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STEPPES PARTNERS LIMITED

Contents

2017 www.steppespartners.com

1. Introduction 3

2. Marketplace 7

3. Financial Services 12

4. Asset Management 16

5. Current Assets 20

6. Summary 27

Exhibit I 29

“Steppes Partners is ideally

positioned to take advantage of

changing market dynamics in the

financial services marketplace”

1.

Introduct ion

2017 www.steppespartners.com 3

Overview


▪ Steppes Partners Limited (Steppes Partners) is an Australian holding company that completed the acquisition of

53.4% of alternative asset management group, Steppes Alternative Asset Management Limited on December 10th

2015.

▪ Steppes Partners will be listing publicly in the second half of 2017 in order to expand its business. Once the public

listing is completed, the company will look to make accretive acquisitions.

▪ Steppes Partners had a net asset value (NAV) per share of $1.85 as at the 31st December 2016 which is forecast

to grow to $2.34 per share by the 31st December 2017 (before planned accretive acquisitions).

▪ Steppes Partners is focused on growing a diversified financial services group with a specific focus on alternative

asset management, wealth management and corporate advisory.

▪ Changing bank regulations and positive macro economic picture will create multiple opportunities in the financial

services sector.

Steppes Focus


Expand existing established business due to exceptional market opportunities

Steppes expansion strategy will create leading specialist financial services group

Integrate contracted acquisition post closing

Complete targeted acquisition

Building Value grow net asset value per share from $1.85 as at 31.12.16 to $2.34 as at 31.12.17

Focused on Financial Services Sector

Expand existing established business due to exceptional market opportunities

Steppes expansion strategy will create leading specialist financial services group

Public Listing in Second Half of 2017 in order to provide currency for acquisitions

Complete targeted acquisition

Building Value - grow net asset value per share from $1.85 as at 31.12.16 to $2.34 as at 31.12.17

Focused on Financial Services Sector

Financial Snapshot


Current Key Statistics *

Ordinary shares 230,000,000

Net Assets per share as at 31st December 2016 $1.85

Attributable Earnings as at the 31st December 2016 $0.68

Projected Net Assets per share as at 31st December 2017 $2.34

Projected Net Assets per share as at 31st December 2018 $3.07

Historical and Projected Performance

Fiscal Year ending 31st December 2015 Actual* 2016 Actual 2017 Projected 2018 Projected 2019 Projected

Attributable Income $104m $156m $151m $196m $274m

Net Assets $266m $426m $557m $753m $1,028

Shares Outstanding 230,000,000 230,000,000 237,900,000 245,700,000 253,400,000

Earnings Per Share $0.45 $0.68 $0.66 $0.80 $1.08

Net Assets Per Share $1.16. $1.85 $2.34 $3.07 $4.06

*pro-forma for the 12 month period

6

“Macro Economic Conditions

are Favourable for

Financial Services Businesses”

2. Marketplace


Macro-Economic Condit ions

Favorable


▪ Key long term themes all point to increased demand for financial services businesses.

▪ The financial services sectors that Steppes Partners are focused upon are currently underserved and will benefit from GDP growth, population growth and

urban growth.

▪ The GDP of the top 20 economies is forecast to grow by over 240% between 2015-2050.

0

50

100

150

200

250

Top 20 by GDP 2015 Top 20 by GDP 2030 Top 20 by GDP 2050

8


Population of the World and Regions 2017-2100

2017 2030 2050 2100

World 7550 8551 9772 11184

Africa 1256 1704 2528 4468

Asia 4504 4947 5257 4780

Europe 742 739 716 653

Latin America 646 718 780 712

North America 361 395 435 499

Populat ion Growth wi l l Fuel

Economic Growth▪ The Global Population is forecast to grow by just under 50% between now and 2100.

▪ By 2100 the Global Population will be over 11 billion people (with 40% of population in Asia).

Urban Growth 1.45 Mil l ion People Per

Week


▪ Between 1990 and 2015 approximately 1.1m people per week urbanised, between 2015 and 2050 approximately 1.45m people per week are projected to

urbanise.

▪ Between 1990 and 2015 of the 1,427m people who urbanised 471m were in China, 630m were in the rest of Asia and 272m were in Africa.

▪ Between 2015 and 2050 of the 2,638m people who are projected to urbanise 291m are in China, 596m in the rest of Asia and 759m in Africa.

1,012m

2,113m

3,000m

0

0.5

1

1.5

2

2.5

3

3.5

1990 2015 2050

199m

471m

1,230m

0

0.2

0.4

0.6

0.8

1

1.2

1.4

1990 2015 2050

1,062m1,116m

2,108m

0

0.5

1

1.5

2

2.5

1990 2015 2050

Asian Urban Growth African Urban Growth ROW Urban Growth

10

Economic Growth wi l l fuel demand for

Natural Resources and Infrastructure


Natural Resources and Infrastructure worth $6.1 trillion per annum

INFRASTRUCTURE

Infrastructure & Services

$2.5 to $3 trillion per annum

NATURAL RESOURCES

Mined Products

$1.3 trillion per annum + Energy Commodities $2.3

trillion per annum

Equity Funds Debt Funds

CU

RR

EN

T

SE

CT

OR

SC

UR

RE

NT

PR

OD

UC

TS

Need for more ProductsCurrently under $500 billion* of Private Equity Capital invested

in Infrastructure and Natural Resources

* Towers Watsons Global Alternatives Survey

11

“Currently Outstanding

Opportunities in the Financial Services

Marketplace”

3. Financial

Services


Global Capital Markets Continue to

Grow


• The total value of major global equity markets as at the end of March 2017 was just under $76 trillion, with the US

NYSE and NASDAQ markets having a combined value of $28.45 trillion or 37.5% of the major global equity markets.

• There are currently 209 recognised stock exchanges globally in 127 countries.

• The top ten exchanges that are in nine countries account for around two thirds of global volume.

Time ZoneUSD bn

March 2017

USD bn

March 2016% change (in USD)

Americas 32,378 28,452 13.8

Asia-Pacific 26,682 21,787 22.5

Europe-Africa-Middle East 16,852 15,815 6.6

Total WFE 75,912 66,055 14.9

Regional and total WFE domestic equity market capitalisation as at end March 2017 and end March 2016

Largest Domestic Equity

Markets by Value in March 2017

and March 2016


ExchangeUSD bn

March 2017

USD bn

March 2016% change (in USD)

1 NYSE Euronext (US) 20,012 18,171 10.1%

2 NASDAQ (US) 8,436 7,049 19.7%

3 Japan Exchange Group 5,197 4,602 12.9%

4 Shanghai SE 4,419 3,930 12.4%

5 NYSE Euronext (Europe) 3,719 3,354 10.9%

6 London Stock Exchange Group 3,549 3,638 -2.4%

7 Hong Kong Exchanges & Clearing 3,505 3,024 15.9%

8 Shenzhen Stock Exchange 3,412 3,095 10.3%

9 TMX Group 2,129 1,767 20.5%

10 BSE India Ltd. 1,878 1,433 31.1%

Largest Domestic Equity Markets by Value as at end March 2017 and end March 2016

Note: LSE figure as at end February 2017 (latest available WFE figure)

Financial Service Companies by

Sector (by market value)


Public financial services companies make up approximately 10% of the overall value of the global public

equity markets.

4,223.12

717.48

2,903.53

859.87

273.26

706.40

0.00

500.00

1,000.00

1,500.00

2,000.00

2,500.00

3,000.00

3,500.00

4,000.00

4,500.00

Top 50 AllSectors

Top 50 AssetManagers

Top 50 Banks Top 50Investment

Banks & Brokers

Top 50InvestmentCompanies

Top 50Specialist

Companies

US $ Billion

“Macro Economic Trends Extremely

Favourable for Asset Management

Industry”

4. Asset Management


The Global Asset Management

Industry wi l l be worth over USD $100

Tri l l ion by 2020


▪ Global Investable Funds in the wealth management industry have grown from USD $31 trillion in 2002 to USD $74

trillion in 2014 and are forecast to grow to more than USD $100 trillion by 2020. 7

▪ Changing markets and investor needs will create significant opportunities for specialist fund managers between

now and 2020 (and beyond).

▪ Institutional assets under management in developing markets are projected to grow from USD $5 trillion in 2014 to

USD $30 trillion by 2030.

▪ Steppes Partners will expand by acquisition and build a portfolio of specialised alternative investment products that

will service targeted large market opportunities.

▪ Global banks have to offload USD $1.4 trillion of non-core assets due to new regulations causing an unprecedented

opportunity for specialist companies like Steppes Partners.

17

Alternat ive Assets are forecast to

grow to US$13.6t - $15.3t by 2020


$1.0t

$2.5t$3.6t

$6.5t$7.4t

$0.5t

$0.8t

$1.4t

$2.5t

$2.9t

$1.0t

$2.0t

$2.9t

$4.6t

$5.0t

0

2

4

6

8

10

12

14

16

18

2004 2007 2013 2020 (base case) 2020 (high case)

Private Equity Assets Real Assets Hedge Funds & Fund of Funds

$2.5t

$15.3t

$13.6t

$7.9t

$5.3t

US $ trillion

18

Market Need in North East and South East

Asia

for Alternat ive Asset Managers


▪ North East and South East Asia’s asset management industry is forecast to grow rapidly with ongoing deregulation and

deepening capital markets. China’s overall asset management industry is forecast to grow from $4.3 trillion at the end of

2015 to $16.1 trillion by 2020.

25%

75%

NE & SE Asia ROW

0

10

20

30

40

50

60

70

80

% of Global GDP 25%

30%

70%

NE & SE Asia ROW

0

10

20

30

40

50

60

70

80

% of Global Population 30%

1%

99%

NE & SE Asia ROW

0

20

40

60

80

100

120

% of Global Alternatives 1%

19

“Steppes Partners owns 53.4% of

Steppes Alternative Asset

Management Limited”

5. Current Assets


Overview of Steppes Alternat ive Asset

Management Limited


• Steppes Alternative Asset Management Limited “SAAM” is a global alternative asset management business producing

upper quartile returns and is focused on natural resources and infrastructure.

• SAAM existing investment management platform is focused on equity funds, credit funds and advisory business.

• SAAM is expanding its offering and geographical footprint to take advantage of current significant market opportunities.

• SAAM current footprint of Europe, the Middle East and Australia will be expanded into South East and North East Asia.

• For the year ending 31st December 2016 Steppes produced earnings per share of USD $0.44 and had a net asset

value per share of USD $1.34 at the year end.

• SAAM current Assets Under Management (AUM) of USD $3.1 billion as at 31st December 2016.

• Public listing on the Frankfurt Stock Exchange will facilitate planned expansion.

Steppes Alternat ive Asset

Management Histor ical and projected

performance


$0.89

$1.34

$1.78

$2.34

$3.09

0

0.5

1

1.5

2

2.5

3

3.5

31.12.15 A 31.12.16 A 31.12.17 P 31.12.18 P 31.12.19 P

Net Asset Value per Share

$0.35

$0.44$0.49

$0.62

$0.84

0

0.1

0.2

0.3

0.4

0.5

0.6

0.7

0.8

0.9

31.12.15 A 31.12.16 A 31.12.17 P 31.12.18 P 31.12.19 P

Net Income per Share

$384m

$566m

$810m

$1,0841m

$1,472m

0

200

400

600

800

1000

1200

1400

1600

31.12.15 A 31.12.16 A 31.12.17 P 31.12.18 P 31.12.19 P

Proprietary Assets

$1.88bn

$2.55bn

$4.81bn

$6.37bn

$8.42bn

0

1

2

3

4

5

6

7

8

9

31.12.15 A 31.12.16 A 31.12.17 P 31.12.18 P 31.12.19 P

Third Party Assets Under Management

Actuals

Projected

Actuals

Projected

Actuals

Projected

Actuals

Projected

22


Management Business Footprint


Natural Resources

• Demand pressure from population growth and urbanisation will result in long term price increases

Infrastructure

• Currently available infrastructure finance is less than 50% of the amount needed to meet forecast demand

Innovative Solutions

• The development of new products for renewable energy and the natural resources that provide energy should reap significant rewards

Operating Divisions

Private Equity

• Steppes private equity division

manages the company’s proprietary

private equity. The Private Equity

division has historically focused on

natural resources and has an average

annual return of 21.95% sinceinception in 2010.

Public Capital

• Steppes public capital division is

where the company will develop its

public private equity positions. Unlike

private equity that has a fixed term

prior to distribution public private equity

is evergreen as the public listingprovides investor liquidity.

Advisory Services

• Steppes Advisory is the company’s asset

management division and provides asset

management services to third parties as

well as to other divisions within the group.

In addition Steppes advisory also

provides capital markets services toportfolio companies and third parties.

Current & Planned Coverage

* London

* Gibraltar

* Sydney

* DubaiHong Kong

Singapore

Zurich

* Current officesPlanned offices

Focused on large underserved sectors

* Geneva

23

Steppes Alternat ive Asset Management

– Past, Present and Future


Past Present Future

Business Established 2009

Initial private equity fund launched in 2010.

Business focused on natural resources

sector with three operating divisions;

Private Equity, Public Capital

and Advisory.

Public listing planned for 2017.

Completed initial acquisition in 2014 with

further acquisitions in 2015 and 2016.

Acquisitions have increased overall offering

and assets under management.

The Private Equity division derives income

from increases in value in the proprietary

private equity portfolio.

The Public Capital division derives income

from increases in value in the proprietary

public capital portfolio.

Increase geographical footprint and expand

infrastructure offering.

New funds and funds of targeted

acquisition will include “carry” as well as

asset management fees.

As at the end 2016 proprietary assets

under management of USD $566m and

third party assets under management of

USD $3.100m.

Management and advisory fees for the 12

months ending 31st December 2016 of

USD $128.3m and fair value gains and

realizations of USD $98.72m.

Steppes Advisory division derives revenues

from asset management fees and advisory

fees earned by capital markets activities for

portfolio companies and third parties.

Asset management fees have not included

“carry” historically.

Public listing will enable Steppes to expand

coverage, launch new funds and to build

out a platform capable of taking advantage

of market need in Europe and the Asia

Pacific for Alternative Asset Management

products.

24


Management Breakdown of Assets

Under Management


$1918.6m$627.9m

$566m

Split of Assets Under Management by Segment

Third PartyEquity

Third Party Debt

ProprietaryEquity

53%

22%

9%

16%

Geographical Split Third Party Assets Under Management

Asia

Africa & theMiddle East

North America

Europe

39%

20%

15%

26%

Geographical Split Proprietary Assets Under Management

Asia

Africa & theMiddle East

North America

Europe

25

Steppes Alternat ive asset

Management - Expansion should

increase returns


▪ Expansion Strategy is forecast to further increase upper quartile returns.

▪ Listed below is a comparison of Steppes historic return against various market indices.

▪ Steppes historical return is above the upper quartile private equity funds average return*.

Index 31st December 2011 31st December 2012 31st December 2013 31st December 2014 31st December 2015 31st December 2016Average Return

Over 5 Years

MSCI ACWI 42.17 48.08 57.62 57.62 55.82 59.17 4.48% per annum

S&P 500 1257.6 1,426.19 1,848.36 2,058.90 2,043.94 2,238.38 10.52% per annum

ASX 100 3,316.70 3,820.70 4,445.20 4,513.00 4,395.30 4,695.80 3.9% per annum

FTSE 100 5,572.28 5,897.81 6,749.09 6,566.09 6,242.32 7,142.83 3.61% per annum

DAX PI 5,898.35 7,612.39 9,552.16 9,805.55 10,743.01 11,481.06 9.82% per annum

S&P LPE 78.05 97.08 126.66 119.74 111.28 121.21 4.66% per annum

Steppes* 115.2 144.34 184.64 218.4 271.03 327.67 21.95% per annum

* Prequin analysis of all 2010 vintage private equity funds show a median return of 13.5% with first quartile funds showing an average return of 20%.

**Steppes figure based on one dollar invested as at first closing of initial fund on 6th December 2010 , therefore return for the period ending 31st December 2011

is for 12 months and 25 days whereas other indices are for 12 months to 31st December 2011

26

“Focus on Near Term Returns and

Long Term Growth will Enable

Steppes Partners to Outperform”

6. Summary



Summary

▪ Steppes Partners Limited (Steppes Partners) is an Australian holding company that completed the acquisition of 53.4%

of alternative asset management group, Steppes Alternative Asset Management Limited on December 10th 2015.

▪ Steppes Partners will be listing publicly in the second half of 2017 in order to expand its business. Once the public

listing is completed, the company will look to make accretive acquisitions.

▪ Steppes Partners had a net asset value (NAV) per share of $1.85 as at the 31st December 2016 which is forecast to

grow to $2.34 per share by the 31st December 2017 (before planned accretive acquisitions).

▪ Steppes Partners is focused on growing a diversified financial services group with a specific focus on alternative asset

management, wealth management and corporate advisory.

▪ Changing bank regulations and positive macro economic picture will create multiple opportunities in the financial

services sector.

Exhibit I

Competitive

Landscape


30 x Leading Alternat ive Asset

Management Companies


Company Name Symbol Exchange Price 52W HIGH/LOW Mkt. Cap. (US$m) PE Net Assets (US$m) M Book FUM (USD m)

Brookfield Asset Management Inc. BAM.A TOR CAD 50.77 53.08/41.39 36,794.29 29.93 26,453 1.39 250,000

Blackstone Group LP BX NYQ USD 29.32 31.69/22.45 35,130.00 14.54 6,461 5.44 368,000

Macquarie Group Limited MQG ASX AUD 87.72 96.37/65.01 22,504.83 13.77 11,590 1.94 357,456

Principal Financial Group Inc. PFG NYQ USD 61.40 65.67/38.04 17,700.00 13.83 10,227 1.73 619,700

KKR & Co. LP KKR NYQ USD 17.93 19.30/11.63 14,620.00 9.94 5,940 2.46 129,600

CBRE Group Inc. CBG NYQ USD 33.42 36.81/24.11 11,290.00 18.30 3,014 3.75 86,500

AMP Limited (AMP Capital) AMP ASX AUD 5.13 5.96/4.39 11,282.21 NS 5,557 2.03 119,400

Lendlease Group LLC ASX AUD 16.47 16.97/11.74 7,178.91 12.98 4,180 1.72 18,394

Oaktree Capital Group LLC OAK NYQ USD 44.90 48.94/36.95 7,000.00 12.74 806 8.68 100,000

GPT Group GPT ASX AUD 5.16 5.72/4.38 6,910.82 8.10 6,168 1.12 14,149

Carlyle Group LP CG NSQ USD 17.45 18.80/14.35 5,720.00 20.03 308 18.57 162,000

Apollo Global Management LLC APO NYQ USD 26.45 27.78/14.25 5,050.00 8.66 835 6.05 197,000

Jones Lang LaSalle Inc. JLL NYQ USD 111.32 126.80/86.62 5,040.00 16.75 2,790 1.81 59,000

Aberdeen Asset Management PLC ADN LSE 286.40p 354.40/212.50 4,992.41 21.83 2,754 1.81 402,900

Ares Management LP ARES NYQ USD 18.02 23.25/12.08 3,840.00 28.17 592 6.49 100,000

Man Group PLC EMG LSE 153.90p 164.10/102.50 3,363.03 NS 1,674 2.01 76,400

Magellan Financial Group Limited MFG ASX AUD 24.82 26.05/19.76 3,254.34 24.81 264 12.31 27,093

Charter Hall Group CHC ASX AUD 5.72 5.98/4.24 1,973.46 9.71 987 2.00 12,660

Platinum Inv. Management Limited PTM ASX AUD 4.37 6.65/4.23 1,921.33 14.62 249 7.70 16,383

Pantheon International PLC PIN LSE 1,795.00p 1,800.0/1,190.0 1,485.99 NS 1,547 0.96 35,000

Harbourvest Global Private Equity Ltd. HVPE LSE 1,296.76p 1,304.0/875.0 1,329.57 NS 1,337 0.99 58,000

Cowen Group Inc. COWN NSQ USD 14.25 16.75/10.92 487.97 NS 773 0.63 10,700

Westwood Holdings Group Inc. WHG NYQ USD 53.50 63.99/49.01 475.54 17.34 146 3.26 21,300

Och-Ziff Capital Management Group LLC OZM NYQ USD 2.33 4.78/2.15 431.35 NS -466 N/A 32,000

Blue Sky Alternative Investments Ltd. BLA ASX AUD 7.79 8.99/6.65 391.04 28.64 97 4.04 2,700

HFA Holdings Limited HFA ASX AUD 2.25 2.73/1.90 282.56 15.81 254 1.11 9,500

Medley Management Inc. MDLY NYQ USD 6.35 10.65/5.45 190.88 70.48 -2 N/A 5,000

CVC Limited CVC ASX AUD 1.92 1.96/1.40 173.64 13.09 150 1.16 85,000

Fifth Street Asset Management Inc. FSAM NSQ USD 3.95 8.45/3.49 61.53 53.56 5 N/A 4,000

K2 Asset Management Holdings Ltd. KAM ASX AUD 0.29 0.47/0.28 51.92 9.60 6 8.26 NS

TOTAL/AVERAGE 210,927.60 20.30 94,697 4.05 3,379,836

Notes: All financial data taken from ft.com as of 18th May 2017. All currency conversions as required taken from currency section of yahoo.com on

the same date.

Trade on an average PE of 20.30 and an average price to book of 4.05

30

30 x Leading Publ ic Private Equity

Companies


Company Name Symbol Exchange Price 52W HIGH/LOW Mkt. Cap. (US$m) PE Net Assets (US$m) M Book FUM (USD m)

Blackstone Group LP BX NYQ USD 29.32 31.69/22.45 35,130.00 14.54 6,461 5.44 368,000

Partners Group Holding AG PGHN VTX CHF 581.50 625.00/396.25 15,676.75 27.82 1,555 10.08 54,677

KKR & Co. LP KKR NYQ USD 17.93 19.30/11.63 14,620.00 9.94 5,940 2.46 129,600

Fosun International Limited 656 HKG HKD 11.66 12.78/9.50 12,970.95 8.72 13,412 0.97 9,204

3i Group PLC III LSE 832.72p 844.50/468.50p 10,649.60 NS 5,807 1.83 17,597

Leucadia National Corp. LUK NYQ USD 24.44 27.34/15.48 8,790.00 14.54 10,128 0.87 52,556

Onex Corp. ONEX TOR CAD 97.23 102.77/74.33 7,272.35 NS -490 N/A 22,600

Oaktree Capital Group LLC OAK NYQ USD 44.90 48.94/36.95 7,000.00 12.74 806 8.68 100,000

Wendel SE MF PAR EUR 134.65 139.20/86.40 6,957.13 NS 2,439 2.85 10,803

Carlyle Group LP CG NSQ USD 17.45 18.80/14.35 5,720.00 20.03 308 18.57 162,000

Apollo Global Management LLC APO NYQ USD 26.45 27.78/14.25 5,050.00 8.66 835 6.05 197,000

Eurazeo SA RF PAR EUR 59.39 63.10/47.63 4,537.26 8.32 4,847 0.94 6,482

Ares Management LP ARES NYQ USD 18.02 23.25/12.08 3,840.00 28.17 592 6.49 100,000

Gimv NV GIMB BRU EUR 54.44 56.95/45.50 1,523.22 8.97 1,262 1.21 1,945

Pantheon International PLC PIN LSE 1,795.00p 1,800.0/1,190.0 1,485.99 NS 1,547 0.96 36,000

Electra Private Equity PLC ELTA LSE 2,664.70p 5,300.0/1,603.4 1,368.68 NS 2,703 0.51 2,607

Harbourvest Global Private Equity Ltd. HVPE LSE 1,296.76p 1,304.0/875.0 1,329.57 NS 1,337 0.99 58,000

HBM Healthcare Investments AG HBMN SWX CHF 113.30 118.00/91.40 832.16 NS 1,029 0.81 1,043

Princess Private Equity Holding Ltd. PEY LSE EUR 10.57 10.70/6.91 781.27 NS 759 1.03 1,955

NB Private Equity Partners Limited NBPE AEX USD 13.72 13.90/9.85 743.76 6.65 777 0.96 34,000

HgCapital Trust PLC HGT LSE 1,523.02p 1,620.0/1,090.0 739.48 NS 803 0.92 6,648

ICG (ex. Graphite) Enterprise Trust PLC ICGT LSE 756.06p 767.00/523.00 677.95 NS 679 1.00 23,767

Standard Life Private Equity Trust SEP LSE 321.85p 327.00/209.15 645.36 NS 695 0.93 N/A

Altamir SCA LTA PAR EUR 16.30 16.44/9.55 643.34 4.62 853 0.75 702

Deutsche Beteiligungs AG DBAX.N GER EUR 39.74 40.40/25.03 632.94 9.21 400 1.58 1,100

JZ Capital Partners Limited JZCP LSE 564.00 578.00/385.00 627.77 NS 849 0.74 1,107

SVG Capital PLC SVI LSE 720.00p 723.50/475.10 609.78 NS 1,466 0.42 7,821

Oakley Capital Investments Limited OCL LSE 170.00p 172.00/120.00 449.84 NS 571 0.79 1,620

F&C Private Equity Trust FPEO LSE 360.00p 362.00/230.88 346.99 NS 254 1.37 331

J.P. Morgan Private Equity Limited JPEL LSE USD 1.25 1.60/1.19 329.50 NS 479 0.69 24,000

TOTAL/AVERAGE 151,981.63 13.07 69,104 2.79 1,433,165

Notes: All financial data taken from ft.com as of 18th May 2017. All currency conversions as required taken from currency section of yahoo.com

on the same date.

Trade on an average PE of 13.07 and an average price to book of 2.79

31

32

Steppes Partners Limited

Level 20, Tower 2, Darling Park, 201 Sussex Street

Sydney, NSW 2000

Australia

steppespartners.com

Thankyou

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