Partners Group Global Value SICAV

Société d’Investissement à Capital Variable ("SICAV")

Unaudited Semi-Annual Report 2016

Unaudited financial statements for the period from 1 January 2016 to 30 June 2016

R.C.S. Luxembourg B 124.171

No subscription can be accepted on the basis of the financial reports. Subscriptions are only valid if they are made on the basis of the current prospectus accompanied by the latest annual report and the latest semi-annual report, if published thereafter.

TABLE OF CONTENTS

Mangement and Administration 3 Board of Director’s Report 4 Statement of net assets as at 30 June 2016 8 Statement of operations and changes in net assets for the period ended 30 June 2016 9 Statement of net asset value per share for the period ended 30 June 2016 20 Statement of changes in the number of shares outstanding for the period ended 30 June 2016 22 Notes to the financial statements as at 30 June 2016 23

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Management and Administration

Registered office

2, Place François Joseph Dargent, L-1413 Luxembourg

Board of Directors

Chairman Sérgio Raposo Partners Group (Luxembourg) S.A.

Directors Dr. Helene Müller Schwiering Advokatgruppen Luxembourg

Roland Roffler Partners Group AG

Daniel Van Hove Orionis Management S.A.

AIFM

Name Partners Group (UK) Ltd. 110 Bishopsgate, 14th Floor Registered office London EC2N4AY, United Kingdom

Administration and Advisors

Legal Advisor Loyens & Loeff Luxembourg S.à r.l. 18-20 rue Edward Steichen, L - 2510 Luxembourg

Depositary and Paying Agent, Registrar and M.M.Warburg & CO Luxembourg S.A. Transfer Agent 2, Place François Joseph Dargent, L-1413 Luxembourg

Administrator and Domicilary Agent WARBURG INVEST LUXEMBOURG S.A. 2, Place François Joseph Dargent, L-1413 Luxembourg

Auditor PricewaterhouseCoopers, Société coopérative 2, rue Gerhard Mercator, L-2182 Luxembourg

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Board of Director’s Report

Positive NAV development (+2.5%) in volatile times

With 2.5% year-to-date performance for the share class R (EUR), Partners Group Global Value SICAV (the “Fund”) has seen a solid first half of the year in 2016. Since inception in 2007, the Fund has outperformed the MSCI World TR by more than 30% on a net basis with continuously low volatility of only 5.2%. In an environment characterized by choppy public markets, the Fund continued its stable path of growth. Therefore it is expected to offer downside protection amid toppish equity markets given that, in contrast to public markets, valuations are rather earnings-based than sentiment-driven.

Major performance drivers in the first half of 2016 were the Fund's direct investments, with VAT Group AG ( “VAT”) being the largest contributor. During the reporting period, the Fund sold a substantial part of its lead direct equity investment VAT. Due to supportive exit markets and Partners Group's active value creation at company level, the 10x oversubscribed IPO of VAT was successful with the company having priced its IPO at CHF 45 per share, which equals an enterprise valuation of CHF 1.6bn. Following the listing and the successful exercise of the over-allotment option, funds managed and/or advised by Partners Group and Capvis continue to hold approximately 45.8% of VAT's share capital. Since its listing, the share price has risen to CHF 61.70 1 representing an increase of 37%. According to the Financial Times, VAT was the largest IPO in Europe as of 30 April 2016.

In cooperation with investment partner Capvis, Partners Group has initiated several projects which have contributed to the successful development of the company since it was acquired in 2014. Already in the due diligence phase, possibilities for improvement were identified by Partners Group's dedicated mid-market industry value creation team. These value creation initiatives included the optimization of VAT's global production and supply chain which was one of the key drivers of the company's significant margin improvement. Supply chain initiatives included a diversification and optimization of cost of goods through global sourcing which resulted in a reduced Swiss franc cost exposure while the production initiative implied the rollout of lean production principles which led to time savings of up to 54% in the assembly process of key products. Furthermore, VAT's leverage has been reduced by generating significant cash flows and successfully implementing a number of working capital initiatives.

Overall in 2015, VAT increased its revenue by 13% whereas the EBITDA rose over-proportionally by 22% to CHF 127 million at a margin of close to 31%. Partners Group is confident of VAT's future prospects as a public company and Alfred Gantner, co-founder of Partners Group, intends to continue supporting the company in its next growth phase as the vice-chairman of the board of directors.

Apart from VAT, the Fund's direct equity investments in Action, Pacific Bells as well as Project Gold Chain have contributed substantially to the Fund's value increase. The Dutch discount retailer Action continued its international expansion increasing the number of stores to over 720 from 256 at the time of acquisition. Pacific Bells, a franchisee of the Taco Bells and Buffalo Wild Wing brands has been positively revalued after completing its acquisition of RGT Foods, a network of 35 Taco Bell restaurants in Tennessee and Mississippi. The transaction was all-debt financed via an increase in the company's term loan. Overall, the ten largest value drivers contributed EUR 34.7 million to the Fund's performance.

1 Share price as of 30 June 2016

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Sustained high investment activity with an increased decline rate

Partners Group's investment approach remained highly selective throughout the first half of 2016, rejecting 2'907 of the 2'981 screened investments, resulting in a decline rate of 98%. The investment focus remained predominantly on directs (equity and debt) in the small- and mid-cap space, which continued to offer relative value compared to the large-cap segment. Besides the direct transactions, the Fund became more active on the primary side whereas secondary investments were pursued only very selectively. Overall, the Fund invested EUR 166.1 million in twelve new direct as well as two secondary transactions and committed 73.6 million to eight primary investments.

Direct investments

Guardian Early Learning Group In March, Partners Group acquired Guardian Early Learning Group (Guardian), from exiting private equity firm Navis Capital, at an enterprise value of approximately AUD 440 million. Guardian is an early childhood education group and one of the largest Australian providers of company-sponsored childcare as well as childcare services to local community centers. Founded in 2004, Guardian currently has over 70 early learning centers that provide more than 10'000 families and their children with high-quality early learning and care on a daily basis. Guardian is an attractive investment opportunity given the strong underlying demand for childcare in Australia. Early childhood has been proven to be a crucial stage in a child's learning and development, and innovators like Guardian provide an essential service to society. Post-acquisition, Partners Group will draw on its experience in the childcare and education sectors to support the expansion of Guardian's network of centers.

Au Housing Finance In June, Partners Group agreed to acquire Au Housing Finance, an Indian housing finance company in a corporate carve-out. The company provides housing loans to India's low and middle income segments. The market is defined by low default rates given strong lender rights coupled with low loan-to-value ratios and the cultural belief in the home as a family's most important asset. Partners Group had identified Au Housing as an attractive target ahead of the process and teamed up with an existing investor of the parent company, Kedaara Capital. This relationship, combined with Partners Group’s deep knowledge of the housing finance segment and its strong industrial partner network built during prior work in this segment, positioned the consortium as the management's preferred partner. Partners Group will support the company in driving its future growth strategy and help improve the company's processes and systems to absorb the growth.

Netsmart Technologies Also in June, Partners Group made a debt investment in Netsmart Technologies. The investment supports the joint-acquisition of the company by its NASDAQ-listed competitor Allscripts Healthcare Solutions, alongside equity sponsor GI Partners. Netsmart, a provider of software and technology solutions to the healthcare industry, will be merged with Allscripts' homecare business. Netsmart's applications are used in areas such as electronic health records, patient management and billing. The company serves more than 24'000 home health, hospice and healthcare service organizations, with a network that includes over 500'000 care providers.

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Secondary investment

Project Nevada In May, the Fund invested in Project Nevada, a secondary transaction that comprises the acquisition of a direct equity stake in Europastry, the leader in the Spanish frozen dough sector and portfolio company of MCH fund III, together with a primary commitment to MCH fund IV. The direct investment is an attractive asset with strong margins and increasing international expansion opportunities. Partners Group was well-positioned to evaluate and execute the opportunity given its previous experience in the global private-label food sector.

Primary investments

Advent International Global Private Equity VIII-A L.P. In March, a primary commitment was made to Advent International GPE VIII, a fund managed by Advent International, a global mid-market buyout firm which typically takes a lead position in its investments. In addition to its team of over 170 investment professionals, Advent's Portfolio Support Group helps to define and align the business and strategic plans between the investment and management teams. Just like its predecessor funds, Advent GPE VIII will target control buyouts and recapitalizations in the US and Europe, with a focus on the industrial, healthcare, consumer, financial services and technology, media and telecommunications sectors. The fund held a first and final closing at its hard cap of USD 13 billion.

Apax IX EUR L.P. In May 2016, a new commitment was made to Apax IX EUR. Founded in 1969, Apax Partners is a UK-based global private equity advisory firm with EUR 35 billion of equity capital under management. The company adopts a sector- focused investment approach and typically invests in large companies with an enterprise value between EUR 1-5 billion. Key sectors for this fund include technology & telecommunications, services, healthcare, and consumer. The commitment is a complement for the mid-cap strategy which Partners Group executes on the direct investment side.

Portfolio allocation further shifted towards direct investments

The Fund remains broadly diversified across sectors, financing stages, regions and vintage years. During the reporting period, the Fund has further increased its allocation towards direct investments, which currently account for 56% of the overall portfolio, up from 53% at the end of 2015. Secondary and primary investments represent 23% and 21%, respectively.

With respect to financing stages, 64% of the portfolio's investments have been made in the buyout sector, 31% in private debt and special situations, which mostly consist of 1 st and 2 nd lien senior loan investments and the remaining 5% are invested in venture capital. The latter, providing exposure to young and fast growing companies, is executed through primary and secondary investments. The regional diversification remains widely unchanged: 48% North America, 35% Europe, 12% Asia-Pacific and 5% Rest of World.

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Outlook

On the private markets side, with large-cap purchase multiples at all-time highs today, a clear value-add strategy and high selectivity becomes more important than ever. Against this backdrop, Partners Group's view is that the most attractive direct investments continue to be found in the small- and mid-cap market segment, where valuations are significantly more compelling and growth can be driven by operational initiatives.

Partners Group focuses on transformative trends within its established investment strategies. These include companies with stable valuations, recurring revenue streams and visible cash flows. In addition, Partners Group targets growth-focused investment opportunities and seeks to acquire platform companies, supporting add-on acquisitions for platform build-out or international expansion. A third area of interest are so called category winners, which contains companies that dominate specific industries benefitting from trend-based tailwinds with growth rates significantly higher than average.

As of 30 June 2016, the Fund has a promising investment pipeline with currently more than 14 new direct investments in advanced due diligence stages. With regards to future exits, Partners Group believes that the environment will remain favorable and continues to asses potential realizations of portfolio companies. If realizations take place, they will typically be conducted above the latest valuation which should further support NAV growth. Overall, Partners Group is confident about the prospects for the second half of 2016.

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Partners Group Global Value SICAV

Statement of net assets as at 30 June 2016

Assets Notes EUR

Investments at market value 2.1 1.075.984.158 Cash at bank 127.816.617 Net unrealized gain on forward foreign exchange contracts 2.7, 7 2.876.721 Receivable on investments 14.417.151 Other assets 23.113.068

Total assets 1.244.207.715

Liabilities

Net unrealized loss on forward foreign exchange contracts 2.5, 7 (4.613.024) Management fees payable 3 (5.924.521) Performance fee payable 3 (29.666.590) Liabilities Payable Depositary fees 3 (67.359) Liabilities Distribution fees (33.621) Liabilities Administration fees 2.5, 7 (130.954) Liabilities Auditor fees (77.439) Service Agent fees (272.191) Liabilities Taxe d'abonnement (275.322) Liabilities on interest on credit facilities (564.087) Subscription received in advance 4 (1.558.642) Payable on redemptions - Other liabilities (381.675)

Total liabilities (43.565.425)

Total Net Assets 1.200.642.290

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

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Statement of operations and changes in net assets for the year ended 30 June 2016

Notes EUR Income Interest on bank account 2.7 4.702 Interest on time deposit 2.7 (9.792) Income on investments 4.179.706 Other income 693.003 Total income 4.867.619

Expenses Central Administration fees 2,3 (257.503) Management fees (10.901.811) Domiciliary Agent fees (4.973) Depositary Bank fees 5 (132.932) Performance fees 5 (6.424.965) Distributor fees (6.663) Taxe d'Abonnement 4 (273.929) Audit fees 3 (169.873) Printing and publication expenses 10 (1.500) Interest paid (145.115) Interest paid on credit facilities (41.265) Registrar and Transfer Agent fees (2.486) Depositary fees (238) CSSF fees (1.492) Other expenses (731.883) Total expenses (19.096.628)

Ordinary net income (14.229.008)

Realized profit on investments 39.421.237 Realized profit on FET 31.778.215 Realized profit on currency 4.962.526

Realized loss on investments (241.609) Realized loss on FET (31.160.014) Realized loss on currency (1.194.171) Net realised result 43.566.183

Change in unrealized profit on investments 4.832.545 Change in unrealized profit FET 2.776.654 Change in unrealized profit on currency -

Change in unrealized loss on investments (1.261.894) Change in unrealized loss FET (299.951) Change in unrealized loss on currency (19.173.200) Net change in unrealized profit/loss (13.125.846)

OPERATIONS 16.211.329

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Statement of operations and changes in net assets for the year ended 30 June 2016

Capital Transactions Net capital subscriptions/ redemptions (-) I Shareholders (11.609.167) R Shareholders 28.257.757 I (USD) Shareholders (3.832.557) R (USD) Shareholders (29.479.969) D (GBP) Shareholders (747.712) I (AUD) Shareholders 34.014.939 A (GBP) Shareholders 6.374.898 R (CHF) Shareholders (17.056.377) E (EUR) Shareholders 31.989.725 E (USD) Shareholders 72.960.681 E (GBP) Shareholders 42.573.495 1.680.054 TRANSACTIONS 155.125.766

Net Assets Beginning of the period 1.029.305.196 Total increase in net assets 171.337.094 NET ASSETS AT THE END OF THE YEAR 1.200.642.290

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

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Market value as a percentage of net Transferable securities admitted to an official Market Value assets stock exchange PGA (*) Currency in EUR in % Partners Group Private Investments - Listed Equity EUR 1.087.142,00 0,09 Penta CLO I S.A. EUR 920.000,00 0,08

Total transferable securities admitted to an official stock exchange 2.007.142,00 0,17

Private Equity Funds 3i Eurofund Vb EUR 2.092.901,67 0,17 3i Eurofund Vb PGA 210 EUR 1.031.332,97 0,09 Acacia I, L.P. EUR 1.892.150,54 0,16 Advanced Technology Ventures VII, L.P. PGA 378 USD 59.702,65 0,00 Advent International GPE V-C, L.P. EUR 196.874,87 0,02 Advent International GPE VI, L.P.** PGA 116 EUR 616.293,56 0,05 AIF VII Private Investors Offshore, L.P. (JPM) PGA 347 USD 134.567,68 0,01 Amadeus III, L.P. GBP 820.897,40 0,07 American Capital Equity I, LLC USD 364.852,66 0,03 Apax Europe VI-A, L.P. PGA 141 EUR 132.709,92 0,01 Apax Europe VII - A, L.P. PGA 141 EUR 221.716,08 0,02 APAX Europe VII - B, L.P. PGA 347 EUR 586.032,92 0,05 Anonymized European Buyout Fund 9** PGA 347 USD 172.307,84 0,01 Anonymized European Buyout Fund 15 PGA 409 USD 4.893.567,93 0,41 Apollo Overseas Partners VI, L.P. PGA 372 USD 35.193,91 0,00 Apollo Overseas Partners VII, L.P. PGA 372 USD 34.065,24 0,00 Apollo Overseas Partners VIII, L.P. PGA 560 USD 3.921.298,48 0,33 Ares Corporate Opportunities Fund II, L.P. USD 659.759,15 0,05 Ares Corporate Opportunities Fund II, L.P. PGA 126 USD 98.976,49 0,01 Ares Corporate Opportunities Fund III, L.P. PGA 65 USD 3.918.661,85 0,33 Astorg III, FCPR PGA 127 EUR 31.767,53 0,00 Astorg IV FCPR EUR 1.237.874,19 0,10 Astorg IV FCPR PGA 128 EUR 247.574,67 0,02 August Equity Partners II A, L.P.** PGA 17 GBP 1.723.363,75 0,14 Avista Capital Partners (Offshore), L.P. PGA 11 USD 2.227.477,04 0,19 Avista Capital Partners, L.P. PGA 106 USD 1.442.617,93 0,12 Bain Capital Europe Fund III, L.P. PGA 141 EUR 301.300,16 0,03 Bain Capital Fund VII, L.P. PGA 141 USD 36.436,68 0,00 Anonymized US Buyout Fund 5 PGA 141 USD 38.290,96 0,00 Anonymized US Buyout Fund 5** PGA 88 USD 617.607,07 0,05 Bain Capital Fund VIII-E, L.P. PGA 141 EUR 41.361,75 0,00 Anonymized US Buyout Fund 2 PGA 141 USD 71.080,87 0,01 Anonymized US Buyout Fund 2** PGA 470 USD 1.031.809,49 0,09 Anonymized US Buyout Fund 2 PGA 49 USD 1.834.350,27 0,15

*) PGA means a Partners Group Access LP and describes cases where the Fund does not invest directly in the underlying but via such an access vehicle **) The investment has not been disclosed due to confidentiality reasons; for further details see Note 6

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

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Market value as a percentage of net Market value assets PGA (*) Currency in EUR in %

Bain Capital IX Co-Investment Fund, L.P. PGA 141 USD 89.364,87 0,01 Anonymized US Buyout Fund 4 USD 934.193,93 0,08 Anonymized US Buyout Fund 4** PGA 105 USD 553.772,35 0,05 Anonymized US Buyout Fund 4 PGA 141 USD 235.193,12 0,02 Bain Capital VIII Coinvestment Fund, L.P. PGA 141 USD 8.740,97 0,00 Anonymized US Buyout Fund 8** PGA 49 USD 75.536,34 0,01 Baring Asia Private Equity Fund VI L.P.** PGA 695 USD 1.906.957,12 0,16 BC European Capital VII (1) PGA 141 EUR 762,44 0,00 BC European Capital VII (1) PGA 38 EUR 3.689,16 0,00 BC European Capital VII Top Up Fund PGA 141 EUR 409,54 0,00 BC European Capital VII Top Up Fund PGA 38 EUR 1.100,92 0,00 BC European Capital VIII, L.P. PGA 141 EUR 77.653,63 0,01 Anonymized US Buyout Fund 11 PGA 210 USD 268.845,81 0,02 Blackstone Capital Partners V/C, L.P. PGA 131 USD 122.568,30 0,01 Blackstone Capital Partners V/E, L.P. PGA 210 USD 199.654,28 0,02 Blackstone Capital Partners V/F, L.P. PGA 316 USD 180.498,52 0,02 Blackstone Capital Partners V/G, L.P. PGA 210 USD 465.747,81 0,04 Blackstone Capital Partners V-S, L.P. PGA 131 USD 21.254,10 0,00 Blackstone Capital Partners V-S, L.P. PGA 210 USD 117.891,63 0,01 Global Office and Hotel Fund VI** PGA 96 USD 3.088.434,34 0,26 CAI Capital Partners & Co. III, L.P. CAD 23.410,96 0,00 Canaan Equity III, L.P. PGA 378 USD 18.794,67 0,00 Candover 2001 Fund UK No. 2, L.P. EUR 0,17 0,00 Candover 2005 Fund, L.P. EUR 495.511,62 0,04 Candover 2005 Fund, L.P. PGA 200 EUR 330.341,35 0,03 Anonymized US Buyout Fund 1** PGA 181 USD 96.396,49 0,01 Anonymized US Buyout Fund 1 PGA 372 USD 4.895,16 0,00 Anonymized US Buyout Fund 16 PGA 372 USD 55.948,78 0,00 Anonymized US Buyout Fund 18** PGA 231 USD 1.876.230,83 0,16 Carlyle Partners VI, L.P. USD 4.805.223,52 0,40 CCMP Capital Investors II, L.P. USD 683.728,45 0,06 CCMP II Private Investors Offshore, L.P. PGA 347 USD 47.260,80 0,00 Centennial Ventures VII, L.P. PGA 378 USD 11.044,46 0,00 Clayton, Dubilier & Rice Fund VII L.P. PGA 363 USD 161.096,57 0,01 CCPIII USD 4.156.615,72 0,35 Coller International Partners IV, L.P. USD 177.377,42 0,01 ComVentures V, L.P. PGA 378 USD 6.755,68 0,00 CVC Capital Partners Asia Pacific II, L.P. PGA 141 EUR 3.011,95 0,00 CVC Capital Partners Asia Pacific III, L.P. PGA 141 EUR 73.054,74 0,01

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

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Market value as a percentage of net Market value assets PGA (*) Currency in EUR in %

CVC Capital Partners VI (A) L.P. PGA 546 EUR 2.280.325,67 0,19 CVC European Equity Partners IV, L.P. EUR 381.230,93 0,03 CVC European Equity Partners IV, L.P. PGA 116 EUR 166.789,96 0,01 CVC European Equity Partners Tandem Fund (A), L.P.PGA 226 EUR 108.900,84 0,01 CVC European Equity Partners Tandem Fund (B), L.P.PGA 116 EUR 125.434,94 0,01 CVC European Equity Partners V, L.P. PGA 116 EUR 395.916,98 0,03 CVC European Equity Partners V, L.P. PGA 226 EUR 285.060,25 0,02 Anonymized US Buyout Fund 3** PGA 39 USD 3.502,01 0,00 DCM III, L.P. PGA 378 USD 53.152,24 0,00 Development Capital I, SCA (Alto Capital I) EUR 175.610,00 0,01 Doughty Hanson & Co V EUR 1.770.859,03 0,15 Duke Street Capital VI No 1, L.P. EUR 381.039,43 0,03 Edison Venture Fund IV, L.P. PGA 378 USD 2.258,88 0,00 Edison Venture Fund V, L.P. PGA 378 USD 85.468,32 0,01 Edison Venture Fund VI, L.P. PGA 378 USD 152.547,34 0,01 Energy Future Holding Corp (KKR 2006)** USD 383.913,64 0,03 Energy Future Holding Corp (TPG IV, L.P.)** USD 2.013,49 0,00 Energy Future Holding Corp (TPG V, L.P.)** USD 17.687,91 0,00 EnerTech Capital Partners II, L.P. PGA 378 USD 58.227,55 0,00 EQT VI (No.1) Limited Partnership PGA 346 EUR 2.564.973,90 0,21 EQT VII, L.P. PGA 784 EUR 1.114.961,26 0,09 Exponent Private Equity Partners III, L.P. GBP 1.818.092,35 0,15 Financial Technology Ventures III L.P. PGA 378 USD 51.873,98 0,00 First Reserve Fund XI, L.P. USD 258.709,28 0,02 First Reserve Fund XII, L.P. USD 741.340,15 0,06 Global Real Estate Hybrid Co-Investment Fund V** PGA 96 USD 546.490,64 0,05 Global Real Estate Hybrid Fund V** PGA 96 USD 1.475.284,67 0,12 Fourth Cinven Fund, L.P. PGA 130 EUR 103.559,02 0,01 Fourth Cinven Fund, L.P. PGA 192 EUR 118.410,09 0,01 Gabriel Venture Partners II, L.P. PGA 378 USD 32.577,04 0,00 Gavea Investment Fund V C L.P.** USD 1.114.440,85 0,09 Growth Fund Trust 3 AUD 310.619,97 0,03 Hamilton Lane Private Equity Plc USD 3.806,32 0,00 Hellman & Friedman Capital Partners VI, L.P. USD 1.060.267,21 0,09 Anonymized European Real Estate Fund PGA 151 USD 929.491,60 0,08 Hony Capital Fund VIII (Cayman), L.P. PGA 426 USD 1.665.788,92 0,14 ICG European Fund 2006, L.P. PGA 64 EUR 768,11 0,00 KKR 2006 (Premium) USD 355.163,21 0,03 KKR 2006 Private Investors Offshore, L.P. PGA 347 USD 163.597,78 0,01 KKR 2006/D Fund, L.P. PGA 177 USD 1.153.672,96 0,10 KKR European Fund IV, L.P. PGA 733 EUR 3.293.020,66 0,27

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

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Market value as a percentage of net Market value assets PGA (*) Currency in EUR in %

Kohlberg TE Investors VI, L.P. USD 347.434,78 0,03 Kohlberg TE Investors VI, L.P. PGA 372 USD 4.515,92 0,00 Lexington Capital Partners II, L.P. USD 93.171,39 0,01 Macquarie Global Opportunities Partners, L.P. USD 32.650,40 0,00 Madison Dearborn Capital Partners V, L.P. USD 167.030,95 0,01 Madison Dearborn Capital Partners V, L.P. PGA 364 USD 185.589,22 0,02 Menlo Ventures IX, L.P. USD 153.518,97 0,01 Menlo Ventures X, L.P. USD 1.638.471,93 0,14 MidOcean Partners III, L.P. PGA 364 USD 449.435,94 0,04 Montagu III, L.P. PGA 116 EUR 58,03 0,00 New Enterprise Associates 11, L.P. PGA 141 USD 23.105,61 0,00 New Enterprise Associates 12, L.P. USD 238.108,69 0,02 New Enterprise Associates 12, L.P. PGA 141 USD 61.510,82 0,01 New Enterprise Associates 12, L.P. PGA 378 USD 23.810,85 0,00 New Enterprise Associates 13, L.P.** PGA 378 USD 66.176,19 0,01 New Enterprise Associates 8A, L.P. PGA 141 USD 4.069,28 0,00 New Enterprise Associates 9, L.P. PGA 141 USD 14.700,94 0,00 New Enterprise Associates VIII, L.P. PGA 141 USD 10.733,04 0,00 New Enterprise Associates X, L.P. PGA 141 USD 32.978,97 0,00 Nordic Capital VIII Alpha, L.P. EUR 1.785.088,72 0,15 Noro-Moseley Partners V, L.P. PGA 378 USD 2.912,90 0,00 Noro-Moseley Partners VI, L.P. PGA 378 USD 89.252,79 0,01 Nth Power Technologies Fund II, L.P. PGA 378 USD 18.570,85 0,00 OCM Principal Opportunities Fund IV, L.P. PGA 372 USD 25.254,74 0,00 Pamlico Capital II Parallel Fund, L.P. USD 665.756,17 0,06 Pamlico Capital II, L.P. USD 551.879,02 0,05 Pamlico Capital Secondary Fund, L.P. USD 1.950,31 0,00 Partners Group Access Permotio, L.P. EUR 2.079.329,40 0,17 Partners Group AP & EM Real Estate 2009 USD 8.016.195,11 0,67 Partners Group Asia-Pacific 2005, L.P. USD 3.828.692,75 0,32 Partners Group Client Access 10, L.P. Inc. USD 26.792,01 0,00 Partners Group Client Access 11, L.P. Inc. USD 19.057.246,50 1,59 Partners Group Client Access 13, L.P. Inc. USD 35.988.848,59 3,00 Partners Group Client Access 14, L.P. Inc. EUR 7.511.605,66 0,63 Partners Group Client Access 15, L.P. Inc. USD 9.843.016,51 0,82 Partners Group Client Access 17, L.P. USD 18.954.266,26 1,58 Partners Group Client Access 5, L.P. Inc.** EUR 4.524.474,23 0,38 Partners Group Client Access 8, L.P. Inc.** CHF 13.474.165,62 1,12 Partners Group Client Access 9, L.P. Inc. USD 6.737.034,93 0,56 Partners Group Compound Access, L.P. USD 4.368.133,04 0,36 Partners Group Direct Investments 2006, L.P. EUR 1.783.957,44 0,15 Partners Group Distressed US RE 2009 SICAR USD 1.836.734,23 0,15 Partners Group Emerging Markets 2007, L.P. USD 15.918.570,38 1,33 Partners Group European Buyout 2005 (B), L.P. EUR 5.581.514,86 0,46 Partners Group European Buyout 2008 (A), L.P. EUR 5.910.685,04 0,49 Partners Group Falcon Access, L.P. USD 16.227.167,58 1,35 Partners Group Fondue Access, L.P. USD 3.063.309,95 0,26

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

- 14 - Partners Group Global Value SICAV

Market value as a percentage of net Market value assets PGA (*) Currency in EUR in %

Partners Group LG Access II, L.P. USD 2.487.654,84 0,21 Partners Group LG Access, L.P. USD 1.550.912,73 0,13 Partners Group Longhorn Access, L.P. USD 5.021.858,61 0,42 Partners Group Madison Access, L.P. USD 1.018.897,23 0,08 Partners Group Nevada Access, L.P. EUR 4.487.715,74 0,37 Partners Group Nova Access, L.P. USD 3.461.850,13 0,29 Partners Group Panther Access Blocker, L.P. USD 1.822.605,95 0,15 Partners Group Panther Access Pass-Through, L.P. USD 979.197,80 0,08 Partners Group Providence Access, L.P. USD 7.624.253,95 0,64 Partners Group Roadrunner Access, L.P. EUR 2.341.668,24 0,20 Partners Group Rock Access L.P. USD 3.088.065,28 0,26 Partners Group Secondary 2004, L.P. EUR 750.741,95 0,06 Partners Group Secondary 2006, L.P. EUR 1.430.836,27 0,12 Partners Group Snowball Access L.P. USD 6.178.060,04 0,51 Partners Group Snowball II Access L.P. USD 1.853.064,87 0,15 Partners Group Softball Access, L.P. USD 14.176.519,62 1,18 Partners Group Spring Access, L.P. USD 7.070.726,11 0,59 Partners Group U.S. Buyout 2007, L.P. USD 6.009.979,16 0,50 Partners Group U.S. Venture 2004, L.P. USD 1.134.337,20 0,09 Partners Group U.S. Venture 2006, L.P. USD 11.168.481,19 0,93 Partners Group Wallaby 5 Access, L.P. USD 2.093.746,22 0,17 Pelion Ventures V, L.P. PGA 378 USD 57.348,45 0,00 Permira IV, L.P. PGA 363 EUR 131.155,94 0,01 Polish Enterprise Fund VI, L.P. EUR 3.346.606,26 0,28 Prism Venture Partners V, L.P. USD 365.031,24 0,03 Project Selena Access L.P. USD 9.478.883,80 0,79 Providence Equity Partners IV, L.P. PGA 363 USD 1.897,86 0,00 Providence Equity Partners V, L.P. PGA 363 USD 61.087,65 0,01 Providence Equity Partners V, L.P. PGA 372 USD 11.916,49 0,00 Providence Equity Partners VI -A, L.P. PGA 363 USD 104.074,41 0,01 Providence Equity Partners VI -A, L.P. PGA 372 USD 42.544,98 0,00 PSC III, LP GBP 2.171.586,75 0,18 Quad Partners II, L.P. PGA 378 USD 67.905,94 0,01 Quad Partners III, L.P. PGA 378 USD 21.050,96 0,00 R/C Gbl Energy & Power Pvt Invs O/S IV, L.P. (JPM) PGA 347 USD 216.680,61 0,02 Racecar Holdings LLC** PGA 107 USD 2.081.367,39 0,17 RBS Special Opportunities Fund F, L.P. GBP 65.893,21 0,01 Saints Capital Falcon, L.P. USD 260.448,77 0,02 Saints Rustic Canyon, L.P. USD 2,09 0,00 Searchlight Capital II PV, L.P. USD 1.591.121,91 0,13 Silver Lake Partners II, L.P. PGA 372 USD 7.409,20 0,00 Silver Lake Partners III, L.P. PGA 181 USD 904.018,57 0,08

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

- 15 - Partners Group Global Value SICAV

Market value as a percentage of net Market value assets PGA (*) Currency in EUR in %

Silver Lake Partners III, L.P. PGA 372 USD 36.753,66 0,00 SLP III Private Investors Offshore, L.P. (JPM) PGA 347 USD 304.705,44 0,03 Southeast Interactive Technology Fund III, L.P. PGA 378 USD 34.913,65 0,00 Special Opportunities Fund (Guernsey) GBP 341.730,22 0,03 STAR II UK Limited Partnership No.1 EUR 52.065,00 0,00 Sumeru Equity Partners Fund L.P. USD 696.785,32 0,06 Summit Partners Private Equity Fund VII-B, L.P. PGA 372 USD 22.281,26 0,00 Summit Ventures VI, L.P. PGA 378 USD 67.263,04 0,01 Sun Capital Partners V, L.P. PGA 372 USD 40.641,48 0,00 TCW/Crescent Mezzanine Partners IVB, L.P. USD 103.940,45 0,01 Third Cinven Fund (No.4), L.P. PGA 129 EUR 2.626,10 0,00 Third Cinven Fund (No.4), L.P. PGA 192 EUR 3.948,99 0,00 Thomas H. Lee Equity Fund VI, L.P. PGA 93 USD 1.446.220,44 0,12 Thomas H. Lee Parallel (DT) Fund VI, L.P. USD 643.281,59 0,05 Thomas H. Lee Parallel (DT) Fund VI, L.P. PGA 363 USD 347.371,30 0,03 Thomas H. Lee Parallel Fund VI, L.P. USD 3.213.593,77 0,27 TPG Asia VI, L.P.** PGA 664 USD 1.972.944,04 0,16 TPG Partners V, L.P. USD 571.102,38 0,05 TPG Partners V, L.P. PGA 364 USD 380.450,87 0,03 TPG Partners V, L.P. PGA 372 USD 13.588,62 0,00 TPG Partners V, L.P. PGA 474 USD 1.523.792,29 0,13 TPG Partners VI, L.P. PGA 372 USD 49.817,47 0,00 TPG Partners VI, L.P. PGA 472 USD 2.737.491,37 0,23 TPG Partners VI, L.P. PGA 67 USD 1.641.486,83 0,14 TPG Partners VI, L.P. PGA 717 USD 2.128.764,77 0,18 Trident IV, L.P. USD 1.195.681,31 0,10 Trident IV, L.P. PGA 372 USD 18.134,90 0,00 Upfront II, L.P. USD 1.003.113,27 0,08 Upfront V, L.P. USD 2.097.647,02 0,17 UV Partners IV Financial Institutions Fund, L.P. PGA 378 USD 303.194,73 0,03 Warburg Pincus International Partners, L.P. PGA 372 USD 11.356,17 0,00 Warburg Pincus Private Equity IX, L.P. PGA 372 USD 9.834,00 0,00 Warburg Pincus Private Equity X, L.P. PGA 35 USD 2.201.603,12 0,18 Warburg Pincus Private Equity X, L.P. PGA 372 USD 57.241,65 0,00 Warburg Pincus Private Equity XII, L.P. PGA 711 USD 501.840,16 0,04

Total private equity Funds 403.788.483,87 33,63

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

- 16 - Partners Group Global Value SICAV

Market value as a percentage of net Market value assets Direct private equity investments PGA (*) Currency in EUR in %

Abertis PGA 328 EUR 1,91 0,00 AcadeMedia AB PGA 211 NOK 1.679.511,28 0,14 Acrisure LLC USD 13.014.460,57 1,08 Action PGA 424 EUR 12.265.210,13 1,02 ADB Safegate USD 5.019.813,82 0,42 ADT Corporation PGA 820 USD 6.300.339,43 0,52 ADT Corporation PGA 820 USD 6.393.267,68 0,53 Affordable Care, Inc. PGA 614 USD 5.581.152,22 0,46 Affordable Care, Inc. PGA 614 USD 9.605.485,45 0,80 AHT Cooling Systems GmbH EUR 5.701.868,89 0,47 Alltub PGA 781 EUR 5.175.000,00 0,43 American Beacon Advisors PGA 103 USD 1,80 0,00 Ammeraal Beltech EUR 9.887.703,28 0,82 Ammeraal Beltech USD 6.475.421,42 0,54 Amplify Snack Brands Inc USD 3.934.339,49 0,33 Amplify Snack Brands Inc USD 7.236.027,98 0,60 AngioDynamics PGA 73 USD 95.479,97 0,01 AS Adventure GBP 13.352.466,88 1,11 Ascensus USD 5.264.665,27 0,44 Ascensus PGA 213 USD 604.162,27 0,05 Ascensus PGA 213 USD 15.906.430,45 1,32 Atria Convergence Technologies Pvt., Ltd. USD 7.342.868,93 0,61 Au Housing Finance Ltd USD 10.456.894,79 0,87 AWAS Aviation Holding EUR 1.033.142,88 0,09 Waste Management Company** USD 1,41 0,00 Waste Management Company** USD 1,41 0,00 Lancelot** PGA 613 USD 9.240.581,78 0,77 Boyd Corporation USD 6.572.536,16 0,55 Bureau van Dijk EUR 3.544.965,83 0,30 Caesars Entertainment Corporation USD 394.210,71 0,03 US entertainment company** USD 270.074,78 0,02 Caffe Nero GBP 3.737.668,98 0,31 CapitalSpring Finance Company PGA 710 USD 0,90 0,00 CapitalSpring Finance Company PGA 710 USD 8.020.229,28 0,67 Information service company** PGA 20 USD 420.079,10 0,03 CEVA Santé Animale EUR 6.012.800,33 0,50 Media and communications company** USD 178.799,85 0,01 Comexposium EUR 3.923.995,84 0,33 Cooperation Pharmaceutique Francaise SAS EUR 10.367.897,66 0,86 CPA Global PGA 303 GBP 2.635.521,95 0,22 CSS Corporate Technologies USD 2.007.801,66 0,17 Delsey Group EUR 1.019.885,93 0,08 Delsey Group EUR 3.581.880,98 0,30

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

- 17 - Partners Group Global Value SICAV

Market value as a percentage of net Market value assets PGA (*) Currency in EUR in %

Duffy Capital (Direct) PGA 608 USD 148.449,28 0,01 Duffy Capital (Direct) PGA 608 USD 340.855,39 0,03 Electronic Funds Source PGA 671 USD 6.212.479,53 0,52 eResearch Technology, Inc. PGA 812 USD 3.075.950,00 0,26 eResearch Technology, Inc. PGA 812 USD 23.144.400,48 1,93 Expro International Group Ltd. PGA 101 USD 11,72 0,00 Faster S.p.A. PGA 686 EUR 7.150.320,08 0,60 Freescale Semiconductor, Inc. PGA III, USD 1.035.555,03 0,09 Genesys PGA 358 EUR 470.833,31 0,04 Global Blue EUR 14.946.375,00 1,24 Grupo Corporativo Ono/Auna S.A. EUR 1,00 0,00 Grupo Corporativo Ono/Auna S.A. PGA 198 EUR 1,00 0,00 Project Icon** PGA 387 USD 731.457,91 0,06 Project Icon** PGA 387 USD 283.388,28 0,02 Guardian Early Learning Group AUD 15.269.775,77 1,27 Guardian Early Learning Group AUD 7.634.887,89 0,64 Healogics, Inc. PGA 669 USD 8.202.877,81 0,68 Hofmann Menue Manufaktur EUR 7.166.097,44 0,60 Hortifruti BRL 4.909.680,43 0,41 HPS AUD 7.579.607,22 0,63 Kaffee Partner AG PGA 191 EUR 2.130.272,44 0,18 Kerneos PGA 632 EUR 5.747.112,01 0,48 Kofola S.A. PGA 108 EUR 969.518,63 0,08 Labeyrie EUR 619.511,90 0,05 Labeyrie PGA 683 EUR 4.352.465,93 0,36 Learning Care Group USD 4.802.900,29 0,40 Lifeways Community Care GBP 6.490.279,39 0,54 Lightower PGA 754 USD 12.299.340,96 1,02 Lightower PGA 709 USD 3.698.186,55 0,31 Lightower PGA 767 USD 4.530.013,69 0,38 Project Lock** PGA 732 EUR 8.661.415,86 0,72 Materne Mont Blanc EUR 5.478.277,78 0,46 Education publisher 2** PGA 558 USD 3.943.243,84 0,33 Motor Fuel Group GBP 19.674.602,76 1,64 National Surgical Hospitals, Inc. USD 4.251.011,53 0,35 National Technical Systems USD 9.239.643,71 0,77 Netsmart Technologies, Inc. USD 12.135.625,77 1,01 Osmose Holdings, Inc. PGA 610 USD 7.962.212,07 0,66 Pacific Bells PGA 502 USD 9.831.349,88 0,82 Photonis Holding S.A.S. USD 2.161.568,34 0,18 Photonis Holding S.A.S. PGA 586 EUR 5.672.390,10 0,47 Plano Synergy USD 5.732.300,63 0,48 QoL Meds PGA 606 USD 9.527.445,93 0,79

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

- 18 - Partners Group Global Value SICAV

Market value as a percentage of net Market value assets PGA (*) Currency in EUR in %

Quick Service Restaurants Holdings PGA 393 AUD 424.292,74 0,04 Quick Service Restaurants Holdings PGA 393 AUD 1.912.942,84 0,16 Project Gold Chain USD 23.201.735,61 1,93 Project Sun PGA 392 USD 224.411,00 0,02 Seabras-1 USD 1.428.024,08 0,12 Seabras-1 USD 2.128.487,32 0,18 Securitas Direct PGA 788 EUR 22.928.016,45 1,91 SGG PGA 786 EUR 7.667.640,00 0,64 SIG Combibloc Goup AG EUR 3.705.180,23 0,31 Softonic International EUR 337.072,27 0,03 Education Publisher 3** PGA 209 USD 1,00 0,00 Springer Science+Business Media EUR 2.889.046,82 0,24 Springer Science+Business Media EUR 4.210.778,50 0,35 St Hubert PGA 684 EUR 4.827.600,00 0,40 SunGard Data Systems, Inc. USD 1.233.935,93 0,10 Survitec Group, Ltd GBP 5.734.317,78 0,48 The Sports Authority, Inc. USD 1,80 0,00 The Sports Authority, Inc. USD 1,80 0,00 The Sun Products Corporation PGA 79 USD 475.727,09 0,04 Tierpoint USD 9.550.156,06 0,80 Touchtunes Interactive Networks Inc USD 5.565.743,12 0,46 Touchtunes Interactive Networks Inc USD 4.031.881,26 0,34 TOUS EUR 1.217.433,01 0,10 TOUS EUR 6.844.669,51 0,57 Trescal EUR 2.352.000,00 0,20 TruckPro Incorporated PGA 212 USD 635.924,87 0,05 Universal Services of America USD 26.450.738,41 2,20 Univision Communications, Inc. USD 974.219,24 0,08 Varsity Brands PGA 713 USD 5.602.447,45 0,47 Vermaat EUR 10.946.561,56 0,91 Vermaat EUR 11.969.160,54 1,00 Vermaat EUR 136.201,46 0,01 Vermaat EUR 104.456,43 0,01 Vistra Group Limited USD 2.138.369,88 0,18 Vistra Group Limited EUR 7.050.187,10 0,59 Vistra Group Limited EUR 7.202.398,51 0,60 Vita Cayman Limited EUR 195.052,05 0,02 Voyage Care PGA 648 GBP 5.899.587,15 0,49 WMF EUR 5.523.761,38 0,46

Total direct private equity investments 670.188.508,14 55,82

Total investments (Cost EUR 430.213.467,88) 1.075.984.134,01 89,62

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

- 19 - Partners Group Global Value SICAV

Statement of net asset value per share for the period ended 30 June 2016

Total net assets as at 31 December 2013 I Shareholders 70.957.805 EUR R Shareholders 119.065.127 EUR I (USD) Shareholders 68.790.068 USD R (USD) Shareholders 44.565.375 USD D (GBP) Shareholders 16.262.345 GBP I (AUD) Shareholders 10.190.625 AUD 298.443.016 EUR

Total net assets as at 31 December 2014

I Shareholders 109.562.389 EUR R Shareholders 178.312.683 EUR I (USD) Shareholders 75.463.116 USD R (USD) Shareholders 122.917.189 USD D (GBP) Shareholders 23.164.349 GBP I (AUD) Shareholders 59.821.034 AUD A (GBP) Shareholders 2.459.104 GBP R (CHF) Shareholders 114.423 CHF 525.368.940 EUR

Total net assets as at 30 June 2015

I Shareholders 119.513.650 EUR R Shareholders 225.510.832 EUR I (USD) Shareholders 78.774.264 USD R (USD) Shareholders 239.757.003 USD D (GBP) Shareholders 24.562.248 GBP I (AUD) Shareholders 104.165.664 AUD A (GBP) Shareholders 5.067.419 GBP R (CHF) Shareholders 42.656.093 CHF E (EUR) Shareholders 16.700.974 EUR E (USD) Shareholders 12.282.920 USD E (GBP) Shareholders 1.266.808 GBP

815.070.093 EUR

Total net assets as at 30 June 2016

I Shareholders 111.088.895 EUR R Shareholders 287.984.871 EUR I (USD) Shareholders 75.671.683 USD R (USD) Shareholders 288.026.300 USD D (GBP) Shareholders 26.031.023 GBP I (AUD) Shareholders 234.836.775 AUD A (GBP) Shareholders 14.946.615 GBP R (CHF) Shareholders 37.381.081 CHF E (EUR) Shareholders 63.435.425 EUR E (USD) Shareholders 121.640.890 USD E (GBP) Shareholders 6.089.650 GBP E (JPY) Shareholders 1.000.187.137 JPY E (CHF) Shareholders 47.676.582 CHF

1.200.642.290 EUR

- 20 - Partners Group Global Value SICAV

Statement of net asset value per share for the period ended 30 June 2016

Net asset value per share as at 31 December 2013 I Shareholders 148,22 EUR R Shareholders 141,24 EUR I (USD) Shareholders 212,79 USD R (USD) Shareholders 197,81 USD D (GBP) Shareholders 137,41 GBP I (AUD) Shareholders 123,72 AUD

Net asset value per share as at 31 December 2014

I Shareholders 172,85 EUR R Shareholders 163,41 EUR I (USD) Shareholders 239,26 USD R (USD) Shareholders 220,33 USD D (GBP) Shareholders 157,11 GBP I (AUD) Shareholders 144,77 AUD A (GBP) Shareholders 157,91 GBP R (CHF) Shareholders 104,02 CHF

Net asset value per share as at 30 June 2015

I Shareholders 187,16 EUR R Shareholders 176,33 EUR I (USD) Shareholders 251,93 USD R (USD) Shareholders 231,16 USD D (GBP) Shareholders 164,71 GBP I (AUD) Shareholders 156,74 AUD A (GBP) Shareholders 165,39 GBP R (CHF) Shareholders 106,73 CHF E (EUR) Shareholders 186,95 EUR E (USD) Shareholders 252,36 USD E (GBP) Shareholders 166,68 GBP

Net asset value per share as at 30 June 2016

I Shareholders 197,93 EUR R Shareholders 184,99 EUR I (USD) Shareholders 267,15 USD R (USD) Shareholders 243,49 USD D (GBP) Shareholders 184,67 GBP I (AUD) Shareholders 169,55 AUD A (GBP) Shareholders 184,61 GBP R (CHF) Shareholders 113,08 CHF E (EUR) Shareholders 197,14 EUR E (USD) Shareholders 267,90 USD E (GBP) Shareholders 185,09 GBP E (JPY) Shareholders 10002,28 JPY E (CHF) Shareholders 103,63 CHF

- 21 - Partners Group Global Value SICAV

Statement of changes in the number of shares outstanding for the period ended 30 June 2016

Number of shares outstanding at the beginning of the period I Shareholders 621.245,350 R Shareholders 1.401.137,580 I (USD) Shareholders 299.744,930 R (USD) Shareholders 1.321.461,660 D (GBP) Shareholders 144.237,120 I (AUD) Shareholders 1.074.745,130 A (GBP) Shareholders 53.143,280 R (CHF) Shareholders 498.951,450 E (EUR) Shareholders 155.448,350 E (USD) Shareholders 142.820,850 E (GBP) Shareholders 25.609.740 E (JPY) Shareholders 100.000,000 E (CHF) Shareholders 0,000 Total number of shares outstanding at the beginning of the year 31.422.675,700

Net change in number of shares during the period I Shareholders (59.987,839) R Shareholders 155.639,607 I (USD) Shareholders (16.489,646) R (USD) Shareholders -138.541,111 D (GBP) Shareholders -3.277,874 I (AUD) Shareholders 310.313,954 A (GBP) Shareholders 27.819,078 R (CHF) Shareholders -168.367,898 E (EUR) Shareholders 166.335,420 E (USD) Shareholders 311.219,190 E (GBP) Shareholders -25.576.840,372 E (JPY) Shareholders 0,000 E (CHF) Shareholders 460.090,890

Total net change in number of shares during the period -24.532.086,601

Number of shares outstanding at the end of the period I Shareholders 561.257,512 R Shareholders 1.556.777,187 I (USD) Shareholders 283.255,284 R (USD) Shareholders 1.182.920,549 D (GBP) Shareholders 140.959,246 I (AUD) Shareholders 1.385.059,084 A (GBP) Shareholders 80.962,358 R (CHF) Shareholders 330.583,552 E (EUR) Shareholders 321.783,770 E (USD) Shareholders 454.040,040 E (GBP) Shareholders 32.899,628 E (JPY) Shareholders 100.000,000 E (CHF) Shareholders 460.090,890 Total number of shares outstanding at the end of the period 6.890.589,099

- 22 - Partners Group Global Value SICAV

Notes to the financial statements as at 30 June 2016

1. General

Partners Group Global Value SICAV (the "Fund" ) was incorporated on 1 February 2007 and is organized as an open-ended société anonyme under the laws of the Grand Duchy of Luxembourg and qualifies as a Société d'Investissement à Capital Variable (“SICAV”). The Fund is authorized as an undertaking for collective investment under Part II of the law of 17 December 2010. The Fund's investment objective is to obtain superior returns and to achieve capital growth over the medium and long-term by investing in private equity. The allocation of the Fund's assets shall provide a broad diversification and follow the principle of risk spreading. The Fund currently offers: - Class I Shares reserved to investors who qualify as institutional investors available in the base currency of EUR, USD, JPY and AUD; - Class R Shares to all investors available in the base currency EUR, CHF and USD; and - Class D Shares to all investors available in the base currency GBP; and - Class E Shares to all investors available in the base currency EUR, USD, GBP, JPY and CHF - Class A Shares to all GBP-A investors available in the base currency GBP. With effective date of 1 January 2012 the Fund was merged with Partners Group Global Private Equity SICAV, according to the Board of Directors’ resolution as of 19 October 2011. Shareholders in Partners Group Global Private Equity SICAV were allocated shares in the Fund. On 1 January 2015 the Credit Suisse (Lux) Private Markets Fund SICAV (CSPM fund) was merged into the Partners Group Global Value SICAV.

2. Accounting methods

The financial statements are prepared in accordance with Luxembourg regulations relating to investment funds, including the following significant accounting policies: 2.1 Valuation of investments Securities which are quoted or dealt in on a stock exchange are valued at the latest available dealing price or the latest available mid-market quotation (being the midpoint between the latest quoted bid and offer prices) on the stock exchange which is normally the principal market for such security. Investments in unquoted private equity funds (or any funds of private equity funds) and in limited partnerships are initially valued at cost and thereafter by reference to the most recent net asset value as reported by the general partner or manager of the relevant investment as adjusted for subsequent net capital activity and other event to reflect fair value. Regarding the underlying cash movements the administrator's usual practice is to book the capital call for investment in the cost. All fees occurred by the capital call will also be included in the cost. Distributions received from the underlying investments will be reflected as decrease of cost. As soon as the acquisition is recovered, subsequent returns of investments are accounted for according to the general partners’ information. This follows market practices for Private Equity investments. This proceeding is only valid for partnerships (primaries as well as secondaries), not for direct investments. The Board of Directors of the Fund, on the basis of advice received from the Investment Advisor, will make its own estimation of the value of any Direct Investment held by the Fund and will typically not obtain independent valuation of such Direct Investment. The Board of Directors shall determine prudently and in good faith the estimated realization value of such assets. Mezzanine Direct Investments will initially be valued at cost (face value of loan plus accrued interest, if any) and thereafter typically adjusted for any change, if any, in (i) accrued pay-in-kind interest, in (ii) value of warrants and/or (iii) in the face value of the

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loans. In selecting investments, the Board of Directors has taken into consideration the accounting and valuation basis of the underlying partnerships and direct investments and select only those investments, which adopt an internationally recognized standard. In the event that the Board of Directors determines that the above valuation guidelines are not appropriate in relation to a particular asset of the Fund, then the Board of Directors shall determine prudently and in good faith the fair value of such asset. The Administrator authorised to conclusively rely on such net asset valuations reported by the general partner or manager of the relevant investment, or the Board of Directors, as the case may be.

Critical accounting estimates and judgments There is significant subjectivity in the valuation of investments in limited partnerships and directly held investments with very little transparent market activity to provide support for fair value levels at which willing buyers and sellers would transact. The estimates and judgments employed therein are therefore continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. The Board of Directors make estimates and assumptions concerning the future. The resulting accounting estimates will, by definition, seldom equal the related actual results.

Valuation method For the valuation of such investments, the Board of Directors review the latest information provided by underlying partnerships and other business partners, which frequently does not coincide with the valuation date, and applies widely recognized valuation methods to such data such as time of last financing, multiple analysis, discounted cash flow method and third party valuation as well as market prices to estimate a fair value as at the balance sheet date. As part of the fair valuation of such investments the Board of Directors use observable market and cash flow data to consider and determine the fair values of the underlying investments. Furthermore the Alternative Investment Fund Manager – Partners Group (UK) Ltd. – (the “AIFM” ) considers the overall portfolio against observable data and general market developments to determine if the values attributed appear fair based on the current market environment. The Board of Directors make reasonable efforts to obtain the latest available information from the underlying investment. As part of the continuous evaluation of the fair value of the underlying unquoted investments the fair value assessment procedures are determined by the Board of Directors. In addition, the Board of Directors is also responsible for ensuring that these procedures are adhered to during the assessment of the fair values. Based on an assessment of relevant applicable indicators of fair value, the Board of Directors estimate the fair values as at the valuation date. Such indicators may include, but are not limited to: - limited partnership’s most recent reporting information including a detailed analysis of underlying company performance and investment transactions with the fund between the latest available fund reporting and the balance sheet date of the Fund; - review of a direct investment’s most recent accounting and cash flow reports and models, including date supplied by both the sponsor and the company and any additional available information between the date of these reports and the balance sheet date of the Fund; - review of recent transaction prices and merger and acquisition activity for similar direct investments; - review of the limited partnership’s application of generally accepted accounting principles and the valuation method applied for its underlying investments such as discounted cash flow and multiple analysis, which are based on available information; and - review of current market environment and the impact of it on limited partnerships, their investments and the Fund’s direct investments.

- 24 - Partners Group Global Value SICAV

The variety of valuation bases adopted, quality of management information provided by the underlying partnerships and the lack of liquid markets for the investments held mean that there are inherent difficulties in determining the fair values of these investments that cannot be eliminated. The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities, and therefore the amounts realized on the sale of investments, could differ from the fair values reflected in these financial statements and the differences may be significant.

Accounting policies Investments in limited partnerships and direct investments are derecognized when the rights to receive cash flow from investments have expires or where substantially all risks and rewards of ownership have been transferred. Amounts realized on the sale of directly held investments and limited partnerships may differ from the values reflected in these financial statements and the differences may be significant. All transactions relating to investments in limited partnerships are recognized on the settlement date.

2.2 Conversion of foreign currencies The Fund maintains its accounting records in Euro (EUR) and its financial statements are expressed in this currency. All assets and liabilities in currencies other than EUR are translated into this currency at the exchange rates prevailing as at the end of the period. Income and expenses in currencies other than EUR are translated into EUR at the exchange rates prevailing at the transaction date. The resulting profits and losses are included in the Statement of Operations and Changes in Net Assets. The prevailing exchange rates as at 30 June 2016 are:

Currency in EUR AUD 1,492884 CAD 1,443320 CHF 1,082490 GBP 0,828162 SEK 9,414594 SGD 1,496599 HKD 8,623632 NOK 9,295111 DKK 7,439743 USD 1,111500 JPY 114,078418

2.3 Realized profit/loss (-) on sale of investments Realized profit/loss (-) on sale of investments is the difference between the cost of investment and the sale proceeds. The cost of investment for target funds is defined as the original cost less distributions received from target funds. The capital call transactions for the target funds are recorded at the date they are due to be paid.

2.4 Unrealized profit/loss (-) on investments In accordance with current practices, unrealized profit/loss at the end of the financial period are accounted for in the Statement of Operations and Changes in Net Assets.

- 25 - Partners Group Global Value SICAV

2.5 Forward foreign exchange contracts The unrealized gain or loss on forward foreign exchange contracts is calculated as the difference between the contracted rate and the rate to close out the contract. Realized profit or loss includes realized gain or loss on forward foreign exchange contracts that have been settled.

2.6 Dividend and distribution income Returns of investments, including return of capital and capital gain distributions but excluding dividends, received from underlying limited partnerships are accounted for under the cost recovery method. This means that such distributions are accounted for as a reduction of the acquisition cost. Any rebates from manager fees on underlying limited partnership are also recorded as a reduction of the acquisition cost. As soon as the acquisition is recovered, subsequent returns of investments are accounted for according to the general partners’ information. This proceeding is only valid for partnerships (primaries as well as secondaries), not for direct investments. 2.7 Interest Income Interests on investments are accounted on an accrual basis.

3. Management Fees and Performance Fees

The AIFM is entitled to receive from the Fund a fee calculated and paid quarterly in arrears at a rate of up to 1.25% per annum for Class I Shares and Class D (GBP) Shares and up to 1.50% per annum for Class A (GPB) and Class E Shares and up to 1.95% per annum for Class R Shares, on the greater of the pro-rata share of the respective share class (i) the Fund's Net Asset Value and (ii) the Fund's Net Asset Value less cash and cash equivalents plus the total of all commitments made by the Fund but not yet drawn for investments. In addition the AIFM is entitled to a Performance Fee. The Performance Fee shall be calculated and paid in respect of each Direct Investment and in respect of each Secondary Investment (i.e. on a deal-by-deal basis), whether or not such investments are made through any Pooling Vehicle. The Performance Fee in respect of Direct Investments shall be determined in the currency of the respective transaction and as described at page 26 of the Prospectus in clause (i) to (iii). The Performance Fee in respect of Secondary Investments shall be determined in the same manner, save that a rate of 10% is used. No Performance Fee will be payable in respect of any Investment of the Fund other than for Direct Investments and Secondary Investments. Performance Fees become payable when the underlying deal is realised.

4. Taxation

The Fund is subject to the fiscal legislation of Luxembourg. Under the prevailing laws and regulations, the Fund is subject to an annual subscription tax of 0.05% for all Share Classes per annum of its total net assets, calculated and payable at the end of each quarter. Where a Share Class only includes institutional investors as defined in the applicable legislation, the Fund may benefit from a reduced tax rate of 0.01% per annum for such Class. Under the current law and practice, the Fund is not liable to Luxembourg taxes on income or capital gains, nor are dividends paid by the Fund liable to any Luxembourg withholding tax. Dividends and interest, if any, received by the Fund from investments may be liable to withholding taxes in the countries concerned at varying rates, such withholding taxes are usually not recoverable.

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5. Administrative, Custodian and Transfer Agent expenses

The Fund shall pay the fees of the Administrator, the Domiciliary and the Registrar and Transfer Agent as well as fees of service providers and fees incurred in places where the Fund is registered. In its capacity as Custodian, M.M.Warburg & CO Luxembourg S.A. is entitled to remuneration in accordance with normal banking practice in Luxembourg at rates agreed from time to time with the Fund.

6. Investments with confidentiality issues

Due to non-disclosure/confidentiality issues, the names of some underlying investments cannot be disclosed. Some are invested in through Partners Group access vehicles which are pooling vehicles holding an interest in primary, secondary, direct equity or direct debt investments. Access Vehicles and investments with confidentiality issues disclosed in this report allow investments as follows (figures in % of year end NAV):

Private equity funds

Vintage 2003 2004 2005 2006 2007 2008 2010

Strategy Venture - - - 0,03 - 0,01 - Buyout 0,02 0,06 - 0,18 0,62 0,09 - Real Estate - - 0,08 - 0,43 - - Special Situations - - 0,17 - 1,02 1,96 0,35 Total 0,02 0,06 0,25 0,21 2,07 2,06 0,35

Vintage 2011 2012 2013 2014 2015 2016 Total

Strategy Venture ------0,04 Buyout 0,08 0,41 1,27 1,14 2,28 0,35 6,50 Real Estate ------0,51 Special Situations 0,22 - 1,00 1,99 4,30 - 10,66

Total 0,3 0,41 2,27 3,13 6,58 0,35 17,71

- 27 - Partners Group Global Value SICAV

Direct private equity investments (equity investments)

Consumer Consumer Telecommunication Utilities Industry Discretionary Staples Financials Health Care Industrials Materials Services Total

Geography Western Europe 0,90 1,84 0,72 1,40 2,40 0,43 - 1,64 9,33 North America 0,41 - 0,77 0,01 0,03 - 0,69 - 1,91 Rest of the world - - - 1,93 - - - - 1,93 Asia 0,19 - 1,37 - - - 0,17 - 1,73 Total 1,50 1,84 2,86 3,34 2,43 0,43 0,25 1,64 14,90

Direct private equity investments (debt investments)

Type

Mezzanine 1,52 First Lien 8,37 Senior Debt - Preferred Equity 0,02 Second Lien 0,60

Total 10,51

- 28 - Partners Group Global Value SICAV

7. Forward foreign exchange contracts

At 30 June 2016, the following forward foreign exchange contracts were open:

At fund level

Currency Purchased Currency Sold Unrealized gain / loss (-) bought amount sold amount Maturity Date (EUR)

EUR 76.855.357USD 87.300.000 18.08.2016 (1.603.047) EUR 77.472.031USD 88.000.000 18.08.2016 (1.615.478) EUR 39.270.076GBP 30.800.000 18.08.2016 2.120.414 EUR 151.123.008USD 170.500.000 15.09.2016 (2.005.083) EUR 130.512.488USD 147.000.000 15.09.2016 (1.509.830)

Total (4.613.024)

At hedged share class level

Currency Purchased Currency Sold Unrealized gain / loss (-) bought amount sold amount Class Maturity Date (EUR)

USD 1.412.018 EUR 1.270.000 I (USD) 02.09.2016 (1.476) USD 51.111.859 EUR 45.780.000 I (USD) 02.09.2016 137.803 USD 100.443.965 EUR 5.040.000 R (USD) 02.09.2016 85.243.968 USD 5.603.598 EUR 89.960.000 R (USD) 02.09.2016 (84.973.110) USD 94.518.971 EUR 84.650.000 R (USD) 02.09.2016 263.830 EUR 640.000 GPB 532.995 D (GBP) 02.09.2016 (2.704) GBP 1.717.466 EUR 22.390.000 D (GBP) 02.09.2016 (1.682.638) AUD 54.119.650 EUR 34.980.000 I (AUD) 02.09.2016 1.142.490 AUD 105.498.048 EUR 68.160.000 I (AUD) 02.09.2016 2.255.331 AUD 25.692.194 EUR 17.150.000 I (AUD) 02.09.2016 (1.891) GBP 591.292 EUR 710.000 A (GBP) 02.09.2016 2.999 GBP 9.871.483 EUR 12.870.000 A (GBP) 02.09.2016 (967.198) CHF 1.091.255 EUR 1.010.000 R (CHF) 02.09.2016 (654) CHF 25.432.953 EUR 23.010.000 R (CHF) 02.09.2016 514.284 EUR 50.000 GBP 41.640 E (GBP) 02.09.2016 (211) GBP 4.019.159 EUR 5.240.000 E (GBP) 02.09.2016 (393.793) USD 82.247.530 EUR 9.010.000 E (USD) 02.09.2016 64.915.401 USD 10.017.543 EUR 73.630.000 E (USD) 02.09.2016 (64.666.430) JPY 501.141.375 EUR 4.410.000 E (JPY) 02.09.2016 (18.308) JPY 692.799.938 EUR 5.610.000 E (JPY) 02.09.2016 461.539 CHF 32.360.505 EUR 6.880.000 E (CHF) 02.09.2016 23.064.405 CHF 7.433.496 EUR 29.280.000 E (CHF) 02.09.2016 (22.416.916)

Total 2.876.721

Total Forward foreign Exchange Contracts (1.736.303)

- 29 - Partners Group Global Value SICAV

8. Statement of portfolio changes

Statement of portfolio changes is available to shareholders, free of charge, upon request from the Fund's registered office.

9. Commitments

As at 30 June 2016, the Fund is committed for a total of EUR 1.511.175.323 in its underlying funds. The unfunded commitments amount to a total of EUR 327.099.118 which is expected to be required as follow-on investments on a needed basis by the underlying private equity funds.

10. Loan

There is a Credit Facility between the Fund and lnvestec Bank for EUR 150.000.000,00. This credit facility was not used during the year and a commitment fee of 1,00% was charged.

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