Important Notice: The term book value herein includes the assets of APQ Global and its subsidiaries net of any liabilities. The figure in this announcement is an estimate and is based on unaudited estimated valuations in accordance with the Company s valuation policy as stated in the Company s AIM Admission Document. The Group has measured its private investments in accordance with IFRS 9 Financial Instruments. In September 2017, APQ Global Ltd issued 4,018 units of £5,000 nominal 3.5 per cent convertible unsecured loan stock 2024 ( CULS ) to raise £20.09 million. In January 2018, APQ Global Ltd issued a further 1,982 CULS units at a price of £5,150 per £5,000 nominal to raise £10.21 million. Under IFRS, the CULS is a financial instrument and has been accounted for under