Private Equity Investments in Moldova - Horizon Capital Experience by

1. Private Equity Investments in Moldova - • Horizon Capital Experience • by • Cristina Harea, Horizon Capital • Senior Associate U.S. Business Mission 2010 June 15 – 17, 2010, Chisinau, the Republic of Moldova Leogrand Hotel & Convention Center

2. Leading private equity firm in the Region RUSSIA BELARUS UKRAINE MOLDOVA Horizon Capital Executive Summary Over $600 million under management Focus on mid-cap companies in fast growing sectors of Ukraine, Moldova, and Belarus Investment size in the range of $15-40 million per deal Since inception, we have invested ~ $311 million in 43 companies employing over 33,000 people HORIZON CAPITAL GEOGRAPHIC FOCUS • Horizon Capital is the leading private equity fund manager in Ukraine, Moldova and Belarus, managing three funds: • EEGF II (2008) – $390 million • EEGF I (2006) – $132 million • WNISEF (1995) – $150 million • Over 15 years of investment experience in the region • Entrepreneurial team of professionals with long common track record • Superior network of relationships creates pipeline and due diligence value TOTAL COMMITMENTS BY REGION

3. Value investing, growth and expansion capital Targets Key Competitive Advantages Competitive Environment Horizon Capital Investment Strategy • Profitable companies with medium- to long-term growth prospects • Companies with sound business strategies, that need to right-size their operations by divesting assets, or companies that face liquidity issues or funding constraints due to banking liquidity situation • Companies with strong management in fragmented industries with the opportunity to consolidate sector via acquisition and/or organic market share growth • Quality asset purchases from distressed sellers • One of few sources of patient capital in today’s market • Talented and dedicated investment team resident in the region • Deep proprietary pipeline • Broad access to information for due diligence, based on a broad network of business relationships • Ability to quickly capitalize on opportunities to buy sound companies at reasonable valuations • Superior reputation as credible, value-added investor in the Region • Lack of liquidity in undercapitalized economies • Only a few private equity players have capital and dedicated teams in the Region • Valuation expectations coming down to more realistic levels • Market leaders more open to partnership, corporate governance and sharing control • High quality, well trained talent abundant in the market – potential sources of management upgrades

4. Horizon Capital experience in Moldova Horizon Capital Moldovan Portfolio Overview • One of the leading foreign direct investors in Moldova • Operational since 1997 • $54M invested in 8 companies, employing over 4000 people Our portfolio companies are market leaders in terms of quality of management, market share, profitability and growth Overview • FinComBank –dynamic Moldovan commercial bank • Glass Container Company – leading Moldovan manufacturers of dark green glass packaging for the wine and sparkling wine industry • Glass Container Prim – new state-of-the-art manufacturer of flint glass packaging TOTAL MOLDOVAN COMMITMENTS Currentportfolio • 2003: Vitanta-Intravest – dominant Moldovan manufacturer of beer and soft drinks • 2006: Moldova-Agroindbank – largest commercial bank • 2007: ProCredit Moldova – leading financial institution focused on micro and small lending • 2009: Natur Bravo – the largest Moldovan fruit and vegetable processor Exits Source: Country data; HC analysis

5. Mid-sized Moldovan bank with strong SME client base Horizon Capital FINCOMBANK • $8 million equity investment in fall of 2007 + $5 million loan in 2008 • Growth capital • 25% stake INVESTMENT RATIONALE • Impressive sector growth, but penetration remains low • Banking assets grew 33% p.a. 2000-2007 • Major international banks yet to enter the market • Well-positioned, highly profitable mid-sized bank (stable ROE of ca.20% 2003-2007) • #8 bank by assets country-wide • Extensive country-wide network: 13 branches and 17 rep offices • High quality SME client base (59% of loan portfolio) • Strong position in cards • Very professional and dedicated management team PERFORMANCE • Rapid growth pre-crisis (in 2007 loans grew by 73%) • Network expansion in 2008 – currently 15 branches and 53 rep offices • HC instrumental in attracting third party financing: • $5 million EFSE line in November 2007 • $6 million OPIC loan signed in February 2009 • Pro-active anti-crisis management initiatives • Strong focus on SME lending and services as platform for future growth

6. Leading glass container company in the region Horizon Capital GCC / GC PRIM • $5.3 million equity investment in GCC in late 1997 - 40% stake • $7.1 million equity investment in GC Prim in 2007 - 90% stake • 12.6$ million loan to GC Prim in 2009-2010 INVESTMENT RATIONALE • Growing demand for quality glass containers in the region • Company outfitted with modern glass production equipment, with a capacity of 100M dark-green glass bottles annually • Opportunity to establish first mover advantage in production of high quality bottles, serving wine and sparkling wine industries in Moldova and the region PERFORMANCE • GCC: • Recruited management team • Attracted EBRD as a creditor and preferred shareholder to the financial restructuring • Led turnaround of a troubled start-up into a profitable and successful company • GC Prim: • Built an efficient glass melting furnace, equipped with state-of-the-art forming equipment, with a capacity of over 130M bottles annually • Manufacturing started in June 2010 • Flint glass production

7. Horizon Capital SUCCESSFUL EXITS Vitanta-Intravest • Leading Moldovan beer and soft drinks producer • Original investment of $4.75 million, for 85.59% of shares (1998-1999) • WNISEF-led “turn-around” situation, with a very strong management team and a number of improvements over four years • In early 2003, WNISEF sold its stake to Efes Breweries International B.V. at a return of 2.2x cash-on-cash • WNISEF attracted a major international investor to Moldova that continuously invests into the improvement of Vitanta’s production capacities and major marketing efforts. Moldova-Agroindbank • Leading commercial bank in Moldova by assets, capital, loan portfolio and deposits • Original investment of $1.65 million, for 9.88% of shares (2001) • Invested on a pari pasu with EBRD, to finance the implementation of a modern MIS, including credit card system and telecommunications infrastructures • In early 2006, WNISEF sold its shares on the Moldovan Stock Exchange to a group of foreign financial investors at a return of 3.6x cash-on-cash

8. Horizon Capital SUCCESSFUL EXITS Natur Bravo • Leading Moldovan fruit and vegetable processor and cannery • $7 million investment - 100% buy-out in late 2005 • HC upgraded management team, centralized financial, purchasing, sales & marketing functions • Broadened product range with $4.5 million investment in a modern sweet corn & pees production line • Significant sales diversification and growth – doubled sales from $15 million in 2005 to $30 million in 2007 • In fall of 2009 sold to a group of European private investors at a 3.1 cash-on cash return. 8

9. THANK YOU! Cristina Harea Senior Associate Horizon Capital 12 Petru Movila Street, of.4 Chisinau, Moldova MD-2004 Tel: + 373 22 887 200 Fax: +373 22 887 202 www.horizoncapital.com.ua