A look back on Riverside\'s global activities in 2011. www.riversideeurope.com

1. The Riverside Company
2011 Review & Reflection

2. We look back with great
satisfaction at hundreds
of successful investments,
and look forward to
greater innovation and
growth in the future.
Béla Szigethy
Riverside Co-CEO
partnership . growth . integrity

3. Review
&Reflect
2011 At A Glance 2
Case: TRANSPOREON 3
2011 Acquisitions 4
SPECIALISATIONS 7
THE RIVERSIDE DIFFERENCE 8
2011 Exits 10
CASE: PHYSICIANS PHARMACY ALLIANCE 13
Contents
Fund HIGHLIGHTS 14
Contact Us 16
www.riversideeurope.com

4. 2011 AT A
GLANCE
29
7
ACQUISITIONS
NEW
LONDON EXITS
OFFICE
Riverside has proudly done things
differently since 1988. Its unique
d2.5BN
approach to buying and building
companies, coupled with a diverse and
talented international team, has delivered
ASSETS UNDER superior outcomes for over two decades.
MANAGEMENT
Riverside has evolved since its founding,
but the things that define the firm remain
80
consistent – its principled approach, its
dedication to small deals on a global
scale, and its ability to deliver consistently
superior returns.
CURRENT Riverside looks back on an outstanding
2011, which saw the firm excel in a
PORTFOLIO challenging environment.
16,000+ d414 MM
PORTFOLIO INVESTED
EMPLOYEES
d227MM NET
RETURNED
All data as of 31 December 2011 unless otherwise stated.
Past performance is not necessarily indicative of future results.
2 3

5. Accelerating TRANSPOREON Group uses its Internet logistics
platform to link industrial and trading
Efficiency
companies with their carriers, saving clients
considerable time and money. Its software-
as-a-service (SaaS) optimises transport
logistic processes and communication
between industrial companies, trading
companies, carriers, drivers and consignees,
finding the best delivery method while
reducing shipping time and expense. As the
market leader in Europe, TRANSPOREON links
more than 450 shippers to 22,000 carriers,
and its customer service team supports
60,000 users from 70 countries using the
platform in 17 different languages.
Riverside invested in TRANSPOREON in August
2011 in order to enter into the attractive
2 0 1 1 A c q uisition European transport industry through an
innovative market leader. Riverside plans to
grow TRANSPOREON by adding new markets
and helping the company continue to
automate and professionalise the relationship
between shippers and logistics-service
providers. The company has already begun
market expansion with pilot operations in the
U.S. and China.
New initiatives, new products and new markets
are all on the horizon for TRANSPOREON.

6. 2011
Acquisitions “The Riverside team
delivered in terms of
exciting new investments.
Antonio Cabral
We enter 2012 with a
Riverside Fund Manager strong pipeline of deals
and great conviction
around our unique model.”
PLATFORMS ADD-ONS
Physicians Pharmacy Avatar International Mitco Hospice Care
Alliance Acquired: September [DuBois Chemicals] of Southwest
Acquired: January Location: United States Acquired: March [American Hospice]
Location: United States Location: United States Acquired: August
Centiv Services Location: United States
Camelot Education Acquired: September Ostomy Center
Acquired: January Location: United States [ActivStyle] Next Health [MLCOA]
Location: United States Acquired: April Acquired: November
Power Planning Location: United States Location: Australia
Rameder System (PPS)
Acquired: January Acquired: October Alliance1 [Express] HR Solutions [Avatar]
Location: Germany Location: Sweden Acquired: May Acquired: December
Location: United States Location: United States
Pareto KEYMILE
Acquired: March Acquired: October Home Wellness Newvision [Tensator]
Location: Canada Location: Germany [ActivStyle] Acquired: December
Acquired: June Location: Portugal
Bio San Laboratories Emergency Location: United States
Acquired: April Communications TradeOne Marketing
Location: United States Network, (ECN) Insurance Claims [Centiv Services]
Acquired: October Cooperative [Global Acquired: December
Reima Location: United States Claims Services] Location: United States
Acquired: July Acquired: June
Location: Finland HRA Pharma Location: Canada Global Compliance
Acquired: November Services [ELT]
Sunless Location: France Blue Sky Factory Acquired: December
Acquired: July [WhatCounts] Location: United States
Location: United States CPA Site Solutions Acquired: July
Acquired: November Location: United States Wiz Ilsan [Wiz Korea]
Transporeon Location: United States Acquired: December
Acquired: August Action Automation Location: South Korea
Location: Germany [iAutomation]
Acquired: July
Location: United States
Acquisitions shown reflect acquisitions across all Riverside funds. Not all investors will participate in all such investments.
4 5 References to the portfolio companies of the Funds should not be considered a recommendation or solicitation for the portfolio company
mentioned, nor should individual portfolio company performance be considered representative of all portfolio companies held by the Funds.

7. Acquisition
Highlights
Acquired: January
Location: Germany
Rameder offers tow bars, roof racks,
bicycle racks, ski boxes and other carrying
accessories for almost any make and
model car sold in Europe. Complementing
its headquarters in Germany, Rameder has
operations in Austria and Poland, giving the
firm a strong CEE foothold. The company’s
well-established market position is due to a
unique combination of excellent products,
robust online sales, sophisticated logistics
processes and exceptional customer service.
www.kupplung.de
Acquired: September
Location: United States
Avatar provides patient-satisfaction surveys
mandated by the Centers for Medicare &
Medicaid Services in addition to customised
surveys focusing on the patient’s healthcare
experience, actionable data reports,
benchmarking, and best practices guidance.
Avatar serves more than 350 hospitals, 14,000
physicians and 120 home health agencies.
www.avatar-intl.com

8. Acquisition
Highlights
Acquired: July
Location: Finland
Reima is a leading brand of high-quality
children’s outdoor clothing, with a strong
market position in the Nordics and Russia.
The core focus of Reima is developing high-
quality, functional clothing - allowing kids the
freedom to do what they please outside and
remain protected from the elements all year
round. The company sells its clothes under
three main brands: Reima, Lassie and Tutta.
www.reima.com
Acquired: September
Location: United States
Centiv offers a comprehensive marketing
automation platform that provides tools
to develop customised, local marketing
campaigns that can be designed, produced
and fulfilled quickly. Centiv combines front-
end marketing resource management
software with digital print production
capabilities to support campaigns from
conception through execution and fulfilment.
www.centiv.com
6 7

9. Industry
Specialisations
Riverside’s specialisations played a role in most of its 2011
acquisitions, accounting for 18 of the 29 deals it completed.
While there are no plans to abandon its generalist approach, over
the past several years, Riverside has deepened its expertise in
several key industries; Healthcare, Education & Training, Software
and Franchising.
Future planned specialisations for the firm include clean technology
and consumer products, two rapidly growing segments in which
Riverside already has considerable experience and dedicated staff.
Riverside has seen faster growth and greater returns on exits from
investments developed by specialist teams.
Riverside is among the most
These four specialities have active and experienced
realised a powerful 3.4x net healthcare and education
cash-on-cash return from 14 investors in the world,
exits that yielded €468 million. completing 83 such deals in
the firm’s history - 12 in the
last 12 months alone!
Data accurate as of 31 December 2011. Past performance is not necessarily indicative of future results.
Performance of these specialties is not typical. See Page 10 for additional information.

10. “No firm in the world
shares Riverside’s
resources and
approach. Even
as we’ve become
larger and more
sophisticated, we’ve
remained commited
Stewart Kohl
Riverside Co-CEO to accelerating growth
for small successful
companies”
Riverside is the only global private
equity firm focused exclusively on the
smaller end of the middle market.
Through its 200+ employees on the ground in 20
international offices, Riverside has the connections
to grow small businesses across its footprint.
8 9

11. THE
RIVERSIDE
DIFFERENCE
Origination ANYWHERE Operating Muscle
Riverside works on the ground everywhere the firm invests, With more than 25 senior executives serving in full-time
scouring the globe for opportunities. Riverside pioneered the operating roles, Riverside has always been a leading
use of dedicated sourcing professionals, and while this global proponent of creating lasting value organically. An
approach has since been imitated, few firms in Riverside’s operating team was once seen as a resource for fixing
market can equal its experience and results. problems at companies. Today, it’s recognised as a force
for innovation, creating value and growing companies.
Adding Value Principled Approach
Riverside dedicates its expertise, resources and experience Riverside has always embraced investors’ interest in
to making its companies bigger and better by sourcing environmental, social and corporate governance (ESG+V)
new customers, suppliers or other opportunities. For specific issues. At Riverside, we’ve ‘added a ‘V’ for values to represent
challenges, the firm uses its Riverside Toolkit, a large pool a values-based philosophy of doing business. Riverside has
of vetted resources that help optimise companies through long considered sustainability, environmental impact, and
lean manufacturing, pricing, sales and marketing, and company leadership as a natural part of its due diligence
other areas of expertise. and day-to-day operations.
SUPERIOR SUPPORT Continuous Improvement
Riverside supports all of its activity with a coordinated Riverside University is an ongoing series of professional
multifaceted team that shares the same goals as the firm’s development and education programs open to all
investment professionals. These professionals monitor portfolio Riversiders and portfolio company management teams.
performance, develop cost-saving programs, promote This program culminates in a two-day annual leadership
Riverside globally, and support the development of investment summit, which brings together Riverside employees, portfolio
professionals and portfolio company management. company CEOs and CFOs, and outside board members.
INTERNATIONAL GROWTH Industry VOICE
Whether it’s evaluating investment opportunities or opening Riverside takes great pride in its positive approach to
new markets, Riverside helps its entire portfolio globalise private equity. As the industry has come under increased
throughout every market in which it operates. In addition, scrutiny, Riverside has stepped up its advocacy role,
Riverside’s dedicated Asian sourcing program helps highlighting the benefits of private equity to the public
companies access growth opportunities across Asia. and policymakers through direct interaction with elected
officials, speeches and articles, and participation with
trade organisations.

12. 2011
Year in review
2011 Exits “The volume of Riverside’s
exits show how active we are
Pam Hendrickson
around the world. The quality
Riverside COO of those exits demonstrates
our commitment to
sustainable growth.”
Sentinel
Acquired: August 2005
Exited: February
3.1x gross cash-on-cash return
22% gross IRR
Justrite Manufacturing
Acquired: December 2004
NET Exited: June
3.5x gross cash-on-cash return
20% gross IRR
Momentum
Acquired: August 2006
Exited: August
4.9x gross cash-on-cash return
35% gross IRR
COMBINED IRR
EM Test
NET Acquired: March 2008
Exited: October
3.5x gross cash-on-cash return
39% gross IRR
Results Weight Loss
Acquired: August 2008
Exited: November
0.0x gross cash-on-cash return
-100% gross IRR
COMBINED CASH-ON-CASH RETURN
Media Source
Acquired: April 2007
Exited: November
2.8x gross cash-on-cash return
25% gross IRR
Crisis Prevention Institute
Acquired: September 2006
Exited: November
5.0x gross cash-on-cash return
36% gross IRR
Unless otherwise indicated, (i) any references to “gross IRR,” are to the aggregate, annual, compound, gross internal rate of return on investments and (ii) any references to
“multiple of investment,” “MoC” or “multiple of cost” are to gross multiples of invested capital.
Unless otherwise indicated, any references to “net IRR to LPs,” “net multiple of cost,” “net multiple of investment,” “net MoC” or “net DPI” are to the internal rate of return
or multiple of invested capital calculated or net distribution per invested capital at the relevant Fund level, after payment of applicable management fees and carried
10 11 interest and other applicable expenses. An individual limited partner’s net IRR may vary based on the timing of capital contributions and distributions.
Past performance is not necessarily indicative of future results.

13. ExitHighlights
CPI is the world’s leading training organisation specialising in the
safe management of disruptive and assaultive behaviour.
Acquired: September 2006
5.0x gross cash-on-cash return
36% gross IRR
The 2009 add-on acquisition of Dementia Care Specialists
expanded CPI’s focus to include seniors suffering with dementia
and their caregivers, while the 2010 addition of Positive Options
solidified CPI’s market leadership position in the UK market and
internationally. The company conducts more than 300 training
programs each year in 39 different countries and 130 cities around
the world.
EM Test manufactures electromagnetic compatibility (“EMC”) test
and measurement instrumentation for the automotive, industrial,
telecom and other industries.
Acquired: March 2008
3.5x gross cash-on-cash return
39% gross IRR
Riverside’s original investment plan called for expanding and
deepening EM Test’s footprint and products. However, confronted
with the global economic crisis, EM Test adjusted its output.
With the key drivers for demand in EM Test’s products intact, the
company was poised for growth after the downturn and further
strengthened its position as the leading supplier in its space. The
2009 add-on acquisition of Lüthi Elektronik Feinmechanik AG
allowed EM Test to integrate a leading producer of measuring
clamps for EMC test equipment.

14. ExitHighlights
Momentum distributes fabric to commercial furniture manufacturers
as well as architectural and design firms that serve the office,
hospitality, education and healthcare markets.
Acquired: August 2006
4.9x gross cash-on-cash return
35% gross IRR
Combined with the strong management team, Riverside helped
Momentum to prosper and grow organically during the Global
Financial Crisis. The company more than doubled its EBITDA and
increased sales during Riverside’s hold period through controlling
expenses, the implementation of competitive pricing strategies,
an investment in initiatives, and innovative product development.
Sentinel manufactures products used to clean and protect
residential central heating systems.
Acquired: August 2005
3.1x gross cash-on-cash return
22% gross IRR
Riverside invested in Sentinel as a corporate carve-out from General
Electric. Riverside transformed Sentinel from a small corporate division
to a standalone company with operations and personnel spread
across six countries. During Riverside’s ownership, Sentinel added a
range of products and customers with the 2007 add-on acquisition
of Salamander Engineering Ltd., a smaller UK-based competitor. The
investment was truly international for the global firm, as it involved
two Riverside funds – the North America-based Riverside Capital
Appreciation Fund and the Riverside Europe Fund. Having deal team
members on both sides of the Atlantic delivered a broad range of
insight and experience to the company.
12 13
Past performance is not necessarily indicative of future results. See Page 10 for additional information.

15. Improving
Outcomes,
Lowering
2 0 1 1 A c q uisition
Costs
Healthcare costs continue to spiral upward
internationally, and nowhere is that more
true than the U.S. Riverside sees tremendous
potential in companies that help reduce costs
while improving patient outcomes. Physicians
Pharmacy Alliance (PPA) is an ideal example.
The company, based in North Carolina,
provides high-touch medication dispensing
services for patients who require extra
attention due to their use of multiple, high-
cost, or specialty drugs. PPA works in concert
with providers and patients, helping ensure the
safety of the chronically ill patients they serve
while reducing costs due to incorrect dosages,
drug interactions, and other medication-
interaction problems. The home-delivery
method also helps ensure that patients are
safely maintaining their prescription regimen.
Using its healthcare specialisation to evaluate
the opportunity, Riverside invested in PPA in
January 2011, and anticipates expanding
the company geographically, through
added services, and potentially via add-on
acquisitions.

16. 2011
Fund
Highlights
In the face of macroeconomic uncertainty, Riverside remained
steadfast, with its funds outperforming competitors and major
market indices and its portfolio increasing valuations in eight out
of ten active funds. Highlights included:
• losing RMCF II at $137 million, 37% above target. It is the first time Riverside has partnered with the U.S. government’s
C
Small Business Administration (SBA) as a Small Business Investment Company (SBIC) fund. This gives RMCF II access to
incredibly low-interest rate debt from the SBA, and adds up to $150 million in capital, providing RMCF II with a total of $287
million to invest. The fund is off to a running start, purchasing five companies and performing very well.
• Maintaing top-quartile performance in seven out of nine mature funds.
• NET €227 million returned to investors.
Through four fund families, Riverside invests in healthy growing companies valued
up to $200/€200 million in North America, Europe and the Asia-Pacific region.
Riverside Capital Appreciation Fund Riverside Asia-Pacific Fund (RAF)
(RCAF) Founded in 2007, this fund family targets the
Founded in 1988, this fund family invests developed economies of the Asia-Pacific
in North American-based companies with region, focusing on companies with EBITDA
EBITDA of $5 million to $20 million. of $4 million to $15 million.
Riverside Europe Fund Riverside Micro-Cap Fund
(REF) (RMCF)
Founded in 1997, this fund family invests in Founded in 2005, this fund family seeks fast-
leading companies in Europe with EBITDA growing North American “micro” companies
between €3 million and €20 million. with up to $5 million in EBITDA.
Past performance is not necessarily indicative of future results.
14 15 References to the SP 500 Index or other indices are made for comparison purposes only and an investment in a private equity fund (e.g., the Funds) is unlike an investment in an index of liquid public equity securities.
“Top quartile” performance is based on Cambridge Associates net cash-on-cash return benchmark and Riverside returns as of September 30, 2011.

17. LIFETIMEEXITS
68 47% 2.9x
NET NET
EXITS Combined IRR Combined Cash-on-cash return
Net Realisations 29 EXITS
10 EXITS
13 EXITS
12 EXITS
4 EXITS
1x 1x - 2.5x 2.5x - 5x 5x - 10x 10x
COC
20 YEAR RETURN
RETURN COMPARISON
20%
10 YEAR RETURN
5 YEAR RETURN
3 YEAR RETURN
15% 15% 15%
10%
10% 10% 10%
5%
5% 5% 5%
0
-5% 0 0 0
CAMBRIDGE ASSOCIATES CAMBRIDGE ASSOCIATES LLC GLOBAL
RIVERSIDE NET RETURNS LLC U.S. PRIVATE EQUITY® (EX-U.S.) PRIVATE EQUITY INDEX SP 500 MSCI WORLD EX U.S. INDEX
Source: Cambridge Associates; MSCI; Riverside. Information as of 30/06/2011
Past performance is not necessarily indicative of future results. See Page 10 for additional information.
All data as of 31 December 2011 unless otherwise stated.

18. CONTACT US
North America
Atlanta Luxembourg, Luxembourg
2746 Dover Road 46A, Avenue J.F. Kennedy
Atlanta, GA 30327 L-1855 Luxembourg
United States Luxembourg
T: +1 770 948 4256 T:+ 352 271729 1
Chicago Madrid, Spain
4545 N. Hermitage Avenue Serrano 120-3°dcha
Chicago, IL 60640 28006, Madrid
United States España
T: +1 773 334 7518 T:+34 91 590 1337
200
Cleveland Munich, Germany
+
Terminal Tower Alter Hof 5
50 Public Square, 29th Floor 80331 München
Cleveland, OH 44113 Deutschland
United States T:+49 89 242 248 90
T: +1 216 344 1040
Prague, Czech Republic
Dallas Václavské náměstí 832/19
3131 McKinney Avenue 110 00 Praha 1
Suite 160 Česká Republika
Dallas, TX 75204 T:+420 224 890 166
United States
T: +1 214 871 9640
Stockholm, Sweden
EMPLOYEES
20
Blasieholmsgatan 4A
Los Angeles 114 48 Stockholm
1453 3rd Street Promenade Sverige
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Santa Monica, CA 90401
Warsaw, Poland
United States
ul. Zielna 37/c
T: +310 499 5080
00-108 Warszawa
New York Polska
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630 Fifth Avenue, Suite 2400
Asia Pacific
New York, NY 10111
United States Hong Kong, China
OFFICES
14
T: +1 212 265 6575 Times Square
Room 2912 Shell Tower
San Francisco
1 Matheson Street
455 Market Street
Causeway Bay, Hong Kong
Suite 1520
China
San Francisco, CA 94105
T: +85 2 2159 7492
United States
T: +1 415 348 9560 Seoul, South Korea
21FL, Seoul Finance Center
Europe
Taepyeongro 1-ga, Jung-gu
Brussels, Belgium 100-768 Seoul
7. Avenue Lloyd George South Korea
B-1000 Brussels T: +82 2 3782 6820
COUNTRIES
4
Belgium
Tokyo, Japan
T: +322 626 21 21
Level 9, Kamiyacho
Budapest, Hungary Prime Place
Millenáris Avantgarde 4-1-17, Toranomon,
Fény u. 16. Minato-ku
H-1024 Budapest Tokyo 105-0001
Hungary Japan
T: +361 224 9050 T: +81 3 5408 1230
London, United Kingdom Melbourne, Australia
City Point Level 35, 140 William Street
1 Ropemaker Street Melbourne, VIC 3000
CONTINENTS
London, EC2Y 9HT Australia
T: +44 208 895 4876 T: +61 3 8672 2000
The Information contained herein speaks as of the date hereof or as of the specific date(s) noted herein, as applicable. The Information
contained herein is not intended to be relied upon as investment advice and is not, and should not be assumed to be, complete.

19. Connect with us
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20. The Riverside Company 2012. The information contained herein
(“Information”) is furnished on a confidential basis for the sole and
exclusive purpose of allowing a recipient to evaluate its investment in
the limited partnership interests or redeemable participating shares,
as applicable, of private funds (“Funds”) offered by Riverside Partners
(“Riverside” and its affiliates), L.L.C. d/b/a The Riverside Company
(“Riverside”). As a condition to being given access to the Information,
each recipient thereof agrees not to transmit, reproduce or make
available to anyone any of the Information or to use it for any
purpose other than the evaluation of such recipient’s investment
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paragraph, (ii) to return the Information to the Funds promptly upon
request and (iii) to be responsible for any disclosure of the Information,
by such person or any of its employees, agents or representatives.