FF&P VENTURE FUNDS PCC LIMITED

Annual Report and Audited Consolidated Financial Statements

for the year ended 31 March 2017 FF&P VENTURE FUNDS PCC LIMITED

Contents

Page

Directors and Administration 2

Directors' Report 3 - 4

Investment Adviser's Report 5 - 9

Independent Auditor's Report 10 - 14

Investment Portfolio Statement - (Cell I) (unaudited) 15

Investment Portfolio Statement - (Cell II) (unaudited) 16

Investment Portfolio Statement - (Cell III) (unaudited) 17

Investment Portfolio Statement - (Cell IV) (unaudited) 18

Investment Portfolio Statement - (Cell V) (unaudited) 19

Investment Portfolio Statement - (Cell VI) (unaudited) 20

Investment Portfolio Statement - (Cell VII) (unaudited) 21

Investment Portfolio Statement - (Cell VIII) (unaudited) 22

Investment Portfolio Statement - FF&P Venture Funds Subsidiary Limited (unaudited) 23

Consolidated Statement of Comprehensive Income 24 - 25

Consolidated Statement of Changes in Equity 26 - 27

Consolidated Statement of Financial Position 28 - 29

Consolidated Cash Flow Statement 30

Notes to the Consolidated Financial Statements 31 - 53 FF&P VENTURE FUNDS PCC LIMITED Page 2

Directors and Administration

Directors: Richard Crowder (Chairman)* Rupert Evans Niall McCallum * Independent director

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

Manager: Stonehage Fleming Investment Management (Guernsey) Limited 11 New Street St Peter Port Guernsey, GY1 2PF

Investment Adviser: Stonehage Fleming Investment 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 Vistra Fund Services (Guernsey) Limited Registrar of the Company: 11 New Street St Peter Port Guernsey, GY1 2PF

Independent Auditor: 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 Guernsey, GY1 4HP United Kingdom, EC1Y 8YY

FF&P VENTURE FUNDS PCC LIMITED Page 3 Directors' Report for the year ended 31 March 2017

The Directors present their annual report and the audited consolidated financial statements for FF&P Venture Funds PCC Limited (the "Company") and FF&P Venture Funds Subsidiary Limited (the "Subsidiary”) (together the "Group") for the year ended 31 March 2017.

Company background FF&P Venture Funds I Limited was incorporated with limited liability in Guernsey on 17 May 2002 in accordance with The Companies (Guernsey) Law, 1994 as amended (superseded by The Companies (Guernsey) Law, 2008). 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 takes place with the Company converting to a protected cell company under The Protected Cell Companies Ordinance, 1997 as amended (the "Ordinance"). The principal activity of the Group is that of investment holding. The Company currently has eight cells, Cell I, Cell II, Cell III, Cell IV, Venture Funds Direct II "Cell V", "Special Situations II" Cell VI, "Special Situations III" Cell VII and Cell VIII.

During the year the Board of Directors, in conjunction with the Investment Adviser, have assessed the portfolio’s within each cell and considered how best to maintain, or return, value to shareholders.

As a result of these considerations the Board of Directors have concluded that Cell II, Cell VI, Cell VII and Cell VIII should close and all available monies returned to shareholders. These cells have either disposed of all investments, or are in the process of doing so. The fixed costs which would be incurred in the continuation of these cells are not felt to contribute any further benefit to the shareholders.

During the year the shares of Cell VI, Cell VII and Cell VIII were delisted from The International Stock Exchange (“TISE”), formerly Channel Islands Securities Exchange (“CISE”). As such only the shares in Cell I, Cell III, Cell IV and Cell V remain listed on the TISE.

Cell Objectives The objective of Cell I and Cell IV is to achieve long-term capital appreciation by investing in a diversified portfolio of Venture Capital, Leveraged Buyout (LBO) and Opportunistic unquoted funds.

Cell II also had this objective prior to the sale of its investment portfolio in order to facilitate the return of capital back to shareholders.

The objective of Cell III and Cell V is to achieve long-term capital appreciation by investing primarily in unquoted investments.

The objective of Cell VI and VII was to achieve long-term capital appreciation by providing development capital to private, unquoted companies and the objective of Cell VIII was to achieve a mixture of long-term capital appreciation and income by investing in infrastructure investments. The assets of the different Cells are held in segregated portfolios. Persons investing and dealing with a Cell of the Company shall only have recourse to the assets attributable to that particular Cell. They shall have no recourse to the assets of any other Cell, except as provided under the Ordinance, against any non-cellular assets of the Company. Company's principal activity and objective The principal activity of the Group is that of investment holding. The objective of the Company is to deliver increases in capital value to investors, principally via investment in pooled investment vehicles such as limited partnerships as well as direct investments. The Company aims to offer investors a diversified exposure to a broad spectrum of early and later stage opportunities, including technology, venture buy-out, growth capital and mezzanine investments. A number of cells within the Company have now closed or are at a stage of realisation of their investments. In these cases the aim is now to maximise the value that can be realised and returned to shareholders.

Results and dividends In the period under review, the Group recorded a net operating loss after taxation of US$2,663,000 (2016: loss of US$4,911,000) and a net gain on investments of US$8,073,000 (2016: loss of US$1,408,000). As at 31 March 2017, the Group had net assets of US$127,296,000 (2016: US$246,213,000) and a net asset valuation per share of: 31 March 2017 31 March 2016 Cell I $8.16 $7.63 Cell I: New Series $6.47 $6.29 Cell II $3.12 $2.56 Cell III $0.55 $0.50 Cell IV $5.92 $5.48 Cell V £0.70 £0.88 Cell VI £0.30 £0.38 Cell VII £0.55 £0.56 Cell VIII £0.00 £0.77 Cell VIII: PFI I series £0.20 £0.31 No dividend has been declared in the year (2016: nil). FF&P VENTURE FUNDS PCC LIMITED Page 4 Directors' Report for the year ended 31 March 2017 (Continued)

Significant events during the year As disclosed in the prior year financial statements, on 11 April 2016 the Company formally closed on a contract to sell the holding of investment in FF&P Special Situations III LP, held by Cell VII, for approximately £10m. All proceeds from this sale were received prior to 31 March 2017. In April 2016 the last remaining investment within FF&P PFI LLP, the investment held by Cell VIII, was fully redeemed with proceeds of approximately £27.8m received by Cell VIII in June 2016. Post year end Cell VI, Cell VII and Cell VIII have all been formally wound up. Further details are disclosed within the notes to the financial statements, at note 25. Directors The Directors of the Company are set out on page 2.

Audit Committee On 31 October 2016 the Chairman of the Audit Committee, Mr Stewart Merry, resigned from his position at Stonehage Fleming and with this, from his position as Chairman of the Audit Committee of the Company. On 7 December 2016 the Board elected to appoint Mr Andy Gray as the new Chairman of the Audit Committee. The board have delegated the responsibility for this role to Mr Gray as a non-board member. The fee for this role continues to be £7,000 per annum.

Mr Gray is a Director in the Corporate Services Division and Head of Accounting Services at Stonehage Fleming in Jersey. He manages the team responsible for fund valuations, accounting and financial reporting. He is a fellow member of the Association of Chartered Certified Accountants.

Directors' interests As at 31 March 2017 Rupert Evans held a beneficial interest of 16,204.26 (2016: 46,430.08) Redeemable Shares in Cell III (Class B).

Going Concern The Directors believe it is appropriate to continue to adopt the going concern basis in preparing the Consolidated Financial Statements as the assets of the Group include sufficient cash and securities which are readily realisable, there are minimal creditors and shares are only redeemable at the discretion of the Directors. Accordingly, the Group has adequate financial resources to continue in operational existence for the foreseeable future.

Statements of Directors' responsibilities The Companies (Guernsey) Law, 2008 (the "Law") requires the Directors to prepare financial statements for each financial year. As disclosed in Note 2, the financial statements of the Company are prepared in accordance with United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 "The Financial Reporting Standard Applicable in the United Kingdom and Republic of Ireland", ("FRS 102") and applicable law. 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 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 that 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. So far as each of the Directors is aware, there is no relevant audit information of which the Group's auditor is unaware, and each Director has taken all steps he ought to have taken as a director to make themselves aware of any relevant information and to establish that the Group's auditor is aware of that information.

Independent Auditor PricewaterhouseCoopers CI LLP has indicated their willingness to remain in office. A resolution to reappoint PricewaterhouseCoopers CI LLP as auditor to the Group will be proposed at the annual general meeting. Approved by the Board of Directors on 27 September 2017

Niall McCallum - Director Rupert Evans - Director Page 5 FF&P VENTURE FUNDS PCC LIMITED Investment Adviser's Report 1 April 2016 to 31 March 2017

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, Leveraged Buyout (LBO) and Opportunistic unquoted funds. Cells I, II and IV are all closed to new investment.

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 originally consisted primarily of funds formed in 2004, 2005 and 2006. During Q3 2015 the Investment Adviser completed a secondary sale of the original Cell II portfolio, to an external purchaser.

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”). The investor base of the Subsidiary is made up with 67% of commitments from Cell IV ($165m), and 33% of commitments from Cell I (Portfolio II) ($80m). The Subsidiary committed an aggregate of $152.3m to twenty-five 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. This effectively reduced the fund’s total commitments to $159m.

Cells III and V

The aim of these Funds is to achieve long term capital appreciation by investing in unquoted direct 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 Funds 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 invested in 14 unquoted companies, 12 of which have been fully realised or in-specie transferred out of the programme. The Cell VII programme was established in 2007 and has made 16 investments, 4 of which have been fully realised or in-specie transferred out of the programme. The Investment Adviser completed a secondary sale of the entire portfolio in which Cell VII invests during March 2016.

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 at 31 March 2017, the Net Asset Value (NAV) was $6.47499 per share. This relates to a $4.00 per share cost base and represents an increase of 2.9% over the 12 month period. The increase in value was primarily driven by the US Venture Capital funds as well as some European Venture Capital and Opportunistic managers. The biggest contributor to performance during the period was Three Arch Partners IV as the fund continued to sell down shares of Nevro Corporation, an early stage company developing treatments for chronic back pain. Other positive contributors were MPM BioVentures III and Accel Europe. At the portfolio level, the DPI (Distributed to Paid-In) multiple increased to 1.46x invested capital and the TVPI (Total Value to Paid-In) multiple increased slightly to 1.55x invested capital. The IRR is 12.13% (Net of underlying manager fees and gross of Stonehage Fleming wrapper fees).

Since inception through 31st March 2017, FF&P Venture Funds PCC Limited – Cell I Portfolio I (the “Portfolio”) has committed $8.7 million to 23 partnerships. Given the maturity of the underlying funds, the portfolio is expected to continue to receive distributions from asset realisations as the funds wind-down. Page 6 FF&P VENTURE FUNDS PCC LIMITED Investment Adviser's Report 1 April 2016 to 31 March 2017 (continued)

PERFORMANCE REVIEW AND OUTLOOK

Cell I (Portfolio I) (continued)

The Fund Adviser is committed to returning cash to investors. The cell completed a compulsory redemption of approximately 5% of NAV during Q2 2016 and a share buy-back of approximately 10% of NAV during Q4 2016. A further compulsory redemption of approximately 23% of NAV was completed post the end of the period.

Cell I (Portfolio II)

As at 31 March 2017, the NAV per share was $8.16212. This represents an increase of 6.1% since 31st March 2016. There was strong performance from the Emerging Market funds and also from the US and European Venture Capital funds. Capital Today China Growth Fund II was the best performer during the period on the back of strong operating performance across a number of its portfolio companies. Notably, Meituan DianPing, which has continued to expand its services and grow revenues and now boasts around 237m active users. Other strong performers during the period were Emerging Europe Growth Fund II and ProQuest Investments IV.

Since inception through 31st March 2017, FF&P Venture Funds PCC Limited – Cell I Portfolio II (the “Portfolio”) has committed $157.7m to 48 partnerships. At a portfolio level the DPI multiple increased 0.06x to 1.24x invested capital and the TVPI multiple was 1.48x invested capital. The IRR is 10.85% (Net of underlying manager fees and gross of Stonehage Fleming wrapper fees).

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. Cell IV invests via FF&P Venture Funds PCC Subsidiary Limited (“the Subsidiary”). Cell I (Portfolio II) investors own approximately 93% of the original Cell I portfolio and approximately 33% of the Subsidiary. Whilst the original Cell I portfolio is now mature and in its realisation phase, the Subsidiary contains less mature funds, although almost all are now through their primary investment phases. As the Cell I portion liquidates, the NAV and the IRR of Cell I (Portfolio II) is being increasingly impacted by the performance of the Subsidiary’s investments.

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

Cell I (Portfolio II) completed a compulsory redemption of approximately 6% of NAV during Q2 2016 and a compulsory redemption of 10% in Q4 2016. Since the end of the period the Cell has completed a further compulsory redemption of approximately 10% of NAV. The Investment Adviser expects to continue to make fairly regular distributions to investors as both Cell I and Cell IV managers continue to harvest assets.

Cell II

As communicated previously, a formal sale process for the Cell’s portfolio and a subsequent sale of its underlying investments, completed during Q3 2015. Since 30th September 2016, the final tranche of proceeds was received and distributed to investors, excluding a portion retained to cover potential future US tax liabilities. Page 7 FF&P VENTURE FUNDS PCC LIMITED Investment Adviser's Report 1 April 2016 to 31 March 2017 (continued)

PERFORMANCE REVIEW AND OUTLOOK (CONTINUED)

Cell III

As at 31 March 2017, the NAV was $0.54693 per share which represents an increase of 8.95% during the 12 month period. Cell III is 100% called and had invested a total of $44.3m into 15 investments and had generated a total return of 0.51x cost of which 0.49x had been distributed to investors via share buy-backs and tender offers.

The only remaining assets of value in the portfolio are three escrow payments related to Cardiff Holdings, Endeca and final payments for Innova. We are hopeful that these payments will be received in the second half of 2017, at which point the Investment Advisor will seek to begin the liquidation of the Cell.

Cell IV

As at 31 March 2017, the NAV of Cell IV was $5.92 per share. This relates to a cost base of $4.25 per share and represents an increase of 7.2% over the 12 month period. As was the case with Cell I (Portfolio II), the positive performance was driven by the Emerging Market funds as well as a number of US and European Venture Capital funds. Capital Today China Growth Fund II was the strongest performer during the period, followed by Emerging Europe Growth Fund II, ProQuest Investments IV, Summit Partners Europe Private Equity Fund and Balderton Capital Fund IV. Cell IV holds its underlying fund investments via the Subsidiary. Cell IV investors own approximately 66% of The Subsidiary. At 31st March 2017 the Subsidiary had committed an aggregate of $159.3m to twenty-five underlying funds. At the portfolio level, the DPI multiple increased to 0.77x invested capital and the TVPI multiple remained increased to 1.34x invested capital. The IRR is 6.89% (Net of underlying manager fees and gross of Stonehage Fleming wrapper fees).

The Subsidiary is now substantially invested with the underlying fund investments now outside of their investment periods and many have already completed a number of exits from underlying portfolio companies. This trend is expected to continue and in a number of cases managers have been able to secure realizations at attractive uplifts to carrying value.

Cell IV is exposed to funds with vintage years ranging between 2007 and 2010 and therefore is now relatively mature and distributions are expected to increase over the coming years as underlying investments are exited and realised. A compulsory redemption of approximately 6% of NAV was completed during Q2 2016 and a compulsory redemption of approximately 9% of NAV was completed during Q4 2016. Since the end of Q1 2017, there was a further compulsory redemption completed representing approximately 10% of NAV. Page 8 FF&P VENTURE FUNDS PCC LIMITED Investment Adviser's Report 1 April 2016 to 31 March 2017 (continued)

PERFORMANCE REVIEW AND OUTLOOK (CONTINUED)

Cell V

As at 31 March 2017, the NAV was £0.69639 per share. This relates to a cost base of £0.70 per share and represents a decline of 10.3% during the 12 month period.

Despite currency tail winds, declines in the holding values of Dashen and QWASI during the period more than offset these gains. Dashen was initially marked down during Q3 2016 following the social unrest that spread across Ethiopia which had a significant negative impact on Dashen’s business. Since the end of Q1 2017 however, the Investment Adviser successfully completed an exit of Cell V’s entire stake in Dashen, generating a 2.0x multiple of cost and a 16% IRR.

QWASI is still hovering around break-even but has struggled to win significant new clients or meaningfully increase revenues. Management is working to try to solidify a number of potentially large client accounts however, given the continued cash burn and likely need for further capital, we have decided to mark down the investment further.

As previously communicated, Monurent’s business remains impaired and the company is currently being held at nil value. This follows the cancellation of the company’s largest contract with Liberian gold-mine, Aureus, as well as a number of other significant negative factors. It is uncertain if Cell V will recover any value from the company. The Investment Adviser will update investors on the situation in due course.

The investment in TIA Investments is a high-yield debt instrument. We are currently in discussions with TIA Investments regarding the full repayment of the investment. The current expectation is that the debt will be repaid during 2017.

Following the major capital raising exercise with the UK’s Developmental Financial Investor (DFI), The Commonwealth Development Corporation (CDC), Zambeef’s shares were up to 18.5p per share at 31st March 2017, representing a 128% increase since 31st March 2016. Since then, however, the firm has released results reflecting a significant fall in earnings, driven primarily by steep declines in soft commodity prices, as well as currencies. At the time of writing, Zambeef’s shares were trading at 12.25p per share.

The underlying business is performing to plan and the company’s recently launched macro store strategy is progressing well.

Cell V will not make any new investments. Follow-on investments into the remaining portfolio may be considered although no further capital will be called from investors. The Cell made its first distribution back to investors by way of a compulsory redemption in December 2015. Following the sale of Dashen after the quarter-end, Cell V completed a compulsory redemption during Q2 2017 for approximately 50% of NAV. The Investment Adviser will continue to distribute cash to investors as the underlying companies are realised.

Cell VI

Following the exit of Defaqto, the write-off of the Oxara Loan Notes and receipt of a final distribution from FF&P Special Situations II LLP post year end there are no remaining investments. A final distribution from the cell to shareholders was made in June 2017 and the Cell was formally wound up in August 2017. Page 9 FF&P VENTURE FUNDS PCC LIMITED Investment Adviser's Report 1 April 2016 to 31 March 2017 (continued)

PERFORMANCE REVIEW AND OUTLOOK (CONTINUED)

Cell VII

During March 2016, the Investment Adviser completed a secondary sale of the entire portfolio in which Cell VII invests (Special Situations III). The position was sold at a discount of 11.3% to 30th September 2015 NAV and resulted in total proceeds to investors of £17.8m. As at 31st March 2017, two-thirds of the proceeds have been received and distributed to investors and since the year end, the final tranche of proceeds were received and distributed. The cell was formally wound up in August 2017.

Cell VIII

A final distribution from the cell to shareholders was made in June 2017 and the Cell was formally wound up in August 2017.

Stonehage Fleming Investment Management Limited

September 2017 INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS OF FF&P VENTURE FUNDS PCC LIMITED

Report on the audit of the consolidated financial statements ______Our opinion In our opinion, the consolidated financial statements give a true and fair view of the consolidated financial position of FF&P Venture Funds PCC Limited (the “Company”) and its subsidiary ( together “the Group”) as at 31 March 2017, and of its consolidated financial performance and consolidated cash flows for the year then ended in accordance with United Kingdom Accounting Standards, comprising FRS 102, "The Financial Reporting Standard applicable in the United Kingdom and the Republic of Ireland" (“FRS 102”) and have been properly prepared in accordance with the requirements of The Companies (Guernsey) Law, 2008. ______What we have audited The Group’s consolidated financial statements comprise: ● the consolidated statement of financial position as at 31 March 2017; ● the consolidated statement of comprehensive income for the year then ended; ● the consolidated statement of changes in equity for the year then ended; ● the consolidated cash flow statement for the year then ended; and ● the notes to the consolidated financial statements, which include a summary of significant accounting policies. ______Basis for opinion We conducted our audit in accordance with International Standards on Auditing (“ISAs”). Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the consolidated financial statements section of our report. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. ______Independence We are independent of the Group in accordance with the International Ethics Standards Board for Accountants’ Code of Ethics for Professional Accountants (“IESBA Code”). We have fulfilled our other ethical responsibilities in accordance with the IESBA Code. ______Our audit approach Overview Materiality ● Overall group materiality was $3.18 million which represents 2.5% of the Group’s net asset value. This has been set at the Group level and is applied across each of the cells.

Audit scope ● We conducted our audit work in Guernsey. ● The Group is managed by Stonehage Fleming Investment Management (Guernsey) Limited (the “Manager”). Certain shares are listed on The International Stock Exchange (formerly the Channel Islands Securities Exchange). ● We have audited the consolidated financial statements of the Group using the accounting records of the Group, prepared by Vistra Fund Services (Guernsey) Limited (“the Administrator”) to whom the Manager has delegated the provision of certain administrative functions. ● We tailored the scope of our audit taking into account the types of investments held by the Group, the involvement of the third parties referred to above, the

Page 10 INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS OF FF&P VENTURE FUNDS PCC LIMITED (CONTINUED)

accounting processes and controls and the industry in which the Group operates. ● The Group is established in Guernsey and the financial statements are an amalgamation of the eight cells of the Company and consolidation of the Group's investment in its Subsidiary which holds private equity investments.

Key audit matters ● Valuation and existence of Investments.

Audit scope As part of designing our audit, we determined materiality and assessed the risks of material misstatement in the consolidated financial statements. In particular, we considered where management made subjective judgements; for example, in respect of significant accounting estimates that involved making assumptions and considering future events that are inherently uncertain. As in all of our audits, we also addressed the risk of management override of internal controls, including among other matters, consideration of whether there was evidence of bias that represented a risk of material misstatement due to fraud. We tailored the scope of our audit in order to perform sufficient work to enable us to provide an opinion on the consolidated financial statements as a whole, taking into account the structure of the Group, the accounting processes and controls, and the industry in which the Group operates. ______Materiality The scope of our audit was influenced by our application of materiality. An audit is designed to obtain reasonable assurance whether the financial statements are free from material misstatement. Misstatements may arise due to fraud or error. They are considered material if individually or in aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of the consolidated financial statements. Based on our professional judgement, we determined certain quantitative thresholds for materiality, including the overall Group materiality for the consolidated financial statements as a whole as set out in the table below. These, together with qualitative considerations, helped us to determine the scope of our audit and the nature, timing and extent of our audit procedures and to evaluate the effect of misstatements, both individually and in aggregate on the financial statements as a whole.

Overall Group materiality $3.18 million

How we determined it 2.5% of the Group’s net asset value

Rationale for the materiality benchmark We believe that net assets is the most appropriate benchmark because this is the key metric of interest to members. It is also a generally accepted benchmark for entities of this nature.

We agreed with the Audit Committee that we would report to them misstatements identified during our audit above $159,000, as well as misstatements below that amount that, in our view, warranted reporting for qualitative reasons. ______Key audit matters Key audit matters are those matters that, in our professional judgement, were of most significance in our audit of the consolidated financial statements of the current period. These matters were addressed in the context of our audit of the consolidated financial statements as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on these matters.

Page 11 INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS OF FF&P VENTURE FUNDS PCC LIMITED (CONTINUED)

Key audit matter How our audit addressed the Key audit matter

Valuation and existence of Investments Our main audit procedures over these investments were Refer to notes 3, 4, 11 and 16 to the consolidated as follows: financial statements. The Group’s investments make up 88% of its net asset value. The investments include ● We understood and evaluated the valuation (direct and indirect) Private Equity investments, Money methodology applied by the Manager and ensured Market Funds and Treasury Bonds. this was in line with the International Private Equity and Venture Capital Valuation (“IPEV”) All investments are held at fair value through profit and guidelines and the accounting policies; loss. Investments in indirect Private Equity Funds (level ● We obtained an understanding of the internal 3) are valued at the Group’s share of the most recent net controls in place at the administrator and asset value reported by the underlying Investment determined that we would place partial controls Managers of the Private Equity Funds, adjusted as reliance on the administrator’s “International necessary by the Manager. Standard of Assurance Engagements (ISAE) 3402: Assurance Reports on Controls at Service Investments directly into Private Equity vehicles (level Organisations” Assurance Report (“the Controls 3), as opposed to indirect, are valued based on industry Report”); accepted valuation models using information provided ● We obtained the Controls Report as at 31 October by the underlying Investee and as approved by the 2016 and a confirmation that there have been no Manager. Inputs and assumptions include: material changes to the control environment for the period 01 November 2016 to 31 March 2017 and to  Applying a multiple to earnings; ensure that the assessment of the control  Applying a discount rate to future cash flows; environment covers the whole accounting period  Using recent transaction prices; and and that no exceptions were noted;  Using underlying asset valuations. ● We obtained an independent Custodian confirmation from Butterfield Bank (Guernsey) Investments in Money Market Funds and Treasury Limited (“the Custodian”) ensuring that all Bonds (level 1) are valued at the mid-market price at the investment holdings per the administrator’s consolidated statement of financial position date. investment portfolio agreed to the holdings per the Custodian confirmation; While the valuation processes of most of these ● We independently obtained investment investments are not considered to be complex, nor do confirmations, capital account statements as at 31 they involve significant judgements and estimates to be March 2017 and the latest audited financial made by the Manager, the market value of investments statements for each of the Private Equity Funds, as is material to the Group. A material misstatement, due at the consolidated statement of financial position to fraud or error, in any individual investment may date, directly from the underlying Investment potentially be material to the consolidated financial Manager. Where the latest audited financial statements as a whole. statements of the Private Equity Funds are not co- terminus with the Group, a backtesting was Further, as the valuation process of the direct performed, to ensure no material and/or investments in Private Equity vehicles also involves a unexplainable movement have occurred between significant amount of judgement and estimates, we have the capital statement date and latest audited concluded it to be a significant risk and we consider the financial statement date; valuation of investments to be an area of focus for our ● We re-priced the investments in Money Market audit and accordingly, a key audit matter. Funds and Treasury Bonds, as at the consolidated statement of financial position date, using independently obtained pricing information;

No misstatements were identified by our testing which required reporting to those charged with governance.

Page 12 INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS OF FF&P VENTURE FUNDS PCC LIMITED (CONTINUED)

Other information The directors are responsible for the other information. The other information comprises the Directors and Administration page, the Directors’ Report, the Investment Adviser’s Report and the Investment Portfolio Statements (but does not include the consolidated financial statements and our auditor’s report thereon). Our opinion on the consolidated financial statements does not cover the other information and we do not express any form of assurance conclusion thereon. In connection with our audit of the consolidated financial statements, our responsibility is to read the other information identified above and, in doing so, consider whether the other information is materially inconsistent with the consolidated financial statements or our knowledge obtained in the audit, or otherwise appears to be materially misstated. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard. ______Responsibilities of the directors for the consolidated financial statements The directors are responsible for the preparation of the consolidated financial statements that give a true and fair view in accordance with United Kingdom Accounting Standards, comprising FRS 102, the requirements of Guernsey law and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the consolidated financial statements, the directors are responsible for assessing the Group’s ability to continue as a going concern, disclosing, as applicable, matters relating to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the Group or to cease operations, or have no realistic alternative but to do so. ______Auditor’s responsibilities for the audit of the consolidated financial statements Our objectives are to obtain reasonable assurance about whether the consolidated financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these consolidated financial statements. As part of an audit in accordance with ISAs, we exercise professional judgement and maintain professional scepticism throughout the audit. We also: ● Identify and assess the risks of material misstatement of the consolidated financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. ● Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Group’s internal control. ● Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the directors. ● Conclude on the appropriateness of the director’s use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Group’s ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the consolidated financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the Group to cease to continue as a going concern.

Page 13 INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS OF FF&P VENTURE FUNDS PCC LIMITED (CONTINUED)

● Evaluate the overall presentation, structure and content of the consolidated financial statements, including the disclosures, and whether the consolidated financial statements represent the underlying transactions and events in a manner that achieves fair presentation. ● Obtain sufficient appropriate audit evidence regarding the financial information of the entities or business activities within the Group to express an opinion on the consolidated financial statements. We are responsible for the direction, supervision and performance of the Group audit. We remain solely responsible for our audit opinion.

We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit. We also provide those charged with governance with a statement that we have complied with relevant ethical requirements regarding independence, and to communicate with them all relationships and other matters that may reasonably be thought to bear on our independence, and where applicable, related safeguards. From the matters communicated with those charged with governance, we determine those matters that were of most significance in the audit of the consolidated financial statements of the current period and are therefore the key audit matters. We describe these matters in our auditor’s report unless law or regulation precludes public disclosure about the matter or when, in extremely rare circumstances, we determine that a matter should not be communicated in our report because the adverse consequences of doing so would reasonably be expected to outweigh the public interest benefits of such communication. ______Report on other legal and regulatory requirements Under The Companies (Guernsey) Law, 2008 we are required to report to you if, in our opinion: ● we have not received all the information and explanations we require for our audit; ● proper accounting records have not been kept; or ● the consolidated financial statements are not in agreement with the accounting records. We have no exceptions to report arising from this responsibility. This report, including the opinion, has been prepared for and only for the members as a body in accordance with Section 262 of The Companies (Guernsey) Law, 2008 and for no other purpose. We do not, in giving this opinion, accept or assume responsibility for any other purpose or to any other person to whom this report is shown or into whose hands it may come save where expressly agreed by our prior consent in writing.

Joanne Peacegood For and on behalf of PricewaterhouseCoopers CI LLP Chartered Accountants Guernsey, Channel Islands 27 September 2017

Page 14 FF&P VENTURE FUNDS PCC LIMITED Page 15 Investment Portfolio Statement at 31 March 2017 (unaudited)

FF&P Ventures I (Cell I) US$ '000 % of total Private Equity Investments at fair value net assets

U.S. Venture Capital 14.1% (31 March 2016: 15.6%) Alloy Ventures 2002, L.P. 495 1.1% Polaris Venture Partners IV, L.P. 1,693 3.8% Three Arch Partners IV, L.P. 998 2.3% MPM Bioventures III, L.P. 553 1.3% Ignition Venture II, L.P. 2,434 5.6% U.S. Private Equity 1.7% (31 March 2016: 2.0%) JP Morgan Partners Global Investors (Cayman), L.P. 70 0.2% J.W. Childs Equity Partners III, L.P. - 0.0% Parthenon Investors II, L.P. 292 0.7% Sterling Investment Partners, L.P. 199 0.5% ShoreView Capital Partners, L.P. 141 0.3% European Venture Capital 8.5% (31 March 2016: 9.1%) Accel Europe Fund, L.P. 2,836 6.5% Balderton Capital Founders Fund I, L.P. 855 2.0% European Private Equity 0.4% (31 March 2016: 0.9%) Permira Europe III, L.P. 163 0.4% Opportunistic 0.2% (31 March 2016: 1.7%) Lone Star Fund IV, L.P. 30 0.1% Coller International Partners IV, L.P. 9 0.0% Bain Sankaty Credit Opportunities Fund, L.P. 60 0.1% DV3 Limited - 0.0% ABRY Mezzanine Partners, L.P. 15 0.0% Stepstone International Investors I, L.P. (formerly Greenpark) - 0.0% Subsidiary 69.8% (31 March 2016: 68.9%) FF&P Venture Funds Subsidiary Limited (32.65% of Portfolio (see page 23)) 30,530 69.8%

Total value of investments 41,373 94.7% Cash balances 2,476 5.7% Other net current liabilities (187) (0.4%) Total net assets 43,662 100.0% FF&P VENTURE FUNDS PCC LIMITED Page 16 Investment Portfolio Statement at 31 March 2017 (unaudited)

FF&P Ventures II (Cell II)

US$ '000 % of total net assets

Cash balances 1,376 76.3% Other net current assets 428 23.7% Total net assets 1,804 100.0% FF&P VENTURE FUNDS PCC LIMITED Page 17 Investment Portfolio Statement at 31 March 2017 (unaudited)

FF&P Ventures III (Cell III)

US$ '000 % of total Private Equity Investments at fair value net assets

Private Equity Investments 15.5% (31 March 2016: 84.5%) Innova GTS Holding S.À R.L. 32 3.6% Cardiff Holdings Corp. 93 10.5% DN Capital Endeca Investments SPV LP 12 1.4%

Common Stock at valuation 0.0% (31 March 2016: 0.4%) Hiflux Limited - 0.0%

Total value of investments 137 15.5%

Cash balances 755 85.1%

Other net current liabilities (5) (0.6%) Total net assets 887 100.0% FF&P VENTURE FUNDS PCC LIMITED Page 18 Investment Portfolio Statement at 31 March 2017 (unaudited) FF&P Ventures IV (Cell IV)

US$ '000 % of total Private Equity Investments at fair value net assets

Subsidiary 97.9% (31 March 2016: 98.7%) FF&P Venture Funds Subsidiary Limited (67.35% of Portfolio (see page 23)) 62,965 97.9%

Total value of investments 62,965 97.9%

Cash balances 1,668 2.6%

Other net current liabilities (318) (0.5%)

Total net assets 64,315 100.0% FF&P VENTURE FUNDS PCC LIMITED Page 19 Investment Portfolio Statement at 31 March 2017 (unaudited)

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

GBP '000 % of total Private Equity Investments at fair value net assets

Private Equity Investments 68.3% (31 March 2016: 73.2%) Monurent Holdings Limited - 0.0% Duet Beverages Africa Investors Ltd 3,540 51.9% TIA Investments Limited 931 13.6% Celsis USD Escrow 192 2.8%

Common Stock at valuation 20.9% (31 March 2016: 17.8%) Zambeef Products Plc 547 8.0% Ginx TV Limited 679 10.0% Qwasi Inc 199 2.9%

Money Market Funds at valuation 0.6% (31 March 2016: 0.5%) Blackrock Institutional Sterling Liquidity Fund 43 0.6%

Total value of investments 6,131 89.8%

Cash balances 928 13.6%

Other net current liabilities (237) (3.4%) Total net assets 6,822 100.0% FF&P VENTURE FUNDS PCC LIMITED Page 20 Investment Portfolio Statement at 31 March 2017 (unaudited)

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

GBP '000 % of total Private Equity Investments at fair value net assets

Private Equity Investments 121.4% (31 March 2016: 94.2%) FF&P Special Situations II LLP 34 121.4%

Total value of investments 34 121.4%

Cash balances 2 7.1%

Other net current liabilities (8) (28.5%) Total net assets 28 100.0% FF&P VENTURE FUNDS PCC LIMITED Page 21 Investment Portfolio Statement at 31 March 2017 (unaudited)

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

GBP '000 % of total Private Equity Investments at fair value net assets

Private Equity Investments 0.0% (31 March 2016: 56.7%) FF&P Special Situations III LLP - 0.0%

Total value of investments - 0.0%

Cash balances 6,401 100.1%

Other net current liabilities (6) (0.1%) Total net assets 6,395 100.0% FF&P VENTURE FUNDS PCC LIMITED Page 22 Investment Portfolio Statement at 31 March 2017 (unaudited)

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

GBP '000 % of total Private Equity Investments at fair value net assets

Private Equity Investments 120.0% (31 March 2016: 99.4%) FF&P PFI II LLP 18 120.0%

Total value of investments 18 120.0%

Cash balances - 0.0%

Other net current liabilities (3) (20.0%) Total net assets 15 100.0% FF&P VENTURE FUNDS PCC LIMITED Page 23 Investment Portfolio Statement at 31 March 2017 (unaudited)

FF&P Venture Funds Subsidiary Limited Allocation of Net Assets % of total Cell I Cell IV net assets 32.65% 67.35% US$ '000 Private Equity Investments at fair value

Private Equity Investments 92.8% (31 March 2016: 94.7%) Abry Partners VI, L.P. 195 0.2% 64 131 Abry Senior Equity III LP 558 0.6% 182 376 Balderton Capital IV, L.P. 14,569 15.3% 4,757 9,812 Beacon India Private Equity Fund, L.P. 3,369 3.6% 1,100 2,269 Bowmark Capital Partners IV, L.P. 3,508 3.7% 1,145 2,363 Capital Today China Fund 10,641 11.1% 3,475 7,166 Cipio Partners, L.P. 3,941 4.1% 1,288 2,653 DN Capital Global Venture II, L.P. 5,186 5.4% 1,693 3,493 Emerging Europe Growth Fund II, L.P. 3,419 3.6% 1,116 2,303 First Reserve Fund XII, L.P. 2,918 3.1% 953 1,965 Gores Capital Partners II, L.P. 1,223 1.3% 399 824 Innova V, L.P. 3,175 3.3% 1,037 2,138 Inspired Entertainment Inc 282 0.3% 92 190 Lime Rock Partners V, L.P. 3,392 3.6% 1,108 2,284 Navis Asia Fund V, L.P. 4,033 4.2% 1,318 2,715 Norvestor V, L.P. 1,500 1.6% 490 1,010 ProQuest Investments IV, L.P. 2,619 2.7% 855 1,764 Sankaty Credit Opps III, L.P. 650 0.7% 212 438 Shoreview Parallel Partners II, L.P. 3,766 3.9% 1,230 2,536 Southern Cross Latin America Private Equity 2,647 2.8% 864 1,783 Special Opportunities Fund IV Private Equity, L.P.* 7,419 7.8% 2,422 4,997 Sterling Capital Partners III, L.P. 1,656 1.7% 541 1,115 Summit Partners Europe, L.P. 3,087 3.2% 1,008 2,079 TA Atlantic and Pacific VI, L.P. 2,828 3.0% 923 1,905 Trident Private Equity Fund III, L.P. 1,913 2.0% 625 1,288 88,494 92.8% 28,897 59,597

Money Market Funds at valuation 5.2% (31 March 2016: 3.9%) JP Morgan Liquidity Fund 5,001 5.2% 1,633 3,368

Total value of investments 93,495 98.0% 30,530 62,965

Other net current assets 1,952 2.0% 637 1,315

Total net assets 95,447 100.0% 31,167 64,280

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 24 Consolidated Statement of Comprehensive Income

For the year ended 31 March 2017

Consolidated* Consolidated* Consolidated Cell I Cell II Cell III Cell IV Cell V Cell VI Cell VII Cell VIII Company year ended year ended year ended year ended year ended year ended year ended year ended year ended 31 March 2017 31 March 2017 31 March 2017 31 March 2017 31 March 2017 31 March 2017 31 March 2017 31 March 2017 31 March 2017 Note US$ '000 US$ '000 US$ '000 US$ '000 GBP '000 GBP '000 GBP '000 GBP '000 US$ '000

Net gains/(losses) on investments 6 3,741 - (124) 6,605 (1,643) 11 - (19) 8,073

Currency (losses)/gains (3) - (13) (2) 29 - - - 20

Gross income 8 551 83 231 497 1 - - 2 1,366 Expenses 9 (940) (261) (55) (1,364) (185) (18) (30) (23) (2,955) Net operating (loss)/gain before taxation (389) (178) 176 (867) (184) (18) (30) (21) (1,589)

Taxation 7 (509) 339 - (904) - - - - (1,074) Net operating (loss)/gain after taxation (898) 161 176 (1,771) (184) (18) (30) (21) (2,663)

Total comprehensive income/(loss) for the year 2,840 161 39 4,832 (1,798) (7) (30) (40) 5,430

Total comprehensive income/(loss) per share 22 $0.484 $0.013 $0.011 $0.410 (£0.184) (£0.075) (£0.002) (£0.005)

* 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 Comprehensive Income of the Subsidiary has been proportionately consolidated accordingly.

The Group has no other recognised gains and losses other than those disclosed above.

All results derive from continuing operations.

The accompanying notes on pages 31 to 53 form an integral part of these financial statements. FF&P VENTURE FUNDS PCC LIMITED Page 25 Consolidated Statement of Comprehensive Income

For the year ended 31 March 2016 Consolidated* Consolidated* Consolidated Cell I Cell II Cell III Cell IV Cell V Cell VI Cell VII Cell VIII Company year ended year ended year ended year ended year ended year ended year ended year ended year ended 31 March 2016 31 March 2016 31 March 2016 31 March 2016 31 March 2016 31 March 2016 31 March 2016 31 March 2016 31 March 2016 Note US$ '000 US$ '000 US$ '000 US$ '000 GBP '000 GBP '000 GBP '000 GBP '000 US$ '000

Net (losses)/gains on investments 6 (1,616) 15 (339) 3,216 472 (13) (2,132) (108) (1,408)

Currency (losses)/gains (1) (21) - 2 58 - - - 67

Gross income 8 905 132 247 409 525 - - 965 3,939 Expenses 9 (1,134) (2,602) (136) (1,612) (801) (19) (182) (37) (7,052) Net operating (loss)/gain before taxation (229) (2,470) 111 (1,203) (276) (19) (182) 928 (3,113)

Taxation 7 (392) (729) - (675) - (1) - - (1,798) Net operating (loss)/gain after taxation (621) (3,199) 111 (1,878) (276) (20) (182) 928 (4,911)

Total comprehensive income/(loss) for the year (2,238) (3,205) (228) 1,340 254 (33) (2,314) 820 (6,252)

Total comprehensive income/(loss) per share 22 ($0.311) ($0.117) ($0.038) $0.095 £0.016 (£0.017) (£0.073) £0.020

* 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 Comprehensive Income of the Subsidiary has been proportionately consolidated accordingly.

The Group has no other recognised gains and losses other than those disclosed above.

All results derive from continuing operations.

The accompanying notes on pages 31 to 53 form an integral part of these financial statements. FF&P VENTURE FUNDS PCC LIMITED Page 26 Consolidated Statement of Changes in Equity

For the year ended 31 March 2017 Consolidated* Consolidated* Consolidated Cell I Cell II Cell III Cell IV Cell V Cell VI Cell VII Cell VIII Company year ended year ended year ended year ended year ended year ended year ended year ended year ended 31 March 2017 31 March 2017 31 March 2017 31 March 2017 31 March 2017 31 March 2017 31 March 2017 31 March 2017 31 March 2017 Note US$ '000 US$ '000 US$ '000 US$ '000 GBP '000 GBP '000 GBP '000 GBP '000 US$ '000

Equity shareholders' funds at the beginning of the year 48,200 48,038 2,336 69,378 8,620 35 17,673 28,040 246,213

Redemption of redeemable A & B series 17 - (234) (1,488) (9,895) - - (11,248) - (26,261)

Redemption of redeemable New A & B series 17 (62) ------(24,678) (32,190)

Net decrease from share transactions (62) (234) (1,488) (9,895) - - (11,248) (24,678) (58,451)

Distributions from redemptions 18 (7,316) (46,161) - - - - - (3,307) (57,782)

Total comprehensive income/(loss) for the year 2,840 161 39 4,832 (1,798) (7) (30) (40) 5,430

Foreign exchange loss on translation ------(8,114) Equity shareholders' funds at the end of the year 43,662 1,804 887 64,315 6,822 28 6,395 15 127,296

* 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 Comprehensive Income of the Subsidiary has been proportionately consolidated accordingly.

The Group has no other recognised gains and losses other than those disclosed above.

All results derive from continuing operations.

The accompanying notes on pages 31 to 53 form an integral part of these financial statements. FF&P VENTURE FUNDS PCC LIMITED Page 27 Consolidated Statement of Changes in Equity

For the year ended 31 March 2016

Consolidated* Consolidated* Consolidated Cell I Cell II Cell III Cell IV Cell V Cell VI Cell VII Cell VIII Company year ended year ended year ended year ended * year ended year ended year ended year ended year ended 31 March 2016 31 March 2016 31 March 2016 31 March 2016 31 March 2016 31 March 2016 31 March 2016 31 March 2016 31 March 2016 Note US$ '000 US$ '000 US$ '000 US$ '000 GBP '000 GBP '000 GBP '000 GBP '000 US$ '000

Equity shareholders' funds at the beginning of the year 64,072 118,845 4,350 83,315 15,548 5,041 19,987 37,179 385,979

Redemption of redeemable participating preference shares 17 (1,129) (67,043) (1,786) (15,277) (7,182) (3,488) - (501) (102,070) Redemption of redeemable participating preference shares 17 (580) ------(9,458) (14,833)

Net decrease from share transactions (1,709) (67,043) (1,786) (15,277) (7,182) (3,488) - (9,959) (116,903)

Distributions from redemptions 18 (11,925) (559) - - - (1,485) - - (14,722)

Total comprehensive (loss)/income for the year (2,238) (3,205) (228) 1,340 254 (33) (2,314) 820 (6,252)

Foreign exchange loss on translation ------(1,889)

Equity shareholders' funds at the end of the year 48,200 48,038 2,336 69,378 8,620 35 17,673 28,040 246,213

* 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 Comprehensive Income of the Subsidiary has been proportionately consolidated accordingly.

The Group has no other recognised gains and losses other than those disclosed above.

All results derive from continuing operations.

The accompanying notes on pages 31 to 53 form an integral part of these financial statements. FF&P VENTURE FUNDS PCC LIMITED Page 28 Consolidated Statement of Financial Position As at 31 March 2017 Consolidated* Consolidated* Consolidated Cell I Cell II Cell III Cell IV Cell V Cell VI Cell VII Cell VIII Company 31 March 2017 31 March 2017 31 March 2017 31 March 2017 31 March 2017 31 March 2017 31 March 2017 31 March 2017 31 March 2017 US$ '000 US$ '000 US$ '000 US$ '000 GBP '000 GBP '000 GBP '000 GBP '000 US$ '000 Notes Portfolio of investments Investments 10 41,373 - 137 62,965 6,131 34 - 18 112,228

Current Assets Debtors and prepayments 13 34 447 4 4 2 - 1 - 494 Cash at bank and cash equivalents 2,476 1,376 755 1,668 928 2 6,401 - 15,467 2,510 1,823 759 1,672 930 2 6,402 - 15,961 Current Liabilities Creditors and accruals due within one year 14 221 19 9 322 239 8 7 3 893 Net current assets/(liabilities) 2,289 1,804 750 1,350 691 (6) 6,395 (3) 15,068

Total net assets 43,662 1,804 887 64,315 6,822 28 6,395 15 127,296

Shareholders' funds Non equity share capital 17 ------Share capital 17 156 ------156 Share premium 17 3,406 - 24,741 41,358 5,287 - 11,161 182 100,591 Retained earnings/(accumulated losses) 18 40,100 1,804 (23,854) 22,957 1,535 28 (4,766) (167) 26,549

Total shareholders' funds 43,662 1,804 887 64,315 6,822 28 6,395 15 127,296

Net Asset Value per Share

31 March 2017 - Ordinary Shares: $8.16 $3.12 $0.55 $5.92 £0.70 £0.30 £0.55 £0.00 31 March 2017 - New Ordinary Shares: $6.47 ------31 March 2017 - PFI I Ordinary Shares: ------£0.20 31 March 2016 - Ordinary Shares: $7.63 $2.56 $0.50 $5.48 £0.88 £0.38 £0.56 £0.77 31 March 2016 - New Ordinary Shares: $6.29 ------31 March 2016 - PFI I Ordinary Shares: ------£0.31 * 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 financial statements were approved by the board of directors on 27 September 2017 and were signed on its behalf by:

Niall McCallum - Director Rupert Evans - Director

The accompanying notes on pages 31 to 53 form an integral part of these financial statements. FF&P VENTURE FUNDS PCC LIMITED Page 29 Consolidated Statement of Financial Position As at 31 March 2016

Consolidated* Consolidated* Consolidated Cell I Cell II Cell III Cell IV Cell V Cell VI Cell VII Cell VIII Company 31 March 2016 31 March 2016 31 March 2016 31 March 2016 31 March 2016 31 March 2016 31 March 2016 31 March 2016 31 March 2016 US $ '000 US $ '000 US $ '000 US $ '000 GBP '000 GBP '000 GBP '000 GBP '000 US $ '000 Portfolio of investments Investments 10 47,311 2,945 1,985 68,473 7,887 33 10,022 27,863 186,649

Current Assets Due on sale of investment portfolio 12 - 43,253 ------43,253 Debtors and prepayments 13 140 1,654 263 275 475 1 3,900 4 8,637 Cash at bank and cash equivalents 1,171 251 104 1,180 537 1 3,907 182 9,366 1,311 45,158 367 1,455 1,012 2 7,807 186 61,256 Current Liabilities Creditors: amounts falling due within one year 14 422 65 16 550 279 - 156 9 1,692 Net current assets 889 45,093 351 905 733 2 7,651 177 59,564

Total net assets 48,200 48,038 2,336 69,378 8,620 35 17,673 28,040 246,213

Shareholders' funds Non equity share capital 17 ------Share capital 17 156 187 ------343 Share premium 17 3,468 47 26,229 51,253 5,287 - 22,409 24,860 165,836 Retained earnings 18 44,576 47,804 (23,893) 18,125 3,333 35 (4,736) 3,180 80,034 Total shareholders' funds 48,200 48,038 2,336 69,378 8,620 35 17,673 28,040 246,213

* 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 31 to 53 form an integral part of these financial statements. FF&P VENTURE FUNDS PCC LIMITED Page 30 Consolidated Cash Flow Statement

For the year ended 31 March 2017

Consolidated Consolidated Company Company year ended year ended 31 March 2017 31 March 2016 US$ '000 US$ '000 Notes

CASH FLOWS FROM OPERATING ACTIVITIES

Net cash inflow from operating activities 19 123,850 130,682

Net cash generated from operating activities 123,850 130,682

CASH FLOWS FROM FINANCING ACTIVITiES

Redemption of shares (58,451) (116,903) Return of capital (57,782) (14,722)

Net cash outflow from financing activities (116,233) (131,625)

Foreign exchange loss on translation (1,516) (568) Increase/(decrease) in cash 6,101 (1,511)

Cash and cash equivalents at the beginning of the year 9,366 10,877

Cash and cash equivalents at the end of the year 15,467 9,366

The accompanying notes on pages 31 to 53 form an integral part of these financial statements. FF&P Venture Funds PCC Limited Page 31 Notes to the Consolidated Financial Statements For the year ended 31 March 2017

1 Constitution and Company structure FF&P Venture Funds I Limited was incorporated with limited liability in Guernsey on 17 May 2002 in accordance with the Companies (Guernsey) Law, 2008. On 26 January 2004 an Extraordinary General Meeting was convened and it was approved that the name of FF&P Venture Funds 1 Limited be changed to FF&P Venture Funds PCC Limited and that a reconstruction takes place with the FF&P Venture Funds 1 Limited converting to a protected cell company. FF&P Venture Funds Subsidiary Limited (the "Subsidiary") was incorporated with limited liability in Guernsey on 24 January 2008. The Subsidiary is a wholly owned subsidiary of FF&P Venture Funds PCC Limited (the "Company") as 100% of its redeemable participating shares ("Participating shares") are owned by cells within the Company. The Company and the Subsidiary are collectively referred to as the "Group". The principal activity of the Group is that of investment holding. The Company currently has eight cells, Cell I, Cell II, Cell III , Cell IV, Venture Funds Direct II "Cell V", "Special Situations II" Cell VI, "Special Situations III" Cell VII and Cell VIII. The objective of Cell I and Cell IV is to achieve long-term capital appreciation by investing in a diversified portfolio of Venture Capital, Leveraged Buyout (LBO) and Opportunistic unquoted funds. Cell II alsohad this objective prior to the sale of its investment portfolio in order to facilitate the return of capital back to shareholders. The objective of Cell III and Cell V is to achieve long term capital appreciation by investing in unquoted investments. The objective of Cell VI and VII was to achieve long term capital appreciation by providing development capital to private, unquoted companies and the objective of Cell VIII was to achieve a mixture of long term capital appreciation and income by investing in infrastructure investments. The assets of the different Cells are held in segregated portfolios.

As at year end Cells II, VI, VII and VIII are all in the process of wind down, with all investment assets either fully disposed of or in the process of being disposed, and all available funds being returned to shareholders of the relevant cells. Subsequent to year end Cells VI, VII and VIII have completed the process of wind down and these cells are now dormant.

As at year end all share classes of Cells I, III, IV and V of the Company are listed on The International Stock Exchange ("TISE"), which rebranded from the Channel Islands Securities Exchange in March 2017. Cells VI, VII and VIII all delisted with effect from 13 December 2016. The assets of the Company can be either cellular or non-cellular assets. The assets attributable to a cell comprise those represented by the proceeds of the cell's 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.

2 Statement of Compliance These Consolidated Financial Statements have been prepared and are in compliance with Financial Reporting Standard 102, "The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland", ("FRS 102"). 3 Summary of Significant Accounting policies The principal accounting policies which the Directors have adopted within that convention are set out below and have been consistently applied to all the years presented, unless otherwise stated. Basis of preparation The Consolidated Financial Statements have been prepared in accordance with the provisions of The Companies (Guernsey) Law, 2008. These Consolidated Financial Statements are prepared on a going concern basis and in accordance with applicable accounting standards of the United Kingdom, including FRS 102, and the historical cost convention as modified by the revaluation of investments. The principal accounting policies adopted by the Directors are set out below and have been applied consistently. The preparation of Consolidated Financial Statements in conformity with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise its judgement in the process of applying the Group's accounting policies. The areas involving a higher degree of judgement or complexity, or areas where assumptions and estimates are significant to the Consolidated Financial Statements are disclosed in note 4.

Consolidation The Company's investment in its' Subsidiary has been consolidated. The Subsidiary was incorporated to enable Stonehage Fleming Investment Management (Guernsey) Limited (the "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 entities (except for the Subsidiary) for which the Company has control have not been consolidated as these are held exclusively with a view to subsequently resell, in line with FRS 102 paragraph 9.9, and as such have been measured at fair value through profit or loss and form part of the investment portfolio at year end. FF&P VENTURE FUNDS PCC LIMITED Page 32 Notes to the Consolidated Financial Statements For the year ended 31 March 2017 (continued)

3 Summary of Significant Accounting policies (continued) Functional and presentation currency The Directors have deemed that the most appropriate functional and reporting currency of the Company is US Dollar ("US$" or "USD"), as the majority of Net Assets in the Company are held in US$. However each Cell has its own functional and reporting currency, either USD or Sterling ("GBP") reflecting its main investment focus and the currency in which its shares are issued. Foreign Exchange Foreign currency assets and liabilities are initially translated into the functional currency using the exchange rates prevailing at the date of these transactions. Transactions in foreign currencies are translated to the Company’s functional and presentational currency at the foreign exchange rate ruling at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the Statement of Financial Position date are retranslated to the functional currency at the foreign exchange rate ruling at that date. Non-monetary assets and liabilities that are measured in terms of historical cost in a foreign currency are translated using the exchange rate at the date of the transaction. Non- monetary assets and liabilities denominated in foreign currencies that are stated at fair value are retranslated to the functional currency at foreign exchange rates ruling at the dates the fair value was determined. Foreign exchange differences arising on translation are recognised in the Consolidated Statement of Comprehensive Income.

For the purpose of presenting the combined results of the Company in USD, assets and liabilities of the individual cells which report in GBP are translated into USD at the exchange rate ruling at the Statement of Financial Position date and income and expenditure of the GBP cells are translated into USD using an average exchange rate during the period. The sum of the differences that arise in using average exchange rates are presented in the Consolidated Statement of Changes in Equity as a currency gain or loss on combination translation. This foreign exchange gain or loss is related solely to the combination of the Company total and has no impact on the Net Asset Value of each cell in its functional or presentation currency.

Income recognition Bank deposit interest income is accounted for on an accruals basis. Dividend income is recognised when the right to receive payment is established. All income is stated gross of any applicable withholding taxes.

Expenses Expenses are accounted for on an accrual basis.

Financial instruments The Company has chosen to adopt Sections 11 and 12 of FRS 102 in respect of financial instruments. (i) Financial assets Basic financial assets, including debtors and prepayments, cash at bank and cash equivalents are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at the market rate of interest.

Such assets are subsequently carried at amortised cost using the effective interest rate method, unless the assets are due within one year, then they are measured at the undiscounted amount of cash or other consideration expected to be received. At the end of each reporting period, financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset's original effective interest rate. The impairment loss is recognised in the Consolidated Statement of Comprehensive Income. If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been had the impairment not previously been recognised. The impairment reversal is recognised in the Consolidated Statement of Comprehensive Income.

Other financial assets, including investments in private equity fund instruments or money market funds which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is usually the transaction price.

Such assets are subsequently carried at fair value and the changes in fair value are recognised in the Consolidated Statement of Comprehensive Income. Financial assets are derecognised when (a) the contractual rights to the cash flows from the asset expire or are settled, or (b) substantially all the risks and rewards of ownership of the asset are transferred to another party, or (c) despite having retained some significant risks and rewards of ownership, control of the asset has been transferred to another party who has the practical ability to unilaterally sell the asset to an unrelated third party without imposing additional restrictions. FF&P VENTURE FUNDS PCC LIMITED Page 33 Notes to the Consolidated Financial Statements For the year ended 31 March 2017 (continued)

3 Summary of Significant Accounting policies (continued)

Financial instruments(continued) (ii) Financial liabilities Basic financial liabilities, including creditors and other payables, are initially recognised at the transaction price. Creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Creditors are subsequently measured at amortised cost using the effective interest method, unless payment is due within one year or less, in which case they are measured at the undiscounted amount payable.

Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires.

Fair value investments Investments in private equity funds and money market instruments are valued by the Manager at fair value. Private equity funds and money market investments are initially recognised at transaction price, unless information from a third party or a significant event deems a revaluation appropriate. Private equity funds are held at the most recent net asset value or valuation as reported by the funds investment manager / administrator and where applicable adjusted for subsequent capital activity. The Manager believes these methods to be the most appropriate estimates of fair value. Such valuations are necessarily dependent upon the reasonableness of the valuations by the investment managers/administrator of the underlying investments held. The Manager has 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 fair value and the difference could be significant.

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

The Directors have elected to early adopt FRED 62 requiring the disclosure of financial instruments held at fair value on the basis of a fair value hierarchy consistent with EU-adopted IFRS. Further details are disclosed in note 11.

Cash at bank and cash equivalents Cash at bank and cash equivalents, includes cash in hand, deposits held at call with banks and other short-term highly liquid investments with original maturities of three months or less.

Share capital The Company can issue two classes of shares per cell, further details of which are disclosed in note 17. The shares, while redeemable, carry no right to require the Company to redeem at the holder's option, and are redeemable purely at the discretion of the Directors. Such shares are classified as equity. Additional shares may be issued at prices not less than the Net Asset Value per share at the time of subscription. In the event of winding up the assets available for distribution among the members shall be applied in proportion to the number of shares held by the members.

All redemptions in the Company with effect from 22 April 2015 are compulsory redemptions as approved by the Board of Directors. Amounts distributed as redemptions are first set against the original share premium invested in the Company. Once all original commitments to the Company have been returned any further redemptions are deemed to be redemptions from distributions.

4 Significant judgements and key sources of uncertainty The preparation of Consolidated Financial Statements in conformity with FRS 102 requires management to make judgements, estimates and assumptions that affect the application of policies and the reported amounts of assetsand liabilities, income and expenses. Actual results may differ from these estimates. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimates are revised and in any future periods affected.

The critical judgements and key assumptions concerning the future and other key sources of estimation uncertainty at the Consolidated Statement of Financial Position date, that have a significant risk of causing material adjustment of the carrying amount of assets within the next financial year, are those relating to going concern and valuation of investments.

Going concern The Directors believe it is appropriate to continue to adopt the going concern basis in preparing the Consolidated Financial Statements as the Group has adequate financial resources to continue in operational existence for the foreseeable future. Furthermore there are no current plans to cease operations of the Group within the next 12 months.

Valuation of investments The Manager believes that the underlying investments are reasonably valued based on their knowledge of the investments and the information provided from the underlying investment managers and administrators. All investment valuations are reviewed on a regular basis based on information provided by the underlying administrators or investing a managers of the investees. Where, based on the knowledge of the Manager, there are doubts as to the basisof valuation provided, the Manager can recommend to the Directors that they feel it is appropriate to amend the valuation provided. Further details of considerations are disclosed in note 11. FF&P VENTURE FUNDS PCC LIMITED Page 34 Notes to the Consolidated Financial Statements For the year ended 31 March 2017 (continued)

5 Related parties and material contracts Management fee The Manager is entitled to fees based on a percentage of the net asset value of the cells. The fee is based on an annual rate of 1.8% of the Net Asset Value, excluding cash and money market funds held, for Cell I, Cell II and Cell IV, 2% of the Net Asset Value, excluding cash and money market funds held, for Cell V and 1% of the Net Asset Value, excluding cash and money market funds held of Cell III, subject to a minimum of $10,000 per annum, to be paid quarterly in arrears. All cash and money market funds held attract a fee at an annual rate of 0.2%. The Manager is entitled to reimbursement of reasonable out of pocket expenses. For the year ending 31 March 2017 an amount of US$2,063,000 (31 March 2016: US$3,171,000) was charged and US$484,000 (31 March 2016: US$943,000) was included in creditors at the year end in respect of management fees payable.

The Manager does not charge a fee to Cell VI, Cell VII or Cell VIII. 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. The services of the Manager to the Group 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 Within Cells III and V only 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, 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 Group bank account. An amount of US$13,000 (31 March 2016: US$854,000) was charged and US$252,000 (31 March 2016: US$281,000) was included in creditors at the year end in respect of performance fees payable.

Administration fee Vistra Fund Services (Guernsey) Limited (the "Administrator") 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 is subject to a minimum annual fee of US$50,000 per cell. For Cell III and Cell V annual fees based on the amount of work undertaken, subject to a minimum of $30,000 and £15,000 respectively, payable quarterly in arrears. Cell VI, Cell VII and Cell VIII will pay an annual fixed fee of £15,000, payable quarterly in arrears. The Administrator is entitled to reimbursement of reasonable out of pocket expenses properly incurred in providing the administration services.

For the year ended 31 March 2017 an amount of US$343,000 (31 March 2016: US$434,000) was charged and US$74,000 (31 March 2016: US$115,000) was included in creditors at the year end in respect of administration fees payable.

Custodian fee Butterfield Bank (Guernsey) Limited (the "Custodian"), is entitled to custodian fees at an annual rate of 0.05% of the net asset value of the cells, payable quarterly in arrears. Once the portfolio of any cell has been fully sold down, no Custodian fees will be charged to that cell on an ongoing basis. With effect from 11 June 2015 this fee is subject to a minimum of £7,500 per annum for the Company. Prior to this date the fee was subject to a minimum annual fee of US$22,500 per cell except for Cell V, for which it was entitled to a minimum fee of £11,250. The Custodian has waived, and continues to waive, their fee for Cells VI, VII and VIII. The Custodian is entitled to reimbursement of reasonable out of pocket expenses properly incurred in providing the custodian services. For the year ended 31 March 2017 an amount of US$70,000 (31 March 2016: US$163,000) was charged and US$19,000 (31 March 2016: US$39,000) was included in creditors at the year end in respect of custodian fees payable. FF&P VENTURE FUNDS PCC LIMITED Page 35 Notes to the Consolidated Financial Statements For the year ended 31 March 2017 (continued)

5 Related parties and material contracts (continued)

Directors' fees With effect from 1 January 2015 the Chairman is entitled to £20,000 per annum and each director to £15,000 per annum. The Chairman of the Audit Committee is entitled to a £7,000 fee 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$64,000 (31 March 2016: US$85,000) was charged for the year ended 31 March 2017 and US$16,000 (31 March 2016: US$20,000) was included in accruals in respect of outstanding directors' fees at the year end.

Mr Evans and Mr McCallum are also Directors of the Manager. Mr McCallum is an employee of the Stonehage Fleming Group, of which the Manager and Investment Adviser belong. Mr Evans is a former partner of Mourant Ozannes, the Guernsey legal advisor and is now a consultant to that firm. During the year fees of US$2,000 (2016:US$38,000) were paid to Mourant Ozannes for legal services. Details of the management fees received are disclosed above. At 31 March 2017, Mr Evans holds 16,204.26 (2016: 46,430.08) shares in Cell III Class B.

Audit Committee fees The Chairman of the Audit Committee is entitled to £7,000 per annum for the performance of this role. With effect from 3 June 2015 the Chairman of the Audit Committee is not a Director of the Company. Stewart Merry resigned as Chairman of the Audit Committee on 31 October 2016. On 7 December 2016 Andy Gray was appointed a Chairman of the Audit Committee. Mr Gray is an employee of Stonehage Fleming, as was Mr Merry during his term as Chairman. The Audit Committee fees charged for the year to non Directors amounted to US$8,000 (2016: US$9,000), with US$2,000 outstanding as at year end (2016: US$5,000).

6 Net gains/(losses) on investments Consolidated Consolidated Consolidated Cell I Cell II Cell III Cell IV Cell V Cell VI Cell VII Cell VIII Company Cells only - excluding subsidiary 31 March 2017 31 March 2017 31 March 2017 31 March 2017 31 March 2017 31 March 2017 31 March 2017 31 March 2017 31 March 2017 Money Market Funds & Treasury Bonds US$ '000 US$ '000 US$ '000 US$ '000 GBP '000 GBP '000 GBP '000 GBP '000 US$ '000 Proceeds from sales - 38,805 1,002 - - - - - 39,807 Original cost of investments sold - (38,805) (1,002) - - - - - (39,807) Realised market loss on investments sold ------Loss on investments for the year ------Unrealised gain on investments brought forward ------Realised and unrealised (loss)/gain for the year ------

Private Equity Investments Proceeds from sales of investments 4,973 - 1,724 - 113 10 10,022 27,826 56,132 Original cost of investments realised (3,063) - (1,268) - - - (12,538) (25,888) (54,358) Realised gain/(loss) on investments 1,910 - 456 - 113 10 (2,516) 1,938 1,774 Unrealised (loss)/gain on investments at the year end (17,706) - (8,958) - (1,799) 34 - (142) (29,056) (Losses)/gains on investments for the year (15,796) - (8,502) - (1,686) 44 (2,516) 1,796 (27,282) Unrealised (gain)/loss on investments brought forward 16,335 - 8,378 - 43 (33) 2,516 (1,815) 25,738 Revaluation of transactions presented in Sterling ------(190) Realised and unrealised gain/(loss) for the year 539 - (124) - (1,643) 11 - (19) (1,734) FF&P VENTURE FUNDS PCC LIMITED Page 36 Notes to the Consolidated Financial Statements For the year ended 31 March 2017 (continued)

6 Net gains/(losses) on investments (continued) Consolidated Consolidated Consolidated Cell I Cell II Cell III Cell IV Cell V Cell VI Cell VII Cell VIII Company Subsidiary 31 March 2017 31 March 2017 31 March 2017 31 March 2017 31 March 2017 31 March 2017 31 March 2017 31 March 2017 31 March 2017 Private Equity Investments US$ '000 US$ '000 US$ '000 US$ '000 GBP '000 GBP '000 GBP '000 GBP '000 US$ '000 Proceeds from sales of investments 7,594 - - 15,662 - - - - 23,256 Original cost of investments realised (1,129) - - (2,330) - - - - (3,459) Realised gain on investments 6,465 - - 13,332 - - - - 19,797 Unrealised loss on investments at year end (8,362) - - (17,245) - - - - (25,607) Gain on investments for the period (1,897) - - (3,913) - - - - (5,810) Unrealised loss on investments brought forward 5,099 - - 10,518 - - - - 15,617 Realised and unrealised gain for the year 3,202 - - 6,605 - - - - 9,807

Money Market & Treasury Bond Investments Proceeds from sales of investments 3,985 - - 8,219 - - - - 12,204 Original cost of investments realised (3,985) - - (8,219) - - - - (12,204) Realised and unrealised loss for the year ------

Net gain/(loss) on investments for the year 3,741 - (124) 6,605 (1,643) 11 - (19) 8,073

Consolidated Consolidated Consolidated Cell I Cell II Cell III Cell IV Cell V Cell VI Cell VII Cell VIII Company Cells only - excluding subsidiary 31 March 2016 31 March 2016 31 March 2016 31 March 2016 31 March 2016 31 March 2016 31 March 2016 31 March 2016 31 March 2016 Money Market Funds & Treasury Bonds US$ '000 US$ '000 US$ '000 US$ '000 GBP '000 GBP '000 GBP '000 GBP '000 US$ '000 Proceeds from sales of investments 5,499 23,926 1,075 800 7,127 37 - - 42,096 Original cost of investments sold (5,501) (23,928) (1,081) (800) (7,127) (37) - - (42,106) Realised market loss on investments sold (2) (2) (6) - - - - - (10)

Loss on investments for the year (2) (2) (6) - - - - - (10) Unrealised loss on investments brought forward - - 36 - - - - - 36 Realised and unrealised (loss)/gain for the year (2) (2) 30 - - - - - 26

Private Equity Investments Proceeds from sales of investments 2,750 103,870 2,123 - 7,289 4,950 7,796 - 152,532 Original cost of investments realised (1,950) (98,899) (5,854) - (4,569) (4,642) (9,777) - (148,914) Realised gain/(loss) on investments 800 4,971 (3,731) - 2,720 308 (1,981) - 3,618 Unrealised (loss)/gain on investments at the year end (16,335) - (8,378) - (43) 33 (2,516) 1,815 (25,738) (Losses)/gains on investments for the year (15,535) 4,971 (12,109) - 2,677 341 (4,497) 1,815 (22,120) Unrealised (gain)/loss on investments brought forward 12,361 (4,954) 11,740 - (2,205) (354) 2,365 (1,923) 16,005 Revaluation of transactions presented in Sterling ------(95)

Realised and unrealised gain/(loss) for the year (3,174) 17 (369) - 472 (13) (2,132) (108) (6,210) FF&P VENTURE FUNDS PCC LIMITED Page 37 Notes to the Consolidated Financial Statements For the year ended 31 March 2017 (continued)

6 Net gains/(losses) on investments (continued) Consolidated Consolidated Consolidated Cell I Cell II Cell III Cell IV Cell V Cell VI Cell VII Cell VIII Company 31 March 2016 31 March 2016 31 March 2016 31 March 2016 31 March 2016 31 March 2016 31 March 2016 31 March 2016 31 March 2016 Subsidiary US$ '000 US$ '000 US$ '000 US$ '000 GBP '000 GBP '000 GBP '000 GBP '000 US$ '000 Private Equity Investments Proceeds from sales of investments 9,574 - - 19,746 - - - - 29,320 Original cost of investments realised (854) - - (1,761) - - - - (2,615)

Realised gain on investments 8,720 - - 17,985 - - - - 26,705 Unrealised loss on investments at year end (5,099) - - (10,518) - - - - (15,617) Gain on investments for the period 3,621 - - 7,467 - - - - 11,088 Unrealised loss on investments brought forward (2,061) - - (4,251) - - - - (6,312) Realised and unrealised gain for the year 1,560 - - 3,216 - - - - 4,776

Money Market & Treasury Bond Investments Proceeds from sales of investments 5,572 - - 11,492 - - - - 17,064 Original cost of investments realised (5,572) - - (11,492) - - - - (17,064) Realised loss on investments ------Unrealised gain on investments at the year end ------Loss on investments for the period ------Unrealised gain on investments brought forward ------Realised and unrealised loss for the year ------

Net (loss)/gain on investments for the year (1,616) 15 (339) 3,216 472 (13) (2,132) (108) (1,408)

7 Taxation The Company is exempt from Guernsey taxation under The Income Tax (Exempt Bodies) (Guernsey) Ordinance, 1989. A fixed annual fee of £1,200 (2016: £1,200) is payable to the States of Guernsey in respect of this exemption.

In certain jurisdictions other than Guernsey, foreign taxes may be withheld at source on distributions received by the Company, these have been shown in the "taxation" line in the Consolidated Statement of Comprehensive Income. Total taxation charge for the year amounted to US$1.4m (2016: US$1.8m) gross of a tax credit of US$339,000 (2016: US$Nil). FF&P VENTURE FUNDS PCC LIMITED Page 38 Notes to the Consolidated Financial Statements For the year ended 31 March 2017 (continued)

8 Gross Income Consolidated Consolidated Consolidated Cell I Cell II Cell III Cell IV Cell V Cell VI Cell VII Cell VIII Company 31 March 2017 31 March 2017 31 March 2017 31 March 2017 31 March 2017 31 March 2017 31 March 2017 31 March 2017 31 March 2017 US$ '000 US$ '000 US$ '000 US$ '000 GBP '000 GBP '000 GBP '000 GBP '000 US$ '000

Income distributions from LPs 549 81 231 494 - - - 2 1,358 Bank interest 2 2 - 3 1 - - - 8 551 83 231 497 1 - - 2 1,366

31 March 2016 31 March 2016 31 March 2016 31 March 2016 31 March 2016 31 March 2016 31 March 2016 31 March 2016 31 March 2016 US$ '000 US$ '000 US$ '000 US$ '000 GBP '000 GBP '000 GBP '000 GBP '000 US$ '000

Income distributions from LPs 903 129 247 408 522 - - 965 3,928 Bank interest 2 3 - 1 3 - - - 11

905 132 247 409 525 - - 965 3,939

9 Expenses Consolidated Consolidated Consolidated Cell I Cell II Cell III Cell IV Cell V Cell VI Cell VII Cell VIII Company 31 March 2017 31 March 2017 31 March 2017 31 March 2017 31 March 2017 31 March 2017 31 March 2017 31 March 2017 31 March 2017 US$ '000 US$ '000 US$ '000 US$ '000 GBP '000 GBP '000 GBP '000 GBP '000 US$ '000

Payable to the Directors, Audit Committee and Administrator

Administrator's fee 60 56 39 86 33 15 15 15 343 Directors' and committee members' remuneration 17 12 1 26 3 - 5 4 72 77 68 40 112 36 15 20 19 415 Payable to the Manager Manager's fees 761 23 9 1,102 129 - - - 2,063 Performance fee - - - - 10 - - - 13 761 23 9 1,102 139 - - - 2,076 Payable to the Custodian Custodian fees 23 8 1 33 4 - - - 70 Other expenses Legal and professional 28 155 - 58 - - - - 241 Auditor's remuneration 18 3 1 20 2 - 3 - 49 Other expenses 33 4 4 39 4 3 7 4 104 79 162 5 117 6 3 10 4 394 Total expenses 940 261 55 1,364 185 18 30 23 2,955 FF&P VENTURE FUNDS PCC LIMITED Page 39 Notes to the Consolidated Financial Statements For the year ended 31 March 2017 (continued)

9 Expenses (continued) Consolidated Consolidated Consolidated Cell I Cell II Cell III Cell IV Cell V Cell VI Cell VII Cell VIII Company 31 March 2016 31 March 2016 31 March 2016 31 March 2016 31 March 2016 31 March 2016 31 March 2016 31 March 2016 31 March 2016 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 80 92 39 104 34 15 15 15 434 Directors' remuneration 15 22 1 21 4 - 5 8 85 95 114 40 125 38 15 20 23 519 Payable to the Manager Manager's fees 932 592 37 1,313 197 - - - 3,171 Performance fee - - 48 - 535 - - - 854 932 592 85 1,313 732 - - - 4,025 Payable to the Custodian Custodian fees 35 68 7 39 9 - - - 163 35 68 7 39 9 - - - 163

Other expenses Legal and professional 35 1,636 - 85 6 - - - 1,765 Trade costs - 17 - - - - - 17 Auditor's remuneration 9 12 - 13 3 - 3 5 51 Other expenses 28 163 4 37 13 4 159 9 512 72 1,828 4 135 22 4 162 14 2,345 Total expenses 1,134 2,602 136 1,612 801 19 182 37 7,052

10 Investments Consolidated Consolidated Consolidated Cell I Cell II Cell III Cell IV Cell V Cell VI Cell VII Cell VIII Company 31 March 2017 31 March 2017 31 March 2017 31 March 2017 31 March 2017 31 March 2017 31 March 2017 31 March 2017 31 March 2017 Investment portfolio of cells (excluding subsidiary) 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 2016 30,445 - 10,363 - 7,887 - 12,538 26,048 107,706 Purchases 1,168 ------1,168 Proceeds from sales / return of capital (4,973) - (1,724) - (113) (10) (10,022) (27,826) (56,132) Realised gain/(loss) on investments sold 1,910 - 456 - 113 10 (2,516) 1,938 1,774 Revaluation of transactions presented in Sterling ------(6,780) Cost at 31 March 2017 28,550 - 9,095 - 7,887 - - 160 47,736 Unrealised (loss)/gain at year end (17,706) - (8,958) - (1,799) 34 - (142) (29,056)

Value at 31 March 2017 10,844 - 137 - 6,088 34 - 18 18,680 FF&P VENTURE FUNDS PCC LIMITED Page 40 Notes to the Consolidated Financial Statements For the year ended 31 March 2017 (continued)

10 Investments (continued) Consolidated Consolidated Consolidated Cell I Cell II Cell III Cell IV Cell V Cell VI Cell VII Cell VIII Company 31 March 2017 31 March 2017 31 March 2017 31 March 2017 31 March 2017 31 March 2017 31 March 2017 31 March 2017 31 March 2017 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 2016 - 2,945 - - 43 - - - 3,007 Purchases - 35,860 1,002 - - - - - 36,862 Proceeds from sales - (38,805) (1,002) - - - - - (39,807) Revaluation of transactions presented in Sterling ------(8) Cost at 31 March 2017 - - - - 43 - - - 54 Unrealised at year end ------Value at 31 March 2017 - - - - 43 - - - 54

Investment in portfolio of Subsidiary Private Equity Investments Cost at 1 April 2016 36,994 - - 76,297 - - - - 113,291 Purchases 1,393 - - 2,876 - - - - 4,269 Proceeds from sales / return of capital (7,594) - - (15,662) - - - - (23,256) Realised gains on investments sold 6,465 - - 13,332 - - - - 19,797 Cost at 31 March 2017 37,258 - - 76,843 - - - - 114,101 Unrealised loss at year end (8,362) - - (17,245) - - - - (25,607) Value at 31 March 2017 28,896 - - 59,598 - - - - 88,494 Money Market and Treasury Bond Investments Cost at 1 April 2016 1,306 - - 2,694 - - - - 4,000 Purchases 4,312 - - 8,892 - - - - 13,204 Proceeds from sales (3,985) - - (8,219) - - - - (12,204) Cost at 31 March 2017 1,633 - - 3,367 - - - - 5,000 Unrealised gain at year end ------

Value at 31 March 2017 1,633 - - 3,367 - - - - 5,000 Total Value of Investments 41,373 - 137 62,965 6,131 34 - 18 112,228

Investment portfolio of cells (excluding subsidiary) 31 March 2016 31 March 2016 31 March 2016 31 March 2016 31 March 2016 31 March 2016 31 March 2016 31 March 2016 31 March 2016 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 2015 31,869 96,749 14,949 - 12,035 4,642 22,355 35,029 253,483 Purchases 526 2,150 1,268 - 421 - - - 4,578 Proceeds from sales (2,750) (103,870) (2,123) - (7,289) (4,950) (7,836) (8,981) (152,532) Realised gain/(loss) on investments sold 800 4,971 (3,731) - 2,720 308 (1,981) - 3,618 Revaluation of transactions presented in Sterling ------(1,441)

Cost at 31 March 2016 30,445 - 10,363 - 7,887 - 12,538 26,048 107,706 Unrealised (loss)/gain at year end (16,335) - (8,378) - (43) 33 (2,516) 1,815 (25,738)

Value at 31 March 2016 14,110 - 1,985 - 7,844 33 10,022 27,863 81,968 FF&P VENTURE FUNDS PCC LIMITED Page 41 Notes to the Consolidated Financial Statements For the year ended 31 March 2017 (continued)

10 Investments (continued) Consolidated Consolidated Consolidated Cell I Cell II Cell III Cell IV Cell V Cell VI Cell VII Cell VIII Company 31 March 2016 31 March 2016 31 March 2016 31 March 2016 31 March 2016 31 March 2016 31 March 2016 31 March 2016 31 March 2016 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 2015 1,500 15,325 1,081 800 1,164 37 - - 20,488 Purchases 4,001 11,548 - - 6,006 - - - 24,600 Proceeds from sales (5,499) (23,926) (1,075) (800) (7,127) (37) - - (42,096) Realised loss on investments sold (2) (2) (6) - - - - - (10) Revaluation of transactions presented in Sterling ------25

Cost at 31 March 2016 - 2,945 - - 43 - - - 3,007 Unrealised loss at year end ------

Value at 31 March 2016 - 2,945 - - 43 - - - 3,007

Investment in portfolio of Subsidiary Private Equity Investments Cost at 1 April 2015 36,262 - - 74,787 - - - - 111,049 Purchases 1,586 - - 3,271 - - - - 4,857 Proceeds from sales (9,574) - - (19,746) - - - - (29,320) Realised gain on investments sold 8,720 - - 17,985 - - - - 26,705

Cost at 31 March 2016 36,994 - - 76,297 - - - - 113,291 Unrealised gain at year end (5,099) - - (10,518) - - - - (15,617)

Value at 31 March 2016 31,895 - - 65,779 - - - - 97,674

Money Market and Treasury Bond Investments Cost at 1 April 2015 523 - - 1,078 - - - - 1,601 Purchases 6,355 - - 13,108 - - - - 19,463 Proceeds from sales (5,572) - - (11,492) - - - - (17,064) Realised gain on investments sold ------

Cost at 31 March 2016 1,306 - - 2,694 - - - - 4,000 Unrealised gain at year end ------Value at 31 March 2016 1,306 - - 2,694 - - - - 4,000

Total Value of Investments 47,311 2,945 1,985 68,473 7,887 33 10,022 27,863 186,649 FF&P VENTURE FUNDS PCC LIMITED Page 42 Notes to the Consolidated Financial Statements For the year ended 31 March 2017 (continued)

11 Fair value of financial instruments FRS 102 requires the Group to classify investments according to fair value hierarchy that reflects the significance of the inputs used in making the measurements. FRS 102, as amended in March 2016, establishes a fair value hierarchy that prioritises the inputs to valuation techniques used to measure fair value. The highest priority to unadjusted quoted prices for identical instruments in active markets (Level 1 measurements) and the lowest priority to valuation techniques using unobservable inputs (Level 3 measurements).

The three levels of fair value hierarchy under FRS 102 are as follows:

Level 1 - Quoted prices for identical instruments in active market Level 2 - Prices of recent transactions for identical instruments Level 3 - Valuation techniques using unobservable market data

The level in the fair value hierarchy within which the fair value measurement is categorised in its entirety is determined on the basis of the lowest level of input that is significant to the fair value measurement in its entirety. For this purpose, the significance of an input is assessed against the fair value measurement in its entirety. If a fair value measurement uses observable inputs that require significant adjustment based on unobservable inputs, that the measurement is a level 3 measurement. Assessing the significance of a particular input to the fair value measurement in its entirety requires judgement, considering factors specific to the asset or liability.

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

Unlisted equity securities of other open ended investment funds fall under Level 2 as fair value represents the unadjusted net asset value per share quoted by the manager or administrator of an underlying fund, is redeemable at the reported net asset value at measurement date, and if a transaction at net asset value could have taken place at the Statement of Financial Position date. The price of a recent transaction for an identical asset provides evidence of fair value as long as there has not been a significant change in economic circumstances or a significant lapse of time since the transaction took place. If the entity can demonstrate that the last transaction price is not a good estimate of fair value, that price is adjusted using a valuation technique and classified as Level 3 investment.

Level 3 is comprised of Investee Funds held by the Group that are not quoted in active markets. In determining the fair value of its Investee Funds, the Group relies on the valuation as reported in the latest available Consolidated Financial Statements and /or capital account statements provided by the Investee Fund's general partner, unless the Group, or the Manager, is aware of reasons that such a valuation may not be the best approximation of fair value. In suchcases, the Group reserves the right to assign a fair value to such investments which differs from the one reported by the Investee Fund's general partner. These differences may arise due to a number of reasons including but not limited to:

a) The report received from the Investee Fund's general partner may be non-coterminous with the Group's reporting date; b) The report received from the Investee Fund's general partner may be based on principles that are not aligned with the fair value principles set out in FRS 102 or that of the Group; and c) The Manager or the Group may have other observable or unobservable data that would indicate that amendments are required to particular portfolio Group at fair values presented in the report from Investee Fund's general partner.

As at the reporting date the classification of investments was as follows:

Level 1 - Quoted prices for idencal instruments in acve market

Consolidated Consolidated Consolidated Cell I Cell II Cell III Cell IV Cell V Cell VI Cell VII Cell VIII Company 31 March 2017 31 March 2017 31 March 2017 31 March 2017 31 March 2017 31 March 2017 31 March 2017 31 March 2017 31 March 2017 US$ '000 US$ '000 US$ '000 US$ '000 GBP '000 GBP '000 GBP '000 GBP '000 US$ '000

Investments at fair value 1,633 - - 3,367 43 - - - 5,054 FF&P VENTURE FUNDS PCC LIMITED Page 43 Notes to the Consolidated Financial Statements For the year ended 31 March 2017 (continued)

11 Fair value of financial instruments (continued)

Level 3 - Valuation techniques using unobservable market data

Consolidated Consolidated Consolidated Cell I Cell II Cell III Cell IV Cell V Cell VI Cell VII Cell VIII Company 31 March 2017 31 March 2017 31 March 2017 31 March 2017 31 March 2017 31 March 2017 31 March 2017 31 March 2017 31 March 2017 US$ '000 US$ '000 US$ '000 US$ '000 GBP '000 GBP '000 GBP '000 GBP '000 US$ '000

Investments at fair value 39,740 - 137 59,598 6,088 34 - 18 107,174

There have been no transfers between levels during the period.

As at 31 March 2016 the classification of investments was as follows:

Level 1 - Quoted prices for idencal instruments in acve market

Consolidated Consolidated Consolidated Cell I Cell II Cell III Cell IV Cell V Cell VI Cell VII Cell VIII Company 31 March 2016 31 March 2016 31 March 2016 31 March 2016 31 March 2016 31 March 2016 31 March 2016 31 March 2016 31 March 2016 US$ '000 US$ '000 US$ '000 US$ '000 GBP '000 GBP '000 GBP '000 GBP '000 US$ '000

Investments at fair value 1,306 2,945 - 2,694 43 - - - 7,007

Level 3 - Valuation techniques using unobservable market data

Consolidated Consolidated Consolidated Cell I Cell II Cell III Cell IV Cell V Cell VI Cell VII Cell VIII Company 31 March 2016 31 March 2016 31 March 2016 31 March 2016 31 March 2016 31 March 2016 31 March 2016 31 March 2016 31 March 2016 US$ '000 US$ '000 US$ '000 US$ '000 GBP '000 GBP '000 GBP '000 GBP '000 US$ '000

Investments at fair value 46,005 - 1,985 65,779 7,844 33 10,022 27,863 179,642

12 Settlement of portfolio purchase in Cell II As disclosed in the 2015 Consolidated Financial Statements the Directors approved the sale of a portfolio of partially invested and divested private equity investments in Cell II. Under the terms of the Sale and Purchase Agreement ("SPA") 50% of the cost of the portfolio was paid over three closing dates in the second half of 2015 and the remaining 50% was payable in the second half of 2016. The balance outstanding at year end is US$ Nil (2016:US$43,252,959). FF&P VENTURE FUNDS PCC LIMITED Page 44 Notes to the Consolidated Financial Statements For the year ended 31 March 2017 (continued)

13 Debtors and prepayments Consolidated Consolidated Consolidated Cell I Cell II Cell III Cell IV Cell V Cell VI Cell VII Cell VIII Company 31 March 2017 31 March 2017 31 March 2017 31 March 2017 31 March 2017 31 March 2017 31 March 2017 31 March 2017 31 March 2017 US$ '000 US$ '000 US$ '000 US$ '000 GBP '000 GBP '000 GBP '000 GBP '000 US$ '000

Prepayments 5 71 4 4 2 - 1 - 89 Other receivables 29 376 ------405 34 447 4 4 2 - 1 - 494

31 March 2016 31 March 2016 31 March 2016 31 March 2016 31 March 2016 31 March 2016 31 March 2016 31 March 2016 31 March 2016 US$ '000 US$ '000 US$ '000 US$ '000 GBP '000 GBP '000 GBP '000 GBP '000 US$ '000

Amounts due from broker 3 1,584 - - 1 - 3,898 - 7,199 Prepayments 8 70 2 9 - 1 2 4 100 Other receivables 129 - 261 266 474 - - - 1,338

140 1,654 263 275 475 1 3,900 4 8,637 14 Creditors and accruals due within one year Consolidated Consolidated Consolidated Cell I Cell II Cell III Cell IV Cell V Cell VI Cell VII Cell VIII Company 31 March 2017 31 March 2017 31 March 2017 31 March 2017 31 March 2017 31 March 2017 31 March 2017 31 March 2017 31 March 2017 US$ '000 US$ '000 US$ '000 US$ '000 GBP '000 GBP '000 GBP '000 GBP '000 US$ '000

Management fee payable 179 1 1 267 29 - - - 484 Performance fee payable to Manager - - - - 201 - - - 252 Custodian & administration fees payable 19 13 8 28 5 8 4 3 93 Auditor's remuneration 15 5 - 14 3 - 2 - 40 Directors' and committee members fees 6 - - 9 1 - 1 - 18 Other payables 2 - - 4 - - - - 6

221 19 9 322 239 8 7 3 893

31 March 2016 31 March 2016 31 March 2016 31 March 2016 31 March 2016 31 March 2016 31 March 2016 31 March 2016 31 March 2016 US$ '000 US$ '000 US$ '000 US$ '000 GBP '000 GBP '000 GBP '000 GBP '000 US$ '000

Investment purchases 5 ------5 Management fee payable 358 21 10 455 69 - - - 943 Performance fee payable to Manager - - - - 195 - - - 281 Custodian & administration fees payable 43 26 6 62 12 - - - 154 Auditor's remuneration 8 14 - 12 2 - 3 4 47 Directors' and committee members fees 4 4 - 6 1 - 1 2 20 Other payables 4 - - 15 - - 152 3 242

422 65 16 550 279 - 156 9 1,692 FF&P VENTURE FUNDS PCC LIMITED Page 45 Notes to the Consolidated Financial Statements For the year ended 31 March 2017 (continued)

15 Financial instruments

The following table details the categories of financial assets and financial liabilities held by the Group as at 31 March 2017: Financial assets Consolidated Consolidated Consolidated Cell I Cell II Cell III Cell IV Cell V Cell VI Cell VII Cell VIII Company 31 March 2017 31 March 2017 31 March 2017 31 March 2017 31 March 2017 31 March 2017 31 March 2017 31 March 2017 31 March 2017 US$ '000 US$ '000 US$ '000 US$ '000 GBP '000 GBP '000 GBP '000 GBP '000 US$ '000 Measured at fair value through profit and loss Investment in private equity entities 39,740 - 137 59,598 6,088 34 - 18 107,174 Investment in money market instruments 1,633 - - 3,367 43 - - - 5,054 41,373 - 137 62,965 6,131 34 - 18 112,228

Measured at undiscounted amount receivable Debtors and prepayments 34 447 4 4 2 - 1 - 494 Cash at bank and cash equivalents 2,476 1,376 755 1,668 928 2 6,401 - 15,467 2,510 1,823 759 1,672 930 2 6,402 - 15,961

Total financial assets 43,883 1,823 896 64,637 7,061 36 6,402 18 128,189

Financial liabilities Measured at undiscounted amount payable Creditors and accruals 221 19 9 322 239 8 7 3 893 Total financial liabilities 221 19 9 322 239 8 7 3 893

The following table details the categories of financial assets and financial liabilities held by the Group as at 31 March 2016: Financial assets Consolidated Consolidated Consolidated Cell I Cell II Cell III Cell IV Cell V Cell VI Cell VII Cell VIII Company 31 March 2016 31 March 2016 31 March 2016 31 March 2016 31 March 2016 31 March 2016 31 March 2016 31 March 2016 31 March 2016 US$ '000 US$ '000 US$ '000 US$ '000 GBP '000 GBP '000 GBP '000 GBP '000 US$ '000 Measured at fair value through profit and loss Investment in private equity entities 46,005 - 1,985 65,779 7,844 33 10,022 27,863 179,642 Investment in money market instruments 1,306 2,945 - 2,694 43 - - - 7,007 47,311 2,945 1,985 68,473 7,887 33 10,022 27,863 186,649

Measured at undiscounted amount receivable Sale proceeds of portfolio - 43,253 ------43,253 Debtors and prepayments 140 1,654 263 275 475 1 3,900 4 8,637 Cash at bank and cash equivalents 1,171 251 104 1,180 537 1 3,907 182 9,366 1,311 45,158 367 1,455 1,012 2 7,807 186 61,256

Total financial assets 48,622 48,103 2,352 69,928 8,899 35 17,829 28,049 247,905

Financial liabilities

Measured at undiscounted amount payable Creditors and accruals 422 65 16 550 279 - 156 9 1,692 Total financial liabilities 422 65 16 550 279 - 156 9 1,692 FF&P VENTURE FUNDS PCC LIMITED Page 46 Notes to the Consolidated Financial Statements For the year ended 31 March 2017 (continued)

16 Financial risk management The Group's principal financial instruments comprise cash and cash equivalents, investments in multi-currency private equity funds and money market instruments. The Group has other financial instruments such as accounts receivable and other assets, accounts payable and accrued expenses, which arise directly from its operations.

The Group is exposed to a variety of financial risks; being market risk (which includes price risk, currency risk and interest rate risk), credit risk and liquidity risk arising from the financial instruments they hold. The Directors are responsible for reviewing and agreeing policies for managing each of these risks, which are summarised below.

Market Risk

Price risk Price risk exposure arises from the uncertainty about future prices of financial instruments held, and it represents the potential loss the Group may suffer in the face of price movements.

The fair valuation of private equity funds requires significant judgements and estimates and as such valuations are subject to uncertainty. There is no assurance that the estimates resulting from the valuation process will accurately reflect the actual return on the investment.

Such risk is mitigated through the appointment of a suitably qualified and experienced Investment Manager who advises on appropriate investments and who monitors the performance and results of those investments in considering the appropriateness of the valuations provided by the underlying administrators.

Sensitivity analysis The following sensitivity analysis is projected on the net exposure of the Group to a price movement of 5% on the investments in private equity funds, under the assumption that all other relevant factors remain constant. At the year end, the net asset value stands to increase or decrease by the following amounts. Consolidated Consolidated Consolidated Cell I Cell II Cell III Cell IV Cell V Cell VI Cell VII Cell VIII Company 31 March 2017 31 March 2017 31 March 2017 31 March 2017 31 March 2017 31 March 2017 31 March 2017 31 March 2017 31 March 2017 US$ '000 US$ '000 US$ '000 US$ '000 GBP '000 GBP '000 GBP '000 GBP '000 US$ '000 Impact on NAV of 5% price movement in private equity funds 1,987 - 7 2,980 304 2 - 1 5,359

31 March 2016 31 March 2016 31 March 2016 31 March 2016 31 March 2016 31 March 2016 31 March 2016 31 March 2016 31 March 2016 US$ '000 US$ '000 US$ '000 US$ '000 GBP '000 GBP '000 GBP '000 GBP '000 US$ '000 Impact on NAV of 5% price movement in private equity funds 2,300 - 99 3,289 392 2 501 1,393 8,982

Currency risk Currency risk is the risk that the value of a financial instrument will fluctuate because of changes in foreign exchange rates.

Currency risk exposure on financial instruments Consolidated Consolidated Consolidated Cell I Cell II Cell III Cell IV Cell V Cell VI Cell VII Cell VIII Company The Group's principal currency exposures are as 31 March 2017 31 March 2017 31 March 2017 31 March 2017 31 March 2017 31 March 2017 31 March 2017 31 March 2017 31 March 2017 follows: US$ '000 US$ '000 US$ '000 US$ '000 GBP '000 GBP '000 GBP '000 GBP '000 US$ '000

United States Dollars 36,200 1,431 851 49,310 3,934 - - - 92,725 Euro 5,679 - 32 11,373 730 - - - 17,999 British Pounds 1,783 372 5 3,632 2,154 28 6,395 15 16,566 43,662 1,803 888 64,315 6,818 28 6,395 15 127,290 FF&P VENTURE FUNDS PCC LIMITED Page 47 Notes to the Consolidated Financial Statements For the year ended 31 March 2017 (continued)

16 Financial risk management (continued)

Currency risk exposure on financial instruments Consolidated Consolidated Consolidated Cell I Cell II Cell III Cell IV Cell V Cell VI Cell VII Cell VIII Company The Group's principal currency exposures are as 31 March 2016 31 March 2016 31 March 2016 31 March 2016 31 March 2016 31 March 2016 31 March 2016 31 March 2016 31 March 2016 follows: US$ '000 US$ '000 US$ '000 US$ '000 GBP '000 GBP '000 GBP '000 GBP '000 US$ '000

United States Dollars 38,841 48,055 1,603 51,235 5,742 - - - 147,999 Euro 6,711 - 721 12,948 1,465 - - - 22,489 British Pounds 2,648 (17) 12 5,195 1,411 35 17,673 28,040 75,722 South African Rand - - - - 2 - - - 3

48,200 48,038 2,336 69,378 8,620 35 17,673 28,040 246,213

Sensitivity analysis The present sensitivity analysis is projected on the net exposure of the Group to foreign currency risk over a period of one month, under the assumption that all other relevant factors remain constant. At the year end, the net asset value stands to increase or decrease by the following amounts if the volatility of exchange rates observed in March 2017 was to continue in April, under the assumption that all other factors are held constant.

For the year ended 31 March 2017, the impact would have been: Cell I Cell I Cell II Cell II Cell III Cell III Cell V Cell V Currency Volatility Net exposure Change in NAV Net exposure Change in NAV Net exposure Change in NAV Net exposure Change in NAV US$ '000 US$ '000 US$ '000 US$ '000 US$ '000 US$ '000 GBP '000 GBP '000

Euro 2.75% 5,679 156 - - 32 1 - - British Pounds 5.97% 1,783 49 372 10 5 - 730 20 United States Dollar 5.97% ------3,934 235 No other cells had exposure to foreign currency. Please note Cells V,VI,VII and VIII are reported in GBP, as such exposure to GBP does not represent a foreign currency risk in these cells.

Currency risk exposure on Portfolio Investment undrawn commitments

The Group has no currency exposures in respect of drawdowns of commitment from portfolio investments as all remaining commitments are in Cell I and are denominated in US Dollars. No other Cells have any remaining undrawn commitments from their portfolio of investments.

Interest rate risk Interest rate risk arises from the effects of fluctuations in the prevailing levels of markets interest rates on the fair value of financial assets and financial liabilities. The Group has little exposure to interest rate risk as the investment portfolio consists of investments which do not pay fixed or floating rate interest. The Group is exposed to interest rate risk associated with the effects of fluctuations in the prevailing levels of market interest rates on cash balances. This interest rate risk is not considered to be significant as the interest received on cash balances are immaterial to the Group. All these cash balances receive interest at a floating rate which at year end was 0.06%. FF&P VENTURE FUNDS PCC LIMITED Page 48 Notes to the Consolidated Financial Statements For the year ended 31 March 2017 (continued)

16 Financial risk management (continued)

Credit risk Credit risk is the risk that a counterparty to a financial instrument transaction will fail to discharge an obligation or commitment that it has entered into with the Group. The following carrying amount of financial assets best reflects the maximum credit risk exposure at the year end:

Consolidated Consolidated Consolidated Cell I Cell II Cell III Cell IV Cell V Cell VI Cell VII Cell VIII Company 31 March 2017 31 March 2017 31 March 2017 31 March 2017 31 March 2017 31 March 2017 31 March 2017 31 March 2017 31 March 2017 US$ '000 US$ '000 US$ '000 US$ '000 GBP '000 GBP '000 GBP '000 GBP '000 US$ '000

Cash at bank and cash equivalents 2,476 1,376 755 1,668 928 2 6,401 - 15,467 Other receivables 29 376 ------405

2,505 1,752 755 1,668 928 2 6,401 - 15,872

The Group manages this risk transacting only with recognised and credit worthy third parties. The Group's exposure to credit risk from financial assets, such as cash and cash equivalents arises from the default of the counterparty, with maximum exposure equal to the carrying amount of these instruments.

Credit risk within investments, debtors and creditors are deemed immaterial. The Company has a diversified portfolio. The cash and bank balances are placed substantially with a single banking counterpart. This banking counterpart, however, has a sound credit rating (Moody's Long Term Senior A3) which substantially mitigates the credit risk identified.

Liquidity risk Liquidity risk is the risk that the Group may not be able to generate sufficient cash resources to settle its obligations in full as they fall due or can only do so on terms that are materially disadvantageous. It is the nature of investments in private equity funds that a commitment to invest is made, that draw downs of this commitment will be made over time, and can be irregular in timing.

The Directors adopt prudent liquidity risk management by maintaining sufficient cash and cash equivalents, monitoring the undrawn commitment of each financial instrument and other Group liabilities. The Directors seek to manage the Group's liquid funds through short term cash planning. The Directors use historical figures, experiences and forecasts from its collection and disbursements. As at 31 March 2017 there were financial commitments outstanding of US$2.1m (2016: US$2.2m) relating to Cell I investments. All liabilities are deemed to be current and sufficient cash is maintained to settle all liabilities as and when they become due.

17 Share capital Company Company 31 March 2017 31 March 2016 Authorised share capital US$ US$ 100 management shares of no par value - - 100,000,000 Redeemable 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 FF&P VENTURE FUNDS PCC LIMITED Page 49 Notes to the Consolidated Financial Statements For the year ended 31 March 2017 (continued)

17 Share capital (continued)

At an Extraordinary General Meeting held on 22 April 2015 the shareholders resolved that the Board be permitted to convert all shares in the issued and unissued share capital of the Company into redeemable shares in the capital of the Company in accordance with the amendments to the articles of incorporation to be adopted by the Company. The shareholders also resolved to adopt the proposed redemption mechanism as described in the Circular published by the Company dated 26 March 2015. These amendments are only for the purpose of allowing the Directors the power to approve compulsory redemptions in the shares of the Company, creating a more efficient method of returning capital to Investors.

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.

Cell I has two classes of shares, ordinary and new ordinary with two series, A and B.

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 passu amongst the relevant A series shareholders.

As at 31 March 2017, Cell I shares have US$4.00 called and paid (31 March 2016:US$4.00) out of commitments of US$7.23, Cell II shares have US$2.00 called and paid (31 March 2016: US$2.00) out of commitments of US$2.77, Cell III shares have US$1.00 called and paid (31 March 2016: US$1.00) out of commitments of US$1.00 and Cell IV shares have US$4.00 called and paid (31 March 2016: US$4.00) out of commitments of US$10.00. Cell V has GBP0.70 called and paid (31 March 2016: GBP0.70) out of commitments of GBP1.00.

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 50 Notes to the Consolidated Financial Statements For the year ended 31 March 2017 (continued)

17 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 2016 90,767 329,968 85,621 2,999 522,501 231 90,000 214 - 1,122,301 Redemption (13,856) (319,808) (55,739) (427) - - (57,017) - - (446,846) At 31 March 2017 76,911 10,160 29,882 2,572 522,501 231 32,983 214 - 675,455

B Series shares: At 1 April 2016 6,068,171 18,457,381 4,560,533 12,667,177 9,273,960 92,633 31,454,225 71,779 - 82,645,859 Redemption (926,357) (17,889,113) (2,968,891) (1,802,857) - - (19,927,038) - - (43,514,256) At 31 March 2017 5,141,814 568,268 1,591,642 10,864,320 9,273,960 92,633 11,527,187 71,779 - 39,131,603

New A Series shares and A Series PFI I: At 1 April 2016 8,882 ------45,061 - 53,943 Redemption (444) ------(45,061) - (45,505) At 31 March 2017 8,438 ------8,438

New B Series shares and B Series PFI I: At 1 April 2016 164,601 ------36,259,557 - 36,424,158 Redemption (8,230) ------(36,259,557) - (36,267,787) At 31 March 2017 156,371 ------156,371

Total at 31 March 2017 5,383,534 578,428 1,621,524 10,866,893 9,796,461 92,864 11,560,170 71,993 100 39,971,967 Total at 31 March 2016 6,332,421 18,787,349 4,646,154 12,670,176 9,796,461 92,864 31,544,225 36,376,611 100 120,246,362

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 Equity shares 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 2016 2 3 ------5 Redemptions - (3) ------(3)

At 31 March 2017 2 ------2 FF&P VENTURE FUNDS PCC LIMITED Page 51 Notes to the Consolidated Financial Statements For the year ended 31 March 2017 (continued)

17 Share capital (continued)

Equity share capital (continued) 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 2016 146 184 ------330 Redemptions - (184) ------(184) At 31 March 2017 146 ------146

New B Series shares: At 1 April 2016 8 ------8 At 31 March 2017 8 ------8

Total at 31 March 2017 156 ------156 Total at 31 March 2016 156 187 ------343

Share premium 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 2016 - 47 523 9 282 - 64 - - 1,247 Redemptions - (47) (27) (2) - - (32) - - (118) At 31 March 2017 - - 496 7 282 - 32 - - 1,129

B Series shares: At 1 April 2016 - - 25,706 51,244 5,005 - 22,345 182 - 122,012 Redemptions - - (1,461) (9,893) - - (11,216) - - (25,956) At 31 March 2017 - - 24,245 41,351 5,005 - 11,129 182 - 96,056

New A Series shares and A Series PFI I: At 1 April 2016 159 ------30 - 206 Redemptions (3) ------(30) - (42) Foreign exchange loss on translation (8) At 31 March 2017 156 ------156

New B Series shares: At 1 April 2016 3,309 ------24,648 - 42,371 Redemptions (59) ------(24,648) - (32,148) Foreign exchange loss on translation ------(6,973) At 31 March 2017 3,250 ------3,250

Total at 31 March 2017 3,406 - 24,741 41,358 5,287 - 11,161 182 - 100,591 Total at 31 March 2016 3,468 47 26,229 51,253 5,287 - 22,409 24,860 - 165,836 FF&P VENTURE FUNDS PCC LIMITED Page 52 Notes to the Consolidated Financial Statements For the year ended 31 March 2017 (continued)

18 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 2016 89,820 67,099 (12,188) 38,959 4,157 308 (1,981) 466 188,555 Movement during the year 8,375 - 456 13,332 113 10 (2,516) 1,938 21,571 Balance at 31 March 2017 98,195 67,099 (11,732) 52,291 4,270 318 (4,497) 2,404 210,126

Unrealised (loss)/gain on investments Balance At 1 April 2016 (21,434) - (8,376) (10,519) (43) 33 (2,516) 1,815 (41,160) Movement during the year (4,634) - (580) (6,727) (1,756) 1 2,516 (1,957) (13,498) Balance at 31 March 2017 (26,068) - (8,956) (17,246) (1,799) 34 - (142) (54,658)

Realised/Unrealised (loss)/gain on exchange Balance At 1 April 2016 (25) (52) (552) 17 96 - - - (10,504) Movement during the year (3) - (13) (2) 29 - - - 20 Foreign exchange loss on translation ------(1,133) Balance at 31 March 2017 (28) (52) (565) 15 125 - - - (11,617)

Distributions from redemptions Balance At 1 April 2016 (11,925) (559) - - - (1,485) - - (14,722) Movement during the year (7,316) (46,161) - - - - - (3,307) (57,782)

Balance at 31 March 2017 (19,241) (46,720) - - - (1,485) - (3,307) (72,504)

Income and expenditure Balance At 1 April 2016 (11,860) (18,684) (2,777) (10,332) (877) 1,179 (239) 899 (42,135) Movement during the year (898) 161 176 (1,771) (184) (18) (30) (21) (2,663) Balance at 31 March 2017 (12,758) (18,523) (2,601) (12,103) (1,061) 1,161 (269) 878 (44,798) Total reserves at 31 March 2017 40,100 1,804 (23,854) 22,957 1,535 28 (4,766) (167) 26,549 Total reserves at 31 March 2016 44,576 47,804 (23,893) 18,125 3,333 35 (4,736) 3,180 80,034

19 Reconciliation of net operating loss to net cash movement from operating activities 31 March 2017 31 March 2016 US$ '000 US$ '000 Net operating loss before taxation (1,589) (3,113) Taxation charge for the year (1,074) (1,798) Purchases of bonds and money market funds (50,066) (44,063) Cash realised from sales of bonds and money market funds 52,011 59,160 Purchase of private equity investments (5,442) (9,627) Cash realised from sale of private equity investments 129,840 131,911 Realised gain on foreign exchange 20 67 Decrease / (increase) in debtors 944 (792) Decrease in creditors (794) (1,063) Net cash inflow from operating activities 123,850 130,682 FF&P VENTURE FUNDS PCC LIMITED Page 53 Notes to the Consolidated Financial Statements For the year ended 31 March 2017 (continued)

20 Commitments At 31 March 2017 there were financial commitments outstanding in relation to fund investments of US$2.1m (31 March 2016: US$2.2m) for Cell I. No other cells had any outstanding commitments.

The Board of FF&P Venture Funds PCC Limited agreed in Q2 2009 that aggregate financial commitments from the Subsidiary would not exceed US$140m. At 31 March 2017 the Subsidiary had financial commitments outstanding of US$6.6m (31 March 2016: US$7.7m) in private equity funds. Highest price Lowest price Highest price Lowest price 21 Historical Financial Information during year during year during year during year 31 March 2017 31 March 2017 31 March 2016 31 March 2016 Cell I $8.16 $6.63 $8.33 $8.03 Cell I: New Series $7.86 $6.37 $7.61 $7.18 Cell II $3.12 $2.49 $2.72 $2.56 Cell III $0.55 $0.48 $0.55 $0.51 Cell IV $5.92 $5.42 $5.71 $5.41 Cell V £0.82 £0.63 £0.90 £0.79 Cell VI £0.41 £0.26 £0.82 £0.48 Cell VII £0.55 £0.55 £0.64 £0.57 Cell VIII £0.32 - £0.76 £0.70 Cell VIII: New Series £0.29 £0.20 £0.44 £0.39

22 Total comprehensive income per share The total comprehensive income per share has been calculated on a weighted average basis and is arrived at by dividing the total comprehensive income for the year by the weighted average number of shares in issue for each Cell.

23 Future FRS 102 Developments and Pronouncements Currently, there are no proposed or future amendments to FRS102 which are anticipated to impact the Group.

24 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 section 33 of FRS 102 - Related Party Disclosures.

25 Subsequent events Redemptions

On 15 June 2017 shareholders in the the following cells were advised of a compulsory redemption to take place on 23 June 2017;

% of shares Amount Cell redeemed distributed Cell I Portfolio I 23.00 US$ 251,000 Cell I Portfolio II 10.00 US$ 4,100,000 Cell IV 10.00 US$ 6,000,000 Cell V 50.00 £3,900,000 Cell VI 100% * £18,000 Cell VII 100% * £6,400,000 Cell VIII Portfolio II 100% * £21,000 * - These distributions were of all available assets at the date of the distribution and not based on the December Net Asset Value. The above redemptions were the final redemptions for Cell VI, Cell VII and Cell VIII. On 21 August these cells were formally wound up. These cells will remain dormant for the remainder of the life of the Company.