STEPPES PARTNERS LIMITED Contents 1. Introduction 3 2. - - PowerPoint PPT Presentation

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. Introduction

2017 www.steppespartners.com

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Overview

2017 www.steppespartners.com

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▪ 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

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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

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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

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Macro-Economic Conditions Favorable

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▪ 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.

50 100 150 200 250

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

8

2017 www.steppespartners.com

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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

Population Growth will 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 Million People Per Week

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▪ 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

0.5 1 1.5 2 2.5 3 3.5 1990 2015 2050

199m 471m 1,230m

0.2 0.4 0.6 0.8 1 1.2 1.4 1990 2015 2050

1,062m 1,116m 2,108m

0.5 1 1.5 2 2.5 1990 2015 2050

Asian Urban Growth African Urban Growth ROW Urban Growth

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Economic Growth will fuel demand for Natural Resources and Infrastructure

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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 CURRENT SECTORS CURRENT PRODUCTS Need for more Products Currently under $500 billion* of Private Equity Capital invested in Infrastructure and Natural Resources

* Towers Watsons Global Alternatives Survey

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“Currently Outstanding Opportunities in the Financial Services Marketplace”

• 3. Financial

Services

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Global Capital Markets Continue to Grow

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• 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 Zone USD 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

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Exchange USD 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)

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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 All Sectors Top 50 Asset Managers Top 50 Banks Top 50 Investment Banks & Brokers Top 50 Investment Companies Top 50 Specialist Companies

US $ Billion

“Macro Economic Trends Extremely Favourable for Asset Management Industry”

• 4. Asset Management

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The Global Asset Management Industry will be worth over USD $100 Trillion by 2020

2017 www.steppespartners.com

▪ 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

• pportunity for specialist companies like Steppes Partners.

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Alternative Assets are forecast to grow to US$13.6t - $15.3t by 2020

2017 www.steppespartners.com

$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

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

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Market Need in North East and South East Asia for Alternative Asset Managers

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▪ 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

10 20 30 40 50 60 70 80

% of Global GDP 25%

30% 70% NE & SE Asia ROW

10 20 30 40 50 60 70 80

% of Global Population 30%

1% 99% NE & SE Asia ROW

20 40 60 80 100 120

% of Global Alternatives 1%

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“Steppes Partners owns 53.4% of Steppes Alternative Asset Management Limited”

• 5. Current Assets

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Overview of Steppes Alternative Asset Management Limited

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• 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 Alternative Asset Management Historical and projected performance

2017 www.steppespartners.com

$0.89 $1.34 $1.78 $2.34 $3.09

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

0.1 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

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

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

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Steppes Alternative Asset Management Business Footprint

2017 www.steppespartners.com

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

• f

21.95% since inception 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 listing provides 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 to portfolio companies and third parties.

Current & Planned Coverage

* London * Gibraltar * Sydney * Dubai Hong Kong Singapore Zurich * Current offices Planned offices

Focused on large underserved sectors

* Geneva

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Steppes Alternative Asset Management – Past, Present and Future

2017 www.steppespartners.com 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

• ut a platform capable of taking advantage
• f market need in Europe and the Asia

Pacific for Alternative Asset Management products.

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Steppes Alternative Asset Management Breakdown of Assets Under Management

2017 www.steppespartners.com

$1918.6m $627.9m $566m

Split of Assets Under Management by Segment

Third Party Equity Third Party Debt Proprietary Equity

53% 22% 9% 16%

Geographical Split Third Party Assets Under Management

Asia Africa & the Middle East North America Europe 39% 20% 15% 26%

Geographical Split Proprietary Assets Under Management

Asia Africa & the Middle East North America Europe

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Steppes Alternative asset Management - Expansion should increase returns

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▪ 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 2016 Average 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

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“Focus on Near Term Returns and Long Term Growth will Enable Steppes Partners to Outperform”

• 6. Summary

2017 www.steppespartners.com

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2017 www.steppespartners.com

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Summary

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

• f 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

2017 www.steppespartners.com

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30 x Leading Alternative Asset Management Companies

2017 www.steppespartners.com

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

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30 x Leading Public Private Equity Companies

2017 www.steppespartners.com

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

• n the same date.

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

31

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Steppes Partners Limited

Level 20, Tower 2, Darling Park, 201 Sussex Street Sydney, NSW 2000 Australia steppespartners.com

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