 1,755,536 1,235,536 0.1 1,753,742 0.2

S8-8 USD 5,725,198 5,725,198 5,199,109 0.5 5,051,355 0.5

18 Crown Global Secondaries III plc | Semi-annual report 2016 | Unaudited portfolio of investments

For the period ended 30 June 20161,2,3 (continued)


Fund currency

Capital commit-

ments:fund

currency

Capital commit-

ments:(USD)


(USD)(Unaudited)




31 December 2015

Fair value(USD)

(Audited)

31 December 2015




Secondary transactions (continued)

Closing year 2013

Transaction No. 9

S9-1 USD 4,737,359 4,737,359 2,245,780 0.2 2,650,661 0.3

Transaction No. 10

S10-1 USD 8,282,302 8,282,302 8,525,733 0.8 8,879,659 0.9

S10-2 USD 5,652,873 5,652,873 3,366,877 0.3 2,742,999 0.3

Transaction No. 11

S11-1 USD 3,997,552 3,997,552 5,513,198 0.5 8,665,187 0.8

Transaction No. 12 0.0

S12-1 USD 2,352,221 2,352,221 903,336 0.1 2,308,511 0.2

Transaction No. 13

S13-1 AUD 1,548,771 1,153,060 943,918 0.1 1,458,393 0.1

S13-2 AUD 1,548,771 1,153,060 943,918 0.1 1,458,393 0.1

S13-3 EUR 2,105,651 2,340,431 2,331,185 0.2 1,895,800 0.2

S13-4 GBP 5,259,451 7,058,709 4,530,725 0.4 4,665,188 0.4

Transaction No. 14

S14-1 USD 7,322,629 7,322,629 6,933,449 0.6 6,445,909 0.6

Transaction No. 15

S15-1 EUR 24,125 26,815 210,892 0.0 218,527 0.0

S15-2 EUR 5,106,632 5,676,021 4,840,295 0.5 4,286,263 0.4

S15-3 EUR 3,335,000 3,706,853 1,565,033 0.1 1,647,991 0.2

Transaction No. 16

S16-1 EUR 13,060,992 14,517,293 5,450,540 0.5 4,925,052 0.5

Transaction No. 17

S17-1 USD 34,973,307 34,973,307 36,613,008 3.4 35,659,757 3.4

Transaction No. 18

S18-1 USD 4,592,675 4,592,675 3,086,643 0.3 4,454,608 0.4

Transaction No. 19

S19-1 USD 2,244,422 2,244,422 2,872,503 0.3 2,216,675 0.2

Transaction No. 20

S20-1 USD 170,000,000 170,000,000 105,035,834 9.8 97,704,788 9.4

Transaction No. 21

S21-1 EUR 46,184,000 51,333,516 32,545,544 3.1 40,442,141 3.9

Transaction No. 22

S22-1 USD 50,000,000 50,000,000 36,281,792 3.4 33,389,285 3.2




Fundcurrency

Capital commit-

ments:fund

currency

Capital commit-

ments:(USD)


(USD)(Unaudited)




31 December 2015

Fair value(USD)

(Audited)

31 December 2015





Closing year 2014

Transaction No. 23

S23-1 USD 34,930,319 34,930,319 40,728,590 3.8 40,546,974 3.9

S23-2 USD 15,000,000 15,000,000 10,140,035 1.0 11,132,910 1.1

Transaction No. 24

S24-1 EUR 5,525,382 6,141,462 13,276,621 1.2 13,339,574 1.3

S24-2 EUR 1,861,777 2,069,365 3,289,003 0.3 3,331,683 0.3

Transaction No. 25

S25-1 EUR 35,664,459 39,641,046 27,145,902 2.5 33,410,799 3.2

Transaction No. 26

S26-1 GBP 4,211,935 5,652,837 6,036,154 0.6 12,896,585 1.2

Transaction No. 27

S27-1 USD 6,852,454 6,852,454 4,864,958 0.5 5,398,009 0.5

Transaction No. 28

S28-1 USD 6,146,360 6,146,360 5,035,758 0.5 5,458,381 0.5

Transaction No. 29

S29-1 USD 23,048,859 23,048,859 18,884,093 1.8 20,468,929 2.0

Transaction No. 30

S30-1 USD 64,927,727 64,927,727 42,913,364 4.0 36,816,737 3.5

Transaction No. 31

S31-1 USD 85,054,253 85,054,253 47,353,807 4.4 48,564,962 4.6

Transaction No. 32

S32-1 EUR 2,721,271 3,024,693 3,821,115 0.4 3,227,217 0.3

S32-2 EUR 3,750,000 4,168,125 962,757 0.1 1,755,258 0.2

Transaction No. 33

S33-1 EUR 1,885,393 2,095,614 4,042,325 0.4 2,983,427 0.3

Transaction No. 34

S34-1 USD 21,499,741 21,499,741 24,052,282 2.3 24,282,257 2.3

Transaction No. 35

S35-1 USD 3,574,080 3,574,080 3,471,163 0.3 4,104,542 0.4

S35-2 JPY 368,038,521 3,585,726 2,013,823 0.2 3,667,250 0.4

Transaction No. 36

S36-1 EUR 1,230,084 1,367,238 5,993,700 0.6 6,134,146 0.6

Transaction No. 37

S37-1 USD 21,716,992 21,716,992 14,569,670 1.4 10,278,977 1.0

Transaction No. 38

S38-1 USD 3,860,945 3,860,945 3,776,819 0.4 4,093,786 0.4

Transaction No. 39

S39-1 EUR 743,945 826,894 746,149 0.1 722,473 0.1

S39-2 EUR 689,135 765,974 235,701 0.0 274,789 0.0




Fundcurrency

Capital commit-

ments:fund

currency

Capital commit-

ments:(USD)


(USD)(Unaudited)




31 December 2015

Fair value(USD)

(Audited)

31 December 2015





Closing year 2015

Transaction No. 40

S40-1 USD 7,075,837 7,075,837 6,418,790 0.6 7,518,228 0.7

Transaction No. 41

S41-1 EUR 6,565,955 7,298,059 6,174,427 0.6 8,072,411 0.8

Transaction No. 42

S42-1 USD 1,371,171 1,371,171 988,908 0.1 1,042,646 0.1

S42-2 USD 1,537,071 1,537,071 1,399,598 0.1 1,550,913 0.1

S42-3 USD 2,500,000 2,500,000 814,868 0.1 847,119 0.1

Transaction No. 43

S43-1 USD 1,112,163 1,112,163 1,484,794 0.1 1,955,025 0.2

S43-2 USD 3,057,436 3,057,436 2,566,337 0.2 2,465,360 0.2

S43-3 USD 1 1 218 0.0 1 0.0

S43-4 USD 350,476 350,476 439,721 0.0 426,826 0.0

S43-5 USD 4,037,164 4,037,164 4,100,343 0.4 3,460,309 0.3

S43-6 USD 857,942 857,942 921,216 0.1 835,711 0.1

S43-7 USD 301,746 301,746 492,130 0.0 527,843 0.1

S43-8 USD 1,372,536 1,372,536 1,384,984 0.1 1,565,744 0.1

Transaction No. 44

S44-1 USD 66,907,644 66,907,644 39,239,764 3.7 35,378,366 3.4

Transaction No. 45

S45-1 USD 4,168,581 4,168,581 4,264,685 0.4 4,327,663 0.4

Transaction No. 46

S46-1 USD 12,217,907 12,217,907 10,740,931 1.0 12,869,518 1.2

S46-2 USD 6,504,639 6,504,639 5,712,064 0.5 6,846,037 0.7

S46-3 USD 3,509,435 3,509,435 5,282,046 0.5 5,751,300 0.6

Transaction No. 47

S47-1 EUR 65,137,218 72,400,018 39,318,583 3.7 49,724,770 4.8

Transaction No. 48

S48-1 EUR 520,339 578,357 640,152 0.1 620,987 0.1

S48-2 EUR 491,398 546,189 157,134 0.0 – –

Transaction No. 49

S49-1 USD 2,908,442 2,908,442 3,947,035 0.4 6,368,185 0.6

S49-2 USD 4,138,027 4,138,027 3,689,308 0.3 5,185,610 0.5

Transaction No. 50

S50-1 EUR 52,920,000 58,820,580 47,967,004 4.5 62,771,420 6.0

Transaction No. 51

S51-1 USD 80,000,000 80,000,000 37,477,756 3.5 1,152,663 0.1

Transaction No. 52

S52-1 USD 98,820,296 98,820,296 101,014,731 9.5 117,755,927 11.3




Fund currency

Capital commit-

ments:fund

currency

Capital commit-

ments:(USD)


(USD)(Unaudited)




31 December 2015

Fair value(USD)

(Audited)

31 December 2015





Closing year 2015 (continued)

Transaction No. 53

S53-1 USD 3,295,998 3,295,998 3,014,444 0.3 1,769,965 0.2

Transaction No. 54

S54-1 USD 20,301,505 20,301,505 20,967,611 2.0 21,125,197 2.0

S54-2 USD 2,427,257 2,427,257 2,720,548 0.3 3,554,913 0.3

Transaction No. 55

S55-1 EUR 957,407 1,064,158 1,141,859 0.1 1,284,714 0.1

S55-2 EUR 2,495,251 2,773,472 1,941,945 0.2 1,876,979 0.2

Transaction No. 56

S56-1 EUR 65,340,000 72,625,410 42,654,031 4.0 13,281,596 1.3

Transaction No. 57

S57-1 USD 2,490,578 2,490,578 2,429,814 0.2 2,871,493 0.2

S57-2 USD 4,595,980 4,595,980 9,867,589 0.9 – –

Transaction No. 58

S58-1 USD 29,578,718 29,578,718 29,863,771 2.8 – –

Closing year 2016

Transaction No. 59

S59-1 USD 3,676,430 3,676,430 3,556,346 0.3 – –

Transaction No. 60

S60-1 USD 4,682,296 4,682,296 4,588,026 0.4 – –

Transaction No. 61

S61-1 USD 2,480,227 2,480,227 2,402,646 0.2 – –

Transaction No. 62

S62-1 EUR 5,945,070 6,607,945 3,964,767 0.4 – –

Transaction No. 63

S63-1 GBP 5,562,173 7,464,992 13,550,429 1.3 – –

S63-2 GBP 2,100,000 2,818,410 – – – –

Transaction No. 64

S64-1 USD 5,433,397 5,433,397 – – – –

S64-2 USD 956,760 956,760 – – – –

Sub-total secondary transactions 1,487,902,384 1,125,148,188 105.5 1,063,634,606 101.8





Fund currency

Capital commit-

ments:fund

currency

Capital commit-

ments:(USD)


(USD)(Unaudited)




31 December 2015

Fair value(USD)

(Audited)

31 December 2015




Primary investments

Closing year 2012

P1 USD 10,000,000 10,000,000 4,560,808 0.3 4,348,363 0.4

Closing year 2013

P2 USD 5,000,000 5,000,000 3,002,294 0.3 1,976,543 0.2

Closing year 2014

P3 USD 5,000,000 5,000,000 1,670,221 0.2 953,586 0.1

P4 EUR 5,000,000 5,557,500 1,614,765 0.2 1,451,113 0.1

P5 EUR 4,804,811 5,340,547 1,901,372 0.2 1,241,439 0.1

P6 EUR 5,000,000 5,557,500 1,757,609 0.2 449,757 0.0

P7 USD 5,000,000 5,000,000 1,200,982 0.1 971,574 0.1

Closing year 2015

P8 USD 5,000,000 5,000,000 394,253 0.0 370,087 0.0

P9 USD 5,000,000 5,000,000 1,629,734 0.2 1,694,237 0.2

P10 JPY 614,980,107 5,991,628 3,073,565 0.3 1,846,071 0.2

P11 AUD 6,700,000 4,988,150 467,475 0.0 366,122 0.0

Closing year 2016

P12 USD 10,000,000 10,000,000 – – – –

P13 USD 10,000,000 10,000,000 – – – –

Sub-total primary investments 82,435,326 21,273,078 2.0 15,668,892 1.4

Investments at fair value through profit or loss 1,570,337,710 1,146,421,266 107.5 1,079,325,954 103.3

Financial assets at fair value through profit or loss – restricted 24,323,393 2.3 35,777,428 3.4

Other net assets and liabilities (103,848,762) (9.8) (70,596,568) (6.7)

Total net assets attributableto shareholders 1,066,895,897 100.0 1,044,506,814 100.0

LGT Capital Partners Ltd. Schuetzenstrasse 6 8808 Pfaeffikon Switzerland Phone +41 55 415 96 00 Fax +41 55 415 96 99 [email protected]

www.lgtcp.com

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