DEAR PARTNER,

It gives us great pleasure to introduce Encore Capital Trust (the “Company”) and invite you to become a shareholder in this exciting partnership initiative.

The philosophy of the Company is to identify value creation opportunities in the Romanian real estate market and align its investment criteria with commercial structures that deliver the value created.

It should be stressed that this philosophy will be pursued subject to an overall profit objective.

The Company will seek to maximize returns through innovative combinations of equity partnerships, short and/or long-term ownerships, outright acquisition & sales, joint ventures, and mezzanine transactions. The Company will invest in and cooperate with unlisted enterprises which offer the prospect of high capital growth over the short and medium-term (from six months to two years) but also over the long-term (ranging from two to five years), in combination with appropriate strategies to lock in achieved growth in those investments.

The Company expects a strong private equity deal flow through its associates, its directors, and executives. However, the Company will be launched having already identified significant partnership opportunities.

Our partnership philosophy has been designed around the lessons learned over many years by the Directors of our Management company. As a result, the Company, and its partnerships, will be managed by a hands-on board of directors with many years of experience. We are confident that our experienced management team, with its corporate finance capability and access to a substantial experience base, will deliver an outstanding funds management result.

This Memorandum contains detailed information about the Company and the Offer. We encourage you to read it carefully before making your partnership decision.

All involved in the Encore Capital Trust are extremely enthusiastic about the Company and its prospects and we commend this opportunity to you.