BaltCap received a gold level Quality Label in the 9^th Estonian Responsible Business Index 2017 in Estonia. BaltCap participated in the CSR Index Estonia for the 7^th consecutive year and received a total score of 94%.

This is the first time for BaltCap to receive the highest, gold level quality label showing our continuing contribution to further develop CSR matters and make it a top priority also among our portfolio companies.

BaltCap highly appreciates the concept of corporate social responsibility and hopes to be a role model for many other firms. We have followed the policies and practices of responsible investment since the first funds and believe that environmental, social and corporate governance issues play an increasingly important role in today’s business environment.

Every year we also issue an  Environmental, Social and Governance report of our own, this document is based on questionnaires conducted among our portfolio companies. By this we seek to further improve general understanding in ESG matters and identify actions our companies can take to strengthen not only businesses but also reputation and performance.

The CSR Index aims at assisting companies to define, evaluate and monitor their economic, social and environmental impact. It enables companies to receive feedback and compare their results with their peers, thus identifying the future needs for development giving ideas and inspiration.

The official CSR Quality Label is given to the organizations whose result in the Sustainable Business Index of Estonia proved their high performance in terms of strategic approach to corporate responsibility and well-planned and delivered responsible activities towards local community, environment, workplace and marketplace. The Index is the best opportunity in Estonia to take a look at social, environmental and workplace practices, but also business ethics. These are important topics for companies that want to be successful in longer term.

According to the scoring system, Gold Label is given to companies whose total score is more than 90% and who are defined as outstandingly sustainable companies. The gold-level enterprise is consciously responsible, systematic and consistent showing initiative and ensuring responsible behaviour at all levels of management and employees. The company is a role model for conveying corporate social responsibility values to related parties and leading the way in general.

To participate, the companies are asked to fill out an evaluation questionnaire. Gold, silver and bronze category labels are given to companies according to the aggregated results. The questionnaires are evaluated by industry experts and the best companies are awarded with the Quality Label.

The full results of the 2017 Estonian Sustainable Business Index are available here: http://indeks.csr.ee/laureaadid/2017/

Additional information:

Martin Kõdar
Managing Partner

Phone: +3726650282

martin.kodar@baltcap.com

2017 was a very exciting year for BaltCap with the main highlight being the launch of two new investment funds – BaltCap Infrastructure Fund and BaltCap Growth Fund – under a brand new limited partnership funds regime (Usaldusfond) in Estonia. We also witnessed a significant progress in the environmental, social and governance (“ESG”) performance of our porfolio companies and are happy to share the results by presenting our 7th annual ESG report.

Our portfolio companies posted strong results in 2017 – the aggregate revenues reached €615 million, EBITDA €60 million and the total number of employees 7,533. During BaltCap’s ownership, the aggregate revenues and EBITDA have grown over two times and the number of employees has increased more than 50%.

During 2017, our 33 portfolio companies created approximately 200 new job positions and:

– paid €112 million of net salaries, including €70 million in the Baltic States (€34 million in Estonia, €10 million in Latvia, and €26 million in Lithuania);
– paid €78 million of taxes, including €49 million in the Baltic States (€25 million in Estonia, €6 million in Latvia, and €18 million in Lithuania);
– invested €30 million to equipment, machinery, new premises, IT systems, etc. (capital expenditure), including €29 million in the Baltic States (€11 million in Estonia, €5 million in Latvia, and €13 million in Lithuania).
Please see our full 2017 ESG report available here: 2017 ESG report

BaltCap strives to build Baltic companies into internationally recognised business champions. The latest proof is Tallinn headquartered full-service aircraft maintenance company Magnetic MRO – during BaltCap’s ownership between 2010-2018, Magnetic MRO grew from a small regional player to a profitable global company. In 2017, Magnetic MRO received Company of the Year and Exporter of the Year awards in Estonia. In 2018, BaltCap exited Magnetic MRO to an international strategic buyer Guangzhou Hangxin Aviation Technology listed on Shenzhen Stock Exchange in China.

The investors of BaltCap’s investment funds include Baltic pension funds and international institutions – the European Investment Fund, the European Bank for Reconstruction and Development (EBRD), the European Investment Bank and others.

Additional information:

Martin Kõdar
Co-Managing Partner, BaltCap

martin.kodar@baltcap.com

Phone: +372 665 0280

BaltCap received a silver-level Quality Label in the 7^th Estonian Sustainable Business Index 2014 in Estonia. BaltCap participated in the CSR Index Estonia for the 5^th consecutive year.

BaltCap has followed the policies and practices of Responsible Investment since its first funds and believes that environmental, social and corporate governance issues play an increasingly important role in today’s business environment. BaltCap highly appreciates the concept of corporate social responsibility and hopes to be a role model for many other firms.

The CSR Index aims at assisting companies to define, evaluate and monitor their economic, social and environmental impact. It enables companies to receive feedback and compare their results with their peers, thus identifying the future needs for development.

The official CSR Quality Label is given to the organizations whose result in the Sustainable Business Index of Estonia proved their high performance in terms of strategic approach to corporate responsibility and well-planned and delivered responsible activities towards local community, environment, workplace and marketplace.

The questionnaires were evaluated by industry experts and the best companies were awarded with the Quality Label. Gold, silver and bronze category labels were given to companies according to the aggregated results. There were 77 participants this year and 50 of them gained the Quality Label. Both numbers have been growing year by year.

The Responsible Business Quality Label is issued by Responsible Business Forum in Estonia, Ministry of Economic Affairs, Estonian Business School, KPMG Baltics and major business newspaper Äripäev.

The full results of the 2014 Estonian Sustainable Business Index are available here: Results

Additional information:

Martin Kõdar
Co-Managing Partner

martin.kodar@baltcap.com

Phone: +3726650282

FinanceEstonia, together with KredEx and Nasdaq OMX Tallinn awarded the best Estonian companies operating in the financial field at the Award Gala held on November 19. The best of the best were announced in five different categories.

BaltCap was awarded as the Financial Markets Enlivener of the Year. We were recognized for our effort to guarantee capital offering for long-term and sustainable funding model in Estonian economy and for establishing BaltCap Private Equity Fund II  in 2014 with total volume of 82 million euros.

Finance Estonia is a financial organization established in 2011. Their goal is to create development opportunities for the member companies and support economic development.

Currently, there are 62 members in Finance Estonia.

Additional information:

Peeter Saks
Managing Partner

peeter saks@baltcap.com

Phone: +3726650285

Every year, The Private Equity Awards hosted by Real Deals recognizes the best of European private equity. The shortlists for the 2014 awards have now been announced and BaltCap’s exit from Medicap has been nominated in the category of Emerging Europe Deal of the Year.

BaltCap originally invested in Medicap in 2008. Together with the management team BaltCap carried out a regional buy-and-build strategy, expanding the company in its home market Estonia, as well as in Finland and Lithuania, in total growing the company’s revenues by more than four times. Medicap was acquired by synlab, a leading European provider of medical laboratory services in July 2013.

Now in their thirteenth year, the awards have become well known and recognized in the private equity industry and among those that advise it. It is the first time that a BaltCap deal has been nominated for The Private Equity Awards.

Winners will be announced on 10 April.

Additional information: http://privateequityawards.com

BaltCap was the only investment firm to participate in the Estonian CSR index 2011. The company gained 83.1 points of the possible 100 and took 6^th place in general standings, yet winning in the category of local small businesses.

BaltCap has followed the policies and practices of Responsible Investment since its first funds and believes that environmental, social and corporate governance issues play an increasingly important role in today’s business environment. BaltCap highly appreciates the concept of corporate social responsibility and hopes to be a role model for many other firms.

Responsible Business Forum of Estonia in cooperation with Estonian Business School and Business Newspaper Äripäev launched the 4^th Corporate Responsibility Index in Estonia this year. The Index aims to assist companies to define, evaluate and monitor their economic, social and environmental impact. It enables companies to receive feedback and compare their results with their peers, thus identifying the future needs for development.

The questionnaires the contestants had to fill out were evaluated by specific industry experts and the best 30 companies were awarded with the Quality Label.

The official Responsible Business Quality Label is awarded to the organizations whose result in the Responsible Business Index of Estonia proved their high performance in terms of strategic approach to corporate responsibility and well-planned and delivered responsible activities towards local community, environment, workplace and marketplace.

All companies that participated in the CSR Index Estonia 2011 deserve to be highlighted for undergoing a thorough analyzes process. The results show that corporate social responsibility is becoming increasingly important.

Further information:

Martin Kõdar

Parnter

BaltCap

Phone: +372 665 0282

Email: martin.kodar@baltcap.com

www.baltcap.com

New institutional investors Swedbank Ieguldījumu Pārvaldes Sabiedrība, SEB Venture Capital and LHV Varahaldus, joined as investors to BaltCap Latvia managed venture capital fund representing their trust in BaltCap and Latvian economy in general. The agreement with the investors was reached on April 28, 2010.

In total, BaltCap fund has attracted 7 private sector institutional investors (Parex Asset Management, Hipo Fondi, LKB Krājfondi, Pirmais Slēgtais Pensiju Fonds, SEB Venture Capital, LHV Varahaldus, Swedbank Ieguldījumu Pārvaldes Sabiedrība), which means that these investors would continue investing pension funds and other resources into the Latvian economy in the future, possibly in larger amounts.

Harijs Švarcs, Head of Swedbank IPS, „This is an exceptional opportunity for participants of our pension plans to earn together with fast growing and perspective Latvian companies. Thanks to BaltCap`s local market knowledge, experience as well as EIF`s financing, favourable conditions have been established for high investment return. This is an excellent example how EU`s structural funds in combination with local pension funds` financing can successfully facilitate growth of entrepreneurship in Latvia via developing competitive products and generating new working places.”

„We are pleased for the high interest attracted from investors to the BaltCap`s venture capital fund for financing of Latvian companies. In addition to EU structural funds we have managed to attract largest Baltic level pension fund managers, other institutional investors and high net worth individuals, which in our view shows investors` trust in future growth of the Latvian economy” says BaltCap partner Dagnis Dreimanis.

As communicated before, on January 22, 2010, BaltCap signed agreement with EIF, being the first venture capital fund manager to successfully complete private fundraising under EIF managed JEREMIE initiative in Europe, and the first structured venture capital fund raised in the Baltics since the crisis hit region. Within nearest years BaltCap will provide financing of 30m EUR to SME`s in Latvia.

20m EUR of available funds is EIF administrated Latvian JEREMIE Investment Holding Fund financing and 10m EUR was attracted from private sector investors. Fund will provide growth financing to existing companies with fast growth potential, taking equity stakes between EUR 0.3 – 3m. The aim of the Fund is to do 15 – 20 investments until the end of 2013.

Richard Pelly, Chief Executive of the European Investment Fund stated, “This is a hugely important transaction for the EIF and for Latvia. It is one of the first transactions in the European Union under JEREMIE initiative and comes as a result of excellent collaboration between the Ministry of Economy, BaltCap and the EIF to help enhance access to finance for Latvian SMEs.”

„In the upcoming years up to 30m EUR would be available in investments to Latvian companies, majority of the fund being financed from EU structural funds. BaltCap managed venture capital fund offers opportunity for SME`s in Latvia to attract financing for their development, and availability of financing to local enterprises is a crucial factor for warming the economy and enabling long term growth.” says representative of Ministry of Economics Andris Liepiņš.

For additional information please contact: Astra Neimane

Tel. +371 67214225

Mob. +371 29116680

astra.neimane@baltcap.com www.baltcap.com

BaltCap has successfully attracted private fundraising for the first ever venture capital fund to invest into Lithuanian SMEs. This forms part of the EIF managed JEREMIE Holding Fund initiative in Lithuania.

This venture capital fund is a key part of the Holding Fund’s activity and will result in EUR 20 million being invested into Lithuanian micro, small and medium enterprises. The Fund will focus on expansion financing of SMEs with established operations and growth potential taking equity stakes of up to EUR 3 million with the aim to build a diversified portfolio of 7-15 investments selected by the professional and committed management team of BaltCap.

The EUR 20 million Fund consists of EUR 14 million provided by the EIF managed JEREMIE Holding Fund and EUR 6 million raised from leading institutional investors, including SEB Venture Capital, LHV Asset Management, Swedbank Asset Management and DnB NORD Asset Management.

Richard Pelly, Chief Executive of the European Investment Fund stated, “This is the first ever risk capital fund in Lithuania established with the participation of EU Structural Funds and as a result of support from the Ministry of Economy. This initiative will finance high potential Lithuanian SMEs in a new way, providing an added value both by strengthening their capital bases but also developing a new generation of entrepreneurial leaders in the market.”

According to the Minister of Economy Dainius Kreivys, this is the first time when state resources are used to promote risk capital investments into companies, and this should stimulate risk capital market in Lithuania. Moreover, it is an important financial instrument for innovative high growth potential companies.

“We are very enthusiastic about the development opportunities which Lithuania SME Fund shall provide to Lithuanian businesses that are working hard to grow after economic downturn. Moreover, active participation of solid private investors in this unique public and private partnership is testament to the commercial credibility of the instrument as well as a strong signal that private investors start actively investing in Lithuania again.” – said Simonas Gustainis, Partner of BaltCap.

For additional information please see www.baltcap.com or contact:

Simonas Gustainis

Partner

Tel: +370 5 254 6713

Email: simonas.gustainis@baltcap.com

Silvestras Tamutis

Investment Manager

Tel: +370 5 254 6983

Email: silvestras.tamutis@baltcap.com

BaltCap, the leading private equity and venture capital investor in the Baltic States, acquires 100% in Estonia’s leading aircraft maintenance, repair and overhaul (MRO) company Air Maintenance Estonia (AME) from Scandinavian Airlines (SAS).

“BaltCap is excited to acquire a knowledge-based, export-oriented industrial company in Estonia with great outlook. AME has highly skilled and creative workforce – more than half of the 160 employees have higher education,” said Kristjan Kalda from BaltCap.

“BaltCap will support Air Maintenance Estonia’s expansion strategy. During next two years we intend to double the existing production capacity.”

“AME is a company with open culture and international staff. Our skilled workforce, the excellent and developing infrastructure of Lennart Meri Tallinn Airport, and the aviation engineering training provided by the Estonian Aviation Academy make us highly competitive on the international aircraft maintenance market,” said Lars-Olof Bolinder, CEO of Air Maintenance Estonia.

“Now is the right moment to carry out the expansion and we expect BaltCap as the strongest financial partner of the Baltic region to assist in reaching these goals.”

“SAS has been the owner of Air Maintenance Estonia since 2003. SAS is concentrating on its core activities and exiting maintenance operations is part of our strategy. AME needs new investments for further expansion and therefore sales to BaltCap is a logical step,” said Sture Stölen, Vice President SAS Investor Relations.

Air Maintenance Estonia started its operations in 1995, providing maintenance services to Estonian Air aircrafts. Since 2002 the company is operating independently.

The clients of Air Maintenance Estonia are different European aviation companies, including Estonia’s national carrier Estonian Air. In 2009, the company’s turnover was EEK 196m.

Lars-Olof Bolinder will continue as CEO of Air Maintenance Estonia.

The parties have agreed not to disclose details of the transaction value.

SEB Enskilda Corporate Finance acted as sole financial adviser to SAS.

Further information:

Kristjan Kalda

Investment Manager

BaltCap

Phone +372 665 0280

E-mail: kristjan.kalda@baltcap.com

www.baltcap.com

Lars-Olof Bolinder

CEO

Air Maintenance Estonia

Phone +372 640 1106

E-mail: lars-olof.bolinder@ame.ee

magneticmro.com

In late 2009, Fertilitas AS sold its shares in Nova Vita Clinic to MediCap Holding OÜ, who is the owner of the leading Estonian medical laboratory Quattromed HTI Laborid. In connection with the transaction, Nova Vita Clinics will start a long-term co-operation with Quattromed and close its clinical laboratory in December. This allows Nova Vita to focus on its core areas IVF and human genetics.

The ownership of Nova Vita clinic is now divided between two strategic owners – Yhtyneet Medix Laboratoriot and MediCap Holding. They both believe in long-term growth and consolidation need in IVF business in the Baltic region and have therefore decided to co-operate in Nova Vita. “Nova Vita Clinic is the leader of IVF-activities in Estonia, we are happy to become the owner of such company,” Erki Mölder, the CEO of MediCap Holding said. He continued: “We look forward to launching denser co-operation with Nova Vita in Estonia and work hard to find co-operation possibilities in the neighboring countries.”

According to the words of dr. Ivo Saarma, the founder and CEO of Fertilitas, the clinic shall focus its efforts on main activities: „The core business of Fertilitas is clinical medicine: stationary and ambulatory healthcare. Another reason for the sale is very simple – due to economic downturns, we are not able to do everything; we shall concentrate on our core business. Previously we haven’t had such stress. “

Andres Salumets shall continue as the CEO of Nova Vita Clinic. „The financial turbulence is forcing every company to evaluate its activities, “ dr. Salumets said, and continued: „this made us realize that our volume is too small for running a profitable clinical laboratory unit in Estonia. The co-operation agreement with Quattromed helps us to provide the needed clinical laboratory services for our patients without compromising the quality and allows us to concentrate on our core areas IVF and human genetics. We shall certainly continue co-operation with other clinics and academic institutions to improve the efficiency of the infertility treatment. “

Background:

MediCap Holding which is controlled by BaltCap Private Equity Fund holds shares of Quattromed HTI Laborid OÜ and Nova Vita Kliinik AS. Over one-third of family doctors and the majority of Estonian clinics and hospitals use the services of Quattromed HTI Laborid. Quattromed HTI Laborid OÜ owns central labs in Tallinn and Tartu and operates the laboratory of local nursing hospital in Jõhvi. The turnover of companies owned by MediCap reaches 80 million EEK and they employ 80 persons.

Yhtyneet Medix Laboratoriot Oy is the largest privately owned clinical laboratory in Finland with a turnover of roughly 26 million EUR and with approximately 210 employees in Finland. It is offering clinical laboratory services in both private and public healthcare. Its customer base includes private medical centres, hospital districts, university central hospitals, central hospitals and health care centres.

Additional information:

Erki Mölder, CEO of MediCap Holding OÜ

E-mail: erki.molder@quattromed.ee, phone: +372 514 724

On March 13, 2009 the general meeting of Latvian Venture Capital Association elected Astra Neimane – an investment manager of the leading Baltic private equity fund management company BaltCap – as the Chairperson of the association’s board.

Astra Neimane has been working in the private equity and venture capital industry since 2003 when she joined SIA BaltCap Management team where she has been involved in several investment projects and portfolio companies’ supervisory board seats. Since 2007, she has also been a member of the board of the Latvian Venture Capital Association. Astra is a graduate of Stockholm School of Economics in Riga.

„I am grateful that members of the association have appreciated my previous experience and work in the private equity industry and also the association. During the next year, I will do my best to support further development of private equity and venture capital industry in Latvia. In the current economic situation, venture capital is one of the main instruments to foster economic recovery by providing financing to companies with growth potential. Especially important would be government support both in terms of allocation of EU structural funding for these purposes, as well as in government’s work in relevant lawmaking to increase competitiveness of Latvian economy,” says Astra Neimane.

Both globally and in Latvia, private equity and venture capital industry has considerably fostered economic growth by helping enterprises grow at faster pace and generating new employment to the economy. Well-known Latvian companies that have been growing with the help of private equity and venture capital financing include electronic contract manufacturer Hansa Electronics, which acquired Sweden’s fifth largest industry player Elektromekan, leading Latvian DIY chain DEPO, papermill Ligatne and recycling company V.L.T.

Further information:

Astra Neimane, SIA BaltCap Management Latvia, phone: +371 6721 4225, mobile: +371 2911 6680

http://www.lvca.lv/

BaltCap, the leading private equity investor in the Baltic States, acquires a 75% stake in the largest private medical diagnostics company in Estonia, Quattromed HTI Laborid OÜ. The transaction takes place via the holding company MediCap Holding OÜ. The sellers are Estonian private individuals and Finnish biotechnology company FIT Biotech OY. The parties did not disclose the transaction size.

„As the market leader in Estonia, Quattromed HTI Laborid is a great choice for BaltCap’s first investment in medical diagnostics. We believe the healthcare market has a lot of potential and hope that together with the experienced management of Quattromed HTI we will manage to strengthen the company’s position in Estonia further and to expand in foreign markets,“ said the Managing Partner of BaltCap Peeter Saks.

„We have more than 15 years of experience in the field of laboratory services and it is our strategy to apply this knowledge outside Estonia,“ said the CEO of Quattromed HTI Laborid, Erki Mölder. „As there is a consolidation trend in the Baltic and Scandinavian regions, it is a good time for executing a growth strategy. BaltCap, as the strongest financial partner in the Baltic region, will help us a lot in achieving these goals.“

„FIT Biotech OY became a shareholder of Quattromed HTI Laborid in 2002 and the growth of the company has been very impressive since then. The implementation of upcoming expansion strategies of Quattromed HTI Laborid OÜ will need additional  investments, and as FIT Biotech OY is a biotechnology company, a timely divesture is the logical step for us,” the President and CEO of FIT Biotech OY, Dr Kalevi Reijonen said. “FIT Biotech shall now focus even more on the development of an HIV vaccine and GTU technology in the R&D department in Tartu under the management of professor Mart Ustav.”

Quattromed HTI Laborid OÜ operates in the medical services sector serving a large number of Estonia’s general practitioners, private clinics as well as regional and local hospitals. The company’s turnover in 2007 was approximately 50 million EEK and it has 60 employees. Quattromed HTI complies with the ISO 15189:2003 standard for “Medical laboratories: Particular requirements for quality and competence”.

For further information please contact:

Peeter Saks

Managing partner

BaltCap

Tel. +372 665 0280

Email: peeter.saks@baltcap.com

www.baltcap.com

Erki Mölder

CEO

Quattromed HTI Laborid OÜ

Tel. +372 737 7070

Email: erki.molder@quattromed.ee

www.laborid.ee

BaltCap, the leading private equity investor in the Baltic States, has acquired 100% of the Interinfo group of companies in Estonia, Latvia and Lithuania (“Interinfo”) from Interinfo Holding SCA.

Interinfo is the leading operator of “yellow pages” directories in the Baltics and provide print, internet and directory assistance products. Interinfo has operating companies in Estonia, Latvia and Lithuania with an annual turnover of EUR 15.5 million in 2007.

Simonas Gustainis, Partner of BaltCap, who has led the transaction from BaltCap side said, ”the Interinfo group of companies have a strong position on the Baltic advertising markets, especially for local services. We look forward to working together with the strong management team to continuously improve the products and services of the Group. Interinfo with its highly trained sales team, comprehensive databases and strong brands will be in an excellent position to continue as the leading information provider in the Baltics.”

“We are pleased to close the first investment from BaltCap Private Equity Fund L.P. launched in December 2007,” said Peeter Saks, Managing Partner of BaltCap. “We believe the advertising and information directories sector has great growth potential in the Baltics and look forward to being part of this via our investment in Interinfo.”

“BaltCap is acquiring three market-leading companies, following the acquisition of Eniro’s companies in Estonia and Lithuania in 2005. The strong people, brands and databases under the management of experienced management teams, put Interinfo in an excellent position to benefit from the continued growth of the directional media sector in the Baltics”, said Magnus Sonnorp, Interinfo Group CEO. “We congratulate BaltCap on acquiring these three great companies, and wish them all the best for the future.”

Interinfo Holding SCA is owned by Texas Pacific Group, a leading global private investment firm.

EVLI Securities, formerly known as Suprema Securities, acted as an advisor to the selling shareholders in the transaction.

For additional information please contact:

Buyer contacts

Simonas Gustainis

Partner

BaltCap

Tel. +370 6 87 59 333

Email: simonas.gustainis@baltcap.com

www.baltcap.com

Seller contacts

Magnus Sonnorp,

President and CEO

Interinfo Holding SCA

Tel. +46 734 388388

Email:

magnus.sonnorp@interinfo.biz

www.interinfo.biz

Advisor contacts

Julijus Grigaliūnas

Head of Corporate Finance

EVLI Securities

Tel. +370 687 20108

Email:

julijus.grigaliunas@evli.com

www.evli.com

BaltCap, the leading private equity firm in the Baltic States announced today the first close of BaltCap Private Equity Fund at EUR 58 million. The Fund will invest in mid-sized private companies across the Baltic States Estonia, Latvia and Lithuania focusing on both expansion financing and buyouts. The targeted Fund size at final closing is EUR 100 million.

The Fund’s investors include European Bank for Reconstruction and Development, European Investment Fund (under the European Union “Competitiveness and Innovation Framework Programme” mandate), Icebank, SEB Ühispank Pension Funds, Erste Bank and other local and Nordic banks, pension funds and insurance companies.

“We are pleased to announce the first closing of the Fund and are grateful for the confidence that a number of respected institutional investors have placed in us,” said Managing Partner of BaltCap Mr. Peeter Saks. “The launch of the Fund is a superb start for the independent development of BaltCap after the management buyout completed last month.”

BaltCap Private Equity Fund will continue the investment strategy that has proven successful in previous BaltCap funds. The Fund will typically invest between EUR 5 and 10 EUR million in medium sized companies with strong growth potential by acquiring either majority or significant minority equity positions. The industry focus will be on consumer related businesses, B2B service providers, specialised manufacturing, construction and ICT companies.

The Fund will concentrate its activities on Estonia, Latvia and Lithuania, but will also be able to invest in other Central and Eastern European countries in order to facilitate the international expansion of the Baltic companies.

“We believe that now is an attractive time to invest and that our experience and regional network provides a very strong platform from which to invest and help our companies grow,” Mr. Saks added. “We provide the right tools and skills to accelerate the companies’ development – from implementing the best management practices and financial systems to attracting top talent and facilitating potential alliances, we act as a committed, long-term partner to our portfolio companies.”

For additional information please contact:

Mr. Peeter Saks

Managing Partner

Tel. +372 665 0280

peeter.saks@baltcap.com

www.baltcap.com