AP Alternative Portfolio AG - Estimate November 30, 2023 MTD -1.32%, YTD -9.40%

8. December 2023

Dear Investor,

Please find below the November 30, 2023 estimated net performance for AP Alternative Portfolio AG:
NAV:    USD 232.96
MTD:    -1.32%
YTD:    -9.40%

You can also contact us at sh-afa-pe@ubs.com for further information.

Kind regards,
UBS Asset Management Switzerland AG
Real Estate & Private Markets
P.O. Box, CH-8098 Zurich, Switzerland 
Fax +41 44 239 02 52

www.alternative-portfolio.com

The estimated NAVs displayed above represent the profit and losses of the funds shares net of all applicable Management, Performance and Administration Fees charged to each share class consistent with the terms of the applicable offering documents represents REPM's estimate based on the best information available at the time calculated. The estimated NAVs are un-audited and have not been reviewed by an independent third party, and are therefore subject to change without notice to the recipient. REPM makes no representation regarding the accuracy of the estimated NAV, and the recipient accepts all risks in relying on the estimated NAV. Future as well as actual results may differ substantially from the estimates shown above, as past performance is not necessarily indicative of future results.

This document does not constitute an offer of securities and such an offer will only be made by means of a confidential offering memorandum.