Selected Investments

Selected companies in current portfolio:

	Company	Year of Initial Investment

	EDY International Spedition is the holding company of the integrated transportation and logistics group of companies known under the brand name “Edy Group”. With a fleet of over 800 trucks, the company managed to rapidly adapt to the new market conditions, emerging as a “winner” from the financial crisis.	2005

	EELF is a regional leasing holding set up in 2006. It is currently the owner of majority stakes in three independent leasing companies in Bulgaria, Moldova and Albania.	2006

	Capa Finance IFN, recently rebranded as Patria Credit, is the leading independent microfinance institution in Romania, currently in process of getting a banking license.	2007
		2007

	Iceline/Darko is the second largest ice cream producer in Bulgaria. Darko has a 20-25% market share, a very well established brand name and a wide distribution network. In 2009 Darko entered the Romanian market with Milka ice cream products.	2007

	Industrial Access is a leading Romanian company in the equipment rental industry. Specialized in self powered access and telescopic material handlers, the company has excellent growth prospects sustained by an undeveloped market and high demand for equipment rental. Since 2008 it has also started operations in Bulgaria.	2007

	Frigotehnica is the leading Romanian player in the refrigeration industry with 60 years of activity in securing climate control solutions for HVACR (Heat, Ventilation, Air Conditioning and Refrigeration), and with a 75% market share in commercial refrigeration and 20% in industrial refrigeration.	2008

	BitDefender is the most successful Romanian IT company and a fast-growing player in the global software data security market. BitDefender is an innovative, fast-growing player in the global data security market, with more than 90% of its revenues obtained from international markets. The Company develops, markets and supports a broad range of anti-malware products and services (antivirus, firewall, antispyware, anti spam, parental control etc) for both consumer and enterprise markets.	2009

	Noriel is the largest toys and games distributor and cardboard games producer in Romania, recently entered into specialized toys and games retail. Established in 1994 as a producer of educational and family games, Noriel is currently the most important distribution channel in Romania for many internationally recognized brands. In 2009 the company entered the retail with the aim to become soon a leading national retail chain.	2010

Selected Exits:

	Company	Exit Year

	Banca Romaneasca - Romanian private commercial bank set up in 1993. RAEF became the main shareholder of the bank in 1998 and turned this bank into an important player in SME lending, and a provider of high quality bank services. RAEF exited this investment by selling its stake to National Bank of Greece.	2003

	Ralfi/Estima Finance - Romanian Consumer Finance Company. It started in 1997 in the city of Cluj as a local small player. In 2003 RAEF took-over the controlling stake and changed the strategy of the company shifting its focus from a regional presence to national coverage. The exit of RAEF from this investment was part of a complex transaction concluded with GE Money. Please click here to read about the exit.	2006

	Motoractive - Romanian Leasing Company. Set up in 1998 as a greenfield company by three private equity funds, RAEF included, Motoractive became the largest Romanian independent (non bank-owned or vendor-owned) leasing company at the time of exit. The exit of RAEF from this investment was part of a complex transaction concluded with GE Money. Please click here to read about the exit.	2006

	Domenia Credit - First specialized mortgage company in Romania. The company was incorporated by RAEF in February 2003, immediately after the legal framework allowed such financial companies to operate. RAEF structured a complex equity and debt package for financing Domenia and was successful in attracting EBRD and DEG among the financing IFIs. The exit of RAEF from this investment was part of a complex transaction concluded with GE Money. Please click here to read about the exit.	2006

	Jet Finance - Largest and fastest-growing consumer finance company in Bulgaria with about 45-50% share of the consumer finance market at the time of BAF investment. Please click here to read about the exit.	2007

	Domo Retail - Romanian retailer specialized in white and brown goods and IT&C products, established in 1994. DOMO Retail was the second largest household appliances retailer in Romania when BAF entered the company. It had 102 stores opened in the country and 670 employees. At the exit date the Company operated 112 stores in Romania and 8 stores in Bulgaria with more than 1,350 employees. Please click here to read about the exit.	2007

	Policolor - Largest manufacturer of paints and varnishes in Romania. RAEF entered Policolor (PCL) in 1997, when the Company was privatized. The restructuring process was long and complex (had to be implemented during the economic decline of the Romanian economy in 1998-2000). Policolor was the first Romanian industrial company expanding outside the country borders through the acquisition in 1998 of the majority stake in its Bulgarian peer Orgachim (ORGA). Both companies, PCL and ORGA, completed the business restructuring having the products’ range and capacities adjusted to the market demand in 2007. Please click here to read about the exit.	2008