ARGUS CAPITAL

ARGUS is supported by leading institutional investors and family offices from Europe, North America, the Middle East, and Japan. Many leading banks active in the Region are investors in ARGUS, giving ARGUS ready access to providers of debt financing for its transactions. ARGUS is independent and jointly owned by its partners. All investment decisions are made internally by the firm's investment professionals, ensuring a flexible and timely approval process. With total commitments in excess of €400 million in its two funds, ARGUS has invested in eighteen companies in the Region since 1999. Our investments include many leading and well-known companies described under Portfolio Companies. Market-Detal (€œPMD) is leading Polish supermarket chain operating over 140 supermarkets across Poland under the POLOmarket brandname. PMD stores have an average selling area of between 400-500 sqm and carry ca. 6,500 stock keeping units (food and non-food). PMD, which is run by independent professionals, is an exceptionally well organized and well managed company. In 2012, ARGUS acquired a minority stake from the Company's founders. KCR is the largest Polish-owned firm in the CRO sector (a Contract Research Organization -€" a company which conducts clinical trials). Since its beginning, KCR has conducted over 300 clinical trials in 7,500 centres, in which over 300,000 patients have participated. The company conducts phase II-IV clinical trials (mostly phase III studies), including tests in neurology, psychiatry, internal and contagious diseases, pulmonology, cardiology and gastrology. KCR has performed studies for a diverse mix of clients (large global pharma co's, mid-size regional pharma players, and biotech companies). In 2011, ARGUS acquired a minority stake from the existing shareholders of the company. Calucem previously known as Heidelberger Calcium Aluminates, is one of the leading worldwide suppliers of calcium aluminate cement, supplying high quality and specialty cement to both the refractory and building chemistry industries. Calucem products include low and medium grade alumina cement and clinker. Calucem Group companies include Calucem d.o.o., a production facility based in Croatia, as well sales offices in Germany, the United States and Singapore. ARGUS, in partnership with the management team of Calucem, acquired 100% of the company in September 2010. Memorial is a leading private healthcare provider in the fast growing Turkish market offering complicated services including organ transplantations, cardiovascular surgery, cardiology, IVF, and oncology. The company operates more than ten hospitals located in Istanbul and other cities in Turkey. Memorial's goal is to expand to other regions of Turkey by opening new hospitals and taking over the management of existing hospitals. In 2010, ARGUS acquired a 20% equity stake in Memorial from its owners, the Aydin family. KaleNobel is a leading flexible packaging producer based in Turkey and focusing mainly on niche sectors within the food industry (ice-cream and drinks segments in particular). The company has been growing organically at a fast pace and a significant part of its production is exported. ARGUS acquired 50% of the company in December 2010, becoming an equal partner with M. Olcay Hephiz, the company's founder and CEO. RIO Media was established by ARGUS in 2008 to consolidate the fragmented cable television ("CATV") market in the Czech Republic. The company has made a total of six acquisitions, becoming the second largest CATV operator in the country. RIO Media provides video, internet and voice services to more than 100,000 subscribers. Hanex is a leading Polish manufacturer of PET performs and bottles for many well known drinks manufacturers in Poland and adjacent countries. The company's competitive advantage lies in its patented designs, which the company continually develops and which offer its clients solutions with superior parameters to those offered by mainline manufacturers that produce commodity-like products. ARGUS acquired a super-majority stake in the company from a private seller in 2006. eTel was a regional alternative telecommunications company with operations in Austria, the Czech Republic, Hungary, Poland and Slovakia offering voice and data services to corporate and residential customers. ARGUS, together with other financial investors, provided expansion capital to eTel in 2000. As the largest shareholder in eTel, ARGUS was instrumental in supporting the company throughout the telecoms crisis in the early 2000s. As a result, eTel has successfully realized its ambition to become a leading player in the Region and the company has increased its revenues from EUR 6 million in 2000 to EUR 115 million in 2006. eTel was sold to Telecom Austria in early 2007. ASTER is the leading cable television company in Warsaw, providing internet and cable television services to residential customers. In 2003, ARGUS was able to act quickly to organize a consortium that put together a debt and equity package in excess of US$ 100 million to complete the largest leveraged buy-out in Poland up to that time.