eqt funds annual review 2009...eqt funds annual review 2009 2 eqt at a glance 3 welcome to eqt 4 the...

EQT Funds

Annual Review 2009

KEY FACTS

EQT Funds

Annual Review

2009

2 EQT AT A GLANCE

3 WELCOME TO EQT

4 THE IMPORTANT ROLE OF THE PRIVATE EQUITY INDUSTRY

6 THE HISTORY OF EQT – BUILDING COMPANIES FOR THE FUTURE

7 THE EQT FUNDS IN BRIEF

8 THE OUTLOOK FOR OUR MARKETS

10 CREATING VALUE THROUGH GROWTH AND DEVELOPMENT

12 THE EQT INDUSTRIAL NETWORK

13 THE EQT CORPORATE GOVERNANCE MODEL

14 CASE STUDIES: LBX, KBW AND ISS

16 SENIOR ADVISORS DISCUSS EQT’S UNIQUE GOVERNANCE MODEL

18 EQT IN FIGURES

20 INVESTOR BASE

21 INVESTMENT STRATEGIES 2009

22 – EQUITY FUNDS

23 – EXPANSION CAPITAL FUNDS

24 – INFRASTRUCTURE FUND

25 – OPPORTUNITY FUND

26 SUMMARY OF EQT’S RESPONSIBLE INVESTMENT POLICY

27 EQT FUNDS PORTFOLIO – OVERVIEW

31 TRANSACTIONS IN 2009

32 – CABLETEL EAD AND EUROCOM EOOD

34 – HTL-STREFA S.A.

36 – MIDLAND COGENERATION VENTURE LIMITED PARTNERSHIP

38 – SKYKON A/S

40 – SPRINGER SCIENCE+BUSINESS MEDIA S.A.

42 – SWEDEGAS AB

44 – PALODEX HOLDING OY

44 – BODILSEN A/S

45 FUND GOVERNANCE

46 EQT PARTNERS

46 – IN BRIEF

47 – PARTNERS AND MANAGEMENT GROUP

48 – OFFICES

1

EQT FUNDS ANNUAL REVIEW 2009

TAL IMAGING GROUP PALODEX SOLD • EXPANSION CAPITAL BACKS DANISH WIND ENERGY SUPPLIER SKYKON • ACQUISITION OF

FIRST INVESTMENT • GERMAN ACADEMIC PUBLISHER SPRINGER SCIENCE+BUSINESS MEDIA ACQUIRED • ACQUISITION OF US B

AMOUNT INVESTED BETWEEN DEC 2006 AND NOV 2009

€ 2 BILLION

FROM OVER

TWENTY COUNTRIES

OF INSTITUTIONAL

ANNUAL SALES GROWTH

12% IN PORTFOLIO COMPANIES

CABLE TV OPERATORS CABLETEL AND EUROCOM • FINNISH DENTAL IMAGING GROUP PALODEX SOLD • EXPANSION CAPITAL BAC

BASED GAS-FIRED COGENERATION COMPANY MCV EQT INFRASTRUCTURE’S FIRST INVESTMENT • GERMAN ACADEMIC PUBLISHER

TOTAL CAPITAL RAISED SINCE START

€ 13 BILLION

ANNUAL EARNINGS GROWTH

18% IN PORTFOLIO COMPANIES

ANNUAL GROWTH IN NUMBER OF EMPLOYEES

11%IN PORTFOLIO COMPANIES

This Annual Review is being issued by EQT Funds Management Limited (EFML), a Guernsey-based fund manager and administrator, and promoter of EQT funds. EFML

provides executives to serve as directors of general partners to the EQT funds. Any statement of belief expressed by EQT in this Annual Review represents solely the belief

of EFML and does not represent the belief of any other entity or of the EQT funds. No reliance should be placed upon the contents of this Annual Review for the purpose

of making an investment in an EQT fund. All fi nancial and other analysis in this Annual Review has not been independently verifi ed.

We transform good companies into leading companies, making

sustainable improvements through the consistent application of

our proven industrial strategy.

THE EQT PRIVATE EQUITY MODEL

We make investments in strong companies, in the sectors

and regions where we have the specialist expertise to make a

genuine difference.

We call upon our unique “Industrial Network” of established

business leaders to create an effective and engaged Board of

Directors that work together with the management team and

the EQT representative. Together, we develop and implement a

strategy for accelerated growth of the company, with the goal of

achieving regional or global leadership.

By applying EQT’s methods of management support, rigorous

performance analysis and sound fi nancial discipline, we help these

businesses to grow sales and earnings through internationalization,

strategic acquisitions and margin development.

The EQT Equity, Expansion Capital, Infrastructure and Opportunity

funds apply the same basic principles and industrial strategy to

the management of their respective investments.

THE RESULTS

We normaly hold our portfolio companies for between three and eight

years, typically making signifi cant and sustainable improvements

in their operations.

During the EQT Equity funds’ ownership, the portfolio companies

have annually, on average, increased sales by 12%, the number

of employees by 11% and earnings by 18%.

With regard to portfolio companies sold, EQT has been successful

in terms of return on invested capital.

EQT at a GlanceEQT manages a group of leading private equity funds, with investments in Northern and

Eastern Europe, Asia and the US. All EQT funds are advised by EQT Partners.


2

3


2009 was truly challenging – for EQT, the private equity industry

as well as for most other industries. Fiscal problems are facing

many countries and the economic recovery is still fragile. The

deep and extended recession has put pressure on portfolio

companies, in some cases resulting in refi nancings, including

some of EQT’s portfolio companies.

Nevertheless, we see some improvement in the business

environment in general and the private equity market enjoyed

increasing levels of activities in the latter part of 2009. The fact

that EQT agreed on fi ve new investments in the fourth quarter

alone is one telling example.

EQT´s industrial approach has again proved its effectiveness.

Just like in previous downturns, EQT´s portfolio companies have

continued to develop and, in most cases, even grow.

And growth is really what the EQT business model is all

about. We strongly believe that today it has more relevance than

ever. EQT focuses on growing and transforming companies,

with a preference for changes to be implemented quickly, while

always maintaining a long-term perspective. In our view, this

approach creates strong and competitive companies which can

attract the best management, are good employers and, over

time, deliver attractive risk-adjusted returns to EQT’s investors.

We are coming out of this recession in good shape and the

efforts to support the portfolio companies, both fi nancially and

operationally, are paying off.

A key strength in EQT’s industrial approach is the symbiosis

between the portfolio companies’ CEOs, the investment advisor

EQT Partners and EQT´s unique Industrial Network. The clear

division of responsibilities between these groups and the willingness

among EQT´s industrialists to take a hands-on role is, in our

view, rarely seen elsewhere – this is the backbone of the Boards

in EQT’s portfolio companies. The ability to enter and maintain

close, long-term relationships with industrialists who are willing

to invest both time and money in portfolio companies, we believe

gives us a unique position in the private equity industry.

As activity in 2010 picks up, we believe the EQT funds are well

positioned to take advantage of the opportunities that arise across

the various investment strategies. That is equally true for the EQT

funds as well as the portfolio companies.

Best regards

EQT Funds Management Limited

Welcome to EQT

The money invested is normally derived from a pooled fund of long-

term institutional investors, such as pension funds, endowments,

banks or insurance companies. As with many alternative asset

classes, private equity strives for a high absolute return for investors,

with limited correlation to the public equity market or other

security markets.

Private equity usually provides medium- to long-term committed

capital, which helps companies to grow and become successful

to the benefi t of all stakeholders.

THERE ARE FOUR PRINCIPAL STYLES TO

PRIVATE EQUITY INVESTING:

• Venture Capital fi nances new companies that have little or

no revenue. This is common in the life science or technology

sectors for example.

• Expansion Capital helps companies grow. They may need help

to fi nance a new factory, a rapid geographic expansion or to

develop new product lines.

• Buyout means acquiring a controlling interest in a more mature

company. The acquisition often entails a complete change in

ownership and applying new strategies to add value to the company.

• Special Situations involve investment in a distressed company,

or a company that faces special challenges.

In all these cases, the private equity fund is seeking a high-quality

management team and a strategic plan to grow and improve the

business.

In many situations, the private equity fund will fi nance an

investment partially with debt, to limit the capital requirement

and to leverage the returns. Private equity investors usually

invest for the long-term and seek sustainable improvements in

the operations of the business.

THERE ARE FOUR WAYS FOR A PRIVATE EQUITY

FUND TO OBTAIN RETURN ON AN INVESTMENT:

• IPO (Initial Public Offering), fl oating part of or the whole company

on a public stock exchange. The private equity fund often stays

on as a substantial owner for a period of time.

• Trade Sale in which the company is sold to an industrial buyer.

• Secondary Sale in which the company is sold to another

fi nancial investor.

• Recapitalization in which the balance sheet is restructured to

facilitate a large one-off dividend to the owners.

The Important Role of the Private Equity IndustryPrivate equity is an alternative asset class, generally comprising equity investments in unlisted

companies. It plays a vital role in growing companies in many countries and industries.


4

The typical term of an EQT fund is ten years with a possible

extension of up to two years.

Usually, investments are made within the fi rst fi ve years and

exits within the last fi ve years of the life of an EQT fund.

A long-term perspective and the ability to meet commit ments

over time are essential for an investor in an EQT fund, as the

commitment will only be drawn when needed in connection with

an investment or new capital injections.

Correspondingly, capital will only be returned to investors over

time as portfolio companies are sold or refi nanced.

THE PRIVATE EQUITY FUND LIFE CYCLE

Fundraising: Capital commitments from investors. Sourcing and Entry: Searching for and acquiring portfolio companies. Ownership period: Development of portfolio

companies. Exit: Investment realizations through sales to new owners, IPOs etc.

The basic organizational structure of EQT and its supporting

func tions and advisors follows broadly accepted industry practice.

At the core of the structure is the fund that makes and controls

the investments. Typically, an EQT fund invests in 10 to 15 port folio

companies.

Investors, the limited partners, make commitments to the

funds and the funds may draw down commitments when

needed to make an investment. The funds use the commitments

to invest in and grow portfolio companies.

The general partner invests alongside the limited partners and

is the decision-making body for the fund. During the investment

process, the general partner is responsible for investments,

divestments and the ongoing governance of portfolio companies.

For these services the general partner receives an annual profi t

share from the fund.

The general partner in each of the EQT funds uses EQT Partners

as an exclusive investment advisor and in a consultancy capacity

to assist in the execution of investments and divestments. The

general partner uses the annual profi t share obtained from the

fund to pay for the services received from the investment advisor

and other service providers, and to pay costs incurred in the

management of the EQT funds.

The EQT funds are domiciled in Guernsey. Investors in EQT

funds are taxed in their home countries, as applicable.

THE PRIVATE EQUITY FUND STRUCTURE

YEAR 1 2 3 4 5 6 7 8 9 10 11 12

FUNDRAISING

SOURCING AND ENTRY

OWNERSHIP PERIOD

EXIT

CAPITAL

RETURN RETURN

ADVICE

CAPITAL

FEE

CA

PITA

L

MA

NA

GE

ME

NT

FEE

RE

TUR

N

LIMITED PARTNERS(INVESTORS)

FUND PORTFOLIO COMPANIES

GENERAL PARTNER INVESTMENT ADVISOR

5


The History of EQT – Building Companies for the Future

EQT was established in the mid-1990s by a group of investors

including Investor AB (the largest industrial holding company

in Northern Europe, controlled by the Wallenberg foundations),

AEA Investors (a US-based private equity group) and SEB. The

fi rst buyout fund, EQT I, was launched in January 1995. From

the very beginning the focus has been on long-term development

of the portfolio companies.

The EQT industrial strategy was, and remains, at the heart

of the fi rm’s business model. The Wallenberg family’s tradition

of engaged and constructive ownership is an important part of

EQT’s heritage. The extensive Industrial Network of experienced

executives and a transparent Corporate Governance Model are

other key factors in the success of EQT.

Our approach has not only delivered superior returns but has

also shown its resilience when times have been diffi cult, as they

indeed were in 2009. A long-term view, the deep experience of the

Industrial Network and the skills of the investment professionals at

EQT Partners have proved to be a powerful combination, historically

providing outstanding returns throughout multiple business cycles.

In 2003, EQT broadened its scope to include investment strategies

other than buyouts. In that year, the fi rst Expansion Capital Fund

was launched. Since then, the Opportunity and Greater China II

funds in 2006 and the Infrastructure Fund in 2008 were added,

to capitalize on EQT’s Industrial Network and accumulated

experience.

Today, the EQT family consists of 12 private equity funds with

approximately EUR 13 billion of committed capital. Since its

establishment, EQT has invested some EUR 8.5 billion in more

than 75 companies.

EQT Partners is the exclusive investment advisor to all EQT

funds. The partners in EQT Partners AB hold 69% of the shares

with Investor AB holding the remainder.

EQT Partners has more than 200 employees, of whom

approximately 100 are investment professionals with industrial

and fi nancial backgrounds.

EQT Partners has offi ces in Copenhagen, Frankfurt, Helsinki,

Hong Kong, London, Munich, New York, Oslo, Shanghai, Singapore,

Stockholm, Warsaw and Zurich.

The EQT family of private equity funds has been active for 15 years. From its origin as a

manager focusing on Swedish buyouts, EQT is now a leading manager of private equity

funds with investments in Northern and Eastern Europe, Asia and the US. EQT has raised

about EUR 13 billion.


6

EQUITY

The funds make control and co-control investments in high-

quality, market-leading, medium-sized companies in growing

industries in Northern and Eastern Europe, and Asia with a

potential for top-line growth.

EXPANSION CAPITAL

The funds provide fl exible capital solutions in Northern and Eastern

Europe in a variety of situations, including expansion capital for

privately owned businesses, changes in shareholder structure

and acquisitions by strategic or fi nancial investors.

INFRASTRUCTURE

The Fund invests primarily in existing infrastructure in Northern

and Eastern Europe but also has the fl exibility to invest globally,

particularly in North America. Investment targets are basic

infrastructure, concession based infrastructure, social infrastructure

and infrastructure-related services.

OPPORTUNITY

The Fund’s focus was on medium-sized companies in Northern

Europe that had a sound underlying business and a clear value

creation potential, but also faced problems that required special

expertise to resolve. The Fund closed for new investments in 2010.

The EQT Funds in Brief

1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009

EQT I EQT DANMARK

EQT II

EQT III EQT FINLAND

EQT IV EQT EXPANSION CAPITAL I

EQT OPPORTUNITY EQT GREATER CHINA II

EQT EXPANSION CAPITAL II EQT V

EQT INFRASTRUCTURE

Did you know that Sanitec invented

the 2/4 liter toilet fl ushing device, a

breakthrough in water-saving?

7


The global economy continued to battle with recession in 2009

and is estimated by the International Monetary Fund (IMF) to

have contracted by 0.6%. In the latter part of the year, it became

apparent that a gradual recovery was underway, underpinned by

massive stimulus measures adopted by governments. That makes

the recovery fragile as it is uncertain when private demand will

be robust enough to fuel growth on its own.

IMF forecasted, in April, that the global economy will grow by

4.2% in 2010 and 4.3% in 2011. The return to growth is varying

considerably between regions, with emerging markets and Asia,

in particular China, in the lead. More developed economies,

such as those in the Euro zone, are expected to remain sluggish

for some time. The IMF projects 1.0% growth in 2010 and 1.5 %

in 2011 in the Euro zone.

We are already seeing credit markets starting to ease, but

in the near-term we expect most companies, including those

backed by private equity, to continue to face diffi cult conditions.

In 2009 there were several cases in which fi nancial restructuring

or a forced change of ownership was necessary among companies

backed by private equity. These conditions are likely to continue

in 2010, with a combination of high leverage and signifi cant

under-performance as the main cause. Generally however,

private equity funds are well-positioned to support their portfolio

companies under diffi cult conditions, given an active corporate

governance model and ready access to capital.

The recession continues to demonstrate that the skills required

to manage a successful private equity fund are changing. Given

the state of the credit markets, fi nancial engineering has become

less important. The ability to add value to portfolio companies

and truly develop and change them is taking greater prominence

in driving fund strategies.

European deal fl ow in 2009 was considerably lower than in

2008 with 253 deals in 2009 worth EUR 23 billion, constituting

declines of 57% and 68% respectively, according to the Private

Equity Barometer. However, activity in Europe increased as the year

progressed and the fourth quarter saw two transactions valued

at more than EUR 1 billion, one of them being the acquisition of

academic publisher Springer Science+Business Media by EQT V.

As the economy continues to improve, we expect a likely

increase in exits. A recovery in valuations in private equity

portfolios in the latter part of 2009 provides an early indication of

this. The emergence of some larger deals with substantial debt

packages late in 2009 indicates that the tight credit conditions

may be easing somewhat, even though the general credit supply

situation remains restrictive.

New funds raised by private equity in the fourth quarter of 2009

were the lowest in six years, and the fundraising climate in the

coming years is likely to remain challenging. However, buoyant

stock markets, an upturn in the economy and improving valuations

are likely to increase the appetite among institutional investors.

Meanwhile though, existing funds still have large quantities

of avai lable capital to invest and European funds alone have well

The Outlook for our MarketsAn increase in activity in the private equity markets is expected to continue. However, a slow

recovery in Western economies and cautious credit markets mean that our environment

will remain challenging.


8

over EUR 125 billion to deploy, according to information provider

Preqin. As the economic recovery gains momentum price

expectations among buyers and sellers will reach a new equilibrium

and we expect that activity will most likely pick up again.

TRADITIONAL BUYOUTS

The buyout sector is on track for a gradual recovery in 2010,

with the medium-sized segment rather than large- to mega-

sized transactions taking the lead. As price expectations adjust,

especially among families and other private owners, they are

met by buyout funds that now use signifi cantly higher portions of

equity and less complicated debt arrangements than historically

was the case.

Many larger multinational companies are still struggling

with profi tability and often need to reduce debt or shed poorly

performing units. This might create a certain upswing in

corporate divestments in 2010.

In our view, the secondary markets are also likely to be

revived and signs of that were present at the end of 2009. We

expect that portfolio companies that have run into trouble and

seek fi nancial restructuring under new ownership will continue to

come to the market.

Germany and the Nordic region are the largest markets for

EQT and these are expected to follow the general trends in the

private equity market. In 2009, the Nordic region lost 74% in

buyout transaction value, to EUR 2.5 billion. In Germany, the

drop was 48% in 2009 compared with 2008. In the fourth

quarter both Germany and the Nordic region were among the

most active buyout markets in Europe. The private equity market

transaction value in China was USD 6.6 billion in 2009, compared

to USD 10.1 billion in 2008.

EXPANSION CAPITAL

Deal fl ow for potential transactions with privately-owned companies

is expected to remain strong in 2010. There is an increasing

demand from family-owned companies to fi ll an equity gap with

alternatives to traditional equity solutions, e.g. when implementing

growth strategies or to facilitate changes in shareholder structures

without losing control. This is triggered by a lack of fi nancing

from traditional mezzanine providers and local banks.

INFRASTRUCTURE

Infrastructure companies have been less affected by the crisis

than companies in other sectors. Deal volume globally was

however down 33% in 2009 from 2008, according to information

provider Preqin.

Tight credit supply limited debt availability for acquisitions in

2009 but, going forward, a less limiting credit supply and a reduction

in vendors’ price aspirations may fuel increased deal activity.

Public sector budgets are under greater pressure than ever

in many regions and this opens the way for a more signifi cant

role for private infrastructure investments. Divestment of some

existing infrastructure assets is one way for the public sector to

manage defi cits and public debt levels.

Many governments in Europe and North America are seeking

to stimulate their economies by channeling government funding

to investments in new infrastructure, plus encouraging investments

to upgrade existing infrastructure for higher effi ciency and reduced

environmental impact. Overall, we believe that the outlook for the

infrastructure segment is positive for 2010 and beyond.

Did you know that KBW has

the largest high-speed broad-

band network in Germany?

9


Creating Value Through Growth and DevelopmentEQT makes investments in companies with potential for top-line growth. The strategy for

creating value is to deliver a better company to the next owners.

The strength of our commitment and the success of our strategy

can be seen in the outstanding results we have achieved over 15

years. Our portfolio companies have, on average, grown sales by

12% per year while the number of employees has increased by

11% per year.

More than 75% of the value created in the companies sold

in the EQT funds can be attributed to operational improvements

and top-line growth. This is achieved through close cooperation

between EQT and the Board of Directors and management of the

portfolio companies, with the support and guidance of our unique

Industrial Network of highly experienced and well connected

business leaders.

The result has been an excellent outcome for our funds, and

the many thousands of individuals who invest through them, as well

as the management and employees of our portfolio companies

themselves.

To achieve these results, we drive change and development

with a strong sense of urgency and with strategies clearly geared

towards growth.

Consensus around strategic direction for a company is a prerequisite,

since one of the cornerstones of our ownership model is our

partnership with management and the Board of Directors as we

transform the business.

At the time of investment, EQT develops a strategy for accelerated

growth, together with senior advisors with relevant or industry-

specifi c experience from the EQT Industrial Network. We appoint

the Board of Directors, which in turn apply a clear and specifi c

Corporate Governance Model and, when needed, strengthen the

management team.

The strategy acts as a roadmap for future value creation and

progress is closely monitored. Key measures may include:

SALES GROWTH – Increasing sales through organic growth and

acquisitions.

OPERATIONAL EXCELLENCE, IMPROVING MARGINS AND

EFFICIENCY – Our expertise in industrial management helps our

portfolio companies to increase their effi ciency and profi tability.

Did you know that the Greenland army uses boots from Lundhags?


10

We install state-of-the-art benchmarking and assessment methods.

The ambition is typically to become “best-in-class” in such areas

as production, customer relations and service.

We can also help to shift simpler production to low-cost

countries and by making the necessary investments to improve

productivity.

STRATEGIC REPOSITIONING – Utilizing changing industry

dynamics, investing in future technologies and divesting non-core

businesses, to create a strong base for rapid expansion.

MARKET AND PRODUCT EXPANSION – Targeting new

customer groups or broadening the product offering which could

mean new products in existing categories or applying a proven

technology to new product categories or uses.

INTERNATIONALIZATION – A key benefi t of EQT ownership,

given our extensive international network.

BOLT-ON ACQUISITIONS – Expanding the company step-

by-step by acquiring competitors or companies with similar or

complementary products, technologies or market presence. The

ambition is often to achieve economies of scale and drive internal

effi ciencies. It may also mean driving consolidation of a fragmented

industry. Our continuous research and our many contacts provide

us with an excellent overview of the acquisition opportunities for

our portfolio companies, which can accelerate growth.

OPTIMIZING CAPITAL STRUCTURE – Our fi nancial expertise

can be applied to creating effi cient capital structures and,

ultimately, to prepare the improved company for sale to its

eventual owner.

CONSTRUCTIVE EXIT – We will typically exit our investments

through an IPO, a Trade Sale, or in a Secondary Transaction.

Did you know that Scandic

sells almost 7 million room

nights each year?

11


The EQT Industrial NetworkOur extensive network of experienced industrialists plays a key role in driving development,

change and growth in portfolio companies. Network members serve as advisors in

transactions and as Board members during EQT’s ownership period.

The EQT Industrial Network, a large group of advisors with deep

industrial experience, sets EQT apart from other private equity

groups. The network includes around 100 advisors who are current

or former senior executives of major international corporations

and successful medium-sized companies in a variety of industries.

In our view, this network is unique in scope and nature and

strategically important when EQT sources and analyzes potential

investments. Network members also support the strategic,

operational and fi nancial development of our portfolio companies,

either from a Board position or in an advisory role.

We believe that the combined experience and knowledge

of our advisors is unrivalled in the market and enables EQT to

develop strong, growing and sustainable companies.

A majority of our advisors have been part of the EQT Industrial

Network for many years. Most of them have served as CEOs or

Board members of EQT portfolio companies and have accumulated

experience of developing companies within the EQT governance

framework.

EQT evaluates the network members continuously and adds

new advisors as required to ensure that relevant knowledge and

competencies are available for all situations.

A key part of the development of the Industrial Network involves

inviting potential network members to serve on the Board of

Directors of a portfolio company or act as consultants in investment

projects. This interaction with existing members gives the potential

member an opportunity to become familiar with the EQT governance

model and simultaneously allows EQT to assess how they deal

with “live” issues.

EQT holds regular Industrial Network meetings. We believe

these provide an excellent forum for broad knowledge-sharing

and professional development as well as ensuring that the

advisors, as well as the EQT Partners advisory teams, act in

alignment with EQT’s investment objectives.

A list with examples of members of the EQT Industrial Network

is available on the EQT website, www.eqt.se.

Did you know that Gambro produces more than 165,000 km of

blood vessel line tubing per year (a distance halfway to the moon)?


12

EQT primarily exercises its ownership infl uence through the

portfolio company Board of Directors. The Board defi nes and

monitors strategic plans in the portfolio company. It ensures that

the management is able to run the company in a responsible

and accountable manner.

When a portfolio company has been acquired, EQT appoints

a new Board with a Chairman independent from EQT Partners.

The Chairman is generally an industrialist with management

background sourced from the EQT Industrial Network.

The Chairman is supported by other Board members, who

are sector specialists and professionals with relevant experience,

and by EQT Partners. The Board is carefully structured for each

portfolio company and its specifi c needs and is usually kept

small to ensure strong commitment and swift decision-making.

The Board of Directors appoints the CEO.

The Expansion Capital funds differ from the other funds in that

they invest as a lender. Nevertheless, in the majority of cases, the co-

control rights as well as representation on the Board of Directors

enables the Expansion Capital funds to be an active stakeholder.

THE TROIKA FORUM

The CEO, the Chairman of the Board of Directors and the EQT

representative on the Board of Directors form the TROIKA forum.

This team constitutes an important pillar of EQT’s Corporate

Governance Model. The members of the TROIKA work closely

together and conduct regular follow-ups between Board meetings.

The forum also enables an active dialogue with, and is a sparring

partner to, the CEO on a continuous and informal basis.

EVALUATION AND MONITORING

Continuous performance evaluation is a crucial part of the EQT

Corporate Governance Model. The performance of the CEO,

Chairman, the overall Board of Directors and the EQT representative

is assessed once a year in a comprehensive appraisal process.

This process ensures that relevant competencies are present on

the Board and that governance works in accordance with EQT’s

principles. This evaluation can lead to changes in the Board

composition.

EQT also monitors the companies’ overall development

compared with the original plan. This is done on the basis of

briefi ngs to the EQT funds’ Investment Advisory Committees.

In addition, EQT Partners advises on the exit process and assists

in fi nancing and M&A issues.

COMMON MINDSET

An important requirement for the governance to work well is that

management, the Board of Directors and EQT share the same

interest and all act as owners. This is achieved by requiring that

EQT representatives, the Board and senior management all

invest in the portfolio company based on the same valuation.

A common mindset and shared agenda is also established

through a joint business plan and maximum transparency.

The EQT Corporate Governance ModelEQT’s Corporate Governance Model for its portfolio companies creates clear roles and

responsibilities for management of the company, its Board of Directors and EQT. We believe

the “TROIKA” concept is pivotal in driving growth and development in the portfolio companies.

13


During 2008, EQT Greater China II bought a 48% stake in

China’s second largest pharmacy chain, Hunan LaoBaiXing

Pharmaceuticals (LBX), which had been started as recently as

2001. It is a discount chain with a clear cost leadership and a

market leading position in several regional markets.

LBX has grown well since its foundation, to having 129 stores

at the end of 2007. It targets mid- to old-age customers and

patients suffering from chronic diseases. Low price, comprehensive

product offerings, authentic products, in-store consultation

services and membership programs were key factors behind a

period of rapid growth.

EQT reinforced the Board with experienced retail experts

including Bjarne Mumm and Allan Warburg and drug distribution

industry veteran Peter Zuellig. The strategy is primarily to continue

supporting the strong organic growth while also working to

improve margins by putting more focus on high margin products

and a more effi cient procurement organization. By the end of

2009, high margin products had increased their portion of sales

to 38% from 23% at the start of 2008. The number of stores had

almost tripled to 372, including 28 acquired stores and 6 stores

in a newly entered province.

In 2009, 161 new stores were added compared with 82 in 2008.

Concurrently, stores are being re-modelled with LBX’s new brand

image to improve customers’ shopping experience. Service levels

have also been improved through continuous staff training.

Retail sales in 2009 were USD 294 million, up from USD 245

million in 2008 and USD 211 million in 2007. EBITDA increased

by more than 70% between 2007 and 2009.

Supporting Organic Growth

Case Studies

Did you know that 5 million

customers visit one of LBX’s

stores every month?


14

In December 2006, EQT IV and EQT V acquired Germany’s third

largest cable TV operator, Kabel Baden-Württemberg (KBW). It

has market leadership in the Baden-Württemberg region and

is one of Europe’s largest cable TV operators with 2.3 million

subscribers.

On taking control, EQT started to implement a “triple-play”

strategy, driving combined sales of broadband, digital cable TV and

Internet telephony. This has grown revenues by 70% and almost

doubled EBITDA in the three years EQT has owned the company.

Broadband and digital TV penetration in Germany were lagging

behind those in other western European countries, providing

attractive growth opportunities through accelerating the introduction

of new technology and business concepts. Supported by EQT,

KBW made substantial investments in the network and new

technology, becoming the fi rst large scale operator in Germany

to introduce digital cable TV, broadband Internet and telephony

services on a single platform. Since then, KBW has continually

invested in its network for triple-play and continues to refi ne

the service offering. Today, KBW is the only cable company that

offers 100 MB broadband connections to consumers throughout

100% of its network.

Following the acquisition by EQT, KBW developed a new strategy,

revitalized its brand and intensifi ed and professionalized sales and

distribution. The marketing focus has been on attractive value

for money and easy-to understand packages rather than very low

absolute price levels. The management team was therefore

signifi cantly enhanced and the company’s technology-driven

culture was changed to focus on branded consumer goods.

One important factor behind the successful implementation

of the triple-play strategy was the complementary advisory board,

which is headed by Gunnar Asp, formerly CEO of former EQT

portfolio company Com Hem, who was brought in as Chairman.

Gunnar Asp is supported by other senior industrialists such as

former Deutsche Telekom CEO Kai-Uwe Ricke, Klaus Thiemann,

Ex-CEO of E-Plus Mobilfunk, and former SAT1 and EM.TV CEO

Werner E. Klatten.

The strategic move into triple-play, led by EQT, has proved

very successful for KBW: From 2006 to 2009 annual sales grew

from EUR 283 million to EUR 493 million while EBITDA grew

from EUR 125 million to EUR 245 million.

New Technology and Positioning

In May 2005, EQT took ISS, the listed Danish facility services

company, private. The acquisition was done by EQT III and EQT

IV in partnership with Goldman Sachs Capital Partners. EQT

owns 55% and Goldman Sachs 45%.

When the company was taken private it had sales of just over

DKK 40 billion and around 280,000 employees in 42 countries.

EQT’s strategy was to increase the global presence and build

scale in the individual countries to enable increased cross selling

across the various services and engage into large contracts covering

many countries and more services with large multinational clients.

The ambition to become a fully integrated services company

with global presence was executed through a large number

of smaller acquisitions and a few larger platform acquisitions.

A strong focus has always been on integrating the acquired

businesses to ensure maximum value creation, which has been

further emphasized by the implementation of the ISS Way strategy

in 2008 that continuously drives business excellence and best

practice sharing across the organization, both to increase organic

growth and improve operating effi ciency.

During EQT’s ownership, ISS has acquired more than 350

companies. This has added more than DKK 20 billion in annual

revenue and increased the presence to more than 50 countries,

including the successful re-entry into the US by the platform

acquisition of Sanitors in 2007 and the platform acquisition of

Tempo in Australia in 2006.

The success of the strategy to become a global integrated

facility provider was cemented in 2008 when ISS signed a global

integrated facility contract with HP, covering 45 markets across

the ISS services. A number of other large contracts have been

signed, including multinational contracts for Shell and EDS.

Today, ISS has almost 500,000 employees in 53 countries

and sales are approaching DKK 70 billion. The service pillars

that ISS operates are Cleaning, Catering, Security, Offi ce Support

and Property Services.

ISS has come a long way from being a cleaning company to a

global, broad-based integrated service provider.

Buy-and-Build

15


EQT’s unique network of industrial advisors comprises in total around

100 individuals, often former CEOs or other senior managers,

who spend time on EQT portfolio companies or EQT projects.

A striking difference between Boards in EQT portfolio companies

and Boards in many other companies backed by private equity,

is the dominance of industrialists. This is an important cornerstone

in EQT’s industrial strategy – developing and improving the

portfolio companies.

Ulf Berg is a former executive at ABB and Sulzer and is Chairman

of SAG and MCV. He believes that a Board that has mainly

industrialists, rather than people with a fi nancial background,

provides a very different discussion that is much more focused

on strategy and business. “People have a tendency to stick to

what they know best. Serving on an EQT portfolio company Board

typically means a higher level of engagement and involvement

and, working in tandem with management and the owners,

enables us to take the company forward.”

In Berg’s opinion, “Some ‘newcomers’ may fi nd our Board

meetings somewhat chaotic and more like business reviews but

that is the point! Although we satisfy many of the basic formalities

applicable to listed companies, we can get rid of the purely

political elements and focus on strategy and business. Another

strength is that people invest both their time and money.”

Peter Nilsson is a former CEO of Duni, Chairman of Securitas

Direct and as of April 1, 2010, CEO of Sanitec.

He believes that making sure Board members have enough

time is one of EQT’s best governance tools. “Some of the network

members also serve on Boards of public companies and so they

can see a great difference in how such Boards work and function,”

he says. “I would say that even in a recession, the EQT model

is superior in that we can protect the companies. If there is a

challenge, we solve it.”

Vagn Sørensen, Chairman of Scandic, SSP and KMD, says

that it is revealing that the best Board candidates don’t want to

spend their time on public Boards, where they often have limited

Senior Advisors Discuss EQT’s Unique Governance ModelA clear governance, industrial strategy and effective Boards are trademarks of EQT. We

brought together three senior advisors from our Industrial Network to get their views and

tap into their experience.

“ We are in the business of

creating long-term, sustainable value

– not quick profi ts”

Peter Nilsson, former CEO of Duni. Chairman of Securitas Direct and as of April 1, 2010, CEO of Sanitec

Ulf Berg, former CEO of Sulzer.Chairman of SAG and MCV


16

infl uence. “In a private equity owned company, you have a lot

of intellectual challenge and at the same time a fi nancial upside

through your investment in the company.”

Ulf Berg says that, in reality, “The difference is two percentage

points on EBIT between the way public companies are run and

the way we run ours.”

The so-called TROIKA model, where Chairman, CEO and

the EQT representative stay in close contact, is an effi cient and

much appreciated part of the governance model.

“This way of working is rather special for EQT and adds a lot

of value,” says Vagn Sørensen. “It is also very fl exible in that the

frequency can be easily adjusted. This was the case with SSP,

when we refi nanced the debt and had weekly calls, or even more.

Now that phase is over, we are back to a more normal frequency.”

Sørensen stresses that, “TROIKA is about giving support to

management, rather than replacing the Board as decision maker.”

The way each portfolio company is developed differs but a

common feature is a sense of urgency and a clear idea of how

to change and improve the company once it has been acquired.

This is achieved by the 100-day plan, developed for each company

to give the transformation process a fl ying start.

“We are often on the case at an early stage and that is important.

It is at this point,” says Sørensen, “that we can start understanding

the company needs and what kind of value creation is relevant.

Once a deal is closed, we normally already have a Board up and

running and are engaged with the management.”

However, he adds, “For me, the industrial strategy is about

ensuring that the business has the resources and tools it needs.

One example is KMD, where an important part of the plan is to

change the mindset from being government-owned to privately-

owned, with more pressure from competition, while at the same

time safe-guarding the competence embedded in the company.

We quickly brought in a former Microsoft manager from my own

network to accelerate and help manage that process.”

In order to be able to support the portfolio companies or

evaluate investment opportunities, the Industrial Network, as well

as the private network and individual experience, is key. Ulf Berg

says that in the case of MCV, ”I happened to be the one who

20 years ago actually was responsible for the plant and turbines

being built in my role at ABB.”

Coaching, supporting and recruiting management are key

tasks for the Boards and can make the difference between a

successful investment and a mediocre one.

According to Peter Nilsson, “If the company already has a

clear strategic track, it is easy to increase the pace, but you need

the right people in place. Our role is to empower management and

we allow mistakes, as long as you get up on your feet quickly.

We can make ordinary companies and ordinary managers do so

much more. Some may not know how fast they can run simply

because they have never tried. We let them.”

Patience and a long-term view on investments and performance

make up important features in the EQT value creation strategy.

Ulf Berg describes governing a company based on how profi ts

turn out, like “controlling a dog by grabbing the tail. Profi ts

emerge 2–3 years after the measures were taken that produced

them. We are not in the business of making quick profi ts but in

creating long-term value that is sustainable. Profi t is of course

necessary, but only as a means to an end.”

The senior advisors are evaluated by EQT and their peers and

this is unique for the EQT system.

Peter Nilsson says, “The yearly review process can be tough

but is both healthy and necessary. Many industrialists leverage on

their experience but in reality you are never better than your last job.”

The Industrial Network not only adds a lot of value to the portfolio

companies but it is also useful for the members. Peter Nilsson

says, “It is the most stable and valuable network I have seen or

been part of. If there is an issue, there are always collea gues to

turn to for help and it has made me a very active networker.”

“ In a recession, the EQT model

is superior in that we can protect

the companies. If there is a

challenge, we solve it”

“ It is the most stable

and valuable network I have

seen or been part of”

Vagn Sørensen, former CEO of Austrian AirlinesChairman of Scandic, SSP and KMD

17


EQT i Fi

EQT has a broad range of sourcing, deal size and geographical

focus. The largest source for new investments is the Corporate

Sector, but Private Owners and Families are also important

sources. More than half of the investments have been made

in the Industrials or Consumer Goods sectors. During 2009,

EQT further strengthened its position in Germany and has 18

completed investments since entering the DACH market in

2000. In 2009, EQT announced the acquisition of Springer

Science+Business Media. EQT also made its fi rst investments in

Central and Eastern Europe (CEE) during 2009.

As EQT funds have grown larger over time, so has the average

deal size, but the Equity funds are still fi rmly rooted in the

mid-market segment. Few transactions have reached over EUR

500 million. The average deal size for all transactions is EUR

105 million and the median EUR 44 million.

30 INDUSTRIALS

20 CONSUMER GOODS

FINANCIAL 1

ENERGY & ENVIRONMENTAL 2

HEALTHCARE 10

TELECOM, MEDIA & TECHNOLOGY 8

SERVICES 7

Number of investments by type of industry

ALL INVESTMENTS BY INDUSTRY

<–15 15–30 30–50 50–100 100–200 200–500 >500

Number

€ m0

5

10

15

20

Number of investments by size of the initial investment

ALL INVESTMENTS BY SIZE

PRIVATIZATION/GOVERNMENT 1

39 CORPORATE

PRIVATE/FAMILY 17

PUBLIC 11

SECONDARY BUYOUT 10

Number of investments by type of seller

SOURCING OF ALL INVESTMENTS

CEE 2

GREATER CHINA 354 NORDIC

DACH* 18

NORTH AMERICA 1

Number of investments by deal-originating region

* Germany, Austria, Switzerland

ALL INVESTMENTS BY REGION

Sourcing of Investment Opportunities

Did you know that Aleris is the leading private company in the Nordic Region in obesity surgery?


18

EQT has a long-term approach to investing, not only for the

benefi t of our portfolio companies but also to generate attractive

risk adjusted returns for our investors. Based on our experience,

we believe that buyers of portfolio companies will pay a relatively

higher price for companies that are well positioned in their markets

and have a fi rm foundation to continue to grow with a new owner.

The long-term perspective is therefore crucial to create value in

EQT’s portfolio companies. To this end, since 1995, sales in EQT

Equity funds’ portfolio companies have grown 12%, EBITDA

18% and the number of employees by 11% per year on average

– we believe that these are impressive results, particularly as our

holding period normally is between three and eight years.

Trade Sales are the most common exit route followed by Secondary

Transactions and IPOs. In 2009, EQT funds made two exits.

On average, EQT’s holding period in realized investments has

been 4.3 years.

OTHER 2

SECONDARY BUYOUT 12

IPO 8 19 TRADE SALE

Number of realized investments by type of divestment method

EXITS OF INVESTMENTS

Exits

Ownership Period – Creating Long-Term Value

Entry Exit

€m

5,000

15,000

25,000

35,000

46%

Entry Exit

€m

0

1,000

2,000

3,000

4,000

59%

Entry Exit0

200,000

400,000

600,000

800,000

67%

1–2 2–4 4–6 6–8 >8

Number

Years0

3

6

9

12

15

Holding years per realized investment from

the date of investment to the date of divestment

EXITS – HOW LONG DID EQT OWN THE COMPANIES?

SALES EBITDAEMPLOYEES

Total growth in EQT Equity funds’ portfolio companies during the funds’ ownership.

19


Did you know that HTL-Strefa has nearly 50% global market share in safety lancets for capillary blood testing?

The investor base is truly global. The largest investors in the funds

are leading institutional investors from all parts of the world.

Typically, these are institutional investors such as insurance

companies, fi nancial institutions, pension funds, fund-of-funds,

endowments and foundations, but also large family offi ces.

The majority of our investors are based in Northern Europe.

In terms of type of investors, family offi ces have since inception

been important. Not only are they signifi cant investors but they

also make valuable contributions to the Industrial Network, as

they are often active in industries and businesses that may be

of interest to EQT.

The industrial holding company Investor AB, controlled by

the Wallenberg foundations, is a sponsor and anchor investor in

all EQT funds. Investor AB’s investment in each fund varies, but

is around 10% in the more recent EQT funds.

Investor BaseEQT has a broad and loyal set of blue-chip investors thanks to its track record, investment

strategy and market positions. We have about 250 institutional investors in current funds. In

addition, about 100 advisors from the Industrial Network have invested in the EQT funds.

REST OF WORLD 6%

50% NORDIC

REST OF EUROPE 27%

NORTH AMERICA 17% FUND-OF-FUNDS/GATEKEEPERS 17%

ENDOWMENTS/FAMILY OFFICES/FOUNDATIONS 16%

45% FINANCIAL/OTHER

GOV/PENSIONS/SWF 22%

ANALYSIS OF TOTAL CAPITAL RAISED

By Region By Type


20

Although traditional buyout investment was EQT’s starting point

and origin, a broadening into other private equity-based investment

strategies has been natural in order to fully utilize EQT’s industrial

competence and experience. All investment strategies have a

focus on industrial acceleration, development and growth.

A broader range of investment strategies not only leads to greater

market presence and information gathering, it also attracts new

talent, promotes synergies and creates investment ideas. In addition,

the Industrial Network can be used more effi ciently across a

broader range of investment strategies.

Investment Strategies 2009EQT has three active investment strategies – Equity, Expansion Capital and Infrastructure –

all of which build on the collective experience and knowledge of the EQT family of private

equity funds and the Industrial Network.

EQT FUNDS – AROUND EUR 13 BILLION RAISED IN 12 FUNDS

FUND INV STRATEGY VINTAGE SIZE (EUR M) STATUS

EQT I EQUITY 1995 349 CLOSED FOR NEW INVESTMENTS

EQT II EQUITY 1998 676 CLOSED FOR NEW INVESTMENTS

EQT DANMARK EQUITY 1998 135 CLOSED FOR NEW INVESTMENTS

EQT FINLAND EQUITY 1999 138 CLOSED FOR NEW INVESTMENTS

EQT III EQUITY 2001 2,000 CLOSED FOR NEW INVESTMENTS

EQT EXPANSION CAPITAL I EXP CAP 2003 189 CLOSED FOR NEW INVESTMENTS

EQT IV EQUITY 2004 2,500 CLOSED FOR NEW INVESTMENTS

EQT OPPORTUNITY* SPECIAL SITUATIONS 2006 372 CLOSED FOR NEW INVESTMENTS

EQT GREATER CHINA II EQUITY 2006 535 **

EQT V EQUITY 2006 4,250

EQT EXPANSION CAPITAL II EXP CAP 2007 474

EQT INFRASTRUCTURE INFRASTRUCTURE 2008 1,167

* The EQT Opportunity Fund closed for new investments in 2010. **USD M

21


EQT manages three Equity funds with a focus on Northern and

Eastern Europe with commitments totalling nearly EUR 9 billion:

EQT III, EQT IV and EQT V, and one fund with commitments

totalling approximately USD 535 million that target investments

in Asia: EQT Greater China II.

The Equity funds seek controlling or co-controlling equity

investments in companies with strong market positions that have

a signifi cant potential for top-line and earnings growth, a strong

cash fl ow, and a solid platform with a proven management team

that can retain or attract high-quality talent. The funds target

companies with potential for repositioning and active participation

in industry consolidation.

The Equity funds’ investment focus is on high-quality companies

with competitive advantages such as operational excellence,

unique brand qualities and superior product characteristics – the

building blocks of a strong market position. When assessing

growth potential, EQT also considers an array of factors such

as market size, distribution networks and customer satisfaction.

The Equity funds seek to avoid turnarounds or companies with

substantial commodity or political risk. The typical investment

size, excluding loans, in Northern and Eastern Europe ranges

between EUR 50 million and EUR 800 million, and for the Asian

investments (primarily mid-market buyouts and control or co-control

investments based in or connected with China, Hong Kong and

Taiwan) typically between USD 30 million and USD 100 million.

Two of the EQT Equity funds are active, with commitments

available for new investments: EQT V and EQT Greater China II.

EQT III and EQT IV are closed for new investments. EQT I, launched

in 1995, was wound up in January 2007. EQT II, EQT Finland and

EQT Danmark have realized all their investments and will be terminated.

Equity fundsEquity funds target high-quality, market-leading, medium-sized companies in

growing industries in Northern and Eastern Europe and Asia with potential for

top-line growth.

FUND-OF-FUNDS/GATEKEEPERS 17%

ENDOWMENTS/FAMILY OFFICES/16% FOUNDATIONS

43% FINANCIAL/OTHERGOV/PENSIONS/SWF 24%

CEE 2

25 SWEDENGREATER CHINA 3

FINLAND 7

GERMANY 8

NORWAY 1

9 DENMARK

<–15 15–30 30–50 50–100 100–200 200–500 >500

Number

€ m02468

1012

INVESTMENTS BY SIZE

22 INDUSTRIALS

13 CONSUMER GOODS

FINANCIAL 1

HEALTHCARE 7


SERVICES 6

NUMBER OF INVESTMENTS BY INDUSTRY

REST OF WORLD 8%

47% NORDIC

REST OF EUROPE 25%

NORTH AMERICA 20%

INVESTOR COMMITMENTS BY REGION

Did you know that Securitas Direct’s

monitoring station in Sweden handles

14 alarm signals per minute?

NUMBER OF INVESTMENTS BY COUNTRY/REGION

INVESTOR COMMITMENTS BY TYPE Springer Science+Business Media not included in statistics, signed in December 2009 and closed in

February 2010.


22

EQT manages two Expansion Capital funds: EQT Expansion Capital I

(launched 2003) and EQT Expansion Capital II (launched 2007)

with commitments totalling EUR 663 million.

The Expansion Capital funds’ investment focus is on mid-market

businesses with an established market position that are looking

for alternatives to traditional equity fi nancing and are in need of

capital to accelerate growth or to change shareholder structure.

Capital solutions from the funds provide an alternative to traditional

equity fi nancing. The overall ambition is to enable expansion

and/or change while leaving the companies under the control of

the existing owners.

The Expansion Capital funds seek investments in companies

which typically have strong market positions and a signifi cant

potential for earnings growth. Expansion Capital tailors its

investment to the specifi c requirements and risk profi le of the

company involved. EQT believes that the equity orientation

enhances the Expansion Capital funds’ ability to generate an

attractive risk adjusted return. When considering an investment,

a key part of the analysis is focused on organic and/or external

growth and shareholder value creation opportunities available

to the company. EQT Expansion Capital I is fully invested and

EQT Expansion Capital II is active, with commitments available

for new investments. Today, the typical size of the investments

ranges between EUR 25 million and EUR 100 million.

Expansion Capital fundsExpansion Capital funds provide fl exible capital solutions in Northern and Eastern Europe,

in a variety of situations, including expansion capital for privately owned businesses,

changes in shareholders structure and acquisitions by strategic or fi nancial investors.



43% FINANCIAL/OTHER

GOV/PENSIONS/SWF 22%

DENMARK 1

SWEDEN 5

FINLAND 1

7 GERMANY

SWITZERLAND 1

<–10 10–15 15–20 20–30 30–50 50–100 € m

Number

0

2

4

6

INVESTMENTS BY SIZE

5 INDUSTRIALS

HEALTHCARE 3


ENERGY & ENVIRONMENTAL 1

SERVICES 1

3 CONSUMER GOODS


59% NORDICREST OF EUROPE 37%

NORTH AMERICA 4%


Did you know that Candyking sold

1.4 kg of pick-and-mix candy per

second during 2009?

NUMBER OF INVESTMENTS BY COUNTRY

INVESTOR COMMITMENTS BY TYPE

23


1 UNITED STATES

NUMBER OF INVESTMENTS BY COUNTRY

The Infrastructure Fund was launched in 2008 with commitments

of EUR 1.2 billion to meet the global demand for new, improved

and more effi ciently managed infrastructure. The investment

focus is on existing operating infrastructure companies.

The Fund invests in medium-sized and large infrastructure

companies which, in our view, have limited development and

construction risk. Targeted investments have demonstrated a track

record of long-term and reliable cash fl ows and signifi cant potential

for value creation through accelerated growth and operational

improvements.

The objective is to develop, grow and improve existing infrastructure

for the mutual benefi t of the local community and fund investors.

Potential investments include power generation, electricity and

gas networks, airports, toll roads, rail transportation, ports, waste,

sewage and water treatment facilities, telecommunication towers,

hospitals and care facilities and infrastructure related services.

The investment size, excluding loans, ranges between EUR 25

million and EUR 250 million. The EQT Infrastructure Fund is

active, with commitments available for new investments.

Infrastructure FundThe Infrastructure Fund invests primarily in existing infrastructure in Northern and

Eastern Europe but also has the fl exibility to invest globally, particularly in North America.

Investment targets are basic infrastructure, concession-based infrastructure, social

infrastructure and infrastructure-related services.

REST OF WORLD 8% 61% NORDIC

REST OF EUROPE 29%

NORTH AMERICA 2%




35% FINANCIAL/OTHER

28% GOV/PENSIONS/SWF


1 ENERGY & ENVIRONMENTAL


Swedegas not included in statistics, signed in December 2009 and closed in February 2010.

Did you know that MCV

is the largest natural

gas-fi red cogeneration

plant in the US?


24

Did you know that MCV

is the largest natural

gas-fi red cogeneration

plant in the US?

The Fund’s investment focus was on medium-sized companies

in Northern Europe that had a sound underlying business and

a clear value creation potential, but also faced problems that

required special expertise to resolve.

The Fund made seven investments between 2006 and 2008 of

which two have been exited.

Opportunity FundThe EQT Opportunity Fund was launched in 2005 with a committed capital of EUR 372

million. The Fund’s Board of Directors closed the Fund for new investments in 2010.



FINANCIAL/OTHER 19% 37% GOV/PENSIONS/SWF

3 SWEDEN

DENMARK 2

GERMANY 2

<–10 10–15 15–20 20–30 30–50 € m

Number

0

1

2

3

INVESTMENTS BY SIZE

INDUSTRIALS 3 4 CONSUMER GOODS


NORDIC 33%

38% REST OF EUROPE

NORTH AMERICA 29%

INVESTOR COMMITMENTS BY REGIONNUMBER OF INVESTMENTS BY COUNTRY


25


Summary of EQT’s Responsible Investment PolicyCREATING SUSTAINABLE VALUE

EQT’s strategy is to create superior returns for our investors by

creating signifi cant growth and sustainable improvements, over

the long term, in our portfolio companies.

We are convinced that the best interests of our investors are

aligned with those of the companies we own, their customers,

their employees and the communities in which they operate.

Therefore, while remaining resolutely commercial in all our activities,

we always aim to act in a socially responsible manner.

As in every other aspect of our approach to portfolio company

governance, we require determined and systematic management

according to the policy set out below, covering the key areas of

Environment, Labor & Human Rights and Ethics.

EQT requires that its exclusive investment advisor, EQT Partners,

adhere to this Responsible Investment Policy.

POLICY

EQT’s policy is to:

a) Act at all times as responsible owners promoting appropriate

Environmental, Labor & Human Rights and Ethical standards

in our portfolio companies to the extent commercially practicable.

This is achieved through the EQT “RI Governance Model”

described below.

and

b) When assessing potential investments, to consider Environmental,

Labor & Human Rights and Ethical issues, as part of our due

diligence.

RI GOVERNANCE MODEL

An essential part of EQT’s value creation model is the governance

and management structure that is put in place for each portfolio

company where EQT is majority owner.

The Board of Directors of each portfolio company is responsible

for defi ning strategy and policy, and EQT expects their role to

include the setting of sound environmental, labor and ethical

standards. EQT requires that the Board of every portfolio company

discuss their company’s compliance with RI Factors at least

once a year.

Each company’s CEO and management team are responsible

for executing strategy and running the daily operations of the

company according to the policies established by the Board.

EQT helps management to promote a culture of compliance

with the EQT Responsible Investment Policy by providing best

practice information and tools.

RI FACTORS

Environment

EQT aims to promote an appropriate level of environmental

awareness and sound environmental practices in the portfolio

companies that it owns or in which it has an interest, including:

• Limiting the emissions of harmful substances and harmful

waste

• Seeking appropriate permissions for dealing with hazardous

materials

• Complying with current environmental law

• Limiting consumption of environmentally scarce resources, e.g.

rainforest

• Monitoring other material environmental issues

• Seeking value creation potential from developing the company

as environmentally sound

Labor & Human Rights

EQT aims to promote sound labor and human rights practices

in the portfolio companies it owns or in which it has an interest,

including:

• Considering employee working conditions such as minimum

wages, working hours, health and safety of workforce

• Supporting the elimination of child labor

• Promoting employees’ right to collective bargaining

• Avoiding discrimination, e.g. based on age, race, gender,

religion, sexual orientation or disability

• Complying with international conventions on human rights

Ethics

EQT aims to promote sound ethical practices in the portfolio

companies that it owns or in which it has an interest, including:

• Promoting awareness and compliance with relevant laws and

regulations

• Avoiding corruption and unethical business practices

• Seeking positive involvement with stakeholders and community

RI INVESTMENT ANALYSIS

When considering the attractiveness and value creation potential

of any investment opportunity, EQT conducts a comprehensive

investment analysis. As part of that analysis, EQT considers and

identifi es performance on relevant RI Factors. Our approach

is not simply to mitigate risks but also to fi nd opportunities to

create value by enhanced management, such as reducing waste

or controlling energy usage, for example.

The outcome of the RI Investment Analysis procedures will

be documented in the materials presented to each EQT Fund’s

Board of Directors, which then considers the analysis in its overall

review of the investment opportunity.

Please refer to the EQT website, www.eqt.se, to read the complete policy.


26

27



28

VTI AGREED ON A

NEW CONTRACTWITH STRATEGIC CUSTOMER FOR NEXT GENERATION PRODUCTS

SSP ANNOUNCED THE OPENING OF

STARBUCKS AT ARLANDA 2010

SECURITAS DIRECT

CONTINUED

EXPANSIONIN FRANCE WITH DOUBLING OF SALES FORCE

AND NEW INSTALLATIONS UP 80%

CBR MAINTAINED

MARGIN OF AROUND

30% DESPITE CHALLENGING

RETAIL MARKETS

CANDYKING ACQUIRED

NATURALSNACKS BRAND

PARROTS FROM OLW/ORKLA

ALERIS WON CONSIDERABLE SENIOR CARE CONTRACTS

IN THE NORDIC REGION

29


SAG ACQUIRED SLOVAKIAN ELEKTROVOD AND POLISH ELCON ELBUD

AS A FIRST STEP IN BUILDING CEE FOOTHOLD

MUNKSJÖ WAS SUCCESSFULLY

REFINANCEDPROVIDING A STABLE AND LONG-TERM

CAPITAL STRUCTURE

LEYBOLD RECEIVED

LARGE-SCALE

TURN-KEYORDER FROM CHINESE SOPHITONG

STRONG NETWORK

INVESTMENTS ENABLED KBW TO OFFER UNRIVALED INTERNET CONNECTION SPEEDS OF 100MB+THROUGHOUT ITS ENTIRE NETWORK

ISS ISSUED EUR 525M OF NEW SENIOR NOTES DUE 2014

GAMBRO’S

PRODUCTPORTFOLIORENEWED WITH EIGHT NEW PRODUCTS LAUNCHED OF

WHICH TWO NEW DIALYSIS MACHINES

ALERIS is a leading Scandinavian health care company, active in three main sectors: health care, medical diagnostics and care.

The company operates specialist care centers, radiology clinics, clinical physiology units, laboratories, nursing homes and home

services as well as foster homes and psychiatric residential homes. Aleris is established in Sweden, Norway and Denmark.

COUNTRY SWEDEN | ENTRY 2005 | FUND EQT III | SALES SEK 3,882 M | EBITDA SEK 411 M | EMPLOYEES 3,600

BTX GROUP consists of 19 individual clothing brands, all positioned in the mid-market “value for money” segment of the market.

During the past 15 years, BTX Group has moved from being a production company to being a wholesaler. BTX Group has more

than 15,000 points of sale across Europe.

COUNTRY DENMARK | ENTRY 2005 | FUND EQT IV | SALES DKK 2,050 M | EBITDA DKK 132 M | EMPLOYEES 683

CARIDIANBCT, ex Gambro BCT, is a world leader in automated collections, therapeutic apheresis and cell therapy, as well as an

industry leader within blood component separation and purifi cation technologies. CaridianBCT provides technology, products and

services to blood centers, hospitals, and scientifi c, clinical and biotech researches.

COUNTRY USA | ENTRY 2006 | FUND EQT IV | SALES / EBITDA / EMPLOYEES PART OF GAMBRO

GAMBRO is a global medical technology company and a leader in developing, manufacturing and supplying products, therapies

and services for In-center Care and Self Care hemodialysis, Peritoneal Dialysis, Renal Intensive Care and Hepatic Care. Gambro

was founded in 1964 and has production facilities in 11 countries, sales subsidiaries in more than 40 countries and sales in more

than 100 countries.

COUNTRY SWEDEN | ENTRY 2006 | FUND EQT IV | SALES SEK 16,199 M | EBITDA SEK 3,291 M | EMPLOYEES 10,142

HTL-STREFA is a world leading manufacturer of blood micro-sampling devices. The company has nearly 50% of global market

share and #1 position in safety lancets and #2 global position in personal lancets. Key customers include the biggest medical

companies (OEMs). Headquarter is located in Ozorkow, Poland.

COUNTRY POLAND | ENTRY 2009 | FUND EQT V | SALES EUR 41 M | EBITDA EUR 15 M | EMPLOYEES 954

ISS is one of the world’s largest commercial providers of Facility Services with more than 100,000 B2B customers worldwide.

The company has operations in 53 countries in Europe, Asia, North and South America, and Australia. The fi ve business areas

in the Integrated Facility Service concept are Cleaning, Property Services, Catering Services, Offi ce Support and Security Services.

COUNTRY DENMARK | ENTRY 2005 | FUNDS EQT III , EQT IV | SALES DKK 69,004 M | EBITDA DKK 4,742 M | EMPLOYEES 485,800

KBW is the third largest German cable network operator with more than 2.3 million subscribers and market leadership in the

Baden-Württemberg region. It was the fi rst large scale operator to introduce digital cable television, broadband Internet and

telephony services (“triple-play”) on one single platform and has since then continued to upgrade its network for triple-play.

Today, Kabel BW has one of the most advanced broadband networks in Germany.

COUNTRY GERMANY | ENTRY 2006 | FUNDS EQT IV, EQT V | SALES EUR 493 M | EBITDA EUR 245 M | EMPLOYEES 756

CARL ZEISS VISION was created by the merger of the NYSE-listed company Sola International Inc. with the eyeglass lens

division of Carl Zeiss AG. The company is the global #2 and designs, manufactures and distributes a broad range of eyeglass

lenses, primarily focusing on the faster-growing organic lens segment. Carl Zeiss Vision is active in all regions of the world,

but is focused on Europe and North America.

COUNTRY GERMANY | ENTRY 2005 | FUND EQT III | SALES EUR 879 M | EBITDA EUR 90 M | EMPLOYEES 11,705

DAKO is a world-leading provider of systems for cancer diagnostics. Hospital and research laboratories worldwide use Dako

reagents, instruments and software to make precise diagnoses and determine the most effective treatment of patients suffering

from cancer. The company has a long history of market leadership and is highly recognized among pathology laboratories around

the world.

COUNTRY DENMARK | ENTRY 2007 | FUND EQT V | SALES DKK 1,764 M | EBITDA DKK 499 M | EMPLOYEES 1,018

CBR is a women’s fashion wholesale company with a network of about 8,800 points of sale. The company operates three brands:

Street One, Cecil and One Touch. It produces 12 collections per year and delivers superior value chain management which

is refl ected in the high speed from design to delivery. This provides customers with a high level of design security and good

commercial outcome for the store partners.

COUNTRY GERMANY | ENTRY 2007 | FUND EQT V | SALES EUR 680 M | EBITDA EUR 198 M | EMPLOYEES 582

EQUITY – PORTFOLIO

KMD is the third largest IT software and service provider in Denmark and is the undisputed market leader within its core

customer segment, the municipalities. The company primarily operates within IT software solutions and services to the Danish

municipalities and central government.

COUNTRY DENMARK | ENTRY 2009 | FUND EQT V | SALES DKK 3,827 M | EBITDA DKK 386 M | EMPLOYEES 3,245

CABLETEL AND EUROCOM are the two largest cable network operators with market leadership in Bulgaria and Macedonia (in

total with c. 470,000 subscribers). The companies offer analog/digital cable TV, broadband and telephony services (“triple-play”)

and continuously upgrade their networks in order to broaden and improve their product offering.

COUNTRY BULGARIA/MACEDONIA | ENTRY 2009 | FUND EQT V | SALES EUR 67 M | EBITDA EUR 31 M | EMPLOYEES 1,600

LEYBOLD OPTICS is a leading provider of vacuum technology used for solar systems, and applications in the fi elds of photovoltaic,

architectural glass and optics. The company invests signifi cantly into R&D and works in close cooperation with its customers to

provide tailor made solutions of highest quality. Leybold is headquartered in the Frankfurt area with production facilities in Alzenau,

Dresden and Beijing.

COUNTRY GERMANY | ENTRY 2001 | FUND EQT III | SALES EUR 108 M | EBITDA NEGATIVE | EMPLOYEES 494

MUNKSJÖ is a leading manufacturer of value-added specialty paper products. The company is organized in three divisions:

Decor Paper, Specialty Paper and Pulp. Munksjö’s main product, decor paper, is used in laminates for furniture, fl ooring, kitchen

worktops and other applications where the end product has the appearance of wood or other materials.

COUNTRY SWEDEN | ENTRY 2005 | FUND EQT III | SALES EUR 285 M | EBITDA EUR 16 M | EMPLOYEES 1,067

PSM is a leading full-service provider of fastening solutions. PSM supplies products to the automotive, mobile phone and general

industries and holds a leadership position in the supply of fasteners to the notebook PC industry. PSM has a strong presence in Asia

Pacifi c with manufacturing in China and Taiwan and sales and distribution in China, Taiwan and Singapore.

COUNTRY GREATER CHINA | ENTRY 2007 | FUND EQT GREATER CHINA II | SALES USD 28 M | EBITDA USD 2 M | EMPLOYEES 481

SAG provides build and maintenance outsourcing services for utilities in their transmission and distribution grids. SAG is the

German market leader and has international subsidiaries in France, Poland, Slovakia, the Czech Republic and Hungary.

As Europe’s largest pure-play infrastructure services provider, SAG expects to benefi t from the anticipated growth in Western

Europe and CEE for energy-related infrastructure services.

COUNTRY GERMANY | ENTRY 2008 | FUND EQT V | SALES EUR 791 M | EBITDA EUR 75 M | EMPLOYEES 5,655

SANITEC is a European multi-brand group that designs, manufactures and markets bathroom ceramics and bath and shower

products. Sanitec is based around well-known brands, which have strong positions and deep roots in the bathroom business.

The company works closely together with customers and industrial partners, architects and designers to develop sustainable

bathroom concepts with advanced design.

COUNTRY FINLAND | ENTRY 2005 | FUND EQT IV | SALES EUR 749 M | EBITDA EUR 56 M | EMPLOYEES 7,912

SECURITAS DIRECT is the leading alarm monitoring company in Europe, offering high-quality security services based on its

technology leadership within alarm products to homes and small businesses. The company serves more than 1.2 million customers

in 10 countries.

COUNTRY SWEDEN | ENTRY 2008 | FUND EQT V | SALES SEK 5,485 M | EBITDA SEK 1,359 M | EMPLOYEES 5,312

SPRINGER SCIENCE+BUSINESS MEDIA is the world’s second largest publisher of scientifi c, technical and medical journals

by titles and the largest publisher of scientifi c, technical and medical books. Springer is also the largest specialist information

provider in German-speaking countries.

COUNTRY GERMANY | ENTRY 2010 | FUND EQT V | SALES EURO 845 M* | EBITDA EURO 278 M* | EMPLOYEES 5,176

SSP is one of the largest food and beverage travel concession operators globally, with over 2,150 units in over 400 travel locations

across more than 30 countries. The company operates catering outlets primarily in airports and railway stations. The outlets are a

combination of well-known in-house brands such as Caffè Ritazza, Whistlestop and Bonne Journée and franchised brands such

as Marks & Spencer, Starbucks, Caviar House and Burger King.

COUNTRY UK | ENTRY 2006 | FUND EQT IV | SALES GBP 1,539 M | EBITDA GBP 113 M | EMPLOYEES 30,000

VTI TECHNOLOGIES is a leading supplier of acceleration, inclination, motion and pressure sensor solutions for automotive,

medical, instrument and consumer applications. VTI develops and produces silicon-based capacitive sensors using its proprietary

3D MEMS (Micro Electro-Mechanical System) technology. Product range consists of sensor elements and components.

COUNTRY FINLAND | ENTRY 2002 | FUND EQT III | SALES EUR 54 M | EBITDA EUR 3 M | EMPLOYEES 579

EQUITY – PORTFOLIO

SCANDIC is the leading hotel chain in the Nordic region with more than 150 hotels in 10 countries. The majority of the hotels are in

the Nordic markets and the remainder in other European locations. Scandic operates in the mid-market segment, with hotels either

in the city centre or on the outskirts with access to airports or major road networks. The company operates mainly leased hotels with

a mix of guests from business, conference and leisure markets.

COUNTRY SWEDEN | ENTRY 2007 | FUND EQT V | SALES EUR 661 M | EBITDA EUR 62 M | EMPLOYEES 6,600

LAOBAIXING was established in 2001 in Hunan province in China as the country´s fi rst discount pharmacy superstore chain. The

company operates 372 retail pharmacy chain stores in 11 provinces and 3 direct municipalities across China. It offers low prices,

in-store consultation service and membership programs to its customers.

COUNTRY GREATER CHINA | ENTRY 2008 | FUND EQT GREATER CHINA II | SALES USD 294 M | EBITDA USD 23 M | EMPLOYEES 8,463

YIN RONG is a regional branded juice producer based in Xian, Shaanxi province, China. The majority of its products have juice

content of 10–60%. Its products are distributed both through retail and catering channels.

COUNTRY GREATER CHINA | ENTRY 2007 | FUND EQT GREATER CHINA II | SALES USD 5 M | EBITDA NEGATIVE | EMPLOYEES 285

*EXCLUDING DISPOSED ACTIVITIES

STRAUSS INNOVATION is a private-label retail chain with approximately 100 stores in Germany. The company is well known for

its innovative assortment concept combining interior decorations as well as women’s and men’s apparel.

COUNTRY GERMANY | ENTRY 2008 | FUND EQT OPPORTUNITY | SALES EUR 166 M | EBITDA NEGATIVE | EMPLOYEES 1,120

TITANX ENGINE COOLING is a supplier of engine cooling solutions to manufacturers of trucks, buses, off-highway

equipment and industrial diesel engines. The company has manufacturing sites in Mjällby and Linköping, Sweden, and

Jamestown, NY, in the US.

COUNTRY SWEDEN | ENTRY 2008 | FUND EQT OPPORTUNITY | SALES SEK 868 M | EBITDA SEK 46 M | EMPLOYEES 626

MIDLAND COGENERATION VENTURE is the largest natural gas-fi red cogeneration plant in the US. The plant capacity is 1,560

megawatts of electric power and 1.35 million pounds per hour of steam. MCV’s electrical capacity represents approximately 10%

of the power consumption for Michigan’s Lower Peninsula and is a critical energy resource for the Midwest US. The core power

generation equipment of the plant is among the most reliable technologies in the industry.

COUNTRY USA | ENTRY 2009 | FUND EQT INFRASTRUCTURE | SALES USD 294 M | EBITDA USD 70 M | EMPLOYEES 126

SWEDEGAS owns and operates the largest part of the Swedish high-pressure gas transmission network, located in southern and

western Sweden. Swedegas’ trunk line stretches from Dragør (Denmark) to Stenungsund (Sweden). Swedegas is regulated by the

Swedish Energy Markets Inspectorate and holds government concessions for its network activities. Swedegas’ direct customers

are primarily distribution network owners.

COUNTRY SWEDEN | ENTRY 2010 | FUND EQT INFRASTRUCTURE | SALES SEK 243 M | EBITDA SEK 177 M | EMPLOYEES 24

GRANNGÅRDEN is one of the largest Swedish non-food retailers in terms of national coverage and number of stores. Granngården

also operates a mail order and Internet store under the Nordpost brand. Granngården has fi ve product areas: Animals & pets,

Agriculture, Garden, Home & clothing and Machines & forestry. Headquarters are located in Malmö and distribution centre in

Jönköping.

COUNTRY SWEDEN | ENTRY 2008 | FUND EQT OPPORTUNITY | SALES SEK 1,827 M | EBITDA SEK 30 M | EMPLOYEES 601

INFRASTRUCTURE – PORTFOLIO

CIMBRIA produces machinery and turn-key plants in three business areas; Cimbria (grain dryers, conveyers, sorting equipment,

loading chutes and large turn-key grain terminals), Oil Pressing (engineering business supplying plants used in the food and oleo

chemistry industry to produce edible oil, glycerine, fatty acid and biodiesel) and Air Cleaning (fi lters, fans and duct systems to

different industries).

COUNTRY DENMARK | ENTRY 2007 | FUND EQT OPPORTUNITY | SALES DKK 881 M | EBITDA DKK 69 M | EMPLOYEES 810

OPPORTUNITY – PORTFOLIO

LUNDHAGS* established 1932 in Järpen/Åre, Sweden, offers functional products with high quality and compelling design for active

outdoor use. Product range covers footwear, clothing, backpacks and Nordic skating. Products are sold under Lundhags brand.

Main markets are the Nordic region and Germany.

COUNTRY SWEDEN | ENTRY 2006 | FUND EQT OPPORTUNITY | SALES SEK 92 M | EBITDA SEK 5 M | EMPLOYEES 30

* FIVE SEASONS AND TENSON BRANDS (ACQUIRED 2006) WERE DIVESTED LATE 2009 AND EARLY 2010. AS A RESULT OF THE DIVESTMENTS THE

REPORTING NAME WAS CHANGED FROM NORRWIN TO LUNDHAGS (ACQUIRED 2007), THE ONLY BRAND LEFT UNDER THE NORRWIN UMBRELLA.

CANDYKING is the market leader in pick-and-mix confectionery sales in Sweden, Finland, Norway and the UK. Candyking provides

an integrated pick-and-mix concept for traditional confectionery, natural snacks and premium chocolates to grocery retailers,

cinemas, fun fairs, service stations and other outlets. The concept is based on the supply of a wide confectionery and natural

snacks assortment and display solutions combined with full service and sales support.

COUNTRY SWEDEN | ENTRY 2008 | FUND EQT EXPANSION CAPITAL I | SALES SEK 1,690 M | EBITDA N/A | EMPLOYEES 546

CINTERION is the global market leader in wireless modules for cellular machine-to-machine communication. The company

provides solutions for smart metering, fl eet management, tracking & tracing, wireless alarms, remote monitoring and many other

applications. Headquartered in Munich, Germany, Cinterion is a global business with a strong focus on Europe and US.

COUNTRY GERMANY | ENTRY 2008 | FUND EQT EXPANSION CAPITAL II | SALES EUR 145 M | EBITDA N/A | EMPLOYEES 326

KVT is a leading engineering distributor for fastening solutions and supplier of expanders (high-end sealing technology products).

The company is headquartered in Dietikon, Switzerland, and has own subsidiaries in Germany, Poland, the Czech Republic,

Austria and the US. Other markets are served via a network of distribution partners throughout the world.

COUNTRY SWITZERLAND | ENTRY 2008 | FUND EQT EXPANSION CAPITAL II | SALES N/A | EBITDA N/A | EMPLOYEES N/A

PHARMAZELL focuses on the manufacturing of active pharmaceutical ingredients (APIs) to blue chip pharmaceutical companies.

APIs are the substances in drugs that create the desired medical/therapeutic effect. The company has production sites in

Germany, Denmark and India and is headquartered in Raubling, Germany.

COUNTRY GERMANY | ENTRY 2007 | FUND EQT EXPANSION CAPITAL I | SALES N/A | EBITDA N/A | EMPLOYEES 530

EXPANSION CAPITAL – PORTFOLIOALERIS is a leading Scandinavian health care company, active in three main sectors: health care, medical diagnostics and care.

The company operates specialist care centers, radiology clinics, clinical physiology units, laboratories, nursing homes and home

services as well as foster homes and psychiatric residential homes. Aleris is established in Sweden, Norway and Denmark.

COUNTRY SWEDEN | ENTRY 2005 | FUND EQT EXPANSION CAPITAL I | SALES SEK 3,882 M | EBITDA SEK 411 M | EMPLOYEES 3,600

MUNKSJÖ is a leading manufacturer of value-added specialty paper products. The company is organized in three divisions:

Decor Paper, Specialty Paper and Pulp. Munksjö’s main product, decor paper, is used in laminates for furniture, fl ooring, kitchen

worktops and other applications where the end product has the appearance of wood or other materials.

COUNTRY SWEDEN | ENTRY 2005 | FUND EQT EXPANSION CAPITAL I | SALES EUR 285 M | EBITDA EUR 16 M | EMPLOYEES 1,067

SSP is one of the largest food and beverage travel concession operators globally, with over 2,150 units in over 400 travel locations

across more than 30 countries. The company operates catering outlets primarily in airports and railway stations. The outlets are a

combination of well-known in-house brands such as Caffè Ritazza, Whistlestop and Bonne Journée and franchised brands such

as Marks & Spencer, Starbucks, Caviar House and Burger King.

COUNTRY UK | ENTRY 2006 | FUND EQT EXPANSION CAPITAL I | SALES GBP 1,539 M | EBITDA GBP 113 M | EMPLOYEES 30,000

SKYKON is a supplier to the wind energy industry and has two business platforms: tower solutions and composites, manufacturing

towers as well as blade tooling and composite components for blades. Skykon serves the international wind energy market as a

supplier to wind turbine manufacturers. The company is headquartered in Århus, Denmark.

COUNTRY DENMARK | ENTRY 2009 | FUND EQT EXPANSION CAPITAL II | SALES N/A | EBITDA N/A | EMPLOYEES 367

SAUSALITOS is a leading casual gastro pub chain with more than 26 locations in Germany. Sausalitos stores have a common

branding and interior design following a leisure-like southern-style theme. Sausalitos offers its customers a great variety of food

and drinks.

COUNTRY GERMANY | ENTRY 2008 | FUND EQT EXPANSION CAPITAL II | SALES N/A | EBITDA N/A | EMPLOYEES N/A

N/A – FIGURES NOT TO BE DISCLOSED ACCORDING TO SALES PURCHASE AGREEMENTS


30

SCANDIC INITIATED

COOPERATION WITH WORLD FAMOUS CHEF

JAMIE OLIVER

2009 RECORD YEAR FOR SAUSALITOS

KVT STRENGTHENED

SALES FORCE WITH 20 KEY ACCOUNT

MANAGERS

GRANNGÅRDEN

LAUNCHED

A NEW CORPORATEIDENTITYLOGOTYPE AND STORE CONCEPT

In December, EQT V acquired the world’s second-largest scientifi c,

technical and medical publisher, Springer Science+Business Media.

The acquisition was done together with GIC Special Investments,

the private equity arm of the Government of Singapore Investment

Corporation which holds an 18% minority interest. EQT V also

acquired the two leading Bulgarian and Macedonian cable TV

companies, Eurocom and CableTel, with the intention to merge

the two entities and create a market leader in the region. In

Poland, EQT V successfully took medical device manufacturer

HTL-Strefa private in partnership with the company’s founder

who remains as a signifi cant minority shareholder.

EQT Infrastructure announced three deals in its fi rst year of

operation. In May 2009, the Fund acquired Midland Cogeneration

Venture, the largest natural gas-fi red cogeneration power project

in the US. This was followed by the agreement to acquire the

hazardous waste management company Kommunekemi (not

yet closed) in Denmark and the acquisition of the Swedish gas

transmission company Swedegas.

EQT Expansion Capital backed Danish wind energy supplier

Skykon with growth capital in a transaction that lets the current

owners retain control. In November, PaloDEx was sold to US

group Danaher Corporation in a trade sale.

For EQT Opportunity, the year was focused on supporting

and restructuring the portfolio companies during the economic

downturn. Danish furniture manufacturer Bodilsen fi led for

bankruptcy in June after the market collapsed and the lenders

withdrew their funding.

The year also saw signifi cant activity in the existing portfolio

companies and in several cases additional equity was provided

in order to help the companies weather the recession and take

advantage of any opportunities that may arise. For each of Sanitec,

Munksjö and SSP, a fi nancial restructuring was carried out which

included a renegotiation of the loans and loan terms and new

equity provided by the EQT funds. To fi nd out more about the

2009 transactions, read the following case reviews.

Transactions in 2009The number of transactions declined somewhat compared to 2008. A pick-up in activity

was however registered towards the end of the year and the last quarter saw seven deals

being signed.

31


The merger between cable TV operators CableTel and Eurocom

provides EQT with an excellent platform to drive the adoption of

both digital TV and broadband in Bulgaria and Macedonia. In

October, EQT V acquired Eurocom from Warburg Pincus and

70% of CableTel from US investor Gene Phillips. CableTel’s other

shareholder, Ron Finley, stays on as a minority shareholder in the

merged group. Total transaction value exceeded EUR 200 million.

The Bulgarian and Macedonian cable TV market is fragmented

and digital TV and broadband penetration rates are signifi cantly

lower than in the European Union. EQT V intends to accelerate

the penetration of digital TV, broadband and telephony services

by investing signifi cantly in the network and in the new value

proposition of the merged entity.

A key factor in the deal was the simultaneous acquisition

and subsequent merger of the two companies in order to secure

synergies, a leading market position and a large enough platform

for growth.

EQT has previously developed Swedish cable TV operators StjärnTV

and Com Hem, into leading local providers of digital TV, broadband

and telephony – called triple-play. Currently, EQT owns a leading

German cable TV operator, Kabel Baden-Württemberg, which

has recorded signifi cant growth and successfully developed the

triple-play concept in Germany.

In all these instances, EQT senior advisor Gunnar Asp was

heavily involved. Previously CEO at StjärnTV and Com Hem, and

Chairman of Kabel Baden-Württemberg, Gunnar Asp is Chairman

of the Board of the merged company.

The merged company will be the clear market leader in both

Bulgaria and Macedonia with annual revenues of above EUR 60

million and half a million households connected to the network.

EQUITY EQT V – ACQUIRED IN OCTOBER 2009

Creating a Market Leader in Cable TVThe merger between two leading cable TV operators in Bulgaria and Macedonia created

a clear market leader with scale synergies and the capacity to invest in new technology

and products.

CableTel and Eurocom TROIKA: Gunnar Asp, Chairman. István Polony, CEO. Piotr Czapski, Partner EQT Partners.


32

In November 2009, EQT V launched a public tender offer for

the Polish lancet maker HTL-Strefa, listed on the Warsaw Stock

Exchange. EQT approached the company at an early stage and

quickly involved senior advisors, including Heino von Prondzynski, a

member of the Board of CaridianBCT and former CEO of Roche

Diagnostics, and Anders Williamsson, former CEO of HemoCue.

EQT’s track record with previous investments in the medical

device industry and the industrial advisors’ deep understanding

of HTL-Strefa’s market niche, were critical in creating trust among

owners and management. By the time the offer was announced,

EQT already had the acceptance of major shareholders holding

a 78% stake. The tender offer was successful and after the

squeeze-out of minority shareholders in February 2010, 100%

of shares outstanding were acquired. The company is to be

delisted in the second quarter 2010.

The transaction was EQT’s fi rst acquisition in Poland and, as

the largest public-to-private buyout outside the banking sector, it

was a high-profi le deal in the CEE region.

HTL-Strefa is the world’s leading manufacturer of safety lancets,

with close to 50% market share, and the global number two in

personal lancets. Half of the sales are generated in Europe and

half in the US. Major customers include several large diabetes

players and key wholesalers.

Safety lancets are used by healthcare professionals to obtain

capillary blood samples for diagnostic purposes. This segment

represents around 75% of HTL-Strefa’s sales. Personal lancets,

used by diabetes patients for blood glucose testing, constitute

the remaining 25%.

HTL-Strefa operates two scalable, state-of-the-art production

facilities in Ozorkow and Leczyca in central Poland and was

founded in 1995. In 2006 it was listed on the Warsaw Stock

Exchange. The company has control of a signifi cant portion of

the value chain, including manufacturing of needles and springs.

A large part of the business is based on long-term contracts with

durations of between 3 and 5 years.

HTL-Strefa is the undisputed market leader in attractive markets

with a low cyclicality and a double digit underlying growth.

Demographic trends, diabetes, health and safety regulation and

new applications, constitute the key growth drivers.

Going forward, the development plan for HTL-Strefa includes

the entry into adjacent markets with new products, while leveraging

on existing client relationships and production capabilities. There

is also room to further improve margins, as fi xed costs can be

spread over a larger revenue base, and by driving the already

initiated cost cutting program.

EQUITY EQT V – ACQUIRED IN DECEMBER 2009

The Global Leader in Safety LancetsPolish company HTL-Strefa has nearly 50% market share in safety lancets worldwide.

EQT is taking the company private with the aim of accelerating growth and expanding

into new markets.

HTL-Strefa TROIKA: Heino von Prondzynski, Chairman. Wojciech Wyszogrodzki, CEO. Piotr Czapski, Partner EQT Partners.


34

EQT Infrastructure acquired the US natural gas-fi red cogeneration

company, Midland Cogeneration Venture LP (MCV), in the second

quarter of 2009. The deal was the fi rst by the Infrastructure

Fund, which was closed in the last quarter of 2008 with EUR 1.2

billion in committed capital. The transaction was also the fi rst

direct investment by an EQT fund in the US.

The acquisition of MCV was made in partnership with Fortistar,

a US investor specializing in cogeneration and other green

energy projects. EQT Infrastructure has a controlling interest of

70%, with Fortistar, management and Board holding the rest.

MCV is the largest natural gas-fi red cogeneration plant in the

US, with a capacity of 1,560 megawatts of electricity and 1.35

million pounds per hour of process steam for industrial use.

A key strength of MCV is its core power generation equipment,

supplied mainly by Alstom (formerly ABB). A strong slate of senior

advisors during the transaction process and particularly two

ex-ABB executives, now in the EQT Industrial Network, played

critical roles. Ulf Berg and Harvey Padewer had both been

involved with MCV when it was originally constructed and during

its fi rst years of operation.

Prior to closing, the senior advisors worked closely with

EQT and Fortistar to identify opportunities to further enhance

reliability and effi ciency and to increase plant capacity. These

advisors continue to provide guidance to company management

as these plans are executed under the Board leadership of Ulf

Berg, Chairman of MCV.

EQT’s industrial approach to investments, together with a credible

plan for value creation at MCV, also proved essential when raising

the debt fi nancing for a deal at the height of the fi nancial crisis.

Towards the end of 2009, the identifi ed enhancements were

well under way and both fi nancial performance and deliveries to

power distributors were developing as planned.

MCV’s generating capacity represents approximately 10% of

the electricity consumption of Michigan’s Lower Peninsula and

the majority of MCV’s generation capacity is sold under a long-term

power purchase agreement with the local utility, Consumers Energy

Company. In addition, MCV sells steam and electricity to The

Dow Chemical Company and steam to Dow Corning Corporation.

In addition to implementing operational enhancements, MCV

is likely to pursue new power and steam sales opportunities,

while continuing to serve its core customers, and to evaluate

potential capacity expansion opportunities, given the existing

underutilized infrastructure on site.

This acquisition was recognized as the 2009 North American

Acquisition Deal of the Year by Project Finance Magazine.

EQT INFRASTRUCTURE – ACQUIRED IN MAY 2009

Entering the US Energy SectorEQT Infrastructure made its fi rst investment in 2009 when it acquired US power and heat

generation company MCV. The transaction was one of the most high profi le in the US

energy sector in 2009.

Midland Cogeneration Venture TROIKA: Glen Matsumoto, Partner EQT Partners. Robert Freedline, CEO. Ulf Berg, Chairman.


36

When fast-growing Danish wind energy technology supplier Skykon

was looking for capital needed for continued growth and industrial

support to develop the company, EQT Expansion Capital II was an

attractive and obvious alternative. The subordinated loan structure

in Skykon permits the current shareholders to retain control

while Skykon gains access to the capital needed for continued

growth and industrial support to develop the company.

Skykon consists of two overall business areas. Skykon Towers

Solutions is a leading manufacturer of large towers for leading OEMs

such as Nordex, Siemens and Vestas, especially within offshore

towers. Skykon Composites is the world leader in CNC-milled

plugs used for production of wing moulds. It also produces

modules and internal composites for the wings, primarily the

critical root ends.

The wind energy sector is expected to enjoy, on average,

double digit growth per annum over the next fi ve to ten years and

outsourcing by OEMs is expected to increase. This creates a

need for a more international supplier base with companies who

can handle the increasingly complex global sourcing needs of OEMs.

EQT’s ability to combine capital and industrial know-how, through

the network, was a decisive factor in closing the transaction.

Skykon’s shareholders were looking for a committed investor

that could support them in taking the company to the next level

in terms of industrial professionalization. The additional capital

available will to a large extent be used to invest in production

facilities and other development.

There is attractive potential in the offshore market but also

signifi cant operational improvement opportunities and synergies

within the Skykon group, in particular in connection with international

expansion. The wind energy supplier industry is fragmented,

which may provide interesting acquisition opportunities. Smaller

suppliers could be seeking a larger and more stable context in

order to continue their development.

Skykon is the fi rst EQT Expansion Capital investment in Denmark

and EQT’s fi rst investment in the wind energy industry.

EQT EXPANSION CAPITAL II – FINANCING PROVIDED IN OCTOBER 2009

Expansion Capital For Wind Energy SupplierEQT Expansion Capital provides growth fi nancing for Danish wind energy supplier Skykon.

EQT´s industrial know-how will be instrumental in taking Skykon to the next level of

professionalization and international expansion.

Skykon TROIKA: Petri Sandell, Partner EQT Partners. Kaj Thorén, Chairman. Jesper Øhlenschlæger, CEO.


38

In December 2009, EQT V reached an agreement with private

equity houses Candover and Cinven to take over the ownership

of German academic publisher Springer Science+Business

Media (Springer SBM). The acquisition was made in co-operation

with GIC Special Investments, the private equity arm of the

Government of Singapore Investment Corporation, which holds

18% of the equity.

In order to reduce the leverage in the group, EQT V injected

EUR 450 million in new equity, which paved the way for a

refi nancing of the group’s debt structure. Deep understanding

of the company came from close ties with both EQT professionals

and the EQT Industrial Network and enabled EQT to offer a robust

package of equity and debt fi nancing, which secured the deal.

Springer SBM is the world’s second largest publisher of

scientifi c, technical and medical journals by titles and the largest

publisher of scientifi c, technical and medical books. Springer is

also the largest specialist information provider in German-speaking

countries. The group has 55 publishing houses in 20 countries

and employs more than 5,000 people. It produces approximately

2,000 journals and more than 6,500 new book titles every year.

Titles include the Journal of Materials Science, Applied Microbiology

and Biotechnology, and Diabetologia. Springer SBM was created

in 2003 through the merger of Kluwer Academic Publishers and

BertelsmannSpringer.

Springer SBM has a very strong market position and is the number

1 or 2 in the markets where it is active. In addition, 94% of journal

revenues and around 30% of book revenues are subscription

based or annually contracted.

With the new fi nancial structure in place, EQT plans to

accelerate the company’s move towards an online database

model, providing integrated access to electronic content of both

journals and books.

There are also substantial cost savings to be made from

shifting the printing of books from offset printing to outsourced

print-to-order production.

In combination with the migration to an online database

model and print-to-order production, further investments are

planned to grow the number of scientifi c book titles substantially

and efforts will be made to expand in emerging markets.

EQUITY EQT V – SIGNED IN DECEMBER 2009

Acquisition of Springer Science+Business MediaEQT provided fresh equity capital to deleverage Springer Science+Business Media and to

drive online growth.

Springer Science+Business Media TROIKA: Derk Haank, CEO. Marcus Brennecke, Partner EQT Partners. Manfred Wennemer, Chairman.


40

EQT Infrastructure had Swedegas on its radar for quite some time.

When the four energy companies that owned Swedegas declared

that they were willing to sell, the EQT Infrastructure Fund was

well prepared to put in a bid. Swedegas was the kind of investment

that would fi t nicely with the Fund’s investment strategy.

With extensive help from Industrial Network members

who have deep knowledge of the industry, EQT Infrastructure

established that the potential in Swedegas was very attractive. In

addition, EQT’s local roots and deep understanding of the local

business and political environment played a key role. Network

members Kurt Håkansson and Pär Nuder, a former Swedish

minister of fi nance, will be on the Board of Swedegas together

with Lars Frithiof as Chairman.

The company owns and operates the largest part of Sweden’s

gas transmission network located in southern and western

Sweden and was sold by E.ON Ruhrgas, Statoil, DONG Energy

and Fortum.

Swedegas is regulated by the Swedish Energy Markets

Inspectorate and holds government concessions for its

transmission network.

Swedegas transports natural gas in its network from Dragør, the

only interconnection of Sweden with Denmark and the extended

European gas transmission network. This could in the future play

a key role when developing the Swedish biogas potential.

Although only around 2% of Sweden’s total energy supply

comes from natural gas, in the southern and western parts of

Sweden it accounts for about 20%. It plays a vital role in the

supply of both energy and industrial feed stock in the region.

EQT sees opportunities in supporting industries to replace

oil with natural gas as fuel, thus reducing their environmental

footprint. By replacing oil with natural gas, the emission of the

greenhouse gas CO2 can be reduced by more than 25%.

EQT INFRASTRUCTURE – SIGNED IN DECEMBER 2009

Debut Investment in Gas TransmissionEQT Infrastructure agreed to acquire Sweden’s largest natural gas transmission network

owner Swedegas from four energy companies. EQT sees good opportunities in improving

and expanding the operations.

Swedegas TROIKA: Stefan Glevén, Director EQT Partners. Lars Gustafsson, CEO. Lars Frithiof, Chairman.


42

Bodilsen was acquired in November 2006 for

DKK 1 million by the EQT Opportunity Fund.

In connection with the change of ownership,

approximately DKK 100 million was injected

while lenders wrote off DKK 190 million, leaving

around DKK 300 million of debt in the company.

At the time of the transaction Bodilsen was already in severe

distress but there was still an opportunity to bring Bodilsen back

to profi tability.

Operations were streamlined and made less complex and

commercial partnerships with major customers deepened. Fixed

costs were reduced and subsidiaries in China, Estonia, UK and

the US were closed, sold or scaled back. In 2008 EQT Opportunity

Fund also injected an additional DKK 36 million into the company.

The company made a small operating profi t in 2008 after having

incurred losses since 2003.

However, a very sharp and fast decline in demand due to the

economic crisis hit the company hard and Bodilsen’s fi nancial

performance and capital structure became unsustainable.

Attempts to reach a mutual agreement with the company’s lenders

for a fi nancial reconstruction were unsuccessful and in the view

of Bodilsen’s Board, the company had no other option than to

fi le for bankruptcy.

EQT OPPORTUNITY – EXIT IN JUNE 2009

Market Slump Hits BodilsenIn June, Danish furniture manufacturer Bodilsen fi led for bankruptcy after several

attempts to avoid an insolvency situation proved unsuccessful.

In December 2005, Nordic private equity group

Altor acquired PaloDEx from General Electric in

a carve-out transaction. EQT Expansion Capital

I provided the majority of the mezzanine

fi nancing and acted as facility agent for the

mezzanine facility.

PaloDEx is a leading manufacturer of analog and digital imaging

systems for extra-oral and intra-oral dental applications. It also

produces computed radiography systems for digital image capture.

During the holding period, PaloDEx showed healthy growth in sales

and EBITDA. In November 2009 it was acquired by US group

Danaher Corporation in a trade sale, forming a global market

leader in digital imaging equipment for the dental industry.

EQT EXPANSION CAPITAL I – EXIT IN NOVEMBER 2009

Danaher Acquires PaloDExFinnish dental imaging group PaloDEx was acquired by US group Danaher Corporation.


44

The Board of Directors (BoD) of the General Partner (GP) makes

investment and exit decisions, based on recommendations from

the Investment Advisory Committee and advice from the investment

advisor. The Investment Advisory Committee (IAC) evaluates and

makes recommendations to the GP as to whether or not to follow

the advice given by the investment advisor.

Fund GovernanceThe guidelines for the governance of the EQT funds are set out in the legal documentation

entered into between the respective fund and its investors. Each EQT fund has a General

Partner with its own Board of Directors and Investment Advisory Committee.

MEMBERS OF INVESTMENT ADVISORY COMMITTEES AND BOARD OF DIRECTORS OF THE EQT FUNDS

NAME POSITION FUND FORUM

Koh Boon Hwee ex Singapore Telecom Group EQT Greater China II IAC

Claes Dahlbäck ex Investor ABEQT III, EQT IV, EQT V, EQT Expansion Capital II,

EQT Greater China II, EQT OpportunityIAC

John Evangelides ex HSBC EQT Expansion Capital I IAC

Bjørn Høi Jensen ex EQT Partners EQT V IAC

Dr. Michael Kaschke Carl Zeiss Group EQT Expansion Capital II IAC

Prof. Dr.-Ing. Hans-Peter Keitel ex Hochtief EQT Infrastructure IAC

Prof. Dr. Jürgen Kluge Franz Haniel & Cie GmbH EQT V, EQT Greater China II IAC

Henning Kruse-Petersen ex NykreditEQT Expansion Capital I, EQT Expansion Capital II,

EQT OpportunityIAC

Robert Lewis ex General Electric EQT Infrastructure IAC

Göran Lundberg ex ABB EQT III, EQT IV, EQT Infrastructure IAC

Dr. Claus Löwe ex JP Morgan EQT Expansion Capital I, EQT Expansion Capital II IAC

Massimo Rossi ex Swedish MatchEQT II, EQT III, EQT IV, EQT V, EQT Opportunity,

EQT Greater China IIIAC

Charlotte BakerAccounts Manager

EQT Funds Management LimitedEQT I, EQT Expansion Capital I, EQT Expansion Capital II BoD

Nigel GovettDirector


EQT I, EQT III, EQT IV, EQT V, EQT Greater China II,

EQT Infrastructure, EQT OpportunityBoD

Michael NewtonManaging Director


EQT I, EQT III, EQT IV, EQT V, EQT Greater China II,

EQT Infrastructure, EQT Opportunity, EQT Expansion

Capital I, EQT Expansion Capital II

BoD

Matthew TullierSenior Administrator

EQT Funds Management LimitedEQT I, EQT Expansion Capital I, EQT Expansion Capital II BoD

Dêon Van der PloegManaging Director

EQT Amsterdam

EQT II, EQT III, EQT IV, EQT V, EQT Danmark,

EQT Finland, EQT Greater China II, EQT Opportunity,

EQT Infrastructure

BoD

Patrick WeberManaging Director

EQT ZurichEQT Expansion Capital I, EQT Expansion Capital II BoD

45



46

EQT PARTNERS IN BRIEF

264

1

2

3

5

6

7

8

9

12

11

13 17

18

24

25

19

20

21

22

23

10 14

15

16

1. THOMAS VON KOCH • 2. PAUL DE ROME • 3. CHRISTIAN PUSCASIU • 4. ÅSA HALLERT • 5. PATRICK DE MUYNCK • 6. PETRI SANDELL • 7. THOMAS RAMSAY

8. SAMIR KAMAL • 9. PIOTR CZAPSKI • 10. FREDRIK ÅTTING • 11. MARTIN MOK • 12. JENS MORITZ • 13. LENNART BLECHER • 14. PETER KORSHOLM

15. UDO PHILIPP • 16. CASPAR CALLERSTRÖM • 17. JAN STÅHLBERG • 18. CONNI JONSSON • 19. ANDREAS HUBER • 20. HARRY KLAGSBRUN • 21. MICHAEL FÖCKING

22. TOMAS AUBELL • 23. MORTEN HUMMELMOSE • 24. GLEN MATSUMOTO • 25. CHRISTIAN SINDING • 26. SUMEET GULATI

NOT PICTURED: SIMON GRIFFITHS AND MARCUS BRENNECKE

Partners

CONNI JONSSON

Managing Partner

Part of the team that founded

EQT Partners in 1994 and

Managing Partner since foundation

LENNART BLECHER

Partner and Head of EQT Infrastructure

Joined EQT Partners in April 2007

MICHAEL FÖCKING

Partner and Head of EQT Expansion Capital

Joined EQT Partners in August 2002

THOMAS VON KOCH

Partner and Head of EQT Equity


EQT Partners in 1994

HANS RAGNESJÖ

Chief Financial Offi cer


PAUL DE ROME

Partner and Head of EQT Credit


JUSSI SAARINEN

Head of Investor Relations

Joined EQT Partners in January 2008

JAN STÅHLBERG

Partner and Deputy CEO


EQT Partners in 1994

FREDRIK ÅTTING

Partner and Managing Director of

EQT Partners Asia Ltd

Joined EQT Partners in November 1994

EOLA ÄNGGÅRD RUNSTEN

Head of Human Resources

Joined EQT Partners in November 2007

EQT Partners Management

47


EQT Partners Offi ces


48

EQT PARTNERS A/S

Dampfærgevej 27–29, 3rd Floor

DK-2100 Copenhagen Ø

Denmark

Phone: +45 33 12 12 36

Fax: +45 33 12 18 36

Visiting Address:

Dampfærgevej 27–29, 3rd Floor

EQT PARTNERS BETEILI-

GUNGSBERATUNG GMBH

Taunusanlage 16

D-60325 Frankfurt

Germany

Phone: +49 69 247 045 0

Fax: +49 69 247 045 122

Visiting Address:

Taunusanlage 16

(Access via Guiollettstraße)

EQT PARTNERS OY

Pohjoisesplanadi 25 A

FI-00100 Helsinki

Finland

Phone: +358 9 69 62 47 0

Fax: +358 9 69 62 47 10

Visiting Address:

Pohjoisesplanadi 25 A

EQT PARTNERS

ASIA LTD

1701 Hutchison House

10 Harcourt Road

Central, Hong Kong

China

Phone: +852 2801 6823

Fax: +852 2810 4188

+852 2810 4909

Visiting Address:

1701 Hutchison House

10 Harcourt Road

EQT PARTNERS UK

ADVISOR LLP

3rd Floor

41–44 Great Queen Street

London WC2B 5AD

UK

Phone: +44 207 430 5510

Visiting Address:

3rd Floor

41–44 Great Queen Street

EQT PARTNERS

SHANGHAI LTD

Unit 1606, 16/F Tower II, Plaza 66,

1366 Nanjing West Road,

Shanghai 200040

China

Phone: +8621 6113 5868

Fax: +8621 6113 5866

Visiting Address:

Unit 1606, 16/F Tower II,

Plaza 66, 1366 Nanjing West

Road

EQT PARTNERS INC

One North Lexington Avenue

11th Floor

White Plains, NY 10601

USA

Phone: +1 914 220 0900 ext 304

Fax: +1 914 428 0649

Visiting Address:

One North Lexington Avenue,

11th Floor

EQT PARTNERS AG

Bahnhofstraße 61

CH-8001 Zurich

Switzerland

Phone: +41 44 266 68 00

Fax: +41 44 266 68 10

Visiting Address:

Füsslistraße 2

EQT PARTNERS BETEILI-

GUNGSBERATUNG GMBH

Leopoldstraße 8

D-80802 Munich

Germany

Phone: +49 89 25 54 99 00

Fax: +49 89 25 54 99 99

Visiting Address:

Leopoldpalais

Leopoldstraße 8

EQT PARTNERS AB

P.O. Box 16409

S-103 27 Stockholm

Sweden

Phone: +46 8 506 55 300

Fax: +46 8 506 55 319

Visiting Address:

Hovslagargatan 3

EQT PARTNERS AS

P.O. Box 1241 Vika

N-0110 Oslo

Norway

Phone: +47 23 23 75 50

Fax: +47 23 23 75 60

Visiting Address:

Dronning Mauds gate 1

EQT PARTNERS

SINGAPORE PTE. LTD

80 Raffl es Place #44-02

UOB Plaza 1

Singapore 048624

Phone: +65 6595 1830

Fax: +65 6535 0062

Visiting Address:

80 Raffl es Place #44-02

UOB Plaza 1

(From July 2010)

EQT PARTNERS

SP. Z O.O.

Grzybowska 5A

00-132 Warsaw

Poland

Phone: +48 22 324 58 28

Fax: +48 22 324 58 38

Visiting Address:

Grzybowska Park, 7th Floor

Grzybowska 5A St

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