Raiffeisen Leasing International 1 Company Information 2 RaiffeisenLeasing

Raiffeisen Leasing International 1

Company Information 2

Raiffeisen-Leasing International Group 3

One of the Leading Leasing Providers in CEE n Raiffeisen Leasing positioned as one of the leading leasing providers in CEE n 18 consolidated leasing companies in 17 countries n Ca. 1. 400 employees per end of September 2011 n Total Portfolio amounted to EUR 4. 605 Mio. as per 30. 09. 2011 (58% vehicles, 19 % equipment and 23 % real estate) n Core products include cars, trucks, equipment to large corporates, SMEs, public sector and private individuals. n Special country focus real estate and renewable energy n Member of Raiffeisen Bank International - Group 4

Renewable Energy 5

Trend Renewable Energy n Worldwide aim to reduce GHG emissions n Renewable Energy supported by incentives (i. e. . feed-in-tariffs) n Technical development and research lead to increasing price competiveness n Unpredictable prices of fossil fuels n Governments aim for energy independence (esp. nuclear power and fossil fuels) n Renewable Energy industry creates local jobs n Consumers demand support “green is good” mentality 6

Renewable Energy – Strategic Fields n Wind Farms n Photovoltaic Plants n Hydro Power Plants No dependency on raw material! 7

Process of Renewable Energy Projects Project Development Professional support during the development phase (assessment of projects) Funding Tailor-made finance models: a) Equity Investment Construction Monitoring and support during construction Operation Professional support during the operational phase b) Debt Finance 8

Renewable Energy - Characteristics n Secured Cash Flow for a specific tenor n Mix of immovable and moveable assets n Technically complex; technical development ongoing n Expensive Source of energy; only realizable through subsidies n Esp. CEE – Markets are quite immature (developers, operators, legislators etc. show lack of experience) n High dependency on local project development and/or general contractors n Time pressure, as actual tariffs are mostly valid only for one year 9

Project Development/ Equity Investment 10

REE -Business Focus and Objectives REE specialises in acquiring, developing, building and operating renewable energy projects The corporate objectives of REE: Acquisition, development and operation of environmentally sustainable and economically viable renewable energy projects, focusing on raw material – independent technologies like wind and solar power. Generate attractive returns with a moderate risk profile in targeted countries within the EU. 11

Target Markets Today Sweden Market Legend Highest targets in the EU for share of renewable energy Countries with finished projects Czech Republic Ambitious EU targets 20/20/20 Countries with projects under development 49% 39, 8% Sw e de n Austria Potential Wind Energy 15% 7, 5% Hydropower potential as good as exhausted Potential Photovoltaic Potential Biomass Increased focus on wind energy Poland Attractive Market 13% 6, 4% Because of market size, high wind potential Achievement of 2009 targets Gap EU-20/20/20 targets Poland Czech Rep. Slovakia Austria Romania Slovakia Ambitious EU 20/20/20 targets Potential for wind and solar energy Romania Potential Hydropower 14% 6, 8% 17, 1% 24% xx% Bulgaria 34% 23, 3% 16% 9, 4% Strong focus on hydropower ᴓWestern Europe ᴓ SEE-Region In the future, increased focus on wind and solar energy 24, 5% 12, 9% 20, 8% 13, 1% Bulgaria So far, concentrating heavily on hydropower In the future, increased focus on wind and solar energy 12

Raiffeisen Financing Possibilities Equity Investment by REE Function as venture capitalists, particulary in the development phase Project stake of 50 +1 share up to 100 % Feasible for all types of projects, from project development (greenfield) to the acquisition of turnkey facilities Responsible for project management and project controlling Taking over operator role temporarily for renewable energy project Loans Funding during construction phase Senior Lending (RBI/Networkbank) Using also EBRD, EIB, IFC funding possibilities Leasing (RL or RLI) Leasing options are also part of the REE financing portfolio Full payout lease Operating / Finance Lease Sale and Lease back Models Operator Models PPP (Public Private Partnership) Models BOT (Build-Operate-Transfer) BOO (Build-Own-Operate) BOOT (Build-Operate-Own-Transfer) Hire Purchase REE is the competence center for renewable energy projects within Raiffeisen banking group 13

Austria Bulgaria Scharndorf 2003 Trautmannsdorf 2004 16. 0 MW Velm-Götzendorf 2004 12. 5 MW Berg 2005 20. 0 72. 5 MW MW Long Man Kavarna 2006 2009 8. 0 32. 0 MW MW Balchik 2010 10. 0 MW 50. 0 MW 8. 0 MW Egby 2008 24. 0 MW Sveden Total capacity of 130, 5 MW in wind farms Trends in the wind energy sector Realized own projects Overview of implemented Wind and PV projects (REE) PV Rosice PV Cekanice 2010 2. 77 MWp 2010 1. 60 MWp Czech Republic 4. 37 MWp PV Buzitka PV Hladky Majer PV Velke Ulany PV Lisov Slovakia 2010 4. 00 2. 00 1. 00 0. 50 MWp MWp 7. 50 MWp Total capacity of 11, 87 MWp in photovoltaic plants Trends in Photovoltaics - Market Wind energy has high potential due to rising global energy demand EU-20/20/20 targets High political interest in the development of solar energy Improved technologies lead to better energy efficiency Massive energy efficiency improvements in state-of-the-art facilities, decrease of investment costs Comparatively low investment costs secure attractive project returns Continues to present an attractive investment landscape due to rising global energy demand Relatively low maintenance keeps running costs low 14

Added Value by using REE Adding value for our partners Proven track record Extensive experience in project development and operating green energy projects Widespread CEE focus with detailed knowledge of local conditions and specifics High market acceptance Framework agreements with big-name component manufacturers High market acceptance by project developers and investors because of extensive know-how International network Technology leadership International approach through RBI network Detailed technical expertise and solid financial backing through the RBI network Ensuring its place as technology leader by using modern and highly efficient components from leading manufacturers 15

Debt Finance 16

Project Finance n Financed assets are the only source of cash to repay the financing n Usually done through a SPV (separated account) n Financing entity is in control of the cash flow & asset n A financial model is needed to assess the economic feasibility of a project n Project must be capable of producing enough income to cover all operating and debt-servicing expenses over the whole tenor of the debt-financing 17

Conditions precedent On top of usual one’s: n Energy Source Study (Solar, Wind, Water) n Legal Due Diligence n Technical Due Diligence n Contract with the utility company regarding connection to the power grid n Operation & Maintenance contract with a trusted provider in place n Pledge over shares of SPV due to lack of transferability of licenses n Creation of a Maintenance Reserve Account (additionally to a Debt Reserve Account) n Pledge over the above mentioned accounts 18

Czech Republic 19

Renewable Energy in Czech Republic has standard EU market energy prices n Energy is mostly produced by coal and nuclear power plants n The Act on support of production of electricity from renewable sources with the aim of 8% share on total Energy consumption by the end 2010 was introduced in March 2005 , in 2010 this indicative aim reached 8, 32% n Feed-in tariff in Czech republic is guaranteed for 15 years from the date of the connection to the network n Enormous increase of installed capacity of Solar Power Plant led to termination of support of the new Solar Power Plant Projects commencing in year 2011 and implication of withholding tax 26% ((return on investment dropped down to 7 years for Investors instead of predicted 15 years ) valid for 3 years on Solar Power Plant connected in years 2009 and 2010). n The Energy Action Plan for Czech Republic 2020 was issued 2010 with aim to reach 13, 5% share on total energy consumption the production from renewable sources, this plan defines measures to be taken to reach the aim. Solar Power Plants are not supported any longer (apart the roof installations up to 30 k. Wp, however other types of Renewable Energy production (Water, Wind, Biogas, Biomass…) are to be supported continuously in the up-coming years 20

Renewable Energy in Czech Republic Raiffeisen-Leasing (CR) § The first structures for financing set up already in year 2008 i. e. before the boom in 2010 § Energy Project Team in CR was setup and Standardized Underwriting Criteria were applied in 2009 § Cases structured as self-running projects, Realized projects : Client Installed capacity Power plant type Start year Photon 14 000 k. Wp photovoltaic 2010 Ferromet 8 730 k. Wp photovoltaic 2010 Elvolt 2 400 k. Wp photovoltaic 2010 Sanergie 2 000 k. Wp photovoltaic 2009 Main focus for 2012 : § Small photovoltaics up to 30 k. Wp per installation § Refinancing of existing runnig photovoltaic projects 21

Thank you very much for your attention! Slide No. 22