September 2015

AP Alternative Portfolio AG

Investment objective Fund performance (%) - last five calendar years (adjusted for dividends paid) • Aims to achieve attractive risk-adjusted returns over Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec YTD the long term 2015 -1.12 1.52 0.60 1.48 1.08 0.56 1.82 0.98 0.49 7.65 Aims to maintain low to moderate volatility of returns • 2014 0.68 2.66 1.60 1.45 1.63 0.81 0.18 0.90 -0.83 0.23 -0.07 -0.85 8.65 • Aims to maintain low correlation to traditional asset classes 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 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 Product description 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 AP Alternative Portfolio AG is an investment company based in Zurich, Switzerland. With their investment, Annualized return (%) shareholders have access to a diversified portfolio of 1 Year 3 Years 5 Years Since inception alternative investments, whereas no new 6.90 10.81 9.87 5.89 commitments are being made since mid 2013 and AP Alternative Portfolio AG returns represent the profits or losses of the Fund net: (i) 1.00% annualised management liquidity is being returned to shareholders. 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, Key benefits the latter being a common affiliate of UBS AG. In addition to being unaudited, the returns have not been reviewed by • Focus on private equity funds with hedge fund an independent third party. Therefore, the returns are subject to change without notification to the recipient based on, components seeking "value added" to a core, amongst other things, an annual audit of the Fund. Any returns presented may or may not be indicative of the returns diversified private equity portfolio of the share class, series, and/or fund offered to you. Your actual returns may be different and can be determined from • Easy accessible structure geared towards the qualified the NAV statements sent by the fund’s administrator. Due to the Product's extended track record, the above fund performance table is limited to prior monthly performance for the five preceding calendar years. The annualized returns investor shown in the above table cover the prior 12, 36, 60 months and since inception time periods. The full monthly track record is available upon request. Investment advisor Alternative Funds Advisory ("AFA"), a key The chart below illustrates the performances of AP Alternative Portfolio AG and several indices. All provider since 1997 within Global Asset Management, indexed to 1,000 at the track record inception of 1 November 2000 for illiquid alternative asset classes, including private 3500 equity and infrastructure. 3000

Current data 2500 2000 Net asset value USD 351.27 1500 Fund assets (mln)* USD 212 1000

* As of 1 October 2015 Cumulative performance 500 Mar-02 Sep-03 Mar-05 Sep-06 Mar-08 Sep-09 Mar-11 Sep-12 Mar-14 Sep-15 Key information (1) Alternative Portfolio AG AP HF Portfolio Gross Investment Manager UBS Fund Services (Cayman) AP PE Portfolio Gross MSCI World (TR, Gross) Business Unit Alternative Funds Advisory Domicile Switzerland Each index shown as if the index was at 1,000 as of 1 November 2000. The chart displayed above is intended solely for illustrative purposes. Neither the Fund nor any of the other indices shown are intended to track each other as they Fund inception date 1 November 2000 follow different investment strategies/programs, and different results over similar periods can be expected. Share class inception date 1 November 2000 Note: data assumes re-investment of any dividend where applicable. Minimum initial subscriptions (2) N/A Minimum subsequent subscriptions N/A AP Alternative AP HF Portfolio AP PE Portfolio MSCI World (TR, Portfolio AG Gross Gross Gross) Subscription N/A MTD return 0.49% -0.81% 0.42% -3.64% Redemption N/A 1.00% YTD return 7.65% 4.84% 10.16% -5.63% Performance fee (3) between 0% and 25.00% Annualized return 5.89% 5.45% 7.63% 3.90% 12 month rolling return 6.90% 6.57% 9.55% -4.57% (1) Please see the fund's offering memorandum for specific details (2) Subject to fund domicile and local guidelines / minimum Annualized volatility 4.71% 5.54% 6.56% 15.74% investment one share 12 month rolling volatility 3.16% 3.96% 3.96% 11.30% (3) Detailed definition in the Endnotes Sharpe ratio 0.90 0.69 0.91 0.14 Fund codes Sortino ratio 1.17 0.91 1.21 0.18 Correlation coefficient 1.00 0.62 0.55 0.31 ISIN CH0011471569 Highest 1 month loss -4.69% -7.14% -6.00% -18.93% Valor no. 1147156 Maximum draw-down -23.48% -20.51% -26.05% -53.65% Positive months 68.16% 62.01% 67.60% 59.78% Source: Alternative Funds Advisory, UBS Hedge Fund Solutions, Citigroup, Bloomberg, HFRI PAST PERFORMANCE IS NOT INDICATIVE OF FUTURE RESULTS Product commentary Private Equity: In September the AP PE portfolio continued to deliver good results and added 0.42% to the year-to-date performance which stands at 10.2% after the first three quarters 2015. Among the funds impacting the performance most we find in particular fund-of-funds such as UBS Private Equity II, VenCap 10 USD, and HarbourVest IV as well as several of Adams Street. The portfolio remains cash flow generative distributing about USD 3.1m in cash versus USD 1.0m capital called. Distributions have picked up again compared to August but are below the average of the last twelve months. More than the half of the distributions was driven by strong realizations of Navis Asia V, Gores Capital III, and UBS Private Equity Global II. Capital calls continue to be on low levels as most of the funds are reaching the end of their investment periods. The funds which called larger amounts of capital in September were Apax VIII, Investindustrial V, and H.I.G. Bayside Fund II.

Hedge Fund: Continuing concerns over global growth and potential interest rate hikes appeared to have dominated markets, which resulted in further uncertainty and weakened investor sentiment. In September, elevated levels of volatility continued across asset classes but stayed below the highs reached in August. Global equity markets were broadly negative. markets experienced a flight-to-quality move across corporate bonds which led to losses in the high yield space. Most hedge funds were challenged this month. The majority of the managers in this portfolio posted negative returns, however, there were some who coped relatively well with the market movements. Equity Hedged were mainly negative, a manager's healthcare exposure incurred heavy losses and another one suffered from its position in a German auto company. Multi-Strategy managers were also challenged, except one manager whose gains in Fixed Income strategies offset losses in other strategies, mainly fundamental equity strategies. Within Relative Value, a Quant Equity manager reported solid results primarily due to stock selection models in large capitalization equities. Performance dispersion between Trading managers was relatively wide. One Systematic manager reported outstanding returns driven by its short exposure in sectors like energy and material versus healthcare and credit. Aggregate portfolio profile as of 1 October 2015

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

3 2 2 3 10 3 Private Equity North America 10 Cash & Other Europe

Relative Value 18 Asia Trading 45 Cash & Other Equity Hedged Rest of World Credit/Income

79 25

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 % MTD % YTD Strategy %Allocation Contribution Contribution Private Equity 78.68 0.39 8.32 Cash & Other 10.50 0.00 0.00 Relative Value 3.63 -0.04 0.22 Trading 2.48 0.00 0.22 Equity Hedged 1.78 -0.03 0.14 Credit/Income 1.40 -0.01 0.07 Multi-Strategy 1.02 0.01 0.10 Trading Opport./Macro 0.31 -0.01 0.02 Other 0.20 -0.01 -0.03 Total 100.00 0.31 9.06

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 October 2015

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

2 5 2 1 3 18 Equity Hedged US/Canada 29 6 Trading Europe/UK Relative Value Developed Asia ex-Japan Credit/Income Emerging Asia Other 50 Japan EEMEA 25 33 Other

26

Source: Alternative Funds Advisory's proprietary database Private Equity portfolio profile as of 1 October 2015

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

5 2

Buyout 22 North America Europe 27 37 APAC Rest of World Special situations 49

27

31

Actual sector exposure (%)

4 2 6 24 IT

11 Consumer Healthcare Financial & other serv. Industrial 14 Basic Materials Telecommunications 22 Other Sector

17

Open Active Commitment commitment Market Value commitment Fund name (USD m) (USD m) (USD m) %Allocation (USD m) Abingworth Bioventures V 1.51 0.16 0.72 0.34 0.88 Accel Growth Fund II 1.50 0.16 1.61 0.76 1.77 Accel XI 1.00 0.21 0.89 0.42 1.10 Activa Capital Fund II 3.91 0.21 2.89 1.36 3.10 Adams Street 2006 Direct Fund 0.50 0.01 0.54 0.25 0.55 Adams Street Global Opportunities Secondary Fund 5.00 0.63 1.00 0.47 1.63 Adams Street Non-U.S. Partnership 2006 1.50 0.07 0.97 0.46 1.04 Adams Street US Partnership 2002 5.00 0.24 1.79 0.85 2.03 Adams Street US Partnership 2006 3.00 0.18 1.82 0.86 2.00 Adams Street V 5.00 0.00 2.08 0.98 2.08 Advent International GPE V 4.47 0.38 0.94 0.45 1.32 Advent International GPE VI 3.00 0.12 3.31 1.56 3.43 Advent International GPE VII 1.90 0.55 1.41 0.67 1.96 Adveq Asia I 4.00 0.08 3.57 1.68 3.65 Adveq Technology III 11.00 0.00 3.89 1.84 3.89 Adveq Technology V 1.00 0.00 1.12 0.53 1.12 Affinity Asia Pacific Fund III 3.00 0.21 1.15 0.54 1.36 Apax Europe VI 4.47 0.09 2.73 1.28 2.82 Apax Europe VII 4.47 0.10 2.82 1.33 2.92 Apax VIII 2.00 0.81 1.31 0.62 2.13 Atlas Venture VII 1.00 0.00 1.49 0.70 1.49 Bain Capital IX 2.50 0.07 0.71 0.34 0.78 Bain Capital X 7.00 0.21 4.41 2.08 4.62 Battery Ventures IX 1.50 0.08 2.31 1.09 2.39 Bayside Fund II 2.20 0.21 1.43 0.68 1.65 BC European Capital IX 1.67 0.47 1.30 0.61 1.77 Brinson Non-U.S. Partnership 2001 0.85 0.02 0.10 0.05 0.12 Brinson Non-U.S. Partnership 2002 2.42 0.12 0.44 0.21 0.56 Brinson Non-U.S. Partnership 2003 1.64 0.08 0.34 0.16 0.41 Brinson Non-U.S. Partnership 2004 3.43 0.17 1.17 0.55 1.34 Brinson Primary Partnership 2001 2.64 0.10 0.52 0.25 0.62 Brinson Primary Partnership 2002 2.25 0.07 0.43 0.20 0.50 Brinson Primary Partnership 2003 2.82 0.10 0.71 0.34 0.81 Brinson Primary Partnership 2004 3.02 0.16 1.17 0.55 1.32 Brinson Secondary Non-U.S. Partnership 2002 0.55 0.00 0.02 0.01 0.02 Brinson Secondary Non-U.S. Partnership 2003 0.24 0.00 0.03 0.02 0.03 Brinson Secondary Non-U.S. Partnership 2004 0.61 0.06 0.12 0.06 0.19 Brinson Secondary Partnership 2002 0.94 0.02 0.22 0.10 0.24 Brinson Secondary Partnership 2003 0.26 0.01 0.05 0.02 0.06 Charterhouse Capital Partners VII 2.23 0.00 0.25 0.12 0.25 Charterhouse Capital Partners VIII 4.47 0.17 1.26 0.60 1.43 ChrysCapital V 1.90 0.00 0.59 0.28 0.59 EQT IV 1.59 0.01 0.02 0.01 0.03 EQT V 4.47 0.12 2.25 1.06 2.37 Open Active Commitment commitment Market Value commitment Fund name (USD m) (USD m) (USD m) %Allocation (USD m) EQT VI 1.67 0.33 1.64 0.77 1.97 Equistone European Fund IV 1.79 0.15 2.03 0.96 2.18 Francisco Partners III 2.00 0.19 2.26 1.06 2.45 GAM Pomona II 9.00 0.00 1.58 0.75 1.58 Global Timber Investors 6. 5.00 0.00 0.17 0.08 0.17 Gores Capital Partners II 5.00 0.47 1.96 0.92 2.43 Gores Capital Partners III 2.00 0.38 1.07 0.50 1.44 HarbourVest International IV 10.00 0.25 1.77 0.84 2.02 Harvest Partners VI 1.00 0.17 0.91 0.43 1.08 Hony Capital Fund 2008 2.00 0.13 1.77 0.83 1.89 Hony Capital Fund V L.P. 1.00 0.20 0.95 0.45 1.15 Institutional Venture Partners XIV 1.00 0.15 1.32 0.62 1.47 Investindustrial III 3.35 0.07 1.19 0.56 1.26 Investindustrial IV 4.47 0.25 1.72 0.81 1.97 Investindustrial V 1.67 0.72 0.92 0.43 1.64 IPV Capital (Infotech Pacific Ventures) 1.00 0.10 1.10 0.52 1.20 IPV Capital II (Infotech Pacific Ventures II) 1.00 0.26 0.82 0.39 1.07 Madison Dearborn Capital Partners V 5.00 0.80 2.82 1.33 3.62 Madison Dearborn Capital Partners VI 2.00 0.59 1.39 0.66 1.98 Mayfield XIV 1.00 0.63 0.41 0.20 1.04 MHR Institutional Associates III 5.00 1.74 2.91 1.37 4.66 Montagu III 2.23 0.31 0.00 0.00 0.31 Navis Asia Fund V 5.00 0.00 3.90 1.84 3.90 NEA 12 1.00 0.02 0.60 0.28 0.62 NEA 14 2.50 0.49 2.49 1.17 2.97 NewMargin Growth Fund 2.50 0.11 1.29 0.61 1.40 Nexus India Capital Fund II 3.00 0.11 8.04 3.79 8.15 Nexus Ventures III 1.00 0.30 1.12 0.53 1.42 Nordic Capital VII 5.58 0.61 6.06 2.85 6.66 Oaktree European Principal Fund III 1.67 0.44 1.67 0.79 2.11 Permira Europe IV 2.23 0.10 1.30 0.61 1.40 Providence Equity Partners VI 3.00 0.17 2.03 0.96 2.20 Rutland Fund II 1.51 0.13 1.12 0.53 1.25 SBCVC Fund III 3.50 0.23 3.42 1.61 3.64 SBCVC Fund IV 2.00 0.26 2.17 1.02 2.43 Silver Lake Partners II 0.50 0.06 0.20 0.09 0.26 Silver Lake Partners III 5.00 0.78 3.78 1.78 4.56 Summit Partners Growth Equity Fund VIII 2.00 0.69 1.38 0.65 2.07 Summit Partners Private Equity Fund VII 1.00 0.00 0.87 0.41 0.87 Sun Capital V 3.20 0.45 2.96 1.39 3.41 TA Atlantic and Pacific V 1.00 0.00 0.26 0.12 0.26 TA Atlantic and Pacific VI 7.00 0.14 4.88 2.30 5.02 UBS Private Equity Global II L.P. 10.00 4.65 8.81 4.15 13.46 USVP X 0.50 0.07 0.50 0.24 0.57 VantagePoint Venture Partners 2006 3.00 0.15 1.34 0.63 1.49 VenCap 10 EUR 2.23 0.65 2.11 0.99 2.75 VenCap 10 USD 6.88 1.40 5.99 2.82 7.39 Vestar Capital Partners V 4.00 0.01 3.18 1.50 3.19 Warburg Pincus Private Equity IX 1.00 0.00 0.21 0.10 0.21 Warburg Pincus Private Equity VIII 5.00 0.00 1.83 0.86 1.83 Warburg Pincus Private Equity X 7.00 0.00 4.76 2.24 4.76 Total 281.40 26.36 166.88 78.68 193.24

Source: Alternative Funds Advisory's proprietary database Aggregate portfolio positions as of 1 October 2015 Fund name %Allocation Strategy % MTD % YTD Pelham Long Short Fund | A 0.93 Hedge Fund -3.17 9.02 York European | AR 0.93 Hedge Fund -2.75 -5.78* Voleon Investors Fund | A 0.87 Hedge Fund 2.90 18.86 GAM Talentum Enhanced Europe Long Short Fund | B 0.85 Hedge Fund 2.64 12.70 Man AHL Evolution | E 0.72 Hedge Fund 4.70 8.06 Guard Macro Fund | A-R 0.72 Hedge Fund -0.46 2.38* Tilden Park Investment Fund | A Restricted 0.71 Hedge Fund -1.00 -0.14 Cello Fixed Income Fund | A1b 0.69 Hedge Fund -0.20 -3.60 TIG Securitized Asset Fund | A3 0.69 Hedge Fund 0.14 6.88 Senator | H 0.64 Hedge Fund -4.40 -3.34 D.E. Shaw Oculus | 0 0.57 Hedge Fund -3.80 6.42 Symmetry International Fund | B-R 0.49 Hedge Fund 1.49 4.76* Millennium | R 0.46 Hedge Fund 0.43 10.04 Teza Offshore Fund | AVR 0.46 Hedge Fund -0.60 -1.57* Millennium | FF 0.39 Hedge Fund 0.43 10.04 Legg Mason Western Asset Macro Opportunities Bond | P 0.31 Hedge Fund -1.82 0.16 Millennium | PP 0.17 Hedge Fund 0.43 10.04 Highland Crusader II | AP 0.10 Hedge Fund -3.93 -13.21 Polygon Recovery | C 0.09 Hedge Fund -2.31 3.70 Cheyne | K USD 0.01 Hedge Fund N/A -4.79* Weavering Fixed Income Fund | USD 0.00 Hedge Fund N/A N/A* Vicis | A 0.00 Hedge Fund N/A -17.57* OZ Overseas II | H Prime (side pocket) 0.00 Hedge Fund 0.00 0.00 Total Hedge Fund 10.80

UBS Private Equity Global II L.P. 4.15 Private Equity 4.23 13.10* Nexus India Capital Fund II 3.79 Private Equity N/A 57.74* Nordic Capital VII 2.85 Private Equity N/A 14.13* VenCap 10 USD 2.82 Private Equity 3.94 17.32* TA Atlantic and Pacific VI 2.30 Private Equity N/A 11.01* Warburg Pincus Private Equity X 2.24 Private Equity N/A 6.14* Bain Capital X 2.08 Private Equity N/A 7.94* Adveq Technology III 1.84 Private Equity N/A 16.79* Navis Asia Fund V 1.84 Private Equity N/A -7.40* Silver Lake Partners III 1.78 Private Equity N/A 8.22* Adveq Asia I 1.68 Private Equity N/A 13.67* SBCVC Fund III 1.61 Private Equity N/A 48.57* Advent International GPE VI 1.56 Private Equity N/A 16.83* Vestar Capital Partners V 1.50 Private Equity N/A 2.43* Sun Capital V 1.39 Private Equity N/A 4.85* MHR Institutional Associates III 1.37 Private Equity -5.18 -10.51* Activa Capital Fund II 1.36 Private Equity N/A -9.92* Madison Dearborn Capital Partners V 1.33 Private Equity N/A 2.99* Apax Europe VII 1.33 Private Equity N/A 20.88* Apax Europe VI 1.28 Private Equity N/A 25.13* NEA 14 1.17 Private Equity N/A 16.72* Battery Ventures IX 1.09 Private Equity N/A 38.64* EQT V 1.06 Private Equity N/A 13.98* Francisco Partners III 1.06 Private Equity N/A 7.74* SBCVC Fund IV 1.02 Private Equity N/A 23.23* VenCap 10 EUR 0.99 Private Equity 1.57 20.01* Adams Street V 0.98 Private Equity N/A 24.78* Providence Equity Partners VI 0.96 Private Equity N/A 9.47* Equistone European Fund IV 0.96 Private Equity N/A 18.85* Gores Capital Partners II 0.92 Private Equity N/A -12.07* Warburg Pincus Private Equity VIII 0.86 Private Equity N/A -18.54* Adams Street US Partnership 2006 0.86 Private Equity 3.17 10.05* Adams Street US Partnership 2002 0.85 Private Equity 3.50 8.99* HarbourVest International IV 0.84 Private Equity 8.79 8.45* Hony Capital Fund 2008 0.83 Private Equity N/A 12.73* Investindustrial IV 0.81 Private Equity N/A 23.49* Oaktree European Principal Fund III 0.79 Private Equity N/A 20.24* EQT VI 0.77 Private Equity N/A 11.81* Accel Growth Fund II 0.76 Private Equity N/A 20.58* GAM Pomona II 0.75 Private Equity N/A -2.41* Atlas Venture VII 0.70 Private Equity N/A 24.61* 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 AP 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 Bayside Fund II 0.68 Private Equity N/A 24.83* Advent International GPE VII 0.67 Private Equity N/A 0.73* Madison Dearborn Capital Partners VI 0.66 Private Equity N/A 23.01* Summit Partners Growth Equity Fund VIII 0.65 Private Equity N/A 11.66* VantagePoint Venture Partners 2006 0.63 Private Equity N/A -19.68* Apax VIII 0.62 Private Equity N/A 14.24* Institutional Venture Partners XIV 0.62 Private Equity N/A 41.04* Permira Europe IV 0.61 Private Equity N/A 32.28* NewMargin Growth Fund 0.61 Private Equity N/A -25.01* BC European Capital IX 0.61 Private Equity N/A 20.29* Charterhouse Capital Partners VIII 0.60 Private Equity N/A 35.67* Investindustrial III 0.56 Private Equity N/A 21.11* Brinson Non-U.S. Partnership 2004 0.55 Private Equity N/A 27.79* Brinson Primary Partnership 2004 0.55 Private Equity 1.97 4.10* Affinity Asia Pacific Fund III 0.54 Private Equity N/A 9.41* Adveq Technology V 0.53 Private Equity N/A 25.86* Rutland Fund II 0.53 Private Equity N/A 17.71* Nexus Ventures III 0.53 Private Equity N/A 61.89* IPV Capital (Infotech Pacific Ventures) 0.52 Private Equity N/A 2.23* Gores Capital Partners III 0.50 Private Equity N/A 7.52* Adams Street Global Opportunities Secondary Fund 0.47 Private Equity 15.57 40.69* Adams Street Non-U.S. Partnership 2006 0.46 Private Equity 9.16 9.20* Advent International GPE V 0.45 Private Equity N/A -8.42* Hony Capital Fund V L.P. 0.45 Private Equity N/A 20.90* Harvest Partners VI 0.43 Private Equity N/A 24.90* Investindustrial V 0.43 Private Equity N/A 3.35* Accel XI 0.42 Private Equity N/A 17.97* Summit Partners Private Equity Fund VII 0.41 Private Equity N/A 41.59* IPV Capital II (Infotech Pacific Ventures II) 0.39 Private Equity N/A 1.75* Brinson Primary Partnership 2003 0.34 Private Equity 3.52 13.50* Bain Capital IX 0.34 Private Equity N/A 22.57* Abingworth Bioventures V 0.34 Private Equity N/A 23.73* NEA 12 0.28 Private Equity N/A -1.66* ChrysCapital V 0.28 Private Equity N/A 14.37* Brinson Primary Partnership 2001 0.25 Private Equity -1.92 -2.15* Adams Street 2006 Direct Fund 0.25 Private Equity 16.65 61.40* USVP X 0.24 Private Equity N/A 6.48* Brinson Non-U.S. Partnership 2002 0.21 Private Equity N/A 9.40* Brinson Primary Partnership 2002 0.20 Private Equity 0.40 -8.34* Mayfield XIV 0.20 Private Equity N/A 20.61* Brinson Non-U.S. Partnership 2003 0.16 Private Equity N/A 36.16* Charterhouse Capital Partners VII 0.12 Private Equity N/A 58.47* TA Atlantic and Pacific V 0.12 Private Equity N/A -4.20* Brinson Secondary Partnership 2002 0.10 Private Equity 0.06 -11.46* Warburg Pincus Private Equity IX 0.10 Private Equity N/A 3.76* Silver Lake Partners II 0.09 Private Equity N/A 25.67* Global Timber Investors 6. 0.08 Private Equity N/A -10.56* Brinson Secondary Non-U.S. Partnership 2004 0.06 Private Equity N/A 19.71* Brinson Non-U.S. Partnership 2001 0.05 Private Equity N/A 72.11* Brinson Secondary Partnership 2003 0.02 Private Equity 2.45 0.89* Brinson Secondary Non-U.S. Partnership 2003 0.02 Private Equity N/A 47.76* Brinson Secondary Non-U.S. Partnership 2002 0.01 Private Equity N/A 5.92* EQT IV 0.01 Private Equity N/A 176.51* Montagu III 0.00 Private Equity N/A 41.66* Total Private Equity 78.68

Cash & Other | USD 10.50 Cash N/A N/A Total Cash 10.50 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 AP 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 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.

Performance fee definition If the NAV of the AP Alternative Portfolio AG exceeds the High Water Mark including the applicable annualized Hurdle Rate of 5% at year-end, the Performance Fee is set at 15% on an annualized return of 5-10% p.a. and is set at 25% on an annualized return of 10-15% p.a. Overall, the total Performance Fee is capped at 2% of the NAV. For further details please refer to §18 of the investment guidelines.

For marketing and information purposes. This document has been issued by AP Alternative Portfolio AG, a company registered under the Laws of Switzerland. This document is for distribution only under such circumstances as may be permitted by applicable law. It was written without reference to any specific or future investment objective, financial or tax situation or requirement on the part of a particular individual or group. The document is for information purposes only and is not intended to be construed as a solicitation or an invitation to make an offer, to conclude a contract, or to buy or sell any securities or related financial instruments. The products or securities described herein may not be eligible for sale in all jurisdictions or to certain categories of investors. The information and opinions contained in this document have been compiled or arrived at based upon information obtained from sources believed to be reliable and in good faith, but is not guaranteed as being accurate, nor is it a complete statement or summary of the securities, markets or developments referred to in the document. The details and opinions contained in this document are provided without any guarantee or warranty and are for the recipient's personal use and information purposes only.

Past performance of investments (whether simulated or actual) is not necessarily an indicator of future results. Commissions and costs have a negative impact on performance. Should the currency of a financial product or service not match your reference currency, performance may rise or fall due to currency fluctuations. All such information and opinions are subject to change without notice. This document may not be reproduced, redistributed or republished for any purpose without the written permission of AP Alternative Portfolio AG. This document contains statements that constitute “forward-looking statements”, including, but not limited to, statements relating to our future business development. While these forward-looking statements represent our judgments and future expectations concerning the development of our business, a number of risks, uncertainties and other important factors could cause actual developments and results to differ materially from our expectations. Source for all data and charts (if not indicated otherwise): UBS Global Asset Management.

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