Listed Priv ate Equity Data Sheet

As at: 11/02/13

Dev eloped Markets

Print
Key Trading Details
Curr
Last
Price
High/Low
NAV per Share
Estimate Published Date Freq
% Prem(+)/Disc(-) Next
Now

-21.9
Avg

-25.3
Ex pe cted
newsflow D ate
$m

Cap
43,254
No of Avg Daily Yield % Listing
Market Shrs (m) Tradin g
Domicile Launch
Date 1m

1.0
Sterling
Euro
US Dollar
Perform ance
% Price Returns (US $ total return)
Ytd

9.9
1m

4.2
3m

23.9
6m

28.9
1y

31.1
3y

56.5
5y

-7.8
10y

153.5
% NAV Returns (US $)
Ytd

1.1
1m

-0.3
3m

3.4
6m

4.4
1y

4.4
3y

13.0
5y

-17.5
10y

11.1
Benchmark
Investm ent Mandate
Geographic Focus Core Inv estment Strategy Currently inv esting?
Sterling
Euro
US Dollar
Portfolio Leverage & Com m itm ents

Net
Assets $

52,625
I nvestm 't
P ortfoli o $

54,271
Cash /
Liq ui dity $

5,708
in millions
Borrowings

Drawn $

2,897
Undrawn $

4,494
ZDP
Li abil ity $

465
Net Debt /
(Cash) $

-2,391
Uncall ed $
C'm ents

5,785
Portfolio Leverage & Com m itm ents

In vestm' t
P ortfol io
% of net assets
Un call ed
C'm ents
Cash/ Debt
Resou rce
Net Deb t /
(Cash )
Unco vered
C'm ents Data as at:
Gearing Limit Currency Hedging Balance Sheet Notes
Portfolio Analysis
Geographic
UK Co nt.
Eu rope
North
Am eri ca
Global E m g.
Mar kets
Inv estment Type
Buyout Growth VC Debt / Mezz Infra. Special Sits Other
Qualitativ e Factors
No of
Hol di ngs
Top 10 % Key Holdings
Portfolio Valuation
Valuation method (as a % of portfolio)
Quoted Earnings Write-
dow n
Cost Net Sale or IPO
assets
Other Date Notes
Managem ent
Management Group Fund Manager Website
Fees
Base Fee

Base% Base Fee Based on:

Carried Interest / Performance Fee

Perf% Perf Fee Based on: Time period

Perf Fee
Benchmark
Hurdle/
Trigger
HWM Cap Notes
Total Expense Ratio
ex. Perf Fee

Fund of Funds -22.6 -32.7 5,543 3.6 18.2 1.9 20.2 26.9 37.7 86.3 7.2 146.8 12.0 1.0 13.6 14.8 10.0 30.9 3.5 106.5 9,909 9,883 582 285 1,614 292 -5 3,276
APEF LN Aberdeen Private Equity GBp 78.5 79/53 102.4 102.4 31-Dec M -23.3 -37.8 Monthly NAV - 134 109.1 31 0.0 London SE Guernsey Jul-07 0.0 8.8 4.6 10.8 22.1 53.9 60.8 -23.4 - -5.0 -2.9 -2.8 -0.9 4.9 25.4 -13.6 - None Global Global private equity fund of funds Yes 178 157 21 - - - -21 85 88% 48% 12% -12% 36% 30-Sep 25% net assets No 15-Jan - 17 32 39 12 100 - - - - - - - 56 - - - - - - - - 22-May - Aberdeen AM Alex Barr http://www.invtrusts.co.uk/aam.nsf/ITBramd 1.50% net assets 10% NAV return Annual 8.0% Trigger Absolute No - 1.97%
CPEN SW Castle Private Equity (LGT ) US$ 14.90 14.9/10.55 16.03 16.03 31-Jul M -7.0 - - - 612 41.7 - - Switzerland Switzerland Sep-98 - 63.0 2.1 10.9 13.7 42.4 184.7 18.6 155.7 - - - - - - - - None Mainly North America and E Fund of private equity funds No - fund being realised 588 626 0 150 0 - 150 198 106% 34% 0% 25% 34% 30-Nov - No - - - - - - 60 1 17 - - 22 - - - - - - - - - - - 30-Nov - LGT Private Equity Advisers Hans Markvoort www.castlepe.com 2% net assets 10% Lower of net assets or share price since prev - - - Yes - $12.50 - - -
CCAP NA Conversus Capital US$ 0.50 21.76/0.5 1.60 21.79 30-Sep 3M -68.8 -86.3 IMS - 33 65.1 99 800.0 Euronext Guernsey Jun-07 66.8 54.2 29.2 52.5 47.9 68.8 156.8 58.9 - 59.6 62.0 54.0 53.6 30.5 63.7 39.0 - None Global Global private equity fund of funds Yes 1,422 1,378 73 0 0 - -73 349 97% 25% 5% -5% 19% 31-Jul 49% net assets No 31-Jul - - - - - - - - - - - 100 214 - 5.0% KKR 2006 Fund, L.P., 4.4% Thomas H. Lee Equity Fund VI, 3.2% KKR Millenni - - - - - - - 31-Jul - Conversus AM Bob Long www.conversus.com 0.75%/0.375% investments/commitments 10% NAV total return quarterly 7% p.a. Hurdle with catch-up 3 yr absolute No *0.5% on commitments, 2/3 of base fee accrued and only p 1.79%
FPEO LN F&C Private Equity GBp 200.0 200/147 254.4 246.1 30-Sep 3M -21.4 -31.1 Q3 NAV Nov-12 226 72.3 36 2.5 London SE UK Mar-99 2.2 3.8 -1.9 8.2 29.0 40.0 73.0 -4.9 177.8 -1.9 -0.7 1.3 4.1 6.7 29.1 -7.8 165.4 FTSE Small Cap ex ICs Global Fund of private equity funds Yes 297 347 10 0 79 57 47 118 117% 40% 30% 16% 10% 29-Jun - Euro borrowings 30-Jun 31 55 7 6 1 79 - 7 11 - - 3 87 - 6.8% August Equity Partners II, 6.8% August Equity Partners II, 4.2% Argan Capi 0.3 - - - - - - 31-Dec - F&C Management Hamish Mair www.fandcprivateequitytrust.com 0.90% gross assets 8% NAV total return Yr to Dec 2012, 2 Y8% p.a. Hurdle Absolute Yes* * Aggregate management and performance fees capped at 2 1.46%
GPE LN Graphite Enterprise GBp 448.0 490/373 600.0 577.4 31-Jul 3M -25.3 -29.1 Interims Sep-12 512 72.9 149 1.1 London SE UK Jul-81 2.0 -2.6 -6.5 3.8 17.4 14.8 55.1 -14.7 144.8 -2.3 -0.9 1.8 3.7 6.6 32.7 -1.5 155.9 FTSE All Share UK and Europe UK mid-market buy-outs and private equity funds Yes but focused on Funds 699 617 78 0 92 - -78 195 88% 28% 11% -11% 17% 5-Oct - No 5-Oct - 100 - - - - - - - - - 100 - - 3.4% Micheldever, 2.0% National Fostering Agency, 2.0% NES Group, 1.9% Pa - - - - - - - 5-Oct - Graphite Capital Management Rod Richards, Emma Osborne www.graphite-enterprise.com 1.50% net assets 10% Carried interest on each investment n/a 8% p.a. Trigger No No Carried interest scheme whereby employees contribute 0.5% 1.83%
HVPE NA HarbourVest Global Private Equit US$ 8.65 8.7/7.3 11.97 11.93 31-Dec M -27.7 -36.7 Monthly NAV Feb-13 729 84.3 3 0.0 London SE (S Guernsey Dec-07 3.0 11.8 6.4 18.8 20.4 40.7 - - - -1.1 0.1 3.7 4.9 4.9 - - - None Global Private equity funds (mostly primary) Yes making new commitments 954 1,035 7 88 413 - 81 501 108% 53% 44% 8% 9% 31-Oct 20% net assets No 31-Jul - 25 68 4 3 62 - 32 - - - 6 - - 15.8% HarbourVest Partners VIII-Cayman BF, 15.8% HarbourVest Partners VIII - - - - - - - 31-Jul - HarbourVest Partners George Anson www.hvgpe.com 0.85% / 1.0% / Primary / secondary / dire 0-20% 0% on primary, 10-12.5% on secondary, 10-20% n/a n/a Hurdle with catch-up No No * fees paid on underlying funds 1.98%
HPEQ LN Henderson Private Equity GBp 368.5 376/312 396.5 396.5 31-Jan M -7.1 -16.7 Monthly NAV Feb-13 20 3.5 93 2.0 London SE UK Jul-07 -12.0 -2.6 -3.2 -0.2 3.6 17.8 152.8 7.8 - -16.4 -14.5 -3.9 -2.8 1.8 33.9 -13.7 - FTSE World UK and Europe Fund of private equity funds (LPs & listed) Fund being realised 116 112 5 0 16 - -5 20 96% 18% 18% -4% 0 30-Jun 50% net assets No 30-Jun 70 25 5 - - 100 - - - - - - 2 93 60.4% Rutland Fund I, 27.8% August Equity Partners I, 0.0% August Equity Partner 6 - - - - - - 30-Jun - Henderson Global Investors Ian Barrass www.hendersonprivateequity.com 1.25%* LPs & direct private equity 10% NAV total return Annual 8% p.a. Hurdle 0.0% No * 0.75% on other assets 1.87%
JPEL LN JPMorgan Private Equity - Ord US$ 0.68 0.91/0.59 1.15 1.12 31-Dec M -40.9 -38.7 Monthly NAV Aug-12 234 346.4 91 0.0 London SE Guernsey Jun-05 4.2 7.3 1.4 6.0 -1.1 -24.6 -43.6 -55.5 - 0.8 1.2 2.3 2.3 -7.5 -10.5 -32.2 - - Global Fund of private equity funds Yes 434 630 21 47 103 169 195 101 145% 23% 29% 45% 0 30-Jun 33% net assets 18 month EUR/USD put option30-Jun - 47 29 4 20 59 - 10 - 3 19 9 - 28 11.8% China Media Enterprises Limited, 11.7% China Media Enterprises Limite - - - - - - - 30-Jun - JPMorgan AM Greg Getschow www.jpelonline.com 1.00% gross assets 8% NAV TR (Ord & ZDP) Annual 8% p.a. Hurdle Absolute No - 2.86%
MTH LN Mithras GBp 116.0 116/99 147.1 139.8 30-Sep 3M -21.1 -25.7 - - 66 36.3 5 1.7 London SE UK Feb-94 2.7 -0.7 0.1 7.2 13.5 18.7 43.6 24.7 375.7 -1.2 -0.2 2.9 3.9 3.6 13.7 3.3 231.9 FTSE All Share US and Europe Private equity funds (LGV and other managers) - 83 67 10 0 55 - -10 24 80% 29% 86% -21% 0% 31-Dec 49% net assets No 31-Dec 5 59 36 - - 100 - - - - - 6 - 21.0% OCM Principal Opportunities Fund IV, 19.4% Doughty Hanson & Co V, 17. - - - - - - - 30-Jun - Mithras Capital Partners Adrian Johnson www.legalandgeneralventures.com Self-managed - n/a Carried interest on each investment Investments n/a Trigger - No - 1.51%
NBPE NA NB Private Equity US$ 8.70 9/6.85 11.44 11.50 31-Dec M -24.0 -33.5 Monthly NAV Feb-13 472 54.2 20 2.3 London SE (S Guernsey Jul-07 4.4 12.4 8.8 13.9 20.6 27.2 68.9 21.3 - -0.2 1.4 2.0 3.4 7.3 27.7 12.2 - FTSE World Global Fund of private equity LPs Yes 549 561 64 0 250 65 1 339 102% 62% 57% -12% 5% 31-Aug - No 31-May - 17 79 - 4 51 8 - - 37 4 - - 5.8% NB Crossroads Fund XVIII Mid-cap Buyout, 5.4% NB Crossroads XVII, 5.4 5 - - - - - - 31-May - NB Alternatives Peter Von Lehe www.nbprivateequitypartners.com 1.50% Net assets 8% NAV total return Annual 7.5% p.a. Trigger Absolute No * No fees on cash 1.81%
PIN LN Pantheon International GBp 934.0 943/700 1262.2 1206.3 31-Dec 3M -26.0 -32.2 Finals Oct-12 513 35.0 109 0.0 London SE UK Sep-87 3.4 1.9 -1.8 8.8 26.4 36.4 95.7 -10.8 103.5 -0.7 0.4 5.0 6.3 10.7 49.9 -3.6 132.0 MSCI World Global Fund of private equity funds (secondary bias) Not making new commitments 1,328 1,246 92 0 154 - -92 287 94% 22% 18% -7% 3% 29-Aug 43% net assets No 30-Aug - 35 54 - 11 58 - 31 - - 6 5 - - 0.9% Nycomed, 0.4% Array, 0.4% Converteam, 0.4% Orchid Orthopedic Solutio - - - - - - - 30-Aug - Pantheon Ventures Andrew Lebus www.pipplc.com 1.0%-1.5% / 0.5 gross assets* / commitmen5% NAV total return Annual 10% p.a. Hurdle Yes No * 1.5% to 150m, 1.0% > 150m. Performance fee: 10% of o 1.23%
PINR LN Pantheon Intern'l - Redeemable GBp 905.0 905/675 1262.2 1206.3 31-Dec 3M -28.3 -32.3 Finals Oct-12 472 33.3 8 0.0 London SE UK Sep-04 3.4 0.8 -2.9 7.3 20.5 33.3 85.3 -15.4 - -0.7 0.4 5.0 6.3 10.7 49.9 -3.6 - MSCI World Global Fund of private equity funds (secondary bias) Not making new commitments 1,328 1,246 92 0 154 - -92 287 94% 22% 18% -7% 3% 29-Aug 43% net assets No - - 35 54 - 11 58 - 31 - - 6 5 - - 0.9% Nycomed, 0.5% Array, 0.5% Converteam, 0.4% Orchid Orthopedic Solutio - - - - - - - 30-Aug - Pantheon Ventures Andrew Lebus www.pipplc.com 1.50% gross assets* 5% NAV total return Annual 10% p.a. Hurdle Yes No * 1.0%>150m, 0.5% commitments. Performance fee: 10% of 1.23%
PEY LN Princess Private Equity EUR 7.22 7.33/5.6 8.40 8.40 31-Dec M -14.0 -27.7 Monthly NAV Feb-13 671 69.5 68 6.8 London SE / F Guernsey Nov-07 2.6 7.6 3.8 18.8 29.7 31.2 103.5 14.4 - -1.4 -0.3 1.9 0.8 -0.1 21.6 -7.8 - None Global Private equity funds (mostly primary) Moving to Direct investing 786 764 29 0 98 - -29 256 97% 33% 16% -4% 16% 31-Jul 30% (20% without Board per No 31-Jul - - 9 - - 69 - 13 - - 18 - 250 - Education publisher 1*, AHT Cooling Systems, Healthcare operator 4*, AWAS Av - - - - - - - 31-Jul - Partners Group Urs Wietlisbach www.princess-privateequity.net 1.5% / 1.75% / Funds / Secondary / Direc 10% (15%) Secondary investments (direct investments) n/a 8% IRR Hurdle with catch-up No No Paid on invested assets & undrawn commitments 2.24%
PEHN SW Private Equity Holdings CHF 52.7 52.7/39.95 69.4 69.1 31-Jan M -24.1 -34.0 Monthly NAV Feb-13 197 3.4 86 3.8 Switzerland Switzerland Feb-97 4.7 7.3 2.6 14.3 32.9 40.6 113.1 22.6 451.4 0.5 1.7 6.1 5.8 6.9 16.6 11.9 -21.2 LPX 50 Global Global private equity fund of funds Not making new commitments 281 247 36 0 7 - -36 118 88% 42% 15% -13% 27% 31-Dec - Hedged into Euro (not curren31-Dec - 59 41 - - 57 - 18 - - 20 5 56 - 6.2% ALPHA CEE II, 5.4% Warburg Pincus X, 4.5% Alpha Russia & CIS Secondary, 2 - - - - - - 31-Dec - Alpha Associates Hans Baumgartner www.peh.ch 1.50% gross assets* 10% Share price total returm Annual 6% p.a. compoundHurdle with catch-up Absolute No *2.5% on direct investments 2.24%
PEQ LN Private Equity Investor GBp 182.0 188/162 230.2 227.5 31-Jan M -20.9 -24.9 - - 64 22.5 23 0.0 London SE UK Feb-00 3.2 -2.3 -1.5 -0.8 -0.5 11.7 61.7 1.8 94.2 -2.0 0.2 -2.2 -5.3 -4.5 16.2 1.5 66.9 Nasdaq Composite US US technology VC funds Not making new commitments 110 101 9 0 0 - -9 15 92% 14% 8% -8% 6% 30-Sep Borrowing limit broadly equalN o 30-Sep - - 100 - - - - 100 - - - - 29 - 9.7% Draper Fisher Jurvetson Eplanet Ventures, 7.1% Dawntreader Fund Ii, 5.7% 1 - - - - - - 30-Sep - Private Equity Investor (Campton) David Quysner www.peiplc.com 0.50% net assets* - - - - - - - * Relates to Directors' fees - fund is self-managed 1.65%
SEP LN Std Life European Private Equity GBp 185.0 189/127 234.4 222.9 30-Sep 3M -21.1 -33.0 IMS Aug-12 474 163.5 73 1.1 London SE UK May-01 2.2 7.7 0.5 14.8 28.5 42.7 85.3 -30.6 161.9 -0.9 -0.7 4.5 2.9 4.2 36.0 -23.4 170.2 None Europe Fund of private equity funds (European buy-outs) Not making new commitments 612 631 14 0 195 - -14 221 103% 36% 34% -2% 2% 18-Sep - No 19-Sep 9 66 25 - - 88 - 1 - - - 11 37 - 9.6% Industri Kapital 2007, 9.2% CHARTERHOUSE CAPITAL PARTNERS VIII, 7.6% 4 - - - - - - 30-Sep - Standard Life Investments Peter McKellar, Roger Pim www.standardlifeinvestments.co.uk/its 0.80% net assets Founder shar
NAV total return 5 yrs to 30 Sep 2 10-15% p.a. Trigger - No Exercisable 1% per 1% p.a. performance from 10-15% 1.02%
SHPN SW Shape Capital CHF 154.0 155/122.5 204.6 203.3 31-Dec 3M -24.7 -29.2 - - 114 0.7 34 0.0 Switzerland Switzerland Nov-01 2.6 5.3 4.7 11.6 26.3 25.2 169.4 -18.0 57.8 -1.3 -0.3 8.0 11.2 14.8 55.9 2.0 99.8 MSCI World, LPX 50 Global Global private equity fund of funds No- fund being realised 141 118 22 0 0 - -22 161 84% 114% 16% -16% 98% 31-Dec None No 31-Dec - 38 36 26 - 60 7 23 - - 10 - 58 - 7.5% IPV Capital L.P., 5.4% Exponent Private Equity Partners II, L.P, 5.3% Baring - - - - - - - 30-Sep - Horizon21 Private Equity Simon Lamprecht www.shape-capital.com 2.00% net assets 10% NAV total return Annual 5% p.a. compoundTrigger Absolute No - 1.48%

Growth Capital / Buyout -22.3 -24.4 36,712 0.5 8.1 4.6 25.5 30.7 30.8 52.8 -10.4 154.4 -1.3 -0.6 1.2 2.1 3.2 10.3 -21.8 2.8 42,716 44,388 5,127 2,612 2,880 174 -2,386 2,510
III LN 3i Group GBp 282.1 282/169 292.6 283.0 31-Dec 3M -3.6 -25.3 Interims Nov-12 4,291 971.4 5914 2.9 London SE UK Apr-45 2.7 25.2 13.3 31.3 32.3 48.7 20.8 -45.2 26.4 -1.1 -0.2 8.5 8.1 3.6 9.7 -67.2 -30.9 None Mainly Pan-European Buy-outs, growth capital & infrastructure Yes 4,163 5,036 1,222 2,019 800 - 797 1,297 121% 31% 49% 19% 0% 28-Sep Cap of 1bn of net debt Multi-currency facility. Fo 30-Sep 32 44 9 0 15 79 - - 1 16 - 3 117 52 14.5% 3i Infrastructure, 6.6% Action, 4.5% Mayborn Grp, 4.3% Foster and Partn 17 66 - - 1 17 16 31-Mar - Self-Managed Simon Borrows www.3igroup.com Self-managed - Carried inte Per investment - - - - - * carried interest on buyout portfolio & employee share opti 3.04%
AAA NA AP Alternative Assets US$ 16.40 16.95/9.4 19.15 19.10 30-Sep M -14.4 -34.6 - - 1,315 80.2 288 0.0 Euronext Guernsey Aug-06 3.0 10.8 5.9 12.6 45.8 63.6 127.8 23.4 - -1.3 0.1 0.3 2.7 13.7 42.9 -9.6 - - Global Global buyouts - 1,539 1,681 220 360 43 - 140 104 109% 7% 17% 9% 0% 29-Jun 100% net assets No - 6 - 90 1 3 56 - - 6 - 37 - - - 62.5% Private Equity Co-Investment(FundVI&VII), 30.2% Apollo Life Re Ltd., 10. - - - - - - - - Apollo Alternative Assets Leon Black www.apolloalternativeassets.com 1.25% investments 20% Individual investments n/a 8% p.a. Hurdle with catch-up - No - 3.20%
APEN SW APEN AG CHF 18.9 18.9/14.4 55.4 57.5 30-Sep 3M -65.9 -72.0 - - 85 4.1 29 0.0 Switzerland Switzerland Sep-99 3.3 12.3 9.1 16.2 28.6 10.7 46.5 -85.4 -70.1 -1.2 0.3 -1.5 -0.1 -6.3 6.3 -62.7 -11.4 LPX-50 Global Global private equity funds (mainly buyout) - 226 460 10 0 105 - -10 96 204% 43% 51% -4% 0 30-Jun n/a No - - 31 62 7 - 87 9 4 - - 0 - 67 - 4.4% Kinder Morgan Management, L.L.C., 4.2% Ports America, 3.4% Gospel M - - - - - - - - AIG Private Equity Andrew Fletcher www.apen.com 2.00% net assets 15% Fund investments* quarterly 5% p.a. Hurdle Yes No * performance fee of 20% on direct investments with no hurd 1.98%
LTA FP Altamir Amboise EUR 8.02 8.06/5.68 12.2 12.17 31-Mar 3M -34.1 - - - 392 36.5 - 2.5 Euronext France Dec-95 - 20.1 5.2 20.9 35.4 18.5 53.7 0.0 311.3 - - - - - - - - - France and Europe Co-invests with Private Equity funds managed by Apax - 569 446 143 0 0 - -143 - 78% - 25% 0% 0% 29-Jun - - - - - - - - - - - - - - - - - - - - - - - - - - - - www.altamir-amboise.fr - - - - - - - - - - -
BCAP LN Better Capital 2009 GBp 150.8 152/126 133.1 133.1 30-Sep 3M 13.2 21.4 Interims Oct-12 488 206.8 172 0.0 AIM Guernsey Dec-09 0.0 -3.4 -2.6 0.3 1.1 20.4 39.4 - - -5.0 -2.9 -1.5 7.3 19.5 37.0 - - None Mainly UK Investing opportunistically in distressed situations Yes 432 353 42 - - - -42 0 82% 0% 10% -10% 0% 30-Jun 10% of initial capital 30-Jun 100 - - - - - - - - - 100 - 7 - 25.3% Gardner, 19.1% Spicers, 14.6% Calyx, 12.0% Omnico Group, 10.1% Sant - - - - - - - - Better Capital Jon Moulton www.bettercapital.co.uk 1.52% placing proceeds 20% Intial capital plus realised gains less unrealise Annual 135% of initial pr Hurdle with catch-up - No - 1.77%
BC12 LN Better Capital 2012 GBp 109.6 120/101 97.5 97.5 30-Sep 3M 12.5 14.0 Interims Oct-12 292 169.9 49 0.0 AIM Guernsey Dec-09 0.0 -3.6 -3.2 -3.4 -7.1 7.7 - - - -5.0 -2.9 -1.5 -0.5 -0.9 - - - None Mainly UK Investing opportunistically in distressed situations Yes 260 102 157 - - - -157 32 39% 12% 60% -60% 0% 30-Jun 10% of total commitments 30-Jun 100 - - - - - - - - - 100 - 2 - 24.1% Jaeger, 15.1% Everest - - - - - - - - Better Capital Jon Moulton www.bettercapital.co.uk 1.50% placing proceeds 20% Intial capital plus realised gains less unrealise Annual 135% of initial pr Hurdle with catch-up - No - 0.07%
CDI LN Candover GBp 415.5 506/327 666.7 642.0 30-Jun 6M -37.7 -43.8 IMS Nov-12 142 21.8 88 0.0 London SE UK Aug-80 1.8 20.6 13.1 14.4 6.2 -18.1 -22.6 -84.0 -46.3 -1.9 -1.1 2.8 5.8 -7.5 -35.6 -72.5 2.7 FTSE All Share Pan-European Pan-European mid/large buy-outs Fund being realised 221 258 207 233 0 - -19 22 117% 10% 94% 12% - 29-Jun None Multi-currency facility 30-Jun 34 66 - - - 100 - - - - - - 20 109 26.7% Parques Reunidos, 26.7% Stork, 25.7% Expro Intl Group, 11.2% Technog - 100 - - - - - 30-Jun - Arle Capital Partners John Arney www.candoverinvestments.com 1.50% Investments and outstand 20% Underlying funds Life of funds 8% p.a. Trigger Absolute Absolute * offset by income earned from fees 3.89%
DEA IM DeA Capital EUR 1.39 1.49/1.17 2.60 2.60 31-Dec 3M -46.7 - - - 568 306.6 - - Borsa Italiana Italy Dec-06 - 16.4 -4.8 17.3 18.4 -4.4 13.0 -25.5 10.9 - - - - - - - - - Southern and Emerging Eur Direct buyouts, indirect fund investments and real estate - 1,067 1,123 155 0 0 - -155 105% 25% 15% -15% 10% 31-Mar - - - - - - - - - - - - - - - - - - - - - - - - - De Agostini - www.deacapital.it - - - - - - - - - - -
DBA GR Deutsche Beteiligungs EUR 20.27 21.2/14.17 19.20 20.75 31-Jan 3M 5.6 - - - 371 13.7 213 5.9 Frankfurt Germany Dec-85 - -7.7 2.3 16.4 34.1 16.8 13.3 -2.2 276.4 - - - - - - - - - German Mid-market buyouts Yes 387 173 221 - - - -221 7 45% 2% - -57% 0% 31-Oct - No - - - - - - - - - - - - - 18 - - - - - - - - - - - Self-Managed Wilken von Hodenberg www.deutsche-beteiligung.com 2.00% commited capital 20% Carried interest on each fund - 8% p.a. - - - - -
DIN SM Dinamia EUR 4.98 6.72/2.62 8.61 10.58 31-Mar 3M -42.2 -39.2 - - 108 16.3 50 2.0 Madrid SE Spain Dec-97 - -44.7 -4.8 4.4 14.8 20.3 -45.2 -77.6 -44.3 - - - - - - - - Ibex Small Cap, IGBM Spain and Portugal Mid-market buyouts Yes 245 148 95 - - - -95 10 61% 4% 39% -39% - 30-Jun - - - 1 99 - - - 91 - 8 - - - - 15 - - 1 - - - - - - 30-Jun - N+1 Capital Privado Jorge Mataix www.dinamia.es 1.75% net assets 20% Net realised gains exc. costs per investee co Annual IRR on Spanish 3 Hurdle with catch-up - No - 1.85%
DNE LN Dunedin Enterprise GBp 415.0 422/332 556.0 552.9 30-Sep 3M -25.4 -32.4 Q3 NAV Nov-12 167 25.8 56 1.2 London SE UK Apr-87 0.4 -3.1 -4.0 -0.6 18.9 26.2 48.0 -8.6 178.4 -4.7 -2.5 -1.0 -2.1 6.9 44.6 -4.4 142.1 FTSE Small Cap ex ICs UK and Europe UK small/mid buy-outs & Dunedin-managed funds Yes subject to distrinution policy to 245 187 57 0 31 - -57 118 76% 48% 36% -23% 12% 28-Jun 67% net assets No 30-Jun 84 16 - - - 99 - - - - - 1 - 30 7.2% CitySprint (UK) Group, 7.1% Practice Plan Holdings, 6.3% OSS Environm - - - - - - - 31-Dec - Dunedin Capital Partners Graeme Murray www.dunedinenterprise.com 1.50% investments (plus 0.5% on 10% Individual investments / Investment pool each y n/a 8% p.a. Trigger No No Carried interest scheme whereby employees contribute 1% of 2.42%
ELTA LN Electra Private Equity GBp 2,148.0 2255/1558 2497.1 2474.0 23-Nov 3M (unqu -14.0 -26.0 Finals Dec-12 1,189 35.3 495 0.0 London SE UK Feb-76 0.8 8.0 4.0 16.9 24.0 30.0 64.2 6.3 307.9 -3.8 -2.1 0.0 5.3 10.1 46.5 1.9 231.7 FTSE All Share UK and Europe UK & European mid-market buy-outs Yes 1,402 1,258 720 0 0 88 -632 146 90% 10% 55% -18% 0% 30-Mar - Euro borrowings 31-Mar 68 19 8 5 - 83 - - - - 5 12 93 56 17.2% Allflex, 7.8% PARK RESORTS, 6.6% Esure, 5.6% Barclays Global Invest - - - - - - - 31-Mar - Electra Partners Alex Fortescue www.electraequity.com 1.50% gross assets 18% (9% on Investment pool 3yrs to 30-Sep-12 8% p.a. Trigger No No Incentive fee measured for investment pool over fixed 3 yr p 2.45%
ESO LN EPE Special Opportunities GBp 56.5 57/47 88.4 89.3 31-Dec M -36.1 -40.8 - Feb-13 26 29.2 21 0.0 AIM Isle of Man Sep-03 0.1 -2.8 2.6 0.2 -0.2 18.2 89.0 -84.3 - -6.1 -2.8 -3.1 -1.1 -1.5 21.6 -74.2 - None UK UK SME financing - special situations, distressed, growth and buyout Yes - - - - - - - - - - - - - - None No - 100 - - - - - - - - - - - 14 - - - - - - - - - - - EPIC Private Equity Giles Brand www.epicprivateequity.com 800k Fixed fee 20% 0.0% Annual 8% p.a. compound Hurdle with catch-up Absolute No - 1.75%
RF FP Eurazeo EUR 39.25 42.5/27.21 74.8 74.80 31-Dec 3M -47.5 - - - 3,466 66.0 - 2.9 Euronext - - - -23.5 -3.6 15.9 19.8 21.2 -9.2 -41.3 57.8 - - - - - - - - - Continental Europe Mid to large sized buyouts - 4,907 4,176 621 - 1,518 - -621 - 85% - 44% -13% - 15-Mar - - - - - - - - - - - - - - - - - - - - - - - - - - - - www.eurazeo.com/uk - - - - - - - - - - -
GIMB BB GIMV EUR 41.27 42.8/34.86 40.37 43.78 30-Sep 3M 2.2 - - - 1,323 24.0 445 4.5 Euronext - Jun-97 - -2.9 5.5 16.0 22.1 10.9 10.7 -17.8 215.6 - - - - - - - - - Continental Europe Small to mid buyout and venture capital investments Yes 1,413 984 438 - - - -438 - 70% - - -31% - 31-Dec - - - - - - - - - - - - - - - - - - - - - - - - - - - - www.gimv.com - - - - - - - - - - -
HGT LN HgCapital T rust GBp 1,064.0 1076/895 1171.4 1151.9 30-Nov M (unquo -9.2 -13.0 Monthly NAV Jan-13 593 35.6 203 0.9 London SE UK Dec-89 1.2 0.9 -3.6 3.6 15.4 10.9 36.5 12.8 507.2 -3.4 -1.7 1.1 8.9 11.1 37.9 11.5 327.2 None Pan-European Pan-European mid market buy-outs (E75-750m) Yes 621 482 138 0 64 - -138 288 78% 46% 22% -22% 24% 30-Oct - Part of Euro exposure hedg 31-Oct 62 38 - - - 94 - - - - - 6 37 54 7.5% Visma Norway Holdco, 7.2% SHL, 7.0% Mercury Pharma, 6.9% IAS, 6.8% - 53 12 16 10 - 9 30-Jun - HgCapital Nic Humphries www.hgcapitaltrust.com 1/5% / 1.75%* Pre-Hg6 portfolio value / 20% Realised return on Hg6 Over life of Hg6 8% p.a. Trigger - No No charge on cash. Different fees apply to existing portfoli 2.84%
INVEB SS Investor SEK 185.1 185.6/122.8 223.0 223.0 31-Mar 3M -17.0 - - - 13,162 455.5 - 3.8 Stockholm - 1917 - 28.7 8.5 35.7 36.8 35.2 70.6 45.9 393.4 - - - - - - - - - Global Global buyouts and venture & growth capital - 19,954 20,109 - - - - - - 101% - - - - 31-Dec - - - - - - - - - - - - - - - - - - - - - - - - - - - - www.investorab.com - - - - - - - - - - -
JZCP LN JZ Capital Partners GBp 497.0 497/340 616.5 585.9 31-Dec M (unquo -19.4 -34.2 - - 506 65.0 91 4.1 London SE (S UK Jun-98 3.7 8.3 2.4 16.0 44.9 39.6 110.3 180.0 462.4 -0.1 0.7 4.5 4.7 9.1 59.1 43.4 183.5 Russell 2000 US US growth capital Yes 610 545 157 - - 86 -71 0 89% 0% 26% -12% 0% 31-May 50% net assets ZDP liability hedged 31-May - - 100 - - 43 - - - - 31 27 51 57 8.7% Safety Insurance Group, 6.6% Factor Energia,S.A., 5.4% Accutest Holding 19 - - - - - - 31-May - Jordan-Zalaznick Advisors David Zalaznick, Jay Jordan www.jzcp.gg 1.50% Average gross assets 20% Net income & realised capital gains Annual 8% p.a. for income Hurdle with catch-up Yes No 20% income gains (subject to net investment income of 8% p. 5.39%
LMS LN LMS Capital GBp 66.5 70/56 86.6 85.0 30-Sep 3M (unqu -23.2 -27.4 IMS Nov-12 236 226.2 183 0.0 London SE UK Jun-06 2.8 -2.2 -1.8 -4.1 1.3 18.1 30.9 -23.4 - -1.6 -0.1 0.5 -1.8 -4.3 3.5 -31.1 - - US and UK UK/US venture & growth capital Yes 382 312 81 0 0 - -81 17 82% 4% 21% -21% 0 4-Sep - No 5-Sep - - - - - - 100 - - - - - 28 - 10.6% HealthTech Holdings, 6.9% Weatherford International Ltd., 5.8% Apogee - - - - - - - 5-Sep - Self-Managed Nick Friedlos www.lmscapital.com Self-managed - Executive sh- - - - - - - 5.19%
NRI LN Northern Investors GBp 296.5 303/237 349.7 349.7 31-Dec M -15.2 -16.2 - - 56 12.1 10 2.3 London SE UK Oct-84 0.0 -5.6 -4.8 2.6 12.8 10.3 101.9 45.2 130.7 -5.0 -2.9 1.0 6.6 15.4 47.9 9.0 116.5 None UK Venture & growth capital - - - - - - - - - - - - - - - - No - - - - - - - - - - - - - 26 - 22.3% Kerridge Commercial Systems, 11.3% Control Risks, 7.2% Kitwave One, - - - - - - - - - NVM Private Equity Alastair Conn www.nvm.co.uk 1.75% net assets 13% NAV total return Annual 7.0% Hurdle n/a No - 3.03%
OCL LN Oakley Capital Investments GBp 140.5 141/114 179.0 174.0 30-Jun 6M -21.5 -23.7 Interims Sep-12 277 126.1 141 0.0 AIM Bermuda Aug-07 0.0 -0.8 -1.5 1.7 10.4 7.1 33.7 12.4 - -5.0 -2.9 1.3 2.7 4.1 27.4 45.4 - None UK and Europe Mid-market pan-European (equity investment 20-100m) Yes 351 4,893 113 0 0 - -113 209 66% 59% 32% -32% 27% 29-Jun 25% net assets No 30-Jun 33 62 5 - - 77 - - 23 - - - 8 - 50.8% Oakley Capital Investments, 2.8% Time Out(Bermuda)Limited 15% 2015N - - - - - - - 30-Jun - Oakley Capital Peter Dubens www.oakleycapitalinvestments.com 2% (1%) Co-investments & investme20% Co-investments (measured as pool) Annual 8% p.a. Hurdle Absolute No Invests primarily through LP with fees on underlying fund 2.05%
RATOB SS Ratos SEK 62.9 93/53.75 95.0 95.0 31-Dec 3M -33.8 - - - 951 84.6 - 4.2 Stockholm - Jun-54 - -49.5 -1.1 19.4 -7.6 -23.1 -30.9 -27.7 270.2 - - - - - - - - - Nordic Mid-market buyouts - 2,101 - - - - - - - - - 0% - 30-Sep - - - - - - - - - - - - - - - - - - - - - - - - - - - - www.ratos.se - - - - - - - - - - -
SVI LN SVG Capital GBp 337.0 337/252 408.0 369.8 18-Oct 3M -17.4 -28.5 Q3 NAV Nov-12 1,433 271.6 1333 0.0 London SE UK May-96 2.0 12.8 6.9 24.7 27.1 31.6 151.5 -62.7 -17.1 -2.3 -0.9 3.0 1.8 13.8 80.4 -63.7 -14.4 FTSE World Mainly European Currently fund of Permira private equity funds (new investment strate Will start making new primary commit 1,620 1,663 328 0 319 - -328 163 103% 10% 40% -20% 0% 6-Nov 40% net assets Currency swap to hedge c. 7-Nov 9 19 1 57 14 100 - - - - - - - 81 29.1% Hugo Boss AG, 17.0% Arysta Life Science Corp, 14.9% Galaxy Entertain 50 34 11 - - 50 5 30-Jun - SVG Advisers Lynn Fordham www.svgcapital.com 0.50% gross assets* Executive sh- - - - - - *2% plus 20% on underlying Pemira investments 0.22%
MF FP Wendel EUR 79.63 82.9/49.7 111.49 75.00 22-Aug - -28.6 - - - 5,276 49.5 6155 1.6 Euronext - - - 12.1 0.4 25.4 42.3 35.9 113.0 4.9 358.9 - - - - - - - - - Global - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - www.wendel-investissement.com/en/index.php- - - - - - - - - - -

Fixed Interest 0.5 -2.4 674 3.8 10.4 7.4 11.6 12.2 10.9 0.0 0.0 0.0 -0.1 0.8 3.5 7.8 9.8 0.0 0.0 0.0
HSLE LN HarbourVest Senior Loans Europ GBp 79.3 95/77 84.3 84.3 31-Dec M -6.0 -6.3 - - 174 139.9 60 4.0 London SE Guernsey May-10 0.0 -0.9 -1.0 0.0 4.5 -2.7 - - - -5.0 -2.9 -0.7 4.5 3.5 - - - None UK Unquoted technology companies Realisation objective 154 4,896 92 - - - -92 - 40% - - -60% - 30-Sep 10% of gross proceeds No - - - - - - - - - 100 - - - - - - - - - - - - - - - HarbourVest Senior Loan Advisers Karim Flitti www.hvsle.com 1.00% net invested assets 15% Cash return Annual 8% p.a. Trigger - - - 1.79%
NBDD LN NB Distressed Debt US$ 1.13 1.13/0.97 1.10 1.10 8-Feb D 2.7 -1.0 - - 501 444.3 229 0.0 London SE (S Guernsey Jun-10 4.4 12.3 8.8 13.5 13.6 13.3 - - - 0.7 1.4 4.2 8.4 10.9 - - - None UK Unquoted technology companies Realisation objective - - - - - - - - - - - - - - 10% of NAV No - - - - - - - - - 100 - - - - - 13.0% US Treasury Bill, 8.0% Federal Farm Cr Bks Cons FRN, 7.9% Bank of - - - - - - - - - Neuberger Berman Europe Michael Holmberg www.nbddif.com 1.50% net assets 20% Cash return Annual 6% p.a. - - - Payable once the fund has made distributions in cash to s 2.21%

TMT -26.5 -46.7 98 0.9 -5.5 -4.6 0.8 8.8 65.0 62.7 -21.2 109.1 -4.1 -2.0 -2.2 -3.7 9.4 3.1 -39.5 43.6
IMAC LN Ingenious Media Active Capital GBp 9.0 19/9 13.2 13.23 31-Dec 3M -32.0 -53.3 - - 20 143.2 17 0.0 AIM Guernsey Apr-06 0.0 -6.2 -14.7 -6.8 0.9 89.8 22.6 -47.3 - -5.0 -2.9 -7.4 -14.8 -4.6 -22.9 -59.5 - None UK High growth media companies - - - - - - - - - - - - - - - 25% net assets No - - - - - - - - - - - - - 8 - 20.5% BrandRapport Group Limited, 16.0% Brand Events, 13.2% Digital Right - - - - - - - - - Ingenious Ventures Patrick McKenna www.ingeniousmedia.co.uk 2.50% net assets 20% NAV total return Annual 10 yr Libor +3% Trigger Absolute No Plus 10 year mgmt options 3.46%
SPK LN SPARK Ventures GBp 10.8 14/7 13.7 16.2 30-Sep 6M -21.6 -44.0 - - 69 410.8 25 0.0 AIM UK Oct-99 1.2 -5.7 -2.2 3.1 13.5 72.4 165.6 62.8 139.7 -3.7 -1.7 -0.9 1.5 19.1 63.9 14.5 59.1 None UK Venture capital fund focussed on technology Realising existing investments - - - - - - - - - - - - - - None No - - - - - - - - - - - - - 17 - 24.3% IMIMOBILE, 18.9% Kobalt Music Grp, 16.8% NotOnTheHighStreet.com, 1 - - - - - - - - - SPARK Venture Management Andrew Carruthers www.sparkventures.com Self-managed - 20% Cash realisations less net unrealised losses Annual 5.0% Hurdle Absolute No Moved to external management agreement in Aug-09 -
AVA LN Avanti Capital GBp 69.5 83/68 145.0 145.0 30-Jun 6M -52.1 -52.3 - - 9 8.0 2 0.0 AIM UK Oct-97 0.0 -2.2 -1.4 -2.2 2.8 -17.3 23.4 -59.4 -25.2 -5.0 -2.9 -1.5 -0.2 -8.7 12.8 -28.9 -24.5 None Pan-European Private equity - - - - - - - - - - - - - - - - No - - - - - - - - - - - - - 3 - 57.6% Eclectic Bars, 41.0% mBlox Inc, 3.2% Espresso, 0.0% Medcenter Inc - - - - - - - - - Odyssey Partners Julian Fellerman, Richard Kleiner www.avanticap.com 3.00% net assets at Oct-06 25-40% Realisations over 12.7m Over life 6% p.a. Trigger (12.7m is th - No Carried interest scheme 25% 12.7m-15.2m, increased by -

VC / Pre-IPO -20.5 -34.0 785 0.2 9.1 3.6 7.9 2.6 10.4 11.1 -34.1 0.0 -1.1 -0.8 -0.1 0.1 -0.6 -2.0 -31.8 0.0
BPM LN B.P.Marsh & Partners GBp 122.0 130/86 178.2 178.0 31-Jul 6M -31.5 -43.5 - - 56 29.2 31 0.8 AIM UK Feb-06 0.0 1.4 3.5 14.9 38.4 25.8 35.2 -14.4 - -5.0 -2.9 -1.5 -0.2 4.8 20.7 -7.0 - None UK Financial services venture capital - - - - - - - - - - - - - - - - No - - - - - - - - - - - - - 9 - 59.7% Hyperion Insurance Group Ltd, 8.2% Besso Holdings, 8.0% Summa Insur - - - - - - - - - BP Marsh & Partners Brian Marsh www.bpmarsh.co.uk Self-managed - Carried inte Realised gains per investment Over life - - - - *Carried interest on certain investments and employee sha 3.75%
BSRT LN Baker Steel Resources GBp 94.3 123/79 111.3 110.3 31-Jan M -15.3 -16.2 - - 98 66.1 41 0.0 London SE Guernsey Apr-10 1.2 8.1 5.2 10.8 8.4 -17.5 - - - -1.7 -1.7 2.3 2.8 -12.5 - - - None Global Mainly pre-IPO Resource investments Yes - - - - - - - - - - - - - - 10% of NAV No - - - - - - - - - - - - - 15 - 35.8% Ivanplats Limited, 14.4% Gobi Coal & Energy Limited, 9.0% China Polymet - - - - - - - - - Baker Steel Trevor Steel, David Baker www.bakersteelresourcestrust.com 1.75% market cap. 15% NAV return Annual 8% p.a. Trigger Absolute - - 2.36%
HBMN SW HBM BioVentures CHF 49.75 53.1/40 60.51 60.51 15-Apr Mx2 -17.8 - - - 498 9.2 - 0.0 Switzerland Switzerland - - 13.0 5.3 8.9 -0.2 13.7 15.8 - - - - - - - - - - Nasdaq Biotech Index Global Small buyouts and venture No - - - - - - - - - - - - - 20% of net assets No but can opt to hedge - - - - - - - - - - - - - - - - - - - - - - - - - Self-Managed Dr Joachim Rudolf www.hbmbioventures.com 1.50% 80%/20% netassest/market15% NAV total return - - - Absolute - - 2.00%
LWT LN LoudWater GBp 29.5 68/26 40.1 40.1 30-Sep 3M -26.5 -49.0 - - 28 60.2 20 0.0 AIM Guernsey Jan-07 0.0 -9.7 -10.4 -7.8 7.2 129.1 31.1 -18.9 - -5.0 -2.9 -1.5 0.0 56.3 35.6 -17.0 - None UK and North America Pre-IPO investments - - - - - - - - - - - - - - - 50% LTV No - - - - - - - - - - - - - 8 - 17.2% Engine Group Limited, 15.0% Pentadyne Corp, 14.8% Glimmerglass Netw - - - - - - - - - Loudwater Investment Partners Edward Forwood www.loudwaterpartners.com 2.00% net assets 20% NAV total return Annual 7.5% Hurdle with catch-up Absolute No Base fee of 1% until proceeds 50% invested 3.26%
PTH LN Promethean GBp 17.5 22/15 36.9 38.0 30-Jun 6M -52.6 -39.1 - - 12 45.2 2 0.0 AIM Isle of Man Jun-05 2.6 -3.6 -2.9 -0.2 -13.8 -42.6 -36.9 -53.6 - 1.5 -0.3 -3.5 -0.2 -12.7 -45.0 -57.5 - None UK Small/mid cap private companies - - - - - - - - - - - - - - - None No - - - - - - - - - - - - - 4 - 41.7% Cambria Automobiles, 34.6% TIS Group, 18.9% InterMediactive Group, 3 - - - - - - - - - Promethean Investments Peter Burt www.prometheanplc.com Self-managed - 20% Per investment - 8% IRR Hurdle with catch-up - No Carried interest only paid if fund has delivered share pric 4.76%
OGT LN International Oil & Gas T echnolo US$ 4.8 5.98/4.73 10.3 10.3 30-Sep 3M -53.4 -47.1 - - 35 7.3 10 0.0 London SE Guernsey Jan-08 3.0 1.1 0.6 -1.5 -15.5 -17.6 -50.9 -50.7 - -1.4 0.1 -0.1 -2.4 -1.5 -8.2 19.8 - None North America/Middle East Growth capital to oil and gas technology companies - 88 70 2 - - - -2 - 79% - 3% -3% - 30-Sep 20% net assets No - - - - - - - - - - - - - 5 - 65.4% Strata Energy Services Inc., 21.2% SR2020 INC, 3.3% Crest Energy Servic - - - - - - - - - Linton Capital David Sefton http://www.international-ogt.com/ $1.32m Fixed fee - - - - - - - Revised fee in 2012 4.82%
RRF LN Rapid Realisation GBp 5.3 17/5 6.4 6.4 30-Sep 6M -18.0 -28.7 - - 5 57.7 1 0.0 AIM Guernsey Aug-07 -0.7 -34.8 -34.2 -33.3 -32.4 -21.2 -12.3 -46.9 - -7.1 -3.5 -2.2 -27.4 -43.9 -64.7 -69.8 - None Primarily UK Pre-IPO investments - - - - - - - - - - - - - - - 25% net assets No - - - - - - - - - - - - - 14 - - - - - - - - - - - Cenkos Fund Managers Steve Charnock www.rapidrealisations.com 2.00% net assets* 20% NAV total return Annual 7.5% Trigger Absolute No Base fee is 1% until proceeds 50% invested 4.86%
SPPC LN St Peter Port Capital GBp 55.0 60/49 103.3 103.3 30-Sep 6M -46.8 -48.0 - - 54 63.0 56 5.5 AIM Guernsey Apr-07 0.0 8.1 2.8 10.5 0.7 4.8 3.1 -42.3 - -5.0 -2.9 -1.5 0.1 0.3 15.7 -11.3 - None Primarily UK Pre-IPO investments (mainly Resource companies) - - - - - - - - - - - - - - - None No - - - - - - - - - - - - - 47 - 8.9% Red Flat Nickel, 8.2% Buried Hill Energy, 5.2% Nusantara Energy, 4.9% Br - - - - - - - - - St Peter Port IM Tim Childs www.stpeterportcapital.gg 2.00% net assets 20% Share price total return (avg of last 30 dealing d Annual 8% p.a. (non-com Hurdle with catch-up Absolute No Perf fee via carried interest scheme through dividend on f 3.63%
-
Asset Backed -5.7 -4.2 116 7.7 -0.6 -5.4 8.2 3.9 13.8 26.7 -55.9 0.0 3.8 4.7 8.1 14.3 12.9 24.2 -18.4 0.0
PSD LN PSource Structured Debt GBp 8.6 17/9 43.9 42.3 31-Oct M -80.4 -78.8 Monthly NAV Dec-12 8 59.6 4 0.0 London SE Guernsey Aug-07 2.8 -16.8 -16.2 -32.1 -44.5 -32.8 -83.0 -93.0 - -1.4 -0.1 -1.2 -5.4 -45.9 -64.7 -64.9 - None Mainly US Asset backed loans & equity warrants Only making follow-on investments 113 126 0 8 1 - 8 0 111% 0% 0% 8% 0% 30-Jun 30% net assets US$ exposure - 0 0 94 6 - - 100 - - - - - 55 - 68.5% Petrotech Holdings Corp, 12.6% Biovest International, 8.7% Creative Vis - - - - - - - 30-Apr - Psource Capital (Laurus) David Grin www.psourcestructureddebt.com 2% (reduces to net assets 20% NAV total return Quarterly 5% p.a. compound Trigger
f Absolute No Paid on all returns since last performance fee 4.04%
GLIF LN Greenwich Loan Income GBp 52.6 55/45 52.7 49.1 31-Dec 6M -0.1 1.3 - - 108 131.1 40 9.1 AIM Guernsey Aug-05 8.2 1.0 -4.4 14.6 13.2 21.3 164.3 -28.3 - 4.4 5.1 9.6 18.1 22.4 135.6 16.1 - None US Debt securities of Pan-European tech companies Yes - - - - - - - - - - - - - - 500% (borrowings >100% reNo - - - - - - - - - - - - - 82 - 28.9% Topps Company, Inc., 26.8% First Data Corporation B 1 Term Loan, 25.6 - - - - - - - - - T2 Advisers Saul Rosenthal www.glifund.com 2.00% gross assets - - - - - - - Mgr paid 1.4m in Apr-08 for cancellation of mgmt options -

Emerging Markets -27.9 -34.6 1,515 2.8 8.7 4.5 14.6 14.5 15.2 6.3 -45.2 - 2.6 -0.1 6.2 4.9 5.4 -2.5 -28.1 -
China -28.5 -42.9 244 2.3 21.5 12.3 40.0 29.9 -12.0 -34.0 -60.1 0.0 -1.3 -0.6 -2.3 -3.4 -9.5 -28.8 -31.2 0.0
ARCH LN ARC Capital Holdings US$ 0.67 0.77/0.4 0.92 0.92 31-Dec M -27.2 -42.4 Monthly NAV Nov-12 238 354.8 119 0.0 AIM Cayman Isles Jun-06 2.3 23.2 12.7 41.0 30.8 -6.2 -30.2 -60.1 - -1.3 -0.6 -2.3 -3.2 -9.3 -30.3 -31.2 - None Greater China Porfolio of unquoted retail/consumer products cos No- fund being realised 569 519 50 0 0 - -50 0 91% 0% 9% -9% 0% 4-Jan None May hedge into US$ - - - - - 100 - 100 - - - - - 10 - 24.6% Funtalk China Holdings, 22.6% Orient Home Dec & Building Materials, 1 - - - - - - - - - ARC Capital Partners Rachael Chiang www.arch-fund.com 1.00% net assets 2.8%* Realised value of each asset Per investment Fee subject to ne - - No 2.8% perf fee in 2012 falls by 10% pa 3.71%
CPEH LN China Private Equity Investments US$ 0.08 0.39/0.04 0.39 0.43 30-Jun 6M -79.5 -62.1 - - 6 76.3 2 0.0 AIM British Virgin Oct-09 3.0 -20.2 -1.4 11.6 4.7 -74.6 -83.2 - - -1.4 0.1 -0.4 -9.7 -11.7 -9.6 - - None Greater China Porfolio of unquoted retail and technology products Yes 0 0 0 0 0 0 - 0 - - - - - - - May hedge, but does not inte - - - - - 100 - - - - - - - - - - - - - - - - - - - Self-Managed Duncan Chui, Ernest Wong www.cpe-invest.com Self-managed - Share sche - - - - - - - 4.35%

India -34.8 -32.2 111 4.0 -2.1 -1.7 -1.1 -7.7 -14.4 5.7 -40.7 0.0 -0.3 1.0 -1.0 -3.9 -7.1 -15.7 -12.2 0.0
EIH LN EIH US$ 0.53 0.59/0.53 0.75 0.73 30-Jun 3M -29.3 -27.0 - - 34 64.5 6 0.0 AIM Isle of Man Mar-07 5.0 0.0 0.1 -4.5 -4.5 -3.5 88.1 -10.7 - 0.9 2.0 1.4 2.5 -1.8 -2.0 -14.6 - None India Private equity fund of funds - - - - - - - - - - - - - - - - No - - - - - 100 - - - - - - - 3 - 63.3% Evolvence India Fund PCC, 21.1% EIF Co Invest X (Gland Pharma Ltd), 1 - - - - - - - - - Gateway AM Jay Jegannathan www.evolvenceindia.com/index.htm 1.00% Direct investments 15% Realisations over cost each year Annual 8.0% Trigger - No No fee on investment in Evolvence funds 0.92%
ECAP LN Elephant Capital GBp 31.8 33/32 40.7 49.0 29-Feb 6M -21.9 -25.6 - - 24 47.7 0 0.0 AIM Isle of Man Apr-07 2.2 -4.4 -2.9 -1.5 -3.3 -0.6 -49.8 -75.0 - -1.8 -0.7 -1.6 -17.1 -20.8 -51.4 -66.4 - None India Focused portfolio of Indian private and public equities - - - - - - - - - - - - - - - 25% net assets No - - - - - 100 - - - - - - - 6 - 27.5% EIH Ltd, 16.8% Amar Chitra Katha Private Limited, 11.8% Air Works India - - - - - - - - - Promethean Investments Mohit Burman www.elephantcapital.com 2.00% net assets 20% Each investment Per investment 10% IRR Hurdle with catch-up - No 20% of fee paid in escrow and paid based on overall fund 5.29%
KUBC LN Kubera Cross-Border US$ 0.48 0.66/0.46 0.86 0.85 31-Dec 3M -44.2 -38.6 - - 52 109.7 9 0.0 AIM Cayman Isles Dec-06 4.1 -2.3 -2.3 1.5 -11.6 -24.6 8.6 -34.2 - -0.3 1.1 -2.3 -2.3 -5.3 3.4 13.7 - None India Companies providing services to N.America and Europe No - - - - - - - - - - - - - - 20% net assets No - - - - - 100 - - - - - - - 8 - 26.7% Synergies Castings, 24.7% Adayana, 23.3% Essel Shyam Commuicati - - - - - - - - - Kubera Partners Kumar Mahadeva, Ramanan Raghavend www.kuberacrossborderfund.com 2.0%* net assets 20% Each investment Per investment - - NAV not below Placing priceNo * base fee fixed at $3.9m p.a. in 2009, 2010 and 2011. Perf 4.04%

Vietnam -27.7 -34.3 671 2.1 10.2 5.4 15.9 16.0 36.8 20.0 -41.9 0.0 4.9 -0.8 9.7 7.9 20.4 7.5 -29.2 0.0
DWSVIET OT DWS Vietnam (OT C) US$ 0.28 0.29/0.21 0.51 0.51 31-Dec M -44.6 -46.9 - - 132 467.6 0 0.0 Irish SE Cayman Dec-06 5.9 9.6 2.9 20.3 14.9 27.4 2.2 -44.2 - 8.0 2.9 20.3 14.9 27.4 2.2 -44.2 - None Vietnam Diversified portfolio of Vietnam-related securities. - - - - - - - - - - - - - - - 25% net assets May hedge - - - - - 100 - - - - - - - - - 8.9% Vinamilk, 2.9% FPT, 2.9% Hoa Phat Group, 2.0% PetroVietnam Drilling Co, - - - - - - - - - Deutsche AM (Asia) Desmond Sheehy www.dwsvietnamfund.com 1.70% net assets 20% Sub-portfolio return Semi-annual 8% p.a. semi-annuHurdle with catch-up No No Catch-up between 8%-10% 2.25%
VIETSEP OTC PCA-Vietnam Seg. Portfolio (OT US$ 3.30 5.6/2.78 3.75 3.74 31-Jan M -12.0 -22.7 - - 81 24.5 0 0.0 Irish SE Cayman Isles Dec-06 -0.8 3.4 -3.6 2.1 -3.8 15.2 -10.3 -45.4 - 1.9 -3.6 2.1 -3.8 15.2 -10.3 -45.4 - Vietnam Stock Index Vietnam Vietnam focused companies - - - - - - - - - - - - - - - - May hedge, but generally do - - - - - 100 - - - - - - - - - 33.8% PROCONCO, 18.2% CorbynsInternational (VII), 9.2% ENVOY MEDIA (Mega - - - - - - - - - Prudential AM Alex Hambly www.prudentialfund.com 2.00% net assets 20% NAV return Annual 8% p.a. compoundHurdle No No - 2.23%
VOF LN VinaCapital Vietnam Opportunity US$ 2.05 2.06/1.37 2.74 2.73 31-Jan M -25.2 -33.1 - - 590 287.3 720 0.0 AIM Cayman Isles Sep-03 1.5 11.9 8.2 20.6 24.2 48.9 38.9 -39.2 - 4.5 -1.4 9.6 10.0 19.2 16.4 -13.4 - None Vietnam Vietnamese companies - - - - - - - - - - - - - - - - No - - - - - 100 - - - - - - - - - 11.3% Vinamilk, 8.0% Sofitel Metropole, 6.3% Eximbank, 5.2% An Giang Plant Pro - - - - - - - - - VinaCapital IM Don Lam, Andy Ho www.vinacapital.com/vof 2.00% net assets 20% NAV return Annual 8% p.a. compoundHurdle with catch-up Absolute No Base fee was 2.5% at launch 2.65%

Russia -15.9 -18.7 338 5.0 3.4 0.2 9.1 18.3 4.2 30.5 -23.4 0.0 2.3 2.0 8.7 7.9 -0.3 21.9 -13.2 0.0
AURR LN Aurora Russia GBp 31.4 35/24 66.6 62.3 30-Sep 6M -52.9 -58.3 - - 55 112.5 38 0.0 AIM Guernsey Mar-06 3.7 -0.1 0.7 14.4 27.9 -0.6 -6.0 -70.8 - 0.1 0.7 4.8 -0.5 -5.5 -37.5 -47.8 - None Russia Small/mid unquoted cos (focus on financial, business and consumer No- fund being realised 147 138 7 - - - -7 - 94% - 5% -5% 0% 30-Sep n/a No - - - - - 100 - - - - - - - 3 - 20.4% Grindelia Holdings, 19.4% Unistream - - - - - - - - - Aurora Investment Advisors John McRoberts www.aurorarussia.com 1.50% net assets 2.5%-20%* Realisations - 2.5% to 45m, 7.5 Trigger - No * fees decline by 25% p.a.from Dec-11 for 2.5% tranche and 4.13%
PVF LN Prosperity Voskhod US$ 1.26 1.31/1.01 1.38 1.41 1-Feb W&M -8.7 -11.0 - - 283 224.5 56 0.0 AIM Guernsey Oct-06 5.2 4.2 0.1 8.1 16.7 5.1 40.1 -5.3 - 2.7 2.2 9.4 9.3 0.7 37.4 0.0 - RTS Index Russia Small/mid unquoted cos (focus on consolidation & restructuring) - - - - - - - - - - - - - - - Up to $75m No - - - - - - - - - - - - - - - 15.9% Bashneft, 9.3% Transaero, 6.8% Dixy Group, 4.6% Mostotrest OAO, 4.6% - - - - - - - - - Prosperity Capital Management Mattias Westman www.voskhodfund.com 2.00% net assets 20% NAV return Annual RTS Index from la Hurdle Absolute No Performance fees added back to calculate 2.44%

Emerging Europe -45.7 -45.2 75 3.2 2.8 2.2 13.5 4.0 6.7 -10.9 -70.2 0.0 0.8 0.3 5.8 9.1 -13.4 -1.7 -42.1 0.0
RC2 LN Reconstruction Capital II EUR 0.50 0.6/0.46 0.89 0.88 31-Dec M -43.9 -43.1 - - 67 100.0 11 0.0 AIM Cayman Isles Dec-05 3.3 2.4 1.8 14.5 3.8 7.2 -10.7 -67.3 - 1.1 0.3 6.3 9.8 -15.1 -6.8 -39.2 - None Bulgaria and Romania Companies in Romania and Bulgaria - - - - - - - - - - - - - - - 30% LTV No - - - - - 100 - - - - - - - - - 41.2% EPH, 32.0% Policolor, 13.0% Top Factoring SRL, 5.1% Mamaia Resort Hot - - - - - - - - - New Europe Capital Ion Florescu www.reconstructioncapital2.com 2.25% net assets 20% NAV return Annual 8% p.a. from lau Hurdle Absolute No Calculated pre-fees & perf fees, but after buybacks -
UKRO LN Ukraine Opportunity US$ 2.19 2.38/1.88 5.52 5.51 31-Jan M (unquo -60.3 -62.3 - - 8 3.7 1 0.0 London SE UK Nov-05 2.7 5.8 5.9 5.7 5.8 3.1 -12.2 -80.0 - -1.7 -0.2 1.6 2.7 -0.2 25.6 -51.8 - None Ukraine Ukrainian unquoted companies - - - - - - - - - - - - - - - 30% net assets No - - - - - 100 - - - - - - - 19 - 36.3% Food Master, 25.3% Korsando Ltd, 16.0% Platinum Bank Shares, 8.9% Ch - - - - - - - - - Fabien Pictet & Partners Fabien Pictet, Luisa Gil Cote www.fpictet.com/ukraine.asp 2.00% net assets 20% NAV return Annual None - Absolute No - 4.03%

Kazakhstan -13.5 -23.7 76 0.1 2.6 2.7 -5.1 -5.0 8.2 15.7 -52.5 0.0 -4.6 -2.8 -8.0 -7.9 -20.1 -22.7 -46.5 0.0
TAU LN T au Capital US$ 0.45 0.48/0.42 0.52 0.52 31-Jan M -13.5 -23.7 Monthly NAV Feb-13 76 169.4 37 0.0 AIM Isle of Man May-07 0.1 2.6 2.7 -5.1 -5.0 8.2 15.7 -52.5 - -4.6 -2.8 -8.0 -7.9 -20.1 -22.

Management Groups
APO US Apollo Global Management
KKR US KKR
BX US Blackstone
CPMBV FH Capman
FIG US Fortress
PGHN SW Partners Group

Indices
Indices
LPX 50
LPX Europe
LPX Venture
LPX Buyout
LPX Mezzanine

MSCI World
MSCI Europe
FTSE Euro Mid
FTSE All Share
 Listed Priv ate Equity Data Sheet
As at: 11/02/13

Discount Control Mechanism s Other Details

Print
Total Expense Ratio Year End Buyback Repurchases Continuation Vote / Life Adv isers Key Shareholders FTSE All Share Member
inc. Perf Fee Authority Buybacks Tenders Date Details Broker Nomad Index
'000 '000

Dev eloped Markets

Fund of Funds
APEF LN Aberdeen Private Equity 1.97% 31-Mar Yes (14.99%) 91 - None - Panmure Gordon - 26.1% Aberdeen Asset Managers Ltd., 22.9% Hampshire County Council Pension -
CPEN SW Castle Private Equity (LGT ) - 31-Dec - - - - - - - - -
CCAP NA Conversus Capital 4.78% 31-Dec Yes (5%) - - None - Jefferies Hoare Govett, JPM Cazeno - 27% CalPERS, 11% Bank of America, 1.6% Oak Hill -
FPEO LN F&C Private Equity 1.46% 31-Dec Yes (14.99%) - - None - Cantor Fitzgerald Europe - 16.0% F&C Asset Management plc, 6.7% M & G Investment Management Ltd., 5.5 Small Cap
GPE LN Graphite Enterprise 1.83% 31-Jan Yes (14.99%) - - None - JPM Cazenove - 5.1% Henderson Global Investors Ltd., 5.0% Red Rocks Capital LLC, 4.9% JNL/R Small Cap
HVPE NA HarbourVest Global Private Equit 1.98% 31-Jan Yes (14.99%) - - None - JPM Cazenove, Jefferies Hoare Gove- - -
HPEQ LN Henderson Private Equity 1.87% 31-Dec Yes (14.99%) - 26,894 Realisation strategy - Winterflood - 37.4% Henderson Global Investors -
JPEL LN JPMorgan Private Equity - Ord 2.86% 30-Jun Yes (14.99%) 3,079 8,565 None (ZDP redemption - JPM Cazenove, Jefferies Hoare Gove- - -
MTH LN Mithras 1.51% 31-Dec Yes (14.99%) - - Realisation strategy - Winterflood - 34.7% Legal & General Investment Management Ltd. (UK), 12.1% CG Asset Mana -
NBPE NA NB Private Equity 1.81% 31-Dec Yes (12.5%) 1,959 - None - Oriel, Jefferies Hoare Govett - 29.9% Lehman Brothers -
PIN LN Pantheon International 1.23% 30-Jun Yes (14.99%) 25,223 - None - Canaccord - 10.8% Co-operative Asset Management, 6.5% John Lewis Partnership Plc, 5.6% A Small Cap
PINR LN Pantheon Intern'l - Redeemable 1.23% 30-Jun No 25,221 - None - Canaccord - 4.7% Henderson Global Investors Ltd., 2.6% Cirilium Moderate Fund, 1.8% Ty -
PEY LN Princess Private Equity 2.97% 31-Dec Yes (14.99%) 379 - None - Numis, JPM Cazenove - 8.76% Deutsche Asset Management Investmentgesellschaft, 6.88% Vega Invest -
PEHN SW Private Equity Holdings 2.49% 31-Mar Yes - - None - - - 20.0% Alpha Associates AG, 5.5% Asset Value Investors Limited, 5.3% Ironsi -
PEQ LN Private Equity Investor 1.65% 31-Mar Yes (14.99%) - 11,000 AGM Jul 2014 Every 5 yrs JPM Cazenove - 22.0% Damille Investments Ltd, 14.5% CG Asset Management Limited, 12.5% QVT -
SEP LN Std Life European Private Equity 1.02% 30-Sep Yes (14.99%) 244 - None - Canaccord - 50.6% Standard Life Investments Ltd., 7.2% F&C Asset Management plc, 5.3% He Small Cap
SHPN SW Shape Capital 1.48% 31-Dec No - - None - - - 6.9% Horizon21 Alternative Investments, 6.9% Swiss Reinsurance Company Ltd. -

Growth Capital / Buyout

III LN 3i Group 3.21% 31-Mar Yes (14.99%) - - None - Bank of America, Barclays Capital - 9.0% BlackRock Investment Management (UK) Ltd., 6.8% Threadneedle Asset ManFTSE 250
AAA NA AP Alternative Assets 3.20% 31-Dec - - 31,773 None - - - 2.4% JNL/Red Rocks Listed Private Equity Fund, 2.4% Red Rocks Capital LLC -
APEN SW APEN AG 1.98% 31-Dec Yes - - None - - - 34.8% American International Group Inc, 6.5% Ernst Ghner Stiftung, 5.1% W -
LTA FP Altamir Amboise - 31-Dec - - - - - - - - -
BCAP LN Better Capital 2009 1.77% 31-Mar Yes (14.99%) - - Fixed life of 8 years Investment period ends D Numis - Ruffer 29.39%, Scottish Widows 9.80%, JP Moulton 9.44%, BlackRock 9.24%, Avi -
BC12 LN Better Capital 2012 0.07% 31-Mar Yes (14.99%) - - Fixed life of 8 years 3 yr investment period Numis - John Caudwell 29.4%, Members of Consultant/GP 18.3%, Ruffer 11.8%, Jupiter 6.5 -
CDI LN Candover 3.89% 31-Dec Yes (14.99%) - - Realisation strategy - Merrill Lynch - 6.2% BP Investment Management Limited, 6.0% Schroder Investment Management Small Cap
DEA IM DeA Capital - 31-Dec - - -
DBA GR Deutsche Beteiligungs - 31-Oct - - - - - - - - -
DIN SM Dinamia 2.38% 31-Dec - - - - - - - 16.7% Ventos SA, 10.4% Electra, 7.5% Caja Navarra, 7.5% Agrupacio Mutua -
DNE LN Dunedin Enterprise 2.42% 31-Dec Yes (14.99%) - 21,078 None - Cantor Fitzgerald Europe - 25.9% Legal & General Investment Management Ltd. (UK), 15.1% Alliance Trust S Small Cap
ELTA LN Electra Private Equity 3.90% 30-Sep Yes (14.99%) - - None - JPM Cazenove - 8.3% M & G Investment Management Ltd., 7.1% HSBC Global Asset Management (UKFTSE 250
ESO LN EPE Special Opportunities 1.75% 31-Jan Yes (25%) 1,809 - - - Numis Numis 20.2% Brand (Giles Robert), 9.1% The Corporation of Lloyds, 8.0% Jupiter Ass -
RF FP Eurazeo - 31-Dec - - - - - - - - -
GIMB BB GIMV - 31-Mar - - - - - - - - -
HGT LN HgCapital T rust 3.44% 31-Dec Yes (14.99%) - - AGM 2015 Every 5 yrs Numis, Jefferies Hoare Govett - 11.0% Cazenove Capital Management Limited, 8.8% HgCapital, 5.0% Oxfordshi Small Cap
INVEB SS Investor - 31-Dec - - - - - - - - -
JZCP LN JZ Capital Partners 5.73% 28-Feb Yes (14.99%) - - Zeros redeem Jun-20 Repayment of zero JPM Cazenove - 6.0% Rothschild Bank AG, 5.2% Abrams Capital Management, 3.9% Jordan (Joh -
LMS LN LMS Capital 5.19% 31-Dec Yes (14.99%) - 40,000 Realisation strategy - JPM Cazenove JPM Cazenove 18.5% Withers Trust Corporation, Ltd., 13.2% Schroder Investment Management Small Cap
NRI LN Northern Investors 3.03% 31-Mar Yes (10%) - 10,050 Realisation strategy - Oriel - 14.1% R. C. Brown Investment Management PLC, 14.0% Middlesbrough Borough -
OCL LN Oakley Capital Investments 2.05% 31-Dec Yes 2,512 - AGM 2017 Every 5 yrs thereafter Liberum Liberum 31.5% INVESCO Asset Management Limited, 18.1% Ruffer LLP, 10.2% GAM Londo -
RATOB SS Ratos - 31-Dec - - - - - - - - -
SVI LN SVG Capital 0.22% 31-Dec Yes (14.99%) 41,223 50,000 None - Numis, JPM Cazenove, Espirito Sant - 21.5% Coller Capital, 19.1% AEGON Investment Management B.V., 11.1% Schrode FTSE 250
MF FP Wendel - - - - - - - - - - -

Fixed Interest
HSLE LN HarbourVest Senior Loans Europ 1.79% 30-Jun Yes (14.99%) - - AGM 2017 Every year thereafter Liberum - 13.8% Co-operative Asset Management, 12.6% Sand Aire Limited, 7.2% West Y -
NBDD LN NB Distressed Debt 2.21% 31-Dec Yes (14.99%) - - Investment period end - Oriel, Jefferies Hoare Govett - 8.5% M & G Investment Management Ltd., 6.7% Ikano All Seasons Fund, 6.7% I -

TMT
IMAC LN Ingenious Media Active Capital 3.46% 31-Mar Yes (14.99%) - - AGM Jul-2016 Every 5 yrs thereafter Canaccord Canaccord 25.5% Mc-Kenna (Patrick Anthony), 10.5% Kames Capital, 10.4% Universities -
SPK LN SPARK Ventures 7.17% 31-Mar Yes (14.99%) - - None - Canaccord Canaccord 21.0% M & G Investment Management Ltd., 20.0% M&G Recovery Fund, 9.7% Majed -
AVA LN Avanti Capital - 30-Jun Yes (15%) - - None - Canaccord Canaccord 15.5% French (Raymond John Randolph), 12.5% Moorfield Group PLC, 9.4% Klei -

VC / Pre-IPO
BPM LN B.P.Marsh & Partners 3.75% 31-Jan No 20 - None - Arbuthnot Arbuthnot 59.2% Marsh (Brian Peter), 8.4% SVM Asset Management Limited, 4.9% Crowther -
BSRT LN Baker Steel Resources 2.36% 31-Dec Yes (14.99%) - - AGM 2015 Special resolution (75%) Royal Bank of Canada, Winterflood - 20.2% Baker Steel Capital Managers LLP, 9.2% CF Ruffer Baker Steel Gold Fund -
HBMN SW HBM BioVentures - 31-Mar Yes (20%) - - - - - - 10.5% OSI Pharmaceuticals, 3.3% HBM BioVentures, 3.3% Pension Fund of Cant -
LWT LN LoudWater 3.26% 31-Dec Yes (14.99%) - - None - Panmure Gordon Panmure Gordon 29.3% Damille Investments Ltd, 26.9% Weiss Asset Management, 6.2% Fidelity -
PTH LN Promethean 4.76% 30-Jun No - - None - Fairfax Fairfax 22.1% Uberior Investments Plc, 22.1% Laminvest N.V, 11.5% Integrated Core Strat -
OGT LN International Oil & Gas T echnolo 5.01% 31-Dec Yes (14.99%) - - AGM 2015 Every 7 years Numis - 16.6% Henderson Global Investors Ltd., 15.1% Baillie Gifford & Co., 15.1% Sco -
RRF LN Rapid Realisation 4.86% 31-Dec Yes (14.99%) - - None - N+1 Singer N+1 Singer 17.3% Damille Investments Ltd, 9.7% QVT Financial LP, 8.6% Jupiter Asset Ma -
SPPC LN St Peter Port Capital 3.63% 31-Mar Yes (14.99%) 720 - EGM June 2017 Every 5 yrs thereafter Shore Capital Deloitte & Touche 12.0% Miton Capital Partners Limited, 9.7% Dalton Investments LLC, 9.6% Mercan -

Asset Backed
PSD LN PSource Structured Debt 4.04% 30-Jun Yes (14.99%) - - Realisation strategy a - Numis - 19.4% Miton Capital Partners Limited, 12.5% Merseyside Pension Fund, 11.4% -
GLIF LN Greenwich Loan Income 15.01% 31-Dec Yes (14.99%) - - None - Panmure Gordon Investec 13.5% Artemis Investment Management LLP, 11.7% AXA Investment Managers UK L -

Emerging Markets
China
ARCH LN ARC Capital Holdings 3.71% 31-Dec Yes (14.99%) - 28,000 Realisation strategy a - Numis Grant Thornton 7.1% Overseas Asset Management (Cayman) Ltd., 3.2% Henderson Global Investo -
CPEH LN China Private Equity Investments 4.35% 31-Dec Yes (14.99%) - - - - Smith & Williamson Smith & Williamson 15.4% Chui (Tak Keung Duncan), 11.1% Max Era Properties, Ltd., 9.9% Evergre -

India
EIH LN EIH 0.92% 31-Dec Yes (10%) - - AGM 2015 Every 3yrs thereafter Seymour Pierce, N+1 Singer Seymour Pierce 20.2% Henderson Global Investors Ltd., 17.8% Damille Investments Ltd, 9.7% W -
ECAP LN Elephant Capital 5.29% 31-Aug None - - None - Seymour Pierce Seymour Pierce 22.4% Weiss Asset Management, 21.0% Promethean Investment Group, Inc., 15.7% EG -
KUBC LN Kubera Cross-Border 4.04% 31-Dec Yes (14.99%) - - EGM 17 Jan 2013 Board proposing realisatio Numis Grant Thornton 6.6% Overseas Asset Management (Cayman) Ltd., 2.7% Petercam (Luxembourg) -

Vietnam
DWSVIET OT DWS Vietnam (OT C) 2.25% 31-Dec Yes (10%) - - AGM 2016 - NCB Stockbrokers - - -
VIETSEP OTC PCA-Vietnam Seg. Portfolio (OT 2.23% 31-Dec Yes - - 29-Dec-14 Fixed life Jefferies - - -
VOF LN VinaCapital Vietnam Opportunity 2.65% 30-Jun Seeking powers 29,441 - By 28 June 2013 Special resolution to wind- Numis, LCF Rothschild Grant Thornton 7.5% SMBC Nikko Bank (Luxembourg) S.A., 5.6% Credit Suisse Asset Management L -

Russia
AURR LN Aurora Russia 4.13% 31-Dec Yes (14.99%) - - AGM 2015 Every 5yrs thereafter Numis Numis 14.8% Standard Life Investments Ltd., 13.8% Slesinger (Tim James), 7.2% MET -
PVF LN Prosperity Voskhod 2.44% 31-Dec Up to 14.99% if di - - 2014 (wind-up vote, 75Every 3 yrs Cenkos KPMG Corporate Finance 30.9% City of London, 8.2% Henderson Global Investors Ltd., 5.4% West Yor -

Emerging Europe
RC2 LN Reconstruction Capital II 9.55% 31-Dec Buyback powers & an - - AGM 2014 Realisation strategy adop LCF Rothschild, New Europe Capital Grant Thornton 4.3% Petercam L Equities Opportunity, 4.3% Petercam S.A., 4.2% Florescu (Ion -
UKRO LN Ukraine Opportunity 4.03% 31-Dec Yes (14.99%) - - EGM vote Apr 2015, fixe- Winterflood - 18.7% Montpelier Investment Management LLP, 16.6% Greenwood (Nicholas J -

Kazakhstan
TAU LN T au Capital 2.90% 31-Dec If avg. discount>1 4,888 29,997 None - Numis Numis 19.7% LIM Advisors Ltd., 13.8% Jupiter Asset Management Ltd., 12.8% Jupiter -

Management Groups
APO US Apollo Global Management - - - - - - - - - - -
KKR US KKR - - - - - - - - - - -
BX US Blackstone - - - - - - - - - - -
CPMBV FH Capman - - - - - - - - - - -
FIG US Fortress - - - - - - - - - - -
PGHN SW Partners Group - - - - - - - - - - -

Indices
Indices
LPX 50
LPX Europe
LPX Venture
LPX Buyout
LPX Mezzanine

MSCI World
MSCI Europe
FTSE Euro Mid
FTSE All Share
How to Use Numis Investment Companies Datasheet
Below, we provide a summary of the functionality of the spreadsheet.
Please contact us if you have any questions.

Please ensure that Macro's are Enabled when opening the sheet and Macro security is set to Low

Fund Detail
To view a summary of the key details for an individual fund, select the row for the relevant fund click
the Fund Detail button. A new spreadsheet will open containing the fund summary.

Define Universe
The Define Universe button allows you to view a bespoke universe of funds. This is achieved through
selecting sectors, individual funds and other fund criteria such as, market capitalisation, net assets,
listing location and index membership.

Define by Sector
Only the Sectors that are ticked will be displayed. By unticking sectors all funds from these sectors will
be removed.

Define by Fund
The selection can be narrowed down to display only the individual funds in which you are interested.
Clicking Define by Fund will show a listing of all the funds in the sectors are ticked, individual funds
can be deselected and will disappear from the universe view when applied.

Fund Criteria
The universe can be defined by specific criteria, namely:
Minimum Market Capitalisation
Minimum Net Assets
Listing
FTSE All Share Index Membership
A combination of these criteria can be entered and will apply to existing universe that has been selected
by Sector and Fund.

Saving Preferences
Click on "Save" to save selected Universe. Click on "Load" to find saved universe

Sort
To sort, select any cell in the column you want to sort by then click the Sort button.

You can choose three ways in which the selected Universe is sorted:
Sector: Sort all funds within each Sector by selected column
Sub-sector: Sort all funds within each Sub-sector by selected column
All selected funds: Sort all funds within selected universe by selected column

The sort can be reset by clicking Reset Sort (without losing your defined universe).

Summary View
Clicking the Summary View button presents a selection of trading, performance and gearing data to
make it easier to view the key information.
Peer Averages
The averages for the sectors and subsectors can be shown as a Simple average or Weighted average by
market capitalisation.

These will always show the average for all funds in the Sector or Subsector. The selection of a universe
will not impact the averages.

Navigation
Sections of similar information are grouped together under the following headings:
Key Trading Details
Performance
Risk Analysis
Gearing & Asset Exposure
Geography
Management & Strategy
Fees
Discount Control Mechanisms
Other Details

To move directly to a section click the Navigation button and select the relevant section, or manually
scroll to the right.

Print
Each section of the spreadsheet can be individually printed. Clicking the print button shows a menu to
choose which sections are to be printed. The currently defined universe will be printed.

Performance
The default view, Sterling, except Hedge Funds Traded, shows the performance figures in Sterling
terms, except for the Hedge Fund sector where performance is in the Traded currency.
It is also possible to show all funds in either Sterling or the Traded Currency (e.g. US$ or Euro)
Where Peer Group Ranking is selected the ranking is based on the absolute performance in Sterling
terms.
Annualised returns show the 3, 5, 10 year and since launch performance figures on an annualised basis.
The figures for periods below one year are not annualised.
 is set to Low

relevant fund click

is achieved through
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m these sectors will

you are interested.
d, individual funds

at has been selected

nd gearing data to
Weighted average by

ection of a universe

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ted.

igures in Sterling
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mance in Sterling

an annualised basis.
Numis Investment Companies Datasheet
This datasheet has been produced by:
Numis Securities Limited Numis Investment Companies Research
10 Paternoster Square Charles Cade
London EC4M 7LT, UK +44 (0)20 7260 1327
Tel +44 (0) 20 7260 1000 c.cade@numiscorp.com
Fax +44 (0) 20 7260 1010
Email mail@numiscorp.com Ewan Lovett-Turner
+44 (0)20 7260 1299
Registered no.2285918 e.lovett-turner@numiscorp.com
Authorised and Regulated by The Financial Services
A member of the London Stock Exchange

Timing of Data
The price/ estimated NAV data are based on closing prices at the previous day (i.e. NAV estimates allow for yes
US closing prices, but not today's movements in Japan)

Sources of Information
All information is sourced by Numis Securities Limited, with the exception of:
Price & yield data
Index returns
Number of shares
NAV data
NAV and Price Returns
Key Holdings
Total Expense Ratios
Geographic breakdown
Largest Shareholders
Thomson Reuters Datastream / Bloomberg
Thomson Reuters Datastream / Bloomberg
Thomson Reuters Datastream
Morningstar / Numis Securities Limited
Morningstar / Numis Securities Limited
Morningstar / Numis Securities Limited
Morningstar / AIC/ Numis Securities Limited
Morningstar / AIC/ Numis Securities Limited
CityWatch / Numis Securities Limited

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Numis regards this document as a marketing communication. It has been approved under part IV article 19 of The Financial Services and Ma
2000 (Financial Promotion) Order 2005 (the "FPO") by Numis Securities Limited ("Numis") for communication in the United Kingdom only to
professionals as that term is defined in article 19(5) of the FPO. Its contents are not directed at, may not be suitable for and should not be re
anyone who is not an investment professional including retail clients. Numis does not provide investment advisory services to retail clients. T
marketing communication is not directed at you if Numis is prohibited or restricted by any legislation or regulation in any jurisdiction from mak
available to you. You should satisfy yourself before reading it that Numis is permitted to provide marketing material concerning investments t
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The prices of the investments referred to in this marketing communication and the income from them may go down as well as up and investo
realise losses on them. Neither past performance nor forecasts are a reliable indicator of future results. Numis accepts no fiduciary duties to
of this marketing communication and in communicating it Numis is not acting in a fiduciary capacity. Neither Numis nor any of its directors, of
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Where a price is quoted in a marketing communications it will generally, in the absence of contrary words, be the latest practicable price prio
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this marketing communication are derived from quotations on the London Stock Exchange.

Numis accepts no responsibility whatever for any failure by a person resident outside the United Kingdom to observe the foregoing. No part o
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nt Companies Research
George Crowe
+44 (0)20 7260 1280
g.crowe@numiscorp.com

Colette Ord
+44 (0)20 7260 1290
c.ord@numiscorp.com

i.e. NAV estimates allow for yesterday's

icle 19 of The Financial Services and Markets Act

unication in the United Kingdom only to investment
not be suitable for and should not be relied on by
ment advisory services to retail clients. This
or regulation in any jurisdiction from making it
eting material concerning investments to you under

onstitute a personal recommendation and

ing, appraisal of risk and reward, objectives,
al requirements designed to promote the
n Financial Instruments Directive ("MiFID") to any
d by the FSA to have policies in place to manage
 may go down as well as up and investors may
ts. Numis accepts no fiduciary duties to the reader
Neither Numis nor any of its directors, officers,
teness of fact or opinion in it or lack of care in its
d; nor shall it exclude or restrict any liability it has
ncial services.

ords, be the latest practicable price prior to

ose of business. Unless otherwise stated, prices in

gdom to observe the foregoing. No part of the

ny means without the prior consent of Numis and