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Crown Asia-Pacific Private Equity III plc

Unaudited Financial StatementsFor the six months ended 30 June 2019Registered Number: 543220

Table of contents | Semi-annual report 2019 | Crown Asia-Pacific Private Equity III plc 3

Table of contents

Governance and service providers 4

Background to the Company 5

Interim management report and responsibility statement 6

Investment Advisor’s report 7

Unaudited statement of comprehensive income 10

Unaudited balance sheet 11

Unaudited statement of changes in net assets attributable to shareholders 12

Unaudited cash flow statement 13

Unaudited notes to the financial statements 14

Unaudited portfolio of investments 15

4 Crown Asia-Pacific Private Equity III plc | Semi-annual report 2019 | Governance and service providers

Governance and service providers

Board of DirectorsUrs Gaehwiler (Swiss)Paul Garvey (Irish)Robert Schlachter (Swiss)Tycho Sneyers (Belgian / Swiss)Desmond Tobin (Irish)

Independent DirectorKonrad Baechinger (Swiss)

Investment Advisor and Sub-DistributorLGT Capital Partners LimitedSchuetzenstrasse 68808 PfaeffikonSwitzerland

Main contacts:Robert SchlachterMaija Nykänen

Alternative Investment Fund Manager and DistributorLGT Capital Partners (Ireland) LimitedThird Floor30 Herbert StreetDublin 2Ireland

Main contact:Brian Goonan

Administrator/Transfer AgentLGT Fund Managers (Ireland) LimitedThird Floor30 Herbert StreetDublin 2Ireland

Main contact:Paul Garvey

DepositaryBNP Paribas Securities Services, Dublin BranchTrinity Point10–11 Leinster Street SouthDublin 2Ireland

Secretary and Registered OfficeLGT Fund Managers (Ireland) LimitedThird Floor30 Herbert StreetDublin 2Ireland

Main contact:Kathryn O’Driscoll

Independent AuditorsPricewaterhouseCoopersChartered Accountants and Statutory Audit FirmOne Spencer DockNorth Wall QuayDublin 1Ireland

Legal Advisor and Listing SponsorMaples and CalderSolicitors75 St. Stephen’s GreenDublin 2Ireland

Background to the Company | Semi-annual report 2019 | Crown Asia-Pacific Private Equity III plc 5

Background to the Company

The following information is derived from and should be read in con-junction with the full text and definitions section of Crown Asia-Pacific Private Equity III plc’s (“Crown Asia-Pacific Private Equity III”, “CAPE III” or the “Company”) prospectus (the “Prospectus”).

Fund size USD 586.7 million

Date of incorporation 30 April 2014

Initial closing date 25 July 2014

Final closing date 25 January 2017

Vintage year 2014

Commitment period: Start date End date

25 July 201425 January 2021

Fund expiry date 25 July 2026

Extension periods up to three one-year extensions

Crown Asia-Pacific Private Equity III plc (“Crown Asia-Pacific Private Equity III”, “CAPE III” or the “Company”) is incorporated under the laws of Ireland as a closed-ended investment company with variable capital pursuant to the Companies Act 2014. The Company is autho-rized and regulated by the Central Bank of Ireland.

CAPE III has committed to 86 investments as at 30 June 2019, one of these, P11 has been committed to through an intermediary vehicle, LGT Capital Invest (Ireland) Limited, which has issued a profit partici-pating note (the “Note”) in lieu of this investment. The Note is Series 19.1 (A) due 29 October 2019.

Investment focusThe objective of the Company is to provide shareholders with attractive long-term capital appreciation from a diversified portfolio of private equity investments. The Company’s portfolio shall comprise substan-tially of Asia-Pacific growth capital and buyout funds. CAPE III’s port-folio may comprise up to 25% in secondary private equity fund invest-ments and up to 25% in co-investments.

6 Crown Asia-Pacific Private Equity III plc | Semi-annual report 2019 | Interim management report and responsibility statement

Interim management report and responsibility statement

This Interim Management Report and Responsibility Statement has been prepared in accordance with the Transparency (Directive 2004/109/EC) Regulations 2007 and the related Transparency Rules issued by the Central Bank of Ireland. For clarification purposes, this half-yearly financial report has not been audited or reviewed by audi-tors pursuant to the Auditing Practices Board guidance on Review of Interim Financial Information.

Review of businessThe Crown Asia-Pacific Private Equity III fund started committing on 25 July 2014. As of 30 June 2019, the Company has com mitted a total of USD 583.0 million to primary investments, secondary transac-tions and co-investments. An overview of the commitments made and investment performance to date is contained in the Investment Advi-sor’s report on pages seven to nine. A summary of the unaudited portfolio of investments is included on pages 15 to 18.

During the six-month period to 30 June 2019, the Company’s profits have increased to USD 53.1 million from a profit of USD 51.3 million for the six-month period to 30 June 2018. The net assets of the Com-pany have increased to USD 675.9 million as compared to USD 469.8 million for the previous period ended 30 June 2018.

The Company called USD 20.5 million from investors during the six months to 30 June 2019 as compared to USD 41.1 million for the same period last year. The Company distributed USD 13.2 million during the period ended 30 June 2019. There were no distributions during the same period last year.

Events since the period endNo events or transactions have occurred since the period ended 30 June 2019 that could materially affect the Company’s performance.

Principal risks and uncertaintiesThe Company’s performance is influenced by the broader economic environment and events such as an economic downturn could also adversely effect the Company’s future performance for the six-month period to 31 December 2019.

The risks and uncertainties applying at the previous annual reporting date continue to apply for the remaining six months of the financial year.

Responsibility statementThe Directors are responsible for preparing the financial statements for the six months ended 30 June 2019 in accordance with the Trans-parency (Directive 2004/109/EC) Regulations 2007 and the related Transparency Rules issued by the Central Bank of Ireland, applicable Irish law, IAS 34, “Interim Financial Reporting”, and International Financial Reporting Standards (“IFRS”) as adopted by the European Union.

The Directors confirm that, to the best of their knowledge: � the Company’s condensed set of financial statements for the half year ended 30 June 2019, which has been prepared in accordance with IFRS, gives a true and fair view of the assets, liabilities, financial position and profit or loss of the Company;

� the Interim Management Report includes a fair review of the important events that have occurred during the first six months of the financial year, and their impact on the financial statements, and a description of the principal risks and uncertainties for the remain-ing six months of the current financial year; and

� there are no changes in related parties’ transactions described in the last annual report that had a material effect on the financial position or performance of the Company in the first six months of the current financial year.

On behalf of the Board

Desmond Tobin

Paul Garvey

29 August 2019

Investment Advisor’s report | Semi-annual report 2019 | Crown Asia-Pacific Private Equity III plc 7

1 Company level data is based on the latest available financial statements from the underlying private equity funds or co-investments, i.e. primarily 31 March 2019

Investment Advisor’s report

Program structure1

Investors Program Private equity funds Participations

in companies

50 investors

15 secondary transactions(44 private equity funds)

28 primary investments

14 co-investments

1,223 companies

CAPE III

NAV summaryAs of 30 June 2019, CAPE III’s net asset value (“NAV”) amounted to USD 675.9 million, an increase of USD 60.4 million as compared to the year ended 31 December 2018.

8 Crown Asia-Pacific Private Equity III plc | Semi-annual report 2019 | Investment Advisor’s report

1 Based on the stated geographical investment focus of the private equity funds and co-investments 2 Vintage year is the year in which capital is contributed to the underlying private equity fund for the first time

Portfolio review at investment level

CommitmentsCAPE III has committed USD 362.0 million (62.1% of total commit-ments) to 28 primary investments, USD 135.9 million (23.3% of total commitments) to 15 secondary transactions comprising 44 private equity funds and USD 85.1 million (14.6% of total commitments) to 14 co-investments. The total commitments of USD 583.0 million amount to 99.4% of the investors’ total subscribed capital of USD 586.7 million.

2007 2%2006 1%

2005 1%

2008 3%

2014 14%

2015 22%

201623%

201722%

2018 5%

Others 3%

2013 4%

Commitments by vintage year2

Primary62%

Secondary23%

Co-investment15%

Commitments by investment type

500–70022%

<25016%

>75032%

250–50030%

Commitments by fund size(in USDm) excl. co-investments

Venture capital15%

Buyout33%

Growth capital52%

Commitments by stage

Commitment structure

India13%

Southeast Asia11%

South Korea 3%Global 5%

Greater China 44%

Pan-Asian18%

Japan 1%France 2% Others 1%

Australia & New Zealand 1%German-speaking region 1%

Commitments by geogarphy1

Investment Advisor’s report | Semi-annual report 2019 | Crown Asia-Pacific Private Equity III plc 9

Consumer Discretionary 32%

Financials7%

InformationTechnology 20%

Utilities 5%

Industrials9%

ConsumerStaples

10%

Real estate 1% Others1%Materials 2%

CommunicationServices 7%

Health care6%

China 48%

India 18%

Taiwan 2%

Others 9%

France 2%Japan 2%

Switzerland 2%

Korea 4%

United States of America 7%

Indonesia 4%

Philippines 2%

1 Company level data is based on the latest available financial statements from the underlying private equity funds or co-investments, i.e. primarily 31 March 20192 Geography refers to the location of the company’s head office 3 Fair market value (“FMV”) refers to the valuations ascribed to the various portfolio companies of the underlying private equity funds 4 The industry classifications of the underlying companies are based on the Global Industry Classification Standard (GICS)

Portfolio review at company level1 CAPE III has a specific geographical focus on the Asia-Pacific region but no industrial target allocation. It seeks broad diversification across this dimension.

Investment activityAs of 31 December 2018, CAPE III is fully structured.

LGT Capital Partners LimitedPfaeffikon, Switzerland

Robert Schlachter

Maija Nykänen

29 August 2019

Diversification by geography (FMV)2,3

Diversification by sector (GICS)(FMV)3,4

10 Crown Asia-Pacific Private Equity III plc | Semi-annual report 2019 | Unaudited statement of comprehensive income

For the period ended 30 June 2018

Unaudited statement of comprehensive income

Amounts are reported in USD

For the six months ended

30 June 2019(Unaudited)

For the sixmonths ended


Operating income

Interest income 2,415,961 497

Dividend income 227,761 930,178

Gains/losses on foreign exchange, net 428 (8,863)

Net gain on investments at fair value through profit or loss 58,573,269 58,126,638

Total net income 61,217,419 59,048,450

Operating expenses

Investment management fee (1,743,425) (1,743,425)

Performance fee (2,591,575) (2,525,897)

Administration fee (199,343) (133,033)

Depositary fees (83,979) (70,594)

Audit fee (24,394) (35,590)

Fund expenses (3,168,486) (2,632,087)

Other operating expenses (88,212) (161,908)

Total operating expenses (7,899,414) (7,302,534)

Operating profit 53,318,005 51,745,916

Finance costs (173,157) (383,889)

Profit before taxation 53,144,848 51,362,027

Withholding tax (55,906) (48,306)

Profit for the period 53,088,942 51,313,721

Total comprehensive profit for the period 53,088,942 51,313,721

The accompanying notes are an integral part of the financial statements.

All amounts arose solely from continuing operations. There are no gains and losses other than those dealt with in the statement of comprehensive income.


Desmond Tobin

Paul Garvey

29 August 2019

Unaudited balance sheet | Semi-annual report 2019 | Crown Asia-Pacific Private Equity III plc 11

As of 30 June 2019


As of30 June 2019(Unaudited)

As of31 December 2018

(Audited)

Assets

Current assets

Cash and cash equivalents 4,370,763 1,817,762

Accrued income and other receivables 30,350 43,252

Total current assets 4,401,113 1,861,014

Non-current assets

Investments at fair value through profit or loss 685,767,034 642,181,866

Total non-current assets 685,767,034 642,181,866

Total assets 690,168,147 644,042,880

Capital and reserves attributable to shareholders

Share capital 388,307,100 380,960,694

Retained earnings 287,604,658 234,515,716

Net assets attributable to shareholders 675,911,758 615,476,410

Current liabilities

Accrued expenses and other payables 272,401 1,174,058

Due to banks – 16,000,000

Total current liabilities 272,401 17,174,058

Non-current liabilities

Accrued expenses and other payables 13,983,988 11,392,412

Total non-current liabilities 13,983,988 11,392,412

Total liabilities 690,168,147 644,042,880

1 The NAV per share in the table above may be different to individual investors’ NAV per share as disclosed in their capital account statements. This is because the NAV per share in the table above is based on average figures for all investors in each individual share class

Unaudited balance sheet

Net asset value by share class (“NAV”)1



Desmond Tobin

Paul Garvey

29 August 2019

Shares issued As of 30 June 2019 (Unaudited) As of 31 December 2018 (Audited)

Total NAV(in USD)

Number ofshares in issue

NAV per share(in USD)

Total NAV(in USD)

Number ofshares in issue

NAV per share(in USD)

“A” 297,966,245 1,499,403.66 198.72 271,395,752 1,479,465.38 183.44

“B” 64,754,833 332,574.65 194.70 58,987,373 327,839.45 179.92

“C” 45,522,867 243,785.72 186.73 41,438,088 239,626.07 172.92

“L” 54,745,951 275,439.33 198.75 49,864,100 271,776.68 183.47

“O” 212,921,862 966,861.77 220.21 193,791,097 959,703.37 201.92

Total 675,911,758 3,318,065.13 615,476,410 3,278,410.95

12 Crown Asia-Pacific Private Equity III plc | Semi-annual report 2019 | Unaudited statement of changes in net assets attributable to shareholders


Amounts are reported in USD Share capital Retained earnings Total

At 1 January 2018 279,859,239 97,564,952 377,424,191

Total comprehensive profit for the period – 51,313,721 51,313,721

Issue of shares 41,069,490 – 41,069,490

Net increase for the period 41,069,490 51,313,721 92,383,211

At 30 June 2018 (Unaudited) 320,928,729 148,878,673 469,807,402

At 1 January 2019 380,960,694 234,515,716 615,476,410

Total comprehensive profit for the period – 53,088,942 53,088,942

Issue of shares 20,534,745 – 20,534,745

Repurchase of own shares (13,188,339) – (13,188,339)

Net increase for the period 7,346,406 53,088,942 60,435,348

At 30 June 2019 (Unaudited) 388,307,100 287,604,658 675,911,758

Unaudited statement of changes in net assets attributable to shareholders


Unaudited cash flow statement | Semi-annual report 2019 | Crown Asia-Pacific Private Equity III plc 13



For the six months ended


For the sixmonths ended


Cash flows from/(used in) operating activities

Purchase of investments1,2 (20,225,180) (63,789,370)

Proceeds from return of capital in investments1,2 23,497,972 26,919,673

Proceeds from realized gains on investments1 12,157,718 11,540,226

Dividend income 227,761 930,178

Withholding tax (55,906) (48,306)

Interest received1 1,262,604 822

Operating expenses paid3 (5,456,355) (4,091,451)

Net cash flows from/(used in) operating activities 11,408,614 (28,538,228)

Cash flows from/(used in) financing activities

Interest paid (202,447) (406,113)

Proceeds from bank loans 5,500,000 18,500,000

Repayments of bank loans (21,500,000) (32,000,000)

Proceeds from issue of shares4 7,346,406 41,812,394

Net cash flows from financing activities (8,856,041) 27,906,281

Net increase/(decrease) in cash and cash equivalents 2,552,574 (631,947)

Cash and cash equivalents at beginning of period 1,817,762 3,140,184

Exchange gains/(losses) on cash and cash equivalents 428 (8,863)

Cash and cash equivalents at end of period 4,370,763 2,499,374

1 During the period ended 30 June 2019, purchase of investments, proceeds from return of capital in investments, proceeds from realized gains on investments and interest received had non cash movements of USD 52,987.97, USD 62,760 and USD 1,121,134 respectively (2018: USD 419,445, USD 430,533, USD 597,527 and USD nil)

2 During the period ended 30 June 2019, purchase of investments and proceeds from return of capital in investments include reclassifications of USD 3,310,483 (2018: USD 9,793,118), for cash flows that had been netted against each respective operating activity

3 During the period ended 30 June 2019, operating expenses included non cash movements amounting to USD 715,727 (2018: USD 608,615).4 Cash flows arising from the share issues and repurchases disclosed in the statement of changes in net assets attributable to shareholders reflect the netting of capital calls and distributions that

have been made on the same value date

Unaudited cash flow statement


14 Crown Asia-Pacific Private Equity III plc | Semi-annual report 2019 | Unaudited notes to the financial statements

1. Summary of accounting policiesBasis of presentationThe financial statements of the Company have been prepared in accordance with International Financial Reporting Standards (“IFRS”) as adopted by the EU, IAS 34, “Interim Financial Reporting” and Irish statute comprising the Companies Act 2014.

The principles of accounting applied in the interim financial state-ments as per 30 June 2019 correspond to those of the audited annual report for 2018, unless otherwise stated.

Standards and amendments to published standards that are manda-tory for the financial period beginning on or after 1 January 2019: � IFRS 16, “Leases”, (1 January 2019); � Amendment to IFRS 9, “Financial instruments”, prepayment fea-tures with negative compensation, (1 January 2019);

� Amendment to IAS 28, “Investment in associates”, long term inter-ests in associates and joint ventures (1 January 2019);

� Amendment to IAS 19, “Employee benefits”, plan amendment, curtailment or settlement (1 January 2019);

� Interpretation 23, “Uncertainty over income tax treatments”, (1 January 2019);

� Annual improvements 2015 – 2017, “IFRS 3, Business combina-tions”; and

� IFRS 11, joint ventures”, “IAS 12, Income Taxes”, “IAS 23, Borrow-ing costs” (1 January 2019).

The adoption of the above standards as of 1 January 2019 is not expected to have an impact on the Company’s financial statements.

2. Investments at fair value through profit or lossAs of 30 June 2019, the Company has subscribed interests in 72 pri-vate equity funds and 14 co-investments. The total committed capital amounted to USD 583.0 million. The details of the commitments are shown in the unaudited portfolio of investments on pages 15 to 18. The commitments to these private equity funds and co-investments will be funded by contributions from the Company’s investors.

3. Related-party disclosuresParties are considered to be related if one party has the ability to control the other party or exercise considerable influence over the other party in making financial or operating decisions. In the opinion of the Board of Directors, the parties referred to in the schedule accompanying this note are related parties under IAS 24 “Related Party Disclosures”.

4. Events since the period endNo significant events since the period end have been noted.

5. Approval of financial statementsThe Directors approved the financial statements on 29 August 2019.

Unaudited notes to the financial statements

Schedule of related-party transactions

Related party/Relationship/Agreement(s)/ Direct/indirect

Transaction type 30 June 2019(USD)

(Unaudited)

31 December 2018(USD)

(Audited)

LGT Capital Partners (Ireland) Limited/Common directorships/Investment management agreement/Direct

Investment management feeInvestment management fee payableInvestment performance feeInvestment performance fee – accrual

1,743,425 49,885

2,591,575 13,983,988

3,486,850 921,597

6,028,736 11,392,412

LGT Fund Managers (Ireland) Limited/Common directorships/Administration agreement/Direct

Administration feeAdministration fee payable

199,343 103,869

299,950 90,527

LGT Bank AG, Dublin Branch/Common directorships/Loan and paying agency agreementDirect

Due to banksInterest payableFinance costs – interest chargesOther operating expenses – commitment feesOther operating expenses – commitment fees payable

––

173,157 61,000 60,333

16,000,000 29,290

722,560 121,667

60,667

Noteholders/Common directorships/Purchase agreementDirect

Funding RequestNote value movementsNote repurchases

200,723 168,086.47254,249.04

501,7332,768,851

1,645,928.02

Unaudited portfolio of investments | Semi-annual report 2019 | Crown Asia-Pacific Private Equity III plc 15

Unaudited portfolio of investments

For the period ended 30 June 20191,2,3

Fundcurrency

Capital commit-

ments: fund

currency

Capitalcommitments

(USD)

30 June 2019

Fair value(USD)

(Unaudited)

30 June 2019

Percentage of total net assets

attributable to shareholders

(%)(Unaudited)

31 December 2018

Fair value(USD)

(Audited)

31 December 2018



(%)(Audited)

Primary investments

Closing year 2014

P01 USD 20,000,000 20,000,000 23,490,044 3.5 21,363,902 3.5

P02 USD 20,000,000 20,000,000 60,029,943 8.9 58,967,546 9.6

P10 USD 14,971,426 14,971,426 13,115,873 1.9 13,423,404 2.2

Closing year 2015

P03 USD 15,000,000 15,000,000 9,043,046 1.3 7,180,033 1.2

P04 USD 10,000,000 10,000,000 46,028,759 6.8 49,561,476 8.1

P06 USD 14,000,000 14,000,000 10,843,934 1.6 10,566,171 1.7

P07 USD 15,000,000 15,000,000 37,084,756 5.5 38,594,286 6.3

P08 USD 15,000,000 15,000,000 11,996,922 1.8 11,128,170 1.8

P09 USD 20,000,000 20,000,000 42,651,829 6.3 31,600,950 5.1

Closing year 2016

P114 USD 15,000,000 15,000,000 16,201,451 2.4 13,813,789 2.2

P12 USD 8,000,000 8,000,000 8,128,438 1.2 6,630,837 1.1

P13 USD 2,000,000 2,000,000 2,524,999 0.4 2,072,072 0.3

P14 USD 9,986,881 9,986,881 12,198,319 1.8 10,977,324 1.8

P15 USD 10,000,000 10,000,000 11,452,318 1.7 8,794,229 1.4

P16 USD 25,000,000 25,000,000 20,238,715 3.0 18,708,716 3.0

P17 USD 4,000,000 4,000,000 3,994,618 0.6 3,755,782 0.6

P18 USD 10,750,000 10,750,000 18,469,391 2.7 16,527,991 2.7

P19 USD 19,270,733 19,270,733 15,666,335 2.3 15,526,364 2.5

P20 USD 20,000,000 20,000,000 16,007,844 2.4 14,692,307 2.4

Closing year 2017

P5 USD 6,000,000 6,000,000 3,074,997 0.5 2,212,752 0.4

P21 USD 10,000,000 10,000,000 11,503,027 1.7 7,461,872 1.2

P22 USD 8,000,000 8,000,000 7,750,015 1.1 6,065,248 1.0

P23 USD 10,000,000 10,000,000 11,872,731 1.8 8,813,293 1.4

P24 USD 10,000,000 10,000,000 2,212,899 0.3 2,147,597 0.3

P25 USD 11,000,000 11,000,000 4,692,187 0.7 3,376,780 0.5

Closing year 2018

P26 USD 15,000,000 15,000,000 1,371 0.0 – 0.0

P27 USD 4,000,000 4,000,000 2,730,479 0.4 2,000,000 0.3

P28 USD 20,000,000 20,000,000 10,118,551 1.5 9,131,068 1.5

Sub-total primary investments 361,979,040 433,123,791 64.1 395,093,959 64.1

1 Investments have been assigned an alphanumeric code for reasons of confidentiality2 A complete statement of portfolio changes is available to shareholders from the registered office of the Company free of charge3 The notes to the accounts are an integral part of the financial statements4 P11 represents the Company’s investments held by LGT Capital Invest (Ireland) Limited (30 Herbert Street, Dublin 2, Ireland, the registered office), financed by the commitments of the limited

partners, called over the life of the fund

16 Crown Asia-Pacific Private Equity III plc | Semi-annual report 2019 | Unaudited portfolio of investments

For the period ended 30 June 20191,2,3 (continued)

Fundcurrency

Capital commitments:

fund currency

Capitalcommitments

(USD)

30 June 2019

Fair value (USD)

(Unaudited)

30 June 2019



(%)(Unaudited)

31 December 2018

Fair value(USD)

(Audited)

31 December 2018



(%)(Audited)

Secondary transactions

Closing year 2014

Transaction No. 1

S01-01 USD 10,000,000 10,000,000 9’433’269 1.4 8,726,964 1.4

Closing year 2015

Transaction No. 2

S02-01 USD 750,711 750,711 455,763 0.1 525,835 0.1

S02-02 USD 2,063,768 2,063,768 1,728,257 0.3 1,644,749 0.3

S02-03 USD 1 1 51 0.0 106 0.0

S02-04 USD 236,571 236,571 19 0.0 113 0.0

S02-05 USD 2,725,085 2,725,085 2,021,561 0.3 1,968,012 0.3

S02-06 USD 569,097 569,097 496,913 0.1 569,434 0.1

S02-07 USD 203,678 203,678 227,698 0.0 275,085 0.0

S02-08 USD 926,805 926,805 240,390 0.0 316,681 0.1

Transaction No. 3

S03-014 USD 13,381,529 13,381,529 7,920,325 1.2 7,805,022 1.3

Transaction No. 4

S04-01 USD 4,072,636 4,072,636 3,944,054 0.6 3,782,458 0.6

S04-02 USD 2,168,213 2,168,213 2,096,014 0.3 2,010,015 0.3

S04-03 USD 1,163,454 1,163,454 985,136 0.1 992,475 0.2

Transaction No. 5

S05-01 USD 15,000,000 15,000,000 6,475,763 1.0 6,483,680 1.1

Transaction No. 6

S06-01 USD 2,205,607 2,205,607 1,406,676 0.2 1,622,948 0.3

Closing year 2016

Transaction No. 7

S07-015 USD 493,751 493,751 – 0.0 64,745 0.0

S07-02 USD 53,430 53,430 – 0.0 – 0.0

S07-03 USD 326,023 326,023 286,309 0.0 199,057 0.0

S07-04 USD 766,018 766,018 389,492 0.1 389,492 0.1

S07-05 USD 275,344 275,344 100,551 0.0 120,156 0.0

S07-06 USD 537,741 537,741 251,445 0.0 478,158 0.1

S07-07 USD 123,913 123,913 12,400 0.0 11,920 0.0

S07-08 USD 1,314,204 1,314,204 1,214,675 0.2 1,391,949 0.2

1 Investments have been assigned an alphanumeric code for reasons of confidentiality2 A complete statement of portfolio changes is available to shareholders from the registered office of the Company free of charge3 The notes to the accounts are an integral part of the financial statements4 S03-01 represents the Company’s holding in Expedition SEC II Limited (30 Herbert Street, Dublin 2, Ireland, the registered office) financed by commitments of the limited partners, called over the

life of the fund5 S07-01 represents the Company’s note holding in 3i Asia Pacific Technology LP (16 Palace Street, London SW1E 5JD, the registered office) financed by commitments of the limited partners, called

over the life of the fund

Unaudited portfolio of investments | Semi-annual report 2019 | Crown Asia-Pacific Private Equity III plc 17


Fundcurrency


fund currency

Capitalcommitments

(USD)

30 June 2019

Fair value (USD)

(Unaudited)

30 June 2019



(%)(Unaudited)

31 December 2018

Fair value(USD)

(Audited)

31 December 2018



(%)(Audited)

Closing year 2017

Transaction No. 8

S08-01 USD 7,424,429 7,424,429 10,375,269 1.5 9,949,576 1.6

Transaction No. 9

S09-01 USD 4,560,000 4,560,000 3,837,897 0.6 2,644,055 0.4

S09-02 USD 9,093,156 9,093,156 14,135,245 2.1 12,580,450 2.0

Transaction No. 10

S10-01 USD 10,793,377 10,793,377 22,177,703 3.3 21,031,937 3.4

Transaction No. 11

S11-01 USD 8,330,895 8,330,895 12,966,954 1.9 12,272,980 2.0

S11-02 USD 1,663,894 1,663,894 1,235,786 0.2 911,391 0.1

Transaction No. 12

S12-01 USD 276,377 276,377 498,766 0.1 449,362 0.1

S12-02 USD 2,670,000 2,670,000 1,574,788 0.2 1,040,239 0.2

S12-03 USD 3,029,117 3,029,117 4,626,347 0.7 4,631,373 0.8

S12-04 USD 2,545,377 2,545,377 3,945,237 0.6 4,073,256 0.7

S12-05 USD 164,122 164,122 230,307 0.0 280,792 0.0

S12-06 USD 74,671 74,671 224,634 0.0 178,663 0.0

S12-07 USD 512,082 512,082 484,765 0.1 305,337 0.0

S12-08 USD 442,186 442,186 847,293 0.1 1,087,689 0.2

Transaction No. 13

S13-014 USD 10,260,000 10,260,000 11,430,030 1.7 12,716,666 2.1

Transaction No. 14

S14-01 USD 348,611 348,611 474,981 0.1 475,787 0.1

S14-02 USD 5,118,296 5,118,296 5,910,448 0.9 6,342,860 1.0

S14-03 USD 589,932 589,932 159,585 0.0 143,620 0.0

Closing year 2018

Transaction No. 15

S15-01 USD 5,628,230 5,628,230 5,820,935 0.9 4,997,724 0.8

S15-02 USD 1,039,540 1,039,540 1,204,045 0.2 1,045,128 0.2

S15-03 USD 1,960,795 1,960,795 179 0.0 – –

Sub-total secondary transactions 135,882,666 141,847,955 21.0 136,537,939 22.2

1 Investments have been assigned an alphanumeric code for reasons of confidentiality2 A complete statement of portfolio changes is available to shareholders from the registered office of the Company free of charge3 The notes to the accounts are an integral part of the financial statements4 S13-01 represents the Company’s holding in Delta SEC Limited (30 Herbert Street, Dublin 2, Ireland, the registered office) financed by commitments of the limited partners, called over the life of

the fund

18 Crown Asia-Pacific Private Equity III plc | Semi-annual report 2019 | Unaudited portfolio of investments


Fundcurrency


fund currency

Capitalcommitments

(USD)

30 June 2019

Fair value (USD)

(Unaudited)

30 June 2019



(%)(Unaudited)

31 December 2018

Fair value(USD)

(Audited)

31 December 2018



(%)(Audited)

Co-investments

Closing year 2015

C01 USD 3,465,147 3,465,147 2,656,032 0.4 3,118,066 0.5

C02 CHF 6,050,000 6,203,537 1,215,620 0.2 1,203,220 0.2

C03 USD 5,389,837 5,389,837 7,352,950 1.1 7,827,911 1.3

C04 AUD 8,448,914 5,928,603 9,481,806 1.4 9,626,833 1.6

Closing year 2016

C05 SGD 1 1 – 0.0 – –

Closing year 2017

C06 USD 8,500,000 8,500,000 10,371,210 1.5 11,273,013 1.8

C07 USD 7,848,054 7,848,054 11,200,003 1.7 11,442,427 1.9

C08 USD 10,000,000 10,000,000 31,704,375 4.7 27,066,228 4.4

C09 USD 3,213,036 3,213,036 4,255,302 0.6 5,351,806 0.9

C10 USD 7,000,000 7,000,000 8,203,379 1.2 6,233,729 1.0

C11 USD 9,000,000 9,000,000 10,125,630 1.5 9,000,000 1.5

Closing year 2018

C12 USD 7,000,000 7,000,000 2,841,946 0.4 7,000,000 1.1

C13 USD 5,101,735 5,101,735 5,000,359 0.8 5,101,735 0.8

C14 USD 6,500,000 6,500,000 6,386,676 0.9 6,305,000 1.0

Sub-total co-investments 85,149,949 110,795,288 16.4 110,549,968 18.0

Investments at fair value through profit or loss 582,969,923 685,767,034 101.5 642,181,866 104.3

Other net assets and liabilities (9,855,276) (1.5) (26,705,456) (4.3)

Total net assets attributable to shareholders 675,911,758 100.0 615,476,410 100.0

1 Investments have been assigned an alphanumeric code for reasons of confidentiality2 A complete statement of portfolio changes is available to shareholders from the registered office of the Company free of charge3 The notes to the accounts are an integral part of the financial statements

LGT Capital Partners Ltd. Schuetzenstrasse 6 8808 Pfaeffikon Switzerland Phone +41 55 415 96 00 Fax +41 55 415 96 98 [email protected]

www.lgtcp.com

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