UBS Alternative Portfolio AG

June 2014 For professional/institutional/qualified investors only

Investment objective Fund performance (%) - last five calendar years (adjusted for dividends paid) • Aims to achieve attractive risk-adjusted returns over the Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec YTD long term 2014 0.68 2.66 1.60 1.45 1.63 0.81 9.13 • Aims to maintain low to moderate volatility of returns • Aims to maintain low correlation to traditional asset 2013 1.63 -0.20 0.62 1.50 0.76 -0.18 0.65 1.11 0.98 1.68 2.69 1.08 13.01 classes 2012 0.89 1.88 0.45 2.13 -0.05 0.73 -0.48 0.41 0.49 1.15 0.70 1.05 9.73 2011 1.00 1.83 3.49 1.44 0.30 0.14 1.12 1.62 -1.12 -0.56 -1.72 -1.01 6.60 2010 -0.33 0.81 1.86 0.76 -0.73 -0.24 1.08 0.34 1.94 1.20 -0.03 2.38 9.37 Product description UBS Alternative Portfolio AG is an investment company based in Zurich, Switzerland. The company invests both in Annualized return (%) hedge funds and private equity funds. With their 1 Year 3 Years 5 Years Since inception investment, shareholders have access to a diversified 18.38 9.98 10.74 5.91 portfolio of alternative investments. UBS Alternative Portfolio AG returns represent the profits or losses of the Fund net: (i) 1.00% annualised management fee, (ii) between 0% and 25.00% p.a. performance fee deducted from monthly profits, and (iii) expenses charged to the Fund in the month shown. The returns are based on calculations and information provided to the Fund's Investment Advisor, UBS AG, Alternative Funds Advisory, by the Fund's Administrator, UBS Fund Services (Cayman) Ltd, the latter being a common affiliate of UBS AG. In addition to being unaudited, the returns have not been reviewed by Key benefits an independent third party. Therefore, the returns are subject to change without notification to the recipient based on, amongst other things, an annual audit of the Fund. Any returns presented may or may not be indicative of the returns • Focus on private equity funds with hedge fund of the share class, series, and/or fund offered to you. Your actual returns may be different and can be determined from components seeking "value added" to a core, the NAV statements sent by the fund’s administrator. Due to the Product's extended track record, the above fund diversified private equity portfolio performance table is limited to prior monthly performance for the five preceding calendar years. The annualized • Easy accessible structure geared towards the qualified returns shown in the above table cover the prior 12, 36, 60 months and since inception time periods. The full monthly investor track record is available upon request.

The chart below illustrates the performances of UBS Alternative Portfolio AG and several indices. All indexed to 1,000 at the track record inception of 1 November 2000

2800 Investment advisor 2400

Alternative Funds Advisory ("AFA"), a key fund of funds 2000 provider since 1997 within Global Asset Management, for illiquid alternative asset classes, including private equity 1600 and infrastructure. 1200 800

400 Current data Cumulative performance Oct-00 Oct-01 Oct-02 Oct-03 Oct-04 Oct-05 Oct-06 Oct-07 Oct-08 Oct-09 Oct-10 Oct-11 Oct-12 Oct-13 Apr-01 Apr-02 Apr-03 Apr-04 Apr-05 Apr-06 Apr-07 Apr-08 Apr-09 Apr-10 Apr-11 Apr-12 Apr-13 Apr-14 Net asset value USD 429.03 Fund assets (mln)* USD 273 UBS Alternative Portfolio AG AP HF Portfolio Gross AP PE Portfolio Gross MSCI World (TR, Gross) * As of 1 July 2014 Each index shown as if the index was at 1,000 as of 1 November 2000. The chart displayed above is intended solely for Key information (1) illustrative purposes. Neither the Fund nor any of the other indices shown are intended to track each other as they follow different investment strategies/programs, and different results over similar periods can be expected. Investment Manager UBS Fund Services (Cayman) Note: data assumes re-investment of any dividend where applicable. Business Unit Alternative Funds Advisory Fund domicile Switzerland UBS Alternative AP HF Portfolio AP PE Portfolio MSCI World (TR, Portfolio AG Gross Gross Gross) Fund inception date 1 November 2000 MTD return 0.81% 0.84% 1.00% 0.14% Share class inception date 1 November 2000 YTD return 9.13% 4.77% 12.39% 4.75% Minimum initial subscriptions (2) N/A Annualized return 5.91% 5.43% 7.55% 4.65% Minimum subsequent subscriptions N/A 12 month rolling return 18.38% 11.78% 22.12% 22.64% Subscription N/A Annualized volatility 4.84% 5.68% 6.77% 16.14% Redemption N/A 12 month rolling volatility 2.38% 3.60% 3.26% 8.80% Management fee 1.00% Sharpe ratio 0.85 0.64 0.85 0.18 Performance fee between 0% and 25.00% Sortino ratio 1.10 0.84 1.13 0.23 (1) Please see the fund's offering memorandum for specific details (2) Subject to fund domicile and local guidelines / minimum Correlation coefficient 1.00 0.79 0.71 0.37 investment one share Highest 1 month loss -4.69% -7.14% -6.00% -18.93% Fund codes Maximum draw-down -23.48% -20.51% -26.05% -53.65% Positive months 67.68% 62.80% 67.07% 60.37% ISIN CH0011471569 Source: Alternative Funds Advisory, A&Q Investments, Citigroup, Bloomberg, HFRI Valor no. 1147156 PAST PERFORMANCE IS NOT INDICATIVE OF FUTURE RESULTS Product commentary Private Equity: In June the private equity part of the UBS Alternative Portfolio AG gained 1.0% and reached a 12.39% YTD performance in the first half of 2014. The June up-valuation was mainly driven by the stake in "UBS Private Equity Global II" and EQT V. The portfolio remains highly cash flow generative distributing about 5x more in cash than was called from funds. Distributions in June slowed down compared to the previous months and were below the 12-month average but in line with the 3-year average. Distributions have been more concentrated on few funds, in particular the medium/large buyout funds with vintages before 2008 were able to capitalize on their investments. Alone Bain X, Silverlake III, and EQT V were responsible for more about 45% of this month's distributions. Capital calls continue to be weak particularly as most of the funds have reached the end of their investment cycle.

Hedge Fund: June has been another strong month for the hedge fund portfolio. All hedge Fund strategies contributed positively to performance with Equity Hedged managers leading the performance by benefitting from regained momentum in growth and small cap names. Credit managers also performed well with more idiosyncratic bets on their books and still some support from the high yield markets. Trading was mixed and mostly driven by equity and emerging market positions whereas the currency side has been more challenging with an unexpected weaker USD. Relative Value performance was positive but unspectacular with low spreading in returns. Aggregate portfolio profile as of 1 July 2014

Strategy allocation lookthrough (%) Geographic allocation lookthrough (%)

1 3 1 1 21 4 3 4 2 4 4 15 15 4 4 Private Equity North America legend_squareCash & Other legend_squareEurope legend_squareTrading 41 41 legend_squareCash & Other 16 16 legend_squareCredit/Income legend_squareAsia legend_squareEquity Hedged 16 16 legend_squareRest of World legend_squareRelative Value legend_squareGlobal legend_squareOther legend_square 68 68 legend_square

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Based on Alternative Funds Advisory's proprietary allocation and may not directly correspond Based on Alternative Funds Advisory's proprietary allocations of underlying funds to multiple to exposure shown by underlying funds. geographic areas and may not directly correspond to exposure shown by underlying funds.

Strategy contribution Strategy %Allocation % MTD % YTD Contribution Contribution Private Equity 69.38 0.76 8.78 Cash & Other 16.05 0.00 0.00 Relative Value 3.77 0.06 0.18 Trading 2.99 0.02 0.15 Equity Hedged 2.80 0.03 0.22 Credit/Income 2.68 0.02 0.21 Multi-Strategy 0.99 0.00 0.04 Trading Opport./Macro 0.74 0.00 0.01 Other 0.59 0.00 -0.03 Total 100.00 0.89 9.57 Based on Alternative Funds Advisory's proprietary allocations of each underlying fund contribution to one investment strategy and gross of fees. Allocations may not directly correspond to exposure shown by underlying funds.

Source: Alternative Funds Advisory's proprietary database PAST PERFORMANCE IS NOT INDICATIVE OF FUTURE RESULTS

Hedge Fund portfolio profile as of 1 July 2014

Strategy allocation lookthrough HF type exposure (%) Geographic allocation lookthrough HF type exposure (%)

4 4 1 3 21 3 2 2 2 4 4 18 18 30 30 legend_squareEquity Hedged legend_squareUS/Canada legend_squareCredit/Income legend_squareEurope/UK legend_squareTrading legend_squareDeveloped Asia ex-Japan legend_squareRelative Value legend_squareLatAm Other 30 30 Japan legend_square 58 58 legend_squareEEMEA legend_squareOther 24 24 legend_square

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Source: Alternative Funds Advisory's proprietary database Private Equity portfolio profile as of 1 July 2014

Actual stage exposure (%) Actual geographic exposure (%)

6 6 2 2 20 20 Buyout North America 26 26 legend_squareGrowth Capital legend_squareEurope 42 42 legend_square legend_square legend_squareVenture capital legend_squareAPAC legend_squareSpecial situations 49 49 legend_squareRest of World

29 29

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Actual sector exposure (%) 3 4 3 4 6 6 23 23 Consumer 11 11 legend_squareIT legend_squareFinancial & other serv. legend_squareHealthcare legend_squareIndustrial legend_squareBasic Materials 15 15 legend_squareTelecommunications 21 21 legend_square legend_squareOther Sector

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Fund name Commitment Open Market Value %Allocation Active (USD m) commitment (USD m) commitment (USD m) (USD m) Abingworth Bioventures V 1.71 0.31 1.16 0.42 1.47 Accel Growth Fund II 1.50 0.32 1.17 0.43 1.49 Accel XI 1.00 0.31 0.70 0.26 1.01 Activa Capital Fund II 4.79 0.27 4.39 1.61 4.66 Adams Street 2006 Direct Fund 0.50 0.01 0.52 0.19 0.54 Adams Street Global Opportunities Secondary Fund 5.00 0.76 1.31 0.48 2.06 Adams Street Non-U.S. Partnership 2006 1.50 0.16 1.14 0.42 1.30 Adams Street US Partnership 2002 5.00 0.24 2.28 0.84 2.52 Adams Street US Partnership 2006 3.00 0.34 2.05 0.75 2.39 Adams Street V 5.00 0.00 2.98 1.09 2.98 Advent International GPE V 5.48 0.47 1.42 0.52 1.89 Advent International GPE VI 3.00 0.15 3.26 1.19 3.41 Advent International GPE VII 1.90 1.13 0.97 0.36 2.10 Adveq Asia I 4.00 0.08 3.87 1.42 3.95 Adveq Technology III 11.00 0.00 5.51 2.02 5.51 Adveq Technology V 1.00 0.04 1.04 0.38 1.08 Affinity Asia Pacific Fund III 3.00 0.28 1.60 0.59 1.88 Apax Europe VI 5.48 0.12 4.54 1.66 4.65 Apax Europe VII 5.48 0.16 5.43 1.99 5.59 Apax VIII 2.00 1.54 0.45 0.16 1.99 Atlas Venture VII 1.00 0.03 1.13 0.41 1.16 Bain Capital IX 2.50 0.07 1.20 0.44 1.27 Bain Capital X 7.00 0.21 6.13 2.25 6.34 Battery Ventures IX 1.50 0.17 1.71 0.63 1.89 Bayside Fund II 2.20 0.65 1.10 0.40 1.75 BC European Capital IX 2.05 0.98 1.14 0.42 2.12 Brinson Non-U.S. Partnership 2001 1.04 0.03 0.10 0.04 0.13 Brinson Non-U.S. Partnership 2002 2.96 0.15 0.70 0.26 0.84 Brinson Non-U.S. Partnership 2003 2.02 0.09 0.69 0.25 0.78 Brinson Non-U.S. Partnership 2004 4.20 0.23 2.15 0.79 2.38 Brinson Primary Partnership 2001 2.64 0.10 0.76 0.28 0.86 Brinson Primary Partnership 2002 2.25 0.07 0.64 0.23 0.71 Brinson Primary Partnership 2003 2.82 0.10 1.05 0.38 1.14 Brinson Primary Partnership 2004 3.02 0.16 1.71 0.63 1.87 Brinson Secondary Non-U.S. Partnership 2002 0.68 0.00 0.06 0.02 0.06 Brinson Secondary Non-U.S. Partnership 2003 0.30 0.00 0.05 0.02 0.05 Brinson Secondary Non-U.S. Partnership 2004 0.74 0.07 0.15 0.06 0.23 Brinson Secondary Partnership 2002 0.94 0.02 0.31 0.12 0.34 Brinson Secondary Partnership 2003 0.26 0.01 0.09 0.03 0.10 Charterhouse Capital Partners VII 2.74 0.16 0.53 0.19 0.69 Charterhouse Capital Partners VIII 5.48 0.41 2.15 0.79 2.56 ChrysCapital V 1.90 0.00 1.46 0.53 1.46 EQT IV 2.05 0.12 1.30 0.48 1.42 EQT V 5.48 0.46 2.87 1.05 3.33 EQT VI 2.05 1.04 1.01 0.37 2.05 Equistone European Fund IV 2.19 0.58 1.86 0.68 2.44 Francisco Partners III 2.00 0.49 1.85 0.68 2.33 Fund name Commitment Open Market Value %Allocation Active (USD m) commitment (USD m) commitment (USD m) (USD m) GAM Pomona II 9.00 0.00 2.19 0.80 2.19 Global Timber Investors 6. 5.00 0.00 0.14 0.05 0.14 Gores Capital Partners II 5.00 0.50 2.94 1.08 3.43 Gores Capital Partners III 2.00 0.72 1.41 0.52 2.13 HarbourVest International IV 10.00 0.25 3.11 1.14 3.36 Harvest Partners VI 1.00 0.44 0.63 0.23 1.07 Hony Capital Fund 2008 2.00 0.18 2.01 0.74 2.18 Hony Capital Fund V L.P. 1.00 0.66 0.34 0.12 1.00 Institutional Venture Partners XIV 1.00 0.60 0.46 0.17 1.06 Investindustrial III 4.11 0.18 1.36 0.50 1.53 Investindustrial IV 5.48 0.37 2.86 1.05 3.23 Investindustrial V 2.05 1.77 0.23 0.08 2.00 IPV Capital (Infotech Pacific Ventures) 1.00 0.08 1.11 0.41 1.19 IPV Capital II (Infotech Pacific Ventures II) 1.00 0.42 0.67 0.25 1.09 Madison Dearborn Capital Partners V 5.00 0.80 4.35 1.60 5.16 Madison Dearborn Capital Partners VI 2.00 0.74 1.12 0.41 1.87 Mayfield XIV 1.00 0.86 0.13 0.05 0.99 MHR Institutional Associates III 5.00 1.84 3.74 1.37 5.59 Montagu III 2.74 0.37 0.19 0.07 0.57 Navis Asia Fund V 5.00 0.08 6.47 2.37 6.56 NEA 12 1.00 0.02 0.80 0.29 0.82 NEA 14 2.50 1.25 1.31 0.48 2.56 NewMargin Growth Fund 2.50 0.10 1.50 0.55 1.60 Nexus India Capital Fund II 3.00 0.24 4.53 1.66 4.77 Nexus Ventures III 1.00 0.72 0.28 0.10 1.00 Nordic Capital VII 6.85 1.29 7.05 2.59 8.34 Oaktree European Principal Fund III 2.05 1.07 1.12 0.41 2.19 Permira Europe IV 2.74 0.18 2.07 0.76 2.25 Providence Equity Partners VI 3.00 0.26 2.15 0.79 2.41 Rutland Fund II 1.71 0.24 1.34 0.49 1.58 SBCVC Fund III 3.50 1.01 4.17 1.53 5.18 SBCVC Fund IV 2.00 0.81 1.18 0.43 1.99 Silver Lake Partners II 0.50 0.06 0.23 0.09 0.29 Silver Lake Partners III 5.00 0.79 3.35 1.23 4.14 Summit Partners Growth Equity Fund VIII 2.00 0.92 1.04 0.38 1.96 Summit Partners Private Equity Fund VII 1.00 0.00 0.94 0.35 0.94 Sun Capital V 3.20 0.54 3.03 1.11 3.58 TA Atlantic and Pacific V 1.00 0.00 0.32 0.12 0.32 TA Atlantic and Pacific VI 7.00 0.14 6.16 2.26 6.30 UBS Private Equity Global II 10.00 4.65 7.82 2.87 12.47 USVP X 0.50 0.12 0.50 0.18 0.61 VantagePoint Venture Partners 2006 3.00 0.30 1.56 0.57 1.86 VenCap 10 EUR 2.74 0.80 2.38 0.87 3.18 VenCap 10 USD 6.88 1.68 6.23 2.28 7.91 Vestar Capital Partners V 4.00 0.03 3.48 1.28 3.51 Warburg Pincus Private Equity IX 1.00 0.00 0.41 0.15 0.41 Warburg Pincus Private Equity VIII 5.00 0.00 2.97 1.09 2.97 Warburg Pincus Private Equity X 7.00 0.00 6.16 2.26 6.16 Total 297.39 41.18 189.23 69.38 230.40 Source: Alternative Funds Advisory's proprietary database Aggregate portfolio positions as of 1 July 2014 Fund name %Allocation Strategy % MTD % YTD Cello Fixed Income Fund | A1b 1.32 Hedge Fund 0.97 6.61 Man AHL Evolution | E 1.21 Hedge Fund 2.47 13.25 Senator | H 1.20 Hedge Fund 2.41 3.45 Tilden Park Investment Fund | A Restricted 1.20 Hedge Fund 0.75 8.84 NWI Explorer Global Fund | AB 1.05 Hedge Fund -0.10 0.04 Pelham Long Short Fund | A 1.03 Hedge Fund -1.87 1.06 TIG Securitized Asset Fund | A3 0.82 Hedge Fund 1.10 9.09 Jana Nirvana Offshore Fund | A 0.78 Hedge Fund 2.34 7.81 York European | A 0.75 Hedge Fund 0.83 10.41 Legg Mason Western Asset Macro Opportunities Bond | P 0.74 Hedge Fund 0.65 1.54* D.E. Shaw Oculus | 0 0.73 Hedge Fund -0.90 1.38 GAM Talentum Enhanced Europe Long Short Fund | B 0.71 Hedge Fund 1.32 -3.47 CSP II Distressed Fund | L 0.55 Hedge Fund N/A N/A* Voleon Investors Fund | A 0.49 Hedge Fund 0.20 4.63 Millennium | FF 0.46 Hedge Fund 0.09 3.51 Millennium | R 0.30 Hedge Fund 0.09 3.54 Pershing Square International | E 0.24 Hedge Fund 2.29 25.29 Cheyne | K USD 0.17 Hedge Fund 2.60 -2.50 D.E. Shaw Composite | SP 0.14 Hedge Fund 0.00 0.00 QVT SLV Offshore | A 0.13 Hedge Fund -0.17 6.41 Polygon Recovery | C 0.12 Hedge Fund -0.21 0.10 Millennium | PP 0.11 Hedge Fund 0.09 3.51 CSP I Credit Opportunistic Fund | I 0.11 Hedge Fund 1.66 9.14 Highland Crusader II | AP 0.09 Hedge Fund -0.79 -3.87 Vicis | A 0.05 Hedge Fund -17.00 -36.38 72 Capital International | E 0.03 Hedge Fund N/A N/A* Drawbridge | S (side pocket) 0.02 Hedge Fund 0.00 0.00 Drawbridge | SPV (side pocket) 0.01 Hedge Fund 0.14 2.87 Weavering Fixed Income Fund | USD 0.00 Hedge Fund N/A N/A* OZ Overseas II | H Prime (side pocket) 0.00 Hedge Fund 0.00 0.00 Total Hedge Fund 14.56

UBS Private Equity Global II 2.87 Private Equity 13.99 20.15* Nordic Capital VII 2.59 Private Equity N/A 5.89* Navis Asia Fund V 2.37 Private Equity N/A 10.24* VenCap 10 USD 2.28 Private Equity 3.02 7.24* Warburg Pincus Private Equity X 2.26 Private Equity N/A 16.89* TA Atlantic and Pacific VI 2.26 Private Equity N/A 9.11* Bain Capital X 2.25 Private Equity N/A 5.31* Adveq Technology III 2.02 Private Equity N/A 10.61* Apax Europe VII 1.99 Private Equity N/A 7.94* Apax Europe VI 1.66 Private Equity N/A 37.18* Nexus India Capital Fund II 1.66 Private Equity N/A 57.73* Activa Capital Fund II 1.61 Private Equity N/A 2.37* Madison Dearborn Capital Partners V 1.60 Private Equity N/A 16.36* SBCVC Fund III 1.53 Private Equity N/A 46.50* Adveq Asia I 1.42 Private Equity N/A 14.85* MHR Institutional Associates III 1.37 Private Equity 5.54 -1.02 Vestar Capital Partners V 1.28 Private Equity N/A 5.04* Silver Lake Partners III 1.23 Private Equity N/A 19.81* Advent International GPE VI 1.19 Private Equity N/A 12.41* HarbourVest International IV 1.14 Private Equity N/A 11.01* Sun Capital V 1.11 Private Equity N/A 3.50* Warburg Pincus Private Equity VIII 1.09 Private Equity N/A 14.42* Adams Street V 1.09 Private Equity N/A 22.84* Gores Capital Partners II 1.08 Private Equity N/A 10.53* EQT V 1.05 Private Equity 26.03 28.96* Investindustrial IV 1.05 Private Equity N/A 23.71* VenCap 10 EUR 0.87 Private Equity 4.78 9.62* Adams Street US Partnership 2002 0.84 Private Equity 2.88 7.67* GAM Pomona II 0.80 Private Equity 2.74 4.27* Brinson Non-U.S. Partnership 2004 0.79 Private Equity N/A 28.58* Charterhouse Capital Partners VIII 0.79 Private Equity N/A 4.98* Providence Equity Partners VI 0.79 Private Equity N/A 12.84* Permira Europe IV 0.76 Private Equity N/A 8.92* Adams Street US Partnership 2006 0.75 Private Equity 2.07 10.31* Hony Capital Fund 2008 0.74 Private Equity N/A 10.95* Francisco Partners III 0.68 Private Equity N/A 18.78* Equistone European Fund IV 0.68 Private Equity N/A 8.79* Brinson Primary Partnership 2004 0.63 Private Equity N/A 5.78* Source: Alternative Funds Advisory's proprietary database * Return is not over full period Cash and other includes other assets net of liabilities. The performance shown are on the lead series of the respective fund and may differ from the performance the product is invested in. The displayed performances are net performances of the underlying funds but gross of fees charged on UBS Alternative Portfolio AG. The performances of leveraged funds or share classes are impacted not only by the performance of the underlying portfolio but also by interest rates and implicit financing costs. PAST PERFORMANCE IS NOT INDICATIVE OF FUTURE RESULTS Fund name %Allocation Strategy % MTD % YTD Battery Ventures IX 0.63 Private Equity N/A 13.27* Affinity Asia Pacific Fund III 0.59 Private Equity -7.95 -1.03* VantagePoint Venture Partners 2006 0.57 Private Equity N/A -17.90* NewMargin Growth Fund 0.55 Private Equity -25.15 -23.98* ChrysCapital V 0.53 Private Equity N/A 75.05* Advent International GPE V 0.52 Private Equity N/A 25.74* Gores Capital Partners III 0.52 Private Equity N/A 26.46* Investindustrial III 0.50 Private Equity N/A 0.65* Rutland Fund II 0.49 Private Equity N/A 10.14* EQT IV 0.48 Private Equity 0.50 45.24* Adams Street Global Opportunities Secondary Fund 0.48 Private Equity N/A 2.37* NEA 14 0.48 Private Equity N/A 10.48* Bain Capital IX 0.44 Private Equity N/A 7.41* SBCVC Fund IV 0.43 Private Equity N/A 5.90* Accel Growth Fund II 0.43 Private Equity N/A 4.54* Adams Street Non-U.S. Partnership 2006 0.42 Private Equity 3.98 12.18* Abingworth Bioventures V 0.42 Private Equity N/A 22.33* BC European Capital IX 0.42 Private Equity N/A -2.92* Atlas Venture VII 0.41 Private Equity N/A 17.78* IPV Capital (Infotech Pacific Ventures) 0.41 Private Equity N/A 50.68* Madison Dearborn Capital Partners VI 0.41 Private Equity N/A 26.90* Oaktree European Principal Fund III 0.41 Private Equity N/A 5.83* Bayside Fund II 0.40 Private Equity N/A 9.22* Brinson Primary Partnership 2003 0.38 Private Equity N/A 11.09* Adveq Technology V 0.38 Private Equity N/A 21.51* Summit Partners Growth Equity Fund VIII 0.38 Private Equity N/A 26.48* EQT VI 0.37 Private Equity 4.82 14.82* Advent International GPE VII 0.36 Private Equity N/A 16.21* Summit Partners Private Equity Fund VII 0.35 Private Equity N/A 13.36* NEA 12 0.29 Private Equity N/A -3.99* Brinson Primary Partnership 2001 0.28 Private Equity N/A 9.48* Brinson Non-U.S. Partnership 2002 0.26 Private Equity N/A -2.56* Accel XI 0.26 Private Equity N/A 0.75* Brinson Non-U.S. Partnership 2003 0.25 Private Equity N/A 8.98* IPV Capital II (Infotech Pacific Ventures II) 0.25 Private Equity N/A 33.20* Brinson Primary Partnership 2002 0.23 Private Equity N/A 10.26* Harvest Partners VI 0.23 Private Equity N/A 4.75* Charterhouse Capital Partners VII 0.19 Private Equity N/A 15.05* Adams Street 2006 Direct Fund 0.19 Private Equity 24.27 32.17* USVP X 0.18 Private Equity N/A 28.92* Institutional Venture Partners XIV 0.17 Private Equity N/A 25.06* Apax VIII 0.16 Private Equity N/A -5.86* Warburg Pincus Private Equity IX 0.15 Private Equity N/A 7.09* Brinson Secondary Partnership 2002 0.12 Private Equity N/A 5.71* TA Atlantic and Pacific V 0.12 Private Equity N/A 18.98* Hony Capital Fund V L.P. 0.12 Private Equity N/A 4.03* Nexus Ventures III 0.10 Private Equity N/A 5.34* Silver Lake Partners II 0.09 Private Equity N/A 20.09* Investindustrial V 0.08 Private Equity N/A -7.61* Montagu III 0.07 Private Equity N/A 13.42* Brinson Secondary Non-U.S. Partnership 2004 0.06 Private Equity N/A 6.32* Global Timber Investors 6. 0.05 Private Equity N/A -7.34* Mayfield XIV 0.05 Private Equity N/A -3.25* Brinson Non-U.S. Partnership 2001 0.04 Private Equity N/A 10.22* Brinson Secondary Partnership 2003 0.03 Private Equity N/A 4.39* Brinson Secondary Non-U.S. Partnership 2002 0.02 Private Equity N/A 24.82* Brinson Secondary Non-U.S. Partnership 2003 0.02 Private Equity N/A 39.93* Total Private Equity 69.39

Cash & Other | USD 16.05 Cash N/A N/A Total Cash 16.05 Source: Alternative Funds Advisory's proprietary database * Return is not over full period Cash and other includes other assets net of liabilities. The performance shown are on the lead series of the respective fund and may differ from the performance the product is invested in. The displayed performances are net performances of the underlying funds but gross of fees charged on UBS Alternative Portfolio AG. The performances of leveraged funds or share classes are impacted not only by the performance of the underlying portfolio but also by interest rates and implicit financing costs. PAST PERFORMANCE IS NOT INDICATIVE OF FUTURE RESULTS Risk considerations The Fund's investment program is speculative and entails substantial risks which may place your capital at risk. An investment in the Fund includes the risks inherent in an investment in securities, as well as specific risks associated with limited liquidity, the use of leverage, short sales, options, futures, derivative instruments, investments in non-U.S. securities and illiquid investments. The Fund invests largely in other unregulated hedge funds. Such a portfolio of hedge funds may increase an investor's volatility for potential losses or gains. One or more of the funds, from time to time, may invest a substantial portion of the assets managed in an industry sector. As a result, the manager's investment portfolio (as well as the Fund's) may be subject to greater risk and volatility than if investments had been made in the securities of a broader range of issues. There can be no assurances that a fund's strategy (hedging or otherwise) will be successful or that it will employ such strategies with respect to all or any portion of its portfolio. The investment funds in which the Fund invests can be highly illiquid, are not required to provide periodic pricing or valuation to investors, and may involve complex tax strategies. In addition, the overall performance of the Fund is dependent not only on the investment performance of individual managers, but also on the ability of the Fund's Adviser to effectively select and allocate the Fund's assets among such managers on an ongoing basis. The Fund's portfolio may be highly leveraged and the volatility of the price of its interests may be great. The Fund's fees and expenses may substantially offset the Fund's trading profits. There is no secondary market for interests in the Fund and none is expected to develop. In addition, the ability to transfer one's interest in the Fund is restricted. It is possible that the Fund will be unable to provide tax information to investors without significant delays and investors may need to seek extensions on the time to file their tax returns at the federal, state and local levels. Interests are not deposits or obligations of, or guaranteed or endorsed by any bank or other insured depository institution, and are not insured by the Federal Deposit Insurance Corporation, Financial Service Compensation Scheme or other relevant non-U.S. governmental agency. Investors should consider the Fund as a supplement to an overall investment program and should invest only if they are willing to undertake the risks involved.

Endnotes Statistics definitions Volatility Volatility is measured using the standard deviation. The standard deviation is a statistical measure of the degree to which an individual value in a probability distribution tends to vary from the mean of the distribution. The greater the degree of dispersion, the greater the risk. Sharpe ratio The Sharpe ratio measures the relationship of reward to risk in an investment strategy. It is generally interpreted that a higher ratio implies lower risk. The ratio is calculated as the average relevant annualized return less the risk free return divided by the standard deviation of the return. The risk-free return is calculated as the average annualized return of a relevant short-term interest rate product corresponding to the currency of the share class presented. Sortino ratio The Sortino ratio is a variation of the Sharpe ratio, which differentiates downside risk from general volatility to help measure the return relative to "harmful" volatility. The ratio is calculated as the relevant annualized return less the risk free rate divided by the loss deviation. The loss deviation focuses on negative values in a distribution and is calculated as the annualized standard deviation of negative returns.

Index definitions AP HF Portfolio Gross: AP HF Portfolio Gross is equal to the composite hedge fund gross track record of Alternative Portfolio Ltd. AP PE Portfolio Gross: AP PE Portfolio Gross is equal to the composite private equity gross track record of Alternative Portfolio Ltd. MSCI World (Total Return) Gross A free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of developed markets. As of June 2007 the MSCI World Index consisted of the following 23 developed market country indices: Australia, Austria, Belgium, Canada, Denmark, Finland, France, Germany, Greece, Hong Kong, Ireland, Italy, Japan, Netherlands, New Zealand, Norway, Portugal, Singapore, Spain, Sweden, Switzerland, the United Kingdom, and the United States.

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