WARBURG INVEST. SEMI-ANNUAL REPORT from 1 January 2016 to 30 June 2016 EII GLOBAL SUSTAINABLE PROPERTY FUND

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1 WARBURG INVEST SEMI-ANNUAL REPORT from 1 January 216 to 3 June 216 EII GLOBAL SUSTAINABLE PROPERTY FUND

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3 CONTENTS page Management and administration 2 Overview of assets as of 3 June Detailed schedule of assets 4 Transactions concluded during the reporting period which no longer appear in the schedule of assets: 7 Notes to Semi-annual Report as at 3 June

4 MANAGEMENT AND ADMINISTRATION Asset management company: WARBURG INVEST KAPITALANLAGEGESELLSCHAFT MBH Ferdinandstraße Hamburg Depositary State Street Bank International GmbH Brienner Straße Munich Subscribed and paid-up capital: EUR 5,6, (As at: 31 December 215) Sole unitholder M.M. Warburg & CO (AG & Co.) Kommanditgesellschaft auf Aktien, Hamburg (hereinafter: M.M.Warburg & CO (AG & Co.)) Supervisory Board Joachim Olearius Partner spokesperson M.M. Warburg & CO (AG & Co.) - Chairman - Legal form: Private company limited by units Liable equity: EUR 2,154,4,. (As at: 31 December 215) Auditor BDO AG Auditors Fuhlentwiete Hamburg GERMANY Eckhard Fiene Partner M.M.Warburg & CO (AG & Co.) - Deputy Chairman - and Dipl.-Kfm. Uwe Wilhelm Kruschinski, Hamburg Management Board Udo Hirschhäuser Matthias Mansel 2

5 Dear Investor, We hereby submit the semi-annual report of EII Global Sustainable Property Fund for the period from 1 January 216 until 3 June 216. OVERVIEW OF ASSETS AS OF 3 JUNE 216 Financial Weighting Geographic Weighting I. Assets 1. Shares United States of Other financial companies 65.78% America 54.9% Property and residential companies 23.32% Japan 7.92% Other public and personal services 5.3% Australia 7.15% Support and care.78% Hong Kong 6.38% France 5.92% Other countries 12.64% Total 94.91% Total 94.91% 2. Bank deposits/money market funds - 4.8% - 4.8% 3. Other assets -.58% -.58% II. Liabilities % % III. Fund assets 1.% 1.% Financial and geographic weighting not provided unless specified. 3

6 DETAILED SCHEDULE OF ASSETS Category designation ISIN Units, shares, or currency As at 3/6/216 Purchases/Additions Sales/Reductions during the reporting period Price in currency Market value in EUR Security holdings 14,349, % of Fund assets Listed securities 13,82, Shares Aeon Mall Co. Ltd. Units 11,5 JPY 1, , JP ,4 Capitaland Ltd. Units 15, SGD , SG1J China Resources Land Ltd. Units 91, 91, HKD , KYG218Y152 Deutsche Wohnen AG Units 3,9 3,9 EUR , DEAHN5C6 Hang Lung Properties Ltd. Units 59, HKD , HK , Hulic Co. Ltd. Units 16,6 5,4 JPY 1, , JP33681 Hysan Development Co. Ltd. Units 41, HKD , HK , Mitsubishi Estate Co. Ltd. Units 3,8 4, JPY 1, , JP Mitsui Fudosan Co. Ltd. Units 19,8 JPY 2, , JP , Sun Hung Kai Properties Ltd. Units 33, 4, HKD , HK16132 Unite Group PLC Units 16,2 GBP , GB , Vonovia SE Units 7,1 1,9 EUR , DEA1ML7J1 REITS Avalonbay Communities Inc. REIT Units 5,5 USD , US Boston Properties Inc. REIT Units 7,4 USD , US CapitaLand Commercial Trust REIT Units 136, 136, SGD , SG1P DDR Corp. REIT Units 17,3 17,3 USD , US23317H123 Equity Residential REIT Units 11,5 USD , US29476L17 4 Eurocommercial Properties N.V. REIT Units 5,3 7,1 EUR , NL ,8 Federal Realty Investment Trust REIT Units 3,6 1, USD , US Gecina S.A. REIT Units 1,8 EUR , FR , General Growth Properties Inc. [New] REIT Units 23,4 3,3 USD , US Great Portland Estates PLC REIT Units 38,5 5,8 GBP , GBB1FLL16 Host Hotels & Resorts Inc. REIT Units 27, USD , US4417P149 6,8 Kilroy Realty Corp. REIT Units 2,3 2,3 USD , US49427F184 Kimco Realty Corp. REIT Units 4,6 USD , US49446R195 4,1 4

7 DETAILED SCHEDULE OF ASSETS Category designation ISIN Units, shares, As at or currency 3/6/216 Purchases/Additions Sales/Reductions during the reporting period Price in currency Market value in EUR % of Fund assets Klepierre S.A. REIT FR Land Securities Group PLC REIT GB ProLogis Inc. REIT US7434W136 Public Storage REIT US7446D19 Scentre Group Ltd. REIT AUSCG8 Simon Property Group Inc. REIT US SL Green Realty Corp. REIT US7844X119 The British Land Co. PLC REIT GB The Link Real Estate Investment Trust REIT HK The Macerich Co. REIT US Unibail-Rodamco SE REIT FR Ventas Inc. REIT US92276F13 Welltower Inc. REIT US954Q14 Westfield Corp. REIT AUWFD Units 9,3 1,9 EUR , Units 17,8 GBP , ,3 Units 12,6 USD , ,2 Units 3, 5 USD , Units 142,14 56,4 AUD , , Units 4,5 2 USD , Units 2,7 3,5 USD , Units 9, GBP , ,6 Units 56, 56, HKD , Units 2,4 1,4 USD , Units 1,37 4 EUR , ,1 Units 8,9 3, USD , ,5 Units 9,2 5,2 USD , Units 3,1 AUD , ,7 Securities permitted on or included in organised markets 546, Shares Fabege AB SE95636 REITS Stockland REIT AUSGP Units 9,2 3,7 4,9 Units 131,671 17,3 SEK , AUD ,

8 Category designation Other assets Bank deposits Units, shares, or currency As at 3/6/216 Purchases/ Additions Sales/ Price Reductions Market value in EUR % of Fund assets 35, EUR bank deposits at: Depositary EUR 35, , Balances in non-eu/eea currencies Depositary AUD Money market fund 375, Money market funds, group external State Street Global Advisors.11% ANT 375,. 257,28-97, , IE Other assets 88, Dividend claims EUR 59, , Callable deductions at source EUR 28, , Interest claims EUR.1.1. Other liabilities -43, Provisions from settlement of costs EUR -43, , Interest due EUR Fund assets EUR 15,119, Unit value EUR Circulating shares Units 113,75 6

9 TRANSACTIONS CONCLUDED DURING THE REPORTING PERIOD WHICH NO LONGER APPEAR IN THE SCHEDULE OF ASSETS: ISIN generic designation Units, shares or currency Purchases/ Additions Sales/ Reductions Securities, investment units and note loans (market allocation on report date) Listed securities Shares Castellum AB SE37919 Nomura Real Estate Holdings Inc. JP REITS Derwent London PLC REIT GB DEXUS Property Group REIT AUDXS1 Hammerson PLC REIT GB46516 HCP Inc. REIT US4414L198 Icade S.A. REIT FR3581 Liberty Property Trust REIT US Plum Creek Timber Co. Inc. REIT US Vornado Realty Trust REIT US Weyerhaeuser Co. REIT US Units 8,4 Units 1, Units 2,1 Units 9,4 27,1 Units 9, Units 7,2 Units 3,3 Units 9,9 Units 2,7 Units 4,6 Units 4,32 4,32 7

10 NOTES TO SEMI-ANNUAL REPORT AS AT 3 JUNE 216 ACCOUNTING AND VALUATION METHODS Description of asset valuation methods Valuation is performed by the financial investment management company. Securities and derivatives which are approved for trading on an exchange or another organised market or which are included in the regulated market or open trading of an exchange are always valued at tradeable prices, whenever available. Interest-bearing securities, bond-equivalent participation rights and certificates which are not listed or traded on a stock exchange or other organised market or whose stock market price does not appropriately reflect the actual market value are valued using external model prices such as broker quotes. In justifiable exceptional cases, internal model prices are used, which are based on a recognised and suitable methodology. Other securities and derivatives for which there are no tradeable prices are valued using suitable valuation models that reflect current market conditions. Investment shares are valued at the repurchase price published by the investment company unless additional information is provided below the schedule of assets. Bank deposits are valued at the face value, plus applied interest. Other assets are valued at face value and liabilities are valued at the repayment amount. EXPLANATIONS FOR SCHEDULE OF ASSETS Assets of the investment fund are valued based on the following prices/market rates: German domestic assets Prices on 29 June 216 All other assets Prices on 29 June 216 Currencies Prices on 3 June 216 Assets denominated in foreign currencies are translated into the euro at the exchange rate of the Reuters morning fixing at 1. a.m. of the same day. Australian dollar 1 EUR = AUD British pound 1 EUR = GBP.8259 Hong Kong dollar 1 EUR = HKD Japanese yen 1 EUR = JPY Swedish krona 1 EUR = SEK Singapore dollar 1 EUR = SGD 1.57 US dollar 1 EUR = USD Capital measures: All revenues from capital measures (technical revenues) are disclosed as inflows or outflows. 8

11 TRANSPARENCY INFORMATION: Shares of WARBURG INVEST investment funds are usually acquired with the involvement of third parties, i.e. banks, financial service providers, brokers, and other authorised third-party persons. Collaboration with these third parties is typically based on a contractual agreement stipulating that WARBURG INVEST shall pay the third party, in exchange for brokerage of the Fund shares, a volume-based fee, and the third party shall be entitled to an issue fee in whole or in part. WARBURG INVEST shall pay the volume-based fee from the administrative fees to which it is entitled, i.e. from its own funds. In financial year from 1 January 216 to 3 June 216, the financial investment management company WARBURG INVEST received no refunds for the investment fund from compensation paid to the depositary or third party nor expense reimbursements with the exception of financial information provided by the brokers for research purposes. WARBURG INVEST KAPITALANLAGEGESELLSCHAFT MBH Hamburg, 22 July 216 The Management 9

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