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"It has been an excellent first year as a public company; AGA successfully raised €300m from its IPO and has made strong progress in investing the proceeds, by contributing to Apax private equity funds and investing in other asset classes derived from Apax's private equity activities.In line with our strategy, we recently announced our intention to commit US0m to the Apax IX private equity fund and have fully realised our last legacy hedge fund investments.It was originally set up to invest in Apax Funds, but steadily broadened its investment strategy to include both investments in Apax Funds and Derived Investments.Prior to the IPO, the PCV Group was almost fully invested."Over the past year, the investment focus has been on deploying the net proceeds raised from the Initial Public Offering into both Private Equity and Derived Investments.Markets offer interesting investment opportunities for AGA following recent corrections and the ability of AGA to exploit opportunities across different sectors, geographies, and asset classes is predestined to benefit from a continuation of the more volatile market environment." I am pleased to present AGA's first full annual report and accounts following our successful IPO in June 2015.

Commenting on the results, Tim Breedon CBE, Chairman of Apax Global Alpha, said: "I am delighted to present our first annual results since the Company's successful move on to the London Stock Exchange in June 2015, and to announce the payment of our first semi-annual dividend to shareholders.

A total of €301.4m was raised when the proceeds were recalculated to euro based on the exchange rate at close of business on the date of listing the 15 June 2015 2 Including cash of €1.4 million held by the PCV Group Investment highlights for twelve months to 31 December 2015 3 Represents the weighted average of the respective metrics across the underlying portfolio companies, current per the indicated date, using latest available information 4 Represents investments and exits during the year ending at the indicated date.

Note that the 13 new investments during 2015 excludes the additional AEVII stake acquired by AGA during 2015.

AGA has therefore deployed the net proceeds of the IPO well within the time frame of up to twelve months which was envisaged at the time of admission in June 2015.

It remains AGA's intention to keep its portfolio fully invested at all times.

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