Annual Report and Audited Financial Statements

Annual Report and Audited Financial Statements Standard Life Investments ICVC plc For the financial year ended 30 April 2017 Standard Life Investments

Contents Page Directory 2 Background to the Company 3 Report of the Alternative Investment Fund Manager 4 Directors Report 6 Report from the Depositary to the Shareholders 9 Independent Auditors Report to the Members of Standard Life Investments ICVC plc 10 Financial Statements: Statement of Financial Position 12 Statement of Comprehensive Income 14 Statement of Changes in Net Assets Attributable to Redeemable Participating Shareholders 16 Notes to the Financial Statements 18 Schedule of Investments 30 AIFM Regulatory Disclosures (Unaudited) 32 1

Directory Board of Directors Andrew Curtin (Irish)* Jennifer Richards (British) Michael McKenna (Irish) Brendan Bryce (Irish) (appointed 19 October 2016) Stephen Campbell (British) (resigned 19 October 2016) Investment Adviser and Distributor Standard Life Investments Limited 1 George Street Edinburgh EH2 2LL Scotland Alternative Investment Fund Manager Standard Life Investments (Mutual Funds) Limited 1 George Street Edinburgh EH2 2LL Scotland Company Secretary and Registered Office Matsack Trust Limited 70 Sir John Rogerson s Quay Dublin 2 Ireland Administrator BNY Mellon Fund Services (Ireland) Designated Activity Company Guild House Guild Street IFSC Dublin 1 Ireland Depositary BNY Mellon Trust Company (Ireland) Limited Guild House Guild Street IFSC Dublin 1 Ireland Legal Advisors Matheson 70 Sir John Rogerson s Quay Dublin 2 Ireland Independent Auditors KPMG Chartered Accountants 1 Harbourmaster Place International Financial Services Centre Dublin 1 Ireland Registered Number: 456518 *Independent Director 2

Background to the Company Structure Standard Life Investments ICVC plc (the Company ) is an umbrella investment company with segregated liability between sub-funds and variable capital, incorporated in Ireland on 23 April 2008 under registration number 456518. The Company is authorised by the Central Bank of Ireland (the Central Bank ) pursuant to the Companies Act 2014, as amended. The Company was originally structured as a qualifying investor fund comprising of two funds: the No. 1 Fund and the No. 2 Fund. Both the No. 1 Fund and the No. 2 Fund were launched on 30 April 2008 and closed on 10 August 2010. On 11 June 2012, revocation of approval for the No. 1 Fund and the No. 2 Fund was received from the Central Bank. With effect from 11 June 2012, the Company was converted to a non-ucits retail fund, and subsequently converted to a retail alternative investment fund on 4 December 2014. The Company is a retail alternative investment fund for the purposes of the Alternative Investment Fund Managers Directive ( AIFMD ) 2011/61/EU. With effect from 4 December 2014, Standard Life Investments (Mutual Funds) Limited has been appointed by the Company as the Alternative Investment Fund Manager (the "AIFM") to perform portfolio and risk management functions as well as activities related to the assets of the Company. The AIFM is authorised and regulated by the Financial Conduct Authority ( FCA ) in the conduct of its regulated activities in the United Kingdom. The Company is an umbrella fund, which may comprise of different funds, each with one or more classes of shares. At the date of this report, the Company comprises of a single fund, the Global Real Estate Feeder Fund (the Fund ) which was launched on 26 February 2015. The Company has established 19 classes of shares in respect of the Fund. During the financial year ended 30 April 2017 and 30 April 2016, there were 7 active share classes: Class A DKK Shares, Class A DKK Shares (Hedged), Class A EUR Shares, Class A EUR Shares (Hedged), Class A Shares, Class D EUR Shares and Class D EUR Shares (Hedged). Investment Objective The primary objective of the Fund is to provide income, with some capital appreciation over the longer term. The Fund will generally invest all, or substantially all, of its assets in Standard Life Investments Global Real Estate Fund (the "Master Fund"), an open ended authorised property unit trust established in the United Kingdom under the UK Financial Services and Markets Act 2000 and regulated by the FCA. The Fund shall constitute a retail investor fund which invests substantially in another investment fund in accordance with the Central Bank's Alternative Investment Funds Rulebook ( AIF Rulebook ). The investment objective of the Master Fund is to provide income, with some capital appreciation over the longer term, predominantly through investment in global commercial property and property related equities, property investment companies, other property collective investment schemes and cash. The Company is established separately from the Master Fund. However, the Fund is a unitholder in the Master Fund and will participate in the profits and losses of the Master Fund on the same basis as any other unitholder. Other relevant information A full copy of the prospectus is available on request at the registered office of the Company. 3

Report of the Alternative Investment Fund Manager For the financial year ended 30 April 2017 Other than Financial Instruments employed for Efficient Portfolio Management, as described in Note 7, the Fund is entirely invested in the Standard Life Investments Global Real Estate Fund (the "Master Fund"). A review of the performance of the Master Fund is discussed below. Investment Background Like all global markets, sentiment towards real estate during the 12-month period was driven by the improving global economy, diverging interest rates policy and, most notably, politics. Investors had to contend with a referendum in the UK on European Union ( EU ) membership, a raft of elections across Europe and Donald Trump s surprise US presidential win. Despite the uncertainty created by these events, global real estate markets held up relatively well. In the UK, for example, capital value growth turned positive towards the end of the period, as the real estate market began to return to normal after a difficult period following the EU referendum. Investment activity also picked up as sterling weakness attracted overseas investors. The European real estate market also performed well during much of the period. While a sense of political dissatisfaction was a cause for concern, this was not reflected in the region s economic growth or the performance of its real estate market, where occupier fundamentals were strong. Asian real estate markets generally remained attractive, with weaker regional currencies and low interest rates attracting renewed investor interest. Global listed real estate markets were similarly resilient during the period but were understandably subject to periods of volatility. US REITs outperformed following the presidential election, on hopes that potential tax cuts and infrastructure projects will support economic growth in 2017. They subsequently lost some momentum from the post-election rally and underperformed as the period closed. Canadian REITs performed well, led by strength in the Toronto and Vancouver markets, which were boosted by a modest improvement to the economic outlook from a higher oil price. There was divergent performance with European listed real estate markets. While French stocks underperformed because of political risk, particularly ahead of the country s presidential election, German stocks were buoyed by their perceived safe-haven status. Finally, changing expectations around the US economy and the direction of interest rates were the key drivers of Asian listed real estate markets. Investment Activity of the Master Fund We made no direct real estate acquisitions during the 12-month period but there were several significant disposals. Early on, we sold the Master Fund s largest asset, the Ginza building in Japan. The rental growth outlook for Tokyo was somewhat muted and we took the opportunity to crystallise this asset s exceptional performance. Towards the end of the period, we sold the Pavlova building in Prague to Estonian investment company ELL. Following an increase in vacancy rates and a pipeline of further development, we anticipate a period of weakness for the Prague office market, which would have likely impaired this asset s performance going forward. In terms of asset management, we completed the refurbishment of 55 St George s Terrace, Perth, Australia, early in the period. During the subsequent leasing campaign we secured new tenants Spring City and Spectrum Geo and have a further larger letting under offer. Also in our Australian portfolio, we agreed terms to lease the two upper floors at St Kilda Road, Melbourne, to B&K. In Europe, we leased the vacant space at our Barcelona office asset to existing tenant Revlon and currently have two leasing deals under offer at Customs House Plaza, Dublin. In other activity, we focused our efforts on winding down the Master Fund s indirect holdings and anticipate distributions from the Cornerstone & Pradera holdings following a number of recent asset sales in the underlying funds. The manager of the Indian-focused Saffron Fund is close to agreeing an exit from its final exposure. Finally, we used a proportion of the Ginza proceeds to increase our listed real estate exposure in the US and European regions. Latterly, we exited our position in shopping-centre specialist Kleppiere and partially reinvested into Unibail-Rodamco, given the perceived higher quality of the company s underlying portfolio. We also reduced exposure to Japanese developers and repositioned the Master Fund s US holdings, away from retail, towards the industrial sector. Performance of the Master Fund Key drivers of performance during the period were the Master Fund s holding in Barcelona, two Dublin offices and the sale of the Ginza building in Tokyo. The Master Fund s listed portfolio was also accretive to performance. Detractor included the two Perth office buildings which, notwithstanding the recent wave of lettings at 55 St Georges Terrace, continue to experience muted tenant demand. 4

Report of the Alternative Investment Fund Manager (continued) For the financial year ended 30 April 2017 Outlook and Future Strategy for the Master Fund In Continental Europe, expectations have not changed dramatically following the EU referendum. Core markets should produce attractive risk-adjusted returns supported by low development and accommodative monetary policy (albeit these markets are now in the latter stages of the market cycle). Expectations for continued US economic expansion amid low supply growth should drive sturdy growth in cyclical office markets. Gateway office markets continue to attract well-heeled foreign buyers and support pricing. We have held Japan at the top of our Asian House View since Q2 2012 and, while we continue to see an attractive year for returns ahead, Japan will lose its dominant position in Asia. We will continue to evaluate opportunities for direct acquisitions in Europe and will consider long-dated income where we believe there is more value at this point in the cycle. As already noted, we are beginning to research alternative jurisdictions such as Canada. Our listed holdings will continue to mirror those favoured by the listed real estate team, albeit we are unlikely to increase our exposure significantly at this point in the market cycle. Meanwhile, we anticipate that a number of asset sales from our indirect holdings will shortly lead to a return of capital and a reduction in the Master Fund s exposure to this asset type. Finally, we will continue to strive to reduce the Master Fund s void rate, which is derived disproportionately from the two Perth office assets. Standard Life Investments (Mutual Funds) Limited June 2017 5

Directors Report The Directors submit their report together with the annual report and audited financial statements for the financial year ended 30 April 2017 for the Company. Statement of Directors' responsibilities The Directors are responsible for preparing the Directors report and the financial statements in accordance with Irish law. Irish law requires the Directors to prepare financial statements for each financial year. Under that law, the Directors have prepared the financial statements in accordance with Generally Accepted Accounting Practice in Ireland (accounting standards issued by the Financial Reporting Council and promulgated by the Institute of Chartered Accountants in Ireland and Irish law), including Financial Reporting Standard 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland ( FRS 102 ). Under Irish law, the Directors shall not approve the financial statements unless they are satisfied that they give a true and fair view of the Company s assets, liabilities and financial position as at the end of the financial year and the profit or loss of the Company for the financial year. In preparing these financial 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 financial statements have been prepared in accordance with applicable accounting standards and identify the standards in question, subject to any material departures from those standards being disclosed and explained in the Notes to the Financial Statements; and prepare the financial 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 that are sufficient to: correctly record and explain the transactions of the Company; enable, at any time, the assets, liabilities, financial position and profit or loss of the Company to be determined with reasonable accuracy; and enable the Directors to ensure that the financial statements comply with the Companies Act 2014, as amended and enable those financial statements to be audited. The measures taken by the Directors to secure compliance with the Company s obligation to keep adequate accounting records are the use of appropriate systems and procedures and employment of competent persons. To this end, the Directors have appointed BNY Mellon Fund Services (Ireland) Designated Activity Company (the Administrator ) for the purposes of maintaining adequate accounting records. Accordingly, the accounting records are kept at the office of the Administrator at Guild House, Guild Street, International Financial Services Centre, Dublin 1, Ireland. The Directors 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 mitigate this risk by appointing BNY Mellon Trust Company (Ireland) Limited (the Depositary ) as Depositary to the Company. Statement of Directors compliance It is the policy of the Company to comply with its relevant obligations (as defined in the Companies Act 2014, as amended). As required by Section 225(2) of the Companies Act 2014, as amended, the Directors acknowledge that they are responsible for securing the Company s compliance with the relevant obligations. The Directors have drawn up a compliance policy statement as defined in Section 225(3)(a) of the Companies Act 2014, as amended and a compliance policy which refers to the arrangements and structures that are in place and which are, in the Directors opinion, designed to secure material compliance with the Company s relevant obligations. These arrangements and structures were reviewed by the Company during the financial year. In discharging their responsibilities under Section 225 of the Companies Act 2014, as amended, the Directors relied upon, among other things, the services provided, advice and/or representations from third parties whom the Directors believe have the requisite knowledge and experience in order to secure material compliance with the Company s relevant obligations. Review of business and future developments A detailed review of the business and principal activities is included in the Background to the Company and in the Report of the Alternative Investment Fund Manager. The Directors do not anticipate any changes to the investment objective or structure of the Fund. Dividends There will be no dividend distributions in respect of the Fund. Accordingly, income and realised capital gains arising in respect of the Fund will be reinvested in the Fund and reflected in the net asset value per share of the Fund. 6

Directors Report (continued) Results The results for the financial year are set out in the Statement of Comprehensive Income. Risk management objectives and policies The Company's investment risks expose it to various types of risk, which are associated with the financial instruments and the markets in which it invests. Details of the main risks inherent in investing in the Company are disclosed in Note 8 to the Financial Statements. The prospectus of the Company sets out a comprehensive disclosure of the risks inherent in investing in the Company. Corporate governance code The Directors have assessed the measures included in the voluntary Corporate Governance Code for Collective Investment Schemes and Management Companies as published by the Irish Funds in December 2011 (the "IF Code"). The Directors have adopted all corporate governance practices and procedures in the IF Code. The IF Code can be obtained from the IF website at http://www.irishfunds.ie. The Company is also subject to corporate governance practices imposed by: i) the Companies Acts which can be obtained from the Irish Statute book website at www.irishstatutebook.ie; and ii) the Central Bank in their AIF Rulebook which can be obtained from the Central Bank's website at http://www.centralbank.ie/regulation/industry-sectors/funds/pages/default.aspx. Connected person transactions In accordance with the requirements of paragraph 1 of section 1.viii Dealings by management company, general partner, depositary, AIFM, investment manager or by delegates or group companies of these of the AIF Rulebook, all transactions carried out with the Company by the Investment Adviser, the Depositary and/or their associated or group companies ( connected persons ) must be carried out as if negotiated at arm s length and be in the best interests of shareholders. The Directors are satisfied that there are arrangements in place (evidenced by written procedures) to ensure that these obligations are applied to all transactions with connected persons and that transactions with connected persons entered into during the current or prior financial year complied with these obligations. Statement on relevant audit information So far as the Directors are aware, there is no relevant audit information of which the statutory auditors are unaware. The Directors have taken all steps that they ought to have taken to make themselves aware of any relevant audit information and they have established that the statutory auditors are aware of that information. Directors The names of the persons who were Directors at any time during the financial year ended 30 April 2017 are set out below: Andrew Curtin (Irish)* Jennifer Richards (British) Michael McKenna (Irish) Brendan Bryce (Irish) (appointed 19 October 2016) Stephen Campbell (British) (resigned 19 October 2016) *Independent Director All the current Directors serve in a non-executive capacity and held office for the full financial year other than as noted above. Directors and Secretary s interests None of the Directors, the Secretary or their families hold any interest in the shares of the Company as at 30 April 2017 other than 2 subscriber shares which are held by Directors Brendan Bryce and Jennifer Richards (30 April 2016: Stephen Campbell and Jennifer Richards). Independent auditors Due to a change of auditor at Standard Life, PricewaterhouseCoopers has resigned as auditor to the Company with effect from 31 March 2017. In line with Standard Life s group audit arrangements, the Directors have appointed KPMG. KPMG has indicated its willingness to take up this office in accordance with Section 383(2) of the Companies Act 2014, as amended. 7

Directors Report (continued) Significant events Effective 19 October 2016, Stephen Campbell resigned as a Director of the Company and Brendan Bryce was appointed as a Director of the Company. Accordingly on the same date, the subscriber share previously held by Stephen Campbell was transferred to Brendan Bryce. There were no other significant events affecting the Company during the financial year. Subsequent events On 14 August 2017, Standard Life plc and Aberdeen Asset Management Plc completed a merger to form Standard Life Aberdeen plc. There have been no other significant events affecting the Company since the financial year end. Director Director 20 September 2017 20 September 2017 8

Report from the Depositary to the Shareholders Dated 20 September 2017 For the period from 1 May 2016 to 30 April 2017 (the Period ) BNY Mellon Trust Company (Ireland) Limited (the Depositary, us, we, or our ), in its capacity as depositary to Global Real Estate Feeder Fund (the AIF ), has enquired into the conduct of Standard Life Investments (Mutual Funds) Limited as the authorised alternative investment fund manager (the AIFM ) in respect of the AIF, and the AIF for the Period. This report, including the opinion, has been prepared solely for the shareholders in the AIF in accordance with the Central Bank s AIF Rulebook (the AIF Rulebook ) and for no other purpose. We do not, in giving this opinion, accept or assume responsibility for any other purpose or to any other person to whom this report is shown. Responsibilities of the Depositary Our duties and responsibilities are outlined in: (i) the AIF s constitutional documents; (ii) the investment fund legislation, as defined in the AIF Rulebook, and (iii) the European Union (Alternative Investment Fund Managers) Regulations 2013, 1 Directive 2011/61/EU, Commission Regulation No. 231 of 2013, and the AIF Rulebook. One of those duties is to enquire into the conduct of the AIFM and the AIF in each annual accounting period and report thereon to the shareholders. Our report must state whether, in our opinion, the AIF has been managed in the Period in accordance with specified requirements of the investment fund legislation and the AIF Rulebook, as appropriate, and it is the overall responsibility of the AIFM and the AIF to comply with these provisions. If the AIFM or the AIF has not so complied, we, as Depositary, must state why we consider this to be the case and detail the actions which we have undertaken to rectify matters. Basis of Depositary opinion The Depositary conducts such reviews as it, in its reasonable opinion, considers necessary in order to comply with its duties as outlined in the AIF s constitutional documents and the investment fund legislation, and to ensure that, in all material respects, the AIF has been managed: (a) in accordance with the limitations imposed on the investment and borrowing powers of the authorised AIF by the constitutional document and by the Central Bank under the powers granted to the Central Bank by the investment fund legislation; and (b) otherwise in accordance with the provisions of the constitutional document and the investment fund legislation. Opinion In our opinion, the AIF has been managed during the Period in all material respects: (a) in accordance with the limitations imposed on the investment and borrowing powers of the authorised AIF by the constitutional document and by the Central Bank under the powers granted to the Central Bank by the investment fund legislation; and (b) otherwise in accordance with the provisions of the constitutional document and the investment fund legislation. For and on behalf of BNY Mellon Trust Company (Ireland) Limited Guild House, Guild Street, IFSC, Dublin 1. 1 S.I. No. 257 of 2013. 9

Independent Auditors Report to the Members of Standard Life Investments ICVC plc We have audited the financial statements of Standard Life Investments ICVC plc ( the Company ) for the financial year ended 30 April 2017 which comprise the Statement of Financial Position, the Statement of Comprehensive Income, the Statement of Changes in Net Assets Attributable to Redeemable Participating Shareholders and the related notes. The financial reporting framework that has been applied in their preparation is Irish law and FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland. Our audit was conducted in accordance with International Standards on Auditing (ISAs) (UK and Ireland). Opinions and conclusions arising from our audit 1 Our opinion on the financial statements is unmodified In our opinion the financial statements: give a true and fair view of the assets, liabilities and financial position of the Company as at 30 April 2017 and of its changes in net assets attributable to holders of redeemable participating shares for the financial year then ended; have been properly prepared in accordance with FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland; and have been properly prepared in accordance with the requirements of the Companies Act 2014, as amended. 2 Our conclusions on other matters on which we are required to report by the Companies Act 2014, as amended are set out below We have obtained all the information and explanations which we consider necessary for the purposes of our audit. In our opinion the accounting records of the Company were sufficient to permit the financial statements to be readily and properly audited and the financial statements are in agreement with the accounting records. In our opinion the information given in the Directors Report is consistent with the financial statements. 3 We have nothing to report in respect of matters on which we are required to report by exception ISAs (UK & Ireland) require that we report to you if, based on the knowledge we acquired during our audit, we have identified information in the annual report that contains a material inconsistency with either that knowledge or the financial statements, a material misstatement of fact, or that is otherwise misleading. In addition, the Companies Act 2014, as amended requires us to report to you if, in our opinion, the disclosures of directors remuneration and transactions required by sections 305 to 312 of the Act are not made. Basis of our report, responsibilities and restrictions on use As explained more fully in the Statement of Directors Responsibilities set out on page 6, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view and otherwise comply with the Companies Act 2014, as amended. Our responsibility is to audit and express an opinion on the financial statements in accordance with Irish law and International Standards on Auditing (UK and Ireland). Those standards require us to comply with the Financial Reporting Council s Ethical Standards for Auditors. An audit undertaken in accordance with ISAs (UK & Ireland) involves obtaining evidence about the amounts and disclosures in the financial statements sufficient to give reasonable assurance that the financial statements are free from material misstatement, whether caused by fraud or error. This includes an assessment of: whether the accounting policies are appropriate to the Company s circumstances and have been consistently applied and adequately disclosed; the reasonableness of significant accounting estimates made by the directors; and the overall presentation of the financial statements. In addition, we read all the financial and non-financial information in the Annual Report to identify material inconsistencies with the audited financial statements and to identify any information that is apparently materially incorrect based on, or materially inconsistent with, the knowledge acquired by us in the course of performing the audit. If we become aware of any apparent material misstatements or inconsistencies we consider the implications for our report. Whilst an audit conducted in accordance with ISAs (UK & Ireland) is designed to provide reasonable assurance of identifying material misstatements or omissions it is not guaranteed to do so. Rather the auditor plans the audit to determine the extent of testing needed to reduce to an appropriately low level the probability that the aggregate of uncorrected and undetected misstatements does not exceed materiality for the financial statements as a whole. This testing requires us to conduct significant audit work on a broad range of assets, liabilities, income and expense as well as devoting significant time of the most experienced members of the audit team, in particular the engagement partner responsible for the audit, to subjective areas of the accounting and reporting. 10

Independent Auditors Report to the Members of Standard Life Investments ICVC plc (continued) Basis of our report, responsibilities and restrictions on use (continued) Our report is made solely to the Company s members, as a body, in accordance with section 391 of the Companies Act 2014, as amended. Our audit work has been undertaken so that we might state to the Company s members those matters we are required to state to them in an auditor s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company s members as a body, for our audit work, for this report, or for the opinions we have formed. 20 September 2017 Hubert Crehan for and on behalf of KPMG Chartered Accountants, Statutory Audit Firm 1 Harbourmaster Place IFSC Dublin 1 11

Statement of Financial Position As at 30 April 2017 Global Real Estate Feeder Fund Total Company Notes 30 April 2017 Assets Cash at bank 1 (h) 41,845 41,845 Financial assets at fair value through profit or loss 1 (c) 2,938,086 2,938,086 Due from Investment Adviser 59,682 59,682 Total assets 3,039,613 3,039,613 Liabilities (due within one year) Financial liabilities at fair value through profit or loss 1 (c) (13,892) (13,892) Investment management fees payable 1 (d), 2 (31,934) (31,934) Administration fees payable 1 (d), 2 (136,760) (136,760) Depositary fees payable 1 (d), 2 (115,026) (115,026) Directors' fees payable 1 (d), 2 (10,802) (10,802) Audit fees payable 1 (d), 2 (20,312) (20,312) Other expenses payable 1 (d) (6,926) (6,926) Total liabilities (excluding net assets attributable to redeemable participating shareholders) (335,652) (335,652) Net assets attributable to redeemable participating shareholders 2,703,961 2,703,961 Shares outstanding Class A DKK Shares 174,959 Class A DKK Shares (Hedged) 60,554 Class A EUR Shares 100 Class A EUR Shares (Hedged) 500 Class A Shares 100 Class D EUR Shares 100 Class D EUR Shares (Hedged) 500 Net asset value per share Class A DKK Shares 97.59 Class A DKK Shares (Hedged) 109.17 Class A EUR Shares 9.83 Class A EUR Shares (Hedged) 11.01 Class A Shares 11.40 Class D EUR Shares 10.00 Class D EUR Shares (Hedged) 11.21 The accompanying notes form an integral part of these financial statements. These financial statements have been approved on behalf of the Board of Directors by: Director Director 20 September 2017 20 September 2017 12

Statement of Financial Position As at 30 April 2016 Global Real Estate Feeder Fund Total Company Notes 30 April 2016 Assets Cash at bank 1 (h) 202,977 202,977 Financial assets at fair value through profit or loss 1 (c) 24,887,350 24,887,350 Securities sold receivable 188,560 188,560 Due from Investment Adviser 7,185 7,185 Other receivables 780 780 Total assets 25,286,852 25,286,852 Liabilities (due within one year) Financial liabilities at fair value through profit or loss 1 (c) (144,652) (144,652) Redemptions payable (189,143) (189,143) Securities purchased payable (141) (141) Investment management fees payable 1 (d), 2 (73,620) (73,620) Administration fees payable 1 (d), 2 (80,506) (80,506) Depositary fees payable 1 (d), 2 (62,707) (62,707) Directors' fees payable 1 (d), 2 (17,709) (17,709) Audit fees payable 1 (d), 2 (27,231) (27,231) Total liabilities (excluding net assets attributable to redeemable participating shareholders) (595,709) (595,709) Net assets attributable to redeemable participating shareholders 24,691,143 24,691,143 Shares outstanding Class A DKK Shares 1,454,425 Class A DKK Shares (Hedged) 898,217 Class A EUR Shares 100 Class A EUR Shares (Hedged) 500 Class A Shares 100 Class D EUR Shares 100 Class D EUR Shares (Hedged) 500 Net asset value per share Class A DKK Shares 97.84 Class A DKK Shares (Hedged) 103.37 Class A EUR Shares 9.84 Class A EUR Shares (Hedged) 10.40 Class A Shares 10.54 Class D EUR Shares 9.92 Class D EUR Shares (Hedged) 10.50 The accompanying notes form an integral part of these financial statements. 13

Statement of Comprehensive Income For the financial year ended 30 April 2017 Global Real Estate Feeder Fund Total Company Income Net gain on financial assets and financial liabilities at fair value through profit or loss 1 (c), 3 3,890,108 3,890,108 Total net gain 3,890,108 3,890,108 Expenses Investment management fees 1 (d), 2 (247,609) (247,609) Administration fees 1 (d), 2 (67,254) (67,254) Depositary fees 1 (d), 2 (52,319) (52,319) Directors' fees 1 (d), 2 (15,154) (15,154) Audit fees 1 (d), 2 (26,547) (26,547) Other expenses 1 (d) (11,318) (11,318) Total expenses (420,201) (420,201) Reimbursement due from Investment Adviser 2 87,685 87,685 Net expenses after reimbursement due from Investment Adviser (332,516) (332,516) Increase in net assets attributable to redeemable participating shareholders from operations 3,557,592 3,557,592 All gains and losses have been recognised in the Statement of Comprehensive Income and arise from continuing operations. The accompanying notes form an integral part of these financial statements. 14

Statement of Comprehensive Income For the financial year ended 30 April 2016 Global Real Estate Feeder Fund Total Company Income Net gain on financial assets and financial liabilities at fair value through profit or loss 1 (c), 3 2,536,911 2,536,911 Total net gain 2,536,911 2,536,911 Expenses Investment management fees 1 (d), 2 (431,823) (431,823) Administration fees 1 (d), 2 (68,496) (68,496) Depositary fees 1 (d), 2 (53,352) (53,352) Directors' fees 1 (d), 2 (15,067) (15,067) Audit fees 1 (d), 2 (51,604) (51,604) Other expenses 1 (d) (4,551) (4,551) Total expenses (624,893) (624,893) Reimbursement due from Investment Adviser 2 50,214 50,214 Net expenses after reimbursement due from Investment Adviser (574,679) (574,679) Increase in net assets attributable to redeemable participating shareholders from operations 1,962,232 1,962,232 All gains and losses have been recognised in the Statement of Comprehensive Income and arise from continuing operations. The accompanying notes form an integral part of these financial statements. 15

Statement of Changes in Net Assets Attributable to Redeemable Participating Shareholders For the financial year ended 30 April 2017 Global Real Estate Feeder Fund Total Company 30 April 2017 30 April 2017 Net assets attributable to redeemable participating shareholders at beginning of financial year 24,691,143 24,691,143 Increase in net assets attributable to redeemable participating shareholders from operations 3,557,592 3,557,592 Proceeds from redeemable participating shares issued 314,718 314,718 Cost of redeemable participating shares redeemed (25,859,492) (25,859,492) Net assets attributable to redeemable participating shareholders at end of financial year 2,703,961 2,703,961 The accompanying notes form an integral part of these financial statements. 16

Statement of Changes in Net Assets Attributable to Redeemable Participating Shareholders For the financial year ended 30 April 2016 Global Real Estate Feeder Fund Total Company 30 April 2016 30 April 2016 Net assets attributable to redeemable participating shareholders at beginning of financial year 16,669,459 16,669,459 Increase in net assets attributable to redeemable participating shareholders from operations 1,962,232 1,962,232 Proceeds from redeemable participating shares issued 13,825,943 13,825,943 Cost of redeemable participating shares redeemed (7,766,491) (7,766,491) Net assets attributable to redeemable participating shareholders at end of financial year 24,691,143 24,691,143 The accompanying notes form an integral part of these financial statements. 17

Notes to the Financial Statements 1. Significant accounting policies The significant accounting policies adopted by the Company and its fund, the Global Real Estate Feeder Fund (the Fund ) are as follows: a) Statement of compliance of financial statements The financial statements for the financial year ended 30 April 2017 have been prepared in accordance with FRS 102 and Irish statute comprising the Companies Act 2014, as amended and the AIF Rulebook. b) Basis of preparation The format and certain wordings of the financial statements have been adapted from those contained in the Companies Act 2014, as amended, as well as the particular requirements of Sections 3 to 6 of FRS 102. The financial statements have been prepared on a going concern basis which assumes that the Fund and the Company will continue in operational existence for the foreseeable future. The financial statements are prepared under the historical cost convention with the exception of financial assets and financial liabilities held at fair value through profit or loss that have been measured at fair value. The Company has availed of the exemption available to investment funds under FRS 102, Section 7 Statement of Cash Flows not to prepare a cash flow statement. c) Financial assets and liabilities at fair value through profit or loss Under FRS 102, in accounting for all of its financial instruments, an entity is required to apply either (a) the full requirements of Section 11 Basic Financial Instruments and Section 12 Other Financial Instruments Issues of FRS 102, (b) the recognition and measurement provisions of International Accounting Standards 39 Financial Instruments: Recognition and Measurement ( IAS 39 ) as adopted for use in the European Union and the disclosure requirements of Sections 11 and 12 of FRS 102, or (c) the recognition and measurement provisions of International Financial Reporting Standards 9 Financial Instruments and the disclosure requirements of Sections 11 and 12 of FRS 102. The Company has elected to apply the recognition and measurement provisions of IAS 39 and the disclosure requirements of Sections 11 and 12 of FRS 102. Classification The Company classifies its investments as financial assets and financial liabilities at fair value through profit or loss. These financial assets and financial liabilities are either classified as held for trading or designated by the Directors at fair value through profit or loss at inception. Recognition and de-recognition The Company recognises a financial asset or financial liability when, and only when, the Company becomes a party to the contractual provisions of the instrument. Investment transactions are accounted for on the trade date (the date on which an order to buy or sell is executed). Financial assets are derecognised when the rights to receive cash flows from the investments have expired or have been transferred and the Company has transferred substantially all risks and rewards of ownership. Financial liabilities are derecognised when the obligation specified in the contract is discharged, cancelled or expires. Measurement Financial assets and financial liabilities at fair value through the profit or loss are initially recognised at fair value. Subsequent to initial recognition, financial assets and financial liabilities are classified as financial assets and financial liabilities at fair value through profit or loss. The estimation of fair value after initial recognition is determined as follows: (i) Units of Standard Life Investments Global Real Estate Fund (the Master Fund ) are valued at the last available net asset value for such units on the relevant valuation day as published by the administrator of the Master Fund. The Company will rely on valuations received by it from the administrator of the Master Fund. Where such prices are not available or are subject to change for any reason, the assets of the Master Fund, and in turn the price of units in the Master Fund, may be valued at their probable realisation values estimated with care and in good faith by Standard Life Investments (Mutual Funds) Limited (the AIFM ). (ii) Forward foreign currency contracts are fair valued by an independent price source by reference to the price at which a new forward contract of the same size and maturity could be undertaken. 18

Notes to the Financial Statements (continued) 1. Significant accounting policies (continued) c) Financial assets and liabilities at fair value through profit or loss (continued) Net gain/(loss) on financial assets and financial liabilities at fair value through profit or loss Unrealised gains and losses arising from changes in the fair value of financial instruments are included in the Statement of Comprehensive Income in the financial year in which they arise. The unrealised gain or loss on open forward foreign currency contracts is calculated as the difference between the contracted rate and the rate to close out the contract and the changes in unrealised gains or losses are included as part of net gain/(loss) on financial assets and financial liabilities at fair value through profit or loss. Realised gains and losses on disposals are calculated using the average cost method and are also included in net gain/(loss) on financial assets and financial liabilities at fair value through profit or loss in the Statement of Comprehensive Income as are the net results on forward foreign currency contracts which have been settled during the financial year or offset by other contracts. d) Income and expenses Dividend income is recognised when distributions from the Master Fund are declared ex-dividend. Dividend income is shown gross of any non-recoverable withholding tax, which is disclosed separately in the Statement of Comprehensive Income, if applicable. Interest income is included in the Statement of Comprehensive Income as a component of net gain/(loss) on financial assets and financial liabilities at fair value through profit or loss. The distribution policy for the Fund is stated overleaf. Expenses and related reimbursement are accounted for on an accruals basis. Expenses directly attributable to a class of share are paid out of the assets of the Fund attributable to the relevant class and debited as an expense against the net asset value of each class of shares. Please refer to Note 2 to the Financial Statements for further information on the fees and expenses of the Fund. e) Functional and presentation currency Items included in the Company s financial statements are measured using the currency of the primary economic environment in which the Fund operates (the functional currency ). In accordance with FRS 102, Section 30 Foreign Currency Translation, the functional currency of the Fund has been evaluated by the Directors in the current financial year. The functional currency and presentation currency of the Fund and the Company is the Great British Pound ( ). f) Foreign exchange Assets and liabilities on the Statement of Financial Position are translated at the closing exchange rate applicable at the financial year end date. Income and expenses in the Statement of Comprehensive Income and subscriptions and redemptions in the Statement of Changes in Net Assets Attributable to Redeemable Participating Shareholders are translated at the actual exchange rate on the date of the transaction. The financial year end and average exchange rates against are shown below: 30 April 2017 Average Year end Euro 1.1840 1.1830 Danish Krone 8.8071 8.7994 30 April 2016 Average Year end Euro 1.3556 1.2801 Danish Krone 10.1123 9.5277 g) Redeemable participating shares Redeemable participating shares are redeemable at the shareholders option and are classified as financial liabilities. Shareholders may request the Fund to redeem their shares on, and with effect from, any dealing day at the net asset value per share less any applicable duties and charges on such dealing day (subject to such adjustments, if any, as may be specified including, without limitation, any adjustment required for redemption charges). During the financial year ended 30 April 2017 and 30 April 2016, there were no adjustments for redemption charges or any applicable duties. Please refer to Note 8 to the Financial Statements for further information on redemption restrictions that may impact the Fund. h) Cash at bank and bank overdrafts Cash and cash equivalents and bank overdrafts are carried at amortised cost, which approximates to fair value on the reporting date. All cash balances and bank overdrafts are held with BNY Mellon Trust Company (Ireland) Limited (the Depositary ) as at 30 April 2017 and 30 April 2016. 19

Notes to the Financial Statements (continued) 1. Significant accounting policies (continued) i) Dividend distribution policy The Articles of Association empower the Directors to declare dividends in respect of any shares out of net income (including dividend and interest income) of the Company and the excess of realised and unrealised capital gains over realised and unrealised capital losses in respect of investments of the Company. However, in practice, the Directors do not expect to declare dividends out of capital of the Company and will only declare them in respect of net income. Dividend distributions, if any, are recognised as finance costs when declared in the Statement of Comprehensive Income. Currently the Directors anticipate that there will be no dividend distributions in respect of the Fund. Accordingly, income and realised capital gains arising in respect of the Fund will be re-invested in the Fund. j) Transaction costs Transaction costs are costs incurred to acquire financial assets or financial liabilities at fair value through profit or loss. They include the bid-ask spread, fees and commissions paid to agents, advisers, brokers and dealers. Transaction costs, when incurred, are immediately recognised in the Statement of Comprehensive Income as an expense. During the financial year ended 30 April 2017 and 30 April 2016, there were no transaction costs incurred in relation to the purchase and sale of investments in the Master Fund or in relation to the Fund s trading in forward foreign currency contracts. k) Accounting estimates and judgements The preparation of financial statements requires the use of certain critical accounting estimates. It also requires management to exercise its judgement in the process of applying the Company's accounting policies. The estimates and associated judgements are based on historical experience and various other factors that are believed to be reasonable under the circumstances, the results of which form the basis of making the judgements about carrying values of assets and liabilities that are not readily apparent from other sources. Actual results may differ from these estimates. Management makes estimates and assumptions concerning the future. The resulting accounting estimates will, by definition, seldom equal the actual results. l) Going concern The Company s management has made an assessment of the Company s ability to continue as a going concern and is satisfied that the Company has the resources to continue in business for the foreseeable future. Therefore, the financial statements of the Company continue to be prepared on a going concern basis. 2. Operating expenses Directors fees The Directors are entitled to a fee as remuneration for their services as Directors at a rate to be determined from time to time by the Directors and which shall accrue daily and be payable annually in arrears. The aggregate amount of Directors remuneration in any one financial year shall not exceed EUR 75,000. It is expected that the aggregate amount of Directors current remuneration will be approximately EUR 25,000 per annum but may be increased to EUR 75,000 without notice to the shareholders. Directors fees incurred during the financial year and payable at the financial year end are disclosed in the Statement of Comprehensive Income and Statement of Financial Position, respectively. Audit fees PricewaterhouseCoopers has resigned as auditor to the Company and KPMG were appointed as auditor to the Company with effect from 31 March 2017. The audit fees in respect of the financial year ended 30 April 2017 were 17,155 (30 April 2016: 25,174) which relate to the statutory audit of the financial statements of the Company. The statutory audit fees are exclusive of VAT, out-of-pocket expenses and any over/under accrual that is reflected in the expense is included in the Statement of Comprehensive Income. There were no fees incurred in respect of other assurance, tax advisors, or non-audit services during the current or prior financial year. Investment management fees The Company pays Standard Life Investments Limited (the Investment Adviser ) an investment management fee, out of the assets of the Fund, of 1.75% per annum in respect of Class A shares and 0.90% per annum in respect of Class D shares of the average daily net asset value of the Fund accruing daily and payable monthly in arrears. The Company also reimburses the Investment Adviser for its reasonable out-of-pocket expenses. Investment management fees incurred during the financial year and payable at the financial year end are disclosed in the Statement of Comprehensive Income and Statement of Financial Position, respectively. 20