BaltCap acquires majority in TREV-2

TREV-2 has been in BaltCap’s portfolio since December 2010. Kristjan Kalda, partner of BaltCap,
commented, “Infrastructure construction market in Estonia has been challenging in recent years. At
the same time, TREV-2 has a young and ambitious team that BaltCap wants to continue
TREV-2 generated revenues of EUR 51m in 2015 and EUR 54m in 2016, with EBITDA margins
of approximately 4 and 5 percent, respectively.

Contacts for enquiries:
Kristjan Kalda
Tel: +372 50 87 967 

About TREV-2 Group

AS TREV-2 Group is a leading infrastructure construction company in Estonia, with its history and
experience dating back to the 1960s. The company’s main activities include road construction,
repair and maintenance and environmental construction. In addition, TREV-2 operates several
gravel, sand and limestone quarries, and produces asphalt and a range of road safety products. The
company has 350 employees and is headquartered in Tallinn.
About East Capital Explorer
East Capital Explorer AB is a Swedish investment company, offering investment opportunities in
Eastern Europe, where the Baltic countries represent the company’s largest investment region. The
company primarily invests in unlisted assets within the private equity and real estate segments.