“To fuel our international growth, we decided to raise additional capital, which will enable us to be even more aggressive in our expansion and to take on larger projects. In Enterprise Investors we have found a partner that has an excellent reputation, strong regional presence and an expertise in the IT sector. We believe that this partnership could potentially produce the first software company from the Baltics to go public”, said Priit Alamäe, co-founder and CEO of Webmedia.

”We are happy to make our first direct investment in Estonia. We are impressed by the success achieved by Webmedia in this country as well as abroad and we want to support its further expansion internationally”, said Rafał Bator, Enterprise Investors partner who manages the venture team at the firm. “We are very pleased to have the opportunity to cooperate with the company’s ambitious management team to reach our joint goal within the next few years”, he added.

Webmedia Group is the indisputable leader on the Estonian software development market with a growing international customer base in Europe, Asia and Africa (currently with clients in 60 countries). The company’s international focus areas are in public finance management, e-health and e-government solutions (Webmedia is behind many of those solutions that have made Estonia the most advanced e-government in the world); the company also has interests in a number of other start-ups and technology initiatives. Since its establishment in 2000 Webmedia Group has shown growth every year and delivered strong sales performance (CAGR of 57% between 2004-2008). The Group’s total sales reached €15 million in 2009 and the company continues its dynamic growth and expansion abroad.

Netrisk.hu is the number one independent online insurance broker in Hungary, distributing non-life insurance products – CTP insurance, CASCO, home insurance and travel insurance. The company was founded by its CEO and co-owner Zsolt Haraszti 15 years ago. In 2001 Netrisk.hu was the first company in Hungary that enabled users to compare insurance services and prices online and to activate the selected insurance immediately. Although many other companies offering similar services have appeared on the Hungarian market since then, Netrisk.hu has not only secured its leading position in the online insurance business, but its market share kept growing last year, just as it had done in 2008. Netrisk.hu now has 770,000 registered users. More than half of all car owners use the internet to buy compulsory car insurance in Hungary and more than 50% of those customers choose Netrisk.hu.

“Enterprise Investors had been looking for investment opportunities in Hungary for some time now. We are pleased to have found an excellent company in Netrisk.hu as our first investment in the country. The company has an effective business model and is a clear leader in its market. The management has proved it knows how to achieve exponential growth in the number of satisfied customers by providing value to them and thus growing the company. We will be looking for other Hungarian firms in the future that want not only to attract private equity or venture capital, but also to gain a reliable business partner with 20 years’ experience in successfully developing high-achieving companies”, said Dariusz Prończuk, Managing Partner and Board Member of Enterprise Investors.

“In Enterprise Investors we’ve found an investor that has an excellent reputation, strong regional presence and unquestionable expertise in the financial sector. With the help of this investor we will not only boost the further development of our services, but also expand in Hungary and in the Central and Eastern European region. This is an exceptional opportunity for us to grow this one-time family enterprise into a regional corporation in the coming years”, said Zsolt Haraszti, founder and Managing Director of Netrisk.hu

“With the Netrisk.hu transaction signed, Enterprise Investors is planting its flag in Hungary. This is a highly attractive investment for us, as many attributes of the company appeal to a private equity investor”, said Tamás Tüske, Country Director of Enterprise Investors in Hungary.

Dino is a chain of proximity supermarkets funded with Polish capital. It has been developing since 1999, when the first stores were opened in the Wielkopolska voivodeship. Since then, Dino has been expanding very fast. At present the chain numbers 97 stores, located mainly in western Poland, and on average the company opens 1-2 new stores each month. Dino’s revenues totaled PLN 420 million (€97 million) in 2009, and this year are expected to grow by 30% and to exceed PLN 540 million (€135 million).

“We consider Dino to be an attractive investment. We are impressed by its rapid development in the last three years, during which time the company tripled its profit. We can see opportunities for Dino’s further dynamic growth through the chain’s expansion in various parts of Poland. The Dino stores stand out against the competition, especially as regards meat, cold meats and other fresh goods on offer, which gives the chain an advantage over its rivals”, said Michał Rusiecki, managing partner of Enterprise Investors who leads this investment.

“We are glad to have won over Enterprise Investors, which is an experienced investor in the retail sector. Our goal is to dynamically expand our chain by opening at least 30-40 stores a year within the next few years. It will be much easier to achieve this together with EI”, said Szymon Piduch, Dino’s president.

EVF’s latest investment is the seventh company operating in the thriving SME sector in this fund’s portfolio. The total amount invested to date by EI’s youngest fund is €20 million.

For eight years, Euro-Tax.pl SA Capital Group has been operating on the Polish market, providing overpaid tax recovery consultancy for Polish workers legally employed abroad. The company renders its services almost exclusively on an e-commerce basis. Since its inception, Euro-Tax.pl has recovered more than PLN 100 million in overpaid taxes for 40,000 clients.
The company recovered half of this amount in 2009 alone, which proves its very dynamic development. Euro-Tax.pl owes this fast development to its management team as well as its business strategy. The latter, being based on the internet channel, allows for the minimization of risk and cost and the maximization of profit.

“We have decided to invest in Euro-Tax.pl because this company is the clear leader on the market and operates through the very efficient internet channel,” said Rafał Bator, an Enterprise Investors partner who manages the venture capital team.
“We have established very good contacts with the company’s dynamic management team. This is very important for our effective cooperation in years to come, when we will be working together to build the value of the company further,” he added.

In January 2010, Euro-Tax.pl had its debut on the NewConnect market on the Warsaw Stock Exchange. The company’s attractiveness was attested by the reduction in orders and the involvement of a financial investor who bought 50% of the shares offered. In the years ahead, the company plans to increase its range of services and offer them to a broader group of clients.
It also plans to expand its operations beyond Poland’s borders and to move to the Warsaw Stock Exchange’s main market (in 2012).

“This sale of shares to Enterprise Venture Fund will first of all support the Euro-Tax.pl Capital Group’s further development,” said Adam Powiertowski, Euro-Tax.pl president, commenting on signing the investment contract. “The priority in our cooperation with EVF will be to significantly increase the company’s value for shareholders. Winning over an experienced partner will allow our company to meet expansion plans on the Polish market and in the Central and Eastern European region as well as enable the company to prepare to sell to a strategic investor within the next five years. Even though Euro-Tax.pl has already performed very well, we can see huge potential for the further dynamic growth of our sales services and thus for the capital group’s growth in value. We want the company to move into the Warsaw Stock Exchange’s main market within the next two years.”

In 2009, Euro-Tax.pl’s consolidated revenues amounted to PLN 9 million (approx. €2 million) and were more than two times higher than 2008 revenues. In line with earlier forecasts, in 2009 the company generated a consolidated net profit of
PLN 2.3 million (€0.5 million). In 2010, Euro-Tax.pl expects to increase its sales by several dozen percent and to achieve net profit at a level of PLN 3 million.

Smartree Romania SRL provides high-quality HR outsourcing services such as payroll calculation and personnel administration to more than 100 renowned multinational and local companies operating in Romania. The company services more than
30,000 employees each month, using state-of-the-art software that it developed internally. Since its inception in 2000, Smartree has proved successful at winning and retaining new customers, mainly thanks to the excellent quality of service, competitive price and a level of IT security that is unmatched by any in-house HR department. Smartree Romania is owned by Eric Kish,
a successful entrepreneur and manager. Revenues have been growing at double digit rates over the last few years,
and in 2009 sales reached approximately €3.5 million. Management plans to continue this fast growth in the future.

“The Romanian HR outsourcing market is expected to grow fast within the next few years from its current very early stage of development. We believe that more Romanian companies will externalize their HR needs in search for better, faster
and lower-priced services. With the help of our investment, Smartree will be able to maintain its leading position by expanding its offer and winning new customers,” said Rafal Bator, Enterprise Investors partner who leads the venture capital team.

“The funds that Smartree received from our new venture partner will finance a new line of business – personnel outsourcing –
as well as the further growth of payroll and software outsourcing. We plan to expand our business significantly within the next five years by consistently growing our customer base and providing a broader scale of services to existing clients,” said
Mr. Eric Kish, owner of Smartree.

“We are happy that after the six investments made by Enterprise Investors in Romania so far, our venture fund makes its first investment in this country. Enterprise Venture Fund I will continue to look for companies that have a proven and successful business model and generate revenues and profits, at least at the operating profit level. We raised the fund to meet the huge demand among smaller companies for private equity and venture capital financing in CEE. We have been in contact with several Romanian companies seeking expansion capital, and we invite more companies in the country to contact us,” commented Cristian Nacu, Enterprise Investors partner and head of the Romanian office.

Polish Enterprise Fund VI’s (PEF VI) subsidiary, which already owns 70.73% of Novaturas, agreed to buy all the Orbis Travel shares owned by Orbis SA and maintain the brand name, which is one of the strongest and best known in the Polish tourism industry. The acquisition price and terms were not disclosed. The agreement is subject to approval by the Polish anti-monopoly office.

“By acquiring the tour operator from Orbis and investing in the Orbis Travel brand we continue the consolidation of the Central European tourism industry, which we initiated with our acquisition of Novaturas. Once we have completed the company’s restructuring project, which has been underway since 2007, and thanks to its cooperation with Novaturas, Orbis Travel will be able to offer Polish customers a uniquely attractive and affordable range of services. We strongly believe that the operating synergies in product development and purchasing that come with being part of a large Central European tour operator group will enable Orbis Travel to rapidly improve its effectiveness and profitability,” said Sebastian Król, a partner at Enterprise Investors.

“This transaction is evidence of the Orbis Group’s refocus on its core segment, hospitality. Our strategy is to expand further in the economy hotels segment with our Etap and Ibis brands and to finalize the convergence of the Orbis hotels to the requirements of the well-known Accor brands. The recent weak financial performance of our non-core tour operating arm prompted our decision to divest Orbis Travel. Crucially, the new investor has unmatched experience in the tour operating business and will continue the tourism activities under the Orbis Travel brand,” said Jean-Philippe Savoye, president of Orbis SA.

In November 2007, PEF VI became the majority shareholder of Novaturas in a €40 million deal. Novaturas is the largest tour operator active in Lithuania, Latvia and Estonia, with a leading position on each market (over 50%, 30% and 30% respectively). The Group has an excellent reputation and offers a range of quality travel packages that far surpasses that of its competitors. Novaturas served 150,000 tourists last year.

Orbis Travel (PBP Orbis Sp. z o.o.) is one of the largest Polish tour operators and a strong, well-known Polish brand. It was formerly part of Orbis SA, the Polish listed hotels operator controlled by Accor. Orbis Travel offers the full range of tourism and travel services for individual as well as corporate clients, and each year serves more than one million people
and 2,000 companies.

Orbis SA is the largest company in the hospitality industry in Poland and the CEE region. Orbis Hotel Group manages 63 hotels with a total of 12,000 rooms, marketed under the Etap, Ibis, Mercure, Novotel, Sofitel, Holiday Inn and Orbis Hotels brands.
The Group also operates Orbis Transport, which offers international coach transport and car leasing. Orbis SA’s strategic partner, Accor, is the leader of the European hospitality industry. Accor manages 4,000 hotels and more than 500,000 rooms in 90 countries.

The Board of Directors of Enterprise Investors Corporation, now composed of ten partners and managing partners, manages all the most important areas of Enterprise Investors operations and jointly decides on strategy, promotions, compensation
and carried interest allocation.

“These changes are designed to democratize the management of Enterprise Investors and to recognize the importance
of a broader group of partners to the organization,” said Robert G. Faris, Chairman of the Board of Directors, founder of Enterprise Investors and a pioneer of the global private equity industry.

“We are very excited about the new governance at Enterprise Investors Corporation and we believe that it reflects the achievements, experience and the substantial contribution of the five new Board members to the organization’s long-term prosperity,” said Jacek Siwicki, president of EI.

Rafał Bator (37) has seven years of private equity experience. He leads the Enterprise Investors venture capital team. Rafał Bator specializes in IT investments, and his most important projects to date include EI’s investments in AVG Technologies, Teta and Siveco Romania. Before joining EI, he worked for Prokom Software Systems, Optimus and Price Waterhouse. A Polish national, he is a graduate of the Wrocław University of Technology in Software Engineering and holds a Master’s degree in Economics from the Academy of Economics in Wrocław.

Stanisław Knaflewski (40) has ten years of private equity experience. He specializes in projects in the retail and industrial sectors and coordinates EI’s activities in Bulgaria. Stanisław Knaflewski led the company’s investments in the Bulgarian Telecommunications Company, Nomi and Nordglass. Before joining EI, he worked for the Boston Consulting Group
in Paris and Warsaw. A Polish national, he holds law degrees from Poznań University and the College of Europe in Belgium,
and received an MBA from INSEAD.

Agnieszka Kowalska (35) has nine years of private equity experience. She specializes in transactions in the retail, consumer goods and manufacturing sectors. Her most important projects to date include the buyouts of DGS and Sklepy Komfort.
Prior to joining EI she worked for ING Barings. A Polish national, Agnieszka Kowalska received a Master’s in International Affairs from Columbia University with a specialization in International Finance and Business. She holds a Bachelor’s degree in International Studies from Bridgewater College.

Sebastian Król (37) has eight years of private equity experience. His most important investments at EI include those in LPP, Harper Hygienics, Magellan, Skarbiec and Novaturas. Before joining EI, Sebastian Król worked for Arthur Andersen and Hachette Distribution Services. A Polish national,
he holds a Master’s degree in Economics from the University of Łódź and is ACCA certified.

Jacek Woźniak (41) has nine years of private equity experience. He manages EI’s investments in the consumer goods and industrial sectors. His most important investments at EI include those in Sfinks, Agros Nova, Gamet, Kruk and Kofola. Prior to joining EI, Jacek Woźniak was a consultant at Arthur Andersen and worked for Trinity Management. A Polish national, he holds a Master’s degree in Economics from Gdańsk University.

The promotions are effective immediately.

The five new members the Board of Directors of Enterprise Investors Corporation join its five existing members: Robert Faris, chairman, Jacek Siwicki, president, and three managing partners – Robert Manz, Dariusz Prończuk, Michal Rusiecki. For outline CVs of all the members of the EIC Board of Directors please see the Our Team section.

Profi Rom Food Group SRL, established in 2000, is one of the largest supermarket chains in Romania, operating 65 stores
in 47 Romanian cities. The company is a sizeable player in the country’s modern retail market. Profi was created as a discount store and migrated to the supermarket concept by increasing the size of its assortment severalfold. Revenues increased significantly in the last two years, with Profi achieving total sales of RON 440 million (€150 million) in 2008.
Sales are expected to grow by almost 40% in 2009, to RON 600 million.

“Enterprise Investors finds Profi a very attractive investment opportunity that can be grown through further improvement of operations as well as further rollout. We have identified Gunter Grieb, a top manager with 5 years’ experience in Romanian food retail, to help us realize this goal following the transaction. As the ex-CEO of Kaufland Romania, Mr. Grieb was instrumental
in successfully developing the Kaufland network in that country,” said Cristian Nacu, Enterprise Investors partner.

“We believe that together with Enterprise Investors, which is an experienced investor in the Romanian as well as Central
and Eastern European retail sector, we can secure excellent performance from Profi despite the challenging market times,
and multiply the company’s offer as well as its value. Our goal is to double the number of stores within a few years,” commented Gunter Grieb, Profi’s incoming CEO.

PBKM is Enterprise Venture Fund’s fifth investment in the last 11 months. The fund is the most active venture capital investor at present in Poland and CEE. This investment also brings the total number of investments made by EI-managed funds to 114.

Polski Bank Komórek Macierzystych, established in 2002, is the largest cord blood bank in Poland and the fourth largest in Europe. It operates in Poland and, through subsidiaries and related companies, in Hungary (Krio), Romania (Biogenis),
Latvia (Cilmes Sunu Banka Sia), Italy (Famicord Italia) and Spain (Sevibe Cells). PBKM collects and stores human stem cells isolated from blood taken from the umbilical cord after childbirth. Stored umbilical cord blood stem cells can be used to treat more than 70 diseases, including leukemia, certain types of cancer, and immune system disorders. To date, almost
14,000 parents in Poland (and another 14,000 in other countries where the bank is active) have decided to store their children’s umbilical cord blood with PBKM and its subsidiaries and related companies. PBKM is the only private cord blood bank in Poland to have supplied stem cells for transplants (all performed in Poland). PBKM is also one of the only two European private banks with AABB (formerly American Association of Blood Banks) accreditation, which is a measure of quality and credibility.

PBKM’s revenues and profits have grown at an average annual rate exceeding 30% in the last few years. Together with its subsidiaries, the company achieved total sales of almost PLN 20 million (nearly €5 million) in 2008. Sales are expected to grow by 30% in 2009.

“The funds which PBKM has received from our new venture partner will finance the company’s expansion, including acquisitions in Central and Eastern Europe, as well as promotion of the fully ethical practice of stem cell storage and usage. The investment experience of Enterprise Investors in our region will help PBKM build a strong capital group that not only uses the latest technologies, but also has best managerial practice,” said Jakub Baran, CEO of Polski Bank Komórek Macierzystych.

“PBKM is a well-managed company that is successful on its market, and we believe in its further fast growth, for which we have provided expansion financing. Besides, the market on which PBKM operates is relatively young and under-penetrated in Poland and other CEE countries. The number of newborns that have their cord blood stored in Poland is several times smaller than for example in Portugal or Greece. So the market in Poland and CEE is well-positioned for further growth,” said Rafał Bator, Enterprise Investors partner who heads EI’s venture capital fund.

Enterprise Investors, which was established in 1990 in Poland and operates in the neighboring markets including the Czech Republic, already has its offices in Warsaw (Poland), Jersey City (USA), Bucharest (Romania) and Bratislava (Slovakia).

The role of the new office is to focus more closely on the Czech market, in particular to identify and execute new investment opportunities. The office will also help manage existing investments, including EI’s ownership position in AVG Technologies, the global IT provider of anti-virus software, and Kofola, one of the most significant producers of non-alcoholic beverages in Central and Eastern Europe.

The Prague office is headed by Ivan Jakubek, an EI investment director who has more than seven years’ experience in private equity, corporate finance, consulting and restructuring. He has worked for Enterprise Investors since 2005 and is responsible for the firm’s business development in the Czech and Slovak republics.

Commenting on the office opening, Ivan Jakubek said: “In the Czech Republic we have two of the largest companies in our portfolio – AVG Technologies and Kofola. The Czech market is key for us also from the perspective of further potential investments. By opening the office in Prague we want to be closer to our Czech partners and entrepreneurs,” adding that EI is in negotiations regarding capital investments in several Czech companies. Dariusz Prończuk, a managing partner at Enterprise Investors who oversees the firm’s investment activities in the Czech Republic, summed up the strategic decision: “EI’s current investments in the Czech Republic made it our second most important market. The new Prague office allows us to focus even more closely on the attractive Czech market and to continue building strong relationships with local entrepreneurs.”

Enterprise Investors has been investing in the Czech Republic since 2005 and actively seeks mid-sized investment projects (financed by the buyout fund) as well as smaller ones (financed by the venture capital fund). The firm’s focus in the Czech market is on projects in the consumer goods and retail, financial services, manufacturing and IT sectors.

Enterprise Investors manages one of the largest groups of private equity and venture capital funds in CEE, which invests capital from respected financial institutions from Western Europe and the USA. The total amount of capital in the funds exceeds €1.7 billion. During the course of its operations EI has invested in more than 100 companies in the CEE region. The firm’s record of 91 exits, including 25 IPOs, makes Enterprise Investors the most successful private equity company in Central and Eastern Europe.

Contact details for EI’s new Prague office are as follows:

Enterprise Investors
Václavské naměstí 19
110 00 Praha, the Czech Republic
Phone: (+420) 234 656 125
Fax: (+420) 234 656 138

Please visit our Czech web page at www.ei.com.pl/cz