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CapMan Life Science

CapMan Life Science portfolio includes companies providing healthcare services as well as products and solutions for the healthcare and life science sectors. At the end of 2011, our portfolio consisted of nine companies.

In general, our portfolio companies performed well during 2011, and gross multiples increased. We made two successful exits from Jolife and Proxima.

The M&A activity in the healthcare services sector was relatively strong in Sweden, whereas market actors were more cautious in other European markets. In general, healthcare continues to offer a resilient platform for deal-making, and the lower transaction volumes seen during the last few months of 2011 were more a reflection of general macroeconomic conditions than a lower level of interest in the sector among investors.

The outlook for 2012 is positive. Our team will focus on developing the growth and profitability of the current portfolio companies. We do not expect the general economic downturn to affect the portfolio performance significantly in 2012, and some companies will be ready to enter the exit phase during the year.