ALPINUM SICAV-SIF Persistent Edge Asia Fund

ALPINUM SICAV-SIF Persistent Edge Asia Fund MONTHLY REPORT - SEPTEMBER 06 Monthly report for qualified investors in Switzerland NET MONTHLY RETURNS (CLASS AF USD) Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec YTD SI 06-0.05 0.75 0.4 -.06-0.0-0.4-0.4 Note: Fund launch date May, 06 FUND RETURNS AND STATISTICS Net Assets USD 56'94'506 Eureka HFRI hedge MSCI Alpinum FoFs Asia AC Asia PE Asia Compo EQUITY-SECTOR EXPOSURE Pacific Pacific site FoF's Equity-Sector Long Short Sep 6-0.0% 0.% 0.56%.5% Consumer 4.% 7.7% 06 YTD -0.4%.7%.58% 6.48% Energy 0.% 0.% Cumulative Return -0.4%.7%.58% 6.48% Financials.0% 0.9% Annualized Return -0.% 5.77% 6.0% 6.6% Healthcare.4% 0.5% Maximum Drawdown -.07% -0.44% -0.46% -.76% Industrials 4.5%.9% Annualized Volatility.9%.5%.4% 9.64% Materials.6%.% Sharpe Ratio -0.5.8.59.69 Technology 6.% 9.% Sortino Ratio -0.0 8.47 8.8 6.66 Telecom.4% 0.8% % of Winning Years 0% 00% 00% 00% Others % Positive Months 40% 80% 80% 60% 5.5% 8.8% 68.7% 55.% # of Positive Months 4 4 Months 5 5 5 5 PORTFOLIO COMPOSITION AND PERFORMANCE ATTRIBUTION Correlation - Alpinum PE Asia FUND INFORMATION.00-0.7-0. 0.0 Investment Manager Japan Equity L/S Asia ex- Japan Equity L/S Macro Multi- Strategy Equity Trading Currency classes USD, EUR, CHF, JPY Exposure.% 56.0%.% 7.%.4% 00.0% Domicile Luxembourg SICAV-SIF Average Exposure - 06 Reporting Frequency Monthly NAV Number of Funds.6%.5%.%.6% 40.% 00.0% 6 0 0 9 Fiscal Year-End December st Attribution - September 0.04% -0.05% -0.0% 0.04% -0.0% -0.0% Administration UBS Fund Services (Luxembourg) S.A. Attribution - YTD 06 0.00% -0.9% 0.0% 0.6% -0.8% -0.4% Custodian UBS (Luxembourg) S.A. Auditor KPMG Luxembourg S.à.r.l Convergence Divergence Beta Reduction Exposure 54.0% 4.4% 8.%.4% 00.0% FUND TERMS Average Exposure 06 Amount equivalent to EUR 5,000.- Number of Funds Subscription Frequency Monthly Attribution - September Liquidity Monthly - 5 days notice Attribution - YTD 06.% 4.%.6% 40.% 00.0% 9 8 0 9-0.07% 0.0% 0.06% -0.0% -0.0% -0.40% 0.6% 0.0% -0.8% -0.4% High Watermark CONTACT INFORMATION Investment Manager Talstrasse 8 Switzerland T: +4 4 888 79 0 F: +4 4 888 79 Email: info@ Sub-Investment Manager Persistent Asset Partners Limited Suite 50, One Exchange Square, 8 Connaugth Place, Central, Hong Kong T: +85-79-700 F: +85-79-900 Email: info@persistentasset.com, Talstrasse 8, 800 Zurich

Portfolio Characteristics Age of underlying funds Portfolio Manager Age #of Funds % of Funds % of Assets < year 5% 4% - years 6 % 4% -5 years 6% % >5 years 9 47% 48% 9 00% 97% 0-4 5-9 40-44 45-49 >=50 #of Funds % of Funds % of Assets 5% 5% 5 6% % 4 % 4% 6 % 7% 6% 0% 9 00% 97% Size of underlying fund managers #of Funds % of Funds % of Assets <00M % 0% 00-00M 7 6% % 00-.0B 6 % 8%.0-5.0B 4 % 6% >5.0B 0 0% 0% 9 00% 97% Counter Party Statistics Prime Broker Count % of NAV Administrator Count Goldman Sachs 9 6.8% Maples Fund Services Morgan Stanley 4.7% BNY Mellon Normura 5.9% Normura Bank Bank of America / Merill Lynch 0.6% Citibank UBS 5.4% Citco Fund Services Credit Suisse 4.5% Apex Fund Services Deutsche Bank.7% SMT Fund Services (Ireland) Ltd JP Morgan.4% GlobeOp BNY Mellon 0.9% SS&C GlobeOp Fidelity 0.4% Opous Fund Services Ltd Newedge 0.% Equinoxe AIS Jefferies & Company. Inc. 0.% Norhern Trust Hedge Fund Services LLC Interactive Brokers 0.% Other.% 9 6 6.5% 00.0% % of NAV 0.9% 4.4% 9.5% 9.% 8.7% 7.6%.7%.9%.9%.%.%.% 6.5% 00.0% Auditor Ernst & Young PWC KPMG Eisner Amper Deloitte & Touche Count % of NAV 7 44.0% 5 6.% 5 0.9%.%.% 6.5% 9 00.0%, Talstrasse 8, 800 Zurich

MARKET BENCHMARK OVERVIEW HANG SENG SHANGHAI STOCK EXCHANGE A SHARES NIKKEI 5 JASDAQ MSCI AC MOTHERS KOSPI SENSEX S6P 500 NASDAQ ASIA MSCI CHINIA EUREKAHED GE JAPAN HF PACIFIC EUREKAHEDG E ASIAN HF HFRX GLOBAL HF Sep 6.9% -.6% -.59%.8% 4.90% 0.44% -.06% -0.%.89%.5%.6%.9% 0.64% 0.55% 06 YTD* 0.59%.9% -.0% 4.7% -6.%.48% 8.8% 4.99%.4% 6.48%.7% 0.87%.44%.85% *since inception May 06 MONTHLY PERFORMANCE REVIEW JAPAN EQUITY LONG/SHORT The Japan Equity Long/Short sub-portfolio contributed +0.04% in September, with 4 managers up (+0.% to +.4%) and managers down (-0.5% to -.9%). There were no manager changes as of October st in this sub-portfolio. ETF purchase from the BOJ has initiated a new round of sector rotation. Managers with market risk neutrality are preferred. Upcoming earning season may help market to turn more focus on fundamental rather than fund flows. ASIA EX-JAPAN EQUITY LONG/SHORT The Asia ex-japan Equity Long/Short sub-portfolio contributed -0.05% in September, with 8 of our managers up (+0.% to +.%) and managers down (-0.4% to -.6%). There was manager removed as of October st in this sub-portfolio. The recent capital inflow into Asia increased trading volume locally and it provides a better environment for trading oriented strategy. The decease of Thailand s King may introduce some volatility in the region. MACRO There were no manager changes as of October st in this sub- The Macro sub-portfolio contributed -0.0% in September, with manager down (-0.7%). portfolio. Higher volatility may benefit macro managers who use options as their trading instruments. MULTI-STRATEGY EQUITY TRADING The Multi-Strategy Equity Trading sub-portfolio contributed +0.04% in September, with manager up (+.7%). October st in this sub-portfolio. There was manager added as of Data show stocks correlation has come down and pair trading strategies may provide good alpha. PORTFOLIO OVERVIEW AND CHANGES In September, global markets were trendless and produced mixed returns. In the first half of the month, developed markets fell in response to the ECB s disappointing lack of clarity over new quantitative easing and increasing expectations of a U.S. rate hike. Trading volume was light in the latter half of the month ahead of the BOJ and U.S. central banks meetings. More importantly, the U.S. Department of Justice s $4bn litigation charge against Deutsche Bank turned market sentiment bearish. As a result, the S&P 500 and Eurostoxx indices recorded -0.% and -0.69% losses respectively. In Asia, Chinese stocks outperformed and they continued to rebound through September. China s decision to allow its insurance companies to invest in Hong Kong markets further improved the market sentiment, bringing the HSCEI up +0.4% by month end. The Nikkei 5 Index was down -.59% as the market rotated away from large blue chip stocks towards mid-small cap stocks. The portfolio produced an estimated net return of -0.0% in September while the Eurekahedge Asia Pacific Fund of Funds Index and MSCI AC Asia Pacific Index were up +0.% and +.5% respectively. Managers recorded mixed results across sub-portfolios, including for Chinese trading oriented managers, and Taiwanese technology related strategies faced a continuing challenge. In Japan, the market was distorted by the BOJ s ETF buying activities, and the strong rotation from momentum stocks to value stocks hindered the ability of the portfolio s Japanese managers to create alpha. The macro manager was a small detractor this month due to a lack of market trends. Finally, multi-strategy managers posted good returns due to their bullish views on asset classes such as equities and commodities. In terms of portfolio adjustment, the fund subscribed into a Japanese manager who implements a trading oriented strategy. The team also removed one manager in the portfolio due to operational issues. As a result, the portfolio consists of 9 managers as of October st., Talstrasse 8, 800 Zurich

Investment Terms Identification Currency Management Fee Liquidity ISIN Bloomberg A Shares "A" "AA" "AB" "AF" USD Amount equivalent to EUR 5,000.- at any time % %.5% % 0% with HWM 0% with HWM 0% with HWM 0% with HWM Quarterly, 5 days notice Monthly, 5 days notice Annually, 5 days notice Monthly, 5 days notice % in st year LU44775 LU4477406 LU4477588 LU447766 - - - ALPEAAF LX EQUITY B Shares Identification "B" "BA" "BB" "BF" Currency EUR Amount equivalent to EUR 5,000.- at any time Management Fee % %.50% % 0% with HWM 0% with HWM 0% with HWM 0% with HWM Liquidity Quarterly, 5 days notice Monthly, 5 days notice Annually, 5 days notice Monthly, 5 days notice % in st year ISIN LU4477745 LU447788 LU4478040 LU4478 Bloomberg - - - ALPEABF LX EQUITY C Shares D Shares Identification "C" "CA" "CF" "D" Currency CHF JPY Amount equivalent to EUR 5,000.- at any time Management Fee % 0% with HWM 0% with HWM 0% with HWM Liquidity Quarterly, 5 days notice Monthly, 5 days notice Quarterly, 5 days notice % in st year ISIN LU447896 LU4478479 LU447855 LU447866 Bloomberg - - - - The information in the above "Investment Terms" table is for reference only and summarized from the Fund's Offering Memorandum (the "OM"). In case of doubt or discrepancy of the information between the table and the OM, the OM shall prevail. Bloobmerg ticker availabe for invested share classes., Talstrasse 8, 800 Zurich

LEGAL DISCLAIMER This document does not constitute an offer to anyone, or a solicitation by anyone, to make any investments in securities. Such offer will only be made by means of a personal, confidential memorandum. This document is for the intended recipient only and may not be transmitted or distributed to third parties. Past performance is not a guide to future performance and may not be repeated. You should remember that the value of investments can go down as well as up and is not guaranteed. The actual performance realized by any given investor depends on, amongst other things, the currency fluctuations, the investment strategy invested into and the classes of interests subscribed for the period during which such interests are held. For further information pertaining to risks, please refer to section 4 of the Offering Memorandum (as amended from time to time). Nothing contained in this document constitutes financial, legal, tax, investment or other advice, nor should any investment or any other decisions be made solely based on this document. Any investment decision should be but should be based on the Offering Memorandum, the Annual Report and the Subscription forms etc. Although all information and opinions expressed in this document were obtained from sources believed to be reliable and in good faith, no representation or warranty, express or implied, is made as to its accuracy or completeness and no liability is accepted for any direct or indirect damages resulting from or arising out of the use of this information. All information as well as any prices indicated is subject to change without notice. Any information on asset classes, asset allocations and investment instruments is only indicative. Before entering into any transaction, investors should consider the suitability of the transaction to their own individual circumstances and objectives. The opinions expressed in this document are those of as at the preparation date of this document and may changes at any time and without notification. Unless otherwise stated, all figures are unaudited. We strongly suggest that you consult your independent advisors in relation to any legal, tax, accounting and regulatory issues before making any investments. This publication may contain information obtained from third parties, including but not limited to rating agencies such as Standard & Poor s, Moody s and Fitch. Reproduction and distribution of third-party content in any form is prohibited except with the prior written permission of the related third party. Alpinum Investment Management AG and the third-party providers do not guarantee the accuracy, completeness, timeliness or availability of any information, including ratings, and will not be responsible for any errors or omissions (negligent or otherwise), or for the results obtained from the use of such content. Third-party data are owned by the applicable third parties and are provided for your internal use only. Such data may not be reproduced or re-disseminated and may not be used to create any financial instruments or products, or any indices. Such data are provided without any warranties of any kind. This document must not be issued, circulated or distributed other than to professional investors as defined in CISA. If you have any enquiries concerning the document please contact your Alpinum Investment Management AG contact for further information. The document is not directed to any person in any jurisdiction which is prohibited by law to access such information. In particular, this document and the information contained herein are addressed exclusively to qualified investors, who are not US persons as defined in Regulation S of the US Securities Act of 9. Consequently, neither this document, nor copies thereof may be sent or brought to the United States of America nor delivered to a US person. All information is subject to copyright with all rights reserved. Any communication with Alpinum Investment Management AG may be recorded. is incorporated in Switzerland and is licensed and regulated by the Swiss Financial Market Supervisory Authority (FINMA) as an asset manager of collective investment schemes. The Fund is compliant with Swiss law for distribution to qualified investors as defined in applicable Swiss law and regulations. This document may not be issued, circulated or disseminated to (Swiss) non- qualified investors. Nothing may be undertaken that would constitute distribution to (Swiss) non-qualified investors and/or require the Fund to register for public distribution or any other additional product registration and/or require to obtain an additional and/or different license in Switzerland or any other country as defined in applicable law and regulations. Contact Information: Talstrasse 8 CH-800 Zurich Tel: +4 4 888 79 0 Fax: +4 4 888 79 info@, Talstrasse 8, 800 Zurich