1. Adam Smith 4 th Annual Ukrainian Investment Summit London, UK March 11, 2008

2. HC INVESTMENTS Horizon Capital is the leading private equity fund manager in Ukraine, Moldova and Belarus, managing three funds: EEGF II – $300 million target EEGF I – $132 million WNISEF – $150 million Over 13 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 In 2008, Horizon Capital launched Emerging Europe Growth Fund II (EEGF II) with a target of $300 million. EEGF II will focus on mid-cap companies in fast growing sectors of Ukraine and the region. Investment size is expected to range from $15-30 million per deal. HORIZON CAPITALGEOGRAPHIC FOCUS UKRAINE FDI Leading private equity firm in the Region BELARUS RUSSIA UKRAINE MOLDOVA

3. ’03-’08 CAGR=32% ’03-’08 CAGR=18% ’03-’08 CAGR=22% ’03-’08 CAGR=24% ’03-’08 CAGR=12% (base year = 2003) Source: Euromonitor Statistics/ Country Fact sheet 2003 2004 2005 2006e 2007f 2008f 7,000 6,000 5,000 4,000 3,000 2,000 0 1,000 Ukraine Moldova Belarus Russia Poland Per Capita Disposable Income, $

4. Year 2006 Year 2000 Source: IMF, Balance of Payments database (except for Russia) World Investment Report, UNCTAD (for Russia only) EBRD country statistics Belarus Moldova Ukraine Russia Poland 2,000 1,500 1,000 0 500 Per Capita Cumulative Direct Investment, $ 112 253 88 306 50 435 94 601 722 2,088 15% CAGR 23% CAGR 43% CAGR 36% CAGR 19% CAGR

5. GDP Growth Comparison 2000-2006 GDP (PPP) CAGR ’00-’06 Ukraine Moldova Belarus Russia Poland 15% 5% 10% 0% 10% 9% 6% Source: International Monetary Fund, World Economic Outlook Database, October 2007 9% 11%

6. Consumer Bank Loans, $ per capita Ukraine=97% Russia=121% Poland=79% China*=28% India=33% CAGR 02-06: * Note: CAGR for China is 2002-2005 2002 2003 2004 2005 2006 500 400 300 200 100 0 Source: National Bank of Ukraine, Central Bank of Russia, National Bank of Poland, The People’s Bank of China, Reserve Bank of India

7. M&A Banking

8. BuyerTarget 2006 Sales, $M Deal Value, $ MStake Price/ SalesDate Private Placement Pepsi Co (USA) Private Placement Vinnifruit (Beverages) Sandora (Juices) Motor Sich (Engine manufacturer) 26 227 245 15 542 18.7 25% 80% 6% 2.4 3.0 1.3 June 2007 Private Placement Dakor (Sugar processor) 632120%1.7 May 2007 Bel (France) Shostka (Cheese producer) 44n/a71%n/a May 2007 Auchan Group (France) Furshet (Retail trade) 48112720%1.3 March 2007 M&A Other Sectors

9. M&A Activity in CEE 2006 Extremely active market: +2,500 transactions; 12% of European market, $163 billion M&A activity doubled over 2005; tripled 2004 value Top 3 countries by value: Russia, Czech Republic, Poland Top 3 growth countries by volume: Ukraine, Russia, Slovakia Top 3 growth countries by value: Croatia, Hungary, Russia Top 3 investors in region: UK, Germany, US Proportion of deals ↓ $100 mn: 82% Average deal size of deals ↓ $100 mn: $20 mn. Source: PricewaterhouseCoopers CEE M&A Survey 2006 M&A Activity in CEE in 2006

10. Top target industries: manufacturing, financial services, food & beverages, utilities Total value of privatizations down – much of CEE is more mature Investment flows moving east: 75% of financial services transactions (397) closed were in Russia, Ukraine, Serbia, Bulgaria Source: PricewaterhouseCoopers M&A Survey 2006 M&A Activity in CEE in 2006

11. Since 1990 €9 bn. raised specifically for CEE (excluding Ukraine, Russia) Annual investment levels exceeding €550 mn. Private equity investments across CEE totaled €508 mn. in 2005 More than 85% of activity concentrated in Hungary, Czech Republic, Poland, Romania On average private equity investment is equivalent to 7% of GDP (in contrast to Europe on the whole ~40%) Source: EVCA Special Paper, Central and Eastern Europe Statistics 2005 EVCA Symposium, June 2006 Private Equity in CEE

12. Buyout largest category and increasing in 2005 Together buyouts and replacement capital 72% of value, similar to Europe as a whole Expansion capital deals over 2% (higher than in Europe) Starting and seed deals under 2% (lower than in Europe) Leverage becoming ever more available Source: EVCA Special Paper, Central and Eastern Europe Statistics 2005 EVCA Symposium, June 2006 Private Equity in CEE

13. Exit activity (measured by cost of investment) ↑ 244% over 2004 Public market exits ↑ 70% over 2004 Secondary sales to other private equity houses not yet significant Poland largest exit market, 25% of total activity Source: EVCA Special Paper, Central and Eastern Europe Statistics 2005 EVCA Symposium, June 2006 Private Equity in CEE

14. Buyout followed by infusion of growth capital Low entry multiple (2.5x EBITDA) Executed plan to grow aggressively while improving brand and distribution Exit at 5.9x cash on cash and over 470% IRR Shostka – Leading Producer of Hard Cheeses

15. Identified growth area – started mortgage bank Created expansion opportunity – management spin-out of leading consumer intermediary Attracted high quality, experienced management and Non-Executive Board Chairman Private placement in July 2006 attracted $31.5 mn. for a 46% equity stake – 6x NAV pre-money Completed $100 mn. equity increase in June 2007 for a 38% equity stake – 6x NAV pre-money IMB Group – Pure Play Consumer Lending Platform

16. Identified under penetrated growth area – non-food consumer spending Improved transparency enabling access to credit Provided capital for new manufacturing site and recycling center – cost savings created Growing 50% year on year Product line extensions next step Ergopack – Market Leader Manufacturer of Household Disposables

17. ↑ Fundraising for the region ↑ Competition ↑ Average enterprise value ↑ Buyouts/controlling stakes ↑ Use of leverage ↑ IPO’s ↑ Secondary purchases ↓ Holding periods What Does the Future Hold?

18. Natalie A. Jaresko, Managing Partner 4 Muzeyny Provulok, 3 rd Floor 01001 Kyiv, Ukraine Tel.: +38 044 490-5580 Fax: +38 044 490-5589 njaresko@horizoncapital.com.ua www.horizoncapital.com.ua Contact Information