APEN : Medienmitteilung 4. Januar 2015

150104 Press release - APEN Ltd

PRESS RELEASE

APEN Ltd Divests "Legacy Portfolio" to Strategic Partners Fund Solutions for USD 192.0 Mio APEN Ltd announced today the divestment of its entire "legacy portfolio" for USD 192.0 Mio (CHF 190.0 Mio as of the closing date) to funds managed by Strategic Partners Funds Solutions, the secondary private equity and fund solutions division of Blackstone. The transaction also comprises the transfer of APEN's loan obligations resulting in a full deleveraging of APEN. This allows APEN much sooner than expected to concentrate on the pursuit of its new Emerging Markets focused investment strategy and to adopt a simplified and more transparent corporate structure. As a result of the transaction, APEN Ltd will change its name to Spice Private Equity Ltd and switch the reporting currency from CHF to USD.

Zug, 4 January 2015 - APEN Ltd ("APEN"), the private equity investment company listed on the SIX Swiss Exchange, announced today that it completed a major transaction on 31 December 2014, marking a significant step forward in the pursuit of its new Emerging Markets focused investment strategy and the simplification of its corporate structure, increasing transparency and investor attractiveness. The company divested its entire "legacy portfolio" for USD 192.0 Mio (CHF 190.0 Mio as of the closing date) to funds managed by Strategic Partners Funds Solutions ("Strategic Partners"), the secondary private equity and fund solutions division of Blackstone, a global asset manager.

"Working successfully with Strategic Partners through this complex structured secondary transaction, we have now fully exited our historical non-core portfolio in a single transaction. We have achieved a simplified financial and legal structure resulting in a more transparent corporate structure which is easier to understand for both current and future investors in APEN", said Eduardo Leemann, Chairman of APEN. The legacy portfolio was disposed of through a structured transaction involving the sale of two APEN subsidiaries, APEN Faith Media Holdings LLC and APEN Holdings LLC, to a Strategic Partners acquisition vehicle. The transaction also transferred to Strategic Partners the APEN subsidiaries' USD 95 Mio loan obligation (as of 30 June 2014), resulting in the full deleveraging of APEN Ltd.
"We are now in a position to seize attractive investment opportunities in Emerging Markets with significant means" underlines David Salim, CEO of APEN's investment advisor GP Advisors, affiliate of the leading Latin American alternative investment firm, GP Investments. "This divestment will enable us much sooner than expected to implement at full speed our new investment strategy of
focusing on Emerging Markets investments" continued Salim.

APEN Ltd., Industriestrasse 13C, CH-6304 Zug

Phone [phone] · Fax [phone]

[e-mail]·www.apen.com1

The reference date for the transaction is 30 June 2014. The transaction price of CHF 190.0 Mio represents a discount of 3.4% (14% in USD terms) to the value of the portfolio at the reference date. Additionally, the purchaser will purchase from APEN a USD 7.8 Mio loan obligation from APEN Faith Media Holdings, LLC leading to a total transaction value of USD 199.7 Mio. After purchase price adjustments of USD 12.9 Mio for distributions already received by the seller between the reference and closing dates the final consideration to be paid amounts to USD 186.9 Mio and will be paid in five equal installments commencing on the closing date and in 9 month intervals thereafter with the last payment to be received at year end 2017. Campbell Lutyens, the leading private equity and private infrastructure adviser, acted as financial advisers to APEN on the transaction.

APEN becomes Spice Private Equity

To emphasize the transformation of the company and the implementation of its new Emerging Markets focused investment strategy the Board of Directors has decided to change the name of the company to Spice Private Equity Ltd (new SIX symbol: SPCE). The name change is subject to shareholder approval and an extraordinary shareholders meeting which will be held on 26 February
2015. Registration deadline for participation at the extraordinary shareholders meeting is 16 January
2015, 5pm.

Spice Private Equity will switch reporting currency from CHF to USD

To better reflect the performance of the underlying investments in the financial statements of the company the Board of Directors has decided to switch the reporting currency from CHF to USD as of 1 January 2015. With the first publication of the company financials in USD (Interim Report as of
31 March 2015) the quoting currency at the SIX Swiss Exchange will also be switched from CHF to
USD (expected in May 2015).

For further information, please contact:

Dr. Guido Cornella
Phone: [phone]
e-Mail: [e-mail]

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About APEN

APEN Ltd is a Swiss investment company domiciled in Zug. The Company's objective is to achieve long-term capital growth for shareholders by actively managing a well balanced portfolio of private equity funds and direct investments in privately held operating companies. APEN Ltd is listed on the SIX Swiss Exchange under the ticker symbol "APEN" and is traded daily.

APEN Ltd., Industriestrasse 13C, CH-6304 Zug

Phone [phone] · Fax [phone]

[e-mail]·www.apen.com2

This ad hoc information contains forward-looking statements, which involve certain risks, uncertainties and changes that cannot be foreseen and are beyond APEN Ltd's ability to control. Therefore, APEN Ltd cannot provide any assurance with respect to the correctness of such forward-looking statements and their effects on the financial situation of APEN Ltd or on the market in which the shares and other securities of APEN Ltd are traded.

THIS MEDIA INFORMATION DOES NOT CONSTITUTE AN OFFER OR INVITATION TO SUBSCRIBE FOR OR PURCHASE ANY SECURITIES. IT IS NOT BEING ISSUED IN COUNTRIES WHERE THE PUBLIC DISSEMINATION OF THE INFORMATION CONTAINED HEREIN MAY BE RESTRICTED OR PROHIBITED BY LAW. IN PARTICULAR, THIS MEDIA INFORMATION IS NOT BEING ISSUED IN THE UNITED STATES OF AMERICA AND SHOULD NOT BE DISTRIBUTED TO U.S. PERSONS OR PUBLICATIONS WITH A GENERAL CIRCULATION IN THE UNITED STATES. ANY NON-COMPLIANCE WITH SUCH RESTRICTIONS MAY RESULT IN AN INFRINGEMENT OF U.S. SECURITIES LAWS. SECURITIES OF APEN LTD ("COMPANY") ARE NOT BEING PUBLICLY OFFERED OUTSIDE OF SWITZERLAND. IN PARTICULAR, THE SECURITIES OF THE COMPANY HAVE NOT BEEN REGISTERED UNDER THE U.S. SECURITIES LAWS AND MAY NOT BE OFFERED, SOLD OR DELIVERED WITHIN THE UNITED STATES OR TO U.S. PERSONS ABSENT THE REGISTRATION UNDER OR AN APPLICABLE EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE U.S. SECURITIES LAWS. THIS DOCUMENT DOES NOT CONSTITUTE A PROSPECTUS ACCORDING TO ART. 652A OF THE SWISS CODE OF OBLIGATIONS OR ART. 27 ET SEQ. OF THE LISTING RULES OF SIX SWISS EXCHANGE.

This media information is for distribution in the United Kingdom only to (a) persons outside the United Kingdom; (b) those persons falling within the definition of Investment Professionals (as set forth in Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (as amended) (the Order)) or within Article 43 (members and creditors of certain bodies corporate) or Article 49 (high net worth companies, unincorporated associations etc.) of the Order, or other persons to whom it may lawfully be communicated in accordance with the Order; or (c) any person to whom it may otherwise lawfully be communicated (such persons together being Relevant Persons). This media information is only available to Relevant Persons and the transaction contemplated herein will be available only to, or engaged in only with Relevant Persons, and this media information must not be acted on or relied upon by persons other than Relevant Persons.

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APEN Ltd., Industriestrasse 13C, CH-6304 Zug

Phone [phone] · Fax [phone]

[e-mail]·www.apen.com3