Partnering with Advent International 13 October 2011 Bucharest Retail, Consumer and Leisure

Introduction Page 1 About Advent International Teaming up with the largest private equity fund in Romania Who? Why? How? Case study: How does Advent work with retail and consumer companies in recession times? Questions

Strong Private Equity Partner in Retail & Consumer 27 years of global investing via 18 local offices The largest private equity (“PE”) active in Romania One of the largest PE funds with €6.6bn Global and €1bn CEE funds for investment Over 270 transactions in 35 countries to date Over 30 deals in CEE Transactions from € million up to €1 billion Page 2 Global & local Experience & success Mid-market focus

In-Depth Retail & Consumer Sector Expertise Page 3 Global Expertise: 65 investments to date Dedicated sector teams sharing knowledge across borders Investments in high-growth sub-sectors which outperform the market Fashion Consumer Goods Restoration Furniture and Household Products Travel and Entertainment Retail

Leading Global PE Firm in CEE Since 1995 TMT | MediaTMT | Telecommunication TMT | TechnologyConsumer & Retail IndustrialHealthcare Business & financial services

Page 5 Active Presence in Romania Since 1996 Advent International opened its office in Romania in 1996 and since then has invested in 8 companies and 9 follow-on acquisitions Brewery Holdings – Ciuc, Grivita and Haber breweries Euromedia Group – largest outdoor advertising company MobiFon – Connex one of the leaders in mobile telephony Terapia Cluj – largest Romanian producer of generic drugs Deutek – leading producer of decorative paints Ceramica – regional leader in the production of bricks Labormed – largest independent generics producer in Romania Regina Maria – largest private healthcare network in Romania

Teaming Up with a PE Page 6 Who? Why? How?

The Right Management Team Unrivalled sector expertise Looking for new professional and financial challenges Desire to combine entrepreneurship with best corporate practices Want high impact on business High success – high reward Page 7 WHO?

The Right Company’s Profile Market leader or strong potential to become a top player High-growth opportunities Visionary entrepreneur Strong management team Total investment € million to 1 billion Page 8 WHO?

Rewarding Outcome with a Leading PE Building your team Strategy and business plan development Page 9 Plan Development Plan Implementation Benefits Empowerment in implementation Fast decision making process Access to additional resources or expertise Equity participation in created value Aligned interest with other shareholders Vesting More projects in the future... WHY? Serial Manager or Entrepreneur Model

How Do We Create Value Together? Companies with high-growth opportunities Page 10 International expansion or sector consolidation Strategic restructuring, refocusing on core 83% 83% of created value comes from EBITDA growth Management Team is essential in creating value HOW?

Devin – Case study Page 11 Company snapshot Location:Bulgaria Sector:Retail / Consumer Description:Producer and distributor of mineral water and soft drinks; Acquired in Nov 2009 Investment thesis Strong management team Bulgarian market leader with a potential to further gain market share Opportunity to expand the product line and export to neighboring countries Development of innovative water products Launch of value brand in retail and HOD segment Continuous expansion in Romania Add-on opportunities in a fragmented soft drinks sector HOW?

Industry Advisor or Operating Partner Page 12 Provide deep sector understanding Provide operational business experience Challenge business plan assumptions Identify issues in the DD process Support management in developing the best „base plan“ for a solid bid Support the business throughout the life of investment – board role possible Role of Industry Advisor Working with Advent as Industry Advisor Close interaction with: Management Team Deal Team Consultants HOW?

Page 13 What did Advent Bring to the Table? Process managementResourcesTeam approach Well structured & effective process management Fast decisions Rigorous plan execution Strong commitment Global access to expertise Capability to finance big transactions Identify & recruit best managers Willingness to invest in DD Hardly any limiting factors on what they can do Empower management / management is in the driver‘s seat One-team approach Deliver what is promised HOW?

How does Advent work in recession times? Page 14 Optimize capital structure Early warning signals from global network Access to global sector expertise and best practices Preparing companies for downturn – explore worst case scenarios and applicable strategies Securing long-term strategic goals – no short-term “panic” actions that put business at risk Willing to invest even at difficult times to fully leverage growth potential at recovery Advent’s Role Sustaining marketing & sales investment to keep up brand health Continuous measures to drive operational efficiencies Considering add-on investment Invest in innovation /market entry to new categories HOW? Positive M/S development from 30% pre-crisis to 40% plus in 2012 Examples at “Devin”