In the second quarter 2010 APEN Ltd. (the “Company”) recorded encouraging investment results. Various portfolio funds reported liquidity events at a level last seen in the first half of 2008. Without considering secondary proceeds from the sale of fund positions, the overall portfolio activity (capital calls and distributions) was cash flow positive. Unfunded commitments are 44% down compared with yearend 2009, totaling CHF 193 million. Positive overall investment performance was out-weighed by the weakening of the Euro against the Swiss franc and the financing costs. The net asset value (“NAV”) decreased 5.7% from the audited NAV as of 31 December 2009 and 1.2% against the 31 March 2010 NAV. The share price of the Company increased 8.7% during the second quarter standing at CHF 16.30 per share as per mid-year, corresponding to a discount to NAV of 72%.