Dear [MEP personalised],

Europe’s SMEs deserve fair treatment and stable investment

I write on behalf of my peers and co-signatories, who are the owners and managers of small

and medium sized enterprises from across the EU. SMEs form the bedrock of economic

activity across Europe and their ability to generate jobs and contribute to wider growth and

prosperity is critical in meeting the goals of the EU’s 2020 Strategy. It is from this fertile

breeding ground of innovation that the European and international leaders of tomorrow will

emerge.

Growth businesses require access to long term sources of finance. In the present climate,

such finance is scarce, but one important source is private equity and venture capital. These

long-term investors provide the capital and expertise necessary to nurture businesses and to

propel them on to the next stage in their development.

We represent a slice of the 25,000-plus population of European businesses that currently

benefit from private equity and venture capital support. We are therefore increasingly alarmed

by proposals within the EU’s draft Alternative Investment Fund Management Directive that

would prejudice private equity and venture capital-backed companies such as ours, and

ultimately restrict access to finance for Europe’s growth companies.

We can see no justification to prejudice our companies or to include them in a Directive

targeting fund managers. Efforts to do so would distort the market, harm finance for

innovation and company growth and ultimately inhibit Europe’s economic recovery.

Of particular concern are proposed disclosure obligations for private equity and venture-

backed businesses. We do not oppose increased transparency across Europe whatever the

type of company or sector it operates within. At the same time, we believe there should be a

level playing field for all. We do not see why the law should discriminate against different

types of privately owned companies. We do not see why there should be one set of rules for

private equity and venture-backed businesses and a different set of rules for their competitors

just because of other types of ownership – whether owned by families, oligarchs or large

conglomerates. If protections are necessary, they should be afforded to stakeholders of all

private businesses, and dealt with through horizontal company law.

Compounding this are proposals to disclose matters which are for the board of a company to

determine, such as information related to the development or research policy of a company.

Measures which call for unequal levels of disclosure would be

particularly damaging to venture-backed companies that have invested heavily in product

development and whose ideas may be exploited by much larger rivals, stifling competition.

Finally, we are very concerned that the initial Commission proposal to exclude smaller

businesses from these provisions (below 250 employees) has been watered down in some

proposals to companies with less than 50 employees (Articles 26 to 30). This shows no

understanding of the resource requirements of very early-stage companies at a vulnerable

stage in their corporate development. Rather than protecting them, such new administrative

burden would weaken SMEs.

The cost of complying with the proposed disclosure would be around €30,000 per year – a

very significant outlay for SMEs. The compliance costs and excessive capital requirements of

this Directive will also have a major impact on venture capital firms themselves, and will

radically reduce their ability to back SMEs in the future, while increasing the barriers to entry

for new venture capital funders to emerge. This is an outcome at direct odds with numerous

Commission financed initiatives to promote venture capital.

Much of the chatter around this Directive has focused on the impact on hedge funds, but it is

a big mistake to think that the AIFMD’s impact will be restricted to companies trading in

arcane financial instruments. This is about the real economy, and these proposals will directly

affect tens of thousands of companies across every sector, from fashion to photovoltaics, and

from sandwich making to waste recycling.

Innovative businesses will be central to Europe’s recovery and sustainable economic growth.

We urge policymakers to ensure all companies are treated fairly, to recognise the fragility of

high potential businesses during certain phases of their development, and to ensure that the

AIFMD proposals take into account the vital role played by private equity and venture capital

in this process.

Yours sincerely,

Tom B. van Aken, Avantium Technologies B.V., The Netherlands

Co-signatories:

1. Altin Saliasi, Landeslease Sh.A, Albania

2. Franz Beranek, UC4 Software GmbH, Austria

3. Jon Hoem, Miracor Medical Systems GmbH, Austria

4. Christopher Maier, Ernst Glogar GmbH, Austria

5. Wolfgang WS. Senne, Oridis Biomed, Austria

6. Gabe Gotthard, SmApper Technologies GmbH, Austria

7. Walter Altmann, Winterheller Software GmbH, Austria

8. Wolf Haidinger, Hyperwave AG, Austria

9. Rudolf Schütz, Powerlines Group, Austria

10. Patrick Lecluyse, Betafence, Belgium

11. B. Tas, Sovitec, Belgium

12. Rudy Polfliet, Winsol International NV, Belgium

13. Steve Husk, FRSGlobal, Belgium

14. Board of directors, Biofer NV, Belgium

15. Eddy van Arwegen, Verelst Aannemingen NV, Belgium

16. David Stanks, 3si Security Systems, Belgium and USA

17. Denis Payre, Kiala N.V. and Kiala SAS, Belgium and France

18. Stuart Till, Investor.bg, Bulgaria

19. Ianko Krandarov, Ice Line AD, Bulgaria

20. Bistra Kirova, BM Leasing, Bulgaria

21. José García Hermoso, Fama Serdika EAD, Bulgaria

22. Dragica Pilipovic Chaffey, Interactivni Tecnologii AD, Bulgaria

23. Gilles Bonaert, Calucem, Croatia

24. Jiri Sejnoha, Roltecnik a.s., Czech Republic

25. Pavel Bernát, Termizo a.s., Czech Republic

26. Mojmir Balous, CPRESS, a.s., Czech Republic

27. Preben Tolstrup, Logstor, Denmark

28. Jesper Kristensen, Unifeeder, Denmark

29. Christian Tang-Jespersen, Hymite A/S, Denmark

30. Søren Nielsen, Action Pharma A/S, Denmark

31. Ann-Dorthea Larsen, Rovsing Dynamics, Denmark

32. René Løfberg, Agillic, Denmark

33. Henrik Poulsen, TDC A/S, Denmark

34. Fredrik Abildtrup, TeleFaction A/S, Denmark

35. Karsten Lindved, Upfront Chromatography A/S, Denmark

36. Niels Finseth, IPtronics A/S, Denmark

37. Wolfgang Ressler, crystalsol OÜ, Estonia and Austria

38. Hardi Sui, Energate, Estonia

39. Lars-Olaf Bolinder, Air Maintenance Estonia, Estonia

40. Erki Mölder, Quattromed HTI, Estonia

41. Mati Vann, NeoQi, Estonia

42. Heiki Kollo, Tallinna Pesumaja, Estonia

43. Raul Rand, Intrac Eesti AS, Estonia

44. Sten Soosaar, Koolitööde AS, Estonia

45. Anssi Tauriainen, Aito Technologies Oy, Finland

46. Jeff Baloun, Imbera Inc, Finland

47. Philip Padfield, Eniram Oy, Finland

48. Juhana Rauramo, Plexpress Oy, Finland

49. Chris Buckley, Supponor, Finland and the United Kingdom

50. Tommi Lehtonen, Whitevector Oy, Finland

51. Tero Hämäläinen, Conmio Oy, Finland

52. Tero Sarkkinen, Rightware Oy, Finland

53. Mikael Nuotio, Protie Oy, Finland

54. Harry Erik Nyroos, Profit Software Ltd, Finland

55. Michele Campriani, Accanto Systems, Finland

56. Antti Lehtonen, Keycast, Finland

57. Victorinus Robertes Donselaar, Movial Applications Inc., Finland

58. Joakim Tryggstad, NSS Group, Finland and Sweden

59. Mika Lindholm and Klaus Rauhansalo, Xtract Oy, Finland

60. Nicolas Chartier, Aramis, France

61. Michael Jais, Augure, France

62. David Charles, Prixtel, France

63. Thierry Pépin, CoachClub, France

64. Sami Saad, RSI Video Technologies, France

65. Julien Signes, Envivio, France and USA

66. Bruno Moreau, ASK SA, France

67. Nicolas Mendiharat, TravelHorizon, France

68. Alain Fanet, Tagsys RFID, France

69. Jacques Souquet, SuperSonic Imagine, France

70. Philippe Ecran, Sitour Merchandising, France

71. Pierre Jerome, SpineGuard SA, France

72. Dominique Heber-Suffrin, Harlé Bickford, France

73. David A Martin, Marie Laure PLV Merchandising, France

74. Armand Carlier, Alkan, France

75. Antoine Beaussant, Buffet Crampon, France

76. Johannes Ulrich, Hofmann Menü-Manufaktur GmbH, Germany

77. Klaus Haupt, Capol, Germany

78. Thorsten Reuber, Teufel, Germany

79. Francis Nedvidek, Cube OPtics AG, Germany

80. Uwe Büscher, Maredo Restaurant Holding, Germany

81. Torste Prelle, IN tIME Express Logistik GmbH, Germany

82. Holger Schulze and Stefan Biaesch, CaloryCoach Holding, Germany

83. Martin Wurzel, Firma Martin Wurzel, Germany

84. Uwe Hornung, RT Holding GmbH, Germany

85. Stephen Taylor, Qype, Germany

86. Thomas J Goeke, Kloeckner Pentaplast, Germany

87. Heinz Schwer, Sloning Biotechnology GmbH, Germany

88. Florian Welsch, cadooz, Germany

89. Steven Taylor, Qype GmbH, Germany

90. Gregor Gröger, mdexx GmbH, Germany

91. Dirk van Vinckenroye, Elliptec, Germany

92. Michael Kaiser and Friedhelm Zawatzky-Stromberg, COMCO AG, Germany

93. Roger Stehr, Automatik Plastics Machinery GmbH, Germany

94. Christian Huber, Resorba Wundversorgung GmbH+Co., Germany

95. Kai Bolik, GameDuell GmbH, Germany

96. Carlo Koelzer, 360 Treasury Systems AG, Germany

97. Stefan Jenzowsky, moreTV Broadcasting GmbH, Germany

98. Knut Oppermann, recop Holding GmbH, Germany

99. Markus Eibl, ATT Systems GmbH, Germany

100. Dirk Martens, Nukem, Germany

101. Christian Lindner, Retailo AG, Germany

102. Christoph Balin, Torqueedo, Germany

103. Ralf Kogeler, walter services Holding GmbH, Germany

104. Wolfgang Schröder, Swyx Solutions AG, Germany

105. Arnim Griese, fruitwork Handelsgesellschaft mbH, Germany

106. Michael Kowalzik, Tyntec GMBH and Tyntec Ltd., Germany and the United Kingdom

107. Fritz W. Senft, KOKI TECHNIK Transmission Systems GmbH, Germany

108. Niko Hensler, Pyramid Computer GmbH, Germany

109. Detlev Lux, Stark Verlagsgesellschaft, Germany

110. Horst Leidner, Mimatec Zettl GmbH, Germany

111. Kristian Raue, Jedox AG, Germany

112. Stephan Herrlich, IntraWorlds GmbH, Germany

113. Frank von der Bruggen, pitti Heimtierprodukte, Germany

114. Frank Gouder, Passport Group, Germany

115. Klaus Haupt, Capol, Germany

116. Sven Bakkes, iOpener Media GmbH, Germany

117. Robert Mirbaha, fg mircotec GmbH, Germany

118. Hans-Peter Schnurr, ontoprise GmbH, Germany

119. Frank Kroll, Triton Water AG, Germany

120. Nikolaus Meyer, Sulfurcell Solartechnik GmbH, Germany

121. Jens N. Albers, Nanotron, Germany

122. Cornelius Patt, Zooplus, Germany

123. Ralf Rohmert, KLASTECH-Karpushko Laser Technologies GmbH, Germany

124. Ramin Mirbaha, TakWak GmbH, Germany

125. Martin Bilger, PEPcom, Germany

126. Josef Raith, RTS Elektronik Systeme GmbH, Germany

127. Hans-Peter Opitz, GMC-I Messtechnik GmbH, Germany

128. Norbert Gerling, CT Casting Technologies GmbH, Germany

129. Peter Feist, OneSpin Solutions, Germany

130. Holger Koch, svt Holding GmbH, Germany

131. Alexander K. Althof, nora systems GmbH, Germany

132. Alfred Steiof, Ensys AG, Germany

133. Henning Nothdurft, Lahmeyer International GmbH, Germany

134. Michael Mißlbeck, MT Misslbeck Technologies GmbH, Germany

135. Peter Llewellyn-Davies, Wilex AG, Germany

136. Peter Weger, Brainloop AG, Germany

137. Andreas Gerber, xaitment GmbH and xaitment Inc, Germany and USA

138. Aristides C. Fronistas, AirGo-Airlines, Greece

139. Vaios Vaitsis, Validata, Greece and Bulgaria

140. Jim Schepp, Diatron, Hungary

141. Geoff Butcher, AMCS, Ireland

142. Jane Farrar, Genable Ltd, Ireland

143. Des Speed, Lagan, Ireland

144. John Devane, AGI Therapeutics, Ireland

145. Frank Bonadio, Advanced Surgical Concepts Ltd, Ireland

146. Tim Fritzley and Ian Jenks, Intune Networks, Ireland

147. Pierre Lasisz, Avip, Italy

148. Antonio Iantosca, Farmafactoring, Italy

149. Francesco Simonelli, Sicurglobal SpA, Italy

150. Alberto Trondoli, Metroweb SpA, Italy

151. Carlo Vanoli, Bellco, Italy

152. Mario Padovani, SPII SpA, Italy

153. Roberto Falchi, Boglioli Spa, Italy

154. Raffaele Bortolussi, Mar-Ter Spedizioni SpA, Italy

155. Massimo Sanson, Pitagora SpA, Italy

156. Rosario Rasizza, Openjob SpA, Italy

157. Francesco Marrara, Banca ITB SpA, Italy

158. Aldo Soffientini, Eurodifarm Srl, Italy

159. Mauro Ferrari, Germani SpA, Italy

160. Sandijs Abolins-Abols, Papirfabrika Ligatne Ltd., Latvia

161. Janis Turlajs, Karsu izdevnieciba Jana Seta Ltd., Latvia

162. Pavils Mezals, VLT Ltd., Latvia

163. Karlis Urbans, SIA Adam Auto, Latvia

164. Peteris Treimanis, SIA Papirfabrika Ligatne, Latvia

165. Ilmars Osmanis, SIA Hansa Electronics, Latvia

166. SIA V.L.T., Latvia

167. Andrei M Torriani, Melita, Malta

168. Ruslan Dobos, Total Leasing SA, Moldova

169. Kåre Opland, Nordic Vision Clinics, Norway

170. Bjørn Frivik, Wema Holding AS, Norway

171. Pål Vorkinn, Resman, Norway

172. Ståle Svenning, Smartmotor, Norway

173. Lasse Nergaard, Tordivel Solar, Norway

174. Kevin Wright, Wright Trafikkskole, Norway

175. Zbigniew Mendel, PPU Izoterm Sp. z o.o., Poland

176. Adam Gliszczyński and Piotr Chajderowski, Odratrans S.A., Poland

177. Piotr Siudak, MK Sp. z o.o., Poland

178. Grzegorz Bajek, PW Comfort Sp. z o.o., Poland

179. Radosław Szubert, Polmed S.A., Poland

180. Marek Maciejko, Wema SA, Poland

181. Adam Małachowski, WSiP SA, Poland

182. Dagmara Malczewska-Grzelak, INTYMNA.PL Sp. z o.o., Poland

183. Raul Miguel Gonçalves and Morais dos Santos, Crioestaminal - Saúde e Tecnologia, SA, Portugal

184. Rogerio Medeis, Soprattutto coffee, Portugal

185. Paulo Neves, Serlima, Portugal

186. Manuel Quinaz, Fase, Portugal

187. Iulian Mangalagiu, Ceramica S.A., Romania

188. Seceleanu Mircea-Mihail, Internet Corp SRL, Romania

189. George Constantinescu, Noriel Impex SRL, Romania

190. Cristian Constantinescu, Intertoy Zone SRL, Romania

191. Nicolae Bara, Frigotehnica SA, Romania

192. Stefan Ponea, Industrial Access SA, Romania

193. Bogdan Merfea, Patria Credit IFN SA, Romania

194. Vasileios Chrelias, Diamedix Impex SA, Romania

195. Javier Garcia del Valle, HappyTour Corporate Travel Management SRL, Romania

196. Miguel Angel Peralta, SC Fonomat SRL, Romania

197. Serban Tiganas, SC Total Energy Business SA, Romania

198. Lazorin Vitaly Vladimirovich, NovStream LLC, Russia

199. Yuri Tokarev, OOO DataSpace Partners, Russia

200. Mikhail Kamenetcky, OOO Gameplay TV, Russia

201. Victor Shokin, OOO Contact Insurance, Russia

202. Mark Stemberger, Tomplast, Slovenia

203. Mark Stemberger, Unitplast, Slovenia

204. Francisco Centeno, Cotinsa, Spain

205. Fernando Campoy, Laboratorios Boniquet-Sparchim, SL, Spain

206. Juan Fano, Grupo Aliser, SL, Spain

207. Manuel No, Unitronics Comunicaciones, S.A., Spain

208. Eduardo Bravo, Cellerix, S.A., Spain

209. Daniel Martin, KA-International, Spain

210. Enrique Abiega, Bodegas Lan, Spain

211. Faustino Jiménez Carracedo, Arsys, Spain

212. Jorge Guarner, Grupo SAR, Spain

213. Jorge Martínez, Record Go, Spain

214. Javier Fuente and Javier Cancela, Menorquín Yachts, Spain

215. Antonio Sanchez de Leon, Redext, Spain

216. Alfredo Díaz, Grupo Gestión Integral Novolux Internacional S.L., Spain

217. Rafael Garcia, Alco Grupo Empresarial, S.L., Spain

218. Jose María Villanueva, Rioglass SA, Spain

219. Jose María Villanueva, Rioglass Laminar SA, Spain

220. Salvador Huerta, Azulev SA, Spain

221. Lorenzo Farré, Sendal SA, Spain

222. Jesús Espada, Europromes SA, Spain

223. Jorge Juliani, Celullem Block, Spain

224. Francisco Olmedo, OTEP, Spain

225. Antonio Barba, Nekicesa, Spain

226. Johan A Åhlund, Artificial Solutions, Spain

227. Martin Henricsson, EPiServer AB, Sweden

228. Per Olofsson, Climatewell AB, Sweden

229. Henrik Eskilsson, Tobii Technology AB, Sweden

230. Morten Falch, Nordax Finans, Sweden

231. Anders Leideman, Multicom Security, Sweden

232. Marius Jerndahl, Almondy Group, Sweden

233. Emil Eifrém, Networks Engine for Object in Lund Ab, Sweden

234. Lars-Olov Liss, Åkerströms Björbo AB, Sweden

235. Jonas Hedre, FlatFrog Laboratories AB, Sweden

236. Peter Folin, Brand Factory, Sweden

237. Mats Lundwall, Cellartis AB, Sweden

238. Hermann Haraldsson, BZT Fashion AB, Sweden

239. Tor Enander, Pocketstället, Sweden

240. Gunnar Jacobsson, Kontanten, Sweden

241. David Halldén, Smileco, Sweden

242. Lars Gustafsson, Swedegas AB, Sweden

243. Ole Oftedal, Lundhags Skomakarna AB, Sweden

244. Magnus Palmstierna, Hexaformer AB, Sweden

245. Hubert Schanne, PacketFront, Sweden

246. Joachim Roos, Edgeware, Sweden

247. Pär Nilsson, Scandbook, Sweden

248. Per Nyström, Flextrus, Sweden

249. Alf Larsson, INR, Sweden

250. Nigel Pritchard, Petainer, Sweden

251. Georg Möller, Crem International, Sweden

252. Adriano Capoferro, Espresso House, Sweden

253. Karl Thedéen and Kent Sander, Transmode, Sweden

254. Arto Brushane, Caretech, Sweden

255. Tomas Hallgren, Exotic Snacks AB, Sweden

256. Fredrik Lindberg, BoneSupport AB, Sweden

257. Mikael Kruhsberg, Portwise, Sweden

258. Martin Schöttli, Mould Technologies Holding AG, Switzerland

259. Bart Deconinck, Vistra Group Management S.A., Switzerland

260. Steven G.S. Taylor, SIGG, Switzerland

261. David de Buck, Intertrust, Switzerland

262. Martin Steiner, ImVisioN Therapeutics AG, Switzerland

263. Germano Taddio, EM Test, Switzerland

264. Thomas Seiler, u-blox Holding AG, Switzerland

265. Ing. M.E.A.M. Slangen, KISS Engineering BV, The Netherlands

266. Kees de Waard, Resteel B.V., The Netherlands

267. Gerard Schouten, Dutch Rainmaker B.V., The Netherlands

268. Marcel Borsboom, Vetus NV, The Netherlands

269. Joost de Vries, Lucas Bols, The Netherlands

270. Henk de Jong, Fa-med, The Netherlands

271. Gijs den Hartog, Optisport, The Netherlands

272. Meindert van den Heuvel, Interbest, The Netherlands

273. Martijn van Riet, Golden Bytes, The Netherlands

274. Rob Voncken, BioMCN, The Netherlands

275. Rene Moos, HealthCity, The Netherlands

276. Harry Laeven, Aevitae, The Netherlands

277. Eric Olders, JVH Gaming, The Netherlands

278. Egbert Mulder, Golf Mangement Group, The Netherlands

279. Nityen Lal, Biaqua B.V., The Netherlands

280. Peter van Gelderen, AK Diagnostics Europe B.V., The Netherlands

281. Dinant Veehof, Voice Data Bridge B.V., The Netherlands

282. Patrick Herman, Hans Anders, The Netherlands

283. Egbert Piëst, Royal Gazelle NV, The Netherlands

284. Rik Dobbelaere, Synbra Holding bv, The Netherlands

285. Lutgarde Liezenberg, Novagraaf Group B.V., The Netherlands

286. David Main, Swets Information Services, The Netherlands

287. Peter C. van Kleij, ArboNed B.V., The Netherlands

288. Hans GCP Schikan, Prosensa Therapeutics BV, The Netherlands

289. W. Wolfers, A-film, The Netherlands

290. E. Nijhof, Scholtus, The Netherlands

291. C. de Weers, Rigida, The Netherlands

292. C. de Weers, European Partition Group/Interwand, The Netherlands

293. W.C. Mezger, Nedfast Holding B.V., The Netherlands

294. Bernhard Sixt, Agendia B.V., The Netherlands

295. Rob vanderMeij, Fluxxion, The Netherlands

296. Gunnar Staaf, Avantium Pharma BV, The Netherlands

297. Guus Scheefhals, Crossbeta Biosciences B.V., The Netherlands

298. John Regout, Quaron NV, The Netherlands

299. Eric Houben, Walkro International BV, The Netherlands

300. Huib Knust, Neroc Group BV, The Netherlands

301. Eelko Hoekstra, Meneba Holding BV, The Netherlands

302. Winfried Falk, Florimex Group BV, The Netherlands

303. Pim Peters, Catalpa BV, The Netherlands

304. Richard Brinkman, European Fashion Group BV, The Netherlands

305. Peter van Vlijmen, Axa Stenman Group BV, The Netherlands

306. Bart Romeijn, Daalderop Holding BV, The Netherlands

307. Maurice Horsten, Sierra Nova BV, The Netherlands

308. Hereward Burgers, MCH+ BV, The Netherlands

309. Paul Dankers, Bhold Company BV, The Netherlands

310. Wim van den Bogerd, Itho Group BV, The Netherlands

311. Dick Joustra, Stork Prints Group BV, The Netherlands

312. Edwin Waijenberg, Van Dijk Food BV, The Netherlands

313. D. Braun, Ipko-Amcor, The Netherlands

314. B.F. Hovenga, Pan-Oston Group B.V., The Netherlands

315. P.M.H. Rutten, Vialle Alternative Fuel Systems B.V., The Netherlands

316. W. van Weperen, To-BBB Technologies B.V., The Netherlands

317. J.B.M. Franken, Life Safety Products B.V., The Netherlands

318. W.F.J. Sampers, Cumulus Nederland B.V., The Netherlands

319. Th.J.W.A. Ploegmakers, Gropeco Group B.V., The Netherlands

320. R.V. den Admirant, Juicy Details B.V., The Netherlands

321. R. Egas, Arvo Group B.V., The Netherlands

322. Gerhard Dersjant, Movacolor BV, The Netherlands

323. Leo Koster, AllSolutions BV, The Netherlands

324. Vik Kimpe, Saval BV, The Netherlands

325. Pieter Poortinga, Plukon Royale BV, The Netherlands

326. Albert Smulders, European Steel Works BV, The Netherlands

327. A.J.P. Jansen, Locamation, The Netherlands

328. Björn Crüts, Biometrisch Centrum BV, The Netherlands

329. Michiel Mensink, i-Optics BV, The Netherlands

330. Arno Wendrich, Habets BV, The Netherlands

331. Etienne Hendrickx, MosquitNo BV, The Netherlands

332. Toine Janssen, Isobionics, The Netherlands

333. Archi Leenaers, Anatech BV, The Netherlands

334. Nicholaas Peereboom, Adsente BV (Trectis), The Netherlands

335. G. Boxhoorn, FOS Invest, The Netherlands

336. Bart Wijers and Mario Smit, Terra Sports Technology BV, The Netherlands

337. G.A. in 't Veld, Nedinsco B.V., The Netherlands

338. H.G.P. Philipsen, Excellence Fish BV, The Netherlands

339. Paul Snakkers, Elektor Int. Media BV, The Netherlands

340. M. Boots, MGG Holding BV, The Netherlands

341. Guus Simons, PathoFinder BV, The Netherlands

342. F. Tugba Unkan, Hardy Amies London Limited, The United Kingdom

343. Christopher Smedley, Geo Networks Ltd, The United Kingdom

344. Terry Williams, Everyday Loans Ltd, The United Kingdom

345. Roger Turner, Capula Group Ltd, The United Kingdom

346. Bob Blunden, CET Group Ltd, The United Kingdom

347. Christophe Guillot, CGI Group Ltd, The United Kingdom

348. Sean Fay, Enrich Reward Ltd, The United Kingdom

349. Alastair Stewart, etc Venues Ltd, The United Kingdom

350. Ben Pearson, Aktrion Group Limited, The United Kingdom

351. Bostjan Spetic, Zemanta Ltd, The United Kingdom

352. Dave Shooter, Formaplex Ltd, The United Kingdom

353. Peter Townley, Steritrox, The United Kingdom

354. Nigel Bentley, Hawksford International, The United Kingdom

355. Andy McNair, OSS Group Ltd, The United Kingdom

356. Nick Dilworth, Practice Plan Ltd, The United Kingdom

357. Gary Sheard, RSL Steeper Ltd, The United Kingdom

358. Tony Roestenburg, Simply Smart Group, The United Kingdom

359. Mike Johns, TIS Software, The United Kingdom

360. Rick Mace, PacketExchange, The United Kingdom

361. Simon Derry, Snell Ltd, The United Kingdom

362. Rob Keve, Fizzback Ltd, The United Kingdom

363. Ian Wilson, WFEL Ltd, The United Kingdom

364. Naren Patel, Primesight, The United Kingdom

365. Graham Turner, Tragus Group Limited, The United Kingdom

366. Roy Darren Cunningham, Sure Maintenance Ltd., The United Kingdom

367. Paul Taylor, Phonetic Arts Ltd, The United Kingdom

368. Philippe Dewost, imsense, The United Kingdom

369. John Snyder, Grapeshot Limited, The United Kingdom

370. Alexander Berté and Marie Burak, Talk24 Limited, The United Kingdom

371. Patrick Healy, Vizwoz.com, The United Kingdom

372. Charles Clark, Rosslyn Analytics Ltd., The United Kingdom

373. Eric Dunmore, The Third Space, The United Kingdom

374. David John Fish, United Biscuits, The United Kingdom

375. Giles Andrews, Zopa, The United Kingdom

376. Colin Stuart, Blackwater Bars Ltd, The United Kingdom

377. Ajay Chowdhury, EnQii, The United Kingdom

378. Paul Engle, Enecsys Ltd., The United Kingdom

379. Peter Ashley Boddy, Maximuscle Ltd, The United Kingdom

380. Frank Sagnier, Power Challenge Holding Ltd, The United Kingdom

381. Martin Dalby, Center Parcs Ltd, The United Kingdom

382. Mike Dormer, Neoss Ltd, The United Kingdom

383. Paul Henrik Ostergaard, ShipServ Inc, The United Kingdom

384. Niklas Eklund, Livebookings Holdings Ltd, The United Kingdom

385. David Smith, Public Safety Equipment (Intl) Ltd, The United Kingdom

386. Andrew Butler, Whittan Storage Systems, The United Kingdom and Spain

387. Kevin Grant, IT2 Treasury Solutions Ltd, The United Kingdom

388. Jason M J Bailey, Five Valleys Aerospace Ltd, The United Kingdom

389. Mark Evans, Secerno, The United Kingdom

390. Alastair Mitchell and Andy McLoughlin, Huddle, The United Kingdom

391. Roger Nolan, Ambient Industries Ltd, The United Kingdom

392. Benedict Enweani and Leo Zancani, Ontology Systems, The United Kingdom

393. Juan Lobato, Basekit, The United Kingdom

394. Michael Comish, Blinkbox Entertainment, The United Kingdom

395. Steve Purdham, We7, The United Kingdom

396. Mary Turner, Alertme Ltd, The United Kingdom

397. Alexander Hoye, Latitude Digital Marketing, The United Kingdom

398. Jeff Gordon, Open Cloud Ltd, The United Kingdom

399. Geoff McMillan, Speciality European Pharma Ltd, The United Kingdom

400. Steve Bolton, echo Limited, The United Kingdom

401. Melanie Lee, Syntaxin Ltd, The United Kingdom

402. Harren Jhoti, Astex Therapeutics Ltd, The United Kingdom

403. Ian Nicholson, Chroma Therapetics Ltd, The United Kingdom

404. Barry Clare, Healthcare Brands International Ltd, The United Kingdom

405. Tony Davies, Bowman, The United Kingdom

406. Peter Ibbotson, Evap Environmentals Ltd, The United Kingdom

407. Martin Brown, Exosect Ltd, The United Kingdom

408. Colin Calder, Passiv Systems, The United Kingdom

409. David Brown, Watson Brown, The United Kingdom

410. Sam Ferguson, EDM, The United Kingdom

411. Alan Evans, HLC, The United Kingdom

412. Peter Selkirk, Taylor, The United Kingdom

413. Allan Wood, WCI Group, The United Kingdom

414. Stephen Critchlow, Ascribe, The United Kingdom

415. Ian Brown, Axell Wireless, The United Kingdom

416. Matthew Hughes, Bargain Booze, The United Kingdom

417. Fiona Pearson, Clinisys, The United Kingdom

418. Nick Parsons, DLP, The United Kingdom

419. Russell Gould, Kelvin Hughes, The United Kingdom

420. John Taylor, M2, The United Kingdom

421. Iain Whyte, Premier Bathrooms, The United Kingdom

422. David Wiseman, PRG, The United Kingdom

423. Tyler Moebius, Adconion Media Group, The United Kingdom

424. Jeremy Deaner, Amberfin Ltd, The United Kingdom

425. Jesse Guy Watts, Right4Staff Holdings Ltd, The United Kingdom

426. Andrew Cope, Zenith Vehicle Contracts Limited, The United Kingdom

427. Graham Worsfold, DigiPos Store Solutions Limited, The United Kingdom

428. Andy Roberts, ARM, The United Kingdom

429. Bimal Shah, Nomad Rail, The United Kingdom

430. Brent Hoberman and David Kelly (former CEO), MyDeco, The United Kingdom

431. Carl Symon, Richard Turner and Terry Davies, Clearswift Ltd, The United Kingdom

432. Chris Jones, Glysure Ltd, The United Kingdom

433. Eva Lindqvist, Transmode Holdings, The United Kingdom

434. Gavin Starks, AMEE, The United Kingdom

435. Greg Trueman, Forth Dimension Displays, The United Kingdom

436. Jens Lapinski, aiHit, The United Kingdom

437. John Boyle, Quolos, The United Kingdom

438. Michael Black, AEPONA, The United Kingdom

439. Graham Mackie, Road Angel Group Limited, The United Kingdom

440. Richard Turner, Clearswift, The United Kingdom

441. David Baillie, CamSemi, The United Kingdom

442. Anthony Finbow, Psytechnics, The United Kingdom

443. Steve Page, Mobile Commerce, The United Kingdom

444. Steve Ives, Taptu, The United Kingdom

445. Rachael King, CRF Health, The United Kingdom

446. Paul Brennan, Zeus, The United Kingdom

447. Niel Niljoen, Netronome, The United Kingdom

448. Chris Hart, SRC, The United Kingdom

449. Ebrahim Bushehri, Lime Microsystems, The United Kingdom

450. Fergus Brownlee, Cambridge Education Group, The United Kingdom

451. James Corcoran, SAV Credit, The United Kingdom

452. Andrew Fisher, Towry Law, The United Kingdom

453. Alan McPherson, Tensator Group Ltd, The United Kingdom

454. Frank Collins, Summit Medical Ltd., The United Kingdom

455. John Corker, OmniBus, The United Kingdom

456. Steve Hurn, Secerno, The United Kingdom

457. Gary Roebuck, Sentinel, The United Kingdom

458. George Pohle, Allied International, The United Kingdom

459. Martin Keighley, Arvia Technology Ltd, The United Kingdom

460. Paul White, Message Pad, The United Kingdom

461. Geraldine Wilson and Coen van Breda, Software Cellular Network Limited (Truphone), The United Kingdom

462. Stewart Holness, Integrity Software, The United Kingdom

463. Arthur C Vonchek, Bolero International Ltd, The United Kingdom

464. Gordon Peter Christiansen, Colway Limited, The United Kingdom

465. Mike Smith, Bromford Industries, The United Kingdom

466. John A. Cunningham, Georgina Goodman Limited, The United Kingdom

467. Stephen Killeen, The CarbonNeutral Company, The United Kingdom

468. Simon Paul Osborne, Purleaf Limited, The United Kingdom

469. Mark Andrew Hogg, IFE Services Limited, The United Kingdom

470. Malcolm Andrew Peden, Intelliq Limited, The United Kingdom

471. Geoffrey Butcher, Cablesense, The United Kingdom

472. Scott White, Nano ePrint Ltd, The United Kingdom

473. Dan Daly, Lein Applied Diagnostics Ltd, The United Kingdom

474. Stewart McGuffie, Allied Textiles Ltd, The United Kingdom

475. Paul Beaumont, FST Technologies Holdings Ltd, The United Kingdom

476. Martin Wood, HTG Holdings Ltd, The United Kingdom

477. John House, Shorterm Group Ltd, The United Kingdom

478. Mark Lilley, Abokado, The United Kingdom

479. Kalev Kask, Egeen International Corp, USA

480. Martin Jackson, Plastic Logic, USA

481. Rikki Tahta, Covestor, USA

482. Loic Le Meur, Seesmic, USA

483. David McGlade, Intelsat, USA