vulcan global value fund plc an umbrella fund with ......vulcan global value fund plc an umbrella...

Vulcan Global Value Fund Plc An umbrella fund with segregated liability between sub-funds

Annual Report and Audited Financial Statements

For the Financial Period 1 January 2017 to 31 January 2018

Vulcan Global Value Fund Plc is an open-ended umbrella investment company with variable capital and with segregated liability between sub-funds, incorporated and registered in Ireland on 18 August 2011 with registered number 502528 under the Irish Companies Act 2014 (as amended) as an undertaking for collective investment in transferable securities pursuant to the European Union (Undertakings for Collective

Investment in Transferable Securities) Regulations, 2011 (as amended) and under the Central Bank (Supervision and Enforcement) Act 2013 (Section 48(1)) (Undertakings for Collective Investment in Transferable Securities) Regulations 2015, as amended (together, the

"UCITS Regulations")


CONTENTS

Page

Annual Report and Audited Financial Statements Management and Administration of the Company 1 Investment Manager's Report 4 Directors' Report 7 Depositary's Report 12 Independent Auditors' Report to the Members of Vulcan Global Value Fund Plc 13 Statement of Financial Position 18 Statement of Comprehensive Income 19 Statement of Changes in Net Assets Attributable to Holders of Redeemable Participating Shares 20 Statement of Cash Flows 21 Notes to the Financial Statements 22 Schedule of Investments 45 Changes in Portfolio Composition (unaudited) 48 Additional Information (unaudited) 52


Management and Administration of the Company

Board of Directors Yvonne Connolly (Irish) Adam McClain (American) Hampton McFadden (American) Elizabeth Beazley (Irish) Bryan Tiernan (Irish)*

All Directors are non-executive. * Independent

Registered Office MFD Secretaries Limited 32 Molesworth Street Dublin 2 D02 Y512 Ireland

Came Global Financial Services Limited 2nd Floor, Block E Iveagh Court Harcourt Road Dublin 2 Ireland (With effect from 1 January 2018)

Secretary MFD Secretaries Limited 32 Molesworth Street Dublin 2 D02 Y512 Ireland (With effect from 8 May 2017 to 31 December 2017)

Came Global Financial Services Limited 2nd Floor, Block E Iveagh Court Harcourt Road Dublin 2 Ireland (With effect from 1 January 2018)

Investment Manager and Distributor Vulcan Value Partners LLC 2801 Highway 280 South Suite 300 Birmingham, AL 35223 United States of America



Manager Came Global Fund Managers (Ireland) Limited 2nd Floor, Block E Iveagh Court Harcourt Road Dublin 2 Ireland

Depositary SMT Trustees (Ireland) Limited Block 5 Harcourt Centre Harcourt Road Dublin 2 Ireland (Up to and including 31 January 2018)

Northern Trust Fiduciary Services (Ireland) Limited Georges Court 54-62 Townsend Street Dublin 2 Ireland (With effect from I February 2018)

Sub-custodian Sumitomo Mitsui Trust (UK) Limited 1st Floor 155 Bishopsgate London EC2M 3XU United Kingdom (Up to and including 31 January 2018)

Global Sub-custodian Brown Brothers Harriman & Co 30 Herbert Street Dublin 2 Ireland (Up to and including 31 January 2018)



Administrator Maples Fund Services (Ireland) Limited 32 Molesworth Street Dublin 2 D02 Y512 Ireland (Up to and including 31 January 2018)

Northern Trust International Fund Administration Services (Ireland) Limited Georges Court 54-62 Townsend Street Dublin 2 Ireland (With effect from I February 2018)

Independent Auditor PricewaterhouseCoopers One Spencer Dock North Wall Quay Dublin I Ireland

UK Facilities Services Agent Campion Capital Limited 87-89 Baker Street London W1 6RJ United Kingdom

Swiss Paying Agent and Representative RBC Investor Services Bank S.A. Esch-sur-Alzette Zurich Branch Badenerstrasse 567 P.O. Box 1292 CH-8048 Zurich Switzerland

Irish Legal Advisors Maples and Calder 75 St Stephen's Green Dublin 2 Ireland

Vulcan Global Value Fund Plc

Investment Manager's Report


The Vulcan Value Equity Fund (USD Share Class) (the Fund) was launched on May 1, 2013. Since inception through January 31, 2018 the

Fund returned 12.34% versus the S&P 500 NTR return of 14.33%. For the year ended January 31, 2018, the Fund returned 22.16% versus the S&P 500 NTR return of 25.55%.

The 2017 market environment gave us few opportunities to deploy capital with an acceptable margin of safety (see below), While we would prefer to always be ahead of the benchmarks, we will not violate our investment discipline in order to do so. As you know, everyone at

Vulcan is required to invest in publicly traded equities exclusively through Vulcan's strategies. We treat your capital the same as we do our

own. Therefore, we are more concerned with protecting capital than earning a return on it. As fiduciaries, we believe that it is in your best

interest and ours to consistently follow our investment discipline, especially now when valuations levels are above average and fear is giving way to greed.

Valuation Is an excellent predictor of long-term returns. It is a poor predictor of short-term returns. Given current valuation levels, we believe

the long-term outlook for most asset classes is poor. Equities are trading at levels that Imply below average long-term returns. In our opinion,

the 10-year treasury with a 2.4% yield at year end does not adequately compensate investors for inflation risks. Junk bond spreads are near

record lows, as are corporate bond yields. Emerging markets have rallied and there are few obvious bargains in developed markets.

Current conditions create a challenging environment for us near term. The gathering headwinds include:

Record low volatility.

A steady rise in the broad market: The S&P 500 had positive total returns each month in 2017. This smooth return pattern has never

happened before. The Dow Jones Industrial Average posted the most closing highs in a calendar year ever.

Growth continues its record outperformance compared to value.

Broad market returns continue to be driven by a small number of mega-cap tech companies. The combined market value of Apple, Alphabet,

Microsoft, Amazon and Facebook was up 43% in 2017.

Speculative bubbles, while not broad based yet, have appeared again: Bitcoin, whose fundamental value charitably might be a few thousand

dollars, soared 1,350% to $14,292 in 2017. In our opinion, valuations for many of the privately held "unicorns" are not much more than

wishful thinking. Companies with poor prospects are changing their names to include the words Bitcoin or cryptocurrency or block-chain and

are being re-priced at multiples of their previous valuations. Does anyone remember the dot-cam bubble of the late 1990's and the resulting

crash that followed?

We are not going to invest in inferior businesses or chase overvalued businesses just because they are working in the short run. If the

current environment of increasing optimism continues towards euphoria and valuations become even more stretched, we are likely to lag the

market in the short-run.

Our first priority is to protect capital. Our excess long-term returns are a by-product of reducing risk. Higher valuation levels across many

asset classes, not just equities, mean that risks are increasing as memories of the financial crisis grow more distant and fear gives way to

greed. In our view, low volatility implies that investors have become complacent, not that the world has become less risky. The very fact that

investors are demanding less compensation for bearing more risk drives up valuation levels, which increases actual risk.

Our focus on protecting capital and investing with a long-term time horizon is likely to hurt our short-term results if markets become more

speculative and valuation levels keep rising. As you know, we look nothing like an index. There are large parts of the S&P 500 that we think

are over-valued and large parts of the S&P 500 that we would not want to own at any price, However, being different can be painful in the

short-run.

'Sourced from "Heard on the Street", The Wall Street Journal, January 2, 2018


Investment Manager's Report (continued)


Is there any good news?

Yes. Business fundamentals are good, and they are improving. The U.S. economy is beginning to grow around 3%, up from 2% during the slowest recovery ever recorded. The global economy is performing better as well. Businesses that we talk to (and we talk to a lot of businesses) are growing more optimistic about their prospects. The tax reform bill that was signed into law at the end of the year is going to have a stimulative impact. The only question Is how much. Lowering the corporate tax rate makes U.S. businesses more competitive globally, increases their earnings, and raises their values.

Speaking of values, we enjoyed high-teen value growth on average in the fund. Value growth is not the same thing as earnings growth. Some companies must reinvest all of the cash they produce in order to grow. Our companies can grow and also produce a substantial free

cash flow coupon. So, our value growth is a function of both the free cash flow that our companies produce and the growth that our companies enjoy. In addition, we benefited from a reduction in the corporate tax rate from 35% to 21%. As a result, our price to value ratios were virtually unchanged year-over-year even though we generated double-digit returns. We are thrilled to have posted those returns while maintaining a constant margin of safety.

So, we have a tale of two cities. Times are getting better, at least in the short run. We own outstanding businesses that are capable of compounding their values through good times and bad. Importantly, we own them with a margin of safety, which lowers risk and creates the opportunity to earn excess returns as these high quality companies reach fair value.

On the other hand, the broad market is trading at above average valuation levels and components within it are meaningfully overvalued. We use the same metrics to value companies we do not own as well as the companies we do own. If we are wrong and the companies we do not own are not overvalued, then the companies we do own are even more discounted than we think. We think we are pretty good at valuation and, if we are right, the broader market has above average risk and below average prospects over our long-term time horizon.

It is entirely possible to have strong fundamentals and poor investment returns. It all depends on what you pay for those fundamentals. What if inflation picks up more than expected and bond yields rise more than expected? What if the Fed tightens more than expected or simply miscalculates? What if there is a recession sometime over the next five years? What if interest rates revert to their long-term premium over inflation?

Let us unpack just one of these scenarios. Assume that real GDP growth accelerates as tax cuts stimulate demand. Assume companies invest more heavily due to better demand, lower corporate taxes, and repatriate funds that had been trapped overseas. As a result, real GDP growth accelerates even more. Despite record low unemployment, wage growth remains non-inflationary, and inflation settles in at the Fed's target rate of 2%. It sounds wonderful. However, the Fed has already begun unwinding Quantitative Easing or 'QE". From 2008 until today, the Fed's balance sheet has swollen from roughly $900 billion to $4.4 trillion, and the proceeds were used to buy long-term bonds and mortgage-backed securities. This unprecedented monetary stimulus drove long-term interest rates to bubble levels, in our opinion. Historically, bond investors have demanded a premium or real interest rate of 2% over inflation to hold 10-year treasuries. For the last several years, 10-year treasuries have offered a real interest rate of roughly zero. If the reversal of QE results in the re-establishment of the historical relationship between interest rates and inflation, then interest rates could easily rise 200 basis points or so, even with benign inflation. The point is that the economy could be fantastic and valuation levels could decline as real interest rates move to more normalized levels. We are not saying it is going to happen, but it could happen. Other scenarios are less pleasant.

In our opinion, the broad market offers no margin of safety for these risks at current valuation levels. It is difficult for us to quantify how broad market returns could be greater than upper single-digits over the next five years under the best of circumstances.


Investment Managers Report (continued)


Our returns are a function of the underlying growth in the value of our businesses and the closing of the price to value gap. Assuming no recession, we would expect our portfolio companies to continue to compound their values at their historic low double-digit rate If the price to value gap closes then our returns will be greater than the underlying value growth, even after penalizing us for mistakes that we try to minimize but that we inevitably make.

Given this tale of two cities, we sleep well at night owning our portfolios as opposed to owning the broader market indices, We very well could experience short-term underperformance in a continuously rising market, but our real wealth will grow. A correction or, better yet, a crash would be the best thing that could happen to us. We have ample liquidity and own companies with stable values. We are in a strong position to redeploy capital, Improve our margin of safety, and set the stage for future above average compounding should such an opportunity present itself.

Vulcan Value Partners LLC May 2018


Directors' Report

The Directors of Vulcan Global Value Fund Plc (the Company") present herewith the annual report and audited financial statements for the financial period from 1 January 2017 to 31 January 2018, The extension of the year end from 31 December 2017 to 31 January 2018 has been granted by the Central Bank of Ireland due to a change in Administrator of the Company.

Principal Activities

The investment objective of the Company is to achieve capital appreciation over the long term primarily by investing directly or indirectly in equity securities. Exposure to equity securities may be achieved by investing in collective investment schemes, including exchange traded funds.

Statement of Directors' responsibilities

The Directors are responsible for preparing the Directors' report and the financial statements in accordance with Irish law.

Irish law requires the Directors to prepare financial statements for each financial period. Under that law the Directors have prepared the financial statements in accordance with International Financial Reporting Standards as adopted by the European Union (lFRS).

Under Irish law the Directors shall not approve the financial statements unless they are satisfied that they give a true and fair view of the Company's assets, liabilities and financial position as at the end of the financial period and of the profit or loss of the Company for the financial period.

In preparing these financial statements, the Directors are required to: • select suitable accounting policies and then apply them consistently; • make judgements and estimates that are reasonable and prudent; • state whether the financial statements have been prepared in accordance with IFRS and ensure that they contain the additional

information required by the Companies Act 2014 (as amended); and • prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in

business.

The Directors are responsible for keeping adequate accounting records that are sufficient to: • correctly record and explain the transactions of the Company; • enable, at any time, the assets, liabilities, financial position and profit or loss of the Company to be determined with reasonable

accuracy; and • enable the Directors to ensure that the financial statements comply with the Irish Companies Act 2014 (as amended) and enable

those financial statements to be audited.

The Directors believe that they have complied with the requirements of section 281 to 285 of the Irish Companies Act 2014 (as amended) with regard to the obligation to keep adequate accounting records by employing personnel with appropriate expertise and by providing adequate resources to the financial function. In this regard the Directors have appointed Maples Fund Services (Ireland) Limited for the purpose of maintaining adequate accounting records. Accordingly, the accounting records are kept at the following address: 32 Molesworth Street, Dublin 2, D02 Y512, Ireland.

The Directors are also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

The Directors have entrusted the assets of the Company to the Depositary for safekeeping in accordance with the Memorandum and Articles of Association of the Company. In this regard the Directors have appointed SMT Trustees (Ireland) Limited as Depositary pursuant to the terms of the Depositary Agreement. The address at which this business is conducted is Block 5, Harcourt Centre, Harcourt Road, Dublin 2, Ireland.


An umbrella fund with segregated liability between sub-funds

Directors' Report (continued)

Corporate Governance Code

The Company is subject to corporate governance practices Imposed by:

(i) The Irish Companies Act 2014 (as amended) which is available for inspection at the registered office of the Company and may also be obtained at www.irishstatutebook.ie.

(ii) The Articles of Association of the Company which are available for inspection at the registered office of the Company at 32 Molesworth Street, Dublin 2, D02 Y512, Ireland and at the Companies Registration Office in Ireland,

(iii) The Central Bank of Ireland UCITS Regulations can be obtained from the Central Bank of Ireland's website at: www.centralbank.ie and are available for inspection at the registered office of the Company.

A corporate governance code (the "IF code") was issued by the Irish Funds (formerly known as the Irish Funds Industry Association) in December 2011 that may be adopted on a voluntary basis by Irish authorised collective investment schemes and management companies authorised by the Central Bank of Ireland to act as managers of Irish authorised collective investment schemes effective 1 January 2012 with a twelve month transitional period.

The IF Code may be inspected on/obtained from wwwirishfunds.ie. During 2013, the Board adopted the IF Code having regard for certain other key pillars of governance within the collective investment fund governance structure, including:

the role of the Promoter, unique within the collective investment fund structure, as recognised by the Central Bank of Ireland, in supporting the corporate governance culture of the Company and of the investment funds which it manages (the "Fund"); and

the uniqueness of the independent segregation of duties as between the Manager, the Investment Manager, the Administrator (with responsibility for the calculation of the net asset value, amongst other duties) and the independent Depositary (with responsibility for safeguarding the assets of the Company and overseeing how the Company is managed) to the Fund, such segregation of duties/functions being achieved through delegation of respective responsibilities to and appointment of suitably qualified and also regulated third party entities who are subject to regulatory supervision.

The Company has no employees and the Directors are all non-executive. Consistent with the regulatory framework applicable to investment fund companies such as the Company (and in contrast to normal operating companies with a full time executive management and employees), the Company, consequently, operates under the delegated model whereby it has delegated investment management, administration and distribution functions to third parties without abrogating the Board's overall responsibility. The Board has in place mechanisms for monitoring the exercise of such delegated functions, which are always subject to the supervision and direction of the Board. These delegations of functions and the appointment of regulated third party entities are summarised as follows:

The Company has delegated the performance of the investment management functions In respect of the Fund to the Investment Manager as detailed in the Prospectus for the Fund. The Investment Manager has direct responsibility for the decisions relating to the day-to-day running of the Fund they manage and they are accountable to the Board of the Company for the investment performance of the Fund they manage. The Investment Manager has internal controls and risk management processes in place to ensure that all applicable risks pertaining to their management of the Fund are identified, monitored and managed at all times and appropriate reporting is made to the Board on a regular basis. The Investment Manager is regulated by and under the supervision of the regulator of their operating jurisdiction;



2. The Company has delegated its responsibility as Administrator, Registrar and Transfer Agent in respect of the Fund to Maples Fund Services (Ireland) Limited (the "Administrator"), which has responsibility for the day-to-day administration of the Fund including the calculation of the net asset values. The Administrator is regulated by and under the supervision of the Central Bank of Ireland.

3. The Company has delegated the distribution of the Fund to the entities described in the Prospectus, which entities are regulated by and subject to the supervision of the regulators of their respective operating jurisdictions; and

4. The Company had also delegated to the Administrator the responsibility to deliver to it accounting, administrative and other management support functions and services.

The Fund also has appointed SMT Trustees (Ireland) Limited (the 'Depositary") as depositary of their assets which has responsibility for the safekeeping of such assets in accordance with the Regulations and for exorcising independent oversight over how the Fund is managed. The Depositary is regulated by and under the supervision of the Central Bank of Ireland. The Board receives reports on a regular (and at least quarterly) basis from each of its delegate service providers and the Depositary which enable it to assess the performance of the delegate service providers and the Depositary (as the case may be).

Financial Reporting Process - description of main features

The Board is ultimately responsible for overseeing the establishment and maintenance of adequate internal control and risk management systems for the Company in relation to the financial reporting process. As the Company has no employees and all Directors serve in a non-executive capacity, all functions relating to the Company's financial reporting process including the preparation of the Company's financial statements have been outsourced to the Administrator, which is required to maintain the books and records of the Company.

Through this appointment the Board has procedures in place to ensure that all relevant books of account are properly maintained and are readily available, including production of annual and half yearly financial statements. Subject to the supervision of the Board, the appointment of the Administrator is intended to manage rather than eliminate the risk of failure to achieve the Company's financial reporting objectives and can only provide reasonable and not absolute assurance against material misstatement or loss.

The Board is responsible for assessing the risk of irregularities whether caused by fraud or error in financial reporting and for ensuring that processes are in place for the timely identification of internal and external matters with a potential effect on financial reporting. The Board's appointment of an independent third party administrator, (which is regulated by the Central Bank of Ireland) is intended to mitigate though not eliminate the risk of fraud or irregularities which may impact the financial statements of the Company.

During the period of these financial statements, the Board was responsible for the review and approval of the annual financial statements as set out in the Statement of Directors' Responsibilities, The statutory financial statements are required to be audited by independent auditors who report annually to the Board on their findings. The Board monitors and evaluates the independent auditor's performance, qualifications and independence. As part of its review procedures, the Board receives presentations from relevant parties including consideration of accounting standards and their impact on the annual financial statements, and presentations and reports on the audit process. The Board evaluates and discusses significant accounting and reporting issues as the need arises.

The audited annual financial statements of the Company are required to be approved by the Board and filed with the Central Bank of Ireland and Companies Registration Office.




For the appointment and replacement of Directors, the Company is governed by its Articles of Association and Irish statute comprising the Irish Companies Act 2014 (as amended). The Articles of Association maybe amended by special resolution of the shareholders, The Articles of Association do not provide for retirement of Directors by rotation. However, the Directors may be removed by the shareholders by ordinary resolution in accordance with the procedures established under the Irish Companies Act 2014 (as amended). A Director may also be removed upon notice from the Company in accordance with the Letter of Appointment between the Director and the Company.

The Board is responsible for managing the business affairs of the Company in accordance with the Articles of Association. There are currently five directors (refer to page 1 for details), all of whom are non-executive. Each of Adam McClain and Hampton McFadden are full time executives of Vulcan Value Partners LLC. Bryan Tiernan is regarded as an independent director having regard to the terms of the Corporate Governance Code. Yvonne Connolly and Elizabeth Beazley are Directors of Came Global Fund Managers (Ireland) Limited. Came Global Fund Managers (Ireland) Limited were appointed as Manager on 17 February 2017. All related party transactions during the year are detailed in the notes to the financial statements.

The Board meets at least quarterly. There are no permanent sub-committees of the Board.

Shareholders' meetings

The convening and conduct of Shareholders' meetings are governed by the Memorandum and Articles of Association of the Company and the Irish Companies Act 2014 (as amended). Although the Directors may convene an extraordinary general meeting of the Company at any time, the Directors are required to convene an annual general meeting of the Company within fifteen months of the date of the previous annual general meeting.

The Directors may convene general meetings. Extraordinary general meetings may also be convened on such requisition, or in default may be convened by such requisitionists, and in such manner as may be provided by the Irish Companies Act 2014 (as amended). If at any time there are not within the State sufficient Directors capable of acting to form a quorum, any Director or any two holders may convene an extraordinary general meeting in the same manner as nearly as possible as that in which general meetings may be convened by the Directors. Subject to the provisions of the Irish Companies Act 2014 (as amended) allowing a general meeting to be called by shorter notice, an annual general meeting and an extraordinary general meeting called for the passing of a special resolution shall be called by at least twenty-one Clear Days' notice and all other extraordinary general meetings shall be called by at least fourteen Clear Days' notice.

Two shareholders present either in person or by proxy constitutes a quorum at a general meeting. Every holder of shares present in person or by proxy who votes on a show of hands is entitled to one vote and the holders of Subscriber shares shall have one vote in respect of all of the Subscriber shares in issue. On a poll, every holder of shares present in person or by proxy is entitled to one vote in respect of each share held by him. The chairman of a general meeting of the Company or at least two shareholders present in person or by proxy having the right to vote at the meeting or any holder or holders of shares present in person or by proxy representing at least one tenth of the shares in issue having the right to vote at such meeting may demand a poll. Shareholders may resolve to sanction an ordinary resolution or special resolution at a shareholders' meeting. An ordinary resolution of the Company or of the shareholders of a particular Fund or Class requires a simple majority of the votes cast by the shareholders voting in person or by proxy at the meeting at which the resolution is proposed.

Risk management objectives and policies

The principal risks and uncertainties faced by the Company are disclosed in Note 9 of the financial statements.

Significant events during the period

There are no significant events during the period other than those disclosed in Notes 13 to these financial statements.

10


Directors Report (continued)

Review of the business and future developments

The net asset value of the Company as at 31 January 2018 was US$2,099,660,035 (31 December 2016: US$1,449,878,380).

Directors

The Directors who served the Company during the period ended 31 January 2018 are stated on page 1.

Directors' and Secretary's interests in shares of the Company

The Directors and Company Secretary had no interests in the shares of the Company during the period ended 31 January 2018 other than those disclosed in Note 5 of the financial statements. No Director had, at any time during the period or at the end of the period, a material interest in any contracts or agreements of any significance in relation to the business of the Company, as defined in the Irish Companies Act 2014 (as amended).

Results and dividends

The results of operations for the period are set out in the Statement of Comprehensive Income. During the period ended 31 January 2018, the Company made cash distributions by way of dividends to all persons who are listed as owners of its income share classes (USD Income, USD II Income, GBP Income and GBP II Income).

The total dividend payment for each share class is listed below. The record date and ex-date of the dividend was 7 March 2017, with a pay date of 23 March 2017:

Share Class Dividend (USD) USD Income Class US$385,547 USD II Income Class US$716,027 GBP Income Class US$287,991 GBP II Income Class US$6,516,452 Total US$7,906,017

Performance data

Management OCF* Performance YTD* Fee %

USD Class Shares 1.00% 1.10% 16.21% USD Accumulating Class Shares 1.50% 1.60% 15.62% USD II Accumulating Class Shares 0.75% 0.90% 16.49% USD Income Class Shares 1.00% 120% 14.04% USD II Income Class Shares 075% 0.90% 16.43% GBP Class Shares 1.00% 1.10% 6.19% GBP Accumulating Class Shares 150% 1.60% 5.70% GBP Income Class Shares 1.00% 1.10% 6.17% GBP II Accumulating Class Shares 0.75% 0,90% 6.46% GBP II Income Class Shares 0.75% 0.90% 6.44% Euro Class Shares 1.00% 1.10% 1.82% Euro Accumulating Class Shares 1.50% 1.60% 129% Euro II Accumulating Class Shares_ 0.75% 0.90% 2.08%

* Ongoing charges figure and Performance YTD are based on expenses for the twelve month period ended 31 December 2017

11



Directors' Compliance Statement

The Directors acknowledge that they are responsible for securing the Company's compliance with the relevant obligations as set out in section 225 of the Irish Companies Act 2014 (as amended) and all tax law within the Republic of Ireland (the relevant obligations).

The Directors confirm that;

- a compliance policy document has been drawn up that sets out policies, that in our opinion are appropriate to the Company, respecting compliance by the Company with its relevant obligations; - appropriate arrangements or structures are in place that are, in our opinion, designed to secure material compliance with the Company's relevant obligations; and - during the financial period, the arrangements or structures referred to above have been reviewed.

Independent auditors

The independent auditors, PricewaterhouseCoopers, Chartered Accountants & Registered Auditors have indicated their willingness to continue in office in accordance with section 383 of the Irish Companies Act 2014 (as amended).

Audit Committee Statement

The Directors have considered the requirements to establish an audit committee pursuant to section 167(2) of the Irish Companies Act 2014 (as amended). The Directors have decided not to establish an audit committee based on (a) the nature, scale and complexity of the Company's business range of services and activities undertaken in the course of that business; (b) the resources available to the Company and the resources and expertise of the various third parties engaged to support the Company and carry out certain functions on its behalf; and (c) the procedures in place for the review, approval and circulation of the audited financial accounts and statements which are appropriate for an investment company pursuant to the UCITS Regulations.

Audit information

So far as the Directors are aware, there is no relevant audit information of which the Company's auditors are unaware and the Directors have taken all the steps that should have been taken as Directors in order to make themselves aware of any relevant audit information and to establish that the Company's auditors are aware of that information.

Events since period-end

The subsequent events are disclosed in Note 14 to the financial statements.

12



Transactions with connected parties

The Central Bank UCITS Regulations requires that any transaction carried out with a UCITS by a management company or depositary to the UCITS, the delegates or sub-delegates of the management company or depositary, and any associated or group of such a management company, depositary, delegate or sub-delegate ("connected persons") must be carried out as if negotiated at arm's length and must be in the best interests of the shareholders.

The Board of Directors is satisfied that there are arrangements (evidenced by written procedures) in place, to ensure that the obligations set out in Regulation 41(1) of the Central Bank UCITS Regulations are applied to all transactions with connected persons, and are satisfied that transactions with connected persons entered into during the period complied with the obligations set out in this paragraph.

Signed on behalf of the Board of Directors by:

Elizabeth Beazley

Director

Dated: 18 May 2018

vonne Conn Qlty (

üoUt) !rector

13



Depositary's Report


Statement of Depositary's Responsibilities

The European Communities (Undertakings for Collective Investment in Transferable Securities) Regulations, 2011, as amended (the UCITS Regulations") and The Central Bank (Supervision and Enforcement) Act 2013 (Section 48(1)) (Undertakings for Collective Investment In Transferable Securities) Regulations 2015 (the Central Bank UCITS Regulations) (together the Regulations") require the Depositary to take reasonable care so as to ensure that the Company is managed in accordance with the Regulations and the Memorandum and Articles of Association of the Company. In particular, the Depositary must:

satisfy itself on reasonable grounds and on a continuing basis that the Company has been managed In accordance with the limitations imposed on the investment and borrowing powers of the Company by the Memorandum and Articles of Association and the Regulations;

take into its custody or under Its control at the assets of the Company and hold them in trust for the shareholders In accordance with the Regulations and the Memorandum and Articles of Association;

satisfy Itself that the valuation of the shares of the Company and that the sale, Issue, repurchase, redemption and cancellation of shares of the Company are being carried out in accordance with the Regulations and the Memorandum and Articles of Association.

To enable the Depositary to fulfil its responsibiiities under the Regulations and the Memorandum and Articles of Association, the Depositary is required to keep proper records.

Depositary's Report

SMI Trustees (Ireland) Limited as Depositary has enquired Into the conduct of the Company during the above period. In our opinion the Company has been managed in all material respects:

i) In accordance with the limitations imposed on the Investment and borrowing powers of the Company by the Company's Memorandum and Articles of Association and the Regulations; and

ii) otherwise In accordance with the provisions of the Memorandum and Articles of Association and the Regulations.

SMT Trustees (Ireland) Limited

Dated: 2018

ffj

Independent auditors' report to the members of Vulcan Global Value Fund Plc

Report on the audit of the financial statements

Opinion In our opinion, Vulcan Global Value Fund Plc's financial statements:

• give a true and fair view of the Company's assets, liabilities and financial position as at 31 January 2018 and of its results and cash flows for the 13 month period ("period") then ended;

• have been properly prepared in accordance with International Financial Reporting Standards ("IFRSs") as adopted by the European Union; and

• have been properly prepared in accordance with the requirements of the Companies Act 2014 and the European Communities (Undertakings for Collective Investment in Transferable Securities) Regulations 2011 (as amended).

We have audited the financial statements, included within the Annual Report and Audited Financial Statements, which comprise:

• the Statement of Financial Position as at 31 January 2018;

• the Statement of Comprehensive Income for the period then ended;

• the Statement of Cash Flows for the period then ended;

• the Statement of Changes in Net Assets Attributable to Holders of Redeemable Participating Shares for the period then ended;

• the Schedule of Investments as at 31 January 2018; and

• the notes to the financial statements, which include a description of the significant accounting policies.

Basis for opinion We conducted our audit in accordance with International Standards on Auditing (Ireland) ("ISAs (Ireland)") and applicable law.

Our responsibilities under ISAs (Ireland) are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Independence

We remained independent of the Company in accordance with the ethical requirements that are relevant to our audit of the financial statements in Ireland, which includes IAASA's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements.

Conclusions relating to going concern

We have nothing to report in respect of the following matters in relation to which ISAs (Ireland) require us to report to you where:

• the directors' use of the going concern basis of accounting in the preparation of the financial statements is not appropriate; or

• the directors have not disclosed in the financial statements any identified material uncertainties that may cast significant doubt about the Company's ability to continue to adopt the going concern basis of accounting for a period of at least twelve months from the date when the financial statements are authorised for issue.

However, because not all future events or conditions can be predicted, this statement is not a guarantee as to the Company's ability to continue as a going concern.

Reporting on other information The other information comprises all of the information in the Annual Report and Audited Financial Statements other than the financial statements and our auditors' report thereon. The directors are responsible for the other information. Our

opinion on the financial statements does not cover the other information and, accordingly, we do not express an audit opinion or, except to the extent otherwise explicitly stated in this report, any form of assurance thereon. In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit, or otherwise appears to be materially misstated. If we identify an apparent material inconsistency or material misstatement, we are required to perform procedures to conclude whether there is a material misstatement of the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report based on these responsibilities.

With respect to the Directors' Report, we also considered whether the disclosures required by the Companies Act 2014 have been included.

Based on the responsibilities described above and our work undertaken in the course of the audit, ISAs (Ireland) and the Companies Act 2014 require us to also report certain opinions and matters as described below:

• In our opinion, based on the work undertaken in the course of the audit, the information given in the Directors' Report for the period ended 31 January 2018 is consistent with the financial statements and has been prepared in accordance with applicable legal requirements.

• Based on our knowledge and understanding of the Company and its environment obtained in the course of the audit, we have not identified any material misstatements in the Directors' Report.

Responsibilities for the financial statements and the audit

Responsibilities of the directors for the financial statements

As explained more fully in the Statement of Directors' Responsibilities set out on page 5, the directors are responsible for the preparation of the financial statements in accordance with the applicable framework and for being satisfied that they give a true and fair view.

The directors are also responsible for such internal control as they determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the Company's ability to continue as a going concern, disclosing as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the Company or to cease operations, or have no realistic alternative but to do SO.

Auditors' responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditors' report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (Ireland) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

A further description of our responsibilities for the audit of the financial statements is located on the LAASA website at:

https: of auditors responsibilities for audit.pdf.

This description forms part of our auditors' report.

Use of this report

This report, including the opinions, has been prepared for and only for the Company's members as a body in accordance with section 391 of the Companies Act 2014 and for no other purpose. We do not, in giving these opinions, accept or assume responsibility for any other purpose or to any other person to whom this report is shown or into whose hands it may come save where expressly agreed by our prior consent in writing.

Other required reporting

Companies Act 2014 opinions on other matters

• We have obtained all the information and explanations which we consider necessary for the purposes of our audit.

• In our opinion the accounting records of the Company were sufficient to permit the financial statements to be readily and properly audited.

• The financial statements are in agreement with the accounting records.

Companies Act 2014 exception reporting

Directors' remuneration and transactions

Under the Companies Act 2014 we are required to report to you if, in our opinion, the disclosures of directors' remuneration and transactions specified by sections 305 to 312 of that Act have not been made. We have no exceptions to report arising from this responsibility.

f\Ok o (jc4 Aoife O'Connor for and on behalf of PricewaterhouseCoopers Chartered Accountants and Statutory Audit Firm Dublin 18 May 2018

• The maintenance and integrity of the www.vulcanvaluepartners.com website is the responsibility of the directors; the work carried out by the auditors does not involve consideration of these matters and, accordingly, the auditors accept no responsibility for any changes that may have occurred to the financial statements since they were initially presented on the website.

• Legislation in the Republic of Ireland governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.


Statement of Financial Position

as at 31 January 2018

Vulcan Global Value Vulcan Global Value Fund Plc & Vulcan Fund Plc & Vulcan Value Equity Fund Value Equity Fund

31 January 2018 31 December 2016

Note USD USD

Assets Financial assets at lair value through profit or loss 3,10 1963,977,881 1,406,814,894

Cash and cash equivalents 8 240,570,800 30,971,152

Due from broker 29,404 18,354,294

Subscriptions awaiting settlement 4,096,309 5,177,883

Dividends receivable 1,050016 1,341,599

Other debtors and prepayments 60,824 25,835

Total Assets 2,209,785,234 1,462,685,657

Liabilities

Investment management fees payable 4 1,832,266 1,226,630

Withholding tax expense payable 6 315,005 294,574

Due to broker 218,514 50,447

Other liabilities 217,506 182,560

Administration fees payable 4 120,700 219,745

Audit lees payable 4 31,672 25,739

Depositary fees payable 4 20,817 33,973

Management lees payable 4 19,020 -

Unsettled trades - 9,399,525

Redemptions payable 107,349,699 1,364,795

Directors' fees payable 4 - 9,289

Total Liabilities (excluding net assets attributable to holders of redeemable shares) 110,125,199 12,807,277

Net assets attributable to holders of redeemable shares 2,099,660,035 1,449,878,380

31 January2018 31 January2018 31 December 2016 31 December 2016 Redeemable Shares Net asset value per Redeemable Shares In Net asset value per

Vulcan Value Equity Fund Note In issue redeemable share in issue issue redeemable share in Issue USD Class Shares 7,16 784,371.97 $173,934 1,091,516.40 $ 137.952

USD Accumulating Class Shares 7,16 323,627.00 $153,974 427,960.50 $122,754 USD 11 Accumulating Class Shares 7,16 3,703,611.44 $164,616 4,011,565.47 $130,208 USD income Class Shares 7,16 527,798.18 $150,112 179,287.45 $121,043 USD 11 Income Class Shares 7,16 1,492,937.25 $157,260 569,594.16 $ 125.133

GBP Class Shares 7,16 132,530.68 £177,770 124,204,05 £161,920 GBP Accumulating Class Shares 7,16 5.00 £174,620 4,522.34 £ 159.842 GBP II Accumulating Class Shares 7,16 893,665.10 £ 179.844 617,950.00 £ 163.365 GBP Income Class Shares 7,16 65,819.79 £ 170,655 63,043.90 £ 159.068

GBP il Income Class Shares 7,16 2,726,838.66 £170,541 2,225,917.63 £157,116

Euro Class Shares 7, 16 210,702.15 €139,041 172,539.25 €130,131

Euro Accumulating Class Shares 7,16 10.00 €136,836 365.66 €128,799 Euro Ii Accumulating Class Shares 7,16 91,701.22 €140,193 92,355.75 €130,854

The financial statements were approved by the Board of Directors on 18 M 2018 and signe on its behalf b

pae(l R c :$5 \Ki1 -

Director rector

The accompanying notes form an integral part of these financial statements 18


Statement of Comprehensive Income



Period Ended 31 Year Ended 31 January 2018 December 2016

Note USD USD

Interest income 2(c) 646,624 43,654

Dividend income 2(c) 30,510,188 28,683,912

Net gainl(loss) on financial assets at fair value through profit or loss 101,491,314 (15,407,019)

Net change in unrealised gain on investments 340,843,362 140,661,228

Net loss on foreign currency transactions (287,894) (3,067)

Other income 185 -

Total Income 473,203,779 153,978,708

Investment management fees 4 16,269,311 10,431,388

Administration fees 4 1,314,989 841,285

Transaction costs 4 1,165,469 1,790,010

Other expenses 667,311 636,616

Depositary fees 4 426,444 358,216

Legal fees 195,867 119,075

Management fees 180,119 -

Audit and tax consultancy fees 4 88,291 139,150

Directors' fees 4 60,781 40,096

Interest expense 2,673 2,064

Total operating expense 20,371,255 14,357,900

Operating profit 452,832,524 139,620,808

Finance costs (excluding increase in net assets from operations attributable to holders of redeemable shares)

Distributions to holders of redeemable shares (7,906,017) (4,002,246)

Profit after distributions and before tax 444,926,507 135,618,562

Withholding tax expense 6 (7,528,044) (6,189,195)

Increase in net assets from operations attributable to holders of redeemable shares 437,398,463 129,429,367

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



Statement of Changes in Net Assets Attributable to Holders of Redeemable Participating Shares


Vulcan Global Value Fund Plc &

Vulcan Value Equity Fund

USD

Balance at 31 December 2015 1,164,062,186

Increase in net assets from operations attributable to holders of redeemable shares 129,429,367

Contributions and redemptions by holders of redeemable shares: Issue of redeemable shares 629,201,316

Redemptions of redeemable shares (472,814,489)

Total contributions and redemptions by holders of redeemable shares 156,386,827

Balance at 31 December 2016 1,449,878,380

Increase in net assets from operations attributable to holders of redeemable shares 437,398,463

Contributions and redemptions by holders of redeemable shares: Issue of redeemable shares 1,085,229,141

Redemptions of redeemable shares (872,845,949)

Total contributions and redemptions by holders of redeemable shares 212,383,192

Balance at 31 January 2018 2,099,660,035



Statement of Cash Flows



Period Ended 31 Year Ended 31 January 2018 December 2016

usD USD

Increase In net assets from operations attributable to holders of redeemable shares 437,398,463 129,429,367

Adjustment for Net (galn)lloss on financial assets at fair value through profit or loss (101,491,314) 15,407,019

Net change In unrealised gains on Investments (340,843,362) (140,661,228)

Exchange losses on cash and cash equivalents 287,894 3,067

Distilbutions to holders of redeemable shares 7,906,017 4,002,246

Operating cash flow before movement In working capital 3257,698 8,180,471

Decrease In due from broker 18,324,890

Decreasef(lncrease) in receivable unsettled trades - (18,312,381)

Decrease/(Increase) In dividends receivable 291,583 (501,233)

(Increase)/decrease In other debtors and prepayments (34,989) 56,761

(Decrease)!increase in payable unsettled trades (9,399,525) 3,554,805

Increase in investment management fees payable 605,636 158,901

Increase in withholding tax expense payable 20,431 122,206

(Decrease)ñncrease In administration fees payable (99,045) 23,055

Increase in other liabilities 34,946 147,032

Increase in due to broker 168,067 50,447

(Decrease)ncrease In depositary fees payable (13,156) 5,566

Increase in management fees payable 19,020 -

Increase in audit fees payable 5,933 284

(Decrease)lincrease In directors' fees payable (9,289) 9,289

Purchase of financial assets at fair value through profit or loss (1,059,968,483) (952,311,916)

Proceeds from sales of financial assets at fair value through profit or loss 945,140,172 785,321,476

Net cash used In operating activities (101,656,111) (173,495,237)

Cash flows from financing activities Proceeds from issues of redeemable shares 1,086,310,715 627,784298

Payments for redemptions of redeemable shares (766,861,045) (474,650,878)

Distributions paid to holders of redeemable shares (7,906,017) (4,002,246)

Net cash from financing activities 311,543,653 149,131,174

Net lncreasei(decrease) in cash and cash equivalents 209,887,542 (24,364,063) Cash and cash equivalents at the beginning of the perIod/year 30,971,152 55,338,282

Exchange gains on cash and cash equivalents (287,894) (3,067)

Cash and cash equivalents at the end of the period/year 240570,800 30,971,152

Supplementary information on cash flows from operating activities: Interest received 646,624 43,654 Interest paid (2,673) (2,064) Dividend received 30,801,771 28,423,650

Supplementary information on non-cash flows: Non-cash redemptions 363,367,850 586,632 Non-cash subscrlpfions (363,367,850) (586,632)



Notes to the Financial Statements


1. General information

Vulcan Global Value Fund Plc (the 'Company") is an open-ended umbrella investment company with variable capital and with segregated liability between sub-funds, incorporated and registered in Ireland on 18 August 2011 with registered number 502528 under the Irish Companies Act 2014 (as amended) as an Undertaking for Collective Investment in Transferable Securities ("UCITS") pursuant to the European Communities (Undertakings for Collective Investment in Transferable Securities) Regulations 2015, as amended (the "UCITS Regulations").

Vulcan Value Equity Fund (the 'Fund"), is a Sub-fund of the Company launched on I May 2013. The investment objective is to achieve capital appreciation over the long term primarily by investing directly or indirectly in equity securities. Exposure to equity securities may be achieved by investing in collective investment schemes, including exchange traded funds. As of 31 January 2018 and 31 December 2016, no other Sub-funds of the Company were in existence.

2. Significant accounting policies

(a) Basis of preparation

The financial statements for the Company have been prepared in accordance with International Financial Reporting Standards ("IFRS"), as adopted by the European Union, and comply with Irish Statute comprising the Irish Companies Act 2014 (as amended), the Undertakings for Collective Investment in Transferable Securities) Regulations, 2011 (as amended) and under the Central Bank (Supervision and Enforcement) Act 2013 (Section 48(1)) (Undertakings for Collective Investment in Transferable Securities) Regulations 2015, as amended (together, the "UCITS Regulations").

The preparation of financial statements in conformity with IFRS, as adopted by the EU, requires the use of accounting esilmates. It also requires management to exercise its judgement in the process of applying the Company's accounting policies. The resulting accounting estimates may not, by definition, equal the related actual result.

The functional and presentation currency of the Fund and the Company is the United States Dollar ("USD"). USD is the currency noted in the Prospectus and is relevant to the stated investment strategy.

(i) Standards, amendments and interpretations that are issued and effective for the financial period beginning on or after I January 2018

IFRS 9 Financial Instruments: Classification and Measurement, as issued reflects the first phase of the lASB's work on the replacement of [AS 39 and applies to classification and measurement of financial assets as defined in ]AS 39. The standard is effective for annual periods beginning on or after 1 January 2018. In subsequent phases the IASB will address hedge accounting and impairment of financial assets. The adoption of the first phase will have an effect on the classification and measurement of the Fund's financial assets but will potentially have no impact on classification and measurement of financial liabilities. The Fund will quantify the effect in conjunction with the other phases, when issued, to present a comprehensive picture.


Notes to the Financial Statements (continued)


2. Significant accounting policies (continued)

(a) Basis of preparation (continued)

Standards, amendments and interpretations that are issued and effective for the financial period beginning on or after I January 2018 (continued)

It is anticipated that the above Standard and Interpretation will be adopted by the Fund to the extent applicable to them from its effective date. The adoption of this Standard, amendment and interpretation is being considered by the Fund.

IFRS 15, 'Revenue from contracts with customers. This is the converged standard on revenue recognition. It replaces lAS 11, 'Construction contracts', lAS 18,'Revenue' and related interpretations. Revenue is recognised when a customer obtains control of a good or service. A customer obtains control when it has the ability to direct the use of and obtain the benefits from the good or service. The standard is effective for annual periods beginning on or after 1 January 2018. The Fund is yet to assess IFRS 15's full impact.

Amendments to IFRS 2, 'Share based payments', clarify the measurement basis for cash-settled, share-based payments and the accounting for modifications that change an award from cash-settled to equity-settled, The amendment is effective for periods beginning on or after 1 January 2018. The Fund is yet to assess IFRS 2's full impact.

IFRS 16 Leases, will affect primarily the accounting by lessees and will result in the recognition of almost all leases on balance sheet The standard removes the current distinction between operating and financing leases and requires recognition of an asset (the right to use the leased item) and a financial liability to pay rentals for virtually all lease contracts. An optional exemption exists for short term and low value leases. The income statement will also be affected because the total expense is typically higher in the earlier years of a lease and lower in later years. Additionally, operating expense will be replaced with interest and depreciation, so key metrics like EBITDA will change. Operating cash flows will be higher as cash payments for the principal portion of the lease liability are classified within financing activities. Only the part of the payments that reflects interest can continue to be presented as operating cash flows. The accounting by lessors will not significantly change, Some differences may arise as a result of the new guidance on the definition of a lease. Under IFRS 16, a contract is, or contains, a lease if the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration. The standard is not expected to have an impact on the Fund.

Amendments to lAS 40, 'Transfers of Investment Property' clarify that transfers to, or from, investment property can only be made if there has been a change in use that is supported by evidence. A change in use occurs when the property meets, or ceases to meet, the definition of investment property. The standard is not expected to have an impact on the Fund.

IFRS 17, 'Insurance Contracts' was issued in May 2017 as a replacement for IFRS 4' Insurance Contracts'. It requires a current measurement model where estimates are re-measured each reporting period. The new rules will affect the financial statements and key performance indicators of all entities that issue insurance contracts or investment contracts with discretionary participation features. The standard is not expected to have an impact on the Fund.

Interpretation 22, 'Foreign Currency Transactions and Advance Consideration' clarifies how to determine the date of transaction for the exchange rate to be used on initial recognition of a related asset, expense or income where an entity pays or receives consideration in advance for foreign currency-denominated contracts. The Fund is yet to assess the interpretation's full impact.

23






(a) Basis of preparation (continued)

(i) Standards, amendments and interpretations that are issued and effective for the financial period beginning on or after I January 2018 (continued)

Interpretation 23, 'Uncertainty over income tax treatments' clarifies how to apply the recognition and measurement requirements in lAS 12 when there is uncertainty over income tax treatments, The Fund is yet to assess the interpretation's full impact.

(b) Financial assets and liabilities at fair value through profit or loss

Accounting for investments

The Fund records investment transactions on a trade date basis, matching the cost of investments for the purpose of calculating realised gains and losses on a first-in, first-out basis, The Fund records an unrealised gain or loss to the extent of the difference between the cost and the fair value of the position at any particular point in time. The Fund records a realised gain or loss when the position is sold or closed. Realised gains and losses and the movement in unrealised gains and losses are recorded in the Statement of Comprehensive Income within 'Net (loss)/gain on financial assets at fair value through profit or loss", 'Net change in unrealised gain/(loss) on investments' and "Net loss on foreign currency transactions".

The Fund designates its financial assets and financial liabilities into the categories below in accordance with lAS 39.

Financial assets designated at fair value through profit or loss. These include debt and equity instruments.

Financial assets measured at amortised cost.

Financial assets would be measured at amortised cost if it is held within a business model whose objective is to hold assets in order to collect contractual cash flows, and the assets contractual terms give rise on specified dates to cash flows that are solely payments of principal interest on the principal outstanding. All other financial assets would be measured at fair value.

Recognition

The Fund initially recognises financial assets and financial liabilities at fair value on the date it becomes a party to the contractual provisions of the instruments. A regular way purchase of financial assets is recognised using trade date accounting. From this date any unrealised gains and losses arising from changes in fair value of the financial assets or financial liabilities are recorded.

Derecognition

The Fund derecognises a financial asset when the contractual rights to the cash flows from the financial asset expire or it transfers the financial asset and the transfer qualifies for derecognition in accordance with lAS 39.

The Fund derecognises a financial liability when the obligation specified in the contract is discharged, cancelled or expires.

24





(b) Financial assets and liabilities at fair value through profit or loss (continued)

Measurement

Financial instruments are measured initially at fair value (transaction price). Transaction costs on financial assets and financial liabilities at fair value through profit or loss are expensed immediately through operating expenses.

Subsequent to initial recognition, all instruments classified at fair value through profit or loss are measured at fair value with changes In their fair value recognised in the Statement of Comprehensive Income.

Financial liabilities, other than those at fair value through profit or loss, are measured at amortised cost using the effective interest rate.

Valuation of investments

The fair value of financial instruments is based on their quoted market prices where available at the year end date. Quoted investments and investments traded on over the counter markets are valued at closing price.

Where prices are not available, investments are valued on the basis of the probable realisation value, estimated by the Directors.

(c) Income recognition

Interest and dividends receivable are recognised on an accruals basis as they are earned. Dividend income is recognised when the right to receive payment is established. Interest income arising on investments, as well as deposit interest, is accounted for on an effective interest basis. The effective interest method is a method of calculating the amortised cost of a financial asset or financial liability and of allocating the interest income or interest expense over the relevant period. The effective interest rate is the rate that exactly discounts estimated future cash payments or receipts throughout the expected life of the financial instrument, or shorter period where appropriate, to the net carrying amount of the financial assets or financial liabilities.

(d) Expenses

Interest payable on overdrawn cash balances is recognised on an accruals basis as it is incurred. The Fund is responsible for all normal operating expenses including administration fees, fees and expenses of the Manager, the Investment Manager and the Depositary, audit and tax consultancy fees, stamp and other duties and charges incurred on the acquisition and realisation of investments. Such costs are expensed in the year to which they relate on an accruals basis. Interest expense is recorded on an effective interest basis.

25





(e) Foreign exchange translation

The functional and presentation currency of the Fund is the USD. Transactions in foreign currencies are translated at the foreign currency exchange rate ruling at the date of the transaction. Foreign exchange gains and losses resulting from the settlement of such transactions are recognised in the Statement of Comprehensive Income in the period In which they arise. Assets and liabilities denominated in foreign currencies are translated to USD at the foreign currency closing exchange rate ruling at the year end date. Purchases and sales of investments and income and expenses denominated in currencies other than USD are translated at the exchange rate on the respective dates of such transactions.

(f) Redeemable shares

Redeemable shares are redeemable at the shareholders option and are classified as financial liabilities.

The redeemable shares can be put back to the Fund at any time for cash equal to a proportionate share of the Fund's Net Asset Value (NAVH). The redeemable share is carried at the redemption amount that is payable at the period end date if the shareholder exercised its right to put the share back to the Fund.

(g) Cash and cash equivalents

For the purposes of cash flows, cash and cash equivalents consist of bank deposits and other short-term investments in an active market with original maturities of three months or less. Cash and cash equivalents are valued at their face value together with interest accrued using the effective interest method, where applicable.

(h) Distributions

It is the intention of the Directors not to declare or pay dividends, and any income earned by the Fund and the USD Class Shares, USD Accumulating Class Shares, USD II Accumulating Class Shares, GBP Class Shares, GBP Accumulating Class Shares, GBP II Accumulating Class Shares, Euro Class Shares, Euro Accumulating Class Shares and Euro II Accumulating Class Shares will be reinvested and reflected in the value of those Classes.

The Directors intend to declare a dividend on an annual basis in respect of the USD Income Class Shares, USD II Income Class Shares, GBP Income Class Shares and GBP II Income Class Shares. Dividends may be payable out of the accumulated revenue (consisting of all revenue accrued including interest and dividends) less expenses and realised and unrealised accumulated capital gains on the disposal/valuation of investments less realised and unrealised accumulated capital losses attributable to the relevant Class of the Fund.

26





(h) Distributions (continued)

Dividends will generally be payable in respect of those Classes within 4 months of the financial period end in accordance with the terms of the Prospectus. Dividends paid on Redeemable Participating Shares are recognised in the Statement of Comprehensive Income as a finance cost.

3. Financial assets at fair value through profit or loss

Vulcan Global Value Fund Plc & Vulcan Value

Equity Fund

31 January 2018 USD

Designated at fair value through profit or loss upon initial recognition:

Equity Investments 1,963,977,881

Total financial assets at fair value through profit or loss 1963,977,881


Equity Fund

31 December 2016 USD

Designated at fair value through profit or loss upon initial recognition:

Equity investments 1,406,814,894

Total financial assets at fair value through profit or loss 1,406,814,894

27



For the Financial Period I January 2017 to 31 January 2018

4. Fees

Investment management fees

Vulcan Value Partners LLC (the 'Investment Manager") receives investment management fees at the following percentage rate per annum of the NAV of that class:

USD Class Shares 1.00% USD Accumulating Class Shares 1.50% USD II Accumulating Class Shares 0,75% USD Income Class Shares 1.00% USD II Income Class Shares 0.75% GBP Class Shares 1.00% GBP Accumulating Class Shares 1.50% GBP II Accumulating Class Shares 0.75% GBP Income Class Shares 1.00% GBP II Income Class Shares 0.75% Euro Class Shares 1.00% Euro Accumulating Class Shares 1,50% Euro II Accumulating Class Shares 0.75%

The Investment Manager's fees are calculated on each business day ("dealing day") and are payable monthly in arrears. The Investment Manager does not anticipate that aggregate fees of the Investment Manager in respect of a particular class, the Administrator and the Depositary (the "Annual Management Fee" or "AMF") will exceed 2% of the average monthly NAV of that class in each year of the Fund's operation (the "AMF Threshold"). If the AMF exceed the AMF Threshold, the Investment Manager has undertaken to discharge that proportion of the AMF above the AMF Threshold and shall rebate the Fund accordingly. The AMF for the period ended 31 January 2018 and year ended 31 December 2016 has not exceeded the AMF Threshold.

Investment management fees paid and payable during the period ended 31 January 2018 and year ended 31 December 2016 are disclosed on the face of the Statement of Comprehensive Income and Statement of Financial Position, respectively.

Distributor fees

Vulcan Value Partners, LLC shall act as distributor (the "Distributor") of Shares in the Fund pursuant to the Distribution Agreement with authority to delegate some or all of its duties as Distributor to the Fund subject to the requirements of the Central Bank, No distribution fees were incurred during the period ended 31 January 2018 and year ended 31 December 2016.

Administration fees

The Company pays the Administrator a fee out of the assets of the Fund that shall not exceed 0.14% of the Fund's NAV per annum. The fees are calculated on each dealing day and are payable monthly in arrears. The fees are subject to a minimum monthly fee of €4,583.

In addition, the Administrator is entitled to be reimbursed all reasonable out of pocket expenses and transaction charges as may be agreed between the Company and the Administrator from time to time.

Administration fees paid and payable during the period ended 31 January 2018 and year ended 31 December 2016 are disclosed on the face of the Statement of Comprehensive Income and Statement of Financial Position, respectively.

28




4. Fees (continued)

Depositary's fees

The Company agrees to pay to the Depositary a fee, pro-rated as at each dealing day, calculated on a monthly basis of 0.035% per annum of the NAV of the Fund, subject to a minimum fee of USD4,400 per month.

The Depositary or its affiliate is entitled to be reimbursed all reasonable out of pocket expenses and the reasonable safekeeping fees and transaction charges of sub-custodians appointed by it which shall be charged at normal commercial rates.

Depositary fees paid and payable during the period ended 31 January 2018 and year ended 31 December 2016 are disclosed on the face of the Statement of Comprehensive Income and Statement of Financial Position, respectively.

Audit and tax consultancy fees

Auditors remuneration consists of:


Equity Fund

Period ended 31 January 2018 USD

Statutory auditors remuneration 26,342

Tax advisory services:

- German tax reporting fees 50,135

- UK tax reporting fees 11,814

88,291

No other fees have been paid to the auditors during the period ended 31 January 2018 (2016: none).


Equity Fund

Year ended 31 December 2016 USD

Statutory auditor's remuneration 25,739

Tax advisory services:

- German tax reporting fees 105,062 - UK tax reporting fees 8,349

139,150

29




4. Fees (continued)

Audit and tax consultancy fees (continued)

Audit tees payable during the period ended 31 January 2018 and year ended 31 December 2016 are disclosed on the face of the Statement of Comprehensive Income and Statement of Financial Position, respectively.

Management fees

Came Global Fund Managers (Ireland) Limited act as Manager to the Company. The Company pays the Manager a fee out of the assets of the Fund that shall not exceed 0.01% of the Fund's NAV per annum. The fees are calculated on each dealing day and are payable monthly in arrears. The fees are subject to a minimum annual fee of €75,000,

The Manager is entitled to be reimbursed out of the assets of the Fund for all out of pocket costs and expenses reasonably incurred by the Manager in the performance of its duties.

Management fees paid and payable for the period ended 31 January 2018 are disclosed on the face of the Statement of Comprehensive Income and Statement of Financial Position, respectively.

Directors' fees

The Directors are entitled to remuneration not exceeding €25,000 (USD31,035) (exclusive of VAT) per annum per Director, or such other amount as may be approved by a resolution of the Directors and approved by or notified in advance to shareholders (as appropriate).

The Directors' fees to Elizabeth Beazley and Yvonne Connolly are €13,231 per annum (USD16,425) respectively, and €22,500 (USD27,932) per annum to Bryan Tiernan (2016: €19,250 (USD21,373)). In addition the Company paid €21,615 (USD26,833) (2016: €31,500 (USD32,804)) to Came Global Financial Services Limited in respect of Directors' support services for the period. Support fees are included in other expenses. Adam McClain and Hampton McFadden are not entitled to receive Directors' fees as employees of the Investment Manager.

Directors' fees paid and payable for the period ended 31 January 2018 and year ended 31 December 2016 are disclosed on the face of the Statement of Comprehensive Income and Statement of Financial Position, respectively.

30




4. Fees (continued)

Transaction costs

Commission expenses for the period ended 31 January 2018 and year ended 31 December 2016 comprised transaction costs associated with investment activities, the expenses were as follows:


Equity Fund

Period ended 31 January 2018 USD

Commissions incurred on depository receipt transactions 22,499

Commissions incurred on equity transactions 1,142,970

1,165,469


Equity Fund

Year ended 31 December 2016 USD

Commissions incurred on depository receipt transactions 26,326

Commissions incurred on equity transactions 1,763,684

1,790,010

5. Related party disclosures

The Company's related parties include key management and the Investment Manager as described below.

The Company operates under an investment management agreement with Vulcan Value Partners LLC. All fees paid to the Investment Manager are disclosed separately in the Statement of Comprehensive Income. Amounts payable at 31 January 2018 and 31 December 2016 are included in the Statement of Financial Position,

Adam McClain and Hampton McFadden are employees of Vulcan Value Partners LLC, the Investment Manager and Distributor, and do not receive fees for their services.

Yvonne Connolly, Elizabeth Beazley and Bryan Tiernan are independent of the Investment Manager. Yvonne Connolly and Elizabeth Beazley are directors of the Manager and are also employees of Came Global Financial Services Limited, a related company of the Manager. The Company paid Directors' support services fees, Corporate Secretarial fees (effective 1 January 2018) and MLRO fees (effective 1 January 2018) to Came Global Financial Services Limited, a related party to the Manager, The amount charged to the Company is disclosed in Note 4. The Independent Directors may be entitled to remuneration as disclosed in Note 4.

31




6. Taxation

Under current law and practice, the Company qualifies as an investment undertaking as defined in Section 739B of the Taxes Consolidation Act, 1997, as amended. On that basis, it is not liable to Irish tax on its income or gains,

However, Irish tax can arise on the happening of a "chargeable event". A chargeable event includes any distribution payments to shareholders or any encashment, redemption, cancellation or transfer of shares.

No Irish tax will arise on the Company in respect of chargeable events in respect of-

1) a shareholder who is neither Irish resident nor ordinarily resident in Ireland for tax purposes at the time of the chargeable event, provided appropriate valid declarations in accordance with the provisions of the Taxes Consolidation Act, 1997, as amended, are held by the Company; and

ii) certain exempted Irish tax resident shareholders who have provided the Company with the necessary signed statutory declarations.

Dividends, interest and capital gains (if any) received on investments made by the Company may be subject to withholding taxes imposed by the country from which the investment income/gains are received and such taxes may not be recoverable by the Company or its shareholders.

7. Share Capital

The Fund has authorised thirteen share classes (2016: thirteen). The authorised share capital of the Fund is 1,000,000,000,000 shares of no par value initially designated as unclassified shares. The share capital of the Fund is equal to the Net Assets attributable to holders of redeemable shares.


USD USD 11 USD Class Accumulating Accumulating USD Income USD II Income

Redeemable shares in issue Class Class Class Class

Balance at 1 January 2016 897,360.26 790,298.27 3,507,732.58 298,183.20 368,894.47

Subscriptions 614,167.98 118,802.99 1,876,716.54 108,182.60 418,192.57

Redemptions (420,011.84) (481,140.76) (1,372,883.65) (227,078.35) (217,492.88)

Balance at 31 December 2016 1,091,516.40 427,960.50 4,011,565.47 179,287.45 569,594.16 Subscriptions 442,317.01 93,743.50 2,771,859.62 394,555.45 1,891,068.51

Redemptions (749,461.44) (198,077.00) (3,079,813.65) (46,044.72) (967,725.42)

Balance at 31 January 2018 784,371.97 323,627.00 3,703,611.44 527,798.18 1,492,937.25

32




7. Share Capital (continued)


GBP GBP 11

Redeemable shares in issue GBP Class Accumulating Accumulating GBP Income GBP II Income

Class Class Class Class

Balance at 1 January 2016 132,140.76 6,062,87 652,017.14 99,508.09 1,666,876.42 Subscriptions 39,358.01 50.07 146,762,29 3,596,18 1,097,055.09

Redemptions (47,204.72) (1,590.60) (180,829.43) (40,060.37) (538,013.88)

Balance at 31 December 2016 124,294.05 4,522.34 617,95000 63,043.90 2,225,917,63 Subscriptions 19,642.75 2,027.63 460,493.38 16,047.92 877,013.06

Redemptions (11,406.12) (6,544.97) (184,778.28) (13,272.03) (376,092.03)

Balance at 31 January 2018 132,530.68 5.00 893,665.10 65,819.79 2,726,838.66


Euro Euro II Accumulating Accumulating

Redeemable shares in issue Euro Class Class Class

Balance at 1 January2016 168,785.72 10.00 54,590.54

Subscriptions 9,830.51 355.66 48,857.86

Redemptions (6,076.98) - (11,092.65)

Balance at 31 December 2016 172,539.25 365.66 92,355.75 Subscriptions - 38,947.90 65.13 40,017.64

Redemptions (785.00) (420.79) (40,672.17)

Balance at 31 January 2018 210,702.15 10.00 91,701.22

Redeemable shares of the Fund are freely transferable. Redeemable participating shares are entitled to participate equally in the profits and distributions of the Fund and its assets in the event of termination.

All classes have the same voting rights at the Company meetings (one vote per share).

As at 31 January 2018, two shareholders owned more than 10% of the shares in issue at the period end.

During the period ended 31 January 2018, an in specie transfer took place between shareholders.

33





7. Share Capital (continued)

The Fund has five USD, five GBP and three Euro Share Classes. The minimum holding per particular shareholders is $5,000 in respect of the USD Share Classes, £5,000 in respect of the GBP Share Classes and €5,000 in respect of the Euro Share Classes, or such greater or lesser amount as may be determined by the Directors and notified to the shareholders in advance. The minimum initial investment is $5,000 in respect of the USD Class Shares, £5,000 in respect of the GBP Class Shares and €5,000 in respect of the Euro Class Shares, $50,000,000 in respect of the USD Accumulating Class Shares, USD II Accumulating Class Shares, £50,000,000 in respect of the GBP Accumulating Class Shares, GBP II Accumulating Class Shares and GBP II Income Class Shares and €50,000,000 in respect of the Euro Accumulating Class Shares and Euro II Accumulating Class Shares, or such greater or lesser amount as may be determined by the Directors and notified to the shareholders In advance. There will be no minimum initial investment amount for the USD Income Class Shares and GBP Income Class Shares. The minimum additional investment is $10,000 in respect of the USD Class Shares, £10,000 in respect of the GBP Class Shares and €10,000 in respect of the Euro Class Shares, or such greater or lesser amount as may be determined by the Directors and notified to the shareholders in advance.

To determine the NAV of the Fund for subscriptions and redemptions, investments have been valued based on the last traded market prices of the close of business on the relevant trading day. Shareholders may subscribe for shares on and with effect from any dealing day at the subscription price per share on the relevant dealing day. Applications received after the dealing deadline for the relevant dealing day, shall, unless the Directors in exceptional circumstances shall otherwise agree and provided they are received before the relevant valuation point, be deemed to have been received by such next dealing deadline.

8. Cash and Cash Equivalents

The Company's Depositary is SMT Trustees (Ireland) Limited (the "Depositary'). The Depositary has appointed Sumitomo Mitsui Trust (UK) Limited ('SMT" or the "Sub-Custodian") as its Sub-Custodian, The Sub-Custodian has, in turn, appointed Brown Brothers Harriman & Co ("BBH & Co or the "Global Sub-Custodian") as their Global Sub-Custodian. Both the cash and non-cash assets are ultimately held at BBH & Co. however cash is swept on a nightly basis to pre-approved financial institutions. See Note 9(e) for further detail.

9. Financial instruments and associated risks

The Funds risks are set out in the Prospectus and any consideration of risk here should be viewed in the context of the Prospectus which is the primary document governing the operation of the Fund. The Fund's investments expose it to a variety of financial risks including risks from the use of derivatives and other financial instruments, currency risk, interest rate risk, credit risk and liquidity risk. The Fund's overall risk management programme seeks to minimise potential adverse effects on the Fund's financial performance.

The Investment Manager uses the commitment approach to measure the global exposure of the Fund on a daily basis. The Investment Manager monitors the Fund's risk factors on a daily basis and produces reports detailing the Fund's exposures as well as cash and liquidity reports which are circulated to the relevant fund management teams and compliance.

Market risk includes price, foreign currency and interest rate risks. Details of the Funds investment portfolio at 31 January 2018 are disclosed in the Schedule of Investments.

34




9. Financial instruments and associated risks (continued)

(a) Market price risk

Market price risk arises mainly from uncertainty about future prices of financial instruments held. It represents the potential loss the Fund might suffer through holding market positions in the face of price movements. Some of the recognised exchanges on which the Fund may invest may prove to be Illiquid or highly volatile from time to time and this may affect the price at which the Fund may liquidate positions to meet repurchase requests or other funding requirements. Potential investors should also note that the securities of small capitalisation companies are less liquid and this may result in fluctuations in the price of the shares of the Fund.

The financial instruments are measured in accordance with the fair value measurement principles as discussed in Note 2(b). A reasonably possible weakening In the individual equity market prices of 5% at 31 January 2018 would result in a decrease of USD98,198,894 (2016: USD70,340,745) in the net assets attributable to holders of redeemable shares of the Vulcan Value Equity Fund. A strengthening would have the opposite effect. This represents management's best estimate of a reasonable possible shift in market prices, having regard to historical volatility.

The Company does not currently use Financial Derivative Instruments (FDl).

(b) Foreign currency and exchange rate risk

The Fund invests in securities denominated in currencies other than USD, the functional currency of the Fund, and the Statement of Financial Position and Statement of Comprehensive Income may be significantly affected by movements in the exchange rates against USD.

The value of the Fund and its income, as measured in USD, may suffer declines due to currency depreciation, disruptions in

currency markets or delays and difficulties in currency conversions or be otherwise adversely affected by exchange control

regulations or by changes in the method of controlling exchange rates or limiting exchange rate movements.

Currency devaluations may occur without warning and are beyond the control of the Investment Manager. Currency risks will be absorbed by the shareholders.

35






(b) Foreign currency and exchange rate risk (continued)

The following tables list the exposure to currencies of the Fund at 31 January 2018 and 31 December 2016 and the impact on the net assets if the USD had strengthened/ weakened by 5% with all other variables held constant This represents managements best estimate of a reasonable possible shift in exchange rates, having regard to historical volatility.

Vulcan Global Value Fund Plc & Vulcan Value Equity Fund

Effect on net Effect on net Effect on net Financial assets - stated in USD assets of assets of assets of As at 31 January2018 CHF +/-5% GBP +1.5% EUR +/-5%

Financial assets at fair value through profit or loss 89,268,674 4,463,434 69,604,114 3,480,206 74,546,048 3,727,302

Cash and cash equivalents - - 835,603 41,780 964,241 48,212

Subscriptions awaiting settlement - - 900,121 45,006 160,730 8,037

89,268,674 4,463,434 71,339,838 3,566,992 75,671,019 3,783,551

Vulcan Global Value Fund Pic & Vulcan Value Equity Fund

Effect on net Financial liabilities - stated in USD Effect on net assets of As at 31 January 2018 EUR assets of +1- 5% GBP +/- S%

Other liabilities 217,506 10,875 - -

Administration fees payable 120,700 6,035 - -

Audit fees payable 31,672 1,584

Depositary fees payable 20,817 1,041 -

Management fees payable 19,020 951 -

409,715 20,486

36





(b) Foreign currency and exchange rate risk (continued)


Effect on net Effect on net Financial assets - stated in USD assets of assets of As at 31 December 2016 EUR +1- 5% GBP +1_ 5%

Financial assets at fair value through profit or loss 61,826,982 3,091,349 55,368,930 2,768,447 Cash and cash equivalents - - 1,479,330 73,967 Subscriptions awaiting settlement - - 2,346,993 117,350

61,826,982 3,091,349 59,195,253 2,959,764


Effect on net Effect on net Financial liabilities - stated in USD assets of assets of As at 31 December 2016 EUR +1-5% GBP +1-5% Redemptions payable - - 186,188 9,309 Administration fees payable 219,745 10,987 - -

Other liabilities 182,560 9,128 - -

Depositary fees payable 33,973 1,699 - -

Audit and tax consultancy fees payable 25,739 1,287 - -

Directors' fees payable 9,289 464 - -

471,306 23,565 186,188 9,309

37






(c) Interest rate risk

Interest rate risk is the risk borne by an Interest-bearing asset due to variability of interest rates.

The interest rate exposure of the assets of the Fund is as follows at 31 January 2018 and 31 December 2016. All liabilities of the Fund are non-interest bearing.

Vulcan Global Value Fund Plc & Vulcan Value Equity Non-interest Fund Floating rate Fixed rate bearing Total At 31 January2018 USD USD USD USD

Financial assets at fair value through profit or loss - - 1,963,977,881 1,963,977,881 Cash and cash equivalents 240,570,800 - - 240,570,800 Due from broker -

- 29,404 29,404 Subscriptions awaiting settlement -

- 4,096,309 4,096,309 Dividends receivable -

- 1,050,016 1,050,016 Other debtors and prepayments - - 60,824 60,824

240,570,800 - 1,969,214,434 2,209,785,234

Vulcan Global Value Fund Plc & Vulcan Value Non-interest Equity Fund Floating rate Fixed rate bearing Total At 31 December 2016 USD USD USD USD

Financial assets at fair value through profit or loss - - 11406,814,894 1,406,814,894 Cash and cash equivalents 30,971,152 - - 30,971,152 Subscriptions awaiting settlement - - 5,177,883 5,177,883 Dividends receivable -

- 1,341,599 1,341,599 Other debtors and prepayments - - 25,835 25,835 Unsettled trades -

- 18,354,294 18354,294

30,971,152 - 1,431,714,505 1,462,685,657

A sensitivity analysis has been determined based on the exposure of floating rate assets and liabilities at 31 January 2018 outstanding for the period. A, 50 basis point increase in interest rates, with other variables held constant, would increase NAV by USD1,202,854 (2016: USD154,856), conversely a 50 basis point decrease would have an equal but opposite effect. This represents management's best estimate of a reasonable possible shift in interest rates, having regard to historical volatility.

38





(d) Liquidity risk

Liquidity risk is the risk that an entity will encounter difficulty in realising assets or otherwise raising funds to meet commitments associated with investment activities,

Large redemptions of shares in the Fund might result in the Fund being forced to sell assets at a time and price at which it would normally prefer not to dispose of those assets.

Liquidity risk is minimised by holding sufficiently liquid investments which can be readily realised to meet liquidity demands. To manage this risk, if redemption requests on any dealing day represent 10% or more of the Shares in issue in respect of the Fund, the Directors may, in their discretion, refuse to redeem any Shares in excess of 10%. Any request for redemption on such dealing day shall be reduced rateably and the redemption requests shall be treated as if they were received on each subsequent dealing day until all shares to which the original request related have been redeemed. Any deferred redemption requests shall be treated in priority to any redemption requests received on subsequent days.

Where a repurchase request results in shares representing more than 5% of the NAV of the Fund, the Directors may satisfy the repurchase request by a distribution of investments of the Fund in specie provided that such a distribution would not be prejudicial to the interests of the remaining shareholders of the Fund and such asset allocation is subject to the approval of the Depositary.

The tables below analyse the Company's and Fund's financial liabilities into relevant maturity groupings based on the remaining period as at 31 January 2018 and 31 December 2016 to the contractual maturity date. The amounts in the table are the contractual undiscounted cash flows. Balances due within twelve months equal their carrying balances, as the impact of discounting is not significant.

Vulcan Global Value Fund Plc & Vulcan Value Less than I No stated Equity Fund month 1-6 months maturity Total As at 31 January 2018 USD USD USD USD Investment management fees payable 1,832,266 - - 1,832,266 Withholding tax expense payable 315,005 - - 315,005 Due to broker 218,514 - - 218,514 Other liabilities 217,506 - - 217,506 Administration fees payable 120,700 - - 120,700 Audit and tax consultancy fees payable 31,672 - - 31,672 Depositary fees payable 20,817 - - 20,817 Management fees payable 19,020 - - 19,020 Redemptions payable 107,349,699 - - 107,349,699 Not assets attributable to holders of redeemable

participating shares 2,099,660,035 - - 2,099,660,035

2,209,785,234 - - 2,209,785,234

39





(d) Liquidity risk (continued)

Vulcan Global Value Fund Plc & Vulcan Value Less than I No stated Equity Fund month 1-6 months maturity Total

As at 31 December 2016 USD USD USD USD

Unsettled trades 9,399,525 - - 9,399,525

Redemptions payable 1,364,795 - - 1,364,795 Investment management fees payable 1,226,630 - - 1,226,630

Withholding tax expense payable 294,574 - - 294,574

Administration fees payable 219,745 - - 219,745

Other liabilities 182,560 - - 182,560

Due to broker 50,447 - - 50,447

Depositary fees payable 33,973 - - 33,973

Audit fees payable 25,739 - - 25,739

Directors' fees payable 9,289 - - 9,289

Net assets attributable to holders of redeemable participating shares 11449,878,380 - - 1,449,878,380

1,462,685,657 - - 1,462,685,657

(e) Credit risk

Credit Risk is the risk that the Fund's counterparty to a financial transaction will fail to discharge an obligation or commitment that it has entered into with the Fund. The financial assets and liabilities, which potentially expose the Fund to credit risk, consist principally of cash and its investments in equities, The Company and Fund will be exposed to a credit risk in relation to the counterparties with whom it trades, and may bear the risk of settlement default.

Substantially all of the investments are held in its custody network at the year end. Investments are segregated from the assets of the Depositary, the Sub-Custodian and the Global Sub-Custodian, with ownership rights remaining with the Fund. Bankruptcy or insolvency of the Depositary, the Sub-Custodian and the Global Sub-Custodian may cause the Funds rights with respect to its securities held by the Depositary to be delayed. The maximum exposure to this risk is the amount of long investments disclosed in the schedule of investments.

Both the cash and non cash assets are ultimately held at BBH & Co. Cash is segregated on the books and records of the Global Sub-Custodian but it is commingled with other clients of the Global Sub-Custodian and is therefore exposed to the intraday credit risk of the Global Sub-Custodian.

40





(e) Credit risk (continued)

The Fund has elected to enter into the Global Sub-Custodian sweep program which means that the Global Sub-Custodian will sweep cash from the main custody account into overnight eligible bank counterparty accounts in order to diversify overnight exposure and/or to gain interest on the various accounts. Participation in Cash Management Systems involves investment risks such as the loss of any balances swept plus sovereign and counterparty risks associated with offshore overnight time deposits. The Fitch credit rating of BBH & Co and SMT is A+ and A, respectively, as at 31 January 2018 and at 31 December 2016,

Cash held via accounts opened on the books of the Depositary, the Sub-Custodian or Global Sub-Custodian, are obligations of the Depositary while cash held in accounts opened directly on the books of a third party cash correspondent bank or a broker (collectively, 'agency accounts') are obligations of the agent. Cash held via agency cash accounts are liabilities of the agent, creating a debtor/creditor relationship directly between the agent and the Fund.

Accordingly, the Depositary is not liable for the agency cash accounts repayment in the event the agent, by reason of its bankruptcy, insolvency or otherwise, fails to make repayment.

During the period ended 31 January 2018 and year ended 31 December 2016, the Fund's cash was swept on a nightly basis to pre-approved financial institutions. The institutions where the Fund's cash was held, the amounts held and their respective S&P credit ratings, at that date, were as follows:

31 January 2018 31 December 2016 USD Rating USD Rating

SEB Stockholm 6,771,455 A+ 14,411,881 A+ JPM Chase, New York 30,000,000 A+ - -

Citibank, New York 30,000,000 A+ - -

Barclays, London 30,000,000 A - -

Wells Fargo, Grand Cayman 30,000,000 A- - A Standard Chartered Bank, Singapore - N/A 15,000,000 -

126,771,455 29,411,881

(f) Risks of derivative instruments

No derivative instruments were utilized during the period ended 31 January 2018 or year ended 31 December 2016.

(g) Efficient portfolio management

The Company does not engage in the use of derivative instruments.

41




10. Fair value of financial instruments

The following tables show financial instruments recognised at fair value, analysed between those whose fair value Is based on:

Quoted prices in active markets for identical assets or liabilities (Level 1);

Those involving inputs other than quoted prices included in Level I that are observable for the asset or liability, either directly (as prices) or indirectly (derived from prices) (Level 2); and

Those with inputs for the asset or liability that are not based on observable market data (unobservable inputs) (Level 3),

The level in the fair value hierarchy within which the fair value measurement is categorised in its entirety is determined on the basis of the lowest level input that is significant to the fair value measurement in its entirety. For this purpose, the significance of an input Is assessed against the fair value measurement in its entirety. If a fair value measurement uses observable inputs that require significant adjustment based on unobservable inputs, that measurement is a Level 3 measurement.

Assessing the significance of a particular input to the fair value measurement in its entirety requires judgement, considering factors specific to the asset or liability.

The determination of what constitutes 'observable' requires significant judgement by the Directors, The Directors consider observable data to be that market data that is readily available, regularly distributed or updated, reliable and verifiable, not proprietary, and provided by independent sources that are actively involved in the relevant market.

At the reporting date, the carrying amounts of financial assets at fair value issued by the Fund which fair values were determined directly, in full or in part, by reference to published price quotations and determined using valuation techniques are as follows:

Vulcan Global Value Plc & Vulcan Value Equity Fund Level I Level 2 Level 3 Total

As at 31 January 2018 USD USD USD USD

Assets

Financial assets at fair value through profit or loss: Equity Investments 1,963,977,881 - - 1,963,977,881

Total 1,963,977,881 - - 1,963,977,881

Vulcan Global Value Plc & Vulcan Value Equity Fund Level I Level 2 Level 3 Total

As at 31 December 2016 USD USD USD USD

Assets

Financial assets at fair value through profit or loss: Equity investments 1,406,814,894 1,406,814,894

Total 1,406,814,894 - - 1,406,814,894

There were no transfers between any of the levels during the period ended 31 January 2018 and year ended 31 December 2016.

42




10. Fair value of financial instruments (continued)

Financial instruments not measured at fair value

The financial instruments not measured at fair value through profit or loss are short-term financial assets and financial liabilities whose carrying amounts approximate fair value. These financial instruments are classified as level 2, with the exception of cash and cash equivalents, which are classified as level 1

11. Exchange rates

The exchange rates used in the financial statements to express GBP, EUR and CHF into USD at 31 January 2018 are 1.4191, 1,2414 and 1.0738 (2016: 1.2357, 1.0520 and 1.0189), respectively.

12. Soft commissions

The Investment Manager makes use of soft commission arrangements to enable it to obtain services which assist in the provision of investment services to the Company (2016: None).

13. Significant events during the period

The Board of Directors resolved that if the Fund shall make a cash distribution by way of dividend to all persons who are listed as owners of its income share classes (USD income, USD II income, GBP income and GBP II income). The total dividend payment for each share class is listed below in the table. The record date and the ex-date of the dividend was 7 March 2017, with a pay date of 23 March 2017.

Share Class Dividend (USD) USD Income Class US$385,547 USD II Income Class US$716,027 GBP Income Class US$287,991 GBP Il Income Class US$6,516,452 Total US$7,906,017

An amended prospectus and supplement for Vulcan Value Equity Fund were issued on 17 February 2017.

Effective 17 February 2017, the Company appointed Came Global Fund Managers (Ireland) Limited as UCITS management company (the "Manager").

In addition, effective 8 May 2017, the address of the registered office of the Company, changed to 32 Molesworth Street, Dublin 2.

Effective 1 January 2018, the Company changed its Secretary and registered office address from Maples Fund Services (Ireland) Limited to Came Global Financial Services Limited.

43




14. Significant events since the period end

Effective 1 February 2018, the Company changed its Administrator from Maples Fund Services (Ireland) Limited to Northern Trust International Fund Administration Services (Ireland) Limited ("Northern Trust').

Effective 1 February 2018, the Company also changed its Depositary from SMT Trustees (Ireland) to Northern Trust.

An amended prospectus and supplement for Vulcan Value Equity Fund were issued on 1 February 2018.

15. Contingent liabilities

There were no contingent liabilities at 31 January 2018 and 31 December 2016.

16. Comparative net asset values


31 January 2018 31 December 2016 31 December 2015

NAV NAV NAV

USD NAV per unit USD NAV per unit USD NAV per unit USD Class Shares 136,429,244 $ 173.934 150,576,606 $ 137.952 111,275,018 $ 124.003 USD Accumulating Class Shares 49,830,113 $ 153.974 52,546,768 $ 122.784 87,660,399 $ 110.921 USD II Accumulating Class Shares 609,672,856 $ 164.616 522,336,279 $ 130.208 409,528,091 $ 116.750 USD Income Class Shares 79,229,074 $ 150.112 21,701,499 $ 121.043 32,864,382 $ 110.215 USD 11 Income Class Shares 234,779,466 $ 157.260 71,275,181 $ 125.133 41,724,664 $ 113.107 GBP Class Shares 33,434,052 2 177.770 24,869,348 2 161.920 23,765,734 £ 122.049 GBP Accumulating Class Shares 1,239 £ 174,620 893,239 £ 159.842 1,081,812 £ 121,086 GBP II Accumulating Class Shares 228,077,620 £ 179.844 124,745,826 £ 163.365 118,019,194 £ 122.833 GBP Income Class Shares 15,940,044 £ 170.655 12,391,921 £ 159.068 17,805,832 £ 121.430 GBP II Income Class Shares 659,936,983 £ 170.541 432,158,390 £ 157.116 292,827,704 £ 119.215 Euro Class Shares 36,368,392 € 139.041 23,620,246 € 130.131 20,768,982 € 113.352 Euro Accumulating Class Shares 1,698 € 136.836 49,546 € 128.799 1,223 € 112.624 Euro II Accumulating Class Shares 15,959,254 € 140.193 12,713,531 € 130.854 6,738,151 € 113,698

17. Approval of financial statements

The Directors approved the financial statements on 18th May 2018.

44


Schedule of Investments

As at 31 January 2018

% of net Shares Fair Value USD assets

Transferable Securities Admitted to an Official Stock Exchange Listing

BERMUDIAN EQUITY

Financial EVEREST RE GROUP LTD 227,119 52,191,946 249%

TOTAL BERMUDIAN EQUITY (2016: USD49,409,314, 3.41%) 52,191,946 2.49%

BRITISH EQUITY

Consumer, Cyclical GKN-PLC 11,600,773 69,604,114 3,32%

TOTAL BRITISH EQUITY (2016: USD55,368,930, 3,82%) 69,604,114 3.32%

FRENCH EQUITY Airbus Group NV 649,189 74,546,048 3,55%

TOTAL FRENCH EQUITY (2016: USDnlI, 0.00%) 74,546,048 3.55%

SWISS EQUITY

Financials SWISS RE AG 905,620 89,268,674 4.25%

TOTAL SWISS EQUITY (2016: USD61 826,982,4.26%) 89,268,674 4.25%

UNITED STATES EQUITIES

Communications PRICELINE.COM INC 17,399 33,267,758 1.58%

33,267,758 1.58%

Consumer, Cyclical HILTON WORLDWIDE HOLDINGS 361,682 30,978,063 1.48%

30,978,063 1.48%

Consumer, Non-cyclical AETNA INC 160,176 29,924,080 1,43%

AMERISOURCEBERGEN CORP 982,103 97,886,206 4.66%

ANTHEM INC 218,316 54,109,621 2,58%

AUTOZONE INC 63,189 48,367,388 2.30%

CARDINAL HEALTH INC 886,101 63,613,191 3.03%

CVS HEALTH CORP 1,248,729 98,262,485 4,68%

MASTERCARD INC-CLASS A 501,034 84,674,746 4.03%

MCKESSON CORP 465,816 78,667,006 3.75%

O'REILLY AUTOMOTIVE INC 163,440 43,260,934 2,06%

SABRE CORP 1,185,878 24,630,686 1,17%

623,396,343 29.69%

45


Schedule of Investments (continued)


% of net Shares Fair Value USD assets

Energy NATIONAL OILWELL VARCO INC 3,370311 123623,007 5.89%

123,623,007 5.89%

Financial AXIS CAPITAL HOLDINGS LTD 1,004,116 50,737,981 2.42% BANK OF NEW YORK MELLON CORP 902,240 51,157,008 2.44% CBRE GROUP INC -A . 696,120 31,805723 1.51% MOODY'S CORP 187,865 30,394,678 145% NORTHERN TRUST CORP 306,987 32,353,360 1,54% S&P GLOBAL INC 174,351 31,574,966 1.50% STATE STREET CORP 705,195 77,691,333 3,70% VISA INC-CLASS A SHARES 681,380 84,647,838 4.O3%

390,362,887 18.59%

Industrial PARKER HANNIFIN CORP 163,194 32,870,535 1.57%

UNITED TECHNOLOGIES CORP 177,532 24,501,191 1.17%

57,371,726 2.74%

Materials AXALTA COATING SYSTEMS LTD 682,718 21,505,617 1.02%

21,505,617 1,02%

Technology ALPHABET INC-CL C 70,207 82,137,978 3.91% ORACLE CORP 3,201,792 165,180,449 7,87%

QORVO INC 1,108,749 79,574,916 3.79% SKYWORKS SOLUTIONS INC 730,052 70,968,355 3,38%

397,861,698 18.95% TOTAL UNITED STATES EQUITIES (2016: USD1,211,120,012, 83.52%) 1,678,367,099 79.94%

TOTAL TRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL STOCK EXCHANGE LISTING (2016: USD1,377,725,238, 95.01%) 1,963,977,881 93.54%

TOTAL FINANCIAL ASSETS AT FAIR VALUE THROUGH PROFIT OR LOSS (2016: USD1,406,814,894, 97.02%) 1,963,977,881 93.54%

CASH AND CASH EQUIVALENTS (2016: USD30,971,152, 2.14%) ' 126,771,455 6.04%

OTHER NET ASSETS/(LIABILITIES) (2016: USD12,092,334, 0.84%) 8,910,699 0.42%

NET ASSETS ATTRIBUTABLE TO HOLDERS OF REDEEMABLE PARTICIPATING SHARES

16: USD1 449,878,380, 100,001/6) - 2,099,660,035 100.00%

All transferable securities held at year end are listed on an official stock exchange or dealt on another regulated market.

46


Schedule of Investments (continued)


31 January 2018 31 January 2018 31 December 2016 ANALYSIS OF TOTAL ASSETS USD % of total assets % of total assets Financial assets at fair value through profit or loss 1963,977,881 93.41% 96.18% Dividends receivable 1050,016 0.05% 0.10% Cash and cash equivalents 126,771,455 6,03% 2.12% Other debtors and prepayments 60,824 -% -

Subscriptions awaiting settlement 10,545,955 0.50% 0.35% Unsettled trades - -% 1.25% Due from broker 29,404 -% - %

2,102,435,535 100.00% 100.00 %

47


Changes in Portfolio Composition (unaudited)

For the Financial Period I January 2017 to 31 January 2018

Shares Cost USD

Largest Purchases (by aggregate):

Description

ALPHABET INC-CL C 88,763 85,525043 SKYWORKS SOLUTIONS INC 707,605 70,383,540 CVS HEALTH CORP 832,751 64700,853 AIRBUS GROUP NV 649,189 59,579,208 AUTOZONE INC 86,522 50,727,129 QORVO INC 727,634 49,033,678 O'REILLY AUTOMOTIVE INC 238,136 48,859,074 AMERISOURCEBERGEN CORP 565,258 43,981,545 ORACLE CORP 962,490 42,048,925 NATIONAL OILWELL VARCO INC 1,240,633 40,644,435 WPP PLC 2,061,238 37818,716 NORTHERN TRUST CORP 392,743 34,767,797 PRICELINE COM INC 17,399 30,121,469 MOODY'S CORP 273,347 28,843,684 ANTHEM INC 151,564 28,789,454 SS&C TECHNOLOGIES HOLDING 675,346 28,019244 MCKESSON CORP 192,207 27,853,451 SWISS RE AG 296,112 27,269,206 S&P GLOBAL INC 209,645 25,128,516 GKN PLC 6,066,814 24,891,742 AXIS CAPITAL HOLDINGS LTD 400,563 24,502,833 EVERSET RE GROUP LTD 101,636 22,245,969 AXALTA COATING SYSTEMS LTD 682,718 22,024303 UNITED TECHNOLOGIES CORP 177,532 20,444,727 VISA INC-CLASS A SHARES 210,462 18,185,452 CARDINAL HEALTH INC 247,626 17,277,591 BOEING CO/THE 90,774 15,919,123

In accordance with the Central Bank (Supervision and Enforcement) Act 2013 (Section 48(1)) (Undertakings for Collective Investment in Transferable Securities) Regulations 2015, this report documents material changes that have occurred in the disposition of the assets of the Company during the financial period. A material change is defined as aggregate purchases of a security exceeding 1 per cent of the total value of purchases for the financial period and/or aggregate disposals greater than 1 per cent of the total value of sales for the financial period. If there are fewer than 20 purchases/sales that meet the material changes definition, the Company shall disclose those purchases/sales and such number of the next largest purchases/sales so at least 20 purchases/sales are disclosed,

48


Changes in Portfolio Composition (unaudited) (continued)


Shares Proceeds USD

Largest Sales (by aggregate):

Description

BOEING CO/THE 315,328 73,220571

ANTHEM INC 353,262 63521,573

SKYWORKS SOLUTIONS INC 582,938 57998,065

DISCOVERY COMMUNICATIONS-C 2,276,728 56,809,926

INTERCONTINENTAL HOTELS-ADR 717,773 42,314,179

GKN PLC 7,974,556 39,696,682

ORACLE CORP 795,258 38,588,722

WPP PLC 2,061,238 37,403,085

SS&C TECHNOLOGIES HOLDINGS 675,346 33,673,038

QORVO INC 469,015 33,519,121

AMERISOURCEBERGEN CORP 312,571 32942,827

FRANKLIN RESOURCES INC 800,601 32,352,377

CISCO SYSTEMS INC 973,245 31,897,489

MCKESSON CORP 193,310 30,169612

WALT DISNEY CO/THE 278,078 29,746,871

CVS HEALTH CORP 342,934 26,312,727

CBRE GROUP INC - A 644,826 26,178,059

TIME WARNER INC 243,466 24,324492

EVEREST RE GROUP LTD 102,841 23,129,273

ALPHABET INC-CL C 18,556 20,531,424

UNITEDHEALTH GROUP INC 97,932 18,358,183

O'REILLY AUTOMOTIVE INC 74,696 17,982,323

HILTON WORLDWISE HOLDINGS INC 236,597 17,450,182

VISA INC-CLASS A SHARES 168,879 16,842,328

AUTOZONE INC 23,333 16,364,176

AXIS CAPITAL HOLDINGS LTD 236,704 15,712,969

FOSSIL GROUP INC 1,393,725 14,065,817

MOODY'S CORP 85,482 12,418,791

AETNA INC 63,580 11,254,696

PARK HOTELS & RESORTS INC-WI 385,578 10,259,899

MASTERCARD INC-A 63,888 9,573,176

In accordance with the Central Bank (Supervision and Enforcement) Act 2013 (Section 48(1)) (Undertakings for Collective Investment In Transferable Securities) Regulations 2015, this report documents material changes that have occurred in the disposition of the assets of the Company during the financial year. A material change is defined as aggregate purchases of a security exceeding 1 per cent of the total value of purchases for the financial year and/or aggregate disposals greater than I per cent of the total value of sales for the financial year. If there are fewer than 20 purchases/sales that meet the material changes definition, the Company shall disclose those purchases/sales and such number of the next largest purchases/sales so at least 20 purchases/sales are disclosed.

49


Changes in Portfolio Composition (unaudited)

For the Year Ended 31 December 2016

Shares Cost USD

Largest Purchases (by aggregate):

Description MCKESSON CORP 466,919 77,376,075 CVS HEALTH CORP 758,912 62,620,331 SKYWORKS SOLUTIONS INC 823,286 60,547476 AMERISOURCEBERGEN CORP 729,416 57,907,090 GKN PLC 13,508,515 52,600,305 HILTON WORLDWIDE HOLDINGS 2,359,563 47935,311 QORVO INC 850,130 46,308,583 CARDINAL HEALTH INC 638,475 45401,116 CBRE GROUP INC-A 1,214,294 38,688,933 SABRE CORP 1,286,100 35,199,165 ORACLE CORP 886,839 34,481,782 STATE STREET CORP 464,352 27,929183 NATIONAL OILWELL VARCO INC 926,113 26,601,587 CISCO SYSTEMS INC 858,472 23,724,149 INTERCONTINENTAL HOTELS-ADR 603,241 22,947,651 BOEING CO/THE 200,635 22,837981 ANTHEM INC 172,757 22,677,163 VERIZON COMMUNICATIONS INC 409,112 21,144,609 MARRIOTT INTERNATIONAL - CL A 316,501 20,954,167 VISA INC-CLASS A SHARES 273,988 20,869,165 UNITEDHEALTH GROUP INC 131,518 18,668,456 BANK OF NEW YORK MELLON CORP 508,495 18,470,220 EVEREST RE GROUP LTD 83,671 16,406,774 CHECK POINT SOFTWARE TECH 189,681 16,283,133 MASTERCARD INC-CLASS A 206,232 14,411,812 LVMH MOET HENNESSY LOUIS VUITTON 73,051 12,304,111 SWISS RE AG 131,485 11,922,685 FRANKLIN RESOURCES INC 306,450 10,700,774 AXIS CAPITAL HOLDINGS LTD 187,089 10,349,551 DOVER CORP 165,052 10,066,725 WALT DISNEY CO/THE 101,419 9,898,819

50


Changes in Portfolio Composition (unaudited) (continued)

For the Year Ended 31 December 2016

Shares Proceeds USD

Largest Sales (by aggregate):

Description PARKER HANNIFIN CORP 726,058 85,805,862

QUALCOMM INC 859,281 51,266,753

DOVER CORP 664,947 44,367,697

CISCO SYSTEMS INC 1477,008 43,582,503

FRANKLIN RESOURCES INC 1,152,606 41,705,346

VERIZON COMMUNICATIONS INC 958,382 39,790,581

ABERDEEN ASSET MGMT PLC 9,642,634 39,751,827

BOEING CO/THE 259,555 36,120,637

STATE STREET CORP 474,391 33,294,845

MSC INDUSTRIAL DIRECT CO-A 502,866 32,828,101

T ROWE PRICE GROUP INC 437,165 31,897,707

UNITED TECHNOLOGIES CORP 306,525 31,712,408

MARRIOTT INTERNATIONAL-CL A 316,501 24,508,692

CHECK POINT SOFTWARE TECH 298,509 22,833,354

BANK OF NEW YORK MELLON CORP 502,971 21,576,434

SKYWORKS SOLUTIONS INC 217,901 16,717,372

DISCOVERY COMMUNICATIONS-C 547,249 15,266,040

ORACLE CORP 382,220 15,163,335

HILTON WORLDWIDE HOLDINGS 564,725 13,512,457

VISA INC-CLASS A SHARES 160,252 13,177,109

LVMH MOET HENNESSY LOUIS VUITTON 73,051 12,728,947

AETNA INC 112,807 11,972,297

INTERCONTINENTAL HOTELS-ADR 266,763 11,733,848

HONEYWELL INTERNATIONAL INC 95,909 9,883375

NATIONAL OILWELL VARCO INC 284,012 9,857,773

MICROSOFT CORP 282,608 9,331,819

MASTERCARD INC-CLASS A 88,280 9173,582

ANTHEM INC 54,856 8,084491

CARLISLE 005 INC 94,912 7,980,906

51


Additional Information (unaudited)


UCITS V Remuneration Disclosure

The European Union Directive 2014/91/EU as implemented in Ireland by Si, No, 143/2016 - European Union (Undertakings for Collective Investment in Transferable Securities) (Amendment) Regulations 2016, requires management companies to establish and apply remuneration policies and practices that promote sound and effective risk management, and do not encourage risk taking which is inconsistent with the risk profile of the UCITS.

To that effect, Came Global Fund Managers (Ireland) Limited ("the Manager'), has implemented a remuneration policy that applies to all UCITS for which the Manager acts as manager (the "Remuneration Policy") and covers all staff whose professional activities have a material impact on the risk profile of the Manager or the UCITS it manages ("Identified Staff'). The Remuneration Policy also applies to all alternative investment funds for which the Manager acts as alternative investment fund manager. In accordance with the Remuneration Policy, all remuneration paid to Identified Staff can be divided into:

• Fixed remuneration (payments or benefits without consideration of any performance criteria); and • Variable remuneration (additional payments or benefits depending on performance or, in certain cases, other

contractual criteria) which is not based on the performance of the UCITS.

The Manager has designated the following persons as Identified Staff:

1. The Designated Persons; 2. Each of the Directors; 3. Compliance Officer; 4, Risk Officer; and 5. Chief Operating Officer.

The Manager has a business model, policies and procedures which by their nature do not promote excessive risk taking and take account of the nature, scale and complexity of the Manager and the UCITS. The Remuneration Policy is designed to discourage risk taking that is inconsistent with the risk profile of the UCITS and the Manager is not incentivised or rewarded for taking excessive risk.

The Manager has established a remuneration committee to oversee the implementation of the remuneration arrangements and to exercise competent and independent judgment on remuneration policies and practices and the incentives created for managing risk (the "Remuneration Committee"). The Remuneration Committee consists of at least two directors, the compliance officer, internal legal counsel and such other individuals as the Board may appoint from time to time.

The Managers parent company is Came Global Financial Services Limited ("Came"). Came operates through a shared services organisational model which provides that Caine employs all staff and enters into inter-group agreements with other Came Group entities within the group to ensure such entities are resourced appropriately. Each of the Identified Staff, other than one non-executive independent director, are employed and paid directly by Came and remunerated based on their contribution to the Came Group as a whole. In return for the services of each of the Came Identified Staff, the Manager pays an annual staff recharge to Came (the "Staff Recharge").

The non-executive independent director is paid a fixed remuneration and each other Identified Staff member's remuneration Is linked to their overall individual contribution to the Came Group, with reference to both financial and non-financial criteria and not directly linked to the performance of specific business units or targets reached or the performance of the UCITS.

The aggregate of the total Staff Recharge and the remuneration of the independent non-executive director is EUR 986,500 paid to 12 individuals for the year ended 31 December 2017, The Manager has also determined that, on the basis of number of sub-funds I net asset value of the UCITS relative to the number of sub-funds I assets under management, the portion of this figure attributable to the UCITS is EUR 43,516.

There have been no material changes made to the Remuneration Policy or the Manager's remuneration practices and procedures during the financial year.

52

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