Tranche Update on AP Alternative Portfolio AG's Equity Buyback Plan announced on February 18, 2016.

AP Alternative Portfolio AG is a Switzerland-based asset management company that invests in diversified investments directly or through the subsidiaries. It focuses primarily on private equity and hedge funds. The business activities of the Company comprise acquisition, holding and disposal of shareholdings in domestic and foreign companies, investment funds and other legal entities in the field of alternative investments. The Company’s principal objectives are to achieve attractive risk-adjusted returns over the long term and to maintain low to moderate volatility of returns, as well as s to maintain low correlation to traditional asset classes. Alternative Portfolio Limited is a wholly-owned subsidiary of the Company.