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Investment    3,130,451   Adjusted    Median of    3,286,974    2,973,929    3,246,824    3,014,079   The higher
                in Unified          fair value   Enterprise                                      the illiquid-
                Payment             comparison  value to                                         ity ratio
                System              approach   EBITDA                                            and the
                                              ratio (EV/                                         earnings
                                              EBITDA)                                            per share
                                              of similar                                         haircut
                                              comparable                                         adjustment
                                              companies                                          the higher
                                                                                                 the fair
                                                                                                 value
                Investment    1,343,868   Adjusted    Median of    1,411,061    1,276,675    1,408,673    1,279,062   The higher
                in CSCS             fair value   Enterprise                                      the illiquid-
                                    comparison  value to                                         ity ratio
                                    approach   EBITDA                                            and the
                                              ratio (EV/                                         earnings
                                              EBITDA)                                            per share
                                              of similar                                         haircut
                                              comparable                                         adjustment
                                              companies                                          the higher
                                                                                                 the fair
                                                                                                 value
                Investment    3,396,757   Adjusted    Weighted    3,566,595    3,226,919    3,566,595    3,226,919   The higher
                in NIBSS            fair value   Price to                                        the illiquid-
                                    comparison  earnings                                         ity ratio
                                    approach   (P/E) ratio                                       and the
                                              of similar                                         earnings
                                              comparable                                         per share
                                              companies                                          haircut
                                                                                                 adjustment
                                                                                                 the higher
                                                                                                 the fair
                                                                                                 value
                Investment    14,984   Adjusted    Aver-    15,733     14,235    15,733    14,235   The higher
                in Afrexim          fair value   age P/B                                         the illiquid-
                                    comparison  multiples of                                     ity ratio
                                    approach   comparable                                        and the
                                              companies                                          earnings
                                                                                                 per share
                                                                                                 haircut
                                                                                                 adjustment
                                                                                                 the higher
                                                                                                 the fair
                                                                                                 value
                Investment    130,610   Adjusted    Aver-   137,141    124,080    137,141    124,080   The higher
                in FMDQ             fair value   age P/B                                         the illiquid-
                                    comparison  multiples of                                     ity ratio
                                    approach   comparable                                        and the
                                              companies                                          earnings
                                                                                                 per share
                                                                                                 haircut
                                                                                                 adjustment
                                                                                                 the higher
                                                                                                 the fair
                                                                                                 value





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              Annual Report & Accounts  2017
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