JAR Capital Semi-Annual Report as of March 31, 2018

JAR Capital Semi-Annual Report as of March 31, 2018 Société d Investissement à Capital Variable R.C.S. Lux B 193.403 Administrative Agent:

JAR Capital Table of Contents Organisation 3 Report of the Board of Directors 4 Derivative Exposure 4 Risk Management 5 Remuneration Policy of the Management Company 5 Combined Statement of Net Assets 6 Combined Statement of Changes in Net Assets 7 JAR Capital Sustainable Income UI Fund Structure 8 Statement of Net Assets 9-11 Derivatives 12 Statement of Changes in Net Assets 13 Statistical Information 14-17 JAR ESG HY Fund UI Fund Structure 18 Statement of Net Assets 19-21 Statement of Changes in Net Assets 22 Statistical Information 23-24 Notes to the Financial Statements 25-28 2

JAR Capital Organisation Company Depositary Bank, Paying Agent, Registrar and Transfer Agent JAR Capital R.C.S. Lux B 193.403 15, rue de Flaxweiler, L - 6776 Grevenmacher Board of Directors of the Company Chairman of the Board of Directors State Street Bank Luxembourg S.C.A. 49, avenue John F. Kennedy, L - 1855 Luxembourg Facilities Agent ZEIDLER LEGAL SERVICES (UK) Limited Aldgate Tower, 4th Floor, 2 Leman Street, London E1 8FA, United Kingdom Peter Young Group Head of Legal at JAR Group Members of the Board Portfolio Manager und Distributor JAR Capital Limited 50 Jermyn Street, London SW1Y 6LX, United Kingdom Marc-Oliver Scharwath Representative in Switzerland Managing Director of Universal-Investment-Luxembourg S.A. 1741 Fund Solutions AG Armin Clemens Burggraben 16, CH - 9000 St. Gallen Head of Portfolio Management of Universal-Investment-Luxembourg S.A. Paying Agent in Switzerland Management Company, Domiciliary and Corporate Agent Notenstein La Roche Privatbank AG Universal-Investment-Luxembourg S.A. Bohl 17, CH - 9004 St. Gallen R.C.S. Lux B 75.014 15, rue de Flaxweiler, L - 6776 Grevenmacher Réviseur d Entreprises agréé KPMG Luxembourg, Société coopérative Cabinet de révision agréé 39, avenue John F. Kennedy, L - 1855 Luxembourg 3

JAR Capital Report of the Board of Directors Dear Shareholders, With this report, we would like to give you an overview of the general economic environment and the performance of JAR Capital and its respective sub-funds JAR Capital Sustainable Income UI and JAR ESG HY Fund UI. JAR Capital is organised in Luxembourg as a société d investissement à capital variable ( SICAV ) and qualifies as a collective investment undertaking under Part I of the Luxembourg law of December 17, 2010. The Company was established on December 9, 2014 for an indefinite duration. JAR Capital has the structure of an umbrella fund. The reference currency of the Company is Euro (EUR). The sub-fund JAR ESG HY Fund UI and the share class P (ISIN: LU1736823441) were launched on February 5, 2018. The share class R (ISIN: LU1736823367) was launched on February 6, 2018. As at March 31, 2018, the net asset value and the performance of the share price of the sub-fund during the reporting period were as follows: Share class ISIN Net asset value of the share class in currency Performance of the share price in % JAR Capital Sustainable Income UI - D EUR LU1112873689 49,259,238.69-1.69 JAR Capital Sustainable Income UI - D USD LU1112873846 4,874,106.76 0.09 *) JAR Capital Sustainable Income UI - R EUR LU1231245298 1,632,705.96-1.97 *) JAR Capital Sustainable Income UI - I EUR LU1231245611 2,554,091.38-1.60 *) JAR ESG HY Fund UI - R (since February 6, 2018) LU1736823367 4,966,650.62-0.67 JAR ESG HY Fund UI - P (since February 5, 2018) LU1736823441 24,847,621.56-0.61 *) Performance was recalculated by considering the following distributions: ex-date December 19, 2017 and value date December 22, 2017 JAR Capital Sustainable Income UI - D USD JAR Capital Sustainable Income UI - R EUR JAR Capital Sustainable Income UI - I EUR USD 3.18 per share EUR 3.05 per share EUR 3.17 per share Derivative Exposure The table below shows the derivative exposure as per March 31, 2018: Sub-fund Derivative exposure in % JAR Capital Sustainable Income UI 9.73 JAR ESG HY Fund UI 0.00 4

JAR Capital Risk Management JAR Capital Sustainable Income UI When determining the global risk exposure of the fund, the management company uses the value-at-risk calculation as its risk management procedure for the sub-fund JAR Capital Sustainable Income UI in agreement with Article 16 of the articles of incorporation and in accordance with CSSF circulars (11/512). The relative value-at-risk method has been used for the fund. During the period from October 1, 2017 until March 31, 2018 the relative VaR approach has been used for monitoring and measuring the global risk associated with derivatives. The derivative free reference portfolio is 50% Bloomberg EUR High Yield Corporate Bond Index and 50% Bloomberg EUR High Yield Corporate Bond Index 10+ Year. The VaR of the sub-fund is set in relation to the VaR of the reference portfolio and should not exceed 100% VaR limit utilization. The VaR is calculated based on a historical simulation and the following parameterization 99% confidence level, 1-day holding period and 1-year observation period. The following utilizations of VaR limits have been calculated during the reporting period: Minimum: 55.65% Maximum: 140.17% Average: 83.35% The leverage is calculated in accordance with the sum of notional approach and guidelines specified in CESR/10-788. Hedging and netting effects are not considered in the calculation. Therefore an unleveraged portfolio results in a leverage of 100%. The average leverage during the reporting period was 115.47%. JAR ESG HY Fund UI The global risk on derivatives has been determined according to the commitment approach during the reporting period from February 5, 2018 until March 31, 2018. The sum of these underlying equivalents must not exceed the net asset value of the sub-fund JAR ESG HY Fund UI. Remuneration Policy of the Management Company The fees of the employees are specified as follows (as of September 30, 2017): Total of paid remuneration thereof fixed fee thereof variable fee Number of employees Amount of paid carried Interest Total of paid fee to Risktaker thereof Executive Managers thereof other Risktaker The remuneration policy is compliant with the requirements of the Management Company. 4.20 Mio. EUR 3.89 Mio. EUR 0.31 Mio. EUR 45.41 FTE n/a 1.16 Mio. EUR 1.07 Mio. EUR 0.09 Mio. EUR Details with regard to the remuneration system of the Management Company are availabe on the website of Universal-Investment-Gesellschaft mbh (http://www.universal-investment.com/de/permanent-seiten/profil/luxemburg/regulatorischeinformationen/verguetungssystem-luxemburg) and in the Prospectus. There were no changes in the remuneration system during the reporting period compared to the prior period. 5

JAR Capital The combined statement of net assets, the combined statement of operations and the combined statement of changes in net assets consist of the sum of the statements of each sub-fund. Combined Statement of Net Assets as at March 31, 2018 Market Value in EUR % of Fund Assets *) Assets Portfolio holdings 79,942,003.50 91.65 Derivatives 63,071.27 0.07 Bank balances 6,592,579.57 7.56 Interest receivables 815,947.63 0.94 Incorporation cost, net 6,015.75 0.01 Total Assets 87,419,617.72 100.22 Liabilities Loan liabilities -5,698.37-0.01 Interest payable -1,524.77 0.00 Management fee payable -108,426.11-0.12 Depositary Bank fee payable -5,933.33-0.01 Custody service expenses -2,106.36 0.00 Company secretary fee payable -1,704.19 0.00 Publication expenses -1,000.00 0.00 Audit fee payable -25,286.86-0.03 Taxe d'abonnement payable -4,104.06 0.00 Incorporation cost, net -763.89 0.00 Other payables -39,106.39-0.04 Total Liabilities -195,654.33-0.22 Total Net Assets as at March 31, 2018 87,223,963.39 100.00 *) There might be small differences due to rounding. The accompanying notes form an integral part of the semi-annual report. 6

JAR Capital Combined Statement of Changes in Net Assets 2017/2018 I. Net assets at the beginning of the period EUR 71,955,724.76 1. Distribution for the previous year EUR -551,263.58 2. Interim distributions EUR 0.00 3. Net cash flow EUR 17,456,526.23 a) Proceeds from shares issued EUR 30,352,063.68 b) Proceeds from shares redeemed EUR -12,895,537.45 4. Income/expense equalisation EUR -746,842.58 5. Result of operations for the period EUR -890,181.45 II. Net assets at the end of the period EUR 87,223,963.39 The accompanying notes form an integral part of the semi-annual report. 7

JAR Capital Sustainable Income UI Fund structure as at 31/03/2018 Investment Focus Market Value in EUR % of fund assets *) I. Assets 57,551,632.17 100.25 1. Bonds 52,655,672.23 91.72 2. Derivatives 63,071.27 0.11 3. Bank balances 4,291,261.21 7.47 4. Other Assets 541,627.46 0.94 II. Liabilities -141,940.96-0.25 III. Fund Assets 57,409,691.21 100.00 *) There might be small differences due to rounding. The accompanying notes form an integral part of the semi-annual report. 8

JAR Capital Sustainable Income UI Statement of Net Assets as at 31/03/2018 Description ISIN Shares / Holdings Currency Price Market Value % % in 1,000 31/03/2018 in EUR of the Fundassets *) Portfolio holdings EUR 52,655,672.23 91.72 Securities admitted to or included in organised markets EUR 49,638,232.23 86.46 Interest-bearing securities EUR 49,638,232.23 86.46 4,0000 % 3AB Optique Developpment SAS EO-Notes 2017(17/23) Reg.S XS1577949149 % 2,000 EUR 99.962 1,999,236.00 3.48 4,1250 % Adler Pelzer Holding GmbH Notes v.17(20/24) Reg.S XS1533914591 % 2,000 EUR 101.507 2,030,140.00 3.54 2,8750 % Arena Luxembourg Fin. SARL EO-Notes 2017(17/24) Reg.S XS1577948174 % 2,000 EUR 102.264 2,045,284.00 3.56 3,3750 % Belden Inc. EO-Notes 2017(22/27) Reg.S XS1640668940 % 2,000 EUR 97.496 1,949,926.00 3.40 4,2500 % Constellium N.V. EO-Notes 2017(17/26) Reg.S XS1713568811 % 2,000 EUR 101.489 2,029,780.00 3.54 4,1250 % Europcar Groupe S.A. EO-Notes 2017(17/24) Reg.S XS1706202592 % 2,000 EUR 100.050 2,001,008.00 3.49 7,0000 % EVOCA S.p.A. EO-Notes 2016(16/23) Reg.S XS1504057008 % 2,000 EUR 105.757 2,115,140.00 3.68 2,6250 % Faurecia S.A. EO-Notes 2018(18/25) XS1785467751 % 2,000 EUR 100.689 2,013,780.00 3.51 5,0000 % Federal-Mogul LLC/FDML F.Corp. EO-Notes 2017(17/24) Reg.S XS1639490918 % 2,000 EUR 98.323 1,966,452.00 3.43 3,2500 % Grupo Antolin Irausa S.A. EO-Notes 2017(20/24) Reg.S XS1598243142 % 2,000 EUR 102.862 2,057,234.00 3.58 5,3750 % Ineos Group Holdings S.A. EO-Notes 2016(16/24) Reg.S XS1405769990 % 2,000 EUR 105.690 2,113,800.00 3.68 6,7500 % KME AG Senior Notes v.18(18/23) Reg.S XS1756722069 % 2,000 EUR 101.513 2,030,260.00 3.54 3,7500 % Kronos International Inc. EO-Notes 2017(20/25) Reg.S XS1680281133 % 2,000 EUR 102.873 2,057,466.00 3.58 4,0000 % La Financiere Atalian S.A. EO-Bonds 2017(20/24) Reg.S XS1605600532 % 2,000 EUR 102.232 2,044,648.00 3.56 3,7500 % Limacorporate S.p.a. EO-FLR Notes 2017(17/23) Reg.S XS1662516217 % 1,000 EUR 101.482 1,014,820.00 1.77 4,2500 % Loxam S.A.S. EO-Notes 2017(17/24) Reg.S XS1590066624 % 2,000 EUR 105.572 2,111,434.00 3.68 7,7500 % LSF9 Balta Issuer S.A. EO-Notes 2015(15/22) Reg.S XS1265917481 % 2,500 EUR 105.496 2,136,294.00 3.72 3,6250 % Netflix Inc. EO-Notes 2017(27) Reg.S XS1603948032 % 2,000 EUR 98.520 1,970,394.00 3.43 4,0000 % Paprec Holding S.A. EO-Notes 2018(21/25) Reg.S XS1794209459 % 2,000 EUR 100.553 2,011,060.00 3.50 3,5000 % Telenet Fin.Luxemb.Notes Sarl EO-Notes 2017(17/28) Reg.S BE6300371273 % 2,000 EUR 98.029 1,960,580.00 3.42 3,7500 % Unitymedia GmbH Notes v.15(21/27) Reg.S XS1199438174 % 2,000 EUR 105.397 2,107,940.00 3.67 3,8750 % UPC Holding B.V. EO-Notes 2017(22/29)Reg.S XS1629969327 % 2,000 EUR 93.835 1,876,690.00 3.27 5,7500 % Aston Martin Hold.(UK) Ltd. LS-Notes 2017(17/22) Reg.S XS1533915564 % 1,750 GBP 104.928 2,094,974.61 3.65 3,8750 % Iron Mountain (UK) PLC LS-Notes 2017(17/25) Reg.S XS1713495759 % 2,000 GBP 94.937 2,166,274.96 3.77 6,5000 % Premier Foods Finance PLC LS-Notes 2014(14/21) Reg.S XS1043621090 % 1,500 GBP 101.301 1,733,616.66 3.02 The accompanying notes form an integral part of the semi-annual report. 9

JAR Capital Sustainable Income UI Statement of Net Assets as at 31/03/2018 Description ISIN Shares / Holdings Currency Price Market Value % % in 1,000 31/03/2018 in EUR of the Fundassets *) Unlisted securities EUR 3,017,440.00 5.26 Interest-bearing securities EUR 3,017,440.00 5.26 5,0000 % LSF10 Wolverine Investm. SCA EO-Notes 2018(18/24) Reg.S XS1791484394 % 2,000 EUR 101.206 2,024,120.00 3.53 3,0000 % Progroup AG Notes v.18(18/26)reg.s DE000A2G8WA3 % 1,000 EUR 99.332 993,320.00 1.73 Total securities EUR 52,655,672.23 91.72 Derivatives EUR 63,071.27 0.11 Bank balances, non-securitised money market instruments and money market funds EUR 4,291,261.21 7.47 Bank balances EUR 4,291,261.21 7.47 Balances with State Street Bank Luxembourg S.C.A. Balances in the Fund currency 4,253,012.60 EUR 4,253,012.60 7.41 Balances in non-eu/eea currencies 47,034.31 USD 38,248.61 0.07 Other Assets EUR 541,627.46 0.94 Interest receivables 535,611.71 EUR 535,611.71 0.93 Incorporation cost, net 6,015.75 EUR 6,015.75 0.01 Liabilities EUR -141,940.96-0.25 Interest payable -1,524.77 EUR -1,524.77 0.00 Management fee payable -70,128.23 EUR -70,128.23-0.12 Depositary Bank fee payable -5,933.33 EUR -5,933.33-0.01 Custody service expenses -1,556.36 EUR -1,556.36 0.00 The accompanying notes form an integral part of the semi-annual report. 10

JAR Capital Sustainable Income UI Statement of Net Assets as at 31/03/2018 Description ISIN Shares / Holdings Currency Price Market Value % % in 1,000 31/03/2018 in EUR of the Fundassets *) Publication expenses -1,000.00 EUR -1,000.00 0.00 Audit fee payable -24,028.39 EUR -24,028.39-0.04 Taxe d'abonnement -1,833.38 EUR -1,833.38 0.00 Other payables -35,936.50 EUR -35,936.50-0.06 Total net assets EUR 57,409,691.21 100.00 JAR Capital Sustainable Income UI - D EUR Net Asset Value per share EUR 102.10 Subscription price EUR 102.61 Redemption price EUR 101.59 Number of shares in circulation shares 482,452.954 JAR Capital Sustainable Income UI - D USD Net Asset Value per share USD 103.23 Subscription price USD 103.75 Redemption price USD 102.71 Number of shares in circulation shares 47,216.353 JAR Capital Sustainable Income UI - R EUR Net Asset Value per share EUR 95.30 Subscription price EUR 95.30 Redemption price EUR 95.30 Number of shares in circulation shares 17,132.292 JAR Capital Sustainable Income UI - I EUR Net Asset Value per share EUR 99.63 Subscription price EUR 99.63 Redemption price EUR 99.63 Number of shares in circulation shares 25,635.770 *) There might be small differences due to rounding. The accompanying notes form an integral part of the semi-annual report. 11

JAR Capital Sustainable Income UI Derivatives as of March 31, 2018 Forward Transactions as at March 31, 2018 Transaction Ccy Amount Transaction Ccy Amount Commitment in EUR Maturity Unrealised Result in EUR Counterparty Sell GBP -879,245.20 Buy EUR 1,000,000.00 1,003,132.00 03.05.2018-2,042.27 JP Morgan Securities plc (OTC)London Sell GBP -120,755.00 Buy EUR 137,354.40 137,769.54 03.05.2018-265.48 JP Morgan Securities plc (OTC)London Sell GBP -1,000,000.00 Buy EUR 1,122,556.00 1,140,901.31 03.05.2018-17,105.92 JP Morgan Securities plc (OTC)London Sell GBP -4,250,000.00 Buy EUR 4,785,863.38 4,848,830.58 03.05.2018-57,699.79 JP Morgan Securities plc (OTC)London Buy GBP 1,000,000.00 Sell EUR -1,137,466.50 1,140,901.31 03.05.2018 2,195.42 JP Morgan Securities plc (OTC)London Buy USD 243,454.00 Sell EUR -206,526.77 197,978.37 21.11.2018 0.00 JP Morgan Securities plc (OTC)London Buy USD 13,018,000.00 Sell EUR -10,395,189.69 10,586,321.87 07.05.2018 156,637.31 JP Morgan Securities plc (OTC)London Sell USD -8,160,000.00 Buy EUR 6,595,494.60 6,635,764.82 07.05.2018-18,648.00 JP Morgan Securities plc (OTC)London Total Forward Transactions 63,071.27 Total Derivatives 63,071.27 The accompanying notes form an integral part of the semi-annual report. 12

JAR Capital Sustainable Income UI Statement of Changes in Net Assets 2017/2018 I. Net assets at the beginning of the period EUR 71,955,724.76 1. Distribution for the previous year EUR -551,263.58 2. Interim distributions EUR 0.00 3. Net cash flow EUR -12,543,473.77 a) Proceeds from shares issued EUR 352,063.68 b) Proceeds from shares redeemed EUR -12,895,537.45 4. Income/expense equalisation EUR -746,842.58 5. Result of operations for the period EUR -704,453.63 II. Net assets at the end of the period EUR 57,409,691.21 The accompanying notes form an integral part of the semi-annual report. 13

JAR Capital Sustainable Income UI JAR Capital Sustainable Income UI - D EUR Statistical information Financial year Number of shares outstanding at Net asset value at Net asset value per share end of the financial year end of the financial year end of the financial year 2014/2015 *) Shares 586,590.000 EUR 59,160,797.80 EUR 100.86 2015/2016 Shares 517,533.478 EUR 54,377,006.21 EUR 105.07 2016/2017 Shares 485,079.521 EUR 50,374,931.94 EUR 103.85 31/03/2018 Shares 482,452.954 EUR 49,259,238.69 EUR 102.10 *) Inception: 17/12/2014 Changes in the number of shares outstanding Shares Number of shares outstanding at the beginning of the period 485,079.521 Number of shares issued 0.000 Number of shares redeemed -2,626.567 Number of shares outstanding at the end of the period 482,452.954 The accompanying notes form an integral part of the semi-annual report. 14

JAR Capital Sustainable Income UI JAR Capital Sustainable Income UI - D USD Statistical information Financial year Number of shares outstanding at Net asset value at Net asset value per share end of the financial year end of the financial year end of the financial year 2015 *) Shares 113,034.342 USD 11,458,491.36 USD 101.37 2015/2016 Shares 130,923.364 USD 13,919,734.59 USD 106.32 2016/2017 Shares 136,098.964 USD 14,471,167.74 USD 106.33 31/03/2018 Shares 47,216.353 USD 4,874,106.76 USD 103.23 *) Inception: 12/02/2015 Changes in the number of shares outstanding Shares Number of shares outstanding at the beginning of the period 136,098.964 Number of shares issued 0.000 Number of shares redeemed -88,882.611 Number of shares outstanding at the end of the period 47,216.353 The accompanying notes form an integral part of the semi-annual report. 15

JAR Capital Sustainable Income UI JAR Capital Sustainable Income UI - R EUR Statistical information Financial year Number of shares outstanding at Net asset value at Net asset value per share end of the financial year end of the financial year end of the financial year 2015 *) Shares 9,976.770 EUR 973,874.28 EUR 97.61 2015/2016 Shares 47,076.770 EUR 4,795,571.12 EUR 101.87 2016/2017 Shares 44,248.629 EUR 4,437,880.27 EUR 100.29 31/03/2018 Shares 17,132.292 EUR 1,632,705.96 EUR 95.30 *) Inception: 09/07/2015 Changes in the number of shares outstanding Shares Number of shares outstanding at the beginning of the period 44,248.629 Number of shares issued 3,638.663 Number of shares redeemed -30,755.000 Number of shares outstanding at the end of the period 17,132.292 The accompanying notes form an integral part of the semi-annual report. 16

JAR Capital Sustainable Income UI JAR Capital Sustainable Income UI - I EUR Statistical information Financial year Number of shares outstanding at Net asset value at Net asset value per share end of the financial year end of the financial year end of the financial year 2015 *) Shares 20,375.770 EUR 1,991,093.62 EUR 97.72 2015/2016 Shares 30,875.770 EUR 3,162,590.47 EUR 102.43 2016/2017 Shares 46,926.770 EUR 4,900,997.54 EUR 104.44 31/03/2018 Shares 25,635.770 EUR 2,554,091.38 EUR 99.63 *) Inception: 09/07/2015 Changes in the number of shares outstanding Shares Number of shares outstanding at the beginning of the period 46,926.770 Number of shares issued 0.000 Number of shares redeemed -21,291.000 Number of shares outstanding at the end of the period 25,635.770 The accompanying notes form an integral part of the semi-annual report. 17

JAR ESG HY Fund UI Fund structure as at 31/03/2018 Investment Focus Market Value in EUR % of fund assets *) I. Assets 29,867,985.55 100.18 1. Bonds 27,286,331.27 91.52 2. Bank balances 2,301,318.36 7.72 3. Other Assets 280,335.92 0.94 II. Liabilities -53,713.37-0.18 III. Fund Assets 29,814,272.18 100.00 *) There might be small differences due to rounding. The accompanying notes form an integral part of the semi-annual report. 18

JAR ESG HY Fund UI Statement of Net Assets as at 31/03/2018 Description ISIN Shares / Holdings Currency Price Market Value % % in 1,000 31/03/2018 in EUR of the Fundassets *) Portfolio holdings EUR 27,286,331.27 91.52 Securities admitted to or included in organised markets EUR 25,777,611.27 86.46 Interest-bearing securities EUR 25,777,611.27 86.46 4,0000 % 3AB Optique Developpment SAS EO-Notes 2017(17/23) Reg.S XS1577949149 % 1,000 EUR 99.962 999,618.00 3.35 4,1250 % Adler Pelzer Holding GmbH Notes v.17(20/24) Reg.S XS1533914591 % 1,250 EUR 101.507 1,268,837.50 4.26 3,3750 % Belden Inc. EO-Notes 2017(22/27) Reg.S XS1640668940 % 1,250 EUR 97.496 1,218,703.75 4.09 4,2500 % Constellium N.V. EO-Notes 2017(17/26) Reg.S XS1713568811 % 1,250 EUR 101.489 1,268,612.50 4.26 4,1250 % Europcar Groupe S.A. EO-Notes 2017(17/24) Reg.S XS1706202592 % 1,250 EUR 100.050 1,250,630.00 4.19 7,0000 % EVOCA S.p.A. EO-Notes 2016(16/23) Reg.S XS1504057008 % 1,250 EUR 105.757 1,321,962.50 4.43 2,6250 % Faurecia S.A. EO-Notes 2018(18/25) XS1785467751 % 1,250 EUR 100.689 1,258,612.50 4.22 5,0000 % Federal-Mogul LLC/FDML F.Corp. EO-Notes 2017(17/24) Reg.S XS1639490918 % 1,250 EUR 98.323 1,229,032.50 4.12 3,2500 % Grupo Antolin Irausa S.A. EO-Notes 2017(20/24) Reg.S XS1598243142 % 1,250 EUR 102.862 1,285,771.25 4.31 5,3750 % Ineos Group Holdings S.A. EO-Notes 2016(16/24) Reg.S XS1405769990 % 1,250 EUR 105.690 1,321,125.00 4.43 6,7500 % KME AG Senior Notes v.18(18/23) Reg.S XS1756722069 % 1,250 EUR 101.513 1,268,912.50 4.26 3,7500 % Kronos International Inc. EO-Notes 2017(20/25) Reg.S XS1680281133 % 1,250 EUR 102.873 1,285,916.25 4.31 4,0000 % La Financiere Atalian S.A. EO-Bonds 2017(20/24) Reg.S XS1605600532 % 1,250 EUR 102.232 1,277,905.00 4.29 4,2500 % Loxam S.A.S. EO-Notes 2017(17/24) Reg.S XS1590066624 % 1,000 EUR 105.572 1,055,717.00 3.54 7,7500 % LSF9 Balta Issuer S.A. EO-Notes 2015(15/22) Reg.S XS1265917481 % 1,450 EUR 105.496 1,239,050.52 4.16 3,6250 % Netflix Inc. EO-Notes 2017(27) Reg.S XS1603948032 % 1,250 EUR 98.520 1,231,496.25 4.13 3,2500 % Nomad Foods BondCo PLC EO-Notes 2017(17/24) Reg.S XS1600824962 % 1,250 EUR 101.644 1,270,545.00 4.26 4,0000 % Paprec Holding S.A. EO-Notes 2018(21/25) Reg.S XS1794209459 % 1,000 EUR 100.553 1,005,530.00 3.37 3,5000 % Telenet Fin.Luxemb.Notes Sarl EO-Notes 2017(17/28) Reg.S BE6300371273 % 1,300 EUR 98.029 1,274,377.00 4.27 3,8750 % UPC Holding B.V. EO-Notes 2017(22/29)Reg.S XS1629969327 % 1,250 EUR 93.835 1,172,931.25 3.93 3,7500 % Wepa Hygieneprodukte GmbH Notes v.16(19/24)reg.s DE000A2AA0W5 % 1,250 EUR 101.786 1,272,325.00 4.27 The accompanying notes form an integral part of the semi-annual report. 19

JAR ESG HY Fund UI Statement of Net Assets as at 31/03/2018 Description ISIN Shares / Holdings Currency Price Market Value % % in 1,000 31/03/2018 in EUR of the Fundassets *) Unlisted securities EUR 1,508,720.00 5.06 Interest-bearing securities EUR 1,508,720.00 5.06 5,0000 % LSF10 Wolverine Investm. SCA EO-Notes 2018(18/24) Reg.S XS1791484394 % 1,000 EUR 101.206 1,012,060.00 3.39 3,0000 % Progroup AG Notes v.18(18/26)reg.s DE000A2G8WA3 % 500 EUR 99.332 496,660.00 1.67 Total securities EUR 27,286,331.27 91.52 Bank balances, non-securitised money market instruments and money market funds EUR 2,301,318.36 7.72 Bank balances EUR 2,301,318.36 7.72 Balances with State Street Bank Luxembourg S.C.A. Balances in the Fund currency 2,301,318.36 EUR 2,301,318.36 7.72 Other Assets EUR 280,335.92 0.94 Interest receivables 280,335.92 EUR 280,335.92 0.94 Loan liabilities EUR -5,698.37-0.02 Loans in non-eu/eea currencies -7,007.29 USD -5,698.37-0.02 The accompanying notes form an integral part of the semi-annual report. 20

JAR ESG HY Fund UI Statement of Net Assets as at 31/03/2018 Description ISIN Shares / Holdings Currency Price Market Value % % in 1,000 31/03/2018 in EUR of the Fundassets *) Liabilities EUR -48,015.00-0.16 Management fee payable -38,297.88 EUR -38,297.88-0.13 Custody service expenses -550.00 EUR -550.00 0.00 Audit fee payable -1,258.47 EUR -1,258.47 0.00 Taxe d'abonnement -2,270.68 EUR -2,270.68-0.01 Company secretary fee -1,704.19 EUR -1,704.19-0.01 Incorporation cost, net -763.89 EUR -763.89 0.00 Other payables -3,169.89 EUR -3,169.89-0.01 Total net assets EUR 29,814,272.18 100.00 JAR ESG HY Fund UI - R EUR 99.33 Net Asset Value per share EUR 102.31 Subscription price EUR 99.33 Redemption price shares 50,000.000 Number of shares in circulation JAR ESG HY Fund UI - P EUR 99.39 Net Asset Value per share EUR 102.37 Subscription price EUR 99.39 Redemption price shares 250,000.000 Number of shares in circulation The accompanying notes form an integral part of the semi-annual report. 21

JAR ESG HY Fund UI Statement of Changes in Net Assets 2018 I. Net assets at the beginning of the period EUR 0.00 1. Distribution for the previous year EUR 0.00 2. Interim distributions EUR 0.00 3. Net cash flow EUR 30,000,000.00 a) Proceeds from shares issued EUR 30,000,000.00 b) Proceeds from shares redeemed EUR 0.00 4. Income/expense equalisation EUR 0.00 5. Result of operations for the period EUR -185,727.82 II. Net assets at the end of the period EUR 29,814,272.18 The accompanying notes form an integral part of the semi-annual report. 22

JAR ESG HY Fund UI JAR ESG HY Fund UI - R Statistical information Financial year Shares in circulation at Total net assets at Net Asset Value per share at end of the financial year end of the financial year end of the financial year 31/03/2018 *) Shares 50,000.000 EUR 4,966,650.62 EUR 99.33 *) Inception: 06/02/2018 Changes in the number of shares outstanding Shares Number of shares outstanding at the beginning of the period 0.000 Number of shares issued 50,000.000 Number of shares redeemed 0.000 Number of shares outstanding at the end of the period 50,000.000 The accompanying notes form an integral part of the semi-annual report. 23

JAR ESG HY Fund UI JAR ESG HY Fund UI - P Statistical information Financial year Shares in circulation at Total net assets at Net Asset Value per share at end of the financial year end of the financial year end of the financial year 31/03/2018 *) Shares 250,000.000 EUR 24,847,621.56 EUR 99.39 *) Inception: 05/02/2018 Changes in the number of shares outstanding Shares Number of shares outstanding at the beginning of the period 0.000 Number of shares issued 250,000.000 Number of shares redeemed 0.000 Number of shares outstanding at the end of the period 250,000.000 The accompanying notes form an integral part of the semi-annual report. 24

JAR Capital Notes to the Financial Statements General JAR Capital (the Company ) is organised in Luxembourg as a société d investissement à capital variable ( SICAV ) and qualifies as a collective investment undertaking under Part I of the Luxembourg law of 17 December 2010. The Company qualifies as an undertaking for collective investment in transferable securities under article 1(2) of the Directive 2009/65/EC and is presently structured as an umbrella fund. The Company has been established for an indefinite term. Significant accounting policies The reference currency of the Company is Euro (EUR). The net asset value per sub-fund, net asset value per share, net asset value per class, the redemption price of shares and the issue price of shares shall be determined on each valuation date, at least twice a month. The valuation dates for each sub-fund are indicated in the relevant appendix. The net asset value of each sub-fund and the net asset value of the relevant class shall be expressed in the currency of each sub-fund as described in the relevant appendix. Whilst the reporting currency of the Company is the Euro, the net asset value is made available in the currency of each sub-fund as described in the relevant appendix. The net asset value shall be determined on each valuation date separately for each Share of each sub-fund and for each class dividing the total net asset value of the relevant sub-fund and of the relevant class by the number of outstanding shares of such sub-fund and of the relevant class. The net asset value shall be determined by subtracting the total liabilities of the sub-fund or class from the total assets of such sub-fund or class in accordance with the principles laid down in the Company s articles of incorporation and in such further valuation regulations as may be adopted from time to time by the Board of Directors. Investments shall be valued as follows: (1) (2) (3) (4) (5) (6) (7) The value of any cash in hand or on deposit, discount notes, bills and demand notes and accounts receivable, prepaid expenses, cash dividends and interest declared or accrued and not yet received shall be deemed to be the full amount thereof, unless in any case the same is unlikely to be paid or received in full, in which case the value thereof shall be arrived at after making such provision as the Company may consider appropriate in such case to reflect the true value thereof. The value of all securities which are listed on an official stock exchange is determined on the basis of the last available prices. If there is more than one stock exchange on which the securities are listed, the Board of Directors may in its discretion select the stock exchange which shall be the principal stock exchange for such purposes. Securities traded on a regulated market are valued in the same manner as listed securities. Securities which are not listed on an official stock exchange or traded on a regulated market shall be valued by the Company in accordance with valuation principles decided by the Board of Directors, at a price no lower than the bid price and no higher than the ask price on the relevant Valuation Date. Derivatives and repurchase agreements which are not listed on an official stock exchange or traded on a regulated market shall be valued by the Company in accordance with valuation principles decided by the Directors on the basis of their marked-to-market price. Term deposits shall be valued at their present value. Traded options and futures contracts to which the Company is a party which are traded on a stock, financial futures or other exchange shall be valued by reference to the profit or loss which would arise on closing out the relevant contract at or immediately before the close of the relevant market. All securities or other assets for which the valuation in accordance with the above sub-paragraphs would not be possible or practicable, or would not be representative of their fair realisation value, will be valued at their fair realisation value, as determined in good faith and prudently pursuant to the procedures established by the Board of Directors. Amounts determined in accordance with such valuation principles shall be translated into the currency of the sub-fund s accounts at the respective exchange rates, using the relevant rates quoted by a bank or another first class financial institution. 25

JAR Capital Notes to the Financial Statements Foreign exchange rate As of March 31, 2018, positions denominated in foreign currencies were valuated at the following exchange rates: EUR - GBP 0.8765 EUR - USD 1.2297 Management Company fee JAR Capital Sustainable Income UI The Management Company receives remuneration in the amount of up to 1.70% p.a. of the net asset value of the sub-fund, minimum up to EUR 70,000.00 p.a., currently not subject to Luxembourg VAT. The Management Company can accept a lower fee or waive the fee. JAR ESG HY Fund UI The Management Company receives remuneration in the amount of up to 1.175% p.a. (share class R ) and up to 0.775% p.a. (share class P ) of the net asset value of the sub-fund, minimum up to EUR 45,000.00 p.a., currently not subject to Luxembourg VAT. Portfolio Manager fee JAR Capital Sustainable Income UI The Portfolio Manager receives for all D share classes as well as for the share class R EUR remuneration in the amount of up to 1.25% p.a.; for the share class I EUR 0.80% p.a. of the net asset value of the sub-fund, currently not subject to Luxembourg VAT. The Portfolio Manager fee will be paid out of the Management Company fee. The Portfolio Manager can accept a lower fee or waive the fee. JAR ESG HY Fund UI The Portfolio Manager receives for the share class R remuneration in the amount of up to 1.00% p.a. and for the share class P 0.60% p.a. of the net asset value of the sub-fund, currently not subject to Luxembourg VAT. The Portfolio Manager fee will be paid out of the Management Company fee. The Portfolio Manager can accept a lower fee or waive the fee. 26

JAR Capital Notes to the Financial Statements Performance fee JAR Capital Sustainable Income UI In addition to the Portfolio Manager fee, the Portfolio Manager is entitled to receive a performance fee of 20.00% which is calculated daily on the basis of the net asset value per share of the relevant share class multiplied by the average net asset value of the share class in the respective calculation period. The performance fee may only be levied and set aside when both of the following criteria are fulfilled: For the share classes D (i) (i) (ii) The performance of the net asset value per share class used in the calculation of the performance fee is greater than 1.25% p.a. (the Hurdle Rate ). At the time of launch, the reference figure compared to which the Hurdle Rate will be calculated for the first time is equal to the issue price of the respective share class. For the share classes I and R The performance of the net asset value per share class used in the calculation of the performance fee is greater than Euribor 3m + 2.00% p.a. (the Hurdle Rate ). At the time of launch, the reference figure compared to which the Hurdle Rate will be calculated for the first time is equal to the issue price of the respective share class. The net asset value per share class used in the calculation of the performance fee is greater than previous net asset values per share class, where a performance fee has been paid out (the High Watermark ). Each preceding decline in the net asset value per share of the relevant share class must be offset by a further increase. The performance fee is charged to fund assets and paid out at the end of each financial year. Any applicable performance fee is calculated and accrued on every valuation day. JAR ESG HY Fund UI None Domiciliary and corporate agency services fee The fee occurred during the corresponding period amounts to EUR 3,600 p.a. for core domiciliation services and EUR 7,500.00 p.a. for core corporate agency services. Any additional services, including collection of data elements and compilation into board packs, will be subject to negotiation; in addition, like the aforementioned, any further external costs will be charged on top (and be borne by the fund). Depositary Bank fee The Depositary Bank receives a custodian fee per sub-fund amounting to a minimum of EUR 24,000.00 p.a. The Depositary oversight fee amounts up to 0.02% p.a. of the net asset value of the sub-fund; the minimum fee is EUR 3.600,00 p.a. 27

JAR Capital Notes to the Financial Statements Subscription tax ("taxe d abonnement") JAR Capital Sustainable Income UI The Company is subject to an annual tax of 0.05% p.a. for the retail share classes I and R and 0.01% p.a. for the institutional share class D of the net asset value as valued at the end of each quarter, and which is payable quarterly. To the extent that parts of the company s assets are invested in other Luxembourg UCITS which are subject to the tax, such parts are not taxed. JAR ESG HY Fund UI The Company is subject to an annual tax of 0.05% p.a. for all share classes of the net asset value as valued at the end of each quarter, and which is payable quarterly. To the extent that parts of the company s assets are invested in other Luxembourg UCITS which are subject to the tax, such parts are not taxed. Transaction cost JAR Capital Sustainable Income UI For the sub-fund transaction costs occurred for the reporting period from October 1, 2017 until March 31, 2018 of EUR 1,555.00. JAR ESG HY Fund UI For the sub-fund no transaction costs occurred for the reporting period from February 5, 2018 until March 31, 2018. Disclosures according to Regulation (EU) 2015/2365 of the European Parliament and of the Council of November 25, 2015 on transparency of securities financing transactions and of reuse and amending Regulation (EU) No 648/2012 - Disclosure as per Section A During the reporting period no securities financing transactions and total return swaps as defined in the above mentioned regulation occurred. 28