- Universities of Zurich and Lausanne (lic. iur., 1994) - College of Europe, Bruges (LL.M., 1999)

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1 Klaus Nef lic. iur., LL.M. Attorney at Law Partner Languages: German, English, French Contact: , General Klaus Nef heads the competition law practice team at VISCHER. His practice focuses on all aspects of Swiss and European competition law. Klaus Nef regularly represents clients in antitrust related administrative and civil proceedings as well as in national and multinational merger control proceedings. He also advises on compliance and internal investigations, regulated markets and public procurement and has extensive experience in contract/corporate law and mergers & acquisitions. Chambers and Partners und Legal 500 recommend Klaus Nef for his expertise in competition law (Band 2). Education - Universities of Zurich and Lausanne (lic. iur., 1994) - College of Europe, Bruges (LL.M., 1999) Teams Antitrust and Competition, Aviation, Data & Privacy, Energy, Media and Entertainment, Real Estate, White Collar Crime 1/9

2 Practice Areas Administrative Law, Competition Law, Contract Law, Corporate and Commercial, Data Protection, Energy Law, M&A, Procurement Law, Real Estate, Unfair Competition, White Collar Crime References Best Lawyers Switzerland Recommended for Antitrust/Competition Law. Who's Who Legal (Switzerland 2017) - "Competition" "Klaus Nef, at VISCHER, advises and litigates on behalf of Clients in both domestic and international proceedings. Impressed Peers describe him as 'someone I would trust to turn to if I had a conflict'." Legal 500 (EMEA 2017) - "Competition" "Vischer s very good practice has been representing a company in an appeal against a fine imposed by the Competition Commission regarding horizontal practices in the door hardware market. Other clients include RBS and Swisscom. Practice head Klaus Nef is recommended." Chambers Europe (2017) - "Competition/Antitrust" "Klaus Nef is praised by one client for 'always looking for creative solutions,' while another source enthuses that 'he is smart, direct, friendly and easy to work with.' His expertise covers cartel and abuse of dominance investigations, and he also deals with leniency applications." Who's Who Legal (Switzerland 2016) - "Competition" "Klaus Nef heads the competition law practice at VISCHER. He advises on the full range of Swiss and EU competition law, and is very active in competition law matters in the regulated industries. According to one client, 'he really knows his stuf and turns over high-quality work in short periods.'" Chambers Europe (2016) - "Competition/Antitrust" "Klaus Nef heads the firm's competition team and enjoys a solid reputation in the field. He is especially active in merger control and cartel cases. Sources describe him as 'an exceptional lawyer' with a clear focus on competition law. Legal 500 (EMEA 2016) - "Competition" "Vischer s handling of competition matters allows its clients to feel in safe hands. The firm has notable industry expertise in the energy, life sciences and financial services sectors. Clients include RBS and Swiss International Airlines. Pragmatic and personable practice head Klaus Nef shows good lateral thinking." Chambers Europe (2015) - "Competition/Antitrust" "Department head Klaus Nef advises on the full range of Swiss and EU competition matters, including internal compliance and merger control. Clients say he is 'approachable, quick and good at lateral thinking,' and peers add: 'He is a brilliant mind: pragmatic and result-oriented.' His recent highlights include leniency applications, dawn raids, compliance and M&Arelated matters." Legal 500 (EMEA 2015) - "EU, competition and WTO" "Vischer has particular expertise in competition issues in the energy, life sciences and financial services sectors. Clients include EOS-Holding and RBS. The smart and quick Klaus Nef shows good lateral thinking." Who's Who Legal (Switzerland 2015) - "Public Procurement" "Klaus Nef heads the competition law practice team at Vischer and Comes 'highly recommended' for his knowledge of the interaction between public 2/9

3 procurement and competition law." Who's Who Legal (Switzerland 2015) - "Competition" "Klaus Nef is head of the competition practice team at Vischer and has a 'strong reputation' in antitrust-related administrative and civil proceedings." Chambers Europe (2014) - "Competition/Antitrust" "Klaus Nef leads the competition group. His 'bright and dedicated' handling of competition mandates is praised by interviewees." Who's Who Legal (Switzerland 2014) - "Competition" "Vischer is represented by head of the competition team Klaus Nef. Described as 'reliable and robust', he is a 'prominent figure' in antitrustrelated administrative and civil proceedings." Who's Who Legal (Switzerland 2014) - "Public Procurement" "At Vischer, Klaus Nef is praised for his 'profound understanding of the industry and Client needs'." Legal 500 (EMEA 2014) - "EU, competition and WTO" "Vischer s team is headed by Klaus Nef. It has recently acted for an energy company contemplating collaborations with its competitors, life sciences companies undergoing SCC investigations, and a TV channel in relation to the investigation of a market-dominant advertising company." Chambers Europe (2013) - "Competition/Antitrust" "Klaus Nef heads the competition department and is greatly respected for building Vischer's strong competition practice. Acclaimed as a "brilliant, talented lawyer, and a very bright guy," he is a regular presence on highprofile antitrust matters." Legal 500 (EMEA 2013) - "EU, Competition and WTO" "Klaus Nef s team at Vischer is particularly strong in TMT and financial services matters. In 2012, it represented Universal Music Group in proceedings before the SCC relating to import restrictions. Other clients include Media Control and Cinetrade." Who's Who Legal (Switzerland 2013) - "Competition" "Vischer AG fields the "talented" Klaus Nef, who is a "very active figure in the market"." Who's Who Legal (Switzerland 2013) - "Public Procurement" "Klaus Nef at Vischer AG is "highly rated" for the quality of his advice to clients from a range of enterprises, from community to national level." Deals Cham Group closed the sale of its specialty paper business to Sappi Cham Group (listed on SIX Swiss Exchange) closed the sale of its specialty paper business, comprising of subsidiaries in Switzerland and Italy, to Sappi Group (listed on Johannesburg Stock Exchange), one of the world's leading pulp and paper manufacturers. The sale at an enterprise value of CHF million results (after deduction of bank debt, liabilities and costs) in an inflow of over CHF 125 million in cash. Following the divestment of the specialty paper business, Cham Group will focus on its real estate business. VISCHER advised Cham Group as lead counsel on all legal aspects of this transaction. The VISCHER team was led by Jürg Luginbühl (Partner, Corporate/M&A) and included Gian-Andrea Caprez (Managing Associate, Corporate/M&A), David Weber (Senior Associate, Corporate/M&A), Seraina Tsering (Senior Associate, Corporate/M&A), Rebekka Keller (Associate, Corporate/M&A), Klaus Nef (Partner, Competition), Thomas Steiner (Senior Associate, Competition) and Christoph Niederer (Partner, Tax). Swiss Federal Administrative Court annuls cartel fine against Immer AG 3/9

4 On November 14, the Swiss Federal Administrative Court (FAC) decided that Immer AG, a distributor of door parts, has not participated in a cartel formed by six of its competitors to fix prices. Hence, the court annulled the cartel fine imposed against Immer by the Swiss Competition Commission (ComCo). Six distributors of door parts had met annually to discuss a complex multilevel pricing model for various product groups. Immer was invited only once, and it participated in that meeting in a purely passive manner. The FAC recognized that one cannot infer knowing and willing participation in an agreement to fix prices from a passive attendance of only one meeting. The decision is final and binding. It is a very welcome precedent particularly given that the FAC thoroughly discusses the concepts of "agreement" and "concerted practice". The question whether there is an agreement has become ever more important since the Swiss Federal Supreme Court has recently decided in favor of de facto illegality of certain types of agreements. Immer was represented by VISCHER (Klaus Nef, Partner and Dr. Thomas Steiner, Senior Associate) in the proceedings before the ComCo and the FAC. Decision B-552/2015 (/fileadmin/redaktion/dokumente/diverses/thst_urteil_b- 552_2015_Deal_Immer.pdf) Cedarlake acquires from Argos Soditic the majority of BMF Group Cedarlake Private Equity Fund I, advised by Rantum Capital, acquires from Argos Soditic Funds the majority of BMF Group AG, the world's third largest ropeway manufacturer with more than 320 employees and main registered seat in Flums, St. Gallen, Switzerland. The founding family Bartholet remains invested and the management team around Chairman Roland Bartholet is supporting the transaction. A strategic objective of the transaction was to enable the BMF group to enhance further its strategic development in China and other strongly growing regions in Asia. VISCHER advises Cedarlake and Rantum, respectively. The VISCHER team led by partner Dr. Robert Bernet comprised Dr. Peter Kühn, Sebastian Flückiger, Ruben Masar, Aron Waltuch, Janique Bourgeois (Corporate/M&A), Marc Ph. Prinz and Florian Schaub (Employment), Dr. Jana Essebier (Finance), Klaus Nef (Merger control), Adrian Gautschi (IP) and Lukas Züst (China Desk). Boston Scientific closes acquisition of Symetis Symetis has been acquired by Boston Scientific (NYSE:BSX) for $435 million in an all cash, up-front payment. Symetis is a medical technology company specializing in the development, manufacturing and marketing of percutaneous heart valve replacement solutions for the treatment of severe cardiac valve conditions. Symetis IPO launched on Euronext Paris and very well received by the investment community, has been halted. Symetis is advised by VISCHER AG led by Dr. Matthias Staehelin (Partner, Corporate) with Angelo Imperiale (Associate, Corporate), Sebastian Flückiger (Associate, Corporate), Nadia Tarolli (Partner, Tax), Adrian Briner (Associate, Tax) and Klaus Nef (Partner, Regulatory). VISCHER AG also acts as Shareholder Representative. Baloise acquires around 70 per cent of Pax Anlage AG The purchases announced on 6 January 2017 by Baloise Life Ltd, a subsidiary of Bâloise Holding Ltd, of three blocks of shares amounting to around 70 per cent of the share capital and voting rights of Pax Anlage AG from Pax Holding (cooperative), PAX, Schweizerische Lebensversicherungs-Gesellschaft AG and Nürnberger Lebensversicherung AG, were completed on 31 March The necessary official approvals for the transaction were issued on 9 February 2017 (by the Swiss Financial Market Supervisory Authority, FINMA) and 2 March 2017 (by the Swiss Competition Commission, WEKO). On 10 March 2017, Baloise published its ofer prospectus for the public tender ofer for all publicly held registered shares in Pax Anlage. VISCHER advises Baloise. The VISCHER team is led by Partner Benedict F. 4/9

5 Christ and included Dr. Peter Kühn (Managing Associate) and Luzius Zumstein (Associate) all corporate/m&a and Klaus Nef (Partner) antitrust. Symetis and Boston Scientific reach Purchase Agreement Symetis announced that it has agreed to be acquired by Boston Scientific (NYSE:BSX) for $435 million in an all cash, up-front payment. Symetis is a medical technology company specializing in the development, manufacturing and marketing of percutaneous heart valve replacement solutions for the treatment of severe cardiac valve conditions. Symetis IPO launched on Euronext Paris and very well received by the investment community, has been halted. Symetis is advised by VISCHER AG led by Matthias Staehelin (Partner, Corporate) with Angelo Imperiale (Associate, Corporate), Nadia Tarolli (Partner, Tax), and Klaus Nef (Partner, Regulatory). VISCHER AG also acts as Shareholder Representative. Baloise is to acquire Pax Anlage AG and boosts its real-estate portfolio Baloise is to acquire a majority shareholding in Pax Anlage AG and to make a public takeover ofer for the remaining shares. This transaction represents a further expansion of Baloise's real-estate portfolio and Baloise thereby invests up to CHF 288 million of insurance assets in a secure and attractive asset class. The transaction is subject to governmental approvals. VISCHER advises Baloise. The VISCHER team is led by partner Benedict F. Christ and included Peter Kühn, Vincent Reardon, Seraina Tsering, Dominic Wyss und Luzius Zumstein (corporate/m&a), Roland Müller, Peter Hettich, Manuel Blättler, Moritz Jäggy, Rebekka Keller, Reto Marghitola, Elias Mühlemann (real estate), Klaus Nef (anti-trust) and Delia Bosshard (IP). Newmont sells stake in Valcambi AG Gold Refinery On July 27, 2015 New York listed Newmont Mining Corporation announced it has closed the sale of its equity stake in the Swiss gold refinery Valcambi AG to a subsidiary of Rajesh Exports Ltd., India, for total net proceeds of USD 119 million. VISCHER AG acted as Newmont's lead and Swiss counsel. The VISCHER team, led by partner Felix W. Egli, included Thomas Krizaj (M&A), Gian-Andrea Caprez (M&A), Peter Kühn (M&A), Klaus Nef (Merger Control), Adrian Dörig (Corporate Finance) and Christoph Niederer (Tax). Press release Newmont ( details/2015/newmont-sells-stake-in-valcambi-gold-refinery-in- Switzerland/default.aspx) Press release Rajesh Exports Limited ( 635_D3F2C47D9A72_ pdf) Oerlikon's sale of Advanced Technologies Segment successfully closed On February 3, 2015, Oerlikon announced that it has successfully closed the sale of its Advanced Technologies Segment to the Swiss-based company, Evatec AG. VISCHER acted as Oerlikon's Lead and Swiss Counsel. The VISCHER Team, led by partner Felix W. Egli, included Thomas Krizaj (M&A), Manuel Ulrich (M&A), Sebastian Huber (M&A), Klaus Nef (Merger Control), Stefan Kohler (IP) and Christoph Niederer (Tax). Equistone Partners Europe Fund IV acquires Unlimited Footwear Group VISCHER advises Equistone in the acquisition of Unlimited Footwear Group. The VISCHER Team includes Jürg Luginbühl, Benedict Christ, Klaus Nef, Manuel Ulrich and Sebastian Huber. Oerlikon sells its Segment Advanced Technologies to Evatec On December 23, 2014 Oerlikon announces that it has signed an agreement to sell its Advanced Technologies Segment to Swiss-based Evatec AG. The transaction is expected to close during the first quarter of VISCHER 5/9

6 acts as Oerlikon's Lead and Swiss Counsel. The VISCHER Team, led by partner Felix W. Egli, includes Thomas Krizaj (M&A), Manuel Ulrich (M&A), Sebastian Huber (M&A), Klaus Nef (Merger Control), Stefan Kohler (IP) and Christoph Niederer (Tax). Loomis acquires VIA MAT VISCHER advises Loomis, one of the leading cash handling companies, as to Swiss law in ist 100% acquisition of VIA MAT Holding AG ("VIA MAT"). VIA MAT is one of the world?s leading companies in international valuables logistics. The enterprise value is approximately CHF 200m (EUR 163m). The acquisition enables Loomis to expand its service ofering by adding International Services to the existing Cash in Transit and Cash Management Services lines of businesses. The acquisition will make Loomis the market leader in cash handling in Switzerland. The VISCHER team is led by partner Benedict F. Christ and included Matthias Glatthaar (Corporate), Delia Bosshard (IP), Nadia Tarolli (Tax, Pension) and Klaus Nef (Merger Control). VISCHER advises NYSE listed Wabtec Corporation in the auction process for the acquisition of Schwab Verkehrstechnik AG from the private equity fund Cross Equity L.P. VISCHER advises NYSE listed Wabtec Corporation, a leading supplier of valueadded technology based products and services for rail, transit and other global industries, in the auction process for the acquisition of Schwab Verkehrstechnik AG from the private equity fund Cross Equity L.P. Schwab is finally sold to French company Faiveley Transport SA, one of Wabtec's global competitors. The VISCHER team is led by partner Robert Bernet and comprises Matthias Glatthaar (Corporate/M&A), Klaus Nef (Anti-trust), Thomas Steiner (IP/IT) and Moritz Jäggi (Employment). Goldman Sachs and Doughty Hanson bid for Orange Communications AG Goldman Sachs and Doughty Hanson bid in the 2011 CHF 2bn auction for the Swiss mobile phone operator Orange Communications SA sold by France Telecom, but are finally outbid. VISCHER advises Goldman Sachs and Doughty Hanson in this bid as legal advisor. The team includes Jürg Luginbühl and Felix W. Egli (co-leaders), Benedict Christ, Peter Kühn, Thomas Krizaj, Christian Wyss and Fabienne Ochsner (all M&A), Adrian Dörig and Andreas Textor (both Financing), Rolf Auf der Maur and Thomas Steiner (both regulatory), Barbara Meyer (labor law), Christoph Niederer (tax), Klaus Nef (antitrust) and Delia Bosshard (IP). Oerlikon sells its Carding business to China Hi-Tech Group OC Oerlikon Corporation AG, Pfäffikon and several of its affiliates sell their Carding business (with manufacturing facilities in Germany, Austria and Italy) to Zhengzhou Hi-Tech Non-woven Technology Co., Ltd, China, an affiliate of state owned China Hi-Tech Group Corporation, Ltd., Beijing. The transaction is closed on August 31, VISCHER advises OC Oerlikon as lead legal advisor in this transaction. The team includes Felix W. Egli (leader), Peter Kühn, Thomas Krizaj, Andreas Textor (all M&A),Klaus Nef (merger control), Christoph Niederer (tax) and Claudia Keller (IP). Practice - Lecturer in competition law at the Universities of St. Gallen and Fribourg - Court clerk - Research assistant to the Law Faculty of the University of Zurich in the areas of Antitrust and Commercial Law - Associate with a major law firm in Zurich 6/9

7 Memberships in Associations - Zurich Bar Association - Swiss Bar Association - Studienvereinigung Kartellrecht e.v. - International Bar Association 7/9

8 About VISCHER We efectively support our clients in a solution oriented manner in legal, tax and regulatory matters. Our lawyers, tax experts and notaries are organized in the specialist practice teams listed below, each led by an experienced partner. This enables us to individually tailor our services to meet the requirements of the individual project in the most efective manner. Our offices are located in Zurich and Basel, the two largest business centers of Switzerland. Independence is a key factor for the optimal protection of client interests. We therefore put great value on a very high conflict of interest standard that is no longer obvious in the international legal industry. In order to also remain independent in transborder transactions, we have built up our own global network of foreign law firms enabling us to select our foreign attorneys based exclusively on the requirements of the individual mandates and without having to take into consideration the instructions of a law firm group or a network organization. - Antitrust and Competition - Aviation - Banking and Finance - China Desk - Civil Law Notaries - Compliance Support - Corporate and Commercial - Data & Privacy - Employment Law - Energy - Health Care - Immigration - Information and Communication Technology - Intellectual Property - Life Sciences, Pharma, Biotech - Listed Companies - Litigation, Arbitration - Media and Entertainment - Mergers & Acquisitions - Pension Funds - Private Clients - Private Equity, Venture Capital, Corporate Finance - Public Sector and Regulatory - Real Estate - Restructuring and Insolvency - Sports Law - Startup Desk - Tax - White Collar Crime Zürich VISCHER AG Schützengasse Zürich Switzerland Tel Fax Basel VISCHER AG Aeschenvorstadt Basel Switzerland Tel Fax /9

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