1. Füllung weiß/ keine Füllung The Specialist Bank for the Public Sector 1 May 2008 Marc Schimpel, Lukas Stuehlinger Dexia Kommunalkredit Bank - PPP & Maastricht Advisory Off-balance sheet financing in municipalities Regional Development and Municipal Finance 26 June, Bukarest

2. Füllung weiß/ keine Füllung The Specialist Bank for the Public Sector May 2008 2 Municipal off-balance sheet financing Simple PPP structure Based on German model Forfaiting financing Simple PPP structure Based on German model Forfaiting financing Micro PPPs Market Producers EUR 10m to EUR 30m> EUR 0 m Public project company Income from Tariffs min 50% market income (!) Public project company Income from Tariffs min 50% market income (!)

3. Füllung weiß/ keine Füllung The Specialist Bank for the Public Sector May 2008 3 Example for a Micro PPP Micro PPP to renovate/finance/operate a school in Vienna Contract structure: PPP, forfaiting financing model Capital value: 8,6m, Duration: 11 years Typical sectors: Education, Health

4. Füllung weiß/ keine Füllung The Specialist Bank for the Public Sector May 2008 4 Example for a Market Producer Market Producer: Wastewater sewage plant Public project company, funded by customer tariffs (ca. 70%) Capital value: several projects 0,5 to 20m Sectors: Waste, Wastewater, Energy

5. Füllung weiß/ keine Füllung The Specialist Bank for the Public Sector May 2008 5 Example for sector restucturing No one-by-one solutions! active restructuring led by Ministries Dexia Kommunalkredit Project Example: Restructuring of Austrian municipal service sector (1997-01) - Project by Min. of Finance / Municipalities Assoc. / Statistik Austria - development of standards + clear implementation process - reduction of public debt of municipalities by ca. 66%

6. Füllung weiß/ keine Füllung The Specialist Bank for the Public Sector May 2008 6 What we can do for you off-balance sheet restructuring of the public service sector development of PPP financing structures / standards Maastricht-optimised restructuring of assets and debt Our experienced Advisory Team can support you with:

7. Füllung weiß/ keine Füllung The Specialist Bank for the Public Sector May 2008 7 Dexia-Kommunalkredit Austria Lukas Stuehlinger Phone +43-1- 316 31 425 PPP Advisory Dexia Kommunalkredit Bank AG Marc Schimpel +43-1- 316 31 591 Off-balance sheet / Maasticht Expert Dexia Kommunalkredit Bank AG dexia-kom@dexia-kom.comTuerkenstrasse 9, 1092 Vienna

8. Füllung weiß/ keine Füllung The Specialist Bank for the Public Sector 8 May 2008 www.dexia-kom.com