SECA Yearbook 2005 / 06

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I. SECA Report from the President 4

II. SECA, Switzerland and Private Equity 10 III. SECA Chapters and Working Groups 24 Reporting Innovation & Venture Capital 24 Reporting Private Equity 26 Reporting Corporate Finance 33 Reporting Legal & Tax 41 Reporting Research & Statistics 50 IV. SECA Events and Trend Luncheons 72 V. SECA Spotlights 78

VI. SECA Financial & Audit Report 84

VII. SECA Membership Reporting 88

Full Member 88 Associate Member 170 Individual Member 199

Listed Private Equity Funds 201 VIII. SECA Bylaws 212

SECA Report from the President

I.

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Report from SECA President

Dear Members

Last year SECA continued to strive toward accomplishing our objectives. The new organizational structure that we created in 2004 was confirmed as providing the structure to achieve goals set by the association. Back in 2001 we proposed to evolve SECA “from a club to an institution” and I think we can confidently say that this goal has been achieved. What is more, membership is growing and has now reached nearly 200 members. A highlight of the year was our engagement in the review of the so-called KAG-Revision of the Swiss federal law on collective capital investments to enable the legal registration of a “Swiss Limited Partnership”. Environment Board of Directors

At the General Assembly on May 24, 2005 the following members were appointed to the board and agreed to accept. Leonid Baur Ernst & Young Corporate Finance, Partner Dr. Ulrich W. Geilinger HBM Partners, Investment Advisor Dr. Alexander Krebs Capvis Equity Partners, Partner Dr. Massimo S. Lattmann Venture Partners, Chairman & Senior Partner Dr. Roberto Paganoni LGT Capital Partners, CEO Beat Unternährer The Corporate Finance Group, Partner Dr. Christian Wenger Wenger Vieli Rechtsanwälte Newly elected members include:

Barbara Brauchli PricewaterhouseCoopers Christophe Borer Dr. Hannes Glaus Lustenberger Glaus & Partner Andreas Thommen Hirzel Neef Schmid Konsulenten

Yearbook 2005 / 06

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General Secretary

The administrative support for the board was carried out by Prof. Dr. Maurice Pedergnana, Manager (General Secretary), Dr. Sita Mazumder (Deputy), Andrea Villiger (Administration) as well as by the contribution of several further employees at the IFZ Institute for Finance Zug at the University of Applied Sciences of Central Switzerland. The continued cooperation between the board, President, and Managers took place in 2005. The concept of placing the administrative office being close to the IFZ and the resulting synergies was once again confirmed. The fee for the admini-stration is paid through an honorarium of CHF 70'000 in addition to a CHF 20'953.50 performance-oriented bonus. It is expected that the fee for 2006 will also be CHF 70'000 plus a performance oriented bonus to be budgeted. This setup remains a cost-efficient solution for SECA. Project Groups

In 2003 the concept of working groups and special interest groups was born, and it continues to have been a worthwhile decision. These groups handle specific problem areas or requirements defined by the association. They put together recommendations ripe for decision-making by the executive committee. Project group participants are recruited from members of the association that have an interest finding a solution to a specific problem, or by those that can apply their know-how and make a significant contribution. The creation of a project group requires the permission of the executive commit-tee. Subsequently, a working group can be accompanied by a member of the board, alternatively the groups can be organized and work autonomously. The following working groups were active in 2005.

Chairman: Dr. Hannes Glaus Swiss Limited Partnership/ Revision des KAG Chairman: Beat Unternährer Ethics and Governance Co-Chairmen: Dr. Martin Hämmig Research and Statistics Co-Chairmen: Dr. Maurice Pedergnana Research and Statistics

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The Executive Committee has been organized as follows.

The full board met in the 2005 at two meetings, while the executive committee met at six meetings. Within the various working groups a similar number of committee meetings took place The guiding principles of the “new” executive committee are listed here:

� full board is arranged into industry segments � teams organize themselves and determine a “Lead” and deputies � organizes long term and yearly goals are compiled by segment teams and

discharged by committee and full board � segment groups can be interdisciplinary (enabled by an adjustment of the

organization regulation of the executive committee made).

New Organization

Chapters:

ExecutiveCommittee

Chapter Private Equity

Roberto Paganoni

Chapter Corporate FinanceBeat Unternährer

?BarbaraBrauchli

ChristopheBorer

AlexKrebs

Chapter Innovation & VCChristian Wenger

?UeliGeilinger ?Leonid

Baur

ChairmanMassimo S. Lattmann

CommunicationAndreas Thommen

General SecretaryMaurice Pedergnana

ChapterLegal & Tax

Hannes Glaus

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French Speaking Switzerland

SECA is weak in its connection to the French-speaking Switzerland. This situation is not satisfactory, especially considering its above average activity when it comes to start-ups and venture capital funds based in the region. For a sustainable development of SECA in the Romandie, a group of engaged members will lead the effort to improve the representation. A new impulse towards this goal has been felt by SECA with the joining of Chris-tophe Borer to the board. Thanks to his initiative, on March 28, 2006 a press conference in Lausanne was held to communicate the activities of SECA and on the same day a focus event on “Management Buyouts” took place. Both were a success. Within the framework of the new organisation there are positions open for execu-tive members and team openings in the industry segment for members from Romandie. General Assembly 2005

At the General Assemby all minutes and accounts were approved by the assem-bly. Afterwards, at the SECA event “Private Equity vs. Hedge Funds—Realistische Renditeerwartungen?” the various points of view and impacts on the various parts of the industry were discussed by experts. Economic policies

It is foreseen that within the framework of Vision and Strategy that we will compile a visions and strategies position paper with a politico-economic perspective, which will be published and communicated. The leadership on this task is the recently-created executive committee function “Kommunikation”. An important element for SECA is the regulatory support for a “Swiss Limited Partnership”, a statute covered within the framework of the Revision of the Kollek-tivanlagegesetz (KAG—Swiss federal law on collective capital investments). Project groups from SECA will meet with representatives from the Swiss Federal Banking Commission and SECA will publish its position on the issue.

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Longer term, informal meetings with parliamentarians will be executed. The results to-date are very promising. The National Council has approved a version of KAG in which the “Swiss Limited Partnership” with the suggested key points we gave them included for the legal aspects. A next step will be undertaken in the Council of States this summer. Events

Many events were organized last year. The established process whereby the entire board defines a concept for the year and a general idea of the programs will continue. The specialty themes will be delegated to the most qualified members of the board. Organization support and execution will be undertaken by the Secre-tary General’s administrative team under Maurice Pedergnana. Cooperation between EVCA and NVCA

SECA is connected to the EVCA through the participation of Dr. Roberto Pa-ganoni and Hans van den Berg who are both engaged in the EVCA Board of Directors. Roberto Paganoni is also member of the EVCA Training Working Group. Two other Swiss are engaged on EVCA level: Olivier Stahler as a member of the EVCA Tax & Legal Committee, Ian Vercoutère of the EVCA Conferences & Member Services Committee. Further relationships and networking with the NVCA is undertaken by our General Secretary. Zug, SECA, Grafenauweg 10 Postfach 4332 CH–6304 Zug Dr. Massimo S. Lattmann President SECA Chairman, Venture Partners AG Bodmerstr. 7 Postfach 2166 CH–8027 Zürich msl@venturepartners.ch

SECA, Switzerland and Private Equity

II.

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SECA, Switzerland and Private Equity

Switzerland in a leading position in any international comparison

Switzerland commands a leading position in any international comparison. It is among the countries with the longest working hours, the greatest number of valid patents per resident, the highest per-capita spending on science, research and education, and the highest share of exports in gross domestic product (GDP). Its geographic location at the heart of Europe makes it an ideal place for doing international business. As an important point of convergence between North/ South and East/West-bound traffic, Switzerland provides access to 500 million consumers in the European market. Its own population is multicultural and multi-lingual. Thanks to Switzerland’s central geographic location in Europe, the country is at the intersection of the continent’s main traffic arteries; thanks to the fact that it shares borders with Germany, France, Austria and Italy, Switzerland is at the cultural heart of Europe as well. The Swiss economy is among the world’s most open (No.3) and most competitive (No.8). At USD 42’000, per capita gross domestic product (GDP) is the third-highest anywhere in the world, thanks primarily to high-value-added services, specialized industries, and an extremely motivated workforce. Switzerland has a 57% employment rate, one of the world’s highest. At 3.7%, the country’s unem-ployment rate is among the lowest in Europe. Switzerland has traditionally had a very low rate of inflation—below one percent in recent years. Interest rates are also low, thanks to the high savings rate. Switzerland is enormously stable when it comes to safety, personal property, society and politics. This stability is made possible by a unique political system where decisions are made based on consensus and concordance. Switzerland is a neutral country, home to the headquarters of international and humanitarian organizations like the Red Cross and the UN.

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Switzerland is an ideal base from which to cater to both the Swiss and the Euro-pean markets. Switzerland is also suitable as a test market for Europe, because its population reflects Europe’s different cultures and languages and is open to new products and services while demanding high quality standards. Approxi-mately 7.4 million people live in Switzerland. Twenty percent of them are foreign nationals, and contribute much of Switzerland’s cosmopolitan, contemporary flair. Switzerland has 4 national languages. According to a 2004 survey: � 64% of the Swiss population speak German (in Northern, Eastern and Central

Switzerland) � Approx. 20% speak French (in Western Switzerland) � Approx. 7% speak Italian (in Southern Switzerland) � Romansh or Rhaeto-Romanic is spoken by about 40’000 people in the canton

of Grisons Major international languages are part of the basic curriculum in Switzerland. Most Swiss speak at least one “foreign” language in addition to the one spoken in their canton. They begin learning them as early as elementary school, along with the English language. 70’000 residents claim English as their main language, which makes English one of the top five non-national languages spoken in Switzerland. The languages most spoken in Switzerland beyond the national languages and English are Serbian, Croatian, Albanian, Spanish and Portuguese. Switzerland’s most important factors for business success Switzerland unites the most important factors for your business success: Qualified, multilingual manpower Switzerland is characterized by a very high degree of productivity. The working atmosphere is one of social stability, and its highly motivated employees are graduates of a mostly public school system that delivers an excellent education.

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The Swiss workforces is… � Productive and highly motivated

According to the IMD World Copetitiveness Yearbook 2004, Switzerland is the world’s No.4 in terms of productivity.

� Multilingual A command of international languages is a matter of course in Switzerland. Most Swiss speak at least one foreign language. They learn it beginning in elementary school, where English is also taught, along with the national lan-guages.

� Cosmopolitan Swiss executives have considerable international business experience. They owe this to the Swiss economy’s focus on export, which demands that Swiss executives are highly educated and are fluent in several languages.

� Well trained and educated The Swiss workforce benefits from outstanding schools and vocational educa-tion. Even after entering the workforce, roughly 80% of adults continue to at-tend vocational and continuing education courses. As a result, Switzerland has highly qualified specialized personnel in all industries and sectors of industry.

� Industrious and loyal Swiss labor laws are liberal, and industrial relations are less heavily regulated than in other European countries. Because industrial partnerships are built on well-established relations, there are virtually no strikes. Employers and em-ployees from a good and well coordinated team that lives by responsibility, industriousness and loyalty.

� Competitive Despite the high wage level, manpower in Switzerland is less expensive than elsewhere thanks to relatively low ancillary wage costs. Non-wage labor costs should always be taken into account when calculating the cost of manpower.

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Quality and safety in the heart of Europe Switzerland’s business and industry enjoy an outstanding reputation the world over: Swiss products are seen as precise, and the Swiss people as reliable and resourceful. The traits today ensure top positions in the biotech or banking industry were shaped primarily by a lack of natural resources and the country’s spatial confinement. Key technologies for the future Switzerland is a veritable breeding ground for Information and Communications Technology (ICT), Life Science and Hightech. At the heart of the clusters are shared competence networks and databases for information sharing and skills transfer. A relaxed life, productive working environment and broad range of cultural and recreational offerings Switzerland is synonymous with affluence and quality of life. Internationality, an intact environment, multicultural flair, safety, and a broad range of cultural and recreational offerings within a reasonable distance all combine to make the Switzerland a highly attractive place to live. William M. Mercer, an HR consulting firm based in London, has ranked Geneva and Zurich as the highest quality of life anywhere in the world for the fourth consecutive time. Berne is also ranked among the Top 10.

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Entrepreneurs from Switzerland and beyond (and of course their families) have come to appreciate the Greater Zurich Area especially for:

� its high standard of living and convenience, as well as the area’s charms of nature

� the above-average quality of its school and universities � the high level of safety and excellent public health system � its multilingual and international society � its wealth of cultural and entertainment offerings � the many options for sports and recreation

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Low taxes and attractive tax models Tax rates for companies and natural persons in the Greater Zurich Area are among the lowest anywhere in the world. For companies, the tax range is approx. 16-25%, and for families approx. 5-20%. International headquarters and service centers can tailor their tax models to achieve taxation of below 10%. Other criteria beyond tax rates should also be taken into account when choosing the rights location for a company.

In the Greater Zurich Area, individual income tax rates vary by place of residence and income level. Compared to other countries all over the world, the tax system is highly attractive throughout, and taxes are low. Residents of the Greater Zurich Area are left with more income after paying taxes than people in other countries. A family with income of EUR 50’000 (EUR 100’000), pays taxes of between 15.6% (20.9%) and 16.4% (22%) in the Greater Zurich Area. This means that after taxes, this family has approx. EUR 42’000 (approx. EUR 77’500) at its disposal—considerably more than in other countries like Germany, the US and the UK.

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The Greater Zurich Area and the Geneva / Lausanne Area are Switzerland’s economic centers and home to a vast number of international companies. Zurich is a leading financial center and has repeatedly been proclaimed the city with the best quality of life anywhere in the world. SECA evolved from a Club to a well-established Institution

SECA has evolved from a club to an institution. With close to 200 members, SECA represents the entire spectrum of private company investment, from venture capital to corporate finance. Membership is comprised of 86 full, 58 associate and 52 individual members.

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The General Secretary and his administration staff are responsible for organizing and managing events for SECA members, publishing and distributing the monthly newsletter, managing the SECA website and the membership online database, publishing textbooks on private equity, as well as managing membership subscrip-tions. The General Secretary is also responsible for the series of SECA books and research activities. Today the SECA newsletter, distributed via email, has about 2000 subscribers. The events organized by SECA cover the full range of activities associated with private equity, from taxation, to managing unfriendly takeovers, and current issues such as the indirect partial liquidation taxation regulations. There are nearly 20 events run each year, including breakfast academies, trend luncheons panels, and workshops in the early evenings. Switzerland, SECA and Private Equity Market

Structure of the private equity industry

Investors Fund ofFunds

Private Equity Funds and Partner-ships

Private Companies

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Investors—Switzerland is investing less by this category compared to its peers internationally. The allocation here is less then 1 percent compared to 6 percent in Europe, and 7.5 percent in the US. Fund of Funds—category Switzerland is an important location worldwide with 15 out of 150 Fund of Funds Managers worldwide. Private Equity Partnerships—Out of 3500 funds worldwide some 20 are based in Switzerland. SECA’s View

SECA aims to develop communications with government and politicians to be able to present its position on matters affecting the industry and its efficiency. Increas-ingly, at the political level, private equity is seen as a motor of the economy. Over the years SECA has achieved the one-Rappen share (penny share) which was important for company formation without requirements for large amounts of capital. At the same time the tax conditions for options have improved. One milestone that will soon come into being is the limited partnership legal structure for private equity funds within Switzerland, something that SECA has put a lot effort into, as it believes that this will help the buyout and venture capital market to develop in as positive a way as the fund of funds market has developed in recent years. This would be a huge achievement as the most common structure currently used for venture capital funds is the offshore limited partnership, generally domiciled in the Channel Islands, with perhaps a parallel fund domiciled in the US for US investors. Institutional Investors

While private equity has been a fixture among American endowments, represent-ing some 17 percent of the assets allocation, and among other types of institu-tional investors, it represents somewhere between 7 and 7.5 percent, this has not been the case in Europe.

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However Europe as a whole is catching up. Last year PE represented some 4.5 percent of the total assets allocation and its forecasted to climb to 6.1 percent next year. But compared to the rest of Europe, Switzerland has a relatively small participation of pension funds in the private equity assets class, with less than 1 percent is the average allocation made to private equity (in 2004). SECA is encouraged the situation might improve and that pension funds will approach private equity investment more rigorously and with professional consis-tence, due to the inclusion of private equity in the latest Pictet LPP Index 2005. This is an influential asset allocation document, that makes recommendations on the size of the allocation to various asset classes for pension funds. This year it calls for between 2.5 and 7.5 percent allocations to PE. The country does have several large family offices and private banks that invest in private equity funds with a high degree of professionalism, such as Kedge Capital, which is the family office for the Bertarelli family, and Bregal Investments (Brenninkmeijer family office), newcomer Horizon21 (Rainer Marc Frey), and Pictet & Cie. Groups like these, along with several pension funds that are commit-ted to investing in private equity, make Switzerland an attractive destination when venture and private equity funds are out fundraising, as well as European compa-nies planning an IPO. Fund of Funds

Furthermore Switzerland has a very large and sophisticated alternative asset management industry. The environment for the development of asset managers is very fertile and several fund managers have emerged within the past decade, including Adveq Management AG in Zurich, Partners Group AG in Zug, which recently went public on the SWX Swiss Exchange, Unigestion SA in Geneva, Capital Dynamics in Zug, and LGT Capital Partners AG in Pfaeffikon. More recently, even during the downturn, the country continued to spawn several new fund of fund managers. They have emerged with quick growth of assets under management, including Swiss Re, which just closed its third fund of fund and Capital Dynamics, founded in 2001, which now manages and advises client funds totalling over $20B.

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Buyouts in Switzerland

MBOs are widespread, also in Switzerland. Some transactions over the year include Komax, Uster, GateGourmet, SR Technics, Etavis, Tobler, and Geberit. Some of the most well-know Swiss companies emerged as the result of an MBO, such as Phonak, Komax, and Geberit. Spinouts from large Swiss corporations have provided opportunities for buyout founds, for example Etavis was a spinout from ABB and GateGourmet spun out from Swissair. International funds with a local office include 3i, BC Partners, Glide, and CVC. The other large funds have completed deals in Switzerland opportunistically, such as Advent, Carlyle, Doughty Hanson, KKR, and TPG. Midsized-debal buyout manager is dominated by Capvis, but there are several smaller funds such as Leman Capital, Madison Private Equity, Zurmont Finance, caspar gloor that are all growing as time goes on. Some statistics for buyouts in Switzerland in 2005

� 11 large buyouts with financial investors (PE firms) participating � Value of the transactions was greater than SFr 2B � Each year 10’000 firms experience a succession (founder dies or wants to

retire) issue � This affects an estimated 90’000 jobs � Lack of a succession plan or a faulty succession plan leads to the loss of some

15’000 jobs a year in Switzerland alone

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Venture Capital and Technology

Venture capital is less well developed in Switzerland, although there are pockets of excellence within the biotech and medtech sectors. Software and IT investment is still fairly weak after the rise and fall of the dotcom tech speculation bubble. Over the years, firms such as Micronas, Logitech, Crealogix, and most recently Esmertec have benefited from venture capital prior to going public. The list and size of company in the life science and health sector is much bigger, including Actelion, Cytos, Speedel, Ypsomed, Phonak, and Aptiva, to name a few. The large research oriented pharmaceutical companies have contributed to a cluster effect in life science. They also can be trade buyers of smaller, younger biotech startups. In addition, Swiss universities are now the source of a growing number of teach transfer spinouts. Venture Capital & Private Equity in Switzerland

We estimate that overall about CHF 400 Mio. venture capital has been invested in Swiss companies in 2005. Additionally around CHF 500 Mio. further private equity have been invested in special situations and opportunities (MBO through private equity, mezzanine finance…). Prof. Dr. Maurice Pedergnana SECA General Secretary Grafenauweg 10 Postfach 4332 CH–6304 Zug maurice.pedergnana@seca.ch maurice.pedergnana@ifz.ch

SECA Chapters and Working Groups

III.

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Reporting Innovation & Venture Capital Venture Capital Group

In 2005 the market for venture backed transactions recovered substantially. The Venture Capital Group of SECA focused its activities during 2005 on the devel-opment of standardized documents for straight forward financing rounds of Swiss technology companies and on the continuous strengthening of the CTI Invest partnership and platform. Even though we have not achieved all our goals we are confident that our efforts will have a positive impact on the quality of venture backed transactions in Switzerland. In 2005 SECA and CTI Invest organized jointly both a successful event and a trend luncheon. After the foundation of CTI Invest (formerly CTI Investor Associa-tion) in 2003 and a successful market entry in 2004, the past year represented the beginning of the ramp-up. SECA acts as strategic partner of CTI Invest building the bridge from young technology companies to professional venture capital. CTI Invest closes the gap between funding from friends and family and the profes-sional venture capital financing. Besides the commitment of its members an important increase in the seed and early stage financing volume resulted out of the numerous match-making events at which SECA always participated. Swiss high tech companies which are enrolled in the CTI Start-up coaching program are given the opportunity to present their business case to CTI Invest members. In 2005 those events, called Swiss Venture Days, were held four times in Switzer-land. In addition a number of selected Swiss start-up companies were presented at the first Venture Day of Swiss technology in Munich. The next event abroad was held at the Swiss Embassy in London in June 2005. In September 2005 CTI Invest organized with the support of SECA the 2nd CEO Day, again with more than 200 participants, mainly CEO’s of high tech start-ups, which was a great success. The participants benefited from the hands-on workshops given partially also by SECA members, e.g. deal structuring, strategy, partnering, intellectual property. In addition the opportunity to exchange own experiences between start-up company members was highly appreciated.

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Moreover the first two Alumni events took place, once in Zurich and once in Lausanne. Two well known venture capitalists, Peter Friedli (New Venturetec) and David Rimer (Index), shared their insight with our start-up companies. For this year, CTI Invest together with SECA continues to improve the profession-alism of the venture capital environment in Switzerland and to increase the number of companies funded by business angels and venture capital firms.

2003 2004 2005 2006 Cum. Swiss Venture Days 3 4 4 - 11 Presented companies 16 15 19 - 50 Venture Days abroad n.a. n.a. 2 - 2 CEO DAYS n.a. 1 1 - 2 Alumni Events n.a. n.a. 2 - 2 Financing volume Mio. ~CHF 5 ~CHF 8 ~CHF23 ~CHF 1 ~CHF 37 Investor Members 19 22 31 34 34 Swiss Institutional 14 15 15 Business Angels 10 10 10 Foreign Institutional 4 7 7 BA Clubs 3 2 2 ALUMNI Members (CTI Label companies)

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Dr. Christian Wenger Wenger & Vieli Rechtsanwälte Dufourstrasse 56 CH–8008 Zurich c.wenger@wengerlaw.ch

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Reporting Private Equity

Activities

In 2005 several trends were underway in the private equity sector that will serve to further professionalize PE as a sector. One of the trends, as earlier, is the stan-dardization of company valuation reporting, known as the “Fair Value” valuation for PE holdings based on the “International Accounting Standards (IAS)”. After SECA adopted the valuation guidelines promoted by the EVCA (European Venture Capital Association), it is now up to us to promote it and make sure that it is implemented in the market. PwC is playing an important role on this effort. Private Equity: Fair value under IFRS

It is still common in the Private Equity industry to value Private Equity (PE) in-vestments at cost. For investors reporting under IFRS this approach generally is not longer acceptable. In accordance with IAS 39 (introduced in 2001), PE equity investments are subject to measurement at fair value, whether they are classified as “available for sale through equity” (AFS) or as “held at fair value through profit or loss” (FVTPL). These are the two categories where PE investments can be classified under IFRS. The difference between these categories is the recognition of the fair value changes from subsequent measurement. Unrealised fair value changes of AFS-investments are recognized in equity and an impairment test is required on a periodic basis whereas fair value changes of FVTPL-investments are recognized directly in the income statement, whether realized or unrealized. Therefore no impairment test is required for FVTPL-investments. The need to deliver fair value information to investors who are themselves re-quired to report under IFRS has been recognised by EVCA. This is reflected in the International Private Equity and Venture Capital Valuation Guideline issued in March 2005 which demonstrate a good deal of convergence to IFRS valuation principles and explicitly advise on remaining differences.

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Valuation hierarchy

In the revised IAS 39 the following valuation hierarchy has been introduced: As there is no active market available for PE investments the use of industry accepted valuation techniques is required to come up with a reliable fair value. Due to the increasing practical experience in the area of measurement and the greater acceptance of commonly used valuation techniques in the industry the majority of PE investments may be fair valued with sufficient reliability. At initial recognition the best evidence of the fair value of a PE investment is the transac-tion price. For subsequent fair value measurement the approach varies dependent on the type of investment. Direct equity investments

For unquoted direct investments there are a number of widely accepted valuation methods that can be applied. This includes the following: � Recent arm’s length market transactions between knowledgeable, willing

parties � Multiples analysis � Discounted cash flow analysis � Third party valuations � Reference to the current fair value of another investment that is substantially

the same

Active market— Published quotations

No active market— Valuation

Techniques

No active market: equity investments —cost less impair-

ment

Best evidence

Alternative

Very rare

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PE House Ltd.

LimitedPartnership A

LimitedPartnership B

UnderlyingCompany 1

UnderlyingCompany 3

UnderlyingCompany 4

UnderlyingCompany 2

UnderlyingCompany 5

IFRS

CostEVCAUS GAAPUK GAAP???

???UnderlyingCompany 6

UnderlyingCompany 8

UnderlyingCompany 7

UnderlyingCompany 9

„look-through“ FairValuation incompliance with IAS 39

An appropriate valuation technique incorporates the use of observable market data existing at the balance sheet date, to the extent practicable. Only if the range of reasonable fair value estimates is significant and the probabilities of the various estimates cannot be reasonably assessed, the investor is precluded from measur-ing the instruments at fair value. It is our understanding that for professional PE investors this should only be in rare cases. Fund of funds

The fair valuation of PE fund of funds is more complex. Using the latest net asset value reported by such a PE fund does not necessarily imply a fair value in accordance with IAS 39 and is therefore not necessarily in compliance with IFRS. The argument behind this view is that the management of the fund may use different accounting standards (UK GAAP, US GAAP, etc.) with different definition of fair value, and different valuation guidelines (EVCA, BVCA, etc.). As the PE fund invests in unquoted companies itself, a “look through”-approach is inevitable:

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The term “look through” means that one should not treat a PE target fund as a whole when determining the fair value but consider the fund as a transparent holding vehicle. The fund manager “looks through” the vehicle and fair values each underlying company individually using the same valuation techniques as for direct investments. It is a common practice of the fund manager to adjust the fair value of an underlying company, i.e. due to a large holding the PE fund owns in that company or due to a lock-up period from a recent IPO. Also marketability discounts are often applied to prices quoted on an active market. Whereas these adjustments may be allowed under the accounting standard and valuation guide-line the PE fund is applying they are certainly not acceptable under IFRS. There-fore a reversal of such adjustments is required when the fair value of an underly-ing company in accordance with IFRS is determined. Disclosure requirements

In the notes to the financial statements the accounting policies have to disclose how the fair value of PE investments has been determined. This includes the disclosure of the valuation techniques used. General statements such as “the fair value has been determined in good faith by the management” is no longer ac-ceptable under IFRS. The determination of fair values with valuation techniques implies the use of assumptions and estimates. Changes in the assumptions and estimates could significantly affect the reported fair value. Both these facts have to be disclosed in IFRS financial statements. With the implementation of IFRS 7 “Financial Instruments: Disclosure” the disclo-sure requirements in connection with fair values will be extended. This standard will be mandatory for accounting periods beginning on or after 1 January 2007. We expect that this standard will have a huge impact to all IFRS preparers and therefore it is important to deal with IFRS 7 and its implications as early as possi-ble as corresponding 2006 figures need to be collected and presented as com-paratives.

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Implementation of fair valuation as a governance process

The implementation of a proper fair valuation is part of a governance process. Such a process includes: Internal valuation guidelines

The fair valuation of the PE investments (direct, fund of funds) based on the valuation techniques must be clearly defined (including the definition of the observable market data to be used). This ensures a consistent determination of fair values. Information Systems

The IT systems in place need to properly support management internal valuation procedures and resulting additional external reporting requirements. It must be ensured that the information is complete, accurate and up-to-date. Documentation

The determination of the fair values must be documented in a consistent manner. The audit trail of the fair valuation must be ensured. Back-Testing

As part of a quality check and learning process the valuation techniques used need to be back-tested on a regularly basis. This can be done by back-testing to actual transactions in the same instrument or based on any available observable market data. Successful in the implementation are PE investors recognising the added value of such an approach (fair valuation, “look through”) for an improved assessment of their investment portfolio. The early closing process as a huge challenge of the industry can only work if a proper government process is in place. Summary

It is important to recognize that fair valuation of PE investments in accordance with IFRS is more than just an accounting and valuation issue. PE houses will likely need to:

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� review their investment portfolio in considerably more detail � spend more time to prepare and present valuation analyses � implement new IT systems � communicate with investors due to the impact on the balance sheet and

income statement the fair valuation may have � expand the capacity of available staff resources familiar with various account-

ing GAAP’s and valuation techniques. In practice, the Board of Directors is ultimately responsible for valuation of finan-cial assets and must ensure that an IFRS-compliant fair valuation process is properly implemented and documented by the investment managers. In September 2005 a working group of the EVCA was established called “EVCA Reporting Guidelines” to review and develop the new valuation guidelines. SECA also contributed ideas and suggestions. The new “Reporting Guidelines” will be delivered in Summer 2006. The working group, Ethics and Governance, is developing and supporting a Code of Conduct for private equity firms. Christophe Borer, member of the SECA board since last year, organized a well-attended event in the name of SECA in Lausanne in March 2006. In the French speaking part of Switzerland, SECA seeks to be much more active than in the past. It is an important goal for SECA to represent the region more strongly and to counter the over-proportional representation of German-speaking Switzerland. Market

In 2005 the trend that saw returns improving continued, particularly in the buyout segment of the market. Many private equity firms benefited from profitable trade and secondary sales of portfolio companies as well as favourable conditions for refinancing of existing portfolio companies. Both of these led to tremendous returns for investors. The press also picked up on the buoyancy of the private equity market by increas-ing coverage of the sector, as well as the tremendous coverage that resulted from

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election campaigning and the resulting Locus Debate (“Heuschrecken-Debatte”) in Germany. There are several indicators that suggest the peak of the current buyout cycle is at hand, that the extraordinary investment conditions that have been enjoyed in recent times, namely the favourable debt and financing conditions, will somewhat diminish. Nevertheless, we do not expect an abrupt end to the cycle similar to the one that took place with the technology speculation bubble. One reason is that there remains a high number of investment opportunities, and another on the structural side, is that the “Corporate Debt” market structure has markedly improved, a result of the increasingly efficient market for credit deriva-tives. Credit risks are much more spread or diversified than they have been in the past. Contributing to the credit risk stability is the growing use of securitization and the transfer of corporate financing away from banks towards the public capital mar-kets, which reduces the threat of a credit-crunch. We are confident that buyouts in even less than ideal conditions will continue to provide solid performance. Dr. Roberto Paganoni LGT Capital Partners Ltd. CO, Partner Churerstrasse 122 P.O. Box CH–8808 Pfäffikon roberto.paganoni@lgt.com Nik Hood PricewaterhouseCoopers AG Senior Manager Investment Management & Estate Birchstrasse 160 CH–8050 Zürich Nik.hood@ch.pwc.ch

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Reporting Corporate Finance

The “Ethics and Corporate Governance” working group of SECA aims to provide an up-to-date Code of Conduct for the Private Equity business in Switzerland. The Code of Conduct is available now and can be submitted the General Meeting 2006 for approval. The development of the Code of Conduct took place in coordination with the guidelines of EVCA. However, certain topics were treated in more detail. The main topics of the new Code of Conduct are the following: � Fundraising and Legal Documentation � Investment Process � Information and Reporting � Evaluation of Portfolio Companies � Conflict of Interest � Independence � Co-Investments of the Fund Manager � Composition of the Fund Management Team � Compensation of the Fund Manager The working group will continue to exist after completion of the Code of Conduct. After constitution, the first major task of the working group was the development of the Code of Conduct. In the future the working group plans to focus on Corporate Governance topics on a regularly basis and will present the findings to SECA members in suitable form. Beat Unternährer The Corporate Finance Group Beethovenstrasse 11 CH–8002 Zurich beat.unternaehrer@tcfg.ch

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M & A Market Switzerland 2005 Mergers & Acquisitions activity in Switzerland—a Market Survey

As in 2004, the past year 2005 was characterized by a very high level of M&A activity. The number of published transactions in which Swiss companies were involved amounted to over 600, which represents 10% more than the peak of the last M&A wave at the end of the last decade. How can this high number of merg-ers, take-overs, participations and management buy-outs be explained? There are essentially three main factors that are responsible for the current wave: company growth strategies, the challenges of globalization and the low costs of financing available on capital markets. Positive economic prospects and discussions with top managers point to a deal flow which should remain high in the medium term. Number of transactions in Switzerland

437

242

331

404

557 548

408456

353

427

590628 607

0

100

200

300

400

500

600

700

1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005

Source: M&A Database From restructuring to growth

In the first three years of the new decade, Swiss companies were mainly busy cleaning up their own house. The economic slump, consequences of the last expansion phase, operative losses and, for some, massive goodwill amortization led to a series of serious restructurings. This was guided by the new paradigm that companies should concentrate on one or several core businesses, in which they have the ability to achieve a sustainable market leadership. Accordingly, business units that did not fulfill this criterion were closed or disposed of. In their core businesses, companies were able to improve their margins and earnings

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thanks to extensive rationalization programs. Simultaneously the disposal of non-core assets resulted in healthier balance sheets or in a reduction of debt. Overall, the restructuring measures led to higher free cash flows and subsequently to an increase in cash. This set the basis for new growth strategies for shrunken companies to expand in their core businesses in order to reach critical size and a leading market position. In mature and saturated markets, companies are able to achieve at best growth rates similar to the growth of the economy on their own. In these markets, acquisi-tions are by far the most effective way to grow profitably. In this respect, growth does not represent a strategic option, it is a strategic imperative. Competition never sleeps, and whoever plans to only grow organically is exposed to the risk of being overtaken or left behind. It is often a question of either being the consolida-tor or the consolidated. In this context, it almost becomes a necessity to acquire. The challenges of globalization

Another main driver of the high level of M&A activity is globalization—the increas-ing interweaving of goods, capital and information. Fewer and fewer companies are in a position to act solely in their domestic markets. On the contrary, the name of the game is to take over a leading position in the most important economic regions. This applies to many Swiss companies more than to any other: the Swiss market is too small for many companies to survive in, with a gross domestic product (GDP) of approximately EUR 290 bn. Added to this is the threat of foreign companies establishing themselves in Switzerland, thereby intensifying the competition. At the same time, the general pressure on margins in world markets has led to a larger critical size necessary for companies to be competitive. This is a heavy burden for small and medium enterprises. In this regard, acquisitions and cooperations offer interesting growth perspectives. A further acquisition driver is the realization of cost savings by relocating business activities to low-wage countries. Swiss companies have a history of producing expensive, high quality goods, which has increasingly led to turnover problems in price-sensitive world markets. Acquisitions in low-wage countries are an effective way to relocate their local production or parts thereof. About half of Swiss ma-chinery companies that currently do not possess a foreign subsidiary plan to acquire one in the medium term. As a SWISSMEM (Association of Swiss Machin-ery, Electrical and Metal Industries) study shows, take-overs of companies,

36

particularly those situated in the new EU states in Eastern Europe (18% of inter-viewed companies) and China (22%), are being taken into consideration, along-side the more traditional EU countries (50% of interviewed companies). But that is not all. Next to realizing cost advantages, these acquisitions serve the purpose of breaking into the huge potential of the Eastern European and Asian markets. In particular nobody wants to miss the boom in China. Suboptimal balance sheet ratios and low costs of capital

The pressure to acquire has another cause. Companies that do not pay out their excess cash and have a high equity ratio are often pressured by hedge funds to profitably use their accumulated liquidity or debt capacity. Classical institutional investors such as pension funds and mutual funds in Switzerland are still very passive in this respect. However, not only is there a lot of liquidity in corporate accounts, the capital markets are also overflowing with liquidity. This is another cause for the increase in M&A transactions, as these funds need to be invested. Interest rates have been at a low level for some time now, which has led to unprecedentedly favorable funding conditions. The six-month CHF-LIBOR fluctuated around 0.75% last year, rising to above 1.2% at the end of the year. Cheap funding has also resulted in the fact that equity, as a means of acquisition funding, has lost its prominence. More than ever: cash is king! CHF 6-months LIBOR

Source: UBS Quotes

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Cross-border M&A transactions

In 2005, 25 to 40 percent of all transactions (depending on the source) by Swiss companies involved foreign targets. Thanks to its export tradition, the Swiss economy is deeply embedded in the international scene. With this in mind, it is not surprising that Swiss investments in foreign markets are greater than foreign investments in the Swiss market. Swiss companies invested on average EUR 22.5 bn abroad between 2000 and 2004, whereas foreign investments in Switzer-land amounted to only an average of EUR 10 bn annually. But the fact that Swiss companies went shopping abroad in 2005 has a different underlying cause. Key industries such as chemicals and pharmaceuticals or machinery manufacturing are already highly consolidated in Switzerland, which means that large and adequate targets are missing. If a Swiss company desires to grow through acqui-sition, it must do so by considering appropriate targets in new geographical markets. In 2005, there were nevertheless several transactions the other way around. In approx. 20 percent of all transactions, foreign companies purchased Swiss ones. This should continue in the years to come. Eastern European and Asian compa-nies, in particular, are looking to expand their markets in the West. An example of this was the unfriendly take-over of Saia-Burgess, which was won by Johnson Electronic, headquartered in Hongkong, against the Japanese Sumida. Take-overs of publicly quoted Swiss companies in 2005 attracted considerable atten-tion. Leica Geosystems and Unaxis were also the victims of unfriendly take-overs by Sweden’s Hexagon and Austria’s Victory. These contrasted with the friendly take-overs of Swiss Airlines by Germany’s Lufthansa, Berna Biotech by Nether-land’s Crucell and Büro Fürrer by France’s Lyreco. In contrast, transactions between two public Swiss companies were few but friendly: Sika purchased Sarna, and Zschokke announced its merger with Batigroup (see www.implenia.com). It looks like Swiss companies are going to have to get used to unfriendly take-overs, as many of them have become very interesting targets for several reasons. A first reason is balance sheets ratios. Swiss companies are traditionally “under-leveraged”, which means that their highly equity financed capital structures represent lucrative optimization potential. A second reason is the massive under-valuation of some Swiss companies due to management’s absence of expansion-ary vision and action. Finally, a third reason is the small leeway for defense granted by Swiss law in the context of an unfriendly takeover.

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Switzerland offers most international private equity houses too few targets that fulfill an interesting minimal size profile. The number of potential take-over targets is restricted. There are not many more than 500 companies in Switzerland with revenue exceeding EUR 100 mm. Considering this number, mega-mergers or large take-overs of Swiss companies will remain relatively rare. As for domestic private equity houses, the fear of negative publicity should make them refrain from submitting an unfriendly offer. The largest companies in Switzerland

0

50

100

150

200

250

100-200

200-300

300-400

400-600

600-1000

1'000-2'000

2'000-6'000

>6'000

Sales in Million Euros

Num

ber

of c

ompa

nies

Source: Helbling Research Sellers market

As a lot of money stands vis-à-vis few acquisition possibilities, transaction prices rise accordingly. The necessity to acquire has made potential buyers become active in the market. Never have so many transactions been initiated by buyers as during the current M&A wave. Company owners are in a comfortable position, while potential buyers sometimes have to wait in line for a target. Sellers are able to reach prices based on multiples that are so interesting that they can barely turn such offers down. Owners must honestly answer the following question: can they increase the value of the company with operative measures enough to reach a level similar to the offered purchase price? We have observed many cases in which a seller decided to sell ahead of their planned schedule. It is important to note that, in spite of a substantial interest in acquiring, companies are not willing to do so at any cost. Rather the opposite: the rationales of acquisitions and valuation limits have become more substantiated.

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Rare management buy-outs

Medium and large MBO transactions continue to be a rarity in the Swiss market. Only 26 cases were published in 2005, although many smaller transactions were probably kept secret. Nevertheless, it appears that Swiss employees have a limited interest in participating in their employer and are satisfied with their earned income. Indirect partial liquidation as an obstacle for MBOs / LBOs

In principle, the sale of a corporation out of one’s personal estate is tax free. Or it was safe to assume so until recently. In 2004, the Federal Court strongly relativ-ized the principle of tax exemption in a verdict which caused an éclat: if a private person sells a company in his own estate to another company, which in turn finances the purchase price using the cash (existing or future) of the sold com-pany, the seller becomes subject to income tax. Precisely in the context of man-agement and leveraged buy-outs, the purchase price is mostly financed by future revenues, now creating a tax liability. The consequence is that MBO and LBO transactions are practically no longer possible in Switzerland. The impact is particularly hard on private equity houses. Sellers protect themselves by selling to a “rich“, or large buyer, who is able to finance the purchase price by their own means. Outlook

Prospects in Switzerland remain positive. The economy is forecast to grow at an estimated rate of between 1.5 and 2.0 percent. The number of transactions initiated by buyers, which have only represented 10 percent of all transaction in the past, will remain very high. Interviews with managers of Swiss companies confirm a continued interest for acquisitions. Despite the market pressure to grow via acquisitions, transactions are not com-pleted “à tout prix”. We have noticed that the concept of “strategic fit” has become much more important than in the past. Buyers are willing to make fewer conces-sions when this fit is not perfect, as this can stray the focus of their core busi-nesses. As such, we expect more growth-driven, horizontal acquisitions and mergers. The integration of upstream and downstream businesses should con-tinue to be the exception rather than the rule. Diversification strategies belong essentially to the past.

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Take-overs can also grant buyers access to innovation and know-how. However, as technical know-how, in particular, in Switzerland is rated very highly by interna-tional comparison, know-how driven acquisitions are not at the center of Swiss companies’ interest. Cross-border transactions, especially in the new EU countries and China, remain important. Large Swiss-Swiss transactions are rare due to the high level of consolidation and the limited number of players in the market. Added to this is the fact that, e.g. in the banking industry in which there is a need for consolidation, pressure is low due to the exceptional performance of financial markets. Many financial institutions are looking for targets, but nobody is willing to sell, even the structurally weak banks, as their business is currently strong. The same is valid for Swiss power companies. In both of these industry examples, the consolidation process is merely being put off until later. An important trend that has been observed is that take-overs are not monopolized by the market leaders—an increasing number of mid-sized companies are becom-ing active as buyers. Furthermore, the reserve vis-à-vis cross-border transactions due to the fear of integration problems, as well as the absence of large take-over targets in Switzerland, lead us to expect many more small and mid-sized transac-tions. Due to the current high level of M&A activity, we expect an increase in the number of spin-offs in the coming years. Often, as part of an acquisition, buyers must take over one or several business units that are not part of their core focus. It is generally only a matter of time before the buyer disposes of these. Today, acquisitions must be evaluated under stricter requirements, given their increased strategic relevance. Experience has shown that management has not always been able to defend the rationale behind an acquisition once it was completed. The people in charge would be well-advised to have their acquisition rationale reviewed by an independent third-party beforehand. In this context, M&A advisors can also expect to be busy in the years to come. Beat Dolder Helbling Corporate Finance AG Hohlstrasse 614 CH–8953 Dietikon beat.dolder@helbling.ch

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Reporting Legal and Tax Report of Activities in the Year 2005 Introduction of the Limited Partnership in Swiss Law

The major effort of the Legal and Tax Committee is since 2004 and even earlier devoted to the introduction of the limited partnership in the Swiss legal system. Currently Switzerland does not have an adequate legal structure for private equity investments. As a result, the Swiss private equity promoters and inves-tors resorted to offshore jurisdictions as well as countries like the United States and the United Kingdom with an established limited partnership culture. The only Swiss legal structure used by some for collective investments in private equity is the Swiss investment company, in essence an ordinary share corpora-tion and thus not very efficient, among others for tax purposes. When the Swiss Government decided to revise the current Investment Fund Statute (the “IFS”) and provide among others for adequate private equity structures, our association seized the opportunity to advocate and accompany the drafting and introduction of the Limited Partnership into the Swiss legal system. We maintain to date a close working relationship with the various government agencies responsible for the revision of the IFS. By the end of 2003 the government presented the first draft which was wel-comed by most interest groupings but then bogged down primarily in internal negotiations between the various government agencies. In the fall of 2005 the government presented a revised draft statute with the following features. � The current version of the draft Swiss federal law on collective capital

investments (Kollektivanlagegesetz KAG) will comprise a Swiss limited part-nership (“Kommanditgesellschaft für kollektive Kapitalanlagen”), but also apply to corporate forms of collective capital investment such as investment companies with variable capital (SICAV) and the above mentioned invest-ment companies.

� Both open- and closed-end collective capital investments will be subject to

government supervision (exercised by the Swiss Federal Banking Commis-sion SFBC).

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� The Anglo-Saxon type limited partnership is limited for investments in risk capital (“private equity”, possibly also hedge funds) and reserved for qualified investors. It follows to a large extent the rules of the Swiss Code of Obliga-tions governing the (ordinary) limited partnership. The most important differ-ence between the Swiss Code of Obligations and those of the draft statute is that the general partner (i.e. the partner with unlimited liability) of an LPCCI can be a legal entity.

� Because the Swiss LP is part of the IFS, the Statute on Investment Funds, it

is contrary to most foreign counterparts subject to prudential supervision by the Swiss Banking Commission. The supervision may render the Swiss LP less flexible but on the other hand more trustworthy, above all in the eyes of Swiss institutional investors.

The new statute is supposed to enter into force in 2007. But, the IFS is a “work in progress”. The version of the KAG that was published in September 2005 had undergone major changes since January 2004, when the first draft was submitted for comment. During the current spring session, the first chamber of the parliament eliminated the 12-year limitation on the life of the limited part-nership, a change which was strongly advocated by our association. Further-more, the subjection of the investment companies to the regulation by the IFS and thereby the Swiss Banking Commission was also dropped. Tax issues; Organization of Events and Luncheons

The major issue for tax practioners in the private equity area was the so called “successor holding company decision” ruling essentially that a debt-financed sale of a company may be treated as if the company in question was liquidated thus triggering dividend-type taxation of the entire net worth of the company less the nominal capital. The association organized a major conference/event to debate this appalling decision of the Swiss Supreme Court which renders in principle any succession of a family enterprise to the next generation impossi-ble or at least highly cumbersome. In the summer of last year the legal and tax committee hosted a luncheon on the current initiative to reform our tax system. The reform as currently debated in the Swiss Parliament may in fact retract some of the gross exigencies of the said ruling, a development to which our association has contributed its part.

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Outlook

We continue to follow closely the developments in the various parliamentary sessions regarding our pet project, the Swiss Limited Partnership. Once the new law comes into force, our association may also have to assume a certain self-regulatory function establishing together with the Swiss Banking Commis-sion model agreements, rules of conduct and proper procedure in connection with the Swiss LP and the IFS in general. The supervision of the Banking Commission in connection with the future IFS will not only extend to the admis-sion of the partnership but also to the on-going prudential supervision of the general partners operating the same. Dr. Hannes Glaus Lustenberger Glaus & Partner Sempacherstrasse 15 CH–8032 Zürich hannes.glaus@lgpartner.ch

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Leveraged Public Takeovers in Switzerland

The appetite of the financial industry for Swiss listed targets has tremendously increased over the last two years. Listed companies are under constant observa-tion for investment opportunities. Some of the recent takeover fights, such as the one for Forbo in 2004/05 and the one for Unaxis in 2005, have largely been fueled by various financial bidders. In many cases takeover scenarios involve financial leverage and tax-efficient debt push-downs. This development coincided with the Swiss Federal Supreme Court’s promulgation of possible negative tax conse-quences for Swiss retail shareholders in case of certain leveraged transactions, and with upstream financial assistance coming under scrutiny in prominent bankruptcy cases. This article casts a light on the legal and tax environment of typical structures used in leveraged public takeovers in Switzerland. Base Case

The following set of circumstances is typical and similar to the outset in the Forbo takeover fight in 04/05. It shall serve as a base case for the subsequent discus-sion. A financial investor/fund (Investor) desires to acquire a group of companies, the parent of which (Target) is a holding company registered in Switzerland and listed at the SWX Swiss Exchange (SWX), with an all-cash public offer for all shares of the Target (Public Offer). The goal is to acquire at least 2/3 of the capital and the votes, which usually gives control in all matters of relevance (squeeze-out merger possible upon reaching 90 %, though). For purposes of the Public Offer, the Investor creates a special acquisition vehicle (SPV), to be funded by a mix of equity, senior loans and subordinated loans (or other mezzanine instruments) (except for the equity, the Leverage Portion). As the Leverage Portion will trigger interest payments, proceeds need to be generated in order to enable the SPV to service such interest and amortization payments. Furthermore, in order to achieve tax savings, the Investor desires to allocate the interest payment obligation on the level of a fully-taxed subsidiary company in Switzerland or another country.

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In brief, the typical question to be addressed is the following: (How) can the Target and the Target’s operating subsidiaries (Subs) assist regarding payments and the (re-)financing of the Leverage Portion with minimal corporate and tax conse-quences? Solutions involve some sort of Upstream Assistance or Debt Push-down, which are subject to limitations of corporate and tax law

The following two characteristics of Swiss law sometimes come as a surprise to non-Swiss investors and are important to understand the subsequent discussions: First, Switzerland knows no group tax consolidation, except for VAT. Therefore, a tax-efficient alimentation of acquisition financing usually involves some kind of pushing down debt to companies with taxable profits or of bringing up taxable revenue streams or assets. Such transactions can trigger adverse tax conse-quences on the level of the Swiss assisting company (Assisting Company), on the level of the benefiting company and on the level of the selling shareholders. Second, Swiss corporate and bankruptcy law does not provide for a consolidated view either. That’s why, the law protects Assisting Companies against distributions and financial assistance that could harm the creditors of the Assisting Company by unduly increasing debt or decreasing assets (i.e. debt push-downs or distribu-tions). General limitations on / Consequences of Upstream Assistance Debt Push-Downs

Legal Other than in the formalized ways of dividends and capital reductions set forth below, an Assisting Company may as a rule grant upstream assistance in the interest of the Target or the SPV provided that such assistance (i) is covered by the Assisting Company’s purpose, (ii) is in the Assisting Company’s interest, (iii) complies with the principles of adequate risk diversification/proportionate consid-eration (duty of care), (iv) has been approved by the Assisting Company's board of directors and shareholders' meeting (in order to address potential hidden distributions), and (v) is limited to the freely disposable equity of the Assisting Company. Nevertheless, in case of bankruptcy of the Assisting Company, such assistance may be voidable pursuant to fraudulent conveyance rules.

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Investors further need to consider that they have to disclose their intentions for the Target in the offer prospectus. Tax: Assisting Company, Benefiting Company

Should the conditions of the upstream assistance not be at arm's length, the assistance will be treated as a (hidden) profit distribution, i.e. � any unrealized gain on assets distributed will be regarded as taxable income

of the Assisting Company; � the distribution may be subject to dividend withholding tax of 35 % of the fair

market value of the gross distribution; � the withholding tax is fully recoverable if the company benefiting from the

assistance is a Swiss company. Foreign recipients can fully or partially recover the withholding tax based on double taxation treaties, including the agreement between Switzerland and the EU on the taxation of saving income which also covers dividends to EU parent corporations; and

� the distribution received by a Swiss SPV or Target is largely exempt from corporate income tax if the benefiting company is a major shareholder in the Assisting Company.

Tax: Selling Shareholders—Indirect (Partial) Liquidation

Often, SWX listed Targets have a significant retail shareholder base resident in Switzerland. As a rule, if Swiss residents sell shares held by them as part of their private assets, they realize a tax-exempt capital gain. In contrast, any dividend income is taxable. In order to prevent circumvention, under the theory of indirect (partial) liquidation, the tax authorities may reclassify tax-exempt capital gains to taxable dividend income if parts of the purchase price paid were, in fact, (re-) financed from funds of the Target: Such an indirect partial liquidation may be given if cumulatively (i) a sale from the private assets of an individual investor to the business assets of an individual or a company takes place, (ii) the consideration is directly or indirectly paid out of or secured with the assets or the shares of the Target or the Subs, and (iii) seller and buyer cooperate in the financing.

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In case of a Public Offer, such cooperation is in fact rarely given. Nevertheless, if Swiss individual shareholders are aware (or are made aware by the offer prospec-tus) that such refinancing from Target or Sub assets could occur, there is a considerable risk that the tax authorities could assume an indirect partial liquida-tion. As a consequence, the Public Offer may not be attractive to retail sharehold-ers and they may have to be advised to sell their shares in the market prior to the Public Offer to avoid such taxes. To avoid undesired and unexpected tax conse-quences, the tax treatment can in advance be discussed with the tax authorities and ruled. Debt Push-down by Capital Reduction

Legal After the Public Offer, a Target’s nominal share capital can be reduced in order to distribute the corresponding amount to the SPV to repay the Leverage Portion. The nominal capital cannot be reduced below the minimum share capital of CHF 100,000 and may not leave the Target undercapitalized. The capital reduction requires a resolution of the shareholders' meeting, creditor notification and an auditor’s certificate. Since a capital reduction involves a lengthy legal procedure and waiting periods, it is likely to require 3-6 months' time. Tax A reduction of nominal share capital neither triggers Swiss withholding tax nor corporate income tax. In addition, such a reduction is exempt from income taxa-tion for Swiss private investors. As a consequence, the theory of indirect partial liquidation explained above should not apply. Debt Push-down by Dividend

Legal Dividends may be a straightforward way to refinance the SPV or to push down debt (by assumption of certain loans). Dividends require shareholder approval and can only be made from freely disposable profits and reserves as evidenced in audited financial statements. Remaining minority shareholders (if any), are entitled to a proportional dividend and may challenge the resolution.

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Tax A dividend paid by the Target to a non-Swiss SPV usually triggers withholding tax of 35 % unless a treaty provides for relief or refund. A Swiss SPV receiving the dividend may benefit from the participation exemption largely exempting dividend from corporate income tax. As dividends may be seen as an indirect partial liquidation, the Target’s Swiss retail shareholders’ tax-exempt capital gain may to that extent in retrospect be reclassified as taxable income. Debt Push-down by Merger

Legal If the SPV and the Target effect a statutory merger, their assets and liabilities are combined in one legal entity, with the effect that the Target’s assets can be used to repay or service the Leverage Portion. If the SPV controls 90 % or more of the Target's votes, it can squeeze out minorities; the settlement may consist of cash or may be made in kind. Due to complex procedures, a merger can take several months. Tax A statutory merger is usually tax neutral for the companies involved. A merger among SPV and Target may, however, lead to a reclassification of the formerly tax free capital gain of Swiss retail shareholders into taxable income based on the theory of indirect (total) liquidation. Spin-off / Sale of Activities to Operating Group Company or to Third Party

Legal Bringing revenues|assets up to the SPV can also be achieved by the sale of assets, which can be structured in various ways. For example, the Target can be split with the effect that parts of the Target’s business activities will be transferred to a new sister company (NewCo) of the Target. The SPV, would then sell NewCo either to a third party (if the activities are no longer desired) or to a profitable operating Sub. The purchase price may be used to repay the Leverage Portion or, if sold to a Sub, remain unpaid for the moment, thus resulting in an interest bearing loan of the SPV to the Sub. Due to complex procedures, such transac-tions may take several months.

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Tax A spin-off from the Target may be executed with no income tax consequences if certain prerequisites are given, like, inter alia, that an operational business is transferred whilst an other operational business remains with the Target. The subsequent sale of NewCo by a Swiss SPV at arm's length conditions should not trigger corporate income taxes on the realized capital gain, if, inter alia, NewCo has been held for at least a year. In case of a sale to a profitable Swiss Sub, the Sub may normally offset the interest expense for loans incurred to settle the purchase price paid to the SPV from otherwise taxable income. However, a few cantons may try to limit the deductibility of interest expenses for a period of five years. Such transactions should not trigger the theory of indirect partial liquidation and would, therefore, not question the tax free capital gain realized by the Target’s Swiss retail shareholders. Use of Acquisition Vehicles in Switzerland v. non-Swiss Vehicles

Significant advantages of a Swiss SPV are the relatively low corporate income tax burden and access to numerous double taxation treaties, some offering nil rates on dividends. However, Swiss tax law usually imposes stamp taxes of 1 % on equity contributions to Swiss corporate entities. One of the disadvantages of a Swiss SPV is the so-called 10/20-rule: If a Swiss acquisition vehicle is at any time financed by more than twenty non-bank lenders or more than ten non-bank creditors under a bond issuance, the loans or bonds may become subject to issuance and transfer stamp duties as well as to 35 % withholding tax on interest payments. Dr. Dieter Gericke Homburger Rechtsanwälte Dr. Christoph Oliver Schmid Weinbergstrasse 56 / 58 Stefan Waller CH–8006 Zürich dieter.gericke@homburger.ch

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Reporting Research & Statistics How do MBO managers rate the involvement of private equity providers?

This is an abstract of the latest publication of the SECA series No. 6: ‘MBO with private equity’ by John Davidson who analyses two empirical studies on the Swiss market. MBOs with private equity have recently received more attention for several reasons, for example in 2005 more capital has been raised by private equity for MBOs than ever before. There are some constants in the way buyout firms operate. Regardless of the size of the firm, for example, private equity players generally like to invest in businesses with strong management teams. They also like to invest in businesses they think can grow, either organically or through acquisitions. In the recently published doctoral thesis focus lies on MBO transactions with and without private equity in Switzerland. The following questions have been put to over 47 active private equity providers and to over 226 MBO managers in two separate empirical studies:

1. What importance does private equity have for MBOs in Switzerland?

2. On the basis of which criteria do private equity providers invest in MBOs?

3. How do MBOs with and without private equity differ in the transaction, in the post transaction, and in the exit phase?

4. How does the MBO management rate the service and involvement from private equity providers?

These questions have been addressed in two empirical studies. The first study covered all the professional private equity providers who might be active in the Swiss market i.e. national and international private equity providers. The second study questioned all the MBO managers who completed an MBO in the period between 1996 and 2002 in Switzerland. The two surveys were necessary to get an extensive picture of the main participants in a MBO process.

In this essay the findings of question four are highlighted i.e. the focus lies on the responses and the experience of the MBO management with private equity providers. The MBO managers could rate the satisfaction of the service from private equity providers on a scale from 1 (very dissatisfied) to 7 (very satisfied). Across the ten criterions an average of 4.7 was achieved. So that a comprehen-sive picture for the provided service could be analysed the whole MBO process

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was addressed using the ten criterions. The pre-transaction phase was covered with the following criterions where the private equity funds are often active: ‘negotiating with the vendor’ (5.8), ‘revision of the business plan’ (5.3), and ‘general transaction preparation’ (5.6). Considering the average rating of 4.7 for all the ten criterions the managers are pleased with the service provided in that area. In the post transaction phase a different picture can be seen. Whereas in general the ‘post transaction achievement’ was rated with a 5.3, the ‘arrangement of good contacts’ (4.7), ‘knowledge of competitors’ (3.1) and ‘knowledge of the business sector’ (3.7) were rated at or below average. Regarding the general rating of the financial, operating, and strategic service a different picture can be drawn. Whereas MBO managers take note of the ‘financial service’ provided by private equity funds (5.6) they clearly see less effect from the ‘operational service (4.3) and the ‘strategic service (4.2)’. This makes sense as at first sight private equity providers are clearly seen as financial providers with financial competences. Nevertheless, private equity providers often point out their strategies and opera-tional advice and like to distinguish themselves from others in their field. The following graph shows the findings.

Judgement of service and knowledge by private equity providers

In the second question the level of activity was moved to the centre: In which part of the MBO process do the MBO managers think the private equity providers are most active? The level of activity was rated from a 1 (very passive) to 7 (very active). The experience of the last few years has produced a considerable amount of scepticism concerning the effectiveness of financial engineering as a strategy

5.8

5.3

5.6

5.3

4.7

3.7

3.1

4.2

4.3

5.6

1.3

1.2

1.3

1.6

1.9

1.41.4

1.9

1.4

1.5

1 2 3 4 5 6 7

Verhandlung mit Verkäufer

Überarbeitung Businessplan

Allgemeine Transaktionsvorbereitung

In der Post-Transaktion

Vermittlung guter Kontakte

Branchenkenntnis

Kenntnis der Konkurrenz

Strategische Leistung

Operationelle Leistung

Finanzielle Leistung

sehr unzufrieden sehr zufriedenWertung

Mittelwert Standardabweichung

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for buyout firms. The prevailing view among institutional investors, and thus private equity firms themselves, is that buyout teams are going to have to work for their returns over the next few years. The scepticism nevertheless has been washed away by the low interest rate environment which provided a sound basis for financial engineering and refinancing. Even though the generous wave of public markets to achieve attractive results was not in place private equity provid-ers showed Impressive returns. Improving the operational returns of their portfolio companies might move to the centre of discussion again once the favourable interest rate environment changes. Nevertheless, the MBO managers are in close contact with private equity providers and therefore can evaluate the activity of the private equity providers best. ‘Financial structuring’ (5.7) and ‘Negotiating with vendor’ (5.7) are the areas where the MBO management feels most support from the private equity providers. The involvement of the private equity providers in the ‘Development of the business plan’ (3.8), ‘Development of the company strategy’ (3.8), ‘Improvement of operations’ (3.3) is on a significantly lower activity level than the previous activities. Not surprisingly the ‘daily involvement in the operating process’ (2.1) is where the private equity providers are least active. These findings support the previous answers from the MBO management but are in contrast to the answers of the private equity providers who do see their financial input on the same level as the strategic input (the results of the survey of the private equity providers are not otherwise commented on in this essay).

Level of activity by private equity providers

5.7

3.8

3.8

3.3

5.7

2.1

1.9

1.8

1.7

1.8

1.6

1.6

1 2 3 4 5 6 7

Verhandlung mit Verkäufer

Erstellen von Businessplan

Erarbeiten von Strategien

Operationeller Beitrag

Finanzielle Strukturierung

Täglicher Arbeitsprozess

sehr passiv sehr aktivWertung

Mittelwert Standardabweichung

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Last but not least the rating of the private equity providers by the MBO managers have to be seen in the context of other parties involved during the MBO process such as consultants, banks, lawyers, auditors, and other parties (e.g. business friends). As the same questions were raised with MBO managers without private equity involvement a difference between the two groups can be observed. This might be explained by the more demanding sales process due to the size of companies where private equity providers are involved. The MBO managers could rate the satisfaction of the service from the different service providers on a scale from 1 (very dissatisfied) to 7 (very satisfied). MBO managers with private equity involvement rate the service of the different providers in a much smaller range than the MBO mangers without private equity involvement. Whereas for MBOs with private equity involvement the private equity providers achieve the highest rate (4.9), it can be seen on the same level as auditors (4.6), and lawyers (4.5). MBOs without private equity involvement show a clear satisfaction with lawyers (6.1) and auditors (5.7) and a dissatisfaction with banks (4.2) and consultants (4.2). Private equity providers in contrast to other involved parties

4.5

3.6

4.9

4.6

3.8

4.5

6.3

4.2

3.2

5.7

4.2

6.1

1 2 3 4 5 6 7

Andere

Banken

Private-Equity-Gesellschaften

Revision-/Treuhandgesellschaften

Beratungsunternehmen

Rechtsanw älte

sehr unzufrieden sehr zufriedenWertung

PE-Beteiligung Ohne PE-Beteiligung

In summary it can be highlighted that the MBO managers are satisfied with the service of the private equity providers. The support from the private equity provid-ers is mainly seen by the MBO managers in the financial structuring and negotiat-ing with lenders and sellers. John Davidson john_davidson@swissre.com

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Assessment and valuation of high growth companies Valuation is a key topic in the financing and development of high growth compa-nies. The goal of this study is to bridge the existing gap between the assessment of a company and the financial valuation. Many models exist to capture soft factors, and many more studies have been conducted to understand financial valuation models. In this study, the first step is to develop an assessment frame-work to capture the value drivers for high growth companies. Based on literature research, an empirical study with 52 valuations, and an iterative process this assessment framework has been built. It contains the following three main factors: 1. Management 2. Market environment 3. Product, Sciences & Technology Each of these main criteria contain a number of sub-criteria shown in Figure 1. For each criterion, a rating between 1 and 6 is given with a specific scale that can be implemented in practice for high growth companies. Even though every company is different, the provided framework allows a systematic and transparent assess-ment of a high growth company. The proposed valuation methods are specifically targeted for high growth companies and include operational based methods such as discounted cash flow and option pricing, as well as relative methods such as the market comparable and comparable deal methods. Some others, such as the venture capital method, are also a combination of an operational and relative approach. The methodical assessment framework enables a link to be made with the financial valuation models to obtain a consistent and comprehensive assess-ment and valuation approach for high growth companies. The link is made by splitting up the discount rate into different premiums and by introducing a calcula-tion schema. The assessment framework and its criteria have been tested in an empirical study to find correlations between the success of a company and the provided rating/framework. With the available sample of 25 valuations, this correlation could be shown for the market environment and the product, science & technology. For the management factor, it was not possible to show a statistical significance, even though practical experience had shown that management is a key factor. A main reason why no statistical significance was shown could be that the management team can be changed very quickly. Thus, the assessment and valuation is a done at a specific moment in time but did not capture the development of the management team.

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ASSESSMENT Management Market environment Product, science &

technology

Completeness skills Track record / experi-ence Motivation / Incentive structure Organization Emotional intelligence / social competence Composition of boards and involvement

Industry Structure: (Five forces by Michael Porter) Threat of new Entry Rivalry among existing

competitors Pressure from substi-

tute products Dependencies on

customers Dependencies on

suppliers Current and future market potential Customers Political / legal depend-encies Cost and Sales estima-tions

Intellectual Property (IP) Unique selling proposi-tion of Product Alliance/partnerships Management of future discoveries Time to market

Company stage INTERFACE (LINKING)

Assessment rating for each of the 20 sub-factors

Company stage weighting

Seed Stage Start-up Stage First Stage Second Stage Later Stage

Calculation of discount rate with CAPM, liquidity premium, value added premium and cash flow adjustment premium

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VALUATION)

Discounted cash flow method

Market comparable method

Comparable deal method

Venture capital method

Real option method

Figure 1 Assessment and valuation framework

However, in conclusion, the assessment and valuation is still an art. The proposed framework provides a roadmap to becoming an artist in this field and should serve as a practical guideline. Patrik Frei Venture Valuation AG Badenerstrasse 18 CH–8004 Zürich patrik.frei@venturevaluation.ch

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Pictet’s new LPP indices include private equity Pictet has provided indices for Swiss pension funds since 1985. As the law was revised over the years to offer increased freedom for the funds, the index was also revised to incorporate the extended investment universe. The well known Pictet LPP93 index was the result of a revision of the investment rules in 1993. Over the years, it became the best-known benchmark for Swiss pension funds. In 2000, Pictet introduced a new family of three indices to cover a broad range of risk budgets. They also extended the investment universe into additional asset classes (e.g., foreign currency corporate bonds) but excluded alternative assets. For any given pension fund, none of the three indices, named LPP-25, LPP-40 and LPP-60 (the number gives the total equity weighting), may match its asset allocation exactly, but one of them is likely to be close to the fund's risk profile and may serve as a benchmark. In the 2000 index family, we did not consider the investment limits of the OPP2 to be absolutely binding. We refrained from including alternative assets both be-cause many institutions found it difficult to access these investments and because of the lack of suitable, widely accepted benchmarks. This situation has changed significantly over the recent years. Both appropriate investment instruments and suitable indices have become available for alternative asset classes. This means that they are now also open for smaller pension funds. Therefore, the latest Pictet index family, the 2005 indices, include alternative asset classes and also a broader coverage of traditional asset classes by including small caps and high yield and emerging market bonds. To summarize, the Pictet LPP 2005 index family includes the following innova-tions:

� Equities World are more broadly diversified and now include small caps � Bonds World include high-yield and emerging market bonds � Real Estate Switzerland and World are included � Hedge Funds are included � Private Equity is included � Foreign currency risk for Bonds World and Hedge Funds is hedged into CHF

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The LPP 2005 index family also consists of three indices that are named LPP-25 plus, LPP-40 plus and LPP-60 plus. The number no longer reflects the weight of equities but rather represents the risk profile in general. Once the decision to include alternative assets was taken, it is obvious that Private Equity would be among the asset classes in the new LPP indices. There was, however the question of the index that should be used to represent the asset class. Traditional private equity indices are based on cash flows and appraised book values. Only when a fund is wound up can the final return figures be deter-mined. During the life of a fund, all internal rate of return (IRR) calculations are estimates and subject to revision. In addition, the indices are calculated on a quarterly basis only and will usually only be available with a delay of four to five months. Given that we wish to calculate daily index numbers, traditional private-equity indices are not at all suitable for our purposes. For this reason, Pictet decided to use an index that is based on listed private equity firms as benchmark. The LPX50 (see www.lpx.ch) covers a broad sample of the largest and most liquid listed private equity firms and is calculated every day. It might be argued that private equity investments should not be measured against alisted private-equity benchmark. It is, however, the characteristics of the invest-ments that are important, and not the legal structure of the fund. Furthermore, a recent study has shown that the performance of listed private equity is very similar to traditional private-equity investments. The weightings of private equity in the LPP 2005 are as follows: LPP-25 plus: 2.5% LPP-40 plus: 5.0% LPP-60 plus: 7.5%. Dr. Barbara Eberle-Haeringer Strategic Advisory Group Pictet & Cie Bärengasse 25 CH–8001 Zürich beberle@pictet.com

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Transition in the VC industry 2005 can be described as a year of transition in the venture capital industry. Transition came in the form of enhanced globalization of venture capital funds and venture-backed companies, changes in the regulatory landscape that have impacted both funds and portfolio companies, and challenging capital markets. The convergence of globalization, internet and media, as well as cross innovation between IT and life sciences provides further indication that we are moving into a new environment in the venture capital industry. Investment activity in 2005 sustained the momentum that developed in 2004 in the major mature hotbeds of the U.S., Europe and Israel. The emerging markets of China and India also saw interesting developments in 2005. Most notably, fundraising by venture capital firms increased significantly in 2005 with venture capitalists stockpiling the most investment capital since 2001. Mergers and acquisitions (M&A) and initial public offerings (IPOs) by venture-backed compa-nies also showed strength during this period—setting the stage for continuing investment in 2006. Investment Landscape

While investments in venture-backed companies in 2005 remained relatively consistent with 2004 levels, a strong trend toward later-stage financings suggests that investors are confident in the prospects of their portfolio companies and optimistic in regard to exit opportunities. Overall, venture capital investments worldwide reached the level of $28.8 billion (€24.2 billion). The mature markets of the North America, Western Europe and Israel represent 95% of capital invested, while the emerging markets of China, India and Eastern Europe represent 5% of total investments. Renewed Fund Raising and Increased Exits

In 2005, $26.5 billion (€22.3 billion) was raised in new venture-capital funds in the U.S., Europe, and Israel according to Dow Jones VentureOne—an increase of 30% from the same period a year ago. Despite an overhang of world-wide venture-capital funds estimated to be more than $60 billion, venture-capital firms continue to find a robust level of interest from limited partners and are raising funds at a pace expected to surpass last year’s figure.

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Venture-backed company exits also grew in value and number in 2005. The U.S. and Israel saw increasing M&A valuations, while Europe experienced an increase in IPOs. In the U.S., 356 companies were acquired for an aggregate amount paid of $27.3 billion, according to Dow Jones VentureOne statistics, an increase of 17% as the median amount paid rose to $23 million with more mature companies being acquired and increased competition among buyers. In Europe, venture-backed IPO activity surged last year with 60 offerings that raised €2.03 billion ($2.40) billion, an 71% increase in transactions and a 185% increase in capital raised compared to 2004. One factor that may have contrib-uted to the IPO increase in Europe is the maturing of the AIM and new ex-changes such as Alternext that are making it easier for smaller companies to achieve exits via the public market. The median time between initial investment to exit has risen to more than five years compared with less than three years in the mid 1990’s. The impact of that longer period to exit is critical for both VC-backed C-level executives and inves-tors. Emphasis on capital efficiency, capital deployment milestones, and more calculated risk taking will continue to be critical both for investors and their investees. Established Markets—US, Europe and Israel

The established markets of the US, Europe and Israel, experienced a trend of increased later stage investment, with fewer but larger financings. In the US, $22.1 billion (€18.6 billion) was invested in 2,239 financing rounds, essentially no change in terms of deals but an increase of 2% in terms of capital, with later stage capital rising to 49% of total capital invested from 44% in the previous year. In Europe, €3.6 billion ($4.25 billion) was invested in 1,020 financing rounds, 5% less capital and 16% fewer rounds than the previous year; as in the US, later stage capital grew to represent 49% of the total amount invested, up from 44% last year. In Israel, $1.1 billion (€0.92 billion) was invested in 171 financing rounds, a decline of 17% in terms of deals and 20% in terms of capital invested compared to 2004; later stage financing, however, increased to 55% of capital invested from 49% in the previous year.

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By industry, biopharmaceutical and software companies continued to dominate venture-capital investing in the U.S., Europe and Israel throughout 2005. Among the noteworthy U.S. trends in 2005 was an increase in financing for medical-devices companies, which garnered more than $2 billion in capital this year—the most directed at this segment since 2000. In addition, $2.42 billion was invested in consumer and business-service companies, which includes a number of Internet companies. This is the most money to this segment since 2001—and a 53% increase over 2004—signaling interest in Internet 2.0 and other services. Like the U.S., Europe experienced an increased focus on medical device financ-ing—the €310.9 million invested in European medical device companies was the most capital directed to this segment since 2001. New activity also appeared in a range of emerging industries in Europe, such as alternative energy which saw investments increase 25% to €50.3 million in 2005. This was likely fueled by the success of several venture-backed energy IPOs around the world last year, including Europe’s largest, Q-Cells (XETRA: QCE), a solar cell developer which raised €313.2 million in its public offering. In Israel there was significant interest in products and services companies, which received $54.3 million invested, an increase of 36%. There was also interest in medical devices companies, which garnered 26 deals and $123.8 million invested in Israel over the course of the year. Biopharmaceutical investing increased to $129.4 million, with 12 deals. Emerging Markets—China and India

China is becoming more and more of a factor in the global venture capital market. In 2005, $1.1 billion was invested in 233 mainland Chinese companies, a decline of 16% in terms of capital invested, according to Zero2IPO. At the same time, Chinese companies were involved in significant liquidity activity in U.S. markets last year, including Baidu’s $109 million IPO, Focus Media’s $170 million IPO and the $1 billion strategic investment Yahoo! made in Alibaba.com. Several innovation clusters are expected to emerge in China, with the main focus being adapting technology applications to the local market. The decline in investment activity in China in the first half of 2005 has been attributed in part to the enforcement of a regulatory initiative by China’s State Administration of Foreign Exchange (SAFE), known as Circulars 11 and 29, that

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halted the establishment of the offshore corporate structures allowing foreign-venture capitalists—the largest source of venture-capital investment in China—to exit a Chinese company investment through an IPO on a foreign exchange. In a development applauded by the Chinese Venture Capital Association and legal observers, SAFE recently issued new regulations, Circular 75, that laid out a new process for establishing offshore structures, restoring the exit path for foreign investors. As a result, Chinese venture-capital investment is expected to rebound. The $4.0 billion in new China-focused funds raised is a strong leading indicator of robust investment activity in the future. In India, where the market is focused mainly on post venture private-equity deals, early stage investing is in “comeback mode” reports TSJ Media, which notes new interest in purely India-based companies. TSJ Media tracked 22 early-stage investments in India-based companies worth a total of $79 million in 2005. Six early-stage cross-border investments totaling $71 million were also completed. Notable deals in India last year include a $12 million investment by Nokia Growth Partners and New Enterprise Associates in Sasken, the Indian telecom company that also went public in 2005; a $10 million second round to the travel site Make-mytrip.com from Softbank Asia Infrastructure Fund (SAIF); and a $10 million second round to HelloSoft, a U.S./India digital signal processing company, from investors such as TD Capital, Venrock Associates and Sofinnova Ventures. The increased interest by foreign VCs in India can be demonstrated by the recent announcement by Draper Fisher Jurvetson of its new $200 million India fund. Globalization

Although venture capital is a local business, requiring hands-on involvement in building portfolio companies, investors’ mind-set and operational/investment models have become much more global. Global consumer markets, increased global competition, investment opportunities in emerging markets, the higher cost of building a company in the mature markets and advancements in technology are all driving the globalization of both venture capital funds and their portfolio companies. Investors are increasingly working with their portfolio companies to take advan-tage of the low cost pool of talent in emerging markets. Private venture-backed companies must increasingly act as multinational companies earlier in their life

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cycle, taking advantage of the new global ecosystem that matches the increased demand for innovation with an international supply of talent, innovative technolo-gies, business models and capital. Startups increasingly need to look at India, China, Russia, Rumania, Bulgaria, and other low-cost/high-talent markets to outsource R&D and manufacturing very early on. Many VC firms, especially those in Silicon Valley, will not fund a company without a strategy to take advantage of global cost efficiencies. With modest exit markets for venture-backed companies and increasing global competition, capital efficiency will be a key success factor for portfolio companies and investors alike. In the last year we have seen the emergence of various operating and investment models of Silicon Valley VCs in China. The common foundation of all the models is collaboration. Collaboration among funds will increase in the coming years as global investors seek out local funds in emerging innovation hotbeds for help in making the right investments and penetrating large developing consumer mar-kets. As cross-sector innovation increases, so will collaboration among funds in order to complement each other with the right skills and expertise when investing in the cross-sector deals that will likely characterize the next wave of disruptive technology or business models. Emerging Markets—China

The nation that invented the compass, paper-making, printing and gunpowder is getting back on the innovation track. Although China’s venture capital ecosystem is in its early development stages and much remains to be done to create vibrant and sustainable venture capital hotbeds, there is no doubt that several Chinese innovation-based venture capital hotbeds will emerge. As recent example of the progress of technology innovation in China, Tom Freedman cites the statistic that almost 10% of the research papers submitted to the 2005 Siggraph convention, a premier global conference for computer graphics and interactive technologies, were submitted by Microsoft’s research lab in Beijing—more than MIT or Stan-ford. But innovation is not only the ability to create disruptive technologies but also to create disruptive business models. Shanda, Ctrip, Focus Media and Alibaba.com are only some examples for disruptive business models that were successfully developed and deployed in China.

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2005Global VentureCapital LandscapeFIG.2

Note: Datadoesnot includePIPEorbuyout transactionsSource: Ernst &Young/DowJonesVentureOne,exceptB(ThomsonMacDonald),H(TSJMedia),I(Zero2IPO),J(AustraliaBureauof Statistics),K(NewZealandCapitalMonitor)

A

C

DE

G

F

J

I

H

B

K

North AmericaA UnitedStates $22.1 2239

BayArea $7.7 731NewEngland $2.8 272NewYorkMetro $2.2 159So.California $2.1 203Potomac $1.0 97Texas $1.0 108

Country $BInvested Rounds Country $BInvested Rounds Country $BInvested Rounds

WashingtonState $0.8 86B Canada $1.6 591

EuropeCUnitedKingdom $1.2 307D France $0.8 213EGermany $0.6 106F Sweden $0.3 96

IsraelGIsrael (all sites) $1.1 171

Asia/ PacificHIndia $1.1 92I China $1.1 233J Australia $1.7 822K NewZealand $0.04 72

On the other hand, as demonstrated by the SAFE regulatory action last year, significant challenges face the young venture capital industry in China. Some of the most important challenges include: � Lack of a local Nasdaq-like exchange to provide exits for high growth VC-

backed companies � Weak intellectual property regulation and protection, making it difficult to

capitalize on innovation � Lack of a comprehensive venture capital law in terms of structures and taxa-

tions � Shortage of the management talent, both at the company and investor levels,

needed to build growth companies � Underdeveloped system for technology transfer � Large degree of control exercised by the central government in the venture

ecosystem, resulting in disincentives for both entrepreneurs and investors � Lack of stability in regulations

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In the past, VCs have invited their peer firms to co-invest with them in a local deal. This is not enough today, since technology, talent and customers are globally dispersed. In order to enter new or emerging markets, VCs can either start their own office from the outset, which is risky, team up with a local VC partner in the new market or work their way through a multinational in the target country who is a customer in the portfolio companies. This trend is seen most clearly in the operating models deployed by foreign VC firms—mainly from Silicon Valley—in China over the past few years. Most of these funds chose an operating model based on various levels of collaboration with local funds and local investment teams.

Emerging Markets—India

While the Indian venture capital ecosystem is less developed than China’s, key events last year suggests that venture capital activity in India will accelerate. Some of the most important developments include major announcements by Microsoft, Intel and Cisco about future investments in the technology sector in India. Microsoft announced the establishment of an innovation center and Cisco announced dedicated venture capital resources to India. Other developments include the new dedicated DFJ India fund, the increase in venture capital deals, the increase in investment activity by Silicon Valley based investors, the shift to core innovation in some of the large foreign corporation research centers, the expansion of middle class market and government initiatives to change the regulatory environment. Foreign VCs will likely step up investment activity over the next 12 to 18 months, helping to foster development of the venture capital industry in India. With many of the Silicon Valley firms having concluded their China strategy development last year, they will be able to devote more time to their India strategy. In addition, the East Coast and European funds that have been more conservative about China than their Silicon Valley counterparts will likely initiate investment activity in India. Foreign VCs have a critical role to play in the development of the right venture capital ecosystem in India by providing the needed early stage capital, instilling confidence with local investors and entrepreneurs, and by sharing their experi-ence and expertise in building innovative fast growth venture backed companies. We anticipate that foreign VCs will employ operating models similar to the ones seen in China.

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Emerging Markets—Eastern Europe

Is Eastern Europe the next venture capital hotbed? Will it have the role of low cost R&D and manufacturing outsourcing for Western Europe as India and China are for the United States? Although we can not have a definitive answer, it is clear that some large technology multinationals and investors have taken the first steps. Various global market leaders, such as SAP, have already or plan to establish innovation centers in Eastern Europe. In addition, a growing number of VC-backed Western European companies have established R&D teams in Eastern Europe. Venture capital investors are starting to look at opportunities in the region—Dow Jones VentureOne tracked 15 Eastern European venture capital deals valued at $81 million in 2005. Intel Capital and the Poland-based Enterprise Partners are among the most active investors in Eastern European companies. The two firms teamed up last year in a $51 million investment in Grisoft, a Czech anti-virus software company whose products are used on more than 25 million PCs. The advantages of Eastern Europe for Western Europe can include culture, language, geographic proximity, and the fact that some countries are already members of the European Union. Eastern Europe and Russia also offer a pool of high quality engineers. Emerging Opportunities

More than 50 years ago, the introduction of commercial TV created new ways to connect, communicate and acquire customers. With over 1 billion people online worldwide and with over 200 million global broadband subscribers, the Internet is again changing the ways in which we connect and interact. The Internet makes it possible to work more collaboratively and break down the distinction between here and there with countries like India and China. Cheap or free technologies, such as Skype which provides “free” phone calls, with simultaneous video ses-sions and document sharing over the internet, are changing the entire start-up landscape. Outsourcing, distributed R&D, marketing, sales and support can be done from anywhere in the world on a shoe-string budget. Moreover, the new technology cycle driven by the convergence of Internet 2.0—global wireless internet that continuously connects people, objects and machines —and the needs of consumers in the vast emerging markets of China and India, will create disruptive business models and technologies that will disrupt today’s market leaders and give rise to the next generation of global market leaders. China, India and other emerging markets are home to a growing wave of con-

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sumers who have different needs, disposable income and purchasing behavior than those in the developed market. This new technology cycle also presents the need for cross investment expertise and opportunities between multiple industry sectors such as technology, media and entertainment. China and India are not just the source for new and disruptive business models around Internet 2.0 but also the main drivers of clean (or green) technology development. China’s deputy minister of the environment, Pan Yue, said that China’s “raw materials are scarce, we don’t have enough land, and our popula-tion is constantly growing… In 2020, there will be 1.5 billion people in China… the environment can no longer keep the pace. Half of the water in our seven largest rivers is completely useless. One-third of the urban population is breathing polluted air.”1 The emergence of opportunities in the Clean Technologies sector, which includes energy, water and other environmental technologies, can be seen in current investment levels and successful IPOs. New Energy Finance reported that almost $2 billion was invested in energy technology companies by venture capital and private equity funds in 20052. Red Herring reported that four of the top 10 VC-backed IPOs in 2005 around the globe were of energy technology companies.3 We expect that in addition to the existing specialized investors in this sector, we will see a growing number of VC and private equity funds become players in the Clean Technology sector. Recent innovations in medical technologies and biotech, combined with the human desire to have better quality of life and live longer, will continue to create tremendous investment opportunities in these sectors. In addition, emerging markets present significant development opportunities in these sectors. For example, one of the successful Chinese IPOs on NASDAQ in 2005 was China Medical Technologies. We expect to see more successful medical technology companies from China in the near future.

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New Players

As the venture capital global landscape is changing, we can expect to see new players in the venture capital arena:

� Venture Capital Funds: As we go through the fund raising cycle in the mature markets, some firms will not be able to raise a next fund and will exit the ven-ture capital landscape. On the other hand, new breeds of funds will be born, such as those that develop specific expertise in certain sectors or geography and collaborate by providing complementary skills on a cross-sector basis. It is also clear that China, India and other emerging markets will grow new local and global funds.

� Private Equity Funds: As the market for venture-backed IPOs is not expected

to improve significantly in 2006, private equity funds will likely increasingly pro-vide an exit for private venture-backed companies in the form of buy-out or roll-ups in certain segments.

� The Return of the Corporate: As significant growth in the face of increasing

global competition is the top need of multinational CEOs, there is growing in-terest market leaders to drive growth through corporate venturing, fostering entrepreneurship in large organizations, spin-offs of ideas, innovation incuba-tion and interchange with venture capital funds. In addition, the deep pockets of large internet companies such as Google, eBay and Yahoo is a significant source for funding of new startups. The return of the corporate does not create competitors to VC firms; rather, it provides complementary expertise and op-portunity for collaboration and partnerships.

Outlook

Although the venture capital industry is going through a transition, we believe it is a healthy one that will develop more opportunities in new sectors, across existing sectors and in the emerging markets. The role of venture capital to provide initial capital and company building expertise to new innovative companies continues to be vital both on the developed and developing venture capital hotbeds around the globe. The impact that venture capital has had in mature economies such as the United States and Israel, will be followed by similar impact in the emerging markets in the years to come.

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The increased competition, globalization, convergence of industry sectors and the need to develop cross-sector expertise, will result in increased collaboration among venture capital funds and multinational firms, as well as and new forms of operating models around the globe. Gil Forer Ernst & Young Venture Capital Advisory Group

Global Director, Part of Strategic Growth Markets. www.eyonline.com/growth Gil.Forer@ey.com

Dr. Martin Haemmig Adj. Prof., Globalization of Venture Capital, at CeTIM

Center For Technology & Innovation Management researching Asia, Europe, Israel, and USA. www.MartinHaemmig.com Martin.Haemmig@cetim.org

The preceding article is an excerpt from the Ernst & Young publication, “Transi-tion—Global Private Equity: Venture Capital Insights 2006”. Visit www.eyonline. com/growth to download the full report or request a printed copy.

SECA Events and Trend Luncheons

IV.

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Reporting SECA Evening Events Erbenholding und indirekte Teilliquidation Eine Analyse nach dem umstrittenen BGE Tuesday, February 1, 2005, Hotel Widder, Zurich Moderation Christian Wenger Wenger & Vieli Rechtsanwälte Speakers Daniel Schär Meyer Lustenberger Rechtsanwälte Barbara Brauchli PricewaterhouseCoopers Alexander Krebs CAPVIS Equity Partners Otto Ineichen Nationalrat, FDP Schweiz Participants 150 Event partner Wenger & Vieli Rechtsanwälte, Zurich Turnaround: Voraussetzungen und Wege zum Erfolg Tuesday, March 22, 2005, Hotel Widder, Zurich Moderation Reto Müller Helbling-Gruppe Speakers Jörg Müller-Ganz Helbling Corporate Finance Dieter Walser UBS AG Alfred M. Niederer Verwaltungsrat in verschiedenen Unternehmen; u.a. bei Von Roll, Micronas, Voegele, Calida Participants 55 Event partner Helbling-Gruppe, Zurich Private Equity vs. Hedge Funds? Realistische Renditeerwartungen? Tuesday, May 24, 2005, Hotel Widder, Zurich Moderation Massimo S. Lattmann Venture Partners AG Speakers Fred Siegrist RMF Investment Management Christoph Schenk Credit Suisse Asset Management Christoph Rubeli Venture Partners AG Participants 60 Event partner Venture Partners AG, Zurich

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Venture Capitalists Involvement through the Board Tuesday, October 18, 2005, Hotel Widder, Zurich Moderation Ulrich Geilinger HBM Partners AG Speakers Eli Talmor London Business School Daniel Kusio BVgroup Private Equity Daniel Ruppen UBS Participants 50 Event partner London Business School / Private Equity Institute Hostile Take-Overs: Strategien und Erfahrungen für den Übernahmekampf Tuesday, November 22, 2005, Hotel Widder, Zurich Moderation Martin Menzi Swiss Capital Group Speakers Richard Flury Kardex-Remstar Gruppe Werner Braunöck Tisbury Capital, London Sacha Wigdorovits Contract Media AG Participants 80 Event partner Swiss Capital Group, Zurich

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Reporting SECA Trend Luncheons Central and Eastern Europe: A chance for Private Equity Investors? Wednesday, January 19, 2005, Hotel Hyatt, Zurich Speakers Siegfried Mörz Capexit-Group Christian Kaltenegger Capexit-Group Participants 24 Event partner Capexit Private Equity, Vienna LPX als Benchmark für Private Equity Investoren Thursday, March 3, 2005, Hotel Hyatt, Zurich Speakers Michèl Degosciu LPX GmbH Participants 24 Event partner LPX GmbH, Basel CTI Invest: Seed und Start-up Opportunitäten für Business Angels und Venture Capital Investoren Thursday, July 7, 2005, Hotel Hyatt, Zurich Speakers Christian Wenger Wanger & Vieli Rechtsanwälte Jean-Pierre Vuilleumier CTI Invest Participants 42 Event partner CTI Invest, Berne

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Entlastet die Unternehmenssteuerreform II auch die Unternehmer? Thursday, September 22, 2005, Hotel Hyatt, Zurich Speakers Barbara Brauchli Rohrer PricewaterhouseCoopers AG Martin Büeler PricewaterhouseCoopers AG Participants 33 Event partner PricewaterhouseCoopers AG, Zurich Wi Harper Group: direct and indirect Venture Capital Investment Opportunities in China Monday, October 24, 2005, Hotel Hyatt, Zurich Speakers Marin Haemmig UC Berkeley China Research Center Peter Liu WI Harper Group Peng Fang WI Harper Group David Zhang WI Harper Group Participants 45 Event partner WI Harper Group Event Sponsors

LPX

SECA Spotlights 2005/06

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SECA Spotlight End of Year Roundup 2005/06

We selected some news and statements made by SECA members over the year to illustrate the trends at work in the Swiss market. We also selected two SECA Spotlights on two of our prominent members (they appeared in our monthly eNewsletter > www.seca.ch/newsletter). On the mark

Horizon21 launched this year and its private equity business unit is creating some new alliances and further development in the Swiss market. SECA member Benedickt G. Brenninkmeijer predicted it in his Spotlight interview earlier this year: We do anticipate a consolidation in the listed private equity market in Switzerland and in Europe. For the time being we do not have plans to actively drive that consolidation. But we are pragmatic and opportunistic enough to act accordingly. shaPE, with its relatively small size and excellent portfolio is, however, more likely to be a bride [target] than a groom [acquirer]. shaPE Capital Ltd, the listed fund-of-fund firm in Zug. Benedickt G. Brenninkmeijer Hedge funds and private equity

Another prediction, that hedge funds would increasingly be interested in private equity and venture capital is true for other parts of Europe and the US, but to-date there has been little apparent interest in direct deals in Switzerland, although Laxey Partners has been active with at least two listed funds here There is also a blurring of the lines of the types of private equity investments made by hedge funds and buyout funds. We are seeing entry of hedge funds into the buyout sector, but I also see hedge funds entering late stage venture invest-ing. The latest round of one of one of our semiconductor companies saw a hedge fund participating. The hedge funds are typically looking for a pre-IPO investment. Bryan Wood, Alta Berkeley in Geneva

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Swiss small and mid-market growth

The mid-market is proving to be rich ground for some newer teams to emerge in Switzerland. Both Madison Private Equity and CGS are names to mention here, as they expand and achieve exits on investments made between 1999 and 2001. “We are in the European Top Quartile for vintage year 1999 in European Buyouts, which we are happy about.” casparis gloor lanz & co CGS Management’s Lars Niggeman Madison Private Equity Holding sells majority stake in Attias Textiles (Teddy’s and Detto Fatto) and expands team Spotlight on Horizon21 (June, 2006: SECA eNewsletter No. 45)

This month’s spotlight is on SECA member, Horizon21 of Pfäffikon, a new venture founded by Rainer-Marc Frey and Adrian Gut, the same two entrepreneurs that established hedge fund of fund manager RMF Investment Group, acquired by Man Group plc in 2002. SECA News asked the firm's co-founder Adrian Gut three questions. What is Horizon21 field of endeavor?

Horizon21 is an integrated investment management boutique. The firm is based in Pfäffikon and currently employs 30. We are structured as a holding company with five specialized units. At the moment, there is about SFr 1 billion under manage-ment, mainly the capital of Rainer-Marc Frey and other senior partners. We are really in the beginning of establishing the company and expect to be through that process by this time next year. An office in London is being opened, as is one in Caymen Islands. We are still hiring and we are looking for entrepreneurial man-agement teams. What are the sub-holdings of Horizon21?

As I said before, the business is still being built, but I can tell you that Horizon21 consists of five business units:

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1) Horizon21 Wealth Management: asset management for high net worth indi- viduals 2) Horizon21 Private Equity 3) Horizon21 Active Alpha 4) Horizon21 Alternative Investments 5) Horizon21 Special Opportunities In general, all these units will both have clients on their own, as well as cater into the wealth management unit. Active Alpha is a hedge funds business where we will operate our own trading desk. Alternative Investments is another unit that will package and structure products, including hedge funds, real estate, and new alternatives, such as weather derivatives, commodities, or insurance links. The Private Equity unit today consists of holdings Invision, Capital Dynamics, both based in Zug, Switzerland, and Crossbow Ventures, based in Florida. What will the founders’ roles be?

Rainer-Marc Frey is talented at finding and developing new teams. His main job will be coaching and developing emerging managers. He has a track record in backing innovative financial projects and developing the specialized management skills of such teams. For example, LGT Non Traditional Advisors Ltd. [the man-agement company established in 1996 by RMF and LGT—one third owned by RMF—to create the listed hedge fund of fund vehicle, Castle Alternative Invest], and Swiss Life Hedge Fund Partners [which started out as a joint venture between RMF and Swiss Life/Rentenanstalt in 1998] . My role will be similar to his and in addition to this, for the first year or two, I will help to build the group as the CEO of Horizon21 Management Services, the corporate center unit.

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Spotlight on 3i Switzerland (January, 2006: SECA eNewsletter No. 52)

SECA News talked to Markus Reich and Michael Petersen, based in Zurich, both are 3i partners and have run the Swiss operations of 3i since 2000. Could you give us an overview of the Swiss team and what you have done since opening the office in 2000?

Today, with 3i’s two partners, five investment executives and four support staff, 3i is one of the largest active private equity firms in Switzerland. We have now been present in the country with 3i Switzerland Ltd for over 6 years and have completed a number of remarkable and highly successful investments in this time frame. From the beginning we have been focusing on the attractive segment of Swiss small and medium sized companies (SMEs) investing as majority shareholder in form of management buy-outs or as minority shareholder mainly in form of growth capital. Our main investment criteria include sustainable sector growth, entrepre-neurial management, business USPs, company leadership and profitability. 3i invests as an active shareholder and differentiates itself via its international network, industrial know-how and decades of private equity experience. At 31st March 2005, 3i’s portfolio of German, Swiss and Austrian investments was valued at approx €725m. Can you give us some insight into a few of your investments and what you concentrate on after investing?

Examples of our Swiss investments include: � Arpida AG, Drug discovery & development � Beldona AG, Retail � Goldbach Media AG, marketer of electronic media � Lonstroff AG, Elastomere products � MIBAG, Property + Facility Management � Movie-Box Betriebs AG, DVD rental machines � Pilatus Flugzeugwerke AG, aircraft manufacturer � SR Technics Switzerland, Aviation Maintenance � u-blox AG, Location technology (GPS)

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3i’s main sectors of interest are: support services, life sciences, electronics & telecoms, media and engineering. 20 percent of 3i’s Swiss investments are technology-oriented, 35 percent are expansion-oriented—e.g. Pilatus and Movie-Box—, and 45 percent are buyouts, e.g. MIBAG Property + Facility Management or SR Technics, one of 3i’s largest buyouts undertaken in which 3i helped the company to achieve broader international market share in the aviation market. 3i’s extensive experience of the aviation sector has been crucial to development and implement SR Technics’ strategic goal to emerge as the world’s leading inde-pendent Total Solutions Provider of aircraft, component, engine and technical services. A question about competition and differentiation... How is the competition in the Swiss market and how do you see the coming year shaping up?

3i offers something that few of our competitors can; a truly global network of contacts, extensive industrial know-how and smart capital being able to be tailored to the needs of companies and other shareholders. Our competitive advantage comes from this international network and the strength and breadth of our rela-tionships in business. Having made an investment, we work in active partnership with our company boards to create profitable growth. In Switzerland, we invest, on the average, 100 million CHF per year (excluding large transactions like SR Technics). Our investments in buyouts range from 60 million CHF to 1 billion CHF, in expansion deals from 15 to 150 million CHF. With new investment prices reaching very high levels currently, 3i is selective and prudent. Rather than in a huge portfolio of various companies, we prefer to invest in the strongest and potentially highly-profitable companies. For more information, see: http://www.3i.com http://www.3i.com/countries/switzerland/home.html

SECA Financial & Audit Report

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Membership Reporting

VII.

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3i Schweiz AG Contact Information Address Othmarstrasse 8 8008 Zürich

Telephone No +41 44 250 44 00 Fax No +41 44 250 44 10

E-mail Adress for General Enquiries Switzerland@3i.com Format of Personal E-mail Addresses forename.surname@3i.com Web Address www.3i.com Company Information Key Persons Mr. Markus Reich Mr. Michael Petersen Year of Establishment June 2000 Number of Employees 10 Fund Names Capital Under Management Number of Portfolio Companies Examples of Portfolio Companies Investment Preferences Size of Investment 3’000’000 – 100’000’000 CHF Investment Stages Buyout – Buyin, Early Stage Expansion – Development Capital Industrial Sectors All Geographical Focus Switzerland Type of Financing Equity Financing Minority/Majority Holding Preferences Short Company Profile

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adbodmer Contact Information Address Tödistrasse 16 8002 Zürich

Telephone No +41 43 344 94 24 Fax No +41 43 344 94 23

E-mail Adress for General Enquiries Format of Personal E-mail Addresses forename.surname@adbodmer.ch Web Address www.adbodmer.ch Company Information Key Persons Mrs. Adriana Bodmer Year of Establishment January 2001 Number of Employees 9 Fund Names Capital Under Management Number of Portfolio Companies Examples of Portfolio Companies Investment Preferences Size of Investment No investments: Consulting Investment Stages None Industrial Sectors Computer Related, Construction – Building Products, Consumer Related, Finance – Insurance – Real Estate, Food – Beverages, Industrial Automation Industrial Products and Services, Manufacturing, Telecommunications, Communication other Transportation Geographical Focus Germany, Switzerland, UK, USA Type of Financing None Minority/Majority Holding Preferences Short Company Profile

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Adinvest AG Contact Information Address Rigistrasse 25 8126 Zumikon

Telephone No +41 44 202 21 55 Fax No +41 44 202 19 42

E-mail Adress for General Enquiries Format of Personal E-mail Addresses n.sunderland@adinvest.ch Web Address Company Information Key Persons Dr. Neil V. Sunderland Year of Establishment 1986 Number of Employees Fund Names various Capital Under Management not disclosed Number of Portfolio Companies > 30 (direct and indirect) Examples of Portfolio Companies 3T Supplies AG, OpenBC GmbH, Aminotech AS Investment Preferences Size of Investment 500’000–5’000’000 EUR Investment Stages early stage, small buyouts, pre-IPO Industrial Sectors life sciences, internet/IT, wireless, etc. Geographical Focus Europe, West Coast US, Hong Kong,

Australia Type of Financing equity Minority/Majority Holding Preferences minority holdings with strong partners Short Company Profile Corporate finance und Beteiligungsgesellschaft Active in: Europe through private Syndications and Schirm private Equity LP West Coast USA through Montreux Equity Partners (life sciences only) Hong Kong, USA through ACL Holdings Ltd. Australia through private syndications

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Affentranger Associates AG Contact Information Address Gessnerallee 38 8001 Zürich

Telephone No +41 44 226 90 00 Fax No +41 44 226 90 10

E-mail Adress for General Enquiries info@aasa.com Format of Personal E-mail Addresses initials@aasa.com Web Address www.affentrangerassociates.com Company Information Key Persons Mr. Eduard Straub Mr. Anton Affentranger Year of Establishment 2002 Number of Employees 9 Fund Names Capital Under Management Number of Portfolio Companies 4 Examples of Portfolio Companies dartfish SA, mikron holding SA (SWX, Ticker: MIKN) Investment Preferences Size of Investment Investment Stages All Industrial Sectors All Geographical Focus All Type of Financing All Minority/Majority Holding Preferences Short Company Profile Our ambition in principal investing: Achieve sustainable long-term returns by active participation in the value creation process through a symbiosis of capital and labour investments into companies in a transition phase by applying complementary skills in leadership, management, technol-ogy, production, marketing and finance paired with hands-on involvement respecting highest professional and ethical standards striving for the stringent implementation of a focused business model.

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AFINUM Management GmbH Contact Information Address Seefeldstrasse 69 8008 Zürich

Telephone No +41 43 488 36 58 Fax No +41 43 488 35 30

E-mail Adress for General Enquiries Format of Personal E-mail Addresses philipp.schuelin@afinum.ch Web Address www.afinum.ch Company Information Key Persons Dr. Philipp Schülin Year of Establishment Number of Employees Fund Names Capital Under Management Number of Portfolio Companies 7 Examples of Portfolio Companies Wohnprofil, Schaetti, Holmer, Bettmer, Arwe Investment Preferences Size of Investment Min 10’000’000 CHF Investment Stages Buyout – Buyin, Replacement Capital Industrial Sectors All Geographical Focus Austria, Germany, Switzerland Type of Financing Equity Minority/Majority Holding Preferences Majority Equity Short Company Profile Private Equity Fund focussing on midsized buyout transactions in German Speaking Europe.

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AIG Private Equity AG Contact Information Address Baarerstrasse 8 Postfach 244 6300 Zug Telephone No +41 41 710 70 60 Fax No +41 41 710 70 64

E-mail Address for General Enquiries info@aigprivateequity.com Format of Personal E-mail Addresses c.schneider@aigprivateequity.ch Web Address www.aigprivateequity.com Company Information Key Persons Mr. Conradin Schneider Year of Establishment September 1999 Number of Employees Fund Names Capital Under Management 450’000’000 CHF Number of Portfolio Companies 23 Examples of Portfolio Companies 89 Investment Preferences Size of Investment 5’000’000–50’000’000 EUR Investment Stages Buyout Industrial Sectors Beverages, Chemicals and Materials, Computer: Hardware, Software, Service; Consumer Related, Food, Industrial Auto- mation, Manufacturing, Medical: Health care, Instruments and Devices, Pharma, Services; Telecommunication Geographical Focus Asia, Europe, North America Type of Financing Equity, Mezzanine Minority/Majority Holding Preferences Majority / Minority Equity Short Company Profile AIG Private Equity Ltd. is a Swiss investment company domiciled in Zug. The company integrates a fund of funds approach with selective direct investments in a portfolio that is highly diversified by region, financing stage and industry. 88% of the company’s assets are allocated to fund investments and 12% is allocated to direct deals.

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Alpha Associates Contact Information Address Talstrasse 66 Postfach 1081 8093 Zürich

Telephone No +41 43 244 30 00 Fax No +41 43 244 30 01

E-mail Address for General Enquiries info@alpha-associates.ch Format of Personal E-mail Addresses forename.surname@alpha-associates.ch Web Address www.alpha-associates.ch Company Information Key Persons Dr. Peter Derendinger Dr. Petra Salesny Mr. Petr Rojicek Mr. Christoph Huber Year of Establishment April 2004 Number of Employees 12 Fund Names Private Equity Holding, 5 E Holding, Alpha 2001, LP, Alpha CEEII, LP Investment Preferences Size of Investment Min 3’000’000 EUR Investment Stages Mezzanine – Bridge, Buyout, Early-Stage, Seed, Expansion – Development Industrial Sectors Biotechnology, Semiconductors, Electronics, Internet, Media, Medical: Health Care, Instruments and Devices, Pharmaceuticals; Telecommunication Geographical Focus Central, Western, Eastern Europe, USA, Israel Type of Financing Equity Financing Short Company Profile ALPHA Associates is an independent private equity manager, managing thematic fund-of-funds with a specialized investment focus. In addition, ALPHA offers strategic and performance analysis, active management of private equity portfolios and builds tailor-made private equity programs for institutional investors and UHNWIs. A core investment theme is Central and Eastern Europe, where ALPHA has a proven track record as the manager of the only fund-of-funds dedicated to private equity investment in the CEE region, 5E Holding. ALPHA also manages Private Equity Holding, an investment com-pany listed on the SWX Swiss Exchange and ALPHA 2001, LP, a globally diversified fund-of-funds, and is currently in fundraising for a second private equity fund for Central and Eastern Europe, ALPHA CEE II, LP.

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Alta Berkeley Venture Partners S.A. Contact Information Address 17 A Rue de la Croix D’or 1204 Genève

Telephone No +41 22 310 27 21 Fax No +41 22 311 55 36

Format of Personal E-mail Addresses bw@altaberkeley.com Web Address www.altaberkeley.com Company Information Key Persons Mr. Bryan R. Wood Year of Establishment Number of Employees Fund Names Capital Under Management Number of Portfolio Companies 22 Examples of Portfolio Companies Polatis, Dune, Frontier Silicon Investment Preferences Size of Investment Investment Stages Industrial Sectors All Geographical Focus Europe, Israel Type of Financing Minority/Majority Holding Preferences Short Company Profile Alta Berkeley is a premier European venture capital firm, focused on identifying excep-tional young technology companies based in Europe and Israel, and leveraging our wealth of experience and industry contacts to help them become commercially success-ful in the global market.

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ALTIUM CAPITAL AG Contact Information Address Dufourstrasse 60 8702 Zollikon

Telephone No +41 43 499 43 43 Fax No +41 43 499 43 44

E-mail Address for General Enquiries christian.wipf@altiumcapital.ch Format of Personal E-mail Addresses forename.surname@altiumcapital.ch Web Address www.altiumcapital.com Company Information Key Persons Mr. Christian Wipf Mr. Thierry Desepibus Year of Establishment 1987 Number of Employees 24 in three offices Fund Names none Capital Under Management none Number of Portfolio Companies none Examples of Portfolio Companies none Investment Preferences Size of Investment n/a Investment Stages n/a Industrial Sectors All Geographical Focus D, A, CH Type of Financing n/a Minority/Majority Holding Preferences n/a Short Company Profile Altium is a leading European investment-banking group, operating through a network of owned and affiliated offices. Our primary focus is on emerging growth companies. We provide a full range of investment banking services to our corporate clients (including fundraising, M&A and general advisory services) and to private equity firms and public market institutions, which finance them. Our clients include entrepreneurs, private venture-backed enterprises and quoted companies. Founded in 1987, Altium’s Zürich office focuses primarily on the Swiss and Austrian markets. Altium Zürich also works very closely with the Altium Munich and Milan offices to cover the Central European M&A markets. Around 70% of all transactions are cross-border and industry experience includes manufacturing, logistics, IT, media, technology, life sciences and real estate.

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Apax Partners & Co. Beteiligungsberatung Contact Information Address Dufourstrasse 60 8702 Zollikon

Telephone No +41 43 499 43 35 Fax No +41 43 499 43 44

E-mail Address for General Enquiries Format of Personal E-mail Addresses max.burger@apax.com Web Address www.apax.com Company Information Key Persons Mr. Max Burger-Calderon Year of Establishment 1972 Number of Employees 10 Fund Names Capital Under Management 20’000’000’000 USD Number of Portfolio Companies 330 Examples of Portfolio Companies Sulo, IFCO, Kabel Deutschland Investment Preferences Size of Investment Min 15’000’000 EUR Investment Stages Buyout, Late Stage Venture, Expansion Industrial Sectors Media, Tech & Telecoms, Retail & Consumer, Healthcare and Financial & Business Services Geographical Focus Europe, Israel, USA and Asia Type of Financing Equity Financing Minority/Majority Holding Preferences Short Company Profile Apax Partners is one of the world’s leading private equity investment groups dedicated to high performance, entrepreneurial businesses. The group advises a number of Invest-ment Pools with an accumulated total of 18’000’000’000 EUR and pursues a balanced equity portfolio strategy, investing in companies at all stages of development from late stage venture to buy-out. The group focuses primarily on five industry sectors: Telecom-munications & Information Technologies, Media, Healthcare, Retail & Consumer Prod-ucts and Financial Services & Business Services. Founded in 1972 in the United States and in Europe, Apax Partners currently has ten offices worldwide. For further information on Apax Partners, visit www.apax.com

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ARALON Contact Information Address Churerstrasse 135 8808 Pfäffikon

Telephone No +41 55 416 26 30 Fax No +41 55 416 26 33

E-mail Address for General Enquiries info@aralon.ch Format of Personal E-mail Addresses Web Address www.aralon.ch Company Information Key Persons Dr. Peter Dreher Dr. Werner Hane Year of Establishment December 2005 Number of Employees Fund Names Capital Under Management Number of Portfolio Companies Examples of Portfolio Companies Investment Preferences Size of Investment CHF 5,000,000–CHF 50,000,000 Investment Stages No Preferences Industrial Sectors All Industries Geographical Focus Eastern Europe Type of Financing Equity Financing Minority/Majority Holding Preferences Majority Equity, Minority Equity Short Company Profile ARALON is an independent private partnership focusing on emerging Eastern European markets. Our business is making exit-driven private equity investments either through development projects or re-development of companies where we own a controlling or minority stake. ARALON specializes on ventures and buyouts in “early stage” Eastern European countries that are about to grow rapidly, in particular in South East Europe and the Russian speaking region.

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Argos Soditic S.A. Contact Information Address 118, Rue du Rôhne 1204 Genève

Telephone No +41 22 849 66 33 Fax No +41 22 849 66 27

E-mail Address for General Enquiries Format of Personal E-mail Addresses ebugnone@argos-soditic.com Web Address www.argos-soditic.com Company Information Key Persons Mr. Edoardo Bugnone Year of Establishment 1989 Number of Employees 6 Fund Names Euroknights III & IV Capital Under Management 250’000’000 EUR Number of Portfolio Companies 21 Examples of Portfolio Companies CH&F, Oxbow, Buffet Crampon Investment Preferences Size of Investment 5’000’000–100’000’000 CHF Investment Stages Management buyouts, management buyins, spin-offs by large corporations, development capital situations Industrial Sectors All Geographical Focus France, Switzerland, Italy Type of Financing Equity Financing Minority/Majority Holding Preferences Majority or influential Minority Short Company Profile Structuring of private equity funds. Min. sales 25’000’000, later stage, all industries. No start-ups or turnarounds.

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aventic partners AG Contact Information Address Giesshübelstrasse 4 Postfach 8027 Zürich

Telephone No +41 44 285 15 85 Fax No +41 44 285 16 86

E-mail Address for General Enquiries info@aventicpartners.ch Format of Personal E-mail Addresses initial of vorename.surname@

aventicpartners.ch Web Address www.aventicpartners.ch Company Information Key Persons Mr. Alan Frei Mr. Jean-Claude Rebetez Mr. Markus Oswald Year of Establishment 1999 Number of Employees 4 Fund Names Capital Under Management 275’000’000 CHF Number of Portfolio Companies 15 Examples of Portfolio Companies Arpida, Colibrys, Informing, Micrus Investment Preferences Size of Investment Min 500’000 CHF Investment Stages Expansion – Development Capital Industrial Sectors Computer Related, Electronics, Industrial Automation, Industrial Product and Services, Internet Technology, Manufacturing, Medical Life Sciences – Health Related, Telecommunications Geographical Focus Switzerland Type of Financing Equity, Mezzanine Minority/Majority Holding Preferences Minority Equity Short Company Profile Aventic partners AG provides equity and coaching to support innovation for small and medium-sized enterprises in Switzerland.

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Banque Bénédict Hentsch & Cie SA Contact Information Address 3, rue du Général-Dufour 1211 Genève 11

Telephone No +41 22 360 91 00 Fax No +41 22 360 91 91

E-mail Address for General Enquiries michael.bloem@gem360.com Format of Personal E-mail Addresses forename.surname@gem360.com Web Address www.gem360.com Company Information Key Persons Mr. Marc Lüthi Year of Establishment Number of Employees Fund Names Capital Under Management Number of Portfolio Companies Examples of Portfolio Companies Investment Preferences Size of Investment Investment Stages Industrial Sectors Geographical Focus Type of Financing Minority/Majority Holding Preferences Short Company Profile

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Bank Julius Bär & Co. AG Contact Information Address Hohlstrasse 604/606 Postfach 8010 Zürich

Telephone No +41 58 888 80 30 Fax No +41 58 888 80 99

Format of Personal E-mail Addresses forename.surname@juliusbaer.com Web Address www.juliusbaer.com Company Information Key Persons Mr. Tobias S. Kaeser Mr. Marc Demarmels Mr. René Flammer Mr. Jürg W. Sturzenegger Year of Establishment Number of Employees Fund Names Capital Under Management Number of Portfolio Companies Examples of Portfolio Companies Investment Preferences Size of Investment Investment Stages Industrial Sectors Geographical Focus Type of Financing Minority/Majority Holding Preferences Short Company Profile The Julius Baer Group is one of Switzerland’s leading banking institutions and manages substantial assets for private and institutional clients from all over the world. The Group’s services consist manly of asset management and investment counselling.

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Bank Vontobel AG Contact Information Address Dreikönigstrasse 37 8022 Zürich Telephone No +41 58 283 77 66 Fax No +41 58 284 70 75

Format of Personal E-mail Addresses thomas.vonplanta@vontobel.ch Web Address www.vontobel.com Company Information Key Persons Dr. Thomas von Planta Year of Establishment Number of Employees Fund Names Capital Under Management Number of Portfolio Companies Examples of Portfolio Companies Investment Preferences Size of Investment Investment Stages Industrial Sectors Geographical Focus Type of Financing Minority/Majority Holding Preferences Short Company Profile Vontobel Banking Group is one of Switzerland’s leading private banking investment banking and asset management groups.

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BDO Visura Contact Information Address Fabrikstrasse 50 8031 Zürich

Telephone No +41 44 444 35 55 Fax No +41 44 444 35 35

E-mail Address for General Enquiries Format of Personal E-mail Addresses forename.surname@bdo.ch Web Address www.bdo.ch Company Information Key Persons Mr. Marcel Jans Mr. Christoph Müller Year of Establishment 1932 Number of Employees 750 Fund Names Capital Under Management Number of Portfolio Companies Examples of Portfolio Companies Investment Preferences Size of Investment Investment Stages None Industrial Sectors All Geographical Focus All Type of Financing None Minority/Majority Holding Preferences Short Company Profile Audit

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BioMedinvestor AG Contact Information Address Elisabethenstrasse 23 4051 Basel

Telephone No +41 61 270 35 35 Fax No +41 61 270 35 00

E-mail Address for General Enquiries info@biomedinvest.ch Format of Personal E-mail Addresses surname@biomedinvest.ch Web Address www.biomedinvest.ch Company Information Key Persons Dr. Bert von Toor Dr. Gerhard Ries Dr. Markus Hosang Mr. Thomas Möller Year of Establishment 2003 Number of Employees 4 Fund Names BioMedinvest AG Capital Under Management 95’000’000 CHF Number of Portfolio Companies Examples of Portfolio Companies Investment Preferences Size of Investment 1’000’000 – 10’000’000 CHF Investment Stages Seed, Start-up, Early Stage, Expansion, Spin-off Industrial Sectors Biotechnology, Medical Technology, Healthcare

Geographical Focus Austria, France, Germany, Switzerland,

Italy Type of Financing All Minority/Majority Holding Preferences Short Company Profile

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BridgeLink AG Mergers & Acquisitions Contact Information Address Centralbahnstrasse 7 P.O. Box 4002 Basel

Telephone No +41 61 206 90 90 Fax No +41 61 206 90 93

E-mail Address for General Enquiries Format of Personal E-mail Addresses initial of forenameSurname@bridgelink.ch e.g. dcwalter@bridgelink.ch Web Address www.bridgelink.ch Company Information Key Persons Mr. Dominik C. Walter Mr. Paul-André Wenger Mr. Peter H. Altherr Mr. Sven Jozefowski Mr. W. Fenimore Mr. R. Richli Year of Establishment 1996 Number of Employees 8 Fund Names Capital Under Management n/a Number of Portfolio Companies Examples of Portfolio Companies Investment Preferences Size of Investment 3’000’000 – 500’000’000 EUR Investment Stages Buyout – Buyin, Delisting, Early – Stage Expansion – Development Capital, Privatisation, Turnaround – Restructuring, Mezzanine – Bridge Finance, Replacement Capital Industrial Sectors All Geographical Focus All Type of Financing All Minority/Majority Holding Preferences Short Company Profile M&A, Corporate Finance Advisors representing Sale-side or Buy-side. Fundraising for business development service for MBO Projects. International operations with offices in USA, Germany and Switzerland.

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BT&T Gruppe Holding AG Contact Information Address Rötelistrasse 16 9000 St.Gallen

Telephone No +41 71 274 24 70 Fax No +41 71 274 24 79

E-mail Address for General Enquiries info@btt.com Format of Personal E-mail Addresses wm@btt.ch Web Address www.btt.com Company Information Key Persons Mr. Walter Meier Year of Establishment 1990 Number of Employees 15 Fund Names Capital Under Management Number of Portfolio Companies Examples of Portfolio Companies Investment Preferences Size of Investment Min 2’500 CHF Investment Stages Industrial Sectors Geographical Focus Type of Financing Minority/Majority Holding Preferences Short Company Profile BT&T is an investment group engaging in fast growing technologies of the 21st century by applying its Time and Life investment concepts

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BV Holding AG (BV Partners GmbH) Contact Information Address Hotelgasse 1 3011 Bern

Telephone No +41 31 310 01 20 Fax No +41 31 310 01 39

E-mail Address for General Enquiries info@bvgroup.ch Format of Personal E-mail Addresses kusio@bvgroup.ch Web Address www.bvgroup.ch Company Information Key Persons Mr. Daniel Kusio Year of Establishment 1997 Number of Employees 6 Fund Names Capital Under Management > 50’000’000 CHF Number of Portfolio Companies 9 Examples of Portfolio Companies Precimed Group, Esmertec AG (SWX, Ticker: ESMN), Ypsomed (SWX, Ticker: YPSN) Investment Preferences Size of Investment 1’000’000–10’000’000 CHF Investment Stages Buyout – Buyin, Early – Stage, Seed Capital, Expansion – Development Capital, Mezzanine – Bridge Finance, Start-up Capital, Turnaround – Restructuring –

Succession Financing Industrial Sectors All Geographical Focus Switzerland Type of Financing Equity Financing Minority/Majority Holding Preferences Short Company Profile BVgroup Private Equity is an active, quality-driven Venture Capital and Private equity investor in high-growth & innovative Swiss technology companies providing an entrepre-neurial network as well as strategic and operational support to market success and sustainable value added to its shareholders.

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109

Capital Concepts International AG Contact Information Address Untere Heslibachstrasse 41a 8700 Küsnacht

Telephone No +41 43 266 70 80 Fax No +41 43 266 70 81

E-mail Address for General Enquiries info@capitalconcepts.ch Format of Personal E-mail Addresses jennifer.maag@capitalconcepts.ch Web Address www.capitalconcepts.ch Company Information Key Persons Mrs Jennifer Maag-Pelz Year of Establishment 1999 Number of Employees Fund Names Capital Under Management Number of Portfolio Companies Examples of Portfolio Companies Short Company Profile CCI berät ihre Kunden bei M&A Transaktionen und den damit zusammenhängenden finanzwirtschaftlichen Aspekten. Beim Kauf oder Verkauf eines Unternehmens bzw. eines Unternehmensbereichs sowie bei Unternehmensumstrukturierungen (z.B. Fusion, Spin-Off, etc.) ist CCI Ihr kompetenter Berater für den Transaktionsprozess. Unabhängig von der beabsichtigten Transaktion unterstützen wir Sie, sei es als Aktionär, als Unternehmer oder als Mitglied der Geschäftsleitung, bei Strategie-, Bewertungs-, Risiko- und Strukturierungsfragen sowie bei den entsprechenden Vertragsverhandlungen. Die Spezialisten von CCI verfügen über eine langjährige Erfahrung in der Beratung von Klienten mit solchen komplexen Fragestellungen und sie arbeiten – sofern angebracht – mit Industrie-, Steuer- und Rechtsexperten zusammen.

110

Capital Dynamics Contact Information Address Bahnhofstrasse 22 6301 Zug

Telephone No +41 41 748 84 44 Fax No +41 41 748 84 40

E-mail Address for General Enquiries info@capdyn.com Format of Personal E-mail Addresses nib@capdyn.com Web Address www.capdyn.com Company Information Key Persons Mr. Thomas Kubr Ms. Katharina Lichtner

Mr. Christophe Rouvinez Year of Establishment 1988 Number of Employees 68 Fund Names Capital Under Management Over USD 20 billions Number of Portfolio Companies Examples of Portfolio Companies Investment Preferences Size of Investment Investment Stages All Industrial Sectors All Geographical Focus W-US; Europe, Asia Type of Financing Minority/Majority Holding Preferences Short Company Profile Capital Dynamics is an independent asset manager exclusively focused on private equity. The firm covers the universe of leading private equity products and services and provides unique investment solutions to institutional investors from around the world. With 70 highly skilled professionals and an extensive history going back to1988, Capital Dynamics manages over USD 20 billion of client capital committed to over 500 funds. It creates added value for its clients by combining outstanding asset management capabili-ties, state of the art risk management and access to top quartile funds, with a top quartile performance over more than 10 years. Headquartered in Switzerland, Capital Dynamics is active in all major financial markets with a focus on Western Europe and the US, and has a strategy to further strengthen its position in Asia. Some of the world’s largest and most sophisticated insurance companies and pension funds have entrusted their private equity investments to Capital Dynamics.

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111

Capvis Equity Partners AG Contact Information Address Talacker 42 P.O. Box 8023 Zürich

Telephone No +41 43 300 58 58 Fax No +41 43 300 58 59

E-mail Address for General Enquiries info@capvis.com Format of Personal E-mail Addresses forename.surname@capvis.com Web Address www.capvis.com Company Information Key Persons Dr. Alexander Krebs Mr. Rolf Friedli Year of Establishment 1999 Number of Employees 17 Fund Names Capvis I, Capvis II Capital Under Management 550’000’000 EUR Number of Portfolio Companies 33 Examples of Portfolio Companies Benninger, ETAVIS, Komax, Phonak,

sia Abrasives, Soudronic, Ticketcorner, Tobler Investment Preferences Size of Investment Min 20’000’000 CHF Investment Stages Buyout – Buyin, Expansion Capital, SBO Industrial Sectors All Geographical Focus Austria, Germany, Switzerland Type of Financing Equity Financing Minority/Majority Holding Preferences Minority/Majority Equity Short Company Profile Capvis Equity Partners AG Zurich, advising the Capvis funds, is the leading private equity house for medium-sized management buyouts in Switzerland. Our team’s track record includes 33 successful investments in European companies since 1990. Capvis Equity Partners was founded in 1999 as the successor organisation to SBC Equity Partners.

112

CGC GmbH CapitalGrowth Consulting Contact Information Address D4, Platz 4 6039 Root

Telephone No +41 41 455 24 23 Fax No +41 41 455 24 29

E-mail Address for General Enquiries Format of Personal E-mail Addresses surname@cgconsulting.ch Web Address www.cgconsulting.ch Company Information Key Persons Mr. Heinz Ruff Mr. Daniel Baumgartner Mr. Hanspeter Siegfried Year of Establishment Juni 2005 Number of Employees 5 Fund Names Capital Under Management Number of Portfolio Companies Examples of Portfolio Companies Investment Preferences Size of Investment Min 1’000’000 CHF Investment Stages All Industrial Sectors All Geographical Focus All Type of Financing All Minority/Majority Holding Preferences Short Company Profile

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113

CGS Management casparis gloor lanz & co. Contact Information Address Schützenstrasse 18 8808 Pfäffikon

Telephone No +41 55 416 16 40 Fax No +41 55 416 16 41

E-mail Address for General Enquiries info@cgs-management.com Format of Personal E-mail Addresses forename.surname@cgs-management.com Web Address www.cgs-management.com Company Information Key Persons Dr. Rolf Lanz Mr. Rico Casparis Mr. Peter Gloor Year of Establishment 1998 Number of Employees 6 Fund Names CGS Private Equity Partnership I Capital Under Management 60’000’000 CHF Number of Portfolio Companies Examples of Portfolio Companies Investment Preferences Size of Investment 3’000’000–45’000’000 CHF Investment Stages Buyout – Buyin, Delisting, Replacing Capital, Turnaround – Restructuring Industrial Sectors All Geographical Focus Switzerland Type of Financing All Minority/Majority Holding Preferences Minority only Short Company Profile Private Equity Partnership: Investments in medium sized swiss industrial companies, strategic, operational and management support. No Start-ups.

114

CMS Corporate Management Services Contact Information Address Susenbergstrasse 187 8044 Zürich

Telephone No +41 43 343 10 04 Fax No +41 43 343 10 03

E-mail Address for General Enquiries cms.proalfa@hispeed.ch Format of Personal E-mail Addresses b.skowronski@cms-proalfa.com Web Address www.cms-proalfa.com Company Information Key Persons Mrs. Bogy Skowronski Year of Establishment 2003 Number of Employees 3 Fund Names Capital Under Management Number of Portfolio Companies Examples of Portfolio Companies Investment Preferences Size of Investment Investment Stages Industrial Sectors All Geographical Focus Central and Eastern Europe, Poland Type of Financing All Minority/Majority Holding Preferences Short Company Profile CMS assists companies’ owners with developing and managing their investment hold-ings. CMS operates out of Switzerland on the Polish market and through its corporate partners on other markets of New Europe.

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115

Credit Suisse Contact Information Address Bleicherweg 72 8070 Zürich

Telephone No +41 44 334 08 28 Fax No +41 44 333 33 40

E-mail Address for General Enquiries Format of Personal E-mail Addresses christoph.streib@credit-suisse.com Web Address www.credit-suisse.com Company Information Key Persons Mr. Christoph Streib Year of Establishment 1856 Number of Employees 19500 Fund Names Capital Under Management Number of Portfolio Companies Examples of Portfolio Companies Investment Preferences Size of Investment Investment Stages Buyout – Buyin, Delisting, Early-Stage, Expansion – Development Capital, Mezzanine – Bridge Finance, Privatisation, Replacement Capital, Turnaround – Restructuring Industrial Sectors All Geographical Focus Worldwide Type of Financing All Minority/Majority Holding Preferences Short Company Profile Swiss Universal Bank

116

Credit Suisse Asset Management Contact Information Address Giesshübelstrasse 30 P.O. Box 800 8070 Zürich

Telephone No +41 1 335 11 11 Fax No +41 1 333 22 25

E-mail Address for General Enquiries Format of Personal E-mail Addresses forename.surname@csam.com Web Address www.csam.com Company Information Key Persons Dr. Gregor Bucher Mr. Thomas Federer Mr. Andreas Hogg Year of Establishment 1874 (SKA) Number of Employees 600 Fund Names Institutional Pension Funds, CS High Tech Fund Capital Under Management 200’000’000’000 EUR Number of Portfolio Companies Examples of Portfolio Companies Investment Preferences Size of Investment 3’000’000–50’000’000 CHF Investment Stages Industrial Sectors Biotechnology, Energy, Environment, Internet, Computer: Hard-&Software, Semiconductors, Services; Financial Services, Health: Care, Instruments and Devices, Pharma; Sevices Geographical Focus Europe, North America Type of Financing Minority/Majority Holding Preferences Short Company Profile Asset manager in mutual fund, pension fund, mandate and investment companies area.

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117

de Pury Pictet Turrettini & Co. Ltd. Contact Information Address Eisengasse 15 Postfach 272 8034 Zürich Telephone No +41 44 267 30 00 Fax No +41 44 267 30 01

E-mail Address for General Enquiries raggenbass@ppt.ch Format of Personal E-mail Addresses surname@ppt.ch Web Address www.ppt.ch Company Information Key Persons Mrs. Mary Lynn Raggenbass Dr. Patrik Kerler Year of Establishment 1996 Number of Employees 25 Fund Names Capital Under Management Number of Portfolio Companies Examples of Portfolio Companies Investment Preferences Size of Investment Investment Stages All Industrial Sectors All Geographical Focus All Type of Financing All Minority/Majority Holding Preferences Short Company Profile Independent financial advisory firm providing corporate finance / M&A services.

118

Defi Gestion SA Contact Information Address Bouleveard de Grancy 1 1006 Lausanne

Telephone No +41 21 614 34 44 Fax No +41 21 614 34 45

E-mail Address for General Enquiries defi@definvest.com Format of Personal E-mail Addresses initial of forenameSurname@definvest.com e.g. mdiab@definvest.com Web Address www.definvest.com Company Information Key Persons Mr. Mohammed Diab Mr. Jacques Berger Mr. Claude Suard Year of Establishment 1990 Number of Employees 7 Fund Names Defi Holding, VDCapital, BCV Private Equity Capital Under Management 100’000’000 CHF Number of Portfolio Companies Examples of Portfolio Companies Investment Preferences Size of Investment 2’500’000–7’000’000 CHF Investment Stages Buyout, Expansion – Development, Replacement, Industrial Sectors Consumer Related, Electronics, Energy, Industrial Products and Services, Services, Manufacturing Geographical Focus France, Germany, Italy, Switzerland Type of Financing Equity Minority/Majority Holding Preferences Minority Equity Short Company Profile Late Stage, European Scope

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119

Deloitte AG Contact Information Address Klausstrasse 4 8034 Zürich

Telephone No +41 44 421 62 05 Fax No +41 44 421 66 19

E-mail Address for General Enquiries Format of Personal E-mail Addresses initial of forenameSurname@deloitte.com e.g. hwyss@deloitte.com Web Address www.deloitte.com Company Information Key Persons Mr. Howart Da Silva Mr. Hans-Peter Wyss Mr. Hanspeter Fuegli Mr. Gerhard Rothschild Mr. Kai Herbst Mr. Konstantin von Radowitz Year of Establishment Number of Employees Fund Names Capital Under Management Number of Portfolio Companies Examples of Portfolio Companies Investment Preferences Size of Investment Investment Stages All Industrial Sectors All Geographical Focus All Type of Financing All Minority/Majority Holding Preferences Short Company Profile Tax, accounting and advisory services including due diligence and other transaction and M&A advisory services.

120

Endeavour Contact Information Address Rue de la Croix-d’Or 6 1204 Genève

Telephone No +41 22 318 30 20 Fax No +41 22 310 27 08

E-mail Address for General Enquiries info@endeavoursadvisors.com Format of Personal E-mail Addresses bernard@endeavouradvisors.com Web Address www.endeavouradvisors.com Company Information Key Persons Mr. Bernard Vogel Mr. Damien Tappy Year of Establishment 2000 Number of Employees 5 Fund Names Endeavour LP Capital Under Management 45’000’000 EUR Number of Portfolio Companies 7 Examples of Portfolio Companies TagSys, Cirpack, Bitplane, MNC, Perigee Investment Preferences Size of Investment 1’000’000–3’500’000 EUR Investment Stages Early and late, spin-offs Industrial Sectors Technologies: Information Technologies, Computer related, Telecommunication, Micro, Nano, Electronics; Industrial Automation, Medical Instruments and Devices Geographical Focus Europe Type of Financing Equity Financing Minority/Majority Holding Preferences Short Company Profile Endeavour is a unique capital partner for young companies, as it combines a profes-sional venture capital team with a group of renowned and experienced CEOs and entrepreneurs.

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121

EPS Value Plus AG Contact Information Address Bodmerstrasse 9 Postfach 432 8027 Zürich

Telephone No +41 43 344 38 00 Fax No +41 43 344 38 01

E-mail Adress for General Enquiries info@epsvalueplus.ch Format of Personal E-mail Addresses forename.surname@epsvalueplus.ch Web Address www.epsvalueplus.ch www.newvalue.ch Company Information Key Persons Mr. Peter Letter Mr. Rolf Wägli Mr. Livio Saponaro Mr. Søren Bjønness Year of Establishment 1996 Number of Employees 6 Fund Names New Value AG Capital Under Management 40’000’000 EUR Number of Portfolio Companies 14 Examples of Portfolio Companies 3S Swiss Solar Systems AG, Idiag AG Investment Preferences Size of Investment 1’000’000–5’000’000 CHF Investment Stages Buyout – Buyin, Early Stage Expansion – Development Capital Industrial Sectors All Geographical Focus Austria, Germany, Switzerland Type of Financing Equity Financing, Mezzanine Minority/Majority Holding Preferences Substantial Minority Short Company Profile Investments in unlisted small and mid-cap companies with innovative stainable technolo-gies and services. Investment Manager of New Value AG (www.newvalue.ch), Multime-dia Factory AG an several privately held investment funds. Corporate Finance and M&A-Advisory.

122

Equatis AG Contact Information Address Seehofstrasse 6 8008 Zürich

Telephone No +41 44 251 51 20 Fax No +41 44 257 51 18

E-mail Address for General Enquiries Format of Personal E-mail Addresses rutishauser@equatis.com Web Address www.equatis.com Company Information Key Persons Dr. Peter Rutishauser Year of Establishment Number of Employees Fund Names Capital Under Management Number of Portfolio Companies Examples of Portfolio Companies auf Anfrage Investment Preferences Size of Investment Investment Stages Buyout – Buyin, Turnaround - Restructuring Industrial Sectors all industries Geographical Focus Germany, Switzerland Type of Financing Equity Financing Minority/Majority Holding Preferences Majority Short Company Profile Equatis is a private company held by experienced entrepreneurs investing in buyout and special situations.

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123

Fabrel Lotos Contact Information Address Lagerstrasse 33 Postfach 8021 Zürich

Telephone No +41 44 246 70 40 Fax No +41 44 246 70 59

E-mail Address for General Enquiries postmaster@fabrellotos.ch Format of Personal E-mail Addresses forename.surname@fabrellotos.ch Web Address www.fabrellotos.ch Company Information Key Persons Dr. Martin Mäder Dr. Jürg Muffler Year of Establishment 1999 Number of Employees 7 Fund Names Capital Under Management Number of Portfolio Companies 4 Examples of Portfolio Companies Seewer Group, Utz Group, Schades Group, DemoSCOPE Group Investment Preferences Size of Investment Min 20’000’000 CHF Investment Stages Buyout – Buyin, Delisting, Privatisation, Expansion – Development Capital, Replacement Capital Industrial Sectors Industry and Service Geographical Focus Switzerland, Germany, Austria Type of Financing Equity Minority/Majority Holding Preferences 20%–100% Short Company Profile Fabrel Lotos participates on a long-term basis with equity holdings and entrepreneurial know-how in medium-sized companies with good growth prospects. As a Swiss long-term equity partner, Fabrel Lotos enables these companies to pursue their ambitious goals at the same time as retaining their independence. Fabrel Lotos does not aim for an exit.

124

gcp gamma capital partners – The VenturePreneurs Contact Information Address Marokkanergasse 22/7a A-1030 Wien

Telephone No +43 1 513 10 72 Fax No +43 1 513 10 72

Format of Personal E-mail Addresses initial of forname.surname@gamma-capital.com e.g n.spieckermann@gamma-capital.com Web Address www.gamma-capital.com Company Information Key Persons Dr. Oliver Grabherr Dr. Burkhard Feurstein Dr. Klaus Matzka Mr. Mario Orasche Mr. Nikolaus Spieckermann Mr. Paul Weinberger Year of Establishment 2002 Number of Employees 8 Fund Names iLab24, gamma II Capital Under Management 38’000’000 EUR Number of Portfolio Companies 16 Examples of Portfolio Companies Inode, Oridis, IDENTEC, GAT Formulation,

Netragon, Xactdata, ONDEMAND, … Investment Preferences Size of Investment 250’000–3’00’000 EUR Investment Stages Early-Stage, Seed Capital, Start-up Capital, Expansion – Development Capital Industrial Sectors Information & Communication Technologies, Life Sciences, Electronics, Software Geographical Focus Germany, Austria, Poland, Hungary, Slovakia, Slovenia, Czech Republic, Switzerland Type of Financing Equity Financing Minority/Majority Holding Preferences Minority Equity Short Company Profile gcp is backed by a broad base of institutional and private investors, both domestic and international. The gcp team combines broad investment and entrepreneurial experience as well as profound expertise in the focus sectors of investment.

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125

Gilde Buy Out Partners AG Contact Information Address Holbeinstrasse 31 8008 Zürich

Telephone No +41 43 268 20 30 Fax No +41 43 268 20 35

E-mail Address for General Enquiries Format of Personal E-mail Addresses surname@gilde.nl Web Address www.gilde.nl Company Information Key Persons Mr. Ralph Wyss Mr. Nikolai Pronk Mr. Stephan Jakober Year of Establishment 1982 Number of Employees 3 Fund Names Capital Under Management 1’600’000’000 EUR Number of Portfolio Companies 19 Examples of Portfolio Companies CABB GmbH, Betafence N.V., Norit International

B.V., Soundronic AG Investment Preferences Size of Investment 50’000’000 – 300’000’000 EUR Investment Stages Buy-out, buy-in, delisting/going private Industrial Sectors All Geographical Focus Continental Europe (Benelux, German-speaking

countries, Scandinavia) Type of Financing Equity Financing Minority/Majority Holding Preferences Majority Equity Short Company Profile Gilde Investment Management is one of Continental Europe’s larger private equity investors with over EUR 1.6 billion assets under management, divided among four dedicated investment funds. Gilde has more than 20 years experience of private equity and venture capital investing across Continental Europe.

126

Global Life Science Ventures AG Contact Information Address Postplatz 1 Postfach 626 6301 Zug

Telephone No +41 41 727 19 40 Fax No +41 41 727 19 45

E-mail Address for General Enquiries mailbox@glsv-vc.com Format of Personal E-mail Addresses p.reinisch@glsv-vc.com Web Address www.glsv-vc.com Company Information Key Persons Mr. Peter Reinisch Year of Establishment 2000 Number of Employees 5 Fund Names GLSVI, GLSV II Capital Under Management >200’000’000 EUR Number of Portfolio Companies 28 Examples of Portfolio Companies Cytox AG, Glycart AG, Intercell AG Investment Preferences Size of Investment 500’000–10’000’000 EUR Investment Stages Early – Stage, Mezzanine – Bridge Finance, Expansion – Development Capital, Seed Capital, Start-up Capital Industrial Sectors Biotechnology, Medical – Life Sciences – Health Related, Geographical Focus Australia, Europe, USA Type of Financing Equity Financing Minority/Majority Holding Preferences Majority Equity Short Company Profile Global Life Science Ventures, the follow-on fund to Global Life Science LP advised by Life Science Ventures and Dr. Reinisch, is an independent VC fund specialising in life sciences worldwide. Its team with offices in CH& D offers broad international networks, collaborations with proven co-investors as well as strong industry management and VC experience to investees in all stages.

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127

Graf Capital Partners Contact Information Address Seefeldstrasse 283 8008 Zürich

Telephone No +41 44 421 43 43 Fax No +41 44 421 43 00

E-mail Address for General Enquiries rgraf@grafcap.ch Web Address www.grafcap.com Company Information Key Persons Mr. Rolf Graf Year of Establishment 2005 Number of Employees Fund Names Capital Under Management Number of Portfolio Companies 1 Examples of Portfolio Companies Osterwalder AG Investment Preferences Size of Investment Investment Stages Buyout – Buyin, Replacement Capital, Expansion – Development Capital Industrial Sectors All Geographical Focus Europe Type of Financing Equity Financing Minority/Majority Holding Preferences Majority Short Company Profile Active strategic investor in medium-sized companies

128

HBM Partners AG Contact Information Address Löwenstrasse 29 8001 Zürich

Telephone No +41 43 888 71 71 Fax No +41 43 888 71 72

E-mail Address for General Enquiries info@hgmpartners.com Format of Personal E-mail Addresses forename.surname@hbmpartners.com Web Address www.hbmpartners.com Company Information Key Persons Dr. Ulrich Geilinger Dr. Andreas Wicki Dr. Erich Platzer Dr. Joachim Rudolf Year of Establishment 2001 Number of Employees 20 Fund Names HBM BioVentures AG, HBM BioCapital Capital Under Management 1’200’000’000 CHF Number of Portfolio Companies >40 Examples of Portfolio Companies Basilea, Arpida, Thommen, Pelikan Investment Preferences Size of Investment 5’000’000–50’000’000 CHF Investment Stages Venture Capital, Expansion, Buyout – Buyin Industrial Sectors Biotech, Pharma, Medical Devices, Diagnostics, Healthcare Geographical Focus Western Europe, USA Type of Financing Equity Financing, Loans Minority/Majority Holding Preferences Minority Equity Short Company Profile HBM Partners AG is the advisor of HBM BioVenture AG, a Swiss investment company investing in private and public biomedical companies.

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129

Helbling Corporate Finance AG Contact Information Address Hohlstrasse 614 8048 Zürich

Telephone No +41 44 743 84 13 Fax No +41 44 743 84 10

E-mail Address for General Enquiries hcf@helbling.ch Format of Personal E-mail Addresses forename.surname@helbling.ch Web Address www.helbling.ch Company Information Key Persons Dr. Jörg Müller-Ganz Year of Establishment Number of Employees Fund Names Capital Under Management Number of Portfolio Companies Examples of Portfolio Companies Short Company Profile Helbling Coporate Finance is a subsidiary of the Helbling Group, which employs over 300 professionals in Switzerland, Germany and USA. Helbling Corporate Finance provides its clients with professional consulting services in the areas Mergers & Acquisi-tions, Transaction Support and Turnaround Management. Our offices are located in Zürich and Düsseldorf. Our affiliation to the MRI network ensures a worldwide presence.

130

Hitz & Partner Corporate Finance AG Contact Information Address Lavaterstrasse 45 8002 Zürich

Telephone No +41 43 222 62 22 Fax No +41 43 222 62 23

E-mail Address for General Enquiries Format of Personal E-mail Addresses forename.surname@hitzpartner.ch Web Address www.hitzpartner.ch Company Information Key Persons Mr. Stephan Hitz Mr. Fabian Stirnemann Year of Establishment Number of Employees Fund Names Capital Under Management Number of Portfolio Companies Examples of Portfolio Companies Investment Preferences Size of Investment Investment Stages none Industrial Sectors All Geographical Focus Switzerland Type of Financing none Minority/Majority Holding Preferences Short Company Profile Mergers & Acquisitions, Corporate Restructuring, Advisory Services

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131

Horizon21 Private Equity Contact Information Address Poststrasse 4 8808 Pfäffikon

Telephone No +41 55 415 22 00 Fax No +41 55 415 22 01

E-mail Address for General Enquiries Format of Personal E-mail Addresses forename.surname@horizon21.com Web Address www.horizon21.com Company Information Key Persons Dr. Beat Bühlmann Dr. Reto Suter Year of Establishment Number of Employees Fund Names Capital Under Management Number of Portfolio Companies Examples of Portfolio Companies Investment Preferences Size of Investment Investment Stages none Industrial Sectors none Geographical Focus none Type of Financing none Minority/Majority Holding Preferences Short Company Profile

132

IDP Investments GmbH Contact Information Address Baarerstrasse 12 6300 Zug

Telephone No +41 41 712 34 12 Fax No +41 41 729 15 59

E-mail Address for General Enquiries switzerland@idp-investments.com Format of Personal E-mail Addresses Initial of fornameSurname@idp-investments.com Web Address www.idp-investments.com Company Information Key Persons Mr. Markus P. Stebler Year of Establishment 1980 Number of Employees 6 Fund Names Capital Under Management Number of Portfolio Companies 6 Examples of Portfolio Companies Aircuity, Fast Video Security AG, KaBloom, RepWire Investment Preferences Size of Investment 1’000’000–3’000’000 CHF Investment Stages Buyout – Buyin, Expansion – Development Capital Industrial Sectors Consumer Related, Electronics, Industrial Automation, Industrial Products and Services, Manufacturing, Other Geographical Focus Austria, Germany, Switzerland Type of Financing Equity Financing Minority/Majority Holding Preferences Minority Equity Short Company Profile IDP Investments provides equity financing, mainly growth & expansion, for smaller companies in Switzerland and southern Germany and Austria; medtech, electronic and/or mechanical systems & components.

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133

Index Venture Management SA Contact Information Address 2 rue de Jargonnant 1207 Genève

Telephone No +41 22 737 00 00 Fax No +41 22 737 00 99

E-mail Address for General Enquiries Format of Personal E-mail Addresses forename@indexventures.com Web Address www.indexventures.com Company Information Key Persons Mr. Pascal Jouin Year of Establishment 1992 Number of Employees 26 Fund Names Index Ventures I, II, III Capital Under Management 550’000’000 EUR Number of Portfolio Companies 59 Examples of Portfolio Companies MySQL, Zend, Innovativ, Silicon, Addex Pharmaceutical Investment Preferences Size of Investment 300’000–20’000’000 CHF Investment Stages Early Stage, Seed Capital, Start-up Capital Industrial Sectors Biotechnology, Computer Related, Internet Technology, Medical – Life Scienes – Health Related, Telecommunications Geographical Focus Europe, Israel, USA Type of Financing Equity Financing Minority/Majority Holding Preferences Short Company Profile Index Ventures is a leading pan-European venture capital fund with EUR 550’000’000 dedicated to investments in information technology and life science.

134

Invision Private Equity AG Contact Information Address Industriestrasse 24 Postfach 2303 6302 Zug

Telephone No +41 41 729 01 01 Fax No +41 41 729 01 00

E-mail Address for General Enquiries info@invisio.ch Format of Personal E-mail Addresses surname@invision.ch Web Address www.invision.ch Company Information Key Persons Dr. Bernd Pfister Mr. Frank Becker Mr. Frank Staub Prof. Dr. Cuno Pümpin Mr. Gerhard Weisschädel Mr. Christian Stoller Year of Establishment 1996 Number of Employees 15 Fund Names Invision I – IV Capital Under Management 250’000’000 EUR Number of Portfolio Companies 30 Examples of Portfolio Companies AdEPT Telecom, Thommen Medical, Esmertec Investment Preferences Size of Investment 500’000–15’000’000 EUR Investment Stages Buyout – Buyin, Expansion – Development Capital Industrial Sectors Internet Technology, Telecommunications, Medical – Life Sciences – Health Related Geographical Focus Europe Type of Financing Equity Financing Minority/Majority Holding Preferences Minority Equity Short Company Profile

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135

KAELIN MANAGEMENT AG Contact Information Address Bahnhofplatz 65 Postfach 8501 Frauenfeld

Telephone No +41 52 723 20 30 Fax No +41 52 723 20 39

E-mail Address for General Enquiries office@kaelinmgt.ch Format of Personal E-mail Addresses forename.surname@kaelinmgt.ch Web Address www.kaelinmgt.ch Company Information Key Persons Mr. Rolf Kälin Dr. Eugen Perger Mrs. Bettina Steffen Year of Establishment Number of Employees 8 Fund Names Netinvest Holding AG, ProgressNow! Invest AG Capital Under Management 74’000’000 EUR Number of Portfolio Companies Examples of Portfolio Companies Investment Preferences Size of Investment 300’000–5’000’000 EUR Investment Stages Bridge, Early-Stage, Start-up, Replacement, Turnaround – Restructuring, Expansion – Development Industrial Sectors Environment, Internet, Medical: Health Care, Instruments and Devices; Telecommunication Geographical Focus Europe, North America Type of Financing Equity Financing Minority/Majority Holding Preferences Short Company Profile

136

KPMG Contact Information Address Badenstrasse 172 8026 Zürich

Telephone No +41 44 249 30 58 Fax No +41 44 249 27 70

E-mail Address for General Enquiries Format of Personal E-mail Addresses Initial of forenameSurname@kpmg.com e.g. sreutter@kpmg.com Web Address www.kpmg.ch/cf Company Information Key Persons Mr. Stefan Reutter Mr. Peter Uebelhart Mr. Srikant Krishnan Year of Establishment Number of Employees Fund Names Capital Under Management Number of Portfolio Companies Examples of Portfolio Companies Investment Preferences Size of Investment Investment Stages Industrial Sectors Geographical Focus Type of Financing Minority/Majority Holding Preferences Short Company Profile Corporate Finance (M&A, debt advisory, valuation), Transaction Services (Due Dili-gence), M&A Tax, Legal Services

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137

Léman Capital Sàrl / BVP EUROPE, L.P. Contact Information Address 65, rue du Rhône 1204 Genève

Telephone No +41 22 707 49 90 Fax No +41 22 707 49 99

E-mail Address for General Enquiries office@leman-capital.com Format of Personal E-mail Addresses initial of forename.surname@leman-capital.com Web Address www.leman-capital.com Company Information Key Persons Mr. A. Betschart Mr. N. Zens Mrs. Alyson Greenwood Year of Establishment 1998 Number of Employees 9 Fund Names BVP Europe LP I&II Capital Under Management 300’000’000 CHF Number of Portfolio Companies 7 Examples of Portfolio Companies Chemson, Bontaz, Guillot Günther Investment Preferences Size of Investment 15’000’000 – 100’000’000 CHF Investment Stages Buyout - Buyin Industrial Sectors Manufacturing and industrial service companies Geographical Focus Austria, France Germany, Italy, Switzerland, Spain Type of Financing Equity Financing Minority/Majority Holding Preferences Majority Equity Short Company Profile The principals of the GP, who have many years of experience as industrial executives, will add value to the portfolio companies by using the platform strategy internationally, on one hand, and by outsourcing non-essential activities, on the other hand. The Fund’s focus is mid-market family companies and corporate spin-offs.

138

LGT Capital Partners Ltd. Contact Information Address Churerstrasse 122 Postfach 8808 Pfäffikon

Telephone No +41 55 425 94 15 Fax No +41 55 415 92 00

E-mail Address for General Enquiries lgt.cp@lgt.com Format of Personal E-mail Addresses forename.surname@lgt.com Web Address www.lgt-capital-partners.com Company Information Key Persons Dr. Roberto Paganoni Dr. Hans Markvoort Mr. Ivan Vercolitère Mr. Maximilian Brönner Mr. Tyoho Sneyers Year of Establishment Number of Employees 70 Fund Names Castle Private Equity AG, Castle Alternative Invest AG, Crown Programs Capital Under Management 7’000’000’000 USD Number of Portfolio Companies Examples of Portfolio Companies Investment Preferences Size of Investment 500’000–100’000’000 EUR Investment Stages From Venture to Buyout Industrial Sectors All Industries Geographical Focus Europe, North America Type of Financing Equity Financing Minority/Majority Holding Preferences Short Company Profile All stages from venture to buyout. Investments will be primarly made into private equity and venture capital partnerships. Fund of fund.

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139

Lombard Odier Darier Hentsch & Cie Contact Information Address Utoquai 31 8023 Zürich

Telephone No +41 44 214 11 11 Fax No +41 44 214 13 39

E-mail Address for General Enquiries contact@lodh.com Format of Personal E-mail Addresses forename.surname@lodh.com Web Address www.lodh.com Company Information Key Persons Dr. Romeo Cerutti Mr. Philippe Leuenberger Year of Establishment 1999 Number of Employees 1’700 Fund Names Capital Under Management Number of Portfolio Companies Examples of Portfolio Companies Investment Preferences Size of Investment Investment Stages Buyout – Buyin Industrial Sectors All Geographical Focus Europe Type of Financing Equity Financing Minority/Majority Holding Preferences Short Company Profile Private Bank with Investment Banking activities

140

Lombard Odier Darier Hentsch & Cie Private Equity AG Contact Information Address Sihlstrasse 20 8021 Zürich

Telephone No +41 44 214 13 80 Fax No +41 44 214 13 50

E-mail Address for General Enquiries private.equity@lodhpe.com Format of Personal E-mail Addresses firstname.surname@lodhpe.com Web Address www.lodh.com Company Information Key Persons Christopher Bödtker Thomas Frei Yvonne Stillhart Mark Zünd Year of Establishment 2005 Number of Employees 13 Fund Names Euro Choice I, II and III Capital Under Management Number of Portfolio Companies Examples of Portfolio Companies Investment Preferences Size of Investment Investment Stages Expansion, Buyout-Buyin Industrial Sectors Geographical Focus Europe Type of Financing Minority/Majority Holding Preferences Short Company Profile Lombard Odier Darier Hentsch’s Private Equity activities are managed by LODH Private Equity AG who is also the advisor to various private equity funds/partnerships.

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141

Madison Private Equity Holding AG Contact Information Address Eisengasse 15 Postfach 272 8034 Zürich

Telephone No +41 44 267 50 00 Fax No +41 44 267 50 01

E-mail Address for General Enquiries info@mpeh.ch Format of Personal E-mail Addresses surname@mpeh.ch Web Address www.mpeh.ch Company Information Key Persons Dr. Björn Böckenförde Mr. Werner Rudolf Schnorf Mr. Christian Berner Dr. Melchior De Muralt Year of Establishment June 2001 Number of Employees 8 Fund Names Capital Under Management Number of Portfolio Companies 3 Examples of Portfolio Companies Teddy’s, Hiller Objektmöbel, Similor Gruppe Investment Preferences Size of Investment 10’000’000–40’000’000 CHF Investment Stages Buyout – Buyin, Restructuring, Growth Succession Planning Industrial Sectors All Geographical Focus Continental European, Switzerland Type of Financing Equity Financing Minority/Majority Holding Preferences Majority Equity Short Company Profile MPEH is a Swiss investment holding company formed for investors wishing to invest in a diversified portfolios of controlling private equity investments focusing on small to medium-sized Swiss and Continental European companies having well established brands and a leading market position in their respective market segments. Typical targets are family companies with succession problems.

142

MCG Master Consulting AG Contact Information Address Zugerstrasse 70 6340 Baar

Telephone No +41 41 760 65 45 Fax No +41 41 760 14 40

E-mail Address for General Enquiries master.consulting@mcg-ch.com Format of Personal E-mail Addresses Web Address www.mcg-ch.com Company Information Key Persons Dr. Markus K. Beck Mr. Chris L. Bieri Mr. Felix Ruhier Year of Establishment Number of Employees Fund Names Capital Under Management Number of Portfolio Companies Examples of Portfolio Companies Investment Preferences Size of Investment Investment Stages Buyout Buyin, Early – Stage, Seed Capital, Expansion – Development Capital, Mezzanine – Bridge Finance, Turnaround – Restructuring Industrial Sectors All Geographical Focus Europe Type of Financing Equity Financing, Mezzanine Minority/Majority Holding Preferences Short Company Profile Management Consulting, Restructuring, Turnaround and Interims Management, Merger & Acquisitions, Financial Engineering, Due Diligence.

Yearbook 2005 / 06

143

Nextech Venture Contact Information Address Scheuchzerstrasse 35 8006 Zürich

Telephone No +41 44 366 66 11 Fax No +41 44 366 66 10

E-mail Address for General Enquiries info@nextechventure.com Format of Personal E-mail Addresses surname@nextechventure.com Web Address www.nextechventure.com Company Information Key Persons Dr. Alfred Scheidegger Mr. Felix Hofstetter Dr. Dr. Sven Rohmann Year of Establishment June 1999 Number of Employees 4 Fund Names Capital Under Management 70’000’000 CHF Number of Portfolio Companies 3 Examples of Portfolio Companies Ganymed Pharmaceuticals AG, ImVisioN GmbH, The Genetics Company Inc. Investment Preferences Size of Investment 1’000’000–5’000’000 CHF Investment Stages Early Stage Industrial Sectors Biotechnology, Chemical, Life Sciences – Health Related Geographical Focus Europe Type of Financing Equity Financing, Minority/Majority Holding Preferences Majority Equity Short Company Profile Providing VC Nextech Venture; L.P., is a U.S. limited partnership with an office in Zurich, Switzerland. Investing in selected life science companies, we help build up successful business ventures from innovations originating in academia and industry in life science. We also support the incubation process of a strong research team in the process of identifying a market and developing the strategy to conquer it.

144

Oakbridge AG Contact Information Address Binderstrasse 60 8702 Zollikon

Telephone No +41 43 499 79 66 Fax No +41 43 499 79 67

E-mail Address for General Enquiries info@oakbridge.ch Format of Personal E-mail Addresses Web Address www.oakbridge.ch Company Information Key Persons Mr. Ferdinando Mazzi Year of Establishment Number of Employees 4 Fund Names Capital Under Management Number of Portfolio Companies Examples of Portfolio Companies Investment Preferences Size of Investment Min. 300’000 EUR Investment Stages Early-Stage, Expansion – Development, Mezzanine, Start-up Industrial Sectors Agriculture, Computer, Energy, Environment, Industrial Products & Services, Internet, Real Estate Geographical Focus Austria, Germany, Italy, Switzerland Type of Financing Minority/Majority Holding Preferences Short Company Profile Camco Capital is Advisor to m2m Ltd, a technology investment company focused on the broader region from Milan and Munich

Yearbook 2005 / 06

145

Partners Group Contact Information Address Zugerstrasse 57 6341 Baar-Zug

Telephone No +41 41 768 85 85 Fax No +41 41 768 85 58

E-mail Address for General Enquiries partnersgroup@partnersgroup.net Format of Personal E-mail Addresses forename.surname@partnersgroup.net Web Address www.partnersgroup.net Company Information Key Persons Mr. Walter Keller Mr. Cyrill Wipfli Mr. Alfred Gantner Year of Establishment 1994 Number of Employees 136 Fund Names Princess Private Equity Holding, Partners Group Europe, Pearl Holding Limited (2000) Capital Under Management 4’000’000’000 USD Number of Portfolio Companies 8 Examples of Portfolio Companies Investment Preferences Size of Investment Min 5’000’000 CHF Investment Stages All Industrial Sectors All Geographical Focus All Type of Financing All Minority/Majority Holding Preferences Short Company Profile Partners Group is one of the largest alternative investment managers/advisers in Europe. We develop and manage private equity and hedge fund products for various investor profiles. We offer standardised listed products, separate accounts and traditional LP funds of funds. Partners Group has offices in Zug, New York and Guern-sey.

146

Pictet & Cie Contact Information Address 29, bd Georges-Favon 1204 Genève

Telephone No +41 58 323 23 23 Fax No +41 22 323 23 24

E-mail Address for General Enquiries Format of Personal E-mail Addresses initial of forenameSurname@pictet.com Web Address www.pictet.com Company Information Key Persons Mr. Hans van Sawaay Mr. Jacques Chillemi Year of Establishment 1805 Number of Employees 1900 Fund Names Capital Under Management 5’000’000 EUR Number of Portfolio Companies Examples of Portfolio Companies Investment Preferences Size of Investment 1’000’000–100’000’000 CHF Investment Stages No Preferences Industrial Sectors All Geographical Focus USA, Western Europe Type of Financing No Preferences Minority/Majority Holding Preferences Short Company Profile Part of Switzerland’s largest independent private bank.

Yearbook 2005 / 06

147

PricewaterhouseCoopers Contact Information Address Birchstrasse 160 8050 Zürich

Telephone No +41 58 792 44 00 Fax No +41 58 792 44 10

E-mail Address for General Enquiries Format of Personal E-mail Addresses forename.surname@ch.pwc.com Web Address www.pwc.com/ch Company Information Key Persons Mr. Nik Hood Mr. Kurt Hausheer Dr. Philipp Hofstetter Dr. Markus Neuhaus Mr. Andreas Staubli Year of Establishment Number of Employees 3000 Fund Names Capital Under Management Number of Portfolio Companies Examples of Portfolio Companies Investment Preferences Size of Investment Investment Stages Industrial Sectors Geographical Focus Type of Financing Minority/Majority Holding Preferences Short Company Profile Assurance, Tax Advice, Advisory (Valuation & Strategy, Corporate Finance, Transaction Services)

148

Private Equity Holding Ltd. Contact Information Address Innere Güterstrasse 4 6300 Zug

Telephone No +41 41 726 79 80 Fax No +41 41 726 79 81

E-mail Address for General Enquiries info@peh.ch Format of Personal E-mail Addresses forename.surname@peh.ch Web Address www.peh.ch Company Information Key Persons Dr. Dieter Dubs Ms. Tamara Krebs Year of Establishment February 1997 Number of Employees Fund Names Capital Under Management Number of Portfolio Companies 17 direct investments, 36 fund investments Examples of Portfolio Companies ArrayComm, Inc., Peptor Ltd, Wilex AG Investment Preferences Size of Investment Investment Stages Industrial Sectors Geographical Focus Western Europe, USA, Israel Type of Financing Minority/Majority Holding Preferences Short Company Profile Private Equity Holding AG offers institutional and private investors the opportunity to invest, within a simple legal and tax optimized structure, in a diversified, professionally managed private equity portfolio. Private Equity Holding AG invests primarily in top quality private equity funds with a focus on global venture investments, while retaining a dynamic asset allocation strategy to capitalize on attractive investment opportunities offered by the market. In addition to investing through funds, it makes direct investments in promising companies. Private Equity Holding AG is managed by ALPHA Associates, which secures investment management know-how, continuity and expertise.

Yearbook 2005 / 06

149

Remaco Merger AG Contact Information Address Centralbahnstrasse 7 4051 Basel

Telephone No +41 61 206 99 66 Fax No +41 61 271 19 50

E-mail Address for General Enquiries office.basel@remaco.com Format of Personal E-mail Addresses forename.surname@remaco.com Web Address www.remaco.com Company Information Key Persons Mr. Pascal Böni Mr. Georg Fankhauser Year of Establishment 1969 Number of Employees Fund Names New Energie Invest AG Capital Under Management 110’000’000 CHF Number of Portfolio Companies 15 Examples of Portfolio Companies Investment Preferences Size of Investment Min. 5’000’000 CHF Investment Stages Expansion Industrial Sectors Energy Geographical Focus Type of Financing Equity + Mezzanine Minority/Majority Holding Preferences Minority Short Company Profile See www.newenergies.ch

150

Renaissance KMU Schweizerische Anlagestiftung Contact Information Address Avenue d’Ouchy 47 1006 Lausanne

Telephone No +41 21 613 35 60 Fax No +41 21 613 35 04

E-mail Address for General Enquiries mail@renaissance-pme.ch Format of Personal E-mail Addresses surname@renaissance-pme.ch Web Address www.renaissance-pme.ch Company Information Key Persons Mr. Jean-Luc Strohm Year of Establishment 1997 Number of Employees 2 Fund Names Renaissance Technologies I&II Capital Under Management 100’000’000 CHF Number of Portfolio Companies 13 Examples of Portfolio Companies MICS SA, Precimed SA, Eclosion SA, Silver-wire Holding SA, Darkfish SA Investment Preferences Size of Investment 500’000– (Not more than 10% of assets) CHF Investment Stages Early-Stage, Expansion – Development Capital Industrial Sectors Biotechnology, Computer Related, Electro- nics, Industrial Products and Services, Internet Technology, Telecommunications, Medical – Life Sciences – Health Related, Communications, other Geographical Focus Switzerland Type of Financing Equity Financing, Mezzanine Minority/Majority Holding Preferences Minority Short Company Profile Renaissance PME is a Swiss Investment Foundation for Swiss institutional investors. Per 31 December 2005, Renaissance PME manages two funds: Renaissance Technologies I and II which are specialised in High Tech and Life Sciences investments in not quoted companies.

Yearbook 2005 / 06

151

Bank Sal. Oppenheim Jr. & Cie. Ltd Contact Information Address Löwenstrasse 3 8022 Zürich

Telephone No +41 44 214 26 00 Fax No +41 44 211 26 90

E-mail Address for General Enquiries Format of Personal E-mail Addresses corporatefinance@oppenheim.ch Web Address www.oppenheim.ch/cf Company Information Key Persons Mr. Leonid Baur Year of Establishment 1789 Number of Employees Fund Names Capital Under Management Number of Portfolio Companies Examples of Portfolio Companies Investment Preferences Size of Investment Investment Stages Industrial Sectors Geographical Focus Type of Financing Minority/Majority Holding Preferences Short Company Profile One of Switzerland’s leading corporate finance advisers specialising in mergers & acquisitions, equity capital markets, real estate and financial institutions advisory.

152

SAM Sustainable Asset Management Contact Information Address Sefeldstrasse 8008 Zürich

Telephone No +41 44 397 10 55 Fax No +41 44 397 10 74

E-mail Address for General Enquiries info@sam-group.com Format of Personal E-mail Addresses forename.surname@sam-group.com Web Address www.sam-group.com Company Information Key Persons Mrs. Gina Domanig Mr. Hans Dellenbach Year of Establishment November 2000 Number of Employees 14 Fund Names SAM Sustainability Private Equity LP and SAM Private Equity Energy Fund LP Capital Under Management 150’000’000 EUR Number of Portfolio Companies 32 Examples of Portfolio Companies inge AG, HyRadix, RuggedCom Investment Preferences Size of Investment 500’000–6’000’000 EUR Investment Stages Early-Stage, Expansion – Development Capital, Start-up Capital Industrial Sectors Agriculture – Forestry – Fishing, Energy Chemical – Materials, Enviroment, Construction – Building Products, Industrial Automation, Products and Services Geographical Focus Australia, Europe, North America Type of Financing Equity Financing Minority/Majority Holding Preferences Minority Equity Short Company Profile Launched in 2000, SAM Private Equity today manages two funds as well as two man-dates all focusing on venture capital in the Cleantech sectors, namely, energy, materials, water and agricultural technologies. SAM was a pioneer in Europe and today, with EUR 148 mio under management, is the largest player in Europe and one of the key players in North America. SAM Private Equity has offices in Zurich, Montreal, Melbourne and Phoenix.

Yearbook 2005 / 06

153

Säntis Capital Investment AG Contact Information Address Platz 12 9100 Herisau

Telephone No +41 71 352 72 40 Fax No +41 71 352 72 41

E-mail Address for General Enquiries Format of Personal E-mail Addresses surname@saentis-investment.ch Web Address www.saentis-investment.ch Company Information Key Persons Dr. Torsten Petersen Mr. Peter Thoma Year of Establishment 1999 Number of Employees 4 Fund Names Capital Under Management Number of Portfolio Companies Examples of Portfolio Companies Investment Preferences Size of Investment Min. 500’000–2’500’000 CHF Investment Stages Industrial Sectors Geographical Focus Type of Financing Minority/Majority Holding Preferences Short Company Profile

154

SCM Strategic Capital Management AG Contact Information Address Dufourstrasse 20 8702 Zollikon

Telephone No +41 43 499 49 49 Fax No +41 43 499 49 50

E-mail Address for General Enquiries scm@scmag.com Format of Personal E-mail Addresses surname@scmag.com Web Address www.scmag.com Company Information Key Persons Dr. Stefan Hepp Mr. Jean-Claude Croset Mr. Ralph Aerni Year of Establishment 1996 Number of Employees 12 Fund Names Private Equity Company Ltd., Segregated Institutional Client Accounts, Segregated Accounts for Family Offices Capital Under Management 4’200’000’000 CHF Number of Portfolio Companies Examples of Portfolio Companies Investment Preferences Size of Investment ≈ 400’000’000 CHF p.a. Investment Stages All Industrial Sectors All Geographical Focus All Type of Financing All Minority/Majority Holding Preferences Short Company Profile SCM Strategic Capital Management AG was established in 1996 as one of the first European advisors/gatekeepers focused on institutional private equity and real estate portfolios. Services include investment strategy, asset allocation, market research, asset allocation, market research, screening and due diligence of private equity and real estate funds as well as investment monitoring/controlling and reporting. SCM represents about USD 4 billion of clients’ assets for e.g. leading pension funds and insurance companies and thus ranks among Europe’s leading providers of capital for real estate and private equity funds with proven access to the world’s foremost managers in those asset classes.

Yearbook 2005 / 06

155

shaPE Capital AG Contact Information Address Poststrasse 4 8808 Pfäffikon

Telephone No +41 41 710 31 32 Fax No +41 41 710 31 34

E-mail Address for General Enquiries Format of Personal E-mail Addresses forname.surname@shape-capital.com Web Address www.shape-capital.com Company Information Key Persons Mr. Florian Siegfried Year of Establishment 2001 Number of Employees 1 Fund Names Capital Under Management Number of Portfolio Companies 41 Examples of Portfolio Companies APAX Europe V-A LP, PAI Europe IV LP, The 3rd Cinven Fund (No. 1) LP Investment Preferences Size of Investment Investment Stages Buyout – Buyin, Early-Stage, Expansion – Development Capital Industrial Sectors All Geographical Focus All Type of Financing Equity Financing Minority/Majority Holding Preferences Minority Short Company Profile ShaPE is a private equity investment company listed on the SWX Swiss Exchange that follows the principle of a Fund of Funds.

156

Swiss Capital Group Contact Information Address Talacker 41 Postfach 622 8039 Zürich

Telephone No +41 44 226 52 52 Fax No +41 44 226 52 53

E-mail Address for General Enquiries Format of Personal E-mail Addresses surname@swisscap.com Web Address www.swisscap.com Company Information Key Persons Mr. Martin Menzi Mr. Kurt Rüegg Year of Establishment November 1998 Number of Employees 50 Fund Names SC low Volatility, SC long/short Equity, SC long/short Technology, SC Turnaround, SC long/short Healthcare/Biotech Capital Under Management 2’000’000’000 CHF Number of Portfolio Companies Examples of Portfolio Companies Investment Preferences Only Fund of Fund Investments Short Company Profile Corporate Finance and Asset Management Services. Several Fund of Fund

Yearbook 2005 / 06

157

Swiss Life Private Equity Partners Ltd Contact Information Address General Guisan-Quai 40 Postfach 2831 8022 Zürich

Telephone No +41 43 284 31 23 Fax No +41 43 284 63 30

E-mail Address for General Enquiries info@slpep.com Format of Personal E-mail Addresses forename.surname@ Web Address www.slpep.com Company Information Key Persons Mr. Pierre Guillemin Year of Establishment Number of Employees 1 Fund Names Capital Under Management Number of Portfolio Companies Examples of Portfolio Companies Investment Preferences Size of Investment Investment Stages Buyout, Early-Stage, Expansion – Development Industrial Sectors Biotechnology, Electronics, Insurance, Financial Services, Internet, Medical: Health care, Instruments and Devices, Pharma; Real Estate, Telecommunications Geographical Focus Europe, Israel, North Europe Type of Financing Equity Financing Minority/Majority Holding Preferences Short Company Profile

158

TAT Capital Partners AG Contact Information Address Vorderi Boede 3 5452 Oberrohrdorf

Telephone No +41 56 485 89 Fax No +41 56 485 80

E-mail Address for General Enquiries Format of Personal E-mail Addresses initial of forenameSurname@tat.ch Web Address www.tat.ch Company Information Key Persons Dr. Thomas Egolf Mr. Rolf Haegler Year of Establishment Number of Employees 5 Fund Names TAT Investments I&II LP Capital Under Management 110’000’000 EUR Number of Portfolio Companies 15 Examples of Portfolio Companies Colibrys Ltd., Xemics Ltd., Nextek Inc. Investment Preferences Size of Investment 1’000’000–5’000’000 EUR Investment Stages Start-up, Early-Stage, Growth Industrial Sectors Semiconductors, Medical Devices, Computer Technology, Telecommunications, Industrial Electronics Geographical Focus Europe, Israel, North America Type of Financing Equity Financing Minority/Majority Holding Preferences Minority Financing Short Company Profile

Yearbook 2005 / 06

159

Tendo Coporate Finance AG Contact Information Address Zeltweg 40 8032 Zürich

Telephone No +41 43 499 02 25 Fax No +41 43 499 02 26

E-mail Address for General Enquiries mail@tendo.ch Format of Personal E-mail Addresses forename.surname@tendo.ch Web Address www.tendo.ch Company Information Key Persons Mr. Ralph Sigg Mr. Andreas Schwyn Year of Establishment Number of Employees Fund Names Capital Under Management Number of Portfolio Companies Examples of Portfolio Companies Investment Preferences Size of Investment Investment Stages Industrial Sectors Geographical Focus Type of Financing Minority/Majority Holding Preferences Short Company Profile

160

TCFG The Corporate Finance Group Contact Information Address Thunstrasse 23 Postfach 164 3000 Bern 6

Telephone No +41 31 356 25 25 Fax No +41 31 356 25 26

E-mail Address for General Enquiries info@tcfg.ch Format of Personal E-mail Addresses forename.surname@tcfg.ch Web Address www.tcfg.ch Company Information Key Persons Mr. Beat Unternährer Mr. Peter Bohnenblust Mr. Rudolf Lanz Mr. Christoph Nüssli Mr. Philippe Tischhauser Year of Establishment 2000 Number of Employees 17 Fund Names Capital Under Management Number of Portfolio Companies Examples of Portfolio Companies Investment Preferences Size of Investment Investment Stages Industrial Sectors Geographical Focus Type of Financing Minority/Majority Holding Preferences Short Company Profile TCFG was formed by 5 ex Partners of Ernst & Young with independent many years of experience in M&A/Corporate Finance. TCFG belongs to the leading M&A firms in Switzerland focusing on M&A/Corporate Finance advisory.

Yearbook 2005 / 06

161

UBS AG Contact Information Address Structured Finance (DINO FZLK-Y20) Postfach 8098 Zürich

Telephone No +41 1 237 21 01 Fax No +41 1 237 21 21

E-mail Address for General Enquiries Format of Personal E-mail Addresses roland.scherrer@ubs.com Web Address www.ubs.com Company Information Key Persons Mr. Roland Scherrer Year of Establishment Number of Employees Fund Names Capital Under Management Number of Portfolio Companies Examples of Portfolio Companies Investment Preferences Size of Investment Min. 10’000’000 CHF Investment Stages Buyout – Buyin, Expansion – Development

Capital, Mezzanine – Bridge Finance, Re-placement Capital

Industrial Sectors All Geographical Focus Switzerland Type of Financing Loans, Senior Debt, Mezzanine Minority/Majority Holding Preferences Short Company Profile

162

UBS Global AssetManagement AG Contact Information Address Gessnerallee 3-5 8098 Zürich

Telephone No +41 44 234 11 11 Fax No

E-mail Address for General Enquiries Format of Personal E-mail Addresses forename.surname@ubs.com Web Address www.ubs.com Company Information Key Persons Mr. Ulrich Keller Mr. Iwan Heinz Mr. Stephan Schnuerer Mr. René Steiner Year of Establishment Number of Employees 15 Fund Names Capital Under Management 1’500’000’000 CHF Number of Portfolio Companies Examples of Portfolio Companies Investment Preferences Size of Investment 5’000’000–100’000’000 CHF Investment Stages No Preferences Industrial Sectors All Geographical Focus Europe, North Amercia Type of Financing All Minority/Majority Holding Preferences Short Company Profile UBS Global Asset Management manages a number of discretionary mandates investing in top-quartile private equity funds and best of breed fund of funds partnerships. UBS Global Asset Management diversifies its portfolios by financing stages, regions, industry sectors, vintage years and investment styles.

Yearbook 2005 / 06

163

Unigestion Contact Information Address 8c, AV. De Champel Case postale 387 1211 Genève 12

Telephone No +41 22 704 42 31 Fax No +41 22 704 42 50

Format of Personal E-mail Addresses initial of forenameSurname@unigestion.com Web Address www.unigestion.com Company Information Key Persons Mr. Hanspeter Bader Mr. Christophe de Dardel Year of Establishment 1971 Number of Employees 104 Fund Names Unicapital Investments I,II,III,IV Capital Under Management 1’000’000’000 EUR Number of Portfolio Companies Examples of Portfolio Companies Investment Preferences Size of Investment 5’000’000–50’000’000 EUR Investment Stages Buyout – Buyin, Delisting, Early-Stage, Expansion – Development Capital, Seed Capital, Expansion – Development Capital, Mezzanine – Bridge Finance, Replacement Capital, Start-up Capital, Turnaround – Restructing Industrial Sectors All Geographical Focus All Type of Financing All Minority/Majority Holding Preferences Majority Equity Short Company Profile Since its creation in 1971, UNIGESTION has specialised in institutional asset manage-ment. The company is currently ranked as one of Europe’s leading players in alternative investment management, hedge funds and private equity. It also offers an alternative approach to the management of traditional asset classes. Unigestion’s staff comprises 104 individuals spanning 15 different nationalities. The company operates via subsidiar-ies in Geneva, Paris, London, Guernsey and New York. Unigestion has a solid equity base and manages close to EUR 6 billion on behalf of pension funds, insurance compa-nies, banks, charitable foundations and a number of large family offices.

164

VenGrow Corporate Finance AG Contact Information Address Hardstrasse 73 Postfach 392 5430 Wettingen

Telephone No +41 56 200 08 50 Fax No +41 56 200 08 59

E-mail Address for General Enquiries office@vengrow.com Format of Personal E-mail Addresses office@vengrow.com Web Address www.vengrow.com Company Information Key Persons Mr. Andreas Bünter Mr. Samuel Brunner Mr. Hans-Peter Vogt Year of Establishment 2004 Number of Employees 5 Fund Names VenGrow Private Equity Fonds, VenGrow Business Kapital Ltd. Capital Under Management Number of Portfolio Companies Examples of Portfolio Companies Investment Preferences Size of Investment < 5’000’000 CHF Investment Stages Buyout – Buyin, Expansion – Development Capital, Mezzanine – Bridge Capital Industrial Sectors Chemical – Materials, Consumer Related,

Energy, Environment, Finance – Insurance – Real Estate, Industrial Products and Services, Manufacturing, Services

Geographical Focus Germany, Switzerland Type of Financing Equity Financing, Loans, Mezzanine Minority/Majority Holding Preferences Minority Equity Short Company Profile The partner for business successions and private equity. Focus on mid- and small caps.

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165

Venture Partners AG Contact Information Address Bodmerstrasse 7 Postfach 406 8027 Zürich

Telephone No +41 44 206 50 80 Fax No +41 44 206 50 90

E-mail Address for General Enquiries info@venturepartners.ch Format of Personal E-mail Addresses initials@venturepartners.ch Web Address www.venturepartners.ch Company Information Key Persons Mr. Massimo S. Lattman Mr. Hans van den Berg Mrs. Andrea Wikart Year of Establishment 1997 Number of Employees 5 Fund Names VPAG Capital Under Management Number of Portfolio Companies 5 Examples of Portfolio Companies EasyOne AG, Anaqua Ltd., Rainbow Investment Preferences Size of Investment 100’000–1’000’000 CHF Investment Stages Early-Stage, Expansion Seed Capital, Start-up Industrial Sectors Computer: Software; Environment, Automation, Internet Telecommunication Geographical Focus Switzerland, Western Europe Type of Financing Equity Financing Minority/Majority Holding Preferences Short Company Profile Venture Investments & Management. Venture Partner’s Team consists of seasoned professionals with investment management, entrepreneurial and CEO experience. Portfolio companies are actively supported and coached.

166

VI Partners AG Contact Information Address Baarerstrasse 86 Postfach 2146 6302 Zug

Telephone No +41 41 729 00 00 Fax No +41 41 729 00 01

E-mail Address for General Enquiries Format of Personal E-mail Addresses forename@ventureincubator.ch Web Address www.ventureincubator.ch www.vipartners.ch Company Information Key Persons Mr. Alain Nicod Mr. Arnd Kaltofen Year of Establishment 2001 Number of Employees 6 Fund Names Venture Incubator AG Capital Under Management 66’000’000 EUR Number of Portfolio Companies 17 Examples of Portfolio Companies Kuros Biosurgery AG, Nemerix, Thommen Medical, Covalys Biosciences Investment Preferences Size of Investment 250’000–5’000’000 EUR Investment Stages Early-Stage, Seed Capital, Start-up Industrial Sectors Biotechnology, Software, Industrial Automation, Internet Technology, Medical Instruments and Devices Geographical Focus Switzerland Type of Financing Equity Financing Minority/Majority Holding Preferences Short Company Profile Venture Incubator is a Swiss venture capital firm that supports university spin-offs as well as other promising start-up companies with capital, coaching, consulting and networks. We invest “Smart Money” to develop promising technology-based ideas for products and services into successful businesses. Venture Incubator started operations in 2001 and manages an investment fund of CHF 101 million. Our investors represent 10 blue-chip enterprises from industry and finance. In addition we have strategic partnerships with McKinsey & Company and the Swiss Federal Institute of Technology in Zürich (ETHZ).

Yearbook 2005 / 06

167

Wenger & Vieli Rechtsanwälte Contact Information Address Dufourstrasse 56 8008 Zürich

Telephone No +41 44 563 33 33 Fax No +41 44 563 33 66

E-mail Address for General Enquiries mail@wengerlaw.ch Format of Personal E-mail Addresses initial of forename.surname@wengerlaw.ch Web Address www.wengerlaw.ch Company Information Key Persons Dr. Christian Wenger Dr. Christoph Schmid Dr. Wolfgang Zürcher Dr. Andreas Hünerwadel Year of Establishment 1977 Number of Employees 90 Fund Names Capital Under Management Number of Portfolio Companies Examples of Portfolio Companies Investment Preferences Size of Investment Investment Stages Industrial Sectors All Geographical Focus Type of Financing Minority/Majority Holding Preferences Short Company Profile Law firm with particular emphasis in Private Equity and Venture Capital

168

Zürcher Kantonalbank Contact Information Address Corporate Finance Postfach 8010 Zürich

Telephone No +41 44 292 33 21 Fax No +41 44 292 26 71

E-mail Address for General Enquiries corporate.finance@zkb.ch Format of Personal E-mail Addresses forename.surname@zkb.ch Web Address www.zkb.ch Company Information Key Persons Mr. Roland Kundert Mr. Stefan Marthaler Mr. Albert Gartmann Mr. Oliver Schärli Year of Establishment 1996 Number of Employees 15 Fund Names Capital Under Management Number of Portfolio Companies Examples of Portfolio Companies Investment Preferences Size of Investment > 200’000 CHF Investment Stages Start-up, Eypansions- und Übernahme-

finanzierung Industrial Sectors keine Einschränkung Geographical Focus Deutschweiz Type of Financing Fremdkapital, Mezzanine, Equity Minority/Majority Holding Preferences Short Company Profile

Yearbook 2005 / 06

169

Zurmont Management AG Contact Information Address Splügenstrasse 6 8027 Zürich

Telephone No +41 58 206 73 23 Fax No +41 58 206 74 19

E-mail Address for General Enquiries Format of Personal E-mail Addresses forename.surname@zurmont.ch Web Address www.zurmont.ch Company Information Key Persons Mr. Guido Patroncini Mr. Ernesto Maurer Mr. Kurt Hitz Year of Establishment 1987 Number of Employees 4 Fund Names Capital Under Management CHF 140 Mio Number of Portfolio Companies 4 Examples of Portfolio Companies Pelikan Hardcopy, BNS Group, Schlatter (SWX, Ticker STRN), Burckhardt Compression Investment Preferences Size of Investment Min. 10’000’000 CHF Investment Stages Buyout – Buyin, Expansion Capital, Restructuring and Turnaround Industrial Sectors All Geographical Focus Switzerland Type of Financing Minority/Majority Holding Preferences Short Company Profile

170

AAA – Corporate Finance Advisers AG Contact Information Address Industriestrasse 544 8152 Glattbrugg

Telephone No +41 44 829 62 80 Fax No +41 44 829 62 73

E-mail Address for General Enquiries Format of Personal E-mail Addresses forename.surname@aaa-cfa.com Web Address www.aaa-cfa.com Company Information Key Persons Mr. Silvio Campestrini Mr. Sandro Campestrini Year of Establishment 2003 Number of Employees 5 Short Company Profile Mergers & Acquisitions, Due Diligence, Corporate Finance, Arranging Finances also for properties Abegglen Management Partners AG Contact Information Address Industriestrasse 28 8604 Volketswil

Telephone No +41 44 908 48 48 Fax No +41 44 908 48 47

E-mail Address for General Enquiries office@abegglen.com Format of Personal E-mail Addresses forename.surname@abegglen.com Web Address www.abegglen.com Company Information Key Persons Mr. Markus Koch Dr. Patrick Scarpelli Year of Establishment 1976 Number of Employees 35 Short Company Profile General Management Consultancy.

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171

AFT Allgemeine Finanztreuhand AG Contact Information Address Steinhaldenring 8 9854 Geroldswil

Telephone No +41 44 749 31 00 Fax No +41 44 749 31 09

E-mail Address for General Enquiries alltreu@bluewin.ch Format of Personal E-mail Addresses Web Address Company Information Key Persons Mr. U. Ernst Mr. H. Bornhalm Year of Establishment 2004 Number of Employees 10 Short Company Profile Asset Management, Corporate Finance, Corporate Consulting, Placement of Invest-ments, IPO Consulting. Mitglied des Schweizerischen Treuhandverbandes STV/USF, Mitglied der SRO/STV/USF. Altis Investment Management AG Contact Information Address Gotthardstrasse 3 6300 Zug

Telephone No +41 41 560 10 00 Fax No +41 41 560 13 01

E-mail Address for General Enquiries secretary@altis.ch Format of Personal E-mail Addresses initial of forename.surname@altis-im.ch Web Address www.altis.ch Company Information Key Persons Mr. Martin Mlynár Mr. Oscar Vermeulen Year of Establishment 2004 Number of Employees 11 Short Company Profile Altis Investment Management AG is a Fiduciary Asset Manger. Altis invests funds of the customers in all classes of the Asset Allocation categories spectrum.

172

AON Jauch & Hübener GmbH Contact Information Address Mergers & Acquisitions Group (Germany) Postfach 71 04 29 60494 Frankfurt (Main)

Telephone No +49 69 29 727 6130 Fax No +49 69 29 727 6399

E-mail Address for General Enquiries Format of Personal E-mail Addresses thomas_holle@aon-jh.de Web Address www.aon.com Company Information Key Persons Mr. Thomas Holle Year of Establishment Number of Employees Short Company Profile Insurance consultants, risk management AstonBrooks International Contact Information Address Dufourstrasse 1 8008 Zürich

Telephone No +41 44 262 55 55 Fax No +41 44 262 55 57

E-mail Address for General Enquiries astonb@bluewin.ch Format of Personal E-mail Addresses Web Address Company Information Key Persons Mr. Michael Wurmser Year of Establishment Number of Employees Short Company Profile Sart-ups, Small and Midcaps in Medical Technology, Environmental, Natural Resources

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173

Banca dello Stato del Cantone Ticino Contact Information Address Viale H. Guisan 5 6501 Bellinzona Telephone No +41 91 803 71 11 Fax No +41 91 826 44 21

E-mail Address for General Enquiries Format of Personal E-mail Addresses curzio.degottardi@bancastato.ch Web Address www.bancastato.ch Company Information Key Persons Dr. Curzio De Gottardi Year of Establishment Number of Employees Short Company Profile Universal bank Bax Capital Advisors AG Contact Information Address Lindenstrasse 14 8008 Zürich

Telephone No +41 43 268 49 50 Fax No +41 43 268 49 54

E-mail Address for General Enquiries info@baxcapital.com Format of Personal E-mail Addresses info@baxcapitla.com Web Address www.baxcapital.com Company Information Key Persons Mr. Alexander Pfeifer Mr. Felix Rübel Year of Establishment Number of Employees Short Company Profile Bax Capital is a Swiss private equity firm providing capital and management support to medium-sized companies (sales: 20–300 M) in “Special Situations”.

174

BC Partners Contact Information Address 7, Quai du Mont Blanc 1211 Genèva 1

Telephone No +41 22 757 80 00 Fax No +41 22 757 80 80

E-mail Address for General Enquiries Format of Personal E-mail Addresses ralph.hefti@bcpartners.com Web Address www.bcpartners.com Company Information Key Persons Mr. Ralph Hefti Year of Establishment Number of Employees Short Company Profile Beck Group Ventures Contact Information Address 2nd floor Berkeley Square House Berkeley Square GB-London W1J 6BD

Telephone No +44 0 20 7887 1591 Fax No +44 0 20 7887 15 71

E-mail Address for General Enquiries Format of Personal E-mail Addresses initial of forename.surname@

the-beck-group.com Web Address www.the-beck-group.com Company Information Key Persons Mrs. Madeleine Beck-Wagner Mr. Roland A. Klaus Year of Establishment Number of Employees Short Company Profile Beck Group Ventures are based in London and are a management and marketing consultancy company, assisting start-ups and spin-offs internationally. The company’s services include development of business and marketing plans, structuring of appropriate business models and the search for the most suitable investment partners.

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175

BHP Bruppacher Hug & Partner, Attorneys at Law Contact Information Address Zollikerstrasse 58 Postfach 173 8702 Zollikon

Telephone No +41 44 396 31 31 Fax No +41 44 396 31 32

E-mail Address for General Enquiries info@bhp.ch Format of Personal E-mail Addresses forename.surname@bhp.ch Web Address www.bhp.ch Company Information Key Persons Dr. C. Mark Bruppacher Dr. Dieter Hug Year of Establishment 1993 Number of Employees Short Company Profile Company and financial law. Binder Corporate Finance AG Contact Information Address Spitalgasse 32 3001 Bern

Telephone No +41 31 326 18 18 Fax No +41 31 326 18 19

E-mail Address for General Enquiries Format of Personal E-mail Addresses forename.surname@binder.ch Web Address www.binder.ch Company Information Key Persons Dr. Peter Binder Mr. Konrad Althaus Year of Establishment Number of Employees 10 Short Company Profile Joint ventures, corporate finance, coaching

176

Burson-Marsteller Contact Information Address Grubenstrasse 40 8045 Zürich

Telephone No +41 44 455 84 00 Fax No +41 44 455 84 01

E-mail Address for General Enquiries info_bm@ch.bm.com Format of Personal E-mail Addresses forename_surname@ch.bm.com Web Address www.b-m.ch Company Information Key Persons Mr. Peter Eberhard Year of Establishment 1971 Number of Employees 40 Short Company Profile Burson-Marsteller is one of Switzerland`s leading public relations and communications Consulting companies, investor relations being one of the care competences. CEPAX CEO Partners AG Contact Information Address Rietstrasse 550 8702 Zollikon

Telephone No +41 44 392 16 66 Fax No +41 44 392 16 20

Format of Personal E-mail Addresses forename.surname@cepax.ch Web Address www.cepax.ch Company Information Key Persons Mr. Peter Moertl Mrs. Alexandra Tschopp Year of Establishment 2005 Number of Employees 2 Short Company Profile Strategic advisory firm in the sector of financial services and with a focus on family offices.

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177

Chambre vaudoise du commerce et du l’industrie Contact Information Address Avenue d’Ouchy 47 1001 Lausanne

Telephone No +41 21 613 35 35 Fax No +41 21 613 35 05

E-mail Address for General Enquiries cvci@cvci.ch Format of Personal E-mail Addresses surname@cvci.ch Web Address www.cvci.ch Company Information Key Persons Mr. Régis Joly Year of Establishment 1898 Number of Employees Short Company Profile The CVCI acts as a chamber of commerce. It is a private association, regrouping more than 2’300 enterprises which represents about 90’000 employees. Chervil Capital Invest AG Contact Information Address St. Peterstrasse 11 8070 Zürich

Telephone No +41 43 344 54 64 Fax No +41 43 344 54 74

E-mail Address for General Enquiries Format of Personal E-mail Addresses Web Address Company Information Key Persons Mr. Gian-Marco Rinaldi Year of Establishment 1998 Number of Employees Short Company Profile All sectors served, but not financial industry.

178

COFIDEP SA Contact Information Address Place de la Gare 51 2900 Porrentruy

Telephone No +41 32 466 15 92 Fax No +41 32 466 64 82

E-mail Address for General Enquiries alcyon@bluewin.ch Format of Personal E-mail Addresses Web Address Company Information Key Persons Mr. Günther B. Pamberg Year of Establishment Number of Employees Short Company Profile CTI Start-up Contact Information Address Effingerstrasse 27 3003 Bern

Telephone No +41 31 324 04 35 Fax No +41 31 322 21 15

E-mail Address for General Enquiries info@ctistartup.ch Format of Personal E-mail Addresses forename.surname@ctistartup.ch Web Address www.ctistartup.ch Company Information Key Persons Mrs. Karin Zingg Year of Establishment 1996 Number of Coaches 35 Short Company Profile CSI Start-up promotes immediate benefit of the scientific and technologies worked out by researches and entrepreneurs. Accompanies start-up companies in the domain of innovative high-technologies provides networking and multiple corporation.

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179

Die Schweizerische Post Contact Information Address Viktoriastrasse 21 3030 Bern

Telephone No +41 31 338 82 27 Fax No +41 31 338 74 80

E-mail Address for General Enquiries Format of Personal E-mail Addresses piepert@post.ch Web Address www.post.ch Company Information Key Persons Mr. Thomas Pieper Mr. Beat Friedli Year of Establishment Number of Employees over 52000 Short Company Profile Dynavest AG Contact Information Address Wiesenstrasse 7 8008 Zürich

Telephone No +41 43 488 60 00 Fax No +41 43 488 60 02

E-mail Address for General Enquiries info@dynavest.ch Format of Personal E-mail Addresses Web Address Company Information Key Persons Mr. Felix Gähwiler Year of Establishment 1969 Number of Employees 3 Short Company Profile Management, administration of direct investments in the US and of other direct invest-ments

180

Economic Development of the Canton of Zurich Contact Information Address Walcherstrasse 19 8090 Zürich

Telephone No +41 43 259 26 14 Fax No +41 43 259 51 71

E-mail Address for General Enquiries Format of Personal E-mail Addresses forename.surname@vd.zh.ch Web Address www.location.zh.ch Company Information Key Persons Dr. Stephan Kux Year of Establishment Number of Employees Short Company Profile Egli Rechtsanwälte Contact Information Address Horneggstrasse 4 8008 Zürich

Telephone No +41 44 384 50 50 Fax No +41 44 384 50 40

E-mail Address for General Enquiries contact@egli.com Format of Personal E-mail Addresses r.egli@egli.com Web Address www.egli.com Company Information Key Persons Mr. Richard A. Egli Year of Establishment 1936 Number of Employees 20 Short Company Profile Established in 1936 (formerly Dr. A. R. Egli & Co.) Egli Patentanwälte has grown to become one of Switzerland’s important Patent Attorney Firms with special expertise in international intellectual property litigation.

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181

Froriep Renggli Rechtsanwälte Contact Information Address Bellerivestrasse 201 8034 Zürich

Telephone No +41 44 386 60 00 Fax No +41 44 383 60 50

E-mail Address for General Enquiries zurich@froriep.ch Format of Personal E-mail Addresses initial of forenameSurname@froriep.ch Web Address www.froriep.com Company Information Key Persons Dr. Beat M. Barthold Year of Establishment 1966 Number of Employees 57 Short Company Profile Corporate & commercial law, intellectual property, litigation, arbitration Fortman Cline Consulting GmbH Contact Information Address Faeberstrasse 33 8008 Zürich

Telephone No +41 44 253 60 95 Fax No +41 44 253 60 91

E-mail Address for General Enquiries info@fortmancline.com Format of Personal E-mail Addresses schuler@fortmancline.com Web Address www.fortmancline.com Company Information Key Persons Mr. Paul Schuler Year of Establishment November 2002 Number of Employees 3 Short Company Profile Corporate Finance Consulting and international investment company, specialized in small - and midsize Private Equity and Private Equity funds.

182

GloboFin SA Contact Information Address via S. Abbondio 6925 Gentilino

Telephone No +41 91 985 35 70 Fax No +41 91 985 35 71

E-mail Address for General Enquiries Format of Personal E-mail Addresses mliebig@globofin.ch Web Address www.globofin.ch Company Information Key Persons Mr. Michael Liebig Year of Establishment Number of Employees 5 Short Company Profile Hirzel.Neef.Schmid.Konsulenten Contact Information Address Stockerstrasse 55 8039 Zürich

Telephone No +41 43 344 42 42 Fax No +41 43 344 42 40

E-mail Address for General Enquiries Format of Personal E-mail Addresses forename.surname@konsulenten.ch Web Address www.konsulenten.ch Company Information Key Persons Mr. Andreas S. Thommen Mr. Aloys Hirzel Year of Establishment 1996 Number of Employees 8 Short Company Profile Strategy, corporate communications & investor relations consultants

Yearbook 2005 / 06

183

Homburger Rechtsanwälte Contact Information Address Weinbergstrasse 56/58 8006 Zürich

Telephone No +41 43 222 10 00 Fax No +41 43 222 15 00

E-mail Address for General Enquiries lawyers@homburger.ch Format of Personal E-mail Addresses dieter.gericke@homburger.ch Web Address www.homburger.ch Company Information Key Persons Dr. Dieter Gericke Year of Establishment 1957 Number of Employees some 180 Short Company Profile Homburger has some 90 lawyers and tax experts well experienced in national and international M&A, corporate and financial transactions as well as commercial projects. Homburger is dedicated to bringing any financial and business endeavour to a success and to using all its know-how and connections in order to reach the goals of its clients. Institut Straumann AG Contact Information Address Peter Merian-Weg 12 4002 Basel

Telephone No +41 61 965 11 11 Fax No +41 61 965 11 03

E-mail Address for General Enquires info@straumann.com Format of Personal E-mail Addresses forname.surname@straumann.com Web Address www.straumann.com Company Information Key Persons Mr. Gilbert Achermann Year of Establishment 1954 Number of Employees 1104 Short Company Profile Straumann is a global leader in implant dentistry and dental tissue regeneration in collaboration with the Internationals Team for Implantology (ITI), leading clinics, research institutes and universities, the Group researches, develops, produces and distributes implants, instruments and tissue regeneration products for use in tooth replacement solutions or to prevent tooth loss.

184

JGP INVEST AG Contact Information Address Grammstrasse 14 4410 Liestal

Telephone No +41 61 926 95 91 Fax No +41 61 926 95 99

E-mail Address for General Enquiries info@jgp-invest Format of Personal E-mail Addresses Web Address www.jgp-invest.ch Company Information Key Persons Mr. Jürg H. Gysin Year of Establishment 1999 Number of Employees 3 Short Company Profile Our services: Succession adivory, valuatjions, search for investors, auctions, financial engineering and sellside advisory services. Kehrli & Zehnder Global Wealth Management AG Contact Information Address Kolinplatz 6300 Zug

Telephone No +41 41 763 32 52 Fax No +41 41 763 32 54

E-mail Address for General Enquiries Format of Personal E-mail Addresses stephan.kehrli@keze.biz Web Address www.kehrlizehnder.com Company Information Key Persons Mr. Stephan Kehrli Year of Establishment Number of Employees Short Company Profile Kehrli & Zehnder is an independent financial consulting company. Core competences: comprehensive Asset Management and Multi Family Office.

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185

Kellerhals Rechtanwälte Contact Information Address Kapellenstrasse 14 3001 Bern

Telephone No +41 31 390 25 25 Fax No +41 31 390 25 26

E-mail Address for General Enquiries lawyers@kellerhalslaw.ch Format of Personal E-mail Addresses initial of forname.surname@

kellerhalslaw.ch Web Address www.kellerhalslaw.ch Company Information Key Persons Dr. Beat Brechbühl Dr. Christian Witschi Year of Establishment 1975 Number of Employees 38 Short Company Profile Law firm: Experience in venture capital, private equity transactions, capital market transactions, baking, national and international tax. Kessler & Co Inc. Contact Information Address Forchstrasse 95 8032 Zürich

Telephone No +41 44 387 87 11 Fax No +41 44 387 87 00

E-mail Address for General Enquiries info@kessler.ch Format of Personal E-mail Addresses forename.surname@kessler.ch Web Address www.kessler.ch Company Information Key Persons Mr. Klaus Peretti Dr. Martin Kessler Year of Establishment 1905 Number of Employees 200 Short Company Profile Risk Management and Insurance Broking Services with dedicated global speciality practice for the Private Equity and M&A community

186

Kurmann, Iseli & Partner AG Contact Information Address Lintheschergasse 21 8023 Zürich

Telephone No +41 44 229 90 90 Fax No +41 44 229 90 99

E-mail Address for General Enquiries mail@kurmannpartners.com Format of Personal E-mail Addresses forename.surname@kurmannpartners.com Web Address www.kurmannpartners.com Company Information Key Persons Mr. Jürg Kurmann Dr. Jakob Iseli Year of Establishment 1982 Number of Employees 6 Short Company Profile Mergers & Acquisitions, restructuring and interim management, strategy consulting, financing advisory Lardi & Partners SA Contact Information Address Via Cantonale 19 6901 Lugano

Telephone No +41 91 923 34 52 Fax No +41 91 922 76 31

E-mail Address for General Enquiries Format of Personal E-mail Addresses adelio.lardi@lardipartners.ch Web Address Company Information Key Persons Mr. Adelio Lardi Year of Establishment Number of Employees Short Company Profile Corporate finance advisor, auditing, tax and strategy consulting

Yearbook 2005 / 06

187

Lenz & Staehlin Contact Information Address 30 route de Chêne 1211 Geneva 11

Telephone No +41 22 318 70 00 Fax No +41 22 318 70 01

E-mail Address for General Enquiries email@lenzstaehelin.com Format of Personal E-mail Addresses forename.surname@lenzstaehelin.com Web Address www.lenzstaehelin.com Company Information Key Persons Mr. Andreas Rötheli Mr. Shelby du Pasquier Year of Establishment Number of Employees Short Company Profile Lenz & Staehelin is Switzerland’s largest law firm with more than 130 lawyers in 4 offices. It provides a full service to its clients on all legal, regulatory and tax aspects of the private equity industry, from fundraising and structuring of private equity houses to private equity investments and buyout transactions. Luserve AG Contact Information Address Europaplatz 1 6002 Luzern

Telephone No +41 41 226 40 46 Fax No +41 41 226 40 44

E-mail Address for General Enquiries Format of Personal E-mail Addresses initial of forename.surname@luserve.ch Web Address Company Information Key Persons Dr. Yvo Gisler Mr. Thomas Michel Year of Establishment Number of Employees Short Company Profile

188

Lustenberger Glaus & Partner Contact Information Address Sempacherstrasse 15 8032 Zürich

Telephone No +41 44 387 19 00 Fax No +41 44 381 45 23

E-mail Address for General Enquiries hannes.glaus@lgpartner.ch Format of Personal E-mail Addresses forename.surname@lgpartner.ch Web Address www.lgpartner.ch Company Information Key Persons Dr. iur. Hannes Glaus Mr. Nikola Bellofatto Year of Establishment 1935 Number of Employees 2 Short Company Profile Law Firm focused on legal aspects of finance including Private Equity and investment companies. Marchmont AG Contact Information Address Postfach 84 8142 Uitikon Waldegg

Telephone No +41 44 215 90 30 Fax No +41 44 215 90 31

E-mail Address for General Enquiries info@marchmont.ch Format of Personal E-mail Addresses roland.staehli@marchmont.ch Web Address www.marchmont.ch Company Information Key Persons Mr. Roland E. Staehli Year of Establishment 1977 Number of Employees 3 Short Company Profile In 2002, and after an MBO, Canto Consulting the Former Merchant Bank of the Swiss Canontalbanks, changed its name to Marchmont AG. Its activities remain the same.

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189

Müller-Möhl Group Contact Information Address Weinplatz 10 8022 Zürich

Telephone No +41 43 344 66 66 Fax No +41 43 344 66 60

E-mail Address for General Enquiries e-mail@mm-grp.com Format of Personal E-mail Addresses naef@mm-grp.com Web Address www.mm-grp.com Company Information Key Persons Mr. Beat Näf Year of Establishment 2000 Number of Employees Short Company Profile Müller-Möhl Group manages the investment portfolio belonging to the community of Müller-Möhl. Neocia Transmission d’entreprises – SDIP SA Contact Information Address Place Pury 3 2001 Neuchatel

Telephone No +41 32 722 65 81 Fax No +41 32 722 65 68

E-mail Address for General Enquiries mail@neocia.com Format of Personal E-mail Addresses mail@neocia.com Web Address www.neocia.com Company Information Key Persons Mr. Francis Liebens Year of Establishment Number of Employees Short Company Profile Transmission et evaluation d’entreprises

190

Niederer Kraft & Frey Contact Information Address Bahnhofstrasse 13 8001 Zürich

Telephone No +41 58 800 80 00 Fax No +41 58 800 80 80

E-mail Address for General Enquiries nkf@nkf.ch Format of Personal E-mail Addresses andreas.casutt@nkf.ch Web Address www.nkf.ch Company Information Key Persons Dr. Andreas Casutt Dr. Ulysses von Salis Year of Establishment 1936 Number of Employees 63 Short Company Profile Niederer Kraft & Frey is one of the largest law firms in Switzerland. Our dedicated professionals have specialized knowledge and extensive experience in particular in the fields of financing, private equity and venture capital, mergers and acquisitions, corporate and employments law, stock exchange law (initial public offerings), tax as well as capital market and financial services regulation. Paguasca Holding AG Contact Information Address Postfach 2118 6302 Zug

Telephone No +41 41 766 05 35 Fax No +41 41 766 05 30

E-mail Address for General Enquiries info@paguasca.com Format of Personal E-mail Addresses Company Information Key Persons Mr. Daniel Guggenheim Mr. Peter Guggenheim Year of Establishment Number of Employees Short Company Profile Asset management, expansion financing.

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191

Palomar Capital Advisors Ltd. Contact Information Address Obere Zäune 10 8001 Zürich

Telephone No +41 43 222 58 88 Fax No +41 43 222 58 99

E-mail Address for General Enquiries info@plmr.com Format of Personal E-mail Addresses Initial of forenameSurname@plmr.com Web Address www.plmr.com Company Information Key Persons Mr. Christian Geier Mr. David Chamberlain Year of Establishment Number of Employees 10 Short Company Profile Private Equity / Placement agency: Palomar advises general partners on the structuring and placement strategy of new funds, manages the fund raising process and raises capital from investors around the world. Palomar operates internationally with its joint venture partner capstone Partners under the name Capstone Palomar partners (www.scplp.com). Private Equity / Secondary market: Palomar advises institutional investors wishing to sell old fund commitments through the secondary market. We advise sellers on pricing and strategy and we execute the transaction on a confidential basis. Structured Credit: Palomar advises and structures credit-related products for institutional investors. PSM Management Service Corporation AG Contact Information Address Bleicherweg 66 8027 Zürich

Telephone No +41 43 344 40 81 Fax No +41 43 344 40 82

E-mail Address for General Enquiries psm@psmnet.com Format of Personal E-mail Addresses Web Address www.psmnet.com Company Information Key Persons Mr. Peter Schaedeli Mr. Ed Bouchard Year of Establishment 1982 Number of Employees 7

192

RCI Unternehmensberatung AG Contact Information Address Landenbergstrasse 35 6002 Luzern

Telephone No +41 41 268 90 00 Fax No +41 41 368 90 19

E-mail Address for General Enquiries info@rciub.ch Format of Personal E-mail Addresses Web Address www.rciub.ch Company Information Key Persons Mr. Emil Flückiger Mr. Daniel Bühlmann Mr. Simon Ottiger Year of Establishment 1989 Number of Employees 11 Short Company Profile Mergers & Acquisitions Advisory, Financial Engineering, Legal Advisory, Tax Consulting, Due Diligence Rinderknecht Klein & Stadelhofer Contact Information Address Beethovenstrasse 7 8022 Zürich

Telephone No +41 44 287 24 24 Fax No +41 44 287 24 00

E-mail Address for General Enquiries rks@rks.ch Format of Personal E-mail Addresses surname@rks.ch Web Address www.rks.ch Company Information Key Persons Dr. Jeannette Wibmer Year of Establishment 1985 Number of Employees 21 Short Company Profile As a medium-sized law firm, RKS concentrates on ed business sectors and core compe-tences in international and commercial law, such as tax optimised international holding, trading and investment structures, M&A, IPOs, international business transactions, private equity and venture capital, advertising and marketing concepts, business succes-sions and the management of international disputes.

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193

Rosenow Grob Schilling Contact Information Address Talacker 41 8022 Zürich

Telephone No +41 44 226 40 20 Fax No +41 44 226 40 30

E-mail Address for General Enquiries info@rgslaw.ch Format of Personal E-mail Addresses surname@rgslaw.ch Web Address www.rgslaw.ch Company Information Key Persons Mr. Ralf Rosenow Mr. Rolf Schilling Year of Establishment Number of Employees Short Company Profile Legal and tax advise in M&A, MBO, START-UP, restructuring and similar transactions, IPOs and subsequent rights issues.

Schellenberg Wittmer Rechtsanwälte Contact Information Address Löwenstrasse 19 8023 Zürich

Telephone No +41 44 215 52 52 Fax No +41 44 215 52 00

E-mail Address for General Enquiries zurich@swlegal.ch Format of Personal E-mail Addresses forename.surname@swlegal.ch Web Address www.swlegal.ch Company Information Key Persons Mr. Martin Weber Dr. Oliver Triebold Year of Establishment 2000 Number of Employees Short Company Profile Schellenberg Wittmer is a full-service business law firm with offices in Zurich and Geneva that advises Swiss and international companies and high net worth individuals on all aspects of Swiss and international business law.

194

Steiger Engineering AG Contact Information Address Rotfluhstrasse 50 8702 Zollikon

Telephone No +41 44 383 46 85 Fax No +41 44 383 36 17

E-mail Address for General Enquiries info@seag.ch Web Address www.seag.ch Company Information Key Persons Mr. Alex E. Gall Year of Establishment 1967 Number of Employees 2 Short Company Profile Mergers & Acquisitions, Equity Capital Markets Swisscom AG Contact Information Address Postfach 3050 Bern

Telephone No +41 31 342 90 65 Fax No +41 31 342 90 50

E-mail Address for General Enquiries Format of Personal E-mail Addresses forename.surname@swisscom.com Web Address www.swisscom.com/venturefund Company Information Key Persons Mr. Marcel Perret Mr. Christian Hintermann Year of Establishment Number of Employees Short Company Profile Consulting and financing of Swisscom ‘spin offs’, (MBO or start-up’s initiated by Swiss-com employees)

Yearbook 2005 / 06

195

SWX Swiss Exchange Contact Information Address Selnaustrasse 30 8021 Zürich

Telephone No +41 58 854 22 45 Fax No +41 58 854 22 40

E-mail Address for General Enquiries Format of Personal E-mail Addresses yvonne.wegmann@swx.com Web Address www.swx.com Company Information Key Persons Dr. Yvonne Wegmann Year of Establishment 1995 Number of Employees Short Company Profile Vaccani, Zweig & Associates Contact Information Address Klausstrasse 43 8034 Zürich

Telephone No +41 43 499 20 80 Fax No +41 43 499 20 81

E-mail Address for General Enquiries info@vzaconsultants.ch Format of Personal E-mail Addresses initial of forename.surname@vzaconsultants.ch Web Address www.vzaconsultants.ch Company Information Key Persons Mr. Andrés F. Zweig Mr. Beat G. Scherrer Year of Establishment 1994 Number of Employees 8 Short Company Profile Active in Management Consulting, Mergers and Acquisitions, Technology Transfers and Management of Private Equity Investments

196

Valcor AG Contact Information Address Bleicherweg 33 8002 Zürich

Telephone No +41 44 205 50 50 Fax No +41 44 205 50 59

E-mail Address for General Enquiries valcor@valcor.ch Format of Personal E-mail Addresses surname@valcor.ch Web Address www.valcor.ch Company Information Key Persons Dr. Bruno Weber Mr. Etienne Bernath Year of Establishment 1989 Number of Employees 5 Short Company Profile Corporate Finance, Value Creating Strategies, M&A Walder Wyss & Partner Contact Information Address Münstergasse 2 8022 Zürich

Telephone No +41 1 265 75 11 Fax No +41 1 265 75 50

E-mail Address for General Enquiries Format of Personal E-mail Addresses initial of forename/surname@wwp.ch Web Address www.wwp.ch Company Information Key Persons Mr. Enrico Friz Mr. Luc Defferrard Year of Establishment 1972 Number of Employees 100 Short Company Profile ww&p is a law firm specializing in corporate and commercial law, corporate finance and M&A, banking law, intellectual property and competition law, dispute resolution and tax law.

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197

Wincor Nixdorf AG Contact Information Address Stationsstrasse 5 8306 Brüttisellen

Telephone No +41 44 835 34 00 Fax No +41 44 835 35 00

E-mail Address for General Enquiries Format of Personal E-mail Addresses forename.surname@wincor-nixdorf.com Web Address www.wincor-nixdorf.ch Company Information Key Persons Mr. Mario Parravicini Year of Establishment Number of Employees 110 Short Company Profile Wuersch & Gering LLP Contact Information Address 100 Wall Street, 21st Floor New York, NY 10005

Telephone No +1 212 509 5050 Fax No +1 212 209 9559

E-mail Address for General Enquiries Format of Personal E-mail Addresses forename.surname@wg-law.com Web Address www.wg-law.com Company Information Key Persons Dr. Daniel A Wuersch Year of Establishment 1997 Number of Employees 14 Short Company Profile Wuersch & Gering LLP is an international corporate law firm, located in New York. Our practice focuses on cross-border investment and financing transactions involving public and private companies, private equity and hedge funds, mergers & acquisitions and strategic alliances.

198

Individual Members Name Company Place Mr. Daniel Baumgartner c/o db-consulting Reichenburg Mr. Urs Bertschinger c/o Prager Dreifuss Rechtsanwälte Zürich Dr. Thomas Billeter Volketswil Mr. Oliver Blum c/o CMS von Erlach Henrici Zürich Mr. Christophe Borer Geneve Mr. Peter Both c/o Credit Suisse Zürich Mr. Peter R. Bruppacher c/o Sekretariat Bruppacher Zürich Dr. Thomas Dähler c/o CPMi AG Hergiswil Mr. Félix F.J.M. Dony Cham Dr. Ulrich Fiechter c/o Dr. Ulrich Fiechter,

Unternehmensberatung Bern 6 Mr. Leonhard Fopp c/o CONTINUUM AG Zürich Mr. Patrik Frei c/o Venture Valuation AG Zürich Mr. Gérard J. Gogniat Lausanne Mr. Martin Haemmig Ennetbaden Dr. Sven Hansen c/o Good Energies Inc. Zürich Dr. Fritz Haselbeck c/o ZfU Zentrum für

Unternehmensführung AG Thalwil

Mr. Walter Häusermann c/o Häusermann Task Management Horgen Dr. Matthias Huber c/o Chemolio Holding AG Zürich Mr. Rudolf Hug c/o HT-Holding AG Dättwil Mr. Hansjörg Hüppi c/o Hüppi AG Winterthur

Mr. Manuel Janson c/o Intercountry Consulting Corporation Meggen

Mar. Markus Jaun c/o U bridge GmbH Uttigen Mr. Eric. F. Kohn c/o Barons Financial Services SA Genève Mr. Friedrich Kropp c/o Kropp Consulting D-Bollschweil Mr. Matt Lanfear Basel Mr. Carlo Lazzarini Au Mr. Werner Lüchinger Uitikon Mr. Claudio Morandi c/o Claudio Morandi Consulting Embrach-

Embraport Dr. Olivier Müller-Känel Stäfa Mrs. Petra Nix c/o Kirchhoff Consult (Schweiz) AG Luzern Mr. Philipp Oberli c/o Business Angels Schweiz Zürich Mr. Massimo Pedrazzini c/o Studio Legale BPMM Lugano Mr. Thomas Reimann c/o Lutz Rechtsanwälte Zürich Mrs. Oleksandra Sadetska c/o Soleil Capitale Zürich Mr. Martin Sägesser c/o Interims Management Niederglatt Dr. Urs Schenker c/o Baker & McKenzie Zürich Mr. Alexander Schaepfer c/o ALSTOM (Schweiz) AG Baden Dr. Robert Schlup c/o Bloch & Partner Küsnacht

Yearbook 2005 / 06

199

Name Company Place Mr. Ernst Schönbächler Samstagern Mr. Beat Schönmann Zürich Mr. Beat Speck Zug Dr. Max R. Staehlin Basel Dr. Martin Stehli c/o A.I.M. Group Zürich Zürich Mr. Ola Ström c/o Carlsdorff Partners AG Zürich Mr. Felix Tschopp c/o Tschopp Corporate Finance AG Zug Mr. Jos G.L. Vandebroek c/o Vandebroek Ventures AG Nänikon Mr. Hans-Peter Vogt c/o Vogt Management und Consulting Uttwil Dr. Ulysses von Salis c/o Niederer Kraft & Frey Zürich Dr. Christian Wunderlin c/o redIT AG Zug Honorary Members Name Company Place Dr. Branco Weiss Zürich Mr. Ugo Wyss Chiasso

200

5E Holding AG General Information Year of Establishment 1998 Legal Form Corporation by Swiss Law Company Domicile Zug Broker Teather & Greenwoold Ltd. Auditor PricewaterhouseCoopers Security No ISIN-Code Ticker Sign Bloomberg: TAGL, Reuters: TAGFUNDS Contact Information Key Person Dr. Christoph Schmid

Address Innere Güterstrasse 4 6300 Zug

Telephone No +41 41 726 79 85

E-Mail Address for General Enquiries info@5eh.ch Format of Personal E-mail Address Web Address www.5eh.ch Investment Manager Alpha Associates AG, Zurich Indicators Performance (last two Years) 77,2% (based on Fair Values) Market Capitalization 221’692’500 CHF (based on Fair Values) Total Outstanding Shares 750’000 Name Shares Market Trend

Yearbook 2005 / 06

201

Absolute Private Equity

40.000

45.000

50.000

55.000

60.000

65.000

70.000

75.000

01.0

1.20

04

01.0

3.20

04

01.0

5.20

04

01.0

7.20

04

01.0

9.20

04

01.1

1.20

04

01.0

1.20

05

01.0

3.20

05

01.0

5.20

05

01.0

7.20

05

01.0

9.20

05

01.1

1.20

05

01.0

1.20

06

01.0

3.20

06

Absolute Private Equity

Absolute Private Equity General Information Year of Establishment Legal Form Corporation by Swiss Law Company Domicile Zug Stock Exchange Listing SWX Swiss Exchange: ABSP Auditor KPMG Fides Peat Security No 1111333 ISIN-Code CH0011113336 Contact Information Key Person Mr. Thomas Amstutz Mr. Michael Bridge

Address CREDT SUISSE Private Banking Bahnhofstrasse 17 P.O. Box 553 6301 Zug

Telephone No +41 43 888 63 00

E-Mail Address for General Enquiries info@absoluteinvestments.com Format of Personal E-mail Address michael.bridge@aiservides.ch Web Address www.absoluteinvestments.com Indicators Performance (last two Years) 57.0% Market Capitalization 1’040’824 CHF Total Outstanding Shares 11’432’101 Market Trend

202

AIG Private Equity

80.000

100.000

120.000

140.000

160.000

180.000

200.000

01.0

1.20

04

01.0

3.20

04

01.0

5.20

04

01.0

7.20

04

01.0

9.20

04

01.1

1.20

04

01.0

1.20

05

01.0

3.20

05

01.0

5.20

05

01.0

7.20

05

01.0

9.20

05

01.1

1.20

05

01.0

1.20

06

01.0

3.20

06

AIG Private Equity

AIG Private Equity General Information Year of Establishment 1999 Legal Form Corporation by Swiss Law Company Domicile Zug Stock Exchange Listing SWX Swiss Exchange: APEN Auditor PricewaterhouseCoopers Security No 915331 ISIN-Code CH0009153310 Contact Information Key Person Mr. Eduardo Leemann Mr. Andrew Fletcher

Address Baarerstrasse 8 6301 Zug

Telephone No +41 41 710 70 62

E-Mail Address for General Enquiries info@aigprivateequity.com Format of Personal E-mail Address c.schneider@aigprivateequity.com Web Address www.aigprivateequity.com Indicators Performance (last two Years) 87.6% Market Capitalization 538’506’000 CHF Total Outstanding Shares 3’175’000 Market Trend

Yearbook 2005 / 06

203

Castle Private Equity

60.000

70.000

80.000

90.000

100.000

110.000

120.000

130.000

140.000

01.0

1.20

04

01.0

3.20

04

01.0

5.20

04

01.0

7.20

04

01.0

9.20

04

01.1

1.20

04

01.0

1.20

05

01.0

3.20

05

01.0

5.20

05

01.0

7.20

05

01.0

9.20

05

01.1

1.20

05

01.0

1.20

06

01.0

3.20

06

Castle Private Equity

Castle Private Equity General Information Year of Establishment Legal Form Corporation by Swiss Law Company Domicile Pfäffikon Stock Exchange Listing SWX Swiss Exchange: CPE Auditor PricewaterhouseCoopers Security No 597826 ISIN-Code CH0005978165 Contact Information Key Person Dr. Konrad Bächinger Dr. Hans Markvoort

Address Churerstrasse 122 8808 Pfäffikon

Telephone No +423 235 29 29

E-Mail Address for General Enquiries Format of Personal E-mail Address hans.markvoort@lgt.com Web Address www.castle.li Indicators Performance (last two Years) 50.7% Market Capitalization 534’344’000 CHF Total Outstanding Shares 4’320’000 Market Trend

204

Micro Value

400.000

450.000

500.000

550.000

600.000

650.000

700.000

01.0

1.20

04

01.0

3.20

04

01.0

5.20

04

01.0

7.20

04

01.0

9.20

04

01.1

1.20

04

01.0

1.20

05

01.0

3.20

05

01.0

5.20

05

01.0

7.20

05

01.0

9.20

05

01.1

1.20

05

01.0

1.20

06

01.0

3.20

06

Micro Value

Micro Value AG General Information Year of Establishment October 1997 Legal Form Corporation by Swiss Law Company Domicile Zurich Stock Exchange Listing SWX Swiss Exchange: MIV Auditor Ernst & Young AG Security No 729154 ISIN-Code CH0007291542 Contact Information Key Person Mr. Silvan Zülle Mr. Martin Sutter

Address Mühlebachstrasse 54 8008 Zurich

Telephone No +41 44 253 64 10

E-Mail Address for General Enquiries info@microvalue.ch Format of Personal E-mail Address name@microvalue.ch Web Address www.microvalue.ch Indicators Performance (last two Years) 24.5% Market Capitalization 472’121’000 CHF Total Outstanding Shares 765’000 Bearer Shares Market Trend

Yearbook 2005 / 06

205

Nebag 'R'

0.000

2.000

4.000

6.000

8.000

10.000

12.000

14.000

16.000

18.000

01.0

1.20

04

01.0

3.20

04

01.0

5.20

04

01.0

7.20

04

01.0

9.20

04

01.1

1.20

04

01.0

1.20

05

01.0

3.20

05

01.0

5.20

05

01.0

7.20

05

01.0

9.20

05

01.1

1.20

05

01.0

1.20

06

01.0

3.20

06

Nebag 'R'

Nebag General Information Year of Establishment 1996 Legal Form Corporation by Swiss Law Company Domicile Zurich Stock Exchange Listing SWX Swiss Exchange: NBEN Auditor BDO Visura Security No 505943s ISIN-Code CH005059438 Contact Information Key Person Mr. Fritz Ruprecht Address c/o Baryon AG General Guisan-Quai 36 8002 Zürich

Telephone No +41 31 312 61 06

E-Mail Address for General Enquiries info@nebag.ch Format of Personal E-mail Address Web Address www.nebag.ch Indicators Performance (last two Years) Market Capitalizatio Total Outstanding Shares 5’679375 Market Trend

206

Netinvest Holdings

1.500

1.700

1.900

2.100

2.300

2.500

2.700

2.900

3.100

3.300

3.500

01.0

1.20

04

01.0

3.20

04

01.0

5.20

04

01.0

7.20

04

01.0

9.20

04

01.1

1.20

04

01.0

1.20

05

01.0

3.20

05

01.0

5.20

05

01.0

7.20

05

01.0

9.20

05

01.1

1.20

05

01.0

1.20

06

01.0

3.20

06

Netinvest Holdings

NETinvest Holding AG General Information Year of Establishment 1997 Legal Form Cooperation by Swiss Law Company Domicile Frauenfeld Stock Exchange Listing SWX Swiss Exchange: NETN Auditor PricewaterhouseCoopers Security No 731740 ISIN-Code CH0007317404 Contact Information Key Person Mr. Rolf Kälin Mrs. Bettina S. Steffen

Address Bahnhofplatz 65 8501 Frauenfeld

Telephone No +41 52 723 30 60

E-Mail Address for General Enquiries office@netinvest.ch Format of Personal E-mail Address forname.surname@netinvest.ch Web Address www.netinvest.com Indicators Performance (last two Years) 5.6% Market Capitalization 26’099’000 CHF Total Outstanding Shares 9’000’000 Market Trend

Yearbook 2005 / 06

207

NEW VALUE AG

0.000

5.000

10.000

15.000

20.000

25.000

30.000

01.0

1.20

04

01.0

3.20

04

01.0

5.20

04

01.0

7.20

04

01.0

9.20

04

01.1

1.20

04

01.0

1.20

05

01.0

3.20

05

01.0

5.20

05

01.0

7.20

05

01.0

9.20

05

01.1

1.20

05

01.0

1.20

06

01.0

3.20

06

NEW VALUE AG

New Value General Information Year of Establishment May 2000 Legal Form Holding by Swiss Law Company Domicile Zurich Stock Exchange Listing BX Berne eXchange: NEWN Auditor KPMG Fides Peat Security No 1081986 ISIN-Code CH0010819867 Contact Information Key Person Mr. Rolf Wägli Mr. Peter Letter

Address Bodmerstrasse 9 8027 Zurich

Telephone No +41 43 344 38 38

E-Mail Address for General Enquiries info@newvalue.ch Format of Personal E-mail Address name@newvalue.ch Web Address www.newvalue.ch Indicators Performance (last two Years) 1.6% Market Capitalization 41’396’000 CHF Total Outstanding Shares Market Trend

208

New Venturetec

10.000

15.000

20.000

25.000

30.000

35.000

40.000

01.0

1.20

04

01.0

3.20

04

01.0

5.20

04

01.0

7.20

04

01.0

9.20

04

01.1

1.20

04

01.0

1.20

05

01.0

3.20

05

01.0

5.20

05

01.0

7.20

05

01.0

9.20

05

01.1

1.20

05

01.0

1.20

06

01.0

3.20

06

New Venturetec

New Venturetec General Information Year of Establishment August 1997 Legal Form Corporation by Swiss Law Company Domicile Zurich Stock Exchange Listing SWX Swiss Exchange: NEV Auditor KPMG Fides Peat Security No 703683 ISIN-Code CH0007036830 Contact Information Key Person Mr. Peter Friedli Mr. Beat Wittmann

Address Freigutstrasse 5 8002 Zurich

Telephone No +41 44 283 29 00

Format of Personal E-mail Address peter.friedli@friedlicorp.ch Web Address www.newventuretec.ch www.friedlicorp.com Indicators Performance (last two Years) 69.9% Market Capitalization 182’500’000 CHF Total Outstanding Shares 5’000’000 Market Trend

Yearbook 2005 / 06

209

Private Equity

25.000

27.000

29.000

31.000

33.000

35.000

37.000

39.000

41.000

43.000

01.0

1.20

04

01.0

3.20

04

01.0

5.20

04

01.0

7.20

04

01.0

9.20

04

01.1

1.20

04

01.0

1.20

05

01.0

3.20

05

01.0

5.20

05

01.0

7.20

05

01.0

9.20

05

01.1

1.20

05

01.0

1.20

06

01.0

3.20

06

Private Equity

Private Equity N General Information Year of Establishment 1997 Legal Form Corporation by Swiss Law Company Domicile ZUG Stock Exchange Listing SWX Swiss Exchange: PEHN Auditor PricewaterhouseCoopers Security No 608992 ISIN-Code CH0006089921 Contact Information Key Person Dr. Dieter Dubs

Address Innere Güterstrasse 4 6300 Zug

Telephone No +41 41 726 79 81

E-Mail Address for General Enquiries info@peh.ch Format of Personal E-mail Address tamara.krebs@peh.ch Web Address www.peh.ch Investment Manager Alpha Associates AG, Zurich Indicators Performance (last two Years) -3.5%% Market Capitalization 164’705’000 CHF Total Outstanding Shares 4’500’000 Market Trend

Ticker Sign PEHN Bloomberg Reuters PEHN.S

SECA Bylaws

VIII.

212

Articles of the Association 1. Name, seat and Duration 1.1. The „SECA – Swiss Private Equity & Corporate Finance Association“ is an

association in accordance with paragraph 60 and following of the Swiss Civil Code

1.2. The seat of the association is in Zug. 1.3. The duration of the association is not limited. 2. Purpose

The association is a non-profit-organisation with no commercial interests and has the Following purposes: � To promote corporate finance- and private-equity activities in the public and

in the relevant target groups; � To promote the exchange of ideas and the cooperation among members;

� To contribute professional education and development of the members and

their clients; � To represent the members' views and interests in discussion with

government authorities and other bodies; � To establish and maintain ethical and professional standards.

3. Resources

The financial resources of the association are based on the following contributions: 3.1. Annual membership fees; 3.2. Entrance fees of new members; 3.3. Donations and subsidies; 3.4. Attendance fees for meetings organised by the association.

Yearbook 2005 / 06

213

4. Membership 4.1. Persons or legal entities resident in Switzerland and Liechtenstein and which are engaged or interested in activities within the purposes of the association are eligible as members. 4.2. There are three categories of members:

4.2.1. Full Members : Companies, professionally involved in one or more activities related the purposes of the association (e.g. banks, private equity or venture capital companies, corporate finance and M & A advisors, consulting and auditing firms with corporate finance activities etc.)

4.2.2. Associate Members: Companies, interested in one or more activities related to the purposes of the association, but not

having their main business in corporate finance or private equity. 4.2.3. Individual Members : Private persons who are active or interested in the field of corporate finance or private equity.

4.2.4. Honorary Members: Elected by the General Assembly in recognition of their services rendered to the association.

4.3. The Executive Committee has the competence of admitting and expelling members. Any expelled member has the right to appeal to the General Assembly.

4.4. The members are not held responsible for any liability incurred by the association.

4.5. The annual membership fees amount to: 4.5.1. Full Members CHF 1'600.-- 4.5.2. Associate Members CHF 900.-- 4.5.3. Individual Members CHF 450.--

5. Organisation

The association comprises the following official bodies:

5.1. The General Assembly of the members; 5.2. The Executive Committee (Vorstand); 5.3. General Secretary; 5.4. The Advisory Board (Beirat); 5.5. Audit.

214

6. General Assembly of the members 6.1. The General Assembly is convened at least once a year by the Executive Committee or by request of at least one fifth of all members.

6.2. The authority and the procedure of decision making are specified by Swiss law.

7. Executive Committee

7.1. The Executive Committee is composed of at least five members of the association. It manages and represents the interests of the association. The members of the executive committee are elected on an annual basis. The members of the executive committee usually have to be full member.

7.2. The association is legally bound only by the collective signature of two

members of the Executive Committee. 7.3. The Executive Committee constitutes itself by electing a Chairman, a Deputy Chairman, a Secretary and a Treasurer from amongst its members. 7.4. The Executive Committee may delineate the operation and representation of the association to selected members of the executive committee, to the General Secretary or to third parties. 8. General Secretary

The General Secretary assists the Executive Committee, the Advisory Board and other third parties appointed by the Executive Committee.

9. Advisory Board

The members of the Advisory Board are proposed by the Executive Committee and are approved by the General Assembly of the members. The Advisory Board advises the Executive Committee on all matters relating to the purposes of the Association, especially publications, events, studies, relationships with other bodies

10. Audit

The General Assembly of the members will appoint one or more auditors who will submit a report to the General Assembly once a year.

Yearbook 2005 / 06

215

11. Change of Articles, Dissolution of Association 11.1. Any change of the present articles as well as the decision of dissolving the association must be approved by a majority of two thirds of the members attending a General Assembly.

11.2. Should the association be dissolved, any capital will be transferred to another association, club or foundation which has the same or similar purpose. The members present at the Final Assembly will determine

the exact usage of left over capital. 12. Additional Legal Regulations

In any case where the articles are not applicable, rights and duties of the association and of its

bodies are subject to the rules set forth in paragraph 60 and following of the Swiss Civil Code.

SECA, Grafenauweg 10, P.O. Box 4332, CH-6304 Zug Important: This is a translation of the German original. The German version applies in use of disagreement.