Odey Investments plc. (an umbrella fund with segregated liability between sub-funds) Annual Report and Audited Financial Statements

Investments plc (an umbrella fund with segregated liability between sub-funds) Annual Report and Audited Financial Statements For the year ended 31 December 2015

Investments plc Table of contents Page Company information 3 Directors report 4 Investment Manager s report 6 Custodian s report 18 Independent Auditors report 19 Statement of position 20 Statement of comprehensive income 24 Statement of changes in net assets attributable to holders of redeemable participating shares 26 Statement of cash flows 28 Notes to the statements 30 Schedule of investments 73 Statement of significant portfolio movements (unaudited) 114 Supplemental information (unaudited) 121 2

Investments plc Company information Directors of the Company Andrew Bates (Irish) (Independent) Frank Ennis (Irish) (Independent) Tim Pearey (British) Orlando Montagu (British) (alternate to Tim Pearey) (resigned 2 November 2015) Tom Richards (British) (alternate to Tim Pearey) (appointed 2 November 2015) All Directors are non-executive Registered Office Investment Manager, Global Distributor 33 Sir John Rogerson s Quay Dublin 2 Ireland Asset Management LLP 12 Upper Grosvenor Street London W1K 2ND England Administrator and Registrar With effect from 12 March 2015 Quintillion Limited 24-26 City Quay Dublin 2 Ireland Up to 11 March 2015 Capita Financial Administrators (Ireland) Limited 2 nd Floor, 2 Grand Canal Square Grand Canal Harbour Dublin 2 Ireland Independent Auditor Custodian Company Secretary Legal Advisors (In Ireland) Legal Advisors (In England) Company number Deloitte Chartered Accountants and Statutory Audit Firm Deloitte & Touche House Earlsfort Terrace Dublin 2 Ireland J.P. Morgan Bank (Ireland) plc J.P. Morgan House International Financial Services Centre Dublin 1 Ireland Tudor Trust Limited 33 Sir John Rogerson s Quay Dublin 2 Ireland Dillon Eustace 33 Sir John Rogerson s Quay Dublin 2 Ireland Simmons & Simmons City Point One Ropemaker Street London EC2Y 9SS England 501534 (Registered in Ireland) 3

Directors report For the year ended 31 December 2015 Investments plc The Directors present the annual report including the audited statements of Investments plc (the Company ) For the year ended 31 December 2015. The Company was incorporated on 22 July 2011 and is authorised as an Undertaking for Collective Investment in Transferable Securities ( UCITS ) by the Central Bank of Ireland. The Company is an umbrella type investment company with segregated liability between sub-funds. As of the date of this report the Company comprises seven active sub-funds. Statement of directors responsibilities Irish company law requires the Directors to prepare statements for each year which give a true and fair view of the state of affairs of the Company and of the profit or loss for that year. In preparing those statements, the Directors are required to: select suitable accounting policies and then apply them consistently; make judgements and estimates that are reasonable and prudent; state whether the statements have been prepared in accordance with the applicable accounting standards, identify those standards, and note the effect and the reasons for any material departure from those standards; and prepare the statements on the going concern basis unless it is inappropriate to presume that the company will continue in business. The Directors are responsible for keeping adequate accounting records which disclose with reasonable accuracy at any time the position of the Company and which enable them to ensure that the statements are prepared in accordance with International Financial Reporting Standards ( IFRS ) and comply with Irish Statute comprising the Companies Acts 2014, and the European Communities (Undertakings for Collective Investment in Transferable Securities) Regulations, 2011 (as amended) (the UCITS Regulations ) and Central Bank (Supervision and Enforcement) Act 2013 (Section 48(1)) (Undertaking for Collective Investment in Transferable Securities) Regulations, 2015. To ensure that adequate accounting records are kept in accordance with Part 6 of the Companies Act 2014, the Directors of the Company have employed a regulated fund administrator, Quintillion Limited (the Administrator ). The accounting records are located at the offices of the Administrator. The Company is obliged to entrust its assets to a custodian for safekeeping and in that regard the Directors have engaged J.P. Morgan Bank (Ireland) plc. The Directors are responsible for taking reasonable steps for the prevention and detection of fraud and other irregularities. Basis of preparation The format and certain wordings of the statements have been adapted from those contained in the Companies Act 2014 so that, in the opinion of the Directors, they more appropriately reflect the nature of the Company s business as an investment fund. Principal activities The sole objective for which the Company has been established is the collective investment of capital raised from the public in transferable securities and other liquid assets of any kind which operates on the principle of risk spreading in accordance with the UCITS Regulations. The investment objective of the sub-funds is to achieve long term capital appreciation. Activities and business review A comprehensive overview of the Company s investment performance is detailed in the Investment Manager s report for each sub-fund on pages 6 to 21. Risk management objectives and policies The Company operates on the principle of risk spreading in accordance with the UCITS Regulations. Each sub-fund invests in accordance with its own investment objective and investment policies as set out in the Prospectus. Investments by a sub-fund are subject to a variety of risks and involve the assumption of risks. A non-exhaustive list of such risks are set out in the Prospectus under the heading Risk Factors. The Investment Manager exercises judgement based on analysis, research and risk management techniques when making investment decisions. Investment in equities, bonds, cash and derivatives exposes a sub-fund to varying risks, including market, liquidity and credit/counterparty risks. In accordance with accounting standards a description of these specific risks and the process for managing these risks are included in note 13 to the statements. The prospectus provides details of these and other types of risks some of which are additional to that information provided in these statements. Directors The Directors as at 31 December 2015 and their country of residence are as stated on page 3. All the Directors serve in a non-executive capacity. Directors interests in shares of the Company See note 17 to the statements. 4

Investment Manager s report For the year ended 31 December 2015 Investments plc Odyssey Fund Share class performance 1 Share class Launch date 31 December 2015 31 December 2014 % Return Euro I Class 16 March 2012 124.96 134.88-7.36 Euro R Class 07 May 2013 103.91 112.31-7.48 GBP I Class 14 October 2011 140.46 150.25-6.52 GBP M Class 14 October 2011 157.52 166.94-5.64 GBP R Class 20 October 2011 136.98 148.07-7.49 USD I Class 14 October 2011 $140.55 $150.71-6.74 USD R Class 24 April 2013 $108.35 $117.42-7.72 * Performance figures are presented net of fees Summary During 2015, the Odyssey Fund (the Fund ) returned -6.74% (based on the principal share class - USD I Class) against the HFRX Macro: Multi-Strategy index return of -1.82%. Positive performance for the period came from the Consumer Discretionary (+0.22%) and Information Technology (+0.16%) sectors, with Germany (+5.11%) and Japan (+2.74%) contributing most by country; detractors over the year came from the Financials (-2.18%) and Industrials (-0.78%) sectors, with France (-1.43%) and the United States (-1.35%) being the largest detractors from a country perspective. Performance Attribution by Sector over the year for the principal share class Performance Attribution by Geography over the year for the principal share class 6

Investment Manager s report For the year ended 31 December 2015 Investments plc Odyssey Fund (continued) Asset Allocation by Sector as at 31 December 2015 25 20 Fund MSCI Daily TR Net World * 15 % 10 5 0-5 -10 Information Technology Industrials Financials Energy Consumer Discretionary * HFRX Macro Multi-Strategy Index asset allocation is unavailable The fund managers latest market views and commentary is available from the monthly manager s report available at www.odey.com. Giano Fund Share class performance 1 Share class Launch date 31 December 2015 31 December 2014 % Return Euro M Class 31 October 2011 135.47 135.90-0.32 Euro MW Class 2 07 January 2015 97.77 100.00-2.23 Euro R Class 23 November 2011 123.10 124.19-0.88 GBP M Class 08 February 2012 136.27 135.56 0.52 GBP M W Class 13 March 2014 101.61 101.25 0.35 GBP R Class 17 November 2011 124.39 124.62-0.18 USD R Class 09 March 2012 $125.09 $125.44-0.28 1 Performance figures are presented net of fees 2 Launched at 100.00 Summary The Giano Fund (the Fund ) returned -0.88% (based on the principal share class - Euro R Class) against the MSCI Daily TR Net Europe return of +8.18% for the year. Positive performance came from holdings including Grand City Properties SA (+5.66%), Yoox S.p.A. (+2.98%), and Inmarsat plc (+1.63%); however, Tungsten Corp plc (-1.84%), Amaya Inc. (-1.61%) and J Sainsbury plc (-1.53%) disappointed. 7

Investment Manager s report For the year ended 31 December 2015 Investments plc Giano Fund (continued) Performance Attribution by Sector over the year for the principal share class % 10 8 6 4 2 0-2 -4-6 Consumer Discretionary Consumer Staples Information Technology Equity Index Derivatives Currency Forward Health Care Fixed Income Cash Industrials Energy Telecommunication Services Materials Financials Performance Attribution by Geography over the year for the principal share class % 7 6 5 4 3 2 1 0-1 -2-3 Canada United Kingdom Germany Other France Australia Netherlands Cash Other Europe Government Bonds Sweden Finland Denmark Norway Belgium United States Switzerland Italy Spain Luxembourg Asset Allocation by Sector as at 31 December 2015 % 25 20 15 10 5 0-5 -10 Fund MSCI Daily TR Net Europe Utilities Telecommunication Services Materials Information Technology Industrials Health Care Financials Energy Consumer Staples Consumer Discretionary The fund managers latest market views and commentary is available from the monthly manager s report available at www.odey.com. 8

Investment Manager s report For the year ended 31 December 2015 Investments plc Orion Fund Share class performance 1 Share class Launch date 31 December 2015 31 December 2014 % Return Euro I Class 18 January 2013 119.45 121.93-2.03 Euro M Class 18 January 2013 125.66 128.01-1.83 GBP I Class 16 October 2013 106.65 108.41-1.62 GBP M Class 18 January 2013 126.46 128.44-1.54 GBP R Class 2 16 April 2015 92.09 100.00-7.91 USD I Class 18 January 2013 $119.86 $121.99-1.75 1 Performance figures are presented net of fees 2 Launched at 100.00 Summary During the period the Orion Fund (the Fund ) returned -2.03% (based on the principal share class - Euro I Class) against the MSCI Daily TR Net World return of +10.38%. Positive performance for the period came from holdings including Grand City Properties SA (+4.70%), Apple (+1.51%) and Sberbank Russia (+1.16%); Golar LNG Limited (-2.76%), Serco Group plc (-1.39%) and Bilfinger SE (-1.07%) disappointed. Performance Attribution by Sector over the year for the principal share class % 10 8 6 4 2 0-2 -4-6 Energy Currency Forward Consumer Discretionary Industrials Materials Equity Index Derivatives Commodities Telecommunication Services Health Care Consumer Staples Cash Derivatives Other Fixed Income Information Technology Financials Performance Attribution by Geography over the year for the principal share class 6 4 % 2 0-2 -4 United Kingdom United States Cash France Other Canada Greece Norway Jersey Japan Germany Finland Brazil Italy Belgium Sweden Netherlands Switzerland Russia Spain Luxembourg 9

Investment Manager s report For the year ended 31 December 2015 Investments plc Orion Fund (continued) Asset Allocation by Sector as at 31 December 2015 % 25 15 5 Fund MSCI Daily TR Net World -5 Telecommunication Services Misc Materials Information Technology Industrials Health Care Financials Energy Consumer Staples Consumer Discretionary The Orion Fund closed on April 4th 2016 and all shareholders were compulsory redeemed. The fund managers latest market views and commentary is available from the monthly manager s report available at www.odey.com. Naver Fund Share class performance 1 Share class Launch date 31 December 2015 31 December 2014 % Return Euro I Class 29 January 2013 126.64 124.55 1.68 Euro M Class 25 January 2013 135.61 132.81 2.11 Euro R Class 23 October 2014 107.61 106.26 1.27 GBP I Class 25 January 2013 127.36 125.10 1.81 GBP M Class 25 January 2013 136.52 133.41 2.33 GBP R Class 15 April 2015 97.90 100.00-2.10 USD I Class 30 January 2014 $104.94 $103.43 1.46 1 Performance figures are presented net of fees 2 Launched at 100.00 Summary In 2015 the Naver Fund (the Fund ) returned +1.68% (based on the principal share class Euro I Class) against the MSCI Daily Net World return of +10.38%. Positive performance came from holdings including Apple Inc. (+2.11%), Activision Blizzard, Inc. (+1.15%) and Swatch Group Limited (+1.03%); however, holdings including Serco Group plc (-1.36%), Technip SA (-0.87%) and Switch Transportation Company Class A (- 0.66%) disappointed. 10

Investment Manager s report For the year ended 31 December 2015 Investments plc Naver Fund (continued) Performance Attribution by Sector over the year for the principal share class 6 4 % 2 0-2 -4 Energy Industrials Currency Forward Financials Health Care Derivatives Utilities Fixed Income Currency Derivatives Equity Index Derivatives Cash Consumer Staples Materials Telecommunication Services Consumer Discretionary Information Technology Performance Attribution by Geography over the year for the principal share class 4 2 % 0-2 United States Germany Australia Luxembourg Switzerland Japan Other Mexico Italy South Africa Russia Netherlands Belgium Portugal China Brazil Denmark Spain Finland Other Europe Canada United Kingdom France Norway Sweden Cash Asset Allocation by Sector as at 31 December 2015 25 15 % 5-5 -15 Fund Consumer Discretionary MSCI Daily TR Net World Industrials Health Care Financials Energy Consumer Staples Information Technology Materials Miscellaneous Telecommunication Services The fund managers latest market views and commentary is available from the monthly manager s report available at www.odey.com. 11

Investment Manager s report For the year ended 31 December 2015 Investments plc Swan Fund Share class performance 1 Share class Launch date 31 December 2015 31 December 2014 % Return AUD $ I Class 07 March 2014 $94.28 $105.13-10.32 Euro I Class 08 March 2013 95.03 109.69-13.36 Euro I R Class 23 July 2013 95.39 110.08-13.34 Euro M Class 2 20 January 2015 85.52 100.00-14.48 Euro R Class 08 March 2013 93.74 108.73-13.79 GBP I Class 08 March 2013 95.82 109.77-12.70 GBP M Class 08 March 2013 99.73 114.27-12.72 GBP R Class 09 April 2013 99.19 114.12-13.08 NOK I Class 2 16 November 2015 100.15 100.00 0.15 USD I Class 08 March 2013 $94.52 $109.46-13.64 USD I R Class 29 April 2013 $94.17 $108.97-13.59 USD R Class 13 March 2013 $93.36 $108.56-14.01 1 Performance figures are presented net of fees 2 Launched at 100.00 Summary During the period the Swan Fund (the Fund ) returned -13.36% (based on the principal share class - Euro I Class) against the MSCI Daily TR Net Europe return of +8.18%. Positive performance came from holdings including Anglo American plc (+3.30%), ArcelorMittal SA (+2.42%) and Sky plc (+1.76%); the worst were Adidas AG (-2.07%), Netflix, Inc. (-1.15%) and LM Ericsson Telefon AB Class B (-0.81%). Performance Attribution by Sector over the year for the principal share class 10 5 % 0-5 -10-15 Currency Forward Information Technology Equity Index Derivatives Financials Consumer Staples Fixed Income Health Care Utilities Miscellaneous Currency Derivatives Industrials Cash Commodities Telecommunication Services Consumer Discretionary Energy Materials 12

Investment Manager s report For the year ended 31 December 2015 Investments plc Swan Fund (continued) Performance Attribution by Geography over the year for the principal share class 8 6 4 2 0-2 % -4-6 -8-10 -12-14 United Kingdom Luxembourg United States Switzerland Jersey China Portugal Other Belgium Spain Singapore Hong Kong Japan Norway Hungary Ireland Austria South Korea Italy Netherlands Commodities France Sweden Denmark Other Germany Currency Forward Asset Allocation by Sector as at 31 December 2015 25 20 Fund MSCI Daily TR Net Europe 15 % 10 5 0-5 -10 Utilities Telecommunication Services Materials Information Technology Industrials Health Care Government Bonds Financials Energy Consumer Staples Consumer Discretionary Commodities Between the year end and the date of approval of the statements by the board of Directors, the Swan Fund return has been greater than -20%, the specific return by share class is disclosed in the table in Note 22 Events after the reporting date. The fund managers latest market views and commentary is available from the monthly manager s report available at www.odey.com. 13

Investment Manager s report For the year ended 31 December 2015 Investments plc European Absolute Return Fund Share class performance 1 Share class Launch date 31 December 2015 31 December 2014 % Return Euro I Class 06 December 2013 97.10 98.79-1.71 Euro M Class 29 January 2014 98.46 99.89-1.44 Euro R Class 14 January 2014 92.00 94.02-2.15 Euro S Class 06 December 2013 97.52 98.96-1.45 GBP I Class 06 December 2013 97.28 98.14-0.88 GBP M Class 06 December 2013 99.19 99.81-0.62 GBP M W Class 11 March 2014 93.13 93.77-0.69 GBP R Class 16 December 2013 96.59 97.92-1.35 GBP S Class 06 December 2013 98.97 99.57-0.61 USD I Class 13 December 2013 $97.78 $99.22-1.45 USD M Class 06 December 2013 $98.23 $99.44-1.21 USD R Class 04 February 2014 $97.02 $98.88-1.88 USD S Class 06 December 2013 $98.09 $99.29-1.20 1 Performance figures are presented net of fees Summary In 2015 the European Absolute Return Fund (the Fund ) returned -0.88% (based on the principal share class - GBP I Class) against the MSCI Daily TR Net Europe return of +2.76%. Positive performance came from holdings including Anglo American plc (+1.34%), Ryanair Holdings plc (+1.04%) and Glencore plc (+0.84%); however, this was outweighed by holdings including BG Group plc (-0.98%), J Sainsbury plc (-0.58%) and Plus500 Ltd. (-0.57%). Performance Attribution by Sector over the year for the principal share class 14

Investment Manager s report For the year ended 31 December 2015 Investments plc European Absolute Return Fund (continued) Performance Attribution by Geography over the year for the principal share class 2 % 0-2 Germany France Netherlands Other Europe Sweden United States Austria Italy United Kingdom Portugal Finland Norway Canada Belgium Denmark Australia Jersey Switzerland Spain Ireland Luxembourg Other Cash Asset Allocation by Sector as at 31 December 2015 % 25 20 15 10 5 0-5 -10 Fund MSCI Daily TR Net Europe Utilities Telecommunication Services Materials Information Technology Industrials Health Care Financials Equity Index Futures Energy Consumer Staples Consumer Discretionary The fund managers latest market views and commentary is available from the monthly manager s report available at www.odey.com. Atlas Fund Share class performance 1 Share class Launch date 31 December 2015 31 December 2014 % Return Euro I Class 04 November 2014 92.2525 102.1476-9.69 GBP I Class 28 April 2014 94.9350 104.6165-9.25 GBP I S Class 24 April 2014 1.1342 1.2530-9.48 GBP M Class 30 January 2015 88.9813 100.00-11.02 GBP R Class 16 April 2015 91.8513 100.00-8.15 GBP R S Class 24 April 2014 0.9654 1.0718-9.93 USD I Class 29 October 2014 94.0272 103.8622-9.47 1 Performance figures are presented net of fees 2 Launched at 100.00 15

Investment Manager s report For the year ended 31 December 2015 Investments plc Atlas Fund (continued) Summary During the period the Atlas Fund (the Fund ) returned -9.48% (based on the principal share class GBP I S) against the MSCI Daily TR Net World return of +4.84%. Positive performance for the period came from holdings including Gameloft SE (+2.86%), AutoZone Inc. (+1.09%) and Noble Group Limited (+0.72%); while holdings including AngloGold Limited Ashanti Limited (-1.59%), Amaya Inc. (-1.33%) and Matomy Media Group Limited (- 1.04%) disappointed. Performance Attribution by Sector over the year for the principal share class Performance Attribution by Geography over the year for the principal share class 4 2 % 0-2 -4 Canada Cash United Kingdom South Africa United States Commodities Denmark Finland Other Europe Ireland China Norway Other Malaysia Jersey Switzerland Australia Germany Netherlands Italy Hong Kong Japan France 16

Investment Manager s report For the year ended 31 December 2015 Investments plc Atlas Fund (continued) Asset Allocation by Sector as at 31 December 2015 % 35 30 25 20 15 10 5 0-5 -10-15 Fund MSCI Daily TR Net Europe Utilities Telecommunication Services Materials Information Technology Industrials Health Care Financials Energy Consumer Staples Consumer Discretionary Commodities The fund managers latest market views and commentary is available from the monthly manager s report available at www.odey.com. 17

Statement of position Investments plc As at 31 December 2015 European Absolute Total Odyssey Fund Giano Fund Orion Fund Naver Fund Swan Fund Return Fund Atlas Fund Company Note USD EUR EUR EUR EUR GBP GBP EUR Assets Financial assets at fair value through profit or loss 3 - Transferable securities 216,613,417 60,828,126 12,249,991 99,454,091 212,489,340 42,739,895 14,023,507 661,443,343 - Collective investment schemes ( CIS ) 29,793,930 - - - 18,422,585-960,452 47,152,715 - Financial derivative instruments 4,273,844 2,250,618 409,914 5,031,755 24,125,684 406,738 375,184 36,813,200 Cash and cash equivalents 4 78,501,973 25,585,873 6,572,031 43,308,976 307,907,600 19,390,378 5,262,729 489,089,465 Dividends receivable 9,549 7,682 6,854 81,294 36,310 30,354 1,193 183,734 Interest receivable 397,993 - - - 396,594-4,880 769,590 Securities sold receivable - 1,613,279 16,086 6,161,778 38,866 - - 7,830,009 Subscriptions receivable 2,774,210 170,458-325,856 37,693 - - 3,087,823 Other assets 4,928 10,134 14,342 382 102,528 9,806 250 145,567 Total assets 332,369,844 90,466,170 19,269,218 154,364,132 563,557,200 62,577,171 20,628,195 1,246,515,446 Liabilities Financial liabilities at fair value through profit or loss 3 - Financial derivative instruments 7,144,323 1,833,949 178,795 1,300,437 26,486,354 713,604 364,562 37,839,149 Securities purchased payable - - 219,947 2,286,609 23,179 - - 2,529,735 Redemptions payable 8,533,708 194,839 3,813 12,589 64,376-393,644 8,665,472 Performance fee 6 - - - - - - - - Crystallised performance fee payable on redemptions 6-61,287-175,069 15,259 63-251,700 Investment management fee 5 215,422 75,120 12,108 100,207 499,514 43,886 15,824 966,272 Audit fee 10 15,889 14,145 14,145 14,144 14,145 10,114 10,114 98,652 Custodian fee 8 18,074 5,369 5,688 4,591 21,183 3,819 3,570 63,495 Administration fee 7 18,402 8,907 1,131 8,950 28,935 3,979 1,211 71,905 Dividends payable on short sales - 77,305-47,100 542,446 24,769-700,457 Withholding tax due on US dividends 138,812 - - - - - - 127,784 Other expenses 58,723 32,931 8,684 103,490 574,254 10,341 3,250 791,857 Total liabilities (excluding net assets attributable to holders of redeemable participating shares) 16,143,353 2,303,852 444,311 4,053,186 28,269,645 810,575 792,175 52,106,478 Net assets attributable to holders of redeemable participating shares 316,226,491 88,162,318 18,824,907 150,310,946 535,287,555 61,766,596 19,836,020 1,194,408,968 20

Statement of position Investments plc As at 31 December 2014 European Absolute Total Odyssey Fund Giano Fund Orion Fund Naver Fund Swan Fund Return Fund Atlas Fund Company Note USD EUR EUR EUR EUR GBP GBP EUR Assets Financial assets at fair value through profit or loss 3 - Transferable securities 167,932,490 47,114,035 14,906,499 115,728,896 261,071,643 47,639,673 21,501,386 666,696,486 - Collective investment schemes ( CIS ) - - 651,665-20,137,407 1,385,311-22,574,167 - Financial derivative instruments 3,205,878 5,010,125 636,205 3,964,211 36,509,781 1,926,588 489,878 51,883,520 Spot contracts - - 988 - - - - 988 Cash and cash equivalents 4 47,737,949 48,716,265 4,583,827 29,721,396 102,259,347 21,263,164 5,403,758 259,094,623 Dividends and interest receivable 72,982 49,372 8,403 118,849 785,032 43,305 17,568 1,100,409 Securities sold receivable - - 214,869 6,164,412 491,537 - - 6,870,818 Subscriptions receivable 3,000,006 153,164-421,689 3,996,961 265,892 12,008 7,409,148 Other assets 5,401 2,364 29,359 2,057 6,298 7,227 4,367 59,481 Total assets 221,954,706 101,045,325 21,031,815 156,121,510 425,258,006 72,531,160 27,428,965 1,015,689,640 Liabilities Financial liabilities at fair value through profit or loss 3 - Financial derivative instruments 2,785,195 1,780,233 377,732 3,986,905 31,147,558 1,083,408 547,770 41,696,057 Spot contracts 2,245 437-4,581 3,167 990-11,316 Securities purchased payable - - 397,515 - - - - 397,515 Redemptions payable 751,303 68,869 - - 2,608,435 1,510,036 283,543 5,609,372 Performance fee 6 3,671,918 1,148,192 76,595 861,149 6,955,178 32,180 74,489 12,213,076 Investment management fee 5 144,300 82,707 13,229 95,747 344,698 51,946 21,308 750,026 Audit fee 10 19,554 14,010 13,928 14,119 14,553 11,588 9,175 99,525 Custodian fee 8 15,047 5,693 5,056 8,492 14,038 5,191 4,285 57,925 Administration fee 7 28,190 7,237 6,052 11,413 36,302 6,612 4,595 98,742 Dividends payable on short sales - 50,482 16,305 106,828 793,997 31,747 28,567 1,045,332 Withholding tax due on US dividends 138,812 1,967 - - - - - 116,683 Interest payable on short sales 27,513 9,737 8,076 18,936 190,864 23,354 6,169 288,393 Directors fee 9 1,560 669 139 1,055 2,726 502 200 6,782 Other expenses 27,601 18,432 17,223 16,598 37,346 19,243 17,770 160,103 Total liabilities (excluding net assets attributable to holders of redeemable participating shares) 7,613,238 3,188,665 931,850 5,125,823 42,148,862 2,776,797 997,871 62,550,847 Net assets attributable to holders of redeemable participating shares 214,341,468 97,856,660 20,099,965 150,995,687 383,109,144 69,754,363 26,431,094 953,138,793 22

Statement of position (continued) Investments plc As at 31 December 2014 European Absolute Odyssey Fund Giano Fund Orion Fund Naver Fund Swan Fund Return Fund Atlas Fund Note USD EUR EUR EUR EUR GBP GBP Number of redeemable participating shares in issue 12 AUD $ I Class - - - - 4,853.53 - - Euro I Class 164,913.66-25,493.61 267,723.93 1,167,360.75 140,015.53 3,317.48 Euro I R Class - - - - 9,061.91 - - Euro M Class - 137,713.03 11,036.87 660,056.02-2,329.70 - Euro R Class 2,309.51 154,107.41-500.01 526,118.29 130.00 - Euro S Class - - - - - 99,172.00 - GBP I Class 564,363.74-49,712.15 128,176.15 1,114,098.70 184,678.02 64,917.83 GBP I S Class - - - - - - 15,308,046.75 GBP M Class 45,348.41 64,898.07 38,267.72 46,304.18 23,783.04 28,711.53 - GBP M W Class - 152,981.92 - - - 123,770.38 - GBP R Class 9,920.68 105,750.99 - - 23,102.50 1,681.43 - GBP R S Class - - - - - - 78,827.58 GBP S Class - - - - - 79,754.12 - USD I Class 260,567.15-22,825.74 15,322.90 272,248.70 6,009.76 1,660.00 USD I R Class - - - - 64,512.40 - - USD M Class - - - - - 115,403.31 - USD R Class 13,022.78 113,120.77 - - 17,725.85 400.00 - USD S Class - - - - - 43,100.53 - Net asset value per redeemable participating share 16 AUD $ I Class - - - - $105.13 - - Euro I Class 134.88-121.93 124.55 109.69 98.79 102.15 Euro I R Class - - - - 110.08 - - Euro M Class - 135.90 128.01 132.81-99.89 - Euro R Class 112.31 124.19-106.26 108.73 94.02 - Euro S Class - - - - - 98.96 - GBP I Class 150.25-108.41 125.10 109.77 98.14 104.62 GBP I S Class - - - - - - 1.25 GBP M Class 166.94 135.56 128.44 133.41 114.27 99.81 - GBP M W Class - 101.25 - - - 93.77 - GBP R Class 148.07 124.62 - - 114.12 97.92 - GBP R S Class - - - - - - 1.07 GBP S Class - - - - - 99.57 - USD I Class $150.71 - $121.99 $103.43 $109.46 $99.22 $103.86 USD I R Class - - - - $108.97 - - USD M Class - - - - - $99.44 - USD R Class $117.42 $125.44 - - $108.56 $98.88 - USD S Class - - - - - $99.29 - The accompanying notes form an integral part of these statements 23

Statement of comprehensive income Investments plc For the year ended 31 December 2015 European Absolute Total Odyssey Fund Giano Fund Orion Fund Naver Fund Swan Fund Return Fund Atlas Fund Company Note USD EUR EUR EUR EUR GBP GBP EUR Investment income Dividend income 2,048,205 591,925 335,544 2,015,171 1,789,059 670,149 227,496 7,814,174 Interest income 1,457,522 38,692 2,115 36,070 2,564,947 11,058 43,375 4,030,831 Other income 2,124 777 6,168 59,480 2,623 4,461 62,640 163,347 Net gain/(loss) on assets and liabilities at fair value through profit or loss and foreign exchange 3 (48,996,888) 4,367,004 866,043 5,715,181 (50,903,144) (1,023,269) (2,160,682) (88,512,875) Total investment income/(loss) (45,489,037) 4,998,398 1,209,870 7,825,902 (46,546,515) (337,601) (1,827,171) (76,504,523) Expenses Investment management fees 5 2,410,976 918,584 157,019 1,149,969 5,399,030 534,254 220,954 10,838,037 Performance fees 6 557,619 64,296 26,388 271,854 56,454 14,064 452 941,712 Administration fees 7 213,010 72,751 28,540 111,043 300,485 48,924 26,256 808,370 Transaction costs 1,006,720 402,399 79,185 823,642 5,836,927 249,471 9,290 8,406,044 Custodian fees 8 94,043 37,778 33,526 61,191 129,912 22,078 18,923 403,644 Dividend expense on short sales - 11,917 2,029 - - 17,589 19,297 64,730 Audit fees 10 12,184 14,280 7,333 14,171 6,708 8,757 11,170 80,913 Directors' fees 9 13,560 3,551 802 5,992 20,788 2,408 850 47,843 Other expenses 137,919 99,471 58,166 84,925 277,846 60,555 108,904 878,061 Total operating expenses 4,446,031 1,625,027 392,988 2,522,787 12,028,150 958,100 416,096 22,469,354 Fee cap reimbursement 5 - - 14,289 - - - 98 14,424 Operating (loss)/income (49,935,068) 3,373,371 831,171 5,303,115 (58,574,665) (1,295,701) (2,243,169) (98,959,453) Finance costs Interest expense 690,341 38,899 12,768 84,396 833,163 4,325 11,746 1,613,748 (Loss)/profit for the year before taxation (50,625,409) 3,334,472 818,403 5,218,719 (59,407,828) (1,300,026) (2,254,915) (100,573,201) Taxation Withholding tax on dividends 369,664 73,537 85,955 471,047 391,841 52,387 35,849 1,477,142 (Decrease)/increase in net assets attributable to holders of redeemable participating shares (50,995,073) 3,260,935 732,448 4,747,672 (59,799,669) (1,352,413) (2,290,764) (102,050,343) All amounts relate to continuing operations. There were no gains/losses in the year other than the (decrease)/increase in net assets attributable to holders of redeemable participating shares. 24

Statement of comprehensive income Investments plc For the year ended 31 December 2014 European Absolute Total Odyssey Fund Giano Fund Orion Fund Naver Fund Swan Fund Return Fund Atlas Fund Company Note USD EUR EUR EUR EUR GBP GBP EUR Investment income Dividend income 2,471,111 670,277 397,889 2,655,993 8,627,598 1,392,493 283,745 16,291,077 Interest income 1,085,084 8,067 128 5,245 261,496 87,916 5,529 1,207,620 Other income 1,616 372 - - 5,087 - - 6,675 Net gain/(loss) on assets and liabilities at fair value through profit or loss and foreign exchange 3 7,280,147 13,616,020 1,920,386 12,086,878 48,316,901 (3,659,180) 1,341,406 78,545,126 Total investment income/(loss) 10,837,958 14,294,736 2,318,403 14,748,116 57,211,082 (2,178,771) 1,630,680 96,050,498 Expenses Investment management fees 5 1,795,625 799,387 117,777 912,170 3,510,900 691,741 167,385 7,757,531 Performance fees 6 3,827,659 1,194,857 83,081 861,307 7,205,967 32,474 74,775 12,359,430 Administration fees 7 314,008 97,999 71,658 103,165 332,745 112,289 43,431 1,035,088 Transaction costs 2,133,937 203,427 99,094 827,877 808,182 607,699 76,270 4,393,265 Custodian fees 8 100,802 31,750 33,462 47,003 88,052 35,693 16,330 340,674 Dividend and interest expense on short sales 761,418 1,513,885 370,201 2,040,787 15,059,620 1,185,216 156,107 21,221,443 Audit fees 10 19,881 22,135 27,469 17,364 (2,345) 20,539 9,175 116,446 Directors' fees 9 9,334 3,261 776 5,026 12,396 4,589 865 35,250 Other expenses 210,107 95,309 59,751 116,832 304,094 85,794 39,480 889,532 Total operating expenses 9,172,771 3,962,010 863,269 4,931,531 27,319,611 2,776,034 583,818 48,148,659 Fee cap reimbursement - - 114,996 - - - 21,842 142,089 Operating income/(loss) 1,665,187 10,332,726 1,570,130 9,816,585 29,891,471 (4,954,805) 1,068,704 48,043,928 Finance costs Interest expense 364,156 30,529 15,428 32,979 156,006 6,948 4,598 523,374 Profit/(loss) for the year before taxation 1,301,031 10,302,197 1,554,702 9,783,606 29,735,465 (4,961,753) 1,064,106 47,520,554 Taxation Withholding tax on dividends 327,394 21,581 60,770 366,717 577,642 195,307 45,218 1,571,502 Increase/(decrease) in net assets attributable to holders of redeemable participating shares from continuing operations 973,637 10,280,616 1,493,932 9,416,889 29,157,823 (5,157,060) 1,018,888 45,949,052 All amounts relate to continuing operations. There were no gains/losses in the year other than the increase/(decrease) in net assets attributable to holders of redeemable participating shares. The accompanying notes form an integral part of these statements 25

Statement of changes in net assets attributable to holders of redeemable participating shares Investments plc For the year ended 31 December 2015 European Absolute Total Odyssey Fund Giano Fund Orion Fund Naver Fund Swan Fund Return Fund Atlas Fund Company Note USD EUR EUR EUR EUR GBP GBP EUR Net assets attributable to holders of redeemable participating shares at the start of the year 214,341,468 97,856,660 20,099,965 150,995,687 383,109,144 69,754,363 26,431,094 953,138,793 (Decrease)/increase in net assets attributable to holders of redeemable participating shares from continuing operations (50,995,073) 3,260,935 732,448 4,747,672 (59,799,669) (1,352,413) (2,290,764) (102,050,343) Issue of redeemable participating shares 283,104,541 18,125,848 1,760,680 48,989,372 407,615,262 15,617,811 2,162,488 756,210,637 Redemption of redeemable participating shares (130,224,445) (31,081,125) (3,768,186) (54,421,785) (195,637,182) (22,253,165) (6,466,798) (441,856,543) Notional foreign exchange adjustment 2(d)(iii) - - - - - - - 28,966,424 Net assets attributable to holders of redeemable participating shares at the end of the year 316,226,491 88,162,318 18,824,907 150,310,946 535,287,555 61,766,596 19,836,020 1,194,408,968 26

Statement of changes in net assets attributable to holders of redeemable participating shares Investments plc For the year ended 31 December 2014 European Absolute Total Odyssey Fund Giano Fund Orion Fund Naver Fund Swan Fund Return Fund Atlas Fund Company Note USD EUR EUR EUR EUR GBP GBP EUR Net assets attributable to holders of redeemable participating shares at the start of the year 200,418,033 58,360,008 9,155,923 101,209,872 320,649,352 48,407,559-693,007,489 Increase/(decrease) in net assets attributable to holders of redeemable participating shares from continuing operations 973,637 10,280,616 1,493,932 9,416,889 29,157,823 (5,157,060) 1,018,888 45,949,052 Issue of redeemable participating shares 199,240,993 51,945,813 14,824,563 47,701,301 239,029,987 75,540,149 32,654,918 637,683,629 Redemption of redeemable participating shares (186,291,195) (22,729,777) (5,374,453) (7,332,375) (205,728,018) (49,036,285) (7,242,712) (451,200,943) Notional foreign exchange adjustment 2(d)(iii) 27,699,566 Net assets attributable to holders of redeemable participating shares at the end of the year 214,341,468 97,856,660 20,099,965 150,995,687 383,109,144 69,754,363 26,431,094 953,138,793 27

Statement of cash flows Investments plc For the year ended 31 December 2015 European Absolute Total Odyssey Fund Giano Fund Orion Fund Naver Fund Swan Fund Return Fund Atlas Fund Company USD EUR EUR EUR EUR GBP GBP EUR Cash flow from operating activities (Decrease)/increase in net assets attributable to holders of redeemable participating shares from operations (50,995,073) 3,260,935 732,448 4,747,672 (59,799,669) (1,352,413) (2,290,764) (102,050,343) Net changes in operating assets and liabilities Net (increase)/decrease in assets at fair value through profit or loss (79,542,823) (10,954,584) 3,534,464 15,207,261 62,681,222 7,804,939 6,632,121 (4,255,069) Net increase/(decrease) in liabilities at fair value through profit or loss 4,359,128 53,716 (198,937) (2,686,468) (4,661,204) (369,804) (183,208) (3,856,909) Net (increase)/decrease in other receivables 226,269 (1,638,343) 214,788 100,142 4,315,709 263,313 16,125 2,993,519 Net increase/(decrease) in other payables 4,170,987 (965,352) (272,297) 1,673,559 (8,966,462) (1,589,440) 6,078 (11,700,373) (Increase)/decrease in dividends receivable (4,876) 40,395 1,549 31,931 264,711 12,547 14,677 366,586 Increase/(decrease) in dividends payable on short sales - 26,823 (16,305) (59,728) (251,551) (6,978) (28,567) (344,875) (Increase)/decrease in interest receivable (329,685) 1,295-5,624 87,417 405 (3,181) (219,500) Net cash (used in)/provided by operating activities (122,116,072) (10,175,115) 3,995,710 19,019,993 (6,329,827) 4,762,568 4,163,281 (119,066,964) Cash flows from financing activities Issue of redeemable participating shares 283,104,541 18,125,848 1,760,680 48,989,372 407,615,262 15,617,811 2,162,488 756,494,157 Redemption of participating shares (130,224,445) (31,081,125) (3,768,186) (54,421,785) (195,637,182) (22,253,165) (6,466,798) (436,398,780) Net cash from financing activities 152,880,096 (12,955,277) (2,007,506) (5,432,413) 211,978,080 (6,635,354) (4,304,310) 320,095,377 Net increase/(decrease) in cash and cash equivalents 30,764,024 (23,130,392) 1,988,204 13,587,580 205,648,253 (1,872,785) (141,029) 201,028,413 Cash and cash equivalents at the start of the year 47,737,949 48,716,265 4,583,827 29,721,396 102,259,347 21,263,164 5,403,758 259,094,623 Notional foreign exchange adjustment - - - - - - - 28,966,429 Cash and cash equivalents at the end of the year 78,501,972 25,585,873 6,572,031 43,308,976 307,907,600 19,390,378 5,262,729 489,089,465 Net cash and cash equivalents is comprised of the following amounts from the statement of position: Cash and cash equivalents 168,272,857 25,647,945 7,020,313 44,143,158 314,082,571 19,446,992 5,273,812 579,339,949 Bank overdrafts (89,770,884) (62,072) (448,282) (834,182) (6,174,971) (56,614) (11,083) (90,250,484) 78,501,973 25,585,873 6,572,031 43,308,976 307,907,600 19,390,378 5,262,729 489,089,465 Supplementary information: Dividend received 1,673,665 556,816 251,138 1,576,055 1,661,929 864,623 282,689 6,866,915 Dividend paid on short sales - 14,906 (18,334) (59,728) (251,551) (31,519) (63,379) (409,605) Interest received 1,127,838 39,987 2,115 41,694 2,652,364 15,746 55,285 3,935,029 Interest paid (690,341) (38,899) (12,768) (84,396) (833,163) (5,955) (16,172) (1,681,694) 28

Statement of cash flows Investments plc For the year ended 31 December 2014 European Absolute Total Odyssey Fund Giano Fund Orion Fund Naver Fund Swan Fund Return Fund Atlas Fund Company USD EUR EUR EUR EUR GBP GBP EUR Cash flow from operating activities Increase/(decrease) in net assets attributable to holders of redeemable participating shares from operations 973,637 10,280,616 1,493,932 9,416,889 29,157,823 (5,157,060) 1,018,888 45,949,052 Net changes in operating assets and liabilities Net decrease/(increase) in assets at fair value through profit or loss 5,000,069 (2,186,733) (6,813,936) (26,922,116) (41,018,279) (18,671,102) 3,403,801 (92,115,314) Net increase/(decrease) in liabilities at fair value through profit or loss 620,859 367,465 103,053 1,298,066 17,721,767 (139,044) 547,770 20,464,682 Net decrease/(increase) in other receivables 3,511 6,741 (218,668) (4,945,918) 109,482 (5,775) (4,367) (5,058,301) Net (decrease)/increase in other payables (1,849,803) 305,634 307,723 616,435 3,294,217 46,565 137,991 3,360,540 Decrease/(increase) in dividends receivable 20,946 (26,524) (7,778) 2,805 151,175 (17,251) (15,870) 94,361 Increase in dividends payable on short sales - 31,306 16,305 84,926 381,630 31,747 28,567 588,982 (Increase)/decrease in interest receivable 149,760 (370) - (2,154) (478,189) 712 (1,698) (369,208) Cash used in operations 4,918,979 8,778,135 (5,119,369) (20,451,067) 9,319,626 (23,911,208) 5,115,082 (27,085,206) Cash flows from financing activities Issue of redeemable participating shares 196,240,987 51,792,649 14,824,563 47,279,612 235,033,026 75,274,257 7,247,845 599,008,247 Redemption of participating shares (185,539,892) (22,660,908) (5,374,453) (7,332,375) (203,119,583) (47,526,249) (6,959,169) (445,733,313) Net cash from financing activities 10,701,095 29,131,741 9,450,110 39,947,237 31,913,443 27,748,008 288,676 153,274,934 Net increase in cash and cash equivalents 15,620,074 37,909,876 4,330,741 19,496,170 41,233,069 3,836,800 5,403,758 126,189,728 Cash and cash equivalents at the start of the year 32,117,875 10,806,389 253,086 10,225,226 61,026,278 17,426,364-126,565,719 Notional foreign exchange adjustment - - - - - - - 6,339,176 Cash and cash equivalents at the end of the year 47,737,949 48,716,265 4,583,827 29,721,396 102,259,347 21,263,164 5,403,758 259,094,623 Net cash and cash equivalents is comprised of the following amounts from the statement of position: Cash and cash equivalents 48,635,810 48,730,634 4,622,116 29,940,958 102,577,236 21,276,818 5,417,371 260,461,869 Bank overdrafts (897,861) (14,369) (38,289) (219,562) (317,889) (13,654) (13,613) (1,367,246) 47,737,949 48,716,265 4,583,827 29,721,396 102,259,347 21,263,164 5,403,758 259,094,623 Supplementary information: Dividend received 2,136,147 618,290 328,502 2,255,831 8,078,093 1,179,935 222,657 14,628,462 Dividend paid on short sales (93,762) (1,283,070) (235,299) (1,647,221) (11,793,278) (863,442) (98,159) (16,222,239) Interest received 1,234,844 7,697 128 3,091 (216,693) 88,628 3,831 838,412 Interest paid (364,156) (30,529) (15,428) (32,979) (156,006) (6,948) (4,598) (523,374) 29

Notes to the statements For the year ended 31 December 2015 1. General information Investments plc Investments plc (the Company ) is an open ended umbrella investment company with variable capital and with segregated liability between sub-funds with limited liability, incorporated in Ireland on 22 July 2011 under the Companies Act 2014 and the European Communities (Undertakings for Collective Investment in Transferable Securities) Regulations 2015 (the UCITS Regulations ) and is authorised by the Central Bank of Ireland as a UCITS. The Company has obtained approval from the Central Bank of Ireland for the establishment of the sub-funds and active share classes as listed in the table below. Share Classes Sub-fund launch Sub-fund date Odyssey Fund Euro I Class, Euro R Class, GBP I Class, GBP M Class, GBP R Class, USD I Class, USD R 14 October 2011 Class Giano Fund Euro M Class, Euro M W Class, Euro R Class, GBP M Class, GBP M W Class, GBP R 28 October 2011 Class, USD R Class Orion Fund Euro I Class, Euro M Class, GBP I Class, GBP M Class, GBP R Class, USD I Class 18 January 2013 Naver Fund Euro I Class, Euro M Class, Euro R Class, GBP I Class, GBP M Class, GBP R Class, USD I 25 January 2013 Class Swan Fund AUD $ I Class, Euro I Class, Euro I R Class, Euro M Class, Euro R Class, GBP I Class, 8 March 2013 GBP M Class, GBP R Class, NOK I Class, USD I Class, USD I R Class, USD R Class European Absolute Euro I Class, Euro M Class, Euro R Class, Euro S Class, GBP I Class, GBP M Class, GBP 6 December 2013 Return Fund M W Class, GBP R Class, GBP S Class, USD I Class, USD M Class, USD R Class, USD S Class Atlas Fund Euro I Class, GBP I Class, GBP I S Class, GBP M Class, GBP R Class, GBP R S Class, USD I Class 25 April 2014 2. Significant accounting policies (a) Basis of preparation The audited statements of the Company have been prepared in accordance with International Financial Reporting Standards ( IFRS ) as adopted by the European Union and Irish statute comprising the Companies Act 2014 and the UCITS Regulations. The preparation of statements in accordance with IFRS as adopted by the European Union requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the statements and the reported amounts of income and expenses during the year. Actual results could differ from those estimates and these differences could be material. The statements are prepared on a going concern basis and under the historical cost convention, except for the valuation of assets and liabilities at fair value. (b) Standards and amendments to existing standards effective 1 January 2015 IAS 24 Related Party Disclosures The amendment clarifies that a management entity an entity that provides key management personnel services is a related party subject to the related party disclosures. In addition, an entity that uses a management entity is required to disclose the expenses incurred for management services. The amendment must be applied retrospectively and is effective for the years beginning on or after 1 July 2014. The amendment did not have an impact on the Company s position or performance. (c) Standards, interpretations and amendments issued but not yet effective A number of new standards, amendments to standards and interpretations are effective for annual years beginning after 1 January 2016, and have not been applied in preparing these statements. None of these are expected to have a significant effect on the measurement of the amounts recognised in the statements of the Company. IFRS 10, IFRS 12 and IAS 28 Investment Entities: Applying the Consolidation Exception - Amendments to IFRS 10, IFRS 12 and IAS 28 Effective for annual years beginning on or after 1 January 2016. The amendments address issues that have arisen in applying the investment entities exception under IFRS 10. The amendments to IFRS 10 clarify that the exemption (in IFRS 10.4) from presenting consolidated statements applies to a parent entity that is a subsidiary of an investment entity, when the investment entity measures all of its subsidiaries at fair value. Furthermore, the amendments to IFRS 10 clarify that only a subsidiary of an investment entity that is not an investment entity itself and that provides support services to the investment entity is consolidated. All other subsidiaries of an investment entity are measured at fair value. The amendments to IAS 28 allow the investor, when applying the equity method, to retain the fair value measurement applied by the investment entity associate or joint venture to its interests in subsidiaries. The amendment is not expected to have an impact on the Company position or performance. IFRS 9 - Financial instruments - Classification and Measurement IFRS 9, published in July 2014, will replace the existing guidance in IAS 39. It includes revised guidance on the classification and measurement of instruments, including a new expected credit loss model for calculating impairment on assets, and the new general hedge accounting requirements. It also carries forward the guidance on recognition and derecognition of instruments from IAS 39. IFRS 9 is effective for annual reporting periods beginning on or after 1 January 2018, with early adoption permitted. Based on initial assessment, this standard is not expected to have a material impact on the company. 30

Notes to the statements (continued) For the year ended 31 December 2015 Investments plc 2. Significant accounting policies (continued) (c) Foreign currency (i) Functional and presentation currency The functional currency of the Odyssey Fund is U.S. Dollar ( USD ), the functional currency of Giano Fund, Orion Fund, Naver Fund, and Swan Fund is Euro ( EUR ) and the functional currency of European Absolute Return Fund and Atlas Fund is Sterling ( GBP ). The Board of Directors considers the EUR as the currency that most faithfully represents the economic effects of the underlying transactions, events and conditions and therefore, the Company has adopted the EUR as its presentation currency. (ii) Foreign currency translation Assets and liabilities denominated in currencies other than the functional currencies of the sub-funds are translated into the functional currency using exchange rates prevailing at the reporting date. Foreign exchange gains and losses resulting from the settlement of such transactions and from the translation at the reporting date exchange rates of assets and liabilities, denominated in foreign currencies, are recognised in the statement of comprehensive income in the year in which they arise. For all sub-funds of the Company the cost of investment securities expressed in currencies other than the functional currency are translated into the functional currency at the exchange rate prevailing at the purchase date. Transactions in foreign currencies are translated into the functional currency at the exchange rate at the date of the transaction. The portion of realised gains and losses on sale of investments that result from changes in the foreign exchange rates between the date of purchases and sales are included in net gain/(loss) on assets and liabilities at fair value through profit or loss and foreign exchange in the statement of comprehensive income. (iii) Notional foreign exchange adjustment The foreign exchange adjustment arises due to the use of exchange rates at the reporting date to translate sub-funds that have a functional currency that differs to the presentation currency of the Company. The translation of the sub-funds functional currencies into the presentation currency of the Company is recognised separately through the statement of changes in net assets attributable to holders of redeemable participating shares and the statement of cash flows. For the reporting date 31 December 2015, the translation adjustment was a notional gain of EUR 28,966,424 (31 December 2014: notional gain of EUR 27,699,566); which has no impact on the net asset value ( NAV ) of each individual sub-fund. (d) Financial assets and liabilities at fair value through profit or loss (i) Classification The Company classifies its assets and liabilities into the categories below in accordance with IAS 39 Financial Instruments: Recognition and Measurement. o o Financial assets or liabilities held for trading are those acquired or incurred principally for the purpose of selling or repurchasing in the short term. Financial assets and liabilities designated at fair value through profit or loss at inception are those that are managed and their performance evaluated on a fair value basis in accordance with each sub-funds investment strategy. The Company has classified all of its assets and liabilities at fair value through profit or loss as held for trading for the reporting dates 31 December 2015 and 31 December 2014. (ii) Recognition and initial measurement All regular way purchases and sales of instruments are recognised using trade date accounting, the day that the Company commits to purchase or sell the asset. Regular way purchases, or sales, are purchases and sales of assets that require delivery of the asset within a time frame generally established by regulation or convention in the market place. At initial recognition assets and liabilities categorised at fair value through profit or loss are recognised at fair value, with transaction costs for such instruments being recognised directly in the statement of comprehensive income. (iii) Subsequent measurement Subsequent to initial recognition, all instruments classified at fair value through profit or loss, are measured at fair value with changes in their fair value recognised in the statement of comprehensive income. Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date in the principal or, in its absence, the most advantageous market to which the Company has access at that date. The fair value of a liability reflects its non-performance risk. When available, the Company measures the fair value of an instrument using the quoted price in an active market for that instrument. A market is regarded as active if transactions for the asset or liability take place with sufficient frequency and volume to provide pricing information on an ongoing basis. The Company measures instruments quoted in an active market at a last traded price, because this price provides a reasonable approximation of the exit price. If there is no quoted price on an active market, then the Company uses valuation techniques that maximise the use of relevant observable inputs and minimise the use of unobservable inputs. The chosen valuation technique incorporates all of the factors that market participants would take into account in pricing a transaction. 31