Pharma Investments B.V.

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The proposed project will consist of an equity of EUR 15 million to Pharma Investments B.V. The proposed project will support the current operations and future expansion plans of PIBV in the CEE area with the target to create a strong regional pharmaceuticals retail network. PIBV is a subsidiary of Milestone Group Plc, an Icelandic private investment company. The investment programme of EUR 55 million will focus on building a regional pharma network of at least 500 pharmacies with a recognised brand name both through acquisitions and organic growth. The main transition impact of the project will derive from the demonstration effect of a successful regional expansion by an experienced foreign investor throughout the CEE countries and the setting of standards of corporate governance and business conduct at the investee company level. In addition, the project will increase competition in the sector through introduction of a wide range of new product choices and additional services, as well as competitive prices to the final customers. Pharma Investments B.V., a subsidiary of Milestone Group Plc. EUR 15 million equity. EUR 55 million. Screened C/1. The development and operation of retail pharmacy stores and wholesale outlets will have limited environmental, health, safety and labour (EHSL) impacts. The Company's approach to EHSL management has been assessed during due diligence and has been found to be adequate. Provisions covering EHSL due diligence procedures and EU standards will be included in the legal agreements. The Company will be required to provide the Bank with an annual environmental report on EHSL matters None. Fjolvar Darri Rafnsson, MANAGING DIRECTOR Pharma Investment B.V. Drvinje 36 10 000 Zagreb, Croatia TEL +385 1 3665 093 FAX +385 1 3665 776 E-MAIL: darri@milestone.is