SchroderPrivate Equity Fund of Funds II plc

1

Job No: 16781.01 Proof Event: 3 Black Line Level: 0 Park Communications Ltd Alpine Way London E6 6LA

Customer: SVG Project Title: SPEFoF II Quarterly T: 0207 055 6500 F: 020 7055 6600

Update at 30 September 2013 (Unaudited)

Schroder Private Equity Fund of Funds II plc Update at 30 September 2013 November 2013

This unaudited report, prepared by Aberdeen SVG Private Equity Advisers Limited in its capacity as Investment Adviser to the Manager of the Schroder Private Equity Fund of Funds II plc (the “Fund” or “SPEFoF II”), covers the six month period to 30 September 2013.

Fund performance in the six months to 30 September 2013While SPEFoF II’s underlying portfolio continues to perform well, the strengthening of the euro by 6% against the US dollar over the period has had a significant negative impact on the euro value of the US dollar portfolio, and this has affected the overall performance of the Fund over the six months to 30 September 2013. As a result, SPEFoF II reported a total return of €5.1 million, or 1.9% over the period1. However, as a consequence of the Fund’s strong liquidity position, SPEFoF II continued to distribute capital back to shareholders and we are pleased to report that the Fund returned approximately 20% of shareholders’ total paid in capital during the six months to 30 September 2013.

Fund performance in the six months to 30 September 2013

Net Asset Value (“NAV”) at 31 March 2013 €262.7 million

Distributions paid since 1 April 2013 (€28.0) million

NAV at 31 March 2013 adjusted for distributions €234.7 million

Current NAV at 30 September 2013 (remaining value)1

€239.7 million

Total return over the six month period1 €5.1 million

Total return over the six month period (%)1 1.9%

Fund performance since inception

Original Fund size €285.9 million

Equity called €142.9 million

Distributed value €86.0 million

Current NAV1 €239.7 million

DPI multiple 0.60x

TVPI multiple1 2.28x

Net IRR1 9.7%

Outperformance to public markets1 4.0%*

* PME+ comparison (matches equity cash flows). European (MSCI-Europe) and US (S&P 500) benchmarks are calculated on a total return (dividend reinvested) basis

To date, a shareholder in SPEFoF II has paid in 50% of their original commitment. As at 30 September 2013, a shareholder’s NAV per share is as follows1:

30 September 2013* 31 March 2013

A Shares €1.13629 €1.10952B Shares €1.15851 €1.13047C Shares €1.18109 €1.15173

* The NAV per share is after the two distributions of €14.0 million each that were made on 12 April and 16 July 2013

Liquidity position and post balance sheet events• SPEFoF II’s liquidity position remains strong. At 30 September 2013 the Fund’s uncalled commitments to its underlying funds of €24.6 million were

fully covered by cash and cash equivalents of €31.9 million and €20.4 million of uncalled equity2 from shareholders (which we do not anticipate will need to be called and which we expect to formally cancel at the earliest prudent opportunity). As a result of the Fund’s strong liquidity position, we are pleased to report that in the six month period the Fund made two cash distributions to shareholders totalling €28.0 million. The distributions were €14.0 million each and were made on 12 April 2013 and 16 July 2013. Following these, the DPI multiple increased to 0.60x shareholders’ total paid in capital at 30 September 2013. The latest distribution of €19.0 million that occurred after the reporting period, on 11 October 2013, has meant that SPEFoF II’s DPI multiple has increased to 0.73x shareholders’ total paid in capital. At this stage we anticipate the next cash distribution to shareholders to occur in the next two to three months. However, this will be dependent on the timing and quantum of exit activity from the underlying portfolio during the remainder of the year.

Portfolio overview (six months to 30 September 2013)• As at 30 September 2013 the Fund had total commitments of

€356.5 million (125% committed relative to its original Fund size) to 25 underlying funds. There were 299 companies in the underlying portfolio3, following the exit of 32 companies and addition of two companies4 over the period5 – typifying the maturity stage of the portfolio.

• Over the six months to 30 September 2013 there has been a €7.0 million gain on the portfolio6. The majority of underlying companies continue to trade well, though in some instances we have noted a slight softening in earnings and revenues. We have been encouraged that the underlying General Partners (“GPs”) have been able to take advantage of receptive credit markets to refinance a number of the underlying investments and, combined with favourable market conditions, IPO or exit portfolio companies, thereby generating a good flow of distributions for the Fund over the reporting period. Despite the reasonable trading performance of the underlying companies within the portfolio and strong distributions from the underlying funds, the overall performance has been significantly affected by the euro strengthening 6% against the US dollar. This has had a material impact on the euro value of the US dollar portion of the portfolio. However, the underlying portfolio has still been able to deliver a total return of 3.0% over the six months to 30 September 2013, with the portfolio TVPI increasing to 1.57x from 1.55x at 31 March 20136. On a constant currency basis portfolio total return increases to 5.2% (using 31 March 2013 FX rates).

• Following more favourable exit conditions, realisations from the underlying funds have continued at a reasonable pace. As a result, the Fund received proceeds of €33.7 million7 over the six months to the end September 2013 (September 2012: €38.0 million7). The most significant distributions during the six months came from EQT IV (€6.8 million), Welsh, Carson, Anderson & Stowe X (€3.8 million) and Advent International GPE V (€3.7 million).

Portfolio performance in the six months to 30 September 20136

Opening valuation €233.7 million

Calls paid €0.5 million

Capital distributions received (€28.3) million

Return of recallable capital (€0.1) million

Income distributions (€5.3) million

Gain on portfolio €7.0 million

Closing portfolio €207.5 million

Total return on the portfolio 3.0%

Portfolio TVPI 1.57x

Schroder Private Equity Fund of Funds II plc 2

Job No: 16781.01 Proof Event: 3 Black Line Level: 0 Park Communications Ltd Alpine Way London E6 6LA

Customer: SVG Project Title: SPEFoF II Quarterly T: 0207 055 6500 F: 020 7055 6600

• SPEFoF II is a 2003 vintage fund and is therefore in the later stages of its maturity. As a result the Fund paid calls of just €0.5 million in the six month period (six months to 30 September 2012: €7.2million). Historical data has shown that in a typical underlying private equity fund, it is unlikely that all uncalled commitments are drawn down over its life. Therefore, as SPEFoF II matures, we would expect calls to remain at this low rate.

Valuation analysisData is for the value of the underlying company investments as at 30 June 2013, the latest date at which full information at company level is available.

74%

13%

12%1%

Earnings

Quoted

Written-down earnings

Cost*

* Cost is the best estimate of fair value

Geographical analysis (underlying fund commitments)Data is based on fund commitments at 30 September 2013.

61%39%

Europe

US

Geographical analysis (underlying companies)Data is for the value of the underlying company investments as at 30 June 2013, the latest date at which full information at the company level is available.

59%41%

Europe

US

Deal type analysisData is for the value of the underlying company investments as at 30 June 2013, the latest date at which full information at the company level is available.

63%

24%

12% 1%MBO/MBI

Early stage

Development capital

Quoted

Vintage maturity analysisData is for the value of the underlying company investments as at 30 June 2013, the latest date at which full information at the company level is available.

9%

13%

19%

5%

2%

34%

2012

20102011

2009200820072006200520042003Unfunded

2%4%

1%1%

10%

Sector analysisData is for the value of the underlying company investments as at 30 June 2013, the latest date at which full information at the company level is available.

18%

6%

15%

4%

15%

10%

4%

28%

Industrials

Healthcare

Consumer

Information Technology

Materials

Financials

Media & Telecoms

Energy

Market commentaryIn spite of on-going wider market uncertainties we have seen the global stock market continue to build on its positive momentum, with some indexes reaching new highs. This has largely been driven by the US Federal Reserve’s (“Fed’s”) decision to maintain its accommodative monetary policy, as well as positive sentiment emerging from the Eurozone. With the Fed delaying tapering until there is a sustained improvement in the US, the general consensus suggests this will be pushed out until Q1 2014, despite more recently published data showing better than expected job creation figures and GDP growth in the third quarter in the US. Across Europe, sentiment has generally improved with the Eurozone emerging from recession and manufacturing expanding in Q2 2013. The euro has continued to appreciate against the US dollar, gaining 5.8% this year and hitting a two year high, seemingly reflecting fears over a loss of momentum in the US recovery and improvements in the Eurozone outlook. Despite this, in November the ECB, in a surprise yet decisive move, cut interest rates to a record low in response to an outlook of possible deflation and weaker than anticipated economic activity. In the UK, GDP increased by 0.8% in Q3 2013 compared with Q2 2013, with output increasing across all four main industrial groupings within the economy: agriculture, production, construction and services, all of which contributed to this being the best quarterly performance since 20108. The latest global growth figures from the IMF are cognisant that a number of challenges remain in the form of slowing growth, political risks and tight global financial conditions, with GDP forecasts downgraded to 2.9% from 3.2% for 2013, and to 3.6% from 3.8% for 20149. Turning to private equity, we have seen confidence returning to the sector, with improved deal activity year to date. Over the first three quarters of 2013 global private equity deal flow increased to US$216 billion, compared to US$184 billion in the same period last year10. European deal flow has been buoyant with Q3 2013 being the strongest quarter by value for three years, completing almost €20.0 billion of deals (Q2 2013: €8.7 billion)11. In the US too, deal activity in Q3 2013 rose by 39.2% on the previous quarter12 as firms continued to put dry powder to use.

Portfolio overview (continued)

Schroder Private Equity Fund of Funds II plc 3

Job No: 16781.01 Proof Event: 3 Black Line Level: 0 Park Communications Ltd Alpine Way London E6 6LA

Customer: SVG Project Title: SPEFoF II Quarterly T: 0207 055 6500 F: 020 7055 6600

Market commentary (continued)Global exits have continued apace13 as GPs look to return capital ahead of fundraising and continue to take advantage of the favourable exit conditions. The global IPO market is proving a viable exit route for GPs with proceeds of US$24.4 billion from 197 deals expected in Q3 201314. Though this is down 4% in terms of deal numbers from Q2 2013, this is in line with historical trends of slower activity over the summer months15. Furthermore, it is anticipated that the global IPO market will continue its momentum into 2014 as investor sentiment improves. Private equity has been a key driver of IPO activity in Europe, accounting for 56% of proceeds in deals over US$100 million. This is to be contrasted with 2012 where private equity backed deals accounted for just 10% for the whole year13. As holding periods have lengthened GPs have taken advantage of receptive debt markets to refinance portfolio companies to access cheaper and longer-dated financing. Further to this, we are seeing an increasing number of dividend recapitalisations at the portfolio company level, with US$8.2 billion worth of private equity backed dividend recapitalisations in the first three quarters of 2013, the highest level since the same period in 200716.Fundraising efforts are on-going, with success remaining mixed; a total of 187 buyout funds closed globally in Q3 2013 raising an aggregate US$89 billion, up 22% from the same period last year17. However, there has been a decline in the number of funds holding a final close in 2013 compared to 2012 which supports our view that there will continue to be a bifurcation of the private equity market. Though the Alternative Investment Fund Managers Directive (“AIFMD”) came into force in the UK on 22 July 2013, the impact of the directive on the private equity market is still being played out. What is clear however, is that the AIFMD will create a much tighter regulatory framework for alternative investment fund managers when the transitional arrangements come to an end in July 2014.

10 largest portfolio companies18

Company name Year of investment

Underlying fund manager

Industry Geography Description % of Fund NAV

Asurion 2007 Madison and Welsh, Carson, Anderson & Stowe

Industrials North America Wireless communications services 2.5%

Dalbo 2005 Lincolnshire Industrials North America Transportation services for the oil industry

2.4%

Tableau Software 2004 NEA Information Technology

North America Provides analytics and data visualisation software solutions

2.2%

Acromas (AA/Saga) 2004 Charterhouse, CVC and Permira

Consumer Europe UK financial, travel and insurance services supplier

2.1%

Wrist Group 2007 Altor Industrials Europe Ship supplier company 2.1%

ISS 2005 EQT Industrials Europe Provides facility services 1.9%

Formula One Group 2006 CVC Media & Telecom

Europe Global sports entertainment business

1.7%

Undisclosed* 2006 Venture GP Information Technology

Europe Online ticket marketplace for buying and selling live event tickets

1.6%

iglo Birds Eye 2006 Permira Consumer Europe Frozen foods supplier 1.5%

Laricina 2005 Lime Rock Energy North America Oil producing company 1.5%

* One of the funds that SPEFoF II has committed to has requested that we do not disclose the name of the commitment for confidentiality reasons

Fund investments19

Fund name Vintage Total commitment (million)

Percentage called %19

Total companies in portfolio20

Investment NAV (€ million)19

Abingworth Bioventures IV 2003 US$10.0 96% 15 4.3

Advent International GPE V 2004 €20.0 92% 9 11.6

Altor Fund II 2006 €12.0 94% 12 12.1

Blackstone Capital Partners IV 2002 US$10.0 92% 12 4.2

Carlyle Partners IV 2004 US$15.0 92% 9 6.7

Charterhouse Capital Partners VII 2002 €15.0 91% 6 2.5

Ciclad 4 2005 €13.5 86% 19 7.6

CVC European Equity Partners IV 2005 €20.0 88% 12 7.3

CVC European Equity Partners Tandem Fund 2007 €15.0 90% 14 9.7

EQT IV 2004 €20.0 94% 4 9.8

Equistone Partners Europe Fund 2002 €9.4 96% 2 0.4

Equistone Partners Europe Fund II 2005 €18.7 99% 8 3.9

Lime Rock Partners II 2002 US$9.5 88% 1 0.1

Lime Rock Partners III 2004 US$12.0 100% 6 4.6

Lincolnshire Equity Fund III 2004 US$25.0 94% 6 11.5

Madison Dearborn Capital Partners V 2006 US$25.0 84% 10 17.3

Monitor Clipper Equity Partners II 2003 US$20.0 99% 9 6.9

Motion II ‘B’ 2005 €20.0 89% 6 6.7

New Enterprise Associates 11 2003 US$10.0 95% 33 9.7

Permira Europe III 2003 €20.0 99% 7 5.8

Summit Partners Private Equity Fund VII 2005 US$15.0 100% 38 11.0

TA Atlantic & Pacific X 2006 US$10.0 97% 23 4.4

The Fourth Cinven Fund 2006 €20.0 87% 13 18.3

Ventures Fund III 2004 €15.0 98% 20 16.5

Welsh, Carson, Anderson & Stowe X 2005 US$25.0 97% 16 14.7

Schroder Private Equity Fund of Funds II plc 4

Job No: 16781.01 Proof Event: 3 Black Line Level: 0 Park Communications Ltd Alpine Way London E6 6LA

Customer: SVG Project Title: SPEFoF II Quarterly T: 0207 055 6500 F: 020 7055 6600

General informationThe Fund held its final close in April 2004 with cumulative commitments of €285.9 million. The Fund was established as an Irish closed-ended investment company with the investment objective of achieving long term capital growth for investors by investing principally in a portfolio of private equity funds, mainly in the US and Europe. The investment portfolio is diversified by vintage year, manager, geography, deal size and deal type.

Reporting calendar31 March (year-end)/30 September.

Aberdeen SVG22

Aberdeen SVG was formed in May 2013 through a strategic alliance between the FTSE 100 asset manager, Aberdeen Asset Management PLC (“Aberdeen”) and the FTSE 250 private equity investor, SVG Capital plc.

As part of the strategic alliance, SVG Capital sold 50.1% of its private equity fund management and advisory businesses, SVG Advisers, to Aberdeen, bringing together their respective private equity teams’ experience and combining SVG Advisers’ significant expertise and track record with Aberdeen’s distribution platform. This has created Aberdeen SVG, a leading private equity fund management business with assets under management or advice of €5.7 billion23.

Aberdeen SVG Private Equity is focused on providing investors with leading investment performance through tailored access to the private equity asset class. It employs over 40 professionals in one global team, across a broad range of complementary disciplines, offering ‘on the ground’ access to major private equity markets.

Administrator enquiries General enquiriesAberdeen SVG Private Equity Advisers Limited Charlotte Edgar charlotte.edgar@aberdeensvg.com +44 (0)20 3680 0170

Northern Trust PEInvestors@ntrs.com +353 1 5422103

Notice to recipientsThis document is prepared by Aberdeen SVG Private Equity Advisers Limited (“ASVGA”) in its capacity as Investment Adviser to the Manager of the Schroder Private Equity Fund of Funds. Schroder Investment Management Limited (“Schroders”) acts as Investment Manager to the Schroder Private Equity Fund of Funds. Schroders makes no representations, warranties, or assurances of any kind as to the accuracy, currency or completeness of the information provided herein.

This document is given to the recipient on condition that the recipient accepts that it is not a client ASVGA and that hence, none of the client protections applicable to ASVGA’s clients are in fact in force or available, and ASVGA is not providing any financial or other advice to it.

This document has been issued by ASVGA, whose registered office is at Bow Bells House, 1 Bread Street, London EC4M 9HH, is registered in England: No. 3368611 and is authorised and regulated by the UK Financial Conduct Authority. This document is confidential, is for information purposes only, and is intended solely for the person to whom it is delivered. It may not be reproduced, photocopied or disseminated to any other person without the express prior written consent of ASVGA. The information in this document is subject to change without notice, its accuracy is not guaranteed, and it may be incomplete and is condensed. This document is not intended to provide, and should not be relied on for, accounting, legal or tax advice or investment recommendations.

Footnotes1 Based on 69% of 30 September 2013 GP valuations (by value) and 31% June 2013 roll forward valuations (by value) where the 30 September 2013 GP valuations have not been received2 The level of uncalled equity commitments will fall as shares are repurchased as the means of making shareholder distributions3 As at 30 June 2013, the latest date at which full underlying company data is available4 One company was realised in December 2011 and added back to cost and value in June 20135 Six months to 30 June 2013, the latest date at which full underlying company data is available6 Based on 69% of 30 September 2013 GP valuations (by value) and 31% June 2013 roll forward valuations (by value) where the 30 September 2013 GP valuations have not been received7 Includes income distributions and return of recallable capital8 Office for National Statistics, ‘Gross Domestic Product Preliminary Estimate, Q3 2013’, 25 October 20139 International Monetary Fund, ‘World Economic Outlook, Transitions and Tensions’, October 201310 Preqin deal database, accessed on 31 October 201311 Ernst and Young, ‘Multiple: European private equity watch’, Q3 201312 Mergermarket, ‘Mergermarket Q1-Q3 M&A Trend Report’, October 201313 Preqin, ‘Q3 2013 Private Equity-Backed Buyout Deals and Exits’, October 201314 Ernst and Young, ‘EY Global IPO Trends Report’, Q3 201315 Ernst and Young, ‘Global IPO activity slows in Q3 but set for uplift in coming months’, 25 September 201316 Financial News, ‘Private equity dividend recaps top $8 billion’, 17 October 201317 Preqin, ‘The Preqin Quarterly Update: Private Equity’, Q3 2013 18 All underlying company data is as at 30 June 2013. Please note that there may have been company acquisitions and disposals in the portfolio since this date19 All fund information is at 30 September 201320 All underlying portfolio company data is at 30 June 2013, the latest date at which full information at the underlying company level is available21 Projected distributions are indicative only and could be subject to change22 Aberdeen SVG Private Equity Managers Limited (“ASVGM”) (formerly SVG Managers Limited) and Aberdeen SVG Private Equity Advisers Limited (”ASVGA”) (formerly SVG Advisers Limited), are together

referred to as “Aberdeen SVG”. ASVGA is a wholly owned subsidiary of ASVGM. ASVGM is owned, as to 50.1%, by Aberdeen Asset Management PLC and, as to 49.9%, by SVG Capital plc. Both Aberdeen SVG Private Equity Advisers Limited and Aberdeen SVG Private Equity Managers Limited are authorised and regulated by the Financial Conduct Authority in the UK.

23 As at 30 September 2013

Schedule of equity calls

Date Amount €’000 %

2 April 2004 (final closing) 71,475 25

2 April 2005 71,475 25

Equity called 142,950 50

Q4 2010 (25% waived) – –

Q1 2012 (15% waived) – –

Uncalled equity 20,419 7.1*

* 2.9% of the shares have been deemed fully paid in respect of the share repurchases made

Schedule of equity distributions

Date Amount €’000

29 March 2012 15,000

10 July 2012 15,000

27 September 2012 15,000

21 December 2012 13,000

12 April 2013 14,000

16 July 2013 14,000

11 October 2013* 19,000* This occurred post the reporting period end

Next equity distribution to shareholders21

Timing

Q4 2013/Q1 2014 (projected)