SECA Yearbook 2010 a • C • E • S

S • E • C • A My ideas for2010/11

Next Steps SchweizerischeVereinigungfür Unternehmensfinanzierung SwissPrivateEquity&Corporate FinanceAssociation AssociationSuisse desInvestisseurs en Capital et de Financement 10 20 ok bo ar Ye CA

SE SECA Yearbook 2010 A • C • E • S

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Makeyour ownnotes. Schweizerische Vereinigung für Unternehmensfinanzierung SwissPrivateEquity&Corporate FinanceAssociation Makeyour ownnotes. Association Suisse desInvestisseursenCapital et de Financement SECA Yearbook 2010 SS•!EE• C!•CA ! A SwSwissPissrivaPritevaEquitetyEquit&Corpoy&Crate FinaorpornceAatessociatFiionancen Association

SECAYearbook 2010 SESECACA YearYearbookbook20102010

I. Report from the President 3

II.SECA &Private Equity in Switzerland 7

III.Chapters &Working Groups 17 ReportingComité Romand 18 ReportingSeedMoney &Venture Capital 19 Reporting Private Equity21 ReportingCorporate Finance 27 Reporting Legal &Tax 31

IV. Events &Trend Luncheons 49

V. Financial &Audit Report 57

VI. Membership Reporting 61 Full Members 62 Associate Members 195 IndividualMembers 253

VII. Articles of Association257

VIII.Model Documentation261 Swiss Limited Partnership 262 Term Sheet für BusinessAngels und Venture Capitalists 277

IX. CodeofConduct for PrivateEquityInvestments 289

X. Code of Conduct forCorporateFinance Professionals 307

XI. European Associations 309

XII. Key Persons 313

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ChapterI Report from thePresident

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Report from theSECAChairman raising targets and regulatory challengestoprivate equity firms,especially the upcoming EU legislation Dear Membersand Readers for alternative asset managers, will force change in the our ecosystem and abroad. Lastyear we celebrated the25thanniversary of Swiss Private Equityand Corporate Finance Association Since our Swiss industry is deeply rootedinthe global (SECA). It wasaturbulent, interesting year, and we economywecan notoperate without close interaction areproud to document it in our highlyregardedYear- with our international trading partners. book which we publish in anew enriched format. We lookback on ayear of irregularity, unpredictability, Currently, theunprecedented scale of publicdeficits upheaval and change.One that reflected extremebut and dangerous levels of publicdebtboldnot wellfor hopefully temporary volatility. In the first half of the theeconomic development in many industrialised year we saw venturecapitalists, privateequity inves- nations in the future. Asituation which Bill Gross tors as well as M&A andlegal advisors TRYING TO (PIMCO) describes as «RingofFire»(see chart2). MOPUPthe mess and SHIELD portfolios and clients This situation is not just influencinggrowth potential, from further damage. The second half of the year was butpoliticsaswell. Theaggressive actions by certain dominated by adeterminedreturn to normal invest- elements in the international community towards new ment and exit levels, we feel the image of arollercoster regulation, capital control andstate influence -not just is most appropriate to define2009. NOW THATTHE in the bankingindustry -havelefted lasting impact on HEAVY WEATHEROF2009ISOVER, WE PLAN TO Switzerland. SAIL IN QUIETER WATERS.

The M&A volume has declined to around CHF 20 billionand payed EV/EBITDA multiples dropped to 7.5x from welloverthe 10x multiple averagesofthe lastfour years (see chart1below).

Figure 2: The Ring of Fire. Source: ReutersEcoWin,SEB X-asset Research.

In the past 25 years since SECA is in existence the economic climate was characterised by falling interest rates, increasedeconomicand political globalisation as well as regional integration (EU, NAFTA, ASEAN), Figure 1: Mergermarket (01.01.1998 02.11.2009). capital mobility,falling taxes,falling commodity prices Source: Schweiz, alle Sektoren ohne (i)Biotechnologie (ii) Financial Services (iii)Internet &e-Commerce (iv) RealEstate. to name afew macro trends. Switzerland andall of us wereabletobenefit in this environment of fast global Blending insight from practitioners,analysis by aca- wealth creation. demics and anecdotes by humble observers, the SECA Year Book looks back at the years key issues: the It seems fairtoconclude that thenext 25 years will be credit crisisand near-totallack of leverage that challenging since (1) the pressuretoraise taxes brought the buyout markets to astandstill; new statis- throughoutmost industrialised countries will be very tics bringing more transparency into the Swiss Venture high, (2) interest rates are likelytorise since growing Capital activity; the struggleofinvestorsdesperateto sovereigndebts have to be financed, while risk pre- hold on to their private equity positions andexamples mium will increase, (3) commodity prices are likely to of portfoliocompanies adapting to the breathtaking drift higher, because the ever higherressource de- change in the marketplace; or the widely expected mand from developing nationswill shift the supply avalanche of secondaryopportunities that never hap- and demand balance, (4) demographic developments pened, to nameafew.Lastyears turmoilinthe place- (e.g. aging)willhave agrowing impact on asset prices ment industry left many GPs well behind theirfund and socialsecuritysystems,especiallythroughout 4 SECASECAYearYearbookbook20102010

Europe andJapan and (5) last but not leastthe swiftly broad executive board in combination with the Gen- moving balanceofpower from the west towards the eral Secretary, enables an effectivedecisionmaking emerging powers in theFar andCentral East or South process and execution ability. For the penetration of Americacouldlead to an eraofmore political volatil- the Suisse Romande anotherlayer is needed to ensure ity (notethat weapon sales hit a65year record high in localpresence and enough flexibility. Therefore,each 2009). chapterhas formed agroup of three people in the Suisse Romande with the head of each group joining As aresult we are experiencing increasingpressure in the executive board and Christophe Borer becoming our industry on issuessuchastransparency (e.g. ex- executive vice chairman in 2010. change on information about clients)ornew EU legis- lationonalternative asset managers.Thereismoreto In 2009, the board and executive committee were or- come and the wind gets colder. What does that mean ganised as it is shownonthe organigramm on the for the objectives of SECA? bookcover.

Ourkey objectives Members of theBoard of Directors: Therefore,itwill be of utmost importancefor an in- • Leonid Baur dustry operating in the center of Europe surrounded Sal. Oppenheim jr. &Cie. Corporate Finance by aharsheconomic and political landscape to focus (Switzerland)AG, Partner on the thingswedobest andconstantly improve our • Christophe Borer competitiveness. The bestmeanstothat end was and Helarb Management SA, Senior Executive Director stillisour entrepreneurial spirit basedonasolid scien- tificand logisticalinfrastructure. • Barbara BrauchliRohrer PricewaterhouseCoopers AG,Partner It is the aim of SECA to support this process in the • Dr.UlrichW.Geilinger whole of Switzerland through (1) promote venture HBMPartners AG,Board Member capital and private equity in the political arena; (2) • Dr.Hannes Glaus * improving thelegal framework, transparency and Lustenberger Glaus &Partner quality standard in our industry, (3) communicate the • Dr. Alexander Krebs * importants of venturecapitaland private equity in the Capvis EquityPartners AG,Partner/Chairman public and (4) to foster thedevelopmentofour indi- • Dr.Massimo S. Lattmann **** vidual members withour services and network. Venture Partners AG,Partner /Chairman • Peter Letter *** French Speaking Switzerland (Suisse Romande) EPSValue Plus AG The year 2009 wasacorner stone year for thedevelopment of SECA in the Suisse Romande. Thankstothe • Dr.Roberto Paganoni * extraordinary effortsofChristophe Borerand newly LGT Capital Partners AG,Partner /CEO formedteams for eachSECAchapter ourorganisation • Dr.Bernd Pfister ** really took off last year. Milch MüllerManagement AG,Managing Director Severalsuccessful events andluncheons were held in • Florian Schweitzer * the lastcoupleofmonth. Themomentum within the BrainsToVenturesAG, Partner highly motivated group of people involvedinbuilding • ClaudioSteffenoni up ourpresenceinthe french speaking part of Switzer- BankamBellevue, Head CorporateFinance land could be fealtoneverymeeting. It will be ahigh • AndreasThommen * priorityofthe whole SECA executive board to keep Hirzel.Neef.Schmid.Konsulenten, Partner this process going. • Dr.RudolfTschäni Lenz &Staehelin,Partner Organisation Membership of SECA has grown to anew record high • Beat Unternährer * of 313 members in 2009. It is our objective to grow our The Corporate FinanceGroup AG, Partner member base further, especially to expandgeographi- • Dr. ChristianWenger * cally in the Suisse Romande and Basle and deepen our Wenger &Vieli Rechtsanwälte, Partner penetrationinZürich andBern.

*Members of the Executive Committee In order to cover thedifferent chapters and geogra- ** Chairman/Elected at the General AssemblyofJune19, 2009 phiesarelatively large board is needed.The twolayer *** Elected at the GeneralAssemblyofJune19, 2009 structure, with asmaller executive committee and a **** Retiredatthe GeneralAssemblyofJune19, 2009 5 SECASECAYearYearbookbook20102010

In 2009, the Executive Committee metseven times and again for hisachievements. Several newmembers the full Boardtwice. wereelected to the SECA board: Bernd Pfister,and Peter Letter. Communication Becauseofits importance,the communication unit Events always workeddirectly withthe Chairman and Gen- There wasaseries of high quality events in 2009 both eral Secretary and the key personisAndreas Thom- in the form of evening presentations and SECA lunch- menwho served SECA since the early days. Andreas eons. On December9,2009 the yearly Swiss Private has proposed this year to step down from the board Equity &Corporate FinanceCongress was held to- and strengthen the communication team with two new gether with theSwiss Venture Day (CTI) andthe Swiss appointments Thomas Meier-Pfister and Marie-Hélène Equity Fairinthe Technopark Zürich. Theconcept of Hancockfor theGerman andthe French speaking part bringing thewhole creativejuice of our industry under of Switzerland respectively.Weare greatful for the one roof was greatly appreciated by the guestsand outstanding contributions by Andreas Thommen. SECA members.

General Secretary Outlook As newly appointed Chairman Iamfortunate to work Indeed, from where we are today it is clear that some within ahighly motivated and effective general secre- of last yearsheadlines heralding the industries immi- tary teamleadbyProf. Dr. Maurice Pedergnana. The nent demise were clearly exaggregated. IFZinZug (part of the Lucerne UniversityofApplied Sciences and Arts) offersanideal setting for our or- Reading thought of this publication, itsapparant that ganisation. Since severalyears this platform has pro- as thedecadedrewtoaclose,momentum is building videdSECAwithanexcellent administrative support yet againinSwitzerlandand if thatpositivemomen- andability to executeonour projects, organise events tum carriesthroughoutthe year,2010 could deliver a and cater in many ways to our growing memberbase turning point for the private equity and corporate and board. Other key individuals were Andrea Vil- finance industry.Itwill by no meansbeall blue skies liger (Administration), Philipp Dialer(Projects & and sunshine for if 2009 was extraordinary,2010 will Member Relations), Nadine Brun(Event Manager) and be challengingtoo, but hopefully more rewarding to Cédric Vollmar (Event Manager &Comité Romand). all of us. The2009 SECA budget had avolume of CHF Smart and hard-working practioners willcontinue to 470000.and the netresult was CHF 1981.. find ways to mitigate the stormy environment, find Regulatorychallenges andCooperation with EVCA, outstanding opportunitiesand excecute on those ideas NVCA and EBAN as we always did in the past; therein lies the key to our Since acoupleofyears Dr. Christian Wenger contrib- motivation and longtermprosperity. utes as EVCA board member on variousinternational initiatives.Further contact to the NVCA was undertaken by ourGeneral Secretary Maurice Pedergnana. BerndPfister The new EU legislationonalternativeasset mangersis SECA Chairman currently the most pressing subject and is absorbing a SECA great deal of time of us all.Hannes Glaus has been Grafenauweg 10 working andpublishing on the subjectsince quite Postfach 4332 some time. We are lobbying through our relations to 6304 Zug EU LP organisations, contacts to political institutions, (including the Bundesrat) anddirect correspondence Managing Director to Brussels. Müller Milch Management AG 25thGeneral Assembly2009 Seefeldstrasse215 The meeting was heldon19.07.2009. Apart fromthe 8008 Zürich statutorymatters, the main item on the agenda was a [email protected] review of the 25 years historyofSECA,from its humble beginningstowardsits institutionalised setup to- Co-Founder and BoardMember day. The corona gave theirsalut to Dr.Massimo Latt- Invision HoldingAG mann,our Chairman, who was credited foreffectively Grafenaustrasse 7 promoting our affairsinSwitzerlandand improved Postfach4433 the organisation and processes withinthe board and 6304 Zug executive teamoverthe last six years. We thank him 6 SECASECAYearYearbookbook20102010

Chapter II SECA &PrivateEquity in Switzerland

7 SECASECAYearYearbookbook20102010

SECA &Private Equity in Switzerland allowedtoblossom (e.g. Northern Rock).Atthe same time, the financial engineering normally welcomed in Old and new Virtues come to Light the system was allowed to develop into structures that practicallynobody could understand, superviseorsee withthe CreditCrisis to that they developed correctly.

Althoughthe credit crunch was felt more heavily In short: it wasaperiod of excesses, extremeleverag- elsewherethan in Switzerland, alook at how this crisis emergedshowswhat lessons can be learnt to ing (with verylow,mostly notrisk-adjusted margins), help companies preparethemselves forfunding in opaque structures (often not understood), without the future. clear understanding of credit counterparties and marked by thebreaking of golden rules of maturity Crisescome andcrises go. They are all intensively felt, parity in asset-liability management. Creditdocumen- but all aredifferent, and despite this heterogeneity, tation was covenant light,the whole system asthey have many similarities.Many then saythat they sumed that credit would be available exactly when have seen it all before andhave learned or should needed, and interest rate curves would stay on track have learnedfromthe past. But then, thereisthe ques- (i. e. increasing slightly and nicely in line with increas- tion of collective behaviour and how to live together in ing maturities). Above all, the whole schemewas thefaceofsystemic coercion,orlack thereof. based entirelyonasunny forecast, with consistently appreciating real estate andassets, economic growth, This timearound it startedwithasub-primecrisis, low interestrates, haphazard enforceabilityand ready which then erupted into aliquidity crisis before slid- short-termfunding. ing into acredit crunchand then afull-blown financial crisis. It is still notclearwhether graphically the de- Cashgains in importance velopment of the global crisis will manifest itself as a When the development started to tip in thelate sum- U, V, W(i.e.double dip) or L(i.e. going into lengthy mer of 2007, something emerged that had not been stagnation). AlthoughinSwitzerland the feeling pre- seen for awhile. Cash the ability to have financial vails thatthe crisis has greatly diminished,globally its resources at your disposal (quickly)suddenly be- effects are still very strongly felt. Some indicators came crucial. Seldom hasthe credo of cashisking show that the crisis might not be as severeasfeared. beentruer. The systemdried up.Cashwas there, but it Whilstmanycomparisons weremadetothe global wasnot used because the money markets,and with recession of the1930s, much looks better again al- some delay the whole system, became obsessed about ready. That might be too quick counterparty risk (i.e. the creditworthiness of the companies you deal with). The banks in theirrole as in- Understandingthe origins of thiscrisis termediaries in the system lost out first due to their It is difficult to understand what has changed recently extremesensitivity. As time went on,moremarket without understanding how thecrisiscameabout.The players than couldbeimagined lost their ability to last crisis the dot.com bubble did notleave extreme take up short-termcash or long-term financing. This credit skid marks, as it wasprimarily acrisis driven by loss of immediate cash and lost faith immobilised con- assetdepreciation. Credit volume wasallowedtode- sumersand sent companiesinto atailspin, paralysing velop freely, and in many ways this even drove the thewhole system and just increased thefocus on coun- economic development world-wide. Experts differ terpartyrisks beyond whatcan be deemed healthy. about whether economic development is driven by Interest ratecurves and money marketswent haywire. credit availability or vice versa. Increasing evidence Acomplete market failureloomed on the horizon no shows that the phenomenal development of global wonder thecries for stateintervention were so loud. GDPpriortothe currentcrisis wastoalarge extent driven by plentiful credit. This period also saw the Companiesover-reliant on short-term funding sud- propelling of newsectors that promised to deliver denly becamepainfully aware that they needed abal- better returns due to the easy accesstocredit.Private anced distribution of maturities of their debts. Indeed, equity in the form of buy-outs and hedge funds grew manycompanies feared bankruptcies duetoalack of to unseen heights, butfinancial institutions solely funds, or at least had to accept horrendous interest financedinthe short-term money markets were also rates whentheydid findfunding. Fundingcould not 8 SECASECAYearYearbookbook20102010 be taken for granted and it all of asuddenbecame face; how can these risks be mitigated differently, etc.? evidenthow important ahealthy maturity distribution In short, they need to thinkinscenariosand have a and interest ratestructures suitable fordifferent inter- flexible approach to their financials. Hence it is less a estenvironments was. To the individual company, call foranextremely preciseand historic understand- capital represents costs andrisks.Inthis recession, ing of financials, but rather an improved understand- bankruptcies have not yet reached their peak that ing of revenue mechanics, pricing, maturities of pay- will come oncethe arrows are pointing up again and ables and receivables, fundinghighs and lows, fund- manyfall intoyet another funding trap of financing ing condition sensitivities to different outcomes, alone their net working capital andexpansions on the back or in combination, etc. All this feeds into adynamic of astressedfinancialsector (see chart 1showing de- view of cash flows,their risk profiles and distributions velopment of bankruptcies in Switzerland and devel- over time. In fact, companies need to consistently be- opment in thelast recession, with the green triangle come more cash-flow oriented. marking the peak in 2005). Alot of growth in recent years has been boosted by

5 debt which was not adequately priced. The need to 0 00

20 6'000 4.0% 12 H1

sH cleanuppastsins willbrake furthereconomicdevel- es re ur gu ig Fi

lF 5'000 3.0% al ua tu opment foryears to come. More write-offs are highly ct Ac sh Ah 4'000 2.0% likely.Thisausterity will hurt.

3'000 1.0% Trends following thecredit crisis 2'000 0.0% The following trends are likely in the near future: 1'000 -1.0% • Dependency on old conceptssuchashouse banks is - -2.0% likely to increase, possiblyasanincorrectmeans to 5 8 1 8 93 94 96 97 99 00 02 03 04 05 06 07 09 99 99 00 00 19 19 1 19 19 1 19 20 2 20 20 20 20 20 20 2 20 address borrowers security needs. Number of corporatebankruptciesinSwitzerland GDPGrowth

Figure 1: Connection between corporate bankruptcies andGDP growth. • Competitionmight decrease in the short to mid- Source: Creditreform, SECO. term, maybenot in Switzerland, but in the rest of Therenewed awareness of theimportanceoffinancing Europe. International competition for local financing is actually valuable and has been driven home by in- hasalready decreasedsignificantly. creasedriskawareness and understandingbycompa- • Pricing will(need to)become more elastic and risk- nies andthe economyatlarge. Counterpartyrisk is adjusted, especially alsofollowing Basle II. being taken seriously again. Interestingly,the risk / • The system will becomeboth more risk-averse as reward (cost) relationship is once again appreciated well as risk-aware,and therefore, more regulated which is why pricing has become more elastic again. and scrutinisedbyofficial bodies. Effortstowards Thishas allowedlenderstoactually charge whatis self-regulating mechanisms will find it difficultto appropriate foraspecific risk profile andnot to be counteract these trends. coercedbyatoo generousand highly competitive fundingmarket. • Structureswillneed to be understood;this calls fora simplification of the whole system.However desir- Be prepared able,ithas to be realised that securitisation hasbeen What does this development mean forcompanies? set back by 10 years. Balance sheet efficiency and structure are fundamental • Borrowers are called upon to preparethemselves and will need to be managedactively.That can only be well for funding exercises and to take adynamic achieved through an improved understanding of an viewoftheirfinancial development, possible scenar- entitys possible futurefinancial developments. Last ios and of their funding (read bank),interest rates yearsactualfinancials +3%will simplynot do any- and maturity distribution. That is not to say that this more.Companies are calledupon to do theirhome- was not done in the past but the need will definitely workand to trytounderstandwhere the sensitivities increase as ameans of prudentfinancial manage- of their profitsand losses lie. Howwill they be able to ment. weather different situations; what do they need; what investmentscan be postponed; which risks canthey 9 SESECACA YearYearbookbook20102010

• Financial engineering driven by fine-tuning and leverage, attempting to realise high returns on thin margins with corresponding high risks (as has been thecaseinhedge funds) will be increasingly difficult to realise. Higher safetymargins for errorand volatility need to be builtintofinancing structures.

Globally, aperiod of significant deleveraging is ahead. Although everybody has seen it all before, this credit crunchhas actually left deep scars that will take alongtimetoheal but,ultimately, maybetothe benefit of all.

Dr.Søren Bjønness DirectorCorporateFinance

Capital Markets and Financing Advisory PricewaterhouseCoopers, Zurich [email protected]

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SIX Swiss Exchange: an independent and TheSwiss financial centrelaying thefoundation international stock exchange forcompanies growth and prosperity For domestic and foreign companiesseekingcapital, Thefinancialcrisisdriedupthe public capital markets the Swiss financial center is attractiveindeed:itis as asource of company financing throughoutthe compact, closely networked, internationally oriented, world and set an abrupt end to the booming IPO years and the localbanks have strong financing and placing of 2006-07.Today, the European IPO market remains power. These elements contributetoSIX Swiss Ex- mired at very low levels. However, the gradual pick- change'spositionasaninternational, transparent and up in new equity offerings (Q4 2009: 55 IPOs,with a efficientmarket.Those whoinvest their capital in total issuancevolume of 5.2 billion versus Q3 2009: companies listed on SIX Swiss Exchange areactive on 32 IPOs with atotal issuancevolume of 1.4 billion)1 an international scale.Some of the reasons for the allows to draw the conclusion that IPOinvestorsare great trust investorsthroughout the worldplace in the increasingly regaining trustinthe capitalmarkets. Swiss financial centerare itshigh degreeoflegal cer- Therefore, the latest signals from themarkets arein- tainty, the countrys political stability andcompara- deed promising, and manyqualitycompanies con- tivelyliberal labourlaws,its competitive tax levels and tinue to ready themselves for an initial public offering market-oriented regulatorystandards, as well as an on the back of stabilizing marketconditions.Agoing outstanding education system and long-standing, publicstill represents oneofthe keyavenues fora proven competence in private banking. company to obtainthe financing that ensures its independence and facilitates its future growth. SIXSwiss Exchange -the European life scienceshub SIX SwissExchange is Europes leading stock market The changing European exchangeslandscape for life science companies and is accountable for In the past few years, consolidationhas beenthe main around40% of that sectors totalEuropean market themeinthe European securities exchange landscape capitalization.Companies active in this globallyori- andassuch, several cross-atlantic or mergers within entedsector aim to benefit from this unique focus on Europe took place. Thedriving force behind this trend SIX Swiss Exchange. In addition, SIX Swiss Exchange was to counterthe threat posed by the emergence of was theonlyexchangeinEurope to record cross- newcompetitors, i.e. MulitlateralTrading Facilities border IPOs by European biotech companies (BioXell, (MTFs).Other exchanges likeSIX Swiss Exchange for Newron undCosmo) in aregulated market during the example did not go down the mergerroute, but com- last IPOwindow (2004-2008).Furthermore,listed pleted their integral coverage of exchange-related companiesbenefit fromexcellent visibility among businessfields throughjoint ventures and/or vertical investors and the media, as well as broad coverage by integration.Today, in terms of total market capitaliza- analystsspecializing in the sector. Thankstothe broad tion of themajor Europeansecurities exchanges, NYSE knowledge of the sector, companies canexpectarela- Euronext and, the London Stock Exchange hold the tively stable marketenvironment and fairvaluation. toppositions,followed by BME Spanish Exchanges, Investors are multilingualand multicultural; dueto DeutscheBörseAGand SIX Swiss Exchange. the fact thatSwitzerland is geographically easily ac- cessible and investors are concentrated in asmall

2'500'000 number of locations, companies benefit from short

2'000'000 communication paths when addressing their investors.

1'500'000 As aresultofthe strong focus of the financial center on

1'000'000 life sciences,Swiss sector indices SXI LIFE

® ® 500'000 SCIENCES ,SXI Bio+Medtech show an outstanding

0 performance compared to foreign benchmarks. The

e c rs s xt ge s) e e s di æ r r liana B one B ang a No It lo hange two sector indices and benchmarksserve to increase Eur xchan he xch X xchang c E sa Os kE s Exc SE c ut ss OM or o hE e B ck is wi NY St n D AQ to thevisibilityofthe sector in the financialmarket and n pa IXS SD ES (S S ondo NA CE L ME B have apositiveeffectonliquidity. The maximum weighting of an individualsecurity is limited to 10%, Figure 1: Total market capitalisation in million (free float of primarylisted companies). which strengthens thefocus on smaller andmedium- Source: FESE, January2010. sizedenterprises.

1 Source: PricewaterhouseCoopers,IPO Watch Review,2009 11 SECASECAYearYearbookbook20102010

Figure 2: Performance comparisonofinternational lifesciences indices (TR, CHF-adjusted).

Keyadvantages of alistingonSIX SwissExchange • Veryinternationally oriented financial marketplace

• Aleadingposition in crossborder privatebanking, with abroad international investor base giving the banksgreat placing power

• Apotent financial center for equity-oriented institutional investors

• Multilingual, multicultural Swiss investors

• Close attentionpaidtoeachIPO

• Greatvisibility in theaftermarket owing to acom- prehensible market environment

• Numerousbanks with established in-house research departments

• Attractive, balanced regulatory environmentthanks to self-regulation

• Acceptance of various accounting standards (US GAAP, IFRS, SwissGAAP ARR andother internationally recognized standards)

Marco Estermann Head Issuer Relations SIX Swiss Exchange [email protected]

Andrea Isler Relationship Manager, Issuer Relations SIX Swiss Exchange [email protected]

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M&AinPharma und Biotech Trends und jenigen grossen Pharma-Gesellschaften, die in der Erkenntnisse Vergangenheitzwischen 1950 und 2008 häufig in M&A involviert waren (z.B. Johnson &Johnson, Push- und Pull-Faktoren Wyeth, Pfizer), schneiden bezüglich ihremOutput an M&A in Pharmaund Biotech haben in den vergange- neu zugelassenen Arzneimitteln auch unterdurch- nen Jahren stets an Bedeutung zugenommen. Diese schnittlichab. Die kulturellenIntegrationskosten Entwicklung betrifft sowohldie kotierten als auch die übersteigen die kurzfristig zu realisierenden Kosten- privaten Gesellschaften und ist auf sogenannte Push- einsparungen oft um ein Mehrfaches. Bei den kleine- und Pull-Faktoren zurückzuführen. Als Push-Faktoren ren Unternehmen ist die Wahrscheinlichkeit hingegen zählenvor allem dieInvestoren, dieeinen Exit mittels wesentlich höher, dassdurchdie Fusion oder Akquisi- einem Verkauf oder TradeSale an eine andere Firma tion die Zulassungsrate von neuen Medikamenten suchen. DerVerkaufist für den Investor eine Alterna- zunimmt. Dasjunge Unternehmenerhält in diesem tive zum Ausstieg viaBörsengang (IPO), die aberin Fall die bei ihmfehlenden Ressourcen und Kapazitä- letzter Zeit lediglichvereinzelt und überdies nur mit ten in derWeiterentwicklung, im Vertrieb und Marke- einer unbefriedigenden Performance genutzt werden ting durchden Partner oder Käufer2.Mit den im letz- konnte. Dieschwierige Marktlage und die gestiegene ten Jahr 2009 stattgefundenen Megatransaktionen von Risikoaversion der meisten Investoren verunmöglich- Pfizer/Wyeth (USD 66.7 Milliarden),Roche/Genentech ten einen ansprechenden Erlös. Zu den Pull-Faktoren (USD 46.8 Milliarden) und Merck&Co./Schering- zählen die Absichten der Pharma-Unternehmen, die Plough (USD 42 Milliarden) ist es deshalb fraglich, ob neue Produkte benötigen,umdie durch die Patentab- sich die gewaltigen Investitionen im Hinblick auf eine läufe gefährdeten Umsätze zu kompensieren und die EffizienzverbesserunginZukunft auszahlen werden. teils mageren Entwicklungspipelines zu stärken. Im Aktuelle Entwicklung Unterschied zu einem Verkauf überdie Börse bezah- Das Jahr 2009 wurde sehr stark dominiert durch die len diePharma-Firmeneinen höheren Preis für die Mega-Deals von Pfizer, Roche und Merck &Co. Diese Übernahme alsdie Investoren via IPO,dasie oftmals erreichten zusammen ein Volumen von USD 155.5 mit Synergie- und Kosteneinsparungseffekteninihrem Milliarden der insgesamt USD173.8 Milliarden, die in bestehenden Portfolio rechnen. Überdies sind sie in Form von (Upfront-) Zahlungenbei M&Ainden USA, grossem Stil abhängig von der Innovationskraft der Kanada und Europa eintrafen. jungenund dynamischen Biotech-Firmen,die in at- traktivenMärkten neue Arzneimittel mit hohemme- ) 180

SD 160 Public companies(>5Mrd.) dizinischemBedarferforschen und entwickeln. Hin- .U Public companies(>1Mrd.)

rd 140 gegensehen dieInvestorennur finanzielle Anreize. Public companies(>100 Mio.) 120 nM Otherprivatecompanies Eine vollständige Übernahme sichert der Käuferin die (i 100 VC/PE-backed privatecompanies en alleinigen Entscheidungs- und Vermarktungsrechte, 80 um während bei einer Lizenzkooperation eine gewisse vol 60 ns

Abhängigkeitvom Biotech-Partner bestehen bleibt. io 40 kt

sa 20

an 0 M&Asind kein Allheilmittel fürBig Pharma Tr 2005 2006 2007 2008 2009 M&Asind jedoch kein Allheilmittel für die Funda- mentalprobleme in den Pipelines dergrossen Pharma- Figure 1: (Upfront-) Transaktionsvolumen. Konzerne wie einekürzlicherschienene Studie in Na- Weitere grosseDeals von kotierten Unternehmen ture Reviews (Dezember2009) veranschaulicht. waren die Akquisition von Sepracor durchDainippon Grundsätzlich steigt mit einerzunehmenden Anzahl Sumitomo(USD 2.6 Milliarden), jene vonMedarex von eigenständigen Firmen die erwartete Anzahl von durch Bristol-Myers Squibb (USD 2.2 Milliarden) neuen Marktzulassungen durch die FDA (US- sowie die Übernahmevon CV Therapeutics durch Gesundheitsbehörde)überproportional. Fürdie höhe- Gilead (USD 1.4 Milliarden). re Produktivität dürfteein positiver Spillover-Effekt verantwortlich sein, wobei neues Wissenvon einer DieVolumenvon privaten Transaktionen sind grösserenAnzahlvon Marktteilnehmern schneller in zwischen 2008und 2009von USD 2.4 Milliarden auf derIndustrie verbreitet wird.Zudem sorgt einstärke- USD 9.9Milliarden angestiegen. Verantwortlich dafür rer Wettbewerb füreine dynamischere Entwicklung. sind vor allemgrössereDeals von GSK(Stiefel USD Dabeiist allerdings eine Unterscheidung zwischen den 3.3 Milliarden), Watson (Arrow Generics USD 1.75 grossen Pharma-Gesellschaften, welche zu denwelt- weit 15 bedeutendsten Herstellern zählen, und den restlichen kleinerenUnternehmen vorzunehmen. Die- 2 Quelle: Munos, 2009,P.959-965 13 SESECACA YearYearbookbook20102010

Milliarden) und Novartis (EbewePharma USD 1.2 Entwicklung der Trade Sales von privaten VC/PE- Milliarden). finanzierten Unternehmen Mit insgesamt9Transaktionenhaben Trade Sales im Trade Sales von VC/PE-finanzierten Unternehmen ersten Halbjahr2009 eines der tiefstenNiveaus erreichten 2009 ein Volumenvon USD2.7 Milliarden, zwischen 2005 und 2009 erreicht. Im zweiten Halbjahr was zwar höher als 2008 (USD 2.1 Milliarden),aber waren es 10, wobei Europa mit6Dealsdie beste Exit- klar tiefer liegt als im Jahr 2007, in dem USD 6.4 periode seit 2006 realisierte. Einige derinEuropa ge- Milliardenauf diese Transaktionen entfielen. tätigten Dealswiesen signifikante Werte auf und die Investorenrealisierten gute Renditen. Obwohldas gesamte Transaktionsvolumen 2009 einen

Rekordstand erreichte, sinddie Anzahl derDeals im 5.0 20 19 19 Vergleich zu 2008 gesunken. Grund dafür könnte die D) 17 17 US 4.0 16 16 16 d.

Tatsache sein,dassdie in dengrossen Transaktionen n Mr

involvierten Parteien mitinternen Integrationen one ti in 3.0 12 ak beschäftigt sind und neue Deals vorerst nicht tätigen. n( 10 10 10 ns

me 9 Dies geschieht auf Kosten der kleineren Trans- ra lu 2.0 8 lT aktionen. Aufgrund der tiefen Bewertungen von vo ns zah

io 1.0 4 kotieren Biotech-Unternehmen im Jahr 2008 wurden An kt

etliche Akquisitionen (33) getätigt, was zu einem sa an 0.0 0 Tr hohen Vergleichslevelmit früherenJahrenführt. Die H1 H2 H1 H2 H1 H2 H1 H2 H1 H2

Zahl von Trade Sales mit VC/PE-finanzierten Firmen 05 05 06 06 07 07 08 08 09 09 liegt nach 2008 mit 27 im Jahr 2009 nochbei 19. Upfronttransactionvalue Totalvalue Transactions 80 Figure 3: TradeSales von VC/PE-finanziertenGesellschaften. 70 4 4 2 n 13 3 60 9 ne 12 20 8 Erstmals seit 2005 sind dieUpfront-Zahlungen kleiner

tio 50 als 50% des totalen Transaktionsvolumens (Bio- 24 9 15 ak 26 40 24

ns dollars).Diesertiefe Wert (2009: 37%) istAusdruck 13 ra 30 19 eines Käufermarktes, in derdie Käufer die Oberhand lT 20 in den Verhandlungen haben. Mit einer steigenden 35 29 33

zah 27 10 19 Anzahl von Firmen, die einen unmittelbaren Verkauf An 0 anstreben, sinddie Käufer fähig, mehr die von ihnen 2005 20062007 2008 2009 bevorzugten meilensteinabhängigen Kaufpreise zu Public companies (> 1Mrd.) vereinbaren. Public companies (> 100 Mio.) Public companies (< 100 Mio.)-notinsurveybefore2008 Otherprivate companies Grosse Pharma-Unternehmenals aktivste Käufer VC/PE-backed privatecompanies Die grossen Pharmakonzernesind nach wie vor die Figure 2: AnzahlM&A Transaktionen. aktivsten Käufer vonprivaten VC/PE-finanzierten Firmen, welche mit Ausnahme von 2005für 50% und NachdemimerstenHalbjahr2009 ein Tiefpunkt in der mehr des gesamten Transaktionsvolumens ver- Anzahl Transaktionen im VergleichzufrüherenJahren antwortlich sind. Auch im Jahr 2009 gehörenLarge erreicht wurde, haben sich dieAktivitätenimzweiten Pharma 60% des Anteiles, obwohl die 6inden Mega- Halbjahr wesentlicherhöht, was als positives Zeichen Deals involvierten Parteien lediglich bei einer für die Unternehmen zu werten ist, die nach einem Transaktion(Merck&Co. akquirierte Insmed Biologics) Exit suchen. involviert waren. In denJahren zuvorhaben diese 6 Unternehmen gesamthaft 15 VC/PE-finanzierte Ge- Zwischen 2005 und 2008 dominierten stets sellschaften gekauft. europäische Käuferdie volumenmässigen M&A Transaktionen in Nordamerika und Europa. Im Jahr 2009übertrafen nun die US-amerikanischen Mit- bewerber vorallem aufgrundder zwei Mega-Deals im Total von USD108.7 Milliarden (Pfizer/Wyeth und Merck&Co./ Schering-Plough) die europäischen Firmen. Asiatische Käuferwaren 2009 gegenüber den Vorjahren 2007und 2008 weniger aktiv.

14 SECASECAYearYearbookbook20102010

100% werden.Esist zu berücksichtigen, dass vorallem im 90% 18% 20% % 24% Jahr 2009 das totale Transaktionsvolumen inkl. den 80% 35% 37% in 8% 5% 11% zukünftigen unsicherenMeilensteinzahlungen im

en 70% 12% 9% 60% 24% Vergleichzum Vorjahr stark angestiegen ist. Damit um 16% 13%

ol 50% könnte das Multiple für die Verkäufe im Jahr2009

sv 12% 40% nochansteigen. Allerdings kommt der sorgfältigen on

ti 30% 59% 60% 51% 50% Auswahl des jeweiligen Unternehmens eine hohe sak 20% 38% Bedeutung zu, zumal sich das Verhältnis zwischen an 10% Tr 0% den gewinn- und verlustbringenden Exits in den 2005 2006 2007 2008 2009 Jahren 2008 und 2009 verschlechtert hat. Largepharma Largebiotech 5.0 Smallbiotech Small&Mid-sizedpharma 4.8

Figure 4: Käufer von VC/PE-finanziertenFirmen. 4.0 3.2 3.0

le 2.8 Trade Sales in den Bereichen Onkologie, ZNS 3.0 3.1 tip 2.7

ul 2.9 (zentrales Nervensystem) und Antiinfektiva sind in 2.5 2.1 2.2 /M Bezug auf daswertmässige Transaktionsvolumen in 2.0 2.2 tio 2.2 2.1 2.0 2.0 den Jahren 2005 bis 2009 die meistgesuchten Ra Therapiegebiete. In denGebieten Herz-Kreislauf und 1.0 Atemwegserkrankungen haben relativ wenige Trans- 0.0 aktionen stattgefunden, dafür aber durchschnittlichzu 2005 2006 2007 2008 2009 wesentlich höheren Volumen. Bezüglich Ent- Totalvalue /investedcapital Upfrontvalue /investedcapital wicklungsphasedes am weitesten fortgeschrittenen Averagemultiplefor investors Produktes liegt der Fokus 2009auf reiferenUnter- Figure 5: Ratio/Multiple fürTrade Sales. nehmen mit mindestens einemProjekt in Phase2. Ausblick Auch fürdie Investoren positive Auswirkungen Nachden Mega-Deals im vergangenen Jahr 2009 Verkäufe an grosseUnternehmen haben auch für die dürften sich die M&AAktivitäten wieder auf mittlere Investoren von privaten Firmen positive Aus- und kleinere Dealskonzentrieren.Die hohe Anzahl wirkungen. Mit einer Veräusserung an ein grosses von verkaufswilligen Firmen sorgt weiterhin für einen Pharma-oderBiotech-Unternehmen generiert der käufergetriebenen Marktmit mehr meilenstein- Investor tendenziell die höchsten Multiples. Zudemist basierten Verkaufspreisen für Firmen in früheremEnt- fürden Investor derkleinen Firmaein Verkauf an wicklungsstadium. Die in den Mega-Transaktionen einen grossen Konzern insofern interessant, weil er involvierten Parteien werden wegen den Integrations- damit oft einevollständige Barabfindungerhält und arbeiten erstzögerlichwieder als Käufer auftreten. Im nicht,wie beieiner Abgeltung mitAktien, noch die Fokus der anderenPharma-Firmenliegen aufgrund käuferseitige Geschäfts- und Aktienkursentwicklung dereintretendenUmsatzverlustedurchdie Patent- berücksichtigenmuss.Findetallerdings das kleine abläufe eherUnternehmen mit bereits vermarktbaren Unternehmenkeinen grösseren Käufer, erleidet der oder kurz davor stehenden Produkten. Zudem posi- Investor in denmeisten Fällen einen Verlust. Diese tionieren sichdie Pharma-Konzerne vermehrt in anspruchsvolle Deal- und Marktstruktur erfordert die Emerging Markets, in Generika und im Impfstoff- Anwesenheit von professionellen und institutionali- bereich.Mittel-und langfristig besteht weiterhin ein siertenVenture Capital Gesellschaften als Investoren. grosserBedarfnach innovativen Projekten und Zudem ist die Bedeutung von Corporate Venture Technologien von jungenBiotech-Unternehmen, die Investoren, wie z.B. NovartisVentureFunds, zu sich auf einen hohen medizinischen Bedarf und auf erwähnen. Rund 35% aller Trade Sales in den Jahren Nischenmärkte ausrichten. Nicht zuletzt auch deshalb, 2005 bis 2009 haben einen oder mehrere Corporate weil die Regulationshürden und die Rückerstattungs- VentureInvestoren.Jene Verkäufe erzielen im Mittel praktiken derKrankenversichererzunehmend re- bessere Renditen beieinem Exit. striktiver werden. Die Abhängigkeit der grossen Pharma-Konzerne von Biotech-Innovationen wird in Renditen fürInvestoren Zukunft weiter steigen, da etliche Firmen wie Durchschnittlich konnteein Investor in den Jahren AstraZeneca ihre Forschungsbudgetszurückfahren 2005 bis 2009 einen Multiple von 2.1 erzielen (Ver- undmehrauf Einlizenzierungsstrategien statt Eigen- kaufserlösaus Upfront Payments im Verhältnis zum entwicklung setzen. investierten Kapital).ImMittelkann derExitin5bis 6 Jahrennachdem Einstieg des Investors realisiert 15 SECASECAYearYearbookbook20102010

Thomas Heimann innoValuationPartners GmbH [email protected] www.innovaluation.ch

Anmerkung zurMethodik: Die in diesem Artikel erwähntenAuswertungen basieren auf dem Pharma/Biotech M&A Report von HBM Partners AG.Der Autor hat zusammen mit HBM Partners AG die Daten fürdas Jahr 2009 analysiert. Er bedanktsich bei der HBM Partners AG fürdie Zurverfügungstellungder Daten und fürdie Zusammenarbeit.

DieZahlenbeziehensichauf die in den jeweiligen Jahren (2005 bis 2009) abgeschlossenen TradeSales in Nordamerika undEuropaund beinhalten nur Biotech, Spezialitätenpharma undtraditionelle Pharma.Nicht berücksichtigtsindDiagnostika, Medizinaltechnik sowie Tools undServices Firmen.

Die Verkaufserlösebeziehen sich, wennnichts anderes erwähnt wird, aufdie Upfront Payments, welcheunmittelbar nach Deal-Abschluss ausbezahlt werden. Im Unterschieddazu umfassen die Biodollars dasgesamte Volumen, welchesaber erfolgsabhängigeund entsprechend unsichereMeilensteinzahlungen beinhaltet.

Fürweitere Angaben zurMethodik wird aufden M&A Report von HBM Partners AG verwiesen.

Quellen: HBMPartnersAG(Hrsg). Pharma/BiotechM&A Report 2009. Zug

Munos,B.(2009). Lessons from 60 yearsofpharmaceutical innovation.Nature Reviews. Drug Discovery. Vol. 8. Dez. 2009. S. 959-968

16 SECASECAYearYeabookrbook20102010

ChapterIII Chapters &Working Groups

17 SECASECAYearYearbookbook20102010

Reporting Comité Romand Lesobjectifs du Comité Romand reprennent ceux de la SECA et du ComitéNational et se déclinent selon deux ConstitutionduComitéRomand axes:

Lannée 2009avu la constitution du ComitéRomand A) Promotiondelinnovation et de lentrepreneuriat de la SECA. Ce Comitéest une extension du Comité dans la région Suisse Romande par les actions sui- National et apour but de développer lensembledes vantes: activitésdelaSECAenSuisseRomande. • Organisation de conférences, tables rondes et luncheons Au printemps 2009, 33 personnes ont répondu à • Publicationsdarticles lappelàlaformationduComité Romand. Une séance • Activités de Lobbying et publications de prises de constitutive aété organiséele3juillet 2009 àGenève positionexplicatives(«white papers ») sur des su- avec la participation de 15 personnes.LeComitépro- jets choisisetdactualités. posé atenu sa premièreséancedetravail le 4sep- tembre 2009, puis sest rencontrépériodiquement. Les Chapter Leaders (CL)seront proposés àlélectiondu B) Documentation et vulgarisation des activités et du Comité National lorsdel'Assemblée Générale 2010. Ce processusduventure capital et du private equity, Comitéest formé par les membres suivant: principalementpar la publication de document en langue française (par exemple, code de conduite, Responsable Christophe Borer, HelarbManagementSA, termes et conditions pour une transaction de venture Comité Romand SeniorExecutiveDirector capital,documentation surlasociété en commandite

Marie-HélèneHancock(CL), de placements collectifs (SCPC), etc). Communication Hirzel.Neef.Schmid. Konsulenten AG, Partner AnnRichter,LeRéseau LensembleduComitéRomandtravaille àmettresur pied un programmedactivités intéressant et varié Claude Suard (CL),DéfiGestion SA,Partner Private equity pour lannée2010. La communication de ces activités & Pierre Kladny,ValleyRoadCapital, Partner se feraprincipalement parlebiais de la SECA eNew- fundsoffunds Marc-Antoine Voisard, Euro Private Equity SA,Partner sletter (inscriptiongratuite surlesite :www.seca.ch) et de prospectus. DiegoBraguglia (CL),VIPartners AG, Partner Seed Caroline Gueissaz, Business Angels Suisse & Noussommes àvotre écouteetouverts àtoutes vos VentureCapital Stéphane Zrehen,PolytechVentures, suggestions ou propositions. Nhésitez surtout pas, à Investment Manager contacter soit le ResponsableRomand, soit les Chapter

Jean-FrançoisLagassé (CL), Deloitte SA, Partner Leaders respectifs en cas de questions. Corporate ChristianMustad,EdgarBrand SA,Partner Finance Enfin, je profitedecette occasion pour remercierles Maurice Pierazzi, BCGE, ResponsableM&A et PE nouveaux membresduComitéRomand et ceux du

JacquesBonvin(CL),TavernierTschanz,Partner ComitéNational pour leur soutien et leur engagement lorslaconstitution de ce Comité. Legal &tax Andreas Roetheli, Lenz&Staehelin,Partner Stéphane Tanner, PricewaterhouseCoopers, Partner Au plaisirdevous rencontrer lors de nos prochaines

Table 1: Membres du Comité Romand. manifestions.

Le Comité sest réunitroisfois en 2009 et une ren- contre avecleComité NationalàZurichaeu lieu le 1er février2010. Le Comité Romand opèreindépendam- mentduComitéNational, mais de manière similaire. Christophe Borer La coordinationest assurée par le Responsable Ro- Responsable Comité Romand de la SECA mand et les Chapter Leaders. Il est prévu que les Helarb Management S.A. membres du Comitéserencontrententre3à5fois par AvenueRuchonnet30 année. Casepostale 864 1001 Lausanne [email protected]

18 SECASECAYearYearbookbook20102010

Reporting Seed Money &Venture Capital informal meetings the investors discussed recent eco- nomicdevelepment as well as investment cases. CTI Invest 2009adifficultyear This spring, thesecond editionoftheSwiss Venture Guide2010,ashort version, was published. The fol- 2009 wasabusy, interesting but also challenging year lowing content to futurre entrepreneurs, investors, for CTI Invest. politiciansand general publicisprovided: Despitethe financial crises we presented 24 Swiss • 10 Companies On the Way to Success High Techcompaniesatour quarterly Swiss Venture • Overviewofall important SupportOrganizationsin Days in Zurich and brought 10 Swiss High Techcom- Switzerland panies to Munich in September 2009. • Overview of the CTI Invest Investor members All the company pitches from the SwissVentureDays • Overview of allrelevant Swiss Businessplan compe- were made available on ourwebpage through our titions in Switzerland video podcasting.The quality of the podcasts could be improved through the live takes and all investors get Thenumberofthe investor membersjoiningour plat- to see thesamecompany pitch! form stayed at around 70 in 2009 (see table 1for afull list,without theBusinessAngels). The financing volume for 2009 was significant lower thanin2008. Nevertheless,weestimate thatatleast SwissInstitutional Investors ForeignInstitutionalInvestors half of the companies we presented in the past two Affentranger Associates AtlasVenture yearseitherclosedafinancing round or are in the Aargauische Kantonalbank BaytechVenture midest of doing so. The resulting financing volume Aravis Creathor Venture regarding thepresented companies at our events Aventic Doughty Hanson &CoGmbH reached approximately acumulatedvolume of CHF BiomedInvest Draper Investment 250 Mio. (estimated by CTI Invest). BSI Health Capital Dpixel BV Group Earlybird Again almost all of the presented companies cameout Constellation Schweiz AG Emertec of the CTIStart-up program and where at the same CoreCapital PartnersAG Go Beyond Ltd. time spin-offs of the ETH Zürichand EPFLausanne. DEFI Gestion I-Source Gestion Eclosion NBGI Ventures Ourmostimportant networking event, thesixth CEO EPSValue Plus AG ImprimaturCapitalLtd. Day in September2009, attracted anew record num- ErfindungsVerwertung AG OCAS Ventures ber of more than 330 participants. FongitSeed InvestSA Saab Ventures Gebert RüfStiftung SHS Forthe first timealso Industrial Partner were invited Invision PrivateEquity AG Sofinnova to meet the attending Swiss High Tech companies, so JadeInvest SA SwarratonPartners we welcomed the following companies: Logitech Europe SA TargetPartners New Value Wellington Novartis Venture Fund • ROCHE • Logitech Polytech Ventures Business AngelClubs • Novartis • Microsoft Redalpine VenturePartners AG Business Angels Schweiz(BAS) • Johnson&Johnson • Swisscom STI Stiftung BioValley BAC • Medtronic • ABB Swisscom AG Start Angels Network • Straumann • Alstom Technopark Luzern b-to-v • Synthes • Oerlikon Tschudin+Heid A3Angels • Google • Ruag VI PartnersAG Vinci Capital Furthermore the annual Venture Leader ceremony Zürcher KantonalbankZKB wasagain heldatthe CEO Day. This program, also Table 1: Member list (April 2010). supported by the Innovation Promotion Agency CTI, sends 20 highlytalented young entrepreneurs to a10 day stay in Boston, including a5day crash course in Entrepreneurship.

The InvestorLunches, exclusivelyorganized for our investor members, were very well attended. At these 19 SECASECAYearYearbookbook20102010

An overview of the achievements is givenhere: In addition theconcept of Donators wascontinued. CompaniesthatpresentedatCTI Invest match making • >70Investor members eventsand thereafter successfully closedafinancing • 35 Venture Days (28 in Switzerland, 7abroad) round can become aDonator. So far thefollowing • 6CEO Days (newrecord withmorethan 300par- companies have donated: ticipants) • 10 Investor Lunches • Aimago • >170 SwissHighTech companies presented • AXSioncis • >75Video Podcast of companies • Doodle • ½got financed(by members and/or third parties) • Glycovaxyn • Approx. CHF 250 Mio. financing volume (since 2003, • Primequal until end 2009) • Sensimed • 35%BLS,42% ICT, 8% Micro/Nano, 15%Interdis. • Xeltis At the annual generalassembly (March 2010) the existing CTIInvestboard, with Dr. Christian Wenger as We are looking forward to the next challenging year chairman, was reelected. (for all events see table 3).

Furthermoreanewmembership categorywas intro- Swiss VentureDays duced, the Industrial Partners.This was the result of 9-Mrz-2010 the participation of these companies at theCEO Day 20-Mai-2010 and the very positive feedback received by the start-up 8-Sep-2010 companies. 9-Dez-2010

Besides the annual membership fee of the members, Investor Lunches CTI Invest is benefiting from the sponsoring of well 20-Apr-2010 13-Jul-2010 known Swissinstitutions andcompanies.Due to the 9-Nov-2010 efforts and services presentedtoinvestors and sponsors, the following pleasant development can be noted CEO Day • The Innovation PromotionAgency CTI of Switzer- 27-Okt-2010 land is buying services from CTI Invest to support Table 3: Events 2010. theSwiss high tech companiesfollowing the CTI Start-up coaching programand is our most important partner • W. de VigierFoundation upgraded as Gold Sponsor • Creapole joined as Silver Sponsor Dr.Christian Wenger . • Technopark Luzern joined as Silver Sponsor Chairman CTIInvest • TavernierTschanzjoined as Silver Sponsor Wenger &Vieli AG Rechtsanwälte PremiumPartners Silver Sponsors (cont.) Dufourstrasse 56 Innovation Promotion Agency CTI PricewaterhouseCoopers Postfach 1285 Gebert RüfStiftung SIX SwissExchange 8034 Zurich Swisscom TavernierTschanz [email protected] Zürcher Kantonalbank Technopark Luzern Venture Incubator Jean-Pierre Vuilleumier Gold Sponsors Wenger&Vieli ManagingDirector EPFLausanne Zühlke ETHZurich CTIInvest NewValue Donators Seehofstrasse 6 Novartis Aimago 8008 Zurich W.A. de Vigier Foundation AXSioncis Doodle [email protected] Silver Sponsors GlycoVaxyn Acceleris PRIMEQUAL Creapole Sensimed Empa Xeltis Table 2: Sponsors.

20 SECASECAYearYearbookbook20102010

Reporting PrivateEquity attributabletoamore resilient Swiss economy compared to othermarkets. Buyout Activity in Switzerland in 2009 However, the credit crisis and the subsequent reces- Investmentactivity sion changed some of the rules of the buyout playing Theweak buyout market of 2008 continued through- field. First,the more restrictive lending policies for out 2009 and buyoutactivity remained subdued.The leverage financing complicated the financing of even total deal volumein2009was an estimated EUR 900m, small and medium size transactions and led to anum- similartothe estimatedEUR 800m in 2008 but sub- ber of all-equity financed transactions in Europe.Sec- stantially lowerthan the estimated EUR 3.1bninthe ond,banks have becomeequallyrestrictive withcor- previous year. As in 2008, Switzerland did not see any porate lending, thereby limiting the investment possi- very largebuyouts (> EUR 500m) in 2009,which ulti- bilitiesfor bothprivate and publiccompanies. Finally, mately contributed to the high buyout volumes in 2006 the depressed economic outlook and consumersenti- and2007. Similarly, in the rest of Europe, according to ment brought earning forecasts down and created the Centrefor Management Buy-out Research, there substantial insecurity forfutureprofitability of portfo- were only fivebuyoutsworth more than EUR500m lio companiesand targets. With this, many private completedduring2009. In Switzerland, foreign funds equity firms focused on their portfoliocompanies and completed the largest transactions in fall 2009 with remained cautious towards new investments. IntertrustGroup bought out by the Dutch fund Water- land andMetalor acquired by FrancesAstorgPart- Other predictions for 2009, however, did not meet the ners.The remainingtransaction volume wasformed expectations of buyout practitioners.The restructuring by small to mediumbuyoutscompleted by Swiss of corporations and the write-down of debtdid not funds and international players, which proved their offer as manyattractive opportunities as investors resilienceinadifficult market environment. hoped.Few private equity firms had the opportunity to acquire quality companies at attractive prices by In terms of number of transactions, 2009was still a restructuringthe balancesheet.Particularly, theSwiss fairly active year.While Q4 2008, the post-Lehman marketdid not haveasmany distressed sellers as quarter, showed no signing or closing of transactions, other marketsaround the globe,which speaks for the 2009 showedarecovery with atotal of 13 buyouts healthy and sustainablefinancingofamajorityofthe recorded during theyear comparedto16transactions companies in the Alpine market. in 2008. Types of transactions The transactions in 2009 were dominated by various Institutionalbuyouts in Switzerland 18 3'000 typesofsellersincluding banks, private equity funds, 16 corporate and private sellers. While in 2008 the market

2'500 ) 14 Rm did not see anysecondary buyout, such transactions ns EU

io 12 2'000

in reappearedin2009. e( sact 10 an um

tr 1'500 8 ol of

nV Transactions stemmed from abroad universeofindus- er

6 1'000 io mb

act tries, reflecting the diverselandscape of Switzerlands Nu 4 ns

500 Tra industry.While industrial products and services ac- 2 counted foralarge number of the buyout transactions, 0 0 2003 2004 2005 2006 2007 2008 2009 various transactions such as Baumot (Perseus), Mis-

SmallTransactions( EUR250) TransactionVolume(in EURm) to resourceand energy efficiency (clean technology) Figure 1: Institutional buyouts in Switzerland. sub sectors. Source: Unquote(IncisiveMedia),Mergermarket, Capvis. Divestments /IPOs Investmentenvironment With theIPO window beingclosed in 2009, private As predicted in this report ayear ago, straight forward equity funds focused on trade sales and secondary auction sales with many bidders did not occur in 2009. buyouts. During the courseofthe year, Bauwerk was Situations were muchmore complex than pre-Lehman soldbyVestar-owned NybrontoZurmont Madison, and thoroughness and flexibility of the buyers were ORSService was taken overbyInvision from Argos crucial. Nevertheless, as described above, ahealthy Soditic and Ermewa Groups investorIPE sold its re- number of buyouts were completed, certainlyalso maining stake to SNCF, to name afew examples.

21 SECASECAYearYearbookbook20102010

Outlook2010 The outlook for 2010isundoubtedly more optimistic thanthe outlookinlastyearsyearbook. While it ap- pears that the economy has bottomed out in 2009, the year 2010 will remainchallenging.However, the sen- timentamong privateequity investors is slowlyim- proving and optimists are now having ahigher voice.

Acombination of positive effects on the buyers side such as higherplanning certainty in investment sce- narios duetogrowing confidence in arecovery as well as substantialcapital to be invested from buyout funds should lead to agrowing buyout market in 2010. Moreover, the ongoing normalization of the banking environment contributes to amorepositive outlook. On thesellersend,somecompanies will further re- shuffle their businesses andrestructure their operations and balance sheets,while the lingering tight credit situation will continue to make refinancing dif- ficultand entail aneed for capital infusions or asale of certain businesses.

In sum,the year 2010will not bringbackthe daysof thebuyoutbonanza of 2006and 2007, but long-term investors mighteventually prefer the cautious environment of today to the heated markets of the past.

Patric Klees Investment Director Capvis EquityPartnersLtd. Talacker 42 8001 Zurich [email protected]

22 SECASECAYearYearbookbook20102010

Fund-of-Funds: markets caused muchdistressfor those companies The Macroeconomic Environment and its with investments to finance or debt to roll over. ImpactsonPrivateEquity

EURbillions

150 Theyear 2009, togetherwith 2008, representone of the 120 mostturbulent periods ever experiencedbythe private equity industry.The speed and extent of the 90 global economicdownturn,especiallyasseen in de- 60 pressedfinancial markets, as well as thesubsequent 30

0 recovery, was unprecedented. 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 20081H09 Figure 1: Annual LoanVolume. Source: S&P (LCDEuropean Leveraged LoanReview). Investor sentiment at the beginning of 2009 was largelyformedbyweak debt andequitymarkets • Interest payment obligationsand loancovenants worldwideand,more importantly, their negative ef- restricted operationalflexibility.Measures intro- fectonthe overall economy. The painful realityof duced tended to focusonthe conservation of cash, global economic integrationamplified the correlation the trimming of cost structures and the safeguarding between countries, industries and marketsnot only on of financial covenants. Some companies were safe; the way up butalso on the way back down. This led to many needed attention; afew were beyondsalva- widespread uncertaintyoverthe futureofthe global tion. economic system.The liquidity squeeze that followed the demiseofLehmanBrothers forcedinvestorsand • Athirdphase emerged onlylate in the year, when companies alike to pay great attention to risks previ- attention couldbeturned to finding newportfolio ously considered irrelevant:counterpartyrisk, refi- investments.The gradual opening of debt capital nancing riskand bank defaults. markets and the renewed supply of bankcredit facilities allowedmanagers to look fornew dealswith Thebottomingout of the credit andequity cycles in more balanced financing terms.Inaddition, sellers mid-March calmed thosefears of structural damage. of portfolio companies began to base price negotia- Signalsofrelief were clearest in financial markets, tions on 2009financials rather than 2008 perform- whose strong and extended recovery from thesecond ance, thereby lowering priceexpectations in many quarter onwards led equity and distresseddebtmar- cases. kets indicestoclose 27 per cent and 41 per cent up, Currently, leverage is still more difficult to secure than respectively, for the year. Signs of revivalinthe indus- in pre-Lehmantimes, but it is available for smallerand trial and servicesectors, in contrast,did not material- mid-market transactions andfund managers with ize until well into the autumn. good reputations. The operational performance of underlying fund investmentswas affected by the chal- Private equitymanagers soughttoanswer the eco- lengingmarketconditions in 2009, but notasseverely nomicchallenges that besettheir portfolio companies as initially feared.Generalpartners were preparing in three phases: their portfolio companies for theworst;whichfortu- • Theirfirstpriority was to reduce exposure to non- nately didnot happen.However, short-and medium- cash generativeactivities as quickly as possible.For term uncertainties remain for highlyleveraged deals. most companies, the sudden drop in demand caused by an uncertainoutlookfrom their customers consti- tutedaseverethreat to theiroperations. Questions Private EquityFundsValuation in 2009 on how to adapt the cost structureand what inven- tory or productioncapacity to retain werechalleng- March2009 valuationschanged little from those com- ingyet crucial to answer. Typically, the close work- pleted in December2008, mainly becauseequity mar- ing relationshipbetween investorsand management kets were stillwell belowtheir year-end levels.Itwas ensured that rapid action was taken. only in the June2009 reports that private equity valuations began to reflect risingequity markets. By then, • Asecond phasefocusedonthe stabilization of com- equities had booked three months of solidgains,albeit panies financial structures. Private equity backed without any corresponding increase in profitability. companies were affected by the poor financial envi- Valuations benefitted from increasedEBITDA multi- ronment at least as heavily as thosethat are financed plesrather thananything more profound. in other ways, as their reliance on leveraged capital is typicallymore pronounced. The shutdownofdebt

23 SECASECAYearYearbookbook20102010

In recent years, fair value approaches havebecomethe The trend towards greater adoptionoffair market dominant methodologyfor determining the price of valuationprinciples amongmanagers is clearly evi- privatecompaniesinalmost all investment stages. dent among LGT Capital Partners ownunderlying Even when fair market valuations are applied,asthey managers, as most are now reporting based on FAS are now for most of privateequityfundsbeingbacked 157, IFRS or International PrivateEquity and Venture by institutional limited partners,year-end2009 private Capital Valuation Guidelines (IPEVCG). equityvaluations aremore conservative than their public counterparts. Whereaspublic market valuations Year-end audit are currently based on multiples of anticipated earn- Statutory auditorshave becomeeven more concerned ings for 2010 or 2011,private equity valuations still about valuation risks followingthe financial crisis and focusonthe generally poorfinancialsof2009. This is subsequent increaseinregulatorypressure. As are- because private equity valuations have to pass muster sult, fund-of-funds managers have to allocate more with an auditor,who will generally have little regard resources to the year-end audit process. for anticipation and expectations. Also, whereas current public marketsalreadyprice in arecovery of earn- While the year-end closing is based on roll-forward ings in 2010, private equity valuations willonly reflect valuations,the fair value principle as stipulated by them when they materialize in acompanys financials IFRS(IAS39) requires fund-of-funds managers to once2010 is well underway. Furthermore,private consider any materialvaluation event or impact occur- equity valuationsgenerally take place once aquarter ring between: (i) the date of the latest availablere- and are actually received with adelay of twotofive ported fund valuation (i.e. 30 September); and (ii) the months. As aresult, year-end 2009 fund-of-funds year-end closingdate (e.g. in the courseofJanuary / valuationspredominantly consist of Septembervalua- February). Fund-of-fundsmanagerhave to make sure tions of the underlying partnerships. thattheir monitoring and fair value process captures suchsubsequent valuation events (i.e. subsequent to latestavailablereported valuation) andthe statutory FairValue Principle and Year-End Audit auditor will verify this process as part of its internal control checking procedures. However,given that Fair value principle public marketswere rather flat during thefourth quar- Many fund-of-funds managers in Switzerland have ter of 2009, the differencebetween roll-forward valua- adoptedIFRS(InternationalFinancial Reporting Stan- tions at year-end 2009 compared to the reported valua- dards) as their reporting andaccountingstandards, tions at year-end 2009 will not be as significant as in which require private equity fund investments to be prior year. fairly valued. Two developments in internationalac- counting standards and private equity guidelines have further encouraged fund managers to adopt the fair InvestmentActivityofaFund-of-Funds`Perspective value approachin2009: • FAS 157 (US Financial Accounting Standard) be- Secondaryinvestments came effective on 15 November 2007 and is applica- In 2009 andthe first part of 2010 the secondary private ble for year-end reporting 2008 and beyond. The Fi- equity fund market has offered attractiveinvestment nancial Accounting Standard stipulates the fair opportunitiesfor acquiringquality assets at significant valueprinciple,which is consistent with IFRS. discounts to current fair market values. Buying opportunities in 2009 were initiallyfueledbylimitedpart- • In September 2009, the International Private Equity ners with immediate liquidity needsorthe need to and Venture Capital Valuation Board released up- reduce uncalled commitmentsand by general partners dated Private Equity Valuation Guidelines responding to potentially defaulting limited partners. (IPEVCG), the standards followed by most Euro- By the latterhalf of 2009,with public marketsre- pean fund managers. These take into account the boundingand low levels of capitalcalls coming from evolution of fair value accountingrequirements and private equity investments, there may have been many practices around the globe, in particularaspromul- overcommitted sellers but few were in distress. gated by the Financial Accounting Standards Board (FASB) in the United States and by the International Secondary transactionvalue for 2010 is expected to Accounting Standards Board(IASB). IPEV Guide- rise over2009 levels because huge amounts of assets lines havebeendrafted to be consistent with IFRS that could not change hands in 2009 arestill looking and US GAAP. for new owners. In addition, the expectation gap between sellersand buyers is narrowingasfund

24 SECASECAYearYearbookbook20102010

valuations andcompanyperformance are re-set to EURbillions reflect post-Lehman realities.Many investors still have 30 liquidityneedsand many financial institutions will be 25 required to dispose of non-core assets such as private 20 15 equity funds. As aresult, investors with capital to 10 deploy can benefit from many promising secondary 5 investmentopportunities. 0 Q1 08 Q2 08 Q3 08 Q4 08 Q1 09 Q2 09 Q3 09 Q4 09

0-EUR100m EUR100 m- EUR1bn EUR1bn Primaryinvestments Figure 3: ValueofEuropean Buyouts by SizeRange. Primary fundraising has declined over thepast three Source: Private EquityBarometer. years, and mostnotably in 2009,sinceits peak in 2006. Manygeneral partners postponedtheir fundraising Thenew deal landscape looks different, withahigher plans in last yearsdifficultenvironment,opting in- equity to leverageratio applied and morefocus on stead to focus on existingportfolio companies. small and mid-marketdeals.Equity contribution requirements for private equity firmshave already increased to levels unseen in the past twelve years, re- USD billions 140 sultingnearly in aone-to-one debt to equityratio.

120

100 50%

40% 60

40 30%

20% 0 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 LTM 1999 2000 2001 2002 2003 20042005 2006 2007 2008 Q1-309 30/6/09

Figure 2: Fundraising in Europe. Figure 5: EquityContribution as a%ofTransaction Value. Source: ThomsonFinancial VentureEconomics,July2009. Source: S&P (LCDEuropean Leveraged LoanReview).

The difficult fundraising environment is expected to However,investorsentiment has been improving result in ahealthy clean-up of theindustry as many since June 2009 and attractive investmentopportuni- unproven fund managers will not be able to raise a tiescan be found in small and middle market buyout new fund. segment, where banks aremore willingtoprovide financing and prices have declinedtoattractivelevels. Europeanprivate equity also experiencedasignificant drop in investment activity in 2009, with the large 11.0x >EUR500m 10.0x EUR250m -EUR 500m buyout segment mostaffected,asthese managers

30 200

25 150 20 Vintage Years 2009 to 2010 Funds might result in 15 100

10 aboveaverage Returns 50 5 0 0 The year2009, along with 2008, represent one of the Q1 08 Q2 08 Q3 08 Q4 08 Q1 09 Q2 09 Q3 09 Q4 09

Value (EUR billions) Number of Deals mostturbulent periods ever experiencedbythe private equity industry. Thebottoming out of the credit Figure 3: Valueand Number of Deals. Source: PrivateEquityBarometer. and equity cyclesinmid-Marchand subsequent recovery calmedthe worst fears forthe global downturn.FromJuneoflast yearonwards, private equity valuationshavebeen rising, following therecovery in thepublicmarkets.Pressurefrom institutionalinves- torsand the further development of the international 25 SECASECAYearYearbookbook20102010

accounting andvaluation guidelines in 2009 and 2008 resulted in the majority of institutional-grade fund managers adopting thefair value approach for report- ingtotheir limited partners.

Investor sentiment has been improving since summer 2009, and the secondary market provides attractive investment opportunitiesfor fund-of-funds managers with capital to deploy. Fundraising and investment activity in the primarymarket has started to rebound, with small and mid-marketdeals considered the most promising. Past experience suggeststhatvintage year 2009-2010 funds could achieve above average returns, as bestprivate equity investmentsoften originateat the bottom of acycle.

MSCI World Fedfund rate 60.0% 8.0%

40.0% 7.0%

20.0% 6.0%

5.0% 0.0% 7 8 9 0 1 2 3 4 5 6 7 8 9 0 1 4.0% -20.0% Dec-9 Dec-9 Dec-9 Dec-0 Dec-0 Dec-0 Dec-0 Dec-0 Dec-0 Dec-0 Dec-0 Dec-0 Dec-0 Dec-1 Dec-1 3.0% -40.0% 2.0%

-60.0% 1.0%

-80.0% 0.0% MSCI World24-Monthrolling returns Fe dfundrates

Attractive environmentfor buying companies Attractive environmentfor sellingcompanies

Figure 7: MSCI World and Fedfund rate. Source: Bloomberg.

RobertSchlachter Private EquityTeam LGT Capital PartnersLtd. Schuetzenstrasse 6 8808 Pfaeffikon (SZ) [email protected]

26 SECASECAYearYearbookbook20102010

US$bn Numberofdeals Number Value ReportingCorporate Finance 120 120

M&AMarket Switzerland 20093 100 100

80 80

Theglobal financial crisis hashad aprofound impact 60 60 on almost every aspect of the global economy.The 40 40

Swiss M&Amarket is certainly no exception in this 20 20 regard with2009witnessing asustaineddecline in the - 0 volume and value of transactions coming to the market. Over the last12months, 276 suchdeals were an- Figure 2: Number and value of deals per quarter. nounced worthacombined USD 78.6 billion. Com- Source: KPMG M&AYearbook 2010. paredto2008 this represents a14% decline in deal

Notdisclosed US$1bn transaction values, where such values were disclosed. 400

350 21

14 15 10 18 12 8 300 14 10 17 8 The continued reluctance of banks to finance M&A 11 55 10 54 6 50 11

s 250 39

al 32

deals has meant thatcashcontinues to be kinginthe de 69 52 of 200 68 63 50 er

Swissmarket. Indeed, companies are currently hoard- mb 150 Nu ingcash in abid to strengthen balance sheets and as a 100 178 181 result, M&Aisnot on the agenda for many corporates. 164 169 167 50

Continued uncertainty around the markets emergence 0 2005 20062007 2008 2009 from the effects of the economicdownturnhas height- Figure 3: Volume by dealsize2009 (USD). ened firmscautiousness, significantly restricting deal Source: KPMG M&A Yearbook 2010. flow with companiesstillreticent to broker atransac- tion.Consequently, themajority of deals that have Looking at individual sectoractivity,the Financial cometothe market have either been very strategic in Services and Healthcare andLife Sciences sectors have nature or drivenbycorporate survivaland afunda- witnessed the most significant transactions in the mental needtoget the transaction done. Swiss market and this is unlikely to change going forward. Anumberofdomestic and overseas Financial While Swissfirms have perhaps been lessexposedto Services companies are looking to do deals within the the downturnthan others,thereisstill little visibility asset management and private banking spaceswhich on corporate performance with no clear outlookfor are particularlyfragmented and ripe for consolidation. company results and uncertainty overorder books. Private banking M&Awillalso be drivenbythe im- Nevertheless, the fact thatdomestic firms are less lev- pending changes to offshore bankingregulations and eragedthan their European counterparts has meant the clampdown on so-called tax havens.Indeed, the thatdistress driven M&Adealshavebeenless com- likes of ING and Commerzbank have already moved monplace. to disposeofsuchassetsinSwitzerland in 2009.

Number Value 400 180 The countercyclical nature of the Healthcareand Life 350 160 Sciences sectorwill ensure that dealscontinue to be 140 300 brokered. Activity will be driven by sector-specific 120 250 ls issues withfirms needing to refill the pipeline of new ea 100 fd 200 ro $bn be 80 drugs in thefaceofimminent patent expirations. The

150 US Num 60 lackofavailable financingisnot an insurmountable

100 40 obstacle due to the cash-rich nature of many firms 50 20 operatinginthe sector. This is borne out by the fact 0 0 2005 200620072008* 2009 that thelargest Swiss M&A deal of 2009saw Roche Figure 1: Number and value of deals per year. acquirethe remaining 44.2%stake in Genentech for Source: The significant difference in the 2008 valuecurve between the M&A Yearbook 2009 and the2010 edition is duetothe exclusion/inclusionof USD 44.3 billion at the height of the financial crisis in theAltria/PMI spin offin2008. KPMG M&AYearbook 2010. the first quarter of the year.

3 Please see KPMGs caveat at the end of this article. 27 SESECACA YeYeararbobookok 20201010

Big Healthcare and Life Sciences players in general are Also, Switzerlands Information, Communications& looking to expand and balance their portfolioofferings Entertainment (ICE) M&A market witnessedaslow- withNovartis moving further intothe Asian market. downintransactionactivityin2009 with deal sizes There are also anumber of attractive assets in Europe moving firmly into the lower end value range. Com- which could be acquired, including Mephawhich has paratively, ICEdeal volume fell by around 5% while agreed to atake-over by US-based Cephalon Inc., and aggregate valuations rose by nearly15% in 2009, GermanybasedRatiopharm.Interms of likely partici- against a14% volume and a50% value decline in the pantsonthe buy side, Novartisstarted the new year overall Swiss M&A market. Compared to other mar- (2010) withthe announcement of increasingits 25% kets in Europeand beyond, the Swiss Real Estate seg- stake in Alcon to 77% andthe prospect of subse- ment has faredrelativelywell throughoutthe global quently integrating Alcon, CIBA Vision and other economic downturn.PSP Swiss Propertyand Swiss selected ophthalmics intoanew Novartis eyecare divi- Prime Site (SPS)continued to dominatethe domestic sion. In arelated deal, it is interesting to notethat No- market with the latter being involved in the largest vartisBioventures, theventure capital arm of Novar- real estate M&A transaction of 2009 when it acquireda tis, waspart of aconsortiumofinvestors that sold 96.5% stake in rival Jelmoli Holding for USD 2.1 bil- ESBATech to Alcon Laboratories in September2009 for lion. However, all other announced activity was resid- USD589 million. ing in the mid-market and below.

20% Industrial Markets TheIndustrialssectorhas seen brisk dealmaking with 25%

Information, Communication & themid-market spacedominating.Not one large-cap Entertainment transaction wasannounced last year, aclear sign of the FinancialServices lack of fundingavailable to firms in Switzerland and Consumer in the wider economy. The largest such deal was val- 3% Health &LifeSciences 15% ued at USD 349 million withSchweiter Technologies 4% Chemicals&Processing Materials acquiringAlcan Composites from Rio Tinto. Further Real Estate consolidation around the textile machinery space is 10% Other Industries

13% likely and could be driven by Asianbidderswith Chi- 10%

nese and Indian firmscurrently actively eyeing assets. Figure 4: Number of deals per industry sector2009.

From ageographicalstandpoint Swisscompanies While there are anumber of large Chemicals&Proc- continued to be net acquirerswith nearly twice as essing Materials businessesinSwitzerland and the many deals seeing aSwiss buyer acquiring aforeign number of deals has remained consistent, the overall target. Nearly 75% of the targets of Swisscompanies value of deals in thesector was spectacularly low in werelocated in WesternEurope, with another 13% 2009. The Swiss Consumer market has undoubtedly being located in NorthAmerica.Likewise, 67% of encounteredsignificant obstacles to dealmaking with acquirers of Swisstargetswere locatedinWestern M&A activity continuingtodecline in both volume Europe (including Switzerland)and 25% were from and value terms with just 28 transactions brokered. North America. The Asia-Pacific region has not played amajorrole in Swiss M&Aactivity,either as an ac- quirerorasatarget region for Swiss companies.

Announced Target CompanyTargetCountry Bidder CompanyBidderCountry SellerCompanySeller CountryDeal Value Date (US$m) 30.01.2009 GenentechInc (44.20% stake) USA RocheHolding LtdSwitzerland 44'291

20.05.2009 Julius Baer Group LtdSwitzerland Julius Baer Holding AG Switzerland GAMHolding Ltd Switzerland 7'218 (Shareholders) 20.04.2009 BTGPactual Brazil BTGInvestments LP Brazil UBSAGSwitzerland2'500 02.06.2009 Jelmoli Holding AG (96.50% stake) Switzerland SwissPrime Site AG Switzerland 2'128 29.01.2009Glencore InternationalAG(Prodeco Colombia Xstrata Coal South America Switzerland GlencoreInternational AG Switzerland 2'000 business in Colombia) Ltd 23.11.2009 Orange Communications SA; Sunrise Switzerland Orange Communication S.A. Switzerland FranceTelecom SA; TDC France1'800 Communications AG /Sunrise Communications A/S S.A.(Joint Venture)

15.06.2009 CemexAustralia Pty Ltd Australia Holcim Ltd Switzerland CemexSAdeCVMexico 1'606 06.07.2009 Paris Re Holdings Ltd(94.00% stake) Switzerland PartnerRe Ltd. Bermuda 1'560 20.05.2009 EBEWEPharma (Specialty generic AustriaNovartis AG Switzerland EBEWEPharma Ges.m.b.H. Austria1'275 injectables business) Nfg.KG 20.10.2009MPS Group Incorporated USA Adecco SA Switzerland 1'161 Table 1: Top 10 Swiss M&Atransactions by value 2009. Source: KPMG M&A Yearbook 2010.

28 SECASECAYearYearbookbook20102010

Number of deals 160 and in 2010 IPO's may likely be drivenbyprivate equi- Swiss buyer/Swiss target 147 Swiss buyer/Foreign target ty fundswishing to exit their investmentsinalucra- 140 136 Foreignbuyer/Swiss target Foreignbuyer/Foreign target (Swiss vendor) tive manner. 120

102 100 96 Despitethe uncertaintyregarding thecorporate out- 80 73 73 73 look for 2010, it is notable that equity markets have 62 60 52 rallied in the lastsix months. In turn, this has forced 51 49

38 40 up thevalue of publicly listed firms. Inflated equity

20 prices have meant that, oftentimes, theshare priceofa company belies the weak underlying fundamentals 0 20072008 2009 and uncertain economicoutlook. Figure 5: Split of deals by target/buyer/seller 2007 -2009. Source: KPMG M&A Yearbook 2010. Consequently, it is arguable that thesignificantrally in 1% 2% equitymarkets has been excessive and over the me- 3% 7% dium term, afirmsperformance and share price will Switzerland convergewith either equitymarketsexperiencing a WesternEurope downward correction(W-shaped recession) or the 13% 42% North America Asia-Pacific economic outlookimproving. Remarkably, afall in Central/Eastern Europe share prices could actually spur publicM&A as valua- SouthAmerica MiddleEast tionsbecome comparatively more attractive to pros- pective acquirers.

32% Given thefirstsigns of recovery andthe continued

Figure 6: Targets of Swiss acquirersbyregion 2009. cash-rich nature of many Swiss corporates, we expect Source: KPMG M&AYearbook2010. an overall increase in M&A activityin2010and at

2% 2% leastfrom avolume standpoint weexpect to see

4% Swiss companies continue to be net acquirers of foreign targets.However,there is still asignificant level WesternEurope of uncertainty with financial investors continuing to be NorthAmerica 25% hamstrung by scarce funding and many corporates Asia-Pacific

MiddleEast unwillingtobroker deals,preferring to takeacautious Central/Eastern Europe approach andrebuild their balancesheets. Therefore, the recovery will be slow andunsteady anditwill take 67% time formarketconfidencetocompletelyreturn.

Figure 7: Foreign acquirersbyregion 2009. Source: KPMG M&A Yearbook 2010. StefanPfister Head of Transactions &Restructuring The financial crisis has alsobrought about afunda- Telephone +41 44 249 26 67 mental shift in the way private equity firmsare operat- [email protected] ing.Unsurprisingly,buyoutand exit activity has been hit hard by the difficult debt financingenvironment, Bryan DeBlanc with themajority of the deals in the lower end of the Lead Coordinator Markets market. Financial investorscontinuetolook at oppor- Telephone+41 44 2492607 tunities, but concernsaround value preservationat [email protected] portfoliocompany level, alack of attractive targets and competition fromcash-rich corporates, have Patrik Kerler served to depressactivity. Furthermore,vendors that Head of Mergers &Acquisitions are in aposition to delay asale are generally doing so Telephone +41 44 249 33 20 in the hope that valuationswill begintotrend up- [email protected] wards in the coming months. Tobias Valk Last years financial crisis also effectivelyput an endto Head of TransactionServices themarketfor initialpublicofferings (IPO)the world Telephone +4144249 33 29 over. However, there are tentative signs of recovery [email protected] 29 SESECACA YeYeararbobookok 20201010

Caveat This study is basedonmergermarket® andKPMGdesktop research, focusing on deals announced in 2009, but also providing historical data.The consideration of individual transactions andtheir allocation to specific industry segments arebased on ourjudgment andare thus subjective.Wehavenot been able to extensivelyverifyall data and cannot be held responsiblefor theabsolute accuracy andcomplete- ness thereof.Analysis of different data sources anddatasets may yield deviating results. Historicaldatamay differfrom earlier edi- tionsofthisYearbook as databases areupdated retroactively for lapseddealsorfor transactionsthatwerenot made public at that given time; we have also aligned some of the selectionparameters andindustry segmentation more closely to those applied by mergermarket®, whichcan also leadtodifferences in historicaldatarepre- sentation.

The previous notes pertain to data contained in the mergermarket® database: • Dealsare included where the dealvalue is greater thanorequalto the equivalent of USD7million • The value data provided in the various chartsrepresents the aggregatevalue of the deals forwhich avalue wasstated(please note that valuesare disclosed for approximately50% of alldeals) • Wherenodeal value has been disclosed, deals are included if the turnover of the target is greater than or equal to the equivalent of USD14million • Dealsare includedwhereastake of greater than 30% hasbeen acquired in the target. If the stakeisbelow 30% the dealwill be included if the value exceeds the equivalent of USD140 million • Activities excludedfrom the data include restructuringswhere ultimate shareholders interests arenot affected

30 SECASECAYearYearbookbook20102010

Reporting Legal &Tax • The Council, together with the Spanish presidency (until 31 December 2009 Swedish presidency), and Review of the Alternative Investment Man- • The Parliament, who have elected Jean-Paul Gauzès agersDirective (AIFMD) and the potential as their Rapporteur. impact forthe Alternative Investments Indus- Since thebeginning of 2010 there have been ongoing tryinSwitzerland -April 2010 discussions at the Parliament and Council level to agree on their own finalconsensus of The Directive. The Alternative Investment Fund ManagersDirective The SpanishPresidency andCouncil haveissued nu- (TheDirective)isamajor development for theAlterna- merousredraftsofThe Directive, themost recent be- tives industry across Europeand aims to regulatethe man- ing 5March 2010 (Council Draft) and following his agers of all funds operating within Europewhich are not Rapporteur Report (issued 23 November2009), Par- currently subject to the UCITS regulation. The regulationis liament and Jean-Paul Gauzès have voicedanumber areactiontothe demand forincreased transparency of the of proposed changes (Parliament View) and they alternativesindustryand although thereissomedifferentia- continue to consider nearly 1,700 amendments to The tionbetween HedgeFundsand Private Equity Funds in Directive whichthey have received. relation to the specific requirements of The Directive, both industries arewithinscope. What happensnextatthe EU level? Theprocess to establish TheDirective is complex involving Over the coming months the EU Parliamentary Com- threedifferent work streams. Themain area of contention mittee and theEuropeanCouncil of Ministers will be delaying furtherprogress is therules in relationtoThird in discussion and they will have to converge and agree Countries; nonEUfundsand non EU managers. Until on onefinal AIFMD, to enable aplenary voteofthe thereismorecertaintyaround thesespecific rules,the out- European Parliament. According to the current time- come forthe industry in Switzerland remains uncertain and table, it is expected that discussions on thevarious at thetimeofwriting this article there is only an indication drafts continue during April; the Rapporteur for the of what the expected outcomewill be. European Parliament is workingtoproduce afinal draft by the endofApril to be tabled in and the Coun- Explained beloware someofthe keyelementsofThe Direc- cils discussions, althoughstalled by disagreement tive;the process to date,the expected process to reach afinal over the third country rulesand the EU passport, are draftand thekey areasfor theAlternative Investment Man- ongoing. agement industry in Switzerland. Thediscussions over the coming weeksand months will seefurtherdevelopmentsand Avote on the final directive is then tabled for summer will hopefullyprovide more clarityastothe requirements 2010. If theCouncil andParliament are unable to come forSwitzerland. to acommon view, then asecond reading may be required, in which case the timeframe couldbepushed The EU legislation process to date to late autumn. In April last year, theEuropean Commission issued the first draft of the Alternative InvestmentsFund Applicabilityofthe AIFMD formanagersinSwit- Managers Directive (AIFMD The Directive). This zerland initialdraftproposed that to market fundswithin the As EU lawisnot directlyapplicabletoSwitzerland, EuropeanUnion, managersacrossthe globewould theapplicability of The Directive for Swiss managers have to be regulated under the AIFMD,orsubject to a remains unclear. Subject to certain exceptions, The regulatoryregime equivalenttothat proposed by The Directive will be applicablefor Managers of funds Directive. The reaction from theAlternatives Industry (which are notalreadycovered by theUCITS regula- globallywas fierce, and at the end of 2009 and into tion)who aredomiciled in theEU. The Directive also 2010, new drafts of The Directive have been issued by bringsinto scope managers outside of the EU who the EuropeanCouncil of Ministers and the European wishtomarkettheir funds within the EU. This would ParliamentsECON(Committee on Economicand thereforemeanthat foramanager situatedinSwitzer- MonetaryAffairs)proposing multipleamendmentsto land who wants to distribute funds to EU investors, the initialCommissions draft. thenThe Directivewould applyvia the Third Coun- try Rules. Threedifferent versions of the AIFMD Currentlythese three different workstreams areoper- ating in parallel; • The Commission, whoissuedthe initialCommis- sionDraft(30 April 2009), 31 SESECACA YearYearbookbook20102010

Thereare currently two different possibilities being have to complyintotality. Parliament have also intro- discussed: duced that this concept of proportionalitywould ap- plytoPrivate Equity managers and the depository 1. Council Discussions rules and part of thevaluation ruleshave been high- Under the current Council Drafts thereisaclear lighted as not applicable for PrivateEquity managers, concept of ThirdCountries and for ThirdCountries recognising the different businessmodel. to operate within theEuropean Market, an element of regulation wouldberequired,information shar- In Switzerland there are alarge numberofsmaller ing agreementswould have to be in place, and cer- managers of both Private Equity and Hedge Funds. If tainelementsofThe Directivewould directly apply. the de-minimisrules remaininthe final Directive, this Accesstothe EU Market would be via the national wouldmean that these managers would largely be out private placement rules andthere would be no ac- of scope or subject to areducedlevel of regulation. cess to aEuropeanPassport for funds managed outside of the EU. Delegation Rules and EuropeanFunds TheAIFMD seeks to preventmanagers from avoiding 2. Parliamentary Discussions the rules and requirements of The Directive through Recent speeches fromJean-Paul Gauzès imply that delegation of activities outside of Europe. Both the Parliament would reintroduce the equivalency con- CouncilDraft and the ParliamentaryDraft restrictthe cept. The conceptofequivalency is complicated and delegation of PortfolioManagement andRiskMan- oftenhard to achieve and Jean-Paul Gauzès hasnot agement outside of the EU;the ParliamentaryDraft clarified how this would work in practise. What he restricts anydelegation of these activities unless the has stated is that there would be aperiod where the Manger is regulatedunder The Directiveand the existing private placement rules would remain; and CouncilDraft imposes other requirementsinterms of after this periodthirdcountries would have to either regulation in thecountrytowherethe activity is dele- meet the equivalency requirements to access the EU gated. market or if they do not then they could not distribute theirproducts within theEU. This wouldmean a Assuming that the Parliamentary Draft reintroduces much higherlevel of regulation requiredinSwitzer- thepossibility for third countries to becomeregulated land where the main elements of the AIFMD would under The Directivevia an equivalencyprinciple, then become directly applicable, albeit withreduced ap- delegationtoSwitzerland would remainpossible.If plicability forthe private equity industry. It would this option is not reintroduced and the Parliament also likely mean that the EuropeanPassport could maintains its restriction on delegating these activities be accessed by Swiss managers, EU fundscould be outside of the EU then this which would not be in line directly managed and delegation of activities to with the current UCITS regimewhere delegation is regulated managersinSwitzerland wouldnot be re- possible to amanagersubjecttoaccepted regulation in stricted. the third country. The common structureofhaving a European manager delegatingthe Investment Advisor Exemption under the de-minimis rule function outside of the EU would not be viable and all Theinitial CommissionDraft included de-minimis activities for European funds would have to be per- limits whereby managers managing total assets of less formed within Europe. Whenthe investment manager than 100 million, or 500 millionwhere no leverage is is forexample in Luxembourg and the investment employed andwhere thereare no redemption rights advisorinSwitzerland, operations would have to be duringaperiod of fiveyears,were out of scope of the restructured so that all activities are performed in AIFMD. Europe. This would heavilyimpact all EU funds which are currently effectively managed in Switzerland. These de-minimis levels aremaintained in the Council Drafthowever the recent drafts state that they have to The Council Draft is not so restrictiveinrelationto be adopted on anational level, and therefore it would delegation and would allow aset up similartothat for be at the discretionofeachEUcountry whether or not UCITS products. Asub-advisorfor aEuropeanfund they are applied. The Parliamentary Draft removes could be situated in Switzerland, providedthat the these de-minimis levels completelyand aconcept of AdvisorinSwitzerlandwas regulated and that coop- proportionalityisintroducedtolighten the burden for eration sharing agreements are in place. The scope of smallermanagers; this concept of proportionality the currentSwissregulation does not include such wouldmean that smaller managers wouldbesubject Alternative InvestmentManagers; howeverthis could to the requirements of the Directive, but would not be amended in order to enable managerstoberegu- lated so that they could perform such afunction. 32 SECASECAYYeareabookrbook22010010

Distribution of OffshoreFunds in Europe tive. If the Council Draft as it currentlystands is fol- The initial Commission Draft of The Directive was lowed,the information to be provided andcollatedis heavilyrestrictivefor non EU funds because it in- vast and the current regulation in Switzerland would cluded atransitionalperiodwherebyuntil thirdcoun- have to be amended to further satisfy these specific tries metthe equivalency requirements funds could requirements. notbedistributedwithin theEU. This would mean that the global market would be closed to EU investors In addition to the requirements for the manger,the for this restrictedperiod. Initialdiscussions at both a Directivealsorequires alevel of regulation in the third Parliament andCouncil levelmoved towards allowing countries where the funds aredomiciled,for example distributionvia theprivateplacementsrules,withan Cayman and the Channel Islands. Again, the exact additional level of regulation required. As explained requirements have not been agreedbut recent parlia- above, the morerecent information from Jean-Paul ment discussion have highlighted the need for; coop- Gauzès impliesthat Parliament will reintroducethe eration agreements to be in place -including tax shar- equivalencyrules, but crucially,there wouldbeatran- ing agreements, equivalent AML rules in the third sitionalperiodwhereby the existingprivate placement counties and equivalentaccess for EU investors to the rulesare maintained. third countrymarket.These requirements mean that it is not only achangeinthe Swiss regulation that will be The Council hasnot reachedafinal agreement in rela- required, butmanagersinSwitzerland will also have tion to this rule,however thecurrent Council Draft of to consider the domicile of the funds that they manage The Directiveincludes arequirement for third country to ensure that they can continue to access theEUmar- managers to complywith the specific articlesofthe ket. AIFMD concerning: The grandfathering rules andhow the Directive will 1. The AnnualReport affect existing thirdcountry funds whichare distrib- 2. Disclosures uted within the EU also requirefurther clarification. It is expected that for existing funds elements of the 3. Reporting Requirements; and Directive, for example thereporting requirements and 4. Acquisitionofcontrolofnon listed companies therequirements around significant holdings, will applygoing forward;however it is unclear what the impact willbefor investors who haveholdings in non The Reporting Requirements under The Directive are EU fundspredatingthe Directive. Forclosedended vast,althoughfor thePrivate Equity industry poten- Private Equityfunds this is an importantquestion. A tially not applicable. There are requirements to report cut off date has at yet not been agreed and Parliament regularly information to the local regulatorinrelation have suggested thatthe grandfathering provisions will to principle markets and instruments in whichfunds applyonlyfor fundslaunchedprior to 1January 2010; trade. In addition, for each fund that is managed,in- thatwould meanthatfor currentlaunches, the Direc- formation must be provided in relation to; tive wouldapplyinfull. 1. Illiquid assets held 2. Liquidity arrangements Summary The outcome of theAIFMDstill remainsunclearand 3. The riskprofile and arrangementsfor managing that at the point of writing this article talks at the level of risk theEuropean Councilhave been delayed. The current 4. Categories of assets invested drafts of The Directiveare not consistent and until they convergetoone finaldirectiveitisnot possible to 5. The use of short selling; and analyse the exactimpact. It is expected that in April 6. The resultsofstress testing performed. 2010, there will be someclarity around theposition of theCouncil andthe Parliament, and then from this point,the process continueswheretogether with the ForSwitzerland, these additional requirements would Commission onecommonversion has to be agreed. mean alevel of regulation required locally as achan- nel for this informationtomeet the requirements of For Switzerland the first question is to what extentwill Europe. The exact requirements under the Parliamen- The Directivebeapplicable? Will there be aconcept of tary Draftdepend on whether aconcept of equiva- equivalency in which case it is possiblethat all the lency is introduced and exactly what this means, but it requirements of The Directive becomerelevant (re- could meanthat the regime adopted by Switzerland quirementsaroundremuneration, depositary, lever- has to follow mostofthe requirements of The Direc- age, valuation,capital and reporting with reduced 33 SECASECAYearYearbookbook20102010

applicability for the Private Equity industry)orwill it be that only certain elementsare applicable,most criti- cally theextensivereportingrequirements? Either way it is clear that going forward Switzerlandcan notes- cape the trend towards increased regulation and the Swissregulatory regime will have to be adapted so that therequirements of TheDirective are metand Swiss managers can continue to access the EU market. In thefutureitmay become beneficial for managers to differentiate between EU facing business and non EU facing business.Itmay becomeadvantageous or even necessary to have amanagerlocated within the EU to service EU investorsand outside of the EU for the rest of the world. Where Switzerlandwillbeplaced in this picture and to what extent that Swiss managers have to restructure their operations will depend not only on the next steps at aEuropean levelbut also on how this is translated to the regulation in Switzerland. These element need to be consideredfor theset up of any new fund to ensure that theregulatory requirements going forward are met.

Dieter Wirth PricewaterhouseCoopers AG Tax and Legal Services Birchstrasse 160 8050 Zürich [email protected]

RebeccaBerlinger PricewaterhouseCoopers AG Assurance Birchstrasse 160 8050 Zürich [email protected]

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Entwicklungen im SchweizerSteuerrecht der Emissionsabgabe ausnehmen. Weiter trat auch bereits die Möglichkeit der Anrechnungder Gewinn- Bereitsdie letzten zwei Ausgabendes SECA Year- an die Kapitalsteuer in Kraft, wobei bis zumheutigen books habensich mit der Unternehmenssteuerreform Zeitpunkt erst vier Kantone (AG, AI, SG und TG) von II auseinandergesetzt. Zur Erinnerung: Am 24. Februar dieser Möglichkeit Gebrauch gemacht haben. 2008 wurde die Unternehmenssteuerreform II (UStR II)mit einerknappen Mehrheit von 50.5%vom Volk 2. Änderungen per 1. Januar 2011 angenommen. Ziel der UStRIIwar (i) die Milderung Per 1. Januar2011 werden aus der UStR II noch die der wirtschaftlichen Doppelbelastung durch die Ein- folgenden Änderungen umgesetzt: führung der Teilbesteuerung der Dividenden sowie • Ausweitung desBeteiligungsabzugs die Ausweitung des Beteiligungsabzuges,(ii) der Ab- • Ausweitung des Ersatzbeschaffungstatbestandes bausubstanzverzehrender Steuern durch dieAnrech- nung der Gewinn-andie Kapitalsteuer, die Einfüh- • Aufschub der Besteuerung stiller Reserven rung des Kapitaleinlageprinzips sowie dieEntlastung • Entlastung der Liquidationsgewinne bei Aufgabe bei der Emissionsabgabe und (iii) die Entlastung für selbständigerErwerbstätigkeit Personenunternehmen,durch dieAusweitung der • Wechsel vom Nennwert- zum Kapitaleinlageprinzip Ersatzbeschaffung, dievorteilhaftereBewertung von Wertpapieren im Geschäftsvermögen sowie verschie- 2.1.Ausweitung des Beteiligungsabzugs dene Aufschubstatbestände. Während bis anhin der Beteiligungsabzug bei Divi- dendenausschüttungen gewährt wurde, sofern die Nicht Bestandteil der UStR II waren, obwohl ur- betroffene Beteiligung20% ausmachteodereinen Ver- sprünglichsovorgesehen, die gesetzliche Regelung kehrswert von CHF 2Mio.aufwies, qualifizierenab der indirekten Teilliquidation und der Transponierung dem 1. Januar 2011 bereits10%-ige Beteiligungen oder sowieder gewerbsmässige Wertschriftenhändler. solche miteinem Verkehrswert vonCHF 1Mio.für Während die indirekte Teilliquidation unddie Trans- den Beteiligungsabzug,wobei die prozentuale Beteili- ponierung einevorgezogene Lösung erfuhrenund seit gung von 10%sich neu nicht nur aufdas Kapital son- dem 1. Januar 2007 bzw. in den Kantonen seit spätes- dernauch auf den Gewinn und die Reservenbeziehen tens 1. Januar 2008 eine gesetzliche Regelung erfahren kann.Bei der Gewährungdes Beteiligungsabzugs haben(vgl.dazu SECA Yearbook2008), ist derzeit beimKapitalgewinn gelten neu ebenfalls 10% am Ka- bezüglichdes gewerbsmässigen Wertschriftenhändlers pital oder Gewinn und Reserven sowieeine Halte- nochkeine gesetzliche LösunginSicht, womit nach dauer von1Jahr. wievor das KreisschreibenNr. 8aus demJahr 2005 Anwendungfindet,welches Kriterien wiedie Halte- Im Hinblick aufdie Reduktion der zu erfüllenden dauer, Transaktionsvolumen etc. festhält. Quoten empfiehlt es sich,mit Ausschüttungen bzw. Verkäufen von Beteiligungen zwischen 10 20% zu- Von allden Änderungen, welche die UStR II mit sich zuwarten, soferndies möglich ist, da ab 2011 bei sol- bringt, wurde ein erster Teilper 1. Januar2009 umge- chen Beteiligungen vom Beteiligungsabzug profitiert setzt und ein zweiter Teil wird per 1. Januar2011 um- werden kann. gesetzt.

2.2. Ausweitung desErsatzbeschaffungstatbestandes 1. Änderungen per1.Januar 2009 Bei derVeräusserung von betriebsnotwendigem Anla- Bereits umgesetztwurde die Teilbesteuerungder Di- gegut konntenunter geltendem Rechtdie realisierten videnden, welche durch die Einführung eines Teilein- stillenReserven auf das neu erworbene Ersatzgut künfte- oder Teilsatzverfahrens zu einerreduzierten übertragen werden, sofern dieses Funktionsgleichheit Steuerbelastung auf Dividendenausschüttungenführt. aufwies. Ab dem 1. Januar 2011 spielt die Funktions- Ebenfalls bereitsumgesetztsind die Erleichterungen gleichheitkeine Rolle mehr, vielmehr genügtes, wenn beider Emissionsabgabe, welche neu auch für Genos- wiederum betriebsnotwendiges Anlagegut gekauft senschafteneineFreigrenze von CHF 1Mio. vorsehen wird. sowie Sanierungen von bis zu CHF 10 Mio. und Be- triebsübernahmendurch Auffanggesellschaften von

35 SECASECAYearYearbookbook20102010

2.3. Aufschub der Besteuerung stiller Reserven 3. AusblickUnternehmenssteuerreformIII Bisanhin wurden bei Verpachtung eines Betriebes,bei Während die Umsetzung derletzten Änderungen der Überführung von Liegenschaften vom Geschäfts- ins UStR II im Gange ist,wird bereits an derUnterneh- Privatvermögen sowiebei Erbteilungendie stillen menssteuerreformIII gearbeitet. Diese hat die Stär- Reserven aufden betroffenenGütern/Betrieben einer kungdes UnternehmensstandortesSchweiz, die Erhö- sofortigenBesteuerung unterworfen.Neu kannab hungder Wachstumsaussichten sowiedie Beilegung dem 1. Januar 2011 eine solchebis zum Zeitpunkt der desSteuerstreites mitder EU zumZiel. Erreichen will effektiven Betriebsaufgabe/Veräusserung aufgescho- mandie gesetzten Ziele durch die Abschaffung der ben werden. Emissionsabgabe aufEigenkapital und Obligationen, steuerliche Erleichterungen bei der Konzernfinanzie- 2.4. Entlastung derLiquidationsgewinne beiAuf- rung,einen Systemwechsel beim Beteiligungsabzug, gabe selbständiger Erwerbstätigkeit die zeitlichunbeschränkteVerlustverrechnung sowie Zwecks Milderungder Steuerprogression wird neu ab die Verlustübernahme aus Gruppengesellschaften, dem1.Januar2011der Liquidationsgewinn einerse- eine Anpassung der kantonalen Steuerregimes für paraten Besteuerungunterworfen,d.h., er wirdnicht Holding- undVerwaltungsgesellschaften sowie die mehr zumordentlichenEinkommendazugezählt. (fakultative)Abschaffung der Kapitalsteuer. Nachdem Zudem istfür die Festlegung des Steuersatzes ein die Unternehmenssteuerreform II die Hürdenur Fünftel des Liquidationsgewinnes massgebend. knapp geschafft hat, bleibt angesichts der vielverspre- chenden Änderungenzuhoffen, dass die Unterneh- 2.5. Wechsel vom Nennwert- zum Kapitaleinlage- menssteuerreform III ebenfalls die notwendige Zu- prinzip stimmung findet, sollte sie der Volksabstimmungun- Neu können ab dem 1. Januar 2011Rückzahlungen terworfen werden. von Kapitaleinlagen steuerfrei erfolgen.Zuden Kapi- taleinlagen gehörendurch die Inhabergeleistete Ein- lagen, Aufgelderund Zuschüsse. Vorteilszuwendun- gen unterSchwestergesellschaften qualifizieren nicht Barbara BrauchliRohrer als privilegierte Kapitaleinlagen. Als solchequalifizie- Partnerin ren jedoch Kapitaleinlagen aus Wandelanleihen oder Wenger &Vieli AG Mitarbeiterbeteiligungen(sofern nicht von der Emit- Dufourstrasse56 tentin geleistet). Damit die Kapitaleinlage qualifiziert, Postfach1285 muss sie verbuchtund offen, d. h. auf einem separaten 8034 Zürich Konto, ausgewiesensein. Offene Kapitaleinlagenkön- [email protected] nen diesen "Reservenaus Kapitaleinlage" gutgeschrie- ben werden. Verluste, die den Reserven aus Kapital- einlagen belastet wurden, vermindern diese definitiv. Dies bedeutet, dass bei Vorliegen solcher Reserven auf eine Verlustausbuchungverzichtet werden muss, da ansonsten keine oder um die Verlustausbuchung ver- minderte steuerfrei rückzahlbare Reserven geltend gemachtwerdenkönnen.Das Kapitaleinlageprinzip findet sowohl auf in- als auchauf ausländische Gesell- schaftenAnwendung.Massgebendfür denNachweis der Reserven aus Kapitaleinlageist dabei die Han- delsbilanzoderderen Anhang. Gemässneuesten In- formationen seitens der EidgenössischenSteuerver- waltung müssendie Reserven ausKapitaleinlagen bereits in der Eröffnungsbilanz des Geschäftsjahres 2010/11 bzw. 2011 entsprechend reflektiert werden.

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PrivateEquity in Switzerland The LLP is typically not ataxable entity in its chosen jurisdiction.Ifalimited partner is not resident there, any income derived from theLLP's international op- Private EquityStructures in Switzerland erations and anyinterest the limited partner receives is General: Private equity firms investing in Switzerland not regarded as arising or accruing from asource in do not necessarily need to use aSwiss based structure the partnership's jurisdiction.Inaddition,noinheri- but aregenerally free to choose the set-uptheydeem tance, capital gains, gifts,turnover or sales taxes are most appropriate for fundraising and investment.The levied in the chosen jurisdiction in connection with the main drivers forthe appropriate legal structure are, in acquisition, holding or disposal of interests and no anutshell: (i) theinvestment vehiclemust be tax stampduty or similar taxation is levied on the issue or transparent, i.e., income, capital gains andany other redemptionofpartnership interests. However, inter- proceeds from the portfolio companies are subject to ests in the partnership are generallynot freely trans- taxation at the investorlevel but not at the investment ferable and no secondary market exists. vehicle level(avoidanceofdoubletaxation), (ii)the investment vehicle must provide for limitedliability, The LLP is usually organized as aclosed-end limited (iii)there mustnot be any laws or regulations restrict- partnershipand has ageneral partner establishedin ingorlimiting theinvestment activities of the private the samejurisdictioninthe form of acompany or lim- equityfund, and (iv) the investment vehicle can be ited partnership. The limited partners aretypically the established as a"closed-end fund". financial investors. The general partner is in charge of making therespectiveinvestments on behalf of the Althoughthe Swiss Federal Act on Collective Invest- LLPand will be entitled to thecarried interest, but it ment Schemes (Kollektivanlagengesetz/Loi sur les does usually delegate such investmentactivity to an placements collectifs) (CISA) which entered into force external specialized management company (Fund on January 1, 2007 provides for legal forms that fulfill Manager). these requirements, the predominant legal form currently used by private equity firms in Switzerland is Those LLPs that intendtogain Swiss investors as lim- still the Anglo-Saxon limited partnership(LLP). Be- low,wewill describethe LLPand the following main ited partners need to verify whether they qualify as foreigncollective investment schemes, and, if so, other legal formsused in Switzerland: whethertheyare subjecttoalicensing requirement 1. The Swiss limited partnership for collectivein- underthe CISA due to aconnection to Switzerland vestments (Kommanditgesellschaft für kollektive (Inlandbezug). Foreign collective investment schemes Anlagen/la sociétéencommandite de placements that arethe subject of public advertising in or from collectifs) (Swiss LLP) Switzerland are-irrespective of their legal form -gov- 2. The Swiss investment company (Investmentge- erned by the CISA provisions. Public advertising un- sellschaft/société dinvestissements) (Investment der the CISA means anyadvertising which is notex- Company) in the form of aSwiss stock corpora- clusivelydirected to qualified investors;moreoverthe tion type of advertising to such qualified investors should be common in the private equity market (e.g., one-on- 3. The Swiss stock corporationinvesting in venture one interviews, management presentations,business capital and other risk capital (Risikokapitalgesell- plans or private placement memoranda) in order for schaft/société de capital-risque) (VC Company) theadvertising not to be considered "public". If these 4. The Luxembourg société d'investissement àcapi- requirements are met, no licensing requirement exists tal risque (SICAR) under CISA.

LLP: Typically, the foreignlimited partnership pro- Swiss LLP: Thelegal form of the Swiss LLP is, in prin- vides investors with the tax transparency and limited ciple, based on the Anglo-Saxon LLP but, at the same liabilitythey need.Further, it is usually free to make time,builds on the alreadyexistinglimited partner- investments andislightly regulated in its home juris- ship provided for by the Swiss Code of Obligations diction. Due to tax reasons, LLPs areoften incorpo- (CO), and generally provides for the samefeatures as ratedinoff-shorejurisdictionslikeBermuda,Jersey, the Anglo-Saxon LLP. The Swiss LLP is streamlined to GuernseyorCaymanIslands.Swiss private equity the needs of private equity funds; hence, privateeq- firms mostoften choseJerseyorGuernsey given that uity firms no longer have to rely on offshore LLP in these jurisdictions the numberoflimited partners is structures (as described above). The Swiss LLP is notlimited, thereisnomaximum term forthe LLP and based on ageneral partner/limited partner structure it is possible to establish accounts in different curren- withageneral partnerbeing fully liablefor allthe cies. partnership's liabilities andlimitedpartners being 37 SECASECAYearYearbookbook20102010

liable to theextent of their respectiveinterests in the InvestmentCompany: Swiss stock corporations can be partnership. The generalpartner must be aSwiss cor- used for private equity purposes. Ordinarily, aSwiss poration and the Swiss LLP must have aminimum of holding company(Holdco) is set-up as atwo-layer fivelimitedpartners that areall qualified investors. structure with awhollyowned offshore subsidiary. Unlessthe CISAprovides otherwise, the provisionsof Holdcothen collects funds by issuing shares to the the CO concerning thelimited partnershipare appli- public andthe investments in the targeted private cable to the Swiss LLP. Further, the SwissLLP is sub- equity investments arethenmadethrough the captive ject to approval and licensing requirementsunder the offshore intermediary holding company. Such an in- CISA andsubject to the supervision by theSwiss Fi- vestmentcompany organizedasastock corporation is nancial Supervisory Market Authority FINMA subject to the regulatorysupervision of FINMA, unless (FINMA). it is listedonaSwissstockexchange or allofits share- holdersare qualified investors and some formal re- The CISA did not in itself lead to any major amend- quirements are met. Pursuant to the new Listing Rules ment to tax acts. Given that the qualification of certain of the SIX Swiss Exchange, investment companies "are conceptsspecific to collective investment schemes is companies under the Swiss Code of Obligations, the uncertain under the applicable tax acts, theindustry sole purpose of which is to pursue collective invest- still awaits aclarifying circular from theSwiss Federal ment schemes to generate income and/or capital gains, Tax Administration (SFTA). Thiscircularwill most without engaging in any actual entrepreneurial activ- importantly for the Swiss LLP deal with thetreatment ity as such". of the carriedinterest of the Swiss resident private equity fund managers (key feature is expected to be The advantages of investment companiesare: (i) the therecognition that managers mayrealize co- company is governed by wellestablishedprovisions of investmentsqualifyingasprivate assets benefiting the CO and is therefore in awell known legal envi- from tax free capital gainsupondisposal). For the time ronment, (ii) the company's shares can be listed which being it can already be said that, save for caseswhere may be helpfultoincrease liquidity to offset the rigidi- theSwiss LLPdirectly owns real estate properties (in ties deriving from Swiss corporate law, and (iii) the which case specific rules apply), the Swiss LLP is con- structureisnot subjecttosupervision by FINMA or sideredtobeatransparent entity and is not subject to anyother regulatory supervision (subject to fulfillment income tax. No issuance dutyisdue on theaddition of of the above mentioned criteria). Thereare, however, new limited partners in the Swiss LLP andnoturnover certain disadvantages: stamp dutyisdue upon redemption of alimited part- 1. Most importantly, share capital increasesand ner's investment. Investorsdealing with units of Swiss reductions have to be made in accordance with the LLPsmay,however, be subject to turnoverstamp duty cumbersomeprocedures setout in the CO. This if aSwiss securities dealer is involved. Taxation is makes it difficult to replicate the favored draw directlyatthe investors' level. The (corporate and down procedures; individual) investorsare therefore subject to ordinary incometaxation upon receipt of profits. An exemption 2. The Swiss stock corporation cannot be structured appliestothe distribution of capitalgains to Swiss in away that allows redemption of sharesorthat resident individualinvestors who may benefit from an grants its shareholders redemption rights; and (iii) exoneration if, and to the extent that, those gains are Swiss law provides for certain (minority) share- clearlyidentified as such andare derived from in- holder rights. This may be interestingfor investors vestmentsheld as private assets (subjecttothe so- but it mayconflict with the rights of limited part- called indirect partial liquidation).Further, an excep- ners in an Anglo-Saxon limited partnership. One tion may apply to domestic corporate investors that of the goals of the two-layer structureistosecure may benefit fromtax exemptions on dividends in case as much freedom as possiblefor management in they qualify as holding companies. In addition,the the investment process. distribution of capital gains realized by the Swiss LLP We do not elaborate on the applicable(tax) regime and the repayment of the invested capitalisexempt because recent developments in Switzerland have from Swiss withholding tax provided that certain re- shown that several investment companies listed on the porting requirementsare met.Distributions that do SIX Swiss Exchange have chosen to change their legal not stem from capital gains are subject to Swiss with- form from an investment company into an investment holding tax at acurrent rate of 35% which mayonly be fund.The main reason forthis market trend is that refunded to foreign investors if relevant double taxa- most investment companies are traded at a(substan- tion treaties apply. tial) discount, i.e., the marketshare priceislowerthan the net asset value per share. The change aims to

38 SECASECAYearYearbookbook20102010 eliminate suchdiscount. Theconversion from aSwiss equity to well-informedinvestors (like institutional or investment company listed on aSwiss stock exchange professional investors). Oneofthe SICAR's advantage into an investment fund canbeachieved relatively is that it combines aflexible corporate structure for easilybyway of a(friendly) publicexchange offer to investing in risk capital with the benefits of supervi- all shareholders of the respective investment company sion by the Luxembourg Financial Authority (CSSF), (see e.g. thepublicexchangeoffer by Vontobel Hold- as well as aneutral taxregime. Moreover, while gen- ingfor all sharesinMicroValue in ordertoconvert eral corporate law is applicable to SICARs,they have MicroValue into MIVGlobalMedtech Fund or the substantial flexibilityindeterminingtheir articles, publicexchange offer by Vontobel Beteiligungen for such as the rules relating to redemption of shares and all shares in BB Medtech in order to convert BB Med- rules of valuation of the assets or the rules relating to tech into Bellevue Funds (Lux) BBMEDTECH). The the distribution of dividends. Like aVCCompany, a conversion into an investment fund often represents SICAR must invest in riskcapital. themostattractiveoption for shareholders. Single Private EquityInvestments in Switzerland VC Company: AVCCompany is generallyconsidered Legal Form of Portfolio Companies and Principal acorporation,the purposeofwhich is to investits Transaction Documents funds in venture capital. From aSwiss lawperspec- Introduction: Themajority of the single private equity tive, aVCCompany is an investment company in the investments in Switzerlandare structuredsothat the formofaSwissstockcorporation that is upon written fund incorporates anew Swiss companywhich then request acknowledged and approved as aVCCom- serves as special acquisition vehicle (SPV) to purchase pany by the Swiss Federal Department of Economic the shares in thetarget portfolio company. While such Affairs. In ordertoqualify,the stock corporation must SPV is typically formed with the minimum share capi- invest in venture capital andhave invested at least tal of CHF100,000 only, the Fund Manager draws 50% of itscapital in privateventure capital portfolio down the capital committed by the investors shortly companies.The portfolio companies must,among prior to the transaction and fundsthe SPVwith the others, (i) have their registered office or actual man- required equity. agementand themain part of their activitiesinSwit- zerland, (ii) pursue innovative, internationalprojects, Legal Form of Portfolio Companies: Whilethe major- (iii) not be listed companies(with certain limited ex- ityofportfolio companiesinSwitzerland are struc- ceptions), (iv) have started theirbusinessnot more tured as stock corporations (AG/SA), the legal form of than fiveyears prior to investmentbythe VC Com- the limited liabilitycompany(GmbH/Sàrl)isnot (yet) pany,and (v) make their investment through equity or used thatoften. subordinated debt or othersimilar venture capital financing. If allofthese criteria (and afew more set Principal Transaction Documents: While the type and forth in the relevant act) aremet,the stock corporation numberoftransaction documentsvaries from caseto is exempt from stampduties and federal taxes on prof- case, the main transaction documents produced in a its generated fromthe holding of portfoliocompanies. single privateequity investment are typically the fol- While these taxincentives areattractive for private lowing: equity investors, it is difficulttomeet the criteria; so, • Documents in Evaluation Phase: thestructure has not oftenbeen used. -Confidentiality agreement and possibly exclusiv- ityagreement. SICAR: Whilst Luxembourgisnot technically an off- -Term sheet. shore jurisdiction it has, in the form of the SICAR, • Documents in Acquisition Phase: developed atax-efficientvehicle which competes di- -Sale and purchase agreement regarding thepur- rectlywiththe off-shore jurisdictionslikeBermuda, chase of shares in (or alternativelythe assets of) Jersey,GuernseyorCaymanIslands as wellaswith the portfoliocompany; these sale and purchase Switzerland in offering tax transparencytoinvestors agreements aretypically drafted in accordance who invest in private equityfundstructuresand risk with international standards and include acom- and venture capital opportunities. The Luxembourg prehensive set of representations and warranties SICARhas similarfeaturesasthe Swiss VC Company and often full indemnificationclausesregarding with thedifferencethatthe SICARismoreoften used certain tax risks,environmental risks etc., with than the Swiss VC Company. some exceptions in the event of secondary buyouts. The SICAR was implemented by alaw dated June 15, 2004 relating to investment company in risk capital to offer anew regulated vehicle for investmentinprivate 39 SESECACA YeYeararbobookok 20201010

-(Possibly) escrow agreement pursuant to which a length rules for interest rates or underthe thin- partofthe purchase price is depositedwith an es- capitalization rules (see below) if the debt-to-equity crow agent during acertainperiod of time in or- ratio exceedscertain thresholds. Further, it should be dertosecure purchaser's claims forbreach of rep- notedthat anti-avoidance rules generally prevent in- resentations and warranties. terestfrombeing tax-deductible if therespective financing is granted to the SPVand the acquired operat- • Financing Documents: ing business is subsequentlymerged with the lever- -Senior (secured)credit facility agreement. aged SPV. Switzerland'slegislation does not cover tax -Junior (unsecured) credit facility agreement or consolidation (i.e., interest paid by one group com- mezzanine facility agreement (often combined pany may notbededucted from anothergroup com- with an equity kicker). pany'sprofits). -Shareholderloan agreementsand possiblyvendor loanagreements; the shareholder loans are typi- Thin-Capitalization Rules: Swiss corporatelaw does cally subordinated. not contain specific rulesondebt-to-equity ratios for a company.However, the capital structure of aSwiss • SecurityDocuments: company is strongly influenced by tax rules that do -Pledge agreement over shares in SPV, in portfolio have suchrestrictions. Federal income tax law pro- company and in material subsidiaries. vides, for instance,that thedebt-to-equity ratio in -Silent security assignment of trade receivables. finance companies should not exceed sixtoone for -Pledgeagreement overIPrights or other assets. federal corporate income tax. These rules are of rele- -Pledge agreement over bank accounts. vance to private equity investment structures only -Security assignment of shareholder loans. insofar as leverage is concerned. In practice, however, -Mortgage overreal property. the standard ratio of six to one allows forleverage of -Assignment of SPV's rightsunder the sale and up to 85% debt and 15% equity, which should nowa- purchase agreement. days be largely sufficient for even highlyleveraged acquisitions. • Documents governingthe Operation: -Shareholders' agreement governing certain impor- FinancialAssistance: Although under Swisslaw there tant mattersofthe operation of the portfolio com- are no detailedrules specifically dealing with financial pany as well as the shareholding of the investors assistance (as they exist in EU-countries), there are and the management; the shareholders'agree- nevertheless general principles which produce similar mentstypically contain provisions concerning(i) results. Most importantly, the target company (andits the compositionofthe boardofdirectors (Verwal- subsidiaries)can provideorsecure acquisition financ- tungsrat/conseildadministration) and special ing to the SPV only up to theamount of its freely dis- quorum requirementsand vetorightsfor certain posable equity. Further, due to the generalprinciple decisions, (ii) transfer restrictions, (iii) the protec- that acompanyisonly boundbyacts within its corpo- tion of shareholders such as antidilution clausesor rate purpose, upstream andcross-stream financial explicit subscription rights in case of share capital assistance must be mentionedinthe company's corpo- increases,(iv)different exitscenarios (e.g. tag rate purpose andbeapprovedbythe respective share- along /drag along rightsinatrade sale or put / holdersand boardofdirectors. call options), (v) good /bad leaver events, and (vi) the liquidation of the portfolio company. Certain (but not all) of these provisions are reflected in the articles of association of the portfoliocompany. Andreas Rötheli -Employment agreement with Managers. Lenz &Staehelin [email protected] Frequent Issues in AcquisitionFinancing andFinan- cial Assistance Stephan Erni While there aredifferent constraints depending on the Lenz &Staehelin actual circumstances, some of them arebriefly de- [email protected] scribedbelow:

DeductibilityofInterest: Interest payments on debt can, in general, be deducted from taxable profits. With respect to shareholder loans it should be noted that deduction may be limitedunder the SFTA's arm's 40 SECASECAYearYearbookbook20102010

41 grSECA Yearündenbook 2010 2.0 start-up guide From an idea to an enterprise: information and tips for setting up acompanyinSwitzerland

Introduction Information fornon-Swiss nationals Overviewoflegal structures Checklistfor setting up acompany Business incubatorsand technology parks* Addresses and contact points forcompanyfounders* Sponsorship awards and competitions Welcome to gründen 2.0 start-up guideSECA! Yearbook 2010

Dear readers Youhaveabusiness idea and want to setupyour owncompany? Then we have justthe information youneed. Takenfromthe gründen 2.0 start-upguide,the following pages provide ahelpful over- viewofaddresses and contact points forstarting abusiness in Switzerland. The complete English guide is available as aPDF download at www.gruenden.ch and contains information covering topics suchaschoice of legal structure, astep-by-stepguide to setting up acompany, work and residence permits, Switzerland’sthree-pillar pension system and taxinformation. AGerman version with additional material and editorial ünden 2.0 contributions from successful young entrepreneurs is available both as aPDF Excerptsfromthe gr * forthe download and as aprinted A4 magazine (also at www.gruenden.ch). start-up guide, compiled SECAYearbook 2010

Agood reception thankstoagrowing network

In contrasttoother countries, Switzerland does notprescribe anycompulsorymembership in trade or industrial organizations or chambers of commerce. What is more, theSwiss tend to be rather reservedwhen meeting people forthe ﬁrsttime. Do notlet this discourage you. Instead, take theinitiativeand join associations and organizations. Makethe mostofthe multifacetednetworking platforms, of whichthereare plenty both forleisure-time interests and business activities. Aselection of organizations is listedbelow: – Chambers of Commerce, suchascantonal chambers of commerce Swiss-American Chamber of Commerce www.amcham.ch Association of Swiss Foreign Trade Chambers www.swisscham.ch – Industrial and other associations www.verbaende.ch – Trade associations www.sgv-usam.ch – International clubs

Additional information sources

Hereare some additional linksand contact points that could be helpful or of interest: – www.kmu.admin.ch/themen/00614/00715/index.html?lang=de Contact persons forEUentrepreneurs who want to setupacompanyinSwitzerland. – www.ctistartup.ch National promotion program forhigh-techbusiness ideas and projects (lifesciences, ICT,etc.): as arule, theCTI R+D project is executed in collaboration withauniversity or auniversity of applied science.

– www.ige.ch 10 10 20 20

Swiss Federal InstituteofIntellectual Property il il Apr Apr

– www.kmu.admin.ch | | Setting up acompanyonline (platformofthe Swiss Federation). h h – www.seca.ch enden.c enden.c

Association forcorporateﬁnancing SECA. ru ru – www.suisseid.ch eg eg

Electronic proof of identity forthe electronic processing of correspondence ebsit ebsit ew ew

withthe authorities (as of May2010). th th

– www.snf.ch of of Swiss National Science Foundation: basic research and promotion of technology

partnerships. ponsors ponsors es es

– www.y-e.ch th th

Young Enterprise Switzerland Program: young people aregiven theopportunity to acquire and and

their ﬁrstentrepreneurial experience while running amini-enterprise forone year. 2.0 2.0 – www.venturelab.ch

Start-up training of theinnovation promotion agency CTI forentrepreneurially-minded gründen gründen individuals from universities and universities of applied science withafocus on thegrowth industries ICT,lifescience, bio- or nanotechnology. ublication ublication

– www.zeﬁx.ch ep ep th th

Central companyindex(includes all companies registeredinthe Commercial Registry). of of body body ing ing ponsor ponsor ©S ©S BusinessSECA Yearbookincubator2010 sand technology parks

Porrentruy National organizations Zürich/Eastern Switzerland Delemont TechnoparkAllianz 15 Business incubator Zürich, Zürich www.technopark-allianz.ch www.startzentrum.ch

Association of technology and 16 TechnoparkZürich, Zürich business incubators www.technopark.ch 7 www.swissparks.ch 17 BiotechCenter Zürich, Schlieren Biel La Chaux-de-Fonds Innopark www.biotechcenter.ch www.innopark.ch 58 3 TechnoparkWetzikon, 57 18 Neuchâtel Genilem Wetzikon www.genilem.ch www.tp-wetzikon.ch

19 growstart-uporganization Berne/Midlands Wädenswil, Wädenswil 59 www.grow-waedenswil.ch Yverdon 1 Business incubator Berne, Berne Fribourg www.innobe.ch 20 Technology Center Linth, 53 Ziegelbrücke TechnoparkBerne, Berne 2 www.technologiezentrum.ch www.bernertechnopark.ch Bulle Futur Foundation, Rapperswil innoBE AG*Berne, Biel and Thun 21 3 www.futur.ch Lausanne www.innobe.ch SME center,Vaduz 51 52 Vevey WRTcenter fornew entrepreneurs, 22 4 www.kmu-zentrum.li Thun Montreux www.wrt.ch 23 E-Tower*, Chur www.e-towerchur.ch 5 e.Tower Thun, Thun www.e-towers.ch 24 Innozet, GrüschGR 45 www.innozet.ch 54 50 6 Business incubator Solothurn*, 47 Sion Solothurn 25 TechnoparkWinterthur, Geneva 55 www.gzs.ch Winterthur 56 44 www.technopark-winterthur.ch Martigny 7 Coaching services in theBernese 46 Jura, Bévilard 26 glaTec – technology center www.cep.ch/coaching at Empa (Swiss Lab. forMaterials Testing and Research), Dübendorf www.glatec.ch Northwestern Switzerland HTC High-Tech-Center AG, Spin-off incubator Basel, Basel 27 8 Tägerwilen www.eva-basel.ch www.high-tech-center.ch Business Park,Reinach 9 Tedi Center Wil, Wil www.businessparc.ch 28 www.tedizentrum.ch Tenum AG (center forconstruction/ 10 START! business incubator, energy and environmental 29 Frauenfeld technology), Liestal www.gruendungszentrum.ch Central Switzerland www.tenum.ch ri.nova Impulse Center, 36 Business Park Zug, Zug TZW Technology Center,Witterswil 30 11 Rebstein www.businessparkzug.ch www.tzw-witterswil.ch www.rinova.ch 37 TechnoparkLucerne, Business Parc Laufental, Zwingen 12 Tedi Center Flawil, Flawil D4 Root-Längenbold www.businessparc.ch 31 www.tedizentrum.ch www.technopark-luzern.ch Technology center and business 13 Tedi Center Toggenburg, 38 mccs – MicroCenter incubator Zurzibiet 32 Wattwil Central-Switzerland AG,Sarnen www.zurzibiet.ch www.tedizentrum.ch www.mccs.ch TechnoparkAargau, Windisch 14 Spider Town, Tägerwilen 39 microParkPilatus, Alpnach www.technopark-aargau.ch 33 www.spidertown.ch www.microparkpilatus.ch areal#1 entrepreneur center 34 ITSIndustryand Technology 40 Center*, Schaffhausen Nidwalden, Stansstad www.its.sh.ch www.nwcontact.ch Technology Center Steinen, 34 tebo, St.Gallen 41 www.tebo.ch Steinen SZ www.technologiezentrum.ch *These centers offerservices, but no physical ofﬁce space. gründen 2.0 – start-upguide | Business incubatorsand technology parks Schaffhausen SECA Yearbook 2010 34 27 33 8 29 Basel 13 Frauenfeld 9 10 14 Baden Winterthur Liestal St.Gallen 11 25 Wil Aarau 31 17 26 28 35 Olten Zürich Herisau 12 15 18 30 16 Appenzell 6 21 Solothurn Rapperswil 19 Grenchen Sursee 36 Zug 32 20 22 37 Lucerne 43 41 Sargans 1 Burgdorf 42 Berne Schwyz Glarus 2 3 39 40 24

38 Chur Thun Altdorf 23 4 Brienz Davos 3 po 5 to Interlaken Disentis swiss

Grindelwald © a

Airolo St.Moritz geodat

49 Brig Sierre 48 Bellinzona Locarno

61 60 Lugano Some of thewebsites to whichreference is made in this document currentlyonly Chiasso contain information in German.

42 InnovationsTransfer 48 TechnoArk, Sierre 55 Eclosion SA,Plan-les-Ouates GE Central Switzerland*, Horw www.technoark.ch www.eclosion.ch www.itz.ch 49 SodevalSA*, Naters 56 Fongit high-techbusiness 43 Center forNew Technologies www.ccf-valais.ch incubator,Plan-les-Ouates GE Hohle Gasse, Küssnacht www.fongit.ch 50 CimArkSA*, Sion www.hohle-gasse.ch www.cimark.ch 57 Neode Parc,Neuchâtel www.neode.ch Valais Western Switzerland 58 Neode Parc,La-Chaux-de-Fonds 44 Fondation The Ark, Sion www.neode.ch 51 Scientiﬁc Park PSE, Lausanne www.theark.ch www.parc-scientiﬁque.ch 59 FriUp, Fribourg/Freiburg 45 BioArk, Monthey www.friup.ch 52 Biopôle Park Lausanne, www.bioark.ch Epalinges 46 IdeArk, Martigny www.biopole.ch Tessin www.ideark.ch 53 Y-ParcAG, Yverdon-les-Bains 60 Start-uppromotion center,Lugano 47 PhytoArk, Sion www.y-parc.ch www.cpstartup.ch www.phytoark.ch 54 BioAlps*, Geneva 61 Galleria High-TechCenter,Manno www.bioalps.org www.galleria.ch AdSECAdressesYearbookand2010 contact points forcompanyfounders

Some of thewebsites to whichreference is made in this document currentlyonlycontain information in German.

Education and furthertraining innoBe – consulting forentrepreneurs , Information and communications and SMEs in theCanton of Berne technology Business Tools Zürich www.innobe.ch Lucerne: www.gridlucerne.ch www.btools.ch Innovations Transfer Central Basel: www.inet-basel.ch EB Zürich Switzerland ITZ Berne: www.tcbe.ch www.eb-zuerich.ch www.itz.ch Winterthur: www.winlink.ch ESWstart-up KMUNext – Consultancy for ,Industryand technology www.esw.ch succession planning Plastics technology network: HenriB.Meier Entrepreneur School www.kmunext.ch www.reseau-plasturgie.ch www.unternehmerschule.es.unisg.ch Zug: www.technologieforumzug.ch Senexpert IFJ Institute forYoung Entrepreneurs www.senexpert.ch ,International Cluster InitiativeDatabase www.ifj.ch www.tci-network.org SME Center at theUniversity School of Business Administration, of Applied Sciences, Chur ,Logistics Fribourg – Master in Entrepreneurship www.kmuzentrum.ch Basel: www.logistikplattform.ch www.heg-fr.ch Swiss Confederation’s Innovation ,Micro- /Nanotechnology/ Swiss Institute forEntrepreneurship Promotion Agency CTI Precision industry University of Applied Science forTechnology www.ctistartup.ch Basel: www.nccr-nano.org and Business Administration, Chur www.kti-cti.ch Biel: www.cluster-precision.ch www.sife.ch St.Gallen: www.ncb.ch Swiss Franchise Association Zürich Schaffhausen: www.its.sh.ch Swiss Institute forEntrepreneur www.franchiseverband.ch Neuenburg, Alpnach, Basel, Landquart, Training SIU Swiss FiduciaryAssociation Zürich: www.csem.ch www.siu.ch www.treuhand-suisse.ch Hombrechtikon ZH:www.toolpoint.ch St.Gallen University,Swiss Research Swiss SME Foundation Institute of Small Business and www.stiftung-kmu.ch Export Entrepreneurship www.kmu.unisg.ch Swiss technology and start-up centers ChambersofCommerce and Industry www.swissparks.ch of Switzerland Universities of applied sciences www.cci.ch www.fachhochschulen.net TechnoparkAlliance www.technopark-allianz.ch Fargate AG venturelab www.fargate.com Practical training forstudents The Basel lifesciences start-upagency and high-techstart-ups www.eva-basel.ch Osec Business Network Switzerland www.venturelab.ch www.osec.ch Wyrsch Entrepreneur School AG Cluster initiatives Pool of Experts www.unternehmerschule.ch ,Automobile industry www.poolofexperts.ch Young Enterprise Switzerland YES! www.autocluster.ch Swiss Export www.y-e.ch ,Bio and medicinal technology/ www.swissexport.com lifesciences School forInternational Business Consulting Basel: www.lifesciences.ch www.eiab.ch Basel: www.biovalley.com Adlatus Berne: www.medizinal-cluster.ch Financing www.adlatus.ch Zug: www.technologieforumzug.ch SECASwiss Private Equity & BDO Visura Zürich: www.swissbiotechassociation.ch Corporate Finance Association www.bdo.ch Zürich: www.lifescience-zurich.ch The members areventureinvestors, Zürich-Schlieren: www.biotechcenter.ch Bellone Syncon Franchise Consulting investment companies, Business Angels Zürich-Schlieren: www.biotop-inkubator.ch www.bellone-syncon.ch www.seca.ch ,Creative/Cultural industries Creditreform CTI Invest www.kreativwirtschaft.ch www.creditreform.ch Financing platformfor high-techenterprises www.kulturwirtschaft.ch www.cti-invest.ch Genilem Zürich: www.creativezurich.ch www.genilem.ch Valais Club of Business Angels ,Energy www.bizangels.ch Gewerbe-Treuhand, Lucerne National initiative: www.energie-cluster.ch www.gewerbe-treuhand.ch BioValleyBusiness Angels Club ,Financial /Business sector www.biobac.ch FUTUR Foundation Berne (business consulting): www.wbcb.ch www.futur.ch Zug: www.ifz.ch, www.vqf.ch BrainsToVentures Innovation Advice Center of the Zürich: www.finanzplatz-zuerich.ch International networkofprivate investors SolothurnChamber of Commerce Swiss financial center watch: www.sfcw.ch www.b-to-v.com www.sohk.ch gründen 2.0 – start-upguide | Adresses and contact points forcompanyfounders Business Angels Switzerland FFU – Professional women in the OrganizationsSECA Year/Netwbookorks2010 www.businessangels.ch environmental sector APTE – Association of Micro- www.ffu.ch Go Beyond technologies International networkfor Business Angels FOKA – Forum of women in commercial www.apte.ch www.go-beyond.biz professions Efficiency clubs www.foka.ch Go!Self-employment as agoal Basel: www.efficiency-club.ch Consulting and micro-credits for NEFU – networkfor one-woman Biel: www.efficiency-biel.ch young entrepreneurs entrepreneurs Berne: www.efficiency-bern.ch www.gozielselbstaendig.ch www.nefu.ch Lucerne: www.efficiency-luzern.ch MSM Investors’ Association Online magazine forprofessional Zug: www.efficiency-club-zug.ch www.msmgroup.ch women Zürich: www.efficiency.ch Startfinance www.ostschweizerinnen.ch Engineersshaping Switzerland’s future Financing platformfor growth-oriented SME Women Switzerland www.ingch.ch young enterprises www.kmufrauenschweiz.ch EO EntrepreneursOrganization www.startfinance.ch SVA – Swiss association of female Switzerland StartAngels Network university graduates www.eonetwork.ch www.startangels.ch www.unifemmes.ch FBN FamilyBusiness Network Cantonal banks SVIN – Swiss association of female Association of Swiss familybusinesses www.kantonalbank.ch engineers www.fbn.ch www.svin.ch Junior business chambers Guarantee cooperatives Swiss Business Women of Switzerland www.juniorchamber.ch BürgschaftsgenossenschaftBasel-Land www.wirtschaftsfrauen.ch www.bgm-ccc.ch VCHU – Association of Swiss female Manufuture-CH Swiss affiliateofthe European network BürgschaftsgenossenschaftBasel-Land entrepreneurs and platformfor manufacturing and Basel-Stadt www.vchu.ch industrytopics (MEM industry) www.btg.ch WIN – Women Innovation Network www.manufuture.ch BürgschaftsgenossenschaftMitte www.win-web.ch SAPSwiss Automation Pool www.bgm-ccc.ch ZontaSwitzerland and Liechtenstein – www.sap-verband.ch Bürgschaftsgenossenschaft partofthe networkofprofessional Swiss Association of SMEs WesternSwitzerland women www.sgv-usam.ch www.crcpme.ch www.zonta.ch Swiss BiotechAssociation Bürgschaftsgenossenschaft www.swissbiotechassociation.ch EasternSwitzerland Internet platforms www.obtg.ch www.kmu.admin.ch VentureApéros www.venturelab.ch OVAC – Office valaisan de SME portalofthe StateSecretariat cautionnement forEconomic Affairs SECO Winclub www.ovac.ch www.gruenden.ch Club foryoung entrepreneurs in the Winterthur region SAFFA –Guarantee cooperative Canton of Zürich’splatformfor setting up www.winclub.ch forwomen acompany www.saffa.ch www.kmuadmin.ch Xing Networking www.netnotar.ch Largestinternational business network; Women’s networks www.startups.ch activelyused in Switzerland www.xing.com Association of female company Setting up acompanyonline foundersand entrepreneurs www.kti-cti.ch www.frauenunternehmen.ch Innovation promotion agency CTI Science and technology transfer centers Association of Swiss women’s centers www.swissstartups.com www.frauenzentrale.ch www.startwerk.ch ,National organizations AUFworking group of Blog forand about young Swiss companies Association of Swiss technology independent women www.startup.ch and companyfoundation centers www.arge-auf.ch www.estarter.ch www.swissparks.ch Business networkfor activewomen Swiss SME and founding portal CSEM (Neuchâtel, Alpnach, Basel, www.womensforum.ch www.kmunext.ch Landquart, Zürich) www.csem.ch Business and Professional Portal and meeting point of Swiss SMEs Women Switzerland www.nextmarket.ch Energy Cluster www.bpw.ch SME stockexchange platform www.energie-cluster.ch European Women’s Management www.start-net.ch Environment and Energy Development Network Foundation platformofthe Canton of Aargau www.eco-net.ch www.ewmd.org www.gruenderportal.ch Swiss Technology Transfer FemWiss Association of Feminist Foundation portal Association swiTT Science Switzerland www.switt.ch www.femwiss.ch TechSECAnoparkAYearlliancebook 2010 SME Center,Vaduz Obwalden (OW) www.technopark-allianz.ch www.kmu-zentrum.li Promotion of economic development T: +41(0)41 660 90 66 TEK – knowledgeputs youastep ,Consortia www.iow.ch ahead, Zürich Alliance (WesternSwitzerland) www.tek-kmu.ch St.Gallen (SG) GE, VD, VS,NE, FR, JU,Bernese Jura Promotion of economic development The ArkFoundation, Sion Gabriel Clerc, T: +41(0)21693 35 82 T: +41(0)71 229 35 60 www.theark.ch www.alliance-tt.ch www.standort.sg.ch Unitec, Geneva CHost Schaffhausen (SH) www.unige.ch/unitec Knowledge and technology transfer Promotion of economic development Eastern Switzerland T: +41(0)52674 03 03 Thomas Friedli, T: +41(0)71 2247260 Promotion of economic www.sh.ch/wf www.wtt-chost.ch development Schwyz (SZ) Midlands W6 Aargau (AG) Office forEconomyofthe Canton of Schwyz BE, FR, ZH, Greater ZurichArea Aargau Services, T: +41(0)62 835 24 40 T: +41(0)41 8191634 Domenico Alexakis, T: +41(0)44 786 14 28 www.aargauservices.ch www.schwyz-economy.ch www.whoch6.ch Appenzell Ausserrhoden (AR) Höfe – promotion of economic Innovation transfer Central Switzerland Economic development office development (ITZ) T: +41(0)71 353 61 11 T: +41(0)55410 25 50 LU,UR, SZ, OW,NW, ZG www.wifoear.ch www.standort-hoefe.ch WillyKüchler,T:+41 (0)41 3495062 Appenzell Innerrhoden (AI) Solothurn(SO) www.itz.ch Promotion of economic development Promotion of economic development NorthwestSwitzerland WKNW T: +41(0)71 788 96 60 T: +41(0)32627 95 23 BS, BL, AG,SO www.ai.ch www.standortsolothurn.ch Thomas Ruppli, T: +41(0)61 2673388 Basel-Stadt (BS)/Basel-Land (BL) Thurgau(TG) www.wknw.ch Promotion of economic development in the Promotion of economic development Basel area, T: +41(0)61 295 50 00 T: +41(0)52724 26 06 ,University transfer centers www.baselarea.ch www.wiftg.ch ETH Transfer Zürich Berne (BE) Ticino (TI) www.ethz.ch Promotion of economic development (WFB) Promotion of economic development Ticinotransfer T: +41(0)31 633 41 20 T: +41(0)91814 35 41 Giorgio Travaglini, T: +41(0)58666 66 77 www.berneinvest.com www.ti.ch/spe, www.copernico.ch www.ticinotransfer.ch Fribourg(FR) Uri (UR) unitectra Promotion of economic development (WIF) Promotion of economic development Technology transfer of T: +41(0)26 425 87 00 T: +41(0)41 8752401 Berne and Zürichuniversity www.promfr.ch www.ur.ch/wfu www.unitectra.ch Geneva (GE) Vaud (VD) Universities of applied sciences Promotion of economic development Business services, T: +41(0)21316 60 21 www.fachhochschulen.net T: +41(0)22 388 34 34 www.vd.ch/selt www.geneva.ch WTTknowledgeand technology transfer Valais (VS) University of Basel and University Glarus (GL) Promotion of economic development of Applied Science FHBB, Basel Business contact point T: +41(0)27606 73 51 www.unibas.ch/wtt T: +41(0)55 6466614 www.business-valais.ch www.glarusnet.ch Zug (ZG) ,Regional/Local organizations Grisons (GR) Business contact point Empa technology transfer Promotion of economic development T: +41(0)41 728 55 04 www.empa.ch, www.glatec.ch T: +41(0)81 2572342 www.zug.ch/economy www.awt.gr.ch FITT technology transfer,Windisch Zürich(ZH) www.fhnw.ch Jura (JU) Promotion of economic development, grow – organization forcompany Promotion of economic development Canton of Zürich founders, Wädenswil T: +41(0)32 420 52 20 T: +41(0)43 259 49 92 or www.grow-waedenswil.ch www.jura.ch/eco +41(0)43 259 26 13 www.standort.zh.ch ITSIndustryand Technology Center Lucerne (LU) Schaffhausen Promotion of economic development Promotion of economic development, www.its.sh.ch T: +41(0)41 3674400 Winterthur region www.luzern-business.ch T: +41(0)52267 67 97 Knowledgetransfer center WTT, www.standort-winterthur.ch St.Gallen Neuchâtel (NE) www.fhsg.ch Promotion of economic development Promotion of economic development, T: +41(0)32 889 68 23 City of Zürich Network CCSO, Fribourg www.e-den.ch T: +41(0)44 4123693 www.ccso.ch Nidwalden (NW) www.stadt-zuerich.ch/wirtschaft Paul ScherrerInstitute, Villigen Nidwalden Contact, T: +41(0)41 6187665 Greater ZurichArea http://techtransfer.web.psi.ch www.nwcontact.ch www.greaterzuricharea.ch

gründen 2.0 – start-upguide | Adresses and contact points forcompanyfounders SECASECAYearYearbookbook20102010

Chapter IV Events &TrendLuncheons

49 SECASECAYearYearbookbook20102010

Reporting SECA Evening Event

Private EquityinmittelständischenUnternehmen ein Blickhinter die Kulissen

Tuesday, January27, 2009,METROPOL, Zurich

Moderation Werner Schnorf, ZurmontMadison Management AG Speakers Ulrich Burkhard,Marcuard Family Office AG Hans Hess, Comet &Burckhardt, Geberit &Schaffner RenéC.Jäggi, Unternehmer Event Partner Zurmont Madison Management AG,Bär &Karrer AG Participants ca.160

ImpairmentTests Tuesday,March 10, 2009, Widder Hotel,Zurich

Moderation Thomas Huber, PricewaterhouseCoopers Speakers RogerDisch,PricewaterhouseCoopers Adrian Keller,PricewaterhouseCoopers Thomas Schneller, PricewaterhouseCoopers Event Partner Pricewaterhouse Coopers Participants ca.70

Early StageInvestments in der Krise? WoraufBusiness Angels achten sollten Tuesday, April28, 2009,Widder Hotel, Zurich

Moderation Florian Schweitzer, BrainsToVentures AG Speakers Florian Schweitzer, BrainsToVentures AG Balz Roth,GoBeyondSA Jean-Pierre Vuilleumier, CTI Invest EventPartner CTI Invest,GoBeyond, BrainsToVentures AG Participants ca.50

50 SECASECAYearYearbookbook20102010

25 ans de Venture Capital et Private Equity en suisse romande: so what? Thursday,Mai 28, 2009,EPFLLausanne

Moderation ChristopheBorer, Helarb Management SA Cyril Demaria,Pilot Fish Speakers JacquesBerger,Défi Gestion SA Daniel Borel, Logitech Adrienne Corboud Fumagalli, EPFL CharlesHauser, HCT Frédéric Lelièvre,LeTemps DavidRimer,Index Ventures Damien Tappy, EndeavourVision Christian Waldvogel, VinciCapital SwitzerlandSA Participants ca.70

SECA AGMand 25 YearsSECA Anniversary Friday,June 19, 2009, Lake Side, Zurich

Moderation MauricePedergnana, SECA Speakers Several speakers Participants ca.130

Verletzung von Financial Covenants: Wastun? Monday, August 24, 2009, WidderHotel, Zurich

Moderation Patrick Hünerwadel, Lenz &Staehelin Speakers Marcel Tranchet,Lenz&Staehelin Event Partner Lenz &Staehelin Participants ca.100

51 SECASECAYearYearbookbook20102010

Is LeverageDead forGood? Tuesday, September 8, 2009, Widder Hotel, Zurich

Moderation Martin Spieler, Handelszeitung Speakers Albert Angehrn, CreditSuisse Leonid Baur,Sal.Oppenheim jr.&Cie,Corporate Finance (Schweiz) AG Rolf Friedli,Capvis Equity Partners AG Rudolf Huber, Mitglied mehrerer Verwaltungsräte Gerald Leb, UBSAG Marcel Rütsche, Zürcher Kantonalbank EventPartner Sal. Oppenheim jr. &Cie CorporateFinance (Schweiz)AG Participants ca.90

Bauchgefühl stattharte Fakten Tuesday,October 27, 2009, Widder Hotel, Zurich

Moderation AliceHuxley, GründerinSpeedel,Unternehmerin Speakers Peter Letter,New Value Thomas Seiler,U-Blox Daniel Hanimann, Moderator «SF Börse» EventPartner NewValue Participants ca.110

Outlook2010 Tuesday, November10, 2009, Widder Hotel, Zurich

Moderation MauricePedergnana, SECA Speakers Ulrich Geilinger,HBM Partners AG Hannes Glaus,Lustenberger Glaus &Partner Alexander Krebs, Capvis Equity Partners AG Roberto Paganoni, LGT CapitalPartners AG Florian Schweitzer,BrainsToVentures AG EventPartner Capvis Equity Partners AG, LGT Capital Partners Participants ca.120

52 SECASECAYearYearbookbook20102010

Kapitalmarkt fürKMU Tuesday,November 24, 2009, Widder Hotel, Zurich

Moderation BjörnZern, Swiss Equity Medien AG Speakers Stephan Bichsel, BernerKantonalbank Philipp Lütolf,HochschuleLuzern Wirtschaft Martin Kuster,VR-PräsidentRheintal Assets AG AndreasNeumann, Zürcher Kantonalbank Luca Schenk, OLZ &Partners AndreasSpahni, FundStreet AG Event Partner Berner Kantonalbank, Zürcher Kantonalbank, OLZ&Partners Asset and Liability Management AG Participants ca.50

Violation des Financial Covenants :Que faire? Wednesday,November 25, 2009, Swissôtel Métropole, Genève

Moderation Andreas Rötheli,Lenz &Staehelin Speakers David Ledermann, Lenz &Staehelin Event Partner Lenz &Staehelin Participants ca.20

9. Swiss Private Equity &Corporate FinanceCongress Wednesday, December 9, 2009, Technopark Zurich

Moderation Bernd Pfister,SECA Speakers Severalspeakers Participants ca.250 In cooperation with Academy for best Execution Conference Partner BV Group, BankVontobel AG,Capvis, Migros Bank, CFP CorporateFinance Partner, CGS Management, Défi Gestion, DRSdigital AG, Homburger,KPMG,ManagementAG, meyerlustenberger, SCMStrategic Capital,swiss capitalgroup, Vontobel, Wenger Plattner, Media Partner Swiss Equity Magazin

53 SECASECAYearYearbookbook20102010

Successful fundraising today:How to maximise your chances Thursday, March 11, 2010, WidderHotel, Zurich

Speakers DavidAdler,Langham Hall Noel Ainsworth, Simmons &Simmons Madeleine Beck-Wagner,The Beck Group Richard More, Curtis MurrayAssociates Event Partner Langham Hall Simmons &Simmons TheBeckGroup Curtis Murray Associates Participants ca.80

PrésentationduComité Romand de la SECA Tableronde: Outlook 2010 -Venture Capital &Private Equity Mardi 30 Mars 2010, Swissôtel Métropole, Geneva

Moderation Christophe Borer, SECA Speakers Jacques Bonvin,Tavernier Tschanz Diego Braguglia, VI Partners AG ChristianDujardin, Unigestion Jean-FrançoisLagasse,DeloitteAG Claude Suard, Défi Gestion EventPartner VI Partners, Deloitte AG, Défi Gestion Participants ca.50

54 SECASECAYearYearbookbook20102010

ReportingTrend Luncheons

Sonderdarlehen fürdeutsche Töchter Schweizer Unternehme Thursday, July2,2009, Widder Hotel, Zurich

Speakers Guido Bruch,Equity AdviceGmbH EventPartner Equity Advise Handelskammer Deutschland Schweiz Finance People and Deals Participants ca.40

ChinaRising Super Economic Power Thursday, January 14, 2010, Widder Hotel,Zurich

Speakers Nicolas Musy,Managing Directorofthe SwissCenter Shanghai, Vice-President of SwissChamChina, ChinaCoordinator of EPFL EventPartner CH-ina Participants ca.50

Kai-Fu Lee-on China,innovation and what works Friday, March12, 2010, Hotel BaurauLac, Zurich

Speakers Kai-FuLee, InnovationWorks Peter Liu, W.I. Harper Event Partner Zürcher Kantonalbank Participants ca.120

Successful fundraising today:How to maximise your chances Friday, March12, 2010, Swissôtel Métropole, Geneva

Speakers David Adler,Langham Hall Noel Ainsworth, Simmons &Simmons Madeleine Beck-Wagner,The Beck Group Richard More, Curtis MurrayAssociates Event Partner Langham Hall,Simmons&Simmons, The Beck Group, Curtis Murray Associates, Participants ca.25

55 SECASECAYearYearbookbook20102010

56 SECASECAYearYearbbookook20102010

Chapter V Financial &Audit Report

57 SECASECAYearYearbookbook20102010

Financial Statement

58 SECASECAYearYearbookbook20102010

Audit Statement

59 SECASECAYearYearbookbook20102010

60 SECASECAYearYearbookbook20102010

ChapterVI MembershipReporting

61 SECASECAYearYearbookbook20102010

Full Members

62 SECASECAYearYearbookbook20102010

Absolute Private Equity AG

Contact Information

Address c/o CreditSuisse 6301 Zug Telephone No +41 43 888 63 00 Fax No +41 43 888 63 01 E-mailAddress for General Enquiries Format of Personal E-mailAddresses [email protected] Web Address www.absoluteinvestments.com

Company Information

Key Persons Mr. Thomas Amstutz Mr. MarkusMuraro Year of Establishment 2000 NumberofEmployees Fund Names Capital Under Management NumberofPortfolio Companies Examples of Portfolio Companies

InvestmentPreferences

Size of Investment Investment Stages Buyout -Buyin, Early-Stage, Start-up Capital Industrial Sectors Biotechnology,Finance-Insurance -Real Estate, Industrial Products and Services, Medical -Life Sciences -Health Related GeographicalFocus Worldwide Type of Financing

Short CompanyProfile

ABSP is an investment company duly organizedand existing underthe laws of Switzerland and listed on theSWX Swiss Exchange.Its investment strategy focuses mainly on theprivate equitymarket andcommits its money to PE funds, whichpursue investment strategies differingbyindustry,geographic region and stageoffinancing.

63 SECASECAYearYearbookbook20102010

adbodmer ag

ContactInformation

Address Seestrasse 227 8810 Horgen Telephone No +41 43 344 94 24 FaxNo+41 43 344 94 23 E-mailAddress for General Enquiries FormatofPersonal E-mail Addresses [email protected] Web Addresswww.adbodmer.ch

Company Information

Key Persons Dr. Adriana Ospel-Bodmer Mr. Jan Kollros Year of Establishment 2002 NumberofEmployees 9 Fund Names Capital Under Management NumberofPortfolio Companies Examples of Portfolio Companies

InvestmentPreferences

Size of Investment CHF 5-500m Investment Stages Buyout -Buyin, Delisting, Expansion -Development Capital, Turnaround -Restructuring Industrial SectorsComputer Related, Construction -Building Products, ConsumerRelated,Finance -Insurance -Real Estate, Food- Beverages, Industrial Automation,Industrial Productsand Services, Manufacturing, Telecommunications, Communications other, Transportation, Ag GeographicalFocus Germany, Switzerland,United Kingdom,United States of America Type of Financing EquityFinancing, MajorityEquity,MinorityEquity

Short CompanyProfile

64 SECASECAYearYearbookbook20102010

Adinvest AG

Contact Information

Address Rigistrasse25 8126 Zumikon Telephone No +41 44 202 21 55 Fax No +41 44 202 19 42 E-mailAddress for General Enquiries Format of Personal E-mail Addresses initial of [email protected] Web Address www.adinvest.ch

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 PortfolioCompanies >30(direct andindirect) Examples of Portfolio Companies 3T Supplies AG,Xing AG, Adconion Ltd.

Investment Preferences

Size of Investment EUR 0.5m-5m InvestmentStages Industrial SectorsTechnology Geographical Focus Europe, United States of America,Australia Type of Financing Equity Financing

ShortCompanyProfile

Corporate Finance and InvestmentCompany active in: Europe through private syndications, Schirm Private Equity LP;West Coast USA through Montreux EquityPartners (lifesciences only) and in Australia through private syndications.

65 SECASECAYearYearbookbook20102010

Advisory&Merchant Partners AG

ContactInformation

AddressMühlegasse 29 8001 Zürich Telephone No +41 43 244 74 24 Fax No +41 43 244 74 29 E-mail Address for General Enquiries [email protected] Format of Personal E-mail [email protected] WebAddress www.advisorymerchants.com

CompanyInformation

Key Persons Mr. Alessandro Parenti Mr. Gianni Dafond Year of Establishment 2001 Number of Employees 6 FundNames ESAPI Capital Under Management Number of PortfolioCompanies several Examples of PortfolioCompanies Listed and non-listed ICT companies

InvestmentPreferences

Size of Investment Investment Stages Buyout -Buyin, Early-Stage, Expansion -Development Capital, Mezzanine -Bridge Finance, Replacement Capital, Turnaround -Restructuring Industrial SectorsComputer Related, Construction -Building Products, Electronics,Environment, Finance -Insurance -RealEstate, Internet Technology,Medical -LifeSciences-HealthRelated, Telecommunications, Communications other Geographical Focus Austria, Germany, Italy, Switzerland, United Kingdom Type of Financing EquityFinancing, Minority Equity,M&A Advisory, Corporate Finance Advisory

ShortCompanyProfile

Seeour Webpage

66 SECASECAYearYearbookbook20102010

Affentranger Associates SA

Contact Information

Address100 Rue de Rhône 1204 Geneve Telephone No +41 22 818 01 80 FaxNo+41 22 310 27 29 E-mail Addressfor General Enquiries [email protected] Format of Personal E-mail Addresses [email protected] Web Address www.aasa.com

Company Information

Key Persons Mr. Nicolas Fulpius Mr. Lukas André Year of Establishment 2002 NumberofEmployees 4 Fund Names Capital Under Management NumberofPortfolio Companies 6 Examples of Portfolio Companies dartfish SA, mikron holding SA (SWX,Ticker:MIKN),SIRS- Lab, forteq, inflaRx, selFrag

Investment Preferences

SizeofInvestment Investment Stages All Industrial SectorsAll Geographical Focus All Type of Financing All

ShortCompanyProfile

Our ambition in principal investing: Achieve sustainable long-term returns by active participation in the value creation process throughasymbiosisofcapital and labour investments into companies in atransition phaseby applying complementary skillsinleadership, management,technology, production, marketing andfinance paired withhands-oninvolvementrespecting highest professional and ethical standards striving forthe stringent implementation of afocused business model.

67 SESECACA YearYearbookbook20102010

AFINUM Management AG

ContactInformation

Address Dufourstrasse 48 8024 Zürich TelephoneNo+41 43 500 33 00 Fax No +4143500 33 01 E-mailAddress for General Enquiries FormatofPersonal E-mail [email protected] Web Address www.afinum.ch

Company Information

Key Persons Dr. PhilippSchülin Year of Establishment NumberofEmployees Fund Names Capital Under Management NumberofPortfolio Companies 7 Examples of Portfolio Companies Wohnprofil, Schaetti, Pinova, Wallenborn

InvestmentPreferences

Size of Investment >CHF 10m Investment Stages Buyout -Buyin, Replacement Capital Industrial SectorsAll GeographicalFocus Austria,Germany, Switzerland Type of Financing MajorityEquity

ShortCompanyProfile

Private Equity Fund focussing on midsizedbuyouttransactions in GermanSpeakingEurope.

68 SECASECAYearYearbookbook20102010

Alpha Associates AG

ContactInformation

Address Talstrasse 80 8001 Zürich TelephoneNo+41 43 244 31 00 Fax No +4143244 31 01 E-mail Address for General Enquiries [email protected] Format of Personal E-mail Addresses [email protected] Web Address www.alpha-associates.ch

Company Information

KeyPersons Dr. Peter Derendinger Dr. PetraSalesny Year of Establishment2004 NumberofEmployees 26 Fund Names Private Equity Holding AG, 5E Holding,Alpha 2001, LP, Alpha CEE II, LP CapitalUnder Management Number of PortfolioCompanies Examples of PortfolioCompanies

InvestmentPreferences

Size of Investment min EUR 3m Investment Stages Buyout -Buyin, Expansion -Development Capital, Mezzanine -Bridge Finance IndustrialSectors Diverse Geographical Focus Central and Eastern Europe,Europe, Israel, United States of America Type of Financing EquityFinancing

ShortCompanyProfile

Alpha Associates is an independentprivate equity fund-of-funds managerand advisor. We build and manage globallydiversified privateequity fund portfoliosfor institutional andprivate investors. Alpha Associates is the leading privateequity fund-of-fundsmanagerfor Centraland Eastern Europe and Russia. We have invested and managed over 400 million Euro in more than 50 fund anddirectinvestments in Central and Eastern Europe since 1998.Alpha Associates further manages Private EquityHolding Ltd., an investment companylisted on the SIX StockExchange.

69 SESECACA YearYearbookbook20102010

AltiraHeliadAG

Contact Information

AddressAuf derMauer1 8001 Zürich TelephoneNo+41 44 250 75 40 Fax No +4144250 75 49 E-mailAddress for General Enquiries FormatofPersonal E-mail Addresses [email protected] Web Address www.heliad.com

Company Information

Key Persons Mr. Alexander Schwarz Mr. Ralf Flore Year of Establishment 2007 NumberofEmployees 5 Fund NamesHeliad Equity Partners GmbH &Co. KGaA, Heliad L.P. (Delaware) Capital Under Management EUR150m Number of PortfolioCompanies 13 Examples of PortfolioCompanies Assona, RT Reprotechnik, Unicorn, SHB

Investment Preferences

Size of Investment EUR 3-15m Investment StagesBuyout -Buyin, Expansion -Development Capital, Turnaround -Restructuring IndustrialSectors All GeographicalFocus Austria,Germany, Switzerland Type of Financing EquityFinancing, Majority Equity

ShortCompanyProfile

Helias is apublicly listed investment company which invests in high growth companies in German-speaking countries. Heliad relies in this respect on established,owner-managed businessmodels with ales of between EUR 10 million andEUR 100 million. This investment focus means that Heliad is positioned in the attractive niche between venture capital and large-Scale buyouts with afocusonasset light companies and buy&build concepts. With atotal of around 4000employees, the 13 companies currently in Heliadsportfolio generate combined ales of morethan EUR 650 million. Further information about the company can be fond at www.heliad.com

70 SECASECAYearYearbookbook20102010

ALTIUM CAPITALAG

ContactInformation

AddressDufourstrasse 60 8702 Zollikon TelephoneNo+41 43 499 43 43 FaxNo+41 43 499 43 44 E-mailAddress for General Enquiries FormatofPersonal E-mail [email protected] Web Address www.altiumcapital.ch

Company Information

Key Persons Mr. Christian Wipf Mr.AlexanderGrünwald Year of Establishment 1987 NumberofEmployees Fund Names Capital Under Management NumberofPortfolio Companies Examples of Portfolio Companies

InvestmentPreferences

Size of Investment Investment Stages Industrial SectorsAll Geographical FocusEurope, Central and Eastern Europe TypeofFinancing

Short CompanyProfile

Altium is an international corporate finance group providing international M&A advisory, IPO advisory,securities trading and research. Altiumhas offices in nine European countries andisamemberofLSE and Deutsche Börse.

71 SESECACA YearYearbookbook20102010

Apax Partners &Co. Beteiligungsberatung AG

ContactInformation

Address16/F NexxusBuilding Hong Kong Telephone No +4143499 43 35 Fax No +41 43 499 43 44 E-mailAddress for General Enquiries FormatofPersonal E-mailAddresses [email protected] Web Addresswww.apax.com

Company Information

KeyPersons Mr.Max Burger-Calderon Mr. Robin Mürer Year of Establishment 1972 NumberofEmployees 10 Fund Names Capital Under Management NumberofPortfolioCompanies 330 Examples of Portfolio CompaniesSulo, IFCO,Kabel Deutschland

Investment Preferences

Size of Investment InvestmentStages Industrial Sectors Finance-Insurance -RealEstate, Internet Technology, Medical -Life Sciences -Health Related, Telecommunications Geographical Focus Asia, Europe, Israel,United States of America Type of Financing Equity Financing

Short CompanyProfile

Apax Partnersisone of theworld's leading private equity investment groups dedicated to high performance, entrepreneurial businesses.The group advises anumberofInvestment Pools with an accumulatedtotal of EUR 18 billionand pursues abalanced equity portfolio strategy, investing in companies at allstages of development from late stage venture to buy-out. The group focuses primarilyonfive industry sectors: Telecommunications & Information Technologies,Media, Healthcare, Retail &ConsumerProducts and Financial Services &Business Services.Founded in 1972 in the United States and in Europe, Apax Partners currentlyhas ten offices worldwide. For furtherinformation on Apax Partners,visit www.apax.com

72 SECASECAYearYearbookbook20102010

APEN AG

Contact Information

Address Grafenauweg8 6300 Zug TelephoneNo+41 41 710 70 60 Fax No +41 41 710 70 64 E-mail Addressfor GeneralEnquiries [email protected] Format of Personal E-mail Addresses initial of [email protected] Web Address www.apen.com

Company Information

Key PersonsMr. Conradin Schneider Mr. Andrew Fletcher YearofEstablishment 1999 Number of Employees Fund Names Capital Under Management CHF 470m NumberofPortfolioCompanies >500 Examples of Portfolio Companies

InvestmentPreferences

Size of Investment Investment Stages Industrial Sectors Geographical Focus Type of FinancingThe company currentlydoesnot intend to make any new investment commitments.

ShortCompanyProfile

APEN Ltd. is aSwiss investment company domiciled in Zug. The company integrates afund of funds approach with direct investmentsinaportfolio that is highly diversifiedbyregion, financingstage andindustry.

73 SECASECAYearYearbookbook20102010

Aravis SA

ContactInformation

Address Lehfrauenweg 10 8053 Zürich TelephoneNo+41 43 499 20 00 Fax No +4143499 20 01 E-mailAddress for General Enquiries Format of Personal E-mailAddresses [email protected] Web Address www.aravis.ch

CompanyInformation

Key Persons Mr. Jean-Philippe Tripet Dr. Simon Nebel Dr. OliverThalmann Year of Establishment 2001 NumberofEmployees 6 Fund Names Aravis Venture I, LP; Aravis BiotechII, LP;Aravis Energy I, LP Capital Under Management CHF 170m Number of PortfolioCompanies 24 Examples of PortfolioCompanies Evolva, Telormedix

InvestmentPreferences

Size of Investment CHF 7-10m Investment Stages Start-up Capital, Seed Capital, Expansion -Development Capital, Early-Stage Industrial SectorsMedical-Life Sciences -Health Related, Energy, Biotechnology Geographical Focus Continental Europe Type of Financing Equity Financing

Short CompanyProfile

Aravis is an independentSwiss based venturecapitalfirm. Our fundsinvest in early stage companiesinthe Biotech and renewable Energy infrastructuresectors, taking active roles from startuptopublic. With CHF170M under managementAravisisone of the largest Swiss Venture investor. Our investors are primarily institutional, family offices as wellascorporate. The investment partnersare dedicated to their respective sectors bringing their strong experienceand solid networkfor thebenefits of portfoliocompanies.Weprefertotake lead investorroles and syndicatefinancings internationally. Aravis Energy ILPwas the first everapproved Swiss Limited partnership by the FINMA,the Swiss financial market supervisory authority.

74 SECASECAYearYearbookbook20102010

Argos SoditicS.A.

Contact Information

Address 118, Rue du Rhône 1204 Genève Telephone No +41 22 849 66 33 FaxNo+41 22 849 66 27 E-mail Address for General Enquiries FormatofPersonal E-mail Addresses initial of [email protected] Web Address www.argos-soditic.com

Company Information

Key Persons Mr. Guy Semmens Mr. Cédric Bruix Year of Establishment 1989 NumberofEmployees 29 Fund Names Euroknights IV +V Capital Under Management EUR420m NumberofPortfolio Companies 14 Examples of Portfolio CompaniesMaillefer, Kermel, ORS, Kägi Söhne AG, Misapor

Investment Preferences

Size of InvestmentEUR 5-50m InvestmentStagesBuyout -Buyin Industrial SectorsAll Geographical Focus France,Italy, Switzerland TypeofFinancing Equity Financing

Short CompanyProfile

Structuringofprivate equity transactions.Sales EUR20-400m,laterstage, all industries. No start-upsor turnarounds

75 SECASECAYearYearbookbook20102010

aventic partners AG

ContactInformation

Address Schweizergasse10 8001 Zürich Telephone No +41 44 285 15 85 Fax No +41 44 285 16 86 E-mail Addressfor GeneralEnquiries [email protected] Format of Personal E-mail Addresses [email protected] Web Address www.aventicpartners.ch

Company Information

Key Persons Mr. Alan Frei Mr. Jean-Claude Rebetez Mr.Peter Balsiger Mr. Marc Kappeler Year of Establishment 1999 NumberofEmployees 7 Fund Namesaventic AG, am-tec kredit AG Capital Under Management CHF 70m Number of PortfolioCompanies Examples of Portfolio Companies www.aventicpartners.ch(References)

InvestmentPreferences

Size of Investment Investment Stages Expansion -Development Capital, Buyout -Buyin Industrial SectorsElectronics, IndustrialAutomation, Industrial Products and Services, Manufacturing, Telecommunications Geographical Focus Switzerland Type of FinancingMinority Equity,subordinateddebt

ShortCompanyProfile

aventicpartnersAGisaleading team of seven partners basedinZurichand Bern. The team has astrong industrial background and provides financing and know-howtosmall and medium-sizedenterprises based in Switzerland and thesurrounding regions. The target customer is an industrial enterprise wantingtoaccelerate itsgrowthand profitability or being in asituation of ownership change.

76 SECASECAYearYearbookbook20102010

AXA Private Equity

Contact Information

AddressAffolternstrasse 42 8050 Zürich Telephone No +41 43 299 11 26 Fax No +41 43 299 11 20 E-mailAddress for General Enquiries FormatofPersonal E-mail [email protected] Web Address www.axaprivateequity.com

Company Information

KeyPersons Mr. Martin Kessi Year of Establishment 1996 NumberofEmployees 4 Fund Names Capital Under Management USD 25bn NumberofPortfolio Companies Examples of Portfolio Companies

InvestmentPreferences

Size of Investment Investment Stages Buyout -Buyin, Expansion -Development Capital, Mezzanine -Bridge Finance IndustrialSectors All Geographical Focus All Type of Financing EquityFinancing, MajorityEquity, MinorityEquity, Mezzanine

ShortCompanyProfile

With $25 billionofassets managedoradvised,AXA Private Equity, an AXA Investment Managerscompany, is a diversified private equity firm with an international reach coveringeightoffices in Paris, Frankfurt,London,New York,Singapore, Milan, Zurichand Vienna.Since 1996, the firm has supported the development and long-term growthofits portfoliocompanieswhile generating sustained andstable returns. AXA Private Equity provides investors with funds across the full range of private equity offerings: funds of funds;LBO mid cap andsmallcap; venture capital; co-investment; infrastructure; and mezzanine.

77 SECA Yearbook 2010

AXA PrivateEquity

With 230 employees and 8offices in Paris, Frankfurt, London, NewYork, Singapore, Milan, Zurich and Vienna, AXA PrivateEquity provides investors with funds acrossthe full range of privateequity offerings: funds of funds, direct funds, infrastructureand mezzanine.

Since1996, its constant focus on long-termgrowth has generated AXA PrivateEquity sustained and stable returns from investments. named privateequity firm of the year 2009

US$ 25 billion of assets managed or advised

Funds of funds Direct Funds Infrastructure Mezzanine •Primary •Venture •Brownfield •Arranger •Secondary •Small Cap •Greenfield •Acquisition •Early Secondary •Mid Cap financing •Mandates •Co-Investment •Eastern and Central Europe

www.axaprivateequity.com

78 SECASECAYearYearbookbook20102010

Bank am Bellevue

Contact Information

Address Seestrasse16 8700 Küsnacht Telephone No +41 44 267 67 36 Fax No +41 44 267 67 35 E-mailAddress for GeneralEnquiries [email protected] Format of Personal E-mail Addresses Web Address www.bellevue.ch

Company Information

Key Persons Mr. ClaudioSteffenoni Mr. Dan Dysli Year of Establishment Number of Employees Fund Names Capital Under Management NumberofPortfolio Companies Examples of Portfolio Companies

InvestmentPreferences

Size of Investment Investment Stages Industrial Sectors Geographical Focus Type of Financing

Short CompanyProfile

Investment Banking

79 SESECACA YearYearbookbook20102010

Bank Sarasin &Cie AG

Contact Information

AddressLöwenstrasse11 8022 Zürich TelephoneNo+41 44 213 97 16 Fax No +41 44 213 96 98 E-mailAddress for General Enquiries Format of Personal E-mailAddresses [email protected] WebAddress www.sarasin.ch

Company Information

Key Persons Mr. Matthias Spiess Mr. Alexander Cassani Year of Establishment 1841 NumberofEmployees742 FundNames Capital Under Management Number of PortfolioCompanies Examples of PortfolioCompanies

InvestmentPreferences

Size of Investment Investment Stages Buyout -Buyin Industrial SectorsAll Geographical Focus Europe Type of Financing MinorityEquity, Equity Financing

ShortCompanyProfile

M&A advisory, Equity Capital Markets (IPO, Secondary placements,tenderoffer,etc.) and CorporateFinance

80 SECASECAYearYearbookbook20102010

Bank Vontobel AG

Contact Information

Address Gotthardstrasse 43 8022 Zürich Telephone No +4158283 63 29 Fax No +41 58 283 70 75 E-mailAddress for General Enquiries FormatofPersonal E-mail Addresses [email protected] Web Address www.vontobel.com

Company Information

Key Persons Mr. Marc Klingelfuss Mr. Robin R. Richiger Year of Establishment 0 NumberofEmployees1361 FundNames Capital Under Management CHF 75.2bn Number of PortfolioCompanies Examples of PortfolioCompanies

InvestmentPreferences

Size of Investment Investment Stages Industrial Sectors Geographical Focus Type of Financing

Short CompanyProfile

Vontobel Banking Group is one of Switzerland'sleading privatebanking investment banking and asset management groups.

81 Efﬁziente SECA Yearbook 2010 Lösungenfür Ihr Unternehmenzuﬁndenist der Anspruchunseres CorporateFinance Teams. Kapital- erhöhungen, Börsengänge, Mergers&Acquisitions undAnleihensemissionen – dafür undfür vielesmehr entwickelnunsere erfahrenen Corporate Finance Spezialisten innovativeKonzepte. MitTalentund Tempobei der Umsetzung. Entschlossen, dieBesten zu sein.Und dasauchfür Ihr Unternehmenzube- weisen – insbesondere für Small&Mid Caps.

EVOLVA HOLDING SA CICOR TECHNOLOGIESAG MOBIMOHOLDING AG PETROPLUSHOLDINGSAG VONTOBELBETEILIGUNGEN AG AQUAMITB.V. CLSCORPORATE LANGUAGE SIKA AG (FORMERLYARPIDALTD.) SERVICES HOLDING AG

Reverse Takeover CapitalIncrease/ Public Exchange Offerfor CapitalIncrease/ Public Exchange Offer PublicTenderOffer Raised Expansion Finance from StraightBond Rights Offering LO HoldingLausanne-Ouchy Rights Offering for BB MedtechAG forQuadrantAG andJJM Participations

followed by Acquisition CHF155m CHF10m CHF145m CHF292m CHF506m CHF237m of Lexi-techIntl. Inc., Canada CHF300m

December2009 November 2009 October 2009 September2009 September2009 September2009 July/September 2009 May 2009

FinancialAdvisor and LeadManager FinancialAdvisor and Co-Manager FinancialAdvisor and OfferManager FinancialAdvisor Co-LeadManager ListingAgent OfferManager OfferManager

KARDEX AG BASF AFGARBONIA-FORSTER- EDIPRESSEGROUP SWISSCOM ADB–ADVANCEDDIGITAL BURCKHARDT COMPRESSION SANTHERAPHARMACEUTICALS HOLDINGAG BROADCAST HOLDINGSSA HOLDING AG HOLDING AG

Exchange of BearerShares Public Tender Offer CapitalIncrease/ Sale of Swiss StraightBond ShareBuyback ShareBuyback CapitalIncrease into Registered Shares forCibaHolding AG Rights Offering mediaactivities to (PIPE)

CHF3.45bn CHF113.4m CHF450m CHF1’250m up to 330’000 Shares max. 170’000 registeredshares CHF16m

April2009 April2009 April2009 March2009 March2009 September 08–March 09 December2008–December2010 November 2008

Exchange Agent OfferManager Co-LeadManager FinancialAdvisor Co-LeadManager LeadManager LeadManager FinancialAdvisor

DEPARTMENT OF FINANCE OF TORNOS HOLDINGAG SUSTAINABLEPERFORMANCE METALL ZUGAG LAMRESEARCH CORPORATION ALBERT SPIESS HOLDING AG ALLREALHOLDING AG INFICON HOLDING AG KANTON GLARUS GROUPAG

Ownership strategy for NominalValue 2% Convertible Bonds Simpliﬁcation of the Public Tender offer Sale to CapitalIncrease/ ShareBuyback Glarner Kantonalbank Reduction 2008–2013 CapitalStructure forSEZ Holding AG Orior AG Rights Offering (2nd TradingLine)

CHF7.5m CHF50m CHF643m Purchase pricenot disclosed CHF185m CHF40m August 2008 June 2008 May 2008 May 2008 March/April 2008 January2008 December2007 May-December 2007 Advisortothe Departmentof Financeofthe Kanton Glarus LeadManager LeadManager LeadManager OfferManager FinancialAdvisor Co-Manager LeadManager regardingselected topics

VON ROLLAG USTERTECHNOLOGIE AG COMETHOLDING AG GOLDBACH MEDIAAG ADDEXPHARMACEUTICALS LTD VZ HOLDING AG LIECHTENSTEINISCHE SPEEDEL HOLDING LTD LANDESBANKAG

Capitalincrease InitialPublicOffering Capitalincrease InitialPublicOffering InitialPublicOffering InitialPublicOffering 3.5% Convertible Bonds (incl.144A) Public Tender offerfor 2007–2011 Bank Linth

CHF323m CHF177m CHF42m CHF100m CHF137m CHF180m CHF323m CHF56m

November 2007 October 2007 July 2007 June 2007 May 2007 March2007 February2007 January2007

LeadManager Co-Manager LeadManager LeadManager Co-LeadManager Co-LeadManager OfferManager LeadManager

Weitere Informationen ﬁnden Sieunter www.vontobel.com/corporate-ﬁnance oder rufenSie uns an:+41 (0)58 2837766 SECASECA Yearbook Yearbook 2010 2010

Banque Bénédict Hentsch &Cie SA

ContactInformation

Address 5avenue de Châtelaine 1211 Genève 11 Telephone No +4122360 91 00 Fax No +41 22 360 91 91 E-mail Address for General Enquiries Format of Personal E-mailAddresses [email protected] Web Address www.bbh360.ch

Company Information

KeyPersons Mr.MarcLüthi Year of Establishment 2004 NumberofEmployees 30 Fund Names Capital Under Management NumberofPortfolio Companies Examples of Portfolio Companies

InvestmentPreferences

Size of Investment Investment Stages Industrial Sectors Geographical Focus Type of Financing

Short CompanyProfile

Private Bankingand Family Office services.

83 SECASECAYearYearbookbook20102010

Bär &Karrer AG

ContactInformation

Address Brandschenkestrasse90 8027 Zürich Telephone No +41 58 261 50 00 Fax No +41 58 261 50 01 E-mailAddress for General Enquiries FormatofPersonal E-mail Addresses [email protected] Web Address www.baerkarrer.ch

CompanyInformation

Key Persons Dr. Christoph Neeracher Prof. Dr.Rolf Watter Year of Establishment 1969 NumberofEmployees220 FundNames Capital Under Management Number of PortfolioCompanies Examples of PortfolioCompanies

InvestmentPreferences

Size of Investment Investment Stages Industrial SectorsAll Geographical Focus All Type of Financing All

ShortCompanyProfile

84 SECASECAYearYearbookbook20102010

Barclays Private Equity (Schweiz)AG

Contact Information

AddressGeneral-Guisan-Quai 34 8027 Zürich Telephone No +41 44 289 80 90 Fax No +41 44 289 80 91 E-mailAddress for General Enquiries FormatofPersonal E-mail Addresses [email protected] Web Address www.barclays-private-equity.de /www.bpe.com

Company Information

Key Persons Mr. Philippe Stüdi Mr. Marc Erni Year of Establishment 1979 NumberofEmployees 3 Fund Names BPE EuropeanFund I, II and III Capital UnderManagementBPE European Fund I(EUR 1.25bn), Fund II (EUR1.65bn), Fund III (EUR 2.45bn) NumberofPortfolio Companies over 50 Examples of PortfolioCompanies PREMIUMcommunications,SCHILD, Jack Wolfskin etc.

Investment Preferences

Size of Investment CHF 25-250m InvestmentStages Buyout -Buyin Industrial SectorsAll Geographical FocusFrance, Germany, Italy, Switzerland, United Kingdom Type of Financing Majority Equity

ShortCompanyProfile

Barclays PrivateEquity zählt europaweitzuden führenden Beteiligungsgesellschaften. Der Fokus des1979in Grossbritannien gegründeten Unternehmens liegt auf demErwerbvon mittelständischenUnternehmen miteinem jährlichenUmsatzvolumen zwischen CHF50und 800Millionen. Seit Bestehen hatBarclaysPrivate Equity mehr als 500 Transaktionen getätigt. Allein in den vergangenen zehn Jahren summierte sich das Investitionsvolumen von Barclays Private Equity in Management Buy-Outs, Management Buy-Ins, Spin-Offsund Wachstums-inanzierungen auf mehrals zehn MilliardenEuro. Die Investoren sind mehr als 25 internationale institutionelleAnleger sowie die Barclays Bank mit einem Anteil von rund25Prozent. Im September 2007legte dieBeteiligungsgesellschaft mit dem Barclays Private EquityEuropean Fund III seinendritten europäischen Mid-Market Fondsauf, mit einem Volumenvon 2,45 Milliarden Euro, der innerhalbweniger Wochen geschlossenwerden konnte. Barclays Private Equityzählt inzwischen acht Büros in Grossbritannien undKontinentaleuropa mitrund65Mitarbeitern.

85 SESECACA YearYearbookbook20102010

BDO AG

Contact Information

Address Fabrikstrasse 50 8031 Zürich Telephone No +41 44 444 35 55 FaxNo+41 44 444 35 35 E-mail Address for General Enquiries [email protected] Format of Personal E-mail Addresses [email protected] WebAddress www.bdo.ch

CompanyInformation

KeyPersons Mr. Marcel Jans Mr. Christoph Müller Year of Establishment 1932 NumberofEmployees850 FundNames Capital Under Management Number of PortfolioCompanies Examples of PortfolioCompanies

InvestmentPreferences

Size of Investment Investment Stages Industrial SectorsAll Geographical Focus All Type of Financing

Short CompanyProfile

BDO Visuraisthe preferred partnerofmiddle andsmall enterprises, public authoritiesand Non-Profit- Organisations Products and Services: -Auditing -Financial Services -Fiduciary services and Realestate - Management consulting and Information technology -Tax advice and Legal advice

86 SECASECAYearYearbookbook20102010

BioMedPartnersAG

Contact Information

AddressElisabethenstrasse23 4051 Basel Telephone No +41 61 270 35 35 Fax No +41 61 270 35 00 E-mail Addressfor General Enquiries [email protected] FormatofPersonalE-mailAddresses [email protected] Web Address www.biomedvc.com

Company Information

KeyPersons Dr. Gerhard Ries Dr.Thomas Möller Year of Establishment 2002 NumberofEmployees 8 Fund NamesBioMedInvest, BioMedCredit CapitalUnder Management CHF250m NumberofPortfolio Companies Examples of Portfolio Companies

InvestmentPreferences

Size of Investment CHF 1-10m Investment Stages Early-Stage, Expansion-Development Capital, Seed Capital, Start-up Capital Industrial SectorsBiotechnology, Medical-LifeSciences -HealthRelated Geographical Focus Austria, France,Germany, Italy, Switzerland Type of Financing All

ShortCompany Profile

87 SESECACA YearYearbookbook20102010

BrainsToVentures AG

Contact Information

AddressBlumenaustr.36 9004 St.Gallen TelephoneNo+41 71 242 20 00 Fax No +41 71 242 20 01 E-mailAddress for General Enquiries FormatofPersonal E-mail Addresses [email protected] Web Address www.b-to-v.com

Company Information

Key Persons Mr. Florian Schweitzer Year of Establishment 2000 NumberofEmployees 11 Fund Namesb-to-v Private Equity SICAR Capital UnderManagement EUR 28mFund+twice the amount of direct Investments NumberofPortfolio Companies 24 Examples of Portfolio Companies XING, alaTEST, Nanda

Investment Preferences

Size of Investment EUR 0.5-15m InvestmentStages Early-Stage, Buyout -Buyin Industrial Sectors Internet Technology Geographical Focus Worldwide Type of Financing Equity Financing

Short CompanyProfile

Through BrainsToVentures (b-to-v) an extensive networkofcommitted entrepreneurial private investors with backgrounds from various sectors invests in growth companies with promising and scalable business models. The «vibrant network of investment intelligence» finances first-class ventures with excellent management teamsand offersthem access to experienced investors from the respective sector. With the institutionalised cooperation betweeninvestors and venturesb-to-vhas become one of the leading private investor networks in Europe sincethe year 2000, whose activities regularly exceed this region today reaching the US and Asia.

88 SECASECAYearYearbookbook20102010

BridgeLinkAG

ContactInformation

AddressCentralbahnstrasse 7 4002 Basel Telephone No +41 61 206 90 90 Fax No +41 61 206 90 93 E-mailAddress for General Enquiries Format of Personal E-mail Addresses initial of [email protected] Web Addresswww.bridgelink.ch

Company Information

Key Persons Mr. RemoRichli Mr. Paul-AndréWenger Year of Establishment 1996 NumberofEmployees 6 Fund Names Capital Under Management NumberofPortfolio Companies Examples of Portfolio Companies

InvestmentPreferences

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 All Type of FinancingAll

ShortCompanyProfile

M&A, Corporate Finance Advisors representing Sale-side or Buy-side. Fundraising for business development. Full service for MBO Projects. Internationaloperations with officesinUSA,Germany andSwitzerland

89 SESECACA YearYearbookbook20102010

BT&T Group

ContactInformation

AddressHardturmstrasse 11 /Puls5 8005 Zürich TelephoneNo+41 44 735 81 00 Fax No +4144735 81 69 E-mail Address for GeneralEnquiries [email protected] Format of Personal E-mail Addresses [email protected] WebAddress www.btt.com

CompanyInformation

KeyPersons Dr. Walter Meier Year of Establishment 1990 NumberofEmployees 7 Fund Names BT&TGroup Capital Under Management >CHF 200m NumberofPortfolioCompanies >30 Examples of Portfolio Companies Sector "TIME" and "LIFE"

Investment Preferences

Size of Investment Investment Stages Industrial SectorsAll Geographical Focus Type of Financing

Short CompanyProfile

BT&T is aleading investment group engaging in fast growing technologies of the 21st centurybyapplying its unique TIME® and LIFE®investmentconcepts

90 SECASECAYearYearbookbook20102010

Business Angels Schweiz

Contact Information

Address Postfach 8708Männedorf Telephone No +41 79 358 54 70 Fax No E-mail Addressfor GeneralEnquiries [email protected] Format of Personal E-mail Addresses Web Address www.businessangels.ch

Company Information

Key Persons Mr. Jan Fülscher Ms.Caroline Gueissaz Year of Establishment 1997 NumberofEmployees 2 Fund Names Capital Under Management NumberofPortfolio Companies ~50investments so far Examples of Portfolio Companies

InvestmentPreferences

Size of Investment Investment Stages Early-Stage, Expansion -Development Capital, Mezzanine - Bridge Finance, Start-up Capital Industrial SectorsAll Geographical Focus Switzerland Type of Financing EquityFinancing, MajorityEquity, MinorityEquity, Mezzanine

ShortCompanyProfile

BAS, BusinessAngles Switzerland,isanassociation of affluent individual whoprovide capital,know-howand theirnetworks for business start-ups and early stagecompanies. BAS members meet up to twiceamonth in Zurich and Lausanne. The club presentsupto50investmentopportunitiesper year to its members and finances five to ten of them every year. Detailed informationfor start-upsand investorsisavailable on the homepage, www.businessangels.ch.

91 SECASECAYearYearbookbook20102010

BV Holding AG (BV PartnersAG)

Contact Information

Address Hotelgasse1 3011 Bern Telephone No +41 31 310 01 30 Fax No +41 31 310 01 39 E-mail Address for General Enquiries [email protected] /www.bvgroup.ch Format of PersonalE-mail Addresses [email protected] Web Addresswww.bvgroup.ch

Company Information

Key Persons Mr. Daniel Kusio Year of Establishment 1997 NumberofEmployees 5 Fund Names Capital UnderManagement >CHF 66m NumberofPortfolio Companies 9 Examples of Portfolio CompaniesSkan Holding AG, Lonstroff HoldingAG, Ypsomed (SWX- Ticker: YPSN), E2E Technologies Ltd, Ziemer Group AG, Sphinx Werkzeuge AG, PiexonAG

Investment Preferences

Size of InvestmentCHF 1-15m Investment StagesExpansion -Development Capital, Buyout -Buyin Industrial SectorsAll Geographical Focus Europe, Switzerland Type of Financing Equity Financing

Short CompanyProfile

In thearea of successionfinancing and managementbuyouts (buyins) BVgroup focuses primarily on medium size transactions andonlong term oriented investment opportunities in companies with apositivecash-flow and a yearly turnover of over CHF10million. The turnover can also be lower, if futurerevenue growth is substantial or if the companyfits to one of our existing portfolio investments. Thetypeoffinancinguseddepends on the specific situation and can be in equityoracombination of equity and debt.

92 SECASECAYearYearbookbook20102010

Capital Concepts International AG

ContactInformation

AddressUntere Heslibachstrasse 41a 8700 Küsnacht TelephoneNo+41 43 266 70 80 Fax No +41 43 266 70 81 E-mail Address for GeneralEnquiries [email protected] Format of Personal E-mail Addresses [email protected] Web Address www.capitalconcepts.ch

Company Information

Key Persons Ms.Jennifer Maag-Pelz Year of Establishment 1999 NumberofEmployees 5 Fund Names Capital Under Management NumberofPortfolio Companies Examples of Portfolio Companies

InvestmentPreferences

Size of Investment Investment Stages Industrial Sectors Geographical Focus Type of Financing

Short CompanyProfile

CapitalConcepts International is amergers &acquisitions advisory boutique, focussing on middlemarket transactions (between CHF10-500 million)inGerman-speaking Europe. Throughour internationalnetwork,we also advise on acquisitionsordivestitures around the globe.

93 SESECACA YearYearbookbook20102010

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 Addressfor GeneralEnquiries [email protected] Format of Personal E-mail Addresses initial of [email protected] Web Addresswww.capdyn.com

Company Information

Key Persons Ms. Katharina Lichtner Ms. Brigitte Rasmussen Year of Establishment 1988 NumberofEmployees150 FundNames Capital Under Management>USD 21bn NumberofPortfolio Companies Examples of Portfolio Companies

InvestmentPreferences

Size of Investment Investment StagesAll Industrial SectorsAll Geographical Focus Worldwide Type of Financing

Short CompanyProfile

Capital Dynamics is an independent asset management firm focused on private equity. Capital Dynamics offers institutional investors andfamily offices awide rangeofprivate equityproducts and services:fund of funds, direct investments, separate account solutions and structured private equity products.With more than 20 years of experience, Capital Dynamics manages andhas advised on acombinedtotal of overUSD 21 billion in private equityand real estate funds. CapitalDynamicsclients are adiverse group of investors includingpensionfunds, insurancecompanies, family offices, high net worth individuals and their advisors. HeadquarteredinSwitzerland, CapitalDynamics has of-fices in New York, SiliconValley, London, Birmingham(UK), Hong Kong and Munich.

94 SECASECAYearYearbookbook20102010

Capital Finance &Trust Company(1923) SA

ContactInformation

Address Via San Salvatore 13 6902 Paradiso Telephone No +41 91 980 38 91 Fax No +41 91 980 40 78 E-mail Address for General Enquiries [email protected] Format of Personal E-mail Addresses initial of [email protected] Web Addresswww.verticalinfo.biz

Company Information

Key Persons Mr. NicolaSimoneschi Mrs.Nicoletta Bianchi Javet Year of Establishment 2005 Number of Employees 2 Fund Names Capital Under Management CHF 60m NumberofPortfolio Companies Examples of Portfolio Companies

InvestmentPreferences

Size of Investment CHF 1-3m Investment Stages Start-up Capital, IPO, Private Placements Industrial SectorsAll Geographical Focus Europe, Africa Type of Financing Loans, Bridge loans, bonds

ShortCompanyProfile

Industrial &Financial StrategicAnalysis;Dealsstructuring &Fundraising ;International Legal &commercial Support ;CorporateIdentityDevelopment&European Road Show organization.

95 SECA Yearbook 2010

“Everywhere...around theclock!”

• Industrial &financial strategic analysis • Dealsstructuring &Fund raising • InternationalLegal &CommercialSupport Capital • CorporateIdentityDevelopment Finance • European Road Show Organization &Trust Co. (1923)SA ViaSan Salvatore13–6902 Paradiso ASSET&WEALTH T: +4191980 38 91 –F:+41 91 980 40 78 [email protected] MANAGEMENT

Nur wer über klare Perspektiven verfügt, schafft den Weg ganz nach oben. Die Investition in eine gewinnbringende Vision erfordertvor allem zwei Kriterien: Unternehmerische Erfahrung und einen weitsichtigen Partner.Seit mehr als zehn Jahren schaffenwir kontinuierlich Mehrwerte für Unternehmen und Investoren. Dank industriellem Know-how und einer verantwortungsbewussten strategischen Perspektive. Unser Buy &Build Konzept ist auf Wertschöpfung und Nachhaltigkeit ausge- richtet.Darüber hinaus verfügen wir über einen fundierten WissenshorizontinPrivateEquity.Nehmen Sie mit uns Kontakt auf.Denn der richtige Durchblick ist der erste Schritt auf dem Wegzum Erfolg.

96 SECASECAYearYearbookbook20102010

Capital Transmission SA

ContactInformation

Addressc/o BCGE CorporateFinance 1211 Genève 2 Telephone No +41 22 809 26 28 FaxNo+41 22 809 25 77 E-mail Address for General Enquiries Format of Personal E-mailAddresses [email protected] Web Address www.bcge.ch

CompanyInformation

Key Persons Mr. Maurice Pierazzi Ms. Virginie Fauveau Year of Establishment 2008 Number of Employees Fund Names Capital Under Management CHF 50m NumberofPortfolio Companies Examples of Portfolio Companies

InvestmentPreferences

Size of Investment CHF 1-5m Investment Stages Buyout -Buyin, Expansion -Development Capital, Mezzanine -Bridge Finance IndustrialSectors All Geographical Focus Switzerland Type of Financing EquityFinancing, Loans, Minority Equity, Mezzanine

Short CompanyProfile

97 SECASECAYearYearbookbook20102010

capitonAG

Contact Information

Address Bleibtreustrasse 33 D-10707 Berlin Telephone No +49 30 315945-0 Fax No +49 30 315945-57 E-mail Address for General Enquiries [email protected] Format of PersonalE-mailAddresses [email protected] Web Addresswww.capiton.com

Company Information

Key Persons Dr. Andreas Kogler Mr. Andreas Denkmann YearofEstablishment1999 NumberofEmployees 15 Fund Names capitonII, capiton III, capitonIV Capital Under Management EUR786m NumberofPortfolio Companies 13 Examples of Portfolio Companies Meyer &BurgerTechnologies, Lahmeyer International, ZytoService, GMC-I GossenMetrawatt (Camille Bauer), CT Casting Technologies (SHW),Trenkwalder

InvestmentPreferences

Size of Investment EUR 5-100m Investment Stages Buyout -Buyin, Expansion -Development Capital, Replacement Capital Industrial Sectors All GeographicalFocus Austria,Germany, Switzerland Type of Financing EquityFinancing, MajorityEquity,MinorityEquity

Short CompanyProfile

capitonisanowner-managed financial investorthat invests in large SMEs in Germany, Austria andSwitzerland by meansofMBOsand expansionfinancing.capitonsroots go back to thelate 1970s.

98 SECASECAYearYearbookbook20102010

CapvisEquity Partners AG

ContactInformation

Address Talacker42 8022 Zürich TelephoneNo+41 43 300 58 58 Fax No +4143300 58 59 E-mail Address for General Enquiries [email protected] FormatofPersonal E-mailAddresses [email protected] Web Address www.capvis.com

Company Information

Key Persons Dr. Daniel Flaig Mr. RolfFriedli Dr.Tobias Ursprung Year of Establishment 1999 NumberofEmployees 19 FundNames Capvis I, CapvisII, Capvis III Capital Under Management EUR 1'150m NumberofPortfolio Companies 9 Examples of Portfolio Companies ACP,Bartec, Benninger, de Sede Group, ETAVIS, KVT, Lista, Orior, Phonak,sia Abrasives,Soudronic, Stadler Rail Group, Ticketcorner,WMF

Investment Preferences

Size of Investment InvestmentStages Late stage (Buyout Buyin), successionsolutions/spin-offs Industrial Sectors All GeographicalFocus Switzerland, Germany, Austria Type of Financing EquityFinancing

ShortCompanyProfile

Capvis Equity Partners AG Zurich,advisingthe Capvis funds,isthe leading privateequityhouse formedium- sizedmanagement buyouts in Switzerland. Capvisaim is to detect strategic valuesinleading companies, to take substantial ownership stakes, to support management teams in releasing new entrepreneurial potential, and to steer the businesses to new levels of excellence.Our teamstrack record includes 39 successful investmentsin European companies since 1990. Capvis Equity Partners was founded in 1999 as thesuccessor organisation to SBC EquityPartners.

99 www.capvis.com SECA Yearbook 2010

Wasunternehmerisch eingesetztes Kapital erreichen kann

Capvis übernimmtmit einem Fundvolumen vonEUR 600 Mio. Mehrheitsbeteiligungen an führenden, mittelständischen Firmen im deutschsprachigen Europa. Ziel ist es,zusammen mit dem Managementnachhaltig Potentiale freizusetzen und guteUnternehmens- geschichtenzuschreiben. Seit 1990 hatdas Capvis Team 39 Transaktionen im Gesamtvolumen vonmehr als EUR 3Milliarden durchgeführt. Capvis wurdevom führenden internationalen Branchenmagazin bereits achtMal zur «besten Beteiligungsgesellschaftder Schweiz»gewählt. SECASECAYearYearbookbook20102010

Centus Capital Ltd.

ContactInformation

AddressTäfernstrasse2a 5405 Baden-Dättwil Telephone No +41 56 484 55 33 FaxNo+41 56 484 55 30 E-mail Addressfor General Enquiries [email protected] Format of Personal E-mail Addresses Web Address www.centuscapital.com

Company Information

Key Persons Ms. Esther M. Deck Year of Establishment 2002 NumberofEmployees 2 Fund Names Capital Under Management NumberofPortfolio Companies Examples of Portfolio Companies

InvestmentPreferences

Size of Investment Investment Stages Early-Stage, Expansion -Development Capital, Start-up Capital Industrial Sectors Biotechnology,Internet Technology, Medical -Life Sciences - Health Related, Communications other GeographicalFocus Austria,Germany, Switzerland Type of Financing EquityFinancing

ShortCompanyProfile

Centus CapitalLtd. is an independent investment company. We focusoninnovative technology companieswitha high growthpotential in Switzerland, Germany and Austria. Innovative business models and amanagement team with expertise are important criterias when analyzing acompany. We also offer advisory servicesinthe fieldof corporate finance.

101 SECASECAYearYearbookbook20102010

Cevian Capital AG

ContactInformation

Address Seedammstrasse 3 8808 Pfäffikon Telephone No +41 55 417 46 20 Fax No +41 55 417 46 21 E-mailAddress for General Enquiries Format of Personal E-mail Addresses [email protected] Web Address www.ceviancapital.com

Company Information

Key Persons Dr. Ilias Läber Mr. Yann Schmidt Year of Establishment 2007 NumberofEmployees 10 Fund Names Cevian Capital II Capital UnderManagement CHF 3.5bn NumberofPortfolioCompanies 8-12 Examples of PortfolioCompanies

InvestmentPreferences

Size of Investment EUR50-400m Investment Stages Turnaround -Restructuring IndustrialSectors All Geographical Focus Europe Type of Financing Equity Financing

Short CompanyProfile

Cevian Capitalisaprivate investment firm acquiring significant ownershippositions in European public companieswhere long-term value can be enhanced through an industrial active ownership approach.

102 SECASECAYearYearbookbook20102010

CGSManagement giesinger gloor lanz &co.

ContactInformation

AddressHuobstrasse 14 8808 Pfäffikon Telephone No +41 55 416 16 40 Fax No +41 55 416 16 41 E-mail Address for General Enquiries [email protected] Format of Personal E-mail Addresses [email protected] Web Address www.cgs-management.com

Company Information

Key Persons Dr.Rolf Lanz Mr. Peter Gloor Mr. Peter Giesinger Year of Establishment 1995 NumberofEmployees 8 Fund NamesCGS Private Equity PartnershipII Capital Under Management CHF 125m NumberofPortfolio Companies 4 Examples of Portfolio Companies Automatik Plastics Machinery GmbH, Mould Technologies Holding AG,Suzhou MouldTechnology Co. Ltd., mdexx Holding GmbH

Investment Preferences

Size of Investment EUR 10-80m Investment Stages Buyout -Buyin, Delisting,ReplacementCapital, Turnaround -Restructuring Industrial Sectors Chemical -Materials,Construction -BuildingProducts, Electronics, Energy,Industrial Automation, Industrial Products and Services,Manufacturing Geographical Focus Europe Type of Financing Equity Financing, MajorityEquity

Short CompanyProfile

Private Equity Partnership: investmentsinsmalland medium sized industrial companies

103 SECASECAYearYearbookbook20102010

CinvenGmbH

ContactInformation

Address Neue Mainzer Str. 52 D-60311Frankfurt Telephone No +49 69 900 270 Fax No +49 69 900 27 100 E-mailAddress for General Enquiries FormatofPersonal E-mail Addresses [email protected] WebAddress www.cinven.com

Company Information

Key Persons Mr. BrunoSchick Mr. Olaf Hartmann Year of Establishment NumberofEmployees Fund Names Capital Under Management NumberofPortfolio Companies Examples of Portfolio Companies Amadeus, Avio, Phadia

Investment Preferences

Size of Investment InvestmentStages Buyout -Buyin Industrial SectorsAll Geographical Focus Europe Type of Financing Majority Equity

Short CompanyProfile

Established in 1977,Cinven is one of the most prominent and successful investors in the European buyout market.

104 SECASECAYearYearbookbook20102010

Close Brothers AG Close Brothers CORPORATE FINANCE

ContactInformation

Address Obstgartenstrasse 7 8006 Zürich Telephone No +41 43 255 33 00 Fax No +41 43 255 33 33 E-mailAddress for General Enquiries FormatofPersonal E-mailAddresses [email protected] Web Address www.closebrothers.ch

Company Information

Key Persons Dr. Jürg Glesti Mr. Christoph Steiner Year of Establishment 2008 NumberofEmployees 3 Fund Names Capital Under Management NumberofPortfolio Companies Examples of Portfolio Companies

InvestmentPreferences

Size of Investment Investment Stages Industrial SectorsAll Geographical Focus All Type of Financing All

ShortCompanyProfile

105 SECASECAYearYearbookbook20102010

Club Valaisandes Business Angels

ContactInformation

Address c/o CCF SA Pré-fleuri6 1951 Sion TelephoneNo+41 27 327 35 50 Fax No E-mail Address for General Enquiries Format of Personal E-mail Addresses Web Address www.bizangels.ch

CompanyInformation

KeyPersons Mr.ChristopheBeaud Year of Establishment 1999 NumberofEmployees 2 Fund Names Individual Investors +CCF SA (financial Institution of VS economic development) Capital Under Management only direct investment of Angels, no pool Number of PortfolioCompanies 16 Examples of Portfolio Companies Swortex SA,www.Ptiboo.ch, Cnoté Mobile Solutions, RedElecTechnologie SA, Snowpulse SA

Investment Preferences

Size of InvestmentCHF 0.1-1m InvestmentStages Seed Capital,Start-upCapital Industrial SectorsBiotechnology, Energy Geographical Focus Type of FinancingEquity Financing

Short CompanyProfile

The "Club Valaisandes BusinessAngels" is aclub of privateinvestors based in the French part of Switzerland and financing start-upsespecially in the high-techand the bio-tech area.The Club wasfounded in 1999 under the impulseofCCF SA, financial armofthe associationfor economic developmentinValais. Today, after 10 years of existence,more than CHF4.2 millions have been invested in 13 different start-ups.The entrepreneurs presenttheir projectduring "AngelDinners"which take placefourtimes ayear in Martigny. Morethan 20 business angels are members of the"Club Valaisan des BusinessAngels".

106 SECASECAYearYearbookbook20102010

CO-INVESTOR AG

ContactInformation

AddressKreuzstrasse 26 8008 Zürich TelephoneNo+41 43 521 61 11 Fax No +4143521 61 10 E-mail Address for General Enquiries [email protected] Format of Personal E-mail Addresses initial of [email protected] WebAddress www.co-investor.com

Company Information

Key Persons Dr. Hans-Dieter Rompel Dr.Anja Trespe Year of Establishment2000 NumberofEmployees 8 Fund Names Crouns,Heptagon, Kero, ESCF1, VRP Capital Under Management EUR120m NumberofPortfolio Companies 25 Examples of Portfolio Companies CCG Cool Chain Group,SMB,Mobotix

InvestmentPreferences

Size of Investment Investment Stages Replacement Capital, Mezzanine -Bridge Finance, Expansion -Development Capital, Buyout -Buyin Industrial SectorsAll GeographicalFocus Switzerland, Germany, Austria, Continental Europe Type of Financing Mezzanine, MinorityEquity,Majority Equity, Equity Financing

ShortCompanyProfile

Co-Investor is aSwiss basedprivate equity company. It invests in all sectorsexcept biotechand drug development, focusing on businesses with high growth potential and strong management. Investments throughall stages once a producthas been launched in the market.Co-Investor manages different funds and makesselected direct investments in singlecompanies for privateand institutional investors.

107 SECASECAYearYearbookbook20102010

Core Capital PartnersAG

Contact Information

Address Bahnhofstrasse 20 /Postfach 8021 Zürich Telephone No +41 44 488 80 00 Fax No +41 44 488 80 19 E-mail Addressfor GeneralEnquiries [email protected] Format of Personal E-mail Addresses Web Address www.corecapital.ch

Company Information

Key Persons Mr. Martin Gloor YearofEstablishment 2007 NumberofEmployees 8 Fund Names Capital Under Management NumberofPortfolio Companies Examples of Portfolio Companies

InvestmentPreferences

Size of Investment Investment Stages Expansion -Development Capital Industrial SectorsAll GeographicalFocus Switzerland, Germany, Austria Type of Financing EquityFinancing

ShortCompanyProfile

108 SECASECAYearYearbookbook20102010

Creathor VentureManagement GmbH

Contact Information

Address MarienbaderPlatz 1 D-61348Bad Homburg Telephone No +49 6172 139 720 Fax No +49 6172 139 72 29 E-mailAddress forGeneral Enquiries [email protected] Format of Personal E-mail Addresses [email protected] Web Address www.creathor.ch

Company Information

Key Persons Dr. GertKöhler Mr. Ingo Franz Mr. KarlheinzSchmelig Year of Establishment 2003 NumberofEmployees 11 Fund Names Capital Under Management CHF 136m NumberofPortfolio Companies Examples of Portfolio Companies Doodle, Diva.AG, Stylefruits, aka-aki, netbiscuits, Mobiles Republic,Phenex Pharmaceuticals, caprotec bioanalytics, SIRION Biotech, Accovion, Cevec Pharmaceuticals, Sofialys, Melitta GamingGroup, Jaron, Brand New World, Tellja, WiredMinds, Alrise Biosystems

Investment Preferences

SizeofInvestment CHF 0,1-10m InvestmentStages Start-upCapital, Seed Capital, Expansion -Development Capital, Early-Stage Industrial SectorsCommunications other, Telecommunications, Medical -Life Sciences -Health Related, Internet Technology, Industrial Automation, Energy, Electronics, ComputerRelated, Chemical -Materials,Biotechnology GeographicalFocus Germany, Switzerland, France, Austria, Western Europe, North America Type of Financing MinorityEquity, Equity Financing

ShortCompanyProfile

CreathorVenture invests in Germany,Switzerland,France and the RoE. Thefocus is on early-stagecompanies with innovativetechnologiesand business concepts. Preferred sectors are communications, IT, internet/media, optics, micro- &nanotechnologies,new materials and life sciences. The team has more than 30 years successful track recordaslead-investor in early stagehigh-tech companies.The team hasbeenworking in early-stage venture capital for 20 years. During thattime more than200 technology companies have beenfinanced and over 20 IPOs as well as numerous trade sales havebeenconducted.

109 SECASECAYearYearbookbook20102010

CreditAgricole(Suisse) SA

Contact Information

AddressRue de Stand,66 1211 Geneve Telephone No +41 58 321 93 85 FaxNo+41 58 321 92 20 E-mail Address for General Enquiries FormatofPersonal E-mail [email protected] Web Address www.ca-suisse.com

Company Information

KeyPersons Mr.Olivier Carcy Year of Establishment 2001 NumberofEmployees 8 Fund Names Capital Under Management CHF 130m NumberofPortfolio Companies 9 Examples of Portfolio Companies TechnomarineS.A.

InvestmentPreferences

Size of Investment Investment Stages Expansion -Development Capital, Delisting, Buyout -Buyin Industrial SectorsAll Geographical Focus Switzerland, Italy, France Type of Financing MajorityEquity,Equity Financing

Short CompanyProfile

110 SECASECAYearYearbookbook20102010

Credit Suisse

ContactInformation

Address Giesshübelstrasse 30 8070 Zürich TelephoneNo+41 44 334 08 28 Fax No +4144333 33 40 E-mailAddress for General Enquiries Format of Personal E-mail Addresses [email protected] Web Address www.credit-suisse.com

Company Information

Key Persons Dr. Martin Frischknecht Mr.Christoph Streib Year of Establishment 1856 NumberofEmployees 19500 Fund Names Capital Under Management NumberofPortfolio Companies Examples of Portfolio Companies

InvestmentPreferences

Size of Investment Investment Stages Buyout -Buyin, Delisting, Expansion -Development Capital, Mezzanine -Bridge Finance, Privatisation,Replacement Capital, Turnaround Restructuring, Syndicated Loans, CapitalMarkets IndustrialSectors All Geographical Focus Worldwide Type of Financing All

ShortCompanyProfile

SwissUniversal Bank

111 SECA Yearbook 2010

Announced:CHF 1.2bn CHF 3.2bn CHF 300m CHF 200m CHF 1bn Merger between MeyerBurger Exchange offertoJelmoli by Swiss 1.875% Convertiblebonds 3.125% Bonds due 2014 2.625% Bonds due 20203. Technology and Prime Site due 2015 125% Bonds due 2025 3S Industries

Financial AdvisortoMeyerBurger Sole Financial AdvisortoSwiss Pending Technology June 2009 Prime Site January2010 Sole Global Coordinator September 2009 Sole Lead Manager January2010 Joint Lead Manager

77.7msharesatUSD 1.55 CHF 13m CHF 113m CHF 1.5bn CHF 150m Acquisitionofminorityshareholders Partial sale of Micronas‘Consumer Rights Issue 3.25% Bonds due 2018 4.125% Bonds due 2013 in openTV Division to TridentMicrosystems

Pending Financial AdvisortoKudelski April 2009 Financial AdvisertoMicronas April 2009 Joint Lead Manager August 2009 Joint Lead Manager July2009 Sole Bookrunner

Undisclosed Terms Undisclosed Terms CHF 350m CHF 300m CHF 500m MBOofMisapor AG by Sale of ESEC divisionto 3.375% Bonds due 2019 3.5% Bonds due 2014 3.5% Bonds due 2014 managementand Argos Soditic BE SemiconductorIndustries

Sole Financial Advisorto October2009 Financial AdvisortoArgosSoditic January2009 OC Oerlikon June 2009 Sole Bookrunner March2009 Joint Lead Manager January2010 Joint Lead Manager

Undisclosed Terms Undisclosed Terms CHF 400m CHF 225m CHF 450m AcquisitionofDiamondWire Sale of amajoritystake of AGEFI Nonconvertiblehybridsecurities 4.5% Bonds due 2014 3.0% Bonds due 2014 Technology by MeyerBurger to the private investor Alain Duménil 6.5% non callable 4.0% Bonds due 2017 Technology

Financial AdvisortoMeyerBurger Sole Financial AdvisortoGenolier August2009 Technology February2009 Swiss Medical Network October2009 Joint Lead Manager January2009 Joint Lead Manager January2009 Sole Lead Manager

100Corporate Finance-Transaktionen 12 MilliardenCHF Syndikatskredite Eine Bank fürdie UmsetzungIhrer Unternehmensstrategie

M&A-Beratung,Kapitalmarkt- oder strukturierteFinanzierungen –das CorporateFinance Team derCreditSuisse offeriertSchweizer Mid Market-Kunden dieseDienstleistungen auseiner Hand.UnsereSpezialistenberatenSie kompetentvor Ortund eröffnenIhnen den Zugang zu den globalen Kapitalmärkten. Kontaktieren Sie unseren Leiter CorporateFinance Schweizunter +4144333 45 78. credit-suisse.com/unternehmen

112 SECASECAYearYearbookbook20102010

CrossEquity Partners AG

ContactInformation

AddressKreuzstrasse 60 8008Zürich Telephone No +41 44 269 93 93 Fax No +41 44 269 93 94 E-mailAddress for General Enquiries FormatofPersonal E-mail Addresses [email protected] Web Address www.crossequitypartners.ch

Company Information

KeyPersons Mr.MarkusReich Dr.Michael Petersen YearofEstablishment 2008 Number of Employees 6 Fund Names Cross L.P. Capital UnderManagementCHF 180m NumberofPortfolio Companies 1 Examples of Portfolio CompaniesSchwab Verkehrstechnik AG

Investment Preferences

Size of Investment Investment Stages Buyout -Buyin, Expansion -Development Capital IndustrialSectors All GeographicalFocus Austria,Germany, Switzerland Type of Financing EquityFinancing, MajorityEquity,MinorityEquity

Short CompanyProfile

Cross Equity is aSwiss private equity firm, offering capital, industrial expertiseand an extensivenetwork to midsized companies in Switzerland and German-speakingEurope in thecontext of succession solutions for family- owned businessesorcorporatespin-outs.

113 SECASECAYearYearbookbook20102010

Defi Gestion SA

Contact Information

Address BoulevarddeGrancy 1 1006 Lausanne Telephone No +41 21 614 34 44 Fax No +41 21 614 34 45 E-mailAddress for General Enquiries [email protected] FormatofPersonal E-mail Addresses initial of [email protected] Web Addresswww.defigestion.ch

Company Information

Key Persons Mr. ClaudeSuard Mr.Jacques Berger Mr. Mohammed Diab Year of Establishment 1990 NumberofEmployees 8 Fund Names Capital Under Management CHF 200m NumberofPortfolio Companies Examples of Portfolio Companies

InvestmentPreferences

Size of Investment CHF 1-10m Investment Stages Buyout -Buyin, Replacement Capital Industrial SectorsConsumer Related, Electronics, Energy, IndustrialProducts and Services, Manufacturing, Services, Food -Beverages Geographical Focus France, Italy,Switzerland Type of Financing MajorityEquity,Minority Equity

ShortCompanyProfile

Late Stage,European Scope (CH,I,D,F)/Venture, local scope Early Stage:CHF only

114 SECASECAYearYearbookbook20102010

Deloitte AG

Contact Information

Address General Guisan-Quai 38 8022 Zürich Telephone No +41 44 421 64 06 Fax No +41 44 421 66 33 E-mailAddress for General Enquiries Format of Personal E-mail Addresses initial of [email protected] Web Address www.deloitte.ch

Company Information

Key Persons Mr. Konstantin vonRadowitz Mr. Jean-FrançoisLagassé Dr.Urs Breitenstein Year of Establishment NumberofEmployees Fund Names Capital Under Management NumberofPortfolio Companies Examples of Portfolio Companies

InvestmentPreferences

Size of Investment Investment Stages Industrial Sectors Geographical Focus Type of Financing

Short CompanyProfile

Deloitte is aleading international accountancy and professionalservicesfirm offering audit,consulting, corporate finance, riskmanagement and tax services to selected clients. In Switzerland, Deloittes 830plus employees operate outofour offices in Zurich, Basel, Geneva, Lausanne andLugano. DeloittesCorporate Finance practicewoks with leading privateequity investors, funds andportfolio companies delivering value acrossthe entire private equity life cycle.

115 SECA Yearbook 2010

Immer einen Schachzug voraus.

Wirunterstützen Sie bei der erfolgreichen Umsetzung von Transaktionen.

•Transaktionsﬁnanzierung •Nachfolgeregelungen •Lead Advisory •Käufer/Verkäufer Due Diligence •Cash/Working Capital Management •Management Buyout/LBO •Steuerliche Strukturierung •Abspaltung/Carve-out •Bewertungen

Konstantin von Radowitz Partner,M&A Transaction Services Tel. 044 421 64 57 [email protected]

Jean-François Lagassé Partner,Corporate Finance Advisory Tel. 022 747 71 06 [email protected]

Dr.Urs Breitenstein Partner,Valuations Tel. 044 421 64 55 [email protected]

Wirtschaftsprüfung.Steuerberatung.Consulting.Corporate Finance. SECASECAYearYearbookbook20102010

Deutsche Bank PrivateWealthManagement

ContactInformation

AddressBahnhofquai 9/11 8021 Zürich Telephone No +41 44 224 50 00 Fax No +41 44 224 59 55 E-mailAddress for General Enquiries FormatofPersonal E-mailAddresses [email protected] Web Address www.pwm.db.com

Company Information

Key Persons Dr. Florian Ernst Mr. Peter Pfister Year of Establishment 2004 NumberofEmployees 20 Fund Names Capital UnderManagement more than USD 3bn NumberofPortfolio Companies Examples of Portfolio Companies

InvestmentPreferences

Size of Investment Investment StagesBuyout -Buyin, Expansion -Development Capital IndustrialSectors All Geographical Focus All Type of Financing All

ShortCompanyProfile

ThePrivate Equity GroupofDeutsche Bank Private Wealth Management is aprivateequity investment manager offering investment solutions, including aGlobal Private Equity Investment Program,for wealthy individuals and select institutional investors. The programofferssuitable investors asystematicand modular approachto implement their private equity strategy and build overtimeadiversified privateequity portfolio. This approach provides access to premierprivate equity fund managers across variousgeographies,industrysectors,investment styles, and vintages, as well as accesstodirect co-investment opportunities.

117 SECASECAYearYearbookbook20102010

Emerald TechnologyVentures AG

ContactInformation

Address Seefeldstrasse 215 8008 Zürich TelephoneNo+41 44 269 61 00 Fax No +4144269 61 01 E-mailAddress forGeneral Enquiries [email protected] Format of Personal E-mail Addresses [email protected] Web Address www.emerald-ventures.com

Company Information

Key Persons Ms.Gina Domanig Mr. Hans Dellenbach Year of Establishment 2000 NumberofEmployees 19 Fund NamesEmerald Cleantech Fund ILP, EmeraldEnergy Fund ILP, Emerlad Cleantech Fund II LP CapitalUnder Management EUR 300m NumberofPortfolio Companies 44 Examples of Portfolio Companies inge AG, XunlightEnOcean, Synapsense

InvestmentPreferences

Size of Investment Investment Stages Early-Stage, Expansion -Development Capital, Start-up Capital IndustrialSectors Chemical -Materials,Construction -Building Products, Energy,Environment, Industrial Automation,Industrial Productsand Services, Other, Transportation Geographical Focus Europe, NorthAmerica Type of Financing EquityFinancing

ShortCompanyProfile

Launched in 2000, EmeraldTechnologyVentures today manages threefunds as wellastwo mandates all focusing on venturecapitalinthe Cleantech sectors, namely, energy, materials, water and agriculturaltechnologies. Emerald was apioneer in Europe and today, with EUR 300 miounder management, is the largest player in Europe and one of the key playersinNorth America.Emerald has offices in Zurich and Toronto.

118 SECASECAYearYearbookbook20102010

Endeavour

ContactInformation

Address Rue de la Croix DOr 6 1204 Genève Telephone No +41 22 544 60 00 Fax No +41 22 544 60 06 E-mail Addressfor General Enquiries [email protected] FormatofPersonal E-mail Addresses initial of forename and [email protected] Web Address www.endeavourvision.com

Company Information

Key Persons Mr. Bernard Vogel Mr. DamienTappy Mr.Sven Lingjaerde Year of Establishment2000 NumberofEmployees 10 FundNames Endeavour II LP,Endeavour LP,Genevest, Vision Capital Capital Under Management EUR 150m NumberofPortfolioCompanies ~20 Examples of PortfolioCompanies Spartoo.com,Retailo, Lumavita, Cequr, MolecularPartners, Endotis, CommProve

Investment Preferences

Size of Investment EUR1-8m Investment Stages Early-Stage, Buyout -Buyin Industrial SectorsComputer Related, Electronics, Industrial Automation, Internet Technology, Medical-LifeSciences -HealthRelated Geographical Focus Europe Type of Financing Equity Financing

ShortCompanyProfile

Endeavour Vision combinesateam of experienced venture capital professionals responsible for investments in over 70 companies in 12 countries in Technology andLifeSciences since 1989. Our firm targets European companiesthathavethe potential to becomeglobal leaders. Beyond access to capital, Endeavour Vision brings yearsofexperience, expertiseand networktoits entrepreneurs, plus apassion forsuccess.Endeavour Visions DNA comes from three estab-lished firms: Genevest, an early European VC started in 1983, Vision Capital Europe, established in 1997 as apioneer in Trans-Atlantic venture capital, and Endeavour, aVCformed by entrepre-neurs for entrepreneurs.

119 DiSECArektinYearvestitibookonen2010in Wachstumsunternehmen bringenPerformance,Diversifikation und sinnvollen mehrwert.

NEWVISIONS– NEWINVEStmENtS – NEWVALUE.

Die SchweizerBeteiligungsgesellschaft NewValue weiss, welche jungen SchweizerUnternehmen Zukunfthaben und Wachstumskapital verdienen. NewValue ist selektiv undprüft dieInnovatorenauf Herz undNieren. Die Performance stimmt, beimkommerziellen Erfolg ebenso wiebei denNachhaltigkeitskriterien. Das Portfolio mit zehn Unternehmen in Cleantechund Gesundheit hatherausragendeFirmen hervorgebracht.Der volle Einsatzvon Eigenkapital hatsichbewährt.

NewValue AG,Bodmerstrasse9,CH-8027 Zürich,Tel +4143344 38 38, [email protected],SIX: NEWN, www.newvalue.ch Sustainable Swiss Private Equity SECASECAYearYearbookbook20102010

EPS Value Plus AG

Contact Information

Address Bodmerstrasse 9 8027 Zürich TelephoneNo+41 43 344 38 00 Fax No +4143344 38 01 E-mailAddress for General Enquiries [email protected] Format of Personal E-mail [email protected] Web Address www.epsvalueplus.ch

Company Information

KeyPersons Mr. Peter Letter Mr. Rolf Wägli Year of Establishment2002 NumberofEmployees 7 Fund NamesNew Value AG (SIXlisted;www.newvalue.ch) CapitalUnder Management EUR60m Number of PortfolioCompanies 10 Examples of Portfolio Companies Meyer BurgerTechnology AG, Solar Industries AG, Idiag AG, Silentsoft SA, Natoil AG, Swiss Medical SolutionAG, FotoDeskGroup AG, QualiLife SA

InvestmentPreferences

Size of Investment EUR 0.5-5m Investment Stages Early-Stage, Expansion -Development Capital Industrial Sectors All GeographicalFocus Switzerland, Germany, Austria Type of Financing EquityFinancing,Mezzanine

ShortCompanyProfile

EPS Value Plus AG is an independent private equity investment manager, managing directinvestment funds. EPS's particularfocus is in early stage andgrowth financing for innovative technologycompanies in Switzerland, Germany andAustria. Sustainable businessmodels andhigh ethical standards are core criteriaswhen selecting portfoliocompanies.EPS manages NewValueAG, an investment company listedonSIX SwissExchange ( www.newvalue.ch) focusing on Cleantechand Healthcare. EPS offers also advisory servicestothird party investorsand their privateequityportfolios of directinvest-ments. In addition EPSoffers corporatefinance advisory to small and midsized companies.

121 SESECACA YearYearbookbook20102010

Equatis AG

Contact Information

AddressSeehofstrasse 6 8008 Zürich TelephoneNo+41 44 251 51 20 Fax No +41 44 251 51 18 E-mailAddress for General Enquiries Format of Personal [email protected] Web Address www.equatis.com

Company Information

Key Persons Dr.Peter Rutishauser Year of Establishment NumberofEmployees Fund Names Capital Under Management NumberofPortfolio Companies Examples of Portfolio Companies

InvestmentPreferences

Size of Investment Investment Stages Buyout -Buyin, Turnaround -Restructuring IndustrialSectors All, Industrial Automation,Industrial Products and Services GeographicalFocus Austria,Germany, Switzerland Type of Financing EquityFinancing, Majority Equity

ShortCompanyProfile

Equatisisaprivate companyheld by experienced entrepreneurs investing in buyoutand special situations.

122 SECASECAYearYearbookbook20102010

ErfindungsVerwertung AG

ContactInformation

AddressHochbergerstrasse60c 4057 Basel Telephone No +41 61 283 84 85 Fax No +41 61 283 84 86 E-mail Address for General Enquiries [email protected] Format of Personal E-mail Addresses initial of [email protected] Web Addresswww.eva-basel.ch

Company Information

Key Persons Dr. Peter E. Burckhardt Dr. Fritz Wittwer YearofEstablishment1996 NumberofEmployees 2 Fund Names Capital Under Management NumberofPortfolio Companies 7 Examples of Portfolio Companies

InvestmentPreferences

Size of Investment Investment Stages Seed Capital, Start-up Capital Industrial SectorsBiotechnology, Medical-LifeSciences -HealthRelated Geographical Focus Switzerland Type of Financing Loans,MinorityEquity

ShortCompanyProfile

123 SESECACA YearYearbookbook20102010

Ernst&Young Ltd

ContactInformation

Address Bleicherweg 21 8022 Zürich TelephoneNo+41 58 286 31 11 Fax No +4158286 30 25 E-mailAddress for General Enquiries FormatofPersonal E-mail Addresses [email protected] Web Address www.ey.com/ch

Company Information

KeyPersons Dr. Jürg Stucker Mr. Hannes Schobinger Mr. Marc Reinhardt Year of Establishment NumberofEmployees Fund Names Capital Under Management NumberofPortfolio Companies Examples of Portfolio Companies

InvestmentPreferences

Size of Investment Investment Stages Industrial Sectors Geographical Focus Type of Financing

Short CompanyProfile

With its local team of 70 people in TransactionAdvisoryServices, Transaction Tax and Transaction Legal and a global networkof130000 professionals, Ernst &Young provides expert andinterdisciplinaryassistance in corporate transactions and M&A lead advisory. Our people understand the assurance, tax, transaction and advisory needs of businesses across140 countries worldwide. We are able to offer seamless and consistent quality support in all phases of atransactionincluding Due Diligence, Valuation &Business Modeling, Mergers and Acquisitions, CorporateRestructuring, Real Estate as well as corresponding accounting, tax and legal advice.

124 SECASECAYearYearbookbook20102010

ETH Zürich-ETH transfer

ContactInformation

AddressRaemistrasse 101 8092 Zürich TelephoneNo+41 44 632 28 63 Fax No +4144632 11 84 E-mailAddress for General Enquiries FormatofPersonal E-mailAddresses [email protected] Web Addresswww.transfer.ethz.ch

Company Information

Key Persons Dr. Matthias Hölling Dr.SilvioBonaccio YearofEstablishment Number of Employees 13 Fund Names Capital Under Management NumberofPortfolio Companies Examples of Portfolio Companies

InvestmentPreferences

Size of Investment Investment Stages Industrial Sectors Geographical Focus Type of Financing

Short CompanyProfile

ETHZurichisaleading global natural science and engineering university. Its technologytransfer office, ETH transfer, is linking science andbusiness andhas along tradition of supporting spin-offs.The numberofnewly founded spin-offs has increased significantly over the last few years with arecord of 24 in 2009 alone. And these companies are successful; 88%ofETH Zurich spin-offs survive the first five years.

125 SECASECAYearYearbookbook20102010

Fabrel LotosAG

Contact Information

Address Seestrasse50 6052 Hergiswil Telephone No +41 41 632 68 58 Fax No +41 41 632 68 40 E-mailAddress for General Enquiries FormatofPersonal E-mail Addresses [email protected] Web Address www.fabrellotos.ch

Company Information

KeyPersons Mr.MarcMüller Mr. Urs Pfyffer Year of Establishment 1999 NumberofEmployees Fund Names Capital Under Management NumberofPortfolio Companies 3 Examples of Portfolio Companies RONDO Group,Utz Group,Buss Group

Investment Preferences

Size of InvestmentCHF 25-100m Investment StagesBuyout -Buyin Industrial SectorsManufacturing Geographical Focus Switzerland Type of Financing MinorityEquity, MajorityEquity

ShortCompanyProfile

Fabrel Lotos participates on along-termbasis with equity holdingsand entrepreneurial know-how in medium sized companies with soundeconomics andgood growth prospects. As aSwiss long-term equity partner, Fabrel Lotos enables these companiestopursue theirambitious goals at the same time as retaining their independence.

126 SECASECAYearYearbookbook20102010

Fischer Investment GroupHoldingAG

Contact Information

AddressSusenbergstrasse 31 8044 Zürich Telephone No +4144266 10 60 Fax No +41 44 266 10 69 E-mailAddress forGeneral Enquiries [email protected] Format of Personal E-mail Addresses [email protected] Web Addresswww.fischerinvestment.ch

Company Information

Key Persons Mr. Cédric B. Borer Mr. Jean-Paul Hauer Year of Establishment 1969 NumberofEmployees 10 Fund Names Capital Under Management CHF 250m NumberofPortfolio Companies 5 Examples of Portfolio Companies

InvestmentPreferences

Size of Investment CHF 2.5-25m Investment Stages Buyout -Buyin, Expansion -Development Capital, Turnaround -Restructuring IndustrialSectors All GeographicalFocus Austria,Germany, Switzerland,Western Europe, Israel Type of Financing EquityFinancing, Majority Equity, MinorityEquity, Senior Debt

ShortCompanyProfile

Fischer Investment Group serves aglobal clientele withinnovative asset management and corporate finance services. The Switzerland-based group has specializeditself in bothoperating family offices as wellasin investment management as alead investor.Individualconsultation for their clients is crucial forthe sustained success of long-term business relationships. Through astrongnetworkwith its own settlements and representative offices, the company is well equipped to satisfy the needs of their customers. In additiontoextensive expertise in allaspects of finance questions, clients and partners highly appreciate their entrepreneurial approach.

127 SECASECAYearYearbookbook20102010

gcp gamma capital partners - TheVenturePreneurs

Contact Information

Address Schönbrunnerstrasse 218-220 StiegeA/Stock4.04 A-1120 Wien Telephone No +43 1513 10 72 Fax No +43 1513 10 72 E-mail Address for General Enquiries [email protected] Format of Personal E-mail Addresses initial of [email protected] WebAddress www.gamma-capital.com

CompanyInformation

Key Persons Dr. OliverGrabherr Dr. Burkhard Feurstein Year of Establishment 2002 NumberofEmployees 10 FundNames iLab24,gamma II, gamma III, GMP Capital Under Management ca. EUR 80m NumberofPortfolio Companies 22 Examples of Portfolio Companies Inode, FatFoogoo, Infoniqa, Identec, Fulterer,Pantec,Oridis, CNSystems, GAT, Sensix

Investment Preferences

Size of InvestmentEUR 0.5-5m Investment Stages Early-Stage, Expansion-Development Capital, Seed Capital, Start-up Capital Industrial SectorsAll Geographical FocusAustria, CzechRepublic, Germany, Hungary, Poland, Slovakia,Slovenia, Switzerland Type of Financing Equity Financing,Minority Equity

ShortCompanyProfile

GCP gammacapital partners the VenturePreneursisadynamic vc-player in theD-A-CH &CEE-region. GCP currently advises three high-tech vc-funds: Vienna-based iLab24 (2000) and gamma II (2003)and LUX-based gammaIII SICAR (2007). All funds are backed by leading Austrian institutional and private investors and invest in tech-orientedgrowth firmsinAustria, Germany, Switzerlandand neighbouringCEE countries.The VenturePreneurial approachisactive ownership and continuous advice for managing growth.GCP focuses on dynamic growth firms in emerging technology sectors such as ICT, life sciences medical equipment, electronics and new materials. gmpfocusesonmid-market mezzanine opportunities. investing in dynamic growth firms in emerging technology sectors such as ICT, life sciences andmedicalequipment, as well as electronics and new materials.

128 SECASECAYearYearbookbook20102010

Generation Group (G2)

ContactInformation

Address 86 Rue de Rhône 1204Genève Telephone No +41 22 319 23 23 Fax No E-mail Address for General Enquiries FormatofPersonal E-mail Addresses [email protected] Web Address

Company Information

Key Persons Mr. Guillaume Beauverd Year of Establishment 2008 Number of Employees 8 Fund NamesG2Venture Capital Under Management Number of PortfolioCompanies 7 Examples of PortfolioCompanies Poken, Trace Golf

InvestmentPreferences

Size of Investment Investment StagesStart-up Capital,Seed Capital, Early-Stage Industrial SectorsTelecommunications, Other, Internet Technology, Electronics, Computer Related Geographical Focus Switzerland Type of Financing All

Short CompanyProfile

129 SESECACA YearYearbookbook20102010

Gilde Buy Out Partners AG

Contact Information

AddressSeefeldstrasse 40 8008 Zürich Telephone No +41 43 268 20 30 Fax No +41 43 268 20 35 E-mailAddress for General Enquiries FormatofPersonal E-mail Addresses [email protected] Web Address www.gilde.com

Company Information

Key Persons Mr. Ralph Wyss Mr. Rogier Engelsma Mr. AlexanderFriedrich Year of Establishment 1982 NumberofEmployees 6 Fund Names Capital Under Management CHF 2bn NumberofPortfolio Companies 13 Examples of Portfolio Companies Powerlines, Hofmann-Menü, Walter Services, Swets&Zeitlinger,Nedschroef, Novasep, Plukon Royale Group

Investment Preferences

Size of Investment InvestmentStages Buyout -Buyin, Delisting Industrial SectorsAll Geographical Focus Austria,Belgium, Benelux, France,Germany, Luxembourg, Netherlands, Scandinavia, Switzerland Type of Financing Equity Financing, Majority Equity

ShortCompanyProfile

GildeBuy Out Partners is oneofEuropesforemostmid-marketprivate equityinvestors, with managed funds in excess of CHF 2bn (EUR 1.3bn). Gilde operates in the Benelux and itsneighbouring economiesFrance,Germany, Switzerlandand Austria.With offices in Zurich,Frankfurt, Utrecht,Brussels and Paris as well as itsmultinational team,Gilde is trulyentrenchedinthese markets and canoffer local expertise coupled withEuropean reach and execution skills. Since its inception in 1982, Gilde has invested in over 250 companies acrossadiverse rangeof sectors. At CHF 300m(EUR 600m) its current investment fundGilde BuyOut FundIII is among the largest dedicated mid-market buyout investment funds in Europe.

130 SECASECAYearYearbookbook20102010

GlobalLifeScience Ventures AG

Contact Information

AddressPostplatz 1 6301 Zug TelephoneNo+41 41 727 19 40 Fax No +41 41 727 19 45 E-mail Address for GeneralEnquiries [email protected] Format of Personal E-mail Addresses initial of [email protected] Web Address www.glsv-vc.com

Company Information

Key Persons Dr. Peter Reinisch Year of Establishment 2001 NumberofEmployees 3 Fund Names GLS I, GLSV II Capital Under Management >EUR 200m NumberofPortfolio Companies 20 Examples of Portfolio Companies Cytos Biotechnology AG, Glycart Biotechnology AG, Intercell AG

InvestmentPreferences

Size of Investment Investment Stages Early-Stage, Expansion -Development Capital, Mezzanine - Bridge Finance, SeedCapital, Start-up Capital Industrial SectorsBiotechnology, Medical-LifeSciences -HealthRelated Geographical Focus Australia, Central andEasternEurope, Continental Europe, Europe, Germany,Israel,United States of America Type of Financing Equity Financing,MajorityEquity

ShortCompanyProfile

Global Life ScienceVenturesisanindependent VC fundspecialisinginlife sciences worldwide. Its team with offices in CH &Doffers broad international networks, collaborations withprovenco-investors as well as strong industry managementand VC experience to investees in all stages.

131 SECASECAYearYearbookbook20102010

Go Beyond

Contact Information

Address Technoparkstrasse 1 8005 Zurich TelephoneNo+41 79 777 74 57 FaxNo+41 44 575 35 84 E-mailAddress for General Enquiries [email protected] Format of Personal E-mail [email protected] WebAddress www.go-beyond.biz

Company Information

Key PersonsMs. Brigitte Baumann Mr. Balz Roth Year of Establishment 2005 started as aAngel Investing Academy; Launched our Business Angel Network in 2007 Number of Employees 5 Fund Names we are aEuropean Business AngelNetwork with individual investors &Family Offices Capital Under Management NumberofPortfolio Companies Examples of Portfolio Companies Poken, Louise Enterprise, Lemoptix, GraniTech, Ecospeed, The Faction Collective

Investment Preferences

Size of Investment EUR0.2-5m Investment Stages Seed Capital, Start-up Capital Industrial Sectors All except Pharma and Biotech Geographical Focus Switzerland, France, Italy, United Kingdom Type of Financing EquityFinancing

ShortCompanyProfile

132 SECASECAYearYearbookbook20102010

Gut Corporate Finance AG

Contact Information

Address Lavaterstrasse 45 8002 Zürich Telephone No +41 43 222 62 10 Fax No +41 43 222 62 11 E-mail Address for General Enquiries [email protected] Format of Personal E-mail Addresses initial of [email protected] Web Address www.gutcf.ch

CompanyInformation

Key Persons Dr. Alexander Gut Year of Establishment 2007 NumberofEmployees 3 Fund Names Capital Under Management NumberofPortfolio Companies Examples of Portfolio Companies

InvestmentPreferences

Size of Investment Investment Stages Industrial SectorsAll Geographical Focus Type of Financing

Short CompanyProfile

Corporate finance advisory coveringthe focusing areas: M&A, Finance,Valuations,Restructuring

133 SECASECAYearYearbookbook20102010

HBMPartners AG

Contact Information

AddressBundesplatz 1 6300 Zug TelephoneNo+41 43 888 71 71 Fax No +41 43 888 71 72 E-mail Address for GeneralEnquiries [email protected] Format of Personal E-mail [email protected] WebAddress www.hbmpartners.com

Company Information

Key Persons Dr. UlrichGeilinger Dr. AndreasWicki Year of Establishment 2001 NumberofEmployees 20 Fund NamesHBM BioVenturesAG, HMBBioCapital LP Capital Under ManagementCHF 1.0bn NumberofPortfolioCompanies >30 Examples of PortfolioCompanies Basilea, Brahams, Esbatech, PTC, PharmaSwiss,MTM

Investment Preferences

Size of Investment Investment Stages Expansion -DevelopmentCapital,Growth, Replacement Capital, Buyout -Buyin Industrial SectorsBiotechnology, Medical-LifeSciences -HealthRelated GeographicalFocusUnited States of America, Western Europe Type of Financing Equity Financing, Loans

ShortCompanyProfile

HBM Partnersisaprovider of investment advisory services specializedinthe global humanmedicine, biotechnology,medical technology and related sectors. HBMPartners hasoffices in Switzerland and the Cayman Islands.

134 SECASECAYearYearbookbook20102010

Helarb Management S.A.

ContactInformation

AddressAvenueRuchonnet 30 1001Lausanne TelephoneNo+41 21 341 03 03 FaxNo+41 21 341 03 29 E-mailAddress for General Enquiries [email protected] Format of Personal E-mailAddresses [email protected] Web Address

Company Information

KeyPersons Mr.ChristopheBorer Mrs. Heike Drost Year of Establishment 1983 NumberofEmployees 7 Fund Names Capital Under Management NumberofPortfolio Companies 2 Examples of Portfolio Companies

InvestmentPreferences

Size of Investment Investment Stages Industrial Sectors Geographical Focus Type of Financing

Short CompanyProfile

135 SECASECAYearYearbookbook20102010

Helbling Corporate Finance AG

Contact Information

Address Hohlstrasse 614 8048 Zürich Telephone No +41 44 743 84 44 Fax No +41 44 743 84 10 E-mail Addressfor General Enquiries [email protected] Format of Personal E-mail Addresses [email protected] Web Addresswww.helbling.ch

Company Information

Key Persons Mr. Stefan Huber Year of Establishment 1993 NumberofEmployees 24 Fund Names Capital Under Management NumberofPortfolio Companies Examples of Portfolio Companies

InvestmentPreferences

Size of Investment Investment Stages Industrial Sectors Geographical Focus Type of Financing

Short CompanyProfile

Helbling Coporate Finance is asubsidiary of the Helbling Group, which employs over 300 professionals in Switzerland, Germany and USA. HelblingCorporate Finance provides its clients with professional consulting services in the areas Mergers &Acquisitions, Transaction Support andTurnaround Management.Our offices are located in Zürich and Düsseldorf. Our affiliation to the MRI network ensures aworldwide presence.

136 SECASECAYearYearbookbook20102010

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-mailAddress for General Enquiries FormatofPersonal E-mail [email protected] Web Address www.hitzpartner.ch

Company Information

Key Persons Mr. Stephan Hitz Year of Establishment 2003 NumberofEmployees 5 Fund Names Capital Under Management NumberofPortfolio Companies Examples of Portfolio Companies

InvestmentPreferences

Size of Investment Investment StagesAll Industrial SectorsAll Geographical Focus All Type of Financing

Short CompanyProfile

Hitz &Partner has ateam of professionalswith extensiveexperienceinCorporate Finance transactions in many industries and markets, who can also draw on afar-reaching global network.

137 SECASECAYearYearbookbook20102010

Hottinger Investment ManagersSA

Contact Information

Address3,Place des Bergues 1201 Genève Telephone No +41 22 908 12 23 FaxNo E-mailAddress for General Enquiries Format of Personal E-mail Addresses Web Address www.hottinger.com

Company Information

Key PersonsDr. Eric Menotti Year of Establishment NumberofEmployees 7(including US office) Fund Names Swiss HelvetiaFund [close-end fund] Capital Under Management NumberofPortfolio Companies 6private investments /other public investments ExamplesofPortfolio CompaniesZurmont Madison LP, synosia, novimmune

Investment Preferences

Size of Investment CHF 45-50m Investment Stages Buyout -Buyin, Early-Stage, Expansion -Development Capital, Seed Capital, Start-up Capital Industrial SectorsAll Geographical Focus Switzerland TypeofFinancing Equity Financing

Short CompanyProfile

138 SECASECAYearYearbookbook20102010

IMCInvestment &Management Consultants AG

ContactInformation

Address Seestrasse 221 8700 Küsnacht Telephone No +41 44 914 24 34 Fax No +41 44 9142435 E-mailAddress for General Enquiries Format of Personal E-mail Addresses initial of [email protected] Web Addresswww.imcag.ch

Company Information

KeyPersons Mr.MarkusP.Stebler Year of Establishment 1979 NumberofEmployees 2 Fund Names Capital Under Management NumberofPortfolio Companies Examples of Portfolio Companies

InvestmentPreferences

Size of Investment CHF 2-30m Investment Stages Turnaround -Restructuring, Expansion -Development Capital, Buyout -Buyin Industrial SectorsMedical-Life Sciences -Health Related, Manufacturing, Industrial Products and Services, Electronics,Consumer Related Geographical Focus Switzerland,Germany, Austria Type of Financing Mezzanine, MinorityEquity,Equity Financing

ShortCompany Profile

IMCAGwas foundedin1979 and is aprivately financed investment advising &consulting firm. We focus on identifying investment opportunities forprivate equity investors as well as on advising companies with high growthpotential in finding their expansion financing.

139 SECASECAYearYearbookbook20102010

Index Venture Management SA

ContactInformation

Address2rue de Jargonnant 1207 Genève Telephone No +41 22 737 00 00 FaxNo+41 22 737 00 99 E-mail Address for General Enquiries FormatofPersonal E-mail Addresses [email protected] Web Address www.indexventures.com

CompanyInformation

Key Persons Mr. PascalJouin Year of Establishment 1992 NumberofEmployees 26 Fund NamesIndex Ventures I, II,III Capital UnderManagement EUR 550m NumberofPortfolio Companies 59 Examples of Portfolio Companies MySQL, Zend,Innovativ, Silicon, Addex Pharmaceutical

InvestmentPreferences

Size of Investment Investment Stages Early-Stage, Seed Capital, Start-up Capital Industrial SectorsBiotechnology,Computer Related, Internet Technology, Medical -Life Sciences -Health Related, Telecommunications Geographical Focus Europe, Israel,United States of America Type of FinancingEquity Financing

Short CompanyProfile

Index Ventures is aleading pan-European venture capital fund with $500 million dedicated to investments in information technologyand lifescience.

140 SECASECAYearYearbookbook20102010

International Capital Advisors LLC

ContactInformation

AddressDammstrasse 19 6301 Zug TelephoneNo+41 41 723 24 40 Fax No +41 41 723 24 41 E-mail Addressfor GeneralEnquiries [email protected] Format of Personal E-mail Addresses [email protected] Web Addresswww.ica-capital.ch

Company Information

Key Persons Mr. Harald Karch Dr. DaniloLarini Year of Establishment 2003 NumberofEmployees 4 Fund Names ICA -International RealEstateSICAV -SIF (reguliertinLux), OPUS RRINITY SPC(CY) Capital Under Management NumberofPortfolio Companies Examples of Portfolio Companies

InvestmentPreferences

Size of Investment >USD 600m Investment StagesReplacement Capital,Privatisation, Mezzanine -Bridge Finance, Expansion -Development Capital, Buyout -Buyin Industrial Sectors Chemical Materials,Construction Building Products Energy, FinancialInsurance Real Estate, Industrial Automation, Industrial Products andServices, Manufacturing,Medical Life Sciences Health Related, Telecommunications Geographical Focus Russia, Middle East Type of Financing Senior Debt,Mezzanine, MinorityEquity, MajorityEquity, EquityFinancing

Short CompanyProfile

ICA consequently investsinto projectsalong with local partners, where it believes it has asignificant advantage in the access of investment opportunities. It usually provides later stage capital for expansion, development, replacement and/or privatization.

141 SECA Yearbook 2010

Unser Netzwerk verbindet intelligentes Kapitalmit attraktiven Unternehmen

Wir investieren in Wachstumsunternehmen und sind Partner für GrowthCapital und Nachfolgefinanzierungen.

Als unternehmerischer Partner und mit der Erfahrung aus über 60 finanzierten Unternehmen tragen wir aktiv zur Weiterentwicklung und Wertsteigerung bei und unterstützen bei Expansionsvorhaben.

Wir freuen uns auf Ihre Kontaktaufnahme: Denise Buholzer Tel: +41 (0)41 729 01 01

IHR PARTNER FÜR WACHSTUMSKAPITAL IN EUROPA

Invision Private EquityAG, Grafenaustrasse 7, 6304Zug, Schweiz,Tel +41(0)41729 01 01, [email protected], www.invision.ch

www.riversideeurope.com

Partner undInvestor des Mittelstands!

Seit unserer Gründung vor22Jahren,konzentriertesich Riverside in ihren über 227 Beteiligungen weltweitauf profitable Unternehmen, die in ihrer Nische eine führendePosition einnehmen und über hohes internationales Wachstumspotential verfügen.

Erfahrung. Wachstum. Zukunftschancen.

Ihr Kontakt in München Ivica Turza Tel: +49 8924 224 894 [email protected]

142 SECASECAYearYearbookbook20102010

Invision Private Equity AG

ContactInformation

Address Grafenaustrasse 7 6304 Zug Telephone No +41 41 729 01 01 Fax No +41 41 729 01 00 E-mail Addressfor GeneralEnquiries [email protected] Format of PersonalE-mail Addresses [email protected] Web Addresswww.invision.ch

Company Information

Key Persons Mr. FrankBecker Mr.MartinStaub Year of Establishment 1996 NumberofEmployees 14 Fund Names Invision I-IV Capital Under Management CHF 500m NumberofPortfolio Companies 30 Examples of Portfolio Companies Swiss Education Group, RSD, The ShopHolding, Datamars, OX Holding, Feintechnik

Investment Preferences

Size of Investment CHF10-50m Investment Stages Buyout -Buyin, Expansion -Development Capital IndustrialSectors All GeographicalFocus Europe primarily: Switzerland,Germany, Austria Type of Financing EquityFinancing

ShortCompanyProfile

Invision is aleading Swissprivate equity firm focusing on investments in growth companies and small Buy-outsin Europe. Since 1997,Invisionhas invested in over60businesses, helping companies to realise theirgrowth potential and producingsubstantialreturns to its investors andstakeholders. Invision will develop portfoliocompanies into professionally run firms with high quality management, strong sales pipeline and clear multinational potential.

143 SESECACA YearYearbookbook20102010

JPhHottinguer Corporate Finance SA

ContactInformation

Address 60, rue du Stand 1204 Geneva Telephone No +41 22 807 09 90 Fax No +41 22 807 09 91 E-mailAddress for General Enquiries FormatofPersonal E-mail Addresses initial of [email protected] Web Address www.hottinguerjph.ch

Company Information

Key Persons Mr. Oliver Chantre Mr. Boris Meylan Year of Establishment NumberofEmployees 6 Fund Names Capital Under Management NumberofPortfolio Companies Examples of Portfolio Companies

InvestmentPreferences

Size of Investment Investment Stages Industrial SectorsAll Geographical Focus Europe Type of Financing

Short CompanyProfile

With offices in Zurich and Geneva, ourfirmoperates in Switzerlandinthe field of corporatefinance and mergers &acquisitionsadvisory services. Our company is affiliated with JPh Hottinguer CorporateFinance, Paris, formerly known as HR Finance, awell established investment banking firm founded almost twenty years ago.Duringthis time, JPh Hottinguer has completed over200 transactions throughoutEurope totalling over EUR20billion.

144 SECASECAYearYearbookbook20102010

Kepler Corporate Finance

Contact Information

Address Chemin du Joran 10 1260 Nyon Telephone No +41 22 994 43 83 Fax No E-mailAddress for General Enquiries Format of Personal E-mail Addresses Web Address

Company Information

Key Persons Mr. DominikBelloin Mr. EdouardNarboux Year of Establishment 2009 NumberofEmployees 5 Fund Names Capital Under Management NumberofPortfolio Companies Examples of Portfolio Companies

InvestmentPreferences

Size of Investment Investment Stages Industrial SectorsAll Geographical Focus All Type of Financing

Short CompanyProfile

145 SESECACA YearYearbookbook20102010

KPMG AG

Contact Information

Address Badenerstrasse172 8004 Zürich Telephone No +41 44 249 31 07 Fax No +41 44 249 27 70 E-mailAddress for General Enquiries Format of Personal E-mail Addresses initial of [email protected] Web Address www.kpmg.ch

Company Information

Key Persons Mr. PatrikKerler Mr. Andreas Poellen YearofEstablishment Number of Employees Fund Names Capital Under Management NumberofPortfolio Companies Examples of Portfolio Companies

InvestmentPreferences

Size of Investment Investment Stages Industrial Sectors Geographical Focus Type of Financing

Short CompanyProfile

Corporate Finance&Real Estate (M&A leadadvisory,Debtadvisory, Buyout modelling, Valuations) /Transaction Services (Financial due diligence, Strategic and commercialdue diligence, Buyer and vendor duediligence) /Legal and Tax Advisory (Due diligence, Transaction structuring, Legal documentation) /CorporateRestructuring (Operational andfinancial restructuring,Postmerger integration)/Audit (Audit services, Fund performance audit services)

146 SECASECAYearYearbookbook20102010

LFPE S.A. LFPE

ContactInformation

Address Rue de Rive 1 1204Geneve Telephone No +41 22 319 79 00 FaxNo+41 22 319 79 19 E-mail Address forGeneral Enquiries [email protected] Format of Personal E-mail Addresses [email protected] Web Address

Company Information

KeyPersons Mr.MarcBrugger Year of Establishment 2006 NumberofEmployees >5 FundNames LFPESCA,SIC AR Capital Under Management EUR 250m NumberofPortfolioCompanies >100 Examples of Portfolio Companies

InvestmentPreferences

Size of Investment EUR 2-20m Investment Stages Mezzanine -Bridge Finance, Buyout -Buyin Industrial Sectors Transportation,Telecommunications, Services, Manufacturing,Industrial Products andServices, Industrial Automation,Food-Beverages, Environment, Energy, Electronics, Consumer Related, Construction -Building Products, Chemical -Materials Geographical Focus Switzerland, Sweden, Spain, Scandinavia, Portugal, Poland, Norway, Netherlands, Luxembourg,Italy, Ireland, Iceland, Greece, Germany, Finland, Europe, Continental Europe, Benelux, Belgium, Austria Type of Financing Mezzanine, MinorityEquity,Majority Equity, Equity Financing

ShortCompanyProfile

LFPE S.A. is an investment advisory company for aLuxemburg basedinvestment vehicle whichtargets small and midsizebuy-out funds in old Europe. LFPE S.A. is hold by the French LFPIGroup, Paris.

147 SESECACA YearYearbookbook20102010

LGT Capital PartnersLtd.

Contact Information

Address Schützenstrasse6 8808 Pfäffikon Telephone No +4155415 96 00 Fax No +41 55 415 96 99 E-mail Addressfor GeneralEnquiries [email protected] FormatofPersonal E-mail Addresses [email protected] Web Address www.lgt-capital-partners.com

Company Information

KeyPersons Dr. RobertoPaganoni Dr. HansMarkvoort Year of Establishment 1997 NumberofEmployees160 Fund Names CrownPrograms, Castle Private Equity AG, Castle AlternativeInvest AG Capital Under ManagementUSD 18bn Number of PortfolioCompanies Examples of PortfolioCompanies

InvestmentPreferences

Size of Investment USD 5-200m Investment Stages All Industrial SectorsAll Geographical Focus North America,Europe Type of Financing EquityFinancing

Short CompanyProfile

LGT Capital Partners is aleading institutionalalternative assetand fund of funds manager,currently managing over USD 18 billion in hedge fund and private equity investments on aglobal basis. LGT CapitalPartners teamof over 160professionals with31nationalitiesisresponsible for the investment management of the Castle and Crown alternative investment programs.The firm is headquartered in Pfaeffikon SZ in Switzerland and has affiliated offices in New York, Dublin, Hong Kong, Londonand Tokyo.

148 SECA Yearbook 2010 enna Vi Museum, 1600 c. Liechtenstein duz, Va Calendar”, “Perpetual Liechtenstein, of from Prince detail the of Habermel, ollections Erasmus ©C Leading the way in alternative investing

LGT Capital Partners is aleading hedge fund and private equity fund of funds manager with USD 18 billion in alternative assets.

Expertise Independent team of experienced professionals with 30 nationalities and access to the best investment opportunities on aglobal basis. Performance Proven and excellent track record, due to asystematic and disciplined investment process. Partnership Alignment of interests, team invests alongside clients in the same programs.

%!!""$#""$# rtners Pa Year LGGTTCCapitalapital of the Manager Equity Private %!!""$#""$# rtners Pa Year LGGTTCCapitalapital of the Manager innernner Equity WiW Private 2009 Partners ar the YYeear LGT Capital of Manager Equity Private R WINNEmanager equity year Private of the Pfaefﬁkon, New York, London, Dublin, Hong Kong, Tokyo Partners Capital www.lgtcp.com, [email protected] LGT SESECACA YearYearbookbook20102010

LN Consulting Sagl

Contact Information

AddressVia Lucino 3 6932 Lugano-Breganzona Telephone No +41 91 220 70 00 Fax No +41 91 980 39 25 E-mail Addressfor GeneralEnquiries [email protected] Format of Personal E-mail Addresses [email protected] Web Address www.lombardnetwork.com

Company Information

Key Persons Dr. Federico Foscale Ms. Carole Gonzalez Foscale Year of Establishment NumberofEmployees 5 Fund Names Capital Under Management NumberofPortfolio Companies Examples of Portfolio Companies

InvestmentPreferences

Size of Investment Investment Stages Buyout -Buyin, Early-Stage, Expansion -Development Capital, Mezzanine -Bridge Finance, Replacement Capital, SeedCapital, Start-up Capital, Turnaround -Restructuring Industrial SectorsAll Geographical Focus Europe, Italy, Switzerland Type of Financing All

ShortCompanyProfile

LombardNetwork is ateam of consultants and consulting companiesspecialized in supporting small and medium enterprises andtheir entrepreneurs in Corporate Finance.

150 SECASECAYearYearbookbook20102010

LODH Private Equity AG

Contact Information

Address Sihlstrasse20 8021 Zürich Telephone No +41 44 214 13 80 Fax No +41 44 214 13 50 E-mailAddress forGeneral Enquiries [email protected] Format of Personal E-mail Addresses [email protected] Web Address www.lodhpe.com

Company Information

Key Persons Ms. Yvonne Stillhart Mr.Christopher Bödtker Mr. Thomas Frei Mr. Mark Zünd Year of Establishment 1998 NumberofEmployees 29 Fund Names Capital Under Management NumberofPortfolio Companies Examples of Portfolio Companies

InvestmentPreferences

Size of Investment Investment Stages Buyout -Buyin, Delisting, Expansion -Development Capital, Privatisation, Replacement Capital, Turnaround - Restructuring Industrial Sectors All Geographical FocusCentral and EasternEurope,Europe,WesternEurope Type of Financing EquityFinancing

Short CompanyProfile

LODH PrivateEquity AG is the Advisor to various Private Equity Funds investinginthe mid-market segment- with more thanEUR 2billionAuM in the Private Equity field.

151 SECASECAYearYearbookbook20102010

LPX GmbH

Contact Information

AddressFlorastrasse 17 8008 Zürich TelephoneNo+41 44 382 90 20 Fax No +4144382 90 21 E-mailAddress for General Enquiries Format of Personal [email protected] Web Address www.lpx-group.com

CompanyInformation

KeyPersons Mr. Michel Degosciu Mr. HansChristophers Year of Establishment NumberofEmployees Fund Names Capital Under Management NumberofPortfolio Companies Examples of Portfolio Companies

InvestmentPreferences

Size of Investment Investment StagesAll Industrial SectorsAll Geographical Focus All Type of Financing

Short CompanyProfile

Research on Listed Alternatives (ListedPrivateEquity,Listed Infrastructure, Listed Hedge Funds) andIndex Calculation.

152 SECASECAYearYearbookbook20102010

MMP Mück Management Partners AG

ContactInformation

Address Werkstrasse 2 8806 Bäch TelephoneNo+41 44 787 02 80 Fax No +41 44 787 02 81 E-mail Address for General Enquiries FormatofPersonal E-mail Addresses [email protected] Web Addresswww.mueck-partners.com

Company Information

Key Persons Mr. Rainer Mück Ms. Ulrike Schellert Year of Establishment 2007 NumberofEmployees 8 Fund Names Capital Under Management NumberofPortfolio Companies Examples of Portfolio Companies

InvestmentPreferences

Size of Investment Investment Stages Industrial SectorsAll Geographical Focus Europe Type of Financing All

ShortCompanyProfile

We are ahighlysolutionoriented managementconsultancy well-versedindeveloping personal and tailor-made solutions forour customers. Our goal is to provide you with the key to optimizeyour financial andadministrative activities on along-term basis. Due to our long-standinginvolvementininternational companiesand consultancies we have on inside knowledge of our customers needs and can present you with theperfect answer to your problems.Our major businessareas are structuring advisory (controlling, accounting, treasury, tax), transactions advisory(M&A) and audit /assurance advisory (riskmanagement, internal control, internal audit, quality assurance).

153 SECASECAYearYearbookbook20102010

Monitor Clipper Partners, LLC.

ContactInformation

Address Mühlebachstrasse 173 8034 Zürich Telephone No +41 44 389 71 50 Fax No +41 44 389 71 51 E-mail Address for General Enquiries FormatofPersonal E-mail Addresses [email protected] Web Address www.monitorclipper.com

Company Information

KeyPersons Mr.Peter Laino Ms. VerenaSchiebener Year of Establishment1997 NumberofEmployees 6 Fund Names MonitorClipper Equity Partners I, IA, II, III CapitalUnder Management USD 2bn NumberofPortfolio Companies 15 Examples of Portfolio Companies Reverse Logistics GmbH(Germany), CMC Biologics (Denmark)

Investment Preferences

Size of InvestmentCHF 15-50m Investment Stages Buyout -Buyin, Delisting,Expansion -Development Capital, Replacement Capital Industrial SectorsAll Geographical Focus Europe Type of Financing Equity Financing, MajorityEquity,MinorityEquity

Short CompanyProfile

Monitor clipperPartners is aglobal private equityfirmwith over USD2bn of assetsunder management pursuing small to medium sized investments in Europe and North America. Since its inception in 1997 MCP has invested in 30 companies in Europe andNorth America. MCPtargets investmentsinbusinesses withstrong management teams that can benefitfrom the firmsproprietaryrelationship with MonitorGroup to generate superior returnsin management buyoutsand late-stagegrowth equity investments. MonitorGroup is aleading global strategy consulting firmwithover950 professionalsin21countries.

154 SECASECAYearYearbookbook20102010

MSM Investorenvereinigung

Contact Information

Address Stadthausstrasse 12 8400 Winterthur Telephone No +41 52 269 21 12 FaxNo E-mail Address for General Enquiries Format of Personal E-mailAddresses [email protected] Web Address www.msmgroup.ch

Company Information

KeyPersons Dr.Jürg Martin Year of Establishment 2001 NumberofEmployees Fund Names Capital Under Management NumberofPortfolio Companies Examples of Portfolio Companies

InvestmentPreferences

Size of Investment Investment Stages Industrial Sectors Geographical Focus Switzerland Type of Financing Angel

Short CompanyProfile

MSMInvestorenvereinigung is an association (a "businessangel'sclub")with its seat in Winterthur. Its purposeis to inform and supportits members in investing in non quoted companies, particularlyinsuch whocreate jobs in Switzerland. The club promotes common investing by itsmembers and third parties and offers appropriate legal tools when needed. Die MSM Investorenvereinigung ist einVerein(ein "Business Angels Club")mit Sitz in Winterthur.Erbezweckt die Informationund Unterstützungder Mitglieder beider Anlage von Geldern in nicht börsenkotierte Gesellschaften,namentlichsolche, die in der Schweizneue Arbeitsplätze schaffen. Der Verein fördert das gemeinsame InvestierendurchVereinsmitglieder und Dritte in solche Unternehmen und stelltbei Bedarf geeigneterechtliche Strukturen zur Verfügung.

155 SESECACA YearYearbookbook20102010

Mueller Milch ManagementAG

Contact Information

Address Seefeldstrasse 215 8008 Zürich Telephone No +4144421 31 60 Fax No E-mail Address for General Enquiries FormatofPersonal E-mail Addresses [email protected] Web Address

Company Information

Key Persons Mr. Alexander Pestalozzi Dr.Bernd Pfister Year of Establishment NumberofEmployees Fund Names Capital Under Management NumberofPortfolio Companies Examples of Portfolio Companies

InvestmentPreferences

Size of Investment CHF 5-50m Investment StagesGrowth Capital Industrial Sectors Food -Beverages, ConsumerRelated Geographical Focus All Type of Financing Equity Financing

Short CompanyProfile

Family office of Theo Mueller.

156 SECASECAYearYearbookbook20102010

NextechVenture

ContactInformation

Address Scheuchzerstrasse 35 8006 Zürich Telephone No +41 44 366 66 11 Fax No +41 44 366 66 10 E-mailAddress for General Enquiries [email protected] Format of Personal E-mail Addresses [email protected] Web Addresswww.nextechventure.com

CompanyInformation

Key Persons Dr. Alfred Scheidegger Year of Establishment 1998 Number of Employees 8 Fund Names Nextech ILife Sciences, Nextech II oncology Capital Under Management CHF 140m Number of PortfolioCompanies 6 Examples of PortfolioCompanies Macrogenics,Telormedix, Sunesis Pharmaceuticals, Palyon Biomedical, ImVisioN GmbH

Investment Preferences

SizeofInvestment Investment Stages All IndustrialSectorsBiotechnology, Medical-LifeSciences -HealthRelated Geographical Focus North America,Europe, Asia Type of Financing MajorityEquity,Equity Financing

ShortCompany Profile

Global investment management firm based in Zurich, Switzerland. Nextech Venturecurrentlyadvises and managesthe firstworld-wideoncologyFund, launched in late 2006, fully dedicated to faster leading cancer companies including therapeutics, diagnostics and medical devices.The fund is supported by acommitted scientific advisory board led by Prof. DavidLivingston,Director of the Dana-Farber HarvardCancer Center.

157 SECASECAYearYearbookbook20102010

Novartis International AG

ContactInformation

Address Novartis Campus 4002 Basel TelephoneNo+41 61 324 78 96 FaxNo+41 61 324 86 79 E-mailAddress for General Enquiries FormatofPersonal E-mail Addresses [email protected] Web Address www.venturefund.novartis.com

Company Information

KeyPersons Dr. Reinhard J. Ambros Ms.SimoneForrer Year of Establishment NumberofEmployees Fund Names NOVARTIS VENTURE FUNDS CapitalUnder Management USD700m NumberofPortfolioCompanies 60+ Examples of Portfolio Companies

InvestmentPreferences

Size of Investment USD 15-20m Investment Stages Start-up Capital, Seed Capital, Early-Stage Industrial SectorsMedical-Life Sciences -Health Related Geographical Focus United States of America, Switzerland, Europe Type of Financing Minority Equity, Equity Financing

Short CompanyProfile

158 SECASECAYearYearbookbook20102010

NYGT (HongKong)Limited

ContactInformation

Address 3/F,Pacific Place 3, 1Queen'sRoad East Hong Kong TelephoneNo+852 2511 90 56 Fax No E-mailAddress for General Enquiries Format of Personal E-mailAddresses [email protected] Web Addresswww.nygtgroup.org

CompanyInformation

Key Persons Dr. Kenneth Cheung Mr.KennethMak Year of Establishment 2003 NumberofEmployees Fund Names Capital Under Management NumberofPortfolio Companies Examples of Portfolio Companies

InvestmentPreferences

Size of Investment USD 15m Investment Stages Expansion -Development Capital, Mezzanine -Bridge Finance, Privatisation Industrial Sectors All GeographicalFocus Asia, Canada, Japan, UnitedKingdom, United Statesof America Type of Financing Loans, Mezzanine, Senior Debt

Short CompanyProfile

159 SECASECAYearYearbookbook20102010

OLZ &Partners Asset andLiability Management AG

ContactInformation

Address Bahnhofstrasse 19 3280 Murten Telephone No +41 26 672 30 80 Fax No +41 26 672 30 81 E-mail Addressfor GeneralEnquiries [email protected] Format of Personal E-mail Addresses [email protected] Web Address www.olz.ch

Company Information

Key Persons Mr. Philipp Bregy Mr. Carmine Orlacchio Mr. MarcoCampiotti Dr.Luca Schenk Mr. Michael Frei Dr.Roger Trunz Mr.Markus Ochsner Mr. Pius Zgraggen Year of Establishment 2001 NumberofEmployees 25 Fund NamesOLZ -EfficientWorld Equity(CHF), OLZ -Efficient World Bond (CHF), WHITE FLEET OLZ EfficientWorld Equity (CHF unhedged) Capital Under ManagementCHF 850m NumberofPortfolio Companies Diversified approach Examples of Portfolio Companies

InvestmentPreferences

Size of Investment no direct investments InvestmentStages Modelbased Industrial Sectors Telecommunications,Medical -Life Sciences -Health Related, Manufacturing, Industrial Products and Services, Food -Beverages, Finance -Insurance -Real Estate, Environment, Energy, Consumer Related, Construction - Building Products Geographical Focus Europe Type of Financing

Short CompanyProfile

Corporate Finance: advisoryservicesinM&A, valuationand financial modelling as well as fund raising. Wealth management: authorized asset managerofcollectiveinvestments by the Swiss FinancialMarket Supervisory Authority (FINMA), authorized asset manager by the Liechtenstein Financial Market Authority (FMA) and holder of an exempt license as financialadvisor and asset manager in Singapore. Offices in Murten, Zurich, Schaan and Singapore.

160 SECASECAYearYearbookbook20102010

Partners Group

ContactInformation

AddressZugerstrasse57 6341 Baar-Zug Telephone No +41 41 768 85 85 Fax No +41 41 768 85 58 E-mailAddress for GeneralEnquiries [email protected] Format of Personal E-mail Addresses [email protected] Web Address www.partnersgroup.com

Company Information

Key Persons Mr. Alfred Gantner Dr. Marcel Erni Mr. Steffen Meister Mr. Urs Wietlisbach Mr. CyrillWipfli Year of Establishment 1996 NumberofEmployees361 Fund Names PG Secondary 2006, PG Secondary2008, PG Direct Investments 2006, PG Asia-Pacific 2007, PG Emerging Markets2007, PG European Mezzanine 2005,PGGlobal Mezzanine 2007, PG Global Real Estate 2008, PG US Venture 2006 CapitalUnderManagement CHF 25.7bn in PE, private debt,privatereal estate and private infrastructure NumberofPortfolio Companies 3500 Examples of Portfolio Companies

InvestmentPreferences

Size of Investment Investment StagesAll Industrial SectorsAll Geographical Focus All Type of Financing All

ShortCompanyProfile

Partners Groupisaglobal private markets asset management firm with overCHF 25 billionininvestment programsunder management in private equity, private debt,private real estate andprivate infrastructure. The firmmanages abroad range of funds,structured products and customized portfoliosfor an international clientele of institutionalinvestors, private banksand other financial institutions.Partners Group is headquarteredinZug, Switzerlandand has offices in San Francisco, New York,London, Guernsey, Luxembourg, Singapore,Beijing, Tokyo and Sydney. The firm employs over 360 people, is listed on the SIX SwissExchange (symbol: PGHN) witha clear majorityowned by its36Partners and all employees.

161 SESECACA YearYearbookbook20102010

PricewaterhouseCoopers

ContactInformation

AddressBirchstrasse160 8050 Zürich Telephone No +41 58 792 44 00 FaxNo+41 58 792 44 10 E-mailAddress for General Enquiries FormatofPersonal E-mail Addresses [email protected] Web Address www.pwc.com/ch

Company Information

Key Persons Mr. Adrian Keller Dr.Philipp Hofstetter Dr. SørenBjønness Year of Establishment NumberofEmployees~2'500 Fund Names Capital Under Management NumberofPortfolioCompanies Examples of PortfolioCompanies

InvestmentPreferences

Size of Investment Investment Stages Industrial Sectors Geographical Focus Type of Financing

Short CompanyProfile

PricewaterhouseCoopersprovides clients with industry-focused assurance,tax &legal and advisory services. Transactionexperts focus across the deal continuum to capture maximal value from mergers,acquisitionsand capital market transactionswhile drawingonour broadrange of skills for specific client needs in aflexible, fast and tailor-mademanner. More than 163,000 people in 151 countries across our network connect their thinking, experience andsolutions to developfresh perspectives andpractical advice that truly enhancevalue for clients.

162 SECASECAYearYearbookbook20102010

Private Equity HoldingAG

Contact Information

Address InnereGüterstrasse 4 6300 Zug Telephone No +41 41 726 79 80 Fax No +41 41 726 79 81 E-mail Addressfor GeneralEnquiries [email protected] Format of Personal E-mail Addresses [email protected] Web Address www.peh.ch

Company Information

Key Persons Dr. Hans Baumgartner Mr.Peter Wolfers Year of Establishment 1997 NumberofEmployees Fund Names Capital Under Management NumberofPortfolio Companies 10 direct investments,64fundinvestments ExamplesofPortfolio Companies ABRY PartnersVI, Bridgepoint Europe IV, Institutional Venture Partners XII

Investment Preferences

SizeofInvestment Investment Stages Midmarket buyout, venture, special situations Industrial SectorsDiverse Geographical FocusUnited States of America, Western Europe, Europe Type of Financing Equity Financing

Short CompanyProfile

Private Equity Holding Ltd.offers institutional and private investorsthe opportunity to investinabroadly diversified private equity portfolio. The objective of Private Equity Holding Ltd. is to generatelong termcapital growth for its shareholders,and to deliver consistent netasset value growth. Private Equity Holding focuses on primary fund investments, acquisition of fund interests on the secondary market anddirectco-investments. The companyismanagedbyAlpha Associates,anindependent privateequityfund-of-funds manager and advisor, building and managing globally diversified private equity fund portfolios forinstitutional and private investors.

163 SECASECAYearYearbookbook20102010

Redalpine VenturePartners AG

ContactInformation

Address Chasseralstrasse1-9 4900 Langenthal Telephone No +41 62 923 52 74 Fax No +41 62 923 52 73 E-mailAddress for General Enquiries FormatofPersonal E-mail [email protected] Web Address www.redalpine.com

Company Information

KeyPersons Mr. Peter Niederhauser Mr. NicolasBerg Year of Establishment 2007 NumberofEmployees 4 Fund Names Redalpine Capital I Capital Under Management Dez.30 NumberofPortfolio Companies Examples of Portfolio Companies

InvestmentPreferences

Size of Investment Investment StagesStart-up Capital,Seed Capital, Early-Stage Industrial SectorsCommunications other, Medical -Life Sciences -Health Related,InternetTechnology Geographical Focus Europe Type of FinancingEquity Financing

ShortCompanyProfile

164 SECASECAYearYearbookbook20102010

Regent Fund ManagementAG

Contact Information

Address Landstrasse 76 9495 Triesen Telephone No +423237 46 23 FaxNo+423236 46 21 E-mail Address for General Enquiries [email protected] FormatofPersonal E-mail Addresses [email protected] Web Address www.regent.li

Company Information

KeyPersons Mr. Peter Kaiser Dr.Jorge Kluchnik Year of Establishment 2002 NumberofEmployees 6 Fund Names Capital Under Management NumberofPortfolio Companies Examples of Portfolio Companies

InvestmentPreferences

Size of Investment Investment StagesAll Industrial SectorsAll Geographical Focus All Type of Financing All

ShortCompanyProfile

Set-up and administration of investment funds for third parties

165 SECASECAYearYearbookbook20102010

Remaco Merger AG

ContactInformation

AddressHirzbodenweg103 4020 Basel Telephone No +41 61 206 99 66 Fax No +41 61 271 19 50 E-mailAddress for General Enquiries [email protected] Format of Personal E-mailAddresses [email protected] WebAddresswww.remaco.com

CompanyInformation

Key Persons Mr. Fred Heinzelmann Mr. Pascal Böni Year of Establishment 1969 NumberofEmployees Fund Names Capital Under Management NumberofPortfolio Companies Examples of Portfolio Companies

InvestmentPreferences

Size of Investment Investment Stages Industrial Sectors Geographical Focus Type of Financing

Short CompanyProfile

166 SECASECAYearYearbookbook20102010

Saab Ventures

Contact Information

AddressSaabAB 581 88 Linköping(Sweden) Telephone No +46 13 187 152 Fax No E-mailAddress for General Enquiries FormatofPersonal E-mail [email protected] Web Address www.saabgroup.com

Company Information

Key Persons Mr. Andreas Gunnarsson YearofEstablishment 2001 NumberofEmployees Fund Names Capital Under Management evergreen structure NumberofPortfolio Companies 12 Examples of Portfolio Companies Coldcut Systems, Performit,Navaero, Opax, c3technologies, Tracab, mx composites

Investment Preferences

Size of Investment EUR 1.5-2m Investment StagesStart-up Capital, Early-Stage Industrial SectorsCommunications other, Telecommunications,Industrial Products and Services, Electronics, Computer Related GeographicalFocus Europe Type of FinancingEquity Financing

ShortCompany Profile

Saab Ventures seeks investmentsintechnologies and markets withrelevance to Saabs present and future business. Saab offers systems solutions, products and services in:-Civilsecurity -Defense-AviationSaab Ventures increases Saabs access to innovation key technologies andrevenue growth by takingminority equity positionsin innovative fastgrowing SMEs that areattracted by an earlySaabpartnership in search of financial,technical and marketing support.SaabVenturesisalsoresponsible forthe groups spinouts,and hassince itsinception 2001 spun out 15 companies.

167 SESECACA YearYearbookbook20102010

Sal. Oppenheim jr.&Cie. Corporate Finance(Schweiz) AG

Contact Information

Address Löwenstrasse 3 8022 Zürich Telephone No +41 44 214 26 00 Fax No +41 44 214 26 90 E-mailAddress forGeneral Enquiries [email protected] Format of Personal E-mail Addresses [email protected] Web Addresswww.oppenheim.ch/cf

Company Information

Key Persons Mr. Leonid Baur Year of Establishment 1789 Number of Employees Fund Names Capital Under Management NumberofPortfolio Companies Examples of Portfolio Companies

InvestmentPreferences

Size of Investment Investment StagesAll Industrial SectorsAll Geographical Focus All Type of Financing All

ShortCompanyProfile

We are asubsidiaryofthe bank Sal. Oppenheimjr. &Cie. KGaA, which was founded in 1789 and is based in Cologne, Germany. We are active in the field of corporate finance, which centresonfouractivities: Mergers & Acquisitions, Equity Capital Markets and Real Estate Advisory. Our extensive localknowledgeiscombined with the global expertise and the capitalstrength of this exclusive private andinvestment banking group.

168 SECASECAYearYearbookbook20102010

SCM Strategic Capital Management AG

Contact Information

AddressKasernenstrasse 77b 8004 Zürich Telephone No +41 43 499 49 49 Fax No +41 43 499 49 50 E-mailAddress for General Enquiries [email protected] FormatofPersonal E-mail Addresses [email protected] Web Address www.scmag.com

Company Information

Key Persons Dr.Stefan Hepp Mr. Jean-Claude Croset Year of Establishment1996 NumberofEmployees 25 Fund Names Segregated Institutional Client Accounts Capital UnderManagement CHF 6.5bn NumberofPortfolio Companies Examples of Portfolio Companies

InvestmentPreferences

Size of Investment Investment StagesAll Industrial SectorsAll Geographical Focus All Type of Financing All

ShortCompanyProfile

Foundedin1996, SCMStrategic Capital Management AG is aleading Swiss providerofmanagement and consultingservices foralternative investments. Thecompany focusesonprivate equity, real estate, and infrastructure fund investments, covering allsub segments of these investment classes worldwide.The scope of services includes discretionary and non-discretionary consultingmandates for institutional investors as wellas funds-of-funds. With an annual investmentvolumeofUSD 1billion and overUSD 6.5 billion in managed assets, SCM ranks amongthe mostimportant investors in the sector. Above-average performance, aglobal presence, investment experience, andtop-tierservicesare the key characteristicsofthe company.

169 SESECACA YeYeararbobookok 20201010

shaPE Capital AG

ContactInformation

Address Wolleraustrasse 41a 8807 Freienbach Telephone No +41 58 596 12 96 Fax No +41 58 596 12 97 E-mailAddress for GeneralEnquiries [email protected] Format of Personal E-mail Addresses [email protected] Web Address www.shape-capital.com

Company Information

KeyPersons Mr.Simon Lamprecht Year of Establishment 2001 NumberofEmployees 1 Fund Names Capital Under Management CHF 140m NumberofPortfolio Companies 50 Examples of Portfolio Companies APAXEurope V-II-B, India Valuefund III,The 4th Cinven Fund, Nordic CapitalVI

InvestmentPreferences

Size of Investment Investment Stages Early-Stage, Buyout -Buyin, Expansion -Development Capital Industrial SectorsAll Geographical Focus All Type of Financing MinorityEquity

Short CompanyProfile

shaPE is aprivate equity investment company listed on the SWXSwiss Exchangethat follows the principle of a Fund of Funds.

170 SECASECAYearYearbookbook20102010

StartAngels Network

Contact Information

Address Zürichbergstrasse150 8044 Zürich Telephone No +4144820 18 88 Fax No +41 44 820 19 50 E-mail Address for GeneralEnquiries [email protected] Format of Personal E-mail Addresses Web Address www.startangels.ch

Company Information

Key Persons Mr. Peter H. Müller (and BoardMembers) Year of Establishment 2000 NumberofEmployees Fund Names Capital Under Management NumberofPortfolio Companies Examples of Portfolio Companies

InvestmentPreferences

Size of Investment CHF 0.32m Investment Stages Early-Stage Industrial SectorsAll Geographical Focus Switzerland Type of Financing EquityFinancing

Short CompanyProfile

The businessangel club "StartAngels Network"(SAN) was foundedwiththe mission to provide themembers with attractive investments opportunities in early stage enterprises. The ca.50business angel members invest directly and also support the start-ups with coaching and contacts. StartAngels Network is anon profit organisation (Verein) and does not invest itself. 3-4presentation events are organized every year. For deal flow StartAngels cooperates with CTIInvest, Venture2008,Venture Kick etc.

171 SESECACA YearYearbookbook20102010

Swiss Capital Corporate Finance AG

ContactInformation

Address Talacker41 8039 Zürich TelephoneNo+41 44 226 52 52 Fax No +4144226 52 53 E-mailAddress for General Enquiries FormatofPersonal E-mail Addresses [email protected] Web Address www.swisscap.com

Company Information

Key Persons Mr. Martin Menzi Mr. KurtRüegg Year of Establishment 2008 NumberofEmployees 10 Fund Names Capital Under Management NumberofPortfolio Companies Examples of Portfolio Companies

InvestmentPreferences

Size of Investment Investment Stages Industrial Sectors Geographical Focus Type of Financing

Short CompanyProfile

M&A, Debt andEquity Advisory

172 SECASECAYearYearbookbook20102010

Swiss Equity Group

Contact Information

AddressStockerstrasse 32 8002 Zürich TelephoneNo+41 44 520 14 60 FaxNo E-mail Address for General Enquiries [email protected] Format of Personal E-mail Addresses [email protected] Web Address www.swissequitygroup.com

Company Information

Key Persons Mr. Abdullah Boulad Mr. Roland Eschler Year of Establishment2006 NumberofEmployees 7 Fund Names Capital Under Management NumberofPortfolio Companies Examples of Portfolio Companies

InvestmentPreferences

Size of Investment up to EUR 10m Investment Stages All Industrial SectorsAll Geographical Focus All Type of Financing All

ShortCompanyProfile

SwissEquity Group, headquartered in Zurich, is aglobally activeconsulting andinvestment company. The company primarily advisessmall and medium-sized companiesontheir growth strategies and on theplanning and execution of theircorporate actions. We also guidethem on theirway to international capital markets. In addition, the Swiss EquityGroup assistsits customersinpreparing andsettingupcapitalmarket communication measures beforeand after going public. As an independentresearch and analysis firm, Swiss EquityGroup also has great insight into the stock markets,especiallyinGerman-speaking regions.

173 H.I.G.SECA CapitalYearbook 2010 is Committed to Investing in Middle-Market Companies

H.I.G. Capital is aleading global private investment firm with over CHF8 billion of equity capital under management. We have been one of the most active investment firms in the middle-market, having completed more than 200 transactions, and we manage aportfolio of more OQGD := 6@*9GDLA+ FLOQ 6@*!LDAP 0A%AD-A+ LD AE6A++ @X I&?#4: !L..L@D4 NQA &4$4)4 XG*L.C @X X-DP+ LD6.-PA+ 90L%GOA AU-LOCV%ADO-0A 6G9LOG.V distressed debt, real estate and public equities. In Europe, H.I.G. has over 40 investment professionals in its offices in London, Hamburg and WG0L+ GDP @%A0 I&?"4: !L..L@D @X G%GL.G!.A X-DP+ O@ LD%A+O4

WE ARE FOCUSED ON HELPING COMPANIES BUILD WE HAVE AFLEXIBLE APPROACH TO PRIVATE MARKET LEADING POSITIONS. EQUITY INVESTING.

Dedicated to the Middle-Market –Wespecialize in providing We invest in awide range of investment opportunities, from capital to small and medium-sized companies with high-quality growth/development capital for minority stakes to control buyouts, value added products and services, outstanding management and from profitable market leaders to underperforming businesses teams, and attractive growth potential. facing unique challenges.

Available Capital –H.I.G. has CHF8 billion of equity capital under management. We have the ability to bridge transactions without TRANSACTION TYPES third party debt financing, allowing us to move quickly in situations where speed and certainty are critical. 8GOL@D+ 8(PPM@D (6U-L+LOL@D+ Broad Expertise &Resources –Weunderstand the challenges 8$DP-+O0C I@[email protected]@D+ and opportunities that middle-market companies face, and have 8I@09@0GOA HL%A+OLO-0A+ the ability to be flexible in our investment approach. H.I.G. has a 8N-0DG0@-DP+ global team of over 150 investment professionals with 8W-!.L6 O@ W0L%GOA N0GD+G6OL@D+ substantial operating, consulting, technology and financial 8)0@FOQTHA%A.@9*ADO IG9LOG. management experience.

Committed Through Each Stage of the Lifecycle –H.I.G. works with companies that have the potential to achieve significant operational improvement, can scale their business through add-on acquisitions, can benefit from strategic repositioning, or have the need to establish aglobal presence.

Strong Partners with Management –H.I.G. aligns itself with growth-oriented businesses and committed management teams.

H.I.G. Capital’sEuropean Headquarters 2: RO4 )A@05A RO0AAO Z@DP@D /"R "?R JDLOAP [LD5P@* W377 2=' K"# :'== ?377 2=' K"# :'7B FFF4QL56G9LOG.46@*

Your Team in Switzerland: Matthias Allgaier,Managing Director -+44 207 318 5702, [email protected] Olivier Boyadjian, Managing Director -+33 153575070, [email protected] Thomas Scriven, Director -+44 207 318 5706, [email protected] Loic Oury,Associate -+33 153575063, [email protected]

(O.GDOG Y@+O@D &G*!-05 Z@DP@D

SwissLifeAssetManagement

Contact Information

Address General-Guisan-Quai 40 8022 Zürich TelephoneNo+41 43 284 31 23 FaxNo+41 43 284 63 30 E-mail Address for GeneralEnquiries [email protected] Format of Personal E-mail Addresses [email protected] Web Address www.slpep.com

Company Information

Key Persons Mr. Pierre Guillemin Ms.SabinePolmann Year of Establishment NumberofEmployees Fund Names Capital Under Management NumberofPortfolio Companies Examples of Portfolio Companies

InvestmentPreferences

Size of Investment Investment StagesBuyout -Buyin, Expansion -Development Capital Industrial SectorsBiotechnology, Electronics, Finance -Insurance -Real Estate, Internet Technology,Medical-LifeSciences -HealthRelated, Telecommunications Geographical Focus Worldwide Type of Financing EquityFinancing

Short CompanyProfile

175 SESECACA YeYeararbobookok 20201010

TCO Transition Company AG

ContactInformation

Address Bahnhofstrasse 16 6300 Zug Telephone No +41 41 726 77 20 Fax No +41 41 720 47 88 E-mailAddress for General Enquiries Format of Personal E-mailAddresses [email protected] Web Addresswww.tco.ch

Company Information

Key Persons Mr. ThomasBurkard Dr.René C. Schum Year of Establishment1999 NumberofEmployees 10 Fund Names Capital Under Management NumberofPortfolio Companies Examples of Portfolio Companies

InvestmentPreferences

Size of Investment Investment Stages Industrial SectorsAll Geographical Focus All Type of Financing

Short CompanyProfile

TCOLtd.isanindependent advisorinall aspects of mergers &acquisitions and corporate finance. With our broad international client range, we have collected atrack record in medium to large scale transactions such as divestitures, acquisitions, mergers, MBOs, fit for divestitureaswell as post merger integration. Our services also include corporate finance advisory suchasenterpriseand project valuation, investment analysis and financial planning, IPO and tender offer coaching, fairness opinionsand feasibilitystudies. Furthermore, we are advising in the area of management advisory (strategy,processes, restructuring,etc.).

176 SECASECAYearYearbookbook20102010

TECHNOPARK® Zürich

ContactInformation

Address Technoparkstrasse 1 8005 Zürich Telephone No +41 44 445 10 10 FaxNo+41 44 445 10 01 E-mail Address for GeneralEnquiries [email protected] Format of Personal E-mail Addresses Web Address www.technopark.ch

Company Information

Key PersonsMr. Henning Grossmann Year of Establishment 1993 NumberofEmployees 6 Fund Names Capital Under Management NumberofPortfolio Companies Examples of Portfolio Companies

InvestmentPreferences

Size of Investment Investment Stages Industrial Sectors Geographical Focus Type of Financing

Short CompanyProfile

TECHNOPARK® Zürich createsthe ideal environmentfor knowledge and technology transfer from scientific research to thebusinessmarket.This generates market innovations.The visible consequences of these efforts are newly created jobs and aboost to the economic cycle. It is Switzerlands leading address and contact point for innovative andtechnology-orinted start-upbusinesses.The figures speak for themselves: on 44,300 m2, there are 270 companiesand organisations providing1800 jobs.TECHNOPARK® Zürich wasopened in 1993 and is financed through private funds only.TECHNOPARK® Immobolien AG funded by itsshareholdersAXA Winterthur, SwissLife andZürcherKantonalbank,isthe proprietor, operator and lessor. The TECHNOPARK® Zürich foundationselects and supports start-up businesses in their build-up process and pursuesdiverse projects geared towards implementing TECHNOPARK® Zürichs concept of technology transfertogetherwith their world class partners ETHZurich, CSEMand ZHaW.

177 SECASECAYearYearbookbook20102010

Terra Nex Group c/o Terra Nex FinancialEngineering Ltd.

ContactInformation

AddressDammstrasse 19 6300 Zug TelephoneNo+41 79 639 56 89 Fax No E-mailAddress for General Enquiries FormatofPersonal E-mail Addresses [email protected] Web Address www.terra-nex.com

Company Information

Key Persons Mr. Günther Heinkel Year of Establishment2006 NumberofEmployees 2 Fund Names BarclaysOpusPrivate EquityGulf Certificate Capital Under Management USD 1bn NumberofPortfolio Companies Examples of Portfolio Companies

InvestmentPreferences

Size of Investment Investment Stages Early-Stage Industrial SectorsTelecommunications, Industrial Products and Services, Industrial Automation, Finance -Insurance-Real Estate, Environment, Energy, Consumer Related, Construction - Building Products, Chemical -Materials Geographical Focus Middle East Type of FinancingAll

ShortCompanyProfile

The Terra NexGroup acts as fund advisor andconsults institutions and ultra highnet individuals in the field of wealthstructuring, real estate and privateequity investments. With the assistanceand in-dept expertise of our Middle East team of Terra Nex Fund AdvisorsWLL (Bahrain) we can effectively serve our affiliate companies and clients in the Gulf Region, Europe, America and Asia on theirlocal and cross-boardproduct and transactions needs. Our principals andFund Advisory TeamMembers have long collective track record and proven methodology for identifyingand assembling highquality assetsand excellent structured products in both public andprivate marketstocreatesignificant andrelativelylow-risk returns for their investors and operating partners.

178 SECASECAYearYearbookbook20102010

The Corporate Finance Group

Contact Information

Address Beethovenstrasse 11 8027 Zürich TelephoneNo+41 44 287 22 55 Fax No +4144287 22 56 E-mail Address for General Enquiries [email protected] Format of Personal E-mail [email protected] WebAddress www.tcfg.ch

Company Information

Key Persons Mr. Beat Unternährer Mr.Peter Bohnenblust Year of Establishment 2000 NumberofEmployees 20 Fund Names Capital Under Management NumberofPortfolio Companies Examples of Portfolio Companies

InvestmentPreferences

Size of Investment Investment Stages Industrial Sectors Geographical Focus Type of Financing

Short CompanyProfile

TCFG was formed by 5exPartners of Ernst&Young withmany yearsofexperience in M&A /CorporateFinance.

179 SESECACA YearYearbookbook20102010

The Riverside Company

Contact Information

Address Alter Hof5 D-80331München Telephone No +49 892 422 48 90 Fax No +49 892 422 48 99 E-mail Address for General Enquiries Format of Personal E-mail Addresses Web Address www.riversideeurope.com

CompanyInformation

Key Persons Mr. Kai Köppen Mr. VolkerSchmidt Year of Establishment 1988 NumberofEmployees40(in Europe) Fund Names Riverside Europe Fund (REF) Capital Under Management CHF 760m/EUR 509m(in Europa) NumberofPortfolioCompanies 17 (in Europa) Examples of PortfolioCompanies DF King Worldwide, Sigg Switzerland, EM Test AG, Teufel Lautsprecher,Kaul etc.

Investment Preferences

Size of Investment CHF 30-225m/EUR 20-150m(Entreprise Value) InvestmentStages Expansion -Development Capital, Buyout -Buyin Industrial SectorsAll Geographical Focus Continental Europe,Central andEastern Europe Type of Financing MajorityEquity

Short CompanyProfile

Riversideist eine der weltweit führenden Private-Equity-Gesellschaftenmit dem Fokus auf kleine-und mittelständische Unternehmen. Von ihrenweltweit 18 Standorten aus, darunter auch München, konzentriert sich Riversideauf die Übernahmeund Weiterentwicklung von Unternehmen, die in ihrerNische über eine marktführendePositionverfügen und internationales Wachtumspotential aufweisen. In Europa seit 1989 tätig, hat Riverside Europe in über 28 Unternehmeninvestiert und zählt damit zu den erfahrensten Investoren in diesem Buy-out-Segment.

180 SECASECAYearYearbookbook20102010

UBS AG

Contact Information

AddressStructured &Syndicated Finance (DINO -298) 8098 Zürich Telephone No +41 44 237 21 01 Fax No +4144237 21 21 E-mailAddress for General Enquiries FormatofPersonal E-mail Addressesforename.surname@ubs.com Web Address www.ubs.com

CompanyInformation

Key Persons Mr. Roland Scherrer Year of Establishment NumberofEmployees Fund Names Capital Under Management NumberofPortfolio Companies Examples of Portfolio Companies

InvestmentPreferences

Size of Investment Investment Stages Buyout -Buyin, Delisting, Expansion -Development Capital, Mezzanine -Bridge Finance, Privatisation,Replacement Capital Industrial SectorsAll Geographical Focus Switzerland Type of FinancingLoans, Mezzanine, Senior Debt

ShortCompanyProfile

181 SESECACA YearYearbookbook20102010

UBSAGGlobalAsset Management

ContactInformation

Address Gessnerallee3-5 8098 Zürich Telephone No +41 44 234 33 54 Fax No +4144235 55 90 E-mailAddress for General Enquiries FormatofPersonal E-mail [email protected] Web Address www.ubs.com

CompanyInformation

Key Persons Dr. UlrichKeller Mr. IwanHeiz Year of Establishment NumberofEmployees 15 Fund Names Capital UnderManagement CHF 1.6bn NumberofPortfolio Companies Examples of Portfolio Companies

InvestmentPreferences

Size of Investment Investment Stages Industrial SectorsAll Geographical Focus Europe, NorthAmerica Type of Financing

Short CompanyProfile

Investments into private equity and Venture Capital partnershipsand fund-of-funds.

182 SECASECAYearYearbookbook20102010

Unigestion

ContactInformation

Address8c, Av.deChampel 1211 Genève 12 Telephone No +41 22 704 42 31 FaxNo+41 22 704 42 50 E-mail Addressfor General Enquiries [email protected] Format of Personal E-mail Addresses initial of [email protected] WebAddress www.unigestion.com

Company Information

Key Persons Dr. Hanspeter Bader Mr. Christophe de Dardel Mr. Christian Dujardin Year of Establishment 1971 NumberofEmployees150 Fund Names Unicapital InvestmentsI,II, III,IV, V, tailoredmandates and Unigestion Secondary Opportunity II Capital Under Management EUR 7bn NumberofPortfolio Companies Examples of Portfolio Companies

InvestmentPreferences

Size of Investment Investment StagesAll Industrial SectorsAll Geographical Focus All Type of FinancingFund of Funds

ShortCompanyProfile

Unigestion is aprivately owned asset management companymanaging assets for institutional clients (85%) and highnet worthfamilies(15%).The company focuses exclusively on the management of innovative, highly active strategies spanning the private and publiccapital markets,and seekstodeliver consistently superior risk-adjusted returnswithin thecontext of each clientslong-term asset allocation. Unigestions investment platform offers four distinct meansofgenerating superior risk-adjusted returns: Minimum VarianceEquities (quantitativeequity products), Hedge Fund of Funds, Private Equity Fund of Funds,and Multi-assetsand asset allocation. Unigestion wascreated in 1971 and is 81%-owned by its management, which ensures its independence. Unigestion is aligned with its clients with more than EUR 100 million equity invested within its own products. The company is basedin Geneva with offices in London, New York, Paris, Singapore and Guernsey.

183 SESECACA YearYearbookbook20102010

ValleyRoad Capital SA

ContactInformation

Address Place Isaac-Mercier 3 1201 Geneva Telephone No +41 22 906 10 20 Fax No +41 22 906 10 21 E-mailAddress for General Enquiries FormatofPersonal E-mail Addresses [email protected] Web Address www.valleyroadcapital.com

CompanyInformation

Key Persons Mr. Pierre Kladny Ms. Magali Berla-Geay YearofEstablishment 2001 Number of Employees 6 Fund NamesCapD Private EquityPartners L.P. Capital Under Management CHF 60m NumberofPortfolio Companies 4 Examples of Portfolio Companies Reuge SA

Investment Preferences

SizeofInvestment CHF 5m Investment Stages Buyout -Buyin, Expansion -Development Capital, Replacement Capital, Turnaround -Restructuring Industrial Sectors All Geographical Focus Central and Eastern Europe,ContinentalEurope, Far East, Switzerland Type of Financing All

ShortCompany Profile

184 SECASECAYearYearbookbook20102010

VENTIZZ Private Equity AG

Contact Information

AddressVadianstrasse59 9000 St. Gallen Telephone No +41 71 226 88 00 Fax No +41 71 226 88 01 E-mail Address for General Enquiries [email protected] Format of Personal E-mail Addresses initial of [email protected] Web Address www.ventizz.com

Company Information

Key Persons Dr. HelmutVorndran Mr. Willi Mannheims Mr.ReinhardLöchner Year of Establishment 2000 NumberofEmployees 18 Fund Names Ventizz Capital Fund I-IV Capital Under Management EUR 675m NumberofPortfolio Companies 14 Examples of Portfolio Companies Zett Optics, ersol ThinFilm,SSP Technology, AEM Technologies, CardFactory, Qsil, Medos

Investment Preferences

Size of Investment EUR 10-100m InvestmentStages Buyout -Buyin, Delisting,Expansion -Development Capital Industrial Sectors Chemical -Materials, Computer Related, Electronics, Energy, Cleantech, Environment, Industrial Automation, Industrial Products and Services, Manufacturing, Medical -Life Sciences -Health Related, Telecommunications, Communications other Geographical Focus Germany, Switzerland,Austria Type of Financing Equity Financing

Short CompanyProfile

Ventizz Capital Partnerswas formedin2000and has offices in St. Gallen and Düsseldorf.The companyexclusively advisesprivate equity funds which investinbuy-out transactions andhigh-growth opportunities in small and medium-sized high-tech companiesinthe german-speakingregion.Ventizz has three partners: Dr. Helmut Vorndran, Reinhard Löchner and Willi Mannheims. Together with ateam of 15 professionals theycurrently advise four funds with capital totallingEUR 675 million. To date, Ventizz has invested in 31 companies focusing on renewableenergy, medical technology,information andcommunicationtechnology and on other branches of industryoffering high value-added.Inaddition to alarge number of trade sales,Ventizz has successfullyplaced three of itsparticipating interests (Ersol,SAF,PVCrystalox Solar)onstock.

185 SECASECAYearYearbookbook20102010

VenturePartners AG

Contact Information

Address Bodmerstrasse 7 8027 Zürich TelephoneNo+41 44 206 50 80 Fax No +4144206 50 90 E-mail Address for General Enquiries [email protected] Format of Personal E-mail Addresses [email protected] WebAddresswww.venturepartners.ch

Company Information

Key Persons Dr. Massimo S. Lattmann Mr. Hansvan den Berg Year of Establishment 1997 NumberofEmployees 5 Fund Names VPAG Capital UnderManagement Number of PortfolioCompanies 7 Examples of Portfolio Companies EasyOneAG, Anaqua Ltd., Rainbow Photonics, Junisphere Systems

Investment Preferences

Size of Investment InvestmentStages Seed Capital, Start-up Capital Industrial Sectors Internet Technology, Communicationsother, Environment, Industrial Automation Geographical Focus Switzerland, Western Europe Type of Financing EquityFinancing

Short CompanyProfile

Venture Investment Management

186 SECASECAYearYearbookbook20102010

VI Partners AG

ContactInformation

AddressBaarerstrasse 86 6302 Zug Telephone No +41 41 729 00 00 Fax No +41 41 729 00 01 E-mailAddress for General Enquiries FormatofPersonal E-mail Addresses [email protected] Web Address www.vipartners.ch

Company Information

Key Persons Mr. Alain Nicod Mr. Arnd Kaltofen Year of Establishment 2001 NumberofEmployees 6 Fund Names Venture Incubator AG Capital Under Management EUR69m NumberofPortfolio Companies 22 Examples of Portfolio CompaniesKuros Biosurgery Holding AG,Neocutis, Sonic Emotion, Edimer,SpineLab

Investment Preferences

Size of Investment InvestmentStages Industrial Sectors Biotechnology,Computer Related, IndustrialAutomation, Internet Technology, Medical -LifeSciences -Health Related Geographical Focus Switzerland Type of Financing EquityFinancing

Short CompanyProfile

Venture Incubator is aSwiss venture capital firm that supports university spin-offs as well as otherpromising start-upcompanies with capital, coaching, consultingand networks. We invest Smart Money to develop promising technology-basedideas 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 fromindustry and finance. In addition we havestrategic partnerships withMcKinsey &Company and the SwissFederalInstitute of Technology in Zürich (ETHZ).

187 SESECACA YearYearbookbook20102010

VinciCapital SwitzerlandSA

ContactInformation

Address PSE-C 1015 Lausanne Telephone No +41 21 693 92 34 Fax No +41 21 693 92 30 E-mail Address for General Enquiries [email protected] Format of Personal E-mail Addresses initial of [email protected] Web Address www.vincicapital.ch

Company Information

Key Persons Dr. Christian Waldvogel Mr. Xavier Paternot Year of Establishment 2004 NumberofEmployees 7 Fund Names RenaissanceTechnologies 1, RenaissanceTechnologies 2, RenaissanceTechnologies 3, Mona Lisa Capital AG Capital Under Management over CHF200m NumberofPortfolio Companies 11 as of November2009 Examples of Portfolio Companies Sensimed, Omnisens, Symetis, RSD, Datamars, Solvaxis

InvestmentPreferences

Size of Investment EV up to CHF 100m Investment StagesBuyout -Buyin, Expansion -Development Capital Industrial Sectors Biotechnology, Chemical -Materials, Computer Related, Electronics, Energy, Environment,IndustrialAutomation, Industrial Productsand Services, Internet Technology, Manufacturing, Medical -LifeSciences -Health Related, Telecommunications Geographical Focus Switzerland Type of Financing EquityFinancing

Short CompanyProfile

Vinci Capital is aleading Swiss privateequity firm with over MCHF 200 under management. Since 1998 we have provided equity to over 30 Swiss technologyand industrial companiestofinance innovation, growth and succession-buyouts.

188 SECASECAYearYearbookbook20102010

Warburg Alternative Investments AG

Contact Information

Address Boersenstrasse26 8001 Zürich TelephoneNo+41 44 205 94 44 Fax No +4144205 94 49 E-mailAddress for General Enquiries FormatofPersonal E-mail [email protected] WebAddress www.warburg-ai.com

Company Information

Key Persons Mr. Andreas Hoefner Mr. Siegmar Thakur-Weigold Year of Establishment NumberofEmployees Fund Names Capital Under Management NumberofPortfolio Companies Examples of Portfolio Companies

InvestmentPreferences

Size of Investment Investment Stages Industrial Sectors GeographicalFocus Switzerland, Germany, Austria Type of Financing

Short CompanyProfile

189 SECASECAYearYearbookbook20102010

Wenger &Vieli AG

ContactInformation

AddressDufourstrasse 56 8034 Zürich Telephone No +41 58 958 58 58 Fax No +41 58 958 59 59 E-mailAddress for GeneralEnquiries [email protected] Format of Personal E-mail Addresses initial of [email protected] Web Address www.wengervieli.ch

Company Information

Key Persons Dr. Christian Wenger Dr.WolfgangZürcher Year of Establishment Number of Employees 90 Fund Names Capital Under Management NumberofPortfolio Companies Examples of Portfolio Companies

InvestmentPreferences

Size of Investment Investment Stages Industrial Sectors Geographical Focus Type of Financing

Short CompanyProfile

We are aleading Swisslaw firm with about 40 lawyers located in Zurich and Zug. One of our particularstrengths is in thearea of Venture Capital and Private Equity.Weadvise investors through the whole life cycleofventure capital: on tax efficientoffshoreand domestic fund structures, acquisition of portfoliocompanies, exitroutes and more. As aone-stop-shop we take care of tax structuring, intellectualproperty, regulatory, employment, general contract andcorporatelaw. On topweoffer thefull range of allnotarial services needed in the venturecapital business.

190 SECASECAYearYearbookbook20102010

ZETRA International AG

ContactInformation

AddressGottfried Keller-Strasse 5 8001 Zürich Telephone No +41 44 755 59 99 Fax No +41 44 755 59 00 E-mailAddress for General Enquiries FormatofPersonal E-mail Addresses [email protected] Web Address www.zetra-international.com

Company Information

Key Persons Mr. Frédéric de Boer Dr.Ralf Hermann Mr. Lukas Raschle Mr. Karel Straub Mr. Gerhard Willi YearofEstablishment 2001 Number of Employees 15 Fund Names Capital Under Management NumberofPortfolio Companies Examples of Portfolio Companies

InvestmentPreferences

Size of Investment Investment Stages Advisory services only: Buyout -Buyin, Early-Stage, Expansion -Development Capital, Mezzanine -Bridge Finance, Privatisation, Replacement Capital, Seed Capital, Start-up Capital, Turnaround -Restructuring Industrial SectorsAll Geographical Focus39offices Worldwide (www.globalma.com) TypeofFinancing

Short CompanyProfile

ZETRAInternationalLtd. is an independentmerger &acquisitions andrestructuringhouse basedinZurich. We focus on the medium sizecompanysector,providing mergers &acquisitions advisory andtransactions support, restructuring advisory andcorporate finance services. Ourprofessionals align awidebackgroundof complementaryskills rangingfrom corporate finance, M&A, restructuring consultancy to strategic advisory, and have accumulated aunique track record of value creationfor clients.

191 SESECACA YearYearbookbook20102010

ZürcherKantonalbank

Contact Information

Address Corporate Finance /Structured Finance 8010 Zürich Telephone No +41 44 292 31 10 Fax No +41 44 292 39 67 E-mail Address for General Enquiries [email protected] FormatofPersonal E-mail Addresses [email protected] WebAddress www.zkb.ch

CompanyInformation

Key Persons Mr. Ronald Kundert Mr. Stefan Marthaler Year of Establishment 1870 NumberofEmployees4685 FundNames Capital Under Management Number of PortfolioCompanies Examples of PortfolioCompanies

InvestmentPreferences

Size of Investment All (Seed and Start-up up to CHF 0.5m) Investment Stages All (Seed, Start-up,Expansion, Late Stage) Industrial SectorsAll GeographicalFocusSwitzerland (Seed and Start-up in the Greater Zurich Area) Type of FinancingMinority Equity, Mezzanine, SeniorDebt

ShortCompany Profile

ZKBoffers all services of alarge universal bank. The range of financialservices includes conventional corporate banking, start-up financing,structured and syndicated loans, successionconsulting and mergers &acquisitions.

192 SECASECAYearYearbookbook20102010

Zurmont MadisonManagement AG

Contact Informationvis

Address Eisengasse 15 8034 Zürich TelephoneNo+41 44 267 50 00 Fax No +4144267 50 01 E-mailAddress for GeneralEnquiries [email protected] Format of Personal E-mail Addresses [email protected] WebAddress www.zurmontmadison.ch

CompanyInformation

Key Persons Mr. WernerRudolf Schnorf Mr. Guido Patroncini Dr-BjörnBöckenförde YearofEstablishment 2006 Number of Employees 8 Fund NamesZurmont MadisonPrivate Equity L.P. Capital Under Management CHF 250m NumberofPortfolio Companies 4 Examples of Portfolio Companies Röder AG,SMB SA,CLS Communication AG, Bauwerk Parkett AG

Investment Preferences

Size of Investment CHF 30-250m Investment Stages Buyout Buyin, Succession Industrial Sectors Industrial &Consumer, Productsand Services Geographical Focus Switzerland,Germany, Austria Type of Financing

Short CompanyProfile

ZurmontMadison Management AG was founded in 2006 based on theinitiativeofZurmont Management AG and Madison Management AG,both private equity companies basedinZurichand active since 1986 and 2001 respectively. Zurmont Madison is managing Zurmont MadisonPrivate Equity L.P. which is focused exclusively on controlling investments in thecontext of succession solutions and management buyouts or buyins of established mid-sizecompanies in Switzerland,Germany and Austria. The currentfund held its final closewithcommitments of CHF 250minDecember2008.

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194 SECASECAYearYearbbookook20102010

Associate Members

195 SECASECAYearYearbookbook20102010

AAA -Corporate Finance Advisers AG

ContactInformation

AddressIndustriestrasse 54 8152 Glattbrugg TelephoneNo/Fax No +41 44 829 62 80 /+41 44 829 62 73 E-mailAddress for General Enquiries WebAddress www.aaa-cfa.com

Company Information

Key Person Mr. SilvioCampestrini Year of Establishment 2003 NumberofEmployees 5

Short Company Profile

Mergers &Acquisitions, Due Diligence, Corporate Finance, ArrangingFinances also for properties

ABTell Wertschöpfungs AG

Contact Information

Address AlteSteinhauserstrasse 1 6330 Cham Telephone No /Fax No +41 41 748 62 82 /+41 41 748 62 83 E-mail Address for General Enquiries [email protected] Web Address www.abtell.ch

Company Information

Key Person Mr. Andreas Baumann Mr.Sten Schreiber Year of Establishment 2007 Number of Employees 2

Short Company Profile

DieABTell Wertschöpfungs AG ist eine langfristig orientierte, unternehmerisch handelnde Beteiligungsgruppe mit Sitz in ChamZG. Sieinvestiert in substanzstarkeund technologisch-innovative SchweizerUnternehmen kleinerer und mittlererGrösse(KMU) des sekundären Sektors,umderen Zukunft zu sichern. Ziel der ABTell ist die Erhaltung bestehender und Schaffung neuer Wertedurch dielangfristigeStärkungdes Wirtschaftsstandorts Schweiz und die nachhaltige Entwicklung derdamit verbundenen Arbeitsplätze.

196 SECASECAYearYearbookbook20102010

AlexanderHughes Switzerland

ContactInformation

Address 14 bvdGeorges-Favon 1204 Geneva Telephone No /Fax No +41 22 319 27 10 /+41 22 319 27 15 E-mailAddress for General Enquiries WebAddress www.alexanderhughes.com

Company Information

Key Person Mr. Richard Aeschmann Year of Establishment 2002 NumberofEmployees 5

Short Company Profile

AlexanderHughesisanexecutive searchfirm dedicated to helping you acquireand retain the vital human capital you need to achieveyour strategic businessgoals.

Alternative Capital Management AG

Contact Information

Address Dreikönigstrasse 45 8002 Zürich Telephone No /Fax No +41 44 787 33 33 /+41 44 787 33 30 E-mail Address for General Enquiries [email protected] Web Address www.acmanagement.ch

Company Information

Key Person Mr. David Guggenheim Mr. MarkusHuber Mr. GiulioAnderheggen Mr. Stefan Peller Year of Establishment 2005 NumberofEmployees 12

Short Company Profile

197 SESECACA YearYearbookbook20102010

Alternative Capital Partners AG

Contact Information

Address Stockerstrasse 50 8002 Zürich Telephone No /Fax No +41 44 787 88 66 / E-mail Address for General Enquiries [email protected] Web Address www.alternativecapital.ch

Company Information

Key Person Mr. Christian Walliker Year of Establishment2003 NumberofEmployees 6

Short Company Profile

Independent placement agencyand advisors based in Zurich with astrong network in Switzerland, Germany, Austria, France and UK. Raising Private Equity for directinvestments. Have amultilingual team with astrong background in financial expertise.

Aon Mergers &Acquisitions Group Switzerland

Contact Information

Address Badenerstrasse 66 8027 Zürich TelephoneNo+41 44 925 22 86 E-mailAddress for General Enquiries WebAddress www.aon.com/ch/mergers

Company Information

KeyPersonMr. Hansjörg Pezzei YearofEstablishment 1997 NumberofEmployees180

ShortCompany Profile

insurance consultants, risk management

198 SECASECAYearYearbookbook20102010

Appleby

Contact Information

Address Bahnhofstrasse52 8001 Zürich Telephone No /Fax No +41 44 214 65 25 /+41 44 214 65 24 E-mailAddress for General Enquiries WebAddress www.applebyglobal.com

Company Information

Key Person Mr. Jonathan Vanderkar Year of Establishment 2008 Number of Employees 4

Short Company Profile

Leading international offshore law firm.

ARALON AG

ContactInformation

Address ChurerStrasse135 8808 Pfäffikon,SZ Telephone No /Fax No +4155416 26 30 /+41 55 416 26 33 E-mail Address for General Enquiries [email protected] Web Address www.aralon.ch

Company Information

Key Person Dr. Werner Hane Year of Establishment 2005 NumberofEmployees 5

Short Company Profile

ARALON is amanagement consulting firm with following main fields of expertise: commercial duediligence, post mergerintegration, growthstrategies, business modelling, turnaround and change management.

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BadertscherRechtsanwälteAG

Contact Information

Address Grafenauweg 6 6304 Zug Telephone No /Fax No +41 41 726 60 60 /+41 41 726 60 66 E-mail Addressfor General Enquiries [email protected] Web Address www.b-legal.ch

Company Information

Key Person Dr.Thomas M. Rinderknecht Year of Establishment 1995 /2009 NumberofEmployees 45

Short Company Profile

As amedium-sized law firm, Badertscher Rechtsanwälte AG concentratesonedbusiness sectors and core competences in internationaland commercial law, suchastax-optimised internationalholding, trading and investmentstructures, M&A, IPOs, international business transactions, private equity and venture capital, advertising andmarketing concepts, businesssuccessions and the managementofinternationaldisputes.

Baker &McKenzie

Contact Information

Address Zollikerstrasse225 8038 Zürich Telephone No /Fax No +41 44 384 14 14 /+41 44 384 12 84 E-mail Address for General Enquiries [email protected] WebAddress www.bakermckenzie.com

Company Information

Key Person Mr. Martin Frey Year of Establishment 1949 NumberofEmployees140

ShortCompany Profile

With offices in Zurich and Geneva, Baker &McKenzie is one of the largest law firmsinSwitzerland. Ourteamof more than80lawyers provides afull rangeoflegal servicesinthe Private Equity and M&Aarea.

200 SECASECAYearYearbookbook20102010

Banca delloStato del Cantone Ticino

Contact Information

Address VialeH.Guisan 5 6501Bellinzona TelephoneNo/Fax No +41 91 803 71 11 /+41 91 803 71 70 E-mailAddress for General Enquiries WebAddress www.bsct.ch

CompanyInformation

KeyPersonDr. Curzio De Gottardi Year of Establishment NumberofEmployees

Short Company Profile

Universalbank

We make complex issues simple Youneed pe advisorswho understand morethan legal requirements and investment options. Theyneed to appreciate the diverse interests of the parties, the dynamics of the investment lifecycle and other intangibles of value creation. Theyalso need topquality project management skills and the ability to integratecross-border teams. at Baker &mckenzie Zurich, we makecomplex issues simpleand deliver servicethat is pragmatic and matches businessneed. it’savalue our clients noticeand appreciate. in particular,wecan provide youwith legal and taxadvicewith regardtothe following pe transactions: •acquisitions and Divestitures •management Buy-outs •acquisition Finance •Financial Restructurings and Reorganisations •Ventureinvestments •ipo’sand TakeoverBids To learn more, please visit us at www.bakermckenzie.com. primary contact forprivateequity and related transactions: Zurich Geneva martin Frey and Dr.urs schenker martin anderson and Denis Berdoz Zollikerstrasse225, 8034 Zürich, Rue pedro-meylan 5, 1208 Geneva, Tel. +41 44 384 14 14, Tel: +41 22 707 98 00, [email protected] [email protected] 201 SECASECAYearYearbookbook20102010

BaumgartnerMächlerRechtsanwälte

ContactInformation

Address Sihlporte 3/Talstrasse 8022 Zürich Telephone No /Fax No +4144215 44 77 /+41 44 215 44 79 E-mail Address for General Enquiries [email protected] Web Address www.bmlaw.ch

Company Information

KeyPersonDr. Dirk Hartmann Year of Establishment 1999 NumberofEmployees 20

Short Company Profile

Baumgartner Mächler is alaw firm located in central Zurich whichspecialisesinnational and international legal matters. We advise and represent individuals as well.

BaxCapital AdvisorsAG

Contact Information

AddressLindenstrasse41 8008 Zürich Telephone No /Fax No +41 43 268 49 52 /+41 43 268 49 54 E-mail Address for General Enquiries [email protected] WebAddress www.baxcapital.com

Company Information

Key Person Mr. Alexander Pfeifer Year of Establishment NumberofEmployees

Short Company Profile

BaxCapital is aSwiss private equity firm providing capital and management supporttomediumsized companies in "Special Situations".

202 SECASECAYearYearbookbook20102010

Beck Group Ventures

ContactInformation

Address 2nd Floor,Berkeley SquareHouse GB-London W1J 6BD TelephoneNo/Fax No +44 (0) 20 7887 1591 /+44 (0) 20 7887 1571 E-mailAddress for General Enquiries WebAddress www.the-beck-group.com

Company Information

Key Person Ms. MadeleineBeck-Wagner Year of Establishment NumberofEmployees

Short Company Profile

Independent placement advisors based in London withastrong networkinthe UK and Continental Europe. Raising private equity for funds and fund of funds of between EUR 100 -500 million,EUR 5-50 million for direct investments. Have multilingual team with strong industryand finance background and expertise.

Binder Corporate Finance AG

Contact Information

Address Spitalgasse 32 Tödistrasse46 3001 Bern 8002 Zürich Telephone No +41 31 326 18 18 +41 44 268 45 35 Fax No. +41 31 326 18 19 +41 44 268 45 36 E-mail Address for General Enquiries [email protected] Web Addresswww.binder.ch

CompanyInformation

KeyPersonDr. PeterBinder Mr. KonradAlthaus Dr. RobertoTracia Year of Establishment 1995 NumberofEmployees 10

Short Company Profile

Mergers &Acquisitions, Corporate Finance, Management Coaching

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Blum&GrobRechtsanwälte AG

Contact Information

Address Neumühlequai 6 8021 Zürich TelephoneNo/Fax No +41 58 320 00 00 /+41 58 320 00 01 E-mail Addressfor GeneralEnquiries [email protected] Web Addresswww.blumgrob.ch

Company Information

Key Person Mr. Ralf Rosenow Year of Establishment 2008 NumberofEmployees 32

Short Company Profile

Legal and tax advise in M&A-, MBO-, START-UP- restructuring and similartrasactions, IPOs and subsequent rightsissues.

Borel &Barbey

Contact Information

Address rue de Jargonnant 2 1211 Genève 6 Telephone No /Fax No +41 22 707 18 00 /+41 22 707 18 11 E-mailAddress for General Enquiries Web Address www.borel-barbey.ch

Company Information

Key Person Mr. Nicolas Killen Year of Establishment 1907 NumberofEmployees 80

Short Company Profile

The Firm wasestablished in 1907 in Geneva. It providesadvice notably in banking andfinance law, corporate law, mergers&acquisitions as well as tax laws in domestic andcross-border transactions. It advisesprivate equity funds and promoters.

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Boyden global executive search

ContactInformation

AddressGotthardstrasse 55 8027Zürich TelephoneNo/Fax No +41 43 344 40 90 /+41 43 344 40 99 E-mailAddress for General Enquiries WebAddress www.boyden.ch

Company Information

KeyPersonMr. Markus Brunner Year of Establishment 1946 NumberofEmployees 7

Short Company Profile

Boyden is agloballeader in the executivesearchindustrywith more than 80 offices in more than 40 countries. Foundedin1946 Boyden specializes in high level executive search, Human capital consulting and Interim Management across abroad spectrum of industries.

Bruppacher Hug &Partner, Attorneys at Law

Contact Information

Address Zollikerstrasse58 8702 Zollikon TelephoneNo/Fax No +4144396 31 31 /+41 44 396 31 32 E-mail Addressfor GeneralEnquiries [email protected] Web Addresswww.bhp.ch

Company Information

Key PersonDr. C. Mark Bruppacher Year of Establishment 1993 NumberofEmployees

Short Company Profile

Company and Financial law

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Bünter Management AG

Contact Information

Address Seedammstrasse 3 8808 Pfäffikon Telephone No /Fax No +41 55 417 45 83 /+41 55 417 45 84 E-mailAddress for General Enquiries WebAddress www.buenter.ch

CompanyInformation

Key Person Mr. Andreas Bünter Year of Establishment 2004 NumberofEmployees

Short Company Profile

Businesssuccession planningand execution for entrepreneursbases in Switzerland, including executive search and financing advice.

Burson-Marsteller AG

Contact Information

Address Grubenstrasse 40 8045 Zürich TelephoneNo/Fax No +41 44 455 84 00 /+41 44 455 84 01 E-mail Addressfor GeneralEnquiries [email protected] Web Address www.b-m.ch

Company Information

KeyPersonMr. Martin Hofer Year of Establishment 1971 NumberofEmployees 60

Short Company Profile

Burson-Marsteller is one of Switzerland`s leading public relations and communications Consulting companies, investor relations beingone of the care competences

206 SECASECAYearYearbookbook20102010

CapventAG

Contact Information

AddressDufourstrasse 24 8008 Zürich Telephone No /Fax No +41 43 500 50 70 /+41 43 500 50 79 E-mailAddress for General Enquiries WebAddress www.capvent.com

Company Information

Key Person Mr. Tom Clausen Year of Establishment 2000 NumberofEmployees 25

Short Company Profile

Capventisanexclusive Private Equity Fund of Fund.Manager/Advisor investing globally acrossall sub asset classes. We haveofficesinZurich, Chicagoand India.

CareyAG

Contact Information

Address Alderstrasse 49 8034 Zürich Telephone No /Fax No +41 43 499 11 44 /+41 43 499 11 55 E-mail Addressfor GeneralEnquiries [email protected] Web Addresswww.careygroup.ch

Company Information

KeyPerson Mr. Urs Specker Year of Establishment 2003 NumberofEmployees 5

Short Company Profile

As part of the Carey Group and in cooperation with CareyOlsenlaw office in Guernsey, Carey AG offers project management, advisory,incorporation andadministration services with aparticularfocus on cross-border transactions forboth privateand institutional clients.

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CEPAXSustainableSolutions AG

ContactInformation

AddressRietstrasse 50 8702 Zollikon TelephoneNo/FaxNo+41 44 392 16 66 /+41 44 392 16 20 E-mail Addressfor GeneralEnquiries [email protected] Web Addresswww.cepax.ch

Company Information

Key Person Ms. Alexandra Tschopp Year of Establishment 2005 NumberofEmployees 1

Short Company Profile

Strategicadvisoryfirm in thesectoroffinancial services and with afocus on family offices and family businesses.

CFOxpert AG

Contact Information

AddressBinzstrasse 18 8045 Zürich Telephone No /Fax No +41 44 455 64 20 /+41 44 455 64 29 E-mail Address for General Enquiries [email protected] Web Addresswww.cfoxpert.com

Company Information

Key Person Mr. Beat Zwahlen Year of Establishment 2003 Number of Employees 8

Short Company Profile

CFOxpert provides advisory and managementservices by ateam of senior CFOs with international management track record.Acting as consultants, project managers or CFOs, CFOxpert supports post deal tasks and M&A transactions in the field of Private Equity&CorporateFinance. Key services include stakeholder information & controlling solutions,design and standardization of group processes and definitions, implementation of industrial accounting concepts, redesign of finance &controllingorganization, working capitalrestructuring,business planning andbusinessplandue diligences.

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CFPBusinessConsulting AG

Contact Information

Address Landstrasse 217 FL-9495Triesen Telephone No /Fax No +423 373 87 22 /+423 373 87 21 E-mailAddress for General Enquiries WebAddress www.cfp-ag.com

Company Information

Key Person Mr. Wolfgang Schmid YearofEstablishment NumberofEmployees

Short Company Profile

CFP CorporateFinance, Controlling &Accounting Services is focused on continuouscontrolling and valuation services (shared servicecenter for accounting and controlling), specificly for investmentcompanies and private investors. CFPisassisting companiesinorganising their reporting basedoninternationalstandard,assistingthem in their planning process, to achievetheir controllingobjectives,inaccordance with theinvestors requirements. CFPisoffering clients ready to use solutions to speed up their management reporting andvaluation of a reporting unit (value management &cockpit). Permanently updated figures andadditionally (manually) entered value drivers allow the simulation of variousscenarios on the spot, e.g. duringmeetings. STC Assurance & Advisory Services, ourpartner company, offersadditionalytransaction and auditing services regarding process- and riskmanagement.

www.cfp-equity.com Equity AG

CFP Equity AG

Beteiligungsgesellschaft für KMU-Unternehmen in Nachfolgesituationenoder Wachstumsphasen

MBO,MBI,Spin-off‘s, Akquisitions- und Wachstums-Finanzierungen

KonzentrierenSie sich aufIhr Kerngeschäft; wirstellen fürSie sicher, dass Siedie notwendige Liquidität, Rentabilität und Wertsteigerung damit erreichen –

www.cfp-equity.com www.cfp-ag.com

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ClaridenLeu AG

Contact Information

Address Bahnhofstrasse32 8070 Zürich Telephone No /Fax No +41 58 205 21 11 /+41 58 205 21 91 E-mailAddress for General Enquiries WebAddress www.claridenleu.com

Company Information

Key PersonDr. Peter Labhart Year of Establishment NumberofEmployeesApprox. 1500

ShortCompany Profile

CMS vonErlachHenrici AG

Contact Information

Address Dreikönigstrasse 7 8022 Zürich Telephone No /Fax No +41 44 285 11 11 /+41 44 285 11 22 E-mailAddress for GeneralEnquiries [email protected] WebAddress www.cms-veh.com

CompanyInformation

Key PersonMr. Stefan Brunnschweiler Year of Establishment 1936 NumberofEmployees110

ShortCompany Profile

CMS von ErlachHenrici has 55 specializedlawyers and tax expertsbased in Zurich andprovidesexpertadvicein domestic and cross-border M&A, corporate and financial transactionsaswell as commercialprojects to clients. As partofCMS,aiming to be recognised as thebestEuropeanprovider of legal and tax advice, the firm has access to an internationalnetwork of more than 2,400 lawyers in 53 offices in Western and Central Europe, including the emergingmarkets in CEE. CMS von Erlach Henrici is afull-service commercial lawfirm offeringcomprehensive, solution drivenlegal advice to companies,institutions and individuals both on the nationallevel and in an international environment. CMS von Erlach Henrici ensures quality and efficiency.All attorneyscomplete postgraduate studies andgain practical experience abroad,mostly in the United StatesorEngland. The lawyers offeradvice in German, English,Frenchand Italian, which enables the firm to provideservicesthroughout Switzerland.

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COFIDEP SA

ContactInformation

Address Place de la Gare51 2900 Porrentruy Telephone No /Fax No +41 32 466 15 92 /+41 32 466 64 82 E-mail Address for General Enquiries [email protected] Web Address

Company Information

Key Person Mr. Günther B. Pamberg Year of Establishment 1986 NumberofEmployees

Short Company Profile

ConnexionCapital Inc.

Contact Information

Address 15 Rue De Candolle 1205 Geneva TelephoneNo+41 787 50 57 79 E-mail Address for General Enquiries [email protected] Web Addresswww.connexioncapitalinc.com

Company Information

Key Person Mr. Andrew Graham Year of Establishment 2005 NumberofEmployees 1

Short Company Profile

211 SESECACA YearYearbookbook20102010

Constellation Switzerland Ltd.

ContactInformation

Address Seestrasse104 8802 Kilchberg Telephone No /Fax No +41 44 482 66 66 /+41 44 482 66 63 E-mail Address for GeneralEnquiries [email protected] Web Address www.constellation.ch

Company Information

KeyPersonMr. MarinusSchmitt Year of Establishment 2007 NumberofEmployees 5

Short Company Profile

Constellationprovides private equityand consulting services for market expansion and strategydevelopmentin wireless and web related industries and financialservices. Constellation works withentrepreneurs and aselected groupofinvestors.

CTIStart-up

Contact Information

Address Effingerstrasse 27 3003 Bern Telephone No /Fax No +41 31 324 04 35 /+41 31 322 21 15 E-mail Addressfor General Enquiries [email protected] Web Addresswww.ctistartpu.ch

CompanyInformation

Key Person Ms. Karin Zingg Year of Establishment 1996 NumberofEmployees 58

Short Company Profile

CTIStart-up promotesimmediate benefit of the scientific andtechnologies worked outbyresearches and entrepreneurs.Accompanies start-upcompanies in the domainof innovative high-technologiesProvides networking andmultiple corporation.

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Die SchweizerischePost /PostFinance

ContactInformation

AddressViktoriastrasse21 3030 Bern Telephone No /Fax No +41 58 338 82 27 /+41 58 338 74 80 E-mailAddress for General Enquiries WebAddress www.post.ch

Company Information

Key PersonMr. Stefan Blattert Year of Establishment NumberofEmployees52'000

Short Company Profile

Dr. BjørnJohansson Associates Inc.

Contact Information

AddressUtoquai29 8008 Zürich Telephone No /Fax No +41 44 262 02 20 /+41 44 262 02 21 E-mail Addressfor GeneralEnquiries [email protected] Web Address www.johansson.ch

Company Information

Key Person Dr. Bjørn Johansson YearofEstablishment 1993 NumberofEmployees 10

Short Company Profile

Dr.BjornJohanssonAssociatesisaglobalexecutive search firm that concentrates exclusively on recruitingCEOs, Presidents, Managing Directors and Board Members forselect top-tier corporations and institutions.

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DRSdigital AG (Data Room Services)

ContactInformation

AddressBaarerstrasse 101 6300 Zug Telephone No /Fax No +41 41 767 44 10 oder +41 41 767 44 14 /+41 41 767 44 11 E-mail Address for General Enquiries [email protected] Web Address www.drs-digital.com

Company Information

Key Person Mr. Jan Hoffmeister Year of Establishment 2001 Number of Employees 50

Short Company Profile

DRSist derführende Anbietervon Datenraumlösungen, insbesondere für Online-due-Diligence, für grosse Portfoliotransaktionen im Immobilienbereich sowiefür komplexe Transaktionen im Bereiche M&A. Kreditkonsortien, Non-performing Loans und IPOs. UnserSchwerpunkt liegt auf der Einrichtung und Verwaltung sicherer Datenräume, die sich an den Bedürfnissen unsererKunden ausrichtensowie derErbringung von Transaktions-Services.

Dynamics Group AG

Contact Information

AddressUtoquai 43 8008 Zürich Telephone No /Fax No +41 43 268 32 32 /+41 43 268 32 39 E-mailAddress for General Enquiries WebAddress www.dynamicsgroup.ch

Company Information

Key Person Mr. Edwin van der Geest Year of Establishment 2006 NumberofEmployees 28

Short Company Profile

Dynamics GroupAGcombines strategic (communication) advisory, communication managementand research & analysis.Weare apartner for private equityand public firms,privatecompanies and Corporate Finance teams and boutiques. Team size as of today: 28 in Switzerland and >25inIndia, offices in Zurich, Bern and Geneva.

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Economic Development of the Canton of Zurich /Standortförderung

ContactInformation

Address Walchestrasse19 8090 Zürich Telephone No /Fax No +4143259 49 86 /+41 43 259 51 71 E-mailAddress for General Enquiries WebAddress www.location.zh.ch /www.finanzplatz-zuerich.ch

Company Information

Key Person Ms. Sabine Klucken Mr. MarkusAssfalg Year of Establishment NumberofEmployees

Short Company Profile

The Office for Economic Development is the contact point for resident companies as well as those interested in setting up abusiness in the Canton of Zurich. We facilitate,accelerate and establish networks to serve as abridge between business and public administration. Our core competencies andactivitiesare:-Assistcompanies with setting up an office in Zurich -Managementofcluster initiativesand networks -Work permitsfor non-EU/EFTA citizen -Facilitation of administrative procedures

EdgarBrandt AdvisorySA

Contact Information

Address RoutedePré-Bois 20 1215 Genève 15 Telephone No /Fax No +41 22 799 42 80 /+41 22 799 42 89 E-mail Address for General Enquiries [email protected] Web Address www.eb-advisory.com

CompanyInformation

Key Person Mr. Edgar Brandt Year of Establishment 2005 NumberofEmployees 6

Short Company Profile

EdgarBrand Advisory provides services tailored to the specific needs of private equity investors. We support investorsthoughall phases of their investments life-cycle.

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Effinance Private Equity AG

Contact Information

Address Bürglistrasse 8 8002 Zürich Telephone No /Fax No +41 44 396 10 00 /+41 44 396 10 09 E-mail Addressfor GeneralEnquiries [email protected] Web Addresswww.effinance.ch

Company Information

Key Person Mr. Simon Schrämli Year of Establishment 2007 NumberofEmployees 5

Short Company Profile

Die Effinance Private Equity AG ist ein exklusives Unternehmen mitSitz in Zürich, welches im Private Equity Business tätig ist. Unsere finanzielle und unternehmerische Unabhängigkeit erlaubt es uns, eigene Beteiligungen aufzubauen, zu betreuenund zu gegebenerZeit wieder zu veräussern. Dabeirichtet sich unserInvestmentfokus auf wachstumsstarke, nicht börsenkotierteUnternehmen, welche in ihrer Branche aufgrundihrer innovativen Überlegenheit einendeutlichen Wettbewerbsvorteil aufweisen. Wir analysieren die Zielgesellschaften die für eine Beteiligung in Fragekommenmit absoluterSorgfalt und führen eine Due Diligence (Stärken-/Schwächen-Analyse) mit professionellen Beratern durch. Unser Investmentfokus richtet sich auf die Bereiche Biotechnologie, Medizinaltechnik, Life Science, Dienstleistungen, Immobilien und auf attraktive Industriebereiche. Die Zielgesellschaften müssen sich mit ihren Produkten in einemWachstumsmarkt mit attraktiven Margenbefinden. Der geographische Schwerpunkt liegt in der Schweiz. Unser Investitionshorizont liegtzwischen 2und 5Jahren. Eine enge Zusammenarbeit mitden Co-Investorenund eine starke Unterstützungdes Managements sehen wir als unverzichtbaren Schlüsselzum Erfolg.

Egger&Egger AG

Contact Information

Address Haffnerstrasse 17 4502 Solothurn TelephoneNo/Fax No +41 32 625 85 10 /+44 32 625 85 19 E-mailAddress for General Enquiries WebAddress www.egger-egger.ch

Company Information

Key Person Mr. Roger Egger Dr. Andrée Arth Year of Establishment 1981 NumberofEmployees 3

Short Company Profile

Turnarounds,Mergers &Acquisitions, corporate Finance

216 SECASECAYearYearbookbook20102010

EgonZehnder Associes SA

ContactInformation

Addresscours de Rive 10 1204 Genève TelephoneNo/Fax No +41 22 849 68 68 /+41 22 849 68 78 E-mail Addressfor GeneralEnquiries [email protected] Web Address www.egonzehnder.com

Company Information

Key Person Mr. Jean-Pierre Pedrazzini Year of Establishment 1962 Number of Employees 50

Short Company Profile

EgonZehnder international (EZI) is thelargest privatelyheldsearchFirm with62offices in 38 countries.The firm Specializes in SeniorExecutive andBoardsearch, boardconsulting, Management Appraisals,and Talent Management. Mr. Pedrazziniadvises private Equity as well as VentureCapital firmsinSwitzerland,. In addition he manages therelationshipwith several Swiss-listed SMIcompanies at the CEO/board level. Mr. Pedrazzini leads the private Capital activities of EZI in Switzerland and has been acore memberofglobal practicesince he joined EZI some 13 years ago.

Euro-Private Equity S.A.

Contact Information

Address Chemin du Pavillon 5 1218 Geneva Telephone No /Fax No +41 22 788 53 75 /+41 22 788 53 76 E-mailAddress for General Enquiries WebAddress www.euro-pe.com

Company Information

KeyPersonMr. Eric Deram Year of Establishment 2005 NumberofEmployees 5

Short Company Profile

217 SECASECAYearYearbookbook20102010

FRCUnternehmensberatungGmbH

Contact Information

Address Schladstrasse 12 5425 Schneisingen Telephone No /Fax No +41 56 241 24 38 /+41 56 241 23 68 E-mail Addressfor General Enquiries [email protected] Web Addresswww.ruhier.ch

CompanyInformation

Key Person Mr. Felix Ruhier Year of Establishment 1993 Number of Employees 1

Short Company Profile

Beratung vonKMU in finanziellen Belangensowie Support bei Kauf, Verkauf,Sanierung, Finanzierungen und Nachfolgeregelungen.

Froriep RenggliRechtsanwälte

Contact Information

Address Bellerivestrasse 201 8034 Zürich Telephone No /Fax No +41 44 386 60 00 /+41 44 383 60 50 E-mail Address for General Enquiries [email protected] Web Addresswww.froriep.com

Company Information

Key Person Dr.Beat M. Barthold Year of Establishment1966 NumberofEmployees 83

Short Company Profile

corporate &commerciallaw,intellectual property, litigation,arbitration

218 SECASECAYearYearbookbook20102010

FundStreetAG

Contact Information

Address Löwenstrasse 11 8001 Zürich Telephone No /Fax No +41 44 210 42 06 /07/+41 44 210 42 08 E-mailAddress for General Enquiries WebAddress www.fundstreet.com

Company Information

KeyPersonMr. HerbertKahlich Year of Establishment 1999 NumberofEmployees 3

Short Company Profile

Development and partnershipofSwiss General and Limited Partnerships. Business /Management Consultancy along the value chain.

G&FSCapital Invest AG

Contact Information

AddressSt. Peterstrasse11 8070 Zürich Telephone No /Fax No +41 43 344 54 64 /+41 43 344 54 74 E-mailAddress for General Enquiries Web Address

Company Information

Key Person Mr. Daniel Mühlemann Year of Establishment 1998 NumberofEmployees

Short Company Profile

Allsectors served, butnot financial industry

219 SESECACA YearYearbookbook20102010

GHR Rechtsanwälte AG

Contact Information

AddressBahnhofstrasse64 8001 Zürich Telephone No /Fax No +41 58 356 50 00 /+41 58 356 50 09 E-mail Addressfor GeneralEnquiries [email protected] Web Address www.ghr.ch

Company Information

Key Person Mr. Michael Walther Year of Establishment1992 NumberofEmployees 22

Short Company Profile

GHR is aboutique law firm with offices in Zurich and Bern-Muri focussed exclusively on business law. Our fields of practices include Corporate, Mergers andAcquisitions, Private Equity, Banking, Capital Markets and Finance, Energyand Natural Resources,Tax, Intellectual Property and Technology, Insolvency andRestructuring, Litigation and Dispute Resolution. GHRisarecognized representative for the listing of securitiesatthe SWXSwiss Exchange. In Addition, GHR is amemberofLAW (LawyersAssociated Worldwide), an international network of independentcommerciallaw firms, as well as of theEnergyLaw Group (ELG), an association of leadingEuropean lawfirms in the energy sector.

Good Energies

Contact Information

Address Grafenauweg 4 6301 Zug Telephone No /Fax No +41 41 560 66 60 /+41 41 560 66 66 E-mail Addressfor General Enquiries [email protected] Web Address www.goodenergies.com

Company Information

Key Person Mr. Stefan Schönbeck Year of Establishment 2001 NumberofEmployees 10

Short Company Profile

Good energies is aleading global investor in renewable energy and energy efficiency industries. The firm invests in solar, turbine-basedrenewables, green building technologies and other emerging areas within clean energy. Foundedin2001, Good Energies manages the renewableenergy portfolioofCOFRA,afamily owned and managed group of companies.

220 SECASECAYearYearbookbook20102010

Heidrick &Struggles

ContactInformation

Address Albisstrasse 152 8038 Zürich TelephoneNo/Fax No +44 488 13 13 /+44 488 13 00 E-mailAddress for General Enquiries WebAddress www.heidrick.com

Company Information

Key Person Mr. Wolfgang Schmidt-Soelch Year of Establishment 1953 in Chicago Number of Employees 29

Short Company Profile

Heidrick&Struggles provides exceptional serviceand expertise to deliver effectiveleadership solutions for clients. We are the worlds premier provider of senior-level executive search and leadership consulting services, including talents management,boardbuilding, executive on-boarding and M&A effectiveness.

Hirzel.Neef.Schmid.Konsulenten

Contact Information

Address GottfriedKeller-Strasse 7Rue de Malatrex 50 8024 Zürich 1211 Geneva Telephone No +41 43 344 42 42 +41 22 340 28 45 Fax No +41 43 344 42 40 +41 22 940 26 27 E-mail Address for General Enquiries [email protected] Web Address www.konsulenten.ch

Company Information

Key Person Mr. Andreas S. Thommen (Zurich) Ms. Marie-HélèneHancock (Geneva) YearofEstablishment 1996 Number of Employees 11

Short Company Profile

Strategy, corporatecommunications &investor relations consultants

221 SESECACA YearYearbookbook20102010

Homburger AG

ContactInformation

AddressWeinbergstrasse56/58 8006 Zürich Telephone No /Fax No +41 43 222 10 00 /+41 43 222 15 00 E-mail Address for General Enquiries [email protected] Web Addresswww.homburger.ch

Company Information

Key Person Dr. Dieter Gericke YearofEstablishment1957 NumberofEmployees some 180

Short Company Profile

Homburgerhas some 120 lawyers and tax experts experiencedindomesticand cross-borderm&a,corporateand financial transactions as well as commercialprojects. Homburgerisdedicated to bringing its clientsendeavors to a success. Our practice teams include Corporate and Transactions (m&a, equity, securities, corporate and commercial), Banking and Finance,Tax, Intellectual Propertyand Technology,Competition, Litigation and Abitration.

Humatica AG

Contact Information

Address Forchstrasse 239 8032 Zürich Telephone No /Fax No +41 44 955 11 01 /+41 44 955 11 02 E-mail Addressfor General Enquiries [email protected] Web Address www.humatica.com

Company Information

Key PersonMr. Andros Payne Year of Establishment2003 NumberofEmployees 20

Short Company Profile

Humatica is aspecialized consultancythat workswith corporations, private equityinvestors andtheirportfolio companies to make high-impact changes in the waytheyare organizedand staffed. We enable CEOs to increase theagility of their organizationsand shake off the complacency that so often destroys successful businesses. Humaticas unique solution to re-energize companies eliminates counter-productive behaviors and structures,re- allocates resources accordingtonew market realities, assigns the right people with the right skills to the right jobs, and puts processes in place to ensure the sustainability of performanceimprovements. Our tools andapproachare particularlyvaluable for companies that need to shift their organizationsquickly in order to execute anew strategy or improve an under-performing business.

222 SECASECAYearYearbookbook20102010 innoValuation Partners GmbH

ContactInformation

Address Sonnhalde 7 6045 Meggen TelephoneNo+41 79 358 68 71 E-mail Addressfor General Enquiries [email protected] Web Address www.innovaluation.ch

Company Information

Key Person Mr. Thomas Heimann Year of Establishment2009 NumberofEmployees 3

Short Company Profile innoValuation PartnersGmbH is an independent service and solutionprovider in corporate finance in the Healthcare Industry. The company elaborates customised market and investment analysis in collaboration with their network of experts.

Integra Holding AG

Contact Information

Address Hammerweg 8304 Wallisellen Telephone No /Fax No +41 43 233 30 10 /+41 43 233 30 11 E-mailAddress for General Enquiries WebAddress www.integra.ch

Company Information

KeyPersonMr. Adrian Oehler Year of Establishment NumberofEmployees

Short Company Profile

223 SECASECAYearYearbookbook20102010

iploit AG

ContactInformation

AddressWitikonerstrasse80 8032 Zürich Telephone No +41 44 389 75 75 E-mail Address for General Enquiries [email protected] Web Addresswww.iploit.com

Company Information

Key Person Dr. Iwan von Wartburg Year of Establishment 2008 NumberofEmployees 4

Short Company Profile

IRFCommunications AG

Contact Information

Address Rämistrasse4 8024 Zürich Telephone No /Fax No +41 43 244 81 44 /+41 43 244 81 45 E-mail Address for General Enquiries [email protected] Web Address www.irfcom.ch

Company Information

KeyPersonMr. Martin Meier-Pfister Year of Establishment NumberofEmployees 7

Short Company Profile

Financial PR Consultancy

224 SECASECAYearYearbookbook20102010

Kehrli&Zehnder Global Wealth Management AG

Contact Information

Address Gartenstrasse 33 8002 Zürich Telephone No /Fax No +41 44 222 18 18 /+41 44 222 18 50 E-mailAddress for General Enquiries WebAddress www.kehrlizehnder.com

Company Information

Key Person Mr. Stephan Kehrli Year of Establishment Number of Employees

Short Company Profile

Kehrli &Zehnder is an independent financialconsulting company. Core competences: comprehensive Asset management and Multi family Office.

KellerhalsAnwälte

ContactInformation

Address Kapellenstrasse14Hirschgässlein11Rämistrasse 5 3001 Bern 4010 Basel 8024 Zürich Telephone No +41 58 200 35 00 +41 58 200 30 00 +41 58 200 39 00 Fax No +41 58 200 35 11 +41 58 200 30 11 +41 58 200 39 11 E-mail Addressfor General Enquiries [email protected] Web Addresswww.kellerhals.ch

CompanyInformation

Key Person Dr.Beat Brechbühl Year of Establishment 1975 NumberofEmployees150

ShortCompany Profile

Kellerhals, afullservice lawfirm with about 71 attorneys in 3offices. The firm offers afullrange of legal services fornationaland internationalclients in all areas of corporate and commercial law, with particularemphasis on M&A,financial and tax services including capital markets, litigation and arbitration.

225 SESECACA YearYearbookbook20102010

KennedyFitch GmbH

ContactInformation

AddressChreienweg 3 8126 Zumikon Telephone No +41 44 980 00 45 E-mailAddress for General Enquiries WebAddress www.kennedyfitch.com

Company Information

Key PersonMs. MargaretRikhof Year of Establishment NumberofEmployees

Short Company Profile

KennedyFitchprovides activein-placements services forsuccessfulexecutives who would liketopursue acareer transition. Contentedwiththeir currentrole but keen to explorenew options.For talentedpeople with upward potential we pro-actively seekcontact with thecompaniesoftheir choice to identify which positions areout there. Refered executive search is how this process is called. Formore information please visit www.kennedyfitch.com

Kessler &CoInc.

Contact Information

AddressForchstrasse 95 8032 Zürich Telephone No /Fax No +41 44 387 87 11 /+41 44 387 87 00 E-mail Addressfor GeneralEnquiries [email protected] Web Address www.kessler.ch

Company Information

Key PersonMr. Klaus Peretti Year of Establishment1915 NumberofEmployees230

ShortCompany Profile

Risk Management and Insurance Broking Services with dedicated global speciality practice for the Private Equity andM&A community

226 SECASECAYearYearbookbook20102010

Kurmann Partners AG

Contact Information

Address Lintheschergasse 21 8021 Zürich Telephone No /Fax No +41 44 229 90 90 /+41 44 229 90 99 E-mail Addressfor GeneralEnquiries [email protected] Web Addresswww.kurmannpartners.com

Company Information

Key Person Mr. Jürg Kurmann Year of Establishment 1982 NumberofEmployees 6

Short Company Profile

Mergers &Acquisitions, Restructuring and interimmanagement, International Acquisition Projects,Growth Financings,CorporateGovernance.

Lardi&Partners SA

ContactInformation

AddressVia Cantonale 19 6901Lugano TelephoneNo/Fax No +41 91 923 34 52 /+41 91 922 76 31 E-mail Address for General Enquiries [email protected] Web Addresswww.lardipartners.ch

Company Information

Key Person Mr. Adelio Lardi Year of Establishment 1993 Number of Employees

Short Company Profile corporate financeadvisor,auditing,tax and strategy consulting

227 SECASECAYearYearbookbook20102010

Lenz &Staehelin

ContactInformation

Address30, routedeChêne 1211 Geneva17 TelephoneNo/Fax No +41 58 450 70 00 /+41 58 450 70 01 E-mail Addressfor General Enquiries [email protected] Web Addresswww.lenzstaehelin.com

Company Information

Key Person Mr. Andreas Rötheli Year of Establishment NumberofEmployees

Short Company Profile

Lenz &Staehelin is Switzerland's largest law firmwithmorethan 150lawyers in 3offices. It provides afull service to its clientsonall legal, regulatory and tax aspects of the private equityindustry, from fundraising andstructuring of private equity houses to private equity investments andbuyout transactions.

Luserve AG

Contact Information

Address Europaplatz 1 6002 Luzern Telephone No /Fax No +41 41 226 40 42 /+41 41 226 40 45 E-mailAddress for General Enquiries Web Address

Company Information

Key Person Mr. Urs Altorfer Year of Establishment NumberofEmployees

Short Company Profile

228 SECASECAYearYearbookbook20102010

LustenbergerGlaus&Partner

Contact Information

Address Wiesenstrasse10 8032 Zürich Telephone No /Fax No +41 44 387 19 00 /+41 44 381 45 23 E-mailAddress for General Enquiries Web Address www.lgpartner.ch

Company Information

Key Person Dr. iur. HannesGlaus Year of Establishment 1935 NumberofEmployees 14

Short Company Profile

Lawfirm focused among othersonPrivateEquity andCorporate Finance transactionsincludinginvestment vehicles in the alternative investments area.

MarchmontAG

Contact Information

AddressAustrasse 38 8045 Zürich Telephone No /Fax No +41 44 215 90 30 /+41 44 215 90 31 E-mail Addressfor GeneralEnquiries [email protected] Web Address www.marchmont.ch

Company Information

Key Person Mr. Roland E. Staehli Year of Establishment 1977 Number of Employees 3

Short Company Profile

In 2002,and after an MBO,CantoConsultingthe Former Merchant Bankofthe Swiss Cantonalbanks, changed its nametoMarchmont AG. Its activities remain the same

229 SECASECAYearYearbookbook20102010

mas management&advisory services ltd.

ContactInformation

AddressFoehrenstrasse11b 8703 Erlenbach Telephone No /Fax No +41 43 233 70 79 /+41 44 991 36 66 E-mail Address for General Enquiries [email protected] Web Address www.mas-ltd.ch

Company Information

KeyPersonDr. Heinrich Zetlmayer YearofEstablishment 2003 NumberofEmployees 4Partners +6Associate Partners

Short Company Profile

mashelpsmanagement teams,boardsand investors facing complexchallenges, dealing withstrategic issues, developing opportunities and improvingtheir performance. We deliver elegant solutions for complexissues in strategy, corporategovernance, information technologyand performance improvementand help our clients to put them in place.Atthe core of ourfirmisagroup of partners with extensive managementand consulting experience at the C- and Board levels. mas is especially working for privateequityand ventureinvestors supporting them in thedevelopment of theirportfolio companies on operationallevel andthrough M&Aand strategy advisory.

meyerlustenberger

Contact Information

Address Forchstrasse 452 8032 Zürich Telephone No /Fax No +41 44 396 91 91 +41 41 768 11 11 +41 44 396 91 92 +41 41 768 11 12 E-mailAddress for General Enquiries Web Address www.meyerlustenberger.ch

Company Information

Key Person Dr. Alexander Vogel Year of Establishment NumberofEmployees 84

Short Company Profile

230 SECASECAYearYearbookbook20102010

Migros Bank

ContactInformation

Address Seidengasse 12 8023 Zürich Telephone No /Fax No +41 44 229 87 78 /+41 44 229 87 14 E-mailAddress for General Enquiries WebAddress www.migrosbank.ch

Company Information

Key Person Mr. Ayhan Güzelgün Year of Establishment 1958 NumberofEmployees1290

ShortCompany Profile

Migrosbank operates with 44 branches in all cantons in Switzerland. Migros bank is one of thelargest mortgage lendersins Switzerland and is very active in retail and commercialbanking.

YOUR Wir verfügen über ausgewiesene Expertise und reiche LEGAL EXPERTS Erfahrung in der Begleitung vonPrivate Equity und Venture- Capital-Transaktionen verschiedenster Art, namentlich Erwerb vonBeteiligungen, Unternehmensübernahmen und -verkäufen, Management Buy Outs, Leveraged Buy Outs, Akquisitionsﬁnanzierungen, IPOs, Corporate Governance, Umstrukturierungen, Errichtung vonverschiedenen Fund- sowie Fund-of-fund-Strukturen, KGKs,Gründung und Strukturierung vonGesellschaften im In- und Ausland.

Zugeschnitten auf die konkreten Bedürfnisse stellen wir ein fachlich und erfahrungsmässig optimal auf das aktuelle Projektabgestimmtes, engagiertes Team zusammen. meyerlustenberger Rechtsanwälte Zürich |Zug |Genf Forchstrasse 452 |Postfach 1432 |CH-8032 Zürich T+41 44 396 91 91 |F+41 44 396 91 92 [email protected] |www.meyerlustenberger.ch SECASECAYearYearbookbook20102010

Migros-Genossenschafts-Bund

ContactInformation

Address Limmatstrasse152 8031 Zürich Telephone No /Fax No +41 44 277 25 55 /+41 44 277 60 76 E-mailAddress for General Enquiries WebAddress www.migros.ch

CompanyInformation

KeyPersonMr. Beat Arbenz Year of Establishment NumberofEmployees

Short Company Profile

Müller-Möhl Group

ContactInformation

Address Weinplatz 10 8022 Zürich Telephone No /Fax No +41 43 344 66 66 /+41 34 344 66 60 E-mail Addressfor General Enquiries [email protected] WebAddress www.mm-grp.com

Company Information

Key PersonMs. Carolina Müller-Möhl Year of Establishment 2000 NumberofEmployees

Short Company Profile

The Müller-Möhl Group manages the investment portfolio belonging to thecommunityofMüller-Möhl heirs who are the 100% owners of theGroup. TheMüller-Möhl Group owns substantialminority stakes in selected companies. Besidesthese entrepreneurial direct investments, the Müller-Möhl Group manages abroadly diversifiedportfolio of securities.

232 SECASECAYearYearbookbook20102010

Nellen &Partner

ContactInformation

Address Redingstrasse 6 9000St. Gallen Telephone No /Fax No +41 71 228 33 66 /+41 71 228 33 76 E-mail Addressfor General Enquiries [email protected] Web Addresswww.nellen.ch

Company Information

KeyPersonMr. Curt Baumgartner Year of Establishment 1992 NumberofEmployees 8

Short Company Profile

We provideall-round consulting servicesinthe area of humanresources management. Ourcore business is recruiting specialists and executive personnel. We are aGlasford International Partner www.glasford.com.

Néocia -SDIPSA

Contact Information

Address Place Pury3 2001 Neuchatel Telephone No /Fax No +41 32 722 65 81 /+41 32 722 65 68 E-mail Address for General Enquiries [email protected] Web Addresswww.neocia.com

CompanyInformation

Key Person Mr. Francis Liebens Year of Establishment 2001 NumberofEmployees 5

Short Company Profile

Mergers &Acquisitions Consulting M&A, Partnering, acquisitions, sales of companies, divestments, LBO, MBO andother transactions in Switzerland or in France.

233 SECASECAYearYearbookbook20102010

Niederer Kraft&Frey AG

ContactInformation

Address Bahnhofstrasse 13 8001 Zürich Telephone No /Fax No +41 58 800 80 00 /+41 58 800 80 80 E-mail Addressfor GeneralEnquiries [email protected] Web Addresswww.nkf.ch

Company Information

Key Person Dr. Andreas Casutt Dr. Ulysses von Salis YearofEstablishment 1936 NumberofEmployees 85

Short Company Profile

Niederer Kraft&Frey is one of thelargest law firms in Switzerland. Our dedicated professionals havespecialized knowledge and extensiveexperienceinparticularinthe fields of financing,private equity and venture capital, mergers and acquisitions, corporate and employment law, stockexchange law (initial publicofferings), tax as well as capital market and financial services regulation. Our wide range of national andinternationalclients includes investment funds,banks, large and medium sized corporations, start-ups andmanagement teams.Several of our professionals also serve on theboard of directors of companies active various fields, including private equity.

Novus PartnersAG

Contact Information

Address Hinter Zünen 9 8702 Zollikon TelephoneNo/Fax No +4143344 99 64 /+41 43 344 99 65 E-mailAddress for General Enquiries WebAddress www.novus-partners.ch

CompanyInformation

Key PersonMr. Philipp Angehrn Year of Establishment 2005 NumberofEmployees 3

Short Company Profile

234 SECASECAYearYearbookbook20102010

PaguascaHolding AG

ContactInformation

Address 6340 Baar Telephone No /Fax No +41 41 766 05 35 /+41 41 766 05 30 E-mail Address for General Enquiries [email protected] Web Address

Company Information

Key PersonMr. Daniel Guggenheim Year of Establishment NumberofEmployees 4

Short Company Profile asset management, expansion financing

Palomar Private Equity AG

Contact Information

Address Seefeldstrasse 215 8034 Zürich Telephone No /Fax No +41 44 226 58 88 /+41 44 226 58 89 E-mail Addressfor GeneralEnquiries [email protected] Web Address www.plmrpe.com

Company Information

KeyPerson Mr. Christian Geier Year of Establishment 2003 NumberofEmployees 7

Short Company Profile

We advisegeneral partners on the placement strategy of new funds, manage the process and raise capitalfrom investors around the World. In the secondary marketweadvise sellers on pricing andstrategy andweexecute the sale on aconfidential basis.Our core markets are Europe,Middle East andAsia. Outsidethese,weoperate through partnerships with localplacement agencies.

235 SECASECAYearYearbookbook20102010

PEPR Peter Eberhard Public Relations

ContactInformation

Address Eichbühlstrasse8 8618 Oetwil am See Telephone No /Fax No +41 44 799 15 11 /+41 44 799 15 14 E-mailAddress for General Enquiries WebAddress www.pepr.ch

CompanyInformation

KeyPersonMr. Peter Eberhard Year of Establishment NumberofEmployees

Short Company Profile

Corporate Communications,Financial Communication (InvestorRelations).

Pestalozzi Attorneys at Law

Contact Information

Address Löwenstrasse 1 8001 Zürich Telephone No /Fax No +41 44 217 91 11 /+41 44 217 92 17 E-mailAddress for GeneralEnquiries [email protected] WebAddress www.pestalozzilaw.com

Company Information

Key Person Dr. Martin L. Müller Year of Establishment1911 NumberofEmployees160

ShortCompany Profile

Pestalozzi has more than 100specialized lawyers and taxexperts in Zurich,Geneva and Brussels.Pestalozzi advises founders, investors and targetcompanies on alllegal, regulatoryand tax aspects of private equity and corporatefinance, including incorporation,fundraising, structuring of privateequity investments, refinancing and all EXITscenarios.

236 SECASECAYearYearbookbook20102010

Portelet AG

ContactInformation

Address Mühlegasse 29 8001 Zürich Telephone No /Fax No +41 43 211 47 00 /+41 43 211 47 09 E-mailAddress for General Enquiries WebAddress www.portelet.com

CompanyInformation

KeyPersonMr. RemoMaurer Year of Establishment 1998 NumberofEmployees3in Switzerland12overall

ShortCompany Profile

Investmentboutiquespecialised and unique niche player for the successful and well balanced internationalisation of businesses

Private Equity Invest AG

Contact Information

Address Bahnhofstrasse 69 8001 Zürich Telephone No /Fax No +41 44 215 70 00 /+41 44 215 70 01 E-mailAddress for General Enquiries WebAddress www.pei.ch

Company Information

Key PersonMr. MarkusRitter Year of Establishment 2000 NumberofEmployees 21

Short Company Profile

Private Equity Investisaprivate equity firm focused on identifying high-growth, quality-driven and innovative Swiss technologycompanies. We actively support thesecompanies to execute their business model and achieve their goals.

237 SECASECAYearYearbookbook20102010

RCI Unternehmensberatung AG

ContactInformation

Address Landenbergstrasse 35 6002 Luzern Telephone No /Fax No +41 41 368 90 00 /+41 41 368 90 19 E-mail Address for General Enquiries [email protected] Web Address www.rciub.ch

Company Information

Key PersonMr. Simon Ottiger Mr. DanielBühlmann Year of Establishment NumberofEmployees

Short Company Profile

Mergers &AcquisitionsAdvisory Financial engineering Legal Advisory Tax Consulting Due Diligence

Robeco (Schweiz) AG

ContactInformation

Address 8021 Zürich Telephone No /Fax No +41 44 227 72 01 /+41 44 227 72 00 E-mailAddress for General Enquiries WebAddress www.robeco.ch

Company Information

Key PersonMr. Patrick Oberhänsli Year of Establishment NumberofEmployees

Short Company Profile

238 SECA Yearbook 2010

MerGerS &AcquISITIOnS, PrIvATeequITy And venTure cAPITAL Getting the Deal done

Über 40 spezialisierteTransaktionsanwälteinZürich und Genf begleiten Sie umfassend und lösungsorientiert bei sämtlichen unternehmenstransaktionen in der Schweiz.

IhreAnsprechpersonen:

Martin Weber Oliver Triebold Lorenzo Olgiati Jean Jacques Ah choon

SchellenbergWittmer isteine der führenden Wirtschaftsanwaltskanzleien der Schweiz. Über 110 spezi- alisierteJuristinnen und JuristeninZürich und Genf beraten in- und ausländische Klienten umfassend im gesamten Wirtschaftsrecht. www.swlegal.ch

ZÜricH Löwenstrasse 19 /Postfach 1876 /8021 Zürich /T+41 44 215 5252 /F+41 44 215 5200 GEnf 15bis, rue des Alpes /P.O.Box 2088 /1211 Genf 1/T+41 22 707 8000 /F+41 22 707 8001

Rechtsanwälte SESECACA YearYearbookbook20102010

Rock Lake Associates

ContactInformation

Address Baarerstrasse 2 6300 Zug Telephone No /Fax No +41 41 723 10 16 /+41 41 723 10 11 E-mail Address for General Enquiries [email protected] Web Address www.rock-lake.com

Company Information

Key Person Mr. John Cook Year of Establishment 2009 Number of Employees 2

Short Company Profile

Rock Lake Associates is aSwiss-based firm which offers private placement and corporateadvisory services globally.Primary focus is on private equity, ventureCapital,realestateand corporatefinance.

Schellenberg Wittmer Attorneys at Law

Contact Information

Address Löwenstrasse 19 15bis, rue des Alpes 8001 Zürich 1201 Genève TelephoneNo+41 44 215 52 52 +41 22 707 80 00 Fax No +41 44 215 52 00 +41 22 707 80 01 E-mail Address for General Enquiries [email protected] [email protected] Web Addresswww.swlegal.ch

Company Information

KeyPersonDr. Martin Weber(Zurich) Dr.OliverTriebold (Zurich) Mr. Jean Jacques Ah Choon (Geneva) Year of Establishment 2000 NumberofEmployees211

ShortCompany Profile

Schellenberg Wittmer is oneofthe leading business lawfirms in Switzerland. Over 110 specialized attorneys in Zurichand Geneva advise domestic and international clients on all aspects of businesslaw. Schellenberg Wittmer's Mergers &Acquisitions,Private Equity and Venture Capital Group is one of thelargestand most specialised practice groupsinits fieldinSwitzerland. TheTeamisseconded and actively supported by experienced lawyers from otherpractice groups of the firm, such as tax, IP/IT, real estate, competition/mergercontrol, employment law/human resources, capital markets, banking and finance, and is complemented by the firm'slitigation and arbitration practice group with extensiveexpertise in corporate and M&A matters.

240 SECASECAYearYearbookbook20102010

Schneider Feldmann AG -Patentand trademark attorneys

Contact Information

Address Beethovenstrasse 49 8022 Zürich Telephone No /Fax No +41 43 430 32 32 /+41 43 430 32 50 E-mail Addressfor GeneralEnquiries [email protected] Web Address www.schneiderfeldmann.ch

Company Information

KeyPerson Mr. Martin Schneider Year of Establishment 1960 NumberofEmployees 23

Short Company Profile

241 SESECACA YearYearbookbook20102010

Seia Capital AG

ContactInformation

Address Gottfried Keller-Str.7 8001 Zürich Telephone No /Fax No +41 43 222 59 90 /+41 43 222 59 91 E-mailAddress forGeneral Enquiries [email protected] Web Address

Company Information

KeyPerson Mr. Jacobo Pruschy Year of Establishment2003 NumberofEmployees 3

Short Company Profile

Private Company

SIX Swiss ExchangeAG

ContactInformation

AddressSelnaustrasse 30 8021 Zürich Telephone No /Fax No. +41 58 854 22 45 /+41 58 854 22 40 E-mail Addressfor GeneralEnquiries [email protected] Web Addresswww.six-swiss-exchange.com

Company Information

Key Person Mr. MarcoEstermann Year of Establishment 1993 NumberofEmployees260

ShortCompany Profile

Withapublic offering of securities in Switzerland, andthanks to the tremendous placing power afforded by the Swiss-based investment banks, life science companies gain accesstoasector specificexperienced,highly competentand broadly international circle of investors. In Europe, SIX Swiss Exchange has grown to become the mostimportant securities exchange in terms of the total market capitalisation of listed life sciences companies.

242 Energize your company– SECA Yearbook 2010 go public on SIXSwiss Exchange.

Boostyour competitiveness –withalisting on SIX Swiss Exchange.You’llprofit directlyfrom themanyadvantagesofthe Swissfinancialsector, as well as itsstrong stockexchange with itsmarket-friendlyregulation.The Swissmarket’sinternational orientation, high visibility andconsiderable financial powermake SIX SwissExchange your perfectpartnerfor raising capital.

www.six-swiss-exchange.com SESECACA YearYearbookbook20102010

Staiger,Schwald &Partner Rechtsanwälte

ContactInformation

Address Genferstrasse 24 8027 Zürich Telephone No /Fax No +41 58 387 80 00 /+41 58 387 80 99 E-mail Addressfor GeneralEnquiries [email protected] WebAddresswww.ssplaw.ch

Company Information

Key Person Dr. Mark-OliverBaumgarten Year of Establishment 1964 NumberofEmployees 85

Short Company Profile

Staiger, Schwald &Parnterisarespected Swiss law firm with strongSwiss client base and excellent international connections. Ourprofessionalsinour offices in Zurich advise companies, financial institutionsand highnet worth individuals in national and internationalM&A, venturecapital,private equity, corporate and finance transactions, banking, capitalmarkets, insurance and anytype of commercial project. Driven by personality andcommitment ourprofessionals arededicated to the clientsgoals. In Basel we also provide notarialservices.

StartZentrumZürich

ContactInformation

Address Binzstrasse 18 8045 Zürich Telephone No /Fax No +41 44 455 60 60 /+41 44 455 60 69 E-mail Address for General Enquiries [email protected] Web Addresswww.startzentrum.ch

Company Information

Key PersonMr. Marc Hamburger Year of Establishment 1999 NumberofEmployees 5

Short Company Profile

StartZentrum Business IncubatorZurichisthe leading competence centre forstart-up companies. We accelerate the building of start-ups with awide range of support services consulting, networking, support search for capital, flexible office space, complete infrastructureand training.

244 SECASECAYearYearbookbook20102010

Steiger Engineering AG

ContactInformation

AddressAlteLandstrasse 40 8702 Zollikon TelephoneNo/Fax No +4144383 46 85 /+41 44 383 36 17 E-mail Addressfor General Enquiries [email protected] Web Addresswww.seag.ch

Company Information

Key Person Mr. Alex E. Gall Year of Establishment 1967 NumberofEmployees 2

Short Company Profile

Mergers &Acquisitionsand Corporate Finance

Straumann Holding AG

Contact Information

Address Peter Merian-Weg 12 4002 Basel Telephone No /Fax No +41 61 965 11 11 /+41 61 965 11 03 E-mail Addressfor General Enquiries [email protected] WebAddress www.straumann.com

CompanyInformation

Key Person Mr. Beat Spalinger YearofEstablishment 1954 NumberofEmployees2200

ShortCompany Profile

HeadquarteredinBasel, Switzerland, the StraumannGroup (SIX: STMN) is agloballeader in implant and restorative dentistry and oral tissue regeneration. In collaboration with leading clinics, researchinstitutes and universities, Straumann researches, develops and manufactures dentalimplants, instruments,prosthetics and tissue regenerations products for use in toothreplacement and restoration solutions or to prevent tooth loss. Straumann currently employs 2170 peopleworldwideand its products and services are availableinmore than70 countries through itsbroad networkofdistributionsubsidiaries and partners.

245 SESECACA YearYearbookbook20102010

SUVA

Contact Information

Address Rösslimattstrasse 39 6005 Luzern Telephone No /Fax No +41 41 419 51 11 /+41 41 419 50 41 E-mailAddress for General Enquiries Web Address www.suva.ch

Company Information

Key Person Mr. Francesco Kälin YearofEstablishment 1918 NumberofEmployees 5(Private Equity only),2800 firmwide

Short CompanyProfile

Suva (SwissNational Accident Insurance Institution) is Switzerlands largest provider of accident insurance. Suva insuressecondary business sector employees, unemployed personsand employeesofthe Swissarmed forces againstoccupationaland non-occupationalaccidents and occupational diseases. Suva is afinancially independent, non-profit companyunder Swiss publiclaw withheadquarters in Lucerne and 19 agencies throughout Switzerland.

SwisscomVentures

Contact Information

AddressalteTiefenaustrasse 6 3050 Bern Telephone No /Fax No +41 31 342 90 65 /+41 31 342 90 50 E-mailAddress for General Enquiries WebAddress www.swisscom.com/venturefund

Company Information

Key Person Mr. Nils Granath YearofEstablishment NumberofEmployees

Short Company Profile

Consulting andfinancing of Swisscom'spinnoffs',(MBOorstart up's initiatedbySwisscom employees)

246 SECASECAYearYearbookbook20102010

TavernierTschanz

Contact Information

Address 11-bis, rue Toepffer 1206 Geneva Telephone No /Fax No +41 22 704 37 00 /+41 22 704 37 77 E-mail Address for General Enquiries [email protected] Web Addresswww.taverniertschanz.com

Company Information

Key Person Mr. Jacques Bonvin Year of Establishment NumberofEmployees

Short Company Profile

TavernierTschanz is aleadingSwiss law firm focusingoncorporate and commercial practice. The firmsservices covergeneral corporatematters, corporate transactions, bankingand finance, new technologies,competition and tax, as well as international arbitration. Tavernier Tschanzs corporate transactions practise is built on the firms strongexpertise in corporatefinanceand M&A,advisingclients on alltypes of transactions such as acquisitions, takeovers, mergers, LBOs, MBOs/MBIs/IPOs,private equity andventure capital investments, restructuring, divestitures,spin-offs,aswellasgeneraldomestic and international finance operations.

Thierry Briand Consulting

Contact Information

Address 9rue de l'Etoile F-68330 Huningue Telephone No /Fax No +33 389679884/+33 389679884 E-mailAddress for General Enquiries WebAddress www.thierrybriand.com

Company Information

Key PersonDr. Thierry Briand Year of Establishment 2005 NumberofEmployees 1

Short Company Profile

Thierry BriandConsulting provides professional consulting services: Evaluations:Strategic and technicaldue diligence of bothin- and out-licensed products for lifescience investors, pharmaceutical andbiotechnology companies, in the area of globaldrug product development. Senior InterimManagement:Drug development senior interimmanagement for pharmaceutical and biotechnology companies,especially forstart-up or asset-light companiesthatoutsource part of their drug development activities. Thierry Briand, MD, is an independent consultant whohas gained extensiveexperience with leading international pharmaceutical companiesand small biotechnology companies. Thierry Briand has access to an outstanding internationalnetwork of experts who can provide solutions,insightsand specialist knowledge, spanningabroad range of disciplines.Visit www.ThierryBriand.com where you can find aselectionofreferencesthat provide an overview of types of projects undertaken by Thierry Briandand the outcomesand benefits derived by clients. 247 SECASECAYearYearbookbook20102010

Vaccani, Zweig &Associates

ContactInformation

AddressKlausstrasse 43 8034 Zürich Telephone No /Fax No +41 43 499 20 80 /+41 43 499 20 81 E-mail Addressfor GeneralEnquiries [email protected] Web Address www.vzaconsultants.ch

Company Information

Key Person Mr. Andrés F. Zweig Year of Establishment 1994 NumberofEmployees 10

Short Company Profile

Active in Management Consulting, Mergers and Acquisitions, Technology Transfers andManagement of Private EquityInvestments

ValartisBank AG

Contact Information

Address Sihlstrasse 24 8021 Zurich Telephone No /Fax No +41 43 336 83 50 /+41 43 336 81 00 E-mailAddress for General Enquiries Web Address www.valartis.ch

Company Information

Key Person Dr. Rolf Weilenmann Year of Establishment NumberofEmployees

Short Company Profile

Valartis Corporate Finance provides the full range of Mergers &Acquisitionsand CorporateFinance services.

248 SECASECAYearYearbookbook20102010

Valcor AG

ContactInformation

Address Bleicherweg 33 8002 Zürich Telephone No /Fax No +41 44 205 50 50 /+41 44 205 50 59 E-mailAddress for General Enquiries WebAddress www.valcor.ch

CompanyInformation

Key Person Dr. BrunoWeber Year of Establishment 1989 NumberofEmployees 5

Short Company Profile

Corporate Finance, Value Creating Strategies, M&A

Verwaltungs-und Privat-BankAktiengesellschaft

ContactInformation

Address Aeulestrasse 6 9490 Vaduz TelephoneNo/Fax No +423235 66 55 /+423235 65 00 E-mailAddress for General Enquiries Web Address www.vpbank.com

Company Information

Key PersonMr. Bernd Hartmann Year of Establishment 1956 NumberofEmployees 720.2

ShortCompanyProfile

Verwaltungs- undPrivat-Bank Aktiengesellschaft (VP Bank) was founded in 1956 and is oneofLiechtensteins largestbanks. Today, it haslocal presence in Vaduz,Zurich, Luxembourg,Tortola (British Virgin Islands), Singapore, Munich, Hong Kong and Moscow. As at December31, 2009, total assetsstoodatCHF 11,6 billion, while clientassetsamounted to CHF 41,8 billion.

249 SESECACA YearYearbookbook20102010

Volkart ManagementConsultants

ContactInformation

Address SchlossHerblingen 8207 Schaffhausen Telephone No /Fax No +41 52 644 11 54 /+41 52 644 11 55 E-mail Addressfor GeneralEnquiries [email protected] WebAddress www.v-group.info

Company Information

Key Person Mr. Gregory H. Volkart Year of Establishment 1993 NumberofEmployees 4

Short Company Profile

Management Consultants, Accounting +ControllerFunctions,Restructuring +Reorganisations

Walder Wyss &Partners Ltd.

Contact Information

Address Seefeldstrasse123 8034 Zürich Telephone No /Fax No +41 44 498 98 98 /+41 44 498 98 99 E-mailAddress for General Enquiries WebAddress www.wwp.ch

Company Information

KeyPersonMr. EnricoFriz Year of Establishment 1972 NumberofEmployees100

ShortCompany Profile

ww&p is alaw firm specializing in corporate and commerciallaw, corporate finance and M&A, banking law, intellectual property and competition law, disputeresolution andtax law.

250 SECASECAYearYearbookbook20102010

Walter &Partner

Contact Information

Address Seestrasse86 8803 Rüschlikon Telephone +41 55 220 05 20 E-mail Address for General Enquiries [email protected] Web Address www.walter-partner.ch

CompanyInformation

Key Person Mr. DominikC.Walter Year of Establishment 1994 NumberofEmployees 3

Short Company Profile

Trusted M&A and corporatefinance advisory representingbuy-side and sell-side. Full servicefor MBO&MBA projects.Fundraising forbusinessdevelopment. Internationalstrategic operations with trusted partners.

Wincor NixdorfAG

Contact Information

Address Stationsstrasse5 8306 Brüttisellen TelephoneNo/Fax No +41 44 835 34 50 /+41 44 835 35 00 E-mailAddress for General Enquiries Web Address www.wincor-nixdorf.ch

Company Information

KeyPersonMr. MarioParravicini Year of Establishment NumberofEmployees100

ShortCompany Profile

251 SESECACA YearYearbookbook20102010

Wineus Investment &Consulting AG

ContactInformation

AddressStockerstrasse45 8027 Zürich Telephone No /Fax No +4144562 10 67 /+41 44 562 10 68 E-mail Address for General Enquiries [email protected] Web Address www.wineus.ch

Company Information

Key Person Dr. Yves Cheridito Year of Establishment 2008 NumberofEmployees 1-10

ShortCompanyProfile

Private equitycompanyinvesting in selectedindustries (see homepage) and offering services also to external clients.

WSDStrategy Consultants (Suisse)

Contact Information

Address Rue de la Terrassiere, 11 1207 Geneve Telephone No /Fax No +41 22 735 80 00 /+41 22 736 25 17 E-mailAddress forGeneral Enquiries [email protected] Web Address www.wsd-consultants.com

Company Information

Key Person Mr. WilliamDeflon Year of Establishment 2007 NumberofEmployees 2

Short Company Profile

High end strategy and corporate financeconsultingfirm focused on the telecom,Media, information and high tech sectors.

252 SECASECAYYearearbookbook20102010

Individual Members

253 SESECACA YearYearbookbook20102010

Individual Members (without academic titles)

Forename Surename Company Place Patrick Markus Aisher Kinled HoldingLimited Schaan Rolf Bachmann Lazard GmbH Zürich Jörg Baldauf Secuens AG Pfäffikon Philip Baumgartner Meilen Urs Bertschinger PragerDreifussRechtsanwälte Zürich Thomas Billeter Herrliberg David Bodmer Bodmer Advisors AG Zürich Ivan Bontognali Lugano Peter Both Credit Suisse Zürich Andreas Bürge b-impact AG Zürich Sascha M. Burkhalter Finavision Management GmbHHerrenschwanden Mario Cesari TBGManagement S.A.M. Monaco UlfClaesson Wettswil Philippe Crevoisier Aubonne Philippe de Vallière Niederlenz JoergEichenberger Zürich Georg Fallegger Alternative Asset Broker Company (AABC) Wallisellen Lukas Fecker Alvarez&Marsal EuropeLtd London Douglas Fletcher ChapmanCraig Limited Hong Kong Leonhard Fopp CONTINUUM AG Zürich Patrik Frei Venture Valuation AG Zürich Marius Fuchs QICPerformanceConsultingAGZürich Denise Gänssmantel Imprima Zürich PatrickGrandfils Clipper Corporate Finance Gockhausen MartinHaemmig CeTIM /Stanford University Ennetbaden FritzHaselbeck ZfU Zentrum für Unternehmensführung AG Thalwil Walter Häusermann Häusermann Task Management Horgen Thomas Hilfing Meilen Paul R. Hofer PRHGroup Suisse SA Basel Rudolf Huber Axega GmbH Wädenswil Matthias Huber Chemolio Holding AG Zürich Rolf Jeger Jeger Consult Wollerau Ulrich Kobelt Zug Eric F. Kohn BaronsFinancial Services SA Genève Friedrich Kropp Kropp Consulting Bollschweil Richard Laville Zürich Jean-Marc Le Doussal RemoraCapital SA Lausanne Walter Lee HeidelRose GmbH Perroy Andreas Loepfe Frics UniversityofZurich/EUREM Zürich Werner Lüchinger Uitikon Adriano Marantelli meyerlustenbergerZürich FerdinandoMazzi Zollikon Martin Moser Bratschi Wiederkehr &Buob Bern Oliver Müller-Känel Jona Arndt Oelgarth Lörrach Massimo Pedrazzini Studio Legale Lugano Uwe Peter Wolfhalden Paul Peyrot Peyrot &Schlegel Zürich 254 SECASECAYearYearbookbook20102010

Forename Surename Company Place Sandro Piffaretti Derendinger Group AG Cham Georges Racine LALIVE Geneva UrsRamseier CS CorpSana AG Pratteln Thomas Reimann LutzRechtsanwälte Zürich Martin Sägesser Saegesser Transition Management Niederglatt Jürgen Schaubel Wollerau AlexanderSchlaepfer Uetikon am See Robert Schlup Sonnenschein Nath &Rosenthal LLT Küsnacht Ernst Schönbächler Wollerau Beat Schönmann Beluga Capital Inc. Zürich Johannes Schwarz Zugimpex GmbH Zug Thomas Scriven H.I.G. European Capital Partners LLPLondon Zaki Sellam Stamford ConsultantsAGDornach Ralph Sigg TendoCorporate FinanceAGZürich Bogy Skowronski CMS CorporateManagementServices Zürich Govind Srivastava Soleil Capitale Zürich MaxR.Staehelin Basel Martin Stehli A.I.M. Group AG Zürich RichardP.Straub aR|Pe|eS management straub Wollerau Ola Ström Carlsdorff Partners AG Zürich FelixTschopp Tschopp Corporate Finance AG Zug JosG.L.Vandebroek Vandebroek Ventures AG Nänikon Nayel GeorgesVidal Emerging Capital Partners Tunis Markus Vollstedt Vollstedt Consulting Zürich Ulysses von Salis Niederer Kraft &Frey AG Zürich PatrickJ.von Tscharner TscharnerCapital Partners Colorado Lucian Wagner EuroUS Ventures Zürich Zhi Wang SwissChina Consulting GmbH Küsnacht Matthias P. Weibel FAES Finanz AG Wollerau Winfried Weigel Baar Christophe Wilhelm FBT AvocatsLausanne PeterWolf Management Support Pratteln Michael Wurmser AstonBrooksInternationalZürich

Honorary Members

Forename Surename Company Place Massimo S. Lattmann Venture Partners AG Zürich Branco Weiss Zürich Ugo Wyss Chiasso

255 SECASECAYearYearbookbook20102010

256 SECASECAYYearearbookbook20102010

Chapter VII Articles of Association

257 SECASECAYearYearbookbook20102010

Articles of Association

Name, Seat and Duration 1. The SECA SwissPrivate Equity &Corporate Finance Associationisanassociation in accordance with paragraph 60 and following of the Swiss Civil Code. 2. The domicile of the association is in Zug. 3. The duration of the association is not limited.

Purpose 4. Theassociationisanon-profit-organisation with no commercialinterests andhas the followingmain purposes: • To promote corporate finance andprivate equity activities in thepublic 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 withgovernment authorities and other bodies;

• To establish andmaintainethical and professional standards.

Resources 5. The financial resources of the associationare based on the following contributions: • Annualmembership fees;

• Entrance fees of new members;

• Donations andsubsidies;

• Attendancefees for meetingsand other performancesorganised by the association.

Membership 6. Personsorlegal entities resident in Switzerland and Liechtenstein and which areengagedorinterested in activities within the purposes of the association are eligible as members. 7. Thereare three categories of members: • Full Members:Companies, professionallyinvolvedinone or more activities related the purposes of the association(e.g. banks, privateequity or venture capitalcompanies, corporate finance and M&A advisors, consulting andauditingfirms with corporatefinance activities etc.)

• Associate Members:Companies, interested in one or more activities relatedtothe purposes of the association, but not having their main businessincorporate financeorprivate equity.

• Business Angels, Individual Members:Private persons who are active or interested in the fieldofcorpo- rate finance or private equity.

• Honorary Members:Elected by the General Assembly in recognitionoftheir services rendered to theassociation.

8. TheExecutive Committeehas the competenceofadmitting andexpelling members. Any expelledmember has the right to appeal to the General Assembly within 30 days. 9. Themembers are not held responsible for anyliability incurred by the association.

258 SECASECAYearYearbookbook20102010

10. The annual membership fees are set by the General Assemblyatthe request of the executive Committee.The ExecutiveCommitteeconsiders each membership category, the company size and eventually the earning power of the members in doing so.

Organisation 11. Theassociation comprises the followingofficial bodies: • The GeneralAssemblyofthe members;

• TheExecutive Committee (Vorstand) which nominates;

• General Secretary and;

• The Advisory Board(Beirat);

• The Statutory Auditor.

General Assembly 12. TheGeneral Assemblyisconvened at leastonce ayear by the Executive Committee or by request of at least one fifthofall members. 13.The authority and the procedure of decision making arespecified by Swiss law.

Executive Committee 14.The Executive Committee is composedofatleastfive members. It manages the businessand representsthe interestsofthe association.The members of the executive committeeare elected on an annual basis. 15. Theassociationislegally boundonly by thecollectivesignature of two members of theExecutive Committee. 16. The Executive Committeeconstitutes itself by electingaChairman and other designees from amongst its members. 17. The Executive Committee may delineate theoperation and representation of theassociation to selectedmem- bers of the Executive Committee, to the General Secretary or to third parties. The Executive Committee is le- gitimized, the operations, the tasks and theauthorities of theselectedmembers of the Executive Committee to define in regulations. TheExecutive Committee is authorized to decide in all issuesoreventuallytodecree regulationswhich are notreserved for theGeneral Assembly or theStatutory Auditorsbythe articles of association. 18.The Executive Committee is authorized to nominate an Advisory Board which counsel the Executive Commit- teeregarding factualissues,publications, events,education and relations to other corporate bodies and gov- ernmental organizations.

StatutoryAuditor 19. TheGeneral Assemblywill elect one or moreauditors whowill submit areporttothe General Assembly once ayear.

259 SECASECAYearYearbookbook20102010

Change of Articles, Dissolution of Association 20.Any change of the present articles as well as the decision of dissolvingthe associationmust be approved by a majorityoftwo thirds of the membersattending aGeneral Assembly. 21.Shouldthe association be dissolved,any capitalwill be transferred to anotherassociation, club or foundation whichhas thesameorsimilar purpose. The members present at the Final Assembly will determine the exact usage of leftovercapital.

AdditionalLegal Regulations 22. In any case where the articles are not applicable, rightsand duties of the association and of its bodies are subject to therules set forth in paragraph 60 andfollowingofthe Swiss Civil Code.

SECA, Grafenauweg 10, P.O. Box 4332, CH-6304 Zug

This is atranslation of theGerman original. TheGermanversion applies in use of disagreement.

260 SECASECAYearYearbookbook20102010

Chapter VIII Model Documentation

261 SESECACA YeYeararbobookok 20201010

Model Documentationfor aLimited Partnership for CollectiveInvestments

unofficial translation of German original by Lustenberger Glaus &Partner, Zurich,March 2008

Please note: The followingmodel prospectus includingthe companyagreement forthe limited partnership forcollectiveinvestmentsisbased on the Swiss Federal Act on Collective InvestmentSchemes and the related ordinances of the Federal Council (referredtobelow as the CISO) andofthe Swiss Federal Banking Com- mission (referred to below as theCISO-SFBC).

Themodel documentationfor Swiss limited partnerships has been developed jointly by the SwissFunds Association SFAand the Swiss Private Equityand Corporate Finance Association SECA4.The Swiss Federal Banking Commission has acknowledged and accepted the documentation as the basis for applications for authorization. Owing to timeconstraints, the Federal Commercial Registry Office has not commentedonthe model documentation.

No single modelagreement can cover the wide range of provisions andvariations in company agreements in theprivate equity andhedge fund business.The model agreement serves as a basicframework,which will have to be modified and refined in practiceinline with therequirements of the parties involved. Many provisions are optional or need to be adapted to the individualobjectives of the parties concerned.

In light of the broadscope of application covered by limited partnershipsfor collective investment,this model agreement has had to be geared to one basic type of structure.The basicstructure in this instanceisaclosed- end (i.e. no termination option) private equity fund forafairlysmall numberof(qualified) investors, who have joined together for alimited term (of 6to12years).

Under the terms of the CISA and CISO, all types of hedgefunds, construction and real estate projects, as well as fundsoffundsfor the aforementioned investments,may be set up in theform of alimited partnership for collectiveinvestment. These are as arule establishedfor longer periods and/or unlike the present model envi- sage the possibility of terminations and subscriptions (after founding). There are plans to adaptthe present model document in line with such purposes.

The associations involvedand theSwiss Federal Banking Commission plan to revise the model documentation after approximately oneyear to take into accountthe experience gained with this instrument, which is new in anumber of respects.

4 Thisdocumentation has been drafted primarily by Dr. Hannes Glaus (attorney at law, Lustenberger Glaus &Partner, Zurich) on behalfofthe twoassociations. 262 SECASECAYearYearbookbook20102010

Model Prospectus 5 foraLimitedPartnership forCollective Investments includingModel Partnership Agreement

The following informationgives abrief partial summary of the following Partnership Agreement. If the data in this Prospectusand thePartnership Agreement overlap,the Partnership Agreement will take precedence.6

Limited Partnership ! Name,object and registered office ! Capital ! Legal structure ! Authorization from and supervision by the Swiss FederalBanking Commission

General PartnerAG ! Object, name and registered office ! Capital and shareholders ! BoardofDirectors ! Auditors

Executiveofficers, [Names and background,specificallyregarding key persons qualifications and track record]

[Investment manager,advisor,administrator, [only in thecaseofdelegation:] insofarasthe said are envisaged] ! Information on thecompanies and persons to whom management and/or representation or partsthereof have been delegated. ! Reference to significant agreements.

[Advisory Board,insofar as envisaged] [Function] [Names andbackground, specifically with regardto qualifications and track record]

Object, investments, investment policy ! Object ! Investment policy: -stage of the investments (e.g.venture/early stage, buyout, etc.) -geographical focus -sector focus (e.g. biotech, etc.) ! Investment restrictions:exclusionof ! Riskdiversification:nomorethan[x] %per investment, diversificationinterms of geographicalmix, stages, etc. ! Investment techniques ! Details on the selection and monitoring processes

Paying Agentand Custodian7 [Name, etc.]

5 Pursuant to Art. 102. 3CISA, theabove Prospectus sets out theinvestment policy. All other aspectslistedinthismodel documentation areoptional. However,inthe caseoflargerlimited partnershipsinparticular,moredetailedinformation is both advisable andcustomary. It should be noted that, from thelegal perspective, changes to the PartnershipAgreement are subject to the approval of the SFBC, but changes to the Prospectus are not. 6 In principle, information that is also contained in thePartnershipAgreementmustbeprovided onlyinsummary form, with areferencetothe corresponding sections of the Agreement. 7 Acustodian is not mandatory, andmakes sense above all for listed securitiespursuanttoArt.54CISA. 263 SESECACA YearYearbookbook20102010

Auditors [Name, etc.]

Risks ! Illiquidity,total loss of an investment, etc.

Term [ ]

Limited Partners; subscription Qualified investors, restrictions (US investors,etc.) Key subscriptioninformation: ! Subscription period: [initial and second] closing ! Minimumsubscription: institutional /privateinvestors

Reporting ! Valuation, reporting, companymeetings ! Corporate governance: SECA Code of Conduct

Furtherinformation ! Overview of costs ! Tax aspects ! Co-investments

[Glossary] [Typical private equity terms]

264 SECASECAYearYearbookbook20102010

[ ] to be filled out Model Agreement for a Limited Partnershipfor Collective Investments between [name of General Partner-AG], [street], [town/city],asgeneral partner (referredtobelow as General Partner-AG) and theLimited Partnerspursuant to the registerinthe appendix (referred to below as theLimited Partners)

TABLE OF CONTENTS

PreliminaryRemarks...... 266 I. The Limited Partnership...... 266 AName, Object, and Governingand Executive Bodies ...... 266 BTerm...... 266 II. Capital ...... 267 ALimited Partners Capital...... 267 BAdditionalCapital ...... 267 CSubscription...... 268 III. Investments ...... 268 IV. Limited Partners...... 269 APowers...... 269 BRight to Receive Information;Confidentiality...... 269 CLiability ...... 269 DTransfer of Participations...... 269 EDeath, Insolvency, Incapacityand ExpulsionofaLimited Partner...... 270 V. Company Meeting ...... 270 APowers...... 270 BCalling of the CompanyMeeting...... 271 VI. General Partner-AG...... 272 AManagement and Representation...... 272 BResponsibilityand Delegation ...... 273 VII. Accounting, Distribution of Incomeand Auditors...... 274 AAccounting, Valuation and Reporting ...... 274 BRepayment of Capital and AppropriationofIncome...... 274 CAuditors ...... 275 VIII. MiscellaneousProvisions...... 275 ADissolution...... 275 BNotices...... 275 CArbitration ...... 275 DEntryinto Force...... 276 Appendices...... 276

265 SESECACA YeYeararbobookok 20201010

PreliminaryRemarks TheLimited Partners and General Partner-AG as general partner intendtoestablish aclosed-end limited partnershipfor collective investments in [investmentarea]. The LimitedPartnershipisbased on the provisions of the Swiss Federal Act on Collective InvestmentSchemesof23June 2006 (referredtobelowasthe CISA), the Collective Investment Schemes Ordinance(referredtobelow as the CISO) as well as the provisionsof the Swiss Code of Obligations (referred to below as the CO). It is subjecttothe supervision of theSwiss Federal BankingCommission.

I. The Limited Partnership

AName, Object, and Governing and Executive Bodies

1. Underthe name [name of limited partnership] Limited Partnership for Collective Investment (referred to belowasthe Company), acompany has been established as alimitedpartnership for collective investmentpursuanttoArt. 98 et seq.CISA. The Company has its registered office in [town/city].

2. The sole objective of the Company is acollective investment in [investmentarea]8 pursuant to Section 21 et seq. below. The Company is entitledtoundertakeany actionsand legal transactions to directly or indirectlyachieve its objective.

3. The governing and executive bodies of the Company are (a) the Company Meeting,comprising the Limited Partners and theGeneral Partner-AG,(b) the General Partner-AG and (c) the Auditors9.

4. In addition, theCompany will appoint aPaying Agent [and aCustodian]10.

BTerm

5. The term of theCompany is [number of years (e.g. eight)]11 subject to any extensions as determined by theCompanyMeeting (cf. Section 39b below).

6. Following the conclusion of the subscription period,the Companywill investthe capital in portfolio companies pursuant to Section 21 during the investmentphaseofupto[numberofyears (e.g. 3-5)] (referred to below as theInvestmentPhase).Inthe years thereafter, theactivities of the Company will concentrate on the management and gradualliquidation of the portfolio companies.

7. New investments areonly permitted in the exceptional cases set out in this Agreement. Furthermore, subject to theseexceptions (cf. Section 39a), any profit from the sale of individual investmentswill not be reinvested, but distributed to thepartners in accordance withthis Agreement.

8 Exampleinthe case of aventure capital fund: in risk capital, specificallyparticipations in youngcompaniesingrowth sectors with high valuecreation . 9 The Auditorsare subject to the requirements of Art. 134 et seq. CISA; they are akey elementinthe supervisory effortsofthe SFBC. Given that the supervision is primarily linked to theGeneralPartner-AG, thesameAuditorsshould be appointedfor both companies. 10 The appointment anduse of acustodianisonlyrequiredifthe Company holds listed securities pursuant to Art. 54 CISA.Inthe private equity business, but also in thecase of construction and realestate projects,the investments are generally not made in the formoflisted securities. 11 In the venturecapital sector,atermofeight yearswithtwo extension options of twoyears eachisacommonscenario. 266 SECASECAYearYearbookbook20102010

II.Capital

ALimited PartnersCapital

8. The limited partners contribution is CHF [amount in numbers] ([amount in words]), dividedinto [numberoflimited partnership shares] sharesofCHF [amount in SwissFrancs] (referred to below as Limited Partnership Shares). The Limited Partners payintheir proportion of thelimited partners contribution when theCompany is founded.This contribution is entered in theCommercial Register as abasis for liability and is repaid only upon the liquidation of the Company12.

9. TheGeneral Partner-AG, its executive officers pursuant to Art. 119(3) CISO and any other founders (provided they meet the requirements for qualified investors) are entitled to subscribedirectly or in- directly up to [percentage rate]%ofthe limited partners contribution(they are referred to below as Founding Limited Partnersand Founding LimitedPartnership Shares). The following provisions relating to additional capital and minimum subscriptions do not apply to the Founding Limited Partners.

BAdditional Capital

10. Withthe exceptionofthe Founding Limited Partners13,the Limited Partnersundertake when sub- scribing Limited PartnershipSharestoprovide an additional financial contributionequalto[number] times the subscribed Limited Partnership Shares (referred to below as Additional Capital). Inter- nally, theAdditionalCapital represents equity but is not entered in the Commercial Register and does not form abasis for liability of the Company; it may be repaid at any time subjecttoacorresponding resolutionbyGeneral Partner-AG in accordance withthe present Agreement.

11.Notwithstanding therules on the distribution of income (Section 73 et seq. below), interest will not be paid on the Limited Partnership Shares andthe respective proportionofthe Additional Capital (re- ferredtojointly below as the Participation).

12. The Limited Partners must pay in the Additional Capital in one or more installments within [number of days, (e.g. ten)] business days upon receipt of arespective request fromthe General Partner-AG. Once the Investment Phase has expired pursuant to Section 6, the General Partner-AGmay only demand payment of the uncalled Additional Capital on the basis of aresolution passed by the Company Meeting [orbythe Advisory Board if applicable] (cf. Section 39a). An exception applies only to the callingofAdditional Capitaltocoverany costs (including the remuneration of the General Partner- AG) [and for investmentspermitted to be madeafter the Investment Phase pursuant to this Agree- ment or by resolution of theCompany Meeting (Section 39a].

13.IfaLimitedPartner,despite receiving areminder, failstoremit thedemanded payment of Additional Capitalwithin thirty calendar days of receipt of the reminder, its Participation may be sold to the highest bidding Limited Partner in accordance withthe rules on the transferofParticipations(Section 33 et seq.). The General Partner-AG is responsible forthe respective transaction. If no Limited Partner is willing to take over the Participation (togetherwiththe respective obligations as to AdditionalCap- ital), theGeneral Partner-AGmay, at itsown discretion,offer thesaidParticipationtoexternalthird parties.

14.The sale of Participations is only permittedifthe acquiringparty also assumesthe obligation to payin the Additional Capital. Interestwillbecharged by theCompany on anyoutstanding installmentsfor

12 It is also conceivable to have different categories of Limited Partnership Shares to reflect differentinterests. 13 Founding Limited PartnershipShares confer thesameprofitdistribution rights as theother LimitedPartnershipShares, but withoutthe obligation to provideAddi- tional Capital. In the present model, therefore, distribution rights (theso-called"carried interest") canbevested as FoundingLimited PartnershipShares. Such vest- ingisnot mandatory, in particularnot if theGeneral Partner-AGholds theFoundingLimited Partnership Shares. 267 SECASECAYearYearbookbook20102010

Additional Capital at [percentage rate, (e.g. 1)]%per month. Anyfurther damage claims arereserved.

CSubscription

15. The subscription period will run until [date]. During this period,the General Partner-AG may found theCompany and conduct one or more capital increases.14

16. By signing the subscriptionformasper theappendix (referred to belowasthe Subscription Form), subscribers irrevocably undertake to forthwith pay in the corresponding limited partner's contribution and,when calledupontodosobythe GeneralPartner-AG,topay arespective proportion of Additional Capital.All payments shall be madewithin the period set down in Section 15.

17. The minimum subscription amountper subscriberorLimited Partner is CHF [amount in CHF] (limited partnerscapital and Additional Capital).

18.Atthe time of the subscription, subscribers mustbequalified investors pursuant to Art. 10.3 CISAand Art. 6CISO or FoundingLimited Partners. Furthermore, subscribers mustmeet the further requirements and conditions set down in the Subscription Form.They mustprovidethe information and documentsrequiredtocarry out theGeneral Partner-AG'stasks. The Company mayinsistonarepur- chase of Participations provided it has sufficient financialresources anditisestablished that certain investorsdonot meet the relevant requirements.

19. If astipulation giveninaSubscriptionFormproves to be incorrect and theaforementioned requirementsare thereforenot met, thecorresponding Participation shall be sold pursuant to Section 13. Moreover, thesubscribershall be liablefor any damage incurred.

III. Investments

21. The Company will invest in [specific investment purpose, e.g.investments in venture-stage high-tech firmsinEurope].15

22. [Details on: investment policy, investmentrestrictions, risk diversification, risksand investment techniques:16 ! stageofthe investments(venture/early stage, buyout,etc.) ! geographical focus ! sector focus(biotech, etc.) ! investmentrestrictions: exclusion of ! risk diversification: no more than[percentage rate]% per investment,diversification in terms of geographical mix, stages,etc. ! investment techniques pursuant to Art. 102(1)(h) CISA17 ! possibly information on -due diligence process -milestones, monitoring]

23. [Provisions regarding investments made by way of exception after the Investment Phase has expired].

14 Acommonprovision is that theGeneral Partner-AGmay extendthe subscription period or mayorder afurther subscription(asecond closing). 15 In the private equity sector, for example, it is customary to provide information on theindustry, geographical location,and stage of investment (early and late stage, buyout). In the case of funds of funds, and particularly forhedge funds and real estateprojects, thedescriptionofthe investments maybedifferent. 16 Details mightalsobegivenonminimum andmaximum investments, borrowing, grantingloans, thresholds,lending limitations in respect of anyinvestments, thereby specifyingthe respective thresholds. 17 Achieving aleverageeffect is rather unusual in theprivateequity sector, an exception being so-called over-commitments, especially in the fund of funds segment. 268 SECASECAYearYearbookbook20102010

IV. LimitedPartners

APowers

24. Each Limited Partnership Share confers the righttoaproportionateshare in theassetsand profit of the Company (pursuant to Section 73 et seq.) and to onevote at theCompany Meeting;the Founding Limited Partnersdonot participate in theAdditionalCapital. TheLimited Partners exercise their voting rights at the Company Meeting.

25. The Limited Partners have no management powers.Ifthe GeneralPartner-AGhas aconflict of interests or is unabletomake adecision for other reasons, the Company Meeting [or theAdvisory Board in its place] may take the corresponding basic decision. The General Partner-AG is responsible for the implementation of such decisions and the related work (preliminary checks, etc.).

26. The Limited Partners may conduct other business activities and participate in other companies for their own account and for the account of thirdparties.

27. [The Limited Partners (including the Founding Limited Partners) are entitled to invest directlyin portfoliocompanies of theCompany (referred to belowasCo-Investments),providedthe other Limited Partnersare not disadvantaged as aresult and the equal treatment of the Limited Partners is ensured. The General Partner-AG [and the Advisory Board] shall decide on the permissibility andthe respective conditions of Co-Investments.]18

BRight to ReceiveInformation; Confidentiality

28.Subjecttothe trade secrets of the companies in whichthe Companyinvests,the Limited Partners have the right to inspectthe books of the Company, providedthatthe Companyinterests are not jeopar- dized. In addition,the Limited Partnersare entitledtoreceive reportspursuant to Section 66.

29. Upon written request,the General Partner-AG shall grant the Limited Partners accesstothe books within two calendar weeks. If the General Partner-AG refuses to grant any inspection it must, upon application by aLimited Partner, instruct the Auditors to carry out the necessary investigations and to provide information.

30. [The Limited Partnersmust adhere to adutyofconfidentiality.]19

CLiability

31. Limited Partners areliable bothpersonally and jointly and severallyinrespect of theCompanys debt,albeit only up to theamountofthe respective contributionsubscribed to by anyindividual Li- mited Partner.

32. The Limited Partnersare not liable to the Companys creditors during the term of the Company. The commencement of insolvency proceedings against aLimited Partner does not per se result in liability for debtsofthe Company.

DTransferofParticipations

33. The Limited Partners cannot terminate their Participations or returnthem to theCompany in any othermanner. They may sell their Participation (together withthe obligation regarding Additional

18 It is advisable to issueseparate regulationsfor the respective conditions, e.g. precedence of the Companywith regardtothe investmentsand liquidation. 19 Aduty of confidentiality is customary, butnot required by law. 269 SECASECAYearYearbookbook20102010

Capital) to otherLimited Partners or thirdparties providedand insofar as the other parties are willing to acceptatransferofthe Participation pursuant to Section13and thenumberofLimited Partners does not fall below theminimumoffive.Furthermore, the acquiring party must be aqualified investor.Transferstoexternal third parties mustbeapproved in advance by the General Partner-AG.

34. Participations must first be offered to the other Limited Partners and will be attributedtothe highest bidder. Partial offers are permittedand will be taken intoaccount in descendingorder of thebids. In the event of equal offers, Participationswill be allocated in proportion to the holdings of Limited PartnershipShares of the respective parties.

35.ALimited Partner willingtosell must notify the General Partner-AG, which shall forward the offer to the other Limited Partners. The latter must providearesponse within [period, e.g. onecalendar month].Ifnoresponseisreceived withinthisperiod, theparty concerned will be deemed to have for- feited its respective right. Anyotherresponses relatingtothe transfermust also be given within one month to the General Partner-AG.

EDeath, Insolvency, Incapacityand ExpulsionofaLimited Partner

36. Thedeath, insolvency, incapacity, etc. of aLimited Partner will not resultinthe dissolution of the Company. The Company authorizes the General Partner-AG to expel any insolventLimited Partners and to take overtheir Participation in accordance with Art. 615 (in conjunction with Art. 578) CO for the Companysaccount, provided no Limited Partnerorexternal thirdpartyiswilling to do so.

37.The General Partner-AG mayexpel from theCompany aLimited Partner which no longer meets the subscription requirements (cf. Section 18); the same applies for other cases pursuanttoArt. 105(1)in conjunction with Art. 82 CISA.

V. Company Meeting

APowers

38. The Company Meeting may take decisionsifmore than half of all Limited PartnershipShares are represented. If this quorumisnot reached, the General Partner-AG shall call asecond meeting,which may takedecisions without fulfilling the necessary quorum.

39. The Company Meeting decides by absolute majority of all votes represented on all mattersthat have not been delegated to the General Partner-AG under this Agreement, including in particularthe matters listed below.20 If an absolute majority cannot be achieved, the General Partner-AG may submit the matter to anewly convened second meeting, which will takedecisions by simple majority.

a) callingofAdditional Capital uponexpirationofthe InvestmentPhase,and the reinvestmentofas- setsfromthe proceeds of investments;

b) extending the termofthe Company on amaximumof[number of extensions (e.g. two)] occasions by [number of years (e.g. two)] years each;

c) management decisions the General Partner-AG hassubmittedtothe Company Meeting because of aconflict of interests or for other reasons;

d) approving annual financial statements;

e) electing theAuditors;

20 The listed itemsservepurelyasexamplesand maybefreelyvaried. 270 SECASECAYearYearbookbook20102010

f) electing or dismissing members of theAdvisoryBoard;

g) dischargingthe GeneralPartner-AG fromliability;

h) amending theCompany Agreement, provided such amendments are not governed by the provision below or concerninalienable rights of any Limited Partners.

40. The following matters require aqualifiedmajority of [e.g.two thirds] of thevotes represented:

a) dismissal and/or appointment of the General Partner-AG;

b) approvalofarestructuring or replacement of theGeneral Partner-AG in theevent of thedeparture of key persons as designated in the prospectus;

c) delegation of management powers by theGeneral Partner-AG to third parties andsignificant changes to the respective conditions;

d) changes to the investment policy and guidelines pursuant to Section 21 et seq.;

e) prior dissolution and liquidation of the Company;

f) appropriation of liquidity surpluses exceedingthe planned repayments;

g) extending the termofthe Company beyond theextension as perSection 39babove;

h) appointing an Advisory Boardand determiningits powers.

41.The GeneralPartner-AGmustinform thesupervisory authority in advance of resolutions by the Company Meeting concerning amendments to the present Agreement or to the General Partner-AG.21

BCalling of the Company Meeting

42. The General Partner-AG is responsible forthe proper convocation of the Company Meeting. The Meetingmust be called at least one calendarmonth in advance. Suchcall notice must includeinfor- mationonthe agendaitems,enclosing the necessary documents.

43. Upon application of theGeneral Partner-AG, theCompany Meeting may be held without physical attendance by writtenapproval of the motions submitted by the General Partner-AG, unless the hold- ers of more than 10% of all LimitedPartnership Shares object. The aforementioned majority requirements will also apply to the passing of such resolutions(cf. Section 38 et seq.).

C [Advisory Board]22

44. An AdvisoryBoardmay be set up by theFounding LimitedPartners, or at alater stage by theCom- pany Meeting. The Advisory Board represents the interests of the Limited Partners and advises and supervises the management. It is entitled to obtain informationfrom theGeneral Partner-AGonthe management of the Company and to inspectthe Companys books.The Advisory Board may exercise certain of the powers granted to the Company Meeting; this appliesinparticulartothe resolutions pursuant to Sections 39a to 39c.

21 Cf. Art. 16 CISA. 22 The appointment of an Advisory Boardisoptional and thestructureliestoalarge extent within the discretion of the LimitedPartners or Founders; an Advisory Board is typically set up upon establishment of acompany. 271 SECASECAYearYearbookbook20102010

45. The Advisory Boardhas the followingspecificpowers: ! [exercising all powers delegated to it by the Company Meeting;] ! [decisions on conflicts of interest between the General Partner-AG andthe Company and/orthe Limited Partners;] ! [ ]

46.The Advisory Boardhas [at least three] members.Itiselectedupon theestablishment of the Company or thereafter by theCompanyMeeting.The membersofthe Advisory Board may be dismissed at any timebythe Company Meeting.

47. The General Partner-AG shall send arepresentative to the meetings of the Advisory Board. This representative shall howeveronly have the right to participateinthe meetings, but no voting rights. The members of the Advisory Board need not be Limited Partners.

48. The Advisory Board may take decisionsifmore than half of its members are present. Resolutionsby the AdvisoryBoard must be taken by the majority of the members present. [In the event of an equal vote, theChairman will have the casting vote/anew meeting will be convened/thematter will be referred back to theCompany Meeting.]

49. The members of the Advisory Board are subject to adutyofconfidentiality, alsoafter expiration of their term. They must discloseall current and potential conflicts of interest; where appropriate they must abstain to vote andmay notparticipate in consultations.

50. The Companywill appropriately remunerate the members of the Advisory Board for the expenses related to theirmandate; [therewill be no other remuneration for their activities].

VI. General Partner-AG

AManagement and Representation

51. The General Partner-AG is solely responsible for themanagement of theCompany in accordance with theCISA and CO. General Partner-AG signs on behalf of theCompany in accordancewithits regula- tionsonauthorized signatories.23

52.General Partner-AG is responsible forthe operationalbusiness of the Company within the framework of this Agreement.General Partner-AG shall evaluate potentialportfolio companies,structuresand decide on any investmentsofthe Company in such portfolio companies. General Partner-AG shall continuously monitor the portfolio companies, specifically with regardtotheir achievement of set pa- rameters(milestones). It is entitled to intervene in the management of the portfolio companies at its own discretion and, among other things,totake up aposition on the board of directors of the companies in question.

53. General Partner-AG shall decide on the calling of Additional Capitaland itsrepayment.Subject to the exceptions set down in this Agreement, the calling of AdditionalCapital is permitted only during the Investment Phase.

54.General Partner-AG may, in principle,invest the capital of the Company only once. Liquidity that is not requiredand theproceeds from the sale of portfolio companies are repaid to the Limited Partners on an ongoing basis, subjecttothe provision of an appropriate levelofliquidity forthe Company and theexceptionsset down in this Agreement.

55. General Partner-AGmust observestrict confidentiality, and must alsoimposethis obligation on its executiveand governing bodies,employees and advisors.

23 As arule, jointsignature by two authorizedsignatories of General Partner-AG. 272 SECASECAYearYearbookbook20102010

56. General Partner-AG is responsible forkeeping the Companys booksofaccount and providing regu- larreportstothe Limited Partners. It must keep andupdate the register of Limited Partnersand the capital accounts of the Limited Partners. It appoints the Custodian and the Paying Agent. In accordance with Section 33 et seq., it decides at its own discretiononany transfer of Participations (including commitments for Additional Capital) to third parties.

57.General Partner-AG may only be thegeneral partner in this Company.Itmay conduct other business transactions forits ownaccount and for the account of third parties or participate in other companies if such actions are disclosed and the interestsofthe Companyare notimpaired,orifthe Company Meeting [orAdvisoryBoard] has explicitly approved the business transaction in question(Section 39c).

58. General Partner-AG [and persons associatedwith it] may not conductany business transactionsor pursue any other interests that conflict with the interests of the Company or that might lead to such a conflict of interests, except in cases wheresuch transactions are approved by the CompanyMeeting [the Advisory Board if applicable].Any remuneration and benefits (management fees, trailer fees, etc.)itreceives in connection with its function for the Company must be passed on to the Company.

59.General Partner-AG must informthe Company Meeting [the Advisory Board if applicable] about all business transactionsinwhich it,its executive officers, or persons associated withGeneral Partner- AG or itsexecutive officers have adirect or indirect interestthat might conflict withthe interests of the Company.24 The Company Meeting [theAdvisory Board if applicable] will then decide on thefur- ther action to be taken. The executive officers must be listed in the prospectus.

60. For its activities, General Partner-AG will receive afixed remuneration of [percentage rate]%p.a. of the amount of the total capital (Limited PartnershipSharesand Additional Capital).25

61. [Share of profits]26

BResponsibility and Delegation

62.General Partner-AG is liabletothirdparties forthe Companys debts. The liabilityisunlimited and secondary. General Partner-AG may be sued by the Companys creditors only if the Company has been dissolvedorunsuccessfully sued for collection by otherparties, or if the Company itself hasbe- come insolvent.

63. GeneralPartner-AG must ensurecompliance with this Agreement and any Appendices as well as with the pertinentlegislation, specifically the CISA. It must make the requiredreportstothe supervisory authority andprovide information requestedbythe latter.

64.General Partner-AG may appoint an expert advisory body,the remuneration of which must be paid out of thefee of General Partner-AG.The saidbodyhas apurely advisory function; it has no management or representation powers.

65. General Partner-AGmay delegatethe following powers to qualified external third parties:27 ! [ ]

24 Includingpreceding and successor funds that invest in the same portfolio companies, etc. 25 There are any number of variations in practice; many companiesenvisage areduction in the percentage rate and the basis (e.g. on the valueofthe remaining investments) after theInvestment Phase hasexpired. 26 The share of theprofitsofthe General Partner of General Partner-AG is equallyimportant.The share of profits referred to in the private equity business as carried interestisgenerally 20%ofthe profits.Thisismostlycarried outbyadirectallocationofthisshare to theGeneral Partner as part of thedistributionof profits to the Limited Partners. Thismethodiscommonly used worldwide, and is also entirely conceivableunder the CISA.Inthe present model documents, the share of profitsisdistributed via the Founding Limited Partnership Shares pursuant to Sections 9and 10. 27 Delegation is permittedprovided it is in theinterests of efficient management (Art. 119 CISO). In addition, the Company Agreement must contain provisions on the delegationofmanagement or representation (Art.102 CISA). The content and scope of the delegationtogether with thenames and addresses of the delegated par- tiesare to be listed in the prospectus where applicable, with reference to the corresponding agreements where applicable. 273 SESECACA YeYeararbobookok 20201010

! [ ]28

66. Management powers may be delegated only to appropriately qualified persons or companies; Gener- al Partner-AG mustensurethe diligent instruction, monitoring and controlling of suchdelegated parties.

VII. Accounting,DistributionofIncomeand Auditors

AAccounting, Valuationand Reporting

67. General Partner-AG must issue aquarterly report on business performance. The AnnualReport must contain the informationspecified under Art. 89 CISA.29

68. The financial year of the Company is the [calendar year]. The reference currencyis[ ].

69. General Partner-AG must keep acapital account for each Limited Partner. This account is used to hold the Limited PartnershipShares subscribed by theLimited Partner and the Additional Capital, the deposits paid in respect of the latterand the amountsreimbursed to theLimitedPartnerinrespect of the Additional Capitaland the limited partners contribution, as well as the proportion of income paid out to them. [Additional current account, possibly aloss carry-forward account].

70. The Company must keep separate accounts for capital gains on the onehandand interest and dividends on the other.

71. The valuation of the assets and liabilities, specifically the portfolio companies, will be based on the following principles.30 ! [ ] ! [ ]

72. [Other accounting principles].

BRepayment of Capital and Appropriation of Income

73.General Partner-AG will decide at its own discretion on the amount and timing of distributions of earningsand capital gainsrealized duringthe financial year,providedsufficient liquidity is available and appropriate reserves have been created for thecurrent and foreseeable obligations of theLimited Partnership (including management costs and any financing commitments).Provided the provisions of this Agreement are met, the Company maydistribute realized earningsand capital gains at any time.

74. Subject to any taxes or other sovereign duties (including any withholding tax), all distributions of disposable earnings and capital gains accounted for as describedinSection 73 will be madeinaccor- dance with the followingprinciples (after the liabilities andany debts of the Limited Partnership have been covered):31

28 Art. 119CISO refers to thedelegation of investmentdecisions. Delegation will often also affectadministrativefunctions such as accountingand reporting,or support functions such as due diligence, monitoring,etc. 29 Asemi-annualreport with abalance sheetand income statement is notrequired. 30 The agreementshould listthe mostimportant valuation principles.Inmostcases, it also makes reference to the rules of the corresponding associations. SECA (Swiss Private Equityand Corporate Finance Association)istobementioned.Its guidelines correspondlargely to thoseofthe EVCA (European Venture CapitalAssociation) andthe International PrivateEquityand VentureCapital ValuationGuidelines. TheUSprivate equity guidelines (issued by PEIGG) are also very significant. 31 Almost everyoption is used in practice; theorder of appropriation of income described in this casehas been kept deliberately simple andserves only as an example. 274 SECASECAYearYearbookbook20102010

a) firstly, to the Limited Partnersinrelation to the called Additional Capital, until the latter has been repaid in full;

b) [secondly, to theLimited Partnersinrelationtothe calledAdditional Capital, until the distribution of an amount correspondingto[percentagerate]%p.a.ofthe called AdditionalCapital;]

c) thereafter, to theLimited Partners in relationtotheir Limited Partnership Shares.

75. Afterthe liquidation of the Limited Partnership, the Limited Partners will receive repayment in respect of their Limited Partnership Shares provided theseare not usedtocoverliabilities or the liquidation costs of theLimited Partnership.

CAuditors

76. The Auditors32 areappointedfor the first timewhen the Company is founded. Any dismissal or new appointment will be made by the Company Meetingfromthe group of auditing firms recognizedby the SwissFederal Banking Commission.The tasks of theAuditors are determined by the CISAand the present Agreement.

VIII.Miscellaneous Provisions

ADissolution

77. The Company willbedissolved if one of thefollowingeventsoccurs:

a) if theminimum number of Limited Partners required under the CISA is notreached within the subscription period;

b) upon expiry of theterm, including any extensions,pursuant to the present Agreement;

c) by resolution passed by theLimited Partners (Section 40e);

d) by decision of the competent authorities.

BNotices

78.Noticestothe Limited Partners and General Partner-AGmust be made in writing,byfax or email. The onus of proof of dispatch and receiptlies with thesender.

CArbitration

79.Any dispute, controversyorclaimarising out of or in relation to this Agreement includingthe validi- ty,invalidity, breach or termination thereof, will be resolved by arbitrationinaccordance with the SwissRules of International Arbitration of the SwissChambers of Commerceinforce on thedate when theNotice of Arbitration is submitted.

80. The number of arbitrators will be three. The seat of arbitration will be [place]. Thearbitral proceedings will be conductedinEnglish.

81. The rightsofthe investor andpowers of the supervisory authoritypursuant to theCISAare reserved.

32 The same auditors as for General Partner-AG; cf. footnote to Section 3. 275 SESECACA YearYearbookbook20102010

DEntry into Force

82.The Agreement will become legally effective upon itsapproval by theSwiss Federal Banking Com- missionand with the subsequent entryofthe Company in the Swiss Commercial Register.

[Place, date: signatures]

Appendices

Subscription Form

[ contains provisions relating to the identification forKYC purposes, nationalityrequirements(US residents) and qualification pursuant to Art. 10 CISAand Art.6CISO, etc.]

[Definitions]

276 SECASECAYearYearbookbook20102010

Musterdokumentation für ein TermSheet fürBusiness Angels undVenture Capitalists

Mitgewirkt haben: -Christian Wenger, Dr. iur., Wenger &Vieli, SECA Vorstandsmitglied -Hannes Glaus, Dr. iur. Lustenberger Glaus &Partner, SECA Vorstandsmitglied -Florian Schweitzer,BrainsToVentures AG,SECA Vorstandsmitglied -Maurice Pedergnana, Dr. oec., SECA Geschäftsführer

Term Sheet

[Gesellschaft]

Finanzierungsrunde Serie [xxx] Vorzugsaktien [Datum]

Gesellschaft [Name der Gesellschaft]

Investitionsbetrag [Betrag]

Investoren [Investoren]

Art der Aktien [Namenaktien/Vorzugsaktien]

Anzahl Aktien [Zahl]

Preis pro Aktie [Preis]

Bewertung [Bewertung] (pre money)

Kapitalisierungstabelle [siehe Beilage 1]

277 SECASECAYearYearbookbook20102010

1. Allgemeines

[Zielsetzungen]

Im Rahmender Finanzierungsrunde Serie [xxx] werden [xxx] Aktienmit Vorzugsrechtenausgegeben. Die Vorzugsrechte werden nachfolgend in Ziff. 7bis 9definiertund im Beteiligungsvertragzwischen den Inves- toren und derGesellschaft verbindlich vereinbart.

2. Verwaltungsrat

Der Verwaltungsrat besteht aus mindestens drei Mitgliedern.

[Jeder] Investor hat Anrecht auf die Bestellung eines MitgliedsimVerwaltungsrat.

Der Verwaltungsrat trifft sich, sooftesdie Geschäfte erfordern,mindestens aber fünfmalpro Jahr. Die Sit- zungen können entweder physisch oder im Rahmen von Telefonkonferenzen durchgeführt werden. Die Verwaltungsrätewerden fürihre Aufwendungen/Spesen entschädigt.

[DemPräsidenten des Verwaltungsrateskommt der Stichentscheid zu.]

[Die Gründer haben Anrecht auf dieBestellung eines Verwaltungsrates]

[NachAbschluss der Transaktion suchen die Parteien gemeinsameinen unabhängigen Verwaltungsrat mit besonderen Fach-und/oder Marktkenntnissen.]

[Als erster Präsident des Verwaltungsratswird [der Vertrerter derInvestoren] bestimmt.]

[Hinweis:Normalerweise besteht derVerwaltungsrat(VR)aus drei Personen,wobei jeweilsein VR-Mitglied ausdem Kreisder Gründer, den Investoren und auseinem unabhängigen Experten stammt. Je nach Beteiligungshöhe der Inves- toren besteht einVerhandlungsspielraum in derErnennung des Investorenvertreters alsPräsident desVerwaltungs- rats.]

3. Zustimmungsbedürfnis

Wesentliche Geschäftsführungsmassnahmender Gesellschaft bedürfen der Zustimmung des Verwaltungs- rats. Die zustimmungspflichtigen Geschäfte sind in derBeilage 2dieses Term Sheets gesondert dargestellt.

4. Informationen

Die Investorenerhalten unaufgefordert aufeiner Monats- und Quartalsbasis nichtrevidierte Geschäftszah- len, bestehend aus Bilanz, Erfolgsrechnung,Liquiditätsplan und einem Managementkommentar zum Ge- schäftsgang.Die Investorenhaben [über denInvestorenvertreter im Verwaltungsrat] das Recht, jederzeit die Bücher der Gesellschaftauf eigene Kosten zu prüfen. 90 Tage nach Abschluss des Geschäftsjahres wird den Investoren der vollständige geprüfte Jahresberichtmit Bericht der Revisionsstelle vorgelegt.

30 Tage vor Beginn des neuen Geschäftsjahreslegt die Gesellschaft ein Jahresbudget für das darauffolgende Jahr vor,das dieErträge, die Aufwendungensowie dieLiquidität auf einer Monatsbasis projektiert.

278 SECASECAYearYearbookbook20102010

[Hinweis: Es istein Berichtswesen einzurichten, das demVRund denInvestoren einejederzeitigeumfassendeEin- schätzung derwirtschaftlichen Situation derGesellschaft ermöglicht.Insbesondere soll dasBerichtswesen folgende Elementeenthalten:

- Monatliche (stichwortartige),vierteljährliche(ausführliche) Berichterstattung, deren Inhalte zusammen mit den In- vestorenfestgelegt werden.

- Die Vorlage eines jährlichen Budgetsist später durch denVRzugenehmigen.

Darüber hinausverpflichten sich die Geschäftsführer, dieInvestoren zeitnahund unabhängig von den regelmässigen Berichtspflichten über wichtige Ereignisse umfassend zu informieren.]

5. Stimmrechte in der Generalversammlung

Jede Aktie der Serie [xxx] hat ein Stimmrecht. Die Serie [xxx] Aktionärestimmen mit Ausnahme der nachfolgend in Absatz 2erwähnten Gegenstände mit den gleichen Stimmrechten wie die anderen Aktionäre ab.

Eine Mehrheit der Serie [xxx] Aktionäre wirdgebraucht für

a) Alle Beschlüssegemäss Art. 704 Abs. 1OR;

b) Statutenänderungen;

c) Kapitalerhöhungen;

d) Entlastung des Verwaltungsrats;

e) Beschluss überdie Ausschüttung von Dividenden;

f) Aktienrückkaufsprogramme;

g) Wahl /Abwahl der Revisionsstelle;

h) [Evtl. weitere]

[Hinweis: Unter Art. 704 Abs.1OR fallenu.a.die Änderung des Gesellschaftszweckes, die Einführung vonStimm- rechtsaktien, die Beschränkung der Übertragbarkeit von Namenaktien,die EinschränkungoderAufhebung desBezugs- rechtes,die Verlegungdes Sitzesder Gesellschaft unddie Auflösungder Gesellschaft.

Fernerwird dieVerankerung eines entsprechenderhöhten Quorums (d.h. dieAnzahl derStimmberechtigten, die bei einer Abstimmung anwesend sein muss oder sich an einer Abstimmung beteiligen muss, damitdiese gültig ist) für die vorstehenden Beschlüsse in denStatutenempfohlen, da ansonsten eine Gefahr besteht, vertragswidrige GV-Beschlüsse abzuschliessen, welche gesellschaftsrechtlich gültig sind,vgl. Art.627 Ziff. 11 OR.Durcheine qualifizierte Mehrheit soll denInvestoren somit eine aktiveMitsprachezugesichertwerden.]

279 SECASECAYearYearbookbook20102010

6. Mitarbeiterbeteiligung

Direkt vor derFinanzierungsrunde Serie [xxx] wird die bestehende Mitarbeiterbeteiligung um [Anzahl] Ak- tien auf total [Anzahl] Aktienerhöht. Dies entsprichtnachVollzug der Finanzierungsrunde [xxx] einer Grösse von [xxx] Prozent desgesamtenAktienkapitals (fully diluted). Im Rahmender Mitarbeiterbeteili- gung sind [Anzahl] Aktien nach der erfolgreichen Durchführung der Finanzierungsrunde Serie [xxx] frei al- lozierbar. Die Aktien werden reserviert fürMitarbeiter, Management,Verwaltungsräte,Berater derGesell- schaft und gestützt auf einen Beteiligungsplan, der durch den Verwaltungsrat der Gesellschaftimplemen- tiert wird,zugeteilt. Die Aktien sind grundsätzlich während einerDauer von 4JahrennachZuteilung ge- sperrt, wobei 25% derallozierten Aktien nach demerstenJahrestag und danach quartalsweise 6.25% frei werden.

[Der Beteiligungsplan kann als Aktien- oder Optionsplanausgestellt werden.]

[Beteiligungsverträge enthalten übliche Verkaufsrechte und Verkaufspflichten (good leaver /bad leaver).]

[Hinweis:Esgibtdie unterschiedlichsten Alternativen, um ein Mitarbeiterbeteiligungsprogrammauszugestalten. Die Gründersollten dies vorder Kapitalerhöhunggeregelt undimplementierthaben. Im Interesseder Gründersollten die Geschäftsführung und leitende Mitarbeiter sowie weitereSchlüsselpersonen der Gesellschaft am Erfolg der Gesellschaft partizipieren. Fullydilutedsteht für Verwässerung nach der Kapitalerhöhung.

Optionen habeninder Regeleinen höheren Hebel alsAktien, wobei auchein Mitspracherecht vor dereigentlichen Aus- führungder Option im Vergleichzubereitsgenehmigten Aktien nicht gegebenist.]

7. Liquidations- und Verkaufspräferenz

Im Falle einer Liquidation derGesellschaft, eines Verkaufs von [50%] oder mehr der Aktien gegen Barmittel oderAnteile des Käufers, einerVerschmelzung, infolgederer dieAktionäreder Gesellschaft weniger als 50%des resultierenden Unternehmenshalten,oder einesVerkaufs eines Teils oder der Gesamtheitder Ak- tiven und/oder Passiven der Gesellschaft, erhalten die Investoren der Serie [xxx] aus dem Liquidations- oder Verkaufserlös ihre geleisteteBareinlage bevorrechtigt zurück.

Diesehierin vereinbarteLiquidationspräferenz soll nurdann gelten, wenn derzuerwartendeVerkaufserlös für 100% allerausstehenden Geschäftsanteile (Gesamtkapitalisierung der Gesellschaft) kleiner oder gleich CHF [xxx] ist.Für Beträge über CHF [xxx] soll eine pro rata Verteilung unter allen Aktionären erfolgen.

[Hinweis:Die Liquidationspräferenz dient demSchutzvon Investorenfür denFall, dasssie zu teuer in das Unter- nehmen eingestiegen sind. So kann es z.B. sein, dass ein Investor bei einerPost-money Bewertung von CHF10Mio. rund CHF 2Mio.investiert hatund entsprechend 20%des Unternehmenshält, das Unternehmen dann aber fürledig- lich CHF5Mio. verkauft wird. Gäbe es keineLiquidationspräferenz, würdeder Investor CHF 1Mio. ausgezahlt be- kommenund dieGründerCHF 4Mio. Die Liquidationspräferenz stellt daher sicher, dass derInvestor mindestens sein Investment zurückerhält.Die Verhandlungeiner solchen Liquidationspräferenz ist üblicherweise im Zusammenhang mit der Unternehmensbewertung zu führen. Eine einfache Liquidationspräferenz ist absolutüblich, eine zwei- oder dreifache jedoch sehrunüblich (sie würdebedeuten, dass dieInvestorenbeimExit, also i.d.R. demUnternehmensver- kauf, 2oder3Mal ihrInvestment zurückerhalten,bevor proratader Restbetrag allen weiteren Aktionärenausgezahlt wird).]

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8. Wandlungder Vorzugsaktien

Die Investoren habendas Recht, ihre Serie [xxx] Vorzugsaktien jederzeit in ordentliche Namenaktien der Gesellschaft zu wandeln. Im Falle der Wandlung erhaltendie Investoren für jede Vorzugsaktie eine ordent- licheNamenaktie der Gesellschaft. DerVerwässerungsschutz gem. Ziff. 9bleibt vorbehalten.

Die Vorzugsaktien derSerie [xxx] werden ohne Weiteres in ordentliche Namenaktien unter Aufgabe der Vorzugsrechte gewandelt, wenn die Gesellschaft ein IPOdurchführen will und eine verbindliche Festüber- nahmefür neue Aktien im Wert von Minimum CHF [xxx] vorweisen kann.

[Hinweis: Diehier angesprochenen Vorzugsaktien sind marktüblich vorder eigentlichen offiziellen Börsennotierung (IPO) und weichen von ihrer Konstruktion(insb. denbeinhalteten Rechten, wieu.a. Liquidationspräferenz) vonbereits marktnotierten Vorzugsaktien wesentlichab.]

9. Verwässerungsschutz

alternative Verhandlungsposition: Full Ratchet

DieInvestoren werden im Rahmen vonzukünftigen Finanzierungsrunden, bei denen Aktien zu einem Preis unter dem Aktienpreis dieser Serie [xxx] Runde ausgegebenwerden, derart gestellt, wie wenn diese Finan- zierungsrunde Serie [xxx] zumgleichen Preis durchgeführt worden wäre. Die Investorenerhalten dabei das Recht, dieentsprechende Anzahl Aktien zumNominalwert zu zeichnen.

[alternativeVerhandlungsposition: Weighted Average]

[Die Investoren können entsprechend ihrer BeteiligungamAktienkapital der Gesellschaftanspäteren Fi- nanzierungsrunden der Gesellschaft zu denselben Konditionen der jeweiligen Finanzierungsrundeteilneh- men.

Liegt der AktienpreisimRahmen einer späterenFinanzierungsrunde unter dem Aktienpreis, den die Inves- torenfür ihre Beteiligung an derGesellschaft gezahlthaben, erhalten die Investoren pro rata so viele Aktien aus einer kompensierenden Kapitalerhöhung,dasssie so gestellt werden, als hätten sie ihre Aktien zu einem reduzierten Aktienpreis erworben, dersich nach folgender Formel berechnet:

APr=AP1 R

R=(AP1AP2)*B/(A+B)

APr=reduzierter Aktienpreis

AP1=Aktienpreis derersten Finanzierungsrunde

AP2 =Aktienpreisder späteren Finanzierungsrunde

A=Anzahlausstehender Aktienunmittelbar vorDurchführung der späteren Finanzierungsrunde(inklusive ausstehender Optionen)

B=Anzahl neuer Aktien der späteren Finanzierungsrunde

R=Reduzierter Aktienpreis

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Diese Bestimmung ist nicht anwendbar aufKapitalerhöhungen aus bedingtem Kapital zur Befriedigung von Optionsrechten.]

[Hinweis: Die Zeichnung zum Nominalwert soll sicherstellen,das die Investoren den gleichen prozentualenAnteil am Unternehmen halten wievor derKapitalerhöhung. Je nach Anteilshöhe derInvestoren bestehtein Verhandlungsspiel- raum in derAusgestaltung. Beieinerhohen Bewertung empfiehlt sich ein Full Ratchet.]

10. Verfügungsbeschränkungen

Grundsätzlich unterliegen alle Aktien einer generellenVerfügungsbeschränkung. Im Rahmender Finanzie- rungsrundeSerie [xxx] werden in einem Aktionärsbindungsvertragübliche Vorkaufsrechtesowie Verkaufs- rechteund Verkaufspflichten (drag and tagalong clauses)stipuliert. Diese umfassen im Einzelnen:

Right of First Offer(Vorkaufsrecht)

Strebt ein Aktionär an, seineAktien an einen Dritten zu veräussern,ist er verpflichtet,diese zunächst den anderen Aktionären zu denselben Konditionen anzubieten. Wird das Kaufangebot von den anderen Aktio- nären nicht in vollemUmfang angenommen, ist der veräusserungswillige Aktionär berechtigt,ineinem Zeitraum von sechs Monaten nach Angebotdie Aktien zum selben oder zu einemhöheren Preisaneinen Dritten zu veräussern.

Tag-along-right(Verkaufsrecht)

Beabsichtigen ein oder mehrere Aktionäreden Verkauf ihrer Aktien, so können dieanderen Aktionärever- langen, dass ihre Aktienpro ratazudenselben Konditionen mitveräussert werden.Resultiert aus dem Akti- enverkauf die Übernahmevon über50% der Gesellschaft durch einen Dritten, dürfen die anderen Aktionäre verlangen,dass ihresämtlichen Aktien zu denselben Konditionen mitveräussert werden.

[Hinweis:Mit demVorkaufs-und Verkaufsrecht soll vermieden werden, dass eine Parteibevorzugt behandelt wird. Ausserdemstellen diesesicher, dass bspw. die Gründer sich nicht unbemerktvon ihrenAktientrennenkönnenund andere Aktionäre dabei aussen vor bleiben.]

Drag-along-right (Verkaufspflicht)

Haben die Investoren die Möglichkeit, mindestens [70%] ihrerAktien an derGesellschaft zu verkaufen oder mit einer anderen Gesellschaft zu verschmelzen, so haben sie das Recht, die übrigenAktionäre zumMitver- kauf ihrer Aktien zu denselben Bedingungen zu verpflichten.

Die übrigen Aktionäre habendas Recht, in einem solchenFall vonihrem Right of First Offer Gebrauch zu machen.

[Hinweis: Mit dem Ziel eineserfolgreichen Exitsvor Augen aller Aktionäre haben dienicht im Tagesgeschehen invol- viertenInvestorenmit ihrerErfahrungzumeist ein besseresGespür fürdas richtigeTiming und Pricing einer solchen Transaktion. Dieses Know-howsollten daherauch die Gründer fürsichnutzendas Drag-along-right formalisiert dieses.]

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11. Konkurrenzverbot

[xxx] wird im Rahmen desAktionärbindungsvertrages und/oder Arbeitsvertrages ein Konkurrenzverbot unterzeichnen,wonach während derDauerdes Arbeits-/Mandatsverhältnisses und währendeinerFrist von [xxx] Jahren nach Aufhebung desselben keine konkurrenzierendeTätigkeit ausgeübt wird.

[Hinweis: Gemäss Art. 340 bis340c OR. istentscheidendfür die zeitlicheDauer desKonkurrenzverbotes, bis zu wel- chem Zeitpunkt ein berechtigtesInteresse desArbeitgebersander Aufrechterhaltung desKonkurrenzverbotes besteht. Normalerweiseist eineDauer von6bis 12 Monaten angemessen. Das Gesetzschreibtvor, dass dieDauer von3Jahren nur in Ausnahmefällenüberschrittenwerdendarf. Denaustretenden Mitarbeiterndarfder Arbeitgeber nichtbeliebige Tätigkeitenverbieten, sondernnur die ihn konkurrenzierenden.]

12. Key Personund D&O-Versicherung

Fürdie Know-how Träger [xxx] und [xxx]wirdauf Kosten und zu Gunsten derGesellschafteine Risikole- bensversicherung mit einer Versicherungssumme von je CHF[xxx] abgeschlossen, zahlbar beiTod der ver- sicherten Person.

Für die Mitglieder des Verwaltungsrats wird eine marktgängigeD&O-Versicherung auf Kosten derGesell- schaftabgeschlossen.

[Hinweis: DieRisikolebensversicherung liegt in den meisten Fällen beiCHF 500000 proPerson. D&O steht für die Director-and-Officers-Versicherung und stellt eine Organ-Haftpflichtversicherung dar.]

13. Due Diligence

Den Investoren wird die Durchführung einer vollständigen Due DiligencePrüfungermöglicht.Dazu erhalten die Investoren Zugang zu allen Gesellschaftsdatensowie dieMöglichkeit,mit den Revisoren und weiteren Beratern der Gesellschaft Gespräche zu führen.

[Hinweis: Je jünger ein Unternehmen ist, desto weniger umfangreich fällt dieDue Diligence in derRegel aus, weil we- gender erst kurzen Existenzzeitnur wenig Geschäftsgebaren bis datoangefallen ist. Wasjedoch immervon hoher Be- deutung ist,sind(beantragte) Patentesowie Referenzen zu denGründern.]

14. Gewährleistungen

Im Rahmendes Beteiligungsvertrages geben die Gründer [und bisherigen Investoren] marktüblicheGe- währleistungen(Rechts- und Sachgewährleistungen) über die Gesellschaft sowie deren Tochtergesellschaf- ten ab. Diese umfassen u.a.:

- Errichtung und Bestand der Gesellschaft;

- Finanz- und Vermögensverhältnisse;

- Besitz vonSchutzrechten, Software, geistigemEigentum, Namen, Domains etc.;

- (drohende) Rechtsstreitigkeiten;

- Stille Beteiligungen an der Gesellschaft, Gewinnabführungs- und Beherrschungs- odersonstigeUn- ternehmensverträge;

- Sonstige vertragliche Beziehungen.

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[Hinweis:Die Garantiegeber haften gegenüber den Investoren derart,dasssie bei Garantieverletzungen dengarantier- tenZustand herstellen. Ist dies nicht möglich,dann haben Sieentsprechend Schadenersatz zu leisten. Hierbei haften die Gründer[unddie bisherigenInvestoren] gegenüber denInvestoren alsGesamtschuldner. Für dieRichtigkeit der vorstehendenGarantienkönnen Ansprücheerstgestellt werden, wenn dereinzelneSchaden oder dieSummemehrerer Schäden die Freigrenzevon CHF [10000] übersteigt.Die Haftungsobergrenze für alle kumulierten Schadenersatzan- sprüchebeträgtdas Investment dieser Runde. Dieser kann nach Wahl derInvestoren auchdurch eineÜbertragung von Aktienerfolgen. Die Garantieansprüche derInvestoren verjähreninden meisten Fällen nach 3Jahren.]

15. Vertraulichkeit

Im Rahmen der Finanzierungsrunde Serie [xxx] wurde eine Vertraulichkeitserklärungunterzeichnet, die weiterhinbis zum Vollzugsdatum Gültigkeit entfaltet.

16. Zeitverhältnisse

Die Investorenbeabsichtigen, die Finanzierungsrunde Serie [xxx] spätestens am [Datum] zu vollziehen. Soll- te aufgrund von Umständen,die nicht von den Investoren zu vertreten sind, der Vollzug der Transaktion verzögert und die oben stehende Frist nicht eingehalten werden, so verlängert sich die Fristautomatisch um einen Monat.

Für die Transaktion legen sichdie Parteien folgenden Zeitplan zugrunde:

Durchführungder Due Diligence Prüfung [Datum]

Vertragsverhandlung [Datum /Periode]

Signing [Datum]

Closing [Datum]

17. Exklusivität [oder:Abschlussexklusivität]

Die Parteien vereinbaren, dass die Finanzierungsrunde Serie [xxx] exklusiv bis zum in Ziff. 16 genannten Datum mit den Investoren verhandelt wird, somitwährenddieser Frist mitanderen als den in diesem Term Sheetgenannten Investoren über die Finanzierungsrunde [xxx] weder Verhandlungen geführt noch Verträ- ge abgeschlossen werden dürfen. Jedoch können mit schriftlichemEinverständnis der Investorenweitere Investoren diesem Term Sheet beitreten. Sollte es bis zu diesem Datum(inklusiveVerlängerung) zu keinem Vertragsabschluss kommen, so sind die Parteien frei.

[Oder blosse Abschlussexklusivität: Die Parteien vereinbaren, dass bis zum in Ziff. 16 genannten Datum kein Beteiligungsvertragüber FinanzierungsrundeSerie [xxx] mitanderenals denindiesemTermSheet genannten Investoren abgeschlossen wird. Jedochkönnen mit schriftlichem Einverständnis der Investoren weitereInvestorendiesemTerm Sheet beitreten. DieVerhandlung mitanderen Investoren bleibthingegen zulässig.Sollte es bis zum in Ziff. 16 genannten Datums (inklusive allfälliger Verlängerung)zukeinem Vertragsabsschluss kommen, so sind die Parteien frei.]

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18. Kosten

Unmitttelbarnach dem Closing übernimmtdie Gesellschaft die im Zusammenhangmit der Finanzierungs- rundeSerie [xxx] entstandenen Kosten der Investoren sowie vondessen Rechts-, Wirtschafts- und Steuerbe- rater bis zumBetrag von [CHFxxx]. Im Übrigen tragen alle Parteien dieihnen entstandenen Kosten selbst.

Kommtesaus Gründen,die die Investoren nicht zu verantworten haben, zu keinemAbschluss derTransak- tion, so verpflichtetsich die Gesellschaft resp. subsidiärderen Aktionäre zur Bezahlung einer einmaligen Entschädigung für den entstandenen Aufwand von CHF [xxx].

[Hinweis:Die Kosten sollten nicht mehrals 3bis 4% desInvestitionsbetrags überschreiten.Die Break-up Fee im zwei- tenAbsatzdient bei Abbruch derTransaktion durch dieGründerdazu, die Investoren für deren aufgelaufenen Kosten zu entschädigen. DieseEntschädigung kann jedochauchweggelassen werden, falls keine bedeutenden Kosten erwartet werden.]

19. Anwendbares Recht undGerichtsstand

Auf dieses Term Sheet ist schweizerisches Recht anwendbar.Ausschliesslicher Gerichtsstand für Streitigkei- ten aus oder im Zusammenhang mitdiesem TermSheetist der Sitz derbeklagten Partei.

20. Gremienvorbehalt

Das vorliegende Term Sheet und die gesamte damit verbundene Transaktion steht unter dem ausdrückli- chenVorbehalt derGenehmigung derKontrollgremien der Investoren,dem Abschluss der technischen, rechtlichen undfinanziellen Due Diligence Untersuchungen derGesellschaft mit positiven Ergebnissen, sowieder zufriedenstellenden Ausarbeitung der rechtlichen Dokumentation.

21. Bindungswirkung

[Variante 1: Grundsätzlichnicht bindend:]

[Mit Ausnahme der nachfolgend aufgeführten Bestimmungen hat dieses Term Sheet keine rechtlich binden- de Wirkung:

- Vertraulichkeit (Ziff. [15])

- Exklusivität(Ziff. [17])

- Kosten (Ziff. [18])

- Anwendbares Recht und Gerichtsstand (Ziff. [19])

- Gremienvorbehalt (Ziff. [20])

- Bindungswirkung(Ziff. [21])]

[Variante 2: Bindend:]

[Dieses Term Sheetist rechtsverbindlich. Achtung: In diesem Fall istZiffer 17 (Exklusivität)zustreichen,und Zif- fer 16 (Zeitverhältnisse) ist auf die Daten derUnterzeichnungder ausgearbeitetenVerträgeund des Vertragsvollzugs zu beschränken.]

[Hinweis: In den meisten Fällen findet die erste Variante Anwendung.]

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Ort, Datum

[...]

[ ][ ]

Ort, Datum

[ ]

[ ][ ]

Verzeichnis derAnhänge

Beilage1 Kapitalisierungstabelle

Beilage2 Zustimmungspflichtige Geschäfte

286 SECASECAYearYearbookbook20102010

Beilage2:Zustimmungspflichtige Geschäfte

[Der /Die] Vertreter derInvestoren im Verwaltungsrat habendie Zustimmung zu folgenden Geschäften zu ertei- len:

1. Genehmigung des Budgets und dessen Finanzierung;

2. Bestellung undAbberufung von Geschäftsführern sowieAbschluss und Änderung der Geschäftsführeranstel- lungsverträge; bei Abstimmung über die Abberufung eines Geschäftsführershat der betroffene Geschäftsfüh- rer, sofern er Mitglied des Verwaltungsrats ist, kein Stimmrecht;

3. Zustimmungzum Geschäftsplan;

4. Einräumungund Beendigung von Beteiligungen am Gesellschaftsgewinn, insbesondere von stillen Beteili- gungen, partiarischen Rechtsverhältnissen,Tantiemen;

5. Veräusserung des Gesellschaftsvermögens als Ganzes oder zu einem wesentlichen Teil;

6. Gründung undAuflösung von Gesellschaften oder Unternehmen, Erwerbund Veräusserung von Beteiligun- gen an anderenUnternehmen, Abschluss, Änderung undBeendigung von JointVenture Verträgen, Fusionen, Spaltungen und Reorganisationen;

7. Errichtung, Erwerb, Schliessung, und Veräusserung von Betrieben, Betriebsstättenoder Zweigniederlassun- gen;

8. Verfügungübergewerbliche Schutzrechtesowie Abschluss und Beendigungvon Patent-, Lizenz-und Know- how-Verträgen;

9. Einstellungund Kündigung von Mitarbeitern, wenn derenmonatlicheVergütung CHF [10000] brutto über- steigt;

10. Verträge zwischen derGesellschaft und Aktionären, gleich welcher Art.

Die nachfolgend aufgeführten Geschäfte bedürfen einer Genehmigung durch [2/3] des Verwaltungsrates:

1. Einforderungvon nicht volleinbezahltem Aktienkapital;

2. Bestellung und Abberufungvon Prokuristen und Handlungsbevollmächtigten;

3. Abschluss undBeendigung von Betriebsmiet- undBetriebspachtverträgen, die eine wesentliche Einschrän- kungpotentieller unternehmerischer Aktivitäten der Gesellschaft zur Folgehabenkönnen;

4. Erwerb, Veräusserung oder Belastung von Grundstücken;

5. Abschlussund Beendigung von Vertriebsverträgen undEingehung vonLieferbedingungen;

6. Aufnahme von Krediten über (im Einzelfall oder insgesamt) CHF [50000];

7. Investitionen über(im Einzelfall oder insgesamt) CHF [50000]sowie Investitionen,die zu einer Überschrei- tung desBudgets um (im Einzelfall oder insgesamt) mehrals 10% führen;

8. Veranlassung von Forschungs- und Entwicklungsprojektenmit einem Volumen von über(im Einzelfall oder insgesamt) 0.5% desUmsatzes, jedochmindestens CHF [50000];

9. Sicherheitsleistungen, Abgabe von Bürgschaften und Garantiensowie Eingehungvon Wechselverpflichtun- gen,die (im Einzelfall oder insgesamt) CHF[50000]übersteigen; ausgenommenist die übliche Gewährleis- tung für Produkte der Gesellschaft;

287 SECASECAYearYearbookbook20102010

10. ZustimmungzuNebentätigkeiten von Mitarbeitern, soweit sich die Zustimmungsbedürftigkeit aus dem betreffendenAnstellungsverhältnis ergibt;

11.Erteilung vonRuhegeld undPensionszusagen; eventuelle Pensionszusagen für Geschäftsführeroder Gesell- schafter werden mit ihrenKosten für die Gesellschaft als Teil des Gehalts betrachtet;

12. Abschluss anderer Verträge,durchdie derGesellschaftAufwendungen oder Verpflichtungen von über (im Einzelfall oder insgesamt)CHF [50000] entstehen, mit Ausnahme von VeräusserungsgeschäftenimRahmen des üblichen Geschäftsverkehrs;

13. Änderungendes Organisationsreglements;

14. Beschlüsseüber Gegenstände, die im Ergebniseiner der vorgenannten Punktevergleichbar sind;

15. Alle sonstigen aussergewöhnlichen Geschäftsführungsmassnahmen.

[Hinweis: Diese Punktesind aufunternehmerischeArt und Weise zwischen den Gründern und Investoren zu regeln, so dass die Gründerzwaroperativhandeln können,jedoch nicht ohneAbsprache mitden Investoren z.B. die Geschäftstätigkeit geän- dert werden kann.

Verankerung desentsprechend erhöhten Quorums (d.h.die Anzahl der Stimmberechtigten, die bei einer Abstimmung anwesend sein muss oder sich an einerAbstimmung beteiligen muss, damit diesegültig ist) fürdie vorstehendenBeschlüsse in den Statuten und Organisationsreglement istzuempfehlen.Ansonsten besteht dieGefahrvertragswidrigerVR-Beschlüsse, welche aber gesellschaftsrechtlich gültig sind. Gemäss Praxis des Handelsregisteramts des KantonZürichs sind qualifizierteQuoren, also bspw. 2/3 oder 3/4 derStimmen, für VR-Beschlüsse eintragungsfähig. In derLehre ist dies umstritten.

Beieinempartiarischen Rechtsverhältniswirddurch eineVereinbarung derPartner am Gewinnbeteiligt (z.B.erfolgsab- hängige Provision des Handelsvertreters, Vergütung einesleitenden Angestellten).Bei einer Änderung desOrganisations- reglements wird die Geschäftsordnung desVRangepasst.]

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Chapter IX Code of Conduct for PrivateEquityInvestments

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SECA Code of Conduct for Private Equity Investments

Trägerschaft und Inkraftsetzung

SECA Fachgruppe Ethik &Corporate Governance:

Beat Unternährer Dipl. Ing. ETH, MBABerkeley Vorstandsmitglied SECA, LeiterFachgruppe Ethik &Corporate Governance

Beat M. Barthold Dr. iur.,Rechtsanwalt, PartnerFroriepRenggli, Zürich

Christian Böhler Dr.oec.HSG, dipl. Finanzanalytiker/CIIA LombardOdier DarierHentsch

Marco Martelli Dipl.Wirtschaftsprüfer; Direktor Invision Private Equity AG,Zug

Maurice Pedergnana Prof. Dr.oec., Hochschule Luzern -Wirtschaft; Geschäftsführer der SECA

Felix Rohner PartnerCapvisEquityPartners AG,Zürich

Christoph Weber-Berg Dr.theol. et lic. oec., Leiter Fachstelle Kircheund Wirtschaftder Evange- lisch-reformierten Landeskirche des Kantons Zürich

Inkraftsetzung:

Der SECA Vorstandsausschussverabschiedetedie vorliegende Version am 14. März 2006 zuhanden des SECA Gesamtvorstands.

Die SECA Generalversammlung verabschiedeteden vorliegenden CodeofConduct fürPrivate Equity Investments am 20. Juni2006.

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Einleitung

Private Equity hat heute aus verschiedenen Blickwinkelneine erhebliche Bedeutung. Es ist einerseits eine wichtige Anlageklasse und andererseitskann Private Equity als Instrument zur Unterstützungvon zukunftsträchtigen Un- ternehmungen gesehen werden, womit auch insbesondere mangelsalternativer Finanzformen -ein erheblicher volkswirtschaftlicher Nutzenbesteht.

DasPrivate Equity Geschäft ist eine anspruchsvolle Tätigkeit, die von allen Involvierten viel Know-how,Sachvers- tand, Urteilsvermögen sowieverantwortungsvolles Handeln verlangt.

Eine vomVorstand eingesetzte Fachgruppeder SECA hatsich darüberGedanken gemacht, welchesErfolgsfakto- renfür eine nachhaltig erfolgreiche Tätigkeit im Private Equity Umfeld sind. Diese Überlegungen sollen einerseits einen Beitrag zu eigenverantwortlichem Handeln der Akteure im PrivateEquity Geschäft leisten und andererseits externen Interessierten einen Einblickindie Herausforderungendieser anspruchsvollen Investitionstätigkeit ge- währen.

Basis für die vorliegenden Überlegungen wareninerster Linie Inputs vonführendenBranchenvertretern sowie Empfehlungenausländischer Organisationen, wie beispielsweiseder EVCA. Die Überlegungen stellen eine Mo- mentaufnahmedar und sind im Zuge der Entwicklungen des PrivateEquity Geschäfts periodischzuüberprüfen resp. zu aktualisieren. Die einzelnen Kapitel sind im Rahmen der Übersichtlichkeit fast ausnahmslos gegliedert in Fazit, Ausgangslage und Votum.

Die SECA ist überzeugt, dass die Bedeutung vonPrivate Equity als Anlageklasse und volkswirtschaftliches Ele- ment weiterhinzunehmenwird unddassprofessionelles, verantwortungsvolles Handeln der Akteure in diesem Markt die Entwicklung nochbeschleunigen wird.

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1. Private Equity: Erfolg durch verantwortungsvolles,professionelles Handeln

PrivateEquity übernimmteine wichtigeFunktion in der Volkswirtschaft, indem es Firmen in Phasen dy- namischer Entwicklung mit risikofähigemund risikobehaftetem Kapital versorgt. Unternehmen verfügen oft nichtüberdas für diese Phasennotwendige Eigenkapital.Banken können und wollen diese finanziellen Risiken nicht in ihr Kreditportfolio aufnehmen. DieÜbernahme dieser Risiken und damitdie Ermögli- chung der entsprechendenEntwicklungsoptionensind zentrale Elemente der volkswirtschaftlichen Funk- tion von Private Equity, das damit die Chancen und Risiken übernimmt, diemit unternehmerischen Um- bruchphasen verbunden sind. Kennzeichnend für diese Phasen ist nebst raschen Veränderungen einhohes MassanUnsicherheit. Informationsvorsprüngeund -asymmetrienkönnten unter UmständeneinzelneAk- teure dazuverleiten, kurzfristige Vorteilezulasten schlechter informierter Risikoträgerzuerzielen. Damit erhöhensie nichtnur dieRisiken für dieanderen Partner, sondern sieschaden langfristig der Reputation von Private Equity. Integrität, Ethik, Corporate Governance und transparenteKommunikation sind des- halbnicht nur für den einzelnen Akteur am Markt,sondern für die optimale Rolle und Entwicklung von Private Equityinder Volkswirtschaft unabdingbar. Dievorliegende Broschüre soll diese Entwicklung massgeblich leiten und unterstützen.

Im beschriebenenUmfeldvon Private Equity mit teilweiseinKonflikt stehenden Interessen, sind folgende ethischeWertevon zentraler Bedeutung:

Respekt als Grundhaltung des Einzelnen ist die Voraussetzung dafür, dassFairnessund Verantwortung sichentfalten können. Respektstelltsicher,dassdie eigenen Interessensich dem fairenAusgleich mit den legitimen Interessen der Mitbeteiligten auch im Konfliktfall stellen. Respekt istausserdemdie Grundlage der Bereitschaft zur Übernahme von Verantwortung, welche überdie unmittelbaren Eigeninteressen hi- nausgeht.

Fairness ist durch das gegenseitige Bestreben gekennzeichnet, Situationen zu schaffen, in denen Chancen und Risiken gleichermassen (bzw. nach Massgabeihres finanziellen Engagements) auf alle Beteiligten ver- teilt werden. Interessen sollenoffen gelegtund Informationen allen in gleicher Weise zugänglich gemacht werden.Das Idealist eine Win-Win-Situation, in derkeinerder am Geschäft Beteiligten seinen Gewinn auf Kosten des Anderen gemachthat.

Verantwortung weist überdie unmittelbar Beteiligten hinaus aufdas Funktionieren des Gesamtmarkts sowie auf diejenigen Stakeholder, welche ihre Interessennicht selber in die Entscheidungenund Transak- tionen einbringen können (Kunden, Mitarbeitende und Lieferanten der Zielgesellschaften, Öffentlichkeit und Umwelt33).

Gerade im Spannungsfeld vonLegalität Legitimität werden diesezentralen Werte die Akteure zu ethischkorrektem Handelnanleiten.

Die AusführungenimRahmendes CodeofConduct beruhenauf folgenden Annahmen: PrivateEquity Finanzierungen erfolgen als indirekteFinanzierungen. Beieiner indirekten Finanzierung werden dieMit- tel der Kapitalgeber in einem Private EquityFund gebündelt,der durch einenFundManager (Manage- mentgesellschaft) geführt wird.Der Fund Manager befindet sich in einerDoppelrolle. Zum Einen ist er Agent der Fund Investoren und zum Anderen ist er Principal des Portfoliounternehmens. Die Beteili- gungsnahmeder Private Equity Investoren erfolgt über Private Equity Funds. DieAusführungen sind grösstenteils rechtsformunabhängig ausgestaltet. Falls nötig wirdzwischen der Limited Partnership(LP) alsinternational üblicher Rechtsform und der schweizerischenAktiengesellschaft(AG)als derzeiteinzig verfügbaren schweizerischen Form der kollektiven Kapitalanlage für Private Equity Funds unterschieden.

Die folgenden Ausführungenbeleuchten die Rechte undPflichtender einzelnen Akteure im Private Equi- ty Bereich unter Berücksichtigung ihrerunterschiedlichen Interessenlagen. Im Rahmen einer umfassenden

33 Wobei die Umwelt nicht im eigentlichen Sinne alsAnspruchsgruppe verstanden werden kann.Vielmehrist mit NGOs zu rechnen, welche als Anspruchsgruppen auftreten. 292 SECASECAYearYearbookbook20102010

Definition undUmsetzung der GoverningPrinciplessollen Massnahmen in den folgenden Teilbereichen definiertwerden:

Code of Conduct

Verträge Organe Operative Bewertung, Berichte, Investor Prozesse Portfolio Reports Relations

Abbildung: Massnahmen im Rahmen umfassender Governing Principles

Es genügtvor diesem Hintergrund nicht, die Ethik als Heilmittel zu betrachten,welchesvorübergehend verordnet ist. Vielmehrstehen ethische Grundwerte gemeinsammit dem durchaus legitimen Streben nach Gewinn am Anfang und am Ende jedes Engagements.

Dieethisch korrekte Ausübung des PrivateEquity Geschäfts entsprichteiner volkswirtschaftlich notwen- digenund erwünschtenFunktion im Rahmeneffizienterund risikogerechterKapitalAllokation. Führende AkteureimPrivate Equity Bereich werden die vorliegenden Grundsätze und Handlungsanweisungen umsetzen, um sich damit von ihren Mitbewerbern zu differenzieren.

2. Fundraisingund rechtliche Dokumentation

2.1Fazit

Die erfolgreicheLancierung eines Private Equity Funds hängt von vielen Faktoren ab. Wesentliche Fak- torensind die Ausrichtung des geplanten Funds sowieder Track Record des Fund Managers im Rahmen der beabsichtigtenInvestitionsstrategie. Die Initianten eines Private Equity Funds informieren potenzielle Investorendaher in einerfrühen Phase derLancierung mittels eines Preliminary Placement Memoran- dum (PPM) umfassend überden zukünftigen Fund. In einerspäterenPhase wird die ausführliche Do- kumentationerarbeitet, nämlich das Placement Memorandum unddie Gründungsunterlagen des Funds. Diese Vorschläge werden in Verhandlungen mitden Investoren ausgearbeitet und bildendann die Grundlage für die spätere operative Tätigkeitwie für die Corporate Governance.

2.2 Ausgangslage

Die frühzeitigePlanung ist unerlässlich füreine erfolgreiche Lancierung eines Private Equity Funds. Die Planung umfasst dabeiu.a. die Definition der InvestmentStrategie,die Zielmärkte und davon abhängig die Grössedes anvisierten Funds. Weiter definiert der Initiator eines neuen Funds die rechtliche Struktur und die wirtschaftlichen Eckdaten wie Management Fee und Erfolgsbeteiligungdes Fund Managers. Der Initiator mussebenfalls den entsprechenden Track Recordaufarbeiten undbereitstellen. Dazu gehören In- formationenwie Investitionsvolumen und Erfolgszahlen sowie die Darstellung einiger für die gewählte Strategie typischer Investitionen in der Vergangenheit. In Abhängigkeit vonder gewählten Strategie und der wirtschaftlichen Situation werden die notwendigen Ressourcenbeim Fund Manager (Teamgrössen, fachliche Kompetenzen, finanzielle Mittel) definiert. DieErgebnissewerden im Preliminary Placement Memorandum (PPM) zusammengefasst.

In einerspäterenPhase des Fund Raisingswerden dieimRahmen desPreliminary Placement Memoran- dum festgehaltenen Eckpunkte aufgrund des Feedbacksvon potenziellen Investoren überarbeitet undim 293 SECASECAYearYearbookbook20102010

Placement Memorandum (PM) festgehalten. Parallel werden die rechtliche Struktur definiert und die entsprechenden Dokumenteerarbeitet (z.B.Limited Partnership Agreement). Es ist üblich, dassdie rechtlichen Dokumente wie das Limited Partnership Agreement das Resultat von Verhandlungen mit zukünfti- gen Investorensind. Im Rahmen dieser Verhandlungen soll der Initiatormit geeigneten Massnahmen sicherstellen, dass alle existierendenund potenziellen Investorenlaufendüber die Änderungen informiert werden.Dem Sponsor einesPrivate EquityFunds obliegt auch diePflicht,die Regelungen zurder Geld- wäschereieinzuhalten.

2.3 Votum

Die Dokumentation wird im Wesentlichen aus einem Placement Memorandum sowie den Gründungsur- kunden bestehen. Das Preliminary Placement Memorandum sowie in einer späteren Phase das Placement Memorandum sind die wichtigsten Marketinginstrumente und müssenvor dem First Closing vorliegen. Beim Marketingder Investitionsmöglichkeit müssen dieVorschriften derverschiedenen Jurisdiktionen beachtet werden. Es ist üblich, dass die DokumenteimRahmen der Verhandlungen mit potenziellen In- vestoren laufend angepasst werden. Dabeiist es wichtig, dassalleInvestorenlaufend überdie Anpassun- gen informiert werden. Die Dokumentation muss vollständig,korrekt transparent und klar verständlich sein. TrackRecord Informationen sollen zudemtestiertwerden.

Folgende Punkte sollen behandeltwerden:

• PreliminaryPlacement Memorandum /PlacementMemorandum Generelle Informationen zumFund - Strategische Ausrichtung (Investment Scopeund Zielmärkte) - Informationenzuden Zielmärkten (z.B. Marktgrösse, Transaktionsvolumen, Konkurrenzsituation) - Fundgrösse bzw.Target(nurPPM bzw. IM) - Grundzüge derrechtlichen Struktur undDomizil der Investitionsgelegenheit - Investment (Anlage) Richtlinien, Investment Kriterien und Investment Periode - Investment Restriktionen inklusive Lendingund BorrowingRichtlinien - Exit-Strategien(Investments) - Zusammenfassung derwirtschaftlich relevanten Eckpunkteder rechtlichen Dokumentation wie Limited PartnershipAgreement - Darstellung des relevanten Track Records - Darstellung einiger Beispiele für strategiekonforme Investments - Risikofaktoren - Darstellung der steuerlichenund rechtlichen Situation in aus-gewähltenJurisdiktionen (Her- kunftsländer der wichtigsten Investoren) Informationen zum Fund Manager - Management Struktur und Management Team - Investment Committeeund Advisory Board - Rechteund Pflichten des Managers - Entschädigung des Managers - AndereErträge des Managers(Verwaltungsratshonorare, Transaktionsgebühren) - Ko-Investitionen • Dokumentation zum Fund (z.B.Limited Partnership Agreement) - Parameter der Investitionstätigkeit (z.B.maximalerInvestmentbetragpro Portfoliogesellschaft, 294 SECASECAYearYearbookbook20102010

Limitationen im Underwriting) - Abrufmechanismus (Drawdown) von CommittedCapital bei Limited Partnershipsund die Folgen beiNichterfüllen(Default Clause) - Management Fee und Erfolgsbeteiligung - Ausschüttungspolitik - Regelungen zur Ablösung des Fund Managers - Beendigung und Auflösung des Private Equity Funds oder der PrivateEquityGesellschaft - Regelungenzuden erforderlichen Quoren für die Änderungen und Ergänzungen der Dokumen- tation - Bewertungs- und Berichterstattungsrichtlinien - Aufteilung der Betriebskosten des Private Equity Funds zwischen Investorenund Fund Manager - Rechte und Pflichten des Investor AdvisoryBoards sowie der Annual Investor Meetings (sofern anwendbar) - Handhabungvon möglichenInteressenkonflikten - Lancierung anderer Fundsdurch denManager bzw. dieÜbernahme anderer Beratungsmandate durch den Manager währendder Laufzeit des aktuellen Funds - Ausscheiden eines Investors bzw. Abtretungund Verkauf der Fund-Anteile

3. Investitionsprozess

3.1 Fazit

DerManagerdes Private Equity Funds tätigt im Rahmender definierten Investitionsstrategie eine Inves- tition mithöchstem Sachverstand undmit dergrösstmöglichen Sorgfalt. Dies setzteine professionelle Arbeitsweise in allen Phasen desProzesses voraus.

3.2Ausgangslage

DerInvestitionsprozess im engeren Sinn beginnt nach der IdentifikationeinesmöglichenZielunterneh- mens mitder Analysedes Targets(Due Diligence). Wichtige weiterePhasen sind der Investitionsent- scheid, die Strukturierung und Abwicklungder Transaktion sowie der spätere Exit. Der Betreuungwäh- rendder Haltedauerist ein separates Kapitel gewidmet. Ein spezieller Aspektdes Investitionsprozesses ergibt sich,wennFolgeinvestitionengetätigtwerden.

• DueDiligence Der vom Manager geführte Due Diligence Prozessist ein zentralesElement im Investitionsprozess und umfasstinder Regelalle wichtigen Unternehmensbereiche wieGeschäftsmodell, Finanzen, Recht, Steu- ern, Technologie, Umwelt und Personalvorsorge.

• Investitionsentscheid Im professionellen Umfeld wird derInvestitionsentscheid auf Basis eines umfassendenInvestitionsantrags getroffen. In einem solchen Antrag werden das Geschäftsmodell, der Businessplan, die Stärken und Schwächen, dieChancen undRisiken sowie die Bewertungsüberlegungen im Detail zuhanden des Investi- tionskomitees dargestellt.Das Investitionskomitee setztsich in der Regel aus den Entscheidungsträgern desFundManagers zusammen, die üblicherweise über umfangreiche relevante Erfahrungen verfügen. Ein guter Investitionsantragkann für dieÜberprüfungder Entwicklung einerInvestition später wieder herangezogen werden und dient somit als ein Referenzpapier fürdie Beurteilung der Erfolgsentwicklung. 295 SESECACA YearYearbookbook20102010

• Strukturierungeiner Investition/Folgeinvestitionen Investitioneneines Funds können auf vieleverschiedeneWege strukturiert werden.IneinigenFällen, insbesondere im VentureCapital Bereich, ist der Fund ein passiver Minderheitsinvestor. In anderenFällen hat der Fund Kontrollmehrheiten. Investitionen sollen immer so strukturiert werden,dass sie derStrategie des Funds entsprechen (Kontrolle, Laufzeit etc.). In diesem Zusammenhangbesteht ein Private Equity Fund in der Regel auf die Entsendung von ihm vertrauten Personen in den Verwaltungsrat sowie die Un- terzeichnung eines Aktionärbindungsvertrags.

Besondere Herausforderungen können sich ergeben, wenn im Syndikat mit anderen Funds investiert wird.Einer Gleichschaltung der Interessen istgrosse Aufmerksamkeitzuschenken.

Insbesondere im VentureCapitalBereichsind Folgeinvestitionen (Follow-on Investitionen) häufig. Kon- fliktekönnen sichunter Anderem ergeben, wenn ein Managermehrals einen Fund betreut, der ins ent- sprechendeTarget investiert hat oderwenn Mitarbeiter des Managers auch direkt insTargetinvestiert haben.

• Dokumentation Die Beteiligung an einemUnternehmen oder der Kauf eines Unternehmens schlägt sich in einer grossen Zahlvon umfangreichenDokumentenund Verträgen nieder. Für denFundManager gehtesdabei insbesondere darum, das Investment durchentsprechende vertragliche Regelungen bestmöglich zu schützen (z.B. Gewährleistungen derVerkäufer, Aktionärsrechteund -pflichten).

• Verkauf einer Investition(Exit) Der Fund Managerwird die Art und Weisesowie den Zeitpunkteines Exits in enger Abstimmungmit den anderen Investoren und unter Berücksichtigungder aktuellenMarktsituation bestimmen.Spezifische Problemstellungenkönnensich ergeben, wenn ein Investmentsyndikat einen Exit-Entscheid zu treffen hat.

3.3 Votum

• Due Diligence Ein InvestmentManagerführt im Rahmender Abklärungen für einen Investitionsentscheid eine sorgfälti- ge und den Verhältnissen angemessene Due Diligence durch. DieErkenntnisse derDue Diligenceund die daraus abgeleiteten Schlussfolgerungen sind vor dem Hintergrund des Investitionsantragsoffen und transparent darzustellen. Ein erfolgreicherFund Manager wird ebenfalls nicht zögern, den Akquisitions- prozess abzubrechen, wenn die Due Diligence entsprechende Ergebnisse zu Tagebringt. Professionalität und Objektivität sind absolut erforderlich.

• Investitionsentscheid Wenn immermöglich sollteder Investitionsentscheid von mehrerenerfahrenenund branchenkundigen Personen getroffenwerden. DieBasis fürdiesenEntscheidbildet einInvestitionsantrag, der umfassend über Geschäftsmodell, Businessplan, Stärken, Schwächen, Chancen und Risiken sowie die Bewertungs- überlegungen im Detail undsämtlicheErkenntnisse ausder Due Diligence orientiert. Es ist die Aufgabe des Investitionskomitees, Chancen und Risiken entsprechendabzuwägen. Ist die Person,welche den In- vestitionsantrag ausgearbeitethat, Mitglieddes im Entscheidungskomitees,solltesie beimentsprechenden Entscheidinden Ausstand treten.

• Strukturierungeiner Investition/Folgeinvestitionen Jede Investition soll so strukturiert werden, dassdie Interessendes Funds gewahrt werden. Dazu gehören insbesondere Mitspracherechte im Rahmendes Aktionärsbindungsvertrags,der Statuten und des Organi- sationsreglements und sowie die Garantien und Gewährleistungen desKaufvertrags. Der Fund Manager wird ebenfallsfür eine steueroptimale Strukturbesorgt sein. Für einen Fund Manager ist es ratsam, ein Netzwerk von Experten zu pflegen, um Transaktionen effizientund optimal abwickelnzukönnen. Ein eingespieltes Teamist insbesondere in Auktionssituationen wichtig.

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Bei der Strukturierung der Transaktion istein der Situation angepasster Aktionärbindungsvertragwichtig. Dieser Vertragregelt unter anderem folgende Punkte: • Zusammensetzung des Verwaltungsrats • Informationsrechte • Entscheide, welche die Zustimmungder Investorenbenötigen, z.B.: - Strategie - M&A-Transaktionen - Dividendenzahlungen - Aufnahme/Rückzahlungvon Darlehen - Veränderungen im Aktienkapital • Vorzeitiger Austritt eines Investors • Rechteder Investoren beim Verkauf - Verkaufsrechte - Tag-along /Drag-along Rights(Recht aufMitverkauf /Pflicht zum Mitverkauf) • Konkurrenzverbote

Insbesondere bei Investitionen im Syndikat wird derFundManagerversuchen sicherzustellen, dassdie Interessen des Funds nicht durchUnstimmigkeiten im Syndikat geschädigt werden können. Dazu dienen insbesondere entsprechende Regelungen im Aktionärsbindungsvertrag oder im Syndikatsvertrag.

4. Information undBerichterstattung

4.1 Fazit

DieBerichterstattung eines Private Equity Fundgenügt denAnsprüchender traditionellen Rechnungsle- gung undden darüber hinausgehenden Informationsbedürfnissen der Private Equity Investoren.

4.2Ausgangslage

Die externe Berichterstattung istdie massgebende Informationsgrundlage für die Entscheidungender In- vestoren und solldaher zeitnah,zuverlässig undkorrektsein. Im Rahmen der Berichterstattung sollen die folgenden Aspekte abgedeckt werden: • Informationenzuden Portfoliogesellschaften: Die Berichterstattung soll auch die wichtigsten finan- ziellenund nichtfinanziellen Informationen zu deneinzelnen Portfoliogesellschaften enthalten.Nicht- finanzielle Informationen können u.a. Angaben zu Meilensteinen und zu allfälligen Exit-Plänen sein. • Informationen zur Bewertungder Portfoliounternehmen: Die Bewertung derPortfoliounternehmen stellt die zentrale Problematik in der traditionellenRechnungslegung von Private Equity Funds dar. In einemordentlichen Abschluss sind üblicherweise derkonkrete Wert derBeteiligung sowie die all- gemein gehaltenen Bilanzierungs- und Bewertungsgrundsätze offen zu legen. Weitere Hinweise zur jeweiligen Bewertungsbasis und den zugrunde liegenden Annahmender Bewertungwerden in der

297 SECASECAYearYearbookbook20102010

Regelnicht gegeben. Die Bewertungs-grundlagen werden üblicherweise den Mitgliedern des Investor Advisory Boards vorgestellt.

4.3 Votum

Der nach gesetzlichen Vorgaben oder anerkannten Rechnungslegungs-standards generierte Abschluss eines Private Equity Fundsmit seinenklassischen Bestandteilen Bilanz, Erfolgsrechnung, Mittelflussrech- nung undAnhang soll den Investoren ein den tatsächlichenVerhältnissen entsprechendes Bild der wirtschaftlichen Lage vermitteln (True and Fair View).

Ein Private Equity Fund soll in seinen Geschäftsberichten eine erweiterte externe Berichterstattung vor- nehmen,welchesowohlden traditionellen Abschluss beinhaltetals auch dendarüberhinausgehendenIn- formations-bedürfnissen derInvestoren gerecht wird.Nebendem eigentlichenAbschluss sind in einem Geschäftsberichtgemässden gültigenEVCAReportingGuidelines diefolgenden Informationen offen zu legen:

• Informationen zum Private EquityMarkt, z.B: - Übersicht über Entwicklungenund Trends im Private Equity Markt - Regulatorische Entwicklungen - Marktpositiondes Private Equity Funds • Informationen zumPrivate Equity Fund,z.B: - Executive Summaryzur Investitionstätigkeit - Traditioneller Abschluss - Partners Capital Account Statement (bei Limited Partnerships) - Fee Statement - Fund Performance(beiLimited Partnerships: IRR) - Fund Summary(Rechtsform und Organisationsstruktur, Investitionsstrategie und Anlagerichtli- nien,Qualifikation und Track Record des Investment Managers, Investitionsprozess) - Angaben zurCorporateGovernance desFunds - Angaben zum Risk Management des Funds • Informationen zu den Portfoliounternehmen, z.B: - Investmentübersicht (total investierter Betrag, Investitionen und Desinvestitionen, Bewertungen, realisierteund unrealisierteGewinne und Verluste) - Bewertungsgrundlagen und -annahmen - Wesentliche Finanzkennzahlen(Umsatz, EBITDA, EBIT, Nettoergebnis) - Grunddaten(Name,Sitz, Geschäft, Branche, Rolle des Private EquityFunds,Finanzierungsphase) - Geschäftsverlauf und spezifische Ereignisse - Milestoneanalyse - Exit-Pläne Ein Private Equity Fund soll quartalsmässigBericht erstatten. DerJahresabschluss soll durch unabhängige Wirtschaftsprüfergeprüft werden.

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5. Bewertung der Portfoliounternehmen

5.1 Fazit

Die Portfoliounternehmen werden unter Vorbehalt vonSonderfällen im Rahmen derexternen Berichter- stattung mitdem beizulegenden Fair Value (Zeitwert) bewertet. Es wird ein adäquater Bewertungspro- zess implementiert, der der grossenBedeutung der Bewertung gerecht wird.

5.2 Ausgangslage

Die regelmässige Bewertungder PortfoliounternehmenimRahmender externen Berichterstattung ist eine zentrale Herausforderung im PrivateEquityGeschäft.Eine den wirklichenVerhältnissen entsprechende Bewertung vonPortfoliounternehmen istvon zentralerBedeutung: Sie determiniert im Wesentlichen die Performance eines Funds (Net Asset Value und IRR) sowie (unter Umständen)das Ausmass der Entloh- nungdes Investment Managers.

Die Bewertung der Beteiligungenerfolgt gemäss den Anforderungender Fund Reglemente (LimitedPart- nership Agreement, gesetzliche Vorschriften). Wegen der bekannten Bewertungsproblematik soll ein Pri- vate Equity Fund seine Beteiligungen gemässdem FairValue Konzept bewerten. Das Konzept des Fair Value Accountings etabliertsich zunehmend als Standard für diePortfoliounternehmen und fürdas Re- porting von Funds.

Ausnahme:Bei Portfoliounternehmen, deren Marktwert schwerzuermittelnist,darfdie Bewertung ge- mäss bisheriger Schweizer Tradition zu den Einstandskosten erfolgen,soferndiese tiefer sind alsder Fair Value.Dies gilt vor allem fürjüngere Unternehmen, dienoch weit von der Profitabilität entfernt sind, sowie für Beteiligungen, deren Bewertung zum Fair Value Prinzip unverhältnismässig aufwändigist.

5.3 Votum

Ein Private Equity Fund soll einen adäquaten Bewertungsprozesszur Bestimmung zuverlässiger Fair Va- lues der Beteiligungen implementieren. Bei der Bestimmung des Fair Values einer Beteiligung gliedertsich der Prozess in die folgenden zwei Schritte:

Im ersten Schritt sind alle bewertungsrelevanten Faktoren und Techniken systematisch zu evaluierenund zur Bestimmungdes FairValues jeder Beteiligung heranzuziehen.Zudiesen Faktoren und Techniken gehören insbesondere: • Anschaffungskosten einer Beteiligung • Erzielte Preise bei nachfolgenden Finanzierungsrunden oder Markttransaktionen (Trade Sale, Secon- darySale) • Ermittelte Werteaus Bewertungsmodellen (Substanzorientierte Ansätze, DiscountedCashFlowMe- thode,MarketMultiples) • Nicht quantifizierte Wertindikatoren wie Milestoneanalyse, spezifische Ereignisse im operativen Be- reich(z.B. Liquiditäts- und Finanzengpässe,VerlustoderWechsel desManagements,ausstehende Ge- richtsfälle) und Umweltanalyse (z.B.negative Marktentwicklung,technologischeEntwicklungen, poli- tische Veränderungen) Basierend auf einer Gesamtbetrachtung sämtlicher aus demersten Schritt resultierender Hinweise für den Fair Valueist im zweitenSchritt nach bestem Wissen undGewissen die Bestimmung des Fair Valuesper Bewertungsstichtag vorzunehmen.Falls aus den anwendbaren Faktoren und Techniken verschiedene Werteresultieren, hat sich derBewertendesituationsspezifisch fürjeneBewertungsgrundlage zu entscheiden, welche als verlässlichsteQuelle des Fair Valuesbetrachtet werden kann. Die Zuverlässigkeit der Bewertungsmodelle ist genau zu evaluieren. Ein zuverlässigerPreis einervergleichbarenTransaktion während derBewertungsperiodeist als bester Hinweis fürden Fair Value zu betrachten und dementspre- chend einem Modellwert vorzuziehen.

299 SESECACA YearYearbookbook20102010

DieBewertung jeder Beteiligung ist mittels einesstandardisierten Valuation Worksheetszudokumentie- ren.

In Fällen,indenendie vorgenannten Methoden keinezuverlässige Bewertungsgrundlagebieten oderzu aufwändig sind, insbesondere bei jüngerenauf absehbare Zeit nicht profitablen Unternehmen, kann die Bewertung zu den Einstandskosten erfolgen. Abweichungen vom Fair Value Ansatzsind offen zu legen und zu begründen.

Im Rahmen derCorporateGovernance sind als Teil des Bewertungsprozesses angemessene Kontrollme- chanismen zu implementieren. Dazukönnen folgende Massnahmengehören: regelmässige Valuation Meetings desgesamtenInvestmentTeams,die Evaluationund Genehmigungder Bewertungdurch die Geschäftsleitung des Investment Managers,die Evaluationund Genehmigung derBewertung durch das Kontrollgremium (AG: Verwaltungsrat, LP: Advisory Board) des Funds sowie die Bewertungsprüfung durchden Abschlussprüfer.

6. Interessenkonflikte

6.1 Fazit

PotenzielleInteressenkonflikte zwischen demFundManager undden Investoren sind im Private Place- mentMemorandum (PPM) transparent darzulegen undzuerörtern. Adäquate Massnahmenund Me- chanismen zur Entschärfungdieser Konflikte sind in derGovernance Struktur desFunds(AG:Statuten und Reglemente; LP:Gesellschaftsvertrag)zuimplementieren und ebenfalls im PPM offen zu legen.

6.2 Ausgangslage

Die Beziehung zwischen dem für die VermögensverwaltungverantwortlichenFundManager undden In- vestoren (LP:Limited Partners, AG: Aktionäre)kann potenziellen Interessenkonflikten ausgesetzt sein.

Derartige Interessenkonflikteineiner FundStruktur können unter-schiedlicher Art sein. TypischeInte- ressenkonflikte sind beispielsweise: • Fund Manager: Reduktion des Arbeitseinsatzes undder Qualität derVermögensverwaltung;insbe- sondereinAbsenz einerangemessenen Anreizentlohnung • Distribution in Specieanstellevon Cash • Beauftragung einer dem Fund Manager nahe stehenden Institutionz.B. mit einem Investment Ban- king Mandat • Falsche Strukturierung der erfolgsabhängigen Entlöhnung 6.3 Votum

Im Private Placement Memorandum (PPM) des Private Equity Funds ist darzulegen,wie im Rahmen des Vertragswerksallfällige Interessenkonflikte gelöstwerden. Mittels angemessener Kontrollen und Anreizsysteme können potenzielle Interessenkonflikteadäquat ent- schärft werden. Beispiele solcher Massnahmensind nachfolgend aufgeführt. Private Equity Fund in der Form der LP SpezifischeVertragsklauseln im Limited Partnership Agreement (LPA): • Aufnahmevon Kontrollrechten für die Investoren: Suspension Clauses (Recht des Investors zurEin- stellung weiterer Zahlungen), Divorce Clauses (Recht zurAuswechslung des Investment Managers) sowie TerminationClauses (Recht zur Liquidationdes Funds). Bezüglichden Divorce Clauses kann unterschieden werden zwischen No-Fault Divorce Clauseund For Cause Divorce Clause. • Errichtung eines Advisory Boards, bestehend aus Limited Partners, welches spezifische, im Rahmen des Limited Partnership Agreementsdefinierte Aufgaben wahrnimmt (z.B. Information zu den Be-

300 SECASECAYearYearbookbook20102010

wertungen, Behandlung vonInteressenkonflikten, Bewilligungen im Rahmen von Ausnahmeregelun- gen). • Vereinbarung, dass der Jahresabschluss durch einen unabhängigen Wirtschaftsprüfer geprüft und tes- tiert wird. DiesePrüfung soll insbesondere auch dieinternen Prozesseund Kontrollen des Fund Ma- nagers im Rahmender Abschlussprüfung miteinbeziehen. • Vertragliche Festlegung von Anlagerichtlinien und periodische Überprüfung der Einhaltung durch unabhängige Wirtschaftsprüfer. • Vertragliche Vereinbarung einer Kapitalbeteiligungdes Fund ManagersamFund zwecksInteressen- harmonisierung mit den Investoren. Private EquityFund in der Formder AG FestzulegeninStatutenund Reglementen:

• Kontrollrechte der Aktionäre: Recht zur Auswechslung des FundManagers aufgrund Statutenfestset- zung durchGeneralversammlung. • Kontrolle durch den Verwaltungsratder AG: Dieser sollbeispielsweisedie folgendenÜberwachungs- und Kontrollaufgaben wahrnehmen (inden Statuten festzulegen): (1) Prüfungder Einhaltung der Anlagerichtlinien durchden Investment Manager; (2) Genehmigung der Fee-Zahlungen an den Investment Manager; (3) Überwachung der Liquiditätssituation des Funds; (4) Genehmigung derBewertungder Portfoliounternehmen im Rahmen derexternen Berichterstat- tung; (5) GenerelleÜberwachung der Performance des Funds. • Verabschiedung verbindlicher Anlagerichtlinien und periodische Überprüfung der Einhaltung durch unabhängige Wirtschaftsprüfer. • Kapitalbeteiligung des Fund Managers am Fund zwecksInteressenharmonisierung.

7. Unabhängigkeit

7.1 Fazit

DieCorporate Governance soll sicherstellen, dass mit den seitens der Investoren anvertrauten Geldern sorgfältig umgegangen wird. Grösstmögliche Unabhängigkeit zwischen dem Private Equity Fund und dem FundManager soll dazuführen, dass die Investoren ihre Kontrollrechte optimal ausüben können. Es kann nicht genug betont werden, dass im professionellen Private Equity Umfeldder Fund Manager und die Organe des Funds dasselbe Ziel verfolgen: ein möglichstoptimales Investitionsergebnis.

7.2Ausgangslage

DieOrganisation und Ausgestaltung des Private Equity Funds,der Managementgesellschaft sowie allfäl- liger Kontrollgremienhängen im Wesentlichen von den jeweiligen Rechtsformen ab.Für jede Rechtsform ist aus den geltenden Rechtsvorschriften zu entnehmen, wie der Fund und die Managementgesellschaft zu organisieren sind und welches die Rechte und Pflichten der jeweiligen Organe sind.Allfälligen rechtlichen Anforderungenbetreffend die Unabhängigkeit sind dabei besondereAufmerksamkeit zu schenken.

Eineangemessene Unabhängigkeit zwischen dem Fund Manager und den Investoren ist ein zentrales Element einer funktionierenden CorporateGovernance.

7.3 Votum

Die Organe des Funds und der Managementgesellschaft,d.h. beispielsweise Verwaltungsrat, Geschäftslei- tung, Investment Committee, sind so zu besetzen, dass das Prinzipder checks and balances optimal 301 SESECACA YeYeararbobookok 20201010

funktioniert.Auch unter Berücksichtigungder Einhaltung vonUnabhängigkeitsvorschriften soll eine kon- struktiveZusammenarbeit zwischen dem Fund Manager undden Organen des Funds jederzeit möglich sein. Oberste Maximeist deroptimaleEinsatz der Investorengelder unddie Erzielung einer guten Rendite für die Investoren.

Es istsicherzustellen,dassdie Kontrollrechte sämtlicher Investoren jederzeit ausgeübtwerden können. Um dies zu erreichen, ist dieUnabhängigkeit horizontal(z.B. zwischen Fund Manager und Fund) und vertikal (innerhalb derOrgane undGeschäftsleitung des Funds oder der Managementgesellschaft) zu ge- währleisten:

• Eigenständige Willensbildungder von der Fragestellungbetroffenen Personen, die über entsprechende fachliche Fähigkeiten verfügen und unter Berücksichtigung der gesetzlichen, statutarischen oder vertraglichen Pflichten entscheiden. • Klare Regelung derZuständigkeiten, Kompetenzenund Verantwortungen, Berichterstattung, Auf- sicht sowie derVorschriften über Beschlussfassungund ProtokollierunginReglementen und Statuten (AG) sowieGesellschaftsvertrag(LP).

8. Ko-Investitionen desFund Managers

8.1 Fazit

Ko-Investionen des Fund Managers sindverbindlich im Gesellschaftsvertrag (Limited Partnership) respektive in denStatuten(Aktiengesellschaft)zuregeln. Zwecks Interessenharmonisierung zwischen In- vestoren und Fund Managersollte sich letzterer idealerweiseamFundkapital beteiligen.

8.2 Ausgangslage

Heute ist es Industriestandard, dass der Fund Manager mindestens 1% des Fund Kapitals beibringt. Da- durch wird versucht,die Interessen zwischen externenFund Investoren und dem Fund Manager gleich- zuschalten.

Einige Private Equity Gesellschaften erlaubenesdem Fund Manager, in gewissem Umfang direkt in die Zielunternehmen zu investieren. In den meisten Fällen ist eine derartige Regelungsuboptimal. Zur Sicher- stellung der Investoreninteressen stellensichineinem solchen Fallbesondere Anforderungen an die Cor- porate Governance.

8.3 Votum

Eine Ko-Investitionhat grundsätzlich vor dem Hintergrund zu geschehen, dass jederzeit die Interessen sämtlicher Fund Investoren vollumfänglich gewahrt werden. Im Falleeiner Beteiligung des Fund Mana- gers am Fund, was heute dem Industriestandard entspricht, ist dies vollumfänglichgegeben. Der Fund Managerhat in diesem Fall den grössten Anreiz, für denFundeineoptimale Performance zu erzielen.

Direktinvestitionen des FundManagers in ausgewählteZielunternehmen sind in der Regel nicht erlaubt. Sind in gewissem Umfang seitens des Fund Managers Direktinvestitionen in die Zielunternehmen den- noch erlaubt, ist einerseits sicherzustellen, dass ein transparentesAuswahlverfahrenvorhanden ist und andererseitsdie Managerzugleichen Konditionen investieren wie derFund. In Bezug auf dieGrössen- ordnungderartiger Direktinvestitionen ist sicherzustellen, dass der Fund Managerimmer denAnreiz hat, sämtliche Portfoliounternehmen angemessen zu betreuen.

Es istratsam, derartige Ko-Investitionenbeispielsweise durch das AdvisoryBoard überprüfen zu lassen.

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9. Zusammensetzung des Fund ManagementTeams

9.1 Fazit

Die optimale Zusammensetzung des FundManagementTeams ist entscheidendfür den Investitionser- folg.Den Aspekten unterschiedlicher Erfahrungen, Kompetenz, Reputation sowie Ausbildung ist dabei besondere Beachtung zu schenken.

9.2Ausgangslage

Der Zusammensetzung des Fund Management Teams kommtinBezug auf den Investitionserfolgeines PrivateEquityFunds eine entscheidendeBedeutung zu.Dabeigilt es zu beachten, dass je nachPhasedes Investitionsprozesses unterschiedliche Fähigkeiten und Erfahrungen notwendig sind. Beider Beurteilung eines Investmentssind strategische Kompetenzen sowie industrielle Erfahrung gefragt. Zur Durchführung einer Transaktion braucht es erfahrene Dealmaker, beider nachfolgenden Betreuung industrielle und or- ganisatorische Kompetenz.

9.3 Votum

Zur Sicherstellung des optimalen Einsatzes der dem Management Team anvertrauten Investorengelder gilt es, bei der Zusammensetzung des Teamsinsbesondere folgendenElementen Beachtung zu schenken: • Fähigkeiten undErfahrungen: Das Fund Management Team soll so zusammengesetzt sein, dass im Team alle Kompetenzen vorhanden sind, die für eine optimale Aufgabenerfüllung über alle Stadien des Investmentzyklus hinweg erforderlich sind.Investitionsentscheide müssen aufgrund einergesi- chertenInformationsbasisgetroffen und umgesetzt werden können.Esmuss das Wissen und dieEr- fahrung im Team vorhanden sein,umdie bei einemEinstieg nötigenPrüfungen durchzuführen, die Analyseergebnisse richtigzuinterpretieren und dieTransaktionen formell einwandfrei abzuwickeln. Nach dem Einstieg sind zusätzliche Fähigkeiten gefragt. Abhängig davon, wie tief sich ein Fund Ma- nager in das täglicheGeschäfteiner Portfoliogesellschaft involviert,sind operative Erfahrungen von Teammitgliedern allenfalls ein Muss.Bei der Teamzusammensetzung ist zu entscheiden,welches die optimaleTeamgrösseist undwie dieses zusammengesetzt werden soll. In der Regel zahlt es sich aus, wenn eine Ausgewogenheit zwischen ausgesprochenen Dealmakern und operativ und führungsmäs- sig erfahrenen Managern besteht. Ein idealer Fund Manager vereinigt beideKompetenzen. • Beziehungen: Mitder zunehmenden Reife der Industrie unddem damit einhergehendenWettbe- werbsdruck werden persönliche Beziehungen und Netzwerke sowie lokale und/oder industrielle Ver- ankerung derTeammitglieder zunehmend wichtiger. Oft sind erfahrene Fund Manager Mitglieder in Verwaltungsräten und/oder wirtschaftlichen Interessenverbänden. • Reputation: Einsolider Investment- und Geschäfts-Track Record sowie ein makelloserRuf jedes einzelnen Teammitglieds sind Grund-voraussetzungen,damit einemPrivate Equity Fund die notwendigen Investitionsmittel zur Verfügung gestellt werden. • Weiter-und Fortbildung: Da das PrivateEquity Geschäft in Bezug auf die Wissensanforderungen sehr komplex ist, sollenineinem Management Team Gebiete wie Finanzen, Recht,Steuern, Führung ausreichend kompetent abgedeckt sein. Es ist üblich, dass für die Bearbeitungvon speziellenAufga- ben, insbesondere im Rahmender Abwicklung einerTransaktion, externe Spezialisten beigezogen werden. • Kontinuität: Eine ausgeglichene Alterspyramide verbreitert nicht nur die Erfahrungs- und Wissens- basis einesTeams,sondernträgt auch massgeblich zurKontinuitätbei.Die Nachfolge kann auf diese Weise organisch gelöstund die Kultur eines Teams erhalten werden. Investoren legen in der Regel grossen Wert darauf, dass in Bezug auf denFund Manager als Schlüsselperson Stabilität vorhanden ist. Die diesbezüglichen Anforderungen der Investoren werden oft in sog. KeyMan Clauses formu- liert.

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10. Entschädigung des Fund Managers

10.1 Fazit

Im professionellenPrivate Equity Umfeld spielt heutedie erfolgsabhängige Entschädigungeines Fund Managers eine massgeblicheRolle. Das Entschädigungssystem ist so zu strukturieren,dassdie dem Fund Manager gewährten Anreizezur Erfüllung der Bedürfnisse derInvestoren beitragen. Die Entschä- digung beinhaltet in der Regel eine fixe Grundgebühr (Management Fee) und einevariableErfolgsge- bühr(beispielsweise CarriedInterest). DieErfolgsgebühr führt zu einer Interessenharmonisierung zwischen Investoren und Fund Manager.

10.2 Ausgangslage

DieEntschädigung istein wichtiger Faktorinder Beziehung zwischen dem FundManagementund den Investoren. Mittels erfolgsabhängigerEntschädigung desInvestment Managerswerden Interessen zwischen den Investoren und demFund Manager gleichgeschaltet. Im professionellen Private Equity Umfeld sind die Anforderungen, welche den Fund Manager zu einer erfolgsabhängigenEntschädigung berechti- gen, oftsehrhoch.

In der Praxis hat sich die Kombination zwischen fixer (ManagementFee) und erfolgsabhängiger (beispielsweise Carried Interest)Entschädigung etabliert.

Die operativenKosten der Managementgesellschaft werden durchdie fixe Management Fee gedeckt. Die Transparenz in Bezug aufdie Kosten für die Betreuung eines Fundsist heute gross genug, um die fixe Entschädigungadäquatfestzulegen.

Die am weitesten verbreitete Bemessungsbasis fürdie Management Fee ist das zugesagteKapital (Com- mitted Capital).Jenach Artdes Funds beträgt die Management Fee heute zwischen 1.5% und 2.0% des zugesagten Kapitals.

ZurBerechnung der erfolgsabhängigen Entschädigung sind in derPraxis zwei grundsätzlich verschiedene Modelle anzutreffen:

(1) Berechnung der Performance Fee als Prozentsatz desNAV-ZuwachseszuFairValues zwischen zweiStichtagen (Bewertungsprinzip); (2)Berechnung der Performance Fee alsProzentsatz der realisierten Gewinne (Realisationsprinzip). 10.3 Votum

Das Entschädigungsmodell eines Private Equity FundssollteeinefixeGrundgebühr (Management Fee) und eine variable Erfolgsgebühr (beispielsweise Carried Interest) enthalten. Die Management Fee soll die operativen Kosten(at armslength), welche bei derprofessionellen Betreuungeines Fundsanfallen, de- cken.

DiePerformance Fee ist dasEntgelt fürdie Leistungen des Fund Managers alsInvestor. Die Performance Fee sollsichnach der absolut erzielten Rendite richten. Der Benchmark für die erfolgsabhängige Entschä- digung soll sichdabei an den BestinClass orientieren.

DerEntscheid für eines der in der Ausgangslage erwähnten Modellebetreffend erfolgsabhängigerEnt- schädigung hängtprimärvon der Ausschüttungs- respektive Reinvestitionspolitik sowie der vorgesehe- nen Lebensdauereines Private Equity Funds ab. Bei einem Private EquityFund in der Form der schweizerischen AG steht alsEvergreenFundmit grundsätzlichunlimitierter Lebensdauerdie Wertmaximierung des NAV im Vordergrund. In diesem Fallwirdinder Regel für die Ermittlung der Performance Fee das Bewertungsprinzip angewendet. Bei einer PrivateEquity Struktur in der Form der LP dagegen wirddas Kapital aus verkauften Portfoliounternehmen laufend an dieInvestoren zurückbezahlt und derFundwird

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nach rund 10 Jahren aufgelöst. Das Realisationsprinzip,welches den Fokus auf möglichst optimale Exits legt, sollte in diesem Fall zum Zuge kommen.

Entschädigungsmodelle sollen für den Investor vollkommen transparent sein. Änderungen der Entschä- digungsmodelle während der Laufzeit einesFunds sollen grundsätzlich nicht möglich sein.

11. Zusammensetzung derOrganeund Betreuung des Funds

11.1 Fazit

DieOrgane desFunds und der Managementgesellschaft sind derart zu besetzen, dasssich der Fund und die Portfoliogesellschaften optimal entwickeln können. Es soll sichergestellt sein, dass mit den Investo- rengeldern sorgfältig umgegangen wird.Die optimaleBesetzung der Organe des Funds und der Mana- gementgesellschaft sowie ein gutes ZusammenspieldieserGremien bildeneine wichtigeErfolgsvoraus- setzung. Die Corporate Governancesoll so strukturiert sein, dass dieInvestoren ihre Kontrollrechtezu jedem Zeitpunkt wahrnehmen können und eine konstruktive Zusammenarbeit zwischen denGremien jederzeit möglich ist.

11.2 Ausgangslage

Nach Abschluss des erfolgreichen Fund Raisings folgtdie lang andauernde Phase des Aufbaus und der Betreuung einesguten Portfoliosvon Zielunternehmungen. Während der ganzen Lebensdauer eines Fundswollendie Investoren sichergestellt haben, dass mit ihremGeld sorgfältig umgegangenund eine gute Renditeerzielt wird.Durch Einsitznahme in denGremien des Funds können die Investoren ihre Kon- trollrechte ausüben. Eine gute Corporate Governancestellt sicher, dassdie Entwicklung des Funds regel- mässig überwacht und beurteilt werden kann. Allfällig notwendigeMassnahmensollendadurchrechtzei- tigeingeleitet werden können.

11.3 Votum

Die Organe desFunds und der Managementgesellschaft sollen so zusammengesetztsein, dass eine gute und konstruktive Zusammenarbeitzwischenden Gremien jederzeit möglich ist. Selbstverständlich sollen die einzelnen Organe und deren Vertreter stetsunabhängigurteilen können.

Oftwird dieCorporateGovernance eines Fundsverbessert, wenn in den Organen auch erfahreneExterne wie beispielsweise Industriekenner Einsitz nehmen. DerFund Manager kann vonderartigen Personen bei der Beurteilung von Investments respektive während derPhaseder Betreuung in der Regel erheblich pro- fitieren.

DieOrgane des Funds und der Managementgesellschaft haben sicherzustellen, dass mit demanvertrauten Geld sorgfältig umgegangenwird. Dies geschieht durcheine regelmässigeBerichterstattung undÜberwa- chung der Investitionstätigkeit. Die periodische Überwachungder Performance der Portfoliounternehmen solleanhand von Meilenstei- nen erfolgen.Bei Meilensteinen handelt es sich um Zeitpunkte, an denen gewisse Performanceziele erreicht sein sollten. Die formulierten Ziele sollen einfach messbar und auf die spezifischen Verhältnisse der Branche, in der sich das Unternehmen befindet, abgestimmtsein. Über die Corporate Governance istsicherzustellen, dass bei Nichterreichungvon Meilensteinendie notwendigen Massnahmeneingeleitet werden. Dazu gehören beispielsweisedie Erarbeitung eines Aktions- plans durchdas Management, die verstärkte Involvierung des Fund Managers in die strategische Planung oder im Extremfall die Entlassung des aktuellen Managements des Portfoliounternehmens. ZurSicherstellung der Überwachung und Betreuung derPortfoliogesellschaften nehmeninder Regel Ver- treter des Fund Managers in deren Verwaltungsräten Einsitz.

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12. Mitbestimmungs- und Kontrollrechteder Investoren

12.1 Fazit

Die Corporate Governance eines Funds soll so gestaltet sein, dassdie Investoren ihre Kontrollrechteadä- quat wahrnehmenkönnen. Die gewährten Kontroll- und Mitbestimmungsrechte sind im Private Place- ment Memorandum offen zu legen. Die Investoren sinddiesbezüglichgleich zu behandeln; im Falle der AG gilt die Regel one share -one vote.

12.2 Ausgangslage

Je nach rechtlicher Ausgestaltung des Funds verfügen die Investoren allenfallsüberweit reichendeMit- bestimmungs- und Kontrollrechte. Aufgrund des Fremdverwaltungsinteresses der Investoren wird das Management des Funds einem qualifizierten Fund Manager überlassen. Der Fund Manager soll Ermessen bei der Vermögensverwaltung haben, weshalb Investoren in der Regel keine Investitionsentscheidungen treffen. Über Vereinbarungen zwischendem Fund Manager und denInvestoren sowie die entsprechende Besetzung der Gremien wird sichergestellt, dass dieInvestorendie ihnen zustehenden Kontrollrechte ausüben können.

12.3 Votum

Die Investorensollen über Kontrollrechte genereller Art verfügen, welche dem Fund Manager die Aus- übung seiner Tätigkeiten ermöglichen undihn nicht über Gebühr einschränken. Die Investoren sollen jedoch das Recht erhalten, vom Fund Manager regelmässig über die Entwicklungdes Funds informiert zu werden.

Im Falle einerErmessensverletzung sollen den Investoren Massnahmen zustehen,die gegenüber dem Fund Managerdurchgesetzt werden können. Grundlageder Kontrollrechteder Investoren ist die Interes- sen-wahrungspflicht des Fund Managers gegenüber denInvestoren.

Folgende Kontrollrechte zu Gunsten derInvestoren sindzuempfehlen:

• Recht der regelmässigenInformation: • Möglichkeit,über das Gremium aufdie Geschäftsführung des Fund Managers Einfluss zu nehmen, wenndiese nicht entsprechend dem ursprünglich Vereinbarten handelt; • Möglichkeit, den Fund Manager bei schwergewichtigem Fehlverhalten abzuwählen (beispielsweise beiMissachtung derfestgelegtenInvestitionspolitik; bei Eintreffen von Fällen, welche in der Divorce Clause definiert sind). Bei Private Equity Funds in der Form der schweizerischen AG ist zudem generell darauf zu achten, dass die Kontrollmöglichkeiten der Aktionäre nicht durchdie Einführung von Stimmrechtsaktien einge- schränkt werden. Um eine wirksame Kontrolle durchdie Aktionäre zu gewährleisten, soll die Regel one share one vote nichtdurchbrochenwerden.

Dieden Investoren gewährtenKontroll- undMitwirkungsrechte sind im PrivatePlacement Memoran- dum offen zu legen.

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Chapter X Code of Conduct for Corporate Finance Professionals

307 SESECACA YeYeararbobookok 20201010

SECA Code of Conduct for Corporate Finance Professionals

1. Membership in SECA implies support of corporate finance development and advancement of financial tools and financial engineering.

2. Membersact with integrity, competence, dignity, and in an ethical manner when dealing with thepublic, clients, prospects, employers,employees,and fellow investment professionals.

3. Members enforceethical and professional standards andensure that employees comply with internal policies and applicable laws. Such measures are key to engenderingacorporate culture thatencouragesemploy- ees to act knowledgeably and responsibly.

4. Members practice and encourage others to practice in aprofessional andethicalmanner that will reflect credit on members and their profession.

5. Members strive to maintain and improve their competence and the competence of others in the profession.

6. Members use reasonable care and exercise independent professional judgment.

7. Members makesure that conflict of interestsituations aredealt with in an appropriate and professional manner.

We strongly believethatfulldisclosureisthe best remedy to deter potential abuses. That is, ad-visorsshould fully disclose to clients(current clients and prospects), employers, and regulators (if required)any potential conflictsthat could arise suchas:

a) Direct and indirect ownershipofsecurities. Clients and employers should be aware of invest- mentsthat maycompromise,orcall intoquestion, the advisors independence and objectivity.

b) Referral fees. Clientsshould be aware whether theadvisors firmengages in referral arrangements withthird parties and whether theirbusiness relationship willgenerate any referral fees for thirdparties.

8. Membersalwaysact in thebest interest of their clients. To accomplish this, advisors shouldbeintimately familiarwith the clients objectives,preferences, needs, and processes. Safeguarding this informationis paramount to the advisory process andtothe clients interests.

9. No member will takeadvantage of its position in SECA or abuse any informationaddressed to SECA.

10.Members willabide by the Code of Conduct issued by theExecutive Board of SECA.

11.Unethical conduct will be deemed to include anyevasivedevice intended to conceal non-compliance with the Code of Conduct, designated by the Executive Board of SECA for its enforcement.

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Chapter XI European Associations

309 SESECACA YearYearbookbook20102010

European Associations

FRANCE EUROPA AFIC(Association Française des Investisseurs en EVCA (European Venture Capital Association) Capital) Secretary General: Javier Echarri Secretary General: Jean-Yves Demeunynck Telephone: +322715 00 20 Telephone: +33 147209909 Fax: +322725 07 04 Fax: +33147209748 E-Mail: [email protected] E-mail:[email protected] Website: www.evca.eu Website: www.afic.asso.fr AUSTRIA GERMANY AVCO(Austrian Private Equity and Venture Capital BVK(GermanPrivate Equityand VentureCapital Organisation) Association) Secretary General: Dr. JürgenMarchart Managing Director:Dört Telephone: +431526 38 05 eHöppner Fax: +43 1526 38 05-6552 Telephone: +49303069820 E-mail: [email protected] Fax: +49 30 30 69 82 20 Website: www.avco.at E-mail:[email protected] Website: www.bvkap.de BELGIUM GREECE BVA (BelgianVenture Capital &Private Equity As- sociation) HVCA (Hellenic Venture Capital Association) SecretaryGeneral: Guy Geldhof Corporate Secretary: Ioannis Papadopoulos Telephone: +323297 10 21 E-mail:[email protected] Fax:+32 3297 10 23 Website: www.hvca.gr E-mail:[email protected] HUNGARY Website: www.bva.be HVCA (Hungarian Venture Capital and Private Eq- CZECH REPUBLIC uity Association) CVCA (Czech PrivateEquity and Venture Capital Executive Secretary: Natália Gömbös Association) Telephone: +361475 0924 Secretary General:Petra Kursóva Fax: +36 1475 0925 Telephone: +420 724 342 395 E-mail: [email protected] E-mail: [email protected] Website: www.hvca.hu Website: www.cvca.cz IRELAND DENMARK IVCA (Irish Venture Capital Association) DVCA (DanishVenture Capital &Private Equity Director General: Ciara Burrowes Association) Telephone: +353 1276 46 47 Secretary General:Birgit Christiansen Fax:+353 1274 59 15 Telephone: +457225 5502 E-mail: [email protected] Fax: +45 3391 1838 Website: www.ivca.ie E-mail: [email protected] ITALY Website: www.dvca.dk AIFI (AssociazioneItaliana del Private Equity eVen- FINLAND tureCapital) FVCA (Finnish VentureCapital Association) Secretary General: Sonia Cavestro General Secretary: Annina Myllyaho Telephone: +39 02 760 75 31 Telephone: +358 96969 33 00 Fax: +39 02 763980 44 Fax: +358 969693303 E-mail: [email protected] E-mail:[email protected] Website:www.aifi.it Website: www.fvca.fi

310 SECASECAYearYearbookbook20102010

LATVIA SLOVAKIA LVCA (LatvianVenture Capital and PrivateEquity SLOVCA (Slovak Venture Capital and Private Equity Association) Association) Executive director Sandis Jursevics Secretary General:Ivan Jakúbek Telephone: +371 29162939 Telephone: +421 2544 143 56 E-mail: [email protected] Fax: +4212544 311 80 Website: www.lvca.lv E-mail: [email protected] Website: www.slovca.sk THE NETHERLANDS NVP(Nederlandse Vereniging van SLOVENIA Participatiemaatschhappijen) SLEVCA (Slovenian Venture Capital Association) Secretary General: TjardaD.Molenaar c/oSmallBusiness Development Centre Telephone:+31 20 571 2270 Telephone: +386 61 21 7827 Fax: +31 20 6708308 Fax: +386 61 21 7846 E-mail: [email protected] Website: www.nvp.nl SPAIN ASCRI (Asociación EspañoladeEntidades de Capital NORWAY Riesgo) NVCA (Norwegian Venture Capital &Private Equity Secretary General: Antonio Ortega Association) Telephone: +34 91 411 96 17 SecretaryGeneral:KnutT.Traaseth Fax:+34 91 5626571 Telephone: +47 227 00 010 E-mail: [email protected] Fax:+47 227 00 011 Website: www.ascri.org E-mail: [email protected] Website: www.norskventure.no SWEDEN SVCA (Swedish Private Equity &Venture Capital POLAND Association) PPEA (Polish Private Equity Association) Managing Director: MarieReinius Secretary General: BarbaraNowakowska Telephone: +46 8678 30 90 Telephone: +48 22 458 84 30 Fax: +46 8678 40 90 Fax: +48 22 4588555 E-mail:[email protected] E-mail: [email protected] Website: www.svca.se Website: www.psik.org.pl UNITEDKINGDOM PORTUGAL BVCA(BritishPrivate Equityand VentureCapital APCRI(Assoçiacão Portuguesa de CapitaldeRisco e Association) de Desenvolvimento) ChiefExecutive Officer: Simon Walker Secretary General: Pedro Ferreira Malaquias Telephone: +44 20 7025 2950 Telephone: +351 21 382 67 16 Fax: +44 20 7025 2951 Fax: +351 21 3826719 E-mail: [email protected] E-mail: [email protected] Website: www.bvca.co.uk Website: www.apcri.pt

RUSSIA RVCA (Russian Private Equity and Venture Capital Association) Secretary General:Albina Nikkonen Telephone: +7 812 326 61 80 Fax:+7812 3266191 E-mail: [email protected] Website: www.rvca.ru

311 SECASECAYearYearbookbook20102010 Wir führen Sie weiter!

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Mehr Informationen unter: www.hslu.ch/ifz-weiterbildung 312 T+41 41 724 65 55, [email protected] SECASECAYearYearbookbook20102010

ChapterXII KeyPersons

313 SECASECAYearYearbookbook20102010

KeyPersons (without academic titles)

Surname ForenameCompanyPage(s)

A Adler DavidLangham Hall 54, 55 Aeschmann Richard Alexander Hughes Switzerland 197 Ainsworth Noel Simmons &Simmons 55 Aisher PatrickMarkusc/o KinledHoldingLimited 254 AlthausKonradBinder Corporate Finance AG 203 Altorfer Urs Luserve AG 228 AmbrosReinhardJ.Novartis International AG 158 AmstutzThomas Absolute Private Equity AG 63 Anderheggen Giulio Alternative Capital Management AG 197 AndréLukas Affentranger Associates SA 67 Angehrn Albert CreditSuisse52 AngehrnPhilippNovus Partners AG 234 Arbenz Beat Migros-Genossenschafts-Bund 232 Arth Andrée Egger &Egger AG 216 Assfalg Markus Economic Development of the CantonofZurich /Standortförderung 215

B Bachmann Rolf c/o Lazard GmbH 254 BaderHanspeter Unigestion 183 Baldauf Jörg c/o Secuens AG 254 Balsiger Peteraventic partners AG 76 Barthold Beat M. Froriep Renggli Rechtsanwälte 218, 290 Baumann Andreas ABTellWertschöpfungs AG 196 Baumann Brigitte Go Beyond132 BaumgartenMark-Oliver Staiger, Schwald &Partner Rechtsanwälte 244 Baumgartner Curt Nellen&Partner 233 BaumgartnerHans Private Equity Holding AG 163 Baumgartner Philip 254 Baur Leonid Sal. Oppenheim jr. &Cie. Corporate Finance (Schweiz) AG 5, 52, 168 Beaud Christophe Club Valaisan des Business Angels 106 Beauverd Guillaume G2 Group SA 129 Becker Frank InvisionPrivate Equity AG 143 Beck-Wagner Madeleine The Beck Group 54, 55, 203 Belloin Dominik Kepler Corporate Finance 145 BergNicolas RedalpineVenturePartnersAG164 Berger Jacques Defi Gestion SA 51,114 Berla-Geay Magali ValleyRoad Capital SA 184 Berlinger Rebecca PricewaterhouseCoopers AG 34 Bertschinger Urs c/o Prager Dreifuss Rechtsanwälte 254 BianchiJavet Nicoletta CapitalFinance &Trust Company (1923) SA 95 BichselStephan Berner Kantonalbank 53 Billeter Thomas 254 Binder Peter Binder Corporate Finance AG 203 Bjønness Søren PricewaterhouseCoopers AG 10, 162 Blattert Stefan Die Schweizerische Post /PostFinance 213 Böckenförde Björn Zurmont Madison Management AG 193 Bodmer David c/o Bodmer Advisors AG 254 BödtkerChristopher LODH Private EquityAG151 Böhler Christian Lombard OdierDarier Hentsch 290 BohnenblustPeter The Corporate FinanceGroup 179 Bonaccio Silvio ETHZürich-ETH transfer 125 Böni Pascal Remaco Merger AG 166 Bontognali Ivan Bontognali Ivan 254 Bonvin Jacques Tavernier Tschanz18, 54, 247 BorelDanielLogitech51 BorerCédric B. Fischer Investment Group Holding AG 127 Borer ChristopheHelarbManagement S.A. 5, 18, 51, 135 Both Peter c/oCredit Suisse 254 314 SECASECAYearYearbookbook20102010

SurnameForename CompanyPage(s)

B Boulad Abdullah Swiss Equity Group 173 BragugliaDiego VI Partners AG 18, 54 Brandt EdgarEdgar Brandt AdvisorySA215 BrauchliRohrer Barbara Wenger &Vieli AG 5, 36 Brechbühl BeatKellerhalsAnwälte Bern 225 Bregy Philipp OLZ &Partners Assetand Liability Management AG 160 BreitensteinUrs Deloitte AG 115 Briand Thierry Thierry BriandConsulting247 Bruch Guido EquityAdviceGmbH55 Brugger Marc LFPE S.A. 147 Bruix Cédric Argos Soditic S. A. 75 Brun Nadine SECA -Swiss Private Equity&Corporate Finance Association 6 Brunner MarkusBoyden global executive search 205 Brunnschweiler Stefan CMS von Erlach HenriciAG210 BruppacherC.MarkBruppacherHug &Partner, AttorneysatLaw 205 Bühlmann Daniel RCI Unternehmensberatung AG 238 Bünter Andreas Bünter ManagementAG206 Burckhardt Peter E. ErfindungsVerwertung AG 123 Bürge Andreas c/o b-impact AG 254 Burger-CalderonMax Apax Partners &Co. Beteiligungsberatung AG 72 Burkard Thomas TCO Transition Company AG 176 BurkhalterSascha M. c/o Finavision Management GmbH254 BurkhardUlrichMarcuard Family OfficeAG50 Burrowes Ciara IVCA -Irish Venture CapitalAssociation 310

C CampestriniSilvio AAA -Corporate Finance Advisers AG 196 CampiottiMarco OLZ &Partners Asset and Liability Management AG 160 CarcyOlivierCredit Agricole (Suisse) SA 110 Cassani Alexander Bank Sarasin&Cie AG 80 Casutt AndreasNiedererKraft &Frey AG 234 Cavestro Sonia AIFI-Associazione Italiana delPrivate Equity eVenture Capital 310 Cesari Mario c/oTBG ManagementS.A.M. 254 ChantreOliverJPh HottinguerCorporate Finance SA 144 CheriditoYves Wineus Investment &ConsultingAG252 Cheung Kenneth NYGT(Hong Kong) Limited 159 Christiansen BirgitDVCA -Danish Venture Capital&Private EquityAssociation 310 Christophers Hans LPXGmbH152 Claesson Ulf254 Clausen TomCapvent AG 207 Cook John Rock Lake Associates240 Crevoisier Philippe Crevoisier Philippe 254 Croset Jean-Claude SCM Strategic Capital ManagementAG169

D da SilvaHoward Deloitte AG 115 Dafond GianniAdvisory &MerchantPartnersAG66 de BoerFrédéricZETRA International AG 191 de Dardel Christophe Unigestion 183 De GottardiCurzio Banca dello Stato delCantone Ticino201 de Vallière Philippe 254 DeBlancBryan KPMG AG 29 Deck Esther M. Centus Capital Ltd101 Deflon WilliamKPMGAG252 DegosciuMichelLPX GmbH152 DellenbachHans Emerald Technology Ventures AG 118 Demaria CyrilDemaria Cyril 51 Demeunynck Jean-Yves AFIC-Association Française des Investisseurs en Capital310 Denkmann AndreasCapiton AG 98 Deram Eric Euro-Private Equity S.A. 217 Derendinger PeterAlpha Associates AG 69 315 SECASECAYearYearbookbook20102010

SurnameForename CompanyPage(s)

D Diab Mohammed Defi Gestion SA 114 DialerPhilipp SECA SwissPrivate Equity &CorporateFinance Association 6 DomanigGina Emerald Technology Ventures AG 118 Drost Heike Helarb Management S.A. 135 Dujardin Christian Unigestion54, 183 DysliDan Bank am Bellevue79

E Eberhard Peter PEPR Peter Eberhard Public Relations 236 Echarri Javier EVCA-EuropeanVenture Capital Association 310 EggerRoger Egger &Egger AG 216 Eichenberger Joerg 254 EngelsmaRogier Gilde BuyOut PartnersAG130 Erni Marc Barclays PrivateEquity (Schsweiz) AG 85 Erni Marcel Partners Group 40 Ernst FlorianDeutsche Bank Private Wealth Management 117 Eschler Roland SwissEquityGroup 173 Estermann Marco SIX Swiss Exchange AG 12, 242

F Fallegger Georg c/o Alternative Asset Broker Company(AABC)254 Fauveau Virginie CapitalTransmission SA 97 Fecker Lukasc/o Alvarez &Marsal EuropeLtd 254 Feurstein Burkhard gcp gamma capital partners -The VenturePreneurs 128 Flaig Daniel Capvis Equity Partners AG 99 Fletcher Andrew APENAG73 Fletcher Douglas c/oChapmanCraig Limited 254 FloreRalf AltiraHeliadAG70 FoppLeonhard c/o CONTINUUM AG 254 Forrer Simone Novartis International AG 158 Foscale Federico LN ConsultingSagl150 Franz Ingo Creathor VentureManagementGmbH109 Frei Alan aventic partners AG 76 Frei MichaelOLZ &Partners Asset and Liability Management AG 160 Frei Patrik c/oVenture ValuationAG254 Frei Thomas LODH PrivateEquityAG151 Frey Martin Baker &McKenzie 200 FriedliRolf CapvisEquityPartners AG 52,99 Friedrich Alexander Gilde BuyOut Partners AG 130 Frischknecht Martin CreditSuisse 111 Friz Enrico Walder Wyss &Partners Ltd. 250 Fuchs Marius c/o QIC Performance ConsultingAG254 FulpiusNicolas Affentranger Associates SA 67 Fülscher Jan Business Angels Schweiz 91

G Gall Alex E. Steiger Engineering AG 245 Gänssmantel Denise c/o Imprima 254 Gantner Alfred Partners Group 161 GeierChristian Palomar Private Equity AG 235 Geilinger Ulrich W. 5, 52, 134 GeldhofGuy BVA Belgian Venture Capital &Private EquityAssociation 310 Gericke Dieter Homburger AG 222 Giesinger Peter CGS Management giesingergloor lanz &co. 103 Glaus Hannes Lustenberger Glaus &Partner 5, 52, 262, 277 Glesti Jürg Close Brothers AG 105 Gloor Martin Core CapitalPartnersAG108 Gloor Peter CGS Management giesingergloor lanz &co. 103 Gömbös Natália HVCA Hungarian Venture Capital andPrivate EquityAssociation 310 Grabherr Oliver gcp gamma capital partners -The VenturePreneurs 128 Graham Andrew LN ConsultingSagl211

316 SECASECAYearYearbookbook20102010

SurnameForename CompanyPage(s)

G Granath Nils Swisscom Ventures 246 Grandfils Patrickc/o ClipperCorporate Finance 254 Grossmann Henning TECHNOPARK® Zürich177 Grünwald AlexanderALTIUM CAPITAL AG 71 GueissazCarolineBusiness Angels Schweiz 18, 91 Guggenheim Daniel Paguasca Holding AG 235 Guggenheim David Alternative Capital Management AG 197 GuilleminPierre Swiss Life Asset Management 175 Gunnarsson Andreas Saab Ventures 167 GutAlexander GutCorporate FinanceAG133 Güzelgün Ayhan Migros Bank 231

H Haemmig Martin CeTIM /Stanford University 254 Hamburger MarcStartZentrum Zürich244 Hancock Marie-Hélène Hirzel.Neef.Schmid.Konsulenten AG 6, 18, 221 HaneWerner ARALON AG 199 Hanimann Daniel SchweizerFernsehen 52 Hartmann Bernd Verwaltungs- undPrivat-Bank Aktiengesellschaft249 Hartmann Dirk Baumgartner MächlerRechtsanwälte 202 Hartmann Olaf Cinven GmbH 104 Haselbeck Fritz c/o ZfU Zentrumfür Unternehmensführung AG 254 Hauer Jean-PaulFischer Investment Group Holding AG 127 Häusermann Walter c/o Häusermann TaskManagement 254 Heimann Thomas HCT 16, 223 HeinkelGünther Terra Nex Group c/o Terra Nex Financial EngineeringLtd. 178 Heinzelmann Fred Remaco Merger AG 166 HeizIwan UBS AG Global Asset Management 182 Hepp Stefan SCM Strategic Capital ManagementAG169 HermannRalfZETRA International AG 191 Hess Hans Comet&Burckhardt 50 HilfingThomas 254 Hitz Stephan Hitz &PartnerCorporate FinanceAG137 HoefnerAndreas Warburg Alternative Investment AG 189 Hofer Martin Burson-MarstellerAG206 Hofer Paul R. c/oPRHGroup SuisseSA254 HoffmeisterJan DRSdigitalAG(Data Room Services) 214 HofstetterPhilippPricewaterhouseCoopers 162 Hölling Matthias ETHZürich-ETHtransfer125 Höppner Dörte BVK -GermanPrivateEquityand Venture CapitalAssociation 310 Huber Markus Alternative Capital Management AG 197 Huber Matthias c/oChemolioHoldingAG254 Huber Rudolf c/o Axega GmbH 52,254 HuberStefan Helbling Corporate Finance AG 136 HuberThomasPricewaterhouseCoopers AG 50 Hünerwadel Patrick Lenz &Staehelin51 HuxleyAlice 52

I IslerAndrea SIXSwiss Exchange 12

J Jäggi René C. 50 Jakúbek Ivan SLOVCA -Slovak VentureCapitaland Private Equity Association311 Jans Marcel BDOAG86 Jeger Rolf c/o Jeger Consult 254 Johansson Bjørn Dr. BjørnJohansson Associates Inc. 53 JouinPascal Index Venture Management SA 140 Jursevics Sandis LVCALatvianVenture Capital andPrivate EquityAssociation 311

317 SECASECAYearYearbookbook20102010

SurnameForename CompanyPage(s)

K Kahlich Herbert FundStreet AG 219 Kaiser Peter Regent FundManagement AG 165 Kälin Francesco SUVA 246 Kaltofen Arnd VI Partners AG 187 Kappeler Marc aventic partners AG 76 KarchHarald InternationalCapital Advisors LLC 141 Kehrli StephanKehrli &Zehnder Global WealthManagementAG225 Keller Adrian PricewaterhouseCoopers 162 KellerUlrich UBS AG Global Asset Management 182 Kerler Patrik KPMG AG 29, 146 Kessi Martin AXA PrivateEquity77 KillenNicolas Borel &Barbey 204 Kladny Pierre ValleyRoadCapital SA 18, 184 Klees Patric Capvis Equity PartnersAG22 KlingelfussMarcBankVontobel AG 81 KluchnikJorge Regent FundManagement AG 165 KluckenSabine Economic Development of the CantonofZurich /Standortförderung 215 KobeltUlrich254 Kogler Andreas capiton AG 98 Köhler Gert Creathor Venture Management GmbH 109 Kohn Eric F. c/o Barons FinancialServices SA 254 Kollros Janadbodmer ag 64 Köppen Kai TheRiverside Company180 KrebsAlexander Capvis Equity Partners AG 52 KroppFriedrich c/o Kropp Consulting254 Kundert RonaldZürcher Kantonalbank 192 Kurmann Jürg Kurmann Partners AG 227 Kursóva Petra CVCA Czech PrivateEquityand VentureCapitalAssociation 310 Kusio Daniel BV Holding AG (BVPartners AG)92 Kuster MartinRheintalAssets AG 53

L Läber IliasCevian Capital AG 102 LabhartPeter Clariden Leu AG 210 Lagassé Jean-François Deloitte AG 18, 54, 115 LainoPeter Monitor Clipper Partners, LLC. 154 Lamprecht Simon shaPE Capital AG 170 Lanz Rolf CGS Management giesinger gloor lanz &co. 103 Lardi Adelio Lardi &Partners SA 227 Larini Danilo InternationalCapital Advisors LLC 141 Lattmann Massimo S. VenturePartners AG 5, 6, 186, 255 Laville Richard254 Le Doussal Jean-Marcc/o Remora Capital SA 254 Leb GeraldUBS AG 52 Ledermann David Lenz &Staehelin 53 Lee Kai-Fu Innovation Works 55 Lee Walter c/o HeidelRose GmbH 254 LelièvreFrédéricLeTemps 51 Letter Peter EPS Value Plus AG 5, 6, 52, 121 Lichtner KatharinaCapitalDynamics 94 Liebens Francis Néocia -SDIPSA233 Lingjaerde Sven Endeavour119 Liu PeterW.I. Harper 55 Löchner Reinhard VENTIZZ Private Equity AG 185 Loepfe Frics Andreas c/o University of Zurich /EUREM254 Lüchinger Werner 254 Lüthi Marc Banque Bénédict Hentsch &Cie SA 83 Lütolf Philipp Hochschule Luzern -Wirtschaft53

318 SECASECAYearYearbookbook20102010

SurnameForename CompanyPage(s)

M Maag-Pelz Jennifer CapitalConcepts InternationalAG93 MakKennethNYGT (HongKong) Limited 159 MannheimsWilli VENTIZZ Private Equity AG 185 MarantelliAdrianoc/o meyerlustenberger 254 Marchart Jürgen AVCO Austrian Private Equity and Venture CapitalOrganisation 310 Markvoort Hans LGTCapital PartnersLtd. 148 MartelliMarco InvisionPrivate Equity AG 290 MarthalerStefan Zürcher Kantonalbank 192 Martin Jürg MSMInvestorenvereinigung 155 Maurer Remo Portelet AG 237 Mazzi Ferdinando 254 Meier-PfisterMartin IRF Communications AG 224 Meier-PfisterThomas 6 Meister Steffen Partners Group 161 MenottiEric Hottinger InvestmentManagement SA 138 Menzi Martin Swiss Capital Corporate Finance AG 172 Meylan Boris JPh Hottinguer CorporateFinance SA 144 More RichardCurtis Murray Associatets 54, 55 Moser Martin c/o Bratschi Wiederkehr&Buob 254 Mück Rainer MMP MückManagement Partners AG 153 Mühlemann Daniel G&FSCapital InvestAG219 MüllerChristophBDO AG 86 MüllerMarc Fabrel Lotos AG 126 MüllerMartin L. Pestalozzi Attorneys at Law 236 MüllerPeter H. StartAngels Network171 Müller-KänelOliver 254 Müller-MöhlCarolinaMüller-MöhlGroup232 Muraro Markus Absolute PrivateEquity AG 63 MürerRobin Apax Partners &Co. BeteiligungsberatungAG72 Mustad Christian Edgar Brandt Advisory SA 18 Musy NicolasSwiss Center Shanghai55 Myllyaho Annina FVCA Finnish Venture CapitalAssociation310

N NarbouxEdouard Kepler CorporateFinance145 NebelSimonAravisSA74 Neeracher Christoph Bär &Karrer AG 84 NeumannAndreas Zürcher Kantonalbank 53 NicodAlainVIPartners AG 187 Niederhauser Peter Redalpine Venture Partners AG 164 Nikkonen Albina RVCA (RussianPrivate Equityand Venture Capital Association)311 Nowakowska Barbara PPEA -Polish Private EquityAssociation 311

O Oberhänsli Patrick Robeco (Schweiz) AG 238 OchsnerMarkus OLZ &Partners Asset andLiability Management AG 160 Oehler Adrian Integra Holding AG 223 Oelgarth Arndt 254 OrlacchioCarmine OLZ &Partners Asset and Liability Management AG 160 Ortega Antonio ASCRI -AsociaciónEspañola de Entidades de CapitalRiesgo 311 Ospel-BodmerAdrianaadbodmer ag 64 Ottiger Simon RCI UnternehmensberatungAG238

P PaganoniRobertoLGT Capital Partners Ltd. 5, 52,148 Pamberg Günther B. COFIDEP SA 211 Papadopoulos IoannisHVCA -Hellenic Venture Capital Association 310 ParentiAlessandro Advisory &MerchantPartnersAG66 Parravicini MarioWindcor Nixdorf AG 251 Paternot XavierVinci Capital SwitzerlandSA188 PatronciniGuido Zurmont Madison Management AG 193

319 SECASECAYearYearbookbook20102010

SurnameForename CompanyPage(s)

P Payne Andros Humatica AG 222 Pedergnana Maurice SECA -Swiss Private Equity&Corporate Finance Association 6, 51, 52, 277, 290 PedrazziniJean-Pierre Egon Zehnder AssociesSA217 Pedrazzini Massimo c/o Studio Legale 254 Peller Stefan Alternative Capital Management AG 197 Peretti Klaus Kessler &CoInc. 226 Pestalozzi Alexander Mueller Milch Management AG 156 Peter Uwe 254 Petersen MichaelCrossEquity Partners AG 113 PeyrotPaul c/oPeyrot &Schlegel 254 Pezzei Hansjörg Aon(Schweiz) AG /Mergers&Acquisitions Group Switzerland 198 Pfeifer Alexander Bax CapitalAdvisors AG 202 Pfister Bernd Mueller Milch Management AG 5, 156 Pfister Peter Deutsche Bank Private Wealth Management 117 PfyfferUrs Fabrel Lotos AG 126 Pierazzi Maurice CapitalTransmissionSA18, 97 PiffarettiSandro c/o Derendinger GroupAG255 PoellenAndreas KPMG AG 146 Polmann Sabine Swiss Life Asset Management 175 PruschyJacobo Seia Capital AG 242

R Racine Georges c/o LALIVE255 Ramseier Urs c/o CS CorpSana AG 255 Raschle Lukas ZETRA International AG 191 RasmussenBrigitte CapitalDynamics94 Rebetez Jean-Claude aventic partners AG 76 ReichMarkus Cross EquityPartners AG 113 ReimannThomas c/o Lutz Rechtsanwälte 255 Reinhardt Marc Ernst &YoungLtd 124 ReinischPeter GlobalLifeScience Ventures AG 131 Reinius Marie SVCA -Swedish Private Equity&Venture CapitalAssociation 311 Richiger RobinR.Bank Vontobel AG 81 RichliRemo BridgeLink AG 89 Ries Gerhard BioMedPartners AG 87 RikhofMargaret Kennedy Fitch GmbH226 Rimer David Index Ventures 51 Rinderknecht Thomas M. Badertscher Rechtsanwälte AG 200 RitterMarkus Private EquityInvest AG 237 Rohner Felix CapvisEquityPartnersAG290 RompelHans-Dieter CO-INVESTORAG107 Rosenow Ralf Blum&GrobRechtsanwälte AG 204 Roth Balz Go Beyond 50, 132 Rötheli AndreasLenz &Staehelin40, 53, 228 Rüegg Kurt SwissCapital Corporate Finance AG 172 Ruhier Felix FRC Unternehmensberatung GmbH 218 Rutishauser Peter EquatisAG122 Rütsche Marcel Zürcher Kantonalbank 52

S SägesserMartin c/o Saegesser TransitionManagement(a.i.CEO) 255 SalesnyPetra Alpha Associates AG 69 Scheidegger Alfred Nextech Venture 157 SchellertUlrike MMP MückManagement Partners AG 153 Schenk Luca OLZ &PartnersAsset and Liability ManagementAG53, 160 Scherrer Roland UBSAG181 Schick BrunoCinven GmbH104 Schiebener Verena Monitor Clipper Partners, LLC. 154 SchlachterRobert LGTCapital Partners 26 Schlaepfer Alexander 255 Schlup Robert c/o Sonnenschein Nath &Rosenthal LLT255 320 SECASECAYearYearbookbook20102010

SurnameForename CompanyPage(s)

S Schmelig Karlheinz Creathor Venture Management GmbH 109 SchmidWolfgang CFP Business Consulting AG 209 SchmidtVolkerThe Riverside Company180 Schmidt Yann Cevian Capital AG 102 Schmidt-SoelchWolfgang Heidrick &Struggles 221 SchmittMarinus Constellation Switzerland Ltd.212 SchneiderConradinAPEN AG 73 Schneider Martin Schneider Feldmann AG -Patent and trademark attorneys 241 Schnorf Werner Rudolf ZurmontMadison Management AG 50 Schobinger Hannes Ernst&YoungLtd 124 Schönbächler Ernst 255 Schönbeck Stefan Good Energies220 Schönmann Beat c/o Beluga Capital Inc. 255 Schrämli Simon Effinance Private Equity AG 216 Schülin Philipp AFINUM Management AG 68 SchumRené C. TCO Transition Company AG 176 SchwarzAlexander AltiraHeliadAG70 SchwarzJohannesc/o Zugimpex GmbH255 Schweitzer Florian BrainsToVentures AG 5, 50, 52, 88,277 Scriven Thomas c/o H.I.G.European CapitalPartners LLP255 Seiler Thomas U-Blox 52 SellamZaki c/o Stamford Consultants AG 255 Semmens GuyArgos SoditicS.A. 75 Sigg Ralphc/o TendoCorporate FinanceAG255 SimoneschiNicola CapitalFinance &Trust Company (1923) SA 95 Skowronski Bogy c/o CMS CorporateManagement Services255 Spahni Andreas FundStreet AG 53 SpalingerBeatStraumann HoldingAG245 Specker Urs Carey AG 207 Spieler Martin Handelszeitung52 Spiess MatthiasBank Sarasin&CieAG80 Srivastava Govindc/o Soleil Capitale 255 StaehelinMax R. 255 StaehliRoland E. MarchmontAG229 Staub Martin InvisionPrivate Equity AG 143 Stebler Markus P. IMC Investment&Management Consultants AG 139 Steffenoni ClaudioBank am Bellevue 5, 79 Stehli Martin c/oA.I.M. GroupAG255 SteinerChristoph CloseBrothers AG 105 StillhartYvonne LODHPrivate Equity AG 151 Straub Karel ZETRA International AG 191 Straub Richard P. c/o aR|Pe|eS management straub 255 StreibChristoph CreditSuisse 111 Ström Olac/o Carlsdorff Partners AG 255 Stucker Jürg Ernst &YoungLtd 124 Stüdi Philippe Barclays PrivateEquity (Schweiz) AG 85 SuardClaude Defi Gestion SA 18,54, 114 SunderlandNeilV.Adinvest AG 65

T TannerStéphane PricewaterhouseCoopers AG 18 TappyDamien Endeavour 51, 119 Thakur-WeigoldSiegmar Warburg Alternative Investments AG 189 Thalmann Oliver Aravis SA 74 Thommen Andreas S. Hirzel.Neef.Schmid.Konsulenten 5, 6, 221 Traaseth Knut T. NVCA -Norwegian Venture Capital &Private Equity Association 311 Tracia Roberto Binder Corporate Finance AG 203 Tranchet Marcel Lenz &Staehelin 51 Trespe Anja CO-INVESTORAG107 Triebold Oliver SchellenbergWittmer Rechtsanwälte 240

321 SESECACA YeYeararbobookok 20201010

SurnameForename CompanyPage(s)

T TripetJean-Philippe Aravis SA 74 Trunz Roger OLZ &Partners Asset andLiability Management AG 160 TschäniRudolfLenz&Staehelin 5 Tschopp Alexandra CEPAX Sustainable Solutions AG 208 Tschopp Felix c/o Tschopp Corporate Finance AG 255

U Unternährer Beat The CorporateFinance Group4,179, 290 UrsprungTobias CapvisEquityPartners AG 99

V Valk Tobias KPMG AG 29 vanden Berg Hans VenturePartnersAG186 van der Geest Edwin Dynamics Group AG 214 Vandebroek JosG.L. c/oVandebroekVenturesAG255 VanderkarJonathan Appleby 199 VidalNayel Georges c/o EmergingCapital Partners 255 Villiger Andrea SECA -Swiss Private Equity&Corporate Finance Association 6 Vogel Alexander meyerlustenberger 230 VogelBernard Endeavour119 Voisard Marc-AntoineEuro-Private Equity S.A. 18 Volkart Gregory H. Volkart Management Consultants 250 Vollmar CédricDiego SECA -SwissPrivate Equity &Corporate Finance Association 6 VollstedtMarkus c/oVollstedt Consulting255 von Salis Ulysses c/o Niederer Kraft &Frey AG 234, 255 vonTscharnerPatrick J. Tscharner CapitalPartners 255 von WartburgIwan iploit AG 224 Vorndran Helmut VENTIZZPrivate Equity AG 185 VuilleumierJean-Pierre CTIInvest 20, 50

W WägliRolfEPS Value Plus AG 121 WagnerLucianc/o EuroUS Ventures 255 Waldvogel Christian Vinci Capital Switzerland SA 51, 188 Walker Simon BVCA -British Private Equityand VentureCapitalAssociation 311 Walliker Christian Alternative Capital Partners AG 198 Walter Dominik C. Walter &Partner 251 Walther MichaelGHR Rechtsanwälte AG 220 Wang Zhi c/o Swiss China ConsultingGmbH 255 WatterRolfBär &Karrer AG 84 WeberBruno Valcor AG 249 Weber Martin Schellenberg WittmerRechtsanwälte 240 Weber-Berg Christoph Schellenberg WittmerRechtsanwälte 290 Weibel Matthias P. c/o FAES Finanz AG 255 Weigel Winfried 255 WeilenmannRolf ValartisBankAG248 Weiss Branco 255 Wenger Christian Wenger &Vieli AG 5, 6, 20, 190, 277 Wenger Paul-André BridgeLinkeAG89 WickiAndreas HBMPartners AG 134 Wietlisbach Urs Partners Group 161 Wilhelm Christophe c/o FBT Avocats 255 WilliGerhard ZETRA InternationalAG191 Wipf Christian ALTIUM CAPITAL AG 71 Wipfli Cyrill Partners Group 161 WirthDieter PricewaterhouseCoopers 34 Wittwer Fritz ErfindungsVerwertung AG 123 WolfPeter Management Support 255 WolfersPeter Private EquityHolding AG 163 WurmserMichaelc/o AstonBrooks International255 Wyss Ralph Gilde BuyOut Partners AG 130 Wyss Ugo 255 322 SECASECAYearYearbookbook20102010

SurnameForename CompanyPage(s)

Z Zern Björn Swiss Equity MedienAG53 Zetlmayer Heinrich mas management &advisory services ltd. 230 ZgraggenPius OLZ &Partners Asset and Liability Management AG 160 ZinggKarin CTI Start-up 212 Zrehen Stéphane Polytech Ventures 18 Zünd Mark LODH Private Equity AG 151 Zürcher Wolfgang Wenger &Vieli AG 190 Zwahlen Beat CFOxpertAG208 ZweigAndrés F. Vaccani,Zweig &Associates 248

323 SECA Yearbook 2010

Swiss Private Equity &Corporate Finance Association

Oliver Müller-Känel Patrik Frei Søren Bjønness Cuno Pümpin, Maurice Pedergnana Mezzanine Finance Assessment and The Notion of Change Strategisches Investment Valuation of high in Leadership Cultures Management growth companies

Mezzanine Finance ist eine Valuation is akey topic in the The initiation, planning and Investoren, die nach traditionellen neue Finanzierungsform, bei der financing and development of implementation of change Konzeptendes Asset Managements Elemente der Fremd- und der high growth companies. processes are increasingly investieren, erzielen meistens nur Eigenkapitalfinanzierung The goal of this book is to bridge looked upon as central leadership bescheidene Nettorenditen kombiniertwerden, wasfür die the existing gap between the responsibilities in organisations (nach Spesen, Gebühren, Inflation Strukturierung vonunterneh- assessment and the financial pursuing economic aims. Whilst und Steuern). Ein Grund liegt mensspezifischen Finanzierungs- valuation of acompany. system characteristics like order, darin, dass die meisten dieser lösungen bei privaten und Initially,anassessment framework consistency and security are Konzepte auf der quantitativ börsenkotierten Gesellschaften is developed to capture the value mostly connected to the term orientierten Kapitalmarkttheorie neuen Gestaltungsraum schafft. drivers for high growth companies. «management», conceptions of basieren. Diese ist auf umfang- Oliver Müller-Känels Studie bietet It contains the following three change, movement and designing reiches statistisches Zahlenmaterial eine umfassende und wissenschaft- main factors: are associated with «leadership». angewiesen, das nur für traditi- lich fundierte Analyse dieses inno- 1. Management Thereby it often remains unclear, onelle und grosse Assetklassen vativen Finanzierungsinstruments. 2. Market environment what leadership in connection to zur Verfügung steht. Innovative Praxisbeispiele illustrieren dessen 3. Product, Sciences &Technology organisational change or change in Konzepte, wie sie vonder konkrete Einsatzmöglichkeiten. The proposed valuation methods the eyes of the leading and the led Strategielehre propagiert werden, Mehr als 25 Interviewsmit aus- are specifically targeted for actually means. This is the topic haben keinen Platz. gewiesenen Fachpersönlichkeiten high growth companies and that Søren Bjønness is approaching Wirsind der Ansicht, dass die aus der Schweiz, Deutschland und include methods such as in his research. He explores the herkömmlichen, auf der Kapi- England vertiefen diesen Einblick discounted cash flow and option meaning of «change» in the indivi- talmarkttheorie basierenden in Theorie und Praxis von pricing, as well as market dual and collectiveunderstandings Lösungen für viele Investoren MezzanineFinance weiter. comparable, comparable deal of leadership and how these under- einen durchaus gangbaren und methods and the venture capital standings influence the practice of sinnvollen Wegdarstellen, sofern 3. Auflage 2009. method. change. Vermögenserhaltung im Swiss Private Equity &Corporate The methodical assessment Prof. Dr.Werner R. Müller, Vordergrund steht. Finance Association. Band 1. framework enables alink to be University of Basel Der in diesem Buch dargestellte XLI +342 Seiten, made with the financial valuation Ansatz des strategischen Invest- 78 Abbildungen, kartoniert models to obtain aconsistent and Swiss Private Equity &Corporate ment Managements richtet sich EUR 45.– /CHF 68.– (UVP) comprehensiveassessment and Finance Association. Band 10 demgegenüber an Investorinnen ISBN 978-3-258-07427-6 valuation approach for high 2007. XXXIII +167 Seiten, und Investoren, die mit ihrer growth companies. 3Tabellen, 5Abbildungen, Investmentstrategie eine nachhal- kartoniert tige reale Wertsteigerung erzielen Swiss Private Equity &Corporate EUR 32.– /CHF 48.– (UVP) wollen. Finance Association. Band 8. ISBN 978-3-258-07231-9 2006. XIX +291 Seiten, Swiss Private Equity &Corporate 56 Tabellen, 24 Abbildungen, Finance Association. Band 11. kartoniert 2008. 232 Seiten, EUR 38.50 /CHF 58.– (UVP) 67 Abbildungen,gebunden ISBN 978-3-258-07091-9 EUR 44.– /CHF 68.– (UVP) ISBN 978-3-258-07344-6

324 S • E • C • A My ideas for2010/11

Next Steps SchweizerischeVereinigungfür Unternehmensfinanzierung SwissPrivateEquity&Corporate FinanceAssociation AssociationSuisse desInvestisseurs en Capital et de Financement 10 20 ok bo ar Ye CA

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