Ad hoc: BB Medtech AG: Friendly public exchange offer to the shareholders of BB MEDTECH AG

BB Medtech AG / Take-over bid / Ad hoc: Friendly public exchange
offer to the shareholders of BB MEDTECH AG

Ad hoc announcement according to §15 WpHG processed and transmitted
by Hugin. The issuer is solely responsible for the content of this
announcement.

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Conversion to an equity fund

A public exchange offer for BB MEDTECH AG, currently operating under
the legal form of an investment company, has been submitted to the
Board of Directors that would change the company's legal structure to
an equity fund. Vontobel Beteiligungen AG will issue a public
takeover offer to the shareholders of BB MEDTECH AG to this end. The
offer period will commence July 24, 2009 and extend to August 21,
2009, (16:00 CET). One equity fund unit will be offered for every BB
MEDTECH AG share held.

As already communicated on March 30, 2009, the Board of Directors of
BB MEDTECH AG has reviewed various options to eliminate the discount
between the company's share price and its net asset value. "The Board
of Directors has concluded that this offer produces the maximum
benefit for shareholders," says Heino von Prondzynski. "The
shareholders have now the possibility to continue in participating in
a successful investment strategy."

The Board of Directors considers the conversion to an investment fund
the best means of achieving an optimal valuation of the investment
product for shareholders. The net asset value of the fund units
corresponds of the net asset value of per BB MEDTECH share minus
3.9%. The average discount to net asset value during the past 12
months was 18.5%. The product's successful investment strategy will
be retained within the scope of the legal guidelines applicable under
Luxemburg law and portfolio management responsibilities will remain
with Bellevue Asset Management AG.

Details of the friendly, public exchange offer of Vontobel Holding AG

Under the friendly public exchange offer, Vontobel Beteiligungen AG
will offer the shareholders of BB MEDTECH AG one fund unit in the BB
MEDTECH (Lux) Fund for every BB MEDTECH share held. The official name
for the fund will be Bellevue Funds (Lux) - BB MEDTECH. The public
exchange offer commences July 24 and closes August 21, 2009, (16:00
CET). The average discount to net asset value during the past 12
months (i.e., from July 4, 2008 to July 3, 3009) was 18.5%.

In recent years the legal form of an investment company has proven to
be a competitive disadvantage for shareholders. Consequently, the
Board of Directors of BB MEDTECH AG communicated on March 30, 2009
that it was evaluating various ways of eliminating the discount
between the company's share price and its net asset value. After
carefully reviewing several possibilities, the Board of Directors of
BB MEDTECH AG unanimously decided that adopting the legal form of an
equity fund represented the most attractive option for shareholders.
A binding transaction agreement specifying the terms of the exchange
offer was then signed with Vontobel Beteiligungen AG. The Board of
Directors believes that the conversion into an equity fund traded on
a daily basis and with a daily calculation of NAV represents the best
option from a shareholder's standpoint. The new product structure
broadens the addressable investor base and ensures broad pan-European
distribution capabilities.

The exchange offer is subject to a minimum acceptance threshold of
90% of all outstanding shares between July 24 and August 21, 2009,
(16:00 CET). In order to counter possible arbitrage trading by
short-term investors, sales of fund units during the period from
September 21, 2009 to September 21, 2010 will be subject to a
staggered redemption fee of 4% to 0%, successively reduced quarter by
quarter. The fees will be credited to the investment fund and thus
serve the interests of long-term-oriented shareholders. BB MEDTECH
shares held by custodian banks in Switzerland and Germany will be
exchanged free of charge.

BB MEDTECH (Lux) Fund

The BB MEDTECH Fund will be established as a Luxemburg UCITS III
SICAV fund. The equity fund will be valued and traded daily based on
net asset value. The previous investment objective and investment
strategy will be retained and the current Portfolio Management Team
of BB MEDTECH will continue to manage the equity fund using its
time-tested, fundamental-oriented bottom-up approach.

The average TER (Total Expense Ratio) of the investment company
during the past five years was 2.21% p.a.; the management fee for the
fund units (T units) offered within the scope of the exchange
transaction will amount to 1.2% p.a. and the future TER is estimated
to amount to 1.7% p.a. The equity fund will have a low cost structure
compared to its peers. The Bellevue Funds (Lux) SICAV, including the
BB MEDTECH fund which should be converted, is approved for public
distribution in Luxembourg, Switzerland, Germany and in Austria by
local authorities. It is intended to seek marketing approval from the
authorities in other European countries in the future.

Other information

All documents and information regarding the takeover offer can be
downloaded from the following special website:
www.med-transaktion.ch. You will also find comprehensive information
about BB MEDTECH at www.bbmedtech.com. Please direct specific
questions about the transaction to our support team under
Tel. +41 44 267 72 92.

Important dates (indicative)

* Pre-announcement of exchange
offer July 7, 2009
* Information event
Zurich July 14, 2009
* Information event
Frankfurt August 2009
* Cooling-off period
July10, 2009-July23, 2009
* Offer period
commences July 24,
2009
* Offer period
closes August 21,
2009, (16:00 CET)
* Def. interim results published
August 26, 2009
* Fulfillment of transaction
September 25, 2009

For further information:
Bellevue Asset Management AG, Seestrasse 16, CH-8700 Küsnacht/Zurich
Anja Stubenrauch, Tel. +41 44 267 67 06

Company profile
BB MEDTECH invests in companies in the fast growing market of medical
technology. BB MEDTECH is listed on the Swiss stock exchange and in
Germany. Its investments are focused on mid-sized companies listed in
Europe that have a market leading position in their area of
activities as well as sustained sales and income potential. BB
MEDTECH's investment selection process is guided by the research and
analysis of industry experts. Its Board of Directors has many years
of experience in industry and science.

Anwendbares Recht und Das Umtauschangebot und sämtliche daraus
Gerichtsstand: resultierenden gegenseitigen Rechte und
Pflichten unterstehen schweizerischem Recht. Da
BB MEDTECH eine Aktiengesellschaft
Schweizerischen Rechts mit Sitz in der Schweiz
ist, deren Beteiligungspapiere an der SIX Swiss
Exchange, einer Schweizer Börse, kotiert sind,
finden insbesondere die Bestimmungen des
deutschen Wertpapiererwerbs- und
Übernahmegesetzes für das Umtauschangebot keine
Anwendung.

Ausschliesslicher Gerichtsstand für sämtliche
aus diesem Umtauschangebot entstehenden oder
damit zusammenhängenden Streitigkeiten ist
Zürich.

Angebotsrestriktionen:

Allgemein: Das Umtauschangebot wird weder direkt noch indirekt
in einem Land oder einer Rechtsordnung gemacht, in
welchem/welcher ein solches Angebot widerrechtlich
wäre oder in welchem/welcher es in anderer Weise ein
anwendbares Recht oder eine Verordnung verletzen
würde oder welches/welche von der Vontobel eine
Änderung der Bestimmungen oder Bedingungen des
Angebots in irgendeiner Weise, ein zusätzliches
Gesuch an/oder zusätzliche Handlungen im
Zusammenhang mit staatlichen, regulatorischen oder
rechtlichen Behörden erfordern würde. Es ist nicht
beabsichtigt, das Umtauschangebot auf irgendein
solches Land oder eine solche Rechtsordnung
auszudehnen. Dokumente, die im Zusammenhang mit dem
Angebot stehen, dürfen weder in solchen Ländern oder
Rechtsordnungen verteilt, noch in solche Länder oder
Rechtsordnungen gesandt werden. Solche Dokumente
dürfen nicht zum Zwecke der Werbung für Käufe von
Beteiligungsrechten der BB MEDTECH oder von
Fondsanteilen des BB MEDTECH Funds durch Personen in
solchen Ländern oder Rechtsordnungen verwendet
werden.

United States of The public tender offer will not be made directly or
America: indirectly in or by use of the mail of, or by any
means or instrumentality of interstate or foreign
commerce of, or any facilities of a national
securities exchange of, the United States of America
and may only be accepted outside the United States
of America. This includes, but is not limited to,
facsimile transmission, telex or telephones. This
offer notice, the offer prospectus and any other
offering materials with respect to the public tender
offer described in this offer notice may not be
distributed in nor sent to the United States of
America and may not be used for the purpose of
soliciting the sale or purchase of any securities of
BB MEDTECH or the BB MEDTECH Funds, from anyone in
the United States of America. Vontobel is not
soliciting the tender of securities of BB MEDTECH by
any holder of such securities in the U.S. BB MEDTECH
securities will not be accepted from holders of such
securities in the U.S. Any purported acceptance of
the offer that Vontobel or its agents believe has
been made in or from the U.S. will be invalidated.
Vontobel reserves the absolute right to reject any
and all acceptances determined by them not to be in
the proper form or the acceptance of which may be
unlawful.

United Kingdom: This communication is directed only at persons in
the U.K. who (i) have professional experience in
matters relating to investments, (ii) are persons
falling within article 49(2)(a) to (d) («high net
worth companies, unincorporated associations, etc.»)
of The Financial Services and Markets Act 2000
(Financial Promotion) Order 2005 or (iii) to whom it
may otherwise lawfully be communicated (all such
persons together being referred to as «Relevant
Persons»). This communication must not be acted on
or relied on by persons who are not Relevant
persons. Any investment or investment activity to
which this communication relates is available only
to Relevant Persons and will be engaged in only with
Relevant persons.

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BB Medtech AG
Vordergasse 3 Schaffhausen Switzerland

WKN: 898194 ;
ISIN: CH0000428661; Index: TECH All Share, TecDAX, Prime All Share;
Listed: Prime Standard in Frankfurter Wertpapierbörse, Regulierter
Markt in Frankfurter Wertpapierbörse;
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