2017

ISIN CH0211420010

www.onecreation.org

"We are not fighting mankind's exploratory nature in economic development. It must be taken into consideration and include the environmental factor, and vice versa."

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TABLE OF CONTENTS

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ONE CREATION - YEAR 2017

STRUCTURE

A WORD FROM THE CHAIRMAN

VIEW FROM MANAGEMENT

CLIMATE CHANGE CONFERENCE – COP23

PERCEPTION – REALITY: KNOWLEDGE IS THE KEY TO ACTION

PAST – PRESENT – FUTURE: COMPARISONS ARE NOT EASY

YIELD/RISK: ONE CREATION A SPECIFIC MODEL

GOVERNANCE 37

FINANCIAL ELEMENTS

ALLOCATION OF RESOURCES 42

DIVIDEND POLICY 43

SHARE CAPITAL 46

HOLDINGS 48

SUSTAINABLE DEVELOPMENT GOALS 50

FINANCIAL STATEMENTS 94

INVESTMENTS ON 31.12.2017 100

PROSPECTS

OUTLOOK 104

ONE CREATION MORE THAN A RELATIONSHIP OF TRUST 105

ONE CREATION BEYOND A MERE OPPORTUNITY 106

ORGANISATION 118

MUTUAL BENEFITS 119

INTERCONNECTED NETWORK 121

AMBASSADOR MEMBER 123

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CONCEPT

The Cooperative: a model of independence, governance and solidarity for members 126

An efficient and sustainable risk management of holding acquisitions 127

The advantage of ONE CREATION over a private equity fund 131

Economic sectors which are eligible for acquisition of participations 134

Fintech: ONE CREATION A connected participatory financing platform / crowdfunding 136

INFORMATION 56 QUESTIONS AND ANSWERS, TO REMOVE ALL DOUBT 141

ARTICLES OF ASSOCIATION 151

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STRUCTURE BOARD OF DIRECTORS TERM MAURICE HARTMARK Chairman GM 2019 financial year

PIERRE ABREZOL Vice-Chairman GM 2019 financial year

MAIA WENTLAND Member GM 2018 financial year

MARC BOHREN Member GM 2019 financial year

CLAUDE RECORDON Member GM 2018 financial year

SABINE BÜHLER Secretary (not a board member)

AUDITOR 

Deloitte SA 2017

MANAGEMENT 

CONINCO Explorers in finance SA in accordance with article 25 of the statutes

coninco@coninco.ch www.coninco.ch

REGISTRED OFFICE 

Quai Perdonnet 5 1800 Vevey 1 (Switzerland)

T +4121 925 00 33 F +4121 925 00 34

www.onecreation.org

ISIN 

CH0211420010

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A WORD FROM THE CHAIRMAN Climate, ethics and the economy. Dilemma or paradox?

Apart from certain notorious figures who are prominent for their denial of reality, most conscious beings, confronted with successive reports about their environment and the proliferation of unusual climatic phenomena, admit that human activities are a significant contributory factor to the deterioration of the state of our planet. Consequently, the simple logic of the instinct of self-preservation and also the most elementary ethics to-wards the future generations require all the stakeholders, ranging from individuals to private, public and state institutions in every field that may exert an influence over the conditions of sustainability of our existence, to reflect and take the necessary curative and preventive measures, coordi-nating them as far as possible.

This is where we stand today. That being so, how can we act?

Although an optimist by nature, I am afraid that we still have a long way to go when it comes to reflection on interactions between the elements of different human activities, seen as so many real needs by the interested parties, and also in terms of an assessment of degrees of urgency and coordination which are required to ensure the effectiveness of the measures that must now be taken.

International cooperation has not yet moved much beyond the stage of speech-making and statements of intent, as opposed to combined action on a more general scale. Of course things are complicated. There are so many variables, different situations and sensitivities. To say nothing of the interests at stake on every level.

In our collective conscience we also observe a confusing presentation of pertinent data, often for want of a lucid analysis or deliberately fostered by the advocates of directly op-posed interests. Even in our daily lives our ideas lack clarity. That in turn creates a good many paradoxical attitudes.

“Eco-tourist volunteers” from GoEco travel thousands of kilometres by air to reach the Belize Coral Barrier or the Great Barrier Reef of the Coral Sea in Australia, spending their holidays to “get to understand environmental issues touching on the marine eco-system”, learning scuba diving, to create the illusion of “helping to clean up the reefs” by shooting a few inva-sive and poisonous lionfish. But do they have any idea that the emissions generated by their flights do a great deal to worsen the damage to the very ecosystem that they claim to want to save?

With the availability of vast numbers of “low cost” flights, we have never before travelled so often but we buy back our conscience by purchasing “climate quotas” to offset the emissions that we produce with an altogether relative notion of their gravity.

Maurice Hartmark Chairman of the Board of Directors

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It is high time to put an end to these paradoxes and properly identify the alternatives in the dilemma with a full knowledge of the facts. We will then be able to cooperate effectively in an endeavour to find and implement genuine solutions. Taking the example of one State, Norway has for some time now been experiencing a major dilemma over the management of its enormous wealth derived from oil and gas. Not only does the question arise of determining whether and if so to what extent the Statoil company must go on prospecting for new fossil fuel fields and open up new production sites in such sensitive zones as the Barents Sea or the Lofoten Island Archipelago but also whether its sovereign wealth fund, the “Oljefondet”, can continue to own shares in oil and gas indus-try companies or must divest all such shares. The question is tormenting consciences, because the Norwegians, following their figurehead Gro Harlem Brundtland, sometimes called the “world minister of the environment” after delivering her famous report on “Our common future” back in 1987, claim to be the cham-pions of sustainable development and of the fight to protect the climate. One might almost go so far as to say that the discovery of the immense oil and gas re-sources in her territorial waters back in the 1970s played a bad trick on Norway from the ethical standpoint. Some people believe that the country could have developed even without these resources to reach a standard comparable to Sweden. But this is a “problem of rich countries” and Norway only became aware gradually of the critical stage to which its para-doxical situation has now led. Voices such as those of the Bellona Foundation were admittedly raised early enough to call attention to real and potential dangers to the environment and measures were taken by the State to impose limits on extraction and even lay down rules for the permitted use of the income in the budget. But how could people deprive themselves of such a gold mine? From an economic point of view, that would have been unreasonable; the true question, however, is how not to become so dependent on this particular industry as to be unable to do without it. And that is the subject of debate today, against the background of these paradoxical habits. The great dilemma. Sophists are still having their say. Emissions caused by extraction from the Norwegian conti-nental shelf are claimed to be lower than they are elsewhere although the real problem resides in emissions caused by consumption. Gas replaces coal, but is little used to generate electricity, the only domain in which it could be a genuine substitute for coal. Oil and gas are said to be factors of development aid to the poor countries, although the bulk of exports go to Europe and the rich OECD countries and the poorest nations see no benefit at all. One particularly delicate subject is that of the reduction of greenhouse gas emissions from Norway itself. So far, making full use of the system launched in 1997 by the Kyoto Protocol and “refined” since then, the country has bought up as many compensatory quotas (CDM – clean development mechanism - emission rights) as possible at the cost of extremely heavy expenditure that is becoming a great burden. And measures to reduce emissions from its own national territory – we are speaking here of over 50 million tonnes of CO2 each year – to satisfy its international obligations have either not yet been taken or are seriously delayed.

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Moreover investments by the “Oljefondet” sovereign wealth fund in oil and gas industry companies – i.e. some 6% of the reference index of its shares with a value of around 300 billion crowns – were still “producing” emissions of more than 100 million tonnes of green-house gas last year.

The Bank of Norway which manages the sovereign wealth fund takes the view that it must in future be administered with a view to maximizing Norway’s “long-term general wellbeing”. After making an analysis of the consequences of the recent periods of falling oil prices, demonstrating the country’s vulnerability with a sector which on its own represents some 20% of GDP, the Bank has reached the conclusion, apparently less for ecological reasons than in the interest of economic stability, that the “Oljefondet” should no longer own shares in oil and gas extracting companies.

After eliminating, on the recommendations of its Ethical Board, among other things, its in-vestments in companies which mine coal and generate electricity from coal, the fund is now likely to divest its shares in the oil and gas industry and in a first phase invest up to 60 billion crowns in “green” shares and bonds. After all, in the last five years the 200 or so “green” companies in which it has invested have posted an average yield of 15.5% against an aver-age return of 12.9% on equities. A sound calculation.

Ecological circles are of course applauding. But the resistance is also sharpening its knives.

Will the 50 billion crowns invested in Royal Dutch Shell, the 25 billion in Exxon Mobil and the 25 billion in British Petroleum now disappear from the portfolio? And what will be the future of Statoil in this context?

The decision rests with the Finance Department. And it is still waiting for reports …

A rich country’s problem? I have my own opinion, but to put it frankly I prefer to be the cobbler rather than the financier in this business. Happily, at ONE CREATION we only need to consider one side of the problem.

So welcome to all!

Note – The figures for the Norwegian case have been taken from various articles published in the prom-inent daily “Aftenposten” and the excellent book by Anne Karin Saether, which has unfortunately not been translated, “De beste intensjoner. Oljelandet i klimakampen” (The best intentions. The oil country in the climate battle).

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Olivier Ferrari CEO, CONINCO Explorers in finance SA Management ONE CREATION

VIEW FROM MANAGEMENT

Our Cooperative celebrates its seventh financial year in 2017. Seven, a universal and timeless symbol in the history of humanity. According to the sources, this number has various significances and meanings.  Seven is the duration of a quarter moon rounded in days. Reference is made to the seven years which is also the age of reason. It is also the number of deadly sins. The seven colours of the rainbow. The seven days of the week. In the Bible it represents the number of re-quests in the Lord’s Prayer , in the Gospel according to St. Matthew. In Islam the number of circumambulations (Tawaf) around the Kaaba. The seven degrees of initiation into the cult of Mithra. The number of

chakras, holy cities in Hinduism. In science, hydrogen 7 is the most neutron-rich isotope ever observed. The pH level of a neutral solution. The crown of the Statue of Liberty in New York consists of seven spikes that represent the "Seven Continents". This is an illustration of the main representations of f the number 7: these representations are equal in number to the remarks that we are pleased to present to you in this new annual report and whose message by the President is the reflection of a time in which many chal-lenges must be faced, using a variety of means which present countless opportunities for development. The word development arises. Whether in connection with the share capital, which increased to CHF 10,910,000, the result of the financial year, which allows the payment of a dividend of 4.17% (+16.5%), the first exit from an investment in Private Equity over the year, which generated a return of 22% for the year on the position, the number of partners, which in-creased by 14.5% to s 55, the unrealised reserve, which is 42% up, all the indicators are positive and provide solid fundamentals for the next financial year. Below are the various major events e that took place during an exciting and invariably con-structive year which focused on the growth of the ONE CREATION Cooperative community.

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THE YEAR 2017 IN BRIEF

The partners and the market have every opportunity to follow the development of ONE CREATION Cooperative on social networks and more specifically in the "NEWS" pub-lished monthly. We list the essential elements below, some of which are discussed in more detail in the rest of this annual report:

01 - Private equity investment in Swiss Hydrogen.

02 - ONE CREATION obtains the B Corporation certification™.

03 - Announcement of the distribution of a dividend of 3.59% for financial year 2016.

04 - Publication of the ESG summary of the listed portfolio of ONE CREATION.

05 - ONE CREATION is a partner of the Zermatt Summit.

06 - The City of Vevey is the first public authority to become a partner of ONE CREATION Cooperative.

09 - Environmental Technologies - A theme that makes ONE CREATION a tool for Impact Investing.

11 - One of the Management representatives is present at COP23 and covers the negotia-tions on behalf of AGEFI.

11 - ONE CREATION rewards with two prizes the winners of the Start-ups programme for SDGs , organised by UNCTAD, at the Palais des Nations in Geneva.

12 - Sale of the stake in Swiss Hydrogen, following its acquisition by the French industrial group Plastic Omnium.

12 - The ONE CREATION cooperative appears as a case study in a Thomson Reuters Foundation publication entitled "Guide to Legal Structures for NGOs and Social Entre-preneurs in Switzerland".

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MANAGEMENT

The activities of the management are conducted in Switzerland as well as internationally, either r in economic or political terms. Operations and administration are managed by a team of 14 employees, some of whom are employed part time , as depicted below:

All the dedicated skills are increased in the tasks to enable sustainable management. It was possible to include two new skills at the end of 2017 to enhance the analyses in the field of "Private Equity". This enables more investment proposals to be processed in unlisted compa-nies.

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COMMENTS ON THE RESULTS FOR THE YEAR

The result for 2017 s special for more than one reason. Firstly, if the cooperative is able to distribute a dividend for the fourth consecutive year, this cannot be considered a distribution guarantee for the following year. Notwithstanding this obligatory comment, for the first time the result of the financial year available to the general meeting is above 4%. Article 29 of the bylaws, "Appropriation of profits", is brought to your attention as follows:

"After the depreciation and provisions deemed necessary by the Board of Directors, the fol-lowing items are allocated from the available balance of the profit and loss statement:

1. At least 10% to the constitution of the legal reserve within the meaning of Article 860par. 1 CO until it reaches a minimum amount of one fifth of the share capital.

2. An initial distribution to partners of up to 4% of the share capital.

3. The balance of the net profit after these initial allocations and after application of Article4 of these Articles of Association by the Board of Directors shall be at the disposal of theGeneral Meeting in the following order of priority for:

a) an allocation of 30% for the creation of other reserves to cover the risks of equity invest-ments;

b) an additional distribution to partners of a maximum of 8% of the share capital;

4. The allocation of any residual amount is at the discretion of the General Meeting on theproposal of the Board of Directors."

Hence, this is true in relation to this financial year to which the number 3 is applied. Letter a) which leads to an additional allocation to the partners as well as a "hedging reserve" which can be classed as a "value fluctuation reserve", which will make it possible in negative years to offset differences that could adversely affect the result of the financial year.

The proposed distribution is composed of various elements resulting from the application of the rules determined by the partners during the historic general meetings. One of these rules implies that the "unrealised reserve" for listed investments should not exceed 25%. Where this has occurred during the year, equity positions have been reduced and the gains automati-cally set aside to allow a dividend to be distributed. There was also an exit from a start-up private equity investment with the acquisition at the end of the year of our position in Swiss Hydrogen, which had been acquired at the beginning of the year. A profit of 22% was thus added to the distribution in 2017.

This financial year was also the first year in which the management was fully remunerated at the applicable rates. This enhances a result that includes all the components of a tactical and strategic development respectively.

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This remuneration, set by the Board of Directors, is applied exclusively to the subscribed capital for the following rates, namely 1% for management fees, 0.2% for a contribution to the costs of promotional and marketing development incurred by the management for the development of the Cooperative and 0.3% for all the other costs related to infrastructure, hardware needs and software for administrative and commercial management.

MARKET VISIBILITY

Visibility on the market is ensured by several means established by management as well as strategic partnerships.

The first document is naturally the annual report.

It is structured in a way that enables it to answer any questions that may be asked by the stakeholders. With effect from this financial year, a first part has been compiled, which addresses the numer-ous developments in relation to the events and data of the past financial year and to the presentation of all the holdings. The second part is devoted to the actual accounts and the auditor's report. The third part contains information that is useful for under-standing the cooperative model and its implications for sustainable industrial economic development with the stakeholders. The latest version of the Articles of Association are also included, as well as the most frequently asked questions and answers.

The management has published a brochure presenting its full range of products and services with a detailed description of ONE CREATION Cooperative. The management provides financial advice to pension funds and collaborates with more than 100 finan-cial institutions for its clients' investments.

Nevertheless, in its activities as a financial product manager, it focuses exclusively on sus-tainable and responsible investments. In this context, the investment philosophy that connects the listed companies of ONE CREATION and is replicated in the ONE Sustainable Fund Global Environment is a Luxembourg structure administered by the management. The entire securities held by the two entities at the time of writing this report total commitment of CHF 56 million.

ONE CREATION is a partner of the "RACE FOR WATER ODYSSEY 2017 - 2021" http://www.raceforwater.com as part of an active collaboration between the management and the Race for Water Founda-tion; an expedition dedicated to the preserva-tion of the oceans.

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Today, this resource, which is essential to life, is under serious threat from plastic pollution and must be protected. The foundation aims to identify, promote and help implement plastic waste recovery solutions to prevent plastic waste from entering the waterways. Through an innovative approach inspired by social entrepreneurship and the circular economy, it also creates new sources of income for the populations that are most affected by this pollution.

For this purpose, an odyssey left in 2017 on a five-year trip around the world with the boat as the figurehead illustrating the cover of this same management brochure with an energy theme. A vehicle powered by solar energy, hydrogen produced from seawater and towed by a kite. A set of technologies that is totally in line with the development opportunities of ONE CREATION Cooperative.

The Board of Directors has agreed to be a partner of the AQUA 2017 project which has coordinated an exhibition at Île Rousseau in Geneva and at the Château de Penthes in Pregny-Chambesy.

31 contemporary artists illustrating the theme of water have had their works exhibited for over three months to raise aware-ness of the vital role of this "raw material" which seems so infinite and inexhaustible that we forget that our actions in everyday life are making it unfit for consumption and unusable elsewhere on the planet.

Aqua is an ART for the World project inspired by Article 27 of the Universal Declaration of Human Rights which states that "Everyone has the right freely to participate in the cultural life of

the community, to enjoy the arts and to share in scientific advancement and its benefits.” A definition that is totally in line with ONE CREATION's development objectives.

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Active collaboration with the “SMART CITY DAY.”

Smart City Switzerland is an initiative of the Swiss Fed-eral Office of Energy and Swiss Energy for the munici-palities. Its aim is to enable Energy Cities in future to plan and implement joint projects with partners in the Smart City approach. The programme sees itself as a platform for information and exchange. Everything becomes "smarter"!

Worldwide, cities account for two thirds of energy consumption and for 70% to 80% of greenhouse gas emissions. The Smart City concept brings together in one principle the questions of how cities can invest and use their resources smarter, i.e. more intelligently and efficiently, in particular through the use of information

and communication technologies. A Smart City takes care of the natural resources, commits itself to a post-fossil energy society and aims to achieve climate protection goals in the long term. The inhabitants of the Smart Cities consequently have better living conditions.

For Switzerland the following definition of a "Smart City" is proposed and refers to a city that:

- uses information and communication technologies, as well as technologies that save natural resources, to move towards a post-fossil society,

- is independent in the medium term from fuel oil and other fossil fuels,

- interconnects new technologies in the fields of infrastructure, buildings, mobility, etc. to use the resources (energy, water, etc.) very efficiently,

- anticipates the future and sustainable forms of mobility and prepares the necessary infra-structure,

- requires integrated planning processes (e.g. integrated energy planning),

- creates the conditions for innovations to develop and new ideas to be tested (Cleantech),

- uses management systems within the meaning of "good governance" to enable optimal conduct and overall control that makes developments measurable, verifiable and report-able,

- makes the appropriate human and financial resources available.

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The hallmark of a Smart City is the integration and interconnection of these areas to realize the potential for ecological and social improvement.

Collaboration and promotion with ZERMATT SUMMIT. Innovation is a key element of our civilisation; some people do not hesitate to write that innovation will save the world. But what is innovation? We generally focus on the digital economy and its technological prowess. But innovation is also economic, ecological, societal and managerial.

We must take all these innovations into account if we want a chance to build a better future for humanity. It is for this reason that the Zermatt Summit met in 2017 around the theme "Human-

izing Innovation" and bringing together solution providers who have demonstrated the ex-traordinary potential for innovation in areas that often go unnoticed, from waste recycling to the implementation of procedures in which advanced technologies respond to traditional forms of knowledge. Concrete examples were given by people who sometimes have extraor-dinary life stories that can serve as examples and give hope. Technological and digital inno-vation has obviously not been forgotten.

This event offers ONE CREATION reasonable visibility and it has been possible to establish relationships that will have an impact on the future developments of the Cooperative.

Unique sponsor and active collabora-tion with UNCTAD - United Nations Conference on Trade and Develop-ment - for the "Start-ups for SDGs". A UNCTAD project in collaboration with WIPO, the Politecnico di Milano, Youth Business International and Impact Hub Geneva which invited companies from all over the world to present their start-up activities, which should contribute to the achievement of the Sustainable Development Goals (SDGs) during "The Global Entrepreneurship Week".

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ONE CREATION supports this initiative and the final "competition" selection committee for 2017 was composed of the following people:

Guest of Honour • H.E. Mr. Didier Chambovey, Ambassador, Permanent Mission of Switzerland

Panel Chair Mr. Olivier Ferrari, Founder and Executive Director of One Creation

Panel Member • Mrs Katharina Serafimova, Lecturer, University of Zürich, Institute for Banking and

Finance

• Mr Keith Tuffley, Founder and Chairman, NEUW Ventures SA

• Mrs Claire Besse, Jury Member, Business Angels Switzerland

• Mr Bertrand Gacon, Head of Impact Investing and SRI, Lombard Odier

• Mr Matthias Kuhn, Licensing Officer, Unitec, University of Geneva

Through this day of Start-ups for SDGs pitch, UNCTAD seeks to promote investment in favour of the 17 sustainable development goals (SDGs) which now provide a set of guidelines and a common language for the stakeholders that actively support solutions for a more sustainable world. Today, the sustain-able development and impact investing play-ers seem at long last to have found common ground within the framework set up by the UNO and its SDGs.

The organisation received 75 applications to take part in this third edition. In July last, the UNCTAD entrepreneurship network for young people and the event partners arranged inter-national publicity for the event. In September, the jury selected the ten companies using a rigorous assessment grid which measured their contribution to the SDGs and the partici-pants’ business model.

The evaluation of the complete files by the experts counts for two-thirds of the overall mark. And the pitch on D day accounts for the final third of the mark; it too is judged by the panel. The aim is to highlight these exemplary companies which manage to have a positive impact and a balanced approach in the economic, social and environmental fields.

The ten companies which travelled to Geneva from the four corners of the earth were work-ing in different areas, all of them aligned with at least one SDG. Despite their diversity, they

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all pursue the goal of having a positive impact in the world, with a non-philanthropic ap-proach. The quality of the projects presented at this event was high and the energy and determination of the entrepreneurs proved to be contagious.

ONE CREATION, the sole sponsor of the award presented to the two prize winners, offered a prize of USD 15,000 by way of a participation in the equity capital for the first and a gift of USD 5,000 for the runner-up.

This collaboration positions the strategic development of the Cooperative and enables spe-cific connections with regard to sustainable development. ONE CREATION benefits from access to strategic developments related to the objectives of both the COP21 Paris Agree-ment and the achievement of the SDGs.

The two projects which won awards at this edition are Elea Reusable Sanitary Pads, from Tanzania, and Wamina, from Mozambique. Both these projects encourage self-sufficiency for girls, favour education and self-enhancement by providing factual information about

menstruation and personal hygiene prod-ucts, including reusable sanitary pads. Access to the latter, together with education on this subject, will enable girls to miss school less often, so helping the young to escape from the poverty trap. Reusable sanitary pads also reduce the harmful impact of tonnes of disposable menstrual products dumped in the environment.

All the participants had an opportunity to live this enriching experience. They got to know new tools for their business. They made professional contacts, shared new ideas etc. Panel members who are experts in the sector gave precious feedback to all the participants. Work-ing together, the international community and the Geneva environment make this type of event possible on an international scale. In this way, UNCTAD provides a unique opportunity for business that are still young and small.

One thing is clear: we were confronted with a new generation at this event which wants to combat the world’s problems through entrepreneurship. Their philosophy is no longer that of seeking profit at any cost, but on the contrary of having a positive impact on the planet through their business project.

The B Corp" certification is based on an independent international standard, which is reviewed by a multi-stakeholder committee every 18 months.

Companies wishing to comply must meet societal and environmental, gov-ernance and public transparency requirements. Their results are displayed publicly, indicating their performance on specific themes. The certification

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covers the entire company, all its departments and all its business sectors.

The certification is limited to for-profit entities, regardless of their legal form. The aim is to get the private sector to embark on a path of sustainability and to act in the public interest.

ONE CREATION Cooperative obtained its certification in 2017 and was thus integrated into the network. In June 2017 the B Corp Summit 2017 was held in Cascais in Portugal. More than 200 certified companies met and affirmed their commitment and willingness to work together.

The management of CONINCO Explorers in finance SA has also undertaken the certifica-tion process. At the time of finalizing this annual report, the management has obtained its certification.

We note below the ratings of the two entities:

There is a major difference in the final rating at employee level for the man-agement and at governance level for the cooperative. For the former, the coop-erative, with regard to the standard commercial year for the certification, did not remunerate the employees in line with management policy consequently no employee was recognized. In the oppo-site case, the management being a pri-vate company, governance differs fun-damentally from the cooperative which is a player that offers total transparency and a relationship with the stakeholders.

Since 2010, the two entities have dedi-cated their efforts to developing environ-mental technologies through a global and multi-sectoral approach. This proposal thus contributes to the energy and... economic transition in waste manage-ment, water management, energy effi-ciency, ecological transport, environmen-tal consulting, ecological materials, envi-ronmental chemistry, environmental biol-ogy and renewable energies.

The Cooperative is a lever for economic and social development.

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As can be seen from this breakdown, the sectors mentioned represent an equal contribution to energy strategy and sustainable development both in Switzerland and internationally. This sustainability is expressed both in relation to the environment (economic sectors) and socially through the contribution to the creation or development of businesses and, as governance, through the consideration of equity investments.

The Thomson Reuters Foundation has published a guide on legal structures in Switzerland for NGOs and social entrepreneurship.

The Thomson Reuters Foundation is the charitable arm of Thomson Reuters, a global information network based in London. The Foundation is a registered charity in the United States and the United Kingdom. Its head office is located in Canary Wharf, London.

In this publication reference is made to the structure of the cooperative and we are pleased to see that it in-cludes ONE CREATION as a structure model. This is one of the collateral impacts of the B Corp certification that created the link. This document makes it possible to assess the legal, relational and economic framework of

a cooperative, through the SA and all the other forms of structures available. The Manage-ment is in possession of some hard copies that are useful for commercial approaches to philanthropic institutions and are available to the partners on request.

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CLIMATE CHANGE CONFERENCE – COP23

COP23 - CO2 the tree that hides a forest of greater global complexity*

We welcome the unprecedented pace of ratification (with 170 parties already committed) of the rapid entry into force of the Paris Accord and the global determination to ensure its full implementation, as evidenced by the Marrakech Action Proclamation for our Climate. The unprecedented commitment on the part of towns, some investors, organisations of civil so-ciety, and first and foremost businesses, is equally significant. Businesses are the federating link in a movement which must reach out to the consumer. However, recent extreme mete-orological events which followed in quick succession in 2017 show the imperative need for our mentalities to change and not the climate. Although climatic upheavals create every day before our very eyes a situation which makes the planet potentially uninhabitable for human beings and living things in general. Droughts, floods and heat waves cause famine, epidem-ics and conflicts. The biggest wave of immigration which mankind has ever known, “climat-ic” this time, is looming and can already be seen on our television screens every day.

Frenzied and perpetual growth in an effort to acquire and possess everything testifies to a form of capitalism that is running out of steam. We must therefore break with that trend and grasp a fresh opportunity to create a better world for tomorrow. Because that is a real possi-bility.

Climate change is not the only issue

Every year, more than 26,000 species disappear from the face of the earth, species of both flora and wild fauna. Take Central Africa: some five million tonnes of bush meat are eaten there every year. Most of this meat usually comes from illegal and unsustainable exploitation. Hunting which goes on in many places threatens the permanent survival of biodiversity in the zones concerned. As a result some vulnerable species are becoming rarer and even extinct. Every species has a limited lifespan in the order of 5 to 10 million years. On that basis, the overall rate of extinction in the past 65 million years has been one a year for one million species. Today, that figure has become anecdotal. Some calculations suggest that between 15% and 37% of all species will have disappeared by 2050.

And what about plastics? In 2014, 311 million tonnes (311,000,000,000 kilos/year) were produced, compared to 299 million tonnes in 2013. China is the biggest player in this area and represents 26% of the world total, with Europe accounting for 20%. On the other hand, the whole of Africa and the Middle East represent just 7%. Each single gram of plastic con-tains around 1 gram of petroleum. For every 5 kilos of fish, there is now one kilo of plastic in the sea. To say nothing of the fact that this material is ingested by the fish, so reinforcing the trend towards the extinction of marine life already well under way because of overfishing. Several million tonnes of waste materials are permanently discharged like this only to return as nanoparticles in our food. A great many marine species have now fallen below the limit at which their reproductive capacity is too low to allow their permanent survival.

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Each year, 150,000 tonnes of hydrocarbons are discharged into the oceans, representing just 2.5% of marine pollution. 97.5% of this pollution in fact comes from the deliberate and illegal release of residues from ships’ fuel tanks which flood the sea with some 1.8 million tonnes of toxic products. To complete this picture, 6 million tonnes of pollutants are carried by rivers in the shape of heavy metals and nitrates originating from soil erosion.

Deforestation is another major global threat. It causes a variety of problems for both man and nature. According to data published by the United Nations Food and Agriculture Or-ganisation, forests represent 30% of the land mass. The causes of deforestation are subsist-ence farming 63%, commercial agriculture (“cash crops”) 17%, extensive cattle farming 6%, overexploitation of firewood 7%, overexploitation of softwood lumber 6%, as well as infra-structures and mines 1%. Significantly enough, forests absorb a great deal of sunlight for photosynthesis with just 12% to 15% released back into the atmosphere. They also absorb carbon dioxide. To say nothing of the unexpected climate events which eradicate whole areas and unintended fires set by man. 8000 years ago the Sahara was green. And yet the earth was on average 2 degrees warmer than it is today. That same Sahara fertilizes the Amazonian forest with 22,000 tonnes of phosphorus from its grains of sand that cross the Atlantic to fuel one of the last major tropical forests surviving today.

Everything is interconnected

Analyses in France have shown that between the end of September and mid-October 2017, traces of pollution by ruthenium-106, a fission product of the nuclear industry, perhaps originating from Russia, passed briefly over the country. That proves just how illusory it is to believe that everyone can disregard what is going on elsewhere and not feel concerned by it. Everything is connected and slowly but surely everything is deteriorating.

In a speech in Beijing, the eminent physicist Stephen Hawking recently warned of the poten-tial risk of extermination of mankind within 500 years. While he advocates the transfer of mankind to an exoplanet 4.2 light years away from the earth, it is illusory to believe and suggest that the billions of human beings who will exist at that time could all benefit.

Underlying this development, climate is not the only factor that we must keep in mind. We have a responsibility to stop destroying the primeval forests and even to replant them. Why should this not be done on a vast scale in the deserts? We must stop dumping materials of all kinds in watercourses and oceans. We must revitalise farmland and soil destroyed by pesticides and chemical fertilisers up to now. We must cease consuming fossil fuels and move on to the era of the circular economy. It is an illusion to expect to cease investment in fossil fuels and even more pointless intervening at general meetings to accelerate any transi-tion. And quitting altogether, as well-intentioned people suggest, means pushing these in-vestments into the hands of persons and groups that are far less scrupulous than our collec-tive conscience. We must also take on board the negative impact of petrochemical deriva-tives.

In 2018, COP24 in Poland, will see the presentation, among other things, of technical con-tributions towards solutions. Even if these are effective, they are just part of the response.

24

Energy, the foremost factor in transition

COP23 was structured as a guide to understand, share and multiply opportunities for action. It represents continuity and acceleration of an inevitable movement. One indisputable ele-ment to emerge from the Bonn Conference is that climate change taking place today calls for action that can no longer wait. The damage caused by climatic phenomena has been apparent in a single year. According to the latest and still provisional estimates, 2017 saw a global rise in CO2 emissions. The main guilty party is China with emissions 3.5% higher due to a revival of coal consumption and an upturn in growth to 6.7%. This manufacturing cen-tre of our planet uses coal as its principal energy source and its consumption might well rise by 3% because of stronger industrial production growth and the decline of hydropower gen-eration due to a lack of rainfall. In India, the equivalent increase is 2% compared to a 0.2% decline in the United States and 0.2% in Europe.

Returning to short circuits, changing our outlook, rethinking economic development and faster energy substitution by renewable production are all essential ways of responding to the challenges which face us. However, all this must inevitably involve finance. Finance and institutional investors have a vital role to play in accelerating this trend. We are all players in the process of converting these negative trends into opportunities. A new economic growth founded on sustainability, a long-term approach and the real economy must enable us to prove Stephen Hawking’s words wrong. COP23 is over but its inheritance lives on and still more concrete action must be taken in 2018 for COP24 in Poland.

Olivier Ferrari

Bonn correspondent

* Published under the heading “COP 23: key support from towns, businesses and civil socie-ty” in AGEFI 21 November 2017

26

PERCEPTION - REALITY KNOWLEDGE IS THE KEY TO ACTION

Held each year in March, the Geneva Motor Show heralds new developments in the automobile industry with models that are set to revolutionise this market in the near future.

The market for electric vehicles is a defining feature of competition between the different manufacturers. While this is certainly a welcome phenomenon, can it really be a meaningful response to the problem of CO2, which is said to be the principal cause of climate change affecting our planet?

During its life cycle, an electric car can emit as much carbon as a diesel-powered vehicle; adopting a positive and objective approach, the frequency of use of this vehicle must also be taken into consideration and will influence the conclusions concerning the impact of the lifecycle concerned. An electric car would need to have covered between 50,000 and 100,000 km on the road before it begins to produce less CO2 than a vehicle fitted with an internal combustion engine. That number is equivalent to between 15 and 30 km a day, 365 days a year, for 10 years! Taking on board the ecological cost of production, allowance must also be made for the impact of the mining of rare metals which are used to manufac-ture the batteries. China is the main source of this raw material which has to be refined and transported to production plants across the world. That being so, carbon emissions from this particular component of the electric car are by no means negligible. The upshot is that to manufacture a car of this type, three to four times more energy is needed than to make a conventional vehicle, with the proviso that this is still a young manufacturing industry. So we are not dealing with a “zero emission” car.

The fact is that before being driven for its first kilometre, CO2 emissions are distinctly higher than those of a conventional car.

The main interest of electric vehicles is for urban mobility. The possibility of recovering kinetic energy when the vehicle is braked brings a substantial improvement in efficiency. An electric motor is much lighter than an internal combustion engine; that enables enough space to be found to install a battery. The reduction of emissions in urban use is probably the greatest advantage of this means of transport, especially of late, now that the use of diesel engines is to be banned from major European cities because they release minute particles that are so harmful to health.

For many years, consumers were encouraged to buy diesel on ecological grounds. But today diesel engines are condemned and laws will be enacted to ban them. Today, the responsible consumer is being encouraged to buy an electric or hybrid car: he is confused and all of us are rightly asking to what extent in fact it is the lobbies that decide which particular technol-ogies will turn out to be a “financial” success.

What about the source of the electric power that is needed? Depending on the way in which the electricity used at the charging terminal is generated, this energy will have a different

  27  

economic impact. In the case of France, for example, nuclear power plants are the country’s main source of electricity. In Germany, a high proportion of energy during the nuclear tran-sition phase comes from lignite; this is coal of very poor quality. In the United States, oil is part of the power generation mix and benefits from a high level of State “subsidy”. What we have done first and foremost is to relocate pollution to the countries which are looking to grow richer quickly to catch up with the Western standard of living. In this context, it would be an illusion to believe that atmospheric pollution is confined to a specific geo-location and that the pollution of others spares us. When looking at the electric power generation mix, electric cars can be seen to benefit in-stantly from the acquired improvements. Given the growing share of electricity generation represented by renewable energy sources, there is no need to wait for a new generation of vehicles to become available to strengthen the impact on CO2 reduction. That is not the case with petrol-engined cars which consume the same fuel throughout their life cycle. Toxic products are used to extract rare earths and are discharged into the natural environ-ment without any form of protection. They will contaminate the subsoil and rivers beyond the oceans until one day they will even be found in the seafood products that we consume. Arable land becomes barren and impossible to cultivate while the local populations are hit by various kinds of cancer. Moving on to thoughts on their societal impact, electric or hydrogen-fuelled cars imply a reduction in our dependence on oil. That also brings potential for major conflict reduction in some parts of the world. The biggest problem with electric cars remains their batteries, in terms both of the material used to make them and recycling. At this stage, it is essential for industry not to rest on its laurels and for research and development to continue so as to reduce or even cancel out these damaging effects. As this discussion shows, the electric car is presented as an innova-tion in the cause of economic transition but comes with an ecological cost and a cost to human health which goes beyond the mere emission of CO2 by our conventional vehicles. However, it is important not to generalise because we must not focus solely on these nega-tive aspects. Rather than painting a bleak picture, new technologies will enable battery efficiency to be increased. At some point in the future, production of the batteries will no longer need so much rare earth and the life cycle of these vehicles will be lengthened. In other words, the

Are we dealing with “nuclear”, coal or oil fuelled cars? We move on from one paradigm to another without finding any effective answer to the need to reduce our dependence on fossil fuels.

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Can a highly advanced movement be reversed? Yes, take the example of the hydrogen engine. Toyota has relied on this totally clean technology to provide energy for vehicle propulsion.

process of energy transition is self-evidently not a matter of easing our own conscience, but represents a real economic opportunity.

Taking a detached view, when everyone wants to own an electric car, the market for these vehicles will expand with a change from “old” models to new versions accompanied by a better environmental conscience: production will increase steadily to meet growing individu-al demand. We are hastening a change of concept accompanied by the notion of an im-provement which brings a shift from dependence on the oil-producing monarchies to a dependence on China, the source of 83% of all the world’s rare earths. In other words, the value creation chains will be shifted from the West to China with all the accompanying loss of jobs and R&D. This presents a challenge for change in the automobile industry and the need to assess the political risk.

Can a movement that has reached such an advanced stage be reversed?

Yes. Take the example of the hydrogen motor. Toyota has focused on this totally clean tech-nology as a source of vehicle propulsion energy. Especially as this same power can be pro-duced locally by solar panels, wind turbines and other alternative energy sources from which electric vehicles also benefit to some extent. In general terms, a fuel cell mixes hydrogen with oxygen from the ambient air to generate electricity and power a motor. The production of this highly inflammable gas and its transfer to the vehicles themselves consumes energy. But the ultimate hope is that this will one day be produced from renewable sources, such as solar or wind energy. Other people believe that hydrogen can be made from waste water. Yet another future technology with a positive impact on the environment.

Unlike internal combustion engines which are fuelled by petrol, fuel cells only produce elec-tricity, heat and water. They generate none of the polluting emissions that are responsible for climate warming. In other words, hydrogen could be used not just to power cars, trains, trucks or coaches but also to supply electricity to houses and heat them. In that case, com-bined applications of technologies might be imagined which will make each building totally independent in energy use terms.

It follows that we must not blindly accept all that the market seeks to impose upon us and perhaps by taking a different look at the subject, for instance by opting for hydrogen cars and in the case of certain countries by speeding up the use of electric cars (depending on the method of power generation in those countries), we might also bring about a genuine change in the development of our society and in the inheritance that we will hand on to our children. Future generations will then have reason to be grateful to us.

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Today, most hydrogen-powered vehicles simply bring about a relocation of emissions and not a reduction, but that could change with a cleaner electricity generation mix and power plants that produce hydrogen from renewables. To successfully implement a sustainable energy transition and reduce the risks, a combina-tion of electric, hybrid and hydrogen vehicles must be encouraged. In urban areas, the intro-duction of shared mobility models is tending to confirm a solution that is set to gain still more ground in future. The use of oil must be reserved for other sectors where the energy transition is still a long way from becoming a reality, e.g. in air transport where improvements can be brought about by the use of third generation biofuels, albeit still only on a very small scale and on condition that the change does not take place to the detriment of those primeval forests that still exist today. PAST – PRESENT – FUTURE COMPARISONS ARE NOT EASY An optimised yield/risk ratio ONE CREATION Cooperative has welcomed new members from different backgrounds. This is how both pension funds (including public) and private individuals have continued to join the group of partners. Two new stakeholders represented by an NGO and a public authority in the City of Vevey have also been welcomed. It should be recalled that the status of partner is acquired through the acquisition of a first share of CHF 10,000. At this value, 1% is added to the federal stamp based on the capital increase, as well as 2% pursuant to Article 7 of the Articles of Association. On the latter point, the Board of Directors decided that in December, if a projected foreseeable dividend were to exceed this 2%, the issue commission could be adjusted, in order to allow the arrival of new partners at this end of year period, and in order to protect the interests of existing partners. Universe for comparison of the risk/return ratio The method of statement in the accounts will cut off all valuations that may exceed the pur-chase price and consequently limit the potential for effective value gains. In the opposite eventuality, if the value of ONE CREATION’s investments falls, only a part of that fall will be imputed to the estimated book value of a share according to Art. 9 of the Articles of Associa-tion. If the value rises the cooperative is able to pay remuneration to its associates, as was the case for the years 2014 and 2016. For 2017, a first exit was made from a start-up participation whose annual profit which amounted to 22% increased the dividend proposed to the partners.

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The risk/return ratios in a comparative universe produce values that show a gain in relation to the Swiss, foreign and Swiss real estate bonds for the last three years considered. The risks (and related opportunities) considered are totally different, since they are almost four times higher for Swiss equities and more than three times higher for foreign bonds, over the refer-ence period of three years to the end of December 2017.

A dividend payment at the end of financial year 2017 and a further increase in the value of the listed shares, among others, may completely change these ratios. However, it is clear that ONE CREATION has a specific positioning, which is in line with its model.

Time taken to recoup a value of CHF 10,000.-

When financial analysts looked into the desirability of regarding ONE CREATION as an opportunity to place clients, assets in the real economy, they determined the time needed to recoup the initial value of CHF 10,000.00 in the event of a major correction.

Given the launch of the Cooperative seven years ago, it has had sufficient time to validate the nature of the model. The diagram on the following page shows the construction of the quantitative development of the value (table below).

Cash

Swiss Bonds

International equities

Swiss Real Estate

ONE CREATION

-5.00%

0.00%

5.00%

10.00%

15.00%

0.00% 3.00% 6.00% 9.00% 12.00% 15.00%

Annu

alis

ed P

erfo

rman

ce

Annualised Volatility

Risk / Return Ratio 3 years comparison

Swissequities

InternationalBonds

  31  

When its activities were first launched, ONE CREATION only envisaged commitments to listed companies. Moreover they were made during a critical period because values fell sharply until September 2011. Since then, everything has recovered and it has now been possible not only to set up a deferred reserve, but also to distribute effective dividends. At the general meeting for the financial year 2012, the associates adopted rules which stipulate among other things that 50% of the cooperative’s capital must be committed at all times to participations in listed companies and that the management must also acquire commitments to unlisted companies without further delay. It was further decided that the deferred reserve must not exceed 25%. Comparing the value trend from a different angle, and more particularly applying the notion of “Time to recover”, we arrive at the following data: This clearly shows that at the outset when the cooperative did not yet have a track record the risks were totally correlated to the participations in listed companies. The trend since 2013 has changed that data and ONE CREATION is now in a positive development phase having taken on board the strategy of acquiring positions in unlisted companies and start-ups. ONE CREATION Cooperative is a holding company whose "trading" value may differ accord-ing to the reference periods, as shown above. Nevertheless, an investment can have several benefits for partners who join the development. This year we make a comparison of the per-formance of the cooperative in relation to the possibility of holding cash in a three-month bank account.

JPM Cash Index 3m CHF

Historical data ratios

ONE CREATION

Total performance -1.47% 14.48%

Annualized performance -0.22% 2.02%

Annualized volatility 0.14% 7.14%

Max Draw-down 2.00% -21.60%  

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Comparisons are misleading and with respect to the above table, the result, not the pur-pose, should be considered. The means and objectives of the individual elements taken into account differ completely.

“Time to recover”

This concept has been discussed previously and we use the graphic illustration of the level of decline in value solely in relation to the market for listed shares and the time period to re-gain the initial value of the investment in the cooperative.

As this diagram shows, time has made it possible to construct a model that has its own risk "personality" that increases with time. The unrealised reserve, which is capped, makes it possi-ble to structure a specific risk profile, without excluding the possibility that if a partner wishes to withdraw from his commitment, the redemption value may be less than the nominal value of CHF 10,000. This is a proven fact if the listed financial markets were to lose significant value.

It should also be noted that any new arrivals of partners in the Cooperative always make it possible to position the shareholdings at the values established by the markets and thus in-crease either the direct return or the economic value of a share.

-25.00%

-20.00%

-15.00%

-10.00%

-5.00%

0.00%

Apr

-11

Aug

-11

Dec

-11

Apr

-12

Aug

-12

Dec

-12

Apr

-13

Aug

-13

Dec

-13

Apr

-14

Aug

-14

Dec

-14

Apr

-15

Aug

-15

Dec

-15

Apr

-16

Aug

-16

Dec

-16

Apr

-17

Aug

-17

Dec

-17

MSCI World ONE CREATION

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YIELD/RISK ONE CREATION: A SPECIFIC MODEL As a cooperative which acquires participations, ONE CREATION nevertheless remains a corporate body whose associates, clients and owners, seek a return on the financial re-sources committed through their investment in its equity capital. The notion of yield/risk The yield/risk ratio must enable the return on an investment and the potential maximum loss of an asset to be measured. For the most part that loss is cyclical (save in the event of bank-ruptcy), but nevertheless remains a reference criterion which will enable the level to be de-termined at which a loss of assets can be tolerated over a given period of time and the capi-tal invested at the outset recouped. One of the yardsticks used for this purpose is volatility. That is inseparable from the yield which can be derived from the risk taken. The greater the risk, the more the expectations of a high return to be achieved on the investment will need to be confirmed. If these factors are inherent in a particular type of investment, in order to assess its specific quality a comparison of these assets will then be made in relation to other opportunities or reference measurements defined by the term “benchmark” or reference index. In the com-parisons which ensue, international equities represented by the MSCI World Net reference index will be considered. By making these comparisons and specifying the values which can be derived from them, the aim is to determine exactly what the valuation of, and return on, a share in ONE CREATION will in fact be. Volatility The aim here is to describe the spread of the yield on an investment around its average value. In financial jargon, this amounts to the statistical calculation of a standard variation of a data series and hence an average of the distances from the mean value. If the result shows that the value of the asset departs too far from its average (in a downward direction) the investor will suffer a loss. As the standard variation is symmetrical in relation to the average, it measures both the gain and the potential loss. This same value will enable a financial asset to be measured against a different type of asset; the level of risk or the anticipated yield can then be determined. For the expected yield, bearing in mind the fact that the data series are a resultant of past events, the conclu-sion must be that future performance cannot be guaranteed. At most the dispersion of the yield will enable the observed variations to be assessed, while taking on board the con-straints acquired at the time when the calculation is made. The same consideration applies to the reference periods that are used. They do not all give the same results. Here too it is essential to consider the background to the attainment of a particular result.

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The specific case of ONE CREATION

We will show in several charts the trend of the financial result of the ONE CREATION Coop-erative compared to that of shares. These data are used because the Cooperative acquires participations in both listed ... and unlisted shares.

The following data are the result of a historical analysis for tree different periods:

International equities/ MSCI World Net

07.2010 - 12.2017

Annualized return 1.82% 10.57%

Volatility 6.78% 11.45%

01.2012 - 12.2017

Annualized return 5.09% 13.01%

Volatility 4.87% 10.61%

04.2015 - 02.2017

Annualized return 4.08% 9.27%

Volatility 3.92% 11.37%

Table 1

Over the entire period of development of the cooperative, the return on investment amounts to 1.82% against 10.57% for international equities, for observed risks of 6.78% and 11.45% respectively. For all the periods considered, it is clear that the risk of negative market fluctua-tions (volatility) is much lower than that of an equity market (depending on the benchmark). The same applies to the profit opportunity. As the latter is subject to the risk of being fol-lowed by a major correction of the markets, which will have a lesser impact on the value of ONE CREATION's own partnership share.

In the table below we have entered a chart which illustrates the trend of volatility over a period of time. At the outset, this volatility was identical to the risk carried by the financial markets in equities because 100% of the participations were held in listed companies. To date, this volatility is totally different in view of the composition of the equity portfolio on the one hand, and the unrealised reserve on the other hand.

Even if the extent of market volatility has greatly reduced , it can "soar" at any time and mate-rialize in a subsequent and steady decline.

ONE CREATION

35

Table 2

The specific features of ONE CREATION

All these calculations are valid and take account of a non-negligible bias inherent in the specific character of ONE CREATION and resulting from its legal status. The determination of the theoretical value of a share is shown below:

An equity share is issued at CHF 10,000. In the short-term, this share may fluctuate below this reference value but cannot be higher because of the legal structure which it represents. In that case a deferred reserve is created and will have a positive impact on the future down-side risk of the cyclical valuation of the participations. The value of the acquired dividend is held at all times in cash resources to ensure that payment can be made on the payment date. The development potential flows directly from the positive trend of business of the participations. The articles of association determine the conditions for payments to the asso-ciates.

The cooperative is a highly specific legal structure which provides a genuine alternative in the area of economic development. According to a study by Cooperative Europe in 2010 (which has not been updated since) almost 41% of all cooperatives represent industrial services, while 33% are active in agriculture and also 17% in housing, 5% in banking, 3% in consumer spending and 1% in pharmaceuticals. It is worth noting that countries like Italy have 41,552 entities, Spain 24,276 and France 21,000 structures.

0

50

100

150

0%

2%

4%

6%

8%

10%

12%

14%

16%

18%

20%

22%

Jul-1

2

Dec

-12

May

-13

Oct

-13

Mar

-14

Aug-

14

Jan-

15

Jun-

15

Nov

-15

Apr-

16

Sep-

16

Feb-

17

Jul-1

7

Dec

-17

Perfo

rman

ce o

f the

ben

chm

ark

(Bas

e 10

0)Mobile volatility

ONE CREATION MSCI World Net Absolute performance of ONE CREATION

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In other words, we are dealing with a movement which has gained a firm foothold in the economy and finance; a specific concept appropriate to the real economy that gives inves-tors of all kinds the possibility of a specific investment opportunity was therefore needed.

In this context, ONE CREATION represents a real alternative source of yield with a defined risk and diversification of wealth* in relation to the real economy. In no case can this be compared to listed equities, private equities, convertible bonds and all other habitual forms of investment on the market.

Table 3

ONE CREATION Cooperative also represents a strong (E)nvironment, (S)ocial and (G)overnance commitment. The environmental aspect is the bedrock of the cooperative. The social aspect is the realisation of its social goal and the representativeness of the stakehold-ers, i.e. the partners who are representative of all the strata of the company. With regard to governance, it is based on the fact that, regardless of the size of a shareholding, each part-ner has one vote at the General Meeting. Moreover, cooperative status strengthens this relationship. However, support of the companies selected under the "equity investment" scheme is a evidence of a determination to be a lever for developing economic growth and for strengthening the industrial and economic fabric of the areas where the companies in question are located. This latter point will be addressed in greater detail below.

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GOVERNANCE

COOPERATIVE AND FINANCE, A STEP FORWARD IN THE AREAOF CORPORATE GOVERNANCE

Sustainable development is a key component of the development of our economies.

In October 2001, the OECD put the question as to "How can we respond to the needs of today without compromising the capacity of future generations to provide for their own needs?" This is the challenge of sustainable development! Finance remains the life-blood of the economy

Readjusting our thinking to the long term, it is only possible to develop towards positive finance if we dispose of suitable structures. The Cooperative provides a response to this as a step forward in the area of corporate governance, having regard to the role and responsi-bility of the financial sector in the advancement/development of sustainable economic growth.

Through its concept and development, and by virtue of the form of investment pursued, the Cooperative encourages sustainable finance and long-term investments. This is a timeframe that is necessary in order to establish the value-creation process. The Cooperative is an actor which enables the scope of sustainable finance to be expanded. As this report has made it possible to establish, the Cooperative creates a relationship between environmental and societal risks and the value of a portfolio of securities of any natural or legal person, albeit for different reasons, but within the perspective of promoting economic development. The real economy as the guarantor of the proper functioning of the machinery of state

ONE CREATION clearly places itself within the real economy. It is important to dispose of the financial means that can enable the creation of jobs throughout all sectors of the economy. This is indispensable as the functioning of a societal economy operates according to a dynamic that enables all actors to develop and to make provision not only for the present but also for a future that strikes a balance between all stakeholders. In 2014 the Bank of International Settlements (BIS) published a statistical study on the amounts invested in derivative products around the world in 2013. According to this study, the amounts invested in securities without any counterpart in the real economy totalled some 710,000 billion dollars.  

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This amounted to no less than 44 times the GDP of the United States for the same year. Since 2008, this figure has registered … growth of 20%, which means that the economy that creates businesses and jobs has more need than ever for effective resources and not deriva-tives.

Circular societal economy

An approach based on a circular societal economy will enable the drivers of the societal development of our society to be formalised.

Whilst the state may be the guardian of the laws, the fact remains that it cannot have any future without a contribution from business. By creating jobs and supporting production, business assures support for the construction, maintenance and development of individuals and families. This means that there is enough tax to create a financial basis for the structure of society. Pensioners are mainly shrewd consumers who also contribute, and will do so exponentially in future, to the financing necessary for the maintenance of the state. The state is nothing other than a consumer, which secures the financial wealth which the economy and society must guarantee in order to enable it to contribute to good decision making for the sustainable operation of the system.

This circular structure makes it even clearer how it is necessary to ensure support for the real economy, which is one of the core conditions for the proper functioning of our societies. Within this context, the Cooperative fits in well with such a schema. It seeks to contribute to the maintenance and creation of businesses that enable, and will enable, the creation of jobs and all of the positive collateral impacts offered by this.

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Beware of investments that are a factor for holding back sustainable economic development!

For almost thirty years, institutional investors have been the principal receptacles for financial wealth and have, following the advice of various financial intermediaries, followed what is commonly referred to as index management. For the supporters of this type of investment, it guarantees that there will never be "nasty" surprises, since over the years the investors will always receive returns on investments that are aligned with market movements, both upwards and downwards. It is thus possible to pre-empt the "cyclical" dissatisfaction of a client, as it is not possible to rely on the notion of investment risk, whether geographical, according to capitalization or sectoral. The management costs of related financial products are reduced to a strict minimum. In fact, they are so low that, if an analysis of the effective cost is carried out, it might be concluded that the products are potentially sold at a loss. Conversely, the managers that seek to favour developments that diversity economic growth by engaging in what is commonly known as active management punish the less efficient companies, with the risk that this may entail of making mistakes over the short term.

For several decades, the same management companies have proposed financial products without any value or economic counter value.

The creation of real value is potentially difficult over the short term and has increasingly led financial establishments to propose hybrid investment solutions. These are referred to as alpha-generating products; structured products in general, ratcheted management, etc. All of these embodiments are based on the fundamentals of asset management, embracing each management method in a manner that is satisfactory for the investor. They also give rise to visible or latent management costs, which make it possible to replace the complexity of management that is linked to the real economy, enabling substantial new sources of reve-nue to be located over the long term. However, upon closer inspection, these are simply forms of investment which, for many, have not proved to be effective over time and the potential of which is positive only within a specific context of cyclical economic development. By analyzing the performance of the particular investment solution proposed, it must be noted that we are no longer confronted with sustainable economic development, but rather the creation of wealth centred on finance. This difference is essential. If finance is able to exist, it is thanks to economic development that has been able to channel savings towards the creation of companies, towards industry and towards creating jobs. Exponential demo- graphic growth and the different levels of engagement over time by countries around the planet with the market economy are also factors for creating individual wealth and for improving quality of life, from which a large share of the world population benefits: this is the positive side.

In parallel with this evolution, the development of computing capacity, attracted by a finan-cial system which has ceased to offer financial intermediation and has dedicated itself solely to the creation of value by finance for finance, has disrupted the fundamentals for creating sustainable wealth, which are: effective employment in the real economy, industrial credit and the creation of commercial and industrial companies. Mathematicians, who are inces-santly creating algorithms capable of tracing absolute performance, have sought as their Holy Grail an equation containing all variables since the creation of the universe.

40

Since the dismemberment of financial resources may be placed in the service of the creation of businesses - those that have been diverted towards the structuring o f c om p l e x finan-cial products and models - it has led to the impoverishment of economic development. Consideration is no longer given to the basis which enables innovation and the crea-tion of businesses to generate wealth. This applies both to institutional investors and to major private wealth funds, and to the other agents who operate on the online stock exchanges day to day, and contributes to amplifying stock market fluctuations both up-wards and downwards.

These movements are becoming increasingly frequent and are caused by speculation, which gives rise to the rotation of capital on a sectoral or geographical basis, or depending on capitalization. Index management has become a tool that is beyond reproach for providing short-term insurance for a management result compared to a benchmark reference. As a result, structured financial products create the "illusion" of covering risk in the forefront by guaranteeing invested capital or promising returns that are higher than economic growth.

The economic tyranny of index management and financial products divert from the long-term development of the economy.

Index management makes it possible to eliminate the uncertainty associated with the fact that it is impossible to define with precision how each individual security will perform. Through "resigned" acceptance, it makes up for the fact that the portfolio of each investor may move either upwards or downwards, on the same scale as the reference markets.

The presence of multiple actors converging upon index management and the promotion of structured products are leading to an impoverishment of the potential for innovation and the creation of new opportunities within the economy in general. In effect, since the index includes both the best and the worst companies comprising it, it leads to a manage-ment model that negates free will by rendering everything deterministic, levelling down to the lowest common denominator. The same applies in relation to the growth in derivative products, the value of which - mentioned above - also reflects resources sub-tracted from the maintenance and creation of new opportunities. The fact that all world actors from finance have been singing from the same hymn sheet has resulted in the impoverishment of the biodiversity of companies comprising the economy.

As a result of this finding, index management and structured products have caused lackluster economic development. This has been heavily influenced by actors-investors, at the behest of analysts who have essentially become censors of the decisions of boards of directors, which are destined to supplement the expectations - with a quarterly focus - of the financial com- munity, rather than pursuing a virtuous path of investment, research & development, the introduction of new products and the development of the market, production and supply to the end customer.

We are no longer in an industrial era which is allowed space to develop, as today money must be "cultivated" in order to be capable of creating instant wealth.

  41  

This kind of approach can only result in a regression of economic development, rendering it unsustainable. It has been with the aim of countering this tendency that the Cooperative, and more specifically ONE CREATION, must provide a response that can enable our society to establish values which are no longer exclusively financial, but that rather adopt the perspective of dynamic creation on all levels of our society. This also involves accepting that some sectors of the economy no longer have any reason to exist and that new sectors will have to emerge. An alternative to this involves focusing also on the Private Equity segment of investment. This choice has been pursued by ONE CREATION, but here too private investment must be able to operate over the long term. For many, this is no longer in keeping with the need to gain an immediate return on an investment, which for others amounts to a form of speculation that is no longer acceptable. Economic biodiversity, an investment over the longer term: ONE CREATION is one of the doors to this market today. Its investors include private individuals, institutional investors, family offices, public bodies and others, all of which have short, medium and long-term needs. With this in mind, it is important to recall the fundamental requirement of fixing investments over a timeframe that is consistent with these needs. It is no longer finance that lies at the heart of development but rather business itself, along with its corollary of societal commitment; in other words, it is necessary to acknowledge the greater need to create and preserve industrial employment, which naturally favours busi-nesses, the creation of profits over the long term and, as noted above, the long-term viability of the state. This is because it will enable states to dispose of a diverse range of tax resources and to draw benefit from a genuine strategy of transmission to future genera-tions through the development and preservation of a whole, and of the environment. Good governance can be conceived of not only within a business but also within our own everyday actions, within each of our choices regarding political, economic, social and finan-cial issues. ONE CREATION provides this relationship of dynamic economic development that is focused on the future rather than the present and the need to rediscover the entrepreneuri-al values that empowered the second industrial revolution to enable us to live and build our future with serenity. With ONE CREATION, governance is no longer a factor of constraint on the evolution of society, but operates within this development by becoming an efficient structure within its DNA.

42

FINANCIAL ELEMENTS ALLOCATION OF RESOURCES

We present below the change from one year to the next in the composition of the balance sheet for the period ending 31 December.

53.7%

14.5%

4.2%1.3%

7.7%0.1%

1.6%3.8%

10.9%

0.2%1.9%

31st Decenber 2017Listed companies

Latent reserves

Unlisted securities

Confirmed start-ups participations

Early stage start-ups participations

Convertible loan

Infrastructures

Cash for dividend

Cash for future investments

Transitional assets and assimilated

Various items and other liquid assets

46.42%

11.53%

3.36%1.43%

6.62%

0.16%

6.34%1.86%

3.01% 18.78%

0.50%

31st December 2016 Listed securities

Latent reserves

Unlisted securities

Confirmed start-ups participations

Early stage start-ups participations

Convertible loan

Unlisted securities firm commitments

Infrastructures

Cash for dividend

Cash for future investments

Transitional assets et assimilated

  43  

The situation on 31 December 2016 reports an amount available for future investment that has increased from 35.9% to 18.78%. These means will quickly be exhausted over the course of the first semester of 2017. This situation takes into account the raise of 1,090,000.- in social capital. The financial means guaranteeing the dividend payment will be totally secured through cash at projected levels. An important step has been made in the development commitment of the cooperative through the direct purchase of an infrastructure. ONE CREATION thus becomes a frontend actor in the implementation of the Paris Agreement COP21. DIVIDEND POLICY

Where the closure of a financial year results in a positive balance, its distribution in full is proposed to the members. This is comprised of part of the dividends received, after de-ducting management charges and the distributable share of profits resulting from the reali-zation of shareholdings.

SHARE VALUE A value strengthened by several components On a monthly basis, with « THE NEWS ONE CREATION », the details of the social share valuation are published. Article of Association 9 stipulates; « In the event of the voluntary withdrawal or death of a member, the Board of Directors will determine the value of the shares to be reimbursed. The calculation of that value is based on the net worth resulting from the financial statements as of the date of death or withdrawal, with the exclusion of all re-serves. However, the amount reimbursed cannot exceed the total par value of the shares in question.”

0.0%

1.0%

2.0%

3.0%

4.0%

2011 2012 2013 2014 2015 2016 2017

3.50%

2.50%

3.59%

4.18%

44

In this view, the book value estimate is published with reference to this article of association, the profit after taxes and allocation of profits according to article of association 29 and the liquidation value of a share. This last point does not take into account any replacement in the unlisted equities holdings, start-ups respectively, in the amounts recorded, estimated are dependent of transactions that would need to be effectively done. The reserve on book value is also published, which is a measure of the component of means capable of absorbing risks associated with a market decline.

Those various elements need to be taken into account but, it is also necessary to integrate the component of legal reserve from benefits, which affection is compulsory, according to the Swiss Obligations Codes. The latter is constituted as per the positive year results and offers an additional level of security reserves for the social capital. In this context, a share can record a book value of CHF 10,000.-, without necessarily having a book profit at the reference date of the results publication.

The fall was cushioned by its development model

The Cooperative’s model was chosen in particular because it enabled a certain level of technical know-how in the creation of the investment portfolio. In effect, ONE CREATION was conceived of in order to combine, from the outset, a diversification of investments between listed and unlisted companies (Private Equity).

This strategic choice in following such a development policy is two-fold. Not only do listed companies generate stable and recurring dividends, but the positive valuation of these companies makes it possible to create a receptacle for Private Equity shareholdings. This duality of investments enables volatility to be diversified, in the event of fluctuations in stock market prices. At the end of January 2016, the Cooperative was investing 57% of its assets in listed companies. Just under 18% in unlisted companies, including firm commit-ments made at the time of writing this annual report.

As the risk analysis shows, the book value of a share may experience periods of negative valuation which do not reflect the amplitude of its investment components. That is a direct consequence of the development structure.

Substantial variations cannot be ruled out as we explained in our annual report for 2016, but any negative trend is also an opportunity to strengthen positions in listed companies, so increasing the potential to earn higher dividends.

The share value stood at CHF 10,455.- on 31 December 2016 (2015: 10,313.-), enabling a dividend of 3.59% to be distributed for the financial year 2016 (the results of one financial year cannot be guaranteed for a further year). The trend in the book value of a share since day one is shown below.

  45  

According to Article 9 of the Articles of Association, shares are valued at their book value (the acquisition price or, if lower, the stock market price). This characteristic is an inherent feature of the principles of accounting for shareholding activities by all forms of legal structure used. In basing its calculations on this figure, any capital gain over and above the acquisition price on a listed security in which the Cooperative has invested will be allocated to the unrealised reserve. The same applies for unlisted securities, provided that their value has not materialised either through an IPO, LBO or MBO or stock market floatation, etc. The above process is subject to adjustments resulting from the application of other statutory provisions. Adjustments resulting from the application of other legal provisions shall remain unaffected. The month of January was repeated during the year and the same observations were made on the resistance of the nominal value of the share. This confirmed that for in the event of bullish markets, in an investment approach management, the aforementioned increase is not fully attributed to the partner/investor. In return, the equivalent happens in the event of a decline in the same markets, with this quest to create sustainable industrial economic returns through the payment of a forward dividend.

6'000

8'000

10'000

12'000

14'000

Jun

10

Oct

10

Feb

11

Jun

11

Oct

11

Feb

12

Jun

12

Oct

12

Feb

13

Jun

13

Oct

13

Feb

14

Jun

14

Oct

14

Feb

15

Jun

15

Oct

15

Feb

16

Jun

16

Oct

16

Evolution of the book value of a social share in CHF

46

0250500750

10001250

2011 2012 2013 2014 2015 2016 2017

753

1091

Number of shares

SHARE CAPITAL

EVOLUTION OF SHARE CAPITAL The growth in the number of shares in circulation is shown in the table below. This year, part-ners increased their membership and an NGO, a public authority and a new pension fund, among others, were welcomed.

SHARE HELD BY TYPE OF ASSOCIATE Pension funds represent a decisive share and weight of assets. All legal entities and individu-als with available investment capital are targeted with a view to increasing the number of associates in all categories.

Pension Funds

Individuals

Foundaitons

Associations

Family offices

Companies

Public authorities

  47  

SHARE CAPITAL BY NUMBER OF ASSOCIATES Private individuals, commercial companies, pension funds and family foundations are all potential associates. Associates who join are interconnected via special access to the ONE CREATION website: www.onecreation.org. In the following graph we note that private individuals accounted for 68% of shareholders, which was up on 2015.

According to a Public Private Partnership – PPP – approach, the Cooperative offers a sound model which is seeking to establish itself internationally. With this objective, ONE CREATION commits itself towards all market actors in order to reinforce this notion of partnership. Within this context, the positive result for 2015 to 2017, is an asset which reinforces this approach. Nevertheless, it must be remembered that past results are no guarantee for the future. However, the risk of a shareholding in ONE CREATION represents an opportunity for all classes of member, as discussed above in this report. ONE CREATION Cooperative also provides a job creation lever which must be reflected in long-term value creation.  

Pension Funds

Individuals

Foundations

Associations

Family offices

Companies

Public authorities

48

3.28%

18.32%

7.54%

25.48%7.42%

15.58%

3.94%

4.36%

14.07%

Sector allocation Environmental biology

Environmental chemistry

Environmental advisory

Energy efficiency

Water management

Waste management

Ecological materials

Eco-friendly transportation

Renewable nergies

HOLDINGS It is important to distinguish between the holding of equity interests in listed and in unlisted companies. For the former, the model applied takes account of multiple factors as part of a process that has been applied since the Cooperative was established. At each stage of the process, confirmation is required for the various criteria from a body independent of the Management in order to ensure different opinions concerning the data on which the finan-cial analysis is based.

For unlisted companies and start-ups, the Management has put in place a process based on good practice in the area of Private Equity investment. The specifications adopted enable a detailed and rigorous process to be followed. As has been stated in this report, various com-panies are considered, although taking account of the formal requirements stipulated, only a small number of dossiers are selected. This is a guarantee of good governance in order to reduce to a minimum the risk of losses. This is also an expression of the desire to construct a portfolio of sustainable shareholdings within a broad portfolio of unlisted companies.

Economic sectors listed securities

  49  

   

50

SUSTAINABLE DEVELOPMENT GOALS The Sustainable Development Goals (SDGs), also known as Global Goals, are a global call to action to eradicate poverty, protect the Planet and ensure that all human beings live in peace and prosperity. There are 169 targets (sub-goals) which are based on a list of 244 statistical or qualitative indicators.

These 17 goals build on the successes of the Millennium Development Goals, while integrating new concerns such as climate change, peace and justice, among other priorities. These goals are closely interlinked; the success of one often depends on the resolution of problems that are generally associated with another goal.

The following table shows the position of each listed holding in relation to these goals.

LIST

ED C

OM

PAN

Y

51 | ONE CREATION

EN

VIR

ON

ME

NT

AL

BIO

LO

GY

DSM

Support player

Large Cap

Country

Market capitalisation

Revenues 2017 % environment

Royal DSM is a Dutch company, active in the fields of Health, Nutrition and Materials. The products it develops, manufactures and markets are destined, among others, to the Buildings, Energy, Textile, Packaging and Automobile sectors.

STOCK PRICE INVESTMENT EVOLUTION AND DIVIDEND

(since inception 06.2010) (CHF)

ENVIRONMENT

Carbone Intensity (tonnes CO2e/Mios EUR CA) Yearly GHG emission evolution% waste recycled

No of employees% Women / Management

GOVERNANCE

% independent administrators CEO & President Duality

COMMITMENT

Global Compact Member of CDP

CORPORATE RATING

N.A.

Quantity 3,960

Estimate 369,183

Acquisition cost 241,958

Book value 241'958

Netherlands

16,863 Mio CHF

8.6 Mia EUR 32 %

18536 %83 %

21,05427 % / 25 %

100 %no

SOCIAL

52 | ONE CREATION

EN

VIR

ON

ME

NT

AL

CH

EM

IST

RY

AIR LIQUIDE

Mix player

Large Cap

Country

Market Capitalisation

Revenues 2017 % environment

Global leader in gases and technologies and services for the Health industry, Air Liquide is active in the production and sales of oxygen, nitrogen and hydrogen destined to the fields of Engineering, Construction, Electronics and Health, to name a few.

INVESTMENT

(CHF)

ENVIRONMENT

SOCIAL GOUVERNANCE

COMMITMENT

CORPORATE RATING

N.A.

Quantity 3,103

Estimate 381,443

Acquisition cost 307,928

Book value 307,928

France

50,824 Mio CHF

20.3 Mia EUR 40 %

12853,6 %N.A.

65,20026 % / N.A.

66 %yes

STOCK PRICE

EVOLUTION AND DIVIDEND(since inception 06.2010)

Carbone Intensity (tonnes CO2e/Mios EUR CA) Yearly GHG emission evolution% waste recycled

No of employees% Women / Management

% independent administrators CEO & President Duality

Global Compact Member of CDP

LIST

ED C

OM

PAN

Y

53 | ONE CREATION

AIR PRODUCTS & CHEMICALS

Mix player

Large Cap

Country

Market Capitalisation

Revenues 2017 % environment

Air Products is one of the main global provider of industrial gases. The company also supplies equipments related to the manufacturing market, in the refining sector et the manufacturing of petrochemical products. It is the largest global supplier of liquefied natural gas technologies and equipments.

INVESTMENT

(CHF)

ENVIRONMENT

SOCIAL GOVERNANCE

COMMITTMENT

CORPORATE RATING

B-

Quantity 2,504

Estimate 400,379

Acquisition cost 294,147

Book value 294,147

USA

384,085 Mio CHF

8,2 Mia USD 20 %

4,025-0,1 %N.A.

15,30023 % / 20 %

88 %yes

S TOCK PRICE

EVOLUTION AND DIVIDEND(since inception 06.2010)

Carbone Intensity (tonnes CO2e/Mios EUR CA) Yearly GHG emission evolution% waste recycled

No of employees% Women / Management

% independent administrators CEO & President Duality

Global Compact Member of CDP

LIST

ED C

OM

PAN

YE

NV

IRO

NM

EN

TA

L C

HE

MIS

TR

Y

UNIL

ISTE

D C

OM

PAN

Y

54 | ONE CREATION

DYNACOR GOLD MINES

Pure player

Small Cap

% environment

Dynacor distinguishes itself in the Peruvian landscape by the fact that the traceability of the gold is completely guaranteed, from the extraction to the final product through the routing and processing of the ore. It was created in 2016, in partnership with PX Group in La Chaux-de-Fonds, the PX Impact label, which aims to offer the responsible gold market.

INVESTMENT

(since inception 06.2010 ) (CHF)

ENVIRONMENT

SOCIAL

Nbre de collaborateurs % femmes / Direction

GOUVERNANCE

COMMITMENT CORPORATE RATING

N.A.

194,886

251,615

310,123

251,615

Canada

46,766 Mio CHF

26.8 Mio CAD 100 %

N.A.N.A.N.A.

N.A.N.A. / N.A.

N.A.N.A.

Country

Market Capitalisation

Revenues 2017

Carbone Intensity (tonnes CO2e/Mios EUR CA) Yearly GHG emission evolution% waste recycled

Global Compact Member of CDP

% independent administratorsadCEO & President Duality

Quantity

Estimate

Acquisition cost

Book value

EN

VIR

ON

ME

NT

AL

CH

EM

IST

RY

S TOCK PRICE

EVOLUTION AND DIVIDEND

55 | ONE CREATION

JOHNSON MATTHEY

Mix player

Mid Cap

Country

Market Capitalisation

Revenues 2017 % environment

Johnson Matthey is a British company active in Emission Control Technology, Process Technology, Precious Metals and Fine Chemistry Products. It produces, among other things, catalyzers, new generation batteries and fuel cell components.

INVESTMENT

(CHF)

E NVIRONMENT

SOCIAL GOVERNANCE

COMMITMENT

CORPORATE RATING

C

Quantity 8,402

Estimate 340,586

Acquisition cost 305,868

Book value 305,868

Great-Britain

7,914 Mio CHF

12 Mia GBP 66 %

40-2 %N.A.

12,214 25 % / 26 %

67 %no

S TOCK PRICE

EVOLUT ION AND DIVIDEND(since inception 06.2010)

Carbone Intensity (tonnes CO2e/Mios GBP CA) Yearly GHG emission evolution% waste recycled

No of employees% Women / Management

% independent administrators CEO & President Duality

Global Compact Member of CDP

LIST

ED C

OM

PAN

YE

NV

IRO

NM

EN

TA

L C

HE

MIS

TR

Y

56 | ONE CREATION

EN

VIR

ON

ME

NT

AL

CO

NS

UL

TA

NC

Y

RPS GROUP

Leader player Country

Market Capitalisation

Revenues 2017 % environment

RPS Group is a British Advisory company working in the fields of Natural & Built Environment, Energy, Water & Natural Ressources and Strategical Infrastructure.

INVESTMENT

(CHF)

E NVIRONMENT

S OCIAL GOVERNANCE

COMMITMENT

CORPORATE RATING

N.A.

Quantity 33,815

Estimate 121,360

Acquisition cost 114,115

Book value 114,115

Great-Britain

698 Mio CHF

630 Mio GBP

Small Cap

90 %

227 %

N.A.

5'09930 % / N.A.

66 %no

S TOCK PRICE

EVOLUT ION AND DIVIDEND

(since inception 06.2010)

Carbone Intensity (tonnes CO2e/Mios GBP CA) Yearly GHG emission evolution% waste recycled

No of employees% Women / Management

% independent administrators CEO & President Duality

Global Compact Member of CDP

LIST

ED C

OM

PAN

Y

57 | ONE CREATION

SGS

Support player

Large Cap

Country

Market Capitalisation

Revenues 2017 % environment

SGS is the world's leading Inspection, Verification, Testing and Certification company. Based in Switzerland, it operates worldwide and is recognized as the global benchmark for quality and integrity.

INVESTMENT

(CHF)

E NVIRONMENT

S OCIAL GOVERNANCE

COMMITMENT

CORPORATE RATING

C +

Quantity 161

Estimate 409,101

Acquisition cost 332,182

Book value 332,182

Switzerland

18,199 Mio CHF

6,3 Mia CHF 20 %

27.7- 6 %N.A.

95'000N.A / 26 %

90 %no

S TOCK PRICE

EVOLUT ION AND DIVIDEND

(since inception 06.2010)

Carbone Intensity (tonnes CO2e/Mios CHF CA) Yearly GHG emission evolution% waste recycled

No of employees% Women / Management

% independent administrators CEO & President Duality

Global Compact Member of CDP

LIST

ED C

OM

PAN

YE

NV

IRO

NM

EN

TA

L C

ON

SU

LT

AN

CY

58 | ONE CREATION

SWECO

Pure player

Small Cap

Country

Market Capitalisation

Revenues 2017 % environment

Sweco is a Swedish company active in advisory services. Sweco plans and designs cities and infrastructures according the to rules of Sustainability. Its services include Energy Efficiency Strategy, Access to fresh water, Structural Engineering and Climate Change Adapation.It is the European leader in Architecture and Engineering Advisory.

INVESTMENT

(CHF)

E NVIRONMENT

S OCIAL GOVERNANCE

COMMITMENT

CORPORATE RATING

N.A.

Quantity 2'460

Estimate 49'593

Acquisition cost 35'698

Book value 35'698

Swedish

2,407 Mio CHF

16,5 Mio SEK 100 %

N.AN.A..N.A.

14,653N.A. / N.A. 28 %

yes

S TOCK PRICE

EVOLUT ION AND DIVIDEND(since inception 06.2010)

Carbone Intensity (tonnes CO2e/Mios SEK CA) Yearly GHG emission evolution% waste recycled

No of employees% Women / Management

% independent administrators CEO & President Duality

Global Compact Member of CDP

LIST

ED C

OM

PAN

YE

NV

IRO

NM

EN

TA

L C

ON

SU

LT

AN

CY

59 | ONE CREATION

BELIMO

Pure player

Large Cap

Country

Market Capitalisation

Revenues 2017 % environment

Belimo develops, manufactures and sells actuators and valve technology in heating, ventilation and air conditioning systems since 1975. Their equipments allow higher comfort, convenience, security while enhancing the performance of installations. The conceptualisation reduces installation and maintenance costs and lowers energy consumption as well.

INVESTMENT

(CHF)

E NVIRONMENT

S OCIAL GOVERNANCE

COMMITMENT

CORPORATE RATING

D +

Quantity

Estimate 268,758

Acquisition cost 175,027

Book value 175,027

Switzerland

2,565 Mio CHF

535 Mio CHF 100 %

N.A.N.A.N.A.

1'409N.A. / N.A.

100 %no

63

EN

ER

GY

EF

FIC

IEN

CY

S TOCK PRICE

EVOLUT ION AND DIVIDEND

(since inception 06.2010)

Carbone Intensity (tonnes CO2e/Mios CHF CA) Yearly GHG emission evolution% waste recycled

No of employees% Women / Management

% independent administrators CEO & President Duality

Global Compact Member of CDP

LIST

ED C

OM

PAN

Y

60 | ONE CREATION

LEM

Support player

Small Cap

Country

Market Capitalisation

Revenues 2017 % environment

LEM is a Swiss company, working in the fields of Automobile, Industry, Energy and Automation, as well as Traction and Railways Infrastructures. LEM develops, manufactures and supplies, among other things, energy measurement instruments for electric current and voltage.

INVESTMENT

(CHF)

E NVIRONMENT

S OCIAL GOVERNANCE

COMMITMENT

CORPORATE RATING

N.A.

Quantity

Estimate 125,552

Acquisition cost 62,880

Book value 62,880

Switzerland

1,831 Mio CHF

271 Mio CHF 20 %

N.A.N.A.N.A.

1,45356 % / N.A.

N.A.no

76

S TOCK PRICE

EVOLUT ION AND DIVIDEND

(since inception 06.2010)

Carbone Intensity (tonnes CO2e/Mios CHF CA) Yearly GHG emission evolution% waste recycled

No of employees% Women / Management

% independent administrators CEO & President Duality

Global Compact Member of CDP

LIST

ED C

OM

PAN

YE

NE

RG

Y E

FF

ICIE

NC

Y

61 | ONE CREATION

ROTORK

Support player

Small Cap

Country

Market Capitalisation

Revenues 2017 % environment

Rotork is the market leader actuator manufacturer and flow control. Established in every market where the flow of gases or liquids needs to be controled, the company offers maintenance services, repair and upgrade services throughout the lifespan of the installations.

INVESTMENT

(CHF)

E NVIRONMENT

S OCIAL GOVERNANCE

COMMITMENT

CORPORATE RATING

C-

Quantity

Estimate 90,939

Acquisition cost 90,939

Book value 90,939

Great-Britain

3,382 Mio CHF

642 Mio GBP 20 %

2518 %79 %

3,75419 % / 4 %

57 %no

34,580

S TOCK PRICE

EVOLUT ION AND DIVIDEND

(since inception 06.2010)

Carbone Intensity (tonnes CO2e/Mios GBP CA) Yearly GHG emission evolution% waste recycled

No of employees% Women / Management

% independent administrators CEO & President Duality

Global Compact Member of CDP

LIST

ED C

OM

PAN

YE

NE

RG

Y E

FF

ICIE

NC

Y

62 | ONE CREATION

SCHNEIDER ELECTRIC

Support player

Large Cap

Country

Market Capitalisation

Revenues 2017 % environment

Schneider Electric develops connected technolgies and solutions to manage energy and process in ways that are safe, reliable, efficient and sustainable.

INVESTISSEMENT

(CHF)

E NVIRONMENT

S OCIAL GOVERNANCE

COMMITMENT

CORPORATE RATING

B

Quantity

Estimate 371,559

Acquisition cost 335,601

Book value 335,601

France

46,133 Mio CHF

24,7 Mia EUR 20 %

19,1-0,1 %

93 %

143,90131 % / N.A.

69 %yes

4,481

S TOCK PRICE

EVOLUT ION AND DIVIDEND

(since inception 06.2010)

Carbone Intensity (tonnes CO2e/Mios EUR CA) Yearly GHG emission evolution% waste recycled

No of employees% Women / Management

% independent administrators CEO & President Duality

Global Compact Member of CDP

LIST

ED C

OM

PAN

YE

NE

RG

Y E

FF

ICIE

NC

Y

63 | ONE CREATION

SPECTRIS

Support player

Small Cap

Country

Market Capitalisation

Revenues 2017 % environment

Spectris is a leading supplier of productivity-enhancing instrumentation and controls.This British company is active in the following segment : Materials Analysis, Test and Measurement, In-line instrumentation, Industrial Controls.

INVESTMENT

(CHF)

ENVIRONMENT

SOCIAL GOVERNANCE

COMMITMENT

CORPORATE RATING

C

Quantity 7,658

Estimate 257,624

Acquisition cost 228,250

Book value 228,250

Great-Britain

4,228 Mio CHF

1.3 Mia GBP 30 %

34.2-1 %

N.A.

8,56828 % / 13 %

71 %no

S TOCK PRICE

EVOLUT ION AND DIVIDEND

(since inception 06.2010)

Carbone Intensity (tonnes CO2e/Mios GBP CA) Yearly GHG emission evolution% waste recycled

No of employees% Women / Management

% independent administrators CEO & President Duality

Global Compact Member of CDP

LIST

ED C

OM

PAN

YE

NE

RG

Y E

FF

ICIE

NC

Y

64 | ONE CREATION

WASION

Pure player Country

Market Capitalisation

Revenues 2017 % environment

Wasion Group is a leading energy measurement instrument, system and service supplier in China and around the world. It is active in the energy metering and energy-saving.

INVESTMENT

(CHF)

ENVIRONMENT

SOCIAL GOVERNANCE

COMMITMENT

CORPORATE RATING

N.A.

Quantity

Estimate

Acquisition cost

Book value

Hong Kong, China

551 Mio CHF

2,6 Mia RMB

Small Cap

N.A.N.A.N.A.

3,666N.A. / N.A.

42 %

no

100 %

S TOCK PRICE

EVOLUT ION AND DIVIDEND

(since inception 06.2010)

Carbone Intensity (tonnes CO2e/Mios RMB CA) Yearly GHG emission evolution% waste recycled

No of employees% Women / Management

% independent administrators CEO & President Duality

Global Compact Member of CDP

LIST

ED C

OM

PAN

YE

NE

RG

Y E

FF

ICIE

NC

Y

248,100

118,144

125,030

118,144

65 | ONE CREATION

APPLIED MATERIALS

Support player

Large Cap

Country

Market Capitalisation

Revenues 2017 % environment

Applied Materials is the leader in materials engineering solutions used to produce virtually every new chip and advanced display in the world. Their expertise in modifying materials at atomic levels and on an industrial is used for the manufacturing of LCD screens, semi-conductors and solar cells.

INVESTMENT

(CHF)

ENVIRONMENT

SOCIAL GOVERNANCE

COMMITMENT

CORPORATE RATING

C-

Quantity

Estimate

Acquisition cost

Book value

USA

59,372 Mio CHF

14,5 Mia USD 20 %

15.80 %

78 %

14'500N.A. / N.A.

89 %no

RE

NE

WA

BL

E E

NE

RG

IES

S TOCK PRICE

EVOLUT ION AND DIVIDEND

(since inception 06.2010)

Carbone Intensity (tonnes CO2e/Mios USD CA) Yearly GHG emission evolution% waste recycled

No of employees% Women / Management

% independent administrators CEO & President Duality

Global Compact Member of CDP

LIST

ED C

OM

PAN

Y

6,442

320,917

190,161

190,161

66 | ONE CREATION

AVENTRON (Ex-KKB)

Pure player

Small Cap

Country

Market Capitalisation

Revenues 2017 % environment

Aventron is an independent green power producer. The company focuses on the acquisition and the operation of wind, solar and hydro power generation assets in Switzerland and selected countries of Europe.

INVESTMENT

(CHF)

ENVIRONMENT

SOCIAL GOVERNANCE

COMMITMENT

CORPORATE RATING

N.A.

Quantity

Estimate

Acquisition cost

Book value

Switzerland

308 Mio CHF

48.5 Mio CHF 100 %

N.A.N.A.N.A.

5N.A. / N.A.

N.A.no

S TOCK PRICE

EVOLUT ION AND DIVIDEND

(since inception 06.2010)

Carbone Intensity (tonnes CO2e/Mios CHF CA) Yearly GHG emission evolution% waste recycled

No of employees% Women / Management

% independent administrators CEO & President Duality

Global Compact Member of CDP

LIST

ED C

OM

PAN

YR

EN

EW

AB

LE

EN

ER

GIE

S

28,294

249,836

250,245

249,836

67 | ONE CREATION

KYOCERA

Support player Large Cap Country

Market Capitalisation

Revenues 2017 % environment

Kyocera is a Japanese company active in the following industries: Fine Ceramic Components, Semi-Conductors, Electronical Devices, Information Systems and Teclecommunication Services.

INVESTMENT

(CHF)

ENVIRONMENT

SOCIAL GOVERNANCE

COMMITMENT

CORPORATE RATING

C-

Quantity

Estimate

Acquisition cost

Book value

Japan

20,445 Mio CHF

1,422 Mia YEN 40 %

N.A.

N.A.

70,153N.A. / N.A.

13 %no

S TOCK PRICE

EVOLUT ION AND DIVIDEND

(since inception 06.2010)

Carbone Intensity (tonnes CO2e/Mios YEN CA) Yearly GHG emission evolution% waste recycled

No of employees% Women / Management

% independent administrators CEO & President Duality

Global Compact Member of CDP

LIST

ED C

OM

PAN

YR

EN

EW

AB

LE

EN

ER

GIE

S

5,811

370,634

297,145

297,145

N.A.

68 | ONE CREATION

NIBE

Mix player

Mid Cap Country

Market Capitalisation

Revenues 2017 % environment

Nibe is a global Group that contributes to a smaller carbon footprint and better utilisation of energy. It is active in the manufacturing of products for domestic and commercial use. The company offers a wide array of products for measurement and control of heat and improvement of energy efficiency.

INVESTMENT

(CHF)

ENVIRONMENT

SOCIAL GOVERNANCE

COMMITMENT

CORPORATE RATING

C

Quantity

Estimate

Acquisition cost

Book value

Sweden

4,719 Mio CHF

19 Mia SEK 62 %

1.1764 %

74%

11,86938 %/ N.A.

83 %non

S TOCK PRICE

EVOLUT ION AND DIVIDEND

(since inception 06.2010)

Carbone Intensity (tonnes CO2e/Mios SEK CA) Yearly GHG emission evolution% waste recycled

No of employees% Women / Management

% independent administrators CEO & President Duality

Global Compact Member of CDP

LIST

ED C

OM

PAN

YR

EN

EW

AB

LE

EN

ER

GIE

S

25,532

238,856

186,795

186,795

69 | ONE CREATION

BADGER METER

Mix player

Small Cap Country

Market Capitalisation

Revenues 2017 % environment

Badger Meter is a global leader in the innovation, manufacturing and sales of Products of Measure and Control as well as Communication Solutions. Founded in 1905, 75% of its instruments are used to measure water. Their products are high-precision and long-lasting.

INVESTMENT

(CHF)

ENVIRONMENT

SOCIAL GOVERNANCE

COMMITMENT

CORPORATE RATING

D-

Quantity

Estimate

Acquisition cost

Book value

USA

1,367 Mio CHF

393 Mio USD 77 %

N.A.N.A.N.A.

1,562N.A. / 30 % 89 %

yes

WA

TE

R M

AN

AG

EM

EN

T

S TOCK PRICE

EVOLUT ION AND DIVIDEND

(since inception 06.2010)

Carbone Intensity (tonnes CO2e/Mios USD CA) Yearly GHG emission evolution% waste recycled

No of employees% Women / Management

% independent administrators CEO & President Duality

Global Compact Member of CDP

LIST

ED C

OM

PAN

Y

2,911

135,597

76,103

76,103

70 | ONE CREATION

DANAHER

Support player

Large Cap

Country

Market Capitalisation

Revenues 2017 % environment

Danaher is an American conglomerate, regrouping twenty-some companies active worldwide in Sciences & Technologies. Amongst their activities, one can name the fields of Diagnosis, Dental care & Environmental Solutions.

INVESTMENT

(CHF)

ENVIRONMENT

SOCIAL GOVERNANCE

COMMITMENT

CORPORATE RATING

D +

Quantity

Estimate

Acquisition cost

Book value

USA

65,312 Mio CHF

18,3 Mia USD 22 %

N.A.N.A.N.A.

62,000N.A. / 9 %

73 %no

S TOCK PRICE

EVOLUT ION AND DIVIDEND

(since inception 06.2010)

Carbone Intensity (tonnes CO2e/Mios USD CA) Yearly GHG emission evolution% waste recycled

No of employees% Women / Management

% independent administrators CEO & President Duality

Global Compact Member of CDP

LIST

ED C

OM

PAN

YW

AT

ER

MA

NA

GE

ME

NT

4,251

384,516

269,321

269,321

71 | ONE CREATION

GEBERIT

Mix player

Large Cap

Country

Market Capitalisation

Revenues 2017 % environnement

The globally operating Geberit Group is a European leader in the field of sanitary products. Its activities entail hydraulic, drinking water hygiene, soundproofing and materials technologies. Ecoconception is integrated in the development process of every products of the Group.

INVESTMENT

(CHF)

ENVIRONMENT

SOCIAL GOVERNANCE

COMMITMENT

CORPORATE RATING

B

Quantity

Estimate

Acquisition cost

Book value

Switzerland

15,766 Mio CHF

2,8 Mia CHF 40 %

89- 8 %74 %

11,59224 % / 0 %

83 %no

S TOCK PRICE

EVOLUT ION AND DIVIDEND

(since inception 06.2010)

Carbone Intensity (tonnes CO2e/Mios CHF CA) Yearly GHG emission evolution% waste recycled

No of employees% Women / Management

% independent administrators CEO & President Duality

Global Compact Member of CDP

LIST

ED C

OM

PAN

YW

AT

ER

MA

NA

GE

ME

NT

812

348,429

306,052

306,052

72 | ONE CREATION

HALMA

Support player

Mid Cap

Country

Market Capitalisation

Revenues 2017 % environment

HALMA is a conglomerate comprised of twenty-some companies that focus on Life Protection and Improvement of life Quality for beings around the world. It is divided into 4 main segments: Process Safety, Infrastructure Safety, Medical and Environmental & Analysis.

INVESTMENT

(CHF)

ENVIRONMENT

SOCIAL GOVERNANCE

COMMITMENT

CORPORATE RATING

C -

Quantity

Estimate

Acquisition cost

Book value

Great-Britain

5,941 Mio CHF

962 Mio GBP 23 %

20-7 %

N.A.

5,80141 % / 12 %

60 %no

S TOCK PRICE

EVOLUT ION AND DIVIDEND

(since inception 06.2010)

Carbone Intensity (tonnes CO2e/Mios GBP CA) Yearly GHG emission evolution% waste recycled

No of employees% Women / Management

% independent administrators CEO & President Duality

Global Compact Member of CDP

LIST

ED C

OM

PAN

YW

AT

ER

MA

NA

GE

ME

NT

8,359

138,843

100,995

100,995

73 | ONE CREATION

KUBOTA

Support player

Mid Cap

Country

Market Capitalisation

Revenues 2017 % environment

Kobuta is a Japanese company active in the fields of Agriculture and Water. It offers a compete range of Agricultural products and Water treatment Solutions, from engineering to construction, through maintenance.

INVESTMENT

(CHF)

ENVIRONMENT

SOCIAL GOVERNANCE

COMMITMENT

CORPORATE RATING

N.A.

Quantity

Estimate

Acquisition cost

Book value

Japan

21,090 Mio CHF

1,596 Mio YEN 20 %

0.4-10 %53 %

38,291N.A. / N.A.

22 %yes

S TOCK PRICE

EVOLUT ION AND DIVIDEND

(since inception 06.2010)

Carbone Intensity (tonnes CO2e/Mios YEN CA) Yearly GHG emission evolution% waste recycled

No of employees% Women / Management

% independent administrators CEO & President Duality

Global Compact Member of CDP

LIST

ED C

OM

PAN

YW

AT

ER

MA

NA

GE

ME

NT

21,100

403,299

282,145

282,145

74 | ONE CREATION

SOUND GLOBAL

Pure player

Small Cap

Country

Market Capitalisation

Revenues 2017 % environment

Sound Global is a leading one-stop integrated water and wastewater treatment solutions in China. It offers technologies and services covering the full value chain of the water and wastewater treatment industry from the design and construction of facilities, it designs tailor-made solutions for Water Projects at the industrial, municipal or rural level.

INVESTMENT

(CHF)

ENVIRONMENT

SOCIAL GOVERNANCE

COMMITMENT

CORPORATE RATING

N.A.

Quantity 93,900

Estimate 36,681

Acquisition cost 37,943

Book value 36,681

Singapore

556 Mio CHF

N.A. 100 %

N.A.N.A.N.A.

N.A.N.A. / N.A.

N.A.N.A.

S TOCK PRICE

EVOLUT ION AND DIVIDEND

(since inception 06.2010)

Carbone Intensity (tonnes CO2e/Mios HKD CA) Yearly GHG emission evolution% waste recycled

No of employees% Women / Management

% independent administrators CEO & President Duality

Global Compact Member of CDP

LIST

ED C

OM

PAN

YW

AT

ER

MA

NA

GE

ME

NT

This company is temporarily suspended from listing. Nevertheless, it continues its commercial activity. The position will be sold as soon as the quotation resumes.

75 | ONE CREATION

WATTS WATER TECHNOLOGIES

Support player Country

Market Capitalisation

Revenues 2017 % environnement

Watts Water Technologies is an American conglomerate active in the field of Water. Through its subsidiaries, it provides plumbing, heating and water quality solutions for residential, industrial, municipal and commercial settings.

INVESTMENT

(CHF)

ENVIRONMENT

SOCIAL GOVERNANCE

COMMITMENT

CORPORATE RATING

D +

Quantity

Estimate

Acquisition cost

Book value

USA

2,490 Mio CHF

1,4 Mia USD

Small Cap

20 %

N.A.N.A.N.A.

4,800N.A. / N.A.

78 %no

S TOCK PRICE

EVOLUT ION AND DIVIDEND

(since inception 06.2010)

Carbone Intensity (tonnes CO2e/Mios USD CA) Yearly GHG emission evolution% waste recycled

No of employees% Women / Management

% independent administrators CEO & President Duality

Global Compact Member of CDP

LIST

ED C

OM

PAN

YW

AT

ER

MA

NA

GE

ME

NT

1,666

123,306

87,425

87,425

76 | ONE CREATION

AURUBIS

Support player

Small Cap

Country

Market Capitalisation

Revenues 2017 % environment

Aurubis is the leading integrated cooper group and the world's largest copper recycler. It has been supplier of high-purity copper for 150 years. The company is active in the primary production of copper and other precious metals as well as in the recycling of secondary raw materials until its transformation into end products. This metal is in high demand in emerging technologies and is thus a key component of our modern society.

INVESTMENT

(CHF)

ENVIRONMENT

SOCIAL GOVERNANCE

COMMITMENT

CORPORATE RATING

B -

Quantity

Estimate

Acquisition cost

Book value

Germany

3,507 Mio CHF

11 Mia EUR 20 %

173N.A.N.A.

6,32112% / 0 %

100 %no

WA

ST

E M

AN

AG

EM

EN

T

S TOCK PRICE

EVOLUT ION AND DIVIDEND

(since inception 06.2010)

Carbone Intensity (tonnes CO2e/Mios EUR CA) Yearly GHG emission evolution% waste recycled

No of employees% Women / Management

% independent administrators CEO & President Duality

Global Compact Member of CDP

LIST

ED C

OM

PAN

Y

1,435

130,272

72,145

72,145

77 | ONE CREATION

MATSUDA SANGYO

Mix player

Small Cap

Country

Market Capitalisation

Revenues 2017 % environment

Matsuda Sangyo is a Japanese company active in two business segments: Precious Metals and Food. Its precious metals activities entail recycling of silver embedded into photosensitive materials, collecting and transporting industrial waste as well as intermediary treatment and recycling of acid and alkaline waste.

INVESTMENT

(CHF)

ENVIRONMENT

SOCIAL GOVERNANCE

COMMITMENT

CORPORATE RATING

D

Quantity

Estimate

Acquisition cost

Book value

Japan

472Mio CHF

163 Mia YEN 64 %

0.9- 1.4 %

N.A.

1,133N.A. / N.A.

13 %yes

S TOCK PRICE

EVOLUT ION AND DIVIDEND

(since inception 06.2010)

Carbone Intensity (tonnes CO2e/Mios YEN CA) Yearly GHG emission evolution% waste recycled

No of employees% Women / Management

% independent administrators CEO & President Duality

Global Compact Member of CDP

LIST

ED C

OM

PAN

Y

LIST

ED C

OM

PAN

YW

AS

TE

MA

NA

GE

ME

NT

9,000

144,423

123,778

123,778

78 | ONE CREATION

TOMRA

Pure player Country

Market Capitalisation

Revenues 2017 % environment

Tomra is a Norwegian company active in the conception of waste sorting instruments, in the establishment of waste collection networks and in the recycling of tin cans and plastic and glass bottles.

INVESTMENT

(CHF)

ENVIRONMENT

SOCIAL GOVERNANCE

COMMITMENT

CORPORATE RATING

B -

Quantity

Estimate

Acquisition cost

Book value

Norway

2,460 Mio CHF

6,6 Mia NOK

Small Cap

100 %

3.4- 2 %N.A.

2,700

18 % / 22 %57 %

no

WA

ST

E M

AN

AG

EM

EN

T

S TOCK PRICE

EVOLUT ION AND DIVIDEND

(since inception 06.2010)

Carbone Intensity (tonnes CO2e/Mios NOK CA) Yearly GHG emission evolution% waste recycled

No of employees% Women / Management

% independent administrators CEO & President Duality

Global Compact Member of CDP

LIST

ED C

OM

PAN

Y

LIST

ED C

OM

PAN

Y

8,996

140,941

94,195

94,195

JOHNSON CONTROLS

Support player

Large Cap

Country

Market Capitalisation

Revenues 2017 % environment

Johnson Controls is an American company divided into three business segments: Buildings, Batteries and Energy Distribution and Storage.

INVESTMENT

(CHF)

ENVIRONMENT

SOCIAL GOVERNANCE

COMMITMENT

CORPORATE RATING

C +

Quantity

Estimate

Acquisition cost

Book value

USA

12,601 Mio CHF

30 Mia USD 20 %

1211 %

53 %

121,00029 % / 30 %

90 %yes

EN

VIR

ON

ME

NT

AL

LY

FR

IEN

DL

Y M

AT

ER

IAL

S

S TOCK PRICE

EVOLUT ION AND DIVIDEND

(since inception 06.2010)

Carbone Intensity (tonnes CO2e/Mios USD CA) Yearly GHG emission evolution% waste recycled

No of employees% Women / Management

% independent administrators CEO & President Duality

Global Compact Member of CDP

LIST

ED C

OM

PAN

YLI

STED

CO

MPA

NY

LIST

ED C

OM

PAN

Y

LIST

ED C

OM

PAN

Y

9,243

343,268

333,681

333,681

79 | ONE CREATION

80 | ONE CREATION

MAYR-MELNHOF KARTON

Mix player

Small Cap

Country

Market Capitalisation

Revenues 2017 % environment

The Mayr-Melnhof group is a global leader in recycled cardboard. Its activities are divided into two segments: MM Karton and MM Packaging. This company, created over a century ago, is committed to offer environmental benefits to its customers.

INVESTMENT

(CHF)

ENVIRONMENT

SOCIAL GOVERNANCE

COMMITMENT

CORPORATE RATING

D +

Quantity 736

Estimate 79'451

Acquisition cost 77'366

Book value 77'366

Austria

2,960Mio CHF

2.2 Mia EUR 45 %

N.A.N.A.N.A.

9,927N.A. / N.A.

N.A.N.A.

S TOCK PRICE

EVOLUT ION AND DIVIDEND

(since inception 06.2010)

Carbone Intensity (tonnes CO2e/Mios EUR CA) Yearly GHG emission evolution% waste recycled

No of employees% Women / Management

% independent administrators CEO & President Duality

Global Compact Member of CDP

LIST

ED C

OM

PAN

YE

NV

IRO

NM

EN

TA

LL

Y F

RIE

ND

LY

MA

TE

RIA

LS

81 | ONE CREATION

ST-GOBAIN

Support player

Large Cap

Country

Market Capitalisation

Revenues 2016 % environment

Saint-Gobain is a French company active in the conception, manufacturing and sales of Materials and Solutions for the well-being in Housing and daily life. Their products are destined to be used in buildings, transports, infrastructures or industries, they are conceived to enhance confort, performance and safety and to meet the challenges of sustainable construction.

INVESTMENT

(CHF)

ENVIRONMENT

SOCIAL GOVERNANCE

COMMITMENT

CORPORATE RATING

C +

Quantity 5'149

Estimate 244'274

Acquisition cost 287'184

Book value 244'274

France

29,531 Mio CHF

39 Mia EUR 25 %

3320 %

N.A.

172,69622 % / 13 %

41 %yes

S TOCK PRICE

EVOLUT ION AND DIVIDEND

(since inception 06.2010)

Carbone Intensity (tonnes CO2e/Mios EUR CA) Yearly GHG emission evolution% waste recycled

No of employees% Women / Management

% independent administrators CEO & President Duality

Global Compact Member of CDP

LIST

ED C

OM

PAN

YE

NV

IRO

NM

EN

TA

LL

Y F

RIE

ND

LY

MA

TE

RIA

LS

82 | ONE CREATION

UMICORE

Mix player

Large Cap

Country

Market Capitalisation

Revenues 2017 % environment

Umicore is a worldwide group specialised in Materials and Reycling Technologies. The group focuses on those domains where its expertise in material science, chemistry and mettalurgy makes the difference. Its activities comprise three main business segments: Catalysis, Energy & Surface Technologies et Recycling.

INVESTMENT

(CHF)

ENVIRONMENT

SOCIAL GOVERNANCE

COMMITMENT

CORPORATE RATING

B -

Quantity

Estimate

Acquisition cost

Book value

Belgium

11,381 Mio CHF

2.6 Mia EUR 75 %

714 %

16 %

9,92122 % / 14 %

56 %no

S TOCK PRICE

EVOLUT ION AND DIVIDEND

(since inception 06.2010)

Carbone Intensity (tonnes CO2e/Mios EUR CA) Yearly GHG emission evolution% waste recycled

No of employees% Women / Management

% independent administrators CEO & President Duality

Global Compact t Member of CDP

LIST

ED C

OM

PAN

YE

NV

IRO

NM

EN

TA

LL

Y F

RIE

ND

LY

MA

TE

RIA

LS

8,295

382,975

222,063

222,063

83 | ONE CREATION

CSX

Pure player Country

Market Capitalisation

Revenues 2017 % environment

CSX Corporation is one of America's leading transporation suppliers. It has developped a large network and offers intermodal transport solutions (road-to-rail). CSX is active in freight transport for a large number of industries such as agricultural products, cars, forest products, waste, etc.

INVESTMENT

(CHF)

ENVIRONMENT

SOCIAL GOVERNANCE

COMMITMENT

CORPORATE RATING

C +

Quantity

Estimate

Acquisition cost

Book value

USA

47,724 Mio CHF

11.4 Mia USD

Large Cap

100 %

452- 10 %

41%

28,3406 % / 56 %

92 %oui

EC

O-F

RIE

ND

LY

TR

AN

SP

OR

TA

TIO

N

S TOCK PRICE

EVOLUT ION AND DIVIDEND

(since inception 06.2010)

Carbone Intensity (tonnes CO2e/Mios EUR CA) Yearly GHG emission evolution% waste recycled

No of employees% Women / Management

% independent administrators CEO & President Duality

Global Compact Member of CDP

LIST

ED C

OM

PAN

Y

7,107

380,986

271,462

271,462

84 | ONE CREATION

RICARDO

Mix player Country

Market Capitalisation

Revenues 2017 % environment

INVESTMENT

(CHF)

ENVIRONMENT

SOCIAL GOVERNANCE

COMMITMENT

CORPORATE RATING

N.A.

Quantity

Estimate

Acquisition cost

Book value

Great-Britain

688 Mio CHF

366 Mio GBP

Small Cap

46 %

52- 18 %

N.A.

2,71820 % / 12 %

62 %no

Ricardo is a British company active in Environmental and Technical Consultancy. Its industrial expertise makes it a niche manufacturer of high performance products in the fields of Tranportation, Energy and Scarce Ressources.

S TOCK PRICE

EVOLUT ION AND DIVIDEND

(since inception 06.2010)

Carbone Intensity (tonnes CO2e/Mios EUR CA) Yearly GHG emission evolution% waste recycled

No of employees% Women / Management

% independent administrators CEO & President Duality

Global Compact Member of CDP

LIST

ED C

OM

PAN

YE

CO

-FR

IEN

DL

Y T

RA

NS

PO

RT

AT

ION

11,766

137,618

93,339

93,339

85 | ONE CREATION

SHIMANO

Leader player Country

Market Capitalisation

Revenues 2017 % environment

INVESTMENT

(CHF)

ENVIRONMENT

SOCIAL GOVERNANCE

COMMITMENT

CORPORATE RATING

B -

Quantity

Estimate

Acquisition cost

Book value

Japan

12,665 Mio CHF

335 Mia YEN

Large Cap

80 %

N.A.N.A.N.A.

11,908N.A. / N.A.

13 %yes

Shimano is a Japanese company which develops, manufactures and supply various components destined for Cycling and Fishing.

S TOCK PRICE

EVOLUT ION AND DIVIDEND

(since inception 06.2010)

Carbone Intensity (tonnes CO2e/Mios YEN CA) Yearly GHG emission evolution% waste recycled

No of employees% Women / Management

% independent administrators CEO & President Duality

Global Compact Member of CDP

LIST

ED C

OM

PAN

YE

CO

-FR

IEN

DL

Y T

RA

NS

PO

RT

AT

ION

2,820

386,659

342,146

342,146

86 | ONE CREATION

UNION PACIFIC

Pure player Country

Market Capitalisation

Revenues 2017 % environment

INVESTMENT

(CHF)

ENVIRONMENT

SOCIAL GOVERNANCE

COMMITMENT

CORPORATE RATING

C +

Quantity

Estimate

Acquisition cost

Book value

USA

97,781 Mio CHF

19.9 Mia USD

Large Cap

100 %

535- 8 %

0 %

43,0006 % / 19 %

90%yes

Union Pacific Corporation is one of the transportation company leaders in America. Its railroad division serves 23 American States, representing 2/3 of the territory. Its network provides critical links in the national and international value chain, allowing product delivery to be carried out in a reliable, effective, fuel efficient and environmentally friendly manner.

S TOCK PRICE

EVOLUT ION AND DIVIDEND

(since inception 06.2010)

Carbone Intensity (tonnes CO2e/Mios USD CA) Yearly GHG emission evolution% waste recycled

No of employees% Women / Management

% independent administrators CEO & President Duality

Global Compact Member of CDP

LIST

ED C

OM

PAN

YE

CO

-FR

IEN

DL

Y T

RA

NS

PO

RT

AT

ION

3,398

444,052

329,950

329,950

87 | ONE CREATION

DEPsys

Country

Share capital

INVESTMENT

(CHF)

Switzerland, Yverdon

121,774 CHF

DEPsys is a Swiss start-up that has developped a "real time" evolutive platform for the control and the management of low-voltage grid. Their flagship product, the GridEye, is a modular solution desined for Smart Grid usage, equipped with sensors and smart actuators spread out the electrical network. The GridEye measures, quantify and communicate the data (alerts, defects, breaches, statistics, etc.) from the field.

Quantity 8,200

Acquisition cost

Book value 505,585

505,858

One-platform

A sample neighbourhood

equipped with the GridEye

UNLI

STED

CO

MPA

NY

EN

ER

GY

EF

FIC

IEN

CY

Year of foundation 2012

88 | ONE CREATION

H. GLASS (Ex. G2E - GLASS 2 ENERGY)

Country

Share capital

INVESTMENT

(CHF)

Switzerland, Villaz-St-Pierre

23,458,000 CHF

G2e is a Swiss company active in the design, engineering, manufacturing, marketing and sale of a new type of transparent and coloured solar cells.

The company produced solar cells base on the DSC (Dye Sensitized solar Cells) technology, which has been developped by Professor Michael Graetzel at the EPFL in Lausanne, Switzerland. This technology is often compared to a kind of articial photosynthesis. In order to replicate this photosynthesis, a chemical process is carried out, replacing the conventional use of silicium in solar cells. G2e has establised a unique manufacturing process which encapsulates the chemical component into glass. A major outcome of this technology is the BIPV (Building-integrated photovoltaic), namely the possibility to integrate the photovoltaic at the time of construction.

Quantity 18,090

Acquisition cost

Book value 180,900

262,610

Application to street furniture:76 modules installed inOuchy, Switzerland.

&UN

LIST

ED C

OM

PAN

YR

EN

EW

AB

LE

EN

ER

GIE

SE

NV

IRO

NM

EN

TA

LL

Y F

RIE

ND

LY

MA

TE

RIA

LS

89 | ONE CREATION

MCE-5 DEVELOPMENT

Country

Share capital

France, Lyon

1'655'851 EUR

MCE-5 is a French company active in the conception, manufacturing and marketing of automobile engines which optimise their yield, their performance and their pollutant emissions.

The company has developped a VCR technology (variable compression ratio) for car engines, that allows, among other things, to adapt the volume of the combustion chamber to the mass of gas present in it. It hence optimises the performance, the yield and reduces CO2 emissions.

Variable compression ratio VCRi Technology by MCE-5 DEVELOPMENT

INVESTMENT

(CHF)

Quantity 12,420

Acquisition cost

Book value 576,948

576,948

UNLI

STED

CO

MPA

NY

EN

ER

GY

EF

FIC

IEN

CY

EC

O-F

RIE

ND

LY

TR

AN

SP

OR

TA

TIO

N&

Year of foundation 2000

90 | ONE CREATION

Photovoltaique plant

Building Nestlé Entre-deux-Villes

230,555 CHF

98 kWp

Localisation

Acquisition cost

Power

Number of PV panels

Entry into service

377

September 2015

INFR

ASTR

UCTU

RER

EN

EW

AB

LE

EN

ER

GIE

S

Expected annuel return 1000,000 kWh

91 | ONE CREATION

SWISS HYDROGEN

Switzerland

6,130,000 CHF..

2008

SWISS HYDROGEN develops cleantech solutions for a wide variety of applications, all with hydrogen as the common denominator. When produced with renewable energy, hydrogen becomes the best clean energy carrier; it can be stored without waste and produces zero emission electricity.

SOCI

ÉTÉ

NO

N C

O TÉE

Quantity 8,200

Acquisition cost

Book value 505,585

505,858

(CHF)

INVESTISSEMENT

Qualifying 607,022

71,877Fiduciary deposit

RE

NE

WA

BL

E E

NE

RG

IES

UNLI

STED

CO

MPA

NY

Country

Share capital

Year of foundation

92 | ONE CREATION

TYRE RECYCLING SOLUTION - TRS

Country

Share capital

INVESTMENT

(CHF)

Switzerland, Gland

725'721 CHF

TRS is a swiss company active in the tyre recycling. Its objective is to enhance the value of this type of waste by turning it back into a marketable and sustainable ressource.

In order to reach this target, the company has developped several patented technologies, covering every step of the recycling process until the obtention of a raw material, namely, micronised and devulcanized rubber powder holding unique surface properties. This powder can subsequently be reintroduced into high-quality products.

Quantity 154'592

Acquisition cost

Book value 580'005

580'005

UNLI

STED

CO

MPA

NY

EN

VIR

ON

ME

NT

AL

CH

EM

IST

RY

W

AS

TE

MA

NA

GE

ME

NT

&

Year of foundation 2013

94

FINANCIAL STATEMENTS BALANCE SHEET AT 31 DECEMBER 2017 (with 2016 comparative figures) (expressed in CHF)

ASSETS 

Notes 2017 2016 

 CURRENT ASSETS

Cash  4  2,271,754  3,428,532 

Prepaid expenses      32,906    _  60,355 

Total current assets  2,304,660  3,488,888 

NON‐CURRENT ASSETS 

Marketable securities, net  5/12  7,368,432  5,658,403 

Investments  6  1,816,365  1,391,224 

Convertible loans  7  10,652  19,445 

Investment in infrastructures     216,947     226,553 

Total non‐current assets  9,412,396  7,295,625 

TOTAL ASSETS  11,717,056  10,784,513 

LIABILITIES 

CURRENT LIABILITIES 

Other current liabilities  23,163  28,254 

Accrued expenses and short‐term provisions    170,634  81,914 

Total current liabilities     193,797     110,168 

Total liabilities     193,797     110,168 

EQUITY 

Share capital  8  10,910,000  10,210,000 

Legal reserve from profit allocation  97,585  59,921 

Retained earnings    515,674    407,424 

Total  equity  11,523,259  10,674,345 

TOTAL LIABILITIES 11,717,056 10,784,513 

95

PROFIT & LOSS STATEMENT FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2017 (with 2016 comparative figures) (expressed in CHF)

 Notes     2017         2016 

INCOME 

Income from securities  9 138,020 160,272 

Financial income  120  134 

Issuance commissions  21,000  33,000 

Capital gains on securities  944,099  563,867 

Infrastructure income  19,752    8,584 

Extraordinary, non‐recurring or prior period income 

    9,745     ‐ 

Total income  1,132,736  765,857 

EXPENDITURES 

Professional fees  10  282,747  173,099 

Banking charges and interest  32,974  45,586 

Stamp duty  7,000  11,000 

Amortization of incorporation costs  132,924  6,011 

Infrastructure operating expenses   1,083  1,640 

Depreciation of infrastructure  9,607  4,003 

Extraordinary, non‐recurring or prior period costs 

13     1,595       ‐ 

Total expenditures 467,929  241,339 

Annual profit before tax 664,806  524,518 

Income and capital taxes 149,353  117,878 

ANNUAL PROFIT 515,453  406,641 

RETAINED EARNINGS, at beginning of year 407,424  253,553 

Dividend (366,539)  (228,000) 

Allocation to legal reserve from profit allocation (40,664)  (24,770) 

RETAINED EARNINGS, at end of year      515,674      407,424  

96

NOTES

FOR FINANCIAL YEAR ENDED 31 DECEMBER 2017

(with 2016 comparative figures) (expressed in CHF)

1. GENERAL

The Cooperative ONE CREATION was founded on June 7th 2010 and has its registered office in Vevey, Switzerland. Its purpose is to promote or guarantee, through joint action, the specific economic interests of its members, by encouraging applied research in environmental protection and preservation of natural resources, as well as supporting the development of technologies that ensure a respectful economic progress of the nature.

2. SUMMARY OF ACCOUNTING PRINCIPLES ADOPTED

Accounting basis - The financial statements are presented in accordance with the provisions of the Swiss Code of Obligations. Only the annual financial statements approved by the Annual General Meeting are legally binding.

Securities - Listed marketable securities are valued at the lower of the acquisition cost or stock market value.

Investments - Investments are valued at acquisition cost, less adjustment for impairment, if appli-cable.

Investment in infrastructures – Infrastructures are stated in the balance sheet at their acquisition value, after deducting depreciation commanded by circumstances. Depreciation is determined over the foreseeable lifetime of the installations of 24 years and calculated by the straight line method.

3. NUMBER OF STAFF

The Company has no employee.

4. CASH

Cash amounts to CHF 2,271,754 (2016 – CHF 3,428,532). Dividends received, part of the proceeds from sales as well as part of the share capital are invested in money market funds of daily liquidity waiting for future investments

5. MARKETABLE SECURITIES, NET

     2017  2016 

Listed securities at acquisition cost 

Provision for capital losses 

7,461,179 

(92,748) 

5,884,229 

(225,826) 

Marketable securities, net   7,368,432  5,658,403 

97

6. INVESTMENTS

MCE – 5 Development SA, Lyon - France, created in January 2000, this company is active in the development, manufacture and sale of car engines to optimise their efficiency, performance and polluting emissions. Its social capital amounts to EUR 1,655,851.

The participation of EUR 353,760 was increased by a conversion of options in December 2017 for an amount of EUR 130,080. This subscription was made at a unit price of EUR 24.00 per share (privilege related to our "historical" investor status), with a valuation in effect of EUR 78.11 per share, as of March 2016.

H. Glass (ex-G2e glass 2 energy SA), Villaz-Saint-Pierre, Fribourg, is active in the development, manufacture and sale of solar cells incorporating dyes, and their integration in buildings and in other applications. Created in 2011, g2e glass2energy has changed its name to become H Glass. Its share capital amounts to CHF 23,458,000. The participation amounts to 18,090 shares, valued at the last issue price, ie CHF 10 per share.

DEPsys SA, Puidoux, is a Swiss technology enterprise created in 2012 which aims to become established as an opinion leader in the electricity market. It provides innovative solutions which enable traditional low voltage electricity grids to master the constraints of decentralized production of renewable energy sources such as photovoltaic installations or wind turbines as well as batteries. The share capital is CHF 121,744.

The participation amounts to 8,200 shares, valued at the last issue price of CHF 84.32 per share in December 4th 2017.

Tyre Recycling Solutions SA (TRS), Gland, Vaud, is active in the recycling of used tyres. The three components of the tyre, i.e. fibers, metal and rubber, are separated by water spray. The recovered metal is sold as scrap and the fibers for insulation uses. The rubber for its part is reduced to the stateof micronized powder and devulcanized with unique surface properties which enable it to be reincorporated into high quality products. Created in 2013, its share capital is CHF 725,721.40. The participation amounts to 154,592 shares, valued at the last issue price in 15.12.2017 of CHF 3.11 per share.

Stevia Growers SA International SCA, Luxembourg. ONE CREATION’s Board of Directors decided to write down the investment at CHF 1.00.

Company QuantityHolding &

voting rightCurrency Fair value

Acquisit ion cost

Provision 2017

Book value

MCE - 5 Developement SA 12'420 0.15% CHF 1'156'813 576'948 576'948

TOTAL CHF 1'156'813 576'948 576'948

H.Glass (ex-G2e glass 2 energy SA) 18'090 0.77% CHF 180'900 262'610 180'900

TOTAL CHF 180'900 262'610 180'900

DEPsys SA 8'200 6.73% CHF 690'969 505'858 505'858

Tyre Recycling Solutions SA 154'592 2.1% CHF 480'781 580'006 99'225 480'781

Stevia Growers SA International SCA 4'961 < 1% CHF 1 121'647 1

Swiss Hydrogen (Fiduciary deposit following the sale in 12.2017) 71'877

TOTAL CHF 1'171'751 1'207'511 1'058'517

TOTAL UNLISTED COMPANIES CHF 2'509'464 2'047'069 1'816'365

Start-up early- stage

Sociétés non cotées

Start-up confirmée

98

Swiss Hydrogen, Fribourg, specializes in the design and production of energy management and control solutions in fuel cell systems dedicated to mobility. A stake of CHF 500,000 was taken in January 2017. In December 2017, the French conglomerate Plastic Omnium acquired Swiss Hydrogen. ONE CREATION sold its stake in the company for CHF 607,022. The purchase agreement retains CHF 71,877 which is placed in an escrow account. The latter will be reimbursed in part in 18 months, and in part in 3 years, if no breach of the contract is to report.

7. CONVERTIBLE LOANS

Tyre Recycling Solutions SA (TRS)

In May 2017, One Creation invested in a convertible bond for an amount of CHF 10,652. On December 31, 2017 One Creation received an interest rate of 15% accrued over 219 days. In January 2018, the bond has been converted in 10,049 shares.

8. SHARE CAPITAL

The share capital is made up of 1,091 shares of CHF 10,000 (2016: 1,021 shares of CHF 10,000).

9. INCOME FROM SECURITIES

Income from securities consists of dividends distributed by listed companies in which the cooperative holds units. For the unlisted investments, the revenues were constituted by the interest received on the convertible loan granted to the company TRS.

10. PROFESSIONAL FEES

Professional fees include: 

2017  2016 

Miscellaneous fees  10,908  11,831 

General Meeting and marketing costs  38,611  31,159 

Board of Directors fees  1,354   ‐ 

Audit and related services  17,700 16,160 

Advisory and operational management fees    156,550 55,531 

Board of Directors         57,624  58,418 

Total  282,747       173,099 

  99  

11. CALCULATION OF SHARE VALUE

The value of a corporate share is calculated as follows:

  

Share capital 

                    2017 

 10'910’000 

2016 

       10,210,000 

Legal reserve from profit alloca‐

tion  Retained earnings 

97,585 

515,674 

              56,921 

407,424 

Equity  11,523,259        10,674,345 

Number of shares recorded in the members, register  1,091  1,021 

 Corporate share value 

  10'562 

  10,455 

 

12. EVENTS SINCE THE BALANCE SHEET REPORTING DATE

No significant event has occurred since the balance sheet date.

13. PREVIOUS AND EXTRAORDINARY EXPENSES

The charge of CHF 1,595 represents the provision for the photovoltaic production in November and December 2016 which was higher compared to what was actually re-ceived in 2017.

14. MARKETABLE SECURITIES ON 31.12.2017

100

INVESTMENTS ON 31.12.2017

Quantity Description Currency AssessmentAcquisition

valueBook value

3'103.00000 AIR LIQUIDE CHF 381'443.75 307'928.77 307'928.77

2'504.00000 AIR PRODUCTS & CHEMICALS CHF 400'379.48 294'147.61 294'147.61

6'442.00000 APPLIED MATERIALS CHF 320'917.51 190'161.06 190'161.06

1'435.00000 AURUBIS CHF 130'272.98 72'145.66 72'145.66

28'294.00000 AVENTRON CHF 249'836.02 250'245.20 249'836.02

2'911.00000 BADGER METER CHF 135'597.58 76'103.49 76'103.49

63.00000 BELIMO HOLDING CHF 268'758.00 175'027.78 175'027.78

6'438.00000 COMPAGNIE DE SAINT-GOBAIN CHF 346'395.79 361'147.89 346'395.79

7'107.00000 CSX CHF 380'986.69 271'462.87 271'462.87

4'251.00000 DANAHER CHF 384'516.09 269'321.20 269'321.20

194'886.00000 DYNACOR GOLD MINES CHF 251'615.02 310'123.31 251'615.02

812.00000 GEBERIT CHF 348'429.20 306'052.11 306'052.11

8'359.00000 HALMA CHF 138'843.10 100'995.15 100'995.15

9'243.00000 JOHNSON CONTROLS INTERNATIONAL CHF 343'268.34 333'681.47 333'681.47

8'402.00000 JOHNSON MATTHEY CHF 340'586.34 305'868.59 305'868.59

3'960.00000 KONINKLIJKE DSM CHF 369'183.83 241'958.36 241'958.36

21'100.00000 KUBOTA CHF 403'299.06 282'145.52 282'145.52

5'811.00000 KYOCERA CHF 370'634.51 297'145.43 297'145.43

76.00000 LEM HOLDING CHF 125'552.00 62'880.94 62'880.94

9'000.00000 MATSUDA SANGYO CHF 144'423.27 123'778.51 123'778.51

888.00000 MAYR-MELNHOF KARTON CHF 127'292.18 99'326.13 99'326.13

25'532.00000 NIBE INDUSTRIER 'B' CHF 238'856.96 186'795.22 186'795.22

11'776.00000 RICARDO CHF 137'618.23 93'339.11 93'339.11

34'580.00000 ROTORK CHF 121'667.05 90'939.59 90'939.59

33'815.00000 RPS GROUP CHF 121'360.32 114'115.46 114'115.46

4'481.00000 SCHNEIDER ELECTRIC CHF 371'559.84 335'601.21 335'601.21

161.00000 SGS NOM. CHF 409'101.00 332'182.14 332'182.14

2'820.00000 SHIMANO CHF 386'659.89 342'146.96 342'146.96

93'900.00000 SOUND GLOBAL CHF 25'752.06 37'943.60 25'752.06

7'858.00000 SPECTRIS CHF 257'624.54 228'250.87 228'250.87

5'461.00000 SWECO 'B' CHF 118'167.10 109'552.45 109'552.45

8'996.00000 TOMRA SYSTEMS CHF 140'941.30 94'195.32 94'195.32

8'295.00000 UMICORE CHF 382'975.60 222'063.50 222'063.50

3'398.00000 UNION PACIFIC CHF 444'052.17 329'950.33 329'950.33

248'100.00000 WASION GROUP HOLDINGS CHF 118'144.57 125'030.97 118'144.57

1'666.00000 WATTS WATER TECHNOLGIES 'A' CHF 123'306.12 87'425.50 87'425.50

TOTAL CHF 9'360'017.49   7'461'179.28    7'368'431.77

  101  

PROPOSED APPROPRIATION OF

AVAILABLE EARNINGS (expressed in CHF)

The Bord of Directors of ONE CREATION proposes to allocate the available earnings as at 31 December 2017, amounting to CHF 515,673.83 as follows:

- Allocation to legal reserve 51,545.30

- Dividend 436,400.00

- Allocation to « Other reserves to cover the risk on inve » 8,318.56

- Complementary Dividend 19,092.50

- Balance carried forward 317.47 __________

Total 515,673.83

The dividend per unit is CHF 417.50 for registered shareholders as of December 31, 2017.

__________________________________________________________________________

102

103

104

OUTLOOK

As this annual report clearly shows, the positioning of the participations acquired is diver-sified. Participations at all stages of development permit a better optimisation of risk. 2017 will be used to pursue a broader interest in “Private Equity” companies.

The idea of integrating infrastructures is part of the determination to create recurring income and gain access to cash flow in order to serve a dividend. The first step taken enabled ONE CREATION to be positioned on a market which is becoming increasingly competitive and mature. It also opened a number of doors enabling the network of vehi-cles for the acquisition of participations to be extended; this will be strengthened through-out the year.

The completion of a third financial year enabling a dividend to be paid opens several doors to welcome new associates. The ONE CREATION Management also reflects the need to extend the range of investments in the economic sectors concerned and in an ongoing endeavour to strike a balance between unlisted and listed participations. That emphasis has always been the order of the day, while the increase in our equity capital enables the search for optimum yield/risk/valuation and acquired assets to be better adapted on a continuous basis.

ONE CREATION Cooperative adopts a positioning which is set to grow and several channels of recognition and visibility are being exploited. Priority is being given to exhibi-tions, projects providing an opening at the level of new potential acquisitions of participa-tions and visibility to welcome new associates.

The Management sets up communication via the social networks which are becoming increasingly important. They create visibility which can no longer be disregarded. This action takes place in a framework of targeted communication of information which circu-lates and must always be in phase with the Cooperative’s aim.

The Internet site must be revised in the light of the latest technologies. A new development will be set up to enter the era of ONE CREATION 3.0 and so increase visibility, intercon-nection, a welcome for new associates and increasingly transparent information for the market.

The qualification for B Corp certification is yet another step in our cultivation of transpar-ency; all the potentials held out by this new development will be evaluated and taken on board as a growth lever.

105

ONE CREATION MORE THAN A RELATIONSHIP OF TRUST The Cooperative represents an opportunity for strategic positioning in the sectors driving development and economic growth.

Thanks to its organisation, members are directly linked to the market through ONE CREATION and are not forced to suffer losses in value on account of the accu-mulation of the costs of intermediary structures, as may be the case for bodies organ-ised as investment funds.

ONE CREATION operates as the direct owner of the shareholdings in which it has in-vested and thus essentially operates as a holding company. The new tax legislation currently being drafted will result in a future reduction in the tax burden of companies and will thereby positively impact on profitability, rendering this type of structure even more efficient.

The combination of interactions will establish a fully transparent development cycle and make it possible to build up a relationship of trust in addition to investment yields and environmental gains.

106

ONE CREATION BEYOND A MERE OPPORTUNITY

According to Article 3 of the Articles of Association – eligibility for membership – any Swiss or foreign natural or legal person, community or public law institution with legal personality may apply for admission as a member…

This specific characteristic of ONE CREATION makes it a body that groups together the entire community of investors comprising our economic and social basis for develop-ment.

ONE CREATION YOUR INCUBATOR FOR AN INVESTMENT IN THE REAL ECONOMY

Business investment1 implies spending which aims to bring about a sustainable change in the operating cycle of an enterprise; unlike a cost item, it is not destroyed by that cycle. The person who decides to make an investment in effect gives up the possibility of imme-diate consumption in order to optimize his future revenues… Business investment is there-fore a fundamental process in corporate life which represents a long-term commitment on the part of the enterprise concerned. While it often places an initial burden on the finan-cial statements of that business, it is the only way of securing long-term growth …

Financial investment2 is a transaction which consists in tying up capital over a period of varying length to earn income through that investment.

These two definitions exemplify the distinction between the understanding of assets by the associates of ONE CREATION and an investment fund or any other approach which involves buying securities on the stock market.

Financial investment, in the definition used above which is incidentally also accepted by the financial markets, amounts to simply “parking” resources for a given length of time with a view to maximising a straightforward financial gain. Business investment clearly involves the adoption of a long-term position with a view to the attainment of a defined economic target in order to contribute to value creation that will enable effective financial returns to be generated. This may be defined as a process involving a set of actions spread over a period of time to generate precise and measurable results.

107

A set of actions

The incubator is a supporting structure for enterprise creation whose aim is to transform an innovative idea into a successful business.

Through the Cooperative, the associate benefits from diversification of the assets commit-ted by him. As the model itself implies, the subscribed corporate capital is allocated by taking various opportunities. Although securities listed on the stock market can be ac-quired by any individual who wishes to do so, the selection process enables a well-diversified portfolio of participations to be built up to achieve a basic yield.

Unlisted companies and start-ups are accessible only though the Cooperative provided that a specific link has been established in advance with each associate. In this context, ONE CREATION is a kind of “incubator”. The “joint ownership” accompaniment in fact permits the creation of an information base which will enable the progress of each com-pany to be followed. When any of these companies wishes to expand its circle of share-holders, it will be given an opportunity to work through the ONE CREATION community and gain access to the ONE CREATION associates.

This will enable direct interests to be taken. In that sense, the Cooperative represents an incubator in two directions for each associate. Firstly, it provides follow-up of each partic-ipation which is acquired, so diversifying opportunities and potentials. Secondly, action is taken which has a direct impact on the real economy through the availability of a diversi-fied asset base in the cycle of Research & Development, industrialisation, production and the launch of innovative products/services on the market; this contributes to an effective evolution of an economy which is in a process of constant construction and change. The transformation of an innovative idea takes concrete shape and the creation of successful enterprises is confirmed.

We can therefore draw a link between the need to build ONE CREATION on the social network concept and the integration into its business model of the notion of crowdfunding because the unlisted companies and start-ups to which commitments are made will be able to address a community which focuses on a business model that has already proved successful and is positioned on growth sectors of the economy.

1Les Echos.fr < LEXIQUE FINANCIER (FINANCIAL LEXICON) 2www.banque-info.com/lexique-bancaire/p/placement

108

BECOME AN ASSOCIATE AND BUILD CAPITAL

FOR COMMERCIAL COMPANIES

Where the need to reconcile sustainable development with shareholder expectations and increasing profitability becomes a necessity, ONE CREATION offers an innovative alternative.

Without sacrificing the yield of a firm’s equity capital, ONE CREATION offers a “label” illustrating a commitment to sustainable and socially responsible economic de-velopment.

An advantage specifically for industries whose economic function generate pollution and meets high demand from consumers. By becoming a member of ONE CREATION and making a commitment to continue with the initial approach on a certain level and for a significant period of time, it is thereby possible to establish a lever for engaging with climate and environmental change. It involves participating in the concept of shared responsibility, which is differentiated in terms of function, in particular by the desire to become a committed actor, in spite of the existing structural constraints.

For companies pursuing a program related to a sustainable approach, the support pro- vided by ONE CREATION provides a form of implementation that makes it possible to achieve a leverage effect for reinforcing any commitments made.

FOR INSTITUTIONS

Pension funds face the challenge of an aging population. Through its concept of long-term holdings and its determination to rely on the yield of carefully selected busi-nesses, ONE CREATION avoids jeopardizing a near future that without such an ap-proach would necessitate decapitalization to ensure that pensions were paid. The Cooperative has a vision of accompanying industry which is fully compatible with the long-term sustainability of pension funds.

ONE CREATION allows them to invest in companies that offer responsible, sustainable growth, and also to support economic activity while at the same time ensuring recurring and growing revenues.

Any pension scheme must carefully manage and control the investments made by it. It must ensure the certainty that its goals will be realised in terms of the social security offered, taking account not only of its assets and commitments but also of the foreseeable future development of the number of people receiving benefits at present or in future. According to this description, there are two fundamental requirements, first that the pri-mary objective of a retirement scheme is to guarantee a replacement income to all beneficiaries.

109

Secondly, it is also necessary to invest the capital providing cover for benefits, where it is comprised of financial capital, in the economy with a moderate risk, taking account of the constraints associated with fluctuations in the number of scheme members.

SHORT-TERM, MEDIUM-TERM AND LONG-TERM INVESTMENT

The first table reports the usage horizons of the financial assets which retirement schemes must hold (see graph below).

Within this context, ONE CREATION represents an investment opportunity that is valid over time and across the opportunities offered by the market. We present the context to this on the following page.

110

As noted above, the investment horizon for retirement schemes varies in line with asset structure and the available timeframe. According to these parameters, it is advisable to hold a range of financial assets, and to abide by the principle of an appropriate diversifi-cation of risk; liquid assets in particular must be spread over different categories of invest-ment and over various regions and economic sectors.

ONE CREATION, A MULTI-FACETED INVESTMENT When the Cooperative pays a dividend, this makes it possible to meet a short-term need for liquidity, provided however that it is not recurrent. The risk for capital is close to the risk for domestic bonds.

Shares may increase sharply in value; but for every significant rise there is the risk of the opposite. Falls of almost 50% have been registered on various occasions over the last thirty years. ONE CREATION will suffer part of the fall under the current state of affairs. The yield is set to increase in line with the economic sectors chosen. A struc-tured product might not give any yield for years after its creation, in some cases even for 10 years of investment. The Cooperative participates in investments that may have an impact on infrastructure, which diversifies its risk of global development.

By considering listed and unlisted securities, ONE CREATION is also structured by an approach that enables it to participate in direct development within the real economy. This characteristic means that the Cooperative can offer a real investment alternative for pension schemes in a manner that is in keeping with the obligation to invest and to spread the risk of investments.

111

FOR PRIVATE INDIVIDUALS

An opportunity to build “savings capital” with several different facets …

In the conventional sense of the term, savings represent that part of the income of a pri-vate individual, household or enterprise which is not needed for immediate consumption over a given period. Depending on our aspirations, wishes, financial capacities, short, medium and long-term needs, the savings which have been built up can be set aside for future “consumption” in several different ways.

Savings and their use is an asset which enables the holder to look forward to many differ-ent time horizons and envisage the implementation of his own projects (see chart below).

These savings may take many different forms, foremost among them: the savings account, investment on a term account, cash/bank bonds, an occupational benefits account, stock market investment, life insurance savings, life insurance investments, precious metals, a real property, a collection etc.

… inherent risks

Each of the opportunities available on the market carries specific risks in terms of security of the investment and income, interest payments and the potential gains, depending on the length of time for which the funds are tied up. Does “zero risk” exist? It must be conceded that with the evolution of our society and successive property, financial and economic crises, the idea of non-risk is becoming increasingly remote. Some options propose solutions which guarantee the invested capital. Here too we must ask ourselves, when a specific amount is allocated to a particular solution, what will be the effective invested capital, for which term and for which associated yield and benefits (life insurance policies, investments)?

Taking the example of a life insurance, there are some tied benefits which come with a set-up cost. For a given paid-up premium, the bulk of that premium will be deployed to accumulate capital, another non-negligible part to cover potential benefits should the insured event occur based on the conditions on which the contract has been concluded, while a final part of the premium will be used to cover administrative and management expenses. In this specific case, the capital constituting the savings does not correspond to 100% of the paid up-funds. Similarly, the yield which will be acquired over the lifetime of the contract, which may be several decades, will depend entirely on the progress of the economy.

Savings in the immediate sense of the term will benefit from the guarantee offered in the event of bankruptcy by the establishment with which the funds are deposited, for instance a bank. For this type of company, history has taught us that zero risk simply does not exist. As to the remuneration of the savings, that will depend on the contribution of economic development and wealth creation.

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Taking the latter example, an investment in equities on the stock market is still less secure because history since the end of the Second World War has taught us that shares may in general lose up to 50% of their value over periods lasting in the longest case for five years. A yield of 0% has even been made since 2001 on investments in equities over a ten-year period.

An alternative with specific characteristics

ONE CREATION Cooperative enables capital based on economic development with its own inherent risks to be built up.

While “zero” risk does not exist for the elements referred to previously, the same holds good for the Cooperative. However, this time the factors differ and vary in relation to the market offering.

Becoming an associate of the Cooperative does not mean making savings in the strict sense of the term; it means taking a commitment as a stakeholder and player in the real economy, building up personal wealth and receiving a return on investments in line with economic development.

The evolution of our society is confronted with the major challenge of not attaching im-portance solely to the short term, the next day or the current week, but of taking care to think beyond that horizon. If that axiom is accepted, how can it be implemented by adopting an active approach?

Economic development takes place in a movement of perpetual evolution. ONE CREA-TION Cooperative fits in with that trend in which the concept of time takes on its full meaning; it then becomes possible to constitute a patrimony which enables assets to be built up on the foundations of enterprise creation, employment opportunities and a dy-namic in the field of “Research & Development”, i.e. the construction and evolution of our own society.

The specific features mean that a participation as an associate of ONE CREATION Co-operative over a period of time will enable among other things a share to be secured in a return on investment.

Bearing in mind the fact that the Cooperative invests in the capital of both listed and unlisted companies, the intrinsic value of a share may fluctuate negatively over a specific period in the economic cycle and redistribute yields on the commitment in other favoura-ble periods.

... while diversifying your assets or investments

As in the case of family foundations, conservation of assets is one of the components of the challenges to be taken up.

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The patrimonial objectives may of course differ from person to person. Nevertheless, as a function of each component part of those assets, more or less objective diversification possibilities are created through a wide range of investment opportunities.

ONE CREATION Cooperative operates on several different levels. Firstly, in the very short term perspective, through the redistribution of economic gains made (when the factors needed to make such gains come together); an associate then benefits from a proven immediate return on his investment. Secondly, the portion of the assets which is sub-scribed in the form of share capital may be conceived over a short and medium-term time horizon since an exit is possible at the end of each financial year. On the third level, a financial position with a long to very long-term family structure is totally in phase with conservation of the assets, their development and transmission.

ONE CREATION Cooperative is an innovative alternative via a tried and tested structure generating wealth creation over an extended period of time.

Taking account of the investment opportunities available on the market, the Cooperative can become involved on several different levels without reproducing each opportunity, but with the benefit of specific diversification (see chart below).

Advice by one of our staff members and the annual report provide detailed and specific information.

Saving and ONE CREATION

Life insurance

Investment assurance

Capital for children

Next generation transmission

Stock exchange investment

ONE CREATION Cooperative

Investissement horizon 11 to 25 years> 12 months 1 to 5 years 6 to 10 years Over 25 years

Very short term Short term Mid term

Long term Very long term

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FOR PROVIDENT AND FAMILIY FOUNDATIONS

Support for the real economy...

Participation in the equity capital of ONE CREATION brings many opportunities to build a sustainable investment. We can name seven pillars which support a specific develop-ment of investments in the real economy:

1) Investment in enterprises which have a positive impact on the environment.2) Creation of a relationship of co-owner rather than one of co-investor.3) Exclusion of short-term profit-seeking speculation.4) Emphasis on clear governance based on the one associate equals one voting right

principle.5) Integration of the time factor as the best ally of an investment in the real economy.6) Support for third party projects working in the same direction as ONE CREATION

when the associates have benefited from soundly based remuneration.7) Total familiarity with all aspects of development in the short, medium and long-term

perspective.

The evolution of our society is confronted with a major challenge, namely the fact that importance must not be given solely to the short-term, to the next day or to this week. Instead we must think well beyond.

Economic development is part of a unique life process. The inherent links are many and lay the groundwork for a specific value concept which encourages solidarity between the vegetable, animal and human worlds. Development is built up across several genera-tions; by viewing everything as an integral whole it perpetuates the underlying meaning and builds an ongoing evolutionary movement.

Once the sustainable investment approach has been adopted, time acquires its full meaning making it possible to build a heritage which will enable a yield that is not just environmental and social but also economic and consequently financial to be generated.

Allowing time to run its course means taking account of the fact that when you plant a tree nothing can make it grow any faster, but everything must be joined up to assure its sustained growth with due regard to the needs of the particular species.

ONE CREATION Cooperative fits in to this conjunction between a long time horizon, the creation of a heritage which is developed over the long term without forgetting to provide an annual yield on the participations that are taken and, by considering the economic biodiversity of its own investments, making a sustainable financial innovation in its own right geared to constructive creative innovation which preserves and creates jobs.

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... while creating a rich long-term heritage…

Foundations and Family Offices have a duty to adopt a vision for the preservation of their assets. For the most part these structures exist through family enterprises handed down by ancestors for the benefit of the present and future generations. An established heritage is part of a long time horizon and lies at the very origin of the real economy. Sometimes, these original enterprises have been sold to third parties and the resulting capital must have the same function of perpetuation for those who are its present recipients, just as efforts are made to build an inheritance to be passed on to the descendants.

The following table Non-exhaustive model shows all the factors that an acquired heritage must cover:

When laying down a heritage, the aims may differ from one person to another. However, in the light of each component part, more or less objective possibilities for diversification arise through a wide range of investment opportunities.

ONE CREATION Cooperative operates at several different levels. On the first, the very short term perspective, through the redistribution of the economic gains made (when the elements needed for their realisation are united), an associate benefits from an immediate proven return on his investment. Secondly, the asset share which is subscribed to as equity capital may be conceived over a short and medium term period because an exit is possi-ble at the end of each financial year. Turning to the third level, a financial position with a long to very long term family structure is totally in phase with conservation of the heritage, development of those assets and handing them down to the next generation. To the extent that economic development has been the foundation of society in general through enter-prises since the second industrial revolution, ONE CREATION Cooperative represents an innovative alternative via a tried and tested structure which generates wealth creation over an extended period.

Patrimonial objectivesCurrent needs

Children's education

Family held company

Family dwelling

Specific expenditure (boat, car, …)

Creating collections

Transfering to next generation

Philanthropy

Developing a more sustainable society

Family office administrative costs

Consumption horizon 11 to 25 years> 12 months 1 to 5 years 6 to 10 years More than 25 years

Really short term Short term Middle term

Long term term Very long term

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... with a controlled and diversified risk specific to ONE CREATION

One of the factors which is becoming increasingly important with the passage of time is that of risk control. This occurs on several different levels. There is the risk of fluctuation of the subscribed capital value as such. Through its development in listed and unlisted com-panies (confirmed or start- ups in the development phase or already established), the intrinsic equity capital value fluctuates much less widely than that of its rivals. On the other hand, there will be no significant increase but instead remuneration paid each year when economic gains have been made.

There is an economic risk. This is perfectly diversified across nine economic sectors which represent above-average growth potential. Consequently, positioning via ONE CREA-TION is part of one of the two most important themes in the positive evolution of our economy. There is a risk of non-remuneration of the capital when the economy does not allow an economic return to be distributed. ONE CREATION will have shortened its initial development phase as far as possible and has been able to distribute high quality divi-dends for its fourth and fifth years because they are a direct outcome of its development strategy.

There is a risk specific to the enterprises in which investments are made. But this is less-ened by the fact that the more the value of shares in listed companies rises the more investments will be made in Private Equity enterprises (private placements); conversely, more and more shares will be acquired in listed companies, so enabling the economic dividends that the Cooperative is able to collect on its participations to be stepped up. This way of considering risk is exclusive to ONE CREATION Cooperative and our five financial years (six years of existence at the end of June) enable the amplitude to be quali-fied.

A real opportunity to build a family inheritance

Through this analysis, we have tried to point to the importance of regarding a position in ONE CREATION Cooperative as a means of diversifying a family heritage. On the prin-ciple that past results do not guarantee future performance they apply equally to all kinds of positions which can be taken in any investment whatsoever through a family enterprise, a stock market or the acquisition of any other transferable security. ONE CREATION provides an innovative alternative through one of the oldest structures that have been tried and tested down the centuries. By subscribing to the equity capital of the cooperative, a family structure becomes not only a player in economic development but also a committed participant in the technological evolutions which will be the levers of growth today and tomorrow and will offer every individual the possibility of safeguarding and developing his assets through a close link with the real economy. The aim is to safe-guard and develop job opportunities and the creation of enterprises that are the very foundation of our society.

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FOR PUBLIC AUTHORITIES

For the development of an economic partnership beneficial to the public at large.

Protection of the environment is an important concern of public authorities. Becoming an associate means encouraging economic development that not only respects the envi-ronment but also creates jobs.

It provides support for the expansion of environmental technologies and a response to the expectations of a population wishing to see greater responsibility in the world of fi-nance. Various public bodies have signed up to the "Agenda 21". This operates through 6 areas of engagement:

- The fight against global warming. - The conservation of biodiversity. - Respect for fragile environments and the social economy. - International cooperation. - Education in the area of sustainable development.

Thanks to its philosophy, ONE CREATION covers all of these challenges. The fact that public bodies participate is confirmation that it is possible to bring together all of the actors involved in change and thereby enable resources to be mobilised in different ways, including specifically finance and the economy through a legal structure that respects the individual right - irrespective of the framework conditions and life circumstances of each - to live in harmony with the principles of equity between all.

ONE CREATION has based a diagnostic tool on economic development and its interac-tions with finance, conceiving an action plan which is reinforced by every new influx of new members.

A public body thus contributes directly to sustainable economic development and turns into a model citizen.

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ORGANISATION THE GENERAL MEETING is the supreme power of the Cooperative. On 31 De-cember 2015, the latter included 41 associates.

THE BOARD OF DIRECTORS comprises three members, namely the Chairman Mr. Maurice Hartmark, the Vice-Chairman Mr. Pierre Abrezol, and Mr. Marc Bohren. The Board is responsible in law for the Cooperative and for all decisions relating to holdings or of a similar nature.

THE AUDITOR is Deloitte SA, which company is commissioned to carry out an external audit of the accounts.

THE MANAGEMENT of the Cooperative is assured by CONINCO Explorers in finance SA. They are responsible for operational management and the economic qualification of assets for the attention of the Board of Directors. Eight people work for the Cooperative.

THE STRATEGIC COMMITTEE constituted within management comprises individuals or entities that enable it to perform its tasks to the best of its ability, by making availa-ble ad hoc skills capable of conducting in-depth analyses in the legal and financial fields, and examining technical issues relating to each environmental technology.

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MUTUAL BENEFITS

A STABLE OR GROWING ECONOMIC YIELD, ON A RECURRING BASIS

The 21st century represents a pivotal period in terms of doubts cast on existing eco-nomic systems. It is also a period of transition between an economy which grows through the acquisition of goods, and an emerging system of growth based on the replacement of goods. Such an outcome by no means excludes the development of new opportunities, representing a huge potential for wealth creation.

ONE CREATION, by positioning itself in economic sectors that have a positive impact on the environment, has the means to provide a stable or growing economic yield on a recurring basis. OBTAINING STABLE CAPITAL IN THE MEDIUM AND LONG TERM

By not adhering to a stock market approach, ONE CREATION benefits from frame-work conditions that allow it to stabilize the value of its share capital in sustained fashion over the long term.

The statutes of ONE CREATION stipulate in article 6 that, amongst other things: “… The company reserves the right to modify the nominal share value…”. This makes it possible to prevent any speculation in relation to the Cooperative’s development.

COMBINING FINANCIAL TARGETS END ETHICAL CONVICTIONS

ONE CREATION has excluded entities pursuing activities in the following fields (where turnover arising from such activity exceeds 5% of consolidated turnover): arma-ments, alcohol, production of tobacco or its derivatives, gambling, nuclear industry, genetic engineering in the natural environment and fossil fuels.

ONE CREATION selects listed companies which can demonstrate their ability to maintain, if not increase their profitability.

ONE CREATION acquires holdings in firms active in sectors of economic activity that have a positive impact on the environment.

At the outset, ONE CREATION chooses entities which, in their sphere of economic development, achieve the most proactive yield in their sector, specifically for listed companies.

ACQUISITION OF DIVERSIFIED HOLDINGS

ONE CREATION acquires holdings in companies at different levels of economic development, in various sectors of activity spread over different geographical areas.

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HOLDINGS IN HI-TECH FIRMS NOT ACCESSIBLE VIA THE STOCK MARKET

The positioning of ONE CREATION in unlisted hi-tech firms allows associates to access companies which are inaccessible to non-professionals in the world of finance.

ENCOURAGING INTERACTION BETWEEN DIFFERENTS ECONOMIC PLAYERS

ONE CREATION puts associates in touch with its different holdings wherever applicable. The Cooperative sets up a long-term dialogue between its different holdings.

CONTRIBUTION TO THE DEVELOPMENT OF A POSITIVE ECONOMY The economy needs a development timescale in phase with the processes of research and development for a positive economy.

HAVING MORE THAN THE RIGHT TO VOTE AS AN ASSOCIATE: SHARING IDEAS, MAKING PROPOSALS

Above and beyond the right to vote, the first four financial years developed the idea of sharing ideas and making proposals, both at general meetings and in discussions between management and associates. All proposals are discussed with the Board of Directors, which formulates directives implemented by management.

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INTERCONNECTED NETWORK The Cooperative is at the confluence of investment in the real economy and the need to integrate the criteria of sustainable development. It must also satisfy the communi-cation requirements of the 21st Century and have an organic structure that is open to the outside.

ONE CREATION is building a distributed network capable of interconnecting not only the companies in which the Cooperative has a stake and which drive its development, but also vectors of opportunity for the acquisition of new holdings, and associates.

This network is perfectly aligned with the object of the Cooperative

Through its development, ONE CREATION is able to offer a platform for facilitating direct contact both with members and with unlisted companies seeking to increase their equity base beyond their original shareholders. The knowledge acquired by the Cooperative concerning the development of its companies thus becomes capital itself, which can be made available to its members who want to become directly involved. A direct Crowdinvesting link, as described above.

ACQUISITION VECTORS

40 holdings

55 associates

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A DECENTRALISED NETWORK

The binomial development of ONE CREATION enables a decentralised network to be created around its members.

Each member offers the potential for identifying investment opportunities. This has been tried and tested since the Cooperative was established. Within this context, this also makes it possible to dispose of "membership" expertise capable of providing information that is useful and fruitful for development over the long term.

Where the interest is shared by all stakeholders, this offers an effective competitive ad- vantage for achieving the goal of ONE CREATION. Within this spirit, the Manage-ment fosters and develops its relations of proximity and cultivates a spirit of openness towards.

CONNECTIONS WITH THE REAL ECONOMY

The acquisition of holdings in unlisted Private Equity companies requires a sufficiently large pool of opportunities to guarantee diversity of the portfolio. It is essential to have links to the real economy. The relationship with different institutions, which reinforces the vehicles for shareholdings, ICT parks and other foundations, enables our Cooperative to present itself to the market and to receive various dossiers for consideration.

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AMBASSADOR MEMBER ONE CREATION has demonstrated since the outset its commitment to cultivating the values that it advocates in exploiting and promoting companies committed to sustainable economic industrial development. In the same way, the Cooperative has made it a point of honour to develop and nurture the trust of its members. Thanks to the diverse nature of the shareholdings both geographically and in terms of the type of capitalisation (listed companies with small, medium and large capitalisation, unlisted start-ups), the very structure used for realising the company object minimises the impact of the economic cycle on the valuation of the commitment of each member. The choice of economic sectors is also one of the factors for development which must permit ONE CREATION to redistribute the financial return realized thanks to economic growth.

A FUND FOR YOUNG PEOPLE

Due to the dynamics of the economic transition currently underway, various types of finan-cial investment such as capital insurance policies, investment funds, etc. proposed by different market actors no longer enable a favourable yield to be obtained in the sense that the risks taken become disproportionate or that there is no longer any link with the very nature of sustainable investment.

ONE CREATION is a genuine fund for young people in that it offers an alternative to these market products and does not represent a "speculative" approach with no rela-tionship with the real economy.

By subscribing to a share in the Cooperative for young people, at the time they be-come adults they will have a capital sum which will not only have been subject to mini-mal charges but which will also have generated financial, environmental and social dividends, whilst in addition being founded on a real value comprised of its constituent companies.

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ONE CREATION thus offers a twofold yield, striking a genuine balance between the development of society in general and wealth creation.

Subscribing to ONE CREATION to create a legacy or capital fund for one’s own children is an innovative and sustainable alternative.

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SHARING A CONVICTION

Signing up to ONE CREATION means not only capitalising on economic develop-ment, which will become increasingly important and will in the long run be more than a stake, but also participating actively in a movement that has established itself over time.

If these values are acquired by each member, then any of them can become an ambas-sador for this development and thereby create a movement with potential for devel-opment and enabling an effective impact

- Private

- Institutional

- Pensions funds

- Philanthropies

- Associations

- Corporations

Associate etc.- Family offices

- Companies

- Public authorities

- Others …

Thanks to its structure as a cooperative and the inherent functional organisation of its governance, the creation of ONE CREATION stands out within the movement which is increasingly important due to the consideration given to the various values defended.

Implementation by the members thus completes the vehicles for participation, represent-ing an innovative alternative to finance and traditional equity holding companies.

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CONCEPT

THE COOPERATIVE: A MODEL OF INDEPENDENCE, GOVERNANCE AND SOLIDARITY FOR MEMBERS

ONE CREATION is a cooperative model that reconciles independence, solidarity and governance. Both individual interests and collective interests are incorporated into the values of the Cooperative, the continuity of which benefits all actors.

The individual commitment of each member contributes to the collective engagement which provides a guarantee of success and the healthy development of society in general.

Article 2 of the Articles of Association, entitled "Purpose", makes provision for the in-volvement of members in stipulating that ONE CREATION shall pursue principally the aim of promoting or guaranteeing, through common action the economic interests determined by its members, and stipulates that the Cooperative aims to demonstrate that it is by all means possible, through joint action, to engage in economic activity from a social perspective rooted in solidarity, promoting economic development and the crea-tion of businesses.

INDEPENDENCE OF MEMBERS

The general members' meeting is the supreme governing body in accordance with Article 12 of the Articles of Association.

During a general meeting, any member may submit one or more proposals to be placed on the agenda for the following meeting, provided that they are supported by five mem-bers.

In addition, an extraordinary general meeting may be called if at least one tenth of the members submit a request in writing to the board of directors for one to be called, stating the matters to be placed on the agenda.

EQUITY AND GOOD GOVERNANCE IN THE GENERAL MEETING

For the purpose of the exercise of voting rights, a single investment represents one vote in the general meeting, irrespective of the amount invested, which guarantees full equity be- tween the members. Moreover, a member may represent up to a maximum of two members, including him- or herself.

The allocation of the net profit is regulated in Article 29 of the Articles of Association. This specifies that the allocation of the residual amount after distribution of 12% of the share capital shall be left to the assessment of the general meeting, acting upon a proposal by the Board of Directors.

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SOLIDARITY AND PROACTIVITY IN A TOTALLY INTERCONNECTED NETWORK

The level of involvement of the member in the cooperative, whether globally or more spe-cifically within the choice of unlisted investments, is essential (within the limits laid down in the Articles of Association [and] statutory responsibility) and represents one of the very foundations for the philosophy and values of ONE CREATION.

Furthermore, within the approach of a cooperative, each cooperative share is considered as a co-ownership interest and not as that of a co-investor. By extension, the member is con- fronted with the same philosophy. In effect, by virtue of his or her status as a mem-ber, he or she is a stakeholder who is fully integrated into the interconnected network developed by the cooperative, in the sense that there is a real and proactive exchange of ideas with members, the Management and the Board of Directors. In concrete terms, this means that a member may at any time propose unlisted companies in which ONE CREATION may be interested in investing. All proposals are then analysed by the man-agement and submitted to the Board of Directors for decision.

AN EFFICIENT AND SUSTAINABLE RISK MANAGEMENT OF HOLDING ACQUISITIONS

One of the questions that is often raised by members and persons/entities that con-sider ONE CREATION Cooperative as an opportunity for sustainable investment is that relating to risk management.

We refer here to Article 6 of the Articles of Association concerning in particular coopera-tive shares, which provides that "The cooperative company shall, following subscrip-tion and upon condition of payment up in full, issue cooperative shares of CHF 10,000.00 each (…)". The corollary of subscription is repayment, regulated by Article 9 of the Articles of Association which provides that "In the event of voluntary withdrawal or death, the Board of Directors shall decide on the value of the cooperative shares to be repaid. The calculation of the value shall be based on the net wealth report-ed in the balance sheet at the time of death or withdrawal, excluding any reserves. How-ever, repayment cannot exceed the total nominal value of the cooperative shares in question." Between these two "actions" the cooperative share is subject to the risk of fluctuation inherent within its development.

PRESERVING NOMINAL VALUE AND ASSURING THE GENERATION OF AN EFFECTIVE YIELD FOR MEMBERS

The repayment value cannot exceed the total nominal value of the subscription (i.e. CHF 10,000.00). This specific rule vests the cooperative with the capacity to grow its assets over the long term, a horizon which an investor must take into account. However, ONE CREATION cannot create excessive reserves that could be detrimental to its mem-bers.

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The value of a cooperative share is comprised of four elements, as set out in the graph on page 1. When taken together, these provide efficient risk management in order to preserve the nominal value of the shares and to ensure growth and the generation of an effective yield for members. One of the objectives is to ensure continued existence over the long term and to be able to grow in relation to the target economic sectors.

A RESERVE AS A DEGREE OF SUPPLEMENTARY SECURITY FOR PROTECTING SHARE CAPITAL

The value of each cooperative share is accounted for either at its acquisition price or, if lower, at its market price. For this reason, any increase in the acquisition price ena-bles an unrealised reserve to be created, which contributes to reinforcing their nominal value.

This reserve is comprised of the following two elements:

1. The difference resulting from the increase in the market prices of listed shareholdingscompared to the balance sheet value according to Article 9 of the Articles of Associa-tion;

2. A share of the profits resulting from sales of investments. In effect, a specific weightingis determined for each shareholding in order to guarantee a balance between in-vestments and to avoid having any dominant position. If the price exceeds this equilib-rium value, part of the position is sold. According to the specific needs necessary forthe development of as stable a nominal value as possible, the proceeds of sales arethen allocated to the reserve. The portion that is not necessary for this regulatoryfactor is made available to the members according to the rules laid down in the Arti-cles of Association. The same applies in relation to unlisted investments that need to berealised.

If the capital is recovered in full, any excess amount will constitute the pre-tax distributa-ble portion according to Article 29 of the Articles of Association entitled "Allocation of profits". This Article stipulates in particular that "(...) at least 10% shall be allocated to the legal reserve pursuant to Article 860(1) of the Swiss Code of Obligations until it has reached a minimum amount of five percent of the share capital (…)". This provision completes the risk management measures in order to cover the share capital. Other-wise, once this allocation has been made, the balance will be available to pay a dividend.

On account of the cumulative effect of the elements defined above, the adoption of shareholdings bringing growth in the share capital of members entering into or com-pleting an existing position, the higher the level of the reserve, the more it will be possi-ble to complete operations relating to venture capital, capital expansion, leverage oppor-tunities or LBO and Private Equity capital return. Otherwise, listed securities, which dis-tribute economic returns, favour the growth of current and future shareholdings. This process means that it is possible at any time to receive new members and to enable existing members to increase their investment in the Cooperative.

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Ultimately, if a dividend is to be distributed, the Board of Directors may favour periods of stability for investing members in order to maintain the potential for distributing the dividend and thereby to provide ONE CREATION with a positive dynamic for value creation and good governance.

PRIVATE EQUITY STRATEGY

Private Equity, also known as development capital, meets the need for unlisted invest-ment capacity to be made available to the economy in the form of equity capital for private companies to finance their development, conversion and/or expansion. Private equity is provided in several phases ranging from risk capital (or venture capital) through various stages of development which permit investments in the creation and development of start-ups focused on innovation, development capital or expansion capi-tal.

The following chart shows the different stages of intervention in Private equity.

Unlike the situation in listed companies, private equity participations are made with a view to retaining the investment in the targeted enterprises until the investment objectives have been met. A commitment of this kind can be spread over periods of 3 to 8 years or more before obtaining a significant return on investment or earning effective yields in the shape of dividends. The duration of remuneration in relation to the committed capital will depend on the stage of development at the time when the capital contribution was made.

Integration of private equity participations into the development strategy of ONE CREATION enables companies which are pure players to be targeted, so strengthening the positions acquired by partners in technologies and activities in phase with the corporate objective. This also enables the portfolio of participations to be diversi-fied and the opportunity for obtaining attractive yields in the medium and long term in-

yLBO / Growth

Growth capital

Venture capital

Business Angels Incu-

bator

Friends and family

Rapid growth Development Maturity and sell t

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wth

/ N

eed

for

fund

ing

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creased. One consideration of private equity is based on more stable growth of the portfolio in relation to fluctuations of the financial markets for listed securities. These two elements are combined by ONE CREATION in its long-term development strategy.

The following table shows the effective level of an investment in private equity.

120%

100%

80%

60%

40%

20%

0%

-20%

-40%

Commitment Capital call Distributions

Cash flow net accumulated

The commitment represents an investor’s decision to participate in the capital of a compa-ny and in its economic development over a given period. The company will call upon all or part of that commitment for a period of varying length. This commitment will be made to a number of companies in which investments are feasible using the available financial resources for a given period of ten years with an extension for not more than two years in the case of collective legal structures.

Successive divestments will then be made (distributions) after a number of years, de-pending on the stage of development at which the contributions were made. After an average duration of just under six years the investor should recoup his initial capital and then benefit from a return on the investment over the last four to six years. However, the notion of a “vintage” must be taken into account.

For collective structures the commitment can in fact only be made for a given period having regard to the constraints of the planned liquidation of the private equity legal structure created specifically for this form of investment. In the particular case of ONE CREATION, the partner is committed only in the amount of the subscribed shares and the cooperative benefits from a continuous commitment over an indefinite period of time. Vintages follow one another so offering a different risk dilution than in the case of solu-tions of the open/closed funds type.

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r 2

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r 3

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r 4

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r 5

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Moreover, the combination with listed securities offers a mixed diversification of the ac-quired participations, so reducing the range of fluctuations of the nominal value of a share pursuant to the rules specific to the cooperative. Sustainability is built up through the twofold commitment to listed and unlisted securities or alternating private equity depend-ing on whether the financial markets or the economic development are growing or declining. Each profit taken in the shape of a dividend is acquired in its entirety (100%) for the development of the cooperative and the remuneration of the partner. 50% of any capital gain which is made will be added to this amount by a decision of the Board of Directors at this stage.

ONE CREATION can therefore take a position at every stage of economic development at any time; that corresponds to its priority strategy with a search for a medium to long-term yield. The possibility cannot be ruled out of having to take profits in the light of the need to preserve capital, reduce the risk of nominal value fluctuation, diversify acquired participations and achieve a sustainable yield for the payment of dividends to the part-ners. A commitment to the cooperative permits diversification of volatility for an investor who is on the lookout for innovative alternatives which nevertheless respect the develop-ment of a sustainable real economy.

THE ADVANTAGE OF ONE CREATION OVER A PRIVATE EQUITY FUND

A CONTINUOUSLY OPEN LEGAL STRUCTURE

A private equity fund works on the open or closed end fund principle; this means firstly that an interested person must make a commitment to subscribe a certain amount of capital to a specific legal structure over a given period of time. This capital will have to be paid up over a specified period. Secondly, investments made in companies by the fund must of necessity be possible over a specific period because after ten years have elapsed, which may be ex- tended to twelve years, the legal structure will have to be liquidated.

The shareholder or investor is confronted with a risk arising from the subscription period or the launch of the investment, sometimes at less favorable junctures in the economic cycle. In this connection, reference is sometimes made to a “vintage year”. Since ONE CREATION works continuously, participation can be taken at any time and increased at the investor’s discretion.

NO “VINTAGE YEAR” EFFECT These introductory remarks lead on to comparative risk dilution benchmarks in favour of the cooperative. Since the notion of the “vintage year” does not apply, ONE CREATION is an aggregate of different cyclical development periods and can therefore spread its commitments by alternating between extremely favorable and less favorable periods without neglecting the need to take efficient participations,

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regardless of the economic trend at any point in time. This also means that when participation has been acquired in a particular company, the latter may need new capital over a period of several years. When a fund approaching the end of its lifetime is confronted with a request for an increase in capital, a new financial product may be created; the participation may then be sold by the first structure and hosted by the second. What objective value is applied on departure from the fund or when joining it? After all, an investor may not be inclined to follow a new development. With ONE CREATION, this effect (which adds further costs) does not occur because the co-operative can continuously adjust its registered capital.

ESTABLISHED LIQUIDITY

Liquidity of the “investment” is often a relevant issue for persons wishing to join the co-operative. In a private equity fund, a firm and irrevocable commitment must be made. The fact that unspecified sums may have to be paid up over a period of three to five years must be borne in mind. This in turn implies that the investor must plan withdrawals whose duration and amplitude are both undefined. A subscription may be required at an inconvenient time but remains a commitment that must be respected.

With ONE CREATION, the amount is paid up immediately and dedicated to the aim defined in the articles of association. We would point out at this stage that in a pri-vate equity fund returns on the investment are spread over the life cycle of the legal structure. The first returns may be regarded as redemption of the invested capital while the profit on the transaction may appear after several years or, depending on the vintage, there may be no profit at all. Less commonly, the capital which is redeemed may even fall short of the initial commitment. In the case of a cooperative, there may be years with no yield since the global risk management tends to create the framework conditions needed to develop a recurring yield to be paid to the associates in the shape of regular dividends. And redemption of a share may be requested at any time at its economic value, subject to a maximum of its nominal value. The application of Article 9 of the Articles of Association in this matter is reserved; it makes provision for deferral for a maximum of three years to guarantee the most positive possible balance sheet and so give the associate the benefit of the highest possible financial value if this falls short of the nominal value.

OPTIMUM MANAGEMENT OF THE LIQUIDITY RISK

The ONE CREATION development model enables the redemption risk of shares to which the investor has subscribed to be managed effectively, always based on a working method in phase with a structured evolution. The participations are in fact taken in both listed and unlisted companies with established income and in companies which are being incorporated, in the process of development or expansion. This specific char-acteristic means that the level invested in listed companies provides a short-term li-quidity potential, 92% to 95% of the current commitments being at 48 hours for the component of listed participations which represents 71% of the total capital to date. This makes for very great flexibility and any redemption does not interfere with the global management of the development risk of the cooperative’s capital while safe-guarding the value of the assets held by the remaining associates.

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CONTROLLED MANAGEMENT EXPENSES

Finally, the management costs of ONE CREATION amount to the costs incurred for effec-tive management (fixed amounts only; no success fees), the Board of Directors, securities custody and brokerage and similar fees on transactions, audit costs and costs linked to the development of the company. The latter will be written down when, pursuant to Article 7 of the Articles of Association, sums are available on the issue commission account to cover these costs. This represents solidarity between the existing associates who have permitted the development achieved to date and the new associates who contribute to sustainable development of the cooperative. There is no equivalent in a private equity fund. If we consider the level of costs referred to above and the tax imposed on the profit, the overall sum is nearly 50% lower than the management costs incurred for a private equity fund. This does not even take account of the fiscal harmonization which will reduce the tax impact and the future development of the corporate assets.

We have examined a ONE CREATION relationship versus a private equity fund and not versus a fund of funds which involves a different approach for an investor and cumulative costs.

ONE CREATION is by definition a specific structure which takes on board certain specific features of private equity in its own right, but differs in more than one respect from its “peers”.

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ECONOMIC SECTORS WHICH ARE ELIGIBLE FOR ACQUISITION OF PARTICIPATIONS

As we are frequently confronted with the need to choose economic sectors that are eligible for the acquisition of participations, we believe it is useful to clarify this notion. ONE CREATION uses the OECD definition of eco industries to determine the nature of an environmental technology:

“All activities which produce goods and services designed to measure, prevent, limit or correct damage to the environment involving water, air or ground and problems relating to waste materials, noise and eco systems”.

The term “environmental technology” is a broad one and companies in various eco-nomic sectors may provide opportunities for potential investments. To belong to that universe, at least part of the activity of the companies concerned must be in one of the following sectors:

1. Renewable energiesThese represent a wide variety of branches whose activities do not deplete the re-source used for energy production.Domain: solar, biomass, wind, hydraulic, geothermal, marine.

2. Energy efficiencyThis sector groups together all the processes, products and services which enableenergy consumption to be reduced.Domain: buildings, industrial processes, energy storage.

3. New ecological materialsMaterials which, by their nature or particular function, enable existing more pol-luting elements to be replaced.Domain: construction materials, various new packaging materials.

4. Environment chemistryThis represents all the products, services and processes which enable environ-mental impacts to be reduced by chemical engineering.

5. Environmental biologyThis represents all the products, services and processes which enable the envi-ronmental impacts generated by human activities to be reduced by biological en-gineering.

6. Environmental consultancyThis represents all the management systems, tools and processes which enableparticular activities to be optimised.Domain: infrastructure, general engineering, management.

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7. Sustainable transportMeans of travel causing low pollution or any other service or product enabling theenvironmental impact of population travel to be reduced.Domain: hybrid vehicles, electrical vehicles, ecological vehicle components, otherecological means of transport such as cycling, rowing, trains.

8. Waste managementEnvironmental technologies used for waste management comprise all of theproducts, services and tools which enable waste to be recycled, energy to begenerated from waste, waste production reduced or waste processed in such away as to mitigate its impact on the environment.Domain: waste storage, recycling/processing, collection.

9. Water managementEnvironmental technologies in the field of water management enable water to bemanaged in an effective and sustainable manner, e.g. desalination, distributionand treatment.

For the record, Article 2 of the Articles of Association entitled “Purpose” of the cooperative reads as follows:

“The principal aim of the cooperative society is to promote or guarantee by joint action the particular economic interests of its members by facilitating applied research in the field of environmental protection and conservation of natural resources and support for the development of technologies which ensure economic progress respectful of nature.

It may initiate and/or support any educational, creative, demonstrative or productive action which favours environmental conservation and its integration into responsible economic development, including the efforts of its own associates who are active in these fields to contribute to the progress of humankind in harmony with its environment. It in-tends to demonstrate by example that joint action can perfectly well practice a genuinely beneficial social economy based on solidarity while facilitating the integrated management of nature.

As a function of its resources, it will extend its actions in the public interest to all third parties who are active in these fields and share the same philosophy. To that end, it may acquire and/or utilise all patents and licences and also take direct or indirect, minority or majority participations in all companies active both in Switzerland and elsewhere in environmental technologies with the ambition of ensuring the responsible accompaniment of the development of such companies. To that end, the cooperative may perform any commercial, financial or other transactions with a direct or indirect bearing on its purpose. The cooperative may buy or sell real properties in its own name or as a property company and acquire participations in companies which pursue a financial activity with a bearing on the attainment of its purpose”.

It should be noted that, in the case of stock market listed securities, at least 20% of the turn-over of the companies concerned must have a positive impact on the environment, among other financial criteria. Laying emphasis on these values inherent in the companies enables those which have adopted an effective economic development model to be high-lighted.

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FINTECH – ONE CREATION A CONNECTED PARTICIPATORY FINANCING PLATFORM / CROWDFUNDING

DID YOU SAY CROWDFUNDING?

Crowdfunding is a general term which covers various forms of financing. Crowddonating is directly involves a donation in favour of a project without any return for the investor. Another form is Crowdsupporting1, a type of participatory financing taking the form of a gift or pre- order. Crowdlending is a type of participatory financing in the form of a loan. Crowdinvesting involves a financial participation in return for a capital stake.

Generally speaking, the term Crowdfunding refers to the financing of a project by a certain number of providers of funds (project backers)". The stakeholders, which are referred to in the jargon as the "crowd", finance the projects uploaded by those re-sponsible for the pro- jects, which in general propose them on a web-based platform (Crowdfunding-platform). If an investor is interested in a given project, he or she may seek financing on this platform.

THE SWISS FINANCIAL MARKET SUPERVISORY AUTHORITY AMBUSH

The Swiss Financial Market Supervisory Authority FINMA regularly publishes information files concerning the need to take care to ensure rigorous management and to comply with the legislation on money laundering. The authority states that it must also be noted that the sole fact of having publicly solicited funds can in itself be classified as activity subject to a requirement of authorisation according to the Swiss Banking Act2.

These few comments enable us to appreciate that Crowdfunding must not be underesti-mated as an approach and that there are risks which it is important to appreciate fully.

CROWDFUNDING, A NEW MODEL FOR FUND RAISING… WHAT ARE THE RISKS?

Generally speaking, according to the commercial model, investors have various options for participating in Crowdfunding in accordance with their different embodiments as presented above. With regard to the Crowdinvesting form, which involves investments made with the expectation of a profit, repayment, a yield or an increase in value, it is essential to note that the person who finances a project directly bears the risk that the entire investment may be lost.

As a general matter, the Crowdfunding platform is not responsible for any shortcomings by or for the insolvency of the project promoter3.

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Crowdfunding is becoming increasingly widespread because, within the current eco-nomic climate, the financing of business projects has become a real headache for most developments. Access to credit from the banking sector is complicated by the legislation and the rules of practice followed by banks. Access to new sources of financing has now become necessary in order for the economy both to develop and to evolve where growth is necessary in order to preserve jobs and for development in gen-eral, or in particular for various promising sectors such as anything relating to innovation in the area of human sciences and environmental technologies. The advent of the inter-net, along with access to a wider public, has resulted in a proliferation of solutions and methods for raising capital.

Whilst the approach may be laudable, the fact remains that there is still a risk which is born in full by anyone who invests in a project. Indeed, this goes so far as to give rise to financial constructs (alternative products) proposing the pooling of risks, whilst operat-ing within a space that does not offer adequate protection to the investor.

ONE CREATION, A DIVERSIFIED AND REMUNERATIVE CORWDFUNDING MODEL

ONE CREATION Cooperative has a legal status that is regulated by Title 29 of the Swiss Code of Obligations, entitled "The Cooperative", Articles 828 to 920 of which clarify, amongst other legal aspects, matters including but not limited to the acqui-sition of the status of member, the rights and obligations of members, the organisation of the company and liability.

Although ONE CREATION is clearly a share issuing company, the fact remains that its mode of operation is fully aligned with the collective structures of Crowdinvesting. It proposes a participatory form of financing which is destined, according to its Articles of Association, as support for the development of technologies that can bring about economic progress whilst respecting nature, by holding direct or indirect, minority or majority shareholdings in all active companies in Switzerland and abroad operating in the area of environmental technology with the ambition of participating responsibly in the development of these companies.

1WHITE PAPER – Le Crowdfunding en Suisse 2015 – SWISS CROWDFUNDING ASSOCIATION 2FINMA Factsheet – Fiche d’information État 1er décembre 2014 – Crowdfunding (financement participatif) 3SCHELLENBERF WITTMER – Attorneys at law – April 2015 Newsletter – Le crowdfunding à l’aune du droit suisse – un bref aperçu

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An arrangement of this type endows it with a structured organisation and a form of man-agement that enables it to promote or guarantee, through common action, the specific economic interests of its members.

A welcome development within the area of FinTech with a level of organisation and achievement which have been formalised over the course of almost eight years of research & development regarding the model.

MORE THAN AN EXPERIENCE, AN ESTABLISHED FACT

Whilst past results do not provide any guarantee for the future, this is the case for any busi-ness, and over time it has been possible to establish, within different phases of the economic cycle, the risks and benefits associated with investment in ONE CREATION, and thus becoming involved in the economy as a committed actor.

A concept for investment in growth Growth has been anaemic for several quarters. Slowly but surely China is joining the ranks of the developed countries in terms of its economic and social development. Interest rates remain stubbornly low at a level which no longer enables significant yields to be achieved. Real property prices are still high measured against the remuneration which can be secured on this asset class by comparison with others. Oil is under pressure from anaemic demand and an undeclared war between producers all of whom are willing to maintain or step up production volumes and by doing so safeguard the income which they need to finance their social policy budgets. Agricultural commodities are also priced sharply lower because of very good harvests. In this environment the definition of an investment strategy is becoming increasingly complex. The financial markets are reporting wide value fluctuations, both up-ward and downward. That situation is creating a climate of uncertainty among inves-tors. This holds good for private investors whose strategy seeks to maintain the purchasing power of their accumulated wealth while pension funds are trying to enhance the valuation of financial investments so as to secure the capital sums needed to service pensions – to say nothing of all other types of investors who, for a variety of reasons, require access to multiple investment opportunities. Today pessimists and optimists are to be found in equal numbers, although the former are beginning to gain the upper hand in a short-term perspec-tive.

For investors, the many different opinions that are being voiced tend to create uncertainty which is prejudicial to investment. Another interesting factor: depending on the particular region of the world, the stage of social and economic development and the investment culture, it is becoming increasingly difficult to take a long view and accept risks.

In general, risk-taking is the foundation of economic development by steering capital to- wards innovation and private investment. Federal statistics for Switzerland in 2013 show the existence of 578,000 enterprises of which 384,000 are micro-enterprises with less than two full-time equivalent employees. Just 1,400 enterprises have 250 or more employees. Ac-

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cording to the latest available statistics our neighbor France has just under 3.1 million SMEs, including 3 million micro-enterprises and 5,243 medium-sized to big businesses.

Although the statistical data does not enable the exact number of innovative enterprises to be determined, several European rankings do show that Switzerland regularly occupies the first place. However, compared to other European countries which are also well-positioned, the proportion of enterprises active in research and development, i.e. innovative, has been falling for some years. Costs seem to be one contributory factor to this decline. The directory www.startups.ch lists just under 2,537 entities. Concluding this review of the structure of enterprises in Switzerland, the number of listed companies has fallen to 275 against 419 in 2003 (AWP / 17.09.2014).

These few figures show that investors are focusing a maximum of resources on listed com-panies which are fewer and fewer in number and becoming increasingly concentrated; at the same time, they are not a source of innovation and hence of future growth. Against this background, ongoing efforts to reduce the risk carried by investments inevitably lead to the payment of premiums associated with a lower yield, while also reducing the opportunities for economic development, the only contributory factor to growth which itself depends upon innovation.

In line with these different developments, ONE CREATION has established itself as a "tool" for positioning in the current growth sectors of the economy that will have a positive impact on the future, with a clearly established model after more than five years of exist-ence. For the second year in a row, the Cooperative will be able to propose to the next general meeting the distribution of a dividend of just under 4.95%. Whilst this state of affairs does not provide any guarantee for the future, it nevertheless demonstrates that the promises made are fulfilled over time as targets that have been met. ONE CREATION forcefully engages with anything related to sustainable economic develop-ment by investing in listed, unlisted and start-up companies. This is a combination in which the search for a balance between the yield/risk ratio and innovation enables it to look to t h e present and future of several sectors of world growth. This development has been confirmed at international level, which is evident from the COP21, as mentioned above, and other private initiatives.

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56 QUESTIONS/ANSWERS, TO REMOVE ALL DOUBT ONE CREATION, Cooperative for Envi-ronmental Research and the Application of Technologies related to Natural Order is the corporate name registered with the Companies Register.

Hereinafter, the appellations the “Cooperative” or “ONE CREATION” are used.

CONINCO Explorers in finance SA is a company which has operated for nearly 25 years in financial consulting, management audit, follow-up and supervision services, including the classification and allocation of assets and managers. It is accredited by the FINMA, Swiss supervisory authority for financial markets, in the capacity of collec-tive investment manager.

The company is an asset value of the founder’s family, Mr. Olivier Ferrari that owns the majority share.

CONINCO Explorers in finance SA is the statutory Manager of ONE CREATION.

1. Is ONE CREATION a financial in-strument?

No.

ONE CREATION is a Swiss law company in the form of a holding cooperative.

2. What is a cooperative?The cooperative is an economic entity based on the principle of the cooperation which best serves its associates. It differs from a trading company, or a foundation, due to associates’ rights and share capital characteristics. It is part of a solidarity

economy, or environmental and social transition dynamics.

3. Why choose ONE CREATION ratherthan a financial instrument?

In a cooperative such as ONE CREATION, subscribing to share capital is open to all as a principle. Investors own the company, in the same way as in a public company, as they hold at least one share in the share capital. But they have equal rights in General Meetings when giving their opinion and vote on business operat-ing, whatever the size of their financial commitment.

As each vote has the same weight and each share has the same maximum value, business is managed in everyone’s inter-ests, for the company’s long-term viability in compliance with its corporate purpose.

4. How does ONE CREATION differfrom an existing financial instrument?

ONE CREATION is a cooperative. This is a very old legal structure which defends its associates’ joint interests.

ONE CREATION is emerging in the field of environmental technologies, in accordance with its purpose.

A financial instrument is not a company, nor an institution endowed with legal sta-tus. It is made up of contributions from investors who want to make collective investments. It is a contract; more specifi-cally a collective investment con- tract.

5. Why a cooperative rather than aninvestment foundation (Swiss law)?

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An investment foundation is a legal struc-ture which can be assimilated, as regards such structure, with an investment fund; this is a specific Swiss legal structure and is therefore restricted as regards the coopera-tive’s objectives. A foundation is also re-strictive for the development of ONE CREATION since it is aimed solely at insti-tutions under Swiss law. ONE CREATION’s corporate purpose is not connected to collective management, or the private management of joint assets. It is a compa-ny which takes out long-term holdings.

6. Which law governs a cooperative?Title 29 of the Swiss Obligations Code (CO) is the legal base for these matters. Failing which, Swiss joint-stock company law is applicable by analogy (Title 26 of the Obligations Code).

7. What is the driving force of ONECREATION?

The structure, object and fields of interac-tion of ONE CREATION tend towards the pooling of resources in order to promote economic progress that is respectful of the environment and humanity’s evolving needs.

Through a structure which is open to all and egalitarian in its decision-making rights, the Cooperative provides a civic and democratic opportunity to participate in the development of companies in which it is active, and consequently development of the economy as a whole.

It is a response to demand for sustainable economic investment.

8. Why the environment?In view of the social and economic chang-es in the world, two main sectors already appear as growth vectors: needs related to the coming retirement of baby boomers from the 40s and more specifically the 60s, and the environment. The first already have

a sound financial infra- structure. But the environment is a long-term growth sector which has real potential at both local and global levels.

9. What are environmental technolo-gies?

Technical and industrial applications of progress in scientific research which are expected to provide greater welfare in connection with the natural and human environment. The economic exploitation of such technologies endeavours to conciliate the economic and environmental aspects of sustainable development.

10. What is sustainable development?The widely accepted definition is the one provided by the United Nations 1987 Bruntland Report: “sustainable develop-ment meets current generations’ needs, without compromising the possibility for future generations of meeting their own needs.” Three sectors of action are gener-ally acknowledged: social, economic and environmental.

11. Which technologies willONE CREATION commit to?

As there is virtually no limit to the field of environmental technologies, ONE CREATION only commits to sustainable activities at technical, environmental and economic levels in the following fields:

Renewable energies Environmental biology Ecological materials Ecological transports Waste management Environmental chemistry Environmental consulting Energetic efficiency Water management

 

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12. Does ONE CREATION apply exclu-sive criteria when selecting compa-nies?

For companies considered as "Pure" or "Mixed players", their activities must comply with the definition of environmental tech-nologies used by ONE CREATION and the sectors specified in question 12. For “Sup-port” companies, part of their activities must also correspond to the said definition and sectors. In addition, if the core activity is contrary to the aim of the environmental technology exploited by the company, it will be excluded. For this purpose, some activities are considered as excluding the company (oil exploitation, weapons, GMOs, etc.). In addition, when environ-mental benefits resulting from the technol-ogy are not certain in the long-term, or if such technology is currently controversial, the company will be classified as “Contro-versial.” The Board of Directors would therefore decide whether to take a holding in full knowledge of considerations in-volved. 13. Who can become a

ONE CREATION associate? Associate capacity is open to all legal entities or private individuals, trading com-panies or non- profit making organisations, pension funds, and public communities. This is simply a non-exhaustive sample of the different actors that have the capacity for making long-term capital investments. 14. How to become an associate? Any applicant acquires associate capacity via subscribing to at least one ONE CREATION corporate share. This status continues for as long as the latter keeps one corporate share. Each application must be validated by the Board of Direc-tors. 15. What are the subscription terms? The issue price for one ONE CREATION corporate share is CHF 10 000, subject to

amendment of the Articles of Association. The mini- mum number of shares sub-scribed to by an associate is one, with a maximum of 10 000 shares. A 1% federal tax and a 2% issue commis-sion are added to the price of each sub-scribed share. Use of the issue commission is explained in Article 7 of the articles of association. 16. What does ONE CREATION actually

do? The Cooperative’s holdings comply with a unique concept, this takes the form of holdings in companies which operate in the environmental technologies’ field and allow to develop ONE CREATION’s eco-nomic return. This includes both listed and unlisted assets. ONE CREATION may also guarantee the protection and transfer of such technologies. 17. How can one appreciate the return

on investment in ONE CREATION’s capital?

By payment of a dividend to associates. Surplus net profits can be entirely redistrib-uted. There is no inventory value, except for an exit which must be financed, insofar as the asset value does not cover the share capi-tal. A cooperative’s corporate share is always at its nominal value level, subject to negative economic corrections. 18. Are there enough listed companies in

the relevant sector to be entitled to expect sound and sustainable devel-opment?

Yes, stock market capitalisation by approx-imately fifty listed companies in environ-mental technologies is close on CHF 488 billion. With a share capital of several hundreds of millions of Swiss Francs, the diversification potential is significant on a short, medium and long-term buoyant

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market. And this does not take account of unlisted companies and start-ups’ poten-tial.

19. Can ONE CREATION’s results becom- pared to a reference index(benchmark)?

No, for several reasons:

a) ONE CREATION’s results lead to adividend payment or otherwise. Thisamount is finalised by the associates.

b) This is a trading company, not aninvestment fund or a financial instru-ment, with a specific purpose connect-ed to sustainable industrial economicdevelopment.

20. Does ONE CREATION have a char-ter of ethics?

ONE CREATION’s Management has an applicable charter of ethics in the capacity of economic partner of pension funds in Switzerland; the charter specifies the high-est level of requirements in such matters. The charter’s economic, environmental and proper corporate governance standards are applicable to the Cooperative, subject to higher requirements that the Board of Directors may wish for.

21. What kind of active management hasONE CREATION adopted?

The cooperative intervenes as a holding company which acquires participations in companies whose activity can have/has a positive impact on the environment. In that sense, the cooperative is a company gov-erned by Articles 828 et seq. of the Swiss Code of Obligations.

That Article 828 reads as follows: “1 A cooperative is a corporate entity con-sisting of an unlimited number of persons or commercial enterprises who join together for the primary purpose of promoting or safeguarding the specific economic interests

of the society’s members by way of collec-tive self-help.

2Cooperatives with a predetermined nomi-nal capital are not permitted.”

We are therefore not engaged in a process of active management of the kind which takes place for investments made through investment funds and a clear distinction must be drawn between participations taken in listed and unlisted companies. On the basis of its stated corporate purpose, ONE CREATION manages the participations acquired by it in a long-term perspective.

In the case of listed companies, the empha-sis is placed on economic entities which have shown their ability over a given period to generate stable to rising profits and proved able to distribute a dividend with a potential for growth of their contribution to sustainable development measured in terms of turnover. There are no geographical restrictions or limits on stock market capital-isation, except for reasons of risk manage-ment and to allow for the impact of stock market movements on assets and mainte-nance of the long-term valuation of the participations; very stringent criteria are applied to track and increase the participa-tions held. Similarly, it is vital for the weight of each entity in the portfolio to respect a relative ratio between the different partici-pations with none of them becoming domi-nant. A low level of 50% of the corporate assets in liquidation value is applied to companies of this type.

For unlisted companies, the management targets entities at the different stages of economic development. We had occasion to develop the principles applied in a previ-ous edition of NEWS www.onecreation.org. A reservation criteria is applied to the level of each participation, i.e. a company which meets all the criteria of excellence shall not

 

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exceed when it is acquired one-twentieth of the total corporate assets stated at their liquidation value at the time of joining the company. This implies the application of lower equivalent values, so diversifying the portfolio of participations in unlisted com-panies. This also means that ONE CREA-TION includes in its development, capaci-ties for further investments in the same companies depending on the trend in the number of new associates. In that perspec-tive, a participation in MCE-5 can be in-creased automatically on favourable terms by a multiple of twice the initial investment. For these companies several highly diversi-fied dossiers are being reviewed and repre-sent in each case an extension of the eco-nomic sectors considered and also an increase in the number of participations which strengthen the diversification of the overall corporate assets and optimise the return on investment.

As to that return on investment, each partic-ipation acquired has its own calendar for evolution because the management em-phasises entities that are capable of gener-ating long-term dividends without excluding the possibility that some companies may be bought up or acquire a stock market listing that will bring about a substantial improve-ment of the economic substance of the assets held by the associates through their shares. 22. What qualifications does ONE

CREATION rely on to be a leader of its concept?

The ONE CREATION Cooperative not only may count on well-known persons in the social and scientific fields, who are part of its strategic management, but also acknowledged know-how at operational management level. It also calls on specific third party skills which allow it to be at the forefront in its sector.

23. What are the technical skills used for?

The Cooperative groups the highest num-ber of technical skills possible. These are both individuals and academic, scientific and technical institutions. Therefore ONE CREATION has quicker access to the best authorised opinions in such matters, in particular in the classification of start-up companies or when doubts exist as regards the technology’s specificity. 24. What are the advantages of taking

part in ONE CREATION? Below are the nine main advantages: - Having a repeated and increasing eco-

nomic yield. - Obtaining stable capital in the medium

and long-term. - Combining financial targets and ethical

convictions. - Subscribing to diversified holdings. - Taking part in the expansion of cutting-

edge companies that are not accessible via the stock market.

- Encouraging interaction between the various economic actors.

- Playing a part in the positive evolution of environmental criteria.

- Enjoying more than the right to vote in the capacity of associate: sharing ideas, making proposals, etc.

- Becoming a committed investor due to the ONE CREATION “label”.

25. What type of network does ONE

CREATION focus on? The ONE CREATION Cooperative's main aim is to encourage and guarantee, via joint action, its associates’ interests in developing technologies which ensure economic progress, respect the environ-ment and civil society. Accordingly, it sets up business networks with listed and unlist-ed companies connected to the environ-mental technologies’ field, both in Switzer-land and abroad, in any grouping of inter-

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ests leading to being in line with research on such subjects at international level.

26. What information can associatesaccess?

Apart from customary legal reports, the various holdings are permanently accessi-ble for associates on the internet. In addi-tion, specific information on the companies is available within the limits of legal stand-ards. 27. Can pension funds legally take part

in ONE CREATION?No restriction is placed on institutional investors based on Swiss territory or abroad. Subject to any specific local provi-sions. In its development model, ONE CREATION applies a policy for the acquisi-tion of participations which respects the principles of appropriate risk spreading. Sums available for routine management and payment of a dividend are not subject to speculation by investment on the finan-cial or capital markets. The participations are spread between different categories of enterprises and between several regions and sectors of the economy.

ONE CREATION is an unlisted company of the private equity type incorporated under Swiss law.

28. How to be sure that crossed- share-holdings do not create conflict of in-terests within ONE CREATION?

General Meeting decisions are taken by an absolute majority of votes, subject to spe-cific provisions stipulated in the Articles of Association. In accordance with the said Articles of Association, the General Meet-ing is responsible for electing members of the Board of Directors and therefore pro-tecting itself against conflict of interests within the Board.

As Board of Directors’ decisions are taken entirely independently of Management, the former is responsible for taking a risk, or

otherwise, as regards conflicts of interests in its decisions, with the possibility of being required to justify these before the General Meeting.

29. At which geographic level is ONECREATION located?

Although the Cooperative is legally located in Switzerland, the initial objective is to have globally diversified holdings in ac-cordance with the specified rules.

30. How to exit unlisted projects whichfailed to reach expectations?

This type of event mainly relates to start-up companies. If such a case arises, the ac-quisition value is corrected and the holding is liquidated if it is deemed as lacking any recovery potential. In this event, ONE CREATION must protect access to patents as far as possible, for the optimal security of its investment in the event of bankruptcy.

31. Can holdings be performed for apublic share buy-back?

Yes, in theory.

ONE CREATION’s philosophy is to pre-serve assets. Within the limits of its re-sources and policy, it could support a share buy-back or a stock market with-drawal operation for a listed company which lacks the necessary liquidities.

32. How are unlisted assets valued?Start-up companies are assessed according to market standards. Unlisted companies are assessed according to capitalisation paid when taking the holding, subject to a reduction in such value if convincing items make this necessary.

33. What would happen if all of ONECREATION’s holdings simultaneouslylost a significant percentage of theirvalue and that the relevant compa-nies no longer paid their dividend?

The Cooperative would cease dividends’

 

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distribution for as long as results are not positive. In order to mitigate the value loss due to the market, a share capital hedging fund is set up. During the early stage, a value that is lower than the nominal value exists. 34. What risks are associated with ONE

CREATION’s activity? The main risk is markets’ evolution and their influence on listed securities. Second-ly, business incorporations always include a risk; this is where the term “venture capital” comes from. Lastly, there is a yield risk if the selected holdings do not, on average, provide the scheduled return. 35. Does a premium exist to protect

associates’ assets in view of new fund contributions?

No. All investments are only performed for the purpose of reaching the Cooperative’s target and preserving share capital. To do this, according to available financial ca-pacities, ONE CREATION constitutes a risk hedging fund. When all share capital is invested, the contribution of new funds makes it possible to pursue the corporate aim and diversify the risk connected to potentially dominant associates. 36. How does ONE CREATION share

capital take inflation into account? As the market takes inflation into account; collected dividends must correspond to all parameters which define economic devel-opment (growth, inflation, currencies, etc.). 37. What is ONE CREATION’s carbon

footprint? As things stand, the Cooperative’s carbon footprint is very low as it operates using CONINCO Explorers in finance SA’s exist-ing facilities. Secondly, publication of the Annual Report and periodical information will, in principle, take place electronically.

The carbon balance assessment will be included in the Annual Report as soon as the capacities and means are grouped. 38. Will ONE CREATION have ISO

14001 certification? CONINCO Explorers in finance SA has ISO 9001 and ISO 14001 certifications, which we believe to be a strong corporate governance action. ISO 14001 certifica-tion evidences a commitment in the field of environmental protection. Secondly, Man-agement has signed the PRI Principles for Responsible Investment which were set up by the main global investors with support from the United Nations. 39. Where are the corporate shares

acquired in ONE CREATION invested?

The objective is to obtain a distribution between listed securities, so a position and a dialogue with the major actors on the market can be established, and long-term yield developed. Unlisted securities to formalise a stable and potentially increas-ing yield and, in early stage and confirmed start-ups, to be part of the dynamics of the development of new technologies which have a positive impact on the environment and generate a total value for share capital development. 40. Who decides on the precise

strategic allocation of each asset cat-egory?

The holdings’ policy, strategic allocation in the different development stages and im-plementation are taken charge of by the Cooperative’s Board of Directors in associ-ation with Management, according to capital development and situational oppor-tunities. There is no optimised or ideal distribution. According to economic periods, one or the other solution shall be preferred.

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41. How will the share capital risk becovered?

The Cooperative is not an investment fund, or even a financial instrument. It is a com-pany with long-term holdings, commit-ments and support. Therefore, a risk hedg-ing policy is not its aim.

However, various measures are taken so that holdings do not become dominant. In accordance with the economy’s evolutions, an opportunity will be preferred. The risk resulting from creating reserve funds which allow to take a higher or lower risk is also controlled. Contributions from new associates are used in these various ways for steering holdings’ development.

42. What are the selection criteria for therelevant assets?

Specific criteria are allocated to each type of asset.

For listed shares: Firstly, the long-lastingfinancial stability of the company’s activi-ties, attractive returns and value en-hancement. Secondly, a classified expo-sure to environmental technologies asdefined in the classification procedures.

For unlisted shares: Only companieswhich pay a dividend are considered,insofar as part of their turnover resultsfrom the specified environmental tech-nologies, and where an intention of in-creasing development in compliance withthe Cooperative’s aim is evidenced. Theymust present business and yield stabilityin the short, medium and long- term. Inaddition to these requirements, the com-pany’s debt situation must be sound, cer-tified by a credit analysis.

For start-ups, only companies whichoperate exclusively in the specified envi-ronmental technologies are taken into

account. Classification is based on an analysis of the business plan, which must guarantee a substantial redistribution of profits in the final stages of value en-hancement development of approximate-ly CHF 1M during the set up stage, and a long-term partnership with the Cooper-ative. Technological know-how must be validated by outsourced third parties.

43. Why not concentrate on a single typeof asset?

In a single sector dedicated to long-term growth, which is the case for environmental technologies, the Cooperative wants to access all economic growth sources con-nected to assets with revenue distribution.

As ONE CREATION’s end purpose is to favour economic industrial output in its field, it is logical to diversify its risk by also counting on the possible creation of inno-vating companies with growth prospects amongst its holdings.

44. Can ONE CREATION share capitalbe closed?

In accordance with the law, a cooperative’s share capital is open. Nevertheless, the Board of Directors decides on the appro-priateness of possibly issuing new corpo-rate shares, and also the admission of new associates or otherwise.

45. What decision-making authority doesManagement have?

Management only has operational authori-ty. Therefore it does not have any decision-making powers as regards strategy and holdings. Nevertheless it applies proce-dures drawn up and, in this framework; it is entitled to continue asset classification when criteria are not complied with. But it informs the Board of Directors of this; the Board takes all final decisions.

 

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46. What in-company and outsourced skills does ONE CREATION have to successfully perform its financing for unlisted assets?

The Cooperative ensures access to its needs by bringing in professional skills when required. For unlisted assets, a dual structure is set up. Firstly, the analysis of mature unlisted companies which pay a dividend may be undertaken with the same instruments as for listed assets. As unlisted companies are not obliged to comply with the same ac-count publication requirements as listed companies, the said instruments are sup-plemented by a financial and strategic examination which is undertaken in ac-cordance with the analysis model for inter-nal banking credit. For start-ups, role distribution within ONE CREATION is clearly defined: outsourced third parties validate technology, and the start-up’s financial and economic assess-ment is performed by Management that validates the business plan. On this basis, either the full Board of Directors or a selec-tion committee decides on the financial commitment. However, tactical and strategic support, or coaching, is outsourced if necessary and financed by the start-up itself. Business plan validation must guarantee this measure. 47. What is a start-up? A company that has just been founded is lacking in history, and the equity required to obtain bank loans. It is confronted with a chronic lack of the financial resources needed for its development. 48. Why invest in start-ups if there is no

capital gain objective? The long-term objective is to stay in the capital of invested companies, listed or otherwise, insofar as they distribute a divi-

dend and that ONE CREATION’s share capital is not in danger. Different surveys evidence that a company which remunerates its shareholders via dividends has a sounder economic devel-opment. A large part of start-ups will be the subject matter of forward acquisitions and the Cooperative will not be able to keep its share. At the current stage of decisions, generated revenues will be spread over reinvestments and income distribution. 49. What advantages does ONE

CREATION have for supporting young companies?

Its networks of associates and business relations can facilitate synergies. It can look for and recommend experts to ac-company and advise these companies on their development in the framework of its capital holding. It can acquire patents and licences, or finance the latter in exchange for property rights. ONE CREATION’s commitment is not restricted in time, sub-ject to compliance with its purpose. Holdings’ administrative costs are assessed at 1% of the share capital when starting and at 1.5% of assets managed as soon as the commitment to start-ups is under-taken. 50. What is the cash situation and terms

of withdrawal of one or more associ-ates?

Cash is at the level of 84% to 90%, availa-ble within 48 hours. Associates may relin-quish their holdings at any time, in part or in full.

The repayment of shares is specified in article 9 of the statutes, which stipulates that: “In the event of voluntary withdrawal or death, the Board of Directors decides the value of shares to be reimbursed. Cal-culation of the value is based on net worth as shown on the balance sheet on the date of death or withdrawal, excluding all re-

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serves. The reimbursement may not howev-er exceed the total nominal value of the shares in question.

“The Board of Directors is entitled to defer reimbursement for not more than three years if the company shows a negative balance sheet or is in a difficult financial situation in the light of engagements made or to be made. In addition, the company’s right to a fair indemnity is reserved.” If several associates ask to withdraw at the same time, paragraph 2, article 9 of the statutes may apply in particular.

51. How are shares valued when anassociate withdraws?

Calculation of the share value is based on the net worth shown on the balance sheet excluding all reserves. The value may not however exceed the total nominal value of shares in circulation.

Example 1 | balance sheet value: CHF 8,000.-; legal reserve: CHF 50. - ; hidden reserve: CHF 2,500.-; withdrawal value: CHF 8,000.-

Example 2| balance sheet value: CHF 12,000.; legal reserve: CHF 50. - ; hidden reserve: CHF 2,500.-; withdrawal value: CHF 10,000.-

52. What is the tax situation regardingdividends?

The company is subject to the tax regime for legal entities of its registered office and the canton in which the latter is established, according to the scale applicable on the reference date for the profit in question. Paid dividends are subject to anticipatory tax.

53. What costs are applied?1. Subscription costs:

• Setup cost of 3% (1% federal stampand 2% jointly for the cooperative’sdevelopments)

2. Operating costs:• Management fees of CONINCO (as

soon as the share capital reachesCHF 20 million) = 1.5%

• Board of Directors fees• Bank interest and charges (including

brokerage and stock de- posits)• Auditor’s fees and related services• General Meeting and miscellaneous

costs (lawyers, third-party experts)3. Fiscal costs:

1. Tax on profits

The TER (1+2+3) is estimated at 3.5%. The TER of Private Equity investment funds, according to year and structure (fund or fund of funds), is 1% (structure in liquida-tion) to 12% (active fund of funds), and on average 6%.

The Management of ONE CREATION charges no performance fee.

54. Why have an ISIN Code?The ISIN code does not permit direct sub-scription by electronic means like other funds. Subscriptions may only be made by submitting the subscription form duly com-pleted to the Management of ONE CREA-TION.

55. Who decides whether or not to pay adividend?

In accordance with art.13, paragraph 4 of the statutes, a decision regarding the divi-dend is made by the General Meeting. The due dividend is paid in cash to the account communicated by each associate. It is payable within the time limit made known after the General Meeting has taken place (April 2015).

56. Can the dividend be reinvested?The dividend can be reinvested according to the decision of the associate, but after its payment date in the form of a new share subscription.

 

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ARTICLES OF ASSOCIATION

Company name, registered office and object Article 1 – Company name, registered office and duration The following company is incorporated under the name ONE CREATION Coopérative1

being a Swiss-law société coopérative based in Vevey (VD), subject to the pre-sent Articles of Association and articles 828 et seq of the Swiss Code of Obliga-tions. It is incorporated for an indeterminate period. Article 2 – Object The principal aim of the company ONE CREATION Coopérative - standing for “Coopérative pour la Recherche Environnementale et l’Application des Technologies Induites de l’Ordre Naturel” (Cooperative for Environmental Research and Application of Technologies induced from the Natural Order) - is to further or safeguard, through common action, the specific economic interests of its members by facilitating applied research in the areas of protection of the environment and preservation of natural resources and by supporting technological development which is conducive to economic progress respectful of nature.2 It may initiate and/or support any educa-tive, creative, demonstrative or productive activity encouraging preservation of the environment and its integration in respon-sible economic development, including the

efforts of its own members active in the above fields, in order to contribute to the evolution of mankind in harmony with the environment. The company intends to demonstrate by example that it is entirely possible, through common action, to practice socially responsible, profitable business while promoting the integrated management of natural resources. In line with its resources, the company will extend its action in the public interest to any third party active in the above fields who shares its philosophy. For that pur-pose the company may acquire and/or utilise any patent or licence or hold any direct, indirect, minority or majority interest in any enterprise in Switzerland or abroad, active in the field of environmental tech-nology, with the aim of providing respon-sible support for the development of such enterprises. In this context the cooperative may carry out any commercial, financial or other transaction which is directly or indirectly related to its object. The cooperative may buy or sell immova-ble property in its own name or as a property company and may hold shares in companies exercising a financial activity, if related to the furtherance of its object. Members Article 3 – Admission of members Any natural or legal person, community or public-law institution with legal status, whether Swiss or non-Swiss, may apply for membership by completing and signing the subscription form for that

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purpose, and by declaring uncondition-al acceptance of the present Articles. Each member must acquire at least one share in the cooperative and retain ownership of that share throughout his membership.

Upon formal subscription of at least one share, the Board of Directors will authorise the application for member-ship which can only be validated and registered once the subscription has duly been paid in full.

The Board of Directors may apply other conditions of membership, or refuse membership without giving any reason.

There is no limit to the number of members.

Article 4 – Percentage support

of ONE CREATION

In accordance with the statutory aims, the Board of Directors may, if requested to do so on reasona-ble grounds, engage funds from surplus operating assets up to a maximum of one percent (1%) of the share capital per annum, to support third party projects of demonstrated rigour and quality working towards the same ends as ONE CREA-TION, namely to promote environmental protection.

This allocation will proceed provided the appropriations specified in article 29, paragraphs 1 and 2, have been duly effected beforehand.

Article 5 – Loss of membership

Membership status can be lost as a result of voluntary withdrawal, death (in the case of a natural person), loss of legal status (in the case of a legal person) or exclusion for good cause.

A member may only leave with effect from the end of a financial year, by giving notice to the Board of Directors at least six months in advance by registered letter or by electronic means, leaving no doubt as to the identity of, and the intent expressed by, the outgoing member.3

The Board of Directors may order the exclusion of a member, by stating the reasons, in the case of a threat to the company’s interests. Appeals may be made to the General Assembly.

Share Capital

Article 6 – Shares, amount, division, mandatory/optional shares and certifi-cates

The cooperative company shall issue, upon subscription and after full payment, shares of CHF 10,000 each at the current par value. The company may issue new shares at any time on the same conditions. The shares shall be listed in the register of members kept by the Board of Directors. A member must retain a mandatory share at all times in order to be recognised as such. He may subscribe, acquire or hold optional shares up to a maximum of ten thousand shares per member.

The company reserves the right to change the par value of the cooperative share either by increasing or by reducing (split-ting) that value. In the event of splitting, the resulting number of shares which exceeds ten thousand for any one member would nevertheless be duly recognized by a spe-cial indication in the register of members. The Board of Directors has authority to decide on any such change. Article 854 CO is reserved.

The company issues, in the name of each member, a certificate documenting mem-

 

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bership and number of shares held in corresponding to the entry on the register of members, signed by the Chairman and Secretary of the Board of Direc-tors. Such certificate is issued as eviden-tiary document only and under no cir-cumstances as a negotiable instrument. The Board of Directors shall ensure that the certificates correspond to the actual situation at all times and shall cancel or replace any certificates requiring amendment. Article 7 – Subscription costs Members must pay, in addition to the par value of each share, the Federal stamp duty at the rate currently in force, and an issue fee determined by the Board of Directors, as a percentage of the share’s par value. The issue fee is intend-ed to cover the company’s incorpora-tion costs and the costs relating to the issue of shares and share certificates, and the keeping of the membership register and related publications. Any balance remaining after the above costs h a v e been paid will not be transferred to the capital account but will be allocated to a special account intend-ed to cover all the future costs directly linked to the company’s growth. Article 8 – Assignment Shares in the company, if fully paid up, may be assigned to a third party. The assignee must submit a written applica-tion for admission, declaring his uncondi-tional acceptance of these Articles, and will only be recognised as a member once the Board of Directors has duly authorised his application and registered him on the register of members. Anyone assigning all of his mandatory and optional shares in the company will

lose his status as member. He will retain the rights and duties linked to that status until the decision has been taken con-cerning the admission o f his successor, and his name has been deleted from the register of members and the new member has been added. Article 9 – Reimbursement of shares In the event of the voluntary withdrawal or death of a member, the Board of Directors will determine the value of the shares to be reimbursed. The calculation of that value is based on the net worth resulting from the financial statements as of the date of death or withdrawal, with the exclusion of all reserves. How-ever, the amount reimbursed cannot exceed the total par value of the shares in question.

The Board of Directors may defer, for no more than three years, a reim-bursement if the company is showing a loss or is in a delicate financial situa-tion, taking into account present or future commitments made or to be made. The company’s right to an ade-quate indemnity (withdrawal fee) is also reserved.

Members’ responsibilities Article 10 – Liability The cooperative’s liabilities can only be discharged by its own assets. Any personal liability or obligation on mem-bers to make supplementary contributions is hereby excluded.

Organisation of the company Article 11 – Organs of the company The organs of the cooperative are the fol-lowing:

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A. The General Meeting; B. The Board of Directors; C. Management; D. The auditors.

A. Powers of the General Meeting

Article 12 – General Powers

The General Meeting of members is the supreme body of the company.

Article 13 – Inalienable rights and powers

In particular, the General Meeting has the following inalienable rights:

1. to adopt and amend the Articles ofAssociation;

2. to elect or revoke members of theBoard of Directors and the auditors;

3. to approve the directors’ annual report;

4. to approve the annual financial state-ments (balance sheet and income statement) and decide on the allocationof the resulting profits, and in particularon the distribution of any surplus;

5. to release the members of the Board ofDirectors;

6. to take any decision reserved for it bylaw or by these Articles, and to re-solve on any proposals submitted to itby the Board of Directors;

7. to resolve upon the dissolution, mer-ger or conversion of the company.

Article 14 – Ordinary General Meeting

The ordinary General Meeting shall be convened by the Board of Directors and, if necessary, by the auditors or liquida-tors. It shall be held each year, during the six months following year-end.

It shall be convened by written notice, at

least twenty days before the date set for the meeting, by letter sent by ordinary mail to each member at the address listed in the register of members.

The notice of meeting must state the items on the agenda and if applicable any proposals or other matters raised by the Board of Directors.

The notice of ordinary General Meeting must inform the members that the annual accounts, directors’ report and auditors’ report will be available at the company’s registered office no later than 10 days prior to the date of the meeting and that each member can ask for a copy of these documents to be sent to him as quickly as possible.

No decision can be taken on matters not duly listed on the agenda, except at the proposal to call an extraordinary Gen-eral Meeting, establish special controls or waive, with a unanimous decision, the presence of the auditors. Any individual proposal put before the General Meeting will be included on the agenda for the following meeting, if sup-ported by at least five members.

Article 15 – Extraordinary General Meeting

An extraordinary General Meeting can be held whenever deemed necessary by the Board of Directors. The auditors may also request a meeting, if necessary.

It must also be called at the request of at least one-tenth of the members, who must submit a written request to the Board of Directors, stating the items to be includ-ed on the agenda.

The Board of Directors will also be re-quired to call a meeting at the request of three members, if the company has less than thirty members.

 

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The extraordinary General Meeting will be called in accordance with the rules appli-cable to ordinary meetings. Article 16 – Quorum; chairman and secre-tary The General Meeting may discuss and pass resolutions if at least one-fifth of the total share capital is present or represent-ed, subject to article 19 of the present Articles. The meeting shall be chaired by the Chairman of the Board of Directors or, in his absence, by the Vice-Chairman or if he is also absent, by another member of the Board. The Secretary to the Board will take the minutes. If the Secretary is unavailable, the Chairman will appoint another secre-tary to take the minutes. Article 17 – Right to vote at the General Meeting Each member has the right to one vote in the General Meeting. The right to vote can be exercised through another member who must be in possession of a written proxy. A member can represent no more than two mem-bers including himself. Article 18 – Decisions and required majori-ties The General Meeting shall pass resolu-tions and elect company officers with the absolute majority of the votes cast, subject to the rules of law or provisions of these Articles to the contrary. The elec-tions and votes shall take place by show of hands. In the specific event of a tie, a second round of voting shall be held immediately. If the second vote also results in a tie, and a decision

must be taken immediately, the Chair-man shall have the casting vote. Article 19 – Special circumstances, quali-fied majorities, amendments to Articles of Association and dissolution A majority of three-quarters of all the members listed on the register of mem-bers is necessary for an amendment to the Articles of Association, or to order the dissolution of the company. An exception to the foregoing is an amendment to Article 25 herein which, due to its contractual nature, can only be made with a unanimous vote with the exclusion of any person or entity directly or indirectly linked to Management. A further exception relates to provisions concerning the majorities and quorums stipulated in the Swiss law on merger, division, conversion and the transfer of assets (Lfus). Article 20 – Minutes All general meetings must be recorded in minutes drafted immediately by the Secretary and duly signed by the latter and by the Chairman of the meeting. B. The Board of Directors Article 21 – Composition and term of office

The company shall be administered by a Board of Directors composed of at least 3 members but no more than 9, elected on a majority basis from among the members. The One Nature Foundation has an indefeasible right of representation on the Board of Directors. The other directors shall be elected by the General Meeting for a three-year term and may be immediately re-elected.

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Article 22 – Organisation, decisions and minutes

The Board of Directors shall have autono-my of organisation and shall appoint a Chairman, a Vice-chairman and a Sec-retary.

The Secretary may also be a non-Board member and does not necessarily have to be a member of the company. The Board of Directors may delegate certain tasks to committees, to be formed of members of the Board, which is responsible for deter-mining their powers. The majority of the members must be present in order for the Board’s decisions to be valid.

Board decisions shall be passed with the absolute majority vote of the members present. In the event of a tie, the Chairman shall have the casting vote.

The Board decisions can also be taken by means of written approval given in the form of a circular letter.

All Board meetings must be recorded in minutes drafted immediately by the Secre-tary and duly signed by the latter and by the Chairman of the meeting.

Article 23 – Convocation of Board meetings

The Board of Directors shall be convened by its Chairman whenever necessary on the basis of business requirements, but at least four times a year.

Two members of the Board as well as Management may ask the Chairman to call a meeting, and must state the reasons.

Article 24 – Powers

The Board of Directors is responsible for the high-level management, supervision and control of the company. In accord-ance with its general duties as provided

for in article 902 of the Swiss Code of Obligations, the Board has the following non-transferable duties:

1. to exercise the high-level manage-ment of the company and issue thenecessary instructions, in particular bydetermining the general policy and types of authorised activity;

2. determine the company’s organisation;

3. approve its regulations;4. determine the principles of accounting,

financial control and financial plan-ning;

5. exercise high-level surveillance of those persons charged with the running of the company to ensure that they re-spect the law, the present Articles, andcompany regulations;

6. prepare the accounts and draft the an-nual report;

7. define contractual relations with Man-agement;

8. approve fees paid to Management; 9. convene the General Meeting and

determine its agenda;10. inform the courts in the case of over

indebtedness;11. decide on any purchase or sale of prop-

erty or investment;12. designate those persons authorised to

sign on behalf of the company and de-termine the method of signature, whichon principle is the collective signatureby two;

13. take any decision concerning shares, subject to mandatory legal powers of the General Meeting in this regard;

14. approve the principles of the investment policy in conformity with the company object;

15. decide on a case by case basis asappropriate on the allocation of the“ONE CREATION support percentage”within the limits stipulated in Article 4 ofthese articles of association.

 

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16. In general, the Board of Directors shall decide on any matter which is not reserved by law or under the present Articles to the General Meet-ing or another organ.

C. Management Article 25 – Management In accordance with article 898(1) of the Swiss Code of Obligations, the man-agement of the company’s affairs is entrusted to CONINCO Explorers in finance SA in accordance with the con-tractual provisions stipulated by the Board of Directors. Its duties and powers are determined in the management regula-tions. Management fees are determined each year by the Board of Directors and are agreed in a specific contract. Management is present in an advisory capacity at the Board of Directors’ meet-ing. D. The auditors

Article 26 –The auditors

At the proposal of the Board, the Gen-eral Meeting shall elect an internationally-recognised institution as auditors, for the term of one year (renewable). The auditors shall review the annual accounts and directors’ report on same in accordance with generally accepted au-diting standards (GAAS). They will draw up a report containing their conclusions and recommendations for submission to the General Meeting. The observations made during their audit and any proposals must be submitted to the Board of Direc-

tors in writing at least 14 days prior to the annual ordinary General Meeting. Article 27 – Governance and conflicts of interest Members of the Board of Directors, man-agement, the auditor and their respective personnel active in the affairs of the com-pany under the terms of the present statutes, must act with full knowledge of the facts, in good faith, and with all nec-essary due diligence and care, in the inter-est of the company and associates. In accordance with high ethical standards, they must honestly inform the Board of Directors of any conflict of interest be- tween their personal interests, direct or indirect, and those of the company or an entity controlled by the company. In such cases they must abstain from any actions or omissions and from participating in any deliberations or decisions which could be influenced by such a conflict. The Board of Directors may decide on measures it deems fit to ensure that such matters are satisfactorily resolved. A conflict of interests exists in particular if general duties towards the company are contradicted by personal interests or those of a close friend or relative, or indeed those of a third party to whom loyalty is owed on principle or in fact. Where its decisions and proposals may affect different associates to varying ex-tents, the Board of Directors must ensure that all are treated fairly.

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Accounting; allocation of annual profits

Article 28 – Financial year – Directors’ report

The financial year shall begin on 1 Janu-ary and shall end on 31 December in each year. The first year shall end on 31 December 2011.

A balance sheet and income statement shall be drawn up each year, closing on the date of closure of the company's fi-nancial year.

The annual accounts must be drawn up in accordance with the law and the princi-ples of good accounting practice.

At least ten days prior to the General Meeting the company's administration must file the annual accounts, directors' report and auditors' report at the coop-erative’s registered office.

Article 29 – Allocation of profits

After the amortisation, depreciation and other provisions considered necessary by the Board of Directors, the profits result-ing from the balance sheet shall be allo-cated as follows:

1. At least 10% to the legal reservepursuant to article 860(1) of the SwissCode of Obligations, until that reservereaches a minimum of one-fifth of theshare capital.

2. A first dividend to members up to 4% ofthe share capital.

3. The net balance remaining after theabove allocations shall be madeavailable to the General Meeting forthe following, in order of priority:

a) 30% to the establishment of otherreserves to cover the risks on invest-ments;

b) an additional dividend to members upto a maximum of 8% of the share capi-tal;

4. any residual amount will be allocated atthe discretion of the General Meeting,following the proposals of the Boardof Directors.

Dissolution and liquidation of the Cooperative

Article 30 – Dissolution

In the case of dissolution or liquidation of the company, the surplus remaining after all its debts have been settled shall be used, in the first instance, to reimburse the shares in the company. The last Gen-eral Meeting of members will have the power to allocate any surplus remaining over and above the nominal amount of share capital.

Notices and communications

Article 31 – Official medium of communica-tion

The company’s publications shall be made in the Swiss Official Gazette of Commerce (FOSC). The Board of Direc-tors may decide to issue publications through other channels.

Article 32 – Dispute resolution; forum

Disputes between members and the com-pany, or company organs, and disputes among members themselves, connected to the company‘s business which have not been resolved in private ad hoc con-ciliation may be submitted to the jurisdic-tion in which the company’s registered office is based.

 

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Article 33 – Effective date The present Articles were unanimously approved by the incorporating General Meeting held on today's date. They shall take effect from the time the company is entered on the Register of Commerce. The company’s administration is respon-sible for completing all the required formal-ities in this regard. Vevey, 7 June 2010/changed 20 March 2013 and 21 April 2016

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www.onecreation.org

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ONE CREATION Cooperative5, quai Perdonnet CH – 1800 Vevey (Switzerland) www.onecreation.org

Cooperative

Environment

Productivity

Industry

Sustainable

Employment

Performance

Economy

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Associate

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