I. CURRENT INVESTMENTS

GeoEnergy GmbH was founded in 2004 as a successor company to HotRock GmbH, Karlsruhe, with the expanded objective to bring together the competence areas pertinent for the exploitation of geothermal energy, namely geology, engineering as well as risk management and finance, in a nationally and internationally operating group. The company owns exploration rights, which contain a regional monopoly for the systematic exploration and eventually geothermal exploitation.

> e²-power GmbH
Branche: Alternative Energy / Energy Efficiency

e²-power’s business objective is to improve energy efficiency through the application of modern micro power station technology, in order to contribute to the environmentally sound handling of energy resources.

Industry as well as energy generation release vast amounts of waste heat. This energy potential is taken up by e²-power and, using proven low temperature power station technology, converted to electric current. In this way, not only the usage of the production processes’ energy is enhanced, but also harmful emissions are reduced.

II. EXITS AND IPOs

> EKS Elektronische Karten Services Holding GmbH
Sector: Financial Services / Payment Transactions

EKS Elektronische Karten Services was founded in 1995 as a service provider for cashless payment transactions and with an own technical service in the company POS CONSULTING UND SERVICE GMBH. Their more than 10,000 customers are mid-sized Mittelstand companies in retail, hotel business and gastronomy as well as other service enterprises.
Services provided by the group are amongst others:

• Marketing and installing electronic payment terminals in Germany.
• Payment processing through certified network operators for all systems.
• Technical service for electronic payment terminals and PIN pads.
• 24h-hotline.
• Supplies’ sale
  
  

> Autohaus an der Blankenburg GmbH
Sector: Motor Vehicles

Autohaus an der Blankenburg is a major DaimlerChrysler dealership and authorised repair shop for Mercedes cars (incl. Smart), vans and trucks in Chemnitz. Before the German Reunification, the company comprised a fleet maintenance park for the vehicles of a construction company.

> EpiCept Corporation
Sector: Pharma / Analgetics

EpiCept Corporation, Englewood Cliffs, NJ, was founded by Dr. Rainer K. Liedtke in Munich. EpiCept is an “advanced development stage" pharma company, which is primarily active in the area of new pain relief products. It possesses patented technologies for topical analgetics. Since January 2006, the company is listed on NASDAQ (EPCT) as well as the Stockholm Exchange after a reverse merger with the oncology company Maxim Pharmaceuticals Inc.

> HotRock GmbH
Sector: Renewable Energy / Geothermal Energy

HotRock GmbH was founded in 1999 by the geologists Dr. Johannes Gottlieb and Dr. Horst Kreuter. The company's goal is to plan, build, and operate power generation plants that will use the earth's own thermal energy by extracting and re-injecting hot water from a depth of 2.500 m to sustainably produce electricity in an ecologically sound manner. The power stations will be located in the Oberrheingraben, the geologically most suitable region for this type of enterprise in Europe north of the Alps. PWCie had an equity participation in HotRock since 2000. In 2004, PWCie exited via cash and royalty deal with a private investor, who continues to develop the company.

The mid-sized metal refiner Metallveredlung Wernigerode was acquired 1991 by private investors from the "Treuhandanstalt" (the German fiduciary government agency responsible for the privatisation of East German companies after Reunification). MVW refines metal surfaces for industrial customers (especially for the automotive, mechanical engineering and household appliance industries). It offers and continuously refines several state-of-the-art methods of grinding, polishing, colouring, and chromium-plating. A partner of PWCie was shareholder of MVW until the beginning of 2002, when he sold his stake to other shareholders.

> TNC Telenational (Deutschland) L.L.P.
Sector: Telecommunication / Prepaid Cards

TNC was founded as a company in the prepaid phonecard business for special user groups (transatlantic business and tourist travel, German students abroad, migrant workers in Germany). The technical platform was managed out of Omaha, Nebraska. The company was founded in 1994 and sold to ACC (subsequently MCI) in 1997. The company continues with a broadly expanded scope of services.