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 private equity 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 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 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 Management fee 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. Credit 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 Venture capital Europe 27 37 Growth Capital APAC Rest of World Special situations 49 27 31 Actual sector exposure (%) 4 2 6 24 IT 11 Consumer Healthcare Financial & other serv.