PRIVATE EQUITY

PENTA INVESTMENTS PRIVATE EQUITY Company presentation for PETRAM promet d.o.o. 1.10.2008. ABOUT US KEY FIGURES INVESTMENTS CONTACT Penta at a glance Corporate goals ► We are a Central European investment group specialising in private equity and real estate ► Penta was established in 1994 as a securities trader. In 1997, Penta has started to invest in private equity and in 2005, identifiing new opportunities, added real estate as a new business line ► From less than 5 employees at the beginning, Penta has grown to the current 200 employees in 5 offices (Bratislava, Limassol, Moscow, Prague, Warsaw) ► Being one of the major employers in the region, we provide more than 20 000 jobs in our portfolio companies ► Maintain long-term ROE (Return On Equity) of at least 25% ► Increase our equity to EUR 3 billion by the end of 2012 ► Enjoy what we do and share the enjoyment with our employees ABOUT US KEY FIGURES INVESTMENTS CONTACT Operational structure PENTA INVESTMENTS SHARED SERVICES HR, PR, IT, Legal, Finance PRIVATE EQUITY Partners REAL ESTATE Partners Investment Directors Investment Managers Investment Analysts Project Directors Project Managers Project Consultants ABOUT US KEY FIGURES INVESTMENTS CONTACT Holding structure PARTNERS PENTA HOLDING PENTA INVESTMENTS PENTA INVESTMENTS PENTA INVESTMENTS PENTA INVESTMENTS PENTA INVESTMENTS Slovakia management company Czech Republic management company Cyprus the fund Russia management company Poland management company Portfolio companies ABOUT US KEY FIGURES INVESTMENTS CONTACT Partners Marek Dospiva is a Penta co-founder. He is a graduate of the Moscow State Institute of International Relations and Beijing University, where he studied international relations and the Chinese language. He manages and develops the portfolio of private equity and real estate investments as restructuring and business development of Aero Vodochody, the aviation company, or the expansion of Zabka, originally Polish retail chain, to other CEE markets. Jaroslav Haščák is another Penta cofounder. Currently he holds a position of Managing Partner for all management companies, along with continuation of investments dealing. He is a graduate of the Moscow State Institute of International Relations and Beijing University. He oversees all Penta health-care investments, and the investment in PPC Power, the cogeneration power plant. Martin Kúšik The third Penta cofounder. He is a graduate of Charles University in Prague and the Universidad Complutense Madrid, where he studied law and economics. He managed a successfull LBO of Severomoravske vodarny a kanalizace, currently he deals with Fortuna expansion, and telco investments as Mobilkom – U:FON and Stream in Poland. Jozef Oravkin became a Penta partner in 1998. Currently he holds a position of Managing Partner for Penta Real Estate division, nevertheless he deals with private equity investments as well. He is a graduate of the Moscow State Institute of International Relations and Teheran University. He oversees Privatbanka development and stakes in Slovalco, ZSNP, the aluminium plants. Jozef Špirko joined Penta as a partner in 2002. He is a graduate of the Slovak University of Technology in Bratislava. He manages the consolidation and restructuring of meat processing holding in Central Europe, Debrecen and Mecom Group. He has been involved in the restructuring of ZSNP. ABOUT US KEY FIGURES INVESTMENTS CONTACT Senior investment professionals Jaromír Babinec Graduated from the Technical University in Brno. In 1999, he completed an MBA program at INSEAD, France. Jaromir has been working with Penta since August 2007. He is currently managing the MediClinic investment, a development of a network of medical centers in the Czech Republic. Peter Benedikt Graduated from the University of Economics in Bratislava and started working for Penta in September 1998. He manages Privatbanka and Pro-Care, a development of medical centers in Slovakia. Jozef Janov is a Local Managing Partner in Warsaw. He graduated from the University of Economics in Bratislava and the Martin-Luther University in Halle-Wittenberg, Germany, where he studied international business. Jozef has been working for Penta since 2003 and is currently overseeing the Zabka retail chain development and Penta’s activities concerning the privatization of the Prague airport. Zdeněk Kubát Graduated from the Agricultural University in Brno, joined Penta in January 2002. Zdeněk is responsible for the successful restructuring and business development of Aero Vodochody, one of the world’s largest producers of military-training aircraft, as well as aircraft and helicopter components. He also works on the preparation of Vodochody airport, with the ambition of being the second airport for Prague. ABOUT US KEY FIGURES INVESTMENTS CONTACT Senior investment professionals Eduard Maták Graduated from the Faculty of Economics in Banská Bystrica and has been working with Penta since December 2002. He manages several health-care investments, such as the expansion of the Alpha-Medical laboratories chain and the Dovera health insurer. Eduard has initiated Penta’s entry into the meat processing industry and is actively participating in further acquisitions in this area. Marek Ondrejka is the Local Managing Partner in Moscow. He graduated from the Faculty of Finance at the University of Banská Bystrica and has been working with Penta since 2000. He manages MVNO, a start-up mobile operator in Poland, and is in charge of several ongoing acquisitions in the Russian Federation. Martin Štefunko Graduated from the University of Economics in Bratislava, from which he holds a PhD. Martin joined the Penta team in 2001. He actively managed the successful LBO of SMVAK (water and sewage) from 2004 to 2006. Currently active in the expansion of Fortuna, as well as the Dr.Max pharmacy chain. He also managed the acquisition of Gimborn, a pet food manufacturer in Germany. Michal Tománek Graduated from the University of Economics in Prague and the London Business School. He joined Penta in March 2007. Michal deals with Stream, Penta’s telco investment in Poland, as well as other investment opportunities on the Polish market. ABOUT US KEY FIGURES INVESTMENTS CONTACT Penta – key figures (2007) ► Consolidated profit (IFRS) EUR 105 mil. ► Equity (IFRS) EUR 590 mil. ► Equity – internal valuation EUR 1,2 bil. ► Total assets EUR 1,7 bil. ABOUT US KEY FIGURES INVESTMENTS CONTACT Private equity investments ► Investments through an evergreen fund, controlled by our 5 partners – sole shareholders. ► We focus on buy-outs of companies with growth potential, plus start-ups to a minor degree ► In 2000–2002, Penta has internally restructured and modified its processes to comply with world-wide private equity standards ► Our target equity investments are in the range of EUR 100–250 million per deal ► Since 2000, our investments have recorded average IRR of 50 % ► In 2007, our portfolio companies reported a consolidated revenue of 1,3 bil. EUR ABOUT US KEY FIGURES INVESTMENTS CONTACT Offices and employees Czech Republic – Prague  3 Partners  13 Investment professionals Slovakia – Bratislava  2 Partners  14 Investment professionals Poland – Warsaw  1 Local Managing Partner  4 Investment professionals Russia – Moscow  1 Local Managing Partner  3 Investment professionals Cyprus – Nicosia/Limassol  Administrative Office ABOUT US KEY FIGURES INVESTMENTS CONTACT Portfolio by country Assets (2008) Slovakia (12) Czech Republic (7) Poland (6) Other countries (8) Bulgaria (1) Croatia (1) Germany (1) Hungary (1) Romania (1) Russia (1) United Kingdom (1) Ukraine (1) 4% 11% 51% 34% More than 50 investments. 16 successfull exits. ABOUT US KEY FIGURES INVESTMENTS CONTACT Strategy highlights Investment strategy: Corporate strategy: ► ► ► We believe in flexibility and “positive opportunism” No time to time reporting only, but real hands-on approach to value creation Being accountable requires a majority interest ► Penta has started its transformation from local to European company through international expansion and constant human resources improvement Determination to improve our processes and their execution We want to preserve unique corporate culture, while supporting the team spirit and knowledge-sharing within our organisation To meet strategic goals, our territorial expansion demands new capital resources ► ► ► ABOUT US KEY FIGURES INVESTMENTS CONTACT Differentiating criteria Positive opportunism ► ► Real hands-on Investment team: ► ► ► ► ► no industry preference or bias flexible decision making – key decisions in 3 days when necessary ability to change standard procedures when commercially justified no transactional specialisation 1–2 seniors 1–2 juniors external industry expert IC strategy & business plan selection of top management and its coaching and development active decision-making with significant impact on value creation Focus on: ► ► ► IC top management Comprehensive motivation package: ► ► ► ► Attention and evaluation: ► ► ► top salaries KPI-based bonus co-investment exit fee mentoring assessment development ABOUT US KEY FIGURES INVESTMENTS CONTACT Our approach to value creation Investment criteria ► We put emphasis on IC’s top management in terms of focus and motivation ► We are personally engaged in value creation using a hands-on approach rather than mere speculation ► minimum of 30% IRR (Internal Rate of Return) required from every investment ► average Enterprise Value of EUR 150 million ► we have no limits in timing the exit if the company has significant growth potential ABOUT US KEY FIGURES INVESTMENTS CONTACT Corporate governance in our investment companies Penta ► financial stability through provision of efficient financing processes appoints and evaluates the board and performance oversees strategic development decides on exit process, mergers and acquisitions Board of Directors ► ► industry experts involved real hands-on approach during the initial period defines and approves strategy and budget deciding issues of significant importance on value creation day to day assistance in providing domestic and international networking decides on changes in management ► ► ► ► Management top level preparation from the very first day day to day operations free in operational decision-making reports to the board ► ► ► ► ► ► ► ABOUT US KEY FIGURES INVESTMENTS CONTACT Past investments by industry Entertainment Health care Insurance Investment funds Manufacturing Sazka (CZ) Sanitas ČR (CZ), Sanitas SR (SK) Slovenska poistovna (SK) VUB Kupon (SK), RIF (SK) Chemolak Smolenice (SK), Drotovna Hlohovec (SK), Novoker (SK), Slovenske lodenice (SK), Tento (SK), ADAST (CZ) Transport Utilities Slovenska plavba a pristavy (SK) Severomoravske vodovody a kanalizace Ostrava (CZ), Elektrovod Bratislava (SK), Slovnaft (SK) ABOUT US KEY FIGURES INVESTMENTS CONTACT Current investments by industry 1/2 Banking Energy Entertainment Privatbanka (SK) PPC Power (SK) Fortuna (CZ→ SK, PL, HR), Sazka (CZ) Alpha Medical (laboratories) (SK→ PL, BG, RO, UA), Dôvera Health care (health insurance) (SK), Dr. Max (pharmacies) (CZ→ SK, PL), Falck SR (emergency service) (SK), Pro Care (medical centers) (SK), MediClinic (ambulance network) (CZ) AERO Vodochody (CZ, UK), AVC Čadca (SK), Debrecen Group (HU), Gimborn (DE), Mecom Group (SK), Novoker (SK), PM Zbrojníky (SK), TES Vsetín (CZ) Manufacturing ABOUT US KEY FIGURES INVESTMENTS CONTACT Current investments by industries 2/2 Metallurgy Retail ZSNP + Slovalco (SK), VSŽ / SID (SK) Zabka (PL→ CZ), Gimborn (DE) Telecommunications Textile Transport MobilKom / U:fon (CZ), MOBILKING (PL) Ozeta Neo (SK), VelveTex (SK) Košice Airport (SK) ABOUT US KEY FIGURES INVESTMENTS CONTACT Contact information Name Surname Position Penta Investments, s.r.o Križkova 9 811 04 Bratislava 1 Slovak Republic www.pentainvestments.com TEL. FAX E-MAIL +421 2 577 88 790 +421 2 577 88 054 penta@pentainvestments.sk