Renaissance Capital, an investment firm with a focus on emerging markets,

sponsored the repackaging transaction and acted as a dealer for the notes. E.M.I.S. Finance B.V., a Dutch limited recourse investment vehicle, issued secured notes in the aggregate amount of approx. USD 15 million and purchased the respective number of common shares in Acronis AG as the underlying securities.

Bär & Karrer advised Renaissance Capital and E.M.I.S. Finance B.V. in this

transaction. The team included Peter Hsu, Frédéric Mancosu and Tiffany Ender (all M&A/Banking) as well as Lukas Roesler and Clarissa Marxer (both Capital Markets).