09/2011 Extract from the Interim Report as of 30 September 2011

APEN Ltd. (the “Company”) performed satisfactorily in the third quarter of 2011 despite significant market turbulences. The net asset value (“NAV”) decreased 2.4% in the third quarter and stood at CHF 61.47 per share   per 30 September 2011. The debt crisis in both the US and Europe resulted in high volatility in the foreign exchange and equity markets, impacting valuations of portfolio companies. The movements of the Swiss franc against the US dollar and Euro xperienced significant swings during the quarter. The Swiss franc strengthened almost to parity against the Euro during the third quarter and only after the intervention of the Swiss National Bank in  September weakened again to close at 1.2187 against the Swiss franc, which was basically unchanged to mid-year 2011. Following the intervention, the US dollar also strengthened substantially against the Swiss franc (+7.9% by the end of the quarter compared to tough in August 2011). The share price of the Company decreased 18.0% during the third quarter (Dow Jones –12.1%; EuroStoxx50 –23.5%).