1. Vienna Economic Forum, Chisinau, February 20th, 2008 Private Equity Investments as a way to open a new European market: case of Moldova by Alex Munteanu, Horizon Capital, Partner Member of the Business Advisory Council (BAC) for South and Eastern Europe

2. Vienna Economic Forum, Chisinau, February 20th, 2008  Willing to come first/risk takers  Knowledge of the region, of local “rules of the game” while legal framework is still very fragile, being “Westerns” and “Locals” at the same time  Willingness to work with both local and international partners/institutions, promote the best; versatility and flexibility  Pro-activeness and creativity, especially when “rainy days” come  Building the best management teams in the region  Developing the competitive advantage of the country Why financial investors/ private equity funds?

3. Vienna Economic Forum, Chisinau, February 20th, 2008  Horizon Capital is a private equity fund manager  Western NIS Enterprise Fund- $150M (1995)  Over $100 million invested in the region, over $30 million in Moldova  Emerging Europe Growth Fund I - $132M  Emerging Europe Growth Fund II – over $100M after 1 st close (Feb 1, 2008); target size - $300M  Invest in expansion and buy-outs opportunities (investment range $7-25M)  Focus on mid-cap companies with high growth and profit potential  Target countries: Ukraine, Moldova and the region  Target industries: financial services, retail, FMCG and industrial goods Horizon Capital Advisors LLC

4. Vienna Economic Forum, Chisinau, February 20th, 2008  Natur Bravo  Moldova’s largest fruit and vegetables processor  Glass Container Company  Market leader in dark-green glass bottle manufacturing  FinComBank  Mid-size bank focused on SME with a good growth potential  Three successful exits:  Vitanta-Intravest – the largest brewery and soft drink producer in Moldova  Moldova Agroindbank – the largest bank of Moldova  ProCredit Moldova - the only financial institution in Moldova with exclusive focus on small businesses HC Companies in Moldova

5. Vienna Economic Forum, Chisinau, February 20th, 2008  For additional information about Horizon Capital/ WNISEF portfolio companies in Moldova please contact: Cristina Harea Investment Manager Tel. +373 (22) 887-200/201 Charea@horizoncapital.com.ua www.horizoncapital.com.ua