2009 proved to be the second consecutive very challenging year for APEN Ltd. ("APEN"). The primary order of business in 2009 was to address APEN's liquidity, with e xisting lenders requesting repayment and relatively high levels of unfunded commitments. The board of directors and management worked extensively on an exhaustive refinancing that would provide APEN with a sound base for the coming year. This was achieved in a very challenging market environment and after almost three quarter of intense work. The banking consortium was repaid and replaced with two financial institutions providing USD 225 million credit facilities of which USD 125 million were utilized at the outset. With the refinancing, the larger capital provider secured a minority interest of 10% in APEN. Coupled with the reduction of unfunded commitments, APEN has addressed its liquidity issues and should be more than sufficiently financed to cover any capital draw downs from portfolio funds. The board of directors views the outcome of the restructuring as the best possible outcome. It is the expectation that APEN will be able to repay all of its obligations and return significant funds to shareholders.