Ff&P Venture Funds Pcc Limited

FF&P VENTURE FUNDS PCC LIMITED

Interim Report and Unaudited Consolidated Financial Statements

For the six month period ended 30 September 2014 FF&P VENTURE FUNDS PCC LIMITED

Financial Statements for the period ended 30 September 2014

Contents

Page

Directors and Administration 2

Statement of Directors' Responsibilities 3

Investment Adviser's Report 4 - 9

Investment Portfolio Statement - (Cell I) 10

Investment Portfolio Statement - (Cell II) 11 - 12

Investment Portfolio Statement - (Cell III) 13

Investment Portfolio Statement - (Cell IV) 14

Investment Portfolio Statement - (Cell V) 15

Investment Portfolio Statement - (Cell VI) 16

Investment Portfolio Statement - (Cell VII) 17

Investment Portfolio Statement - (Cell VIII) 18

Investment Portfolio Statement - FF&P Venture Funds Subsidiary Limited 19

Consolidated Statement of Total Return 20 - 21

Consolidated Statement of Movements in Equity Shareholders' Funds 22 - 23

Consolidated Balance Sheet 24 - 25

Consolidated Cash Flow Statement 26

Notes to the Financial Statements 27 - 43 FF&P VENTURE FUNDS PCC LIMITED Page 2

Directors and Administration

Directors: Richard Crowder (Chairman)* Rupert Evans Lewis Grant* All of the current directors are non-executive. With the exception of Richard Crowder, all directors are members of the Audit Committee.

* Independent directors

Registered Office: 11 New Street St Peter Port Guernsey, GY1 2PF

Manager: FF&P Asset Management (Guernsey) Limited 11 New Street St Peter Port Guernsey, GY1 2PF

Investment Adviser: FF&P Asset Management Limited 15 Suffolk Street London, SW1Y 4HG

Custodian and Banker: Butterfield Bank (Guernsey) Limited Regency Court Glategny Esplanade St Peter Port Guernsey, GY1 3AP

Administrator, Secretary and Orangefield Legis Fund Services Limited (foremerly Legis Fund Services Limited) Registrar of the Company: 11 New Street St Peter Port Guernsey, GY1 2PF

Independent Auditors: PricewaterhouseCoopers CI LLP Royal Bank Place 1 Glategny Esplanade St Peter Port Guernsey, GY1 4ND

Legal Advisers: As to Guernsey Law: As to English Law: Mourant Ozannes Slaughter & May 1 Le Marchant Street 1 Bunhill Row St Peter Port London The scheme particulars, the statues andGuernsey, the annual GY1 4HPand half-yearly reports are obtainableUnited Kingdom, free of EC1Y charge 8YY from the Representative

FF&P VENTURE FUNDS PCC LIMITED Page 3

Statements of directors' responsibilities The directors are responsible for preparing the financial statements for each financial period which give a true and fair view of the state of affairs of the Company as at the end of the financial period and of the profit or loss for that period in accordance with applicable Guernsey Law and United Kingdom Accounting Standards. In preparing these financial statements, the directors are required to:

* select suitable accounting policies and apply them consistently; * make judgements and estimates that are reasonable and prudent; * state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements; and * prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business. The directors confirm that they have complied with the above requirements in preparing the financial statements. The directors are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the Company and enable them to ensure that the financial statements comply with The Companies (Guernsey) Law, 2008. They are also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. FF&P VENTURE FUNDS PCC LIMITED Page 4 INVESTMENT ADVISOR’S REVIEW OF THE PERIOD 1 APRIL 2014 TO 30 SEPTEMBER 2014

INVESTMENT OBJECTIVE

Cells I, II and IV

The aim of these Funds is to achieve long-term capital appreciation by investing in a diversified portfolio of Venture Capital, Leverage Buyout (LBO) and Opportunistic unquoted funds.

Venture Funds I is closed and consists of funds which were largely formed in 2001, 2002 and 2003. Venture Funds I was restructured in November 2007 into Cell I (Portfolio I) and Cell I (Portfolio II). Cell I (Portfolio I) investors elected not to roll their outstanding commitment to the original Cell I programme into the current investment programme, FF&P Venture Funds PCC Limited Cell IV. Cell I (Portfolio II) investors elected to roll their outstanding commitment into Cell IV. Therefore Cell I (Portfolio II) investors have exposure to both the original Cell I and the current Cell IV investment programmes.

Venture Funds II consists primarily of funds formed in 2004, 2005 and 2006.

Cell IV’s exposure consists of funds primarily formed in 2007, 2008 and 2009. Cell IV invests into underlying funds via FF&P Venture Funds PCC Subsidiary Limited (“the Subsidiary”). At 31 March 2014 the Subsidiary had aggregate investor commitments of $245m. The investor base of the Subsidiary is made up 67% of commitments from Cell IV ($165m), and 33% of commitments from Cell I (Portfolio II) ($80m). The Subsidiary has committed an aggregate of $151.6m to twenty-four underlying funds. In Q2 2009 the Board of FF&P Venture Funds PCC Limited agreed that capital called from Cell I (Portfolio II) and Cell IV investors would not exceed $6.50 per share, which is equal to 65% of their original commitments of $10.00 per share. Cells III and V

The aim of these Funds is to achieve long term capital appreciation by investing in unquoted investments. The investments are expected to originate as a result of relationships between the Investment Adviser and the Managers of pooled fund vehicles in which other cells of the company invest.

Cells VI and VII

The aim of the Fund is to achieve long term capital appreciation by providing development capital to private, unquoted companies. Cells VI and VII are the result of a restructuring that took place during Q4 2012. Each fund was previously structured as a Limited Liability Partnership. The Cell VI programme was established in 2004 and has invested in 13 unquoted companies, 7 of which have been realised. The Cell VII programme was established in 2007 and has made twelve investments. Revaluation under Fair Value principles is carried out half yearly as at 30 September and 5 April.

Cell VIII

The original objective for Cell VIII’s investments was to achieve an attractive return through investment in unquoted infrastructure funds, with a global mandate. Cell VIIIa committed to unquoted infrastructure funds raised in 2005 and 2006, and Cell VIIIb committed to just one unquoted infrastructure fund, raised in 2008.

PERFORMANCE REVIEW AND OUTLOOK

Cell I (Portfolio I)

As of 30 September 2014 the unaudited Net Asset Value (NAV) was $7.17433 per share. This relates to a $4.00 per share cost base and an audited NAV of $7.47138 per share at 31st March 2014. FF&P VENTURE FUNDS PCC LIMITED Page 5 INVESTMENT ADVISOR’S REVIEW OF THE PERIOD 1 APRIL 2014 TO 30 SEPTEMBER 2014

Cell I (Portfolio I) ceased making new commitments to funds towards the end of 2003. As of 30 September 2014, $8.6m had been called by the underlying 23 funds, leaving only $0.2m uncalled. The portfolio allocation remains unchanged in terms of capital commitments with approximately 20% US Venture Capital, 22% US Private Equity, 10% European Venture Capital, 11% European Private Equity and 37% Opportunistic. The portfolio is now mature and the focus for underlying managers has been on harvesting the remaining investments when appropriate. A number of underlying funds were liquidated during the period, having fully realised the last remaining companies in their portfolio. In other cases, portfolio fund-managers extended the life of their funds in order to dispose of their remaining portfolio companies in an orderly manner. Cash-calls for the period were negligible while the Cell received $0.2m in distributions from its underlying fund portfolio.

From a performance perspective, much of Cell I’s original programme has already been successfully exited and the returns are largely ‘baked in’. Approximately 50% of the portfolio at 30 September 2014 was composed of European and North American Venture Capital (VC) funds. These funds have been the longest to mature and, consequently, have shown the lowest IRRs to date across the portfolio. However, the environment for venture capital companies began to improve significantly during 2013 as investors showed increased interest in technology and pharmaceuticals companies. As a result, the portfolio of VC funds showed significant performance improvements during the previous period driven by a number of IPOs, major fund-raising events and company sales within the portfolio. This in term drove the positive twelve month performance for the cell.

The Fund Advisor is committed to returning cash to investors. The cell completed its first buy-back in Q4 2008 and, since then has completed a number of further buy-backs. Most recently, the cell completed a tender offer in November 2013. In total, since inception, Cell I (Portfolio I) has returned $4.76 per share to clients compared with an original cost base of $4.00.

Including cash returned to investors via buy-backs/tender offers during the period, the NAV of Cell I (Portfolio I) decreased by - 4.0% during the six months to 30 September 2014. This was driven predominantly by the weaker stock market performance of some of the technology holdings of the underlying funds. Following the latest tender offer, the realised multiple of cost is 1.19x and the realised plus unrealised multiple of cost is 1.73x.

After the reporting date, the cell initiated a tender-offer which is expected to return further capital to clients in December 2014.

Cell I (Portfolio II)

As of 30 September 2014 the unaudited NAV was $7.93181 per share. This relates to the $4.00 per share cost base and an audited NAV of $7.81401 per share at 31st March 2014. The Cell enjoyed a +1.5% increase in NAV over the period to 30 September 2014.

Following the reconstruction of the original Cell I in November 2007, investors in Cell I (Portfolio II) now have exposure to both the original Cell I portfolio, and also that of Cell IV. Whilst the original Cell I portfolio is now mature and in its realization phase, the portfolio of Cell IV contains a number of funds which are still in their investment phase. As the Cell I portion liquidates progressively in the future, the NAV and the IRR of Cell I (Portfolio II) will be increasingly impacted by the performance of Cell IV.

See above for commentary on the outlook for the original Cell I programme, and below for the equivalent for Cell IV.

As of 30 September 2014 the original Cell I portfolio had called $101.6m from Cell I (Portfolio II) investors, out of a possible $106.3m. The Cell IV portfolio had called $44.6m out of a possible $50.0m from Cell I (Portfolio II) investors. Over the six month period to 30 September 2014, the original Cell I portfolio made negligible capital calls and distributed $7.3m whilst the Cell IV portfolio called $2.0m and distributed $4.0m.

Cell I (Portfolio II) completed its first buy-buy in Q1 2012 and has subsequently completed a number of further buy-backs, most recently in November 2013. At 30 September 2014, the overall realised multiple of cost is 0.60x, and the realised plus unrealised multiple of cost is 1.90x.

After the reporting date, the cell initiated a tender-offer which is expected to return further capital to clients in December 2014.

Cell II

As of 30 September 2014 the NAV was $3.09956 per share. This relates to a cost base of $2.00 per share. FF&P VENTURE FUNDS PCC LIMITED Page 6 INVESTMENT ADVISOR’S REVIEW OF THE PERIOD 1 APRIL 2014 TO 30 SEPTEMBER 2014

Cell II invested in funds with vintage years 2004, 2005 and 2006, making commitments to a total of 49 funds. The Cell has made no new commitments since early 2007. As of 30 September 2014, the cell had contributed $190.2m out of a maximum $199.9m of commitments to underlying funds. The final allocation of Cell II in terms of capital commitments is 14% US Venture Capital, 25% US Private Equity, 6% European Venture Capital, 19% European Private Equity, 21% Opportunistic and 15% Asia and the Emerging Markets.

The cell’s investment period was characterised by relatively rapid capital deployment and comparatively high entry multiples and leverage levels. Overall, as a result of the global financial crisis, Cell II portfolio’s valuation suffered to a greater extent than its more mature predecessor, Cell I, and its successor, Cell IV. However, this has been partially offset by an increasingly favourable exit environment. This has benefited both the buy-out and the VC portfolios.

In 2010 Cell II became a net distributor for the first time. The Investment Adviser initiated the first return of cash to Cell II investors in Q4 2011, which completed in Q1 2012. Since then, Cell II has returned capital to investors on a number of occasions, most recently in November 2013. In total, at 30 September 2014, the cell has returned the equivalent of $0.66 per share.

The 30 September NAV represents a+6.5% an NAV was $2.91044 per share. The principal contributor to this increase was the Cell’s investment in Capital Today China I, a fund focusing on the emerging consumer in Greater China. As has been mentioned previously, the fund has made an extraordinarily successful investment in one of China’s leading internet retailers, JD.com. That company completed a Nasdaq listing during the period causing its valuation to increase significantly. Following the latest tender offer, the Cell’s realised multiple of cost is 0.33x and the realised plus unrealised multiple of cost is 1.45x.

After the reporting date, the cell initiated a tender-offer which is expected to return further capital to clients in December 2014.

Cell III

At 30 September 2014, the NAV was $0.50601per share. This relates to a cost base of $1.00 per share. Cell III is 100% called. At 30 September 2014, Cell III has invested a total of $44.3m into 15 investments and has generated a total return of 0.49x cost of which 0.26x has been distributed to investors via share buy-backs and tender offers. Including capital that was returned to investors during the period, the NAV of Cell III decreased by 15.0% during the six months to 30 September 2014.

During the period, Cell III disposed of a number of investments, Cardiff and GTS. The GTS investment performed well and is expected to generate a final multiple in excess of 2.5x in EUR although this will be closer to 2.1x in USD due to adverse FX movements during the Cell’s ownership. Cardiff had previously been written down to a nil valuation. The company was sold during Q2 to Gemalto and, including previous distributions, generated an overall multiple of 1.2x. These exits did not lead to a material uplift in valuation since the 31 March 2014 valuation had already been adjusted to reflect the expected valuations.

Following these realisations, at 30 September 2014, Cell III only contained two significant investments: the holding in Freescale and the residual position in GTS’s Slovakian position which collectively represent over 85% of the portfolio’s valuation at the reporting date.

The valuation of GTS Slovakia increased in EUR during the quarter but was impacted by a weaker EUR vs USD leading to a small decrease in USD. Freescale’s share price however fell by -20% during the period. This principally reflected weak Q1 profits as well as negative sentiment towards the semi-conductor sector during Q3. Operating performance improved subsequently with a return to both sales growth and profitability in both the third and fourth quarters. As a result, Freescale’s share-price has risen significantly following the end of the period.

A number of the other investments, notably Educate, IKP and Oxara, continue to experience significant challenges and have been written down to 0.0x. The earn-out due from Cell III’s highly successful investment in Endeca was also reduced during the period although legal action has been brought against Oracle to try and recover further value from this. FF&P VENTURE FUNDS PCC LIMITED Page 7 INVESTMENT ADVISOR’S REVIEW OF THE PERIOD 1 APRIL 2014 TO 30 SEPTEMBER 2014

The Cell III portfolio has faced many challenges following the financial crisis and regrettably the Investment Adviser does not expect to recover materially more than the current NAV. The focus will remain on driving underlying value in the remaining investments, to secure the best possible outcomes. It is hoped that it may be possible to realise much of the remaining value by 31st December 2015.

Cell IV

As of 30 September 2014 the NAV was $5.51044 per share. This relates to a cost base of $4.25 per share.

Cell IV holds its underlying fund investments via the Subsidiary. At 30 September 2014 The Subsidiary had committed an aggregate of $154.7m to twenty-five underlying funds. The allocation of Cell IV in terms of capital commitments is 6% US Venture Capital, 22% US Private Equity, 10% European Venture Capital, 16% European Private Equity, 18% Opportunistic, 21% Asia and the Emerging Markets, 3% Latin American Buyout, and 4% Direct Secondaries. Cell IV is not expected to make any further new fund commitments.

The investment environment for Cell IV has been far more attractive than for its predecessor, Cell II, on account of lower entry multiples across all strategies and a more stable operating environment. The pace of investment activity within Cell IV’s underlying portfolio was steady during the review period. Despite some solid early realisations within the portfolio, the pull of the J-curve which typifies private equity fund investment performance, has dampened performance somewhat compared with the more mature predecessors, Cells I & II. At 30 September 2014 the portfolio was 89% invested. Cell IV is a more concentrated programme than Cell II, which is in line with the Investment Adviser’s strategy to back the winners from earlier programmes. Some meaningful early realisations of underlying portfolio companies have been distributed by the underlying General Partners. The strategy, which is consistent with earlier programmes, is to retain these distributions within the structure, for use in meeting future funding obligations. This reduces the outstanding funding burden for investors, in terms of future cash calls, and should benefit the overall return multiple for Cell IV investors.

The Cell has not held any buy-backs or tender offers prior to 30 September 2014. However, Q1 2014 was the first time that distributions received from underlying funds have outpaced capital calls. As a result, after the reporting date, the cell initiated a tender-offer which is expected to return further capital to clients in December 2014.

The NAV of the Cell increased by +5.7% over the six months to 30th September 2014. The principal contributors to this positive performance were a number of the Cell’s VC fund holds, most notable Capital Today China II, Balderton Capital IV and DN Capital II. The cell’s total return on capital called to date currently stands at 1.30x.

Cell V

As of 30 September 2014 the NAV was £0.71430 per share. This relates to a cost base of £0.70 per share. At 31 March 2014 the audited NAV was £0.77284 per share and the cost base was £0.70 per share. This represents a -7.6% performance over the six month period to 30 September. The overall performance of the Cell to date is 1.0x cost. The Cell has not yet returned any cash to its investors.

At 30 September 2014, Cell V had made twelve investments. To date, one investment has been sold, Magna Industries, generating a 1.25x return on the Cell’s investment.

During the period, two of the Cell’s African holdings, Wasteman and Monurent experienced significant liquidity challenges. In both cases, it is expected that these may lead to future equity funding rounds at prices materially below the 31 March 2014 valuations. As a result of this, the valuations of both investments have been written down during the period to reflect the reduced future valuations. The valuations decreased by -58% and -52% respectively.

Of the remaining portfolio, the strongest performers have been Celsis, Trustco and Dashen Breweries all of which registered significant uplifts in their valuations since their initial investment. Trustco performed particularly strongly during the period, announcing strong results and completing a number of significant acquisitions both of which led the company’s share price to rise by +64% during the period.

The outlook for Cell V remains positive. It is currently 70% drawn and with capacity to add new investments. The portfolio remains young overall but is currently performing well. The portfolio is not immune from market moves so there may be some short-term dislocation between interim valuations and the underlying improvement and growth in the portfolio. FF&P VENTURE FUNDS PCC LIMITED Page 8 INVESTMENT ADVISOR’S REVIEW OF THE PERIOD 1 APRIL 2014 TO 30 SEPTEMBER 2014

Cell VI

As of 30 September 2014, NAV was £0.64059 per share. At 31 March 2014 the audited NAV was £0.050768 per share. A tender offer was completed during the period, returning a total £5.9m to share-holders. Including this return of cash, this represents a +26.2% performance over the six month period to 30 September 2014.

Since inception in April 2004, the Cell has made a total of 14 investments and is fully invested. 100% of capital has been drawn, corresponding to a cost base per share of £1.00.

The main event for the year was the successful exit from OB10 which was sold to Tungsten in October 2013. The sale generated £4.7m of proceeds, equating to a 1.93x multiple for the Cell. Following this event, an EGM was held during 2014 to approve a tender offer which returned £5.9m or £0.313665 per share to investors during the period.

The current portfolio contains four remaining companies, Defaqto, DeltaDot, Oxara Energy Group and Caithness Petroleum. Of these, DeltaDot, Oxara and Caithness are held at nil or close to nil valuations and are not expected to generate meaningful returns in the future.

Defaqto’s valuation increased by +14% to reflect the company’s continued strong operating performance. As was indicated in the previous report, Advisors have been appointed to sell the company and a sale of the company is currently targeted for the first calendar quarter of 2015. This process has begun positively and the Investment Manager hopes that this may lead to a further increase in valuation for Cell VI’s share-holders.

Cell VII

As of 30 September 2014 the NAV was £0.64495 per share. At 31 March 2014 the audited NAV was £0.71764 per share. This represents a -10.1% performance over the six month period to 30 September.

Since inception in April 2007, the Cell has made a total of 15 investments. Four of these investments have either been sold or their shares have been distributed in kind to Cell VII’s share-holders prior to the reporting period. The Cell has drawn 100% of its capital, corresponding to a cost base per share of £1.00. It has continued to invest, making its latest investment in May 2014 in Ticketscript, a software-based ticketing solution for small-medium sized live entertainment venues.

At 30 September 2014, the portfolio contained 11 investments. In general, the portfolio is performing well and is currently valued at 1.2x its historic cost. Within the portfolio, several companies have shown particularly strong operating performance. These include IKON Science, Small World & David Phillips all of which saw double-digit growth during the year. The valuations of these businesses were adjusted to reflect this. On the other hand, BioSev, Oxara and Wasteman have seen their value decrease.

In terms of future developments, RFIB has appointed Advisors to explore a sale which it is hoped will lead to an exit during H1 2015. It is anticipated that the cell will continue to make a number of investments in the future. FF&P VENTURE FUNDS PCC LIMITED Page 9 INVESTMENT ADVISOR’S REVIEW OF THE PERIOD 1 APRIL 2014 TO 30 SEPTEMBER 2014

Cell VIII

Cell VIIIa had a global mandate and ultimately committed to five unquoted infrastructure investment funds, and one London listed fund involved in offshore oil rig financing. Cell VIIIa enjoyed good early performance via its investments in the Barclays Infrastructure Fund and I2, both of which have been realised. The CQS Rig Fund was liquidated during the period and proceeds of £1.9m were received in July 2014. The cell’s entire exposure to MEIF II was successfully sold on the secondary market at a discount of 10% to the December 2013 NAV. This price was the most attractive of several indicative offers and still results in a 1.1x net multiple on invested capital. Proceeds of €4.8m were received in August 2014 with a further €2.4m deferred until August 2015. Cell VIIIa completed a distribution to investors of approximately 10% of NAV during Q4 2014.

The key future event for Cell VIIIa will be the sale of Henderson’s investment in the John Laing business via Henderson PFI Fund I and Henderson PFI Fund II. During 2014, Henderson initiated a dual-track approach to exit the business by exploring both the trade sale and IPO exit routes. After initially focussing on a trade sale, Henderson have decided to pursue an IPO and, after the reporting date, announced their intention to float John Laing. The decision comes after disappointing bids received during the trade sale process. These bids were below the current accrued value of Fund I and would have resulted in a zero return for Fund II. As at 30th September, Henderson Fund I is valued at 1.7x cost and Henderson Fund II is valued at 0.45x.

The IPO pricing will be confirmed at the end of January 2015 at which point we will have a clearer view as to the expected outcomes for both Funds I & II. Henderson will make a final decision whether to pursue the IPO by mid-February. Unfortunately these latest developments have resulted in much uncertainty going forward. It is clear, however, that expected cash flows from Henderson Funds I & II to Cell VIIIa will be delayed until at least Q4 2015.

Cell VIIIb has been liquidated following the secondary sale of the last remaining holding Infracapital to Credit Suisse. The sale was completed in Q1 2014 and achieved a price reflecting a discount of 6% to the reference date agreed and was better than the offers that were initially indicated. Proceeds were distributed to investors during Q2 2014. FF&P VENTURE FUNDS PCC LIMITED Page 10 Investment Portfolio Statement at 30 September 2014

FF&P Ventures I (Cell I) US$ '000 % of total Private Equity Investments at valuation

U.S. Venture Capital 12.7% (31 March 2014: 13.8%) Alloy Ventures 2002, L.P. 1,682 2.1% Polaris Venture Partners IV, L.P. 2,976 3.8% Three Arch Partners IV, LP. 2,094 2.6% MPM Bioventures III, L.P. 941 1.2% Ignition Venture II, L.P. 2,340 - 3.0% U.S. Private Equity 4.4% (31 March 2014: 12.2%) JP Morgan Partners Global Investors (Cayman), L.P. 534 0.7% J.W. Childs Equity Partners III, L.P. 9 0.0% Parthenon Investors II, L.P. 1,502 1.9% Sterling Investment Partners, L.P. 770 1.0% ShoreView Capital Partners, L.P. 603 - 0.8% European Venture Capital 6.5% (31 March 2014: 6.9%) Acceleron pharma inc 32 0.0% Accel Europe Fund, L.P. 3,617 4.6% Balderton Capital Founders Fund I, L.P. 1,474 - 1.9% European Private Equity 2.1% (31 March 2014: 3.1%) Permira Europe III, L.P. 1,521 1.9% Candover 2001 Fund 138 0.2% Opportunistic 2.1% (31 March 2014: 3.8%) Lone Star Fund IV, L.P. 52 0.1% Coller International Partners IV, L.P. 435 0.4% Bain Sankaty Credit Opportunities Fund, L.P. 342 0.4% DV3 Limited 152 0.2% Paul Associates II International Limited, L.P. 315 0.4% ABRY Mezzanine Partners, L.P. 280 0.4% Stepstone international 184 - 0.2% Subsidiary 55.6% (31 March 2014: 52.5%) FF&P Venture Funds Subsidiary (32.65% of Portfolio page 21) 44,124 55.6%

Money Market Fund and Treasury Bond at valuation 13.5% (31 March 2014: 5.2%) JP Morgan Liquidity Fund 6,586 8.3% Blackrock Institutional US Dollar Liquidity Fund 4,130 5.2% Total value of investments 76,833 96.9%

Cash balances 3,162 3.9%

Other net current liabilities (674) (0.8%)

MrTotal net assets 79,321 100.0% FF&P VENTURE FUNDS PCC LIMITED Page 11 Investment Portfolio Statement at 30 September 2014

FF&P Ventures II (Cell II)

US$ '000 % of total Private Equity Investments at valuation

U.S. Venture Capital 10.3% (31 March 2014: 11.6%) Alloy Ventures 2005, L.P. 3,937 2.4% Venrock Associates IV, L.P. 3,787 2.3% RHO Venture V, L.P. 1,905 1.2% Polaris Venture Partners V, L.P. 4,511 2.7% Ignition Venture Partners III, L.P. 1,710 1.0% Sevin Rosen Fund IX, L.P. 1,095 0.7%

U.S. Private Equity 19.4% (31 March 2014: 22.9%) Bain Capital Fund IX, L.P. 4,782 2.9% Parthenon Investors III, L.P. 4,460 2.7% Sterling Investment Partners II, L.P. 3,280 2.0% Sterling Capital Partners, II L.P. 2,002 1.2% Crestview Offshore Holdings, (Cayman) L.P. 1,975 1.2% HealthpointCapital Partners II, L.P. 1,950 1.2% Bain Capital Fund VIII, L.P. 1,354 0.8% Orbimed Private Investments III, L.P. 2,855 1.7% ABRY Partners V, L.P. 846 0.5% Summit Partners PE Fund VII-A, L.P. 2,936 1.8% Charlesbank Offshore Equity Fund VI, L.P. 2,216 1.3% Elevation Partners, L.P. 112 0.1% TA Atlantic and Pacific V, L.P. 916 0.6% TPG Partners V, L.P. 2,305 1.4%

European Venture Capital 3.8% (31 March 2014: 5.9%) Balderton Capital III, L.P. 2,856 1.7% Accel London II, L.P. 2,715 1.6% Balderton Capital II, L.P. 824 0.5%

European Private Equity 8.2% (31 March 2014: 9.8%) Gilde Equity M Benelux, L.P. 3,267 2.0% Permira Fund IV, L.P. 3,835 2.3% Bain Capital Fund VIII E, L.P. 873 0.5% Euroknights V PPM, L.P. 1,193 0.7% Iceni Capital Partners, L.P. 1,107 0.7% Sovereign Capital II, L.P. 1,356 0.8% Arcadia II, L.P. 2,050 1.2% FF&P VENTURE FUNDS PCC LIMITED Page 12 Investment Portfolio Statement at 30 September 2014

FF&P Ventures II (Cell II) - Continued US$ '000 % of total Private Equity Investments at valuation

Opportunistic 11.0% (31 March 2014: 12.7%) Lime Rock Partners IV, L.P. 7,804 4.7% Lime Rock Partners III, L.P. 1,130 0.7% ABRY Senior Equity Partners II, L.P. 672 0.4% First Reserve Fund XI, L.P. 2,748 1.7% Sankaty Credit Opportunities II, L.P. 1,260 0.8% First Reserve Fund X, L.P. 270 0.2% Lone Star Fund V, L.P. 1,260 0.8% Paul Capital Partners, L.P. VIII 1,187 0.7% Patron Capital II, L.P. 1,637 1.0%

Asia and Emerging Markets 25.9% (31 March 2014: 22.5%) Capital Today China Growth, L.P. 35,655 21.6% Unison Capital Partners II, L.P. 338 0.2% Innova/4, L.P. 2,528 1.5% Navis Asia Fund IV, L.P. 656 0.4% Brait IV Investment, L.P. 1,188 0.7% Bain Capital Asia Fund, L.P. 1,471 0.9% Japan Ireland Investment, L.P. 769 0.5% Russian New Growth Fund, L.P. 181 0.1% Unison Capital Partners Stand-By Facility 3, L.P. 37 0.0%

Funds at valuation 0.8% (31 March 2014: 0%) Facebook Inc A 34 0.0% North Atlantic Smaller Co Inv Tst 1,279 0.8%

Money Market Funds at valuation 19.6% (31 March 2014: 13.8%) Blackrock Institutional US Dollar Liquidity Fund 5,611 3.4% JP Morgan Liquidity Fund 26,881 16.2% Total value of investments 163,606 99.0%

Cash balances 2,907 1.8%

Other net current liabilities (1,373) (0.8%) Total net assets 165,140 100.0% FF&P VENTURE FUNDS PCC LIMITED Page 13 Investment Portfolio Statement at 30 September 2014

FF&P Ventures III (Cell III)

US$ '000 % of total Private Equity Investments at valuation

Private Equity Investments 27.1% (31 March 2014: 83.8%) Innova GTS Holding S.À R.L. 1,826 16.3% Cardiff Holdings Corp. 323 2.9% DN Capital Endeca Investments SPV LP 63 0.6% Freescale Holdings LP – Class A Units 812 7.3%

Common Stock at valuation 0.4% (31 March 2014: 0.4%) Hiflux Limited 47 0.4%

Money Market Funds at valuation 70.4% (31 March 2014: 14.8%) JP Morgan Liquidity Fund 6,384 57.3% Money Market Funds at valuation 19.6% (31 March 2014: 13.8%) 1,456 13.1% Total value of investments 10,911 97.9%

Cash balances 346 3.1%

Other net current liabilities (108) (1.0%) Total net assets 11,149 100.0% FF&P VENTURE FUNDS PCC LIMITED Page 14 Investment Portfolio Statement at 30 September 2014 FF&P Ventures IV (Cell IV)

US$ '000 % of total Private Equity Investments at valuation

Subsidiary 97.6% (31 March 2014: 96.1%) FF&P Venture Funds Subsidiary Limited (67.35% of Portfolio page 21) 91,021 97.6%

Money Market Funds at valuation 1.9% (31 March 2014: 2.8%) JP Morgan Liquidity Fund 1,695 1.9%

Total value of investments 92,716 99.5%

Cash balances 1,400 1.5%

Other net current liabilities (896) (1.0%) Total net assets 93,220 100.0% FF&P VENTURE FUNDS PCC LIMITED Page 15 Investment Portfolio Statement at 30 September 2014

FF&P Ventures V, Venture Funds Direct II (Cell V)

GBP '000 % of total Private Equity Investments at valuation

Private Equity Investments 68.7% (31 March 2014: 59.5%) Wasteman Holdings (Pty) Ltd 629 4.9% Monurent Holdings Limited 692 5.4% TrustCo Group Holdings 2,448 19.2% Trident Private Equity 3 Nastor Ltd 1,111 8.7% Duet Beverages Africa Investors Ltd 2,712 21.3% TIA Investments Limited 1,168 9.2%

Common Stock at valuation 21.0% (31 March 2014: 13.3%) Zambeef Products 520 4.1% Ginx TV Limited 1,058 8.3% Qwasi Inc 1,080 8.6%

Money Market Funds at valuation 9.1% (31 March 2014: 12.1%) JP Morgan Liquidity Fund 1,119 8.8% Blackrock Institutional Sterling Liquidity Fund 43 0.3%

Total value of investments 12,580 98.8%

Cash balances 138 1.1%

Other net current assets 7 0.1% Total net assets 12,725 100.0% FF&P VENTURE FUNDS PCC LIMITED Page 16 Investment Portfolio Statement at 30 September 2014

FF&P Ventures VI (Cell VI), Special Situations II Cell

GBP '000 % of total Private Equity Investments at valuation

Private Equity Investments 98.7% (31 March 2014: 100.3%) FF&P Special Situations II LLP 3,898 98.7%

Money Market Funds at valuation 0.0% (31 March 2014: 0%) JP Morgan Liquidity Fund 37 0.9%

Total value of investments 3,935 99.6%

Cash balances 21 0.5%

Other net current liabilities (4) (0.1%) Total net assets 3,952 100.0% FF&P VENTURE FUNDS PCC LIMITED Page 17 Investment Portfolio Statement at 30 September 2014

FF&P Ventures VII (Cell VII), Special Situations III Cell

GBP '000 % of total Private Equity Investments at valuation

Private Equity Investments 100.0% (31 March 2014: 99.9%) FF&P Special Situations III LLP 20,345 100.0%

Total value of investments 20,345 100.0%

Cash balances 5 0.0%

Other net current liabilities (5) 0.0% Total net assets 20,345 100.0% FF&P VENTURE FUNDS PCC LIMITED Page 18 Investment Portfolio Statement at 30 September 2014

FF&P Ventures VIII (Cell VIII), PFI I and PFI II Cell

GBP '000 % of total Private Equity Investments at valuation

Private Equity Investments 99.9% (31 March 2014: 84.0%) FF&P PFI LLP 43,153 99.9%

Total value of investments 43,153 99.9%

Cash balances 24 0.1%

Other net current liabilities (12) 0.0% Total net assets 43,165 100.0% FF&P VENTURE FUNDS PCC LIMITED Page 19 Investment Portfolio Statement at 30 September 2014

FF&P Venture Funds Subsidiary Limited

Allocation of Net Assets US$ '000 % of total Cell I Cell IV Private Equity Investments at valuation 32.65% 67.35%

Private Equity Investments 93.1% (31 March 2014: 97.5%) Abry Partners VI, L.P. 3,860 2.8% 1,260 2,600 Abry Senior Equity III LP 4,297 3.1% 1,403 2,894 Balderton Capital IV, L.P. 13,467 9.8% 4,397 9,070 Beacon India Private Equity Fund, L.P. 3,071 2.2% 1,003 2,068 Bowmark Capital Partners IV, L.P. 5,141 3.7% 1,679 3,462 Capital Today China Fund 6,611 4.8% 2,158 4,453 Cipio Partners, L.P. 4,182 3.0% 1,365 2,817 DN Capital Global Venture II, L.P. 6,186 4.6% 2,020 4,166 Emerging Europe Growth Fund II, L.P. 1,843 1.3% 602 1,241 First Reserve Fund XII, L.P. 8,205 6.0% 2,679 5,526 Gores Capital Partners II, L.P. 2,569 1.9% 839 1,730 Innova V, L.P. 2,754 2.0% 899 1,855 Lime Rock Partners V, L.P. 5,591 4.0% 1,825 3,766 Navis Asia Fund V, L.P. 13,462 9.8% 4,395 9,067 Norvestor V, L.P. 3,098 2.3% 1,011 2,087 ProQuest Investments IV, L.P. 1,546 1.1% 505 1,041 Sankaty Credit Opps III, L.P. 1,836 1.3% 599 1,237 Shoreview Parallel Partners II, L.P. 5,089 3.7% 1,662 3,427 Southern Cross Latin America Private Equity 3,971 2.9% 1,297 2,674 Special Opportunities Fund IV Private Equity, L.P.* 13,260 9.7% 4,329 8,931 Sterling Capital Partners III, L.P. 5,182 3.8% 1,692 3,490 Summit Partners Europe,L.P. 2,493 1.8% 814 1,679 TA Atlantic and Pacific VI, L.P. 5,423 4.0% 1,771 3,652 Trident Private Equity Fund III, L.P. 4,825 3.5% 1,575 3,250 127,962 93.1% 41,779 86,183

Money Market Funds at valuation 5.3% (31 March 2014: 0.6%) JP Morgan Liquidity Fund 7,183 5.3% 2,345 4,838

Total value of investments 135,145 98.4% 44,124 91,021

Other net current assets 2,001 1.6% 653 1,348

Total net assets 137,146 100.0% 44,777 92,369

FF&P Venture Funds Subsidiary Limited is a 100% owned subsidiary of FF&P Venture Funds PCC Limited. *Special Opportunities Fund IV Private Equity LP invests in two underlying funds; Bain Europe 9 and Bain Capital 10. FF&P VENTURE FUNDS PCC LIMITED Page 20 Consolidated Statement of Total Return

For the period from 1 April 2014 to 30 September 2014

Consolidated* Consolidated* Consolidated* Cell I Cell II Cell III Cell IV Cell V Cell VI Cell VII Cell VIII Company period ended period ended period ended period ended period ended period ended period ended period ended period ended 30 Sept 2014 30 Sept 2014 30 Sept 2014 30 Sept 2014 30 Sept 2014 30 Sept 2014 30 Sept 2014 30 Sept 2014 30 Sept 2014 Note US $ '000 US $ '000 US $ '000 US $ '000 GBP '000 GBP '000 GBP '000 GBP '000 US $ '000

Net gains/(losses) on investments during the period 5 1,860 11,348 (1,743) 5,954 (1,152) (5,564) (2,279) (8,965) (12,677)

Other gains/(losses) 6 - 155 (91) - (8) - - - 51

Gross income 7 (15) 298 (43) 191 259 5,900 - 7,800 23,823 Expenses 8 (711) (1,423) (92) (955) (138) (10) (14) (18) (3,483) Net (loss)/profit before taxation (726) (1,125) (135) (764) 121 5,890 (14) 7,782 20,340

Taxation 3 (101) (302) - (185) - - - - (588) Net operating (loss)/profit after taxation (827) (1,427) (135) (949) 121 5,890 (14) 7,782 19,752

Total return/(deficit) for the period 1,033 10,076 (1,969) 5,005 (1,039) 326 (2,293) (1,183) 7,126

Total return/(deficit) per share 19 $0.103 $0.189 ($0.089) $0.296 (£0.058) £0.053 (£0.073) (£0.021)

All results derive from continuing operations. There is no material difference between the loss on ordinary activities before taxation and the retained profit for the period stated above and their historical cost equivalents. The Company has no recognised gains and losses other than those included in the results above and therefore no separate statement of total recognised gains and losses has been presented.

The accompanying notes on pages 27 to 43 form an integral part of these financial statements. FF&P VENTURE FUNDS PCC LIMITED Page 21 Consolidated Statement of Total Return

For the period from 1 April 2013 to 30 September 2013 Consolidated* Consolidated* Consolidated* Cell I Cell II Cell III Cell IV Cell V Cell VI Cell VII Cell VIII Company period ended period ended period ended period ended ** period ended period ended period ended period ended period ended 30 Sept 2013 30 Sept 2013 30 Sept 2013 30 Sept 2013 30 Sept 2013 30 Sept 2013 30 Sept 2013 30 Sept 2013 30 Sept 2013 Note US $ '000 US $ '000 US $ '000 US $ '000 GBP '000 GBP '000 GBP '000 GBP '000 US$ '000

Net gains/(losses) on investments during the period 5 3,637 4,754 (413) 3,586 (1,459) 637 (237) 2,059 13,094

Other gains/(losses) 6 4 (25) - 2 50 - (1) - 56

Gross income 7 (124) 3,455 47 (864) 2 1,265 17 97 4,628 Expenses 8 (761) (1,481) (237) (840) (159) (11) (14) (15) (3,624) Net (loss)/profit before taxation (885) 1,974 (190) (1,704) (157) 1,254 3 82 1,004

Taxation 3 (127) (274) - (84) - - - - (485) Net operating (loss)/profit after taxation (1,012) 1,700 (190) (1,788) (157) 1,254 3 82 519

Total return/(deficit) for the period 2,629 6,429 (603) 1,800 (1,566) 1,891 (235) 2,141 13,669

Total return/(deficit) per share 19 $0.221 $0.099 ($0.017) $0.106 (£0.088) £0.101 (£0.004) £0.015

The accompanying notes on pages 27 to 43 form an integral part of these financial statements. FF&P VENTURE FUNDS PCC LIMITED Page 22 Consolidated Statement of Movements in Equity Shareholders' Funds

For the period from 1 April 2014 to 30 September 2014

Equity shareholders' funds at the start of the year 78,288 155,063 13,118 88,214 13,764 9,490 22,638 52,126 498,181

Redemption of redeemable participating preference shares 12 ------Proceeds from calls and from redeemable participating preference shares issued 12 ------Redemption of redeemable participating preference shares 12 - - - - - (5,864) (7,778) (22,859) Net (decrease) from share transactions - - - - - (5,864) - (7,778) (22,859)

Total return/(deficit) for the period 1,033 10,076 (1,969) 5,005 (1,039) 326 (2,293) (1,183) 7,126

Foreign exchange loss on translation ------(3,551)

Equity shareholders' funds at the end of the year 79,321 165,139 11,149 93,219 12,725 3,952 20,345 43,165 478,897 1.00 * Cell I purchased 32.65% and Cell IV purchased 67.35% of the Equity shares in FF&P Venture Funds Subsidiary Limited on 19 February 2008. The total return of the subsidiary has been proportionately consolidated accordingly.

The accompanying notes on pages 27 to 43 form an integral part of these financial statements. FF&P VENTURE FUNDS PCC LIMITED Page 23 Consolidated Statement of Movements in Equity Shareholders' Funds

For the period from 1 April 2013 to 30 September 2013

Consolidated* Consolidated* Consolidated* Cell I Cell II Cell III Cell IV Cell V Cell VI Cell VII Cell VIII Company period ended period ended period ended period ended ** period ended period ended period ended period ended period ended 30 Sept 2013 30 Sept 2013 30 Sept 2013 30 Sept 2013 30 Sept 2013 30 Sept 2013 30 Sept 2013 30 Sept 2013 30 Sept 2013 US $ '000 US $ '000 US $ '000 US $ '000 GBP '000 GBP '000 GBP '000 GBP '000 US$ '000

Equity shareholders' funds at the start of the year 85,266 158,735 18,278 79,405 14,946 8,328 22,015 47,881 483,174

Redemption of redeemable participating preference shares 12 (190) ------(190) Proceeds from calls and from redeemable participating preference shares issued 12 - 10,284 - 4,229 - - - - 14,514 Redemption of redeemable participating preference shares 12 (261) (19,337) (1,021) - - (1,190) - - (22,441)

Net (decrease)/increase from share transactions (451) (9,053) (1,021) 4,229 - (1,190) - - (8,117)

Total return/(deficit) for the period 2,629 6,429 (603) 1,800 (1,566) 1,891 (235) 2,141 13,669

Foreign exchange loss on translation ------9,387 Equity shareholders' funds at the end of the year 87,444 156,111 16,654 85,434 13,380 9,028 21,780 50,022 498,113

* Cell I purchased 32.65% and Cell IV purchased 67.35% of the Equity shares in FF&P Venture Funds Subsidiary Limited on 19 February 2008. The total deficit of the subsidiary has been proportionately consolidated accordingly. The Company has no other recognised gains or losses other than those disclosed above.

The accompanying notes on pages 27 to 43 form an integral part of these financial statements. FF&P VENTURE FUNDS PCC LIMITED Page 24 Consolidated Balance Sheet At 30 September 2014 Consolidated* Consolidated* Consolidated* Cell I Cell II Cell III Cell IV Cell V Cell VI Cell VII Cell VIII Company 30 Sept 2014 30 Sept 2014 30 Sept 2014 30 Sept 2014 30 Sept 2014 30 Sept 2014 30 Sept 2014 30 Sept 2014 30 Sept 2014 US $ '000 US $ '000 US $ '000 US $ '000 GBP '000 GBP '000 GBP '000 GBP '000 US $ '000 Notes Portfolio of investments Investments 9 76,833 163,606 10,911 92,716 12,580 3,935 20,345 43,153 473,851

Current Assets Debtors 10 2 4 1 4 141 - 1 1 243 Cash and bank balances 3,162 2,907 346 1,400 138 21 5 24 8,119 3,164 2,911 347 1,404 279 21 6 25 8,362 Liabilities Creditors: amounts falling due within one year 11 676 1,377 109 900 134 4 6 13 3,315 Net current assets 2,488 1,534 238 504 145 17 - 12 5,047

Total net assets 79,321 165,140 11,149 93,220 12,725 3,952 20,345 43,165 478,898

Shareholders' funds Non equity share capital 12 ------Share capital 12 156 736 ------892 Share premium 12 21,299 100,369 35,710 74,814 12,469 3,488 22,409 39,104 354,105 Reserves 13 57,866 64,035 (24,561) 18,405 256 464 (2,064) 4,061 123,899

Total shareholders' funds 79,321 165,140 11,149 93,219 12,725 3,952 20,345 43,165 478,896

0 - 0 - 1 - 0 - - 0 2.19 Net Asset Value per Share

30 Sept 2014 - Ordinary Shares: $7.93 $3.10 $0.51 $5.51 £0.71 £0.64 £0.64 £35.97 30 Sept 2014 - New Ordinary Shares: $7.17 ------30 Sept 2014 - PFI I Ordinary Shares: ------£0.78 31 March 2014 - Ordinary Shares: $7.81 $2.91 $0.60 $5.21 £0.77 £0.51 £0.72 £3.04 31 March 2014 - New Ordinary Shares: $7.47 ------£0.00 31 March 2014 - PFI I Ordinary Shares: ------£0.80 31 March 2013 - Ordinary Shares: $7.16 $2.44 $0.49 $4.69 £0.84 £0.38 £0.70 £2.79 31 March 2013 - New Ordinary Shares: $6.64 ------£0.00 31 March 2013 - PFI I Ordinary Shares: ------£0.00 31 March 2012 - Ordinary Shares: $6.95 $2.36 $0.52 $3.90 £0.64 - - - 31 March 2012 - New Ordinary Shares: $6.65 - - - - 31 December 2010 - Ordinary Shares: $6.60 $2.16 $0.50 $3.25 - - - - 31 December 2010 - New Ordinary Shares: $6.24 ------31 December 2009 - Ordinary Shares: $6.11 $1.65 $0.49 $1.97 - - - - 31 December 2009 - New Ordinary Shares: $5.79 ------31 December 2008 - Ordinary Shares: $6.14 $1.28 $0.57 $1.31 - - - - 31 December 2008 - New Ordinary Shares: $5.91 ------* Cell I purchased 32.65% and Cell IV purchasd 67.35% of the Equity shares in FF&P Venture Funds Subsidiary Limited on 19 February 2008. The net assets of the Subsidiary have been proportionately consolidated accordingly.

The accompanying notes on pages 27 to 43 form an integral part of these financial statements. FF&P VENTURE FUNDS PCC LIMITED Page 25 Consolidated Balance Sheet At 31 March 2014 (comparative figures)

Consolidated* Consolidated* Consolidated* Cell I Cell II Cell III Cell IV Cell V Cell VI Cell VII Cell VIII Company 31 March 2014 31 March 2014 31 March 2014 31 March 2014 31 March 2014 31 March 2014 31 March 2014 31 March 2014 31 March 2014 US $ '000 US $ '000 US $ '000 US $ '000 GBP '000 GBP '000 GBP '000 GBP '000 US $ '000 Portfolio of investments Investments 9 76,335 153,811 12,992 87,244 13,809 9,462 22,624 52,118 493,873

Current Assets Debtors 10 139 8 41 5 1 2 2 4 208 Cash and bank balances 2,529 2,551 240 1,795 88 32 19 20 7,380 2,668 2,559 281 1,800 89 34 21 24 7,588 Liabilities Creditors: amounts falling due within one year 11 715 1,307 155 831 134 6 7 16 3,280 Net current assets 1,953 1,252 126 969 (45) 28 14 8 4,308

Total net assets 78,288 155,063 13,118 88,213 13,764 9,490 22,638 52,126 498,181

Shareholders' funds Non equity share capital 12 ------Share capital 12 156 736 ------892 Share premium 12 21,299 100,369 35,710 74,814 12,469 9,352 22,409 46,882 376,964 Reserves 13 56,833 53,957 (22,592) 13,399 1,295 138 229 5,244 120,325

Total shareholders' funds 78,288 155,063 13,118 88,213 13,764 9,490 22,638 52,126 498,181

* Cell I purchased 32.65% and Cell IV purchasd 67.35% of the Equity shares in FF&P Venture Funds Subsidiary Limited on 19 February 2008. The net assets of the Subsidiary have been proportionately consolidated accordingly.

The accompanying notes on pages 27 to 43 form an integral part of these financial statements. FF&P VENTURE FUNDS PCC LIMITED Page 26 Consolidated Cash Flow Statement

For the period from 1 April 2014 to 30 September 2014

Consolidated Consolidated Company Company 1 April 2014 to 1 April 2013 to 30 Sept 2014 30 Sept 2013 US $ '000 US $ '000 Notes

OPERATING ACTIVITIES

Net cash inflow/(outflow) from operating activities 15 19,916 (108)

FINANCIAL INVESTMENT

Purchases of bonds and money market funds (53,008) (17,937) Cash realised from sales of bonds and money market funds 24,548 4,634 Purchase of private equity investments (19,065) (16,334) Cash realised from private equity investments 51,163 36,613 Realised loss on foreign exchange 46 60

Net cash inflow from financial investment 3,684 7,036

Net cash inflow before financing 23,600 6,928

FINANCING

Issue of shares - 14,513 Redemption of shares (22,859) (22,631)

Net cash outflow from financing (22,859) (8,118)

Foreign exchange gain on translation - - Increase/(Decrease) in cash 741 (1,190)

Cash balances as at start of period 7,380 12,482

Cash balances as at end of period 8,121 11,292 FF&P VENTURE FUNDS PCC LIMITED Page 27 Notes to the financial statements

For the period from 1 April 2014 to 30 September 2014

1 Constitution, company structure and group structure FF&P Venture Funds I Limited (the 'Company') was incorporated with limited liability in Guernsey on 17 May 2002 in accordance with The Companies (Guernsey) Law, 1994. On 26 January 2004 an Extraordinary General Meeting was convened and it was approved that the name of the Company be changed to FF&P Venture Funds PCC Limited and that a reconstruction take place with the Company converting to a protected cell company. The existing shareholders of the Company were entitled to receive Cell I and Cell II shares for their existing holdings.

FF&P Venture Funds Subsidiary Limited (the "Subsidiary') was incorporated with limited liability in Guernsey on 24 January 2008. The Company and the Subsidiary are collectively referred to as the "Group". The company is a wholly owned subsidiary of FF&P Venture Funds PCC Limited as 100% of its redeemable participating shares are owned by cells within the company.

The principal activity of the Company is that of investment holding. Until 17 October 2005, Classes A and B of the Company's shares (Cell I and Cell II) were listed on the Irish Stock Exchange (ISE). From 11 October 2005, Classes A and B of the Company's shares had a secondary listing on the Channel Islands Stock Exchange. Upon the delisting from the ISE on 17 October 2005, this converted to a primary listing. Shares of Cell III, Cell IV, Cell V and Cell VI to Cell VIII were listed on the Channel Islands Stock Exchange on 5 December 2005, 3 April 2007, 2 May 2008 and 21 November 2012 respectively.

On 20 December 2013 the Royal Court of Guernsey approved the scheme of arrangement (“the scheme”) between The Channel Islands Stock Exchange (“CISX”), The Channel Islands Securities Exchange Limited (“CISEL”) and The Channel Islands Securities Exchange Authority Limited (“CISEAL”). In accordance with the scheme, the business of CISX has been acquired by CISEAL. All securities that were listed on the Official List of CISX have been transferred in accordance with Listing Rule 2.6A of the CISX Listing Rules and are now listed on the Official List of CISEAL.

On 17 November 2005 Cell III was launched with the objective of making direct investments alongside lead investors. Cell IV was launched on 31 March 2007 to continue the strategy for Cell I and Cell II. Cell V was launched on 30 April 2008. Cell VI and Cell VII were launched on 21 November 2012, the objective of Cell VI and VII is to achieve long term capital appreciation by providing development capital to private, unquoted companies. Cell VIII was launched on 21 November 2012, the objective of Cell VIII is to achieve a mixture of long term capital appreciation and income by investing in infrastructure investments.

The assets of the Company can be either cellular or non-cellular assets. The assets attributable to a cell comprise assets represented by the proceeds of cell share capital, reserves and any other assets attributable to the cell. The non-cellular assets comprise the assets of the Company which are not cellular assets. Where a liability arises from a transaction in respect of a particular cell, and there are insufficient assets within this cell, then there will be recourse to the non-cellular assets but not the assets of any other cell.

2 Accounting policies

Basis of accounting The financial statements have been prepared on the going concern basis in accordance with applicable United Kingdom Accounting Standards and the historical cost convention as modified by the revaluation of investments. Material accounting policies are set out below and have been applied consistently throughout the year.

The Company has not adopted the following accounting standards: FRS 23 - 'The Effects of Changes in Foreign Exchange Rates', FRS 25 - 'Financial Instruments: Disclosure and Presentation', FRS 26 - 'Financial Instruments: Measurement' and, FRS 29 - 'Financial Instruments: Disclosures', as permitted by FRS 26 Financial Instruments: Measurement. The shares of the Company are registered on the Channel Island Stock Exchange and hence the Company was not required to adopt this suite of standards.

Foreign exchange The reporting currency of the Company is United States dollars. Monetary assets and liabilities are translated at the rate of exchange ruling at the balance sheet date. Income and expenditure items are translated at the rate of exchange ruling at the date of the transaction.

Income and expenses Interest income including interest receivable from cash and short term deposits and interest payable is accounted for on an accruals basis. Expenses are accounted for on an accruals basis. FF&P VENTURE FUNDS PCC LIMITED Page 28 Notes to the financial statements (continued) For the period from 1 April 2014 to 30 September 2014

2 Accounting policies (continued)

Investments Investments in private equity funds and directly held investments are valued initially at cost, unless information from a 3rd party or a significant event deems a revaluation appropriate. Thereafter, private equity funds are held at the most recent net asset value or valuation as reported by the private equity funds and where applicable adjusted for subsequent capital activity. Direct investments are held at the most recent net asset value or valuation as reported by the manager or valuation as advised by co-investors. The directors believe these methods to be the most appropriate estimates of fair value. Such valuations are necessarily dependent upon the reasonableness of the valuations by the fund managers/general partners/co-investors of the underlying investments held in funds and direct investments. The directors have no reason to suppose that any such valuations are unreasonable.

In view of the basis of accounting for investments stated above, the eventual capital and income distributions received from investments will inevitably differ from the carrying value and the difference could be significant.

Distributions are allocated to income, realised gains or a return of capital based on confirmations received from the fund managers/general partners of the underlying funds.

Money market funds and bonds are valued by reference to the bid-market price ruling at the balance sheet date. Consolidation

The Company's investment in FF&P Venture Funds Subsidiary Limited (the "Subsidiary") has been consolidated. The Subsidiary was incorporated to enable the investment manager to balance the interests/calls on the underlying portfolio assets, which are to be held by the existing Cell IV investors and Cell I investors not electing to hold the new class of shares.

The Board considers that portfolio investments are held with a view to a realisation of capital gains typically within a 3-10 year period or when a suitable exit can be arranged. Investments in any entities (except for the Subsidiary Company) which could be classified as subsidiary undertakings have not been consolidated. The Board considers that to consolidate these investments would not give a true and fair view of the Company's interest in these investments.

Formation expenses Formation expenses of the Company are charged to the statement of total return as incurred.

3 Taxation The Company is exempt from Guernsey taxation under The Income Tax (Exempt Bodies) (Guernsey) Ordinance, 1989. A fixed annual fee of £600 is payable to the States of Guernsey in respect of this exemption. Taxation of US$588,000 (Period ended 30 Sept 2013: US$485,000) included in the Statement of Total Return relates to witholding tax suffered in the period on income distributions received.

4 Fees and fee structure Management fee The Manager, FF&P Asset Management (Guernsey) Limited, is entitled to fees based on a percentage of the net asset value of the Company. Cash balances (including the cash balances of the Subsidiary) are deducted from the net asset value and the management fee is charged at 0.2% per annum for all cells. The Manager is entitled to reimbursement of reasonable out of pocket expenses. At 30 September 2014 an amount of US$2,968,000 ( 30 September 2013: US$2,996,000) was charged for the period then ended and US$2,963,000 (31 March 2014: US$2,925,000) was included in creditors in respect of management fees payable. The services of the Manager to the Company are not deemed to be exclusive and the Manager is at liberty to render similar services to others, provided that the proper performance of its duties under this agreement is not thereby prejudiced.

Performance fee The Manager will be entitled to a performance fee on the disposal of each investment (the “Performance Fee”) by reference to the internal rate of return (“IRR”) achieved on that investment. The fee will be 10% of the capital gain over and above a hurdle return of 6% per annum compound. For these purposes, realised return is calculated to include revenue received, cash proceeds and the value of securities distributed in specie at their distribution date. Unrealised investments will be valued either at cost, the last round funding price, or at a discount to cost if written down. Quoted securities will be marked to market and where appropriate a discount will be applied to reflect lack of liquidity or lock in provisions. Recognition of revenues and expense for the purposes of the IRR calculation will be based on the dates cash is debited from or credited to a Company bank account. At 30 September 2014 an amount of US$Nil (30 September 2013: US$Nil) was charged for the period then ended and US$NIL (31 March 2014: US$34,000) was included in creditors in respect of performance fees payable. FF&P VENTURE FUNDS PCC LIMITED Page 29 Notes to the financial statements (continued) For the period from 1 April 2014 to 30 September 2014

4 Fees and fee structure (continued) Administration fee The Administrator (Orangefield Legis Fund Services Limited (appointed 1 October 2012)) is entitled to administration fees as follows: For Cell I, Cell II and Cell IV the Administrator is entitled to administration fees at an annual rate of 0.125% of the net asset value of each Cell for the first US$75,000,000 and 0.10% of each Cell's Net Asset Value over US$75,000,000. This fee was subject to a minimum annual fee of US$50,000 per cell. For Cell III, Cell VI, Cell VII and Cell VIII the Administrator will be paid an annual fee based on the amount of work undertaken subject to a minimum of £15,000 and for Cell V the Administrator will be paid an annual fee based on the amount of work undertaken subject to a minimum GBP17,500 (reduced to GBP12,500 for the first year), payable quarterly in arrears. Legis Fund Services Limited is entitled to reimbursement of reasonable out of pocket expenses properly incurred in providing the administration services. At 30 September 2014 an amount of US$289,000 (30 September 2013: US$282,000) was charged for the period then ended and US$164,000 (31 March 2014: US$130,000) was included in creditors in respect of administration fees payable. Custodian fee The Custodian, Butterfield Bank (Guernsey) Limited, is entitled to custodian fees at an annual rate of 0.05% of the net asset value of the Company, payable quarterly in arrears. This fee is subject to a minimum annual fee of US$22,500 per cell except for Cell V which is entitled to a fee of £11,250 (reduced to £7,500 for the first year). The Custodian waived their fee from Cells VI, VII and VIII. The Custodian is entitled to reimbursement of reasonable out of pocket expenses properly incurred in providing the custodian services. At 30 September 2014 an amount of US$106,000 ( 30 September 2013: US$102,000) was charged for the year then ended and US$105,000 (31 March 2014: US$101,000) was included in creditors in respect of custodian fees payable.

Directors' fees Each director of the Company is entitled to a fee of £10,000 per annum, the Chairman £15,000 per annum and the director who is also the Chairman of the Audit Committee is entitled to an additional £2,000 per annum. The Directors are entitled to reimbursement of reasonable out of pocket expenses properly incurred in providing services as directors. An amount of US$30,000 (30 September 2013: US$30,000) was charged for the period then ended and US$13,000 (31 March 2014: US$19,000) was included in accruals in respect of outstanding directors' fees at the period end.

5 Net gains/(losses) on investments Consolidated Consolidated Cell I Cell II Cell III Cell IV Cell V Cell VI Cell VII Cell VIII Company 30 Sept 2014 30 Sept 2014 30 Sept 2014 30 Sept 2014 30 Sept 2014 30 Sept 2014 30 Sept 2014 30 Sept 2014 30 Sept 2014 US $ '000 US $ '000 US $ '000 US $ '000 GBP'000 GBP'000 GBP'000 GBP'000 US$ '000 Money Market Funds & Treasury Bonds Proceeds from sales 1 - - 809 500 5,865 - 7,801 24,548 Original cost of investments sold (1) - - (810) (500) (5,865) - (7,801) (24,549) Realised market loss on investments sold - - - (1) - - - - (1) Unrealised gain on investments at the period end (1) (1) ------(2) Gain on investments for the year (1) (1) - (1) - - - - (3) Unrealised (gain)/loss on investments brought forward 1 - (19) - - - - - (18) Realised and unrealised (loss)/gain for the period - (1) (19) (1) - - - - (21)

Private Equity Investments Proceeds from investments 14,732 13,963 6,485 - - - - - 35,180 Original cost of investments realised (6,764) (10,758) (4,827) - - - - - (22,349) Realised gain on investments 7,968 3,205 1,658 - - - - - 12,831 Unrealised (loss)/gain on investments at the period end (23,547) 25,448 (11,801) - (455) (6,644) (2,010) (3,729) (30,724) (Losses)/gains on investments for the period (15,579) 28,653 (10,143) - (455) (6,644) (2,010) (3,729) (17,893) Unrealised (gain)/loss on investments brought forward 14,550 (17,304) 8,419 - (697) 1,080 (269) (5,236) (2,879) Revaluation of transactions presented in Sterling ------(728) Realised and unrealised (loss/gain) for the period (1,029) 11,349 (1,724) - (1,152) (5,564) (2,279) (8,965) (21,500) FF&P VENTURE FUNDS PCC LIMITED Page 30 Notes to the financial statements (continued) For the period from 1 April 2014 to 30 September 2014

5 Net gains/(losses) on investments (continued) Consolidated Consolidated Cell I Cell II Cell III Cell IV Cell V Cell VI Cell VII Cell VIII Company 30 Sept 2014 30 Sept 2014 30 Sept 2014 30 Sept 2014 30 Sept 2014 30 Sept 2014 30 Sept 2014 30 Sept 2014 30 Sept 2014 US $ '000 US $ '000 US $ '000 US $ '000 GBP'000 GBP'000 GBP'000 GBP'000 US$ '000 Subsidiary Private Equity Investments Proceeds from investments 5,219 - - 10,764 - - - - 15,983 Original cost of investments realised (3,938) - - (8,122) - - - - (12,060) Realised gain on investments 1,281 - - 2,642 - - - - 3,923 Proportionate gain on investments at period end 7,760 - - 16,004 - - - - 23,764

Gain on investments for the period 9,041 - - 18,646 - - - - 27,687 Proportionate gain on investments brought forward (6,152) - - (12,691) - - - - (18,843)

Realised and unrealised gain for the period 2,889 - - 5,955 - - - - 8,844

Money Market & Treasury Bond Investments Proportionate Proceeds from Money Markets ------Original cost of investments realised ------Realised loss on investments ------Unrealised gain/(loss) on investments at the period end ------Loss on investments for the period ------Unrealised loss/(gain) on investments brought forward ------Realised and unrealised loss for the period ------

Net gain/(loss) on investments for the period 1,860 11,348 (1,743) 5,954 (1,152) (5,564) (2,279) (8,965) (12,677)

Consolidated Consolidated Cell I Cell II Cell III Cell IV Cell V Cell VI Cell VII Cell VIII Company Unaudited Unaudited Unaudited Unaudited Unaudited Unaudited Unaudited Unaudited Unaudited period end period end period end period end period end period end period end period end period end 30 Sept 2013 30 Sept 2013 30 Sept 2013 30 Sept 2013 30 Sept 2013 30 Sept 2013 30 Sept 2013 30 Sept 2013 30 Sept 2013 US $ '000 US $ '000 US $ '000 US $ '000 GBP'000 GBP'000 GBP'000 GBP'000 US$ '000 Money Market Funds & Treasury Bonds Proceeds from sales 161 500 604 200 2,070 - - - 4,634 Original cost of investments sold (161) (500) (614) (200) (2,070) - - - (4,644) Realised gain on investments sold - - (10) - - - - - (10) Unrealised gain on investments at the period end 8 - 4 - - - - - 12 Gain on investments for the period 8 - (6) - - - - - 2 Unrealised gain on investments brought forward (9) - 34 - - - - - 25

Realised and unrealised gain for the period (1) - 28 - - - - - 27 Private Equity Investments Proceeds from investments 6,998 10,881 6,055 - 2,323 - - - 27,490 Original cost of investments realised (1,349) (6,926) (1,737) - (2,006) - - - (13,568) Realised gain on investments 5,649 3,955 4,318 - 317 - - - 13,922 Unrealised (loss)/gain on investments at the period end (15,812) 3,581 (10,823) - 178 (1,555) (603) 3,111 (21,224) Gain/(loss) on investments for the period (10,163) 7,536 (6,505) - 495 (1,555) (603) 3,111 (7,302) Unrealised loss/(gain) on investments brought forward 12,062 (2,782) 6,064 - (1,954) 2,192 366 (1,052) 14,664 Revaluation of transactions presented in Sterling ------380

Realised and unrealised gain for the period 1,899 4,754 (441) - (1,459) 637 (237) 2,059 7,742 FF&P VENTURE FUNDS PCC LIMITED Page 31 Notes to the financial statements (continued) For the period from 1 April 2014 to 30 September 2014

5 Net gains/(losses) on investments (continued) Consolidated Consolidated Cell I Cell II Cell III Cell IV Cell V Cell VI Cell VII Cell VIII Company Unaudited Unaudited Unaudited Unaudited Unaudited Unaudited Unaudited Unaudited Unaudited 30 Sept 2013 30 Sept 2013 30 Sept 2013 30 Sept 2013 30 Sept 2013 30 Sept 2013 30 Sept 2013 30 Sept 2013 30 Sept 2013 US $ '000 US $ '000 US $ '000 US $ '000 GBP'000 GBP'000 GBP'000 GBP'000 US$ '000 Subsidiary Private Equity Investments Proceeds from investments 2,979 - - 6,144 - - - - 9,123 Original cost of investments realised (2,309) - - (4,764) - - - (7,073) Realised gain on investments 670 - - 1,380 - - - - 2,050 Proportionate gain on investments at period end 5,765 - - 11,890 - - - - 17,655

Gain on investments for the period 6,435 - - 13,270 - - - - 19,705 Proportionate gain on investments brought forward (4,696) - - (9,684) - - - - (14,380) Realised and unrealised gain for the period 1,739 - - 3,586 - - - - 5,325

Money Market & Treasury Bond Investments Proportionate Proceeds from Money Markets ------Original cost of investments realised ------Realised gain on investments ------Unrealised gain on investments at the period end ------Gain on investments for the period ------Unrealised loss/(gain) on investments brought forward ------Realised and unrealised gain for the period ------Net gain on investments for the period 3,637 4,754 (413) 3,586 (1,459) 637 (237) 2,059 13,094

6 Other gains/(losses) Consolidated Consolidated Cell I Cell II Cell III Cell IV Cell V Cell VI Cell VII Cell VIII Company 30 Sept 2014 30 Sept 2014 30 Sept 2014 30 Sept 2014 30 Sept 2014 30 Sept 2014 30 Sept 2014 30 Sept 2014 30 Sept 2014 US $ '000 US $ '000 US $ '000 US $ '000 GBP'000 GBP'000 GBP'000 GBP'000 USD'000

Currency gain/(loss) - 155 (91) - (8) - - - 51

Cell I Cell II Cell III Cell IV Cell V Cell VI Cell VII Cell VIII Company 30 Sept 2013 30 Sept 2013 30 Sept 2013 30 Sept 2013 30 Sept 2013 30 Sept 2013 30 Sept 2013 30 Sept 2013 30 Sept 2013 US $ '000 US $ '000 US $ '000 US $ '000 GBP'000 GBP'000 GBP'000 GBP'000 US$ '000

Currency gain/(loss) 4 (25) - 2 50 (1) - - 56

7 Gross Income Consolidated Consolidated Cell I Cell II Cell III Cell IV Cell V Cell VI Cell VII Cell VIII Company 30 Sept 2014 30 Sept 2014 30 Sept 2014 30 Sept 2014 30 Sept 2014 30 Sept 2014 30 Sept 2014 30 Sept 2014 30 Sept 2014 US $ '000 US $ '000 US $ '000 US $ '000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000

Income distributions from L.Ps (16) 297 (163) 201 231 5,900 - 7,800 23,664 Bank interest 1 1 1 (10) - - - - (7) Interest on investments - - 119 - 28 - - - 166 (15) 298 (43) 191 259 5,900 - 7,800 23,823 FF&P VENTURE FUNDS PCC LIMITED Page 32 Notes to the financial statements (continued) For the period from 1 April 2014 to 30 September 2014

7 Gross Income (continued) Cell I Cell II Cell III Cell IV Cell V Cell VI Cell VII Cell VIII Company 30 Sept 2013 30 Sept 2013 30 Sept 2013 30 Sept 2013 30 Sept 2013 30 Sept 2013 30 Sept 2013 30 Sept 2013 30 Sept 2013 US $ '000 US $ '000 US $ '000 US $ '000 GBP'000 GBP'000 GBP'000 GBP'000 US$ '000

Income distributions from L.P.s (126) 3,451 - (865) - 1,265 17 97 4,571 Bank interest 2 4 2 1 2 - - - 12 Dividend Income - - 45 - - - - - 45 (124) 3,455 47 (864) 2 1,265 17 97 4,628

8 Expenses Consolidated Consolidated Consolidated Cell I Cell II Cell III Cell IV Cell V Cell VI Cell VII Cell VIII Company 30 Sept 2014 30 Sept 2014 30 Sept 2014 30 Sept 2014 30 Sept 2014 30 Sept 2014 30 Sept 2014 30 Sept 2014 30 Sept 2014 US $ '000 US $ '000 US $ '000 US $ '000 GBP '000 GBP '000 GBP '000 GBP '000 US $ '000

Payable to the Directors and Administrator Administrator's fee 47 92 31 55 15 8 8 7 289 Directors' remuneration 5 10 1 7 1 - 1 3 31 52 102 32 62 16 8 9 10 320 Payable to the Manager Manager's fees 627 1,262 44 842 115 - - - 2,968 Performance fee ------

627 1,262 44 842 115 - - - 2,968 Payable to the Custodian Custodian fees 20 42 11 23 6 - - - 106

20 42 11 23 6 - - - 106 Other expenses Legal and professional - 4 - - - - - 3 9 Trade costs - - - 3 - - - - 3 Auditor's remuneration (2) 3 - 4 - - 1 - 7 Other expenses 14 10 5 21 1 2 4 5 70 12 17 5 28 1 2 5 8 89

Total expenses 711 1,423 92 955 138 10 14 18 3,483 FF&P VENTURE FUNDS PCC LIMITED Page 33 Notes to the financial statements (continued) For the period from 1 April 2014 to 30 September 2014

8 Expenses (continued) Consolidated Consolidated Consolidated Cell I Cell II Cell III Cell IV Cell V Cell VI Cell VII Cell VIII Company 30 Sept 2013 30 Sept 2013 30 Sept 2013 30 Sept 2013 30 Sept 2013 30 Sept 2013 30 Sept 2013 30 Sept 2013 30 Sept 2013 US $ '000 US $ '000 US $ '000 US $ '000 GBP '000 GBP '000 GBP '000 GBP '000 US$ '000 Payable to the Directors and Administrator Administrator's fee 54 87 17 52 23 8 8 8 282 Directors' remuneration 5 11 1 5 1 - 1 3 30

59 98 18 57 24 8 9 11 312 Payable to the Manager Manager's fees 661 1,301 118 738 116 - - - 2,996 Performance fee ------661 1,301 118 738 116 - - - 2,996 Payable to the Custodian Custodian fees 22 39 11 21 6 - - - 102 22 39 11 21 6 - - - 102 Other expenses Legal and professional 2 5 85 3 6 - - 4 110 Trade costs ------Auditor's remuneration 7 16 1 7 1 1 1 3 40 Other expenses 10 22 4 14 6 2 4 - 3 64 Bank interest ------19 43 90 24 13 3 5 4 214

Total expenses 761 1,481 237 840 159 11 14 15 3,624

9 Investments Consolidated Consolidated Cell I Cell II Cell III Cell IV Cell V Cell VI Cell VII Cell VIII Company 30 Sept 2014 30 Sept 2014 30 Sept 2014 30 Sept 2014 30 Sept 2014 30 Sept 2014 30 Sept 2014 30 Sept 2014 30 Sept 2014 US$ '000 US$ '000 US$ '000 US$ '000 GBP '000 GBP '000 GBP '000 GBP '000 US$ '000

Private Equity Investments Cost at 1 April 2014 45,673 115,167 19,292 - 11,452 10,542 22,355 46,882 332,310 Purchases 6,626 1,258 409 - 421 - - - 8,998 Proceeds from sales (14,732) (13,963) (6,485) - - - - - (35,180) Realised gain on investments sold 7,968 3,205 1,658 - - - - - 12,831 Revaluation of transactions presented in Sterling ------(4,218) Cost at 30 Sept 2014 45,535 105,667 14,874 - 11,873 10,542 22,355 46,882 314,741 Unrealised (loss)/gain at period end (23,547) 25,448 (11,801) - (455) (6,644) (2,010) (3,729) (30,724) Accrued interest recognised within gross income at 30 Sept 2014 - . ------Value at 30 Sept 2014 21,988 131,115 3,073 - 11,418 3,898 20,345 43,153 284,017 FF&P VENTURE FUNDS PCC LIMITED Page 34 Notes to the financial statements (continued) For the period from 1 April 2014 to 30 September 2014

9 Investments (continued) Consolidated Consolidated Cell I Cell II Cell III Cell IV Cell V Cell VI Cell VII Cell VIII Company 30 Sept 2014 30 Sept 2014 30 Sept 2014 30 Sept 2014 30 Sept 2014 30 Sept 2014 30 Sept 2014 30 Sept 2014 30 Sept 2014 US$ '000 US$ '000 US$ '000 US$ '000 GBP '000 GBP '000 GBP '000 GBP '000 US$ '000

Money Market Funds and Treasury Bonds Cost at 1 April 2014 4,130 21,340 1,936 2,510 1,660 - - - 32,685 Purchases 6,588 11,152 5,902 - 2 5,902 - 7,801 46,607 Proceeds from sales (1) - - (809) (500) (5,865) - (7,801) (24,548) Realised (loss) on investments sold - - - (1) - - - - (1) Revaluation of transactions presented in Sterling ------(52) Cost at 30 Sept 2014 10,717 32,492 7,838 1,700 1,162 37 - - 54,691 Unrealised gain at period end (1) (1) ------(2) Value at 30 Sept 2014 10,716 32,491 7,838 1,700 1,162 37 - - 54,689

Investment in portfolio of Subsidiary Private Equity Investments Cost at 1 April 2014 34,675 - - 71,516 - - - - 106,191 Proportionate purchases 3,286 - - 6,781 - - - - 10,067 Proceeds from sales (5,219) - - (10,764) - - - - (15,983) Realised gains on investments sold 1,281 - - 2,641 - - - - 3,922 Cost at 30 Sept 2014 34,023 - - 70,174 - - - - 104,197 Unrealised gain at period end 7,760 - - 16,004 - - - - 23,764 Value at 30 Sept 2014 41,783 - - 86,178 - - - - 127,961

Money Market and Treasury Bond Investments Private Equity Investments 256 - - 527 - - - - 783 Proportionate purchases 2,090 - - 4,311 - - - - 6,401 Proportionate proceeds from sales ------Realised gains on investments sold ------Cost at 30 Sept 2014 2,346 - - 4,838 - - - - 7,184 Unrealised gain at period end ------Value at 30 Sept 2014 2,346 - - 4,838 - - - - 7,184 Total Value of Investments 76,833 163,606 10,911 92,716 12,580 3,935 20,345 43,153 473,851 FF&P VENTURE FUNDS PCC LIMITED Page 35 Notes to the financial statements (continued) For the period from 1 April 2014 to 30 September 2014

9 Investments (continued) Consolidated Consolidated Cell I Cell II Cell III Cell IV Cell V Cell VI Cell VII Cell VIII Company 31 March 2014 31 March 2014 31 March 2014 31 March 2014 31 March 2014 31 March 2014 31 March 2014 31 March 2014 31 March 2014 US $ '000 US $ '000 US $ '000 US$ '000 GBP '000 GBP '000 GBP '000 GBP '000 US$ '000 Private Equity Investments Cost at 1 April 2013 45,361 133,935 20,943 - 10,006 10,542 22,355 46,882 336,587 Purchases 1,661 1,806 86 - 2,989 - - - 8,303 Proceeds from sales (8,822) (29,796) (6,369) - (1,744) - - - (47,759) Realised gain/(loss) on investments sold 7,473 9,222 4,632 - 201 - - - 21,646 Revaluation of transactions presented in Sterling ------13,533

Cost at 31 March 2014 45,673 115,167 19,292 - 11,452 10,542 22,355 46,882 332,310 Unrealised (loss)/gain at year end (14,550) 17,304 (8,419) - 697 (1,080) 269 5,236 2,879 Accrued interest recognisd within gross income at 31 March 2014 - - 164 - - - - - 164

Value at 31 March 2014 31,123 132,471 11,037 - 12,149 9,462 22,624 52,118 335,353

Money Market Funds and Treasury Bonds Cost at 1 April 2013 12,911 15,814 3,048 159 2,568 - - - 35,832 Purchases 4,089 24,028 5,303 4,001 1,327 - - - 39,529 Proceeds from sales (12,877) (18,501) (6,404) (1,649) (2,234) - - - (42,980) Realised gain/(loss) on investments sold 7 - 1 - 11 (1) - 1 - - - (8) Revaluation of transactions presented in Sterling ------312 Cost at 31 March 2014 4,130 21,340 1,936 2,510 1,660 - - - 32,685 Unrealised gain/(loss) at year end (1) - 19 1 - - - - - 18 Value at 31 March 2014 4,129 21,340 1,955 2,510 1,660 - - - 32,703

Investment in portfolio of Subsidiary Private Equity Investments Cost at 1 April 2013 33,144 - - 68,358 - - - - 101,502 Proportionate purchases 4,849 - - 9,998 - - - - 14,847 Proceeds from sales (4,908) - - (10,124) - - - - (15,032) Realised gain on investments sold 1,590 - - 3,284 - - - - 4,874 Cost at 31 March 2014 34,675 - - 71,516 - - - - 106,191 Unrealised gain at year end 6,152 - - 12,691 - - - - 18,843 Value at 31 March 2014 40,827 - - 84,207 - - - - 125,034

Money Market and Treasury Bond Investments Private Equity Investments 419 - - 863 - - - - 1,282 Proportionate purchases ------Proportionate proceeds from sales (163) - - (336) - - - - (499) Realised loss on investments sold ------Cost at 31 March 2013 256 - - 527 - - - - 783 Unrealised gain/(loss) at year end ------Value at 31 March 2014 256 - - 527 - - - - 783 Total Value of Investments 76,335 153,811 12,992 87,244 13,809 9,462 22,624 52,118 493,873 FF&P VENTURE FUNDS PCC LIMITED Page 36 Notes to the financial statements (continued) For the period from 1 April 2014 to 30 September 2014

10 Debtors Consolidated Consolidated Consolidated Cell I Cell II Cell III Cell IV Cell V Cell VI Cell VII Cell VIII Company 30 Sept 2014 30 Sept 2014 30 Sept 2014 30 Sept 2014 30 Sept 2014 30 Sept 2014 30 Sept 2014 30 Sept 2014 30 Sept 2014 US $ '000 US $ '000 US $ '000 US $ '000 GBP '000 GBP '000 GBP '000 GBP '000 US $ '000

Amounts due from broker - - - - 1 - - - 2 Prepayments 2 4 1 4 - - 1 1 14 Other receivables - - - - 140 - - - 227 2 4 1 4 141 - 1 1 243

Consolidated Consolidated Consolidated Cell I Cell II Cell III Cell IV Cell V Cell VI Cell VII Cell VIII Company 31 March 2014 31 March 2014 31 March 2014 31 March 2014 31 March 2014 31 March 2014 31 March 2014 31 March 2014 31 March 2014 US $ '000 US $ '000 US $ '000 US $ '000 GBP '000 GBP '000 GBP '000 GBP '000 US$ '000

Amounts due from broker 133 ------133 Prepayments 6 8 3 5 1 2 2 4 37 Other receivables - - 38 - - - - - 38 139 8 41 5 1 2 2 4 208

11 Creditors: amounts falling due within one year Consolidated Consolidated Consolidated Cell I Cell II Cell III Cell IV Cell V Cell VI Cell VII Cell VIII Company 30 Sept 2014 30 Sept 2014 30 Sept 2014 30 Sept 2014 30 Sept 2014 30 Sept 2014 30 Sept 2014 30 Sept 2014 30 Sept 2014 US $ '000 US $ '000 US $ '000 US $ '000 GBP '000 GBP '000 GBP '000 GBP '000 US $ '000

Management fee payable 627 1,263 44 842 115 - - - 2,963 Performance fee payable to Manager ------Administration fee payable 23 58 19 27 12 4 4 3 164 Custodian fee payable 20 42 11 23 6 - - - 105 Auditor's remuneration 4 9 1 5 1 - 1 2 25 Directors' fees 2 5 - 3 - - 1 1 13 Other payables - - 34 - - - - 7 45 676 1,377 109 900 134 4 6 13 3,315

Call monies payable ------Management fee payable 654 1,200 99 770 121 - - - 2,925 Performance fee payable to Manager - - 34 - - - - - 34 Custodian & administration fees payable 43 82 19 49 11 4 4 4 231 Auditor's remuneration 13 20 2 9 2 1 2 6 62 Directors' fees 3 5 1 3 - 1 1 2 19 Other payables 2 ------4 9 715 1,307 155 831 134 6 7 16 3,280 FF&P VENTURE FUNDS PCC LIMITED Page 37 Notes to the financial statements (continued) For the period from 1 April 2014 to 30 September 2014

12 Share capital Company Company 30 Sept 2014 31 Mar 2014 Authorised share capital US$ US$

100 management shares of no par value - - 100,000,000 Ordinary shares of US$ 0.01 each 1,000,000 1,000,000 Unlimited number of Unclassified shares of no par value - - 1,000,000 1,000,000

The shareholders resolved to increase the authorised share capital from 75,000,000 to 100,000,000 ordinary shares of US$0.01 each at an extraordinary general meeting held on 28 June 2006.

The unclassified shares of no par value were authorised by special resolution at the AGM held on 2 September 2005.

On 26 January 2004 the Company converted to a protected cell company (PCC). The restructuring of the Company resulted in three Cells, Cell I, Cell II and Cell C being created. All investors in the Company transferred into Cell I, they were then entitled to receive bonus shares in either Cell II or Cell C for their existing holdings. 99% of shareholders elected to participate in Cell II, the remainder received shares in Cell C which were then redeemed at $0.50 per share. The existing Capital Call of $3.50 was split into Cell I, $3.00 and either Cell II or Cell C, $0.50.

Cell C was established for the sole purpose of effecting redemptions requested by existing shareholders as part of the reconstruction and conversion of the Company to a PCC. This Cell terminated on the listing of Cell II ordinary shares becoming effective with 104,000 C ordinary shares being redeemed for US$0.50 each.

On 17 November 2005 Cell III was established, on 31 March 2007 Cell IV was established, 30 April 2008 Cell V was established and 21 November 2012 Cell VI, Cell VII and Cell VIII were established. The A series and B series ordinary shares for both Cell III, Cell IV, Cell V, Cell VI, Cell VII and Cell VIII have no par value.

The Company is entitled to issue two series of shares from the authorised share capital in respect of Cell I, Cell II, Cell III, Cell IV, Cell V,Cell VI, Cell VII and Cell VIII hereinafter being described as A series and B series shares.

Management shares are held by the Manager and carry no voting rights whilst there are ordinary shares of any Cell in issue. They do not carry any right to dividends and are not redeemable. In winding up, management shares rank only for a return of the nominal capital paid up on the shares using only assets of the Company not comprised within any of the Cells.

A restructure of Cell I during quarter 4 of 2007 resulted in a new ordinary share classes being created. The creation of the new share class gave existing shareholders the chance to reduce their exposure of future acquisitions of private equity funds. Cell I has two classes of shares, ordinary and new ordinary with two series, A and B. FF&P VENTURE FUNDS PCC LIMITED Page 38 Notes to the financial statements (continued) For the period from 1 April 2014 to 30 September 2014

12 Share capital (continued)

Cell VIII has two classes of shares, PFI I ordinary shares and PFI II ordinary shares with two series, A and B.

Cell II, Cell III, Cell IV, Cell V, Cell VI, Cell VII issued two series of shares, the 'A' series and the 'B' series. The shares in each series will carry identical rights except that, at any meeting of the members of the Company, where a resolution is proposed on which holders of both A series and B series shares have the right to vote, the total number of votes that may be cast by holders of A series shares will equal, regardless of the number of A series shares in issue, 7/13 (rounded up to the nearest whole number) of the total votes that may be cast by holders of the relevant B series shares with the voting rights attributable to the A series shares being divided pari pasu amongst the relevant A series shareholders.

As at 30 September 2014, Cell I shares have US$4.00 called and paid (31 March 2014:US$4.00) out of commitments of US$7.23, Cell II shares have US$2.00 called and paid (31 March 2014:US$2.00) out of commitments of US$2.77, Cell III shares have US$1.00 called and paid (31 March 2014:US$1.00) out of commitments of US$1.00 and Cell IV shares have US$4.00 called and paid (31 March 2014:US$4.00) out of commitments of US$10.00. Cell V has GBP0.70 called and paid (31 March 2014:GBP0.50) out of commitments of GBP1.00.

Cell V had an initial opening on 2 May 2008 resulting in 17,811,700 shares being issued at a price of GBP0.20. Cell VI, Cell VII, Cell VIII-PFI 1 and Cell VIII-PFI II had an initial opening on 21 November 2012 resulting in 21,881,002, 31,544,225, 54,785,476 and 17,143,772 shares being issued at a price of GBP0.4818 per share, GBP0.7104 per share issued partly paid with GBP0.6104 payable on application, GBP0.7013 per share and GBP0.7935 per share issued partly paid with GBP0.4935 payable on application respectively.

On 19 December 2008 the Company announced a partial redemption of Cell I (Portfolio I) shares to enable investors to receive the majority of the distributions currently retained within the Cell. A tender offer was isued to shareholders, to purchase the Company's own A Series or B Series new ordinary shares in Cell I. The tender offer resulted in the cancellation of 12,538.75 New A Series and 284,658.47 New B Series shares.

While an investor may apply for either A series or B series shares, no shareholder may hold more than 1/7 of A series shares in issue at any time. The Company has the power to convert one or more A series shares into the same number of corresponding B series shares, and vice versa, at any time.

In the event of the Company being wound up, the assets available for distribution among the members shall be applied in proportion to the number of shares held by the members. FF&P VENTURE FUNDS PCC LIMITED Page 39 Notes to the financial statements (continued)

For the period from 1 April 2014 to 30 September 2014

12 Share capital (continued)

Issued ordinary and unclassified shares: Non- Number of shares Cell I Cell II Cell III Cell IV Cell V Cell VI Cell VII Cell VIII Cellular Company

Non-Equity shares Management shares 100 100

Equity shares A Series shares: At 1 April 2014 140,585 935,112 404,085 4,000 950,000 46,505 90,000 51,000 - 2,621,287 Issued ------Redeemed - - (36,832) - - (31,158) - (47,430) - (115,420) At 30 September 2014 140,585 935,112 367,253 4,000 950,000 15,347 90,000 3,570 - 2,505,867

B Series shares: At 1 April 2014 9,533,292 52,343,455 21,635,648 16,912,665 16,861,700 18,647,172 31,454,225 17,092,772 - 184,480,929 Issued ------Redeemed - - - - (12,493,435) - - - (15,896,278) - - - (28,389,713) At 30 September 2014 9,533,292 52,343,455 21,635,648 16,912,665 16,861,700 6,153,737 31,454,225 1,196,494 - 156,091,216

New A Series shares and A Series PFI I: At 1 April 2014 15,587 ------68,000 - 83,587 Issued ------Redeemed ------

At 30 September 2014 15,587 ------68,000 - 83,587

New B Series shares and B Series PFI I: At 1 April 2014 345,134 ------54,717,476 - 55,062,610 Issued ------Redeemed ------At 30 September 2014 345,134 ------54,717,476 - 55,062,610

Total at 30 September 2014 10,034,598 53,278,567 22,002,901 16,916,665 17,811,700 6,169,084 31,544,225 55,985,540 100 213,743,380 Total at 31 March 2014 10,034,598 53,278,567 22,039,733 16,916,665 17,811,700 18,693,677 31,544,225 71,929,248 100 242,248,513

Equity share capital US$ US$ Non equity shares

Management shares 100 100

Non- Cell I Cell II Cell III Cell IV Cell V Cell VI Cell VII Cell VIII Cellular Company US $ '000 US $ '000 US $ '000 US $ '000 GBP '000 GBP '000 GBP '000 GBP '000 US $ '000 US $ '000 A Series shares: At 1 April 2014 2 13 ------15 At 30 September 2014 2 13 ------15 FF&P VENTURE FUNDS PCC LIMITED Page 40 Notes to the financial statements (continued)

For the period from 1 April 2014 to 30 September 2014

12 Share capital (continued)

Equity share capital (continued) Non equity shares (continued) Non- Cell I Cell II Cell III Cell IV Cell V Cell VI Cell VII Cell VIII Cellular Company US $ '000 US $ '000 US $ '000 US $ '000 GBP '000 GBP '000 GBP '000 GBP '000 US $ '000 US $ '000 B Series shares: At 1 April 2014 146 723 ------869 Issued during the year ------At 30 September 2014 146 723 ------869

New A Series shares: At 1 April 2014 ------At 30 September 2014 ------

New B Series shares: At 1 April 2014 8 ------8 Redemption during the year ------At 30 September 2014 8 ------8

Total at 30 September 2014 156 736 ------892 Total at 31 March 2014 156 736 ------892

ShareThere premium is no material difference between the carrying values and fair values of the financial assets and financial liabilities disclosed in the balance sheet. Non- Consolidated Cell I Cell II Cell III Cell IV Cell V Cell VI Cell VII Cell VIII Cellular Company US $ '000 US $ '000 US $ '000 US $ '000 GBP '000 GBP '000 GBP '000 GBP '000 US $ '000 US $ '000 A Series shares: At 1 April 2014 309 1,822 696 15 665 23 64 25 - 4,163 Calls during the year ------Redemptions - - - - - (15) - (23) - (63) At 30 September 2014 309 1,822 696 15 665 8 64 2 - 4,100

B Series shares: At 1 April 2014 16,132 98,547 35,014 74,799 11,804 9,329 22,345 8,435 - 307,684 Calls during the year ------Redemptions - - - - - (5,849) - (7,755) - (22,796) At 30 September 2014 16,132 98,547 35,014 74,799 11,804 3,480 22,345 680 - 284,888

New A Series shares and A Series PFI I: At 1 April 2014 209 ------48 - 284 Calls during the year ------Redemptions ------At 30 September 2014 209 ------48 - 284

New B Series shares: At 1 April 2014 4,649 ------38,374 - 64,833 Calls during the year ------Redemptions ------At 30 September 2014 4,649 ------38,374 - 64,833

Total at 30 September 2014 21,299 100,369 35,710 74,814 12,469 3,488 22,409 39,104 - 354,105 Total at 31 March 2014 21,299 100,369 35,710 74,814 12,469 9,352 22,409 46,882 - 376,964

FF&P VENTURE FUNDS PCC LIMITED Page 41 Notes to the financial statements (continued)

For the period from 1 April 2014 to 30 September 2014

13 Reserves Cell I Cell II Cell III Cell IV Cell V Cell VI Cell VII Cell VIII Company US $ '000 US $ '000 US $ '000 US $ '000 GBP '000 GBP '000 GBP '000 GBP '000 US $ '000 Realised gain/(loss) on investments Balance At 1 April 2014 75,118 49,788 (11,499) 7,214 1,437 - - - 123,158 Movement during the year 9,249 3,205 1,658 2,641 - - - - 16,753 Balance at 30 September 2014 84,367 52,993 (9,841) 9,855 1,437 - - - 139,911

Unrealised (loss)/gain on investments Balance At 1 April 2014 (8,399) 17,304 (8,400) 12,690 697 (1,080) 269 5,236 21,461 Movement during the year (7,389) 8,144 (3,401) 3,313 (1,152) (5,564) (2,279) (8,965) (29,430) Balance at 30 September 2014 (15,788) 25,448 (11,801) 16,003 (455) (6,644) (2,010) (3,729) (7,969)

Realised/Unrealised (loss)/gain on exchange Balance At 1 April 2014 (23) (31) (132) 15 70 - - - 7,290 Movement during the year - 155 (91) - (8) - - - 53 Foreign exchange loss on translation ------(3,551) Balance at 30 September 2014 (23) 124 (223) 15 62 - - - 3,792

Income and expenditure Balance At 1 April 2014 (9,863) (13,103) (2,561) (6,520) (909) 1,218 (40) 8 (31,584) Movement during the year (827) (1,427) (135) (949) 121 5,890 (14) 7,782 19,752 Balance at 30 September 2014 (10,690) (14,530) (2,696) (7,469) (788) 7,108 (54) 7,790 (11,832) Total reserves at 30 September 2014 57,866 64,035 (24,561) 18,404 256 464 (2,064) 4,061 123,902 Total reserves at 31 March 2014 56,833 53,958 (22,592) 13,399 1,295 138 229 5,244 120,325

14 Related party transactions

Mr Evans is also a director of the Manager, FF&P Asset Management (Guernsey) Limited. He is a former partner of Mourant Ozannes, the Guernsey legal advisor and is now a consultant to that firm. Details of the management fees received are included in Note 4. At 30 September 2014, Mr Evans holds 224,001.35 (31 March 2014: 224,001.35) shares in Cell III Class B.

The Manager is entitled to an initial charge of 5.0% commission upon the issue of shares. During both this period, and the prior period, the entitlement to commission was waived.

FF&P VENTURE FUNDS PCC LIMITED Page 42 Notes to the financial statements (continued)

For the period from 1 April 2014 to 30 September 2014 15 Reconciliation of net operating loss to net cash outflow from operating activities Period ended Period ended 30 Sept 2014 30 Sept 2013 US$ '000 US$ '000

Net operating profit for the period 19,752 519 Movement in accrued interest on investments at year end 164 - (Decrease) in debtors (35) (1,219) Increase in creditors 35 592 Net cash outflow from operating activities 19,916 (108)

16 Commitments At 30 September 2014 there were financial commitments outstanding in relation to fund investments of US$5.12m (31 March 2014: US$5.12m) for Cell I, US$9.59m (31 March 2014: US$11.44m) for Cell II, US$ Nil (31 March 2014:US$ Nil) for Cell III, US$ Nil (31 March 2014: US$ Nil) for Cell IV, GBP Nil (31 March 2014: GBP Nil) for Cell V, GBP Nil (31 March 2014: GBP Nil) for Cell VI, GBP Nil (31 March 2014: GBP Nil) for Cell VII and GBP Nil (31 March 2014: GBP Nil) for Cell VIII.

The Board of FF&P Venture Funds PCC Limited agreed in Q2 2009 that aggregate financial commitments from The Subsidiary would not exceed $140m. At 30 September 2013 the Subsidiary had financial commitments outstanding of US$18.07m (31 March 2014: US$19.12m) in private equity funds. Highest price Lowest price Highest price Lowest price 17 Historical Financial Information during period during period during year during year 30 Sept 2014 30 Sept 2014 31 March 2014 31 March 2014 Cell I $7.93 $7.93 $7.81 $7.16 Cell I: New Series $7.31 $7.17 $7.47 $0.87 Cell II $3.18 $3.10 $2.91 $2.48 Cell III $0.56 $0.51 $0.60 $0.46 Cell IV $5.51 $5.44 $5.22 $4.93 Cell V £0.71 £0.71 £0.77 £0.75 Cell VI £0.64 £0.58 £0.51 £0.38 Cell VII £0.67 £0.64 £0.72 £0.68 Cell VIII £0.46 £0.45 £0.80 £0.51 Cell VIII: New Series £0.78 £0.77 £0.52 £0.49

19 Total return/(deficit) per share The total return/(deficit) per share has been calculated on a weighted average basis and is arrived at by dividing the Net increase/(decrease) in shareholders' funds from investment activities by the weighted average number of shares in issue for each Cell.

20 Ultimate Controlling Party The issued share capital of the Company is owned by numerous parties and, therefore, in the opinion of the Directors, there is no ultimate controlling party of the Company as defined by Financial Reporting Standard No 8 - Related Party Disclosures. FF&P VENTURE FUNDS PCC LIMITED Page 43 Notes to the financial statements (continued)

For the period from 1 April 2014 to 30 September 2014 21 Post balance sheet events

In Q4 the fund undertook a tender offer as detailed in the Tender offer circular and AGM notice dated 22 October 2014. The Tender offer resulted in a return of capital to Investors in Cells I, II, III, IV and VIII PFI I, for approximately USD 71.6 million. Following the completion of the Tender offer a further Buyback was initiated in December 2014 for up to 14.99% of the NAV of Cell III.

Bank of London and The Middle East plc (BLME) has agreed in principle to make a facility in the amount of £3,400,000 available to FF&P Special Situations III LLP (the Fund), of which the Company through Cell VII, is a member. This has resulted in the Company needing to enter into an amendment Limited Liability Partnership Agreement, and to amend the Cell VII supplement to the Offering Memorandum, as advised to Investors in a letter dated 27 January 2015