Selected Current Investments

Controlled Investments

	New World Resources plc www.newworldresources.eu One of the largest coal mining companies in Central Europe with annual production of 12 million tonnes of steam and coking coal, listed on the London, Prague and Warsaw stock exchanges with a market capitalisation of GBP 2.6 billion as at 31 December 2010. BXR Group holds a 63.6% stake. NWR’s IPO represented the largest public offering on the London Stock Exchange in 2008 and the second largest IPO ever in the CEE region.
	RPG Real Estate www.rpgre.eu A real estate group with a total portfolio of over 44,000 residential units, 320,000 sqm of commercial property and 14,200,000 sqm of land under management. Through its residential real estate subsidiary RPG Byty, RPG Real Estate is one of the largest integrated real estate owners and managers in the Czech Republic with revenues of around CZK 1.9 billion in 2010. BXR Group is the sole shareholder.
	Advanced World Transport www.awtgroup.eu The largest private rail based logistics and freight forwarding company in Central Europe with a fleet of approximately 170 locomotives, 6000 wagons and 100 earthwork machines, over 300 km of owned rail track infrastructure and 50 siding lines. AWT Group employs approximately 2,500 people and its operations mainly cover the Czech Republic, Slovakia, Hungary and Poland. AWT Group generated EUR 372 million in revenues in 2010. BXR Group holds an 80% stake.
	Green Gas International www.greengas.net A renewable energy company, converting methane emissions from coal mines and landfill sites into clean energy and carbon credits. Headquartered in Amsterdam, the company has operations in the Czech Republic, Germany, Switzerland, USA, Colombia, and Ukraine. With attributable capacity of 115MW equivalent and yearly emission reductions of over 2.1mt CO2 equivalent, Green Gas International generated EUR 59 million in revenues in 2010. BXR Group holds a 75% stake.
	Economia www.economia.cz The largest publisher of financial and specialised periodicals in the Czech Republic with a portfolio of over 20 titles, including, among others, Hospodarske Noviny (a business daily with a circulation of over 40,000 copies in the Czech Republic and 15,000 copies in Slovakia), Ekonom, Respekt, Bankovnictvi, Marketing and Media, Strategie and Zdravotnicke noviny. Economia generated CZK 943 million in revenues in 2010. BXR Media (owned by the shareholders of BXR Group) is the sole shareholder.
	Grupo Iowa www.braziliowafarms.com A 12,000 Ha farming operation producing cotton, corn and soybean operation in Western Bahia, Brazil. BXR Group holds a 71.5% stake.

Co-Investments

	Ferrexpo plc www.ferrexpo.ch A Swiss-headquartered resource company with assets in Ukraine, principally involved in the production and export of iron ore pellets. The company’s main asset, Ferrexpo Poltava Mining, is exploiting one of the largest iron ore resources in the world. Ferrexpo is listed on the London Stock Exchange with a market capitalisation of GBP 2.4 billion as at 31 December 2010. BXR Group holds a 24.99% stake.
	Marex Spectron www.marexspectron.com The world’s largest privately owned broker of financial products in the commodities sector and a leader in brokering physical energy products with significant market share in the energy, metals, freight, environmental and agricultural markets – both on-exchange and over-the-counter. It is also a premier specialist broker of financial futures, foreign exchange and securities. Marex is a member of the London Metal Exchange, Eurex, Euronext, ICE Futures Europe, ICE Futures Canada and EDX. BXR Group invested as part of a consortium led by JRJ Group, holding a 72% stake in total.
	ETX Capital www.etxcapital.co.uk ETX Capital provides institutional, high net worth and retail customers with multi asset and multi market derivative dealing capability through CFDs and spread betting products. ETX Capital is the trading name of Monecor (London) Limited, a member of the London Stock Exchange, established in 1965. BXR Group invested as part of a consortium led by JRJ Group, holding 78.2% in total.
	Shred-it www.shredit.com One of the world’s leading secure document destruction service providers, serving over 200,000 customers from a network of 140 service locations in 16 countries worldwide. The shareholders of BXR Group invested as part of a consortium led by Birch Hill Equity Partners, holding a 62.9% stake in total.
	SleepCountry www.sleepcountry.ca The largest retailer of mattresses in Canada with a network of 181 owned stores and also the largest mattress retailer in Arizona with 42 stores. SleepCountry generated CAD 370 million in revenues in 2010. The shareholders of BXR Group invested as part of a consortium led by Birch Hill Equity Partners, holding a 76.5% stake in total.
	GF Agro www.gfagrollc.com An investment firm specialised in the development of marginal land in Argentina, owning 60,000 Hectares for the development of livestock farming and agricultural operations and currently operating 10,000 Hectares of developed farmland with over 10,000 head of cattle. BXR Group invested as part of a consortium comprising US and Argentina based high net worth investors.
	Careers Australia Group www.careersaustralia.edu.au A private Registered Training Organisation and one of Australia's leading providers of quality vocational education and training, offering over 100 nationally recognised pre-employment programmes, short courses, apprenticeships, traineeships, certificates and diploma programs accross Australia. BXR Group invested as part of a consortium led by White Cloud Capital, holding a 45% stake in total.
	Kenersys www.kenersys.com A leading integrated wind-energy company focused on design, assembly, marketing and servicing of world class wind turbine generators. Headquartered in Germany, Kenersys has its production facilities located in Germany and India. BXR Group invested as part of a consortium led by First Reserve holding a 25% stake in total.
	Win Global Markets Inc. www.winglobalmarkets.com Win Global Markets Inc. is a US OTC-listed company and a leader in the provision of web-based binary options over stocks and financial indices (also known as digital options). The shareholders of BXR Group invested as part of a consortium holding a 26% stake in total.

Fund Investments

	White Cloud Capital www.whcloud.com A private investment company with offices in London and Sydney that invests strategic growth capital in fast growing companies in selected industries in Europe and Asia Pacific. BXR Group is the cornerstone investor with representation on the investment committee and also holding a significant minority stake in the general partner (GP).
	Central-Fund www.central-invest.hu A private equity investment fund based in Budapest, focusing on turn-around situations in the Hungarian SME segment with HUF 5.75 billion under management. BXR Group is the cornerstone investor with representation on the investment committee and also holding a significant minority stake in the fund manager entity (GP).
	Birch Hill Private Equity Fund www.birchhillequity.com The leading private equity investment fund focusing on the Canadian mid-market segment. Birch Hill Equity Partners’ fourth private equity fund was closed in 2011 and raised CAD 1.04 billion. The shareholders of BXR Group together are a cornerstone investor.
	First Reserve Fund XII LP www.firstreserve.com First Reserve is an energy industry investor, making both private equity and infrastructure investments throughout the energy value chain. First Reserve Fund XII LP was closed in 2008 and raised USD 8.9 billion.
	Laurium L.P. A USD 66m Guernsey-based private equity fund which is focused on the provision of development and pre-IPO capital to natural resources companies primarily in the mining sector, but may also invest in oil and gas, cement or companies servicing the global mining sector such as transport and infrastructure, utilities and downstream processing companies. BXR Group is the cornerstone investor with representation on the investment committee.

Venture Investments

	Central European Petroleum www.cepetro.com A petroleum exploration company holding over 1 million acres of onshore and offshore exploration licenses in the German states of Mecklenburg-Vorpommern and Brandenburg.
	Check-Cap www.check-cap.com Check-Cap is a young and dynamic medical device company with a breakthrough solution for Colorectal Cancer Screening, working in partnership with co-investors GE Capital and GE Healthcare.