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1 Raiffeisen Leasing International

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2 Company Information

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3 Raiffeisen-Leasing International Group

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4 One of the Leading Leasing Providers in CEE Raiffeisen Leasing positioned as one of the leading leasing providers in CEE 18 consolidated leasing companies in 17 countries Ca.1.400 employees per end of September 2011 Total Portfolio amounted to EUR 4.605 Mio. as per 30.09.2011 (58% vehicles, 19 % equipment and 23 % real estate) Core products include cars, trucks, equipment to large corporates, SMEs, public sector and private individuals. Special country focus real estate and renewable energy Member of Raiffeisen Bank International - Group

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5 Renewable Energy

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

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

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

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

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10 Project Development/ Equity Investment

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11 REE -Business Focus and Objectives 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. Business Focus and Objectives REE specialises in acquiring, developing, building and operating renewable energy projects

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

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13 Raiffeisen Financing Possibilities REE is the competence center for renewable energy projects within Raiffeisen banking group Funding during construction phase Senior Lending (RBI/Networkbank) Using also EBRD, EIB, IFC funding 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 Full payout lease Operating / Finance Lease Sale and Lease back Models Hire Purchase Leasing (RL or RLI) Leasing options are also part of the REE financing portfolio PPP (Public Private Partnership) Models BOT (Build-Operate-Transfer) BOO (Build-Own-Operate) BOOT (Build-Operate-Own-Transfer) Operator Models

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14 Trends in the wind energy sector Wind energy has high potential due to rising global energy demand and EU-20/20/20 targets Improved technologies lead to better energy efficiency Comparatively low investment costs secure attractive project returns PV Rosice 2010 2.77 MWp PV Cekanice 2010 1.60 MWp 4.37 MWp Scharndorf 2003 24.0 MW Trautmannsdorf 2004 16.0 MW Velm-G tzendorf 2004 12.5 MW Berg 2005 20.0 MW 72.5 MW Overview of implemented Wind and PV projects (REE) Austria Bulgaria Sveden Long Man 2006 8.0 MW Kavarna 2009 32.0 MW Balchik 2010 10.0 MW 50.0 MW Egby 2008 8.0 MW Trends in Photovoltaics - Market High political interest in the development of solar energy Massive energy efficiency improvements in state-of-the-art facilities, decrease of investment costs Continues to present an attractive investment landscape due to rising global energy demand Relatively low maintenance keeps running costs low Czech Republic Slovakia PV Buzitka 2010 4.00 MWp PV Hladky Majer 2010 2.00 MWp PV Velke Ulany 2010 1.00 MWp PV Lisov 2010 0.50 MWp Realized own projects 7.50 MWp Total capacity of 130,5 MW in wind farms Total capacity of 11,87 MWp in photovoltaic plants

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15 Added Value by using REE 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 Ensuring its place as technology leader by using modern and highly efficient components from leading manufacturers Adding value for our partners International approach through RBI network Detailed technical expertise and solid financial backing through the RBI network

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16 Debt Finance

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

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

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19 Czech Republic

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20 Renewable Energy in Czech Republic Czech Republic has standard EU market energy prices Energy is mostly produced by coal and nuclear power plants 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% Feed-in tariff in Czech republic is guaranteed for 15 years from the date of the connection to the network 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). 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 kWp, however other types of Renewable Energy production (Water, Wind, Biogas, Biomass) are to be supported continuously in the up-coming years

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21 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 : Main focus for 2012 : Small photovoltaics up to 30 kWp per installation Refinancing of existing runnig photovoltaic projects 21 ClientInstalled capacity Power plant type Start year Photon14 000 kWpphotovoltaic2010 Ferromet8 730 kWpphotovoltaic2010 Elvolt2 400 kWpphotovoltaic2010 Sanergie2 000 kWpphotovoltaic2009

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