This report was approved by the board of directors on 06 September 2021
and signed on behalf of the board by:

Name: D J Barbour
Status: Director

FF&P Investor 3 General Partner Limited holds an investment in FF&P Investor 3 LP and FF&P GroupInvestor LP. As General Partner of these limited partnerships it is entitled to receive 5% carried interest,after a 6% hurdle rate, of any profit arising on sale of an investment by that limited partnership.Investments are categorised as financial assets held at fair value. They are carried in the statement offinancial position at fair value with net changes in the fair value shown as either a profit or loss in thestatement of comprehensive income. The Company uses valuation techniques that are appropriate inthe circumstances and for which sufficient data is available to measure fair value, maximising the useof relevant observable inputs and minimising the use of unobservable inputs.All assets and liabilities for which fair value is measured or disclosed in the financial statements arecategorised within the fair value hierarchy, described as follows, based on the lowest level input thatis significant to the fair value measurement as a whole:Level 1 - Quoted (unadjusted) market prices in active markets for identical assets or liabilitiesLevel 2 - Valuation techniques for which the lowest level input that is significant to the fairvalue measurement is directly or indirectly observableLevel 3 - Valuation techniques for which the lowest level input that is significant to the fairvalue measurement is unobservable

Trade and other payables represent investment management fees and carry payable due at the end ofthe financial year which are unpaid. Trade and other payables are classified as current liabilities ifpayment is due within one year or less (or in the normal operating cycle of the business if longer). Ifnot, they are presented as non-current liabilities. They are recognised initially at their fair value andsubsequently measured at amortised cost using the effective interest method.