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Powerpoint Print Presentation September 2014 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 2014 0.68 2.66 1.60 1.45 1.63 0.81 0.18 0.90 -0.83 9.40 Aims to maintain low to moderate volatility of returns • 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 • Aims to maintain low correlation to traditional asset 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 Product description 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 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 private equity 15.48 9.49 10.17 5.82 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 fund of funds 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 3000 equity and infrastructure. 2500 Current data 2000 Net asset value USD 379.20 1500 Fund assets (mln)* USD 241 1000 * As of 1 October 2014 Cumulative performance 500 Dec-01 May-03 Oct-04 Mar-06 Aug-07 Jan-09 Jun-10 Nov-11 Apr-13 Sep-14 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 -0.83% -0.12% -0.78% -2.67% Redemption N/A Management fee 1.00% YTD return 9.40% 5.27% 13.59% 4.33% Performance fee between 0% and 25.00% Annualized return 5.82% 5.37% 7.49% 4.54% 12 month rolling return 15.48% 10.40% 20.91% 12.80% (1) Please see the fund's offering memorandum for specific details (2) Subject to fund domicile and local guidelines / minimum Annualized volatility 4.81% 5.64% 6.72% 16.02% investment one share 12 month rolling volatility 3.41% 3.76% 3.84% 7.32% Sharpe ratio 0.84 0.64 0.85 0.17 Fund codes Sortino ratio 1.09 0.84 1.14 0.22 ISIN CH0011471569 Correlation coefficient 1.00 0.68 0.59 0.31 Valor no. 1147156 Highest 1 month loss -4.69% -7.14% -6.00% -18.93% Maximum draw-down -23.48% -20.51% -26.05% -53.65% Positive months 67.66% 62.28% 67.07% 60.48% Source: Alternative Funds Advisory, A&Q Hedge Fund Solutions, Citigroup, Bloomberg, HFRI PAST PERFORMANCE IS NOT INDICATIVE OF FUTURE RESULTS Product commentary Private Equity: After the strong performance until August, the AP PE slowed down and was slightly negative with -0.78% mainly driven by FX impact (currency neutral, the performance in September was slightly positive with 0.17%). Nevertheless, the YTD performance of the first three quarters 2014 is 13.6%. Among the funds impacting the performance we mostly find European funds due to the valuation of the Euro against the US dollar (e.g. Nordic VII, Apax Europe VII, Activa II). The portfolio remains cash flow generative distributing about USD 2.4m in cash versus USD 0.8m capital called. Distributions have slowed down compared to the previous months and were driven by earlier vintages FoFs such as Adams Street 2002 and Brinson Non-US 2004 and medium/larger buyout funds such as Adveq Asia I, Madison Dearborn V, and Charterhouse VIII. Capital calls continue to be weak particularly as most of the funds have reached the end of their investment cycle. However, IVP XIV called alone about 40% of the total in this month. Hedge Fund: September was shaped by continuing macro and geopolitical concerns as well as central bank actions which led to increased volatility on equity and credit markets. Hedge Fund managers delivered mixed results, with Trading strategies being generally the most capable ones in capturing market movements and posting positive returns. Discretionary managers produced the largest returns. The product's Trading allocation however, has been slightly negative, particularly due to two managers experiencing losses incurred in rates and credit. Equity Hedged managers reported mixed returns, with one manager being exceptionally hurt by one long position in an accommodations company that was recently spun-off from an activist position. Credit/Income managers delivered solid performance throughout, with the exception of just one manager, whose performance was mainly detracted from a second line debt investment in a stressed coal mining company. Aggregate portfolio profile as of 1 October 2014 Strategy allocation lookthrough (%) Geographic allocation lookthrough (%) 3 3 1 2 1 4 7 5 Private Equity North America Cash & Other Europe 16 7 Equity Hedged Asia Trading 48 Cash & Other Relative Value Rest of World Credit/Income Global Other 77 26 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 78.18 -0.61 9.66 Cash & Other 6.90 0.00 0.00 Relative Value 3.66 -0.02 0.16 Trading 3.24 -0.03 0.17 Equity Hedged 2.75 -0.02 0.19 Credit/Income 2.73 0.03 0.32 Multi-Strategy 1.15 0.02 0.08 Trading Opport./Macro 0.86 0.00 0.02 Other 0.53 -0.01 -0.07 Total 100.00 -0.64 10.54 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 2014 Strategy allocation lookthrough HF type exposure (%) Geographic allocation lookthrough HF type exposure (%) 4 11 3 3 2 19 Equity Hedged US/Canada 30 Trading Europe/UK Credit/Income Developed Asia ex-Japan Relative Value 27 LatAm Other EEMEA Japan 63 Other 21 26 Source: Alternative Funds Advisory's proprietary database Private Equity portfolio profile as of 1 October 2014 Actual stage exposure (%) Actual geographic exposure (%) 5 2 Buyout 20 North America Venture capital Europe 27 41 Growth Capital APAC Special situations Rest of World 50 28 27 Actual sector exposure (%) 4 2 7 25 Consumer 10 IT Financial & other serv. Healthcare Industrial 15 Basic Materials Telecommunications 21 Other Sector 16 Open Active Commitment commitment Market Value commitment Fund name (USD m) (USD m) (USD m) %Allocation (USD m) Abingworth Bioventures V 1.62 0.29 0.94 0.39 1.23 Accel Growth Fund II 1.50 0.26 1.31 0.55 1.57 Accel XI 1.00 0.26 0.75 0.32 1.01 Activa Capital Fund II 4.42 0.12 4.16 1.75 4.28 Adams Street 2006 Direct Fund 0.50 0.01 0.54 0.23 0.56 Adams Street Global Opportunities Secondary Fund 5.00 0.76 1.16 0.49 1.91 Adams Street Non-U.S.
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