1.    EBRD Project Finance Achievements in the region Hildegard Gacek Director, Romania January 2003 EBRD Project Finance Achievements in the region Hildegard Gacek Director, Romania January 2003

2.    Sectors Telecom Agribusiness Real estate PPP in municipal water financing

3.    CONNEX GSM ROMANIA (1997 and 1999) Project Finance “Deal of the Year” 1997 US$85 million senior and subordinated debt package Construction of a greenfield GSM 900 network Part of US$190 million and US$105 million debt facilities Telecom: Limited Recourse Long-Term Debt Finance

4.    Final Maturity: 7.5 years Grace Period: 4 years Repayment: semi-annual instalments Comprehensive security package Floating interest rate, plus a hedge swap Main agreements: –Loan Agreements –Security Agreements –Project Funds (Limited Recourse) Agreement Telecom: Limited Recourse Long-Term Debt Finance

5.     Complete financing package (€68M) for the company’s expansion: – €43M: EBRD (Equity, Long-term & Operating loans) – €25M: Syndication by EBRD  Flexible structure to meet the client’s needs: – Equity contribution – Long-term (10yrs) flexible loan with 2yrs grace for site acquisition and development – Operating loan (4yrs) for equipment and working capital needs Kesko Case Study - Baltics Agribusiness: selected Project Finance

6.    Victoria Office Building The development and operation of a 16,900 sqm class A office complex in Bucharest; Total project cost USD 21.7 million. EBRD’s role: –Senior A/B loan USD 18 million EBRD: USD 7.6 million A loan; Raiffeisen Zentralbank Oesterreich: USD 10.4 million B loan. Key terms 11.5-year term; Limited recourse to Sponsor until certain events; Security: First ranking mortgage, assignment/pledge of shares and assets, cash, receivables, contracts, assignment of leases, insurance policies and construction bonds; Pricing: LIBOR + margin. Decreasing margin upon completion and with increased level of tenancy.

7.    Athenee Palace Hotel The renovation and operation of an existing hotel. The hotel will be developed to a 275-room five-star hotel, to be operated by the international hotel management company Hilton International Total project cost USD 61.4 million EBRD’s role –USD 14.3 million senior debt Key terms Construction period + 10-year repayment Turnkey construction contract Security on leasehold interests, assets Performance guarantee, project funds guarantee, retention monies guarantees Pricing: LIBOR + margin

8.    Almaty (Kazakhstan) Almaty (Kazakhstan) Brno (Czech Republic) Brno (Czech Republic) Budapest (Hungary) Budapest (Hungary) Maribor (Slovenia) Maribor (Slovenia) Sofia (Bulgaria) Sofia (Bulgaria) Tallinn (Estonia) Tallinn (Estonia) Zagreb (Croatia) Zagreb (Croatia) Bucharest (Romania) Bucharest (Romania) PPP Projects in the Municipal Water Sector

9.    Sofia Water Sources and Uses of Funds Background The Bank worked closely with the Municipality of Sofia since 1995 in the concessionaire selection and concession structuring; The concession involves full responsibility for refurbishing, developing and maintaining the entire urban water and wastewater system; The concession was let on a 25 year basis to Sofijska Voda, a newly set up company, established by IWL and the existing water companies. Terms Size: Euro 31 million senior loan Maturity: Fifteen year loan with a five year grace period Pricing: Six month LIBOR + margin, decreasing thereafter subject to certain conditions involving cover ratios, city rating and successful performance Security: Pledge of IW Sofia’s shares, Direct Agreement with City, Sponsor Funds Agreement Co-financing Depfa: € 5 million one other bank already selected

10.    Apa Nova - Bucharest Borrower: Apa Nova. No recourse to sponsors or to the City (except for special circumstances defined in Direct Agreement) Direct Agreement with the City of Bucharest - confirming the City’s compliance with its obligations under the concession agreement and regulation of the lenders’ step-in rights

11.    Apa Nova - Bucharest