Exits

TBIH

Starting in January 2005, Bregal subscribed for new shares in TBIH Financial Services Group NV, to invest €30.3 million in total for a structured security equivalent to 17.2% of the company. TBIH, headquartered in Amsterdam, is the holding company of a group that provides pension, insurance, leasing, consumer finance, mortgages, and asset management services in Central and Eastern Europe ("CEE"). TBIH was established in 1998 to address the opportunities presented by pension reform, low insurance penetration and underdeveloped lending and asset management services in CEE. The main countries of operation are Bulgaria, Romania and Slovakia with other operations in Croatia, Serbia, Ukraine and Russia. Our partner investors in TBIH were MidOcean Partners, Kardan NV and management.

On 5th April 2006, Bregal completed the sale of one third of its shares in TBIH, to the majority shareholder of the company with put and call options to sell the remainder of its shares at a pre-agreed price over two years. On 31st July 2006, however, Bregal entered into a new agreement to sell all its remaining shares in TBIH to the same buyer immediately.