Studio Moderna Receives Minority Investment from Insight Venture Partners, Templeton Strategic Emerging Markets Fund III

Amsterdam, Netherlands - Studio Moderna Holdings B.V., (Studio Moderna Group, the Company) a leading electronics and consumer products retailer in Central and Eastern Europe (CEE), today announced that a group of investors, co-led by Insight Venture Partners and Templeton Strategic Emerging Markets Fund III, LDC (TSEMF III), has acquired a minority stake in the Company. Among others, JH Partners joined the co-leads in this transaction. The funds were primarily used to purchase secondary shares. Larry Handen from Insight Venture Partners and Matjaz Schroll from Templeton Strategic Emerging Markets Fund III will be joining the Board of Directors.

"We are beginning to realise the potential in our chosen markets and see great opportunities for Studio Moderna," said Sandi Cesko, Chairman of the Studio Moderna Group. "Our new investors have recognized our achievements to date, and are supportive of our vision for the Company's expansion. We believe their presence will strengthen Studio Moderna and contribute to its future growth."

Studio Moderna is a fast-growing, profitable direct-marketing company in the CEE region reaching more than 400 million consumers through its multi-channel distribution network. The Company owns Top Shop, one of the best-known TV shopping brands in the region, which markets online and through dedicated TV programming, subsequently selling products via its e-commerce shop, in-mall kiosks and high street retail stores. Top Shop markets a diverse range of consumer products, including home-related, do-it-yourself, fitness, health and music and video offerings. A key component of Studio Moderna's success derives from the Company's ability to localise these products and adapt their marketing to the specific market needs of each country. Studio Moderna also develops and sells its own proprietary products under the well-known brand names Dormeo and Kosmodisk.

"For more than a decade, Studio Moderna has committed itself to delivering value to its customers", said Larry Handen, Managing Director of Insight Venture Partners. "This commitment, coupled with a technologically sophisticated commerce platform, makes Studio Moderna a leader in the e-commerce and multi-channel marketing industry. We look forward to being a part of the Company's continued growth and profitability."

Mark Mobius, Executive Chairman of Templeton Asset Management Ltd (Templeton Emerging Markets Group), investment managers to the TSEMF III added: "We are very pleased to join Studio Moderna as investors. We have been impressed by the quality of management and the excellent value provided on a local level to consumers. The Company is well-positioned to scale and take advantage of the significant opportunity it has created in Central and Eastern Europe".

"Studio Moderna's business model has proved to be very successful during the past 18 months, when the Company significantly outperformed most of its competitors in Central and Eastern Europe. We are confident that the strengths of Studio Moderna's unique business model will become even more evident in the future", said Matjaz Schroll, Executive Director of the Templeton Emerging Markets Group.

About Studio Moderna Group

Studio Moderna is the leading electronics and consumer products retailer in Central and Eastern Europe doing business through a vertically integrated, multi-channel sales, media, marketing and distribution platform. With successful operations in 20 countries, Studio Moderna adapts each product to meet local market needs, employing its proven platform to market and sell home-grown and in-sourced products to consumers. Founded in 1992, the Group began as a direct response television (DRTV) company and has evolved to become a unique provider of a multi-channel marketing, sales and distribution platform that reaches more than 400 million consumers daily in CEE region. To learn more about Studio Moderna, go to www.studio-moderna.com

About Insight Venture Partners

Founded in New York in 1995, Insight Venture Partners is a leading growth-oriented, entrepreneur-focused private equity and venture capital firm focused on expansion and late stage investments in the global software, Internet and data services industries. Insight's team is composed of experienced investors and operating executives with more than 150 years of collective experience in its focal industries. With over $3 billion raised since inception and a large network of technology experts, Insight provides strong support to its portfolio companies. In 2009, Insight was named among the Top Ten VCs Globally by Red Herring Magazine. insightpartners.com

About TSEMF III

TSEMF III, a Limited Duration Company incorporated in the Cayman Islands and available only to institutions and sophisticated investors makes strategic investments throughout emerging markets. TSEMF III is managed by Templeton Asset Management Ltd (TAML), which has 15 offices located throughout emerging markets. TAML's emerging markets investment team is headed by Dr. Mark Mobius and managed approximately US$33.4 billion as of February 28, 2010.

TAML is a subsidiary of Franklin Resources, Inc. (FRI) (NYSE: BEN), a global investment management organization operating as Franklin Templeton Investments. Franklin Templeton Investments provides global and domestic investment management solutions managed by its Franklin, Templeton, Mutual Series and Fiduciary Trust investment teams. The San Mateo, California-based company has more than 50 years of investment experience and approximately US$556.3 billion in assets under management as of 28 February 2010.

About JH Partners

JH Partners is a San Francisco-based private equity firm focused on building sustainable, long-term equity value in consumer and marketing-driven growth companies.

JH Partners' professionals work closely with the management teams of partner companies, providing strategic, operating and financial guidance to facilitate the growth and success of these companies and to provide meaningful returns to investment and management partners.

JH Partners' relationships with management are long-term in nature, which enables JHP to provide close collaboration over a range of strategic issues. The principals of JH Partners have invested, on behalf of themselves and their co-investors, approximately $600 million and are currently investing a $390 million fund raised in 2008. JH Partners' principals consistently commit significant amounts of personal capital to JHP investments and view themselves as co-investors, not money managers.