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Talenthouse AG

Environmental & Social Information • Jun 7, 2005

939_ip_2005-06-07_d93d4d4d-9c43-4f5e-bb6d-491ad902d105.pdf

Environmental & Social Information

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Investing ethically and entrepreneurially in Switzerland!

Your partner for sustained Private Equity investments with high potential.

New Value AG: Ethical and Environmental Investing in a Private Equity Company

26th LCA Discussion Forum; Life Cycle Approaches for Green Investment 7th of June 2005; Ecole Polytechnique Fédérale de Lausanne, Switzerland

NEW VALUE AG Bodmerstrasse 9 CH - 8027 Zurich, Switzerland Tel.: +41-43-344 38 38 Fax.: +41-43-344 38 39 [email protected] www.newvalue.ch

Focus

    1. New Value's business
    1. Investment process and ethical consideration
    1. Implementing ethics in New Value's activity
    1. Results and conclusion

NEW VALUE'S BUSINESS: PRIVATE EQUITY

  • ` Private Equity is the direct investment with equity in promising growth companies, which shares are not traded on the stock exchange.
  • ` Private Equity is capital that innovative enterprises have at their disposal for a certain period of time in order to develop new products or technologies, to follow an expansion, restructuring or acquisition strategy or to change the ownership structure.
  • ` The simultaneous investment in several companies in different sectors through a specialist like New Value diversifies and limits the risks.

Objective: Focus on the conscious, accelerated further development of the company together with management in order to generate significant value added.

Ethics – a growing factor for profitability

Private Equity stakes are medium to long term financial investments

  • ` sustainable company development becomes important in investment process
  • ` adequate long term consideration of ethical competition factors assures more economic success

Æpositive correlation between ethics and profits

Æas far as we know, nobody else does this in a broadly oriented manner

Positioning of New Value

New Value offers

as a stock market traded Private Equity investment company access for institutional and private investors to a highly attractive and sustained portfolio of stakes in non publicly traded growth companies that possess trend setting innovations and high market potential.

NEW VALUE'S BUSINESS

Structure and share facts

  • ` Incorporated according to Swiss law as a holding company in May 2000 with domicile in Zurich
  • ` Official status as Risk Capital Investment Company (RKG); Holding company status in canton Zurich (privileged tax status)
  • ` Investment adviser is EPS Value Plus AG
  • ` Quoted and tradable on the electronic stock exchange Berne eXchange since August 2000
    • ` Ticker NEWN
    • `Security-No. 1081986
  • ` Transparent investor relations
  • ` Share correlates to a low extent with the rest of the stock market
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DIVERSIFIED PORTFOLIO …

` Market oriented products

` Value oriented companies

DEVELOPING THE COMPANIES OVER TIME

Diversified Private Equity portfolio for stabile growth

` New Value invests in companies from a relatively early stage and has the scope to significantly influence their economic and ethical development.

Sector-diversified Private Equity portfolio (as of 31st of March 2005)

` Broad sector approach, but focused geographical Investment activity pursued.

Investment criteria

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Professionally structured investment process as key to success

` Ethical influence used and considerations made during the whole investment process as a guiding, but general principle.

INVESTMENT PROCESS AND ETHICAL CONSIDERATION

Active ownership is what an active investment approach is about

  • ` Ethical influence used and considerations made during the whole investment process as a guiding, but general principle.
  • ` Portfolio companies are supported actively by New Value – management, founders or company invest years of their life and are given a fair chance
  • ` Every company shall have the ability to survive – no investing according to "1 Top and 9 Flops"
  • ` But, it is interfered in case it does not work – also in the interest of the stakeholders

What do we understand with ethics?

  • ` Ethics target what is good for and which serves people, the environment and society, taking into consideration human opportunities and limitations.
  • ` These objectives can best be expressed with the most important ethical principles in our culture:
  • 9 Respect for life
  • 9 Cultural compatibility/creation of sense
  • 9 Safeguarding of the fundaments for life/Sustainability
    • 9 Social compatibility
    • 9 Human dignity
    • 9 Responsibility for the overall good
    • 9 Participation
    • ` Ethics are not understood as an accumulation of negative exclusion criteria, but rather as an approach for positive life-serving creation of the world, here through the ethical directing of the investment flow.

Ethics – a growing factor for profitability

Emphasis on sustainable portfolio company development in the investment process. (Investments have medium to longterm character)

Ethical investing means to:

  • ` evaluate, if the company takes its ethical responsibility vs. the different stakeholders seriously (Investors, customers, employees, environment, society and suppliers),
  • ` pose the question of sense-making.

Ethical analysis and coaching of the companies

  • ` EPS Value Plus AG as main coordinator, surveyor and coach
  • ` Cooperation with BlueValue AG, Zurich/Vienna (Professor Hans Ruh)
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New Value generates value for the stakeholders

IMPLEMENTING ETHICS IN NEW VALUE'S ACTIVITY

Ethics: New Value's understanding and implementation overview

NEGATIVE NEUTRAL ACTIVE

  • ` Qualitative analysis and scale-valuation
  • ` Recommendations through 'Potentials and Milestones' – judgement for action
  • ` Often based on rudimentary documentation in the portfolio companies
  • ` Working tool for board with the objective to develop and improve over 2-5 years

PROACTIVE

Ethics: Our implementation

  • `Evaluation of the proposed investment according to the ethical guidelines during the Due Diligence-Process.
  • `Re-examination of the company and ethical certification by Blue Value AG (SWOT – analysis, recommendations and milestones).
  • Continuous check if ethical milestones are fulfilled.Ongoing coaching and development of the company. `Concrete measures in case of non-fulfilment, e.g.: workshops.
  • `Optimal "exit" with fair structure.

` Ethics is important in all phases of an investment

Real life examples and achievements

`Separation of chairman and CEO positions

idiag AG, Volketswil

Medical technology

Investment-phase:Expansion

Share New Value: 39.2%

Products:

Sector:

SpiroTiger® (Respiratory therapy and training) MediMouse™ (non-invasive spinal analysis and diagnostics) COSMED (Lung function devices)

Potential: Scientifically proven, attractive price/utility relationship, patented. Increase in spinal grievances, can be used in any kind of spinal therapy. Growth in medical disturbances in the respiratory domain. Broad application scope for respiratory training. Large market potential.

RESULTS: Example idiag AG

` Positive external effects on public and stakeholders

What distinguishes New Value's ethical concept?

  • ` Ethics as an integral part of our business, but not our prime "reason for being"
  • ` Chosen to take and implement broad ethical scope and understanding
  • ` Positive and emerging structuring of life and future basis of the economy
  • ` Adjusted to the possibilities and limitations of small- and medium-sized enterprises
  • ` Practical orientation with targets on our mind – objective is financial performance and control of risks!
  • ` Qualitative issues and analysis often dominate
  • ` Small companies – strike the balance between ambition level and what is possible from a resources point of view
  • ` Active ownership implies close contact with company and implementation leverage in important phase of company life
  • ` Life Cycle Analysis takes place on a qualitative level for New Value; might be completed on a more detailed quantitative level in the respective portfolio companies

NEW VALUE AG Søren Bjønness Bodmerstrasse 9 CH - 8027 Zürich

Tel.: +41-43-344 38 38 Fax.: +41-43-344 38 39

[email protected] www.newvalue.ch

What do we understand with ethics?

The ethical concept of New Value distinguishes itself in comparison with comparable approaches through the following specific characteristics:

  • ` The ethical approach should be widely interpreted. It goes beyond classical criteria of sustainability and social compatibility.
  • ` Ethics are not understood as an accumulation of negative exclusion criteria, but rather as an approach for positive life-serving creation of the world, here through the ethical directing of the investment flow.
  • ` A high degree of measurability of the ethical requirements is achieved through the use of specific indicators.

Objectives of the ethical analysis

Target group

` Current and future portfolio companies of New Value.

Recipients

  • ` Management and board of portfolio company
  • ` Private and institutional investors in the portfolio companies
  • ` Potential new, future co-investors/debtors of the portfolio companies

Objectives of the ethical analysis

  • ` SWOT-analysis of the portfolio companies (according to predefined topics) and recommendations.
  • ` Additionally to current state, objectives shall also be outlined, which will serve the portfolio companies for their further development.
  • ` The ethical analysis shall function as a working tool for the board of directors, on which basis e.g. milestones are defined and progress made can be checked.

BACKUP: IMPLEMENTING ETHICS IN NEW VALUE'S ACTIVITY

Responsibilities ethical analysis

Blue Value AG

  • ` Ethical analysis of portfolio companies according to:
      • Ethical quality of products/services
      • Ethical quality of environmental policy

EPS Value Plus AG

  • ` Ethical analysis of portfolio companies according to:
      • Ethical quality of environmental policy
      • Ethical quality of stakeholder relationships
      • Corporate Governance

Costs

` Carried by New Value AG

BACKUP: IMPLEMENTING ETHICS IN NEW VALUE'S ACTIVITY

Overview of ethical analysis workflow with portfolio companies

Examples from the current investment portfolio of New Value

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Bogar AG

Products: Vegetable-based medicines, supplementary food and care products for veterinary treatment, animal food and care. Created to maintain health, prevent and/or treat skin diseases, old-age and chronic complaints, arthritis and for the improvement of the general constitution and health of pets and other domesticated animals.

Information: www.bogar.com

Idiag AG

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32

Idiag AG

  • Products: SpiroTiger® (respiratory training device) MediMouse™ (Measurement device for spinal diagnosis and in therapy control). Scientifically proven in trials together with renown clinics.
  • Information: www.idiag.ch

Simulation, Analysis and Forecasting AG

SAF

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33

SAF Simulation, Analysis and Forecasting AG

Products: Super Store: Standard software for the automation of ordering in the store outlets. SuperWarehouse: Software for prognosis of the optimal stock and optimisation of the deliveries planning. References: Metro, dm-drogeriemarkt, ATU, Teegut, etc. Strat. Partners: SAP AG, Walldorf (D); SofTEchnics (USA), Wincore Nixdorf (D)

Information: www.saf-ag.com

Swiss Sustainable Systems AG (3S)

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Swiss Sustainable Systems AG (3S)

Products: Development and production of photovoltaic products for integration in building shells. A patent application was submitted in early 2003 (EU and CH) for the first self-developed product "MegaSlate", an integrated photovoltaic roofing system. It has since been certified by the TÜV in Germany. References: PV-System Businesspark Berne, 72.5 kWp Full integration MegaSlate ® Waidspital Zürich, 52.5 kWp Machines for PV module production sold and installed in the EU and US. Information: www.3-s.ch

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