GCP Infrastructure Investments Regulatory News (GCP)

GCP Infrastructure Investments Limited (the "Company")

Half Yearly Financial Report and Unaudited Consolidated Financial Statements

for the six month period to 31 March 2013

The full Half Yearly Financial Report can be accessed via the following website at www.gcpuk.com/funds/gcp-infrastructure-investments-limited and will be posted to shareholders of the Company shortly.

* The NAV referred to in the Half Yearly Report is calculated in accordance with the prospectus and reconciliation to the NAV per the financial statements, prepared in accordance with IFRS, is provided in note 21.

Chairman's Statement

Introduction

We were delighted to raise £144.4 million in October's C Share fundraise, more than doubling the size of the Company. The significant participation in the fundraise by both new and existing investors was a demonstration of confidence in the Company and the quality of the Company's investment proposition. The capital raised has been deployed in a portfolio of highly attractive investments in both the Private Finance Initiative ("PFI") and renewable energy sectors, allowing conversion of the C Shares into Ordinary Shares within the predicted timeframe.

The ongoing lack of availability of debt for UK infrastructure projects, predominantly resulting from the banks' continuing retreat from the sector, has meant that the Master Fund's offering of long-term debt remains a highly sought after product. The Investment Adviser continues to see a steady flow of investment opportunities and is confident of building a significant pipeline over the coming months.

Group update

Substantially all of the capital raised by the Company through the 2012 C Share Issue was invested, via the Master Fund, in a variety of infrastructure debt investments. The Master Fund made investments totalling £73.8 million during the period, and a further £55.6 million post period end triggering the conversion of the C Shares to Ordinary Shares. The Investment Adviser is actively progressing a pipeline of opportunities.

The Group's investment portfolio as at 31 March 2013 consisted of 28 infrastructure loans with a value of £233.5 million secured against the cash flows of a wide variety of PFI and renewable energy projects. The Board remains confident that the contracts that govern the cash flows associated with these projects will be honoured and the payments due under the Group's investments paid in full.

The infrastructure projects that underpin the Group's investment portfolio are all performing as expected with no material operating issues.

Market overview and target investments

During the period, the Government brought the curtain down on the oft-maligned Private Finance Initiative ("PFI"). The announcement ending PFI was not a surprise but the structure of the proposed replacement, Private Finance 2 ("PF2"), was eagerly anticipated. Generally PF2 is similar to PFI with a few key tweaks that attempt to remedy some of the more unpopular characteristics of PFI. The perceived lack of transparency and public sector control is to be addressed by the requirement for public sector equity ownership and corresponding board representation; facilities management contracts are to be made far more flexible; and procurement times are to be strictly limited to reduce costs.

In his Autumn Statement the Rt. Hon. George Osborne MP, the Chancellor of the Exchequer, refreshed the National Infrastructure Plan pipeline of infrastructure assets to be built over the next decade, revealing a funding requirement of c. £150 billion from the private sector. Whether or not this is achievable will be primarily determined by how infrastructure investors, particularly the debt investors, react to PF2. The Government continues to place considerable hope in the involvement of the pension fund industry but to date the lack of new PF2 procured projects mean there are few clear indications as to the likely success or otherwise of PF2.

From the perspective of the Master Fund, projects procured under PF2 would represent potential investment opportunities, although such opportunities seem unlikely to emerge in the immediate future. There does remain, however, an active secondary market in the approximately £50 billion of projects that have reached financial close under PFI. The pricing of secondary PFI assets has, in the Investment Adviser's view, been firming markedly over the last six months or so, particularly on larger transactions. Whilst some smaller, off-market deals remain attractive, the general reduction in yields available in the secondary PFI market has meant that the Master Fund has sought to deploy a significant proportion of its capital in senior debt investments in the renewable energy sector where more attractive risk-adjusted returns are achievable.

The renewable energy sector has grown significantly in the last few years. The world-wide concerns in relation to both the limited nature of many traditional energy sources such as oil, gas and coal, and the impact that the use of such sources has upon the environment has resulted in a substantial political will to encourage the take-up of renewable energy as a proportion of total energy use on a global level. Significantly for the UK the European Union's Renewable Energy Directive has set binding targets on member states to produce a pre-agreed proportion of energy consumption from renewable sources by 2020.

In the UK, a variety of incentives have been introduced by the government in order to increase the development of renewable energy generation, such as the Feed-in Tariff ("FIT"), the Renewable Heat Incentive ("RHI") and the Renewables Obligation ("RO") scheme. Projects generating such subsidy cash flows offer investors exposure to long-dated, public sector-backed, inflation linked cash flows. By carefully selecting projects with limited technological risk and a robust contractual framework, investors can also benefit from predictable and dependable returns. Crucially from a credit perspective, the Master Fund is seeking to make investments in renewable energy projects as the senior secured creditor, and this brings an additional level of security and control over the project cash flows.

Gearing

The Master Fund's unsecured revolving credit facility (the "RBSI Facility") held with Royal Bank of Scotland International Limited ("RBSI") expired on 11 November 2012. The RBSI Facility was a revolving credit facility of £7 million which could be used to finance investments by the Master Fund. The facility has remained undrawn during the accounting period. Discussions are ongoing with RBSI to re-document the RBSI Facility in due course.

Financial Results

On a consolidated International Financial Reporting Standards ("IFRS") basis, the total comprehensive income for the period was £6.4 million.

Dividends

The Company paid a dividend of 3.8 pence per Ordinary Share for the six month period from 1 April 2012 to 30 September 2012. The Company declared on 17 May 2013 a dividend of 3.8 pence per Ordinary Share for the six month period from 1 October 2012 to 31 March 2013.

NAV and share price

The Company's share price has traded at a premium to net asset value throughout the period. The Company's share price and net asset value per Ordinary share as at the last business day prior to the period end, being 28 March 2013 was 114.00 pence per share and 101.96 pence per share respectively. The Company's share price and net asset value per C Share as at 28 March 2013 was 106.63 pence per share and 98.64 pence per share respectively.

Principal Risks and Uncertainties

The Board believes that the principal risks and uncertainties have not changed since the publication of the Company's Prospectus on 18 September 2012, or the publication of the Annual Report for the year ended 30 September 2012. A detailed explanation of the risks can be found on pages 26 to 27 of the 2012 Annual Report which is available on the Company's website at gcpuk.com.

Mr. Ian Reeves CBE

Chairman

Investment Adviser's Report

The Group's Investment Strategy

The Company's investment objectives are to provide its Shareholders with regular, sustained, long-term distributions and to preserve the capital value of its investment assets over the long term, by generating exposure to subordinated PFI debt and related and/or similar assets. The Company's investment objectives are in line with the investment objectives of the Master Fund. The Company achieves its investment objectives by investing substantially all of its capital in ordinary redeemable income shares of the Master Fund.

The Master Fund primarily targets infrastructure investments after the design and build phases have been completed and the assets are operational, although it may also consider, up to an absolute maximum of 25% of its total assets (at the time the relevant investment is made), investments in infrastructure assets that are either backed by regulated utility cash flows or are in construction. Full details of the Company and Master Fund's investments objective and policy are included on page 22 of the 2012 Annual Report.

Market Updates

i) Private Finance 2

In his autumn statement on 5 December 2012, the Rt. Hon. George Osborne MP, the Chancellor of the Exchequer, outlined the government's vision for the future of UK infrastructure in the form of Private Finance 2 ("PF2"), the long-awaited replacement for PFI. PF2 is, as expected, substantially based on PFI with a few significant changes.

On the financing side, projects will be less geared, capped at an expected 80% gearing compared to the c. 90% gearing for PFI deals. The much larger equity capital is to be provided by three distinct sources: developer equity, public sector equity (up to 49%), and so called "third party equity". The third party equity will be procured through funding competitions in an attempt to attract long term institutional investors. The provision of public sector equity will come with project company board representation, and is an attempt to align the interests of the public and private sectors and to ensure the public sector has greater visibility of, and control over, project performance.

Two of the most vehemently criticised aspects of PFI, the inflexibility of operational maintenance contracts and the cost and time associated with procurement, have also been addressed directly. The government is introducing flexible soft facilities management contracts, meaning the public sector will be able to change service providers at any point during the PF2 contract and choose cheaper options. The government has also stated that procurement times for PF2 deals can last no longer than 18 months.

Since the announcement of the proposed structure of PF2, there have been very few further developments regarding specific projects, and as such it is difficult to gauge the market's reaction to PF2. It will be crucial that the private sector debt and equity markets get comfortable with the new structure given the enormous private sector funding requirement for the UK's proposed infrastructure development pipeline. The updated National Infrastructure Plan outlined the government's aim to raise £150 billion from the private sector, the majority of which would be debt finance. The high capital cost of infrastructure assets means they are best financed by long dated debt, and it remains the case that there are currently relatively few providers of long-dated debt.

Banks continue to retreat from long-term lending due to Basel II / III and concerns regarding their own liquidity. Although we have seen rumblings of life from monoline insurers, there have been very few new issues in the bond markets, and the involvement of pension funds and insurers is hampered by impending regulation in the form of Solvency II. Those entities that are lending, including a few of the Japanese and German banks and some insurers and pension funds, are more focused on larger value transactions. There have been a number of announcements with regards to potential debt funds, but none are yet particularly active participants in the market.

It is the pension funds in particular that the government has turned to in the hope that they will play a key role in funding the planned infrastructure expenditure. It was announced in September 2012 that seven pension funds had given soft commitments to the government to allocate approximately £2 billion to a platform to invest in UK infrastructure projects, although it remains unclear at what stage in the development of an infrastructure asset the pension funds will invest, and whether they will provide debt or equity.

As such it very much remains to be seen who will emerge as the primary providers of debt funding for the proposed pipeline of infrastructure assets.

ii) Renewable energy

In the UK, a variety of incentives have been introduced by the government in order to increase the country's use of renewable energy, including the FIT, the RHI and the Renewable Obligation scheme (through Renewable Obligation Certificates "ROCs").

The primary generation methodologies attracting payments of FITs are generally smaller scale systems and include solar photovoltaic systems, anaerobic digestion systems and small onshore wind sites. ROCs tend to be more targeted at larger scale generators such as energy-from-waste (where electricity is generated from the combustion or gasification of waste) and large onshore or all offshore wind farms. RHI is focused on biomass, heat pump, solar thermal and biomethane projects.

Projects generating such subsidy cash flows offer investors exposure to long-dated, public sector-backed, inflation linked cash flows. The key consideration in any renewable energy investment is the security and dependability of the underlying government subsidy cash flows, whether it is the FIT generated by Solar PV panels, or ROCs generated by a biomass plant. Our technical due diligence focuses on the maturity of the technology and other key operational risks inherent in the project.

Current Investment Focus and Pipeline

We are currently exploring a variety of investment options in line with the Master Fund's investment policy and return requirements. The continuing shortage of long dated debt providers, particularly for smaller scale infrastructure projects, means that the Master Fund's offering of long dated, fixed interest, debt financing remains, in our view, an attractive option for many holders and developers of infrastructure assets.

The pricing of secondary PFI assets has, in our view, increased materially in recent months and as a consequence we have been looking to make a greater proportion of our investments in the renewable energy sector. Significantly from a credit perspective, the investments that have been made to date by the Master Fund, and the majority of the investments in the pipeline, are senior debt investments.

We are currently in detailed due diligence on a wide variety of projects in the renewable energy sector that are supported by government subsidies in one form or another, including solar PV installations, anaerobic digestion plants, woodchip boilers and onshore wind installations.

We are also looking at a number of smaller PFI deals in the healthcare and education sectors. We will monitor developments with regard to investment opportunities arising under PF2, but do not anticipate completing any such investments in the near term.

Portfolio Overview

i. Acquisitions

During the period the Master Fund made the following investments totalling £73.8 million:

A series of loan notes with an aggregate value of £37.1 million, an interest rate of c. 9.3% p.a. annual equivalent plus one-half of the amount by which RPI exceeds 3% in any single year, and a term of c. 20 years. The notes are secured on a senior basis against a portfolio of domestic solar photovoltaic installations eligible for payments under the FIT scheme.

Two tranches of loan notes with an aggregate value of £30.0 million, an interest rate of c. 10.1% p.a. annual equivalent plus one-half of the amount by which RPI exceeds 3% in any single year, and a term of c. 13 years. The proceeds from the issue of the notes are being used to make a series of loans secured on a senior basis against a portfolio of small scale anaerobic digestion plants all (or substantially all) of which are expected to be located in Northern Ireland. All payments of both principal and interest in relation to the loan notes are expected to be serviced from income arising from the Northern Ireland Renewables Obligation Certificates generated by the operation of the plants.

A loan note with a value of £2.4 million, an interest rate of 9.2% p.a. annual equivalent and a term of c. 14 years. The loan note is secured on a subordinated basis against the cash flows associated with an operational blue light (emergency services) PFI asset in England.

A loan note with a value of c. £4.3 million, an interest rate of c. 8.9% p.a. annual equivalent and a term of c.24 years. The loan note is secured on a subordinated basis against the cash flows arising from an operational accommodation PFI asset in England.

After the period end, the Master Fund made the following investments totalling £55.6 million triggering the conversion of the C Shares into Ordinary Shares in April 2013:

A loan note with a value of £5.0 million, an interest rate of 9.1% p.a. annual equivalent, and a term of c.16 years. The proceeds from the issue of the loan note are being used to make a loan secured on a senior basis against a single site, two turbine, 6.8MW wind farm in England. All payments of both principal and interest in relation to the loan note are expected to be serviced from income arising from the ROCs generated by the operation of the wind farm and from the sale of electricity.

A loan note with a value of £11.3 million, an interest rate of c.11% p.a. annual equivalent plus one-half of the amount by which RPI exceeds 3% in any single year, and a term of c.18 years. The proceeds from the issue of the loan note are being used to make a loan secured on a senior basis against a portfolio of commercial biomass boilers. All payments of both principal and interest in relation to the loan note are expected to be serviced from income arising from the use of the boilers in the form of payments under the RHI.

A series of loan notes with a value of £26.0 million, an interest rate of c.10.5% p.a. annual equivalent plus one-half of the amount by which RPI exceeds 3% in any single year, and a term of c.18 years. The proceeds from the issue of the loan note are being used to make a series of loans secured on a senior basis against a portfolio of commercial biomass boilers. All payments of both principal and interest in relation to the loan notes are expected to be serviced from income arising from the use of the boilers in the form of payments under the RHI.

A loan note with a value of £4.1 million, an interest rate of c.9.0% p.a. annual equivalent and a term of c.27 years. The loan note is secured on a subordinated basis against the cash flows arising from a number of healthcare PFI and LIFT (Local Improvement Finance Trust) assets in England.

A series of loan notes with an aggregate value of £9.2 million, an interest rate of c. 9.3% p.a. annual equivalent plus one-half of the amount by which RPI exceeds 3% in any single year, and a term of c. 20 years. The notes are secured on a senior basis against a portfolio of domestic solar photovoltaic installations eligible for payments under the FIT scheme.

ii. Portfolio Exposure

As at 31 March 2013, the Group's investment portfolio consists of 28 infrastructure loans (the "Loans"). The Loans have all been made against the performance of a number of availability based UK PFI projects and renewable energy projects (the "Projects").

48% of the Loans are senior loans and 40% are subordinated loans, with the remaining 12% being senior loan guarantees. 35% of the Loans are exposed to FIT cash flows, 19% to the education PFI sector, 16% to the healthcare PFI sector, 13% to ROC cash flows, 6% to the leisure PFI sector, 6% to accommodation PFI assets and the remainder to a variety of PFI projects. The weighted average annualised yield and expected remaining term of the Loans is 9.7% and twenty years respectively. The valuation of the Loans is £233.5 million (based on a valuation carried out by Mazars LLP, the Valuation Agent, as at 31 March 2013) and reflects a weighted average discount rate across the portfolio of Loans of c. 9.6%; the Company's exposure to the Loans is £201.0m

iii. Performance

None of the Projects have reported any material operational performance issues during the period.

Valuation and Discount rates

An independent third party valuation is carried out on a monthly basis by the Valuation Agent, Mazars LLP. The valuation principles used by the Valuation Agent are based on a discounted cash flow methodology. A fair value for each asset acquired by the Master Fund is calculated by applying a discount rate (determined by the Valuation Agent) to the cash flow expected to arise from each such asset.

The Valuation Agent determines the discount rate that it believes the market would reasonably apply to each investment taking, inter alia, the following into account:

·; Sterling interest rates

·; movements of comparable credit markets

·; general infrastructure market activity and investor sentiment

·; changes to the economic, legal, taxation or regulatory environment

The Valuation Agent exercises its judgement in assessing the expected future cash flows from each investment. Given that the investments of the Master Fund will be fixed income debt instruments (in some cases with elements of inflation protection), the focus of the Valuation Agent is on assessing the likelihood of any interruptions to the debt service payments, in light of the operational performance of the underlying asset.

The valuation of the Master Fund's investment portfolio as at 31 March 2013 was £233.5 million. The discount rates used by the Valuation Agent to value the Company's investments ranging between 8.7% and 10.9%, with a weighted average discount rate across the portfolio of 9.6%

Financial Results

For the period 1 October 2012 to 31 March 2013

Accounting

In order to provide shareholders with further information regarding the Company's financial position, the results for the period have been presented on an investment basis in addition to the IFRS requirement to present the performance of the Group on a consolidated basis.

By showing unaudited Company results and the consolidation adjustments this increases transparency in respect of the Company's capacity for investment and ability to make distributions.

This financial information is unaudited but is provided to give additional guidance in combination with consideration of the primary Financial Statements.

Income and costs

Unaudited Summary Income Statement

On an investment basis, profit for the period was £6.4 million (31 March 2012: £1.7 million), with the increase attributable to fair value movements of £8.8 million (31 March 2012: £3.1 million) generated from a significantly increased asset base of £265.5 million (30 September 2012: £121.7 million) due to successful capital raises, and the resulting investment in the Master Fund which generated an increase in share value arising from the additional loan interest received by the Master Fund.

In January 2013, the Valuation Agent reduced the discount rates used to value six of the Master Fund's subordinated PFI debt investments that are allocated to the Master Fund's Ordinary Share Class. The reduction was driven by recent pricing on comparable market transactions. The reduction in the discount rates resulted in a 1.1% increase in the net asset value of the Ordinary Share Class as at close of business on 31 January 2013, and reduced the weighted average discount rate used to value the investments of the Master Fund's Ordinary Share Class from 9.6% to 9.5%.

One off transaction costs during the period relate entirely to the C Share issue by the Company and corresponding placing fees, legal fees and administration costs.

The Group has no borrowings and therefore no finance costs were incurred during the period.

Financial Position

Unaudited Summary Statement of Financial Position

On an investment basis, investments at fair value were £265.5 million at 31 March 2013 (30 September 2012: £121.7 million). This represents an increase during the period of £143.8 million or 118%, again predominantly due to the C Share capital raised and the corresponding investment into the Master Fund.

The C Shares have been treated as a liability, which is explained in further detail in note 2.3 (m).

Post period end, the Directors determined that the Calculation Time (as defined in the C Share Issue prospectus) for the conversion of C Shares into Ordinary Shares was 9 April 2013, the Conversion Ratio was announced on 16 April 2013 and dealings in new Ordinary Shares commenced on 17 April 2013. On the basis of the Conversion Ratio, 127,603,350 new Ordinary Shares were admitted to the Official List.

Post period end the Master Fund announced an interim dividend of 4.05 pence per Ordinary Redeemable Income Share. The dividend was received by the Company on 15 May 2013. In 2012, a final dividend was announced by the Master Fund on 25 October 2012 (i.e. post year end), this was subsequently received by the Company on 15 November 2012.

On 17 May 2013 the Company announced an interim dividend of 3.8 pence per Ordinary Share.

The cash balance is maintained solely to cover general running expenses incurred by the Company.

Cash Flow Analysis

Unaudited Summary Cash Flow

On an investment basis the net cash at 31 March 2013 was £0.6 million (31 March 2012: £0.6 million). The relatively low cash balance requirements allows the Company to maximise investment in the Master Fund and therefore utilise the purchase of financial assets for the Group.

Cash inflows during the period related to the successful C Share capital raise of £144.4 million in October 2012.

Purchase of financial assets of £141.9 million (31 March 2012: £65.9 million) relates exclusively to the purchase of the Ordinary Redeemable Income Share capital of the Master Fund, in line with the Company's investment strategy. At 31 March 2013, the Company held 90.02% of the issued share capital of the Master Fund (31 March 2012: 77.55%).

Distributions paid increased to £4.8 million during the period (31 March 2012: £1.3 million) and included an offer of scrip dividend alternative in lieu of cash of £0.2 million. The total dividend paid by the company during the period was 3.8 pence per Ordinary share (31 March 2012: 3.7 pence per Ordinary Share).

Group Portfolio

As at 31 March 2013

Financial Statistics

For the period 1 October 2012 to 31 March 2013

Detailed below is the net asset value ("NAV") of the Company, calculated in accordance with the Company's Prospectus dated 30 June 2010 (the "Prospectus") and C Share prospectus dated 18 September 2012.

A reconciliation of the net asset value per the Consolidated Financial Statements to the calculation in accordance with the Company's Prospectus is detailed in Note 21.

Period/Year end position

Record since the prior accounting period

Key Performance Indicators

Dividends

The Company targets a dividend payment of up to 8% per annum (by reference to the IPO issue price). The Directors monitor the actual and forecast dividend yield on a quarterly basis with reference to the above target.

Statement of Directors' Responsibilities

For the period 1 October 2012 to 31 March 2013

The Directors are responsible for preparing the Half Yearly Financial Report and the Consolidated Financial Statements in accordance with applicable Companies (Jersey) Law 1991 and International Financial Reporting Standards as adopted by the European Union.

International Accounting Standard 1: Presentation of Financial Statements, requires that financial statements present fairly for each financial period the Company's financial position, financial performance and cash flows. This requires the faithful representation of the effects of transactions, other events and conditions in accordance with the definitions and recognition criteria for assets, liabilities, income and expenses set out in the International Accounting Standards Board 'Framework for preparation and presentation of financial statements'. In virtually all circumstances, a fair presentation will be achieved by compliance with all applicable IFRS. However, Directors are also required to:

·; properly select suitable accounting policies and apply them consistently;

·; present information, including accounting policies, in a manner that provides relevant,

reliable, comparable and understandable information;

·; provide additional disclosures when compliance with the specific requirements of IFRS are insufficient to enable users to understand the impact of particular transactions, other events and conditions on the Company's financial position and financial performance;

·; ensure that the Chairman's Statement together with the following reports presents a fair review of the development and performance of the business and the position of the Company and the undertakings included in the consolidation taken as a whole, together with a description of the principal risks and uncertainties that they face;

·; make judgements and estimates that are reasonable and prudent;

·; make an assessment of the Company's ability to continue as a going concern.

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 Law. 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.

The Directors confirm that they have complied with the above requirements when preparing these Consolidated FinancialStatements.

The Directors are responsible for the maintenance and integrity of the corporate and financial information included on the Company's website. Legislation in the United Kingdom and Jersey governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.

The Directors consider that the Consolidated Financial Statements, taken as a whole, give a true and fair view of assets, liabilities, financial position and performance and provide the information necessary for shareholders to assess the Group's performance, business model and strategy.

On behalf of the Board

Mr David Pirouet

Director

24 May 2013

Unaudited Consolidated Statements of Comprehensive Income

For the period 1 October 2012 to 31 March 2013

Ordinary Share Class Fund

The accompanying notes form an integral part of these unaudited Consolidated Financial Statements.

Unaudited Consolidated Statements of Comprehensive Income

For the period 1 October 2012 to 31 March 2013

C Share Class Fund

The accompanying notes form an integral part of these unaudited Consolidated Financial Statements.

Unaudited Consolidated Statements of Comprehensive Income

For the period 1 October 2012 to 31 March 2013

Group

The accompanying notes form an integral part of these unaudited Consolidated Financial Statements.

Unaudited Consolidated Statements of Financial Position

As at 31 March 2013

Ordinary Share Class Fund

The accompanying notes form an integral part of these unaudited Consolidated Financial Statements.

Unaudited Consolidated Statements of Financial Position

As at 31 March 2013

C Share Class Fund

The accompanying notes form an integral part of these unaudited Consolidated Financial Statements.

Unaudited Consolidated Statements of Financial Position

As at 31 March 2013

Group

On behalf of the Board of Directors

Mr. David Pirouet Mr Trevor Hunt

Director Director

Date: 24 May 2013

The accompanying notes form an integral part of these unaudited Consolidated Financial Statements.

Unaudited Consolidated Statements of Changes in Equity

For the period 1 October 2012 to 31 March 2013

Ordinary Share Class Fund

For the period 1 October 2012 to 31 March 2013

C Share Class Fund

For the period 1 October 2012 to 31 March 2013

The accompanying notes form an integral part of these unaudited Consolidated Financial Statements.

Unaudited Consolidated Statements of Changes in Equity

For the period 1 October 2012 to 31 March 2013

Group

For the period 1 October 2012 to 31 March 2013

Group

For the period 1 October 2011 to 31 March 2012

The accompanying notes form an integral part of these unaudited Consolidated Financial Statements.

Unaudited Consolidated Statements of Cash Flow

For the period 1 October 2012 to 31 March 2013

The accompanying notes form an integral part of these unaudited Consolidated Financial Statements

Unaudited Consolidated Statements of Cash Flow

For the period 1 October 2012 to 31 March 2013

The accompanying notes form an integral part of these unaudited Consolidated Financial Statements.

Unaudited Consolidated Statements of Cash Flow

For the period 1 October 2012 to 31 March 2013