registered number: 450053extension periods up to three one-year extensions ... events since the...

Crown Europe Middle Market II plc

Unaudited financial statementsFor the six months ended 30 June 2016Registered number: 450053

Table of contents | Semi-annual report 2016 | Crown Europe Middle Market 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 8

Unaudited statement of comprehensive income 11

Unaudited balance sheet 12

Unaudited statement of changes in net assetsattributable to shareholders 14

Unaudited cash flow statement 15

Unaudited notes to the financial statements 16

Unaudited portfolio of investments 17

4 Crown Europe Middle Market II 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 DistributorLGT Capital Partners LimitedSchuetzenstrasse 68808 PfaeffikonSwitzerland

Main contact:Tycho SneyersRobert Schlachter

Investment ManagerLGT 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

Trustee and CustodianBNP Paribas Securities Services, Dublin Branch Trinity Point 10 –11 Leinster Street South Dublin 2 Ireland

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 Europe Middle Market II 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 Europe Middle Market II plc’s (“Crown Europe Middle Market II”, “CEM II”, the “Fund” or the “Company”) prospectus (the “Prospectus”).

Structure

Fund size EUR 429.2 million

Date of incorporation 30 November 2007

Initial closing date 11 July 2008

Final closing date 9 July 2010

Vintage year 2008

Commitment period:Start dateEnd date

11 July 200811 July 2012

Fund expiry date 11 July 2020

Extension periods up to three one-year extensions

The Company is incorporated under the laws of Ireland as a closed-ended private equity investment company with variable capital pur-suant to Part XIII of the Companies Act, 1990. The Company is authorized and regulated by the Central Bank of Ireland.

The Class A Shares, Class B Shares and Class O Shares of the Company were admitted to the Official List of the Irish Stock Exchange on 19 July 2010.

The Prospectus was reissued on 25 August 2011 to include updated financial information in accordance with the Prospectus (Directive 2003/71/EC) Regulations 2005 and again on 1 June 2015 to provide for the appointment of BNP Paribas Securities Services, Dublin Branch as Trustee and Custodian to the Company.

Investment objectiveThe objective of the Company is to provide shareholders with attrac-tive long-term capital appreciation from a diversified portfolio of pri-mary investments and secondary private equity fund transactions. The Company’s investment in any one primary private equity fund shall not equal to more than 20% of the target fund size of such primary private equity fund.

The Company’s portfolio shall comprise substantially of European middle market buyout funds. The target is to invest between 50% and 70% of subscribed capital into lower middle market and middle market private equity funds and approximately 10% to 20% of sub-scribed capital into upper middle market private equity funds. Finally, the portfolio may comprise up to 20% in secondary private equity fund transactions.

The Company shall not invest more than 15% of subscribed capital in any one underlying primary private equity fund.

6 Crown Europe Middle Market II 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 Europe Middle Market II fund started committing on 11 July 2008. As of 30 June 2016, the Company has committed a total of EUR 428.8 million to both primary investments and secondary transactions. An overview of the commitments made and investment performance to date is contained in tahe Investment Advisor’s report on pages 8 to 10. A summary of the unaudited portfolio of invest-ments is included on pages 17 to 19.

During the six month period to 30 June 2016, the Company’s profits have decreased by 96.3% down to EUR 0.7 million from EUR 19.8 million for the six month period to 30 June 2015. Net assets of the Company have decreased to EUR 201.5 million as compared to EUR 248.5 million for the previous period ended 30 June 2015.

The current period’s gains are mainly focussed on the 2005 to 2011 vintages. The top ten investments represents 83.7% of the investment gains while five investments represent 92.7% of the investment losses.

Distributions decreased to EUR 18.5 million during the period as com-pared to EUR 25.3 million for the same period last year. Capital calls to investors during the six months to 30 June 2016 decreased to EUR 9.9 million as compared to EUR 23.6 million for the same period last year.

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 Europe Middle Market II 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

22 August 2016

8 Crown Europe Middle Market II plc | Semi-annual report 2016 | Investment Advisor’s report

Investment Advisor’s report

NAV summaryCEM II’s net asset value (“NAV”) as of 30 June 2016 amounts to EUR 201.5 million, a decrease of EUR 7.9 million as compared to the year ended 31 December 2015.

Portfolio structure

Portfolio review at investment level

CommitmentsCEM II has committed EUR 347.4 million (81.0% of total commit-ments) to 14 primary private equity funds and EUR 81.4 million (19.0% of total commitments) to 12 secondary transactions com-prising 28 private equity funds. The total commitments of EUR 428.8 million amount to 99.9% of the investors’ total subscribed capital of EUR 429.2 million.

1 Related party investors are grouped for reporting purposes2 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

231 investors

12 secondary transactions (28 private equity funds)

14 primary investments

7142 companies

CEM II

Investment Advisor’s report | Semi-annual report 2016 | Crown Europe Middle Market II plc 9

1 Based on CEM II’s commitments in private equity funds2 Based on the stated geographical investment focus of the private equity funds

Commitments structure1

Vintage years

Investment type

Secondaries19%

Primaries81%

2005 4%

2008 14%

201130% 2009

15%

2006 2%

2007 13%

2012 7%

201315%

2002: <0.5%2003: <0.5%

Fund sizes(in EUR millions)

<1,000 34%

>2,50013%

1,000–2,50053%

Geography2

Benelux region 3%

German-speaking countries 19%

UK 7%

France11%

Global1%

Pan-European 29%

Italy 6%

Nordic region11%

Eastern Europe/Russia 13%

10 Crown Europe Middle Market II plc | Semi-annual report 2016 | Investment Advisor’s report

Portfolio review at company level1

CEM II has indirectly invested in 714 companies of which 359 are still active and 355 have been fully realized.

Within Europe, CEM II does not have a specific geographical or indus-trial target allocation but seeks broad diversification across these two dimensions.

Investment activityOn 11 July 2012, the commitment period for CEM II ended.

LGT Capital Partners LimitedPfaeffikon, Switzerland

Tycho Sneyers

Robert Schlachter

22 August 2016

1 Based on the latest available financial information 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 18%

Germany 25%

Italy 6%

Poland 3%

Switzerland 3%

Luxembourg 3%Belgium 2%

Other 11%

UK 17%

Netherlands 4%

Sweden 4%

Norway 4%

Diversification by industry (GICS)4

(FMV)3

Information technology (45)

10%

Health care (35)15%

Financials (40) 8%

Industrials (20) 25%

Consumer discretionary (25) 18%Materials (15)

12%

Consumer staples (30) 7%Energy (10) 4%

Other (99) 1%

Unaudited statement of comprehensive income | Semi-annual report 2016 | Crown Europe Middle Market II plc 11

For the period ended 30 June 2016

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

(Unaudited)

For the six months ended 30 June 2015

(Unaudited)

Operating income

Interest income 371,520 1,085,497

Dividend income 1,063,051 1,079,550

Losses on foreign exchange, net (34,542) (21,154)

Net gain on investments at fair value through profit or loss 1,172,992 22,699,709

Total net income 2,573,021 24,843,602

Operating expenses

Investment management fee (528,421) (619,280)

Performance fee (96,625) (1,104,559)

Administration fee (64,067) (74,787)

Custodian and trustee fees (42,712) (47,429)

Audit fee (6,934) (19,884)

Fund expenses (1,012,602) (3,085,680)

Other operating expenses (76,111) (57,343)

Total operating expenses (1,827,472) (5,008,962)

Operating profit 745,549 19,834,640

Finance costs (18,077) (20,419)

Profit before taxation 727,472 19,814,221

Withholding tax (1,303) –

Profit for the period 726,169 19,814,221

Total comprehensive profit for the period 726,169 19,814,221

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

22 August 2016

12 Crown Europe Middle Market II plc | Semi-annual report 2016 | Unaudited balance sheet

Unaudited balance sheet

As of 30 June 2016

Amounts are reported in EUR

As of 30 June 2016 (Unaudited)

As of 31 December 2015

(Audited)

Assets

Current assets

Cash and cash equivalents 3,260,675 5,715,713

Accrued income and other receivables 20,165 16,804

Total current assets 3,280,840 5,732,517

Non-current assets

Investments at fair value through profit or loss 207,240,306 214,315,733

Total non-current assets 207,240,306 214,315,733

Total assets 210,521,146 220,048,250

Capital and reserves attributable to shareholders

Share capital 72,958,135 81,541,446

Retained earnings 128,555,580 127,829,410

Net assets attributable to shareholders 201,513,715 209,370,856

Current liabilities

Accrued expenses and other payables 620,528 387,116

Due to banks – 2,000,000

Total current liabilities 620,528 2,387,116

Non-current liabilities

Accrued expenses and other payables 8,386,903 8,290,278

Total non-current liabilities 8,386,903 8,290,278

Total liabilities 210,521,146 220,048,250


Unaudited balance sheet | Semi-annual report 2016 | Crown Europe Middle Market II plc 13

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


Desmond Tobin

Paul Garvey

22 August 2016

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

Shares issued Total NAV (in EUR)

Number of shares in issue

NAV per share(in EUR)

Total NAV(in EUR)

Number of shares in issue

NAV per share(in EUR)

“A” 137,271,613 651,824.16 210.60 142,851,240 680,264.24 209.99

“B” 21,637,068 105,982.26 204.16 22,556,897 110,744.26 203.68

“O” 42,605,033 175,111.80 243.30 43,962,719 181,735.57 241.90

Total 201,513,715 932,918.22 209,370,856 972,744.07

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

14 Crown Europe Middle Market II plc | Semi-annual report 2016 | Unaudited statement of changes in net assets attributable to shareholders


Amounts are reported in EUR Share capital Retained earnings Total

At 1 January 2015 132,612,140 97,759,319 230,371,459

Total comprehensive profit for the period – 19,814,221 19,814,221

Issue of shares 23,604,103 – 23,604,103

Repurchase of own shares (25,320,765) – (25,320,765)

Net (decrease)/increase for the period (1,716,662) 19,814,221 18,097,559

At 30 June 2015 (Unaudited) 130,895,478 117,573,540 248,469,018

At 1 January 2016 81,541,446 127,829,410 209,370,856

Total comprehensive profit for the period – 726,169 726,169

Issue of shares 9,870,807 – 9,870,807

Repurchase of own shares (18,454,117) – (18,454,117)

Net (decrease)/increase for the period (8,583,310) 726,169 (7,857,141)

At 30 June 2016 (Unaudited) 72,958,136 128,555,579 201,513,715


Unaudited statement of changes in net assets attributable to shareholdersUnaudited statement of changes in net assets attributable to shareholders

Unaudited cash flow statement | Semi-annual report 2016 | Crown Europe Middle Market II plc 15


Amounts are reported in EUR


(Unaudited)


(Unaudited)

Cash flows from/(used in) operating activities

Purchase of investments1,2 (11,882,300) (20,505,822)

Proceeds from return of capital in investments1,2 12,966,936 7,596,916

Proceeds from realized gains on investments1 7,052,308 14,839,760

Dividend income 1,063,051 1,079,550

Withholding tax (1,303) –

Interest received 371,520 1,085,497

Operating expenses paid3 (1,388,926) (3,246,122)

Net cash flows from operating activities 8,181,286 849,779

Cash flows from/(used in) financing activities

Interest paid (18,472) (18,591)

Proceeds from bank loans 6,000,000 11,300,000

Repayments of bank loans (8,000,000) (8,300,000)

Proceeds from issue of shares – 11,629,138

Payments for repurchase of own shares4 (8,583,310) (12,445,800)

Net cash flows (used in)/from financing activities (10,601,782) 2,164,747

Net (decrease)/increase in cash and cash equivalents (2,420,496) 3,014,526

Cash and cash equivalents at beginning of period 5,715,713 769,060

Exchange losses on cash and cash equivalents (34,542) (21,154)

Cash and cash equivalents at end of period 3,260,675 3,762,432


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 EUR 268,186, EUR 102,634 and EUR 277,026 respectively (2015: EUR 107,174, EUR 553,969 and EUR 11,039)

2 During the period ended 30 June 2016, purchase of investments and proceeds from return of capital in investments include reclassifications of EUR 1,815,004 (2015: EUR 2,040,439), 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 EUR 111,474 (2015: EUR 650,103)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 Europe Middle Market II 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 (EUR)

(Unaudited)

31 December 2015 (EUR)

(Audited)

LGT Capital Partners (Ireland) Limited/ Investment management fee 528,421 1,228,037

Common directorships/ Investment management fee – payable 528,421 290,335

Investment management agreement/ Investment performance fee 96,625 1,689,006

Direct Investment performance fee – accrual 8,386,903 8,290,278

LGT Fund Managers (Ireland) Limited/ Administration fee 64,067 148,387

Common directorships/ Administration fee – payable 31,115 34,435

Administration agreement/

Direct

LGT Bank (Ireland) Limited/ Due to banks – 2,000,000

Common directorships/ Finance costs – interest charges 18,077 27,147

Loan and paying agency agreement/ Finance costs – interest payable – 395

Direct Other operating expenses – commitment fees 15,167 30,417

Other operating expenses – commitment fees payable 7,583 7,667

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 European Union, 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 Europe Middle Market II plc has sub-scribed interests in 44 funds. The total committed capital of the Company amounted to EUR 429.2 million of which EUR 428.8 million was contributed to date. The details of the commitments are shown in the unaudited portfolio of investments on pages 17 to 19. The commitments to these private equity funds will be funded by contri-butions 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 22 August 2016, the Company has contributed EUR XX million to existing private equity investments.

5. Approval of financial statementsThe Directors approved the financial statements on 22 August 2016.

Unaudited portfolio of investments | Semi-annual report 2016 | Crown Europe Middle Market II plc 17

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

For the period ended 30 June 20161,2,3

Fund currency

Capital commit-

ments:fund

currency

Capital commit-

ments:(EUR)

30 June 2016Fair value

(EUR)(Unaudited)

30 June 2016Percentage of

total net assetsattributable

to shareholders (%)(Unaudited)

31 December 2015

Fair value(EUR)

(Audited)

31 December 2015

Percentage oftotal net assets

attributable to share -

holders (%)(Audited)

Primary investments

Vintage year 2007

P1 EUR 25,000,000 25,000,000 9,102,989 4.5 13,118,896 6.3

Vintage year 2008

P2 EUR 20,000,000 20,000,000 4,399,959 2.2 4,957,774 2.4

P3 EUR 20,000,000 20,000,000 4,383,592 2.2 3,896,307 1.9

Vintage year 2009

P4 EUR 25,000,000 25,000,000 7,093,659 3.5 8,139,491 3.9

P5 EUR 20,000,000 20,000,000 11,027,056 5.5 10,970,413 5.2

P6 GBP 16,000,000 19,319,478 13,655,734 6.8 13,169,546 6.3

Vintage year 2011

P7 EUR 20,000,000 20,000,000 14,993,998 7.4 15,381,872 7.3

P8 EUR 20,000,000 20,000,000 17,245,389 8.6 14,181,829 6.8

P9 EUR 25,000,000 25,000,000 13,989,694 6.9 12,637,542 6.0

P10 USD 27,000,000 24,291,498 11,128,294 5.5 15,171,957 7.2

Vintage year 2012

P11 EUR 35,000,000 35,000,000 33,464,000 16.6 32,118,212 15.3

P12 USD 32,000,000 28,789,924 5,082,819 2.6 4,707,163 2.3

Vintage year 20013

P13 EUR 30,000,000 30,000,000 19,299,696 9.6 17,714,378 8.5

P14 EUR 35,000,000 35,000,000 12,292,087 6.1 14,651,491 7.0

Sub-total primary investments 347,400,900 177,158,966 88.0 180,816,871 86.4

Unaudited portfolio of investments

18 Crown Europe Middle Market II plc | Semi-annual report 2016 | Unaudited portfolio of investments


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

Fundcurrency

Capital commit-

ments:fund

currency

Capital commit-

ments:(EUR)


(EUR)(Unaudited)




31 December 2015

Fair value(EUR)

(Audited)

31 December 2015




Secondary transactions

Closing year 2008

Transaction No. 1

S1-1 EUR 412,859 412,859 84,774 0.0 218,529 0.1

S1-2 EUR 2,685,169 2,685,169 1,430,003 0.7 1,347,746 0.6

S1-3 EUR 97,756 97,756 – – – –

S1-4 EUR 538,669 538,669 214,032 0.1 361,103 0.2

S1-5 EUR 3,208,708 3,208,708 377,698 0.2 1,196,448 0.6

S1-6 USD 466,525 419,726 15,910 – 66,442 –

S1-7 USD 2,133,233 1,919,238 948,487 0.5 1,357,052 0.6

Closing year 2009

Transaction No. 2

S2-1 EUR 1,109,580 1,109,580 267,526 0.1 266,092 0.1

S2-2 USD 1,610,387 1,448,841 1,616,398 0.8 1,950,809 0.9

S2-3 EUR 1,617,967 1,617,967 – – – –

S2-4 EUR 306,826 306,826 – – – –

Transaction No. 3

S3-1 EUR 888,854 888,854 220,939 0.1 250,185 0.1

S3-2 EUR 1,048,020 1,048,020 856,930 0.4 727,195 0.3

S3-3 EUR 3,040,969 3,040,969 1,320,743 0.7 1,622,257 0.8

Transaction No. 4

S4-1 EUR 7,773,837 7,773,837 7,214,592 3.6 6,310,954 3.0

Closing year 2010

Transaction No. 5

S5-1 EUR 1,011,305 1,011,305 – – – –

S5-2 EUR 1,686,140 1,686,140 – – – –

S5-3 EUR 4,518,598 4,518,598 – – – –

Transaction No. 6

S6-1 EUR 990,826 990,826 55,319 0.0 26,670 0.0

S6-2 EUR 2,449,335 2,449,335 746,701 0.4 917,166 0.4

Transaction No. 7

S7-1 EUR 4,490,467 4,490,467 2,300,333 1.1 2,526,056 1.2

S7-2 EUR 5,215,905 5,215,905 824,939 0.4 1,562,082 0.7

Transaction No. 8

S8-1 EUR 1,067,426 1,067,426 509,944 0.3 595,820 0.3

S8-2 EUR 8,701,017 8,701,017 1,398,659 0.7 2,642,424 1.3

Unaudited portfolio of investments | Semi-annual report 2016 | Crown Europe Middle Market II plc 19


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

Fundcurrency

Capital commit-

ments:fund

currency

Capital commit-

ments:(EUR)


(EUR)(Unaudited)




31 December 2015

Fair value(EUR)

(Audited)

31 December 2015




Secondary transactions (continued)

Closing year 2011

Transaction No. 9

S9-1 EUR 9,909,930 9,909,930 954,531 0.5 244,405 0.1

Transaction No. 10

S10-1 GBP 5,601,869 6,764,074 5,643,966 2.9 6,325,374 3.1

Transaction No. 11

S11-1 EUR 4,500,000 4,500,000 1,654,248 0.9 1,717,753 0.9

Closing year 2012

Transaction No. 12

S12-1 EUR 3,564,053 3,564,053 1,424,668 0.8 1,266,300 0.7

Sub-total secondary transactions 81,386,095 30,081,340 15.2 33,498,862 16.0

Investments at fair value through profit or loss 428,786,994 207,240,306 103.2 214,315,733 102.4

Other net assets and liabilities (5,726,591) (3.2) (4,944,877) (2.4)

Total net assets attributable to shareholders 201,513,715 100.0

209,370,856 100.0

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

registered number: 450053extension periods up to three one-year extensions ... events since the...

Documents