1. Bulgarian Investment Forum 14.-15.4.2004 „FROM THE IDEA TO THE FINANCING“ Case Study: Hungarian Municipal Infrastructure Investment Project Peter E. Gumpel Chairman of Management Board Meinl Capital Advisors AG, Vienna

2. Bulgarian Investment Forum 14.-15.4.2004 Meinl Bank AG Leading private merchant and investment bank in Austria Focus: Central and Eastern Europe  Private banking; private asset management  Institutional asset management  Equity banking; venture funds managment  Emerging market debt trading and forfaiting  Corporate finance advisory services

3. Bulgarian Investment Forum 14.-15.4.2004 Government privatization and restructuring advisory services –Macedonia: Restructuring and Privatization of Electricity Sector –Serbia: Restructuring and Privatization of Metalworking and Engineering companies –Serbia: Privatization of companies in Food Processing and Textile Sectors Meinl Capital Advisors AG – Corporate finance advisory services in Central and Eastern Europe

4. Bulgarian Investment Forum 14.-15.4.2004 Merger and acquisition advisory services for private strategic investors –Bulgaria: Advised Carlsberg A/S on acquisition of Breweries –Moldova: Advised owners on sale of Moldcell GSM provider Arrangement of finance for governments, municipalities and quangos –Hungary: Advisor to Heves County (Eger Region) on implementing and arranging finance for Regional Waste Management System Meinl Capital Advisors AG – Corporate finance advisory services in Central and Eastern Europe

5. Bulgarian Investment Forum 14.-15.4.2004 MCA is advisor to 93 municipalities in Heves County for preparation and implementation of Regional Waste Management System Euro 65 million project, of which 50% will be provided by the EU Cohesion Fund, 40% by the Hungarian Government, and 10% by private investors Similar projects have been planned and are underway in Bulgaria CASE STUDY: HEVES COUNTY HUNGARY (1)

6. Bulgarian Investment Forum 14.-15.4.2004 Step 1: Defining the Project –Public Sector – defined the need for modernization –Private sector – specific technological and financial proposals –Regional policy of European Union – strategy for applicants to reach EU standards (acquis communitaire) in environmental area –Strong political support on all levels CASE STUDY: HEVES COUNTY HUNGARY (2)

7. Bulgarian Investment Forum 14.-15.4.2004 Step 2: Identification of Financing Sources –Multilateral Financing European Union: Cohesion Fund / ISPA / PHARE EBRD / EIB / IFC –Bilateral Financing - Hungarian Government –Commercial Financing Suppliers / Commercial Banks / EGA Structured Financing Private Financial Investors – Special Purpose Fund CASE STUDY: HEVES COUNTY HUNGARY (3)

8. Bulgarian Investment Forum 14.-15.4.2004 Step 3: Key milestones in the project –Establishment of Municipal Association – 2003 –Detailed project planning – 2003 –Government permitting / impact studies – 2003-04 –Submission to EU Cohesion Fund of feasibility study – 2004 –Establishment of operating company – 2004 –Tendering for equipment – 2005 –Public-private partnership – partial privatization of opco – 2005 –Realization of project – 2006-08 CASE STUDY: HEVES COUNTY HUNGARY (4)

9. Bulgarian Investment Forum 14.-15.4.2004 Planning and analysis: assurance of adequate returns over investment period under conservative assumptions Government support: municipal, central government, multilateral levels Thorough review of technical, legal, financial issues (due diligence) Flexibility and opportunism in sources and structure of financing Appropriate legal and contractual framework Competent project management to drive project and assure success Key success factors