1. The Specialist Bank for the Public Sector 25-Jun-08 1 The Specialist Bank for the Public Sector Roxana Lazar

2. The Specialist Bank for the Public Sector 25-Jun-08 2 Rating Moody’sFitch Dexia Kommunalkredit Bank Aa2AA Kommunalkredit Austria AG Aa2AA- Dexia Credit Local Aa1AA+ Our shareholder: Dexia Kommunalkredit Bank First local presence of a Bank specialized in public finance, operating in Romania since 2005 Kommunalkredit Austria AG Total Assets Dec`07: EUR 32,80 billions Dexia Crédit Local Total Assets Dec ` 07: EUR 604,6 billions DKB operates in CEE through its entities established in Slovakia, Poland, Romania, Hungary, the Czech Republic and Bulgaria DKB administrates a total portfolio of EUR 8.08 billion.

3. The Specialist Bank for the Public Sector 25-Jun-08 3 Total volume of signed contracts as of June 2008: EUR 813 mil Total disbursements as of June 2008: EUR 561 mil Preferred currency: RON Preferred product: direct loan Preferred maturity: around 20 years Dexia Kommunalkredit Romania Leading position on the target segment of Romanian public finance market (large and medium cities over 30,000 inhabitants)

4. The Specialist Bank for the Public Sector 25-Jun-08 4 79 USD 79,06 mil. sovereign financing to the Republic of Romania for purchasing Airbus A- 318-111 planes by The Romanian Air Transport Company – TAROM – S.A in November 8, 2006 EUR 70,66 mil. sovereign financing to the Republic of Romania for the acquisition of Siemens Desiro trains by SNTFC CFR Calatori SA in November 8, 2006 EUR 9 mil. syndicated financing to the Republic of Romania for the construction of Brasov Bors Highway in 2005 EUR 100 mil. loan to the Republic of Romania for financing the construction of Bucuresti- Constanta railway in January 16, 2007 Sovereign Transactions, EUR 75 million in Eurobonds & EUR 350 million in loans Sovereign Debt Portfolio EUR 75 mil. 10-year maturity Eurobonds launched by the Republic of Romania in June 18, 2008

5. The Specialist Bank for the Public Sector 25-Jun-08 5 Sub-sovereign Debt Portfolio Facility amount (EUR equiv.) Beneficiaries over 50 millions 50 – 20 millions 20 – 5 millions under 5 millions Bucharest 2 nd District 4 nd District Sibiu City & County Iasi City Oradea City Vaslui County Maramures County Alba County Focsani City Suceava City Satu Mare City Lugoj City Alba Iulia City Targu Mures City Constanta County Arges County Constanta City Navodari City Giurgiu City Calarasi City Targu Jiu City Mures County Orastie City

6. The Specialist Bank for the Public Sector 25-Jun-08 6 Municipalities indebtedness ratio kept in a responsible limit 30% indebtedness ceiling

7. The Specialist Bank for the Public Sector 25-Jun-08 7 79 Financing Solutions Loan Financing long-term loans structured financing project financing / co-financing EU grants co-operation with IFIs: MIF (Municipal Infrastructure Facility) under EIB Global Loans resulting in grants and/or reduction of margin to the existing debt contracted through DKB Capital Markets municipal bonds & Eurobonds commercial papers / international trade finance Special Financing forfeiting leasing public-private partnerships structured products: applying protective and/or saving strategies

8. The Specialist Bank for the Public Sector 25-Jun-08 8 Conclusion Dexia-Kom is your strong partner for Regions, Municipalities and Utilities Romania requires major investments in infrastructure, energy efficiency, health, environment protection, etc Investment in Infrastructure and Environment creates a) quality of life, b) attracts people and investments and c) provides new jobs Governmental Funds & EU Grants address only a limited part of the financing needs of the future planned development Romania needs access to long term financing Specialized Banks offer competitive and personalized financing solutions

9. The Specialist Bank for the Public Sector 9 25-Jun-08 Füllung weiß/ keine Füllung www.dexia-kom.ro Roxana Lazar General Manager Mobile:+40 722 648 021 roxana.lazar@dexia-kom.ro Dexia Kommunalkredit Romania S.R.L. 42 Calea Dorobantilor Street, district 1, 010573 Bucharest Tel: +40-21-20 19 400 Fax:+40-21-20 19 405