BRATISLAVA AIRPORT CITY

Presentation for Prospective Co-Investors

May 2010

Executive Summary

2

• Bratislava Greenfields (the “Company”) is managed by Reform Capital a regional investment

management company and Realiz a Slovak developer and financed by international institutional

investors

– four existing land aggregation and real estate development projects in Bratislava

– total equity capital commitment approximately US$ 220M, plus bank financing

– total land holding approximately 320 ha, with € 150 M invested to date, in land and engineering

• The Bratislava Airport City project is part of the Company’s core strategy in land aggregation and

improvement, prior to its sale to developers or final users

– land holding of approx. 43 ha, purchased in stages from individual owners since 2007, as arable land

– master plan prepared by international airport design bureau, approved by local municipality

– change of zoning scheduled for 1H2009 as part of the upcoming change of the city’s zoning plan

– strategic location between runways of the Bratislava airport (so called 4th quadrant)

• The project takes advantage of the growth potential of the Bratislava airport

– one of the most underdeveloped airports in the Central and Eastern European ("CEE") region, owing to

cancelled privatization in 2006 and limited government investment to date

– steady growth of passenger and cargo traffic due to Slovakia’s recent economic acceleration,

foreign direct investment in the country and Bratislava’s increasing role as secondary airport for Vienna

– improved road infrastructure (e.g. new motorway to Vienna) is increasing the airport’s catchment area

Company Objectives

• The Company is seeking strategic and/or financial partners to take the project to the next stage, e.g.

through joint ventures ("JV") aimed at developing various functions envisaged by the master plan

– whilst outright exit would be preferable, the Company management and the sponsors are cognizant of

the financial restraints imposed on developers and airport operators by the global economic downturn

– the Company would consider contributing the land in a JV with an investor bringing cash and relevant

technical and/or marketing know-how, with a view to exit together upon completion of the project

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• Key functional use envisaged by the master plan reflect local and regional demand trends as well as the

local conditions and advantages of the site

– cargo terminal and hangars: large recent foreign direct investments ("FDI") in Slovakia, limited cargo

capacity at the nearby Vienna airport, very restricted hangar capacity in Bratislava (just three hangars

today despite high demand)

– logistics / warehousing: connection to the D1 motorway directly from the site, proximity to city center

– aircraft repair and servicing: runway capacity far in excess of current traffic, significant demand for

aircraft maintenance capacity in Europe, cheap and technically educated local workforce

– B-class offices: proximity to Bratislava city center, limited availability of office space at the airport

– retail and multifunctional centre: proximity of densely populated local borough of Vrakuňa

• We believe that the value of the project will increase significantly when the Slovak government revisits

privatization of the airport (likely after the elections in mid-2010)

0

2

4

6

8

10

12

Average Warehouse Rents, 2009

(€ per SQ M PM)

0,00

10,00

20,00

30,00

40,00

50,00

60,00

Prime Rents, 1Q 2010 (€ per SQ M PM)

Office Industrial

Yields and Rents in Selected European Countries

4

Source: www.cbre.com

Source: Market Research, 2009Colliers International

0,002,004,006,008,00

10,0012,0014,0016,00

Prime Yields, 1Q 2010 (€ per SQ M Month)

Office Industrial Source: www.cbre.com

Slovakia – Selected Macroeconomic Indicators

5

-10

-5

0

5

10

15

2003 2004 2005 2006 2007 2008 2009

GDP Growth (%)

0

5

10

15

20

2003 2004 2005 2006 2007 2008 2009

Unemployment (%)

0

2

4

6

8

10

2003 2004 2005 2006 2007 2008 2009

Inflation Rate (%)

0

1

2

3

4

5

2003 2004 2005 2006 2007 2008

Net FDI (US$ bn)

Source: www.statistics.sk

Project Location – Region Context

6

Project Location – Local Context

7

Flight Times and Distances

8

Bratislava Airport – Statistics

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• Bratislava airport has steadily increased passenger numbers and aircraft movements despite minimal

investment in infrastructure

– construction of new civil aviation terminal with capacity of 5 million passengers per annum has begun in

late 2008 and is scheduled to be completed in March 2012

– the airport lacks modern warehouse and logistics facilities, resulting in rental rates that are twice as high

as in the rest of Europe

Passengers Aircraft Movements

Source: www.airportbratislava.sk

0

5 000

10 000

15 000

20 000

25 000

30 000

35 000

40 000

0

500 000

1 000 000

1 500 000

2 000 000

2 500 000

Bratislava Airport – Statistics (continued)

• Handling of cargo has been restricted by small capacity of the airport which has deterred prospective

operators from (re)locating their businesses to Bratislava

– the airport's 4th quadrant (an area where the Company’s land is located) is the only part of the airport

site where a meaningful expansion of cargo and logistics (in addition to other functional uses) can be

situated

Cargo (tons loaded and unloaded)

Source: www.airportbratislava.sk

10

0

2 000

4 000

6 000

8 000

10 000

12 000

14 000

Project Managers

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Reform Capital (www.reformcapital.com) is an investment management firm focused on specialsituation investment opportunities in Emerging Europe. With offices in Prague, Bratislava andWroclaw, Reform Capital has over US$300 million of equity capital under management provided byinternational institutional investors. Reform Capital was founded in 2003 by former investmentbankers, Marek Chatrný and Martin Drázský, with 16 years of combined experience on Wall Streetand in the City of London. Reform Capital focuses on land development, distressed debt investingand opportunities in the power generation and utility sectors. Within the Bratislava Greenfieldsventure, Reform Capital is primarily responsible for fund raising, financial controlling, investorreporting, engineering, sales and marketing.

REFORM

CAPITAL

REALIZ (www.realiz.sk) is a Slovak real estate developer created by combining the activities ofseveral companies involved in land acquisition, which have completed a number of individualprojects on the territory of the Bratislava region. The company has undertaken pioneering work inimplementing land buy-outs and land mergers for residential and other types of development. Thecompany is also focusing on a project in the data center sector and is working on a racing circuitproject. Realiz was founded and is managed by Andrej Brna. Within the Bratislava Greenfieldsventure, Realiz is primarily responsible for land buy-outs, land merger, sales and marketing and newproject origination.

• The Airport City project is managed by the regional investment firm Reform Capital, in a joint venture

with a Slovak developer and land aggregation specialist Realiz

Reform Capital Management

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Marek Chatrný is a Managing Partner of Reform Capital. Prior to founding Reform Capital in early

2003, Marek was a Director in the Restructuring Group of Lazard Frères & Co. in New York (1998-

2003). Prior to that he worked at Credit Suisse First Boston in New York and London in the M&A and

Energy Groups (1995-1998) . Marek has been involved in numerous corporate finance advisory and

restructuring assignments in Eastern and Western Europe, United States and South East Asia.

Marek holds MS degree in Mechanical Engineering from the Technical University of Brno, and MBA

from The Wharton Business School.

• Reform Capital managing partners have extensive principal investment and financial advisory experience

from leading investment banks in Central Europe.

Martin Drázský is a Managing Partner of Reform Capital. Prior to founding Reform Capital in early

2003, Martin was a Director in the Equity Capital Markets Department at Credit Suisse First Boston in

London (1994-2003) where he focused on public equity offerings in Emerging and Western Europe,

across a variety of industries. For example, he led the IPO execution of leading entrepreneurial

companies in the CEE region, such as Prokom Software, Agora and EFL. Prior to that, Martin worked

for the IFC (part of World Bank Group) in Prague (1991-1992).

Martin holds MS degree in economics from the Prague School of Economics and MBA from London

Business School.

REALIZ Management

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Andrej Brna founded REALIZ, a company specializing in land aggregation in Slovakia, in 2000. With

this company, he has successfully completed various projects, including for example land aggregation

in Bratislava – Zahorska Bystrica, with 900 individual land owners. He has sold this project for € 30M.

Nowadays REALIZ provides complex services including land acquisition, preparation and realization of

real estate development projects in Central and Eastern Europe. In 2006, he co-founded Opera a.s., a

real estate development company where he held the position of vice chairman of the board of

directors. Subsequently, Opera a.s. was divided and Andrej is now working as chairman of the board

of REALIZ, a.s.

Andrej attended the Faculty of socio-economic relations at the University of Alexander Dubcek in

Trencin and University of Nuclear Physics in Bratislava.

Project Status – Land Ownership

• Bratislava Greenfields currently owns 43,26 ha of land in the area

• We are preparing to initiate a „land merger“ process, which will allow reconfiguration of the site (to be completed in mid -2011)

– Slovak law allows the owner of 2/3 of a fragmented land area to relocate minority owners’ parcels such that the maximum number of owners end up with continuous plots and adequate reserve is provided for future roads and infrastructure

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Project Status - Rezoning

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• The site is currently classified as agricultural land and has to be rezoned to become buildable

• Bratislava Greenfields has secured the services of a leading urban design firm Faber Maunsell|AECOM,

with experience in airport design, to create the master plan for the area

• The master plan was approved by the local borough and all relevant institutions in 1H2009 and is included

in the package of projects to be voted upon by the Bratislava city assembly in 1H2009, as one of the

amendments of the city’s spatial zoning plan

Note:in order to clarify the proposed functioning of the area in the context of the re-zoning process, the master plan covers the entire 4th quadrant of the airport, including plots owned by other owners than 4. kvadrant s.r.o. (Bratislava Greenfields), namely neighboring land owner / developer F&P

Proposed Master Plan Layout

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Proposed Master Plan Rendering

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Proposed Master Plan Rendering (continued)

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Expected Final Customer Mix

• Aircraft repair & maintenance

- excellent location enabling advantageous flight distances from anywhere of Western & Eastern Europe

- no problem with airport capacity or time slots

- low labour costs, but highly qualified staff available

• Express mail and similar services

- excellent location and no problem with airport capacity

- excellent connection to regional highways

- opportunity to serve Vienna and the Austrian market as Vienna is a just 30-minute drive away

• Fast turn & high value distribution centers

- Central Europe became important production base for international electronics, PC, car and other

manufacturers (e.g. largest European factories of Samsung & Sony are 40-80 km away, there are 3 car

manufacturers in Slovakia, large PC assembling factories are in Czech Republic and Poland etc.)

- most needs are now served by Vienna airport which however charges high rates and has capacity constraints

• Labour intensive services

- the site is ideal for express service facilities or other airport services & light industry

- the site is close to the city, and easily accessible by prospective work force

- labour costs are approx. 5x lower than in Western Europe but Slovak work force is qualified and reliable

– government subsidies are available when increasing employment or investing higher amounts

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Proposed Phasing - Construction Phases

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Bratislava Airport – 4th Quadrant

Proposed Phasing - Preparation Phase

2012

• II/572 – Bypass

road, 1100m length

• New Sewer Collector

• Site Services

• Service Road, 926 m

length

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Proposed Phasing - Construction Phase I

2013

• Cargo

• Aircraft Maintenance

• Distribution/

Warehouses

• Related surfaces

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Proposed Phasing - Construction Phase II

2017

• Cargo

• Aircraft Maintenance

• Distribution/

Warehouses

• Retail

• Offices

• Related Surfaces

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Proposed Phasing - Construction Phase III

2021-2025

• Retail

• Offices

• Science/ Technology

• Related Surfaces

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Contact Details

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Martin Drázský Managing Partner

Reform Capital s.r.o.

Betlémské nám. 6

Prague 1, Czech Republic

Tel: +420 222 101 552

Fax: +420 222 101 550

Cell: +420 736 680 427

Email: martin.drazsky@reformcapital.com

Andrej BrnaManaging Partner

REALIZ a.s.

Ružová dolina 25

821 09 Bratislava

Slovak Republic

Tel.: +421 2 2090 2810

Fax: +421 2 2090 2747

Email: andrej.brna@realiz.sk

Michal Smolec Project Manager

Reform Capital Slovakia s.r.o.

Tomášikova ul. č.. 64

831 03 Bratislava, Slovak Republic

Tel.: +421 2 3228 2228

Fax: +421 2 3228 2210

Cell: +421 911 666 103

Email: michal.smolec@reformcapital.com

Marek ChatrnýManaging Partner

Reform Capital s.r.o.

Betlémské nám. 6

Prague 1, Czech Republic

Tel: +420 222 101 551

Fax: +420 222 101 550

Cell: +420 736 680 200

Email: marek.chatrny@reformcapital.com