EANS-Adhoc: shaPE Capital AG - Year-end results 2008

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ad-hoc disclosure transmitted by euro adhoc with the aim of a Europe-wide
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announcement.
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annual report

27.04.2009

Most challenging year since inception leaves its marks in NAV and
share price The disruptions in financial markets have left their
clear marks in the 2008 financial results of shaPE. The gross loss on
the private equity portfolio amounted to 76.6 million Swiss francs,
compared to a gross income of 50.3 million Swiss francs in 2007. The
audited NAV per share was 192.94 Swiss francs, representing a
decrease of 31.9 percent versus beginning of the year and the first
year-over-year drop since 2003. After a continuous increase over the
past five years, the share price dropped by 86.1 percent during 2008.
This disappointing performance compares to a negative performance of
-64.3 percent for the listed private equity sector as a whole as
measured by the LPX50 TR Index (in Euro terms). The share price of
38.00 Swiss francs as of December 31, 2008 represents a discount of
80.3 percent to the audited NAV.

shaPE takes decisive action

shaPE has taken several steps in order to meet the challenges,
including:

- reduced commitment activity as of beginning of 2008 by reducing
average commitment size and restriction to most promising new fund
raisings of existing relationships

- sale of limited partnership interests in order to generate
liquidity and reduce unfunded commitments

- share buyback program in order to concentrate NAV

Furthermore, as recently announced, the investment manager of shaPE,
Horizon21 Private Equity (Cayman) Ltd., has offered to waive half of
the management fees payable for the financial year 2009 in order to
support the company during these challenging times.

Sound portfolio and improved liquidity situation

shaPE continues to build on its solid mid-market buyout focused
private equity portfolio, which is well diversified across
geographies, investment stages and vintage years. Although further
devaluations cannot be ruled out in the present recessionary
environment, shaPE expects to be less exposed due to a comparably low
allocation towards large buyout funds, especially from the more
expensive vintage years 2006/2007, which make up only 4 percent of
overall commitments. Finally, after the recently announced sale of 15
partnership interests, which will significantly improve the liquidity
situation while leaving the character of the portfolio untouched,
shaPE feels well positioned to weather a challenging but also
promising investment environment 2009.

The full annual report 2008 is available on www.shape-capital.com.

end of announcement euro adhoc
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ots Originaltext: shaPE Capital AG
Im Internet recherchierbar: http://www.presseportal.de

Further inquiry note:

Dr. Simon Lamprecht

shaPE Capital AG

Poststrasse 4

8808 Pfäffikon SZ

Tel: +41/55/415'28'20

E-Mail: simon.lamprecht@horizon21.com

Internet: www.shape-capital.com

Branche: Financial & Business Services
ISIN: CH0012885841
WKN: 765355
Börsen: SWX Swiss Exchange / official dealing