December 6, 2018

Investments

Darby has made more than 140 investments across the investment platform.

Company	Sector	Region	Fund

Acrecent Financial Corporation	Financials	Latin America	Darby-ProBanco Fund II
Alarm Monitoring Company	Industrials	Europe	Darby Converging Europe Mezzanine Fund
AleSat	Energy	Latin America	Darby Latin American Private Equity Fund
Amalgamated Bean Coffee Trading Company	Consumer Staples	Asia	Darby Asia Mezzanine Fund II
Ansung Sarang Hospital Co., Ltd.	Real Estate	Asia	Darby Hana BTL Special Asset Trust Fund I
ART Group	Information Technology	Latin America	Darby Latin American Mezzanine Fund II
ATIVI/Telecomnet	Information Technology	Latin America	Darby Technology Ventures
AUPU Group Holding Company Limited	Consumer Discretionary	Asia	Darby Asia Mezzanine Fund II
Avantel Holdings Ltd.	Telecommunications	Latin America	Darby Latin America Mezzanine Fund
Bajo Cero	Consumer Discretionary	Latin America	Darby Latin American Private Equity Fund
Banco Leon	Financials	Latin America	Darby-ProBanco Fund II
Bhoruka Power	Energy	Asia	Darby Asia Mezzanine Fund II
Bioenergy	Energy	Latin America	Brazil Mezzanine Infrastructure Fund
Bioerix S.R.L.	Healthcare	Latin America	Darby Latin American Mezzanine Fund II
Border Media Partners, LLC	Consumer Discretionary	Latin America	Darby Latin American Private Equity Fund
BRA Transportes Aereos	Industrials	Latin America	Darby Latin American Private Equity Fund
Brightex Industries Ltd.	Consumer Discretionary	Asia	Darby Asia Opportunities Fund III
Bugukgangbyung Co., Ltd.	Real Estate	Asia	Darby Hana BTL Private Special Asset Trust Fund IV
Bulgaria Telecom	Telecommunications	Europe	Darby Converging Europe Mezzanine Fund
Career Point Infosystems	Consumer Discretionary	Asia	Franklin Templeton Private Equity Strategy
Cecrisa Revestimentos Ceramics S.A.	Materials	Latin America	Darby Latin America Mezzanine Fund
Certisign Certificador Digital, S.A.	Information Technology	Latin America	Darby Technology Ventures
Ceske Radiokomunikace	Telecommunications	Europe	Darby Converging Europe Mezzanine Fund
Choice Atlantica Holdings Ltd.	Consumer Discretionary	Latin America	Darby Emerging Markets Fund
Chonnam Medical Saengwhal Co., Ltd.	Real Estate	Asia	Darby Hana BTL Private Special Asset Trust Fund VI
CITIC 21CN (Cybernet)	Information Technology	Asia	Asia Mezzanine Fund
Cobis Systems Corporation	Information Technology	Latin America	Darby-ProBanco Fund II
Concesiones y Construcciones de Infraestructura	Industrials	Latin America	Darby Latin America Mezzanine Fund
Controladora Vertice	Financials	Latin America	Darby-ProBanco Fund II
Corporacion Interfin	Financials	Latin America	ProBa
CTL Logistics	Industrials	Europe	Darby Converging Europe Mezzanine Fund
Daechun Greenwater Co. Ltd.	Industrials	Asia	Korea Emerging Infrastructure Fund
Daesan Energy	Energy	Asia	Darby-Hana Renewable Energy SAT Fund
Dall	Industrials	Latin America	Brazil Mezzanine Infrastructure Fund
Datapoint	Information Technology	Latin America	Darby Latin American Mezzanine Fund II
DBM Zrt.	Energy	Europe	Darby Converging Europe Fund III
De Anza Plaza REIT	Real Estate	Asia	Darby Hana Silicon Valley Private Real Estate Trust Fund
Dixie Toga, S.A.	Materials	Latin America	Darby Emerging Markets Fund
East Point Holdings	Industrials	Europe	Darby Converging Europe Mezzanine Fund
EDS	Industrials	Europe	Darby Converging Europe Mezzanine Fund
Electrosteel Steels Ltd.	Industrials	Asia	Franklin Templeton Private Equity Strategy
Empresa Generadora de Electricidad Haina, S.A.	Energy	Latin America	Colombia Transportation Infrastructure Fund
Energy 21	Energy	Europe	Darby Converging Europe Mezzanine Fund
Energy Network	Industrials	Asia	Korea Emerging Infrastructure Fund
Enterprise Networks	Information Technology	Asia	Asia Mezzanine Fund
Enzen Global Solutions Private Limited	Industrials	Asia	Darby Asia Opportunities Fund III
ERG Services	Industrials	Asia	Korea Emerging Infrastructure Fund
Escorts Construction Equipment Ltd.	Industrials	Asia	Darby Asia Mezzanine Fund II
Eskaro	Materials	Europe	Darby Converging Europe Mezzanine Fund
eTel Group	Telecommunications	Europe	Emerging Europe Fund
Euromedic International	Healthcare	Europe	Darby Converging Europe Mezzanine Fund
Euromedic International	Healthcare	Europe	Emerging Europe Fund
EWI Holdings	Information Technology	Latin America	Darby Technology Ventures
Exactus Corp	Information Technology	Latin America	Darby Technology Ventures
Fibernet Group	Telecommunications	Europe	Darby Converging Europe Mezzanine Fund
Fifor Polska Sp. z.o.o.	Consumer Staples	Europe	Darby Converging Europe Fund III
First Philippine Holdings	Energy	Asia	Asia Mezzanine Fund
Flour Milling Company	Consumer Staples	Europe	Darby Converging Europe Mezzanine Fund
Fluviomar	Industrials	Latin America	Darby Latin America Mezzanine Fund
Gangwon Wind Power	Energy	Asia	Darby-Hana Gangwon Wind Power SAT Fund
Gangwon Wind Power	Energy	Asia	Korea Emerging Infrastructure Fund
Gas Transboliviano, S.A.	Energy	Latin America	Darby Latin America Mezzanine Fund
GEA/Eletrogoes	Energy	Latin America	Brazil Mezzanine Infrastructure Fund
GKC Projects Ltd.	Industrials	Asia	Franklin Templeton Private Equity Strategy
Golden Harvest Co., Ltd.	Energy	Asia	Darby-Hana Solar Power SAT Fund
Gramex 2000 Kft.	Consumer Staples	Europe	Darby Converging Europe Fund III
Group Empresarial Metropolitano, S.A. de C.V.	Consumer Discretionary	Latin America	Darby Latin American Private Equity Fund
Grupo Financiero Banorte, S.A. de C.V.	Financials	Latin America	Darby Emerging Markets Fund
Grupo Financiero Cuscatlan	Financials	Latin America	ProBa
Grupo Financiero Improsa	Financials	Latin America	ProBa
Grupo Viz, S.A. de C.V.	Consumer Staples	Latin America	Darby Emerging Markets Fund
Gunsan Bioenergy Co., Ltd.	Industrials	Asia	Darby Hana Gunsan Bioenergy SAT Fund 1
Gyeonggi Expressway	Industrials	Asia	Korea Emerging Infrastructure Fund
Gyeonggi Expressway	Industrials	Asia	Darby-Hana Gyeonggi Expressway SAT Fund
Gyeonggi Expressway	Industrials	Asia	Darby-Hana Gyeonggi Highway SAT Fund
Gyeonggii Sooho Co., Ltd.	Industrials	Asia	Darby Hana Nara Sarang BTL PIT Fund
Gyeongnam Masan Robot Land Co., Ltd.	Financials	Asia	Darby Hana Robot Land S.A.T. Fund
Heemang Dream Haksa Co., Ltd.	Real Estate	Asia	Darby Hana BTL Special Asset Trust Fund I
Hisarlar	Industrials	Europe	Darby Converging Europe Fund III
Holdings Protel, S.A. de C.V.	Telecommunications	Latin America	Darby Latin America Mezzanine Fund
Hyosung Wind Power Holdings Co., Ltd.	Energy	Asia	Darby-Hana Woori Power & Energy SAT Fund
IFH-Peru	Financials	Latin America	Darby Emerging Markets Fund
Industrial Bakery Company	Industrials	Europe	Darby Converging Europe Mezzanine Fund
Infodema	Materials	Latin America	Darby Emerging Markets Fund
Injae Tongil Village Co., Ltd.	Real Estate	Asia	Darby Hana Injae Military BTL Special Asset Trust Fund
Inova International, Inc.	Information Technology	Latin America	Darby Technology Ventures
Intertug	Industrials	Latin America	Colombia Transportation Infrastructure Fund
ISA Corporation S.A. de C.V.	Consumer Discretionary	Latin America	Darby Latin America Mezzanine Fund
Jackbe	Information Technology	Latin America	Darby Technology Ventures
Junggwan Library Operation Co., Ltd.	Real Estate	Asia	Darby Hana BTL Special Asset Trust Fund I
Kerrera Company	Consumer Staples	Asia	Darby Asia Mezzanine Fund II
Kimaya Fashions Private Limited	Consumer Discretionary	Asia	Franklin Templeton Private Equity Strategy
Koza Gida A.S.	Industrials	Europe	Darby Converging Europe Fund III
Kyungbuk Mirae Haksa Co., Ltd.	Real Estate	Asia	Darby Hana BTL Private Special Asset Trust Fund V
Laboratorios Kendrick	Healthcare	Latin America	Darby Latin American Private Equity Fund
Leadcorp, Inc.	Financials	Asia	Darby Asia Mezzanine Fund II
Machang Bridge	Industrials	Asia	Korea Emerging Infrastructure Fund
Machang Bridge	Industrials	Asia	Darby Hana Machang Bridge Private SAT Fund
MassMutual Internacional, S.A.	Financials	Latin America	Darby Emerging Markets Fund
Meiya Power	Energy	Asia	Asia Mezzanine Fund
MHaman Co., Ltd.	Industrials	Asia	Darby Hana Energy Recycling Private SAT Fund
Mieszko	Consumer Staples	Europe	Emerging Europe Fund
Mokpo Mirae Haksa Co., Ltd.	Real Estate	Asia	Darby Hana BTL Private Special Asset Trust Fund V
Morgan Impresores	Industrials	Latin America	Darby Emerging Markets Fund
MPureum Co., Ltd.	Industrials	Asia	Darby Hana Reclean SAT Fund
MPureum Co., Ltd.	Industrials	Asia	Darby Hana Energy Recycling Private SAT Fund
Myungsung Environment, Ltd.	Industrials	Asia	Korea Emerging Infrastructure Fund
Nara-Sarang Co., Ltd.	Real Estate	Asia	Darby Hana BTL Special Asset Trust Fund II
Neul Puruen Sunjin Byungyoung Co., Ltd.	Real Estate	Asia	Darby Hana BTL Private Special Asset Trust Fund VI
Neul Puruen Sunjin Haksa Co., Ltd.	Real Estate	Asia	Darby Hana BTL Private Special Asset Trust Fund VI
Newgen Knowledge Works Private Limited	Industrials	Asia	Franklin Templeton Private Equity Strategy
Noida	Industrials	Asia	Asia Mezzanine Fund
OCENSA	Industrials	Latin America	Colombia Transportation Infrastructure Fund
OCENSA Transportation Rights	Industrials	Latin America	Colombia Transportation Infrastructure Fund
OCI Solar	Energy	Asia	Darby-Hana Renewable Energy SAT Fund
Orion Holding	Industrials	Europe	Darby Converging Europe Fund III
Pacific Energy	Energy	Asia	Asia Mezzanine Fund
Paju Yangju Tongil Village Co., Ltd.	Real Estate	Asia	Darby Hana BTL Special Asset Trust Fund I
PECH	Industrials	Asia	Darby Asia Mezzanine Fund II
Peker Yüzey Tasarımları A.Ş. (“Belenco”)	Materials	Europe	Darby Converging Europe Fund III
Peruana de Combustiles, S.A.	Energy	Latin America	Darby Latin America Mezzanine Fund
Petro Santander	Energy	Latin America	Darby Emerging Markets Fund
Pollon Electric	Energy	Asia	Asia Mezzanine Fund
Produman	Industrials	Latin America	Brazil Mezzanine Infrastructure Fund
Promotora Ambiental, S.A. de C.V.	Industrials	Latin America	Darby Latin America Mezzanine Fund
PSM Investments Limited	Industrials	Asia	Darby Asia Mezzanine Fund II
PSNL/ACeS	Telecommunications	Asia	Asia Mezzanine Fund
Purereun Yeoncheon Co. Ltd.	Industrials	Asia	Darby Hana Nara Sarang BTL PIT Fund
Radio Movil Digital	Telecommunications	Latin America	Darby Emerging Markets Fund
Radio PLUS	Consumer Discretionary	Europe	Emerging Europe Fund
Re-Clean Holdings Co., Ltd.	Industrials	Asia	Darby Hana Green Fund SAT Fund
Santos Brazil S.A.	Industrials	Latin America	Darby Latin America Mezzanine Fund
Seoul Beltway Corporation	Industrials	Asia	Korea Emerging Infrastructure Fund
Serbian Broadband	Telecommunications	Europe	Darby Converging Europe Mezzanine Fund
SFO Technologies Private Limited	Information Technology	Asia	Franklin Templeton Private Equity Strategy
Shayne International Holdings Limited	Consumer Discretionary	Asia	Darby Asia Mezzanine Fund II
SIA Rigas Piensaimnieks	Consumer Staples	Europe	Darby Converging Europe Mezzanine Fund
Siciliano SA	Consumer Discretionary	Latin America	Darby Emerging Markets Fund
Siheung Ecoline Co., Ltd.	Industrials	Asia	Darby Hana BTL Private Special Asset Trust Fund VI
Sirma	Consumer Staples	Europe	Darby Converging Europe Mezzanine Fund
Solariant Portfolio 2 G.K.	Energy	Asia	Darby-Hana Japan Solar Private SAT Fund
Spice	Telecommunications	Asia	Asia Mezzanine Fund
Spring Wireless	Information Technology	Latin America	Darby Technology Ventures
Storent Holding	Industrials	Europe	Darby Converging Europe Fund III
Sumang Wind Power Co., Ltd.	Industrials	Asia	Darby Hana Sumang Wind Farm PIT Fund
Sun-jin Boramae Co., Ltd.	Real Estate	Asia	Darby Hana BTL Private Special Asset Trust Fund III
Symbiotec Pharmalab Limited	Healthcare	Asia	Franklin Templeton Private Equity Strategy
Tabacarcen	Industrials	Latin America	Darby Latin American Mezzanine Fund II
Termobarranquilla S.A. Empressa de Servicios Publicos	Energy	Latin America	Darby Latin America Mezzanine Fund
T-Grao	Industrials	Latin America	Brazil Mezzanine Infrastructure Fund
Top Image	Consumer Discretionary	Asia	Darby Asia Mezzanine Fund II
Tratamiento de Agua de Puebla, S.A. de C.V.	Industrials	Latin America	Darby Latin America Mezzanine Fund
Unilink S.A.	Financials	Europe	Darby Converging Europe Fund III
Unity Group Holdings	Financials	Latin America	Darby-ProBanco Fund II
Ver Se Innovation Private Limited	Telecommunications	Asia	Franklin Templeton Private Equity Strategy
Vital Renewable Energy Company, LLC	Consumer Staples	Latin America	Darby Latin American Mezzanine Fund II
Walnut Investment Holding II Limited	Consumer Discretionary	Asia	Darby Asia Opportunities Fund III
Water Oasis Group	Consumer Discretionary	Asia	Darby Asia Mezzanine Fund II
Yeongcheon Daegu Tongil Madang Co., Ltd.	Real Estate	Asia	Darby Hana BTL Special Asset Trust Fund I
Yuchai	Industrials	Asia	Darby Asia Opportunities Fund III
ZTB	Consumer Staples	Europe	Darby Converging Europe Mezzanine Fund