Quarterly Report September 2009 Publication Date This Report Was Released for Publication on 12 November 2009

Quarterly Report September 2009 Publication date This report was released for publication on 12 November 2009. The subsequent event note in the financial statements has been updated to 12 November 2009. Amounts in this report are stated in USD thousands (TUSD) unless otherwise stated.

This document is for information only and is not an offer to sell or an invitation to invest. In particular, it does not constitute an offer or solicitation in any jurisdiction where it is unlawful or where the person making the offer or solicitation is not qualified to do so or the recipient may not lawfully receive any such offer or solicitation. It is the responsibility of any person in possession of this document to inform themselves of, and to observe, all applicable laws and regulations of relevant jurisdictions. All statements contained herein that are not historical facts including, but not limited to, statements regarding anticipated activity are forward looking in nature and involve a number of risks and uncertainties. Actual results may differ materially. Readers are cautioned, not to place undue reliance on any such forward-looking statements, which statements, as such, speak only as of the date made. Castle Private Equity in the third quarter of 2009 3 Castle Private Equity AG 2009-09

Castle Private Equity in the third quarter of 2009

Quarter to Quarter to

September 2009 June 2009

Net asset value Castle Private Equity AG's net asset value increased 5.4 per cent (USD USD 11.32 per share USD 10.74 per share increased 5.4 per cent 0.58 per share or USD 24.8 million) during the third quarter of 2009. USD 489 million USD 464 million Share price up 75 per cent USD 5.85 per share USD 3.35 per share to USD 5.85 per share Net operating cash flows Operating cash outflows in balance with operating cash inflows. USD 6 million neutral No new commitments during Continuation of commitment cessation throughout the third quarter. the third quarter Investment degree flat at Uncalled commitment reduced by USD 7 million to USD 288 million 113 per cent, uncalled reduced (59 per cent of NAV). to 59 per cent of NAV Credit facility usage slightly Net liquidity unchanged at USD –58 million USD 68 million USD 62 million increased 4 Quarterly performance Castle Private Equity AG 2009-09

Dear shareholders

NAV increased 5.4 per Castle Private Equity’s net asset value increased by 5.4 per cent (USD 24.8 million, USD 0.58 per share) cent in a cashflow stable to USD 488.9 million or USD 11.32 per share in the third quarter of 2009. In the year to September, third quarter the NAV has fallen 3.8 per cent. With net outflows of US 1 million, cashflows were well balanced.

The system has stabilised One year after the bankruptcy of Lehman Brothers accelerated an, until then, severe recession into a near collapse of the financial system, most private equity fund managers have now completed the introduction of emergency measures with respect to their portfolio companies. Most underlying companies have had to go through dramatic cost reduction programmes in order to ensure their survival and compliance with financial covenants. At the portfolio level, general partners were forced to write off a number of companies whose high debt burden allowed creditors to take control. A far larger number of companies were written down in value to reflect the low valuations prevailing in equity markets, in expectation of a very poor prospective operating environment.

The third quarter of 2009 was a period of consolidation for most managers. Financial markets continued to improve, taking some pressure off companies’ refinancing concerns. Bank financing, albeit in limited quantities and on expensive terms, continued to be available to small and mid sized companies. The rebound in activity in debt capital markets, an important source of capital for larger companies, provided some comfort with regards to refinancing in the large buyout sector, even though most requirements will not take place for some years. To date, few bankruptcies have occurred, as loose, pre-crisis credit terms have protected capital market borrowers and banks, at the smaller end of the market, have, upon breach of covenants, generally chosen to increase margins rather than force reorganisations.

From an operational perspective, however, 2009 continues to be a challenging year. Unprecedented cost cutting and liquidity preserving measures have been introduced for many portfolio companies and demand continues to be poor. In general, order books of underlying companies reflect little of the positive sentiment experienced in equity markets, where the MSCI World index rose 17 per cent in the third quarter, a second consecutive quarter of significant positive returns.

Share price and net asset value in US Dollar since inception

Net asset value

Share price Inception

98 99 00 01 02 03 04 05 06 07 08 09 9.09

Disclaimer: Magna feu facidunt prat iril digniamcore eugait venit veliquis nismolo reriure dolor ilit augait lumsandre veliquisl exerilla. Quarterly performance 5 Castle Private Equity AG 2009-09

A few managers selectively ventured into the third phase of recovery, that of opportunistic investments. While a wait-and-see attitude mostly prevails, opportunities do offer themselves in increasing numbers. Turnaround managers have started to approach transactions with more vigour than earlier in the year, when investing in failing companies may have been too reminiscent of catching a falling knife.

Activity on the exit side has picked up at a surprising rate. Several Initial Public Offerings were registered in the quarter. For all of them to be successful would require equity markets to remain in the current bull phase for another six months. Even if that is not the case, some IPOs will succeed. Dis- tributing the returns of those IPOs will bring further lifeblood back into the private equity eco-system.

Overall valuations In addition to the help of a stronger Euro (see below), valuations generally recovered on the back of continued to improve continued strength in equity markets. According to UBS, by the end of the third quarter, European from March lows equity markets valued companies at over eight times operating cash flow EBITDA, rather than around seven and a half times during the previous quarter. This helped increase the value of public positions, which are disproportionately well represented in the large buyout segment, and those of privately held companies that dominate all portfolios. Also supportive was the continued stabilisation in debt markets, which particularly supported higher valuations in Castle PE’s distressed sector.

Buyout partnerships contributed a gain of USD 15.8 million for the quarter. The sector benefited from both rising equity prices, leading to mark-to-market gains and positive movements in comparable valuation multiples, as well as better than anticipated operating performance. Large buyout partnerships, such as BC European Capital VII, saw valuations rebound to June 2008 levels, based largely on solid EBITDA operating profit performance in its underlying portfolio companies. In the middle market sector of the portfolio, the sale of RMG, a supplier of gas control and measurement equipment, to Honeywell by The Triton Fund (No. 9), L.P. resulted in a gross cost multiple of well over ten times the capital invested in 2005.

Special situations partnerships enjoyed a long awaited recovery during the third quarter with a USD 11.7 million contribution to Castle PE’s result. In particular, partnerships managed by the Oaktree group recorded significant upticks in the carrying value of their distressed and turnaround assets.

Private equity assets by ﬁnancing stage in USD millions

Venture

Special situations Buyout

Balanced

. . .

Disclaimer: Magna feu facidunt prat iril digniamcore eugait venit veliquis nismolo reriure dolor ilit augait lumsandre veliquisl exerilla. 6 Quarterly performance Castle Private Equity AG 2009-09

Castle PE’s venture capital partnerships also contributed to the quarter’s positive performance with a gain of USD 1.0 million. Notable returns were generated by the sale of Perfect World by SB Asia Invest- ment Fund II, L.P. and the exit of Data Domain by New Enterprise Associates 10, L.P. Otherwise, venture backed technology companies in Castle PE’s portfolio generally struggled due to the global decline in capital expenditure.

Finally, balanced partnerships contributed USD 1.6 million to the quarterly result. These gains were mostly derived from investments in the publicly listed Conversus Capital, L.P. and fund of fund Crown Asia Pacific Private Equity plc.

The segmented results above include a currency gain of USD 6.0 million, which is attributable to the strengthening of the Euro against the US Dollar by 6 per cent during the quarter.

Cashflow positive The portfolio was cashflow positive in the third quarter. Distributions of USD 16.0 million back to Castle portfolio PE more than compensated for outflows of USD 12.2 million for new investments. After fees and expenses, a minor outflow of USD 1.0 million resulted.

Investment activity by underlying managers remained low in the quarter. Calls amounted to 14 per cent of uncalled commitments (on an annualised basis). Outflows were driven by small and mid market buyout activity as well as calls from a few distressed debt partnerships.

Inflows picked up in line with the improved equity markets and accounted for 14 per cent of net asset value (on an annualised basis). A few managers floated small positions of listed stock into equity markets. Some, such as The Triton Fund mentioned above, profited by selling private companies to solvent trade buyers.

Major exits in the third quarter of 2009

Partnership Company Sector, location Exit channel The Triton Fund (No. 9) L.P. RMG IT, USA trade sale to Honeywell International SB Asia Investment Fund II, L.P. Perfect World telecommunications, USA sale of public stock New Enterprise Associates 10, L.P. Data Domain automotive, Spain sale of public stock Newbridge Asia III, L.P. Mylan pharmaceuticals, USA sale of public stock Silver Lake Partners, L.P. Flextronics electronics, USA maturity of convertible notes

Major new investments in the third quarter of 2009

Partnership Company Sector, location Seller Advent Latin American Private Equity Kroton education, Brazil partial divestment by owner Fund IV, L.P. STG III, L.P. MSC. Software software, USA partial divestment by owner Wynnchurch Capital Partners II, L.P. Senco industrial fasteners, USA chapter 11 Court Square Capital Partners II, L.P. Rocket Software software, USA partial divestment by owner Wynnchurch Capital Partners II, L.P. Vista Automotive automotive, USA chapter 11

Quarterly performance 7 Castle Private Equity AG 2009-09

Credit facility maintained Castle PE’s net liquidity position as of the end of September was USD –58.0 million, unchanged from the at USD 150.0 million previous quarter. During the quarter, the credit facility from LGT Bank was maintained at USD 150.0 million (or 30 per cent of net asset value, whichever is less).

Investment degree at In 2008, Castle PE stopped entering into new commitments until cash distributions and uncalled com- 113 per cent, uncalled mitments return to a better balance. As a result, no new commitments were entered into during the at 59 per cent of net asset quarter. At the end of the quarter, the investment degree (private equity assets as percentage of net value asset value) remained stable at 113 per cent. Uncalled commitments fell in absolute terms from USD 295.0 million in June (corresponding to 64 per cent of net asset value at that time) to USD 288.0 million at the end of the third quarter (59 per cent of net asset value).

The buyout segment continued to dominate Castle PE’s assets, with a 55 per cent share, comprising small and mid market oriented funds (35 per cent) and large buyout funds (20 per cent). Venture partnerships constituted 21 per cent. The remainder consisted of special situations partnerships (17 per cent) and balanced funds (7 per cent).

The shape of things A positive scenario could evolve in the form of a V-shaped recovery, should firms apply the same to come flexibility on the way up as they used during the downturn, i.e., aggressive cutting of inventory, postponing of capital expenditure plans and overall lowering of cost structures. 2010 profits could turn out to be very impressive if production capacity utilisation rates are squeezed higher whilst overall costs are prevented from increasing by a corresponding amount. Financing capacity for such expansion also seems more readily available than for most of 2009.

While credit markets have recovered sharply in the past two quarters, they are however still well off their pre-crisis level. Although panic may have disappeared, this is a clear indication that there still is much stress in the system. There are many companies for whom bankruptcy is the most likely future. The upcoming reality check of audited 2009 financial accounts may be less forgiving than was the case last year, when firms had still profited from a reasonable first half’s trading. It is less the valuation impact than further general market disruption that is the greatest cause for concern.

Uncalled commitments by financing stage in USD millions

Special situations 18

Balanced 30

Venture 51

Buyout 189 8 Quarterly performance Castle Private Equity AG 2009-09

Valuations to trend up Valuations of Castle PE’s underlying funds should trend upwards in the next quarter, as they lag equity markets by a few months, and will reflect the positive public equity markets’ third quarterperformance in the upcoming intake of September quarterly reports.

Uncalled commitments should come to be seen as an opportunity rather than a threat. A repeat of the rapid capital deployment of 2008 is highly unlikely in current market conditions, as activity has fallen sharply and uncalled exposure to distress managers who have tended to invest rapidly is now small. Given that markets have not yet fully recovered and private equity investors have more capital at their disposal than most other market participants, capital that is deployed will generally buy good quality assets at decent prices.

Resumption of new Castle PE’s investment manager is actively analysing a number of investment opportunities. Adding commitments in 2010 exposure via the secondary market looks an attractive option, as does the buying back of the company’s shares given the substantial discount to net asset value at which they are currently trading.

The extent to which these possibilities can be pursued depends, to a significant extent, on the performance and cashflows seen in the final quarter of 2009. In this regard, the quarter has begun promisingly.

Yours sincerely,

LGT Private Equity Advisers AG

Roberto Paganoni Hans Markvoort Statement of comprehensive income 9 Castle Private Equity AG 2009-09

Unaudited consolidated statement of comprehensive income For the period ended 30 September 2009 (All amounts in USD thousands unless otherwise stated)

Note 1 July – 1 July – 1 January – 1 January – 30 September 2009 30 September 2008 30 September 2009 30 September 2008

Income Net gain/(loss) on investments designated at fair value through profit or loss 3 30,128 (46,932) (2,857) (23,947) Income from current assets: Net gain/(loss) on securities designated at fair value through profit or loss 3 21 (122) (104) (45) Gain/(loss) on foreign exchange, net 95 (120) (349) 150 Interest income 2 82 16 242 Total gains/(losses) from current assets 118 (160) (437) 347 Total income/(loss) 30,246 (47,092) (3,294) (23,600)

Expenses Management and performance fees 6 (2,466) (3,521) (7,242) (11,099) Expenses from investments (1,641) (2,959) (5,484) (4,624) Other operating expenses (596) (285) (1,764) (1,127) Total operating expenses (4,703) (6,765) (14,490) (16,850)

Operating profit/(loss) 25,543 (53,857) (17,784) (40,450)

Finance costs (690) (451) (1,798) (937)

Profit/(loss) for the period 24,853 (54,308) (19,582) (41,387)

Other comprehensive income for the period — — — —

Total comprehensive income/(loss) for the period 24,853 (54,308) (19,582) (41,387)

Income/(loss) attributable to: Shareholders 24,852 (54,307) (19,567) (41,387) Non-controlling interests 1 (1) (15) – 24,853 (54,308) (19,582) (41,387)

Total comprehensive income/(loss) attributable to: Shareholders 24,852 (54,307) (19,567) (41,387) Non-controlling interests 1 (1) (15) – 24,853 (54,308) (19,582) (41,387)

Earnings per share (USD) attributable to equity holders Weighted average number of shares outstanding during the period 43,200,000 43,200,0001) 43,200,000 43,200,0001) Basic profit/(loss) per share USD 0.58 USD (1.26) USD (0.45) USD (0.96) Diluted profit/(loss) per share USD 0.58 USD (1.26) USD (0.45) USD (0.96)

1) Adjusted for the ten for one share split in December 2008. 10 Balance sheet Castle Private Equity AG 2009-09

Unaudited consolidated balance sheet As of 30 September 2009 (All amounts in USD thousands unless otherwise stated)

Note 30 September 2009 31 December 2008

Assets Current assets: Cash at bank 9,831 6,659 Securities designated at fair value through profit or loss 3 84 245 Other current assets 47 21,280 Total current assets 9,962 28,184

Non-current assets: Investments designated at fair value through profit or loss 3 551,068 573,064 Total assets 561,030 601,248

Liabilities Current liabilities: Due to banks 5 68,050 85,550 Accounts payable and accrued liabilities 3,999 7,130 Total current liabilities 72,049 92,680

Equity Shareholders’ equity: Share capital 146,966 146,966 Additional paid-in capital 171,296 171,296 Retained earnings 170,644 190,211 Total shareholders’ equity before non-controlling interests 488,906 508,473

Non-controlling interests 75 95

Total equity 488,981 508,568

Total liabilities and equity 561,030 601,248

Net asset value per share (USD) Number of shares outstanding as at period end 43,200,000 43,200,000 Net asset value per share 11.32 11.77 Statement of changes in equity 11 Castle Private Equity AG 2009-09

Unaudited consolidated statement of changes in equity For the period ended 30 September 2009 (All amounts in USD thousands unless otherwise stated)

Share Additional Retained Non- Total capital paid-in earnings controlling equity capital interests

1 January 2008 146,966 171,296 418,597 127 736,986 Total comprehensive loss for the period — — (41,387) – (41,387) Total recognised income and expense for the period 146,966 171,296 377,210 127 695,599

Other movements in equity Non-controlling interests capital transactions, net — — — (22) (22) 30 September 2008 146,966 171,296 377,210 105 695,577

1 January 2009 146,966 171,296 190,211 95 508,568 Total comprehensive loss for the period — — (19,567) (15) (19,582) Total recognised income and expense for the period 146,966 171,296 170,644 80 488,986

Other movements in equity Non-controlling interests capital transactions, net — — — (5) (5) 30 September 2009 146,966 171,296 170,644 75 488,981 12 Statement of cash flows Castle Private Equity AG 2009-09

Unaudited consolidated statement of cash flows For the period ended 30 September 2009 (All amounts in USD thousands unless otherwise stated)

1 January – 1 January – 30 September 2009 30 September 2008

Cash flows from/(used in) operating activities: Purchase of investments (29,985) (134,065) Proceeds from return of invested capital in investments 11,167 17,287 Proceeds from realised gains on investments 9,947 50,503 Proceeds from sales of investments 44,048 — Proceeds from sales of securities 3,505 3,596 Interest received 17 221 Operating expenses paid (17,037) (16,499) Net cash from/(used in) operating activities 21,662 (78,957)

Cash flows from/(used in) financing activities: Interest paid (1,209) (931) Proceeds from bank borrowings 312,300 456,200 Repayments of bank borrowings (329,800) (391,400) Non-controlling interests capital transactions, net (5) (22) Net cash flows (used in)/from financing activities (18,714) 63,847

Net increase/(decrease) in cash and cash equivalents 2,948 (15,110)

Cash and cash equivalents at beginning of period 6,659 22,771 Exchange gains on cash and cash equivalents 224 150 Cash and cash equivalents at end of period 9,831 7,811

Cash and cash equivalents consist of the following as at 30 September: Cash at banks 7,262 3,261 Time deposits < 90 days 2,569 4,550 Total 9,831 7,811

Non cash transactions: Purchase of Purchase of Proceeds from return of Proceeds from securities investments invested capital in realised gains on 1 January 2009 – 30 September 2009 investments investments Deemed distributions and account reclassification — 25,137 22,077 (19,143) In kind distributions (3,448) — — – Revaluation of foreign currency positions — — 233 (233) Total (3,448) 25,137 22,310 (19,376)

1 January 2008 – 30 September 2008 Deemed distributions and account reclassification — 40,218 9,467 3,861 In kind distributions 11,285 — — — Revaluation of foreign currency positions — — 351 (351) Total 11,285 40,218 9,818 3,510 Notes 13 Castle Private Equity AG 2009-09

Notes to the unaudited consolidated financial statements For the period ended 30 September 2009 (All amounts in USD thousands unless otherwise stated)

1. Basis of preparation The accompanying consolidated interim financial statements of Castle Private Equity AG, Pfäffikon (the “Company“) and its subsidiaries as listed in note 2 (together the “Group”) have been prepared in accordance with International Financial Reporting Standards (IFRS) formulated by the International Ac- counting Standards Board (IASB) and comply with Swiss Law and the accounting guidelines laid down in the SIX Swiss Exchange’s supplementary listing rules for investment companies. The consolidated interim financial statements of the Group have been prepared under the historical cost convention as modified by the revaluation of financial assets and financial liabilities held at fair value through profit or loss. The principles of accounting applied in the interim consolidated financial statements as per 30 September 2009 correspond to those of the annual report 2008, unless otherwise stated. The con- densed consolidated interim financial information should be read in conjunction with the annual financial statements for the year ended 31 December 2008, which have been prepared in accordance with International Financial Reporting Standards (IFRS) formulated by the International Accounting Standards Board (IASB).

a) Standards and amendments to published standards that are mandatory for the financial year beginning 1 January 2009 – IAS 1 (Revised), “Presentation of financial statements”. The revised standard will prohibit the presentation of items of income and expenses (that is, “non-owner changes in equity”) in the statement of changes in equity, requiring “non-owner changes in equity” to be presented separately from owner changes in equity. All non-owner changes in equity will be required to be shown in a performance statement, but entities can choose whether to present one performance statement (the statement of comprehensive income) or two statements (the income statement and statement of comprehensive income). Where entities restate or reclassify comparative information, they will be required to present a restated balance sheet as at the beginning comparative period in addition to the current requirement to present balance sheets at the end of the current period and comparative period. The Group has elected to present one statement of comprehensive income. The interim financial statements have been prepared under the revised disclosure requirements. – IFRS 8, “Operating Segments”. IFRS 8 replaces IAS 14 Segment Reporting and requires entities that issue debt or equity instruments that are traded on a public market to define operating segments and segment performance in the financial statements based on information used by the chief operating decision-maker. The interim financial statements have been prepared under the revised disclosure requirements. – IFRS 7 (amendment) “Financial Instruments: Disclosures”. The amendments introduce a three-level fair value disclosure hierarchy that distinguishes fair value measurements by the significance of the inputs used. These disclosures are expected to provide more information about the relative reli- ability of fair value measurements. The disclosures are also expected to improve comparability between entities about the effects of fair value measurements and increase convergence of IFRS and US GAAP. In addition, the amendments enhance disclosure requirements on the nature and extent of liquidity risk arising from financial instruments to which an entity is exposed. The Group has elected to present the fair value hierarchy and other disclosures as required by IFRS 7 in the year-end financial statements.

The following new standards, amendments to standards and interpretations are mandatory for the first time for the financial year beginning 1 January 2009, but are not currently relevant for the Group. 14 Notes Castle Private Equity AG 2009-09

– IAS 23 (amendment), “Borrowing costs”. – IFRS 2 (amendment), “Share-based payment”. – IAS 32 (amendment), “Financial instruments: Presentation”. – IFRIC 13, “Customer loyalty programmes”. – IFRIC 15, “Agreements for the construction of real estate”. – IFRIC 16, “Hedges of a net investment in a foreign operation”. – IAS 28 (amendment), “Investments in Associates”. – IAS 31 (amendment), “Investments in Joint Ventures”. – IAS 39 (amendment), “Financial instruments: Recognition and measurement”.

b) Standards and amendments to published standards that are not yet effective Certain new standards and amendments to existing standards have been published that are mandatory for the Group’s accounting periods beginning on or after 1 January 2009 or later periods but which the Group has not adopted early. The only standards which will be relevant to the Group are as follows: – IAS 27 (revised), “Consolidated and separate financial statements”(effective from 1 July 2009). The revised standard requires the effects of all transactions with non-controlling interests to be recorded in equity if there is no change in control and these transactions will no longer result in goodwill or gains and losses. This will not have an impact on the Group's financial statements. – IFRS 3 (revised), “Business combinations” and consequential amendments to IAS 27, “Consolidated and separate financial statements”, IAS 28, “Investments in associates” and IAS 31, “Interests in joint ventures”, effective prospectively to business combinations for which the acquisition date is on or after the beginning of the first annual reporting period beginning on or after 1 July 2009. Manage- ment is assessing the impact of the new requirements regarding acquisition accounting, consolidation and associates on the Group. The Group does not have any joint ventures. – There are a number of non-urgent, relatively minor changes to approximately twelve existing standards and interpretations which are part of the IASB’s annual improvements project published in May 2009. These amendments are mostly applicable as from 1 January 2010. The following standards have been amended: IFRS 2 revised “Share-based payments”, IFRS 5 “Non-current Assets Held for Sale and Discontinued Operations”, IFRS 8 “Operating Segments”, IAS 1 “Presentation of Financial Statements”, IAS 7 “Statement of Cash Flows”, IAS 17 “Leases”, IAS 18 “Revenue”, IAS 36 “Impairment of Assets”, IAS 38 “Intangible Assets”, IAS 39 “Financial Instruments: Recognition and Measurement”, IFRIC 9 “Reassessment of Embedded Derivatives” and IFRIC 16 “Hedges of a Net Investment in a Foreign Operation”.

c) Operating segments IFRS 8 requires entities to define operating segments and segment performance in the financial statements based on information used by the chief operating decision-maker. The investment manager is considered to be the chief operating decision-maker. An operating segment is a group of assets and operations engaged in providing products or services that are subject to risks and returns that are different from those of other operating segments.

The sole operating segment of the Group is investing in private equity. The investment manager works as a team for the entire portfolio, asset allocation is based on a single, integrated investment strategy and the Group’s performance is evaluated on an overall basis. Thus the results published in this report correspond to the sole operating segment of investing in private equity.

2. Basis of consolidation The consolidated interim financial statements per 30 September 2009 are based on the financial statements of the individual Group companies prepared using the same accounting principles applied in the consolidated financial statements for the year ended 31 December 2008. Notes 15 Castle Private Equity AG 2009-09

The consolidated interim financial statements include all assets and liabilities of Castle Private Equity AG and its direct and indirect subsidiaries: – Castle Private Equity (Overseas) Ltd., Grand Cayman (the “Overseas Subsidiary”) – Castle Private Equity (Nederland) B.V., Amsterdam (the “Netherlands Subsidiary”) – Castle Private Equity (International) plc, Dublin (the “Ireland Subsidiary”) – LGT Capital Invest Mauritius PCC - Cell C/Castle Overseas, Port Louis (the “PCC Subsidiary”) – Chancellor Offshore Partnership Fund, L.P., Delaware (the “Chancellor Subsidiary”)

3. Financial investments and securities designated at fair value through profit or loss As of 30 September 2009 the Group had subscribed interests in 153 private equity investments vehicles (mainly limited partnerships), domiciled in the United States of America, the Cayman Islands, Europe and Asia. The total committed capital amounted to TUSD 1,434,600 of which TUSD 1,146,503 was paid in. The details of the investments are shown in the investment schedule on pages 16 to 20 and the investment movement schedule below.

Movements in financial investments and securities designated at fair value through profit or loss for the period ended 30 September 2009 (All amounts in USD thousands unless otherwise stated)

Balanced Buyout Special Venture Marketable Total stage stage situations stage securities1) stage

Value per 1 January 2008 46,019 410,352 103,049 157,451 703 717,574 Additions (capital calls)2) 7,050 71,031 53,506 12,696 2,410 146,693 Disposals (returns of capital) (3,050) (8,970) (10,773) (3,610) (2,821) (29,224) Unrealised gains — 12,543 3,294 4,329 — 20,166 Unrealised losses (3,807) (62,330) (18,382) (15,209) 880 (98,848) Value per 30 September 2008 46,212 422,626 130,694 155,657 1,172 756,361 Total realised gains/(losses) on financial investments and securities designated at fair value through profit or loss, net per 30 September 2008 1,977 18,445 24,089 10,205 (26) 54,690

Value per 1 January 2009 36,208 303,878 99,905 133,073 245 573,309 Additions (capital calls)2) 5,755 9,452 4,728 (15,086) 3,448 8,297 Disposals (returns of capital) (1,005) (11,156) (24,952) 3,637 (3,785) (37,261) Unrealised gains 1,820 28,080 22,463 11,106 176 63,645 Unrealised losses (2,914) (29,690) (9,715) (14,519) — (56,838) Value per 30 September 2009 39,864 300,564 92,429 118,211 84 551,152 Total realised gains/(losses) on financial investments and securities designated at fair value through profit or loss, net per 30 September 2009 — 4,041 (9,479) (4,050) (280) (9,768)

1) During 2008 Conversus Capital, L.P. was reclassified from marketable securities to balanced funds, accordingly the previous year's comparison figures were adjusted. 2) Includes callable return of capital. 16 Investments Castle Private Equity AG 2009-09

Financial investments and securities designated at fair value through profit or loss as of 30 September 2009 (All amounts in USD thousands unless otherwise stated)

Vintage Commitment Cost Cost Fair value Commitment Cost Fair value year 31.12.2008 01.01.2008 31.12.2008 31.12.2008 30.09.2009 30.09.2009 30.09.2009

Balanced stage Chancellor Partnership Fund, L.P. 1997 14,518 — — 2,342 14,518 — 2,246 Crown Global Secondaries plc 2004 30,000 15,332 17,103 17,635 30,000 17,853 15,566 Crown Asia-Pacific Private Equity plc 2007 40,000 8,000 11,000 10,312 40,000 15,000 15,882 Conversus Capital, L.P.2) 2007 15,000 15,000 14,229 5,919 15,000 14,229 6,170 Total balanced stage 99,518 38,332 42,332 36,208 99,518 47,082 39,864

Buyout stage Ripplewood Partners, L.P. 1997 5,000 — — 1,148 5,000 — 385 DLJ Merchant Banking Partners II, L.P. 1997 1,400 — 9 259 1,400 9 161 WCAS Capital Partners III, L.P. 1997 15,000 2,683 2,683 3,553 15,000 2,683 2,521 Carlyle II Co-Investments 1997 — 118 118 11 395 118 18 Carlyle International Partners II, L.P.8) 1997 3,000 268 268 224 3,000 268 219 Industri Kapital 1997, L.P. 1997 12,107 — — 3,282 12,107 964 3,879 Doughty Hanson & Co III, L.P. 15 1997 10,000 1,719 2,194 6,078 10,000 2,194 6,516 Blackstone Offshore Capital Partners III, L.P. 1997 25,000 — — 7,085 25,000 — 5,828 Latin America Capital Partners II, L.P. 1997 6,700 2,506 1,940 784 6,700 1,960 385 Procuritas Capital Partners II, L.P. 1997 6,336 194 — 470 6,336 — 164 3i Europartners II, L.P.3) 1997 16,673 3,111 2,997 385 17,551 2,997 341 Charterhouse Equity Partners III, L.P. 1998 6,600 — — 396 6,600 — 79 Candover 1997, L.P. 1998 3,188 — — 33 3,189 — 9 BVP Europe, L.P. 1998 5,000 4,881 4,882 2,200 5,000 4,881 19 Thomas H. Lee Fund IV, L.P. 1998 3,100 298 268 16 3,100 269 11 Mercapital Spanish Private Equity (US) Partners, L.P. 1998 5,684 — — 264 5,685 — 115 Landmark Equity Partners III, L.P.1) 1998 12,163 — — 1,169 12,171 — 924 Welsh Carson Anderson & Stowe VIII, L.P. 1998 7,700 1,530 1,359 2,763 7,700 1,359 2,518 Hicks, Muse, Tate & Furst Latin America, L.P. 1998 9,973 6,635 4,683 1,730 9,973 4,611 1,619 France Private Equity II, L.P. 1998 3,846 — — 646 3,846 — 707 Berkshire Fund V, L.P. 1998 5,000 — — 1,701 5,000 — 1,363 Clayton, Dubilier & Rice Fund VI, L.P. 1999 10,000 4,788 4,823 2,093 10,000 4,823 2,048 The Triton Fund (No. 9) L.P.3) 1999 12,077 2,341 2,346 3,148 12,713 2,200 4,238 Baring Asia Private Equity Fund LP2 1999 5,000 1,714 1,663 833 5,000 1,522 1,007 Silver Lake Partners, L.P. 1999 5,000 2,081 1,813 1,068 5,000 1,335 408 3i Europartners IIIA, L.P.3) 1999 13,894 1,921 1,823 673 14,626 1,819 372 TPG Parallel III, L.P. 2000 5,000 2,046 1,984 1,856 5,000 1,797 1,230 T3 Parallel, L.P. 2000 5,000 2,578 2,567 746 5,000 2,166 280 Permira Europe II, L.P. II3) 2000 13,894 2,601 2,893 1,719 14,626 2,893 2,100 Warburg Pincus International Partners, L.P. 2000 10,000 5,191 4,908 7,865 10,000 4,908 7,886 BC European Capital VII3) 2000 13,894 5,406 5,406 6,169 14,626 5,406 7,543 Newbridge Asia III, L.P. 2000 10,000 6,989 4,502 7,769 10,000 3,689 19,214 T3 Parallel II, L.P. 2001 5,000 2,231 1,978 1,675 5,000 1,851 929 Warburg Pincus Private Equity VIII, L.P. 2001 15,000 8,165 7,670 11,255 15,000 6,699 11,219 Bain Capital Fund VII-E, L.P. 2002 8,000 2,699 2,659 3,838 8,000 2,659 3,305 J.W. Childs Equity Partners III, L.P. 2002 12,000 6,078 6,222 9,194 12,000 6,532 7,873 Chequers Capital FCPR3) 2002 11,810 5,301 5,144 3,023 12,432 5,144 2,312 Investments 17 Castle Private Equity AG 2009-09

Vintage Commitment Cost Cost Fair value Commitment Cost Fair value year 31.12.2008 01.01.2008 31.12.2008 31.12.2008 30.09.2009 30.09.2009 30.09.2009

MBO Capital FCPR3) 2002 6,947 3,466 2,908 5,567 7,313 2,354 4,975 Nmas Private Equity Fund No.2 L.P.3) 2002 6,947 3,524 3,653 3,613 7,313 3,641 2,830 Permira Europe III, L.P. II3) 2003 13,894 6,395 6,250 4,037 14,626 6,262 4,321 TPG Partners IV, L.P. 2003 15,000 12,479 12,127 8,283 15,000 12,217 10,423 Bain Capital Fund VIII-E, L.P. (Cayman)3) 2004 13,894 11,532 12,048 12,018 14,626 12,048 11,363 Odyssey Investment Partners III, L.P. 2004 10,000 5,715 6,586 8,034 10,000 6,702 7,248 Silver Lake Partners II, L.P. 2004 10,000 8,139 7,306 7,291 10,000 7,143 6,916 Silver Lake Partners, L.P. (Secondary)5) 2004 628 303 269 134 628 209 51 PAI Europe IV, L.P.3) 2005 — 6,718 — — — — — Clayton, Dubilier & Rice Fund VII, L.P. 2005 15,000 10,282 13,367 11,544 15,000 13,029 13,194 BC European Capital VIII, L.P.3) 2005 — 4,747 — — — — — Greenhill Capital Partners II, L.P. 2005 10,000 6,140 7,428 7,436 10,000 7,354 5,211 Asia Opportunity Fund II, L.P. 2005 7,000 6,486 6,606 7,354 7,000 6,543 4,957 KKR European Fund II, L.P.3) 2005 13,894 10,753 12,744 6,100 14,626 12,705 6,309 Newbridge Asia IV, L.P. 2005 10,000 6,629 8,447 9,101 10,000 8,681 10,547 Wellspring Capital Partners IV, L.P. 2005 10,000 2,388 5,775 3,578 10,000 6,161 4,310 Wynnchurch Capital Partners II, L.P. 2005 7,500 3,005 3,005 4,314 7,500 4,279 5,161 Bain Capital Fund IX, L.P.6) 2006 — 12,415 — — — — — Bain Capital Partners Coinvestment Fund IX, L.P.6) 2006 — 3,060 — — — — — Blackstone Capital Partners V, L.P.6) 2006 10,000 12,629 7,752 5,690 — — — The Triton Fund II3) 2006 16,673 6,170 8,615 11,508 17,551 8,374 8,694 TPG Partners V, L.P. 2006 30,000 17,230 23,973 16,001 30,000 21,212 12,317 Arsenal Capital Partners QP II-B, L.P. 2006 13,000 1,068 4,823 3,262 13,000 5,013 3,170 Bancroft II, L.P. (Secondary)3),5) 2006 6,048 3,326 3,832 4,452 5,521 3,914 5,474 First Reserve XI, L.P. 2006 15,000 2,610 10,096 10,966 15,000 11,116 10,383 J.P. Morgan Italian Fund III (Secondary)3),5) 2006 10,358 6,365 6,365 4,207 10,904 6,779 4,097 Chequers XV, FCPR3) 2006 11,115 2,978 3,595 2,656 11,701 3,905 2,851 Permira IV, L.P.23) 2006 14,589 8,328 12,008 3,241 15,357 12,008 2,990 Polish Enterprise Fund VI, L.P.3) 2006 13,894 2,250 5,950 3,874 14,626 5,880 3,095 CDH China Fund III, L.P. 2006 9,000 3,520 5,939 6,090 9,000 5,867 6,660 CDH Supplementary Fund III, L.P. 2006 3,000 590 1,188 1,184 3,000 1,176 1,200 Clayton, Dubilier & Rice Fund VII (Co-Investment), L.P. 2006 3,000 2,483 2,511 2,171 3,000 2,511 2,033 EOS Capital Partners IV, L.P. 2007 15,000 375 1,251 1,361 15,000 1,863 2,077 SAIF Partners III, L.P. 2007 10,000 4,400 7,700 7,578 10,000 7,203 8,098 Crown European Buyout Opportunities II plc3) 2007 41,682 2,246 8,161 6,296 43,878 9,591 7,402 Court Square Capital Partners II, L.P. 2007 15,000 3,237 3,942 4,051 15,000 5,320 4,808 Genstar Capital Partners V, L.P. 2007 10,000 2,524 5,096 5,063 10,000 4,493 3,815 STG III, L.P. 2007 12,150 270 1,256 708 12,150 3,154 2,330 Advent Latin American Private Equity Fund IV, L.P. 2007 10,000 1,700 4,750 4,318 10,000 7,200 6,915 Bain Capital Fund X, L.P. 2007 12,000 — 3,030 2,952 12,000 3,210 2,565 Bain Capital X Coinvestment Fund, L.P.8) 2007 3,000 — 210 194 1,500 210 128 TPG Partners VI, L.P.8) 2008 20,000 — 826 303 18,000 1,614 1,063 Bain Capital Europe Fund III, L.P.3) 2008 13,894 — 354 227 14,626 1,142 840 Total buyout stage 788,146 294,548 321,544 303,878 788,222 319,839 300,566 18 Investments Castle Private Equity AG 2009-09

Vintage Commitment Cost Cost Fair value Commitment Cost Fair value year 31.12.2008 01.01.2008 31.12.2008 31.12.2008 30.09.2009 30.09.2009 30.09.2009

Special situations stage Pegasus Partners, L.P. 1997 8,000 2,363 1,969 479 8,000 2,141 456 MD Sass Corporate Resurgence Partners, L.P. 1997 6,600 2,353 2,345 2,496 6,600 1,455 1,234 Apollo Investment Fund IV, L.P. 1998 6,200 — — 1,727 6,200 — 1,334 OCM Opportunities Fund IV, L.P. 2001 5,000 — — 29 5,000 — 20 Apollo Overseas Partners V, L.P.6) 2001 15,000 5,977 5,349 6,827 — — — Special Situations Venture Partners, L.P.3) 2001 8,336 — — 2,806 8,776 — 1,563 OCM Principal Opportunities Fund II, L.P. 2001 5,000 — — 920 5,000 — 954 Special Situations Venture Partners (Co-Investment Vehicle), L.P.3) 2002 2,084 — — 797 2,194 — 448 OCM Opportunities Fund IVb, L.P. 2002 5,000 — — 17 5,000 — 21 Sun Capital Securities Offshore Fund, Ltd. 2004 10,000 10,000 10,000 8,570 10,000 8,163 4,651 Apollo Overseas Partners VI, L.P.6) 2005 20,000 7,350 16,586 3,868 — — — Sun Capital Securities Offshore Fund, Ltd. (Second Tranche) 2006 10,000 8,350 10,000 5,690 10,000 9,738 2,950 OCM European Principal Opportunities Fund, L.P. 2006 15,000 13,950 13,950 19,129 15,000 13,950 18,761 OCM Principal Opportunities Fund IV, L.P. 2007 10,000 4,200 10,000 8,001 10,000 10,000 9,135 OCM Opportunities Fund VII, L.P. 2007 10,000 4,500 10,000 6,918 10,000 10,000 8,006 TPG Credit Strategies Fund, L.P. 2007 15,000 13,491 13,491 9,571 15,000 15,000 11,237 OCM Opportunities Fund VIIb, L.P. 2007 15,000 — 10,500 9,560 15,000 12,000 13,507 Fortress Investment Fund V (Coinvestment Fund D), L.P. 2007 7,200 1,800 6,192 3,710 7,200 6,426 3,434 Fortress Investment Fund V (Fund D), L.P. 2007 7,500 2,350 4,595 2,331 7,500 4,884 2,378 Oaktree European Credit Opportunities Fund, L.P.3) 2008 13,894 — 14,811 2,812 14,626 14,811 7,563 OCM European Principal Opportunities Fund II, L.P.3) 2008 10,421 — 3,521 3,647 10,970 4,517 4,774 Total special situation stage 205,235 76,684 133,309 99,905 172,066 113,085 92,426

Venture stage Chancellor Private Capital Offshore Partners II, L.P. 1997 25,000 6,068 4,963 878 25,000 4,797 (47) Enterprise Partners IV, L.P. 1997 8,400 4,974 4,974 1,519 8,400 4,974 1,359 Media Communications Partners III, L.P. 1997 7,500 — — 960 7,500 — 519 Skyline Venture Partners, L.P. 1997 1,497 758 757 411 1,498 758 292 Abingworth Bioventures II, L.P. 1997 6,099 — 45 1,498 6,099 — 1,333 Strategic European Technologies N.V.3) 1997 9,520 433 433 721 10,022 433 1,193 Salix Venture Partners, L.P. 1998 3,400 1,216 1,216 189 3,400 1,216 241 RRE Investors, L.P. 1998 4,900 — — — 4,900 — — TVG Asian Communications Fund II, L.P. (Secondary)5) 1998 3,133 — — 681 3,133 — 735 Summit Partners V, L.P. 1998 6,800 — — 545 6,800 — 139 Sevin Rosen VI, L.P. 1998 3,400 — — 804 3,400 — 300 Accel VI, L.P. 1998 7,400 5,950 5,950 1,051 7,400 5,950 897 Jerusalem Venture Partners II, L.P. 1998 4,000 — — 242 4,000 — 228 Essex Woodlands Health Ventures Fund IV, L.P. 1998 6,200 — — 1,683 6,200 — 1,613 Oak Investment Partners VIII, L.P. 1998 5,000 — — 354 5,000 — 271 Galileo II FCPR3) 1998 8,473 — — 590 8,919 — 757 Global Life Science, L.P.3) 1998 7,104 2,364 2,248 510 7,478 2,248 78 Investments 19 Castle Private Equity AG 2009-09

Vintage Commitment Cost Cost Fair value Commitment Cost Fair value year 31.12.2008 01.01.2008 31.12.2008 31.12.2008 30.09.2009 30.09.2009 30.09.2009

New Enterprise Associates VIII, L.P. 1998 5,000 — — 1,550 5,000 — 1,299 Worldview Technology Partners II, L.P. 1998 7,000 1,445 1,444 2,156 7,000 1,444 3,096 Israel Seed III, L.P. 1999 5,000 3,398 3,287 — 5,000 3,287 — TCV III (Q), L.P. 1999 3,500 556 556 86 3,500 556 102 Index Ventures I (Jersey), L.P. 1999 7,500 1,806 1,759 2,917 7,500 797 2,365 Geocapital Eurofund, L.P. 1999 4,550 2,577 2,577 952 4,550 2,577 1,011 Invesco Venture Partnership Fund II, L.P. 1999 15,000 5,579 5,338 5,591 15,000 5,040 4,625 Chancellor V, L.P. 2000 20,000 14,719 14,719 7,188 20,000 14,485 4,845 Atlas Venture Fund V, L.P.6) 2000 4,650 3,332 3,353 473 — — — TCV IV, L.P. 2000 7,000 5,047 5,025 2,334 7,000 5,059 2,403 MPM BioVentures II-QP, L.P. 2000 5,000 4,292 4,292 2,383 5,000 4,342 2,283 Kiwi II Ventura - Servicios de consultoria S.A.3) 2000 6,947 3,871 3,871 192 7,313 3,871 363 Columbia Capital Equity Partners III (Cayman), L.P. 2000 5,000 3,114 3,220 2,999 5,000 3,230 2,974 Galileo III FCPR3) 2000 8,779 5,175 5,566 4,238 9,241 5,566 3,816 Balderton Capital I, L.P. 2000 5,333 5,003 4,936 3,459 5,333 4,936 3,404 New Enterprise Associates 10, L.P. 2000 10,000 7,696 7,932 4,781 10,000 7,852 3,548 Jerusalem Venture Partners IV, L.P. 2000 8,000 7,529 7,540 6,004 8,000 7,540 5,282 Index Ventures II (Jersey), L.P. 2000 7,500 5,304 4,635 4,288 7,500 4,635 3,823 Atlas Venture Fund VI, L.P.6) 2001 6,200 4,728 4,771 2,029 — — — Galileo IIB FCPR3) 2002 1,334 244 169 79 1,404 169 41 Global Life Science Venture Fund II, L.P.3) 2002 6,947 3,200 3,721 3,675 7,313 3,888 3,952 Index Ventures III (Jersey), L.P.3) 2004 9,726 5,149 5,402 8,897 10,238 5,852 8,405 Balderton Capital II, L.P. 2005 4,000 3,570 3,748 3,291 4,000 3,748 2,503 Battery Ventures VII, L.P. 2005 3,000 2,415 2,578 2,901 3,000 2,531 2,672 H.I.G. Venture Partners II, L.P. 2005 5,000 2,398 2,848 2,697 5,000 3,298 3,012 Sofinnova Capital V FCPR3),6) 2005 11,115 5,231 8,168 5,644 — — — Amadeus II Fund C GmbH & Co. KG (Secondary)4),5) 2005 1,148 1,243 1,244 857 1,258 1,295 944 BCPI I, L.P. (Secondary)5) 2005 1,833 1,484 1,538 872 1,833 1,613 876 Cipio Partners Fund III GmbH & Co. KG (Secondary)3),5) 2005 13,238 5,577 5,318 5,401 13,935 5,388 4,068 Jerusalem Venture Partners IV, L.P. (Secondary)5) 2005 662 384 599 811 662 599 714 Benchmark Israel II, L.P. 2005 5,000 1,375 2,500 2,134 5,000 3,150 2,673 SB Asia Investment Fund II, L.P. 2005 7,000 6,463 6,977 11,551 7,000 6,520 9,809 Columbia Capital Equity Partners IV (Non-US), L.P. 2005 10,000 5,571 6,441 8,362 10,000 6,463 8,495 New Enterprise Associates 12, L.P. 2006 5,000 1,523 2,696 2,606 5,000 3,146 2,989 Index Ventures IV (Jersey), L.P.3) 2006 6,947 477 2,538 2,496 7,313 3,213 3,263 Kennet III A, L.P.3) 2007 11,115 852 2,774 1,950 11,701 4,084 3,467 Battery Ventures VIII, L.P. 2007 4,000 656 1,520 1,377 4,000 2,080 1,911 Carmel Ventures III, L.P. 2008 6,000 — 270 193 6,000 1,065 910 Summit Partners Europe Private Equity Fund, L.P.3) 2008 9,726 — — — 10,238 298 307 Mangrove III S.C.A. SICAR3) 2008 6,947 — 695 728 7,313 1,553 1,591 Battery Ventures VIII Side Fund, L.P. 2008 1,500 — 299 295 1,500 453 463 Total venture stage 391,023 154,746 167,450 133,073 374,794 155,999 118,212 Total financial investments designated at at fair value through profit loss 1,483,922 564,310 664,635 573,064 1,434,600 636,005 551,068 20 Investments Castle Private Equity AG 2009-09

Commitment Cost Cost Fair value Commitment Cost Fair value 31.12.2008 01.01.2008 31.12.2008 31.12.2008 30.09.2009 30.09.2009 30.09.2009

Marketable securities Trans Digm — 28 — — — — — Pharmion — 384 — — — — — Carter's Inc. (980 shares) — 370 370 210 — 33 26 LSI Logic (10,521 shares) — — — 35 — — 58 Total marketable securities — 782 370 245 — 33 84 Total 1,483,9229) 565,092 665,005 573,309 1,434,6009) 636,038 551,152

1) Additionally, a commitment of TUSD 359 is maintained as a contingency reserve, should Landmark Equity Partners III L.P. require capital for operating expenses. 2) During 2008 Conversus Capital, L.P. was reclassified from marketable securities to balanced funds, accordingly the previous year's comparison figures were adjusted. 3) Total commitment translated from EUR value at 1.4626 as of 30 September 2009 and 1.3894 as of 31 December 2008. 4) Total commitment translated from GBP value at 1.5992 as of 30 September 2009 and 1.4593 as of 31 December 2008. 5) For the secondary investments no realised profit is recognized for capital distributions received until the cumulative returns on invested capital exceed the cost of a particular investment. 6) Commitments sold in 2008 and 2009. 7) Commitments were amended according to restated agreements. 8) Total paid in amount is maintained as the commitment. 9) Total paid in amounted to TUSD 1,146,503 (31 December 2008: TUSD 1,181,445). Notes 21 Castle Private Equity AG 2009-09

4. Tax expense General: taxes are provided based on reported income. Capital taxes and withholding taxes paid on returns of investments are recorded in other expenses, whereas non-accrued refunds are recognised in other income. For Schwyz cantonal and communal tax purposes, the Company is taxed as a holding company and is as such only liable for capital taxes. All relevant income of the Company, including the dividend income and capital gains from its investments, is exempt from taxation at the cantonal and communal level.

30 September 2009 30 September 2008 TUSD TUSD

Total comprehensive (loss)/income for the period before income tax (19,582) (41,387) Applicable tax rate 7.8% 7.8% Income tax — — Effect from: non-taxable income — — Total — —

5. Due to banks The Overseas Subsidiary has access to a TUSD 90,000 credit facility with LGT Bank in Liechtenstein AG, Vaduz (related party) based on a loan agreement dated 7 August 2008 (amended on 30 April 2009 and expires on 30 June 2013) and the Ireland Subsidiary also has access to a TUSD 60,000 credit facility with LGT Bank (Ireland) Limited (related party) based on a loan agreement dated 30 September 2009 (expires on 30 June 2013). A facility fee of 0.2 per cent per annum based on the unused credit facility amount is due on a quarterly basis.

The facility fee charged by LGT Bank in Liechtenstein AG, Vaduz amounting to TUSD 140 for the nine months of 2009 (30 September 2008: Nil).

The facility fee charged by LGT Bank (Ireland) Limited, Dublin amounting to TUSD 91 for the nine months of 2009 (September 2008: TUSD 49).

As of 30 September 2009 the Overseas Subsidiary had borrowed TUSD 43,000 from LGT Bank in Liechtenstein Ltd., Vaduz (31 December 2008: TSD 42,000).

Due to bank – fixed advance Interest rate Maturity Amounts Overseas Subsidiary TUSD

As of 30 September 2009 3.375% 27 November 2009 20,000 As of 30 September 2009 3.375% 14 December 2009 1,000 As of 30 September 2009 4.000% 26 February 2010 22,000 Total 43,000

As of 30 September 2009 the Ireland Subsidiary had borrowed TUSD 25,050 from LGT Bank (Ireland) Limited, Dublin (31 December 2008: TSD 43,550).

Due to bank – fixed advance Interest rate Maturity Amounts International Subsidiary TUSD

As of 30 September 2009 2.30% 21 October 2009 12,850 As of 30 September 2009 2.30% 30 October 2009 12,200 Total 25,050 22 Notes Castle Private Equity AG 2009-09

6. Significant transactions with related parties LGT Group Foundation, Vaduz, is the majority shareholder of the investment manager, LGT Private Equity Advisers AG, Vaduz, and also is in control of non-controlling interests in the Overseas and PCC Subsidiaries by holding voting or management shares of these companies.

At the period end, the investment manager was entitled to a management fee of TUSD 7,242 (30 Sep- tember 2008: TUSD 11,099) from the Subsidiaries (2.0 per cent of net assets in USD before deduction of the accrual of the performance fee) and a performance fee of TUSD Nil (30 September 2008: TUSD Nil). As of 30 September 2009 management fees to the amount of TUSD 2,457 (31 December 2008: TUSD 5,991) and performance fees to the amount of TUSD Nil (31 December 2008: TUSD Nil) were still outstanding.

LGT Bank in Liechtenstein AG, Vaduz provides administrative services for the Company and for the PCC Subsidiary. LGT Fund Managers (Ireland) Limited, Dublin, acts as the administrator for the Overseas and Ireland subsidiaries. The administrator fees payable to LGT Bank in Liechtenstein AG, Vaduz and LGT Fund Managers (Ireland) Limited, Dublin, amounted to TUSD 219 (30 September 2008: TUSD 334). As of 30 September 2009 TUSD 67 (31 December 2008: TUSD 79) were still outstanding.

The Ireland Subsidiary has committed TUSD 30,000 to Crown Global Secondaries plc, TUSD 40,000 to Crown Asia-Pacific Private Equity plc and TEUR 30,000 to Crown European Buyout Opportunities II plc. Each are funds advised by LGT Capital Partners (Ireland) plc, an affiliate of Castle’s investment manager. As Castle’s investments are structured through a special non-fee paying share class, no additional management and performance fees are charged. An annual administration fee of 0.06 per cent of net asset value is due to LGT Fund Managers (Ireland) Limited in its capacity as administrator for each of the funds.

Cash and cash equivalents are partly deposited with LGT Bank in Liechtenstein AG, Vaduz and LGT Bank (Ireland) Limited, at market conditions. Related interest income amounted to TUSD 1 (30 September 2008: TUSD 86).

As of 30 September 2009 the Company held the following time deposits amounting to TUSD 2,569 (31 December 2008: TUSD 783) with LGT Bank in Liechtenstein AG, Vaduz.

Time deposits Interest rate Maturity Amounts TUSD

As of 30 September 2009 0.2500% 12 October 2009 201 As of 30 September 2009 0.1250% 14 October 2009 2,368 Total 2,569

LGT Bank in Liechtenstein AG, Vaduz, acts as the sole custodian for Castle Private Equity AG, Pfäffikon. Custody fees incurred for the nine months of 2009 and 2008 were insignificant.

7. Subsequent events Since the balance sheet date of 30 September 2009, there have been no material events that could impair the integrity of the information presented in the consolidated interim financial statements. Notes 23 Castle Private Equity AG 2009-09

Share information Exchange rate CHF/USD: 1.0381

2004 2005 2006 2007 2008 September Since 2009 inception

Share information Number of issued shares at year-end (000)1) 43,2002) 43,2002) 43,2002) 43,200 43,200 43,200 USD net asset value1) 9.24 10.82 13.13 17.06 11.77 11.32 USD closing price1) 6.65 8.80 10.20 12.25 3.20 5.85 CHF closing price1) 7.75 11.51 12.50 13.81 3.43 5.85

Share performance USD net asset value 12.9 % 17.1 % 21.4 % 29.9 % (31.0 %) (3.8 %) 64.9% USD closing price (5.0 %) 32.3 % 15.9 % 20.1 % (73.9 %) 82.8 % (15.8%) CHF closing price (11.4 %) 48.5 % 8.6 % 10.5 % (75.2 %) 70.6 % (41.5%)

1) Adjusted for the ten for one share split in December 2008. 2) Of which 800,000 owned by the Company.

Listing Schweizer Börse SIX 4885474 (Swiss)

Price information Reuters: CPE.S, CPEu.S Bloomberg: CPEN SW , CPED SW

Publication of net asset value Finanz und Wirtschaft, www.castlepe.com

Registered office Castle Private Equity AG, Schützenstrasse 6, CH-8808 Pfäffikon, Switzerland Telephone +41 55 415 94 94, Fax +41 55 415 94 97, E-mail [email protected]

Investment manager LGT Private Equity Advisers AG, Herrengasse 12, FL-9490 Vaduz, Principality of Liechtenstein Telephone +423 2352929, Fax +423 2352955, E-mail [email protected] Hans Markvoort, general manager, Telephone +423 235 2324, E-mail [email protected] Pia Skogstrom, investor relations, Telephone +44 207 823 2900, E-mail [email protected]

Market maker LGT Bank in Liechtenstein, Herrengasse 12, FL-9490 Vaduz, Principality of Liechtenstein, Telephone +423 2351839

www.castlepe.com Registered office Castle Private Equity AG Schützenstrasse 6, CH-8808 Pfäffikon Switzerland Telephone +41 55 415 9494 Fax +41 55 415 9497

Investment manager LGT Private Equity Advisers AG Herrengasse 12, FL-9490 Vaduz Principality of Liechtenstein Telephone +423 235 2929 Fax +423 235 2955 E-mail [email protected]