Cezar S.A.

Cezar S.A. ("Cezar" or the "Company") is a leading European printing and packaging business located in Bialystok, Poland. Forecast 2007 revenues are nearly PLN 90 million. The Company has three business lines:

• Premium wet-glue labels and set-up boxes for the spirits industry (Cezar has nearly 100% market share in Poland and a significant market presence throughout Europe);
• IML (in-mould labelling) labels, the fastest growing segment within the printing and packaging sector, where the Company has developed proprietary technology and enjoys between 5% and 10% market in Europe, placing it second or third in terms of market share in Europe;
• The Company is the European manufacturing partner of a leading international brand of greeting cards.

In addition, Cezar is one of three global technology partners of Heidelberger Drukmaschinen AG, the world’s leading solution provider for the print media industry (40% global market share) and one of the few printing and packaging business worldwide using advanced UV technology.

In May 2007, Kerten acquired a significant minority stake in Cezar via a capital increase. Among other things, the funds were used to increase working capital in Cezar’s very quickly growing business. Kerten appointed one of its partners to the Supervisory Board of the Company and also arranged for a highly experienced finance director to join the Company’s management board. Kerten has also leveraged its extensive sales and marketing relationships across Europe to create new growth opportunities for Cezar.